'NC%QUOC V 24'5#55'#5%(+4'81.7-+# 064#05+.8#0+#.#  5%*5+5%*'24'55'70&4'81.

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    2TKP/KNQTOGK#PVQP)K#PC EWVQCVFTCIQUVGC   /GKPGP'NVGTP#PVQPWPF#PC KP.KGDG   



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24'5#55'#5%(+4'81.7-+# 064#05+.8#0+#.#  5%*5+5%*'24'55'70&4'81.76+10 +05+'$'0$4)'0

  6TCFWEGTGCVGZVGNQTFG'NC%QUOC DGTUGV\WPIXQP'NC%QUOC           

2TGUC7PKXGTUKVCT%NWLGCP  #TDGKVUMTGKUHT5KGDGPDTIKUEJG .CPFGUMWPFG*GKFGNDGTI  



    l'NC%QUOC6QCVGFTGRVWTKNGTG\GTXCVG#NNG4GEJVGXQTDGJCNVGP  +OCIKPGC FG RG EQRGTV TGRTQFWEG NKVQITCHKC P EWNQTK 6TI P 6TCPUKNXCPKC
5KDKW0GWJCWUGT.CP\GFGNN[ 7OUEJNCICDDKNFWPI,CJTOCTMVKP5KGDGPDTIGP
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



%WRTKPU

    %WXPVPCKPVG
*CTCNF4QVJ    +PCKPVGFG 2TGUCIGTOCP)KEGP\WTCP+ORGTKWNJCDUDWTIKE ,WTPCNWNRTGUGKUUG)VKFKP6TCPUKNXCPKC
<KCTGTGFCE/KKVKTCLG  ++#PKKTGXQNW/KGK  %TQPKECRTGUGKUKDKGPG
Q5KGDGPDTIGT $QVGR Q6TCPUUKNXCPKCR Q5KGDGPDTIKUEJGT 8QNMUHTGWPFRQ7PVGTJCNVWPIGPCWUFGT)GIGPYCTVR)C %TQPKECRTGUGKDTC)QXGPG
,QJCPP )VV )K Q5KGDGPDTIGT 9QEJGPDNCVVR Q5CVGNNKVR Q$NVVGTHT)GKUV)GOVJWPF8CVGTNCPFUMWPFGR)C   +++2QNKVKE)KKFGQNQIKGPRTGUCUUGCUE  2GPVTWWPKWPGUCWORQVTKXCWPKWPKK! #UCNVWN4UTKVWNWK)KKOCIKPGCTW)KNQT  .KDGTCNKUOXGTUWUEQPUGTXCVQTKUO  2TGUCECK\XQTFQEWOGPVCT#PGZG  2TQITCOWNWPKQPK)VKNQTUC)K
2TQITCOWNRQNKVKECNNWK,QUGRJ/CTNKPCRTKNKG  2TQITCOWNCPVKWPKQPK)VKNQTUC)K
6JGQFQT(CDKPK0WWPKWPKKOCK  0GEC\WTKEWEGP\WTC
$GPKIPKXQP/KNFGPDGTIEVTGRTG\KFKWN%QOCPFCOGPVWNWK OKNKVCTIGPGTCNKWPKG  &GURTGTGNC/KCRGTUQPCNCNWK/GVVGTPKEJEW4WUKC
KWNKG  2Q\K/KC7PKXGTUKV/KKPC/KQPCNGUUG)VK
KWPKGKWNKG  

4GHQTOGCNGPC/KWPKKUUG)VK
%GFQTKO)KRTGVKPFGO!QEVQODTKG  1OTVWTKGFGETGFKP/CGFKVQTWNWK,QJCPP)VV
OCTVKG  2TKOCGVCVK\CTGCCXGTKK7PKXGTUKV/KKPC/KQPCNGUUG)VK
&GETGVWNNWK%UP[CRTKNKG 1ETWEKCFORQVTKXCTW)KNQTQRIPKR
4CRQTVWNEQPUKNKWNWKWPICTFGOKPK)VTKEVTG-QUUWVJOCK   P)VKKP/CTG
(TCP\XQP&QTUPGTKWNKG  &KURQ\K/KG
(TCP\XQP&QTUPGTKWNKG   2GTUQPCNWN HQTWTKNQT QHKEKCNG VTCPUKNXCPG )K CN 7PKXGTUKV/KK PC/KQPCNGUUG)VK
KCPWCTKG   



+PJCNVUXGT\GKEJPKU

    8QTDGOGTMWPI
*CTCNF4QVJ  +&GT8QTOT\ &GWVUEJG2TGUUGWPF<GPUWTKPFGT*CDUDWTIGTOQPCTEJKG ,QWTPCNTGXWGFGTUEJUKUEJGP2TGUUG5KGDGPDTIGPU
<GKVWPIGP 4GFCMVKQPGP#WHNCIGP   ++4GXQNWVKQPKODGTDNKEM  %JTQPKMFGT*GTOCPPUVFVGT2TGUUG
Q5KGDGPDTIGT $QVGR Q6TCPUUKNXCPKCR Q5KGDGPDTIKUEJGT 8QNMUHTGWPFRQ7PVGTJCNVWPIGPCWUFGT)GIGPYCTVRWC  %JTQPKMFGT-TQPUVFVGT2TGUUG
,QJCPP )VV WPF FCU Q5KGDGPDTIGT 9QEJGPDNCVVR Q5CVGNNKVR Q$NVVGTHT)GKUV)GOVJWPF8CVGTNCPFUMWPFGR WC  +++2QNKVKMWPF+FGQNQIKGKPFGTUEJUKEJGP2TGUUG (TFKG7PKQPQFGTIGIGPFKG7PKQP!  &GT&TCPIXQP1UVGPWPFFCU4WUUGPDKNF .KDGTCNKUOWUWPF-QPUGTXCVKUOWU'KP9GVVUVTGKV   &KG2TGUUGCNU3WGNNG#PJCPI  &CU2TQITCOOFGTUEJUKUEJGP7PKQPKUVGP
,QUGRJ/CTNKPU2QNKVKUEJGU2TQITCOO#RTKN &CU2TQITCOOFGTUEJUKUEJGP7PKQPUIGIPGT
6JGQFQT(CDKPK-GKPG7PKQP/CK  2NCIGPOKVFGT<GPUWT
$GPKIPK XQP /KNFGPDGTI CP FCU *GTOCPPUVFVGT )GPGTCN MQOOCPFQ2TUKFKWO,WPK  <WO2TKXCVXGTJNVPKU/GVVGTPKEJU\W4WNCPF
,WNK  

&GT5VCPFRWPMVFGT5EJUKUEJGP7PKXGTUKVV
,WPK,WNK  4GHQTOGPFGTUEJUKUEJGP0CVKQP
9CUYPUEJGPWPFXGTNCPIGPYKT!1MVQDGT  'KP)NCWDGPUDGMGPPVPKUFGU8GTNGIGTU,QJCPP)VV
/T\  &KG GTUVG 8GTUVCCVNKEJWPI FGU 8GTOIGPU FGT 0CVKQPU WPKXGTUKVV
%UP[KU&GMTGV#RTKN 'KP-TGW\\WIIGIGPFKGQJCKFPKUEJGPR4WUUGP
4GHGTCV FGU WPICTKUEJGP /KPKUVGTKWOU CP -QUUWVJ  /CK   $GMCPPVOCEJWPI
(TCP\XQP&QTUPGT,WNK 8GTQTFPWPI
(TCP\XQP&QTUPGT,WNK  &GT 2GTUQPCNUVCPF FGT UKGDGPDTIKUEJGP .CPFGUVGNNGP WPF FGTUEJUKUEJGP0CVKQPUWPKXGTUKVV
,CPWCT    



8QTDGOGTMWPI

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



%WXPVPCKPVG
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

KUVQTKGK EQOWPG K FQTGUE CEGUVGK ET/K WP EGTE NCTI FG EKVKVQTK P UGPUWN RCPVTCPUKNXCP FGHKPKV FG Q#UQEKC/KC RGPVTW EWNVWT VTCPUKNXCPR
Q8GTGKPHTUKGDGPDTIKUEJG.CPFGUMWPFGREQPEGRW VEWRW/KPKCPKPCKPVGFGCEGGC)KTGXQNW/KG   )WPFGNUJGKOKWPKG *CTCNF4QVJ



+0#+06'&'

       





     2TKOGNG\KCTGIGTOCPGFKP+ORGTKWNJCDUDWTIKECWHQUVQ0GYG <G[VWPIGPRHQKXQNCPVGEQP/KPPFTGNCVTKFGURTGT\DQCKGNGORQVTKXC VWTEKNQT5CWRUVTCVEVGXCGZGORNCTGPNKODCIGTOCPEWRTKXKTGNC DVNKC FG NC /QJEU

 'NG RTQXKP P OCLQTKVCVG FG NC VKRCTPK/C KVKPGTCPV C NWK ,QJCPPGU /CPNKW
/CPGN /PPGN 7PWN FKP EGNG OCK XGEJKGZGORNCTGGUVG Q0GYG<G[VWPIFKP7PICTKCRFG'FWCTF2EMJN
VKRTKVNC/QP[QTMTGMPVTG)K/CTVKP5\GPVKXP[KC VKRTKVDTQ)WTKPNCVKP  8KGPC 2TKOWN )K EGN OCK NQPIGXKX \KCT FKP +ORGTKW C  HQUV QHKEKQUWN Q9KGPGT <GKVWPIR
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
EW Q UEWTV PVTGTWRGTG PCKPVG FG  PQKGODTKG  1HKEKQUWN CVKPUG P WPVKTCLFGGZGORNCTG  &GC NWPIWN UGEQNWNWK CN :8+++NGC 8KGPC FG/KPW OQPQRQNWN RTQFWUGNQT FG RTGU &QCT Q2TGDWTIGT <GKVWPIR FKP $TCVKUNCXC RWVW /KPG RKGRV RTGUKWPKK GZGTEKVCVG FG \KCTGNG XKGPG\G 8KGPC FGXGPK QCVQVUVRPKVQCTG RG VTO URKTKVWCN )K )VKKP/KHKE UKPIWTC KPVGTOGFKCT URKTKVWCN C 1EEKFGPVWNWKR  2P NC UHT)KVWN UGEQNWNWK CN :8+++NGC
/KEJCGN -TQPGT +PVTQFWEGTG P XQN &KG <GKV KP FGT <GKVWPI %NWL  R  *GKPTKEJ 4\ &GWVUEJG <GKVWPIGP WPF <GKVUEJTKHVGP KP 7PICTP XQP $GIKPP DKU  8GTNCIHT*QEJUEJWNMWPFG/PEJGPR  -WTV 2CWRK *CPFDWEJ FGT UVGTTGKEJKUEJGP 2TGUUGIGUEJKEJVG  XQN + 8KGPC R *4\QREKVR


2TGUCIGTOCP)KEGP\WTC P+ORGTKWNJCDUDWTIKE



\KCTGNG )K RTGNWCW )VKTKNG CRTQCRG GZENWUKX FKP 8KGPC EGGC EG GZRNKE GHGOGTCNQTGZKUVGP/  %WVKORWNUGFG\XQNVCT)KPQTC)GNGFGRTQXKPEKGPVTGRTKPFGTK FGGFKVCTGC\KCTGNQT  $WFCRGUVC 2TKOC VKRQITCHKG FKP $WFC PVGOGKCV P  K CRCT/KPW IGTOCPWNWK ,QJCPP 5GDCUVKCP .CPFGTGT #KEK UG GFKV Q/GTEWTKWUR
EWFQWPWOGTGURVOPCN7TOVQTWN\KCT IGTOCP CRTW CDKC RCVTW FGEGPKK OCK VT\KW NC 2GUVC
 RQCVG HK XQTDCFGQEQPVKPWCTGCNWKQ/GTEWTKWUR  Q2GUVGT +PVGNNKIGP\DNCVV KP (TCI WPF #P\GKEJGPR
(QCKC KPVGNKIGP/GK FKP 2GUVC P PVTGDTK )K UGOPG CRTW PVTG  XFKPFQECNKVCVGUWRGTKQCTHC/FGQ/GTEWTKWUR  PCPKK NCKUGEQNWNWKCN:8+++NGCHWTGFKVCVGRTKOGNGTGXKUVG )VKKP/KHKEGNC$WFC )K2GUVC1TC)WNPWTGRTG\GPVCPEWPEGPVTWNKVGTCT EJKCTHQTWTKNGCFOKPKUVTCVKXG)KCXWTUGFKWNNC$TCVKUNCXCRPP Q/QPCVNKEJG (TEJVG GKPGT IGNGJTVGP)GUGNNUEJCHVKP*WPICTPR
4QCFG NWPCTG CNG WPGK UQEKGV/K FG PXC//K FKP *WPICTKC VKRTKVG NC 2GUVC
 FG EVTG ,CMQD ,QUGRJ 9KPVGTN PW FGR)KT RTKOWN PWOT FGQCTGEGPEPWGZKUVCWEQPFK/KKNGRTQRKEGPVGOGKGTKKWPGKCECFGOKKFG )VKKP/G (K TGXKUVC NWK /CTVKP )GQTI -QXCEJKEJ Q/GTMWT XQP 7PICTPR EWPQUEWFQCTQUEWTVGZKUVGP/
2GUVC  &GURTG Q1HPGT 5VCFV\GKVWPIR
<KCTWN QT)GPGUE FKP $WFC EWPQUEWV )KUWDPWOGNGFG Q5VFVKUEJG1HPGT<GKVWPIRPWUGEWPQC)VG OCTGNWETWPCHCTCCPKNQTFGCRCTK/KG  Q7PICTKUEJG 5VCCVU WPF )GNGJTVGPPCEJTKEJVGPR
+PHQTOC/KK WPIWTG)VKFGURTGUVCV )KPX/C/KCRTWTWPVKOREGXCOCKNWPIFKP KCPWCTKGRPPKWPKG#EGCUVHQCKGRTGNWC )VKTKNGGZVGTPG OCK CNGU FKP Q9KGPGT <GKVWPIR &CE QHKEKQUWN XKGPG\ PW UQUGC UG OGP/KQPCECFGRKNFPPWOTWN
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
&GURTGRTGUCFKP$WFC)K2GUVC*4\QREKVR +DKFGOR



Q-TKGIUDQVGRCXGCEQTGURQPFGP/GFGOPGFGPETGFGTG<KCTWNOCIJKCT CHQUVEQPVKPWCVRTQDCDKNFGQ1HPGT<GKVWPIRECTGCRTWRPP  *KGTQP[OWU/QNNGFKVNC2GUVCPCPWNQ1HPGTWPF2GUVGT (TCI WPF -WPFUEJCHVUDNCVV QFGT 5COONWPI XQP PV\NKEJGP &KPIGP WPF0CEJTKEJVGPR
(QCKCFGPVTGDTK )KCPWP/WTKFKP$WFC )K2GUVCUCW EWNGIGTG FG NWETWTK )K KPHQTOC/KK WVKNG PVQXT)KPFWUG EW /CVVJKCU 6TCVVPGTGNUEQCUGPCEGNC)KCPPEWP\KCTNC2GUVC Q&GTPGWG-WTKT CWU 7PICTP XQP -TKGIU WPF 5VCCVUUCEJGPR
EW VKVNW W)QT OQFKHKECV P Q0GWGT-WTKTCWU7PICTPXQP-TKGIUWPF5VCCVUWPF)GNGJTVGP 5CEJGPR0QWNEWTKGTFKP7PICTKCFGURTGEJGUVKWPKFGT\DQKFGUVCV )K CNGPX/C/KNQT  &KP  KCPWCTKG RP NC  CRTKNKG  ,CMQD 5EJKEMOCP[GT GFKV  FG PWOGTG CNG \KCTWNWK Q1HPGT WPF 2GUVGT <GKVWPIR 7NVGTKQT CEGGC)KHQCKGCRTWEC)KQ8GTGKPKIVG1HPGTWPF2GUVGT<GKVWPIRCNETGK TGFCEVQT)GH TOCUG , 5EJKEMOCP[GT RP NC OQCTVG
 2GTOKUKWPGCFGGFKVCTGHWCEQTFCVFG(TCP\+HKKEGKGFKVQTWNWK,QUGRJC 5EJKEMOCP[GT KCT PEGRPF EW PWOTWN  FKP  NWK ,QUGH ,CPKUEJ #UVHGN Q8GTGKPKIVG1HPGTWPF2GUVGT<GKVWPIRCRTWRPPHKKPF WPCFKPEGNGOCKTURPFKVGIC\GVGPNKODCIGTOCPFKP7PICTKC&KP  CRTW XTGOG FG  FG CPK )K UWRNKOGPVWN UW Q)GOGKPPV\KIG $NVVGTR
(QKFGKPVGTGUQD)VGUEPKUGCUQEKGPEWPUWRNKOGPV Q+PVGNNKIGP\DNCVVREG)KEQPVKPWCRCTK/KCRPPQ1FCVEWCEGUV \KCT C FKURTWV WP TGRTG\GPVCPV NQPIGXKX )K GZVTGO FG TURPFKV CN RTGUGKIGTOCPGFKP7PICTKCECTGEWGZEGR/KCNWKN2TGDWTIGT<GKVWPIO PWCCXWVGICNRPP
PHKKP/CTGCNWKN2GUVGT.NQ[FO7PGQTK\KCTWN CKPVGTXGPKVJQVTVPHCXQCTGCKPVGTGUGNQTIGTOCPKNQTFCTPKEKQFCVPW UC OCPKHGUVCV LKIPKVQT NC CFTGUC OCIJKCTKNQT OTIKPKPFWUG FQCT U UWDNKPKG\GEWHGTOKVCVGRTQRTKWNRWPEVFGXGFGTGR  4GXKUVCNKVGTCTCEQPVGNWK-CTN(GUVGVKEUQ2CPPQPKCR
CRTKNKG    FGEGODTKG  C KPCWIWTCV RGTKQCFC OCZKOGK PHNQTKTK C TGXKUVGNQT #W EQNCDQTCV CKEK EWPQUEW/K UETKKVQTK CWUVTKGEK
,. &GKPJCTFVUVGKP ( )THHGT (: 5EJNGEJVC RTGEWO )K EGK OCK DWPK UETKKVQTKCKIGTOCPKNQTFKP7PICTKC
4)4WO[,/GN\GT,%UNCRQXKEU )C &WR FGUEJKFGTGC QHGTKV FG Q2CPPQPKCR TGXKUVC Q+TKUR
 KWNKG    FGEGODTKG  EQPFWU FG -CTN 5VKGNN[ DGPGHKEKG FG EQNCDQTCTGCWPWKPWOT)KOCKOCTGFGUETKKVQTKCWUVTKGEK*#FCOK4 $CNFCOWU ' $CWGTPHGNF # )TP .1 *GPPGV ( %CUVGNNK )C Q5RKGIGNR
1INKPFCTKXCNCTGXKUVGKQ+TKUR)KWTOPGPVTGTWRVGZKUVGP/C FKPRPNCFGEGODTKGHKKPFUKPIWTCTGXKUVFGDGNGVTKUVKE
+DKFGOR



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
 KCPWCTKG    OCTVKG  WPFG TGFCEVQTWN)GH 5KGIOWPF 5CRJKT CPICLWPPWOTOCTGFGUETKKVQTKGXTGKFKP#WUVTKC)K$QGOKC
.GQRQNF -QORGTV #FQNH 0GWUVCFV /QTKV\ /CJNGT +UKFQT *GNNGT )C # 0GWUVCFVEQPFWEGC)KTGFCE/KKNGNWKQ2TGDWTIGT<GKVWPIR)KQ2CPPQPKCR
 ORTGWP EW UWRNKOGPVWN NKVGTCT CN CEGUVGKC FKP WTO 1 CPWOKV XCNQCTG NKVGTCT CXGC )K EQVKFKCPWN Q&GT 7PICTR
7PIWTWN GFKVCV FG *GTOCPP -NGKP FKP  KCPWCTKG  RP NC  UGRVGODTKG   &KPCRTWNC$WFCRGUVCQ#NNIGOGKPG*CPFNWPIU\GKVWPIR
<KCTWNIGPGTCNFGCE/KWPGGFKVCVUWDFKXGTUGVKVNWTKRPP  $TCVKUNCXC &KP KPK/KCVKXC RTKOCTWNWK FKP $TCVKUNCXC -CTN )QVVNKGD 9KPFKUEJ
 NC  KWNKG  CRTW NC VKRQITCHKC NWK ,QJCPP /KEJCGN .CPFGTGT RTKOWN PWOT CN Q2TGDWTIGT <GKVWPIR
<KCTWN FKP $TCVKUNCXC 'XQNW/KC VKOR FG  FG CPK C CEGUVWK \KCT RQRWNCTNCPEGRWVEWCRCTK/KGDKURVOPCNCRQKEQVKFKCPUGPEJGKG P#HQUVUKPIWTWN\KCTECTGPUGEQNWNCN:8+++NGCUCRWVWVQRWPG RTGUKWPKKGZGTEKVCVGFGRTGUCXKGPG\  P VQCOPC CPWNWK  VQV 9KPFKUEJ UEQCUG NC #PVQP .YG Q TGXKUV )VKKP/KHKE Q7PITKUEJGU /CIC\KPR
/CIC\KP WPIWTGUE Q EQPVKPWCTG C NWK Q#P\GKIGPR UKUVCV EW EKPEK CPK PCKPVG Q/CIC\KPWNR
 RTQOQXC VQCVG FQOGPKKNG )VKKP/GK PFGQUGDK PU KUVQTKC )K IGQITCHKC#HQUV QEGCOCKKORQTVCPVTGXKUVIGTOCPFKP7PICTKCRNC HKPGNG CEGNWK UGEQN &WR UWRTKOCTGC CRCTK/KGK UCNG 9KPFKUEJ PEGTE GFKVCTGCWPWK Q0GWGU7PITKUEJGU/CIC\KPR
0QWOCIC\KPWPIWTGUE   P  CRTW VQV NC $TCVKUNCXC Q-WPFUEJCHVUDNCVVR
(QCKG FG KPHQTOCTGEWPQUEWVFQCTFWRPWOGPUGCVGUVPVTWPUKPIWT ECKGVQ5VCCVUCP\GKIGPXQPFGPMM5VCCVGPR
+PFKEKKFGURTGUVCVGNGEE
&GURTGRTGUCFKP$TCVKUNCXC*4\QREKVR +DKFGOR



 %C)QXKC&WRQUEWTVPEGTECTGPPCPKKNCKUGEQNWNWK CN :+:NGC P %C)QXKC X\WT NWOKPC VKRCTWNWK Q&GT $QVG XQP WPF HT 7PICTPR
%WTKGTWN RGPVTW )K FGURTG 7PICTKC )K Q&CU -CUEJCWGT -WPFUEJCHVUDNCVVR
(QCKCFGKPHQTOCTGFKP%C)QXKC  )[T PVTG  CKEK HW GFKVCV TGXKUVC DGNGVTKUVKE Q&CU 8CVGTNCPFR
2CVTKC  6KOK)QCTC (QCKC VKOK)QTGCP Q+PVGNNKIGP\DNCVVR CRTW EC URVOPCN FKP NCVKRQITCHKCNWK/CVVJWU,QUGH*GKOGTN0WUC RUVTCV PKEK WP UKPIWT PWOT %GP\WTC \KCTWNWK HW PETGFKP/CV FKTGEVQTWNWK IKOPC\KWNWK KG\WKV FKP NQECNKVCVG 2TKP PHKKP/CTGC CEGUVWK URVOPCNIGTOCPKKEQNQPK\C/KP$CPCVPUGEQNWNCN:8+++NGCRTGNWCT PVKGVCVGC GFKVQTKCN HC/ FG OCK XGEJKK EQNQPK)VK IGTOCPK FKP 6TCPUKNXCPKC
)K<KRU
P  CRTW CN FQKNGC URVOPCN Q6GOGUYCTGT <GKVWPIR
<KCTWN FG 6KOK)QCTC CXPFWN EC GFKVQT RG ,QJCPP6JQOCU6TCVVPGT2TQRTKGVCTWNFGVKRQITCHKG,QUGH'KPUGPHJTGT UEQCUGNCCNVTGKNGCURVOPCNQ6GOGUYCTGT/GTMWTRPEGTETKNQT PGPEWPWPCVGFGUWEEGUFKPCPKKNGWTOQ6GOGUYCTGT 9QEJGPDNCVVR
5RVOPCNWN VKOK)QTGCP  ECTG FGXGPK EWTPF WP \KCT GZVTGO FG RWVGTPKE P  GZKUVC P 6KOK)QCTC )K Q Q$CPCVGT<GKVUEJTKHVHT.CPFYKTVUEJCHV*CPFGN-PUVGWPF)GYGTDGR
4GXKUVCDP/GCPFGCITKEWNVWTEQOGT/CTVG)KOG)VG)WIWTK  #ITKC P  CEGNC)K 6TCVVPGT GFKV )K RTKOWN \KCT FKP #ITKC Q-TQCVKUEJGT-QTTGURQPFGPVRECTGUGRUVTGC\PFGPWOGTG 7P TQNKORQTVCPVLWEQ#ITCOGT<GKVWPIR
<KCTWNFKP#ITKCEW CRCTK/KG OCK PVK URVOPCN CRQK EQVKFKCP <KCTWN CXW OCK OWNVG UWRNKOGPVGPVTGECTGEGNOCKPUGOPCVFKPRWPEVFGXGFGTGNKVGTCTGUVG Q.WPCR
Q2GCVWPEKKPHNWGP/CIGTOCPP%TQC/KCGTCCVVFG RWVGTPKE PEV EJKCT EQPFWEVQTKK KNKTKUOWNWK UG HQNQUGCW CFGUGC FG NKODC IGTOCP KCT UETKKVQTKK IGTOCPK GFKVCT NC #ITCO Q TGXKUV OGPUWCN N%TQCVKCO
PECTGRTG\GPVCTEWGPVW\KCUOECW\C PC/KQPCNCETQC/KNQTR

+DKFGOR &GURTGRTGUCFKP6KOK)QCTC0KMQNCWU$GTYCPIGT 'TUVGFGWVUEJG<GKVWPIFGU$CPCVU GTUVG <GKVWPI CWH FGO )GDKGVG FGU JGWVKIGP 4WOPKGPU P &KG <GKV KP FGT <GKVWPI $GKVTIG\WTTWOPKGPFGWVUEJGP2WDNK\KUVKM%NWLR*4\QREKVR  *4\QREKVR&GURTGRTGUCFKP#ITKC)KNCR +DKFGOR



 -CTNUVCFV 4URPFKV )K PFTIKV GTC TGXKUVC FG DGNGVTKUVKE Q&GT2KNIGTR

2GNGTKPWNPECTGUGRWDNKECT)KVTCFWEGTKFKP NKODCETQCV  5KDKW .C  PQKGODTKG  /CTVKP *QEJOGKUVGT FKP 5KDKW RWDNKE Q#PWP/WN RTKOWNWK \KCT VTCPUKNXCPR Q5KGDGPDTIGT <GKVWPIR
<KCTWN VTCPUKNXCP CRTW EW PEGRGTG FKP  KCPWCTKG  'N HW EQPVKPWCV FKP  FG Q-TKGIUDQVGR
%WTKGTWN FG T\DQK KCT P  VKVNWNUWHWOQFKHKECVP Q5KGDGPDTIGT$QVGR
%WTKGTWNVTCPUKNXCP.C UHT)KVWNUGEQNWNWKCN:8+++NGC Q5KGDGPDTIGT$QVGRCRTGCPVKTCLOKE CXPFFQCTFGCDQPC/KPRGTKQCFCRTGOGTIVQCTGTGXQNW/KGKFGNC  HWT GFKVCVG EC UWRNKOGPVG CNG NWK Q5KGDGPDTIGT $QVGR Q5KGDGPDTIKUEJGU $TIGTDNCVVR
(QCKC EGV/GPGCUE VTCPUKNXCP   Q6TCPUUKNXCPKCR
 Q#OVU WPF +PVGNNKIGP\DNCVV \WO 5KGDGPDTIGT $QVGPR
 Q#PJCPI \WT 6TCPUUKNXCPKC HT .CPFYKTVUEJCHV WPF )GYGTDGR
#PGZC NC 6TCPUUKNXCPKC RGPVTW CITKEWNVWT )K OG)VG)WIWTK  Q&GWVUEJGU 8QNMUDNCVV HT .CPFYKTVUEJCHV WPF )GYGTDG KP 5KGDGPDTIGPR
(QCKC RQRWNCT IGTOCPRGPVTWCITKEWNVWT )KOG)VG)WIWTKP6TCPUKNXCPKC P 5KDKW OCK CRTGCW Q7PVGTJCNVWPIUDNCVV CWU FGT )GUEJKEJVG 5KGDGPDTIGPUR
(QKNGVQP FG  KUVQTKC 6TCPUKNXCPKGK  Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTVR
%QPXGTUC/KK FKP RTG\GPV  Q#TEJKXHTFKG-GPPVPKUXQP5KGDGPDTIGPU8QT\GKVWPF)GIGPYCTVR
#TJKXC RGPVTW EWPQC)VGTGC RTGKUVQTKGK )K RTG\GPVWNWK 6TCPUKNXCPKGK  Q5KGDGPDTIKUEJGT 8QNMUHTGWPFR
#OKEWN VTCPUKNXCP   %GN OCK PUGOPCV QTICP )VKKP/KHKE GTC Q#TEJKX FGU 8GTGKPU HT UKGDGPDTIKUEJG .CPFGUMWPFGR
#TJKXC #UQEKC/KGK RGPVTW EWNVWTC VTCPUKNXCP .C EWORPC UGEQNGNQT VQV NC *QEJOGKUVGT UG GFKVCT FQW TGXKUVG EQPUKUVGPVG FGFKECVG KUVQTKGK )K KUVQTKGK EWNVWTKK UC)KNQT VTCPUKNXPGPK Q5KGDGPDTIKUEJG 3WCTVCNUEJTKHVR
  XQNWOG)KQ5KGDGPDTIKUEJG2TQXKP\KCNDNVVGTR
XQNWOG  $TC)QX (QCKC FG )VKTK Q5KGDGPDTIKUEJGU 9QEJGPDNCVVR
5RVOPCNWNVTCPUKNXCPGFKVCVFGVKRQITCHWN,QJCPP)VV GTC EQORNGVCV EW OCK OWNVG UWRNKOGPVG EWNVWTCNG NKVGTCTG )VKKP/KHKEG
+DKFGOR 

/KEJCGN -TQPGT 'KP -KPF FGT #WHMNTWPI &KG #PHPIG FGT UKGDGPDTIKUEJGP WPF UEJUKUEJGP 2WDNK\KUVKM P &KG <GKV KP FGT <GKVWPI R  * 4\ QR EKV R   KPFKEITG)KVCPWOKVGVKVNWTK)KCPKFGCRCTK/KG  /KEJCGN -TQPGT Q5RTGEJUCCN FGU 8QNMUYKNNGPUR &KG UKGDGPDTIKUEJUEJUKUEJG 2TGUUG YJTGPFFGU8QTOT\WPFKPFGTDTIGTNKEJFGOQMTCVKUEJGP4GXQNWVKQPXQP P <GKVKPFGT<GKVWPIR



Q7PVGTJCNVWPIUDNCVVHT)GKUV)GOVJWPF2WDNK\KVVR
(QKNGVQPRGPVTW OKPVG KPKO )K RWDNKEKVCVG  EQPVKPWCV UWD VKVNWN FG Q$NVVGT HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFGR
(QK RGPVTW OKPVG KPKO )K EWNVWTC RCVTKGK CRQK Q/KOQUGPCWUFGO)GDKGV FGT &TCOCVWTIKGR
/KOQ\G FG RG VTOWN FTCOCVWTIKGK  Q+PVGNNKIGP\DNCVVR
 Q5CVGNNKVR
  Q5VWPFGPDNWOGPFGT)GIGPYCTVR
(NQTKGHGOGTGCNGRTG\GPVWNWK   RTGEWO )K Q/CIC\KP HT )GUEJKEJVG .KVGTCVWT WPF CNNG &GPMWPF/GTMYTFKIMGKVGP5KGDGPDTIGPUR
/CIC\KPRGPVTWKUVQTKC NKVGTCVWTC)KVQCVGEKWF/GPKKNG6TCPUKNXCPKGK   +ORCEVWN )KKPHNWGP/CEQXT)KVQCTGCRTGUGKHWTTGEWPQUEWVGFG NCPEGRWV%WTVGCFKP8KGPCGTCEQP)VKGPVFGCEGCUVHQT/CVWPEKEPF P  GOKVGC WTOVQCTGC PCNV FKURQ\K/KG Q0W CT HK TW FGNQE FCE CVVUETKKVQTKKFGIC\GVGEV )KPX/C/KKFKP /TKNGFGEQTQCP )KFKPCHCTC NQT CT HK UVKOWNC/K RG UWD OP RTKP CUKIWTCTGC WPQT TGEQORGPUG EWXKKPEKQCUGURTG\KPVGEWCDKNKVCVG )KPEWNQTKXKKPGHCUVGNGEQPUGEKP/G CNG TGXQNW/KGK HTCPEG\G RG ECTG U NG PXG)OPVG\G PVTQ OCPKGT RQRWNCTW)QTFGRTKEGRWVFGEVTGQTKEKPGR  2TKOC HQTO C 4CVKQ 'FWECVKQPKU
 CVTKDWKC EKVKVWNWK \KCTGNQT Q OCTG PUGOPVCVG RTCEVKE %QPHQTO h  UG KPVTQFWEGC P RTQITCOC )EQNCTEWQTGURVOPCNECOCVGTKGGZVTCQTFKPCTEKVKVWN \KCTGNQT
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
+DKFGOR

 %KVCV FWR * 4\ QR EKV R  8KGPC 5VCCVUCTEJKX FGU +PPGTP WPF FGT ,WUVK\  %KVCV FKP #WHMNTWPI 5EJTKHVVWO FGT 5KGDGPDTIGT 5CEJUGP WPF $CPCVGT 5EJYCDGP GF

2QNK\GKJQHUVGNNG

%CTN)NNPGT )K*GKP\5VPGUEW$WEWTG)VKRPKPVTQFWEGTGCUGOPCVFG% )NNPGT



OCTK FKP TUTKVWN  KORGTKWNWK $WFC )K 2GUVC $TCVKUNCXC 5KDKW 6KOK)QCTC)K#ITCO  &WROQCTVGCNWK+QUKH++\KCTGNQTNKUGKPVGT\KUGFKPPQWCEEGUWN NCRQNKVKEEGGCEGNGRTKXFGQEQPFK/KGXKVCNCGZKUVGP/GKNQT&GETGVWN CWNKEFKPFGEGODTKGKPVGT\KEGCEQORNGVQVQCVGUETKGTKNGECTGETKVKE )KOWUVTNGIK )KFKURQ\K/KKQHKEKCNGRTKPEKCTGFGQCTGEGRTKPTURPFKTGC WPQT CUVHGN FG UETKGTK UG CFWE RTGLWFKEKK CUEWNVTKK UWRW)KNQT )K PFGRNKPKTKK RQTWPEKNQT RTKPEKCTGR P HKGECTG NWP UG RWDNKECW VKVNWTKNG ET/KNQT KPVGT\KUG KCT \KCTGNG HWT PFGRTVCVG FKP ECHGPGNG 5KPIWTWN NWETWECTGNGOCKTOPGCFGHEWV\KCTGNQTGTCURTGKCEQRKQUEGGCEG VKRTKUG FGLC QHKEKQUWN Q9KGPGT <GKVWPIR 'TC UWHKEKGPV EVG WP UKPIWT \KCTFG)VKTKPHKGECTGQTC)IGTOCPOCKPUGOPCV
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
 \KCTGNG )K DTQ)WTKNG ECW\CT OWNVG PGRNEGTK Q0GPHTPCVC RTGU CECRCTGC\ OKP/KNG )K KPKOKNG FKUVTWIG RTKPEKRKWN CWVQTKV/KK )K K VTCPUHQTO RG QCOGPKPPK)VGGZCNVC/KR  0CRQNGQP PW G\KV U UVTGEQCTG CTVKEQNG P \KCTG RGPVTW C E)VKICQRKPKCRWDNKEFGRCTVGCUC+CTEPF/GVVGTPKEJX\WEPWOCK EGP\WTCPWKRWVGCCFWEGPFGCLWPUHQNQURWUGOPCRGEGNOCKOCTG \KCT CWUVTKCE QUVGTTGKEJKUEJGT $GQDCEJVGTR C ETWK TGFCE/KG Q RTGNW )GPV\ QOWN UW FG PETGFGTG P OGOQTKKNG UCNG RQUVWOG UWPV
'TPUV9GKUGPHGNF&KG)GUEJKEJVGFGTRQNKVKUEJGP2WDNK\KUVKMDGKFGP5KGDGPDTIGT5CEJUGP (TCPMHWTVCO/CKPR /KEJCGN-TQPGT'KP-KPFFGT#WHMNTWPIQREKVR *4\QREKVR +DKFGOR



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
+DKFGOR +DKFGOR



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
2CVTKQVWN Q&GT 4QVJOCPVGNR
/CPVCWC TQ)KG Q&KG 1RRQUKVKQPR
1RQ\K/KC Q&KG 8QNMUVTKDWPGR
6TKDWPCRQRQTWNWKQ&KG)GIGPYCTVR
2TG\GPVWNQ&GT 8QNMUHTGWPFR
#OKEWN RQRQTWNWK Q&GT (TGKOVKIGR
.KDGTCNWN Q&KG 4GHQTOR
4GHQTOC Q8QTYTVUR
PCKPVG Q&GT 4CFKMCNGR
4CFKECNWN Q&GT.CPFDQVGR
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
OCTVKGCRTWTFQWRCVGPVGORQVTKXCCDW\WTKNQTFGRTGU )K
+DKFGOR

-WTV2CWRKQREKVR *4\QREKVR -2CWRKQREKVR*4\QREKVR



FGURTGRTQEGFWTCLWTKFKEPRTQDNGOGFGRTGU2TGXGFGTKNGTGHGTKVQCTG NCQDNKIC/KCECW/KWPKKGZGORNCTGNGNGICNGNCKPVGTFKE/KCEQNRQTVCLWNWKNC UVTKEVC TURWPFGTG NC RQUKDKNKVCVGC UWURGPFTKK EQPVTCXGPGCW PQ/KWPKK CHNCVGPEPW\FG QRTGUNKDGTR2GFWTCVCUVTKKFGT\DQKRCVGPVGNG TOCUGTHTPUGOPVCVG  (K FWR  CRTWT WPGNG EQVKFKGPG FCT P IGPGTCN RTGUC PTGIKUVTQKPXQNW/KG6CZCRGKPUGTCVGHWKPVTQFWUNCPQKGODTKG %QPHQTO QTFQPCP/GNQT TGHGTKVQCTG NC RTGU FKP  KWNKG 
FGURTG KPVTQFWEGTGCUKUVGOWNWKFGCXGTVKUOGPV )KOCK
EQFWNRGPCN )K KPVTQFWEGTGC UKUVGOWNWK RTGXGPVKX )K EGP\WTC KPVT P CVTKDW/KKNG CWVQTKV/KK OKNKVCTG &TGRV WTOCTG RP P  FQCT EVGXC \KCTG FKPCHCTC8KGPGKRWVWTUWRTCXKG/WK  %GNGOCKKORQTVCPVG\KCTGXKGPG\GECTGHWTGFKVCVGCVVPCKPVG FG TGXQNW/KG EV )K FWR GTCW Q9KGPGT <GKVWPIR Q&KG 2TGUUGR
2TGUC FKPKWNKGRPNCQEVQODTKGCRQKFKPPQKGODTKG RP NC  FGEGODTKG  FKP  FGEGODTKG  RP P  \KCTWN CRTW EW PVTGTWRGTK NC $TPP GFKVQT )K VKRQITCH HKKPF #WIWUV <CPI Q#NNIGOGKPG UVGTTGKEJKUEJG <GKVWPIR
<KCTWN CWUVTKCE IGPGTCN HQUVWN QUVGTTGKEJKUEJGT$GQDCEJVGTR1DUGTXCVQTCWUVTKCEECTGNCOCTVKG RTGNWCUGVKVNWNFG QUVGTTGKEJKUEJG<GKVWPIR<KCTWNCWUVTKCEKCT FKP  CRTKNKG CEGNC)K CP CRTW P HQTOCV OTKV UWD VKVNWN FGHKPKVKX OGP/KQPCV CPVGTKQT EQPFWU FG 'TPUV XQP 5EJYCT\GT R,QWTPCN FGU UVGTTGKEJKUEJGP .NQ[FR
PVGOGKCV P  FWR GXGPKOGPVGNG FKP QEVQODTKG  TGCRTW FKP FCVC FG  PQKGODTKG FG EVG )CUG QTK RG URVOPFKPPQKGODTKGTGFCE/KCHWRTGNWCV)KEQPFWUNCWP PCNVPKXGNFG'FWCTF9CTTGPU )KPURGEKCN Q1UVFGWVUEJG2QUVR
2Q)VC GUVIGTOCPCRTWFKPQEVQODTKGCRQKFKPPQWFKPPQKGODTKG 'FKVQTWNNWK Q1UVFGWVUEJG2QUVRGTC+IPC\-WTCPFCECTGPCKPVG FGTGXQNW/KGGFKVCUGORTGWPEW,CMQD-CWHOCPPTGXKUVCQ)TGP\DQVGR
%WTKGTWNFGITCPK/KPVGT\KUFCTHQCTVGRQRWNCT )KEKVKV P #WUVTKC #KFQOC NWK <CPI )K -WTCPFC VTGEWUG RTKP )EQCNC RTGUGK HTCPEG\G OQFGNWN UW HKKPF Q,QWTPCN FGU FDCVUR KCT EQPEGR/KC UC NKDGTCN #NVG \KCTG XKGPG\G GTCW QUVGTTGKEJKUEJG 4GKEJU\GKVWPIR
<KCTWNKORGTKCNCWUVTKCEFKPPQKGODTKGRPPECTGCXGC WP ECTCEVGT QHKEKCN )K TGRTG\GPVC RQNKVKEC NWK 5EJYCT\GPDGTI Q(TGOFGPDNCVVR
(QCKC UVTKPKNQTFKPKCPWCTKGEWQPVTGTWRGTG PCKPVG FG  PQKGODTKG  Q&GT UVGTTGKEJKUEJG 8QNMUHTGWPFR
#OKEWN CWUVTKCE CN RQRQTWNWK FKP  KCPWCTKG  RTKPEKRCNWN QTICP
 /KEJCGN -TQPGT Q-TQPUVFVGT <GKVWPIR WPF Q5KGDGPDTIKUEJ&GWVUEJGU 6CIGDNCVVR P

<GKVKPFGT<GKVWPIR-2CWRKQREKVR



ECVQNKE CN OQPCTJKGK RP NC PHKKP/CTGC \KCTWNWK Q8CVGTNCPFR

2CVTKC  Q9KGPGT-KTEJGP\GKVWPIR
<KCTWNDKUGTKEGUEXKGPG\FKPCRTKNKG   P 2GUVC UWPV FG OGP/KQPCV Q2GUVGT1HPGT .QECNDNCVVR
(QCKC NQECNFKP2GUVC)K$WFCQ2GUVGT1HPGT<GKVWPIR
<KCTWNFKP 2GUVC )K $WFC  Q7PICTKUEJG 2QUVR
2Q)VC WPICT  )K OCK EW UGCO Q2GUVGT .NQ[FR
FKP  KWNKG  P $CVUEJMC CRTWT RTKOGNG\KCTGIGTOCPG
Q<KRUGT#P\GKIGT.C6KOK)QCTCECRKVCNC /TKKCWVQPQOGFGEQTQCPC8QKGXQFCVWNWKUTDGUE)K$CPCVWNWKVKOK)CP PVTGHWTGFKVCVG Q.CPFGUIGUGV\DNCVVR
(QCKCLWTKFKEC /TKK )K WP EQVKFKCP QHKEKCN Q6GOGUEJGT <GKVWPIR
FKP  KCPWCTKG  7NVKOWN\KCTCOKPVKVCLWPUGNCWPVKTCLFGGZGORNCTGHKKPFRPNC  Q PVTGRTKPFGTG FG UVCV CUVHGN E \KCTGNG RTKXCVG PW K RWVGCWHCEG EQPEWTGP/P5KDKWUGEQPVKPWGFKVCTGCNWK Q5KGDGPDTIGT$QVGRECTG FKP  HW PEQTRQTCV \KCTWNWK Q*GTOCPPUVFVGT <GKVWPIR .C $TC)QX Q-TQPUVFVGT<GKVWPIR
FKPTG\KUVFGCNWPIWNPVTGIWNWKUGEQNCN :+:NGC 2TQOK/VQCTGC TGXKUV Q5KGDGPDTIKUEJG 3WCTVCNUEJTKHVR PW CRTWFGEVWPCP
 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


- 2CWRK QR EKV R 

Q9KGPGT -KTEJGP\GKVWPIR 
Q&GT UVGTTGKEJKUEJG 8QNMUHTGWPFR
Q(TGOFGPDNCVVR
Q,QWTPCNFGUUVGTTGKEJKUEJGP.NQ[FR
QUVGTTGKEJKUEJG4GKEJU\GKVWPIR
Q&KG2TGUUGR
Q1UVFGWVUEJG2QUVR
Q#NNIGOGKPGUVGTTGKEJKUEJG<GKVWPIR *4\QREKVR 4QDGTV2TWV\)GUEJKEJVGFGUFGWVUEJGP,QWTPCNKUOWU*CPQXTCR +DKFGOPEWXPVWNPCKPVG



KCTDCPKKRTKPNKRUCFGOQTCNKVCVG5HKKPHTPVEWCLWVQTWNDCPKNQTGUVGQ TW)KPG EGNWK EG VG PXKPIG RTKP HQT/ VTGDWKG U K VG UWRWK FCT U HKK PHTPVRTKPRWVGTGCEQPXKPIGTKKGUVGQINQTKGR  

 5VGRJCP .WFYKI 4QVJ )GUCOOGNVG 5EJTKHVGP WPF $TKGHG GF 1VVQ (QNDGTVJ XQN 8 5KDKWR



     .C  UC)KK VTCPUKNXPGPK CXGCW  QTICPG FG RTGU C ETQT CRCTK/KG NC 5KDKW )K $TC)QX RQNCTK\C RTKPEKRKK )K OQFCNKV/K FG CE/KWPG QRWUG 2WTVVQCTGNG FG EWXPV CNG EGNQT FQW VCDGTG GTCW 5KGDGPDTIGT $QVG )K 5KGDGPDTIGT 9QEJGPDNCVV 5KGDGPDTIGT $QVG
 FKP 5KDKW GTC RTKOWN \KCT VTCPUKNXCP )K UKPIWTWN FKPVTG \KCTGNG FG NKOD IGTOCP ECTG UWRTCXKG/WKUG RGTKQCFGK RTGRC)QRVKUVG
8QTOT\ .C $TC)QX CRTW PVTG  )K  5KGDGPDTIGT 9QEJGPDNCVV ECTG
FKP  OCTVKG  )K EQPVKPW GZKUVGP/CRPPUWDPWOGNGFG-TQPUVFVGT<GKVWPI  #NVG RWDNKEC/KK UUG)VK CNG CPKNQT  GTCW UWRNKOGPVGNG \KCTWNWK $QVG 6TCPUUKNXCPKC
 ! )K #OVU WPF

,WTPCNWNRTGUGKUUG)VKFKP6TCPUKNXCPKC
<KCTGTGFCE/KKVKTCLG

 &CVGNG DKDNKQITCHKEG CNG RGTKQFKEGNQT IGTOCPG UWPV RTGNWCVG FKP 'OKN 5KIGTWU &KG FGWVUEJG RGTKQFKUEJG .KVGTCVWT 5KGDGPDTIGPU  GFKVWTC CWVQTWNWK VKRCT -TCHHV WPF&TQVNGHH#)5KDKW
GZVTCUFKP1UVNCPFCPWNECKGVPT#OKPFKECV NQEWTKNGWPFGKPHQTOC/KKNGNWK5KIGTWUPWEQTGURWPFEWRGTKQFKEGNGEGTEGVCVGFGPQK  5KIGTWURQ&GT5KGDGPDTIGT$QVGR5KDKWGF)KVKRCT/CTVKP *QEJOGKUVGT
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
OCTVKG Q-TQPUVFVGT<GKVWPIR$TC)QXGF )KVKRCT,QJCPP )VVCRQK,QJCPP)VVHKWN 5KIGTWUR Q6TCPUU[NXCPKC$GKDNCVV\WO5KGDGPDTIGT$QVGPR5KDKW GF )K VKRCT /CTVKP *QEJOGKUVGTU 'TDGP 6KVNW EQTGEV Q6TCPUUKNXCPKC $GKDNCVVR .C $KDNKQVGEC$TWMGPVJCNEQV+8UGIUGUEPTCPWNPT)K UGTKCKPEQORNGVCCPKNQT



+PVGNNKIGP\DNCVV
! 6QV NC 5KDKW CRTGCW 5KGDGPDTIKUEJGT 8QNMUHTGWPF
 )K CN UW #P\GKIGDNCVV \WO 5KGDGPDTIKUEJGP 8QNMUHTGWPF
  RTGEWO )K 7PVGTJCNVWPIGPCWUFGT)GIGPYCTV
OCKQEVQODTKG#KEK UG GFKVC )K ECNGPFCTWN CNOCPCJ 5KGDGPDTIKUEJGT 8QNMUMCNGPFGT
  .C $TC)QX GFKVQTWN NWK 5KGDGPDTIGT 9QEJGPDNCVV ,QJCPP )VV UEQVGC )K UWRNKOGPVGNG CEGUVWKC $NVVGT HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFG
 )K 5CVGNNKV FGU 5KGDGPDTIGT 9QEJGPDNCVVU
  &G PWOGNG NWK )VV UG NGCI CRCTK/KC RTKOGNQT RGTKQFKEG TQOPG)VKFKP#TFGCN.C)JGQTIJG$CTK/KW)KVKRTGC)C\GVCFG 6TCPUKNXCPKC
  )K (QCKC RGPVTW /KPVG +PKO )K .KVGTCVWT
  NC GFKVWTC NWK )VV 6QV CKEK X\W
 5KIGTWU R     Q#OVU WPF +PVGNNKIGP\DNCVV \WO 5KGDGPDTIGT $QVGPR

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



NWOKPC VKRCTWNWK 'URCVTKCVWN

OCTVKG  KWPKG  IC\GVC TGXQNW/KQPCTWNWKK\IQPKVFKP/WPVGPKC%GUCT$QNNKCE  .C $NCL 6KOQVGK %KRCTKW RWDNKEC 1TICPWN NWOKPTKK
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/NVULGNGP
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TGF ) $CTK/KW GF ,QJCPP )VV 8G\K *GTOCPP 6QPVUEJ &KG *QPVGTWURTGUUG KP  ,CJTGP(GUVUEJTKHVFGT$WEJFTWEMGTGK,QJCPP)VV5QJP-TQPUVCFVR  OCTVKG Q)C\GVCFG6TCPUKNXCPKCRTGF)$CTK/KWCRQK+CEQD /WTG)CPW #WTGN /WTG)CPW )C GF RP P  NC , )VV &KP  Q)C\GVC 6TCPUKNXCPKGKR&GNCPTCPWNRPPCPWNCCRTWVORTGWP EWQ(QCKCRGPVTW/KPVG+PKO)K.KVGTCVWTR
X*6QPVUEJR$%7%NWLEQV 2+   KCPWCTKG  KWNKG  Q(QCKCNKVGTCTR&KPKWNKGECUWRNKOGPVCN Q)C\GVGK FG 6TCPUKNXCPKCR C CRTWV UWD VKVNWN Q(QCKG RGPVTW /KPVG +PKO )K .KVGTCVWTR$TC)QXTGF)$CTK/KWVKRCT,)VV
X*6QPVUEJR#RCTGRPP WNVKOKKVTGKCPKCRCTGORTGWPEW Q)C\GVCFG6TCPUKNXCPKCR
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$%7%NWLEQV* CRTKNKG Q/NVULGNGP*KUVQTKCKURQNKVKMCKGTFN[KJKTNCRR%NWLTGF 5\KNI[K(GTGPE\
$%7%NWLEQV2++ OCKPQKGODTKG Q'NNGPT2QNKVKMCKNCRR%NWLTGF-XTK.U\N&Q\UC &PKGN
$%7%NWLEQV*



PFGQUGDK EGNGK OCK OKEK FKPVTG PC/KWPKNG CTFGNGPG PC/KWPKK UUG)VK

FG  FG QCOGPK .WETWNCEGUVCPWVTGDWKGUWKOGCUECHNPFWUG P EQTGNC/KG FKTGEV EW PEGRWVWTKNG RTGUGK P 6TCPUKNXCPKC )K EW PFGNWPICVCGZRGTKGP/UUGCUEPFQOGPKW   2TKOWN\KCTRQNKVKECNOCTGNWKRTKPEKRCV5KGDGPDTIGT<GKVWPI
 C HQUV GFKVCV NC 5KDKW FG EVTG /CTVKP *QEJOGKUVGT
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CRQK
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 'N FGUEJKUG NC %NWL Q HKNKCNRGECTGQXPFWPIKOPC\KWNWKECVQNKEFKPNQECNKVCVG  6KORFGQLWOVCVGFGUGEQNGFKVWTC*QEJOGKUVGTHWEGCOCK PUGOPCV KPUVKVW/KG FG RTGU FKP /CT 'C NW PC)VGTG P XTGOGC TGHQTOGNQT KQUGHKPKEG FCT K UWRTCXKG/WK )K TGIKOWNWK NWK /GVVGTPKEJ
PRQHKFCCURTGKUCNGEGP\WTK)KCOUWTKNQTFGEGPVTCNK\CTG  2TKOC IGPGTC/KG FG LWTPCNK)VK CTFGNGPK FG NC 5KGDGPDTIGT <GKVWPI CRCT/KPGC EGTEWNWK FG PX/C/K FKP LWTWN NWK 5COWGN XQP
.CRQRWNC/KCVQVCNCOCTGNWKRTKPEKRCV6TCPUKNXCPKC
KPENWUKX2CTVKWOGTCFG

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
(KWN CRQK /CTVKP *QEJOGKUVGTU 'TDGP KCT FKP  6JGQFQT 5VGKPJCWGP 4GFCEVQTK)GHK  ,QUGRJ $GPKIPK XQP /KNFGPDGTI  EQ TGFCEVQT)GH ,CMQD 4CPPKEJGT  ,QJCPP *KPV\  CWIWUV   CWIWUV  *GKPTKEJ5EJOKFVCWIWUVUGRVGODTKG-CTN(CDTKVKWU#NQKU5GPV\   Q'TFN[K /CI[CT *KT8KXR 5KDKW TGF (DKP &PKGN )K %UGTGK 'NGM VKRCT/CTVKP*QEJOGKUVGT
$%7%NWLFG/KPGPTEQV* 9&CWIUEJQREKVR



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*/GUEJGPFTHGTQREKVR

R
2TGUUGWPF2WDNK\KUVKM 1UMCT 9KVVUVQEM &CU NKVVGTCTKUEJG .GDGP FGT XKGT\KIGT ,CJTG P XQN *WPFGTV ,CJTG UEJUKUEJGT-ORHG<GJP8QTVTIGCWUFGT)GUEJKEJVGFGT5KGDGPDTIGT5CEJUGPKO NGV\VGP ,CJTJWPFGTV GF )K VKRCT 9 -TCHHV 5KDKW  R  FGURTG .WFYKI XQP 4QUGPHGNF 'WIGP XQP (TKGFGPHGNU ,QUGRJ $GFGWU XQP 5EJCTDGTI $GKVTIG \WT <GKVIGUEJKEJVG5KGDGPDTIGPUKO,JXQN+8KGPCXQN++ 8KGPC9&CWIUEJQREKVR &GURTG,QUGRJ$GPKIPKX'X(TKGFGPHGNUQREKVXQN++R19KVVUVQEM QREKVR 9&CWIUEJQREKVR 19KVVUVQEMQREKVR


 5KGDGPDTIGT 5CEJUGP .GZKMQP TGF 9CNVGT /[ -TCHV 8GTNCI 6JCWT DGK +PPUDTWEM



2G RNCP RQNKVKE TGURKPIGCW QTKEG OQFKHKETK CNG TCRQTVWTKNQT FG HQT/G +UVQTKQITCHKC
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  ,QJCPP )VV UG PUEW NC  FGEGODTKG  NC 9GJTJGKO KO 6CWPWU RTKPEKRCVWN 0CUUCW .C (TCPMHWTV PX/ CTVC VKRQITCHKGK P  RQTPK P QDNKICVQTKC FTWOG/KG C WEGPKEKNQT UVTDVPF QTC)GNG $GTNKP$TGUNCW$TPP8KGPC)TC\.CKDCEJ6TKGUVG2GUVC)K$WEWTG)VK P  UG UVCDKNK NC $TC)QX#KEKIUKFGNWETWNCVKRCTPK/CPHKKP/CVP
5COWGN(KNVUEJGTCHKWNNWK,QJCPP(KNVUEJRTGQVCNQTC)WNWK5KDKWPVTGO

 .C    RTGQV QT)GPGUE GTC ,QJCPP ,QUGRJ 4QVJ
 %H'OKN 5KIGTWU %JTQPKM FGT 5VCFV *GTOCPPUVCFV  /KV  #DD WPF  5VCFVRNPGP CWU XGTUEJKGFGPGP ,CJTJWPFGTVGP *QPVGTWU $WEJFTWEMGTGK WPF 8GTNCIUCPUVCNV FGT GXCPIGNKUEJGP.CPFGUMKTEJG#$KP4WOPKGP5KDKW  6KRCTPK/C NWK 5COWGN (KNVUEJ TGXGPK WNVGTKQT
FWR  IKPGTGNWK UW ,QJCPP9KNJGNO-TCHHV
ECTGPX/CUGOGUGTKCNC)VVP$TC)QXVQEOCKP CPKK TGXQNW/KGK &WR RTKOWN T\DQK OQPFKCN -TCHHV UG CUQEKG EW ,QUGH &TQVNGHH EG PHKKP/CUGNCQGFKVWT-TCHHV&TQVNGHHFGXGPKEGCOCKOCTGGFKVWTIGTOCP )K PVTGRTKPFGTGITCHKEC5WFGUVWNWK*/GUEJGPFTHGTQREKVR



UGEQNWNCNNGCFG,QJCPPGU*QPVGTWUECTGKCRCT/KPWUGNWK(TCP\XQP 5EJQDGNP
OQTV P  .C PEGRWVWN CPWNWK  )VV K\DWVK U EWORGTGVKRCTPK/CEQPVTCUWOGKFGVCNGTKPQD/KPWEGV/GPKC PVGOGKG
 \KCTWN 5KGDGPDTIGT 9QEJGPDNCVV ECTG FWR  FGXGPK-TQPUVFVGT<GKVWPI.CHWKPXGUVKVECXCNGTCN1TFKPWNWK (TCP\,QUGRJPUGRGPUKQPFCTFWROQCTVGCRTGOCVWTCHKWNWK )K CUQEKCVWNWK UW *GKPTKEJ )VV
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
UC)KPFGQUGDK RTKPTXPCFGFGEGPKKPUNWLDCEWXPVWNWKUETKU&CEPVTQRGTKQCF FG  FG CPK
 CRTWT P 6TCPUKNXCPKC  FG RWDNKEC/KK RGTKQFKEG IGTOCPG GFKVCVG CRTQCRG GZENWUKX FG UC)KK CTFGNGPK
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
CXPF QPQTCVC PEWXKKP/CTG #N FQKNGC PWOT KG)K NC  KWPKG  &G CVWPEK PCKPVG CRTW TGIWNCV P HKGECTG XKPGTK KCT FKP 

5KGDGPDTIGT5CEJUGP.GZKMQPR9&CWIUEJQREKVR '5KIGTWUQREKVR *6QPVUEJQREKVR



KCPWCTKGFGFQWQTKURVOPCN
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CPWN   
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/KOQ\G FG RG VTOWN FTCOCVWTIKGK 5WRNKOGPV GZVTCQTFKPCTNC5D9QEJGPDNCVV&KPKPVTPEWRTKPUWN\KCTWNWK   +PVGNNKIGP\DNCVV 5WRNKOGPV NC 5D 9QEJGPDNCVV EQP/KPPFP)VKKP/TKKPHQTOC/KKTGENCOGPCRTWFGFGQTKP FGFGQTK(WEQPVKPWCV
FG$GKYCIGP  KCPWCTKG5CVGNNKV5WRNKOGPVNC5D 9QEJGPDNCVV 6KRCT )K GFKVWT , )VV &KP  #PVQP -WT\ FGXGPK EQNCDQTCVQT RGTOCPGPV CN HQKNQT NWK )VV &TGRV WTOCTG 5CVGNNKV UG CFWI NC RWDNKEC/KKNG FGLC GZKUVGPVG &CVQTKV ETG)VGTKK KORQ\KVGNQT RG RTQFWE/KKNGFGRTGUPCPWN)VVHWPGXQKVUUKUVG\GNCKCPWCTKG CNGCEGUVWKCPCRCTK/KCNWK5CVGNNKV )KC$NVVGTHT)GKUV)GOVJWPF 8CVGTNCPFUMWPFG EC UWRNKOGPVG FG UKPGUVVVQCTG CNG \KCTWNWK UW RTKPEKRCN
-TQPUVFVGT<GKVWPIPUEJKODCEGUVCCRTWFGCEWOFG QTKRGURVOP  5VWPFGPDNWOGPFGT)GIGPYCTV1EWNGIGTG FGCVTIVQCTGPWXGNG )KRQXGUVKTKFWRIWUVWNVKORWNWK5WRNKOGPVNC 5D 9QEJGPDNCVV .WPCT CRTGC WP ECKGV VTGK ECKGVG HQTOCW WP XQNWOC) P  UG TGPWP/ NC CRCTK/KC CEGUVQT HQK PVTWEV PW OCK EQTGURWPFGCW EGTKP/GNQT VKORWNWK
5D 9QEJGPDNCVV PT  R      PQKGODTKG  $GKYCIGP \WO 5KGDGPDTIGT 9QEJGPDNCVV  $GKNCIG\WO5KGDGPDTIGT9QEJGPDNCVV  /CIC\KPHT)GUEJKEJVG.KVGTCVWT WPF CNNG &GPM WPF /GTMYTFKIMGKVGP 5KGDGPDTIGPU 'FKVCV FG #PVQP -WT\ P EQNCDQTCTG EW E/KXC RTKGVGPK CK RCVTKGK PVTG  )K  CRTWT QRV ECKGVG P FQW XQNWOG P  CN VTGKNGC XQNWO FKP ECTGRTKOWNECKGVGTCGFKVCVFG,QUGRJ6TCWUEJ /CIC\KP GFKVCVFG&T'WIGPXQP6TCWUEJGPHGNUPFQWXQNWOG/CIC\KPWNC ETWK CRCTK/KG HW KORWNUKQPCV )K UWU/KPWV EW PWOGTQCUG CTVKEQNG FG 

EQPVGNG -GOP[ ,Q\UGH OGODTW CN #ECFGOKGK WPICTG GTC Q TGXKUV )VKKP/KHKE FGUVKPCV KUVQTKGK )K VWVWTQT NWETWTKNQT OGOQTCDKNG )K KG)KVG FKPEQOWPFKP6TCPUKNXCPKC  'ZVTCDGKNCIG\WO5KGDGPDTIGT9QEJGPDNCVV   OCTVKG    -TQPUVFVGT <GKVWPI %QPVKPWC 5KGDGPDTIGT9QEJGPDNCVV6KRCT)KGFKVWT,QJCPP)VVFKPCRTKNKG  ,QJCPP )VV )K HKWN *GKPTKEJ FKP  KCPWCTKG  HKWN NWK ,QJCPP )VV
(TKV\FKPKCPWCTKGGFKVWTC<GKVWPIU#MVKGP)GUGNNUEJCHV  .C PEGRWV CRTGC FG FQW QTK RG URVOP NWPGC )KLQKCFKP CRTGC )KOCT/GC4GFCE/KCCHQUVPETGFKP/CVFGNCOCTVKGRPNC KWPKGUETKKVQTWNWK/CZ/QNVMGCRQKFKPKWPKGRPNCHKPGNG CPWNWKHWRTGNWCVFG,QJCPP)VV   #TEJKX FGU8GTGKPUHT5KGDGPDTIKUEJG.CPFGUMWPFG 2P NC  CRTW NC 5KDKW VKRCT 6J 5VGKPJCWGP  6KRCT ,QJCPP)VV$TC)QX#RQKRPPHWRWDNKECVFKPPQWNC5KDKWFG /CTVKP*QEJOGKUVGTU'TDGP)KFWRCEGGCFG9-TCHHV   5EJWN WPF -KTEJGP\GKVWPI HT FKG GXCPIGNKUEJGP )NCWDGPUIGPQUUGP 5KGDGPDTIGPU
<KCT )EQNCT )K DKUGTKEGUE RGPVTW CFGR/KK EQPHGUKWPKK GXCPIJGNKEG FKP 6TCPUKNXCPKC 6KRCT )K GFKVWT , )VV 4GFCEVQT)GH , (T )GNVUEJ TGFCEVQTK ,QJ /KEJCGNKU ) )KGUGN 5COWGN 5EJKGN
2NCPWN CEGUVGK HQK HWUGUG GNCDQTCV FG 5V . 4QVJ &CT EPF4QVJUQNKEKVNC)WDGTPKWOPPEWXKKP/CTGCRGPVTWGFKVCTGC GK HW TGURKPU UWD OQVKXWN E RTKP CTVKEQNGNG UCNG FGENCP)CUG KOKITCTGC EQNQPK)VKNQTUWCDKRTQXQEPFCUVHGNTWKPCTGCCEGUVQTC<KCTWNVTGDWKU )KPEGVG\GEWTPFCRCTK/KCHKKPFEPWFG/KPGCECW/KWPGCEGTWVFGNGIKNG RTGUGKFGCVWPEK  &GWVUEJG(WPFITWDGHTFKG)GUEJKEJVG5KGDGPDTIGPU PQWCGFK/KG6KRCT)KGFKVWT,)VV  6WTPGTINQEMG5WRNKOGPVNC-TQPUVFVGT<GKVWPI 6KRCT )K GFKVWT , )VV 4GF *GKPTKEJ 0GWIGDQTGP P  KG)KT  PWOGTGPFQCT  &KG1UVITGP\G'FKVWT,)VV )KHKWN*GKPTKEJ4GF9 XQP(GJTGPVGKN     $NVVGT HT *CPFGN WPF )GYGTDG KP 5KGDGPDTIGP6KRCT )KGFKVWTFG,)VV )KHKWN*GKPTKEJ4GF,QJCPP *KPV\
 +DKFGO R  '5KIGTWUQREKVRPQVC )CUGRWDNKEC/KKCRTWVGNC)VV
Q#TEJKX FGU 8GTGKPUR Q5EJWN WPF -KTEJGP\GKVWPIR Q&GWVUEJG (WPFITWDGR Q6WTPGTINQEMGR Q&KG 1UVITGP\GR Q$NVVGT HT *CPFGN WPF )GYGTDG KP



 .CCEGGC)KGFKVWTHWTRWDNKECVG )KWTOVQCTGNG\KCTG )KTGXKUVG TQOPG)VK   (QKNG &WOKPGEKK URTG POWN/KTGC EGK FG QD)VG HQNQUKVTG EWPQ)VKP/G#NEVWKVGFGQUQ/KGVCVGFGPX/C/K+PVV5ODVCKXKVG1 LWOVCVGFGCPCUETKRVWTKPWOGTKFGNC+CPWCTKGRPNCUHT)KVWNNWK +WPKG  %W EJGNVWKCNC F 4WFQNH 1TIJKFCP $TC)QX 5 CW VKRTKV P VKRQITCHKC C NWK ,QCPP )VV .KVGTG EJKTKNKEG #N FQKNGC XQNWO CXGC  RCIKPK PVTW Q LWOVCVG FG CP FGNC +C KWPKG RP NC UHT)KVWN NWPKK FGEGOXTKG6NOEKVGUCWVTCFWUGFWRNKODCPGO/GCUEFG+QCPP $CTCE
O  6TCPUNCVQT CN $TC)QXWNWK %W EJGNVWKCNC C F 4WFQNH 1TIJKFCP5 CWVKRTKVPVKRQITCHKCCNWK+QCPP)GVV  +WNKG  (KC UGRVOPGK 4GF )GQTIG $CTK/KW 6KR +P )VV #RTGC Q FCV RG URVOP FCT FWR RTKOGNG FQW PWOGTG VTGDWKU)KPEGVG\GCRCTK/KCFCVQTKVKPVGTFKE/KGKEGP\WTKK   
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
5KGDGPDTIGPR RG ECTG COPWP/KVC DKDNKQITCHKG GZRNKECVKX C NWK * 6QPVUEJ NG QOKUGUG *6QPVUEJQREKVR&CVGNGNWK6QPVUEJFGXKC\HC/FGEGNGCNGNWK8CUKNG 0GVGCXG\KPQVC 9&CWIUEJQREKVR



 5KGDGPDTIGT 9QEJGPDNCVV FKP $TC)QX FGUEJKUG P RTGUC RQNKVKE UUGCUE WP EWTGPV PQW 6Q/K CWVQTKK CW TGNGXCV ECTCEVGTWN OQFGTP FKPCOKE CN OCVGTKCNGNQT RWDNKECVG CKEK ECTG FG)VGRVCT KPVGTGUWNEKVKVQTKNQTCUVHGNGZRNKEPFWUG)KPWOTWNTKFKECVCNCDQPC/KNQT <KCTWN CXW FG NC PEGRWV WP UWEEGU HWNOKPCPV CVKPIPF NC  WP PWOT  PGOCKPVNPKV RP CVWPEK  FG  FG CDQPC/K /GTKVWN RTKPEKRCNCNRWDNKEKUVKEKKDTC)QXGPGEQPUVPOQFWNHTQEQNK)WTKPECTG CFWEGCRTQDNGOGNGXKG/KKUUG)VKPHC/CRWDNKEKV/KKEQPVTKDWKPFCUVHGNNC FGR)KTGCVKOKFKV/KKRCTCNK\CPVGHC/FGCEGCUVC'UVGEC)KEWOCO EKVK PVTWPWN FKP PWOGTGNG FG PEGRWV CNG NKVGTCVWTKK \KNGK
 #KEK EC )K CEQNQ UG XQTDG)VG FGURTG DVNKC NKODKK
5RTCEJMCORH IGTOCPKVCVG URKTKV EQOWPKVCT EQOCUCTG )EQCN EKXKE GOCPEKRCTGC GXTGKNQT UKUVGOWN ECUGTKKNQT HKNKCNK\CTGC EQOWPKV/KNQT GXCPIJGNKEG UGRCTCTGCUGTXKEKWNWKTGNKIKQUFG)EQCN)CUETKC#5EJWNNGTNC  2TKP CFQRVCTGC WPWK VQP OCK TCFKECN \KCTWN )K CVTCUG EQNCDQTCTGCWPGKIT\KFGVKPGTGVCNGPVG)&6GWVUEJ5V.4QVJ'NKCU 4QVJ 2GVGT .CPIG /CTVKP 5EJPGNN -CTN /CCIGT #6 .CWTKCP
EW CTVKEQNG P NKODC IGTOCP )GQTI &CPKGN 6GWVUEJ
 PCKPVG FG TGXQNW/KG FCUEN CRQK
FWR  TGEVQTWN IKOPC\KWNWK FKP 5KIJK)QCTC GUVG CWVQTWN C PWOGTQCUG CTVKEQNG P HQKNG NWK )VV 5RKTKVWN UWRTQITCOCVKE )KECNKV/KNGFGDWPQTICPK\CVQTCXGCWUNPUQ/GCUE )K PCEVKXKVCVGCUCWNVGTKQCTECGRKUEQRCNDKUGTKEKKGXCPIJGNKEGUUG)VKFKP 6TCPUKNXCPKC
5V.4QVJECTCEVGTK\CVFG))PFKUEJFTGRV TGHQTOKUV EQPUGTXCVQT FKP  RTGQV P /Q)PC PWOKV NC HKPGNG NWK  OGODTW CN %QOKVGVWNWK FG RCEKHKECTG PEGTE RTKPVTQ CVKVWFKPG OQFGTCV U /KP P HTW XKQNGP/GNG RG ECTG NG \OKUNK TGXQNW/KC &KP QTFKPWNNWK%UP[.CFKUNCWHWCTGUVCVKCTVTKDWPCNWNOCT/KCNFKP%NWLN EQPFCOP NC OQCTVG RTKP ORW)ECTG
 OCK  2GVGT 6 .CPIG
#5EJWNNGT0GWGU.GDGP PXQN*WPFGTV,CJTGUEJUKUEJGT-ORHGRR

(TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPDTIGT5CEJUGPHTFCUUEJUKUEJG8QNM8GTNCI 9-TCHHV5KDKWXQN+++R*6QPVUEJQREKVRGVE #5EJWNNGTQREKVR2TKOCRCTVGCEKVCVWNWKGUVGRTGNWCVCRTQCRGNKVGTCNHT IJKNKOGNG

FG%CTN)NNPGT &KG5KGDGPDTIGT5CEJUGPKPFGP4GXQNWVKQPULCJTGP 'F#ECFGOKGK454$WEWTG)VKR  $KQITCHKC NWK ) & 6GWVUEJ C HQUV TGCNK\CV FG HKWN UW (TKGFTKEJ 6GWVUEJ )GQTI &CPKGN6GWVUEJ)GUEJKEJVGUGKPGU.GDGPU&TWEMWPF8GTNCIXQP9-TCHHV5KDKW  )WUVCX )PFKUEJ &GWVUEJGU 8QNMUYGTFGP KP 5KGDGPDTIGP
  -TCHHV  &TQVNGHH5KDKWR1RGTCRTGEWO)KXKC/C)KHCRVGNGNWK5V.4QVJ
PQKGODTKG    OCK  UWPV EGN OCK DKPG FQEWOGPVCVG P EGNG  XQNWOG 5V . 4QVJ )GUCOOGNVG 5EJTKHVGP WPF $TKGHG  PITKLKVG FG 1VVQ (QNDGTVJ 7NVKOWN XQNWO ECTG EWRTKPFGCPKKCCRTWVNCGFKVWTC9CNVGTFG)TW[VGT%Q$GTNKP



EQPFWEGCRTKOCECUFGGEQPQOKKFKP6TCPUKNXCPKCPVGOGKCVFGGNNC  ECTG )K RTQRWPGC PW  POWN/KTGC CXGTKNQT EK RTQOQXCTGC TQUVWTKNQTWOCPG )KCDWPUVTKKRWDNKEG
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
%CTN )NNPGT GK UG XGFGCW GZENW)K FG NC Q ECTKGT HWPE/KQPTGCUE)KXFGCWWPKPVGTGUFGQUGDKVHC/FGTGHQTOGNKDGTCNG  .QT NK UG CUQEKCT P EWTPF FQK QCOGPK FG NKVGTG .GQRQNF /CZKOKNKCP/QNVMG )K#PVQP-WT\ECTGPWRTQXGPGCWFKP#TFGCN/CK RW/KP VTKDWVCTK OGPVCNKV/KK NQECNG URKTKVWN NQT OQFGTPKUV E)VKI KPHNWGP/ )KEQPVTKDWKNCFKTGE/KCCFQRVCVFGRTGUCDTC)QXGCP/QNVMG NWETCNC)VVFKP)KFGXGPKWPWNFKPEQNCDQTCVQTKKNWKFGDC\PVTG OCTVKG )KKWPKGRTGNWTGFCE/KCNWK-TQPUVFVGT<GKVWPI'UVG CWVQTWNXGTUWTKNQT5KGDGPDTIGP.CPFFGU5GIGPU
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
#NDWO FG
(TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPDTIGT5CEJUGPXQN+++R 'WIGPXQP(TKGFGPHGNUQREKVXQN++R&GUGOPCTGCNWK'NKCU4QVJECFGRWVCV

DTC)QXGCPNC&KGVCFKP%NWLCRCTGPFQEFKPOCKRWDNKECVP&QEWOGPVG RTKXKPF TGXQNW/KC FG NC  P /TKNG TQOPG % 6TCPUKNXCPKC XQN +8  OCK 'F #ECFGOKGK454R -CTN/CCIGTGUVGOGP/KQPCVFGRKNFPFQWFQEWOGPVGFKP$TC)QXFCVCVGNC KWPKG  1TKIKPCNG #TJ 0C/ $TC)QX (QPF /CIKUVTCV PT FQE  HQVQ
#TJKXC+PUV+UVQTKG%NWLPTFQEHQVQ %CTN)NNPGTQREKVR &GURTG/CZ/QNVMGX5KGDGPDTIGT5CEJUGP.GZKMQPR



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

&GURTG#PVQP-WT\X9&CWIUEJQREKVR )KOCKCNGU%CTN)NNPGT # 9&CWIUEJQREKVR

-WT\.GDGPWPF9GTMP(QTUEJWPIGP5KDKW:PTR



 &CE UVCFKWN KPEKRKGPV CN RTGUGK HWUGUG FGR)KV NC  KCT PUGOPVCVGCGKECCOXQPCNVKORWNWK
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
(T 6GWVUEJ 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
%CTN)NNPGTQREKVR



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

.C$KDNKQVGEC$TWMGPVJCN
EQVC2+++UGCHNEQNGE/KCEQORNGVCNWK5CVGNNKVPT  KCPWCTKG   FGEGODTKG  5KGDGPDTIGT 9QEJGPDNCVV UG IUG)VG NC CEGGC)KDKDNKQVGE
CEGGC)KEQV)KNC$KDNKQVGEC%GPVTCN7PKXGTUKVCTFKP%NWL
EQVC* <KCTWN)KPEGVGC\CRCTK/KCNCPTFKPOCTVKG8G\KPTNC #TJKXGNG0C/KQPCNG5KDKW
EQVC++)KPTNC$%7%NWL$NVVGTHT)GKUV )GOVJWPF8CVGTNCPFUMWPFGGZKUVNC$KDNKQVGEC$TWMGPVJCN
EQVC2++

5KGDGPDTIKUEJGT8QNMUHTGWPFPTHGDTWCTKG



++#0++4'81.7-+'+

      





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
RTGNWCVFKP Q/WNVULGNGPRFGURTGTGWPKHKECTGC2CTVGUWNWK )K FQTKP/C WPKWPKK 6TCPUKNXCPKGK EW 7PICTKC #WVQTWN WP QO FG UVCV EW RQ\K/KG PCNV WVKNK\CUG PE P &KGVGNG FKP  CEGCUV RTG\GPVCTG EG EWRTKPFGC P FQW RT/K RNPIGTKNG 5VTKNQT TGICVWNWK
 Q5KGDGPDTIGT$QVGRPTKCPWCTKGR(KRCIKPCFGVKVNWEQPHKTOE GTCCNNGCCPFGCRCTK/KG2TKPWTOCTGCPWN+CTHKHQUVP Q$QVGRKPFKEC CPWNFGCRCTK/KGFGEKCPWN+CTHKHQUV5KIGTWUQREKVRUETKG Q5D$QVGC CRTWVFKPR
2PCEWOPWCOIUKVRTKOWNCPFGCRCTK/KGC\KCTWNWK'NPWUG RUVTGC\NC$KDNKQVGEC$TWMGPVJCNQTKNC#TJKXGNGFKP5KDKWPKEKNC$%7%NWLPKEKNC $KDNKQVGEC#ECFGOKGK$WEWTG)VK  Q5D $QVGR PT   KCPWCTKG  R  PT   HGDTWCTKG  R  Q5D 8QNMUHTGWPFRPTKCPWCTKGR 5D8QNMUHTGWPFPTHGDTWCTKGR

  %TQPKECRTGUGKUKDKGPG
Q5KGDGPDTIGT$QVGRQ6TCPUUKNXCPKCR Q5KGDGPDTIKUEJGT8QNMUHTGWPFR Q7PVGTJCNVWPIGPCWUFGT)GIGPYCTVR)C



WPICT OQVKXGNG FKP ECTG UG EGTGC PCRQKGTGCKOGFKCVCCC)CPWOKVGNQT 2CTVGU TGCRRNKECVCG RTGEWO )K FQTKP/C FG WPKTG C 6TCPUKNXCPKGK EW 7PICTKC)KCPWOGPTCRQTVWNGZKUVGPVPCKPVGFG  6TCPUUKNXCPKC RWDNKEC Q UWEEGUKWPG FG TGRNKEK CFTGUCVG NWK 5CVGNNKV<KCTWNDTC)QXGCPCEW\CUGEQOWPKVCVGCQTC)WNWK5KDKWEPW UG KORNKEC P CE/KWPK FGUVKPCVG DKPGNWK QD)VGUE 5RKTKVWN EQPEWTGP/KCN )K CPKOQ\KVCVGC GZKUVGPV PVTG EGNG FQW EGV/K NG RNCUC NC K\DWEPKTGC TGXQNW/KGKFKPUVCTVRGRQ\K/KKQRWUG  &KPOCTVKGGXGPKOGPVGNGUGRTGEKRKVCT  &CE \KCTGNG DTC)QXGPG CPWP/CT FGENCP)CTGC TGXQNW/KGK HTCPEG\G )K FGUETKUGT \KNGNG FG  HGDTWCTKG NC 2CTKU P UEJKOD Q8QNMUHTGWPFR VTCPUOKVGC TGNCVCTGC CWUVTKCEWNWK %CUVGNNK FGURTG PVORNTKNG FKP 8KGPC CFWIPFWUG RWDNKECTGC RCVGPVWNWK KORGTKCN FGNCLWOVCVGCNWPKKOCTVKG%KVKVQTKKCHNCTENCOCTVKG/CKGUVCVGC 5CCRQUVQNKEEEFGEKUGUGTKFKECTGCEGP\WTKK)KKOGFKCVCRWDNKECTGCWPGK NGIKCRTGUGK.KDGTGUVGRTGUC5VTKIVWNFGDWEWTKGFGRGRCIKPCFG VKVNWRTGCUXGUVGCUEVKORWTKPQK  P CEGNC)K VKOR FKP 2GUVK JKTNCR HW RTGNWCV Q EQTGURQPFGP/ ECTGFGUETKCCVOQUHGTCFKP2GUVCNCOCTVKG )KTGFCEGNGRWPEVGCNG /CPKHGUVWNWK EVTG PC/KWPGC WPICT .C HGN EC )K 5KGDGPDTIGT 9QEJGPDNCVV$QVGKPHQTOCCUWRTCGEQWNWKGXGPKOGPVGNQTFKP2GUVCNC %NWL
OCTVKG(KNCCEGUVGCTGCE/KCUKDKGPKNQT  RTKOWNUGPVKOGPVVTKVUKPEGT )KKPVKOFGHKGECTGRTKGVGPUCU CN RCVTKGK HW CEGNC CN UVTXGEJKK NQKCNKV/K HC/ FG OTGC/C PQCUVT ECU KORGTKCN.COCTVKGHWPOPCVQRGVK/KGITCHWNWKPC/KWPKKRGPVTW GZRGFKGTGCWPGKFGENCTC/KKFGETGFKP/EVTGORTCV  &CE CT HK U ECTCEVGTK\O RQNKVKEC NWK 5KGDGPDTIGT $QVG P RGTKQCFCOCTVKGHKPGNGNWKKWPKGPFQWEWXKPVGCEGUVGCCTHK(T WPKWPG
6TCPUUKNXCPKCCTVKEQNWN5KGDGPDTIKUEJGU8QVWODGTFKG9KGFGTXGTGKPKIWPIFGT

2CTVGUWPFFKG8GTGKPKIWPI5KGDGPDTIGPUOKV7PICTPPTHGDTWCTKGR PTHGDTWCTKGRPTHGDTWCTKGRPT HGDTWCTKGRPTOCTVKGRPTOCTVKGR +FGOPTHGDTWCTKGPTOCTVKGRPTOCTVKG R 5D8QNMUHTGWPFPTOCTVKGR Q5D$QVGRPTOCTVKGR +FGOPTOCTVKGR#EGNC)KCTVKEQNFKPQ2GUVKJKTNCRRCHQUVTGFCV)KFG Q5KGDGPDTIGT9QEJGPDNCVVRPTOCTVKGR  Q5D $QVGR PT   OCTVKG  R  &GURTG %NWL NC  OCTVKG )K P Q5D 9QEJGPDNCVVRPTOCTVKGR



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
 &G GZGORNW Q5D 9QEJGPDNCVVR PT   CRTKNKG  R  FGURTG CVOQUHGTC

RTQWPKQPKUVFKP$TC)QXPTOCKRCTVKEQNWNNWK2GUVCNQ\\KFGURTG WPKWPGC 6TCPUKNXCPKGK EW 6CTC WPIWTGCUE PT   OCK  R   CRTGEKGTK PGICVKXGFGURTG%GCTGFGURGTCV#TFGCNWNFGNCQWPKWPGEW#WUVTKC Q5D$QVGRPTCRTKNKGR +FGOPTOCKR +FGOPTOCKR
CPQPKOWNFKP8KGPCPTOCKR 
RQ\K/KC)WXGTPWNWKPTKWPKGR
RQ\K/KC7PKXGTUKV/KKUUG)VKPT OCKR
CNKCP/CEWTQOPKKPTKWPKGR
/KJCN/PQ KWPKGRPTKWPKGR
COGPKP/CTGCNWK$GPKIPKPT KWPKGR
PQWCTVKEQNFGURTG/KJCN/



IWXGTPCVQTWNWK 6GNGMK NC 5KDKW

 OCK RTKNGLWK Q CFWPCTG CFJQE C UC)KNQTRCTVK\CPKCK%CUGKFG#WUVTKCECTGUVTP)KNCVGCVTWNQT)GPGUE QXC/KQPCTUVGCIWNPGITWICNDGP,CMQD4CPPKEJGTTGFCEVQTCN\KCTWNWK Q$QVGR /KPW Q EWXPVCTG KPEGPFKCT P HC/C OWN/KOKK 6QV Q8QNMUHTGWPFR I\FWKC WP CORNW GUGW P ECTG RTG\GPVC OCK PVK CTIWOGPVGNG RTKGVGPKNQT WPKWPKK RGPVTW C P)KTC CRQK OQVKXGNG HGTOGK TGURKPIGTKCCEGUVGKC  .WPCOCKCFWUG)KQEQVKVWTHWPFCOGPVCNPGXQNW/KC\KCTWNWK UKDKCP 6TCPUUKNXCPKC#EGUVCFFWUGPCRTKNKGQCFG\KWPGNCRCTVKFWN NKDGTCNOCIJKCT )KEQPEQOKVGPVRWDNKECUGWPCRGNRGPVTWVTCPUHQTOCTGC PWOGNWK7PKXGTUKV/KKPC/KQPCNGUUG)VKPEGNFG7PKXGTUKVCVGPC/KQPCN IGTOCPVTCPUKNXCP#RQKHEWUGRTQRCICPFNCWPKWPGCEW7PICTKC RTQUNXKPFQ RTKP RQG\KG RTQPQUVKEPF CUWRTC CEEGRVTKK WPKWPKK P XKKVQCTGC &KGV &WR  OCK EPF TGFCEVQTWN (TKGFTKEJ *CPP RTUK IC\GVCKPVTPFRTKPRQ\K/KCUCRTQOCIJKCTPEQPHNKEVEWOCLQTKVCVGC PC/KWPKK
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

6TCPUUKNXCPKC PT   CRTKNKG  R 

VTCPUHQTOCTGC PWOGNWK 7PKXGTUKV/KK PC/KQPCNG PT   CRTKNKG  R PTCRTKNKGR PTCRTKNKGRPTOCKR  1 9KVVUVQEM &CU NKVVGTCTKUEJG .GDGP FGT XKGT\KIGT ,CJTG P XQN *WPFGTV ,CJTG UEJUKUEJGT -ORHG 5KDKW  R % )NNPGT &KG 5KGDGPDTIGT 5CEJUGP KP FGP 4GXQNWVKQPULCJTGP$WEWTG)VKRRTGQEWRCVFGFGUEGPFGP/CUQEKCNC RTQVCIQPK)VKNQTUC)KCKTGXQNW/KGKUETKG2QRWNC/KC5KDKWNWKPWGTCCNEVWKVPWOCKFKP RCVTKEKGPK )KPCN/KHWPE/KQPCTKEK )KFKPKPVGNGEVWCNKRTQITGUK)VK )KOG)VG)WICTKECTGUG CFWPCTRPNCOCKPLWTWN 6TCPUUKNXCPKGK )KTGENCOCTTGHQTOGPUGPUWNEGTWVFG NKVGTC/KK  DTC)QXGPK #DKC FWR  OCK EPF (TKGFTKEJ *CPP UG TGVTCUG FKP TGFCE/KC 6TCPUUKNXCPKGK QRQ\K/KCUKDKCP)KRKGTFWQTICPWNRWDNKEKUVKE 6TCPUUKNXCPKCPTOCKRPTOCKRPT OCKRPTOCKRPTOCKR

R5D$QVGRPTKWPKGR 

5D8QNMUHTGWPFCTVKEQNWN5EJYCT\WPF)GNDPTOCKR



 6QV P OCK )K PEGRGCW CRCTK/KC 7PVGTJCNVWPIGP CWU FGT )GIGPYCTV

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
C)C\KU UEJKOD FG UETKUQTKFKPVTGQFQOPK)QCTFKP2GUVC)KHTCVGNGGKFKP5KDKW&QOK)QCTC (TCVGKORGTKCNPGITWICNDGP%WEWTCLFCT )KEWTGXQNVRWPOPCRG VQE&KURTG/)KTW)KPGXQWVWVWTQTUKDKGPKNQT#EGCUVCPNQEFGUCNWV %WO XCRWVWVVTGEGRTKPOKPVGKFGGCNKRUKVFGDWPIWUVFGCRNCPVC UVGCIWTK )K EQECTFG PGITWICNDGPG!  .C Q RCTVG EW VQCVG PPQKTKNG .UC/KNKCT)KRG/GVVGTPKEJUUGKPUVCNG\G'WUWPVTGRWDNKECPPEGN OCK UVTKEV UGPU CN EWXPVWNWK  &QCT PW RQT/K )K VW Q CUGOGPGC EQECTF! P EC\WN CEGUVC PW XTGCW U O OCK PWOGUE UQTC VC
7PVGTJCNVWPIGPCWUFGT)GIGPYCTVECKGVWNHF
OCKRECKGVHF
 OCKR ECKGVOCKRECKGVOCKR



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
OCK  5VWFGP/KK #ECFGOKGK FG FTGRV FKP 5KDKW RTG\GPVCW UGPCVWNWK WPKXGTUKVCTQRGVK/KGPECTGUGUQNKEKVCWWTOVQCTGNGPHKKP/CTGCWPGK ECVGFTGFGHKNQUQHKGNKDGTVCVGCRTGFTKK)KCPX/TKKFQEGP/KKRTKXC/K )KRTQHGUQTKKQTFKPCTKU)KUVCDKNGCUEUKPIWTKQDKGEVGNGFGPX/OPV UUGFGUHKKP/G\GRGPVTWVQVFGCWPCTGRGVGP/KKNG )KTGXQETKNGUVWFGP/KNQT WPGZCOGPFGCFOKVGTGGZKIGPVGZCOGPWNFGUVCVUCKDNQEFWR OKPKOWO FQK CPK FG UVWFKW  GZCOGPG URGEKCNG RGPVTW UVWFGP/KK NC HKNQUQHKG  QTKEG RTQHGUQT QTFKPCT U HKG FGENCTCV GNKIKDKN P HWPE/KKNG
+FGOECKGVOCKR

5CVGNNKV$TC)QXPTCRTKNKGR 6TCPUUKNXCPKCPTCRTKNKGR 5D8QNMUHTGWPFPTCRTKNKGR 5CVGNNKVPTOCKR

6TCPUUKNXCPKCPTCRTKNKGRPTCRTKNKGR



CFOKPKUVTCVKXG  NC QEWRCTGC RQUVWTKNQT FG RTQHGUQT U NK UG CEQTFG FQEGP/KNQTRTKXC/KWPTGIKORTGHGTGP/KCNCECFGOKEKK
UVWFGP/KKUUG DWEWTG FG RWDNKEKVCVG )K  U RQCV GHGEVWC UGTXKEKK FG UGETGVCTKCV  P QTKEG KPUVKVWV QHKEKCN PC/KQPCN  Q FQVCTG OCK DQICV C DKDNKQVGEKK CECFGOKEGOCK)VTKKFGNWRVCKCECFGOKEKNQT
UVWFGP/KNQTUHCE )K KPUVTWE/KGOKNKVCTVKPGTGVWNCECFGOKEUHQTOG\GNC5KDKWWPEQTR RGTOCPGPV FG UKIWTCP/  NC CFOKPKUVTCTGC DKDNKQVGEKK U RCTVKEKRG EVG FQK UVWFGP/K  NC QTKEG RNPIGTG )K CPEJGVCTG C WPWK EGV/GCP CECFGOKEUUGCEEGRVGRTKOKTGCPUGPCV)KXQVWNCFQKCECFGOKEKCNG)K FKPVTG UVWFGP/K  U UG CFQRVG Q HQTOWNCTG PQW C RTGUETKR/KKNQT FKUEKRNKPCTG CFCRVCV NC URKTKVWN VTCPUHQTOTKNQT FKP UPWN #ECFGOKGK
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
+FGOPTOCKR6TCPUUKNXCPKCPTOCKR

 $NVVGT HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFG $TC)QX PT   OCK  R 5D8QNMUHTGWPFPTCRTKNKGR Q6TCPUUKNXCPKCRPTKWPKGR 5D8QNMUHTGWPFPTCRTKNKGR





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

7PVGTJCNVWPIGPECKGVOCKR

 +PUVTWE/KWPKNG HWT RWDNKECVG FG GZGORNWP5D9QEJGPDNCVV$TC)QXPT OCKR&GURTG-QPTCF5EJOKFVUETKG(TKGFTKEJ6GWVUEJ&KG5CEJUGPKO,CJTG PQREKVR &GGZGORNW6TCPUUKNXCPKCPTKWPKGRPTKWPKGR PTKWPKGR Q5D$QVGRPTKWPKGR
QTFQPCP/CKORGTKCNPTKWPKGR 
TG\QNW/KC TGICN NC C FQWC RGVK/KG TQOPGCUE PT   KWNKG  R 
RTQVGUVWNNWK(TCP\5CNOGP

5D$QVGPTKWPKGRPTKWPKGR



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
 CWIWUV NC CTGUVCTGC WPQT ERGVGPKK XCNCJG FG EVTG EQOKUCTWN IWDGTPKCN $NFK (GTGPE\ %CO  FG TQOPK COGPKP/CT QTC)WN FKPURTG#RQNFWN/CTGFKPECTGECW\HWEQPXQECVECXCNGTKCCHNCVP CRTQRKGTGC QTC)WNWK .C  CWIWUV CTGUVC/KK .CWTKCP )K $N)GUEW HWT GNKDGTC/K  P VKOR EG DCTQPWN 9GUUNGP[ /KMNQU /KPGC PVTQ )GFKP/ C 2CTNCOGPVWNWK OCIJKCT
 CWIWUV Q EWXPVCTG FGURTG PQKNG FTGRVWTK CNG UC)KNQT )K TQOPKNQT NC 5KDKW TGETW/KK VTGDWKCW U FGRWP PQWC HQTOWNFGLWTOPVRGKPFGRGPFGP/C7PICTKGK  0QKNGNGIKWPICTGNGRTQXQECTUC)KNQTPITKLQTCTG.GIGCCUWRTC )EQNKNQTGNGOGPVCTGRTGXGFGCQDNKICVKXKVCVGC )KITCVWKVCVGCCEGUVQTCFCT )KKPVTQFWEGTGCNKODKKOCIJKCTGECQDKGEVTGIWNCVFGPX/OPV.CHGN EQPUETKR/KCOKNKVCTUVTPKPGNKPK)VGPTPFWNXCNCJKNQTHIT)GPK
6TCPUUKNXCPKCPTKWPKGR 5CVGNNKVPTKWPKGR $NVVGTPTKWPKGR 5D$QVGPTKWNKGR  +FGO PT   CWIWUV  R 
CTGUVCTGC EQPFWEVQTKNQT TQOPK PT  

CWIWUVR
EQPXQECTGCECXCNGTKGKPTCWIWUVR
GNKDGTCTGC NWK#6.CWTKCP)K$N)GUEW  +FGO PT   UGRVGODTKG  R 
EWXPVCTGC NWK 9GUUGNP[ PT   UGRVGODTKGR
PQWCHQTOWNFGLWTOPV +FGOPTUGRVGODTKGR



 5RTG FGQUGDKTG FG OKPQTC COKPVKTG P $QVG FGURTG RTKOC CFWPCTG C XCNCJKNQT FG NC $NCL EGC FGC FQWC CFWPCTG FG NC $NCL
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
 &GURTG RTKOC CFWPCTG FG NC $NCL P Q5D $QVGR PT   OCK  R  +FGOPTUGRVGODTKGRPTUGRVGODTKGR
3

FGURTGEGCFGCFQWCCFWPCTGFGNC$NCLPPTUGRVGODTKGR

5D 8QNMUHTGWPF PT   QEVQODTKG  R  RTQITCOWN 9CU YPUEJGPWPFXGTNCPIGPYKTRTGNWCV )KFG5CVGNNKVPTQEVQODTKGR   &WR CDFKECTGC RCNCVKPWNWK )K PWOKTGC NWK .GODGTI P HWPE/KC FG EQOKUCT EE EW RWVGTK PGNKOKVCVG )K P EGC FG EQOCPFCPV IGPGTCN CN VWVWTQT VTWRGNQT CWUVTKGEG NC  UGRVGODTKGQ\KOCKVT\KW.GODGTIHWCUCUKPCVP7PICTKCQ5D$QVGRPT  QEVQODTKG  R  PT   QEVQODTKG  R  PT   QEVQODTKG R



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
5D$QVGPTPQKGODTKGR5CVGNNKVPTPQKGODTKGR CRCTGRTKOCQCTTWDTKEC0CEJTKEJVGPXQO-TKGIUUEJCWRNCV\ Q5D8QNMUHTGWPFRPTQEVQODTKGR



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

5D8QNMUHTGWPFPTPQKGODTKGRFGURTGUGEWK)K<NCVPC 6TCPUUKNXCPKCPTPQKGODTKGR 5D8QNMUHTGWPFPTPQKGODTKGR

5D9QEJGPDNCVVPTFGEGODTKGRUS6TCPUUKNXCPKCPT 5D$QVGPTFGEGODTKGR

FGEGODTKGR 

6TCPUUKNXCPKCPTFGEGODTKGRPTFGEGODTKGR



4WUKCXTGCUUOWNI2QT/KKCEGUVGRTKPEKRCVG )KUNGRUVTG\GRGPVTW UKPG  .C HKPGNG CPWNWK  UKVWC/KC RQNKVKE GTC KPFGEKU 8QNMUHTGWPFQHGTGCQUWOCTUVCVKUVKEC#TFGCNWNWKFCTPWUGNCPUC PPKEKQRTGXK\KWPGRGPVTWXKKVQT6TCPUKNXCPKCUGPVKPFGCRGOKNG RVTCVG
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
%CNGPFCTWN RQRWNCT CTFGNGCP RG 
5D8QNMUHTGWPFPTFGEGODTKGR

+FGOPTFGEGODTKGRCTVKEQNWN5KGDGPDTIGPWPF7PICTP

PT   FGEGODTKG  R  PT   FGEGODTKG  R  RWDNKEKVCVGPPTFGEGODTKGR 5D$QVGPTKCPWCTKGR 5KGDGPDTIGT8QNMUMCNGPFGT5KDKWR



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
VKGTGCRQTEWNWKEWFCVCFGFGEGODTKG #PWN0QWE\PFRGPVTWCEG)VKCFQWURVOPKOCKVT\KW  %C )K EWTKQ\KVCVG TGFO UTDVQTKNG OQDKNG FWOKPKEC UGRVWCIGUKOGK
 FG \KNG PCKPVGC 2C)VKNQT GTC NC  HGDTWCTKG #UEJGTOKVVYQEJ
/KGTEWTGC EGPW)KK PEJGKGTGCECTPCXCNWNWKECTG EQKPEKFGC EW KPVTCTGC P RQUVWN 2C)VGNWK NC  HGDTWCTKG FWOKPKEC 2C)VKNQT
NCTGHQTOC/K )KECVQNKEKNCCRTKNKG
2C)VGNGITGEGUEQTVQFQZ)K WPKVEFGCFWOKPKECRTKNKGUVKNPQWCRTKNKGUVKNXGEJKPN/CTGCNC EGT NC  OCK 4WUCNKKNG NC  OCK FWOKPKEC 5HKPVGK 6TGKOK NC  KWPKG (TQJPNGKEJPCO
,QKC8GTFGUTDVQCTGCECVQNKECVTWRWNWKFQOPWNWK NCKWPKGRTKOCFWOKPKECCFXGPVWNWK
FKPEGNGRCVTWNCFGEGODTKG &WTCVC(CUEJKPIWNWK
ECTPCXCNWNFGRTKOXCTGTCFGURVOPK)K \KNG
(KKPFWPEKENWFGUTDVQTKURGEKHKEUC)KNQTEVGXCCOPWPVGEGEQPVWTGC\OQFWN

FG EGNGDTCTG C CEGUVWK (CUEJKPI RQV RTG\GPVC KPVGTGU %QPHQTO NWK %CTN )NNPGT +O -TGKUNCWH FGU ,CJTGU 'F -TKVGTKQP $WEWTG)VK  R  ECTPCXCNWN PEGRGC P KCPWCTKG P NWPGC FG FWR \KWC EGNQT 6TGK /CIK C)CPWOKVC .WPGC EQPLWTCV
)GUEJYQTGPGT /QPVCI FG MNKP (WGUPKEJV P UUG)VG  FKG MNGKPG (CUVPCEJV  OKEC PQCRVG C RQUVWNWK EPF HWPE/KQPCTKK UC)K RTQCURV CNG)K NC PEGRWV FG CP FGRWPGCW LWTOPVWN %CTPCXCNWN FWTC RP NC #UEJGTOKVVYQEJ
VTCF NKV /KGTEWTGC EGPW)KK WNVKOC \K FG ECTPCXCN RTGEGFCV FG Q PQCRVG FG RQOKP EG OCTEC CRQIGWN )K HKPCNWN ECTPCXCNWNWK FKG ITQG (CUVPCEJV  OCTGC PQCRVG C RQUVWNWKPCEGUVKPVGTXCNRGUVT\KNGQTC)GNQTUUG)VKVTCPUKNXCPGTUWPCWOW\KEK )K FCPUWTK )K VTGEGCW RTQEGUKWPK FG O)VK DTGUNGNG )K UTDVQTGCW QDKEGKWTKNG XGEKPV/KNG
0CEJDCTUEJCHVGP FGUH)WTCW \KNGNG NQT FG LWFGECV
4KEJVVCIG P  /CIKUVTCVWN UKDKCP )KC PEGVCV CEVKXKVCVGC P VKORWN (CUEJKPIWNWK EJKCT )K PC)VGTKNG )K FGEGUGNG CW HQUV EQPUGOPCVG FWR /KGTEWTGC EGPW)KK &KP RTKEKPC PGPWOTCVGNQTDCNWTKNCECTGNUCWIQCNGUNKNGFGURGEVCEQNFKTGEVQTWNVGCVTWNWK UKDKCP PQVC PITKLQTCV 6QCVG QTC)GNG OQPCTJKGK EE KPENWUKX ECRKVCNC 8KGPC UG FKUVTGC\PFQW\KNGQHKEKCNGNC TGFWVG 
4GFQWVGPUCCN UCNC ORTCVWNWKTQOCP  P%)NNPGTPWOCK5KDKWNUKPIWTPWGOWN/WOKVEWCVVC&QCTCEGUVQTC)FWDNGC\



 Q8QNMUMCNGPFGTR KPFKEC FG CUGOGPGC \KNGNG FG RQUV EGNG  \QFKKCNGJQTQUEQRWNWKCPWNWKHC\GNGUQNCTGNWPCTG)KRNCPGVCTGRTGEWO )KEVGXCFCVGFGURTGEGNGRCVTWCPQVKORWTK#PWP/CRGPVTWFQW GENKRUG FG UQCTG KPXK\KDKNG NC PQK )K FQW GENKRUG FG NWP FKPVTG ECTG RTKOCGTCXK\KDKNNCOCTVKG
FGNCQTGNGRPNC  %CNGPFCTWN EQPVKPWC EQORGPFKWN ETQPQNQIKE FG KUVQTKC 6TCPUKNXCPKGK C ETWK RWDNKECTG PEGRWUG P CPKK CPVGTKQTK VTCVPF RGTKQCFC2WDNKECWP4GIKUVTWIGPGCNQIKECN%CUGKKORGTKCNG FQOPKVQCTG FG #WUVTKC #RQK TGFC OCK OWNVG NGIGPFG VTCPUKNXCPG
2GCVTC &TCMWNWK /KTGCUC FG  FG CPK )DTKGN $VJQTK NC 5KDKW UCWFKPCNVG\QPG
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
IGPGTCNWN EQOCPFCPV )GHK FG FKXK\KK )K FG DTKI\K FGRCTVCOGPVWN OKNKVCT EGN
VKORWNECTPCXCNWNWK )KRGVTGEGNC TGFWVG FGRCVTWQTKRGURVOP&GCDKCRTKEGRK EWO Q CUGOGPGC HWTKG C FCPUWNWK C RWVWV EWRTKPFG Q PC/KWPG CVV FG C)G\CV NWOKPCV )K GEQPQCO  &CPUWN &GWVUEJGT *QRUGT EQVKNNQPWN )K OGPWGVWN GTCW FCPUCVG EW GPVW\KCUO FG QHKEKCNKV/KNG QTC)WNWK FCT TC\CPVWN .CPICWU K KPFKIPC RG EQPUKNKGTKK/CIKUVTCVWNWK5KDKWNWK
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
PWOGTQ)KFCPUCVQTKHTGEXGPVCWPQDKNGNGDCNWTKOCUECVGP5CNCTGFWVGNQT.C PFGEWTUWNWPGKNWPK
FKPKCPWCTKGRPPHGDTWCTKGUCWCPWP/CVPWOCK RW/KPFGFGDCNWTKFKPVTGECTGOWNVGFGO)VK'OKN5KIGTWUPQVC-KPPFEQPVFG PWOGTQ)KK TQOPK ECTG UVWFKCW NC IKOPC\KWN GXCPIJGNKE UWRGTKQT NC DCNWTKNG UVWFGP/G)VKUGLWECNCPEGRWV)KNCUHT)KVEVGQ 4QOCPC 



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

6TCPUUKNXCPKCPTKCPWCTKGRPTKCPWCTKGRPT +FGOPTKCPWCTKGR

KCPWCTKGR



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
%CTN)NNPGTQREKVR Q5D$QVGRPTKCPWCTKGRPTKCPWCTKGR  6TCPUUKNXCPKC PT   HGDTWCTKG  R 
KPEGPFKGTGC #KWFWNWK PT   HGDTWCTKGR
EJGUVKWPGCTQOPQUCUGCUEPTHGDTWCTKGR
RTQVGUV ORQVTKXC NKDGTV/KK OG)VG)WIWTKNQT PT   HGDTWCTKG  R 
FGURTG UQCTVC 7PICTKGK PT   HGDTWCTKG  R 
PVORNTK UVTCPKK FKP 6TCPUKNXCPKC +FGOPTHGDTWCTKGR



TGFCE/KGK P ECTG EKVKVQTKK GTCW CUKIWTC/K E PW GTC XQTDC FG PKEK Q NKPIW)GCN
 VQEOCK CEWO EPF K CXGO RG TW)K EC RTKGVGPK )K CRTVQTK P OKLNQEWN PQUVTW #WVQTWN EQPUKFGTC/KKNQT RUKJQNQIK\CPVG FGETGVC(KGECTGPC/KWPGEC )KHKGECTGQOCHQUVP\GUVTCVFGNCPCVWT EWWPVGORGTCOGPVFQOKPCPVEWQOCTGKPHNWGP/CUWRTCECTCEVGTWNWK UWOQTCNECTGPWUGNCUPKEKEPFCPWNCVRTKPGFWEC/KG&CENQEWKVQTKK -TKNQTFG,QUUWPVHNGIOCVKEKGPING\KK )KIGTOCPKKEQNGTKEK
URCPKQNKK OGNCPEQNKEK
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

5D8QNMUHTGWPFPTOCTVKGR 6TCPUUKNXCPKCPTOCTVKGR



OCK OWNVG RTQENCOC/KK CNG NWK $GO EVTG NQEWKVQTKK QTC)WNWK

   OCTVKG  $GO RTQOKUG COPKUVKG IGPGTCN 7P CTVKEQN FKP $QVG
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
Q5D$QVGRPTOCTVKGR %)NNPGTQREKVR

+FGOPTOCTVKGRPTOCTVKGR Q5D$QVGRPTOCTVKGR

Q9KGPGT<GKVWPIRHGDTWCTKGEKVCVFG%)NNPGTR

'WIGPXQP(TKGFGPHGNU,QUGRJ$GFGWUXQP5EJCTDGTI8KGPCXQN++R



FTGRVCEQRGTKTGECTGGUETKUC)C )KPWCNVHGNPWOCK )KPWOCKFKPECW\C WPQTUEQRWTKFGRCTVKF0W$QVGCTGHKTG)VGKPVGP/KKNGUCNGRQNKVKEGNGCNG )K FGUEJKUG FCT UG UVTFWKG)VG RTKPVTQ LWFGECV ECNO RTKP EQNGE/KQPCTGCPGRCTVKPKEFGOCVGTKCNGUCLWPINCQP/GNGIGTGEQTGEV CNWETWTKNQT   <KCTWN RCTEWTIGC Q RGTKQCF FG OCTG NKRU C KPHQTOC/KGK &G URVOPKFG\KNGPGXQKCTOPGRGPVTWTGFCE/KCCEGUVQTHQKCEGGC)K.C 5KDKWRQ)VCPWOCKCFWEGCCNVG\KCTGPCHCTFG-\NP[FKP&GDTG/KP )K FG *QPXF FKP %NWL )K RG CEGUVGC EW PVT\KGTG <KCTGNG COKPVKVG TGNCVGC\ RCT/KCN FGURTG GXGPKOGPVGNG KPVGTPG &CT FWR EWO DKPG UG EWPQC)VG COPFQW RTKXGUE EW WPWN )K CEGNC)K QEJK RCTVKPKE &KORQVTKXPQKCXGOUCTEKPCFGCPWRTG\GPVCPKEKQFCVGXGPKOGPVGNG UWDQKOCIKPGWPKNCVGTCN/CKEWUGCOPVKORWTKCVVFGCIKVCVGEC EGNGVTKVGCEWOEPFTGHNGEVCTGC)KTGRTG\GPVTKNGNWETWTKNQTVTGEWVGUWPV CVV FG FKHGTGP/KCVG CEWO ETGFGO PQK CXGO FWDNC FCVQTKG FG C EQPHTWPVCQCHKTOC/KGEWCNVCHKTOC/KG)KFGCNUCFGEK\KCEQTGEVKVWFKPKK EKVKVQTWNWK)KVKORWNWKECTGNGWPKHQTOK\GC\RGVQCVG  (CRVGNG )K UETKGTKNG NWK ,QJCPP *KPV\ VQVW)K CW HQUV LWFGECVG CUVHGN
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
TGHWIKC/KKGTCWUGEJGUVTCVG/CIKUVTCVWN5KDKWNWKKUGCFTGUCNWK%UP[K )K FWR EG NWFC IGPGTQ\KVCVGC PHNETCV C GTQKEWNWK PXKPIVQT RTQVGUVCORQVTKXCUGEJGUVTTKKDWPWTKNQTEGNQTCDUGP/K  %C  WTOCTG C KPFKEC/KGK NWK -QUUWVJ WP QTFKP CN NWK %UP[K UVCDKNGC GVCVK\CTGC CXGTKK 7PKXGTUKV/KK PC/KQPCNG UUG)VK /UWTC HWUGUG NWCV EC CXGTGC PC/KQPCN UUGCUE  ORQVTKXC FGUVKPC/KGK UCNG )K OCK CNGU P FGHCXQCTGC PU)K PC/KWPKK UUG)VK RTKP KPFKXK\K EW RQTPKTK FW)OPQCUGUPWOCKHKGHQNQUKVNCCIKVC/KK)KHCRVGTGNG)KCUVHGNUPW OCK HKG UWUVTCU TQUVWNWK UW GHGEVKX 2GPVTW NKPK)VKTGC PC/KWPKK UUG)VK FGENCT E CEGCUV RQTWPE C OGCPWCTGCNVKPVGP/KGFGEVCEGGCFGC
Q5D$QVGRPTOCTVKGR 19KVVUVQEMQREKVR



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

FGURTG TKFKECTGC VTKDWPCNGNQT FG RGFGCRU P PT   CRTKNKG  R  FGURTG UGEJGUVTCTGCCXGTKNQTPPTCRTKNKGRQTFKPWNFGGVCVK\CTG )KRTQVGUVWN /CIKUVTCVWNWKQTC)WNWKPPTCRTKNKGR &GURTGTGETWVCTGCIGPGTCNP Q5D$QVGRPTCRTKNKGREJGOCTGC CFTGUCVFG%UP[/TCPKNQTPPWOGTGNGFKPCRTKNKGCRTKNKGCRTKNKG  FGURTG ETGCTGC DKTQWNWK RQNK/KGPGUE EQPFWU FG &QDQMCK , P PT   CRTKNKG REQOWPKECVWNNWK/QUGU$GTFGPPTCRTKNKGRFGENCTC/KC FGKPFGRGPFGP/CPC/KWPKKWPICTGPPTOCKR)VKTKFGT\DQKP PTOCKR

2TQVGUVWNORQVTKXCKPVGTXGP/KGKTWUG)VKP Q5D$QVGRPTOCTVKGR



6TCPUKNXCPKC TGFGXGPKV OCTG RTKPEKRCV TOPGC UWD NGIGC FG T\DQK RPNCRCEKHKECTGCEQORNGV  %QOKUCTWN EE EQNQPGNWN (TCP\ XQP &QTUPGT QTFQPC  PGXCNCDKNKVCVGC RTQENCOC/KKNQT EQPFWEGTKK TGDGNG  FGOQDKNK\CTG IGPGTCN  DCPEPQVGNG WPICTG GTCW CPWNCVG  VQCVG NGIKNG ECTG UG PVGOGKCWRGUWRTGOC/KCNKODKKOCIJKCTGGTCWFGUHKKP/CVGPFKUVTKEVGNG EW RQRWNC/KG OKZV  IWXGTPWN EE OGP/KPGC TKFKECTGC UCTEKPKNQT WTDCTKCNG  %VGXC OKK FG TGHWIKC/K FKP /WPVGPKC TGXGPKT CECU 'K CFTGUCTOWN/WOKTKCWVQTKV/KNQTOWPVGPG  1FCV EW TGKPUVCWTCTGC RWVGTKK CWUVTKGEG NC 5KDKW CXW NQE )K UEJKODCTGC TGFCE/KGK NC 5KGDGPDTIGT $QVG *GKPTKEJ 5EJOKFV RTQCURVWNTGFCEVQT)GHCNNWK$QVGUETKC  #VVCVKOREVNXQKEQPFWEGGW5KGDGPDTIGT$QVGXCNWRVC UHKGWPQTICPCNKPVGTGUGNQTPC/KQPCNGUUG)VK/CKPVKFGVQCVGFCVQTKC NWK 5KGDGPDTIGT $QVG GUVG FG C TURPFK Q TGCN EQP)VKKP/ EKXKE FG UVCV CWUVTKCEEEK#WUVTKCGUVGUKPIWTWNNQEPECTGXKC/CPC/KQPCNUUGCUE RQCVG PHNQTK P VQCV PUGOPVCVGC GK RGPVTW EKXKNK\C/KG )K URKTKVWN EQOWPKVCTNKDGT  PVTG VKOR $GO RKGTFW DVNKKNG FG NC 5KIJK)QCTC )K #NDG)VK &WRWPTCKFHWNIGTVQTRTKP6TIW/WTG))K/GFKC)JQPXG\KKEWEGTKT TGPPQKV2KC/C/CTGCIQTC5KDKWNWK  .C  CWIWUV  UG FGUH)WT C VTGKC )K WNVKOC DVNKG FG NC 5KDKW 7PKV/KNG E\EG)VK TWUG)VK K CLWPUGT FKP WTO RG OCIJKCTK K CNWPICT)KNC(WTC/CTG$GOHWCVCECVEQPEQOKVGPVFGFQWEQTRWTKFG CTOCVTWUG)VK5WHGTKQPHTPIGTG\FTQDKVQCTG)KHWIKNC6KOK)QCTC  $QVG CDKC COKPVK NWRVC )K CRT FQCT EQPEGV/GPKK UC)KK UKDKGPKPWNGFFWUGTOCIJKCTKNQTPKEKWPCLWVQT)KPWORW)ECUGTPKEK WPTWU


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

 Q5D$QVGRPTOCKR
CTVKEQNWNNWK6QVJPTOCKR



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
KPURGEVQTCVGPECTGCFOKPKUVTC/KCEKXKNTGXGPGC EQOKUCTKNQTFGEKTEWOUETKR/KG)KKPURGEVQTCV  .CPEGRWVWNNWKPQKGODTKGTW)KKRTUKT5KDKWN  $QVGRWDNKE
CDKCCEWOEQPUVKVW/KCKORGTKCNC#WUVTKGKFKP OCTVKG  2CEGC/TKKHWUGUGTGUVCDKNKV   PEWTUWNCPKNQT5KGDGPDTIGT$QVGRUVTEQPUVCPV WPCOGUVGEFGRCVTKQVKUONQECNGVPKE )KNQKCNKVCVGHC/FG%CUCKORGTKCN JCDUDWTIKE5WDQEWRC/KCWPICTC5KDKWNWK
OCTVKGKWNKG EWVQCVGRKGTFGTKNGRTQXQECVGFGCEGCUVCFGRQUGFCTGCTGHWIKC/KNQT )KC CXGTKK 7PKXGTUKV/KK PC/KQPCNG FK\QNXCTGC KPUVKVW/KKNQT )K HWPE/KKNQT VTCFK/KQPCNG UUG)VK CTGUVTKNG )K EQPFCOPTKNG NC OQCTVG  UC)KK CEEGRVCTCEGNHCKVCEEQORNKG)KPEGTECTHTGNCPFGQUGDKVFCT)KHT QOCTGTG\KUVGP/UUGCFCRVG\GNCUVCTGCFGNWETWTK  &KPRGTURGEVKXCOCPKGTGKPECTGUGUETKWLWTPCNGNGCUV\K\KCTWN UKDKCPKORTGUKQPGC\RTKPTGURKPIGTGCRCVKOKK)KCXKQNGP/GKPEWXPV)K HCRV P URKTKVWN OQFGTC/KGK )K CN ORETKK EWO PUW)K $QVG )K RTQRWUGUGEGNOCKCFGUGCK\DWVKU)K /KPRCPCPHTW#TIWOGPVCTGC UCEWTIGCHTITCDGTCPVQVFGCWPCUWHKEKGPVVKOR )KURC/KWRGPVTWC TGNWC KUVQTKC CD QTKIKPG 7PFG PW OCK HQNQUGCW CTIWOGPVGNG EPF
%)NNPGTQREKVRQ5D$QVGRPTCWIWUVR

 Q5D$QVGRPTCWIWUVR
FGURTGUQNFC/KKRGECTGVTGDWKCUKTKFKEG

UECWPWN 5KDKW PT   UGRVGODTKG  R 

CTVKEQNWN CPQPKO PT   UGRVGODTKGR
PQWCORT/KTGCFOKPKUVTCVKXPTPQKGODTKGR 
TW)KK RTUGUE 5KDKWNPT   PQKGODTKG  R 
EQPUVKVW/KC QEVTQKCV



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
FKPOCKRPP QEVQODTKG  HTPCVG P RTCIWN K\DWEPKTKK T\DQKWNWK EKXKN EGNG  ECKGVGCNGCEGUVGKHQKEQP/KPEWEGTVKVWFKPGWPGNGRKGUGCPVQNQIKEG   



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
 Q5CVGNNKVRPTKCPWCTKGRPTKCPWCTKGRPT Q$NVVGTHT)GKUV)GOVJWPF8CVGTNCPFUMWPFGRPTKCPWCTKGRPT

 %TQPKECRTGUGKDTC)QXGPG
,QJCPP)VV)KQ5KGDGPDTIGT9QEJGPDNCVVRQ5CVGNNKVR Q$NVVGTHT)GKUV)GOVJWPF8CVGTNCPFUMWPFGR)C

HGDTWCTKGR

KCPWCTKGRPTKCPWCTKGRPTKCPWCTKGR PTHGDTWCTKGRPTHGDTWCTKGR +DKFGOPTKCPWCTKGRPTOCTVKGRPTOCTVKG R 5CVGNNKVPTKCPWCTKGR +DKFGOPTHGDTWCTKGR



EQNKDGNQT FG NC /CT CEQNQ WPFG CRTQCRG PVQVFGCWPC UWPV PGUQEQVKVG FKURQ\K/KKNG )EQNCTG CNG EQPFWEGTKK  ECTG EW UKIWTCP/ PWVTG)VG Q CVKVWFKPGRTKPVGCUEHC/FGTQOPKFGXTGOGEGEPFXCNKUGTGRTQ)CUG DNLGPKNQTE
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
OCTVKG  ECTG EWRTKPFGC EGTGTGC WPKWPKK 6TCPUKNXCPKGK EW 7PICTKC 2TGUC DTC)QXGCPLWDKNNCCHNCTGCXG)VKKEP#WUVTKC/GVVGTPKEJHWUGUGUKNKVU FGOKUKQPG\G UG RTQENCOCUG NKDGTVCVGC RTGUGK )K UG EGTGC Q PQW
6TCPUUKNXCPKC5KDKWPTHGDTWCTKGPTOCTVKGRPT OCTVKGR  5D 9QEJGPDNCVV PT   OCTVKG  R  CTVKEQNWN (VKTK FGURTG TGXQNW/KC HTCPEG\ 5CVGNNKV PT   OCTVKG  R  CTVKEQNWN &GURTG K\DWEPKTGC TGXQNW/KGKHTCPEG\GPHGDTWCTKG 5D9QEJGPDNCVVPTOCTVKGR +DKFGOPTOCTVKGR +DKFGOPTHGDTWCTKGR



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
! $NVVGT P ECTG CRTGC CEGCUV EWXPVCTG RWDNKEC )K %PVGEWN XQNWPVCTKNQT2QG\KCKCRCT/KPGCNWK/CZ/QNVMG)KPEGRGCCUVHGN(TC/K
+DKFGOPTOCTVKGR5CVGNNKVPT )KOCTVKGR  $NVVGTPT)KCRTKNKGRPTCRTKNKGR PTCRTKNKGRPTOCKR 5D9QEJGPDNCVVPTOCTVKGR +DKFGOPTCRTKNKGR 5CVGNNKVPTOCTVKGR $NVVGTPTCRTKNKGR



IGTOCPK TKFKEC/KX NWC/K CTOGNG FG RG RGTGVG ' VKORWN U PG PCTOORGPVTWCTG\KUVCGTQKE  7P EQTGURQPFGPV WPKQPKUV FKP 5KDKW DCUVKQPWN CPVKWPKQPKUOWNWKUUGUEUETKC(TC/KUC)K6TKOKVEVTGXQKEJGOCTGCU HK/K RGPVTW WPKWPGC 6TCPUKNXCPKGK EW 7PICTKC PU)K TGPC)VGTGC 7PICTKGK RQRWNCTG PFGOPC NC WPKTG 2G FG Q RCTVG P EWORP CVTPCW VQCVG CXCPVCLGNG RQUKDKNG CNG NKDGTV/KK RG FG CNV RCTVG PU RTGECW/KC PFGOPC NC WTOVQCTGC LWFGECV 0W PQK PW XTGO U PG FKUVTWIGOUKPIWTKQPGWPKTGEW7PICTKCPUGOPPFCPWNCTGCUC)KNQT WP RQRQT OKE DNPF )K ORT)VKCV P VGTKVQTKW FG  QCOGPK 7PKWPGCCTHKCUKIWTCVVQVW)KKPFKXKFWCNKVCVGCPC/KQPCN0WGUVGWPXKU CEGNC E WP UVCV OWNVKNKPIXKUVKE RQCVG GZKUVC HT EC Q PC/KQPCNKVCVG UQ PIJKV RG CNVC FCE CEGGC PW OQCTG FG DVTPG/G %C GZGORNW UG QHGTGCUKVWC/KCFKP#OGTKECFG0QTF  .C OCK5KDKWNRTQENCOCUGETGFQWNPGFG\NKRKTKKFGOQPCTJKC EQPUVKVW/KQPCN $NVVGT CRTGEKC E OCPKHGUVTKNG FG NQKCNKVCVG PW TG\QNXCW RTQDNGOC WPKWPKK KCT P CEVWCNGNG ORTGLWTTK 2TQXKPEKC %KDKPGPUKU GUVG Q JKOGT #EGNC)K PWOTHEGCTGENCONCWPQRWUEWN FG RTGUETKR/KK RGPVTW GZGTEK/KKNG IT\KK PC/KQPCNG FKP $TC)QX  <KCTWN CFWEGC EVGXC %WXKPVG FG RCEG CNG NWK $GVJNGP ,PQU UGPKQT )K ,QUKMC /KMNQU KCT RQGVWN /CTNKP RWDNKEC VQV CKEK XGTUWTKNG OKNKVCPVG KPVKVWNCVG #RTVQTWN  &KP CTVKEQNGNG CRTWVG P 5CVGNNKV TGKG)GC NKORGFG ETGFKP/C E TGHQTOGNG UQEKCNG RTGCW KPGXKVCDKN NGICVG FG WPKWPG 1 FGNGIC/KG FG EGV/GPK CK QTC)WNWK VTKOKUGT Q CFTGU /CIKUVTCVWNWK FKP $TC)QX
 OCTVKGPECTGUGEQPUKFGTCWECKORGTKQUPGEGUCTGWTOVQCTGNG TGHQTOC QTICPK\TKK EQOWPKV/KNQT EWCCNGIGTGCOGODTKNQTNQTFKPVTG VQ/K )K RTKP VQ/K EGV/GPKK CWVQTK\C/K D CNGIGTGC U PW HKG RG XKC/  RWVKP/C QTKETWK EGV/GCP ECNKHKECV FG C HK CNGU FGNGICV P CFWPCTGC PC/KQPCNUCWP&KGVFGUHKKP/CTGCECPFKFCVWTKKNCCNGIGTKNGFGQTKEG HGN  FCTG FG UGCOC RWDNKE FGURTG UKVWC/KC ECUKGTKKNQT  ECTCEVGTWN RWDNKE CN PVTWPKTKNQT EQOWPKV/KNQT /CIKUVTCVWNWK )K 7PKXGTUKV/KK PC/KQPCNG  RWDNKEKVCVGC )K QTCNKVCVGC
HHGPVNKEJMGKV WPF /PFNKEJMGKVFG\DCVGTKNQTLWTKFKEGKPENWFGTGCXCNCJKNQTEWFTGRVWTK GICNG P CUQEKC/KC EGV/GPKNQT FG RG 2OPVWN 5UGUE  KPUVKVWKTGC VTKDWPCNGNQTFGLWTC/KRGPVTWCRTCTGC)KTGINGOGPVCTGCRTGUGKNKDGTG
+DKFGOPTCRTKNKGR +DKFGOPTOCKR 5CVGNNKVPTCRTKNKGR +DKFGOPTOCKRPTOCKR



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
 OCTVKG  5EJWUGNMC CRTGEKC E RQRQCTGNG VTGDWKCW U UG TKFKEG ORQVTKXC RGTKEQNWNWK TWU RGPVTW NKDGTVCVG )K QPQCTG .C 8KGPC EC )K P PVTGCIC 'WTQREWNVOCPKHGUVWN/CTWNWKUVTPKUGKPFKIPCTG5CVGNNKVNEQORNGVC RG 5EJWUGNMC 0W UG RQCVG PGIC HCRVWN E ORTCVWN 4WUKGK GUVG RTKP GZEGNGP/VKRWNVKTCPWNWK%TGFKP/ /CTRCVTKGUWPVNQ\KPEKNGUCNGHTC P/GNGIG RTKP CEGUVGC CNVEGXC FGEV RTQRTKC UC RGTUQCP EC FQOP CN DKEKWNWK  ,QJCPP )VV PUW)K UGOPC NC  OCK  CTVKEQNWN %G CTG FG HEWV P RTG\GPV PC/KWPGC UUGCUE! 'FKVQTWN CTVC E /CTC VTGDWKC CRTCV FG KPCOKEKK FKP CHCT KCT QTFKPGC )K NKPK)VGC OGP/KPWV &G CUGOGPGC PFGOPC NC WP GHQTV UWU/KPWV FG PUWHNG/KTG EQPVKPW C WPKWPKK VTCPUKNXCPG )K C FKHGTKVGNQT PC/KWPK RTGEQPK\CV RTKP WPKWPG
+DKFGOPTCRTKNKGRPTCRTKNKGR +DKFGOPTCRTKNKGR



5CVGNNKV RWDNKEC OCK OWNVG XQEK P EJGUVKWPGC WPKWPKK UCW TGRNKEK NC CFTGUCCPVKWPKQPK)VKNQT  6QEOCK 5CVGNNKV GUVG \KCTWN ECTG RWDNKE FQW OCPKHGUVG ITKVQCTG CNG UVTKK FG URKTKV C RQRQTWNWK UUGUE 7PWN FKPVTG CEGUVGC 2TQITCOWN RQNKVKE RGPVTW UC)KK CTFGNGPK FG /CTNKP GTC Q CFGTCTG PHQECV NC ECW\C WPKWPKK EGNNCNV CN NWK 6JGQFQT (CDKPK KPVKVWNCV 0W WPKWPKK
-GKPG 7PKQP TGRTG\GPVC VQEOCK CVKVWFKPGC QRWU &G)K IC\GVCOCPKHGUVCPGQEQNKVUGPVKOGPVGRTQWPKQPKUVGEQNQCPGNGUCNGGTCW FGUEJKUGVWVWTQT
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
+DKFGOPTCRTKNKGRRPTOCKR PTCRTKNKGRPTOCKR +DKFGOPTOCKRPTOCKR +DKFGOPTOCKR



ECTG TGHW\ P HGDTWCTKG PFGRNKPKTGC UCTEKPKNQT WTDCTKCNG )WDGTPKWN VTKOKUGQEQOKUKGFGCPEJGVVQVW)KHTCKCEQTFCKPUVTWE/KWPKGZCEVG FCEUVTGCEUCWPWNCQDNKICTGC /TCPKNQTFGC)KTGNWCUCTEKPKNG#RQK VTKOKUG WP RNWVQP FG ECXCNGTKG
 T\DQKPKEK 5CVWNWK &TCI ECTG PWOTC  FG /TCPK K UG CNVWTCT )K CNVG UCVG TQOPG)VK &GQCTGEG /TCPKK PW UG PURKOPVCT PE FQW RNWVQCPG HWT VTKOKUG (W TURPFKV )K EKVKV P DKUGTKEK Q RTQENCOC/KG VKRTKV P NKODC TQOP XGPKVEJKRWTKNGFKPRCTVGCORTCVWNWK/Q)KGTWNFKP&TCIUGITDKU NG RTQOKV /TCPKNQT GNKDGTCTGC FKP KQDIKG FG 5PIGQTIKW NC HKPGNG NWK CRTKNKG #T HK HEWVQ EJKCT CVWPEK
P HGDTWCTKG FCE KCT HK RGTOKUQ XGEKPKK UK OQ)KGTK .C PEGRWVWN NWK OCK FGUKIWT UKVWC/KC GTC PGUEJKODCV FQCT UVCTGC FG URKTKV C /TCPKNQT OWNV OCK PHKGTDPVCV FGXTGOG EG CWVQTWN CTVKEQNWNWK EQOGPVC 2TKP WTOCTG PW G PKEK Q OKPWPGE /TCPWNXCNCJCETWKKPVGNKIGP/UGCHNRGQVTGCRVHQCTVG LQCU UG UKO/GC P)GNCV )K PW OCK CXGC PETGFGTG +IPQTCP/C /TCPKNQT XCNCJK OGTIG CVV FG FGRCTVG PEV PW RTKEGR PEQTRQTCTGC EGNQT  EQOKVCVGVTCPUKNXCPG%TCUPC5QNPQE)K<CTCPFPECTGHTC/KKNQTFGCEQNQ CW HQUV GNKDGTC/K PEV PW)K RQV PEJKRWK FKXGTUKVCVGC NGIKNQT P /TK FKHGTKVG DC OCK OWNV P WPGNG NQEWTK RTGEWO 'TFN[K -GTGU\VWT
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
6TCPUKNXCPKC FKP 5KGDGPDWTI <KDKPUDWTI 2TQXKPEKC 5EKDKPKGPUKU+RQVG\CRTQRWUFGGNGTCETCTKKPQOC\KOCIJKCTK )KNC HGN FG TCTKK PQOC\K XCNCJK ECTG R)WPCW CKEK )K P TGIKWPKNG CRTQRKCVG HT C CXGC WP UGFKW UVCDKN FGPWOKUGT FGLC TWTKNG )K CNVG FGCNWTK )K
#EGNC)KPWOTR +DKFGOPTKWPKGR



TGIKWPK OCK OCTK )K OCK KG)KVG FKP EQOWP C)C EWO DQVG\CUGT )K %KDKPWN
<KDKP0WOGNGFG*GTOCPPUVCFV
5KDKWCTHKRTQXGPKVFGNC *GGTOCPP
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
$NVVGTPTKWPKGR



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


5D 9QEJGPDNCVV PT   OCK  R  #TVKEQNWN C HQUV RWDNKECV P &QEWOGPVG RTKXKPF TGXQNW/KC FG NC  P /TKNG TQOPG % 6TCPUKNXCPKC XQN +8  OCK'F#ECFGOKGK454$WEWTG)VKR  Q5CVGNNKVRPTKWPKGR/GOQTKWNFKPKWPKGCHQUVRWDNKECVFG (T 6GWVUEJ )GQTI &CPKGN 6GWVUEJ R  )K GUVG P EWTU FG RWDNKECTG P &QEWOGPVG RTKXKPF TGXQNW/KC FG NC  P /TKNG TQOPG % 6TCPUKNXCPKC XQN 8++  KWPKG%NWL 5D9QEJGPDNCVVPTKWNKGR +PVGTXGP/KKNGGZRWUGPCEGUVRCTCITCHCWCRTWVP$NVVGTPTKWPKG R



QEWRC/KGTWUCRTKPEKRCVGNQT%QPEGV/GPK0KEKRKEKQTFGTWUUPWCKD XQKG U R)GCUE P RTKPEKRCVGNG ECTG UWPV UVTDVWVG FG WP HNWXKW IGTOCP  6TCFK/KQPCNC PGP/GNGIGTG FKPVTG HQKNG UKDKGPG )KEGNGDTC)QXGPG )KEQPVKPWCEWTUWN,QJCPP)VVCFTGUCNCKWPKG%VGXCEWXKPVG QRQPGP/KNQT OGK CPWOKVQT FQOPK FKP 5KDKW ECTG N KPUWNVCW TGRTQ)PFWK RTKGVGPKC EW OCIJKCTKK )VV OTVWTKUGC P TGRNKE P KPVGTGUWN EQPC/KQPCNKNQT OGK P ECNKVCVG FG DTDCV IGTOCP CO TGHW\CV GPGTIKE)KEWTCLQUQHGTVCFGCFGXGPKCIGPVUGETGV
HEWVOKGNC8KGPC P CPWN  GZRWPPFWO CUVHGN EGNQT OCK OCTK RGTUGEW/KK .C CHKTOC/KKNGNWK5KGDGPDTIGT$QVGFKP5KDKWEWOE$TC)QXWNCTWTOC ECFGQDKEGKQRQNKVKERTQRTKGUGRCTCVKUV)KCPVKPC/KQPCN$NVVGTNWC CVKVWFKPGPVTGDPFWUGTGVQTKEFCEPWEWOXCUGRCTCVKUOWNDTC)QXGCP PUGOPCTG\KUVGP/CNCVGPFKP/GNGJGIGOQPKUVGRTQOQXCVGFGUKDKGPK!  )WXGTPCVQTWN 6GNGM[ CFWEGC NC EWPQ)VKP/C RWDNKEWNWK FGEK\KC &KGVGK
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
$NVVGTPTKWPKGR 5CVGNNKVPTKWPKGR 5CVGNNKVPTKWPKGR $NVVGTPTKWPKGR



P EGNG  FG RWPEVG CNG UCNG RTGEWO )K KPUVKVWKTGC PQWNWK IWXGTP 2TKPEKRCVWNOWPVGCPUGC)G\CUWDCWVQTKVCVGCPQKKEQPUVKVW/KK  5CVGNNKV HEGC CRGN NC WP EQOGT/ GNKDGTCV FG UGRCTCVKUOGNG XCOCNGEGCVKPIGCWPFGQUGDKTGNC/KKNGEQOGTEKCNGEWRTKPEKRCVGNGFGNC &WPTG XKVCNG RGPVTW PGIWUVQTKK DTC)QXGPK &G CUGOPGC EJGOC VKPGTGVWNUUGUENCQCFWPCTGNC/GFKC)P\KNGNGFG )KCWIWUV %QOKVGVWNRTGIVKVQTCPWP/CCFWPCTGC)KCFTGUCVKPGTGVWNWKWPPQWCRGN NC  CWIWUV #FWPCTGC HW FGUETKU EW OWNV GPVW\KCUO FG RGTKQFKEGNG UUG)VK 4GFCE/KC NWK 5CVGNNKV RWDNKE 5ETKUQTK FKP /GFKC) )K FGURTG /GFKC) 5G EQPUVKVWK 7PKWPGC VKPGTGVWNWK UUGUE FKP 6TCPUKNXCPKC
5KGDGPDTIKUEJFGWVUEJGT ,WIGPFXGTDCPF CXPF EC RTG)GFKPVG RG 5VGRJCP.WFYKI4QVJ)KECUGETGVCTRG6JGQFQT(CDKPK  PVTQ )GFKP/ C 2CTNCOGPVWNWK OCIJKCT DCTQPWN 9GUUGNP[ /KMNQU /KPWQEWXPVCTGFGURTGPQKNGFTGRVWTKCNGUC)KNQT )KTQOPKNQT 2TGFKECVQTWN%JTKUVQRJ$OEJGUHEGCQHKEKKNGFGKPCWIWTCTGCUVGCIWNWK VTWRGK FG XQNWPVCTK DTC)QXGPK
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
+DKFGOPTKWPKGRCTVKEQNWN6TCPUUKNXCPKGKFKP5KDKW )KEGNQTECTG IPFGUENCHGNEC )KCEGCUVCPTKWPKGRPTKWNKGR PTKWPKGRPTKWNKGRPT KWNKGRPTCWIWUVRPTCWIWUVR  $NVVGTPTCWIWUVRKDKFGORPTCWIWUV RPTCWIWUVR 5CVGNNKVPTCWIWUVR



 <KCTWN $NVVGT HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFG RWDNKECCFTGUCFGNGIC/KGKUUG)VKEVTG#FWPCTGCPC/KQPCNIGTOCPFKP (TCPMHWTV  (T EQOGPVCTKK TOPGC RWDNKECTGC 0QVGK TWUG)VK CUWRTC KPVGTXGP/KGK P RTKPEKRCVGNG FWPTGPG UGOPCV FG /CT NC  KWNKG )K CFTGUCVVTKOK)KNQTTW)KFKPUVTKPVCVG  2CTNCOGPVWN OCIJKCT P PWOT KPEQORNGV XQV NC RTQRWPGTGC NWK -QUUWVJ PQWC TGETWVCTG C  FG QCOGPK )K TKFKECTGC C  OKNKQCPG FG IWNFGPK 4GETW/KK FGRWPGCW PQWN LWTOPVFGETGFKP/RG KPFGRGPFGP/C 7PICTKGK P UGRVGODTKG P DC\C NKDGTV/KK RTGUGK 5CVGNNKV)KRGTOKVGCETKVKEKNCCFTGUCNGIKKTGETWVTKK#EGCUVCRTGXGFGC GHGEVWCTGC FG EVTG HKGECTG EGV/GCP C  CPK FG UGTXKEKW OKNKVCT )K EQPXQECTGCEWRTGEFGTGCVKPGTKNQTFGCPK
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
KWU HNCPFTGPUG EG RTGXGFGCCWVQPQOKGRTQRTKGVCVGCCUWRTCROPVWNWKNKDGTCCNGIGTGC HWPE/KQPCTKNQTFCTEQP/KPGC)KNGIGCCEQTFCVNCFG#PFTGKCN++NGC FG CUKIWTCTG C XGPKVWNWK RTGQ/KNQT RTKP FKLO +PUVKVW/KC \GEKWKGNKK TGURGEVKX QDNKIC/KC UC)KNQT FG C FC C \GEGC RCTVG FKP TQCFGNG EORWNWK
$NVVGTPTUGRVGODTKGRKDKFGOR

 7PVGTJCNVWPIGP CWU FGT )GIGPYCTV 5KDKW ECKGV   UGRVGODTKG  R  5CVGNNKVPTUGRVGODTKGR 

5KGDGPDTIGT$QVG5KDKWPTUGRVGODTKGR

5KGDGPDTIGT $QVG 5KDKW PT   UGRVGODTKG  R  PT   UGRVGODTKGR 5CVGNNKVPTUGRVGODTKGR



RGPVTW RNCVC ENGTKEKNQT K RGTOKUGUG FG RKNF QTKETWK VPT FQTPKE U FGXKP RTGQV U RQCV UVWFKC CVV NC 5KDKW EV )K NC WPKXGTUKV/K UVTKPG VKOR FG EGN RW/KP FQK CPK 5VCVWN PW UWRQTVCUG PKEKQFCV EJGNVWKGNKNG RGPVTWUVWFKWNCEGUVQTVKPGTK6Q/KNQEWKVQTKK2OPVWNWK%TKGUEKPENWUKX TQOPKKHWUGUGTQDNKIC/KURNVGCUE\GEKWKCNC#EGCUVCGTCEQPUKFGTCV RTQRTKGVCVGCRTKXCV CHKGETWKRTGQVGXCPIJGNKE.CKWPKG&KGVC FGUHKKP/CUG FKLOC NUPF CUVHGN RG RTGQ/KK UC)K )K HCOKNKKNG NQT HT OKLNQCEG FG UWD\KUVGP/ )K KPUVTWKTG &G CEGGC 5KPQFWN UG CFTGUC )WXGTPWNWKWPICT )K2CTNCOGPVWNWKEGTPFQFGURIWDKTGFKPECUCFG UVCVUWDHQTOCWPGKTGPVGCPWCNG  5CVGNNKV TGNCV FGURTG CFWPCTGC UGEWKNQT FKP 1FQTJGK
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
 UGRVGODTKG  FWR EWO )K \KCTGNG VTCPUOKVGCW VWTEKK KPVTCT P ECRKVCNC OWPVGCP  

$NVVGTPTUGRVGODTKGR $NVVGTPTUGRVGODTKGR 5CVGNNKVPTQEVQODTKGR

5CVGNNKVPTUGRVGODTKGRPTUGRVGODTKGR



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
UGEQPFCVFG'OCPWGN$NPGCPW&T /G[GT + )QNGUEW 0 )QWV\Q  )W/W + 5NVKPGCPW )K + 1DGFGCPW VTKOKVGC CWVQTKV/KNQT DTC)QXGPG  /CIKUVTCVWNWK IT\KK PC/KQPCNG )K EGV/GPKNQT  Q CFTGU FG OWN/WOKTG RGPVTW QURKVCNKVCVGC QHGTKV P VKORWN TGHWIKWNWK
 QEVQODTKG  &QOPKVQTWN CHNCV P GZKN FKP RTKEKPCKPUVKVWKTKKIWXGTPWNWKTGXQNW/KQPCTP/WPVGPKCCXGCEWPQ)VKP/ FG QEWRCTGC /TKK FG EVTG VTWRGNG TWUG)VK )K QVQOCPG 8QNMUHTGWPF CPWP/C )KGNENCQEVQODTKGFGUQNFC/KTW)KEQPFW)KFG IGPGTCNWN .FGTU ECORCUGT NC $WEWTG)VK WP CNV EQTR FG CTOCV FG 
! TW)K PFTGRVPFWUG URTG 6TIQXK)VG P ECRKVCNC OWPVGCP
+DKFGOPTQEVQODTKGR 5CVGNNKVPTQEVQODTKGR $NVVGTPTQEVQODTKGRPTQEVQODTKGR



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
5D8QNMUHTGWPF5KDKWPTQEVQODTKGR 5CVGNNKVPTQEVQODTKGR (TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPDTIGT5CEJUGPXQN+++R

