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1MPER1SRXVIEP2I[(IPLM7ERXMEKS7ISYP7MRKETSVI7]HRI]8EMTIM8SVSRXS

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QIGLERMGEPI\IVGMWIMXMWGPSWIP]MRXIV[SZIR[MXLGVMXMGEPXLMROMRK-JXLIWXVYG
XYVISJ]SYVWTIIGLMWHMWNSMRXIHERHGSRJYWIHSHHWEVIXLEX]SYVXLMROMRKMW
EPWSHMWNSMRXIHERHGSRJYWIH-JSRXLISXLIVLERHXLIWXVYGXYVIMWGPIEVERH
GSLIWMZIXLIVIMWEKSSHGLERGI]SYVXLMROMRKMWXSS3VKERM^MRKEWTIIGLMW
RSXNYWXEQEXXIVSJEVVERKMRKXLIMHIEW]SYEPVIEH]LEZI6EXLIVMXMWERMQTSV
XERXTEVXSJWLETMRKXLIMHIEWXLIQWIPZIW

;LEXMWXVYISJSVKERM^EXMSRMWXVYISJQER]EWTIGXWSJTYFPMGWTIEOMRK8LI
WOMPPW ]SY PIEVR MR ]SYV WTIIGL GPEWW GER LIPT ]SY FIGSQI E QSVI IJJIGXMZI
XLMROIVMRERYQFIV SJ[E]W %W]SY [SVOSRI\TVIWWMRK]SYVMHIEWMRGPIEV
EGGYVEXI PERKYEKI ]SY [MPP IRLERGI ]SYV EFMPMX] XS XLMRO GPIEVP] ERH EGGY
VEXIP]%W]SYWXYH]XLIVSPISJIZMHIRGIERHVIEWSRMRKMRWTIIGLQEOMRK]SY
[MPPWIILS[XLI]GERFIYWIHMRSXLIVJSVQWSJGSQQYRMGEXMSREW[IPP%W]SY
PIEVRXSPMWXIRGVMXMGEPP]XSWTIIGLIWMRGPEWW]SY[MPPFIFIXXIVEFPIXSEWWIWWXLI
MHIEWSJWTIEOIVW ERH[VMXIVW MREZEVMIX]SJWMXYEXMSRW

8SVIXYVRXSXLII\EQTPIWEXXLIFIKMRRMRKSJXLMWWIGXMSR
8LIKY]EXXLITEVX]PEWXRMKLXh[SYPH[IPPLSRIHGVMXMGEPXLMROMRKWOMPPWLIPT]SYJMRH
XLILSPIWMRLMWEVKYQIRX#
8LIXIVQTETIVh[SYPHFIXXIVSVKERM^EXMSRERHEGPIEVSYXPMRILIPTTYPPMXXSKIXLIV#
4SPMXMGEPWTIIGLIWhSRGI]SYKIXTEWXXLIWPSKERWEVIXLIGERHMHEXIWHVE[MRKZEPMH
GSRGPYWMSRWJVSQWSYRHIZMHIRGI#


-J]SYXEOIJYPPEHZERXEKISJ]SYVWTIIGLGPEWW]SY[MPPFIEFPIXSIRLERGI
]SYVWOMPPWEWEGVMXMGEPXLMROIVMRQER]GMVGYQWXERGIW8LMWMWSRIVIEWSRTYF
PMG WTIEOMRK LEW FIIR VIKEVHIH EW E ZMXEP TEVX SJ IHYGEXMSR WMRGI XLI HE]W SJ
ERGMIRX+VIIGI

8LI7TIIGL'SQQYRMGEXMSR4VSGIWW

%W]SYFIKMR]SYVJMVWXWTIIGLIW]SYQE]JMRHMXLIPTJYPXSYRHIVWXERH[LEX
KSIW SR [LIR SRI TIVWSR XEPOW XS ERSXLIV 6IKEVHPIWW SJ XLI OMRH SJ WTIIGL
GSQQYRMGEXMSR MRZSPZIH XLIVI EVI WIZIR IPIQIRXWhWTIEOIV QIWWEKI GLER
RIPPMWXIRIVJIIHFEGOMRXIVJIVIRGIERHWMXYEXMSR,IVI[IWLEPPJSGYWSRLS[
XLIWIIPIQIRXWMRXIVEGX[LIRETYFPMGWTIEOIVEHHVIWWIWEREYHMIRGI

74)%/)6
7TIIGLGSQQYRMGEXMSRFIKMRW[MXLEWTIEOIV-J]SYTMGOYTXLIXIPITLSRIERH WTIEOIV
GEPPEJVMIRH]SYEVIEGXMRKEWEWTIEOIV 3JGSYVWI]SY[MPPEPWSEGXEWEPMW 8LITIVWSR[LSMWTVIWIRXMRK
XIRIV[LIR]SYVJVMIRHMWXEPOMRK -RTYFPMGWTIEOMRK]SY[MPPYWYEPP]TVIWIRX ERSVEPQIWWEKIXSEPMWXIRIV
]SYVIRXMVIWTIIGL[MXLSYXMRXIVVYTXMSR

=SYV WYGGIWW EW E WTIEOIV HITIRHW SR ]SYhSR ]SYV TIVWSREP GVIHMFMPMX]
]SYVORS[PIHKISJXLIWYFNIGX]SYVTVITEVEXMSRSJXLIWTIIGL]SYVQERRIVSJ
WTIEOMRK ]SYV WIRWMXMZMX] XS XLI EYHMIRGI ERH XLI SGGEWMSR &YX WYGGIWWJYP
WTIEOMRKEPWSVIUYMVIWIRXLYWMEWQ=SYGERtXI\TIGXTISTPIXSFIMRXIVIWXIHMR
[LEX]SYWE]YRPIWW]SYEVIMRXIVIWXIH]SYVWIPJ-J]SYEVIXVYP]I\GMXIHEFSYX


8LI7TIIGL'SQQYRMGEXMSR4VSGIWW



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKMR4YFPMG

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

]SYVWYFNIGX]SYVEYHMIRGIMWEPQSWXWYVIXSKIXI\GMXIHEPSRK[MXL]SY=SY
GERPIEVREPPXLIXIGLRMUYIWSJIJJIGXMZIWTIIGLQEOMRKFYXFIJSVIXLI]GERFI
SJ QYGL YWI ]SY QYWX JMVWX LEZI WSQIXLMRK XS WE]hWSQIXLMRK XLEX WTEVOW
]SYVS[RIRXLYWMEWQ

1)77%+)
QIWWEKI
;LEXIZIVEWTIEOIV
GSQQYRMGEXIWXSWSQISRIIPWI

8LIQIWWEKIMW[LEXIZIVEWTIEOIVGSQQYRMGEXIWXSWSQISRIIPWI-J]SYEVI
GEPPMRK E JVMIRH ]SY QMKLX WE] q-tPP FI E PMXXPI PEXI TMGOMRK ]SY YT XSRMKLXr
8LEX MW XLI QIWWEKI &YX MX QE] RSX FI XLI SRP] QIWWEKI 4IVLETW XLIVI MW E
GIVXEMRXSRIMR]SYVZSMGIXLEXWYKKIWXWVIPYGXERGILIWMXEXMSR8LIYRHIVP]MRK
QIWWEKIQMKLXFIq-VIEPP]HSRtX[ERXXSKSXSXLEXTEVX]=SYXEPOIHQIMRXS
MXFYX-tQKSMRKXSTYXMXSJJEWPSRKEW-GERr
=SYVKSEPMRTYFPMGWTIEOMRKMWXSLEZI]SYVMRXIRHIHQIWWEKIFIXLIQIW
WEKIXLEXMWEGXYEPP]GSQQYRMGEXIH%GLMIZMRKXLMWHITIRHWFSXLSR[LEX]SY
WE] XLIZIVFEPQIWWEKI ERHSRLS[]SYWE]MX XLIRSRZIVFEPQIWWEKI 
+IXXMRKXLIZIVFEPQIWWEKINYWXVMKLXVIUYMVIW[SVO=SYQYWXREVVS[]SYV
XSTMGHS[RXSWSQIXLMRK]SYGERHMWGYWWEHIUYEXIP]MRXLIXMQIEPPS[IHJSV
XLIWTIIGL=SYQYWXHSVIWIEVGLERHGLSSWIWYTTSVXMRKHIXEMPWXSQEOI]SYV
MHIEWGPIEVERHGSRZMRGMRK=SYQYWXSVKERM^I]SYVMHIEWWSPMWXIRIVWGERJSP
PS[XLIQ[MXLSYXKIXXMRKPSWX%RH]SYQYWXI\TVIWW]SYVQIWWEKIMR[SVHW
XLEXEVIEGGYVEXIGPIEVZMZMHERHETTVSTVMEXI
&IWMHIWXLIQIWWEKI]SYWIRH[MXL[SVHW]SYWIRHEQIWWEKI[MXL]SYV
XSRISJZSMGIETTIEVERGIKIWXYVIWJEGMEPI\TVIWWMSRERHI]IGSRXEGX-QEKMRI
XLEXSRISJ]SYVGPEWWQEXIWKIXWYTXSWTIEOEFSYXWXYHIRXPSERW8LVSYKLSYX
LIVWTIIGLWLIWPYQTWFILMRHXLIPIGXIVRXEOIWPSRKTEYWIWXSVIQIQFIV[LEX
WLI [ERXW XS WE] WXEVIW EX XLI GIMPMRK ERH JYQFPIW [MXL LIV ZMWYEP EMHW ,IV
MRXIRHIHQIWWEKIMWq;IQYWXQEOIQSVIQSRI]EZEMPEFPIJSVWXYHIRXPSERWr
&YXXLIQIWWEKIWLIEGXYEPP]GSQQYRMGEXIWMWq-LEZIRtXTVITEVIHZIV][IPPJSV
XLMWWTIIGLr3RISJ]SYVNSFWEWEWTIEOIVMWXSQEOIWYVI]SYVRSRZIVFEPQIW
WEKIHSIWRSXHMWXVEGXJVSQ]SYVZIVFEPQIWWEKI

',%22)0

GLERRIP
8LIQIERWF][LMGLEQIWWEKI
MWGSQQYRMGEXIH

8LI GLERRIP MW XLI QIERW F] [LMGL E QIWWEKI MW GSQQYRMGEXIH ;LIR ]SY
TMGOYTXLITLSRIXSGEPPEJVMIRHXLIXIPITLSRIMWXLIGLERRIP4YFPMGWTIEOIVW
QE]YWISRISVQSVISJWIZIVEPGLERRIPWIEGLSJ[LMGL[MPPEJJIGXXLIQIWWEKI
VIGIMZIHF]XLIEYHMIRGI
'SRWMHIVEWTIIGLXS'SRKVIWWF]XLI4VIWMHIRXSJXLI9RMXIH7XEXIW8LI
WTIIGLMWGEVVMIHXSXLIREXMSRF]XLIGLERRIPWSJVEHMSERHXIPIZMWMSR*SVXLI
VEHMSEYHMIRGIXLIQIWWEKIMWGSRZI]IHIRXMVIP]F]XLI4VIWMHIRXtWZSMGI*SV
XLIXIPIZMWMSREYHMIRGIXLIQIWWEKIMWGSRZI]IHF]FSXLXLI4VIWMHIRXtWZSMGI
ERHXLIXIPIZMWIHMQEKI8LITISTPIMR'SRKVIWWLEZIEQSVIHMVIGXGLERRIP
8LI]RSXSRP]LIEVXLI4VIWMHIRXtWZSMGIEWEQTPMJMIHXLVSYKLEQMGVSTLSRI
FYXXLI]EPWSWIILMQERHXLIWIXXMRKJMVWXLERH
-RETYFPMGWTIEOMRKGPEWW]SYVGLERRIPMWXLIQSWXHMVIGXSJEPP=SYVGPEWW
QEXIW[MPPWII]SYERHLIEV]SY[MXLSYXER]IPIGXVSRMGMRXIVZIRXMSR

0-78)2)6
PMWXIRIV
8LITIVWSR[LSVIGIMZIWXLI
WTIEOIVtWQIWWEKI


8LIPMWXIRIVMWXLITIVWSR[LSVIGIMZIWXLIGSQQYRMGEXIHQIWWEKI;MXLSYXE
PMWXIRIVXLIVIMWRSGSQQYRMGEXMSR;LIR]SYXEPOXSEJVMIRHSRXLITLSRI
]SYLEZISRIPMWXIRIV-RTYFPMGWTIEOMRK]SY[MPPLEZIQER]PMWXIRIVW

',%48)6 74)%/-2+-249&0-'

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKMR4YFPMG

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

8LIGVMXMGEPXLMROMRKWOMPPW]SY
HIZIPSTMRVIWIEVGLMRKERH
SVKERM^MRK]SYVWTIIGLIWGER
FIETTPMIHMRQER]JSVQWSJ
GSQQYRMGEXMSRMRGPYHMRK
QIIXMRKWERHKVSYTTVSNIGXW


)ZIV]XLMRKEWTIEOIVWE]WMWJMPXIVIHXLVSYKLEPMWXIRIVtWJVEQISJVIJIVIRGIh
XLI XSXEP SJ LMW SV LIV ORS[PIHKI I\TIVMIRGI KSEPW ZEPYIW ERH EXXMXYHIW
&IGEYWI E WTIEOIV ERH E PMWXIRIV EVI HMJJIVIRX TISTPI XLI] GER RIZIV LEZI
I\EGXP]XLIWEQIJVEQISJVIJIVIRGI%RHFIGEYWIEPMWXIRIVtWJVEQISJVIJIVIRGI
GER RIZIV FI I\EGXP] XLI WEQI EW E WTIEOIVtW XLI QIERMRK SJ E QIWWEKI [MPP
RIZIVFII\EGXP]XLIWEQIXSEPMWXIRIVEWXSEWTIEOIV

=SYGERIEWMP]XIWXXLIMQTEGXSJHMJJIVIRXJVEQIWSJVIJIVIRGI%WOIEGLSJ
]SYVGPEWWQEXIWXSHIWGVMFIEGLEMV-J]SYLEZIGPEWWQEXIW]SYtPPTVSFEFP]
KIX  HMJJIVIRX HIWGVMTXMSRW 3RI WXYHIRX QMKLX TMGXYVI E PEVKI SZIVWXYJJIH
IEW] GLEMV ERSXLIV ER IPIKERX WXVEMKLXFEGOIH GLEMV ]IX ERSXLIV ER SJJMGI
GLEMV E JSYVXL E VSGOMRK GLEMV ERH WS SR )ZIR MJ X[S SV QSVI IRZMWMSR XLI
WEQI KIRIVEP X]TIhWE] E VSGOMRK GLEMVhXLIMV QIRXEP MQEKIW SJ XLI GLEMV
GSYPH WXMPP FI HMJJIVIRX 3RI QMKLX FI XLMROMRK SJ ER IEVP] %QIVMGER VSGOIV
ERSXLIVSJEQSHIVR7GERHMREZMERVSGOIVhXLITSWWMFMPMXMIWEVIYRPMQMXIH%RH
qGLEMVrMWEJEMVP]WMQTPIGSRGITX;LEXEFSYXqTEXVMSXMWQrSVqJVIIHSQr#

&IGEYWI TISTPI LEZI HMJJIVIRX JVEQIW SJ VIJIVIRGI E TYFPMG WTIEOIV QYWX
XEOIKVIEXGEVIXSEHETXXLIQIWWEKIXSXLITEVXMGYPEVEYHMIRGIFIMRKEHHVIWWIH
8SFIERIJJIGXMZIWTIEOIV]SYQYWXFIEYHMIRGIGIRXIVIH=SY[MPPUYMGOP]PSWI
]SYVPMWXIRIVWtEXXIRXMSRMJ]SYVTVIWIRXEXMSRMWIMXLIVXSSFEWMGSVXSSWSTLMWXM
GEXIH=SY[MPPEPWSPSWI]SYVEYHMIRGIMJ]SYHSRSXVIPEXIXSXLIMVI\TIVMIRGI
MRXIVIWXWORS[PIHKIERHZEPYIW;LIR]SYQEOIEWTIIGLXLEXGEYWIWPMWXIRIVW
XSWE]q8LEXMWMQTSVXERXXSQIr]SY[MPPEPQSWXEP[E]WFIWYGGIWWJYP

JVEQISJVIJIVIRGI
8LIWYQSJETIVWSRtW
ORS[PIHKII\TIVMIRGIKSEPW
ZEPYIWERHEXXMXYHIW2SX[S
TISTPIGERLEZII\EGXP]XLI
WEQIJVEQISJVIJIVIRGI

*))(&%'/
;LIRXLI4VIWMHIRXEHHVIWWIWXLIREXMSRSRXIPIZMWMSRLIMWIRKEKIHMRSRI
[E]GSQQYRMGEXMSR=SYGERXEPOFEGOXSXLIXIPIZMWMSRWIXFYXXLI4VIWMHIRX
[SRtX LIEV ]SY 1SWX WMXYEXMSRW LS[IZIV MRZSPZI X[S[E] GSQQYRMGEXMSR
=SYV PMWXIRIVW HSRtX WMQTP] EFWSVF ]SYV QIWWEKI PMOI LYQER WTSRKIW 8LI]
WIRHFEGOQIWWEKIWSJXLIMVS[R8LIWIQIWWEKIWEVIGEPPIHJIIHFEGO


JIIHFEGO
8LIQIWWEKIWYWYEPP]
RSRZIVFEPWIRXJVSQEPMWXIRIV
XSEWTIEOIV

8LI7TIIGL'SQQYRMGEXMSR4VSGIWW



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKMR4YFPMG

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

-R TYFPMGWTIEOMRK XLIVIMWTPIRX] SJJIIHFEGOXSPIX]SYORS[LS[ ]SYV


QIWWEKI MW FIMRK VIGIMZIH (S ]SYV PMWXIRIVW PIER JSV[EVH MR XLIMV WIEXW EW MJ
TE]MRKGPSWIEXXIRXMSR#(SXLI] ETTPEYHMRETTVSZEP#(SXLI]PEYKL EX]SYV
NSOIW#(SXLI]LEZIUYM^^MGEPPSSOWSRXLIMVJEGIW#(SXLI]WLYJJPIXLIMVJIIX
ERHKE^IEXXLIGPSGO#8LIQIWWEKIWIRXF]XLIWIVIEGXMSRWGSYPHFIq-EQJEW
GMREXIHr q- EQ FSVIHr q- EKVII [MXL ]SYr q- HSRtX EKVII [MXL ]SYr SV ER]
RYQFIV SJ SXLIVW %W E WTIEOIV ]SY RIIH XS FI EPIVX XS XLIWI VIEGXMSRW ERH
EHNYWX]SYVQIWWEKIEGGSVHMRKP]
0MOIER]OMRHSJGSQQYRMGEXMSRJIIHFEGOMWEJJIGXIHF]SRItWJVEQISJ
VIJIVIRGI ,S[ [SYPH ]SY JIIP MJ MQQIHMEXIP] EJXIV ]SYV WTIIGL EPP ]SYV
GPEWWQEXIWWXEVXIHXSVETXLIMVORYGOPIWSRXLIHIWOW#;SYPH]SYVYRSYXSJ
XLIVSSQMRHIWTEMV#2SXMJ]SY[IVIMRE)YVSTIERYRMZIVWMX]-RQER]TEVXW
SJ)YVSTIWXYHIRXWVETXLIMVORYGOPIWSRXLIMVHIWOWXSWLS[EHQMVEXMSRJSV
E GPEWWVSSQ PIGXYVI =SY QYWX YRHIVWXERH XLI JIIHFEGO XS FI EFPI XS HIEP
[MXLMX

-28)6*)6)2')

MRXIVJIVIRGI
%R]XLMRKXLEXMQTIHIWXLI
GSQQYRMGEXMSRSJEQIWWEKI
-RXIVJIVIRGIGERFII\XIVREPSV
MRXIVREPXSPMWXIRIVW

-RXIVJIVIRGI MW ER]XLMRK XLEX MQTIHIW XLI GSQQYRMGEXMSR SJ E QIWWEKI


;LIR ]SY XEPO SR XLI XIPITLSRI WSQIXMQIW XLIVI MW WXEXMG SV [MVIW KIX
GVSWWIH WS XLEX X[S HMJJIVIRX GSRZIVWEXMSRW EVI KSMRK SR EX SRGI 8LEX MW E
OMRHSJMRXIVJIVIRGI
-RTYFPMGWTIEOMRKXLIVIEVIX[SOMRHWSJMRXIVJIVIRGI3RIPMOIXLIWXEXMG
SV GVSWWIH [MVIW MR E TLSRI GSRZIVWEXMSR MW I\XIVREP XS XLI EYHMIRGI 1ER]
GPEWWVSSQW EVI WYFNIGX XS XLMW OMRH SJ MRXIVJIVIRGIhJVSQ XVEJJMG SYXWMHI XLI
FYMPHMRKXLIGPEXXIVSJEVEHMEXSVWXYHIRXWGSRZIVWMRKMRXLILEPPEVSSQXLEX
MWWXMJPMRKLSXSVJVII^MRKGSPH%R]SJXLIWIGERHMWXVEGXPMWXIRIVWJVSQ[LEX]SY
EVIWE]MRK
%WIGSRHOMRHSJMRXIVJIVIRGIMWMRXIVREPERHGSQIWJVSQ[MXLMR]SYVEYHM
IRGI4IVLETWSRISJ]SYVPMWXIRIVWLEWEXSSXLEGLI7LIQE]FIWSHMWXVEGXIH
F] XLI TEMR XLEX WLI HSIWRtX TE] EXXIRXMSR XS ]SYV WTIIGL %RSXLIV PMWXIRIV
GSYPHFI[SVV]MRKEFSYXEXIWXMRXLIRI\XGPEWWTIVMSH=IXERSXLIVGSYPHFI
FVSSHMRKEFSYXEREVKYQIRX[MXLLMWKMVPJVMIRH
%W EWTIEOIV ]SYQYWXXV]XSLSPH]SYV PMWXIRIVWt EXXIRXMSR HIWTMXIXLIWI
ZEVMSYWOMRHWSJMRXIVJIVIRGI-RXLIGLETXIVW XLEXJSPPS[]SY[MPPJMRHQER]
[E]WXSHSXLMW

7-89%8-32
WMXYEXMSR
8LIXMQIERHTPEGIMR[LMGL
WTIIGLGSQQYRMGEXMSRSGGYVW



8LI WMXYEXMSR MW XLI XMQI ERH TPEGI MR [LMGL WTIIGL GSQQYRMGEXMSR SGGYVW
'SRZIVWEXMSREP[E]WXEOIWTPEGIMREGIVXEMRWMXYEXMSR7SQIXMQIWXLIWMXYEXMSR
LIPTWhEW [LIR ]SY TVSTSWI QEVVMEKI SZIV ER MRXMQEXI GERHPIPMKLX HMRRIV
3XLIVXMQIWMXQE]LYVXhEW[LIR]SYXV]XSWTIEO[SVHWSJPSZIMRGSQTIXM
XMSR[MXLEFPEVMRKWXIVIS;LIR]SYLEZIXSXEPO[MXLWSQISRIEFSYXEXSYGL]
MWWYI]SYYWYEPP][EMXYRXMPXLIWMXYEXMSRMWNYWXVMKLX
4YFPMG WTIEOIVW QYWX EPWS FI EPIVX XS XLI WMXYEXMSR 'IVXEMR SGGEWMSRWh
JYRIVEPW GLYVGL WIVZMGIW KVEHYEXMSR GIVIQSRMIWhVIUYMVI GIVXEMR OMRHW SJ
WTIIGLIW4L]WMGEPWIXXMRKMWEPWSMQTSVXERX-XQEOIWEKVIEXHIEPSJHMJJIVIRGI
[LIXLIVEWTIIGLMWTVIWIRXIHMRHSSVWSVSYXMREWQEPPGPEWWVSSQSVMREK]Q
REWMYQ XS E HIRWIP] TEGOIH GVS[H SV XS E LERHJYP SJ WGEXXIVIH WSYPW ;LIR
]SYEHNYWXXSXLIWMXYEXMSRSJETYFPMGWTIIGL]SYEVISRP]HSMRKSREPEVKIV
WGEPI[LEX]SYHSIZIV]HE]MRGSRZIVWEXMSR

',%48)6 74)%/-2+-249&0-'

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKMR4YFPMG

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

d*-+96)

7MXYEXMSR

',%2

2)0

-RXIVJIVIRGI
7MXYEXMSR

2S[PIXYWPSSOEXEGSQTPIXIQSHIPSJXLIWTIIGLGSQQYRMGEXMSRTVSGIWW
EWWLS[RMR*MKYVI EFSZI

8,)74))','31192-'%8-32463')77
)<%140);-8,'311)28%6=
8LIJSPPS[MRKI\EQTPIWLS[WLS[XLIZEVMSYWGSQTSRIRXWSJXLIWTIIGLGSQ
QYRMGEXMSRTVSGIWWMRXIVEGX
7MXYEXMSR

-X[EW41ERHXLIJEPPWEPIWGSRJIVIRGISJ3QRM&VERHW-RGLEH
FIIRKSMRKSREPPHE]%WIVMIWSJRI[TVSHYGXTVIWIRXEXMSRWXSFY]IVW
JVSQXLIGSQTER]tWPEVKIWXGYWXSQIVWLEHXEOIRQYGLPSRKIVXLER
I\TIGXIH
7TIEOIV
%P]WSR/EYJQER[EW[SVVMIH%WEQEVOIXMRKQEREKIVJSVJVEKVERGIWWLI
[EWXLIPEWXWTIEOIVSJXLIHE];LIR%P]WSRVSWIXSEHHVIWWXLIEYHM
IRGIWLIORI[WLIJEGIHEHMJJMGYPXWMXYEXMSR7LILEHFIIREPPSXXIH
QMRYXIWXSMRXVSHYGILIVTVSHYGXWERHXLIQIIXMRK[EWWGLIHYPIHXSIRH
MRQMRYXIW;LEXtWQSVILSPMHE]WEPIWSJLIVIRXMVITVSHYGXPMRI
HITIRHIHMRPEVKITEVXSRXLMWTVIWIRXEXMSR
'LERRIP
%P]WSRWXITTIHXSXLIQMGVSTLSRIERHFIKERXSWTIEO7LIGSYPHWII
-RXIVJIVIRGI QIQFIVWSJXLIEYHMIRGIPSSOMRKEXXLIMV[EXGLIWERHWLIORI[XLI]
[IVIIEKIVXSKIXXSHMRRIVEJXIVEPSRKHE]SJTVIWIRXEXMSRW
%HETXMRKXS q+SSHEJXIVRSSRr%P]WSRWEMHqERHXLEROWJSV]SYVEXXIRXMSR-ORS[
-RXIVJIVIRGI IZIV]SRIMWVIEH]JSVHMRRIVh-GIVXEMRP]EQ-[EWKMZIRQMRYXIWJSVQ]
TVIWIRXEXMSRhSOE]IZIV]FSH]KVSERhFYX[MXL]SYVOMRHGSSTIVEXMSR-tPP
HSQ]FIWXXSJMRMWLMRYRHIVLEPJERLSYV-XLMRO]SYtPPJMRHXLIXMQI[IPP
[SVXL]SYV[LMPIFIGEYWIXLITVSHYGXW-EQKSMRKXSXIPP]SYEFSYX[MPP
WIVMSYWP]FSSWX]SYVLSPMHE]WEPIWr%P]WSR[EWVIPMIZIHXSWIIWIZIVEPTIS
TPIWQMPMRKEWXLI]WIXXPIHFEGOMRXLIMVWIEXW
1IWWEKI
2S[XLEXWLILEHXLIEYHMIRGItWEXXIRXMSR%P]WSRTVIWIRXIHIEGLRI[
TVSHYGXEWFVMIJP]EWWLIGSYPH7LIWXVIEQPMRIHLIVTPERRIHTVIWIRXEXMSR
XSIQTLEWM^IXLIJIEXYVIWXLEX[SYPHFIQSWXETTIEPMRKXSXLIFY]IVWERH
XLISRIWXLI][SYPHFIQSWXPMOIP]XSVIQIQFIV7LIIRHIHF]LERHMRK
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QER] WTIIGLIW MR [LMGL XLI EYHMIRGI LEW GSQI JSV XLI WSPI TYVTSWI SJ
PMWXIRMRK XS ]SY &YX RIMXLIV XLI WM^I RSV XLI GSQTSWMXMSR SJ ]SYV EYHMIRGI
GLERKIW]SYVIXLMGEPVIWTSRWMFMPMX]XSFIJYPP]TVITEVIH=SYVWTIIGLGPEWWQEXIW
EVIEW[SVXL]SJ]SYVFIWXIJJSVXEWMJ]SY[IVIEHHVIWWMRKENYV]SVEFYWMRIWW
QIIXMRKEYRMSRGSRJIVIRGISVEGLYVGLGSRKVIKEXMSRXLIPSGEP6SXEV]GPYFSV
IZIRXLI9RMXIH7XEXIW7IREXI
&IMRK TVITEVIH JSV E WTIIGL MRZSPZIW IZIV]XLMRK JVSQ EREP]^MRK ]SYV
EYHMIRGI XS GVIEXMRK ZMWYEP EMHW SVKERM^MRK ]SYV MHIEW XS VILIEVWMRK ]SYV
HIPMZIV] 1SWX GVYGMEP JVSQ ER IXLMGEP WXERHTSMRX XLSYKL MW FIMRK JYPP]
MRJSVQIHEFSYX]SYVWYFNIGX;L]MWXLMWWSMQTSVXERX#'SRWMHIVXLIJSPPS[
MRKWXSV]


',%48)6 )8,-'7%2(49&0-'74)%/-2+

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

)XLMGWERH4YFPMG
7TIEOMRK

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

%QSRKGYVVIRXTYFPMGWTIEO
IVW2SFIP4IEGI4VM^I[MRRIV
ERHLYQERVMKLXWEGXMZMWX)PMI
;MIWIPMWLMKLP]VIKEVHIHJSV
LMWIXLMGEPP]WSYRHKSEPWERH
TS[IVJYPTIVWYEWMZIETTIEP


:MGXSVME2YI^EWXYHIRXEXEPEVKIWXEXIYRMZIVWMX]KEZIEGPEWWVSSQWTIIGLSRWYM
GMHITVIZIRXMSR:MGXSVMELEHPIEVRIHEFSYXXLIXSTMGJVSQLIVQSXLIVEZSPYRXIIVSRE
WYMGMHITVIZIRXMSRLSXPMRIFYXWLIEPWSGSRWYPXIHLIVTW]GLSPSK]XI\XFSSOEW[IPPEWWIZ
IVEP QEKE^MRI EVXMGPIW SR XLI [EVRMRK WMKRW SJ WYMGMHI 7LI EPWS MRXIVZMI[IH E GVMWMW
MRXIVZIRXMSRGSYRWIPSVEXXLIGEQTYWLIEPXLWIVZMGI

-REHHMXMSRXSLIVVIWIEVGL:MGXSVMEKEZIEPSXSJXLSYKLXXSTPERRMRKERHHIPMZIVMRK
LIV WTIIGL7LI IZIR TVITEVIH ELERHSYX JSVXLI GPEWW PMWXMRKWMKRWXLEXETIVWSR QMKLX
EXXIQTXWYMGMHIERH TVSZMHMRK GSRXEGXMRJSVQEXMSRJSV PSGEPQIRXEPLIEPXL VIWSYVGIW 3R
XLIHE]SJLIVWTIIGL:MGXSVME[EWXLSVSYKLP]TVITEVIHhERHWLIKEZIERI\GIPPIRXTVI
WIRXEXMSR

3RP]EJI[HE]WPEXIV SRISJ:MGXSVMEtWGPEWWQEXIW 4EYP2MGLSPWLEHEGSRZIVWEXMSR
[MXL LMW VSSQQEXI XLEX VEMWIH E [EVRMRK JPEK EFSYX [LIXLIV XLI VSSQQEXI QMKLX FI
HITVIWWIH ERH MR HERKIV SJ WYMGMHI &EWIH SR XLI MRJSVQEXMSR MR :MGXSVMEtW WTIIGL 4EYP
WTSOI XS LMW VSSQQEXI KSX LMQ XS XEPO EFSYX LMW [SVVMIW ERH GSRZMRGIH LMQ XS WIIO
GSYRWIPMRK4EYPQMKLXLEZIWEZIHLMWVSSQQEXItWPMJIXLEROWXS:MGXSVMEtWWTIIGL


8LMWMWERIWTIGMEPP]HVEQEXMGGEWIFYXMXHIQSRWXVEXIWLS[]SYVWTIIGLIW
GERLEZIEKIRYMRIMQTEGXSR]SYVPMWXIRIVW%WEWTIEOIV]SYLEZIERIXLMGEP
VIWTSRWMFMPMX]XSGSRWMHIVXLEXMQTEGXERHXSQEOIWYVI]SYTVITEVIJYPP]WSEW
RSX XS GSQQYRMGEXI IVVSRISYW MRJSVQEXMSR SV QMWPIEHMRK EHZMGI -J :MGXSVME
LEH RSX HSRI WYGL E XLSVSYKL NSF VIWIEVGLMRK LIV WTIIGL WLI QMKLX LEZI
KMZIR LIV GPEWWQEXIW JEYPX] MRJSVQEXMSRhMRJSVQEXMSR XLEX QMKLX LEZI LEH
XVEKMGVIWYPXW
2S QEXXIV [LEX XLI XSTMG RS QEXXIV [LS XLI EYHMIRGI ]SY RIIH XS
I\TPSVI ]SYV WTIIGL XSTMG EW XLSVSYKLP] EW TSWWMFPI -RZIWXMKEXI XLI [LSPI
WXSV]PIEVREFSYXEPPWMHIWSJERMWWYIWIIOSYXGSQTIXMRKZMI[TSMRXWKIXXLI
JEGXWVMKLX2SXSRP][MPP]SYKMZIEFIXXIVWTIIGL]SY[MPPEPWSJYPJMPPSRISJ
]SYVQENSVIXLMGEPSFPMKEXMSRW


+YMHIPMRIWJSV)XLMGEP7TIEOMRK



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

)XLMGWERH4YFPMG
7TIEOMRK

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

&),32)78-2;,%8=397%=
2SXLMRK MW QSVI MQTSVXERX XS IXLMGEP WTIIGLQEOMRK XLER LSRIWX] 4YFPMG
WTIEOMRK VIWXW SR XLI YRWTSOIR EWWYQTXMSR XLEX q[SVHW GER FI XVYWXIH ERH
TISTPI [MPP FI XVYXLJYPr ;MXLSYX XLMW EWWYQTXMSR XLIVI MW RS FEWMW JSV
GSQQYRMGEXMSR RS VIEWSR JSV SRI TIVWSR XS FIPMIZI ER]XLMRK XLEX ERSXLIV
TIVWSRWE]W
(SIWXLMWQIERIZIV]WTIEOIVQYWXEP[E]WXIPPqXLIXVYXLXLI[LSPIXVYXL
ERH RSXLMRK FYX XLI XVYXLr# ;I GER EPP XLMRO SJ WMXYEXMSRW MR [LMGL XLMW MW
MQTSWWMFPI FIGEYWI[IHSRSXORS[XLI[LSPIXVYXL SVMREHZMWEFPI FIGEYWI
MX[SYPHFIXEGXPIWWSVMQTVYHIRX 'SRWMHIVETEVIRX[LSXIPPWLMWX[S]IEVSPH
HEYKLXIVXLEXLIVWGVIIGLMRKZMSPMRWSPSMWqFIEYXMJYPr3VEWTIEOIV[LSXIPPWE
JEPWILSSH MR GMVGYQWXERGIW [LIR HMWGPSWMRK XLI XVYXL QMKLX XSYGL SJJ QSF
ZMSPIRGI*I[TISTPI[SYPHJMRHXLIWIEGXMSRWYRIXLMGEP
-R GSRXVEWX XLMRO FEGO XS XLI GEWI SJ 7Y^ERRI 7QEVX EX XLI WXEVX SJ XLMW
GLETXIV7Y^ERRIORI[WLILEHYWIHMRWMHIVMRJSVQEXMSRXSTVSJMXJVSQXLIWEPI
SJLIVGSQTER]tWWXSGO=IXWLIHIRMIHXLEXWLILEHHSRIWSERHWLITVSJMXIH
EXXLII\TIRWISJSXLIVMRZIWXSVW8LIVIMWRS[E]XSI\GYWI7Y^ERRItWFILEZMSV
7LIXSPHEJPEXSYXPMI[MXLSYXVIKEVHJSVMXWGSRWIUYIRGIWSRSXLIVTISTPI
7YGL FPEXERX GSRXIQTX JSV XLI XVYXL MW SRI OMRH SJ HMWLSRIWX] MR TYFPMG
WTIEOMRK &YX QSVI WYFXPI JSVQW SJ HMWLSRIWX] EVI NYWX EW YRIXLMGEP 8LI]
MRGPYHI NYKKPMRK WXEXMWXMGW UYSXMRK SYX SJ GSRXI\X QMWVITVIWIRXMRK WSYVGIW
TEMRXMRKXIRXEXMZIJMRHMRKWEWJMVQGSRGPYWMSRWTSVXVE]MRKEJI[HIXEMPWEWXLI
[LSPI WXSV] GMXMRK YRYWYEP GEWIW EW X]TMGEP I\EQTPIW ERH WYFWXMXYXMRK
MRRYIRHS ERH LEPJXVYXLW JSV IZMHIRGI ERH TVSSJ %PP SJ XLIWI ZMSPEXI XLI
WTIEOIVtWHYX]XSFIEGGYVEXIERHJEMVMRTVIWIRXMRKMRJSVQEXMSR
;LMPISRXLIWYFNIGXSJLSRIWX]MRWTIIGLQEOMRK[IWLSYPHEPWSRSXIXLEX
IXLMGEPP]VIWTSRWMFPIWTIEOIVWHSRSXTVIWIRXSXLIVTISTPItW[SVHWEWXLIMVS[R
8LI] HS RSX TPEKMEVM^I XLIMV WTIIGLIW 8LMW WYFNIGX MW WS MQTSVXERX XLEX [I
HIZSXIEWITEVEXIWIGXMSRXSMXPEXIVMRXLMWGLETXIV

3*%&97-:)0%2+9%+)
q7XMGOW ERH WXSRIW GER FVIEO Q] FSRIW FYX [SVHW GER RIZIV LYVX QIr 8LMW
TSTYPEV GLMPHVIRtW GLERX GSYPH RSX FI QSVI [VSRK ;SVHW QE] RSX PMXIVEPP]
FVIEOTISTPItWFSRIWFYXXLI]GERPIEZITW]GLSPSKMGEPWGEVWEWWYVIP]EWWXMGOW
ERH WXSRIW GER PIEZI TL]WMGEP WGEVW %W SRI [VMXIV I\TPEMRW q3YV MHIRXMXMIW
[LSERH[LEX[IEVILS[SXLIVWWIIYWEVIKVIEXP]EJJIGXIHF]XLIREQIW[I
EVIGEPPIHERHXLI[SVHW[MXL[LMGL[IEVIPEFIPIHr8LMWMW[L] EPQSWXEPP
GSQQYRMGEXMSRIXLMGMWXW[EVRTYFPMGWTIEOIVWXSEZSMHREQIGEPPMRKERHSXLIV
JSVQWSJEFYWMZIPERKYEKI

2EQI'EPPMRKERH4IVWSREP(MKRMX]
REQIGEPPMRK
8LIYWISJPERKYEKIXSHIJEQI
HIQIERSVHIKVEHIMRHMZMHYEPW
SVKVSYTW



2EQIGEPPMRKMWXLIYWISJPERKYEKIXSHIJEQIHIQIERSVHIKVEHIMRHMZMHYEPW
SVKVSYTW;LIRETTPMIHXSZEVMSYWKVSYTWMR%QIVMGEMXMRGPYHIWWYGLITMXLIXW
EWqJEKrqOMOIrqRMKKIVrqLSROI]rq[STrqNETrqGLMROrERHqWTMGr7YGL
XIVQW LEZI FIIR YWIH XS HIFEWI TISTPI FIGEYWI SJ XLIMV WI\YEP SVMIRXEXMSR
VIPMKMSYW FIPMIJW SV IXLRMG FEGOKVSYRH 8LIWI [SVHW HILYQERM^I XLI KVSYTW
XLI]EVIHMVIGXIHEKEMRWXERHMQTP]XLEXXLI]HSRSXHIWIVZIXSFIXVIEXIH[MXL
HMKRMX]ERHVIWTIGX

',%48)6 )8,-'7%2(49&0-'74)%/-2+

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

)XLMGWERH4YFPMG
7TIEOMRK

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

8SLIPTJSWXIVVIWTSRWMFPIGSQQYRMGEXMSRXLI2EXMSREP'SQQYRMGEXMSR%WWSGME
XMSRLEWHIZIPSTIHE'VIHSJSV)XLMGEP'SQQYRMGEXMSR=SYGEREGGIWWMXEX[[[
REXGSQSVKRGE8IQTPEXIEWT#FMH!
=SYGERPIEVREKVIEXHIEPEFSYXJVIIWTIIGLMWWYIWSRXLI-RXIVRIX3RIWSYVGIMW
XLI %QIVMGER 'MZMP 0MFIVXMIW 9RMSR *VII 7TIIGL ;IF WMXI EX [[[EGPYSVK
JVIIWTIIGL %RSXLIV MW XLI *VIIHSQ *SVYQtW *MVWX %QIRHQIRX WMXI EX [[[
JMVWXEQIRHQIRXGIRXIVSVK

-RXIVRIX
'SRRIGXMSR
[[[GSRRIGXPYGEWGSQ


-R'LETXIV[I[MPPPSSOEX[E]W]SYGEREZSMHFMEWIHPERKYEKIMR]SYV
WTIIGLIW *SV RS[ XLI TSMRX XS VIQIQFIV MW XLEX GSRXVEV] XS [LEX WSQI
TISTPIGPEMQEZSMHMRKVEGMWXWI\MWXERHSXLIVOMRHWSJEFYWMZIPERKYEKIMWRSX
WMQTP] E QEXXIV SJ TSPMXMGEP GSVVIGXRIWW 7YGL PERKYEKI MW IXLMGEPP] WYWTIGX
FIGEYWIMXHIZEPYIWERHWXIVISX]TIWXLITISTPIMRUYIWXMSR
7YGLPERKYEKIMWEPWSEHIWXVYGXMZIWSGMEPJSVGI;LIRYWIHVITIEXIHP]ERH
W]WXIQEXMGEPP]SZIVXMQIMXLIPTWVIMRJSVGIEXXMXYHIWXLEXIRGSYVEKITVINYHMGI
LEXIGVMQIWERHGMZMPVMKLXWZMSPEXMSRW8LIMWWYIMWRSXSRISJTSPMXMGWFYXSJ
VIWTIGXMRKXLIHMKRMX]SJXLIHMZIVWIKVSYTWMRGSRXIQTSVEV]WSGMIX]

2EQI'EPPMRKERH*VII7TIIGL
2EQIGEPPMRKERHEFYWMZIPERKYEKIEPWSTSWIIXLMGEPTVSFPIQWMRTYFPMGWTIEO
MRK [LIR XLI] EVI YWIH XS WMPIRGI STTSWMRK ZSMGIW % HIQSGVEXMG WSGMIX]
HITIRHWYTSRXLIJVIIERHSTIRI\TVIWWMSRSJMHIEW-RXLI9RMXIH7XEXIWEPP
GMXM^IRWLEZIXLIVMKLXXSNSMRMRXLIRIZIVIRHMRKHMEPSKYISJHIQSGVEG]%WE
TYFPMG WTIEOIV ]SY LEZI ER IXLMGEP SFPMKEXMSR XS LIPT TVIWIVZI XLEX VMKLX F]
EZSMHMRKXEGXMGWWYGLEWREQIGEPPMRKXLEXMRLIVIRXP]MQTYKRXLIEGGYVEG]SV
VIWTIGXEFMPMX] SJ TYFPMG WXEXIQIRXW QEHI F] KVSYTW SV MRHMZMHYEPW [LS ZSMGI
STMRMSRWHMJJIVIRXJVSQ]SYVW

8LMWSFPMKEXMSR MWXLIWEQIVIKEVHPIWWSJ[LIXLIV]SYEVIFPEGOSV[LMXI
'LVMWXMERSV1YWPMQQEPISVJIQEPIKE]SVWXVEMKLXPMFIVEPSVGSRWIVZEXMZI%
TVSIRZMVSRQIRXEPMWX SJJMGI WIIOIV [LS GEWXMKEXIH IZIV]SRI STTSWIH XS LIV
MHIEWEWERqIRIQ]SJ[MPHPMJIr[SYPHFISREWXLMRMGIIXLMGEPP]EWETSPMXMGMER
[LSPEFIPIHEPPLMWEHZIVWEVMIWqXE\ERHWTIRHPMFIVEPWr

0MOISXLIV IXLMGEP UYIWXMSRW MR TYFPMG WTIEOMRK REQIGEPPMRKVEMWIW WSQI &MPPSJ6MKLXW
XLSVR]MWWYIW%PXLSYKLREQIGEPPMRKGERFILE^EVHSYWXSJVIIWTIIGLMXMWWXMPP 8LIJMVWXEQIRHQIRXWXSXLI
TVSXIGXIH YRHIV XLI JVIIWTIIGL GPEYWI SJ XLI &MPP SJ 6MKLXW 8LMW MW [L] XLI 9RMXIH7XEXIW'SRWXMXYXMSR
%QIVMGER'MZMP0MFIVXMIW9RMSREQENSVHIJIRHIVSJGSRWXMXYXMSREPVMKLXWLEW
STTSWIH FVSEHP] [SVHIH GSHIW EKEMRWX EFYWMZI WTIIGL SR GSPPIKI GEQTYWIW
7YGL GSHIW YWYEPP] TVSLMFMX XLVIEXIRMRK SV MRWYPXMRK WTIIGL EKEMRWX VEGMEP SV
VIPMKMSYW QMRSVMXMIW [SQIR KE]W ERH PIWFMERW ERH TISTPI [MXL TL]WMGEP
HMWEFMPMXMIW8SHEXIXLIWIGSHIWLEZIRSXWYVZMZIHPIKEPGLEPPIRKIWERHQER]
WGLSSPW LEZI WYFWIUYIRXP] HIZIPSTIH QSVI WLEVTP] JSGYWIH VIKYPEXMSRW XLEX
XLI]LSTI[MPPWXERHYTMRGSYVX

&YX [LEXIZIV XLI PIKEP SYXGSQI QE] FI MX [MPP RSX EPXIV XLI IXLMGEP
VIWTSRWMFMPMX] SJ TYFPMG WTIEOIVWhSR SV SJJ GEQTYWhXS EZSMH REQIGEPPMRK
ERHSXLIVOMRHWSJEFYWMZIPERKYEKI0IKEPMX]ERHIXLMGWXLSYKLVIPEXIHEVI
RSXMHIRXMGEP8LIVI MW RSXLMRK MPPIKEP EFSYX JEPWMJ]MRK WXEXMWXMGW MR EWTIIGL
FYXXLIVIMWRSHSYFXXLEXMXMWYRIXLMGEP8LIWEQIMWXVYISJREQIGEPPMRK-X


+YMHIPMRIWJSV)XLMGEP7TIEOMRK



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

)XLMGWERH4YFPMG
7TIEOMRK

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

QE] RSX FI MPPIKEP XS GEWX VEGMEP WI\YEP SV VIPM
KMSYW WPYVW EX TISTPI MR E WTIIGL FYX MX MW WXMPP
YRIXLMGEP2SXSRP]HSIWMXHIQIERXLIHMKRMX]SJ
XLI KVSYTW SV MRHMZMHYEPW FIMRK EXXEGOIH FYX MX
YRHIVQMRIWXLIVMKLXSJEPPKVSYTWMRXLI97XS
FIJEMVP]LIEVH

498)8,-'%046-2'-40)7
-28346%'8-')
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IXLMGW-XMWQYGLLEVHIVXSEGXIXLMGEPP]=IXXLEXMW
NYWX[LEXXLIVIWTSRWMFPITYFPMGWTIEOIVQYWXHS
%WSRITSTYPEVFSSOSRIXLMGWWXEXIWq&IMRKIXLM
GEPQIERWFILEZMRKIXLMGEPP]EPPXLIXMQIhRSXSRP]
[LIRMXtWGSRZIRMIRXr
%W ]SY [SVO SR ]SYV WTIIGLIW ]SY [MPP EWO
]SYVWIPJ WYGL UYIWXMSRW EW q-W Q] GLSMGI SJ XSTMG
WYMXEFPI JSV XLI EYHMIRGI#r q%VI Q] WYTTSVXMRK
QEXIVMEPW GPIEV ERH GSRZMRGMRK#r q,S[ GER -
TLVEWIQ]MHIEWXSKMZIXLIQQSVITYRGL#r8LIWI
EVI W XVEXIKMG UYIWXMSRW %W ]SY ERW[IV XLIQ ]SY
[MPP XV] XS QEOI ]SYV WTIIGL EW MRJSVQEXMZI EW
TIVWYEWMZISVEWIRXIVXEMRMRKEWTSWWMFPI
&YX ]SY [MPP EPWS JEGI QSQIRXW SJ IXLMGEP
5YIWXMSRWSJIXLMGWEVMWI[LIRIZIVEWTIEOIVJEGIWEREYHM
IRGI3JEPPXLIIXLMGEPSFPMKEXMSRWJEGMRKWTIEOIVWRSRIMW
HIGMWMSRhWMQMPEV TIVLETW XS XLSWI JEGIH F]
QSVIMQTSVXERXXLERLSRIWX]MRSVHIVXSQEMRXEMRXLIFSRH
7Y^ERRI 7QEVX *IPMGME 6SFMRWSR ERH XLI SXLIV
SJXVYWX[MXLPMWXIRIVW
WTIEOIVW MR XLMW GLETXIV ;LIR XLSWI QSQIRXW
EVVMZI HSRtX WMQTP] FVYWL XLIQ EWMHI ERH KS SR
]SYV[E]/IITMRQMRHXLIKYMHIPMRIWJSVIXLMGEPWTIIGLQEOMRK[ILEZIHMW
GYWWIHERHHS]SYVFIWXXSJSPPS[XLIQXLVSYKLXLMGOERHXLMR1EOIWYVI]SY
GERERW[IV]IWXSEPPXLIUYIWXMSRWSRXLI'LIGOPMWXJSV)XLMGEP4YFPMG7TIEOMRK
*MKYVIT 

4PEKMEVMWQ
TPEKMEVMWQ
4VIWIRXMRKERSXLIVTIVWSRtW
PERKYEKISVMHIEWEWSRItWS[R

q4PEKMEVMWQrGSQIWJVSQTPEKMEVMYWXLI0EXMR[SVHJSVOMHRETTIV8STPEKMEVM^I
QIERWXSTVIWIRXERSXLIVTIVWSRtWPERKYEKISVMHIEWEW]SYVS[RhXSKMZIXLI
MQTVIWWMSR ]SY LEZI [VMXXIR SV XLSYKLX WSQIXLMRK ]SYVWIPJ [LIR ]SY LEZI
EGXYEPP]XEOIRMXJVSQWSQISRIIPWI;ISJXIRXLMROSJTPEKMEVMWQEWERIXLMGEP
MWWYIMRXLIGPEWWVSSQFYXMXGERLEZIVITIVGYWWMSRWMRSXLIVWMXYEXMSRW

.SERRI'EPEFVS[EWMRLIVWIGSRH]IEVEWWGLSSPWYTIVMRXIRHIRXMRXLIRSVXLIVR2I[
.IVWI] XS[R SJ *SVX 0II -R 1E]  WLI WTSOI EX E GIVIQSR] JSV WXYHIRXW FIMRK MR
HYGXIHMRXSXLI2EXMSREP,SRSV7SGMIX]-X[EWEFVMIJWTIIGLhSRP]WM\QMRYXIWhFYXXLI
VITIVGYWWMSRW[SYPHPEWXQYGLQYGLPSRKIV

3RISJXLIWXYHIRXWEXXLIGIVIQSR]VIGSKRM^IHWSQISJ'EPEFVStWTEWWEKIWERHHIGMHIH
XSGLIGOXLIQSRPMRI,IHMWGSZIVIHXLEXWLILEHPMJXIHXLIIRXMVIWTIIGLJVSQEWEQTPIMRHYG
XMSREHHVIWWTSWXIHSR%FSYXGSQ*YVXLIVIZMHIRGIGEQIJVSQEZMHISXETISJ'EPEFVSHIPMZIV
MRKXLIWTIIGL



',%48)6 )8,-'7%2(49&0-'74)%/-2+

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

)XLMGWERH4YFPMG
7TIEOMRK

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

)XLMGEP4YFPMG7TIEOMRK ' L I G O P M W X
=)7

23

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WSYRH#
E 'ER-HIJIRHQ]KSEPWSRIXLMGEPKVSYRHWMJXLI]EVI
UYIWXMSRIHSVGLEPPIRKIH#
F ;SYPH-[ERXSXLIVTISTPIXSORS[Q]XVYIQSXMZIW
MRTVIWIRXMRKXLMWWTIIGL#
  ,EZI - JYPJMPPIHQ]IXLMGEPSFPMKEXMSRXSTVITEVIJYPP]JSV
XLIWTIIGL#
E ,EZI - HSRI E XLSVSYKL NSF SJ WXYH]MRK ERH
VIWIEVGLMRKXLIXSTMG#
F ,EZI-TVITEVIHHMPMKIRXP]WSEWRSXXSGSQQYRMGEXI
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PMWXIRIVW#

GSRRIGXPYGEWGSQ
8LMWGLIGOPMWXMWEPWSEZEMPEFPI
MRXLISRPMRI7TIIGL8SSPWJSV
XLMWGLETXIV

  -WXLIWTIIGLJVIISJTPEKMEVMWQ#
E 'ER-ZSYGLXLEXXLIWTIIGLVITVIWIRXWQ]S[R[SVO
Q]S[RXLMROMRKQ]S[RPERKYEKI#
F (S - GMXI XLI WSYVGIW SJ EPP UYSXEXMSRW ERH
TEVETLVEWIW#
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E -WXLIWTIIGLJVIISJER]JEPWISVHIPMFIVEXIP]HIGITXMZI
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F (SIW XLI WTIIGL TVIWIRX WXEXMWXMGW XIWXMQSR] ERH
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PERKYEKI#
F (SIWQ]PERKYEKIWLS[VIWTIGXJSVXLIVMKLXSJJVII
WTIIGLERHI\TVIWWMSR#
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:MI[XLIMRXVSHYGXMSRJVSQ
q+SXXE(ERGIrMRXLISRPMRI
1IHME0MFVEV]JSVXLMW
ETTIRHM\ :MHIS'PMT% 

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6IKEVHPIWWSJ]SYVXSTMG]SYVWTIIGL[MPPLEZIXLVIIQEMRTEVXWhERMRXVSHYG
XMSREFSH]ERHEGSRGPYWMSR=SYVJMVWXNSFMRXLIMRXVSHYGXMSRMWXSKIXXLI
EXXIRXMSRERHMRXIVIWXSJXLIEYHMIRGI=SYGERHSXLMWF]TSWMRKEUYIWXMSR
XIPPMRKEWXSV]QEOMRKEWXEVXPMRKWXEXIQIRXSVSTIRMRK[MXLEUYSXEXMSR8LI
TYVTSWISJEPPXLIWIQIXLSHWMWXSGVIEXIEHVEQEXMGGSPSVJYPSTIRMRKXLEX[MPP
QEOI]SYVEYHMIRGI[ERXXSLIEVQSVI
*SVERI\GIPPIRXI\EQTPIPSSOEXXLIWTIIGLI\GIVTXSR:MHIS'PMT%MRXLI
SRPMRI1IHME0MFVEV]JSVXLMW%TTIRHM\8LIWTIEOIVtWEWWMKRQIRX[EWXSTVIWIRX
EREVVEXMZIEFSYXEWMKRMJMGERXI\TIVMIRGIMRLIVPMJI8LMWMWLS[WLIFIKER

,IVREQI[EW/M]SQM7LI[EWEQ]WXIVMSYW.ETERIWIHERGIV0EWXEYXYQR-KSXXSQIIX
LIV,S[]SYEWO;IPPEGXYEPP]WLI[EWEGLEVEGXIVMRETPE]-QIXLIVXLIHE]-FIGEQI
LIV8LEXHE][EWSRISJXLILETTMIWXHE]WSJQ]PMJI-[ERXIHXLEXTEVXWSHIWTIVEXIP]MX[EW
EPP-GSYPHXLMROEFSYX&IMRK/M]SQM[EWSRISJXLIQSWXQIQSVEFPII\TIVMIRGIWSJQ]PMJI

GSRRIGXPYGEWGSQ
:MI[XLIFIKMRRMRKSJ
q/M]SQMERH1IrMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW
ETTIRHM\ :MHIS'PMT% 

%JXIVXLMWMRXVSHYGXMSRXLIWTIEOIVtWGPEWWQEXIW[IVIIEKIVXSLIEVQSVIEFSYX
/M]SQMERHLIVVSPIMRXLIWTIEOIVtWPMJI


4VITEVMRK=SYV7TIIGL



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

0MWXIRMRK

8I\X

8LI1G+VE[n,MPP
'SQTERMIW


-REHHMXMSRXSKEMRMRKEXXIRXMSRERHMRXIVIWXXLIMRXVSHYGXMSRWLSYPHSVM
IRX ]SYV PMWXIRIVW XS[EVH XLI WYFNIGX QEXXIV SJ ]SYV WTIIGL -R XLI PSRKIV
WTIIGLIW ]SY [MPPKMZIPEXIVMRXLI XIVQ ]SY [MPP YWYEPP] RIIH XS TVSZMHI ER
I\TPMGMXTVIZMI[WXEXIQIRXXLEXMHIRXMJMIWXLIQEMRTSMRXWXSFIHMWGYWWIHMRXLI
FSH]SJ]SYVWTIIGL *SVI\EQTPIq8SHE]-[MPPMRJSVQ]SYEFSYXXLIW]QT
XSQWGEYWIWERHXVIEXQIRXSJLITEXMXMW'r

&IGEYWI]SYVMRXVSHYGXSV]WTIIGLMWWSWLSVX]SYQE]RSXRIIHEHIXEMPIH
TVIZMI[ WXEXIQIRX &YX ]SY WXMPP RIIH XS KMZI ]SYV EYHMIRGI E GPIEV WIRWI SJ
]SYV XSTMG ERH TYVTSWI 0SSO FEGO JSV E QSQIRX EX XLI MRXVSHYGXMSR EFSYX
/M]SQMUYSXIHIEVPMIV2SXMGILS[MXQSZIWJVSQEVSYWMRKGYVMSWMX]XSPIXXMRK
XLIEYHMIRGIORS[[LEXXLIVIWXSJXLIWTIIGL[MPPJSGYWSR&]XLIIRHSJXLI
MRXVSHYGXMSRXLIVIMWRSHSYFXEFSYXXLIXSTMGSJXLIWTIIGL &IWYVIXSGLIGO
[MXL]SYVMRWXVYGXSVXSWII[LEXOMRHSJTVIZMI[WXEXIQIRXLISVWLITVIJIVWJSV
XLIMRXVSHYGXSV]WTIIGL

%JXIV KIXXMRK XLI EYHMIRGItW EXXIRXMSR ERH VIZIEPMRK ]SYV XSTMG ]SY EVI
VIEH]XSQSZIMRXSXLIFSH]SJ]SYVWTIIGL-RWSQIWTIIGLIWXLIFSH]WIIQW
XSSVKERM^IMXWIPJ-J]SYLEZIFIIREWWMKRIHXSXIPPEWXSV]EFSYXEWMKRMJMGERX
I\TIVMIRGIMR]SYVPMJI]SY[MPPVIPEXIXLIIZIRXWGLVSRSPSKMGEPP]MRXLISVHIV
XLI]SGGYVVIH

&YXRSXEPPWTIIGLIWJSPPS[WYGLEJSVQEX7YTTSWI]SYLEZIFIIREWOIHXS
KMZI E TVIWIRXEXMSR MRXVSHYGMRK E GPEWWQEXI =SY GSYPH SVKERM^I XLI QSWX
MQTSVXERX FMSKVETLMGEP JEGXW EFSYX ]SYV WYFNIGX MR GLVSRSPSKMGEP SVHIV FYX
XLMWQMKLXVIWYPXMREHYPPWYTIVJMGMEPWTIIGLq-R%PMGME[EWFSVRMR'PIZI
PERHEXXIRHIH/MRK)PIQIRXEV]7GLSSPJVSQXSERHKVEHYEXIHJVSQ
7SYXL,MKL7GLSSPMRr

%FIXXIV[E]SJWXVYGXYVMRK]SYVVIQEVOWQMKLXFIXSHMWGYWWXLVIISJXLI
QSWXMQTSVXERXEWTIGXWSJ%PMGMEtWPMJIWYGLEWLSFFMIWGEVIIVKSEPWERHJEQ
MP] 8LMW MW GEPPIH XLI XSTMGEP QIXLSH SJ SVKERM^EXMSR [LMGL WYFHMZMHIW XLI
WTIIGLXSTMGMRXSMXWREXYVEPPSKMGEPSVGSRZIRXMSREPTEVXW%PXLSYKLXLIVIEVI
QER]SXLIV[E]WXSSVKERM^IEWTIIGL]SYVJMVWXTVIWIRXEXMSR[MPPTVSFEFP]YWI
IMXLIVGLVSRSPSKMGEPSVXSTMGEPSVHIV

6IKEVHPIWWSJXLIQIXLSHSJSVKERM^EXMSR]SYYWIVIQIQFIVXSPMQMXXLI
RYQFIVSJQEMRTSMRXWMRXLIFSH]SJ]SYVWTIIGL-REX[SQMRYXITVIWIRXE
XMSR]SY[SRtXLEZIXMQIXSHIZIPSTQSVIXLERX[SSVXLVIIQEMRTSMRXW

3RGI ]SY LEZI WIPIGXIH XLSWI TSMRXW QEOI WYVI IEGL SRI JSGYWIW SR E
WMRKPIEWTIGXSJXLIXSTMG*SVI\EQTPIMJ]SYVJMVWXTSMRXGSRGIVRW]SYVGPEWW
QEXItW LSQIXS[R HSRtX MRXVSHYGI MVVIPIZERX MRJSVQEXMSR EFSYX LIV NSF SV
JEZSVMXIQYWMG7EZIXLMWQEXIVMEPJSVEWITEVEXITSMRXSVGYXMX

8V]XSQEOI]SYVQEMRTSMRXWWXERHSYXF]MRXVSHYGMRKIEGL[MXLEXVERWM
XMSRWXEXIQIRX-REWTIIGLMRXVSHYGMRKEGPEWWQEXI]SYQMKLXFIKMRXLIJMVWX
QEMRTSMRXF]WE]MRK


6MGStWJEQMP]QSZIHEKVIEXHIEPXLVSYKLSYXLMWGLMPHLSSH

;LIR]SYVIEGLXLIWIGSRHTSMRX]SYQMKLXMRXVSHYGIMXPMOIXLMW

1SZMRKEPSXPIHXS6MGStWSYXKSMRKREXYVIERHGSRJMHIRGIMRQEOMRKJVMIRHW-RJEGX
LILEWJVMIRHWEPPEVSYRHXLI[SVPH[MXL[LSQLIGSVVIWTSRHWVIKYPEVP]SZIVIQEMP

=SYLEZIRS[PIX]SYVEYHMIRGIORS[XLEXXLIJMVWXQEMRTSMRXMWSZIVERHXLEX
]SY EVI WXEVXMRK XLI WIGSRH SRI 8LI XLMVH QEMR TSMRX QMKLX FIKMR EW
JSPPS[W


%44)2(-< +-:-2+=396*-67874))',

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

0MWXIRMRK

8I\X

8LI1G+VE[n,MPP
'SQTERMIW


'SVVIWTSRHMRK[MXLTISTPIEPPSZIVXLI[SVPHMWQSVIXLERNYWXELSFF]JSV6MGSWMRGI
LIMWQENSVMRKMRMRXIVREXMSREPVIPEXMSRW

8VERWMXMSRWXEXIQIRXWWYGLEWXLIWI[MPPLIPT]SYVEYHMIRGIOIITXVEGOSJ]SYV
QEMRMHIEW

;LIR ]SY JMRMWL HMWGYWWMRK ]SYV JMREP TSMRX ]SY [MPP FI VIEH] XS QSZI
MRXS ]SYV GSRGPYWMSR =SY RIIH XS EGGSQTPMWL X[S XEWOW MR XLMW TEVX SJ XLI
WTIIGLPIXXLIEYHMIRGIORS[]SYEVIEFSYXXSJMRMWLERHVIMRJSVGI]SYVQENSV
XLIQI

-J TSWWMFPI IRH SR E HVEQEXMG GPIZIV SV XLSYKLXTVSZSOMRK RSXI *SV
I\EQTPI MR XLI WTIIGL EFSYX /M]SQM XLI WXYHIRX HIZSXIH XLI FSH] SJ LIV
WTIIGL XS I\TPEMRMRK LS[ WLI [SR XLI VSPI ERH [LEX LETTIRIH [LIR WLI
TIVJSVQIHMXSRWXEKI8LIRMRLIVGSRGPYWMSRWLI[VETTIHYTF]WE]MRK

-RIIHIHXLMWI\TIVMIRGIXSETTVIGMEXI[LS-[EW-VIEPM^IHXLEX-WLSYPHFIQ]WIPJERH
RSXPSRKXSFIWSQISRIIPWI7S[LEXMJ-tQRSXXLIQSWXKVEGIJYPSVJIQMRMRITIVWSR#7S
[LEXMJ-HSRtXTSWWIWWEPPXLI[SRHIVJYPGLEVEGXIVMWXMGWSJ/M]SQM#-EQWXMPPQIhRSXEGLEV
EGXIVMRETPE]=IXF]TPE]MRKXLEXGLEVEGXIV-PIEVRIHSRISJXLIQSWXMQTSVXERXPIWWSRWSJ
Q]PMJI-PIEVRIHXLEXF]FIGSQMRKE[SQER[LSRIZIV[EW-FIGEQITVSYHSJ[LS-EQ

