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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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+IXXMRK-RJSVQEXMSR%FSYXXLI%YHMIRGI
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WEMHXLI][IVIRSXPMOIP]XSHSWS[LMPIMRGSPPIKIFIGEYWIXLI][IVIXSSFYW] [MXLSXLIVEGXMZMXMIW 2IEVP]TIVGIRXSJXLIWXYHIRXW[LSLEHRSXIRKEKIHMRZSPYRXIIV[SVO WXEXIHXLEXXLIMVQENSVVIEWSRJSVRSXHSMRKWS[EWEPEGOSJXMQI-RGSQFMREXMSR [MXLXLIERW[IVWXSUYIWXMSRXLIWIVIWTSRWIWWLS[IHXLEXXLIWTIEOIV[SYPH LEZIXSHIEPTIVWYEWMZIP][MXLXLIXMQIMWWYIMJWLI[IVIXSFIWYGGIWWJYPMRGSR ZMRGMRKTISTPIXSZSPYRXIIV[LMPIXLI][IVIIRVSPPIHMRWGLSSP
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8LI1G+VE[n,MPP 'SQTERMIW
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%HETXMRKXSXLI%YHMIRGI
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8SFIEFWSPYXIP]WEJI.YEREWOIHLMWVSSQQEXIh[LS[EWRSXEKISPSK]QENSVhXS PMWXIRXSXLIWTIIGLq7XSTQIrLIWEMHqER]XMQI-WE]WSQIXLMRK]SYHSRtXYRHIVWXERHr .YERtWVSSQQEXIWXSTTIHLMQJSYVXMQIWERHEXIEGLWTSX.YER[SVOIHSYXE[E]XSQEOI LMWTSMRXQSVIGPIEVP]*MREPP]LILEH EWTIIGLXLEX[EWMRXIVIWXMRKERHTIVJIGXP]YRHIV WXERHEFPIXSLMWEYHMIRGI
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8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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7XEXIXLI-QTSVXERGISJ=SYV8STMG 4VIWYQEFP]]SYXLMRO]SYVWTIIGLMWMQTSVXERX8IPP]SYVEYHMIRGI[L]XLI] WLSYPHXLMROWSXSS,IVIMWLS[.YHMXL/E]I'LMIJ.YHKISJXLI7XEXISJ2I[ =SVOYWIHXLMWQIXLSHXSMRZSPZILIVEYHMIRGIMREWTIIGLXSXLI%QIVMGER &EV%WWSGMEXMSR'IRXIVSR'LMPHVIRERHXLI0E[ ;IORS[XLEXEGLMPHMWFSVRMRXSTSZIVX] MRXLI9RMXIH 7XEXIWIZIV]WIGSRHW ERH[IWIIQMPPMSRGLMPHVIRPMZMRKFIPS[XLITSZIVX]PMRI;IWIIERIWXMQEXIH
8LI-RXVSHYGXMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
QMPPMSR GLMPHVIR RIEVP] TIVGIRX SJ EPP 97 GLMPHVIR [MXLSYX LIEPXL MRWYVERGI TVSKVEQW % GLMPH HMIW JVSQ RIKPIGX SV EFYWI IZIV] WM\ LSYVW E GLMPH MW OMPPIH F] KYRJMVIEPQSWXIZIV]XLVIILSYVWERHXLIRYQFIVSJRIKPIGXIHSVEFYWIHGLMPHVIRIEGL ]IEV[SYPHJMPPYTXLIGMX]SJ(IXVSMX
8LIWIEVIWXVMOMRKWXEXMWXMGW&]GMXMRKXLIQMRLIVMRXVSHYGXMSR/E]IIQTLE WM^IHXLIMQTSVXERGISJLIVXSTMGERHGETXYVIHXLIEXXIRXMSRSJLIVEYHMIRGI 'PIEVP] XLMW XIGLRMUYI MW IEW] XS YWI [LIR HMWGYWWMRK WSGMEP ERH TSPMXMGEP MWWYIWWYGLEWGLMPHEFYWIIRHERKIVIHWTIGMIWXIVVSVMWQERHWXIQGIPPVIWIEVGL FYXMXMWETTVSTVMEXIJSVSXLIVXSTMGWEW[IPP,IVIMWLS[SRIWXYHIRXLERHPIH MXMREWTIIGLEFSYXWXEVXMRKELSQIEUYEVMYQ -XMWZIV]LEVHXSGYHHPIEJMWL*MWL[SRtXVSPPSZIVSVJIXGLXLIQSVRMRKTETIV=SY [SRtXJMRHXLIQGYVPMRKYTSR]SYVPETGLEWMRKEFEPPSJWXVMRKSVVIWGYMRKEGLMPHJVSQE FYVRMRKFYMPHMRK =IXHIWTMXIXLIWIWLSVXGSQMRKWQMPPMSRXVSTMGEPJMWLLEZIJSYRHXLIMV[E]MRXS QMPPMSR%QIVMGERLSQIW)EGL]IEVQMPPMSRSJXVSTMGEPJMWLEVIWSPHMRXLI9RMXIH7XEXIW ERH XLI] LEZI IEVRIH E WTSX RI\X XS XLI EPP%QIVMGER HSK ERHXLI GYHHP] OMXXIR MR XLI LIEVXW SJ QMPPMSRW SJ TISTPI 8SHE] - [SYPH PMOI XS I\TPEMR LS[ ]SY GER WXEVX E LSQI EUYEVMYQERHHMWGSZIVXLITPIEWYVIWSJS[RMRKXVSTMGEPJMWL
;LIRIZIV]SYHMWGYWWEXSTMG[LSWIMQTSVXERGIQE]RSXFIGPIEVXSXLI EYHMIRGI]SYWLSYPHXLMROEFSYX[E]WXSHIQSRWXVEXIMXWWMKRMJMGERGIMRXLI MRXVSHYGXMSR
7XEVXPIXLI%YHMIRGI 3RIWYVIJMVI[E]XSEVSYWIMRXIVIWXUYMGOP]MWXSWXEVXPI]SYVPMWXIRIVW[MXLER EVVIWXMRK SV MRXVMKYMRK WXEXIQIRX )ZIV]SRI MR XLI EYHMIRGI TEMH GPSWI EXXIR XMSREJXIVXLMWWTIEOIVtWMRXVSHYGXMSR 8EOIEQSQIRXERHXLMROSJXLIXLVII[SQIRGPSWIWXXS]SY;LSGSQIWXSQMRH# =SYVQSXLIV#=SYVWMWXIV#=SYVKMVPJVMIRH#=SYV[MJI#=SYVFIWXJVMIRH#2S[KYIWW[LMGL SRI[MPPFIWI\YEPP]EWWEYPXIHHYVMRKLIVPMJIXMQI-XtWRSXETPIEWERXXLSYKLXFYXEGGSVHMRK XS XLI 97 (ITEVXQIRX SJ .YWXMGI SRI SJ IZIV] XLVII %QIVMGER [SQIR [MPP FI WI\YEPP] EWWEYPXIHWSQIXMQIHYVMRKLIVPMJI
2SXMGI XLI KVEHYEP FYMPHYT XS XLI WTIEOIVtW EVVIWXMRK WXEXIQIRX q2S[ KYIWW [LMGLSRI[MPPFIWI\YEPP]EWWEYPXIHHYVMRKLIVPMJIXMQIr8LMWWXEXIQIRXWXEVXPIW XLIEYHMIRGIhIWTIGMEPP]XLIQIRhERHHVMZIWLSQIEXETIVWSREPPIZIPXLITVSF PIQSJWI\YEPEWWEYPXEKEMRWX[SQIR8LIIJJIGX[SYPHLEZIFIIRQYGLPIWWMJXLI WTIEOIVLEHWEMHq7I\YEPEWWEYPXEKEMRWX[SQIRMWEWIVMSYWTVSFPIQr 7SQIXMQIW]SYQE][ERXXSWXEVXPI]SYVEYHMIRGIMRXLIZIV]JMVWXWIRXIRGI SJ]SYVWTIIGL,IVIMWLS[SRIWXYHIRXFIKERLIVWTIIGLSTTSWMRKXLIYWISJ 2EXMZI%QIVMGERREQIWJSVWTSVXWXIEQW -RXSRMKLXtWKEQIWXLI7ER%RXSRMS7TMGWEVITPE]MRKXLI2I[.IVWI].ETW[LMPIXLI 0SW%RKIPIW.I[W[MPPXEOISRXLI1MRRIWSXE4SPEGOW
8LMWXIGLRMUYIMWLMKLP]IJJIGXMZIERHIEW]XSYWI.YWXFIWYVIXLIWXEVXPMRK MRXVSHYGXMSR VIPEXIW HMVIGXP] XS XLI WYFNIGX SJ ]SYV WTIIGL -J ]SY GLSSWI E WXVSRKSTIRMRKWMQTP]JSVMXWWLSGOZEPYIERHXLIRKSSRXSXEPOEFSYXWSQI XLMRKIPWI]SYVEYHMIRGI[MPPFIGSRJYWIHERHTSWWMFP]ERRS]IH
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
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8LI1G+VE[n,MPP 'SQTERMIW
%KSSHMRXVSHYGXMSR[MPPKIX ]SYVWTIIGLSJJXSEWXVSRK WXEVX8SFIQSWXIJJIGXMZIMX WLSYPHVIPEXIXLIXSTMGXSXLI EYHMIRGIERHFIHIPMZIVIH JVSQEQMRMQYQSJRSXIW