5D$QVGFKP5KDKWPTPQKGODTKGR5CVGNNKVPTPQKGODTKG 5CVGNNKVPTPQKGODTKGRFGURTG%QOKVGVWNFGRCEKHKECTGPT

RCRCTGRTKOCQCTTWDTKEC0CEJTKEJVGPXQO-TKGIUUEJCWRNCV\

PQKGODTKGRCRGNWN4GIKPGK0OGVJ  5VGRJCP .WFYKI 4QVJ )GUCOOGNVG 5EJTKHVGP WPF $TKGHG  CWU FGO 0CEJNC JGTCWUIGIGDGP XQP 1VVQ (QNDGTVJ XQN  &CU 5EJKEMUCN &QMWOGPVG CWU FGP ,CJTGP  0CEJVTIG CWU FGP ,CJTGP  /PFNKEJG DGTNKGHGTWPIGP #PGMFQVGP .GIGPFG$KQITCRJKUEJG<GKVVCHGN8GTNCI9CNVGTFG)TW[VGT%Q$GTNKPR



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
5CVGNNKVPTQEVQODTKGRPTPQKGODTKGRPT 5D9QEJGPDNCVVPTFGEGODTKGRPTFGEGODTKGR $NVVGTPTPQKGODTKGRUSPTFGEGODTKGRUS

PQKGODTKGRPTFGEGODTKGR 



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
(K FW)OCPKK OGK RQV UQ EKVGCUE )K U KC UGCOC 0K)VG MQUUWVJKGPK)KPMPVGUXQNWPVCTKFKPVTQNQECNKVCVGUUGCUEFGRG1NV FKP FKUVTKEVWN $TC)QXWNWK OKCW VTCPUOKU CNCNVKGTK E )K FCE UCT HCEG RCEGEWRTKOCQEC\KGVQVOCTURP\WTCECRGEGNOCKOCTGFW)OCP)K QRQPGPV CN NQT 2G FG CNV RCTVG CHNW FKP UETKUQTK )K FKP EQOWPKETK XGTDCNG E P 5KDKW UCT HK TURPFKV XGUVGC E C) HK HQUV CTGUVCV CKEK HKKPFE UCT HK FQXGFKV P/GNGIGTGC OGC EW UGEWKK P FGVTKOGPVWN $TC)QXWNWK%WFWTGTGPGUHT)KVECTGTUEQNG)VGPVTGCICOGCHKKP/C VTGDWKV U TGCNK\G\ E RTKGVGPKK OGK UKPEGTK UG PFQKCW FG UKO/KTGC OGC IGTOCP )K UCW NUCV KPFW)K P GTQCTG ETG\PFWO ECRCDKN FG Q VTFVQCTG LQUPKEKG RG OKPG EC IGTOCP ECTG C) HCEG VQVWN EC U CFWE ROPVWN UC)KNQT FKP 6TCPUKNXCPKC P EWNOGC INQTKGK )K HGTKEKTKK 4W)KPQUWN\XQPCHQUVORT)VKCVFGRQVTKXPKEKRGECTGOKKRQVKOCIKPC RGPVTW C)K CVKPIG UEQRWTKNG QTFKPCTG )K GIQKUVG  (KG EC RG XKKVQT RTKGVGPKKOGKUPWOCKCEQTFGETGFKVWPQTCVCTK\XQPWTK)KURTKOGCUE CUKIWTCTGCOGCE PKEKPUEJKODWNEQTQCPGKORTVG)VKIGTOCPGPC)FQTK UHKWWPVTFVQTCNRQRQTWNWKOGW )KCNQTC)WNWK$TC)QX WPFGVTKGUEUQ/KC )KEGK )CUGEQRKKCKOGKRTGEWO )KOKKFGRTKGVGPKETGFKPEKQ)K)KWPFGC) FQTKUOKPEJGKEWEKPUVG\KNGNG$TC)QXNCKCPWCTKG  2TGHGEVWN TQOP &KQPKUKG 2QRQXKEK HW FGUVKVWKV FKP HWPE/KG FG EVTG %QOCPFCOGPVWN IGPGTCN CWUVTKCE FGQCTGEG EGTWUG OCIJKCTKNQT
5KGDGPDTIGT9QEJGPDNCVVPTKCPWCTKGR



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
+DKFGOPTKCPWCTKGRPTKCPWCTKGRPTKCPWCTKG )GQTIG$CTK/KW 2T/KCNGUGFKP+UVQTKC6TCPUKNXCPKGK2GFQWUWVGFGCPKPWTO XQN++

RPTKCPWCTKGR

VKRQITCHKC9-TCHHV5KDKWR



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
5D9QEJGPDNCVVPTHGDTWCTKGR



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

VTKUVGNGWTOTKCNGUGPVKOGPVWNWKPC/KQPCNTUEQNKVRTKPETW\KOKTGEKRTQEG )KRTKPFG\NP/WKTGCDTWVCNKV/KKRQRQTWNWKFGTPF  .CQURVOPFWRCTVKEQNGNGFGOCKUWUUKVWC/KCUGUEJKOD TCFKECN )KNC$TC)QX.COCTVKGQTC)WNUGRTGFFGDWPXQKGP OKPKNG NWK $GO P WNVKOWN UW PWOT PCKPVGC PEGVTKK CRCTK/KGK
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
  %G UG PVORNC EW ,QJCPP )VV P CEGUV TUVKOR! *GTOCPP 6QPVUEJ C FGUETKU CUVHGN TGRGTEWUKWPKNG RGTKQCFGK QEWRC/KGK OCIJKCTG C $TC)QXWNWK
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

+DKFGOPTOCTVKGRPTOCTVKGRRR +DKFGOPTOCTVKGR *GTOCPP6QPVUEJ&KG*QPVGTWURTGUUGKP,CJTGP(GUVUEJTKHVFGT$WEJFTWEGTGK,QJCPP

)VVU5QJP$TC)QXR



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
RPNC HKPGNGNWKKWPKGGTCPKPVGTKQTWNFKUVTKEVWNWKFGHNQTKPETK/CTKOE)K PCHCTFGHNETOE%WXPVWNKPVTQFWEVKXGTCUGOPCVP$TC)QX NCFCVCFGOCTVKGFG,QJCPP)VVVKRQITCH)KGFKVQT  %WO U P/GNGIGO UEJKODCTGC FG CVKVWFKPG C GFKVQTWNWK COKPVKPFWPGEPWOCKEWEVGXC\KNGPCKPVGFGQEWRCTGCOCIJKCTC $TC)QXWNWKHQCKCUCFGENCOCUGFGRGRQ\K/KKEQORNGVQRWUG)VVPUW)K CRTPFWUG FG PXKPWKTKNG EG K UG CFWEGCW FG C HK HKNQOCIJKCT! 4GOGOQTPF FG CUGOGPGC E NC 5KDKW 6TCPUUKNXCPKC )K PEGVCUG
-TQPUVFVGT<GKVWPIPTOCTVKGR



CRCTK/KC RG EPF 5KGDGPDTIGT $QVG ODT/K)CUG PQWC TGCNKVCVG PEGTEPF VQVW)K U UG RUVTG\G P NKOKVGNG WPGK RQUKDKNG QDKGEVKXKV/K K CO RWVGC CVTKDWK NWK )VV PUW)K Q OCTL FG QRQTVWPKUO 1TKECTG CT HK GZRNKEC/KC CVKVWFKPKK UCNG GUVG FG QDUGTXCV RTGIPCPVC UC CTIWOGPVCTG VGQTGVKE  KNWUVTCV )K P PWOGTGNG WNVGTKQCTG CNG NWK -TQPUVFVGT <GKVWPI  <KCTWN FGUETKC CVOQUHGTC FKP QTC) P FKOKPGC/C \KNGK FG  OCTVKGCXWNQEUGTDCTGCPN/TKKVTKEQNQTWNWKFGFKECVEGNWKFGCNFQKNGC DCVCNKQPCNTGIKOGPVWNWKUGEWKGUEPT/COCEQOCPFCPVWNWKIGPGTCNCN 6TCPUKNXCPKGKPWOKVFGTGXQNW/KQPCTKXQP%\GE\CUKUVNCKPCWIWTCTGP ECNKVCVG FG OCOC UVGCIWNWK
(CJPGPOWVVGT P CEGGC)K \K $GO TURPFK Q EJGOCTG CFTGUCV VWVWTQT EGV/GPKNQT EW FTGRV FG XQV FKP $TC)QX FG C UG CFWPC NC RTKOTKG RGPVTW CNGIGTGC PQKNQT HWPE/KQPCTK %VGXCQTGOCKVT\KWEQOWPKVCVGCUGPVNPKNCRTKOTKG)KXQVGZENWUKX FKP TPFWTKNG UCNG P RQHKFC CDUGP/GK C  FKP EGK  FG OGODTK CK EQOWPKV/KK )K P RQHKFC WPQT RTQVGUVG ECTG EGTGCW GZVKPFGTGC GNKIKDKNV/KKHWPE/KQPCTKNQT)KCUWRTCRGTUQCPGNQTECTGPWHEGCWRCTVGFKP EQOWPKVCVGC QT)GPGCUE 5QT/KK CNGIGTKK E\WT CUWRTC C  UGPCVQTK
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
 OCK WP TCRQTV CN EQPUKNKWNWK OKPKUVGTKCN EVTG IWXGTPCVQTWN KORGTKCN -QUUWVJ $CTVQNQOGW 5\GOGTG OKPKUVTWN FG KPVGTPG CPWP/C RGTKEQNWN WPGK PQK KPXC\KK TWUG)VK
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
+DKFGOPTOCTVKGR

+DKFGOPTOCTVKGRPTOCTVKGRPTOCTVKGR (T6GWVUEJ)GUEJKEJVGFGT5KGDGPDTIGT5CEJUGPXQN+++R

PTCRTKNKGRPTOCKRPTKWPKGR

-TQPUVFVGT<GKVWPIPTOCKRPTOCKR



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

+DKFGOPTKWPKGRPTKWPKGR

)$CTK/KW QREKV R(T6GWVUEJ )GUEJKEJVGFGT5KGDGPDTIGT5CEJUGP XQN+++ -TQPUVFVGT<GKVWPIPTKWPKGR -TQPUVFVGT<GKVWPIPTKWNKGR

R

5D$QVGPTKWNKGRPTKWNKGR



VQCVRTQVGE/KCUCPUEJKODKPVTKICP/KK)KFKUVTWIVQTKKNKPK)VKKCXGCWCUG VGOGFGVTKDWPCNGPCEGGC)K\KTW)KKQEWRCW4WRGC  .CKWNKG$GONCVCERGPGC)VGRVCVGRG.FGTUNC5KIJK)QCTC .WRVCUGFGUH)WTPVTG5KIJK)QCTC)K#NDG)VK$GOHWPHTPV  .C PEGRWVWN NWK PQKGODTKG VTWRGNG /CTKUVG RTUGCW 6TCPUKNXCPKC 1 )VKTG FKP  PQKGODTKG CTVCE OCLQTKVCVGC IGPGTCNKNQT TW)K ECTG RCTVKEKRCUGT NC ECORCPKC FKP 7PICTKC UG PFTGRVCW URTG 8CT)QXKCRGPVTWCUGPH/K)CRTKPEKRGNWKTGIGPV   PVTQ TGXKUV C RTGUGK
,QWTPCNTGXWG IC\GVC UKDKCP C NWK 4 -TCDU7PVGTJCNVWPIGPCWUFGT)GIGPYCTVHEGCNCHKPGNGNWKOCK WTOVQCTGNGCRTGEKGTK,WTPCNGNGRQVHKORT/KVGPCEGNGCECTGUWPVFGQ CPWOKV EWNQCTG )K PW RTGKCW PKOKE FKP EGGC EG PW UG RQVTKXG)VG EW CEGCUVC )K LWTPCNG ECTG UG RTQENCO RG UKPG EC HQTWO
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
Q5D$QVGRPTKWNKGR Q-T<GKVWPIRPTPQKGODTKGR

7PVGTJCNVWPIGPCWUFGT)GIGPYCTV5KDKWECKGVOCKR



FGXKPURKQPKCTGNTGHW\CUG
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
 )KRTGNWCVFGHKWN )KPGRQVWN UW)KEQPVKPWCRCTK/KCVKORFGWPUGEQN
RPP  P LWFGECTGC RTGUGK UUG)VK FKP $TC)QX NC  RGPVTW C P/GNGIGHNWEVWC/KKNGKFGQNQIKEGCNGCEGUVGKCRTQHKNWNGFKVQTWNWKGKVTGEGP RTKO RNCP &CT )K EQNCDQTCVQTKK )K TGFCEVQTKK NWK )VV CW HQUV P GRQE RGTUQPCLG FG RTKO OP CNG EWNVWTKK UUG)VK 2TGUC DTC)QXGCP C DGPGHKEKCV FG VCNGPVWN WPQT PWOG TUWPVQCTG P NKVGTCVWTC )K KUVQTKC UC)KNQT
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

 9 &CWIUEJ &KG 0CVKQPCNKVVGP 5KGDGPDTIGPU KO 5RKGIGN FGWVUEJURTCEJKIGT 5KGDGPDTIGT <GKVWPIGP WPF <GKVUEJTKHVGP FGU 8QTOT\ P XQN <GKVUEJTKHVGP WPF <GKVWPIGPFGUWPF,CJTJWPFGTVUKP/KVVGNWPF1UVGWTQRC$GTNKPR



024'5#55'#5%

+++21.+6+% (++&'1.1)+'

       





    

2GPVTWWPKWPGUCWORQVTKXCWPKWPKK!

 2GPVTWPC/KQPCNKV/KNGVTCPUKNXCPGRKCVTCWPIJKWNCTCTGXQNW/KGK FGNCCHQUVRTQDNGOCWPKWPKK6TCPUKNXCPKGKEW7PICTKC/CKOWNV FGEV QQ EJGUVKWPG FG ETGFKP/R

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  &WREGTGIGNG (VGHCPEGN5HPVNCPHTPVRG)[WNCXQKGXQFWN EGFQOPGCPRT/KCNG6TCPUKNXCPKGKCEGCUV/CTCHQUVUWRWUEQTQCPGK WPICTG )KCTOCUUWDUWRWPGTGCTGIKNQT7PICTKGKRPNCPHTPIGTGC FGNC/QJEU
PFGEWTUWNEGNQTEKPEKUGEQNG6TCPUKNXCPKCCUWHGTKV OCK FGITCD Q WPKWPG EW 7PICTKC FGEV Q PEQTRQTCTG P TGICVWN CEGUVGKCCEQTFPFWKUGNKDGTV/KURGEKCNG)KRTKXKNGIKKCRCTVG  &WR ORT/KTGC 7PICTKGK
 VKOR FG PE WP UGEQN )K LWOVCVG 6TCPUKNXCPKC C UVCV UWD UEGRVTWN WPQT RTKPEKRK RTQXGPK/K FKP TPFWN CTKUVQETC/KGK OCIJKCTG EQORNGV KPFGRGPFGP/K HC/ FG TGIKK 7PICTKGK .C HKPGNG UGEQNWNWK CN NGC P WTOC WPQT PGIQEKGTK FGUH)WTCVGRGRCTEWTUWNCEKPEKCPKEW%CUCFQOPKVQCTGCWUVTKCEUC CLWPU NC UWRWPGTGC DGPGXQN EQPVTCEVWCN C /TKK HC/ FG RWVGTGC KORGTKCN&KRNQOCNWK.GQRQNF+FKPFGEGODTKGEQPUHKP/GCPQWN UVCVWVCNRTKPEKRCVWNWKCWVQPQO6TCPUKNXCPKC 

 PE FKP  %CUC FQOPKVQCTG JCDUDWTIKE FG/KPGC )K TCPIWN GTGFKVCTFGTGIGCN7PICTKGK0KEKCEGCUVORTGLWTCTGPWCCVTCUFWR UKPGQPEQTRQTCTGC6TCPUKNXCPKGKNCTGICVWN7PICTKGKPKEKQCDFKECTGNC CWVQPQOKCUVCVCNCRTKPEKRCVWNWK  2TCIOCVKEC5CPE/KWPG
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
   RG NGIGC VTCPUKNXCP FKP  RG CEQTFWN EW IGPGTCNWN %CTCHHC
 )K RG 2TCIOCVKEC 5CPE/KWPG
 CTVPFWUG E QUKPIWTC WPKWPG RQUKDKN FKPVTG RTKPEKRCVWN 6TCPUKNXCPKGK )K TGICVWN 7PICTKGK UVCDKNKV P EQPFK/KKNG OGP/KPGTKK NGIKNQT OWPKEKRCNG C FTGRVWTKNQT )KRTKXKNGIKKNQTVTCPUKNXCPGCHQUVFGLCFGOWNVPHRVWKVFG CEGGC5VTKNGPWPWVTGUEPKEKEGCOCKOKEFQTKP/FGCCEEGRVCQPQW WPKWPG ECTG PW CT PUGOPC CNVEGXC FGEV Q TGPEQTRQTCTG ECTG CT RGTKENKVC NGIKNG FTGRVWTKNG )K RTKXKNGIKKNG 5VTKNQTR 5G URGEKHKEC NKORGFG RWPEVWNFGXGFGTGCNGZKUVGP/GKKPFGRGPFGPVGCEGNQTFQWTGICVG
FWQ 4GIPC  P CPKK  UC OCPKHGUVCV RTKOC QCT Q HTCE/KWPG C PQDKNKOKK OCIJKCTG NKDGTCNG ECTG C TOCU OKPQTKVCT P &KGV EG UWU/KPGC KFGGC WPKWPKK 6TCPUKNXCPKGK EW 7PICTKC 6QVW)K KFGGC CXGC CEEGPVG OCK RW/KP TCFKECNG FGEV P 7PICTKC FGQCTGEG EQPHTWPVC/K EW UWRGTKQTKVCVGC PWOGTKE C TQOPKNQT NKDGTCNKK OCIJKCTK CTFGNGPK GTCW PENKPC/KURTGWPEQORTQOKUECTGUCUKIWTGRTKXKNGIKKNGECUVGKPQDKNKCTG
 'WIGP XQP (TKGFGPHGNU ,QUGRJ $GFGWU XQP 5EJCTDGTI $GKVTIG \WT <GKVIGUEJKEJVG 5KGDGPDTIGPUKO,CJTJWPFGTV2CTVGCCFQWC
XQN++8KGPCR +DKFGOR



 P &KGVC FKP  UCW RWU RG VCRGV FKP PQW VGPFKP/GNG OCIJKCTG4GCE/KC5VTKNQTVTCPUKNXCPGCHQUVTGRTG\GPVCP/CFKPOCTVKG  EG UWU/KPGC RG CEGGC)K DC\ KFGGC 6TCPUKNXCPKGK EC RTKPEKRCV KPFGRGPFGPV HC/ FG 7PICTKC EGNG FQW TGEWPQUEPF CEGNC)K RTKPEKRG FQOPKVQTFCTCXPFNGIKRTQRTKK  1 WNVKO TGRTG\GPVCP/ GOKU FG 5VTKNG /TKK
 PQKGODTKG  NC UEWTV VKOR PCKPVG FG PEJGKGTGC NWETTKNQT WNVKOGK &KGVG FGUH)WTCVGPEQPFK/KKRC)PKEGCRTCQRQ\K/KGKFGPVKE  %CNGC VTCFK/KQPCN C HQUV DTWUE CDCPFQPCV FGR)KV FG XNVQCTGCGXGPKOGPVGNQTTGXQNW/KQPCTG 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
FGRWVC/KKUC)K CXPFRTQRTKKNGNQTCFWPTKPC/KQPCNG )KPRNGP
EWRCTVKEKRCTGCEGNQT VTGK5VTK  #EGUVG W\CP/G HWUGUGT RP CEWO PGEGUCTG )K UWHKEKGPVG RGPVTW CUKIWTCTGC RG ECNG NGICN C RTKXKNGIKKNQT UUG)VK P OCTVKG  

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
OCTVKGEPFCVV RCTVKFC EQPUGTXCVQCTG OCIJKCT EV )K QRQ\K/KC NKDGTCN )K GZRTKOCT KPVGP/KCFGCOKNKVCORTGWPRGPVTWRTQOQXCTGCWPKWPKK6TCPUKNXCPKGK EW7PICTKC'UVGEWPQUEWVTGCE/KCUKDKGPKNQTFGGZRTKOCTGCNQKCNKV/KK HC/ FG ECUC KORGTKCN .C  OCTVKG HW POPCV Q RGVK/KG EQOKVGNWK PC/KWPKK KCT 7PKXGTUKVCVGC PC/KQPCN UUGCUE CNG ETGK NWETTK GTCW P EWTU FG FGUH)WTCTG HW PUTEKPCV EW GZRGFKGTGC WPGK FGENCTC/KK FG ETGFKP/EVTGORTCV  7PKXGTUKVCVGC PC/KQPCN UUGCUE CFQRV KOGFKCV Q RQ\K/KG HGTO P CFTGUC UC EVTG ORTCV
 OCTVKG  7PKXGTUKVCVGC )K GZRTKOCFQTKP/CRUVTTKKWPKV/KKUVCVWNWKKORGTKCNCN#WUVTKGK/CTKEW OGP/KPGTGC NGIKNQT VTCPUKNXCPG FG DC\ CNG 2TCIOCVKEGK 5CPE/KWPK ECTG UVCVWCWCWVQPQOKCUUGCUE  5VTKIVWN 7PKWPG UCW OQCTVG )K IUK GEQWN P 'TFN[K *KTCF
PT  FKP  OCTVKG  #EGNC)K \KCT FKP %NWL RWDNKE OCPKHGUVGXKQNGPVGRTGEWOGTCEGNECTGPHKGTCPITQ\KVQCTGCEQPLWTC/KG C7PKXGTUKV/KKPC/KQPCNG  P \QTKK \KNGK FG  OCK  IWXGTPCVQTWN 6TCPUKNXCPKGK XK\KV 5KDKWN RG ECTG N )K RTUK FGLC NC QTGNG  CNG FKOKPG/KK 5G RCTG E P EWTUWNCEGUVGKXK\KVGGNCTHKTQUVKVEWXKPVGNGOQPCTJKGWPICT#EGUVG FQW EWXKPVG FGEKUGT  EGGC EG CXGCW FG HEWV UC)KK ETGFKPEKQ)K RTKP/WNWK NQT TGNCV 5KGDGPDTIGT 8QNMUHTGWPF 1TC)WN UG ORQFQDK EW RCPINKEK PGITWICNDGPG 5GCTC NWOGC UG CFWP NC VGCVTW #KEK UG

5D$QVGPTOCTVKGR 

+DKFGO PT   OCTVKG  R  &GURTG %NWL NC  OCTVKG )K P 5D 9QEJGPDNCVVPTOCTVKGR



TKFKEUVGCIWNCWUVTKCEUGEPVKOPWNEWOCTGGPVW\KCUOKCTEGV/GCPWN 4CPPKEJGT
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
  5D 8QNMUHTGWPF CTVKEQNWN 5EJYCT\ WPF )GND
0GITW )K ICNDGP PT   OCK

R



NKDGTCNKK UWPV PDW)K/K P UPIG EGK FKP 0QXKUCF XQT U UG WPGCUE EW 5KTOKC NC 6KOK)QCTC UTDKK UVTKI <UKXKQ P %CTC) XCNCJKK TKFKE VTKDWPCNGTGXQNW/KQPCTGP5VOCT )K$MGUOKECPQDKNKOG )K /TCPKKHCE TGXQNW/KGORKP)KFGKFGKEQOWPKUVGHKKPFEPWXQTUOCKTGURGEVGPKEK Q RTQRTKGVCVG .C $WFCRGUVC UG HQTOGC\ ENWDWTK UGETGVG UCW H/K)G FG VQCVGUQKWTKNG   (KPCEGUVJCQUPCEGUVEWRVQTFGVQRKVFKPECTG RQCVGEPFXC RGUVGCPKXCKG)KOGVCNPQDKNPQKUPGCTWPEOEWECRWNPCKPVG!%KPG )KKOCIKPGC\CEGCUVCFGURTGPQKGUVGWPPVTWFCTCTVTGDWKUHKO EGTVC/KPGDWPG)VGFCECOWTOCCEGCUVEQPFWKV  &CE7PICTKCXCFGXGPKPVTCFGXTRCTCFKUWNXKUCVFGRTKGVGPKK WPKWPKKGKDKPGGCPWUGXCOWVCFKPNQE )KPGXCFGUEJKFGRQT/KNGUCNG )K OCK PEQNQ &GQECOFCV PU RTGHGTO U TOPGO P CHCTC RCTCFKUWNWK )K U PG NKRKO UVTPU FG #WUVTKC NKDGT C ETGK HQT/ PG CUKIWTFKPWKTGC8+2TKPWTOCTGUC)KKPWCXGCWCUGVGOGFGCPWHK UVTKXK/K(KKPFEWPIWTKKVTGDWKGU)KRQCTVGFGITKLUPWHKGGKP)K)K PGEC/KFGHWTVWPCPC/KWPKNQTRGECTGCWFGENCP)CVQ  &KP NWPC OCK )K \KCTGNG UKDKGPG Q6TCPUUKNXCPKCR )K Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTVR UG TCNKCT CPVKWPKQPKUOWNWK OKNKVPFRGPVTWQ6TCPUKNXCPKGKPFGRGPFGPV)KQ#WUVTKGKPFKXK\KDKN  7PKQPK)VKKPUEJKODURGTCWQD/KPGTGCWPQTNKDGTV/KOCKOCTK FKP RCTVGC IWXGTPTKK NKDGTCNG OCIJKCTG FGEV FKP RCTVGC #WUVTKGK P $TC)QX/CIKUVTCVWN)KEQOWPKVCVGCODT/K)CTKFGGCWPKWPKK,WTPCNK)VKK NKDGTCNK DTC)QXGPK GTCW EQPXKP)K E TGHQTOGNG UQEKCNG GTCW KPFWDKVCDKN NGICVG FG WPKWPG (K P 1T)VKG CVOQUHGTC GTC RTQWPKQPKUV .C 5KIJK)QCTCRTKOCTWN5VGTPJGKO )KHTCE/KWPGCEQPFWUFGGNUGVGOGCFG WPHKPKU#WUVTKCGPXTGOGEGVPTCIGPGTC/KGEQPFWUFG%CTN)QQ )K)&6GWVUEJGTCQGPVW\KCUVRCTVK\CPCWPKWPKK6GWVUEJRWDNKEP $NVVGT HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFG WP CTVKEQN RTQITCOCVKEFGURTG%GGCEGCTGFGHEWV6TCPUKNXCPKCPRTG\GPV!P ECTG KPUKUVC CUWRTC PGEGUKV/KK PCTOTKK RQRWNCTG )K C TGHQTOTKK FKP VGOGNKK C XKG/KK LWTKFKEG UQEKCNG )K EWNVWTCNGCTFGNGPG2TKPQTICPK\CTGC IT\KKPC/KQPCNG6GWVUEJFGXGPKERKVCPCNCEGUVGKC.C5KDKWUGINWOGC RG UGCOC EQPEGR/KKNQT NWK TCFKECNG URWPPFWUG E NCT HK FGVTQPCV RG
5D8QNMUHTGWPFCTVKEQNWN0WWPKWPKKEW7PICTKCPTOCKR 

PTOCKR &KG 5KGDGPDTIGT 5CEJUGP KP FGP ,CJTGP  UWD TGFCE/KC NWK %CTN )NNPGT $JNCW8GTNCI-NP9KGPR $NVVGTHT)GKUV)GOVJWPF8CVGTNCPFUMWPFG$TC)QXPTCRTKNKGR #TVKEQNWNGTCUGOPCVEWKPK/KCNGNGQ6)R



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
)GQTI 6GWVUEJ 7PKWPGC QHGTGC FGEK RTG\WOVKXECFTWNNGICNFGCRNKECTGCEGNQTOCKXCTKKTGHQTOGQD)VG)VK  %WO P/GNGIGCW PU EQPETGV UC)KK CEGC WPKWPG! 0C/KWPGC UUGCUE VTGDWKC U KC RQ\K/KG HGTO U CEEGRVG WPKWPGC PWOCK FCE #PFTGCPWO )K RUVTC XCNCDKNKVCVGC 0GOQ GQU LWFKEGV PKUK 0QU GV %QOGU %KDKPGPUKU
0KOGPK U PWK LWFGEG RG UC)K P CHCT FG 0QK TGIG)KFG%QOGUWNFKP5KDKW&GEKWPKTGCUCKDNQERTKPPGENKPVKTGC
(TKGFTKEJ6GWVUEJ )GQTI&CPKGN6GWVUEJ)GUEJKEJVGUGKPGU.GDGPU&TWEMWPF8GTNCI 5CVGNNKVPTOCTVKGR +DKFGOPTOCKR

XQP9-TCHHV5KDKWR

5D9QEJGPDNCVVPTCRTKNKGR $NVVGTHT)GKUV)GOVJWPF8CVGTNCPFUMWPFGPTCRTKNKGR 5D9QEJGPDNCVVPTOCKR $NVVGTPTCRTKNKGR



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
+DKFGOPTCRTKNKGR +DKFGOPTCRTKNKGR +DKFGOPTOCKR



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

 6PTWN/CTNKPUETKCCEGUVRTQITCOP2GUVC4GFCE/KCEGXCOCK VGORGTCVRWDNKECPEJKRFGTGRNKE7PTURWPUNCRTQITCOWNRQNKVKE EVTG UC)KK CTFGNGPK UGOPCV NC 5GDG) FG /CTNKP
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
#PGZGFQEPT  %GNFGCNFQKNGCCTVKEQNGUVGECRWNFGUGTKGCNCPVKWPKQPKUOWNWK 6JGQFQT(CDKPKUETKC(VK/KEGPUGCOPCEGUVGNKVGTG7PKQP
WPKWPG! PUGCOPPKEKOCKOWNVPKEKOCKRW/KPEDC\PFWXRGGNGRQRQTWN UUGUE UG NCU P XQKC OKNGK UCW C PGPFWTTKK WPIWTKNQT
FCU 5CEJUGPXQNMGTIKDVUKEJXGTOIGFGTUGNDGPCWH)PCFGWPF7PIPCFGCP FKG7PICTP )KCPWOGHTQUKPIWTNQXKVWTFGUCDKGEC)VGCRVEC OTKPKOKCWPIWTGCUEUKFGCVQVEGCFG/KPWVFGCNWPIWNUGEQNGNQTVQV EGGC EG FG/KPG C\K FG HCRV )K FG FTGRV VQV EGGC EG XC FG/KPG RG DWP FTGRVCVG RG XGEKG EG PWK RQCVG NWC EW HQT/C PKEK WP WPIWT )K PKEK WP XCNCJFCEPQKP)KPGPWTKFKEOOPCRGPVTWCPGUKPWEKFG%KPGC WTOTKVEWTUWNGXGPKOGPVGNQTFKP7PICTKCCIJKEKVPEQVTQUGPFTGCRV UVTFCPKKNG )KEWEGTKTKNGHWTVWPQ)KNQTIWXGTPRTQRTKWFQTKP/CFGQUGDKV FG C CXGC WP OKPKUVGT RTQRTKW FG HKPCP/G )K FG T\DQK GNKOKPCTGC OKNKVCTKNQTPGOCIJKCTK)COF6JGQFQT(CDKPKUCKORNKECVWNVGTKQTP QTICPK\CTGC DCVCNKQPWNWK FG VKPGTK UC)K NWRVVQTK ORQVTKXC CTOCVGK OCIJKCTG)KCOWTKVPCVCEWNFGNC1T)VKGNCHGDTWCTKG
#PGZG FQEPT  2TGEWO UG )VKG &CPKGN 4QVJ HEGC WPGNG RTGXK\KWPK CUWRTC XKKVQTWNWKCRTQRKCVPDTQ)WTCUC&GURTGWPKWPG )KCNVWTCVWPEWXPV FGURTG Q RQUKDKN OQPCTJKG FCEQTQOCPKE UWD EQTQCPC #WUVTKGK %QODVPF KFGKNG NWK &CPKGN 4QVJ $NVVGT HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFG RTG\GPVCW EKVKVQTKNQT FQW CFTGUG FKP )GTOCPKC 2TKOCUGPFTGRVCEVTGOCIJKCTKPFGOPPFWKUKVTCVG\GECHTC/KRG
/CTNKP2QNKVKUEJGU2TQITCOOCPFKGUKGDGPDTIGT5CEJUGPP5CVGNNKVPTCRTKNKG R 6JGQFQT(CDKPK-GKPG7PKQPP5CVGNNKVPTOCKR  (TKGFTKEJ 6GWVUEJ &KG 5CEJUGP KO ,CJTG   P Q*WPFGTV ,CJTG UEJUKUEJGT -ORHGR5KDKWR



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
5KDKWN 0QETKEJ )K TGEJGOCT FGRWVC/KK  EW VQCVG E CEG)VKC EQPUGOPCUGT QRKPKC NQT UGRCTCV P RTQVQEQNWNCFWPTKKPC/KQPCNGFKP OCK)KNGTGVTCUGTOCPFCVGNGVTIPFWKNCTURWPFGTG  $NVVGT HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFG RTG\GPVC EKVKVQTKNQT FQW CEVG 7PWN RTQXGPGC FG NC CFWPCTGC EGV/GPGCUE FKP
Q$NVVGTRPTOCKR



5KDKW
 KWPKG  5G CTVC CKEK E CFWPCTGC EGV/GPGCUE UKDKCP CE/KQPPFPEQPUGPUEWHTC/KKUKIJK)QTGPKKKORNQTCRGDTC)QXGPKUNK UG CNVWTG NC UGOPCTGC WPGK RGVK/KK CFTGUCVG 7PKXGTUKV/KK PC/KQPCNG #N FQKNGC CEV TGFC EQP/KPWVWN CEGUVGK RGVK/KK RTKP ECTG 7PKXGTUKVCVGC GTC TWICV U FGVGTOKPG VQCVG EGTEWTKNG UUG)VK U EQPFCOPG EQORQTVCOGPVWNFGRWVC/KNQTRGPVTWCQD/KPGKCT)KWPKVCVGCFGCE/KWPG PUPWNRQRQTWNWKUUGUE2GVK/KCGTCUWU/KPWVFGUGOPVWTK'WIGP XQP(TKGFGPHGNUUWU/KPGECFWPCTGCEGV/GPKNQTFKP5KDKW)KORTGLWTKOK FGEKUGUG C UG CFTGUC ORTCVWNWK FG C PW EQPHKTOC NGIGC WPKWPKK GPWP/CV P &KGV P WTOC XQVWTKNQT UOWNUG FGRWVC/KNQT UC)K #EGNC)K CWVQTCHKTOEFQCTPEVGXC\KNGEEKRTQDNGOCGTCRTGUCPVHWUGUGT UVTPUG CRTQCRG  FG UGOPVWTK
 QUGOPVWTK CFGXTCVG PW UGOPG FG ETWEG UKOWNCVG UCW KPUGTCVGR KCT FQEWOGPVWN HW VTKOKU NC +PPUDTWEMFGNGIC/KGKPC/KQPCNGUUG)VKURTGCHKPOPCVOQPCTJWNWK  %W VQCVG E &KGVC VTCPUKNXCP GPWP/CUG HQTOCN WPKWPGC 5KGDGPDTIGT $QVG )K EQPVKPW CVKVWFKPGC CPVKWPKQPKUV NC HGN 6TCPUUKNXCPKC 8QNMUHTGWPF <KCTGNG )K GZRTKOCT RTQHWPFC PGOWN/WOKTGRTQXQECVFGEQORQTVCOGPVWNFGRWVC/KNQTUC)KRWDNKEPF )KTCRQCTVGNGCEGUVQTCCUWRTCFGUH)WTTKKTGURGEVKXGK)GFKP/GFKGVCNG  PVTGVKORORTCVWNUCPE/KQPCUGWPKWPGC
KWPKGCVV FGNGIC/KC UUGCUE EV )K EGC TQOP HWT ORKGFKECVG FG C KPVTC P CWFKGP/ NC ORTCV RP FWR OQOGPVWN UCPE/KQPTKK #TVKEQNWN FG NGIG TGXGPK P 6TCPUKNXCPKC HW CFWU NC EWPQ)VKP/C 5VTKNQT P C C )GFKP/FKGVCNFKPFCVCFGKWPKGRTQVQPQVCTKKHKKPFPUTEKPC/K EWFKURQ\K/KKNGPGEGUCTGRGPVTWRWPGTGCGKHQTOCNPCRNKECTG  5G CFWEGC NC EWPQ)VKP/C RWDNKEWNWK EQP/KPWVWN OGOQTKWNWK CFTGUCVFGEVTGFGRWVC/KKUC)K&KGVGKVTCPUKNXCPG
KWPKGPECTG UG FGENCTC E PE PW GTC RTGC VT\KW RGPVTW GZRTKOCTGC EQPFK/KKNQT WPKWPKK0C/KWPGCUUGCUEUGEQPUKFGTCQDNKICVRTKPVTWPCPICLCOGPV HC/FGWPKTGCEW7PICTKCPWOCKFWRCEEGRVCTGCEQPFK/KKNQTUCNG.C OGOQTKWN UUGUE RTGEWO )K NC RGVK/KC PC/KWPKK TQOPG ORTCVWN TURWPUGRTKPVTQQTFQPCP/

Q$NVVGTRPTKWPKGR'WIGPXQP(TKGFGPHGNUQREKVXQN++R 6TCPUUKNXCPKCPTKWPKGRPTKWPKGRPT



KWPKGR$NVVGTPTKWPKGR 5CVGNNKVPTKWPKGR 5D$QVGPTKWNKGR



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
7PKXGTUKVCVGCPC/KQPCNECKPUVCP/FGCRGNDCFOKPKUVTC/KGK CXGTKKPC/KQPCNGECFQRVTKKFGUVCVWVGICTCPVCTGCWPGKCFOKPKUVTTK EQOWPCNG NKDGTG  NKODC IGTOCP EC NKOD FG CHCEGTK
)GUEJHVUURTCEJG  NKDGTVCVGC )K KPFGRGPFGP/C DKUGTKEKNQT )K C )EQNKNQTRUVTCTGCCWVQPQOKGK )KCNGIKNQTOWPKEKRCNGUUG)VK
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h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
+DKFGOPTKWNKGR 

 7PVGTJCNVWPIGP ECKGV   KWNKG  R  5PFGP FGU WPICTKUEJGP /KPKUVGTKWOUECKGVKWNKGR*GTOCPPUVCFVCNU<KGNUEJGKDG 5CVGNNKVPTKWNKGR



9KNJGNO .QGY )[GTI[CK (GTGPE DCTQPWN 9GUUGNP[K /KMNQU 5\U\ -TQN[EQPVGNG6GNGMK.CLQU&GOGVGT,Q\UGH&CPKGN*CPM#NGZCPFTW $QJ/GNEQPUKNKGTWNVG\CWTCTKCN&GDTGE\GPK/TVKP )KGRKUEQRWNQTVQFQZ #PFTGK(CIWPC  2TKP WTOCTG EGTEWTKNG UUG)VK )K VTKOKUGT FGRWVC/KK NC 2GUVC 2CTNCOGPVWN FG NC 2GUVC GTC NC OQOGPVWN CEGNC UKPIWTC EQPUGEKP/ C RTQENCOCVGKWPKWPKC6TCPUKNXCPKGKEW7PICTKC%EKP#TFGCNUKVWC/KCC TOCU PGUEJKODCV
)WDGTPKWN OWPKEKRKKNG )C EW GZEGR/KC UWURGPFTKK&KGVGK )KC%CPEGNCTKGKCWNKEG Q0WGUVGPKEKQPFQKCNENC XTGOGC CEGGC PW C CXWV NQE PKEK Q RWPGTG P CRNKECTG RTQRTKW\KU HCRVKECWPKWPKKR
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
'WIGPXQP(TKGFGPHGNUQREKVR



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
+DKFGOR

5D$QVGPTUGRVGODTKGRPTUGRVGODTKGR 7PVGTJCNVWPIGP ECKGV   QEVQODTKG  R  6TCPUUKNXCPKC PT   QEVQODTKGR 5CVGNNKVPTUGRVGODTKGR



EWXPVWNWK Q EQPVQRKTG C VWVWTQT RQRQCTGNQT FKP /CTR 8 FGQCTGEG PWOCK WPIWTKK UGEWKK )K UC)KK CXGCW WP VGTKVQTKW FGNKOKVCV U NK UG CFLWFGEG )K TQOPKNQT WP VGTKVQTKW RQNKVKE CRCTVG 8+ CEGCUV ORT/KTG VGTKVQTKCNUUGFGEKFNWPFPEQPUKFGTCTGUKVWC/KCIGQITCHKEEQPHQTO RTKPEKRKKNQT LWTKFKEG 8++ U PEGVG\G QTKEG RTKXKNGIKGTG C XTGWPGK EQPHGUKWPK ETG)VKPG 8+++ U UG EQPXQCEG Q PQW &KGV C EGNQT RCVTW RQRQCTGPECTGUHKGCFOKUGEGNGRCVTWNKODK+:EQPFWEGTGC /TKKU HKG HQTOCV FKPVTWP PWOT GICN FG OGODTK FKP TPFWN RQRQCTGNQT HGFGTCVKXG )K U VTCVG\G EW HKGECTG RQRQT P NKODC UC : CWVQTKVCVGC UWRTGOP6TCPUKNXCPKCUHKGVTCUNCTURWPFGTGFGEQTRWNNGIKUNCVKX :+ORTCVWN )KTGIGNGGTCTWICVUEQPXQCEGQCFWPCTGEQPUVKVWCPVC EGNQTRCVTWRQRQCTGECTGUNWETG\GNCQEQPUVKVW/KGURGEKCNC /TKK:++ UKUGRGTOKVHKGETWKRQRQTUTGCNK\G\GTGHQTOGPUPWNUW2GDC\C EGNQTRWPEVGUGFQTGCTGEWPQC)VGTGCWPGKNKDGTV/KGICNGRGPVTWVQCVG RQRQCTGNG/TKKHT)VKTDKTGCRWVGTKKOQPCTJKGKPCPUCODNWNGK
#PGZG FQEPT  .GICVFGCEGUVRTQITCO5VGRJCP.WFYKI4QVJUETKCEVTGDWKG U CRCT P VQCVG NKODKNG /TKK )C\GVC FG 6TCPUKNXCPKC )K 1TICPWN PC/KQPCN  CT RTGNWC EGK FTGRV CTVKEQNWN  NWETW RG ECTG PW NCT HCEG PKEKQHQCKGOCIJKCTUCWFCENCTHCEGCTCFWICEGNGOCKTW)KPQCUG QDUGTXC/KK ECTG CT UNDK RTKOC KORTGUKG $C OCK OWNV TQOPKK
4QOCKPGPCTVTGDWKPFGOPC/KUVTKOKVGZGORNCTGPVQCVGRCTQJKKNG NQTC)CEWOUCPVORNCV)KRPCEWOPVKORWNFKPWTO%GXKPGFKP RCTVGCNQTGUVGRTKOKV  2GTKQFKEGNGVKRTKUGT%QRKCFGURTGNGIVWTCFGWPKTGGZKUVGPV PVTG7PICTKC)KEGNGNCNVG/TKCNG#WUVTKGK.CUGRVGODTKGORTCVWN CFTGUC OCPKHGUVG RQRQCTGNQT )K VTWRGNQT UCNG FKP 7PICTKC +PEKFGPVG UPIGTQCUGP7PICTKC
UGRVGODTKGEQPFWUGTNCRTQOWNICTGCWPWK TGUETKRV KORGTKCN
 QEVQODTKG RTKP ECTG 6TCPUKNXCPKC KPVTC UWD KPEKFGP/C NGIKK FG T\DQK #FCO 4GEUGK FG 4GEUG HW PWOKV FG ORTCV
WPFXGTNCPIGPYKTRTGNWCV)KFG5CVGNNKVPTQEVQODTKGR 5VGRJCP .WFYKI 4QVJ )GUCOOGNVG 5EJTKHVGP WPF $TKGHG  CWU FGO 0CEJNC JGTCWUIGIGDGP XQP 1VVQ (QNDGTVJ XQN  &CU 5EJKEMUCN &QMWOGPVG CWU FGP ,CJTGP  0CEJVTIG CWU FGP ,CJTGP  /PFNKEJG DGTNKGHGTWPIGP #PGMFQVGP .GIGPFG$KQITCRJKUEJG<GKVVCHGN 8GTNCI9CNVGTFG)TW[VGT %Q$GTNKPR 5ETKUQCTGC NWK 5V. 4QVJ EVTG 5VGRJCP #FQNRJ $GTINGKVGT FKP 5KDKW  QEVQODTKG  $NVVGTPTUGRVGODTKGRPTQEVQODTKGR PTQEVQODTKGR 5CVGNNKVPT)KQEVQODTKGR
 5D8QNMUHTGWPFPTQEVQODTKGRRTQITCOWN9CUYPUEJGP



RTKOOKPKUVTW WPICT ORTCVWN OCK FGETGVC FGUHKKP/CTGC 2CTNCOGPVWNWK WPICT UWDQTFQPCTGC VTWRGNQT FKP 7PICTKC )K 6TCPUKNXCPKC DCPWNWK %TQC/KGK ,GNCEJKEJ ETWKC K UG PETGFKP/CW RWVGTK PGNKOKVCVG 8QNMUHTGWPF ECTG RWDNKEC TGUETKRVWN FGUETKC )K TGCE/KC NWK -QUUWVJ ECTG P WTCNGNG 2CTNCOGPVWNWK FGENCTC TGUETKRVWN Q EQOGFKG TW)KPQCUUCWQVNJTGCUENQXKVWTFGHQT/CECOCTKNGK )KCFKPCUVKGK ECTG PWOCK RTKP OKNC NWK &WOPG\GW PC HQUV PE UKNKV U CDFKEG .C CRTQRKGTGC NWK ,GNCEJKEJ -QUUWVJ CHKTOC TURKECV E K XC QRWPG EW W)WTKP/QCTOCVFGFGQCOGPK  &WR K\DWEPKTGC T\DQKWNWK EKXKN P VQCOPC CPWNWK  CVV 7PKXGTUKVCVGC PC/KQPCN EV )K OCTGC OCLQTKVCVG C RQRWNC/KGK UUG)VK UG CNVWTCT PGEQPFK/KQPCV VCDGTGK KORGTKCNKNQT )K KORNKEKV VCDGTGK TQOPKNQT 5VCTGC FG URKTKV )K TC/KQPCOGPVWN OQOGPVWNWK CW HQUV DKPG UWTRTKPUGPEGNGDTGNGEWXKPVGCNGCEGNWKC)K5VGRJCP.WFYKI4QVJPVTQ UETKUQCTGFKPQEVQODTKGCFTGUCVGFKVQTWNWKDTC)QXGCP,QJCPP )VV 4QVJ UETKC 2QNKVK\CTGC P \KCTG C CLWPU P \KNGNG PQCUVTG CRTQCRG UWRGTHNW EEK RQNKVKEC C RVTWPU P XKC/ &GLC UG RQNKVK\GC\ EW VWPWTKNG5ETKUQCTGCUWTRTKPFGCFKHKEKNWNOQOGPVRQNKVKEPECTGUC)KKUG CHNCWPHC/CWPGKFGEK\KKOCLQTGP6TCPUKNXCPKCGNGOGPVWNOCIJKCTUC FGEKU FG NC PEGRWV RGPVTW VTKEQNQT (QCTVG PCVWTCN +CT TQOPKK RGPVTW PQWNPGITWICNDGP(KPQKUC)KKVTGDWKGUPGFGEKFGO0GWVTCNKVCVGCPW GUVGXCNCDKN0QKUWPVGOEGKOCKUNCDKFCTFGRCTVGCEGNQTFGECTGPG CRTQRKGOPENKPODCNCP/C0WVTGDWKGUWKVOPKEKEPFEUWPVGOEGK OCK UNCDK FCT U /KPGO EQPV E FKP UVCTV PQWN PGITWICNDGP GUVG OCK DWPFGEVVTKEQNQTWN  %GNG FQW CNVGTPCVKXG UWPV  &CE PG RWPGO FG RCTVGC OCIJKCTKNQT CVWPEK GQ KRUQ  UWPVGO ORQVTKXC XCNCJKNQT )K COQPCTJKGK PVTGIK&CEPGRWPGOFGRCTVGCXCNCJKNQTCVWPEKUWPVGOORQVTKXC OCIJKCTKNQT)KRGPVTWOQPCTJKG  /CIJKCTKK )K TQOPKK UWPV EC\WTK CEEKFGPVCNG 'UGP/KCN GUVG RTKPEKRKWN KPVGITKV/KK OQPCTJKGK HKKPFE CEGCUV KFGG TGRTG\KPV ICTCP/KCRTQENCOCVGKEQPUVKVW/KKC#WUVTKGK6QCVGPC/KWPKNGNWRVRGPVTW RTKPEKRKWN GICNGK PFTGRV/KTK EGJKK P $QGOKC UNQXCEKK P 7PICTKC XCNCJKK P 7PICTKC )K 6TCPUKNXCPKC UGTDKK P 7PICTKC KVCNKGPKK )COF %C IGTOCPK KPKOC PG VTCIG OGTGW URTG IGTOCPK &CT FCE #WUVTKC PG GUVGFW)OCP)GTOCPKCG )KOCKPFGRTVCV'WEC )KENGTKECOLWTCV U HKW RTKGVGP CN RTKGVGPKNQT ORTCVWNWK )K FW)OCP CN FW)OCPKNQT NWK 4GXQNW/KCOCIJKCTPWOFG\NGCIFGLWTOPVPKEKEJKCTPUKVWC/KC
5D$QVGPTQEVQODTKGRPTQEVQODTKGR5D

8QNMUHTGWPFPTQEVQODTKGR



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
 5V. 4QVJ )GUCOOGNVG 5EJTKHVGP XQN  R  5ETKUQCTGC NWK 5V. 4QVJ EVTG

,QJCPP)VVFCVCVNC/Q)PCQEVQODTKG7PHTCIOGPVFKPCEGCUVUETKUQCTG GUVGTGRTQFWU)KP-WT\G)GUEJKEJVG5KGDGPDTIGPU#MCFOKCK-KCF$WFCRGUVC R $NVVGTPTQEVQODTKGR



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

6TCPUUKNXCPKCPTOCTVKGR



FGEV CVV PW RWVG/K EGTG PKOPWK P UEJKOD RWVG/K RKGTFG VQVWN EJKCT PU)KXKC/CXQCUVT  .C  OCTVKG  ,QJCPP )VV POQTOPV EW OPC UC Q5KGDGPDTIGT 9QEJGPDNCVVR UEQ/PF P NQEWN CEGUVWKC RTKOWN PWOT FKP Q-TQPUVFVGT <GKVWPIR )VV K VTGEGC EQPFWEGTGC TGFCE/KGK EWPQUEWVWNWKUETKKVQTNKDGTEWIGVVQT/CZ/QNVMGRGPVTWECCEGUVCU FGFKEGKPUKUVGPV)KGZENWUKXCEVKXKVCVGCRTGUGKUCNGWPKWPKKUVCVCNGFKPVTG7PICTKC )K 6TCPUKNXCPKC HQTOGK FGOQETCVKEG FG IWXGTPOPV NKDGTV/KK )K GICNKV/KK P FTGRVWTKCVWVWTQTRQRQCTGNQTNQEWKVQCTGCNGCEGUVQT/TKKPFKHGTGPVFGEWTUWNRG ECTGNXQTNWCNWETWTKNG  <KCTGNG RWDNKECT FGENCTC/KC FG KPFGRGPFGP/ C PC/KWPKK OCIJKCTG
 CRTKNKG  P NWPC OCTVKG .WFQXKE -QUUWVJ K UETKC IGPGTCNWNWK $GO Q7PKWPGC GUVG Q XQTD IQCN CDKC RTKP XKEVQTKKNG FWOPGCXQCUVT)KRTKPVTQQTICPK\CTGHWPFCOGPVCNWPKWPGCXCFGXGPK TGCNKVCVGR  PVKORWNEGNQTRCVTWNWPKFGQEWRC/KGOCIJKCTC#TFGCNWNWK WPKWPGC 6TCPUKNXCPKGK EW 7PICTKC C HQUV PHRVWKV GHGEVKX P EGGCEGK RTKXG)VGRGUC)KNWPKNGOCTVKGKWNKGUCWECTCEVGTK\CVRTKPVTWP )KT FGOUWTKECTGPWGTCWFGPCVWTUNGUVKOWNG\GGPVW\KCUOWNHC/FG PQWC UVCTG FG NWETWTK UGEJGUVTCTGC DWPWTKNQT TGHWIKC/KNQT UC)K P /WPVGPKC
ECTG)K RTUKUGT FQOKEKNKKNG RGPVTW C GXKVC UQCTVC 4GIJKPWNWK 5UGUE CTU FG VTWRGNG UGEWKG)VK NC  PQKGODTKG  GVCVK\CTGCCXGTKK7PKXGTUKV/KKPC/KQPCNGUUG)VK
RTKPFKURQ\K/KCNWK%UP[ FKP CRTKNKG  FGUHKKP/CTGC KPUVKVW/KKNQT )K HWPE/KKNQT VTCFK/KQPCNG UUG)VK CTGUVTKNG )K EQPFCOPTKNG NC OQCTVG
#PGZG FQE PT  +PVGTXGP/KCTWUFKPKWPKGFWUGVTGKNWPKOCKVT\KWNCPHTPIGTGC TGXQNW/KGKMQUUWVJKGPG
CWIWUV  7P UCU CPQPKO UGOPC P $QVG NC HKPGNG NWK UGRVGODTKG  CTVKEQNWN%GFQTKO)KEGURGTOPQK&WRPEJGKGTGCT\DQKWNWKEKXKN GTC FG FQTKV U UG TGINGOGPVG\G CFOKPKUVTCTGC )K TGRTG\GPVCTGC 2OPVWNWK 5UGUE P UGPUWN UVTXGEJKNQT FTGRVWTK KUVQTKEG 6KORWTKNG XGEJK TGPPQKVG WTOCW U TGPXKG RGPVTW UVTNWEKTGC EQTQCPGK )K FKPWKTGCPVTGIWNWKUVCV
 -TQPUVFVGT <GKVWPI PT   OCTVKG  R  TGF Q )VKTG FKP 5KDKW EW RTQENCOC/KCNWK$GOFKPOCTVKG Q5D$QVGRPTOCKR 'WIGPXQP(TKGFGPHGNUQREKVXQN++R Q5D$QVGRPTCRTKNKGRPTCRTKNKGRPTCRTKNKG R +DKFGOPTUGRVGODTKGR



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
  .C  OCK  CXW NQE Q PQW ORT/KTG CFOKPKUVTCVKX C #TFGCNWNWK P  FKUVTKEVG .C  FGEGODTKG  EQPUVKVW/KC FKP OCTVKG  HW UWURGPFCV 6TCPUKNXCPKC KPVTPF CUVHGN FGRNKP UWD \QFKC CDUQNWVKUOWNWK P  6TCPUKNXCPKC UWHGTK PE Q ORT/KTG 

CFOKPKUVTCVKX FG FCVC CEGCUVC P  FKUVTKEVG .C HKPGNG CEGNWKC)K CP UVCTGCFGCUGFKWKPUVKVWKVP6TCPUKNXCPKCHWUWURGPFCV  7PKXGTUKVCVGCPC/KQPCNUUGCUEUGPVTWPKRGPVTWWNVKOCQCT NCHGDTWCTKG )KCEGCUVCFQCT QRGPVTWC)KHCEGVGUVCOGPVWNR
(T 6GWVUEJ )K C UG CWVQFK\QNXC 5KVWC/KC HW RGTEGRWV EC FTCOCVKE KCT EQTRWNVTCFK/KQPCNCNPC/KWPKKUUG)VKGTC\FTWPEKPCVFKPVGOGNKK  7PUEWTVKPVGTNWFKWEQPUVKVW/KQPCN )KNKDGTCNWTOPCPKK  #FQRVCTGC &KRNQOGK FKP QEVQODTKG
 QEVQODTKG  )K C RCVGPVGKKORGTKCNGFKPHGDTWCTKGGEJKXCNCWEWCEEGRVCTGCWPGKPQK NGIKHWPFCOGPVCNGC#WUVTKGK  PEQTQPCTGC ORTCVWNWK (TCP\ ,QUGRJ EC TGIG CN 7PICTKGK
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
HGDTWCTKG  %W RTKXKTG NC NGIGC WPKWPKK )K C PC/KQPCNKV/KNQT \KCTWN UUGUE Q5KGDGPDTIKUEJ&GWVUEJGU 9QEJGPDNCVVR QDUGTXC Q&KP CEGCUV \K P KUVQTKC 6TCPUKNXCPKGK XC PEGRG Q PQW RGTKQCFR &GRWVCVWN ,# <KOOGTOCPP CTVC E RNGPKRQVGP/C CTQICV FG )WXGTPWN OCIJKCT PUGOPCRGPVTW
HQUVWN2OPV5UGUEQPQWFQOPKGCDWPWNWKRNCE #ODGNGRTGTKCXGCWUHKGEQPHKTOCVGFGKUVQTKG  2TQENCOCTGC )KPHRVWKTGCWPKWPKK6TCPUKNXCPKGKEW7PICTKCNC  )K  C EQPUVKVWKV RTGEGFGPVWN RGPVTW UVCVWVWN #TFGCNWNWK PVTG )K 

 (TKGFTKEJ 6GWVUEJ )GUEJKEJVG FGU UEJUKUEJGP 8QNMGU HT FCU UEJUKUEJG 8QNM XQN +8 +DKFGOR

GF)KVKRCT9-TCHHV5KDKWR



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  PCCXWVNQEPVNPKTGCFGNC/PEJGPITV\CORTC/KNQT 4WUKGK )K#WUVTKGK Q/PCVFGCOKPVKTKNGTQOCPVKEGCNG5HKPVGK#NKCP/GR /CTWNCTHKPIGPWPEJGCVPHC/CORTCVWNWK#WUVTKGK)KCTHKLWTCVUQNGOP UKUVGCCNVWTKQEWUHCVWN)KEWHCRVCRPQTKEGENKR2CVTWCPKOCKVT\KW )KCTGPPQKVRTQOKUKWPGCEWQEC\KCOCPGXTGNQTFGNC9QUPQUGPUM
(TKGFTKEJ6GWVUEJ )GUEJKEJVGFGT5KGDGPDTIGT5CEJUGPHTFCUUEJUKUEJG8QNM XQN+++ &TWEMWPF8GTNCIXQP9-TCHHV5KDKWR +FGO&KG5CEJUGPKO ,CJTG  P *WPFGTV ,CJTG UEJUKUEJGT -ORHG <GJP 8QTVTIG CWU FGT )GUEJKEJVGFGT5KGDGPDTIGT5CEJUGPKONGV\VGP,CJTJWPFGTV&TWEMWPF8GTNCIXQP 9-TCHHV5KDKWR

 #UCNVWN4UTKVWNWK)KKOCIKPGCTW)KNQT    



 &GURTG QTGNC/KC RTKXCVR FKPVTG /GVVGTPKEJ )K /CTKK TW)K #NGZCPFTW)K0KEQNCGTGNCVCQ5KGDGPDTIGT9QEJGPDNCVVRNCEVGXCNWPK FWR EFGTGC RTGOKGTWNWK CWUVTKCE RTGNWPF RTQDCDKN Q EQTGURQPFGP/FKPVTWP\KCTEGPVTCNPGOGP/KQPCV
#PGZGFQEPT  P  CVGP/KC /CTWNWK 0KEQNCG UG PFTGRVC CUWRTC )CNK/KGK RG ECTG CT HK HQUV ICVC UQ QEWRG FCE CEGCUVC UCT HK FGURTKPU WNVGTKQT FG #WUVTKC 2TKOWNOKPKUVTW CWUVTKCE 5EJYCT\GPDGTI TGURKPIGC PGV QTKEG KOKZVKWPGTWUEVXTGOGEQOCPFCPVWNUWRTGOCNCTOCVGNQTCWUVTKGEG 9KPFKUEJITV\ XFGC Q CVKVWFKPG HCXQTCDKN ECDKPGVWNWK FG NC 2GVGTUDWTI  PRTKPEKRCVGNGTQOPGRTQVGEVQTCVWNWKTWUGUEKPUVCWTCVP KUCKXKVRTKNGLWNFGCUGOCPKHGUVCFGUEJKU&GCDKCK\DWEPKUGQTGXQNW/KC OKPKCVWTR FG NC +C)K FKP OCTVKG 
) $CTK/KW )K EQPUWNKK TW)K CW EWVCV UK EQPXKPI RG FQOPKVQTKK TQOPK U EGCT GK P)K)K VTWRG TWUG)VK /KPKUVTWN TWU FG GZVGTPG 0GUUGNTQFG C KPVGTXGPKV NC %QPUVCPVKPQRQNRTKPCODCUCFCFGCEQNQ)KNC$WEWTG)VKRTKPEQOKUCTWN GZVTCQTFKPCT &WJCOGN 
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
Q5D9QEJGPDNCVVRPTKWNKG (T6GWVUEJ)GUEJKEJVGR )GQTIG$CTK/KW 2T/KCNGUGFKP+UVQTKC6TCPUKNXCPKGK2GFQWUWVGFGCPKPWTO XQN++ Q5KGDGPDTIGT$QVGRPTKWNKGRPTKWNKGR

VKRQITCHKC9-TCHHV5KDKWR



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
Q$NVVGTHT)GKUV)GOVJWPF8CVGTNCPFUMWPFGRPTUGRVGODTKGR )$CTK/KWQREKVR





ITCPK/ 2WEJPGT PC QD/KPWV TURWPU FG NC 9KPFKUEJITV\ 6QVW)K NC EQPVCEVCVRGIGPGTCNWN.FGTUEQOCPFCPVWNTWUCN/WPVGPKGK.FGTUC VTKOKUWPEWTKGTNC2GVGTUDWTIEGTPFKPUVTWE/KWPKRTGEKUG P CEGUV OQOGPV CW KPVGTXGPKV KPK/KCVKXGNG EKXKNG (TKGFTKEJ 6GWVUEJCHKTOEEGTGTGCFGEJGOCTGCTW)KNQTCXGPKVFKPFQWRT/K FKPRTGCLOCNWK2WEJPGT )KFKPUPWNRQRWNC/KGK0WGZKUVPUPKEKQ RTQD ECTG U CVGUVG E RQRWNC/KC
ECTG RQRWNC/KG! C OCPKHGUVCV XTGQ CVKVWFKPGTWUQHKN&QTKP/CEJGOTKKWPQTCLWVQCTGFKPCHCTCCRCT/KPWV EGTEWTKNQTEQPFWEVQCTGCNG5KDKWNWK )K$TC)QXWNWKKPHNWGP/CVGRQCVG )K FGFGTWVCECTGUVRPGC%QOCPFCOGPVWNOKNKVCTCWUVTKCE  .C  FGEGODTKG  C HQUV EQPXQECV NC 5KDKW Q EQPHGTKP/ OKZV+PK/KCVQTKKGTCWRCTVGCIGTOCPECTGCRCTVKEKRCVEWRGTUQCPG IGPGTCNWN2HGTUCOPPEQOKVGNGUC)KNQT5CNOGPUGETGVCTWN)NCP\DCTQPWN 4GKEJGPDGTI TGFCEVQTWN \KCTWNWK Q5KGDGPDTIGT $QVGR $GPKIPK XQP /KNFGPDGTI (TKGFTKEJ /NNGT )C +PXKVC/K CW UQUKV )CRVG OGODTK CK %QOKVGVWNWK PC/KQPCN TQOP GRKUEQRWN (CIWPC ) $CTK/KW #6 .CWTKCP4CFW1TIJKFCP
WPEQOGTEKCPVDQICVFKP$TC)QX )C$CTK/KW FGUETKGRGNCTIFG\DCVGTKNGCRTKPUGCNGCEGUVGKPVTWPKTKCNETGKUEQRGTC VTKOKVGTGC WPGK FGNGIC/KK NC $WEWTG)VK ECTG U K EGCT CLWVQT OKNKVCT NWK .FGTUPPWOGNGEGNQTFQWPC/KWPKTQOP )KIGTOCP2TQRWPGTGC RGECTGQHEGCIGPGTCNWN2HGTUOCPPGTCRCTCFQZCN2WEJPGTWTOCU RTQVGUVG\GQHKEKCNORQVTKXCKPVTTKKFGVTWRGUVTKPGP6TCPUKNXCPKCFCT PGQHKEKCN )K FFGC CUKIWTCTGC E XC NWC VQCVG OUWTKNG RGPVTW CRTQXK\KQPCTGC CTOCVGK TWUG)VK 2CTVGC TQOP PGFWOGTKV PW P/GNGIGC FG EG 2WEJPGT PFGOPC EGNG FQW PC/KWPK U EGCT CLWVQT RGPVTW EC CRQK GN U RTQVGUVG\G %QOKVGNG 5CNOGP KPUKUVC CUWRTC PGEGUKV/KKKPVGTXGPKTKKTW)KNQTRGPVTWCUCNXC5KDKWN)K$TC)QXWNFGUQCTVC 4GIJKPWNWK CTU )K FKUVTWU FG VTWRGNG UGEWKG)VK P PQKGODTKG  1 FGNGIC/KGEQORWUFKP (CIWPC.CWTKCP5CNOGP )KPEWPHWPE/KQPCT UCUUCFGRNCUCVNCUGFKWNNWK2WEJPGTCFWEPFRTQOKUKWPGCCEGUVWKCE XC TGPWP/C NC QTKEG RTQVGUV FWR EJGOCTGC NWK .FGTU 2TQVQEQNWN PEJGKCVEQPUGOPCEPW /CTC )KPWEGNGFQWPC/KWPKUQNKEKVCWCLWVQTWN TWUEKPWOCKOWPKEKRKKNG5KDKW)K$TC)QX&QWFGNGIC/KKWPCFGUKDKGPK
(CIWPC )K)QVVHTKGF/NNGT )KWPCFGDTC)QXGPK
EQOGTEKCPVWN)0KEC )K WP UGPCVQT UCU CW RNGECV NC $WEWTG)VK FCT PCW QD/KPWV PKEK WP TG\WNVCV.FGTUCXGCCNVGKPUVTWE/KWPKFGNC/CTWN0KEQNCG  2WEJPGT C HQUV KPHQTOCV FG EQPUWNWN CWUVTKCE FKP ECRKVCNC /WPVGPKGK 6KOQPK E .FGTU PW XC KPVGTXGPK FGEV FCE 2WEJPGT PUW)KKQXCEGTG
(T6GWVUEJ)GUEJKEJVGR



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
(T6GWVUEJ  #RQK NC  HGDTWCTKG  2WEJPGT C PVTWPKV WP EQPUKNKW FG T\DQKECTGCFGEKUCNGEGTGTW)KNQT QCLWVQTOQOGPVCPRRGPVTWEGV/KNG 5KDKW)K$TC)QX2HGTUOCPPKCUETKUNWK.FGTUEGTPFITCDPKEFG KPHCPVGTK)VK )KVWPWTKRGPVTWHKGECTGFKPCEGUVGQTC)GKCTECXCNGTK)VKPW
)$CTK/KWQREKVR

&GUETKGTGCDVNKGKNC%CTN)NNPGT &KG5KGDGPDTIGT5CEJUGPKPFGP4GXQNWVKQPULCJTGP (T6GWVUEJ)GUEJKEJVGR

'FKVWTC#ECFGOKGK454$WEWTG)VKR



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

)$CTK/KW QREKV R2TGUCUUGCUECFG\DVWVNGIKNGFGTGETWVCTG )KOQFWNP ECTG CW FGEWTU CEGUVGC0WOCKPCXWUGUGTNQEP#TFGCNFQWTGETWVTKWPC GHGEVWCV FG CWUVTKGEK P KCPWCTKG KCT CNVC P UGRVGODTKG GHGEVWCV FG WPIWTK .C  CWIWUVCWUVTKGEKKCWGOKUQPQWNGIGFGTGETWVCTG )$CTK/KW QREKV R&CT(T6GWVUEJP *WPFGTV,CJTGRFCNVGFCVG HGDTWCTKGRGPVTWKPVTCTGCNWK'PIGNJCTFVP$TC)QX )KHGDTWCTKGRGPVTWUQUKTGC NWK5MCTKCVKPNC5KDKW6GWVUEJKPFKEWNCPKPVTWRGNGNWK'PIGNJCTFV
$CTK/KW  KPHCPVGTK)VK )K  EC\CEK UWD EQOCPFC NWK 5MCTKCVKP
$CTK/KW  TGURGEVKX 5GRQVCEEGRVCECOCKGZCEVGFCVGNGNWK$CTK/KWPECNKVCVGCNWKFGOCTVQTFKTGEV Q5D$QVGRPTHGDTWCTKGR

+DKFGOR)$CTK/KWQREKVR



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
FKP  HGDTWCTKG  8CTKCPVC
+FGOPTHGDTWCTKGR

 'WIGP XQP (TKGFGPHGNU ,QUGRJ $GFGWU XQP 5EJCTDGTI $GKVTIG \WT <GKVIGUEJKEJVG 5KGDGPDTIGPUKO,CJTJWPFGTV8KGPCXQN++R%QPUVCPVXQP9WT\DCEJ $KQITCRJKUEJGU.GZKMQPFGU-CKUGTVJWOU1GUVGTTGKEJXQN8KGPCR Q5D$QVGRPTOCTVKGR <KCTWN)KCPEGVCVCRCTK/KCEWPTFKPOCTVKG



QHKEKCN CWUVTKCE GTC WTOVQCTGC #TIWOGPVWN PGEGUKV/KK EJGOTKK TW)KNQT GTC CRTCTGC QTC)GNQT IGTOCPG P EQPFK/KKNG TWRGTKK NGIVWTKNQT FKPVTG CTOCVC CWUVTKCE EG QRGTC P 7PICTKC )K EGC FKP 6TCPUKNXCPKC 2WEJPGT CUCNVCV FG TWIOKP/K HKGTDKP/K XGPKVG FKP OKLNQEWN PC/KWPKNQT TQOP )KIGTOCP QCFCVCUEWNVCTGINCUWNWKWOCPKV/KKFGEJGOCTGC URTKLKPWNWK TWU FG)K PW GTC ORWVGTPKEKV RGPVTW CEGCUVC FG EVTG IWXGTPWNEER
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
PW4W)KKXGPK/K QNCEGTGTGC PQCUVT )K RG EJGNVWKCNC PQCUVTR PCW RTKXKV RTQDNGOC EC RG Q KPVGTXGP/KG RQNKVKE Q+PVGP/KKNG PQCUVTG RQNKVKEG UWPV EGNG TGEWPQUEWVG FG RTKPEKRG EGNG RTQOQXCVGFGOCLQTKVCVGCEGV/GPKNQTUVCVWNWKRP6TCPUKNXCPKCURTGTW)KPGC CTFGNGPKNQTPWUGRWTVCWPT\DQKRGRTKPEKRKWNUWRTGOC/KGKOKNKVCTG%K QPC/KWPKNG ECTG )K UVCW HC/ P HC/ CW WTOTKV RTKP T\DQK GZRNKEKV UVTRKTGC TGEKRTQER &KPVTQ QFGRNQTCDKN TVEKTG C TXPGK HC/ FG RTQRTKWN RQRQTR CW OWTKV DVTPK HGOGK )K EQRKK PGXKPQXC/K .C KPVGTXGP/KKNG OREKWKVQCTG CNG IWXGTPWNWK EE PKEK TQOPKK PKEK OCIJKCTKK PW )KCW RNGECV WTGEJGC 5C)KK CHNC/K NC OKLNQEPEQPLWTC/KFG HCPCVKUO )K RTFEKWPK CPKOCNKEG )K C)VGRVCW EGCUWN FKP WTO +OCIKPGC EGV/KKUWTQTK 4GIJKP NG RNWVGC P HC/C QEJKNQT Q5 PG URWP EKPGXC EG CXCPVCL )K EG QPQCTG CO HK FQDPFKV FCE CO HK PVORKPCV QTDK CEGNC)K FGUVKPR 4W)KK PW UG COGUVGECW P NWRVGNG FKP CHCTC EGNQT FQWQTC)G)KWTOCWURTUGCUE\QPCFGPFCVEGQCPKOCNWNUNDCVKE GTCTRWUKCTVNJCTWNCFWUPHC/CLWFGEVQTWNWKUWR  'ZRWPGTKNG FG OCK UWU OKPKOCNK\CW PUGOPVCVGC GXGPKOGPVWNWK8GPKTGCTW)KNQTERVCCURGEVWNWPGKOUWTKEWECTCEVGT UVTKEV NQECN NKRUKV FG QTKEG KORNKEC/KK RQNKVKEG ,WUVKHKECTGC PU)K TGNGX UGPVKOGPVWN XKPQX/KGK )K PITKLQTCTGC HC/ FG TGCE/KKNG QRKPKGK RWDNKEG
Q5D9QEJGPDNCVVRPTOCTVKGR +FGOPTOCTVKGR



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

%KVCVFG(T6GWVUEJP)GUEJKEJVGR Q5D$QVGRPTOCTVKGR +FGOPTOCTVKGR 

Q-TQPUVFVGT <GKVWPIR PT   OCTVKG  R  TGF Q )VKTG FKP 5KDKW EW RTQENCOC/KCNWK$GOOCTVKG Q5D$QVGRPTOCTVKGR



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
(T6GWVUEJ)GUEJKEJVGR %)NNPGTQREKVR