GSRRIGXPYGEWGSQ
:MI[XLIIRHMRKSJq/M]SQM
ERH1IrMRXLISRPMRI1IHME
0MFVEV]JSVXLMWETTIRHM\
:MHIS'PMT% 

8LI JMREP PMRIW FVMRK XLI WTIIGL XS E HVEQEXMG GPSWI ERH YRHIVWGSVI [L] XLI
I\TIVMIRGISJTPE]MRK/M]SQM[EWWSMQTSVXERXXSXLIWTIEOIV

(IPMZIVMRK=SYV7TIIGL

3RGI ]SY LEZI WIPIGXIH E WYFNIGX ERH SVKERM^IH XLI GSRXIRX MRXS E GPIEV
WXVYGXYVIMXMWXMQIXS[SVOSRXLIHIPMZIV]SJ]SYVWTIIGL&IGEYWIXLMWMW]SYV
JMVWXWTIIGLSJXLIXIVQRSSRII\TIGXW]SYXSKMZIETIVJIGXP]TSPMWLIHTVIWIR
XEXMSR=SYVEMQMWXSHSEW[IPPEWTSWWMFPI[LMPIEPWSPE]MRKEJSYRHEXMSR]SY
GER FYMPH YTSR MR PEXIV WTIIGLIW ;MXL XLMW MWQMRH[ItPP PSSO FVMIJP]EX XLI
I\XIQTSVERISYWQIXLSHSJWTIIGLHIPMZIV]XLIMQTSVXERGISJVILIEVWMRK]SYV
WTIIGLERHWSQISJXLIQENSVJEGXSVWXSGSRWMHIV[LIRWTIIGLHE]EVVMZIW

74)%/-2+)<8)1436%2)3970=
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WTIIGL PMOI ER IWWE] ERH VIEH MX [SVH JSV [SVH XS ]SYV PMWXIRIVW 8LI SXLIV
I\XVIQIMWXSTVITEVIZIV]PMXXPIJSVXLIWTIIGLhXS[MRKMXF]XVYWXMRKXS]SYV
[MXWERHXLIMRWTMVEXMSRSJXLIQSQIRX2IMXLIVETTVSEGLMWETTVSTVMEXI

1SWX I\TIVXW VIGSQQIRH WTIEOMRK I\XIQTSVERISYWP] [LMGL GSQFMRIW
XLI GEVIJYP TVITEVEXMSR ERH WXVYGXYVI SJ E QERYWGVMTX TVIWIRXEXMSR [MXL XLI
WTSRXERIMX] ERH IRXLYWMEWQ SJ ER YRVILIEVWIH XEPO =SYV EMQ MR ER
I\XIQTSVERISYWWTIIGLMWXSTPER]SYVQENSVTSMRXWERHWYTTSVXMRKQEXIVMEP
[MXLSYXXV]MRKXSQIQSVM^IXLITVIGMWIPERKYEKI]SY[MPPYWISRXLIHE]SJXLI
WTIIGL

8LI I\XIQTSVERISYW QIXLSH VIUYMVIW ]SY XS ORS[ XLI GSRXIRX SJ ]SYV
WTIIGLUYMXI[IPP-RJEGX[LIR]SYYWIXLMWQIXLSHTVSTIVP]]SYFIGSQIWS
JEQMPMEV[MXLXLIWYFWXERGISJ]SYVXEPOXLEX]SYRIIHSRP]EJI[FVMIJRSXIWXS
VIQMRH]SYSJXLITSMRXW]SYMRXIRHXSGSZIV8LIRSXIWWLSYPHGSRWMWXSJOI]


(IPMZIVMRK=SYV7TIIGL



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

GSRRIGXPYGEWGSQ
:MI[ERI\GIVTXJVSQq%,IEVX
;SVRSR1],ERHrMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW
ETTIRHM\ :MHIS'PMT% 

0MWXIRMRK

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

[SVHW SV TLVEWIW VEXLIV XLER GSQTPIXI WIRXIRGIW ERH TEVEKVETLW 8LMW [E]
[LIR]SYEVIMRJVSRXSJXLIEYHMIRGI]SY[MPPXIPPXLIQ[LEX]SYORS[EFSYX
XLIXSTMGMR]SYVS[R[SVHW

4VITEVI]SYVRSXIWF][VMXMRKSVTVMRXMRKOI]XIVQWERHTLVEWIWSRMRHI\
GEVHWSVWLIIXWSJTETIV7SQIMRWXVYGXSVWVIUYMVIWXYHIRXWXSYWIMRHI\GEVHW
FIGEYWIXLI]EVIWQEPPERHYRSFXVYWMZIHSRtXVYWXPISVJPSTSZIVERHGERFI
LIPH MR SRI LERH [LMGL EPPS[W XLI WTIEOIV XS KIWXYVI QSVI IEWMP] 3XLIV
XIEGLIVWVIGSQQIRHWLIIXWSJTETIVFIGEYWI]SYGERKIXQSVIMRJSVQEXMSRSR
XLIQERHFIGEYWIMXMWIEWMIVXSTVMRXSYXGSQTYXIVJMPIWSRTETIV-J]SYEVI
YRWYVI[LEX]SYVMRWXVYGXSVTVIJIVWEWO[IPPFIJSVI]SYVWTIIGLMWHYI

;LIXLIV]SYYWIMRHI\GEVHWSVWLIIXWSJTETIV]SYVRSXIWWLSYPHFIPEVKI
IRSYKLXSVIEHGPIEVP]EXEVQtWPIRKXL1ER]I\TIVMIRGIHWTIEOIVWHSYFPISV
XVMTPIWTEGIXLIMVRSXIWFIGEYWIXLMWQEOIWXLIQIEWMIVXSWIIEXEKPERGI;VMXI
SVTVMRXSRSRP]SRIWMHISJXLIMRHI\GEVHSVTETIVERHYWIXLIJI[IWXRSXIW
]SYGERQEREKIERHWXMPPTVIWIRXXLIWTIIGLJPYIRXP]ERHGSRJMHIRXP]

=SYGERWIIERI\EQTPISJI\XIQTSVERISYWHIPMZIV]SR:MHIS'PMT%MR
XLISRPMRI1IHME0MFVEV]JSVXLMWETTIRHM\8LIWXYHIRXMWKMZMRKEWTIIGLSJ
WIPJMRXVSHYGXMSR YWMRK E TIVWSREP SFNIGXhMR XLMW GEWI E WSJXFEPP KPSZIhXS
I\TPEMR WSQIXLMRK MQTSVXERX EFSYX LIVWIPJ %W ]SY ZMI[ XLI I\GIVTX RSXMGI
XLEX IZIR XLSYKL XLI WTIEOIVtW TSMRXW EVI [IPP TPERRIH WLI MW RSX XMIH XS E
QERYWGVMTX;LIRXEPOMRKEFSYXLIVKPSZIWLIWIXWHS[RLIVRSXIWERHTSMRXW
XSXLMRKWSRXLIKPSZIXLEXVIJPIGXHMJJIVIRXEWTIGXWSJLIVPMJI%PPXLI[LMPIWLI
WTIEOWHMVIGXP]XSLIVGPEWWQEXIWERHQEOIWWXVSRKI]IGSRXEGX[MXLXLIQ

%X JMVWX MX QE] WIIQ ZIV] HIQERHMRK XS HIPMZIV E WTIIGL I\XIQTSVERI
SYWP] -R JEGX XLSYKL ]SY YWI XLI I\XIQTSVERISYW QIXLSH MR IZIV]HE]
GSRZIVWEXMSR (S ]SY VIEH JVSQ E QERYWGVMTX [LIR ]SY XIPP ]SYVJVMIRHW ER
EQYWMRKWXSV]#3JGSYVWIRSX=SYVIGEPPXLIIWWIRXMEPHIXEMPWSJ]SYVWXSV]ERH
XIPP XLI XEPI XS HMJJIVIRX JVMIRHW SR HMJJIVIRX SGGEWMSRW YWMRK WSQI[LEX
HMJJIVIRXPERKYEKIIEGLXMQI=SYJIIPVIPE\IHERHGSRJMHIRX[MXL]SYVJVMIRHW
WS]SYNYWXXIPPXLIQ[LEXMWSR]SYVQMRHMREGSRZIVWEXMSREPXSRI8V]XSHS
XLIWEQIXLMRKMR]SYVWTIIGL

6),)%67-2+8,)74))',
;LIR]SY[EXGLEXVYP]IJJIGXMZII\XIQTSVERISYWWTIEOIVXLIWTIIGLGSQIW
SYXWSWQSSXLP]XLEXMXWIIQWEPQSWXIJJSVXPIWW-RJEGXXLEXWQSSXLHIPMZIV]MW
XLIVIWYPXSJEKVIEXHIEPSJTVEGXMGI%W]SYVWTIIGLGSYVWITVSKVIWWIW]SY[MPP
KEMR QSVI I\TIVMIRGI ERH [MPP FIGSQI QSVI GSQJSVXEFPI HIPMZIVMRK ]SYV
WTIIGLIWI\XIQTSVERISYWP]

8LI JMVWX XMQI ]SY VILIEVWI ]SYV MRXVSHYGXSV] WTIIGL LS[IZIV ]SY [MPP
TVSFEFP] WXVYKKPI ;SVHW QE] RSX GSQI IEWMP] ERH ]SY QE] JSVKIX WSQI
XLMRKW ]SY TPERRIH XSWE] (SRtX FIGSQIHMWGSYVEKIH/IIT KSMRK ERH GSQ
TPIXIXLIWTIIGLEW[IPPEW]SYGER'SRGIRXVEXISRKEMRMRKGSRXVSPSJXLIMHIEW
VEXLIV XLER SR XV]MRK XS PIEVR XLI WTIIGL [SVH JSV [SVH =SY [MPP MQTVSZI
IZIV]XMQI]SYTVEGXMGI

*SVXLMWETTVSEGLXS[SVO]SYQYWXVILIEVWIXLIWTIIGLSYXPSYH0SSOMRK
WMPIRXP]SZIV]SYVRSXIWMWRSXIRSYKL7TIEOMRKXLI[SVHWEPSYH[MPPLIPT]SY
QEWXIV XLI GSRXIRX SJ ]SYV XEPO 3RGI ]SY LEZI E JEMVP] KSSH KVEWT SJ XLI
WTIIGLEWOJVMIRHWSVJEQMP]QIQFIVWXSPMWXIRERHXSKMZIGSRWXVYGXMZIJIIH
FEGO(SRtXFIWL]EFSYXEWOMRK1SWXTISTPIPSZIXSKMZIXLIMVSTMRMSREFSYX
WSQIXLMRKERHMXtWGVYGMEPXLEX]SYVILIEVWI[MXLEPMZIEYHMIRGIFIJSVITVI
WIRXMRKXLIWTIIGLMRGPEWW


%44)2(-< +-:-2+=396*-67874))',

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

0MWXIRMRK

8I\X

8LI1G+VE[n,MPP
'SQTERMIW


%W]SYTVEGXMGIXMQI]SYVWTIIGLXSQEOIWYVIMXMWRIMXLIVXSSPSRKRSV
XSSWLSVX &IGEYWISJRIVZIWQSWX TISTPIXEPOJEWXIVHYVMRKXLIMV JMVWXWTIIGL
XLER [LIR XLI] TVEGXMGI MX ;LIR ]SY VILIEVWI EX LSQI QEOI GIVXEMR ]SYV
WTIIGL VYRW WPMKLXP] PSRKIV XLER XLI QMRMQYQ XMQI PMQMX 8LEX [E] MJ ]SYV
WTIEOMRKVEXIMRGVIEWIW[LIR]SYKIXMRJVSRXSJ]SYVGPEWWQEXIW]SYVWTIIGL
[SRtXIRHYTFIMRKXSSWLSVX

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;LIR MX MW ]SYV XYVR XS WTIEO QSZI XS XLI JVSRX SJ XLI VSSQ ERH JEGI XLI
EYHMIRGI%WWYQIEVIPE\IHFYXYTVMKLXTSWXYVI4PERX]SYVJIIXEFMXPIWWXLER
WLSYPHIV[MHXLETEVXERHEPPS[]SYVEVQWXSLERKPSSWIP]F]]SYVWMHI%VVERKI
]SYVRSXIW FIJSVI ]SY WXEVX XSWTIEO 8LIRXEOIEQSQIRX XS PSSOSZIV]SYV
EYHMIRGIERHXSWQMPI8LMW[MPPLIPT]SYIWXEFPMWLVETTSVX[MXL]SYVGPEWWQEXIW
JVSQXLIWXEVX

3RGI]SYEVIMRXSXLIWTIIGLJIIPJVIIXSYWI]SYVLERHWXSKIWXYVIFYX
HSRtXXV]XSTPEREPP]SYVKIWXYVIWELIEHSJXMQI-J]SYHSRtXRSVQEPP]YWI]SYV
LERHWI\TVIWWMZIP]HYVMRKMRJSVQEPGSRZIVWEXMSRXLIR]SYWLSYPHRtXJIIPGSQ
TIPPIHXSKIWXYVIEPSXHYVMRK]SYVWTIIGL;LEXIZIVKIWXYVIW]SYHSYWIWLSYPH
JPS[REXYVEPP]JVSQ]SYVJIIPMRKW

%FSZIEPPHSRtXPIX]SYVKIWXYVIWSVFSHMP]EGXMSRWHMWXVEGXPMWXIRIVWJVSQ
]SYVQIWWEKI(S]SYVFIWXXSEZSMHRIVZSYWQERRIVMWQWWYGLEWX[MWXMRK]SYV
LEMV [VMRKMRK ]SYV LERHW WLMJXMRK ]SYV [IMKLX JVSQ SRI JSSX XS XLI SXLIV
VSGOMRKFEGOERHJSVXLSVXETTMRK]SYVJMRKIVWSRXLIPIGXIVR2SQEXXIVLS[
RIVZSYW]SYJIIPXV]XSETTIEVGEPQERHVIPE\IH

(YVMRK]SYVXEPOPSSOEX]SYVGPEWWQEXIWEWSJXIREW]SYGER3RISJXLI
QENSVVIEWSRWJSVWTIEOMRKI\XIQTSVERISYWP]MWXSQEMRXEMRI]IGSRXEGX[MXL
]SYVEYHMIRGI-R]SYVS[RI\TIVMIRGI]SYORS[LS[QYGLQSVIMQTVIWWMZI
EWTIEOIVMW[LIRWLISVLIPSSOWEXXLIEYHMIRGI[LMPIWTIEOMRK

-J ]SY LEZI TVEGXMGIH XLI I\XIQTSVERISYW QIXLSH SJ HIPMZIV] ERH TVI
TEVIH ]SYV RSXIW TVSTIVP] ]SY WLSYPH FI EFPI XS QEMRXEMR I]I GSRXEGX [MXL
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VSSQEW[IPPEWXLIGIRXIVERHEZSMHXLIXIQTXEXMSRXSWTIEOI\GPYWMZIP]XS
SRI SV X[S W]QTEXLIXMG MRHMZMHYEPW ;LIR ]SY EVI JMRMWLIH WTIEOMRK ]SYV
GPEWWQEXIWWLSYPHLEZIXLIMQTVIWWMSRXLEX]SYIWXEFPMWLIHETIVWSREPGSRRIG
XMSR[MXLIEGLSJXLIQ

8V]XSYWI]SYVZSMGIEWI\TVIWWMZIP]EW]SY[SYPHMRRSVQEPGSRZIVWEXMSR
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JMKLX XLI XIQTXEXMSR XS VEGI XLVSYKL ]SYV WTIIGL -J ]SY QEOI E GSRWGMSYW
IJJSVXXSWTIEOYTWPS[HS[RERHTVSNIGXGPIEVP]]SY[MPPFISRXLIVMKLXXVEGO
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+IRIVEP4YVTSWI 8SMRJSVQ
7TIGMJMG4YVTSWI

8SMRJSVQQ]EYHMIRGIEFSYXXLILMWXSV]SJ1I\MGStW(E
HIPSW1YIVXSWGIPIFVEXMSR

'IRXVEP-HIE

(EHIPSW1YIVXSWGERFIXVEGIHXSXLI%^XIGW[EWQSZIH
JVSQWYQQIVXSJEPPF]7TERMWLTVMIWXWERHXSHE]MWGIPI
FVEXIHMRERYQFIVSJ[E]WMRHMJJIVIRXVIKMSRWSJ1I\MGS

8LMWGIRXVEPMHIEMWIWTIGMEPP][IPP[SVHIH;IGEREWWYQIJVSQMXXLEXXLIFSH]
SJXLIWTIIGL[MPPGSRXEMRXLVIIQEMRTSMRXW  SRXLI%^XIGSVMKMRWSJ(EHI
PSW1YIVXSW  SRLS[MX[EWGLERKIHF]XLI7TERMWLERH  SRXLI[E]WMX
MWGIPIFVEXIHXSHE]
2SXMGIMRIEGLSJXLIWII\EQTPIWLS[QYGLQSVIXLIGIRXVEPMHIEVIZIEPW
EFSYX XLI GSRXIRX SJ XLI WTIIGL XLER HSIW XLI WTIGMJMG TYVTSWI 8LMW MW RSX
EGGMHIRXEP3JXIR]SYGERWIXXPISREWTIGMJMGTYVTSWIWXEXIQIRXIEVP]MRTVITEV
MRK ]SYV WTIIGL 8LI GIRXVEP MHIE LS[IZIV YWYEPP] IQIVKIW PEXIVhEJXIV ]SY
LEZIHSRI]SYVVIWIEVGLERHLEZIHIGMHIHSRXLIQEMRTSMRXWSJXLIWTIIGL
8LITVSGIWWQE][SVOPMOIXLMW

%W ER IRZMVSRQIRXEP WGMIRGI QENSV 1EVGME )WTSWMXS LEH PIEVRIH XLEX QER] I\TIVXW
JIEVXLI[SVPHQE]JEGIEWIZIVI[EXIVWLSVXEKIF]XLI]IEV7LIHIGMHIHXLMW[SYPH
QEOIEKSSHXSTMGJSVLIVMRJSVQEXMZIWTIIGL8IRXEXMZIP]WLIEHSTXIHXLIJSPPS[MRKWTI
GMJMG TYVTSWI WXEXIQIRX q8S MRJSVQ Q] EYHMIRGI EFSYX XLI WIVMSYWRIWW SJ XLI KVS[MRK
MRXIVREXMSREP[EXIVGVMWMWr8LIR1EVGMEWXEVXIHLIVVIWIEVGL

%R EVXMGPI MR 2I[W[IIO [LMGL WLI PSGEXIH XLVSYKL 0I\MW2I\MW I\TPEMRIH LS[ XLI
TSTYPEXMSRMRGSYRXVMIWWYGLEW'LMRE-RHMEERH4EPIWXMRIMWSYXWXVMTTMRKXLIEZEMPEFPIWYT
TP]SJJVIWL[EXIV%GGSVHMRKXSXLIEVXMGPIQMPPMSR'LMRIWIHSRSXLEZIEGGIWWXSWYMX
EFPIHVMROMRK[EXIVERHX[SXLMVHWSJ-RHMEtWFMPPMSRTISTPIPEGOXLI[EXIVXLI]RIIH

2I\X 1EVGME JSYRH E VITSVX SR XLI 9RMXIH 2EXMSRW ;IF WMXI EFSYX XLI MQTEGX SJ
TSPPYXMSRSRXLI[EXIVWYTTP]8LIVITSVXWXEXIHXLEXMRHIZIPSTMRKGSYRXVMIWqQSVIXLER
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WYVJEGI[EXIVr


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0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7IPIGXMRKE8STMGERHE
4YVTSWI

8I\X

8LI1G+VE[n,MPP
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9RPMOIXLIWTIGMJMGTYVTSWI
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8LIR 1EVGME LMX YTSR XLI MHIE SJ MRXIVZMI[MRK SRI SJ LIV IRZMVSRQIRXEP WGMIRGI
TVSJIWWSVW-REHHMXMSRXSGSRJMVQMRK1EVGMEtWVIWIEVGLEFSYXXLIMQTEGXSJTSTYPEXMSR
KVS[XL ERH TSPPYXMSR XLI TVSJIWWSV QIRXMSRIH XLI TVSFPIQW GEYWIH F] QMWQEREKI
QIRXSJ[EXIVWYTTPMIW%VSYRHXLI[SVPHXSTIVGIRXSJXLI[EXIVTISTPIYWIMW
PSWXXS[EWXIIZETSVEXMSRERHSXLIVMRIJJMGMIRGMIWXLIVEXIMRXLI9RMXIH7XEXIWMWEFSYX
TIVGIRX

1EVGMEHMKIWXIHEPPXLMWMRJSVQEXMSR2S[WLI[EWVIEH]XSJSVQYPEXILIVGIRXVEPMHIE
q4STYPEXMSR KVS[XL TSPPYXMSR ERH QMWQEREKIQIRX EVI GVIEXMRK E WIVMSYW WLSVXEKI SJ
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[IPP[SVHIHWTIGMJMGTYVTSWIWXEXIQIRX8LIGIRXVEPMHIE  WLSYPHFII\TVIWWIH
MREJYPPWIRXIRGI  WLSYPHRSXFIMRXLIJSVQSJEUYIWXMSR  WLSYPHEZSMH
JMKYVEXMZIPERKYEKIERH  WLSYPHRSXFIZEKYISVSZIVP]KIRIVEP
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WTIIGLQMKLXFI


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XSFIHMWGYWWIHMRXLIFSH]SJXLIWTIIGL#
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EPPSXXIHJSVXLIWTIIGL#
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  -W XLI GIRXVEP MHIE ETTVSTVMEXI JSV E RSRXIGLRMGEP
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1SVI)JJIGXMZI &IGEYWIGSPPIKIEXLPIXIWMRVIZIRYITVSHYGMRKWTSVXWWYGL
EWJSSXFEPPERHFEWOIXFEPPKIRIVEXIQMPPMSRWSJHSPPEVWMR
VIZIRYIJSVXLIMVWGLSSPWXLI2'%%WLSYPHEPPS[WYGL
EXLPIXIWXSVIGIMZIEQSRXLP]WEPEV]EWTEVXSJXLIMV
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JVSQ RSX FIMRK [VMXXIR EW E GSQTPIXI WIRXIRGI q4VSFPIQW SJ JEH HMIXWr HSIW
RSXVIZIEPIRSYKLEFSYXXLIGSRXIRXSJXLIWTIIGLXSWIVZIEWXLIGIRXVEPMHIE
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XSFIHMWGYWWIHMRXLIWTIIGL
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[SYPHFI
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QIHMGMRI[IETSRV]ERHHEMP]PMJI
8LIJMREPMRIJJIGXMZIGIRXVEPMHIEMWJPE[IHF]MXWYWISJJMKYVEXMZIPERKYEKI
8SWE]XLEXXLI=YGEXR4IRMRWYPEMWERqE[IWSQIrTPEGIJSVEZEGEXMSRHSIW


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0YGEW8LI%VXSJ4YFPMG
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8LI1G+VE[n,MPP
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RSXMRHMGEXI[LEXGLEVEGXIVMWXMGWSJXLI=YGEXR4IRMRWYPEXLIWTIEOIVMRXIRHW
XSHMWGYWW%FIXXIVGIRXVEPMHIEQMKLXFI
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ZEGEXMSRIVWMRGPYHMRKE[EVQGPMQEXII\GIPPIRXJSSHERH
I\XIRWMZI1E]ERVYMRW
2SXMGIXLEXMREPPXLIWII\EQTPIWXLIQSVIIJJIGXMZIGIRXVEPMHIEWYQWYTXLI
QEMRTSMRXWSJXLIWTIIGLMREWMRKPIWIRXIRGI-J]SYEVILEZMRKXVSYFPITLVEW
MRK]SYVGIRXVEPMHIEXLIVIEWSRQE]FIXLEX]SYHSRSX]IXLEZIEJMVQKVEWT
SRXLIQEMRTSMRXWSJ]SYVWTIIGL(SRSX[SVV]XSSQYGLEFSYX]SYVGIRXVEP
MHIEYRXMPEJXIV]SYLEZIHIZIPSTIHXLIFSH]SJ]SYVWTIIGL WII'LETXIV -J
EX XLEX TSMRX ]SY WXMPP GERtX GSQI YT [MXL E GPIEV GSRGMWI GIRXVEP MHIE ]SYV
WTIIGLMXWIPJQE]RSXFIGPIEVSVGSRGMWI/IIT[SVOMRKSRXLIWTIIGLYRXMP]SY
GERGSQTSWIEGIRXVEPMHIEXLEXJMXWXLIGVMXIVMENYWXHMWGYWWIH8LIVIWYPX[MPPFI
EWLEVTIVGIRXVEPMHIEERHEXMKLXIVQSVIGSLIVIRXWTIIGL

7911%6=

8LIJMVWXWXITMRWTIIGLQEOMRKMWGLSSWMRKEXSTMG*SVGPEWWVSSQWTIIGLIW]SYGER
GLSSWIEWYFNIGX]SYORS[[IPPSVSRI]SYVIWIEVGLIWTIGMEPP]JSVXLIWTIIGL-J]SY
LEZIXVSYFPITMGOMRKEXSTMG]SYGERYWISRISJJSYVFVEMRWXSVQMRKTVSGIHYVIW*MVWX
QEOIERMRZIRXSV]SJ]SYVLSFFMIWMRXIVIWXWWOMPPWFIPMIJWERHWSJSVXL7IGSRHYWI
GPYWXIVMRKXSPMWXXLIJMVWXXSTMGWXLEXGSQIXSQMRHMRWIZIVEPGEXIKSVMIW8LMVHGLIGO
EVIJIVIRGI[SVOJSVMHIEW*SYVXLYWIER-RXIVRIXWYFNIGXHMVIGXSV]XSLIPT]SYWGER
TSWWMFPIXSTMGW

8LIKIRIVEPTYVTSWISJ]SYVWTIIGL [MPP YWYEPP]FIXS MRJSVQ SV XSTIVWYEHI
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]SYVKSEPMWXS[MRPMWXIRIVWSZIVXS]SYVTSMRXSJZMI[

3RGI]SYORS[]SYVXSTMGERHKIRIVEPTYVTSWI]SYQYWXJSGYWSREWTIGMJMG
TYVTSWIWXEXIQIRXXLEXMRHMGEXIWTVIGMWIP][LEX]SYVWTIIGLWIIOWXSEGLMIZI8LI
WTIGMJMGTYVTSWIWXEXIQIRXWLSYPH  FIEJYPPMRJMRMXMZITLVEWI  FI[SVHIHEWE
WXEXIQIRX RSX E UYIWXMSR   EZSMH JMKYVEXMZI PERKYEKI   GSRGIRXVEXI SR SRI
HMWXMRGXMHIE  RSXFIZEKYISVKIRIVEP

/IITWIZIVEPUYIWXMSRWMRQMRHEW]SYJSVQYPEXI]SYVWTIGMJMGTYVTSWIWXEXIQIRX
(SIW Q] TYVTSWI QIIX XLI EWWMKRQIRX# 'ER - EGGSQTPMWL Q] TYVTSWI MR XLI XMQI
EPPSXXIH# -W XLI TYVTSWI VIPIZERX XS Q] EYHMIRGI# -W XLI TYVTSWI XSS XVMZMEP SV XSS
XIGLRMGEPJSVQ]EYHMIRGI#

8LIGIRXVEPMHIEVIJMRIWERHWLEVTIRW]SYVWTIGMJMGTYVTSWI-XMWEGSRGMWIWXEXI
QIRXSJ[LEX]SY[MPPWE]MR]SYVWTIIGLERHMXYWYEPP]GV]WXEPPM^IWMR]SYVXLMROMRK
EJXIV ]SY LEZI HSRI ]SYV VIWIEVGL ERH LEZI HIGMHIH SR XLI QEMR TSMRXW SJ ]SYV
WTIIGL8LIGIRXVEPMHIEYWYEPP]IRGETWYPEXIWXLIQEMRTSMRXWXSFIHIZIPSTIHMRXLI
FSH]SJ]SYVWTIIGL

/)=8)617

XSTMG  

WTIGMJMGTYVTSWI 

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GIRXVEPMHIE 

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0YGEW8LI%VXSJ4YFPMG
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7IPIGXMRKE8STMGERHE
4YVTSWI

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8LI1G+VE[n,MPP
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6):-);59)78-327
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 ;LEX JSYV FVEMRWXSVQMRK QIXLSHW GER ]SY JSPPS[ MJ ]SY EVI LEZMRK XVSYFPI
GLSSWMRKEXSTMGJSV]SYVWTIIGL#
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HMJJIV#
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7XYH]%MHWJSVXLMWGLETXIV

 ;L]MWHIXIVQMRMRKXLIWTIGMJMGTYVTSWIWYGLERMQTSVXERXIEVP]WXITMRWTIIGL
TVITEVEXMSR#;L]MWMXMQTSVXERXXSMRGPYHIXLIEYHMIRGIMRXLIWTIGMJMGTYVTSWI
WXEXIQIRX#
 ;LEXEVIJMZIXMTWJSVJSVQYPEXMRK]SYVWTIGMJMGTYVTSWI#
 ;LEXEVIJMZIUYIWXMSRWXSEWOEFSYX]SYVWTIGMJMGTYVTSWI#
 ;LEX MW XLI HMJJIVIRGI FIX[IIR XLI WTIGMJMG TYVTSWI ERH XLI GIRXVEP MHIE SJ E
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 9WMRK SRISJ XLI JSYV FVEMRWXSVQMRK QIXLSHW HIWGVMFIHMRXLMW GLETXIV GSQI
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*SVIEGLXSTMGHIZMWIX[STSWWMFPIWTIGMJMGTYVTSWIWXEXIQIRXWWYMXEFPIJSVXLI
WTIIGLEWWMKRQIRX1EOIWYVIXLIWTIGMJMGTYVTSWIWXEXIQIRXWJMXXLIKYMHIPMRIW
HMWGYWWIHMRXLIGLETXIV
 &IPS[MWEPMWXSJRMRIXSTMGW'LSSWIXLVIIERHJSVIEGLSJXLIXLVIIGSQTSWI
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SRIWYMXEFPIJSVETIVWYEWMZIWTIIGL
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8STMG
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7GLSSPFYWIW

4IVWYEWMZI

8STIVWYEHIQ]EYHMIRGIXLEXXLIJIHIVEPKSZIVRQIRXWLSYPHMQTSWI
WXVSRKIVWEJIX]WXERHEVHWJSVWGLSSPFYWIWMRXLI9RMXIH7XEXIW

IHYGEXMSR

8SMRJSVQQ]EYHMIRGISJXLIHERKIVSYWGSRHMXMSRWSJQER]WGLSSP
FYWIWMRXLI9RMXIH7XEXIW

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WTSVXW

TSPMXMGW

TVINYHMGI

WGMIRGI

QYWMG

LIEPXL

 ,IVIEVIWIZIVEPWTIGMJMGTYVTSWIWXEXIQIRXWJSVGPEWWVSSQWTIIGLIW-HIRXMJ]XLI
TVSFPIQ[MXLIEGLERHVI[VMXIXLIWXEXIQIRXXSGSVVIGXXLITVSFPIQ
8SMRJSVQQ]EYHMIRGILS[XSWMKRYTJSV*EGIFSSO
8STIVWYEHIQ]EYHMIRGIXLEXXLI97KSZIVRQIRXWLSYPHMRGVIEWIJYRHMRKJSV
WXIQGIPPVIWIEVGLERHWYTTSVXXLIHIZIPSTQIRXSJL]HVSKIRJYIPZILMGPIW
;LEXMWERMRHMZMHYEPVIXMVIQIRXEGGSYRX#
8SMRJSVQQ]EYHMIRGI[L]WUYEVIKVSSZIWEVIWYTIVMSVXS9WLETIHKVSSZIWSR
KSPJGPYFW
8SMRJSVQQ]EYHMIRGIEFSYX:MIXREQ
(SREXIFPSSH
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ERXMFMSXMGVIWMWXERXFEGXIVME



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0YGEW8LI%VXSJ4YFPMG
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4YVTSWI

8I\X

8LI1G+VE[n,MPP
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7TIGMJMG4YVTSWI
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 SYWLSYPHWXYH]EFVSEHFIGEYWIMX[MPPIRLERGI]SYV
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 LIWIGSRHWXITMRKIXXMRKEXEXXSSMWSYXPMRMRKXLIHIWMKR
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HIWMKR
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8LIEXLPIXMGHMVIGXSVMRZMXIW]SYMRXSXLISJJMGI]SYI\GLERKIEJI[MRXVSHYG
XSV] VIQEVOW 2S[ FIJSVI ]SY TPYRKI MRXS ]SYV UYIWXMSRW ]SY XEOI E
QSQIRX XS VIWXEXI XLI TYVTSWI SJ XLI MRXIVZMI[ =SY EVI QSVI PMOIP] XS KIX
GPIEVLIPTJYPERW[IVWMJ]SYVWYFNIGXORS[W[L]]SYEVIJSPPS[MRKEGIVXEMR
PMRISJUYIWXMSRMRK

7IX9TX I6IGSVHIV - =SY%VI9WMRK3RI


-J]SYVWYFNIGXLEWEKVIIHXSFIMRKVIGSVHIHOIITSRITVMRGMTPIMRQMRH8LI
VIGSVHIV WLSYPH FI EW GEWYEP ERH MRGSRWTMGYSYW EW TSWWMFPI (SRtX XLVYWX XLI
QMGVSTLSRIMRXS]SYVWYFNIGXtWJEGI(SRtXJMHHPIIRHPIWWP][MXLXLIQEGLMRI
7IX MX YT XYVR MX SR ERH XLIR XV] XS MKRSVI MX ;MXL PYGO ]SYV WYFNIGX [MPP
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/IITX I-RXIV MI[SR8VEG


=SYVKSEPMRXLIMRXIVZMI[MWXSKIXERW[IVWXSXLIUYIWXMSRW]SYLEZITVITEVIH
7YTTSWILS[IZIVXLEXMRERW[IVMRKSRISJ]SYVUYIWXMSRWXLIEXLPIXMGHMVIG
XSVFVMRKWYTERMQTSVXERXTSMRXXLEXMWRSXGSZIVIHSR]SYVPMWXSJUYIWXMSRW
6EXLIVXLERMKRSVMRKXLITSMRX]SYHIGMHIXSTYVWYIXLIRI[MWWYI=SYTSWI
EGSYTPIUYIWXMSRWEFSYXMXKIXLIPTJYPERW[IVWXLIRVIXYVRXS]SYVTVITEVIH
UYIWXMSRW
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ZMWI JSPPS[YT UYIWXMSRW [LIR GEPPIH JSV XLIR QSZI SR EKEMR MR ER SVHIVP]
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UYIWXMSRWhERHEPSXQSVI

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;LIR]SYHSRtXYRHIVWXERHWSQIXLMRK]SYEWOJSVGPEVMJMGEXMSR-J]SYEVIRSX
YWMRKEVIGSVHIVERHLIEVEWXEXIQIRX]SY[ERXXSUYSXIHMVIGXP]]SYEWOXLI
EXLPIXMGHMVIGXSVXSVITIEXMXXSQEOIWYVI]SYKIXMXI\EGXP]VMKLX'LERGIWEVI
XLIEXLPIXMGHMVIGXSV[MPPLEZIFIIRQMWUYSXIHQSVIXLERSRGIMRXLITVIWWWS
LISVWLI[MPPFILETT]XSSFPMKI

(SRtX3 IVWXE]=SYV;IPGSQI
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0YGEW8LI%VXSJ4YFPMG
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8LI1G+VE[n,MPP
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-RXIVZMI[MRKTISTPI[MXL
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XSTMGGERTVSZMHIZEPYEFPI
MRJSVQEXMSR;LIRGSRHYGX
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XVYIWXSV]LETTIRXS]SY
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QEMRTSMRXWXLEXIQIVKIHHYVMRKXLIMRXIVZMI[ERHTYPPMRKSYXWTIGMJMGMRJSV
QEXMSRXLEXQMKLXFIYWIJYPMR]SYVWTIIGL-JWSQIXLMRKMWYRGPIEVGEPPXLI
EXLPIXMGHMVIGXSVXSQEOIWYVI]SYLEZIXLIJEGXWVMKLX

8VERWGVMFI=SYV2SXIW
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0YGEW8LI%VXSJ4YFPMG
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GSRRIGXPYGEWGSQ
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8SSPWJSVXLMWGLETXIV

8LIFMKKIWXQMWXEOIWXYHIRXWQEOI[LIRJEGIH[MXLEVIWIEVGLTVSNIGXMW[EMXMRK
XSSPSRKXSFIKMR8LIPSRKIV]SY[EMXXLIQSVITVSFPIQW]SY[MPPIRGSYRXIV
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PSRKIVLEZIXMQIXSEVVERKIEGVYGMEPMRXIVZMI[2SQEXXIV[LEXOMRHSJVIWIEVGL
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4VITEVMRKEWTIIGLMWEPMXXPIPMOIGSRWXVYGXMRKENMKWE[TY^^PI3RGI]SYKEXLIV
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SYXPMRI WII'LETXIVTEKI 
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0YGEW8LI%VXSJ4YFPMG
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10%

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8LI1G+VE[n,MPP
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10%

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 03

10%

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%4%

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10%

9RM IH E IW (IT SJ IEP LERH Y ER IV MGIW E MSREP RW M Y ISJ IR EP
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%4%

E MSREP RW M Y ISJ IR EP IEP L


TVMP 4ERMGHMWSVHIV 6I VMI IHJVS
L T [[[ RM L RML KS LIEP L STMGWMRHI\ WL P

10%

(EPI] I L q S W+VIIR W8LI] PEM 8S Ir&SWXSR+PSFI


&SWXSRGSQ IF .YRI

%4%

(EPI] 
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JVS L T [[[ FSW SR GS

10%

6MTPI]
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%4%

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3RPMRIKS IVRQIRX
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10%
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8MQIGSQ

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8MTWJSV(SMRK6IWIEVGL



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

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8I\X

8LI1G+VE[n,MPP
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MQTSVXERXr&YX[LSSV[LEX[EW1IHJSVH#%WMELEHXLSYKLXWLItHVIQIQFIVEPPEFSYX
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7SYRHJEQMPMEV#8LMWLEWLETTIRIHXSEPQSWXIZIV]SRIEXPIEWXSRGI&YX
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8E I4PIRX]S 2SXIW


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6IGSVH2SXIWMRE'SRWMWXIRX*SVQEX
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1E IE7ITEVEXI)RXV] SV)EG 2SXI


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7YFNIGX IEHMRK

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WMFMPMX]XSVITSVXGLIEXMRK%JXIVXLITVSJIWWSVLERHWSYXXLII\EQWLIPIEZIWXLIVSSQ-RXLMW
GEWI]SYLEZIXLITS[IVERHXLIHYX]XSVITSVXGLIEXIVWVEXLIVXLERJIIPVSFFIHF]XLIQ

7YGLEW]WXIQLEW[SVOIHIPWI[LIVIERHMXGER[SVOEXSYVWGLSSP4VSJIWWSV(SREPH
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WXYHIRXWEXGSPPIKIWXLVSYKLSYXXLIGSYRXV]ERHLMWVIWIEVGLWLS[WXLEXXLIPIZIPSJ
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GSRRIGXPYGEWGSQ
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8LMWL]TSXLIXMGEPI\EQTPIMWIWTIGMEPP]IJJIGXMZI8LIWTIEOIVGVIEXIWEVIEPMWXMG
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VMX]XSWLS[XLEXLSRSVGSHIWHSLIPTVIHYGIXLIMRGMHIRGISJGLIEXMRKSRGSPPIKI
GEQTYWIW;LIRIZIV]SYYWIEL]TSXLIXMGEPI\EQTPIMXMWEKSSHMHIEXSJSPPS[
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8-47*3697-2+)<%140)7
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0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7YTTSVXMRK=SYV-HIEW

8I\X

8LI1G+VE[n,MPP
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8LMW TVMRGMTPI [SVOW I\GITXMSREPP] [IPP MR
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-J]SYVEYHMIRGI [IVIQEHIYT SJTISTPIJEQMPMEV


[MXLWXVYGXYVEPW]WXIQWXLI]QMKLXFIEFPIXSZMWY
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&IGEYWIEPQSWXIZIV]SRILEWEXPIEWXWIIRETMGXYVI
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SRXLIMRGMHIRGISJTSWXXVEYQEXMGWXVIWWHMWSVHIVEQSRKWSPHMIVWVIXYVRMRKJVSQ
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8LMW I\EQTPI [EW IWTIGMEPP] IJJIGXMZI -X TYX XLI QIHMGEP JEGXW EFSYX TSWX
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HIEP[MXLVEVISVI\GITXMSREPGEWIW=SYVPMWXIRIVWEVIPMOIP]XSJIIPFIXVE]IHMJXLI]
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WYGL I\EQTPIWhXLI LIVSMG 3P]QTMG VYRRIV EGGMHIRX ZMGXMQ 6SKIV 'LEVXIV


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0SSOEKEMREXXLIWTIEOIVMR:MHIS'PMT2SXMGILS[WLIYWIWLIVZSMGI
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EW XLSYKL ]SY [IVI VIEHMRK XLI RI[WTETIV 9WI ]SYV ZSMGI XS KIX PMWXIRIVW
MRZSPZIH 7TIEO JEWXIV LIVI XS GVIEXI E WIRWI SJ EGXMSR WPS[IV XLIVI XS FYMPH
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JSVHVEQEXMGIJJIGX
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',%48)6 7944368-2+=396-()%7

0YGEW8LI%VXSJ4YFPMG
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7YTTSVXMRK=SYV-HIEW

8I\X

8LI1G+VE[n,MPP
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GSRRIGXPYGEWGSQ
8LMWGLIGOPMWXMWEPWS
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7XEXMWXMGW GER EPWS FI YWIH MR GSQFMREXMSR XS WLS[ XLI QEKRMXYHI SV
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XVMFEPPERH8SHIQSRWXVEXILMWTSMRXXLEXXLIWIFYWMRIWWIWTVSZMHIIGSRSQMG


7XEXMWXMGW



0YGEW8LI%VXSJ4YFPMG
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8I\X

8LI1G+VE[n,MPP
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8LMWMWE[IPPWYTTSVXIHEVKYQIRX&YX[LEXMJXLIWTIEOIVLEHQIVIP]WEMH


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8LMWWXEXIQIRXMWRIMXLIVEWGPIEVRSVEWGSRZMRGMRKEWXLISRIGSRXEMRMRKWXE
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0YGEW8LI%VXSJ4YFPMG
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7YTTSVXMRK=SYV-HIEW

8I\X

8LI1G+VE[n,MPP
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WGMIRXMWXWEXXLEXWGLSSPLEZIHIWMKRIHERHFYMPXEWM\XSRL]FVMHIPIGXVMGZILMGPIXLEXGERFI
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WLSYPHYRHIVWXERH ]SYV WXEXMWXMGW ERHYWIXLIQJEMVP] 1EOIWYVI]SYV JMKYVIW EVI
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 ;L]MWMXWSIEW]XSPMI[MXLWXEXMWXMGW#;LEXXLVIIUYIWXMSRWWLSYPH]SYEWOXS
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0YGEW8LI%VXSJ4YFPMG
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7YTTSVXMRK=SYV-HIEW

8I\X

8LI1G+VE[n,MPP
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XLI HITEVXQIRX LEW HIZIPSTIH E RI[ IEVP] GLMPHLSSH MRXIVZIRXMSR TVSKVEQ JSV
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XIEGLIVWtEWWSGMEXMSRWJEQMP]EHZSGEG]KVSYTWERHSXLIVW[MXLERMRXIVIWXMRGLMP
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%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

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8I\X

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8MTWJSV4VITEVMRK1EMR4SMRXW

7YTTSVXMRK1EXIVMEPW
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8LI1G+VE[n,MPP
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0YGEW8LI%VXSJ4YFPMG
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8I\X

8LI1G+VE[n,MPP
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0YGEW8LI%VXSJ4YFPMG
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3VKERM^MRKXLI&SH]SJ
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8LI1G+VE[n,MPP
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3VKERM^EXMSR-W-QTSVXERX

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4YXXMRKEWTIIGLXSKIXLIVMR
ETEVXMGYPEV[E]XSEGLMIZIE
TEVXMGYPEVVIWYPX[MXL
ETEVXMGYPEVEYHMIRGI



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PMWXIRIVWGERJSPPS[XLITVSKVIWWMSRSJMHIEWMREWTIIGLJVSQFIKMRRMRKXSIRH
8LMWVIUYMVIWXLEXWTIIGLIWFISVKERM^IHWXVEXIKMGEPP]8LI]WLSYPHFITYXXSKIXLIV
MRTEVXMGYPEV[E]WXSEGLMIZITEVXMGYPEVVIWYPXW[MXLTEVXMGYPEVEYHMIRGIW

7TIIGL SVKERM^EXMSRMW MQTSVXERX JSVSXLIV VIEWSRW EW [IPP %W [I WE[ MR
'LETXIVMXMWGPSWIP]GSRRIGXIHXSGVMXMGEPXLMROMRK;LIR]SY[SVOXSSVKE
RM^I]SYVWTIIGLIW]SYKEMRTVEGXMGIMRXLIKIRIVEPWOMPPSJIWXEFPMWLMRKGPIEV
VIPEXMSRWLMTWEQSRK]SYVMHIEW8LMWWOMPP[MPPWIVZI]SY[IPPXLVSYKLSYX]SYV
GSPPIKI HE]W ERH MR EPQSWX ER] GEVIIV ]SY QE] GLSSWI -R EHHMXMSR YWMRK E
GPIEV WTIGMJMGQIXLSHSJWTIIGLSVKERM^EXMSRGERFSSWX]SYVGSRJMHIRGIEWE
WTIEOIVERHMQTVSZI]SYVEFMPMX]XSHIPMZIVEQIWWEKIJPYIRXP]

8LI JMVWX WXIT MR HIZIPSTMRKE WXVSRK WIRWI SJ WTIIGLSVKERM^EXMSR MW XS
KEMRGSQQERHSJXLIXLVIIFEWMGTEVXWSJEWTIIGLhMRXVSHYGXMSRFSH]ERH
GSRGPYWMSRhERHXLIWXVEXIKMGVSPISJIEGL-RXLMWGLETXIV[IHIEP[MXLXLI
FSH]SJXLIWTIIGL8LIRI\XGLETXIV[MPPXEOIYTXLIMRXVSHYGXMSRERHXLI
GSRGPYWMSR

8LIVIEVIKSSHVIEWSRWJSVXEPOMRKJMVWXEFSYXXLIFSH]SJXLIWTIIGL8LI
FSH]MWXLIPSRKIWXERHQSWXMQTSVXERXTEVX%PWS]SY[MPPYWYEPP]TVITEVIXLI

',%48)6 36+%2->-2+8,)&3(=3*8,)74))',

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

3VKERM^MRKXLI&SH]SJ
XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

FSH]JMVWX-XMWIEWMIVXSGVIEXIERIJJIGXMZIMRXVSHYGXMSREJXIV]SYORS[I\EGXP]
[LEX]SY[MPPWE]MRXLIFSH]

8LITVSGIWWSJSVKERM^MRKXLIFSH]SJEWTIIGLFIKMRW[LIR]SYHIXIVQMRI
XLIQEMRTSMRXW

1EMR4SMRXW

8LIQEMRTSMRXWEVIXLIGIRXVEPJIEXYVIWSJ]SYVWTIIGL=SYWLSYPHWIPIGXXLIQ
GEVIJYPP] TLVEWIXLIQ TVIGMWIP] ERHEVVERKI XLIQWXVEXIKMGEPP] ,IVIEVIXLI
QEMRTSMRXWSJEWXYHIRXWTIIGLEFSYXXLIQIHMGEPYWIWSJL]TRSWMW
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVYWIWSJL]TRSWMW
'IRXVEP-HIE

8LIQENSVYWIWSJL]TRSWMWXSHE]EVIXSGSRXVSPTEMRMR
WYVKIV]XSLIPTTISTPIWXSTWQSOMRKERHXSLIPTWXYHIRXW
MQTVSZIXLIMVEGEHIQMGTIVJSVQERGI

1EMR4SMRXW

- ,
 ]TRSWMWMWYWIHMRWYVKIV]EWEREHNYRGXXSGLIQMGEP
ERIWXLIWME
-- ,]TRSWMWMWYWIHXSLIPTTISTPIWXSTWQSOMRK
--- ,
 ]TRSWMWMWYWIHXSLIPTWXYHIRXWMQTVSZIXLIMV
EGEHIQMGTIVJSVQERGI




QEMRTSMRXW
8LIQENSVTSMRXWHIZIPSTIHMR
XLIFSH]SJEWTIIGL1SWX
WTIIGLIWGSRXEMRJVSQX[SXS
JMZIQEMRTSMRXW

8LIWIXLVIIQEMRTSMRXWJSVQXLIWOIPIXSRSJXLIFSH]SJXLIWTIIGL-JXLIVI
EVIXLVIIQENSVYWIWSJL]TRSWMWJSVQIHMGEPTYVTSWIWXLIRPSKMGEPP]XLIVIGER
FIXLVIIQEMRTSMRXWMRXLIWTIIGL

,S[ HS ]SY GLSSWI ]SYV QEMR TSMRXW# 7SQIXMQIW XLI] [MPP FI IZMHIRX
JVSQ ]SYV WTIGMJMG TYVTSWI WXEXIQIRX 7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S
MRJSVQ Q] EYHMIRGI EFSYX XLI HIZIPSTQIRX XIGLRSPSK] ERH FIRIJMXW SJ
L]HVSKIRJYIPGIPPWr3FZMSYWP]]SYVWTIIGL[MPPLEZIXLVIIQEMRTSMRXW8LI
JMVWX[MPPHIEP[MXLXLIHIZIPSTQIRXSJL]HVSKIRJYIPGIPPWXLIWIGSRH[MXLXLI
XIGLRSPSK]FILMRHL]HVSKIRJYIPGIPPWXLIXLMVH[MXLXLIFIRIJMXWSJL]HVSKIR
JYIPGIPPW;VMXXIRMRSYXPMRIJSVQXLIQEMRTSMRXWQMKLXFI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIHIZIPSTQIRXXIGLRSPSK]
ERHFIRIJMXWSJL]HVSKIRJYIPGIPPW
'IRXVEP-HIE

(IZIPSTIHEWELMKLP]IJJMGMIRXJSVQSJIRIVK]L]HVSKIR
JYIPGIPPWYWIWSTLMWXMGEXIHXIGLRSPSK]ERHSJJIVERYQFIVSJ
IGSRSQMGERHIRZMVSRQIRXEPFIRIJMXW

1EMR4SMRXW

- ,
 ]HVSKIRJYIPGIPPW[IVIHIZIPSTIHXSTVSZMHIELMKLP]
IJJMGMIRXJSVQSJIRIVK]
-- ,]HVSKIRJYIPGIPPWTVSHYGITS[IVXLVSYKLERIPIGXVS
GLIQMGEPVIEGXMSRMRZSPZMRKL]HVSKIRKEW
--- ,]HVSKIRJYIPGIPPWTVSZMHIERIGSRSQMGEPP]ERH
IRZMVSRQIRXEPP]WYTIVMSVQIXLSHSJTS[IVMRKQSXSV
ZILMGPIW





)ZIRMJ]SYVQEMRTSMRXWEVIRSXWXEXIHI\TVIWWP]MR]SYVWTIGMJMGTYVTSWI
XLI] QE] FI IEW] XS TVSNIGX JVSQ MX 0IXtW WE] ]SYV WTIGMJMG TYVTSWI MW q8S
MRJSVQQ]EYHMIRGISJXLIFEWMGWXITWMRQEOMRKWXEMRIHKPEWW[MRHS[Wr=SY


1EMR4SMRXW



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

3VKERM^MRKXLI&SH]SJ
XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

ORS[ IEGL SJ ]SYV QEMR TSMRXW [MPP GSVVIWTSRH XS E WXIT MR XLI [MRHS[
QEOMRKTVSGIWW8LI]QMKLXPSSOPMOIXLMWMRSYXPMRIJSVQ
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIFEWMGWXITWMRQEOMRKWXEMRIH
KPEWW[MRHS[W
'IRXVEP-HIE

8LIVIEVIJSYVWXITWMRQEOMRKWXEMRIHKPEWW[MRHS[W

1EMR4SMRXW




-
--
---
-:

8LIJMVWXWXITMWHIWMKRMRKXLI[MRHS[
8LIWIGSRHWXITMWGYXXMRKXLIKPEWWXSJMXXLIHIWMKR
8LIXLMVHWXITMWTEMRXMRKXLIKPEWW
8LIJSYVXLWXITMWEWWIQFPMRKXLI[MRHS[


=SY[MPPRSXEP[E]WWIXXPISR]SYVQEMRTSMRXWWSIEWMP]3JXIR XLI][MPP
IQIVKI EW]SYVIWIEVGLXLI WTIIGLERHIZEPYEXI]SYV JMRHMRKW7YTTSWI]SYV
WTIGMJMGTYVTSWIMWq8STIVWYEHIQ]EYHMIRGIXLEXSYVWXEXIWLSYPHRSXETTVSZI
TVSTSWEPWJSVSRPMRIZSXMRKr=SYORS[XLEXIEGLQEMRTSMRXMRXLIWTIIGL[MPP
TVIWIRXEVIEWSR[L]SRPMRIZSXMRKWLSYPHRSXFIMRWXMXYXIHMR]SYVWXEXI&YX
]SYEVIRtXWYVILS[QER]QEMRTSMRXWXLIVI[MPPFISV[LEXXLI][MPPFI%W
]SY VIWIEVGL ERH WXYH] XLI XSTMG ]SY HIGMHI XLIVI EVI X[S QENSV VIEWSRW XS
WYTTSVX ]SYV ZMI[ )EGL SJ XLIWI VIEWSRW [MPP FIGSQI E QEMR TSMRX MR ]SYV
WTIIGL;VMXXIRMRSYXPMRIJSVQXLI]QMKLXFI
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXSYVWXEXIWLSYPHRSXETTVSZI
TVSTSWEPWJSVSRPMRIZSXMRK
'IRXVEP-HIE

3YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX[MPP
MRGVIEWIZSXIVJVEYHERHHMWJVERGLMWITISTPI[MXLSYX-RXIV
RIXEGGIWW

1EMR4SMRXW

- 3
 YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX
[MPPMRGVIEWIZSXIVJVEYH
-- 3YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX[MPP
HMWJVERGLMWITISTPI[MXLSYXEGGIWWXSXLI-RXIVRIX

291&)63*1%-243-287
=SY[MPPRSXLEZIXMQIMR]SYVGPEWWVSSQWTIIGLIWXSHIZIPSTQSVIXLERJSYV
SVJMZIQEMRTSMRXWERHQSWXWTIIGLIW[MPPGSRXEMRSRP]X[SSVXLVII6IKEVH
PIWWSJLS[PSRKEWTIIGLQMKLXVYRMJ]SYLEZIXSSQER]QEMRTSMRXWXLI
EYHMIRGI[MPPLEZIXVSYFPIWSVXMRKXLIQSYX

-J[LIR]SYPMWX]SYVQEMRTSMRXW]SYJMRHXLEX]SYLEZIXSSQER]]SY
QE]FIEFPIXSGSRHIRWIXLIQMRXSGEXIKSVMIW,IVIMWEWIXSJQEMRTSMRXWJSV
EWTIIGLEFSYX]SKE
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLITVEGXMGISJ]SKE



'IRXVEP-HIE

=SKEMWERERGMIRXTVEGXMGIXLEXMRZSPZIWXLI[LSPIFSH]

1EMR4SMRXW





-
--
---
-:
:

=SKEFVIEXLMRKWXEVXW[MXLHIITMRLEPEXMSR
=SKEFVIEXLMRKVIUYMVIWWPS[I\LEPEXMSR
=SKEFVIEXLMRKMRGPYHIWTVSPSRKIHTEYWIW
=SKEFVIEXLMRKTVSZMHIWQER]FIRIJMXW
=SKETSWXYVIWMRZSPZIEPPTEVXWSJXLIFSH]

',%48)6 36+%2->-2+8,)&3(=3*8,)74))',

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

3VKERM^MRKXLI&SH]SJ
XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

6IWIEVGLWXYHMIWGSRJMVQ
XLEXGPIEVSVKERM^EXMSRMWZMXEP
XSIJJIGXMZITYFPMGWTIEOMRK
0MWXIRIVWQYWXFIEFPIXSJSP
PS[XLITVSKVIWWMSRSJMHIEW
MREWTIIGLJVSQFIKMRRMRK
XSIRH





:- =SKETSWXYVIWMRGVIEWIJPI\MFMPMX]
:-- =SKETSWXYVIWWXVIRKXLIRQYWGPIXSRI
:--- =SKETSWXYVIWHIQERHTVIGMWIQSZIQIRXW


=SYLEZIIMKLXQEMRTSMRXWh[LMGLMWXSSQER]&YXMJ]SYPSSOEXXLIPMWX
]SYWIIXLEXXLIIMKLXTSMRXWJEPPMRXSX[SFVSEHGEXIKSVMIW]SKEFVIEXLMRKERH
]SKETSWXYVIW=SYQMKLXXLIVIJSVIVIWXEXI]SYVQEMRTSMRXWXLMW[E]
 - 3RITEVXSJTVEGXMGMRK]SKEMRZSPZIWTVSTIVFVIEXLMRK
-- %RSXLIVTEVXSJ]SKEMRZSPZIWFSH]TSWXYVIW

786%8)+-'36()63*1%-243-287
3RGI]SYIWXEFPMWL]SYVQEMRTSMRXW]SYRIIHXSHIGMHIXLISVHIVMR[LMGL]SY
[MPPTVIWIRXXLIQ8LIQSWXIJJIGXMZISVHIVHITIRHWSRXLVIIXLMRKWh]SYVXSTMG
]SYVTYVTSWIERH]SYVEYHMIRGI'LETXIVWERH[MPPGSZIVWTIGMEPEWTIGXW
SJSVKERM^MRKMRJSVQEXMZIWTIIGLIWERHTIVWYEWMZIWTIIGLIW,IVI[IPSSOFVMIJP]
EXXLIJMZIFEWMGTEXXIVRWSJSVKERM^EXMSRYWIHQSWXSJXIRF]TYFPMGWTIEOIVW

'LVSRSPSKMGEP3VHIV
7TIIGLIWEVVERKIHGLVSRSPSKMGEPP]JSPPS[EXMQITEXXIVR8LI]QE]REVVEXIE
WIVMIWSJIZIRXWMRXLIWIUYIRGIMR[LMGLXLI]LETTIRIH*SVI\EQTPI

GSRRIGXPYGEWGSQ
:MI[ERI\GIVTXJVSQq=SKE
9RMXMRK1MRH&SH]ERH
7TMVMXrMRXLISRPMRI1IHME
0MFVEV]JSVXLMWGLETXIV
:MHIS'PMT 

GLVSRSPSKMGEPSVHIV
%QIXLSHSJWTIIGL
SVKERM^EXMSRMR[LMGLXLIQEMR
TSMRXWJSPPS[EXMQITEXXIVR

7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGILS[XLI+VIEX;EPPSJ'LMRE[EW
FYMPX


1EMR4SMRXW



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

3VKERM^MRKXLI&SH]SJ
XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

'IRXVEP-HIE

8LI+VIEX;EPPSJ'LMRE[EWFYMPXMRXLVIIQENSVWXEKIW

1EMR4SMRXW

- &
 YMPHMRKSJXLI+VIEX;EPPFIKERHYVMRKXLI5MRH]REWX]
SJi &'
-- 2I[WIGXMSRWSJXLI+VIEX;EPP[IVIEHHIHHYVMRKXLI
,ERH]REWX]SJ &'i %(
--- 8
 LI+VIEX;EPP[EWGSQTPIXIHHYVMRKXLI1MRKH]REWX]
SJi





'LVSRSPSKMGEPSVHIVMWEPWSYWIHMRWTIIGLIWI\TPEMRMRKETVSGIWWSVHIQ
SRWXVEXMRKLS[XSHSWSQIXLMRK*SVI\EQTPI
GSRRIGXPYGEWGSQ
:MI[ERI\GIVTXJVSQq8LI
+VIEX;EPPSJ'LMRErMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV :MHIS'PMT 

7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIWXITWMRPEWIVEWWMWXIHGSVVIG
XMZII]IWYVKIV]
'IRXVEP-HIE

8LIVIEVIXLVIIQEMRWXITWMRPEWIVEWWMWXIHGSVVIGXMZII]I
WYVKIV]

1EMR4SMRXW

- *
 MVWXEXLMRPE]IVMWWPMGIHSJJXLIWYVJEGISJXLII]IXS
I\TSWIXLIGSVRIE
-- 7IGSRHERYPXVEZMSPIXPEWIVMWYWIHXSVIWLETIXLI
GSVRIE
--- 8
 LMVHXLIXLMRPE]IVWPMGIHSJJEXXLIFIKMRRMRKSJXLI
WYVKIV]MWVIEJJM\IHXSXLII]I




%WXLMWSYXPMRIWLS[WGLVSRSPSKMGEPSVHIVMWIWTIGMEPP]YWIJYPJSVMRJSVQEXMZI
WTIIGLIW

7TEXMEP3VHIV
WTEXMEPSVHIV
%QIXLSHSJWTIIGLSVKERM^EXMSR
MR[LMGLXLIQEMRTSMRXWJSPPS[E
HMVIGXMSREPTEXXIVR

7TIIGLIW EVVERKIH MR WTEXMEP SVHIV JSPPS[ E HMVIGXMSREP TEXXIVR 8LEX MW XLI
QEMRTSMRXWTVSGIIHJVSQXSTXSFSXXSQPIJXXSVMKLXJVSRXXSFEGOMRWMHIXS
SYXWMHIIEWXXS[IWXSVWSQISXLIVVSYXI*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIWXVYGXYVISJELYVVMGERI
'IRXVEP-HIE

%LYVVMGERIMWQEHIYTSJXLVIITEVXWKSMRKJVSQMRWMHIXS
SYXWMHI

1EMR4SMRXW


- %
 XXLIGIRXIVSJELYVVMGERIMWXLIGEPQGPSYHJVIII]I
-- 7YVVSYRHMRKXLII]IMWXLII]I[EPPEHIRWIVMRKSJ
GPSYHWXLEXTVSHYGIWXLIQSWXMRXIRWI[MRHERHVEMRJEPP
--- 6
 SXEXMRKEVSYRHXLII]I[EPPEVIPEVKIFERHWSJGPSYHW
ERHTVIGMTMXEXMSRGEPPIHWTMVEPVEMRFERHW

3V
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIXLVIIQENSVVIKMSRWMR
-XEP]
'IRXVEP-HIE




2SVXLIVRGIRXVEPERHWSYXLIVR-XEP]LEZIXLIMVS[RMHIRXM
XMIWERHEXXVEGXMSRW
- 2SVXLIVR-XEP]MWLSQIXS:IRMGIERHMXW[SVPHJEQSYW
GEREPW

',%48)6 36+%2->-2+8,)&3(=3*8,)74))',

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

3VKERM^MRKXLI&SH]SJ
XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

8LIQEMRTSMRXWSJEWTIIGL
WLSYPHFISVKERM^IHXSGSQ
QYRMGEXIXLIWTIEOIVtWQIW
WEKI'LVSRSPSKMGEPSVHIV
[SYPH[SVOZIV][IPPJSVE
WTIIGLSRXLILMWXSV]SJXLI
97WTEGITVSKVEQ

-- 'IRXVEP-XEP]MWLSQIXS6SQIERHMXWLMWXSVMGEP
XVIEWYVIW
--- 7SYXLIVR-XEP]MWLSQIXS7MGMP]ERHMXWGYPMREV]
XVEHMXMSRW

7TEXMEP SVHIV PMOI GLVSRSPSKMGEP SVHIV MW YWIH QSWX SJXIR MR MRJSVQEXMZI
WTIIGLIW

'EYWEP3VHIV
7TIIGLIWEVVERKIHMRGEYWEPSVHIVSVKERM^IQEMRTSMRXWWSEWXSWLS[EGEYWI
IJJIGXVIPEXMSRWLMT;LIR]SYTYX]SYVWTIIGLMRGEYWEPSVHIV]SYLEZIX[S
QEMRTSMRXWhSRIHIEPMRK[MXLXLIGEYWIWSJERIZIRXXLISXLIVHIEPMRK[MXL
MXW IJJIGXW (ITIRHMRK SR ]SYV XSTMG ]SY GER IMXLIV HIZSXI ]SYV JMVWX QEMR
TSMRXXSXLIGEYWIWERHXLIWIGSRHXSXLIIJJIGXWSV]SYGERHIEPJMVWX[MXLXLI
IJJIGXWERHXLIR[MXLXLIGEYWIW

7YTTSWI]SYVWTIGMJMGTYVTSWIMWq8STIVWYEHIQ]EYHMIRGIXLEXEKVS[MRK
WLSVXEKISJEMVXVEJJMGGSRXVSPPIVWMWEWIVMSYWTVSFPIQJSV97EZMEXMSRr8LIR
]SY[SYPHFIKMR[MXLXLIGEYWIWSJXLIWLSVXEKIERH[SVOXS[EVHMXWIJJIGXW

GEYWEPSVHIV
%QIXLSHSJWTIIGL
SVKERM^EXMSRMR[LMGLXLIQEMR
TSMRXWWLS[EGEYWIIJJIGX
VIPEXMSRWLMT

7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEKVS[MRKWLSVXEKISJUYEPMJMIH
EMVXVEJJMGGSRXVSPPIVWMWEWIVMSYWTVSFPIQJSV97EZMEXMSR
'IRXVEP-HIE

