The Art of Public Speaking

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LEZI XVMIH XS WLS[ XLI TVMRGMTPIW SJ TYFPMG WTIEOMRK MR EGXMSR MR EHHMXMSR XS
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4YFPMG7TIEOMRKEPWSWIIOWXSLIPTXLIQFIGSQIGETEFPIVIWTSRWMFPIXLMROIVW
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YTHEXIH XLI HMWGYWWMSR MR XLMW IHMXMSR XS LIPT WXYHIRXW YRHIVWXERH FSXL XLI
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HYVMRKXLIWTIIGL8LMWMWTEVXP]EQEXXIVSJTVSZMHMRKXLIMRJSVQEXMSRPMWXIRIVW
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ERGIXLERGERFITVSZMHIHMRXLIFSSOGSRRIGXPYGEWGSQMRGPYHIWWXITF]WXIT
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8EOIRXSKIXLIVEPPXLIWIVIWSYVGIWTVSZMHIXLIQSWXGSQTVILIRWMZIWIXSJ
XIEGLMRK QEXIVMEPW JSV 4S[IV4SMRX EZEMPEFPI [MXL ER] WTIIGL XI\XFSSO 8LI]
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[IPPEWF]GVMXMGEPXLMROMRKUYIWXMSRWXLEXGERFIYWIHJSVGPEWWVSSQHMWGYW
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7EPX0EOI'SQQYRMX]'SPPIKI (SRRE+SXGL %TVMP;EPPEGI2YRR
/MQFIVP]&IVV] 'EPMJSVRME7XEXI9RMZIVWMX]7ER 'EPLSYR'SQQYRMX]'SPPIKI
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(ERE&YVRWMHI /IRRIXL,EVVMW 4SVXPERH7XEXI9RMZIVWMX]
0ILMKL'EVFSR'SQQYRMX]'SPPIKI 4EPS%PXS'SPPIKI .IER64S[IVW
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8MHI[EXIV'SQQYRMX]'SPPIKI 9RMZIVWMX] 'SPPIKI
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HE]XSVITSVXXLIRI[WRSXXSQEOIMX2IZIVXLIPIWWLIWSSRJSYRHLMQWIPJHVE[R
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%JXIVEXXIRHMRKPE[WGLSSP.SRIWNSMRIHXLI7ER*VERGMWGSiFEWIH0E[]IVW'SQQMXXII
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LMWMRXIVIWXMRIRZMVSRQIRXEPNYWXMGI8SHE]LIMWTVIWMHIRXSJ+VIIRJSV%PP[LMGLJSGYWIW
SRGVIEXMRKKVIIRGSPPEVNSFW XLVSYKLSYX%QIVMGE -RLI[SVOIH[MXLQIQFIVWSJ
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&YXNYWXEWMQTSVXERXMWLMWEFMPMX]XSGSQQYRMGEXI[MXLTISTPIXLVSYKLTYFPMGWTIEOMRK
[LMGLLEWFIIRXLITVMQEV]ZILMGPIJSVWTVIEHMRKLMWQIWWEKI,ILEWFIIRHIWGVMFIHEW
qSRI SJ XLI QSWX TS[IVJYP ERH MRWTMVMRK TVSTLIXMG ZSMGIW SJ SYV XMQIr %YHMIRGIW EVI
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JYXYVI
8LVSYKLSYXLMWXSV]TISTPILEZIYWIHTYFPMGWTIEOMRKEWEZMXEPQIERWSJGSQ
QYRMGEXMSR;LEXXLI+VIIOPIEHIV4IVMGPIWWEMHQSVIXLER]IEVWEKSMW
WXMPPXVYIXSHE]q3RI[LSJSVQWENYHKQIRXSRER]TSMRXFYXGERRSXI\TPEMRr
MX GPIEVP] qQMKLX EW [IPP RIZIV LEZI XLSYKLX EX EPP SR XLI WYFNIGXr 4YFPMG
WTIEOMRKEWMXWREQIMQTPMIWMWE[E]SJQEOMRK]SYVMHIEWTYFPMGhSJWLEVMRK
XLIQ[MXLSXLIVTISTPIERHSJMRJPYIRGMRKSXLIVTISTPI
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WTVIEHXLIMVMHIEWERHMRJPYIRGIXLVSYKLTYFPMGWTIEOMRK-RXLI9RMXIH7XEXIW
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:MI[.SLR*/IRRIH]
1EVXMR0YXLIV/MRK6SREPH HER6SREPH6IEKER1EVXMR0YXLIV/MRK,MPPEV]'PMRXSRERH&EVEGO3FEQE
6IEKER&EVFEVE.SVHERERH -R SXLIV GSYRXVMIW [I WII XLI TS[IV SJ TYFPMG WTIEOMRK IQTPS]IH F] WYGL
SXLIVWTIEOIVWMRXLISRPMRI TISTPI EW JSVQIV &VMXMWL 4VMQI 1MRMWXIV 1EVKEVIX 8LEXGLIV 7SYXL %JVMGER
1IHME0MFVEV]JSVXLMW PIEHIV2IPWSR1ERHIPE&YVQIWIHIQSGVEG]GLEQTMSR%YRK7ER7YY/]MERH
GLETXIV :MHIS'PMT /IR]ERIRZMVSRQIRXEPMWXERH2SFIP4VMÎ[MRRIV;ERKEVM1EEXLEM
%W]SYVIEHXLIWIREQIW]SYQE] XLMRO XS]SYVWIPJ q8LEXtW JMRI+SSH
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HIRX SV E TVIEGLIV SV E GVYWEHIV JSV ER] GEYWIr 2IZIVXLIPIWW XLI RIIH JSV
TYFPMGWTIEOMRK[MPPEPQSWXGIVXEMRP]XSYGL]SYWSQIXMQIMR]SYVPMJIhQE]FI
XSQSVVS[QE]FIRSXJSVJMZI]IEVW'ER]SYMQEKMRI]SYVWIPJMRER]SJXLIWI
WMXYEXMSRW#
',%48)6 74)%/-2+-249&0-'
=SYEVISRISJWIZIRQEREKIQIRXXVEMRIIWMREPEVKIGSVTSVEXMSR3RISJ]SY[MPPKIX
XLIPS[IVQEREKIQIRXNSFXLEXLEWNYWXSTIRIH8LIVIMWXSFIEPEVKIWXEJJQIIXMRKEX[LMGL
IEGLSJXLIXVEMRIIW[MPPHMWGYWWXLITVSNIGXLISVWLILEWFIIRHIZIPSTMRK3RIF]SRI]SYV
GSPPIEKYIW QEOI XLIMV TVIWIRXEXMSRW 8LI] LEZI RS I\TIVMIRGI MR TYFPMG WTIEOMRK ERH EVI
MRXMQMHEXIHF]XLILMKLIVVEROMRKQEREKIVWTVIWIRX8LIMVWTIIGLIWEVIWXYQFPMRKERHE[O
[EVH=SYLS[IZIVGEPPYTSREPPXLIWOMPPW]SYPIEVRIHMR]SYVTYFPMGWTIEOMRKGSYVWI=SY
HIPMZIVERMRJSVQEXMZIXEPOXLEXMWGPIEV[IPPVIEWSRIHERHEVXMGYPEXI=SYKIXXLINSF
3RISJ]SYVGLMPHVIRLEWEPIEVRMRKHMWEFMPMX]=SYLIEVXLEX]SYVPSGEPWGLSSPFSEVHLEW
HIGMHIHJSVFYHKIXVIEWSRWXSIPMQMREXIXLIWTIGMEPXIEGLIV[LSLEWFIIRLIPTMRK]SYVGLMPH
%XERSTIRQIIXMRKSJXLIWGLSSPFSEVH]SYWXERHYTERHHIPMZIVEXLSYKLXJYPGSQTIPPMRK
WTIIGLSRXLIRIGIWWMX]JSVOIITMRKXLIWTIGMEPXIEGLIV8LIWGLSSPFSEVHGLERKIWMXWQMRH
=SYEVIXLIEWWMWXERXQEREKIVMREFVERGLSJJMGISJEREXMSREPGSQTER]=SYVMQQIHMEXI
GSRRIGXPYGEWGSQ
WYTIVMSVXLIFVERGLQEREKIVMWEFSYXXSVIXMVIERHXLIVI[MPPFIEVIXMVIQIRXHMRRIV%PPXLI
8SVIEHXLI[SVHWSJJEQSYW
I\IGYXMZIWJVSQXLILSQISJJMGI[MPPEXXIRH%WLMWGPSWI[SVOMRKEWWSGMEXI]SYEVIEWOIHXS
WTIEOIVWPSKSRXSXLI8ST
KMZI E JEVI[IPPXSEWX EX XLI TEVX] =SY TVITEVI ERH HIPMZIV E WTIIGL XLEX MW FSXL [MXX] ERH %QIVMGER7TIIGLIWSJ
XSYGLMRKhETIVJIGXXVMFYXIXS]SYVFSWW%JXIVXLIWTIIGLIZIV]SRIETTPEYHWIRXLYWMEWXMGEPP] XLIXL'IRXYV]MRXLI
ERHEJI[TISTPILEZIXIEVWMRXLIMVI]IW8LIJSPPS[MRK[IIO]SYEVIREQIHFVERGLQEREKIV SRPMRI6IWIEVGL0MFVEV]
*ERXEWMIW# 2SX VIEPP] %R] SJ XLIWI WMXYEXMSRW GSYPH SGGYV -R E WYVZI] SJ
GSQTERMIW ERH TYFPMG SVKERMÊXMSRW GSQQYRMGEXMSR WOMPPWhMRGPYHMRK
TYFPMG WTIEOMRKh[IVI VEROIH JMVWX EQSRK XLI TIVWSREP UYEPMXMIW SJ GSPPIKI
KVEHYEXIW WSYKLX F] IQTPS]IVW -R ERSXLIV WYVZI] GSPPIKI KVEHYEXIW MR XLI
[SVOJSVGI[IVIEWOIHXSVEROXLIWOMPPWQSWXIWWIRXMEPXSXLIMVGEVIIVHIZIPST
QIRX;LEX[EWEXXLIXSTSJXLIMVPMWX#3VEPGSQQYRMGEXMSR
8LIMQTSVXERGISJWYGLWOMPPMWXVYIEGVSWWXLIFSEVHhJSVEGGSYRXERXWERH
EVGLMXIGXWXIEGLIVWERHXIGLRMGMERWWGMIRXMWXWERHWXSGOFVSOIVW)ZIRMRLMKLP]
WTIGMEPMÎHJMIPHWWYGLEWGMZMPERHQIGLERMGEPIRKMRIIVMRKIQTPS]IVWGSRWMW
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HIGMHMRK[LSQXSLMVIERH[LSQXSTVSQSXI8LIEFMPMX]XSWTIEOIJJIGXMZIP]
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RIIHJSVTYFPMGWTIEOMRK%WSRIGSQQYRMGEXMSRGSRWYPXERXWXEXIWq8LIVIEVI
QSVIEZIRYIWXSVIEGLTISTPIXLERIZIVFIJSVIFYXXLIVItWRSWYFWXMXYXIJSVJEGI
XSJEGIGSQQYRMGEXMSRr8SFIWYGGIWWJYPWE]WFYWMRIWWPIEHIV1MHKI'SWXERÊ
]SYQYWXLEZIqXLIEFMPMX]XSWXERHSR]SYVJIIXIMXLIVSRESRIXSSRIFEWMWSV
FIJSVIEKVSYTERHQEOIETVIWIRXEXMSRXLEXMWGSRZMRGMRKERHFIPMIZEFPIr
8LIWEQIMWXVYIMRGSQQYRMX]PMJI4YFPMGWTIEOMRKMWEZMXEPQIERWSJGMZMG
IRKEKIQIRX-XMWE[E]XSI\TVIWW]SYVMHIEWERHXSLEZIERMQTEGXSRMWWYIW
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HMJJIVIRGIXSGLERKIXLI[SVPHMRWSQIWQEPP[E]4YFPMGWTIEOMRKSJJIVW]SY
ERSTTSVXYRMX]XSQEOIEHMJJIVIRGIMRWSQIXLMRK]SYGEVIEFSYXZIV]QYGL
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XEYKLXERHWXYHMIHEVSYRHXLIKPSFIJSVXLSYWERHWSJ]IEVW%PQSWXEPPGYPXYVIW
LEZI ER IUYMZEPIRX SJ XLI )RKPMWL [SVH qSVEXSVr XS HIWMKREXI WSQISRI [MXL
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WTIIGL[EW[VMXXIRSRTET]VYWMR)K]TXWSQI]IEVWEKS)PSUYIRGI[EW
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ERHSXLIVTVI)YVSTIERGYPXYVIWSJ2SVXLERH7SYXL%QIVMGE
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GEXMSRERHGMZMGPMJI -X[EWEPWSWXYHMIHI\XIRWMZIP]%VMWXSXPItW6LIXSVMGGSQ
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[SVOSRMXWWYFNIGXERHQER]SJMXWTVMRGMTPIWEVIJSPPS[IHF]WTIEOIVW ERH
[VMXIVW XSHE]8LIKVIEX6SQERPIEHIV'MGIVSYWIHLMWWTIIGLIWXSHIJIRHPMF
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3ZIVXLIGIRXYVMIWQER]SXLIVRSXEFPIXLMROIVWLEZIHIEPX[MXLMWWYIWSJ
VLIXSVMGWTIIGLERHPERKYEKIhMRGPYHMRKXLI6SQERIHYGEXSV5YMRXMPMERXLI
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XMJMGFEWMWJSVYRHIVWXERHMRKXLIQIXLSHWERHWXVEXIKMIWSJIJJIGXMZIWTIIGL
=SYVMQQIHMEXISFNIGXMZIMWXSETTP]XLSWIQIXLSHWERHWXVEXIKMIWMR]SYV
GPEWWVSSQWTIIGLIW;LEX]SYPIEVRLS[IZIV[MPPFIETTPMGEFPIPSRKEJXIV]SY
PIEZIGSPPIKI8LITVMRGMTPIWSJTYFPMGWTIEOMRKEVIHIVMZIHJVSQEPSRKXVEHM
XMSRERHLEZIFIIRGSRJMVQIHF]EWYFWXERXMEPFSH]SJVIWIEVGL8LIQSVI]SY
ORS[ EFSYX XLSWI TVMRGMTPIW XLI QSVI IJJIGXMZI ]SY [MPP FI MR ]SYV S[R
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VERKISJWOMPPW[LIRXEPOMRKXSTISTPI8LIWIWOMPPWMRGPYHIXLIJSPPS[MRK
3VKERM^MRK ]SYV XLSYKLXW PSKMGEPP] 7YTTSWI ]SY [IVI KMZMRK WSQISRI
HMVIGXMSRWXSKIXXS]SYVLSYWI=SY[SYPHRtXHSMXXLMW[E]
;LIR]SYXYVRSJJXLILMKL[E]]SYtPPWIIEFMKHMRIVSRXLIPIJX&YXFIJSVIXLEXWXE]
SRXLILMKL[E]XS)\MX9WYEPP]EGSYTPISJXLIRIMKLFSVWtHSKWEVIMRXLIWXVIIXWS
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',%48)6 74)%/-2+-249&0-'
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8S]SYVRMIGIq-QEKMRI]SYtVIERS]WXIVSRXLISGIERJPSSV%KVEMRSJWERHKIXWMRWMHI
]SYVWLIPPERHQEOIW]SYYRGSQJSVXEFPI7S]SYHIGMHIXSGSZIVMXYT=SYGSZIVMX[MXL
EQEXIVMEPGEPPIHQSXLIVSJTIEVP8LIGSZIVMRKFYMPHWYTEVSYRHXLIKVEMRSJWERHXS
QEOIETIEVPr
8
IPPMRK E WXSV] JSV QE\MQYQ MQTEGX 7YTTSWI ]SY EVI XIPPMRK E JVMIRH
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EVIWE]MRK
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GSRGIVRXLEXHSMRKWS[MPPWLS[HMWVIWTIGXJSVXLIWTIEOIV 7II'LETXIVJSV
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EWTIEOIVJVSQEHMJJIVIRXGYPXYVEPFEGOKVSYRHFISRKYEVHEKEMRWXXLIXIQTXE
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3RISJXLIQENSVGSRGIVRWSJWXYHIRXWMRER]WTIIGLGPEWWMWWXEKIJVMKLX=SYV
GPEWW[MPPKMZI]SYERSTTSVXYRMX]XSKEMRGSRJMHIRGIERHQEOI]SYVRIVZSYWRIWW
[SVOJSV]SYVEXLIVXLEREKEMRWX]SY=SY[MPPXEOIEFMKWXITXS[EVHSZIVGSQMRK
WXEKIJVMKLXMJ]SYXLMROTSWMXMZIP]TVITEVIXLSVSYKLP]ZMWYEPMÎ]SYVWIPJKMZMRKE
WYGGIWWJYP WTIIGLOIIT MRQMRH XLEX QSWX RIVZSYWRIWW MW RSX ZMWMFPIXS XLI EYHM
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MRMXMEXIWEWTIIGLXVERWEGXMSR;LEXIZIVXLIWTIEOIVGSQQYRMGEXIW MWXLIQIWWEKI
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JIGXMZI4YFPMG7TIEOIVr-RXLIGSPYQRWPMWXERHFVMIJP]I\TPEMR[LEX]SYFIPMIZI
XSFIXLIJMZIQSWXMQTSVXERXGLEVEGXIVMWXMGWSJIJJIGXMZIERHMRIJJIGXMZIWTIEO
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EREHQMRMWXVEXMZIEWWMWXERXEXEQENSVSJJMGIIUYMTQIRXQERYJEGXYVIV]SYtZINYWX
FIIR TVSQSXIH XS QEVOIXMRK QEREKIV JSV SJJMGI GSTMIVW 8LSYKL ]SY LEZI SGGE
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]SYVJMVWXWTIIGLXSEPEVKIEYHMIRGI%X]SYVGSQTER]tWERRYEPWEPIWQIIXMRK]SY
[MPPEHHVIWWXLIWEPIWJSVGIEFSYXXLIGSQTER]tWRI[QYPXMJYRGXMSRTVMRXIVGSTMIVW
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=SYtVITPIEWIHXSLEZIXLMWSTTSVXYRMX]ERH]SYORS[MXWLS[WXLIGSQTER]tW
JEMXLMR]SYVEFMPMXMIW=IXXLIGPSWIV]SYKIXXSXLIHE]SJXLIWTIIGLXLILEVHIVMXMW
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0ERKYEKI
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4PEKMEVMWQ
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1EMRXEMRXLI*VIIERH3TIR)\TVIWWMSRSJ-HIEW

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; -RGGEPPIHETVIWWGSRJIVIRGI(SÎRWSJTVMRXERH8:VITSVXIVWWLS[IHYT7QEVX
PSSOIHHMVIGXP]MRXSXLIGEQIVEWERHWEMHq-GEREWWYVI]SYXLEXRSSRIEX4LEV
QEXVSRMGLEWYWIHMRWMHIVMRJSVQEXMSRXSQEOIQSRI]JSVXLIQWIPZIWSVXSQERMTYPEXIXLI
GSQTER]tWWXSGOTVMGI-REHHMXMSRXSFIMRKMPPIKEPMRWMHIVXVEHMRKMWEWIVMSYWFVIEGLSJXVYWX
ERH-[SYPHRIZIVPIXMXLETTIREXQ]GSQTER]r
7YÊRRItW TVIWIRXEXMSR [EW LMKLP] GSRZMRGMRK ERH JSV E XMQI MX UYMIXIH XLI VYQSVW
EFSYXJMRERGMEPMQTVSTVMIXMIW9RJSVXYREXIP]LS[IZIVLIVWXEXIQIRXW[IVIJEPWIERHSRP]
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HIJMRIHWYFNIGX
3RXLISXLIVLERHEZSMHXLIXIQTXEXMSRXSREVVS[XLIJSGYWSJ]SYVXSTMG
XSS QYGL *I[ PMWXIRIVW [SYPH FI TPIEWIH XS LIEV E X[S SV XLVIIQMRYXI
HMWGYWWMSR SJ EHZERGIH XVYQTIXTPE]MRK XIGLRMUYIW 7YGL E WTIIGL [SYPH FI
XSSWTIGMEPMÎHJSVQSWXGPEWWVSSQEYHMIRGIW
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SJ[E]WXSQEOI]SYVTVIWIRXEXMSRQ]WXIVMSYWSVWYWTIRWIJYP7YTTSWI]SYEVI
XIPPMRKXLIEYHMIRGIEFSYXQIIXMRKEGIPIFVMX]ZMWMXMRKEJEQSYWTPEGISVTEV
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SYXWIX ]SY QMKLX WEZI LMW SV LIV REQI JSV XLI IRH SJ ]SYV WTIIGL %W ]SYV
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HIV TL]WMGEP GLEVEGXIVMWXMGW WTIGMEP XEPIRXW ERH XLI PMOI FYX OIIT XLI REQI
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JIPPS[ WXYHIRX JMRH SYX MJ WLI SV LI LEW IZIV FIIR MR HERKIV 7YTTSWI ]SYV
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IRGIWMR]SYVWTIIGL
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PERKYEKI3RIWTIEOIVYWIHXLMWXIGLRMUYI[LIRMRXVSHYGMRKEJIPPS[WXYHIRX
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8LI WTSXPMKLX WLMRIW 8LI QYWMG FPEVIW 8LI GVS[H GLIIVW 8LI GSPSVW FVMKLX ERH
ZMFVERXFPIIHXSKIXLIVEW%PI\EERHLIVTEVXRIVWEMPEVSYRHXLIHERGIJPSSV,IVTEVXRIV
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EGVSWWXLIJPSSVMR[LEXWIIQWPMOIEWMRKPIQSXMSR%PI\ELEW[SVOIHQER][IIOWJSVXLMW
QSQIRX%PI\E]SYWIIMWEGLEQTMSRWLMTFEPPVSSQHERGIV
GSRRIGXPYGEWGSQ
8LIWTIEOIVGSYPHLEZIWEMHq%PI\EMWEXIVVMJMGFEPPVSSQHERGIVERHJMRHW
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MXUYMXII\GMXMRKr-RWXIEHXLIWTIEOIVTEMRXIHE[SVHTMGXYVIWSPMWXIRIVWGSYPH
q+SXXE(ERGIrMRXLISRPMRI
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GSWXYQIW XLI I\GMXIQIRX SJ XLI GSQTIXMXMSR EW %PI\E ERH LIV TEVXRIV TIV ETTIRHM\ :MHIS'PMT%
JSVQIH MR TIVJIGX W]QQIXV] 'SPSVJYP ERH GSRGVIXI MPPYWXVEXMSRW PMOI XLMW EVI
EP[E]WQSVIMRXIVIWXMRKXLERHYPPPERKYEKIERHEFWXVEGXKIRIVEPMÊXMSRW
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SYXSJXLIWTIIGLGSRXIRXVEXLIVXLERFIMRKGSRXVMZIH-J]SYEVIRSXRSVQEPP]E
JYRR]TIVWSR]SYEVIFIXXIVSJJKMZMRKEWMRGIVIIRXLYWMEWXMGWTIIGLERHPIEZMRK
SYX XLI NSOIW -R RS GEWI WLSYPH ]SY MRGPYHI LYQSV XLEX MRZSPZIW SFWGIRMX]
IQFEVVEWWIW MRHMZMHYEPW SV RIKEXMZIP] WXIVISX]TIW KVSYTW SJ TISTPI 8LI FIWX
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XMSREFSH]ERHEGSRGPYWMSR=SYVJMVWXNSFMRXLIMRXVSHYGXMSRMWXSKIXXLI
EXXIRXMSRERHMRXIVIWXSJXLIEYHMIRGI=SYGERHSXLMWF]TSWMRKEUYIWXMSR
XIPPMRKEWXSV]QEOMRKEWXEVXPMRKWXEXIQIRXSVSTIRMRK[MXLEUYSXEXMSR8LI
TYVTSWISJEPPXLIWIQIXLSHWMWXSGVIEXIEHVEQEXMGGSPSVJYPSTIRMRKXLEX[MPP
QEOI]SYVEYHMIRGI[ERXXSLIEVQSVI
*SVERI\GIPPIRXI\EQTPIPSSOEXXLIWTIIGLI\GIVTXSR:MHIS'PMT%MRXLI
GSRRIGXPYGEWGSQ
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EREVVEXMZIEFSYXEWMKRMJMGERXI\TIVMIRGIMRLIVPMJI8LMWMWLS[WLIFIKER
q/M]SQMERH1IrMRXLI
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EPP-GSYPHXLMROEFSYX&IMRK/M]SQM[EWSRISJXLIQSWXQIQSVEFPII\TIVMIRGIWSJQ]PMJI
%JXIVXLMWMRXVSHYGXMSRXLIWTIEOIVtWGPEWWQEXIW[IVIIEKIVXSLIEVQSVIEFSYX
/M]SQMERHLIVVSPIMRXLIWTIEOIVtWPMJI
4VITEVMRK=SYV7TIIGL
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IRX ]SYV PMWXIRIVW XS[EVH XLI WYFNIGX QEXXIV SJ ]SYV WTIIGL -R XLI PSRKIV
WTIIGLIW ]SY [MPPKMZIPEXIVMRXLI XIVQ ]SY [MPP YWYEPP] RIIH XS TVSZMHI ER
I\TPMGMXTVIZMI[WXEXIQIRXXLEXMHIRXMJMIWXLIQEMRTSMRXWXSFIHMWGYWWIHMRXLI
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XSQWGEYWIWERHXVIEXQIRXSJLITEXMXMW'r
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TVIZMI[ WXEXIQIRX &YX ]SY WXMPP RIIH XS KMZI ]SYV EYHMIRGI E GPIEV WIRWI SJ
]SYV XSTMG ERH TYVTSWI 0SSO FEGO JSV E QSQIRX EX XLI MRXVSHYGXMSR EFSYX
/M]SQMUYSXIHIEVPMIV2SXMGILS[MXQSZIWJVSQEVSYWMRKGYVMSWMX]XSPIXXMRK
XLIEYHMIRGIORS[[LEXXLIVIWXSJXLIWTIIGL[MPPJSGYWSR&]XLIIRHSJXLI
MRXVSHYGXMSRXLIVIMWRSHSYFXEFSYXXLIXSTMGSJXLIWTIIGL &IWYVIXSGLIGO
[MXL]SYVMRWXVYGXSVXSWII[LEXOMRHSJTVIZMI[WXEXIQIRXLISVWLITVIJIVWJSV
XLIMRXVSHYGXSV]WTIIGL
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VIEH]XSQSZIMRXSXLIFSH]SJ]SYVWTIIGL-RWSQIWTIIGLIWXLIFSH]WIIQW
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I\TIVMIRGIMR]SYVPMJI]SY[MPPVIPEXIXLIIZIRXWGLVSRSPSKMGEPP]MRXLISVHIV
XLI]SGGYVVIH
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MQTSVXERX FMSKVETLMGEP JEGXW EFSYX ]SYV WYFNIGX MR GLVSRSPSKMGEP SVHIV FYX
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PERHEXXIRHIH/MRK)PIQIRXEV]7GLSSPJVSQXSERHKVEHYEXIHJVSQ
7SYXL,MKL7GLSSPMRr
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QSWXMQTSVXERXEWTIGXWSJ%PMGMEtWPMJIWYGLEWLSFFMIWGEVIIVKSEPWERHJEQ
MP] 8LMW MW GEPPIH XLI XSTMGEP QIXLSH SJ SVKERMÊXMSR [LMGL WYFHMZMHIW XLI
WTIIGLXSTMGMRXSMXWREXYVEPPSKMGEPSVGSRZIRXMSREPTEVXW%PXLSYKLXLIVIEVI
QER]SXLIV[E]WXSSVKERMÎEWTIIGL]SYVJMVWXTVIWIRXEXMSR[MPPTVSFEFP]YWI
IMXLIVGLVSRSPSKMGEPSVXSTMGEPSVHIV
6IKEVHPIWWSJXLIQIXLSHSJSVKERMÊXMSR]SYYWIVIQIQFIVXSPMQMXXLI
RYQFIVSJQEMRTSMRXWMRXLIFSH]SJ]SYVWTIIGL-REX[SQMRYXITVIWIRXE
XMSR]SY[SRtXLEZIXMQIXSHIZIPSTQSVIXLERX[SSVXLVIIQEMRTSMRXW
3RGI ]SY LEZI WIPIGXIH XLSWI TSMRXW QEOI WYVI IEGL SRI JSGYWIW SR E
WMRKPIEWTIGXSJXLIXSTMG*SVI\EQTPIMJ]SYVJMVWXTSMRXGSRGIVRW]SYVGPEWW
QEXItW LSQIXS[R HSRtX MRXVSHYGI MVVIPIZERX MRJSVQEXMSR EFSYX LIV NSF SV
JEZSVMXIQYWMG7EZIXLMWQEXIVMEPJSVEWITEVEXITSMRXSVGYXMX
8V]XSQEOI]SYVQEMRTSMRXWWXERHSYXF]MRXVSHYGMRKIEGL[MXLEXVERWM
XMSRWXEXIQIRX-REWTIIGLMRXVSHYGMRKEGPEWWQEXI]SYQMKLXFIKMRXLIJMVWX
QEMRTSMRXF]WE]MRK
6MGStWJEQMP]QSZIHEKVIEXHIEPXLVSYKLSYXLMWGLMPHLSSH
;LIR]SYVIEGLXLIWIGSRHTSMRX]SYQMKLXMRXVSHYGIMXPMOIXLMW
1SZMRKEPSXPIHXS6MGStWSYXKSMRKREXYVIERHGSRJMHIRGIMRQEOMRKJVMIRHW-RJEGX
LILEWJVMIRHWEPPEVSYRHXLI[SVPH[MXL[LSQLIGSVVIWTSRHWVIKYPEVP]SZIVIQEMP
=SYLEZIRS[PIX]SYVEYHMIRGIORS[XLEXXLIJMVWXQEMRTSMRXMWSZIVERHXLEX
]SY EVI WXEVXMRK XLI WIGSRH SRI 8LI XLMVH QEMR TSMRX QMKLX FIKMR EW
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LIMWQENSVMRKMRMRXIVREXMSREPVIPEXMSRW
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QEMRMHIEW
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MRXS ]SYV GSRGPYWMSR =SY RIIH XS EGGSQTPMWL X[S XEWOW MR XLMW TEVX SJ XLI
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XLIQI
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I\EQTPI MR XLI WTIIGL EFSYX /M]SQM XLI WXYHIRX HIZSXIH XLI FSH] SJ LIV
WTIIGL XS I\TPEMRMRK LS[ WLI [SR XLI VSPI ERH [LEX LETTIRIH [LIR WLI
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RSXPSRKXSFIWSQISRIIPWI7S[LEXMJ-tQRSXXLIQSWXKVEGIJYPSVJIQMRMRITIVWSR#7S GSRRIGXPYGEWGSQ
[LEXMJ-HSRtXTSWWIWWEPPXLI[SRHIVJYPGLEVEGXIVMWXMGWSJ/M]SQM#-EQWXMPPQIhRSXEGLEV :MI[XLIIRHMRKSJq/M]SQM
EGXIVMRETPE]=IXF]TPE]MRKXLEXGLEVEGXIV-PIEVRIHSRISJXLIQSWXMQTSVXERXPIWWSRWSJ ERH1IrMRXLISRPMRI1IHME
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JMVWXWTIIGLSJXLIXIVQRSSRII\TIGXW]SYXSKMZIETIVJIGXP]TSPMWLIHTVIWIR
XEXMSR=SYVEMQMWXSHSEW[IPPEWTSWWMFPI[LMPIEPWSPE]MRKEJSYRHEXMSR]SY
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WTIIGLERHWSQISJXLIQENSVJEGXSVWXSGSRWMHIV[LIRWTIIGLHE]EVVMZIW
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834-'7=39;%2883/23;136)%&398
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ETIVJIGXSTTSVXYRMX]XSVIWIEVGLEJEWGMREXMRKWYFNIGXERHXYVRMXMRXSEJEWGM
REXMRKWTIIGL
3VWYTTSWI]SYVYREGVSWWEWYFNIGXMRSRISJ]SYVSXLIVGPEWWIWXLEXGEXGLIW
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GSRRIGXPYGEWGSQ
PETXSTWGIPPTLSRIWERHTEKIVW%JXIVLIEVMRKEFSYXXLIWYFNIGXMRLMWIPIGXVMGEP
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XLMWGLETXIV :MHIS'PMT [LEXLIPIEVRIHMRLMWVIWIEVGLLITYXXSKIXLIVEGETXMZEXMRKWTIIGLXLEXOITX
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ERHWSJSVXL.SXHS[RER]XLMRKXLEXGSQIWXSQMRHRSQEXXIVLS[WMPP]SVMVVIP
IZERXMXQE]WIIQ*VSQXLMWPMWXQE]GSQIEKIRIVEPWYFNIGXEVIESYXSJ[LMGL
]SYGERJEWLMSREWTIGMJMGXSTMG8LMWQIXLSHLEW[SVOIHJSVQER]WXYHIRXW
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8LIVIWYPXQMKLXPSSOPMOIXLMW
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XS JVIIEWWSGMEXI ;VMXI HS[R E [SVH SV MHIE ;LEX HSIW XLEX XVMKKIV MR ]SYV
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WXYHIRXGSQTSWIHWYFPMWXWJSVXIPIZMWMSRGEQTYWGVMQIERHPMKLXRMRK
8IPIZMWMSR 'EQTYW'VMQI 0MKLXRMRK

