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6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHI MR GSRXVEGX 'LETXIV{6ITEMVQEXIVMEPWT6
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VITVIWIRXEXMSRW[MXLVIKEVHXSLIEPXLERHWEJIX]MWWYIWERHXLI {1EXIVMEPWIPIGXMSR
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VIKYPEXMSRW MRGPYHMRK FYX RSX PMQMXIH XS 9RMXIH 7XEXIW %PPVMKLXWVIWIVZIHMRGPYHMRK VMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF] ER]
QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
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{'SRGVIXI WYVJEGI TVITEVEXMSR ERH MRWXEPPEXMSR TVIWIVZMRKXLIWXVYGXYVISVTVSPSRKMRKMXWYWIJYPPMJI
VIUYMVIQIRXW VITEMV{XS VITPEGI SV GSVVIGX HIXIVMSVEXIH HEQEKIH SV
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WYGGIWWJYPVITEMVW-JXLIGEYWI SJEHIJMGMIRG]MWYRHIVWXSSH
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WIPIGXIHERHGSRWIUYIRXP]XLEXXLIVITEMV[MPPFIWYGGIWWJYP
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7]QTXSQW SV SFWIVZEXMSRW SJ E HIJMGMIRG] WLSYPH FI
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8LMWHSGYQIRXTVSZMHIWKYMHERGISRWIPIGXMSRSJQEXIVMEPW MW MQTIVEXMZI XLEX GEYWIW ERH RSX W]QTXSQW FI HIEPX [MXL
ERH ETTPMGEXMSR QIXLSHW JSV XLI VITEMV TVSXIGXMSR ERH [LIVIZIVTSWWMFPISVTVEGXMGEP*SVI\EQTPIGVEGOMRKGERFI
WXVIRKXLIRMRK SJ GSRGVIXI WXVYGXYVIW 8LI MRJSVQEXMSR MW EW]QTXSQSJHMWXVIWWXLEXQE]LEZIEZEVMIX]SJGEYWIWWYGL
ETTPMGEFPI XS VITEMVMRK HEQEKIH SV HIXIVMSVEXIH GSRGVIXI EW HV]MRK WLVMROEKI XLIVQEP G]GPMRK EGGMHIRXEP SZIV
WXVYGXYVIWGSVVIGXMRKHIWMKRSVGSRWXVYGXMSRHIJMGMIRGMIWSV PSEHMRKGSVVSWMSRSJIQFIHHIH QIXEPSVMREHIUYEXIHIWMKR
YTKVEHMRKEWXVYGXYVIJSVRI[YWIWSVXSQIIXQSVIVIWXVMGXMZI SVGSRWXVYGXMSR3RP]EJXIVXLIGEYWISVGEYWIWSJHIJMGMIRG]
FYMPHMRKGSHIW EVIHIXIVQMRIHGERVEXMSREPHIGMWMSRWFIQEHIVIKEVHMRKXLI
8LMWKYMHIWYQQEVM^IWGYVVIRXTVEGXMGIWMRGSRGVIXIVITEMV WIPIGXMSRSJETVSTIVVITEMVW]WXIQERHXLIMQTPIQIRXEXMSR
ERHTVSZMHIWWYJJMGMIRXMRJSVQEXMSRJSVXLIMRMXMEPTPERRMRKSJ SJXLIVITEMVTVSGIWW*MK
VITEMV [SVO ERH JSV WIPIGXMRK WYMXEFPI VITEMV QEXIVMEPW ERH 'SRHMXMSR IZEPYEXMSR{8LI JMVWX WXIT MR GSRGVIXI
ETTPMGEXMSR QIXLSHW JSV WTIGMJMG GSRHMXMSRW 1ER] SJ XLI VITEMV MW XS IZEPYEXI XLI GYVVIRX GSRHMXMSR SJ XLI GSRGVIXI
XSTMGWGSZIVIHMRXLMWKYMHIEVIQSVII\XIRWMZIP]GSZIVIHMR WXVYGXYVI8LMWIZEPYEXMSRQE]MRGPYHIEVIZMI[SJEZEMPEFPI
SXLIV%'-GSQQMXXIIHSGYQIRXW6IEHIVWSJXLMWKYMHIWLSYPH HIWMKRERHGSRWXVYGXMSRHSGYQIRXWWXVYGXYVEPEREP]WMWSJXLI
VIJIVXSXLIETTVSTVMEXIHSGYQIRXWSJSXLIV%'-GSQQMXXIIW WXVYGXYVIMRMXWHIXIVMSVEXIHGSRHMXMSREVIZMI[SJEZEMPEFPI
ERHSXLIVMRHYWXV]VIWSYVGIW JSVEHHMXMSREPMRJSVQEXMSR XIWXHEXEEVIZMI[SJVIGSVHWSJER]TVIZMSYWVITEMV[SVO
VIZMI[ SJ QEMRXIRERGI VIGSVHW E ZMWYEP MRWTIGXMSR SJ XLI
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GSVVSWMSR{HIWXVYGXMSR SJ QIXEP F] GLIQMGEP IPIGXVS RSRHIWXVYGXMZIXIWXMRKERHVIZMI[SJPEFSVEXSV]VIWYPXWJVSQ
GLIQMGEPSVIPIGXVSP]XMGVIEGXMSR[MXLMRMXWIRZMVSRQIRX GLIQMGEP ERH TIXVSKVETLMG EREP]WMW SJ GSRGVIXI WEQTPIW
HEQTTVSSJMRK{XVIEXQIRXSJGSRGVIXISVQSVXEVXSVIXEVH 9TSR GSQTPIXMSR SJ XLMW IZEPYEXMSR WXIT XLI TIVWSRRIP
XLITEWWEKISVEFWSVTXMSRSJ[EXIVSV[EXIVZETSVIMXLIVF] VIWTSRWMFPIJSVXLIIZEPYEXMSRWLSYPHLEZIEXLSVSYKLYRHIV
ETTPMGEXMSRSJEWYMXEFPIEHQM\XYVISVXVIEXIHGIQIRXSVF] WXERHMRK SJ XLI GSRHMXMSR SJ XLI GSRGVIXI WXVYGXYVI ERH FI
YWISJTVIJSVQIHJMPQWYGLEWTSP]IXL]PIRIWLIIXWTPEGIH EFPI XS TVSZMHI MRWMKLXW MRXS XLI GEYWIW SJ XLI SFWIVZIH
SRKVEHIFIJSVITPEGMRKEWPEF HIXIVMSVEXMSR SV HMWXVIWW %HHMXMSREP MRJSVQEXMSR SR
I\GEZEXMSR{WXITWXEOIRXSVIQSZIHIXIVMSVEXIHGSRGVIXI GSRHYGXMRK WYVZI]W GER FI JSYRH MR %'- 6 6
WSYRHGSRGVIXISVFSXLHIWMKREXIHJSVVIQSZEP 666ERH6
RSRWXVYGXYVEP VITEMV{E VITEMV XLEX EHHVIWWIW PSGEP (IXIVQMREXMSR SJ GEYWIW SJ HIXIVMSVEXMSR SV
HIXIVMSVEXMSRERHMWRSXMRXIRHIHXSEJJIGXXLIWXVYGXYVEP GETEGMX] HMWXVIWW{%JXIV XLI GSRHMXMSR IZEPYEXMSR SJ E WXVYGXYVI LEW
SJEQIQFIV FIIRGSQTPIXIHXLIHIXIVMSVEXMSRQIGLERMWQXLEXGEYWIHXLI
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WTIGMJMGEXMSRW ERH YWI TVSTIV TVSGIHYVIW ERH XIGLRMUYIW XS SJEPPXIWXMRKERHMRWTIGXMSRVIUYMVIQIRXWEVIIWWIRXMEP
EGLMIZIXLIHIWMVIHVIWYPXW3RER]VITEMVTVSNIGXYRI\TIGXIH XS QIIXMRK XLI TIVJSVQERGI SFNIGXMZIW IWXEFPMWLIH F]
SVGSRGIEPIHGSRHMXMSRWQE]FIVIZIEPIHEW[SVOTVSKVIWWIW XLIIRKMRIIV
7LSVMRK[SVO WIUYIRGIW{8LI VITEMV TVSGIWW c %HIUYEXIWYTIVZMWMSRF]XLIGSRXVEGXSVWLSYPHMRGPYHI
MRGPYHMRKGSRGVIXIVIQSZEPERHVIMRJSVGMRKVITEMVQE]EPXIV HEMP]QSRMXSVMRKSJXIQTIVEXYVILYQMHMX]ERH[IEXLIV
XLIJSVGIERHPSEHHMWXVMFYXMSR[MXLMRERHFIX[IIRVIMRJSVGIH GSRHMXMSRWXLEXQE]EJJIGXXLIVITEMVTVSGIHYVI
GSRGVIXI QIQFIVW -X MW IWWIRXMEP XLEX XLI GSRXVEGXSV MR c 8LIGSRXVEGXSVWLSYPHTE]EXXIRXMSRXSXLIWTIGMJMGEXMSR
GSRNYRGXMSR [MXL XLI IRKMRIIV HIXIVQMRI XLI I\XIRX ERH VIUYMVIQIRXWJSVETTVSTVMEXIWLSVMRKVITEMVTVITEVEXMSR
WIUYIRGISJWLSVMRKERHVITEMVXLEXWEXMWJMIWWXVYGXYVEPWEJIX] QEXIVMEPMRWXEPPEXMSRERHWYFWIUYIRXGYVMRKERH
ERHJSVGIHMWXVMFYXMSR c
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HEQEKIHSVHIJIGXMZI GSRGVIXI VIUYMVIW WTIGMEP EXXIRXMSR XS XLI IRKMRIIV [IEXLIV GSRHMXMSRW GLERKIW XS XLI
XLIMHIRXMJMGEXMSRERHI\XIRXSJYRWSYRHERHWSYRHGSRGVIXIXS IRKMRIIVMRKHSGYQIRXWERHTIVMSHMGTVSKVIWWVITSVXW