/CIJKCTKUC)K)KTQOPKPVKPFG/KXHT/G)VGOKPKNGCNWPIC/KQTKEGWT PC/KQPCN)KHK/KHGTKEK/K$TC)QXOCTVKGR  ,QJCPP )VV UEJKODC VKVNWN \KCTWNWK P Q-TQPUVFVGT <GKVWPIR

OCTVKG)KCPWP/CRTQITCOCVKEEXCTGRCTCVQCVGITG)GNKNGVTGEWVWNWK VTGEPFJQVTVFGRCTVGCEWEGTKTKNQTTGXQNW/KQPCTGOCIJKCTG  $GOQEWRCUG#TFGCNWNEWGZEGR/KC#RWUGPKNQT  .C  CRTKNKG  ECDKPGVWN CWUVTKCE VTKOKVGC RTKOC EGTGTG QHKEKCN FG CLWVQT TWU CPWOG  FG QCOGPK RGPVTW TGEWRGTCTGC 6TCPUKNXCPKGK  .COCK/CTWNGOKVGCWPOCPKHGUVPECTG)KCHKTOCXQKP/CFGC UWITWOC TGXQNW/KC OCIJKCT EG COGPKP/C RCEGC KORGTKWNWK UW %W EVGXC \KNG PCKPVG VTWRG TWUG)VK KPVTCUGT P )CNK/KC PGOCKC)VGRVPF CEQTFWN FKPVTG EGK FQK ORTC/K .C  OCK
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
Q5D9QEJGPDNCVVRPTOCTVKGR )$CTK/KWQREKVR +DKFGOR

Q-TQPUVFVGT<GKVWPIRPTOCKR



RTGFKEK VTGDWKCW U /KP FGQRCTVG RGTKEQNWN EG CVGPVC NC NKDGTVCVGC RQRQCTGNQTGWTQRGPG)KPURGEKCNNCNKDGTVCVGCRQRQTWNWKOCIJKCT&KP ECNGCTW)KNQTVTGDWKCWTGVTCUGVQCVGHCEKNKV/KNG)KCNKOGPVGNG
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
+FGOPTOCKR4CRQTVWNRWTVCFCVCFGOCK +FGOPTOCKR +FGOPTKWPKGR&GRG)C/CTWNWKCHQUVRTGNWCVFKPQ8GUVKVQTWNR +FGOPTKWPKGR



$TCPRVTWPFGCIGPGTCNWN.FGTUEWWPUVCVGHGEVKXFGFGUQNFC/K
 DCVCNKQCPG RGFGUVTKOG  GUECFTQCPG ECXCNGTKG TGIWNCV  EQORCPKKPGTGIWNCVGFGEC\CEKFGNC&QPVWPWTK   &KP $WEQXKPC KPVTCW RG NC $KUVTK/C IGPGTCNKK )TQVGPJKGNO )K 2CXNQXEWWPVQVCNFGKPHCPVGTK)VK)KECXCNGTK)VK
GUECFTQCPG ECXCNGTKGGUECFTQPEC\CEKVWPWTK.KUCWCNVWTCVEGKCRTQZKOCVKX FGQCOGPKEWVWPWTKCKEQNQPGNWNWK7TDCP  8GEJGC CTOCV C NWK 2WEJPGT UG PVTGIKUG NC  QUVC)K
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

)$CTK/KWQREKVR

Q5D$QVGRPTKWPKGR

(T6GWVUEJ)GUEJKEJVGR%)NNPGTQREKVR



GOKUKWPG PQW XCNQTGC\   RKC)VTK C  RCTCNG UCW   FQW\GEKOKFGCTIKPV)KEQTQCPGOERGVE  P PQTFWN 6TCPUKNXCPKGK IGPGTCNWN TWU )TQVGPJKGNO KPVTC P $KUVTK/C NC  KWPKG $GOCHNCVCVWPEKNC%NWLUGCFTGUCPEQFCV
 KWPKGNQEWKVQTKNQT6TCPUKNXCPKGKCOGPKP/PFWKEWOQCTVGCRGCEGKUC)K )K QXCNCJKRECTGUCTHKFCVFGRCTVGCFW)OCPWNWK7PQTFKPFG\KCNNWK $GO FGENCTC E FG\GTVQTKK XQT HK ORW)EC/K #NV QTFKP FG \K FGUETKC ORTGLWTTKNG P ECTG EVGXC UWVG FG UGEWK HWIKUGT FKP HC/C KPCOKEWNWK
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
#PGZGFQEPT  .C  KWNKG IGPGTCNWNNQEQVGPGPV XQP *CUHQTF EQOCPFCPVWN VTWRGNQTTWUGFKP$TC)QXNGRTQOKVGCNQEWKVQTKNQTRC)PKEKCK#TFGCNWNWK VQCVRTQVGE/KCUCKPVTKICP/KK)KFKUVTWIVQTKKNKPK)VKKPUEJKODCXGCWCUG VGOGFGVTKDWPCNG  PCEEGC)K\KTW)KKCWQEWRCV4WRGC
Q-T<GKVWPIRPTKWPKGR Q5D$QVGRPTKWPKGR +FGOPTKWNKGR +FGOPTKWNKGR +FGOPTKWNKGR +DKFGO +FGOPTKWNKGR +FGOPTKWNKGRPTKWNKGR Q5D$QVGRPTKWNKGR



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

(T6GWVUEJ)GUEJKEJVGR

Q5D$QVGRPTCWIWUVR +FGOPTCWIWUVR (T6GWVUEJ)GUEJKEJVGR



   

   

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
CNDKPFEWVQVWN#FKERNGEC/K! 1&C&CTFGEGXPVTKUVC/KC)C! ( 1 FTCI FQOPWNG TOPG/K NC PQK 0W XGFG/K EG XGUGNK )K DKPG FKURW)KUWPVRTKP/KKOGKFGNCUQUKTGCFXQCUVT! 1(+2#0##%7/07'4#7#5#! ( %WO CT HK RWVWV HK! 8GFG/K RTKP/KK OGK UWPV CEWO CVV FG UTCEK PEV VTGDWKG U OWPEGCUE FKP ITGW EC U E)VKIG RKPGC (K EW VQCVG CEGUVGCCWVTGDWKVUNGFGCWPIWTKNQTVQVEGEGTGCW(KRGPVTWCUVCCWHQUV ORKP)KDVW/KPLWTC/K )KDNGUVGOC/KGVER&KCNQIWNCEGUVCTQOCP/KQU
+DKFGO

Q-T<GKVWPIRPTUGRVGODTKGR +FGOPTUGRVGODTKGR (T6GWVUEJ)GUEJKEJVGR

Q5D$QVGRPTUGRVGODTKGR



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  +PXC\KC TWU P 6TCPUKNXCPKC NC  C EWRTKPU OCK OWNVG OQOGPVGFKUVKPEVG  #PVGEGFGPVGNG
 CTCV E KPVGTXGP/KC ORQVTKXC TGXQNW/KGKPCHQUVQCE/KWPGURQPVCPKORWUFGPGEGUKVCVGCKOGFKCVC CRTTKK NKPK)VKK KORGTKWNWK TWU EWO UC CHKTOCV P OCPKHGUVGNG /CTKUVG ORTCVWN TWU 0KEQNCG C RTQOQXCV EQPUVCPV Q RQNKVKE FG KOKZVKWPG P VGTKVQTKKNG XGEKPG 4WUKGK .WK KCW CRCT/KPWV )K KPK/KCVKXGNG EQNCDQTTKK OKNKVCTGTWUQCWUVTKGEG
)$CTK/KWQREKVR

 Q-T <GKVWPIR PT   QEVQODTKG  R  /QPWOGPVWN RWTVC KPUETKR/KC Q4WUUKCGV#WUVTKCWPKVC/&%%%:.+:R +FGOPTPQKGODTKGR +FGOPTPQKGODTKGR +FGOPTPQKGODTKGR Q5D$QVGRPTPQKGODTKGR



 /QOGPVWN HGDTWCTKG  RQCVG HK EQPUKFGTCV WP RTGCODWN CN GXGPKOGPVGNQT FKP KWPKG %CDKPGVWN CWUVTKCE TGURKPIGC PE Q EGTGTG H/K) FG CLWVQT CTOCV EVTG 4WUKC P CEGUVG EQPFK/KK %QOCPFCOGPVWN OKNKVCTCWUVTKCECN6TCPUKNXCPKGKCCRGNCVNC.FGTU
%QPUKNKWNFGT\DQK FKP  HGDTWCTKG  %GK CRTQZKOCVKX  UQNFC/K TW)K CXPF OKUKWPGCFGCCRTCQTC)GNG5KDKW)K$TC)QXCWHWIKVNCUWFFG%CTRC/KQ NWP OCK VT\KW
OCTVKG  &G)K KPGHKEKGPVG 2WEJPGT C RTQHKVCV FG FGOGTUWTKNGEKXKNGRGECTGPVTQCPWOKVOUWTEJKCTNGCFGVGTOKPCV RGPVTWCETGCKNW\KCEPC/KWPKNGTQOP )KIGTOCPFQTGCWWPNGIKVKO CLWVQT FG CRTCTG 5C PEGV/GPKV KOCIKPGC HCNU E UC)KK CT HK HQUV TURWP\VQTK FG XGPKTGC TW)KNQT +OCIKPGC C HQUV EQPHKTOCV RTKP TGRGVCVGNGLWUVKHKETKCNGRTGUGKUUG)VK  #DKC FWR RGTHGEVCTGC WPWK CEQTF NC EGN OCK PCNV PKXGN
 CRTKNKGRTKOCEGTGTGQHKEKCNFGCLWVQTFKPRCTVGC#WUVTKGK OCK   PVNPKTGC ORTC/KNQT NC 8CT)QXKC UC FGENCP)CV P KWPKG ECORCPKC TWU FKP 6TCPUKNXCPKC 6TWRGNG /CTKUVG CW RVTWPU RG FQW FKTGE/KK FKPURTG /WPVGPKC )K FKPURTG $WEQXKPC )K CW CTWPECV P NWRV FGQCOGPK+PVGTXGP/KCTW)KNQTCEQPVTKDWKVFGEKUKXNCPHTPIGTGC TGXQNW/KGKOCIJKCTGPWOCKFWRFQWNWPK
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
OCTVKGKWNKG  )K RTQTWU FWR TGKPUVCWTCTGC IWXGTPTKK CWUVTKGEG
KWNKG  QEVQODTKG 



 .KDGTCNKUOWN EC VGQTKG )K CE/KWPG RQNKVKE UC KXKV P 'WTQRC %GPVTCN P RTKOC LWOVCVG C UGEQNWNWK CN :+:NGC %C WP XCN KFGKNG NKDGTCNG UCW RTQRCICV URTG TUTKV WPFG FQDPFKPFCEEGPVGURGEKHKEG
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
1REKVR

 .KDGTCNKUOXGTUWUEQPUGTXCVQTKUONCUC)K %WQRTKXKTGKPVTQFWEVKXCUWRTCNKDGTCNKUOWNWKIGTOCP )KCWUVTKCE    



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  PEGRWVWTKNG OK)ETKK NKDGTCNG P )GTOCPKC C)CPWOKVWN NKDGTCNKUO VKORWTKW
(TJNKDGTCNKUOWU UCW RNCUCV P LWTWN CPWNWK #PVGTKQTNKDGTCNKUOWNWKRQNKVKECHQUVTQOCPVKUOWNPNKVGTCVWTP RQG\KG UG FG\XQNV EWTGPVWN 6KPGTGK )GTOCPKK
&CU ,WPIG &GWVUEJNCPF ECTG FGUEJKUG NWRVC ORQVTKXC UVTKNQT FG NWETWTK OGFKGXCNG CPCETQPKEG ECTG RTGFKEC TGPWP/CTGC NC WTC HTCPEQHQD CRTWV P WTOC TGXQNW/KGK HTCPEG\G )K OCK CNGU C ECORCPKKNQT NWK 0CRQNGQPFCTECTGRTQOQXCPCEGNC)KVKOR)KPC/KQPCNKUOWNIGTOCP
$TKVCPPKECXQN)GTOCP[R



 +UVQTKEKK )K LWTK)VKK IGTOCPK PEGRWT C XGJKEWNC KFGGC GICNKV/KK RQNKVKEG FG KPURKTC/KG HTCPEG\ 7PWN FKP VGQTGVKEKGPKK NKDGTCNKUOWNWK VKORWTKW -CTN 4QVVGEM RTQHGUQT FG KUVQTKG )K )VKKP/GNG UVCVWNWK NC WPKXGTUKVCVGC FKP (TGKDWTI )K OGODTW FG XC\ CN %COGTGK FKP $CFGP GFKVQKUVQTKGOQPFKCNXPFWVPOKKFGGZGORNCTGEG)KRTQRWUG )K K\DWVKUEQPVTKDWKGNCHQTOCTGCEQP)VKKP/GKRQNKVKEGCWPQTEGTEWTKNCTIK  &PFEWTUKPK/KCVKXGKNWK(TKGFTKEJ.KUV4QVVGEMUGCUQEKGEWCNV NKFGT CN QRQ\K/KGK NKDGTCNG FKP $CFGP RGPVTW GFWECTGC EWNVWTCN C IGTOCPKNQTRTKPVTQGPEKENQRGFKGQTFQPCVCNHCDGVKE4QVVGEM)K9GNEMGT HWTCWVQTKKEGNGDTWNWK 5VCCVUNGZKMQPFGURTGECTGUCURWUECQEWRCVP ECFTWN OK)ETKK NKDGTCNG VKORWTKK FKP )GTOCPKC WP NQE EQORCTCDKN EW GHGEVWN 'PEKENQRGFKGK NWK &KFGTQV )K F #NGODGTV RGPVTW KNWOKPKUOWN HTCPEG\ 5VCCVUNGZKMQP )K GZRTKOC KPVGP/KC FG C KNWUVTC PX/VWTC NKDGTCN)KFGCFGUETKGGXQNW/KCKUVQTKGKFGNCFGURQ/KGNCKFGCNWNUVCVCNCN NKDGTV/KK )KGICNKV/KK#RTWPVTQRTKOGFK/KGFGXQNWOGPVTGCPKK  )K1CFQWCGFK/KGCWIOGPVCV )KODWPV/KVX\WNWOKPC VKRCTWNWKPXQNWOG
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

9KNJGNO /NNGT 2QNKVKUEJG )GUEJKEJVG FGT PGWGUVGP <GKV  OKV DGUQPFGTGT $GTEMUKEJVKIWPI&GWVUEJNCPFU8GTNCIXQP2CWN0GHH5VWVVICTVR *CPU<GJPVPGT &CU5VCCVUNGZKMQPXQP4QVVGEMWPF9GNEMGT'KPG5VWFKG\WT)GUEJKEJVG FGUFGWVUEJGP(TJNKDGTCNKUPWU8GTNCIXQP)WUVCX(KUEJGT,GPCR8



CKFQOC XTUVGK CFWNVG KCT TGVCTFCTGC )K QHKNKTGC UVCVWNWK UWIGTCW DVTPG/GC  .GZKEQPWN UVCVWNWK PW CVKPUG WPKVCVGC FG EQPEGR/KG # HQUV Q TGHNGEVCTG HKFGN C NKDGTCNKUOWNWK IGTOCP RTGRC)QRVKUV )K RC)QRVKUV 6GQTKKNGUCNGFGURTGUVCVGTCWNCHGNFGFKXGTUGEC )KCE/KWPKNG )KEGTKP/GNG RQNKVKEG &CE VGQTGVK\CTGC EQPEGR/KKNQT TGXGPGC WPQT RTQHGUQTK WPKXGTUKVCTKEWOGTCW4QVVGEM)K9GNEMGTEQPFWEVQTKKOK)ETKKNKDGTCNG CRCT/KPGCWPQKKENCUGFGOKLNQEKPFWUVTKCNG )KEQOGTEKCNGFKP4JGKPNCPF
.WFQNH%CORJCWUGP&CXKF*CPUGOCPP)WUVCXXQP/GXKUUGPFCT )K FKP CNVG RT/K CNG )GTOCPKGK /K)ECTGC NKDGTCN IGTOCP PW C HQUV WPKVCTPKEKNCPKXGNWNEQPHGFGTC/KGKGZKUVPFOCTKFKHGTGP/GPVTG0QTF )K 5WF PKEK EJKCT P KPVGTKQTWN FKXGTUGNQT UVVWNG/G 2WPEVWN EQOWP N EQPUVKVWKC NWRVC RGPVTW PNVWTCTGC CDUQNWVKUOWNWK )K C TGIKOWNWK 5VTKNQT KCT PW WP RTQITCO RQNKVKE RQ\KVKX .KDGTVCVG GICNKVCVG P FTGRVWTK UWXGTCPKVCVG RQRWNCT PUGOPCW NWETWTK FKHGTKVG RGPVTW TGRTG\GPVCP/KKNKDGTCNKPRCTVG  2G OUWT EG NKDGTCNKUOWN E)VKI VGTGP FWR  FKPVTWP RCTVKFFGQRQ\K/KGFGXGPKWPRCTVKFFGIWXGTPOPVPCPKK NKDGTCNKKIGTOCPKCLWPUGTNCEQPFWEGTGORTGWPEWGK 5VCCVUNGZKMQP UG VTCPUHQTO FKPVTWP ECVGJKUO CN QRQ\K/KGK P EQPHGUKWPGC RCTVKFWNWK FQOKPCPV %W VQCVG UEFGTKNG UCNG UG RCTG E .GZKEQPWN UVCVWNWK C GZGTEKVCV Q KPHNWGP/ ENCTKHKECVQCTG P EWTUWN TGXQNW/KGK #XGC CRTQCRG XCNQCTGC WPWK QTCEQN RQNKVKE %QPHQTO WPQT TGNCVTK P #FWPCTGC PC/KQPCN IGTOCP
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
*GEMGT5VTWXGUGFGURTKPUGFGDVTPKKNKDGTCNK EW RTKNGLWN CFWPTKK FG NC 1HHGPDWTI FKP  P 2TGRCTNCOGPVWN
8QTRCTNCOGPV FKP RTKOXCTC NWK  CXW NQE FKXQT/WN QHKEKCN FKPVTG DVTPKK NKDGTCNK
#NVNKDGTCNG )K TCFKECNK UCW FGOQETC/K .C TPFWN
+DKFGOR $TKVCPPKECXQNR

*<GJPVPGT QREKVRUSEKVGC\RG/QJN2TGWKUEJG,CJTDEJGTR9

9KEJOCPP&GPMYTFKIMGKVGPCWUFGT2CWNUMKTEJGR



NQT DVTPKK NKDGTCNK UG UGRCTCT P NKDGTCNKK FG FTGCRVC )K NKDGTCNK KCT TCFKECNKK P FGOQETC/K )K FGOQETC/K FG UVPIC 2G VKORWN CEGNC FGPWOKTKNG PW GTCW UVCDKNG FG HCRV CDKC UG RQCVG XQTDK FG RCTVKFG RTQRTKW\KUG1RKPKKNGPWEQKPEKFGCWTCFKECNKKGTCWTGRWDNKECPKRGEPF TGUVWN NKDGTCNKNQT TOPGCW OQPCTJK)VK P XTGOG EG FWR QD/KPGTGC RWVGTKK FKP QRQTVWPKUO NKDGTCNKK FGFTGCRVCFGXGPKTCRTVQTKCKPQKK QTPFWKTKEGHCXQTK\COCTGCDWTIJG\KG  7P HQTWO
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
%CORJCWUGP *CPUGOCPP 6TGK \KNG OCK VT\KW TGIGNG (TKGFTKEJ9KNJGNOCN+8NGC
ECTGWTECUGRGVTQPPTGVTCUGVTWRGNG )KCFTGUXGUVKVWNUCNWVEVTGFTCIKKUKDGTNKPG\KFGENCTPFE2TWUKCUG XCFK\QNXCP)GTOCPKC )KRTPFCHKICVCUEQPNWETG\GNCWPKHKECTGC )GTOCPKGK (KPCNVGUVCVGIGTOCPGEQPFWEVQTKKHQUVGKQRQ\K/KKNKDGTCNG HWT PWOK/K P OKPKUVGTG
4OGT P 9TVVGODGTI 9KRRGTOCPP P -WTJGUUGP 5VXG P *CPQXTC *GKPTKEJ XQP )CIGTP P *GUUGP &CTOUVCFV P $CXCTKC CXW NQE Q UEJKODCTG FG VTQP 4GIGNG .WFYKI EQORTQOKUFGEVTGCOCPVCUC.QNC/QPVG\
RGECTGPQPN/CUG NCTCPIWNFGEQPVGUCDFKEPHCXQCTGCHKWNWKUW/CZKOKNKCPCN++NGC
PUWFXGUVWN)GTOCPKGKRCTVKFWNNKDGTCNUGCHNCPHTWPVGC OK)ETKKTGXQNW/KQPCTG  .COCTVKGUGFGUH)WTNC*GKFGNDGTIQXGUVKVCFWPCTG RTQITCOCVKE C NKDGTCNKNQT )K CECFGOKEKNQT
RTQHGUQTK WPKXGTUKVCTK ECTG EJGO NC TKFKECTGC PVTGIKK PC/KWPK IGTOCPG )K CNGUG Q EQOKUKG FG 

)TKIQTG2NQG)VGCPW+OCIKPGC/TKNQTTQOPGP#NNIGOGKPG<GKVWPI
NWETCTG UWU/KPWVNC5GUKWPGC+PUVKVWVWNWKFG+UVQTKGFKP%NWLPQKGODTKG 9/NNGTQREKVR

*<GJPVPGTQREKVR



DTDC/K EG WTOCW U HCE RTQRWPGTK FG EQPUVKVWKTG C WPWK RCTNCOGPV IGTOCP)KECTGVTGDWKCWUEQPXQCEGNC(TCPMHWTVWPRTGRCTNCOGPV  .C  OCTVKG  P 2CWNUMKTEJG
DKUGTKEC 5H 2CWN FKP (TCPMHWTVCXWNQECFWPCTGCKPCWIWTCNC2TGRCTNCOGPVWNWK
OCTVKG  CRTKNKG  UWD RTG)GFGP/KC RTQHGUQTWNWK /KVVGTOCKGT FKP *GKFGNDGTI /CLQTKVCVGC TGRTG\GPVCP/KNQT ECTG PWVTGCW EQPXKPIGTK OQPCTJKUVEQPUVKVW/KQPCNG FGEKUG QTICPK\CTGC P NWPC OCK C WPGK #FWPTK PC/KQPCNG #EGCUVC WTOC U FG\DCV XKKVQCTGC EQPUVKVW/KG C )GTOCPKGK
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
-CKUGT FGT &GWVUEJGPTGIGNWK2TWUKGK(TKGFTKEJ9KNJGNOPUTGHW\RTQRWPGTGC &KPCEGCUVCENKRHWNKORGFGE2CTNCOGPVWNPWFG/KPGCFGEVQRWVGTG HKEVKXTWRVFGTGCNKVCVG/KEKNGOQPCTJKKIGTOCPGPWGTCWFKURWUGU CRNKEG FGEK\KKNG 2CTNCOGPVWNWK KCT 2TWUKC UG FGNKOKVC CUVHGN FG Q KPK/KCVKXECTGCTHKFGENCP)CVEWUKIWTCP/QTKRQUVFKPRCTVGC#WUVTKGK 

 %JKCT )KC)C#WUVTKC)KTGVTCUGFGRWVC/KKFKP2CTNCOGPVWNFGNC (TCPMHWTV 4GIGPVWN ,QJCPP QUVGPKV FG CVVC TGXQNW/KG FGOKUKQP FKP HWPE/KC UC PVTG  OCK  RGUVG  FG OGODTK CK #FWPTKK PC/KQPCNG
PVTGECTG)CIGTP&CJNOCPP#TPFV9GNEMGT)CTGPWP/CT )KGKNCOCPFCV/WNVGUVCVGIGTOCPG)KTGEJGOCTTGRTG\GPVCP/KK  4GUVWNVTWPEJKCVCN2CTNCOGPVWNWK
4WORHRCTNCOGPVECTGOCK EWRTKPFGCFQCTQUWVFGRGTUQCPGUGOWVNC5VWVVICTV
KWPKG&CTNC KWPKGCWVQTKV/KNGQTC)WNWKQRTKTEWVTWRGRGFGUVTG)KECXCNGTK)VK KPVTCTGC RCTNCOGPVCTKNQT P UCNC FG )GFKP/G #UVHGN UG UGOP CEVWN FG FGEGUCN#FWPTKKPC/KQPCNGIGTOCPG   5RTG FGQUGDKTG FG RW\FGTKC UVVWNG/GNQT IGTOCPG
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
 PURKOPVCVFGG)GEWNTGHQTOKUOWNWKRTCEVKECVFG+QUKHCN++NGC)KFGEKU UPWUEJKODGPKOKE)KPVGOGKGKORGTKWNRGEGKFQKUVNRKCKDKTQETC/KGK )KRQNK/KGK7TOC)WNUCW(GTFKPCPF+
GTCQHCPVQ)PURCVGNG ETGKC VTGK QCOGPK IWXGTPCW UVCVWN
/GVVGTPKEJ CTJKFWEGNG .WFYKI  WPEJKWN ORTCVWNWK  )K OKPKUVTWN FG HKPCP/G -QNQYTCV &CE P RNCP
 &GURTG )GTOCPKC NC  Q HQCTVG EQORNGV ETQPQNQIKG GXGPKOGP/KCN GUVG QHGTKV FG &GWVUEJG )GUEJKEJVG KP &CVGP *TUI XQO +PUVKVWV HT )GUEJKEJVG FGT #MCFGOKG FGT 9KUUGPUEJCHVGP \W
1UV$GTNKP 8'$ &GWVUEJGT 8GTNCI FGT 9KUUGPUEJCHVGP$GTNKPR  , 4GFNKEJ &CUUVGTTGKEJKUEJG5VCCVUWPF4GKEJURTQDNGO.GKR\KIXQN+R 



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
PVTG\TKOCKEK WP RCTCNGNKUO EW OK)ECTGC RQGVKE C 6KPGTGK )GTOCPKK #EG)VK KPVGNGEVWCNK TGRTG\GPVCW FKHGTKVG VGQTKK RQNKVKEG CXPF P EQOWP XKUWN WPGK #WUVTKK RTQITGUKUVG P TPFWTKNG NQT UG CHNCW UETKKVQTK LWTPCNK)VK OGFKEK EC HWPE/KQPCTWN FG UVCV  $CTQP #PFTKCP RWDNKEKUVWN +IPC\ -WTCPFC 9KGUPGT /TKPI 5EJWUGNMC EQPVGNG #PVQP #WGTURGTI
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
PNC.GKDCEJONC)TC\5VGKGTOCTM PEWPQUEWVUWDRUGWFQPKOWNNKVGTCT#PCUVCUKWU)TPPCPKKN CKUGEQNWNWKCNPQWURTG\GEGNGCGNKPVTPEQPVCEVEWHQT/GNGQRQ\K/KQPCNG )KNKDGTCNGCWUVTKGEGPENVQTKKNGGHGEVWCVGP+VCNKC#PINKC(TCP/CFCT )K P 5WCDKC 5CEJUGP 6JTKPIGP UCW NC .GKR\KI GN )K NTIK QTK\QPVWN RQNKVKE7PEWRNWXGUVKVCN8KGPGKPCKPVGFGGTCW)TP)K0KMQNCWU .GPCWRTKGVGPWNUWQTKIKPCTFKP$CPCV/CKVT\KWQUVTPURTKGVGPKGN


'XC 2TKGUVGT -WT\G )GUEJKEJVG UVGTTGKEJU #WHUVKGI WPF 7PVGTICPI FGU *CDUDWTIGTTGKEJGU)NQDWU8GTNCI9KGPR



C NGICV RG #PCUVCUKWU )TP )K FG *GKPTKEJ *GKPG &WR RWDNKECTGC QRGTGKUCNGFGFGDWVPXQNWOWNFGRQG\KKKPVKVWNCVQ5RC\KGTIPIG GKPGU 9KGPGT 2QGVGPR
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
 9QNHICPI $GWVKP 'KP UVGTTGKEJKUEJGT .KDGTCNGT FGU 8QTOT\ &KEJVGT WPF .KVGTCVWTXGTOKVVNGT KO  ,J #PCUVCUKWU )TP  TGHGTCV UWU/KPWV NC UKORQ\KQPWNQ+OCIKPKCNG4QOPKGK)KCNG)GTOCPKGKPEQPVGZVWNURC/KWNWKFWPTGCP PUGEQNGNG )KRQTICPK\CVFG7PKXGTUKVCVGC Q#XTCO+CPEWR%NWL )K7PKXGTUKVCVGC .PGDWTI  QEVQODTKG  1RGTC NWK # )TP GUVG NKTKE P EGC OCK OCTG RCTVG WTOPFVTCFK/KCNWK*GTFGT'NGFKVRQUVWOQRGTGNGEQORNGVG )KQDKQITCHKGCNWK0 .GPCW
OQTVPGDWPPVTCFWUGRQG\KKRQRWNCTG
UTDGGVERTGEWO)KQEQNGE/KG FGVGZVGGPING\GTGWPKVGUWDVKVNWN Q4QDKP*QQFR
+NURTKLKPKRG*GKPGPDQCNC WNVKOKNQTNWKCPKFGXKC/2TQVCIQPKUVWNPWXGNGKQ'KP5RVIGDQTPGTR
%GNEGUCPUEWV RTGC VT\KW CRCT/KPPF EGNGK OCK EWPQUEWVG RQGVG CWUVTKGEG /CTKG XQP 'DPGT 'UEJGPDCEJPWGUVGCNVWNFGEVPUW)K)TP $TKVCPPKECXQN#WUVTKCR



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
4GKEJUVCI 2CTVKEKRCTGC IGTOCPKNQT CWUVTKGEK HW UNCD .C  KWNKG CTJKFWEGNG,QJCPPFGUEJKUGRTKOCUGUKWPGC#FWPTKKEQPUVKVWCPVGFCT FGRWVC/KK CWUVTKGEK GTCW P OKPQTKVCVG HC/ FG TGRTG\GPVCP/KK EGNQTNCNVG PC/KQPCNKV/K 2TG)GFKPVGNG %QPUVKVWCPVGK GTC EGJ XKEGRTG)GFKPVGNG RQNQPG\ PVTG FGNGIC/KK PC/KQPCNKV/KNQT UG CHNCW OWN/K /TCPK ECTG PW )VKCW PKEK U UETKG PKEK U EKVGCUE EW CVV OCK RW/KP U XQTDGCUE PGO/G)VG %QPUKNKWN
4GKEJUTCV CDKC TGW)K U EQPXKP CUWRTC NKODKK FG EQOWPKECTG #EGCUV CFWPCTG OWNVKPC/KQPCN UG FGNKOKV PGV FG EJGUVKWPGCWPKV/KKIGTOCPGFG\DVWVNC(TCPMHWTV  .CRTQRWPGTGCUVWFGPVWNWKTCFKECN-WPFNKEJEGTGRTG\GPVCWP FKUVTKEV/TPGUE#FWPCTGCEQPUVKVWCPVXQV)KNC8KGPCNCUGRVGODTKG 

 NGIGC CITCT FG FGUHKKP/CTG C KQDIKGK

#EGCUVC HWUGUG CFQRVCV FGLCPCRTKNKGFG2CTNCOGPVWNWPICT)KNCKWPKGFG&KGVCVTCPUKNXCP .C  UGRVGODTKG ORTCVWN (GTFKPCPF EQPHKTO NGIGC RTKPVTQ RTQENCOC/KG .C  UGRVGODTKG %QPUVKVWCPVC )K FGENCT RGTOCPGP/C
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
)QPFC0KGFGTJCWUGPUGCTCVPVTQ KUVQTKGC+ORGTKWNWKJCDUDWTIKE+PVGRTGVCTGCFGOCKUWUQOKVGKGTCTJKC RTKQTKV/KNQT(TXKC/PC/KQPCNRTQRTKGRTQITGUWNUQEKCNGUVGNKRUKVFG XCNQCTG )KFGQDKGEV#WUVTKC QEQPVTCTGXQNW/KQPCTRICTCPVCFTGRVWTKNG PC/KQPCNG EGN RW/KP FG KWTG RG EPF 7PICTKC TGXQNW/KQPCT NG ENEC P RKEKQCTGFGHCEVQ  .CPQKGODTKGHWPWOKVWPPQWIWXGTPCWUVTKCE2TKP/WN (GNKZ XQP 5EJYCT\GPDGTI PQWN RTKOOKPKUVTW P FKUEWTUWN UW KPCWIWTCN P HC/C #FWPTKK EQPUVKVWCPVG
OWVCV P QEVQODTKG NC -TGOUKGT P /QTCXKC GZRWUG RTKPEKRKKNG WPGK IWXGTPTK NKDGTCNG


+OTG )QPFC 'OKN 0KGFGTJCWUGT &KG *CDUDWTIGT 'KP GWTQRKUEJGU 2JPQOGP %QTXKPC-KCFGFCC
$WFCRGUVCR



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
CWIWUVTGXQNW/KCOCIJKCT HWFGHKPKVKXPHTPV   .CUC)KFKP6TCPUKNXCPKCC)CPWOKVCRGTKQCFCCPKNQTNKPK)VK/K
 HW WTOCV FG WP UWHNW FG XKC/ PQW
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
'2TKGUVGTR$TKVCPPKECXQNR &GPWOKTGC RGTKQCFGK  EC HKKPF EGC C CPKNQT NKPK)VK/K K CRCT/KPG NWK (TKGFTKEJ 6GWVUEJ 8G\K UVWFKWN UW 5VKNNG ,CJTG  P XQN *WPFGTV ,CJTG UEJUKUEJGT-ORHG<GJP8QTVTIGCWUFGT)GUEJKEJVGFGT5KGDGPDTIGT5CEJUGPKONGV\VGP ,CJTJWPFGTV &TWEM WPF 8GTNCI XQP 9 -TCHHV 5KDKW  KCT ECTCEVGTK\CTGC CPKNQT  FTGRV XKC/ PQW Q HCEG # 5EJWNNGT 0GWGU .GDGP  P XQNEKV (TKGFTKEJ6GWVUEJTGKCCODGNGFGPWOKTKPCUC)GUEJKEJVGFGT5KGDGPDTIGT5CEJUGPHT FCUUEJUKUEJG8QNM&TWEMWPF8GTNCIXQP9-TCHHVXQN+++5KDKW
 &GURTG#WUVTKCPCPKK)QPFC0KGFGTJCWUGTR9/NNGTR



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
 .C $TC)QX )K PEGRW CEVKXKVCVGC Q ECU FG RGPUKK
 #UQEKC/KKNG OG)VG)WITG)VK KXKVG P CEGUV TUVKOR
5KDKW  $TC)QX  $KUVTK/C /GFKC)  NC 5KIJK)QCTC CUQEKC/KC HW PHKKP/CV NC  )K CRTQDCV P  /KPVGCW URTG TKFKECTGC OG)VG)WIWTKNQT )K C EQOGT/WNWK URTG CPKOCTGC URKTKVWNWK FG OWPE )K GEQPQOKG URTG POWN/KTGC ETGFKVWNWK )K HQTOCTGC WPGK GEQPQOKK OQFGTPG P  NW PC)VGTG CUQEKC/KC VTCPUKNXPGCP UUGCUE FG CITKEWNVWT  7P NQE CRCTVG NC QEWRCV #UQEKC/KC RGPVTW EWNVWTC VTCPUKNXCP
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
(TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPDTIGT5CEJUGP+++R



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
 )K UWRNKOGPVGNQT UCNG  6TCPUUKNXCPKC
 )K #OVU WPF +PVGNNKIGP\DNCVV
! K UG CFWI NC 5KDKW 5KGDGPDTIKUEJGT 8QNMUHTGWPF HQPFCV P  )K EQPFWU RP P  FG , /KEJCGNKU ,QUGH$GPKIPKXQP/KNFGPDGTIGFKVPVTG )K7PVGTJCNVWPIGP CWUFGT)GIGPYCTVQTGXKUVEG)KRTQRWPGCEJKCTFKPVKVNWUUGFGFKEG FG\DCVGTKNQTRTQDNGOGNQTCT\VQCTGCNGRTG\GPVWNWK.C$TC)QXVKRCTPK/C PVGOGKCV P UGEQNWN CN :8+NGC FG *QPVGTWU HW EWORTCV P  FG ,QJCPP )VV WPVKRQITCHXGPKVFKP(TCPMHWTV)VVRWDNKE$NVVGTHT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFG
 KCT EW PEGRGTG FKP  UEQCUG 5KGDGPDTIGT 9QEJGPDNCVV \KCTWN ECTG K CFWUG EQPUCETCTGC )K WP UWEEGU HWNOKPCPV CVKPIPF P  WP PWOT FG Q OKG FG CDQPC/K PGOCKPVNPKV RP CVWPEK P RTGUC CTFGNGCP %C UWRNKOGPV CN NWK 9QEJGPDNCVV CRTW 5CVGNNKV FGU 5KGDGPDTIGT 9QEJGPDNCVVU
  6QV NC $TC)QX #PVQP -WT\ RWDNKEC WP Q/CIC\KP FG KUVQTKG NKVGTCVWT )K OQPWOGPVGCNG 6TCPUKNXCPKGK
/CIC\KPHT)GUEJKEJVG.KVVGTCVWTWPFCNNG&GPMWPF /GTMYTFKIMGKVGP5KGDGPDTIGPU   2TGUC UUGCUE UWU/KPGC KFGGC IGPGTCN C RTQITGUWNWK RTKP RTQOQXCTGC GICNGK PFTGRV/KTK PC/KQPCNG C TGQTICPK\TKK XKG/KK EQOWPCNG C TGHQTOTKK CITKEWNVWTKK EQOGT/WNWK OG)VG)WIWTKNQT 2TQDNGOC RWDNKEKV/KK CFKE C CFWEGTKK NC EWPQ)VKP/C PVTGIKK QD)VK C
&GURTG)VV)KTGFCEVQTKKHQKNQTDTC)QXGPGGZKUVKPHQTOC/KKDQICVGFCTFKURCTCVG8 UKPVGVKEECRKVQNWNQ%TQPKECRTGUGKDTC)QXGPGR +DKFGOR&GURTGHGPQOGPWNCUQEKC/KQPKUVNCUC)KVQVCKEKR



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
(T 6GWVUEJ  .C 5KDKW TGFCEVQTWN)GH CN NWK $QVG UG PITKLGC P OCPKGT RCVTKCTJCN FG EGP\WTC 6TCPUUKNXCPKGK 5EJWNNGT EQPFWEGC 6TCPUUKNXCPKC)KEGP\WTC5KGDGPDTIGT$QVG&WRPUEPFUG PVG/KT HTGEW)WTKNG RQNKVKEG IWXGTPCVQTWN 6GNGM[ FKURWUG PWOKTGC UGETGVCTWNWKVG\CWTCTKCN)[GTI[CKPHWPE/KCFGEGP\QTCNHQKNQTUKDKGPG )[GTI[CKGTCQQRGTUQCPKIPQTCPV)KNKRUKVFGVCEVECTGCDKCP/GNGIGC NKODC IGTOCPR 'NKOKPC FWR DWPWN UW RNCE CTVKEQNG ECTG PW EQPUVKVWKCWWPRGTKEQNNCCFTGUCUVCVWNWKWPGQTK )KCTVKEQNGECTGCRTCW IWXGTPWN RTGEWO )K VTCFWEGTK EJKCT FKP 'TFN[ *KTCFQ
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
(T6GWVUEJQREKVR



JKVWKTGCUC)KNQT
(T6GWVUEJ&G)VGRVCTGCEQP)VKKP/GKFGUKPGUUG)VKC HQUVQTGCNKVCVGCCEGNQTCPKGRTKOCVPRQG\KCTQOCPVKECWPQTRQG/K RTGEWO,QUGH/CTNKPCWVQTWN%TWEKCFGNQTRQNKVKEGRG2OPVWN5UGUE
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
,QUGH $GPKIPK XQP /KNFGPDGTI CN/KK RTQXGPK/K FKP TPFWN NQECNPKEKNQT UC)K .C 5KDKW VTKCW XGEJK URK/G FG RCVTKEKGPK  6TGDWKG UWDNKPKCV HCRVWN E LWTK)VKK EQPUVKVWKCW RVWTC EQPFWEVQCTGCUC)KNQTPCNVCUQEKGVCVG2TG\GP/KRGUVGVQVPQTC)G )K VTIWTK EJKCT P UWDWTDKKNG UECWPGNQT OCK OKEK LWTK)VKK RWVGCW CUEGPUKQPC RP NC HWPE/KK PCNVG EWO GTCW EGNG FG EQPUKNKGT IWDGTPKCN UCWEQPUKNKGTFGEWTVG5KDKWNPUGOPPFPCEGUVUGPUVTGCRVCEGCOCKFG UWU C ECTKGTGK NQT P #TFGCN 2P CVWPEK LWTK)VKK GTCW CRTVQTK CK
+DKFGOR +DKFGOR



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
%KVCVRTGNWCVFKP(T6GWVUEJQREKVR 

9CNVGT &CWIUEJ &KG 0CVKQPCNKVVGP 5KGDGPDTIGPU KO 5RKGIGN FGWVUEJURTCEJKIGT <GKVWPIGPWPF<GKVUEJTKHVGPFGU8QTOT\P<GKVUEJTKHVGPWPF<GKVWPIGPFGUWPF ,J KP /KVVGN WPF 1UVGWTQRC GFKV +UVXP (TKGF *CPU .GODGTI 'FKVJ 4QUGPUVTCWEJ -PKIUDGTI$GTNKPR



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
PT  FKP  OCTVKG  #EGNC)K \KCT FKP %NWL RWDNKE OCPKHGUVG XKQNGPVG RTGEWO GTC EGN ECTG PHKGTC PITQ\KVQCTGC EQPLWTC/KG C 7PKXGTUKV/KK PC/KQPCNG #UVHGN FG OCPKHGUVG HWT VTKOKUG OCUKX P )GTOCPKC'HGEVWNNQTHWCEGNCE0GWG4JGKPKUEJG<GKVWPI)KCNVG\KCTG IGTOCPG XQTDKT P VGTOGPK FWTK FGURTG VGWVQPKK VTCPUKNXCPK TGCE/KQPCTK
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
 %CTN )NNPGT &KG 5KGDGPDTIGT 5CEJUGP KP FGP ,CJTGP  'FKVWTC #ECFGOKGK &KG5KGDGPDTIGT5CEJUGPKPFGP,CJTGPR

454$WEWTG)VKR

5VGRJCP.WFYKI4QVJ )GUCOOGNVG5EJTKHVGPWPF$TKGHGGF1VVQ(QNDGTVJXQN &CU 5EJKEMUCN&QMWOGPVGCWUFGP,CJTGP8GTNCI9CNVGTFG)TW[VGT%Q$GTNKP R



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
 CWIWUV 5WDNKPKG FKURQPKDKNKVCVGC UC)KNQT FG C EQPXKG/WK RC)PKE EW OCIJKCTKK FCT RGPVTW CUKIWTCTGC REKK EQPFK/KC FG DC\ GTC ICTCPVCTGC XGEJKK CWVQPQOKK OWPKEKRCNGUUG)VK4GHGTKPFWUGNCGHQTVWTKNGTGXQNW/KQPCTKNQTOCIJKCTK FG C TGCNK\C NC (TCPMHWTV Q CNKCP/ EW )GTOCPKC )GNVUEJ KPUKUVC P TWIOKPVGC CFTGUCV 2CTNCOGPVWNWK IGTOCP FG C PW QOKVG CEGCUV RTGXGFGTGCICTCP/KKNQTUUG)VKPPKEKQCNKCP/PEJGKCVFG)GTOCPKC +PVGTXGP/KC NWK )GNVUEJ PW CXW WP GHGEV RTCEVKE &CT GC FFW INCU

6TCPUUKNXCPKC5KDKWPTCRTKNKGR)KPTOCKR

5D8QNMUHTGWPF5KDKWPTCRTKNKGR5CVGNNKV$TC)QXPT OCKR  &GURTG OGOQTKWN 7PKXGTUKV/KK PC/KQPCNG UUG)VK FKP  KWPKG  X (T 6GWVUEJ )GUEJKEJVGFGT5KGDGPDTIGT5CEJUGP+++RUS/GOQTKWNGUVGTGFCV )KP 3WGNNGP \WT )GUEJKEJVG FGT 5KGDGPDTIGT 5CEJUGP GF 'TPUV 9CIPGT C FQWC GFK/KG $JNCW 8GTNCI-NP9KGPR &QEWOGPVGRTKXKPFTGXQNW/KCFGNCP /TKNGTQOPG %6TCPUKNXCPKCXQN8++UWDVKRCT



UGPVKOGPVWNWKUQNKFCTKV/KKUC)KNQTEWEQPHTC/KKNQTEGRNPWKCWWPKHKECTGC VWVWTQTIGTOCPKNQT  (K 7PKWPGC VKPGTGVWNWK IGTOCPQUUGUE

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
+DKFGO )K +TOICTF /CTVKWU )TQUVGTTGKEJ WPF FKG 5KGDGPDTIGT 5CEJUGP  8GTNCIFGU5FQUVFGWVUEJGP-WNVWTYGTMU/PEJGPR  'UVG WP HTCIOGPV FKP )TWYQTV FGU FGWVUEJGP ,WIGPFDWPFGU KP 5KGDGPDTIGP CP FKG FGWVUEJG0CVKQPCNXGTUCOONWPIKPFGT(TCPMHWTVGT2CWNUMKTEJGKO,CJTGRWDNKECVP -NKPIUQT,I*GHVR)KGUVGEKVCVFG)WUVCX)PFKUEJ&GWVUEJGU 8QNMUYGTFGPKP5KGDGPDTIGP
'PVYKEMNWPIUIGUEJKEJVNKEJG&WTEJDNKEMG8GTNCI -TCHHV&TQVNGHH5KDKWR  /KEJCGN -TQPGT 'KP 5RTGEJUCCN FGU 8QNMUYKNNGPU P &KG <GKV KP FGT <GKVWPI %NWL R
&GURTGFGOGTUWTKNG7PKXGTUKV/KKPC/KQPCNGRGNPI2CTNCOGPVWNFKP(TCPMHWTVX



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 9 &CWIUEJ QREKV  R  FGURTG #PVQP -WT\ 5KGDGPDTIGT 5CEJUGP .GZKMQP TGF

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CWHQUVKPVGT\KUG$QVG)KEQPVKPWCEVKXKVCVGCEWWPPQWTGFCEVQT)GH ,QJCPP*KPV\CETWKQR/KWPGFGENCTCVGTCCEGGCFGCTGHW\CURTCEVKEG CIKVC/KQPKUORQNKVKERTKPKPVGTOGFKWNRTGUGKHTCPGICKPVGP/KKNGUCNG RQNKVKEGNGCNG )KFGUEJKUG PRQHKFCVCNGPVWNWKUWFGLWTPCNKUVUVTNWEKV UKORCVKKNG UCNG HKNQMQUUWVJKGPG CW HQUV CURTW LWFGECVG FG KUVQTKQITCHKC UUGCUEWNVGTKQCTGXGPKOGPVGNQT
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
5D$QVGPTOCTVKGR

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-ORHGR(T6GWVUEJ)GUEJKEJVGFGT5KGDGPDTIGT5CEJUGP+++R

5KGDGPDTIGT9QEJGPDNCVV$TC)QXPTKCPWCTKGR



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)KFGRNPIGCFKHKEWNVCVGCEWECTGRGCVWPEKFKP RTKEKPC EGP\WTKK UG RWVGC OCPKHGUVC FQCT Q HQTO UENEKCV FG NKDGTCNKUO PCKX 5KGDGPDTIGT 9QEJGPDNCVV HWUGUG WP \KCT RGPVTW VQCVGXQEKNG)KVQCVGRCTVKFGNGFCTFWREWEGTKTKNGFKPOCTVKG
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-TQPUVFVGT<GKVWPIPTKWNKGR +DKFGOPTOCTVKGR



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

CHCTC RQRQTWNWK )K FGCUWRTC RQRQTWNWK PW UV PKOGPK KCT PQK ETGFGO P KORWPGTGC XQKP/GK RQRQTWNWK EC UEQR CN UVCVWNWK P PHRVWKTGC FTGRVWTKNQTWOCPGKPCNKGPCDKNGCNGVWVWTQTEGV/GPKNQTUVCVWNWKEC RTKO )KWNVKOXQKP/CRQRQTWNWK
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P VGTOGPKK PQ)VTK FG CUV\K C PC/KQPCNKV/KK GTC EGN NKPIXKUVKE P #TFGCNWN RC)QRVKUV EKTEWNC )K EQPEGRVWN FG PC/KQPCNKVCVG ECTG CEQRGTGC UGPUWN EGNWK FG PC/KWPG
FWR EWO TG\WNV FKP VGZVWN NWK /CTNKP TGFCV OCK UWU &GHKPK/KKNG GFKVQTWNWK DTC)QXGCP TOP XCNCDKNG P NKPKK IGPGTCNG (T C EGTG CPWOG QTICPK\CTGC6TCPUKNXCPKGKPVTWPUKUVGOHGFGTCVKXFWROQFGNGNXG/KCP )K PQTFCOGTKECP )VV UWIGTC E CVV 7PICTKC EV )K 6TCPUKNXCPKC VTGDWKCW U FGXKP UVCVG IGQITCHKEG P ECTG UG UWDP/GNGIG VQCVG PC/KWPKNGUHKGGICNPFTGRV/KVG 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
 -TQPUVFVGT <GKVWPI PT   OCTVKG  R  )K PT   CRTKNKG  R  8

#PGZGFQEPT



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
6KPGTGVWN CECFGOKE IGTOCP .GIKWPGC CECFGOKE NC 8KGPC 7PKWPGC VKPGTGVWNWK IGTOCP FKP 6TCPUKNXCPKC .C 5KDKW UVWFGP/KK #ECFGOKGK UUG)VK FG FTGRV NKVQITCHKCT P UGETGV Q TGXKUV Q&GT LWPIG 5CEJUGR ECTG CRTW EVGXC NWPK PCKPVG FG K\DWEPKTGC TGXQNW/KGK
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

/KEJCGN-TQPGT'KP5RTGEJUCCNFGU8QNMUYKNNGPUPXQNEKVR



+&'4814/4<

       





 &KG GTUVGP FGWVUEJGP <GKVWPIGP KP FGT *CDUDWTIGTOQPCTEJKG YCTGP Q0GYG <G[VWPIGPR KPJCNVUTGKEJG (NWIDNVVGT FKG FKG 6TMGPMTKGIGUEJKNFGTVGP'KPKIG5VEMGKPFGWVUEJGT5RTCEJGDGTFKG 5EJNCEJV XQP /QJEU
 UKPF GTJCNVGP 5KG UVCOOGP \WO ITVGP 6GKNCWUFGT9CPFGTFTWEMGTGKFGU,QJCPPGU/CPNKWU
/CPGN/PPGN &CUNVGUVGKUVFKGQ0GYG<G[VWPICWU7PICTPRXQP'TJCTF2EMJNCWU FGO ,CJT  IGFTWEMV \W 'DGTCW
/QP[QTMGTM /CTVKP 5\GPVKXP[KICDXQPDKUNCVGKPKUEJG(NWIDNVVGTJGTCWU  9KGP &CU GTUVG NCPINGDKIUVG WPF DGFGWVGPFUVG $NCVV YCT FKG COVNKEJG Q9KGPGT <GKVWPIR
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
OKVGKPGTMWT\GP7PVGTDTGEJWPIXQTFGO 0QXGODGT  #NU 4GIKGTWPIUDNCVV GTTGKEJVG UKG  GKPG #WHNCIG XQP'ZGORNCTGP  9JTGPF FGU  ,JU DGUC 9KGP GKPG FQOKPCPVG 4QNNG KO $GTGKEJ FGT 2TGUUGRTQFWMVG&GOUVCTMGPIGKUVKIGP&TWEMFGT9KGPGT <GKVWPIGP MQPPVG CNNGKP FKG Q2TGDWTIGT <GKVWPIR YKFGTUVGJGP 9KGP YWTFG \WT #NNGKPJGTTUEJGTKP CWH FGO IGKUVKIGP WPF
/KEJCGN-TQPGT 'KPNGKVWPI KO$CPF&KG<GKVKPFGT<GKVWPI-NCWUGPDWTI5

   

 &GWVUEJG2TGUUGWPF<GPUWT KPFGT*CDUDWTIGTOQPCTEJKG

*GKPTKEJ4\&GWVUEJG<GKVWPIGPWPF<GKVUEJTKHVGPKP7PICTPXQP$GIKPPDKU 8GTNCIHT*QEJUEJWNMWPFG/PEJGP5  -WTV 2CWRK *CPFDWEJ FGT UVGTTGKEJKUEJGP 2TGUUGIGUEJKEJVG  $F + 9KGP 9KGP5



YKUUGPUEJCHVNKEJGP )GDKGV D\Y \WO CNNGKPUVGJGPFGP IGKUVKIGP 8GTOKVVNGT FGU 9GUVGPU  5Q DGMCOGP CWEJ FKG <GKVWPIGP DKU \WO 'PFGFGU,JUKJTG0CEJTKEJVGPHCUVCWUUEJNKGNKEJCWU9KGPYQOKV CWEJKJTGMWT\G.GDGPUFCWGTNGKEJVGTMNTNKEJKUV  #WEJFKG2TQXKP\UVFVGGPVYKEMGNVGPCNNOJNKEJ7PVGTPGJOGP YQ<GKVWPIGPJGTCWUIGDTCEJVYWTFGP  $WFCRGUV&KGGTUVG1HGPGT&TWEMGTGK
IGITPFGVIGJTVG FGO &GWVUEJGP ,QJCPP 5GDCUVKCP .CPFGTGT &C YWTFG FGT Q9EJGPVNKEJ \YG[OCN PGWCPMQOOGPFG /GTEWTKWUR
 JGTCWUIGIGDGP &KG PEJUVG FGWVUEJG <GKVWPI GTUEJKGP GTUV XKGT ,CJT\GJPVGURVGT
KP2GUVGUMPPVGUKEJWOGKPG(QTVUGV\WPIFGU Q/GTEWTKWURJCPFGNP  &CU Q2GUVGT +PVGNNKIGP\DNCVV KP (TCI WPF #P\GKEJGPR YWTFG XQP  DKU  JGTCWUIGIGDGP WPF \GKIV FGO Q/GTEWTKWUR IGIGPDGTGKPGP(QTVUEJTKVV  +O.CWHGFGTCEJV\KIGT,CJTGFGU,JGTUEJKGPGPKP1HGPWPF 2GUV FKG GTUVGP YKUUGPUEJCHVNKEJGP <GKVUEJTKHVGP 2GUV UVGNNVG FCOCNU PQEJMGKPNKVGTCTKUEJGU<GPVTWOFCTUQICTFKG4GIKGTWPIUOVGTYCTGP PQEJDKUKP2TGDWTI&KGXQP,CMQD,QUGRJ9KPVGTNKP2GUV
 JGTCWUIGIGDGPGP Q/QPCVNKEJG (TEJVG GKPGT IGNGJTVGP )GUGNNUEJCHV KP *WPICTPR UKPF DGT FCU GTUVG *GHV PKEJV JKPCWUIGMQOOGP FC FKG 8GTJNVPKUUG HT GKPG #MCFGOKG FGT 9KUUGPUEJCHVGP PQEJ PKEJV TGKH YCTGP0CEJMWT\GO$GUVCPFGPFGVGCWEJFKG<GKVUEJTKHVFGU)GNGJTVGP /CTVKP )GQTI -QXCEJKEJ FGT Q/GTMWT XQP 7PICTPR
2GUV  DKU   DGTFKG Q1HPGT5VCFV\GKVWPIRFKGCWEJCNU Q5VFVKUEJG1HPGT <GKVWPIR GTYJPV YWTFG KUV CWGT KJTGO 'TUEJGKPWPIUFCVWO WO PKEJVXKGNDGMCPPV  'KP NPIGTGU &CUGKP JCVVGP FKG Q7PICTKUEJGP 5VCCVU WPF )GNGJTVGP0CEJTKEJVGPR FKG XQO  ,CPWCT  DKU  ,WPK  KP 1HGP GTUEJKGPGP 5KG GPVPCJOGP FKG CWUNPFKUEJGP 0CEJTKEJVGP JCWRVUEJNKEJ FGT Q9KGPGT <GKVWPIR 9CTGP LGPG PKEJV CPIGMQOOGP UQ DGOGTMVG OCP \$ KP 0T 
XQO  0QXGODGT  Q&KG 2TGDWTIGT WPF FKG 9KGPGT 2QUV UKPF KP FGO /QPCV PQEJ PKEJV CPIGMQOOGPR 5KG DGTKGHGP UKEJ CWEJ CWH CPFGTG CWUNPFKUEJG FGWVUEJG <GKVWPIGP UQ CWH FKG Q$GTNKPGT /QPCVUEJTKHVR FKG Q/CKP\GT /QPCVUEJTKHVR FGP Q*CODWTIGT %QTTGURQPFGPVR FKG Q.GODGTIGT
*4\CC15 'DGPFC5 DGTFKG1HPGTWPF2GUVGT2TGUUG*4\CC15



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
)TPFWPIFGUN2GUVGT.NQ[FOMGKPGP\YGKVGPXGT\GKEJPGPMPPGP5KG KUV CWEJ OCPEJOCN GPVUEJKGFGP HT FKG +PVGTGUUGP FGU &GWVUEJVWOU GKPIGVTGVGP CDGT PKG XGTNGV\GPF IGIGP FCU 7PICTVWO PWT UVCTM FGP GKIGPGP5VCPFRWPMVWPVGT\GKEJPGPFR  /KV FGT DGNNGVTKUVKUEJGP <GKVUEJTKHV FGU )TCHGP -CTN (GUVGVKEU FGT Q2CPPQPKCR
 #RTKN  DKU  &G\GODGT  HPIV FKG $NVG\GKVFGT<GKVUEJTKHVGPCP#NU/KVCTDGKVGTFKGUGT<GKVUEJTKHVYKTMVGP DGMCPPVG UVGTTGKEJKUEJG 5EJTKHVUVGNNGT YKG ,. &GKPJCTFVUVGKP ( )THHGT (: 5EJNGEJVC UQYKG FKG DGUVGP FGWVUEJWPICTKUEJGP 5EJTKHVUVGNNGT 4) 4WO[ , /GN\GT , %UNCRQXKEU WC 0CEJ FGP
'DGPFC5



#PHPIGPDGKFGT Q2CPPQPKCRYCTGPFKGCWUNPFKUEJGP/KVCTDGKVGTDGK FGT Q+TKUR

 ,WNK  DKU  &G\GODGT  FGU -CTN 5VKGNN[ UEJQP \CJNTGKEJGT * #FCOK 4 $CNFCOWU ' $CWGTPHGNF # )TP .1 *GPPGV(%CUVGNNKWC&GT Q5RKGIGNR
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
 ,CPWCT  DKU  /T\  YQ FGT 5EJTKHVNGKVGT 5KGIOWPF 5CRJKT GKPG 4GKJG LFKUEJGT ,QWTPCNKUVGP CWU UVGTTGKEJ WPF &GWVUEJDJOGP CNU /KVCTDGKVGT CPUVGNNVG
.GQRQNF -QORGTV#FQNH0GWUVCFV/QTKV\/CJNGT+UKFQT*GNNGTWC0GWUVCFV YCTCWEJ5EJTKHVNGKVGTFGTQ2TGDWTIGT<GKVWPIRWPFXQPDKU FGT Q2CPPQPKCR UQYKG KJTGU DGNNGVTKUVKUEJGP $GKDNCVVGU 'KPGP NKVGTCTKUEJGP 9GTV DGUC FCU XQP *GTOCPP -NGKP JGTCWUIGIGDGPG 6CIGDNCVVQ&GT7PICTR
,CPWCTDKU5GRVGODGT  +P $WFCRGUV GTUEJKGP UGKV  FKG Q#NNIGOGKPG *CPFNWPIU\GKVWPIR FKG WPVGT XGTUEJKGFGPGP 6KVGNP DKU  JGTCWUMCO  2TGDWTI #O  ,WNK  GTUEJKGP CWH #PTGIWPI FGU 2TGDWTIGT$TIGTOGKUVGTU-CTN)QVVNKGD9KPFKUEJ
FKGGTUVG 0WOOGT FGT Q2TGDWTIGT <GKVWPIR DGK ,QJCPP /KEJCGN .CPFGTGT #PHCPIUYWTFGUKGYEJGPVNKEJ\YGKOCNURVGTVINKEJJGTCWUIGIGDGP &KGLJTKIG)GUEJKEJVGFKGUGTRQRWNTGP<GKVWPIGPFGVGGTUV'U YCT FKG GKP\KIG <GKVWPI FKG YJTGPF FGU  ,JU FGO &TWEM FGT 9KGPGT<GKVWPIGPYKFGTUVGJGPMQPPVG  +O *GTDUV  ICD GDGPHCNNU 9KPFKUEJ CNU (QTVUGV\WPI FGT HPH,CJTGPXQTJGTGKPIGICPIGPGP Q#P\GKIGPRUGKPGYKUUGPUEJCHVNKEJG <GKVUEJTKHV Q7PITKUEJGU /CIC\KPR DGK #PVQP .YG JGTCWU &KG <GKVUEJTKHV RHNGIVG CNNG )GDKGVG FGT 9KUUGPUEJCHV KPUDGUQPFGTG CDGT )GUEJKEJVGWPF)GQITCRJKG&CUQ7PITKUEJG/CIC\KPR
YCT QFKG DGFGWVGPFUVG FGWVUEJG <GKVUEJTKHV DKU \WT ,CJTJWPFGTVYGPFG KP
DGTFKG2TGDWTIGT2TGUUGGDGPHCNNU*4\CC15



7PICTPR 0CEJ FGO 'KPIGJGP FGT <GKVUEJTKHV OCEJVG 9KPFKUEJ FGP 8GTUWEJFCUQ0GWG7PITKUEJG/CIC\KPR
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
WPFFGT<KRU
\WXQTYWTFG KP6GOGUYCTFCU\YGKVG9QEJGPDNCVVXQP,QJCPP6JQOCU6TCVVPGTFKG Q6GOGUYCTGT <GKVWPIR JGTCWUIGIGDGP  ICD FGT 6GOGUYCTGT $WEMFTWEMGTGKDGUKV\GT,QUGH'KUGPHJTGTFGP Q6GOGUYCTGT/GTMWTRCNU 9QEJGPDNCVV JGTCWU 9GKVGTGP OKINEMVGP 8GTUWEJGP
  HQNIVGFCU Q6GOGUYCTGT9QEJGPDNCVVR
FCU\WGKPGO DGFGWVGPFGP $NCVV JGTCPYWEJU  ICD GU JKGT CWEJ GKPG Q$CPCVGT <GKVUEJTKHVHT.CPFYKTVUEJCHV*CPFGN-PUVGWPF)GYGTDGR  #ITCO &GTUGNDG 6TCVVPGT ICD  CWEJ FKG GTUVG <GKVWPI KP #ITCO FGT Q-TQCVKUEJG -QTTGURQPFGPVR JGTCWU FKG KP  0WOOGTP XQTJCPFGPKUV&KG Q#ITCOGT<GKVWPIR
URKGNVG\WPEJUVCNU 9QEJGPDNCVV URVGT CNU 6CIGDNCVV GKPG YKEJVKIG 4QNNG 5KG JCVVG XGTUEJKGFGPG $GKDNVVGT YQTWPVGT NKVGTCTKUEJ FCU DGFGWVGPFUVG FKG Q.WPCR
YCTQ&GTFGWVUEJG'KPHNWKP-TQCVKGPYCTFCOCNU UQ UVCTM FC UQICT FKG (JTGT FGU +NN[TKUOWU UKEJ QHV FGT FGWVUEJGP 5RTCEJG DGFKGPVGP WPF FKG FGWVUEJGP 5EJTKHVUVGNNGT ICDGP KP #ITCO
'DGPFC5 'DGPFC5

'DGPFC5 DGTFKG6GOGUYCTGT2TGUUG0KMQNCWU$GTYCPIGT'TUVGFGWVUEJG<GKVWPIFGU$CPCVU

GTUVG <GKVWPI CWH FGO )GDKGVG FGU JGWVKIGP 4WOPKGPU KP &KG <GKV KP FGT <GKVWPI $GKVTIG \WT TWOPKGPFGWVUEJGP 2WDNK\KUVKM -NCWUGPDWTI  5  * 4\ CC15



GKPG /QPCVUUEJTKHV FKG Q%TQCVKCR

 JGTCWU YQTKP UKG OKV $GIGKUVGTWPIXQPFGTPCVKQPCNGP5CEJGFGT-TQCVGPURTCEJGPR  -CTNUVCFV 5VCTM XGTDTGKVGV WPF DGNKGDV YCT CWEJ FKG DGNNGVTKUVKUEJG <GKVUEJTKHV Q&GT 2KNIGTR
 YQTKP CWEJ DGTUGV\WPIGPCWUFGO-TQCVKUEJGPOKVIGVGKNVYWTFGP  *GTOCPPUVCFV #O0QXGODGTICD/CTVKP*QEJOGKUVGT KP *GTOCPPUVCFV FKG Q#PMPFKIWPI FGT GTUVGP UKGDGPDTIKUEJGP <GKVWPIR JGTCWU 8QO  ,CPWCT  CPIGHCPIGP GTUEJKGP FKG Q5KGDGPDTIGT <GKVWPIR DGK *QEJOGKUVGT +JTG (QTVUGV\WPI XQP  YCTFGTQ-TKGIUDQVGRFGUUGP6KVGNCDQ5KGDGPDTIGT$QVGRYWTFG 'PFG FGU  ,J GTUEJKGP FGT Q5KGDGPDTIGT $QVGR KP GKPGT MNGKPGP #WHNCIGWPFJCVVGDNQ#DQPPGPVGP +O8QTOT\GTUEJKGPGPCNU $GKDNVVGTFGU Q$QVGPRFCU Q5KGDGPDTIKUEJG$TIGTDNCVVR
 FKG Q6TCPUUKNXCPKCR
 FCU Q#OVU WPF +PVGNNKIGP\DNCVV \WO 5KGDGPDTIGT $QVGPR
 FGT Q#PJCPI \WT 6TCPUUKNXCPKC HT .CPFYKTVUEJCHV WPF )GYGTDGR
 FCU Q&GWVUEJG 8QNMUDNCVV HT .CPFYKTVUEJCHVWPF)GYGTDGKP5KGDGPDTIGPR
#WGTFGO MCOGP KP *GTOCPPUVCFV FCU Q7PVGTJCNVWPIUDNCVV CWU FGT )GUEJKEJVG 5KGDGPDTIGPUR
FKG Q7PVGTJCNVWPIGPCWUFGT)GIGPYCTVR
 FCU Q#TEJKX HT FKG -GPPVPK XQP 5KGDGPDTIGPU 8QT\GKV WPF )GIGPYCTVR
 FGT Q5KGDGPDTIKUEJG 8QNMUHTGWPFR
  JGTCWU  &CU DGFGWVGPFUVG YKUUGPUEJCHVNKEJG 1TICP YCT FCU Q#TEJKX FGU 8GTGKPU HT UKGDGPDTIKUEJG .CPFGUMWPFGR
 7O FKG ,CJTJWPFGTVYGPFG YWTFGP \YGK KPJCNVUTGKEJG <GKVUEJTKHVGP GDGPHCNNU DGK *QEJOGKUVGT JGTCWUIGDTCEJV FKG UKEJ CNU <KGN FKG 'THQTUEJWPI FGT UKGDGPDTIKUEJUEJUKUEJGP )GUEJKEJVG WPF -WNVWTIGUEJKEJVG UGV\VGP FKG Q5KGDGPDTIKUEJG 3WCTVCNUEJTKHVR
   $PFG WPF FKG Q5KGDGPDTIKUEJGP 2TQXKP\KCNDNVVGTR
 $PFG  -TQPUVCFV &CU XQO 8GTNGIGT ,QJCPP )VV JGTCWUIGDTCEJVG 0CEJTKEJVGPDNCVV FCU Q5KGDGPDTIKUEJG 9QEJGPDNCVVR
 YWTFG FWTEJ FGUUGP MWNVWTGNNG NKVGTCTKUEJG WPF YKUUGPUEJCHVNKEJG $GKDNVVGT GTIP\V FCU Q7PVGTJCNVWPIUDNCVV HT )GKUV )GOVJ WPF
*4\CC15DGTFKG#ITCOGT2TGUUGCWEJCWH5 'DGPFC5 

/KEJCGN -TQPGT 'KP -KPF FGT #WHMNTWPI &KG #PHPIG FGT UKGDGPDTIKUEJGP WPF UEJUKUEJGP2WDNK\KUVKM KP&KG<GKVKPFGT<GKVWPI5*4\CC15IKDV HNUEJNKEJOCPEJG6KVGNWPF&CVGPCP  /KEJCGN -TQPGT Q5RTGEJUCCN FGU 8QNMUYKNNGPUR &KG UKGDGPDTIKUEJUEJUKUEJG 2TGUUG YJTGPFFGU8QTOT\WPFKPFGTDTIGTNKEJFGOQMTCVKUEJGP4GXQNWVKQPXQP KP <GKVKPFGT<GKVWPI5



2WDNK\KVVR
 FCU WPVGT FGO 0COGP Q$NVVGT HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFGR
  HQTVIGUGV\V YWTFG FKG Q/KOQUGP CWU FGO )GDKGV FGT &TCOCVWTIKGR
 FCU Q+PVGNNKIGP\DNCVVR
FGT Q5CVGNNKVR
 FKG Q5VWPFGPDNWOGP FGT )GIGPYCTVR
  UQYKG FCU Q/CIC\KP HT )GUEJKEJVG .KVGTCVWT WPF CNNG &GPM WPF /GTMYTFKIMGKVGP5KGDGPDTIGPUR
   &KGITQG9KTMWPIWPF/CEJVFGTRGTKQFKUEJGP2TGUUGYWTFG XQP#PHCPICPGTMCPPV&GT9KGPGT*QHYCTUKEJFKGUGT/CEJVDGYWV CNUGTOKVCNNGTJEJUVGO*CPFUEJTGKDGPFGPHQNIGPFGP$GHGJNCP CNNG .CPFGUXQTUVPFG GTIGJGP NKG 9QJN CDGT YTFG IWV IGUEJGJGP YGPP WPVGT FGT *CPF UQYQJN <GKVWPIUUEJTGKDGT CNU CWEJ )GNGJTVG KP WPF CWGT FGP 'TDNCPFGP FWTEJ <WUKEJGTWPI GKPGT CPIGOGUUGPGP $GNQJPWPI CWHIGOWPVGTV YGTFGP YTFGP FKG DNGP (QNIGP FGT HTCP\UKUEJGP 4GXQNWVKQP DGK UEJKEMUCOGT )GNGIGPJGKV NGDJCHV FCT\WUVGNNGPWPFDGUQPFGTUUQNEJGKPGKPGRQRWNTGLGFGTOCPPNGKEJV HCNKEJG5EJTGKDCTVGKP\WMNGKFGP  &KG GTUVG #DHCUUWPI FGT 4CVKQ 'FWECVKQPKU
 JCV FGO <GKVWPIUNGUGP GKPG ITQG RTCMVKUEJG $GFGWVWPI DGKIGOGUUGP .CWV h  YWTFG FCU <GKVWPIUNGUGP
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

'DGPFC5 

<KVCV PCEJ * 4\ CC1 5  9KGP 5VCCVUCTEJKX FGU +PPGTP WPF FGT ,WUVK\ 2QNK\GKJQHUVGNNG  <KVCV KP #WHMNTWPI 5EJTKHVVWO FGT 5KGDGPDTIGT 5CEJUGP WPF $CPCVGT 5EJYCDGP *I %CTN)NNPGTWPF*GKP\5VPGUEW$WMCTGUV5KP%)NNPGTUQ'KPNGKVWPIR



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
Q&GT PGWG -WTKTR JCV OCP YKG HQNIV DGYKNNKIV Q9GPKIUVGPU YGTFGP FKG<GKVWPIGPYGPKIGTFGTGPGUKP7PICTPQJPGJKPPKEJVOCPIGNVR  $GK FGP -CTNUDCFGT 8GTJCPFNWPIGP
 XGTWTUCEJVGP <GKVWPIGP WPF (NWIDNVVGT UEJYGTG 5QTIGP Q&KG \IGNNQUG 2TGUUG PKOOV)GKUVWPF)GOVIGHCPIGPXGTPKEJVGVFCU2TKP\KRFGT#WVQTKVV WPFOCEJVFKG/GPUEJGP\W5EJYTOGTPRJKGGUFQTV
'TPUV9GKUGPHGNF&KG)GUEJKEJVGFGTRQNKVKUEJGP2WDNK\KUVKMDGKFGP5KGDGPDTIGT5CEJUGP (TCPMHWTVCO/CKP5 /KEJCGN-TQPGT'KP-KPFFGT#WHMNTWPICC15 *4\CC15 'DGPFC5