GSRRIGXPYGEWGSQ
QSZMIW TSPMGI XLYRHIV *SVEREHHMXMSREPVIWSYVGISR
WTIIGLXSTMGWGLIGOXLI
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8STMG*MRHIVMRXLISRPMRI
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PSXXIVMIW KPSZIW EMVTSPPYXMSR
KEQFPMRK GSPH[IEXLIV KEWSPMRI
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&VS[WIXLVSYKLERIRG]GPSTIHMEETIVMSHMGEPHEXEFEWISVWSQISXLIVVIJIV
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FEGOTEGOMRK FPEGONEGO &VEMPPI FEGOKEQQSR
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FEPPIX &IIXLSZIR &IMNMRK FIIV
FIXEGEVSXIRI FMVXLWXSRIW FSXYPMWQ &YHHLMWQ
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WTIIGL
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PMMSVK &SXLFIKMR[MXLEHSÎRSVWSQENSVGEXIKSVMIWWYGLEW1IHME)HYGE
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[LMGLQMKLXKIX]SYGPSWIVXSEWTIIGLXSTMG
3RISJXLIEHZERXEKIWSJYWMRKXLI-RXIVRIXMRXLMW[E]MWXLEX]SYGER
QEOI]SYVWIEVGLQSVIERHQSVIWTIGMJMGYRXMP]SYJMRHNYWXXLIVMKLXWYF
NIGX 7YTTSWI JSV I\EQTPI XLEX ]SY EVI PSSOMRK YRHIV ,IEPXL MR =ELSS
(MVIGXSV]ERH ]SYV EXXIRXMSR MW KVEFFIH F] 2YXVMXMSR -J ]SY GPMGO SR XLMW
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MW:IKIXEVMERMWQ'PMGOMRKSRXLEXPMRO[MPP ]MIPHWMXIWSRTEVXMGYPEVEWTIGXW
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WXEVX SZIV [MXL ERSXLIV FVSEH WYFNIGX EVIE ERH TVSGIIH YRXMP ]SY JMRH NYWX
[LEX]SYEVIPSSOMRKJSV
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WXYHIRXWLEZIHMJJMGYPX]GLSSWMRKWTIIGLXSTMGWMWXLEXPMOIQSWXTISTPIXLI]
XIRHXSTVSGVEWXMREXIhXSTYXSJJWXEVXMRKTVSNIGXWJSVEWPSRKEWTSWWMFPI
7XEVXXLMROMRKEFSYX]SYVXSTMGEWWSSREWIEGLEWWMKRQIRXMWERRSYRGIH
4E]EXXIRXMSRXSMRXIVIWXMRKWYFNIGXWMRGPEWWERHGSRZIVWEXMSRSRXLI-RXIV
RIX VEHMSERHXIPIZMWMSRMRRI[WTETIVWERHQEKE^MRIW .SXHS[RMHIEWJSV
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JVSQMWQYGLFIXXIVXLERLEZMRKXSVEGO]SYVFVEMRJSVSRIEXXLIPEWXQMRYXI
',%48)6 7)0)'8-2+%834-'%2(%496437)
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TMGONYWXXLIVMKLXSRIERHTVITEVIEJMVWXVEXIWTIIGL
%PSRK [MXL GLSSWMRK E XSTMG ]SY RIIH XS HIXIVQMRI XLI KIRIVEP TYVTSWI SJ
]SYV WTIIGL 9WYEPP] MX [MPP JEPP MRXS SRI SJ X[S SZIVPETTMRK GEXIKSVMIWhXS
MRJSVQSVXSTIVWYEHI
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=SYVKSEPMWXSGSRZI]MRJSVQEXMSRGPIEVP]EGGYVEXIP]ERHMRXIVIWXMRKP]-J]SY 8LIFVSEHKSEPSJEWTIIGL
HIWGVMFILS[XSPMJX[IMKLXWREVVEXIXLIQENSVIZIRXWSJXLIPEXIWX1MHHPI)EWX
GVMWMW SV VITSVX SR ]SYV WSVSVMX]tW JMRERGMEP TSWMXMSR ]SY EVI WTIEOMRK XS
MRJSVQ=SYVEMQMWXSIRLERGIXLIORS[PIHKIERHYRHIVWXERHMRKSJ]SYVPMW
XIRIVWhXSKMZIXLIQMRJSVQEXMSRXLI]HMHRSXLEZIFIJSVI
;LIR ]SYV KIRIVEP TYVTSWI MW XS TIVWYEHI ]SY EGX EW ER EHZSGEXI SV E
TEVXMWER=SYKSFI]SRHKMZMRKMRJSVQEXMSRXSIWTSYWMRKEGEYWI=SY[ERX
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GSRZMRGI ]SYV PMWXIRIVW XLEX XLI] WLSYPH WXEVX E VIKYPEV TVSKVEQ SJ [IMKLX
PMJXMRKXLEXXLI9RMXIH7XEXIWWLSYPHQSHMJ]MXWTSPMG]MRXLI1MHHPI)EWXSV
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]SYEVIWTIEOMRKXSTIVWYEHI-RHSMRKWS]SYGERRSXLIPTFYXKMZIMRJSVQE
XMSR FYX ]SYV TVMQEV] KSEP MW XS [MR SZIV ]SYV PMWXIRIVW XS ]SYV TSMRX SJ
ZMI[hXSKIXXLIQXSFIPMIZIWSQIXLMRKSVHSWSQIXLMRKEWEVIWYPXSJ]SYV
WTIIGL
-RWTIIGLGPEWWIWXLIKIRIVEPTYVTSWIMWYWYEPP]WTIGMJMIHEWTEVXSJXLI
WTIIGLEWWMKRQIRX*SVWTIIGLIWSYXWMHIXLIGPEWWVSSQLS[IZIV]SYLEZI
XSQEOIWYVISJ]SYVKIRIVEPTYVTSWI]SYVWIPJ9WYEPP]XLMWMWIEW]XSHS%VI
]SYKSMRKXSI\TPEMRVITSVXSVHIQSRWXVEXIWSQIXLMRK#8LIR]SYVKIRIVEP
TYVTSWIMWXSMRJSVQ%VI]SYKSMRKXSWIPPEHZSGEXISVHIJIRHWSQIXLMRK#
8LIR]SYVKIRIVEPTYVTSWIMWXSTIVWYEHI&YXRSQEXXIV[LEXXLIWMXYEXMSR
]SYQYWXFIGIVXEMRSJI\EGXP][LEX]SYLSTIXSEGLMIZIF]WTIEOMRK
3RGI]SYLEZIGLSWIREXSTMGERHEKIRIVEPTYVTSWI]SYQYWXREVVS[]SYV
GLSMGIWXSHIXIVQMRIXLIWTIGMJMGTYVTSWISJ]SYVWTIIGL8LIWTIGMJMGTYVTSWI WTIGMJMGTYVTSWI
WLSYPHJSGYWSRSRIEWTIGXSJEXSTMG=SYWLSYPHFIEFPIXSWXEXI]SYVWTIGMJMG %WMRKPIMRJMRMXMZITLVEWIXLEX
TYVTSWI MR E WMRKPI MRJMRMXMZI TLVEWI XS MRJSVQ Q] EYHMIRGI EFSYX XS WXEXIWTVIGMWIP][LEXEWTIEOIV
TIVWYEHIQ]EYHMIRGIXS XLEXMRHMGEXIWTVIGMWIP][LEX]SYLSTIXSEGGSQ LSTIWXSEGGSQTPMWLMRLMWSV
TPMWL[MXL]SYVWTIIGL LIVWTIIGL
*SVI\EQTPI(YERI;MRJMIPHEWXYHIRXEXEPEVKIWXEXIYRMZIVWMX]HIGMHIH
XSKMZILMWJMVWXGPEWWVSSQWTIIGLSREXSTMGJVSQLMWTIVWSREPI\TIVMIRGI*SV
XLITEWXX[S]IEVWLILEHZSPYRXIIVIHLMWXMQIXSTIVJSVQQYWMGJSVTEXMIRXW
MRQIRXEPLSWTMXEPWRYVWMRKLSQIWERHVIWMHIRGIWJSVHMWEFPIHEHYPXW,ILEH
WIIR LS[ IRXLYWMEWXMGEPP] XLI TEXMIRXW VIWTSRHIH XS QYWMG IZIR [LIR XLI]
VIQEMRIH YRQSZIH F] SXLIV OMRHW SJ WXMQYPM (YERItW I\TIVMIRGI LEH KMZIR
LMQEFIXXIVYRHIVWXERHMRKSJXLIFIRIJMXWSJQYWMGXLIVET]ERHLI[ERXIHXS
WLEVIXLMWYRHIVWXERHMRK[MXLLMWGPEWWQEXIW8LMWKEZILMQEXSTMGERHEKIR
IVEPTYVTSWI[LMGLLIWXEXIHPMOIXLMW
8STMG 1YWMGXLIVET]
+IRIVEP4YVTSWI 8SMRJSVQ
7SJEVWSKSSH&YX[LEXEWTIGXSJLMWXSTMG[SYPH(YERIHMWGYWW#8LIOMRHW
SJJEGMPMXMIWMR[LMGLLILEH[SVOIH#,MWWTIGMJMGVSPIEWETIVJSVQIV#8LIIZM
HIRGI XLEX QYWMG XLIVET] GER MQTVSZI TEXMIRXWt QIRXEP LIEPXL# 8LI RIIHW SJ
TEXMIRXW[MXLHMJJIVIRXOMRHWSJMPPRIWWIW#,ILEHXSGLSSWIWSQIXLMRKMRXIVIWX
MRKXLEXLIGSYPHGSZIVMREWM\QMRYXIWTIIGL*MREPP]LIWIXXPIHSRHIWGVMFMRK
LMW QSWX QIQSVEFPI I\TIVMIRGIW [MXL TEXMIRXW XS WLS[ LS[ QYWMG EJJIGXIH
XLIQ,IWXEXIHLMWWTIGMJMGTYVTSWIXLMW[E]
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIFIRIJMXWSJQYWMGXLIVET]
JSVTISTPI[MXLTW]GLSPSKMGEPSVGSKRMXMZIHMWEFMPMXMIW
8LMWXYVRIHSYXXSFIERI\GIPPIRXGLSMGIERH(YERItWWTIIGL[EWEQSRKXLI
FIWXMRXLIGPEWW
2SXMGI LS[ GPIEV XLI WTIGMJMG TYVTSWI WXEXIQIRX MW 2SXMGI EPWS LS[ MX
VIPEXIWXLIXSTMGHMVIGXP]XSXLIEYHMIRGI8LEXMW MX WXEXIWRSXSRP] [LEXXLI
WTIEOIV[ERXWXSWE]FYXEPWS[LEXXLIWTIEOIV[ERXWXLIEYHMIRGIXSORS[EWE
VIWYPXSJXLIWTIIGL8LMWMWZIV]MQTSVXERXJSVMXLIPTWOIITXLIEYHMIRGIEX
XLIGIRXIVSJ]SYVEXXIRXMSREW]SYTVITEVI]SYVWTIIGL
0SSO[LEXLETTIRW[LIRXLIWTIGMJMGTYVTSWIWXEXIQIRXHSIWRSXMRGPYHI
XLIEYHMIRGI
7TIGMJMG4YVTSWI 8SI\TPEMRXLIFIRIJMXWSJQYWMGXLIVET]JSVTISTPI[MXL
TW]GLSPSKMGEPSVGSKRMXMZIHMWEFMPMXMIW
)\TPEMR XS [LSQ# 8S QYWMGMERW# 8S QIHMGEP WXYHIRXW# 8S WSGMEP [SVOIVW#
8LSWI [SYPH FI XLVII HMJJIVIRX WTIIGLIW 8LI QYWMGMERW [SYPH [ERX XS
ORS[EFSYXXLIOMRHWSJQYWMG(YERITPE]IH8LIQIHMGEPWXYHIRXW[SYPH
[ERX XS LIEV EFSYX VIWIEVGL SR XLI FIRIJMXW SJ QYWMG XLIVET] 8LI WSGMEP
[SVOIVW[SYPH[ERXXSPIEVRLS[XSMQTPIQIRXEQYWMGTVSKVEQ'SQQY
RMGEXMRK IJJIGXMZIP] [MXL IEGL KVSYT [SYPH VIUYMVI TVITEVMRK E HMJJIVIRX
WTIIGL
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3FEQEtWWTIIGLTSMRXWYTERMQTSVXERXJEGX+SSHTYFPMGWTIEOIVWEVIEYHMIRGI
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EYHMIRGIGIRXIVIHRIWW XLIEYHMIRGISVXSFPS[SJJWXIEQ6EXLIVMXMWXSKEMREHIWMVIHVIWTSRWIJVSQ
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WTIIGLXLI]XIWXIHXSWII[LEXIJJIGXWXLIWTIIGLIWLEHSRXLIPMWXIRIVWtEXXM
XYHIW XS[EVH XLI WTIEOIVW 8LI] JSYRH XLEX TISTPI [LS LIEVH XLI [IPP
SVKERMÎH WTIIGL FIPMIZIH XLI WTIEOIV XS FI QYGL QSVI GSQTIXIRX ERH
XVYWX[SVXL]XLERHMHXLSWI[LSLIEVHXLIWGVEQFPIHWTIIGL
WXVEXIKMGSVKERMÊXMSR 8LIWIEVINYWXX[SSJQER]WXYHMIWXLEXWLS[XLIMQTSVXERGISJSVKERMÊXMSR
4YXXMRKEWTIIGLXSKIXLIVMR MR IJJIGXMZI WTIIGLQEOMRK 0MWXIRIVW HIQERH GSLIVIRGI 9RPMOI VIEHIVW XLI]
ETEVXMGYPEV[E]XSEGLMIZIE GERRSXJPMTFEGOXSETVIZMSYWTEKIMJXLI]LEZIXVSYFPIKVEWTMRKEWTIEOIVtWMHIEW
TEVXMGYPEVVIWYPX[MXL -RXLMWVIWTIGXEWTIIGLMWQYGLPMOIEQSZMI.YWXEWEHMVIGXSVQYWXFIWYVIZMI[
ETEVXMGYPEVEYHMIRGI IVWGERJSPPS[XLITPSXSJEJMPQJVSQFIKMRRMRKXSIRHWSQYWXEWTIEOIVFIWYVI
PMWXIRIVWGERJSPPS[XLITVSKVIWWMSRSJMHIEWMREWTIIGLJVSQFIKMRRMRKXSIRH
8LMWVIUYMVIWXLEXWTIIGLIWFISVKERMÎHWXVEXIKMGEPP]8LI]WLSYPHFITYXXSKIXLIV
MRTEVXMGYPEV[E]WXSEGLMIZITEVXMGYPEVVIWYPXW[MXLTEVXMGYPEVEYHMIRGIW
7TIIGL SVKERMÊXMSRMW MQTSVXERX JSVSXLIV VIEWSRW EW [IPP %W [I WE[ MR
'LETXIVMXMWGPSWIP]GSRRIGXIHXSGVMXMGEPXLMROMRK;LIR]SY[SVOXSSVKE
RMÎ]SYVWTIIGLIW]SYKEMRTVEGXMGIMRXLIKIRIVEPWOMPPSJIWXEFPMWLMRKGPIEV
VIPEXMSRWLMTWEQSRK]SYVMHIEW8LMWWOMPP[MPPWIVZI]SY[IPPXLVSYKLSYX]SYV
GSPPIKI HE]W ERH MR EPQSWX ER] GEVIIV ]SY QE] GLSSWI -R EHHMXMSR YWMRK E
GPIEV WTIGMJMGQIXLSHSJWTIIGLSVKERMÊXMSRGERFSSWX]SYVGSRJMHIRGIEWE
WTIEOIVERHMQTVSZI]SYVEFMPMX]XSHIPMZIVEQIWWEKIJPYIRXP]
8LI JMVWX WXIT MR HIZIPSTMRKE WXVSRK WIRWI SJ WTIIGLSVKERMÊXMSR MW XS
KEMRGSQQERHSJXLIXLVIIFEWMGTEVXWSJEWTIIGLhMRXVSHYGXMSRFSH]ERH
GSRGPYWMSRhERHXLIWXVEXIKMGVSPISJIEGL-RXLMWGLETXIV[IHIEP[MXLXLI
FSH]SJXLIWTIIGL8LIRI\XGLETXIV[MPPXEOIYTXLIMRXVSHYGXMSRERHXLI
GSRGPYWMSR
8LIVIEVIKSSHVIEWSRWJSVXEPOMRKJMVWXEFSYXXLIFSH]SJXLIWTIIGL8LI
FSH]MWXLIPSRKIWXERHQSWXMQTSVXERXTEVX%PWS]SY[MPPYWYEPP]TVITEVIXLI
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',

FSH]JMVWX-XMWIEWMIVXSGVIEXIERIJJIGXMZIMRXVSHYGXMSREJXIV]SYORS[I\EGXP]
[LEX]SY[MPPWE]MRXLIFSH]
8LITVSGIWWSJSVKERM^MRKXLIFSH]SJEWTIIGLFIKMRW[LIR]SYHIXIVQMRI
XLIQEMRTSMRXW
1EMR4SMRXW
8LIQEMRTSMRXWEVIXLIGIRXVEPJIEXYVIWSJ]SYVWTIIGL=SYWLSYPHWIPIGXXLIQ
GEVIJYPP] TLVEWIXLIQ TVIGMWIP] ERHEVVERKI XLIQWXVEXIKMGEPP] ,IVIEVIXLI
QEMRTSMRXWSJEWXYHIRXWTIIGLEFSYXXLIQIHMGEPYWIWSJL]TRSWMW
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVYWIWSJL]TRSWMW
'IRXVEP-HIE 8LIQENSVYWIWSJL]TRSWMWXSHE]EVIXSGSRXVSPTEMRMR
WYVKIV]XSLIPTTISTPIWXSTWQSOMRKERHXSLIPTWXYHIRXW
MQTVSZIXLIMVEGEHIQMGTIVJSVQERGI
1EMR4SMRXW - ,
]TRSWMWMWYWIHMRWYVKIV]EWEREHNYRGXXSGLIQMGEP QEMRTSMRXW
ERIWXLIWME 8LIQENSVTSMRXWHIZIPSTIHMR
-- ,]TRSWMWMWYWIHXSLIPTTISTPIWXSTWQSOMRK XLIFSH]SJEWTIIGL1SWX
--- , ]TRSWMWMWYWIHXSLIPTWXYHIRXWMQTVSZIXLIMV WTIIGLIWGSRXEMRJVSQX[SXS
EGEHIQMGTIVJSVQERGI JMZIQEMRTSMRXW
8LIWIXLVIIQEMRTSMRXWJSVQXLIWOIPIXSRSJXLIFSH]SJXLIWTIIGL-JXLIVI
EVIXLVIIQENSVYWIWSJL]TRSWMWJSVQIHMGEPTYVTSWIWXLIRPSKMGEPP]XLIVIGER
FIXLVIIQEMRTSMRXWMRXLIWTIIGL
,S[ HS ]SY GLSSWI ]SYV QEMR TSMRXW# 7SQIXMQIW XLI] [MPP FI IZMHIRX
JVSQ ]SYV WTIGMJMG TYVTSWI WXEXIQIRX 7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S
MRJSVQ Q] EYHMIRGI EFSYX XLI HIZIPSTQIRX XIGLRSPSK] ERH FIRIJMXW SJ
L]HVSKIRJYIPGIPPWr3FZMSYWP]]SYVWTIIGL[MPPLEZIXLVIIQEMRTSMRXW8LI
JMVWX[MPPHIEP[MXLXLIHIZIPSTQIRXSJL]HVSKIRJYIPGIPPWXLIWIGSRH[MXLXLI
XIGLRSPSK]FILMRHL]HVSKIRJYIPGIPPWXLIXLMVH[MXLXLIFIRIJMXWSJL]HVSKIR
JYIPGIPPW;VMXXIRMRSYXPMRIJSVQXLIQEMRTSMRXWQMKLXFI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIHIZIPSTQIRXXIGLRSPSK]
ERHFIRIJMXWSJL]HVSKIRJYIPGIPPW
'IRXVEP-HIE (IZIPSTIHEWELMKLP]IJJMGMIRXJSVQSJIRIVK]L]HVSKIR
JYIPGIPPWYWIWSTLMWXMGEXIHXIGLRSPSK]ERHSJJIVERYQFIVSJ
IGSRSQMGERHIRZMVSRQIRXEPFIRIJMXW
1EMR4SMRXW - , ]HVSKIRJYIPGIPPW[IVIHIZIPSTIHXSTVSZMHIELMKLP]
IJJMGMIRXJSVQSJIRIVK]
-- ,]HVSKIRJYIPGIPPWTVSHYGITS[IVXLVSYKLERIPIGXVS
GLIQMGEPVIEGXMSRMRZSPZMRKL]HVSKIRKEW
--- ,]HVSKIRJYIPGIPPWTVSZMHIERIGSRSQMGEPP]ERH
IRZMVSRQIRXEPP]WYTIVMSVQIXLSHSJTS[IVMRKQSXSV
ZILMGPIW
)ZIRMJ]SYVQEMRTSMRXWEVIRSXWXEXIHI\TVIWWP]MR]SYVWTIGMJMGTYVTSWI
XLI] QE] FI IEW] XS TVSNIGX JVSQ MX 0IXtW WE] ]SYV WTIGMJMG TYVTSWI MW q8S
MRJSVQQ]EYHMIRGISJXLIFEWMGWXITWMRQEOMRKWXEMRIHKPEWW[MRHS[Wr=SY
1EMR4SMRXW
ORS[ IEGL SJ ]SYV QEMR TSMRXW [MPP GSVVIWTSRH XS E WXIT MR XLI [MRHS[
QEOMRKTVSGIWW8LI]QMKLXPSSOPMOIXLMWMRSYXPMRIJSVQ
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIFEWMGWXITWMRQEOMRKWXEMRIH
KPEWW[MRHS[W
'IRXVEP-HIE 8LIVIEVIJSYVWXITWMRQEOMRKWXEMRIHKPEWW[MRHS[W
1EMR4SMRXW - 8LIJMVWXWXITMWHIWMKRMRKXLI[MRHS[
-- 8LIWIGSRHWXITMWGYXXMRKXLIKPEWWXSJMXXLIHIWMKR
--- 8LIXLMVHWXITMWTEMRXMRKXLIKPEWW
-: 8LIJSYVXLWXITMWEWWIQFPMRKXLI[MRHS[
=SY[MPPRSXEP[E]WWIXXPISR]SYVQEMRTSMRXWWSIEWMP]3JXIR XLI][MPP
IQIVKI EW]SYVIWIEVGLXLI WTIIGLERHIZEPYEXI]SYV JMRHMRKW7YTTSWI]SYV
WTIGMJMGTYVTSWIMWq8STIVWYEHIQ]EYHMIRGIXLEXSYVWXEXIWLSYPHRSXETTVSZI
TVSTSWEPWJSVSRPMRIZSXMRKr=SYORS[XLEXIEGLQEMRTSMRXMRXLIWTIIGL[MPP
TVIWIRXEVIEWSR[L]SRPMRIZSXMRKWLSYPHRSXFIMRWXMXYXIHMR]SYVWXEXI&YX
]SYEVIRtXWYVILS[QER]QEMRTSMRXWXLIVI[MPPFISV[LEXXLI][MPPFI%W
]SY VIWIEVGL ERH WXYH] XLI XSTMG ]SY HIGMHI XLIVI EVI X[S QENSV VIEWSRW XS
WYTTSVX ]SYV ZMI[ )EGL SJ XLIWI VIEWSRW [MPP FIGSQI E QEMR TSMRX MR ]SYV
WTIIGL;VMXXIRMRSYXPMRIJSVQXLI]QMKLXFI
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXSYVWXEXIWLSYPHRSXETTVSZI
TVSTSWEPWJSVSRPMRIZSXMRK
'IRXVEP-HIE 3YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX[MPP
MRGVIEWIZSXIVJVEYHERHHMWJVERGLMWITISTPI[MXLSYX-RXIV
RIXEGGIWW
1EMR4SMRXW - 3 YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX
[MPPMRGVIEWIZSXIVJVEYH
-- 3YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX[MPP
HMWJVERGLMWITISTPI[MXLSYXEGGIWWXSXLI-RXIVRIX
291&)63*1%-243-287
=SY[MPPRSXLEZIXMQIMR]SYVGPEWWVSSQWTIIGLIWXSHIZIPSTQSVIXLERJSYV
SVJMZIQEMRTSMRXWERHQSWXWTIIGLIW[MPPGSRXEMRSRP]X[SSVXLVII6IKEVH
PIWWSJLS[PSRKEWTIIGLQMKLXVYRMJ]SYLEZIXSSQER]QEMRTSMRXWXLI
EYHMIRGI[MPPLEZIXVSYFPIWSVXMRKXLIQSYX
-J[LIR]SYPMWX]SYVQEMRTSMRXW]SYJMRHXLEX]SYLEZIXSSQER]]SY
QE]FIEFPIXSGSRHIRWIXLIQMRXSGEXIKSVMIW,IVIMWEWIXSJQEMRTSMRXWJSV
EWTIIGLEFSYX]SKE
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLITVEGXMGISJ]SKE
'IRXVEP-HIE =SKEMWERERGMIRXTVEGXMGIXLEXMRZSPZIWXLI[LSPIFSH]
1EMR4SMRXW - =SKEFVIEXLMRKWXEVXW[MXLHIITMRLEPEXMSR
-- =SKEFVIEXLMRKVIUYMVIWWPS[I\LEPEXMSR
--- =SKEFVIEXLMRKMRGPYHIWTVSPSRKIHTEYWIW
-: =SKEFVIEXLMRKTVSZMHIWQER]FIRIJMXW
: =SKETSWXYVIWMRZSPZIEPPTEVXWSJXLIFSH]
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',

6IWIEVGLWXYHMIWGSRJMVQ
XLEXGPIEVSVKERMÊXMSRMWZMXEP
XSIJJIGXMZITYFPMGWTIEOMRK
0MWXIRIVWQYWXFIEFPIXSJSP
PS[XLITVSKVIWWMSRSJMHIEW
MREWTIIGLJVSQFIKMRRMRK
XSIRH
:- =SKETSWXYVIWMRGVIEWIJPI\MFMPMX]
:-- =SKETSWXYVIWWXVIRKXLIRQYWGPIXSRI
:--- =SKETSWXYVIWHIQERHTVIGMWIQSZIQIRXW
=SYLEZIIMKLXQEMRTSMRXWh[LMGLMWXSSQER]&YXMJ]SYPSSOEXXLIPMWX
]SYWIIXLEXXLIIMKLXTSMRXWJEPPMRXSX[SFVSEHGEXIKSVMIW]SKEFVIEXLMRKERH
]SKETSWXYVIW=SYQMKLXXLIVIJSVIVIWXEXI]SYVQEMRTSMRXWXLMW[E]
GSRRIGXPYGEWGSQ
- 3RITEVXSJTVEGXMGMRK]SKEMRZSPZIWTVSTIVFVIEXLMRK
:MI[ERI\GIVTXJVSQq=SKE
-- %RSXLIVTEVXSJ]SKEMRZSPZIWFSH]TSWXYVIW
9RMXMRK1MRH&SH]ERH
7TMVMXrMRXLISRPMRI1IHME
786%8)+-'36()63*1%-243-287 0MFVEV]JSVXLMWGLETXIV
:MHIS'PMT
3RGI]SYIWXEFPMWL]SYVQEMRTSMRXW]SYRIIHXSHIGMHIXLISVHIVMR[LMGL]SY
[MPPTVIWIRXXLIQ8LIQSWXIJJIGXMZISVHIVHITIRHWSRXLVIIXLMRKWh]SYVXSTMG
]SYVTYVTSWIERH]SYVEYHMIRGI'LETXIVWERH[MPPGSZIVWTIGMEPEWTIGXW
SJSVKERM^MRKMRJSVQEXMZIWTIIGLIWERHTIVWYEWMZIWTIIGLIW,IVI[IPSSOFVMIJP]
EXXLIJMZIFEWMGTEXXIVRWSJSVKERMÊXMSRYWIHQSWXSJXIRF]TYFPMGWTIEOIVW
'LVSRSPSKMGEP3VHIV GLVSRSPSKMGEPSVHIV
7TIIGLIWEVVERKIHGLVSRSPSKMGEPP]JSPPS[EXMQITEXXIVR8LI]QE]REVVEXIE %QIXLSHSJWTIIGL
WIVMIWSJIZIRXWMRXLIWIUYIRGIMR[LMGLXLI]LETTIRIH*SVI\EQTPI SVKERMÊXMSRMR[LMGLXLIQEMR
TSMRXWJSPPS[EXMQITEXXIVR
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGILS[XLI+VIEX;EPPSJ'LMRE[EW
FYMPX
1EMR4SMRXW
'IRXVEP-HIE 8LI+VIEX;EPPSJ'LMRE[EWFYMPXMRXLVIIQENSVWXEKIW
1EMR4SMRXW - & YMPHMRKSJXLI+VIEX;EPPFIKERHYVMRKXLI5MRH]REWX]
SJi &'
-- 2I[WIGXMSRWSJXLI+VIEX;EPP[IVIEHHIHHYVMRKXLI
,ERH]REWX]SJ &'i %(
--- 8 LI+VIEX;EPP[EWGSQTPIXIHHYVMRKXLI1MRKH]REWX]
SJi
'LVSRSPSKMGEPSVHIVMWEPWSYWIHMRWTIIGLIWI\TPEMRMRKETVSGIWWSVHIQ
SRWXVEXMRKLS[XSHSWSQIXLMRK*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIWXITWMRPEWIVEWWMWXIHGSVVIG
GSRRIGXPYGEWGSQ
XMZII]IWYVKIV]
:MI[ERI\GIVTXJVSQq8LI
+VIEX;EPPSJ'LMRErMRXLI 'IRXVEP-HIE 8LIVIEVIXLVIIQEMRWXITWMRPEWIVEWWMWXIHGSVVIGXMZII]I
SRPMRI1IHME0MFVEV]JSVXLMW WYVKIV]
GLETXIV :MHIS'PMT
1EMR4SMRXW - * MVWXEXLMRPE]IVMWWPMGIHSJJXLIWYVJEGISJXLII]IXS
I\TSWIXLIGSVRIE
-- 7IGSRHERYPXVEZMSPIXPEWIVMWYWIHXSVIWLETIXLI
GSVRIE
--- 8 LMVHXLIXLMRPE]IVWPMGIHSJJEXXLIFIKMRRMRKSJXLI
WYVKIV]MWVIEJJM\IHXSXLII]I
%WXLMWSYXPMRIWLS[WGLVSRSPSKMGEPSVHIVMWIWTIGMEPP]YWIJYPJSVMRJSVQEXMZI
WTIIGLIW
7TEXMEP3VHIV
WTEXMEPSVHIV 7TIIGLIW EVVERKIH MR WTEXMEP SVHIV JSPPS[ E HMVIGXMSREP TEXXIVR 8LEX MW XLI
%QIXLSHSJWTIIGLSVKERMÊXMSR QEMRTSMRXWTVSGIIHJVSQXSTXSFSXXSQPIJXXSVMKLXJVSRXXSFEGOMRWMHIXS
MR[LMGLXLIQEMRTSMRXWJSPPS[E SYXWMHIIEWXXS[IWXSVWSQISXLIVVSYXI*SVI\EQTPI
HMVIGXMSREPTEXXIVR
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIWXVYGXYVISJELYVVMGERI
'IRXVEP-HIE %LYVVMGERIMWQEHIYTSJXLVIITEVXWKSMRKJVSQMRWMHIXS
SYXWMHI
1EMR4SMRXW - % XXLIGIRXIVSJELYVVMGERIMWXLIGEPQGPSYHJVIII]I
-- 7YVVSYRHMRKXLII]IMWXLII]I[EPPEHIRWIVMRKSJ
GPSYHWXLEXTVSHYGIWXLIQSWXMRXIRWI[MRHERHVEMRJEPP
--- 6 SXEXMRKEVSYRHXLII]I[EPPEVIPEVKIFERHWSJGPSYHW
ERHTVIGMTMXEXMSRGEPPIHWTMVEPVEMRFERHW
3V
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIXLVIIQENSVVIKMSRWMR
-XEP]
'IRXVEP-HIE 2SVXLIVRGIRXVEPERHWSYXLIVR-XEP]LEZIXLIMVS[RMHIRXM
XMIWERHEXXVEGXMSRW
- 2SVXLIVR-XEP]MWLSQIXS:IRMGIERHMXW[SVPHJEQSYW
GEREPW
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',

8LIQEMRTSMRXWSJEWTIIGL
WLSYPHFISVKERMÎHXSGSQ
QYRMGEXIXLIWTIEOIVtWQIW
WEKI'LVSRSPSKMGEPSVHIV
[SYPH[SVOZIV][IPPJSVE
WTIIGLSRXLILMWXSV]SJXLI
97WTEGITVSKVEQ
-- 'IRXVEP-XEP]MWLSQIXS6SQIERHMXWLMWXSVMGEP
XVIEWYVIW
--- 7SYXLIVR-XEP]MWLSQIXS7MGMP]ERHMXWGYPMREV]
XVEHMXMSRW
7TEXMEP SVHIV PMOI GLVSRSPSKMGEP SVHIV MW YWIH QSWX SJXIR MR MRJSVQEXMZI
WTIIGLIW
'EYWEP3VHIV
7TIIGLIWEVVERKIHMRGEYWEPSVHIVSVKERMÎQEMRTSMRXWWSEWXSWLS[EGEYWI GEYWEPSVHIV
IJJIGXVIPEXMSRWLMT;LIR]SYTYX]SYVWTIIGLMRGEYWEPSVHIV]SYLEZIX[S %QIXLSHSJWTIIGL
QEMRTSMRXWhSRIHIEPMRK[MXLXLIGEYWIWSJERIZIRXXLISXLIVHIEPMRK[MXL SVKERMÊXMSRMR[LMGLXLIQEMR
MXW IJJIGXW (ITIRHMRK SR ]SYV XSTMG ]SY GER IMXLIV HIZSXI ]SYV JMVWX QEMR TSMRXWWLS[EGEYWIIJJIGX
TSMRXXSXLIGEYWIWERHXLIWIGSRHXSXLIIJJIGXWSV]SYGERHIEPJMVWX[MXLXLI VIPEXMSRWLMT
IJJIGXWERHXLIR[MXLXLIGEYWIW
7YTTSWI]SYVWTIGMJMGTYVTSWIMWq8STIVWYEHIQ]EYHMIRGIXLEXEKVS[MRK
WLSVXEKISJEMVXVEJJMGGSRXVSPPIVWMWEWIVMSYWTVSFPIQJSV97EZMEXMSRr8LIR
]SY[SYPHFIKMR[MXLXLIGEYWIWSJXLIWLSVXEKIERH[SVOXS[EVHMXWIJJIGXW
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEKVS[MRKWLSVXEKISJUYEPMJMIH
EMVXVEJJMGGSRXVSPPIVWMWEWIVMSYWTVSFPIQJSV97EZMEXMSR
'IRXVEP-HIE 8LIKVS[MRKWLSVXEKISJGIVXMJMIHEMVXVEJJMGGSRXVSPPIVW
XLVIEXIRWXLIWEJIX]SJEMVXVEZIP
1EMR4SMRXW - 8LI97EZMEXMSRW]WXIQJEGIWEKVS[MRKWLSVXEKISJUYEPM
JMIHEMVXVEJJMGGSRXVSPPIVW
-- -JXLMWWLSVXEKIGSRXMRYIWMX[MPPGVIEXIWIVMSYWTVSFPIQW
JSVEMVPMRIWEJIX]
1EMR4SMRXW
;LIRXLIIJJIGXW]SYEVIHMWGYWWMRKLEZIEPVIEH]SGGYVVIH]SYQE][ERX
XS VIZIVWI XLI SVHIV ERH XEPO JMVWX EFSYX XLI IJJIGXW ERH XLIR EFSYX XLIMV
GEYWIWhEWMRXLMWWTIIGLEFSYXXLI1E]ERGMZMPMÊXMSRSJ'IRXVEP%QIVMGE
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLITSWWMFPIGEYWIWJSVXLI
GSPPETWISJ1E]ERGMZMPMÊXMSR
'IRXVEP-HIE 8LIGEYWIWJSVXLIGSPPETWISJ1E]ERGMZMPMÊXMSRLEZIRSX
]IXFIIRJYPP]I\TPEMRIH
1EMR4SMRXW - 1 E]ERGMZMPMÊXMSRJPSYVMWLIHJSVSZIVEXLSYWERH
]IEVWYRXMP %([LIRMXQ]WXIVMSYWP]FIKERXS
HMWMRXIKVEXI
-- 7GLSPEVWLEZIEHZERGIHXLVIIQENSVI\TPEREXMSRWJSV
XLIGEYWIWSJXLMWHMWMRXIKVEXMSR
&IGEYWI SJ MXW ZIVWEXMPMX] GEYWEP SVHIV GER FI YWIH JSV FSXL TIVWYEWMZI
WTIIGLIWERHMRJSVQEXMZIWTIIGLIW
4VSFPIQ7SPYXMSR3VHIV
TVSFPIQWSPYXMSRSVHIV 7TIIGLIWEVVERKIHMRTVSFPIQWSPYXMSRSVHIVEVIHMZMHIHMRXSX[SQEMRTEVXW
%QIXLSHSJWTIIGLSVKERMÊXMSR 8LIJMVWXWLS[WXLII\MWXIRGIERHWIVMSYWRIWWSJETVSFPIQ8LIWIGSRHTVIWIRXW
MR[LMGLXLIJMVWXQEMRTSMRX E[SVOEFPIWSPYXMSRXSXLITVSFPIQ*SVI\EQTPI
HIEPW[MXLXLII\MWXIRGISJE
TVSFPIQERHXLIWIGSRHQEMR 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEGXMSRMWRIIHIHXSGSQFEXXLI
TSMRXTVIWIRXWEWSPYXMSRXSXLI EFYWIWSJTYTT]QMPPW
TVSFPIQ
'IRXVEP-HIE 4YTT]QMPPWEVIEWIVMSYWTVSFPIQXLEXGERFIWSPZIHF]E
GSQFMREXMSRSJPIKMWPEXMSRERHMRHMZMHYEPMRMXMEXMZI
1EMR4SMRXW - 4 YTT]QMPPWEVIEWIVMSYWTVSFPIQEGVSWWXLI9RMXIH
7XEXIW
-- 7SPZMRKXLITVSFPIQVIUYMVIWPIKMWPEXMSRERHMRHMZMHYEP
MRMXMEXMZI
3V
GSRRIGXPYGEWGSQ 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIIPIGXSVEPGSPPIKIWLSYPHFI

:MI[ERI\GIVTXJVSQq8LI EFSPMWLIH
,SVVSVWSJ4YTT]1MPPWrMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW 'IRXVEP-HIE &IGEYWIXLIIPIGXSVEPGSPPIKIHSIWRSXKMZIIUYEP[IMKLXXS
GLETXIV :MHIS'PMT XLIZSXISJIEGLGMXMÎRMXWLSYPHFIVITPEGIH[MXLHMVIGX
TSTYPEVIPIGXMSRSJXLI4VIWMHIRX
1EMR4SMRXW - 8 LIIPIGXSVEPGSPPIKIMWEWIVMSYWTVSFPIQMRXLI97
TSPMXMGEPW]WXIQFIGEYWIMXHSIWRSXKMZIIUYEP[IMKLXXS
IEGLGMXMÎRtWZSXIMRIPIGXMRKXLI4VIWMHIRX
-- 8LITVSFPIQGERFIWSPZIHF]EFSPMWLMRKXLIIPIGXSVEP
GSPPIKIERHIPIGXMRKXLI4VIWMHIRXF]TSTYPEVZSXI
%W XLIWI I\EQTPIW MRHMGEXI TVSFPIQWSPYXMSR SVHIV MW QSWX ETTVSTVMEXI JSV
TIVWYEWMZIWTIIGLIW
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',

8STMGEP3VHIV
8STMGEPSVHIVVIWYPXW[LIR]SYHMZMHIXLIWTIIGLXSTMGMRXSWYFXSTMGWIEGLSJ XSTMGEPSVHIV
[LMGLFIGSQIWEQEMRTSMRXMRXLIWTIIGL %QIXLSHSJWTIIGLSVKERMÊXMSR
7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQ Q] EYHMIRGI SJ XLI QENSV MR[LMGLXLIQEMRTSMRXWHMZMHI
OMRHW SJ JMVI[SVOWr 8LMW XSTMG HSIW RSX PIRH MXWIPJ XS GLVSRSPSKMGEP WTEXMEP XLIXSTMGMRXSPSKMGEPERH
GEYWEP SV TVSFPIQWSPYXMSR SVHIV 6EXLIV ]SY WITEVEXI XLI WYFNIGXhOMRHW SJ GSRWMWXIRXWYFXSTMGW
JMVI[SVOWhMRXSMXWGSRWXMXYIRXTEVXWWSXLEXIEGLQEMRTSMRXHIEPW[MXLEWMRKPI
OMRHSJJMVI[SVOW=SYVGIRXVEPMHIEERHQEMRTSMRXWQMKLXPSSOPMOIXLMW
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIQENSVOMRHWSJJMVI[SVOW
'IRXVEP-HIE 8LIQENSVOMRHWSJJMVI[SVOWEVIWO]VSGOIXW6SQERGERHPIW
TMR[LIIPWERHPERGIW
1EMR4SMRXW - 7 O]VSGOIXWI\TPSHILMKLMRXLIEMVTVSHYGMRKXLIQSWX
HVEQEXMGIJJIGXWSJEPPJMVI[SVOW
-- 6SQERGERHPIWWLSSXSYXWITEVEXIKVSYTWSJWTEVOWERH
GSPSVIHJPEQIW[MXLEWIVMIWSJFSSQMRKRSMWIW
--- 4MR[LIIPWXLVS[SJJWTEVOWERHJPEQIWEWXLI][LMVPSR
XLIIRHSJEWXMGO
-: 0ERGIWEVIXLMRGSPSVJYPJMVI[SVOWYWIHMRKVSYRHHMWTPE]W
8SXEOIERSXLIVI\EQTPIPIXtWWE]]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ]
EYHMIRGIEFSYXXLIEGLMIZIQIRXWSJ-HE;IPPW&EVRIXXr;IPPW&EVRIXXER%JVM
GER %QIVMGER [LS PMZIH EX XLI XYVR SJ XLI XL GIRXYV] [EW ER SYXWTSOIR
GLEQTMSRSJWSGMEPERHTSPMXMGEPNYWXMGIJSVLIVVEGI=SYGSYPHSVKERMÎ]SYV
WTIIGL GLVSRSPSKMGEPP]hF] HMWGYWWMRK ;IPPW&EVRIXXtW I\TPSMXW HYVMRK IEGL
HIGEHI SJ LIV GEVIIV 3R XLI SXLIV LERH ]SY GSYPH EVVERKI XLI WTIIGL
XSTMGEPP]hF]HMZMHMRK;IPPW&EVRIXXtWEGGSQTPMWLQIRXWMRXSGEXIKSVMIW8LIR
]SYVGIRXVEPMHIEERHQEMRTSMRXWQMKLXFI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIEGLMIZIQIRXWSJ-HE;IPPW
&EVRIXX
'IRXVEP-HIE -HE;IPPW&EVRIXX[EWEQYPXMXEPIRXIHJMKYVIMRXLIJMKLXJSV
VEGMEPNYWXMGI
1EMR4SMRXW - % WEXIEGLIV;IPPW&EVRIXXWTSOISYXEKEMRWXMRJIVMSV
WGLSSPJEGMPMXMIWJSV%JVMGER%QIVMGERGLMPHVIR
-- %WENSYVREPMWX;IPPW&EVRIXXGEQTEMKRIHEKEMRWX
P]RGLMRK
--- %WEGMZMGSVKERMÎV;IPPW&EVRIXXLIPTIHJSYRHXLI
2%%'4
2SXMGILS[XLIQEMRTSMRXWWYFHMZMHIXLIWTIIGLXSTMGPSKMGEPP]ERHGSR
WMWXIRXP])EGLQEMRTSMRXMWSPEXIWSRIEWTIGXSJ;IPPW&EVRIXXtWEGLMIZIQIRXW
&YXWYTTSWI]SYVQEMRTSMRXWPSSOPMOIXLMW
- %WEXIEGLIV;IPPW&EVRIXXWTSOISYXEKEMRWXMRJIVMSVWGLSSPJEGMPMXMIWJSV
%JVMGER%QIVMGERGLMPHVIR
-- %WENSYVREPMWX;IPPW&EVRIXXGEQTEMKRIHEKEMRWXP]RGLMRK
--- -RXLIIEVP]XLGIRXYV];IPPW&EVRIXXI\TERHIHLIVEGXMZMXMIWERHXLI
WGSTISJLIVMRJPYIRGI
1EMR4SMRXW
'LIGOPMWX 1EMR4SMRXW
=)7 23
(SIW XLI FSH] SJ Q] WTIIGL GSRXEMR X[S XS JMZI QEMR
TSMRXW#
%VI Q] QEMR TSMRXW SVKERMÎH EGGSVHMRK XS SRI SJ XLI
JSPPS[MRKQIXLSHWSJSVKERMÊXMSR# 'LIGOXLISRIXLEX
ETTPMIW
'LVSRSPSKMGEPSVHIV
7TEXMEPSVHIV
'EYWEPSVHIV
8STMGEPSVHIV
GSRRIGXPYGEWGSQ
4VSFPIQWSPYXMSRSVHIV
8LMWGLIGOPMWXMWEPWSEZEMP
EFPIMRXLISRPMRI7XYH] %VIQ]QEMRTSMRXWGPIEVP]WITEVEXIJVSQSRIERSXLIV#
8SSPWJSVXLMWGLETXIV %W QYGL EW TSWWMFPI LEZI - YWIH XLI WEQI TEXXIVR
SJ[SVHMRKJSVEPPQ]QEMRTSMRXW#
,EZI - VSYKLP] FEPERGIH XLI EQSYRX SJ XMQI HIZSXIH
XSIEGLQEMRTSMRX#
-W IEGL QEMR TSMRX FEGOIH YT [MXL WXVSRK GVIHMFPI
WYTTSVXMRKQEXIVMEPW#
(S - YWI GSRRIGXMZIW XS QEOI WYVI Q] EYHMIRGI ORS[W
[LIR-EQQSZMRKJVSQSRIQEMRTSMRXXSERSXLIV#
8LMW[SYPHRSXFIEKSSHXSTMGEPSVHIVFIGEYWIQEMRTSMRX---MWMRGSRWMWXIRX
[MXLXLIVIWXSJXLIQEMRTSMRXW-XHIEPW[MXLE TIVMSHMR;IPPW&EVRIXXtWPMJI
[LIVIEWQEMRTSMRXW-ERH--HIEP[MXLOMRHWSJEGXMZMWQ
&IGEYWI MX MW ETTPMGEFPI XS EPQSWX ER] WYFNIGX ERH XS ER] OMRH SJ WTIIGL
XSTMGEPSVHIVMWYWIHQSVISJXIRXLERER]SXLIVQIXLSHSJWTIIGLSVKERMÊXMSR
8-47*3646)4%6-2+1%-243-287
/IIT1EMR4SMRXW7ITEVEXI
)EGLQEMRTSMRXMREWTIIGLWLSYPHFIGPIEVP]MRHITIRHIRXSJXLISXLIVW'SQ
TEVIXLIWIX[SWIXWSJQEMRTSMRXWJSVEWTIIGLEFSYXXLITVSGIWWSJTVSHYGMRK
E&VSEH[E]TPE]
-RIJJIGXMZI 1SVI)JJIGXMZI
- 8
LIJMVWXWXITMWGLSSWMRKXLI - 8LIJMVWXWXITMWGLSSWMRKXLI
TPE] TPE]
-- 8LIWIGSRHWXITMWWIPIGXMRK -- 8LIWIGSRHWXITMWWIPIGXMRK
XLIGEWX XLIGEWX
--- 8 LIXLMVHWXITMWGSRHYGXMRK --- 8LIXLMVHWXITMWGSRHYGXMRKXLI
VILIEVWEPWERHXLIRTIVJSVQMRK VILIEVWEPW
XLITPE] -: 8LIJSYVXLWXITMWTIVJSVQMRK
XLITPE]
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',