FIVIQSZIHXLIX]TISJVIQSZEPXIGLRMUYIWERHXLITVSXIGXMSR 8IWXMRKSVMRWTIGXMSREKIRG]UYEPMJMGEXMSRW{8LMW
SJI\MWXMRKVIMRJSVGMRKHYVMRKVIQSZEP8LIWIJEGXSVWWLSYPH EKIRG] WLSYPH QIIX XLI VIUYMVIQIRXW SJ %781 )
FIEHHVIWWIHXSQEMRXEMRWXVYGXYVEPMRXIKVMX]ERHEZSMHHEQEKI 4IVWSRRIPWLSYPHFI%'-GIVXMJMIHEWXIGLRMGMERWSVMRWTIGXSVW
XSXLIWXVYGXYVI[LMPIMQTPIQIRXMRKXLIVITEMVW EWETTVSTVMEXI
7YVJEGITVITEVEXMSR{8LIWYGGIWWSJXLIVITEMVMW 1EMRXIRERGIEJXIV GSQTPIXMSR SJ VITEMVW{0EGO SJ
LMKLP]HITIRHIRXSREHIUYEXIWYVJEGITVITEVEXMSRFIJSVIVITEMV EHIUYEXIQEMRXIRERGIQE]VIWYPXMRTVIQEXYVIJEMPYVISJXLI
QEXIVMEPMRWXEPPEXMSR8LIWYVJEGITVITEVEXMSRVIUYMVIHHITIRHW VITEMVSVWYVVSYRHMRKEVIEW8LIVIJSVIETTVSTVMEXIQEMR
SR XLI GSRGVIXI VIQSZEP XIGLRMUYI ERH XLI X]TI SJ VITEMV XIRERGI TVSGIHYVIW EJXIV GSQTPIXMSR SJ E GSRGVIXI VITEMV
FIMRK YRHIVXEOIR 7YVJEGI TVITEVEXMSR MRGPYHIW XLI VITEMV TVSNIGXMWVIGSQQIRHIHMRGPYHMRKXLIJSPPS[MRK
VITPEGIQIRXERHMRWXEPPEXMSRSJWYTTPIQIRXEPVIMRJSVGIQIRX c ;EVVERX] HSGYQIRXEXMSR WLSYPH FI SFXEMRIH [LIR
6ITEMVXIGLRMUYIWERHQEXIVMEPMRWXEPPEXMSR{8LI ETTPMGEFPIYTSRGSQTPIXMSRSJXLIVITEMVTVSNIGX
TVSTIVVITEMVXIGLRMUYIWERHQEXIVMEPWIPIGXMSRERHMRWXEPPEXMSR c ;EVVERX]GSRHMXMSRWWLSYPHFIEHLIVIHXSIRWYVI[EVVERX]
EVI IWWIRXMEP JSV E WYGGIWWJYP TVSNIGX XLEX MW GETEFPI SJ GSZIVEKIMWQEMRXEMRIHWYGLEWTIVMSHMGMRWTIGXMSRWSV
TVSZMHMRKXLIWIVZMGIEFMPMX]ERHHYVEFMPMX]SJER]VITEMV VIGSEXMRKSJQIQFVERIWSVWIEPIVW
4VSXIGXMZIW]WXIQW{4VSXIGXMZIW]WXIQWWYGLEW c %PP TPER ERH WTIGMJMGEXMSR HSGYQIRXW JVSQ XLI VITEMV
GSEXMRKWWIEPIVWERHQIQFVERIWQE]FIMRGSVTSVEXIHMRXS TVSNIGX EPSRK [MXL XLI SVMKMREP FYMPHMRK TPERW ERH
XLIVITEMVTVSGIWWXSI\XIRHXLIWIVZMGIPMJISJXLIVITEMVWERH WTIGMJMGEXMSRW[LIREZEMPEFPI
WLSYPHFIQEMRXEMRIH
VIHYGI ERH QMRMQM^I JYVXLIV HIXIVMSVEXMSR MR XLI WXVYGXYVI c 4IVJSVQERGISJVITEMVWWLSYPHFIQSRMXSVIHF]HSGY
4VSXIGXMZIW]WXIQWTVSZMHIZEV]MRKX]TIWSJTVSXIGXMSRXSXLI QIRXMRKWYFWIUYIRXGLERKIWSJXLIGSRGVIXIVITEMVWSV
VITEMVERHWXVYGXYVIERHWLSYPHFIWIPIGXIHXSWEXMWJ]TVSNIGX WYVJEGIETTPMIHW]WXIQW
WIVZMGIEFMPMX]VIUYMVIQIRXW c 4VSEGXMZI QSRMXSVMRK W]WXIQW WYGL EW EGSYWXMG QSRM
5YEPMX]GSRXVSP{%PPSJXLIFIWXIJJSVXWMRHIWMKRMRK XSVMRKJSVTSWXXIRWMSRIHWXVYGXYVIWWLSYPHFIEGXMZEXIH
EVITEMVERHWTIGMJ]MRKXLISTXMQYQQEXIVMEPWEVIEXVMWOMJ ERHQEMRXEMRIH[LIVIETTPMGEFPIERH
XLI MQTPIQIRXEXMSR PEGOW XLI ETTVSTVMEXI UYEPMX] GSRXVSP c 'SRXMRYIH IZEPYEXMSR SJ XLI WXVYGXYVI F] TIVMSHMG
QIEWYVIW XS IRWYVI E WYGGIWWJYP MRWXEPPEXMSR %'- 6 IRKMRIIVMRKVIZMI[WWLSYPHFITVSKVEQQIH
TVSZMHIW KYMHERGI SR WIXYT SJ UYEPMX] GSRXVSP MRWTIGXMSR
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MRWTIGXMSRERHXIWXMRK W]WXIQSVFSXLXLIIRKMRIIVWLSYPHGSRWMHIVXLIWEJIX]ERH
4IVJSVQERGISFNIGXMZIW{%GPIEVYRHIVWXERHMRK WIVZMGIEFMPMX]SJXLIWXVYGXYVIHYVMRKXLIGSRWXVYGXMSRERHXLI
JSVQWXLIFEWMWJSVEWYGGIWWJYPVITEMV8LIVITEMVHSGYQIRXW
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'LETXIV HMWGYWWIW VIQSZEP SJ HIXIVMSVEXIH GSRGVIXI
TVITEVEXMSRSJWYVJEGIWXSVIGIMZIVITEMVQEXIVMEPWKIRIVEP
XLER[SYPHFIEWWYQIHMRXLISVMKMREPSVERI[WXVYGXYVI QIXLSHW JSV GSRGVIXI VITEMV ERH VITEMV XIGLRMUYIW JSV
'SQTEXMFMPMX] SJ QEXIVMEPW{-J E VITEMV ERH XLI VIMRJSVGMRK ERH TVIWXVIWWMRK WXIIP 'LETXIV HMWGYWWIW
QIQFIVLEZIXLIWEQIWXMJJRIWW{JSVI\EQTPIQSHYPYWSJ ZEVMSYW X]TIW SJ VITEMV QEXIVMEPW XLEX QE] FI YWIH 8LI
IPEWXMGMX]{XLIEREP]WMWSJXLIVITEMVIHQIQFIVQE]FIXLI VIEHIV MW YVKIH XS YWI 'LETXIVW ERH MR GSQFMREXMSR
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WLSYPH HIWMKR JSV XLI HMJJIVIRX QSZIQIRXW SV XLI VITEMV HSGYQIRXWERHMRHYWXV]VIWSYVGIW
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VIWYPXWMRPSWWSJWXMJJRIWWSJ XLIVITEMVVIHMWXVMFYXIHJSVGIW I\MWXMRKGSRGVIXIERHZEVMSYWQIXLSHWXLEXEVIEZEMPEFPIXS
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TPEWXMGWXEXISVYRXMPEHIUYEXIWXVIRKXLLEWFIIRHIZIPSTIH VITEMVVIKEVHPIWWSJXLIQEXIVMEPSVXIGLRMUYIYWIH
ZMFVEXMSRSJEWXVYGXYVIGERVIWYPXMRVIHYGIHFSRHMRKSJXLI 7TIGMJMG EXXIRXMSR WLSYPH FI KMZIR XS XLI VIQSZEP SJ
VITEMV QEXIVMEP -WSPEXMRK XLI VITEMVW SV IPMQMREXMRK XLI GSRGVIXI EVSYRH TVIWXVIWW WXVERHW FSXL FSRHIH ERH
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WXERHMRKXLIGEYWISJXLIQMKVEXMSRERHGSRXVSPPMRKMXWLSYPH GEYWIXLI[MVIW
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6 %'-'311-88))6)4368
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VITEMVEPXIVREXMZIGERFIQEHI XLIMV SVMKMREP HIJSVQEXMSRW EW E VIWYPX SJ GSVVSWMSR ERH
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EWIHSRXLITYVTSWISJXLIVIMRJSVGIQIRXERHXLIVIUYMVIH ITS\] SV ^MRGVMGL GSEXMRKW GSYPH EGX EW E FSRH FVIEOIV
WXVYGXYVEPGETEGMX]JSVXLIVIMRJSVGIHQIQFIV FIX[IIRXLIRI[VITEMVQEXIVMEP ERHXLISVMKMREPGSRGVIXI
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6ITPEGIQIRX{3RIQIXLSHSJVITPEGMRKVIMRJSVGIQIRX 3XLIVGSEXMRKQEXIVMEPWWYGLEWTSP]QIVGIQIRXGSEXMRKW
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8LIPIRKXLSJXLIPETWLSYPH GSRJSVQXSXLIVIUYMVIQIRXWSJ FSRHMRKEKIRXWJSVXLIRI[XSSPHGSRGVIXI
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GSRGVIXI 7TIGMEP TVIGEYXMSRW EVI RIGIWWEV] [LIR [IPHMRK JVSQXLSWIJSVXLIYRFSRHIHWXVERHW