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
'DGPFC5 'DGPFC5



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

'DGPFC5

-WTV2CWRKCC15 *4\CC15



&TWEMUEJTKHVGP FCTWPVGT  6CIGU\GKVWPIGP MCOGP FCOCNU CNNGKP KP 9KGPJGTCWUFQEJPWTYGPKIGDGTNGDVGPFGP*GTDUVFGU,CJTGU  +O5RVJGTDUVUWURGPFKGTVG9KPFKUEJITV\HTFKG&CWGT FGU $GNCIGTWPIU\WUVCPFGU XQP 9KGP CNNG <GKVWPIUDNVVGT OKV #WUPCJOG FGT Q9KGPGT <GKVWPIR #O  1MVQDGT UVGNNVGP FCOKV CNNG <GKVWPIGP KP 9KGP KJT 'TUEJGKPGP GKP /KV FGO 'TNC FGU +PPGPOKPKUVGTKWOU XQO  &G\GODGT  YWTFG FKG -QNRQTVCIG XGTDQVGP WPF FKG 2TXGPVKX\GPUWT YKGFGT GKPIGHJTV 0CEJ FGT 8GTHHGPVNKEJWPI FGT QMVTQ[KGTVGP 8GTHCUUWPI
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
'KPHJTWPI FGU 8GTYCTPWPIUU[UVGOU WPF  /CK 
5VTCHIGUGV\ WPF 'KPHJTWPI FGU 2TXGPVKXU[UVGOU YWTFG CWEJ FKG <GPUWTXQPFGTOKNKVTKUEJGP$GJTFGIGDVKPHQNIGFGUUGPMQPPVGPDKU  MCWO GKP RCCT 6CIGUDNVVGT CWGTJCND 9KGPU YGKVGTDGUVGJGP  &KG DGFGWVGPFUVGP 9KGPGT <GKVWPIGP FKG YJTGPF FGT 4GXQNWVKQP UQYKG PCEJJGT GTUEJKGPGP YCTGP FKG Q9KGPGT <GKVWPIR Q&KG 2TGUUGR
XQO  ,WNK  DKU  1MVQDGT  CD  0QXGODGT DKU&G\GODGTXQO&G\GODGTDKUGTUEJKGPUKG OKV7PVGTDTGEJWPIGPKP$TPPPCEJJGTYKGFGTKP9KGP*GTCWUIGDGT WPF 8GTNGIGT #WIWUV <CPI 'TPUV XQP 5EJYCT\GTU Q#NNIGOGKPG UVGTTGKEJKUEJG<GKVWPIR
FGTGJGOCNKIG QUVGTTGKEJKUEJG$GQDCEJVGTR FGTCO/T\FGP6KVGNQUVGTTGKEJKUEJG<GKVWPIRWPFXQO #RTKN FGUUGNDGP ,CJTGU KP XGTITGTVGO (QTOCV WPVGT FGO GTUVGTYJPVGP FGHKPKVKXGP 6KVGN GTUEJKGP FCU Q,QWTPCN FGU UVGTTGKEJKUEJGP.NQ[FR
IGITPFGVPCEJFGP1MVQDGTGTGKIPKUUGP FGU ,CJTGU  GTUEJKGP GU UEJQP CD  0QXGODGT YKGFGT UGEJUOCN YEJGPVNKEJ CD  &G\GODGT  XQP 'FWCTF 9CTTGPU CWH JQJGO 0KXGCW TGFKIKGTV WPF KPUDGUQPFGTG FKG Q1UVFGWVUEJG 2QUVR
GTUEJKGP
-2CWRKCC15*4\CC15  /KEJCGN -TQPGT Q-TQPUVFVGT <GKVWPIR WPF Q5KGDGPDTIKUEJ&GWVUEJGU 6CIGDNCVVR KP

<GKVKPFGT<GKVWPI5-2CWRKCC15



XQO1MVQDGTWPFCD0QXGODGTYKGFGT*GTCWUIGDGT FGT Q1UVFGWVUEJGP 2QUVR YCT +IPC\ -WTCPFC FGT KO 8QTOT\ IGOGKPUCOOKV,CMQD-CWHOCPPFKGKPUVGTTGKEJXGTDQVGPGCDGTXKGN IGNGUGPG <GKVUEJTKHV Q)TGP\DQVGR
 JGTCWUIGIGDGP JCVVG -WTCPFC YCT INGKEJ <CPI XQP FGT Q2TGUUGR FWTEJ FKG 5EJWNG FGU HTCP\UKUEJGP ,QWTPCNKUOWU IGICPIGP UGKP 8QTDKNF YCT FCU Q,QWTPCN FGU FDCVUR UGKPG #WHHCUUWPI YCT NKDGTCN 9GKVGTG 9KGPGT <GKVWPIGP YCTGP FKG QUVGTTGKEJKUEJG 4GKEJU\GKVWPIR
XQO  0QXGODGT  DKUFKGQHHK\KUGP%JCTCMVGTJCVVGWPFFKG2QNKVKM5EJYCT\GPDGTIU XGTVTCVFCUQ(TGOFGPDNCVVR
CD,CPWCTOKVGKPGT7PVGTDTGEJWPI XQTFGO0QXGODGT Q&GTUVGTTGKEJKUEJG8QNMUHTGWPFR
CD ,CPWCTFGTDKU\WT)TPFWPIFGT<GKVWPIQ8CVGTNCPFR
FCU HJTGPFG MCVJQNKUEJG 1TICP FGT /QPCTEJKG YCT FKG Q9KGPGT -KTEJGP\GKVWPIR
CD#RTKN  +P 2GUV UKPF FCU Q2GUVGT1HPGT .QECNDNCVVR
 FKG Q2GUVGT1HPGT <GKVWPIR
FKG Q7PICTKUEJG2QUVR
WPF KPUDGUQPFGTGFGT Q2GUVGT.NQ[FR
UGKV,WNK\WGTYJPGP+PFGT $CVUEJMC MCOGP FKG GTUVGP FGWVUEJGP <GKVWPIGP JGTCWU
FGT Q<KRUGT #P\GKIGTR  +P 6GOGUYCT *CWRVUVCFV FGU UGNDUVPFKIGP -TQPNCPFGU Q5GTDKUEJG 9QLYQFUEJCHV WPF FCU 6GOGUGT $CPCVR XQP  DKU  GTUEJKGPGP FCU Q.CPFGUIGUGV\DNCVVR WPF FCU COVNKEJG 6CIDNCVV FKG Q6GOGUEJGT <GKVWPIR
CD  ,CPWCT  &KG NGV\VGTG JCVVG GKPG #WHNCIG XQP  'ZGORNCTGP WPF YCT DKU  GKP UVCCVNKEJGU 7PVGTPGJOGP UQ FC UKEJ FKG RTKXCVGP <GKVWPIGP KJT IGIGPDGTPKEJVJCNVGPMQPPVGP+P*GTOCPPUVCFVYWTFGFGTCOVNKEJG Q5KGDGPDTIGT $QVGR HQTVIGUGV\V WPF  FGT Q*GTOCPPUVFVGT <GKVWPIR GKPXGTNGKDV &KG Q-TQPUVFVGT <GKVWPIR
UGKV  GTUEJKGP GDGPHCNNU YGKVGT &KG XKGNXGTURTGEJGPFG Q5KGDGPDTIGT 3WCTVCNUEJTKHVR GTNGDVGPWTGKPGP,CJTICPI
   DGT FKG ITQG $GFGWVWPI FGT 2TGUUG UKPF UKEJ CNNG 8GTHCUUGT GKPKI $GIPIGP YKT WPU FCOKV FKG /GKPWPI GKPGU *KUVQTKMGTU FGU ,QWTPCNKUOWU 4QDGTV 2TWV\ \W XGTOGTMGP Q#WU FGO ,QWTPCNKUOWU GTMGPPGPYKTFKGHHGPVNKEJG/GKPWPIXGTICPIGPGT,CJTJWPFGTVGR&KG
 - 2CWRK CC1 5 
FKG Q9KGPGT -KTEJGP\GKVWPIR 
Q&GT UVGTTGKEJKUEJG

8QNMUHTGWPFR 
FCU Q(TGOFGPDNCVVR 
FCU Q,QWTPCN FGU UVGTTGKEJKUEJGP .NQ[FR 
FKG QUVGTTGKEJKUEJG 4GKEJU\GKVWPIR 
Q&KG 2TGUUGR 
FKG Q1UVFGWVUEJG2QUVR
FKGQ#NNIGOGKPGUVGTTGKEJKUEJG<GKVWPIR *4\CC15 4QDGTV2TWV\)GUEJKEJVGFGUFGWVUEJGP,QWTPCNKUOWU*CPPQXGT5



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

'DGPFCKO8QTYQTV

 5VGRJCP .WFYKI 4QVJ )GUCOOGNVG 5EJTKHVGP WPF $TKGHG *I 1VVQ (QNDGTVJ $F 8

*GTOCPPUVCFV5



  JCVVGP FKG 5KGDGPDTIGT 5CEJUGP  2TGUUGQTICPG FKG KP *GTOCPPUVCFV WPF -TQPUVCFV GTUEJKGPGP WPF GPVIGIGPIGUGV\VG )TWPFUV\G WPF *CPFGNUYGKUGP XGTHQNIVGP &KG 9QTVHJTGT FGT \YGK .CIGT YCTGP FGT Q5KGDGPDTIGT $QVGR WPF FCU Q5KGDGPDTIGT 9QEJGPDNCVVR&GTQ5KGDGPDTIGT$QVGR
CWU*GTOCPPUVCFV YCT FKG GTUVG UKGDGPDTIKUEJG <GKVWPI WPF QFKG GKP\KIG FGT FGWVUEJURTCEJKIGP<GKVWPIGPFKGUKEJKPFGP8QTOT\JKPDGTIGTGVVGV JCVVGR +P -TQPUVCFV GTUEJKGP \YKUEJGP  WPF  FCU Q5KGDGPDTIGT 9QEJGPDNCVVR YGNEJGU XQO  /T\  DKU  WPVGTFGO0COGPQ-TQPUVFVGT<GKVWPIRHQTVIGUGV\VYWTFG  9GKVGTG UEJUKUEJG 2GTKQFKMC FGT ,CJTG  YCTGP FKG $GKDNVVGT FGU Q$QVGPR Q6TCPUUKNXCPKCR
 ! UQYKG


 ,QWTPCNTGXWGFGTUEJUKUEJGP2TGUUG5KGDGPDTIGPU
<GKVWPIGP4GFCMVKQPGP#WHNCIGP    

<W FGP #PICDGP DGT FKG FGWVUEJGP <GKVWPIGP XIN 'OKN 5KIGTWU &KG FGWVUEJG RGTKQFKUEJG.KVGTCVWT5KGDGPDTIGPU 8GTNCIFGU8GTHCUUGTU&TWEMXQP-TCHHV WPF&TQVNGHH#)*GTOCPPUVCFV
5QPFGTCDFTWEMCWU1UVNCPF,I*GHV0T  9Q GU PVKI YCT JCDGP YKT FKG XQP 5KIGTWU HNUEJNKEJ CPIGIGDGPGP &CVGP XGTDGUUGTV  5KIGTWU5Q&GT5KGDGPDTIGT$QVGR5KDKW&TWEMWPF8GTNCI /CTVKP *QEJOGKUVGT
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
/T\Q-TQPUVFVGT<GKVWPIR-TQPUVCFV&TWEMWPF8GTNCI ,QJCPP)VVFCPP,QJCPP)VV5QJP  5KIGTWU 5   Q6TCPUU[NXCPKC $GKDNCVV \WO 5KGDGPDTIGT $QVGPR *GTOCPPUVCFV &TWEM WPF 8GTNCI /CTVKP *QEJOGKUVGTU 'TDGP 4KEJVKIGT 6KVGN



FCU Q#OVU WPF +PVGNNKIGP\DNCVVR

! 'DGPHCNNU KP *GTOCPPUVCFV GTUEJKGPGP FGT Q5KGDGPDTIKUEJG 8QNMUHTGWPFR
  OKV UGKPGO Q#P\GKIGDNCVV \WO 5KGDGPDTIKUEJGP 8QNMUHTGWPFR
WPFFKG Q7PVGTJCNVWPIGPCWUFGT)GIGPYCTVR
/CKDKU  1MVQDGT  *KGT YWTFG CWEJ FGT Q5KGDGPDTIKUEJG 8QNMUMCNGPFGTR
JGTCWUIGDTCEJV  +P -TQPUVCFV XGTHHGPVNKEJVG FGT 8GTNGIGT FGU Q5KGDGPDTIGT 9QEJGPDNCVVUR ,QJCPP )VV CWEJ FGUUGP $GKNCIGP FKG Q$NVVGT HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFGR
 WPF FGP Q5CVGNNKVR
  /KV FGO 0COGP )VVU KUV CWEJ FCU 'TUEJGKPGP FGT GTUVGP TWOPKUEJGP 2GTKQFKMC KP 5KGDGPDTIGP XGTDWPFGP )GQTIG $CTK/KW FTWEMVG  KP -TQPUVCFV FKG Q)C\GVC FG 6TCPUKNXCPKCR

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



 WPF FKG Q(QCKC RGPVTW /KPVG +PKO )K .KVGTCVWTR

   KO 8GTNCI XQP )VV &QTV GTUEJKGP CWEJ FGT Q'URCVTKCVWNR
/T\ DKU ,WPK  GKPG XQP FGO CWU FGT 9CNCEJGK XGTVTKGDGPGP4GXQNWVKQPT%GUCT$QNNKCEJGTCWUIGIGDGPG<GKVWPI  +P $NCUGPFQTH YWTFGP XQP 6KOQVGK %KRCTKW Q1TICPWN NWOKPTKKR
,CPWCTDKU/CKFCUURVGTKPQ1TICPWNPC/KQPCNR WODGPCPPV YWTFG
/CK DKU 5GRVGODGT  WPF QPX/VQTWN RQRQTWNWKR
/CKDKU1MVQDGTXGTHHGPVNKEJV  /GJTGTGWPICTKUEJG<GKVWPIGPGTUEJKGPGPKP-NCWUGPDWTI8QT FGT 4GXQNWVKQP YCTGP FKGU Q'TFN[K *TCFR
 Q/NV U
&KGGTUVGPTWOPKUEJGP2GTKQFKMCXQO,CPWCTDKU,WPK Q(QKNG&WOKPGEKKR

JIXQPGKPGT)GNGJTVGPIGUGNNUEJCHV&TWEMWPF8GTNCI,QJCPP)VV,WNK0T  Q(KCUGRVOPGKR4GF)$CTK/KW8GTNCI,QJCPP)VV8IN*GTOCPP6QPVUEJ &KG *QPVGTWURTGUUG KP  ,CJTGP (GUVUEJTKHV FGT $WEJFTWEMGTGK ,QJCPP )VV 5QJP -TQPUVCFV5  8QO  /T\  DKU  Q)C\GVC FG 6TCPUKNXCPKCR 4GF ) $CTK/KW FCPP +CEQD /WTG)CPW #WTGN /WTG)CPW WC 8GTNCI DKU  , )VV 5GKV  Q)C\GVC 6TCPUKNXCPKGKR #D 0T  ,CJT  DKU KO ,CJT  GTUEJKGP UKG \WUCOOGPOKVFGTQ(QCKCRGPVTW/KPVG+PKO)K.KVGTCVWTR
XIN*6QPVUEJ5 -NCWUGPDWTIGT7PKXGTUKVVUDKDNKQVJGM2+  8QO,CPWCTDKU,WNK Q(QCKCNKVGTCTR8QO,WNKCNU$GKNCIG FGT Q)C\GVC FG 6TCPUKNXCPKCR GTUEJKGP UKG WPVGT FGO 6KVGN Q(QCKG RGPVTW /KPVG +PKO )K .KVGTCVWTR -TQPUVCFV 4GF ) $CTK/KW &TWEM , )VV
XIN * 6QPVUEJ 5  'TUEJKGP DKU  XQP  DKU  OKV FGT Q)C\GVC 6TCPUKNXCPKGKR \WUCOOGPIGNGIV
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
-NCWUGPDWTIGT7PKXGTUKVVUDKDNKQVJGM*



LGNGPR
 WPF YJTGPF FGT 4GXQNWVKQP Q'NNGPTR
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  &KG GTUVG RQNKVKUEJG <GKVWPI FGU )TQHTUVGPVWOU FKG Q5KGDGPDTIGT <GKVWPIR
 GTUEJKGP KP *GTOCPPUVCFV DGK /CTVKP *QEJOGKUVGT
 FGO GKIGPVNKEJGP $GITPFGT FGT 2TGUUGKP5KGDGPDTIGPWPF$GUKV\GTFGTGTUVGPUVPFKIGP$WEJCPFNWPI KP5KGDGPDTIGP&KGQ5KGDGPDTIGT<GKVWPIRHJTVGKPFGP,CJTGP DKUFGP0COGPQ-TKGIUDQVGRWPFJKGKPFGPHQNIGPFGP,CJTGP
 Q5KGDGPDTIGT $QVGR *GTCWUIGDGT FGT <GKVWPI YCT PCEJ FGO6QFFGU$GITPFGTU/CTVKP*QEJOGKUVGT5QJP
DGXQT
 DKU  #RTKN  Q/NV U LGNGP *KUVQTKCK U RQNKVKMCK GTFN[K JKTNCRR -NCWUGPDWTI TGFKIKGTV XQP 5\KNI[K (GTGPE\
-NCWUGPDWTIGT7PKXGTUKVVUDKDNKQVJGM 2++ 8QO/CKDKU0QXGODGT Q'NNGPT2QNKVKMCKNCRR-NCWUGPDWTITGFKIKGTV XQP-XTK.U\N&Q\UC&PKGN
-NCWUGPDWTIGT7PKXGTUKVVUDKDNKQVJGM* +O,CJT\JNVGFCU)TQHTUVGPVWO5KGDGPDTIGP
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
5QJP FCPP /CTVKP *QEJOGKUVGTU 'TDGP XQP  6JGQFQT 5VGKPJCWGP 4GFCMVKQPUNGKVGT  ,QUGRJ $GPKIPK XQP /KNFGPDGTI  CWEJ ,CMQD 4CPPKEJGT  ,QJCPP *KPV\ #WIWUV   #WIWUV  *GKPTKEJ5EJOKFV#WIWUV5GRVGODGT-CTN(CDTKVKWU#NQKU5GPV\




UKG KO ,CJTG  XQO 8GTNGIGT 6JGQFQT 5VGKPJCWGP DGTPQOOGP YWTFG  /CTVKP *QEJOGKUVGT 5QJP JCVVG WPVGT CPFGTGO FKG GTUVG WPICTKUEJG <GKVWPI 5KGDGPDTIGPU Q'TFN[K /CI[CT *T8KXR
 DGITPFGV'TGTHHPGVGKP-NCWUGPDWTIGKPG(KNKCNGFKGGT CPFCUFQTVKIGMCVJQNKUEJG)[OPCUKWOXGTMCWHVG  &GT *QEJOGKUVGTUEJG 8GTNCI YCT HT GKP JCNDGU ,CJTJWPFGTV FKG YKEJVKIUVG 2TGUUGCPUVCNV FGU .CPFGU 5KG GPVUVCPF YJTGPF FGT LQUGRJKPKUEJGP 4GHQTO\GKV DGTUVCPF CDGT CWEJ FCU 4GIKOG /GVVGTPKEJU
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

 Q'TFN[K/CI[CT*KT8KXR*GTOCPPUVCFVTGFKIKGTVXQP(DKP&PKGN WPF %UGTGK 'NGM &TWEM /CTVKP *QEJOGKUVGT

&KG -NCWUGPDWTIGT 7PKXGTUKVVUDKDNKQVJGMDGYCJTV0T* 9&CWIUEJCC15 */GUEJGPFTHGTCC15  5KGDGPDTIGT 5CEJUGP .GZKMQP *I 9CNVGT /[ -TCHV 8GTNCI 6JCWT DGK +PPUDTWEM 5
2TGUUGWPF2WDNK\KUVKM  1UMCT 9KVVUVQEM &CU NKVVGTCTKUEJG .GDGP FGT XKGT\KIGT ,CJTG KP *WPFGTV ,CJTG UEJUKUEJGT-ORHG<GJP8QTVTIGCWUFGT)GUEJKEJVGFGT5KGDGPDTIGT5CEJUGPKO NGV\VGP ,CJTJWPFGTV &TWEM WPF 8GTNCI 9 -TCHHV *GTOCPPUVCFV  5  DGT .WFYKIXQP4QUGPHGNF'WIGPXQP(TKGFGPHGNU ,QUGRJ$GFGWUXQP5EJCTDGTI$GKVTIG \WT<GKVIGUEJKEJVG5KGDGPDTIGPUKO,J+$F9KGP++$F 9KGP9&CWIUEJCC15



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
19KVVUVQEM  &KG $KNFWPI WPF FKG DGTWHNKEJG 5VGNNWPI FGT 4GFCMVGWTG FGU Q5KGDGPDTIGT $QVGPR DGUVKOOVGP KJTG *CNVWPI 8QP TGXQNWVKQPTGP +FGGP CWH UQ\KCNGT 'DGPG HJNVGP UKG UKEJ PWT KPUQYGKV CPIG\QIGP CNU FKGUG FGO JGTTUEJGPFGP <GKVIGKUV GPVURTCPIGP #WH RQNKVKUEJGT 'DGPG NGJPVGP UKG LGFYGNEJG 8GTPFGTWPIGP FGT /CEJVXGTJNVPKUUG CD &KG )GUEJKEJVUUEJTGKDWPI
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

DGT,QUGRJ$GPKIPKXIN'X(TKGFGPHGNUCC1++$F519KVVUVQEM 9&CWIUEJCC15

CC15

19KVVUVQEMCC15



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  +P QHHGPGO )GIGPUCV\ \W FGP *GTOCPPUVFVGT <GKVWPIGP UVCPF FKG -TQPUVFVGT 2TGUUG +JT $GITPFGT YCT ,QJCPP )VV
   ,QJCPP )VV YWTFG CO  &G\GODGT  KP 9GJTJGKO KO 6CWPWU
0CUUCWIGDQTGP'TGTNGTPVGFGP$WEJFTWEMKP(TCPMHWTVWPF IKPI  CWH FKG XGTRHNKEJVGPFG 9CPFGTUEJCHV YGNEJG KJP FWTEJ $GTNKP$TGUNCW$TPP9KGP)TC\.CKDCEJ6TKGUV2GUVWPF$WMCTGUV HJTVGNKGGTUKEJKP-TQPUVCFVPKGFGT&QTVHCPFGT#TDGKVKPFGT KO  ,J XQP ,QJCPPGU *QPVGTWU DGITPFGVGP &TWEMGTGK FKG (TCP\ XQP 5EJQDGNP
FGT  UVCTD IGJTV JCVVG #PHCPI FGU ,CJTGU  MQPPVG )VV FKG &TWEMGTGK HT  6CNGT MCWHGP  GTYCTD GT FCU $TIGTTGEJV  ITPFGVG GT FCU Q5KGDGPDTIGT 9QEJGPDNCVVR YGNEJGU  KP Q-TQPUVFVGT <GKVWPIR WODGPCPPV YWTFG +O ,CJT YWTFGGT\WO4KVVGTFGU(TCP\,QUGH1TFGPUGTPCPPVVTCVGT KP FGP 4WJGUVCPF OWVG CDGT FKG .GKVWPI FGT (KTOC PQEJOCNU DGTPGJOGPCNUUGKP5QJP*GKPTKEJ)VVHTJ\GKVKI
UVCTD,QJCPP )VV UGNDUV UVCTD  'T JKPVGTNKG FKG &TWEMGTGK UGKPGO 5QJP (TKV\ FGT UKG OQFGTPKUKGTVG #NU NGV\VGTGT  UVCTD YWTFG FKG .GKVWPI FGU
 5COWGN (KNVUEJ YCT FGT 5QJP FGU ,QJCPP (KNVUEJ 5VCFVRHCTTGT XQP *GTOCPPUVCFV

\YKUEJGP  IGUVQTDGP  +P FGP ,CJTGP  YCT ,QJCPP ,QUGRJ 4QVJ 5VCFVRHCTTGT
 'OKN 5KIGTWU %JTQPKM FGT 5VCFV *GTOCPPUVCFV   /KV  #DD WPF  5VCFVRNPGP CWU XGTUEJKGFGPGP ,CJTJWPFGTVGP *QPVGTWU $WEJFTWEMGTGK WPF 8GTNCIUCPUVCNV FGT GXCPIGNKUEJGP .CPFGUMKTEJG #$ KP 4WOPKGP*GTOCPPUVCFV  &KG &TWEMGTGK XQP 5COWGN (KNVUEJ YWTFG PCEJVTINKEJ XQP UGKPGO 5EJYKGIGTUQJP,QJCPP9KNJGNO-TCHHV
DGTPQOOGPYGNEJGTFGP$GTWH DGK)VVKP-TQPUVCFVIGTCFGYJTGPFFGT4GXQNWVKQPULCJTGGTNGTPVJCVVG0CEJFGO 'TUVGP9GNVMTKGIIGUGNNVGUKEJ-TCHHVOKV,QUGH&TQVNGHH&KGUGTJCVVGGKP8GTNCI -TCHHV&TQVNGHHIGITPFGVYGNEJGTQ\WOITVGPFGWVUEJGP8GTNCIWPFITCRJKUEJGP $GVTKGDFGU5FQUVGPURYWTFG*/GUEJGPFTHGTCC15



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
KPUDGUQPFGTGFGT5CEJUGPCWHKJPNGPMVG9GPPQKPFGO<GKVTCWOXQP  ,CJTGP
 DKU  KP 5KGDGPDTIGP  FGWVUEJG HCUV CWUUEJNKGNKEJ XQP 5KGDGPDTIGT 5CEJUGP JGTCWUIGIGDGPG 2WDNKMCVKQPGP GTUEJKGPGP UKPFR
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
QOKVIPFKIUVGT $GYKNNKIWPIR&KG\YGKVG0WOOGTMCOCO,WPKJGTCWU8QP FC CP GTUEJKGP FCU $NCVV TGIGNOKI LGFGP (TGKVCI UGKV FGO  ,CPWCT YEJGPVNKEJ\YGKOCN
/QPVCIWPF&QPPGTUVCIGTTGKEJVGGU FKGKP5KGDGPDTIGPPQEJWPGTJTVG<CJNXQP#DQPPGPVGP   DKU  Q7PVGTJCNVWPIUDNCVV HT )GKUV )GOVJ WPF 2WDNK\KVVR $GKNCIG \WO Q5KGDGPDTIGT 9QEJGPDNCVVR &TWEM WPF 8GTNCIXQP,)VVWPF90GOGVJ
5KGDGPDTIGT5CEJUGP.GZKMQP59&CWIUEJCC15 '5KIGTWUCC15 *6QPVUEJCC15



 DKU
,CJTICPIDKU
,CJTICPI $NVVGT HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFG $GKNCIG \WO 5KGDGPDTIGT 9QEJGPDNCVV (QTVUGV\WPI FGU 7PVGTJCNVWPIUDNCVVGU &TWEM WPF 8GTNCIXQP,)VV   0QXGODGT  DKU  /KOQUGP CWU FGO )GDKGV FGT &TCOCVWTIKG #WGTQTFGPVNKEJG $GKNCIG \WO 5D 9QEJGPDNCVV #D YWTFGPUKGKO6GZVFGT<GKVWPIHQTVIGUGV\V  DKU+PVGNNKIGP\DNCVV$GKNCIG\WO5D9QEJGPDNCVV 'U GPVJKGNV #P\GKIGP -WPFOCEJWPIGP 0CEJHTCIGP  GTUEJKGP GU  OCN   OCN 'U YWTFG XQO Q$GKYCIGPR
   HQTVIGUGV\V   ,CPWCT  DKU   DKU   5CVGNNKV $GKNCIG \WO 5D 9QEJGPDNCVV &TWEM WPF 8GTNCI XQP , )VV 5GKV  YWTFG #PVQP -WT\ UVPFKIGT /KVCTDGKVGT FGU Q9QEJGPDNCVVUR +PHQNIGFGUUGP MCOFGT5CVGNNKVFGPUEJQPJGTCWUIGIGDGPGP$NVVGTPJKP\W&KG GKPIGVTGVGPG'TJJWPIFGT$GUVGWGTWPI\YCPI)VVOKVFGO,CPWCT FKGUGU ,CJTGU FGP 5CVGNNKV WPF FKG $NVVGT HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFG CNU UGNDUVUVPFKIG $GKDNVVGT UGKPGT *CWRV\GKVWPI
-TQPUVFVGT<GKVWPIGKPIGJGP\WNCUUGPFCHTGTUEJKGPFKG<GKVWPI YEJGPVNKEJXKGTOCN   DKU   5VWPFGPDNWOGP FGT )GIGPYCTV 'KPG 5COONWPICP\KGJGPFGT0QXGNNGPWPF'T\JNWPIGPKO)GUEJOCEMFGT <GKVR$GKNCIG\WO5D9QEJGPDNCVV/QPCVNKEJGTUEJKGPGKP*GHVFTGK *GHVGDKNFGVGPGKP$PFEJGPYWTFGFCU'TUEJGKPGPFKGUGT$NVVGT GKPIGUVGNNV FC QUKG FGP <GKVGTHQTFGTPKUUGP PKEJV OGJT GPVURTCEJGPR
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

&GPM WPF /GTMYTFKIG 5CEJGP 5KGDGPDTIGPUR IGYKFOGVG YKUUGPUEJCHVNKEJG<GKVUEJTKHV  DKU'ZVTCDGKNCIG\WO5KGDGPDTIGT9QEJGPDNCVV  /T\DKU-TQPUVFVGT<GKVWPI(QTVUGV\WPIFGU 5KGDGPDTIGT 9QEJGPDNCVVU &TWEM WPF 8GTNCI XQP , )VV UGKVFGO  #RTKN  XQP , )VV WPF UGKP 5QJP *GKPTKEJ UGKV FGO,CPWCT XQP(TKV\)VVUGKVFGO,CPWCTXQPFGT<GKVWPIU#MVKGP )GUGNNUEJCHV#PHCPIUGTUEJKGPUKG\YGKOCNYEJGPVNKEJ/QPVCIWPF &QPPGTUVCI UGKV  CWEJ &KGPUVCI &KG 4GFCMVKQP HJTVG \WPEJUV
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
 'DGPFC 5   ' 5KIGTWU CC1 5  XGTOGTMVG UGEJU DGK )VV IGFTWEMVG

2GTKQFKMC
Q#TEJKX FGU 8GTGKPUR Q5EJWN WPF -KTEJGP\GKVWPIR Q&GWVUEJG



 +P )VVU 8GTNCI GTUEJKGPGP CWEJ HQNIGPFG TWOPKUEJG <GKVWPIGPWPF<GKVUEJTKHVGP   (QKNG &WOKPGEKKR
5QPPVCIUDNVVGT 5KG YWTFGP XQP GKPGT Q)GNGJTVGPIGUGNNUEJCHVR JGTCWUIGIGDGP WPF GTUEJKGPGP LGFGP 5COUVCI8QO,CPWCTDKU'PFG,WPKYWTFGP0WOOGTPOKV M[TKNKUEJGP $WEJUVCDGP XGTHHGPVNKEJV &KG -QUVGP VTWI 4WFQNH 1TIJKFCPCWU-TQPUVCFV&TWEMXQP,)VV&GT\YGKVG$CPFJCVVG 5GKVGP WPF GPVJKGNV FKG 0WOOGTP XQP ,WPK DKU 'PFG &G\GODGT  &KG DGTUGV\WPI CWU FGO &GWVUEJGP IGJTVG +QCPP $CTCE
IGUVQTDGP   ,WNK(KCUGRVOPGKR
9QEJGPDNCVV4GFCMVGWT)GQTIG $CTK/KW&TWEMXQP,)VV'UGTUEJKGPGKPOCNYEJGPVNKEJFQEJOWVG FCU'TUEJGKPGPPCEJFGPGTUVGP\YGK0WOOGTPKPHQNIG<GPUWTXGTDQVGU GKPIGUVGNNVYGTFGP   DKU  
 )C\GVC FG 6TCPUKNXCPKCR 4GFCMVGWT )GQTIG $CTK/KW 8GTNCI XQP , )VV $KU  YCT FCU $NCVV 'KIGPVWOFGT(COKNKG/WTG)KCPW8QO/T\DKUGTUEJKGP GUGKPOCNYEJGPVNKEJ\YKUEJGPWPF\YGKOCNXQPDKU FTGKOCNYEJGPVNKEJFCPPVINKEJ#DHJTVGGUFGP0COGP )C\GVC 6TCPUKNXCPKGK <WGTUV JCVVG GU JCNDM[TKNKUEJG PCEJ  NCVGKPKUEJG$WEJUVCDGP<YKUEJGPWPFYCT+CEQD/WT)KCPW 4GFCMVGWTURVGT&T#WTGNKW/WT)KCPW'UGTUEJKGPDGK,QJCPP)VV DKU   ,CPWCT  DKU  (KC .KVGTCT
.KVGTCVWTDNCVV 8QO  ,WNKGTUEJKGPGUCNU$GKNCIGFGT)C\GVCFG6TCPUKNXCPKCWPVGTFGO PGWGP 6KVGN (KC RGPVTW /KPVG +PKO )K .KVGTCVWT
$NCVV HT )GKUV *GT\ WPF .KVGTCVWT 4GFCMVGWT ) $CTK/KW &TWEM XQP , )VV 'U GTUEJKGP GKPOCN YEJGPVNKEJ +CEQD /WTG)KCPW HJTVG FKG 4GFCMVKQP XQP/T\DKU  #RTKN,WPK 'URCVTKCVWN4GFCMVGWT%GUCT$QNNKCE&TWEM XQP,)VV0WOOGTP  +P )VVU 8GTNCI YWTFG \YKUEJGP  WPF  CWEJ FKG WPICTKUEJG <GKVWPI Q'TFN[K *KTNCRRJGTCWUIGDTCEJV CDGT FKG <WUCOOGPCTDGKV FGU 8GTNGIGTU OKV FGP TWOPKUEJGP 2WDNK\KUVGP YCT XKGNHTWEJVDCTGT
(WPFITWDGR Q6WTPGTINQEMGR Q&KG1UVITGP\GR Q$NVVGTHT*CPFGNWPF)GYGTDG KP5KGDGPDTIGPRFKGKPFGTITPFNKEJGP$KDNKQITCJKGXQP6QPVUEJPKEJVGTUEJGKPGP *6QPVUEJCC156QPVUEJOU#PICDGPUVKOOGPOKVLGPGP8CUKNG0GVGCU PKEJVDGTGKPXIN#PO 9&CWIUEJCC15



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
OKV $GKVTIGP KP FGWVUEJGT 5RTCEJG )GQTI &CPKGN 6GWVUEJ
 XQT FGT 4GXQNWVKQP .GJTGT PCEJ  4GMVQT FGU 5EJDWTIGT )[OPCUKWOU UEJTKGD \CJNTGKEJG KP )VVU $NVVGTP XGTHHGPVNKEJVG #TVKMGN 5GKP RTQITCOOCVKUEJGT)GKUVWPFUGKPG'KIGPUEJCHVGPCNU8QTFGPMGTUQNNVGP KJP CWEJ KP UGKPGO URVGTGP 6WP WPF &GPMGP CNU $KUEJQH FGT UEJUKUEJGP GXCPIGNKUEJGP -KTEJG
 WPF CNU *KUVQTKMGT DGINGKVGP &GT XQP )WUVCX )PFKUEJ CNU QMQPUGTXCVKXGT 4GHQTOGTR EJCTCMVGTKUKGTVG5V.4QVJUGKV2HCTTGTKP/GUEJGP'PFG\WO /KVINKGFFGU2C\KHKMCVKQPUMQOOKVGGUGTPCPPVYCTDGUVTGDVFWTEJGKPG IGOKIVG *CNVWPI FKG IGYCNVKIGP #WUYEJUG FGT 4GXQNWVKQP KO
#5EJWNNGT 0GWGU.GDGP KP*WPFGTV,CJTGUEJUKUEJGT-ORHG5 (TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPDTIGT5CEJUGPHTFCUUEJUKUEJG8QNM8GTNCI9 -TCHHV*GTOCPPUVCFV+++$F5*6QPVUEJCC15   # 5EJWNNGT CC1 5  %CTN )NNPGT &KG 5KGDGPDTIGT 5CEJUGP KP FGP 4GXQNWVKQPULCJTGP   8GTNCI FGT 4WOPKUEJGP #MCFGOKG $WMCTGUV  5  JCV UKEJ FGP GTUVGP 6GKN FGU <KVCVU YQTVYTVNKEJ QJPG #PHJTWPIUUVTKEJNGKP CDUEJTGKDGPNCUUGP  8IN (TKGFTKEJ 6GWVUEJ )GQTI &CPKGN 6GWVUEJ )GUEJKEJVG UGKPGU .GDGPU  &TWEM WPF 8GTNCIXQP9-TCHHV*GTOCPPUVCFV



<CWO\WJCNVGP'TYWTFGCWH.CFKUNCWU%UP[U$GHGJNXGTJCHVGVWPF XQO-NCWUGPDWTIGT5VCPFIGTKEJV\WO6QFGXGTWTVGKNV
/CK 2GVGT6.CPIGHJTVGFKGXQPKJOKP-TQPUVCFVIGITPFGVGGTUVG UKGDGPDTIKUEJG 5RCTMCUUG FKG QPKEJV FKG $GTGKEJGTWPI FGT )TPFGT UQPFGTP FKG (TFGTWPI JWOCPGT <YGEMG WPF FGU HHGPVNKEJGP 9QJNU UKEJ \WO <KGN UGV\VGR
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


)WUVCX )PFKUEJ &GWVUEJGU 8QNMUYGTFGP KP 5KGDGPDTIGP

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#TEJKX FGU -NCWUGPDWTIGT+PUVHT)GUEJKEJVG0T(QVQ %CTN)NNPGTCC15



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
DGT/CZ/QNVMGXIN5KGDGPDTIGT5CEJUGP.GZKMQP5

 DGT #PVQP -WT\ XIN 9 &CWIUEJ CC1 5  WPF KPUDGUQPFGTG %CTN )NNPGT #-WT\.GDGPWPF9GTM KP(QTUEJWPIGP*GTOCPPUVCFV:0T5 



#PJPIGTUEJCHV\WT7PKQPUUCEJGNKGFKG5MGRVKMGTWPVGTFGP5CEJUGP XGTOWVGP GT UGK GKP 5NFPGTIGUCPFVGT -QUUWVJU 5KEJ WPF UGKPGO )NCWDGP IGVTGW UVCTD GT CNU $GOU #FLWVCPV KP FGT 5EJNCEJV XQP 9GKMKTEJDGK5EJDWTI
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
(T 6GWVUEJ JGTDGKHJTGPYTFG 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
9&CWIUEJCC15 %CTN)NNPGTCC15



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
OKV 9GTDWPIGP WPF #P\GKIGP YKG \$ Q$GMCPPVOCEJWPI CP FKGLGPKIGP .PCFYKTVJG YGNEJG JGWGT HT FKG JKGUKIG <WEMGTHCDTKM 4WPMGNTDGP GT\GWIGP YQNNGPR  &KG Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTVR JCVVGP GKP MWNVWTRQNKVKUEJGU2TQHKN5KGGTUEJKGPGP\YKUEJGP/CKWPF1MVQDGT KP*GHVGPMNGKPGP(QTOCVUWPIGHJT5GKVGPLGFGU*GHV   MCO KP -TQPUVCFV FCU Q9QEJGPDNCVVR KP  0WOOGTP
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5KGDGPDTIKUEJGT8QNMUHTGWPF0T(HGDTWCT



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2++IKDVGUFKG$NVVGTHT)GKUV)GOVJWPF8CVGTNCPFUMWPFG



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
 Q5KGDGPDTIGT$QVGR0T,CPWCT5#WEJFKG6KVGNUGKVGDGUVVKIVFC

 %JTQPKMFGT*GTOCPPUVFVGT2TGUUG
Q5KGDGPDTIGT$QVGRQ6TCPUUKNXCPKCR Q5KGDGPDTIKUEJGT8QNMUHTGWPFR Q7PVGTJCNVWPIGPCWUFGT)GIGPYCTVRWC    

 FGT  ,CJTICPI YCT FGOPCEJ GTUEJKGP  FGT GTUVG  IKDV FGT Q$QVGR FGP  ,CJTICPI CP FCU JGKV FGT GTUVG ,CJTICPI YTG  GTUEJKGPGP 5KIGTWU CC15UEJTGKDVQ&GT5D$QVGGTUEJKGPCDR
$KUJGTJCDGPYKTFGPGTUVGP ,CJTICPI PKEJV UGJGP MPPGP +P FGT $TWMGPVJCN$KDNKQVJGM KO *GTOCPPUVFVGT #TEJKX KP FGT -NCWUGPDWTIGT 7PKXGTUKVVUDKDNKQVJGM WPF KP FGT $WMCTGUVGT $KDNKQVJGMFGT#MCFGOKGKUVGTPKEJV\WHKPFGP  Q5D $QVGR 0T   ,CPWCT  5  0T   (GDTWCT  5  Q5D 8QNMUHTGWPFR0T,CPWCT5 5D8QNMUHTGWPF0T(GDTWCT5



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
6TCPUUKNXCPKCFGT#WHUCV\5KGDGPDTIKUEJGU8QVWODGTFKG9KGFGTXGTGKPKIWPI FGT 2CTVGU WPF FKG 8GTGKPKIWPI 5KGDGPDTIGPU OKV 7PICTP 0T   (GDTWCT 50T(GDTWCT50T(GDTWCT50T (GDTWCT50T/T\50T/T\5  'DGPFC0T(GDTWCT0T/T\50T/T\ 5 5D8QNMUHTGWPF0T/T\5 Q5D$QVGR0T/T\5



0CVKQPRCPHJTVG5QYKGFCUQ5KGDGPDTIGT9QEJGPDNCVVRKPHQTOKGTVG FGT Q$QVGR CWEJ DGT FGP 9KFGTJCNN FGT 2GUVGT 'TGKIPKUUG KP -NCWUGPDWTI
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
'DGPFC 0T   /T\  5  &GTUGNDG #WHUCV\ CWU FGO Q2GUVK JKTNCRR YWTFG CWEJ XQO Q5KGDGPDTIGT 9QEJGPDNCVVR 0T   /T\  5  YKGFGTIGIGDGP  Q5D$QVGR0T/T\5DGT-NCWUGPDWTICO/T\CWEJKO Q5D9QEJGPDNCVVR0T/T\5  <WO $GKURKGN Q5D 9QEJGPDNCVVR 0T   #RTKN  5  DGT FKG WPKQPUHTGWPFNKEJG5VKOOWPIKP-TQPUVCFV0T/CK52GUVCNQ\\KU $GKVTCI DGT FKG 7PKQP 5KGDGPDTIGPU OKV 7PICTP 0T   /CK  5   PGICVKXG#PVYQTV\WT(TCIGQ9CUJCV5KGDGPDTIGPXQPGKPGT7PKQPOKV1GUVGTTGKEJ \WJQHHGP Q5D$QVGR0T#RTKN5 'DGPFC0T/CK5




7PKQPUHTCIG &GT Q$QVGR UQNKFCTKUKGTVG UKEJ OKV FGP #MVKQPGP FGT Q9CNCEJGPR WO $TPW/KW WPF $KUEJQH (CIWPC &KG4WOPGPYWTFGP CWHITWPFKJTGT#P\CJNDGIGJTVG#NNKKGTVGFGT*GTOCPPUVFVGT5CEJUGP KP FGT 5CEJG FGT <WTEMYGKUWPI FGT 7PKQP +P FGT 0JG XQP $TQQU YQNNVG GKPG 5\GMNGT )TGP\EQORCIPKG FKG 7PKQP HQTEKTV WOUGV\GP FCU 'TIGDPKU YCTGP \YNH VQVG WPF PGWP UEJYGTXGTNGV\VG 4WOPGP &GT JGHVKIG -QOOGPVCT FGU Q$QVGPR DGT -QUNTF
%Q)NCTKW WPF /KJNV\HCNXC
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

'DGPFC0T/CK5
FGT$GKVTCICWU9KGP0T/CK 5 
FKG *CNVWPI FGU )WDGTPKWOU 0T   ,WPK  5 
FKG *CNVWPIFGT 0CVKQPUWPKXGTUKVV0T/CK5
FCU$PFPKUOKVFGP4WOPGP0T ,WPK5
/KJCNV\0T,WPK50T,WPK5 
$GPKIPKU$GFTQJWPI0T,WPK5
PGWGT#WHUCV\DGT/KJCNV\ 5D8QNMUHTGWPFFGT#WHUCV\5EJYCT\WPF)GND0T/CK5 R5D$QVGR0T,WPK5



#PPCJOG FGT 7PKQP KO MPHVKIGP .CPFVCIG GKPIGUGV\V &GT 4GFCMVGWT (TKGFTKEJ *CPP FGT FKG Q6TCPUUKNXCPKCR WPKQPUHTGWPFNKEJ TGFKIKGTVG NGIVG CO  /CK  FKG 4GFCMVKQP PKGFGT WPF XGTNKG FKG <GKVWPI QCNU GT FWTEJ UGKPG 5VGNNWPI OKV FGT /GJTJGKV FGT 0CVKQP KP 9KFGTURTWEJ IGTKGVR
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
6TCPUUKNXCPKC0T#RTKN5
FGT0COGFGT0CVKQPUWPKXGTUKVV

0T#RTKN50T#RTKN50T#RTKN 50T/CK5  1 9KVVUVQEM &CU NKVVGTCTKUEJG .GDGP FGT XKGT\KIGT ,CJTG KO $F *WPFGTV ,CJTG UEJUKUEJGT-ORHG*GTOCPPUVCFV5%)NNPGT &KG5KGDGPDTIGT5CEJUGP KPFGP4GXQNWVKQPULCJTGP $WMCTGUV5DGUEJHVKIVGFGT5Q\KCNUVCPF FGT UEJUKUEJGP ,QWTPCNKUVGP &KG $GXNMGTWPI UGV\VG UKEJ KP *GTOCPPUVCFV PKEJV PWT CWU 2CVTK\KGTP WPF JQJGP $GCOVGP \WUCOOGP UQPFGTP CWEJ CWU HQTVUEJTKVVNKEJGP +PVGNNGMVWGNNGP WPF *CPFYGTMGTP  FKG UKEJ DKU\WO/CKWO FKG N6TCPUUKNXCPKCO UEJCTVGP WPF KO 5KPPG FGT -TQPUVFVGT .KVGTCVGP 4GHQTOGP HQTFGTVGP 'TUV PCEJ FGO  /CK CNU (TKGFTKEJ *CPP XQP FGT 4GFCMVKQP FGT N6TCPUUKNXCPKCO \WTEMVTCV JCVVG FKG *GTOCPPUVFVGT 1RRQUKVKQP KJT 1TICP XGTNQTGPR 6TCPUUKNXCPKC0T/CK50T/CK50T /CK50T/CK50T/CK5 



FC OCP UKEJ CO OGKUVGP FC WPVGTJNV YQ OCP UKEJ CO OGKUVGP CWHJNVR7PFYGKVGT Q9CUYKTGKIGPVNKEJYQNNGP!0WPYKTJCDGP\W FGT5EJNCWJGKVWPUGTGTXGTGJTVGP.GUGTXQPFGTGT#P\CJNYKTWPUKO )GJGKOUVGP WPUGTGU *GT\GPU GKPG UEJOGKEJGNJCHVG $GTGEJPWPI IGOCEJV JCDGP  YKT JCDGP \W FGT 5EJNCWJGKV FGTUGNDGP FCU IWVG 8GTVTCWGP FC UKG FCU CO DGUVGP UGNDGT DGOGTMGP YGTFGP YGPP UKG WPU NGUGPR
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
FGT$GUWEJFGU )QWXGTPGWTU 7PF FGT -QOOGPVCT FGU 4GFCMVGWTU FCTDGT Q&KG 5VKOOWPI*GTOCPPUVCFVU)GJTGP5VKOOWPIGPCWEJKPGKPG%JTQPKM! 7PUGTGT /GKPWPI PCEJ IGYK #WU KJPGP NV UKEJ FGT WTUEJNKEJG <WUCOOGPJCPI FGT 'TGKIPKUUG DGITGKHGP KJTG 5EJKNFGTWPI CTDGKVGV FGORTCIOCVKUEJGP)GUEJKEJVUHQTUEJGTXQTR  #D0TXQO/CKVTCVGPCWEJFKGQ7PVGTJCNVWPIGPCWUFGT )GIGPYCTVR GPVUEJKGFGP KPU .CIGT FGT 7PKQPUIGIPGT DGT WGTWPIGPFGU Q2GUVKJTNCRRYKG Q7PUGTG$TIGTIGHJTVGPHTGOFGT <WPIG OGP FCJGT YQ UKG OKV FGO 5VCCVG KP $GTJTWPI MQOOGP 7PICTP UGKPR DGUVKOOVG FKG GPVIGIGPIGUGV\VG 4GCMVKQP FGT <GKVWPI Q*KGTCWU MPPGP YKT 5CEJUGP GTUGJGP  FC WPU YGPP YKT WPU IWVYKNNKI WPKTGP FCU 2GUVK *KTNCR GDGP UQ IPFKI NQDGP YKTF YKG FKG <KRUGT FGTGP UKEJ FGT *GTT DGK KJTGT URTEJYTVNKEJ IGYQTFGPGP $NKPFJGKVGTDCTOGPOIGFCFKG7PICTPTGKPDTIGTNKEJGU'NGOGPV DTCWEJGPR $G\INKEJ FGT 5VGNNWPI \W FGP Q9CNCEJGPR OGKPVGP FKG 8GTHCUUGT Q9KT DNGKDGP FGOPCEJ DGK WPUGTGO 5VCPFRWPMVG GKP HTGKGU XQP 7PICTP WPCDJPIKIGU 5KGDGPDTIGPR +P UQ GKPGO 5KGDGPDTIGP YTFGPCNNGHTGKUGKPCWEJFKG4WOPGP Q7PFPKEJVPWTHTGKKPLGPGO CNNIGOGKP WPITKUEJGP 5KPPG HTGK CNU WPITKUEJG $TIGTIGHJTVGP 

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

7PVGTJCNVWPIGPCWUFGT)GIGPYCTV*GHVQJPG&CVWO
/CK5*GHV

QJPG&CVWO
/CK5*GHV/CK5*GHV/CK5 



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
'DGPFC*GHV/CK5

5CVGNNKV-TQPUVCFV0T#RTKN5 6TCPUUKNXCPKC0T#RTKN5 5D8QNMUHTGWPF0T#RTKN5 5CVGNNKV0T/CK5

6TCPUUKNXCPKC0T#RTKN50T#RTKN5



QRGTOCPGPVGU 5KEJGTJGKVUEQTRU KP *GTOCPPUVCFVR DKNFGP  LG \YGK #MCFGOKMGT UQNNGP CP FGT 8GTYCNVWPI FGT $KDNKQVJGM VGKNPGJOGP  DGKLGFGT#PMNCIGWPF7PVGTUWEJWPIDGTGKPGPCMCFGOKUEJGP$TIGT OIGP \YGK HTGKIGYJNVG #MCFGOKMGT 5KV\ WPF 5VKOOG KO 5GPCV GTJCNVGP  QPGWG FGO )GKUVG FGT WOIGUVCNVGVGP #MCFGOKG CPIGOGUUGPG (CUUWPI FGT &KUEKRNKPCTXQTUEJTKHVGPR
 /CK  &KG NGV\VGP\YGK2WPMVGYKGUGPFCTCWHJKPFCFKGPCEJFGO#WUDTWEJ FGT 4GXQNWVKQPUDGYGIWPIGP XGTOWVNKEJ JWHKIGTGP #PMNCIGPIGIGP FKG5VWFGPVGPDGUQPFGTG2TQVGMVKQPUOCPCJOGPDGFWTHVGP&KG2TGUUG JCVVGLCFCTCWHCWHOGTMUCOIGOCEJVFCKPFGP4GKJGPFGT5VWFGPVGP FGTUGNDGP4GEJVUCMCFGOKGUQIGPCPPVG Q2QNK\GKURKV\GNRQFGT Q0CFGTGTR GKPIGUEJNGWUV YQTFGP YCTGP ,/ 5EJNGKEJGTV DGTKEJVGVG DGT FKG 'PVFGEMWPIFTGKUQNEJGT#IGPVGP
Q2QNK\GKURKQPGPRCO/CK  &GTQ5KGDGPDTIKUEJG8QNMUHTGWPFRURGMWNKGTVGDGTFKGQPGWG )GYGTDGQTFPWPIR DGT FKG (TGKJGKV YGNEJG FKG #WHJGDWPI FGT <WPHVTGUVTKMVKQPGPDGINGKVGPUQNNVG  9GPP FGT -TQPUVFVGT Q5CVGNNKVR UEJQP CO  /CK  0CEJTKEJVGP XQP FGT $NCUGPFQTHGT 8GTUCOONWPI
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
 'DGPFC 0T   /CK  5  6TCPUUKNXCPKC 0T   /CK  5 $NVVGTHT)GKUV)GOVJWPF8CVGTNCPFUMWPFG-TQPUVCFV0T/CK 5D8QNMUHTGWPF0T#RTKN5 Q6TCPUUKNXCPKCR0T,WPK5 5D8QNMUHTGWPF0T#RTKN5

 5



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
7PVGTJCNVWPIGP*GHV/CK5

&KG+PUVTWMVKQPGPYWTFGPKO5D9QEJGPDNCVV-TQPUVCFV0T/CK5 XGTHHGPVNKEJVDGT-QPTCF5EJOKFVUEJTGKDV(TKGFTKEJ6GWVUEJ &KG5CEJUGPKO ,CJTGKP*WPFGTV,CJTG5 <WO$GKURKGN6TCPUUKNXCPKC0T,WPK50T,WPK5 0T,WPK5

5D$QVG0T,WPK50T,WPK5



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
#WIWUVCNUFGT)WDGTPKCNMQOOKUUT$NFK(GTGPE\ Q9CNCEJGPJWRVNKPIGRXGTJCHVGVG'VYC4WOPGPDGFTQJVGPFKG 5VCFV CWU 4KEJVWPI )TQRQNF YGUYGIGP FKG -CXCNNGTKG GKPDGTWHGP YWTFG #O  #WIWUV  YWTFGP FKG HGUVIGPQOOGPGP #PHJTGT .CWTKCPWPF$N)GUEWYKGFGTHTGKIGNCUUGP
Q5D$QVGR0T,WPK5
MCKUGTNKEJGT$GUEJNW0T,WPK5 6TCPUUKNXCPKC0T,WPK5 5CVGNNKV0T,WPK5 $NVVGT0T,WPK5 5D$QVG0T,WNK5 


FKGMPKINKEJG4GUQNWVKQP0T,WNK5
(TCP\5CNOGPU2TQVGUV

'DGPFC 0T   #WIWUV  5 

FKG 8GTJCHVWPI FGT Q9CNCEJGPJWRVNKPIGR 0T   #WIWUV  5 
FKG 'KPDGTWHWPI FGT



 9JTGPF $CTQP 0KMQNCWU 9GUUNGP[K KP GKPGT WPICTKUEJGP 2CTNCOGPVUUKV\WPI

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
-CXCNNGTKG 0T   #WIWUV  5 
FKG $GHTGKWPI XQP #6 .CWTKCP WPF $N)GUEW 'DGPFC0T5GRVGODGT5
9GUUGNP[U4GFG0T5GRVGODGT 5
FKGPGWG'KFGUHQTOGN 'DGPFC0T5GRVGODGT5  DGT FKG GTUVG $NCUGPFQTHGT 8GTUCOONWPI KO Q5D$QVGR0T/CK5 DGTFKG\YGKVG$NCUGPFQTHGT8GTUCOONWPIKP0T5GRVGODGT 5 'DGPFC0T5GRVGODGT50T5GRVGODGT5



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
 5D 8QNMUHTGWPF 0T   1MVQDGT  5  FCU 2TQITCOO 9CU YPUEJGPWPFXGTNCPIGPYKTYWTFGCWEJXQO5CVGNNKV0T1MVQDGT5 DGTPQOOGP  0CEJ FGT #DFCPMWPI FGU 2CNCVKPU WPF FGT 'TPGPPWPI .GODGTIU \WO MM -QOOKUUT OKV WPWOUEJTPMVGT 8QNNOCEJV WPF \WO 1DGTMQOOCPFCPVGP UOVNKEJGT UVGTTGKEJKUEJGT 6TWRRGP CO  5GRVGODGT YWTFG .GODGTI GKPGP 6CI URVGTKP7PICTPGTUVQEJGPQ5D$QVGR0T1MVQDGT50T 1MVQDGT50T1MVQDGT5



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
Q5D8QNMUHTGWPFR0T1MVQDGT5

5D$QVG0T0QXGODGT55CVGNNKV0T0QXGODGT 5FKG0CEJTKEJVGPXQO-TKGIUUEJCWRNCV\GTUEJGKPGP\WOGTUVGP/CN 5D8QNMUHTGWPF0T0QXGODGT5DGTFKG5\GMNGTWPF<NCVPC 6TCPUUKNXCPKC0T0QXGODGT5



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
GUJCVVGCNUQ3WCFTCVOGKNGP OGJTCNU$JOGPFKGITVGFGTFGWVUEJGP2TQXKP\GPUVGTTGKEJUWPF
5D8QNMUHTGWPF0T0QXGODGT5

5D9QEJGPDNCVV0T&G\GODGT56TCPUUKNXCPKC0T 5D$QVG0T&G\GODGT5

&G\GODGT5

6TCPUUKNXCPKC0T&G\GODGT50T&G\GODGT5  5D8QNMUHTGWPF0T&G\GODGT5



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
 'DGPFC 0T   &G\GODGT  5  FGT #WHUCV\ 5KGDGPDTIGP WPF 7PICTP0T&G\GODGT50T&G\GODGT5 #P\GKIGPKP0T&G\GODGT5 5D$QVG0T,CPWCT5 5KGDGPDTIGT8QNMUMCNGPFGT*GTOCPPUVCFV5



FCU 9GVVGT FGT DGVTGHHGPFGP ,CJTGU\GKV CWH 'U KUV KPVGTGUUCPV \W GTYJPGPFCFKG$GTGEJPWPIFGT6CIGUQYQJNKOCNVGP5VKNCNUCWEJ KOPGWGP5VKNGTHQNIVG  5Q YWTFG FGT 5KNXGUVGTCDGPF XQP FGP -CVJQNKMGP WPF 2TQVGUVCPVGP KP GKPGT 5QPPVCIPCEJV IGHGKGTV WPF FGT  ,CPWCT HKGN CWH FGP/QPVCICOUGNDGP6CIYCTDGKFGPTWOPKUEJGP1TVJQFQZGPWPF )TKGEJKUEJ-CVJQNKMGP FGT Q+IPCVR
6CI FGU XQNMUVONKEJGP 5EJYGKPGUEJNCEJVGPUCNUQFGT&G\GODGT  &GT -CNGPFGT HJTVG FKG KP FGP XQTCPIGJGPFGP ,CJTGP DGIQPPGPGDGTUKEJVFGUEJTQPQNQIKUEJGP9GTFGICPIUFGT)GUEJKEJVG 5KGDGPDTIGPUHQTVWPFDGJCPFGNVGFKG<GKVURCPPG\YKUEJGPWPF  'KP Q)GPGCNQIKUEJGU 8GT\GKEJPKU FGU UVGTTGKEJKUEJGP *GTTUEJGTJCWUGUROGJTGTGUKGDGPDTIKUEJG5CIGP
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
KP*GTOCPPUVCFVFGT2GTUQPCNUVCPFFGT NDNKEJGP UEJUKUEJGP 0CVKQPUWPKXGTUKVV  FKG 1DGTDGCOVGP FGT 

DTKIGP MPKINKEJGP HTGKGP 5VFVG WPF 5VJNG  FGT /CIKUVTCV FGT MPKINKEJGP HTGKGP 5VCFV WPF FGU 5VWJNU*GTOCPPUVCFV
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

6TCPUUKNXCPKC0T,CPWCT50T,CPWCT50T 'DGPFC0T,CPWCT5

,CPWCT5



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
%CTN)NNPGTCC15 Q5D$QVGR0T,CPWCT50T,CPWCT5 'DGPFC0T(GDTWCT5 6TCPUUKNXCPKC0T(GDTWCT5
FKG0KGFGTDTGPPWPIXQP'P[GF

0T(GDTWCT5
FKGTWOPKUEJUEJUKUEJG(TCIG0T(GDTWCT  5 
2TQVGUV IGIGP FKG )GYGTDGHTGKJGKV 0T   (GDTWCT  5 
DGT 7PICTPU 5EJKEMUCN 0T   (GDTWCT  5 
OGTMYTFKIG $GIGDGPJGKVGP



TWUUKUEJGP 0CVKQPCN%JCTCMVGTR OCEJVG &KG 4GFCMVKQP XGTUKEJGTVG GU JCPFGNVGUKEJWOQMGKPG.QDJWFGNGKIGTCFGLGV\VYQYKTFKG4WUUGPCNU (TGWPFGWPF$GUEJV\GTKPWPUGTGT/KVVGJCDGPR

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
5D8QNMUHTGWPF0T/T\5



WPICTKUEJGP 'TQDGTWPI *GTOCPPUVCFVU JGTCWUIGDTCEJV YWTFG UVGNNVG FKGQ6TCPUUKNXCPKCRKJT'TUEJGKPGPGKP  #O/T\HCPFFKG\YGKVG5EJNCEJVDGK*GTOCPPUVCFV UVCVV &KG DGUKGIVGP 4WUUGP OWVGP UKEJ \WTEM\KGJGP &GT Q$QVGR OCEJVGOGJTGTG2TQMNCOCVKQPGP$GOU
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
6TCPUUKNXCPKC0T/T\5 Q5D$QVGR0T/T\5 %)NNPGTCC15 'DGPFC0T/T\50T/T\5 Q5D$QVGR0T/T\5

Q9KGPGT<GKVWPIR(GDTWCT<KVCVCWU%)NNPGT5

'WIGPXQP(TKGFGPHGNU,QUGRJ$GFGWUXQP5EJCTDGTI9KGP$F++5



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
19KVVUVQEM  &KG *GTOCPPUVFVGT $TIGTUEJCHV GTMNTVG FCTCWHJKP FC UKG UKEJ FGP 9GKUWPIGP $GOU WPVGTYCTH WPF FC UKG IGIGP LGFCTVKIG +PVGTXGPVKQP FGT TWUUKUEJGP /CEJV HTONKEJGP WPF HGKGTNKEJGP 2TQVGUV GKPNGIVG
Q5D$QVGR0T/T\5 19KVVUVQEMCC15



 %UP[KU 2TQMNCOCVKQP CP FGP KP $GNCIGTWPIU\WUVCPF DGHKPFNKEJGP 5CEJUGPDQFGP ICD KO #RTKN  FKG 'TTKEJVWPI XQP 5VCPF WPF 5VTCHIGTKEJVGP DGMCPPV &KG 8GTOIGP FGT CDYGUGPFGP *GTOCPPUVFVGT
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
 #RTKN  YWTFG KO Q$QVGPR XGTHHGPVNKEJV &KG -TKGIUPCEJTKEJVGPDGICPPGPLGV\VOKVFGT(QTOWNKGTWPI Q&GTIGUVTKIG

 &GT 2TQVGUV IGIGP FGP TWUUKUEJGP 'KPITKHH KO Q5D $QVGR 0T   /T\  5 FKG 'TTKEJVWPI FGT 5VTCHIGTKEJVG KP 0T   #RTKN  5  FKG $GUEJNCIPCJOWPI FGT 8GTOIGP KP 0T   #RTKN  5  FKG 8GTQTFPWPI JKPUKEJVNKEJFGT'VCVKUKGTWPIKP0T#RTKN5



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
 DGT FKG 4GMTWVKGTWPI Q5D $QVGR 0T   #RTKN  5  %UP[ CP FKG

$CWGTP KP FGP 0T XQO  #RTKN   #RTKN   #RTKN  FCU XQP &QDQMCK , IGHJTVG RQNK\GKCOV 0T   #RTKN  5  /QUGU $GTFG $GMCPPVOCEJWPI0T#RTKN57PICTPU7PCDJPIKIMGKVUGTMNTWPI 0T/CK5-TKGIUPCEJTKEJVGP0T/CK5  Q5D$QVGR0T/CK5
6QVJU#WHUCV\0T/CK5 
$CTEUC[U#WHUCV\FKG5CEJUGPGTYCTVGPFKGUVGTTGKEJGT0T,WNK5 FKG7PINVKIGTMNTWPIWPF#WHJGDWPIFGTWPICTKUEJGP)GUGV\G0T,WNK 5  Q5D $QVGR 0T   ,WNK  5  #O  ,WPK  UEJNWI 9GUUGNP[ FGO 5KGDGPDTIKUEJGP.CPFVCIFCU7TDCTKCNIGUGV\XQT#OUGNDGP6CIYWTFGFCU)GUGV\



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
YGNEJGUFKG#WHJGDWPIFGT(TQJPFKGPUVGWPFFKG#DUEJCHHWPIFGT.GKDGKIGPUEJCHV CPGTMCPPVGGTNCUUGP#O,WPKYWTFGFCU)GUGV\CPIGYCPFV&KGMCKUGTNKEJG 8GTQTFPWPI XQO  ,WNK  DGUVVKIVG FCU )GUGV\ XQO  ,WPK  DGT FKG UKGDGPDTIKUEJGP(NEJVNKPIGKPFGT9CNCEJGKKP0T,WNK50T #WIWUV58IN'NC%QUOC 4GHWIKC/KKVTCPUKNXPGPKP/WPVGPKCNC KO $F+UVQTKCECGZRGTKGP/KPVGNGEVWCN1TCFGC5 Q5D$QVGR0T#WIWUV5 %)NNPGTCC15Q5D$QVGR0T#WIWUV5



 &KG RTQXKUQTKUEJG 4GIKGTWPI VGKNVG FCU .CPF KP UGEJU /KNKVTFKUVTKMVG GKP *GTOCPPUVCFV -CTNUDWTI -NCWUGPDWTI 4GVVGI 1FGTJGNNGP WPF (QICTCUEJ &GT -QOGU FGT 5EJUKUEJGP 0CVKQP YCT \WINGKEJ FGT IGUGV\NKEJG 8QTUVCPF WPF UQOKV FGT &KUVTKMVUQDGTMQOOKUUTHTFGP*GTOCPPUVFVGT&KUVTKMV\WYGNEJGO CWEJ FKG (KNKCNFKUVTKMVG $KUVTKV\ WPF -TQPUVCFV IGJTVGP &KG &KUVTKMVG \GTHKGNGP KP $G\KTMG WPF FKGUG KP 7PVGTDG\KTMG
+PURGMVQTCVG KP YGNEJGP FKG <KXKNXGTYCNVWPI FGP $G\KTMU WPF 7PVGTDG\KTMUMQOOKUUTGPDGTVTCIGPYWTFG  #PHCPI0QXGODGT\QIGPFKG4WUUGPCWU*GTOCPPUVCFVCD  &GT Q$QVGRXGTHHGPVNKEJVG
GTUVLGV\VFKG4GKEJUXGTHCUUWPIFGU -CKUGTVWOUUVGTTGKEJXQO/T\  &GT(TKGFGPKO.CPFYCTYKGFGTJGTIGUVGNNV   +O .CWHG FGT ,CJTG  DGYCJTVG FGT Q5KGDGPDTIGT $QVGR HQTVYJTGPF GKPG /KUEJWPI \YKUEJGP GKPGO NQMCNGP DG\KGJWPIUYGKUG GVJPKUEJGP 2CVTKQVKUOWU UQYKG FGT .Q[CNKVV \WO JCDUDWTIKUEJGP -CKUGTJCWUG 9JTGPF FGT WPICTKUEJGP 1MMWRCVKQP XQP*GTOCPPUVCFV
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

Q5D$QVGR0T#WIWUV5
DGTFKG#WUJGDWPIFGT4GMTWVGP0T

  5GRVGODGT  5  0T   5GRVGODGT  5 
FKG 8GTYCNVWPIUGKPVGKNWPI 0T   0QXGODGT  5 
FKG 4WUUGP XGTNCUUGP *GTOCPPUVCFV0T0QXGODGT5
FKGQMVTQ[KGTVG8GTHCUUWPI



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
XQO/CKDKU1MVQDGTGKPGP )KRHGN FGT $GICDWPI FCT FKG CWH FGO #NVCT FGT UEJUKUEJGP *GTOCPPUVFVGT2TGUUGIGQRHGTVYWTFGP 



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
5VCVKUVKM XQP 5KGDGPDTIGP  Q$GVTCEJVWPIGP DGT CWUNPFKUEJG <WUVPFG CO #PHCPI FGU ,CJTGU R CWU FGT Q1DGTRQUVCOVU<GKVWPIRHCPFGPCWHFGP5GKVGPFGUQ5CVGNNKVR2NCV\  9GPP FKG 5KGDGPDTIGT 5CEJUGP QCNU WGTUVG 8QTRQUVGP FGWVUEJGT0CVKQPCNKVVKO5FQUVGP'WTQRCURDGVTCEJVGVYWTFGPNCWV FGT KP FGT Q.GKR\KIGT +NNWUVTKGTVGP <GKVWPIR GTUEJKGPGPGP /GKPWPI
 Q5CVGNNKVR0T,CPWCT50T,CPWCT50T Q$NVVGTHT)GKUV)GOVJWPF8CVGTNCPFUMWPFGR0T,CPWCT50T

   

 %JTQPKMFGT-TQPUVFVGT2TGUUG
,QJCPP)VVWPFFCU5KGDGPDTIGT9QEJGPDNCVV 5CVGNNKV$NVVGTHT)GKUV)GOVJWPF 8CVGTNCPFUMWPFGWC

(GDTWCT5

,CPWCT50T,CPWCT50T,CPWCT5 0T(GDTWCT50T(GDTWCT5 'DGPFC0T,CPWCT50T/T\50T/T\ 5 5CVGNNKV0T,CPWCT5



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
HT  2HCTTGKGP WPF (KNKGPUCOOV5EJWNGPYQUQNEJG\WHKPFGPUKPFICTDGTCTOG JWPITKIG 5EJNGT KO 7PVGTTKEJV JCVVGP DGFGPMGP YKT CNNGU FKGU WPRCTVJGKUEJ WPF GVYCU IGYKUUGPJCHVGT WPF XGTFCOOGP YKT FCPP PQEJFKG9CNCEJGPWPFKJTG4QJGKVYGPPYKTMPPGP8QPFGOXNNKI VTQUVNQUGP<WUVCPFGFGUPKEJVWPKTVGP%NGTWUYGPFGPYKTWPUGTG$NKEMG FKGUOCN CD  &KGU \WT 5VGWGT FGT 9CJTJGKV WPF \W GKPGT DGUUGTGP 8GTUVPFKIWPI\YKUEJGP5CEJUGPWPF9CNCEJGPHTFKG<WMWPHVDKVVGV KP +JTG IGUEJV\VGP 5RCNVGP CWHPGJOGP \W YQNNGP GKP WPKTVGT 9CNCEJGR&KG4GFCMVKQPOWVG\WIGDGPFCOCPDGTFKG4WOPGP QOGKUVGPU IGIGP WPF UGNVGPGT \W KJTGP )WPUVGPR IGUEJTKGDGP JCVVG GDGPFGUJCNDQ7PUYKTFGULGFGUOCNYKNNMQOOGPUGKPGKPGUQTWJKIG OKV GTNWVGTPFGP 6JCVUCEJGP WPVGTUVV\VG 4GEJVHGTVKIWPI WPF $GNGWEJVWPI FGT YCNCEJKUEJGP <WUVPFG KP WPUGTGP $NVVGTP CWHPGJOGP \W MPPGP #WH GKPG HHGPVNKEJG 5PFG IGJTV GKPG HHGPVNKEJG $WG 0WT CWH FKGUG #TV MPPGP UKEJ DGKFG 0CVKQPGP GKPCPFGT HTGWPFNKEJ PJGTP YGPP UKG UKEJ UCIGP YCU UKG IGIGPUGKVKI CO*GT\GPJCDGPWPFQJPGCNNG+PVGTXGPVKQPKJTG5VTGKVUCEJGPHTKGFNKEJ \WUEJNKEJVGPUWEJGPR  &GT Q5CVGNNKVR YCTH GU FGT *GTOCPPUVFVGT 5VCFVMQOOWPKVV XQTUKGPGJOGCP$GNCPIGPPKEJVVGKNFKGFCUCNNIGOGKPG9QJNDGVTCHGP &KG *GTOCPPUVFVGT Q6TCPUUKNXCPKCR GTYKFGTVG FGO Q5CVGNNKVR KP OGJTGTGP#TVKMGNP  +O/T\VCVGPFCU Q5KGDGPDTIGT9QEJGPDNCVVRWPFFGT Q5CVGNNKVR FGP #WUDTWEJ FGT HTCP\UKUEJGP 4GXQNWVKQP MWPF &KG 'TGKIPKUUG XQO  DKU  (GDTWCT KP 2CTKU YWTFGP GKPIGJGPF
'DGPFC0T(GDTWCT5 6TCPUUKNXCPKC*GTOCPPUVCFV0T(GDTWCT0T/T\5 0T/T\5 'DGPFC0T(GDTWCT5