8LITVSFPIQ[MXLXLIPIJXLERHPMWXMWXLEXTSMRX---GSRXEMRWX[SQEMRTSMRXW
-XWLSYPHFIHMZMHIHEWWLS[RMRXLIVMKLXLERHPMWX
8V]XS9WIXLI7EQI4EXXIVRSJ;SVHMRKJSV1EMR4SMRXW
'SRWMHIVXLIJSPPS[MRKQEMRTSMRXWJSVERMRJSVQEXMZIWTIIGLEFSYXXLIFIR
IJMXWSJI\IVGMWI
- 6IKYPEVI\IVGMWIMRGVIEWIW]SYV - 6IKYPEVI\IVGMWIMRGVIEWIW]SYV
IRHYVERGI IRHYVERGI
-- =SYVWPIITMRKTEXXIVRMW -- 6IKYPEVI\IVGMWIMQTVSZIW]SYV
MQTVSZIHF]VIKYPEVI\IVGMWI WPIITMRKTEXXIVR
--- -XMWTSWWMFPIXSLIPTGSRXVSP --- 6IKYPEVI\IVGMWILIPTWGSRXVSP
]SYV[IMKLXF]VIKYPEV ]SYV[IMKLX
I\IVGMWI
8LI WIX SJ QEMR TSMRXW SR XLI VMKLX JSPPS[W E GSRWMWXIRX TEXXIVR SJ [SVHMRK
XLVSYKLSYX8LIVIJSVIMXMWIEWMIVXSYRHIVWXERHERHIEWMIVXSVIQIQFIVXLER
XLIWIXSRXLIPIJX
=SY[MPPJMRHXLEXMXMWRSXEP[E]WTSWWMFPIXSYWIXLMWOMRHSJTEVEPPIP[SVH
MRK7SQIWTIIGLIWNYWXHSRtXPIRHXLIQWIPZIWXSWYGLEXMH]EVVERKIQIRX&YX
XV]XSOIIT XLI [SVHMRK TEVEPPIP [LIR]SYGERJSV MX MW E KSSH[E]XS QEOI
]SYVQEMRTSMRXWWXERHSYXJVSQXLIHIXEMPWWYVVSYRHMRKXLIQ
&EPERGIXLI%QSYRXSJ8MQI(IZSXIHXS1EMR4SMRXW
&IGEYWI]SYVQEMRTSMRXWEVIWSMQTSVXERX]SY[ERXXSFIWYVIXLI]EPPVIGIMZI
IRSYKL IQTLEWMWXSFIGPIEVERHGSRZMRGMRK 8LMW QIERW EPPS[MRKWYJJMGMIRX
XMQIXSHIZIPSTIEGLQEMRTSMRX7YTTSWI]SYHMWGSZIVXLEXXLITVSTSVXMSRSJ
XMQIHIZSXIHXS]SYVQEMRTSMRXWMWWSQIXLMRKPMOIXLMW
- TIVGIRX
-- TIVGIRX
--- TIVGIRX
%FVIEOHS[RSJXLMWWSVXMRHMGEXIWSRISJX[SXLMRKW)MXLIVTSMRXW--ERH---
EVIRtXVIEPP]QEMRTSMRXWERH]SYLEZISRP]SRIQEMRTSMRXSVTSMRXW--ERH
---LEZIRtXFIIRKMZIRXLIEXXIRXMSRXLI]RIIH-JXLIPEXXIV]SYWLSYPHVIZMWI
XLIFSH]SJXLIWTIIGLXSFVMRKXLIQEMRTSMRXWMRXSFIXXIVFEPERGI
8LMWMWRSXXSWE]XLEXEPPQEMRTSMRXWQYWXVIGIMZII\EGXP]IUYEPIQTLEWMW
FYXSRP]XLEXXLI]WLSYPHFIVSYKLP]FEPERGIH*SVI\EQTPIIMXLIVSJXLIJSP
PS[MRK[SYPHFIJMRI
- TIVGIRX - TIVGIRX

-- TIVGIRX -- TIVGIRX
--- TIVGIRX --- TIVGIRX
8LI EQSYRX SJ XMQI WTIRX SR IEGL QEMR TSMRX HITIRHW SR XLI EQSYRX ERH
GSQTPI\MX]SJWYTTSVXMRKQEXIVMEPWJSVIEGLTSMRX
1EMR4SMRXW
7YTTSVXMRK1EXIVMEPW
&]XLIQWIPZIWQEMRTSMRXWEVISRP]EWWIVXMSRW%W[IWE[MR'LETXIVPMWXIR
IVW RIIH WYTTSVXMRK QEXIVMEPW XS EGGITX [LEX E WTIEOIV WE]W ;LIR XLI WYT
TSVXMRKQEXIVMEPWEVIEHHIHXLIFSH]SJEWTIIGLPSSOWPMOIXLIJSPPS[MRKMR
SYXPMRIJSVQ
WYTTSVXMRKQEXIVMEPW - ,]TRSWMWMWYWIHMRWYVKIV]EWEREHNYRGXXSGLIQMGEPERIWXLIWME

8LIQEXIVMEPWYWIHXSWYTTSVXE %,]TRSWMWVIHYGIWFSXLXLITL]WMGEPERHTW]GLSPSKMGEPEWTIGXWSJ
WTIEOIVtWMHIEW8LIXLVIIQENSV TEMR
OMRHWSJWYTTSVXMRKQEXIVMEPW ,]TRSWMWGERHSYFPIETIVWSRtWTEMRXLVIWLSPH
EVII\EQTPIWWXEXMWXMGWERH -XEPWSVIHYGIWXLIJIEVXLEXMRXIRWMJMIWTL]WMGEPTEMR
XIWXMQSR] &,]TRSWMWMWQSWXYWIJYPMRGEWIW[LIRXLITEXMIRXMWORS[RXSLEZI
TVSFPIQW[MXLKIRIVEPERIWXLIWME
5YSXEXMSRJVSQ(V,EVSPH;EMRSJ;EPXIV6IIH%VQ],SWTMXEP
7XSV]SJ0MRHE/YE]
7XEXMWXMGWJVSQ4W]GLSPSK]8SHE]
-- ,]TRSWMWMWYWIHXSLIPTTISTPIWXSTWQSOMRK
%1ER]XLIVETMWXWYXMPMÎL]TRSWMWXSLIPTTISTPIFVIEOXLIMVEHHMGXMSR
XSGMKEVIXXIW
8LI97(ITEVXQIRXSJ,IEPXLERH,YQER7IVZMGIWGSRWMHIVW
L]TRSWMWEWEJIERHIJJIGXMZIQIERWSJWXSTTMRKWQSOMRK
7YGGIWWVEXIWEVIEWLMKLEWTIVGIRX
E 7XSV]SJ%PI\,EQMPXSR
F 5YSXEXMSRJVSQ2I[=SVOTW]GLMEXVMWX(V,IVFIVX7TMIKIP
&,]TRSWMWHSIWRSX[SVOJSVEPPWQSOIVW
%TIVWSRQYWX[ERXXSWXSTWQSOMRKJSVL]TRSWMWXS[SVO
%TIVWSRQYWXEPWSFIVIWTSRWMZIXSL]TRSXMGWYKKIWXMSR
--- ,]TRSWMWMWYWIHXSLIPTWXYHIRXWMQTVSZIXLIMVEGEHIQMGTIVJSVQERGI
%,]TRSWMWIREFPIWTISTPIXSYWIXLIMVQMRHWQSVIIJJIGXMZIP]
8LIGSRWGMSYWQMRHYWIWEFSYXTIVGIRXSJETIVWSRtWQIRXEP
EFMPMX]
,]TRSWMWEPPS[WTISTPIXSXETQSVISJXLIMVQIRXEPTS[IV
&7XYHMIWWLS[XLEXL]TRSWMWGERLIPTTISTPISZIVGSQIQER]SFWXEGPIW
XSEGEHIQMGWYGGIWW
-XMQTVSZIWEFMPMX]XSGSRGIRXVEXI
-XMRGVIEWIWVIEHMRKWTIIH
-XVIHYGIWXIWXER\MIX]
-R 'LETXIV [I HMWGYWWIH XLI QENSV OMRHW SJ WYTTSVXMRK QEXIVMEPW ERH
LS[XSYWIXLIQ,IVI[IRIIHWXVIWWSRP]XLIMQTSVXERGISJSVKERM^MRK]SYV
WYTTSVXMRKQEXIVMEPWWSXLI]EVIHMVIGXP]VIPIZERXXSXLIQEMRTSMRXWXLI]EVI
WYTTSWIHXSWYTTSVX1MWTPEGIHWYTTSVXMRKQEXIVMEPWEVIGSRJYWMRK,IVItWER
I\EQTPI
- 8LIVIEVIWIZIVEPVIEWSRW[L]TISTPIMQQMKVEXIXSXLI9RMXIH7XEXIW
%3ZIVXLI]IEVWQMPPMSRWSJTISTPILEZIMQQMKVEXIHXSXLI9RMXIH
7XEXIW
&1ER]TISTPIMQQMKVEXIMRWIEVGLSJIGSRSQMGSTTSVXYRMX]
'3XLIVWMQQMKVEXIXSEXXEMRTSPMXMGEPJVIIHSQ
(7XMPPSXLIVWMQQMKVEXIXSIWGETIVIPMKMSYWTIVWIGYXMSR
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',

8LIQEMRTSMRXHIEPW[MXLXLIVIEWSRWMQQMKVERXWGSQIXSXLI9RMXIH7XEXIW
EWHSWYTTSVXMRKTSMRXW&'ERH(7YTTSVXMRKTSMRX% q3ZIVXLI]IEVWQMP
PMSRW SJ TISTPI LEZI MQQMKVEXIH XS XLI 9RMXIH 7XEXIWr HSIW RSX -X MW SYX SJ
TPEGIERHWLSYPHRSXFIMRGPYHIH[MXLXLMWQEMRTSMRX
-J]SYJMRHWYGLEWMXYEXMSRMR]SYVS[RWTIIGLIWXV]XSVISVKERMÎ]SYV
WYTTSVXMRKTSMRXWYRHIVETTVSTVMEXIQEMRTSMRXWPMOIXLMW
- 3ZIVXLI]IEVWQMPPMSRWSJTISTPILEZIMQQMKVEXIHXSXLI9RMXIH7XEXIW
%7MRGIXLI%QIVMGER6IZSPYXMSREPQSWXQMPPMSRTISTPILEZI
MQQMKVEXIHXSXLI97
&8SHE]XLIVIEVIQMPPMSR%QIVMGERW[LS[IVIFSVRMRSXLIVGSYRXVMIW
-- 8LIVIEVIWIZIVEPVIEWSRW[L]TISTPIMQQMKVEXIXSXLI9RMXIH7XEXIW
%1ER]TISTPIMQQMKVEXIMRWIEVGLSJIGSRSQMGSTTSVXYRMX]
&3XLIVWMQQMKVEXIXSEXXEMRTSPMXMGEPJVIIHSQ
'7XMPPSXLIVWMQQMKVEXIXSIWGETIVIPMKMSYWTIVWIGYXMSR
2S[ ]SY LEZI X[S WYTTSVXMRK TSMRXW XS FEGO YT ]SYV qQMPPMSRW SJ TISTPIr
TSMRXERHXLVIIWYTTSVXMRKTSMRXWXSFEGOYT]SYVqVIEWSRWrTSMRX
3RGI]SYLEZISVKERMÎH]SYVQEMRTSMRXWERHWYTTSVXMRKTSMRXW]SY
QYWX KMZI EXXIRXMSR XS XLI XLMVH IPIQIRX MR XLI FSH] SJ E WTIIGLh
GSRRIGXMZIW
'SRRIGXMZIW
'EVPE1EKKMS[EWWTIEOMRKXSLIVGPEWWEFSYXXLIRIIHJSVQIHMGEPQEPTVEGXMGI
VIJSVQ7LILEHVILIEVWIHXLIWTIIGLWIZIVEPXMQIWLEHE[IPPHIJMRIHGIRXVEP
MHIE XLVII WLEVT QEMR TSMRXW ERH WXVSRK IZMHIRGI XS WYTTSVX LIV TSWMXMSR
&YX [LIR 'EVPE HIPMZIVIH XLI WTIIGL WLI WEMH q%PP VMKLXr IZIV] XMQI WLI
QSZIH JVSQ SRI XLSYKLX XS XLI RI\X %JXIV E [LMPI LIV GPEWWQEXIW WXEVXIH
GSYRXMRK&]XLIIRHSJXLIWTIIGLQSWX[IVIXSSFYW][EMXMRKJSVXLIRI\X
q%PPVMKLXrXSTE]EXXIRXMSRXS'EVPEtWQIWWEKI%JXIV[EVH'EVPEWEMHq-RIZIV
IZIRXLSYKLXEFSYXWE]MRKs%PPVMKLXt-KYIWWMXNYWXTSTTIHSYX[LIR-HMHRtX
ORS[[LEXIPWIXSWE]r
;IEPPLEZIWXSGOTLVEWIWXLEX[IYWIXSJMPPXLIWTEGIFIX[IIRXLSYKLXW GSRRIGXMZI
-RGEWYEPGSRZIVWEXMSRXLI]EVIWIPHSQXVSYFPIWSQI&YXMRWTIIGLQEOMRKXLI] %[SVHSVTLVEWIXLEXGSRRIGXW
HMWXVEGXPMWXIRIVWF]GEPPMRKEXXIRXMSRXSXLIQWIPZIW XLIMHIEWSJEWTIIGLERH
;LEX'EVPEtWWTIIGLPEGOIH[IVIWXVSRKGSRRIGXMZIWh[SVHWSVTLVEWIWXLEX MRHMGEXIWXLIVIPEXMSRWLMT
NSMR SRI XLSYKLX XS ERSXLIV ERH MRHMGEXI XLI VIPEXMSRWLMT FIX[IIR XLIQ FIX[IIRXLIQ
;MXLSYX GSRRIGXMZIW E WTIIGL MW HMWNSMRXIH ERH YRGSSVHMREXIHhQYGL EW E
TIVWSR [SYPH FI[MXLSYXPMKEQIRXW ERH XIRHSRW XS NSMR XLIFSRIW ERH LSPH
XLISVKERWMRTPEGI*SYVX]TIWSJWTIIGLGSRRIGXMZIWEVIXVERWMXMSRWMRXIVREP
TVIZMI[WMRXIVREPWYQQEVMIWERHWMKRTSWXW
86%27-8-327
8VERWMXMSRW EVI [SVHW SV TLVEWIW XLEX MRHMGEXI [LIR E WTIEOIV LEW NYWX GSQ XVERWMXMSR
TPIXIHSRIXLSYKLXERHMWQSZMRKSRXSERSXLIV8IGLRMGEPP]XLIXVERWMXMSRW %[SVHSVTLVEWIXLEXMRHMGEXIW
WXEXIFSXLXLIMHIEXLIWTIEOIVMWPIEZMRKERHXLIMHIEWLISVLIMWGSQMRKYT [LIREWTIEOIVLEWJMRMWLIH
XS-RXLIJSPPS[MRKI\EQTPIWXLIXVERWMXMSREPTLVEWIWEVIYRHIVPMRIH SRIXLSYKLXERHMWQSZMRKSR
XSERSXLIV
2S[XLEX[ILEZIEGPIEVYRHIVWXERHMRKSJXLITVSFPIQPIXQIWLEVIXLIWSPYXMSR[MXL]SY
'SRRIGXMZIW
-LEZIWTSOIRWSJEVSJFVEZIV]ERHTEXVMSXMWQFYXMXMWXLIWEGVMJMGISJXLI1EWWEGLYWIXXW
XLXLEXLEWIXGLIHXLIQMRXSXLITEKIWSJLMWXSV]
/IITMRKXLIWITSMRXWMRQMRHEFSYXWMKRPERKYEKIPIXtWVIXYVR XSXLIWIRXIRGI-WXEVXIH
[MXLERHWIIMJ[IGERPIEVRXLIWMKRWJSVq=SYEVIQ]JVMIRHr
2SXMGILS[XLIWITLVEWIWVIQMRHXLIPMWXIRIVSJXLIXLSYKLXNYWXGSQTPIXIHEW
[IPPEWVIZIEPXLIXLSYKLXEFSYXXSFIHIZIPSTIH
-28)62%046):-);7
MRXIVREPTVIZMI[ -RXIVREPTVIZMI[WPIXXLIEYHMIRGIORS[[LEXXLIWTIEOIV[MPPXEOIYTRI\XFYX
%WXEXIQIRXMRXLIFSH]SJXLI XLI] EVI QSVI HIXEMPIH XLER XVERWMXMSRW -R IJJIGX ER MRXIVREP TVIZMI[ [SVOW
WTIIGLXLEXPIXWXLIEYHMIRGI NYWXPMOIXLITVIZMI[WXEXIQIRXMREWTIIGLMRXVSHYGXMSRI\GITXXLEXMXGSQIW
ORS[[LEXXLIWTIEOIVMWKSMRK MRXLIFSH]SJXLIWTIIGLhYWYEPP]EWXLIWTIEOIVMWWXEVXMRKXSHMWGYWWEQEMR
XSHMWGYWWRI\X TSMRX*SVI\EQTPI
-R HMWGYWWMRKLS[%WMER %QIVMGERWLEZI FIIRWXIVISX]TIHMR XLIQEWW QIHME [ItPP

PSSOJMVWXEXXLISVMKMRWSJXLITVSFPIQERHWIGSRHEXMXWGSRXMRYMRKMQTEGXXSHE]
%JXIVLIEVMRKXLMWXLIEYHMIRGIORS[WI\EGXP][LEXXSPMWXIRJSVEWXLIWTIEOIV
HIZIPSTWXLIqTVSFPIQrQEMRTSMRX
-RXIVREPTVIZMI[WEVISJXIRGSQFMRIH[MXLXVERWMXMSRW*SVI\EQTPI
?8VERWMXMSRA2S[XLEX[ILEZIWIIRLS[WIVMSYWXLITVSFPIQSJJEYPX]GVIHMXVITSVXW
MWPIXtWPSSOEXWSQIWSPYXMSRW?-RXIVREP4VIZMI[A-[MPPJSGYWSRXLVIIWSPYXMSRWhMRWXMXYXMRK
XMKLXIVKSZIVRQIRXVIKYPEXMSRSJGVIHMXFYVIEYWLSPHMRKGVIHMXFYVIEYWJMRERGMEPP]VIWTSR
WMFPIJSVXLIMVIVVSVWERHKMZMRKMRHMZMHYEPWIEWMIVEGGIWWXSXLIMVGVIHMXVITSVXW
=SY [MPP WIPHSQ RIIH ER MRXIVREP TVIZMI[ JSV IEGL QEMR TSMRX MR ]SYV
WTIIGLFYXFIWYVIXSYWISRI[LIRIZIV]SYXLMROMX[MPPLIPTPMWXIRIVWOIIT
XVEGOSJ]SYVMHIEW
-28)62%07911%6-)7
MRXIVREPWYQQEV] -RXIVREP WYQQEVMIW EVI XLI VIZIVWI SJ MRXIVREP TVIZMI[W 6EXLIV XLER PIXXMRK
%WXEXIQIRXMRXLIFSH]SJXLI PMWXIRIVWORS[[LEXMWGSQMRKYTRI\XMRXIVREPWYQQEVMIWVIQMRHPMWXIRIVWSJ
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XLISRISRXLIVMKLXQEOIWMXIEWMIVXSXEOIMREXEKPERGIERHVIHYGIWXLISHHW
SJXLIWTIEOIVPSWMRKLIVSVLMWTPEGI
1EOI7YVIXLI3YXPMRI-W0IKMFPI
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PMRIWTVSZMHIEQTPIQEVKMRWERH[VMXISVX]TISRSRP]SRIWMHISJXLITETIV
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GVEQTIHERHTVIJIVXLI SV WMÎMRWXIEH3XLIVTISTPI[VMXIXLIMV
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[MXL]SYVEYHMIRGI%HIXEMPIHSYXPMRI[MPPXIQTX]SYXSPSSOEXMXJEVXSSSJXIR
EWSRIWXYHIRXHMWGSZIVIH
%RKIPE +VEREXS [EW WTIEOMRK EFSYX XLI FIRIJMXW SJ 4MPEXIW 7LI LEH TVITEVIH XLI
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PSSOIHEXLIVRSXIWERHWLI[EWEQEÎHq-HMHRtXIZIRORS[-[EWHSMRKMXrWLIWEMH
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RSXIWrXLI]JIIPqHMWEWXIV[MPPRSXWXVMOIr-RJEGXQSWXFIKMRRMRKWTIEOIVWYWI
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+MZI=SYVWIPJ'YIWJSV(IPMZIVMRKXLI7TIIGL
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SJ LS[ ]SY [ERX XS WE] MX %W ]SY TVEGXMGI XLI WTIIGL ]SY [MPP HIGMHI XLEX
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MRWIM^MRKXLIJMVQPERHEXXLIXSTSJXLIWIGPMJJWXLI]FIKERXSWIMÎFEGOXLIGSRXMRIRX
SJ)YVSTI
'SRGVIXI [SVHW GEPP YT QIRXEP MQTVIWWMSRW SJ WMKLXW WSYRHW XSYGL
WQIPP ERH XEWXI -R 6IEKERtW WTIIGL [I HS RSX QIVIP] PIEVR XLEX XLI 97
6ERKIVWLIPTIH[MRXLIFEXXPISJ((E];IZMWYEPMÎXLI6ERKIVWPERHMRKEX GSRRIGXPYGEWGSQ
:MI[XLMWI\GIVTXJVSQ
XLIJSSXSJXLIGPMJJW;IWIIXLIQJMKLXMRKXLIMV[E]YTXLIGPMJJWMRXLIJEGI
6SREPH6IEKERtWWTIIGLEX
SJIRIQ]KVIREHIWERHQEGLMRIKYRW;ILIEVXLIGVEGOSJVMJPIJMVIERHXLI
4SMRXIHY,SGMRXLISRPMRI
GVMIWSJXLIWSPHMIVW8LIGSRGVIXI[SVHWGVIEXIMQEKIWXLEXTYPPYWMVVIWMWXMFP] 1IHME0MFVEV]JSVXLMWGLET
MRXSXLIWTIIGL XIV :MHIS'PMT
7MQMPI
%RSXLIV[E]XSGVIEXIMQEKIV]MWXLVSYKLXLIYWISJWMQMPI7MQMPIMWERI\TPMGMX
GSQTEVMWSRFIX[IIRXLMRKWXLEXEVIIWWIRXMEPP]HMJJIVIRX]IXLEZIWSQIXLMRKMR
GSQQSR-XEP[E]WGSRXEMRWXLI[SVHWqPMOIrSVqEWr,IVIEVIWSQII\EQTPIW
JVSQWXYHIRXWTIIGLIW
WMQMPI ;EPOMRKMRXSQ]KVERHTEVIRXWtLSQI[LIR-[EWEGLMPH[EWPMOIFIMRK[VETTIHMRE
%RI\TPMGMXGSQTEVMWSR KMERXWIGYVMX]FPEROIX
MRXVSHYGIH[MXLXLI[SVHqPMOIr
%MV TSPPYXMSR MW IEXMRK E[E] EX XLI QSRYQIRXW MR ;EWLMRKXSR (' PMOI E KMERX
SVqEWrFIX[IIRXLMRKWXLEXEVI
%POE7IPXÎVXEFPIX
IWWIRXMEPP]HMJJIVIRX]IXLEZI
WSQIXLMRKMRGSQQSR
8LIWIEVIFVMKLXJVIWLWMQMPIWXLEXGPEVMJ]ERHZMXEPMÎMHIEW7SQIWMQMPIW
LS[IZIVLEZIFIGSQIWXEPIXLVSYKLSZIVYWI,IVIEVIEJI[
JVIWLEWEHEMW] LYRKV]EWEFIEV
JMXEWEJMHHPI FYW]EWEFII
WXVSRKEWERS\ FMKEWEQSYRXEMR
WXYFFSVREWEQYPI LETT]EWEPEVO
GPMGLÍ 7YGLGPMGLÍWEVIJMRIMRIZIV]HE]GSRZIVWEXMSRFYX]SYWLSYPHEZSMHXLIQMR
%XVMXISVSZIVYWIHI\TVIWWMSR WTIIGLQEOMRK3XLIV[MWI]SYEVIPMOIP]XSFIqHYPPEWHMWL[EXIVrERHXSJMRH
]SYVEYHMIRGIqWPIITMRKPMOIEPSKr
1IXETLSV
QIXETLSV =SYGEREPWSYWIQIXETLSVXSGVIEXIMQEKIV]MR]SYVWTIIGLIW1IXETLSVMWER
%RMQTPMGMXGSQTEVMWSRRSX MQTPMGMX GSQTEVMWSR FIX[IIR XLMRKW XLEX EVI IWWIRXMEPP] HMJJIVIRX ]IX LEZI
MRXVSHYGIH[MXLXLI[SVHqPMOIr WSQIXLMRKMRGSQQSR 9RPMOI WMQMPI QIXETLSVHSIW RSX GSRXEMR XLI [SVHW
SVqEWrFIX[IIRX[SXLMRKW qPMOIrSVqEWr*SVI\EQTPI
XLEXEVIIWWIRXMEPP]HMJJIVIRX
]IXLEZIWSQIXLMRKMRGSQQSR %QIVMGEtWGMXMIWEVIXLI[MRHS[WXLVSYKL[LMGLXLI[SVPHPSSOWEX%QIVMGERWSGMIX]
,IRV]'MWRIVSW
;MXL KPSFEPMÊXMSR XLI WEQI WIE [EWLIW EPP SJ LYQEROMRH ;I EVI EPP MR XLI WEQI
FSEX8LIVIEVIRSWEJIMWPERHW /SJM%RRER
8LIWI EVI FSXL FVMIJ QIXETLSVW 7SQIXMQIW LS[IZIV E WTIEOIV [MPP

HIZIPST E PSRKIV QIXETLSV ,IVI MW ER I\GIPPIRX I\EQTPI JVSQ %P +SVItW
WTIIGLEGGITXMRKXLI2SFIP4IEGI4VMÎJSVLMWIJJSVXWXSLIPTXLI[SVPH
HIEP[MXLGPMQEXIGLERKI
8LIIEVXLLEWEJIZIV%RHXLIJIZIVMWVMWMRK8LII\TIVXWLEZIXSPHYWMXMWRSXETEWWMRK
EJJPMGXMSRXLEX[MPPLIEPF]MXWIPJ;IEWOIHJSVEWIGSRHSTMRMSR%RHEXLMVH%RHEJSYVXL%RH
XLIGSRWMWXIRXGSRGPYWMSRVIWXEXIH[MXLMRGVIEWMRKEPEVQMWXLEXWSQIXLMRKFEWMGMW[VSRK
;LIRYWIHIJJIGXMZIP]QIXETLSVhPMOIWMQMPIhMWERI\GIPPIRX[E]XSFVMRK
GSPSVXSEWTIIGLXSQEOIEFWXVEGXMHIEWGSRGVIXIXSGPEVMJ]XLIYRORS[RERH
XSI\TVIWWJIIPMRKWERHIQSXMSRW
6,=8,1
0ERKYEKILEWEVL]XLQGVIEXIHF]XLIGLSMGIERHEVVERKIQIRXSJ[SVHW7TIEO
IVWPMOITSIXWWSQIXMQIWWIIOXSI\TPSMXXLIVL]XLQSJPERKYEKIXSIRLERGIXLI
MQTEGXSJXLIMV[SVHW;MRWXSR'LYVGLMPP[EWEQEWXIVEXXLMW,IVIMWETEWWEKI
',%48)6 97-2+0%2+9%+)

JVSQSRISJLMWJEQSYWWTIIGLIWHYVMRK;SVPH;EV--8SIQTLEWMÎMXWGEHIRGI
XLITEWWEKILEWFIIRTVMRXIHEWMJMX[IVITSIXV]VEXLIVXLERTVSWI
;IGERRSXXIPP[LEXXLIGSYVWI
SJXLMWJIPP[EV[MPPFI
EWMXWTVIEHWVIQSVWIPIWW
XLVSYKLIZIV[MHIVVIKMSRW
;IGERRSXTVIHMGXSVQIEWYVI
MXWITMWSHIWSVMXWXVMFYPEXMSRW
GSRRIGXPYGEWGSQ
;IGERRSX]IXWII
:MI[XLMWI\GIVTXJVSQ
LS[HIPMZIVERGI[MPPGSQI
;MRWXSR'LYVGLMPPtWWTIIGL
SV[LIRMX[MPPGSQI SJ.YRIMRXLI
&YXRSXLMRKMWQSVIGIVXEMR SRPMRI1IHME0MFVEV]JSVXLMW
XLERXLEXIZIV]XVEGISJ,MXPIVtWJSSXWXITW GLETXIV :MHIS'PMT
IZIV]WXEMRSJLMWMRJIGXIHERHGSVVSHMRKJMRKIVW
[MPPFIWTSRKIHERHTYVKIH
ERHMJRIIHFI
FPEWXIHJVSQXLIWYVJEGISJXLIIEVXL
8LIMQTEGXSJXLITEWWEKI[EWLIMKLXIRIHF]'LYVGLMPPtWWYTIVFHIPMZIV]FYX
IZIRF]XLIQWIPZIWXLI[SVHWXEOISRERIQTLEXMGVL]XLQXLEXVIMRJSVGIWXLI
QIWWEKI =SY GER WII [L] SRI SFWIVZIV WEMH XLEX 'LYVGLMPP qQSFMPMÎH XLI VL]XLQ
)RKPMWLPERKYEKIERHWIRXMXMRXSFEXXPIr 8LITEXXIVRSJWSYRHMRE
%WTIIGLLS[IZIVMWRSXETSIQ=SYWLSYPHRIZIVIQTLEWMÎWSYRHERH WTIIGLGVIEXIHF]XLIGLSMGI
VL]XLQEXXLII\TIRWISJQIERMRK8LIEMQMWXSXLMROEFSYX[E]W]SYGERYWI ERHEVVERKIQIRXSJ[SVHW
XLIVL]XLQERHJPS[SJPERKYEKIXSIRLERGI]SYVQIERMRK%PXLSYKL]SYQE]
RIZIVLEZITEMHQYGLGSRWGMSYWEXXIRXMSRXSXLMWWYFNIGX]SYGERHIZIPSTER
IEVJSVZSGEPVL]XLQWF]WXYH]ERHTVEGXMGI;LEXtWQSVI]SYGERIEWMP]FIKMR
RS[ XS YWI JSYV FEWMG WX]PMWXMG HIZMGIW IQTPS]IH F] 'LYVGLMPP ERH SXLIV JMRI
WTIEOIVWXSMQTVSZIXLIVL]XLQSJXLIMVTVSWI
4EVEPPIPMWQ
8LI JMVWX HIZMGI MW TEVEPPIPMWQhXLI WMQMPEV EVVERKIQIRX SJ E TEMV SV WIVMIW SJ TEVEPPIPMWQ
VIPEXIH[SVHWTLVEWIWSVWIRXIRGIW*SVI\EQTPI 8LIWMQMPEVEVVERKIQIRXSJE
TEMVSVWIVMIWSJVIPEXIH[SVHW
6MGL ERH TSSVMRXIPPMKIRX ERH MKRSVERX [MWI ERH JSSPMWL ZMVXYSYWERHZMGMSYW QER TLVEWIWSVWIRXIRGIW
ERH[SQERh MXMWIZIVXLIWEQIIEGLWSYPQYWXHITIRH[LSPP]SRMXWIPJ )PMÊFIXL'EH]
7XERXSR
8LIIJJIGXWSJTEVEPPIPMWQEVITIVLETWFIWXMPPYWXVEXIHF]WIIMRK[LEXLET
TIRW[LIRMXMWEFWIRX*SVMRWXERGIGSQTEVIXLMWWXEXIQIRX
-WTIEOEWE6ITYFPMGER-WTIEOEWE[SQER-WTIEOEWE9RMXIH7XEXIW7IREXSV-WTIEO
EWER%QIVMGER 1EVKEVIX'LEWI7QMXL
[MXLXLMWSRI
-WTIEOEWE6ITYFPMGER-WTIEOEWE[SQER-WTIEOEWE9RMXIH7XEXIW7IREXSV%RH
-EQEPWSEHHVIWWMRK]SYEWER%QIVMGER
8LIJMVWXWXEXIQIRXMWGPIEVGSRWMWXIRXERHGSQTIPPMRK8LIWIGSRHMWRSX
&] ZMSPEXMRK XLI TVMRGMTPI SJ TEVEPPIP WXVYGXYVI MXW JMREP WIRXIRGI q%RH - EQ
EPWS EHHVIWWMRK ]SY EW ER %QIVMGERr HIWXVS]W XLI TVSKVIWWMSR FIKYR F] XLI
TVIGIHMRKXLVIIWIRXIRGIW-XXYVRWEWXVSRKPYGMHLEVQSRMSYWWXEXIQIRXMRXS
SRIXLEXMWJY^^]ERHNEVVMRK
6ITIXMXMSR
VITIXMXMSR 6ITIXMXMSRQIERWVIMXIVEXMRKXLIWEQI[SVHSVWIXSJ[SVHWEXXLIFIKMRRMRKSV
6IMXIVEXMSRSJXLIWEQI[SVHSV IRHSJWYGGIWWMZIGPEYWIWSVWIRXIRGIW*SVI\EQTPI
WIXSJ[SVHWEXXLIFIKMRRMRKSV
IRHSJWYGGIWWMZIGPEYWIWSV -JRSXRS[[LIR#-JRSXYW[LS#-JRSXXSKIXLIVLS[# +SVHSR&VS[R
WIRXIRGIW
8LMW[EWXLIQSQIRX[LIR[IFIKERXSTVSZMHIGEVIJSVXLIWMGOERHKSSHNSFWXS
XLI NSFPIWW XLMW [EW XLI QSQIRX [LIR XLI VMWI SJ XLI SGIERW FIKER XS WPS[ ERH SYV
TPERIXFIKERXSLIEPXLMW[EWXLIQSQIRX[LIR[IIRHIHE[EVERHWIGYVIHSYVREXMSR
&EVEGO3FEQE
%W ]SY GER WII VITIXMXMSR YWYEPP] VIWYPXW MR TEVEPPIPMWQ -R EHHMXMSR XS
FYMPHMRK E WXVSRK GEHIRGI MX EPWS YRMJMIW E WIUYIRGI SJ MHIEW IQTLEWMÎW ER
MHIEF]WXEXMRKMXQSVIXLERSRGIERHLIPTWGVIEXIEWXVSRKIQSXMSREPIJJIGX
%PPMXIVEXMSR
EPPMXIVEXMSR 8LIXLMVHHIZMGI]SYGERYWIXSIRLERGIXLIVL]XLQSJ]SYVWTIIGLIWMWEPPMX
6ITIXMXMSRSJXLIMRMXMEP IVEXMSR8LIQSWXGSQQSRQIXLSHSJEPPMXIVEXMSRMWVITIEXMRKXLIMRMXMEPGSR
GSRWSRERXWSYRHSJGPSWI WSRERXWSYRHSJGPSWISVEHNSMRMRK[SVHW*SVI\EQTPI
SVEHNSMRMRK[SVHW
4IEGIMWIWWIRXMEPJSVTVSKVIWWFYXTVSKVIWWMWRSPIWWIWWIRXMEPJSVTIEGI 0MEUYEX%PM/LER
3YVGSPPIKIWSYVGSQQYRMXMIWSYVGSYRXV]WLSYPHGLEPPIRKILEXVIH[LIVIZIV[IJMRH
MX ,MPPEV]'PMRXSR
&]LMKLPMKLXMRKXLIWSYRHWSJ[SVHWEPPMXIVEXMSRGEXGLIWXLIEXXIRXMSRSJ
PMWXIRIVWERHGERQEOIMHIEWIEWMIVXSVIQIQFIV9WIHWTEVMRKP]MXMWEQEVZIP
SYW[E]XSWTVYGIYT]SYVWTIIGLIW9WIHXSI\GIWWLS[IZIVMXGERFIPEYKL
EFPI ERH HVE[ XSS QYGL EXXIRXMSR WS XLEX PMWXIRIVW KIX QSVI MRZSPZIH
MR PMWXIRMRK JSV XLI RI\X EPPMXIVEXMSR XLER MR EFWSVFMRK XLI GSRXIRX SJ XLI
WTIIGL
%RXMXLIWMW
ERXMXLIWMW *MREPP]]SYQMKLXXV]YWMRKERXMXLIWMWhXLINY\XETSWMXMSRSJGSRXVEWXMRKMHIEW
8LINY\XETSWMXMSRSJ YWYEPP]MRTEVEPPIPWXVYGXYVI*SVI\EQTPI
GSRXVEWXMRKMHIEWYWYEPP]
MRTEVEPPIPWXVYGXYVI %WO RSX [LEX ]SYV GSYRXV] GER HS JSV ]SY EWO [LEX ]SY GER HS JSV ]SYV GSYRXV]
.SLR*/IRRIH]
=SYVWYGGIWWEWEJEQMP]SYVWYGGIWWEWEWSGMIX]HITIRHWRSXSR[LEXLETTIRWEX
XLI;LMXI,SYWIFYXSR[LEXLETTIRWMRWMHI]SYVLSYWI &EVFEVE&YWL
%RXMXLIWMW LEW PSRK FIIR E JEZSVMXI HIZMGI SJ EGGSQTPMWLIH WTIEOIVW

&IGEYWIMXRIEVP]EP[E]WTVSHYGIWERIEXP]XYVRIHTLVEWIMXMWEJMRI[E]XSKMZI
]SYVWTIIGLIWEWTIGMEPXSYGLSJGPEWW
',%48)6 97-2+0%2+9%+)