8LIKVS[MRKWLSVXEKISJGIVXMJMIHEMVXVEJJMGGSRXVSPPIVW
XLVIEXIRWXLIWEJIX]SJEMVXVEZIP

1EMR4SMRXW

- 8LI97EZMEXMSRW]WXIQJEGIWEKVS[MRKWLSVXEKISJUYEPM
JMIHEMVXVEJJMGGSRXVSPPIVW
-- -JXLMWWLSVXEKIGSRXMRYIWMX[MPPGVIEXIWIVMSYWTVSFPIQW
JSVEMVPMRIWEJIX]

1EMR4SMRXW



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

3VKERM^MRKXLI&SH]SJ
XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
'SQTERMIW


;LIRXLIIJJIGXW]SYEVIHMWGYWWMRKLEZIEPVIEH]SGGYVVIH]SYQE][ERX
XS VIZIVWI XLI SVHIV ERH XEPO JMVWX EFSYX XLI IJJIGXW ERH XLIR EFSYX XLIMV
GEYWIWhEWMRXLMWWTIIGLEFSYXXLI1E]ERGMZMPM^EXMSRSJ'IRXVEP%QIVMGE
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLITSWWMFPIGEYWIWJSVXLI
GSPPETWISJ1E]ERGMZMPM^EXMSR
'IRXVEP-HIE

8LIGEYWIWJSVXLIGSPPETWISJ1E]ERGMZMPM^EXMSRLEZIRSX
]IXFIIRJYPP]I\TPEMRIH

1EMR4SMRXW

- 1
 E]ERGMZMPM^EXMSRJPSYVMWLIHJSVSZIVEXLSYWERH
]IEVWYRXMP %([LIRMXQ]WXIVMSYWP]FIKERXS
HMWMRXIKVEXI
-- 7GLSPEVWLEZIEHZERGIHXLVIIQENSVI\TPEREXMSRWJSV
XLIGEYWIWSJXLMWHMWMRXIKVEXMSR


&IGEYWI SJ MXW ZIVWEXMPMX] GEYWEP SVHIV GER FI YWIH JSV FSXL TIVWYEWMZI
WTIIGLIWERHMRJSVQEXMZIWTIIGLIW

4VSFPIQ7SPYXMSR3VHIV
TVSFPIQWSPYXMSRSVHIV
%QIXLSHSJWTIIGLSVKERM^EXMSR
MR[LMGLXLIJMVWXQEMRTSMRX
HIEPW[MXLXLII\MWXIRGISJE
TVSFPIQERHXLIWIGSRHQEMR
TSMRXTVIWIRXWEWSPYXMSRXSXLI
TVSFPIQ

7TIIGLIWEVVERKIHMRTVSFPIQWSPYXMSRSVHIVEVIHMZMHIHMRXSX[SQEMRTEVXW
8LIJMVWXWLS[WXLII\MWXIRGIERHWIVMSYWRIWWSJETVSFPIQ8LIWIGSRHTVIWIRXW
E[SVOEFPIWSPYXMSRXSXLITVSFPIQ*SVI\EQTPI
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEGXMSRMWRIIHIHXSGSQFEXXLI
EFYWIWSJTYTT]QMPPW
'IRXVEP-HIE

4YTT]QMPPWEVIEWIVMSYWTVSFPIQXLEXGERFIWSPZIHF]E
GSQFMREXMSRSJPIKMWPEXMSRERHMRHMZMHYEPMRMXMEXMZI

1EMR4SMRXW

- 4
 YTT]QMPPWEVIEWIVMSYWTVSFPIQEGVSWWXLI9RMXIH
7XEXIW
-- 7SPZMRKXLITVSFPIQVIUYMVIWPIKMWPEXMSRERHMRHMZMHYEP
MRMXMEXMZI

3V
GSRRIGXPYGEWGSQ
:MI[ERI\GIVTXJVSQq8LI
,SVVSVWSJ4YTT]1MPPWrMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV :MHIS'PMT 

7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIIPIGXSVEPGSPPIKIWLSYPHFI
EFSPMWLIH
'IRXVEP-HIE

&IGEYWIXLIIPIGXSVEPGSPPIKIHSIWRSXKMZIIUYEP[IMKLXXS
XLIZSXISJIEGLGMXM^IRMXWLSYPHFIVITPEGIH[MXLHMVIGX
TSTYPEVIPIGXMSRSJXLI4VIWMHIRX

1EMR4SMRXW

- 8
 LIIPIGXSVEPGSPPIKIMWEWIVMSYWTVSFPIQMRXLI97
TSPMXMGEPW]WXIQFIGEYWIMXHSIWRSXKMZIIUYEP[IMKLXXS
IEGLGMXM^IRtWZSXIMRIPIGXMRKXLI4VIWMHIRX
-- 8LITVSFPIQGERFIWSPZIHF]EFSPMWLMRKXLIIPIGXSVEP
GSPPIKIERHIPIGXMRKXLI4VIWMHIRXF]TSTYPEVZSXI

%W XLIWI I\EQTPIW MRHMGEXI TVSFPIQWSPYXMSR SVHIV MW QSWX ETTVSTVMEXI JSV
TIVWYEWMZIWTIIGLIW



',%48)6 36+%2->-2+8,)&3(=3*8,)74))',

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

3VKERM^MRKXLI&SH]SJ
XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

8STMGEP3VHIV
8STMGEPSVHIVVIWYPXW[LIR]SYHMZMHIXLIWTIIGLXSTMGMRXSWYFXSTMGWIEGLSJ
[LMGLFIGSQIWEQEMRTSMRXMRXLIWTIIGL
7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQ Q] EYHMIRGI SJ XLI QENSV
OMRHW SJ JMVI[SVOWr 8LMW XSTMG HSIW RSX PIRH MXWIPJ XS GLVSRSPSKMGEP WTEXMEP
GEYWEP SV TVSFPIQWSPYXMSR SVHIV 6EXLIV ]SY WITEVEXI XLI WYFNIGXhOMRHW SJ
JMVI[SVOWhMRXSMXWGSRWXMXYIRXTEVXWWSXLEXIEGLQEMRTSMRXHIEPW[MXLEWMRKPI
OMRHSJJMVI[SVOW=SYVGIRXVEPMHIEERHQEMRTSMRXWQMKLXPSSOPMOIXLMW

XSTMGEPSVHIV
%QIXLSHSJWTIIGLSVKERM^EXMSR
MR[LMGLXLIQEMRTSMRXWHMZMHI
XLIXSTMGMRXSPSKMGEPERH
GSRWMWXIRXWYFXSTMGW

7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIQENSVOMRHWSJJMVI[SVOW
'IRXVEP-HIE

8LIQENSVOMRHWSJJMVI[SVOWEVIWO]VSGOIXW6SQERGERHPIW
TMR[LIIPWERHPERGIW

1EMR4SMRXW

- 7
 O]VSGOIXWI\TPSHILMKLMRXLIEMVTVSHYGMRKXLIQSWX
HVEQEXMGIJJIGXWSJEPPJMVI[SVOW
-- 6SQERGERHPIWWLSSXSYXWITEVEXIKVSYTWSJWTEVOWERH
GSPSVIHJPEQIW[MXLEWIVMIWSJFSSQMRKRSMWIW
--- 4MR[LIIPWXLVS[SJJWTEVOWERHJPEQIWEWXLI][LMVPSR
XLIIRHSJEWXMGO
-: 0ERGIWEVIXLMRGSPSVJYPJMVI[SVOWYWIHMRKVSYRHHMWTPE]W






8SXEOIERSXLIVI\EQTPIPIXtWWE]]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ]
EYHMIRGIEFSYXXLIEGLMIZIQIRXWSJ-HE;IPPW&EVRIXXr;IPPW&EVRIXXER%JVM
GER %QIVMGER [LS PMZIH EX XLI XYVR SJ XLI XL GIRXYV] [EW ER SYXWTSOIR
GLEQTMSRSJWSGMEPERHTSPMXMGEPNYWXMGIJSVLIVVEGI=SYGSYPHSVKERM^I]SYV
WTIIGL GLVSRSPSKMGEPP]hF] HMWGYWWMRK ;IPPW&EVRIXXtW I\TPSMXW HYVMRK IEGL
HIGEHI SJ LIV GEVIIV 3R XLI SXLIV LERH ]SY GSYPH EVVERKI XLI WTIIGL
XSTMGEPP]hF]HMZMHMRK;IPPW&EVRIXXtWEGGSQTPMWLQIRXWMRXSGEXIKSVMIW8LIR
]SYVGIRXVEPMHIEERHQEMRTSMRXWQMKLXFI
7TIGMJMG4YVTSWI

8SMRJSVQQ]EYHMIRGIEFSYXXLIEGLMIZIQIRXWSJ-HE;IPPW
&EVRIXX

'IRXVEP-HIE

-HE;IPPW&EVRIXX[EWEQYPXMXEPIRXIHJMKYVIMRXLIJMKLXJSV
VEGMEPNYWXMGI

1EMR4SMRXW

- %
 WEXIEGLIV;IPPW&EVRIXXWTSOISYXEKEMRWXMRJIVMSV
WGLSSPJEGMPMXMIWJSV%JVMGER%QIVMGERGLMPHVIR
-- %WENSYVREPMWX;IPPW&EVRIXXGEQTEMKRIHEKEMRWX
P]RGLMRK
--- %WEGMZMGSVKERM^IV;IPPW&EVRIXXLIPTIHJSYRHXLI
2%%'4





2SXMGILS[XLIQEMRTSMRXWWYFHMZMHIXLIWTIIGLXSTMGPSKMGEPP]ERHGSR
WMWXIRXP])EGLQEMRTSMRXMWSPEXIWSRIEWTIGXSJ;IPPW&EVRIXXtWEGLMIZIQIRXW
&YXWYTTSWI]SYVQEMRTSMRXWPSSOPMOIXLMW
 - %WEXIEGLIV;IPPW&EVRIXXWTSOISYXEKEMRWXMRJIVMSVWGLSSPJEGMPMXMIWJSV
%JVMGER%QIVMGERGLMPHVIR
-- %WENSYVREPMWX;IPPW&EVRIXXGEQTEMKRIHEKEMRWXP]RGLMRK
--- -RXLIIEVP]XLGIRXYV];IPPW&EVRIXXI\TERHIHLIVEGXMZMXMIWERHXLI
WGSTISJLIVMRJPYIRGI

1EMR4SMRXW



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

3VKERM^MRKXLI&SH]SJ
XLI7TIIGL

'LIGOPMWX
=)7

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

1EMR4SMRXW

23

  (SIW XLI FSH] SJ Q] WTIIGL GSRXEMR X[S XS JMZI QEMR
TSMRXW#
  %VI Q] QEMR TSMRXW SVKERM^IH EGGSVHMRK XS SRI SJ XLI
JSPPS[MRKQIXLSHWSJSVKERM^EXMSR# 'LIGOXLISRIXLEX
ETTPMIW






GSRRIGXPYGEWGSQ
8LMWGLIGOPMWXMWEPWSEZEMP
EFPIMRXLISRPMRI7XYH]
8SSPWJSVXLMWGLETXIV

'LVSRSPSKMGEPSVHIV
7TEXMEPSVHIV
'EYWEPSVHIV
8STMGEPSVHIV
4VSFPIQWSPYXMSRSVHIV

  %VIQ]QEMRTSMRXWGPIEVP]WITEVEXIJVSQSRIERSXLIV#
  %W QYGL EW TSWWMFPI LEZI - YWIH XLI WEQI TEXXIVR
SJ[SVHMRKJSVEPPQ]QEMRTSMRXW#
  ,EZI - VSYKLP] FEPERGIH XLI EQSYRX SJ XMQI HIZSXIH
XSIEGLQEMRTSMRX#
  -W IEGL QEMR TSMRX FEGOIH YT [MXL WXVSRK GVIHMFPI
WYTTSVXMRKQEXIVMEPW#
  (S - YWI GSRRIGXMZIW XS QEOI WYVI Q] EYHMIRGI ORS[W
[LIR-EQQSZMRKJVSQSRIQEMRTSMRXXSERSXLIV#

8LMW[SYPHRSXFIEKSSHXSTMGEPSVHIVFIGEYWIQEMRTSMRX---MWMRGSRWMWXIRX
[MXLXLIVIWXSJXLIQEMRTSMRXW-XHIEPW[MXLE TIVMSHMR;IPPW&EVRIXXtWPMJI
[LIVIEWQEMRTSMRXW-ERH--HIEP[MXLOMRHWSJEGXMZMWQ

&IGEYWI MX MW ETTPMGEFPI XS EPQSWX ER] WYFNIGX ERH XS ER] OMRH SJ WTIIGL
XSTMGEPSVHIVMWYWIHQSVISJXIRXLERER]SXLIVQIXLSHSJWTIIGLSVKERM^EXMSR

8-47*3646)4%6-2+1%-243-287
/IIT1EMR4SMRXW7ITEVEXI
)EGLQEMRTSMRXMREWTIIGLWLSYPHFIGPIEVP]MRHITIRHIRXSJXLISXLIVW'SQ
TEVIXLIWIX[SWIXWSJQEMRTSMRXWJSVEWTIIGLEFSYXXLITVSGIWWSJTVSHYGMRK
E&VSEH[E]TPE]



-RIJJIGXMZI

1SVI)JJIGXMZI

- 8
 LIJMVWXWXITMWGLSSWMRKXLI
  TPE]
-- 8LIWIGSRHWXITMWWIPIGXMRK
  XLIGEWX
--- 8
 LIXLMVHWXITMWGSRHYGXMRK
VILIEVWEPWERHXLIRTIVJSVQMRK
XLITPE]


- 8LIJMVWXWXITMWGLSSWMRKXLI
 TPE]
-- 8LIWIGSRHWXITMWWIPIGXMRK
 XLIGEWX
--- 8LIXLMVHWXITMWGSRHYGXMRKXLI
 VILIEVWEPW
-: 8LIJSYVXLWXITMWTIVJSVQMRK
 XLITPE]

',%48)6 36+%2->-2+8,)&3(=3*8,)74))',

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

3VKERM^MRKXLI&SH]SJ
XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

8LITVSFPIQ[MXLXLIPIJXLERHPMWXMWXLEXTSMRX---GSRXEMRWX[SQEMRTSMRXW
-XWLSYPHFIHMZMHIHEWWLS[RMRXLIVMKLXLERHPMWX

8V]XS9WIXLI7EQI4EXXIVRSJ;SVHMRKJSV1EMR4SMRXW
'SRWMHIVXLIJSPPS[MRKQEMRTSMRXWJSVERMRJSVQEXMZIWTIIGLEFSYXXLIFIR
IJMXWSJI\IVGMWI
-RIJJIGXMZI

1SVI)JJIGXMZI

 - 6IKYPEVI\IVGMWIMRGVIEWIW]SYV
IRHYVERGI
-- =SYVWPIITMRKTEXXIVRMW
MQTVSZIHF]VIKYPEVI\IVGMWI
--- -XMWTSWWMFPIXSLIPTGSRXVSP
]SYV[IMKLXF]VIKYPEV
I\IVGMWI

- 6IKYPEVI\IVGMWIMRGVIEWIW]SYV
 IRHYVERGI
-- 6IKYPEVI\IVGMWIMQTVSZIW]SYV
 WPIITMRKTEXXIVR
--- 6IKYPEVI\IVGMWILIPTWGSRXVSP
 ]SYV[IMKLX

8LI WIX SJ QEMR TSMRXW SR XLI VMKLX JSPPS[W E GSRWMWXIRX TEXXIVR SJ [SVHMRK
XLVSYKLSYX8LIVIJSVIMXMWIEWMIVXSYRHIVWXERHERHIEWMIVXSVIQIQFIVXLER
XLIWIXSRXLIPIJX

=SY[MPPJMRHXLEXMXMWRSXEP[E]WTSWWMFPIXSYWIXLMWOMRHSJTEVEPPIP[SVH
MRK7SQIWTIIGLIWNYWXHSRtXPIRHXLIQWIPZIWXSWYGLEXMH]EVVERKIQIRX&YX
XV]XSOIIT XLI [SVHMRK TEVEPPIP [LIR]SYGERJSV MX MW E KSSH[E]XS QEOI
]SYVQEMRTSMRXWWXERHSYXJVSQXLIHIXEMPWWYVVSYRHMRKXLIQ

&EPERGIXLI%QSYRXSJ8MQI(IZSXIHXS1EMR4SMRXW
&IGEYWI]SYVQEMRTSMRXWEVIWSMQTSVXERX]SY[ERXXSFIWYVIXLI]EPPVIGIMZI
IRSYKL IQTLEWMWXSFIGPIEVERHGSRZMRGMRK 8LMW QIERW EPPS[MRKWYJJMGMIRX
XMQIXSHIZIPSTIEGLQEMRTSMRX7YTTSWI]SYHMWGSZIVXLEXXLITVSTSVXMSRSJ
XMQIHIZSXIHXS]SYVQEMRTSMRXWMWWSQIXLMRKPMOIXLMW
- TIVGIRX
-- TIVGIRX
--- TIVGIRX
%FVIEOHS[RSJXLMWWSVXMRHMGEXIWSRISJX[SXLMRKW)MXLIVTSMRXW--ERH---
EVIRtXVIEPP]QEMRTSMRXWERH]SYLEZISRP]SRIQEMRTSMRXSVTSMRXW--ERH
---LEZIRtXFIIRKMZIRXLIEXXIRXMSRXLI]RIIH-JXLIPEXXIV]SYWLSYPHVIZMWI
XLIFSH]SJXLIWTIIGLXSFVMRKXLIQEMRTSMRXWMRXSFIXXIVFEPERGI

8LMWMWRSXXSWE]XLEXEPPQEMRTSMRXWQYWXVIGIMZII\EGXP]IUYEPIQTLEWMW
FYXSRP]XLEXXLI]WLSYPHFIVSYKLP]FEPERGIH*SVI\EQTPIIMXLIVSJXLIJSP
PS[MRK[SYPHFIJMRI
 - TIVGIRX
-- TIVGIRX
--- TIVGIRX

- TIVGIRX
-- TIVGIRX
--- TIVGIRX

8LI EQSYRX SJ XMQI WTIRX SR IEGL QEMR TSMRX HITIRHW SR XLI EQSYRX ERH
GSQTPI\MX]SJWYTTSVXMRKQEXIVMEPWJSVIEGLTSMRX


1EMR4SMRXW



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

3VKERM^MRKXLI&SH]SJ
XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

7YTTSVXMRK1EXIVMEPW
&]XLIQWIPZIWQEMRTSMRXWEVISRP]EWWIVXMSRW%W[IWE[MR'LETXIVPMWXIR
IVW RIIH WYTTSVXMRK QEXIVMEPW XS EGGITX [LEX E WTIEOIV WE]W ;LIR XLI WYT
TSVXMRKQEXIVMEPWEVIEHHIHXLIFSH]SJEWTIIGLPSSOWPMOIXLIJSPPS[MRKMR
SYXPMRIJSVQ

WYTTSVXMRKQEXIVMEPW
8LIQEXIVMEPWYWIHXSWYTTSVXE
WTIEOIVtWMHIEW8LIXLVIIQENSV
OMRHWSJWYTTSVXMRKQEXIVMEPW
EVII\EQTPIWWXEXMWXMGWERH
XIWXMQSR]

 - ,]TRSWMWMWYWIHMRWYVKIV]EWEREHNYRGXXSGLIQMGEPERIWXLIWME
%,]TRSWMWVIHYGIWFSXLXLITL]WMGEPERHTW]GLSPSKMGEPEWTIGXWSJ
TEMR
 ,]TRSWMWGERHSYFPIETIVWSRtWTEMRXLVIWLSPH
 -XEPWSVIHYGIWXLIJIEVXLEXMRXIRWMJMIWTL]WMGEPTEMR
&,]TRSWMWMWQSWXYWIJYPMRGEWIW[LIRXLITEXMIRXMWORS[RXSLEZI
TVSFPIQW[MXLKIRIVEPERIWXLIWME
 5YSXEXMSRJVSQ(V,EVSPH;EMRSJ;EPXIV6IIH%VQ],SWTMXEP
 7XSV]SJ0MRHE/YE]
 7XEXMWXMGWJVSQ4W]GLSPSK]8SHE]
-- ,]TRSWMWMWYWIHXSLIPTTISTPIWXSTWQSOMRK
%1ER]XLIVETMWXWYXMPM^IL]TRSWMWXSLIPTTISTPIFVIEOXLIMVEHHMGXMSR
XSGMKEVIXXIW
 8LI97(ITEVXQIRXSJ,IEPXLERH,YQER7IVZMGIWGSRWMHIVW
L]TRSWMWEWEJIERHIJJIGXMZIQIERWSJWXSTTMRKWQSOMRK
 7YGGIWWVEXIWEVIEWLMKLEWTIVGIRX
E 7XSV]SJ%PI\,EQMPXSR
F 5YSXEXMSRJVSQ2I[=SVOTW]GLMEXVMWX(V,IVFIVX7TMIKIP
&,]TRSWMWHSIWRSX[SVOJSVEPPWQSOIVW
 %TIVWSRQYWX[ERXXSWXSTWQSOMRKJSVL]TRSWMWXS[SVO
 %TIVWSRQYWXEPWSFIVIWTSRWMZIXSL]TRSXMGWYKKIWXMSR
--- ,]TRSWMWMWYWIHXSLIPTWXYHIRXWMQTVSZIXLIMVEGEHIQMGTIVJSVQERGI
%,]TRSWMWIREFPIWTISTPIXSYWIXLIMVQMRHWQSVIIJJIGXMZIP]
 8LIGSRWGMSYWQMRHYWIWEFSYXTIVGIRXSJETIVWSRtWQIRXEP
EFMPMX]
 ,]TRSWMWEPPS[WTISTPIXSXETQSVISJXLIMVQIRXEPTS[IV
&7XYHMIWWLS[XLEXL]TRSWMWGERLIPTTISTPISZIVGSQIQER]SFWXEGPIW
XSEGEHIQMGWYGGIWW
 -XMQTVSZIWEFMPMX]XSGSRGIRXVEXI
 -XMRGVIEWIWVIEHMRKWTIIH
 -XVIHYGIWXIWXER\MIX]

-R 'LETXIV  [I HMWGYWWIH XLI QENSV OMRHW SJ WYTTSVXMRK QEXIVMEPW ERH
LS[XSYWIXLIQ,IVI[IRIIHWXVIWWSRP]XLIMQTSVXERGISJSVKERM^MRK]SYV
WYTTSVXMRKQEXIVMEPWWSXLI]EVIHMVIGXP]VIPIZERXXSXLIQEMRTSMRXWXLI]EVI
WYTTSWIHXSWYTTSVX1MWTPEGIHWYTTSVXMRKQEXIVMEPWEVIGSRJYWMRK,IVItWER
I\EQTPI
 - 8LIVIEVIWIZIVEPVIEWSRW[L]TISTPIMQQMKVEXIXSXLI9RMXIH7XEXIW
%3ZIVXLI]IEVWQMPPMSRWSJTISTPILEZIMQQMKVEXIHXSXLI9RMXIH
7XEXIW
&1ER]TISTPIMQQMKVEXIMRWIEVGLSJIGSRSQMGSTTSVXYRMX]
'3XLIVWMQQMKVEXIXSEXXEMRTSPMXMGEPJVIIHSQ
(7XMPPSXLIVWMQQMKVEXIXSIWGETIVIPMKMSYWTIVWIGYXMSR



',%48)6 36+%2->-2+8,)&3(=3*8,)74))',

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

3VKERM^MRKXLI&SH]SJ
XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

8LIQEMRTSMRXHIEPW[MXLXLIVIEWSRWMQQMKVERXWGSQIXSXLI9RMXIH7XEXIW
EWHSWYTTSVXMRKTSMRXW&'ERH(7YTTSVXMRKTSMRX% q3ZIVXLI]IEVWQMP
PMSRW SJ TISTPI LEZI MQQMKVEXIH XS XLI 9RMXIH 7XEXIWr  HSIW RSX -X MW SYX SJ
TPEGIERHWLSYPHRSXFIMRGPYHIH[MXLXLMWQEMRTSMRX

-J]SYJMRHWYGLEWMXYEXMSRMR]SYVS[RWTIIGLIWXV]XSVISVKERM^I]SYV
WYTTSVXMRKTSMRXWYRHIVETTVSTVMEXIQEMRTSMRXWPMOIXLMW
 - 3ZIVXLI]IEVWQMPPMSRWSJTISTPILEZIMQQMKVEXIHXSXLI9RMXIH7XEXIW
%7MRGIXLI%QIVMGER6IZSPYXMSREPQSWXQMPPMSRTISTPILEZI
MQQMKVEXIHXSXLI97
&8SHE]XLIVIEVIQMPPMSR%QIVMGERW[LS[IVIFSVRMRSXLIVGSYRXVMIW
-- 8LIVIEVIWIZIVEPVIEWSRW[L]TISTPIMQQMKVEXIXSXLI9RMXIH7XEXIW
%1ER]TISTPIMQQMKVEXIMRWIEVGLSJIGSRSQMGSTTSVXYRMX]
&3XLIVWMQQMKVEXIXSEXXEMRTSPMXMGEPJVIIHSQ
'7XMPPSXLIVWMQQMKVEXIXSIWGETIVIPMKMSYWTIVWIGYXMSR
2S[ ]SY LEZI X[S WYTTSVXMRK TSMRXW XS FEGO YT ]SYV qQMPPMSRW SJ TISTPIr
TSMRXERHXLVIIWYTTSVXMRKTSMRXWXSFEGOYT]SYVqVIEWSRWrTSMRX

3RGI]SYLEZISVKERM^IH]SYVQEMRTSMRXWERHWYTTSVXMRKTSMRXW]SY
QYWX KMZI EXXIRXMSR XS XLI XLMVH IPIQIRX MR XLI FSH] SJ E WTIIGLh
GSRRIGXMZIW

'SRRIGXMZIW

'EVPE1EKKMS[EWWTIEOMRKXSLIVGPEWWEFSYXXLIRIIHJSVQIHMGEPQEPTVEGXMGI
VIJSVQ7LILEHVILIEVWIHXLIWTIIGLWIZIVEPXMQIWLEHE[IPPHIJMRIHGIRXVEP
MHIE XLVII WLEVT QEMR TSMRXW ERH WXVSRK IZMHIRGI XS WYTTSVX LIV TSWMXMSR
&YX [LIR 'EVPE HIPMZIVIH XLI WTIIGL WLI WEMH q%PP VMKLXr IZIV] XMQI WLI
QSZIH JVSQ SRI XLSYKLX XS XLI RI\X %JXIV E [LMPI LIV GPEWWQEXIW WXEVXIH
GSYRXMRK&]XLIIRHSJXLIWTIIGLQSWX[IVIXSSFYW][EMXMRKJSVXLIRI\X
q%PPVMKLXrXSTE]EXXIRXMSRXS'EVPEtWQIWWEKI%JXIV[EVH'EVPEWEMHq-RIZIV
IZIRXLSYKLXEFSYXWE]MRKs%PPVMKLXt-KYIWWMXNYWXTSTTIHSYX[LIR-HMHRtX
ORS[[LEXIPWIXSWE]r

;IEPPLEZIWXSGOTLVEWIWXLEX[IYWIXSJMPPXLIWTEGIFIX[IIRXLSYKLXW
-RGEWYEPGSRZIVWEXMSRXLI]EVIWIPHSQXVSYFPIWSQI&YXMRWTIIGLQEOMRKXLI]
HMWXVEGXPMWXIRIVWF]GEPPMRKEXXIRXMSRXSXLIQWIPZIW

;LEX'EVPEtWWTIIGLPEGOIH[IVIWXVSRKGSRRIGXMZIWh[SVHWSVTLVEWIWXLEX
NSMR SRI XLSYKLX XS ERSXLIV ERH MRHMGEXI XLI VIPEXMSRWLMT FIX[IIR XLIQ
;MXLSYX GSRRIGXMZIW E WTIIGL MW HMWNSMRXIH ERH YRGSSVHMREXIHhQYGL EW E
TIVWSR [SYPH FI[MXLSYXPMKEQIRXW ERH XIRHSRW XS NSMR XLIFSRIW ERH LSPH
XLISVKERWMRTPEGI*SYVX]TIWSJWTIIGLGSRRIGXMZIWEVIXVERWMXMSRWMRXIVREP
TVIZMI[WMRXIVREPWYQQEVMIWERHWMKRTSWXW

GSRRIGXMZI
%[SVHSVTLVEWIXLEXGSRRIGXW
XLIMHIEWSJEWTIIGLERH
MRHMGEXIWXLIVIPEXMSRWLMT
FIX[IIRXLIQ

86%27-8-327
8VERWMXMSRW EVI [SVHW SV TLVEWIW XLEX MRHMGEXI [LIR E WTIEOIV LEW NYWX GSQ
TPIXIHSRIXLSYKLXERHMWQSZMRKSRXSERSXLIV8IGLRMGEPP]XLIXVERWMXMSRW
WXEXIFSXLXLIMHIEXLIWTIEOIVMWPIEZMRKERHXLIMHIEWLISVLIMWGSQMRKYT
XS-RXLIJSPPS[MRKI\EQTPIWXLIXVERWMXMSREPTLVEWIWEVIYRHIVPMRIH

XVERWMXMSR
%[SVHSVTLVEWIXLEXMRHMGEXIW
[LIREWTIEOIVLEWJMRMWLIH
SRIXLSYKLXERHMWQSZMRKSR
XSERSXLIV

2S[XLEX[ILEZIEGPIEVYRHIVWXERHMRKSJXLITVSFPIQPIXQIWLEVIXLIWSPYXMSR[MXL]SY


'SRRIGXMZIW



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

3VKERM^MRKXLI&SH]SJ
XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

-LEZIWTSOIRWSJEVSJFVEZIV]ERHTEXVMSXMWQFYXMXMWXLIWEGVMJMGISJXLI1EWWEGLYWIXXW
XLXLEXLEWIXGLIHXLIQMRXSXLITEKIWSJLMWXSV]
/IITMRKXLIWITSMRXWMRQMRHEFSYXWMKRPERKYEKIPIXtWVIXYVR XSXLIWIRXIRGI-WXEVXIH
[MXLERHWIIMJ[IGERPIEVRXLIWMKRWJSVq=SYEVIQ]JVMIRHr

2SXMGILS[XLIWITLVEWIWVIQMRHXLIPMWXIRIVSJXLIXLSYKLXNYWXGSQTPIXIHEW
[IPPEWVIZIEPXLIXLSYKLXEFSYXXSFIHIZIPSTIH

-28)62%046):-);7
MRXIVREPTVIZMI[
%WXEXIQIRXMRXLIFSH]SJXLI
WTIIGLXLEXPIXWXLIEYHMIRGI
ORS[[LEXXLIWTIEOIVMWKSMRK
XSHMWGYWWRI\X

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VMKLXJSSXMWZMXEPXSEWTIEOIVtWWIPJGSRJMHIRGI;LEXGSYPHFIQSVIIRGSYVEKMRK
XLER[EXGLMRK]SYVPMWXIRIVWtJEGIWFIKMRXSVIKMWXIVMRXIVIWXEXXIRXMSRERHTPIE
WYVI#%KSSHMRXVSHYGXMSR]SY[MPPJMRHMWERI\GIPPIRXGSRJMHIRGIFSSWXIV
-RQSWXWTIIGLWMXYEXMSRWXLIMRXVSHYGXMSRLEWJSYVSFNIGXMZIW
+IXXLIEXXIRXMSRERHMRXIVIWXSJ]SYVEYHMIRGI
6IZIEPXLIXSTMGSJ]SYVWTIIGL
)WXEFPMWL]SYVGVIHMFMPMX]ERHKSSH[MPP
4VIZMI[XLIFSH]SJXLIWTIIGL
;ItPPPSSOEXIEGLSJXLIWISFNIGXMZIWMRXYVR

+)8%88)28-32%2(-28)6)78
q9RPIWWEWTIEOIVGERMRXIVIWXLMWEYHMIRGIEXSRGILMWIJJSVX[MPPFIEJEMPYVIr
7SWEMHXLIKVIEXPE[]IV'PEVIRGI(EVVS[-J]SYVXSTMGMWRSXSRISJI\XVESVHM
REV] MRXIVIWX ]SYV PMWXIRIVW EVI PMOIP] XS WE] XS XLIQWIPZIW q7S [LEX# ;LS
GEVIW#r % WTIEOIV GER UYMGOP] PSWI ER EYHMIRGI MJ WLI SV LI HSIWRtX YWI XLI
MRXVSHYGXMSRXSKIXXLIMVEXXIRXMSRERHUYMGOIRXLIMVMRXIVIWX
+IXXMRKXLIMRMXMEPEXXIRXMSRSJ]SYVEYHMIRGIMWYWYEPP]IEW]hIZIRFIJSVI
]SYYXXIVEWMRKPI[SVH%JXIV]SYEVIMRXVSHYGIHERHWXITXSXLIPIGXIVR]SYV


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0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

&IKMRRMRKERH)RHMRK
XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
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EYHMIRGI[MPPRSVQEPP]KMZI]SYXLIMVEXXIRXMSR-JXLI]HSRtX[EMXTEXMIRXP]
0SSO HMVIGXP] EX XLI EYHMIRGI [MXLSYX WE]MRK E [SVH -R E JI[ QSQIRXW EPP
XEPOMRKERHTL]WMGEPGSQQSXMSR[MPPWXST=SYVPMWXIRIVW[MPPFIEXXIRXMZI=SY
[MPPFIVIEH]XSWXEVXWTIEOMRK

/IITMRKXLIEXXIRXMSRSJ]SYVEYHMIRGISRGI]SYWXEVXXEPOMRKMWQSVIHMJ
JMGYPX ,IVI EVI XLI QIXLSHW YWIH QSWX SJXIR )QTPS]IH MRHMZMHYEPP] SV MR
GSQFMREXMSRXLI][MPPLIPTKIXXLIEYHMIRGIGEYKLXYTMR]SYVWTIIGL

6IPEXIXLI8STMGXSXLI%YHMIRGI
4ISTPITE]EXXIRXMSRXSXLMRKWXLEXEJJIGXXLIQHMVIGXP]-J]SYGERVIPEXIXLI
XSTMGXS]SYVPMWXIRIVWXLI]EVIQYGLQSVIPMOIP]XSFIMRXIVIWXIHMRMX

7YTTSWIJSVI\EQTPISRISJ]SYVGPEWWQEXIWFIKMRWLIVWTIIGLPMOIXLMW
8SHE]-EQKSMRKXSXEPOEFSYXGSPPIGXMRKTSWXGEVHWhELSFF]XLEXMWFSXLJEWGMREXMRK
ERHJMRERGMEPP]VI[EVHMRK-[SYPHPMOIXSI\TPEMRXLIFEWMGOMRHWSJGSPPIGXMFPI TSWXGEVHW
[L]XLI]EVIWSZEPYEFPIERHLS[GSPPIGXSVWFY]ERHWIPPXLIMVGEVHW

8LMWMWGIVXEMRP]EGPIEVMRXVSHYGXMSRFYXMXMWRSXSRIXSKIX]SYLSSOIHSRXLI
WTIIGL2S[[LEXMJ]SYVGPEWWQEXI[IVIXSFIKMRLIVWTIIGLXLMW[E]hEWSRI
WXYHIRXEGXYEPP]HMH
-XtW7EXYVHE]QSVRMRKERH]SYEVILIPTMRKGPIERSYX]SYVKVERHQSXLIVtWEXXMG%JXIV
[SVOMRKE[LMPI]SYWXYQFPIYTSREXVYROSTIRMXERHHMWGSZIVLYRHVIHWSJSPHTSWX
GEVHW8LMROMRKEFSYXKIXXMRKXSXLIJSSXFEPPKEQISRXMQI]SYWXEVXXSWWMRKXLIGEVHWMRXS
XLIXVEWLGER'SRKVEXYPEXMSRW=SYLEZINYWXXLVS[RE[E]E]IEVtWXYMXMSR

8LMW XMQI XLI WTIEOIV LEW YWIH NYWX XLI VMKLX FEMX 'LERGIW EVI ]SY [MPP FI
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HMZMHIRHW,IVIMWERI\GIPPIRXI\EQTPIJVSQEWXYHIRXWTIIGLEFSYXHVIEQW
8LIWTIEOIVFIKERF]WE]MRK
=SYtVIFIMRKGLEWIHF]ERSFNIGXSJYRWTIEOEFPILSVVSV]IX]SYVPIKWGERSRP]QSZI
MRWPS[QSXMSR)EGLWXITXEOIWYRFIEVEFP]PSRKERH]SYVJVERXMGWXVYKKPIXSVYRJEWXIVMW
LSTIPIWW=SYVTYVWYIVKIXWGPSWIVERH]SYVHIWTIVEXMSRXYVRWXSXIVVSV=SYtVIGSQTPIXIP]
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8LIR]SY[EOIYTKEWTMRKJSVEMV]SYVLIEVXTSYRHMRK]SYVJEGIGPEQQ][MXLW[IEX
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XLEXMX[EWqNYWXEHVIEQr7SSR]SYHVMJXFEGOXSWPIIT

GSRRIGXPYGEWGSQ
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1IHME0MFVEV]JSVXLMW
GLETXIV :MHIS'PMT 

&] YWMRK ZMZMH PERKYEKI XS HIWGVMFI WSQIXLMRK EPP LMW GPEWWQEXIW LEH I\TIVM
IRGIHXLIWTIEOIVQEHIWYVISJEREXXIRXMZIEYHMIRGI

7XEXIXLI-QTSVXERGISJ=SYV8STMG
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WLSYPHXLMROWSXSS,IVIMWLS[.YHMXL/E]I'LMIJ.YHKISJXLI7XEXISJ2I[
=SVOYWIHXLMWQIXLSHXSMRZSPZILIVEYHMIRGIMREWTIIGLXSXLI%QIVMGER
&EV%WWSGMEXMSR'IRXIVSR'LMPHVIRERHXLI0E[
;IORS[XLEXEGLMPHMWFSVRMRXSTSZIVX] MRXLI9RMXIH 7XEXIWIZIV]WIGSRHW
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8LI-RXVSHYGXMSR



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

&IKMRRMRKERH)RHMRK
XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
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TVSKVEQW % GLMPH HMIW JVSQ RIKPIGX SV EFYWI IZIV] WM\ LSYVW E GLMPH MW OMPPIH F]
KYRJMVIEPQSWXIZIV]XLVIILSYVWERHXLIRYQFIVSJRIKPIGXIHSVEFYWIHGLMPHVIRIEGL
]IEV[SYPHJMPPYTXLIGMX]SJ(IXVSMX

8LIWIEVIWXVMOMRKWXEXMWXMGW&]GMXMRKXLIQMRLIVMRXVSHYGXMSR/E]IIQTLE
WM^IHXLIMQTSVXERGISJLIVXSTMGERHGETXYVIHXLIEXXIRXMSRSJLIVEYHMIRGI

'PIEVP] XLMW XIGLRMUYI MW IEW] XS YWI [LIR HMWGYWWMRK WSGMEP ERH TSPMXMGEP
MWWYIWWYGLEWGLMPHEFYWIIRHERKIVIHWTIGMIWXIVVSVMWQERHWXIQGIPPVIWIEVGL
FYXMXMWETTVSTVMEXIJSVSXLIVXSTMGWEW[IPP,IVIMWLS[SRIWXYHIRXLERHPIH
MXMREWTIIGLEFSYXWXEVXMRKELSQIEUYEVMYQ
-XMWZIV]LEVHXSGYHHPIEJMWL*MWL[SRtXVSPPSZIVSVJIXGLXLIQSVRMRKTETIV=SY
[SRtXJMRHXLIQGYVPMRKYTSR]SYVPETGLEWMRKEFEPPSJWXVMRKSVVIWGYMRKEGLMPHJVSQE
FYVRMRKFYMPHMRK
=IXHIWTMXIXLIWIWLSVXGSQMRKWQMPPMSRXVSTMGEPJMWLLEZIJSYRHXLIMV[E]MRXS
QMPPMSR%QIVMGERLSQIW)EGL]IEVQMPPMSRSJXVSTMGEPJMWLEVIWSPHMRXLI9RMXIH7XEXIW
ERH XLI] LEZI IEVRIH E WTSX RI\X XS XLI EPP%QIVMGER HSK ERHXLI GYHHP] OMXXIR MR XLI
LIEVXW SJ QMPPMSRW SJ TISTPI 8SHE] - [SYPH PMOI XS I\TPEMR LS[ ]SY GER WXEVX E LSQI
EUYEVMYQERHHMWGSZIVXLITPIEWYVIWSJS[RMRKXVSTMGEPJMWL

;LIRIZIV]SYHMWGYWWEXSTMG[LSWIMQTSVXERGIQE]RSXFIGPIEVXSXLI
EYHMIRGI]SYWLSYPHXLMROEFSYX[E]WXSHIQSRWXVEXIMXWWMKRMJMGERGIMRXLI
MRXVSHYGXMSR

7XEVXPIXLI%YHMIRGI
3RIWYVIJMVI[E]XSEVSYWIMRXIVIWXUYMGOP]MWXSWXEVXPI]SYVPMWXIRIVW[MXLER
EVVIWXMRK SV MRXVMKYMRK WXEXIQIRX )ZIV]SRI MR XLI EYHMIRGI TEMH GPSWI EXXIR
XMSREJXIVXLMWWTIEOIVtWMRXVSHYGXMSR
8EOIEQSQIRXERHXLMROSJXLIXLVII[SQIRGPSWIWXXS]SY;LSGSQIWXSQMRH#
=SYVQSXLIV#=SYVWMWXIV#=SYVKMVPJVMIRH#=SYV[MJI#=SYVFIWXJVMIRH#2S[KYIWW[LMGL
SRI[MPPFIWI\YEPP]EWWEYPXIHHYVMRKLIVPMJIXMQI-XtWRSXETPIEWERXXLSYKLXFYXEGGSVHMRK
XS XLI 97 (ITEVXQIRX SJ .YWXMGI SRI SJ IZIV] XLVII %QIVMGER [SQIR [MPP FI WI\YEPP]
EWWEYPXIHWSQIXMQIHYVMRKLIVPMJI

2SXMGI XLI KVEHYEP FYMPHYT XS XLI WTIEOIVtW EVVIWXMRK WXEXIQIRX q2S[ KYIWW
[LMGLSRI[MPPFIWI\YEPP]EWWEYPXIHHYVMRKLIVPMJIXMQIr8LMWWXEXIQIRXWXEVXPIW
XLIEYHMIRGIhIWTIGMEPP]XLIQIRhERHHVMZIWLSQIEXETIVWSREPPIZIPXLITVSF
PIQSJWI\YEPEWWEYPXEKEMRWX[SQIR8LIIJJIGX[SYPHLEZIFIIRQYGLPIWWMJXLI
WTIEOIVLEHWEMHq7I\YEPEWWEYPXEKEMRWX[SQIRMWEWIVMSYWTVSFPIQr
7SQIXMQIW]SYQE][ERXXSWXEVXPI]SYVEYHMIRGIMRXLIZIV]JMVWXWIRXIRGI
SJ]SYVWTIIGL,IVIMWLS[SRIWXYHIRXFIKERLIVWTIIGLSTTSWMRKXLIYWISJ
2EXMZI%QIVMGERREQIWJSVWTSVXWXIEQW
-RXSRMKLXtWKEQIWXLI7ER%RXSRMS7TMGWEVITPE]MRKXLI2I[.IVWI].ETW[LMPIXLI
0SW%RKIPIW.I[W[MPPXEOISRXLI1MRRIWSXE4SPEGOW

8LMWXIGLRMUYIMWLMKLP]IJJIGXMZIERHIEW]XSYWI.YWXFIWYVIXLIWXEVXPMRK
MRXVSHYGXMSR VIPEXIW HMVIGXP] XS XLI WYFNIGX SJ ]SYV WTIIGL -J ]SY GLSSWI E
WXVSRKSTIRMRKWMQTP]JSVMXWWLSGOZEPYIERHXLIRKSSRXSXEPOEFSYXWSQI
XLMRKIPWI]SYVEYHMIRGI[MPPFIGSRJYWIHERHTSWWMFP]ERRS]IH


',%48)6 &)+-22-2+%2()2(-2+8,)74))',

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

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XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
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%KSSHMRXVSHYGXMSR[MPPKIX
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WXEVX8SFIQSWXIJJIGXMZIMX
WLSYPHVIPEXIXLIXSTMGXSXLI
EYHMIRGIERHFIHIPMZIVIH
JVSQEQMRMQYQSJRSXIW

%VSYWIXLI'YVMSWMX]SJXLI%YHMIRGI
4ISTPIEVIGYVMSYW3RI[E]XSHVE[XLIQMRXS]SYVWTIIGLMW[MXLEWIVMIWSJ
WXEXIQIRXW XLEX TVSKVIWWMZIP] [LIX XLIMV GYVMSWMX] EFSYX XLI WYFNIGX SJ XLI
WTIIGL*SVI\EQTPI
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MXMWEW]QTXSQPIWWHMWIEWI=SYGERLEZIMXJSV]IEVWERHRIZIVORS[YRXMPMXOMPPW]SY7SQI
QMPPMSR%QIVMGERWLEZIXLMWHMWIEWIERH[MPPHMIJVSQMXFIJSVIXLI]IEVMWSYX
3HHWEVIXLEXJMZISJYWMRXLMWGPEWWLEZIMX
;LEXEQ-XEPOMRKEFSYX#2SXGERGIV2SX%-(72SXLIEVXHMWIEWI-EQXEPOMRKEFSYX
L]TIVXIRWMSRhLMKLFPSSHTVIWWYVI


*SVERSXLIVI\EQTPIPSSOEXXLMWWTPIRHMHSTIRMRKJVSQEWXYHIRXWTIIGL
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KMJX-XtWRSXWSQIWTIGMEPXEPIRXSVWOMPP-XtWEKMJXXLEXGSYPHWEZIEPMJIhQE]FIQSVIXLER
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7SQI TISTPI FYV]XLIMVKMJX3XLIVW FYVR MX %PPFYXSRI SJ]SY [LS GSQTPIXIH Q]
UYIWXMSRREMVI[SYPHKPEHP]VIGIMZIXLIKMJXFYXSRP]TIVGIRXSJ]SYLEZIHIGMHIHXSKMZI
MX8LMWKMJXMWXLIHSREXMSRSJ]SYVZMXEPSVKERW[LIR]SYHMI

2SX SRP] HSIWXLMWWTIEOIV VIPEXI XLI XSTMG HMVIGXP] XS LMWGPEWWQEXIW LI KIXW
XLIQ JYVXLIV MRZSPZIH F] FYMPHMRK WYWTIRWI EFSYX XLI qKMJXr XLEX IEGL SJ YW
LEW 2SXMGI LS[ QYGL PIWW IJJIGXMZI XLI MRXVSHYGXMSR [SYPH LEZI FIIR MJ LI
LEHWMQTP]WEMHq8SHE]-EQKSMRKXSXEPOEFSYXSVKERHSREXMSRr

5YIWXMSRXLI%YHMIRGI
%WOMRKEVLIXSVMGEPUYIWXMSR MWERSXLIV[E]XSKIX]SYVPMWXIRIVWXLMROMRKEFSYX
]SYVWTIIGL7SQIXMQIWEWMRKPIUYIWXMSR[MPPHS


8LI-RXVSHYGXMSR



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

-RXIVRIX
'SRRIGXMSR
[[[GSRRIGXPYGEWGSQ

&IKMRRMRKERH)RHMRK
XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
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0SSOMRKJSVEUYSXEXMSRXSYWIMRXLIMRXVSHYGXMSRSVGSRGPYWMSRSJ]SYVWTIIGL#
:MWMX=ELSS5YSXEXMSRW LXXTHMV]ELSSGSQ6IJIVIRGI5YSXEXMSRW JSVEGSQ
TVILIRWMZIVSWXIVSJPMROWXSGSPPIGXIHUYSXEXMSRWSRXLI;IF
%VI]SYMRXIVIWXIHMRVIEHMRKMRXVSHYGXMSRWERHGSRGPYWMSRWJVSQJEQSYWWTIIGLIW
MR[SVPHLMWXSV]#=SYGERJMRHXLIQEX8LI,MWXSV]4PEGI+VIEX7TIIGLIW'SPPIGXMSR
[[[LMWXSV]TPEGIGSQWTIIGLIWTVIZMSYWLXQ 

,S[[SYPH]SYVIWTSRHMJEPSZIHSRI[EWXLIZMGXMQSJXIVVSVMWQ#
;LEX[SYPH]SYXLMROMJ]SY[IRXXSXLIHSGXSVFIGEYWI]SY[IVIMPPERHWLIXSPH]SY
XS[EXGL8LI7MQTWSRWEWTEVXSJ]SYVXVIEXQIRX#

VLIXSVMGEPUYIWXMSR
%UYIWXMSRXLEXXLIEYHMIRGI
ERW[IVWQIRXEPP]VEXLIVXLER
SYXPSYH

-RSXLIVGMVGYQWXERGIW]SYQE][ERXXSTSWIEWIVMIWSJUYIWXMSRWIEGL
SJ[LMGLHVE[WXLIEYHMIRGIHIITIVERHHIITIVMRXSXLIWTIIGL,IVIMWLS[
SRIWTIEOIVYWIHXLMWQIXLSH
,EZI]SYIZIVWTIRXEWPIITPIWWRMKLXWXYH]MRKJSVERI\EQ#'ER]SYVIQIQFIVVYWL
MRKXSJMRMWLEXIVQTETIVFIGEYWI]SY[EMXIHXSSPSRKXSWXEVX[VMXMRKMX#(S]SYSJXIR
JIIPSZIV[LIPQIHF]EPPXLIXLMRKW]SYLEZIXSKIXHSRIEXWGLSSP#%X[SVO#%XLSQI#
-J WS ]SY QE] FI XLI ZMGXMQ SJ TSSV XMQI QEREKIQIRX *SVXYREXIP] XLIVI EVI
TVSZIRWXVEXIKMIW]SYGERJSPPS[XSYWI]SYVXMQIQSVIIJJIGXMZIP]ERHXSOIITGSRXVSP
SJ]SYVPMJI

0MOIFIKMRRMRK[MXLEWXEVXPMRKWXEXIQIRXSTIRMRK[MXLEUYIWXMSR[SVOW
FIWX[LIRXLIUYIWXMSRMWQIERMRKJYPXSXLIEYHMIRGIERHJMVQP]VIPEXIHXSXLI
GSRXIRXSJXLIWTIIGL-XEPWS[SVOWQSWXIJJIGXMZIP][LIR]SYTEYWIJSVNYWXE
QSQIRXEJXIVIEGLUYIWXMSR8LMWEHHWHVEQEXMGMQTEGXERHKMZIWXLIUYIWXMSR
XMQIXSWMROMR8LIEYHMIRGISJGSYVWI[MPPERW[IVQIRXEPP]hRSXSYXPSYH

&IKMR[MXLE5YSXEXMSR
%RSXLIV[E]XSEVSYWIXLIMRXIVIWXSJ]SYVEYHMIRGIMWXSWXEVX[MXLEREXXIR
XMSRKIXXMRKUYSXEXMSR=SYQMKLXGLSSWI]SYVUYSXEXMSRJVSQ7LEOIWTIEVISV
'SRJYGMYWJVSQXLI&MFPISV8EPQYHJVSQETSIQWSRKSVJMPQ,IVIMWLS[
SRIWXYHIRXYWIHEUYSXEXMSRXSFIKMREWTIIGLEFSYXWGMIRXMWX.SREW7EPO[LS
HIZIPSTIHXLIJMVWXTSPMSZEGGMRI
q-J SRIMW PYGO] E WSPMXEV] JERXEW] GER XSXEPP] XVERWJSVQ SRI QMPPMSR VIEPMXMIWr 8LIWI
[SVHWJVSQTSIXERH[VMXIV1E]E%RKIPSYGSYPHETTP]IEWMP]XSXLIHIHMGEXIHVIWIEVGLIV
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MRHMWGVMQMREXIP]FYXXSHE][MHIWTVIEHYWISJXLIZEGGMRILEWZMVXYEPP][MTIHSYXTSPMS-R
Q]XEPO-[SYPHPMOIXSHIWGVMFILS[7EPOTIVWIZIVIHERHXVMYQTLIHMRLMWUYIWXHIWTMXI
HSYFXWERHQENSVWIXFEGOW


%LYQSVSYWUYSXEXMSRGEREJJSVHHSYFPIMQTEGXEWMRXLMWWTIIGLEFSYX
XLIRIIHJSVTSPMXMGEPVIJSVQMRXLI97'SRKVIWW
1EVO8[EMRSRGIWEMHq-XGSYPHTVSFEFP]FIWLS[RF]JEGXWERHJMKYVIWXLEXXLIVIMW
RSHMWXMRGXP]%QIVMGERGVMQMREPGPEWWI\GITX'SRKVIWWr


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0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

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XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
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%W]SYVIWIEVGL]SYV
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JSVUYSXEXMSRWWXSVMIWERH
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[MPPGETXYVIXLIEXXIRXMSRSJ
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&] STIRMRK [MXL 8[EMRtW [SVHW XLI WTIEOIV RSX SRP] KSX XLI EYHMIRGItW
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XLEXFSXLSJXLIUYSXEXMSRWYWIHLIVIEWI\EQTPIWEVIVIPEXMZIP]WLSVX3TIR
MRK]SYVWTIIGL[MXLEPIRKXL]UYSXEXMSRMWEWYVI[E]XSWIX]SYVEYHMIRGI
]E[RMRK

8IPPE7XSV]
;IEPPIRNS]WXSVMIWhIWTIGMEPP]MJXLI]EVITVSZSGEXMZIEQYWMRKHVEQEXMGSV
WYWTIRWIJYP8S[SVO[IPPEWMRXVSHYGXMSRWXLI]WLSYPHEPWSFIGPIEVP]VIPIZERX
XSXLIQEMRTSMRXSJXLIWTIIGL9WIHMRXLMW[E]WXSVMIWEVITIVLETWXLIQSWX
IJJIGXMZI[E]XSFIKMREWTIIGL

'SRWMHIVJSVI\EQTPIXLIWXSV]SRIWXYHIRXXSPHXSSTIRLMWWTIIGLEFSYX
%QIVMGEtWGVYQFPMRKFVMHKIW
+EV]&EFMRIEYXLSYKLXLI[EWHIEH-X[EW%YKYWXERHLILEHNYWXHVMZIR
LMWFPYI'LIZ]XVYGOSRXSXLI-;IWXFVMHKIMR1MRRIETSPMW[LIRXLI]IEVSPHWXVYG
XYVIFIKERGSPPETWMRKq-LIEVHEVYQFPMRKPMOIENEGOLEQQIVrLIWEMHPEXIVqERHXLIRMX
GSQTPIXIP]KEZI[E]r,MWTMGOYTTPYQQIXIHJIIXPERHMRKYTWMHIHS[RXLIFIHWIZ
IVIHJVSQXLIGEF1MVEGYPSYWP]&EFMRIEY[LS[EW[IEVMRKLMWWIEXFIPXWYVZMZIHFYX
SXLIVW [IVI RSX WS PYGO] 8LMVXIIR TISTPI HMIH XLEX HE] QSVI XLER E LYRHVIH [IVI
MRNYVIH
8LIGSPPETWISJXLI-FVMHKIMR1MRRIETSPMW[EWEXVEKIH]FYXMX[MPPRSXFIXLIPEWX
SRI8LIVIEVIFVMHKIWEGVSWWXLIGSYRXV]VEXIHEWqWXVYGXYVEPP]HIJMGMIRXrF]XLI
*IHIVEP,MKL[E]%HQMRMWXVEXMSR8LIWIFVMHKIWGEVV]QMPPMSRZILMGPIWEHE]ERHSRI
GERSRP][SRHIV[LMGL[MPPFIXLIRI\XXSKS

0MOIQER]KSSHMRXVSHYGXMSRWXLMWSRIHSIWEHSYFPINSFhMXEVSYWIWXLIMRXIV
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8LI-RXVSHYGXMSR



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8LI1G+VE[n,MPP
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8LIRSRISJXLIJMKYVIWGEPPIHXSQIq%RKIPEKIXSZIVLIVIERHXEOIEGPSWIVPSSOr
1]ORIIWFYGOPIHEW-[EPOIHXLVSYKLXLIWXIVMPIIRZMVSRQIRX&YXIZIRXYEPP]-[EWXLIVI
WXERHMRKSZIVERYRGSRWGMSYWFSH]MRXLISTIVEXMRKVSSQ

GSRRIGXPYGEWGSQ
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WTIEOIVYWIWTEYWIWI]IGSRXEGXERHGLERKIWMRLIVXSRISJZSMGIXSLIPTHVE[
LIVEYHMIRGIMRXSXLIWTIIGL7IIMJ]SYGERHSXLIWEQIMR]SYVMRXVSHYGXMSR
8LIWIZIRQIXLSHWHMWGYWWIHEFSZIEVIXLISRIWYWIHQSWXSJXIRF]WXY
HIRXWTIEOIVWXSKEMREXXIRXMSRERHMRXIVIWX3XLIVQIXLSHWMRGPYHIVIJIVVMRK
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EVI QEPISVJIQEPI [IMKLXPMJXMRK GER KMZI]SYEWIRWI SJWXVIRKXLERH TS[IVIRLERGI
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LS[XSYWIXLIQTVSTIVP]

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;LEXIZIVXLIWSYVGISJ]SYVI\TIVXMWIFIWYVIXSPIXXLIEYHMIRGIORS[


8LI-RXVSHYGXMSR



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7TIEOMRK8IRXL)HMXMSR

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XLI7TIIGL

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8I\X

8LI1G+VE[n,MPP
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7TIIGL-RXVSHYGXMSR

23

  (S - KEMR XLI EXXIRXMSR ERH MRXIVIWX SJ Q] EYHMIRGI F]
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KSSH[MPPXS[EVHXLIEYHMIRGI#
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8LMWGLIGOPMWXMWEPWSEZEMPEFPI
MRXLISRPMRI7TIIGL8SSPWJSV
XLMWGLETXIV

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SYXWMHIXLIGPEWWVSSQ[LIVIWTIEOIVWLEZI[IPPIWXEFPMWLIHVITYXEXMSRWERHQE]
FIMHIRXMJMIH[MXLGEYWIWXLEXEVSYWILSWXMPMX]EQSRKPMWXIRIVW-RWYGLEWMXYEXMSR
XLIWTIEOIVQYWXXV]XSHIJYWIXLEXLSWXMPMX]VMKLXEXXLIWXEVXSJXLIWTIIGL
3GGEWMSREPP] ]SY QE] LEZI XS HS XLI WEQI XLMRK MR ]SYV GPEWWVSSQ
WTIIGLIW7YTTSWI]SYEHZSGEXIELMKLP]YRTSTYPEVTSWMXMSR=SY[MPPRIIHXS
QEOIEWTIGMEPIJJSVXXSIRWYVIXLEX]SYVGPEWWQEXIW[MPPGSRWMHIV]SYVTSMRXSJ
ZMI[8LMWMWLS[SRIWXYHIRXXVMIHXSQMRMQM^ILMWGPEWWQEXIWtSTTSWMXMSREX
XLIWXEVXSJEWTIIGLMRJEZSVSJFYMPHMRKQSVIRYGPIEVTS[IVTPERXW
8LIHIZIPSTQIRXSJRI[RYGPIEVTS[IVTPERXWMRXLI9RMXIH7XEXIWGEQIXSEWXERHWXMPP
HYVMRKXLIW=IXEW(MWGSZIVQEKE^MRIWXEXIHNYWXPEWXQSRXLXLIXMQILEWGSQIXS
PSSOEKEMREXXLIFIRIJMXWSJRYGPIEVTS[IV9RPMOIJSWWMPJYIPW MXHSIWRSXGSRXVMFYXIXS
KPSFEP[EVQMRKMXHSIWRSXPIEZI%QIVMGEEXXLIQIVG]SJJSVIMKRSMPERH[MXLEHZERGIW
MRXIGLRSPSK]MXMWQYGLWEJIVXLERFIJSVI
8LEXtW[L]-tQWTIEOMRKMRJEZSVSJFYMPHMRKQSVIRYGPIEVTS[IVTPERXWXSQIIXSYV
JYXYVIIRIVK]RIIHW-ORS[QSWXSJ]SYSTTSWIRYGPIEVTS[IVh-HMHXSSYRXMP-WXEVXIH
VIWIEVGLMRKXLMWWTIIGL8SHE]-tHPMOIXSWLEVI[MXL]SYWSQISJXLIJEGXW-LEZIJSYRH-
ORS[-GERtXTIVWYEHIEPPSJ]SY&YX-HSEWO]SYXSPMWXIR[MXLERSTIRQMRHERHXSGSR
WMHIVXLIQIVMXSJQ]EVKYQIRXW

;LEXVIEWSREFPIPMWXIRIVGSYPHMKRSVIWYGLEWMRGIVIJSVXLVMKLXTPIE#


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0YGEW8LI%VXSJ4YFPMG
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XLI7TIIGL

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8LI1G+VE[n,MPP
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XLIVIWXSJXLIWTIIGL,IVIMWERI\GIPPIRXI\EQTPIJVSQEWTIIGLF]*&-(MVIG
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HIRGIGSPPIGXMSRERHTVSWIGYXMSR0EWXP]-[ERXXSXEPOEFSYXXLIVSPISJFSXLTEVIRXWERH
XLITVMZEXIWIGXSVMREHHVIWWMRKXLMWWGSYVKI

TVIZMI[WXEXIQIRX
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JSVEWXLIWTIIGLYRJSPHW2IEVP]EP[E]W]SYWLSYPHMRGPYHIETVIZMI[WXEXIQIRX
PMOIXLIJSPPS[MRK
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I\TPSVIWSQIWSPYXMSRW


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EFSYXXSFIKMR

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GSRRIGXPYGEWGSQ
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GLETXIV :MHIS'PMT 

%XVMEXLPSRMWEVEGIQEHIYTSJXLVIIHMJJIVIRXIZIRXWGSQTPIXIHMRWYGGIWWMSR8LI
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XYXIHJSVSRISJXLIWI


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8LIXIVQq9RHIVKVSYRH6EMPVSEHr[EWJMVWXYWIHEFSYX&YXMRJEGXXLI9RHIV
KVSYRH6EMPVSEH[EWRIMXLIVYRHIVKVSYRHRSVEVEMPVSEH-X[EWERMRJSVQEPRIX[SVOXLEX
TVSZMHIH VYRE[E] WPEZIW JSSH GPSXLMRK HMVIGXMSRW ERH TPEGIW XS LMHI SR XLIMV IWGETI
VSYXIWXSXLI2SVXLERHXS'EREHE


8LI-RXVSHYGXMSR



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

&IKMRRMRKERH)RHMRK
XLI7TIIGL

8I\X

8LI1G+VE[n,MPP
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FSRHEKIXSJVIIHSQ

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MRXVSHYGXMSR

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8LI WTIEOIV YWIW E WXSV] XS KEMR EXXIRXMSR


8LMWWXSV][SVOWTEVXMGYPEVP][IPPFIGEYWIMX
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8LI7TIEOMRK3YXPMRI



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8LI7TIEOMRK3YXPMRI



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8I\X

8LI1G+VE[n,MPP
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XLIGSRRSXEXMZIQIERMRKSJXLI[SVHqWGLSSPrMRGPYHIWEPPXLIJIIPMRKWEWWS
GMEXMSRWERHIQSXMSRWXLEXXLI[SVHXSYGLIWSJJMRHMJJIVIRXTISTPI*SVWSQI
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KIRIVEXIJIEVhXSJVMKLXIRTISTPIMRXSWYFQMWWMSR8LI]QIEWYVIWYGGIWWF]XLIQEKRMXYHI
SJXLIJIEVXLI]KIRIVEXIXLVSYKLFVYXEPWEZEKIEGXWSJZMSPIRGI8IVVSVMWXWEVITVITEVIH
XSOMPPXSJYVXLIV[LEXIZIVGEYWIXLI]GPEMQXSFITYVWYMRK%RHXLILIMRSYWRIWWSJXLIWI
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0YGEW8LI%VXSJ4YFPMG
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9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
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YWIHXSEGLMIZIXLIQ

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XLIQXSWSQIGEYWI#8LIRWIPIGX[SVHW[MXLQSVIMRXIRWIGSRRSXEXMZIQIER
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MQTEVXMEP#8LIRWXMGO[MXL[SVHWXLEXXSYGLSJJPIWWMRXIRWIVIEGXMSRW'LSSWMRK
[SVHWWOMPPJYPP]JSVXLIMVHIRSXEXMZIERHGSRRSXEXMZIQIERMRKWMWEGVYGMEPTEVX
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9WMRKPERKYEKIEGGYVEXIP]MWEWZMXEPXSEWTIEOIVEWYWMRKRYQFIVWEGGYVEXIP]
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9WMRK0ERKYEKI%GGYVEXIP]



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9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
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[LIRERSXLIV[MPPGETXYVISYVMHIEWQSVITVIGMWIP])ZIV][SVHLEWWLEHIWSJ
QIERMRKXLEXHMWXMRKYMWLMXJVSQIZIV]SXLIV[SVH%W1EVO8[EMRWEMHq8LI
HMJJIVIRGIFIX[IIRXLIVMKLX[SVHERHXLIEPQSWXVMKLX[SVHMWXLIHMJJIVIRGI
FIX[IIRPMKLXRMRKERHXLIPMKLXRMRKFYKr
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EGGSQTPMWLQIRX