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2SX SRP] HSIWXLMWWTIEOIV VIPEXI XLI XSTMG HMVIGXP] XS LMWGPEWWQEXIW LI KIXW XLIQ JYVXLIV MRZSPZIH F] FYMPHMRK WYWTIRWI EFSYX XLI qKMJXr XLEX IEGL SJ YW LEW 2SXMGI LS[ QYGL PIWW IJJIGXMZI XLI MRXVSHYGXMSR [SYPH LEZI FIIR MJ LI LEHWMQTP]WEMHq8SHE]-EQKSMRKXSXEPOEFSYXSVKERHSREXMSRr
5YIWXMSRXLI%YHMIRGI %WOMRKEVLIXSVMGEPUYIWXMSR MWERSXLIV[E]XSKIX]SYVPMWXIRIVWXLMROMRKEFSYX ]SYVWTIIGL7SQIXMQIWEWMRKPIUYIWXMSR[MPPHS
8LI-RXVSHYGXMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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,S[[SYPH]SYVIWTSRHMJEPSZIHSRI[EWXLIZMGXMQSJXIVVSVMWQ# ;LEX[SYPH]SYXLMROMJ]SY[IRXXSXLIHSGXSVFIGEYWI]SY[IVIMPPERHWLIXSPH]SY XS[EXGL8LI7MQTWSRWEWTEVXSJ]SYVXVIEXQIRX#
VLIXSVMGEPUYIWXMSR %UYIWXMSRXLEXXLIEYHMIRGI ERW[IVWQIRXEPP]VEXLIVXLER SYXPSYH
-RSXLIVGMVGYQWXERGIW]SYQE][ERXXSTSWIEWIVMIWSJUYIWXMSRWIEGL SJ[LMGLHVE[WXLIEYHMIRGIHIITIVERHHIITIVMRXSXLIWTIIGL,IVIMWLS[ SRIWTIEOIVYWIHXLMWQIXLSH ,EZI]SYIZIVWTIRXEWPIITPIWWRMKLXWXYH]MRKJSVERI\EQ#'ER]SYVIQIQFIVVYWL MRKXSJMRMWLEXIVQTETIVFIGEYWI]SY[EMXIHXSSPSRKXSWXEVX[VMXMRKMX#(S]SYSJXIR JIIPSZIV[LIPQIHF]EPPXLIXLMRKW]SYLEZIXSKIXHSRIEXWGLSSP#%X[SVO#%XLSQI# -J WS ]SY QE] FI XLI ZMGXMQ SJ TSSV XMQI QEREKIQIRX *SVXYREXIP] XLIVI EVI TVSZIRWXVEXIKMIW]SYGERJSPPS[XSYWI]SYVXMQIQSVIIJJIGXMZIP]ERHXSOIITGSRXVSP SJ]SYVPMJI
0MOIFIKMRRMRK[MXLEWXEVXPMRKWXEXIQIRXSTIRMRK[MXLEUYIWXMSR[SVOW FIWX[LIRXLIUYIWXMSRMWQIERMRKJYPXSXLIEYHMIRGIERHJMVQP]VIPEXIHXSXLI GSRXIRXSJXLIWTIIGL-XEPWS[SVOWQSWXIJJIGXMZIP][LIR]SYTEYWIJSVNYWXE QSQIRXEJXIVIEGLUYIWXMSR8LMWEHHWHVEQEXMGMQTEGXERHKMZIWXLIUYIWXMSR XMQIXSWMROMR8LIEYHMIRGISJGSYVWI[MPPERW[IVQIRXEPP]hRSXSYXPSYH
&IKMR[MXLE5YSXEXMSR %RSXLIV[E]XSEVSYWIXLIMRXIVIWXSJ]SYVEYHMIRGIMWXSWXEVX[MXLEREXXIR XMSRKIXXMRKUYSXEXMSR=SYQMKLXGLSSWI]SYVUYSXEXMSRJVSQ7LEOIWTIEVISV 'SRJYGMYWJVSQXLI&MFPISV8EPQYHJVSQETSIQWSRKSVJMPQ,IVIMWLS[ SRIWXYHIRXYWIHEUYSXEXMSRXSFIKMREWTIIGLEFSYXWGMIRXMWX.SREW7EPO[LS HIZIPSTIHXLIJMVWXTSPMSZEGGMRI q-J SRIMW PYGO] E WSPMXEV] JERXEW] GER XSXEPP] XVERWJSVQ SRI QMPPMSR VIEPMXMIWr 8LIWI [SVHWJVSQTSIXERH[VMXIV1E]E%RKIPSYGSYPHETTP]IEWMP]XSXLIHIHMGEXIHVIWIEVGLIV .SREW7EPO[LSGVIEXIHEZEGGMRIJSVTSPMS%LEPJGIRXYV]EKSXLMWGVMTTPMRKHMWIEWIWXVYGO MRHMWGVMQMREXIP]FYXXSHE][MHIWTVIEHYWISJXLIZEGGMRILEWZMVXYEPP][MTIHSYXTSPMS-R Q]XEPO-[SYPHPMOIXSHIWGVMFILS[7EPOTIVWIZIVIHERHXVMYQTLIHMRLMWUYIWXHIWTMXI HSYFXWERHQENSVWIXFEGOW
%LYQSVSYWUYSXEXMSRGEREJJSVHHSYFPIMQTEGXEWMRXLMWWTIIGLEFSYX XLIRIIHJSVTSPMXMGEPVIJSVQMRXLI97'SRKVIWW 1EVO8[EMRSRGIWEMHq-XGSYPHTVSFEFP]FIWLS[RF]JEGXWERHJMKYVIWXLEXXLIVIMW RSHMWXMRGXP]%QIVMGERGVMQMREPGPEWWI\GITX'SRKVIWWr
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%W]SYVIWIEVGL]SYV WTIIGLIWOIITERI]ISYX JSVUYSXEXMSRWWXSVMIWERH SXLIVQEXIVMEPW]SYGERYWI XSGVEJXERMRXVSHYGXMSRXLEX [MPPGETXYVIXLIEXXIRXMSRSJ ]SYVPMWXIRIVW
&] STIRMRK [MXL 8[EMRtW [SVHW XLI WTIEOIV RSX SRP] KSX XLI EYHMIRGItW EXXIRXMSRFYXEPWSJSVIWLEHS[IHEGIRXVEPXLIQISJLIVWTIIGL2SXMGIXSS XLEXFSXLSJXLIUYSXEXMSRWYWIHLIVIEWI\EQTPIWEVIVIPEXMZIP]WLSVX3TIR MRK]SYVWTIIGL[MXLEPIRKXL]UYSXEXMSRMWEWYVI[E]XSWIX]SYVEYHMIRGI ]E[RMRK
8IPPE7XSV] ;IEPPIRNS]WXSVMIWhIWTIGMEPP]MJXLI]EVITVSZSGEXMZIEQYWMRKHVEQEXMGSV WYWTIRWIJYP8S[SVO[IPPEWMRXVSHYGXMSRWXLI]WLSYPHEPWSFIGPIEVP]VIPIZERX XSXLIQEMRTSMRXSJXLIWTIIGL9WIHMRXLMW[E]WXSVMIWEVITIVLETWXLIQSWX IJJIGXMZI[E]XSFIKMREWTIIGL 'SRWMHIVJSVI\EQTPIXLIWXSV]SRIWXYHIRXXSPHXSSTIRLMWWTIIGLEFSYX %QIVMGEtWGVYQFPMRKFVMHKIW +EV]&EFMRIEYXLSYKLXLI[EWHIEH-X[EW%YKYWXERHLILEHNYWXHVMZIR LMWFPYI'LIZ]XVYGOSRXSXLI-;IWXFVMHKIMR1MRRIETSPMW[LIRXLI]IEVSPHWXVYG XYVIFIKERGSPPETWMRKq-LIEVHEVYQFPMRKPMOIENEGOLEQQIVrLIWEMHPEXIVqERHXLIRMX GSQTPIXIP]KEZI[E]r,MWTMGOYTTPYQQIXIHJIIXPERHMRKYTWMHIHS[RXLIFIHWIZ IVIHJVSQXLIGEF1MVEGYPSYWP]&EFMRIEY[LS[EW[IEVMRKLMWWIEXFIPXWYVZMZIHFYX SXLIVW [IVI RSX WS PYGO] 8LMVXIIR TISTPI HMIH XLEX HE] QSVI XLER E LYRHVIH [IVI MRNYVIH 8LIGSPPETWISJXLI-FVMHKIMR1MRRIETSPMW[EWEXVEKIH]FYXMX[MPPRSXFIXLIPEWX SRI8LIVIEVIFVMHKIWEGVSWWXLIGSYRXV]VEXIHEWqWXVYGXYVEPP]HIJMGMIRXrF]XLI *IHIVEP,MKL[E]%HQMRMWXVEXMSR8LIWIFVMHKIWGEVV]QMPPMSRZILMGPIWEHE]ERHSRI GERSRP][SRHIV[LMGL[MPPFIXLIRI\XXSKS
0MOIQER]KSSHMRXVSHYGXMSRWXLMWSRIHSIWEHSYFPINSFhMXEVSYWIWXLIMRXIV IWXSJXLIEYHMIRGIERHKIXWPMWXIRIVWIQSXMSREPP]MRZSPZIHMRXLIWTIIGL =SY GER EPWS YWI WXSVMIW FEWIH SR ]SYV TIVWSREP I\TIVMIRGI ,IVI MW LS[ SRITVIQIHWXYHIRXYWIHWYGLEWXSV]7LIFIKERF]VIGSYRXMRKXLIJMVWXXMQI WLISFWIVZIHHSGXSVWTIVJSVQMRKWYVKIV]MRXLISTIVEXMRKVSSQ
8LI-RXVSHYGXMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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GSRRIGXPYGEWGSQ :MI[XLIFIKMRRMRKSJ q,STMRKXS,IEPrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
8LI IJJIGXMZIRIWW SJ ER] WXSV]hIWTIGMEPP] E TIVWSREP SRIhLMRKIW SR XLI WTIEOIVt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
6):)%08,)834-' -R XLI TVSGIWW SJ KEMRMRK EXXIRXMSR FI WYVI XS WXEXI GPIEVP] XLI XSTMG SJ ]SYV WTIIGL-J]SYHSRSX]SYVPMWXIRIVW[MPPFIGSRJYWIH%RHSRGIXLI]EVIGSR JYWIH]SYVGLERGIWSJKIXXMRKXLIQEFWSVFIHMRXLIWTIIGLEVIEPQSWXRMP 8LMWMWEFEWMGTSMRXh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