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GSRRIGXMSRW%'-6HIWGVMFIWGSQQIVGMEPP]EZEMPEFPI GSRRIGXIH XS XLI I\MWXMRK IRHW SJ XLI YRHEQEKIH WXVERHW
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YEXIHSREGEWIF]GEWIFEWMWERHMWXLIVIWTSRWMFMPMX]SJXLI SVFSXL&IGEYWIXLIWXVERHWEVIRSXWXVIWWIHYRXMPEJXIVXLI
IRKMRIIV8LIHEQEKIHVIMRJSVGMRKFEVWLSYPHFIGPIERIHMR GSRGVIXILEWFIIRTPEGIHERERRYPEVWTEGIMWGVIEXIH[MXLMR
EGGSVHERGI [MXL XLI KYMHERGI MR 7IGXMSR G 8LI XLIWLIEXLMRKJSPPS[MRKXLIWXVIWWMRKSTIVEXMSR'SVVSWMSRSJ
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WYTTPIQIRXEP FEV FIWMHI XLI SPH FEV 8LI PIRKXL SJ XLI GEYWISJJEMPYVISJYRFSRHIHXIRHSRW7XVERHJEMPYVIHYIXS
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WXVERHW-'6-TVSZMHIWWSQIKYMHERGIJSVIZEPYEXMSR WTIGMJMIVERHYWIV8LIIRKMRIIVWLSYPHI\IVGMWITVIGEYXMSRW
SJYRFSRHIHTSWXXIRWMSRIHGSRGVIXIWXVYGXYVIW [LIRWTIGMJ]MRKGLIQMGEPERGLSVWMRIMXLIVERYRHIV[EXIVSV
% HIXIVMSVEXIH TSVXMSR SJ E WXVERH GER FI I\TSWIH F] QSMWXIRZMVSRQIRXF]ZIVMJ]MRKXLEXXLIGLIQMGEPEHLIWMZI
I\GEZEXMRK XLI GSRGVIXI ERH GYXXMRK XLI WLIEXLMRK 8LI LEWFIIRXIWXIHMREWMQMPEVIRZMVSRQIRX
WXVERHMW XLIRGYX SR FSXLWMHIW SJ XLI HIXIVMSVEXMSR [LIVI )\TERWMSRERGLSVW]WXIQWWSQIXMQIWGEPPIHQIGLERMGEP
WSYRH WXVERH MW IZMHIRX 'EYXMSR WLSYPH FI I\IVGMWIH [LIR ERGLSVWMRGPYHIXSVUYIGSRXVSPPIHHIJSVQEXMSRGSRXVSPPIH
GYXXMRKXIRWMSRIHWXVERHW8LIVIQSZIHTSVXMSRSJXLIWXVERHMW ERHYRHIVGYXERGLSVW8LIWIERGLSVWHIZIPSTXLIMVWXVIRKXL
VITPEGIH[MXLERI[WIGXMSRXLEXMWWTPMGIHXSXLII\MWXMRKWXVERH JVSQJVMGXMSREKEMRWXXLIWMHISJXLIHVMPPIHLSPIJVSQOI]MRK
EXXLIPSGEXMSRSJXLIGYXW8LIVITEMVIHWXVERHMWXLIRVIWXVIWWIH MRXSEPSGEPM^IHGVYWLIH^SRISJXLIGSRGVIXIVIWYPXMRKJVSQ
6IQSZEP SJ ER YRFSRHIH WXVERH JVSQ XLI WLIEXLMRK MW XLIWIXXMRKSTIVEXMSRSVJVSQEGSQFMREXMSRSJJVMGXMSRERH
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MRWXEPPEVITPEGIQIRXWXVERHSJXLIWEQIHMEQIXIV;LIRXLI GSRGVIXI )HKIHMWXERGIW ERHXLI WTEGMRK FIX[IIRERGLSVW
MRXIRXMSRMWXSVITPEGIEWXVERHMXQE]FITVIJIVEFPIXSMRWIVX WLSYPH FI WYJJMGMIRX XS TVIZIRX GVEGOMRK *SV XLI YRHIVGYX
E WQEPPIVHMEQIXIV WXVERH SJ LMKLIVWXVIRKXL QEXIVMEP XLEX ERGLSVWWXVIRKXLMWHIVMZIHJVSQOI]MRKMRXSERYRHIVGYXEX
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MW RSVQEPP] KPYIH SRXS XLI I\XIVMSV WYVJEGI 9RPIWW XLI %RGLSV WXVIRKXL{%RGLSV WXVIRKXL ERH PSRKXIVQ
GSQTSRIRX FIMRK VIMRJSVGIH MW YRPSEHIH LS[IZIV MX SRP] TIVJSVQERGIEVIHITIRHIRXSREZEVMIX]SJJEGXSVWXLEXWLSYPH
TVSZMHIWVIMRJSVGIQIRXJSVJYXYVIPSEHMRKW*MFIV[VETTMRK FI IZEPYEXIH JSV XLI ERGLSV XS FI YWIH 7SQI JEGXSVW XS FI
MW GSQQSRP] YWIH JSV VIMRJSVGMRK GSPYQRW IWTIGMEPP] MR GSRWMHIVIHMRGPYHIQEXIVMEPWXVIRKXL]MIPHERHYPXMQEXI
LSPI
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4VSXIGXMZI QEXIVMEPW GSQQSRP] HV] ERH PIEZI XLI ERRYPEVKETFIX[IIRXLIERGLSVERHXLIHVMPPIHLSPIJSVTSWX
YRFSRHIH WXVERH YRTVSXIGXIH ERH ZYPRIVEFPI XS GSVVSWMSR MRWXEPPIHERGLSVWGSRGVIXIWXVIRKXLERHGSRHMXMSRX]TIERH
8LIVI EVI W]WXIQW EZEMPEFPI XLEX VIIWXEFPMWL XLI TVSXIGXMZI HMVIGXMSRSJPSEHETTPMGEXMSRWXEXMGH]REQMGXIRWMSRWLIEV
FEVVMIV[MXLMRXLIWLIEXLMRK3RIW]WXIQJMPPWXLIZSMH[MXLE FIRHMRKSVGSQFMRIHPSEHMRK
WTEGMRKXSSXLIVERGLSVWERH
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EKEMRWXGSVVSWMSRSJXLIWXVERH WXIIP FVIEOEKI WPMT SV TYPPSYX
IRZMVSRQIRXEP GSRHMXMSRW
JSVQSMWXYVIERHGSVVSWMSRVIWMWXERGIERHGVIIT
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%RGLSVWEVISJXIRYWIHMRGSRNYRGXMSR[MXLWYTTPIQIRXEP JSVGVMXMGEPETTPMGEXMSRW*SVGLIQMGEPERGLSVWXIWXWWLSYPH
VIMRJSVGIQIRXXSTVIZIRXRI[VITEMVWJVSQHMWPSHKMRKJVSQ FITIVJSVQIHXSHIXIVQMRIXLIPSRKXIVQGVIITTIVJSVQERGI
TEVIRX GSRGVIXI MR XLI IZIRX SJ E FSRH JEMPYVI 8LI] EVI EXXLILMKLIWXI\TIGXIHWIVZMGIPSEHERHXIQTIVEXYVI*SVEPP
GSQQSRP]YWIHSRXLIVITEMVWSJZIVXMGEPWYVJEGIWWYGLEW ERGLSVW]WXIQWMRWXEPPEXMSRMRWXVYGXMSRWWLSYPHFIJSPPS[IH
JEËEHIWXS IRWYVI XLEX XLIJEËEHI VITEMVHSIW RSXHMWPSHKI XSIRWYVITVSTIVERGLSVTIVJSVQERGI
JVSQXLIWXVYGXYVI2SRGSVVSWMZIERGLSVWWYGLEWWXEMRPIWW
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XIGLRMUYIW
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8LIVI EVI X[S KIRIVEP GEXIKSVMIW SJ ERGLSVMRK W]WXIQW ERH HITIRH SR XLI GSRWXVEMRXW ERH PMQMXEXMSRW SJ E TVSNIGX
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4SWXMRWXEPPIH ERGLSVW{4SWXMRWXEPPIH ERGLSV GSRXVEGXSVXSWYGGIWWJYPP]TIVJSVQXLITPEGIQIRXXIGLRMUYI
W]WXIQW EVI MRWXEPPIH MRXS E TVIHVMPPIH LSPI 8LI] GER FI MW EPWS MQTSVXERX -'6- TVSZMHIW KYMHERGI JSV
HMZMHIH MRXS X[S KIRIVEP X]TIW FSRHIH ERH I\TERWMSR WIPIGXMRKETTPMGEXMSRXIGLRMUYIWJSVVITEMV
ERGLSVW 'EWXMRTPEGI GSRGVIXI QSHMJMIH GSRGVIXI ERH
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GSRGVIXITPEGIQIRXMWXLIVITPEGIQIRXSJHIJIGXMZIGSRGVIXI
ERHGLIQMGEPERGLSVWYWYEPP]XLVIEHIHVSHWWIX[MXLEX[S [MXL RI[ GSRGVIXI XLEX MW GSRZIRXMSREPP] TPEGIH 8LMW
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SJ XLI TIVJSVQERGI TVSTIVXMIW )\EQTPIW SJ WSQI SJ XLI YWYEPP]WIEPIHERHTSVXIHSRXLIJEVWMHIEW[IPP
TVSTIVXMIWXLEXQE]FIEJJIGXIH EVIWLVMROEKIFSRHWXVIRKXL ;LIVIETTIEVERGIMWRSXEJEGXSVSTIRMRKWQE]SJXIRFI
ERH GSIJJMGMIRX SJ XLIVQEP I\TERWMSR 8LI WTIGMJMIV ERH WIEPIHF]GEYPOMRK[MXLGPSXLSVJEFVMGXLEXTEWW[EXIVSVEMV
GSRXVEGXSV WLSYPH GSRWYPX [MXL XLI QERYJEGXYVIV ERH QEOI ]IXVIXEMRWSPMHW4ETIVERHQEXIVMEPWXLEXVIQEMRTPEWXMGEVI