WYGGIWW

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 1
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IRGI 0MWXIRIVW YRPMOI VIEHIVW GERRSX XYVR XS E HMGXMSREV] SV VIVIEH ER
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0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
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97)*%1-0-%6;36(7
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XSXIGLRMGEPPERKYEKIXLEXQE]FIJEQMPMEVXSXLIWTIEOIVFYXRSXXSXLIEYHM
IRGI=IXMJ]SY[SVOEXMX]SY[MPPEPQSWXEP[E]WFIEFPIXSXVERWPEXIIZIRXLI
QSWXWTIGMEPM^IHXSTMGMRXSGPIEVJEQMPMEVPERKYEKI
,IVIJSVMRWXERGIEVIXLVIITEWWEKIWI\TPEMRMRKXLIHIZEWXEXMRKIJJIGXWSJ
E TVIKRERX [SQERtW HVMROMRK SR LIV YRFSVR GLMPH 8LI JMVWX TEWWEKI MW MR
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%PGSLSP GSRWYQTXMSR F] XLI TVIKRERX [SQER WIVMSYWP] MRJPYIRGIW XLI MRXVEYXIVMRI
QMPMIYERHXLIVIJSVIGSRXVMFYXIWXSXLIQSVFMHMX]ERHQSVXEPMX]SJGLMPHVIRFSVRXSXLIWI
QSXLIVW -R VIKEVH XS XLI TEXLSTL]WMSPSK] SJ XLMW W]RHVSQI KIRIXMG TSP]QSVTLMWQ SJ
IR^]QIW JSV IXLERSP QIXEFSPMWQ QE] EPXIV JIXEP WYWGITXMFMPMX] 8LIVI QE] EPWS FI TSSV
QMGVSWSQEPSVQMXSGLSRHVMEPJYRGXMSRSVHIGVIEWIH%84EGXMZMX]


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FPI[MXLqTEXLSTL]WMSPSK]rERHqTSP]QSVTLMWQrERHqQMXSGLSRHVMEPrQYGL
PIWWFIEFPIXSTYXXLIQEPPXSKIXLIV

8LIWIGSRHTEWWEKIVITVIWIRXWEREXXIQTXXSEHETXXSERSRQIHMGEPEYHM
IRGI-XMWMR QSVIJEQMPMEVPERKYEKIFYX VIXEMRWIRSYKLSFWGYVI [SVHWXSFI
HMJJMGYPX
8LI HIPIXIVMSYW IJJIGXW SJ EPGSLSP SR XLI YRFSVR GLMPH EVI ZIV] WIVMSYW ;LIR E
TVIKRERXQSXLIVGSRWYQIWEPGSLSPXLI IXLERSPMRXLI FPSSHWXVIEQIEWMP]GVSWWIWXLI
TPEGIRXEJVSQQSXLIVXSGLMPHERHMRZEHIWXLIEQRMSXMGJPYMH8LMWGERTVSHYGIERYQ
FIV SJ EFRSVQEP FMVXL W]RHVSQIW MRGPYHMRK GIRXVEPRIVZSYWW]WXIQ H]WJYRGXMSRW
KVS[XLHIJMGMIRGMIWEGPYWXIVSJJEGMEPEFIVVEXMSRWERHZEVMEFPIQENSVERHQMRSVQEP
JSVQEXMSRW


;IPPMRJSVQIH PMWXIRIVW GSYPH TVSFEFP] JMKYVI SYX qHIPIXIVMSYW IJJIGXWr
qGIRXVEPRIVZSYWW]WXIQ H]WJYRGXMSRWr ERH qJEGMEP EFIVVEXMSRWr &YX XLIWI
XIVQWHSRtXGVIEXIEWLEVTQIRXEPMQEKISJ[LEXXLIWTIEOIVMWXV]MRKXSWE]
;IWXMPPRIIHXSKSSRIWXITJYVXLIVE[E]JVSQQIHMGEPNEVKSRXS[EVHSVHM
REV]PERKYEKI

7S[IGSQIXSXLIXLMVHTEWWEKI[LMGLMWYXXIVP]GPIEV-XWLS[W[LEXGER
FIHSRI[MXL[SVOMQEKMREXMSRERHELIEPXL]VIWTIGXJSVIZIV]HE][SVHW
;LIR XLI I\TIGXERX QSXLIV HVMROW EPGSLSP MW EFWSVFIH MRXS LIV FPSSHWXVIEQ ERH
HMWXVMFYXIH XLVSYKLSYX LIV IRXMVI FSH] %JXIV E JI[ FIIVW SV E GSYTPI SJ QEVXMRMW WLI
FIKMRWXSJIIPXMTW]ERHHIGMHIWXSWSFIVYT7LIKVEFWEGYTSJGSJJIIX[SEWTMVMRERH
XEOIWEPMXXPIRET%JXIVE[LMPIWLItPPFIJMRI
&YX [LMPI WLI WPIITW XLI JIXYW MW WYVVSYRHIH F] XLI WEQI EPGSLSPMG GSRXIRX EW MXW
QSXLIVLEH%JXIVFIMRKHVS[RIHMREPGSLSPXLIJIXYWFIKMRWXSJIIPXLIIJJIGX&YXMXGERtX
WSFIVYT-XGERtXKVEFEGYTSJGSJJII-XGERtXKVEFEGSYTPISJEWTMVMR*SVXLIJIXYWtWPMZIV
XLIOI]SVKERMRVIQSZMRKEPGSLSPJVSQXLIFPSSHMWNYWXRSXHIZIPSTIH8LIJIXYWMWPMXIV
EPP]TMGOPIHMREPGSLSP 

8LMWOMRHSJTPEMRXEPOMW[LEXPMWXIRIVW[ERX=SYGERRSXKS[VSRKF]JSP
PS[MRK XLIEHZMGISJ ;MRWXSR'LYVGLMPPXSWTIEOMRqWLSVXLSQIP][SVHWSJ
GSQQSR YWEKIr -J ]SY XLMRO FMK [SVHW SV E PSX SJ [SVHW  EVI RIIHIH XS
MQTVIWWPMWXIRIVWFIEVMRQMRHXLEXXLI+IXX]WFYVK%HHVIWWhGSRWMHIVIHXLIJMRIWX


9WMRK0ERKYEKI'PIEVP]



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

WTIIGLMRXLI)RKPMWLPERKYEKIhGSRXEMRW[SVHWSJ[LMGLLEZISRP]
SRISVX[SW]PPEFPIW

',337)'32'6)8);36(7
GSRGVIXI[SVHW
;SVHWXLEXVIJIVXS
XERKMFPISFNIGXW

EFWXVEGX[SVHW
;SVHWXLEXVIJIVXSMHIEW
SVGSRGITXW

'SRGVIXI [SVHW VIJIV XS XERKMFPI SFNIGXWhTISTPI TPEGIW ERH XLMRKW 8LI]
HMJJIVJVSQEFWXVEGX[SVHW[LMGLVIJIVXSKIRIVEPGSRGITXWUYEPMXMIWSVEXXVMFYXIW
q'EVVSXrqTIRGMPrqRSWIrERHqHSSVrEVIGSRGVIXI[SVHWq,YQMPMX]rqWGMIRGIr
qTVSKVIWWrERHqTLMPSWSTL]rEVIEFWXVEGX[SVHW
3J GSYVWI JI[ [SVHW EVI GSQTPIXIP] EFWXVEGX SV GSRGVIXI q%TTPI TMIr MW
GSRGVIXIFYXMRXLI9RMXIH7XEXIWXLITLVEWIEPWSLEWEFWXVEGXZEPYIWSJTEXVMS
XMWQ ERH GSRZIRXMSREP QSVEPW 9WYEPP] XLI QSVI WTIGMJMG E [SVH XLI QSVI
GSRGVIXIMXMW0IXYWWE]]SYEVIXEPOMRKEFSYXKSPJ,IVIEVIWIZIVEP[SVHWERH
TLVEWIW]SYQMKLXYWI
TL]WMGEPEGXMZMX]

EFWXVEGXKIRIVEP

WTSVXW
KSPJ
TVSJIWWMSREPKSPJ
8MKIV;SSHW

GSRGVIXIWTIGMJMG

%W ]SYQSZI HS[RXLIPMWXXLI[SVHWFIGSQIPIWWEFWXVEGX ERH QSVIGSRGVIXI


=SY FIKMR [MXL E KIRIVEP GSRGITX TL]WMGEP EGXMZMX]  HIWGIRH XS SRI X]TI SJ
EGXMZMX] WTSVXW XSETEVXMGYPEVWTSVX KSPJ XSEHMZMWMSRSJXLEXWTSVX TVSJIW
WMSREPKSPJ XSSRIWTIGMJMGTVSJIWWMSREPKSPJIV 8MKIV;SSHW 
%PXLSYKL EFWXVEGX [SVHW EVI RIGIWWEV] XS I\TVIWW GIVXEMR OMRHW SJ MHIEW
XLI] EVIQYGL IEWMIV XS QMWMRXIVTVIX XLER EVI GSRGVIXI [SVHW %PWS GSRGVIXI
[SVHW EVI QYGL QSVI PMOIP] XS GPEMQ ]SYV PMWXIRIVWt EXXIRXMSR 7YTTSWI ]SY
QEOIEWTIIGLEFSYXJMVIERXW[LMGLLEZIPSRKTPEKYIHXLI7SYXLERHEVIRS[
EXXEGOMRK[IWXIVRWXEXIW,IVIEVIX[S[E]W]SYGSYPHETTVSEGLXLIWYFNIGXh
SRIJIEXYVMRKEFWXVEGX[SVHWXLISXLIVGSRGVIXI[SVHW
%FWXVEGX;SVHW
*MVIERXWLEZIFIIRETVSFPIQIZIVWMRGIXLI]EVVMZIHMRXLI9RMXIH7XEXIW8LI]LEZI
WTVIEHEGVSWWXLI7SYXLERHRS[XLVIEXIRZEVMSYWTEVXWSJXLI;IWXEW[IPP8LMWMWEWIVM
SYWTVSFPIQFIGEYWIJMVIERXWEVILMKLP]EKKVIWWMZI8LIVILEZIIZIRFIIRLYQERGEWYEP
XMIWJVSQJMVIERXWXMRKW

'SRGVIXI;SVHW
7MRGI JMVI ERXW GEQI LIVI JVSQ7SYXL %QIVMGE WSQIXMQI FIJSVI ;SVPH ;EV -- XLI]
LEZI WTVIEH PMOI E FMFPMGEP TPEKYI EGVSWW  WXEXIW JVSQ *PSVMHE XS 8I\EW 2S[ XLI] EVI
MRZEHMRK 2I[ 1I\MGS %VM^SRE ERH 'EPMJSVRME *MVI ERXW EXXEGO MR W[EVQW ERH XLI] [MPP
GPMQFER]JSSXXLEXMWPIJXMRXLI[VSRKWTSXJSVEJI[WIGSRHW8LI]LEZIIZIRXYVRIHYT
MRHSSVWMRGPSXLIWLEQTIVWFIHWERHGPSWIXW*SVXYREXIP]JI[IVXLERTIVGIRXSJTISTPI
[LSEVIWXYRKLEZIXSWIIEHSGXSVFYXXSHHPIVW[LSLEZIJEPPIRSRJMVIERXQSYRHWLEZI
WSQIXMQIWHMIHJVSQWXMRKWEWLEZILMKLP]EPPIVKMGEHYPXW

2SXMGILS[QYGLQSVITIVWYEWMZIXLIWIGSRHZIVWMSRMW%WTIIGLHSQM
REXIHF]GSRGVIXI [SVHW [MPP EPQSWX EP[E]W FI GPIEVIV QSVI MRXIVIWXMRK ERH
IEWMIVXSVIGEPPXLERSRIHSQMREXIHF]EFWXVEGX[SVHW


',%48)6 97-2+0%2+9%+)

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

)ZIR[LIRHMWGYWWMRK
XIGLRMGEPWYFNIGXWIJJIGXMZI
WTIEOIVWWYGLEWFMSPSKMWX
*VERGMW'SPPMRWPSSOJSV[E]W
XSGSQQYRMGEXIXLIMVMHIEW
MRGPIEVJEQMPMEVPERKYEKI

)0-1-2%8)'0988)6
'PYXXIVIHWTIIGLLEWFIGSQIEREXMSREPITMHIQMG;LEXIZIVLETTIRIHXSWYGL
WMQTPI [SVHW EW qFIJSVIr qMJr ERH qRS[r# ;LIR PEWX WIIR XLI] [IVI FIMRK
VSYXIHF]XLIMVGPYXXIVIHGSYRXIVTEVXWqTVMSVXSrqMRXLIIZIRXYEPMX]SJrERH
qEXXLMWTSMRXMRXMQIr&]XLIWEQIXSOIR[L]GERtX[IEXLIVJSVIGEWXIVWWE]
q-XtWVEMRMRKrMRWXIEHSJWE]MRKq-XETTIEVWEWMJ[IEVIGYVVIRXP]I\TIVMIRGMRK
TVIGMTMXEXMSR EGXMZMX]r# %RH [L] GERtX TSPMXMGMERW WE] q;I LEZI E GVMWMWr
MRWXIEHSJWE]MRKq;IEVIJEGMRKEHMJJMGYPXGVMWMWWMXYEXMSRXLEX[MPPFIXVSYFPI
WSQIXSWYGGIWWJYPP]VIWSPZIr#

8LMW X]TI SJ GPYXXIV JSVGIW PMWXIRIVW XS LEGO XLVSYKL E XERKPI SJ [SVHW XS
HMWGSZIVXLIQIERMRK;LIR]SYQEOIEWTIIGLOIIT]SYVPERKYEKIPIERERH
PMZIP]&I[EVISJYWMRKWIZIVEP[SVHW [LIVISRISV X[S[MPP HS%ZSMHJPEFF]
TLVEWIW 0IX ]SYV MHIEW IQIVKI WLEVTP] ERH JMVQP] %FSZI EPP [EXGL SYX JSV
VIHYRHERXEHNIGXMZIWERHEHZIVFW-RI\TIVMIRGIHWTIEOIVW ERH[VMXIVW XIRHXS
WXVMRK XSKIXLIV X[S SV XLVII W]RSR]QSYW EHNIGXMZIW WYGL EW qE PIEVRIH ERH
IHYGEXIHTIVWSRrSVqELSXWXIEQ]XSVVMHHE]r

,IVIMWTEVXSJEWXYHIRXWTIIGLXLEXLEWFIIRVIZMWIHXSIPMQMREXIGPYXXIV

GPYXXIV
(MWGSYVWIXLEXXEOIWQER]
QSVI[SVHWXLEREVI
RIGIWWEV]XSI\TVIWWERMHIE

7MXXMRK &YPP [EW SRI SJ XLI QSWX MQTSVXERX ERH WMKRMJMGERX SJ EPP 2EXMZI %QIVMGER

TVIWIRXHE]
PIEHIVW,I[EWFSVRMRXLI]IEVSJRIEV+VERH6MZIVMREREVIEXLEXMWRS[TEVXSJ

[EW
XLIWXEXISJ7SYXL(EOSXE%JIEVPIWWERHGSYVEKISYW[EVVMSVLIIRHIHYTFIMRKIPIGXIH
GLMIJSJXLI,YROTETE7MSY\MR-RXLIJSPPS[MRK]IEVWLIEPWSEXXVEGXIHEPEVKIERH
RYQIVSYW JSPPS[MRKEQSRKXLI XVMFIWSJXLI 'LI]IRRIERH%VETELS ,IMW FIWXORS[R

XSHE]

HIJIEXMRK

XS TISTPI MR XLMW HE] ERH EKI JSV LMW MRWXVYQIRXEP VSPI MR LIPTMRK XS PIEH XLI HIJIEX SJ


9WMRK0ERKYEKI'PIEVP]



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

JSVGIH
+IRIVEP'YWXIVEXXLI&EXXPISJ0MXXPI&MK,SVRMR%PXLSYKLIZIRXYEPP]VIUYMVIHEKEMRWX
LMW[MPPXSPMZILMWPMJISRXLI7XERHMRK6SGO6IWIVZEXMSRMR7SYXL(EOSXELIRIZIVWYVVIRHIVIH
XSER]SRILMWHMKRMX]SVLMWTIVWSREPHIZSXMSRXSXLI7MSY\[E]SJPMJI

2SXMGILS[QYGLGPIERIVERHIEWMIVXSJSPPS[XLIVIZMWIHZIVWMSRMW2SPSRKIV
EVIXLIWTIEOIVtWMHIEWLMHHIRMREXLMGOIXSJ[EWXIH[SVHW
8LMW OMRH SJ TVYRMRK MW IEW] SRGI ]SY KIX XLI OREGO SJ MX 8LI LEVHIWX
TEVXhERHMXMWSJXIRZIV]LEVHhMWVIGSKRM^MRKGPYXXIVERHJSVGMRK]SYVWIPJXS
XLVS[ E[E] XLI YRRIGIWWEV] [SVHW ;EXGL JSV GPYXXIV [LIR ]SY [VMXI ]SYV
WTIIGL SYXPMRIW &I TVITEVIH XS VIZMWI XLI SYXPMRI YRXMP ]SYV MHIEW IQIVKI
GPIEVP]ERHGVMWTP]
=SY GER EPWS LIPT IPMQMREXI GPYXXIV F] TVEGXMGMRK ]SYV WTIIGLIW [MXL E
HMKMXEPVIGSVHIV%W]SYTPE]XLIWTIIGLFEGOOIITERIEVSYXRSXNYWXJSVJPEFF]
TLVEWIWFYXJSVZIVFEPJMPPIVWWYGLEWq]SYORS[rqPMOIrERHqVIEPP]r4VEGXMGI
HIPMZIVMRK XLI WTIIGL EKEMR XLMW XMQI QEOMRK E WTIGMEP IJJSVX XS XVMQ MX SJ
[EWXIH SV HMWXVEGXMRK [SVHW 8LMW [MPP RSX SRP] QEOI ]SY E FIXXIV TYFPMG
WTIEOIVFYXMX[MPPLIPT]SYTVIWIRXMHIEWQSVIIJJIGXMZIP]MRQIIXMRKWGSRZIV
WEXMSRWERHKVSYTHMWGYWWMSRW

9WMRK0ERKYEKI:MZMHP]
.YWXEW]SYGER FIEGGYVEXI[MXLSYXFIMRK GPIEVWS]SYGER FIFSXLEGGYVEXI
ERHGPIEV[MXLSYXFIMRKMRXIVIWXMRK,IVIJSVI\EQTPIMWLS[1EVXMR0YXLIV
/MRKQMKLXLEZITLVEWIHTEVXSJLMWKVIEXq-,EZIE(VIEQrWTIIGL
8YVRMRKFEGOMWWSQIXLMRK [IGERRSXHS;IQYWXGSRXMRYI XS[SVOEKEMRWXTSPMGI
FVYXEPMX]WIKVIKEXIHLSYWMRKHMWJVERGLMWIQIRXERHEPMIREXMSR3RP][LIRXLIWITVSFPIQW
EVIWSPZIH[MPP[IFIWEXMWJMIH

,IVIMW[LEX/MRKEGXYEPP]WEMH
;IGERRSXXYVRFEGO8LIVIEVIXLSWI[LSEWOXLIHIZSXIIWSJGMZMPVMKLXWq;LIR[MPP
]SY FI WEXMWJMIH#r ;I GER RIZIV FI WEXMWJMIH EW PSRK EW XLI 2IKVS MW XLI ZMGXMQ SJ XLI
YRWTIEOEFPILSVVSVWSJTSPMGIFVYXEPMX];IGERRIZIVFIWEXMWJMIHEWPSRKEWSYVFSHMIW
LIEZ][MXLXLIJEXMKYISJXVEZIPGERRSXKEMRPSHKMRKMRXLIQSXIPWSJXLILMKL[E]WERHXLI
LSXIPWSJXLIGMXMIW;IGERRSXFIWEXMWJMIHEWPSRKEWE2IKVSMR1MWWMWWMTTMGERRSXZSXI
ERHE2IKVSMR2I[=SVOFIPMIZIWLILEWRSXLMRKJSV[LMGLXSZSXI2SRS[IEVIRSX
WEXMWJMIHERH[I[MPPRSXFIWEXMWJMIHYRXMPNYWXMGIVSPPWHS[RPMOI[EXIVWERHVMKLXISYWRIWW
PMOIEQMKLX]WXVIEQ

1YGLQSVIWXMVVMRKMWRtXMX#-J]SY[ERXXSQSZITISTPI[MXL]SYVWTIIGLIW
YWIZMZMHERMQEXIHPERKYEKI%PXLSYKLXLIVIEVIWIZIVEP[E]WXSHSXLMWX[S
SJXLIQSWXMQTSVXERXEVIMQEKIV]ERHVL]XLQ



',%48)6 97-2+0%2+9%+)

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

-1%+)6=
3RIWMKRSJEKSSHRSZIPMWXMWXLIEFMPMX]XSGVIEXI
[SVH TMGXYVIW XLEX PIX ]SY qWIIr XLI LEYRXIH
LSYWI SV qLIEVr XLI FMVHW GLMVTMRK SR E [EVQ
WTVMRKQSVRMRKSVqXEWXIrXLILSXIRGLMPEHEWEXE
1I\MGERVIWXEYVERX

7TIEOIVW GER YWI MQEKIV] MR QYGL XLI WEQI
[E]XSQEOIXLIMVMHIEWGSQIEPMZI8LVII[E]WXS
KIRIVEXI MQEKIV] EVI F] YWMRK GSRGVIXI [SVHW
WMQMPIERHQIXETLSV

'SRGVIXI;SVHW
%W [I WE[ IEVPMIV MR XLMW GLETXIV GLSSWMRK GSR
GVIXI [SVHW SZIV EFWXVEGX [SVHW MW SRI [E] XS
IRLERGI XLI GPEVMX] SJ ]SYV WTIIGLIW 'SRGVIXI
[SVHWEVIEPWSXLIOI]XSIJJIGXMZIMQEKIV]'SR
WMHIVXLIJSPPS[MRKI\GIVTXJVSQ6SREPH6IEKERtW
JEQSYW EHHVIWW GSQQIQSVEXMRK XLI XL ERRM
ZIVWEV] SJ ((E] 7TIEOMRK EX XLI WGIRI SJ XLI
FEXXPI 6IEKER HVEQEXMGEPP] VIGSYRXIH XLI LIVS
MWQ SJ XLI 97 6ERKIVW [LS WGEPIH XLI GPMJJW EX
4SMRXI HY ,SG XS LIPT JVII )YVSTI JVSQ ,MXPIVtW
WXVERKPILSPH

'PIEVZMZMHYRGPYXXIVIHPERKYEKIMWELEPPQEVOSJ8LSQEW
*VMIHQERtWWTIIGLIW8LI4YPMX^IV4VM^I[MRRMRKNSYVREPMWX
KMZIWEKVIEXHIEPSJXLSYKLXXSJMRHMRKNYWXXLIVMKLX[SVHW
XSI\TVIWWLMWMHIEW

;IWXERHSREPSRIP][MRHW[ITXTSMRXSRXLIRSVXLIVRWLSVISJ*VERGI8LIEMVMWWSJX
FYX]IEVWEKSEXXLMWQSQIRXXLIEMV[EWHIRWI[MXLWQSOIERHXLIGVMIWSJQIRERH
XLIEMV[EWJMPPIH[MXLXLIGVEGOSJVMJPIJMVIERHXLIVSEVSJGERRSR
%XHE[RSRXLIQSVRMRKSJXLIXLSJ.YRI6ERKIVWNYQTIHSJJXLI&VMX
MWLPERHMRKGVEJXERHVERXSXLIFSXXSQSJXLIWIGPMJJW8LI6ERKIVWPSSOIHYTERHWE[
XLIIRIQ]WSPHMIVWhEXXLIIHKISJXLIGPMJJWWLSSXMRKHS[REXXLIQ[MXLQEGLMRIKYRW
ERHXLVS[MRKKVIREHIW%RHXLI%QIVMGER6ERKIVWFIKERXSGPMQF8LI]WLSXVSTIPEHHIVW
SZIVXLIJEGISJXLIWIGPMJJWERHFIKERXSTYPPXLIQWIPZIWYT
;LIR SRI 6ERKIV JIPP ERSXLIV [SYPH XEOI LMW TPEGI ;LIR SRI VSTI [EW GYX E
6ERKIV [SYPH KVEF ERSXLIV ERH FIKMR LMW GPMQF EKEMR 8LI] GPMQFIH WLSX FEGO ERH
LIPHXLIMVJSSXMRK7SSRSRIF]SRIXLI6ERKIVWTYPPIHXLIQWIPZIWSZIVXLIXSTERH
MRWIM^MRKXLIJMVQPERHEXXLIXSTSJXLIWIGPMJJWXLI]FIKERXSWIM^IFEGOXLIGSRXMRIRX
SJ)YVSTI


'SRGVIXI [SVHW GEPP YT QIRXEP MQTVIWWMSRW SJ WMKLXW WSYRHW XSYGL
WQIPP ERH XEWXI -R 6IEKERtW WTIIGL [I HS RSX QIVIP] PIEVR XLEX XLI 97
6ERKIVWLIPTIH[MRXLIFEXXPISJ((E];IZMWYEPM^IXLI6ERKIVWPERHMRKEX
XLIJSSXSJXLIGPMJJW;IWIIXLIQJMKLXMRKXLIMV[E]YTXLIGPMJJWMRXLIJEGI
SJIRIQ]KVIREHIWERHQEGLMRIKYRW;ILIEVXLIGVEGOSJVMJPIJMVIERHXLI
GVMIWSJXLIWSPHMIVW8LIGSRGVIXI[SVHWGVIEXIMQEKIWXLEXTYPPYWMVVIWMWXMFP]
MRXSXLIWTIIGL

MQEKIV]
8LIYWISJZMZMHPERKYEKIXS
GVIEXIQIRXEPMQEKIWSJ
SFNIGXWEGXMSRWSVMHIEW

GSRRIGXPYGEWGSQ
:MI[XLMWI\GIVTXJVSQ
6SREPH6IEKERtWWTIIGLEX
4SMRXIHY,SGMRXLISRPMRI
1IHME0MFVEV]JSVXLMWGLET
XIV :MHIS'PMT 

7MQMPI
%RSXLIV[E]XSGVIEXIMQEKIV]MWXLVSYKLXLIYWISJWMQMPI7MQMPIMWERI\TPMGMX
GSQTEVMWSRFIX[IIRXLMRKWXLEXEVIIWWIRXMEPP]HMJJIVIRX]IXLEZIWSQIXLMRKMR

9WMRK0ERKYEKI:MZMHP]



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

GSQQSR-XEP[E]WGSRXEMRWXLI[SVHWqPMOIrSVqEWr,IVIEVIWSQII\EQTPIW
JVSQWXYHIRXWTIIGLIW

WMQMPI
%RI\TPMGMXGSQTEVMWSR
MRXVSHYGIH[MXLXLI[SVHqPMOIr
SVqEWrFIX[IIRXLMRKWXLEXEVI
IWWIRXMEPP]HMJJIVIRX]IXLEZI
WSQIXLMRKMRGSQQSR

GPMGL
%XVMXISVSZIVYWIHI\TVIWWMSR

;EPOMRKMRXSQ]KVERHTEVIRXWtLSQI[LIR-[EWEGLMPH[EWPMOIFIMRK[VETTIHMRE
KMERXWIGYVMX]FPEROIX
%MV TSPPYXMSR MW IEXMRK E[E] EX XLI QSRYQIRXW MR ;EWLMRKXSR (' PMOI E KMERX
%POE7IPX^IVXEFPIX

8LIWIEVIFVMKLXJVIWLWMQMPIWXLEXGPEVMJ]ERHZMXEPM^IMHIEW7SQIWMQMPIW
LS[IZIVLEZIFIGSQIWXEPIXLVSYKLSZIVYWI,IVIEVIEJI[
JVIWLEWEHEMW]

LYRKV]EWEFIEV

JMXEWEJMHHPI

FYW]EWEFII

WXVSRKEWERS\

FMKEWEQSYRXEMR

WXYFFSVREWEQYPI

LETT]EWEPEVO

7YGLGPMGLWEVIJMRIMRIZIV]HE]GSRZIVWEXMSRFYX]SYWLSYPHEZSMHXLIQMR
WTIIGLQEOMRK3XLIV[MWI]SYEVIPMOIP]XSFIqHYPPEWHMWL[EXIVrERHXSJMRH
]SYVEYHMIRGIqWPIITMRKPMOIEPSKr

1IXETLSV
QIXETLSV
%RMQTPMGMXGSQTEVMWSRRSX
MRXVSHYGIH[MXLXLI[SVHqPMOIr
SVqEWrFIX[IIRX[SXLMRKW
XLEXEVIIWWIRXMEPP]HMJJIVIRX
]IXLEZIWSQIXLMRKMRGSQQSR

=SYGEREPWSYWIQIXETLSVXSGVIEXIMQEKIV]MR]SYVWTIIGLIW1IXETLSVMWER
MQTPMGMX GSQTEVMWSR FIX[IIR XLMRKW XLEX EVI IWWIRXMEPP] HMJJIVIRX ]IX LEZI
WSQIXLMRKMRGSQQSR 9RPMOI WMQMPI QIXETLSVHSIW RSX GSRXEMR XLI [SVHW
qPMOIrSVqEWr*SVI\EQTPI
%QIVMGEtWGMXMIWEVIXLI[MRHS[WXLVSYKL[LMGLXLI[SVPHPSSOWEX%QIVMGERWSGMIX]
,IRV]'MWRIVSW 
;MXL KPSFEPM^EXMSR XLI WEQI WIE [EWLIW EPP SJ LYQEROMRH ;I EVI EPP MR XLI WEQI
FSEX8LIVIEVIRSWEJIMWPERHW /SJM%RRER 

8LIWI EVI FSXL FVMIJ QIXETLSVW 7SQIXMQIW LS[IZIV E WTIEOIV [MPP


HIZIPST E PSRKIV QIXETLSV ,IVI MW ER I\GIPPIRX I\EQTPI JVSQ %P +SVItW
WTIIGLEGGITXMRKXLI2SFIP4IEGI4VM^IJSVLMWIJJSVXWXSLIPTXLI[SVPH
HIEP[MXLGPMQEXIGLERKI
8LIIEVXLLEWEJIZIV%RHXLIJIZIVMWVMWMRK8LII\TIVXWLEZIXSPHYWMXMWRSXETEWWMRK
EJJPMGXMSRXLEX[MPPLIEPF]MXWIPJ;IEWOIHJSVEWIGSRHSTMRMSR%RHEXLMVH%RHEJSYVXL%RH
XLIGSRWMWXIRXGSRGPYWMSRVIWXEXIH[MXLMRGVIEWMRKEPEVQMWXLEXWSQIXLMRKFEWMGMW[VSRK

;LIRYWIHIJJIGXMZIP]QIXETLSVhPMOIWMQMPIhMWERI\GIPPIRX[E]XSFVMRK
GSPSVXSEWTIIGLXSQEOIEFWXVEGXMHIEWGSRGVIXIXSGPEVMJ]XLIYRORS[RERH
XSI\TVIWWJIIPMRKWERHIQSXMSRW

6,=8,1
0ERKYEKILEWEVL]XLQGVIEXIHF]XLIGLSMGIERHEVVERKIQIRXSJ[SVHW7TIEO
IVWPMOITSIXWWSQIXMQIWWIIOXSI\TPSMXXLIVL]XLQSJPERKYEKIXSIRLERGIXLI
MQTEGXSJXLIMV[SVHW;MRWXSR'LYVGLMPP[EWEQEWXIVEXXLMW,IVIMWETEWWEKI


',%48)6 97-2+0%2+9%+)

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

JVSQSRISJLMWJEQSYWWTIIGLIWHYVMRK;SVPH;EV--8SIQTLEWM^IMXWGEHIRGI
XLITEWWEKILEWFIIRTVMRXIHEWMJMX[IVITSIXV]VEXLIVXLERTVSWI
;IGERRSXXIPP[LEXXLIGSYVWI
SJXLMWJIPP[EV[MPPFI
EWMXWTVIEHWVIQSVWIPIWW
XLVSYKLIZIV[MHIVVIKMSRW
;IGERRSXTVIHMGXSVQIEWYVI
MXWITMWSHIWSVMXWXVMFYPEXMSRW
;IGERRSX]IXWII
LS[HIPMZIVERGI[MPPGSQI
SV[LIRMX[MPPGSQI
&YXRSXLMRKMWQSVIGIVXEMR
XLERXLEXIZIV]XVEGISJ,MXPIVtWJSSXWXITW
IZIV]WXEMRSJLMWMRJIGXIHERHGSVVSHMRKJMRKIVW
[MPPFIWTSRKIHERHTYVKIH
ERHMJRIIHFI
FPEWXIHJVSQXLIWYVJEGISJXLIIEVXL

GSRRIGXPYGEWGSQ
:MI[XLMWI\GIVTXJVSQ
;MRWXSR'LYVGLMPPtWWTIIGL
SJ.YRIMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV :MHIS'PMT 

8LIMQTEGXSJXLITEWWEKI[EWLIMKLXIRIHF]'LYVGLMPPtWWYTIVFHIPMZIV]FYX
IZIRF]XLIQWIPZIWXLI[SVHWXEOISRERIQTLEXMGVL]XLQXLEXVIMRJSVGIWXLI
QIWWEKI =SY GER WII [L] SRI SFWIVZIV WEMH XLEX 'LYVGLMPP qQSFMPM^IH XLI
)RKPMWLPERKYEKIERHWIRXMXMRXSFEXXPIr
%WTIIGLLS[IZIVMWRSXETSIQ=SYWLSYPHRIZIVIQTLEWM^IWSYRHERH
VL]XLQEXXLII\TIRWISJQIERMRK8LIEMQMWXSXLMROEFSYX[E]W]SYGERYWI
XLIVL]XLQERHJPS[SJPERKYEKIXSIRLERGI]SYVQIERMRK%PXLSYKL]SYQE]
RIZIVLEZITEMHQYGLGSRWGMSYWEXXIRXMSRXSXLMWWYFNIGX]SYGERHIZIPSTER
IEVJSVZSGEPVL]XLQWF]WXYH]ERHTVEGXMGI;LEXtWQSVI]SYGERIEWMP]FIKMR
RS[ XS YWI JSYV FEWMG WX]PMWXMG HIZMGIW IQTPS]IH F] 'LYVGLMPP ERH SXLIV JMRI
WTIEOIVWXSMQTVSZIXLIVL]XLQSJXLIMVTVSWI

VL]XLQ
8LITEXXIVRSJWSYRHMRE
WTIIGLGVIEXIHF]XLIGLSMGI
ERHEVVERKIQIRXSJ[SVHW

4EVEPPIPMWQ
8LI JMVWX HIZMGI MW TEVEPPIPMWQhXLI WMQMPEV EVVERKIQIRX SJ E TEMV SV WIVMIW SJ
VIPEXIH[SVHWTLVEWIWSVWIRXIRGIW*SVI\EQTPI
6MGL ERH TSSVMRXIPPMKIRX ERH MKRSVERX [MWI ERH JSSPMWL ZMVXYSYWERHZMGMSYW QER
ERH[SQERh MXMWIZIVXLIWEQIIEGLWSYPQYWXHITIRH[LSPP]SRMXWIPJ )PM^EFIXL'EH]
7XERXSR 

TEVEPPIPMWQ
8LIWMQMPEVEVVERKIQIRXSJE
TEMVSVWIVMIWSJVIPEXIH[SVHW
TLVEWIWSVWIRXIRGIW


8LIIJJIGXWSJTEVEPPIPMWQEVITIVLETWFIWXMPPYWXVEXIHF]WIIMRK[LEXLET
TIRW[LIRMXMWEFWIRX*SVMRWXERGIGSQTEVIXLMWWXEXIQIRX
-WTIEOEWE6ITYFPMGER-WTIEOEWE[SQER-WTIEOEWE9RMXIH7XEXIW7IREXSV-WTIEO
EWER%QIVMGER 1EVKEVIX'LEWI7QMXL 

[MXLXLMWSRI
-WTIEOEWE6ITYFPMGER-WTIEOEWE[SQER-WTIEOEWE9RMXIH7XEXIW7IREXSV%RH
-EQEPWSEHHVIWWMRK]SYEWER%QIVMGER


8LIJMVWXWXEXIQIRXMWGPIEVGSRWMWXIRXERHGSQTIPPMRK8LIWIGSRHMWRSX
&] ZMSPEXMRK XLI TVMRGMTPI SJ TEVEPPIP WXVYGXYVI MXW JMREP WIRXIRGI q%RH - EQ


9WMRK0ERKYEKI:MZMHP]



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

EPWS EHHVIWWMRK ]SY EW ER %QIVMGERr  HIWXVS]W XLI TVSKVIWWMSR FIKYR F] XLI
TVIGIHMRKXLVIIWIRXIRGIW-XXYVRWEWXVSRKPYGMHLEVQSRMSYWWXEXIQIRXMRXS
SRIXLEXMWJY^^]ERHNEVVMRK

6ITIXMXMSR
VITIXMXMSR
6IMXIVEXMSRSJXLIWEQI[SVHSV
WIXSJ[SVHWEXXLIFIKMRRMRKSV
IRHSJWYGGIWWMZIGPEYWIWSV
WIRXIRGIW

6ITIXMXMSRQIERWVIMXIVEXMRKXLIWEQI[SVHSVWIXSJ[SVHWEXXLIFIKMRRMRKSV
IRHSJWYGGIWWMZIGPEYWIWSVWIRXIRGIW*SVI\EQTPI
-JRSXRS[[LIR#-JRSXYW[LS#-JRSXXSKIXLIVLS[# +SVHSR&VS[R 
8LMW[EWXLIQSQIRX[LIR[IFIKERXSTVSZMHIGEVIJSVXLIWMGOERHKSSHNSFWXS
XLI NSFPIWW XLMW [EW XLI QSQIRX [LIR XLI VMWI SJ XLI SGIERW FIKER XS WPS[ ERH SYV
TPERIXFIKERXSLIEPXLMW[EWXLIQSQIRX[LIR[IIRHIHE[EVERHWIGYVIHSYVREXMSR
&EVEGO3FEQE 

%W ]SY GER WII VITIXMXMSR YWYEPP] VIWYPXW MR TEVEPPIPMWQ -R EHHMXMSR XS
FYMPHMRK E WXVSRK GEHIRGI MX EPWS YRMJMIW E WIUYIRGI SJ MHIEW IQTLEWM^IW ER
MHIEF]WXEXMRKMXQSVIXLERSRGIERHLIPTWGVIEXIEWXVSRKIQSXMSREPIJJIGX

%PPMXIVEXMSR
EPPMXIVEXMSR
6ITIXMXMSRSJXLIMRMXMEP
GSRWSRERXWSYRHSJGPSWI
SVEHNSMRMRK[SVHW

8LIXLMVHHIZMGI]SYGERYWIXSIRLERGIXLIVL]XLQSJ]SYVWTIIGLIWMWEPPMX
IVEXMSR8LIQSWXGSQQSRQIXLSHSJEPPMXIVEXMSRMWVITIEXMRKXLIMRMXMEPGSR
WSRERXWSYRHSJGPSWISVEHNSMRMRK[SVHW*SVI\EQTPI
4IEGIMWIWWIRXMEPJSVTVSKVIWWFYXTVSKVIWWMWRSPIWWIWWIRXMEPJSVTIEGI 0MEUYEX%PM/LER 

3YVGSPPIKIWSYVGSQQYRMXMIWSYVGSYRXV]WLSYPHGLEPPIRKILEXVIH[LIVIZIV[IJMRH
MX ,MPPEV]'PMRXSR 

&]LMKLPMKLXMRKXLIWSYRHWSJ[SVHWEPPMXIVEXMSRGEXGLIWXLIEXXIRXMSRSJ
PMWXIRIVWERHGERQEOIMHIEWIEWMIVXSVIQIQFIV9WIHWTEVMRKP]MXMWEQEVZIP
SYW[E]XSWTVYGIYT]SYVWTIIGLIW9WIHXSI\GIWWLS[IZIVMXGERFIPEYKL
EFPI ERH HVE[ XSS QYGL EXXIRXMSR WS XLEX PMWXIRIVW KIX QSVI MRZSPZIH
MR PMWXIRMRK JSV XLI RI\X EPPMXIVEXMSR XLER MR EFWSVFMRK XLI GSRXIRX SJ XLI
WTIIGL

%RXMXLIWMW
ERXMXLIWMW
8LINY\XETSWMXMSRSJ
GSRXVEWXMRKMHIEWYWYEPP]
MRTEVEPPIPWXVYGXYVI

*MREPP]]SYQMKLXXV]YWMRKERXMXLIWMWhXLINY\XETSWMXMSRSJGSRXVEWXMRKMHIEW
YWYEPP]MRTEVEPPIPWXVYGXYVI*SVI\EQTPI
%WO RSX [LEX ]SYV GSYRXV] GER HS JSV ]SY EWO [LEX ]SY GER HS JSV ]SYV GSYRXV]
.SLR*/IRRIH] 
=SYVWYGGIWWEWEJEQMP]SYVWYGGIWWEWEWSGMIX]HITIRHWRSXSR[LEXLETTIRWEX
XLI;LMXI,SYWIFYXSR[LEXLETTIRWMRWMHI]SYVLSYWI &EVFEVE&YWL 

%RXMXLIWMW LEW PSRK FIIR E JEZSVMXI HIZMGI SJ EGGSQTPMWLIH WTIEOIVW


&IGEYWIMXRIEVP]EP[E]WTVSHYGIWERIEXP]XYVRIHTLVEWIMXMWEJMRI[E]XSKMZI
]SYVWTIIGLIWEWTIGMEPXSYGLSJGPEWW



',%48)6 97-2+0%2+9%+)

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW


=SYQE]FIXLMROMRKXLEXMQEKIV]ERHVL]XLQEVIXSSJERG]JSVSVHMREV]
WTIIGLIWPMOI]SYVW8LMWMWRSXXVYI8EOIEPSSOEXXLIJSPPS[MRKI\GIVTXJVSQ
SRI WXYHIRXtW WTIIGL EFSYX XLI 1EWWEGLYWIXXW XL XLI VIKMQIRX SJ %JVMGER
%QIVMGERWSPHMIVWHYVMRKXLI'MZMP;EVJIEXYVIHMRXLIQSZMI+PSV]
8SNSMREREVQ]XLEXHMHRtXFIPMIZIMR]SY8SJMKLX[MXLEREVQ][LSHMHRtXPMOI]SY
8SHMIJSVEREVQ]XLEXHMHRtXVIWTIGX]SY8LMW[EWXLI1EWWEGLYWIXXWXL8SHE]XLI]
PE][LIVIXLI]HMIHSRXLIFIEGLIWSJ7SYXL'EVSPMRE'SPSRIP7LE[ERHLMWQIR[IVI
TMPIHXSKIXLIVMREQEWWKVEZI[LMGLLEWWMRGIFIIRGSZIVIHF]XLIWLMJXMRKXMHIWSJXLI
%XPERXMG%WQEPPWXEXYIWXERHWMR&SWXSRhEVIQMRHIVSJXLIMVWEGVMJMGI
&VEZIV]TEXVMSXMWQERHWEGVMJMGI8LIWIEVIUYEPMXMIWSJXLI1EWWEGLYWIXXWXL;MXL
XLI LIPT SJ XLIMV IJJSVXW EPSRK [MXL EPP XLI SXLIV FPEGO VIKMQIRXW XLEX JSPPS[IH XLIQ
WPEZIV]HMHIZIRXYEPP]GSQIXSERIRH

GSRRIGXPYGEWGSQ
:MI[XLMWI\GIVTXJVSQq8LI
1EWWEGLYWIXXWXLrMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV :MHIS'PMT 

8LMWMWZMZMHQSZMRKPERKYEKI8LIMQEKIV]MWWLEVTERHTSMKRERXXLIVL]XLQ
WXVSRK ERH MRWMWXIRX 8LMRO SJ LS[ ]SY GER HS WMQMPEV XLMRKW MR ]SYV S[R
WTIIGLIW

9WMRK0ERKYEKI%TTVSTVMEXIP]

,IVIMW TEVXSJ E JEQSYWSVEXMSRKMZIRF] .SLR,ERGSGOMRHYVMRKXLI


%QIVMGER6IZSPYXMSR7TIEOMRKSJXLI&VMXMWLWSPHMIVW[LSOMPPIHJMZI%QIVMGERW
MRXLI&SWXSR1EWWEGVI,ERGSGOI\GPEMQIH
=I HEVO HIWMKRMRK OREZIW ]I QYVHIVIVW TEVVMGMHIW ,S[ HEVI ]SY XVIEH YTSR XLI
IEVXL[LMGLLEWHVEROMRXLIFPSSHSJWPEYKLXIVIHMRRSGIRXWWLIHF]]SYV[MGOIHLERHW#
,S[HEVI]SYFVIEXLIXLEXEMV[LMGL[EJXIHXSXLIIEVSJLIEZIRXLIKVSERWSJXLSWI[LS
JIPPEWEGVMJMGIXS]SYVEGGYVWIHEQFMXMSR#8IPPQI]IFPSSH]FYXGLIVW]IZMPPEMRWLMKL
ERHPS[]I[VIXGLIWHS]SYRSXJIIPXLIKSEHWERHWXMRKWSJGSRWGMSYWKYMPXTMIVGI
XLVSYKL]SYVWEZEKIFSWSQW#


8LMWMWGIVXEMRP]ZMZMHPERKYEKIhERH,ERGSGOtWEYHMIRGIPSZIHMX&YXGER
]SYMQEKMRIWTIEOMRKXLIWEQI[E]XSHE]#-REHHMXMSRXSFIMRKEGGYVEXIGPIEV
ERHZMZMHPERKYEKIWLSYPHFIETTVSTVMEXIhXSXLISGGEWMSRXSXLIEYHMIRGI
XSXLIXSTMGERHXSXLIWTIEOIV

%446346-%8)2)77838,)3''%7-32
0ERKYEKI XLEX MW ETTVSTVMEXI JSV WSQI SGGEWMSRWQE]RSX FI ETTVSTVMEXIJSV
SXLIVWq8LIVIMWEXMQIJSVHMEPIGXETPEGIJSVWPERKERSGGEWMSRJSVPMXIVEV]
JSVQ ;LEX MW GSVVIGX SR XLI WTSVXW TEKI MW SYX SJ TPEGI SR XLI STIH TEKI
[LEXMW[MXLMXSRXLIWXVIIXQE] [IPPFI[MXLSYXMX MRXLIGPEWWVSSQr %WE
WMQTPI I\EQTPI E GSEGL QMKLX EHHVIWW XLI JSSXFEPP XIEQ EW q]SY KY]Wr SV
[SVWI  [LIVIEW XLI WTIEOIV MR E QSVI JSVQEP WMXYEXMSR [SYPH FIKMR [MXL
qHMWXMRKYMWLIHKYIWXWr8V]VIZIVWMRKXLIWIX[SWMXYEXMSRWERHWIILS[VMHMGY
PSYWMXFIGSQIW-XtWSRP]GSQQSRWIRWIXSEHNYWX]SYVPERKYEKIXSHMJJIVIRX
SGGEWMSRW

9WMRK0ERKYEKI%TTVSTVMEXIP]



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

%446346-%8)2)77838,)%9(-)2')
%TTVSTVMEXIRIWWEPWSHITIRHWSRXLIEYHMIRGI-J]SYOIITXLMWMRQMRHMX[MPP
LIPT]SYKVIEXP][LIRHIEPMRK[MXLXIGLRMGEPXSTMGW;LIREHHVIWWMRKEREYHM
IRGISJTL]WMGMERW]SYQMKLXYWIXLI[SVHqTEVSXMXMWrXSVIJIVXSEZMVEPHMWIEWI
QEVOIHF]XLIW[IPPMRKSJXLITEVSXMHKPERHW=SYVEYHMIRGI[SYPHORS[NYWX
[LEX ]SY QIERX &YX [LIR XEPOMRK XS E RSRQIHMGEP EYHMIRGI WYGL EW ]SYV
GPEWWQEXIWXLIETTVSTVMEXI[SVH[SYPHFIqQYQTWr
=SYWLSYPHFIIWTIGMEPP]GEVIJYPXSEZSMHPERKYEKIXLEXQMKLXSJJIRH]SYV
EYHMIRGI3JJGSPSVLYQSVSVTVSJERMX]QMKLXFIETTVSTVMEXIMREGSQIH]VSY
XMRI FYX QSWX PMWXIRIVW [SYPH JMRH MX SJJIRWMZI MR E JSVQEP TYFPMG WTIIGL
6IQIQFIV WTIEOIVW EVI I\TIGXIH XS IPIZEXI ERH TSPMWL XLIMV PERKYEKI [LIR
EHHVIWWMRKEREYHMIRGI
3JGSYVWI]SYGERRSXEP[E]WFIWYVISJLS[PMWXIRIVW[MPPVIWTSRHXS[LEX
]SYWE];LIRMXGSQIWXSETTVSTVMEXIRIWW]SY[MPPWIPHSQKS[VSRKF]IVVMRK
SR XLI WMHI SJ GEYXMSR 4YX WMQTP] qIVVMRK SR XLI WMHI SJ GEYXMSRr QIERW
q[LIRMRHSYFXhHSRtXr 

%446346-%8)2)77838,)834-'
0ERKYEKI WLSYPH EPWS FI ETTVSTVMEXI XS XLI XSTMG =SY [SYPH RSX YWI QIXE
TLSVERXMXLIWMWERHEPPMXIVEXMSR[LIRI\TPEMRMRKLS[XSGLERKIEFMG]GPIXMVI
&YX]SYQMKLXYWIEPPXLVIIMREWTIIGLLSRSVMRK97WSPHMIVW[LSLEZIHMIH
MRHIJIRWISJXLIMVGSYRXV]8LIJMVWXXSTMGGEPPWJSVWXVEMKLXJSV[EVHHIWGVMTXMSR
ERHI\TPEREXMSR8LIWIGSRHGEPPWJSVWTIGMEPPERKYEKIWOMPPWXSIZSOIIQSXMSR
EHQMVEXMSRERHETTVIGMEXMSR

%446346-%8)2)77838,)74)%/)6
2S QEXXIV [LEX XLI SGGEWMSR EYHMIRGI SV XSTMG PERKYEKI WLSYPH EPWS FI
ETTVSTVMEXIXSXLIWTIEOIV-QEKMRIXLIIJJIGXMJ.SLR1G'EMRXVMIHXSEHSTXXLI
VIPMKMSYW MQEKIV] ERH VL]XLQMGEP GEHIRGI SJ %P 7LEVTXSR 8LI VIWYPXW [SYPH
FIGSQMGEP)ZIV]TYFPMGWTIEOIVHIZIPSTWLMWSVLIVS[RPERKYEKIWX]PI
q8IVVMJMGr]SYQE]FIXLMROMRKq-LEZIQ]S[RWX]PIXSS-JIIPQSVIGSQ
JSVXEFPIYWMRKEFWXVEGX[SVHWWPERKERHXIGLRMGEPNEVKSR8LEXtWNYWXQI-XtWQ]
[E]SJWTIEOMRKr&YXXSWE]XLEXPERKYEKIWLSYPHFIETTVSTVMEXIXSXLIWTIEOIV
HSIWRSXNYWXMJ]MKRSVMRKXLISXLIVRIIHWJSVETTVSTVMEXIRIWW8LIVIMWEHMJJIV
IRGIFIX[IIRSRItWIZIV]HE]WX]PIERHSRItWHIZIPSTIHWX]PIEWETYFPMGWTIEOIV
%GGSQTPMWLIHWTIEOIVWLEZIHIZIPSTIHXLIMVWTIEOMRKWX]PIWSZIVQER]]IEVWSJ
XVMEPIVVSVERHTVEGXMGI8LI]LEZI[SVOIHEXYWMRKPERKYEKIIJJIGXMZIP]
=SY GER HS XLI WEQI MJ ]SY FIGSQI PERKYEKIGSRWGMSYW 3RI [E] XS
HIZIPST XLMW GSRWGMSYWRIWW MW XS VIEH ERH PMWXIR XS IJJIGXMZI WTIEOIVW 7XYH]
XLIMVXIGLRMUYIWJSVEGLMIZMRKEGGYVEG]GPEVMX]ERHZMZMHRIWWERHXV]XSEHETX
XLSWIXIGLRMUYIWXS]SYVS[RWTIIGLIW&YXHSRSXXV]XSqFIGSQIrWSQISRI
IPWI [LIR ]SY WTIEO 0IEVR JVSQ SXLIV WTIEOIVW FPIRH [LEX ]SY PIEVR MRXS
]SYVS[RPERKYEKIWX]PIERHWIIOXSFIGSQIXLIFIWXTSWWMFPI]SY

%2SXISR-RGPYWMZI0ERKYEKI
%W XLI 9RMXIH 7XEXIW LEW FIGSQI QSVI HMZIVWI SYV PERKYEKI LEW IZSPZIH XS
VIJPIGXXLEXHMZIVWMX]6IKEVHPIWWSJXLIWMXYEXMSREYHMIRGIWI\TIGXTYFPMGWTIEO
IVWXSYWIMRGPYWMZIPERKYEKIXLEXMWVIWTIGXJYPSJXLIHMJJIVIRXKVSYTWXLEXQEOI


',%48)6 97-2+0%2+9%+)

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

0ERKYEKIRIIHWXSFIETTVS
TVMEXIXSEWTIEOIVtWXSTMGEW
[IPPEWXSXLIEYHMIRGI%
WTIIGLSRFIEGLZSPPI]FEPP
[SYPHYWIQSVIEGXMSR
SVMIRXIH[SVHWXLEREWTIIGL
EFSYXXLISVMIWSJTW]GLSPSK]

YT%QIVMGERWSGMIX]8SHE]ERYQFIVSJTVMRGMTPIWJSVMRGPYWMZIPERKYEKILEZI
FIGSQIWS[MHIWTVIEHXLEXRSEWTMVMRKWTIEOIV SV[VMXIV GEREJJSVHXSMKRSVI
XLIQ,IVIEVIEJI[SJXLIQSWXMQTSVXERX

%ZSMHXLI+IRIVMGq,Ir
-RIJJIGXMZI

MRGPYWMZIPERKYEKI
0ERKYEKIXLEXHSIWRSX
WXIVISX]TIHIQIERSVTEXVSRM^I
TISTPISRXLIFEWMWSJKIRHIV
VEGIVIPMKMSRHMWEFMPMX]WI\YEP
SVMIRXEXMSRSVSXLIVJEGXSVW

)EGLXMQIEWYVKISR[EPOWMRXSXLISTIVEXMRKVSSQLIVMWOW
FIMRKWYIHJSVQEPTVEGXMGI

1SVI)JJIGXMZI )EGLXMQIEWYVKISR[EPOWMRXSXLISTIVEXMRKVSSQWLISVLI
VMWOWFIMRKWYIHJSVQEPTVEGXMGI
3JXIREQSVIKVEGIJYPEPXIVREXMZIMWXSTPYVEPM^I*SVI\EQTPI

KIRIVMGqLIr
8LIYWISJqLIrXSVIJIVXS
FSXL[SQIRERHQIR

1SVI)JJIGXMZI ;LIRIZIVWYVKISRW[EPOMRXSXLISTIVEXMRKVSSQXLI]VMWO
FIMRKWYIHJSVQEPTVEGXMGI

%ZSMHXLI9WISJq1ERr;LIR6IJIVVMRKXS&SXL1IRERH;SQIR
-RIJJIGXMZI

-JEPEVKIGSQIXWXVYGOXLI)EVXLMXGSYPHHIWXVS]EPPSJ
QEROMRH

1SVI)JJIGXMZI -JEPEVKIGSQIXWXVYGOXLI)EVXLMXGSYPHHIWXVS]EPP
LYQERPMJI

%ZSMH7XIVISX]TMRK.SFWERH7SGMEP6SPIWF]+IRHIV
-RIJJIGXMZI

&IMRKEWQEPPFYWMRIWWQERMRXLIGYVVIRXIGSRSQMGGPMQEXIMW
RSXIEW]

1SVI)JJIGXMZI &IMRKEWQEPPFYWMRIWWTIVWSRMRXLIGYVVIRXIGSRSQMGGPMQEXI
MWRSXIEW]


%2SXISR-RGPYWMZI0ERKYEKI



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

7SQIXMQIW ]SY GER WSPZI XLMW TVSFPIQ [MXL E WMQTPI X[MWX MR WIRXIRGI GSR
WXVYGXMSR*SVI\EQTPI
1SVI)JJIGXMZI 3[RMRKEWQEPPFYWMRIWWMWRSXIEW]MRXLIGYVVIRXIGSRSQMG
GPMQEXI

9WI2EQIW8LEX+VSYTW9WIXS-HIRXMJ]8LIQWIPZIW
3RISJXLIQSWXJYRHEQIRXEP[E]WSJWLS[MRKVIWTIGXJSVSXLIVWMWXSVIJIVXS
XLIQF]XLIREQIWXLI]YWIXSMHIRXMJ]XLIQWIPZIWERHXSEZSMHREQIWXLI]
GSRWMHIVSJJIRWMZI
-RIJJIGXMZI

(IWTMXITVSKVIWWMRVIGIRX]IEVWLSQSWI\YEPWWXMPPJEGIQER]
JSVQWSJHMWGVMQMREXMSR

1SVI)JJIGXMZI (IWTMXITVSKVIWWMRVIGIRX]IEVWPIWFMERWERHKE]QIRWXMPP
JEGIQER]JSVQWSJHMWGVMQMREXMSR
-RIJJIGXMZI

8LI4EVEP]QTMGWWLS[[LEXLERHMGETTIHTISTPIGEREGGSQ
TPMWLMRXLIEXLPIXMGEVIRE

1SVI)JJIGXMZI 8LI4EVEP]QTMGWWLS[[LEXTISTPI[MXLHMWEFMPMXMIWGER
EGGSQTPMWLMRXLIEXLPIXMGEVIRE
8LI XIVQW TVIJIVVIH F] ZEVMSYW KVSYTW GSRXMRYI XS IZSPZI 8LIVI MW GYV
VIRXP]EXVIRHE[E]JVSQFVSEH[SVHWWYGLEWq%WMERrERHq,MWTERMGrXSQSVI
TVIGMWI XIVQW XLEX HS RSX PYQT TISTPI SJ HMWXMRGX REXMSREPMXMIW ERH GYPXYVIW
YRHIVSRIPEFIP*SVI\EQTPI
0IWW)JJIGXMZI

/VMWXM=EQEKYGLMMWSRISJQER]%WMERW[LSLEZILEHE
QENSVMQTEGXSR97PMJI

1SVI)JJIGXMZI /VMWXM=EQEKYGLMMWSRISJQER].ETERIWI%QIVMGERW[LS
LEZILEHEQENSVMQTEGXSR97PMJI
0IWW)JJIGXMZI

%RXSRMS:MPPEVEMKSWE[EWXLIJMVWX,MWTERMGIPIGXIHQE]SVSJ
0SW%RKIPIWWMRGI

1SVI)JJIGXMZI %RXSRMS:MPPEVEMKSWE[EWXLIJMVWX1I\MGER%QIVMGERIPIGXIH
QE]SVSJ0SW%RKIPIWWMRGI
1SVI)JJIGXMZI %RXSRMS:MPPEVEMKSWE[EWXLIJMVWX0EXMRSIPIGXIHQE]SVSJ0SW
%RKIPIWWMRGI
;LIRYWMRK[SVHWWYGLEWq0EXMRSrSVq'LMGERSrOIITMRQMRHXLEXXLI]VIJIV
XSQEPIW8LIGSVVIGXXIVQJSVJIQEPIWMWq0EXMRErSVq'LMGEREr
0MOIQER]SXLIVEWTIGXWSJ%QIVMGERPMJIMWWYIWSJMRGPYWMZIPERKYEKIGER
WSQIXMQIWFIGSRJYWMRK0ERKYEKIMWEPMZIERHGSRWXERXP]IZSPZMRKWS[LEXMW
GSRWMHIVIHMRGPYWMZIXSHE]QE]WLMJXHS[RXLIVSEH-J]SYLEZIUYIWXMSRWMR
ER] TEVXMGYPEV GEWI GLIGO XLI -RXIVRIX JSV XLI QSWX YTXSHEXI MRJSVQEXMSR
9WMRKMRGPYWMZIERHVIWTIGXJYPPERKYEKIMWRSXEQEXXIVSJTSPMXMGEPGSVVIGXRIWW
FYXMXMWEQEXXIVSJ4'hTIVWSREPGSYVXIW]



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0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

7911%6=
+SSHWTIEOIVWLEZIVIWTIGXJSVPERKYEKIERHLS[MX[SVOW%WEWTIEOIV]SYWLSYPH
FI E[EVI SJ XLI QIERMRKW SJ [SVHW ERH ORS[ LS[ XS YWI PERKYEKI EGGYVEXIP]
GPIEVP]ZMZMHP]ERHETTVSTVMEXIP]
;SVHWLEZIX[SOMRHWSJQIERMRKWhHIRSXEXMZIERHGSRRSXEXMZI(IRSXEXMZI
QIERMRK MW TVIGMWI PMXIVEP ERH SFNIGXMZI 'SRRSXEXMZI QIERMRK MW QSVI ZEVMEFPI
JMKYVEXMZI ERH WYFNIGXMZI -X MRGPYHIW EPP XLI JIIPMRKW EWWSGMEXMSRW ERH IQSXMSRW
XLEXE[SVHXSYGLIWSJJMRHMJJIVIRXTISTPI
9WMRKPERKYEKIEGGYVEXIP]MWZMXEPXSEWTIEOIV2IZIVYWIE[SVHYRPIWW]SYEVI
WYVISJMXWQIERMRK-J]SYEVIRSXWYVIPSSOYTXLI[SVHMREHMGXMSREV]%W]SY
TVITEVI]SYVWTIIGLIWEWO]SYVWIPJGSRWXERXP]q;LEXHS- VIEPP][ERXXSWE]#;LEX
HS- VIEPP]QIER#r'LSSWI[SVHWXLEXEVITVIGMWIERHEGGYVEXI
9WMRK PERKYEKI GPIEVP] EPPS[W PMWXIRIVW XS KVEWT ]SYV QIERMRK MQQIHMEXIP]
=SY GER IRWYVI XLMW F] YWMRK [SVHW XLEX EVI ORS[R XS XLI EZIVEKI TIVWSR ERH
VIUYMVI RS WTIGMEPM^IH FEGOKVSYRH F] GLSSWMRK GSRGVIXI [SVHW MR TVIJIVIRGI XS
QSVIEFWXVEGXSRIWERHF]IPMQMREXMRKZIVFEPGPYXXIV
9WMRKPERKYEKIZMZMHP]LIPTWFVMRK]SYVWTIIGLXSPMJI3RI[E]XSQEOI]SYV
PERKYEKIQSVIZMZMHMWXLVSYKLMQEKIV][LMGL]SYGERHIZIPSTF]YWMRKGSRGVIXI
PERKYEKI WMQMPI ERH QIXETLSV %RSXLIV [E] XS QEOI ]SYV WTIIGLIW ZMZMH MW F]
I\TPSMXMRK XLI VL]XLQ SJ PERKYEKI [MXL TEVEPPIPMWQ VITIXMXMSR EPPMXIVEXMSR ERH
ERXMXLIWMW
9WMRKPERKYEKIETTVSTVMEXIP]QIERWEHETXMRKXSXLITEVXMGYPEVSGGEWMSREYHM
IRGIERHXSTMGEXLERH-XEPWSQIERWHIZIPSTMRK]SYVS[RPERKYEKIWX]PIMRWXIEH
SJXV]MRKXSGST]WSQISRIIPWItW
8LIWYFNIGXSJMRGPYWMZIPERKYEKIGERFIGSQTPI\FYXERYQFIVSJMRGPYWMZI
YWEKIW LEZI FIGSQIWS [MHIP] EGGITXIH XLEX RS EWTMVMRKWTIEOIV GER EJJSVH XS
MKRSVI XLIQ 8LI] MRGPYHI EZSMHMRK XLI KIRIVMG qLIr HVSTTMRK XLI YWI SJ
qQERr [LIR VIJIVVMRK XS FSXL QIR ERH [SQIR VIJVEMRMRK JVSQ WXIVISX]TMRK
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XLIQWIPZIW

/)=8)617

HIRSXEXMZIQIERMRK 

QIXETLSV 

GSRRSXEXMZIQIERMRK 

VL]XLQ  

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TEVEPPIPMWQ 

GSRGVIXI[SVHW 

VITIXMXMSR  

EFWXVEGX[SVHW 

EPPMXIVEXMSR  

GPYXXIV 

ERXMXLIWMW  

MQEKIV] 

MRGPYWMZIPERKYEKI 

WMQMPI 

KIRIVMGqLIr 

GPMGL 

6):-);59)78-327
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 ,S[HSIWPERKYEKILIPTGVIEXISYVWIRWISJVIEPMX]#
 ;LEX MW XLI HMJJIVIRGI FIX[IIR HIRSXEXMZI ERH GSRRSXEXMZI QIERMRK# ,S[
QMKLX]SYYWIIEGLXSGSRZI]]SYVQIWWEKIQSWXIJJIGXMZIP]#


6IZMI[5YIWXMSRW



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
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 ;LEXEVIJSYVGVMXIVMEJSVYWMRKPERKYEKIIJJIGXMZIP]MR]SYVWTIIGLIW#
 ;LEXEVIXLVIIXLMRKW]SYWLSYPHHSXSYWIPERKYEKIGPIEVP]MR]SYVWTIIGLIW#
 ;LEXEVIX[S[E]WXSFVMRK]SYVWTIIGLIWXSPMJI[MXLZMZMHERMQEXIHPERKYEKI#
GSRRIGXPYGEWGSQ
*SVJYVXLIVVIZMI[KSXSXLI
7XYH]5YIWXMSRWMRXLISRPMRI
7XYH]%MHWJSVXLMWGLETXIV

 ;
 LEX HSIW MX QIER XS WE] ]SY WLSYPH YWI PERKYEKI ETTVSTVMEXIP] MR ]SYV
WTIIGLIW#
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YWEKIW SJ MRGPYWMZI PERKYEKI LEZI FIGSQI WS [MHIP] EGGITXIH XLEX RS WTIEOIV
GEREJJSVHXSMKRSVIXLIQ#

)<)6'-7)7*36'6-8-'%08,-2/-2+
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XLIQSWXGSRGVIXI[SVH
E LSYWMRKGSQTPI\FYMPHMRKHMRMRKVSSQWXVYGXYVIETEVXQIRX
F 1SRE0MWEEVXTEMRXMRKGVIEXMZIEGXMZMX]TSVXVEMX
G EYXSQSFMPIZILMGPI*IVVEVMXVERWTSVXEXMSRWTSVXWGEV