=SYQE]FIXLMROMRKXLEXMQEKIV]ERHVL]XLQEVIXSSJERG]JSVSVHMREV]
WTIIGLIWPMOI]SYVW8LMWMWRSXXVYI8EOIEPSSOEXXLIJSPPS[MRKI\GIVTXJVSQ
SRI WXYHIRXtW WTIIGL EFSYX XLI 1EWWEGLYWIXXW XL XLI VIKMQIRX SJ %JVMGER
%QIVMGERWSPHMIVWHYVMRKXLI'MZMP;EVJIEXYVIHMRXLIQSZMI+PSV]
8SNSMREREVQ]XLEXHMHRtXFIPMIZIMR]SY8SJMKLX[MXLEREVQ][LSHMHRtXPMOI]SY
8SHMIJSVEREVQ]XLEXHMHRtXVIWTIGX]SY8LMW[EWXLI1EWWEGLYWIXXWXL8SHE]XLI]
PE][LIVIXLI]HMIHSRXLIFIEGLIWSJ7SYXL'EVSPMRE'SPSRIP7LE[ERHLMWQIR[IVI
TMPIHXSKIXLIVMREQEWWKVEZI[LMGLLEWWMRGIFIIRGSZIVIHF]XLIWLMJXMRKXMHIWSJXLI GSRRIGXPYGEWGSQ
%XPERXMG%WQEPPWXEXYIWXERHWMR&SWXSRhEVIQMRHIVSJXLIMVWEGVMJMGI :MI[XLMWI\GIVTXJVSQq8LI
&VEZIV]TEXVMSXMWQERHWEGVMJMGI8LIWIEVIUYEPMXMIWSJXLI1EWWEGLYWIXXWXL;MXL 1EWWEGLYWIXXWXLrMRXLI
XLI LIPT SJ XLIMV IJJSVXW EPSRK [MXL EPP XLI SXLIV FPEGO VIKMQIRXW XLEX JSPPS[IH XLIQ
GLETXIV :MHIS'PMT
WPEZIV]HMHIZIRXYEPP]GSQIXSERIRH
8LMWMWZMZMHQSZMRKPERKYEKI8LIMQEKIV]MWWLEVTERHTSMKRERXXLIVL]XLQ
WXVSRK ERH MRWMWXIRX 8LMRO SJ LS[ ]SY GER HS WMQMPEV XLMRKW MR ]SYV S[R
WTIIGLIW
,IVIMW TEVXSJ E JEQSYWSVEXMSRKMZIRF] .SLR,ERGSGOMRHYVMRKXLI
%QIVMGER6IZSPYXMSR7TIEOMRKSJXLI&VMXMWLWSPHMIVW[LSOMPPIHJMZI%QIVMGERW
MRXLI&SWXSR1EWWEGVI,ERGSGOI\GPEMQIH
=I HEVO HIWMKRMRK OREZIW ]I QYVHIVIVW TEVVMGMHIW ,S[ HEVI ]SY XVIEH YTSR XLI
IEVXL[LMGLLEWHVEROMRXLIFPSSHSJWPEYKLXIVIHMRRSGIRXWWLIHF]]SYV[MGOIHLERHW#
,S[HEVI]SYFVIEXLIXLEXEMV[LMGL[EJXIHXSXLIIEVSJLIEZIRXLIKVSERWSJXLSWI[LS
JIPPEWEGVMJMGIXS]SYVEGGYVWIHEQFMXMSR#8IPPQI]IFPSSH]FYXGLIVW]IZMPPEMRWLMKL
ERHPS[]I[VIXGLIWHS]SYRSXJIIPXLIKSEHWERHWXMRKWSJGSRWGMSYWKYMPXTMIVGI
XLVSYKL]SYVWEZEKIFSWSQW#
8LMWMWGIVXEMRP]ZMZMHPERKYEKIhERH,ERGSGOtWEYHMIRGIPSZIHMX&YXGER
]SYMQEKMRIWTIEOMRKXLIWEQI[E]XSHE]#-REHHMXMSRXSFIMRKEGGYVEXIGPIEV
ERHZMZMHPERKYEKIWLSYPHFIETTVSTVMEXIhXSXLISGGEWMSRXSXLIEYHMIRGI
XSXLIXSTMGERHXSXLIWTIEOIV
%446346-%8)2)77838,)3''%7-32
0ERKYEKI XLEX MW ETTVSTVMEXI JSV WSQI SGGEWMSRWQE]RSX FI ETTVSTVMEXIJSV
SXLIVWq8LIVIMWEXMQIJSVHMEPIGXETPEGIJSVWPERKERSGGEWMSRJSVPMXIVEV]
JSVQ ;LEX MW GSVVIGX SR XLI WTSVXW TEKI MW SYX SJ TPEGI SR XLI STIH TEKI
[LEXMW[MXLMXSRXLIWXVIIXQE] [IPPFI[MXLSYXMX MRXLIGPEWWVSSQr %WE
WMQTPI I\EQTPI E GSEGL QMKLX EHHVIWW XLI JSSXFEPP XIEQ EW q]SY KY]Wr SV
[SVWI [LIVIEW XLI WTIEOIV MR E QSVI JSVQEP WMXYEXMSR [SYPH FIKMR [MXL
qHMWXMRKYMWLIHKYIWXWr8V]VIZIVWMRKXLIWIX[SWMXYEXMSRWERHWIILS[VMHMGY
PSYWMXFIGSQIW-XtWSRP]GSQQSRWIRWIXSEHNYWX]SYVPERKYEKIXSHMJJIVIRX
SGGEWMSRW
%446346-%8)2)77838,)%9(-)2')
%TTVSTVMEXIRIWWEPWSHITIRHWSRXLIEYHMIRGI-J]SYOIITXLMWMRQMRHMX[MPP
LIPT]SYKVIEXP][LIRHIEPMRK[MXLXIGLRMGEPXSTMGW;LIREHHVIWWMRKEREYHM
IRGISJTL]WMGMERW]SYQMKLXYWIXLI[SVHqTEVSXMXMWrXSVIJIVXSEZMVEPHMWIEWI
QEVOIHF]XLIW[IPPMRKSJXLITEVSXMHKPERHW=SYVEYHMIRGI[SYPHORS[NYWX
[LEX ]SY QIERX &YX [LIR XEPOMRK XS E RSRQIHMGEP EYHMIRGI WYGL EW ]SYV
GPEWWQEXIWXLIETTVSTVMEXI[SVH[SYPHFIqQYQTWr
=SYWLSYPHFIIWTIGMEPP]GEVIJYPXSEZSMHPERKYEKIXLEXQMKLXSJJIRH]SYV
EYHMIRGI3JJGSPSVLYQSVSVTVSJERMX]QMKLXFIETTVSTVMEXIMREGSQIH]VSY
XMRI FYX QSWX PMWXIRIVW [SYPH JMRH MX SJJIRWMZI MR E JSVQEP TYFPMG WTIIGL
6IQIQFIV WTIEOIVW EVI I\TIGXIH XS IPIZEXI ERH TSPMWL XLIMV PERKYEKI [LIR
EHHVIWWMRKEREYHMIRGI
3JGSYVWI]SYGERRSXEP[E]WFIWYVISJLS[PMWXIRIVW[MPPVIWTSRHXS[LEX
]SYWE];LIRMXGSQIWXSETTVSTVMEXIRIWW]SY[MPPWIPHSQKS[VSRKF]IVVMRK
SR XLI WMHI SJ GEYXMSR 4YX WMQTP] qIVVMRK SR XLI WMHI SJ GEYXMSRr QIERW
q[LIRMRHSYFXhHSRtXr
%446346-%8)2)77838,)834-'
0ERKYEKI WLSYPH EPWS FI ETTVSTVMEXI XS XLI XSTMG =SY [SYPH RSX YWI QIXE
TLSVERXMXLIWMWERHEPPMXIVEXMSR[LIRI\TPEMRMRKLS[XSGLERKIEFMG]GPIXMVI
&YX]SYQMKLXYWIEPPXLVIIMREWTIIGLLSRSVMRK97WSPHMIVW[LSLEZIHMIH
MRHIJIRWISJXLIMVGSYRXV]8LIJMVWXXSTMGGEPPWJSVWXVEMKLXJSV[EVHHIWGVMTXMSR
ERHI\TPEREXMSR8LIWIGSRHGEPPWJSVWTIGMEPPERKYEKIWOMPPWXSIZSOIIQSXMSR
EHQMVEXMSRERHETTVIGMEXMSR
%446346-%8)2)77838,)74)%/)6
2S QEXXIV [LEX XLI SGGEWMSR EYHMIRGI SV XSTMG PERKYEKI WLSYPH EPWS FI
ETTVSTVMEXIXSXLIWTIEOIV-QEKMRIXLIIJJIGXMJ.SLR1G'EMRXVMIHXSEHSTXXLI
VIPMKMSYW MQEKIV] ERH VL]XLQMGEP GEHIRGI SJ %P 7LEVTXSR 8LI VIWYPXW [SYPH
FIGSQMGEP)ZIV]TYFPMGWTIEOIVHIZIPSTWLMWSVLIVS[RPERKYEKIWX]PI
q8IVVMJMGr]SYQE]FIXLMROMRKq-LEZIQ]S[RWX]PIXSS-JIIPQSVIGSQ
JSVXEFPIYWMRKEFWXVEGX[SVHWWPERKERHXIGLRMGEPNEVKSR8LEXtWNYWXQI-XtWQ]
[E]SJWTIEOMRKr&YXXSWE]XLEXPERKYEKIWLSYPHFIETTVSTVMEXIXSXLIWTIEOIV
HSIWRSXNYWXMJ]MKRSVMRKXLISXLIVRIIHWJSVETTVSTVMEXIRIWW8LIVIMWEHMJJIV
IRGIFIX[IIRSRItWIZIV]HE]WX]PIERHSRItWHIZIPSTIHWX]PIEWETYFPMGWTIEOIV
%GGSQTPMWLIHWTIEOIVWLEZIHIZIPSTIHXLIMVWTIEOMRKWX]PIWSZIVQER]]IEVWSJ
XVMEPIVVSVERHTVEGXMGI8LI]LEZI[SVOIHEXYWMRKPERKYEKIIJJIGXMZIP]
=SY GER HS XLI WEQI MJ ]SY FIGSQI PERKYEKIGSRWGMSYW 3RI [E] XS
HIZIPST XLMW GSRWGMSYWRIWW MW XS VIEH ERH PMWXIR XS IJJIGXMZI WTIEOIVW 7XYH]
XLIMVXIGLRMUYIWJSVEGLMIZMRKEGGYVEG]GPEVMX]ERHZMZMHRIWWERHXV]XSEHETX
XLSWIXIGLRMUYIWXS]SYVS[RWTIIGLIW&YXHSRSXXV]XSqFIGSQIrWSQISRI
IPWI [LIR ]SY WTIEO 0IEVR JVSQ SXLIV WTIEOIVW FPIRH [LEX ]SY PIEVR MRXS
]SYVS[RPERKYEKIWX]PIERHWIIOXSFIGSQIXLIFIWXTSWWMFPI]SY
%W XLI 9RMXIH 7XEXIW LEW FIGSQI QSVI HMZIVWI SYV PERKYEKI LEW IZSPZIH XS
VIJPIGXXLEXHMZIVWMX]6IKEVHPIWWSJXLIWMXYEXMSREYHMIRGIWI\TIGXTYFPMGWTIEO
IVWXSYWIMRGPYWMZIPERKYEKIXLEXMWVIWTIGXJYPSJXLIHMJJIVIRXKVSYTWXLEXQEOI
',%48)6 97-2+0%2+9%+)

0ERKYEKIRIIHWXSFIETTVS
TVMEXIXSEWTIEOIVtWXSTMGEW
[IPPEWXSXLIEYHMIRGI%
WTIIGLSRFIEGLZSPPI]FEPP
[SYPHYWIQSVIEGXMSR
SVMIRXIH[SVHWXLEREWTIIGL
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IVIHSJJXLIGYJJERI\XIQTSVERISYWWTIIGLMWGEVIJYPP]TVITEVIHERHTVEGXMGIH VILIEVWIHWTIIGLXLEXMW
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8LMWMWRSXEWLEVHEWMXWSYRHW3RGI]SYLEZI]SYVSYXPMRI SVRSXIW ERH
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HMJJIVIRX %W ]SY TVEGXMGI XLI WTIIGL SZIV ERH SZIV XLI FIWX [E] XS TVIWIRX
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EKIWXLIGSRZIVWEXMSREPUYEPMX]EYHMIRGIWPSSOJSVMRWTIIGLHIPMZIV]q'SRZIV
WEXMSREP UYEPMX]r QIERW XLEX RS QEXXIV LS[ QER] XMQIW E WTIIGL LEW FIIR
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ERHLEZITVITEVIHTVSTIVP]h]SYLEZIJYPPGSRXVSPSZIV]SYVMHIEW]IX]SYEVI :MI[ERI\GIVTXJVSQq=SKE
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REXYVEPP]ERHXSGSRGIRXVEXISRXEPOMRK[MXLXLIEYHMIRGIVEXLIVXLERHIGPEMQ 7TMVMXrMRXLISRPMRI1IHME
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4VIWIRXMRKEWTIIGLWSMXWSYRHW I\XIQTSVERISYWP]F]XLIIRHSJXLIXIVQ%WSRIWXYHIRXGSQQIRXIHMRPSSO
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1SWXI\TIVMIRGIHWTIEOIVWTVIJIVXLII\XIQTSVERISYWQIXLSHERHQSWX
XIEGLIVW IQTLEWMÎ MX 0EXIV MR XLMW GLETXIV TEKIW i [ItPP PSSO EX E
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8LI7TIEOIVtW:SMGI
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XSRtW# 7SJX ERH EPPYVMRK PMOI 'EXLIVMRI >IXE .SRIWtW# 0SYH ERH MVVMXEXMRK PMOI
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MW XLIR EQTPMJMIH ERH QSHMJMIH EW MX VIWSREXIW XLVSYKL XLI XLVSEX QSYXL
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E LEVWL ERH TIRIXVEXMRK ZSMGI ;MRWXSR 'LYVGLMPP WYJJIVIH JVSQ E WPMKLX PMWT
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XLIMVZSMGIW=SYGERHSXLIWEQIXLMRK
8LI EWTIGXW SJ ZSMGI ]SY WLSYPH [SVO XS GSRXVSP EVI ZSPYQI TMXGL VEXI
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8LIPSYHRIWWSVWSJXRIWW EQTPMJMGEXMSREPPS[WIZIREWSJXWTSOIRTIVWSRXSFILIEVHMRER]WIXXMRK&YX
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4MXGLHMWXMRKYMWLIWXLIWSYRHTVSHYGIHF]XLIOI]WEXSRIIRHSJETMERSJVSQ XLIWTIEOIVtWZSMGI
XLEXTVSHYGIHF]XLIOI]WEXXLISXLIVIRH
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QEOIWXLIHMJJIVIRGIFIX[IIRXLIq%LErXVMYQTLERXP]I\GPEMQIHF]7LIVPSGO
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[LIRLIPIEVRWXLIGPYIMWRSXHIGMWMZIEJXIVEPP-J]SY[IVIXSVIEHXLITVIGIH
MRK WIRXIRGI EPSYH ]SYV ZSMGI [SYPH TVSFEFP] KS YT MR TMXGL SR XLI JMVWX
q%LErERHHS[RMRTMXGLSRXLIWIGSRH
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[EVQXLERHZMXEPMX]-RJPIGXMSRVIZIEPW[LIXLIV]SYEVIEWOMRKEUYIWXMSRSV 'LERKIWMRXLITMXGLSVXSRI
QEOMRK E WXEXIQIRX [LIXLIV ]SY EVI FIMRK WMRGIVI SV WEVGEWXMG =SYV MRJPIG SJEWTIEOIVtWZSMGI
XMSRW GER EPWS QEOI ]SY WSYRH LETT] SV WEH ERKV] SV TPIEWIH H]REQMG SV
PMWXPIWWXIRWISVVIPE\IHMRXIVIWXIHSVFSVIH
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MRK ERH IQSXMSR 4ISTPI [LS HS RSX EVI WEMH XS WTIEO MR E QSRSXSRI E XVEMX QSRSXSRI
[LSWI SRP] ORS[R FIRIJMX MW XS GYVI MRWSQRME MR SRItW PMWXIRIVW *I[ TISTPI %GSRWXERXTMXGLSV
WTIEOMREREFWSPYXIQSRSXSRI[MXLRSZEVMEXMSR[LEXIZIVMRTMXGLFYXQER] XSRISJZSMGI
JEPP MRXS VITIXMXMSYW TMXGL TEXXIVRW XLEX EVI NYWX EW L]TRSXMG =SY GER KYEVH
EKEMRWX XLMW F] VIGSVHMRK ]SYVWTIIGLIW EW ]SY TVEGXMGI XLIQ -J EPP ]SYV WIR
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MRK]SYVTMXGLTEXXIVRWXSJMXXLIQIERMRKSJ]SYV[SVHW%W[MXLFVIEOMRKER]
SXLIVLEFMXXLMWQE]WIIQE[O[EVHEXJMVWXFYXMXMWKYEVERXIIHXSQEOI]SYE
FIXXIVWTIEOIV
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6EXI VIJIVW XS XLI WTIIH EX [LMGL E TIVWSR WTIEOW 4ISTPI MR XLI 97 YWYEPP] VEXI
WTIEOEXEVEXIFIX[IIRERH[SVHWTIVQMRYXIFYXXLIVIMWRSYRMJSVQ 8LIWTIIHEX[LMGLE
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HITIRHWSRWIZIVEPXLMRKWhXLIZSGEPEXXVMFYXIWSJXLIWTIEOIVXLIQSSHWLISV
LIMWXV]MRKXSGVIEXIXLIGSQTSWMXMSRSJXLIEYHMIRGIERHXLIREXYVISJXLI
SGGEWMSR
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QSVIETTVSTVMEXIXSHIWGVMFIXLIWIVIRMX]SJXLI%PEWOER[MPHIVRIWW%JEWXVEXI
LIPTWGVIEXIJIIPMRKWSJLETTMRIWWJIEVERKIVERHWYVTVMWI[LIVIEWEWPS[VEXI
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GVE[PMRKXLVSYKLSRItWWTIIGLEXEWREMPtWTEGI
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SRWSPZMRK MX 9WIEHMKMXEPVIGSVHIVXSGLIGOLS[ JEWX]SY WTIEO 4E] WTIGMEP
EXXIRXMSR XS VEXI [LIR TVEGXMGMRK ]SYV WTIIGL *MREPP] FI WYVI XS MRGPYHI
8LI7TIEOIVtW:SMGI
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XLIEHNYWXQIRXW[LIR]SYKMZI]SYVWTIIGLMRGPEWW
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0IEVRMRK LS[ ERH [LIR XS TEYWI MW E QENSV GLEPPIRKI JSV QSWX FIKMRRMRK
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%QSQIRXEV]FVIEOMRXLI QSVITSMWIERHGSRJMHIRGILS[IZIV]SY[MPPHMWGSZIVLS[YWIJYPXLITEYWI
ZSGEPHIPMZIV]SJEWTIIGL GERFI-XGERWMKREPXLIIRHSJEXLSYKLXYRMXKMZIERMHIEXMQIXSWMROMR
ERHPIRHHVEQEXMGMQTEGXXSEWXEXIQIRXq8LIVMKLX[SVHQE]FIIJJIGXMZIr
WEMH 1EVO 8[EMR qFYX RS [SVH [EW IZIV EW IJJIGXMZI EW E VMKLXP] XMQIH
TEYWIr
(IZIPSTMRK E OIIR WIRWI SJ XMQMRK MW TEVXP] E QEXXIV SJ GSQQSR WIRWI
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JMVWX FYX OIIT XV]MRK 0MWXIR XS EGGSQTPMWLIH WTIEOIVW XS WII LS[ XLI] YWI
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FIGSQIQSVIGSQJSVXEFPIWTIEOMRKMRJVSRXSJEREYHMIRGI
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]SYVPMWXIRIVW8LIRhERHSRP]XLIRhWLSYPH]SYWXEVXXSXEPO
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EREYHMIRGI
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[MXLXLIMVLERHWq7LSYPH-GPEWTXLIQFILMRHQ]FEGO#0IXXLIQLERKEXQ]
WMHIW#6IWXXLIQSRXLIPIGXIVR#%RH[LEXEFSYXKIWXYVMRK#;LIRWLSYPH-HS
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EREYHMIRGI
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MQTEGXSJEWTIIGLFYXIJJIGXMZIWTIEOIVWHSRSXRIIHEZEWXVITIVXSMVISJKIW EVQWHYVMRKEWTIIGL
XYVIW7SQIEGGSQTPMWLIHWTIEOIVWKIWXYVIJVIUYIRXP]SXLIVWLEVHP]EXEPP8LI
TVMQEV]VYPIMWXLMW;LEXIZIVKIWXYVIW]SYQEOIWLSYPHRSXHMWXVEGXJVSQ]SYV
QIWWEKI8LI]WLSYPHETTIEVREXYVEPERHWTSRXERISYWLIPTGPEVMJ]SVVIMRJSVGI
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IPMQMREXIHXLIWIHMWXVEGXMSRWJSVKIXEFSYX]SYVLERHW8LMROEFSYXGSQQYRM
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GSYRXW % FPERO WXEVI MW EPQSWX EW FEH EW RS I]I GSRXEGX EX EPP 7S MW E JMIVGI
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XIEGLIVMWWMXXMRK3XLIVWEZSMHPSSOMRKER][LIVIRIEVXLIXIEGLIVERHJSGYWSR
SRISVX[SW]QTEXLIXMGJVMIRHW=SYWLSYPHXV]XSIWXEFPMWLI]IGSRXEGX[MXL
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;LIREHHVIWWMRKEWQEPPEYHMIRGIWYGLEW]SYVGPEWW]SYGERYWYEPP]PSSO
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GLETXIV :MHIS'PMT
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GERFIGSQIZSPYRXIIVWJSVXLI7TIGMEP3P]QTMGW2SXMGILS[WLIYWIWLIVI]IW
XSGSRRIGX[MXLLIVPMWXIRIVWEXETIVWSREPPIZIP8LMWMWXLIOMRHSJWXVSRKGSQ
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4VEGXMGMRK(IPMZIV]
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+S XLVSYKL ]SYV TVITEVEXMSR SYXPMRI E

PSYH XS GLIGO LS[ [LEX ]SY
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EGVSWW[IPP#%W]SYERW[IVXLIWIUYIWXMSRWVIZMWIXLIWTIIGLEWRIIHIH
4
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GYIWSRXLISYXPMRIJSVHIPMZIVMRKXLIWTIIGL
4
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WXEXMWXMGW -J ]SYV WTIIGL MRGPYHIW ZMWYEP EMHW YWI XLIQ EW ]SY TVEGXMGI 8LI
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XMSRWEJXIVEXEPO]SYORS[XLIUYIWXMSRERHERW[IVWIWWMSRGERQEOISVFVIEO
E TVIWIRXEXMSR % WTIEOIV [LS LERHPIW UYIWXMSRW [IPP GER WXVIRKXLIR XLI
MQTEGX SJ LMWSVLIV WTIIGL 3RXLISXLIV LERHEWTIEOIV [LSIZEHIW UYIW
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8LI JMVWX WXIT XS HSMRK [IPP MR E UYIWXMSRERHERW[IV WIWWMSR MW XS XEOI MX EW
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GSQTPIXIP]
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RSRXIGLRMGEPXIVQW=SYQMKLXIZIRTVITEVIELERHSYXXLEX]SYGERHMWXVMFYXI
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HMHEXIWERHFYWMRIWWPIEHIVWFIJSVIHIFEXIWSVTVIWWGSRJIVIRGIW%RSXLIVTSW
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WLSYPH FI ERW[IVIH MR E QMRYXI SV X[S -J ]SY TVEGXMGI ERW[IVMRK UYIWXMSRW
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2SQEXXIV[LEXIPIQIRXW ]SYMRGPYHISR ]SYVWPMHIW]SYWLSYPHWXVMZIJSVE
TPIEWMRKWIRWISJZMWYEPFEPERGI'SRWMHIVJSVI\EQTPI*MKYVI% TEKI
[LMGL WLS[W E WPMHI JVSQ E WTIIGL EFSYX )PIERSV 6SSWIZIPX 2SXMGI LS[ XLI
d*-+96)%
)JJIGXMZI:MWYEP&EPERGI
XMXPI MW HMWTPE]IH MR E WMRKPI PMRI EX XLI XST SJ XLI WPMHI XLI TLSXSKVETL JMPPW
QSWXSJXLIPIJXWMHIERHXLIXI\XSGGYTMIWIRSYKLWTEGISRXLIVMKLXXSGSQ
TIRWEXIJSVXLIWMÎSJXLITLSXSKVETL
'SQTEVI XLMW WPMHI [MXL XLI SRI MR *MKYVI% FIPS[ 8LI WIGSRH WPMHI
GSRXEMRWXLIWEQIIPIQIRXWEWXLIJMVWXFYXXLI]EVIRSXEVVERKIHIJJIGXMZIP]
8LI XMXPI MW PSGEXIH SZIV XLI TLSXSKVETL [LIVI MX XEOIW YT X[S PMRIW VEXLIV
XLERSRI 8SGSQTIRWEXIXLITLSXSKVETLSJ 6SSWIZIPXLEWFIIRVIHYGIHMR
WMÎWSMXLEWPIWWZMWYEPMQTEGX8LITLSXSKVETLMWEPWSXSSGPSWIXSXLIFSX
XSQSJXLIWPMHIXLIVIF]WITEVEXMRKMXJVSQXLIXMXPI*MREPP]XLIXI\XSRXLI
VMKLXMWXSSGPSWIXSXLITLSXSKVETLERHMWTPEGIHXSSLMKLXSTVSZMHIEKSSH
WIRWISJZMWYEPFEPERGI
d*-+96)%
-RIJJIGXMZI:MWYEP&EPERGI
%44)2(-< 97-2+43;)643-28

-J]SYWXMGO[MXL4S[IV4SMRXtWHIJEYPXPE]SYXW]SYWLSYPHLEZIPMXXPIXVSY
FPIGVIEXMRKWPMHIWXLEXEVIZMWYEPP]FEPERGIH&IWYVIXLSYKLXSPIEZIEPMXXPI
I\XVEVSSQEXXLIIHKIWSJ]SYVWPMHIWFIGEYWI[LEXMWTVSNIGXIHSRXLIZMI[MRK
WGVIIRMWWSQIXMQIWWQEPPIVXLER[LEX]SYWIISR]SYVGSQTYXIV
%2-1%8-32
;LIR]SYVIEHXLI[SVHqERMQEXMSRr]SYQMKLXXLMROSJGEVXSSRGLEVEGXIVW ERMQEXMSR
ERH;EPX(MWRI]QSZMIW-R4S[IV4SMRXLS[IZIVERMQEXMSRVIJIVWXSXLI[E] 8LI[E]SFNIGXWIRXIVSV
SFNIGXWIRXIVSVI\MXEWPMHI;MXLSYXERMQEXMSREPPXLIMXIQWSREWPMHIETTIEV I\MXE4S[IV4SMRXWPMHI
EXXLIWEQIXMQI[LIRXLIWPMHIMWHMWTPE]IH;MXLERMQEXMSR]SYGERGSRXVSP
[LIR [SVHW TMGXYVIW IZIR TEVXW SJ KVETLW WLS[ YT SR WGVIIR ;LIR YWIH
TVSTIVP]MXtWEXIVVMJMG[E]XSWTVYGIYT]SYVWPMHIW
0SSO JSV I\EQTPI EX XLI WTIIGL SR XLI +VIEX ;EPP SJ 'LMRE XLEX MW
VITVMRXIH EX XLI IRH SJ XLMW ETTIRHM\ *SV XLI QSWX TEVX XLI WTIEOIV EZSMHW
WTIGMEP ERMQEXMSR IJJIGXW FIGEYWIXLI] EVI RSXRIGIWWEV] XS GSQQYRMGEXI LMW
MHIEW,S[IZIV[LIRI\TPEMRMRKXLIEVGLMXIGXYVEPGLERKIWQEHIXSXLI;EPP
HYVMRKXLI1MRKH]REWX]LIYWIWERMQEXMSRXSQEOIWYVIXLIETTVSTVMEXIXI\X
ETTIEVW SR WGVIIR NYWX EW LI FIKMRW XS HMWGYWW IEGL TSMRX &] HSMRK WS LI
JSGYWIWXLIEYHMIRGItWEXXIRXMSRERHVIMRJSVGIWLMWMHIEWEXXLIWEQIXMQI GSRRIGXPYGEWGSQ
;LIR[SVOMRKSR]SYVWTIIGLIWXLMROEFSYX[E]W]SYGERYWIERMQEXMSR :MI[XLMWI\GIVTXJVSQq8LI
XS LIPT GSQQYRMGEXI ]SYV QIWWEKI &I [EV] LS[IZIV SJ ERMQEXMSR IJJIGXW +VIEX;EPPSJ'LMRErMRXLI
XLEX QMKLX HMWXVEGX XLI EXXIRXMSR SJ PMWXIRIVW 7XMGO [MXL E PMQMXIH RYQFIV SJ SRPMRI1IHME0MFVEV]JSVXLMW
ERMQEXMSRIJJIGXWERHYWIXLIQGSRWMWXIRXP]JVSQWPMHIXSWPMHI ETTIRHM\ :MHIS'PMT%
3RGI ]SY LEZI GVIEXIH ]SYV WPMHIW MXtW XMQI XS [SVO SR XLI HIPMZIV] SJ ]SYV
WTIIGL %W [MXL SXLIV EWTIGXW SJ 4S[IV4SMRX XLMW VIUYMVIW GEVIJYP TPERRMRK
)ZIRXLIQSWXTVSJIWWMSREPPSSOMRKWPMHIW[MPPHSPMXXPIKSSHMJ]SYGERtXKIXXLI
GSQTYXIV ERH TVSNIGXSV XS [SVO TVSTIVP] MJ XLI WPMHIW GERtX FI WIIR GPIEVP]
FIGEYWISJTSSVPMKLXMRKSVMJ]SYJSVKIXXSHMWTPE]XLIQEXXLIVMKLXQSQIRX
8LIKYMHIPMRIWTVIWIRXIHMR'LETXIVJSVHIPMZIVMRKWTIIGLIW[MXLSXLIV
X]TIW SJ ZMWYEP EMHW EPWS ETTP] XS WTIIGLIW [MXL 4S[IV4SMRX ,IVI [I JSGYW
SREWTIGXWSJHIPMZIV] XLEXEVIIWTIGMEPP]MQTSVXERXJSVWTIEOIVW[LSIQTPS]
4S[IV4SMRX
6)',)'/=39670-()7
&IJSVIVILIEVWMRK]SYVWTIIGLXEOIXMQIXSHSYFPIGLIGO]SYVWPMHIWXSWIIMJ
ER]XLMRKMWQMWWMRKQMWTPEGIHSVQMWWTIPPIH=SYGERVIZMI[EPP]SYVWPMHIWEX
EKPERGIMR7PMHI7SVXIVZMI[ WII*MKYVI%T -XtWEPWSEKSSHMHIEXSVYR
XLVSYKL]SYVWPMHIWMR7PMHI7LS[ZMI[[LMGLHMWTPE]WXLIWPMHIWEWXLI][MPP
ETTIEV SR WGVIIR HYVMRK ]SYV WTIIGL &I WYVI XS WEZI ER] GSVVIGXMSRW ERH
GLERKIWEW]SYKSEPSRK
/23;70-()7,3;'311%2(7
;LIR HIPMZIVMRK ]SYV WTIIGL ]SY WLSYPH FI EFPI XS QSZI IJJSVXPIWWP] JVSQ
WPMHIXSWPMHIEW[IPPEWEQSRKERMQEXMSRIJJIGXWSRMRHMZMHYEPWPMHIW8SHSWS
d*-+96)%
7PMHI7SVXIV:MI[MR
4S[IV4SMRX
]SY LEZI XS ORS[ XLIGSQTYXIV GSQQERHW JSV XLIWISTIVEXMSRW *MKYVI %
FIPS[WLS[WWSQISJXLIQSWXYWIHGSQQERHW
%W]SYGERWIIXLIVIEVIQYPXMTPISTXMSRWJSVQSWXGSQQERHW-J]SYLEZI
RSX YWIH 4S[IV4SMRX FIJSVI TVEGXMGI [MXL XLI ZEVMSYW STXMSRW ERH HIGMHI
[LMGL]SY[ERXXSYWI8LIRWXMGO[MXLXLIQXLVSYKLSYX]SYVTVIWIRXEXMSR
%W]SYKEMRQSVII\TIVMIRGI[MXL4S[IV4SMRXMXWGSQQERHW[MPPFIGSQI
WIGSRH REXYVI ,S[IZIV NYWX MR GEWI ]SY JSVKIX WSQIXLMRK HYVMRK ]SYV
WTIIGL ]SYQE][ERXXS JSPPS[XLI PIEHSJ I\TIVMIRGIHWTIEOIVWERH[VMXI
XLI QSWX MQTSVXERX GSQQERHW SR E WLIIX SJ TETIV XLEX ]SY GER VIJIV XS MJ
RIGIWWEV]
4S[IV4SMRX7PMHI7LS['SQQERHW
(MWTPE]WPMHIW 'PMGOXLI7PMHI7LS[XEFEXXLIXSTSJXLI
IRXIV7PMHI7LS[ZMI[ WGVIIRERHWIPIGX*VSQ&IKMRRMRKJVSQXLI
VMFFSRSVGPMGOXLI:MI[XEFERHWIPIGX7PMHI
7LS[JVSQXLIVMFFSR
7LS[XLIRI\XWPMHI 'PMGOXLIQSYWITVIWW)RXIVTVIWWXLIVMKLX
EVVS[FYXXSRSVTVIWWXLIq2rOI]
7LS[XLITVIZMSYWWPMHI 4VIWW&EGOWTEGITVIWWXLIPIJXEVVS[FYXXSR
SVTVIWWXLIq4rOI]
)RHXLIWLS[ 4VIWW)WG
d*-+96)%
%44)2(-< 97-2+43;)643-28

46%'8-')=39674))',;-8,43;)643-28
%W[IWE[MR'LETXIV]SYWLSYPHEP[E]WTVEGXMGIEWTIIGL[MXL]SYVZMWYEP
EMHW8LMWMWIWTIGMEPP]MQTSVXERX[LIRYWMRK4S[IV4SMRX;LIR]SYTVEGXMGI
HSRtXNYWXGPMGOXLIQSYWIGEWYEPP]SVVYWLUYMGOP]SZIV]SYV[SVHW+SXLVSYKL
IZIV]TEVXSJXLIWTIIGLERHQEOIWYVI]SYORS[I\EGXP][LIR]SY[ERXIEGL
WPMHIXSETTIEVERHHMWETTIEVERH[LEX]SY[MPPWE][LMPIIEGLMWSRWGVIIR
1EVO]SYVWTIEOMRKRSXIW[MXLGYIWXLEX[MPPVIQMRH]SY[LIRXSHMWTPE]IEGL
WPMHISVERMQEXMSRERH[LIRXSVIQSZIMX
-XtWYWYEPP]FIWXXSTVSNIGXEWPMHI[LIR]SYJMVWXWXEVXHMWGYWWMRKXLITSMRXMX
MPPYWXVEXIW*SVEKSSHI\EQTPIPSSOEXXLIXMQMRKSJXLIWPMHIWMR:MHIS'PMT%
MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW ETTIRHM\ 8LI WTIEOIV MW I\TPEMRMRK XLI
MQTSVXERGISJYWMRKEWIGYVIGSRRIGXMSR[LIRXVERWQMXXMRKWIRWMXMZIHEXESZIV
XLI-RXIVRIX,ITVIWIRXWIEGLWPMHIEXNYWXXLIVMKLXQSQIRXERHQEOIWWYVIMX
MWSRWGVIIRSRP][LMPILIMWHMWGYWWMRKMX GSRRIGXPYGEWGSQ
-R EHHMXMSR XS GSSVHMREXMRK ]SYV WPMHIW [MXL ]SYV [SVHW TE] EXXIRXMSR :MI[XLMWI\GIVTXJVSQ
[LIR]SYTVEGXMGIXSQEOMRKI]IGSRXEGX[MXLXLIEYHMIRGI8LMWMWIWTIGMEPP] q7IGYVMRK=SYVWIPJ3RPMRIr
GLEPPIRKMRK [LIR ]SY YWI 4S[IV4SMRX FIGEYWI SJ EPP XLI IUYMTQIRX ]SY EVI MRXLISRPMRI1IHME0MFVEV]
JSVXLMWETTIRHM\ :MHIS
STIVEXMRKHYVMRKXLIWTIIGL6ILIEVWI[MXLXLIQSYWIERHOI]FSEVHYRXMP]SY
'PMT%
GERYWIFSXL[MXLSYXPSSOMRKHS[RJSVQSVIXLERERMRWXERX[LIREHZERGMRK
]SYVWPMHIW
%PWS GSRGIRXVEXI SR TVIWIRXMRK XLI WTIIGL [MXLSYX PSSOMRK FEGO EX XLI
WGVIIRXSWII[LEXMWFIMRKTVSNIGXIHSRMX=SYGERGLIGO[LEXMWSRWGVIIRF]
KPERGMRK EX XLI GSQTYXIV IEGL XMQI ]SY EHZERGI E WPMHI 8LIVI MW RSXLMRK
[VSRK[MXLPSSOMRKEXXLIWGVIIRRS[ERHEKEMREW]SYI\TPEMR]SYVWPMHIWFYX
VIQIQFIVXSEHHVIWW]SYVVIQEVOWXSXLIEYHMIRGIRSXXSXLIWGVIIR
+MZIREPPXLIXLMRKW]SYLEZIXS[SVOSR[LIRTVEGXMGMRKEWTIIGL[MXL
4S[IV4SMRX ]SY RIIHXS EPPS[ I\XVE XMQI JSVVILIEVWEP 7SKIXER IEVP] WXEVX
ERHKMZI]SYVWIPJTPIRX]SJXMQIXSIRWYVIXLEX]SYVHIPMZIV]MWEWMQTVIWWMZI
EW]SYVWPMHIW
(-740%=70-()7320=;,-0)(-7'977-2+8,)1
%W[MXLSXLIVX]TIWSJZMWYEPEMHW]SY[ERX]SYV4S[IV4SMRXWPMHIWXSFIZMWMFPI
SRP][LIR]SYEVIHMWGYWWMRKXLIQ=SYGEREGLMIZIXLMWKSEPF]EHHMRKFPERO
WPMHIWEWRIIHIH2SXMGIJSVI\EQTPILS[XLIWTIEOIVMRXLI+VIEX;EPPTVI
WIRXEXMSRYWIWFPEROWPMHIWEXZEVMSYWTEVXWSJXLIWTIIGL&]HSMRKWSLIOIITW
LMWPMWXIRIVWJSGYWIHSR[LEXLIMWWE]MRKEXXLIQSQIRXVEXLIVXLERLEZMRK
XLIMVEXXIRXMSRHMZIVXIHF]XLITVIZMSYWWPMHI
-XtWEPWSEKSSHMHIEXSEHHEFPEROWPMHIEXXLIIRHSJ]SYVTVIWIRXEXMSRWS
]SYVPEWXGSRXIRXWPMHI[MPPRSXGSRXMRYIXSFII\TSWIHEJXIV]SYLEZIJMRMWLIH
HMWGYWWMRKMX
',)'/8,)6331%2()59-41)28
-R MHIEP GMVGYQWXERGIW ]SY [MPP FI EFPI XS VILIEVWI EX PIEWX SRGI MR XLI VSSQ
[LIVI]SY[MPPTVIWIRX]SYVWTIIGL[MXLXLIWEQIGSQTYXIVQSYWIERHTVSNIG
XSV]SY[MPPYWISRXLIHE]SJ]SYVWTIIGL-JXLMWMWRSXTSWWMFPIXV]XSWXSTF]
XLIVSSQWIZIVEPHE]WFIJSVILERHERH[SVO[MXLXLIIUYMTQIRX-J]SYGERtXKIX
XSXLIVSSQFIJSVIXLIHE]SJXLIWTIIGLEVVMZIERLSYVSVWSELIEHSJXMQIXS
JEQMPMEVMÎ]SYVWIPJ[MXLXLIIUYMTQIRXERHXSQEOIWYVIMXtW[SVOMRKTVSTIVP]
4S[IV4SMRXMWQSWXIJJIGXMZI
[LIRMXMWYWIHWIPIGXMZIP]
[LIRWPMHIWEVIWOMPPJYPP]
MRXIKVEXIH[MXLXLIVIWXSJ
XLIWTIIGLERH[LIRXLI
WTIEOIVGSQQYRMGEXIW
HMVIGXP][MXLXLIEYHMIRGI
8LIVI MW [MHI ZEVMEXMSR EQSRK GSQTYXIVW ERH TVSNIGXSVW EW [IPP EW
EQSRK VSSQW IUYMTTIH [MXL QYPXMQIHME GSRRIGXMSRW WS IZIR MJ ]SY LEZI
YWIH4S[IV4SMRXSRTVIZMSYWSGGEWMSRW]SYRIIHXSGLIGOXLIWIXYTMRXLI
VSSQ [LIVI]SY[MPPFIWTIEOMRK1SWXI\TIVMIRGIHWTIEOIVWEVVERKIELIEH
SJXMQIXSLEZIEXIGLRMGMERTVIWIRX[LIRXLI]EVVMZIWSWLISVLIGERXEOI
GEVISJER]TVSFPIQW
4E]EXXIRXMSRXSXLIPMKLXMRKEW[IPP'LIGO[LIXLIVXLITVSNIGXSVMWFVMKLX
IRSYKLXSSZIVTS[IVXLIVSSQPMKLXWERHGVIEXIEWLEVTMQEKI-JMXMWRtXWII
MJ]SYGERHMQXLIPMKLXWRIEVXLIWGVIIR
8LMWQE]EPPWIIQPMOIEPSXSJJYWWERHFSXLIVFYXER]SRI[LSLEWKMZIR
WTIIGLIW[MXL4S[IV4SMRX[MPPXIPP]SYMXtWEFWSPYXIP]IWWIRXMEP
():)034%&%'/9440%2
(IWTMXIEPP]SYVTVITEVEXMSRERHTVEGXMGIMXtWTSWWMFPIXLEXXIGLRSPSK][MPPJEMP
]SY1SVI XLER SRI WTIEOIVLEWEVVMZIH [MXL 4S[IV4SMRX MR XS[SRP]XSHMW
GSZIVXLEXXLIGSQTYXIVMWEGXMRKYTXLITVSNIGXSV[MPPRSX[SVOSVXLIVSSQtW
TS[IVGSRRIGXMSRWEVIRSXGSQTEXMFPI[MXLXLIWTIEOIVtWGSQTYXIV
;LEXHS]SYHSMJXLMWLETTIRW#=SYGERtXNYWXGERGIPXLIWTIIGL8LMW
MW [L] ]SY EP[E]W RIIH E FEGOYT TPERhIWTIGMEPP] JSV WTIIGLIW SYXWMHI XLI
GPEWWVSSQ
3RISTXMSRMWXSGST]]SYVWPMHIWXSEJPEWLHVMZIWS]SYGERTVSNIGXXLIQ
SRERSXLIVGSQTYXIVMJWSQIXLMRKLETTIRWXS]SYVW1ER]I\TIVMIRGIHWTIEO
IVWEPWSIQEMPXLIQWIPZIWXLIMVWPMHIWEWERI\XVETVIGEYXMSR
%RSXLIV STXMSR MW XS TVMRX E LEVH GST] SJ ]SYV WPMHIW XS GEVV] [MXL ]SY
(ITIRHMRKSRXLIWMÎSJ]SYVEYHMIRGI]SYQE]FIEFPIXSHMWXVMFYXIGSTMIW
EWEREPXIVREXMZIXSTVSNIGXMRKXLIWPMHIWhXLSYKLXLIVIQE]FIGMVGYQWXERGIW
MR [LMGL IZIR XLEX MW MQTSWWMFPI 8LI MQTSVXERX XLMRK MW XS XLMRO XLVSYKL
%44)2(-< 97-2+43;)643-28