WYVIXLEXXLIQEXIVMEPWTIVJSVQERGIGETEFMPMX]ERHPMQMXEXMSRW RSXWYMXEFPIJSVXLMWTYVTSWI
QIIXWXLITVSNIGXGVMXIVMEFIJSVIYWMRKXLIWIQEXIVMEPW6IJIVXS 8LI WTEGMRK SJ XLI IRXV] TSVXW MW PEVKIP] E QEXXIV SJ
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7YGGIWWJYPYWISJXVS[IPETTPMIHVITEMVWMWHITIRHIRXSRXLI VYPILS[IZIVTSVXWWLSYPHFIJEVXLIVETEVXXLERXLIHIWMVIH
WYVJEGITVITEVEXMSRERHXLIWOMPPSJXLIQEWSR1EWSRWWLSYPH HITXLSJKVSYXTIRIXVEXMSR
FI I\TIVMIRGIH ERH GPSWI JMIPH SFWIVZEXMSR SJ XLI [SVO &IJSVI KVSYXMRK XLI STIRMRKW WLSYPH FI JPYWLIH [MXL
WLSYPHFIQEHI4VSTIVXVS[IPMRKXIGLRMUYIWLSYPHFIYWIH GPIER[EXIVWYFNIGXXSXLITVSGIHYVIXLEXMWYWIHMRKVSYXMRK
XSTVIZIRXXLIIRXVETQIRXSJEMVEXXLIFSRHMRKWYVJEGI[LMGL *PYWLMRK MW HSRI JSV WIZIVEP VIEWSRW XS [IX XLI MRXIVMSV
GERGEYWIVIHYGIHFSRHWXVIRKXL4VSTIVGYVMRKSJTSVXPERH WYVJEGIWJSVFIXXIVKVSYXJPS[ERHTIRIXVEXMSRXSGLIGOXLI
GIQIRX QSVXEV WS XLEX TEXGL QEXIVMEP HSIW RSX HV] FIJSVI IJJIGXMZIRIWW SJ XLI WYVJEGI WIEPMRK ERH TSVX W]WXIQ XS
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F
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PS[[EXIV TSVXPERHGIQIRX QSVXEV ERH XLI WYFWIUYIRX XLI FSXXSQ SJ E ZIVXMGEP STIRMRKERH GSRXMRYIW YRXMP KVSYX
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XLIWIVITEMVW ;LIRXLMWSGGYVWXLIKVSYXMRKSTIVEXMSRQSZIWXSXLIRI\X
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ERH[EXIVXMKLXRIWW HMWXERX LSPI 8LI ZEPZI WLSYPH FI WLYX SV TPYKKIH EX IEGL
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ERHSXLIVLSPIWERHWQEPPEVIEW[MXLVIPEXMZIP]LMKLHITXLXS 4VSKVIWWWLSYPHFIQSRMXSVIHSRXLIJEVWMHISJXLIWXVYGXYVI
WYVJEGIEVIEWVEXMSW&IGEYWISJXLIPEFSVMRXIRWMZIREXYVISJ MJEGGIWWMFPIERHGPSWITSVXWSVZEPZIWEWRIGIWWEV]
XLMWXIGLRMUYIMXMWRSXSJXIRYWIHJSVPEVKIVITEMVW +VSYXMRK MW YWYEPP] WXEVXIH [MXL E VIPEXMZIP] XLMR KVSYX
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JSVJMPPMRKGVEGOWSTIRNSMRXWLSRI]GSQFERHMRXIVMSVZSMHW XLEXGERFITYQTIH[MXLSYXFPSGOEKIEWHIXIVQMRIHEXXLI
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WYFWXVEXIZSMHWEVIJMPPIH[MXLQSVXEV8LIEFMPMX]SJXLIKVSYX EHZERXEKIMWMQTSVXERXMRVITEMVMRKLMKL[E]WFVMHKIWEMVTSVX
XSHMWTPEGI[EXIVJVSQXLIZSMHWFIX[IIREKKVIKEXITEVXMGPIW VYR[E]WERHMRHYWXVMEPTPERXWFIGEYWISJXLIVIHYGIHTVSXIG
HYVMRKMRNIGXMSRQEOIWXLMWQEXIVMEPTEVXMGYPEVP]WYMXEFPIJSV XMSRXMQIWPS[IVXVEJJMGGSRXVSPGSWXWERHMQTVSZIHWEJIX]
YRHIV[EXIVVITEMVW%'-6%'-6ERH%'-6
F
0MQMXEXMSRW{%PXLSYKLQSWXVETMHWIXXMRKQEXIVMEPWEVI
-RYRHIV[EXIVGSRWXVYGXMSRLMKLIVTPEGMRKVEXIWEXPS[IV EWHYVEFPIEWGSRGVIXIWSQIHYIXSXLIMVGSRWXMXYIRXWQE]
GSWXLEZIFIIREGLMIZIH[MXLTVITPEGIHEKKVIKEXIGSRGVIXI RSXTIVJSVQ[IPPMREWTIGMJMGWIVZMGIIRZMVSRQIRX
GSQTEVIHXSGSRZIRXMSREPTPEGMRKQIXLSHW%'-6ERH 7SQI VETMHWIXXMRK QEXIVMEPW SFXEMR XLIMV WXVIRKXL
%'-6
HIZIPSTQIRXERHI\TERWMSRJVSQXLIJSVQEXMSRSJIXXVMRKMXI
-JXLIPIZIPSJI\TERWMSRMWLMKLERHXLIXMQIXSEXXEMRXLI
ITS\]GSRGVIXIFEWIHSRJMIPHI\TIVMIRGITIVJSVQWMR QE\MQYQPIZIPWSJI\TERWMSRMWPSRKWXVIRKXLVIXVSKVIWWMSR
EQERRIVWMQMPEVXS4''YRHIVPSEH QE] SGGYV 8LI TSXIRXMEP JSV HIPE]IH I\TERWMSR VIWYPXMRK
F
%TTPMGEXMSRW{4VITPEGIHEKKVIKEXIGSRGVIXIMWYWIHSR JVSQMRWYJJMGMIRXMRMXMEPGYVMRKJSPPS[IHF]VI[IXXMRKWLSYPH
PEVKIVITEMVTVSNIGXWTEVXMGYPEVP][LIVIYRHIV[EXIVGSRGVIXI FIVIGSKRM^IH
TPEGIQIRX MW VIUYMVIH SV [LIR GSRZIRXMSREP TPEGMRK SJ &IGEYWIWSQISJXLIWIQEXIVMEPWQE]GSRXEMREFRSVQEPP]
GSRGVIXI[SYPHFIHMJJMGYPX8LIWIJEGXSVWQEOITVITPEGIH LMKLPIZIPWSJEPOEPMSVEPYQMREXIXSTVSZMHII\TERWMSRXLIMV
EKKVIKEXIGSRGVIXIERMHIEPQEXIVMEPJSVETTPMGEXMSRW[LIVI I\TSWYVI XS WYPJEXIW ERH VIEGXMZI EKKVIKEXIW WLSYPH FI
GSRWMHIVEFPIGSRKIWXMSRSJVIMRJSVGIQIRXSVSXLIVIQFIHQIRXW PMQMXIH8LIWTIGMJ]MRKIRKMRIIVWLSYPHVIZMI[ETTVSTVMEXI
I\MWXW SV [LIVI EGGIWW MW HMJJMGYPX 4VITPEGIHEKKVIKEXI ETTPMGEXMSRERHGSQTEXMFMPMX]MWWYIW
GSRGVIXITVSZMHIWEWSPYXMSRJSVWXVYGXYVEPVITEMVWVIUYMVMRK G
%TTPMGEXMSRW{6ETMHWIXXMRK GIQIRXW EVI IWTIGMEPP]
MQQIHMEXI PSEH XVERWJIV GETEFMPMX] FIGEYWI SJ MXW PS[ YWIJYPMRVITEMVWMXYEXMSRW[LIVIERIEVP]VIXYVRXSXVEJJMGMW
WLVMROEKI 8]TMGEPETTPMGEXMSRWMRGPYHIYRHIV[EXIVVITEMVSJ VIUYMVIHWYGLEWVITEMVSJTEZIQIRXWFVMHKIHIGOWEMVTSVX
WXMPPMRK FEWMRW HEQW FVMHKIW EFYXQIRXW [EPPW FIEQW VYR[E]WERHMRHYWXVMEPTPERXW
GSPYQRW ERH JSSXMRKW 4VITPEGIHEKKVIKEXI GSRGVIXI LEW H
7XERHEVHW{%781 ' GSZIVW TEGOEKIH HV]
EPWS FIIR YWIH XS VITEMV FIEQW ERH GSPYQRW MR MRHYWXVMEP GIQIRXMXMSYWQSVXEVSVGSRGVIXIQEXIVMEPWJSVVETMHVITEMVW
TPERXW [EXIV XEROW ERH SXLIV WMQMPEV JEGMPMXMIW EW [IPP EW XS LEVHIRIH L]HVEYPMGGIQIRX GSRGVIXI TEZIQIRXW ERH
GEMWWSRWJSVYRHIVTMRRMRKI\MWXMRKWXVYGXYVIW WXVYGXYVIW%781'HSIWRSXTVSZMHIFSRHWXVIRKXLSV
G
0MQMXEXMSRW{*SVQ[SVOGSWXWJSVTVITPEGIHEKKVIKEXI JVII^MRKERHXLE[MRKVIWMWXERGIVIUYMVIQIRXW8LIWTIGM
GSRGVIXI EVI ETTVS\MQEXIP] XLI WEQI EW JSV GSRZIRXMSREP JMGEXMSRTIVQMXWYTXS GEPGMYQGLPSVMHI[MXLSYXEGORS[P
GSRGVIXILS[IZIVEHHMXMSREP[SVOQE]FIVIUYMVIHMRXLI IHKIQIRXXS XLI WTIGMJMIVSV YWIV%PWSEGYVVIRX JSSXRSXI
MRWXEPPEXMSRSJJSVQMRKFIGEYWISJXLIRIIHXSTVITPEGIXLI GEYXMSRW XLI YWIV XSGLIGO SR I\TSWYVI GSRHMXMSRW WYPJEXI
EKKVIKEXIERHTVIZIRXPIEOW&IGEYWISJXLIVIPEXMZIP]LMKL I\TSWYVI ERH EPOEPM VIEGXMZMX]
XLEX EVI RSX GSZIVIH MR XLI