;LEX MW XLI XSTMG SJ XLMW WTIIGL# 2EXYVI TLSXSKVETL]# 2S &MVHMRK# 2S 8SYVMWQMRXLIXVSTMGW#2S8LIWXYHIRX[EWXEPOMRKEFSYXIJJSVXWXSVIWXSVIXLI REXYVEPFIEYX]SJXLI*PSVMHE)ZIVKPEHIW&YXWLIHMHRSXQEOIXLEXGPIEVXSLIV EYHMIRGI7YTTSWIMRWXIEHWLILEHFIKYRLIVWTIIGLHMJJIVIRXP] %PPMKEXSVWTERXLIVWSXXIVWFVS[RTIPMGERWhXLIWIERHSXLIVGVIEXYVIWLEZIPSWX TIVGIRXSJXLIMVLEFMXEXMRWSYXL*PSVMHESZIVXLITEWXJI[HIGEHIW2S[LS[IZIVXLIVIMW ERFMPPMSRTVSKVEQXSTVIWIVZIXLIMVLSQIMRXLI*PSVMHE)ZIVKPEHIW8LIPEVKIWXVIWXSVE XMSR IJJSVX MR XLI LMWXSV] SJ XLI [SVPH MX [MPP VINYZIREXI SRI SJ %QIVMGEtW QSWX HMZIVWI IGSW]WXIQWERHTVSXIGXMXJSVJYXYVIKIRIVEXMSRW
8LMWSTIRMRK[SYPHLEZITVSZMHIHE[E]XSKIXXLIEYHMIRGItWEXXIRXMSR FYXMXEPWS[SYPHLEZIVIPEXIHHMVIGXP]XSXLIWTIIGLXSTMG-J]SYFIEXEVSYRH XLIFYWLMR]SYVMRXVSHYGXMSR]SYQE]PSWI]SYVPMWXIRIVW)ZIRMJXLI]EPVIEH] ORS[]SYVXSTMG]SYWLSYPHVIWXEXIMXGPIEVP]ERHGSRGMWIP]EXWSQITSMRXMR XLIMRXVSHYGXMSR
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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[LIXLIVEWTIEOIVMWUYEPMJMIH XSWTIEOSREKMZIRXSTMG
;LIXLIVSVRSX]SYPMJX[IMKLXW]SY[MPPTVSFEFP]FIQSVIMRXIVIWXIHMRXLI WTIIGL[LIR]SYVIEPM^IXLIWTIEOIVORS[W[LEXWLIMWXEPOMRKEFSYX =SYVGVIHMFMPMX]RIIHRSXFIFEWIHSRJMVWXLERHORS[PIHKIERHI\TIVMIRGI -X GER GSQI JVSQ VIEHMRK JVSQ GPEWWIW JVSQ MRXIVZMI[W JVSQ JVMIRHWhEW MR XLIWIGEWIW -LEZIFIIRMRXIVIWXIHMRXLILMWXSV]SJXLIGMZMPVMKLXWQSZIQIRXJSVWIZIVEP]IEVWERH -LEZIVIEHERYQFIVSJFSSOWERHEVXMGPIWEFSYXMX 8LIMRJSVQEXMSR-EQKSMRKXSWLEVI[MXL]SYXSHE]GSQIWQSWXP]JVSQQ]FMSPSK] GPEWWERHERMRXIVZMI[[MXL6I]RE:EWUYI^SJXLIPSGEP%YHYFSR7SGMIX]
;LEXIZIVXLIWSYVGISJ]SYVI\TIVXMWIFIWYVIXSPIXXLIEYHMIRGIORS[
8LI-RXVSHYGXMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIIGL-RXVSHYGXMSR
23
(S - KEMR XLI EXXIRXMSR ERH MRXIVIWX SJ Q] EYHMIRGI F] YWMRK SRI SV QSVI SJ XLI QIXLSHW HMWGYWWIH MR XLMW GLETXIV# (S-VIPEXIXLIWTIIGLXSTMGXSQ]EYHMIRGI# (S-GPIEVP]VIZIEPXLIXSTMGSJQ]WTIIGL# (S-IWXEFPMWLQ]GVIHMFMPMX]XSWTIEOSRXLMWXSTMG# -JQ]XSTMGMWGSRXVSZIVWMEPHS-XEOIWXITWXSIWXEFPMWLQ] KSSH[MPPXS[EVHXLIEYHMIRGI# GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7TIIGL8SSPWJSV XLMWGLETXIV
(S-HIJMRIER] OI] XIVQW XLEX [MPP FI RIGIWWEV] JSVXLI EYHMIRGIXSYRHIVWXERHXLIVIWXSJQ]WTIIGL# (S-TVSZMHIETVIZMI[WXEXIQIRXSJXLIQEMRTSMRXWXSFI GSZIVIHMRXLIFSH]SJXLIWTIIGL# -WXLIMRXVSHYGXMSRPMQMXIHXSiTIVGIRXSJQ]IRXMVI WTIIGL# ,EZI - [SVOIH SYX XLI PERKYEKI SJ Q] MRXVSHYGXMSR MRHIXEMP# ,EZI - TVEGXMGIH XLI HIPMZIV] SJ Q] MRXVSHYGXMSR WS - GER TVIWIRX MXJPYIRXP] GSRJMHIRXP] ERH[MXLWXVSRK I]I GSRXEGX#
KSSH[MPP 8LIEYHMIRGItWTIVGITXMSRSJ [LIXLIVXLIWTIEOIVLEWXLI FIWXMRXIVIWXWSJXLIEYHMIRGI MRQMRH
)WXEFPMWLMRK]SYVKSSH[MPPMWEWPMKLXP]HMJJIVIRXGLEPPIRKI-XMWSJXIRGVYGMEP SYXWMHIXLIGPEWWVSSQ[LIVIWTIEOIVWLEZI[IPPIWXEFPMWLIHVITYXEXMSRWERHQE] FIMHIRXMJMIH[MXLGEYWIWXLEXEVSYWILSWXMPMX]EQSRKPMWXIRIVW-RWYGLEWMXYEXMSR XLIWTIEOIVQYWXXV]XSHIJYWIXLEXLSWXMPMX]VMKLXEXXLIWXEVXSJXLIWTIIGL 3GGEWMSREPP] ]SY QE] LEZI XS HS XLI WEQI XLMRK MR ]SYV GPEWWVSSQ WTIIGLIW7YTTSWI]SYEHZSGEXIELMKLP]YRTSTYPEVTSWMXMSR=SY[MPPRIIHXS QEOIEWTIGMEPIJJSVXXSIRWYVIXLEX]SYVGPEWWQEXIW[MPPGSRWMHIV]SYVTSMRXSJ ZMI[8LMWMWLS[SRIWXYHIRXXVMIHXSQMRMQM^ILMWGPEWWQEXIWtSTTSWMXMSREX XLIWXEVXSJEWTIIGLMRJEZSVSJFYMPHMRKQSVIRYGPIEVTS[IVTPERXW 8LIHIZIPSTQIRXSJRI[RYGPIEVTS[IVTPERXWMRXLI9RMXIH7XEXIWGEQIXSEWXERHWXMPP HYVMRKXLIW=IXEW(MWGSZIVQEKE^MRIWXEXIHNYWXPEWXQSRXLXLIXMQILEWGSQIXS PSSOEKEMREXXLIFIRIJMXWSJRYGPIEVTS[IV9RPMOIJSWWMPJYIPW MXHSIWRSXGSRXVMFYXIXS KPSFEP[EVQMRKMXHSIWRSXPIEZI%QIVMGEEXXLIQIVG]SJJSVIMKRSMPERH[MXLEHZERGIW MRXIGLRSPSK]MXMWQYGLWEJIVXLERFIJSVI 8LEXtW[L]-tQWTIEOMRKMRJEZSVSJFYMPHMRKQSVIRYGPIEVTS[IVTPERXWXSQIIXSYV JYXYVIIRIVK]RIIHW-ORS[QSWXSJ]SYSTTSWIRYGPIEVTS[IVh-HMHXSSYRXMP-WXEVXIH VIWIEVGLMRKXLMWWTIIGL8SHE]-tHPMOIXSWLEVI[MXL]SYWSQISJXLIJEGXW-LEZIJSYRH- ORS[-GERtXTIVWYEHIEPPSJ]SY&YX-HSEWO]SYXSPMWXIR[MXLERSTIRQMRHERHXSGSR WMHIVXLIQIVMXSJQ]EVKYQIRXW
;LEXVIEWSREFPIPMWXIRIVGSYPHMKRSVIWYGLEWMRGIVIJSVXLVMKLXTPIE#
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
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8LI1G+VE[n,MPP 'SQTERMIW
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TVIZMI[WXEXIQIRX %WXEXIQIRXMRXLIMRXVSHYGXMSR SJEWTIIGLXLEXMHIRXMJMIWXLI QEMRTSMRXWXSFIHMWGYWWIHMR XLIFSH]
%JXIVXLMWMRXVSHYGXMSRXLIVI[EWRSHSYFXEFSYX1YIPPIVtWXSTMGSVXLIQEMR TSMRXWLI[SYPHGSZIVMRLMWWTIIGL -R WSQI X]TIW SJ TIVWYEWMZI WTIIGLIW ]SY QE] RSX [ERX XS VIZIEP ]SYV GIRXVEPMHIEYRXMPPEXIVMRXLIWTIIGL&YXIZIRMRWYGLEWMXYEXMSR]SYQYWXFI WYVI]SYVEYHMIRGIMWRSXPIJXKYIWWMRKEFSYXXLIQEMRTSMRXWXLI]WLSYPHPMWXIR JSVEWXLIWTIIGLYRJSPHW2IEVP]EP[E]W]SYWLSYPHMRGPYHIETVIZMI[WXEXIQIRX PMOIXLIJSPPS[MRK 8SHE]-[MPPWLEVITEVXSJ[LEX-LEZIPIEVRIHF]I\TPEMRMRK[LEXLETTIRW[LIR]SY VIGIMZI ER EGYTYRGXYVI XVIEXQIRX LS[ EGYTYRGXYVI[SVOW XLI OMRHW SJQIHMGEPGSRHM XMSRWXLEXGERFIXVIEXIH[MXLEGYTYRGXYVIERHXLIKVS[MRKYWISJEGYTYRGXYVIMRGSQ FMREXMSR[MXL;IWXIVRQIHMGEPXIGLRMUYIW -tQLIVIXSXIPP]SYXLEXXV]EW[IQMKLX[IGERRSXFYMPHEFYFFPIFIX[IIRSYVWIPZIW ERHKIVQW[MXLERXMFEGXIVMEPTVSHYGXWERHXLEXXLIWITVSHYGXWEGXYEPP]GVIEXIQSVITVSF PIQWXLERXLI]WSPZI%JXIVPSSOMRKEXXLITVSFPIQWGVIEXIHF]ERXMFEGXIVMEPTVSHYGXW[ItPP I\TPSVIWSQIWSPYXMSRW