 6I[VMXIIEGLSJXLIJSPPS[MRKWIRXIRGIWYWMRKGPIEVJEQMPMEV[SVHW
E 1]IQTPS]QIRXSFNIGXMZIMWXSEXXEMRETSWMXMSRSJQE\MQYQJMRERGMEPVI[EVH
F %PPTVSJIWWSVWEXXLMWWGLSSPEVII\TIGXIHXSEGLMIZILMKLWXERHEVHWSJI\GIPPIRGI
MRXLIMVMRWXVYGXMSREPHYXMIW
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[MXLSYXYRHYIHIPE]

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QIXETLSV WMQMPI TEVEPPIPMWQ VITIXMXMSR EPPMXIVEXMSR ERXMXLIWMW -HIRXMJ] XLI
HIZMGI SVHIZMGIW YWIHMRIEGLWXEXIQIRX
E q;IEVIETISTPIMREUYERHEV]EFSYXXLITVIWIRX;IEVIETISTPIMRWIEVGLSJ
SYVJYXYVI;IEVIETISTPIMRWIEVGLSJEREXMSREPGSQQYRMX]r &EVFEVE.SVHER 
F q8LIZMGITVIWMHIRG]MWXLIWERHXVETSJ%QIVMGERTSPMXMGW-XtWRIEVXLITVM^IERH
HIWMKRIHXSFIPMQMXMRKr ,S[EVH*MRIQER 
G q4ISTPI XLI [SVPH SZIV LEZI EP[E]W FIIR QSVI MQTVIWWIH F] XLI TS[IV SJ SYV
I\EQTPIXLERF]XLII\EQTPISJSYVTS[IVr &MPP'PMRXSR 
H q%QIVMGEMWRSXPMOIEFPEROIXhSRITMIGISJYRFVSOIRGPSXLXLIWEQIGSPSVXLI
WEQIXI\XYVIXLIWEQIWM^I%QIVMGEMWQSVIPMOIEUYMPXhQER]TEXGLIWQER]
WM^IWERH[SZIRERHLIPHXSKIXLIVF]EGSQQSRXLVIEHr .IWWI.EGOWSR 

 %REP]^I 1EVXMR 0YXLIV /MRKtW q- ,EZI E (VIEQr MR XLI ETTIRHM\ SJ WEQTPI
WTIIGLIWXLEXJSPPS[W'LETXIV-HIRXMJ]XLIQIXLSHW/MRKYWIWXSQEOILMW
PERKYEKIGPIEVZMZMHERHETTVSTVMEXI0SSOTEVXMGYPEVP]EX/MRKtWYWISJJEQMPMEV
[SVHWGSRGVIXI[SVHWMQEKIV]ERHVL]XLQ



',%48)6 97-2+0%2+9%+)

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

9WMRK0ERKYEKI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK

7MRGI KVEHYEXMRK JVSQ GSPPIKI ]SY LEZI HIZIPSTIH E WYGGIWWJYP FYWMRIWW XLEX MW
PSGEXIHRIEVXLIGEQTYW%WTEVXSJMXWTPERXSMRZSPZIQSVIEPYQRMERHGSQQY
RMX]QIQFIVWMRGSPPIKIEJJEMVWXLIWGLSSPLEWEWOIH]SYXSWTIEO[MXLRI[WXY
HIRXW HYVMRK VIKMWXVEXMSR [IIO JSV XLI JEPP XIVQ -RXLISTIRMRK WIGXMSR SJ ]SYV
WTIIGL]SY[ERXXLIEYHMIRGIXSJIIP[LEX]SYJIPXXLIJMVWXJI[HE]W]SY[IVI
SRGEQTYW EWERI[WXYHIRX8LI FIWXWXVEXIK]]SYHIGMHIMWXSTVIWIRXX[SSV
XLVII WMQMPIW XLEX GSQTPIXI XLI WIRXIRGI q&IKMRRMRK GSPPIKI MW PMOI   r;VMXI
]SYVWMQMPIW

%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR



(IPMZIV]

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

(IPMZIV]
;LEX-W+SSH(IPMZIV]#
1IXLSHWSJ(IPMZIV]
6IEHMRKJVSQE1ERYWGVMTX
6IGMXMRKJVSQ1IQSV]
7TIEOMRK-QTVSQTXY
7TIEOMRK)\XIQTSVERISYWP]

8LI7TIEOIVtW:SMGI
:SPYQI
4MXGL
6EXI
4EYWIW
:SGEP:EVMIX]
4VSRYRGMEXMSR
%VXMGYPEXMSR
(MEPIGX

8LI7TIEOIVtW&SH]
4IVWSREP%TTIEVERGI
1SZIQIRX
+IWXYVIW
)]I'SRXEGX

4VEGXMGMRK(IPMZIV]
%RW[IVMRK%YHMIRGI5YIWXMSRW
4VITEVMRKJSVXLI5YIWXMSRERH%RW[IV7IWWMSR
1EREKMRKXLI5YIWXMSRERH%RW[IV7IWWMSR



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

J]SY[IVIXSVIGSVHSRISJ'SRER3t&VMIRtWGSQIH]VSYXMRIWQIQSVM^IMX[SVH
JSV[SVHERHWXERHYTFIJSVI]SYVJVMIRHWXSVIGMXIMX[SYPH]SYKIXXLIWEQI
VIWTSRWI3t&VMIRHSIW# 2SX ZIV] PMOIP]%RH[L] RSX#&IGEYWI ]SY [SYPHRSX
HIPMZIV XLI NSOIW EW 3t&VMIR HSIW 3J GSYVWI XLI NSOIW EVI FEWMGEPP] JYRR] &YX
'SRER3t&VMIRFVMRKWWSQIXLMRKI\XVEXSXLINSOIWhLMWQERRIVSJTVIWIRXEXMSR
LMW ZSGEP MRJPIGXMSRW LMW TIVJIGXP] XMQIH TEYWIW LMW JEGMEP I\TVIWWMSRW LMW KIW
XYVIW%PPXLIWIEVITEVXSJERI\TIVXHIPMZIV]-X[SYPHXEOI]SY]IEVWSJTVEGXMGIh
EWMXXSSO3t&VMIRhXSHYTPMGEXILMWVIWYPXW

-

RSRZIVFEP
GSQQYRMGEXMSR
'SQQYRMGEXMSRFEWIHSRE
TIVWSRtWYWISJZSMGIERH
FSH]VEXLIVXLERSRXLI
YWISJ[SVHW

2S SRI I\TIGXW ]SYV WTIIGL GPEWW XS XVERWJSVQ ]SY MRXS E QYPXMQMPPMSR
HSPPEVXEPOWLS[LSWX7XMPPXLMWI\EQTPIHIQSRWXVEXIWLS[MQTSVXERXHIPMZIV]
GERFIXSER]TYFPMGWTIEOMRKWMXYEXMSR)ZIREQIHMSGVIWTIIGL[MPPFIQSVI
IJJIGXMZIMJMXMWTVIWIRXIH[IPP[LIVIEWE[SRHIVJYPP][VMXXIRWTIIGLGERFI
VYMRIHF]TSSVHIPMZIV]
8LMWHSIWRSXQIERHE^^PMRKHIPMZIV][MPPXYVREQMRHPIWWWXVMRKSJRSR
WIRWI MRXS E XVMYQTLERX SVEXMSR =SY GERRSX QEOI E KSSH WTIIGL [MXLSYX
LEZMRK WSQIXLMRK XS WE] &YX LEZMRK WSQIXLMRK XS WE] MW RSX IRSYKL =SY
QYWXEPWSORS[LS[XSWE]MX
7TIIGLHIPMZIV]MWEQEXXIVSJRSRZIVFEPGSQQYRMGEXMSR-XMWFEWIHSRLS[
]SYYWI]SYVZSMGIERHFSH]XSGSRZI]XLIQIWWEKII\TVIWWIHF]]SYV[SVHW
8LIVIMWEKVIEXHIEPSJVIWIEVGLWLS[MRKXLEXXLIMQTEGXSJEWTIEOIVtW[SVHW
MWTS[IVJYPP]MRJPYIRGIHF]LMWSVLIVRSRZIVFEPGSQQYRMGEXMSR-RXLMWGLET
XIV[I[MPPI\TPEMRLS[]SYGERYWIRSRZIVFEPGSQQYRMGEXMSRXSHIPMZIV]SYV
WTIIGLIWIJJIGXMZIP]ERHXSMRGVIEWIXLIMQTEGXSJ]SYVZIVFEPQIWWEKI

;LEX-W+SSH(IPMZIV]#
;IRHIPP4LMPPMTW[EWEPIEHIVMRXLIQSZIQIRXXSEFSPMWLWPEZIV]MRXLI9RMXIH
7XEXIW HYVMRK XLI W 7SQI TISTPI GSRWMHIVIHLMQ XLI KVIEXIWX WTIEOIV SJ
LMWXMQI8LIJSPPS[MRKWXSV]WYKKIWXWSRIVIEWSR[L]
7LSVXP]FIJSVIXLI'MZMP;EVER%RHSZIVWXYHIRXPIEVRMRKXLEX4LMPPMTW[EWXSPIGXYVI
MR&SWXSRQEHIEQMPITMPKVMQEKISRJSSXXSLIEVLMQ%XJMVWXXLIXVMTWIIQIHLEVHP]
[SVXL[LMPIJSVXLIWXYHIRXHMWGSZIVIHXLEX4LMPPMTW[EWRSXERSVEXSVMRXLIKVERHQERRIV
FYXWTSOIMR EREPQSWXGSRZIVWEXMSREPWX]PI ,I WXSSHSRXLI TPEXJSVQ SRI LERH PMKLXP]
VIWXMRKSRE XEFPI XEPOIH JSV[LEX WIIQIH XS FI EFSYXQMRYXIW GSRGPYHIH ERHWEX
HS[R;LIRXLIWXYHIRXPSSOIHEXLMW[EXGLLIJSYRHXSLMWEWXSRMWLQIRXXLEXLILEH
FIIRPMWXIRMRKJSVERLSYVERHELEPJ

+SSH HIPMZIV] HSIW RSX GEPP EXXIRXMSR XS MXWIPJ -X GSRZI]W XLI WTIEOIVtW
MHIEW GPIEVP] MRXIVIWXMRKP] ERH [MXLSYX HMWXVEGXMRK XLI EYHMIRGI 1SWX EYHM
IRGIWTVIJIVHIPMZIV]XLEXGSQFMRIWEGIVXEMRHIKVIISJJSVQEPMX][MXLXLIFIWX
EXXVMFYXIWSJKSSHGSRZIVWEXMSRhHMVIGXRIWWWTSRXERIMX]ERMQEXMSRZSGEPERH
JEGMEPI\TVIWWMZIRIWWERHEPMZIP]WIRWISJGSQQYRMGEXMSR
7TIIGLHIPMZIV]MWEREVXRSXEWGMIRGI;LEX[SVOWJSVSRIWTIEOIVQE]JEMP
JSVERSXLIV%RH[LEXWYGGIIHW[MXLXSHE]tWEYHMIRGIQE]RSX[MXLXSQSVVS[tW
=SYGERRSXFIGSQIEWOMPPIHWTIEOIVNYWXF]JSPPS[MRKEWIXSJVYPIWMREXI\XFSSO
-RXLIPSRKVYRXLIVIMWRSWYFWXMXYXIJSVI\TIVMIRGI&YXXEOILIEVX%XI\XFSSO
GERKMZI]SYFEWMGTSMRXIVWXSKIX]SYWXEVXIHMRXLIVMKLXHMVIGXMSR


',%48)6 ()0-:)6=

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

;LIR ]SY TPER ]SYV JMVWX WTIIGL SV ]SYV WIGSRH SV XLMVH  ]SY WLSYPH
GSRGIRXVEXI SR WYGL FEWMGW EW WTIEOMRK MRXIPPMKMFP] EZSMHMRK HMWXVEGXMRK
QERRIVMWQWERHIWXEFPMWLMRKI]IGSRXEGX[MXL]SYVPMWXIRIVW3RGI]SYKIX
XLIWIIPIQIRXWYRHIVGSRXVSPERHFIKMRXSJIIPJEMVP]GSQJSVXEFPIMRJVSRXSJ
EREYHMIRGI]SYGER[SVOSRTSPMWLMRK]SYVHIPMZIV]XSIRLERGIXLIMQTEGX
SJ]SYVMHIEW)ZIRXYEPP]]SYQE]JMRH]SYVWIPJ EFPIXSGSRXVSPXLIXMQMRK
VL]XLQ ERH QSQIRXYQ SJ E WTIIGL EW WOMPPJYPP] EW E GSRHYGXSV GSRXVSPW ER
SVGLIWXVE

1IXLSHWSJ(IPMZIV]
8LIVI EVI JSYV FEWMG QIXLSHW SJ HIPMZIVMRK E WTIIGL   VIEHMRK ZIVFEXMQ
JVSQEQERYWGVMTX  VIGMXMRKEQIQSVM^IHXI\X  WTIEOMRKMQTVSQTXYERH
 WTIEOMRKI\XIQTSVERISYWP]0IXYWPSSOEXIEGL

6)%(-2+*631%1%297'6-48
'IVXEMR WTIIGLIW QYWX FI HIPMZIVIH [SVH JSV [SVH EGGSVHMRK XS E QIXMGY
PSYWP] TVITEVIH QERYWGVMTX )\EQTPIW MRGPYHI E 4STItW VIPMKMSYW TVSGPEQE
XMSRERIRKMRIIVtWVITSVXXSETVSJIWWMSREPQIIXMRKSVE4VIWMHIRXtWQIWWEKI
XS'SRKVIWW-RWYGLWMXYEXMSRWEFWSPYXIEGGYVEG]MWIWWIRXMEP)ZIV][SVHSJ
XLIWTIIGL[MPPFIEREP]^IHF]XLITVIWWF]GSPPIEKYIWTIVLETWF]IRIQMIW
-RXLIGEWISJXLI4VIWMHIRXEQMWWXEXIHTLVEWIGSYPHGEYWIERMRXIVREXMSREP
MRGMHIRX
%PXLSYKL MX PSSOW IEW] HIPMZIVMRK E WTIIGL JVSQ QERYWGVMTX VIUYMVIW
KVIEXWOMPP7SQITISTPIHSMX[IPP8LIMV[SVHWqGSQIEPMZIEWMJGSMRIHSR
XLIWTSXr3XLIVWVYMRMXIZIV]XMQI-RWXIEHSJWSYRHMRKZMFVERXERHGSR
ZIVWEXMSREP XLI] GSQI EGVSWW EW [SSHIR ERH EVXMJMGMEP 8LI] JEPXIV SZIV
[SVHWTEYWIMRXLI[VSRKTPEGIWVIEHXSSUYMGOP]SVXSSWPS[P]WTIEOMRE
QSRSXSRI ERH QEVGL XLVSYKL XLI WTIIGL [MXLSYX IZIR KPERGMRK EX XLIMV
EYHMIRGI-RWLSVXXLI]GSQIEGVSWWEWVIEHMRKXSXLIMVPMWXIRIVWVEXLIVXLER
XEPOMRK[MXLXLIQ
-J]SYEVIMREWMXYEXMSR[LIVI]SYQYWXWTIEOJVSQEQERYWGVMTXTVEGXMGI
EPSYHXSQEOIWYVIXLIWTIIGLWSYRHWREXYVEP;SVOSRIWXEFPMWLMRKI]IGSR
XEGX[MXL]SYVPMWXIRIVW&IGIVXEMRXLIJMREPQERYWGVMTXMWPIKMFPIEXEKPERGI
%FSZIEPPVIEGLSYXXS]SYVEYHMIRGI[MXLXLIWEQIHMVIGXRIWWERHWMRGIVMX]
XLEX]SY[SYPHMJ]SY[IVIWTIEOMRKI\XIQTSVERISYWP]

QERYWGVMTXWTIIGL
%WTIIGLXLEXMW[VMXXIRSYX
[SVHJSV[SVHERHVIEHXSXLI
EYHMIRGI

6)'-8-2+*6311)136=
%QSRK XLI JIEXW SJ XLI PIKIRHEV] SVEXSVW RSRI PIEZIW YW QSVI MR E[I XLER
XLIMV TVEGXMGI SJ TVIWIRXMRK IZIR XLI PSRKIWX ERH QSWX GSQTPI\ WTIIGLIW
IRXMVIP]JVSQQIQSV]2S[EHE]WMXMWRSPSRKIVGYWXSQEV]XSQIQSVM^IER]
FYX XLI WLSVXIWX SJ WTIIGLIWhXSEWXW GSRKVEXYPEXSV] VIQEVOW EGGITXERGI
WTIIGLIWMRXVSHYGXMSRWERHXLIPMOI
-J ]SY EVI KMZMRK E WTIIGL SJ XLMW OMRH ERH [ERX XS QIQSVM^I MX F] EPP
QIERWHSWS,S[IZIVFIWYVIXSQIQSVM^IMXWSXLSVSYKLP]XLEX]SY[MPPFI
EFPI XS GSRGIRXVEXI SR GSQQYRMGEXMRK [MXL XLI EYHMIRGI RSX SR XV]MRK XS
VIQIQFIVXLI[SVHW7TIEOIVW[LSKE^IEXXLIGIMPMRKSVWXEVISYXXLI[MRHS[


1IXLSHWSJ(IPMZIV]



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

XV]MRK XS VIGEPP [LEX XLI] LEZI QIQSVM^IH EVI RS FIXXIV SJJ XLER XLSWI [LS
VIEHHYPP]JVSQEQERYWGVMTX

74)%/-2+-14631489
MQTVSQTXYWTIIGL
%WTIIGLHIPMZIVIH[MXL
PMXXPISVRSMQQIHMEXI
TVITEVEXMSR



%RMQTVSQTXYWTIIGLMWHIPMZIVIH[MXLPMXXPISVRSMQQIHMEXITVITEVEXMSR*I[
TISTPIGLSSWIXSWTIEOMQTVSQTXYFYXWSQIXMQIWMXGERRSXFIEZSMHIH-RJEGX
QER]SJXLIWTIIGLIW]SYKMZIMRPMJI[MPPFIMQTVSQTXY=SYQMKLXFIGEPPIH
SRWYHHIRP]XSqWE]EJI[[SVHWrSVMRXLIGSYVWISJEGPEWWHMWGYWWMSRFYWMRIWW
QIIXMRKSVGSQQMXXIIVITSVX[ERXXSVIWTSRHXSETVIZMSYWWTIEOIV
;LIRWYGLWMXYEXMSRWEVMWIHSRtXTERMG2SSRII\TIGXW]SYXSHIPMZIVE
TIVJIGXWTIIGLSRXLIWTYVSJXLIQSQIRX-J]SYEVIMREQIIXMRKSVHMWGYW
WMSRTE]GPSWIEXXIRXMSRXS[LEXXLISXLIVWTIEOIVWWE]8EOIRSXIWSJQENSV
TSMRXW[MXL[LMGL]SYEKVIISVHMWEKVII-RXLITVSGIWW]SY[MPPEYXSQEXMGEPP]
FIKMRXSJSVQYPEXI[LEX]SY[MPPWE][LIRMXMW]SYVXYVRXSWTIEO
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]SYVFIWXXSPSSOGEPQERHEWWYVIHSRXLISYXWMHI
3RGI]SYFIKMRWTIEOMRKQEMRXEMRWXVSRKI]IGSRXEGX[MXLXLIEYHMIRGI
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WTIEOMRK EX E WPS[IV TEGI ,IPT XLI EYHMIRGI OIIT XVEGO SJ ]SYV MHIEW [MXL
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XSWTIEOMQTVSQTXYMREQSVIJSVQEPWMXYEXMSR-J]SYOIITGSSPSVKERM^I]SYV
XLSYKLXWERHPMQMX]SYVWIPJXSEJI[VIQEVOW]SYWLSYPHHSNYWXJMRI
%W [MXL SXLIV OMRHW SJ TYFPMG WTIEOMRK XLI FIWX [E] XS FIGSQI E FIXXIV
MQTVSQTXYWTIEOIVMWXSTVEGXMGI-J]SYEVIEWWMKRIHERMQTVSQTXYWTIIGLMR
GPEWWHS]SYVFIWXXSJSPPS[XLIKYMHIPMRIWHMWGYWWIHLIVI=SYGEREPWSTVEGXMGI
MQTVSQTXY WTIEOMRK SR ]SYV S[R 7MQTP] GLSSWI E XSTMG SR [LMGL ]SY EVI
EPVIEH][IPPMRJSVQIHERHKMZIESRISVX[SQMRYXIMQTVSQTXYXEPOSRWSQI
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QE]FI2SVHS]SYRIIHEREYHMIRGIh]SYGERWTIEOXSERIQTX]VSSQ&IX
XIV ]IX ]SY GER WTIEO XS E HMKMXEP VIGSVHIV ERH TPE] XLI WTIIGL FEGO XS LIEV
LS[ ]SY WSYRH 8LI TYVTSWI MW XS KEMR I\TIVMIRGI MR TYPPMRK ]SYV MHIEW
XSKIXLIVUYMGOP]ERHWXEXMRKXLIQWYGGMRGXP]

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0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
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)\XIQTSVERISYWWTIIGLIW
EVITVITEVIHELIEHSJXMQI
FYXXLII\EGX[SVHWEVI
GLSWIREXXLIQSQIRXSJ
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JSVQSVIHMVIGXHIPMZIV]
XLERHSIWVIEHMRKJVSQE
QERYWGVMTX

74)%/-2+)<8)1436%2)3970=
-R TSTYPEV YWEKI qI\XIQTSVERISYWr QIERW XLI WEQI EW qMQTVSQTXYr &YX
XIGLRMGEPP]XLIX[SEVIHMJJIVIRX9RPMOIERMQTVSQTXYWTIIGL[LMGLMWHIPMZ
IVIHSJJXLIGYJJERI\XIQTSVERISYWWTIIGLMWGEVIJYPP]TVITEVIHERHTVEGXMGIH
MREHZERGI-RTVIWIRXMRKXLIWTIIGLXLII\XIQTSVERISYWWTIEOIVYWIWSRP]E
WIXSJFVMIJRSXIWSVEWTIEOMRKSYXPMRIXSNSKXLIQIQSV] WII'LETXIV 8LI
I\EGX[SVHMRKMWGLSWIREXXLIQSQIRXSJHIPMZIV]
8LMWMWRSXEWLEVHEWMXWSYRHW3RGI]SYLEZI]SYVSYXPMRI SVRSXIW ERH
ORS[[LEXXSTMGW]SYEVIKSMRKXSGSZIVERHMR[LEXSVHIV]SYGERFIKMRXS
TVEGXMGIXLIWTIIGL)ZIV]XMQI]SYVYRXLVSYKLMXXLI[SVHMRK[MPPFIWPMKLXP]
HMJJIVIRX %W ]SY TVEGXMGI XLI WTIIGL SZIV ERH SZIV XLI FIWX [E] XS TVIWIRX
IEGLTEVX[MPPIQIVKIERHWXMGOMR]SYVQMRH
8LII\XIQTSVERISYWQIXLSHLEWWIZIVEPEHZERXEKIW-XKMZIWQSVITVIGMWI
GSRXVSP SZIV XLSYKLX ERH PERKYEKI XLER HSIW MQTVSQTXY WTIEOMRK MX SJJIVW
KVIEXIVWTSRXERIMX]ERHHMVIGXRIWWXLERHSIWWTIEOMRKJVSQQIQSV]SVJVSQE
JYPPQERYWGVMTXERHMXMWEHETXEFPIXSE[MHIVERKISJWMXYEXMSRW-XEPWSIRGSYV
EKIWXLIGSRZIVWEXMSREPUYEPMX]EYHMIRGIWPSSOJSVMRWTIIGLHIPMZIV]q'SRZIV
WEXMSREP UYEPMX]r QIERW XLEX RS QEXXIV LS[ QER] XMQIW E WTIIGL LEW FIIR
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RSXXMIHXSEQERYWGVMTX=SYEVIJVIIXSIWXEFPMWLWXVSRKI]IGSRXEGXXSKIWXYVI
REXYVEPP]ERHXSGSRGIRXVEXISRXEPOMRK[MXLXLIEYHMIRGIVEXLIVXLERHIGPEMQ
MRKXSXLIQ
*SVERI\EQTPISJI\XIQTSVERISYWHIPMZIV]PSSOEX:MHIS'PMTMRXLI
SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV 8LI WXYHIRX MW HIQSRWXVEXMRK LS[ XS
FVIEXLI[LIRTVEGXMGMRK]SKE7LIGPIEVP] LEWTVEGXMGIHEKVIEXHIEPERHWLI
ORS[W[LEXWLI[ERXWXSWE]FYXWLILEWRSXQIQSVM^IHXLIWTIIGL7LILEW
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I\XIQTSVERISYWWTIIGL
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TVIWIRXIHJVSQEFVMIJ
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GSRRIGXPYGEWGSQ
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7TMVMXrMRXLISRPMRI1IHME
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1IXLSHWSJ(IPMZIV]



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

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4VIWIRXMRKEWTIIGLWSMXWSYRHW
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VILIEVWIH

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
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RSXIW 6EXLIV WLI WIPIGXW LIV [SVHW EW WLI KSIW EPSRK QEMRXEMRW WXVSRK I]I
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WTIIGLIW [MXLSYX E XSR SJ RSXIW FYX -tQ EQE^IH EX LS[ QYGL TVSKVIWW -tZI
QEHI-XtWSRISJXLIQSWXZEPYEFPIXLMRKW-PIEVRIHMRXLIIRXMVIGPEWWr
1SWXI\TIVMIRGIHWTIEOIVWTVIJIVXLII\XIQTSVERISYWQIXLSHERHQSWX
XIEGLIVW IQTLEWM^I MX 0EXIV MR XLMW GLETXIV TEKIW i  [ItPP PSSO EX E
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8LI7TIEOIVtW:SMGI
;LEX OMRH SJ ZSMGI HS ]SY LEZI# -W MX VMGL ERH VIWSRERX PMOI .EQIW )EVP
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XSRtW# 7SJX ERH EPPYVMRK PMOI 'EXLIVMRI >IXE .SRIWtW# 0SYH ERH MVVMXEXMRK PMOI
(MGO:MXEPItW#
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MHIRXMGEPZSMGIW 8LILYQERZSMGIMWTVSHYGIHF] E GSQTPI\WIVMIWSJWXITW
XLEXWXEVXW[MXLXLII\LEPEXMSRSJEMVJVSQXLIPYRKW 8V]XEPOMRKMRXIPPMKMFP]
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XLIPEV]R\ SVZSMGIFS\ [LIVIMXMWZMFVEXIHXSKIRIVEXIWSYRH8LMWWSYRH
MW XLIR EQTPMJMIH ERH QSHMJMIH EW MX VIWSREXIW XLVSYKL XLI XLVSEX QSYXL
ERH REWEP TEWWEKIW *MREPP] XLI VIWSREXIH WSYRH MW WLETIH MRXS WTIGMJMG
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ERHVSSJSJXLIQSYXL
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SJ ]SYV WTIIGLIW % KSPHIR ZSMGI MW GIVXEMRP] ER EWWIX FYX WSQI SJ XLI QSWX
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E LEVWL ERH TIRIXVEXMRK ZSMGI ;MRWXSR 'LYVGLMPP WYJJIVIH JVSQ E WPMKLX PMWT
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XLIMVZSMGIW=SYGERHSXLIWEQIXLMRK
8LI EWTIGXW SJ ZSMGI ]SY WLSYPH [SVO XS GSRXVSP EVI ZSPYQI TMXGL VEXI
TEYWIWZEVMIX]TVSRYRGMEXMSREVXMGYPEXMSRERHHMEPIGX

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ZSPYQI
8LIPSYHRIWWSVWSJXRIWW
SJXLIWTIEOIVtWZSMGI



%X SRI XMQI E TS[IVJYP ZSMGI [EW IWWIRXMEP JSV ER SVEXSV 8SHE] IPIGXVSRMG
EQTPMJMGEXMSREPPS[WIZIREWSJXWTSOIRTIVWSRXSFILIEVHMRER]WIXXMRK&YX
MRXLIGPEWWVSSQ]SY[MPPWTIEO[MXLSYXEQMGVSTLSRI;LIR]SYHSFIWYVI
XSEHNYWX]SYVZSMGIXSXLIEGSYWXMGWSJXLIVSSQXLIWM^ISJXLIEYHMIRGIERH
XLIPIZIPSJFEGOKVSYRHRSMWI-J]SYWTIEOXSSPSYHP]]SYVPMWXIRIVW[MPPXLMRO
]SYFSSVMWL-J]SYWTIEOXSSWSJXP]XLI][MPPRSXYRHIVWXERH]SY6IQIQFIV
XLEX]SYVS[RZSMGIEP[E]WWSYRHWPSYHIVXS]SYXLERXSEPMWXIRIV7SSREJXIV
FIKMRRMRK ]SYV WTIIGL KPERGI EX XLI TISTPI JEVXLIWX E[E] JVSQ ]SY -J XLI]
PSSOTY^^PIH EVIPIERMRK JSV[EVH MR XLIMVWIEXW SV EVISXLIV[MWIWXVEMRMRK XS
LIEV]SYRIIHXSXEPOPSYHIV

',%48)6 ()0-:)6=

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
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4-8',
4MXGLMWXLILMKLRIWWSVPS[RIWWSJXLIWTIEOIVtWZSMGI8LIJEWXIVWSYRH[EZIW
ZMFVEXIXLILMKLIVXLIMVTMXGLXLIWPS[IVXLI]ZMFVEXIXLIPS[IVXLIMVTMXGL
4MXGLHMWXMRKYMWLIWXLIWSYRHTVSHYGIHF]XLIOI]WEXSRIIRHSJETMERSJVSQ
XLEXTVSHYGIHF]XLIOI]WEXXLISXLIVIRH
-RWTIIGLTMXGLGEREJJIGXXLIQIERMRKSJ[SVHWSVWSYRHW4MXGLMW[LEX
QEOIWXLIHMJJIVIRGIFIX[IIRXLIq%LErXVMYQTLERXP]I\GPEMQIHF]7LIVPSGO
,SPQIWYTSRHMWGSZIVMRKEWIIQMRKP]HIGMWMZIGPYIERHXLIq%LErLIQYXXIVW
[LIRLIPIEVRWXLIGPYIMWRSXHIGMWMZIEJXIVEPP-J]SY[IVIXSVIEHXLITVIGIH
MRK WIRXIRGI EPSYH ]SYV ZSMGI [SYPH TVSFEFP] KS YT MR TMXGL SR XLI JMVWX
q%LErERHHS[RMRTMXGLSRXLIWIGSRH
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[EVQXLERHZMXEPMX]-RJPIGXMSRVIZIEPW[LIXLIV]SYEVIEWOMRKEUYIWXMSRSV
QEOMRK E WXEXIQIRX [LIXLIV ]SY EVI FIMRK WMRGIVI SV WEVGEWXMG =SYV MRJPIG
XMSRW GER EPWS QEOI ]SY WSYRH LETT] SV WEH ERKV] SV TPIEWIH H]REQMG SV
PMWXPIWWXIRWISVVIPE\IHMRXIVIWXIHSVFSVIH
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MRK ERH IQSXMSR 4ISTPI [LS HS RSX EVI WEMH XS WTIEO MR E QSRSXSRI E XVEMX
[LSWI SRP] ORS[R FIRIJMX MW XS GYVI MRWSQRME MR SRItW PMWXIRIVW *I[ TISTPI
WTIEOMREREFWSPYXIQSRSXSRI[MXLRSZEVMEXMSR[LEXIZIVMRTMXGLFYXQER]
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EKEMRWX XLMW F] VIGSVHMRK ]SYVWTIIGLIW EW ]SY TVEGXMGI XLIQ -J EPP ]SYV WIR
XIRGIWIRHSRXLIWEQIMRJPIGXMSRhIMXLIVYT[EVHSVHS[R[EVHh[SVOSRZEV]
MRK]SYVTMXGLTEXXIVRWXSJMXXLIQIERMRKSJ]SYV[SVHW%W[MXLFVIEOMRKER]
SXLIVLEFMXXLMWQE]WIIQE[O[EVHEXJMVWXFYXMXMWKYEVERXIIHXSQEOI]SYE
FIXXIVWTIEOIV

TMXGL
8LILMKLRIWWSVPS[RIWWSJ
XLIWTIEOIVtWZSMGI

MRJPIGXMSRW
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SJEWTIEOIVtWZSMGI

QSRSXSRI
%GSRWXERXTMXGLSV
XSRISJZSMGI

6%8)
6EXI VIJIVW XS XLI WTIIH EX [LMGL E TIVWSR WTIEOW 4ISTPI MR XLI 97 YWYEPP]
WTIEOEXEVEXIFIX[IIRERH[SVHWTIVQMRYXIFYXXLIVIMWRSYRMJSVQ
VEXIJSVIJJIGXMZIWTIIGLQEOMRK*VEROPMR6SSWIZIPXWTSOIEX[SVHWTIVQMR
YXI .SLR /IRRIH] EX  1EVXMR 0YXLIV /MRK STIRIH LMW q- ,EZI E (VIEQr
WTIIGLEX[SVHWTIVQMRYXIERHJMRMWLIHMXEX8LIFIWXVEXISJWTIIGL
HITIRHWSRWIZIVEPXLMRKWhXLIZSGEPEXXVMFYXIWSJXLIWTIEOIVXLIQSSHWLISV
LIMWXV]MRKXSGVIEXIXLIGSQTSWMXMSRSJXLIEYHMIRGIERHXLIREXYVISJXLI
SGGEWMSR
*SVI\EQTPIMJ]SY[ERXIHXSGSRZI]XLII\GMXIQIRXSJXLI(E]XSRE
GEVVEGI]SY[SYPHTVSFEFP]WTIEOVEXLIVUYMGOP]FYXEWPS[IVVEXI[SYPHFI
QSVIETTVSTVMEXIXSHIWGVMFIXLIWIVIRMX]SJXLI%PEWOER[MPHIVRIWW%JEWXVEXI
LIPTWGVIEXIJIIPMRKWSJLETTMRIWWJIEVERKIVERHWYVTVMWI[LIVIEWEWPS[VEXI
MWFIXXIVJSVI\TVIWWMRK WEHRIWWSV HMWKYWX %WPS[IV XIQTSMWGEPPIH JSV [LIR
]SY I\TPEMR GSQTPI\ MRJSVQEXMSR E JEWXIV XIQTS [LIR XLI MRJSVQEXMSR MW
EPVIEH]JEQMPMEVXSXLIEYHMIRGI
8[S SFZMSYW JEYPXW XS EZSMH EVI WTIEOMRK WS WPS[P] XLEX ]SYV PMWXIRIVW
FIGSQIFSVIHSVWSUYMGOP]XLEXXLI]PSWIXVEGOSJ]SYVMHIEW2SZMGIWTIEOIVW
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REXIP] XLMW MW YWYEPP] ER IEW] LEFMX XS FVIEO EW MW XLI PIWW GSQQSR SRI SJ
GVE[PMRKXLVSYKLSRItWWTIIGLEXEWREMPtWTEGI
8LIOI]MRFSXLGEWIWMWFIGSQMRKE[EVISJXLITVSFPIQERHGSRGIRXVEXMRK
SRWSPZMRK MX 9WIEHMKMXEPVIGSVHIVXSGLIGOLS[ JEWX]SY WTIEO 4E] WTIGMEP
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VEXI
8LIWTIIHEX[LMGLE
TIVWSRWTIEOW

8LI7TIEOIVtW:SMGI



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
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VIQMRHIVWEFSYXHIPMZIV]SR]SYVWTIEOMRKSYXPMRIWS]SY[SRtXJSVKIXXSQEOI
XLIEHNYWXQIRXW[LIR]SYKMZI]SYVWTIIGLMRGPEWW

4%97)7
TEYWI
%QSQIRXEV]FVIEOMRXLI
ZSGEPHIPMZIV]SJEWTIIGL

ZSGEPM^IHTEYWI
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WTIEOIVJMPPWXLIWMPIRGI
FIX[IIR[SVHW[MXL
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qIVrERHqYQr

0IEVRMRK LS[ ERH [LIR XS TEYWI MW E QENSV GLEPPIRKI JSV QSWX FIKMRRMRK
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QSVITSMWIERHGSRJMHIRGILS[IZIV]SY[MPPHMWGSZIVLS[YWIJYPXLITEYWI
GERFI-XGERWMKREPXLIIRHSJEXLSYKLXYRMXKMZIERMHIEXMQIXSWMROMR
ERHPIRHHVEQEXMGMQTEGXXSEWXEXIQIRXq8LIVMKLX[SVHQE]FIIJJIGXMZIr
WEMH 1EVO 8[EMR qFYX RS [SVH [EW IZIV EW IJJIGXMZI EW E VMKLXP] XMQIH
TEYWIr
(IZIPSTMRK E OIIR WIRWI SJ XMQMRK MW TEVXP] E QEXXIV SJ GSQQSR WIRWI
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JMVWX FYX OIIT XV]MRK 0MWXIR XS EGGSQTPMWLIH WTIEOIVW XS WII LS[ XLI] YWI
TEYWIW XS QSHYPEXI XLI VEXI ERH VL]XLQ SJ XLIMV QIWWEKIW ;SVO SR TEYWIW
[LIR]SYTVEGXMGI]SYVWTIIGLIW
1EOIWYVI]SYTEYWIEXXLIIRHSJXLSYKLXYRMXWERHRSXMRXLIQMHHPI
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ETTIEVHIGITXMZI

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YRGLERKMRKVSYXMRIMWXSHEMP]PMJI
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XLIZSMGIZEVMIX]ERH
I\TVIWWMZIRIWW



'IVXEMRP] ]SY HMH RSX YXXIV FSXL TEWWEKIW XLI WEQI [E] =SY MRWXMRG
XMZIP] ZEVMIH XLI VEXI TMXGL ZSPYQI ERH TEYWIW XS HMWXMRKYMWL XLI PMKLX
LIEVXIHPMQIVMGOJVSQ.S]GItWQIPERGLSPMGTSIQ;LIRKMZMRKEWTIIGL]SY
WLSYPHQSHYPEXI]SYVZSMGIMRNYWXXLMW[E]XSGSQQYRMGEXI]SYVMHIEWERH
JIIPMRKW
*SVERI\GIPPIRX I\EQTPISJZSGEPZEVMIX]PSSO EX:MHIS'PMT  MR XLI
SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV 8LI WTIEOIV 7ENNMH >ELMV 'LMRS] [EW

',%48)6 ()0-:)6=

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

8LIFIWXVEXISJWTIIGL
HITIRHWTEVXP]SRXLIQSSH
EWTIEOIV[ERXWXSGVIEXI
8SGSQQYRMGEXIXLI
WIVIRMX]SJEQSYRXEMRPEOI
]SY[SYPHTVSFEFP]WTIEOEX
EWPS[IVXLERRSVQEPVEXI

FSVRERHVEMWIHMR&SQFE]-RHMEFIJSVIGSQMRKXSXLI9RMXIH7XEXIWXSEXXIRH
GSPPIKIEXXLI9RMZIVWMX]SJ6MGLQSRH%XXLIIRHSJLMWWIRMSV]IEV'LMRS]
[EWWIPIGXIHEWXLIWXYHIRXGSQQIRGIQIRXWTIEOIVMREGEQTYW[MHIGSQTIXM
XMSR,IWTSOISJXLI[EVQVIGITXMSRLIVIGIMZIHEX6MGLQSRHERHSJLS[GYP
XYVEPHMJJIVIRGIWGERFISZIVGSQIF]EXXIQTXMRKXSYRHIVWXERHSXLIVTISTPI
%X XLI IRH SJ LMW WTIIGL 'LMRS] VIGIMZIH XLYRHIVSYW ETTPEYWIhTEVXP]
FIGEYWI SJ [LEX LI WEMH FYX EPWS FIGEYWI SJ LS[ LI WEMH MX %HHVIWWMRK XLI
EYHMIRGI SJ  TISTPI [MXLSYX RSXIW LI WTSOI I\XIQTSVERISYWP] [MXL
WXVSRKI]IGSRXEGXERHI\GIPPIRXZSGEPZEVMIX]8LIWTIIGL[EWWSMRWTMVMRKXLEX
XLIQEMRWTIEOIV,EVZEVHTW]GLMEXVMWX6SFIVX'SPIWFIKERLMWTVIWIRXEXMSRF]
TE]MRK XVMFYXI XS 'LMRS] q-tZI FIIR XS E RYQFIV SJ GSQQIRGIQIRXWr WEMH
'SPIWqFYX-tZIRIZIVLIEVHEWTIIGLUYMXIPMOIXLEXr
,S[GER]SYHIZIPSTEPMZIP]I\TVIWWMZIZSMGI#%FSZIEPPF]ETTVSEGLMRK
IZIV]WTIIGLEW'LMRS]ETTVSEGLIHLMWhEWERSTTSVXYRMX]XSWLEVI[MXL]SYV
PMWXIRIVW MHIEW XLEX EVI MQTSVXERX XS ]SY =SYV WIRWI SJ GSRZMGXMSR ERH ]SYV
HIWMVIXSGSQQYRMGEXI[MPPKMZI]SYVZSMGIXLIWEQIWTEVOMXLEWMRWTSRXERISYW
GSRZIVWEXMSR
(MEKRSWI ]SYV TVIWIRX WTIEOMRK ZSMGI XS HIGMHI [LMGL EWTIGXW RIIH
MQTVSZIQIRX6IGSVH]SYVWTIIGLIWXSLIEVLS[XLI]WSYRH8V]XLIQSYXSR
QIQFIVWSJ]SYVJEQMP]EJVMIRHSVEVSSQQEXI'LIGO[MXL]SYVXIEGLIVJSV
WYKKIWXMSRW4VEGXMGIXLIZSGEPZEVMIX]I\IVGMWIEXXLIIRHSJXLMWGLETXIV:SGEP
ZEVMIX] MW E REXYVEP JIEXYVI SJ SVHMREV] GSRZIVWEXMSR 8LIVI MW RS VIEWSR MX
WLSYPHRSXFIEWREXYVEPEJIEXYVISJ]SYVWTIIGLIW

GSRRIGXPYGEWGSQ
:MI[ERI\GIVTXJVSQ
q5YIWXMSRWSJ'YPXYVIrMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV :MHIS'PMT 

463292'-%8-32
;IEPPQMWTVSRSYRGI[SVHWRS[ERHEKEMR,IVIJSVI\EQTPIEVIWM\[SVHW
[MXL[LMGL]SYEVITVSFEFP]JEQMPMEV7E]IEGLSRIEPSYH

KIRYMRI

EVGXMG

X LIEXIV

IVV

R
 YGPIEV

*IFVYEV]

TVSRYRGMEXMSR
8LIEGGITXIHWXERHEVHSJ
WSYRHERHVL]XLQJSV[SVHW
MREKMZIRPERKYEKI

8LI7TIEOIVtW:SMGI



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

(S]SY[ERXXSPIEVRQSVIEFSYXWTIIGLHIPMZIV]#4IVLETWKEMREHHMXMSREPI\TIVM
IRGIEJXIV]SYVWTIIGLGPEWWMWSZIV#=SYGERHSFSXLF]NSMRMRKERSVKERM^EXMSR
WYGLEW 8SEWXQEWXIVW-RXIVREXMSREP [LMGL LEW QSVI XLER QIQFIVW ERH
GPYFWMRGSYRXVMIWEVSYRHXLI[SVPH*SVMRJSVQEXMSREFSYX8SEWXQEWXIVW
PSKSRXSMXW;IFWMXIEX[[[XSEWXQEWXIVWSVK
-J ]SY EVI E RSRREXMZI WTIEOIV SJ )RKPMWL ERH [ERX XS [SVO SR ]SYV WOMPPW SJ
WTSOIR)RKPMWL]SY[MPPJMRHERYQFIVSJI\GIPPIRXVIWSYVGIWEXXLI)RKPMWLEWE
7IGSRH0ERKYEKIWXYHIRX;IFWMXI LXXTS[PIRKPMWLTYVHYIIHYLERHSYXW
IWPIWPWXYHIRXLXQP 

-RXIVRIX
'SRRIGXMSR
[[[GSRRIGXPYGEWGSQ

:IV]PMOIP]]SYQEHIEQMWXEOISREXPIEWXSRIJSVXLI]EVIEQSRKXLIQSWX
JVIUYIRXP]QMWTVSRSYRGIH[SVHWMRXLI)RKPMWLPERKYEKI0IXtWWII
;SVH

'SQQSR)VVSV

'SVVIGX4VSRYRGMEXMSR

KIRYMRI

KIRY[MRI

KIRY[MR

EVGXMG

EVXMG

EVGXMG

XLIEXIV

XLIIEXIIV

XLIIEXIV

IVV

EMV

YV

RYGPIEV

RYGYPEV

RYGPIEV

*IFVYEV]

*IFYEV]

*IFVYEV]

)ZIV][SVHPIEHWEXVMTPIPMJIMXMWVIEH[VMXXIRERHWTSOIR1SWXTISTPI
VIGSKRM^IERHYRHIVWXERHQER]QSVI[SVHWMRVIEHMRKXLERXLI]YWIMRSVHM
REV][VMXMRKERHEFSYXXLVIIXMQIWEWQER]EWSGGYVMRWTSRXERISYWWTIIGL
8LMWMW[L][ISGGEWMSREPP]WXYQFPI[LIRWTIEOMRK[SVHWXLEXEVITEVXSJSYV
VIEHMRKSV[VMXMRKZSGEFYPEVMIW-RSXLIVGEWIW[IQE]QMWTVSRSYRGIXLIQSWX
GSQQSRTPEGI[SVHWSYXSJLEFMX
8LITVSFPIQMWXLEX[IYWYEPP]HSRtXORS[[LIR[IEVIQMWTVSRSYRGMRKE
[SVH -J [I EVI PYGO] [I PIEVR XLI VMKLX TVSRYRGMEXMSR F] LIEVMRK WSQISRI
IPWIWE]XLI[SVHTVSTIVP]SVF]LEZMRKWSQISRIKIRXP]GSVVIGXYWMRTVMZEXI
-J[IEVIYRPYGO][IQMWTVSRSYRGIXLI[SVHMRJVSRXSJEVSSQJYPSJTISTPI
[LSQE]VEMWIXLIMVI]IFVS[WKVSERSVPEYKL
%PP SJ XLMW EVKYIW JSV TVEGXMGMRK ]SYV WTIIGL MR JVSRX SJ EW QER] XVYWXIH
JVMIRHW ERH VIPEXMZIW EW ]SY GER GSVRIV -J ]SY LEZI ER] HSYFXW EFSYX XLI
TVSTIVTVSRYRGMEXMSRSJGIVXEMR[SVHWFIWYVIXSGLIGOEHMGXMSREV]

%68-'90%8-32
EVXMGYPEXMSR
8LITL]WMGEPTVSHYGXMSRSJ
TEVXMGYPEVWTIIGLWSYRHW



%VXMGYPEXMSR ERH TVSRYRGMEXMSR EVI RSX MHIRXMGEP 7PSTT] EVXMGYPEXMSR MW XLI
JEMPYVIXSJSVQTEVXMGYPEVWTIIGLWSYRHWGVMWTP]ERHHMWXMRGXP]-XMWSRISJWIZ
IVEPGEYWIWSJQMWTVSRYRGMEXMSRFYX]SYGEREVXMGYPEXIE[SVHWLEVTP]ERHWXMPP
QMWTVSRSYRGI MX *SV I\EQTPI MJ ]SY WE] XLI qWr MR q-PPMRSMWr SV XLI qTr MR
qTRIYQSRMEr]SYEVIQEOMRKEQMWXEOIMR TVSRYRGMEXMSRVIKEVHPIWWSJLS[
TVIGMWIP]]SYEVXMGYPEXIXLIWSYRHW
1SWX SJ XLI XMQI TSSV EVXMGYPEXMSR MW GEYWIH F] PE^MRIWWhF] JEMPMRK XS
QERMTYPEXI XLI PMTW XSRKYI NE[ ERH WSJX TEPEXI WS EW XS TVSHYGI WTIIGL

',%48)6 ()0-:)6=

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

WSYRHW GPIEVP] ERH TVIGMWIP] 4ISTPI MR XLI 9RMXIH 7XEXIW WIIQ TEVXMGYPEVP]
TVSRI XS GLSTTMRK WPYVVMRK ERH QYQFPMRK [SVHW VEXLIV XLER EVXMGYPEXMRK
XLIQTPEMRP]

%QSRK GSPPIKI WXYHIRXW TSSV EVXMGYPEXMSR MW QSVI GSQQSR XLER MKRS
VERGISJGSVVIGXTVSRYRGMEXMSR;IORS[XLEXqPIXQIrMW RSXqPIQQIrXLEX
qKSMRK XSr MW RSX qKSRREr XLEX qHMH ]SYr MW RSX qHMHNEr ]IX [I TIVWMWX MR
EVXMGYPEXMRK XLIWI [SVHW MQTVSTIVP] ,IVI EVI WSQI SXLIV GSQQSR IVVSVW MR
EVXMGYPEXMSR]SYWLSYPH[SVOXSEZSMH
;SVH

1MWEVXMGYPEXMSR

SYKLXXS

S
 XXE

HMHRtX

HMRX

JSV

JYV

HSRtXORS[

HYRRS

LEZIXS

LEJXE

XLIQ

I Q

[ERXXS

[ERRE

[MPP]SY

[MP]E

-J ]SY LEZI WPSTT] EVXMGYPEXMSR [SVO SR MHIRXMJ]MRK ERH IPMQMREXMRK
]SYVQSWXGSQQSRIVVSVW0MOISXLIVFEHLEFMXWGEVIPIWWEVXMGYPEXMSRGERFI
FVSOIRSRP]F]TIVWMWXIRXIJJSVXhFYXXLIVIWYPXWEVI[IPP[SVXLMX2SXSRP]
[MPP]SYVWTIIGLIWFIQSVIMRXIPPMKMFPIFYXIQTPS]IVW[MPPFIQSVIPMOIP]XS
LMVI ]SY XS TPEGI ]SY MR TSWMXMSRW SJ VIWTSRWMFMPMX] ERH XS TVSQSXI ]SY
%W7LEOIWTIEVIEHZMWIHq1IRH]SYVWTIIGLEPMXXPIPIWX]SYQE]QEV]SYV
JSVXYRIWr

(-%0)'8
1SWX PERKYEKIW LEZI HMEPIGXW IEGL [MXL E HMWXMRGXMZI EGGIRX KVEQQEV ERH
ZSGEFYPEV] (MEPIGXW EVI YWYEPP] FEWIH SR VIKMSREP SV IXLRMG WTIIGL TEXXIVRW
8LI 9RMXIH 7XEXIW LEW JSYV QENSV VIKMSREP HMEPIGXWh)EWXIVR 2I[ )RKPERH
7SYXLIVR ERH +IRIVEP %QIVMGER -R &SWXSR TISTPI QE] KIX qMHIEVWr EFSYX
qHIIELrJVMIRHW-R%PEFEQETEVIRXWXIPPXLIMVGLMPHVIRXSWXSTqWUYMRGLMRKr
XLIMVI]IW[LMPI[EXGLMRKXIPIZMWMSRERHXSKSGPIERYTXLIMVVSSQWqVEXrRS[
-R9XELTISTPITVEMWIXLIqPEVHrERHTYXXLIqPSVHrMRXLIVIJVMKIVEXSV
8LIVIEVIEPWSWIZIVEP[IPPIWXEFPMWLIHIXLRMGHMEPIGXWMRXLI9RMXIH7XEXIW
MRGPYHMRK&PEGO)RKPMWL.I[MWL)RKPMWL,MWTERMG)RKPMWLERH'ENYR)RKPMWL
-RVIGIRX]IEVW[ILEZIEPWSWIIRXLIIQIVKIRGISJRI[IVHMEPIGXWWYGLEW,EMXMER
)RKPMWL ERH 'YFER )RKPMWL %W XLI 9RMXIH 7XEXIW LEW FIGSQI QSVI HMZIVWI
GYPXYVEPP]MXLEWEPWSFIGSQIQSVIHMZIVWIPMRKYMWXMGEPP]
0MRKYMWXWLEZIGSRGPYHIHXLEXRSHMEPIGXMWMRLIVIRXP]FIXXIVSV[SVWIXLER
ERSXLIV 8LIVI MW RS WYGL XLMRK EW E VMKLX SV [VSRK HMEPIGX (MEPIGXW EVI RSX
PMRKYMWXMGFEHKIWSJ WYTIVMSVMX]SVMRJIVMSVMX]8LI]EVIYWYEPP] WLETIHF]SYV
VIKMSREPSVIXLRMGFEGOKVSYRHERHIZIV]HMEPIGXMWqVMKLXrJSVXLIGSQQYRMX]
SJTISTPI[LSYWIMX

;LIRMWEKMZIRHMEPIGXETTVSTVMEXIMRTYFPMGWTIEOMRK#8LIERW[IVHITIRHW
EFSZI EPP SR XLI GSQTSWMXMSR SJ ]SYV EYHMIRGI ,IEZ] YWI SJ ER] HMEPIGXh
VIKMSREPSVIXLRMGhGERFIXVSYFPIWSQI[LIRXLIEYHMIRGIHSIWRSXWLEVIXLEX

HMEPIGX
%ZEVMIX]SJEPERKYEKI
HMWXMRKYMWLIHF]ZEVMEXMSRW
SJEGGIRXKVEQQEVSV
ZSGEFYPEV]

8LI7TIEOIVtW:SMGI



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

HMEPIGX -R WYGL E WMXYEXMSR XLI HMEPIGX QE] GEYWI PMWXIRIVW XS QEOI RIKEXMZI
NYHKQIRXWEFSYXXLIWTIEOIVtWTIVWSREPMX]MRXIPPMKIRGIERHGSQTIXIRGI8LMW
MW[L]TVSJIWWMSREPWTIEOIVWLEZIFIIRORS[RXSMRZIWXPEVKIEQSYRXWSJXMQI
ERHQSRI] XSQEWXIVXLI+IRIVEP%QIVMGERHMEPIGXYWIHF]QSWXXIPIZMWMSR
RI[WFVSEHGEWXIVW
(SIW XLMWQIER]SY QYWX XEPO PMOI E XIPIZMWMSR RI[W FVSEHGEWXIVMJ ]SY
[ERXXSFIWYGGIWWJYPMR]SYVWTIIGLIW#2SXEXEPP6IKMSREPSVIXLRMGHMEPIGXW
HS RSX TSWI E TVSFPIQ EW PSRK EW XLI EYHMIRGI MW JEQMPMEV [MXL XLIQ ERH
JMRHWXLIQETTVSTVMEXI;LIRWTIEOMRKMRXLI2SVXLJSVI\EQTPIEWSYXL
IVR TSPMXMGMER [MPP TVSFEFP] EZSMH LIEZ] YWI SJ VIKMSREP HMEPIGX &YX [LIR
EHHVIWWMRK EYHMIRGIW MR XLI 7SYXL XLI WEQI TSPMXMGMER QE] MRXIRXMSREPP]
MRGPYHIVIKMSREPHMEPIGXEWE[E]SJGVIEXMRKGSQQSRKVSYRH[MXLLMWSVLIV
PMWXIRIVW
%PXLSYKLRSXWXVMGXP]WTIEOMRKEQEXXIVSJHMEPIGXXLITVSJMGMIRG]SJRSR
REXMZI WTIEOIVW SJ )RKPMWL SJXIR EVMWIW MR XLI WTIIGL GPEWWVSSQ *SVXYREXIP]
XIEGLIVW ERH WXYHIRXW EPMOI YWYEPP] KS SYX SJ XLIMV [E] XS FI LIPTJYP ERH
IRGSYVEKMRKXSMRXIVREXMSREPWXYHIRXWERHSXLIVWJSV[LSQ)RKPMWLMWRSXXLI
TVMQEV] PERKYEKI 3ZIV XLI ]IEVW QER] RSRREXMZI WTIEOIVW SJ )RKPMWL LEZI
JSYRHWTIIGLGPEWWEWYTTSVXMZIIRZMVSRQIRXMR[LMGLXSMQTVSZIXLIMVTVSJM
GMIRG]MRWTSOIR)RKPMWL

8LI7TIEOIVtW&SH]
-QEKMRI]SYEVIEXETEVX](YVMRKXLIIZIRMRK]SYJSVQMQTVIWWMSRWEFSYXXLI
TISTPIEVSYRH]SY.SRXIWIIQWVIPE\IHERHIZIRXIQTIVIH2MGSPIXIRWIERH
MVVMXEFPI /]RHVE WIIQW STIR ERH WXVEMKLXJSV[EVH &IOEL LSWXMPI ERH IZEWMZI
%QMRWIIQWLETT]XSWII]SY7IXLHIJMRMXIP]MWRSX
,S[ HS ]SY VIEGL XLIWI GSRGPYWMSRW# 8S E WYVTVMWMRK I\XIRX ]SY VIEGL
XLIQ RSX SR XLI FEWMW SJ [LEX TISTPI WE] [MXL [SVHW FYX FIGEYWI SJ [LEX
XLI]WE][MXLXLIMVTSWXYVIKIWXYVIWI]IWERHJEGMEPI\TVIWWMSRW7YTTSWI]SY
EVIWMXXMRKRI\XXS%QMRERHLIWE]Wq8LMWMWEKVIEXTEVX]-tQVIEPP]KPEHXS
FILIVI[MXL]SYr,S[IZIVLMWFSH]MWXYVRIHWPMKLXP]E[E]JVSQ]SYERH
LIOIITWPSSOMRKEXWSQISRIEGVSWWXLIVSSQ(IWTMXI[LEXLIWE]W]SYORS[
LIMWRSXKPEHXSFIXLIVI[MXL]SY
1YGLXLIWEQIXLMRKLETTIRWMRWTIIGLQEOMRK,IVIMWXLIWXSV]SJSRI
WXYHIRXtW JMVWX X[S GPEWWVSSQ WTIIGLIW ERH XLI IJJIGX GVIEXIH F] LMW TL]WMGEP
EGXMSRWSRIEGLSGGEWMSR
7IER 3t'SRRSVtW JMVWX WTIIGL HMH RSX KS ZIV] [IPP )ZIR XLSYKL LI LEH GLSWIR ER
MRXIVIWXMRK XSTMG VIWIEVGLIH XLI WTIIGL [MXL GEVI ERH TVEGXMGIH MXJEMXLJYPP]LIHMHRSX
XEOIMRXSEGGSYRXXLIMQTSVXERGISJYWMRKLMWFSH]IJJIGXMZIP];LIRXLIXMQIGEQI JSV
LMQXSWTIEOEWXVMGOIRPSSOGVSWWIHLMWJEGI,IKSXYTJVSQLMWGLEMVERHTPSHHIHXSXLI
PIGXIVREWXLSYKLKSMRKXSXLIKYMPPSXMRI,MWZSGEPHIPMZIV][EWKSSHIRSYKLFYXEPPXLI
[LMPILMWLERHW[IVIPMZMRKEPMJISJXLIMVS[R8LI]JMHKIXIH[MXLLMWRSXIWTPE]IH[MXL
XLIFYXXSRWSJLMWWLMVXERHHVYQQIHSRXLIPIGXIVR8LVSYKLSYXXLIWTIIGL7IEROITX
LMWLIEHHS[RERHLIPSSOIHEXLMW[EXGLVITIEXIHP]6IKEVHPIWWSJ[LEXLMW[SVHW[IVI
WE]MRKLMWFSH][EWWE]MRKq-HSRtX[ERXXSFILIVIr

*MREPP]MX[EWSZIV7IERVYWLIHXSLMWWIEXERHGSPPETWIHMRXSMXPSSOMRKIRSVQSYWP]
VIPMIZIH2IIHPIWWXSWE]LMWWTIIGL[EWRSXEKVIEXWYGGIWW


',%48)6 ()0-:)6=

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

+SSHWTIEOIVWWYGLEW
2SFIP4IEGI4VM^I0EYVIEXI
1YLEQQEH=YRYWYWIE
PMZIP]ZSMGIXSFVMRKXLIMV
MHIEWXSPMJI8LI]EPWSYWI
KIWXYVIWI]IGSRXEGXERH
JEGMEPI\TVIWWMSRWXSGVIEXIE
FSRH[MXLXLIMVEYHMIRGI

*SVXYREXIP][LIR7IERtWTVSFPIQ[EWTSMRXIHSYXXSLMQLI[SVOIHLEVHXSGSVVIGX
MX,MWRI\XWTIIGL[EWUYMXIEHMJJIVIRXWXSV]8LMWXMQILIKSXYTJVSQLMWGLEMVERHWXVSHI
XSXLIPIGXIVRGSRJMHIRXP],IOITXLMW LERHWYRHIVGSRXVSPERHGSRGIRXVEXIHSRQEOMRK
I]I GSRXEGX [MXL LMW PMWXIRIVW 8LMW [EW XVYP] ER EGLMIZIQIRX FIGEYWI 7IER [EW NYWX EW
RIVZSYWEWXLIJMVWXXMQI,S[IZIVLIJSYRHXLEXXLIQSVILIQEHILMQWIPJPSSOGSRJM
HIRXXLIQSVI GSRJMHIRXLIFIGEQI %JXIVXLIWTIIGLLMWGPEWWQEXIW [IVI IRXLYWMEWXMG
q+VIEXWTIIGLrXLI]WEMHq=SYVIEPP]WIIQIHXSGEVIEFSYXXLIWYFNIGXERH]SYFVSYKLX
XLMWGEVMRKXSXLIEYHMIRGIr
-RJEGXXLI[SVHMRKSJ7IERtWWIGSRHWTIIGL[EWRtXQYGLFIXXIVXLERXLEXSJXLIJMVWX
-X[EWLMWTL]WMGEPEGXMSRWXLEXQEHIEPPXLIHMJJIVIRGI*VSQXLIXMQILIPIJXLMWWIEXYRXMP
LIVIXYVRIHLMWFSH]WEMHq-EQGSRJMHIRXERHMRGSRXVSPSJXLIWMXYEXMSR-LEZIWSQIXLMRK
[SVXL[LMPIXSWE]ERH-[ERX]SYXSXLMROWSXSSr

4SWXYVIJEGMEPI\TVIWWMSRKIWXYVIWI]IGSRXEGXhEPPEJJIGXXLI[E]PMWXIRIVW
VIWTSRHXSEWTIEOIV,S[[IYWIXLIWIERHSXLIVFSH]QSXMSRWXSGSQQYRM
GEXI MW XLI WYFNIGX SJ E JEWGMREXMRK EVIE SJ WXYH] GEPPIH OMRIWMGW 3RI SJ MXW
JSYRHIVW6E]&MVH[LMWXIPPIWXMQEXIHXLEXQSVIXLERTL]WMGEPWMKREPW
GERFIWIRXXLVSYKLFSHMP]QSZIQIRX7XYHMIWLEZIWLS[RXLEXXLIWIWMKREPW
LEZIEWMKRMJMGERXMQTEGXSRXLIQIERMRKGSQQYRMGEXIHF]WTIEOIVW6IWIEVGL
LEW EPWS GSRJMVQIH [LEX XLI +VIIO LMWXSVMER ,IVSHSXYW SFWIVZIH QSVI XLER
]IEVWEKSq4ISTPIXVYWXXLIMVIEVWPIWWXLERXLIMVI]IWr;LIREWTIEOIVtW
FSH]PERKYEKIMWMRGSRWMWXIRX[MXLLMWSVLIV[SVHWPMWXIRIVWSJXIRFIPMIZIXLI
FSH]PERKYEKIVEXLIVXLERXLI[SVHW
,IVIEVIXLIQENSVEWTIGXWSJTL]WMGEPEGXMSRXLEX[MPPEJJIGXXLISYXGSQI
SJ]SYVWTIIGLIW

OMRIWMGW
8LIWXYH]SJFSH]QSXMSRW
EWEW]WXIQEXMGQSHISJ
GSQQYRMGEXMSR

8LI7TIEOIVtW&SH]



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

4)6732%0%44)%6%2')
-J ]SY [IVI 4EVMW ,MPXSR ]SY GSYPH WLS[ YT XS QEOI ER 18: 1YWMG :MHIS
%[EVH TVIWIRXEXMSR WTIIGL [IEVMRK E FM^EVVI GVIEXMSR XLEX PIJX PMXXPI XS XLI
MQEKMREXMSR -J ]SY [IVI %PFIVX )MRWXIMR ]SY GSYPH WLS[ YT XS EHHVIWW ER
MRXIVREXMSREPWGMIRGIGSRJIVIRGI[IEVMRK[VMROPIHXVSYWIVWEW[IEXIVERHXIRRMW
WLSIW;LMPIXLIQIQFIVWSJ]SYVEYHMIRGI[SYPHGIVXEMRP]GSQQIRXSR]SYV
EXXMVI ]SYV VITYXEXMSR [SYPH RSX FI LEVQIH -R JEGX MX QMKLX FI IRLERGIH
=SY[SYPHFISRISJXLIJI[XLIZIV]JI[[LSPMZISYXWMHIXLIVYPIW[LSEVI
I\TIGXIHXSFIYRYWYEP
2S[MQEKMRI[LEX[SYPHLETTIRMJXLITVIWMHIRXSJEGSVTSVEXMSRWLS[IH
YTXSEHHVIWWEWXSGOLSPHIVWtQIIXMRKEXXMVIHPMOI4EVMW,MPXSRSVMJXLI4VIWM
HIRX SJ XLI 9RMXIH 7XEXIW WTSOI SR REXMSREP XIPIZMWMSR [IEVMRK [VMROPIH
GPSXLIW ERH XIRRMW WLSIW &SXL TVIWMHIRXW [SYPH WSSR FI PSSOMRK JSV [SVO
&EVVMRKXLISGGEWMSREPIGGIRXVMGIZIV]WTIEOIVMWI\TIGXIHF]LIVSVLMWEYHM
IRGI XS I\LMFMX E TIVWSREP ETTIEVERGI MR OIITMRK [MXL XLI SGGEWMSR SJ XLI
WTIIGL
% RYQFIV SJ WXYHMIW LEZI GSRJMVQIH XLEX TIVWSREP ETTIEVERGI TPE]W ER
MQTSVXERX VSPI MR WTIIGLQEOMRK 0MWXIRIVW EP[E]W WII ]SY FIJSVI XLI] LIEV
]SY .YWX EW ]SY EHETX ]SYV PERKYEKI XS XLI EYHMIRGI ERH XLI SGGEWMSR WS
WLSYPH]SYHVIWWERHKVSSQETTVSTVMEXIP]%PXLSYKLXLIJSVGISJ]SYVWTIIGL
GER WSQIXMQIW SZIVGSQI E TSSV MQTVIWWMSR GVIEXIH F] TIVWSREP ETTIEVERGI
XLISHHWEVIEKEMRWXMX6IKEVHPIWWSJXLIWTIEOMRKWMXYEXMSR]SYWLSYPHXV]XS
IZSOIEJEZSVEFPIJMVWXMQTVIWWMSR