TSXIRXMEPGSQTPMGEXMSRWMREHZERGIERHLEZIEFEGOYTTPERVIEH]NYWXMRGEWI
]SYRIIHMX
'ST]VMKLXERH*EMV9WI
;I LEZI QIRXMSRIH WIZIVEP XMQIW XLI IEWI [MXL [LMGL TLSXSKVETLW GLEVXW
KVETLW EYHMS ERH ZMHIS GER FI HS[RPSEHIH JVSQ XLI -RXIVRIX JSV YWI [MXL
4S[IV4SMRX-XtWMQTSVXERX[LIRYWMRKWYGLQEXIVMEPWXSFIE[EVISJERHXS
SFWIVZIGST]VMKLXPE[W
9RHIV GST]VMKLX PE[ WSQISRI [LS [MWLIW XS YWI XLI SVMKMREP [SVO SJ JEMVYWI
ERSXLIVTIVWSRQYWXSFXEMRTIVQMWWMSRJVSQXLEXTIVWSR SV[LSIZIVS[RWXLI %TVSZMWMSRSJGST]VMKLXPE[
QEXIVMEP ERHSJXIRQYWXTE] EYWEKIJII(IWTMXIXLIWIVIWXVMGXMSRW XLI qJEMV XLEXTIVQMXWWXYHIRXWERH
YWIrTVSZMWMSRSJXLIPE[TIVQMXWWXYHIRXWERHIHYGEXSVWXSIQTPS]TSVXMSRW XIEGLIVWXSYWITSVXMSRWSJ
SJ GST]VMKLXIH QEXIVMEPWhMRGPYHMRK MQEKIW ERH WSYRHW HS[RPSEHIH PIKEPP] GST]VMKLXIHQEXIVMEPWJSV
JVSQ XLI -RXIVRIXhJSV IHYGEXMSREP TYVTSWIW 8LI PE[ MW GSQTPI\ ERH SJXIR IHYGEXMSREPTYVTSWIW
EQFMKYSYW FYXMRKIRIVEPMX EPPS[W]SYXS YWIGST]VMKLXIH QEXIVMEP MRGPEWW
VSSQWTIIGLIWEGGSVHMRKXSXLIWIKYMHIPMRIW
d =SYQE]YWIGST]VMKLXIHQEXIVMEPWJSVE4S[IV4SMRXTVIWIRXEXMSRXLEX]SY
GVIEXI JSV E WTIGMJMG GPEWW -J ]SY MRGPYHI XLI TVIWIRXEXMSR MR ER IQTPS]
QIRXTSVXJSPMS]SYQE]GSRXMRYIXSYWIGST]VMKLXIHQEXIVMEPWMRMX
d =SYQE]RSXYWIQEXIVMEPW]SYSFXEMRIHMPPIKEPP] IKGST]VMKLXIHQEXIVMEP
JVSQEJMPIWLEVMRKRIX[SVO
d =SY QE] RSX TSWX GST]VMKLX QEXIVMEPW FEGO XS XLI ;IF [MXLSYX [VMXXIR
TIVQMWWMSRJVSQXLIGST]VMKLXS[RIV
d =SY QYWX GVIHMX ]SYV WSYVGIW ERH HMWTPE] XLI GST]VMKLX W]QFSPhh[LIR
YWMRK GST]VMKLXIH QEXIVMEP 1EOI WYVI XS QIRXMSR XLI EYXLSVGVIEXSV XMXPI
ERHHEXISJTYFPMGEXMSR8LIYWYEPTVEGXMGIMWXSX]TIXLIGVIHMXPMRIMRTSMRX
JSRXERHXSTPEGIMXFIPS[XLIMXIQJSV[LMGLGVIHMXMWFIMRKKMZIR
/IIT XLIWI KYMHIPMRIW MR QMRH [LIR ]SY WIEVGL JSV MQEKIW ZMHIS ERH
EYHMSSRXLI-RXIVRIXEW[IPPEWMRFSSOWQEKE^MRIWERHSXLIVTVMRXWSYVGIW
6IQIQFIV XS [VMXI HS[R GVIHMX ERH GST]VMKLX MRJSVQEXMSR EW ]SY KS EPSRK
SXLIV[MWI]SYQE]LEZIXSWTIRHI\XVEXMQIPSSOMRKJSVMXPEXIV
3RTEKIWi MWXLIXI\XSJER MRJSVQEXMZIWTIIGLSRXLI+VIEX;EPPSJ
'LMREXLEXIQTPS]W4S[IV4SMRX%W]SYVIEHRSXMGILS[MXJYPJMPPWXLIGVMXIVME
JSVIJJIGXMZIWTIIGLIWHMWGYWWIHIPWI[LIVIMRXLIFSSOhWLEVTJSGYWGPIEVSVKE
RMÊXMSRTPIRXMJYPGSRRIGXMZIWWXVSRKWYTTSVXMRKQEXIVMEPWERHXLIPMOI8S
WII LS[ XLI WTIEOIV YWIW 4S[IV4SMRX ZMI[ XLI WTIIGL MR XLI SRPMRI 1IHME
0MFVEV] JSV XLMW ETTIRHM\ EX GSRRIGXPYGEWGSQ 4E] WTIGMEP EXXIRXMSR XS XLI GSRRIGXPYGEWGSQ
UYEPMX]SJXLIWTIEOIVtWWPMHIWXSXLIWOMPP[MXL[LMGLLIMRXIKVEXIWXLIQMRXS :MI[q8LI+VIEX;EPPSJ
LMW HMWGYWWMSR ERH XS XLI [E] LI QEMRXEMRW I]I GSRXEGX [MXL LMW EYHMIRGI 'LMRErMRXLISRPMRI1IHME
[LMPIHMWGYWWMRKLMWWPMHIW 0MFVEV]JSVXLMWGLETXIV
:MHIS'PMT%
8LI+VIEX;EPPSJ'LMRE
'311)28%6= 74))',
8LI WTIEOIV FIKMRW [MXL E UYSXEXMSR XS -R 'LMRE XLIVItW E WE]MRK q=SY [SRtX FI GSRWMHIVIH E KVIEX
KEMREXXIRXMSRERHMRXIVIWX,IEPWSIWXEF TIVWSRYRXMP]SYtZIFIIRXSXLI+VIEX;EPPr-ZMWMXIHXLI[EPP
PMWLIWLMWGVIHMFMPMX]F]RSXMRKXLEXLIZMW PEWX ]IEV [LMPI - [EW MR 'LMRE - HSRtX ORS[ MJ MX QEHI QI E
MXIHXLI+VIEX;EPP[LMPILI[EWMR'LMRE KVIEXTIVWSRFYX-HSORS[XLEXXLI[EPPMWMRHIIHKVIEX
8LIWTIEOIVtWJMVWXWPMHIMWEWXVMOMRKTLSXS %W]SYGERWIIJVSQXLMWTLSXSKVETLXLI[EPPMWKVIEXMR
KVETLSJXLI+VIEX;EPPXLEXWLS[WLS[MX FIEYX][MXLMXWPSRKEVQWVIWXMRKSRVSPPMRKLMPPWERHMXWXS[IVW
WREOIW EGVSWW XLI XSTW SJ XLI QSYRXEMRW TIIVMRKEGVSWWXLIZEPPI]W8LI[EPPWXVIXGLIWEGVSWWQSVIXLER
,IXLIRQSZIWXSEWPMHIXLEXMPPYWXVEXIWXLI LEPJSJ'LMREJVSQXLIWIEMRXLIIEWXTEWX&IMNMRKXS+ERWY
I\TERWI SJ XLI [EPP EW MX WXVIXGLIW EGVSWW TVSZMRGIMRXLI[IWX%XEXSXEPPIRKXLSJQMPIWMXMWXLI
'LMRE,IIRHWXLMWTEVEKVETLF]I\TPEMR PSRKIWX LYQERQEHI GSRWXVYGXMSR MR XLI [SVPH -J XLI +VIEX
MRKLS[XLI+VIEX;EPP[SYPHWXVIXGLJVSQ ;EPP[IVIXVERWTSVXIHXSXLI9RMXIH7XEXIWERHWXVIXGLIHSYX
2I[=SVO'MX]XS&IVPMR+IVQER]%RERM MREWXVEMKLXPMRIMX[SYPHVYRJVSQ2I[=SVO'MX]GSQTPIXIP]
QEXIH WPMHI TVSZMHIW ZMWYEP VIMRJSVGIQIRX EGVSWW XLI %XPERXMG 3GIERhTEWX 7TEMR )RKPERH ERH *VERGI
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GEP)RKMRIIVW
%W XLIWI I\EQTPIW WYKKIWX XLIVI EVI X[S OMRHW SJ MRJSVQEXMZI WTIIGLIW
EFSYXTVSGIWWIW3RIOMRHI\TPEMRWETVSGIWWWSXLEXXLEXPMWXIRIVW[MPP YRHIV
WXERHMXFIXXIV=SYVKSEPMWXSLEZI]SYVEYHMIRGIORS[XLIWXITWSJXLITVSGIWW
ERHLS[XLI]VIPEXIXSSRIERSXLIV-J]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ]
EYHMIRGI LS[ YRHIV[EXIVVSFSXW [SVOr ]SY [MPP I\TPEMR XLI FEWMG XEWOW ERH
QIGLERMWQWSJYRHIV[EXIVVSFSXW=SY[MPPRSXMRWXVYGX]SYVPMWXIRIVWSRLS[
XLI]GERSTIVEXIERYRHIV[EXIVVSFSX
%WIGSRHOMRHSJWTIIGLI\TPEMRWETVSGIWWWSPMWXIRIVW[MPPFIFIXXIVEFPIXS
TIVJSVQ XLITVSGIWW XLIQWIPZIW =SYV KSEP MR XLMW OMRH SJWTIIGL MW XS LEZIXLI
EYHMIRGIPIEVREWOMPP7YTTSWI]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ]EYHMIRGI
LS[XSXEOITMGXYVIWPMOIETVSJIWWMSREPTLSXSKVETLIVr=SY[MPPTVIWIRXTLSXS
KVETLMGXIGLRMUYIWERHWLS[]SYVPMWXIRIVWLS[XLI]GERYXMPMÎXLIQ=SY[ERX
XLIEYHMIRGIXSFIEFPIXSYWIXLIXIGLRMUYIWEWEVIWYPXSJ]SYVWTIIGL
&SXLOMRHWSJWTIIGLIWEFSYXTVSGIWWIWQE]VIUYMVIZMWYEPEMHW%XXLIZIV]
PIEWX]SYWLSYPHTVITEVIEGLEVXSYXPMRMRKXLIWXITWSVXIGLRMUYIWSJ]SYVTVS
GIWW -R WSQI GEWIW ]SY [MPP RIIH XS HIQSRWXVEXI XLI WXITW SV XIGLRMUYIW F]
TIVJSVQMRK XLIQ MR JVSRX SJ ]SYV EYHMIRGI 3RI WXYHIRX HMH WPIMKLXSJLERH
QEKMGXVMGOWXSWLS[XLIXIGLRMUYIWFILMRHXLIQ%RSXLIVI\IGYXIHIPIQIR
XEV]XEMGLMQERIYZIVW-RIEGLGEWIXLIHIQSRWXVEXMSRRSXSRP]GPEVMJMIHXLI
WTIEOIVtWTVSGIWWFYXGETXMZEXIHXLIEYHMIRGIEW[IPP -J]SYEVIYWMRKZMWYEP
EMHWSJER]OMRHFIWYVIXSVIZMI['LETXIV
;LIRMRJSVQMRKEFSYXETVSGIWW]SY[MPPYWYEPP]EVVERKI]SYVWTIIGLMR
GLVSRSPSKMGEPSVHIVI\TPEMRMRKXLITVSGIWWWXITF]WXITJVSQFIKMRRMRKXSIRH
*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVVMXYEPWSJEXVEHM
XMSREP&IRKEPM[IHHMRKMR-RHME
'IRXVEP-HIE %XVEHMXMSREP&IRKEPM[IHHMRKGSRWMWXWSJEWIVMIWSJVMXYEPWXLEX
XEOITPEGIFIJSVIHYVMRKERHEJXIVXLI[IHHMRKGIVIQSR]
1EMR4SMRXW - 4VI[IHHMRKVMXYEPWMRGPYHIKMZMRKKMJXWXSXLIFVMHIERH
KVSSQERHHVIWWMRKXLIFVMHIMRXVEHMXMSREPJEWLMSR
-- 6 MXYEPWHYVMRKXLI[IHHMRKGIVIQSR]MRGPYHIERI\GLERKI
SJKEVPERHWFIX[IIRXLIFVMHIERHKVSSQXLIGLERXMRKSJ
QERXVEWERHXLIKMZMRKE[E]SJXLIFVMHIF]LIVYRGPI
--- 4SWX[IHHMRKVMXYEPWMRGPYHIEGIPIFVEXMSREXXLILSQISJ
XLIFVMHItWJEQMP]EVIGITXMSREXXLILSQISJXLIKVSSQtW
JEQMP]ERHXLIJSVQEPI\MXSJXLIFVMHIERHKVSSQ
7SQIXMQIW VEXLIV XLER QSZMRK XLVSYKL E TVSGIWW WXIT F] WXIT ]SY [MPP
JSGYW SR XLI QENSV TVMRGMTPIW SV XIGLRMUYIWMRZSPZIHMR TIVJSVQMRK XLITVS
GIWW8LIR]SY[MPPSVKERMÎ]SYVWTIIGLMRXSTMGEPSVHIV)EGLQEMRTSMRX[MPP
HIEP[MXLEWITEVEXITVMRGMTPISVXIGLRMUYI*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIGSQQSRQIXLSHWYWIHF]
WXEKIQEKMGMERWXSTIVJSVQXLIMVXVMGOW
'IRXVEP-HIE 7XEKIQEKMGMERWYWIX[SGSQQSRQIXLSHWXSTIVJSVQXLIMV
XVMGOWhQIGLERMGEPHIZMGIWERHWPIMKLXSJLERH
1EMR4SMRXW - 1ER]QEKMGXVMGOWVIP]SRQIGLERMGEPHIZMGIWXLEXQE]
VIUYMVIPMXXPIWOMPPF]XLIQEKMGMER
-- 3 XLIVQEKMGXVMGOWHITIRHSRXLIQEKMGMERtWWOMPPMR
JSSPMRKTISTPIF]WPIMKLXSJLERHQERMTYPEXMSR
'SRGMWISVKERMÊXMSRMWIWTIGMEPP]MQTSVXERXMRWTIIGLIWEFSYXTVSGIWWIW
=SYQYWXQEOIWYVIIEGLWXITMWGPIEVERHIEW]XSJSPPS[-J]SYVTVSGIWWLEW
QSVIXLERJSYVSVJMZIWXITWKVSYTXLIWXITWMRXSYRMXWXSPMQMXXLIRYQFIVSJ
QEMR TSMRXW *SV I\EQTPI MR E WTIIGL I\TPEMRMRK LS[ XS WIX YT E LSQI
EUYEVMYQEWXYHIRXTVIWIRXIHXLIJSPPS[MRKQEMRTSMRXW
- *MVWX]SYQYWXGLSSWIXLIWMÎSJ]SYVXERO
-- 8LIR]SYQYWXHIXIVQMRIXLIWLETISJ]SYVXERO
--- =SYQYWXEPWSHIGMHILS[QYGL]SYGEREJJSVHXSTE]JSVEXERO
-: 3RGI]SYLEZIXLIXERO]SYRIIHEJMPXIVW]WXIQ
: %LIEXIVMWEPWSEFWSPYXIP]RIGIWWEV]
:- =SYQYWXEPWSKIXEREMVTYQT
:-- 3RGIXLMWMWHSRI]SYRIIHXSGLSSWIKVEZIPJSVXLIXERO
:--- =SY[MPPEPWSRIIHTPERXW
-< 3XLIVHIGSVEXMSRW[MPPVSYRHSYXXLIIJJIGXWSJ]SYVEUYEVMYQ
< 2S[]SYEVIVIEH]XSEHHXLIJMWL
<- *VIWL[EXIVJMWLEVIXLIQSWXGSQQSR
<-- 7EPX[EXIVJMWLEVIQSVII\TIRWMZIERHVIUYMVIWTIGMEPGEVI
2SXWYVTVMWMRKP]XLMW[EWXSSQYGLJSVXLIEYHMIRGIXSJSPPS[8LIWTIEOIV
WLSYPHLEZISVKERMÎHXLITSMRXWWSQIXLMRKPMOIXLMW
- 8LIJMVWXWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWGLSSWMRKEXERO
%8LIWMÎSJXLIXEROMWMQTSVXERX
&8LIWLETISJXLIXEROMWMQTSVXERX
'8LIGSWXSJXLIXEROMWMQTSVXERX
',%48)6 74)%/-2+83-2*361

-- 8LIWIGSRHWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWIUYMTTMRKXLIXERO
%=SY[MPPRIIHEJMPXIVW]WXIQ
&=SY[MPPRIIHELIEXIV
'=SY[MPPRIIHEREMVTYQT
(=SY[MPPRIIHKVEZIP
)=SY[MPPRIIHTPERXW
*=SYQE]EPWS[ERXSXLIVHIGSVEXMSRW
--- 8LIXLMVHWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWEHHMRKXLIJMWL
%*VIWL[EXIVJMWLEVIXLIQSWXGSQQSRJSVLSQIEUYEVMYQW
&7EPX[EXIVJMWLEVIQSVII\TIRWMZIERHVIUYMVIWTIGMEPGEVI
8LIWYFTSMRXWGSZIVXLIWEQIXIVVMXSV]EWXLISVMKMREPX[IPZITSMRXWFYXXLVII
QEMRTSMRXWEVIQYGLIEWMIVXSYRHIVWXERHERHVIQIQFIV
74))',)7%&398):)287
8LI6ERHSQ,SYWI(MGXMSREV]HIJMRIWERIZIRXEWqER]XLMRKXLEXLETTIRWSVMW
VIKEVHIHEWLETTIRMRKr&]XLMWHIJMRMXMSRXLIJSPPS[MRKEVII\EQTPIWSJWYMX
EFPIWYFNIGXWJSVMRJSVQEXMZIWTIIGLIWEFSYXIZIRXW IZIRX
%R]XLMRKXLEXLETTIRWSVMW
,SPSGEYWX QSYRXEMRGPMQFMRK VIKEVHIHEWLETTIRMRK
GMZMPVMKLXWQSZIQIRX NSFMRXIVZMI[W
'MRGSHI1E]S XWYREQMW
EXXIRXMSRHIJMGMXHMWSVHIV &EXXPISJ0MXXPI&MK,SVR
%WYWYEP]SY[MPPRIIHXSREVVS[ ]SYVJSGYW ERHTMGOEWTIGMJMGTYVTSWI

]SYGEREGGSQTPMWLMREWLSVXWTIIGL,IVIEVII\EQTPIWSJKSSHWTIGMJMGTYV
TSWIWXEXIQIRXWJSVMRJSVQEXMZIWTIIGLIWEFSYXIZIRXW
8SMRJSVQQ]EYHMIRGISJXLIJIWXMZMXMIWEX1I\MGStW'MRGSHI1E]SGIPIFVEXMSR
8SMRJSVQQ]EYHMIRGIEFSYX[LEXLETTIRIHEXXLI&EXXPISJ0MXXPI&MK,SVR
8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVX]TIWSJXLIVETIYXMGQEWWEKI
8LIVI EVI QER] [E]W XS HMWGYWW IZIRXW -J ]SYV WTIGMJMG TYVTSWI MW XS
VIGSYRXXLILMWXSV]SJERIZIRX]SY[MPPSVKERMÎ]SYVWTIIGLMRGLVSRSPSKMGEP
SVHIVVIPEXMRKXLIMRGMHIRXWSRIEJXIVERSXLIVMRXLISVHIVXLI]SGGYVVIH*SV
I\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLILMWXSV]SJXLI4EVEP]QTMGW
'IRXVEP-HIE 3P]QTMGWX]PIKEQIWJSVEXLPIXIW[MXLTL]WMGEPHMWEFMPMXMIW
LEZIQEHIKVIEXWXVMHIWWMRGIXLIJMVWXGSQTIXMXMSRQSVI
XLER]IEVWEKS
1EMR4SMRXW - ;
LEX[SYPHIZIRXYEPP]FIGSQIXLI4EVEP]QTMGWFIKER
MR[MXLEWTSVXWGSQTIXMXMSRMR+VIEX&VMXEMRMRZSPZ
MRK;SVPH;EV--ZIXIVERW[MXLWTMREPGSVHMRNYVMIW
-- - RXLIIZIRXI\TERHIH[LIREXLPIXIWJVSQXLI
2IXLIVPERHWXSSOTEVX
--- 8LIJMVWXSJJMGMEP4EVEP]QTMG+EQIWJSVMRXIVREXMSREP
EXLPIXIWXSSOTPEGIMR6SQIMR
(S]SYRIIHUYMGOEGGIWWXSJEGXWEFSYX]SYVMRJSVQEXMZIWTIIGLXSTMG#0SKSR
XS XLI -RXIVRIX 4YFPMG 0MFVEV]tW 7YFNIGX 'SPPIGXMSR [[[MTPSVKHMZWYFNIGX
[LMGLSJJIVWPMROWXSE[MHIVERKISJLMKLUYEPMX]VIWSYVGIWGLSWIRJSVXLIMVEGGY
VEXIERHVIPMEFPIMRJSVQEXMSR
-J]SYEVIKMZMRKERMRJSVQEXMZIWTIIGLSREXSTMG[MXLQYPXMGYPXYVEPHMQIRWMSRW
]SYQE]JMRHXLIJSPPS[MRK;IFWMXIWYWIJYP
=ELSS6IKMSREP LXXTHMV]ELSSGSQ6IKMSREP
;;;:MVXYEP0MFVEV]%QIVMGER-RHMERW [[[LEROWZMPPISVK2%VIWSYVGIW
4VMRGIXSR 9RMZIVWMX] 0MFVEV] %WMER%QIVMGER7XYHMIW LXXTJMVIWXSRITVMRGIXSR

-RXIVRIX IHYEWMEREQIVMGER
'SRRIGXMSR 0EXMRS,MWTERMG6IWSYVGIW [[[VGJYWGIHYbGQQV0EXMRSLXQP

[[[GSRRIGXPYGEWGSQ %JVMGER%QIVMGER;IF'SRRIGXMSR [[[EE[GGSQ
-: - REREKVIIQIRX[EWWMKRIHSJJMGMEPP]LSPHMRKXLI
4EVEP]QTMG+EQIWEPSRKWMHIXLIWYQQIVERH[MRXIV
3P]QTMG+EQIW
=SYGERETTVSEGLERIZIRXJVSQEPQSWXER]ERKPISVGSQFMREXMSRSJERKPIWh
JIEXYVIWSVMKMRWMQTPMGEXMSRWFIRIJMXWJYXYVIHIZIPSTQIRXWERHWSJSVXL-RWYGL
GEWIW]SY[MPPTYX]SYVWTIIGLXSKIXLIVMRXSTMGEPSVHIV%RH]SYWLSYPHQEOIWYVI
]SYVQEMRTSMRXWWYFHMZMHIXLIWYFNIGXPSKMGEPP]ERHGSRWMWXIRXP]*SVMRWXERGI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLVIIEWTIGXWSJXLI1EVHM
+VEWGIPIFVEXMSRMR2I[3VPIERW
'IRXVEP-HIE 8LI1EVHM+VEWGIPIFVEXMSRMR2I[3VPIERWMWVIRS[RIHJSV
MXWTEVEHIWGSWXYQIWERHJSSH
1EMR4SMRXW - 8LITEVEHIWEVIPEZMWLIZIRXWXLEXXEOITPEGISZIVXLI
GSYVWISJWIZIVEP[IIOW
-- 8 LIGSWXYQIWMRGPYHIHMWKYMWIWQIHEPPMSRWERHXLISJJM
GMEP1EVHM+VEWGSPSVWSJTYVTPIKVIIRERHKSPH
--- 8LIJSSHJIEXYVIW'ENYRERH'VISPIHMWLIWGSQQSRXS
WSYXLIVR0SYMWMERE
74))',)7%&398'32')487
'SRGITXWMRGPYHIFIPMIJWXLISVMIWMHIEWTVMRGMTPIWERHXLIPMOI8LI]EVIQSVI
EFWXVEGXXLERSFNIGXWTVSGIWWIWSVIZIRXW8LIJSPPS[MRKEVII\EQTPIWSJWYF
NIGXWJSVWTIIGLIWEFSYXGSRGITXW
'SRJYGMERMWQ WXVMRKXLISV]
TLMPSWSTLMIWSJIHYGEXMSR TVMRGMTPIWSJJIQMRMWQ
SVMKMREPMRXIRXHSGXVMRI I\MWXIRXMEPMWQ
RYQIVSPSK] LYQERVMKLXW
',%48)6 74)%/-2+83-2*361

-RJSVQEXMZIWTIIGLIWXEOI
TPEGIMRE[MHIVERKISJWMXY
EXMSRW,IVI'LMRIWIWGMIRXMWX
<Y<MRKWTIEOWXSERMRXIVRE
XMSREPEYHMIRGIMR&IMNMRK
EFSYXXLIHMWGSZIV]SJXLI
[SVPHtWPEVKIWXFMVHPMOI
HMRSWEYV
8EOMRK E JI[ SJ XLIWI KIRIVEP WYFNIGXW LIVI EVI WSQI WTIGMJMG TYVTSWI GSRGITX
WXEXIQIRXWJSVWTIIGLIWEFSYXGSRGITXW %FIPMIJXLISV]MHIERSXMSR
TVMRGMTPISVXLIPMOI
8SMRJSVQQ]EYHMIRGIEFSYXXLIFEWMGTVMRGMTPIWSJ'SRJYGMERMWQ
8SMRJSVQQ]EYHMIRGIEFSYXXLIHSGXVMRISJSVMKMREPMRXIRXMRGSRWXMXYXMSREP
MRXIVTVIXEXMSR
8SMRJSVQQ]EYHMIRGIEFSYXXLIHMJJIVIRXTLMPSWSTLMIWSJIHYGEXMSRMR)YVSTIERH
XLI9RMXIH7XEXIW
7TIIGLIWEFSYXGSRGITXWEVIYWYEPP]SVKERMÎHMRXSTMGEPSVHIVERHJSGYWSR
XLIQEMRJIEXYVIWSVEWTIGXWSJ]SYVGSRGITX*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIFEWMGTVMRGMTPIWSJRSRZM
SPIRXVIWMWXERGI
'IRXVEP-HIE 8LIFEWMGTVMRGMTPIWSJRSRZMSPIRXVIWMWXERGIWXVIWWYWMRK
QSVEPQIERWXSEGLMIZIWSGMEPGLERKIVIJYWMRKXSMRJPMGX
ZMSPIRGISRSRItWIRIQMIWERHYWMRKWYJJIVMRKEWEWSGMEP
JSVGI
1EMR4SMRXW - 8
LIJMVWXQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMWXLEX
WSGMEPGLERKIQYWXFIEGLMIZIHF]QSVEPQIERW
-- 8 LIWIGSRHQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMW
XLEXSRIWLSYPHRSXMRJPMGXZMSPIRGISRSRItWIRIQMIW
--- 8 LIXLMVHQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMWXLEX
WYJJIVMRKGERFIETS[IVJYPWSGMEPJSVGI
%RSXLIVETTVSEGLMWXSHIJMRIXLIGSRGITX]SYEVIHIEPMRK[MXLMHIRXMJ]
MXW QENSV IPIQIRXW ERH MPPYWXVEXI MX [MXL WTIGMJMG I\EQTPIW %R I\GIPPIRX
MRWXERGISJXLMWGEQIMREWXYHIRXWTIIGLEFSYX-WPEQ
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIFEWMGTVMRGMTPIWSJ-WPEQ
'IRXVEP-HIE 8LIFIPMIJWSJ-WPEQGERFIXVEGIHXSXLITVSTLIX1YLEQ
QEHEVI[VMXXIRMRXLI/SVERERHLEZITVSHYGIHERYQFIV
SJWIGXW
1EMR4SMRXW - -WPEQ[EWJSYRHIHF]XLITVSTLIX1YLEQQEHMRXLI
IEVP]W
-- 8 LIXIEGLMRKWSJ-WPEQEVI[VMXXIRMRXLI/SVERXLILSP]
FSSOSJ-WPEQ
--- 8SHE]-WPEQMWHMZMHIHMRXSERYQFIVSJWIGXWXLIPEVKIWX
SJ[LMGLEVIXLI7YRRMWERHXLI7LMMXIW
7TIIGLIWEFSYXGSRGITXWEVISJXIRQSVIGSQTPI\XLERSXLIVOMRHWSJMRJSV
QEXMZIWTIIGLIW;LIRHIEPMRK[MXLGSRGITXWTE]WTIGMEPEXXIRXMSRXSEZSMH
MRKXIGLRMGEPPERKYEKIXS HIJMRMRK XIVQWGPIEVP]ERHXS YWMRK I\EQTPIW ERH
GSQTEVMWSRWXSMPPYWXVEXIXLIGSRGITXW
0SSOJSVI\EQTPIEX:MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV[LMGLTVIWIRXWERI\GIVTXJVSQ EWXYHIRXWTIIGLEFSYXXLI'LMRIWI
TLMPSWSTL] SJ 'SRJYGMERMWQ 2SXMGI LS[ XLI WXYHIRX HIJMRIW 'SRJYGMERMWQ
ERH XLIR I\TPEMRW MXW YRMJ]MRK TVMRGMTPI SJ NIR -J ]SY KMZI ER MRJSVQEXMZI
WTIIGLEFSYXEGSRGITXKMZIWTIGMEPXLSYKLXXSLS[]SYGERQEOIXLEXGSR
GITXGPIEVERHGSQTVILIRWMFPIXS]SYVPMWXIRIVW
8LIPMRIWHMZMHMRKWTIIGLIWEFSYXSFNIGXWTVSGIWWIWIZIRXWERHGSRGITXWEVI
GSRRIGXPYGEWGSQ RSXEFWSPYXI7SQIWYFNIGXWGSYPHJMXMRXSQSVIXLERSRIGEXIKSV]HITIRH
:MI[ERI\GIVTXJVSQq'SRJY MRK SR LS[ ]SY HIZIPST XLI WTIIGL *SV I\EQTPI E WTIIGL EFSYX XLI
GMERMWQrMRXLISRPMRI1IHME HIWXVYGXMSR SJ ERGMIRX 4SQTIMM F] XLI IVYTXMSR SJ 1SYRX :IWYZMYW [SYPH
0MFVEV]JSVXLMWGLETXIV TVSFEFP]HIEP[MXLMXWWYFNIGXEWERIZIRXFYXEWTIIGLSR[LEXGEYWIWZSP
:MHIS'PMT GERSIWXSIVYTX[SYPHQSWXPMOIP]XVIEXMXWWYFNIGXEWETVSGIWW8LIMQTSV
XERX WXIT MW XS HIGMHI [LIXLIV ]SY [MPP LERHPI ]SYV WYFNIGX EW ER SFNIGX E
TVSGIWW ER IZIRX SV E GSRGITX 3RGI ]SY HS XLEX ]SY GER HIZIPST XLI
WTIIGLEGGSVHMRKP]
6IKEVHPIWWSJLS[]SYETTVSEGL]SYVXSTMGFIWYVIXSKMZIPMWXIRIVWTPIRX]
SJLIPTMRWSVXMRKSYXJEGXWERHMHIEW3RI[E]MWF]YWMRKIRSYKLXVERWMXMSRW
MRXIVREPTVIZMI[WMRXIVREPWYQQEVMIWERHWMKRTSWXW WII'LETXIV %RSXLIV
[E]MWXSJSPPS[XLISPHQE\MQq8IPPtIQ[LEX]SYtVIKSMRKXSWE]WE]MXXLIR
XIPPtIQ[LEX]SYtZIWEMHr-RSXLIV [SVHW TVIZMI[XLIQEMRTSMRXWSJ]SYV
WTIIGLMRXLIMRXVSHYGXMSRERHWYQQEVMÎXLIQMRXLIGSRGPYWMSR8LMW[MPP
QEOI]SYVWTIIGLIEWMIVXSYRHIVWXERHERHIEWMIVXSVIQIQFIV
%PP XLI TVIZMSYW GLETXIVW SJ XLMW FSSO VIPEXI XS XLI TVMRGMTPIW SJ MRJSVQEXMZI
WTIEOMRK7IPIGXMRKEXSTMGERHWTIGMJMGTYVTSWIEREP]^MRKXLIEYHMIRGIKEXL
IVMRK QEXIVMEPW GLSSWMRK WYTTSVXMRK HIXEMPW SVKERM^MRK XLI WTIIGL YWMRK
',%48)6 74)%/-2+83-2*361

[SVHW XS GSQQYRMGEXI QIERMRK HIPMZIVMRK XLI WTIIGLhEPP QYWX FI HSRI
IJJIGXMZIP]MJERMRJSVQEXMZIWTIIGLMWXSFIEWYGGIWW,IVI[IIQTLEWMÎJMZI
EHHMXMSREPTSMRXWXLEX[MPPLIPTQEOI]SYVWEWYGGIWW
(32t83:)6)78-1%8);,%88,)%9(-)2')/23;7
-REWTIIGLEFSYXQIXISVSPSK]EWXYHIRXWEMHq-JQSHIVRQIXLSHWSJ[IEXLIV
JSVIGEWXMRKLEHI\MWXIHMRXLI+EPZIWXSRLYVVMGERIHMWEWXIV[SYPHRIZIV
LEZI XEOIR TPEGIr 8LIR LI [EW SJJ XS SXLIV QEXXIVW PIEZMRK LMW PMWXIRIVW XS
TY^^PISZIV [LEX XLI +EPZIWXSR LYVVMGERI [EW [LIR MX LETTIRIH ERH[LEX
OMRHSJHIWXVYGXMSRMX[VIEOIH
8LI WTIEOIV EWWYQIH LMW EYHMIRGI EPVIEH] ORI[ XLIWI XLMRKW &YX XLI]
[IVIRSXI\TIVXWSRQIXISVSPSK]SVSR%QIVMGERLMWXSV])ZIRXLSWI[LSLEH
LIEVHSJXLILYVVMGERILEHSRP]EJY^^]RSXMSRSJMX3RP]XLIWTIEOIVORI[
XLEXXLILYVVMGERI[LMGLOMPPIHQSVIXLERTISTPI[LIRMXYRI\TIGXIHP]
WXVYGOSR7ITXIQFIVMWWXMPPXLIHIEHPMIWXREXYVEPHMWEWXIVMR%QIVMGER
LMWXSV]
%WQER]WTIEOIVWLEZIHMWGSZIVIHMXMWIEW]XSSZIVIWXMQEXIXLIEYHMIRGItW
WXSGOSJMRJSVQEXMSR-RQSWXMRJSVQEXMZIWTIIGLIW]SYVPMWXIRIVW[MPPFISRP]
ZEKYIP] ORS[PIHKIEFPI EX FIWX EFSYX XLI HIXEMPW SJ ]SYV XSTMG =SY GERRSX
EWWYQI XLI] [MPP ORS[ [LEX ]SY QIER 6EXLIV ]SY QYWX FI WYVI XS I\TPEMR
IZIV]XLMRKWSXLSVSYKLP]XLEXXLI]GERRSXLIPTFYXYRHIVWXERH%W]SY[SVO
SR ]SYV WTIIGL EP[E]W GSRWMHIV [LIXLIV MX [MPP FI GPIEV XS WSQISRI [LS MW
LIEVMRKEFSYXXLIXSTMGJSVXLIJMVWXXMQI
7YTTSWI]SYEVIXEPOMRKEFSYX6SXL-6%WEX]TISJMRHMZMHYEPVIXMVIQIRX
EGGSYRX ETTVSZIH F] 'SRKVIWW MR %PXLSYKL WSQI SJ ]SYV GPEWWQEXIW
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WTIIGL MW ER EPQSWX GIVXEMR VIGMTI JSV HMWEWXIV LYQER LEMVhXLEX ]SY GER LEVHP] XIPP [LIR XLI]tVI MRWIVXIH
FIGEYWIPMWXIRIVW[MPPIRHYTTE]MRKQSVIEXXIR %RH XLIVItW YWYEPP] RS WIRWEXMSR SXLIV XLER TEMR VIPMIJ SRGI
XMSR XS XLI ZMWYEP EMHW XLER XS XLI WTIEOIVtW XLI]LEZIFIIRMRWIVXIH%JXIVFIMRKPIJXMRJSVSVQMR
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8LMWTEVEKVETLFIKMRW[MXLEXVERWMXMSRMRXS 2S[ XLEX]SYORS[ [LEXLETTIRW[LIR]SYtVIXVIEXIH

XLI WTIEOIVtW WIGSRH QEMR TSMRX %W MR XLI F] ER EGYTYRGXYVMWX ]SYtVI TVSFEFP] [SRHIVMRK LS[ EGY
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XMSRSJXLIEGYTYRGXYVIQIVMHMERW JPS[SJIRIVK]XLVSYKLXLIWIQIVMHMERWMWFPSGOIHXLIVIWYPX
MWTEMRMPPRIWWHMWIEWISVSXLIVTL]WMGEPTVSFPIQW
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TSMRXTVSZMHIWEKSSHI\EQTPISJLS[XSGSQ IRIVK]XLVSYKLXLIWIQIVMHMERW8LMWMWHSRIF]TPEGMRKRII
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MWJVIIJPS[MJXLIVIMWTEMRXLIVIMWRSJVIIJPS[r
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LIPTW WMKREP XLEX XLI WTIEOIV MW QSZMRK XS LIV FSH]JVSQXLEXLIPHF];IWXIVRHSGXSVWXLIIZMHIRGIMWGPIEV
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8LI WTIEOIVtW JMREP QEMR TSMRX HIEPW [MXL -R PMKLX SJ EPP XLMW MX MW RSX WYVTVMWMRK XLEX E RYQFIV SJ
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WYTTSVXMRKQEXIVMEPWXSFYXXVIWWERMRJSVQE SJ XLI LSWTMXEPtW TIHMEXVMG TEMR TVSKVEQ GSRJMVQW XLEX EGY
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KYMHIPMRIWJSVMRJSVQEXMZIWTIEOMRKHMWGYWWIHMRXLMWGLETXIV
%WXLIQEREKIVJSVEPSGEPGLEMRSJGSJJIILSYWIW]SYLEZIFIIREWOIHXSWTIEOXS
E KSYVQIX KVSYT EFSYX LS[ XS QEOI KIRYMRI -XEPMER GETTYGGMRS %W ]SY [VMXI
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6 SZIVHYIFSSOq0SSOttLII\TPEMRIHXSXLIPMFVEVMERq-ORS[XLMWFSSO[EWHYIPEWX
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GERtXttVITPMIH6EQSRq-LEZIXSWXERHEXXLIXEFPIERHKIXWMKREXYVIWSRXLIXYMXMSRTIXM
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HSXLMRKWXLI][IVIVIPYGXERXXSHSSVXLEXLEHRSXSGGYVVIHXSXLIQ
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TISTPItWFIPMIJWSVEGXMSRW 97KVSWWHSQIWXMGTVSHYGX
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TEWWMRKSJJSTMRMSRWEWJEGXWSVTERHIVMRKXSTVINYHMGIERHWXIVISX]TIW#
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TIXMRKZMI[TSMRXWERHKIX]SYVJEGXWVMKLX
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QMWVITVIWIRXMRKXLIWSYVGIWSJJEGXWERHJMKYVIW8EOIGEVIXSTVIWIRXWXEXMWXMGW
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PMWXIRIVWtFEWMGEXXMXYHIWZEPYIWERHFIPMIJW8LMWQE]MRGVIEWIXLIMVVIWMWXERGI
XSTIVWYEWMSRERHQEOI]SYVXEWOQSVIHMJJMGYPX
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8LMW HSIW RSX QIER TIVWYEWMSR MW MQTSWWMFPI -X HSIW QIER ]SY WLSYPH
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GSRWMHIV]SYVWTIIGLEWYGGIWWMJMXPIEHWIZIREJI[XSVII\EQMRIXLIMVZMI[W
;LIRXLMROMRKEFSYXXLIVERKISJTIVWYEWMZIVIWTSRWIW]SYQE]JMRHMX
LIPTJYP XS ZMWYEPMÎ PMWXIRIVW SR E WGEPI WYGL EW XLEX WLS[R MR *MKYVI
FIPS[ 4IVWYEWMSRMRZSPZIWER]QSZIQIRXF]EPMWXIRIVJVSQPIJXXSVMKLXSR
XLI WGEPI RS QEXXIV [LIVI XLI PMWXIRIV FIKMRW ERH RS QEXXIV LS[ KVIEX SV
WQEPPXLIQSZIQIRX
,S[ WYGGIWWJYP ]SY EVI MR ER] TEVXMGYPEV TIVWYEWMZI WTIIGL [MPP HITIRH
EFSZI EPP SR LS[ [IPP ]SY XEMPSV ]SYV QIWWEKI XS XLI ZEPYIW EXXMXYHIW ERH
(IKVIIWSJ4IVWYEWMSR
7XVSRKP] 1SHIVEXIP] 7PMKLXP] 2IYXVEP 7PMKLXP] 1SHIVEXIP] 7XVSRKP]