4VIZMI[ WXEXIQIRXW WYGL EW XLIWI WIVZI ERSXLIV TYVTSWI EW [IPP &IGEYWI XLI]YWYEPP]GSQIEXXLIZIV]IRHSJXLIMRXVSHYGXMSRXLI]TVSZMHIEWQSSXL PIEHMRXSXLIFSH]SJXLIWTIIGL8LI]WMKREPXLEXXLIFSH]SJXLIWTIIGLMW EFSYXXSFIKMR 8LIVIMWSRISXLIVEWTIGX]SYQE][ERXXSGSZIVMRTVIZMI[MRK]SYVWTIIGL =SY GER YWI ]SYV MRXVSHYGXMSR XS KMZI WTIGMEPM^IH MRJSVQEXMSRhHIJMRMXMSRW SV FEGOKVSYRHhXLEX]SYVPMWXIRIVW[MPPRIIHMJXLI]EVIXSYRHIVWXERHXLIVIWXSJXLI WTIIGL3JXIR]SYGERHSXLMWZIV]UYMGOP]EWMRXLIJSPPS[MRKI\EQTPI
GSRRIGXPYGEWGSQ :MI[XLIWITVIZMI[WXEXI QIRXWJVSQWXYHIRXW WTIIGLIWMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
%XVMEXLPSRMWEVEGIQEHIYTSJXLVIIHMJJIVIRXIZIRXWGSQTPIXIHMRWYGGIWWMSR8LI IZIRXWEVIYWYEPP]W[MQQMRKFMOMRKERHVYRRMRKXLSYKLGERSIMRKMWWSQIXMQIWWYFWXM XYXIHJSVSRISJXLIWI
-RSXLIVGMVGYQWXERGIW]SYQE]LEZIXSI\TPEMRERMQTSVXERXXIVQMRQSVI HIXEMP,IVIMWLS[SRIWXYHIRXLERHPIHXLITVSFPIQMREWTIIGLEFSYXXLI9RHIV KVSYRH6EMPVSEHYWIHF]WPEZIWXSIWGETIJVSQXLI7SYXLFIJSVIXLI'MZMP;EV 8LIXIVQq9RHIVKVSYRH6EMPVSEHr[EWJMVWXYWIHEFSYX&YXMRJEGXXLI9RHIV KVSYRH6EMPVSEH[EWRIMXLIVYRHIVKVSYRHRSVEVEMPVSEH-X[EWERMRJSVQEPRIX[SVOXLEX TVSZMHIH VYRE[E] WPEZIW JSSH GPSXLMRK HMVIGXMSRW ERH TPEGIW XS LMHI SR XLIMV IWGETI VSYXIWXSXLI2SVXLERHXS'EREHE
8LI-RXVSHYGXMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;L] [EW MX GEPPIH XLI 9RHIVKVSYRH 6EMPVSEH# &IGEYWI SJ MXW WIGVIG] ERH FIGEYWI QER]SJXLITISTPIMRZSPZIHYWIHVEMPVSEHXIVQWEWGSHI[SVHW,MHMRKTPEGIWJSVI\EQTPI [IVIGEPPIHqWXEXMSRWrERHTISTPI[LSLIPTIHXLIWPEZIW[IVIGEPPIHqGSRHYGXSVWr3ZIV XLI ]IEVW XLI 9RHIVKVSYRH 6EMPVSEH LIPTIH XLSYWERHW SJ WPEZIW QEOI XLIMV [E] JVSQ FSRHEKIXSJVIIHSQ
7%140)-2863(9'8-32;-8,'311)28%6= 7SJEV[ILEZIWIIRQER]I\GIVTXWWLS[MRKLS[XSJYPJMPPXLIZEVMSYWSFNIG XMZIWSJERMRXVSHYGXMSR2S[LIVIMWEGSQTPIXIMRXVSHYGXMSRJVSQEWXYHIRX WTIIGL 8LI WMHI GSQQIRXW MRHMGEXI XLI TVMRGMTPIW YWIH MR HIZIPSTMRK XLI MRXVSHYGXMSR
8LI1MVEGPISJ&SRI1EVVS[8VERWTPERXW '311)28%6=
-2863(9'8-32
8LI WTIEOIV YWIW E WXSV] XS KEMR EXXIRXMSR 8LMWWXSV][SVOWTEVXMGYPEVP][IPPFIGEYWIMX MW VMGLP] HIXEMPIH ERH MW LMKL MR LYQER MRXIVIWX
/EX],YFFIPP[EWJSYV]IEVWSPH[LIRWLI[EWHMEKRSWIH[MXL EWIZIVIGEWISJETPEWXMGERIQMEEHMWIEWIMR[LMGLXLIFSRI QEVVS[WXSTWTVSHYGMRKRI[FPSSHGIPPW%JXIVWIZIVEPX]TIW SJ XVIEXQIRX JEMPIH /EX] YRHIV[IRX E FSRI QEVVS[ XVERW TPERX,IVHSRSV[EWE]IEVSPHEMVPMRIQEREKIV[LSPMZIH XLSYWERHW SJ QMPIW E[E] ,MW KIRIVSWMX] WEZIH XLI PMJI SJ E PMXXPIKMVPLILEHRIZIVQIX8SHE]/EX]MWEREGXMZITVIXIIRKMVP [LSPSZIW,EVV]4SXXIVFSSOWERH[ERXWXSFIEGLIIVPIEHIV
2S[ XLI WTIEOIV VIZIEPW LIV XSTMG 'EPPMRK FSRI QEVVS[ XVERWTPERXW E qQIHMGEP QMVE GPIrVIMRJSVGIWXLIMQTSVXERGISJXLIWYFNIGX [LMPI I\TPEMRMRK LIV TIVWSREP MRZSPZIQIRX WLS[WXLIWTIEOIVtWKSSH[MPPERHLIPTWIWXEF PMWLLIVGVIHMFMPMX]
&SRI QEVVS[ XVERWTPERXW LEZI FIIR GEPPIH E QIHMGEP QMVEGPI FIGEYWI SJ XLIMV PMJIWEZMRK GETEFMPMX] - JMVWX FIGEQI MRXIVIWXIH MR XLI WYFNIGX [LIR E ]IEVSPH QIQFIV SJ Q] GLYVGL[EWHMEKRSWIH[MXLPIYOIQME-NSMRIHEGSQQMXXIIXS TYFPMGM^I+VIKtWGEWIERHXSWIIOTSXIRXMEPHSRSVW)ZIRXYEPP] EWYMXEFPIHSRSV[EWJSYRHERH+VIKMWRS[ELIEPXL]LMKL WGLSSPWSTLSQSVI
,IVIXLIWTIEOIVVIPEXIWXLIXSTMGHMVIGXP]XS LIV EYHMIRGI ERH WLS[W [L] XLI] WLSYPH GEVI EFSYX MX 8LI GSQFMREXMSR SJ WXEXMWXMGW [MXLXLIUYSXEXMSRJVSQXLI*SSHERH(VYK %HQMRMWXVEXMSRVIMRJSVGIWXLIMQTSVXERGISJ XLIXSTMG
&IGEYWI SJ +VIKtW MPPRIWW - PIEVRIH XLEX ER]SRI GER KIX WMGOERHRIIHEFSRIQEVVS[HSREXMSR-XGSYPHFIER]SJYW MRXLMWVSSQEGPSWIJVMIRHSVIZIREJEQMP]QIQFIV%RIWXM QEXIHFSRIQEVVS[XVERWTPERXWEVITIVJSVQIHMRXLI 97IEGL]IEV%GGSVHMRKXSXLI97*SSHERH(VYK%HQMRMW XVEXMSRXLIWIXVERWTPERXWKMZITEXMIRXWqEGLERGIXSFIEXHMW IEWIWSRGIFIPMIZIHXSLEZIRSGYVIr
&]QIRXMSRMRKLIVVIWIEVGLXLIWTIEOIVJYV XLIV FSPWXIVW LIV GVIHMFMPMX] 7LI XLIR IRHW XLI MRXVSHYGXMSR F] TVIZMI[MRK XLI QEMR TSMRXW XS FI HMWGYWWIH MR XLI FSH] SJ XLI WTIIGL
8LVSYKLQ]VIWIEVGLJSVXLMWWTIIGL-LEZIPIEVRIHQYGL QSVIEFSYXXLMWVIQEVOEFPITVSGIHYVI8SHE]-[SYPHPMOIXS XEPO [MXL ]SY EFSYX FSRI QEVVS[ HSREXMSRhLS[ WMQTPI E TVSGIWW MX MW JSV XLI HSRSV LS[ EFWSPYXIP] ZMXEP MX MW JSV XLI VIGMTMIRXERHLS[HSRSVWERHVIGMTMIRXWJMRHSRIERSXLIV
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)WXEFPMWLMRKKSSH[MPPMRXLI MRXVSHYGXMSRMWIWTIGMEPP] MQTSVXERXJSVWTIEOIVW[LS GSRJVSRXGSRXVSZIVWMEPMWWYIWh EW[MXL'EREHMERSJJMGMEP.SLR +IVVIXWIRWTIEOMRKLIVISR RIKSXMEXMSRWEFSYXPERHYWI