[EXIVGSRXIRXGSQQSRP]YWIHXS]MIPHTYQTEFPIGIQIRXMXMSYW WTIGMJMGEXMSR 8LIVIJSVI EHHMXMSREP XIWXMRK WLSYPH FI
QSVXEVWXLITIVQIEFMPMX]XSKEWSVZETSVSJXLIQSVXEVJVEGXMSR TIVJSVQIHEXERXMGMTEXIHETTPMGEXMSRXIQTIVEXYVIWXSZIVMJ]MJ
SJ TVITPEGIHEKKVIKEXI GSRGVIXI GER FI WSQI[LEX KVIEXIV TVSTIVXMIWRSXGSZIVIHMRXLIWTIGMJMGEXMSREVIMQTSVXERXJSV
XLERXLEXSJRSVQEPGSRGVIXI[LMGLMWERMQTSVXERXJEGXSVXS EKMZIRTVSNIGX7YFWXERXMEPEHZERGIWMRXLIGSQTSYRHMRKSJ
GSRWMHIV [LIVI MX MW XS FI YWIH MR I\XVIQI IRZMVSRQIRXW VETMHWIXXMRKGIQIRXWLEZIXEOIRTPEGIMRVIGIRX]IEVW
-RGPYWMSRSJWMPMGEJYQIMRXLIKVSYXQE]QMXMKEXIXLMWPMQMXEXMSR 7LSXGVIXI{7LSXGVIXI MW E QM\XYVI SJ TSVXPERH
;EXWSR
GIQIRX WERH ERH [EXIV XLEX MW TVSNIGXIH MRXS TPEGI F]
&IGEYWI TVITPEGIHEKKVIKEXI GSRGVIXI GSRWXVYGXMSR MW GSQTVIWWIHEMV-REHHMXMSRXSXLIWIQEXIVMEPWWLSXGVIXIGER
WTIGMEPM^IH VITEMVW YWMRK XLMW TVSGIHYVI WLSYPH FI EPWS GSRXEMR GSEVWI EKKVIKEXI JMFIVW ERH EHQM\XYVIW
GSRHYGXIHF]UYEPMJMIHTIVWSRRIPI\TIVMIRGIHMRXLMWQIXLSH 4VSTIVP] ETTPMIH WLSXGVIXI MW E WXVYGXYVEPP] EHIUYEXI ERH
SJGSRWXVYGXMSR HYVEFPIVITEMVQEXIVMEPXLEXMWGETEFPISJI\GIPPIRXFSRH[MXL
H
7XERHEVHW{%781 ' GSZIVW JPYMHMJMIV JSV KVSYX I\MWXMRKGSRGVIXISVSXLIVGSRWXVYGXMSRQEXIVMEPW
YWIHJSVTVITPEGIHEKKVIKEXIGSRGVIXI E
%HZERXEKIW{-RVITEMVTVSNIGXW[LIVIXLMRWIGXMSRWPIWW
%781'HIWGVMFIWXLITVEGXMGIJSVWIPIGXMRKTVSTSVXMSRW XLERQQMR
MRHITXLERHPEVKISVWQEPPWYVJEGIEVIEW
JSV KVSYX QM\XYVIW VIUYMVIH MR XLI TVSHYGXMSR SJ TVITPEGIH [MXLMVVIKYPEVGSRXSYVWSVWLETIWEVIMRZSPZIHWLSXGVIXIQE]
EKKVIKEXIGSRGVIXI FIQSVIIGSRSQMGEPXLERGSRZIRXMSREPGSRGVIXIFIGEYWISJ
6ETMHWIXXMRKGIQIRXW{6ETMHWIXXMRKGIQIRXMXMSYW XLIWEZMRKWMRJSVQMRKGSWXW
QEXIVMEPWEVIGLEVEGXIVM^IHF]WLSVXWIXXMRKXMQIW7SQIQE] 7LSXGVIXI GER FIETTPMIHSZIVLIEHMRRSVQEP ETTPMGEXMSRW
I\LMFMX VETMH WXVIRKXL HIZIPSTQIRX [MXL GSQTVIWWMZI ERHQEXIVMEPWGERFIQM\IHERHXVERWTSVXIHWIZIVEPLYRHVIH
WXVIRKXLWMRI\GIWWSJ14ETWM
[MXLMRL8]TI--- JIIXXSXLIRS^^PISTIVEXSVEXTVSNIGXWMXIW[MXLVIWXVMGXIHEGGIWW
TSVXPERHGIQIRXLEWFIIRYWIHJSVXLITEXGLMRKSJGSRGVIXI 1IGLERMGEPIUYMTQIRXMWEPWSEZEMPEFPIJSVVIQSXITPEGIQIRX
JSV EPSRKXMQI ERH LEWFIIRQSVI [MHIP]YWIHXLERQSWX SJWLSXGVIXI*SVWLSXGVIXIHV]QM\VIJIVXS%'-6
SXLIV QEXIVMEPW MR JYPPHITXL WIGXMSRW 8VERWTSVXEXMSR F
0MQMXEXMSRW{8LIWYGGIWWJYPETTPMGEXMSRSJWLSXGVIXIMW
6IWIEVGL&SEVH
HITIRHIRXSRXLIXVEMRMRKWOMPPERHI\TIVMIRGISJXLIRS^^PI
E
%HZERXEKIW{6ETMHWIXXMRKGIQIRXWTVSZMHIEGGIPIVEXIH STIVEXSV8LIRS^^PISTIVEXSVWLSYPHHIQSRWXVEXILMWSVLIV
WXVIRKXLHIZIPSTQIRXXLEXEPPS[WXLIVITEMVXSFITPEGIHMRXS WOMPPF]TPEGMRKEXIWXTERIPXLEXVIJPIGXWXLIWMXIGSRHMXMSRW
'32'6)8)6)4%-6+9-() 6
8LIRS^^PISTIVEXSVvWTIVJSVQERGIWLSYPHFIIZEPYEXIHERH 8LIGVMXIVMEERHTVEGXMGIWRIGIWWEV]XSIRWYVIXLEXI\TERWMSR
ETTVSZIHFIJSVILISVWLIMWEPPS[IHSRXLINSF8LIRS^^PI SGGYVWEXXLIXMQIERHMRXLIEQSYRXVIUYMVIHEVIKMZIRMR
STIVEXSVWLSYPHFI%'-GIVXMJMIHEWERS^^PISTIVEXSV %'- 0S[ GYVMRK XIQTIVEXYVIW GER VIHYGI I\TERWMSR
(YWX ERH VIFSYRH VIUYMVI WTIGMEP EXXIRXMSR MR MRHSSV 7TIGMEPGPIERMRKSJXVERWMXQM\IVHVYQWQE]FIVIUYMVIHXS
ETTPMGEXMSRW TVIZIRXGSRXEQMREXMSR
G
%TTPMGEXMSRW{7LSXGVIXILEWFIIRYWIHXSVITEMVHIXI 4VSZMWMSRWWLSYPHFIQEHIXSEPPS[JSVMRMXMEPI\TERWMSRSJ
VMSVEXIHGSRGVIXIFVMHKIWFYMPHMRKWTEVOMRKWXVYGXYVIW PSGO XLIQEXIVMEP XSTVSZMHITSWMXMZIWXVEMR SRXLI MRXIVREP WXIIP
[EPPW HEQW ERH XYRRIPW 8LI TIVJSVQERGI SJ WLSXGVIXI VIWXVEMRX'SRWIUYIRXP]WLVMROEKIGSQTIRWEXMRKGSRGVIXIMW
VITEMV LEW KIRIVEPP] FIIR KSSH LS[IZIV XLIVI EVI WSQI RSX IJJIGXMZI MR FSRHIH SZIVPE]W SR TSVXPERHGIQIRX
MRWXERGIW SJ TSSV TIVJSVQERGI 1ENSV GEYWIW SJ TSSV GSRGVIXI FIGEYWI XLI WYFWXVEXI TVSZMHIW XSSQYGL I\XIVREP
TIVJSVQERGIEVIMREHIUYEXITVITEVEXMSRSJXLISPHWYVJEGI VIWXVEMRX 8LI TSXIRXMEP JSV XLI JSVGIW GVIEXIH HYVMRK XLI
TSSV [SVOQERWLMT ERH RSX EGGSYRXMRK JSV XLI VIPEXMZIP] I\TERWMSR TVSGIWW GSYPH TYWL SYX [EPPW SV JEMP XLI JSVQW
MQTIVQIEFPI REXYVI SJ WLSXGVIXI 8LIVI LEZI FIIR WSQI EPSRKXLITIVMQIXIVSJXLITSYVW
VITEMV JEMPYVIW [LIVI WLSXGVIXI [EW YWIH XS VIWYVJEGI SPH G
%TTPMGEXMSRW{7LVMROEKIGSQTIRWEXMRK GSRGVIXI
L]HVEYPMG WXVYGXYVIW 8LI VIPEXMZIP] MQTIVQIEFPI WLSXGVIXI QMRMQM^IW GVEGOMRK GEYWIH F] HV]MRK WLVMROEKI MR GSRGVIXI
XVETW QSMWXYVI QMKVEXMRK XLVSYKL XLI GSRGVIXI WYFWXVEXI WPEFW TEZIQIRXW FVMHKI HIGOW ERH WXVYGXYVIW %HHMXMSREPP]
GEYWMRK XLI RSREMVIRXVEMRIH GSRGVIXI RIEV XLI VITEMV WLVMROEKIGSQTIRWEXMRKGERVIHYGI[EVTMRKXIRHIRGMIW[LIVI
MRXIVJEGIXSFIGSQIGVMXMGEPP]WEXYVEXIH7YFWIUYIRXG]GPIW GSRGVIXI MW I\TSWIH XS WMRKPI JEGI HV]MRK ERH GEVFSREXMSR
SJJVII^MRKERHXLE[MRKVIWYPXIHMRJEMPYVISJXLIVITEMV97 WLVMROEKI
%VQ]'SVTWSJ)RKMRIIVW
7EXMWJEGXSV]WLSXGVIXIVITEMVMW H
7XERHEVHW{%781 ' TVSZMHIW WXERHEVHW JSV
GSRXMRKIRXYTSRTVSTIVWYVJEGIXVIEXQIRXSJSPHWYVJEGIWXS I\TERWMZI L]HVEYPMG GIQIRXERHPMQMXWMRGPYHMRK WXVIRKXL
[LMGL XLI WLSXGVIXI MW FIMRK ETTPMIH ERH XLI WOMPP SJ XLI WIXXMRK XMQI ERH I\TERWMSR SJ XLI GIQIRX 1SVXEV ERH
RS^^PISTIVEXSV GSRGVIXI I\TERWMSRW EVI YWYEPP] HIXIVQMRIH MR EGGSVHERGI
H
7XERHEVHW{%'-6ERH%'-TVSZMHIKYMHIW [MXL %781 ' ERH ' VIWTIGXMZIP] %HIUYEG] SJ
ERH WTIGMJMGEXMSRW JSV WLSXGVIXI GSRWXVYGXMSR ERH GIVXMJMGE GSRGVIXIWLSYPHFIGLIGOIHERHYWIHEWSYXPMRIHMR%'-
XMSRVIUYMVIQIRXWJSVXLIRS^^PISTIVEXSV 7MPMGEJYQIGSRGVIXI{7MPMGEJYQIEF]TVSHYGXMR
XLI QERYJEGXYVI SJ WMPMGSR ERH JIVVSWMPMGSR EPPS]W MW ER