DGUEJTKGDGP -CKUGT (GTFKPCPF + XQP UVGTTGKEJ ICD GKPG 'TMNTWPI DGT FKG 'TGKIPKUUG KP (TCPMTGKEJ CD &CU Q9QEJGPDNCVVR DGTKEJVGVG DGT FGP $GIKPP FGT 4GXQNWVKQP KP 7PICTP WPF FKG  2WPMVG FGU 2GUVGT /CPKHGUVU
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
)GQTI6GWVUEJ\GKEJPGVGCO#RTKNGKPGPKPFGP$NVVGTP HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFG GTUEJKGPGPGP RTQITCOOCVKUEJGP #WHUCV\ Q9CU JCV 5KGDGPDTIGP IGIGPYTVJKI \W VJWP!R
5D9QEJGPDNCVV0T/T\5FGT#WHUCV\0CEJTKEJVGPDGTFKG

HTCP\UKUEJG 4GXQNWVKQP 5CVGNNKV 0T   /T\  5  FGT #WHUCV\ DGTFGP#WUDTWEJFGTHTCP\UKUEJGP4GXQNWVKQP(GDTWCT 5D9QEJGPDNCVV0T/T\5 'DGPFC0T/T\5 'DGPFC0T/T\55CVGNNKV0TWPF/T\5  $NVVGT0TWPF#RTKN50T#RTKN5 0T#RTKN50T/CK5 5D9QEJGPDNCVV0T/T\5 'DGPFC0T#RTKN5 5CVGNNKV0T/T\5 $NVVGT0T#RTKN5



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

'DGPFC0T#RTKN5 'DGPFC0T/CK5 'DGPFC0T/CK50T/CK5



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
&GURQVKUOWUPJGTMGPPGPIGNGTPV Q9GPPWPUGTG9CNCEJGPFKG$GYQJPGT$GUUCTCDKGPUFKGITVGPVJGKNU YCNCEJKUEJGP 7TURTWPIU UKPF KP FGT /WVVGTURTCEJG CPTGFGP WPF
5CVGNNKV0T#RTKN5 'DGPFC0T#RTKN50T#RTKN5



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
#PJCPI&QM0TWPF  &KG 4GHQTOJQHHPWPIGP FGU (TJLCJTU  GTHCVGP FKG 8GTYCNVWPI FCU <WPHVYGUGP FCU 7PVGTTKEJVUYGUGP &GT Q5CVGNNKVR
'DGPFC0T#RTKN550T/CK5 0T#RTKN50T/CK5 'DGPFC0T#RTKN5



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
YCJTUEJGKPNKEJ 5V.4QVJWPVGT\GKEJPGVWPFXGTHQNIVGFGP#DNCWHFGT8GTUCOONWPI /QPVCI &KGPUVCI WPF /KVVYQEJ
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
KO (GDTWCT FKG .GKUVWPI FGU (TQPFKGPUVGU 8QO )WDGTPKWO YWTFG GKPG 7PVGTUWEJWPIUMQOOKUUKQP JKPIGUCPFV &KGUG DGUC CDGT MGKPG IGPCWGP +PUVTWMVKQPGP QD UKG FKG $CWGTP \WT .GKUVWPI FGT 4QDQVGP \YKPIGPUQNNVGQFGTPKEJV&CPPUCPFVGOCPGKPGP<WI-CXCNNGTKG

'DGPFC0T/CK50T/CK5 'DGPFC0T/CK5



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
&KGUGNDG0T5 'DGPFC0T,WPK5



5CEJUGP JKGT UVCPFJCHV YWTFGP &GT 5CEJUGPITCH  Q*GGTOCPPR FGU ICP\GP 5CEJUGPXQNMGU  JVVG FGP 0COGP FGT 5VCFV *GTOCPPUVCFV IGIGDGP  +PFGTUGNDGP0WOOGTFGTQ$NVVGTRHQNIVGPFKG9PUEJGWPF )GFCPMGP GKPGU /KVCTDGKVGTU FKG CP FKG DGXQTUVGJGPFG 0CVKQPCNXGTUCOONWPI FGT &GWVUEJGP
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
$NVVGT0T,WPK5



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 5D 9QEJGPDNCVV 0T   /CK  5  &GT #WHUCV\ YWTFG KO $CPF



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 ,WNK  +O <WUCOOGPJCPI OKV FGO XQO WPICTKUEJGP /KPKUVGTKWO KP 7ONCWH


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5CVGNNKV0T5GRVGODGT5



 &GT Q5CVGNNKVR DGTKEJVGVG DGT FKG 8QNMUXGTUCOONWPI FGT 5\GMNGTKP5\MGN[7FXTJGN[

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
5GRVGODGTUQYKGGUCWEJFKG<GKVWPIGP MWPF OCEJVGP OCTUEJKGTVGP CDGT FKG 6TMGP KP FKG *CWRVUVCFV FGT 9CNCEJGKGKP  #O  1MVQDGT MCO KP *GTOCPPUVCFV GKPG $TIGTXGTUCOONWPI \WUCOOGP YGNEJG KP  2WPMVGP FKG (QTFGTWPIGPFGT5CEJUGPCWUFTEMVG&CU2TQITCOOQ9CUYPUEJGP WPF XGTNCPIGP YKTR DGCPVTCIVG PKEJVU YGPKIGT CNU GKPGP $WPFGUUVCCV 5KGDGPDTIGP  +O 1MVQDGT UEJNWIGP FKG Q$NVVGTR GKPG QHHGPUKEJVNKEJ PGWG 4KEJVWPI GKP 'U YCT FKG GTUVG FGT -TQPUVFVGT <GKVWPIGP YGNEJG
5CVGNNKV0T5GRVGODGT50T5GRVGODGT5 $NVVGT0T5GRVGODGT5 5CVGNNKV0T1MVQDGT5 'DGPFC0T1MVQDGT5



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
'OCPWGN $NPGCPW &T/G[GT+)QNGUEW0)QWV\Q)W/W+5NVKPGCPWWPF+1DGFGCPW UGKPGP &CPM HT FKG KP -TQPUVCFV YJTGPF KJTGT (NWEJV GTJCNVGPG )CUVHTGWPFUEJCHV CWU
 1MVQDGT  &GT YGIGP FGT 'KPUGV\WPI FGT 4GXQNWVKQPUTGIKGTWPI CWU FGT 9CNCEJGK IGHNEJVGVG (TUV YWVG DGTFKG$GUGV\WPIUGKPGU.CPFGUFWTEJFKGTWUUKUEJGPWPFVTMKUEJGP 6TWRRGP$GUEJGKFTWUUKUEJG5QNFCVGPUQNNVGPDGK$WMCTGUV GKP .CIGT CWHIGUVGNNV JCDGP KP FGT *CWRVUVCFV YCTGP YGKVGTG  6TMGPUVCVKVQPKGTV
$NVVGT0T1MVQDGT50T1MVQDGT5 5CVGNNKV0T1MVQDGT5 5D8QNMUHTGWPF*GTOCPPUVCFV0T1MVQDGT5



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
5CVGNNKV0T1MVQDGT5

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



<GKVWPI JCVVG GKPG Q2CTCNGNNG \YKUEJGP FGT TQOCPKUEJGP WPF FGT UEJUKUEJGP $GXNMGTWPIR CWHIGPQOOGP YGNEJG GKPGP $TWEJ \YKUEJGPFGPDGKFGP0CVKQPGPXGTWTUCEJVJVVG  (TCP\ 5OQNMC 2TUKFGPV FGU MQPUVKVWKGTGPFGP 4GKEJUVCIGU KP 9KGP TKEJVGVG GKP Q/CPKHGUV CP FKG 8NMGT 1GUVGTTGKEJUR FKG \WT 'KPVTCEJV WPF 6TGWG \WO -CKUGTJCWU CWHIGHQTFGTV YWTFGP
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
 &G\GODGT /KV 0WOOGT  XQO  &G\GODGT YGNEJG FKG #DFCPMWPIUGTMNTWPI (GTFKPCPFU GPVJKGNV UVGNNVG FCU Q9QEJGPDNCVVR UGKP'TUEJGKPGPKO,CJTGKP 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
5CVGNNKV0T1MVQDGT50T0QXGODGT5 5D9QEJGPDNCVV0T&G\GODGT50T&G\GODGT5 $NVVGT0T0QXGODGT5US0T&G\GODGT5

0T0QXGODGT50T&G\GODGT5



US



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
/QPVCI WPF &KGPUVCI FGT Q5CVGNNKVR GDGPHCNNU\YGKOCN
/KVVYQEJWPF5COUVCIDGKFG<GKVWPIGPDGKPCJG KP XGTFQRRGNVGO 7OHCPI &GT 2TPWOGTCVKQPURTGKU DGVTWI  HN %/ HTFKGGTUVG,CJTGUJNHVGWPFHNMTHT2QUV\WUVGNNWPI  &KG4GFCMVKQPTGEJVHGTVKIVGFKG'KPUVGNNWPIFGU'TUEJGKPGPUFGT Q$NVVGT HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFGR &C UKEJ CNNGU FGT 2QNKVKM \WYCPFVG WPF FCU -WNVWTRTQHKN FGT Q$NVVGTR PKEJV OGJT GKPIGJCNVGPYGTFGPMQPPVGUQNNVGPFKGUGKODGXQTUVGJGPFGP5GOGUVGT PKEJVGTUEJGKPGP  &KG.QUWPIFGU Q9QEJGPDNCVVURYCTHQNIGPFG Q&KG4GFCMVKQP YKTF #NNGU CWHDKGVJGP WO FKG XGTGJTNKEJGP .GUGT UQXKGN OINKEJ \WHTKGFGP \W UVGNNGP WPF YGFGT /JG PQEJ -QUVGP UEJGWGP FC FCU 5KGDGPDTIGT 9QEJGPDNCVV DGUQPFGTU FWTEJ UGKPG 9CJTJGKV 6TGWG WPF (TGKUKPPKIMGKV GKPG CEJVWPIUYGTVJG 5VGNNWPI WPVGT FGP ,QWTPCNGP FGT UVGTTGKEJKUEJGP/QPCTEJKGGKPPGJOGR  ,QJCPP)VVTKEJVGVGGKPGPQHHGPGP$TKGHQ#POGKPG(TGWPFGKP *GTOCPPUVCFV
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
5KGDGPDTIGT9QEJGPDNCVV0T,CPWCT5



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
*GTOCPP6QPVUEJ&KG*QPVGTWURTGUUGKP,CJTGP(GUVUEJTKHVFGT$WEJFTWEGTGK,QJCPP

)VVU5QJP-TQPUVCFV5



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
-TQPUVFVGT<GKVWPI0T/T\5



'KPKIG 5VWPFGP URVGT MCO FKG *WPFGTVOCPPUEJCHV \WUCOOGP WPF XQNN\QI FKG 9CJN CWUUEJNKGNKEJ CWU FGP GKIGPGP 4GKJGP &KGUGU VTQV\ FGT #DYGUGPJGKV XQP  KJTGT /KVINKGFGT WPF VTQV\ FGT 'KPURTCEJG XKGNGT PKEJV \WT -QOOWPKVV IGJTGPFGT $TIGT YGNEJG CP FGT $GCOVGPYCJN CNNG $GYQJPGT -TQPUVCFVU DGVGKNKIV YKUUGP YQNNVGP &KG 9CJN FKG CNU QRTQXKUQTKUEJR ICNV HKGN CWH  5GPCVQTGP
FCTWPVGT  1DGTDGCOVG XQP #NDTKEJUHGNF )TH .CUUGN 6TCWUEJ .CPIG XQP 5EJQDGNP/[XQP%NQUKWUXQP&KNNOQPV5EJOKFV2CPE\GN(CDTKVKWU  1DGTUV -KUU FGT WPICTKUEJG )GPGTCN KP -TQPUVCFV OCEJVG MWPFFCCNNG5EJKGIGYGJTG)CVVWPIGP9CHHGP/WPKVKQPWUYDGK FGO 2NCV\MQOOCPFQ CDIGNKGHGTV YGTFGP UQNNVGP 9KFTKIGPHCNNU UQNNG GKPG 5VTCHG XQPHN%/DG\CJNVQFGTYGTFCU)GNFPKEJVDGUC GKPGGKPLJTKIG<WEJVJCWUUVTCHGIGNGKUVGVYGTFGP  &KG 2TQMNCOCVKQP .CFKUNCWU %UP[KU FGO DGXQNNOEJVKIVGP .CPFGUMQOOKUUTUFGUOKV5KGDGPDTIGPXGTGKPKIVGP7PICTPUCPCNNG UKGDGPDTIKUEJGP 8NMGT YCT DGFTQJGPF WPF UEJTQHH Q9CNCEJGP +JT XQPUVGTTGKEJKUEJGP$GCOVGPWPF+PVTKIWGPXGTNGKVGVGPWPINEMNKEJGP 9CNCEJGPGUKUVMGKP<GKEJGPKO/GPUEJGPIGFEJVPKUUGMGKPG5RWT KP FGP $NVVGTP FGT )GUEJKEJVGXQPGWTGTPCVKQPCNGP5GNDUVUVPFKIMGKV +JT YCTV 5MNCXGP FGT 4OGT 5MNCXGP FGT YCPFGTPFGP 5VOOG WPF 5MNCXGP KO NGV\VXGTICPIGPGP ,CJTVCWUGPFG PWT FGT 7PICT NKG KO XGTHNQUUGPGP ,CJTG FKG /QTIGPFOOGTWPI FGT (TGKJGKV HT 'WEJ CWHIGJGPFGT7PICTJCVGWGTG5MNCXGPMGVVGP\GTVTOOGTVGTJCV'WEJ KP FKG 4GKJGP FGT HTGKGP $TIGT GTJQDGP  DGUEJGPMV OKV UGKPGP 4GEJVGP HTGKGO $QFGP GT JCV #TO WPF 4GKEJ KO )GPWUUG FGT /GPUEJGPTGEJVG INGKEJ IGOCEJV  WPF +JT FKG +JT 'WEJ KO 5MNCXGPLQEJG VTGW GTYKGUGP WPF FKG +JT QJPG GWGT /KVYKTMGP HTGKIGYQTFGP DGTHCNNV UVCVV &CPM WPF#PJPINKEJMGKV\W\GKIGPFKG WPDGUEJV\VGP WPICTKUEJGP &THGT UGPIV WPF DTGPPV DGTCWDV UKG DGTHCNNV FKG UQTI WPF YGJTNQUG 'KPYQJPGTUEJCHV KO 5EJNCHG OQTFGV UKG WPF JCVVGV FCU GTHQNINQUG 8QTJCDGP FGP 5VCOO CWU\WTQVVGP YGNEJGT UGKV ,CJTJWPFGTVGP OKV 'WEJ (TGWF WPF .GKF DTFGTNKEJ IGVJGKNVJCVR  +P FGT  WPF  0WOOGT FGT Q-TQPUVFVGT <GKVWPIR WPVGT\GKEJPGVG FKG 4GFCMVKQP  WPF KP KJTGO 0COGP YCJTUEJGKPNKEJ FGT4GFCMVKQPUNGKVGT.GQRQNF/CZKOKNKCP/QNVMGFGP.GKVCTVKMGN Q'KP RQNKVKUEJGU )NCWDGPUDGMGPPVPKUR GKPG TKEJVKIG RQNKVQNQIKUEJG 6JGQTKG FGU.KDGTCNKUOWU
'DGPFC0T/T\5



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
 /CK GTUEJKGP CDGT KP FGT Q-TQPUVFVGT <GKVWPIR GKP 8QTVTCI FGU /KPKUVGTTCVGU CP FGP 4GKEJUIQWXGTPGWT -QUUWVJ $CTVQNQOWU 5\GOGTG /KPKUVGT FGU +PPGTP ICD FKG )GHCJT GKPGTPGWGPTWUUKUEJGP+PXCUKQPDGMCPPV
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
'DGPFC0T/T\50T/T\50T/T\5 (T6GWVUEJ)GUEJKEJVGFGT5KGDGPDTIGT5CEJUGP$F+++5

0T#RTKN50T/CK50T,WPK5

-TQPUVFVGT<GKVWPI0T/CK50T/CK5



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
'DGPFC0T,WPK50T,WPK5

)$CTK/KW CC15(T6GWVUEJ )GUEJKEJVGFGT5KGDGPDTIGT5CEJUGP $F+++5 -TQPUVFVGT<GKVWPI0T,WPK5 -TQPUVFVGT<GKVWPI0T,WNK5



5D$QVG0T,WNK50T,WNK5



5KGDGPDTIGPU UGKPGP 5EJWV\ FKG 4WJGUVTGT WPF #WHYKGINGT UQNNVGP CDGT IPCFGPNQU FGO 5VCPFIGTKEJVG DGTIGDGP YGTFGP
 ,WNK #O UGNDGP6CIGYWTFG4GRUXQPFGP4WUUGPDGUGV\V  $GOITKHH.FGTURNV\NKEJDGK5EJDWTICP&GT-CORHHCPF \YKUEJGP5EJDWTIWPF9GKMKTEJUVCVV$GOYWTFGDGUKGIV  &KG \CTKUVKUEJGP 6TWRRGP XGTNKGGP 5KGDGPDTIGP #PHCPI 0QXGODGT'KPG0CEJTKEJVXQO0QXGODGTYWVGFCFKGOGKUVGP TWUUKUEJGP )GPGTCNG FKG FGP (GNF\WI KP 7PICTP OKVIGOCEJV JCVVG KP 9CTUEJCW CPIGMQOOGP YCTGP WPF UKEJ FQTV FGO (TUVGP5VCVVJCNVGT XQTUVGNNVGP 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
Q5D$QVGR0T,WNK5 Q-T<GKVWPIR0T0QXGODGT5

7PVGTJCNVWPIGPCWUFGT)GIGPYCTV*GTOCPPUVCFV*GHV/CK5



/KVVVGN FC\W 5GKPG RQNKVKUEJGP 5[ORCVJKGP UEJYCPMVGP LG PCEJ 7OUVPFGP &KG .GKEJVKIMGKV OKV YGNEJGT GT \WO GPVIGIGPIGUGV\VGP .CIGTDGTVTCVMCPPFWTEJUGKPGP9WPUEJGTMNTVYGTFGPKP5KEJGTJGKV \WPEJUVFWTEJFKGVTDGP)GYUUGTFGT<GPUWTWPFFCPPFWTEJLGPG FGU $TIGTMTKGIGU \W UGIGNP 5GKPG 4GFNKEJMGKV YWTFG INGKEJGTOCGP XQPFGP*GTOCPPUVFVGT5CEJUGPFKGKJOUGKPGGPIGP$G\KGJWPIGP\W FGP 7PICTP WPF 5\GMNGTP XQTYCTHGP CNU CWEJ XQP FGP -QUUWVJJWUCTGP YGNEJG KJP OKV FGO 6QFG DGFTQJVGP KP #DTGFG IGUVGNNV 9GPP GT YKTMNKEJ  FGP 8QTUEJNCI CDNGJPVG MCKUGTNKEJGT 5RKQP \W YGTFGP YKG GT UGNDUV DGMCPPVG YWTFG )VV UGKPGTUGKVU FGPWP\KGTV ,QUGRJ $GFGWU XQP 5EJCTDGTI /KVCTDGKVGT FGT *GTOCPPUVFVGT $NVVGT WPF UVCCVNKEJGT 1DGTDGCOVGT UEJTKGD $GTKEJVG CP5GFNPKV\M[.GKVGTFGT)GJGKORQNK\GK/GVVGTPKEJUKPFGPGPGT)VV -WT\ WPF CPFGTG -TQPUVFVGT 4GFCMVGWTG CP\GKIVG 6TQV\ UGKPGT FQRRGNUKPPKIGP WGTWPIGP WPF FGP GKIGPGP 4GEJVHGTVKIWPIGP WPF 8GTURTGEJWPIGP CP FKG .GUGT UGV\VG )VV UGKPG 6VKIMGKV CNU 8GTNGIGT WPF $WEJFTWEMGT WPWPVGTDTQEJGP HQTV 5GKPG *CWRV\GKVWPI FCU  IGITPFGVGQ5KGDGPDTIGT9QEJGPDNCVVRYGNEJGUKPQ-TQPUVFVGT <GKVWPIRWODGPCPPVYWTFGYWTFGPCEJ)VVU6QF
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

 9 &CWIUEJ &KG 0CVKQPCNKVVGP 5KGDGPDTIGPU KO 5RKGIGN FGWVUEJURTCEJKIGT 5KGDGPDTIGT<GKVWPIGPWPF<GKVUEJTKHVGPFGU8QTOT\KP<GKVUEJTKHVGPWPF<GKVWPIGP FGUWPF,CJTJWPFGTVUKP/KVVGNWPF1UVGWTQRC$GTNKP5



FGO .GUGT GKPG CPTGIGPFG .GMVTG 'U KUV DGT FKG <GKV JKPCWU GKP $GYGKUFGT/GKUVGTUEJCHVFGTUEJUKUEJGP,QWTPCNKUVGPXQP 



+++21.+6+- 70&+&'1.1)+'+0&'4 5%*5+%*'024'55'

       





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  0CEJFGO -PKI 5VGRJCP FGT *GKNKIG FGP KP 6GKNGP 5KGDGPDTIGPUJGTTUEJGPFGP9QKYQFGP)[WNCDGUKGIVGYWTFGFKGUGU .CPFFGTWPICTKUEJGP-TQPGWPVGTYQTHGPWPFDNKGDDKU\WT0KGFGTNCIG XQP/QJEU
WPVGTFGT*GTTUEJCHVUGKPGT-PKIG9JTGPFFKGUGT HPH,CJTJWPFGTVGGTNGDVG5KGDGPDTIGPYGFGTGKPGP#PUEJNWCPPQEJ GKPG 'KPXGTNGKDWPI KP FCU -PKITGKEJ 7PICTP FGPP GU XGTHIVG DGT DGUQPFGTG(TGKJGKVGPWPF5QPFGTTGEJVG  0CEJ FGT 6GKNWPI 7PICTPU
 UVCPF 5KGDGPDTIGP PQEJ CPFGTVJCND ,CJTJWPFGTVG WPVGT FGO 5\GRVGT XQP XQP 7PICTP XQNNUVPFKIWPCDJPIKIGT(TUVGPFKGCWUFGP4GKJGPFGUWPICTKUEJGP #FGNU UVCOOVGP 'PFG FGU  ,J KPHQNIG FGT HPHLJTKIGP 8GTJCPFNWPIGP OKV FGO UVGTTGKEJKUEJGP *GTTUEJGTJCWU HCPF FKG XGTVTCIUOKIG HTGKYKNNKIG 7PVGTYGTHWPI FGU .CPFGU WPVGT FKG 

(TFKG7PKQPQFGTIGIGPFKG7PKQP!    

MCKUGTNKEJG4GIKGTWPIUVCVV&CU&KRNQOFGU-CKUGTU.GQRQNF+XQO &G\GODGTDGUVVKIVGFCUPGWG5VCVWVFGUCWVQPQOGP(TUVGPVWOU 5KGDGPDTIGP  5GKVDGMNGKFGVGFCUUVGTTGKEJKUEJG-CKUGTJCWUFKGGTDNKEJG -PKIUYTFG KP 7PICTP &KGUGT 7OUVCPF JCVVG MGKPGUYGIU GKPG 'KXGTNGKDWPI 5KGDGPDTIGPU KP FCU -PKITGKEJ 7PICTP QFGT FCU #WHIGDGPUGKPGTUVCCVNKEJGP5GNDUVUVPFKIMGKVCNU(QNIG  &KG 2TCIOCVKUEJG 5CPMVKQP
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
 CWH FGO UKGDGPDTIKUEJGP .CPFGUIGUGV\ XQP  FGO 8GTVTCI OKV )GPGTCN %CTCHHC
 WPF FGT 2TCIOCVKUEJGP 5CPMVKQP
 /CP \GKIVG FGWVNKEJ FC QLGPG 7PKQP \YKUEJGP FKGUGO (TUVGPVJWO WPF FGO -PKITGKEJ 7PICTP YGNEJG WPVGT #WHTGEJVGTJCNVWPI WPUGTGT /WPKEKRCNIGUGV\G 4GEJVG WPF 2TKXKNGIKGP GKPIGICPIGP YGTFGP MQPPVG DGTGKVU \W 5VCPFG IGMQOOGP NPIUV DGUVGJG FC FCJGT FKG #PUEJCWWPIWPF#DUKEJVFGT5VPFGPKEJVFCJKPIGJGKTIGPFGKPGPGWG 7PKQP YGNEJGGKPG 4GKPEQTRQTCVKQP DGFGWVGWPFWPUGTG)GUGV\G4GEJVG WPF 2TKXKNGIKGP KP )GHCJT DTKPIGP MPPVG GKP\WIGJGPR &KG 7PCDJPIKIMGKVDGKFGT4GKEJG
FWQ4GIPCYWTFGMNCTIGOCEJV
 'WIGP XQP (TKGFGPHGNU ,QUGRJ $GFGWU XQP 5EJCTDGTI $GKVTIG \WT <GKVIGUEJKEJVG 5KGDGPDTIGPUKO,CJTJWPFGTV<YGKVGT6JGKN
++$F9KGP5 'DGPFC5



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
0QXGODGT  9GIGPFGU#WUDTWEJUFGT4GXQNWVKQPYWTFGFGTVTCFKVKQPGNNG 9GIRNV\NKEJRTGKUIGIGDGP   &KG 4GXQNWVKQP KP 2GUV WPF FCU 2WPMVG2TQITCOO FGT WPICTKUEJGP0CVKQPFCUFGP9WPUEJFGT8GTGKPKIWPI5KGDGPDTIGPU OKV7PICTPCWUFTEMNKEJGPVJKGNVHJTVGFKG5CEJUGP\WT-NTWPIKJTGT *CNVWPI&KG\WO)TQVGKNCWHFGO-PKIUDQFGPNGDGPFGPYGPKIGTCNU  5CEJUGP YCTGP UKEJ UQYQJN KJTGT PWOGTKUEJGP /KPFGTJGKV CNU CWEJ FGT 6CVUCEJG DGYWV FC KJT DGTNGDGP UQYKG FKG )GYJTNGKUVWPI KJTGT JKUVQTKUEJGP 4GEJVG XQP KJTGO 8GTJCNVGP CDJKPIGP  9GNEJGU YCTGP KJTG JKUVQTKUEJGP 4GEJVG! &GT 5CEJUGPDQFGP WOHCVG FKG CNVG *GTOCPPUVFVGT 2TQXKP\ CNUQ FGP *GTOCPPUVFVGT 5VWJNWPFFKGUKGDGP5VJNG$TQQU/JNDCEJ4GWOCTMV.GUEJMKTEJ )TQUEJGPM 4GRU 5EJDWTI FKG \YGK 5VJNG /GFKCUEJ WPF 5EJGNM UQYKGFKG&KUVTKMVG-TQPUVCFVWPF$KUVTKV\#NNG\WUCOOGPDKNFGVGP FCU UEJUKUEJG /WPK\KRKWO FGUUGP +PPGPQTICPKUCVKQP CWH FGP 4GIWNCVKXRWPMVGP XQP  HWVG &CU XGTVTGVGPFG (QTWO FGU 5CEJUGPDQFGPU WPF INGKEJ\GKVKI UGKPG JEJUVG CFOKPKUVTCVKXG WPF TGEJVNKEJG +PUVCP\ YCT FKG XQO 5CEJUGPITCHGP IGHJTVG 5EJUKUEJG 0CVKQPUWPKXGTUKVV&GT#WUFTWEMFGTUEJUKUEJGP5GNDUVPFKIMGKVYCT FCU /WPK\KRKWO FKG 8GTVGKFKIGTKP FGU /WPK\KRKWOU YCT FKG 0CVKQPUWPKXGTUKVV&GUJCNDDGFGWVGVGLGFGT#PITKHHCWHFKG7PKXGTUKVV 

GKPG )GHCJT HT FGP (QTVDGUVCPF FGT UEJUKUEJGP #WVQPQOKG 7PF WOIGMGJTV LGFG (TCIG XQP PCVKQPCNGT $GFGWVWPI YWTFG KP FGP 7PKXGTUKVVUXGTUCOONWPIGP FGP UQIGPCPPVGP 0CVKQPCNMQPHNWZGP DGURTQEJGP WPF DGTCVGP &CDGK UVGNNVG FKG 0CVKQPUWPKXGTUKVV FGP 'KPKIWPIU WPF )NGKEJIGYKEJVUHCMVQT FGT XGTUEJKGFGPGP UEJUKUEJGP /GKPWPIGP FCT +P RQNKVKUEJGT *KPUKEJV YWTFG FKG UEJUKUEJG 0CVKQP FWTEJ KJTG 5VWJN WPF &KUVTKMVUCDIGQTFPGVGP KO UKGDGPDTIKUEJGP .CPFVCI XGTVTGVGP FGUUGP $GTCVWPIGP KP CDIGUQPFGTVGP
\$ FKG UEJUKUEJGP 0CVKQPCNXGTUCOONWPIGP WPF IGOGKPUCOGP 5KV\WPIGP
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
/T\CNUUKEJFKG WPICTKUEJGMQPUGTXCVKXG2CTVGKWPFFKGNKDGTCNG1RRQUKVKQPXGTGKPKIVGP WO IGOGKPUCO HT FKG 7PKQP 5KGDGPDTIGPU OKV 7PICTP \W YKTMGP &KG 5VKOOWPI FGT *GTOCPPUVFVGT KUV DGMCPPV +JTG 6TGWGTMNTWPI YWTFGFGO5CEJUGPITCHGPCO/T\DGTTTGKEJVFKGGDGPVCIGPFG 0CVKQPUWPKXGTUKVV YWTFG CWHIGHQTFGTV FKG .Q[CNKVVUGTMNTWPI FGU UEJUKUEJGP 8QNMGU CP FGP -CKUGT \W UEJKEMGP &KG #FTGUUG FGT 7PKXGTUKVV CP FGP -CKUGT XQO  /T\ DGYKGU GKPG UVCPFJCHVG
5D$QVG0T/T\5 'DGPFC0T/T\5DGT-NCWUGPDWTICO/T\CWEJFCU5D

9QEJGPDNCVV0T/T\5



*CNVWPI JKPUKEJVNKEJ FGT 9CJTWPI FGT 5VCCVUGKPJGKV )TQUVGTTGKEJU  OKV 'TJCNV FGT UKGDGPDTIKUEJGP )TWPFIGUGV\G FGT 2TCIOCVKUEJGP 5CPMVKQPWPFFGTUEJUKUEJGP5GNDUVXGTHCUUWPI  &KG .QUWPI Q7PK XCI[ JCNNR
7PKQP QFGT 6QF JCNNVG KO Q'TFN[K *KTCFR
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
5D8QNMUHTGWPFFGT#WHUCV\5EJYCT\WPF)GND0T/CK5



.QUVTGPPWPI PKEJV IGUVCVVGV +8 QFGT (TUV UGNDUV JCV FKG 7PKQP UCPMVKQPKGTVR
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

 7PF KP FKGU )GOGPIG KP FKGUGP 5EJOGN\QHGP CWU FGO XKGNNGKEJV PCEJ ,CJTGP GFNGU /GVCNN JGTXQTIGJGP YKTF UQNNGP YKT DGT *CNU WPF -QRH JKPGKP UVTV\GP! 9GT WPU FKGU \WOWVJGV KUV GKP 6JQT YCJPUKPPKI CDGT OVG OCP WPU UEJGNVGP YGPP YKT FGT <WOWVJWPI (QNIGNGKUVGVGP  9KTF 7PICTP YKTMNKEJ FCU 2CTCFKGU YKG GU FKG (TGWPFG FGT 7PKQP VTWOGP PWP UQ TEMV GU LC PKEJV XQO 2NCV\G WPF GU YKTF WPU YQJNCWEJURVGTUGKPG2HQTVGPHHPGP(TLGV\VCDGTYQNNGPYKTNKGDGT CWGTJCNDFGU2CTCFKGUGUDNGKDGPWPFWPUHGUVCPFCUHTGKG 1GUVGTTGKEJ CPUEJNKGGP FWTEJ FGUUGP -TCHV CNNGKP CWEJ WPUGT $GUVGJGP IGUKEJGTV KUVR  #D /CK  IKPIGP CWEJ FKG *GTOCPPUVFVGT <GKVWPIGP Q6TCPUUKNXCPKCR WPF Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTVR KPU .CIGT FGT7PKQPUIGIPGTFKGUKEJHTGKPWPCDJPIKIGU5KGDGPDTIGPWPFGKP WPVGKNDCTGUUVGTTGKEJCWUURTCEJGPGPVUEJKGFGPDGT  *KPIGIGP JQHHVGP FKG 7PKQPUHTGWPFG CWH ITGTG (TGKJGKVGP UGKVGPU FGT NKDGTCNGP WPICTKUEJGP 4GIKGTWPI CNU UGKVGPU UVGTTGKEJU +P -TQPUVCFVUVCPFGPUQYQJNFGT5VCFVOCIKUVTCVCNUCWEJFKG-QOOWPKVV CWH FGT 5GKVG FGT 7PKQP &KG -TQPUVFVGT ,QWTPCNKUVGP JGIVGP FKG DGT\GWIWPI FC FKG 5Q\KCNTGHQTOGP OKV FGT 7PKQP WPOKVVGNDCT XGTDWPFGPYCTGP#WEJKP$TQQUYCTFKG5VKOOWPIWPKQPUHTGWPFNKEJ +P 5EJDWTI DGHTEJVGVGP FGT $TIGTOGKUVGT 5VGTPJGKO WPF FKG XQP KJO IGHJTVG (TCMVKQP GKP QHKPKU #WUVTKCGR YJTGPF FKG LWPIG )GPGTCVKQP OKV %CTN )QQ WPF )& 6GWVUEJ CP FGT 5RKV\G FGO 7PKQPUIGFCPMGP DGIGKUVGTV CPJKPI 6GWVUEJ XGTHHGPVNKEJVG KP FGP Q$NVVGTP HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFGR GKPGP 2TQITCOOCTVKMGNDGT Q9CUJCV5KGDGPDTIGPIGIGPYTVKI\WVJWP!R 0CEJ FGT $KNFWPI FGT 0CVKQPCNICTFG YWTFG 6GWVUEJ FGTGP #PHJTGT /CP UEJGT\VG KP *GTOCPPUVCFV DGT UGKPG TCFKMCNGP #PUKEJVGP OCP UCIVG 6GWVUEJ JVVG 5VGTPJGKO CDIGUGV\V WPF KP 5EJDWTI FKG 4GRWDNKMCWUIGTWHGP  &GT Q5CVGNNKVROCEJVGGKPGP#WHTWHFGUGXCPIGNKUEJGP2HCTTGTU XQP -TQPUVCFV )GQTI *KPV\ DGMCPPV FGT FKG -TGKUMQOOWPKVVGP \WT
5D8QNMUHTGWPFFGT#WHUCV\-GKPG7PKQPOKV7PICTP0T/CK5 0T/CK5  &KG 5KGDGPDTIGT 5CEJUGP KP FGP ,CJTGP  *I XQP %CTN )NNPGT $JNCW 8GTNCI-NP9KGP5  $NVVGT HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFG 0T   #RTKN  5  &GT#WHUCV\YCT6)WPVGT\GKEJPGV (TKGFTKEJ6GWVUEJCC15



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
)GQTI 6GWVUEJ IG\GKEJPGV &KG 7PKQP DQV CNUQ FGP RCUUGPFGP IGUGV\NKEJGP 4CJOGPHTXGTUEJKGFGPG4GHQTOGP  9KG XGTUVCPFGP FKG 5CEJUGP MQPMTGV FKGUG 7PKQP! &KG UEJUKUEJG 0CVKQP OWVG 5VGNNWPI DG\KGJGP WPF CWH FKG 7PKQP PWT FCPP GKPIGJGP YGPP FGT #PFTGCPKUEJG (TGKDTKGH UGKPG )NVKIMGKV DGJKGNV 0GOQ GQU LWFKEGV PKUK 0QU GV %QOGU %KDKPGPUKU
0KGOCPF UQNNUKGTKEJVGPCNU9KTFGT-PKIWPFFGT)TCHXQP*GTOCPPUVCFV
5CVGNNKV0T/T\5 'DGPFC0T/CK5

5D9QEJGPDNCVV0T#RTKN5 $NVVGTHT)GKUV)GOVJWPF8CVGTNCPFUMWPFG0T#RTKN5 5D9QEJGPDNCVV0T/CK5 $NVVGT0T#RTKN5



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
'DGPFC0T#RTKN5 'DGPFC0T#RTKN5 'DGPFC0T/CK5



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
#PJCPI&QM0T  &CU\YGKVG/CPKHGUVUVGNNVFGP.GKVCTVKMGNFGU#PVKWPKQPKUOWU FCT6JGQFQT(CDKPKUEJTKGD Q9KVKJTYCUFKGUG$WEJUVCDGP
7PKQP JGKGP! 5KG JGKGP PKEJVU )GTKPIGTGU CNU &CU 5CEJUGPXQNM GTIKDV UKEJ XGTOIGFGTUGNDGPCWH)PCFGWPF7PIPCFGCPFKG7PICTPWPF\YCT QJPG 5EJYGTVUVTGKEJ GU GTYCTVGV XQP FGT )TQOWVJ FGT 7PICTP CNNGU FCU YCU GU ,CJTJWPFGTVG JKPFWTEJ DGUGUUGP JCV YCU GU IGIGPYTVKI HCEVKUEJ WPF TGEJVOKI DGUKV\V YCU GU HT CNNG 'YKIMGKV OKV 4GEJV DGUKV\GP UQNN YCU KJO MGKP 7PICT MGKP 9CNCEJG OKV )GYCNV TCWDGP
/CTNKP2QNKVKUEJGU2TQITCOOCPFKGUKGDGPDTIGT5CEJUGPKP5CVGNNKV0T#RTKN 5



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
6JGQFQT(CDKPK-GKPG7PKQPKP5CVGNNKV0T/CK5

 (TKGFTKEJ 6GWVUEJ &KG 5CEJUGP KO ,CJTG   KP Q*WPFGTV ,CJTG UEJUKUEJGT -ORHGR*GTOCPPUVCFV5 Q$NVVGTR0T/CK5



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

YGPKIGP 6CIGP HCUV 

 7PVGTUEJTKHVGP Q7PVGTUEJTKHVGP YQJNXGTUVCPFGP PKEJV UKOWNKTVG QFGT WPVGTUEJQDGPG -TGW\GU\GKEJGP DGKUCOOGP YCTGP WPFFCU&QMWOGPVYWTFGFGT0CVKQPCNFGRWVCVKQP KP+PPUDTWEM\WTDGTTGKEJWPICPFGP/QPCTEJGPDGTUGPFGVR  1DYQJN FGT UKGDGPDTIKUEJG .CPFVCI FKG 7PKQP HQTOGNN CWUIGURTQEJGP JCVVG DGJKGNVGP UQYQJN FGT Q5KGDGPDTIGT $QVGR CNU CWEJFKG Q6TCPUUKNXCPKCRWPFFGT Q8QNMUHTGWPFRKJTGCPVKWPKQPKUVKUEJG *CNVWPI&KG<GKVWPIGPFTEMVGPKJTG7P\WHTKGFGPJGKVJKPUKEJVNKEJFGU 8GTJCNVGPU FGT UEJUKUEJGP .CPFVCIUCDIGQTFPGVGP CWU WPF XGTHHGPVNKEJVGPKJTG$GTKEJVGDGTFKGDGVTGHHGPFG5KV\WPI  &GT -CKUGT JCVVG KP\YKUEJGP FKG 7PKQP UCPMVKQPKGTV
 ,WPK  9GFGT FKG UEJUKUEJG 0CVKQPCNFGRWVCVKQP PQEJ FKG TWOPKUEJG MQPPVGP KJTG &GPMUEJTKHVGP FGO -CKUGT TGEJV\GKVKI GKPTGKEJGP &GT )GUGV\CTVKMGN IGNCPIVG PCEJ 5KGDGPDTIGP \WTEM YWTFG KP FGT  .CPFVCIUUKV\WPI XQO  ,WPK FGP 5VPFGP XGTNCWVDCTV WPF CPIGPQOOGP &KG YGKVGTGP \WT HQTOGNNGP )NVKIMGKV PQVYGPFKIGP 8GTCPNCUUWPIGPYWTFGPFGP2TQVQPQVTGPDGTVTCIGP  &GO 2WDNKMWO YWTFG FGT +PJCNV FGT XQP FGP UEJUKUEJGP &GRWVKGTVGP FGO UKGDGPDTIKUEJGP .CPFVCI CO  ,WPK  GKPIGTGKEJVGP &GPMUEJTKHV OKVIGVGKNV &CTKP YWTFG FKG *QHHPWPI CWUIGURTQEJGP FC GU PKEJV \W URV \WT 8GTJCPFNWPI FGT 7PKQPUDGFKPIWPIGPYCT&KGUEJUKUEJG0CVKQPUCJUKEJ\WT7PKQPOKV 7PICTPPWTPCEJ#PPCJOGKJTGT$GFKPIWPIGPXGTRHNKEJVGV&GT-CKUGT DGCPVYQTVGVG FKG UEJUKUEJG &GPMUEJTKHV UQYKG LGPG FGT TWOPKUEJGP 0CVKQPFWTEJGKPG8GTQTFPWPI  0WP YWTFGP FKG $GFKPIWPIGP FGT 7PKQP DGURTQEJGP &KG 5CEJUGP XGTUCOOGNVGP UKEJ WPVGT FGT (NCIIG FGT 0CVKQPUWPKXGTUKVV &GT 5CEJUGPITCH (TCP\ 5CNOGP TGKEJVG FGO WPICTKUEJGP /KPKUVGTKWO GKPGP 2TQVGUV IGIGP FKG 7PKQP GKP &KG Q5PFGP FGU WPICTKUEJGP /KPKUVGTKWOUR YWTFGP GPVJNNV *GTOCPPUVCFV YCT \WT Q<KGNUEJGKDGR FGTWPICTKUEJGP2TGUUGIGYQTFGPFKGITQGU+PVGTGUUGHTFKG7TUCEJG FGTFQTVKIGPUVCPFJCHVGP#DNGJPWPIFGT7PKQPWGTVG
 Q$NVVGTR0T,WPK5'WIGPXQP(TKGFGPHGNUCC1$F++5 6TCPUUKNXCPKC0T,WPK50T,WPK50T 5CVGNNKV0T,WPK5 5D$QVG0T,WNK5 'DGPFC0T,WNK5



,WPK5$NVVGT0T,WPK5

 7PVGTJCNVWPIGP *GHV   ,WNK  5  5PFGP FGU WPICTKUEJGP /KPKUVGTKWOU*GHV,WNK5*GTOCPPUVCFVCNU<KGNUEJGKDG



 &KG CWGTQTFGPVNKEJG 0CVKQPUWPKXGTUKVVUXGTUCOONWPI HCPF XQO,WPKDKU,WNKUVCVV&KG8GTUCOONWPIDGUEJNQKPFGT5KV\WPI XQO  ,WPK FC FKG 7PKQPUDGFKPIWPIGP FGT 5CEJUGP HQNIGPFG UGKP UQNNVGP  FKG WPXGTPFGTVG #WHTGEJVGTJCNVWPI FGU UEJUKUEJGP 6GTTKVQTKCNIGDKGVGU  FKG UEJUKUEJG 0CVKQPUWPKXGTUKVV WPVGT KJTGO 0CVKQPUITCHGP UQNNVG CWEJ YGKVGTJKP FKG )TWPFNCIG FGU UEJUKUEJGP 0CVKQPCNXGTDCPFGU DKNFGP OKV FGP 9KTMWPIUMTGKUGP C ,WUVK\
FKG 0CVKQPUWPKXGTUKVV CNU #RRGNCVKQPUIGTKEJV D 8GTYCNVWPI FGU 0CVKQPCNXGTOIGPU E 'PVYWTH XQP 5VCVWVGP  )CTCPVKG FGT HTGKGP -QOOWPCNXGTYCNVWPI  FKG $GKDGJCNVWPIFGTFGWVUEJGP5RTCEJGCNU )GUEJHVUURTCEJG  FKG WPCDJPIKIG HTGKG 5VGNNWPI FGT -KTEJGP WPF 5EJWNGP  $GKDGJCNVWPI FGT UEJUKUEJGP /WPKEKRCNIGUGV\G WPF FGT #WVQPQOKG
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h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
QTVJQFQZG$KUEJQH#PFTGK(CIWPC
5CVGNNKV0T,WNK5



 &KG UEJUKUEJGP -TGKUG UCPFVGP CNUQ KJTG #DIGQTFPGVGP PCEJ 2GUV &GT WPICTKUEJG 4GKEJUVCI YCT \W LGPGO <GKVRWPMV FKG GKP\KIG -QPUGSWGP\FGTCWUIGTWHGPGP7PKQP5KGDGPDTIGPUOKV7PICTP&GPP KP 5KGDGPDTIGP YCT FKG 5CEJNCIG OKV $GKDGJCNVWPI FGU )WDGTPKWOU WPF FGT /WPKEKRKGP UQ IWV YKG WPXGTPFGTV IGDNKGDGP 0WT FKG *QHMCP\NGKWPFFGT.CPFVCIYWTFGPCWHIGNUVQ*KGTDGTFCPONKEJ GKPG GKIGPVNKEJG  UGNDUV PWT HCEVKUEJG  &WTEJHJTWPI FGT 7PKQP \W LGPGT <GKV ICT PKEJV UVCVVIGHWPFGP JCV MCPP MGKP <YGKHGN QDYCNVGPR
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
'WIGPXQP(TKGFGPHGNUCC15



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
'DGPFC5

5D$QVG0T5GRVGODGT50T5GRVGODGT5

7PVGTJCNVWPIGP *GHV   1MVQDGT  5  6TCPUUKNXCPKC 0T   1MVQDGT5 5CVGNNKV0T5GRVGODGT5



+++ FCU -PKITGKEJ 5KGDGPDTIGP UQNN GKP $GUVCPFVGKN FGT UVGTTGKEJKUEJGP /QPCTEJKG DNGKDGP +8 FKG )TWPFNCIG FGT 5QPFGTXGTHCUUWPI5KGDGPDTIGPUUGKGKP(FGTCVKXU[UVGO QGKPGYCJTG RQNKVKUEJG 7PKQP
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
#PJCPI&QM0T  5VGRJCP.WFYKI4QVJUEJTKGDKPDG\WICWHFKGUGU2TQITCOO QN9CU YKT YPUEJGP WPF XGTNCPIGPO OW KP CNNGP .CPFGUURTCEJGP GTUEJGKPGP&KG)C\GVVCFG6TCPUKNXCPKCWPFFCU1TICPWNPC/KQPCN YTFGPFGP#WHUCV\YQJNCWHPGJOGPCDGTFCUVVGMGKPOCFLCTKUEJGU $NCVV QFGT YGPP GU GU VVG UQ YTFGP FKG UEJPFNKEJUVGP #POGTMWPIGPFC\WIGOCEJVFKGFGPGTUVGP'KPFTWEMUEJYEJVGP&KG 4QOCKPGP OVGP DGTFKGU PQEJ CWHIGHQTFGTV YGTFGP CP CNNG KJTG

 5D 8QNMUHTGWPF 0T   1MVQDGT  5  FCU 2TQITCOO 9CU YPUEJGPWPFXGTNCPIGPYKTCWEJXQO5CVGNNKV0T1MVQDGT5 DGTPQOOGP



2CTQEJKGP'ZGORNCTG\WXGTUGPFGPYKGFKGUGUCWEJDKUJGTKPPGWGUVGT <GKVIGUEJGJGPKUV9CUXQPKJTGT5GKVGMQOOVKUVCPIGPQOOGPR  &KG 2GTKQFKMC XGTHHGPVNKEJVGP FKG Q#DUEJTKHV DGT FCU \YKUEJGP 7PICTP WPF FGP DTKIGP .PFGTP UVGTTGKEJU DGUVGJGPFG $CPFFGT'KPKIWPIR#O5GRVGODGTTKEJVGVGFGT-CKUGT/CPKHGUVG CP UGKPG 8NMGT WPF 6TWRRGP KP 7PICTP $NWVKIG 8QTHNNG KP 7PICTP
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
 5VGRJCP .WFYKI 4QVJ )GUCOOGNVG 5EJTKHVGP WPF $TKGHG  CWU FGO 0CEJNC JGTCWUIGIGDGP XQP 1VVQ (QNDGTVJ $F  &CU 5EJKEMUCN &QMWOGPVG CWU FGP ,CJTGP  0CEJVTIG CWU FGP ,CJTGP  /PFNKEJG DGTNKGHGTWPIGP #PGMFQVGP .GIGPFG$KQITCRJKUEJG<GKVVCHGN 8GTNCI9CNVGTFG)TW[VGT %Q$GTNKP5 FGT$TKGH5V.4QVJUCP5VGRJCP#FQNRJ$GTINGKVGTCWU*GTOCPPUVCFV1MVQDGT  $NVVGT0T5GRVGODGT50T1MVQDGT5 0T1MVQDGT5 5CVGNNKV0TWPF1MVQDGT5 5D$QVG0T1MVQDGT50T1MVQDGT55D 8QNMUHTGWPF0T1MVQDGT5



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
 5V.4QVJ)GUCOOGNVG5EJTKHVGP$F55V.4QVJU$TKGHCP,QJCPP)VV /GUEJGP  1MVQDGT  'KP (TCIOGPV FCXQP KUV CWEJ KP FGT -WT\GP )GUEJKEJVG 5KGDGPDTIGPU#MCFOKCK-KCF$WFCRGUVC5YKGFGTIGIGDGP



FCOKV\WUCOOGPJPIVWPFFCJKPVGTUVGEMVJCVFCUICP\G8CVGTNCPF KP 8GTYKTTWPI IGDTCEJV WPF DGUQPFGTU WPUGT 8QNMUVJWO KP )GHCJT IGUGV\V&CUMCPPWPFYKNNYQJNCWEJ0KGOCPFNWIPGPR&KG5CEJUGP JVVGPPKGXQPGKPGTWPDGFKPIVGP7PKQPIGURTQEJGP&KG#PPCJOGFGT 7PKQPYCTFWTEJFKG*QHHPWPIGPFGT7PKQPUHTGWPFG\WT'PVHGUUGNWPI FGT $TQMTCVKG #WHJGDWPI FGT 7TDCTKCNNCUVGP #WUTWHWPI FGT DTIGTNKEJGP 4GEJVUINGKEJJGKV WUY IGTGEJVHGTVKIV Q&KGU UKPF FKG )TPFGYGNEJGWPUGKPGWPDGUEJCFGVWPUGTU8QNMUVJWOUGKPIGJGPFG 7PKQP5KGDGPDTIGPUOKV7PICTPCPPGJODCTGTUEJGKPGPNKG'UYKTF FKGUGNDGPUEJYGTNKEJ,GOCPFGPVGJTGPFHTFKG)GUKPPWPIFGTLGPKIGP FKGUKEJFWTEJUKGDGUVKOOVHJNVGPPGPPGPMPPGPR  &KG 0CVKQPUWPKXGTUKVV DGUEJNQ OKV 'KPXGTUVPFPKU FGU UVGTTGKEJKUEJGP)GPGTCNMQOOCPFQUKP*GTOCPPUVCFVCO1MVQDGT FKG 'TTKEJVWPI GKPGU (GNFLIGTDCVCKNNQPU WPF FGUUGP #WUTUVWPI CWU 0CVKQPCNOKVVGNP &CU ,IGTDCVCKNNQP FCU CP )GHGEJVGP IGIGP FKG $GOUEJGP 4GXQNWVKQPUVTWRRGP VGKNPCJO \JNVG KP UGKPGP 4GKJGP DGTJOVG0COGPYKG)&6GWVUEJWPF6JGQFQT(CDKPK  #O&G\GODGTXGT\KEJVGVG-CKUGT(GTFKPCPF+CWHFGP 6JTQPUVGTTGKEJU5GKP0CEJHQNIGT(TCP\,QUGRJ+NGKVGVGFCU5EJKEMUCN FGT/QPCTEJKGDKU&GTLJTKIG-CKUGTUCPFVGCO&G\GODGT GKPGP)TWCPUGKPQVTGWGU5CEJUGPXQNMR  &KGWPICTKUEJG4GXQNWVKQPUCTOGGCPFGUUGP5RKV\GCDFGO &G\GODGT )GPGTCN $GO UVCPF HJTVG UKGITGKEJG -ORHG KP 5KGDGPDTIGP &GT -TKGIUTCV XQO  (GDTWCT  DGUEJNQ FKG 'KPDGTWHWPI TWUUKUEJGT /KNKVTJKNHG HT FKG 8GTVGKFKIWPI FGT 5VFVG *GTOCPPUVCFVWPF-TQPUVCFV'PFG(GDTWCTHCPFFGTGTUVG'KPOCTUEJ FGT\CTKUVKUEJGP6TWRRGPFWTEJFKGUFNKEJGP2GPCEJ5KGDGPDTIGP UVCVV+O/T\IGNCPIGULGFQEJFGT4GXQNWVKQPUCTOGGFKG4WUUGPWPF UVGTTGKEJGT \WO 4EM\WI \W \YKPIGP KPFGO UKG FGP ITVGP 6GKNU 5KGDGPDTIGPUOKV#WUPCJOGFGT9GUVMCTRCVGPYQFKGXQP#XTCO +CPEWIGHJTVGPTWOPKUEJGP6TWRRGPFKG/CEJVKPPGJCVVGPGTQDGTVG  &KGQ6TCPUUKNXCPKCRXGTVGKFKIVGKPGKPGO.GKVCTVKMGNFCU2TKP\KR FGT)NGKEJDGTGEJVKIWPIFGT0CVKQPCNKVVGP+PFGTUGNDGP<GKVWPIYWTFG GKPQHHK\KGNNGU#MVGPUVEMDGTFCU\YKUEJGP7PICTPWPFFGPCPFGTGP .PFGTP FGT /QPCTEJKG DGUVGJGPFG $CPF XGTHHGPVNKEJV &KG Q6TCPUUKNXCPKCR UVGNNVG KJT 'TUEJGKPGP OKV 0T  XQO  /T\ \YGK 6CIGXQTFGTWPICTKUEJGP$GUGV\WPI*GTOCPPUVCFVUGKP
$NVVGT0T1MVQDGT5

6TCPUUKNXCPKC0T/T\5



 $GOU 2TQMNCOCVKQP CP FKG $GYQJPGT *GTOCPPUVCFVU

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
 -TQPUVFVGT <GKVWPI 0T   /T\  5  YKGFGTIKDV GKPG 0CEJTKEJV CWU

*GTOCPPUVCFVWPF$GOU2TQMNCOCVKQPXQO/T\



/QNVMGOKVFGT8GTRHNKEJVWPIDGTVTCIGPUKEJ QFGTUVCCVNKEJGP'KPKIWPI 7PICTPU WPF 5KGDGPDTIGPU FGT FGOQMTCVKUEJGP 4GIKGTWPIUHQTOWPFUQOKV FGT(TGKJGKVWPF4GEJVUINGKEJJGKVCNNGTFKGUG.PFGTDGYQJPGPFGP8NMGTYKG KOOGTFKG&KPIGUKEJIGUVCNVGPOIGPDGJCTTNKEJWPFCWUUEJNKGNKEJYKFOGP \WYQNNGPR  &KG <GKVWPIGP PCJOGP FKG 7PCDJPIKIMGKVUGTMNTWPI FGT WPICTKUEJGP0CVKQPCWH
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
KPHQNIG.CFKUNCWU%UP[KU8GTQTFPWPI #RTKN  FKG #WHNUWPI YKEJVKIGT UEJUKUEJGP +PUVKVWVKQPGP WPF OVGT 8GTJCHVWPIGP WPF 6QFGUWTVGKNG
#PJCPI &QM 0T  &GT TWUUKUEJG 'KPITKHH KO ,WPK  HJTVG DKPPGP FTGK /QPCVGP \WT $GUKGIWPIFGT-QUUWVJTGXQNWVKQP
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  #WH FGT )TWPFNCIG FGT QMVTQ[KGTVGP 8GTHCUUWPI UVGTTGKEJU XQO  /T\  YWTFG 5KGDGPDTIGP PCEJ #DUEJNW FGU -TKGIGU YKGFGT GKP CWVQPQOGU (TUVGPVWO 'PFG  VGKNVG FKG KP
Q5D$QVGR0T/CK5

'WIGPXQP(TKGFGPHGNUCC1$F++5

 Q5D$QVGR0T#RTKN50T#RTKN50T#RTKN 'DGPFC0T5GRVGODGT5

5



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 1MVQDGT  WPF FGU MCKUGTNKEJGP 2CVGPVU KO /QPCV (GDTWCT  DGFGWVGVGPFKG#PGTMGPPWPIGKPGUPGWGP)TWPFIGUGV\GUKPUVGTTGKEJ  &KG -TPWPI FGU -CKUGTU (TCP\ ,QUGRJ CNU -PKI 7PICTPU
 ,WPK  UQYKG FCU 7PKQPUIGUGV\ WPF FCU 0CVKQPCNKVVGPIGUGV\
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(TKGFTKEJ6GWVUEJ)GUEJKEJVGFGUUEJUKUEJGP8QNMGUHTFCUUEJUKUEJG8QNM$F+8 'DGPFC5

&TWEMWPF8GTNCIXQP9-TCHHV*GTOCPPUVCFV5



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   MCOGP FKG -CKUGT XQP 4WNCPF WPF XQP UVGTTGKEJ KP /PEJGPITV\ \WUCOOGP &GT <CT QIGVTCIGP XQP FGP TQOCPVKUEJGP 'TKPPGTWPIGP FGT *GKNKIGP #NNKCP\R JCVVG UKEJ XQT FGO UVGTTGKEJKUEJGP -CKUGT CWHU -PKG PKGFGTIGNCUUGP WPF HGKGTNKEJ IGUEJYQTGPGTYTFGKJO\WLGFGT<GKV QOKV4CVWPF6CVRDGKUVGJGP 

 &GT&TCPIXQP1UVGPWPFFCU4WUUGPDKNF    

8KGT,CJTGURVGTDGKFGPITQGP/CPXGTP\W9QUPQUGPUMUQNNGTUGKP 8GTURTGEJGPGTPGWGTVJCDGP  'KPKIG9QEJGPPCEJFGO<WUCOOGPDTWEJFGTXQP/GVVGTPKEJ IGHJTVGP 4GIKGTWPI ICD FCU Q5KGDGPDTIGT 9QEJGPDNCVVR GKPG DGTPCJOG CWU GKPGO PKEJV CPIGIGDGPGP <GPVTCNDNCVV DGT FCU Q2TKXCVXGTJNVPKUR \YKUEJGP /GVVGTPKEJ WPF FGP TWUUKUEJGP <CTGP #NGZCPFGTWPF0KMQNCWUYKGFGT
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(T 6GWVUEJ &GT MCKUGTNKEJG /KPKUVGTRTUKFGPV XQP 5EJYCT\GPDGTI YKGU LGFYGNEJG TWUUKUEJG 'KPOKUEJWPI CD YJTGPF JKPIGIGP FGT 1DGTDGHGJNUJCDGT FGT UVGTTGKEJKUEJGP 6TWRRGP 9KPFKUEJITV\ GKPG FGO 2GVGTUDWTIGT -CDKPGVVYQJNYQNNGPFG*CNVWPI\GKIVG  &GT KP FGP TWOPKUEJGP &QPCWHTUVGPVOGTP  GKPIGUGV\VGPTWUUKUEJGP5EJWV\JGTTUEJCHVDQVUKEJFKG)GNGIGPJGKVQHHGP \WYKTMGP&KG Q/KPKCVWTTGXQNWVKQPR
)$CTK/KWYCTKO/T\KP ,CUU[ MCWO CWUIGDTQEJGP CNU FKG TWUUKUEJGP -QPUWNGP FKG *GTTUEJGT FGT /QNFCW WPF 9CNCEJGK \W DGYGIGP UWEJVGP UGNDUV TWUUKUEJG 6TWRRGP CP\WHQTFGTP &GT TWUUKUEJG #WGPOKPKUVGT 0GUUGNTQFG HTFGTVG KP -QPUVCPVKPQRGN FWTEJ FKG FQTVKIG 8GTVTGVWPI WPF KP $WMCTGUV XGTOKVVGNU FGU CWGTQTFGPVNKEJGP -QOOKUUTU &WJCOGN
 ,WPK  FKG $GUGV\WPI FGT &QPCWHTUVGPVOGT &KG UEJUKUEJG *GTOCPPUVFVGT <GKVWPI Q5KGDGPDTIGT $QVGR XGTHHGPVNKEJVG GKPGP Q0QVUEJTGKR CWU FGT /QNFCW WPF 9CNCEJGK KP FGO DGJCWRVGV YWTFG FC FKG QTWUUKUEJGP +PVTKIWGPR FGP QDGFCWGTPUYGTVGP8QTHNNGPRKPFGPDGKFGP(TUVGPVOGTP\W)TWPFG NCIGP WPF FC FKG TWUUKUEJGP 6TWRRGP HT FGP  ,WNK KP $WMCTGUV GTYCTVGVYWTFGP

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 &KG (GNFOCPXGT XGTDCTIGP UKEJ JKPVGT FGP COVNKEJGP 'TMNTWPIGP +P UGKPGO CP FKG GWTQRKUEJGP /EJVG IGTKEJVGVGP 4WPFUEJTGKDGP
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

 Q$NVVGT HT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFGR 0T   5GRVGODGT  5 )$CTK/KWCC15



(T6GWVUEJ)GUEJKEJVG5



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
FCU XQP FGP 5\GMNGTVTWRRGP 0QXGODGT  CWUIGRNPFGTVWPF\GTUVTVYQTFGPYCTPKEJVHQNIGP'KPGCWU(CIWPC .CWTKCP 5CNOGP WPF PQEJ GKPGO UEJUKUEJGP $GCOVGP \WUCOOPGIGUGV\VG &GNGICVKQP IKPI \WO 2NCV\MQOOCPFQ YQJGT UKG OKV FGO 8GTURTGEJGP 2WEJPGTU \WTEMMGJTVG PCEJ .FGTU 'KPDGTWHWPI CWH LGFYGNEJGP 2TQVGUV \W XGT\KEJVGP &CU 2TQVQMQNN XGTOGTMVG FC YGFGT FCU ICP\G .CPF PQEJ FKG \YGK 0CVKQPGP UQPFGTP PWT FKG 5VFVG *GTOCPPUVCFV WPF -TQPUVCFV TWUUKUEJG *KNHG HQTFGTVGP <YGK YGKVGTG &GNGICVKQPGP GKPG FGT *GTOCPPUVFVGT
(CIWPC WPF )QVVHTKGF /NNGT WPF GKPG FGT -TQPUVFVGT
FGT -CWHOCPP)0KECWPFGKPUEJUKUEJGT5GPCVQTDTCEJGPPCEJ$WMCTGUV CWH CDGT UKG JCVVGP MGKPGP 'THQNI .FGTU DGUC CPFGTG +PUVTWMVKQPGP XQO<CTGP0KMQNCWU  &GTMM#IGPVKPFGT9CNCEJGK6KOQPKVGKNVG2WEJPGTOKVFC .FGTUGTUVFCPPPCEJ5KGDGPDTIGPGKPTEMGPYGTFGYGPP2WEJPGT FGP#PVTCIRGTUPNKEJUVGNNGPYTFG 

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
)$CTK/KWCC15

 &KG $GUEJTGKDWPI FGT 5EJNCEJV DGK %CTN )NNPGT &KG 5KGDGPDTIGT 5CEJUGP KP FGP

4GXQNWVKQPULCJTGP  8GTNCI FGT 4WOPKUEJGP #ECFGOKG $WMCTGUV  5 



PGJOGP MPPG +P 9KTMNKEJMGKV YCT GU GKPG GNGICPVG .UWPI QFKGUGT HCVCNGP.CIGRCWU\WYGKEJGP
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(T6GWVUEJ)GUEJKEJVG5

)$CTK/KW CC1 5&KGUEJUKUEJG2TGUUGDGURTCEJFKG4GMTWVKGTWPIUIGUGV\G WPF KJTG &WTEJHJTWPI  JCVVGP KP 5KGDGPDTIGP \YGK 4GMTWVKGTWPIGP UVCVVIGHWPFGP GKPG FGT UVGTTGKEJGT
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$CTK/KWWPF/CPP+PHCPVGTKGWPF-QUCMGPWPVGT5MCTKCVKPU.GKVWPI
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'DGPFC5)$CTK/KWCC15



GKPIGTEMVQWOFKG$GUEJV\WPIFKGUGTDGKFGP5VFVGIGIGP4CWDWPF 8GTPKEJVWPIU\IG FGT FCTCWH CWUIGJGPFGP TGDGNNKUEJGP 7PICTP WPF 5\GMNGT CWH LGPG <GKV \W DGTPGJOGPR +JT 'TUEJGKPGP JCVVG KP 5KGDGPDTIGP#WHUGJGPGTTGIV/CPUQNNVGCDGTPKEJVDGUQTIVUGKPYGKN QYGFGT RQNKVKUEJG 6TKGDHGFGTP PQEJ FKRNQOCVKUEJG %QPLWPMVWTGP FKGUGO'KPTEMGPTWUUKUEJGT6TWRRGP\WO)TWPFGNKGIVUQPFGTPFC GU DNQ GKP #MV XQP *WOCPKVV UGKR &GUJCND YCT GU YKEJVKI GKP FGT 9CJTJGKV IGOGU $KNF \W DKGVGP &KG 5CEJUGP WPF 4WOPGP JCVVGP UKEJ GPVUEJKGFGP IGIGP FCU QVGTTQTKUVKUEJG WPVTGWG OCI[CTKUEJG 'NGOGPVRGTJQDGP&GT#TVKMGNDQVGKPGP4EMDNKEMCWHFGP$TIGTMTKGI KP 5KGDGPDTIGP KPHQNIG FGUUGP DKU \W LGPGO <GKVRWPMV  /CPP FGP #WUGKPCPFGTUGV\WPIGP \WO 1RHGT IGHCNNGP YCTGP &KG TWUUKUEJG *KNHG YCT GKP #MV XQP QPCEJDCTNKEJGT *WOCPKVVR MGKPGUYGIU GKPG RQNKVKUEJDGITPFGVG+PVGTXGPVKQPGKPGUHTGOFGP5VCCVGU  +P GKPGT FGT HQNIGPFGP 0WOOGTP MTKVKUKGTVG FGT Q$QVGR FKG Q.IGPR FKG KP \YGK $TKGHGP GKPGU 4WOPGP
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
Q5D$QVGR0T(GDTWCT5  ,QUGRJ $GFGWU XQP 5EJCTDGTI $GKVTIG \WT <GKVIGUEJKEJVG 5KGDGPDTIGPU KO  ,CJTJWPFGTV XQP 'WIGP XQP (TKGFGPHGNU 9KGP  $F ++ 5  %QPUVCPV XQP 9WT\DCEJ$KQITCRJKUEJGU.GZKMQPFGU-CKUGTVJWOU1GUVGTTGKEJ$F9KGP5 'DGPFC0T(GDTWCT5



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
Q5D$QVGR0T/T\5 &KG<GKVWPIJCVKJT'TUEJGKPGPOKV0TXQO/T\GKPIGUVGNNV



OQOGPVCPGP5EJWV\FGTUEJUKUEJGP5VFVGDGTGEJPGVKUVWPFFCXQP GKPGTCMVKXGP6JGKNPCJOGFKGUGT6TWRRGPCPFGTYGKVGTP$GMORHWPI FGT4GDGNNKQPMGKPG4GFGUGKPMCPPR  /KV GKPGT CPFGTGP )GNGIGPJGKV JQD FKGUGNDG <GKVWPI FKG DGFGWVGPFG 4QNNG FGT 4WUUGP DGK FGT 8GTVGKFKIWPI FGT \YGK 5VFVG JGTXQT-TQPUVCFVJVVGUKEJUGNDUVXQTFGP5\GMNGTP
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/T\  1DYQJN GTHQNINQU DGFKGPVG UKEJ 2WEJPGT FGT <KXKNKUVGPKPKVKCVKXGP FKG GT KP GKPGO DGUVKOOVGP /CG CWEJ XGTCPNCV JCVVG WO FGP 'KPFTWEM \W GTYGEMGP FC FKG \YGK 0CVKQPGP FKG 4WOPGP WPF FKG 5CEJUGP GKPG NGIKVKOG 8GTVGKFKIWPIUJKNHGDGPVKIVJVVGP&KGHCNUEJG#PUEJCWWPIUGV\VGUKEJ FWTEJFKG5CEJUGPUGKGPHTFGP4WUUGPGKPOCTUEJXGTCPVYQTVNKEJ&KG 5CEJUGP UGNDGT DGVTCEJVGVGP UKEJ CWEJ UQ YCU CWU FGP YKGFGTJQNVGP 4GEJVHGTVKIWPIGPFGTUEJUKUEJGP2TGUUGJGTXQTIGJV  'TUVPCEJ8GTJCPFNWPIGPCWHJQJGT'DGPG
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

*GTTUEJCHV
/T\  ,WNK  CPVKTWUUKUEJ WPF PCEJ FGT 9KGFGTGKPUGV\WPI FGT UVGTTGKEJKUEJGP 4GIKGTWPI
,WNK  0QXGODGT RTQTWUUKUEJ   



 .KDGTCNKUOWUWPF-QPUGTXCVKUOWU'KP9GVVUVTGKV
      &GT .KDGTCNKUOWU CNU RQNKVKUEJG 6JGQTKG WPF *CPFNWPI GPVUVCPF KP /KVVGNGWTQRC KP FGT GTUVGP *NHVG FGU  ,J &KG NKDGTCNGP
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
6QTTKGU KP 'PINCPF  #WUFGT/CUUGFGTFKGRQNKVKUEJGP&QMVTKPGPDGJCPFGNPFGP9GTMGJCDGP YKT PQEJ GKPG &GHKPKVKQP CWUIGYJNV 'KP )JKF FG KFGK RQNKVKEG
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
$GKDGJCNVWPIFGTUEJQPIGIGDGPGP5CEJNCIGFKGCNU IWV KP UKEJ QFGT DGUUGT CNU FKG #NVGTPCVKXGP QFGT YGPKIUVGPU CNU UKEJGT XGTVTCWV CPIGUGJGP YKTF  UQYKG CWUFGO9WPUEJPCEJ9CJTJGKV<WPGKIWPIGPVURTKPIVR #NU UQ\KCNG *CNVWPI DGVTCEJVGV FGT -QPUGTXCVKUOWU FKG )GUGNNUEJCHV CNU FGP +PFKXKFWGP YGNEJG FKGUG \WUCOOGPUGV\GP XQTCPIGJGPF FCU +PFKXKFWWO KUV GKP MPUVNKEJGU 'T\GWIPKU FGT $GFKPIWPIGP WPVGT YGNEJGP GU UGKP .GDGP HJTV FGT

/KVGKPGODGTDNKEMCWHFGPFGWVUEJGP WPFUVGTTGKEJKUEJGP.KDGTCNKUOWU



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
#C15



-QPUGTXCVKUOWU FGT 4GCMVKQP CPINGKEJV KPU 5EJYCPMGP DTKPIGP8QO 5VCPFRWPMVFGT)GUEJKEJVGQUQYKGUKGGKIGPVNKEJIGYGUGPKUVR

4CPMG DNGKDV GKPG UQNEJG 5KEJVYGKUG WPXQNNUVPFKI WPF OCPEJOCN CWEJ WPTKEJVKI   &KG #PHPIG FGT NKDGTCNGP $GYGIWPI KP &GWVUEJNCPF FGT UQIGPCPPVG (TJNKDGTCNKUOWU YWTFGP WO  IGNGIV &GO RQNKVKUEJGP .KDGTCNKUOWU IKPI FKG 4QOCPVKM KP FGT .KVGTCVWT XQTCP +P FGT &KEJVMWPUV
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
$TKVCPPKEC$F)GTOCP[5 