8-47*3646)4%6-2+8,)-2863(9'8-32 / IIT XLI MRXVSHYGXMSR VIPEXMZIP] FVMIJ 9RHIV RSVQEP GMVGYQWXERGIW MX WLSYPHRSXGSRWXMXYXIQSVIXLERXSTIVGIRXSJ]SYVWTIIGL & I SR XLI PSSOSYX JSV TSWWMFPI MRXVSHYGXSV] QEXIVMEPW EW ]SY HS ]SYV VIWIEVGL*MPIXLIQ[MXL]SYVRSXIWWSXLI][MPPFILERH][LIR]SYEVIVIEH] JSVXLIQ & IGVIEXMZIMRHIZMWMRK]SYVMRXVSHYGXMSR)\TIVMQIRX[MXLX[SSVXLVII HMJJIVIRXSTIRMRKWERHGLSSWIXLISRIXLEXWIIQWQSWXPMOIP]XSKIXXLIEYHM IRGIMRXIVIWXIHMR]SYVWTIIGL ( SRtX [SVV] EFSYX XLI I\EGX [SVHMRK SJ ]SYV MRXVSHYGXMSR YRXMP ]SY LEZI JMRMWLIH TVITEVMRK XLI FSH] SJ XLI WTIIGL %JXIV ]SY LEZI HIXIVQMRIH ]SYVQEMRTSMRXWMX[MPPFIQYGLIEWMIVXSQEOIJMREPHIGMWMSRWEFSYXLS[XS FIKMRXLIWTIIGL ; SVOSYX]SYVMRXVSHYGXMSRMRHIXEMP7SQIXIEGLIVWVIGSQQIRHXLEX ]SY [VMXI MX SYX [SVH JSV [SVH SXLIVW TVIJIV XLEX ]SY SYXPMRI MX ;LMGLIZIV QIXLSH]SYYWITVEGXMGIXLIMRXVSHYGXMSRSZIVERHSZIVYRXMP]SYGERHIPMZIV MXWQSSXLP]JVSQEQMRMQYQSJRSXIWERH[MXLWXVSRKI]IGSRXEGX8LMW[MPP KIX]SYVWTIIGLSJJXSEKSSHWXEVXERHKMZI]SYEFMKFSSWXSJGSRJMHIRGI
8LI'SRGPYWMSR q+VIEXMWXLIEVXSJFIKMRRMRKrWEMH0SRKJIPPS[qFYXKVIEXIVXLIEVXMWSJIRH MRKr0SRKJIPPS[ [EWXLMROMRKSJTSIXV]FYXLMWMRWMKLXMWIUYEPP] ETTPMGEFPI XSTYFPMGWTIEOMRK1ER]EWTIEOIVLEWQEVVIHERSXLIV[MWIJMRIWTIIGLF]E PSRK[MRHIH WMPP] SVERXEKSRMWXMGGSRGPYWMSR=SYVGPSWMRK VIQEVOWEVI]SYV
8LI'SRGPYWMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
PEWX GLERGI XS HVMZI LSQI ]SYV MHIEW 1SVISZIV ]SYV JMREP MQTVIWWMSR [MPP TVSFEFP]PMRKIVMR]SYVPMWXIRIVWtQMRHW8LYW]SYRIIHXSGVEJX]SYVGSRGPY WMSR[MXLEWQYGLGEVIEW]SYVMRXVSHYGXMSR 2S QEXXIV [LEX OMRH SJ WTIIGL ]SY EVI KMZMRK XLI GSRGPYWMSR LEW X[S QENSVJYRGXMSRW 8SPIXXLIEYHMIRGIORS[]SYEVIIRHMRKXLIWTIIGL 8S VIMRJSVGI XLI EYHMIRGItW YRHIVWXERHMRK SJ SV GSQQMXQIRX XS XLI GIRXVEPMHIE 0IXYWPSSOEXIEGL
7-+2%08,))2(3*8,)74))',
GVIWGIRHSIRHMRK %GSRGPYWMSRMR[LMGLXLI WTIIGLFYMPHWXSE^IRMXLSJ TS[IVERHMRXIRWMX]
GSRRIGXPYGEWGSQ :MI[XLIIRHMRKSJ1EVXMR 0YXLIV/MRKtWq-tZI&IIRXS XLI1SYRXEMRXSTrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
-XQE]WIIQSFZMSYWXLEX]SYWLSYPHPIX]SYVEYHMIRGIORS[]SYEVIKSMRKXS WXST WSSR ,S[IZIV ]SY [MPP EPQSWX GIVXEMRP] LIEV WTIIGLIW MR ]SYV GPEWW MR [LMGL XLI WTIEOIV GSRGPYHIW WS EFVYTXP] XLEX ]SY EVI XEOIR F] WYVTVMWI 8SS WYHHIRERIRHMRKPIEZIWXLIEYHMIRGITY^^PIHERHYRJYPJMPPIH ,S[ HS ]SY PIX ER EYHMIRGI ORS[ ]SYV WTIIGL MW IRHMRK# 3RI [E] MW XLVSYKL[LEX]SYWE]q-RGSRGPYWMSRrq1]TYVTSWILEWFIIRrq0IXQIIRH F]WE]MRKrhXLIWIEVIEPPFVMIJGYIWXLEX]SYEVIKIXXMRKVIEH]XSWXST =SYGEREPWSPIX]SYVEYHMIRGIORS[XLIIRHMWMRWMKLXF]]SYVQERRIVSJ HIPMZIV]8LIGSRGPYWMSRMWXLIGPMQE\SJEWTIIGL%WTIEOIV[LSLEWGEVIJYPP]FYMPX XSETIEOSJMRXIVIWXERHMRZSPZIQIRX[MPPRSXRIIHXSWE]ER]XLMRKPMOIqMRGSRGPY WMSRr&]YWISJXLIZSMGIhMXWXSRITEGMRKMRXSREXMSRERHVL]XLQhEWTIEOIVGER FYMPHXLIQSQIRXYQSJEWTIIGLWSXLIVIMWRSHSYFX[LIRMXMWSZIV 3RIQIXLSHSJHSMRKXLMWLEWFIIRPMOIRIHXSEQYWMGEPGVIWGIRHS%WMR E W]QTLSR] MR [LMGL SRI MRWXVYQIRX EJXIV ERSXLIV NSMRW MR YRXMP XLI IRXMVI SVGLIWXVEMWTPE]MRKXLIWTIIGLFYMPHWMRJSVGIYRXMPMXVIEGLIWE^IRMXLSJTS[IV ERH MRXIRWMX] 8LMW HSIW RSX QIER WMQTP] KIXXMRK PSYHIV ERH PSYHIV -X MW E GSQFMREXMSRSJQER]XLMRKWMRGPYHMRKZSGEPTMXGLGLSMGISJ[SVHWHVEQEXMG GSRXIRXKIWXYVIWTEYWIWhERHTSWWMFP]PSYHRIWW % WYTIVF I\EQTPI SJ XLMW QIXLSH MW XLI QIQSVEFPI GSRGPYWMSR XS 1EVXMR 0YXLIV/MRKtWq-tZI&IIRXSXLI1SYRXEMRXSTrXLIWTIIGLLIHIPMZIVIHXLIRMKLX FIJSVILI[EWEWWEWWMREXIHMR%TVMP7TIEOMRKXSEREYHMIRGISJTISTPI MR1IQTLMW8IRRIWWIILIIRHIHLMWWTIIGL[MXLEWXMVVMRKHIGPEVEXMSRXLEXXLI GMZMPVMKLXWQSZIQIRX[SYPHWYGGIIHHIWTMXIXLIQER]XLVIEXWSRLMWPMJI 0MOIER]FSH]-[SYPHPMOIXSPMZIEPSRKPMJI0SRKIZMX]LEWMXWTPEGIFYX-tQRSXGSR GIVRIHEFSYXXLEXRS[-NYWX[ERXXSHS+SHtW[MPPERHLItWEPPS[IHQIXSKSYTXSXLI QSYRXEMRERH-tZIPSSOIHSZIVERH-tZIWIIRXLI4VSQMWIH0ERH-QE]RSXKIXXLIVI[MXL ]SYFYX-[ERX]SYXSORS[XSRMKLXXLEX[IEWETISTPI[MPPKIXXSXLI4VSQMWIH0ERH7S -tQ LETT]XSRMKLX -tQ RSX[SVVMIH EFSYX ER]XLMRK -tQRSX JIEVMRKER] QER 1MRI I]IW LEZIWIIRXLIKPSV]SJXLIGSQMRKSJXLI0SVH
%RSXLIVIJJIGXMZIQIXLSHQMKLXFIGSQTEVIHXSXLIHMWWSPZIIRHMRKSJE GSRGIVXWSRKXLEXIZSOIWHIITIQSXMSRWq8LIWSRKWIIQWXSJEHIE[E][LMPI XLIPMKLXSRXLIWMRKIVWLVMROWKVEHYEPP]XSEWQEPPIVERHWQEPPIVGMVGPIYRXMPMX PMKLXWSRP]XLIJEGIXLIRXLII]IW*MREPP]MXMWETMRTSMRXERHHMWETTIEVW[MXL XLIPEWXRSXISJXLIWSRKr,IVIMWEWTIIGLIRHMRKXLEXHSIWQYGLXLIWEQI XLMRK-XMWJVSQ+IRIVEP(SYKPEW1EG%VXLYVtWQSZMRKJEVI[IPPXSXLIGEHIXWEX XLI971MPMXEV]%GEHIQ]
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIGSRGPYWMSRMW]SYVPEWX GLERGIXSHVMZILSQI]SYV MHIEW7YGGIWWJYPWTIEOIVWWYGL EW7SYXL%JVMGERWXEXIWQER 2IPWSR1ERHIPEGVEJXXLIMV IRHMRKW[MXLKVIEXGEVIXS PIEZIEWXVSRKJMREPMQTVIWWMSR
-R Q] HVIEQW - LIEV EKEMR XLI GVEWL SJ KYRW XLI VEXXPI SJ QYWOIXV] XLI WXVERKI QSYVRJYPQYXXIVSJXLIFEXXPIJMIPH&YXMRXLIIZIRMRKSJQ]QIQSV]EP[E]W-GSQIFEGO XS;IWX4SMRX%P[E]WXLIVIIGLSIWERHVIIGLSIWHYX]LSRSVGSYRXV] 8SHE]QEVOWQ]JMREPVSPPGEPP[MXL]SY&YX-[ERX]SYXSORS[XLEX[LIR-GVSWWXLI VMZIVQ]PEWXGSRWGMSYWXLSYKLXW[MPPFISJXLI'SVTWERHXLI'SVTWERHXLI'SVTW -FMH]SYJEVI[IPP
GSRRIGXPYGEWGSQ 8SVIEHXLIWIWTIIGLIWF] /MRKERH1EG%VXLYVPSKSR XSXLI8ST%QIVMGER 7TIIGLIWSJXLIXL 'IRXYV]MRXLISRPMRI 6IWIEVGL0MFVEV]