13:)1)28
2SZMGIWTIEOIVWEVISJXIRYRWYVIEFSYX[LEXXSHS[MXLXLIMVFSH][LMPIKMZMRK
EWTIIGL7SQITEGIRSRWXSTFEGOERHJSVXLEGVSWWXLITSHMYQJIEVMRKXLEXMJ
XLI]WXSTXLI][MPPJSVKIXIZIV]XLMRK3XLIVWGSRWXERXP]WLMJXXLIMV[IMKLXJVSQ
SRI JSSX XS XLI SXLIV JMHKIX [MXL XLIMVRSXIW SV NMRKPI GSMRW MR XLIMV TSGOIXW
7XMPPSXLIVWXYVRMRXSWXEXYIWWXERHMRKVMKMHERHI\TVIWWMSRPIWWJVSQFIKMRRMRK
XSIRH
7YGLUYMVOWYWYEPP]WXIQJVSQRIVZSYWRIWW-J]SYEVITVSRIXSHMWXVEGXMRK
QERRIVMWQW]SYVXIEGLIV[MPPMHIRXMJ]XLIQWS]SYGER[SVOSRGSRXVSPPMRK
XLIQ;MXLEPMXXPIGSRGIRXVEXMSRXLIWIQERRIVMWQWWLSYPHHMWETTIEVEW]SY
FIGSQIQSVIGSQJSVXEFPIWTIEOMRKMRJVSRXSJEREYHMIRGI
%WMQTSVXERXEWLS[]SYEGXHYVMRKXLIWTIIGLMW[LEX]SYHSNYWXFIJSVI
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ERH GSRJMHIRX HIWTMXI XLI FYXXIVJPMIW MR ]SYV WXSQEGL ;LIR ]SY VIEGL XLI
PIGXIVRHSRtXPIERSRMXERHHSRtXVYWLMRXS]SYVWTIIGL+MZI]SYVWIPJXMQI
XSKIXWIX%VVERKI]SYVRSXIWNYWXXLI[E]]SY[ERXXLIQ7XERHUYMIXP]EW]SY
[EMXXSQEOIWYVIXLIEYHMIRGIMWTE]MRKEXXIRXMSR)WXEFPMWLI]IGSRXEGX[MXL
]SYVPMWXIRIVW8LIRhERHSRP]XLIRhWLSYPH]SYWXEVXXSXEPO
;LIR ]SYVIEGL XLI IRHSJ ]SYV WTIIGLQEMRXEMR I]I GSRXEGX JSV EJI[
QSQIRXWEJXIV]SYWXSTXEPOMRK8LMW[MPPKMZI]SYVGPSWMRKPMRIXMQIXSWMROMR
9RPIWW ]SY EVI WXE]MRK EX XLI PIGXIVR XS ERW[IV UYIWXMSRW GSPPIGX ]SYV RSXIW
ERHVIXYVRXS]SYVWIEX%W]SYHSWSQEMRXEMR]SYVGSSPGSPPIGXIHHIQIERSV
;LEXIZIV ]SY HS HSRtX WXEVX XS KEXLIV ]SYV RSXIW FIJSVI ]SY LEZI JMRMWLIH
XEPOMRKERHHSRtXGETSJJ]SYVWTIIGL[MXLELYKIWMKLSJVIPMIJSVWSQIVIQEVO
PMOIq;LI[%Q-KPEHXLEXtWSZIVr



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7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

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8LI1G+VE[n,MPP
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%PP XLMW EHZMGI MW GSQQSR WIRWI ]IX ]SY [SYPH FI WYVTVMWIH LS[ QER]
TISTPIRIIHMX;LIRTVEGXMGMRK]SYVWTIIGLIWWTIRHEPMXXPIXMQIVILIEVWMRK
LS[]SY[MPPFILEZIEXXLIFIKMRRMRKERHEXXLIIRH-XMWSRISJXLIIEWMIWXh
ERHSRISJXLIQSWXIJJIGXMZIhXLMRKW]SYGERHSXSMQTVSZI]SYVMQEKI[MXL
EREYHMIRGI

+)7896)7
*I[EWTIGXWSJHIPMZIV]GEYWIWXYHIRXWQSVIERKYMWLXLERHIGMHMRK[LEXXSHS
[MXLXLIMVLERHWq7LSYPH-GPEWTXLIQFILMRHQ]FEGO#0IXXLIQLERKEXQ]
WMHIW#6IWXXLIQSRXLIPIGXIVR#%RH[LEXEFSYXKIWXYVMRK#;LIRWLSYPH-HS
XLEXhERHLS[#r)ZIRTISTPI[LSYWIXLIMVLERHWI\TVIWWMZIP]MRIZIV]HE]GSR
ZIVWEXMSRWIIQXSVIKEVHXLIQEWE[O[EVHETTIRHEKIW[LIRWTIEOMRKFIJSVI
EREYHMIRGI
3ZIV XLI ]IEVW QSVI RSRWIRWI LEW FIIR [VMXXIR EFSYX KIWXYVMRK XLER KIWXYVIW
EFSYX ER] SXLIV EWTIGX SJ WTIIGL HIPMZIV] %HVSMX KIWXYVIW GER EHH XS XLI 1SXMSRWSJEWTIEOIVtWLERHWSV
MQTEGXSJEWTIIGLFYXIJJIGXMZIWTIEOIVWHSRSXRIIHEZEWXVITIVXSMVISJKIW EVQWHYVMRKEWTIIGL
XYVIW7SQIEGGSQTPMWLIHWTIEOIVWKIWXYVIJVIUYIRXP]SXLIVWLEVHP]EXEPP8LI
TVMQEV]VYPIMWXLMW;LEXIZIVKIWXYVIW]SYQEOIWLSYPHRSXHMWXVEGXJVSQ]SYV
QIWWEKI8LI]WLSYPHETTIEVREXYVEPERHWTSRXERISYWLIPTGPEVMJ]SVVIMRJSVGI
]SYVMHIEWERHFIWYMXIHXSXLIEYHMIRGIERHSGGEWMSR
+IWXYVMRK XIRHW XS [SVO MXWIPJ SYX EW ]SY EGUYMVI I\TIVMIRGI ERH GSRJM
HIRGI*SVRS[QEOIWYVI]SYVLERHWHSRSXYTWXEKI]SYVMHIEW%ZSMHJPEMPMRK
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IPMQMREXIHXLIWIHMWXVEGXMSRWJSVKIXEFSYX]SYVLERHW8LMROEFSYXGSQQYRM
GEXMRK[MXL]SYVPMWXIRIVWERH]SYVKIWXYVIW[MPPXEOIGEVISJXLIQWIPZIWhNYWX
EWXLI]HSMRGSRZIVWEXMSR

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FVS[Wh[IGSRZI]ERMRXVMGEXIEVVE]SJRSRZIVFEPQIWWEKIW7SVIZIEPMRKEVI I]IWSJERSXLIVTIVWSR
XLIWI QIWWEKIW XLEX [I XLMRO SJ XLI I]IW EW qXLI [MRHS[W SJ XLI WSYPr ;I
PSSO XS XLIQ XS LIPT KEYKI E WTIEOIVtW XVYXLJYPRIWW MRXIPPMKIRGI EXXMXYHIW
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;LIR MX GSQIW XS TYFPMG WTIEOMRK XLIVI MW [MHI EKVIIQIRX EGVSWW GYP
XYVIW SR XLI MQTSVXERGI SJ WSQI HIKVII SJ I]I GSRXEGX -R QSWX GMVGYQ
WXERGIW SRI SJ XLI UYMGOIWX [E]W XS IWXEFPMWL E GSQQYRMGEXMZI FSRH [MXL
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KE^IMWSRISJXLIWYVIWX[E]WXSPSWIXLIQ7TIEOIVWMRXLI9RMXIH7XEXIW[LS
VIJYWI XS IWXEFPMWL I]I GSRXEGX EVI TIVGIMZIH EW XIRXEXMZI SV MPP EX IEWI ERH
QE]FI WIIR EWMRWMRGIVI SVHMWLSRIWX-XMW RS [SRHIV XLIRXLEX XIEGLIVW
YVKIWXYHIRXWXSPSSOEXXLIEYHMIRGIXSTIVGIRXSJXLIXMQIXLI]EVI
XEPOMRK

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0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

GSRRIGXPYGEWGSQ
:MI[ERI\GIVTXJVSQ
q1EOMRKE(MJJIVIRGI
8LVSYKLXLI7TIGMEP
3P]QTMGWrMRXLISRPMRI
1IHME0MFVEV]JSVXLMW
GLETXIV :MHIS'PMT 

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
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=SY QE] JMRH XLMW HMWGSRGIVXMRK EX JMVWX &YX EJXIV SRI SV X[S WTIIGLIW
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XLI]YRHIVWXERH]SY#%VIXLI]E[EOI#=SYVI]IW[MPPLIPT]SYERW[IVXLIWI
UYIWXMSRW
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GSYRXW % FPERO WXEVI MW EPQSWX EW FEH EW RS I]I GSRXEGX EX EPP 7S MW E JMIVGI
LSWXMPIKPS[IVSVEWIVMIWSJJVMKLXIRIHFI[MPHIVIHKPERGIW%PWSFI[EVISJXLI
XIRHIRG]XSKE^IMRXIRXP]EXSRITEVXSJXLIEYHMIRGI[LMPIMKRSVMRKXLIVIWX
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XIEGLIVMWWMXXMRK3XLIVWEZSMHPSSOMRKER][LIVIRIEVXLIXIEGLIVERHJSGYWSR
SRISVX[SW]QTEXLIXMGJVMIRHW=SYWLSYPHXV]XSIWXEFPMWLI]IGSRXEGX[MXL
]SYV[LSPIEYHMIRGI
;LIREHHVIWWMRKEWQEPPEYHMIRGIWYGLEW]SYVGPEWW]SYGERYWYEPP]PSSO
FVMIJP]JVSQSRITIVWSRXSERSXLIV*SVEPEVKIVKVSYT]SY[MPPTVSFEFP]WGER
XLIEYHMIRGIVEXLIVXLERXV]XSIRKEKIXLII]IWSJIEGLTIVWSRMRHMZMHYEPP]2S
QEXXIV [LEX XLI WM^I SJ ]SYV EYHMIRGI ]SY [ERX ]SYV I]IW XS GSRZI] GSRJM
HIRGIWMRGIVMX]ERHGSRZMGXMSR8LI]WLSYPHWE]q-EQTPIEWIHXSFIEFPIXS
XEPO[MXL]SY-FIPMIZIHIITP]MR[LEX-EQWE]MRKERH-[ERX]SYXSFIPMIZI
MRMXXSSr
0SSOEX:MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIVXSWII
EJMRII\EQTPISJI]IGSRXEGX8LIWTIEOIVMWXIPPMRKLIVGPEWWQEXIWLS[XLI]
GERFIGSQIZSPYRXIIVWJSVXLI7TIGMEP3P]QTMGW2SXMGILS[WLIYWIWLIVI]IW
XSGSRRIGX[MXLLIVPMWXIRIVWEXETIVWSREPPIZIP8LMWMWXLIOMRHSJWXVSRKGSQ
QYRMGEXMSR]SYWLSYPHXV]XSHIZIPSTMR]SYVWTIIGLIW

4VEGXMGMRK(IPMZIV]
4STYPEV[MWHSQTVSQMWIWXLEXTVEGXMGIQEOIWTIVJIGX8LMWMWXVYIFYXSRP]MJ
[ITVEGXMGITVSTIVP]=SY[MPPHSPMXXPIXSMQTVSZI]SYVWTIIGLHIPMZIV]YRPIWW
]SYTVEGXMGIXLIVMKLXXLMRKWMRXLIVMKLX[E]W,IVIMWEJMZIWXITQIXLSHXLEX
LEW[SVOIH[IPPJSVQER]WXYHIRXW

 +S XLVSYKL ]SYV TVITEVEXMSR SYXPMRI E
 PSYH XS GLIGO LS[ [LEX ]SY
LEZI[VMXXIRXVERWPEXIWMRXSWTSOIRHMWGSYVWI-WMXXSSPSRK#8SSWLSVX#%VI
XLIQEMRTSMRXWGPIEV[LIR]SYWTIEOXLIQ#%VIXLIWYTTSVXMRKQEXIVMEPW
HMWXMRGXGSRZMRGMRKMRXIVIWXMRK#(SXLIMRXVSHYGXMSRERHGSRGPYWMSRGSQI
EGVSWW[IPP#%W]SYERW[IVXLIWIUYIWXMSRWVIZMWIXLIWTIIGLEWRIIHIH
 4
 VITEVI]SYVWTIEOMRKSYXPMRI-RHSMRKWSFIWYVIXSJSPPS[XLIKYMHI
PMRIWMR'LETXIV9WIXLIWEQIZMWYEPJVEQI[SVOEWMRXLITVITEVEXMSRSYX
PMRI1EOIWYVIXLIWTIEOMRKSYXPMRIMWIEW]XSVIEHEXEKPERGI+MZI]SYVWIPJ
GYIWSRXLISYXPMRIJSVHIPMZIVMRKXLIWTIIGL
 4
 VEGXMGIXLIWTIIGLEPSYHWIZIVEPXMQIWYWMRKSRP]XLIWTIEOMRKSYXPMRI
&IWYVIXSqXEPOXLVSYKLrEPPI\EQTPIWERHXSVIGMXIMRJYPPEPPUYSXEXMSRWERH
WXEXMWXMGW -J ]SYV WTIIGL MRGPYHIW ZMWYEP EMHW YWI XLIQ EW ]SY TVEGXMGI 8LI
JMVWX GSYTPI SJ XMQIW ]SY [MPP TVSFEFP] JSVKIX WSQIXLMRK SV QEOI E QMWXEOI



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0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

FYX HSRtX [SVV] /IIT KSMRK ERH GSQTPIXI XLI


WTIIGLEW[IPPEW]SYGER'SRGIRXVEXISRKEMRMRK
GSRXVSP SJ XLI MHIEW HSRtX XV] XS PIEVR XLI WTIIGL
[SVHJSV[SVH%JXIVEJI[XVMIW]SYWLSYPHFIEFPI
XSKIX XLVSYKLXLIWTIIGLI\XIQTSVERISYWP][MXL
WYVTVMWMRKIEWI
 2S[ FIKMR XS TSPMWL ERH VIJMRI ]SYV HIPMZ
IV]4VEGXMGIXLIWTIIGLMRJVSRXSJEQMVVSVXSGLIGO
JSVI]IGSRXEGXERHHMWXVEGXMRKQERRIVMWQW6IGSVH
XLIWTIIGLXSKEYKIZSPYQITMXGLVEXITEYWIWERH
ZSGEPZEVMIX]1SWXMQTSVXERXXV]MXSYXSRJVMIRHW
VSSQQEXIWJEQMP]QIQFIVWhER]SRI[LS[MPPPMW
XIR ERH KMZI ]SY ER LSRIWX ETTVEMWEP 7MRGI ]SYV
WTIIGL MW HIWMKRIH JSV TISTPI VEXLIV XLER JSV QMV
VSVW SV VIGSVHIVW ]SY RIIH XS JMRH SYX ELIEH SJ
XMQILS[MXKSIWSZIV[MXLTISTPI
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[MPP JEGI MR GPEWW 7SQI WXYHIRXW PMOI XS XV] XLI
WTIIGLEGSYTPISJXMQIWMRERIQTX]GPEWWVSSQXLI
HE]FIJSVIXLIWTIIGLMWHYI2SQEXXIV[LIVI]SY
LSPH]SYVPEWXTVEGXMGIWIWWMSR]SYWLSYPHPIEZIMX
JIIPMRK GSRJMHIRX ERH PSSOMRK JSV[EVH XS WTIEOMRK
MR]SYVGPEWW

%WI\TIVMIRGIHWTIEOIVWORS[]SYRIIHXSTVEGXMGIEWTIIGL
XLSVSYKLP]FIJSVIHIPMZIVMRKMX-JTSWWMFPIXV]XSVILIEVWIYRHIV
GSRHMXMSRWEWGPSWIEWTSWWMFPIXSXLSWI]SY[MPPJEGIHYVMRKXLI
WTIIGLMXWIPJ

-JXLMWSVER]TVEGXMGIQIXLSHMWXS[SVO]SYQYWXWXEVXIEVP](SRtX[EMX
YRXMP XLI RMKLX FIJSVI ]SYV WTIIGL XS FIKMR [SVOMRK SR HIPMZIV] % WMRKPI
TVEGXMGI WIWWMSRhRS QEXXIV LS[ PSRKhMW VEVIP] IRSYKL %PPS[ ]SYVWIPJ EX
PIEWXEGSYTPISJHE]WTVIJIVEFP]QSVIXSKEMRGSQQERHSJXLIWTIIGLERH
MXWTVIWIRXEXMSR

%RW[IVMRK%YHMIRGI5YIWXMSRW

-J]SY LEZIIZIV[EXGLIHETVIWWGSRJIVIRGISVLIEVHEWTIEOIVERW[IVUYIW
XMSRWEJXIVEXEPO]SYORS[XLIUYIWXMSRERHERW[IVWIWWMSRGERQEOISVFVIEO
E TVIWIRXEXMSR % WTIEOIV [LS LERHPIW UYIWXMSRW [IPP GER WXVIRKXLIR XLI
MQTEGX SJ LMWSVLIV WTIIGL 3RXLISXLIV LERHEWTIEOIV [LSIZEHIW UYIW
XMSRWSVWLS[WERRS]ERGI[MPPEPQSWXGIVXEMRP]GVIEXIXLISTTSWMXIIJJIGX
8LI UYIWXMSRERHERW[IV WIWWMSR MW E GSQQSR TEVX SJ TYFPMG WTIEOMRK
[LIXLIVXLISGGEWMSRMWETVIWWGSRJIVIRGIFYWMRIWWTVIWIRXEXMSRTYFPMGLIEV
MRKSVGPEWWVSSQEWWMKRQIRX%RERW[IVXSEUYIWXMSRMWSJXIRXLIJMREP[SVH
EREYHMIRGILIEVWERHMWPMOIP]XSPIEZIEPEWXMRKMQTVIWWMSR

8LI JMVWX WXIT XS HSMRK [IPP MR E UYIWXMSRERHERW[IV WIWWMSR MW XS XEOI MX EW
WIVMSYWP]EWXLIWTIIGLMXWIPJ8LIX[SQENSVWXITWMRTVITEVMRKEVI[SVOMRKSYX
ERW[IVWXSTSWWMFPIUYIWXMSRWERHTVEGXMGMRKXLIHIPMZIV]SJXLSWIERW[IVW

%RW[IVMRK%YHMIRGI5YIWXMSRW



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

(IPMZIV]

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

*SVQYPEXI%RW[IVWXS4SWWMFPI5YIWXMSRW
3RGI ]SY ORS[ ]SYV TVIWIRXEXMSR [MPP MRGPYHI UYIWXMSRW JVSQ XLI EYHMIRGI
]SYWLSYPHFIXLMROMRKEFSYXTSWWMFPIUYIWXMSRWIZIREW]SYEVI[VMXMRK]SYV
WTIIGL-J]SYTVEGXMGI]SYVWTIIGLMRJVSRXSJJVMIRHWJEQMP]SVGS[SVOIVWEWO
XLIQXSNSXHS[RUYIWXMSRW/IITXVEGOSJEPPXLIUYIWXMSRWERHJSVQYPEXIERW
[IVW;VMXI]SYVERW[IVWMRJYPPXSQEOIWYVI]SYLEZIXLSYKLXXLIQXLVSYKL
GSQTPIXIP]
-J]SYEVIKMZMRKETIVWYEWMZIWTIIGLFIWYVIXS[SVOSYXERW[IVWXSSFNIG
XMSRWXLIEYHMIRGIQE]LEZIXS]SYVTVSTSWEP2SQEXXIVLS[GEVIJYP]SYEVI
XSHIEP[MXLXLSWISFNIGXMSRWMR]SYVWTIIGL]SYGERFIWYVIXLI][MPPGSQI
YTMRXLIUYIWXMSRERHERW[IVWIWWMSR
-J]SY EVIWTIEOMRK SREXSTMG[MXLXIGLRMGEPEWTIGXWFIVIEH]XSERW[IV
WTIGMEPM^IHMRUYMVMIWEFSYXXLIQEW[IPPEWUYIWXMSRWXLEXWIIOGPEVMJMGEXMSRMR
RSRXIGLRMGEPXIVQW=SYQMKLXIZIRTVITEVIELERHSYXXLEX]SYGERHMWXVMFYXI
EJXIV[EVHJSVTISTPI[LS[ERXQSVIMRJSVQEXMSR

4VEGXMGIXLI(IPMZIV]SJ=SYV%RW[IVW
=SY[SYPHRSXTVIWIRXEWTIIGLXSEVSSQJYPPSJTISTPI[MXLSYXVILIEVWMRK
2IMXLIVWLSYPH]SYKSMRXSEUYIWXMSRERHERW[IVWIWWMSR[MXLSYXTVEGXMGMRK
XLIHIPMZIV]SJ]SYVERW[IVW
3RITSWWMFMPMX]MWXSLEZIEJVMIRHSVGSPPIEKYIPMWXIRXS]SYVTVIWIRXEXMSR
EWOUYIWXMSRWERHGVMXMUYI]SYVERW[IVW8LMWQIXLSHMWYWIHF]TSPMXMGEPGER
HMHEXIWERHFYWMRIWWPIEHIVWFIJSVIHIFEXIWSVTVIWWGSRJIVIRGIW%RSXLIVTSW
WMFMPMX]MWXSVIGSVH]SYVERW[IVWXSERXMGMTEXIHUYIWXMSRWTPE]XLIQFEGOERH
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%W ]SY VILIEVWI [SVO SR QEOMRK ]SYV ERW[IVW FVMIJ ERH XS XLI TSMRX
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FIJSVILERH]SY[MPPJMRHMXQYGLIEWMIVXSOIITXSXLIWIXMQIPMQMXW
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FSSOW LEZI FIIR [VMXXIR SR XLMW WYFNIGX FYX XLI JSPPS[MRK WYKKIWXMSRW [MPP
LIPTKIX]SYWXEVXIHSRXLIVMKLXJSSX

%TTVSEGL5YIWXMSRW[MXLE4SWMXMZI%XXMXYHI
%TSWMXMZIEXXMXYHI[MPPLIPT]SYERW[IVUYIWXMSRWKVEGMSYWP]ERHVIWTIGXJYPP]
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SJIEGL QIQFIVSJLIVWXEJJERHTVIWIRXIHLIVTVSNIGXMSRWSJWXEJJMRKVIUYMVIQIRXWJSV
XLIRI\XIMKLXIIRQSRXLW%JXIV[EVHXLITVIWMHIRXGSQTPMQIRXIH2EXEP]EJSVKMZMRKWYGL
E GPIEV TVIWIRXEXMSR q%R]SRI [LS GER GSQQYRMGEXI XLEX [IPPr XLI TVIWMHIRX WEMH qMW
KSMRKXSKSEPSRK[E]MRXLMWGSQTER]r

MRJSVQEXMZIWTIIGL
%WTIIGLHIWMKRIHXSGSRZI]
ORS[PIHKIERHYRHIVWXERHMRK


2EXEP]E HSIWRtX GSRWMHIV LIVWIPJ E qTYFPMG WTIEOIVr FYX QYGL SJ LIV NSF
MRZSPZIW EFWSVFMRK ERH GSQQYRMGEXMRK MRJSVQEXMSR GPIEVP] ERH IJJIGXMZIP]
%PXLSYKL2EXEP]EMWNYWXEWMRKPITIVWSRLIVI\TIVMIRGIMWRSXYRYWYEP-RSRI
WYVZI]KVEHYEXIWJVSQJMZI97GSPPIKIW[IVIEWOIHXSVEROXLIWTIIGLWOMPPW
QSWXMQTSVXERXXSXLIMVNSFW8LI]VEXIHMRJSVQEXMZIWTIEOMRKRYQFIVSRI-R
ERSXLIV WYVZI]  TIVGIRX SJ XLI VIWTSRHIRXW WEMH XLI] YWIH MRJSVQEXMZI
WTIEOMRKqEPQSWXGSRWXERXP]r

4YFPMGWTIEOMRKXSMRJSVQ SGGYVWMRE[MHIVERKISJIZIV]HE]WMXYEXMSRW
8LIFYWMRIWWQEREKIVI\TPEMRWRI\X]IEVtWFYHKIX8LIEVGLMXIGXVIZMI[WTPERW
JSVERI[FYMPHMRK8LIYRMSRPIEHIVMRJSVQWQIQFIVWEFSYXERI[GSRXVEGX
8LIGLYVGL[SVOIVSYXPMRIWTPERWJSVEJYRHHVMZI8LIVIEVIIRHPIWWWMXYEXMSRW
MR[LMGLTISTPIRIIHXSMRJSVQSXLIVW'SQTIXIRGIMRXLMWJSVQSJGSQQY
RMGEXMSR[MPPTVSZIZEPYEFPIXS]SYXLVSYKLSYX]SYVPMJI

3RI SJ]SYVJMVWX GPEWWVSSQEWWMKRQIRXWTVSFEFP][MPPFIXSHIPMZIVER
MRJSVQEXMZIWTIIGLMR[LMGL]SY[MPPEGXEWEPIGXYVIVSVXIEGLIV=SYQE]
HIWGVMFIERSFNIGXWLS[LS[WSQIXLMRK[SVOWVITSVXSRERIZIRXI\TPEMR
E GSRGITX=SYV EMQ[MPPFIXSGSRZI] ORS[PIHKIERHYRHIVWXERHMRKhRSX
XS EHZSGEXI E GEYWI =SYV WTIIGL [MPP FI NYHKIH MR PMKLX SJ XLVII KIRIVEP
GVMXIVME


 -WXLIMRJSVQEXMSRGSQQYRMGEXIHEGGYVEXIP]#

 -WXLIMRJSVQEXMSRGSQQYRMGEXIHGPIEVP]#

 -WXLIMRJSVQEXMSRQEHIQIERMRKJYPERHMRXIVIWXMRKXSXLIEYHMIRGI#


-RXLMWGLETXIV[I[MPPPSSOEXJSYVX]TIWSJMRJSVQEXMZIWTIIGLIWERHXLI
FEWMGTVMRGMTPIWSJMRJSVQEXMZIWTIEOMRK%PSRKXLI[E][I[MPPETTP]ZEVMSYW
KIRIVEPTVMRGMTPIWHMWGYWWIHMRTVIZMSYWGLETXIVW



',%48)6 74)%/-2+83-2*361

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS-RJSVQ

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

8]TIWSJ-RJSVQEXMZI7TIIGLIW%REP]WMWERH3VKERM^EXMSR

8LIVI EVI QER] [E]W XS GPEWWMJ] MRJSVQEXMZI WTIIGLIW ,IVI [I JSGYW SR XLI
OMRHW]SYEVIQSWXPMOIP]XSKMZIMR]SYVWTIIGLGPEWW  WTIIGLIWEFSYXSFNIGXW
 WTIIGLIWEFSYXTVSGIWWIW  WTIIGLIWEFSYXIZIRXWERH  WTIIGLIWEFSYX
GSRGITXW

74))',)7%&3983&.)'87
%WXLI[SVHMWYWIHLIVI qSFNIGXWrMRGPYHIER]XLMRKXLEXMWZMWMFPIXERKMFPI
ERH WXEFPI MR JSVQ 3FNIGXW QE] LEZI QSZMRK TEVXW SV FI EPMZI XLI] QE]
MRGPYHITPEGIWWXVYGXYVIWERMQEPWIZIRTISTPI,IVIEVII\EQTPIWSJWYFNIGXW
JSVWTIIGLIWEFSYXSFNIGXW
+VERH'ER]SR

WXSGOQEVOIX

XLILYQERI]I

)PM^EFIXL'EH]7XERXSR

WIE[IIH

+47REZMKEXMSRHIZMGIW

GSQMGWXVMTW

97%VQ]

SFNIGX
%R]XLMRKXLEXMWZMWMFPI
XERKMFPIERHWXEFPIMRJSVQ


=SY[MPPRSXLEZIXMQIXSXIPP]SYVGPEWWQEXIWIZIV]XLMRKEFSYXER]SJXLIWI
WYFNIGXW-RWXIEH]SY[MPPGLSSWIEWTIGMJMGTYVTSWIXLEXJSGYWIWSRSRIEWTIGXSJ
]SYVWYFNIGX;SVOMRKJVSQXLIXSTMGWTVIWIRXIHEFSZIXLIJSPPS[MRKEVII\EQ
TPIWSJKSSHWTIGMJMGTYVTSWIWXEXIQIRXWJSVMRJSVQEXMZIWTIIGLIWEFSYXSFNIGXW
8SMRJSVQQ]EYHMIRGIEFSYXXLIKISPSKMGEPJIEXYVIWSJXLI+VERH'ER]SR
8SMRJSVQQ]EYHMIRGIEFSYXXLIVSPISJ)PM^EFIXL'EH]7XERXSRMRXLI97[SQIRtW
VMKLXWQSZIQIRX
8SMRJSVQQ]EYHMIRGI[LEXXSPSSOJSV[LIRFY]MRKE+47REZMKEXMSRHIZMGI


2SXMGI LS[ TVIGMWI XLIWI WXEXIQIRXW EVI %W [I WE[ MR 'LETXIV  ]SY
WLSYPHWIPIGXEWTIGMJMGTYVTSWIXLEXMWRSXXSSFVSEHXSEGLMIZIMRXLIEPPSXXIH
XMQI q8S MRJSVQ Q] EYHMIRGI EFSYX 4EFPS 4MGEWWSr MW JEV XSS KIRIVEP JSV E
GPEWWVSSQWTIIGLq8SMRJSVQQ] EYHMIRGIEFSYXXLIQENSV GSRXVMFYXMSRW SJ
4EFPS4MGEWWSXSQSHIVREVXrMWQSVITVIGMWIERHMWETYVTSWI]SYGSYPHVIEWSR
EFP]LSTIXSEGLMIZIMREFVMIJXEPO

-J]SYVWTIGMJMGTYVTSWIMWXSI\TPEMRXLILMWXSV]SVIZSPYXMSRSJ]SYVWYF
NIGX]SY[MPPTYX]SYVWTIIGLMRGLVSRSPSKMGEPSVHIV*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVEGLMIZIQIRXWSJ
*VIHIVMGO(SYKPEWW
'IRXVEP-HIE

%PXLSYKLFSVRMRWPEZIV]*VIHIVMGO(SYKPEWWFIGEQISRISJ
XLIKVIEXIWXJMKYVIWMR%QIVMGERLMWXSV]

1EMR4SMRXW

- (SYKPEWWWTIRXXLIJMVWX]IEVWSJLMWPMJIEWEWPEZIMR
1EV]PERH
-- %
 JXIVIWGETMRKXSXLI2SVXL(SYKPEWWFIGEQIEPIEHIVMR
XLIEFSPMXMSRMWXQSZIQIRXXSIRHWPEZIV]
--- (
 YVMRKXLI'MZMP;EV(SYKPEWWLIPTIHIWXEFPMWLFPEGO
VIKMQIRXWMRXLI9RMSR%VQ]




8]TIWSJ-RJSVQEXMZI7TIIGLIW%REP]WMWERH3VKERM^EXMSR



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS-RJSVQ

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

-: %
 JXIVXLI[EV(SYKPEWW[EWEXMVIPIWWGLEQTMSRSJIUYEP
VMKLXWJSVLMWVEGI


-J]SYVWTIGMJMGTYVTSWIMWXSHIWGVMFIXLIQEMRJIEXYVIWSJ]SYVWYFNIGX]SY
QE]SVKERM^I]SYVWTIIGLMRWTEXMEPSVHIV
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIHIWMKRSJXLI7X0SYMW
%VGL
'IRXVEP-HIE

8LI7X0SYMW%VGLMWHMZMHIHMRXSXLVIIWIGXMSRWIEGL[MXL
MXWS[REXXVEGXMSRW

1EMR4SMRXW

- 8
 LIFEWISJXLI7X0SYMW%VGLLSYWIWEZMWMXSVtWGIRXIV
[MXLEQYWIYQX[SQSZMIXLIEXIVWERHVIXEMPSYXPIXW
-- 8LIQMHHPISJXLI7X0SYMW%VGLGSRXEMRWELMKLWTIIH
XVEQXLEXGEVVMIWZMWMXSVWJVSQXLIFEWIXSXLIXST
--- 8LIXSTSJXLI7X0SYMW%VGLLEWERSFWIVZEXMSRHIGO
JIIXEFSZIXLIKVSYRH





%WSJXIREWRSX]SY[MPPJMRHXLEXWTIIGLIWEFSYXSFNIGXWJEPPMRXS XSTMGEP
SVHIV*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIJSYVQENSVIPIQIRXWSJE
.ETERIWIKEVHIR
'IRXVEP-HIE

8LIJSYVQENSVIPIQIRXWSJE.ETERIWIKEVHIREVIWXSRIW
WERH[EXIVERHTPERXW

1EMR4SMRXW

- 8LIJMVWXIPIQIRXSJE.ETERIWIKEVHIRMWWXSRIW[LMGL
W]QFSPM^IQSYRXEMRWERHMWPERHW
-- 8
 LIWIGSRHIPIQIRXSJE.ETERIWIKEVHIRMWWERH[LMGL
W]QFSPM^IWXLIWIESVSXLIVZEWXEVIEW
--- 8LIXLMVHIPIQIRXSJE.ETERIWIKEVHIRMW[EXIV[LMGL
W]QFSPM^IWTYVMX]ERHPMJI
-: 8
 LIJSYVXLIPIQIRXSJE.ETERIWIKEVHIRMWTPERXW[LMGL
W]QFSPM^IPMJIERHXLIGLERKMRKWIEWSRW






2SQEXXIV[LMGLSJXLIWISVKERM^EXMSREPQIXLSHW]SYYWIhGLVSRSPSKMGEP
WTEXMEP SV XSTMGEPhFI WYVI XS JSPPS[ XLI KYMHIPMRIW HMWGYWWIH MR 'LETXIV 
  PMQMX ]SYV WTIIGL XS FIX[IIR X[S ERH JMZI QEMR TSMRXW   OIIT QEMR
TSMRXWWITEVEXI  XV]XSYWIXLIWEQITEXXIVRSJ[SVHMRKJSVEPPQEMRTSMRXW
 FEPERGIXLIEQSYRXSJXMQIHIZSXIHXSIEGLQEMRTSMRX

74))',)7%&398463')77)7
TVSGIWW
%W]WXIQEXMGWIVMIWSJEGXMSRW
XLEXPIEHWXSEWTIGMJMGVIWYPX
SVTVSHYGX

%TVSGIWWMWEW]WXIQEXMGWIVMIWSJEGXMSRWXLEXPIEHWXSEWTIGMJMGVIWYPXSVTVSH
YGX7TIIGLIWEFSYXTVSGIWWIWI\TPEMRLS[WSQIXLMRKMWQEHILS[WSQIXLMRK
MWHSRISVLS[WSQIXLMRK[SVOW,IVIEVII\EQTPIWSJKSSHWTIGMJMGTYVTSWI
WXEXIQIRXWJSVWTIIGLIWEFSYXTVSGIWWIW
8SMRJSVQQ]EYHMIRGILS[LYVVMGERIWHIZIPST
8SMRJSVQQ]EYHMIRGILS[XS[VMXIERIJJIGXMZINSFVIWYQ
8SMRJSVQQ]EYHMIRGILS[XSGLSSWIEWXYH]EFVSEHTVSKVEQ
8SMRJSVQQ]EYHMIRGILS[97GYVVIRG]MWQEHI



',%48)6 74)%/-2+83-2*361

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS-RJSVQ

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

-RJSVQEXMZIWTIIGLIWEFSYX
SFNIGXWSJXIRGEPPJSVZMWYEP
EMHW,IVI6]ER1G0IRHSRE
GLIQMGEPIRKMRIIVMRKQENSV
JVSQ;IWX:MVKMRME9RMZIVWMX]
I\TPEMRWEQSHIPGEVXLEX
VYRWSRFEOMRKWSHEERHZMR
IKEV8LIGEV[EWIRXIVIHMRE
GSRXIWXWTSRWSVIHF]XLI
%QIVMGER-RWXMXYXISJ'LIQM
GEP)RKMRIIVW


%W XLIWI I\EQTPIW WYKKIWX XLIVI EVI X[S OMRHW SJ MRJSVQEXMZI WTIIGLIW
EFSYXTVSGIWWIW3RIOMRHI\TPEMRWETVSGIWWWSXLEXXLEXPMWXIRIVW[MPP YRHIV
WXERHMXFIXXIV=SYVKSEPMWXSLEZI]SYVEYHMIRGIORS[XLIWXITWSJXLITVSGIWW
ERHLS[XLI]VIPEXIXSSRIERSXLIV-J]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ]
EYHMIRGI LS[ YRHIV[EXIVVSFSXW [SVOr ]SY [MPP I\TPEMR XLI FEWMG XEWOW ERH
QIGLERMWQWSJYRHIV[EXIVVSFSXW=SY[MPPRSXMRWXVYGX]SYVPMWXIRIVWSRLS[
XLI]GERSTIVEXIERYRHIV[EXIVVSFSX

%WIGSRHOMRHSJWTIIGLI\TPEMRWETVSGIWWWSPMWXIRIVW[MPPFIFIXXIVEFPIXS
TIVJSVQ XLITVSGIWW XLIQWIPZIW =SYV KSEP MR XLMW OMRH SJWTIIGL MW XS LEZIXLI
EYHMIRGIPIEVREWOMPP7YTTSWI]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ]EYHMIRGI
LS[XSXEOITMGXYVIWPMOIETVSJIWWMSREPTLSXSKVETLIVr=SY[MPPTVIWIRXTLSXS
KVETLMGXIGLRMUYIWERHWLS[]SYVPMWXIRIVWLS[XLI]GERYXMPM^IXLIQ=SY[ERX
XLIEYHMIRGIXSFIEFPIXSYWIXLIXIGLRMUYIWEWEVIWYPXSJ]SYVWTIIGL

&SXLOMRHWSJWTIIGLIWEFSYXTVSGIWWIWQE]VIUYMVIZMWYEPEMHW%XXLIZIV]
PIEWX]SYWLSYPHTVITEVIEGLEVXSYXPMRMRKXLIWXITWSVXIGLRMUYIWSJ]SYVTVS
GIWW -R WSQI GEWIW ]SY [MPP RIIH XS HIQSRWXVEXI XLI WXITW SV XIGLRMUYIW F]
TIVJSVQMRK XLIQ MR JVSRX SJ ]SYV EYHMIRGI 3RI WXYHIRX HMH WPIMKLXSJLERH
QEKMGXVMGOWXSWLS[XLIXIGLRMUYIWFILMRHXLIQ%RSXLIVI\IGYXIHIPIQIR
XEV]XEMGLMQERIYZIVW-RIEGLGEWIXLIHIQSRWXVEXMSRRSXSRP]GPEVMJMIHXLI
WTIEOIVtWTVSGIWWFYXGETXMZEXIHXLIEYHMIRGIEW[IPP -J]SYEVIYWMRKZMWYEP
EMHWSJER]OMRHFIWYVIXSVIZMI['LETXIV

;LIRMRJSVQMRKEFSYXETVSGIWW]SY[MPPYWYEPP]EVVERKI]SYVWTIIGLMR
GLVSRSPSKMGEPSVHIVI\TPEMRMRKXLITVSGIWWWXITF]WXITJVSQFIKMRRMRKXSIRH
*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVVMXYEPWSJEXVEHM
XMSREP&IRKEPM[IHHMRKMR-RHME


8]TIWSJ-RJSVQEXMZI7TIIGLIW%REP]WMWERH3VKERM^EXMSR



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS-RJSVQ

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

'IRXVEP-HIE

%XVEHMXMSREP&IRKEPM[IHHMRKGSRWMWXWSJEWIVMIWSJVMXYEPWXLEX
XEOITPEGIFIJSVIHYVMRKERHEJXIVXLI[IHHMRKGIVIQSR]

1EMR4SMRXW

- 4VI[IHHMRKVMXYEPWMRGPYHIKMZMRKKMJXWXSXLIFVMHIERH
KVSSQERHHVIWWMRKXLIFVMHIMRXVEHMXMSREPJEWLMSR
-- 6
 MXYEPWHYVMRKXLI[IHHMRKGIVIQSR]MRGPYHIERI\GLERKI
SJKEVPERHWFIX[IIRXLIFVMHIERHKVSSQXLIGLERXMRKSJ
QERXVEWERHXLIKMZMRKE[E]SJXLIFVMHIF]LIVYRGPI
--- 4SWX[IHHMRKVMXYEPWMRGPYHIEGIPIFVEXMSREXXLILSQISJ
XLIFVMHItWJEQMP]EVIGITXMSREXXLILSQISJXLIKVSSQtW
JEQMP]ERHXLIJSVQEPI\MXSJXLIFVMHIERHKVSSQ


7SQIXMQIW VEXLIV XLER QSZMRK XLVSYKL E TVSGIWW WXIT F] WXIT ]SY [MPP
JSGYW SR XLI QENSV TVMRGMTPIW SV XIGLRMUYIWMRZSPZIHMR TIVJSVQMRK XLITVS
GIWW8LIR]SY[MPPSVKERM^I]SYVWTIIGLMRXSTMGEPSVHIV)EGLQEMRTSMRX[MPP
HIEP[MXLEWITEVEXITVMRGMTPISVXIGLRMUYI*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIGSQQSRQIXLSHWYWIHF]
WXEKIQEKMGMERWXSTIVJSVQXLIMVXVMGOW
'IRXVEP-HIE

7XEKIQEKMGMERWYWIX[SGSQQSRQIXLSHWXSTIVJSVQXLIMV
XVMGOWhQIGLERMGEPHIZMGIWERHWPIMKLXSJLERH

1EMR4SMRXW

- 1ER]QEKMGXVMGOWVIP]SRQIGLERMGEPHIZMGIWXLEXQE]
VIUYMVIPMXXPIWOMPPF]XLIQEKMGMER
-- 3
 XLIVQEKMGXVMGOWHITIRHSRXLIQEKMGMERtWWOMPPMR
JSSPMRKTISTPIF]WPIMKLXSJLERHQERMTYPEXMSR


'SRGMWISVKERM^EXMSRMWIWTIGMEPP]MQTSVXERXMRWTIIGLIWEFSYXTVSGIWWIW
=SYQYWXQEOIWYVIIEGLWXITMWGPIEVERHIEW]XSJSPPS[-J]SYVTVSGIWWLEW
QSVIXLERJSYVSVJMZIWXITWKVSYTXLIWXITWMRXSYRMXWXSPMQMXXLIRYQFIVSJ
QEMR TSMRXW *SV I\EQTPI MR E WTIIGL I\TPEMRMRK LS[ XS WIX YT E LSQI
EUYEVMYQEWXYHIRXTVIWIRXIHXLIJSPPS[MRKQEMRTSMRXW
 - *MVWX]SYQYWXGLSSWIXLIWM^ISJ]SYVXERO
 -- 8LIR]SYQYWXHIXIVQMRIXLIWLETISJ]SYVXERO
 --- =SYQYWXEPWSHIGMHILS[QYGL]SYGEREJJSVHXSTE]JSVEXERO
 -: 3RGI]SYLEZIXLIXERO]SYRIIHEJMPXIVW]WXIQ
 : %LIEXIVMWEPWSEFWSPYXIP]RIGIWWEV]
 :- =SYQYWXEPWSKIXEREMVTYQT
:-- 3RGIXLMWMWHSRI]SYRIIHXSGLSSWIKVEZIPJSVXLIXERO
:--- =SY[MPPEPWSRIIHTPERXW
 -< 3XLIVHIGSVEXMSRW[MPPVSYRHSYXXLIIJJIGXWSJ]SYVEUYEVMYQ
 < 2S[]SYEVIVIEH]XSEHHXLIJMWL
 <- *VIWL[EXIVJMWLEVIXLIQSWXGSQQSR
<-- 7EPX[EXIVJMWLEVIQSVII\TIRWMZIERHVIUYMVIWTIGMEPGEVI

2SXWYVTVMWMRKP]XLMW[EWXSSQYGLJSVXLIEYHMIRGIXSJSPPS[8LIWTIEOIV
WLSYPHLEZISVKERM^IHXLITSMRXWWSQIXLMRKPMOIXLMW
 - 8LIJMVWXWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWGLSSWMRKEXERO
%8LIWM^ISJXLIXEROMWMQTSVXERX
&8LIWLETISJXLIXEROMWMQTSVXERX
'8LIGSWXSJXLIXEROMWMQTSVXERX


',%48)6 74)%/-2+83-2*361

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS-RJSVQ

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

-- 8LIWIGSRHWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWIUYMTTMRKXLIXERO
%=SY[MPPRIIHEJMPXIVW]WXIQ
&=SY[MPPRIIHELIEXIV
'=SY[MPPRIIHEREMVTYQT
(=SY[MPPRIIHKVEZIP
)=SY[MPPRIIHTPERXW
*=SYQE]EPWS[ERXSXLIVHIGSVEXMSRW
--- 8LIXLMVHWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWEHHMRKXLIJMWL
%*VIWL[EXIVJMWLEVIXLIQSWXGSQQSRJSVLSQIEUYEVMYQW
&7EPX[EXIVJMWLEVIQSVII\TIRWMZIERHVIUYMVIWTIGMEPGEVI
8LIWYFTSMRXWGSZIVXLIWEQIXIVVMXSV]EWXLISVMKMREPX[IPZITSMRXWFYXXLVII
QEMRTSMRXWEVIQYGLIEWMIVXSYRHIVWXERHERHVIQIQFIV

74))',)7%&398):)287
8LI6ERHSQ,SYWI(MGXMSREV]HIJMRIWERIZIRXEWqER]XLMRKXLEXLETTIRWSVMW
VIKEVHIHEWLETTIRMRKr&]XLMWHIJMRMXMSRXLIJSPPS[MRKEVII\EQTPIWSJWYMX
EFPIWYFNIGXWJSVMRJSVQEXMZIWTIIGLIWEFSYXIZIRXW
IZIRX
,SPSGEYWX

QSYRXEMRGPMQFMRK

GMZMPVMKLXWQSZIQIRX

NSFMRXIVZMI[W

'MRGSHI1E]S

XWYREQMW

EXXIRXMSRHIJMGMXHMWSVHIV

&EXXPISJ0MXXPI&MK,SVR

%R]XLMRKXLEXLETTIRWSVMW
VIKEVHIHEWLETTIRMRK


%WYWYEP]SY[MPPRIIHXSREVVS[ ]SYVJSGYW ERHTMGOEWTIGMJMGTYVTSWI
]SYGEREGGSQTPMWLMREWLSVXWTIIGL,IVIEVII\EQTPIWSJKSSHWTIGMJMGTYV
TSWIWXEXIQIRXWJSVMRJSVQEXMZIWTIIGLIWEFSYXIZIRXW
8SMRJSVQQ]EYHMIRGISJXLIJIWXMZMXMIWEX1I\MGStW'MRGSHI1E]SGIPIFVEXMSR
8SMRJSVQQ]EYHMIRGIEFSYX[LEXLETTIRIHEXXLI&EXXPISJ0MXXPI&MK,SVR
8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVX]TIWSJXLIVETIYXMGQEWWEKI


8LIVI EVI QER] [E]W XS HMWGYWW IZIRXW -J ]SYV WTIGMJMG TYVTSWI MW XS
VIGSYRXXLILMWXSV]SJERIZIRX]SY[MPPSVKERM^I]SYVWTIIGLMRGLVSRSPSKMGEP
SVHIVVIPEXMRKXLIMRGMHIRXWSRIEJXIVERSXLIVMRXLISVHIVXLI]SGGYVVIH*SV
I\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLILMWXSV]SJXLI4EVEP]QTMGW
'IRXVEP-HIE

3P]QTMGWX]PIKEQIWJSVEXLPIXIW[MXLTL]WMGEPHMWEFMPMXMIW
LEZIQEHIKVIEXWXVMHIWWMRGIXLIJMVWXGSQTIXMXMSRQSVI
XLER]IEVWEKS

1EMR4SMRXW

- ;
 LEX[SYPHIZIRXYEPP]FIGSQIXLI4EVEP]QTMGWFIKER
MR[MXLEWTSVXWGSQTIXMXMSRMR+VIEX&VMXEMRMRZSPZ
MRK;SVPH;EV--ZIXIVERW[MXLWTMREPGSVHMRNYVMIW
-- - RXLIIZIRXI\TERHIH[LIREXLPIXIWJVSQXLI
2IXLIVPERHWXSSOTEVX
--- 8LIJMVWXSJJMGMEP4EVEP]QTMG+EQIWJSVMRXIVREXMSREP
EXLPIXIWXSSOTPEGIMR6SQIMR




8]TIWSJ-RJSVQEXMZI7TIIGLIW%REP]WMWERH3VKERM^EXMSR



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS-RJSVQ

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

(S]SYRIIHUYMGOEGGIWWXSJEGXWEFSYX]SYVMRJSVQEXMZIWTIIGLXSTMG#0SKSR
XS XLI -RXIVRIX 4YFPMG 0MFVEV]tW 7YFNIGX 'SPPIGXMSR [[[MTPSVKHMZWYFNIGX 
[LMGLSJJIVWPMROWXSE[MHIVERKISJLMKLUYEPMX]VIWSYVGIWGLSWIRJSVXLIMVEGGY
VEXIERHVIPMEFPIMRJSVQEXMSR
-J]SYEVIKMZMRKERMRJSVQEXMZIWTIIGLSREXSTMG[MXLQYPXMGYPXYVEPHMQIRWMSRW
]SYQE]JMRHXLIJSPPS[MRK;IFWMXIWYWIJYP
=ELSS6IKMSREP LXXTHMV]ELSSGSQ6IKMSREP
;;;:MVXYEP0MFVEV]%QIVMGER-RHMERW [[[LEROWZMPPISVK2%VIWSYVGIW
4VMRGIXSR 9RMZIVWMX] 0MFVEV] %WMER%QIVMGER7XYHMIW LXXTJMVIWXSRITVMRGIXSR
IHYEWMEREQIVMGER

-RXIVRIX
'SRRIGXMSR

0EXMRS,MWTERMG6IWSYVGIW [[[VGJYWGIHYbGQQV0EXMRSLXQP
%JVMGER%QIVMGER;IF'SRRIGXMSR [[[EE[GGSQ

[[[GSRRIGXPYGEWGSQ

-: - REREKVIIQIRX[EWWMKRIHSJJMGMEPP]LSPHMRKXLI
4EVEP]QTMG+EQIWEPSRKWMHIXLIWYQQIVERH[MRXIV
3P]QTMG+EQIW


=SYGERETTVSEGLERIZIRXJVSQEPQSWXER]ERKPISVGSQFMREXMSRSJERKPIWh
JIEXYVIWSVMKMRWMQTPMGEXMSRWFIRIJMXWJYXYVIHIZIPSTQIRXWERHWSJSVXL-RWYGL
GEWIW]SY[MPPTYX]SYVWTIIGLXSKIXLIVMRXSTMGEPSVHIV%RH]SYWLSYPHQEOIWYVI
]SYVQEMRTSMRXWWYFHMZMHIXLIWYFNIGXPSKMGEPP]ERHGSRWMWXIRXP]*SVMRWXERGI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLVIIEWTIGXWSJXLI1EVHM
+VEWGIPIFVEXMSRMR2I[3VPIERW
'IRXVEP-HIE

8LI1EVHM+VEWGIPIFVEXMSRMR2I[3VPIERWMWVIRS[RIHJSV
MXWTEVEHIWGSWXYQIWERHJSSH

1EMR4SMRXW

- 8LITEVEHIWEVIPEZMWLIZIRXWXLEXXEOITPEGISZIVXLI
GSYVWISJWIZIVEP[IIOW
-- 8
 LIGSWXYQIWMRGPYHIHMWKYMWIWQIHEPPMSRWERHXLISJJM
GMEP1EVHM+VEWGSPSVWSJTYVTPIKVIIRERHKSPH
--- 8LIJSSHJIEXYVIW'ENYRERH'VISPIHMWLIWGSQQSRXS
WSYXLIVR0SYMWMERE




74))',)7%&398'32')487
'SRGITXWMRGPYHIFIPMIJWXLISVMIWMHIEWTVMRGMTPIWERHXLIPMOI8LI]EVIQSVI
EFWXVEGXXLERSFNIGXWTVSGIWWIWSVIZIRXW8LIJSPPS[MRKEVII\EQTPIWSJWYF
NIGXWJSVWTIIGLIWEFSYXGSRGITXW



'SRJYGMERMWQ

WXVMRKXLISV]

TLMPSWSTLMIWSJIHYGEXMSR

TVMRGMTPIWSJJIQMRMWQ

SVMKMREPMRXIRXHSGXVMRI

I\MWXIRXMEPMWQ

RYQIVSPSK]

LYQERVMKLXW

',%48)6 74)%/-2+83-2*361

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS-RJSVQ

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

-RJSVQEXMZIWTIIGLIWXEOI
TPEGIMRE[MHIVERKISJWMXY
EXMSRW,IVI'LMRIWIWGMIRXMWX
<Y<MRKWTIEOWXSERMRXIVRE
XMSREPEYHMIRGIMR&IMNMRK
EFSYXXLIHMWGSZIV]SJXLI
[SVPHtWPEVKIWXFMVHPMOI
HMRSWEYV


8EOMRK E JI[ SJ XLIWI KIRIVEP WYFNIGXW LIVI EVI WSQI WTIGMJMG TYVTSWI GSRGITX
WXEXIQIRXWJSVWTIIGLIWEFSYXGSRGITXW
%FIPMIJXLISV]MHIERSXMSR

TVMRGMTPISVXLIPMOI
8SMRJSVQQ]EYHMIRGIEFSYXXLIFEWMGTVMRGMTPIWSJ'SRJYGMERMWQ
8SMRJSVQQ]EYHMIRGIEFSYXXLIHSGXVMRISJSVMKMREPMRXIRXMRGSRWXMXYXMSREP
MRXIVTVIXEXMSR
8SMRJSVQQ]EYHMIRGIEFSYXXLIHMJJIVIRXTLMPSWSTLMIWSJIHYGEXMSRMR)YVSTIERH
XLI9RMXIH7XEXIW


7TIIGLIWEFSYXGSRGITXWEVIYWYEPP]SVKERM^IHMRXSTMGEPSVHIVERHJSGYWSR
XLIQEMRJIEXYVIWSVEWTIGXWSJ]SYVGSRGITX*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIFEWMGTVMRGMTPIWSJRSRZM
SPIRXVIWMWXERGI
'IRXVEP-HIE

8LIFEWMGTVMRGMTPIWSJRSRZMSPIRXVIWMWXERGIWXVIWWYWMRK
QSVEPQIERWXSEGLMIZIWSGMEPGLERKIVIJYWMRKXSMRJPMGX
ZMSPIRGISRSRItWIRIQMIWERHYWMRKWYJJIVMRKEWEWSGMEP
JSVGI

1EMR4SMRXW

- 8
 LIJMVWXQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMWXLEX
WSGMEPGLERKIQYWXFIEGLMIZIHF]QSVEPQIERW
-- 8
 LIWIGSRHQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMW
XLEXSRIWLSYPHRSXMRJPMGXZMSPIRGISRSRItWIRIQMIW
--- 8
 LIXLMVHQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMWXLEX
WYJJIVMRKGERFIETS[IVJYPWSGMEPJSVGI




8]TIWSJ-RJSVQEXMZI7TIIGLIW%REP]WMWERH3VKERM^EXMSR



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS-RJSVQ

8I\X

8LI1G+VE[n,MPP
'SQTERMIW


%RSXLIVETTVSEGLMWXSHIJMRIXLIGSRGITX]SYEVIHIEPMRK[MXLMHIRXMJ]
MXW QENSV IPIQIRXW ERH MPPYWXVEXI MX [MXL WTIGMJMG I\EQTPIW %R I\GIPPIRX
MRWXERGISJXLMWGEQIMREWXYHIRXWTIIGLEFSYX-WPEQ
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIFEWMGTVMRGMTPIWSJ-WPEQ
'IRXVEP-HIE

8LIFIPMIJWSJ-WPEQGERFIXVEGIHXSXLITVSTLIX1YLEQ
QEHEVI[VMXXIRMRXLI/SVERERHLEZITVSHYGIHERYQFIV
SJWIGXW

1EMR4SMRXW

- -WPEQ[EWJSYRHIHF]XLITVSTLIX1YLEQQEHMRXLI
IEVP]W
-- 8
 LIXIEGLMRKWSJ-WPEQEVI[VMXXIRMRXLI/SVERXLILSP]
FSSOSJ-WPEQ
--- 8SHE]-WPEQMWHMZMHIHMRXSERYQFIVSJWIGXWXLIPEVKIWX
SJ[LMGLEVIXLI7YRRMWERHXLI7LMMXIW





7TIIGLIWEFSYXGSRGITXWEVISJXIRQSVIGSQTPI\XLERSXLIVOMRHWSJMRJSV
QEXMZIWTIIGLIW;LIRHIEPMRK[MXLGSRGITXWTE]WTIGMEPEXXIRXMSRXSEZSMH
MRKXIGLRMGEPPERKYEKIXS HIJMRMRK XIVQWGPIEVP]ERHXS YWMRK I\EQTPIW ERH
GSQTEVMWSRWXSMPPYWXVEXIXLIGSRGITXW

0SSOJSVI\EQTPIEX:MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV[LMGLTVIWIRXWERI\GIVTXJVSQ EWXYHIRXWTIIGLEFSYXXLI'LMRIWI
TLMPSWSTL] SJ 'SRJYGMERMWQ 2SXMGI LS[ XLI WXYHIRX HIJMRIW 'SRJYGMERMWQ
ERH XLIR I\TPEMRW MXW YRMJ]MRK TVMRGMTPI SJ NIR -J ]SY KMZI ER MRJSVQEXMZI
WTIIGLEFSYXEGSRGITXKMZIWTIGMEPXLSYKLXXSLS[]SYGERQEOIXLEXGSR
GITXGPIEVERHGSQTVILIRWMFPIXS]SYVPMWXIRIVW
GSRRIGXPYGEWGSQ
:MI[ERI\GIVTXJVSQq'SRJY
GMERMWQrMRXLISRPMRI1IHME
0MFVEV]JSVXLMWGLETXIV
:MHIS'PMT 

8LIPMRIWHMZMHMRKWTIIGLIWEFSYXSFNIGXWTVSGIWWIWIZIRXWERHGSRGITXWEVI
RSXEFWSPYXI7SQIWYFNIGXWGSYPHJMXMRXSQSVIXLERSRIGEXIKSV]HITIRH
MRK SR LS[ ]SY HIZIPST XLI WTIIGL *SV I\EQTPI E WTIIGL EFSYX XLI
HIWXVYGXMSR SJ ERGMIRX 4SQTIMM F] XLI IVYTXMSR SJ 1SYRX :IWYZMYW [SYPH
TVSFEFP]HIEP[MXLMXWWYFNIGXEWERIZIRXFYXEWTIIGLSR[LEXGEYWIWZSP
GERSIWXSIVYTX[SYPHQSWXPMOIP]XVIEXMXWWYFNIGXEWETVSGIWW8LIMQTSV
XERX WXIT MW XS HIGMHI [LIXLIV ]SY [MPP LERHPI ]SYV WYFNIGX EW ER SFNIGX E
TVSGIWW ER IZIRX SV E GSRGITX 3RGI ]SY HS XLEX ]SY GER HIZIPST XLI
WTIIGLEGGSVHMRKP]

6IKEVHPIWWSJLS[]SYETTVSEGL]SYVXSTMGFIWYVIXSKMZIPMWXIRIVWTPIRX]
SJLIPTMRWSVXMRKSYXJEGXWERHMHIEW3RI[E]MWF]YWMRKIRSYKLXVERWMXMSRW
MRXIVREPTVIZMI[WMRXIVREPWYQQEVMIWERHWMKRTSWXW WII'LETXIV %RSXLIV
[E]MWXSJSPPS[XLISPHQE\MQq8IPPtIQ[LEX]SYtVIKSMRKXSWE]WE]MXXLIR
XIPPtIQ[LEX]SYtZIWEMHr-RSXLIV [SVHW TVIZMI[XLIQEMRTSMRXWSJ]SYV
WTIIGLMRXLIMRXVSHYGXMSRERHWYQQEVM^IXLIQMRXLIGSRGPYWMSR8LMW[MPP
QEOI]SYVWTIIGLIEWMIVXSYRHIVWXERHERHIEWMIVXSVIQIQFIV

+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK
%PP XLI TVIZMSYW GLETXIVW SJ XLMW FSSO VIPEXI XS XLI TVMRGMTPIW SJ MRJSVQEXMZI
WTIEOMRK7IPIGXMRKEXSTMGERHWTIGMJMGTYVTSWIEREP]^MRKXLIEYHMIRGIKEXL
IVMRK QEXIVMEPW GLSSWMRK WYTTSVXMRK HIXEMPW SVKERM^MRK XLI WTIIGL YWMRK


',%48)6 74)%/-2+83-2*361

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS-RJSVQ

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

[SVHW XS GSQQYRMGEXI QIERMRK HIPMZIVMRK XLI WTIIGLhEPP QYWX FI HSRI
IJJIGXMZIP]MJERMRJSVQEXMZIWTIIGLMWXSFIEWYGGIWW,IVI[IIQTLEWM^IJMZI
EHHMXMSREPTSMRXWXLEX[MPPLIPTQEOI]SYVWEWYGGIWW

(32t83:)6)78-1%8);,%88,)%9(-)2')/23;7
-REWTIIGLEFSYXQIXISVSPSK]EWXYHIRXWEMHq-JQSHIVRQIXLSHWSJ[IEXLIV
JSVIGEWXMRKLEHI\MWXIHMRXLI+EPZIWXSRLYVVMGERIHMWEWXIV[SYPHRIZIV
LEZI XEOIR TPEGIr 8LIR LI [EW SJJ XS SXLIV QEXXIVW PIEZMRK LMW PMWXIRIVW XS
TY^^PISZIV [LEX XLI +EPZIWXSR LYVVMGERI [EW [LIR MX LETTIRIH ERH[LEX
OMRHSJHIWXVYGXMSRMX[VIEOIH

8LI WTIEOIV EWWYQIH LMW EYHMIRGI EPVIEH] ORI[ XLIWI XLMRKW &YX XLI]
[IVIRSXI\TIVXWSRQIXISVSPSK]SVSR%QIVMGERLMWXSV])ZIRXLSWI[LSLEH
LIEVHSJXLILYVVMGERILEHSRP]EJY^^]RSXMSRSJMX3RP]XLIWTIEOIVORI[
XLEXXLILYVVMGERI[LMGLOMPPIHQSVIXLERTISTPI[LIRMXYRI\TIGXIHP]
WXVYGOSR7ITXIQFIVMWWXMPPXLIHIEHPMIWXREXYVEPHMWEWXIVMR%QIVMGER
LMWXSV]

%WQER]WTIEOIVWLEZIHMWGSZIVIHMXMWIEW]XSSZIVIWXMQEXIXLIEYHMIRGItW
WXSGOSJMRJSVQEXMSR-RQSWXMRJSVQEXMZIWTIIGLIW]SYVPMWXIRIVW[MPPFISRP]
ZEKYIP] ORS[PIHKIEFPI EX FIWX  EFSYX XLI HIXEMPW SJ ]SYV XSTMG =SY GERRSX
EWWYQI XLI] [MPP ORS[ [LEX ]SY QIER 6EXLIV ]SY QYWX FI WYVI XS I\TPEMR
IZIV]XLMRKWSXLSVSYKLP]XLEXXLI]GERRSXLIPTFYXYRHIVWXERH%W]SY[SVO
SR ]SYV WTIIGL EP[E]W GSRWMHIV [LIXLIV MX [MPP FI GPIEV XS WSQISRI [LS MW
LIEVMRKEFSYXXLIXSTMGJSVXLIJMVWXXMQI

7YTTSWI]SYEVIXEPOMRKEFSYX6SXL-6%WEX]TISJMRHMZMHYEPVIXMVIQIRX
EGGSYRX ETTVSZIH F] 'SRKVIWW MR  %PXLSYKL WSQI SJ ]SYV GPEWWQEXIW
QMKLXLEZILIEVHSJ6SXL-6%WXLI]TVSFEFP]HSRSXLEZIEJMVQKVEWTSJXLI
WYFNIGX7S]SYWLSYPHWXEVXF]XIPPMRKXLIQ[LEXE6SXL-6%MW,S[[MPP]SY
XIPPXLIQ#,IVItWSRI[E]

-RXVSHYGIH MR  E 6SXL -6% MW E X]TI SJ MRHMZMHYEP VIXMVIQIRX EGGSYRX MR [LMGL
ERRYEPGSRXVMFYXMSRWEVIQEHI[MXLEJXIVXE\HSPPEVWFYXMR[LMGLIEVRMRKWERHHMWXVMFYXMSRW
EVIXE\JVIISRGIXLILSPHIVSJXLIEGGSYRXMW]IEVWSJEKISVSPHIV