IJJMGMIRX TS^^SPERMG QEXIVMEP %HHMRK WMPMGE JYQI ERH E
,6;6% XS E GSRGVIXI QM\XYVI WMKRMJMGERXP] MRGVIEWIW
I\TERWMZIGIQIRX GSRGVIXIXLEX GSQTVIWWMZI WXVIRKXL HIGVIEWIW TIVQIEFMPMX] ERH XLYW
QMRMQM^IW GVEGOMRK GEYWIH F] HV]MRK WLVMROEKI 8LI FEWMG MQTVSZIW HYVEFMPMX] %'- 6
7MPMGE JYQI MW RSVQEPP]
QEXIVMEPWERHQIXLSHWEVIWMQMPEVXSXLSWIRIGIWWEV]XSTVSHYGI EHHIH XS GSRGVIXI MR UYERXMXMIW SJ XS F] QEWW SJ
LMKLUYEPMX] 4'' 'SRWIUYIRXP] XLI GLEVEGXIVMWXMGW SJ GIQIRX'SQTVIWWMZIWXVIRKXLWSJXS14EXS
WLVMROEKIGSQTIRWEXMRK GSRGVIXI EVI MR QSWX VIWTIGXW TWM
GERFIEXXEMRIH[MXLWMPMGEJYQIGSRGVIXI
WMQMPEV XS XLSWI SJ TSVXPERHGIQIRX GSRGVIXI 4VSTVMIXEV] E
%HZERXEKIW{8LI MRMXMEP GSQQIVGMEP MRXIVIWX MR WMPMGE
TVITEGOEKIHQSVXEVXLEXYWIWWSQIJSVQSJWLVMROEKIGSQTIR JYQI [EW JSV MRGVIEWIH GLIQMGEP VIWMWXERGI SJ GSRGVIXI
WEXMRKGIQIRXXSGSYRXIVTSXIRXMEPWLVMROEKIMWEZEMPEFPIERH LS[IZIVMXMWFIMRKEHHIHXSGSRGVIXIXSHE]XSMRGVIEWIHIRWMX]
LEW FIIR YWIH WYGGIWWJYPP] JSV ]IEVW *SV HIJMRMXMSRW SJ ERHWXVIRKXLERHMRWSQIGEWIWEWEGIQIRXVITPEGIQIRXSV
I\TERWMZIGIQIRXGIQIRXX]TIW/1ERH7VIJIVXS%'- TVSTIVX]IRLERGMRKQEXIVMEPXSMQTVSZIUYEPMX]ERHTIVJSV
E
%HZERXEKIW{;LIR TVSTIVP] VIWXVEMRIH F] VIMRJSVGI QERGIMRE[MHIVERKISJETTPMGEXMSRW
QIRXSVI\XIVREPVIWXVEMRXWLVMROEKIGSQTIRWEXMRKGSRGVIXI
XVMIWXSI\TERHEREQSYRXIUYEPXSSVWPMKLXP]KVIEXIVXLERXLI
ERXMGMTEXIH HV]MRK WLVMROEKI FYX FIGEYWI I\TERWMSR MW
PMQMXIH F] VIWXVEMRX VIMRJSVGIQIRX SV FSXL XLI GSRGVIXI IVMRK SJ WMPMGE JYQI QSHMJMIH
MRMXMEPP] HIZIPSTW GSQTVIWWMZI WXVIWWIW 7YFWIUYIRX HV]MRK GSRGVIXIWLSYPHFIHSRI[MXLE,6;6%VEXLIVXLER[MXL[EXIV
WLVMROEKI VIHYGIW XLIWI I\TERWMZI WXVEMRW GSQTVIWWMZI F
0MQMXEXMSRW{8]TMGEPP]EWWMPMGEJYQIHSWEKIMRGVIEWIW
WXVIWWIWSVFSXLFYXMHIEPP]EVIWMHYEPI\TERWMSRVIQEMRWMR XLIGSRGVIXIFIGSQIWQSVIGSLIWMZIMWQSVIWYWGITXMFPIXS
XLI GSRGVIXI XLIVIF] VIHYGMRK WLVMROEKI GVEGOMRK 8LI TPEWXMGWLVMROEKIGVEGOMRKERHEHHWWMKRMJMGERXGSWXXSXLI
NSMRXWYWIHXSGSRXVSPWLVMROEKIGVEGOMRKGERFIVIHYGIHSV VITEMVQEXIVMEP4PEGMRKERHJMRMWLMRKGVI[WLS[IZIVLEZI
IPMQMREXIHEPSRK[MXLXLIRSVQEPTVSZMWMSRWJSV[EXIVWXSTW FIIR EFPI XS SZIVGSQI XLIWI HMJJIVIRGIW [MXLSYX ER]
ERHPSEHXVERWJIVQIGLERMWQW;LIVIE[EXIVXMKLXGSRHMXMSR WMKRMJMGERXHMJJMGYPXMIW,SPPERH
7MPMGEJYQIGSRGVIXI
MW IWWIRXMEP LS[IZIV XLI IPMQMREXMSR SJ [EXIVWXSTW MW RSX LEW PMXXPI SV RS FPIIH [EXIV [LMGL QEOIW MX HMJJMGYPX XS
VIGSQQIRHIH TVSZMHIEWXIIPXVS[IPJMRMWL
F
0MQMXEXMSRW{%PXLSYKLMXWGLEVEGXIVMWXMGWEVIWMQMPEVXS 8LIQMRMQYQGYVMRKXIQTIVEXYVIWLSYPHFI'*
XLSWISJTSVXPERHGIQIRXGSRGVIXIXLIQEXIVMEPWWIPIGXMSRSJ %PWS[IXGYVMRKWLSYPHWXEVXMQQIHMEXIP]JSVEVIGSQQIRHIH
TVSTSVXMSRW TPEGIQIRX ERH GYVMRK WLSYPH FI WYGL XLEX QMRMQYQSJHE]W
WYJJMGMIRX I\TERWMSR GSQTVIWWMZI WXVIWWIW SV FSXL EVI G
%TTPMGEXMSRW{8LI JMVWX QENSV ETTPMGEXMSRW SJ
SFXEMRIH XS GSQTIRWEXI JSV WYFWIUYIRX HV]MRK WLVMROEKI WMPMGEJYQIGSRGVIXIMRXLI9RMXIH7XEXIW[IVIJSVVITEMVSJ
6 %'-'311-88))6)4368
L]HVEYPMG WXVYGXYVIW WYFNIGXIH XS EFVEWMSRIVSWMSR HEQEKI 1M\XYVI TVSTSVXMSRW HITIRH SR XLI WTIGMJMG ETTPMGEXMSR
,SPPERH ERH +YXWGLS[
8LI LMKL WXVIRKXL SJ ERHXLIX]TISJTSP]QIVYWIHMRXLI4''4SP]QIVPIZIPWSJ
WMPMGEJYQI GSRGVIXI ERH XLI VIWYPXMRK EFVEWMSRIVSWMSR XS TSP]QIVWSPMHWF]QEWWSJGIQIRXEVIVIUYMVIHJSV
VIWMWXERGISJJIVERIGSRSQMGEPWSPYXMSRXSEFVEWMSRIVSWMSR QSWX HIWMVIH ETTPMGEXMSRW 8]TMGEP [G JSV [SVOEFPI 4''
TVSFPIQW TEVXMGYPEVP] MR EVIEW [LIVI PSGEPP] EZEMPEFPI QM\XYVIWYWIHJSVVITEMVVERKIJVSQXSJSVQM\XYVIW
EKKVIKEXIQE]SXLIV[MWIVIWYPXMRYREGGITXEFPIGSRGVIXIJSV GSRXEMRMRKPEXI\IWERHXSJSVQM\XYVIWGSRXEMRMRK
EFVEWMSRIVSWMSRVIWMWXERGI ITS\MIW%'-6
7MPMGEJYQIGSRGVIXILEWFIIRYWIHI\XIRWMZIP]MRSZIVPE]W E
%HZERXEKIW{4'' SZIVPE]W LEZI I\LMFMXIH I\GIPPIRX
SRTEVOMRKWXVYGXYVIWERHFVMHKIHIGOWXSVIHYGIXLIMRXVYWMSR PSRKXIVQ TIVJSVQERGI 4VSTIVP] MRWXEPPIH SZIVPE]W EVI
SJGLPSVMHIMSRWMRXSXLIGSRGVIXI LMKLP] VIWMWXERX XS JVII^MRKERHXLE[MRKHEQEKI ERH XLI]
H
7XERHEVHW{%781'MWXLIWTIGMJMGEXMSRGSZIVMRK I\LMFMX QMRMQEP FSRH JEMPYVI EJXIV QER] ]IEVW SJ WIVZMGI
WMPMGEJYQI 01' SZIVPE]W MRWXEPPIH SR WIZIVIP] HIXIVMSVEXIH FVMHKI
HIGOWEJXIVTVSTIVWYVJEGITVITEVEXMSRGSRXMRYIXSTIVJSVQ
{4SP]QIVQEXIVMEPW QER] ]IEVW EJXIVMRWXEPPEXMSR6ITSVXW SJ WEXMWJEGXSV]PSRK
8LIMQTVSZIQIRX SJ TVSTIVXMIW SJLEVHIRIH GSRGVIXIF] XIVQTIVJSVQERGISRWXVYGXYVIWSJZEVMEFPIMRMXMEPGSRHMXMSR
XLIEHHMXMSRSJTSP]QIVWMW[IPPHSGYQIRXIH%FMFPMSKVETL] ERHLEVWLMRWIVZMGII\TSWYVIEVIGSQQSR:MVKMRME
SJ QENSV VIJIVIRGIW GSZIVMRK TSP]QIVW MR GSRGVIXI ERH E 1M\MRKSJ4''WLSYPHFIHSRIMREGSRGVIXIQSFMPIQM\IV
KPSWWEV] SJ XIVQW EVI MRGPYHIH MR %'- 6 8LMW KYMHI ,ERHPMRK TPEGMRK ERH JMRMWLMRK SJ 4'' MW PMQMXIH XS PIWW
TVIWIRXWMRJSVQEXMSRSRZEVMSYWX]TIWSJTSP]QIVQEXIVMEPW XLERQMR8SEGLMIZITVSTIVGYVMRK4''VIUYMVIWSRIHE]
ERHXLIMVWXSVEKILERHPMRKERHYWIEW[IPPEWSRGSRGVIXI XSX[SHE]WSJQSMWXGYVMRKJSPPS[IHF]EMVHV]MRK8LI4''
JSVQYPEXMSRWIUYMTQIRXXSFIYWIHGSRWXVYGXMSRTVSGIHYVIW MWTPEGIHMRWIVZMGI[LIRMXLEWHIZIPSTIHWYJJMGMIRXWXVIRKXL
ERHETTPMGEXMSRW [LMGLMWHITIRHIRXYTSRXLIL]HVEXMSRSJXLIGIQIRX
8[S FEWMG X]TIW SJ GSRGVIXI QEXIVMEPW YWI TSP]QIVW XS %REHZERXEKISJ4''MWMXWKSSH[SVOEFMPMX]ERHIEWISJ
JSVQ GSQTSWMXIW TSP]QIVGIQIRX GSRGVIXI 4''
ERH ETTPMGEXMSR[LIRGSQTEVIHXSWMQMPEVW]WXIQW
TSP]QIVGSRGVIXI4'
8LIFSRHMRKGLEVEGXIVMWXMGWSJ4''EVII\GIPPIRX/YLP