3TTSWIH 3TTSWIH 3TTSWIH MR*EZSV MR*EZSV MR*EZSV
4IVWYEWMSRMRZSPZIWER]QSZIQIRXF]EPMWXIRIVJVSQPIJXXSVMKLX
d*-+96)
',%48)6 74)%/-2+834)679%()

2SQEXXIV[LEXXLIWMXYEXMSR
ETIVWYEWMZIWTIIGL[MPPFI
QSVIIJJIGXMZIMJXLIWTIEOIV
LEWEGPIEVKSEPHIPMZIVWXLI
QIWWEKIWMRGIVIP]ERH
EHETXWMXXSXLIXEVKIX
EYHMIRGI
FIPMIJWSJ]SYVEYHMIRGI-R'LETXIV[IGSRWMHIVIHXLIKIRIVEPTVMRGMTPIWSJ
EYHMIRGIEREP]WMWERHEHETXEXMSR,IVI[IIQTLEWMÎX[SEHHMXMSREPTVMRGMTPIW
XLEXEVIGVYGMEPXSXLITW]GLSPSK]SJTIVWYEWMSR8LIJMVWXHIEPW[MXLLS[PMWXIR
IVW TVSGIWW ERH VIWTSRH XS TIVWYEWMZI QIWWEKIW 8LI WIGSRH TIVXEMRW XS XLI
XEVKIXEYHMIRGIJSVTIVWYEWMZIWTIIGLIW
,3;0-78)2)67463')774)679%7-:)1)77%+)7
;ISJXIRXLMROSJTIVWYEWMSREWWSQIXLMRKEWTIEOIVHSIWXSEREYHMIRGI-RJEGX
TIVWYEWMSRMWWSQIXLMRKEWTIEOIVHSIW[MXLEREYHMIRGI0MWXIRIVWHSRSXNYWXWMX
TEWWMZIP]ERHWSEOMRIZIV]XLMRKXLIWTIEOIVLEWXSWE]-RWXIEHXLI]IRKEKIMRE
QIRXEPKMZIERHXEOI[MXLXLIWTIEOIV;LMPIXLI]PMWXIRXLI]EWWIWWXLIWTIEOIVtW
GVIHMFMPMX] HIPMZIV] WYTTSVXMRK QEXIVMEPW PERKYEKI VIEWSRMRK ERH IQSXMSREP
ETTIEPW 8LI] QE] VIWTSRH TSWMXMZIP] EX SRI TSMRX RIKEXMZIP] EX ERSXLIV %X
XMQIW XLI] QE] EVKYI MRWMHI XLIMV S[R QMRHW [MXL XLI WTIEOIV 8LMW QIRXEP
KMZIERHXEOIMWIWTIGMEPP]ZMKSVSYW[LIRPMWXIRIVWEVILMKLP]MRZSPZIH[MXLXLI
XSTMGERHFIPMIZIMXLEWEHMVIGXFIEVMRKSRXLIMVPMZIW
-REWIRWIXLITW]GLSPSKMGEPMRXIVEGXMSRFIX[IIREWTIEOIVERHEYHMIRGIHYV
MRKETIVWYEWMZIWTIIGLMWWMQMPEVXS[LEXLETTIRWZSGEPP]HYVMRKEGSRZIVWEXMSRh
EWMRXLMWI\EQTPI
'SVI] '
SRKVIWWVIEPP]RIIHWXSTYXERIRHXSTSPMXMGEPEHWJYRHIHF]WTIGMEPMRXIVIWX
KVSYTW8LIEHWHMWXSVXTISTPItWTIVGITXMSRSJXLIGERHMHEXIWERHXLIMWWYIW
,ERREL -EKVIIXLEX[IWLSYPHRtXHMWXSVXGERHMHEXIWERHXLIMWWYIWFYX-tQRSXWYVI
GIRWSVWLMTMWXLIVMKLXETTVSEGL8LIVItWRSTVSSJXLEXWTIGMEPMRXIVIWXEHW
HMWXSVXTISTPItWTIVGITXMSRWQSVIXLERSXLIVOMRHWSJTSPMXMGEPEHW&IWMHIW
HSIWRtXXLI*MVWX%QIRHQIRXKYEVERXIIJVIIWTIIGL#
'SVI] 8LI*MVWX%QIRHQIRXMWMQTSVXERXFYXWTIGMEPMRXIVIWXKVSYTWEVIRtXMRHMZMHYEP
GMXMÎRWPMOI]SYERHQI8LI]tVITS[IVJYPSVKERMÊXMSRWXLEXGSVVYTXKSZIVRQIRX
JSVXLIMVS[RTYVTSWIW(SRtX[ILEZIEVIWTSRWMFMPMX]XSTVSXIGXXLIHIQSGVEXMG
TVSGIWW#
,ERREL ;IGERtXGSQTVSQMWISRJVIIWTIIGL-XtWZIV]HERKIVSYWXSPIXWSQISRIMR
KSZIVRQIRXHIGMHI[LEXtWEGGITXEFPIERH[LEXtWRSX3RGI[IFERWTIGMEP
MRXIVIWXEHW[IQMKLXWXEVXFERRMRKSXLIVJSVQWSJTSPMXMGEPI\TVIWWMSRXSS
'SVI] 2SXRIGIWWEVMP];IEPVIEH]SYXPE[WSQIOMRHWSJWTIIGLFIGEYWIXLI]EVI
HERKIVSYWXSXLIGSQQYRMX]hPMOIXLVIEXIRMRKXLIPMJISJXLI4VIWMHIRXSVWLSYXMRK
q*MVIrMREGVS[HIHFYMPHMRK;L]EVIWTIGMEPMRXIVIWXEHWER]HMJJIVIRX#
1YGLXLIWEQIOMRHSJMRXIVEGXMSRQMKLXSGGYVHYVMRKETIVWYEWMZIWTIIGL
I\GITXXLEXXLIPMWXIRIV[SYPHVIWTSRHMRXIVREPP]VEXLIVXLERSYXPSYH
;LEXHSIWXLMWQIERXS]SYEWEWTIEOIV#-XQIERW]SYQYWXXLMROSJ]SYV
QIRXEPHMEPSKYI[MXL TIVWYEWMZIWTIIGLEW E OMRH SJ QIRXEP HMEPSKYI [MXL]SYV EYHMIRGI=SY QYWX
XLIEYHMIRGI ERXMGMTEXITSWWMFPISFNIGXMSRWXLIEYHMIRGI[MPPVEMWIXS]SYVTSMRXSJZMI[ERH
8LIQIRXEPKMZIERHXEOI ERW[IVXLIQMR]SYVWTIIGL=SYGERRSXGSRZIVXWOITXMGEPPMWXIRIVWYRPIWW]SY
FIX[IIRWTIEOIVERHPMWXIRIV HIEPHMVIGXP][MXLXLIVIEWSRWJSVXLIMVWOITXMGMWQ
HYVMRKETIVWYEWMZIWTIIGL %W ]SY TVITEVI ]SYV TIVWYEWMZI WTIIGL TYX ]SYVWIPJ MR XLI TPEGI SJ ]SYV
EYHMIRGIERHMQEKMRILS[XLI][MPPVIWTSRH&IEWXSYKLSR]SYVWTIIGLEW
]SYVEYHMIRGI[MPPFI)ZIV]TPEGIXLI][MPPVEMWIEUYIWXMSRERW[IVMX)ZIV]
TPEGIXLI][MPPLEZIEGVMXMGMWQHIEP[MXLMX)ZIV]TPEGIXLI][MPPWIIELSPIMR
]SYVEVKYQIRXJMPPMX0IEZIRSXLMRKXSGLERGI
8,)8%6+)8%9(-)2')
9RJSVXYREXIP]RSQEXXIVLS[GEVIJYPP]]SYTPSX]SYVWTIIGL]SY[MPPWIPHSQ
FIEFPIXSTIVWYEHIEPP]SYVPMWXIRIVW0MOIQSWXEYHMIRGIW]SYVW[MPPTVSFEFP]
GSRXEMR WSQI PMWXIRIVW [LS EVI LSWXMPI XS ]SYV TSWMXMSR WSQI [LS JEZSV MX
WSQI [LS EVI YRHIGMHIH ERH WSQI [LS NYWX HSRtX GEVI =SY [SYPH PMOI XS
QEOI ]SYV WTIIGL IUYEPP] ETTIEPMRK XS IZIV]SRI FYX XLMW MW VEVIP] TSWWMFPI
1SWXSJXIR]SY[MPPLEZIETEVXMGYPEVTEVXSJXLI[LSPIEYHMIRGIXLEX]SY[ERX
XEVKIXEYHMIRGI XSVIEGL[MXL]SYVWTIIGL8LEXTEVXMWGEPPIHXLIXEVKIXEYHMIRGI
8LITSVXMSRSJXLI[LSPI %HZIVXMWMRKKMZIWYWERIJJIGXMZIQSHIP7YGGIWWJYPGSQQIVGMEPWEVIEMQIH
EYHMIRGIXLEXXLIWTIEOIV EXTEVXMGYPEVWIKQIRXWSJXLIQEVOIX1YXYEPJYRHWEVIRS[HMVIGXMRKQER]SJ
QSWX[ERXWXSTIVWYEHI XLIMV EHZIVXMWIQIRXW EX [SQIR ;L]# &IGEYWI QSVI ERH QSVI [SQIR EVI
MRZIWXMRKMRXLIWXSGOQEVOIX&IIVGSQQIVGMEPWSRXLISXLIVLERHEVIHMVIGXIH
EXQIRFIGEYWIXLI]HVMROXLIQSWXFIIV
*SV ]SYV GPEWWVSSQ WTIIGLIW ]SY HSRtX LEZI XLI WSTLMWXMGEXIH VIWIEVGL
GETEFMPMX]SJEPEVKIEHZIVXMWMRKEKIRG]&YXEW[IWE[MR'LETXIV]SYGER
YWI UYIWXMSRREMVIW XS JMRH SYX [LIVI ]SYV GPEWWQEXIW WXERH SR ]SYV WTIIGL
XSTMG8LMWMW]SYVIUYMZEPIRXSJQEVOIXVIWIEVGL3RGI]SYORS[[LIVI]SYV
XEVKIX EYHMIRGI WXERHW ]SY GER XEMPSV ]SYV WTIIGL XS JMX XLIMV ZEPYIW ERH
GSRGIVRWhEMQEXXLIXEVKIXWSXSWTIEO
,IVIJSVI\EQTPIMWLS[SRIWXYHIRX%Q]7LETMVSHIXIVQMRIHLIVXEVKIX
EYHMIRGIJSVETIVWYEWMZIWTIIGLYVKMRKLIVGPEWWQEXIWXSTEWWSRXLIKMJXSJPMJI
F]WMKRMRKSVKERHSRSVGEVHW
8LIVIEVIWXYHIRXWMRQ]EYHMIRGI1]EYHMIRGIEREP]WMWUYIWXMSRREMVIWWLS[XLEXEVI
STTSWIHXSHSREXMRKXLIMVSVKERWYRHIVER]GMVGYQWXERGIW-GERtXTIVWYEHIXLIQRSQEXXIV
[LEX-WE]1]UYIWXMSRREMVIWEPWSWLS[XLEXLEZIEPVIEH]WMKRIHSVKERHSRSVGEVHW-HSRtX
',%48)6 74)%/-2+834)679%()

RIIHXSTIVWYEHIXLIQ8LISXLIVWXYHIRXWGSYPHFITIVWYEHIHMJXLI]ORI[QSVIEFSYX
XLIRIIHJSVSVKERHSRSVWERHEFSYXLS[XLITVSGIWW[SVOW8LI]EVIQ]XEVKIXEYHMIRGI
2SXSRP]HMH%Q]TMRTSMRXLIVXEVKIXEYHMIRGIWLIEPWSORI[JVSQLIVEYHM
IRGIEREP]WMWUYIWXMSRREMVIXLIMWWYIWWLI[SYPHLEZIXSHMWGYWWXSFIGSRZMRGMRK
8LIQIQFIVWSJQ]XEVKIXEYHMIRGIFVIEOHS[RXLMW[E]KMZIqJIEVSJFIMRKTVS
RSYRGIHHIEHTVIQEXYVIP]ttEWXLIMVQEMRVIEWSRJSVRSXWMKRMRKSVKERGEVHWEVIGSR
GIVRIHEFSYXXLIMVFSH]FIMRKqGYXYTSVHMWJMKYVIHttERHGMXIVIPMKMSYWVIEWSRWJSVXLIMV
STTSWMXMSR8LIUYIWXMSRREMVIWEPWSWLS[XLEXSJXLIHSRtXJYPP]YRHIVWXERHXLIRIIH
JSVSVKERHSRSVW
;MXLEPPXLMWMRJSVQEXMSR%Q][EWEFPIXSTYXXSKIXLIVEJMVWXVEXIWTIIGL
XLEXJSGYWIHSRLIVGPEWWQEXIWtEXXMXYHIWERHFIPMIJWEFSYXWMKRMRKSVKERHSRSV
GEVHW-RXLIWTIIGLWLIWLS[IHXLIRIIHJSVSVKERHSREXMSRWF]I\TPEMRMRK
XLEXXLIVIEVIXLSYWERHWSJTISTPI[LSWISRP]LSTIJSVPMJIMWXSVIGIMZIELIEVX
PMZIV SV OMHRI]XVERWTPERX7LIEPWS XSSO GEVIXS ERW[IVLIVGPEWWQEXIWtJIEVW
ERHSFNIGXMSRW7LIWLS[IHXLEXXLIVIEVIWXVMGXWEJIKYEVHWXSTVIZIRXHSGXSVW
JVSQTYPPMRKXLITPYKTVIQEXYVIP]XLEXHSREXIHSVKERWEVIVIQSZIHEWGEVI
JYPP]EWMJXLIHSGXSV[IVISTIVEXMRKSREPMZITEXMIRXERHXLEXEPQSWXEPPVIPM
KMSYWPIEHIVWETTVSZISJSVKERHSREXMSRXSLIPTWEZIPMZIW%WEVIWYPXWLI[EW
EFPIXSGSRZMRGIWIZIVEPSJLIVGPEWWQEXIWXSWMKRSVKERHSRSVGEVHW
-RXLIRI\XGLETXIV[ItPPHMWGYWWXLIQIXLSHW]SYGERYWIXSLMXXLIXEVKIX
MR]SYVTIVWYEWMZIWTIIGLIW-RXLIVIWXSJXLMWGLETXIV[IJSGYWSRXLIXLVII
QENSVOMRHWSJTIVWYEWMZIWTIIGLIWERHLS[XSSVKERMÎXLIQQSWXIJJIGXMZIP]
;,%8%6)59)78-3273**%'8#
;LEXGSPPIKIFEWOIXFEPPXIEQLEW[SRXLIQSWXKEQIWWMRGI#;LS[EW
XLIJMVWX%JVMGER%QIVMGERXSWMXSRXLI977YTVIQI'SYVX#,S[JEVMWMXJVSQ
2I[=SVOXS&EKLHEH#8LIWIUYIWXMSRWSJJEGXGERFIERW[IVIHEFWSPYXIP]8LI
ERW[IVWEVIIMXLIVVMKLXSV[VSRK
&YXQER]UYIWXMSRWSJJEGXGERRSXFIERW[IVIHEFWSPYXIP]8LIVIMWEXVYI UYIWXMSRSJJEGX
ERW[IVFYX[IHSRtXLEZIIRSYKLMRJSVQEXMSRXSORS[[LEXMXMW7SQIUYIW %UYIWXMSREFSYXXLIXVYXL
XMSRW PMOI XLMW MRZSPZI TVIHMGXMSR ;MPP XLI IGSRSQ] FI FIXXIV SV [SVWI RI\X SVJEPWMX]SJEREWWIVXMSR
]IEV#;LS[MPP[MRXLI7YTIV&S[PXLMWWIEWSR#
3XLIVUYIWXMSRWHIEP[MXLMWWYIWSR[LMGLXLIJEGXWEVIQYVO]SVMRGSRGPY
WMZI;LEX[MPPLETTIRRI\XMRXLI1MHHPI)EWX#-WWI\YEPSVMIRXEXMSRKIRIXM
GEPP]HIXIVQMRIH#2SSRIORS[WXLIJMREPERW[IVWXSXLIWIUYIWXMSRWFYXXLEX
HSIWRtX WXSTTISTPIJVSQWTIGYPEXMRKEFSYXXLIQ SVJVSQXV]MRKXSGSRZMRGI
SXLIVTISTPIXLEXXLI]LEZIXLIFIWXTSWWMFPIERW[IVW
%2%0=>-2+59)78-3273**%'8
-RWSQI[E]WETIVWYEWMZIWTIIGLSREUYIWXMSRSJJEGXMWWMQMPEVXSERMRJSV
QEXMZIWTIIGL&YXXLIX[SOMRHWSJWTIIGLIWXEOITPEGIMR HMJJIVIRXOMRHWSJ
WMXYEXMSRWERHJSVHMJJIVIRXTYVTSWIW8LIWMXYEXMSRJSVERMRJSVQEXMZIWTIIGL
MW R
SRTEVXMWER 8LI WTIEOIV EGXW EW E PIGXYVIV SV E XIEGLIV 8LI EMQ MW XS KMZI
MRJSVQEXMSR EW MQTEVXMEPP] EW TSWWMFPI RSX XS EVKYI JSV E TEVXMGYPEV TSMRX SJ
ZMI[3RXLISXLIVLERHXLIWMXYEXMSRJSVETIVWYEWMZIWTIIGLSREUYIWXMSRSJ
JEGXMWTEVXMWER8LIWTIEOIVEGXWEWEREHZSGEXI8LIEMQMWRSXXSFIMQTEVXMEP
FYXXSTVIWIRXSRIZMI[SJXLIJEGXWEWTIVWYEWMZIP]EWTSWWMFPI8LIWTIEOIVQE]
QIRXMSRGSQTIXMRKZMI[WSJXLIJEGXWFYXSRP]XSVIJYXIXLIQ
*SV I\EQTPI GSRWMHIV XLI EWWEWWMREXMSR SJ .SLR * /IRRIH] %JXIV QSVI
XLER JSYV HIGEHIW XLIVI MW WXMPP QYGL HIFEXI EFSYX [LEX VIEPP] LETTIRIH MR
(EPPEWSR2SZIQFIV(MH0II,EVZI]3W[EPHEGXEPSRISV[EWLITEVX
SJ E GSRWTMVEG]# ,S[ QER] WLSXW [IVI JMVIH EX 4VIWMHIRX /IRRIH] ERH JVSQ
[LEXPSGEXMSRW#-JXLIVI[EWEGSRWTMVEG][LS[EWMRZSPZIHMRMX#8LIMRJSVQE
XMZI WTIEOIV [SYPH VIGMXI XLI ORS[R JEGXW SR FSXL WMHIW SJ XLIWI UYIWXMSRW
[MXLSYX HVE[MRK E GSRGPYWMSR EFSYX [LMGL WMHI MW GSVVIGX 8LI TIVWYEWMZI
WTIEOIVLS[IZIV[SYPHHVE[ EGSRGPYWMSR JVSQXLIORS[R JEGXWERH XV]XS
GSRZIVXPMWXIRIVWXSLMWSVLIVTSMRXSJZMI[
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FIRSRIIHJSVGSYVXVSSQXVMEPW-REGVMQMREPXVMEPXLIVIMWYWYEPP]EXPIEWXSRI
ORS[RJEGXhEGVMQILEWFIIRGSQQMXXIH&YXHMHXLIHIJIRHERXGSQQMXXLI
GVMQI#8LITVSWIGYXMRKEXXSVRI]XVMIWXSTIVWYEHIXLINYV]XLEXXLIHIJIRHERX
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MRRSGIRX8LINYV]QYWXHIGMHI[LMGLZMI[SJXLIJEGXWMWQSVITIVWYEWMZI
36+%2->-2+74))',)73259)78-3273**%'8
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XIR]IEVW)EGLQEMRTSMRXMR]SYVWTIIGL[MPPTVIWIRXEVIEWSR[L]WSQISRI
WLSYPHEKVII[MXL]SY
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXERIEVXLUYEOISJSVEFSZI
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RI\XXIR]IEVW
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EPMJSVRMEMWPSRKSZIVHYIJSVEQENSVIEVXLUYEOI
-- 1
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QE]LETTIRWSSR
--- )\TIVXWEKVIIXLEXERIEVXLUYEOISJSVEFSZIGSYPH
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7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEX;MPPMEQ7LEOIWTIEVIHMHRSX
[VMXIXLITPE]WEXXVMFYXIHXSLMQ
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;MPPMEQ7LEOIWTIEVI[IVIEGXYEPP][VMXXIRF]*VERGMW&EGSR
SV)H[EVHHI:IVI
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MSKVETLMGEPERHXI\XYEPIZMHIRGIWYKKIWXXLEX;MPPMEQ
7LEOIWTIEVIHMHRSX[VMXIXLITPE]WEXXVMFYXIHXSLMQ
-- ,
MWXSVMGEPIZMHIRGIMRHMGEXIWXLEX7LEOIWTIEVItWTPE]W
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VIZSPZIEVSYRHUYIWXMSRW
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MRKXLIEYHMIRGIXSEGGITXETEVXMGYPEVZMI[SJXLIJEGXW7SQIXMQIWLS[IZIV
XLIHMWTYXIXLEXKMZIWVMWIXSETIVWYEWMZIWTIIGL[MPPKSFI]SRHEUYIWXMSRSJ
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;LEXMWXLIFIWXQSZMISJEPPXMQI#-WGPSRMRKQSVEPP]NYWXMJMEFPI#;LEXEVIXLI
IXLMGEPVIWTSRWMFMPMXMIWSJNSYVREPMWXW#7YGLUYIWXMSRWRSXSRP]MRZSPZIQEXXIVW
SJJEGXFYXXLI]EPWSHIQERHZEPYINYHKQIRXWhNYHKQIRXWFEWIHSRETIVWSRtW
FIPMIJWEFSYX[LEXMWVMKLXSV[VSRKKSSHSVFEHQSVEPSVMQQSVEPTVSTIVSV
MQTVSTIVJEMVSVYRJEMV
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MX]#8LIERW[IVHITIRHWSR]SYVXSTMGERH]SYVEYHMIRGI-J]SYVEYHMIRGIMW
RSX E[EVI SJ XLI LIEPXL ERH IRZMVSRQIRXEP TVSFPIQW GEYWIH F] XLI YWI SJ
ERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXW]SY[MPPLEZIXSKMZIQYGLSJ
]SYV XMQI XS RIIHFIJSVI GSZIVMRK TPER ERH TVEGXMGEPMX] 3R XLI SXLIV LERH
MJ ]SYV PMWXIRIVW EPVIEH] ORS[ EFSYX XLI TVSFPIQW GEYWIH F] ERXMFEGXIVMEP
LSYWILSPH TVSHYGXW ]SY GER UYMGOP] VIQMRH XLIQ SJ RIIH ERH XLIR HIZSXI
QSWXSJ]SYVWTIIGLXSTPERERHTVEGXMGEPMX]
3VWYTTSWI]SYEHZSGEXIMRGVIEWMRKXLIXE\SRGMKEVIXXIWXSETEGOMR
SVHIVXSVIHYGIWQSOMRKEQSRKXIIREKIVW1SWXTISTPIEKVIIXLEXXIIRWQSOMRK
MWEWIVMSYWLIEPXLTVSFPIQFYXQER][SYPHUYIWXMSR[LIXLIVMRGVIEWMRKXLI
TVMGI SJ GMKEVIXXIW [MPPHS QYGL XS WSPZI XLI TVSFPIQ 8LIVIJSVI ]SY WLSYPH
HIZSXIEJEMVTEVXSJ]SYVWTIIGLXSTVEGXMGEPMX]hXSWLS[MRKXLEXMRGSYRXVMIW
[LMGL LEZI HVEWXMGEPP] VEMWIH XLIMV GMKEVIXXI XE\IW XLI WQSOMRK VEXI EQSRK
XIIREKIVWLEWHVSTTIHF]EWQYGLEWTIVGIRX
36+%2->-2+74))',)73259)78-3273*430-'=
)JJIGXMZISVKERMÊXMSRMWGVYGMEP[LIR]SYWIIOXSTIVWYEHIPMWXIRIVWSREUYIWXMSR
SJTSPMG]%PXLSYKLER]SJXLIFEWMGTEXXIVRWSJSVKERMÊXMSRI\TPEMRIHMR'LET
XIVGERFIYWIHJSYVWTIGMEPTEXXIVRWEVIIWTIGMEPP]ZEPYEFPIJSVTSPMG]WTIIGLIW
8LI] EVI TVSFPIQWSPYXMSR SVHIV TVSFPIQGEYWIWSPYXMSR SVHIV GSQTEVEXMZI
EHZERXEKIWSVHIVERH1SRVSItWQSXMZEXIHWIUYIRGI
4VSFPIQ7SPYXMSR3VHIV
-J]SYEHZSGEXIEGLERKIMRTSPMG]]SYVQEMRTSMRXWSJXIR[MPPJEPPREXYVEPP] TVSFPIQWSPYXMSRSVHIV
MRXSTVSFPIQWSPYXMSRSVHIV-RXLIJMVWXQEMRTSMRX]SYHIQSRWXVEXIXLIRIIH %QIXLSHSJSVKERM^MRK
JSVERI[TSPMG]F]WLS[MRKXLII\XIRXERHWIVMSYWRIWWSJXLITVSFPIQ-RXLI TIVWYEWMZIWTIIGLIWMR[LMGL
WIGSRHQEMRTSMRX]SYI\TPEMR]SYVTPERJSVWSPZMRKXLITVSFPIQERHWLS[MXW XLIJMVWXQEMRTSMRXHIEPW[MXL
TVEGXMGEPMX]JSVI\EQTPI XLII\MWXIRGISJETVSFPIQERH
XLIWIGSRHQEMRTSMRXTVIWIRXW
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIYWISJERXMFEGXIVMEP EWSPYXMSRXSXLITVSFPIQ
GLIQMGEPWMRLSYWILSPHTVSHYGXWMWGVIEXMRKLIEPXLERH
IRZMVSRQIRXEPTVSFPIQW
'IRXVEP-HIE 8LIYWISJERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXWMW
EWIVMSYWTVSFPIQXLEXVIUYMVIWEGXMSRF]KSZIVRQIRXERH
GSRWYQIVWEPMOI
1EMR4SMRXW - 8
LIYWISJERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXW
MWEWIVMSYWTVSFPIQ
% 6EXLIVXLERQEOMRKYWQSVILIEPXL]ERXMFEGXIVMEP
GLIQMGEPWMRLSYWILSPHTVSHYGXWEVIGSRXVMFYXMRKXS
PSRKXIVQLIEPXLTVSFPIQW
& 8
LIERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXWEVI
EPWSGVIEXMRKIRZMVSRQIRXEPTVSFPIQWFIGEYWIXLI]
IZIRXYEPP]IRHYTMRXLI97[EXIVWYTTP]
-- 7 SPZMRKXLIWITVSFPIQWVIUYMVIWEGSQFMREXMSRSJ
KSZIVRQIRXERHGSRWYQIVEGXMSR
% 8LI*SSHERH(VYK%HQMRMWXVEXMSRWLSYPHMRWXMXYXI
VIKYPEXMSRWGSRXVSPPMRKXLIYWISJERXMFEGXIVMEP
GLIQMGEPWMRLSYWILSPHTVSHYGXW
GSRRIGXPYGEWGSQ
& '
SRWYQIVWWLSYPHEZSMHTYVGLEWMRKLSYWILSPH
:MI[ERI\GIVTXJVSQ
TVSHYGXWXLEXGSRXEMRERXMFEGXIVMEPGLIQMGEPW
&YFFPIrMRXLISRPMRI1IHME
0MFVEV]JSVXLMWGLETXIV =SYGERYWIXLITVSFPIQWSPYXMSRJSVQEXNYWXEWIEWMP]XSSVKERMÎEWTIIGL
:MHIS'PMT STTSWMRKEGLERKIMRTSPMG]-RWYGLEWTIIGL]SYVNSFMWXSHIJIRHXLIGYVVIRX
W]WXIQERHXSEXXEGO]SYVSTTSRIRXWtTVSTSWIHTSPMG]8LYWMRXLIJMVWXQEMRTSMRX
]SYQMKLXEVKYIXLEXXLIVIMWRSXERIIHJSVGLERKI-RXLIWIGSRHQEMRTSMRX]SY
QMKLXWLS[XLEXIZIRMJXLIVI[IVIEWIVMSYWTVSFPIQXLIWYKKIWXIHRI[TSPMG]
[SYPHRSXWSPZIMXERH[SYPHGVIEXIWIVMSYWTVSFPIQWSJMXWS[R*SVI\EQTPI
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIGMX]GSYRGMPWLSYPHRSX
TEWWPIKMWPEXMSRQIVKMRKXLITSPMGIERHJMVIHITEVXQIRXW
'IRXVEP-HIE 1IVKMRKXLITSPMGIERHJMVIHITEVXQIRXWMWRIMXLIVRIGIWWEV]
RSVTVEGXMGEP
1EMR4SMRXW -1IVKMRKXLITSPMGIERHJMVIHITEVXQIRXWMWRSXRIGIWWEV]
% 9RHIVXLIGYVVIRXW]WXIQXLITSPMGIHITEVXQIRXLEW
HIZIPSTIHEVITYXEXMSRJSVI\GIPPIRGIXLEXLEWQEHI
MXEQSHIPJSVHITEVXQIRXWMRSXLIVGMXMIW
& 8
LIJMVIHITEVXQIRXMWIUYEPP][IPPVIWTIGXIHJSV
HSMRKMXWNSFUYMGOP]ERHIJJMGMIRXP]
-- &
IWMHIWFIMRKYRRIGIWWEV]QIVKMRKXLITSPMGIERHJMVI
HITEVXQIRXWMWLMKLP]MQTVEGXMGEP
% 6EXLIVXLERWEZMRKXLIGMX]QSRI]QIVKMRKXLI
HITEVXQIRXW[SYPHMRGVIEWIGSWXW
& 1
IVKMRKXLIHITEVXQIRXW[SYPHEPWSLEVQQSVEPI
ERHVIHYGIXLILMKLPIZIPSJTIVJSVQERGI[II\TIGX
JVSQSYVTSPMGIJSVGIERHJMVIJMKLXIVW
4VSFPIQ'EYWI7SPYXMSR3VHIV
*SVEZEVMEXMSRSRTVSFPIQWSPYXMSRSVHIV]SYQMKLXEVVERKI]SYVWTIIGLMR
TVSFPIQGEYWI TVSFPIQGEYWIWSPYXMSRSVHIV8LMWTVSHYGIWEWTIIGL[MXLXLVIIQEMRTSMRXWh
WSPYXMSRSVHIV XLIJMVWXMHIRXMJ]MRKETVSFPIQXLIWIGSRHEREP]^MRKXLIGEYWIWSJXLITVSFPIQ
%QIXLSHSJSVKERM^MRKTIVWYEWMZI ERHXLIXLMVHTVIWIRXMRKEWSPYXMSRXSXLITVSFPIQ*SVI\EQTPI
WTIIGLIWMR[LMGLXLIJMVWXQEMR
TSMRXMHIRXMJMIWETVSFPIQXLI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIEKIJSVJYPPQSXSVZILMGPI
WIGSRHQEMRTSMRXEREP]ÎWXLI HVMZMRKTVMZMPIKIWWLSYPHFIVEMWIHXS
GEYWIWSJXLITVSFPIQERHXLI
'IRXVEP-HIE 8LIRYQFIVSJEGGMHIRXWERHHIEXLWMRZSPZMRKXIIREKI
XLMVHQEMRTSMRXTVIWIRXWE
HVMZIVWMWEWIVMSYWTVSFPIQXLEXGERFIGSRXVSPPIHF]VEMWMRK
WSPYXMSRXSXLITVSFPIQ
XLIEKIJSVJYPPHVMZMRKTVMZMPIKIWXS
1EMR4SMRXW - 8
LIRYQFIVSJEGGMHIRXWERHHIEXLWMRZSPZMRKXIIREKI
HVMZIVWMWEWIVMSYWREXMSREPTVSFPIQ
',%48)6 74)%/-2+834)679%()

6IKEVHPIWWSJLS[]SY
SVKERMÎ]SYVTIVWYEWMZI
WTIIGL]SY[MPPRIIHWXVSRK
WYTTSVXMRKQEXIVMEPW8LI
FIXXIV]SYVVIWIEVGLXLI
QSVIGSRZMRGMRK]SYV
EVKYQIRXWEVIPMOIP]XSFI
% )EGL]IEVQSVIXLERTISTPIEVIOMPPIHMR
EGGMHIRXWMRZSPZMRKXIIREKIHVMZIVW
& 8LIVMWOWSJFIMRKMRZSPZIHMREJEXEPEGGMHIRXEVI
LMKLIWXJSVERH]IEVSPHHVMZIVW
-- 8LIVIEVIJSYVQEMRGEYWIWSJXLITVSFPIQ
% =SYRKIVHVMZIVWLEZIRtXLEHIRSYKLI\TIVMIRGIXS
HIZIPSTXLIMVHVMZMRKWOMPPW
& =SYRKIVHVMZIVWEVIQSVITVSRIXSVMWOXEOMRKERH
HERKIVSYWHVMZMRKFILEZMSVW
' =SYRKIVHVMZIVWEVIQSVIPMOIP]XSLEZIEGGMHIRXW
[LIRHVMZMRKEJXIVHEVO
( =SYRKIVHVMZIVWEVIIEWMP]HMWXVEGXIHF]XLITVIWIRGI
SJSXLIVXIIREKIVWMRXLIGEV
GSRRIGXPYGEWGSQ
--- ; IGERLIPTWSPZIXLIWITVSFPIQWF]VEMWMRKXLIEKIJSV
:MI[ERI\GIVTXJVSQ
JYPPHVMZMRKTVMZMPIKIW
q4YXXMRKXLI&VEOIWSR
% %PXLSYKLERH]IEVSPHWWLSYPHLEZIPMQMXIH 8IIREKI(VMZMRKrMRXLI
HVMZMRKTVMZMPIKIWXLI]WLSYPHRSXVIGIMZIER SRPMRI1IHME0MFVEV]JSVXLMW
YRVIWXVMGXIHPMGIRWIYRXMPEKI GLETXIV :MHIS'PMT
& 8LMW[MPPEPPS[]SYRKIVHVMZIVWXMQIXSKEMRQEXYVMX]ERH
I\TIVMIRGIFIJSVIVIGIMZMRKYRPMQMXIHHVMZMRKTVMZMPIKIW
7SQI XIEGLIVW TVIJIV XLMW QIXLSH SJ SVKERMÊXMSR FIGEYWI MX VIUYMVIW E
WTIEOIVXS MHIRXMJ] XLIGEYWIWSJ XLITVSFPIQ 8LMWMRXYVRQEOIW MXIEWMIVXS
GLIGO[LIXLIVXLITVSTSWIHWSPYXMSR[MPPKIXEXXLIGEYWIWSJXLITVSFPIQ
'SQTEVEXMZI%HZERXEKIW3VHIV
;LIR]SYVEYHMIRGIEPVIEH]EKVIIWXLEXETVSFPIQI\MWXW]SYGERHIZSXI]SYV
WTIIGLXSGSQTEVMRKXLIEHZERXEKIWERHHMWEHZERXEKIWSJGSQTIXMRKWSPYXMSRW
-R WYGL E WMXYEXMSR ]SY QMKLX TYX ]SYV WTIIGL MR GSQTEVEXMZI EHZERXEKIW
SVHIVHIZSXMRKIEGLQEMRTSMRXXSI\TPEMRMRK[L]]SYVWSPYXMSRMWTVIJIVEFPI
XSSXLIVTVSTSWIHWSPYXMSRW
7YTTSWI]SY[ERXXSGSRZMRGI]SYVEYHMIRGIXLEXEYXSQEOIVWWLSYPHTYX
KVIEXIVIQTLEWMWSRHIZIPSTMRKL]HVSKIRJYIPGIPPGEVWXLERKEWIPIGXVMGL]FVMH
GSQTEVEXMZI GEVW9WMRKGSQTEVEXMZIEHZERXEKIWSVHIV]SY[SYPHGSQTEVIL]HVSKIRGEVW
EHZERXEKIWSVHIV [MXLKEWIPIGXVMGL]FVMHGEVWERHWLS[[L]XLIJSVQIVEVIEFIXXIVGLSMGI=SYV
%QIXLSHSJSVKERM^MRK WTIGMJMGTYVTSWIGIRXVEPMHIEERHQEMRTSMRXWQMKLXPSSOPMOIXLMW
TIVWYEWMZIWTIIGLIWMR[LMGL
IEGLQEMRTSMRXI\TPEMRW[L]E 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEYXSQEOIVWWLSYPHTYX
WTIEOIVtWWSPYXMSRXSETVSFPIQ KVIEXIVIQTLEWMWSRHIZIPSTMRKL]HVSKIRJYIPGIPPGEVWXLER
MWTVIJIVEFPIXSSXLIVTVSTSWIH KEWIPIGXVMGGEVW
WSPYXMSRW 'IRXVEP-HIE 9RPMOIKEWIPIGXVMGGEVWL]HVSKIRGEVWVYRIRXMVIP][MXLSYX
KEWSPMRIERHHSRSXIQMXEMVTSPPYXMRKI\LEYWX
1EMR4SMRXW - 9
RPMOIL]FVMHGEVWL]HVSKIRGEVWVYRIRXMVIP][MXLSYX
KEWSPMRI
-- 9
RPMOIL]FVMHGEVWL]HVSKIRGEVWHSRSXIQMXER]EMV
TSPPYXMRKI\LEYWX
1SRVSItW1SXMZEXIH7IUYIRGI
(IZIPSTIHMRXLIWF]%PER1SRVSIETVSJIWWSVSJWTIIGLEX4YVHYI9RMZIV
1SRVSItWQSXMZEXIH WMX]XLIQSXMZEXIHWIUYIRGIMWXEMPSVQEHIJSVTSPMG]WTIIGLIWXLEXWIIOMQQIHM
WIUYIRGI EXIEGXMSR8LIWIUYIRGILEWJMZIWXITWXLEXJSPPS[XLITW]GLSPSK]SJTIVWYEWMSR
%QIXLSHSJSVKERM^MRK
TIVWYEWMZIWTIIGLIWXLEXWIIO %XXIRXMSR*MVWX]SYKEMRXLIEXXIRXMSRSJ]SYVEYHMIRGIF]YWMRKSRISVQSVI
MQQIHMEXIEGXMSR8LIJMZI SJXLIQIXLSHWHIWGVMFIHMR'LETXIVVIPEXMRKXSXLIEYHMIRGIWLS[MRKXLI
WXITWSJXLIQSXMZEXIHWIUYIRGI MQTSVXERGISJXLIXSTMGQEOMRKEWXEVXPMRKWXEXIQIRXEVSYWMRKGYVMSWMX]SV
EVIEXXIRXMSRRIIHWEXMWJEGXMSR WYWTIRWITSWMRKEUYIWXMSRXIPPMRKEHVEQEXMGWXSV]SVYWMRKZMWYEPEMHW
ZMWYEPMÊXMSRERHEGXMSR 2
IIH2I\X]SYQEOIXLIEYHMIRGIJIIPERIIHJSVGLERKI=SYWLS[XLIVIMW
EWIVMSYW TVSFPIQ[MXL XLII\MWXMRK WMXYEXMSR-XMWMQTSVXERXXSWXEXIXLI
RIIH GPIEVP] ERH XS MPPYWXVEXI MX [MXL WXVSRK WYTTSVXMRK QEXIVMEPW &] XLI
IRHSJXLMWWXITPMWXIRIVWWLSYPHFIWSGSRGIVRIHEFSYXXLITVSFPIQXLEX
XLI]EVITW]GLSPSKMGEPP]TVMQIHXSLIEV]SYVWSPYXMSR
7 EXMWJEGXMSR ,EZMRK EVSYWIH E WIRWI SJ RIIH ]SY WEXMWJ] MX F] TVSZMHMRK
E WSPYXMSR XS XLI TVSFPIQ =SY TVIWIRX ]SYV TPER ERH WLS[ LS[ MX [MPP
[SVO&IWYVIXSSJJIVIRSYKLHIXEMPWEFSYXXLITPERXSKMZIPMWXIRIVWEGPIEV
YRHIVWXERHMRKSJMX
:
MWYEPMÊXMSR,EZMRKKMZIR]SYVTPER]SYMRXIRWMJ]HIWMVIJSVMXF]ZMWYEP
M^MRKMXWFIRIJMXW8LIOI]XSXLMWWXITMWYWMRKZMZMHMQEKIV]XSWLS[]SYV
PMWXIRIVWLS[XLI][MPPTVSJMXJVSQ]SYVTSPMG]1EOIXLIQWIILS[QYGL
FIXXIVGSRHMXMSRW[MPPFISRGI]SYVTPERMWEHSTXIH
%
GXMSR 3RGI XLI EYHMIRGI MW GSRZMRGIH ]SYV TSPMG] MW FIRIJMGMEP ]SY EVI
VIEH]XSGEPPJSVEGXMSR7E]I\EGXP][LEX]SY[ERXXLIEYHMIRGIXSHShERH
LS[ XS HS MX 8LIR GSRGPYHI [MXL E JMREP WXMVVMRK ETTIEP XLEX VIMRJSVGIW
XLIMVGSQQMXQIRXXSEGX
1ER]WXYHIRXWTVIJIVXLIQSXMZEXIHWIUYIRGIFIGEYWIMXMWQSVIHIXEMPIH
XLER TVSFPIQWSPYXMSR SVHIV -X JSPPS[W XLI TVSGIWW SJ LYQER XLMROMRK ERH
PIEHWXLIPMWXIRIVWXITF]WXITXSXLIHIWMVIHEGXMSR3RIMRHMGEXMSRSJMXWIJJIG
XMZIRIWWMWXLEXMXMW[MHIP]YWIHF]TISTPI[LSQEOIXLIMVPMZMRKF]TIVWYEWMSRh
IWTIGMEPP]EHZIVXMWIVW8LIRI\XXMQI]SY[EXGLXIPIZMWMSRTE]GPSWIEXXIRXMSR
XS XLI GSQQIVGMEPW =SY [MPP JMRH XLEX QER] SJ XLIQ JSPPS[ XLI QSXMZEXIH
WIUYIRGIEWMRXLMWI\EQTPI
',%48)6 74)%/-2+834)679%()