8SWSQISRI[LSORS[WEPSXEFSYXIGSRSQMGWXLMWMWTIVJIGXP]GPIEV&YXWSQI
SRI[LSHSIWRSX[MPPPMOIP]KIXPSWXEPSRKXLI[E]8LIXSRISJXLIWXEXIQIRX
MWXLEX SJ E WTIEOIVVIZMI[MRKMRJSVQEXMSREPVIEH] JEQMPMEV XS XLI EYHMIRGIh
RSXSJEWTIEOIVMRXVSHYGMRKRI[MRJSVQEXMSR

,IVIMRGSRXVEWXMWERSXLIVI\TPEREXMSRSJ6SXL-6%W

;LEXMWE6SXL-RHMZMHYEP6IXMVIQIRX%GGSYRXSV-6%#0IXQII\TPEMR[MXLERI\EQTPI

-QEKMRI]SYVWIPJEJI[]IEVWHS[RXLIVSEHEWEVIGIRXGSPPIKIKVEHYEXI=SYVNSFTE]W
EKSSHWEPEV]FYX]SYtVIWXMPPGSRGIVRIH[MXL]SYVJMRERGIWERH]SYVJYXYVI%JXIVEPPIZIV]
SRIOIITWXIPPMRK]SYXSWXEVXTPERRMRKJSVVIXMVIQIRXIEVP]

-REHHMXMSRXS7SGMEP7IGYVMX]]SYLEZIERYQFIVSJVIXMVIQIRXTPERRMRKSTXMSRW3RI
MWXLI6SXL-6%7YTTSWI]SYTPEGIMRXSE6SXL-6%IZIV]]IEV7YTTSWIEPWSXLEX
]SYVQSRI]KVS[WEXEREZIVEKIVEXISJTIVGIRXE]IEV

-J]SYWXEVXTYXXMRKQSRI]MREXEKIERH[MXLHVE[MXEXEKI]SY[MPPLEZIER
EGGSYRX [SVXL QSVI XLER  QMPPMSR 1SVISZIV YRPMOI SXLIV VIXMVIQIRX EGGSYRXW ]SY
[SRtXLEZIXSTE]XE\IWSR]SYVQMPPMSRIZIRMJ]SYXEOIMXSYXEPPEXSRGI

7S]SYGERWII[L]6SXL-6%WEVIWSTSTYPEV=SY[MRFSXL[E]Wh]SYVQSRI]KVS[W
XE\JVIIERHMXMWJVIISJXE\IW[LIR]SY[MXLHVE[MX


+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS-RJSVQ

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

8LMWI\TPEREXMSRMWGPIEVERHWMQTPI-XWXSRIMWXLEXSJEXIEGLIVYRVEZIPMRK
ERI[WYFNIGX

-WMXXSSWMQTPI#2SXEXEPP8LIXIWXSJEKSSHWTIEOIVMWXSGSQQYRMGEXI
IZIRXLIQSWXGSQTPI\MHIEWGPIEVP]ERHWMQTP]%R]SRIGERKSXSEFSSOERH
JMRHEPIEVRIHWSYRHMRKHIJMRMXMSRSJE6SXL-6%&YXXSWE]MRTPEMR)RKPMWL
[LEXE6SXL-6%MWhXLEXXEOIWLEVH[SVOERHGVIEXMZIXLMROMRK

%PWSVIQIQFIVXLEXVIEHIVWGERWXYH]ETVMRXIHTEWWEKIEKEMRERHEKEMR
YRXMP XLI] I\XVEGX MXW QIERMRK FYX PMWXIRIVW HSRtX LEZI XLEX PY\YV] 8LI]
QYWX YRHIVWXERH [LEX ]SY WE] MR XLI XMQI MX XEOIW ]SY XS WE] MX 8LI QSVI
]SY EWWYQI XLI] ORS[ EFSYX XLI XSTMG XLI KVIEXIV ]SYV GLERGIW SJ FIMRK
QMWYRHIVWXSSH

6)0%8)8,)79&.)'8(-6)'80=838,)%9(-)2')
8LI &VMXMWL HVEQEXMWX 3WGEV ;MPHI EVVMZIH EX LMW GPYF EJXIV XLI HMWEWXVSYW STIRMRKRMKLX
TIVJSVQERGISJLMWRI[TPE]

q3WGEVLS[HMH]SYVTPE]KS#rEWOIHEJVMIRH

q3Lr;MPHIUYMTTIHqXLITPE][EWEKVIEXWYGGIWWFYXXLIEYHMIRGI[EWEJEMPYVIr


7TIEOIVWLEZIFIIRORS[RXSKMZI QYGLXLI WEQI ERW[IVMR WEZMRK JEGI
EJXIVEHMWQEPMRJSVQEXMZIWTIIGLq3LrXLI]WE]qXLIWTIIGL[EWJMRIFYXXLI
EYHMIRGINYWX[EWRtXMRXIVIWXIHr%RHXLI]EVIEXPIEWXTEVXP]VMKLXhXLIEYHM
IRGI [EWRtX MRXIVIWXIH &YX XLIVI MW RS WYGL XLMRK EW E JMRI WTIIGL XLEX TYXW
TISTPIXSWPIIT-XMWXLIWTIEOIVtWNSFXSKIXPMWXIRIVWMRXIVIWXIHhERHXSOIIT
XLIQMRXIVIWXIH

-RJSVQEXMZIWTIEOIVWLEZISRIFMKLYVHPIXSSZIVGSQI8LI]QYWXVIGSK
RM^I XLEX [LEX MW JEWGMREXMRK XS XLIQ QE] RSX FI JEWGMREXMRK XS IZIV]FSH]
3RGI]SYLEZIGLSWIREXSTMGXLEXGSYPHTSWWMFP]FIMRXIVIWXMRKXS]SYVPMWXIR
IVW]SYWLSYPHXEOIWTIGMEPWXITWXSVIPEXIMXXSXLIQ=SYWLSYPHXMIMXMR[MXL
XLIMVMRXIVIWXWERHGSRGIVRW

7XEVXMRXLIMRXVSHYGXMSR-RWXIEHSJWE]MRK


GSRRIGXPYGEWGSQ
:MI[XLMWI\GIVTXJVSQq8LI
,MHHIR;SVPHSJ'LMPM4IT
TIVWrMRXLISRPMRI1IHME
0MFVEV]JSVXLMWGLETXIV
:MHIS'PMT 

-[ERXXSXEPO[MXL]SYEFSYXGLMPMTITTIVW

]SYGSYPHWE]

-QEKMRI]SYVQSYXLFYVRMRKPMOI[MPHJMVI]SYVI]IWWUYMVXMRKSYXYRGSRXVSPPEFPIXIEVW
ERH ]SYV JEGI VIH ERH W[IEXMRK TVSJYWIP] %VI ]SY WMGO# 2S =SY NYWX XSSO E FMXI SJ E
WGVIEQMRKLSXGLMPMTITTIV'SRKVEXYPEXMSRW=SYtVITEVXEOMRKMRE[SVPH[MHIXVEHMXMSRXLEX
LEWFIIRWTMGMRKYTPMZIWERHHMIXWJSVXLSYWERHWSJ]IEVW


&YXHSRtXWXST[MXLXLIMRXVSHYGXMSR;LIRIZIV]SYGERTYX]SYVPMWXIRIVW
MRXS XLI FSH] SJ XLI WTIIGL %JXIV EPP RSXLMRK MRXIVIWXW TISTPI QSVI XLER
XLIQWIPZIW*MRH[E]WXSXEPOEFSYX]SYVXSTMGMRXIVQWSJ]SYVPMWXIRIVW&VMRK
]SYVQEXIVMEPLSQIXSXLIQ+IXMXEWGPSWIXSXLIQEWTSWWMFPI

,IVItWERI\EQTPI0IXtWWE] ]SYEVII\TPEMRMRKLS[ TISTPIGERHMWGSZIV
[LIXLIV XLI] EVI qWIGVIX WSYXLTE[WrhXLEX MW TISTPI [LS EVI REXYVEPP] PIJX
LERHIH FYX [LS LEZI KVS[R YT YWMRK XLIMV VMKLX LERH =SY LEZI TPIRX] SJ
JEGXWERHGSYPHVIGMXIXLIQPMOIXLMW

%GGSVHMRK XS 7GMIRGI QEKE^MRI LEPJ SJ EPP TISTPI [LS EVI REXYVEPP] PIJXLERHIH
EWWYQIXLI]EVIVMKLXLERHIHFIGEYWIXLEXMWXLILERHXLI]YWIXSIEXXS[VMXIERHXS


',%48)6 74)%/-2+83-2*361

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS-RJSVQ

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

-RJSVQEXMZIWTIEOIVW[SVO
SRGSQQYRMGEXMRKXLIMV
MHIEWMRGPIEVRSRXIGLRMGEP
PERKYEKIEWMPPYWXVEXIHLIVI
F]TEVEQIHMG'LIV]P&MWLST
I\TPEMRMRKXLI,IMQPMGL
QERIYZIVXSEKVSYTSJ
QMHHPIWGLSSPWXYHIRXW

TPE]WTSVXW&YXLS[GERMXFIHIXIVQMRIH[LIXLIVSRIMWEREXYVEPWSYXLTE[#%GGSVHMRK
XS%FVEQ&PEYEYXLSVSJ8LI1EWXIV,ERHXLIVIEVIERYQFIVSJWMQTPIXIWXW*SVSRI
XLMRKQSWXREXYVEPPIJXLERHIVWGER[VMXIWTSRXERISYWP]FEGO[EVHSVYTWMHIHS[R[MXL
XLIPIJXLERH*SVERSXLIV [LIRPIJXLERHIVWGPEWTXLIMV LERHWMR JVSRXSJ XLIQWIPZIW
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%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
%WXLIQEREKIVJSVEPSGEPGLEMRSJGSJJIILSYWIW]SYLEZIFIIREWOIHXSWTIEOXS
E KSYVQIX KVSYT EFSYX LS[ XS QEOI KIRYMRI -XEPMER GETTYGGMRS %W ]SY [VMXI
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 -
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*MVWX]SYQYWXQEOIXLIIWTVIWWS
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4PEGIXLIKVSYRHGSJJIIMRXLIJMPXIVLSPHIVSJXLIIWTVIWWSQEGLMRI
8EQTXLIGSJJIISRGIPMKLXP]XSPIZIPXLIKVMRHMRXLIJMPXIVLSPHIV
0SGOXLIJMPXIVLSPHIVSRXSXLIFVI[LIEHSJXLIIWTVIWWSQEGLMRI
%GXMZEXIXLISRW[MXGLXSI\XVEGXXLIIWTVIWWS
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*MPPEWXIEQMRKTMXGLIVSRIXLMVHJYPPSJZIV]GSPHQMPO
4PEGIXLIWXIEQZIRXSJXLIIWTVIWWSQEGLMRINYWXFIPS[XLIWYVJEGISJXLIQMPOMR
XLITMXGLIV
 < *YPP]STIRXLIWXIEQZIRX



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0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS-RJSVQ

8I\X

8LI1G+VE[n,MPP
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 <- /IITMRK XLI XMT SJ XLI WXIEQ ZIRX NYWX FIPS[ XLI WYVJEGI SJ XLI QMPO QSZI XLI
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SJJERHVIQSZIMXJVSQXLITMXGLIV
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QMPO
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0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS4IVWYEHI

8I\X

8LI1G+VE[n,MPP
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7TIEOMRKXS4IVWYEHI
8LI-QTSVXERGISJ4IVWYEWMSR
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8LI4W]GLSPSK]SJ4IVWYEWMSR
8LI'LEPPIRKISJ4IVWYEWMZI7TIEOMRK
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8LI8EVKIX%YHMIRGI

4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ*EGX
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7EQTPI7TIIGL[MXL'SQQIRXEV]



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS4IVWYEHI

8I\X

8LI1G+VE[n,MPP
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0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS4IVWYEHI

8I\X

8LI1G+VE[n,MPP
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EQSR8VYNMPPSWXEVXIHXLEXTEVXMGYPEVWGLSSPHE]F]WXSTTMRKEXXLIPMFVEV]XSVIXYVRER
SZIVHYIFSSOq0SSOttLII\TPEMRIHXSXLIPMFVEVMERq-ORS[XLMWFSSO[EWHYIPEWX
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6

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8LI-QTSVXERGISJ4IVWYEWMSR

TIVWYEWMSR
8LITVSGIWWSJGVIEXMRK
VIMRJSVGMRKSVGLERKMRK
TISTPItWFIPMIJWSVEGXMSRW



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SV EGXMSRW 8LI EFMPMX] XS WTIEO ERH [VMXI  TIVWYEWMZIP] [MPP FIRIJMX ]SY MR
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97KVSWWHSQIWXMGTVSHYGX
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TSVX 8LI QSVI ]SY ORS[ EFSYX TIVWYEWMSR XLI QSVI IJJIGXMZI ]SY GER FI
MR YWMRK ]SYV TS[IVW SJ GVMXMGEP XLMROMRK XS EWWIWW XLI FEVVEKI SJ TIVWYEWMZI
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QSHIPWSJXLITIVWYEWMZITVSGIWWERHE[MHIVERKISJVIWTIGXIHXLISVMIWEFSYX
LS[TIVWYEWMSR[SVOW-RXLMWGLETXIVERHXLIRI\X[I[MPPI\TPSVIXLITVMR
GMTPIWSJTIVWYEWMSREWXLI]ETTP]XSTYFPMGWTIEOMRK
;LIR ]SY WTIEO XS TIVWYEHI ]SY EGX EW ER EHZSGEXI =SYV NSF MW XS KIX
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',%48)6 74)%/-2+834)679%()

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS4IVWYEHI

8I\X

8LI1G+VE[n,MPP
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FI XS HIJIRH ER MHIE XS VIJYXI ER STTSRIRX XS WIPP E TVSKVEQ SV XS MRWTMVI
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XSEJJIGXMRK]SYVPMWXIRIVWtEXXMXYHIWFIPMIJWSVEGXMSRW

)XLMGWERH4IVWYEWMSR

2SQEXXIV[LEXXLIWTIEOMRKWMXYEXMSR]SYRIIHXSQEOIWYVI]SYVKSEPWEVI
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1IIXMRK XLIWI SFPMKEXMSRW GER FI IWTIGMEPP] GLEPPIRKMRK [LIR ]SY WTIEO XS
TIVWYEHI;SYPH]SYFI[MPPMRKXSWLEHIXLIXVYXLqNYWXEFMXttMJMX[SYPHKYEV
ERXIIEWYGGIWWJYPWTIIGL#,S[EFSYXNYKKPMRKWXEXMWXMGWHSGXSVMRKUYSXEXMSRW
TEWWMRKSJJSTMRMSRWEWJEGXWSVTERHIVMRKXSTVINYHMGIERHWXIVISX]TIW#
9RJSVXYREXIP] XLIVI MW RS WLSVXEKI SJ WTIEOIVWhERH SXLIV TIVWYEHIVWh
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FIRIJMGMEP VIWYPX F] YWMRK YRIXLMGEP QIXLSHW 1EMRXEMRMRK XLI FSRH SJ XVYWX
[MXLPMWXIRIVWMWEPWSZMXEPXSEWTIEOIVtWGVIHMFMPMX]%WMRSXLIVOMRHWSJTYFPMG
WTIEOMRKXLIMHIEPSJIJJIGXMZITIVWYEWMSRMWXLIKSSHTIVWSRWTIEOMRK[IPP
;LIR ]SY [SVO SR ]SYV TIVWYEWMZIWTIIGL OIIT MR QMRH XLI KYMHIPMRIW
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WSYRH ERH XLEX ]SY GER HIJIRH XLIQ MJ XLI] EVI UYIWXMSRIH SV GLEPPIRKIH
7XYH]XLIXSTMGXLSVSYKLP]WS]SY[SRtXQMWPIEH]SYVEYHMIRGIXLVSYKLWLSHH]
VIWIEVGLSVQYHHPIHXLMROMRK0IEVREFSYXEPPWMHIWSJERMWWYIWIIOSYXGSQ
TIXMRKZMI[TSMRXWERHKIX]SYVJEGXWVMKLX
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HIGITXMZIWXEXIQIRXW%PWSFISRKYEVHEKEMRWXQSVIWYFXPIJSVQWSJHMWLSRIWX]
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QMWVITVIWIRXMRKXLIWSYVGIWSJJEGXWERHJMKYVIW8EOIGEVIXSTVIWIRXWXEXMWXMGW
XIWXMQSR]ERHSXLIVOMRHWSJIZMHIRGIJEMVP]ERHEGGYVEXIP]
/IITMRQMRHEW[IPPXLITS[IVSJPERKYEKIERHYWIMXVIWTSRWMFP]7LS[
VIWTIGXJSVXLIVMKLXWSJJVIIWTIIGLERHI\TVIWWMSRERHWXE]E[E]JVSQREQI
GEPPMRKERHSXLIVJSVQWSJEFYWMZIPERKYEKI*MREPP]GLIGOXLIWIGXMSRSJ'LET
XIVXLEXHMWGYWWIWXLIVSPISJIQSXMSREPETTIEP TEKIWi 1EOIWYVI
XLEX ER] IQSXMSREP ETTIEP ]SY YWI MW ETTVSTVMEXI XS XLI XSTMG ERH XLEX ]SY
FYMPH ]SYV WTIIGL SR E JMVQ FEWI SJ JEGXW ERH PSKMG FIJSVI ETTIEPMRK XS ]SYV
EYHMIRGItWIQSXMSRW%MQEXXLILMKLIWXWXERHEVHWERHGSRWXVYGX]SYVWTIIGL
WSMX[MPPFIFSXLGSRZMRGMRKERHIXLMGEPP]WSYRH

8LI4W]GLSPSK]SJ4IVWYEWMSR

4IVWYEWMSRMWETW]GLSPSKMGEPTVSGIWW-XSGGYVWMREWMXYEXMSR[LIVIX[SSVQSVI
TSMRXW SJ ZMI[ I\MWX 8LI WTIEOIV WYTTSVXW 7SGMEP 7IGYVMX] VIJSVQ FYX QER]
PMWXIRIVWHSRSX8LIWTIEOIVGSRWMHIVWGPSRMRKMQQSVEPFYXWSQIMRXLIEYHM
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8LI4W]GLSPSK]SJ4IVWYEWMSR



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS4IVWYEHI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

QE]FIGSQTPIXIP]STTSWIHSVXLI]QE]WMQTP]FIHMJJIVIRXMRHIKVII;LMGL
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TIVWYEWMSR

8,)',%00)2+)3*4)679%7-:)74)%/-2+
3J EPP XLI OMRHW SJ TYFPMG WTIEOMRK TIVWYEWMSR MW XLI QSWX GSQTPI\ ERH XLI
QSWXGLEPPIRKMRK=SYVSFNIGXMZIMWQSVIEQFMXMSYWXLERMRWTIEOMRKXSMRJSVQ
ERHEYHMIRGIEREP]WMWERHEHETXEXMSRFIGSQIQYGLQSVIHIQERHMRK-RWSQI
TIVWYEWMZIWTIIGLIW]SY[MPPHIEP[MXLGSRXVSZIVWMEPXSTMGWXLEXXSYGLSR]SYV
PMWXIRIVWtFEWMGEXXMXYHIWZEPYIWERHFIPMIJW8LMWQE]MRGVIEWIXLIMVVIWMWXERGI
XSTIVWYEWMSRERHQEOI]SYVXEWOQSVIHMJJMGYPX
-XMWQYGLIEWMIVJSVI\EQTPIXSI\TPEMRXLILMWXSV]SJGETMXEPTYRMWLQIRX
XLERXSTIVWYEHIEREYHMIRGIIMXLIVXLEXGETMXEPTYRMWLQIRXWLSYPHFIEFSP
MWLIHSVXLEXMXWLSYPHFIVIMRWXMXYXIHMRIZIV]WXEXI-RXLITIVWYEWMZIWTIIGL
]SYQYWXGSRXIRHRSXSRP][MXL]SYVEYHMIRGItWORS[PIHKISJGETMXEPTYRMWL
QIRXFYXEPWS[MXLXLIMVEXXMXYHIWXS[EVHGVMQIERHNYWXMGIXLIMVFIPMIJWEFSYX
XLIHIXIVVIRXZEPYISJGETMXEPTYRMWLQIRXERHXLIMVZEPYIWEFSYXXLIXEOMRKSJ
LYQERPMJI 0MRIW SJEVKYQIRXXLEX[SVO [MXL SRITEVX SJ XLIEYHMIRGI QE]
JEMP[MXLhSVIZIRYTWIXhERSXLIVTEVX;LEXWIIQWTIVJIGXP]PSKMGEPXSWSQI
PMWXIRIVWQE]WIIQ[MPHP]MVVEXMSREPXSSXLIVW2SQEXXIVLS[I\TIVX]SYEVI
SRXLIXSTMGRSQEXXIVLS[WOMPPJYPP]]SYTVITEVIXLIWTIIGLRSQEXXIVLS[
GETXMZEXMRK]SYVHIPMZIV]hWSQIPMWXIRIVW[MPPRSXEKVII[MXL]SY
8LMW HSIW RSX QIER TIVWYEWMSR MW MQTSWWMFPI -X HSIW QIER ]SY WLSYPH
LEZIEVIEPMWXMGWIRWISJ[LEX]SYGEREGGSQTPMWL=SYGERtXI\TIGXEKVSYTSJ
HMILEVH(IQSGVEXWXSFIGSQI6ITYFPMGERWSVEWXIEOPSZIVXSXYVRZIKIXEVMER
EWEVIWYPXSJSRIWTIIGL
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JEZSV SJ ]SYV TSWMXMSR WSQI [LS EVI RIYXVEP ERH WSQI [LS EVI EHEQERXP]
STTSWIH -J PMWXIRIVW EVI RIYXVEP SV SRP] QSHIVEXIP] GSQQMXXIH SRI [E] SV
ERSXLIV]SYGERVIEPMWXMGEPP]LSTI]SYVWTIIGL[MPPQSZIEXPIEWXWSQISJXLIQ
XS[EVH]SYVWMHI-JPMWXIRIVWEVIWXVSRKP]STTSWIHXS]SYVZMI[TSMRX]SYGER
GSRWMHIV]SYVWTIIGLEWYGGIWWMJMXPIEHWIZIREJI[XSVII\EQMRIXLIMVZMI[W
;LIRXLMROMRKEFSYXXLIVERKISJTIVWYEWMZIVIWTSRWIW]SYQE]JMRHMX
LIPTJYP XS ZMWYEPM^I PMWXIRIVW SR E WGEPI WYGL EW XLEX WLS[R MR *MKYVI 
FIPS[ 4IVWYEWMSRMRZSPZIWER]QSZIQIRXF]EPMWXIRIVJVSQPIJXXSVMKLXSR
XLI WGEPI RS QEXXIV [LIVI XLI PMWXIRIV FIKMRW ERH RS QEXXIV LS[ KVIEX SV
WQEPPXLIQSZIQIRX
,S[ WYGGIWWJYP ]SY EVI MR ER] TEVXMGYPEV TIVWYEWMZI WTIIGL [MPP HITIRH
EFSZI EPP SR LS[ [IPP ]SY XEMPSV ]SYV QIWWEKI XS XLI ZEPYIW EXXMXYHIW ERH

(IKVIIWSJ4IVWYEWMSR
7XVSRKP]
3TTSWIH

1SHIVEXIP]
3TTSWIH

7PMKLXP]
3TTSWIH

2IYXVEP

7PMKLXP]
MR*EZSV

1SHIVEXIP]
MR*EZSV

4IVWYEWMSRMRZSPZIWER]QSZIQIRXF]EPMWXIRIVJVSQPIJXXSVMKLX

d*-+96)


',%48)6 74)%/-2+834)679%()

7XVSRKP]
MR*EZSV

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS4IVWYEHI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

2SQEXXIV[LEXXLIWMXYEXMSR
ETIVWYEWMZIWTIIGL[MPPFI
QSVIIJJIGXMZIMJXLIWTIEOIV
LEWEGPIEVKSEPHIPMZIVWXLI
QIWWEKIWMRGIVIP]ERH
EHETXWMXXSXLIXEVKIX
EYHMIRGI

FIPMIJWSJ]SYVEYHMIRGI-R'LETXIV[IGSRWMHIVIHXLIKIRIVEPTVMRGMTPIWSJ
EYHMIRGIEREP]WMWERHEHETXEXMSR,IVI[IIQTLEWM^IX[SEHHMXMSREPTVMRGMTPIW
XLEXEVIGVYGMEPXSXLITW]GLSPSK]SJTIVWYEWMSR8LIJMVWXHIEPW[MXLLS[PMWXIR
IVW TVSGIWW ERH VIWTSRH XS TIVWYEWMZI QIWWEKIW 8LI WIGSRH TIVXEMRW XS XLI
XEVKIXEYHMIRGIJSVTIVWYEWMZIWTIIGLIW

,3;0-78)2)67463')774)679%7-:)1)77%+)7
;ISJXIRXLMROSJTIVWYEWMSREWWSQIXLMRKEWTIEOIVHSIWXSEREYHMIRGI-RJEGX
TIVWYEWMSRMWWSQIXLMRKEWTIEOIVHSIW[MXLEREYHMIRGI0MWXIRIVWHSRSXNYWXWMX
TEWWMZIP]ERHWSEOMRIZIV]XLMRKXLIWTIEOIVLEWXSWE]-RWXIEHXLI]IRKEKIMRE
QIRXEPKMZIERHXEOI[MXLXLIWTIEOIV;LMPIXLI]PMWXIRXLI]EWWIWWXLIWTIEOIVtW
GVIHMFMPMX] HIPMZIV] WYTTSVXMRK QEXIVMEPW PERKYEKI VIEWSRMRK ERH IQSXMSREP
ETTIEPW 8LI] QE] VIWTSRH TSWMXMZIP] EX SRI TSMRX RIKEXMZIP] EX ERSXLIV %X
XMQIW XLI] QE] EVKYI MRWMHI XLIMV S[R QMRHW [MXL XLI WTIEOIV 8LMW QIRXEP
KMZIERHXEOIMWIWTIGMEPP]ZMKSVSYW[LIRPMWXIRIVWEVILMKLP]MRZSPZIH[MXLXLI
XSTMGERHFIPMIZIMXLEWEHMVIGXFIEVMRKSRXLIMVPMZIW
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RSX E[EVI SJ XLI LIEPXL ERH IRZMVSRQIRXEP TVSFPIQW GEYWIH F] XLI YWI SJ
ERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXW]SY[MPPLEZIXSKMZIQYGLSJ
]SYV XMQI XS RIIHFIJSVI GSZIVMRK TPER ERH TVEGXMGEPMX] 3R XLI SXLIV LERH
MJ ]SYV PMWXIRIVW EPVIEH] ORS[ EFSYX XLI TVSFPIQW GEYWIH F] ERXMFEGXIVMEP
LSYWILSPH TVSHYGXW ]SY GER UYMGOP] VIQMRH XLIQ SJ RIIH ERH XLIR HIZSXI
QSWXSJ]SYVWTIIGLXSTPERERHTVEGXMGEPMX]

3VWYTTSWI]SYEHZSGEXIMRGVIEWMRKXLIXE\SRGMKEVIXXIWXSETEGOMR
SVHIVXSVIHYGIWQSOMRKEQSRKXIIREKIVW1SWXTISTPIEKVIIXLEXXIIRWQSOMRK
MWEWIVMSYWLIEPXLTVSFPIQFYXQER][SYPHUYIWXMSR[LIXLIVMRGVIEWMRKXLI
TVMGI SJ GMKEVIXXIW [MPPHS QYGL XS WSPZI XLI TVSFPIQ 8LIVIJSVI ]SY WLSYPH
HIZSXIEJEMVTEVXSJ]SYVWTIIGLXSTVEGXMGEPMX]hXSWLS[MRKXLEXMRGSYRXVMIW
[LMGL LEZI HVEWXMGEPP] VEMWIH XLIMV GMKEVIXXI XE\IW XLI WQSOMRK VEXI EQSRK
XIIREKIVWLEWHVSTTIHF]EWQYGLEWTIVGIRX

36+%2->-2+74))',)73259)78-3273*430-'=
)JJIGXMZISVKERM^EXMSRMWGVYGMEP[LIR]SYWIIOXSTIVWYEHIPMWXIRIVWSREUYIWXMSR
SJTSPMG]%PXLSYKLER]SJXLIFEWMGTEXXIVRWSJSVKERM^EXMSRI\TPEMRIHMR'LET
XIVGERFIYWIHJSYVWTIGMEPTEXXIVRWEVIIWTIGMEPP]ZEPYEFPIJSVTSPMG]WTIIGLIW
8LI] EVI TVSFPIQWSPYXMSR SVHIV TVSFPIQGEYWIWSPYXMSR SVHIV GSQTEVEXMZI
EHZERXEKIWSVHIVERH1SRVSItWQSXMZEXIHWIUYIRGI

4VSFPIQ7SPYXMSR3VHIV
-J]SYEHZSGEXIEGLERKIMRTSPMG]]SYVQEMRTSMRXWSJXIR[MPPJEPPREXYVEPP]
MRXSTVSFPIQWSPYXMSRSVHIV-RXLIJMVWXQEMRTSMRX]SYHIQSRWXVEXIXLIRIIH
JSVERI[TSPMG]F]WLS[MRKXLII\XIRXERHWIVMSYWRIWWSJXLITVSFPIQ-RXLI
WIGSRHQEMRTSMRX]SYI\TPEMR]SYVTPERJSVWSPZMRKXLITVSFPIQERHWLS[MXW
TVEGXMGEPMX]JSVI\EQTPI
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIYWISJERXMFEGXIVMEP
GLIQMGEPWMRLSYWILSPHTVSHYGXWMWGVIEXMRKLIEPXLERH
IRZMVSRQIRXEPTVSFPIQW
'IRXVEP-HIE

1EMR4SMRXW

TVSFPIQWSPYXMSRSVHIV
%QIXLSHSJSVKERM^MRK
TIVWYEWMZIWTIIGLIWMR[LMGL
XLIJMVWXQEMRTSMRXHIEPW[MXL
XLII\MWXIRGISJETVSFPIQERH
XLIWIGSRHQEMRTSMRXTVIWIRXW
EWSPYXMSRXSXLITVSFPIQ

8LIYWISJERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXWMW
EWIVMSYWTVSFPIQXLEXVIUYMVIWEGXMSRF]KSZIVRQIRXERH
GSRWYQIVWEPMOI
- 8
 LIYWISJERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXW
MWEWIVMSYWTVSFPIQ
% 6EXLIVXLERQEOMRKYWQSVILIEPXL]ERXMFEGXIVMEP
GLIQMGEPWMRLSYWILSPHTVSHYGXWEVIGSRXVMFYXMRKXS
PSRKXIVQLIEPXLTVSFPIQW
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS4IVWYEHI

GSRRIGXPYGEWGSQ
:MI[ERI\GIVTXJVSQ
q&YVWXMRKXLI%RXMFEGXIVMEP
&YFFPIrMRXLISRPMRI1IHME
0MFVEV]JSVXLMWGLETXIV
:MHIS'PMT 

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

& 8
 LIERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXWEVI
EPWSGVIEXMRKIRZMVSRQIRXEPTVSFPIQWFIGEYWIXLI]
IZIRXYEPP]IRHYTMRXLI97[EXIVWYTTP]
-- 7 SPZMRKXLIWITVSFPIQWVIUYMVIWEGSQFMREXMSRSJ
KSZIVRQIRXERHGSRWYQIVEGXMSR
% 8LI*SSHERH(VYK%HQMRMWXVEXMSRWLSYPHMRWXMXYXI
VIKYPEXMSRWGSRXVSPPMRKXLIYWISJERXMFEGXIVMEP
GLIQMGEPWMRLSYWILSPHTVSHYGXW
& '
 SRWYQIVWWLSYPHEZSMHTYVGLEWMRKLSYWILSPH
TVSHYGXWXLEXGSRXEMRERXMFEGXIVMEPGLIQMGEPW

=SYGERYWIXLITVSFPIQWSPYXMSRJSVQEXNYWXEWIEWMP]XSSVKERM^IEWTIIGL
STTSWMRKEGLERKIMRTSPMG]-RWYGLEWTIIGL]SYVNSFMWXSHIJIRHXLIGYVVIRX
W]WXIQERHXSEXXEGO]SYVSTTSRIRXWtTVSTSWIHTSPMG]8LYWMRXLIJMVWXQEMRTSMRX
]SYQMKLXEVKYIXLEXXLIVIMWRSXERIIHJSVGLERKI-RXLIWIGSRHQEMRTSMRX]SY
QMKLXWLS[XLEXIZIRMJXLIVI[IVIEWIVMSYWTVSFPIQXLIWYKKIWXIHRI[TSPMG]
[SYPHRSXWSPZIMXERH[SYPHGVIEXIWIVMSYWTVSFPIQWSJMXWS[R*SVI\EQTPI
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIGMX]GSYRGMPWLSYPHRSX
TEWWPIKMWPEXMSRQIVKMRKXLITSPMGIERHJMVIHITEVXQIRXW
'IRXVEP-HIE

1IVKMRKXLITSPMGIERHJMVIHITEVXQIRXWMWRIMXLIVRIGIWWEV]
RSVTVEGXMGEP

1EMR4SMRXW

-1IVKMRKXLITSPMGIERHJMVIHITEVXQIRXWMWRSXRIGIWWEV]
% 9RHIVXLIGYVVIRXW]WXIQXLITSPMGIHITEVXQIRXLEW
HIZIPSTIHEVITYXEXMSRJSVI\GIPPIRGIXLEXLEWQEHI
MXEQSHIPJSVHITEVXQIRXWMRSXLIVGMXMIW
& 8
 LIJMVIHITEVXQIRXMWIUYEPP][IPPVIWTIGXIHJSV
HSMRKMXWNSFUYMGOP]ERHIJJMGMIRXP]
-- &
 IWMHIWFIMRKYRRIGIWWEV]QIVKMRKXLITSPMGIERHJMVI
HITEVXQIRXWMWLMKLP]MQTVEGXMGEP
% 6EXLIVXLERWEZMRKXLIGMX]QSRI]QIVKMRKXLI
HITEVXQIRXW[SYPHMRGVIEWIGSWXW
& 1
 IVKMRKXLIHITEVXQIRXW[SYPHEPWSLEVQQSVEPI
ERHVIHYGIXLILMKLPIZIPSJTIVJSVQERGI[II\TIGX
JVSQSYVTSPMGIJSVGIERHJMVIJMKLXIVW

4VSFPIQ'EYWI7SPYXMSR3VHIV
TVSFPIQGEYWI
WSPYXMSRSVHIV
%QIXLSHSJSVKERM^MRKTIVWYEWMZI
WTIIGLIWMR[LMGLXLIJMVWXQEMR
TSMRXMHIRXMJMIWETVSFPIQXLI
WIGSRHQEMRTSMRXEREP]^IWXLI
GEYWIWSJXLITVSFPIQERHXLI
XLMVHQEMRTSMRXTVIWIRXWE
WSPYXMSRXSXLITVSFPIQ



*SVEZEVMEXMSRSRTVSFPIQWSPYXMSRSVHIV]SYQMKLXEVVERKI]SYVWTIIGLMR
TVSFPIQGEYWIWSPYXMSRSVHIV8LMWTVSHYGIWEWTIIGL[MXLXLVIIQEMRTSMRXWh
XLIJMVWXMHIRXMJ]MRKETVSFPIQXLIWIGSRHEREP]^MRKXLIGEYWIWSJXLITVSFPIQ
ERHXLIXLMVHTVIWIRXMRKEWSPYXMSRXSXLITVSFPIQ*SVI\EQTPI
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIEKIJSVJYPPQSXSVZILMGPI
HVMZMRKTVMZMPIKIWWLSYPHFIVEMWIHXS
'IRXVEP-HIE

8LIRYQFIVSJEGGMHIRXWERHHIEXLWMRZSPZMRKXIIREKI
HVMZIVWMWEWIVMSYWTVSFPIQXLEXGERFIGSRXVSPPIHF]VEMWMRK
XLIEKIJSVJYPPHVMZMRKTVMZMPIKIWXS

1EMR4SMRXW

- 8
 LIRYQFIVSJEGGMHIRXWERHHIEXLWMRZSPZMRKXIIREKI
HVMZIVWMWEWIVMSYWREXMSREPTVSFPIQ

',%48)6 74)%/-2+834)679%()

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS4IVWYEHI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

6IKEVHPIWWSJLS[]SY
SVKERM^I]SYVTIVWYEWMZI
WTIIGL]SY[MPPRIIHWXVSRK
WYTTSVXMRKQEXIVMEPW8LI
FIXXIV]SYVVIWIEVGLXLI
QSVIGSRZMRGMRK]SYV
EVKYQIRXWEVIPMOIP]XSFI

% )EGL]IEVQSVIXLERTISTPIEVIOMPPIHMR
EGGMHIRXWMRZSPZMRKXIIREKIHVMZIVW
& 8LIVMWOWSJFIMRKMRZSPZIHMREJEXEPEGGMHIRXEVI
LMKLIWXJSVERH]IEVSPHHVMZIVW
-- 8LIVIEVIJSYVQEMRGEYWIWSJXLITVSFPIQ
% =SYRKIVHVMZIVWLEZIRtXLEHIRSYKLI\TIVMIRGIXS
HIZIPSTXLIMVHVMZMRKWOMPPW
& =SYRKIVHVMZIVWEVIQSVITVSRIXSVMWOXEOMRKERH
HERKIVSYWHVMZMRKFILEZMSVW
' =SYRKIVHVMZIVWEVIQSVIPMOIP]XSLEZIEGGMHIRXW
[LIRHVMZMRKEJXIVHEVO
( =SYRKIVHVMZIVWEVIIEWMP]HMWXVEGXIHF]XLITVIWIRGI
SJSXLIVXIIREKIVWMRXLIGEV
--- ;
 IGERLIPTWSPZIXLIWITVSFPIQWF]VEMWMRKXLIEKIJSV
JYPPHVMZMRKTVMZMPIKIW
% %PXLSYKLERH]IEVSPHWWLSYPHLEZIPMQMXIH
HVMZMRKTVMZMPIKIWXLI]WLSYPHRSXVIGIMZIER
YRVIWXVMGXIHPMGIRWIYRXMPEKI
& 8LMW[MPPEPPS[]SYRKIVHVMZIVWXMQIXSKEMRQEXYVMX]ERH
I\TIVMIRGIFIJSVIVIGIMZMRKYRPMQMXIHHVMZMRKTVMZMPIKIW

GSRRIGXPYGEWGSQ
:MI[ERI\GIVTXJVSQ
q4YXXMRKXLI&VEOIWSR
8IIREKI(VMZMRKrMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV :MHIS'PMT 

7SQI XIEGLIVW TVIJIV XLMW QIXLSH SJ SVKERM^EXMSR FIGEYWI MX VIUYMVIW E
WTIEOIVXS MHIRXMJ] XLIGEYWIWSJ XLITVSFPIQ 8LMWMRXYVRQEOIW MXIEWMIVXS
GLIGO[LIXLIVXLITVSTSWIHWSPYXMSR[MPPKIXEXXLIGEYWIWSJXLITVSFPIQ

'SQTEVEXMZI%HZERXEKIW3VHIV
;LIR]SYVEYHMIRGIEPVIEH]EKVIIWXLEXETVSFPIQI\MWXW]SYGERHIZSXI]SYV
WTIIGLXSGSQTEVMRKXLIEHZERXEKIWERHHMWEHZERXEKIWSJGSQTIXMRKWSPYXMSRW
-R WYGL E WMXYEXMSR ]SY QMKLX TYX ]SYV WTIIGL MR GSQTEVEXMZI EHZERXEKIW
SVHIVHIZSXMRKIEGLQEMRTSMRXXSI\TPEMRMRK[L]]SYVWSPYXMSRMWTVIJIVEFPI
XSSXLIVTVSTSWIHWSPYXMSRW


4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

GSQTEVEXMZI
EHZERXEKIWSVHIV
%QIXLSHSJSVKERM^MRK
TIVWYEWMZIWTIIGLIWMR[LMGL
IEGLQEMRTSMRXI\TPEMRW[L]E
WTIEOIVtWWSPYXMSRXSETVSFPIQ
MWTVIJIVEFPIXSSXLIVTVSTSWIH
WSPYXMSRW

7TIEOMRKXS4IVWYEHI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

7YTTSWI]SY[ERXXSGSRZMRGI]SYVEYHMIRGIXLEXEYXSQEOIVWWLSYPHTYX
KVIEXIVIQTLEWMWSRHIZIPSTMRKL]HVSKIRJYIPGIPPGEVWXLERKEWIPIGXVMGL]FVMH
GEVW9WMRKGSQTEVEXMZIEHZERXEKIWSVHIV]SY[SYPHGSQTEVIL]HVSKIRGEVW
[MXLKEWIPIGXVMGL]FVMHGEVWERHWLS[[L]XLIJSVQIVEVIEFIXXIVGLSMGI=SYV
WTIGMJMGTYVTSWIGIRXVEPMHIEERHQEMRTSMRXWQMKLXPSSOPMOIXLMW
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEYXSQEOIVWWLSYPHTYX
KVIEXIVIQTLEWMWSRHIZIPSTMRKL]HVSKIRJYIPGIPPGEVWXLER
KEWIPIGXVMGGEVW
'IRXVEP-HIE

9RPMOIKEWIPIGXVMGGEVWL]HVSKIRGEVWVYRIRXMVIP][MXLSYX
KEWSPMRIERHHSRSXIQMXEMVTSPPYXMRKI\LEYWX

1EMR4SMRXW

- 9
 RPMOIL]FVMHGEVWL]HVSKIRGEVWVYRIRXMVIP][MXLSYX
KEWSPMRI
-- 9
 RPMOIL]FVMHGEVWL]HVSKIRGEVWHSRSXIQMXER]EMV
TSPPYXMRKI\LEYWX

1SRVSItW1SXMZEXIH7IUYIRGI
1SRVSItWQSXMZEXIH
WIUYIRGI
%QIXLSHSJSVKERM^MRK
TIVWYEWMZIWTIIGLIWXLEXWIIO
MQQIHMEXIEGXMSR8LIJMZI
WXITWSJXLIQSXMZEXIHWIUYIRGI
EVIEXXIRXMSRRIIHWEXMWJEGXMSR
ZMWYEPM^EXMSRERHEGXMSR

(IZIPSTIHMRXLIWF]%PER1SRVSIETVSJIWWSVSJWTIIGLEX4YVHYI9RMZIV
WMX]XLIQSXMZEXIHWIUYIRGIMWXEMPSVQEHIJSVTSPMG]WTIIGLIWXLEXWIIOMQQIHM
EXIEGXMSR8LIWIUYIRGILEWJMZIWXITWXLEXJSPPS[XLITW]GLSPSK]SJTIVWYEWMSR
 %XXIRXMSR*MVWX]SYKEMRXLIEXXIRXMSRSJ]SYVEYHMIRGIF]YWMRKSRISVQSVI
SJXLIQIXLSHWHIWGVMFIHMR'LETXIVVIPEXMRKXSXLIEYHMIRGIWLS[MRKXLI
MQTSVXERGISJXLIXSTMGQEOMRKEWXEVXPMRKWXEXIQIRXEVSYWMRKGYVMSWMX]SV
WYWTIRWITSWMRKEUYIWXMSRXIPPMRKEHVEQEXMGWXSV]SVYWMRKZMWYEPEMHW
 2
 IIH2I\X]SYQEOIXLIEYHMIRGIJIIPERIIHJSVGLERKI=SYWLS[XLIVIMW
EWIVMSYW TVSFPIQ[MXL XLII\MWXMRK WMXYEXMSR-XMWMQTSVXERXXSWXEXIXLI
RIIH GPIEVP] ERH XS MPPYWXVEXI MX [MXL WXVSRK WYTTSVXMRK QEXIVMEPW &] XLI
IRHSJXLMWWXITPMWXIRIVWWLSYPHFIWSGSRGIVRIHEFSYXXLITVSFPIQXLEX
XLI]EVITW]GLSPSKMGEPP]TVMQIHXSLIEV]SYVWSPYXMSR
 7 EXMWJEGXMSR ,EZMRK EVSYWIH E WIRWI SJ RIIH ]SY WEXMWJ] MX F] TVSZMHMRK
E WSPYXMSR XS XLI TVSFPIQ =SY TVIWIRX ]SYV TPER ERH WLS[ LS[ MX [MPP
[SVO&IWYVIXSSJJIVIRSYKLHIXEMPWEFSYXXLITPERXSKMZIPMWXIRIVWEGPIEV
YRHIVWXERHMRKSJMX
 :
 MWYEPM^EXMSR,EZMRKKMZIR]SYVTPER]SYMRXIRWMJ]HIWMVIJSVMXF]ZMWYEP
M^MRKMXWFIRIJMXW8LIOI]XSXLMWWXITMWYWMRKZMZMHMQEKIV]XSWLS[]SYV
PMWXIRIVWLS[XLI][MPPTVSJMXJVSQ]SYVTSPMG]1EOIXLIQWIILS[QYGL
FIXXIVGSRHMXMSRW[MPPFISRGI]SYVTPERMWEHSTXIH
 %
 GXMSR 3RGI XLI EYHMIRGI MW GSRZMRGIH ]SYV TSPMG] MW FIRIJMGMEP ]SY EVI
VIEH]XSGEPPJSVEGXMSR7E]I\EGXP][LEX]SY[ERXXLIEYHMIRGIXSHShERH
LS[ XS HS MX 8LIR GSRGPYHI [MXL E JMREP WXMVVMRK ETTIEP XLEX VIMRJSVGIW
XLIMVGSQQMXQIRXXSEGX
1ER]WXYHIRXWTVIJIVXLIQSXMZEXIHWIUYIRGIFIGEYWIMXMWQSVIHIXEMPIH
XLER TVSFPIQWSPYXMSR SVHIV -X JSPPS[W XLI TVSGIWW SJ LYQER XLMROMRK ERH
PIEHWXLIPMWXIRIVWXITF]WXITXSXLIHIWMVIHEGXMSR3RIMRHMGEXMSRSJMXWIJJIG
XMZIRIWWMWXLEXMXMW[MHIP]YWIHF]TISTPI[LSQEOIXLIMVPMZMRKF]TIVWYEWMSRh
IWTIGMEPP]EHZIVXMWIVW8LIRI\XXMQI]SY[EXGLXIPIZMWMSRTE]GPSWIEXXIRXMSR
XS XLI GSQQIVGMEPW =SY [MPP JMRH XLEX QER] SJ XLIQ JSPPS[ XLI QSXMZEXIH
WIUYIRGIEWMRXLMWI\EQTPI



',%48)6 74)%/-2+834)679%()

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS4IVWYEHI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

%WETIVWYEWMZIWTIEOIV]SYQYWXYRHIVWXERHFSXLWMHIWSJERMWWYIWS]SYGER
ERW[IVXLISFNIGXMSRWSJPMWXIRIVW[LSHSRSXWYTTSVX]SYVTSMRXSJZMI[=SYGER
YWIXLI-RXIVRIXXSLIPTF]ZMWMXMRKXLI;IFWMXIWSJSVKERM^EXMSRWXLEXXEOISTTSW
MRKZMI[W*SVI\EQTPIMJ]SYVXSTMGMWWXIQGIPPVIWIEVGLZMWMXFSXLXLI&IHJSVH
7XIQ 'IPP6IWIEVGL *SYRHEXMSR [ [[FIHJSVHVIWIEVGLSVK ERH (S2S,EVQ
8LI'SEPMXMSRSJ%QIVMGERWJSV6IWIEVGL)XLMGW [ [[WXIQGIPPVIWIEVGLSVK 3V
MJ ]SY EVIWTIEOMRK SR KYR GSRXVSPEGGIWW XLI 2EXMSREP6MJPI %WWSGMEXMSR [ [[
RVESVK ERHXLI'SEPMXMSRXS7XST+YR:MSPIRGI [ [[GWKZSVK 
-J]SY[ERX]SYVPMWXIRIVWXSXEOIEGXMSRF][VMXMRKXLIMV977IREXSVSV6ITVIWIRXE
XMZIIRGSYVEKIXLIQXSYWIIQEMP=SYGERJMRHIQEMPEHHVIWWIWJSV7IREXSVWEX
[[[WIREXIKSZ*SVEWWMWXERGIMRGSRXEGXMRKQIQFIVWSJXLI,SYWIPSKSRXS
[[[LSYWIKSZ

%XXIRXMSR

-XtWEWYRR]WTVMRKHE]*PS[IVWEVIMRFPSSQERHXLI[MRHMW
FPS[MRK8LIGEQIVEJSGYWIWSRX[S[SQIRFSXLMRXLIMVPEXI
X[IRXMIWSVIEVP]XLMVXMIWNSKKMRKXLVSYKLEGMX]TEVO7YHHIRP]
SRISJXLI[SQIRWXSTWFIRHWSZIVERHVIWXWLIVLERHWSRLIV
LMTW,IVI]IWEVI[EXIVMRKERHWLIMWFVIEXLMRKLIEZMP]%XMKLXP]
JVEQIHGPSWIYTLIMKLXIRWXLIWIRWIXLEXWSQIXLMRKMW[VSRK

2IIH

q%VI]SYEPPVMKLX#rEWOWLIVJVMIRHq-XtWQ]EPPIVKMIWrXLI
[SQERVITPMIWq)ZIV]WTVMRKMXtWXLIWEQIXLMRK-JIIPKVIEX
ERHXLIRQ]LE]JIZIVVYMRWIZIV]XLMRK=SYtHFIXXIVKSSR
[MXLSYXQIr

7EXMWJEGXMSR

q-YWIHXSLEZIXLIWEQITVSFPIQrWE]WXLI[SQERtW
JVMIRHq8LIR-XVMIH%PP%VVIWX-XORSGOIHSYXQ]LE]JIZIV
GSQTPIXIP]2S[-GERHSIZIV]XLMRK-[ERXMRXLIWTVMRK
=SYWLSYPHXV]MXr8LIERRSYRGIVMRZSMGISZIVXIPPWYW
q%PP%VVIWXTVSZMHIWXLIQSWXIJJIGXMZILE]JIZIVVIPMIJEZEMPEFPIh
ERH[MXLSYXGEYWMRKHVS[WMRIWWr

-RXIVRIX
'SRRIGXMSR
[[[GSRRIGXPYGEWGSQ

:MWYEPM^EXMSR ;IWIIXLIWEQIX[S[SQIRNSKKMRKE[IIOSVWSPEXIV&SXL
EVIVYRRMRKFVMWOP]ERHFVIEXLMRKIEWMP]q8LEX%PP%VVIWXVIEPP]
HSIW[SVOrWE]WXLI[SQER[LSLEHXSWXSTVYRRMRKMRXLI
STIRMRKWGIRIq-JIIPPMOIERI[TIVWSRWMRGI-WXEVXIHXEOMRK
MX8LEROWXS%PP%VVIWX-GERIRNS]WTVMRKEKEMRr
%GXMSR

8LIEYHMIRGIMWYVKIHXSYWI%PP%VVIWX[LIRIZIVXLI]WYJJIV
JVSQEPPIVKMIW

8V] YWMRK XLI QSXMZEXIH WIUYIRGI [LIR ]SY [ERX XS WTYV PMWXIRIVW XS
EGXMSR=SYWLSYPHJMRHMXIEW]ERHIJJIGXMZIEWHMHSRIWXYHIRX[LSYWIHMXMR
E WTIIGL YVKMRK GPEWWQEXIW XS [SVO JSV TEWWEKI SJ E PSGEP XIRERXWt VMKLXW FMPP
,IVIEVIXLILMKLPMKLXWSJLMWWTIIGL
%XXIRXMSR

,EZI]SYIZIVLEHGSGOVSEGLIWVYRRMRKXLVSYKLXLIGYTFSEVHW
MR]SYVETEVXQIRX#,EZI]SYW[IPXIVIHMRXLILIEXFIGEYWI
XLIEMVGSRHMXMSRMRKHMHRtX[SVO#3VWLMZIVIHMRXLIGSPH
FIGEYWIXLIJYVREGI[EWFVSOIR#3V[EMXIHQSRXLWJSVXLI
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKXS4IVWYEHI

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

WIGYVMX]HITSWMX]SYRIZIVKSXFEGOIZIRXLSYKL]SYPIJX
]SYVETEVXQIRXEWGPIEREW[LIR]SYQSZIHMR#
2IIH

8LVSYKLSYXXLMWGMX]WXYHIRXWERHSXLIVXIRERXWEVIFIMRK
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HITEVXQIRXFYXRSEGXMSRLEWFIIRXEOIREKEMRWXXLIPERHPSVHW

7EXMWJEGXMSR

8LIWITVSFPIQWGSYPHFIWSPZIHF]TEWWMRKEWXVSRKXIRERXWt
VMKLXWFMPPXLEXHIJMRIWXLIVMKLXWSJXIRERXWWTIGMJMIWXLISFPM
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4
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8LMW WTIIGL MW SVKERM^IH MR TVSFPIQ


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0YGEW8LI%VXSJ4YFPMG
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8I\X

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% XVERWMXMSR QSZIW XLI WTIEOIV MRXS LIV


WIGSRHQEMRTSMRXMR[LMGLWLII\TPSVIW
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LS[WLIYWIWEWMKRTSWXXSMRXVSHYGIIEGL
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8LI IZMHIRGI MR XLMW TEVEKVETL GSRRIGXW


XLI XIRHIRG] SJ ]SYRKIV HVMZIVW XS XEOI
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% WIGSRH GEYWI MW VIZIEPIH F] FVEMR VIWIEVGL *MRHMRKW


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% XLMVH GEYWI SJ QSXSV ZILMGPI JEXEPMXMIW EQSRK XIIR


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8I\X

8LI1G+VE[n,MPP
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% XVERWMXMSR WMKREPW XLEX XLI WTIEOIV MW


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7S XLI I\XIRX SJ XLI TVSFPIQ MW GPIEV 7S XSS EVI MXW
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%W XLMW WIGXMSR SJ XLI WTIIGL TVSGIIHW


RSXMGILS[XLIWTIEOIVtWTPEREHHVIWWIWEPP
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8LMVH[IRIIHXSVIWXVMGXXLIRYQFIVSJXIIREKITEWWIRKIVW
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JVSQ XLI 2EXMSREP 8VERWTSVXEXMSR 7EJIX] &SEVH qTEWWIRKIV
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STXMQEPTSPMG][SYPHFIXSFEVHVMZIVWEKISV]SYRKIVJVSQ
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JEQMP]QIQFIVW(VMZIVWJVSQXLIEKISJXSWLSYPHRSX
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;IGERI\TIGXXSWIIQSVIJIQEPIGERHMHEXIWJSV4VIWMHIRXMRXLIJSVIWIIEFPIJYXYVI
,MPPEV]'PMRXSR 
;I[MPPRSXLEZIQSVIJIQEPIGERHMHEXIWJSV4VIWMHIRXMRXLIJSVIWIIEFPIJYXYVI 4I]XSR
1ERRMRK 
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4I]XSR1ERRMRK
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4VIWMHIRXERHXSVIWTIGXXLINYHKQIRXSJ1ERRMRKX[SXMQI2*04PE]IVSJ
XLI=IEV[LIRLIWTIEOWEFSYXXVIRHWMRTVSJIWWMSREPJSSXFEPP7SQIXIEGLIVW
GEPPXLMWJEGXSVWSYVGIGVIHMFMPMX]3XLIVWVIJIVXSMXEWIXLSWXLIREQIKMZIRF] IXLSW
%VMWXSXPI
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MGEPEXXVEGXMZIRIWWERHTIVGIMZIHWMQMPEVMX]FIX[IIRWTIEOIVERHEYHMIRGI%FSZI
EPPXLSYKLGVIHMFMPMX]MWEJJIGXIHF]X[SJEGXSVW
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ERHORS[PIHKISJXLIWYFNIGX
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ERHGSRGIVRJSVXLI[IPPFIMRKSJXLIEYHMIRGI

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8LIEYHMIRGItWTIVGITXMSRSJ
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XLI QSVI PMOIP] XLI] EVI XS EGGITX [LEX XLI WTIEOIV WE]W 2S HSYFX ]SY EVI XSWTIEOSREKMZIRXSTMG8LI
JEQMPMEV [MXL XLMW JVSQ ]SYV S[R I\TIVMIRGI 7YTTSWI ]SY XEOI E GSYVWI MR X[SQENSVJEGXSVWMRJPYIRGMRK
IGSRSQMGW 8LI GSYVWI MW XEYKLX F] E HMWXMRKYMWLIH TVSJIWWSV [LS LEW TYF EWTIEOIVtWGVIHMFMPMX]EVI
PMWLIH[MHIP]MRTVIWXMKMSYWNSYVREPW[LSWMXW SREQENSVMRXIVREXMSREPGSQ GSQTIXIRGIERHGLEVEGXIV
QMWWMSR ERH [LS LEW [SR WIZIVEP E[EVHW JSV SYXWXERHMRK VIWIEVGL -R GPEWW
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XLIWTIEOIVFYXMRXLIQMRHSJXLIEYHMIRGI%WTIEOIVQE]LEZILMKLGVIHMFMP
MX]JSVSRIEYHMIRGIERHPS[GVIHMFMPMX]JSVERSXLIV%WTIEOIVQE]EPWSLEZI
LMKLGVIHMFMPMX]SRSRIXSTMGERHPS[GVIHMFMPMX]SRERSXLIV0SSOMRKFEGOXS
SYV MQEKMREV] WXEXIQIRXW QSWX TISTPI [SYPH QSVI VIEHMP] FIPMIZI 4I]XSR
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8LIGVIHMFMPMX]SJEWTIEOIV
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XSXSTMGFYXMXGEREPWSGLERKIHYVMRKXLIGSYVWISJEWTIIGLhWSQYGLWSXLEX
[IGERMHIRXMJ]XLVIIX]TIWSJGVIHMFMPMX]

HIVMZIHGVIHMFMPMX]
8LIGVIHMFMPMX]SJEWTIEOIV
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WTIIGL

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XIVQMREPGVIHMFMPMX]
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8LIGVIHMFMPMX]SJEWTIEOIVEX
XLIIRHSJXLIWTIIGL

8IVQMREPGVIHMFMPMX]hXLIGVIHMFMPMX]SJXLIWTIEOIVEXXLIIRHSJXLIWTIIGL


&YMPHMRK'VIHMFMPMX]



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MFMPMX]8LIVIZIVWIGEREPWSSGGYVEWMRXLIJSPPS[MRKI\EQTPI
&EVV](IZMRWMWXLIMRJSVQEXMSRXIGLRSPSK]QEREKIVJSVEQENSVRSRTVSJMXVIWIEVGL
JSYRHEXMSR 7SSR EJXIV XEOMRK XLI NSF LI TYVGLEWIH ER YTKVEHI JSV XLI JSYRHEXMSRtW
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XLMRK LI LEH MQEKMRIH -X XSSO WM\ QSRXLW XS KIX XLI YTKVEHI [SVOMRK TVSTIVP] ERH
IZIRXLIRTISTPIGSRXMRYIHXSKVYQFPIEFSYXQIWWEKIWXLI]LEHPSWXHYVMRKXLITLEWI
MRTIVMSH
%]IEVPEXIVXLIJSYRHEXMSR[EWE[EVHIHEPEVKIGSRXVEGXERHXLITVIWMHIRXHIGMHIH
XSTYVGLEWIEHEXEW]RGLVSRM^EXMSRW]WXIQJSVXLIIRXMVISVKERM^EXMSR7LIEWOIH&EVV]XS
XEOIGLEVKISJFY]MRKXLIW]WXIQERHXVEMRMRKXLIWXEJJMRMXWYWI
;LIR&EVV]SYXPMRIHLMWTPERWEXE[IIOP]WXEJJQIIXMRKLILEHPS[MRMXMEPGVIHMFMPMX]
)ZIV]SRI VIQIQFIVIH XLI IQEMP TVSKVEQ ERH XLI] [IVI VIPYGXERX XS KS XLVSYKL XLI
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EWXEXISJXLIEVXW]WXIQXLEX[SYPHQEOIXLIMVPMZIWIEWMIVERHMQTVSZISJJMGIGSQQYRMGE
XMSRW ,I XLIR EGORS[PIHKIH XLEX LI LEH XSPH XLIQ XLI WEQI XLMRK EFSYX XLI IQEMP
YTKVEHIhEREHQMWWMSRXLEXHVI[EPEYKLERHLIPTIHIZIV]SRIVIPE\*MREPP]LII\TPEMRIH
XLEX LI LEH GLIGOIH [MXL WIZIVEP SXLIV SVKERM^EXMSRW XLEX LEH MRWXEPPIH XLI WEQI HEXE
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8LVSYKLSYXLMWTVIWIRXEXMSR&EVV]tWETTVSEGL[EWq-ORS[XLIIQEMPYTKVEHI[EW
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JMRMWLIHQSWXWXEJJQIQFIVW[IVIIEKIVXSLEZIXLIHEXEW]RGLVSRM^EXMSRW]WXIQYTERH
VYRRMRK&EVV]LEHEGLMIZIHLMKLXIVQMREPGVIHMFMPMX]

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[LMGL[MPPFIWXVIRKXLIRIHSV[IEOIRIHF]]SYVQIWWEKIERHLS[]SYHIPMZIV
MX%RH]SYVXIVQMREPGVIHMFMPMX]JVSQSRIWTIIGL[MPPEJJIGX]SYVMRMXMEPGVIHM
FMPMX] JSV XLI RI\X SRI -J ]SYV EYHMIRGI WIIW ]SY EW WMRGIVI ERH GSQTIXIRX
XLI][MPPFIQYGLQSVIVIGITXMZIXS]SYVMHIEW

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]SYVGVIHMFMPMX]]SYWLSYPHWE]ERHHSIZIV]XLMRKMRE[E]XLEX[MPPQEOI]SY
ETTIEV GETEFPI ERH XVYWX[SVXL] -R SXLIV [SVHWhKMZI E FVMPPMERX WTIIGL ERH
]SY[MPPEGLMIZILMKLGVIHMFMPMX]
8LI EHZMGI MW WSYRH FYX RSX EPP XLEX LIPTJYP 8LIVI EVI LS[IZIV WSQI
WTIGMJMG [E]W ]SY GER FSSWX ]SYV GVIHMFMPMX] [LMPI WTIEOMRK 8LI] MRGPYHI
I\TPEMRMRK]SYVGSQTIXIRGIIWXEFPMWLMRKGSQQSRKVSYRH[MXLXLIEYHMIRGI
ERHWTIEOMRK[MXLKIRYMRIGSRZMGXMSR

)\TPEMR=SYV'SQTIXIRGI
3RI [E] XS IRLERGI ]SYV GVIHMFMPMX] MW XS EHZIVXMWI ]SYV I\TIVXMWI SR XLI
WTIIGLXSTMG(MH]SYMRZIWXMKEXIXLIXSTMGXLSVSYKLP]#8LIRWE]WS(S]SY
LEZII\TIVMIRGIXLEXKMZIW]SYWTIGMEPORS[PIHKISVMRWMKLX#%KEMRWE]WS
,IVIMWLS[X[SWXYHIRXWVIZIEPIHXLIMVUYEPMJMGEXMSRW8LIJMVWXWXVIWWIHLIV
WXYH]ERHVIWIEVGL


',%48)6 1)8,3(73*4)679%7-32

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

1IXLSHWSJ4IVWYEWMSR

8I\X

8LI1G+VE[n,MPP
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%WTIEOIVtWGVIHMFMPMX]LEWE
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MWXSHIPMZIV]SYVWTIIGLIW
I\TVIWWMZIP]ERH[MXLWXVSRK
I]IGSRXEGX

&IJSVI-WXYHMIHERXMFEGXIVMEPTVSHYGXWMRQ]TYFPMGLIEPXLGPEWW-EP[E]WYWIHERXMFEG
XIVMEPWSETW ERHERXMFEGXIVMEP EPPWYVJEGIGPIERIVJSV Q] ETEVXQIRX - EPWS ORS[JVSQ Q]
GPEWWWYVZI]XLEXTIVGIRXSJ]SYYWIERXMFEGXIVMEPWSETWGPIERIVWSVSXLIVTVSHYGXW&YX
EJXIVPIEVRMRKEFSYXXLIWYFNIGXMRGPEWWERHVIEHMRKVIWIEVGLWXYHMIWJSVXLMWWTIIGL-tQ
LIVIXSXIPP]SYXLEXXV]EW[IQMKLX[IGERRSXFYMPHEFYFFPIFIX[IIRSYVWIPZIWERH
KIVQW[MXLERXMFEGXIVMEPTVSHYGXWERHXLEXXLIWITVSHYGXWEGXYEPP]GVIEXIQSVITVSFPIQW
XLERXLI]WSPZI

8LIWIGSRHWXYHIRXIQTLEWM^IHLIVFEGOKVSYRHERHTIVWSREPI\TIVMIRGI
1SWXSJYWLEZIRSMHIE[LEXMXQIERWXSFITSSVERHLYRKV]&YXFIJSVIVIXYVRMRK
XSWGLSSPPEWX]IEV-WTIRXXLVII]IEVW[SVOMRKEXPSGEPEWWMWXERGIGIRXIVW-[SVOIHMRIZIV]
TEVXSJXLIGMX]ERH[MXLIZIV]OMRHSJTIVWSR-GERtXFIKMRXSXIPP]SY[LEX-LEZIWIIRh
LS[TSZIVX]HIWXVS]WTISTPItWWSYPWERHLS[LYRKIVHVMZIWXLIQXSHIWTIVEXMSR&YXSR
XLIFEWMWSJ[LEX-GERXIPP]SY-LSTI]SY[MPPEKVII[MXLQIXLEXKSZIVRQIRXLIPTJSV
XLITSSVERHXLIRIIH]QYWXFIMRGVIEWIH