9KNJGNO /NNGT 2QNKVKUEJG )GUEJKEJVG FGT PGWGUVGP <GKV  OKV DGUQPFGTGT $GTEMUKEJVKIWPI&GWVUEJNCPFU8GTNCIXQP2CWN0GHH5VWVVICTV5 *CPU<GJPVPGT &CU5VCCVUNGZKMQPXQP4QVVGEMWPF9GNEMGT'KPG5VWFKG\WT)GUEJKEJVG FGUFGWVUEJGP(TJNKDGTCNKUPWU8GTNCIXQP)WUVCX(KUEJGT,GPC58



#WHNCIG YWTFG KP  $PFGP \YKUEJGP  WPF  IGFTWEMV &KG FTKVVGDPFKIG#WHNCIGMCO\WUVCPFG  &KG JKGT GTMNTVGP $GITKHHG UKPF XQP JQJGT $GFGWVWPI FC GU UKEJ WO FCU FGP VJGQTGVKUEJGP )TWPFUV\GP FGU .KDGTCNKUOWU IGYKFOGVG JEJUVG YKUUGPUEJCHVNKEJG 9GTM FGU FGWVUEJURTCEJKIGP 4CWOGU JCPFGNV +P 4QVVGEMU /GKPWPI DKNFGVG FKG MQPUVKVWVKQPGNNG /QPCTEJKG FKG KFGCNG 5VCCVUHQTO &CU 0CVWTTGEJV WPF FGT )GUGNNUEJCHVUXGTVTCI HT FKG 5KEJGTWPI FGU /GPUEJGPTGEJVU YWTFGP CWUIGTWHGP &GT )GUCOVYKNNGP YWTFG JJGT IGUVGNNV CNU FGT 'KIGPYKNNGP &KG #WHICDG FGU 5VCCVGU YCT FKG )GYJTWPI FGU 4GEJVU\WUVCPFGU WPF FGT 5KEJGTJGKV -KTEJG WPF 5EJWNG JCVVGP FGT 5VCCVUCWHUKEJV \W WPVGTUVGJGP &CU 4GEJV CWH $KNFWPI YCT GKP UGNDUVXGTUVPFNKEJGT 6GKN FGT RGTUPNKEJGP (TGKJGKV &GT *CWRVYGTV FGOUKEJCNNGCPFGTGPWPVGTQTFPGVGPDKNFGVGFKGQ8QNMUUQWXGTCPKVVR  +P9GNEMGTU#WHHCUUWPIUVGNNVGFGT5VCCVGKPNGDGPFKIGU)CP\GU FCT &KG 5VWHGP FGT 5VCCVUGPVYKEMNWPI GPVURTCEJGP LGPGP FGU /GPUEJGPNGDGPU 9GNEMGT WPVGTUEJKGF XKGT 2GTKQFGP FKGUGT RCTCNNGNGP 'PVYKEMNWPI &KG GTUVG FCU -GKOGP WPF 9CEJUGP FGU 5VCCVGU GPVURTCEJFGT-KPFJGKV&KG\YGKVGFCU'TDNJGPFGU5VCCVGUGTKPPGTVG CPFCU,PINKPIUCNVGT&CU4GKHGPFGU5VCCVGUYCTFGO/CPPGUCNVGTFCU Q<WTEMUKPMGP WPF 8GTYGNMGPR FGU 5VCCVGU CDGT FGO )TGKUGPCNVGT INGKEJ  &CU 5VCCVUNGZKMQP GTNCPIVG MGKPG +PJCNVUGKPJGKV 'U YCT GKPG VTGWG 9KFGTURKGIGNWPI FGU FGWVUEJGP .KDGTCNKUOWU \WT <GKV FGU 8QTOT\ WPF FGT 4GXQNWVKQP 5GKPG 5VCCVUVJGQTKGP YCTGP GDGPUQ XGTUEJKGFGPCTVKIYKGUGKPGRQNKVKUEJGP*CPFNWPIGPWPF(QTFGTWPIGP 9JTGPF FKG 6JGQTGVKMGT 7PKXGTUKVVURTQHGUUQTGP YKG 4QVVGEM WPF 9GNEMGTYCTGPUQIGJTVGPFKG(JTGTFGTNKDGTCNGP$GYGIWPIFGTCWU +PFWUVTKGWPF*CPFGNUNGWVGPIGDKNFGVGPPGWGP/KVVGNMNCUUGCPFGTGP 8GTVTGVGTCWUFGO4JGKPNCPF
.WFQNH%CORJCWUGP&CXKF*CPUGOCPP )WUVCX XQP /GXKUUGP UQYKG CWU CPFGTGP )GIGPFGP &GWVUEJNCPFU UVCOOVGP &KG FGWVUEJG NKDGTCNG $GYGIWPI YCT CWEJ IGQITCRJKUEJ MCWOGKPJGKVNKEJ'UICDITQG9KFGTURTEJG\YKUEJGP0QTFWPF5F WPF UQICT KPPGTJCND XGTUEJKGFGPGT .PFGT &CU )GOGKPUCOG DGUVCPF KO-CORHIGIGPFGP#DUQNWVKUOWUWPFFCU5VPFGTGIKOGWPFPKEJVKP FGP CWHIGUVGNNVGP RQUKVKXGP (QTFGTWPIGP (TGKJGKV 4GEJVUINGKEJJGKV 8QNMUUQWXGTCPKVVJKGGPHTFKGGKP\GNPGP8GTVTGVGTFGU.KDGTCNKUOWU GVYCUXGTUEJKGFGPGU
'DGPFC5 $TKVCPPKEC$F5



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

 * <GJPVPGT CC1 5  US HJTV /QJN 2TGWKUEJG ,CJTDEJGT   5  9 *<GJPVPGTCC15

9KEJOCPP&GPMYTFKIMGKVGPCWUFGT2CWNUMKTEJG5CP



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
FGT FGP 6JTQP XQP 2TGWGP  DGUVKGIGP JCVVG FKG 'KPDGTWHWPI FGU 8GTGKPKIVGP .CPFVCIU WPF GKPGU CWU 4JGKPNKDGTCNGP
%CORJCWUGP *CPUGOCPP \WUCOOGPIGUGV\VGP /KPKUVGTKWOU&TGK6CIGURVGT\QIFGT-PKIUGKP/KNKVT\WTEMWPF TKEJVGVG FKG DGTJOVGP )TWYQTVG CP UGKPG Q.KGDGP $GTNKPGTR GT GTMNTVGUKEJDGTGKVCPFGT8GTGKPKIWPI&GWVUEJNCPFUOKV\WYKTMGPWPF 2TGWGPKP&GWVUEJNCPFCWHNUGP\WNCUUGP#WEJKPCPFGTGPFGWVUEJGP .PFGTP YWTFGP FKG (JTGT FGT NKDGTCNGP 1RRQUKVKQP KP /KPKUVGTKGP DGTWHGP
4OGTKP9TVVGODGTI9KRRGTOCPPKP-WTJGUUGP5VXGKP *CPQXGT*GKPTKEJXQP)CIGTPKP*GUUGP&CTOUVCFV+P$C[GTPHCPF GKP 6JTQPYGEJUGN UVCVV &GT XQP .QNC /QPVG\ MQORTQOKVVKGTVG -PKI .WFYKIFCPMVG\WIWPUVGPUGKPGU5QJPU/CZKOKNKCP++
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
 )TKIQTG 2NQG)VGCPW +OCIKPGC /TKNQT TQOPG P #NNIGOGKPG <GKVWPI

&CU

$KNFFGTTWOPKUEJGP(TUVGPVOGTKPFGT#NNIGOGKPGP<GKVWPI8QTVTCI CO5[ORQUKWOFGU+PUVKVWVGUHT)GUEJKEJVGCWU-NCWUGPDWTI0QXGODGT 9/NNGTCC15



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
FC\W\JNVGPCWEJ)CIGTP&CJNOCPP#TPFV9GNEMGTWCICDGPKJTG /CPFCVG \YKUEJGP FGO  WPF  /CK  CD /GJTGTG FGWVUEJG .PFGTTKGHGPKJTG#DIGQTFPGVGP\WTEM 

 &CU NGFKINKEJ  /CPP \JNGPFG 4WORHRCTNCOGPV \QI PCEJ 5VWVVICTV WO
 ,WPK &KG 5VCFVDGJTFGP LCIVGP FCU 4WORHRCTNCOGPV CDGTFWTEJYTVVGODGTIKUEJG(WWPF4GKVGTVTWRRGPCO,WPK CWUGKPCPFGT 'U DGFGWVGVG FCU 'PFG FGT FGWVUEJGP 0CVKQPCN XGTUCOONWPI   +O 7PVGTUEJKGF \WT 8KGNHCNV FGT FGWVUEJGP -NGKPUVCCVGP
OKV #WUPCJOG2TGWGPUDGMNGKFGVGUVGTTGKEJFGP4CPIGKPGTXQPGKPGO DGTJOVGP -CKUGTJCWU IGHJTVGP )TQOCEJV &KG &GWVUEJGP UGV\VGP UKEJ HT RQNKVKUEJG <GPVTCNKUCVKQP GKP JKPIGIGP YCT UVGTTGKEJ GKP \GPVTCNKUKGTVGT 5VCCV CDGT CWEJ GKP 8KGNXNMGTUVCCV OKV IGIGPDGT &GWVUEJNCPF CDYGKEJGPFGP 'PVYKEMNWPIGP WPF #WUUKEJVGP Q&GO CDUQNWVKUVKUEJGP 'KPJGKVUUVCCV CNU 6TIGT FGU F[PCUVKUEJGP 5VCCVUIGFCPMGPU 1GUVGTTGKEJU VTKVV FGT )GFCPMG FGT HTGKGP 'KPKIWPI FWTEJ JKUVQTKUEJGU 4GEJV QFGT PCVKQPCNG 'KPJGKV IGDKNFGVGP 8NMGTITWRRGPWPFVGTTKVQTKCNGP'KPJGKVGPFKG+FGGFGU(QGFGTCNKUOWU YGTDGPF IGIGPDGTR &KG 0CVKQPCNKVVGPHTCIG DKNFGV FCU *CWRVOGTMOCN FCU UVGTTGKEJU )GUEJKEJVG XQP LGPGT FGT CPFGTGP FGWVUEJGP )GDKGVG WPVGTUEJGKFGV &GT PCVKQPCNG (CMVQT YKTMVG GPVUEJGKFGPF KPUDGUQPFGTG YJTGPF FGT GT 4GXQNWVKQPGP +O (QNIGPFGP YGTFGP YKT WPU CDGT XQT\INKEJ FGO FGWVUEJGP 0CVKQPCNKUOWUKPUVGTTGKEJYGPFGPKPFGOFKGPCVKQPCNGP$GYGIWPIGP FGT 7PICTP 5NCXGP WPF FGT DTKIGP 8NMGT FGU *CDUDWTIGTTGKEJGU WPDGTEMUKEJVKIVDNGKDGP9CUFKG.KDGTCNGPFGT/QPCTEJKGDGVTKHHVQD &GWVUEJG 6UEJGEJGP QFGT 7PICTP UQ YCT FGT 0CVKQPCNKUOWU KJT IGOGKPUCOGT0GPPGT  &KG MQPUGTXCVKXG 2QNKVKM DKNFGVG FKG )TWPFNCIG FGT JCDUDWTIKUEJGP 4GIKGTWPI YJTGPF FGU  ,J  'TUEJTQEMGP XQO /KGTHQNI FGT XQP ,QUGRJ ++ IGHTFGTVGP 4GHQTORQNKVKM WPF GPVUEJNQUUGPPKEJVU\WPFGTPDGITPFGVG-CKUGT(TCP\+
 UGKP 4GKEJ CWH FKG \YGK 2HGKNGT FGT $TQMTCVKG WPF FGT 2QNK\GK 5GKP 0CEJHQNIGT (GTFKPCPF +
 YCT GKPG /CTKQPGVVG KP FGUUGP 4EMGP FTGK /PPGT FGP 5VCCV TGIKGTVGP
/GVVGTPKEJ 'T\JGT\QI .WFYKI FGT 1PMGN FGU -CKUGTU WPF FGT (KPCP\OKPKUVGT -QNQYTCV
 (T FKG %JTQPQNQIKG FGT 'TGKIPKUUG KP &GWVUEJNCPF  XIN \ $ &GWVUEJG )GUEJKEJVG KP &CVGP *I XQO +PUVKVWV HT )GUEJKEJVG FGT #MCFGOKG FGT 9KUUGPUEJCHVGP \W
1UV$GTNKP 8'$ &GWVUEJGT 8GTNCI FGT 9KUUGPUEJCHVGP $GTNKP 5 ,4GFNKEJ&CUUVGTTGKEJKUEJG5VCCVUWPF4GKEJURTQDNGO.GKR\KI$F+5 



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
'KPG 2CTCNNGNG \W FGT RQGVKUEJGP $GYGIWPI FGU Q,WPIGP &GWVUEJNCPFR KUV NGKEJV GTMGPPDCT &KGUG +PVGNNGMVWGNNGP XGTVTCVGP XGTUEJKGFGPG RQNKVKUEJG 6JGQTKGP FCU )GOGKPUCOG YCT FCU +FGCN GKPGU HQTVUEJTKVVNKEJGP UVGTTGKEJ +P KJTGP 4GKJGP DGHCPFGP UKEJ 5EJTKHVUVGNNGT ,QWTPCNKUVGP T\VG YKG FGT 5VCCVUDGCOVG $CTQP #PFTKCP FGT 2WDNK\KUV +IPC\ -WTCPFC 9KGUPGT /TKPI 5EJWUGNMC #PVQP )TCH #WGTURGTI
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
IGDQTGPKP.CKDCEJIGUVQTDGPKP


'XC 2TKGUVGT -WT\G )GUEJKEJVG UVGTTGKEJU #WHUVKGI WPF 7PVGTICPI FGU *CDUDWTIGTTGKEJGU)NQDWU8GTNCI9KGP5



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
 9QNHICPI $GWVKP 'KP UVGTTGKEJKUEJGT .KDGTCNGT FGU 8QTOT\ &KEJVGT WPF .KVGTCVWTXGTOKVVNGT KO  ,J #PCUVCUKWU )TP  8QTVTCI CO 5[ORQUKWO Q&CU$KNF4WOPKGPUWPF&GWVUEJNCPFUKO&QPCWTCWOKOWPF,JRQ#XTCO +CPEWR 7PKXGTUKVV -NCWUGPDWTI WPF 7PKXGTUKVV .PGDWTI  1MVQDGT  # )TPU 9GTM KUV XQTYKGIGPF N[TKUEJ KP *GTFGTU 6TCFKVKQP &GT &KEJVGT ICD FCU )GUCOVYGTM WPF GKPG $KQITCRJKG XQP 0KMQNCWU .GPCW KO 0CEJNC JGTCWU
IGUVQTDGP  GT DGTUGV\VG
UGTDKUEJG WC 8QNMUIGFKEJVG UQYKG GKPG GPINKUEJG 5COONWPIWPVGTFGO6KVGNQ4QDKP*QQFR
'TWPVGTUVV\VGFGPMTCPMGP*GKPG KP UGKPGP NGV\VGP .GDGPULCJTGP )GTCFG )TP KUV FGT *GNF FGT 0QXGNNG Q'KP 5RVIGDQTPGTR FKG FGT DGTJOVGUVGP UVGTTGKEJKUEJGP &KEJVGTKP /CTKG XQP 'DPGT 'UEJGPDCEJIGJTV $TKVCPPKEC$F#WUVTKC5



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
&KG #WHJGDWPI FGT (TQPXGTJNVPKUUG YCT XQP FGO WPICTKUEJGP 4GKEJUVCIUEJQPKO#RTKNWPFXQO5KGDGPDTIGT.CPFVCICO,WPK CWUIGURTQEJGPYQTFGP-CKUGT(GTFKPCPFDGUVVKIVGFCU)GUGV\FWTEJ FKG 2TQMNCOCVKQP XQO  5GRVGODGT #O  5GRVGODGT GTMNTVG FGT MQPUVKVWKGTGPFG 4GKEJUVCI FKG 2GTOCPGP\
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


+OTG )QPFC 'OKN 0KGFGTJCWUGT &KG *CDUDWTIGT 'KP GWTQRKUEJGU 2JPQOGP %QTXKPC-KCF\YGKVG#WHNCIG
$WFCRGUV5



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  $GK FGP 5KGDGPDTIGT 5CEJUGP HQNIVG FGT UQIGPCPPVGP <GKVURCPPG FGT QUVKNNGP ,CJTGR
 GKP 5EJYWPI GKPGU QPGWGP .GDGPUR
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
DGTUVGTTGKEJKPFGP,CJTGPXIN)QPFC0KGFGTJCWUGTCC15 &KG$GPGPPWPIFGT2GTKQFGCNULGPGFGT QUVKNNGP,CJTGRIGJTV(TKGFTKEJ

9/NNGT5'2TKGUVGT5$TKVCPPKEC$F5

6GWVUEJ8INFGUUGP#WHUCV\ 5VKNNG,CJTG KO$F *WPFGTV,CJTGUEJUKUEJGT -ORHG<GJP8QTVTIGCWUFGT)GUEJKEJVGFGT5KGDGPDTIGT5CEJUGPKONGV\VGP,CJTJWPFGTV &TWEMWPF8GTNCIXQP9-TCHHV*GTOCPPUVCFV&KG,CJTGYWTFGP XQP#5EJWNNGTCNUQPGWGU.GDGPREJCTCMVGTKUKGTV#5EJWNNGT0GWGU.GDGP KO CPIGIGDGPGP $CPF (TKGFTKEJ 6GWVUEJ PKOOV DGKFG $GPGPPWPIGP KP UGKPGT )GUEJKEJVGFGT5KGDGPDTIGT5CEJUGPHTFCUUEJUKUEJG8QNM&TWEMWPF8GTNCIXQP9 -TCHHV$F+++*GTOCPPUVCFVYKGFGTCWH



PKEJV FKG $GTGKEJGTWPI FGT )TPFG UQPFGTP (TFGTWPI JWOCPGT <YGEMGWPFFGUHHGPVNKEJGP9QJNUUKEJ\WO<KGNUGV\VGR/*GTDGTV GTTKEJVGVG KP *GTOCPPUVCFV  GKPG CPFGTG 5RCTMCUUG $GK DGKFGP +PUVKVWVGP XGT\KEJVGVGP )TPFGT WPF /KVINKGFGT CWH FGP )GYKPP WPF YKFOGVGPFGP4GKPIGYKPPCNNIGOGKPGP<YGEMGP  *KPUKEJVNKEJFGT8GTDGUUGTWPIFGU7PVGTTKEJVUYGUGPUYWTFGKP *GTOCPPUVCFVGKPRFCIQIKUEJGT8GTGKPKPU.GDGPIGTWHGP GPVUVCPF KP -TQPUVCFV GKPG 2GPUKQPUCPUVCNV &KG KP FKGUGT <GKVURCPPG IGUEJCHHGPGP )GYGTDGXGTGKPG
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
(TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPDTIGT5CEJUGP+++5



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
 WPFFGUUGP$GKDNVVGTP Q6TCPUUKNXCPKCR
WPF Q#OVU WPF +PVGNNKIGP\DNCVVR
! MCO KP *GTOCPPUVCFV FGT Q5KGDGPDTIKUEJG 8QNMUHTGWPFR
IGITPFGV  WPF IGNGKVGV DKU  XQP ,QJCPP /KEJCGNKU JKP\W ,QUGH $GPKIPK XQP /KNFGPDGTI ICD XQP  DKU  FKG Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTVR GKPG FGP JGKGP (TCIGP FGT )GIGPYCTV IGYKFOGVG <GKVUEJTKHV JGTCWU  +P -TQPUVCFVXGTHHGPVNKEJVGFGT$WEJFTWEMGT,QJCPP)VVFKG Q$NVVGTHT )GKUV )GOVJ WPF 8CVGTNCPFUMWPFGR
 WPF CD  FCU Q5KGDGPDTIGT9QEJGPDNCVVRYGNEJGUDCNFUGKP*CWRVDNCVVYWTFGWPF OKV GKPGT ITQGP #DQPPGPVGP\CJN 'THQNI GTYCTD #NU $GKDNCVV FGU Q9QEJGPDNCVVUR GTUEJKGP FGT Q5CVGNNKVR
  #PVQP -WT\ ICD GDGPHCNNU KP -TQPUVCFV FCU Q/CIC\KP HT )GUEJKEJVG .KVVGTCVWT WPF CNNG &GPM WPF /GTMYTFKIMGKVGP 5KGDGPDTIGPUR JGTCWU  &KG UKGDGPDTIKUEJUEJUKUEJG 2TGUUG HTFGTVG FGP )GFCPMGP FGU CNNIGOGKPGP (QTVUEJTKVVU FGT FWTEJ )NGKEJDGTGEJVKIWPI CNNGT 0CVKQPGP 7OIGUVCNVWPI FGU )GOGKPUEJCHVUNGDGPU 4GHQTOGP FGT .CPFYKTVUEJCHVFGU*CPFGNUWPFFGT)GYGTDGGT\KGNVYGTFGPMQPPVG &KG )GFCPMGPFGT Q/PFNKEJMGKVRWPF QHHGPVNKEJMGKVRDGYGIVGPFKG
'DGPFC5CWEJDGTFCUUEJUKUEJG8GTGKPUYGUGP5 

DGT )VV WPF FKG 4GFCMVGWTG FGT -TQPUVFVGT $NVVGT IKDV GU \CJNTGKEJG CDGT \GTUVTGWVG #PICDGP FKG YKT KO -CRKVGN Q%JTQPKM FGT -QTPUVFVGT 2TGUUGR \WUCOOGPIGHJTVJCDGP



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
#PJCPI &QM 0T  &KG UEJUKUEJGP<GKVWPIGPFWTHVGPCWUFGO.CPFVCIPWTOKVVGKNGPYCUFKG -NCWUGPDWTIGT WPICTKUEJGP $NVVGT DTCEJVGP #O  &G\GODGT  YWTFGKP*GTOCPPUVCFV'WIGP5WGUOQ'YKIGT,WFGRXGTDQVGP  &KG*GTOCPPUVFVGTUEJUKUEJGP<GKVWPIGPUVCPFGPKP(TCIGP FGT 4GHQTO WPF FGU (QTVUEJTKVVU KO )GIGPUCV\ \W FGP -TQPUVFVGT <GKVWPIGP &CU Q9QEJGPDNCVVR YQNNVG FKG #WHJGDWPI FGT <PHVG FGT Q$QVGR YCT HT KJTG $GKDGJCNVWPI &CU Q9QEJGPDNCVVR DGMORHVG FKG $TQMTCVKG FGT Q$QVGR NGWIPGVG UKG &CU Q9QEJGPDNCVVR HTFGTVG FKG DTIGTNKEJGP4GEJVGJKPIGIGPOGKPVGFGT Q$QVGRGUUGKIGHJTNKEJFKG -QOOWPKVV FWTEJ FKG IGUCOVG $TIGTUEJCHV YJNGP \W NCUUGP WPF YGJTVG FKG <WNCUUWPI FGT .GJTGT KP FKG -QOOWPKVV CD FGPP FKG UVFVKUEJGP8GTJNVPKUUGNIGPCWGTJCNDKJTGU)GUKEJVUMTGKUGU  9CU CDGT FKG 8GTVGKFKIWPI FGU &GWVUEJVWOU DGVTCH HGJNVG GU PKGCP'KPVTCEJV&GTIGOGKPUCOG)GIPGTFGT<GKVWPIGPDGKFGT5VFVG
(T6GWVUEJCC15



YCTFCUQ'TFN[*KTCFRQKPFGOFGTWPUKPPKIG*CFGUWPIGDKNFGVGP -NGKPCFGNUIGIGPFCU&GWVUEJVWOKPFGT8GTHQNIWPIFGT5CEJUGPUKEJ XGTMTRGTVGR

(T 6GWVUEJ &CU #WHVTGVGP FGU UEJUKUEJGP 5GNDUVDGYWVUGKPU YCT GKPG )GIGDGPJGKV LGPGT ,CJTG WPF FTEMVG UKEJ KPFGTTQOCPVKUEJGP2QGUKGOCPEJGT&KEJVGTYKG,QUGH/CTNKP8GTHCUUGT FGT Q2QNKVKUEJGP-TGW\\IGKO5CEJUGPNCPFGR
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
(T 6GWVUEJ 5Q GTUEJKGPGP FKG 5CEJUGP CNU 8GTVTGVGT XGTCNVGVGT 2TKXKNGIKGP FKG XQP FGT PGWGP <GKV PKEJVUYKUUGPYQNNVGP  &GT -QPMWTTGP\IGKUV \YKUEJGP FGP \YGK *CWRVUVFVGP FGT 5KGDGPDTIGT 5CEJUGP *GTOCPPUVCFV WPF -TQPUVCFV GTTGKEJVG CO 8QTCDGPF FGU ,CJTGU  FGP *JGRWPMV +P *GTOCPPUVCFV YCT FGT 5KV\ FGU 5CEJUGPITCHGP JKGT HCPFGP FKG 5KV\WPIGP FGT 0CVKQPUWPKXGTUKVVUVCVV&CU7PKXGTUKVVUXGTOIGPWPFFCU#GTCTJCWU DGHCPFGPUKEJGDGPHCNNUKP*GTOCPPUVCFVUQYKGFCUXQP)GPGTCN#PVQP 2WEJPGT IGHJTVG MCKUGTNKEJG /KNKVT)GPGTCNMQOOCPFQ &KG 5VCFV DGJCWUVG GKPG 4GKJG XQP UVGTTGKEJKUEJGP
,QUGH $GPKIPK XQP /KNFGPDGTIQFGTUEJUKUEJGPJQJGP$GCOVGP+P*GTOCPPUVCFVNGDVGP CWEJCNVG2CVTK\KGTIGUEJNGEJVGT
'DGPFC5 'DGPFC5



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

&CU<KVCVYWTFGCWU(T6GWVUEJCC15DGTPQOOGP 

9CNVGT &CWIUEJ &KG 0CVKQPCNKVVGP 5KGDGPDTIGPU KO 5RKGIGN FGWVUEJURTCEJKIGT <GKVWPIGPWPF<GKVUEJTKHVGPFGU8QTOT\P<GKVUEJTKHVGPWPF<GKVWPIGPFGUWPF ,J KP /KVVGN WPF 1UVGWTQRC  *I +UVXP (TKGF *CPU .GODGTI 'FKVJ 4QUGPUVTCWEJ -PKIUDGTI$GTNKP5



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
0T  XQO  /T\  &KGUGNDG -NCWUGPDWTIGT <GKVWPI XGTHHGPVNKEJVG JGHVKIG /CPKHGUVG YKG LGPGU FCU FKG Q5EJTGEMNKEJG 8GTUEJYTWPIFGT0CVKQPUWPKXGTUKVVRDTCPFOCTMVG5QNEJG/CPKHGUVG YWTFGP OCUUGPJCHV PCEJ &GWVUEJNCPF IGUCPFV 5KG YCTGP PKEJV YKTMWPIUNQU FKG Q0GWG 4JGKPKUEJG <GKVWPIR WPF CPFGTG FGWVUEJG <GKVWPIGP WGTVGP UKEJ KP UEJCTHGP 9QTVGP DGT FKG QTGCMVKQPTGP UKGDGPDTIKUEJGP &GWVUEJTKVVGTR
04< 0T   &G\GODGT  &KGUG <GKVWPIGP YCPFVGP FKG )NGKEJWPI 7PKQP  (QTVUEJTKVV 1RRQUKVKQP \WT 7PKQP  4GCMVKQP CP WPF JCVVGP GKPG HCNUEJG 'KPUVGNNWPI DGT FKG 5CEJNCIG KP 5KGDGPDTIGP &GPP FKG UQIGPCPPVG UEJUKUEJG Q4GCMVKQPRJCVVGOKVFGT*GTOCPPUVFVGT$TQMTCVKGPKEJVU \WVWPJKPIGIGPUKGMORHVGIGIGPFKG/CI[CTKUKGTWPIUIGHCJT


%CTN )NNPGT &KG 5KGDGPDTIGT 5CEJUGP KP FGP ,CJTGP  8GTNCI FGT 4WOPKUEJGP#MCFGOKG$WMCTGUV5 &KG5KGDGPDTIGT5CEJUGPKPFGP,CJTGP5



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
$TIGTYGJT IGHCV &KG 'KFGUHQTOGN DGKO 'KPVTKVV KPFKG$TIGTYGJTGPVJKGNVGKPG6TGWGGTMNTWPI\WO*CDUDWTIGTJCWU 'KPG XQP FGT 5EJUKUEJGP 0CVKQPUWPKXGTUKVV GTPCPPVG -QOOKUUKQP OCEJVG GKPGP 8QTUEJNCI DGT FKG Q)TWPFUV\NKEJG 4GXKUKQP FGT /WPKEKRCN8GTHCUUWPIFGT&GWVUEJGPKP5KGDGPDTIGPR4GHQTOGPFGT 8GTYCNVWPI FGT )GYGTDG FGU 7PVGTTKEJVU YWTFGP DGCPVTCIV &KG 5VWFGPVGPFGT*GTOCPPUVFVGT4GEJVUCMCFGOKGHQTFGTVGPKPGKPGTFGO 7PKXGTUKVVUUGPCV GKPIGTGKEJVGP &GPMUEJTKHV FKG /QFGTPKUKGTWPI FGT #PUVCNV  &GT UKGDGPDTIKUEJG .CPFVCI KP -NCWUGPDWTI UVKOOVG CO  /CKFGT7PKQP5KGDGPDTIGPUOKV7PICTP\W#O,WPKYWTFGFKG 7PKQPXQO-CKUGTUCPMVKQPKGTV  'KPG UEJUKUEJG &GNGICVKQP HWJT PCEJ +PPUDTWEM WO FGO -CKUGT FKG FKG 7PKQP \WTEMYGKUGPFG &GPMUEJTKHV XQO  ,WPK GKP\WTGKEJGP FKG &GNGICVKQP YWTFG GPVNCUUGP DGXQT FGT -CKUGT FKG &GPMUEJTKHV\WT-GPPVPKUIGPQOOGPJCVVG  7PVGT FKGUGP 7OUVPFGP KUV FCU +PVGTGUUG FGT 5CEJUGP HT &GWVUEJNCPFNGKEJV\WXGTUVGJGP&KG0CVKQPUWPKXGTUKVVUCPFVGCO
5VGRJCP.WFYKI4QVJ)GUCOOGNVG5EJTKHVGPWPF$TKGHG*I1VVQ(QNDGTVJ$F&CU

5EJKEMUCN&QMWOGPVGCWUFGP,CJTGP8GTNCI9CNVGTFG)TW[VGT%Q$GTNKP 5 6TCPUUKNXCPKC*GTOCPPUVCFV0T#RTKN5WPF0T/CK 55D8QNMUHTGWPF*GTOCPPUVCFV0T#RTKN5 5CVGNNKV-TQPUVCFV0T/CK5  DGT FKG &GPMUEJTKHV FGT 0CVKQPUWPKXGTUKVV XQO  ,WPK  XIN (T 6GWVUEJ )GUEJKEJVGFGT5KGDGPDTIGT5CEJUGP+++5&KGUGNDG&GPMUEJTKHVKUVCPIGIGDGPKP 3WGNNGP \WT )GUEJKEJVGFGT5KGDGPDTIGT5CEJUGP IGUCOOGNVWPFDGCTDGKVGVXQP'TPUV 9CIPGT  #WHNCIG $JNCW 8GTNCI -NP 9KGP  5  &QEWOGPVG RTKXKPF TGXQNW/KCFGNCP/TKNGTQOPG%6TCPUKNXCPKC$F8++WPVGT&TWEM



,WPKGKPG#FTGUUGCPFKG(TCPMHWTVGT0CVKQPCNXGTUCOONWPI&CTKP YWTFGFGO)GHJN#WUFTWEMIGIGDGPFKG5CEJUGPUGKGPOKV5VQN\GKP )NKGFFGUFGWVUEJGP8QNMGUXQPYGNEJGOUKG*KNHGWPF7PVGTUVV\WPI GTYCTVGVGP &GT UKGDGPDTIKUEJG *QHCIGPV KP 9KGP 5CEJUGPJGKO UWEJVGGKP\GNPG8GTVTGVGTFGTFGWVUEJGP0CVKQPCNXGTUCOONWPIHTFKG 5CEJG FGT 5KGDGPDTIGT 5CEJUGP \W IGYKPPGP &GT $TQQUGT 4GMVQT (TKGFTKEJ )GNVEJ TGKUVG PCEJ (TCPMHWTV WO GKPG PGWG &GPMUEJTKHV FGT 5EJUKUEJGP0CVKQPUWPKXGTUKVVKPYGNEJGTFKG$GFKPIWPIGPFGT7PKQP OKV 7PICTP GPVJCNVGP YCTGP FGO 2CTNCOGPV GKP\WTGKEJGP
 ,WNK )GNVEJ FGT KO ,WNK \WO \YGKVGP /CN PCEJ (TCPMHWTV HWJT JKGNV CWEJ GKPG MWT\G 4GFG XQT FGP FGWVUEJGP #IGQTFPGVGP
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

DGT FKG $GOJWPIGP FGT 0CVKQPUWPKXGTUKVV DGK FGT (TCPMHWTVGT 0CVKQPCNXGTUCOONWPI XIN 'DGPFC WPF +TOICTF /CTVKWU )TQUVGTTGKEJ WPF FKG 5KGDGPDTIGT5CEJUGP8GTNCIFGU5FQUVFGWVUEJGP-WNVWTYGTMU/PEJGP 5



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
 ,WNK  /CZ /QNVMG DNKGD KP -TQPUVCFV WPF YJTGPF FGT WPICTKUEJGP *GTTUEJCHV DGTPCJO GT FKG .GKVWPI FGT Q-TQPUVFVGT <GKVWPIR 'T MORHVG GDGPHCNNU KP $GOU 6TWRRGPMCOFCPPKPUVGTTGKEJKUEJG)GHCPIGPUEJCHVWPFYWTFGCWU FGT /QPCTEJKG CWUIGYKGUGP $KU \W UGKPGO 6QFG
 NGDVG GT KP &GWVUEJNCPF  )& 6GWVUEJ YWTFG KO 1MVQDGT  *CWRVOCPP FGU UEJUKUEJGP,IGTDCVCKNNQPU'TMORHVGOKVFGT9CHHGKPFGT*CPFCWH FGT 5GKVG FGT -CKUGTNKEJGP YKG DTKIGPU CWEJ 6JGQFQT (CDKPK &GT
'UKUVGKP(TCIOGPVFGU )TWYQTVGUFGUFGWVUEJGP,WIGPFDWPFGUKP5KGDGPDTIGPCPFKG

FGWVUEJG0CVKQPCNXGTUCOONWPIKPFGT(TCPMHWTVGT2CWNUMKTEJGKO,CJTGGTUEJKGPGPKP -NKPIUQT ,I    *GHV  5  8IN CWEJ )WUVCX )PFKUEJ &GWVUEJGU 8QNMUYGTFGPKP5KGDGPDTIGP
'PVYKEMNWPIUIGUEJKEJVNKEJG&WTEJDNKEMG8GTNCI -TCHHV&TQVNGHH*GTOCPPUVCFV5  /KEJCGN -TQPGT 'KP 5RTGEJUCCN FGU 8QNMUYKNNGPU KP &KG <GKV KP FGT <GKVWPI -NCWUGPDWTI5



NGV\VGTGYWTFGKO-CORHXQP5KOGTKC
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
,WPK5EJUKUEJ4GGP
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


9 &CWIUEJ CC1  5  DGT #PVQP -WT\ 5KGDGPDTIGT 5CEJUGP .GZKMQP *I 9CNVGT/[-TCHV8GTNCI6JCWTDGK+PPUDTWEM5DGT.GQRQNF/CZKOKNKCP /QNVMG &KG 5KGDGPDTIGT 5CEJUGP KP FGP ,CJTGP   5  DGT FGP 6QF %CTN )QQO &CU&QMWOGPVXQO,WPK,QUGRJ$GPKIPKXQP/KNFGPDGTICPFCU/KNKVT -QOOCPFQ2TUKFKWO1TKIKPCN5VCCVUCTEJKXGP$WFCRGUV$GUVCPF)T2T0T (QVQXIN&QEWOGPVGRTKXKPFKUVQTKCTGXQNW/KGKFGNC% 6TCPUKNXCPKC$F8++WPVGT&TWEM 5KGDGPDTIGT$QVG*GTOCPPUVCFV0T,CPWCT5 %CTN)NNPGTCC15 5D$QVG0T/T\5



5[ORCVJKGP XQP *KPV\ XQP FGT URVGTGP UEJUKUEJGP )GUEJKEJVUUEJTGKDWPI UVTGPI XGTWTVGKNV
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
 1UMCT 9KVVUVQEM &CU NKVVGTCTKUEJG .GDGP FGT GT ,CJTG KP *WPFGTV ,CJTG UEJUKUEJGT 5D$QVG0T#WIWUV5 'DGPFC0T,CPWCT5

-ORHG5(T6GWVUEJ)GUEJKEJVGFGT5KGDGPDTIGT5CEJUGP+++5

5KGDGPDTIGT9QEJGPDNCVV-TQPUVCFV0T,CPWCT5



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
 WPVGT FGO /GVVGTPKEJUEJGP 4GIKOG )VV DGMNCIVG FKG FCOCNKIGP7OUVPFGWPF FKG <GPUWT YGNEJG FGP <GKVWPIGP PWT QGKPGP PCKXNKDGTCNGP #PNCWHR IGUVCVVGV JCVVG &CU Q5KGDGPDTIGT 9QEJGPDNCVVR YCT QWPDGUEJCFGV UGKPGTNKDGTCNGP)TWPFUV\GGKP5RTGEJUCCNHTCNNG2CTVGKGPRIGYGUGP WPFFKGUG6CMVKMYCTFCOCNU\WNQDGP&CFKG4GFCMVKQPCDGTCWEJQKO $GUKV\ FGT /T\GTTWPIGPUEJCHVGPR
 FKGUGNDG 6CMVKM DGKDGJCNVGP JCVVG DGIKPI UKG GKPGP ITQGP (GJNGT 5KG JVVG UKEJ HT GKPG GKP\KIG 2CTVGK HT FKG TGXQNWVKQPTG \W GPVUEJGKFGP  &CTCWU HQNIVG FKG 0QVYGPFKIMGKV GKPGT 0GWJGTCWUICDG FGT <GKVWPI OKV GKPGO PGWGP 6KVGN WPF GKPGO PGWGP 4GFCMVKQPUNGKVGT
/CZ /QNVMG 'U ICNV INGKEJ\GKVKI FKG (GJNGT FGT 8GTICPIGPJGKV YKGFGTIWV\WOCEJGP WPF GPVUEJNQUUGP CWH FKG 5GKVG FGT WPICTKUEJGP 4GXQNWVKQP \W VTGVGP 7PDGCEJVGV FGT QRRQTVWPKUVKUEJGP 6TGWGGTMNTWPI HKPFGP YKT KP FKGUGO 6GZV GKPG DGHTKGFKIGPFG &GHKPKVKQP FGT XQP ,QJCPP )VV KP
-TQPUVFVGT<GKVWPI0T,WNK5 'DGPFC0T/T\5



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
KO JGWVKIGP 5KPPG FGT 0CVKQPCNKVV YCT FCU 5RTCEJGNGOGPV +O 5KGDGPDTIGP FGU ,CJTGU  YCT CWEJ FGT $GITKHH Q0CVKQPCNKVVR KP 7ONCWH UQ YKG GT KO GTYJPVGP 6GZV XQP /CTNKP GTUEJGKPV &KG
-TQPUVFVGT<GKVWPI0T/T\5WPF0T#RTKN5



&GHKPKVKQPGPFGU-TQPUVFVGT8GTNGIGTUDGJCNVGPKPITQGP<IGPKJTG )NVKIMGKV 1JPG FKG 7OQTICPKUKGTWPI 5KGDGPDTIGPU KP GKPGO $WPFU[UVGOPCEJUEJYGK\GTKUEJGOQFGTPQTFCOGTKMCPKUEJGO8QTDKNF \W DGCPURTWEJGP UEJNWI )VV LGFQEJ XQT FC 7PICTP WPF 5KGDGPDTIGP QIGQITCRJKUEJG 5VCCVGPR UGNDUVXGTUVPFNKEJ OKV INGKEJDGTGEJVKIVGP0CVKQPGPYGTFGPUQNNVGP 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
FKG FGWVUEJG CMCFGOKUEJG ,WIGPF FGT UKGDGPDTIKUEJFGWVUEJG ,WIGPFDWPF 'KP RCCT /QPCVG XQT FGO #WUDTWEJ FGT 4GXQNWVKQP NKVQITCRJKGTVGP FKG 5VWFGPVGP FGT *GTOCPPUVFVGT4GEJUVCMCFGOKGKO)GJGKOGPFKG(CMWNVKUVGP\GKVWPI Q&GTLWPIG5CEJUGR
&G\GODGT/T\
/KEJCGN-TQPGT'KP5RTGEJUCCNFGU8QNMUYKNNGPUCC15



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

  #FWPTKNG PC/KQPCNG UUG)VK CPWCNG XQT FG\DCVG TGNC/KKNG KPVGTPG )KGZVGTPGCNGUC)KNQTFCTUGXQTCHNCUWDRWVGTGC)WXGTPWNWK WPICT  %QOKVGNGPC/KWPKKGUVGRTG)GFKPVGNGCFWPTKK )KEQOCPFCPVWN OKNKVCTCNPCTOCTKKRQRWNCTGUUG)VK   4GHQTOC KPUVKVW/KKNQT UUG)VK RQCVG RQTPK EW CLWVQT )K EQPHKTOCTGOKPKUVGTKCNPWOCK)KPWOCKFGNCCFWPCTGCPC/KQPCN   .QEWKVQTKK 2OPVWNWK 5UGUE XQTDKVQTK FG NKOD XCNCJ VTGDWKGGOCPEKRC/KCVVUWDCURGEVRQNKVKEEV)KEQPHGUKQPCN)KVTGDWKGU NKUGRGTOKVCEEGUWNNCVQCVGHWPE/KKNGTCPIWTKNG)KOGUGTKKNG   2GPVTW C HCEG RQUKDKN CEGUVGC HT C FWPC NKODKK FG EKTEWNC/KGIGTOCPGRG2OPVWN5UGUEPC/KWPGCUUGPITKLGCUECUVHGN PEVHKGECTGNQECNKVCVGXCNCJUQD/KPQ)EQCNIGTOCP   &GUHKKP/CTGC FKLOGK FGUHKKP/CTGC RTGQ/KNQT RTQVGUVCP/K FKP UCVGNG XCNCJG UCNCTK\CTGC ENGTWNWK FG EVTG PC/KWPG FWR VTGRVG FG XTUVKORQ\KVCTGCVWVWTQTDWPWTKNQTDKUGTKEG)VK   5 UG PCRQKG\G PC/KWPKK UHGTVWTKNG FG FKLO EG KCW HQUV TRKVGQFKPKQCT)KRGECTGHKUEWNKNGCTG/KPWVRPCUV\K   4GHQTOCTGC VGOGKPKE UCW FWR ORTGLWTTK FGUHKKP/CTGC VWVWTQTDTGUNGNQTuu   2WDNKEKVCVG )K QTCNKVCVG FTK FG UGCOC FKP RCTVGC VWVWTQT HWPE/KQPCTKNQT RWTKHKECTGC /CIKUVTCVGNQT U ECF NWOKPC CUWRTC RECVGNQTDKTQETC/KGKPQCUVTGETGKCRTGEWO)KPX/VQTKNQTPQ)VTKCXGO CNGOWN/WOKRGPVTWOK\GTKCPC/KWPKK   +PENWFGTGC VWVWTQT NQECNKV/KNQT UWRWUG PC/KWPKK P TPFWN EQOWPGNQTNKDGTGCWVQIWXGTPCVG   4GHQTOC NKDGTC QTICPK\CTG NKDGTVCVGC FG C RTGFC )K FG C PX/CRGPVTWHCEWNVCVGCFGFTGRVFKP5KDKW  4GHQTOCVGOGKPKECIKOPC\KKNQTCUKORNKHKECTGCUVWFKKNQT D FGUHKKP/CTGC NKODKK NCVKPG P )EQNKNG RTKOCTG E ECVGFT FG NKODC OCIJKCTFECVGFTGRGPVTW )VKKP/GNGPCVWTKKGFGUHKKP/CTGCEWTUWNWKFG VGQNQIKGEGPUQ/G)VGUVWFKKNGWOCPKUVGPUEJKODHUGOKPCTRGFCIQIKE I FGUHKKP/CTGC QTGNQT RTKXCVG CNG RTQHGUQTKNQT J ECVGFTG RTQHGUQTCNG HKZGKCPICLCTGCFGQCOGPKECTGURTGFGCVKPGTGVWNWKPWPWOCKCNGH)K IJKOGNEKECTGU)VKG)KCNGURWPGFGURTGVKOR)KFGURTGRCVTKG  &WOPG\GWNNKDGTV/KK )KCNFTCIQUVGKUPGCLWVGUFWEGOVQCVG CEGUVGCNCPFGRNKPKTG  /CTNKPOGODTWCNIT\KKPC/KQPCNG  

 u
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uu
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 #VCE OGTGW GNGOGPVWN ITG)KV FKP UPWN GK FCT NCU PGCVKPU VCIOC EGC FGOP FG QPQCTG EEK GC OGTKV C HK RTG/WKV HKKPFE )KC PFGRNKPKVOGUGTKC )KEJKCTPVKORWTKNGPQCUVTGPGPVKPFGQOPFG CLWVQTRGVTOWNQTICPK\TKKRQNKVKEGCRTQOQXTKKRQRQTWNWK  &WOPG\GWNNKDGTV/KKRGECTGNKORNQT )KGW )KRQRQTWNOGW )K ECTG PW PG XC NUC EWTCLWN U RKCT U PG QETQVGCUE QTFKPGC )K U PG CFWECDKPGNGPWOCKRGECNGCNGIKK  /CTNKP %RKVCPCNIT\KKPC/KQPCNG    



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n Euch aber, denen die Sorge fr eures Volkes Wohlfahrt anvertraut wurde, an Euch ihr Vertreter dieses Volkes ergeht mein Aufruf und der jedes chten schs. Patrioten: sprecht nicht von Union, sondern seht zu, wie ihr das geschwchte um nicht zu sagen vernichtete Vertrauen eurers Volkes wieder erwerbet! Wret ihr Zeugen davon, wie unser Landvolk ber Euch urtheilet, wie sie es unverholen aussprechen, da und da und hier sind wir von unsern Beamten hintergangen, betrogen worden, ihr wrdet zur Besinnung kommen und euch selbst von euerm Thun und Lassen strengere Rechenschaft geben. Wer ist Schuld daran, da man sich an manchen Orten der Errichtung der Brgerwehr widersetzt. - Ihr allein tragt die Schuld davon, das Landvolk frchtet einen neuen Betrug hinter dieser Einrichtung; die heiligsten Versicherungen, die Einrichtung der Brgerwehr sei von den Vertretern des Volkes blo zum Wohle dieses Volkes zum Schutz und Schirm des eigenen Heerdes angeordnet worden, fruchten nichts, das Vertrauen des Volkes zu seinen Vertretern ist verschwunden - "man hat uns oft betrogen" heit es auf allen Seiten. - Darum ihr Volksvertreter sprecht nicht von Union, ihr habt Besseres und Nothwendigeres zu thun, hufet nicht dadurch zu Euren vielen Snden noch die grte, deren ihr fhig seid, die Snde des Nationsmordes! 

 -PPVGKEJFQEJOGKPGP9QTVGP-TCHVXGTNGKJGPFCUKGXQP CNNGP5JPGPOGKPGUIGNKGDVGP8QNMGUXGTPQOOGPYTFGPFCOKVGU XQP LGFGO $GTITEMGP CWU LGFGT 6JCNUEJNWEJV WPUGTGT )CWGP YQ PQEJ FGWVUEJG .CWVG VPGP YKFGTMNKPIG -GKPG 7PKQP -GKPG 7PKQP UGK FKG 2CTQNG FGT $TIGTYGJT -GKPG 7PKQP FGT )TW WPVGT FGP 6WTPGTPWPUGTUUEJUKUEJGP8CVGTNCPFGU  6JGQFQT(CDKPK 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 # NUCV CTVKEQN ORQVTKXC IWXGTPWNWK FCT C VKCV QDUGTXC/KKNG GZRNKECVKXG)KEQODCVKXG  'N C TGHW\CV VGZVWCN KORTKOCVWTC CTVKEQNGNQT RTGNWCVG FKP \KCTGNG KPVGTPG OCIJKCTG )K IGTOCPG FCE CEGUVGC UG PFTGRVCW ORQVTKXCKPVGTGUGNQTWNVTCOCIJKCTKUOWNWK  #EGGC)K UQCTV CW ORTV)KVQ VTCFWEGTKNG FKP QRGTG WPICTG TGURGEVKXFKPEGCCNWK+IPC\0CI[FCECEGUVGCCFWEGCWNCNWOKPXTGQ VORGPKGCWNVTCOCIJKCTKNQT  'N NC QDNKICV RTKP RGTOCPGPVG CICUTK FG UQKWN CEGUVC RG QPQTCVWN RTQHGUQT 5EJWNNGT U RTUGCUE TGFCE/KC KWDKVGK 6TCPUUKNXCPKC  #FGTCPLCVPCNVGNGHQTWTKEWRNPIGTKORQVTKXCTGFCE/KGKEGU CWFQXGFKVCHKPGPVGOGKCVG  6QCVG CEGUVG KPHQTOC/KK CW HQUV HEWVG EWPQUEWVG CF CEVC QPQTCVGK7PKXGTUKV/KKPC/KQPCNG)KCWVQTKV/KNQT/TKK  .CU RG UGCOC WPGK OCK PCNVG LWFGE/K FCE P WTOC EGNQT FG OCKUWUFQOPWNXQP)[GTI[CKPWOCKOGTKVRGPKDKNCCWVQFGPWOKTGC ECNKV/KNQT UCNG EC EGP\QT %CTCEVGTWN UW EC KPFKXKF )K EC HWPE/KQPCT VG\CWTCTKCNPWGUVGCVCECVRTKPCEGUVGCEEKEKPGXCRQCVGHKWPQOFTGRV WPHWPE/KQPCTHQNQUKVQT)KPCEGNC)KVKORWPEGP\QTKPECRCDKN)KRCTVKPKE  5KDKWKWPKG  ,QUGRJ$GPKIPKXQP/KNFGPDGTI     



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



   2Q\K/KC 7PKXGTUKV/KK PC/KQPCNG UUG)VK

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uu UGNDUVIGYJNVGP UEJUKUEJGP 0CVKQPCNITCHGP \W UVGJGP &GT 9KTMWPIUMTGKUFGTUGNDGPKUV  C&KG,WUVK\CNU#RRGNNCVKQPUIGTKEJV  D&KG8GTYCNVWPIFGU0CVKQPCNXGTOIGPU  E 'PVYGTHWPI XQP 5VCVWVGP KP #DUKEJV CWH FKG KPPGTP 8GTJNVPKUUG 

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uuu -PKIG \WMQOOV   $GKDGJCNVWPI FGT UEJU /WPKEKRCNIGUGV\G
5VCVWVGP OKV 8QTDGJCNV FGT #WVQPQOKG WPF FGT XGTOIG FGTUGNDGP XQT\WPGJOGPFGP \GKVIGOGP 4GHQTOGP KP FGP XGTUEJKGFGPGP $G\KGJWPIGP FGU 0CVKQPCNNGDGPU KO #NNIGOGKPGP UQYQJN CNU CWEJ KPUDGUQPFGTG KP $G\WI FGT 4GIGNWPI FGT )GYGTDU WPF <WPHVXGTJNVPKUUG WPF FGT 'KPTKEJVWPI WPF 8GTYCNVWPI FGT 0CVKQPCNDTIGTYGJT  0CEJ 8GTJCPFNWPIGP FKGUGU )GIGPUVCPFGU VTWIGP FKG #DIGQTFPGVGPXQP-TQPUVCFVKO#WHVTCIGKJTGT5GPFGTCWHFKGDCNFKIG #DUGPFWPI GKPGT \CJNTGKEJGP CWU CNNGP %NCUUGP FGU 8QNMGU \W YJNGPFGP0CVKQPCNFGRWVKTVGP0CVKQPCNFGRWVCVKQPPCEJ2GUVJCP \WT #GWGTWPI FGU YCJTGP 8QNMUYKNNGPU WPF \WT MPHVKIGP $GTWJKIWPI FGU UEJUKUEJGP 8QNMGU 'U YWTFG DGUEJNQUUGP FKGUGP #PVTCI KP 8GTDKPFWPI OKV \YGK CPFGTP XQP FGT \YGKVGP 5GMVKQP XGTJCPFGNVGP #PVTIGP KP FGT PEJUVGP 5KV\WPI \W GTNGFKIGP *KGTCWH GTHQNIVGFGT5EJNWFGT\YGKVGP5KV\WPI 
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JCWRVUEJNKEJFKG$G\CJNWPIFGTIGKUVNKEJGP4GPVGPKPOKVVGPFGTUEJU 0CVKQPQJPG<YGKHGNIGJTV   &KG UEJUKUEJG 0CVKQP HQTFGTV GPFNKEJ KP UQHGTP FKG DKUJGTKIGP <GJPVGKPMPHVG FGT UEJU )GKUVNKEJMGKV FWTEJ FKG HGUVGUVGP WPF WPCPVCUVDCTUVGP 8GTVTIG OKV KJTGP <GJPVRHNKEJVKIGP DGT CNNG YKNNMTNKEJG $GGKPVTEJVKIWPI 5GKVGPU FKGUGT IGUVGNNV YCTGP FC CWEJ HTFKG<WMWPHVHTKJTGIGUGV\NKEJ\WDG\KGJGPFG'KPMPHVGUQYKGHT FKG UVKRWNKTVGP #FGNUGPVUEJFKIWPIGP FKG UVTMUVGP )CTCPVKGP WPF *[RQVJGMGP CWHIGUVGNNV YGTFGP OIGP KPFGO XQO 8GTHCNNG FGT IGKUVNKEJGP 4GXGPGP YQTCP CNNG $KNFWPIUWPFMKTEJNKEJGP#PUVCNVGP FGT UEJUKUEJGP 0CVKQP OGJT QFGT YGPKIGT IGMPRHV UKPFFGT8GTHCNN FGTUEJUKUEJGP0CVKQPUGNDUVICP\WPFICTCDJPIKIKUV  &KGUG )CTCPVKG HKPFGV FKG UEJUKUEJG 0CVKQP CWGT FGP XQO UKGDGPDTIKUEJGP .CPFVCI KO #NNIGOGKPGP HT FKG $QPKHKMCVKQP FGT <GJPVGPXGTRHPFGVGP%COGTCNIVGTPWPF2TQXGPVGPXQT\WIUYGKUGKP FGT IGUCOOVGP XQO 5CEJUGPDQFGP GKPIGJGPFGP 5VGWGT UQ FC FKG )GKUVNKEJMGKVFGPWPOKVVGNDCTGP4GITGCPFGP5VGWGTHQPFFGT5CEJUGP JCDG  &KG (QTFGTWPIGP FGT UEJUKUEJGP 0CVKQP DGVTGHH FGT )GKUVNKEJMGKVUQNNGP  )TWPFDGFKPIWPIGPFGT7PKQPOKV7PICTPUGKP  5QNNKPUQNCPIGDKUFKGCPIGUWEJVG'PVUEJFKIWPIFGTUEJU )GKUVNKEJMGKVHNUUKIIGOCEJVYKTFFGT(QTVDGUVCPFFGT0CVWTCN\GJPVGP GTYKTMVYGTFGP   7O FKG 8GTCTOWPI FGT 5GGNUQTIGT MNGKPGTGT UEJU )GOGKPFGP\WXGTJVGPFKGFCPPGTHQNIGPMPPVGYGPPDG\INKEJFGT GKP\GNPGP5GGNUQTIGTPKEJVGKPG4GIGNWPIFGT<GJPVGKPMPHVGXGTCPNCV YTFGUQNNFKGUG4GIGNWPIFGT5[PQFGDGTNCUUGPUGKP   $G\INKEJ FGT CP UEJU %QOOWPGP \W IGOGKPPV\KIGP <YGEMGP XGTNKGJGPGP <GJPVGP UQNNGP FKGUGNDGP )TWPFUV\G HGUVIGJCNVGPYGTFGPYKGDGKFGPIGKUVNKEJGP<GJPVGP  *KGTCWH YWTFG GKP )GUWEJ FGT /GFKCUEJGT $TIGTYGJT WO GKPGP 7PVGTUVV\WPIUDGKVTCI CWU FGT 0CVKQPCNECUUG XQP  HN %/ \WT #PUEJCHHWPI FGT PVJKIGP #TOCVWT HT FKG TOGTP 9GJTOPPGT XGTJCPFGNVWPFDGUEJNQUUGP  &CDGTGKVU\WT#PUEJCHHWPIXQPDGUVGNNVGP(GWGTIGYGJTGPHT FKG UEJUKUEJGP $TIGTICTFGP  HN %/ DGUVKOOV UGKGP WPF FGT 0CVKQPCNECUUGUVCPFFGT#TVKUVFCGT\WT&GEMWPIFGTUKEJJWHGPFGP NCWHGPFGP $GFTHPKUUG MCWO \WTGKEJV UQ MCPP FGO )GUWEJG FGT /GFKCUEJGT$TIGTYGJTPKEJVYKNNHCJTVYGTFGP9GKNCDGTKPGKP\GNPGP 

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 ("Satellit", nr. 56)  #FWPCTGC7PKXGTUKV/KKPC/KQPCNGUUG)VK  FKPKWPKGKWNKG    &GURTGCEGCUVCFWPCTGC7PKXGTUKV/KKPC/KQPCNGCWCRTWVFGLC P 5KGDGPDTIGT 9QEJGPDNCVV EVGXC TGHGTCVG )K QDUGTXC/KK TWRVG FKP EQPVGZV FCT RP CEWO PKEK Q TGNCVCTG EQORNGV UCW OECT RCT/KCN COPWP/KV &QTKO CEWO U PG TGHGTKO NC EVGXC GZVTCUG FG RTQVQEQN ECTGPGUVCWPHC/  .CKWPKG7PKXGTUKVCVGCPC/KQPCNGZVTCQTFKPCTUCPVTWPKVP ENFKTGCPC/KQPCNUUGCUEFKP5KDKWUWDRTG)GFGP/KCEQOKVGNWKPC/KWPKK (TCP\5CNOGPKCTFKPEGTEWTKNGUUG)VKCWHQUVRTG\GP/K   FKP 5KDKW $GPKIPK UGETGVCT FG T\DQK $KPFGT RQUVXCT )TQLWTCVP%KUPFKG4GWGTPQVCTP*CODC4QVJRTGQVP%C)QN/ 5EJOKFVRTQHGUQT5EJWNNGTRTQHGUQT<C[UGPCVQT   FKP 5KIJK)QCTC $KPFGT RTGQV P 8WNECP .CPI PQVCT P 5GNGW) /KNNGT UGPCVQT 4GVJGT PQVCT P .CUNGC
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din Nocrich: Conrad, jude regal; Friedenfels, concipist de curte; Herberth, jude scunal; Simonis, /funcionar/ fiscal scunal.
'UVGXQTDCFGURTG5VGRJCP.WFYKI4QVJ



Domnul comite al naiunii a declarat adunarea naional deschis i constituit, prezentnd o cuvntare referitoare la mprejurrile timpului i la diversele stri de spirit ce domnesc n momentul de fa n cercurile /sseti/, artnd c acum este mai necesar ca oricnd s existe nelegere reciproc i unitate trainic. S-a prezentat programul redactat sub coordonarea comitelui despre problemele ce vor fi dezbtute n aceast adunare a Universitii, pentru ca, pe baza programului, s se ordoneze lucrrile i s se uureze dezbaterile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



 &WROWNVKRNGFKUEW/KKCUWRTCRTQKGEVWNWKCEGUVCCHQUVCFQRVCV P EGNG FKP WTO EC FGEK\KG %QPFK/KKNG CEEGRVTKK WPKWPKK FG EVTG 7PKXGTUKVCVGCUUGCUEUWPVWTOVQCTGNG  /GP/KPGTGCPGUEJKODCVCVGTKVQTKWNWKUUGUE)KCEQPVGZVWNWK UWRQNKVKEPCEVWCNCPH/K)CTGVGTKVQTKWNHKKPFHQTOCVFKPUECWPG)K  FKUVTKEVG ORTGWP EW RT/KNG NQT CRCT/KPVQCTG FKP RWPEV FG XGFGTG LWTKFKEUCWCFOKPKUVTCVKX   %C DC\ C CUQEKGTKK PC/KWPKK UUG)VK 7PKXGTUKVCVGC PC/KQPCN UUGCUEUGXCCHNC )KRGXKKVQTPUWDQTFKPGCEQOKVGNWKPC/KWPKKUUG)VK CNGUFGGCPU)Kuu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uuu  2UVTCTGCNGIKNQTOWPKEKRCNGUUG)VK
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

UGE/KWPGCCFQWCPWTOVQCTGC)GFKP/#UVHGNUCEQPUGOPCVPEJGKGTGC EGNGKFGCFQWC)GFKP/G
8CEQPVKPWC  u &GLC FKP NKUVC FG PWOG TGKGUG E CEGCUVC HQUV Q CFWPCTG GZVTCQTFKPCTC7PKXGTUKV/KKPC/KQPCNG)KEPTGNC/KKNGPQCUVTGKPVGTPGC PEGRWV OWNV FQTKVWN )K OWNV XKUCVWN RTQEGU FG FG\XQNVCTG )UKO CKEK RTKPVTGCNG)KPWPWOCKHWPE/KQPCTKFKPCFOKPKUVTC/KCRQNKVKEUCWLWTK)VK EK )K CN/K DTDC/K FG PETGFGTG P RQHKFC QDK)PWKP/GK FG RP CEWO CRTQCRGEQPUCETCVGRTKPPFGNWPICVCTWVKP0WPGGUVGNKORGFGFWR EGETKVGTKWUCUVCDKNKVPWOTWNFGRWVC/KNQT 4GFCE/KC  uu 0W )VKW FCE P QTKIKPCNWN RTQVQEQNWNWK CFWPTKK 7PKXGTUKV/KKUGCHNUCWPWGZRTGUKCRGXKC/'UVGRQUKDKNUHKGFWR RTGTGCUWDKGEVKXCOGC)KCOWNVQTCNVQTCCTHKVQVW)KOWNVOCKP/GNGRV UPWHKGEWRTKPU 'OKVGPVWN  uuu&CEPWOP)GNCKEKNKRUG)VGEWXPVWNEQPUVKVW/KQPCN 'OKVGPVWN 
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

 5HKGVTKOKUNC2GUVCQFGNGIC/KGHQTOCVFKP )CRVGOGODTK CNG)KRTKPCNGIGTKNKDGTG )KNWPFWUGPEQPUKFGTCTGPWOCKXTGFPKEKCNQT RGTUQPCN EW OKUKWPGC FG C PCKPVC CTJKFWEGNWK RCNCVKP )KNQE/KKVQTWNWK TGICN (VGHCP )WXGTPWNWK WPICT )K FGNGIC/KGK TGIPKEQNCTG RTGEWO )K VWVWTQT HQTWTKNQT WPFG UG EQPUKFGT FG EWXKKP/ EQPFK/KKNG WPKWPKK GZRTKOPFXQKP/CRQRWNCTUUGCUEC)CEWOCWHQUVGNGUVCDKNKVGCVV P HQTOC UETKU C WPWK OGOQTKW  TGFCEVCV FWR CEGUV RTQKGEV CN 7PKXGTUKV/KKPC/KQPCNGEV )KQTCN&GNGIC/KCUFGRWPVQCVGGHQTVWTKNG RGPVTWCQD/KPGCEEGRVCTGC)KICTCPVCTGCNGICNCCEGUVQTEQPFK/KK'COCK CTG OKUKWPGC FG C CFWEG NC EWPQ)VKP/C P URGEKCN C OGODTKNQT UC)K CK FGNGIC/KGK TGIPKEQNCTG UEQRWN P ECTG C HQUV VTKOKU OGOQTKWN EQOWPKEPFWNG CEGUVQTC EQP/KPWVWN COKPVKVGNQT EQPFK/KK EC TGRTG\GPVPFXQKP/C)KEGTGTKNGPFTGRV/KVGCNGRQRQTWNWKUUGUERGPVTW CCE/KQPCPEQPUGPUEWCEG)VKCPHKPGFGNGIC/KCOCKCTGUCTEKPCECFG PFCVFWRUQUKTGCNC2GUVCUEQOWPKEGKOGFKCVFGNGIC/KGKPC/KQPCNG CHNCVG NC 8KGPC VQCVG FGEK\KKNG CFQRVCVG FG CEGCUV CFWPCTG C 7PKXGTUKV/KK RTKP EQPXQTDKTK RGTUQPCNG NC 8KGPC UCW 2GUVC RGPVTW EC FGNGIC/KC PC/KQPCN U RQCVG PVTGRTKPFG OCZKOWO RQUKDKN RGPVTW PFGRNKPKTGC )K ICTCPVCTGC EQPFK/KKNQT WPKWPKK RG NPI EGNG OCK PCNVG HQTWTKPUGPUWNCEVWCNGNQTFGEK\KK2GPVTWCEQRGTKTGCEQUVWTKNQTNGICVGFG VTKOKVGTGCFGNGIC/KGKFGNC2GUVCEGWTOGC\CHKCNGCUOGODTKNQTGKNK UGXCCUKIWTCCUGOGPGCFGRWVC/KNQTRCTNCOGPVCTKQFKWTPFGHNOE )KQDQPKHKEC/KGCPWCNFGEC\CTGFGHNOERGPVTWPVTGCICRGTKQCF FG )GFGTG P NQEWN OKUKWPKK NQT RTGEWO )K FGEQPVCTGC EJGNVWKGNKNQT FG FTWOFKPECUKGTKCPC/KQPCNRTKPEKRCN   4GHGTKVQT NC PVTGDCTGC EWO U HKG CNG)K FGRWVC/KK EGTEWTKNQT UUG)VK ECTG XQT HKVTKOK)KP2CTNCOGPVWNWPICT!GUVGUWRGTHNWQTKEG CNVRTGEK\CTGFGQCTGEGCHQUVFGLCCFQRVCVQNGIGC&KGVGKPCEGUVUGPU  %WRTKXKTGNCPVTGDCTGCFCEPVTGCEG)VKFGRWVC/KRQVHKCNG)K )KOGODTKCKFGNGIC/KGKTGIPKEQNCTG!7PKXGTUKVCVGCPC/KQPCNEQPUKFGT KPQRQTVWP QTKEG NKOKVCTG )K QTKEG KPFKEC/KG EW CVV OCK OWNV EW EV HKGECTGEGTEVTGDWKGUFGEKFUKPIWTETQTDTDC/KNGRQCVGPETGFKP/CEW PETGFGTG TGRTG\GPVCTGC EGNQT OCK UHKPVG KPVGTGUG CNG EGTEWNWK )K CNG PC/KWPKK  4GHGTKVQT NC C EKPEGC PVTGDCTG FCE PC/KWPGC UUGCUE RTKP TGRTG\GPVCP/KK GK RQCVG NWC RCTVG NC FG\DCVGTKNG 2CTNCOGPVWNWK OCK PCKPVGFGICTCPVCTGCEQPFK/KKNQTWPKWPKKFWRPFGNWPIKFG\DCVGTKUC JQVTV RTKP XQVCTG &GRWVC/KK UC)K U RCTVKEKRG NC FG\DCVGTKNG 2CTNCOGPVWNWK PE FG NC FGUEJKFGTGC CEGUVWKC PVTWEV EQPFK/KKNG WPKWPKKUVCDKNKVGFGPC/KWPGCUUGCUEVTGDWKGUHKGCFQRVCVGPHQTOFG 

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
QTC)G VTIWTK U PW HKG FGURT/KVG FG TGUVWN NQECNKV/KNQT CRCT/KPVQCTGEGTEWNWK   %W RTKXKTG NC RCTVKEKRCTGC NC KORQ\KVGNG )K UCTEKPKNG /TKK RTGEWO)KNCDGPGHKEKKNGEQTGURWP\PFCEGUVQTC  +ORQ\KVGNGIGPGTCNG)KUCTEKPKNGRWDNKEGK\XQTPFFKPRTKPEKRKWN GICNGKPFTGRV/KTK )KCNGICNGKQDNKICVKXKV/KXQTHKRTGNWCVGFGPC/KWPGC UUGCUE P TCRQTVWN ECTG K TGXKPG PU GC )K OGP/KPG FTGRVWN FG PECUCTG )K CFOKPKUVTCTG C KORQ\KVGNQT EC )K RG EGN FG TGRCTVK\CTG C UCTEKPKNQTFGEVTGRTQRTKKKGKHWPE/KQPCTKPCEGGC)KOUWTGCUQNKEKVU RCTVKEKRGNCDGPGHKEKKNGTG\WNVCVGFKPCEGUVGKORQ\KVG )KNCXGPKVWTKNG /TKK PTCRQTVWNEQTGURWP\VQT  0C/KWPGC UKPIWT XC FKURWPG CUWRTC TGIWNTKK RGTEGRGTKK )K WVKNK\TKKFTKNQTFQOGUVKECNGNQECNG)KCUCTEKPKNQT  P EGGC EG RTKXG)VG QDNKIC/KC UGTXKEKWNWK OKNKVCT EQPHQTO RTKPEKRKWNWK GICNGK PFTGRV/KTK PKEK PC/KWPGC UUGCUE PW UG XC 

UWUVTCIG QDNKIC/KGK IGPGTCNG FG UCVKUHCEGTG C UGTXKEKWNWK OKNKVCT P TCRQTVWNECTGKEQTGURWPFG  $2TKXKVQTNCEGNOCKPCNVEGPVTWCNCFOKPKUVTC/KGKRQNKVKEG  %GNOCKPCNVEGPVTWGUVGTGIGNGEQPUVKVW/KQPCNEWIWXGTPWNUW TGURQPUCDKNPCHCEGTKNGUUG)VKPUTGIGNGVTGDWKGUHKGUGEQPFCVFGQ UGE/KWPG EQORWU FKPVTWP PWOT UWHKEKGPV FG UC)K EW OGP/KWPGC EC PVTGPC/KWPG)KCEGUVEGPVTWUPWHKKP/G\GPKEKQKPUVKVW/KGKPVGTOGFKCT  %2TKXKVQTNCEGNOCKPCNVHQTFGLWUVK/KGNC%WTVGCTGICNUWPV XCNCDKNGRTGEK\TKNGFGNCRWPEVWNCPVGTKQT 
8CEQPVKPWC 
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
EWO GUVG EC\WN \GEKWKGNKK CVGUVCVG FQEWOGPVCT PW RQCVG HK HCXQTK\CV RG URG\GNG RCTVKFGK CHNCVG RGRQ\K/KKLWTKFKEGEQPVTCTGGK   0C/KWPGC UUGCUE EGTG VQV RTKP EQORCTC/KG EW RTQEGFGWN WTOCV P EJGUVKWPGC FGUHKKP/TKK RTGTQICVKXGNQT PQDKNKCTG EC FGURIWDKTGC FKLOGK ENGTKECNG UUG)VK U HKG RTGNWCV FG VTG\QTGTKC UVCVWNWKPVTQCUGOGPGCOCPKGTPEVFWREGUGXCUQEQVKOGFKCRG 