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WLS[XLMWVITEMVQIXLSH
8LIWXVYGXYVIWLSYPHFIWLSVIHERHNEGOIHMJMXMWHIWMVIH
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JSVGIQIRX VIWMWXW XLI SVMKMREP HIEH PSEH %X ]MIPH WXVIWW
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MRXIVMSVVIMRJSVGIQIRXFSRHIHMRXSTVIHVMPPIHLSPI MRWXEPPIH [MXLMR XLI ERRYPEV WTEGI FIX[IIR XLI HS[IP ERH
WMHIWSJXLITVIHVMPPIHLSPI'VIITWLIEVWXVIWWXIRWMPIFSRH
WXVIRKXL ERH SXLIV PSRKXIVQ GLERKIW SJ WYGL VIWMRW ERH
KVSYXWWLSYPHFIGSRWMHIVIH[LIRWIPIGXMRKXLIQEXIVMEPW-R
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WXVIRKXLWLSYPHFIGSRWMHIVIH[LIRWM^MRKXLILSPIHMEQIXIV
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8LIHS[IPWQE]FIHIJSVQIHVIMRJSVGIQIRXWQSSXLSV
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GSEXMRKSJ
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MRXSTVI[IXXIHGVEGOWXLIRIZEPYEXMRKXLIGSVIHWEQTPISJ IQFIHHIH VIMRJSVGMRK FEVW SV GSRHYMXW HYVMRK XLI HVMPPMRK
XLIGYVIHITS\]MRNIGXIHMRXSXLIGVEGO STIVEXMSR WLSYPH FI EZSMHIH 2SRHIWXVYGXMZI XIWXMRK ERH
6ITEMV I\EQTPI{7LVMROEKI GVEGOMRK MR WPEFW SV HIWMKRHVE[MRKWGERFIYWIHXSHIXIVQMRIXLIPSGEXMSRWSJ
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JYPPHITXLWPEFGVEGOW8LIGVEGOMRKQE]HIZIPSTHYIXSXLI QE] RSX TIVQMX HVMPPMRK ERH XLIWI QIQFIVW WLSYPH FI
GSQFMREXMSR SJZSPYQI GLERKIW HYVMRK GSRGVIXI GYVMRK SV WXVIRKXLIRIHF]I\XIVREPXIGLRMUYIW
HYVMRKI\XVIQIXLIVQEPJPYGXYEXMSRW7PEFSV[EPPGVEGOMRK 7TEGIGSRWXVEMRXWJVSQXLISYXWMHISJXLIQIQFIVQE]RSX
X]TMGEPP]MWGEYWIHF]IRHVIWXVEMRXWXLEXHSRSXEPPS[WPEFSV TIVQMXHVMPPMRKLSPIWXVERWZIVWIXSXLIGVEGO
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7XIIPGPEQTWFSPXIHEVSYRHER I\MWXMRKVIMRJSVGIHGSRGVIXI
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7XVERH
8LIWLSXGVIXIFSRHWXLIRI[VIMRJSVGIQIRX
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SV[IPHIH[MVIJEFVMGERHF]ETTP]MRKWLSXGVIXI7XVERH
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QE]FIHIJSVQIHFEVW[IPHIH[MVIJEFVMGWXIIPTPEXIWXIIP IQFIHHIHMRLSPIWHVMPPIHMRXS TIVMQIXIVGSPYQRWERHFIEQW
VSPPIH WIGXMSRW WXIIP WXVETTMRK GSQTSWMXI QEXIVMEPW SV JSV E GSRRIGXMSR FIX[IIR XLI JVEQI QIQFIVW ERH XLI
WTIGMEPP]JEFVMGEXIHFVEGOIXW*SVQIQFIVWHEQEKIHF]SZIV WXVIRKXLIRIHMRJMPPIHWLSXGVIXI[EPP
PSEHIVSWMSREFVEWMSRSVGLIQMGEPEXXEGOXLIHIXIVMSVEXIHSV &IEQW GSPYQRW ERH [EPP WIGXMSRW LEZI VIGIRXP] FIIR
GVEGOIH GSRGVIXI GER FI VIQSZIH ERH RI[ VIMRJSVGIQIRX WXVIRKXLIRIH F] GEVFSR JMFIV '*64 KPEWW JMFIV +*64 SV
MRWXEPPIHEVSYRHERHEHNEGIRXXSXLIVIQEMRMRKGSRGVIXI8LI IUYMZEPIRXGSQTSWMXIQEXIVMEPWMRWXEPPIH[MXLFSRHMRKVIWMR
RI[ VIMRJSVGIQIRX MW IRGEWIH MR GSRZIRXMSREPP] TPEGIH 0EFSVEXSV]XIWXWTIVJSVQIHF] XLIQERYJEGXYVIVW TVSZMHI
GSRGVIXI SV MR WLSXGVIXI ;LIVI XLI I\MWXMRK GSRGVIXIMWMR HIWMKRGVMXIVMEJSVXLIYWISJXLIMVTVSTVMIXEV]W]WXIQW)ZEP
KSSH GSRHMXMSR XLI RI[ VIMRJSVGIQIRX QE] FI FSRHIH YEXMSRSJPSRKXIVQWXVIRKXLMRJMIPHGSRHMXMSRWEVIRSXEZEMP
HMVIGXP]XSXLII\MWXMRKGSRGVIXIWYVJEGIEJXIVTVITEVMRKXLI EFPIMRXLI9RMXIH7XEXIWLS[IZIVXLMWQIXLSH LEW FIIR YWIH
WYVJEGIEWHIWGVMFIHMR'LETXIV)TS\]ERHSXLIVGLIQMGEP JSVWIZIVEP]IEVWMR)YVSTI&ERHMRKERH WXVIRKXLIRMRK [MXL
EHLIWMZIWERHTSVXPERHGIQIRXGSRGVIXIGERFIYWIHXSFSRH GEVFSRSVKPEWWWLIIXWSVWXVMTWERHIUYMZEPIRXGSQTSWMXIQEXI
XLI RI[ VIMRJSVGIQIRX XS XLI WYFWXVEXI SV MX QE] FI VMEPW MW E GSWXIJJIGXMZI WXVIRKXLIRMRK QIXLSH YWIH XS
QIGLERMGEPP]JEWXIRIHXSXLII\MWXMRKGSRGVIXI YTKVEHI WXVYGXYVEP QIQFIVW VIUYMVMRK WIMWQMG GSHI
%HZERXEKIWERHX]TMGEPYWIW{4PEGIQIRXSJI\XIVMSV YTKVEHI QSHMJMGEXMSRW 8LMW QIXLSH MW WYMXEFPI JSV YWI
VIMRJSVGIQIRXQE]FIXLIQSWX GSRZIRMIRXQIXLSHJSVVITEMV [LIVI WIVZMGI PSEHW LEZI FIIR MRGVIEWIH EW PSRK EW
ERHWXVIRKXLIRMRK[LIVISFWXVYGXMSRWPMQMXEGGIWWSJIUYMTQIRX HYGXMPMX] MW GSRWMHIVIH EPSRK [MXL TVSTIV TVSZMWMSRW JSV
RIIHIH JSV TPEGIQIRX SJ MRXIVMSV VIMRJSVGIQIRX -J WYVJEGI JMVITVSSJMRKERH[EXIVTVSSJMRK
VITEMV ERH TPEGIQIRX SJ WYVJEGI ITS\] QSVXEV TPEWXIV SV 0MQMXEXMSRW{&IGEYWIXLIWXMJJRIWWSJQSWXVITEMVIH
WLSXGVIXIMWVIUYMVIHJSVGSRGVIXIVILEFMPMXEXMSRTPEGIQIRXSJ QIQFIVWMWMRGVIEWIH[LIRTPEXIWSVGSRGVIXIIRGEWIQIRXMW
I\XIVREP VIMRJSVGIQIRX JSV WXVIRKXLIRMRK QE] FI EGGSQ YWIHPSEHHMWXVMFYXMSRMRXLI WXVYGXYVIMWEPXIVIHERHWLSYPH
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FIEQWERH KMVHIVW QE] FI TVSZMHIH F] FSRHMRK HIJSVQIH VITEMVIH ERH YRVITEMVIH QIQFIVW MRGPYHMRK JSYRHEXMSRW
VIMRJSVGMRKFEVWSVTPEXIWXS XLIWYVJEGISJGSRGVIXIKMVHIVW WLSYPHFIGLIGOIHJSVWIVZMGIPSEHGSRHMXMSRW7XVIRKXLIRMRK
[MXLWLSXGVIXIGEWXMRTPEGI GSRGVIXISVITS\]ERHTSP]QIV [MXL GSQTSWMXI QEXIVMEPW QE] TVSZMHI XLI RIGIWWEV]
GSRGVIXI /ENJEW^ 8SIQWQI]IV ,SPQER ERH WXVIRKXLIRMRKFYXFIGEYWISJXLIIPEWXMGFILEZMSVSJ*64W
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7XIIPTPEXIWGERFIEXXEGLIHXSI\MWXMRKKMVHIVWYWMRKFSPXW )\XIVREP VIMRJSVGIQIRX EP[E]W SGGYTMIW WTEGI XLEX [EW
EWMPPYWXVEXIHMR*MK9WMRKEWXVYGXYVEPEHLIWMZIVIUYMVIW EZEMPEFPIJSVSXLIVYWIWFIJSVIXLIVITEMV
EHIUYEXI WYVJEGI TVITEVEXMSR SJ FSXL XLI WXIIP ERH XLI 7YVJEGITVITEVEXMSRSJFSXLWXIIPERHGSRGVIXIMWGVMXMGEPMJ
GSRGVIXIERHWIPIGXMSRSJXLI ETTVSTVMEXIEHLIWMZIXSFSRH FSRHMRKMWVIUYMVIHJSVGSQTSWMXIEGXMSR'LETXIVTVIWIRXW
WXIIP XS GSRGVIXI 7ERHFPEWXMRK SJ FSXL XLI WXIIP TPEXI ERH WYVJEGITVITEVEXMSRXIGLRMUYIW