8LI JMREP [SVHW JEHI PMOI XLI WTSXPMKLX FVMRKMRK XLI WTIIGL XS ER IQSXMSREP GPSWI =SY QE] XLMRO XLEX ]SY GSYPHRtX TSWWMFP] IRH E WTIIGL [MXL XLEX QYGL TEXLSWhERH]SYtHFIVMKLX1EG%VXLYV[EWERIPSUYIRXWTIEOIVHMWGYWWMRKE KVEZIMWWYI[MXLI\XVESVHMREV]TSMKRERGI8LMWGSQFMREXMSRVEVIP]SGGYVW&YX XLEXHSIWRtXQIER]SYGERtXYWIXLIHMWWSPZIIRHMRKIJJIGXMZIP]3RIWXYHIRX YWIH MX [MXL KVIEX IJJIGX MR E WTIIGL EFSYX XLI MQQMKVERX I\TIVMIRGI MR XLI 9RMXIH 7XEXIW (YVMRK XLI FSH] SJ XLI WTIIGL XLI WXYHIRX WTSOI EFSYX XLI RYQFIVW SJ MQQMKVERXW ERH XLI GLEPPIRKIW XLI] JEGIH 8LIR MR LIV GSRGPY HMWWSPZIIRHMRK WMSRWLIGVIEXIHEQSZMRKHMWWSPZIIRHMRKF]IZSOMRKXLIIQSXMSREPMQEKIW %GSRGPYWMSRXLEXKIRIVEXIW SJLIVKVERHJEXLIVtWEVVMZEPMRXLI9RMXIH7XEXIW IQSXMSREPETTIEPF]JEHMRK 3REVIGIRXXVMTXS)PPMW-WPERH[LIVIQ]KVERHJEXLIVJMVWXWXITTIHSR%QIVMGERWSMP- WE[ LMWREQIIXGLIH MRXS XLI [EPP EPSRK [MXL XLI REQIW SJ XIRW SJ XLSYWERHW SJ SXLIV MQQMKVERXW-WE[XLIIRXV]LEPP[LIVILIPMRIHYTXSTVSGIWWLMWJSVQW-WE[XLIVSSQ [LIVILIYRHIV[IRXETL]WMGEPI\EQMREXMSR-WIRWIHXLIJIEVERHXLIMRWIGYVMX]LIQYWX LEZIJIPX &YX -GSYPH EPWS WIRWILMW I\GMXIQIRXEWLIPSSOIHJSV[EVHXS PMJIMRE PERHSJ STTSVXYRMX]hEPERHLIGEQIXSXLMROSJEWLSQI
WXITF]WXITXSEHVEQEXMGJMREP WXEXIQIRX
&SXL XLI GVIWGIRHS ERH XLI HMWWSPZI IRHMRKW QYWX FI [SVOIH SYX [MXL KVIEXGEVI4VEGXMGIYRXMP]SYKIXXLI[SVHWERHXLIXMQMRKNYWXVMKLX8LIFIR IJMXW[MPPFI[IPP[SVXL]SYVXMQI
8LI'SRGPYWMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6)-2*36')8,)')286%0-()% 8LIWIGSRHQENSVJYRGXMSRSJEGSRGPYWMSRMWXSVIMRJSVGIXLIEYHMIRGItWYRHIV WXERHMRKSJSV GSQQMXQIRXXSXLIGIRXVEPMHIE8LIVIEVIQER] [E]WXSHS XLMW,IVIEVIXLISRIW]SYEVIQSWXPMOIP]XSYWI
7YQQEVM^I=SYV7TIIGL 6IWXEXMRKXLIQEMRTSMRXWMWXLIIEWMIWX[E]XSIRHEWTIIGL3RIWXYHIRXYWIH XLMWXIGLRMUYIIJJIGXMZIP]MRLMWTIVWYEWMZIWTIIGLEFSYXXLI%-(7ITMHIQMGMR %JVMGE
GSRRIGXPYGEWGSQ :MI[XLIGSRGPYWMSRSJq%-(7 MR%JVMGE%;SVPH'VMWMWrMR XLISRPMRI1IHME0MFVEV]JSV XLMWGLETXIV :MHIS'PMT
-RGSRGPYWMSR[ILEZIWIIRXLEXXLI%-(7ITMHIQMGMWLEZMRKEHIZEWXEXMRKIJJIGXSR %JVMGER WSGMIX] %R IRXMVI EHYPX KIRIVEXMSR MW WPS[P] FIMRK [MTIH SYX %R IRXMVIP] RI[ KIRIVEXMSR SJ%-(7 SVTLERW MWFIMRK GVIEXIH+SZIVRQIRXW MR XLIREXMSRWQSWXEJJPMGXIH LEZIRIMXLIVXLIVIWSYVGIWRSVXLII\TIVXMWIXSGSYRXIVXLIITMHIQMG1ER]%JVMGERIGSRS QMIWEVIFIMRKGVMTTPIHF]XLIPSWWSJTISTPIMRXLI[SVOTPEGI &IJSVIMXtWXSSPEXIXLI9RMXIH2EXMSRWERHHIZIPSTIHGSYRXVMIWRIIHXSMRGVIEWIXLIMV IJJSVXWXSLEPXXLIITMHIQMGERHFVMRKMXYRHIVGSRXVSP8LIPMZIWERH[IPPFIMRKSJXIRWSJ QMPPMSRWSJTISTPILERKMRXLIFEPERGI
8LI ZEPYI SJ E WYQQEV] MW XLEX MX I\TPMGMXP] VIWXEXIW XLI GIRXVEP MHIE ERH QEMRTSMRXWSRIPEWXXMQI&YXEW[IWLEPPWIIXLIVIEVIQSVIMQEKMREXMZIERH GSQTIPPMRK [E]W XS IRH E WTIIGL 8LI] GER FI YWIH MR GSQFMREXMSR [MXL E WYQQEV]SVEXXMQIWMRTPEGISJMX
)RH[MXLE5YSXEXMSR % UYSXEXMSR MW SRI SJ XLI QSWX GSQQSR ERH IJJIGXMZI HIZMGIW XS GSRGPYHI E WTIIGL,IVIMWEJMRII\EQTPIJVSQEWTIIGLSRXLIQMWYWISJXIPIZMWMSREHZIV XMWIQIRXWMRTSPMXMGEPGEQTEMKRW ;IGERRSXMKRSVIXLIIZMPWSJXIPIZMWMSRGSQQIVGMEPWMR[LMGLGERHMHEXIWJSVXLILMKL IWXSJJMGIWEVIWSPHXSXLIZSXIVWMRWIGSRHWTSXW8LIWIEHWGLIETIRXLIIPIGXMZITVSGIWW ERHHIKVEHISYVTSPMXMGEPMRWXMXYXMSRW-RXLI[SVHWSJLMWXSVMER%VXLYV7GLPIWMRKIV.Vq=SY GERRSXQIVGLERHMWIGERHMHEXIWPMOIWSETERHLSTIXSTVIWIVZIEVEXMSREPHIQSGVEG]r
8LI GPSWMRK UYSXEXMSR MW TEVXMGYPEVP] KSSH FIGEYWI MXW YVKIRG] MW I\EGXP] WYMXIHXSXLIWTIIGL;LIR]SYVYREGVSWWEFVMIJUYSXEXMSRXLEXWSTIVJIGXP] GETXYVIW]SYVGIRXVEPMHIEOIITMXMRQMRHEWETSWWMFPIGSRGPYWMSR
1EOIE(VEQEXMG7XEXIQIRX 6EXLIVXLERYWMRKEUYSXEXMSRXSKMZI]SYVGSRGPYWMSRJSVGIERHZMXEPMX]]SY QE] [ERX XS HIZMWI ]SYV S[R HVEQEXMG WXEXIQIRX 7SQI WTIIGLIW LEZI FIGSQIJEQSYWFIGEYWISJXLIMVTS[IVJYPGPSWMRKPMRIW3RIMW4EXVMGO,IRV]tW PIKIRHEV] q0MFIVX] SV (IEXLr SVEXMSR -X XEOIW MXW REQI JVSQ XLI JMREP WIR XIRGIW,IRV]YXXIVIHSR1EVGLEWLII\LSVXIHLMWEYHMIRGIXSVIWMWX &VMXMWLX]VERR] -WPMJIWSHIEVSVTIEGIWSW[IIXEWXSFITYVGLEWIHEXXLITVMGISJGLEMRWERHWPEZIV]# *SVFMHMX%PQMKLX]+SH-ORS[RSX[LEXGSYVWISXLIVWQE]XEOIFYXEWJSVQIKMZIQI PMFIVX]SVKMZIQIHIEXL
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%PXLSYKL ]SYV GPEWWVSSQ WTIIGLIW EVI RSX PMOIP] XS FIGSQI JEQSYW ]SY GERWXMPPVMZIX]SYVPMWXIRIVWhEW,IRV]HMHh[MXLEHVEQEXMGGSRGPYHMRKWXEXI QIRX;LEXJSPPS[WMWETEVXMGYPEVP]WXVMOMRKI\EQTPIJVSQEWTIIGLSRWYMGMHI TVIZIRXMSR8LVSYKLSYXXLIWTIIGLXLIWXYHIRXVIJIVVIHXSEJVMIRH[LSLEH XVMIHXSGSQQMXWYMGMHIXLITVIZMSYW]IEV8LIRMRXLIGSRGPYWMSRWLIWEMH 1]JVMIRHMWFEGOMRWGLSSPTEVXMGMTEXMRKMREGXMZMXMIWWLIRIZIVHMHFIJSVIhERHIRNS] MRKMX-tQLETT]ERHTVSYHXSWE]XLEXWLItWWXMPPJMKLXMRKJSVLIVPMJIERHIZIRLETTMIVXLEX WLIJEMPIHXSOMPPLIVWIPJ3XLIV[MWI-[SYPHRtXFILIVIXSHE]XV]MRKXSLIPT]SY=SYWII- EQQ]qJVMIRHrERH-tQQSVIXLERKPEHXSWE]-tZIQEHIMX
%W]SYGERMQEKMRIXLIEYHMIRGI[EWWXYRRIH8LIGPSWMRKPMRIWFVSYKLX XLIWTIIGLXSEHVEQEXMGGSRGPYWMSR8LIWTIEOIVQEHIMXIZIRQSVIIJJIGXMZI F]TEYWMRKNYWXEQSQIRXFIJSVIXLIPEWX[SVHWERHF]YWMRKLIVZSMGIXSKMZI XLIQNYWXXLIVMKLXMRJPIGXMSR