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

EGTEWTKNQT DKPGNG PVTGIKK PC/KWPK )K DKPGNG RCVTKGK CUVHGN EC PKEK WP OFWNCTUPWCE/KQPG\GFGUKPGUVVVQTEKVQ/KUHKGECWPUKPIWTQO WPWNRGPVTWVQ/K )KVQ/KRGPVTWWPWNOKFCWEWXPVWNOGWFGDTDCV )K CEGCUVUVTPIGTGFGOPR  #RQKNCEGTGTGCWPGKFGNGIC/KKFGUC)KFKP1T)VKGECFGNGIC/KGK PC/KQPCNG EG XC HK VTKOKU NC 2GUVC U K UG CNVWTG )K WP OGODTW FKP OKLNQEWNNQTCFKECNUC)KNQTFKP1T)VKGRTKPCENCOC/KKCHQUVPWOKVP CEGCUVECNKVCVGUGETGVCTWNFGVTKDWPCN(TKGFTKEJ9CIPGTFKP1T)VKG  P WNVKOC UCW C QRVC )GFKP/ FKP  KWNKG UC FCV EKVKTG OGOQTKWNWK TGFCEVCV FG Q EQOKUKG EG XC HK PCKPVCV FG EVTG FGNGIC/KC PC/KQPCN RTGCPCNV OCKGUV/KK UCNG CTJKFWEGNWK RCNCVKP )WXGTPWNWK WPICT )K5VTKNQT2CTNCOGPVWNWKEGPVTCN/GOQTKWNCHQUVCRTQDCV )KUC FGEKUUHKGRWDNKECVCVVP\KCTGEV )KPOCKOWNVGGZGORNCTGNC2GUVC PNKODKNGIGTOCP)KOCIJKCT  %C TURWPU NC TGHGTCVWN WPWK FGRWVCV DTC)QXGCP P ECTG UG RTQRWPGCECFGNGIC/KCCHNCVNC8KGPCUHKGRWUPUWDQTFKPGCEGNGKFG NC2GUVCUCJQVTVECPKEKQFGNGIC/KGUPWHKGUWDQTFQPCVCNVGKCFCT RGPVTW TGCNK\CTGC WPKV/KK FG CE/KWPG )K FGNGIC/KC XKGPG\ U HKG RTGX\WVEWCEGGC)KKPUVTWE/KWPGEC)KFGNGIC/KCFGNC2GUVC  5CW OCK FG\DVWV EVGXC RTQRWPGTK CNG WPQT FGRWVC/K )K EGTEWTK FGENCTPFWUG UQNW/KQPCVG RTKP FGEK\KKNG )GFKP/GNQT CPVGTKQCTG %WCEGCUVCCHQUVPEJKU)GFKP/C  P HKPCN FQOPWN EQOKVG CN PC/KWPKK C FGENCTCV E CEGCUV CFWPCTG C 7PKXGTUKV/KK PW )K UWURGPF EK )K COP NWETTKNG FPF FGRWVC/KNQTKPFKEC/KCFGCENVQTKFGQECOFCVURTGECUGNGNQTHKKPFPU RTGIVK/K P QTKEG ENKR EC NC RTKOWN CRGN U UG PVTWPGCUE FKP PQW NC 5KDKW    



  4GHQTOGCNGPC/KWPKKUUG)VK
Q%GFQTKO)KRTGVKPFGO!R  4GHQTOGP FGT UEJUKUEJGP 0CVKQP
Q9CU YPUEJGP WPF XGTNCPIGPYKT!R  5CVGNNKVFGU5KGDGPDTIGT9QEJGPDNCVVUPT
EQTGEV QEVQODTKGR  Q5KGDGPDTIGT 9QEJGPDNCVVR 0T 
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FGT5QWXGTCPKVVFGUPWPOGJTEQPUVKVWVKQPGNNGP-CKUGTUXQP1GUVTGKEJ \W GKPGO WPVJGKNDCTGP RQNKVKUEJGP )CP\GP XGTDWPFGPGP .PFGT OKV FGO -PKITGKEJG 7PICTP WPF FGP FWTEJ GKPGPIGTGU$CPFWPVGTUKEJ XGTGKPKIVGP FTGK -PKITGKEJGP &CNOCVKGP -TQCVKGP WPF 5NCXQPKGP CWGT FGT GTYJPVGP RTCIOCVKUEJGP 5CPEVKQP DNQU FWTEJ FKG IGOGKPUEJCHVNKEJGWPICTKUEJG-TQPGXGTDWPFGPCNUGKPWPOKVVGNDCTGU HTFKGKPPGTP8GTJNVPKUUGUGNDUVUVPFKIGU-PKITGKEJGTMNTVYGTFGuu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
PKEJV 8GTUEJOGN\WPI YKG OCP FKGUGU 9QTV OKDTCWEJV JCV CNNGT KO .CPFG NGDGPFGP 8NMGT UGK PCOGPVNKEJ FGT 7PICTP 5\GMNGT 5CEJUGP WPF4QOCPGPQFGTKO(CNNGFGTDGKFGPGTUVGTP8NMGTPWT'KPG0CVKQP XQTUVGNNGPYQNNVGPFGT7PICTP5CEJUGPWPF4QOCPGP  8&CCDGTPWTFKGFTGK'TUVGTPFGTIGPCPPVGPXKGT8NMGTGKP DGUVKOOVGU)GDKGVJCDGPUQYPUEJGPYKTFCCWEJHTFCU8KGTVGGKP UQNEJGUDGUQPFGTURQNKVKUEJGU)GDKGVCWUIGUEJKGFGPYGTFG  8+ &C FKGUG 6GTTKVQTKCNCWUUEJGKFWPI \W GKPKIGP 8GTPFGTWPIGP KO LGV\KIGP RQNKVKUEJGP 6GTTKVQTKCNDGUKV\ FGT UKGDGPDTIKUEJGP0CVKQPGPHJTGPOWUQYPUEJGPYKTFCFKGUGNDG OKV 4EMUKUEJV  CWH FKG IGQITCRJKUEJG .CIG FGT .CPFGUVJGKNG PCEJ )TWPFUV\GP FGU 4GEJVU WPF FGT $KNNKIMGKV XQP FGP DGVTGHHGPFGP 2CTVJGKGPXGTJCPFGNVWPFKPFGP(NNGPUEJYKGTKIGT#WUINGKEJWPIXQO UVGTTGKEJKUEJGP%GPVTCNTGKEJUVCIGGPVUEJKGFGPYGTFG  8++ 9KT YPUEJGP WPF XGTNCPIGP HGTPGT FC LGFG $GXQT\WIWPIKTIGPFGKPGUEJTKUVNKEJGP)NCWDGPUDGMGPPVPKUUGUCWEJKP FKGUGO.CPFGCWHJTG  8+++ 9KT YPUEJGP WPF XGTNCPIGP FC FKG 5RGEKCNIGUGV\IGDWPI 5KGDGPDTIGPU FWTEJ FGP -PKI WPF FGP PCEJ #PHQTFGTWPIGPFGT,GV\V\GKVWPFOKVXNNKIINGKEJGT$GVJGKNKIWPICNNGT XKGT.CPFGUPCVKQPGPPGW\WEQPUVKVWKTGPFGP.CPFVCIIGOGKPUEJCHVNKEJ IGDV YGTFG #WH FKGUGO .CPFVCIG IGNVG FKG 5RTCEJG GKPGU LGFGP 

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

WPF YCU PQEJ OGJT KUV WPUGTG 'JTG GKP\WUGV\GP DGTGKV UKPF *TV GU #NNG /KV FGT 'KPGP *CPF DKGVGP YKT 'WEJ FKGUG \YNH 2WPMVG FKG #PFGTGTGKEJGPYKT'WEJDFGTNKEJ\WOGTUGJPVGP(TKGFGP5EJNCIVGKP FCU8GTVTCWGPMGJTV\WTEMWPF#NNGUKPFYKTINEMNKEJ  u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uu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uu  +++ &QTKO )K EGTGO EC CEGUV TGICV CN 6TCPUKNXCPKGK EC RCTVG KPVGITCPV C OQPCTJKGK CWUVTKGEG U RCTVKEKRG NC VQV EGGC EG RTKXG)VG KPVGTGUGNG EQOWPG CNG OQPCTJKGK )K EQPUVKVW/KC KORGTKWNWK KCT P CEGUV UEQR U QD/KP EV OCK EWTPF FTGRVWN FG C VTKOKVG TGRTG\GPVCP/K P 2CTNCOGPVWNEGPVTCNRGPVTWCUVHGNFGEJGUVKWPKEQOWPGEVRTKXG)VGPU CHCEGTKNG UCNG KPVGTPG U DGPGHKEKG\G FG Q EQPUVKVW/KG URGEKCN )K FG Q &KGVRTQRTKG  +8&QTKO )KEGTGOECHWPFCOGPVWNCEGUVGKEQPUVKVW/KKURGEKCNG U N TGRTG\KPVG WP UKUVGO HGFGTCVKX Q WPKWPG RQNKVKE TGCN
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

UWPVGOCXK\KFGOTKTGCUEWNVC/KRQRQCTGHGFGTCVGCNGOCTGNWKKORGTKW PQK PW UWPVGO TGCE/KQPCTK HC/ FG TGCNK\TKNG NGICNG 5WPVGO QCOGPK NKDGTK ECTG RTGVKPFGO NKDGTVCVGC CFGXTCV )K GICNKVCVGC P FTGRVWTK RGPVTW EGKNCN/K NC HGN FG OWNV EV Q RTGVKPFGO RGPVTW PQK )K RGPVTW CEGUVGC UWPVGO RTGIVK/K U PG RWPGO P LQE CXGTGC )K UPIGNG )K OCK OWNVFGEVCVVEKPUVGC#UEWNVC/KEWVQ/KK%WQOPXQHGTKOCEGUVG FQWURTG\GEG RWPEVG KCT RG EGCNCNV XQ PVKPFGO HT/G)VG PVTW OWNV XKUCVC RCEG &C/K OPC EW PQK PETGFGTGC TGXKPG )K UWPVGO EW VQ/KK HGTKEK/K   u%QPEGV/GPK6TKOK/PFWXCEGCUVFGENCTC/KGPWKPVGP/KQPO FGHGN U X KORWPGO FQTKP/G ORQVTKXC EQPXKPIGTKK XQCUVTG PQK NG EQPUKFGTOFQCTECEGGCEGUWPVWPXQVWPCPKOCNWPGKPUGOPCVGRT/K CEGTEWNWK5KDKWPEJGUVKWPGCFGOCZKOPUGOPVCVGCXKKVQCTGKQTFKPK UVCVCNG C RCVTKGK PQCUVTG )K RCT/KCN )K C KORGTKWNWK FG ECTG CRCT/KPGO RTKPVTWP PQTQE PKEKQFCV PFGCLWPU OGTKVCV 'UVG WP XQV ETWKC K CNVWTO ETGFKP/C TGCN E RTKP CFQRVCTGC UC RQCVG HK PVGOGKCV HGTKEKTGCPQCUVTCVWVWTQTPOUWTCPECTGGCFGRKPFGFGKPUVKVW/KKNG RQNKVKEGHTPUCTGURKPIGPX/OKPVGNGQHGTKVGFGCN/KK2GPVTWUEQRWN UCETWCNDKPGNWKQD)VGUEPFGOPOFGCEGGCPWPWOCKEGTEWTKNGUUG)VK EK )K WPKWPKNG RQRQCTGNQT WPICT UGEWKGUE )K TQOP PHT/KVG FCVQTKV RCVTKGK EQOWPG K PFGOPO )K RG VQ/K RTKGVGPKK RCVTKGK EC RTKP KPVGTOGFKWNRTGUGKUFGENCTGPEJKRCUGOPVQTFCEUWPVFGCEQTFEW CEGUVGRWPEVG!UCWFCE)KC)VGCRVOPVWKTGCFGNCCNVGEQPFK/KK!FGNC ECTG! )KFKPEGOQVKX!&GCEGGCTWIOTGFCE/KKNGVWVWTQTHQKNQTQHKEKCNG CRTWVG P FKHGTKVGNG NKODK CNG /TKK U RTGKC P EQNQCPGNG NQT CVV FGENCTC/KCPQCUVTEV)KTGRNKEKNGNCCEGCUVC  uu P VKORWTK P ECTG VQCV NWOGC P\WKG)VG CK TGFC NKODKK CFGXTWN )K UKORNKVCVGC TGURKPIPF CPCETQPKEC HQTO FG XCPKVCVG ECTG GUVGXPVQCTGCFGVKVNWTKIQCNGCTHKFGCFTGRVWNTKFKEQNURTGVKPFGO EC 6TCPUKNXCPKC U HKG PWOKV TGICV HKKPFE FWR RTGTGC RQRQTWNWK CEGUV PWOG UWP OCK HCNPKE FGEV CEGNC FG OCTG XQKGXQFCV FGQCTGEG HCEG VTKOKVGTG NC OQPCTJKG KPFKHGTGPV FCE OQPCTJWN GUVG PWOKV TGIG UCWOCTGXQKGXQF&CTFQTKP/CPQCUVTUGPVGOGKC\RGCNVGOQVKXG )K CPWOGOCKCNGURGCEGNCEFKPORTGLWTCTGCEQPHQTOETGKCPUVKNWN FG ECPEGNCTKG CWVQTKV/KNG XQKGXQFCNG VTCPUKNXCPG UWPV PWOKVG TGICNG HEPFVTKOKVGTGNCEQTQCPCTGICNWPICTHTEC6TCPUKNXCPKCPU)KU UGEJGOGTGICVPFG\CXCPVCLWNRQ\K/KGKCEGUVGK/TKTG\WNVEWW)WTKP/ C)CEWOUCPVORNCVFGLCTGNC/KCFGUWDQTFQPCTGCCEGUVGKCPTCRQTV EW7PICTKC%JKCTFCE)VKORGDC\CCTVKEQNWNWK8+FKPETGIGP/KK 

PQ)VTK FKP QPQTCVC %CU CWUVTKCE CLWPI NC IWXGTPCTGC 6TCPUKNXCPKGK PWOCK EC TGIK NGICNK CK 7PICTKGK  PU FGQCTGEG CEGNC)K CTVKEQN UG PITKLG)VG U GZENWF QTKEG KPVGTRTGVCTG FG\CXCPVCLQCU RGPVTW 6TCPUKNXCPKCCCEGUVGKTGUVTKE/KKRTKPEWXKPVGNG
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



  1OTVWTKGFGETGFKP/CGFKVQTWNWK,QJCPP)VV
OCTVKG   'KP )NCWDGPUDGMGPPVPKU FGU 8GTNGIGTU ,QJCPP )VV
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

UGKPG 8GTHCUUWPI WPF IGUGV\IGDGPFGP 8GTVTGVGT GDGPHCNNU CWU UGKPGT /KVVG YJNV WPVGT $GCOVGP FGU 8QNMGU UKPF CNUQ CNNG 8QNNUVTGEMGT FGU 8QNMUYKNNGPU XQO NGV\VGP 5EJHHGT DKU JKPCWH \WO 5VCCVUQDGTJCWRV \W XGTUVGJGP #WGT FGO 8QNMG WPF DGT FGO 8QNMG UVGJV 0KGOCPF  WPF CP FKG )GNVGPFOCEJWPI FGU 8QNMUYKNNGPU CNU FGP <YGEM FGU 5VCCVGU CP FKG )GYJTNGKUVWPI FGT WPXGTWGTNKEJGP /GPUEJGPTGEJVG HT CNNG $TIGT FGU 5VCCVGU CNU FGU 8QNMGU 'TUVGP WPF .GV\VGP 9KNNGP INCWDGP YKT  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

KOGPU P RCTVG QCTD P RCTVG DTWV C ETGK QTDKTG )K ITQUQNPKG UG URTKLKPVQEOCKRGEQP)VKKP/CFQOPKVQTKNQTDWPWNWKRNCE(KGECTGRTKGVGP CN QCOGPKNQT VTGDWKG U UG CPICLG\G P CEGCUV NWRV HCVCN PCTOCV EW EWXPVWNXKWEGOKLNQEG)VGXQKP/CRQRWNCTRGPVTWCKNWOKPCRGQTDK RGPVTWCEWNVKXCOCUCDTWV 
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

UG RQCVG KOCIKPC FGURWKGTGC WPWK PGCO FG ECVTG Q CNV PC/KQPCNKVCVG FGEVRTKPUVTRKTGCCEGUVWKCRTKPPKOKEKTGCEQTRQTCNCTCUGKPVTGIK%C RT/KCNGRQRQTWNWKPUVCVVQCVGPC/KQPCNKV/KNGCWCEGNGC)KFTGRVWTK0W UG RGTOKVG PKEK WPWK EGV/GCP CN UVCVWNWK EC RG DC\C PVKGV/KK KUVQTKEG UCW RQNKVKEG CPC/KWPKKUCNGUCKDRTGVGP/KCWPQTRTKXKNGIKKRGTUQPCNG HKKPFE FGXK\C WPWK UVCV P/GNGRV GUVG NKDGTVCVG )K GICNKVCVG CPWOG GICNKVCVGC VWVWTQT P HC/C NGIKK EG CRT NKDGTVCVGC VWVWTQT .GIGC GUVG EGGC EG FQTG)VG OCLQTKVCVGC RQRQTWNWK 7P UVCV FGURQVKE PW CTG NGIK EK FQCTRQTWPEK)KKPVGTFKE/KKGOKUGFWRDWPWNRNCECNWPWKC)KCNCEQNK/KNQT UKPPWOGNGDNPFCNFKURQ\K/KKNQTFGEWTVGUCWCNQTFKPGNQTFGECDKPGV HT CEQTFWN )K RCTVKEKRCTGC RQRQTWNWK )K CTCTGQTK URTG DKPGNG TGCN CN CEGUVWKC %QPUVKVW/KC UVCVWNWK RTGUETKG HGNWN P ECTG UG CRNKE XQKP/C RQRQTWNWK )KGUVGGNCDQTCVFGTGRTG\GPVCP/KKRQRQTWNWKCNG)KFKPVTGEGK OCK KPVGNKIGP/K )K OCK EQTGE/K RTKGVGPK CK UK 'C PW VTGDWKG U NGIG RG XGEKG EC U PG GZRTKOO CUVHGN EGK XKK PW CW FTGRVWN U KORWP IGPGTC/KKNQT WTOVQCTG RTKPEKRKKNG NQT FG XKC/ )K EW CVV OCK RW/KP RQRQCTGNGRTG\GPVWNWKPWCWCUGOK)ECPECFTWNHQTOGNQTFGUVCVQRWUG URKTKVWNWKVKORWNWKCNGUVTOQ)KNQTNQT#EQTFWTKFKRNQOCVKEGPEJGKCVG HT )VKTGC )K HT XQKC RQRQTWNWK FCT P PWOGNG UW RQV CXGC XCNCDKNKVCVGQDNKICVQTKGFQCTRGPVTWHWTKVQTKKNQTCVVCVKOREVCEG)VKC UWPVNCETOPW)KRGPVTWRQRQCTGNGXPFWVG)KVTFCVGCNETQTPWOG QPGUV C HQUV TW HQNQUKV &G QDUGTXCTGC NGIKNQT UG PITKLGUE HWPE/KQPCTKK RQRQTWNWK ECTG EC TGRTG\GPVCP/K FVVQTK FG NGIG )K EQPUVKVW/KG UWPV CNG)KFGCUGOGPGCFKPOKLNQEWNRQRQTWNWK2TKPHWPE/KQPCTKCKRQRQTWNWK UGP/GNGIEQORNKPKVQTKKXQKP/GKRQRWNCTGFGNCWNVKOWNQKGTRPUWUNC )GHWNUVCVWNWKPCHCTCRQRQTWNWK)KFGCUWRTCRQRQTWNWKPWUVPKOGPKKCTPQK ETGFGO P KORWPGTGC XQKP/GK RQRQTWNWK EC UEQR CN UVCVWNWK P PHRVWKTGC FTGRVWTKNQT WOCPG KPCNKGPCDKNG CNG VWVWTQT EGV/GPKNQT UVCVWNWKECRTKO)KWNVKOXQKP/CRQRQTWNWK   



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

&GDTG\KPCO/CK



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

 (KORTGWPEWGKUGCRTQRKGECWPPQTPGITWNWPICFQOPKGC UNDVKEKGK)KDTWVCNKV/KK  2TKP WTOCTG PW GZKUV PKEK WP FTGRV PKEK WP KPVGTGU PKEK Q TGNKIKGPKEKQPC/KQPCNKVCVGPCEGCUVRCVTKGRGECTGUPWNGC)VGRVGFKP RCTVGCKPVGTXGP/KGKTWUGPNQEFGCRTCTGFKUVTWIGTGC)KRKGKTGC  &G CEGGC VQCVG TGNKIKKNG VQCVG PC/KQPCNKV/KNG VTGDWKG U)K WPGCUE NKDGTVCVGC )K KPFGRGPFGP/C RGPVTW C NWC RCTVG NC ETWEKCFC IGPGTCN C /TKK P CEGUV HGN CTOCVGK NWRVVQTKNQT PQ)VTK NK UG XQT CNVWTC OKNKQCPG %/KXC XQT HK PKOKEK/K FCT RQRQTWN XC VTK )K XC EQPVKPWC U GZKUVG )K XC UCNXC PU)K 'WTQRC RTKP HQT/C )K GZGORNWN UW &WR RTGTGCPQCUVTCEGCUVETWEKCFCNKDGTV/KKVTGDWKGUUGFGENCTGKOGFKCV P 7PICTKC 5WRGTKQCT EC RQRQTWN U HKGICVCFGT\DQKWNRGPVTW /CT CVWPEKEPFXCDCVGEGCUWNTKFKETKK  /CKEWUGCOEQPUKFGTOPGEGUCT  %CPHC/C'WTQRGK )KPPWOGNGRQRQTWNWKUUGRTQVGUVG\G UQNGOPORQVTKXCKPVGTXGP/KGKTWUG   %C RQRQTWN U HKG PFGOPCV RTKP EJGOTK NC TKFKECTGC IGPGTCN  %CPEGRPFFKPFCVCFGNEVKORFGVTGKURVOPKNC TPFPHKGECTG\KFGUTDVQCTG )KFGLQKUUG /KPUNWLDGTWIEKWPK )K RTGFKEK RGPVTW PFGRTVCTGC  ITQC\PKEWNWK RGTKEQN EG COGPKP/ NKDGTVCVGCRQRQCTGNQTGWTQRGPG)KOCKCNGUEGNGOCKRTG/KQCUGEQOQTKCNG RQRQTWNWKWPICT  %CVQ/KEGV/GPKKUHKGQDNKIC/KURQUVGCUEPFCVCFGKWPKG CE  %CP\KNGNGRTGEK\CVGNCRWPEVWNFQKPVQCVGDKUGTKEKNGUUG VTCIENQRQVGNGFGFQWQTKRG\K   %C NC VKORWN RQVTKXKV GRKUEQRKK )K ENGTWN P QFLFKKNG NQT U CRCTPOKLNQEWNRQRQTWNWK )KUNPFGOPGNCNWRVGTQKEPPWOGNG /PVWKVQTWNWKEGCUPIGTCVRGPVTWNKDGTVCVGCUVKTRGKQOGPG)VK  5 HKG NWCVG OUWTK FG TGVTCIGTG NC OKNG PVTGIK FG ITCPK/ C CNKOGPVGNQT )KCCNVQTPGEGUKV/KFKPHC/CVTWRGNQTTWUG)VKECTGPCKPVGC\ UVCVWN RTQOK/PF EQORGPUC/KK EQORNGVG VWVWTQT EGNQT CHGEVC/K RTKP CEGUVGC   %W PFGRNKPKTGC CEGUVQT RQTWPEK U HKG PUTEKPC/K OKPKUVTWN PX/OPVWNWK)KOKPKUVTWNFG+PVGTPG  #EGCUVKPXC\KGPGCOCKCW\KVFGURQVKE)KEQPVTCTNGIKKUKNG)VG EQPFWEGTGC NC CUGOGPGC OKLNQCEG GZVTCQTFKPCTG EQPFWEGTG EG XTGC U OGP/KP EW QTKEG RTG/ RTKPEKRKWN UVCDKNKV FG PC/KWPG CN UWXGTCPKV/KK 

RQRQTWNWK CN UHKP/GPKGK FTGRVWTKNQT RQRQTWNWK )K CN QPQCTGK PWOGNWK WPICT  %QPUKNKWNFGOKPK)VTKFQTG)VGCEQTFWNFWOPGCXQCUVT)KFQTG)VG U XCF )K U NCUG U HKG X\WV )K CKEK PWOGNG &WOPGCXQCUVT EPF RQRQTWN UC QDK)PWKV U NWRVG RGPVTW VTKWOHWN NKDGTV/KK UWD INQTKQCUC EQPFWEGTG)KUVTNWEKTGCCEGUVWKPWOG   &GDTG/KPOCK 5GOPVWTCOCKOWNVQTOKPK)VTK   5CPE/KQPG\ )K EQPHKTO TCRQTVWN FG OCK UWU CN %QPUKNKWNWK FG OKPK)VTKRNKPFGPETGFGTGPCLWVQTWNNWK&WOPG\GW)KPDWPWNUWEEGU )KPUTEKPG\EWPFGRNKPKTGCCEGUVWKCRGOKPKUVTWNFG+PVGTPG)KRGEGNCN %WNVGNQT PWVTKPF EQPXKPIGTGC E RQRQTWN UG XC EQPHQTOC CEGUVGK FKURQ\K/KK EW HGTXQCTG TGNKIKQCU )K XC TOPG UVNRWN FG PGENVKPCV CN HKKP/TKK PQCUVTG UVCVCNG CN NKDGTV/KK PQCUVTG EGV/GPG)VK )K TGNKIKQCUG  %EK UWD UEWVWN NWK &WOPG\GW CN TGNKIKGK )K CN RCVTKGK WP RQRQT GPVW\KCUVGUVGKPXKPEKDKN&GDTG/KPOCK   .WFQXKE-QUUWVJ )WXGTPCVQTKORGTKCN $CTVQNQOGW5\GOGTG /KPKUVTWFG+PVGTPG     



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  P)VKKP/CTG    6QCVG RQTWPEKNG )K FKURQ\K/KKNG GOKUG FG EQPFWEGTG TGXQNW/KQPCT FWR PNVWTCTGC CWVQTKV/KK UWRTGOG NGICNG FKP 6TCPUKNXCPKCEC )KCNGIGTKNGFGHWPE/KQPCTKFGUH)WTCVGUWDKPHNWGP/CGK UWPVEQPUKFGTCVGPWNG)KPGCXGPKVG  (Q)VKKHWPE/KQPCTKNGICNKTGKPVTPCEVKXKVCVG 

 #EQNQWPFGCEG)VKHWPE/KQPCTKNKRUGUEFKP/CTNQEWTKNGNQTXQT HK QEWRCVG RTQXK\QTKW FG CN/KK )K HKGECTG EGV/GCP CN UVCVWNWK NQKCN OQPCTJWNWKUWGUVGQDNKICVUCEEGRVGHTEQFGCNCUGOGPGCPWOKTK)K UCFWEUVCVWNWKUGTXKEKKNGUCNGCVVCVKOREVKUGEGTG   5VCTGC FG HCRV CPVGTKQCT C)C EWO UG CHNC GC PCKPVG FG RNGECTGCVTWRGNQTKORGTKCNGEEFKPNWPCOCKCCE )KPOUWTCPECTG UGCRNKECEVWCNGNQTEQPFK/KKNQECNG )KCNG /TKKTGKPVTPXKIQCTGFGCKEK TG\WNVPFE   2P NC RCEKHKECTGC EQORNGV OCTGNG RTKPEKRCV CN 6TCPUKNXCPKGKTOPGUWDNGIGCFGT\DQK   $TC)QXNCKWPKG (TCP\X&QTUPGT %QNQPGN)KEQOKUCTEJG\CTQETKGUE   



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



   2GTUQPCNWN HQTWTKNQT QHKEKCNG VTCPUKNXCPG )K CN PC/KWPKK UUG)VK

  &GT 2GTUQPCNUVCPF FGT UKGDGPDTIKUEJGP .CPFGUUVGNNGP WPF FGTUEJUKUEJGP0CVKQP
 
Q5KGDGPDTIKUEJGT 8QNMUMCNGPFGTR 5KDKW ECR8+R  
Q5KGDGPDTIKUEJGT 8QNMUHTGWPFR *GTOCPPUVCFV  -CR 8+5    2'4510#.7. 2'4510#.56#0& PCNVGNQTHQTWTKQHKEKCNG FGTJQJGPUKGDGPD VTCPUKNXCPG .CPFGUUVGNNGPWPFFGT$GJTFGP )KCNQPQTCVGKPC/KWPKUUG)VK FGTNDNUEJUKUEJGP0CVKQP       %QOCPFCOGPVWNOKNKVCT -CKUMP/KNKV)GPGTCN IGPGTCNEG\CTQETKGUE %QOOCPFQ
.C5KDKW
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  ,QJCPP4CMKGT  ,QUGRJ)N -CP\NGK#FLWPMVGP  ,WFKEKWOFGNGICVWOOKNKVCTG 2TUKFGPVFGTEQOOCPFKTGPFG )GPGTCN *GTT%CTN%NKOC)GPGTCN#WFKVQT .KGWVGPCPV4GHGTGPV

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  ,QJCPP4CMKGT  ,QUGRJ)N CFLWPE/KFGECPEGNCTKG  ,WFKEKWOFGNGICVWOOKNKVCTG 2TG)GFKPVGIGPGTCNWNEQOCPFCPV  &QOPWN%CTN%NKOCNQEQVGPGPV IGPGTCNCWFKVQTTGHGTGPV



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

 2NCV\%QOOCPFQ *GTT)GQTI'FNGTXQP 9GTPGMKPIJ/CLQT%QOOCPFCPV  ,QUGRJXQP&KPIGU 1DGTNKGWVGPCPV  (QTVKHKMCVKQPU&KUVTKMVU &KTGMVKQP *GTT,QUGRJ)NUGT+PIGPKGWT 1DGTNKGWVGPCPV&KUVTKMVU&KTGMVQT  ,QUGRJ%\GUEJMC+PIGPKGWT -CRKVCKP.KGWVGPCPV  ,QUGRJ4PPFQTHHGT 4GEJPWPIUHJTGT  .WFYKI&QNP[4GEJPWPIU #FLWPMV  /CVJKCU4KEJVGT5EJCP\ %QTRQTCN  *GTT,QJCPP/CTVKPK&TMM4CVJ FKTKIKTGPFGT5VCDUCT\V   +IPC\*KNCTKWU9C[FC(GNF 5WRGTKQT'JTGP&QOJGTT   -PKINKEJUKGDGPDTIKUEJGU 6JGUCWTCTKCV
+P*GTOCPPUVCFV  6JGUCWTCTKWU 5T'ZEGNN*GTT)TCH'OGTKEJ/KMQ XQP*KFXIIGJGKOGT4CVJWPF )WDGTPKCN4CVJ  2TUKFGPV *GTT)GQTI)TCH$NFKXQP7\QP MM-OOGTGT 

 2NCV\%QOOCPFQ
! &QOPWN)GQTI'FNGTXQP 9GTPGMKPIJOCKQTEQOCPFCPV  ,QUGRJXQP&KPIGUNQEQVGPGPV OCLQT  &KTGE/KCFKUVTKEVWCNC HQTVKHKEC/KKNQT &QOPWN,QUGRJ)NUGTKPIKPGT NQEQVGPGPVOCLQTFKTGEVQT FKUVTKEVWCN  ,QUGRJ%\GUEJMCKPIKPGT NQEQVGPGPVERKVCP  ,QUGRJ4PPFQTHHGTEQPVCDKN  .WFYKI&QNP[EQPVCDKN CFLWPEV  /CVJKCU4KEJVGT%CRQTCN   &QOPWN,QJCPP/CTVKPK&T EQPUKNKGTEEOGFKE)GHFGUVCV OCLQT  +IPC\*KNCTKWU9C[FC(GNF 5WRGTKQTECPQPKEQPQTKHKE   6G\CWTCTKCVWNEG\CTQETKGUE
.C5KDKW   6G\CWTCT 'ZEGNGP/CUCFQOPWNEQPVG/KM +OTGXQP*KFXIEQPUKNKGTUGETGV)K EQPUKNKGTIWDGTPKCN  2TG)GFKPVG &QOPWNEQPVG)GQTI$NFKXQP 7\QP
1\WPEQPVCDKNEE 



9KTMNKEJG6JGUCWTCTKCVU4VJG *GTT(TCP\XQP(KNNGPDCWO  /CTVKP&GDTG\GPK  %CTN'FGT  #NGZCPFGT&QPCVJXQP2NQU M(KUMCN&KTGEVQT  1VVQXQP*QPPCOQP  (TKGFTKEJ/NNGT 'KPG5VGNNGWPDGUGV\V  5GMTGVTG *GTT#NGZ5QHCNXKFGGCFGO  5COWGN)[GTI[CKXQP- 5QN[OQU  ,QUGRJ/GN\GT  )GQTI%QPTCF  ,QJ/G\GKX0'P[GF  #NDGTV$KTXQP2QN[P 2TUKFKCN5GMTGVT  ,QJCPP$GPGFGMXQP-$C\QP
DGT\JNKI  %QP\KRKUVGP *GTT,QJCPP'FWCTF4GJNCPFXQP 4KPIKOHGNF  (TKGFTKEJ$GNN  (GTFKPCPF-KVVNGT  2GVGT/CPP  2CWN&WPMCXQP5CLQ 'KPG5VGNNGWPDGUGV\V  %QP\GRVU2TCMVKMCPVGP *GTT#PV$W\IQX-TVXNP[GU  ,QUGRJ(KPM  ,QUGRJ5EJWUVGT  %CTN%UKRMU  ),CPVUX00[WLVF  (TCP\/CTMX'IGTRCVCM  ,QU5PFQTX5\.NGM  ,QUGRJXQP-QNNGTUK

#FGXTC/KEQPUKNKGTKVG\CWTCTKCNK &QOPWN(TCP\XQP(KNNGPDCWO  /CTVKP&GDTG\GPK  %CTN'FGT  #NGZCPFGT&QPCVJXQP2NQU FKTGEVQTHKUECNEE  1VVQXQP*QPPCOQP  (TKGFTKEJ/NNGT 7PNQEPGQEWRCV  5GETGVCTK &QOPWN#NGZ5QHCNXKFGGCFGO  5COWGN)[GTI[CKXQP- 5QN[OQU  ,QUGRJ/GN\GT  )GQTI%QPTCF  ,QJ/G\GKX0'P[GF  #NDGTV$KTXQP2QN[P UGETGVCTRTG\KFKCN  ,QJCPP$GPGFGMXQP-$C\QP
UWRTCPWOGTCT  %QPEKRK)VK &QOPWN,QJCPP'FWCTF4GJNCPF XQP4KPIKOHGNF  (TKGFTKEJ$GNN  (GTFKPCPF-KVVNGT  2GVGT/CPP  2CWN&WPMCXQP5CLQ 7PNQEPGQEWRCV  %QPEKRK)VKRTCEVKECP/K &QOPWN#PV$W\IQX-TVXNP[GU  ,QUGRJ(KPM  ,QUGRJ5EJWUVGT  %CTN%UKRMU  ),CPVUX00[WLVF  (TCP\/CTMX'IGTRCVCM  ,QU5PFQTX5\.NGM  ,QUGRJXQP-QNNGTUK



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

 2TQVQEQCNG
RTQEGUGXGTDCNG &QOPWN,QUGRJ2QPQTKFGGCFGO RTQVQEQNKUV  (TCP\$GPTCFXQP#NRGPHGNF CFLWPEV  4GIKUVTCVWT &QOPWN,QJCPP(CTMCUXQP+NN[GP TGIKUVTCVQT  +IPC\-CTCGMXQP6JWTPC CFLWPEV  (TCP\$NKPVJXQP.GOJP[ TGIKUVTCPV  (TCP\2GNKMCPTGIKUVTCPV  #TJKXCHKUECN &QOPWN2CWN5\GDGPKXQP %UKMRNHCNXCTGIKUVTCVQT  ,QJCPP6KDFXQP -CFKEUHCNXCTGIKUVTCPV  ,QUGRJXQP5QN[OUK ECPEGNKUV  ,QUGRJ-CNOCPUGTXKVQTFG ECPEGNCTKG   'ZRGFKGTK &QOPWN'NKCU&WPMCXQP5CLQ GZRGFKVQT  %CPEGNK)VK &QOPWN(TCP\8CUUXQP&TQJGI[  (TCP\/CTMX'IGTRCVCMC  ,QUGRJ&GPM  2GVGT2KPV[G  %CTNXQP4GKGPHGNU  )TGIQT4KUUXQP55\V )[TI[  #PV$QVTX%UKM6CRNQV\C



 #NGZ2CVCMKX&GUHCNXC  5COWGN5\XQP5\V -GTGVWT  ,QJCPP2QRQXKEU  &GOGVGT(QNN[QXKEU  )CDTKGN5\CNPV\KX5\V 6COU  #EEGUUKUVGP *GTT5KIOWPF-GPFGTGUKXQP -KUMGPF  -9CNFJVVGTX #FNGTUJCWUGP  #NDGTV5PFQT  ,QUGRJ&GPM  ,QJCPP&EUGK  %CTN5QN[OQUKXQP5\V 7FXCTJGN[  -PKIN%COGTCN$WEJJCNVWPI
+P*GTOCPPUVCFV  *GTT(TKGFTKEJ.WVUEJ$WEJJCNVGT  4GEJPWPIU4VJG *GTT#FQNRJ'FNGTXQP%JKPGVVK   #PVQP5VTQJOCKGTXQP -NGGDGTI  %CTN*CTVOG[GT  (TKGFTKEJ4Q[MQ  4GEJPWPIU1HHK\KCNG *GTT%CTN9CIPGT  5CNQOQP5\CNNQX-\FK 2QN[P  ,QJCPP2WTRTKIGT  ,QUGRJ9CEJUOCPP  +IPC\&CPKGNXQP$GT\VG  &CPKGN%\GMGNKWU

 #NGZ2CVCMKX&GUHCNXC  5COWGN5\XQP5\V -GTGVWT  ,QJCPP2QRQXKEU  &GOGVGT(QNN[QXKEU  )CDTKGN5\CNPV\KX5\V 6COU  #EEGUK)VK &QOPWN5KIOWPF-GPFGTGUKXQP -KUMGPF  -9CNFJVVGTX #FNGTUJCWUGP  #NDGTV5PFQT  ,QUGRJ&GPM  ,QJCPP&EUGK  %CTN5QN[OQUKXQP5\V 7FXCTJGN[  %QPVCDKNKVCVGCECOGTCNTGICN
.C5KDKW  &QOPWN(TKGFTKEJ.WVUEJEQPVCDKN  %QPUKNKGTKEQPVCDKNK &QOPWN#FQNRJ'FNGTXQP %JKPGVVK  #PVQP5VTQJOCKGTXQP -NGGDGTI  %CTN*CTVOG[GT  (TKGFTKEJ4Q[MQ  1HKEKCNKEQPVCDKNK &QOPWN%CTN9CIPGT  5CNQOQP5\CNNQX-\FK 2QN[P  ,QJCPP2WTRTKIGT  ,QUGRJ9CEJUOCPP  +IPC\&CPKGNXQP$GT\VG  &CPKGN%\GMGNKWU



 %CTN*G[UGT  (GTFKPCPF-GKP  %CTN%UCVJX-Q\OCVGNMG  #PFTGCU%\KNNOCPP  +PITQUUKUVGP *GTT(TKGFTKEJ)TH  #PVQP/QPGXQP#NUQ 8GPKE\G  5COWGN-QNNGT  (GTF2QPEGVFGNC4KX  %CTN4OGTX4CXGPUVGKP  )GQTI(KNGRXQP4GOGVG  (TKGFTKEJ/GJTDTQF  #EEGUUKUVGP *GTT,QUGRJ*KPV\  6JGQFQT.NQ  #PVQP%\KNNKEJ  5CO9CNN[CX5\CCMPC  /CTVKP$QIFCPHK  ,QJCPP*GTVGN  0KMNCU%\KPVJG&KWTPKUV  -PKIN$GTI$WEJJCNVWPI
+P*GTOCPPUVCFV  *GTT(TKGFTKEJ4PCIGN $WEJJCNVGT  ,QJCPPXQP$GUV4GEJPWPIU 1HHKEKCN  +IPC\'TVN4GEJPWPIU1HHKEKCN  %CTN-NGKP4GEJPWPIU 1HHKEKCN  /KEJCGN(NGKUEJGT+PITQUUKUV  (GTFKPCPF-EJNGT+PITQUUKUV  #PVQP5COGTPXQP (TCPMGPGII#EEGUUKUV  #PVQP6TKDWU5VKRGPF 2TCMVKMCPV

 %CTN*G[UGT  (GTFKPCPF-GKP  %CTN%UCVJX-Q\OCVGNMG  #PFTGCU%\KNNOCPP  #PITQUK)VK &QOPWN(TKGFTKEJ)TH  #PVQP/QPGXQP#NUQ 8GPKE\G  5COWGN-QNNGT  (GTF2QPEGVFGNC4KX  %CTN4OGTX4CXGPUVGKP  )GQTI(KNGRXQP4GOGVG  (TKGFTKEJ/GJTDTQF  #EEGUK)VK &QOPWN,QUGRJ*KPV\  6JGQFQT.NQ  #PVQP%\KNNKEJ  5CO9CNN[CX5\CCMPC  /CTVKP$QIFCPHK  ,QJCPP*GTVGN  0KMNCU%\KPVJGFKWTPKUV  %QPVCDKNKVCVGCOQPVCPTGICN
.C5KDKW  &QOPWN(TKGFTKEJ4PCIGN EQPVCDKN  ,QJCPPXQP$GUVHWPE/KQPCT EQPVCDKN  +IPC\'TVNHWPE/KQPCTEQPVCDKN  %CTN-NGKPHWPE/KQPCT EQPVCDKN  /KEJCGN(NGKUEJGTCPITQUKUV  (GTFKPCPF-EJNGTGPITQUKUV  #PVQP5COGTPXQP (TCPMGPGIICEEGUKUV  #PVQP6TKDWURTCEVKECPV )VKRGPFKCV



 ,QUGRJ/NNGT#PUEJNCI 4GXKUQTKP<CNCVJPC  (TKGFTKEJ/C[  -PKIN%COGTCN<CJNCOV

+P*GTOCPPUVCFV  *GTT%CTN%\KNNKEJ<CJNOGKUVGT  'OGTKEJ4GPFN4KVVGTXQP *GKPV\GPDGTI%QPVTQNNQT  %CTNXQP$CWPGTP%CUUKGT  )/KMGXQP#NVQTLC .KSWKFCVQT  ,QJCPP2HCHH%CUUC1HHKEKCN   'FWCTF.CDQTFC  ,QUGRJ-Q\CM  ,QJCPP2QRQXKVU  #PVQP-TCV\GT %CUUC-CP\NKUVGP  $CPMWPF'KPNUWPIUUEJGKP %CUUG
+P*GTOCPPUVCFV  *GTT,QUGRJ)CWFK%CUUKGT  (TCP\)GNKPGMMQPVTQNN 1HHKEKCN  ,QJCPP$GKUEJNCI%CUUC 1HHKEKCN  -PKIN5CNKPGP&KTGMVKQP
+P*GTOCPPUVCFV  *GTT%CTN<GJGPVOC[GT FKTKIKTGPFGTMPKIN$GTITCVJ  .WFYKI)[WKVXQP /CTVQPU#FLWPMV  #PVQP&QDMXQP -WPGPVOTVQP#MVWCT

 ,QUGRJ/NNGTTGXK\QTFG GXCNWCTGP<NCVPC  (TKGFTKEJ/C[  %CUKGTKCECOGTCNTGICN

.C5KDKW  &QOPWN%CTN%\KNNKEJECUKGTRNVKVQT  'OGTKEJ4GPFNECXCNGTXQP *GKPV\GPDGTIEQPVTQNQT  %CTNXQP$CWPGTPECUKGT  )/KMGXQP#NVQTLC NKEJKFCVQT  ,QJCPP2HCHHHWPE/KQPCTFG ECUKGTKG  'FWCTF.CDQTFC  ,QUGRJ-Q\CM  ,QJCPP2QRQXKVU  #PVQP-TCV\GT ECPEGNK)VKFGECUKGTKG  %CUKGTKCDCPECT)KCRQNK/GNQT FGTUEWORTCTG
.C5KDKW  &QOPWN,QUGRJ)CWFKECUKGT  (TCP\)GNKPGMHWPE/KQPCT EQPVTQNQT  ,QJCPP$GKUEJNCIHWPE/KQPCT ECUKGT  &KTGE/KCTGICNCUCNKPGNQT
.C5KDKW  &QOPWN%CTN<GJGPVOC[GT EQPUKNKGT)GHOQPVCPTGICN  .WFYKI)[WKVXQP /CTVQPUCFLWPEV  #PVQP&QDMXQP -WPGPVOTVQPCEVWCT 

 #FQNRJ%\KGEM-CP\NKUV  9KNJGNO9GK#EEGUUKUV  #PVQP#NDGTVUVKRGPFKTVGT 2TCMVKMCPV  .GQRQNF$GTPP[K UVKRGPFKTVGT2TCMVKMCPV   -PKIN1DGT9CNFCOV

+P*GTOCPPUVCFV  *GTT)CDTKGNXQP$NCIQGXKEJ 1DGT9CNFOGKUVGT  ,QJCPP5EJWN\G#MVWCT  ,QUGRJ-Q\OC  #PVQP5EJGOOGN  #PVQP4KGFN  )WUVCX'KDN UVKRGPFKTVG%COGTCN2TCMVKMCPVGP ,QCJCPP2CMGLUVKRGPFKTVGT 2TQXKP\KCN2TCMVKMCPV  -PKIN.QVVQCOV
+P*GTOCPPUVCFV  8QTUVGJGTWPDGUGV\V *GTT,QJ$CRVKUV-Q\CMX-C[NKEJ MQPVTQNN4GEJPWPIUHJTGT  ,QUGRJ,CPM  ,QJCPP/CNNG 1HHKEKQNCPVGP  9GP\GN7TDCP#UUKUVGPV  -PKIN1DGTRQUV8GTYCNVWPI
+P*GTOCPPUVCFV  *GTT(TKGFTKEJXQP5EJQDGNP 1DGTRQUV8GTYCNVGT  +IPC\$GJPGN-QPVTQNNQT 

 #FQNRJ%\KGEMECPEGNKUV  9KNJGNO9GKCEEGUKUV  #PVQP#NDGTVRTCEVKECPV )VKRGPFKCV  .GQRQNF$GTPP[KRTCEVKECPV )VKRGPFKCV  #FOKPKUVTC/KCTGICNCRFWTKNQT

.C5KDKW  &QOPWN)CDTKGNXQP$NCIQGXKEJ KPURGEVQTUKNXKEUWRTGO  ,QJCPP5EJWN\GCEVWCT  ,QUGRJ-Q\OC  #PVQP5EJGOOGN  #PVQP4KGFN  )WUVCX'KDN RTCEVKECP/KECOGTCNK)VKRGPFKC/K  ,QCJCPP2CMGLRTCEVKECPV RTQXKPEKCN)VKRGPFKCV  .QVGTKCTGICN
.C5KDKW  2TG)GFKPVGPGQEWRCV &QOPWN,QJ$CRVKUV-Q\CMX -C[NKEJEQPVCDKNEQPVTQNQT  ,QUGRJ,CPM  ,QJCPP/CNNG HWPE/KQPCTK  9GP\GN7TDCPCUKUVGPV  #FOKPKUVTC/KCTGICNCRQ)VGNQT
.C5KDKW  &QOPWN(TKGFTKEJXQP5EJQDGNP CFOKPKUVTCVQTUWRTGOCNRQ)VGNQT  +IPC\$GJPGNEQPVTQNQT 



2QUV1HHK\KGTG *GTT/GNEJKQT-QYCT\KM  ,QJCPP9CNFJVVGT  (TKGFTKEJ)WPGUEJ2TCMVKMCPV   /KEJCGN&GPIGN $TKGHVTIGTWPF#OVUFKGPGT  2QUVYCIGPU'ZRGFKVKQP

+P*GTOCPPUVCFV  *GTT,QJCPP-QXCEU'ZRGFKVQT  +IPC\$GJPGN-QPVTQNNQT   ,QJCPP2QTT $TKGHVTIGT  -PKIN&TGKKIUV+PURGMVQTCV
+P*GTOCPPUVCFV  *GTT5COWGN.KP\+PURGMVQT  ('P[GVVGTGTUVGT#FLWPMV  9QNHICPI5CNC\YGKVGT #FLWPMV  .WFYKI)CUV1HHKEKCN  %CTN)THRTQX1HHKEKCN  (GTFKPCPF4CW-CP\NKUV  #PVQP-WEJGT#EEGUUKUV  %CTN4KG#EEGUUKUV  -PKIN1DGT&TGKKIUV#OV
+P*GTOCPPUVCFV  *GTT/CTVKP*QHHKPIGT1DGT &TGKKIGT  /KEJCGN5KNN-QPVTQNNQT  +IPC\9QVUEJ9CCTGP 4GXKUQT  /CTVKP(TKGFUCO #OVUUEJTGKDGT  

1HK/GTKRQ)VCNK &QOPWN/GNEJKQT-QYCT\KM  ,QJCPP9CNFJVVGT  (TKGFTKEJ)WPGUEJRTCEVKECPV   /KEJCGN&GPIGN RQ)VC))KUGTXKVQTFGQHKEKWRQ)VCN  'ZRGFKGTKEWRQ)VCNKQPWN

.C5KDKW  &QOPWN,QJCPP-QXCEUGZRGFKVQT  +IPC\$GJPGNEQPVTQNQT   ,QJCPP2QTT RQ)VC)  +PURGEVQTCVWNTGICNCNVTKEGUKOGK
.C5KDKW  &QOPWN5COWGN.KP\KPURGEVQT  ('P[GVVGTRTKOWNCFLWPEV  9QNHICPI5CNCCNFQKNGC CFLWPEV  .WFYKI)CUVQHKEKCN  %CTN)THQHKEKCNRTQXKPEKCN  (GTFKPCPF4CWECPEGNKUV  #PVQP-WEJGTCEEGUKUV  %CTN4KGCEEGUKUV #FOKPKUVTC/KCTGICNC VTKEGUKOGK
.C5KDKW  &QOPWN/CTVKP*QHHKPIGT CFOKPKUVTCVQT)GH  /KEJCGN5KNNEQPVTQNQT  +IPC\9QVUEJTGXK\QTFG OTHWTK  /CTVKP(TKGFUCOEQRKUV   



-PKIN<GJGPVCOVKP *GTOCPPUVFVGTWPF .GUEJMKTEJGT-TGKUG

+P*GTOCPPUVCFV  *GTT/KEJCGN(CDTK\KWU1DGT <GJPVPGT  /KEJCGN6GNGMK#FLWPMV  2GTUQPCNUVCPFFGTNDNKEJGP UEJUKUEJGP0CVKQPU7PKXGTUKVV
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

#FOKPKUVTC/KCTGICNCFKLOGK PUECWPGNG5KDKW)K0QETKEJ
.C5KDKW   &QOPWN/KEJCGN(CDTK\KWU CFOKPKUVTCVQT)GH  /KEJCGN6GNGMKCFLWPEV  2GTUQPCNWNQPQTCVGK 7PKXGTUKV/KPC/KQPCNGUUG)VK
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

QPQTKHKECN7PKXGTUKV/KK  4GXK\QTCVWNEQOK/KCN
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
$TIGTOGKUVGT  /KEJCGN/V\LWFGUEWPCN  /CTVKP9GPTKEJRTKOCT
5VCFVJCPP  &KUVTKEVWN$TC)QXWNWK &QOPWN,QJCPPXQP#NDTKEJUHGNF



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

LWFGUWRTGO  ,QUGRJ)THLWFGFKUVTKEVWCN  /CVJKCU.CUUGNRTKOCT

5VCFVJCPP  ,QUGRJ(TCP\6TCWUEJ FKTGEVQTWNRQNK/KGK  5ECWPWN/GFKC)WNWK &QOPWN/KEJCGN%QPTCFXQP *GKFGPFQTHRTKOCT
$TIGTOGKUVGT  &CPKGN)TUGTLWFGUEWPCN  (TKGFTKEJXQP$KGFGTUHGNF RTKOCT
5VCFVJCPP  &KUVTKEVWN$KUVTK/GK &QOPWN)GQTI(KNMGPKLWFG UWRTGO  &CPKGN5VGDTKIGTLWFG FKUVTKEVWCN  /KEJCGN%CTN&GECPKRTKOCT
5VCFVJCPP  5ECWPWN5GDG)WNWK &QOPWN5COWGN/GKUVGTLWFG TGIGUE  ,QJCPP9CEJUOCPPLWFG UEWPCN  #PFTGCU6JCNOCPPRTKOCT
5VCFVJCPP  5ECWPWN(GKEC/CTG &QOPWN/KEJCGN5EJOKFVLWFG TGIGUE  (TKGFTKEJ$CNVJGURTKOCT
$TIGTOGKUVGT  /CTVKP/GN\GTLWFGUEWPCN  5ECWPWN/KGTEWTGC5KDKWNWK &QOPWN/KEJCGN(KNVUEJLWFG



-PKIUTKEJVGT  ,QJCPP.Y5VWJNUTKEJVGT  4GRUGT5VWJN *GTT&CPKGN5KHV-PKIUTKEJVGT  (TKGFTKEJ-TCWXQP 'JTGPHGNF$TIGTOGKUVGT  ,QJCPP,CMQDK5VWJNUTKEJVGT  .GUEJMKTEJGT5VWJN *GTT(TKGFTKEJ%QPTCF -PKIUTKEJVGT  5COWGN*GTDGTV5VWJNUTKEJVGT  $TQUGT5VWJN -PKIUTKEJVGT
WPDGUGV\V *GTT(TKGFTKEJ-KTEJPGT 5VWJNUTKEJVGT  (TKGFTKEJ9GNNOCPP 2QNK\GKFKTGMVQT  /CIKUVTCVFGTMPKINHTGKGP 5VCFVWPF5VWJNU*GTOCPPUVCFV  1DGTDGCOVG *GTT,QJCPP&CPKGN<KGINGT $TIGTOGKUVGT  5KOQP5EJTGKDGT5VCFVWPF 5VWJNUTKEJVGT  /CIKUVTCVUTVJG *GTT5COWGN5QVGTKWU-KTEJGP WPF#TOGPHQPFU+PURGMVQT   /KEJCGNXQP*WVVGTP 5\GNKUVLGT*GTTUEJCHVU+PURGMVQT 2TUGUFGU7PVGTUVCFV6JGKNCOVGU WPF%QOOKUUTDGKFGT ITKGEJKUEJGP%QORCIPKG  ,QJCPP)GQTI$CEJPGT

TGIGUE  ,QJCPP.YLWFGUEWPCN  5ECWPWN4WRGC &QOPWN&CPKGN5KHVLWFGTGIGUE  (TKGFTKEJ-TCWXQP 'JTGPHGNFRTKOCT

$TIGTOGKUVGT  ,QJCPP,CMQDKLWFGUEWPCN  5ECWPWN0QETKEJ &QOPWN(TKGFTKEJ%QPTCFLWFG TGIGUE  5COWGN*GTDGTVLWFGUEWPCN  5ECWPWN1T)VKG ,WFGTGIGUE
PGQEWRCV &QOPWN(TKGFTKEJ-KTEJPGTLWFG UEWPCN  (TKGFTKEJ9GNNOCPP FKTGEVQTWNRQNK/KGK  /CIKUVTCVWNQTC)WNWKTGIGUE NKDGT)KCNUECWPWNWK5KDKW  (WPE/KQPCTKUWRGTKQTK &QOPWN,QJCPP&CPKGN<KGINGT RTKOCT
$TIGTOGKUVGT  5KOQP5EJTGKDGTLWFG QT)GPGUE)KUEWPCN  %QPUKNKGTKK/CIKUVTCVWNWK &QOPWN5COWGN5QVGTKWU KPURGEVQTWNHQPFWNWKDKUGTKEKNQT)K UTCEKNQT  /KEJCGNXQP*WVVGTP KPURGEVQTWNFQOGPKWNWK5NK)VG RTG)GFKPVGCNFTGIVQTKGKRCTVCLGNQT 1TC)WNWKFGLQU)KEQOKUCTCN %QORCPKGKITGEG)VK  ,QJCPP)GQTI$CEJPGTRTKOCT



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
CNUGFTKGK QTHCPCNG  ,QUGRJ$GTINGKVGT
HWPE/KQPCT HKUECN  )WUVCX&KGVTKEJCEVWCTCN EQOWPKV/KK  5GETGVCTKCK/CIKUVTCVWNWK &QOPWN(TKGFTKEJ*QEJ  )GQTI5EJKNNGT



 (TKGFTKEJ9QNH2TUKFKCN 5GMTGVT  /KEJCGN/U#TEJKXCT  /KEJCGN*GKPTKEJ5\GNKUVLGT *GTTUEJCHVU)GTKEJVU5GMTGVT  )QVVHTKGF4QUGPVJCN 2TQVQMQNNKUV  /CIKUVTCVU-CP\NKUVGP *GTT(TKGFTKEJ5EJWUVGT  #NDGTV*CCU  9KNJGNO9QNH  5VCFVWPF5VWJNUIGTKEJV *GTT5KOQP5EJTGKDGT 5VWJNUTKEJVGT
UKGJGWPVGTFGP 1DGTDGCOVGP  (TKGFTKEJ)DDGN)GTKEJVU 5GMTGVT  ,CMQD*GPPKPI)GTKEJVU 5GMTGVT  .WFYKI$GPKIPKXQP /KNFGPDGTI)GTKEJVU5GMTGVT  ,QJCPP)GQTI-NGKP5VCFV *QRPGT   5VCFVJCPPGP#OVWPF2QNK\GK &KTGMVKQP *GTT,QJCPP)GQTI$CEJPGT 5VCFVJCPPWPF2QNK\GK&KTGMVQT
UKGJGWPVGTFGP/CIKUVTCVUTVJGP   &KGVTKEJ-TGKU+PIGPKGWT  ,QUGRJ-KTEJPGT2QNK\GK %QOOKUUT  ,QJCPP5EJTGKDGT 5VCFVJCWRVOCPP  ,QJCPP*CWRVGTUVGT /CTMVTKEJVGT

 (TKGFTKEJ9QNHUGETGVCT RTG\KFKCN  /KEJCGN/UCTJKXCT  /KEJCGN*GKPTKEJUGETGVCT LWFGEVQTGUECNFQOGPKW5NK)VG  )QVVHTKGF4QUGPVJCN RTQVQEQNKUV  %CPEGNK)VKCK/CIKUVTCVWNWK &QOPWN(TKGFTKEJ5EJWUVGT  #NDGTV*CCU  9KNJGNO9QNH  6TKDWPCNWNQT)GPGUE)KUEWPCN &QOPWN5KOQP5EJTGKDGTLWFG UEWPCN
XNCHWPE/KQPCTKK UWRGTKQTK  (TKGFTKEJ)DDGNUGETGVCT LWFGEVQTGUE  ,CMQD*GPPKPIUGETGVCT LWFGEVQTGUE  .WFYKI$GPKIPKXQP /KNFGPDGTIUGETGVCTLWFGEVQTGUE  ,QJCPP)GQTI-NGKP*QRPGT CNQTC)WNWK
TGURQPUCDKNEWECKKFG PJOCV  &TGIVQTKCRTKOTKGK
5VCFVJCP PGPCOV)KFKTGE/KCRQNK/KGK &QOPWN,QJCPP)GQTI$CEJPGT RTKOCT
5VCFVJCPP)KFKTGEVQTCN RQNK/KGK
XPVTGEQPUKNKGTKK /CIKUVTCVWNWK  &KGVTKEJKPIKPGTEGTEWCN  ,QUGRJ-KTEJPGTEQOKUCTCN RQNK/KGK  ,QJCPP5EJTGKDGTERKVCP QT)GPGUE  ,QJCPP*CWRVRTKOLWFGCN VTIWNWK



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

 #PFTGCU)DDGNCNFQKNGC LWFGCNVTIWNWK  (TCP\5VGKPGTUGTIGPVOCLQT

XCIOKUVTWCNUGTXKEKWNWKFG PQCRVG  2GVGT2NCV\TGURQPUCDKNCN EQPUVTWE/KKNQTQT)GPG)VK  +PUVKVW/KCUCPKVCT &QOPWN,QJCPP5EJWUVGTFQEVQTP OGFKEKPRTKORJ[UKEWU  (TCP\4QVJFQEVQTP OGFKEKPCNFQKNGCRJ[UKEWU  2CWN6JGKOGFKEWNQT)GPGUE )KUEWPCNCNTPK/KNQT 6TGKOQC)GQT)GPG)VK  #FOKPKUVTC/KCRGTEGR/KGK KORQ\KVGNQT &QOPWN(TKGFTKEJ)GTIGT RGTEGRVQTTGIGUE  ,QUGRJ%CRRRGTEGRVQTTGIGUE   5COWGN5EJWUVGTRGTEGRVQTWN FTKNQTCNQFKCNG  %CTN)WPFJCTFV EQPVTCPGIWUVQT
)GIGPJPFNGT  ,QJCPP6JGKNRGTEGRVQTCN 9GKPVJQTNUWPI
!  ,QJCPP/  ,QJCPP5EJPGNN  #PFTGCU$DGN  *6TCWIQVV$KPFGT  5COWGN(KNVUEJ EQNGEVQTKFGKORQ\KVG  %QOKUCTKCKTGEVKHKETKK KORQ\KVGNQT &QOPWN)QVVNKGD-CKUGT  %CTN5KOQPKU



 )WUVCX5GKXGTV  %CTN.GWVUEJCHV  .WFYKI#NDTGEJV  *GKPTKEJ-UVPGT  /KNKVT0CVWTCNKGP8GTRHNGIU #OV  *GTT%CTN9QNHH/KNKVT*QN\ /CIC\KPU%QOOKUUT  /KEJCGN1TGPF/KNKVT 0CVWTCNKGP/CIC\KPU%QOOKUUT   3WCTVKGTU#OV *GTT#FQNRJ)KDGN+PURGMVQT
U WPVGTFGP/CIKUVTCVUTVJGP  ,QJCPP5EJTGKDGT%CUGTP $GUQTIGT  ,QJCPP/KEJCGN5EJKXGTV 3WCTVKGT/GKUVGT  ,QJCPP-GNNGT3WCTVKGT /GKUVGT  5COWGN0GWIGDQTGP%CUGTP 1GMQPQO  2WRKNNCT#OVWPF)TWPFDWEJU 8GTYCNVWPI *GTT(TKGFTKEJ*GTVGN+PURGMVQT  9KNJGNO-NGKP5GMTGVT  6JGKN#GOVGT +PFGTQDGTP5VCFV *GTT%CTN0GWIGDQTGP2TUGU
UKGJGWPVGTFGP /CIKUVTCVJUTVJGP  *GKPTKEJ5VJNGT$GKUKV\GT  &CPKGN*GPTKEJ#MVWCT  +PFGTWPVGTP5VCFV

 )WUVCX5GKXGTV  %CTN.GWVUEJCHV  .WFYKI#NDTGEJV  *GKPTKEJ-UVPGT  #FOPKUKVTC/KCOKNKVCTC CRTQXK\KQPTKKEWRTQFWUG PCVWTCNG &QOPWN%CTN9QNHHEQOKUCT OKNKVCTCNFGRQ\KVGNQTFGNGOPG  /KEJCGN1TGPFEQOKUCT OKNKVCTCNFGRQ\KVGNQTFGRTQFWUG PCVWTCNG  #FOKPKUVTC/KCPECTVKTWKTKNQT &QOPWN#FQNRJ)KDGNKPURGEVQT
XNCEQPUKNKGTKK/CIKUVTCVWNWK  ,QJCPP5EJTGKDGTPITKLKVQTWN EC\CTOGNQT  ,QJCPP/KEJCGN5EJKXGTV OCIKUVTWFGPECTVKTWKTK  ,QJCPP-GNNGTOCIKUVTWFG PECTVKTWKTK  5COWGN0GWIGDQTGP GEQPQOKUVCNEC\CTOGNQT  5GFTKCQTHCPCN)KCFOKPKUVTC/KC ET/KKHWPEKCTG &QOPWN(TKGFTKEJ*GTVGNKPURGEVQT  9KNJGNO-NGKPUGETGVCT  5WDCFOKPKUVTC/KK P1TC)WNFGUWU &QOPWN%CTN0GWIGDQTGP RTG)GFKPVG
XG\KNCEQPUKNKGTKK /CIKUVTCVWNWK  *GKPTKEJ5VJNGTCUGUQT  &CPKGN*GPTKEJCEVWCT  P1TC)WNFGLQU



*GTT/KEJCGNXQP*WVVGTP2TUGU
UKGJGWPVGTFGP/CIKUVTCVU 4VJGP  ,QJCPP)GQTI/GN\GT $GKUKV\GT  ,QJCPP5OCPP#MVWCT  &KG*GTOCPPUVFVGT5VCFV %QOOWPKVV
#GWGTGT4CVJ  *GTT,QJCPP)GQTI$C[GT1TCVQT   )QVVNKGD/NNGTM-COGTCN %CUUC%CUUKGT  ,QJCPP%\C[#NOQUGPHQPFU %WTCVQT  /KEJCGN*GTDGTV -WRHGTUEJOKGF  &CPKGN%\GMGNKWU5RKVCNUWPF #TOGPHQPFU%WTCVQT  /KEJCGN9GIOGVJ -WRHGTUEJOKGF  (TGKJGTT%CTNX$TWEMGPVJCN (QICTCUEJGT1DGT%CRKVP  %CTNXQP-KNKPIUVGKP 0CVKQPCN%CUUC2GT\GRVQT   ,QUGRJ(TJDGEM%JKTWTIKG /CIKUVGT  #PFTGCU5EJKYGTV%QOKVKCN 4GXKUQT  %CTN9QNHH*QN\/CIC\KPU %QOOKUUT  /KEJCGN-TGORGNU 5VCFVVJWTOGT  9GP\GN,CJP1GMQPQO  /KEJCGN5EJKYGTVJ3WCTVKGT /GKUVGT  ,QJCPP)GQTI/GN\GT

&QOPWN/KEJCGNXQP*WVVGTP RTG)GFKPVG
XG\KNCEQPUKNKGTKK /CIKUVTCVWNWK  ,QJCPP)GQTI/GN\GTCUGUQT   ,QJCPP5OCPPCEVWCT  %QOWPKVCVGCQTC)WNWK5KDKW
%QPUKNKWNGZVGTP   &QOPWN,QJCPP)GQTI$C[GT QTCVQT  )QVVNKGD/NNGTECUKGTCN %CUKGTKGKECOGTCNGEE  ,QJCPP%\C[EWTCVQTCN HQPFWNWKOKNGK  /KEJCGN*GTDGTVENFTCT
NWETVQTPCTCO  &CPKGN%\GMGNKWUEWTCVQTCN HQPFWNWKURKVCNGNQT)KUTCEKNQT  /KEJCGN9GIOGVJNWETVQTP CTCO  (TGKJGTT%CTNX$TWEMGPVJCN ERKVCPOCLQTFKP(ITC)  %CTNXQP-KNKPIUVGKP RGTEGRVQTCN%CUKGTKGKPC/KQPCNG UUG)VK  ,QUGRJ(TJDGEMOCIKUVGT EJKTWTI  #PFTGCU5EJKYGTVTGXK\QT EQOK/KCN  %CTN9QNHHEQOKUCTCN FGRQ\KVGNQTFGNGOPG  /KEJCGN-TGORGNUR\KVQTWN VWTPWTKNQTQT)GPG)VK  9GP\GN,CJPGEQPQOKUV  /KEJCGN5EJKYGTVJOCIKUVTW FGPECTVKTWKTG  ,QJCPP)GQTI/GN\GTCUGUQT



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

CNFTGIVQTKGKRCTVCLGNQT  ,QUGRJ$GPKIPKXQP /KNFGPDGTIUGETGVCTOKNKVCTEE  (TKGFTKEJ#T\VQRGTCVQT  ,QJCPP5EJWUVGTRJ[UKEWU  ,QJCPP2TKOGPGIWUVQT  ,QJCPP%QPTCFOEGNCT  #PFTGCU*QEJOGKUVGTEWTGNCT  /KEJCGN1TGPFVEQOKUCTCN FGRQ\KVGNQTPC/KQPCNGUUG)VK  ,QJCPP*CWRVLWFGCNVTIWNWK  )QVVNKGD-C[UGTEQOKUCTCN TGEVKHKETKNQTKORQ\KVGNQT  ,QJCPP5EJTGKDGTERKVCP QT)GPGUE  ,)GQTI*GTVGNRQUVXCT  ,)GQTI-NGKP*QRPGT QT)GPGU
TGURQPUCDKNEWPITKLKTGC ECKNQTFGPJOCV  5COWGN)QGEMGNEWTCVQTCN HQPFWNWKQTHCPKNQT  *GKPTKEJ5VJNGTCUGUQTCN FTGIVQTKGKRCTVCLGNQT  (TKGFTKEJ4Q[MQEQPUKNKGT EQPVCDKNCN%QPVCDKNKV/KKECOGTCNG  ,QJCPP6JCNOC[GTRTG)GFKPVG CN5QEKGV/KKEQOGTEKCNGRTKXKNGIKCVG   $GPLCOKP2KNFGTCTIKPVCT  5COWGN(KNVUEJVKRQITCH RTKXCVEQPVTKDWCDKNCN 'ZCEVQTCVWNWK  %CTN5KOQPKUEQOKUCTFG TGEVKHKECTGCKORQ\KVGNQT  ,QUGRJ$GTINGKVGT HWPE/KQPCTHKUECNQT)GPGUE)K UEWPCN  /KEJCGN4GKPGTVJRKGNCT  5COWGN5EJNGTVKRQITCH



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

 #PFTGCU5QPPVCIEWTGNCT  ,QJCPP)GQTI9QNHHOEGNCT   #PFTGCU)DGNRTQXK\QT  ,QJCPP)NNPGTVKGVQTFG RP\GVWTK  5COWGN5EJWUVGTRGTEGRVQT CNQFKCN  ,QJCPP5EJPGNNEQNGEVQTCN KORQ\KVGNQTEE  2GVGT2NCV\CFOKPKUVTCVQTCN EQPUVTWE/KKNQTQT)GPG)VK  ,QJCPP/EQNGEVQTFG KORQ\KVG  /KEJCGN5GDCUVKCPENFTCT
NWETVQTPEWRTW  2GVGT)TKIMHCDTKECPVFG JTVKG  %CURCT*WOOGNGEQPQOKUV  5COWGN%\KNNDTWVCTFGRKPG CND  (TCP\6QOGEMHCDTKECPVFG JCKPG  ,QJCPPX8GUVQHKEKCNCN %QPVCDKNKV/KKOQPVCPG  ,QJCPP)GQTI*GPTKEJCWTCT   /KEJCGN5QPPVCIDTWVCTFG RKPGCND  ,QJCPP$QTFCPRKGNCT  ,QUGRJ'F[GEQPQOKUV  5COWGN<CEJCTKCURQUVXCT   6TCWIQVV$KPFGTEQNGEVQTFG KORQ\KVG  &CPKGN/GN\GTURWPCT  5COWGN7PVEJOEGNCT  #PFTGCU/NNGTFQICT  6QDKCU(GNNGKVPGTRCPVQHCT 



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

 &CPKGN5EJOKFVKFGO  .WFYKI6JKGTKPIPGIWUVQT  (TKGFTKEJ)GDDGNUGETGVCT LWFGEVQTGUE  (TKGFTKEJ.GQPJCTFVEQPVTQNQT CN%CUKGTKGKPC/KQPCNGUUG)VK  %QPTCF5EJOKFVCXQECV UEWPCN  ,QUGRJ/GKUVGTURWPCT  ,QJCPP)GQTI*KTNKPIEWTGNCT  ,)GQTI4GNGTRNTKGT  #PFTGCU0KGFNKEJKFGO  +IPC\5EJKMQYUM[HCDTKECPV FGJCKPG  /KEJCGN6JGKNECUKGTCN 9GKPVJQTNUWPI
!  (TCP\*NGTFKTKIKPVGRQ)VCN EE  5COWGN%\C[/GUVQT  /KEJCGN%\GMEK\OCTUUGUE   5COWGN(TKGFTKEJ5GV\CTJKVGEV   #PFTGCU5KPIGTRQUVXCT  )GQTI5RGM/GUVQTFGNP  2GVTWU$GNNHCDTKECPVFGEK\OG  2GVTWU5EJPGNNFQICT  (TKGFTKEJ$GNNEQPEKRKUV VG\CWTCTKCNEE  %CTN)WPJCTFEQPVTQNQTCN %CUKGTKGKCNQFKCNG  )WUVCX&KGVTKEJCEVWCTCN %QOWPKV/KKQT)GPG)VK  ,QUGRJ<KOOGTOCPP RTQHGUQTFGFTGRV  ,QJCPP)GQTI<CEJCTKFGU VORNCT  ,QJCPP5GKNGTFWNIJGT  )GQTI'PIDGTDTWVCTFGRKPG CND



 5KOQP4QEMGN-NGKFGTOCEJGT   5COWGN$CNFDKGTGT *WVOCEJGT  5KOQP5EJTCOO-WPUVYGDGT  ,QJCPP-TCW9GKDEMGT   /KEJCGN)QVVUEJNKPI -TUEJPGT  ,QJCPP,KEMGNK6KUEJNGT  (TKGFTKEJ4GKGPDGTIGT /QWUUGNKP9GDGT  ,QUGRJ6JQV5EJNQUUGT 


 

 5KOQP4QEMGNHCDTKECPVFG JCKPG  5COWGN$CNFDKGTGTRNTKGT  5KOQP5EJTCOO/GUVQTCTVKUVKE  ,QJCPP-TCWDTWVCTFGRKPG CND  /KEJCGN)QVVUEJNKPIEQLQECT   ,QJCPP,KEMGNKVORNCT  (TKGFTKEJ4GKGPDGTIGT /GUVQTFGOWUGNKP  ,QUGRJ6JQVNEVW)