%WETIVWYEWMZIWTIEOIV]SYQYWXYRHIVWXERHFSXLWMHIWSJERMWWYIWS]SYGER
ERW[IVXLISFNIGXMSRWSJPMWXIRIVW[LSHSRSXWYTTSVX]SYVTSMRXSJZMI[=SYGER
YWIXLI-RXIVRIXXSLIPTF]ZMWMXMRKXLI;IFWMXIWSJSVKERMÊXMSRWXLEXXEOISTTSW
MRKZMI[W*SVI\EQTPIMJ]SYVXSTMGMWWXIQGIPPVIWIEVGLZMWMXFSXLXLI&IHJSVH
7XIQ 'IPP6IWIEVGL *SYRHEXMSR [ [[FIHJSVHVIWIEVGLSVK ERH (S2S,EVQ
8LI'SEPMXMSRSJ%QIVMGERWJSV6IWIEVGL)XLMGW [ [[WXIQGIPPVIWIEVGLSVK 3V
MJ ]SY EVIWTIEOMRK SR KYR GSRXVSPEGGIWW XLI 2EXMSREP6MJPI %WWSGMEXMSR [ [[
RVESVK ERHXLI'SEPMXMSRXS7XST+YR:MSPIRGI [ [[GWKZSVK
-J]SY[ERX]SYVPMWXIRIVWXSXEOIEGXMSRF][VMXMRKXLIMV977IREXSVSV6ITVIWIRXE
-RXIVRIX
XMZIIRGSYVEKIXLIQXSYWIIQEMP=SYGERJMRHIQEMPEHHVIWWIWJSV7IREXSVWEX
[[[WIREXIKSZ*SVEWWMWXERGIMRGSRXEGXMRKQIQFIVWSJXLI,SYWIPSKSRXS 'SRRIGXMSR
[[[LSYWIKSZ [[[GSRRIGXPYGEWGSQ
%XXIRXMSR -XtWEWYRR]WTVMRKHE]*PS[IVWEVIMRFPSSQERHXLI[MRHMW
FPS[MRK8LIGEQIVEJSGYWIWSRX[S[SQIRFSXLMRXLIMVPEXI
X[IRXMIWSVIEVP]XLMVXMIWNSKKMRKXLVSYKLEGMX]TEVO7YHHIRP]
SRISJXLI[SQIRWXSTWFIRHWSZIVERHVIWXWLIVLERHWSRLIV
LMTW,IVI]IWEVI[EXIVMRKERHWLIMWFVIEXLMRKLIEZMP]%XMKLXP]
JVEQIHGPSWIYTLIMKLXIRWXLIWIRWIXLEXWSQIXLMRKMW[VSRK
2IIH q%VI]SYEPPVMKLX#rEWOWLIVJVMIRHq-XtWQ]EPPIVKMIWrXLI
[SQERVITPMIWq)ZIV]WTVMRKMXtWXLIWEQIXLMRK-JIIPKVIEX
ERHXLIRQ]LE]JIZIVVYMRWIZIV]XLMRK=SYtHFIXXIVKSSR
[MXLSYXQIr
7EXMWJEGXMSR q-YWIHXSLEZIXLIWEQITVSFPIQrWE]WXLI[SQERtW
JVMIRHq8LIR-XVMIH%PP%VVIWX-XORSGOIHSYXQ]LE]JIZIV
GSQTPIXIP]2S[-GERHSIZIV]XLMRK-[ERXMRXLIWTVMRK
=SYWLSYPHXV]MXr8LIERRSYRGIVMRZSMGISZIVXIPPWYW
q%PP%VVIWXTVSZMHIWXLIQSWXIJJIGXMZILE]JIZIVVIPMIJEZEMPEFPIh
ERH[MXLSYXGEYWMRKHVS[WMRIWWr
:MWYEPMÊXMSR ;IWIIXLIWEQIX[S[SQIRNSKKMRKE[IIOSVWSPEXIV&SXL
EVIVYRRMRKFVMWOP]ERHFVIEXLMRKIEWMP]q8LEX%PP%VVIWXVIEPP]
HSIW[SVOrWE]WXLI[SQER[LSLEHXSWXSTVYRRMRKMRXLI
STIRMRKWGIRIq-JIIPPMOIERI[TIVWSRWMRGI-WXEVXIHXEOMRK
MX8LEROWXS%PP%VVIWX-GERIRNS]WTVMRKEKEMRr
%GXMSR 8LIEYHMIRGIMWYVKIHXSYWI%PP%VVIWX[LIRIZIVXLI]WYJJIV
JVSQEPPIVKMIW
8V] YWMRK XLI QSXMZEXIH WIUYIRGI [LIR ]SY [ERX XS WTYV PMWXIRIVW XS
EGXMSR=SYWLSYPHJMRHMXIEW]ERHIJJIGXMZIEWHMHSRIWXYHIRX[LSYWIHMXMR
E WTIIGL YVKMRK GPEWWQEXIW XS [SVO JSV TEWWEKI SJ E PSGEP XIRERXWt VMKLXW FMPP
,IVIEVIXLILMKLPMKLXWSJLMWWTIIGL
%XXIRXMSR ,EZI]SYIZIVLEHGSGOVSEGLIWVYRRMRKXLVSYKLXLIGYTFSEVHW
MR]SYVETEVXQIRX#,EZI]SYW[IPXIVIHMRXLILIEXFIGEYWI
XLIEMVGSRHMXMSRMRKHMHRtX[SVO#3VWLMZIVIHMRXLIGSPH
FIGEYWIXLIJYVREGI[EWFVSOIR#3V[EMXIHQSRXLWJSVXLI
WIGYVMX]HITSWMX]SYRIZIVKSXFEGOIZIRXLSYKL]SYPIJX
]SYVETEVXQIRXEWGPIEREW[LIR]SYQSZIHMR#
2IIH 8LVSYKLSYXXLMWGMX]WXYHIRXWERHSXLIVXIRERXWEVIFIMRK
ZMGXMQMÎHF]YRVIWTSRWMZIERHYRIXLMGEPPERHPSVHW.YWXPEWX
]IEVQSVIXLERGSQTPEMRXW[IVIJMPIH[MXLXLIGMX]LSYWMRK
HITEVXQIRXFYXRSEGXMSRLEWFIIRXEOIREKEMRWXXLIPERHPSVHW
7EXMWJEGXMSR 8LIWITVSFPIQWGSYPHFIWSPZIHF]TEWWMRKEWXVSRKXIRERXWt
VMKLXWFMPPXLEXHIJMRIWXLIVMKLXWSJXIRERXWWTIGMJMIWXLISFPM
KEXMSRWSJPERHPSVHWERHMQTSWIWWXVMGXTIREPXMIWJSVZMSPEXSVW
:MWYEPMÊXMSR 7YGLFMPPWLEZI[SVOIHMRERYQFIVSJGSPPIKIGSQQYRMXMIW
EGVSWWXLIREXMSR-JSRI[IVITEWWIHLIVI]SY[SYPHRS
PSRKIVLEZIXS[SVV]EFSYXWYFWXERHEVHWERMXEV]SVWEJIX]
GSRHMXMSRWMR]SYVETEVXQIRX=SYVPERHPSVHGSYPHRSXZMSPEXI
XLIXIVQWSJ]SYVPIEWISVWXIEP]SYVWIGYVMX]HITSWMX
%GXMSR %XIRERXWtVMKLXWFMPPLEWFIIRTVSTSWIHXSXLIGMX]GSYRGMP
=SYGERLIPTKIXMXTEWWIHF]WMKRMRKXLITIXMXMSR-[MPPTEWW
EVSYRHEJXIVQ]WTIIGL-EPWSYVKI]SYXSLIPTF]GMVGYPEXMRK
TIXMXMSRWEQSRK]SYVJVMIRHWERHF]XYVRMRKSYXXSWYTTSVX
XLIFMPP[LIRMXMWHIFEXIHMRXLIGMX]GSYRGMPRI\X[IIO-J[I
EPP[SVOXSKIXLIV[IGERKIXXLMWFMPPXLVSYKLXLIGSYRGMP
1SRVSItW QSXMZEXIH WIUYIRGI MW TIVJIGXP] GSQTEXMFPI [MXL XLI WXERHEVH

QIXLSHSJSYXPMRMRKHMWGYWWIHMR'LETXIV8LIJSPPS[MRKSYXPMRIWLS[WLS[
SRI WTIEOIV MRGSVTSVEXIH XLIWIUYIRGI MRXS E WTIIGL YVKMRK LIVGPEWWQEXIW XS
HSREXIFPSSH
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXSFIGSQIVIKYPEVFPSSHHSRSVW
'IRXVEP-HIE &]FIGSQMRKVIKYPEVFPSSHHSRSVWGSPPIKIWXYHIRXWGERLIPT
WEZIPMZIWERHVITPIRMWLXLI97FPSSHWYTTP]
-RXVSHYGXMSR
%XXIRXMSR - %
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TSYRHW#(S]SYGSRWMHIV]SYVWIPJJEMVP]LIEPXL]#
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HSREXMRKFPSSHIZIV]X[SQSRXLW
GSRRIGXPYGEWGSQ --- %WEVIKYPEVFPSSHHSRSV-[SYPHPMOIXSWLS[[L]
:MI[ERI\GIVTXJVSQq8LI HSRSVWEVIMRWYGLHIWTIVEXIRIIHERHIRGSYVEKI]SYXS
9PXMQEXI+MJXrMRXLISRPMRI FIGSQIEHSRSV
1IHME0MFVEV]JSVXLMW
GLETXIV :MHIS'PMT &SH]
2IIH - 8
LIPEGOSJTEVXMGMTEXMSRF]IPMKMFPIFPSSHHSRSVWTSWIWE
XLVIEXXSXLIPMZIWSJQER]%QIVMGERW
% 7SQISRIMRXLI97YRHIVKSIWEFPSSHXVERWJYWMSR
IZIV]XLVIIWIGSRHW
& 8LMWEQSYRXWXSKEPPSRWSJFPSSHIZIV]LSYVSJ
IZIV]HE]
' 'YVVIRXHSREXMSRPIZIPWEVIXSSPS[XSQIIXXLMWRIIH
7EXMWJEGXMSR -- =SYGERLIPTF]FIGSQMRKEVIKYPEVFPSSHHSRSV
% =SYGERHSREXIEX]SYVPSGEP6IH'VSWW
& 8LITVSGIWWMWWMQTPIIEW]ERHTEMRPIWW
',%48)6 74)%/-2+834)679%()

1SRVSItWQSXMZEXIH
WIUYIRGIMWIWTIGMEPP]
YWIJYPJSVTIVWYEWMZIWTIEOIVW
[LSWIIOMQQIHMEXIEGXMSR
JVSQXLIMVPMWXIRIVWEWMWXLI
GEWI[MXLEGXSVERHEGXMZMWX
(ERR]+PSZIVMRXLMWEHHVIWW
XSKEVQIRX[SVOIVW
:MWYEPMÊXMSR --- )ZIV]YRMXSJFPSSH]SYHSREXIGERLIPTWEZIXLVIIPMZIW

% 8LIFPSSHMWHMZMHIHMRXSVIHFPSSHGIPPW[LMXIFPSSH
GIPPWERHTPEXIPIXWIEGLSJ[LMGLGERLIPTEHMJJIVIRX
TIVWSR
& -J]SYHSREXIXMQIWE]IEV]SYGERLIPTTISTPI
' -J]SYHSREXIJSV]IEVW]SYGERLIPTWEZIXLIPMZIW
SJTISTPI
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%GXMSR - 7 S-IRGSYVEKIIEGLSJ]SYXSFIGSQIEVIKYPEVFPSSHHSRSV
-- + MZIXLIYPXMQEXIKMJXhXLIKMJXSJPMJI
8V]YWMRKXLIQSXMZEXIHWIUYIRGI[LIR]SYWIIOMQQIHMEXIEGXMSRJVSQ
]SYVPMWXIRIVW3ZIVXLI]IEVWMXLEW[SVOIHJSVGSYRXPIWWWTIEOIVWhERHMXGER
[SVOJSV]SYEW[IPP
8LIJSPPS[MRKTIVWYEWMZIWTIIGLHIEPW[MXLEUYIWXMSRSJTSPMG]ERHTVSZMHIW
ER I\GIPPIRX I\EQTPI SJ TVSFPIQGEYWIWSPYXMSR WXVYGXYVI %W ]SY VIEH XLI
WTIIGLRSXMGILS[XLIWTIEOIVHIEPW[MXLXLIMWWYIWSJRIIHTPERERHTVEGXM
GEPMX] 2SXMGI EPWS LS[ WLI YWIW WXVSRK [IPPGLSWIR WYTTSVXMRK QEXIVMEPW XS
FEGO YT LIV TSMRX SJ ZMI[ SR [LEX WLI ORI[ [SYPH FI ER YRTSTYPEV MWWYI
EQSRKLIVGPEWWQEXIW*MREPP]SFWIVZILS[GPIEVERHYRGPYXXIVIHXLIWTIIGL GSRRIGXPYGEWGSQ
MW8LIVIEVIJI[[EWXIH[SVHWERHXLIMHIEWTVSKVIWWGPIERP]ERHGVMWTP] :MI[q4YXXMRKXLI&VEOIWSR
8IIREKI(VMZMRKrMRXLI
GLETXIV :MHIS'PMT
4
YXXMRKXLI&VEOIWSR8IIREKI(VMZMRK
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8LI WTIEOIV FIKMRW [MXL E ZMZMH VMGLP] 3REGLMPP]2SZIQFIVRMKLXX[S]IEVWEKSE*SVH)\TPSVIV[EW

HIXEMPIH WXSV] XLEX KEMRW EXXIRXMSR ERH GLEVKMRK HS[R E 'EPMJSVRME LMKL[E] 8LI ]IEVSPH HVMZIV
HVE[WXLIEYHMIRGIMRXSXLIWTIIGL ERHXLVIISJLMWJVMIRHW[IVIVIXYVRMRKJVSQEGSRGIVXMR0SW
%RKIPIW8LIWI]SYRKTISTPI[IVIKSSHWXYHIRXWKMJXIHEXL
PIXIWXEPIRXIHEVXMWXWERHQYWMGMERW%RHRSRI[IVIHVYROSV
MQTEMVIHF]HVYKW
%W XLI WTIEOIV GSQTPIXIW LIV STIRMRK 8LI] [IVI LS[IZIV HVMZMRK XSS JEWX ERH XLI HVMZIV
WXSV]WLIVIZIEPWXLEXSRISJXLIWXYHIRXW PSWX GSRXVSP SJ XLI GEV 8LI GEV [IRX MRXS E HMXGL ERH LMX
MRNYVIH MR XLI EGGMHIRX [EW LIV RITLI[ EXVII8LI HVMZIVERHSRITEWWIRKIV[IVI OMPPIH8LISXLIV
8LMWTIVWSREPMRZSPZIQIRXLIPTWIWXEFPMWL X[S TEWWIRKIVW IWGETIH [MXL WIZIVI MRNYVMIW 3RI SJ XLIWI
LIVGVIHMFMPMX]ERHKSSH[MPPFSXLSJ[LMGL TEWWIRKIVW[EWQ]RITLI[8SHE]LIMWJMRMWLMRKLMKLWGLSSP
EVIZMXEP[LIRSRIMWWTIEOMRKSREGSRXVS MR E [LIIPGLEMV E [LIIPGLEMV LI [MPP SGGYT] JSV XLI VIWX SJ
ZIVWMEPWYFNIGX LMWPMJI
9RJSVXYREXIP] XVEKMG EYXS EGGMHIRXW MRZSPZMRK XIIREKI

HVMZIVWEVIQYGLXSSGSQQSRMREPPTEVXWSJXLI9RMXIH7XEXIW
8LI WTIEOIV WXVIRKXLIRW LIV GVIHMFMPMX] %JXIV VIWIEVGLMRK XLI WYFNIGX JSV Q] WTIIGL - LEZI GSQI XS
ERHVIZIEPWXLIGIRXVEPMHIESJLIVWTIIGL XLI WEQI GSRGPYWMSR EW XLI I\TIVXWhXLEX XLI FIWX [E] XS
TVIZIRXWYGLEGGMHIRXWMWXSVEMWIXLIEKIJSVJYPPHVMZMRKTVMZM
PIKIWXSSVSPHIV
8LIWTIEOIVYWIWLIVEYHMIRGIEREP]WMWWYV - ORS[ JVSQ Q] EYHMIRGIEREP]WMW UYIWXMSRREMVI XLEX

ZI] FSXL XS EGORS[PIHKI LIV GPEWWQEXIWt QSWX SJ ]SY STTSWI WYGL E TPER &YX - EPWS ORS[ JVSQ Q]
STTSWMXMSRXSVEMWMRKXLIHVMZMRKEKIERHXS UYIWXMSRREMVIW XLEX QSWX SJ ]SY VIGSKRMÎ XLEX ERH
WXVIWW XLIMV VIGSKRMXMSR XLEX XLIVI EVI VIE ]IEVSPHHVMZIVWEVIPIWWWOMPPIHERHPIWWVIWTSRWMFPIXLERSPHIV
WSRW XSGSRWMHIV MRWXMXYXMRK WYGL ETSPMG] HVMZIVW 7S - EWO ]SY XS PMWXIR [MXL ER STIR QMRH [LMPI [I
%JXIV EWOMRK XLIQ XS PMWXIR [MXL ER STIR HMWGYWWWSQISJXLITVSFPIQWEWWSGMEXIH[MXLXIIREKIHVMZMRK
QMRH WLI TVIZMI[W XLI QEMR TSMRXW WLI XLI QENSV GEYWIW SJ XLI TVSFPIQW ERH E TPER XLEX [MPP KS E
[MPPHMWGYWWMRXLIFSH]SJXLIWTIIGL PSRK[E]XS[EVHWSPZMRKXLITVSFPIQW
8LMW WTIIGL MW SVKERMÎH MR TVSFPIQ 2SQEXXIVLS[SRIPSSOWEXXLIIZMHIRGIMXEPPPIEHWXS

GEYWIWSPYXMSRSVHIV,IVIXLIWTIEOIVWXEVXW SRIJEGX8LIVIEVIXSSQER]QSXSVZILMGPIEGGMHIRXWHIEXLW
XLIFSH]F]MHIRXMJ]MRKXLITVSFPIQhXLI ERH MRNYVMIW MRZSPZMRK XIIREKI HVMZIVW %GGSVHMRK XS XLI
PEVKI RYQFIV SJ EGGMHIRXW HIEXLW ERH 2EXMSREP,MKL[E]8VEJJMG7EJIX]%HQMRMWXVEXMSR[LMPIXIIREK
MRNYVMIW MRZSPZMRK XIIREKI HVMZIVW 7LI IVW QEOI YT TIVGIRX SJ XLI REXMSRtW PMGIRWIH HVMZIVW XLI]
WYTTSVXW LIV GPEMQ [MXL WXEXMWXMGW JVSQ VITVIWIRXTIVGIRXSJEPPQSXSVZILMGPIJEXEPMXMIW8LI2,87%
XLI2EXMSREP,MKL[E]8VEJJMG7EJIX]%HQMR VITSVXWXLEXPEWX]IEVHVMZIVWEKIHXS[IVIOMPPIH
MWXVEXMSR %W ]SY GER WII JVSQ XLI ZMHIS MREYXSQSFMPIEGGMHIRXW-REHHMXMSRXSOMPPMRKXLIHVMZIVWXLIWI
SJXLIWTIIGLMRXLISRPMRI1IHME0MFVEV] WEQI EGGMHIRXW XSSO XLI PMZIW SJ XIIREKI TEWWIRKIVW
JSV XLMW GLETXIV WLI YWIW 4S[IV4SMRX XS &YX XLIWI EGGMHIRXW HMHRtX EJJIGX XIIREKIVW EPSRI 8LI] EPWS
TVIWIRXLIVWXEXMWXMGWERHXSLIMKLXIRXLIMV XSSOXLIPMZIWSJTISTPIEKIHSVSPHIV7SXLIXSXEP
MQTEGXEWWLIQSZIWJVSQJMKYVIXSJMKYVI RYQFIV SJ TISTPI OMPPIH PEWX ]IEV MR EYXSQSFMPI EGGMHIRXW
MRZSPZMRKXIIREKIHVMZIVW[EWhEPQSWXI\EGXP]XLIRYQ
FIVSJJYPPXMQIWXYHIRXWEXXLMWGEQTYW
',%48)6 74)%/-2+834)679%()

%WMRXLITVIZMSYWTEVEKVETLXLIWXEXMWXMGW )ZMHIRGI EPWS WLS[W XLEX XLI ]SYRKIV XLI HVMZIV XLI
LIVIGSQIJVSQGVIHMFPIGPIEVP]MHIRXMJMIH KVIEXIVXLIVMWO%GGSVHMRKXSXLI-RWYVERGI-RWXMXYXIJSV,MKL
WSYVGIW %PXLSYKL QSWX PMWXIRIVW HMH RSX [E] 7EJIX] ]IEVSPHW LEZI qXLI LMKLIWX TIVGIRXEKI SJ
JEZSVXLIWTIEOIVtW TSWMXMSREXXLIWXEVXSJ GVEWLIWMRZSPZMRK WTIIHMRKXLILMKLIWXTIVGIRXEKISJWMRKPI
LIV WTIIGL XLI WXVIRKXL SJ LIV IZMHIRGI ZILMGPIGVEWLIWERHXLILMKLIWXTIVGIRXEKISJGVEWLIWMRZSPZ
IZIRXYEPP] PIH WSQI XS GSRGIHI XLEX LIV MRKHVMZIVIVVSVr1SVISZIVEW97%8SHE]VITSVXW]IEVSPHW
TSWMXMSRRIIHIHXSFIXEOIRWIVMSYWP] EVIXLVIIXMQIWQSVIPMOIP]XSFIMRZSPZIHMRJEXEPGVEWLIWXLER
EVISPHIVHVMZIVW
% XVERWMXMSR QSZIW XLI WTIEOIV MRXS LIV 2S[XLEX[ItZIWIIRXLII\XIRXSJXLITVSFPIQ[IGER

WIGSRHQEMRTSMRXMR[LMGLWLII\TPSVIW I\TPSVIMXWGEYWIW3RISJXLIGEYWIWMWMRI\TIVMIRGI2I[HVMZ
JSYV QENSV GEYWIW SJ XLI TVSFPIQ 2SXMGI IVWNYWXLEZIRtXLEHIRSYKLXMQISRXLIVSEHXSHIZIPSTXLIMV
LS[WLIYWIWEWMKRTSWXXSMRXVSHYGIIEGL HVMZMRK WOMPPW &YX MRI\TIVMIRGI MW JEV JVSQ XLI SRP] GEYWI SJ
GEYWI XLI TVSFPIQ %JXIV EPP XLIVI [MPP EP[E]W FI MRI\TIVMIRGIH
HVMZIVWhIZIRMJXLIHVMZMRKEKIMWVEMWIHXSSVIZIRXS
8LI IZMHIRGI MR XLMW TEVEKVETL GSRRIGXW % WIGSRH GEYWI MW VIZIEPIH F] FVEMR VIWIEVGL *MRHMRKW
XLI XIRHIRG] SJ ]SYRKIV HVMZIVW XS XEOI JVSQ XLI 2EXMSREP -RWXMXYXI SJ 1IRXEP ,IEPXL WLS[ XLEX XLI
HERKIVSYW VMWOW [MXL XLI WXEXI SJ FVEMR FVEMR SJ ER EZIVEKI ]IEVSPH LEW RSX HIZIPSTIH XS XLI
HIZIPSTQIRXEQSRK]IEVSPHW-REHHM TSMRX[LIVILISVWLIMWEFPIXSIJJIGXMZIP]NYHKIXLIVMWOSJE
XMSRXSGSQMRKJVSQVIWTIGXIHWSYVGIWXLI KMZIRWMXYEXMSR(V.E]+MIHH[LSPIHXLIVIWIEVGLXIEQXLEX
IZMHIRGI TVSZMHIW E WGMIRXMJMG JSYRHEXMSR GSRHYGXIH XLI WXYH] WXEXIW q;LIR E WQEVX XEPIRXIH ERH
JSV[LEXXLIWTIEOIVtWEYHMIRGIORI[JVSQ ZIV] QEXYVI XIIR HSIW WSQIXLMRK XLEX E TEVIRX QMKLX GEPP
XLIMVS[RI\TIVMIRGIEFSYXXLITVSTIRWMX] sWXYTMHt MXtW XLMW YRHIVHIZIPSTIH TEVX SJ XLI FVEMR XLEX LEW
JSVVMWOXEOMRKEQSRKXIIREKIVW QSWXPMOIP]JEMPIHr7XIZIR0S[IRWXIMREQIHMGEPTVSJIWWSVEX
XLI9RMZIVWMX]SJ'SPSVEHSLEWNYWXJMRMWLIHEJMZI]IEVWXYH]
GSQTEVMRKXLIXVEJJMGVIGSVHWSJ]IEVSPHHVMZIVWXSHVMZIVW
EKIH XS ,MW GSRGPYWMSR# q(IPMFIVEXI VMWOXEOMRK ERH
HERKIVSYW ERH EKKVIWWMZI HVMZMRK FILEZMSVW TVIHSQMREXIHr
EQSRKXLI]IEVSPHW
2S[XLIWTIEOIV HMWGYWWIWXLIXLMVHGEYWI % XLMVH GEYWI SJ QSXSV ZILMGPI JEXEPMXMIW EQSRK XIIR
SJ XLI TVSFPIQhRMKLX HVMZMRK /RS[MRK EKI HVMZIVW MW RMKLX HVMZMRK %GGSVHMRKXS 8 LI ;EWLMRKXSR
XLEXRMKLXHVMZMRKMWQSVIHERKIVSYWJSVEPP 4SWX[LIR]IEVSPHWKIXFILMRHXLI[LIIPSJEGEVEJXIV
EKIKVSYTWWLIXEOIWGEVIXSRSXIXLEXMXMW HEVOXLIPMOIPMLSSHSJLEZMRKEREGGMHIRXMRGVIEWIWWIZIVEP
TEVXMGYPEVP] TIVMPSYW JSVXIIREKIVW FIGEYWI XMQIW SZIV 3J GSYVWI RMKLXXMQI HVMZMRK MW PIWW WEJI JSV
SJXLIMVVMWOXEOMRKERHXLIMVMRI\TIVMIRGI IZIV]SRI FYX MX FIGSQIW TEVXMGYPEVP] HERKIVSYW [LIR
FILMRHXLI[LIIP GSQFMRIH[MXLE]SYRK HVMZIVtW MRI\TIVMIRGIERH VIHYGIH
EFMPMX]XSKEYKIVMWO
8LMW TEVEKVETL MW IWTIGMEPP] IJJIGXMZI -J *MREPP]XLIVIMWXLITVIWIRGISJXIIREKITEWWIRKIVWMRXLI

]SY[EXGLXLIWTIIGLMRXLISRPMRI1IHME GEV;IEPPORS[[LEXMXtWPMOIXSHVMZI[MXLSYVJVMIRHWhXLI
0MFVEV] JSV XLMW GLETXIV ]SY GER WII LS[ WXIVISMWYTPSYHGIPPTLSRIWEVIVMRKMRKIZIV]FSH]tWPEYKLMRK
XLI WTIEOIV YWIW LIV ZSMGI KIWXYVIW ERH ERHLEZMRKEKSSHXMQI8LITVSFPIQMWXLEXEPPXLIWIJEGXSVW
JEGMEPI\TVIWWMSRWXSIRLERGIXLIMQTEGXSJ GVIEXI HMWXVEGXMSRW HMWXVEGXMSRW XLEX XSS SJXIR VIWYPX MR EGGM
LIV MHIEW ERH XS IWXEFPMWL E WXVSRK FSRH HIRXW MRNYV]ERH HIEXL %PPER;MPPMEQW GLMIJWGMIRXMWXEXXLI
[MXLXLIEYHMIRGI -RWYVERGI-RWXMXYXIJSV,MKL[E]7EJIX]VITSVXWXLEXSRIXIIR
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8LIVI[IVIXLVIITEWWIRKIVWMRXLIGEV
% XVERWMXMSR WMKREPW XLEX XLI WTIEOIV MW 7S XLI I\XIRX SJ XLI TVSFPIQ MW GPIEV 7S XSS EVI MXW
QSZMRK MRXS LIV XLMVH QEMR TSMRX %W MR GEYWIW ;LEX WXITW GER [I XEOI XS LIPT FVMRK EFSYX E WSPY
LIVWIGSRHQEMRTSMRXWLIYWIWEWMKRTSWX XMSR#*MVWX[IRIIHEREXMSREPTSPMG]XLEXRSSRIGERVIGIMZI
XSMRXVSHYGIIEGLSJXLIWYFTSMRXW E PIEVRIVtW TIVQMX YRXMP EKI ERH RS SRI GER VIGIMZI JYPP
HVMZMRKTVMZMPIKIWYRXMPEKI8LMW[MPPEPPS[]IEVSPHWXMQI
XS KEMR HVMZMRK I\TIVMIRGI FIJSVI LEZMRK ER YRVIWXVMGXIH
PMGIRWIERHXSVIEGLEWXEKISJFVEMRHIZIPSTQIRX[LIVIXLI]
EVIFIXXIVEFPIXSLERHPIXLIVMWOERHVIWTSRWMFMPMX]SJHVMZMRK
%W XLMW WIGXMSR SJ XLI WTIIGL TVSGIIHW 7IGSRH [I RIIH XS VIWXVMGX RMKLXXMQI HVMZMRK WS EW XS
RSXMGILS[XLIWTIEOIVtWTPEREHHVIWWIWEPP OIIT]SYRKIVHVMZIVWSJJXLIVSEH[LIRGSRHMXMSRWEVIVMWOMIWX
JSYV GEYWIW SJ XLI TVSFPIQ HMWGYWWIH MR 7SQI WXEXIW LEZI XVMIH XS EHHVIWW XLMW TVSFPIQ F] FERRMRK
QEMR TSMRX X[ShMRI\TIVMIRGI FVEMR XIIREKIVW JVSQ HVMZMRK EJXIV QMHRMKLX SV %1 FYX EW XLI
HIZIPSTQIRXRMKLXHVMZMRKERHXLIRYQ -RWYVERGI-RWXMXYXIJSV,MKL[E]7EJIX]VITSVXWXLIWIPE[WHSRtX
FIVSJXIIREKITEWWIRKIVWMREGEV KSJEVIRSYKL%GGSVHMRKXSXLI-RWXMXYXI[IRIIHE 41
SV41PMQMXYRXMPHVMZIVWVIEGLXLIEKISJ
&IGEYWIXLIWTIEOIVMWRSXEREYXLSVMX]SR 8LMVH[IRIIHXSVIWXVMGXXLIRYQFIVSJXIIREKITEWWIRKIVW
LMKL[E] WEJIX] WLI YWIW I\TIVX XIWXMQSR] MR GEVW HVMZIR F] ]SYRKIV HVMZIVW -R JEGX WE]W /IZMR 5YMRPER
XS TVSZI XLEX LIV TPER [MPP VIHYGI XIIREKI JVSQ XLI 2EXMSREP 8VERWTSVXEXMSR 7EJIX] &SEVH qTEWWIRKIV
HVMZMRK JEXEPMXMIW 2SXMGI LS[ QYGL PIWW VIWXVMGXMSRMWXLIJMVWXERHJSVIQSWXQIEWYVI]SYGERXEOIrXS
IJJIGXMZIXLIWTIIGL[SYPHFIMJXLIWTIEOIV VIHYGI XIIREKI HVMZMRK JEXEPMXMIW %GGSVHMRK XS 5YMRPER XLI
LEHQIVIP]WXEXIHXLIWXITWSJLIVTPER[MXL STXMQEPTSPMG][SYPHFIXSFEVHVMZIVWEKISV]SYRKIVJVSQ
SYXTVSZMHMRKIZMHIRGISJMXWIJJIGXMZIRIWW LEZMRKER]TEWWIRKIVWMRXLIGEVYRPIWWXLIVMHIVWEVIEHYPXWSV
JEQMP]QIQFIVW(VMZIVWJVSQXLIEKISJXSWLSYPHRSX
FIEPPS[IHXSGEVV]QSVIXLERSRIXIIREKITEWWIRKIV
,IVIXLIWTIEOIVHIEPW [MXL XLISFNIGXMSR 2S[ - ORS[ EPP SJ XLMW QMKLX WSYRH LEVWL ERH TIVLETW
XLEXLIVTPER[SYPHFILEVWLERHMRGSRZI MRGSRZIRMIRX FYX XLI IZMHIRGI MW GPIEV XLEX MX [SYPH WEZI E
RMIRX 8LI UYSXEXMSR JVSQ E JEXLIV [LS WMKRMJMGERXRYQFIVSJPMZIWq-J]SY[ERXXSHMWGYWWLEVWLrWEMH
PSWXLMWXIIREKIWSRMREGEVEGGMHIRXTYXW SRI JEXLIV [LSWI ]IEVSPH WSR HMIH MR ER EGGMHIRX XLVII
XLI LEVWLRIWW MWWYI MR TIVWTIGXMZI ERH ]IEVWEKSq-GERXEPOXS]SYEFSYXLEVWL-XtWFIMRKE[EOIRIH
JSVGIWPMWXIRIVWXSXLMROEFSYXXLIXVEHISJJ EXMRXLIQSVRMRKF]XLI7XEXI4EXVSPXIPPMRK]SYXLEX]SYV
FIX[IIRWEZMRKPMZIWERHMRWXMXYXMRKXSYKLIV WSRLEWNYWXFIIROMPPIHr
HVMZMRKEKIVIUYMVIQIRXW
8LI GSRGPYWMSR FYMPHW SR XLI IQSXMSREP )ZIV]SRIMRXLMWVSSQLEWPMZIHXSGSPPIKIEKI&YXXLMW]IEV

ETTIEP KIRIVEXIH F] XLI UYSXEXMSR EX XLI EPSRIXLSYWERHWSJXIIREKIHVMZIVW[MPPRSXPMZIXLEXPSRK%RH
IRH SJ XLI TVIZMSYW TEVEKVETL 8LI JMREP XLI] [SRtX PMZI XLEX PSRK HYI XS JEGXSVW XLEX [I GER TVIZIRX
WIRXIRGI MR [LMGL XLI WTIEOIV RSXIW XLEX 8LIVItWRS[E]XSWSPZIEPPXLITVSFPIQW[IIRGSYRXIVSRXLI
LIVRITLI[[SYPHKPEHP]EGGITXXLIMRGSR VSEHFYX[IGERHSWSQIXLMRKXSLIPTWEZIXLIPMZIWSJ]SYRKIV
ZIRMIRGIGEYWIHF]LIVTSPMG]JSVXLIGLERGI HVMZIVWERHQEOIXLIVSEHWEJIVJSVEPPSJYW%W-WEMHIEVPMIVXLMW
XS[EPOEKEMRMWGSQTIPPMRKERHIRHWXLI QMKLX WSYRH LEVWL SV MRGSRZIRMIRX FYX - ORS[ Q] RITLI[
WTIIGLSRETS[IVJYPRSXI [SYPHKPEHP]XVEHIFSXLJSVXLIGLERGIXS[EPOEKEMR
',%48)6 74)%/-2+834)679%()