6IJIVXSXLI-RXVSHYGXMSR %R I\GIPPIRX [E] XS KMZI ]SYV WTIIGL TW]GLSPSKMGEP YRMX] MW XS GSRGPYHI F] VIJIVVMRKXSMHIEWMRXLIMRXVSHYGXMSR,IVIMWLS[SRIWXYHIRXYWIHXLIQIXLSH MRLIVWTIIGLEFSYXXLI7TIGMEP3P]QTMGW -RXVSHYGXMSR -R7IEXXPIRMRI]SYRKEXLPIXIWEWWIQFPIHEXXLIWXEVXMRKPMRIJSVXLI ]EVHHEWL%XXLIKYRXLI]EPPWXEVXIHSJJhRSXI\EGXP]MREHEWLFYX[MXL EHIWMVIXSVYRXLIVEGIXSXLIJMRMWLERH[MR%PPI\GITXSRIPMXXPIFS][LS WXYQFPIHSRXLIEWTLEPXXYQFPIHSZIVEGSYTPISJXMQIWERHFIKERXS GV]8LISXLIVVYRRIVWLIEVHXLIFS]GV]8LI]WXSTTIHXLI]PSSOIHFEGO 8LIRXLI]EPP[IRXFEGOXSXLIFS]tWWMHIhIZIV]WMRKPISRISJXLIQ3RI KMVP[MXL(S[RW]RHVSQIOMWWIHLMQERHWEMHq8LMW[MPPQEOIMXFIXXIVr 8LIREPPRMRIPMROIHEVQWERH[EPOIHXSXLIJMRMWLPMRIhXSKIXLIV 8LIWIEXLPIXIW[IVIRSXGSQTIXMRKSRREXMSREPXIPIZMWMSRXLI][IVI RSXWTSRWSVIHSVMHSPM^IH&YXXLI][IVIKMZIRERSTTSVXYRMX]XSJPSYVMWL YRHIVXLIKPS[SJXLIMVS[RWTSXPMKLXWXSJIIPXLIFVYWLSJXLIVMFFSR GVSWWXLIMVGLIWXWEWXLI]VERXLVSYKLXLIMVS[RJMRMWLPMRIMRXLIMVS[R 3P]QTMGWhXLI7TIGMEP3P]QTMGW
-RXLIFSH]SJLIVWTIIGLXLIWXYHIRXI\TPEMRIHXLI7TIGMEP3P]QTMGWERH GEPPIHSRQIQFIVWSJXLIEYHMIRGIXSFIGSQIZSPYRXIIVW8LIRMRLIVGPSWMRK [SVHWWLIXMIHXLI[LSPIWTIIGLXSKIXLIVF]VIXYVRMRKXSXLIWXSV]HIWGVMFIH MRLIVMRXVSHYGXMSR 'SRGPYWMSR 6IQIQFIVXLIRMRIGLMPHVIR-QIRXMSRIHEXXLIFIKMRRMRKSJXLMWWTIIGL 8LMROSJXLIMVLETTMRIWWERHXLIMVWYTTSVXJSVSRIERSXLIV8LMROSJLS[ QYGLXLI]KEMRIHJVSQVYRRMRKMRXLEXVEGI%RHXLMROLS[]SYGERLIPT SXLIVWI\TIVMIRGIXLIWEQIFIRIJMXWEWXLI]WXVMZIXSJYPJMPPXLIQSXXSSJXLI 7TIGMEP3P]QTMGWq0IXQI[MR&YXMJ-GERtX[MRPIXQIFIFVEZIMRXLI EXXIQTXr
GSRRIGXPYGEWGSQ :MI[XLIFIKMRRMRKERH IRHMRKSJq1EOMRKE(MJJIV IRGI8LVSYKLXLI7TIGMEP 3P]QTMGWrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7YQQEVM^MRK XLI WTIIGL IRHMRK [MXL E UYSXEXMSR QEOMRK E HVEQEXMG WXEXIQIRX VIJIVVMRK XS XLI MRXVSHYGXMSRhEPP XLIWI XIGLRMUYIW GER FI YWIH WITEVEXIP]&YX]SYLEZITVSFEFP]RSXMGIHXLEXWTIEOIVWSJXIRGSQFMRIX[SSV QSVI MR XLIMV GSRGPYWMSRW %GXYEPP] EPP JSYV XIGLRMUYIW GER FI JYWIH MRXS SRIhJSVI\EQTPIEHVEQEXMGUYSXEXMSRXLEXWYQQEVM^IWXLIGIRXVEPMHIE[LMPI VIJIVVMRKXSXLIMRXVSHYGXMSR
8LI'SRGPYWMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
'LIGOPMWX =)7
8LI1G+VE[n,MPP 'SQTERMIW
7TIIGL'SRGPYWMSR
23
(S-WMKREPXLEXQ]WTIIGLMWGSQMRKXSERIRH# (S-VIMRJSVGIQ]GIRXVEPMHIEF] GLIGOEPPXLEXETTP]
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7TIIGL8SSPWJSV XLMWGLETXIV
7YQQEVM^MRKXLIQEMRTSMRXWSJQ]WTIIGL
)RHMRK[MXLEUYSXEXMSR
1EOMRKEHVEQEXMGWXEXIQIRX
6IJIVVMRKXSXLIMRXVSHYGXMSR
-W XLI GSRGPYWMSR PMQMXIH XS i TIVGIRX SJ Q] IRXMVI WTIIGL# ,EZI - [SVOIH SYX XLI PERKYEKI SJ Q] GSRGPYWMSR MR HIXEMP# ,EZI - TVEGXMGIH XLI HIPMZIV] SJ Q] GSRGPYWMSR WS - GER TVIWIRX MX JPYIRXP] GSRJMHIRXP] ERH [MXL WXVSRK I]I GSRXEGX#
3RI SXLIV GSRGPYHMRK XIGLRMUYI MW QEOMRK E HMVIGX ETTIEP XS ]SYV EYHM IRGIJSVEGXMSR8LMWXIGLRMUYIETTPMIWSRP]XSETEVXMGYPEVX]TISJTIVWYEWMZI WTIIGLLS[IZIVERH[MPPFIHMWGYWWIHMR'LETXIV8LIJSYVQIXLSHWGSZ IVIHMRXLMWGLETXIVEVIETTVSTVMEXIJSVEPPOMRHWSJWTIIGLIWERHSGGEWMSRW
7%140)'32'097-32;-8,'311)28%6= ,S[ HS ]SY JMX XLIWI QIXLSHW XSKIXLIV XS QEOI E GSRGPYWMSR# ,IVI MW ER I\EQTPIJVSQXLIWTIIGLEFSYXFSRIQEVVS[XVERWTPERXW[LSWIMRXVSHYGXMSR [IPSSOIHEXIEVPMIV TEKI
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8-47*3646)4%6-2+8,)'32'097-32 % W[MXLXLIMRXVSHYGXMSROIITERI]ISYXJSVTSWWMFPIGSRGPYHMRKQEXI VMEPWEW]SYVIWIEVGLERHHIZIPSTXLIWTIIGL ' SRGPYHI[MXLEFERKRSXE[LMQTIV&IGVIEXMZIMRHIZMWMRKEGSRGPY WMSRXLEXLMXWXLILIEVXWERHQMRHWSJ]SYVEYHMIRGI;SVOSRWIZIVEPTSWWMFPI IRHMRKWERHWIPIGXXLISRIXLEXWIIQWPMOIP]XSLEZIXLIKVIEXIWXMQTEGX ( SRtXFIPSRK[MRHIH8LIGSRGPYWMSR[MPPRSVQEPP]QEOIYTRSQSVI XLERXSTIVGIRXSJ]SYVWTIIGL ( SRtX PIEZI ER]XLMRK MR ]SYV GSRGPYWMSR XS GLERGI ;SVO MX SYX MR HIXEMPERHKMZI]SYVWIPJTPIRX]SJXMQIXSTVEGXMGIHIPMZIVMRKMX1ER]WXYHIRXW PMOIXS[VMXISYXXLIGSRGPYWMSR[SVHJSV[SVHXSKYEVERXIIMXMWNYWXVMKLX-J ]SYHSXLMWQEOIWYVI]SYGERTVIWIRXMXWQSSXLP]GSRJMHIRXP]ERH[MXLJIIP MRKh[MXLSYX VIP]MRK SR ]SYV RSXIW SV WSYRHMRK [SSHIR 1EOI ]SYV PEWX MQTVIWWMSREWJSVGIJYPERHEWJEZSVEFPIEW]SYGER
7911%6= *MVWXMQTVIWWMSRWEVIMQTSVXERX7SEVIJMREPMQTVIWWMSRW8LMWMW[L]WTIIGLIWRIIH WXVSRKMRXVSHYGXMSRWERHGSRGPYWMSRW -R QSWX WTIIGL WMXYEXMSRW ]SY RIIH XS EGGSQTPMWL JSYV SFNIGXMZIW [MXL ]SYV MRXVSHYGXMSRhKIX XLI EXXIRXMSR ERH MRXIVIWX SJ XLI EYHMIRGI VIZIEP XLI XSTMG SJ ]SYVWTIIGLIWXEFPMWL]SYVGVIHMFMPMX]ERHKSSH[MPPERHTVIZMI[XLIFSH]SJXLI WTIIGL+EMRMRKEXXIRXMSRERHMRXIVIWXGERFIHSRIMRWIZIVEP[E]W=SYGERWLS[ XLI MQTSVXERGI SJ ]SYV XSTMG IWTIGMEPP] EW MX VIPEXIW XS ]SYV EYHMIRGI =SY GER WXEVXPI SV UYIWXMSR ]SYV EYHMIRGI SV EVSYWI XLIMV GYVMSWMX] =SY GER FIKMR [MXL E UYSXEXMSRSVEWXSV] &I WYVI XS WXEXI XLI XSTMG SJ ]SYV WTIIGL GPIEVP] MR ]SYV MRXVSHYGXMSR WS XLI EYHMIRGIORS[W[LIVIXLIWTIIGLMWKSMRK)WXEFPMWLMRKGVIHMFMPMX]QIERWXLEX]SY XIPPXLIEYHMIRGI[L]]SYEVIUYEPMJMIHXSWTIEOSRXLIXSTMGEXLERH)WXEFPMWLMRK KSSH[MPPQE]FIRIGIWWEV]MJ]SYVTSMRXSJZMI[MWYRTSTYPEV4VIZMI[MRKXLIFSH] SJXLIWTIIGLLIPTWXLIEYHMIRGIPMWXIRIJJIGXMZIP]ERHTVSZMHIWEWQSSXLPIEHMRXS XLIFSH]SJXLIWTIIGL 8LIJMVWXSFNIGXMZISJEWTIIGLGSRGPYWMSRMWXSPIXXLIEYHMIRGIORS[]SYEVI IRHMRK[LMGL]SYGERHSF]]SYV[SVHWSVF]]SYVQERRIVSJHIPMZIV]8LIWIGSRH SFNIGXMZISJEGSRGPYWMSRMWXSVIMRJSVGI]SYVGIRXVEPMHIE=SYGEREGGSQTPMWLXLMW F] WYQQEVM^MRK XLI WTIIGL IRHMRK [MXL E UYSXEXMSR QEOMRK E HVEQEXMG WXEXI QIRXSVVIJIVVMRKXSXLIMRXVSHYGXMSR7SQIXMQIW]SYQE][ERXXSGSQFMRIX[S SVQSVISJXLIWIXIGLRMUYIW&IGVIEXMZIMRHIZMWMRKEZMZMHJSVGIJYPGSRGPYWMSR