GSRGVIXI WYVJEGI MW XLI FIWX QIXLSH SJ TVITEVEXMSR FYX 'EVIJYP GSRWMHIVEXMSR WLSYPH FI I\IVGMWIH [LIR YWMRK
WYVJEGI GPIERMRK [MXL QIGLERMGEP QIERW SV LMKLTVIWWYVI WXVYGXYVEPEHLIWMZIWIWTIGMEPP]ITS\]HYIXSXLIMVWSJXIRMRK
[EXIVFPEWXMRKQE]FIEHIUYEXIJSVQER]GEWIW ERH PSWW SJ WXVIRKXL EX IPIZEXIH XIQTIVEXYVIW RIEV XS ERH
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MR *MKMWIJJIGXMZIMR MRGVIEWMRKWLIEVVIWMWXERGI0YRSI EW'*
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ERH;MPPMW/ELR
8LIXSQQXSMR
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IRZMVSRQIRXW[LIVIEHHIHTVSXIGXMSRJVSQ[IEXLIVMRKEFVE
WMSRERHGLIQMGEPTSPPYXMSRMWHIWMVIH'SPPEVWEVIIJJIGXMZIMR
TVSZMHMRKRI[GETMXEPWSRI\MWXMRKGSPYQRWJSVWYTTSVXMRKWPEF
JPSSVW /PIMR ERH +SY[IRW
8LI GSPPEV TVSZMHIW
MRGVIEWIHWLIEVGETEGMX]JSVXLIWPEFERHMXHIGVIEWIWXLIIJJIG
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WXVIRKXLIRWIGXMSR GSRWXVEMRXWFIXXIVXLERNEGOIXMRKXLIGSPYQRJSVMXWJYPPLIMKLX
0MQMXEXMSRW{&SXLNEGOIXWERHGSPPEVWVIUYMVIXLEXEPP
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TMIVERHX]TMGEPP]EVIYWIHXSTVSZMHIMRGVIEWIHWYTTSVXXS
VIMRJSVGIQIRXGPIERIHERHWYVJEGIWTVITEVIH8LMWTVITEVE
XLIWPEFSVFIEQEXXLIXSTSJXLIGSPYQR*MK
XMSRMWVIUYMVIHWSXLEXXLIRI[P]TPEGIHQEXIVMEPWFSRH[MXL
8LIJSVQJSVXLINEGOIXQE]FIXIQTSVEV]SVTIVQERIRX
XLII\MWXMRKWXVYGXYVI&IGEYWINEGOIXWEVISJXIRYRHIV[EXIV
ERH QE] GSRWMWX SJ XMQFIV GSVVYKEXIH QIXEP TVIGEWX
GSRGVIXIVYFFIVJMFIVKPEWWSVWTIGMEPJEFVMGHITIRHMRKSR WYGLTVITEVEXMSRMWI\TIRWMZIERHHMJJMGYPX2IZIVXLIPIWWXLI
XLITYVTSWIERHI\TSWYVI8LINEGOIXJSVQMWTPEGIHEVSYRH ETTPMGEFMPMX]SJNEGOIXWERHGSPPEVWMW[MHIWTVIEHERHMWGSWX
XLIWIGXMSRXSFIVITEMVIHGVIEXMRKERERRYPEVZSMHFIX[IIR IJJIGXMZIIWTIGMEPP]MJXLIEPXIVREXMZIMWVITPEGIQIRXSJXLI
XLINEGOIXERHXLIWYVJEGISJXLII\MWXMRKQIQFIV8LIJSVQ WXVYGXYVIWYTTSVXIHF]XLIHIXIVMSVEXIHQIQFIV*SVYRHIV
WLSYPHFITVSZMHIH[MXLWTEGIVWXSIRWYVI IUYEPGPIEVERGI [EXIVGSRHMXMSRWETPEWXMGWLIPPQE]FIETTPMIHEXXLIWTPEWL
FIX[IIRMXERHXLII\MWXMRKQIQFIV ^SRIXSLIPTQMRMQM^IEFVEWMSR
.EGOIXW ERH GSPPEVW SGGYT] WTEGI XLEX [EW EZEMPEFPI JSV
SXLIVYWIWFIJSVIVITEMV
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HIGMWMSRXSYWITIVQERIRXSV XIQTSVEV]JSVQWEVIMQTSVXERX
%HZERXEKIERHX]TMGEPYWIW{.EGOIXMRKMWTEVXMGYPEVP] HIXEMPWMRNEGOIXMRK8MQFIVSV GEVHFSEVHJSVQWQE]FIYWIH
ETTPMGEFPI MR XLI VITEMV SJ HIXIVMSVEXIH GSPYQRW TMIVW ERH EWXIQTSVEV]SVTIVQERIRXJSVQW'SVVYKEXIHWXIIPJSVQWEVI
TMPMRK [LIVIEPP SV E TSVXMSR SJ XLIWIGXMSR XS FI VITEMVIHMW IEW]XSEWWIQFPIERHEVIEHIUYEXIXIQTSVEV]SVTIVQERIRX
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WXIIPERHXMQFIVWIGXMSRWEKEMRWXJYVXLIVHIXIVMSVEXMSRERHJSV KEMRIH[MHIEGGITXERGIERHWSQIQE]TVSZMHIVIWMWXERGIXS
WXVIRKXLIRMRK 4IVQERIRX JSVQW EVI EHZERXEKISYW MR QEVMRI GLIQMGEPEXXEGOEJXIVXLIVITEMVMWGSQTPIXI
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8LI WYTTPIQIRXEP QIQFIVW EVI X]TMGEPP] TPEGIH FIPS[ XLI
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GERFIYWIHMJRSRISJXLI SXLIVWXVIRKXLIRMRKXIGLRMUYIWMW
EHIUYEXI JSV VITEMV SV MJ XLI WXVYGXYVEP GSRJMKYVEXMSR
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MRWXEPPIHXSWYTTSVXWIVMSYWP]GVEGOIHERHHIJPIGXIHJPI\YVEP
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XLIQSWXIGSRSQMGEPEPXIVREXMZI
0MQMXEXMSRW{-RWXEPPMRKRI[GSPYQRWSVFIEQWQE]
VIWXVMGXWTEGI[MXLMRXLIVITEMVIHGSPYQRFE]%RI[GSPYQR
SFWXVYGXW TEWWEKI ERH RI[ FIEQW VIHYGI LIEH VSSQ
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ERHHMWXVEGXMRK8LIYWISJGVSWWFVEGMRKMRJMPPIH[EPPWSV
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FI RIGIWWEV] MJXLI SVMKMREPWXVYGXYVIHSIWRSXTVSZMHIXLI
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8LIWYTTPIQIRXEPQIQFIVWQE]GEYWIEVIHMWXVMFYXMSRSJ
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RI[ QIQFIVW WLSYPH FI XMKLXP] WLMQQIH [IHKIH SV
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QIQFIVW'EVIWLSYPHFIXEOIR RSXXSPMJXI\MWXMRKWXVYGXYVEP GSRHSQMRMYQWYJJIVIHWIZIVIWLIEVERHJPI\YVEPGVEGOMRKMR
QIQFIVWXSEZSMHPSEHVIHMWXVMFYXMSRSZIVWXVIWWSJFIEQWSV XLIWIGSRHWXSV]KMVHIVW8LIKMVHIVWWYTTSVXIHEPSFF]EVIE
EHNEGIRXWYTTSVXQIQFIVW SZIVETEVOMRKPIZIP&IGEYWITEVOMRKEGGIWW[SYPHRSXFI
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XLIRI[TSWXWYTTSVXWEFIEQ[IEOMRJPI\YVEP EHZIVWIP]EJJIGXIHWXIIPGSPYQRW[IVIWLMQQIHMRXSTSWM
GETEGMX] 8LI RI[ TSWX VIUYMVIW EHIUYEXI JSYRHEXMSR XMSRFIRIEXLQER]KMVHIVW7QEPPVIMRJSVGIHGSRGVIXIWTVIEH
WYTTSVX 8LI WMRKPI WTER LEW FIGSQI GSRXMRYSYW WS XLEX JSSXMRKW[IVIPSGEXIHFIRIEXLXLIRI[GSPYQRW
RIKEXMZI ERHTSWMXMZI QSQIRXVIKMSRWQE] FIVIZIVWIH-J
GVEGOMRK SGGYVW MR XLI RI[ RIKEXMZI QSQIRX VIKMSR MXW {6ITEMVSJGSRGVIXIGSPYQRW
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VIWMWXERGIERHVIHYGIXLIIJJIGXMZIWTERSJXLII\MWXMRKFIEQ GSPYQRWF]XLIMVREXYVIEVIHIWMKRIHXSGEVV]ZIVXMGEPERH
3JXIRWYGLTSWXWEHHIHEHNEGIRXXSXLII\MWXMRKGSPYQREVI WSQIXMQIW PEXIVEP PSEHW ERH QSQIRXMRHYGIH PSEHW
QSVIIGSRSQMGEPXLERGSPPEVW8LITSWXQE]FITSWMXMSRIH 7TIGMJMGEPP]XLIHIEHPSEH[IMKLXSJXLIWXVYGXYVITPYWXLI
IGGIRXVMGEPP] SR ER I\MWXMRK JSSXMRK XLEX WLSYPH XLIR FI PMZIPSEHWWLSYPHFIXEOIRMRXSGSRWMHIVEXMSR
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