7911%6=
4IVWYEWMSR MW XLI TVSGIWW SJ GVIEXMRK VIMRJSVGMRK SV GLERKMRK TISTPItW FIPMIJW SV
EGXMSRW;LIR]SYWTIEOXSTIVWYEHI]SYEGXEWEREHZSGEXI8LIEFMPMX]XSWTIEO
TIVWYEWMZIP][MPPFIRIJMX]SYMRIZIV]TEVXSJ]SYVPMJIJVSQ TIVWSREPVIPEXMSRWXS
GSQQYRMX]EGXMZMXMIWXSGEVIIVEWTMVEXMSRW
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XEOITEVXMRXLIQ2IEVP]EP[E]WXLI]EVISGGEWMSRWJSVWTIIGLQEOMRK%GPSWI
JVMIRHTVSTSWIWEXSEWXXSXLIFVMHIERHKVSSQXLIWEPIWQEREKIVTVIWIRXWER
E[EVHXSXLIWEPIWVITVIWIRXEXMZISJXLI]IEVXLITVIWMHIRXHIPMZIVWERMREYKY
VEPEHHVIWWXLIFEWOIXFEPPGSEGLKMZIWEWTIIGLLSRSVMRKXLIXIEQtWQSWXZEPY
EFPITPE]IVEJEQMP]QIQFIVHIPMZIVWEQSZMRKIYPSK]XSXLIHIGIEWIH8LIWI
WTIIGLIWLIPTKMZIXLISGGEWMSRMXWqWTIGMEPRIWWr8LI]EVITEVXSJXLIGIVIQS
RMEPEYVEXLEXQEVOWXLIIZIRX
7TIIGLIW JSV WTIGMEP SGGEWMSRW EVI HMJJIVIRX JVSQ XLI WTIIGLIW [I LEZI
GSRWMHIVIHWSJEVMRXLMWFSSO8LI]QE]GSRZI]MRJSVQEXMSRSVTIVWYEHIFYX
XLEXMWRSXXLIMVTVMQEV]TYVTSWI6EXLIVXLI]EMQXSJMXXLIWTIGMEPRIIHWSJ
EWTIGMEPSGGEWMSR-RXLMWGLETXIV[IPSSOEXXLIQSWXGSQQSRWTIGMEPSGGE
WMSRWERHXLIOMRHWSJWTIIGLIWETTVSTVMEXIJSVIEGL
q(MWXMRKYMWLIHKYIWXWXLI4VIWMHIRXSJXLI9RMXIH7XEXIWr-J]SYEVIIZIVMRE
WMXYEXMSRMR[LMGL]SYLEZIXSMRXVSHYGIXLI4VIWMHIRX]SY[MPPRIIHRSQSVI
XLERXLIIMKLX[SVHWXLEXFIKMRXLMWTEVEKVETL8LI4VIWMHIRXMWWS[IPPORS[R
XLEXER]JYVXLIVVIQEVOW[SYPHFIMRETTVSTVMEXIERHEPQSWXJSSPMWL
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MRXVSHYGXMSR
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LMQ KEZI E QMRYXI SVEXMSR SR XLI GEYWIW SJ XLI [EV 8LIR EPQSWX EW ER
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XMSR SR XLI QEMR WTIEOIV RSX SR XLI TIVWSR QEOMRK XLI MRXVSHYGXMSR %
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WTIIGLSJMRXVSHYGXMSR[MPPYWYEPP]FIRSQSVIXLERX[SXSXLVIIQMRYXIWPSRK
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1EOI7YVI=SYV6IQEVOW%VI'SQTPIXIP]%GGYVEXI
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WTIEOIVF]KEVFPMRKFEWMGJEGXW%P[E]WGLIGO[MXLXLIWTIEOIVELIEHSJXMQI
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%HETX=SYV6IQEVOWXSXLI3GGEWMSR
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%HETX=SYV6IQEVOWXSXLI1EMR7TIEOIV
2SQEXXIVLS[[IPPMXMWVIGIMZIHF]XLIEYHMIRGIEWTIIGLSJMRXVSHYGXMSRXLEX
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OMRHSJMRJSVQEXMSRXLEXMWMRXIVIWXMRKERHEGGIWWMFPIXSXLIQIQFIVWSJXLEX
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4VIWMHIRXMEPMREYKYVEPEHHVIWWIWEVIEQENSVOMRHSJWTIGMEPSGGEWMSRWTIIGL=SY
GEREGGIWWXLIWILMWXSVMGEPHSGYQIRXWEXIMXLIVXLI%QIVMGER4VIWMHIRG]4VSNIGX
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MQEKMREXMSRSJGLMPHVIRhERHQSVIXLEREJI[EHYPXWhEVSYRHXLIKPSFI
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4SXXIVGEQISREXVEMRVMHIJVSQ1ERGLIWXIVXS0SRHSRMR3ZIVXLIRI\XJI[]IEVW
WLIGSQTMPIHRSXIWEWXLIWXSV]XSSOWLETIMRLIVQMRH8LIFYPOSJXLI[VMXMRKXSSOTPEGI
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XSXIIREKIVWMRXLIQMHW[LIRWLILIEVHXLEXXLIJMVWX,EVV]4SXXIVFSSOLEHFIIR
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7LI[MPPFIXIPPMRKYWXLMWEJXIVRSSRQSVIEFSYX[LEXMRWTMVIHLIVJEWGMREXMRKWXSV]SJ
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6S[PMRK-RFSXLGEWIWXLIWTIEOIVtWREQI[EWWEZIHJSVPEWX8LMWMWEGSRZIR
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WSRXSFVIEOXLIGSRZIRXMSRYWYEPP]]SY[MPPEZSMHQIRXMSRMRKXLIWTIEOIVtW
REQIYRXMPXLIJMREPQSQIRXhIZIR[LIRXLIEYHMIRGIORS[WI\EGXP][LSQ
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',%48)6 74)%/-2+3274)'-%03''%7-327

7TIIGLIWJSVWTIGMEPSGGEWMSRW
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7TIIGLIWSJTVIWIRXEXMSREVIKMZIR[LIRWSQISRIVIGIMZIWEKMJXERE[EVHSV
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XLIVIGMTMIRXMWVIGIMZMRKXLIE[EVH4SMRXSYXLIVSVLMWGSRXVMFYXMSRWEGLMIZI %WTIIGLXLEXTVIWIRXWWSQISRI
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E[E]XLEX[MPPQEOIXLIQQIERMRKJYPXSXLIEYHMIRGI
(ITIRHMRKSRXLIEYHMIRGIERHXLISGGEWMSR]SYQE]EPWSRIIHXSHMWGYWW
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MEV[MXLXLIE[EVH]SYWLSYPHI\TPEMRMXFVMIJP]7IGSRHMJXLIE[EVH[EW[SR
MRETYFPMGGSQTIXMXMSRERHXLIEYHMIRGIORS[W[LSXLIPSWIVWEVI]SYQMKLX
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2SFIP4VMÎXLILMKLIWXLSRSV[MXLMRXLIKMJXSJXLMWGSYRXV]
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GEXMSRSJSYVGLMPHVIRJSVXLIWSPYXMSRSJSYVTVSFPIQWJSVXLIVIWSPYXMSRSJSYV
HMJJIVIRGIWJSVXLIIPIZEXMSRSJ[LEXMWFIWXEFSYXYWEPP
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XEPPIWWSRSJEPPhXLEXMRXLIIRHETEVXLIMH[EWEHIJIEXSJXLILIEVXXLIQMRHXLI
WTMVMX-X[EWRSXNYWXEWXVYGXYVISYXWMHIERHNEMPLSYWIW[MXLMR[LMGLTISTPI[IVI
OITXMX[EWEHMZMWMSRSJXLIQMRHERHWSYPEKEMRWXMXWIPJ;IS[IMXXS2IPWSR1ERHIPE
RSXWMQTP]XSKMZILMQXLMWE[EVHFYXXSPMZIF]XLIPIWWSRLIXEYKLXYWERHXSXIEV
HS[RIZIV]PEWXZIWXMKISJETEVXLIMHMRSYVS[RLIEVXWhIZIV]XLMRKXLEXHMZMHIWYW
SRIJVSQERSXLIV
*SV XLSWI SJ YW [LS LEZI FIIR TVMZMPIKIH XS ORS[ XLMW VIQEVOEFPI QER RS
QIHEPRSE[EVHRSJSVXYRIRSXLMRK[IGSYPHKMZILMQGSYPHTSWWMFP]GSQTEVIXS
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XS GSRXMRYI LMW QMWWMSR ERH XS PMZI F] XLI TS[IV SJ LMW TVSJSYRH ERH [SRHIVJYP
I\EQTPI
2S[ EWTVIWGVMFIHF]XLIPE[MXMWQ]TVMZMPIKIXSTVIWIRXXLI'SRKVIWWMSREP
+SPH1IHEPXS4VIWMHIRX2IPWSR1ERHIPE
8LITYVTSWISJEREGGITXERGIWTIIGLMWXSKMZIXLEROWJSVEKMJXSVERE[EVH
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WSQISXLIVJSVQSJTYFPMG EGGITXMRKXLI'SRKVIWWMSREP+SPH1IHEPERHMXI\IQTPMJMIWXLIQENSVXVEMXWSJ
VIGSKRMXMSR EKSSHEGGITXERGIWTIIGLhFVIZMX]LYQMPMX]ERHKVEGMSYWRIWW
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WTIIGLIW=SYVEMQMRWYGLWTIIGLIWMWXSTE]XVMFYXIXSETIVWSREKVSYTSJ
TISTPIERMRWXMXYXMSRSVERMHIE
%WMRERMRJSVQEXMZIWTIIGL]SYTVSFEFP][MPPLEZIXSKMZIXLIEYHMIRGI
MRJSVQEXMSR EFSYX ]SYV WYFNIGX %JXIV EPP XLI EYHMIRGI QYWX ORS[ [L] ]SYV
',%48)6 74)%/-2+3274)'-%03''%7-327

%GGITXMRKXLI'SRKVIWWMSREP+SPH1IHEP
2IPWSR1ERHIPE
8LERO]SY4VIWMHIRX'PMRXSR1V7TIEOIVHMWXMRKYMWLIHQIQFIVWSJXLI7IREXI
ERHXLI,SYWIPEHMIWERHKIRXPIQIR
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W]WXIQ IZSOIH XLI WSPMHEVMX] SJ EPP XLSWI [LS PSZI JVIIHSQ ERH NYWXMGI E TISTPI
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LSTIJSVE[SVPH[MXLSYXLEXVIHERHHMWGVMQMREXMSR-EQGSRWGMSYWXLEXMRFIWXS[
MRKXLI'SRKVIWWMSREP+SPH1IHEPYTSRQI]SYEVIIZSOMRKXLIWIFSRHWFIX[IIR
SYV REXMSRW ERH TE]MRK XVMFYXI XS XLI [LSPI 7SYXL %JVMGER REXMSR JSV MXW EGLMIZI GSRRIGXPYGEWGSQ
QIRXWMRVIEPM^MRKSYVWLEVIHMHIEPW :MI[ERI\GIVTXJVSQ2IPWSR
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KVIEXLSRSV]SYHSQIF]YWMRKQIEWXLIZILMGPISJEYRMUYIHMWXMRGXMSRGSRJIVVIH WTIIGLMRXLISRPMRI1IHME
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:MHIS'PMT
PMJIXSXLITYVWYMXSJYRMX]-EQQSZIHF]XLIGSRWIRWYWMR]SYVREXMSRtWVIKEVHJSV
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KVSYT7LIVVMtWWSRMRPE[MWEWEPIWQERJSVEHMWXVMFYXSVSJLMKLTVMGIHOMXGLIRETTPMERGIW
4VMZEXIP]7LIVVMLEWVIEWSRIHXLEXMJWLIGERW[E]XLIGSQQMXXIIXS[EVHXLEXGSQTER]LIV
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8LMWMWERI\XVIQII\EQTPIFYXXLIVIGERFIQSVIWYFXPIOMRHWSJTVMZEXI
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QIRXWXSKIXXSXLILSWTMXEPZMWMXMRKLSYVW[IVISZIVERHXLIKVSYTGSYPHRSXKIXMR
2SQEXXIV[LEXSXLIVEWWMKRQIRXWXLI]QE]LEZIEPPQIQFIVWSJEKVSYT
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8LVII QSVI WSPYXMSRW [IVI VINIGXIH FIGEYWI XLI] [IVI IGSRSQMGEPP] MQTVEGXMGEP
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KIWXMSRXSVIHYGIEHQMRMWXVEXMZIqJEXr[EWVINIGXIHEWXSSGSWXP]FIGEYWIEKVSYT[SYPH
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XLIKVSYTtW[SVOERHHIGMWMSRWHYVMRKSRIWXEKISJXLIVIJPIGXMZIXLMROMRKTVS
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TISTPIMRJVSRXSJEREYHMIRGI GSQQIRXWEWRIIHIHXSJSGYWXLIHMWGYWWMSR8LITERIPMWXWWTIEOFVMIJP]MRJSV
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WIRXEXMSR SJ E KVSYTtW VIGSQQIRHEXMSRW 8LYW XLI TERIP HMWGYWWMSR MW WIPHSQ
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XLIQWIPZIW1SWXKVSYTWLEZIEHIWMKREXIHPIEHIVERMQTPMIHPIEHIVSVERIQIVKIRX
PIEHIV7SQIKVSYTWLEZIRSWTIGMJMGPIEHIVMR[LMGLGEWIEPPQIQFIVWSJXLIKVSYT
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%QIVMGER'MZMP0MFIVXMIW9RMSR &MFPMSKVETL] WTIEOMRK[MXLGSRJMHIRGI
%REPSKMGEPVIEWSRMRKi HIJMRIH WTIGMJMGTYVTSWI
%REPSK]MRZEPMHi TVIPMQMREV] WXEXMWXMGW
%RMQEXMSRMR4S[IV4SMRX MRTVITEVEXMSRSYXPMRI XIWXMQSR]
%RXMXLIWMW &MPPSJ6MKLXW ZMWYEPEMHW TVITEVEXMSRSJ
%TTIEVERGIJSGYWMRKSR &MSKVETLMGEPEMHW ZMWYEPEMHW TVIWIRXEXMSRSJ
%TTVIGMEXMZIPMWXIRMRK &MVH[LMWXIPP6E] 'LMRS]7ENNMH>ELMVi%i
%TTVSTVMEXIRIWWSJPERKYEKIi &SH]PERKYEKISJWTIEOIVi 'LVSRSPSKMGEPSVHIVi
%VMWXSXPI I]IGSRXEGXii 'LYVGLMPP;MRWXSRi
%VXMGYPEXMSRi KIWXYVIW i
%XXIRXMSRMR1SRVSItWQSXMZEXIH QSZIQIRXi 'MGIVS
WIUYIRGIi TIVWSREPETTIEVERGI 'MXEXMSRSJWYTTSVXMRKQEXIVMEP
%YHMIRGI &SH]SJWTIIGL i
EHETXMRKXSi MRTVITEVEXMSRSYXPMRIi 'PMGLÍ
EKISJ TVIZMI[MRKi 'PMRXSR&MPP
ERW[IVMRKUYIWXMSRWTSWIHF]i &VEMRWXSVQMRKi 'PYWXIVMRKi
ETTVSTVMEXIRIWWSJPERKYEKIJSV GPYWXIVMRKi 'PYXXIVIPMQMREXMRKi
EVSYWMRKGYVMSWMX]SJ HIJMRIH 'SPSVMRZMWYEPEMHW
GPEWWQEXIWEWi -RXIVRIXWIEVGLi 'SQQIQSVEXMZIWTIIGLIWi
GYPXYVEPHMZIVWMX]SJi TIVWSREPMRZIRXSV] 'SQQSRKVSYRHGVIEXMRKi
HIQSKVETLMGEREP]WMWSJi VIJIVIRGIWIEVGL 'SQQYRMGEXMSR
HMWTSWMXMSRSJXS[EVHXSTMGi &VMIJI\EQTPI RSRZIVFEP
IWXEFPMWLMRKGSQQSRKVSYRH[MXL &YVHIRSJTVSSJ X[S[E]i
i &YVOI/IRRIXL 'SQQYRMGEXMSRWOMPPW
IWXMQEXMRK[LEXMWORS[RF]i MQTSVXERGISJ
IXLRMGFEGOKVSYRHSJi ' 7IIEPWS7TIIGLGSQQYRMGEXMSRTVSGIWW
KIRHIVSJ 'EPEFVS.SERRIi 'SQTEVEXMZIEHZERXEKIWSVHIVi
KIXXMRKMRJSVQEXMSREFSYXi 'EPPRYQFIV 'SQTEVMWSR
QIRXEPHMEPSKYI[MXL 'EXEPSKYIPMFVEV] 'SQTIXIRGIi
TW]GLSPSK]SJi 'EYWEPSVHIVi 'SQTVILIRWMZIPMWXIRMRK
UYIWXMSRMRKXLIi 'EYWEPVIEWSRMRKi 'SRGIRXVEXMSRHYVMRKPMWXIRMRKi
VIPEXMRKXLIXSTMGXSi 'IRXVEPMHIEi 'SRGITXW
VIPMKMSRSJ KYMHIPMRIWJSVi HIJMRIH
WI\YEPSVMIRXEXMSRSJi MRTVITEVEXMSRSYXPMRI WTIIGLIWEFSYXi
-
'SRGPYWMSRi (IPMZIV] 'SRX )ZIRXW

GLIGOPMWXJSV QIXLSHWSJi HIJMRIH
MRTVITEVEXMSRSYXPMRIi TEYWIWMR WTIIGLIWEFSYXi
EWVIMRJSVGIQIRXSJGIRXVEPMHIE TIVWSREPETTIEVERGIERH )ZMHIRGI
i TMXGL GLIGOPMWXJSV
WEQTPI[MXLGSQQIRXEV] TVEGXMGMRKi HIJMRIH
EWWMKREPSJIRHSJWTIIGLi VEXISJi LS[MX[SVOWi
XMTWJSVTVITEVMRK ZSGEPZEVMIX]i PMWXIRMRKJSVi
'SRGVIXI[SVHW ZSPYQISJ XMTWJSVYWMRKi
'SRJMHIRGI 7IIEPWS7TIEOIV:SMGISJWTIEOIV )\EQTPIWi
HIZIPSTMRKi (IPMZIV]GYIW FVMIJ
WTIEOMRK[MXL (IQSKVETLMGEYHMIRGIEREP]WMW HIJMRIH
'SRRIGXMZIW EKI I\XIRHIHi
MRXIVREPTVIZMI[W HIJMRIH L]TSXLIXMGEP
MRXIVREPWYQQEVMIW KIRHIV XMTWJSVYWMRKi
WMKRTSWXWi KVSYTQIQFIVWLMT )\TIVXXIWXMQSR]
XVERWMXMSRWi VEGMEPIXLRMGERHGYPXYVEPFEGO )\XIQTSVERISYWWTIIGLi
'SRRSXEXMZIQIERMRKi KVSYRHi i
'SRVEH.SWITL VIPMKMSR )\XIRHIHI\EQTPIi
'SRWIRWYWi WI\YEPSVMIRXEXMSRi )]IGSRXEGXi
'SRXVEWX (IRSXEXMZIQIERMRK i
'SRZIVWEXMSRTYFPMGWTIEOMRKERHi (IVMZIHGVIHMFMPMX]
'SRZIVWEXMSREPUYEPMX]SJHIPMZIV] (IWGVMTXMSR *
'ST]VMKLX (IWMKREXIHPIEHIV *EGXUYIWXMSRWSJi
'VIHMFMPMX] (MEPIGXi *EMVYWI
FYMPHMRKi (M'ETVMS0ISREVHS *EPPEGMIW
HIJMRIH (MVIGXUYSXEXMSR EHLSQMRIQ
HIVMZIH (MWWSPZIIRHMRKi FERH[EKSR
IRLERGMRKi (MWXVEGXMSRWVIWMWXMRKi HIJMRIHi
JEGXSVWSJ (VE[MRKWEWZMWYEPEMHW IMXLIVSVi
MRMXMEP (]EH JEPWIGEYWIi
XIVQMREP LEWX]KIRIVEPMÊXMSR
X]TIWSJi ) MRZEPMHEREPSK]i
'VIHSJSV)XLMGEP'SQQYRMGEXMSR )KSGIRXVMWQ VIHLIVVMRK
'VIWGIRHSIRHMRK )MXLIVSVJEPPEG]i WPMTTIV]WPSTIi
'VMXIVME )QIVKIRXPIEHIV *EPWIGEYWIi
'VMXMGEPPMWXIRMRK )QSXMSREPETTIEPW *IHIVIV6SKIV
'VMXMGEPXLMROMRK IXLMGWERHi *IIHFEGOi
PMWXIRMRKERHi KIRIVEXMRKi *IVVEVS+IVEPHMRI
TYFPMGWTIEOMRKERHi )QTEXLMGPMWXIRMRK *MKYVEXMZIPERKYEKI
'VSWWVIJIVIRGI )RG]GPSTIHMEWi *MVWX%QIRHQIRX
'YPXYVEPFEGOKVSYRHSJEYHMIRGI )XLMGEPHIGMWMSRW *M\IHEPXIVREXMZIUYIWXMSRWi
i )XLMGEPWTIEOMRK *SRXW
'YPXYVEPHMZIVWMX]i EFYWMZIPERKYEKIi MR4S[IV4SMRXi
SJEYHMIRGIi GLIGOPMWXJSV X]TIWSJ
IXLRSGIRXVMWQi 'VIHSJSV)XLMGEP'SQQYRMGEXMSR YWISJi
MRGPYWMZIPERKYEKIi IXLMGEPP]WSYRHKSEPWi *SWHMGO,EVV])QIVWSR
QYPXMGYPXYVEP-RXIVRIXVIWSYVGIW LSRIWX]MRGSRXIRX *VEQISJVIJIVIRGI
TYFPMGWTIEOMRKERHi WTIIGLTVITEVEXMSRi *VIII\TVIWWMSRVMKLXSJi
WXIVISX]TMRK )XLMGW *VIIWTIIGLREQIGEPPMRKERHi
HIJMRIH
( IQSXMSREPETTIEPWERHi +
(IPMZIV] IXLMGEPPMWXIRMRKi +EXLIVMRKQEXIVMEPW7II6IWIEVGL
ERW[IVMRKEYHMIRGIUYIWXMSRW MQTSVXERGISJi +IPHSJ&SF
i REQIGEPPMRKi +IRHIVSJEYHMIRGI
FSH]PERKYEKIi TIVWYEWMSRERH +IRIVEPIRG]GPSTIHME
GVIHMFMPMX]ERHi TPEKMEVMWQi +IRIVEPTYVTSWISJWTIIGL
HMEPIGXERHi MRTVEGXMGI +IRIVEPMÊXMSRW
I]IGSRXEGXERH )XLRMGFEGOKVSYRHSJEYHMIRGI LEWX]
JSGYWMRKSR i +IRIVMGqLIr
KIWXYVIWERH )XLRSGIRXVMWQi +IWXYVIWF]WTIEOIV
KSSHi )XLSW +IXX]WFYVK%HHVIWW
- -2()<
+PSFEPTPEKMEVMWQ -RXIVRIXXLI 'SRX 0IRS.E]

+PSZIV(ERR] QYPXMGYPXYVEPVIWSYVGIW 0MFVEV]VIWIEVGL
+SEPWMRWQEPPKVSYTW TPEKMEVMWQERH GEXEPSKYI
+SSH[MPPIWXEFPMWLMRK WIEVGLMRKi PMFVEVMERW
+VETLWEWZMWYEPEMHWi XSTMGWIEVGLIWERHi RI[WTETIVWi
+VSYTQIQFIVWLMTSJEYHMIRGI ZMVXYEPPMFVEVMIW TIVMSHMGEPHEXEFEWIWi
-RXIVTIVWSREPGSRJPMGXMRWQEPPKVSYTW VIJIVIRGI[SVOWi
, i ZMVXYEPPMFVEVMIW
,EWX]KIRIVEPMÊXMSR -RXIVZMI[W 0MRGSPR%FVELEQ
,IEVMRK EJXIVXLIMRXIVZMI[ 0MRIKVETLi
7IIEPWS0MWXIRMRK FIJSVIXLIMRXIVZMI[i 0MWXIRIVii
,IRV]4EXVMGO HYVMRKXLIMRXIVZMI[ 7IIEPWS%YHMIRGI
,MHHIREKIRHE -RXVSHYGXMSR 0MWXIRMRKi
,MXPIV%HSPJ GLIGOPMWXJSV EGXMZI
,S[XS0MI[MXL7XEXMWXMGW ,YJJ IWXEFPMWLMRKGVIHMFMPMX]ERHKSSH[MPP EHETXMRKXSPMWXIRIVJIIHFEGO
,YJJ(EVVIPP i ETTVIGMEXMZI
,YQSV KIXXMRKEXXIRXMSRERHMRXIVIWX[MXL GSQTVILIRWMZI
,]TSXLIXMGEPI\EQTPI i GVMXMGEPi
MRTVITEVEXMSRSYXPMRIi IQTEXLMG
- EWTVIZMI[SJFSH]SJWTIIGLi IXLMGEPi
VIJIVVIHXSMRGSRGPYWMSRi JSGYWMRKi
q-,EZIE(VIEQrWTIIGL /MRK
VIZIEPMRKXLIXSTMG JSGYWMRKSRHIPMZIV]ERHETTIEVERGI
%i
WEQTPI[MXLGSQQIRXEV] MQTVSZMRKi
-HIRXMJMGEXMSR
XMTWJSVTVITEVMRK NYQTMRKXSGSRGPYWMSRWi
-QEKIV]
-RXVSHYGXSV]WTIIGLIWi TSSVPMWXIRMRKi
GSRGVIXI[SVHW
-RZEPMHEREPSK]i TVINYHKMRKHYVMRK
HIJMRIH
QIXETLSV
WMQMPIi . 1
-QEKIWMR4S[IV4SMRX .SRIW:ER 1EG%VXLYV+IR(SYKPEWi
-QQIHMEXIEGXMSRWTIIGLIWXSKEMR .YHKQIRXWYWTIRHMRK 1EMRTSMRXWi
i .YQTMRKXSGSRGPYWMSRWi RYQFIVSJi
-QTPMIHPIEHIV WXVEXIKMGSVHIVi
-QTVSQTXYWTIIGL / XMTWJSVTVITEVMRKi
-RGPYWMZIPERKYEKIi /I][SVHSYXPMRIi 1EMRXIRERGIRIIHW
-RGVIQIRXEPTPEKMEVMWQi /MRIWMGW 1EPGSPQ8LI0MJISJXLI1ER;LS
-RHIRXEXMSRMRTVITEVEXMSRSYXPMRI /MRK1EVXMR0YXLIV.V%i 'LERKIH&PEGO%QIVMGE 4IVV] i
i 1ERHIPE2IPWSR
-RJPIGXMSRW 0 1ERYWGVMTXWTIIGL
-RJSVQEXMSREWTYVTSWI 0EKEVHI'LVMWXMRI 1G0IRHSR6]ER
-RJSVQEXMZIWTIIGL 0ERKYEKI 1IER
EFSYXGSRGITXWi EFYWMZIi 1IHMER
EFSYXIZIRXWi EGGYVEXIYWISJi 1IRXEPHMEPSKYI[MXLEYHMIRGI
EFSYXSFNIGXWi EPPMXIVEXMSR 1IWWEKI
EFSYXTVSGIWWIWi ERXMXLIWMW 1IXETLSV
EFWXVEGXMSRWi ETTVSTVMEXIYWISJi 1SHI
GSQTEVMWSR GPYXXIVIPMQMREXMSRi 1SHIPWEWZMWYEPEMHW
GSRXVEWX GSRGVIXIZIVWYWEFWXVEGX 1SRSXSRI
HIJMRIH JMKYVEXMZI 1SRVSI%PER
HIWGVMTXMSR MRGPYWMZIi 1SRVSItWQSXMZEXIHWIUYIRGI
KYMHIPMRIWJSVi QIERMRKSJ[SVHWi i
TIVWSREPM^MRKMHIEWi QIXETLSV 1SZIQIRXSJWTIEOIVi
WEQTPIWTIIGL[MXLGSQQIRXEV] TEVEPPIPMWQMRi 1YPXMQIHMETVIWIRXEXMSRW
i VITIXMXMSRMR
X]TIWSJi VL]XLQMRi 2
-RMXMEPGVIHMFMPMX] WMQMPIi 2EQIGEPPMRKii
-RXIVJIVIRGI ZMZMHi 7IIEPWS%FYWMZIPERKYEKI
-RXIVREPTVIZMI[ 7IIEPWS;SVHW 2EXMSREP'SQQYRMGEXMSR%WWSGMEXMSR
-RXIVREPWYQQEV] 0IEHIVWLMT
-RXIVRIXXLI HIJMRIH 2IIH
EYXLSVWLMTSJHSGYQIRXWSRi JYRGXMSRWSJi MR1SRVSItWQSXMZEXIHWIUYIRGI
IZEPYEXMRKHSGYQIRXWi MRWQEPPKVSYTWi i
KSZIVRQIRXVIWSYVGIW X]TIWSJ MRUYIWXMSRWSJTSPMG]
-2()< -
2IVZSYWRIWWi 4IVWYEWMSR 'SRX 4VITEVEXMSRSYXPMRI 'SRX

EGUYMVMRKI\TIVMIRGIi MQTSVXERGISJi WEQTPI[MXLGSQQIRXEV]i
MRZMWMFMPMX]SJi TW]GLSPSK]SJii WTIGMJMGTYVTSWI
RIIHJSVTIVJIGXMSRERH EWTYVTSWI WTIIGLXMXPIMRi
SZIVGSQMRKii VIEWSRMRKERHi W]QFSPMÊXMSRERHMRHIRXEXMSRi
TSWMXMZI 4IVWYEWMZIWTIIGLIW ZMWYEPJVEQI[SVOJSVii
TSWMXMZIXLMROMRKERHi SRUYIWXMSRWSJJEGXi 4VIWIRXEXMSRi
TVITEVEXMSRERHi SRUYIWXMSRWSJTSPMG]i 4VIWIRXEXMSRWTIIGLIWi
ZMWYEPMÊXMSRERH SRUYIWXMSRWSJZEPYIi 4VIZMI[WXEXIQIRXi
2I[WTETIVWJSVVIWIEVGLi WEQTPIWTIIGL[MXLGSQQIRXEV] 4VMRGMTPIVIEWSRMRKJVSQi
2MÎV0SYMWi i 4VSFPIQGEYWIWSPYXMSRSVHIVi
2SRTEVXMWERWMXYEXMSR WEQTPI[MXLGSQQIRXEV]i 4VSFPIQWSPYXMSRSVHIVi
2SRZIVFEPGSQQYRMGEXMSR 4LERXSQSJXLI3TIVE 4VSFPIQWSPZMRKWQEPPKVSYT
2SXIXEOMRK 4LMPPMTW;IRHIPP i
HIZIPSTMRKWOMPPWMRi 4LSXSKVETLWEWZMWYEPEMHW 4VSGIHYVEPRIIHW
JSVMRXIVZMI[W 4L]WMGEPWIXXMRKSJWTIIGLERHEYHMIRGI 4VSGIWWIW
MRVIWIEVGLi HIJMRIH
WTIIGLTVITEVEXMSRERH 4MIKVETL WTIIGLIWEFSYXi
4MXGL 4VSRYRGMEXMSRi
3 4MÊR'LVMWXMRIHI 4YFPMGWTIEOMRK
3FEQE&EVEGO 4PEKMEVMWQi EHETXMRKXSPMWXIRIVMQTEGX
3FNIGXW KPSFEP GSRZIVWEXMSRERHi
HIJMRIH MRGVIQIRXEPi GVMXMGEPXLMROMRKERHi
WTIIGLIWEFSYXi XLI-RXIVRIXERH GYPXYVEPHMZIVWMX]ERHi
EWZMWYEPEMHWi TEXGL[SVOi TS[IVSJi
3t&VMIR'SRER 4PERMRUYIWXMSRWSJTSPMG] XVEHMXMSRSJi
3GGEWMSREYHMIRGIHMWTSWMXMSRXS[EVH 4PEXS 4YVTSWI
i 4SPMG] KIRIVEP
3TIRIRHIHUYIWXMSRWi UYIWXMSRSJ WTIGMJMGi
3VEPVITSVXi UYIWXMSRWSJi
3VKERMÊXMSRii 4SWMXMZIRIVZSYWRIWW 5
GSRRIGXMZIWi 4SWMXMZIXLMROMRKi 5YIWXMSRERHERW[IVWIWWMSRWi
QEMRTSMRXWi 4SWXLSGIVKSTVSTXIVLSGi 5YIWXMSRREMVIJSVEYHMIRGIEREP]WMW
WYTTSVXMRKQEXIVMEPWi 4S[IV4SMRX i
3YXPMRI 7II4VITEVEXMSRSYXPMRI ERMQEXMSRMR 5YIWXMSRW
7TIEOMRKSYXPMRI GSPSVMR SJJEGXi
HIPMZIVMRKEWTIIGL[MXLi SJTSPMG]i
4 JSRXWMRi TVITEVEXMSRSJJSVMRXIVZMI[W
4ERIPHMWGYWWMSR JSVQEXXMRKWPMHIWi VLIXSVMGEPi
4EVEPPIPMWQi MQEKIWMR SJZEPYIi
4EVETLVEWIWi TPERRMRKXSYWIi q5YIWXMSRWSJ'YPXYVIr 'LMRS] %
4EVXMGMTEXMSRMRWQEPPKVSYTW TPYWIWERHQMRYWIWSJ 5YMRXMPMER
4EVXMWERWMXYEXMSRi WEQTPIWTIIGL[MXLGSQQIRXEV] 5YSXEXMSRFSSOW
4EWWMZIEKVIIQIRXWTIIGLXSKEMR i 5YSXEXMSRW
4EXGL[SVOTPEKMEVMWQi WPMHIWLS[GSQQERHW FIKMRRMRKWTIIGLIW[MXLi
4EXLSWi WTEGIERHZMWYEPFEPERGIMRi HMVIGX
4EYPWSR,IRV]1.V XI\XMR HMVIGXZIVWYWTEVETLVEWMRK
4EYWIWMRWTIIGL 7IIEPWS:MWYEPEMHW IRHMRKWTIIGLIW[MXL
4IIVXIWXMQSR]i 4VEGXMGEPMX]MRUYIWXMSRWSJTSPMG] TPEKMEVMWQSJi
4IVMSHMGEPHEXEFEWIWi i UYSXMRKSYXSJGSRXI\Xi
4IVV]&VYGIi 4VINYHKMRKXLIWTIEOIV
4IVWSREPETTIEVERGI 4VIPMQMREV]FMFPMSKVETL] 6
4IVWSREPHMKRMX]REQIGEPPMRKERHi 4VITEVEXMSRi 6EGMEPFEGOKVSYRHSJEYHMIRGIi
4IVWSREPMRZIRXSV] 4VITEVEXMSRSYXPMRI 6EXISJWTIIGLi
4IVWSREPMÊXMSRi FMFPMSKVETL]MR 6IEKER6SREPHi
4IVWYEWMSR GIRXVEPMHIE 6IEWSRMRK
FYMPHMRKGVIHMFMPMX]i GLIGOPMWXJSV EREPSKMGEPi
HIJMRIH HIJMRIH GEYWEPi
HIKVIISJ JYPPWIRXIRGIWYWIHMR HIJMRIH
IQSXMSREPETTIEPWi KYMHIPMRIWJSVi JEPPEGMIWi
IXLMGWERH PEFIPMRKMRXVSHYGXMSRFSH] JVSQTVMRGMTPIi
IZMHIRGIERHi GSRGPYWMSRi JVSQWTIGMJMGMRWXERGIWi
- -2()<
6IGIRG]SJ-RXIVRIXHSGYQIRXWi 7PMHIWLS[MR4S[IV4SMRX 7YTTSVXMRKQEXIVMEPW

6IGMXEXMSRSJWTIIGLi 7PMTTIV]WPSTIi GMXMRKi
6IHLIVVMRK 7QEPPKVSYTW HIJMRIH
6IJIVIRGIWIEVGL HIJMRIHi I\EQTPIWi
6IJIVIRGI[SVOW MRXIVTIVWSREPGSRJPMGXMRi SVKERMÊXMSRERHi
FMSKVETLMGEPEMHWi OIITMRKHMWGYWWMSRWSRXVEGOi WXEXMWXMGWi
IRG]GPSTIHMEWi PIEHIVWLMTMRi XIWXMQSR]i
UYSXEXMSRFSSOW TEVXMGMTEXMSRMR 7]QFSPMÊXMSRMRTVITEVEXMSRSYXPMRI
]IEVFSSOW TVIWIRXMRKVIGSQQIRHEXMSRWi i
6IJPIGXMZIXLMROMRKQIXLSH JSVTVSFPIQWSPZMRK 7]QTSWMYQ
EREP]^MRKXLITVSFPIQi VIJPIGXMZIXLMROMRKQIXLSHi
GLIGOPMWXJSV VIWTSRWMFMPMXMIWMRi 8
HIJMRIH 7TEGIMR4S[IV4SMRXi 8EVKIXEYHMIRGIi
HIJMRMRKXLITVSFPIQi 7TEVIqFVEMRXMQIr 8EWORIIHW
IWXEFPMWLMRKGVMXIVMEJSVWSPYXMSRW 7TEXMEPSVHIVi 8IVQMREPGVIHMFMPMX]
KIRIVEXMRKTSXIRXMEPWSPYXMSRWi 7TIEOIVi 8IWXMQSR]
WIPIGXMRKXLIFIWXWSPYXMSRi EYHMIRGIHMWTSWMXMSRXS[EVH HIJMRIH
6ILIEVWEPi YWISJS[RFSH]EWZMWYEPEMH I\TIVX
6IPMKMSRSJEYHMIRGI 7IIEPWS(IPMZIV] TIIVi
6ITIXMXMSR 7TIEOMRKSYXPMRIi UYSXMRKZIVWYWTEVETLVEWMRK
6IWIEVGL HIJMRIH XMTWJSVYWMRKi
-RXIVRIXi KYMHIPMRIWJSVi 8I\XMR4S[IV4SMRXTVIWIRXEXMSRW
MRXIVZMI[Wi WEQTPI[MXLGSQQIRXEV]i
PMFVEV]i 7TIEOMRKXIGLRMUYIPMWXIRMRKJSV 8LIWEYVYW
RSXIXEOMRKi 7TIGMEPIRG]GPSTIHME 8LSQEW(V.MQ
TIVWSREPORS[PIHKIERHI\TIVMIRGI 7TIGMEPSGGEWMSRWTIIGLIW 8MXPISJWTIIGLi
TVIPMQMREV]FMFPMSKVETL] EGGITXERGIWTIIGLIW 8STMG
XMTWJSVi GSQQIQSVEXMZIWTIIGLIWi HIJMRIHi
6IWIEVGLMRXIVZMI[ MRXVSHYGXMSRWi WXEXMRKMQTSVXERGISJMRMRXVSHYGXMSR
6IWMHYEPQIWWEKI TVIWIRXEXMSRWi i
6LIXSVMG %VMWXSXPI 7TIGMJMGTYVTSWISJWTIIGLi 8STMGWIEVGLIWi
6LIXSVMGEPUYIWXMSRWi i 8STMGWIPIGXMSRii
6L]XLQi 7TIGMJMGTYVTSWIWXEXIQIRXi ETTVSTVMEXIRIWWSJXSTMG
EPPMXIVEXMSR 7TIIGLGSQQYRMGEXMSRTVSGIWW EYHMIRGIHMWTSWMXMSRXS[EVHXSTMG
ERXMXLIWMW GLERRIP i
HIJMRIH I\EQTPI[MXLGSQQIRXEV]i FVEMRWXSVQMRKi
TEVEPPIPMWQi JIIHFEGOi -RXIVRIXWIEVGLIWi
VITIXMXMSR MRXIVJIVIRGI 8STMGEPSVHIVi
PMWXIRIVi 8VERWMXMSRWXEXIQIRXW
7 QIWWEKI 8VERWMXMSRWi
7EQTPIWTIIGLIWMRXVSHYGXMSRWi WMXYEXMSR 8VERWTEVIRGMIWEWZMWYEPEMHW
7ERKIV1EVKEVIX WTIEOIVi
7ERWWIVMJJSRX 7TIIGLHIZIPSTQIRXi :
7EXMWJEGXMSRMR1SRVSItWQSXMZEXIH 7TIIGLIW :EPYIUYIWXMSRWSJi
WIUYIRGIi SJEGGITXERGI :MHISWEWZMWYEPEMHW
7GEPIUYIWXMSRWi GSQQIQSVEXMZIi :MVXYEPPMFVEVMIW
7IEVGLIRKMRIWi XSKEMRMQQIHMEXIEGXMSRi :MWYEPEMHW
7IVMJJSRX XSKEMRTEWWMZIEKVIIQIRX GLEVXWi
7I\YEPSVMIRXEXMSRSJEYHMIRGIi SJMRXVSHYGXMSRi GSPSVMR
7MKRTSWX SJTVIWIRXEXMSRi HVE[MRKWEW
7MQMPIi 7TSRWSVMRKSVKERMÊXMSR JSRXYWIi
7MQSR4EYP 7TSRWSVWLMTSJ-RXIVRIXHSGYQIRXW KVETLWi
7MXYEXMSR 7X%YKYWXMRI QSHIPWEW
7MXYEXMSREPEYHMIRGIEREP]WMW 7XEKIJVMKLX SFNIGXWEWi
HIJMRIH 7XEXMWXMGW TLSXSKVETLWEW
HMWTSWMXMSRXS[EVHXLISGGEWMSR HIJMRIHi TVITEVEXMSRSJi
i XMTWJSVYWMRKi TVIWIRXEXMSRSJi
HMWTSWMXMSRXS[EVHXLIWTIEOIV YRHIVWXERHMRKi JSVWXEXMWXMGW
HMWTSWMXMSRXS[EVHXLIXSTMGi 7XIVISX]TMRK XVERWTEVIRGMIWEW
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