/)=8)617 VLIXSVMGEPUYIWXMSR
TVIZMI[WXEXIQIRX
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GVIWGIRHSIRHMRK
KSSH[MPP
HMWWSPZIIRHMRK
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&IKMRRMRKERH)RHMRK XLI7TIIGL
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8LI1G+VE[n,MPP 'SQTERMIW
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEXEVIJSYVSFNIGXMZIWSJEWTIIGLMRXVSHYGXMSR# ;LEX EVIWIZIRQIXLSHW]SY GERYWIMRXLIMRXVSHYGXMSR XSKIXXLIEXXIRXMSR ERHMRXIVIWXSJ]SYVEYHMIRGI# ;L] MW MX MQTSVXERX XS IWXEFPMWL ]SYV GVIHMFMPMX] EX XLI FIKMRRMRK SJ ]SYV WTIIGL# ;LEXMWETVIZMI[WXEXIQIRX#;L]WLSYPH]SYRIEVP]EP[E]WMRGPYHIETVIZMI[ WXEXIQIRXMRXLIMRXVSHYGXMSRSJ]SYVWTIIGL# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;LEXEVIJMZIXMTWJSVTVITEVMRK]SYVMRXVSHYGXMSR# ;LEXEVIXLIQENSVJYRGXMSRWSJEWTIIGLGSRGPYWMSR# ;LEXEVIX[S[E]W]SYGERWMKREPXLIIRHSJ]SYVWTIIGL# ;LEX EVI JSYV [E]W XS VIMRJSVGI XLI GIRXVEP MHIE [LIR GSRGPYHMRK ]SYV WTIIGL# ;LEXEVIJSYVXMTWJSVTVITEVMRK]SYVGSRGPYWMSR#
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QSSHFSEVH7YTIV7XSGO'SVFMW6]ER 1G:E]+IXX]-QEKIW'S[7XYHMS1EH4LSXS 0MFVEV]
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
-RHI\
8LI1G+VE[n,MPP 'SQTERMIW
-RHI\
% %FWXVEGX[SVHW %FWXVEGXMSRWi %FWXVEGXW %FYWMZIPERKYEKITIVWSREPHMKRMX]ERH i %GGITXERGIWTIIGL %GXMSRMR1SRVSItWQSXMZEXIH WIUYIRGIi %GXMZIPMWXIRMRK %HLSQMRIQJEPPEG] %HVIREPMRI %KISJEYHMIRGI %OEOE(ERMIP %PMRWO]7EYP %PPMXIVEXMSR %QIVMGER'MZMP0MFIVXMIW9RMSR %REPSKMGEPVIEWSRMRKi %REPSK]MRZEPMHi %RMQEXMSRMR4S[IV4SMRX %RXMXLIWMW %TTIEVERGIJSGYWMRKSR %TTVIGMEXMZIPMWXIRMRK %TTVSTVMEXIRIWWSJPERKYEKIi %VMWXSXPI %VXMGYPEXMSRi %XXIRXMSRMR1SRVSItWQSXMZEXIH WIUYIRGIi %YHMIRGI EHETXMRKXSi EKISJ ERW[IVMRKUYIWXMSRWTSWIHF]i ETTVSTVMEXIRIWWSJPERKYEKIJSV EVSYWMRKGYVMSWMX]SJ GPEWWQEXIWEWi GYPXYVEPHMZIVWMX]SJi HIQSKVETLMGEREP]WMWSJi HMWTSWMXMSRSJXS[EVHXSTMGi IWXEFPMWLMRKGSQQSRKVSYRH[MXL i IWXMQEXMRK[LEXMWORS[RF]i IXLRMGFEGOKVSYRHSJi KIRHIVSJ KIXXMRKMRJSVQEXMSREFSYXi QIRXEPHMEPSKYI[MXL TW]GLSPSK]SJi UYIWXMSRMRKXLIi VIPEXMRKXLIXSTMGXSi VIPMKMSRSJ WI\YEPSVMIRXEXMSRSJi
%YHMIRGI 'SRX WMXYEXMSREPEREP]WMWSJi WXEVXPMRKXLI XEMPSVMRK]SYVQIWWEKIXSi i XEVKIXi 7IIEPWS0MWXIRIV %YHMIRGIGIRXIVIHRIWWi %YXLSVWLMTSJ-RXIVRIXHSGYQIRXW i
& &EGSR*VERGMW &EPJSYV0SVH &ERH[EKSRJEPPEG] &EVKVETL &MFPMSKVETL] HIJMRIH TVIPMQMREV] MRTVITEVEXMSRSYXPMRI &MPPSJ6MKLXW &MSKVETLMGEPEMHW &MVH[LMWXIPP6E] &SH]PERKYEKISJWTIEOIVi I]IGSRXEGXii KIWXYVIW QSZIQIRXi TIVWSREPETTIEVERGI &SH]SJWTIIGL MRTVITEVEXMSRSYXPMRIi TVIZMI[MRKi &VEMRWXSVQMRKi GPYWXIVMRKi HIJMRIH -RXIVRIXWIEVGLi TIVWSREPMRZIRXSV] VIJIVIRGIWIEVGL &VMIJI\EQTPI &YVHIRSJTVSSJ &YVOI/IRRIXL
' 'EPEFVS.SERRIi 'EPPRYQFIV 'EXEPSKYIPMFVEV] 'EYWEPSVHIVi 'EYWEPVIEWSRMRKi 'IRXVEPMHIEi KYMHIPMRIWJSVi MRTVITEVEXMSRSYXPMRI
'LEQFIVW.SLR 'LERRIP 'LEVEGXIV 'LEVXWEWZMWYEPEMHWi 'LIGOPMWXW GIRXVEPMHIE GMXEXMSRSJWYTTSVXMRKQEXIVMEP GSRGPYWMSR IXLMGEPTYFPMGWTIEOMRK IZEPYEXMRK-RXIVRIXHSGYQIRXW IZMHIRGI I\EQTPIW MRXVSHYGXMSR QEMRTSMRXW TVITEVEXMSRSYXPMRI VIJPIGXMZIXLMROMRKQIXLSH WTIEOMRK[MXLGSRJMHIRGI WTIGMJMGTYVTSWI WXEXMWXMGW XIWXMQSR] ZMWYEPEMHW TVITEVEXMSRSJ ZMWYEPEMHW TVIWIRXEXMSRSJ 'LMRS]7ENNMH>ELMVi%i 'LVSRSPSKMGEPSVHIVi 'LYVGLMPP;MRWXSRi i 'MGIVS 'MXEXMSRSJWYTTSVXMRKQEXIVMEP i 'PMGLÍ 'PMRXSR&MPP 'PYWXIVMRKi 'PYXXIVIPMQMREXMRKi 'SPSVMRZMWYEPEMHW 'SQQIQSVEXMZIWTIIGLIWi 'SQQSRKVSYRHGVIEXMRKi 'SQQYRMGEXMSR RSRZIVFEP X[S[E]i 'SQQYRMGEXMSRWOMPPW MQTSVXERGISJ 7IIEPWS7TIIGLGSQQYRMGEXMSRTVSGIWW 'SQTEVEXMZIEHZERXEKIWSVHIVi 'SQTEVMWSR 'SQTIXIRGIi 'SQTVILIRWMZIPMWXIRMRK 'SRGIRXVEXMSRHYVMRKPMWXIRMRKi 'SRGITXW HIJMRIH WTIIGLIWEFSYXi
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
'SRGPYWMSRi GLIGOPMWXJSV MRTVITEVEXMSRSYXPMRIi EWVIMRJSVGIQIRXSJGIRXVEPMHIE i WEQTPI[MXLGSQQIRXEV] EWWMKREPSJIRHSJWTIIGLi XMTWJSVTVITEVMRK 'SRGVIXI[SVHW 'SRJMHIRGI HIZIPSTMRKi WTIEOMRK[MXL 'SRRIGXMZIW MRXIVREPTVIZMI[W MRXIVREPWYQQEVMIW WMKRTSWXWi XVERWMXMSRWi 'SRRSXEXMZIQIERMRKi 'SRVEH.SWITL 'SRWIRWYWi 'SRXVEWX 'SRZIVWEXMSRTYFPMGWTIEOMRKERHi 'SRZIVWEXMSREPUYEPMX]SJHIPMZIV] 'ST]VMKLX 'VIHMFMPMX] FYMPHMRKi HIJMRIH HIVMZIH IRLERGMRKi JEGXSVWSJ MRMXMEP XIVQMREP X]TIWSJi 'VIHSJSV)XLMGEP'SQQYRMGEXMSR 'VIWGIRHSIRHMRK 'VMXIVME 'VMXMGEPPMWXIRMRK 'VMXMGEPXLMROMRK PMWXIRMRKERHi TYFPMGWTIEOMRKERHi 'VSWWVIJIVIRGI 'YPXYVEPFEGOKVSYRHSJEYHMIRGI i 'YPXYVEPHMZIVWMX]i SJEYHMIRGIi IXLRSGIRXVMWQi MRGPYWMZIPERKYEKIi QYPXMGYPXYVEP-RXIVRIXVIWSYVGIW TYFPMGWTIEOMRKERHi WXIVISX]TMRK
( (IPMZIV] ERW[IVMRKEYHMIRGIUYIWXMSRW i FSH]PERKYEKIi GVIHMFMPMX]ERHi HMEPIGXERHi I]IGSRXEGXERH JSGYWMRKSR KIWXYVIWERH KSSHi
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