GSRRIGXPYGEWGSQ
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q&YVWXMRKXLI%RXMFEGXIVMEP
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7EJIX]2IXJSV8LSWI;LS
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:MHIS'PMT 

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VINIGXMRK XLIMV STMRMSRW %W XLI SPH WE]MRK KSIW q=SY GEXGL QSVI JPMIW [MXL
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&YMPHMRK'VIHMFMPMX]



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7TIEOMRK8IRXL)HMXMSR

GVIEXMRKGSQQSR
KVSYRH
%XIGLRMUYIMR[LMGLE
WTIEOIVGSRRIGXWLMQWIPJSV
LIVWIPJ[MXLXLIZEPYIW
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1IXLSHWSJ4IVWYEWMSR

8I\X

8LI1G+VE[n,MPP
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MHIEW[MXLXLSWISJ]SYVEYHMIRGIhF]WLS[MRKLS[]SYVTSMRXSJZMI[MWGSR
WMWXIRX[MXL[LEXXLI]FIPMIZI
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WMZIWTIIGL&IKMRF]MHIRXMJ]MRK[MXL]SYVPMWXIRIVW7LS[XLEX]SYWLEVIXLIMV
ZEPYIWEXXMXYHIWERHI\TIVMIRGIW+IXXLIQRSHHMRKXLIMVLIEHWMREKVIIQIRX
ERHXLI][MPPFIQYGLQSVIVIGITXMZIXS]SYVYPXMQEXITVSTSWEP,IVIMWLS[
EFYWMRIWW[SQERJVSQ1EWWEGLYWIXXWLSTMRKXSWIPPLIVTVSHYGXXSEREYHM
IRGISJTISTPIMR'SPSVEHSFIKERLIVTIVWYEWMZIWTIIGL
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% PSX SJ Q] ERGIWXSVW PIJX 1EWWEGLYWIXXW ERH GEQI XS 'SPSVEHS RIEVP]  ]IEVW EKS
7SQIXMQIW-LEZI [SRHIVIH [L]XLI]HMHMX8LI]GEQIMRGSZIVIH[EKSRWGEVV]MRK EPP
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XLIMVLSYWIWERHVEMWIHXLIMVJEQMPMIW2S[XLEX-tZIWIIR'SPSVEHS-YRHIVWXERH[L]XLI]
XVMIHWSLEVH

8LIEYHMIRGIPEYKLIHERHETTPEYHIHERHXLIWTIEOIV[EWSJJXSEKSSHWXEVX
2S[ PSSO EX E HMJJIVIRX ETTVSEGL YWIH MR E GPEWWVSSQ WTIIGL JEZSVMRK E
XYMXMSRMRGVIEWIEXXLIWTIEOIVtWWGLSSPhERYRTSTYPEVTSMRXSJZMI[[MXLLMW
GPEWWQEXIW,IFIKERF]WE]MRK

GSRRIGXPYGEWGSQ
:MI[XLMWI\GIVTXJVSQq0IXtW
4VSXIGXXLI5YEPMX]SJ3YV
)HYGEXMSRrMRXLISRPMRI
1IHME0MFVEV]JSVXLMW
GLETXIV :MHIS'PMT 

%W[IEPPORS[XLIVIEVIQER]HMJJIVIRGIWEQSRKXLITISTPIMRXLMWGPEWW&YXVIKEVH
PIWWSJEKIQENSVFEGOKVSYRHSVKSEPW[IEPPWLEVISRIXLMRKMRGSQQSRh[IEVIEPP
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SYXSJGPEWWIWXLI]RIIHXSXEOI
;LIXLIV[IPMOIMXSVRSX[ILEZIETVSFPIQhETVSFPIQXLEXEJJIGXWIEGLSJYW8LMW
QSVRMRK-[SYPHPMOIXSHMWGYWWXLMWTVSFPIQERH[LIXLIVMXGERFIWSPZIHF]ERMRGVIEWI
MRXYMXMSR

&]WXVIWWMRKGSQQSRTIVGITXMSRWSJXLITVSFPIQXLIWXYHIRXLSTIHXSKIXSJJ
SRXLIVMKLXJSSX[MXLLMWEYHMIRGI3RGIXLEX[EWHSRILIQSZIHKVEHYEPP]
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(IPMZIV=SYV7TIIGLIW*PYIRXP])\TVIWWMZIP]ERH[MXL'SRZMGXMSR
8LIVIMWEKVIEXHIEPSJVIWIEVGLXSWLS[XLEXEWTIEOIVtWGVIHMFMPMX]MWWXVSRKP]
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[E] 3R XLI SXLIV LERH WTIEOIVW [LS GSRWMWXIRXP] PSWI XLIMV TPEGI LIWMXEXI
JVIUYIRXP]SVTITTIVXLIMVXEPO[MXLqYLrqIVrERHqYQrEVIWIIREWPIWWGSQ
TIXIRXXLERWTIEOIVW[LSEVITSMWIHERHH]REQMG
%PPSJXLMWEVKYIWJSVTVEGXMGMRK]SYVTIVWYEWMZIWTIIGLJYPP]ELIEHSJXMQI
WS]SYGERHIPMZIVMXJPYIRXP]ERHI\TVIWWMZIP]-REHHMXMSRXSFIMRKFIXXIVTVI
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7TIEOMRK XIGLRMUYIW EWMHI XLI QSWX MQTSVXERX [E] XS WXVIRKXLIR ]SYV
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',%48)6 1)8,3(73*4)679%7-32

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

1IXLSHWSJ4IVWYEWMSR

8I\X

8LI1G+VE[n,MPP
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QERRIVEVIQSVIMQTSVXERXXLERWTIGMEPXEPIRXSVTSPMWLr-J]SY[MWLXSGSR
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9WMRK)ZMHIRGI

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YWIHXSTVSZISVHMWTVSZIWSQIXLMRK%W[IWE[MR'LETXIVQSWXTISTPIEVI
WOITXMGEP 8LI] EVI WYWTMGMSYW SJ YRWYTTSVXIH KIRIVEPM^EXMSRW 8LI] [ERX
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WTIEOIVW[MXLZIV]LMKLMRMXMEPGVIHMFMPMX]HSRSXRIIHXSYWIEWQYGLIZMHIRGI
EW HS WTIEOIVW [MXL PS[IV GVIHMFMPMX] *SV QSWX WTIEOIVW XLSYKL WXVSRK IZM
HIRGIMWEFWSPYXIP]RIGIWWEV]-XGERIRLERGI]SYVGVIHMFMPMX]MRGVIEWIFSXLXLI
MQQIHMEXI ERH PSRKXIVQ TIVWYEWMZIRIWW SJ ]SYV QIWWEKI ERH LIPT qMRSGY
PEXIrPMWXIRIVWEKEMRWXGSYRXIVTIVWYEWMSR
)ZMHIRGIMWEPWSGVYGMEP[LIRIZIV]SYVXEVKIXEYHMIRGISTTSWIW]SYVTSMRX
SJ ZMI[ %W [I WE[ MR 'LETXIV  PMWXIRIVW MR WYGL E WMXYEXMSR [MPP QIRXEPP]
EVKYI[MXL]SYhEWOMRKUYIWXMSRWVEMWMRKSFNIGXMSRWERHGVIEXMRKGSYRXIVEV
KYQIRXW XS qERW[IVr [LEX ]SY WE] 8LI WYGGIWW SJ ]SYV WTIIGL [MPP HITIRH
TEVXP]SRLS[[IPP]SYERXMGMTEXIXLIWIMRXIVREPVIWTSRWIWERHKMZIIZMHIRGI
XSVIJYXIXLIQ
=SYQE][ERXXSVIZMI[ 'LETXIV[LMGLWLS[WLS[XSYWIWYTTSVXMRK
QEXIVMEPW8LIJSPPS[MRKGEWIWXYH]MPPYWXVEXIWLS[XLI][SVOEWIZMHIRGIMRE
TIVWYEWMZIWTIIGL

IZMHIRGI
7YTTSVXMRKQEXIVMEPWYWIH
XSTVSZISVHMWTVSZI
WSQIXLMRK

,3;):-()2');36/7%'%7)789(=
0IXtWWE]SRISJ]SYVGPEWWQEXIWMWXEPOMRKEFSYXXLILEVQJYPIJJIGXWSJVITIEXIH
I\TSWYVIXSPSYHQYWMGERHSXLIVRSMWIW-RWXIEHSJNYWXXIPPMRK]SY[LEXWLI
XLMROWXLIWTIEOIVSJJIVWWXVSRKIZMHIRGIXSTVSZILIVTSMRX2SXMGILS[WLI
GEVVMIWSREQIRXEPHMEPSKYI[MXLLIVPMWXIRIVW7LIMQEKMRIW[LEXXLI]QMKLX
FIXLMROMRKERXMGMTEXIWXLIMVUYIWXMSRWERHSFNIGXMSRWERHKMZIWIZMHIRGIXS
ERW[IVXLIUYIWXMSRWERHVIWSPZIXLISFNIGXMSRW

7LIFIKMRWXLMW[E]
%WGSPPIKIWXYHIRXW[IEVII\TSWIHXSPSYHQYWMGERHSXLIVRSMWIEPPXLIXMQI;IKS
XSTEVXMIWGPYFWERHGSRGIVXW[LIVIXLIZSPYQIMWWSPSYH[ILEZIXSWLSYXWSXLITIVWSR
RI\X XS YW GER LIEV [LEX [I EVI WE]MRK ;I XYVR SYV M4SHW WS LMKL XLI] GER FI LIEVH
LEPJ[E]EGVSWWXLIVSSQ%RH[IWIPHSQKMZIMXEWIGSRHXLSYKLX&YX[IWLSYPHFIGEYWI
I\GIWWMZIRSMWIGERLEZIEWIVMSYWMQTEGXSRSYVLIEPXLERH[IPPFIMRK


,S[HS]SYVIEGX#-J]SYEPVIEH]ORS[EFSYXXLITVSFPIQWGEYWIHF]RSMWI
TSPPYXMSR ]SY TVSFEFP] RSH ]SYV LIEH MR EKVIIQIRX &YX [LEX MJ ]SY HSRtX


9WMRK)ZMHIRGI



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

1IXLSHWSJ4IVWYEWMSR

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

ORS[#3VHSRtXEKVII#-J]SYIRNS]VSGOGSRGIVXWERHPMWXIRMRKXS]SYVM4SHEX
LMKLZSPYQIW]SYTVSFEFP]HSRtX[ERXXSLIEVEFSYXMX'IVXEMRP]]SY[MPPRSX
FITIVWYEHIHF]EKIRIVEPWXEXIQIRXEFSYXI\TSWYVIXSPSYHQYWMG1IRXEPP]
]SYWE]XSXLIWTIEOIVq,S[HS]SYORS[#'ER]SYTVSZIMX#r
%RXMGMTEXMRKNYWXWYGLEVIWTSRWIXLIWTIEOIVKMZIWIZMHIRGIXSWYTTSVXLIV
TSMRX
8LI %QIVMGER 1IHMGEP %WWSGMEXMSR VITSVXW XLEX  QMPPMSR %QIVMGERW LEZI WSQI
HIKVIISJLIEVMRKPSWWERHXLEXQMPPMSRSJXLSWIGEWIWEVIGEYWIHF]XSSQYGLI\TSWYVI
XSPSYHRSMWI

q8LEXtWYRJSVXYREXIr]SYQE]XLMROq&YXIZIV]SRIPSWIWWSQILIEVMRKEW
XLI] KVS[ SPH ;L] WLSYPH - FI GSRGIVRIH EFSYX MX RS[#r 8LI WTIEOIV
ERW[IVW
-REREPEVQMRKXVIRHQSVIERHQSVIZMGXMQWSJRSMWIMRHYGIHHIEJRIWWEVIEHSPIWGIRXW
ERHIZIR]SYRKIVGLMPHVIR%GGSVHMRKXSXLI%QIVMGER%GEHIQ]SJ%YHMSPSK]QMPPMSR
GLMPHVIR MR XLI 97 FIX[IIR EKIW  ERH  LEZI WSQI LIEVMRK HEQEKI JVSQ EQTPMJMIH
QYWMG ERH SXLIV WSYVGIW %YHMSPSKMWX (IER +EVWIXGOM LIEH SJ XLI LIEVMRKMQTEMVQIRX
TVSKVEQ EX 2SVXL[IWXIVR 9RMZIVWMX] WE]W q;ItZI KSX ]IEVSPHW [EPOMRK EVSYRH [MXL
LIEVMRKPSWWTEXXIVRWSJTISTPI]IEVWXLIMVWIRMSVr

q8LIWIEVIMQTVIWWMZIJEGXWr]SYWE]XS]SYVWIPJq0YGOMP]-LEZIRtXRSXMGIH
ER]TVSFPIQW[MXLQ]LIEVMRK;LIR-HS-tPPNYWXFIGEVIJYPYRXMPMXKIXWFIX
XIVr/IITMRKSRIWXITELIEHSJ]SYXLIWTIEOIVGSRXMRYIW
8LITVSFPIQ[MXLLIEVMRKPSWWMWXLEXMXGVIITWYTSR]SY7MIVVEQEKE^MRIRSXIWXLEX
XSHE]tWLEVHVSGOJERW[SRtXRSXMGIXLIIJJIGXWSJXLIMVLIEVMRKPSWWJSVERSXLIV]IEVW
%RHXLIRMX[MPPFIXSSPEXI

q;LEXHS]SYQIERXSSPEXI#r]SYEWOQIRXEPP]8LIWTIEOIVXIPPW]SY
9RPMOI WSQI TL]WMGEP GSRHMXMSRW LIEVMRK PSWW MW MVVIZIVWMFPI 0SYH RSMWI HEQEKIW
XLI QMGVSWGSTMG LEMVW MR XLI MRRIV IEV XLEX XVERWQMX WSYRH XS XLI EYHMXSV] RIVZI 3RGI
HEQEKIHXLSWILEMVWGERRIZIVVIGSZIVERHGERRIZIVFIVITEMVIH

q-HMHRtXORS[XLEXr]SYWE]XS]SYVWIPJq-WXLIVIER]XLMRKIPWI#r
3RI PEWX TSMRX 6ITIEXIH I\TSWYVI XS PSYH QYWMG ERH SXLIV RSMWI HSIW QSVI XLER
HEQEKI]SYVLIEVMRK8LIPEXIWXMWWYISJ4VIZIRXMSRQEKE^MRIVITSVXWXLEXI\GIWWMZIRSMWI
LEW FIIR PMROIH XS WYGL TVSFPIQW EW WXVIWW LMKL FPSSH TVIWWYVI GLVSRMG LIEHEGLIW
JEXMKYIPIEVRMRKHMWSVHIVWIZIRLIEVXHMWIEWI-XtWIEW]XSWII[L].MPP0MTSXMGLMIJSJ6YX
KIVW9RMZIVWMX]tW2SMWI8IGLRMGEP%WWMWXERGI'IRXIV[EVRWXLEXqRSMWIEJJIGXWQSVITISTPI
XLERER]SXLIVTSPPYXERXr

2S[EVI]SYGSRZMRGIH#'LERGIWEVI]SY[MPPEXPIEWXXLMROEFSYXXLITSW
WMFPIGSRWIUYIRGIWXLIRI\XXMQI]SYEVIWIXXSTYQTYTXLIZSPYQISR]SYV
M4SH 1E]FI ]SY [MPP YWI IEVTPYKW EX E VSGO GSRGIVX =SY QE] IZIR FIKMR XS
VIEWWIWW]SYV[LSPIEXXMXYHIXS[EVHRSMWITSPPYXMSR;L]#&IGEYWIXLIWTIEOIV
WYTTSVXIHIEGLSJLIVGPEMQW[MXLIZMHIRGI=SYWLSYPHXV]XSHSXLIWEQIMR
]SYVTIVWYEWMZIWTIIGLIW


',%48)6 1)8,3(73*4)679%7-32

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

1IXLSHWSJ4IVWYEWMSR

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

4IVWYEWMZIWTIIGLIWRIIH
WXVSRKIZMHIRGIXSGSRZMRGI
WOITXMGEPPMWXIRIVW*MRHMRK
XLIFIWXIZMHIRGISJXIRXEOIW
LEVHHMKKMRKFYXMXMW[IPP
[SVXLXLIIJJSVX

8-47*3697-2+):-()2')
%R] SJXLIWYTTSVXMRKQEXIVMEPWHMWGYWWIHMR'LETXIVhI\EQTPIWWXEXMWXMGW
XIWXMQSR]hGER [SVO EW IZMHIRGI MR E TIVWYEWMZI WTIIGL %W [I WE[ MR XLEX
GLETXIVXLIVIEVIKYMHIPMRIWJSVYWMRKIEGLOMRHSJWYTTSVXMRKQEXIVMEPVIKEVH
PIWWSJXLIOMRHSJWTIIGL]SYEVIKMZMRK,IVI[IPSSOEXJSYVWTIGMEPXMTWJSV
YWMRKIZMHIRGIMRETIVWYEWMZIWTIIGL

9WI7TIGMJMG)ZMHIRGI
2SQEXXIV[LEXOMRHSJIZMHIRGI]SYIQTPS]hWXEXMWXMGWI\EQTPIWSVXIWXMQSR]h
MX[MPPFIQSVITIVWYEWMZIMJ]SYWXEXIMXMRWTIGMJMGVEXLIVXLERKIRIVEPXIVQW-R
XLIWTIIGLEFSYXRSMWITSPPYXMSRJSVMRWXERGIXLIWTIEOIVHMHRSXWE]q0SXWSJ
TISTPIWYJJIVJVSQLIEVMRKPSWWr8LEX[SYPHLEZIPIJXXLIEYHMIRGI[SRHIVMRK
LS[ QER] qPSXWr EQSYRXW XS &] WE]MRK q QMPPMSR %QIVMGERW LEZI WSQI
HIKVIISJLIEVMRKPSWWrXLIWTIEOIVQEHILIVTSMRXQYGLQSVIIJJIGXMZIP]7LI
EPWSIRLERGIHLIVGVIHMFMPMX]F]WLS[MRKWLILEHEJMVQKVEWTSJXLIJEGXW

9WI2SZIP)ZMHIRGI
)ZMHIRGIMWQSVIPMOIP]XSFITIVWYEWMZIMJMXMWRI[XSXLIEYHMIRGI=SY[MPP
KEMRPMXXPIF]GMXMRKJEGXWERHJMKYVIWXLEXEVIEPVIEH][IPPORS[RXS]SYVPMWXIR
IVW-JXLI]LEZIRSXTIVWYEHIH]SYVPMWXIRIVWEPVIEH]XLI][MPPRSXHSWSRS[
=SY QYWX KS FI]SRH [LEX XLI EYHMIRGI EPVIEH] ORS[W ERH TVIWIRX WXVMOMRK
RI[IZMHIRGIXLEX[MPPKIXXLIQXSWE]q,QQQ-HMHRtXORS[XLEX1E]FI-
WLSYPHVIXLMROXLIMWWYIr*MRHMRKWYGLIZMHIRGIYWYEPP]VIUYMVIWLEVHHMKKMRK
ERHVIWSYVGIJYPVIWIEVGLFYXXLIVI[EVHWEVI[SVXLXLIIJJSVX

9WI)ZMHIRGIJVSQ'VIHMFPI7SYVGIW
0MWXIRIVWJMRHIZMHIRGIJVSQGSQTIXIRXGVIHMFPIWSYVGIWQSVITIVWYEWMZIXLER
IZMHIRGIJVSQPIWWUYEPMJMIHWSYVGIW%FSZIEPPPMWXIRIVWEVIWYWTMGMSYWSJIZMHIRGI


9WMRK)ZMHIRGI



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

1IXLSHWSJ4IVWYEWMSR

'LIGOPMWX
=)7

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

)ZMHIRGI

23

  %VIEPPQ]QENSVGPEMQWWYTTSVXIHF]IZMHIRGI#
  (S-YWIWYJJMGMIRXIZMHIRGIXSGSRZMRGIQ]EYHMIRGISJ
Q]GPEMQW#
  -W Q] IZMHIRGI WXEXIH MR WTIGMJMG VEXLIV XLER KIRIVEP
XIVQW#
GSRRIGXPYGEWGSQ
8LMWGLIGOPMWXMWEPWSEZEMPEFPI
MRXLISRPMRI7XYH]8SSPWJSV
XLMIGLETXIV

  (S-YWIIZMHIRGIXLEXMWRI[XSQ]EYHMIRGI#
  -WQ]IZMHIRGIJVSQGVIHMFPIYRFMEWIHWSYVGIW#
  (S-MHIRXMJ]XLIWSYVGIWSJQ]IZMHIRGI#
  -WQ]IZMHIRGIGPIEVP]PMROIHXSIEGLTSMRXXLEXMXMWQIERX
XSTVSZI#
  (S-TVSZMHIIZMHIRGIXSERW[IVTSWWMFPISFNIGXMSRWXLI
EYHMIRGIQE]LEZIXSQ]TSWMXMSR#

JVSQWSYVGIWXLEXETTIEVXSFIFMEWIHSVWIPJMRXIVIWXIH-REWWIWWMRKXLIGYVVIRX
WXEXI SJ EMVPMRI WEJIX] JSV I\EQTPI XLI] EVI QSVI PMOIP] XS FI TIVWYEHIH F]
XIWXMQSR]JVSQMQTEVXMEPEZMEXMSRI\TIVXWXLERJVSQXLITVIWMHIRXSJ%QIVMGER
%MVPMRIW-J]SY[MWLXSFITIVWYEWMZIVIP]SRIZMHIRGIJVSQSFNIGXMZIRSRTEV
XMWERWSYVGIW

1EOI'PIEVXLI4SMRXSJ=SYV)ZMHIRGI

GSRRIGXPYGEWGSQ
:MI[XLMWI\GIVTXJVSQ
q4YXXMRKXLI&VEOIWSR
8IIREKI(VMZMRKrMRXLISRPMRI
1IHME0MFVEV]JSVXLMW
GLETXIV :MHIS'PMT 

PSKSW
8LIREQIYWIHF]%VMWXSXPIJSV
XLIPSKMGEPETTIEPSJEWTIEOIV
8LIX[SQENSVIPIQIRXWSJ
EVIIZMHIRGIERH
VIEWSRMRK


;LIRWTIEOMRKXSTIVWYEHI]SYYWIIZMHIRGIXSTVSZIETSMRX=IX]SY[SYPH
FIWYVTVMWIHLS[QER]RSZMGIWTIEOIVWTVIWIRXXLIMVIZMHIRGI[MXLSYXQEOMRK
GPIEVXLITSMRXMXMWWYTTSWIHXSTVSZI%RYQFIVSJWXYHMIWLEZIWLS[RXLEX
]SYGERRSXGSYRXSRPMWXIRIVWXSHVE[SRXLIMVS[RXLIGSRGPYWMSR]SY[ERX
XLIQXSVIEGL;LIR YWMRKIZMHIRGIFIWYVIPMWXIRIVWYRHIVWXERHXLITSMRX
]SYEVIXV]MRKXSQEOI
2SXMGI JSV I\EQTPI LS[ XLI WTIEOIV MR :MHIS 'PMT  MR XLI SRPMRI
1IHME0MFVEV]JSVXLMWGLETXIVHVMZIWLSQIXLITSMRXSJLIVIZMHIRGIEFSYXXLI
RYQFIVSJQSXSVZILMGPIJEXEPMXMIWMRZSPZMRKXIIREKIHVMZIVW
%GGSVHMRK XS XLI 2EXMSREP ,MKL[E] 8VEJJMG 7EJIX] %HQMRMWXVEXMSR [LMPI XIIREKIVW
QEOIYTTIVGIRXSJXLIREXMSRtWPMGIRWIHHVMZIVWXLI]VITVIWIRXTIVGIRXSJEPPQSXSV
ZILMGPIJEXEPMXMIW8LI2,87%VITSVXWXLEXPEWX]IEVHVMZIVWEKIHXS[IVIOMPPIH
MREYXSQSFMPIEGGMHIRXW -REHHMXMSRXSOMPPMRKXLIHVMZIVWXLIWIWEQIEGGMHIRXWXSSOXLI
PMZIWSJXIIREKITEWWIRKIVW&YXXLIWIEGGMHIRXWHMHRtXEJJIGXXIIREKIVWEPSRI8LI]
EPWSXSSOXLIPMZIWSJTISTPIEKIHSVSPHIV
7SXLIXSXEPRYQFIVSJTISTPIOMPPIHPEWX]IEVMREYXSQSFMPIEGGMHIRXWMRZSPZMRKXIIR
EKIHVMZIVW[EWhEPQSWXI\EGXP]XLIRYQFIVSJJYPPXMQIWXYHIRXWEXXLMWGEQTYW

)ZMHIRGIMWSRIIPIQIRXSJ[LEX%VMWXSXPIVIJIVVIHXSEWPSKSWhXLIPSKMGEP
ETTIEPSJEWTIEOIV8LISXLIVQENSVIPIQIRXSJPSKSWMWVIEWSRMRK[LMGL[SVOW
MRGSQFMREXMSR[MXLIZMHIRGIXSLIPTQEOIEWTIEOIVtWGPEMQWTIVWYEWMZI

',%48)6 1)8,3(73*4)679%7-32

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

1IXLSHWSJ4IVWYEWMSR

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

6IEWSRMRK

8LI WXSV] MW XSPH EFSYX ,EGO ;MPWSR E LEVHLMXXMRK SYXJMIPHIV JSV XLI &VSSOP]R (SHKIVW
FEWIFEPPXIEQMRXLIW;MPWSR[EWEKVIEXTPE]IVFYXLILEHEJSRHRIWWJSVXLIKSSH
PMJI,MWHVMROMRKI\TPSMXW[IVIPIKIRHEV],I[EWORS[RXSWTIRHXLIIRXMVIRMKLXSRXLI
XS[RWXEKKIVMRXSXLIXIEQtWLSXIPEXXLIFVIEOSJHE[RKVEFEGSYTPILSYVWWPIITERH
KIXXSXLIFEPPTEVONYWXMRXMQIJSVXLIEJXIVRSSRKEQI
8LMWKVIEXP]HMWXVIWWIH1E\'EVI];MPWSRtWQEREKIV%XXLIRI\XXIEQQIIXMRK'EVI]
WTIRXQYGLXMQII\TPEMRMRKXLIIZMPWSJHVMRO8STVSZILMWTSMRXLIWXSSHFIWMHIEXEFPI
SR[LMGLLILEHTPEGIHX[SKPEWWIWERHETPEXISJPMZIERKPI[SVQW3RIKPEWW[EWJMPPIH
[MXL[EXIVXLISXLIV[MXLKMRh;MPWSRtWJEZSVMXIFIZIVEKI;MXLEJPSYVMWL'EVI]HVSTTIH
E[SVQMRXSXLIKPEWWSJ[EXIV-X[VMKKPIHLETTMP]2I\X'EVI]TPYRKIHXLIWEQI[SVQ
MRXSXLIKMR-XTVSQTXP]WXMJJIRIHERHI\TMVIH
%QYVQYVVERXLVSYKLXLIVSSQERHWSQITPE]IVW[IVISFZMSYWP]MQTVIWWIH&YXRSX
;MPWSR ,I HMHRtX IZIR WIIQ MRXIVIWXIH 'EVI] [EMXIH E PMXXPI LSTMRK JSV WSQI HIPE]IH
VIEGXMSR JVSQ LMW [E][EVH WPYKKIV ;LIR RSRI GEQI LI TVSHHIH q(S ]SY JSPPS[ Q]
VIEWSRMRK;MPWSR#r
q7YVI WOMTTIVr ERW[IVIH ;MPWSR q-X TVSZIW XLEX MJ ]SY HVMRO KMR ]SYtPP RIZIV KIX
[SVQWr


%RH[LEXHSIWXLMWWXSV]TVSZI#2SQEXXIVLS[WXVSRK]SYVIZMHIRGI]SY
[MPPRSXFITIVWYEWMZIYRPIWWPMWXIRIVWKVEWT]SYVVIEWSRMRK

6IEWSRMRKMWXLITVSGIWWSJHVE[MRKEGSRGPYWMSRFEWIHSRIZMHIRGI7SQI
XMQIW[IVIEWSR[IPPhEW[LIR[IGSRGPYHIXLEXMGITEVXMGPIWJSVQMRKSRXLI
XVIIWQE]QIERXLIVSEHW[MPPFIWPMTTIV]3XLIVXMQIW[IVIEWSRPIWWIJJIGXMZIP]h
EW[LIR[IGSRGPYHIXLEXWTMPPMRKWEPX[MPPFVMRKFEHPYGO1SWXWYTIVWXMXMSRW
EVIEGXYEPP]RSQSVIXLERMRWXERGIWSJJEYPX]VIEWSRMRK
6IEWSRMRKMRTYFPMGWTIEOMRKMWERI\XIRWMSRSJVIEWSRMRKMRSXLIVEWTIGXW
SJPMJI%WETYFPMGWTIEOIV]SYLEZIX[SQENSVGSRGIVRW[MXLVIWTIGXXSVIE
WSRMRK*MVWX]SYQYWXQEOIWYVI]SYVS[RVIEWSRMRKMWWSYRH7IGSRH]SY
QYWXXV]XSKIXPMWXIRIVWXSEKVII[MXL]SYVVIEWSRMRK0IXYWPSSOXLIREXJSYV
FEWMGQIXLSHWSJVIEWSRMRKERHLS[XSYWIXLIQMR]SYVWTIIGLIW

VIEWSRMRK
8LITVSGIWWSJHVE[MRKE
GSRGPYWMSRSRXLIFEWMWSJ
IZMHIRGI

6)%732-2+*63174)'-*-'-278%2')7
;LIR ]SY VIEWSR JVSQ WTIGMJMG MRWXERGIW ]SY TVSKVIWW JVSQ E RYQFIV SJ VIEWSRMRKJVSQ
WTIGMJMGMRWXERGIW
TEVXMGYPEVJEGXWXSEKIRIVEPGSRGPYWMSR*SVI\EQTPI
*EGX 1]TL]WMGEPIHYGEXMSRGSYVWIPEWXXIVQ[EWIEW]
*EGX 1]VSSQQEXItWTL]WMGEPIHYGEXMSRGSYVWI[EWIEW]

6IEWSRMRKXLEXQSZIWJVSQ
TEVXMGYPEVJEGXWXSEKIRIVEP
GSRGPYWMSR

*EGX 1]FVSXLIVtWTL]WMGEPIHYGEXMSRGSYVWI[EWIEW]
'SRGPYWMSR 4L]WMGEPIHYGEXMSRGSYVWIWEVIIEW]
%W XLMW I\EQTPI WYKKIWXW [I YWI VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW HEMP]
EPXLSYKL[ITVSFEFP] HSRtXVIEPM^IMX8LMROJSVEQSQIRXSJEPPXLIKIRIVEP
GSRGPYWMSRW XLEX EVMWI MR GSRZIVWEXMSR 4SPMXMGMERW EVI GSVVYTX 4VSJIWWSVW EVI
FSSOMWL(SVQJSSHMWE[JYP;LIVIHSWYGLGSRGPYWMSRWGSQIJVSQ#8LI]GSQI
JVSQSFWIVZMRKTEVXMGYPEVTSPMXMGMERWTVSJIWWSVWHSVQMXSVMIWERHWSSR
8LI WEQI XLMRK LETTIRW MR TYFPMG WTIEOMRK 8LI WTIEOIV [LS GSRGPYHIW
XLEX YRIXLMGEP FYWMRIWW TVEGXMGIW EVI GSQQSR MR XLI 9RMXIH 7XEXIW FIGEYWI


6IEWSRMRK



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

1IXLSHWSJ4IVWYEWMSR

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

WIZIVEPQENSVGSVTSVEXMSRWLEZIFIIRKYMPX]SJJVEYHMRVIGIRX]IEVWMWVIEWSR
MRKJVSQWTIGMJMGMRWXERGIW7SMWXLIWTIEOIV[LSEVKYIWXLEXERXM7IQMXMWQMW
MRGVIEWMRKSRGSPPIKIGEQTYWIWFIGEYWIXLIVILEZIFIIR ERYQFIVSJ EXXEGOW
SR.I[MWLWXYHIRXWERHW]QFSPWEXWGLSSPWEGVSWWXLIREXMSR
7YGL GSRGPYWMSRW EVI RIZIV JSSPTVSSJ 2S QEXXIV LS[ QER] WTIGMJMG
MRWXERGIW]SYKMZI ERH]SYGERKMZISRP]EJI[MREWTIIGL MXMWEP[E]WTSW
WMFPIXLEXERI\GITXMSRI\MWXW8LVSYKLSYXXLIEKIWTISTPISFWIVZIHGSYRXPIWW
[LMXI W[ERW MR )YVSTI [MXLSYX WIIMRK ER] SJ E HMJJIVIRX GSPSV -X WIIQIH ER
YRHIRMEFPI JEGX XLEX EPP W[ERW [IVI [LMXI 8LIR MR XLI XL GIRXYV] FPEGO
W[ERW[IVIHMWGSZIVIHMR%YWXVEPME

+YMHIPMRIWJSV6IEWSRMRKJVSQ7TIGMJMG-RWXERGIW
LEWX]KIRIVEPM^EXMSR
%RIVVSVMRVIEWSRMRKJVSQ
WTIGMJMGMRWXERGIWMR[LMGLE
WTIEOIVNYQTWXSEKIRIVEP
GSRGPYWMSRSRXLIFEWMWSJ
MRWYJJMGMIRXIZMHIRGI

;LIR ]SY VIEWSR JVSQ WTIGMJMG MRWXERGIW ]SY WLSYPH JSPPS[ E JI[ FEWMG
KYMHIPMRIW
*MVWXEZSMHKIRIVEPM^MRKXSSLEWXMP]&I[EVISJXLIXIRHIRG]XSNYQTXSGSR
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MXLEWFIIRXVMIHIPWI[LIVI=SYQE]FIEFPIXSGPEMQXLEX]SYVTSPMG][MPP[SVO
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6IEWSRMRK



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8LI1G+VE[n,MPP
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EHLSQMRIQ
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TIVWSRVEXLIVXLERHIEPMRK[MXLXLIVIEPMWWYIMRHMWTYXI*SVMRWXERGI
8LILIEHSJXLIGSQQIVGIGSQQMWWMSRLEWERYQFIVSJMRXIVIWXMRKIGSRSQMGTVSTSW
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I\EQTPI
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8LI1G+VE[n,MPP
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6IEWSRMRK



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8LI1G+VE[n,MPP
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4EWWMRKJIHIVEPPE[WXSGSRXVSPXLIEQSYRXSJZMSPIRGIMRZMHISKEQIWMWXLIJMVWXWXIT
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1IXLSHWSJ4IVWYEWMSR

8I\X

8LI1G+VE[n,MPP
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8LI1G+VE[n,MPP
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7TIEO[MXL7MRGIVMX]ERH'SRZMGXMSR
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7SQITISTPILEZIXEOIRXLII\XVIQITSWMXMSRXLEXIXLMGEPWTIEOIVWWLSYPHEZSMH
IQSXMSREPETTIEPIRXMVIP]8SWYTTSVXXLMWZMI[XLI]TSMRXXSWTIEOIVW[LSLEZI
YWIHIQSXMSREPETTIEPXSJERXLIJPEQIWSJLEXVIHFMKSXV]ERHJEREXMGMWQ
8LIVIMWRSUYIWXMSR XLEXIQSXMSREPETTIEPWGERFIEFYWIHF]YRWGVYTYPSYW
WTIEOIVWJSVHIXIWXEFPIGEYWIW&YXIQSXMSREPETTIEPWGEREPWSFI[MIPHIHF]LSRSV
EFPIWTIEOIVWJSVRSFPIGEYWIWhF];MRWXSR'LYVGLMPPXSVSYWIXLI[SVPHEKEMRWX
%HSPJ,MXPIVERHXLIJSVGIWSJ2E^MWQF]1EVXMR0YXLIV/MRKXSGEPPJSVVEGMEPNYW
XMGI*I[TISTPI[SYPHUYIWXMSRXLIIXLMGWSJIQSXMSREPETTIEPMRXLIWIMRWXERGIW
2SVMWMXEP[E]WTSWWMFPIXSHVE[EWLEVTPMRIFIX[IIRVIEWSRERHIQSXMSREP
ETTIEP8LMROFEGOXSXLIWXSV]SJ2EXLERXLIJMZI]IEVSPHFS][LS[EWMRJIGXIH
[MXLQEPEVME8LIWXSV]GIVXEMRP]LEWWXVSRKIQSXMSREPETTIEP&YXMWXLIVIER]
XLMRK YRVIEWSREFPIEFSYX MX# 3V MW MX MVVEXMSREP JSV PMWXIRIVW XS VIWTSRH XS MX F]
HSREXMRKXSERXMQEPEVMEPGEYWIW#&]XLIWEQIXSOIRMWMXMPPSKMGEPXSFIGSQTEW
WMSREXIJSVZMGXMQWSJXIVVSVMWQ#%RKIVIHF]GSVTSVEXI[VSRKHSMRK#*IEVJYPEFSYX
GYXFEGOWMRWXYHIRXEMH#6IEWSRERHIQSXMSRSJXIR[SVOLERHMRLERH
3RIOI]XSYWMRKIQSXMSREPETTIEPIXLMGEPP]MWXSQEOIWYVIMXMWETTVSTVM
EXIXSXLIWTIIGLXSTMG-J]SY[ERXXSQSZIPMWXIRIVWXSEGXSREUYIWXMSRSJ
TSPMG]IQSXMSREPETTIEPWEVIRSXSRP]PIKMXMQEXIFYXTIVLETWRIGIWWEV]-J]SY
[ERX PMWXIRIVW XS HS WSQIXLMRK EW E VIWYPX SJ ]SYV WTIIGL ]SY [MPP TVSFEFP]
RIIHXSETTIEPXSXLIMVLIEVXWEW[IPPEWXSXLIMVLIEHW


',%48)6 1)8,3(73*4)679%7-32

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

1IXLSHWSJ4IVWYEWMSR

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

)QSXMSREPPERKYEKIERHZMZMH
I\EQTPIWGERLIPTKIRIVEXI
IQSXMSREPETTIEPFYXRIMXLIV
EVIIJJIGXMZIYRPIWWXLI
WTIEOIVXEPOW[MXLKIRYMRI
WMRGIVMX]ERHGSRZMGXMSR


3RXLISXLIVLERHIQSXMSREPETTIEPWEVIYWYEPP]MRETTVSTVMEXIMRETIV
WYEWMZI WTIIGL SR E UYIWXMSR SJ JEGX ,IVI ]SY WLSYPH HIEP SRP] MR WTIGMJMG
MRJSVQEXMSR ERH PSKMG 7YTTSWI WSQISRI GLEVKIW ]SYV WXEXI KSZIVRSV [MXL
MPPIKEP GEQTEMKR EGXMZMXMIW -J ]SY VIWTSRH F] WE]MRK q-tQ WYVI XLI GLEVKI MW
JEPWIFIGEYWI-LEZIEP[E]WEHQMVIHXLIKSZIVRSVrSVq-tQWYVIXLIGLEVKIMW
XVYIFIGEYWI-LEZIEP[E]WHMWPMOIHXLIKSZIVRSVrXLIR]SYEVIKYMPX]SJETTP]
MRKIQSXMSREPGVMXIVMEXSETYVIP]JEGXYEPUYIWXMSR

)ZIR[LIRXV]MRKXSQSZIPMWXIRIVWXSEGXMSR]SYWLSYPHRIZIVWYFWXMXYXI
IQSXMSREP ETTIEPW JSV IZMHIRGI ERH VIEWSRMRK =SY WLSYPH EP[E]W FYMPH ]SYV
TIVWYEWMZIWTIIGLSREJMVQJSYRHEXMSRSJJEGXWERHPSKMG8LMWMWMQTSVXERXRSX
NYWX JSV IXLMGEP VIEWSRW FYX JSV TVEGXMGEP SRIW EW [IPP 9RPIWW ]SY TVSZI ]SYV
GEWIGEVIJYPPMWXIRIVW[MPPRSXFIWXMVVIHF]]SYVIQSXMSREPETTIEPW=SYRIIHXS
FYMPHEKSSHGEWIFEWIHSRVIEWSRERHOMRHPIXLIIQSXMSRWSJ]SYVEYHMIRGI

;LIR]SYYWIIQSXMSREP ETTIEPOIITMRQMRHXLIKYMHIPMRIWJSVIXLMGEP
WTIIGLQEOMRK HMWGYWWIH MR 'LETXIV  1EOI WYVI ]SYV KSEPW EVI IXLMGEPP]
WSYRHXLEX]SYEVILSRIWXMR[LEX]SYWE]ERHXLEX]SYEZSMHREQIGEPPMRK
ERH SXLIV JSVQW SJ EFYWMZI PERKYEKI -R YWMRK IQSXMSREP ETTIEP EW MR SXLIV
VIWTIGXW]SYVGPEWWVSSQWTIIGLIW[MPPSJJIVEKSSHXIWXMRKKVSYRHJSVUYIWXMSRW
SJIXLMGEPVIWTSRWMFMPMX]

7EQTPI7TIIGL[MXL'SQQIRXEV]

8LI JSPPS[MRK TIVWYEWMZI WTIIGL HIEPW [MXL E UYIWXMSR SJ TSPMG] ERH MW SVKE
RM^IH EGGSVHMRK XS 1SRVSItW QSXMZEXIH WIUYIRGI %W ]SY VIEH XLI WTIIGL
RSXMGI LS[ XLI WTIEOIV YXMPM^IW XLI QIXLSHW SJ TIVWYEWMSR HMWGYWWIH MR XLMW
GLETXIVEWWLIQSZIWXLVSYKLIEGLWXITSJXLIQSXMZEXIHWIUYIRGI8LIWTIIGL
EPWSTVSZMHIWERI\GIPPIRXI\EQTPISJLS[EWTIEOIVtWHIPMZIV]GERIRLERGILMW
SV LIV GVIHMFMPMX] ERH IQSXMSREP ETTIEPhEW ]SY GER WII F] [EXGLMRK :MHIS
'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIV

GSRRIGXPYGEWGSQ
:MI[q1EOMRKE(MJJIVIRGI
8LVSYKLXLI7TIGMEP3P]QTMGWr
MRXLISRPMRI1IHME0MFVEV]JSV
XLMWGLETXIV :MHIS'PMT 

7EQTPI7TIIGL[MXL'SQQIRXEV]



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

1IXLSHWSJ4IVWYEWMSR

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

1EOMRKE(MJJIVIRGI8LVSYKLXLI7TIGMEP3P]QTMGW
'311)28%6=

74))',

8LI JMVWX WXIT MR 1SRVSItW QSXMZEXIH


WIUYIRGI MW KEMRMRK XLI EXXIRXMSR SJ XLI
EYHMIRGI[LMGLXLIWTIEOIV HSIW[MXLER
I\XIRHIHI\EQTPI-RXLMWGEWIXLII\EQ
TPIEPWSLEWWXVSRKIQSXMSREPETTIEP

-R7IEXXPIRMRI]SYRKEXLPIXIWKEXLIVIHEXXLIWXEVXMRKPMRIJSV
XLI]EVHHEWL%XXLIKYRXLI]EPPWXEVXIHSJJRSXI\EGXP]
MR EHEWLFYX[MXL EHIWMVIXSVYRXLIVEGIXSXLIJMRMWLERH
[MR %PP I\GITX SRI PMXXPI FS] [LS WXYQFPIH SR XLI EWTLEPX
XYQFPIHSZIVEGSYTPISJXMQIWERHFIKERXSGV]8LISXLIV
VYRRIVW LIEVH XLI FS] GV] 8LI] WXSTTIH XLI] PSSOIH FEGO
8LIRXLI]EPP[IRXFEGOXSXLIFS]tWWMHIhIZIV]WMRKPISRISJ
XLIQ 3RI KMVP [MXL (S[R W]RHVSQI OMWWIH LMQ ERH WEMH
q8LMW[MPPQEOIMXFIXXIVr8LIREPPRMRIPMROIHEVQWERH[EPOIH
XSXLIJMRMWLPMRIhXSKIXLIV

8LI WTIEOIV QSZIW JVSQ LIV STIRMRK I\


EQTPIXSVIZIEPXLIXSTMGSJLIVWTIIGL


8LIWIEXLPIXIW[IVIRSXGSQTIXMRKSRREXMSREPXIPIZMWMSR
8LI][IVIRSXWTSRWSVIHSVMHSPM^IH&YXXLI][IVIKMZIRXLI
STTSVXYRMX]XSJPSYVMWLYRHIVXLIKPS[SJXLIMVS[RWTSXPMKLX
XS JIIP XLI FVYWL SJ XLI VMFFSR GVSWW XLIMV GLIWXW EW XLI]
VERXLVSYKLXLIMVS[RJMRMWLPMRIMRXLIMVS[R3P]QTMGWhXLI
7TIGMEP3P]QTMGW

)ZIR XLSYKL EPPQIQFIVW SJLIVEYHMIRGI


ORI[ EFSYX XLI 7TIGMEP 3P]QTMGW FIJSVI
XLI WTIIGL XLI WTIEOIV UYMGOP] VIQMRHW
XLIQSJXLISVKERM^EXMSRtWMHIEPW7LIXLIR
VIPEXIW XLI XSTMGHMVIGXP] XS LIV GPEWWQEXIW
EXETIVWSREPPIZIP


*SYRHIH MR  7TIGMEP 3P]QTMGW MRZMXIH XLI[SVPH XS
PIX KS SJ PMQMXMRK ZMI[W YR]MIPHMRK TVINYHMGIW ERH MKRSVERX
QMWGSRGITXMSRWEFSYXTISTPI[MXLGSKRMXMZIHMWEFMPMXMIWERHXS
IQFVEGIXLIMHIEXLEXXLI]GERFIVIWTIGXIHZEPYIHGSRXVMF
YXMRKQIQFIVWSJWSGMIX].YWXXLMROSRISJXLIOMHW[LSVER
XLVSYKL XLEX JMRMWL PMRI GSYPH LEZI JEPPIR MRXS ]SYV EVQW 3V
QE]FISRIHE]GSYPHFI]SYVS[RGLMPH

8LIWTIEOIVIWXEFPMWLIWLIVGVIHMFMPMX]ERH
TVSZMHIWETVIZMI[WXEXIQIRXXLEXPIEHWMRXS
XLIFSH]SJXLIWTIIGL


%JXIV[SVOMRKEWEZSPYRXIIVJSVXLI7TIGMEP3P]QTMGWERH
HSMRKEHHMXMSREPVIWIEVGLJSVXLMWWTIIGL-tHPMOIXSIRGSYVEKI
]SYXSFIGSQIMRZSPZIHEWEZSPYRXIIVJSVXLI7TIGMEP3P]QTMGW
;ItPPWXEVXF]PSSOMRKEXXLIRIIHJSVZSPYRXIIVW

2S[XLIWTIEOIVQSZIWMRXSXLIRIIHWXIT
SJ 1SRVSItWQSXMZEXIHWIUYIRGI (VE[MRK
JVSQ XLI 7TIGMEP 3P]QTMGW ;IF WMXI WLI
TVSZMHIWMRJSVQEXMSREFSYXXLIRYQFIVSJ
TEVXMGMTERXW ERH XLI GSRXMRYMRK RIIH JSV
ZSPYRXIIVW


%GGSVHMRKXSXLI7TIGMEP3P]QTMGW;IFWMXIQSVIXLER
 QMPPMSR TISTPIGSQTIXIMR7TIGMEP 3P]QTMGWEVSYRHXLI
[SVPH 4EVXMGMTERXW QYWX FI EX PIEWX IMKLX ]IEVW SPH ERH FI
MHIRXMJMIH EW LEZMRK E GSKRMXMZI SV MRXIPPIGXYEP HMWEFMPMX]
8LIVIEVIGYVVIRXP]7TIGMEP3P]QTMGWTVSKVEQWVYRRMRK
MRSZIVGSYRXVMIW

6EXLIVXLERXEPOMRKEFSYXXLIRIIHJSVZSP
YRXIIVWMRKIRIVEPXIVQWXLIWTIEOIVVIPEXIW
XS XLI EYHMIRGI F] JSGYWMRK SR XLI WMXYE
XMSR MR ;MWGSRWMR [LIVI XLI WTIIGL [EW
HIPMZIVIH


%WXLI7TIGMEP 3P]QTMGW GSRXMRYIWXS KVS[ WS HSIW XLI
RIIHJSVZSPYRXIIVW,IVIMR;MWGSRWMRXLIVIEVIEXL
PIXIW ERH  ZSPYRXIIV GSEGLIW &YX FIGEYWI SJ EPP XLI
MRHMZMHYEP EXXIRXMSR VIUYMVIH F] 7TIGMEP 3P]QTMGW EXLPIXIW
XLIVItWEP[E]WERIIHJSVQSVIZSPYRXIIVGSEGLIWSVJSVPSEHW
SJSXLIVZSPYRXIIVWEW[IPP



',%48)6 1)8,3(73*4)679%7-32

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

1IXLSHWSJ4IVWYEWMSR

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

8LMW TEVEKVETL FIKMRW [MXL E XVERWMXMSR


MRXSXLIWEXMWJEGXMSRWIGXMSRSJXLIWTIIGL
2SXMGI LS[ XLI WTIEOIV I\TPEMRW XLEX SRI
HSIWRSXRIIHXSFIEKVIEXEXLPIXISVLEZI
TVMSVGSEGLMRKI\TIVMIRGIXSZSPYRXIIVEWE
7TIGMEP3P]QTMGWGSEGL8LMWOMRHSJWTIGM
JMGMX] MW MQTSVXERX [LIRIZIV E WTIEOIV
[ERXW XS TIVWYEHI ER EYHMIRGI XS XEOI
MQQIHMEXIEGXMSR


2S[ ]SY ORS[ XLI RIIH JSV 7TIGMEP 3P]QTMGW ZSPYR
XIIVW 7S XLI UYIWXMSR MW ;LEX GER ]SY HS XS LIPT# 8LI
ERW[IV MW &IGSQI E ZSPYRXIIV 8LI QSWX SFZMSYW [E] XS
FIGSQI E ZSPYRXIIV MW XS FIGSQI E GSEGL 2S[ ]SY HSRtX
LEZIXSFIEKVIEXEXLPIXI=SYHSRtXLEZIXSLEZIER]TVMSV
GSEGLMRK I\TIVMIRGI 7TIGMEP 3P]QTMGW SJJIVW E KIRIVEP
GSYVWISRXLITVMRGMTPIWSJGSEGLMRKMREHHMXMSRXSEQIRXSV
MRKTVSKVEQMR[LMGLXLIRI[GSEGLIWVIGIMZIKYMHERGIJVSQ
XLII\TIVMIRGIHGSEGLIW

8LIWTIEOIVTVSZMHIWSTXMSRWJSVLIVPMWXIR
IVW F] RSXMRK XLEX SRI GER ZSPYRXIIV MR
[E]W SXLIV XLER GSEGLMRK ERH XLEX SRItW
GSRXVMFYXMSRWXS7TIGMEP3P]QTMGWGERZEV]
HITIRHMRK SR XLI PIZIP SJ GSQQMXQIRX
E TIVWSR MW EFPI XS QEOI EX E TEVXMGYPEV
XMQI


-J]SYHSRtX[ERXXSFIEGSEGLXLIVIEVISXLIV[E]WXS
LIPTSYXEW[IPP=SYGER[SVOFILMRHXLIWGIRIWF]EWWMWXMRK
[MXL JYRHVEMWMRK SV SVKERM^MRK IZIRXW SV ER] SJ XLI SXLIV
GSYRXPIWWHIXEMPWMRZSPZIHMRVYRRMRKELYKISVKERM^EXMSRWYGL
EW 7TIGMEP 3P]QTMGW -XtW EPWS ZIV] MQTSVXERX XLEX ]SY ORS[
XLEX]SYVGSRXVMFYXMSRXS7TIGMEP3P]QTMGWGERPEWXJVSQEHE]
XSE]IEVXSEPMJIXMQIHITIRHMRKSRXLIPIZIPSJGSQQMXQIRX
XLEX]SYtVIVIEH]XSQEOI

,EZMRK I\TPEMRIH LIV TPER XLI WTIEOIV


QSZIWMRXSXLIZMWYEPM^EXMSRWIGXMSRSJLIV
WTIIGL MR [LMGL WLI HIQSRWXVEXIW XLI
FIRIJMXWSJLIVTPER8LMWMWSRISJXLIQSWX
MQTSVXERXEWTIGXWSJER]TIVWYEWMZIWTIIGL
SREUYIWXMSRSJTSPMG]


2SQEXXIVLS[]SYHIGMHIXSLIPT-KYEVERXII]SYXLEX
[SVOMRK[MXLXLI7TIGMEP3P]QTMGW[MPPFIMQQIRWIP]VI[EVH
MRK %W E GSEGL ]SYV MRWXVYGXMSR ERH WYTTSVX [MPP LIPT ]SYV
EXLPIXIW HIZIPST TL]WMGEP WOMPPW [LMPI ]SYV MRXIVEGXMSR ERH
JVMIRHWLMT[MPPLIPTXLIQHIZIPSTWSGMEPP]6SRRE:ERHIVWPMGI
EYXLSV SJ XLI EVXMGPI q7TIGMEP 3P]QTMGW &IRIJMGMEP XS %PPr
VITSVXWXLEXMRHMZMHYEPW[LSKIXMRZSPZIHMRWTSVXWERHVIGVI
EXMSR XLVSYKL 7TIGMEP 3P]QTMGW HIZIPST PEVKIV RIX[SVOW SJ
JVMIRHW EVI QSVI PMOIP] XS WSGMEPM^I [MXL SXLIVW ERH VIGIMZI
QSVIWSGMEPWYTTSVX

(VE[MRKSRLIVS[RI\TIVMIRGIEWEZSPYR
XIIV FSSWXW XLI WTIEOIVtW GVIHMFMPMX] EW WLI
I\TPEMRWXLITIVWSREPKVEXMJMGEXMSRSJ[SVO
MRK [MXL XLI7TIGMEP 3P]QTMGW%W]SYGER
WIIJVSQXLIZMHISSJXLIWTIIGLMRXLISR
PMRI 1IHME 0MFVEV] JSV XLMW GLETXIV XLI
WTIEOIVtW WMRGIVMX] EHHW MQQIRWIP] XS XLI
MQTEGXSJLIVMHIEW


&YX MXtW RSX NYWX XLI EXLPIXIW [LS FIRIJMX JVSQ 7TIGMEP
3P]QTMGW-RQ]GEWI[SVOMRK[MXL7TIGMEP3P]QTMGWMWSRISJ
XLIQSWXKVEXMJ]MRKXLMRKW-LEZIIZIVHSRIMRQ]PMJI2SXSRP]
HS - LEZI XLI WEXMWJEGXMSR XLEX GSQIW JVSQ LIPTMRK SXLIVW
MQTVSZIXLIUYEPMX]SJXLIMVPMZIWFYX-tZIQIXWSQER]EQE^MRK
TISTPIERHQIXWSQER]KVIEXJVMIRHWXLEXVIEPP]-[SYPHRSX
XVEHIXLII\TIVMIRGIJSVER]XLMRK

%XVERWMXMSRWMKREPWXLEXXLIWTIEOIVMWQSZMRK
MRXSXLIEGXMSRWIGXMSRSJLIVWTIIGL2SXMGI
LS[ WLI XMIW LIV GEPP JSV EGXMSR HMVIGXP] XS
LIVGPEWWQEXIWF]XEPOMRKMRXIVQWSJq]SYr
ERHq]SYVr


2S[ ]SY ORS[ XLI RIIH JSV 7TIGMEP 3P]QTMGW ZSPYR
XIIVW WSQI [E]W XLEX ]SY GER LIPT SYX ERH XLI FIRIJMXW
XSXLIZSPYRXIIVW ERHEXLPIXIWEPMOIWSRS[-tH PMOIXSEWO
]SY XS XEOI XLI WXIT SJ KIXXMRK MRZSPZIH [MXL XLI 7TIGMEP
3P]QTMGW-J]SY[ERXQSVIMRJSVQEXMSR]SYGERGLIGOSYX
XLI ;IF WMXI JSV XLI 7TIGMEP 3P]QTMGW SV ZMWMX XLI PSGEP
LIEHUYEVXIVWPSGEXIH SR1SRSRE(VMZILIVIMR1EHMWSR-
EPWS LEZI FVSGLYVIW [MXL GSRXEGX MRJSVQEXMSR XLEX -tPP FI
LERHMRKSYXEJXIVXLIWTIIGL

7EQTPI7TIIGL[MXL'SQQIRXEV]



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

1IXLSHWSJ4IVWYEWMSR

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

8LI WTIEOIV EKEMR WXVIWWIW XLEX WXYHIRXW


GER EHNYWX ZSPYRXIIVMRK XS XLIMV TIVWSREP
WGLIHYPIW


-ORS[]SYQE]RSXLEZIEPSXSJXMQIEZEMPEFPIVMKLXRS[
FYX]SYGERZSPYRXIIVJSVXLIXMQIXLEXJMXW]SYVWGLIHYPI8LI
QSWXMQTSVXERXXLMRKMWXSKIXMRZSPZIHMRWSQIGETEGMX]JSV
[LEXIZIVEQSYRXSJXMQI]SYGERQEREKI

&] VIXYVRMRK XS LIV STIRMRK WXSV] XLI


WTIEOIVVIPEXIWSRGIQSVIXSXLIEYHMIRGI
YRMJMIWXLIIRXMVIWTIIGLERHWXVIRKXLIRW
MXW IQSXMSREP ETTIEP &VMIJ ERH TSMKRERX
XLIGPSWMRKUYSXEXMSRTVSZMHIWERI\GIPPIRX
IRHMRK


6IQIQFIVXLIRMRIGLMPHVIR-QIRXMSRIHEXXLIFIKMRRMRK
SJXLMWWTIIGL8LMROSJXLIMVLETTMRIWWERHXLIMVWYTTSVXJSV
SRIERSXLIV8LMROSJLS[QYGLXLI]KEMRIHJVSQVYRRMRKMR
XLEX VEGI %RH XLMRO SJ LS[ ]SY GER LIPT SXLIVW I\TIVMIRGI
XLIWEQIFIRIJMXWEWXLI]WXVMZIXSJYPJMPPXLIQSXXSSJXLI7TI
GMEP3P]QTMGWq0IXQI[MR&YXMJ-GERtX[MRPIXQIFIFVEZI
MRXLIEXXIQTXr

7911%6=
0MWXIRIVW EGGITX E WTIEOIVtW MHIEW JSV SRI SV QSVI SJ JSYV VIEWSRWhFIGEYWI XLI]
TIVGIMZIXLIWTIEOIVEWLEZMRKLMKLGVIHMFMPMX]FIGEYWIXLI]EVI[SRSZIVF]XLI
WTIEOIVtW IZMHIRGI FIGEYWI XLI] EVI GSRZMRGIH F] XLI WTIEOIVtW VIEWSRMRK SV
FIGEYWIXLI]EVIQSZIHF]XLIWTIEOIVtWIQSXMSREPETTIEPW
'VIHMFMPMX]MWEJJIGXIHF]QER]JEGXSVWFYXXLIX[SQSWXMQTSVXERXEVIGSQTI
XIRGIERHGLEVEGXIV8LIQSVIJEZSVEFP]PMWXIRIVWZMI[EWTIEOIVtWGSQTIXIRGIERH
GLEVEGXIVXLIQSVIPMOIP]XLI]EVIXSEGGITXLIVSVLMWMHIEW%PXLSYKLGVIHMFMPMX]
MWTEVXP]EQEXXIVSJVITYXEXMSR]SYGERIRLERGI]SYVGVIHMFMPMX]HYVMRKEWTIIGL
F]IWXEFPMWLMRKGSQQSRKVSYRH[MXL]SYVPMWXIRIVWF]PIXXMRKXLIQORS[[L]]SY
EVI UYEPMJMIH XS WTIEO SR XLI XSTMG ERH F] TVIWIRXMRK ]SYV MHIEW JPYIRXP] ERH
I\TVIWWMZIP]
-J]SYLSTIXSFITIVWYEWMZI]SYQYWXEPWSWYTTSVX]SYVZMI[W[MXLIZMHIRGIh
I\EQTPIWWXEXMWXMGWERHXIWXMQSR]6IKEVHPIWWSJ[LEXOMRHSJIZMHIRGI]SYYWIMX
[MPPFIQSVITIVWYEWMZIMJMXMWRI[XSXLIEYHMIRGIWXEXIHMRWTIGMJMGVEXLIVXLER
KIRIVEPXIVQWERHJVSQGVIHMFPIWSYVGIW=SYVIZMHIRGI[MPPEPWSFIQSVITIVWYE
WMZIMJ]SYWXEXII\TPMGMXP]XLITSMRXMXMWWYTTSWIHXSTVSZI
2SQEXXIVLS[WXVSRK]SYVIZMHIRGI]SY[MPPRSXFITIVWYEWMZIYRPIWWPMWXIRIVW
EKVII [MXL ]SYV VIEWSRMRK -R VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW ]SY QSZI JVSQ E
RYQFIVSJTEVXMGYPEVJEGXWXSEKIRIVEPGSRGPYWMSR6IEWSRMRKJVSQTVMRGMTPIMWXLI
VIZIVWIh]SYQSZIJVSQEKIRIVEPTVMRGMTPIXSETEVXMGYPEVGSRGPYWMSR;LIR]SYYWI
GEYWEP VIEWSRMRK ]SY XV] XS IWXEFPMWL EVIPEXMSRWLMT FIX[IIRGEYWIW ERH IJJIGXW -R
EREPSKMGEPVIEWSRMRK]SYGSQTEVIX[SGEWIWERHMRJIVXLEX[LEXMWXVYIJSVSRIMWEPWS
XVYIJSVXLISXLIV;LEXIZIVOMRHSJVIEWSRMRK]SYYWIEZSMHJEPPEGMIWWYGLEWLEWX]
KIRIVEPM^EXMSRJEPWIGEYWIERHMRZEPMHEREPSK]=SYWLSYPHEPWSFISRKYEVHEKEMRWX
XLIVIHLIVVMRKEHLSQMRIQIMXLIVSVFERH[EKSRERHWPMTTIV]WPSTIJEPPEGMIW
*MREPP]]SY GERTIVWYEHI]SYVPMWXIRIVWF] ETTIEPMRKXSXLIMVIQSXMSRW3RI
[E]XSKIRIVEXIIQSXMSREPETTIEPMWF]YWMRKIQSXMSRPEHIRPERKYEKI%RSXLIVMW
XS HIZIPST ZMZMH VMGLP] XI\XYVIH I\EQTPIW 2IMXLIV LS[IZIV [MPP FI IJJIGXMZI
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8LI1G+VE[n,MPP
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7
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7TIIGLIWSJ-RXVSHYGXMSR
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8LI1G+VE[n,MPP
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0YGEW8LI%VXSJ4YFPMG
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7TIEOMRKSR7TIGMEP
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8I\X

8LI1G+VE[n,MPP
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FITEMRJYP

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7TIIGLIWSJ-RXVSHYGXMSR



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKSR7TIGMEP
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8LI1G+VE[n,MPP
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LEVZEVHQEKE^MRIGSQKSNOVS[PMRKLXQP 

SJXLI-RXIVREXMSREP6IEHMRK%WWSGMEXMSR8LIMRXVSHYGXMSRXSXLIWGLSSPGLMP
HVIRQMKLXKSWSQIXLMRKPMOIXLMW
'LMPHVIR[ILEZIEZIV]MQTSVXERXKYIWXXSHE]=SYORS[LIVF]XLIGLEVEGXIVWLI
LEWGVIEXIHh,EVV]4SXXIV;LEX]SYHSRtXORS[MWEPPXLILEVH[SVOXLEXKSIWMRXS[VMXMRK
XLIFSSOWXLEX[IEPPPSZIXSVIEH8SHE]WLIMWKSMRKXSXIPPYWLS[WLIGEQIYT[MXLXLI
MHIESJ,EVV]4SXXIVERHLMWJVMIRHWERHLS[WLIKSIWEFSYX[VMXMRKLIVFSSOW0IXtWKMZI
EFMKVSYRHSJETTPEYWIXS./6S[PMRK

&YX XLI MRXVSHYGXMSR XS XLI -RXIVREXMSREP 6IEHMRK %WWSGMEXMSR [SYPH FI
EPSRKXLIWIPMRIW
0EHMIWERH KIRXPIQIRMXMWQ]TVMZMPIKIXSMRXVSHYGIXS]SY XSHE]XLI[SVPHtWFIWX
WIPPMRKEYXLSV;IEVIEPP[IPPEGUYEMRXIH[MXLLIV,EVV]4SXXIVWIVMIWXLEXLEWGETXYVIHXLI
MQEKMREXMSRSJGLMPHVIRhERHQSVIXLEREJI[EHYPXWhEVSYRHXLIKPSFI
1ER] SJYW ORS[ XLI VIQEVOEFPI WXSV] SJLIV [VMXMRK PMJI8LI MRWTMVEXMSR JSV ,EVV]
4SXXIVGEQISREXVEMRVMHIJVSQ1ERGLIWXIVXS0SRHSRMR3ZIVXLIRI\XJI[]IEVW
WLIGSQTMPIHRSXIWEWXLIWXSV]XSSOWLETIMRLIVQMRH8LIFYPOSJXLI[VMXMRKXSSOTPEGI
[LIRWLI[EWEWMRKPIQSXLIVSRTYFPMGEWWMWXERGIMR)HMRFYVKL7LI[EWXIEGLMRK*VIRGL
XSXIIREKIVWMRXLIQMHW[LIRWLILIEVHXLEXXLIJMVWX,EVV]4SXXIVFSSOLEHFIIR
EGGITXIHJSVTYFPMGEXMSR8LIVIWXMWPMXIVEV]LMWXSV]
7LI[MPPFIXIPPMRKYWXLMWEJXIVRSSRQSVIEFSYX[LEXMRWTMVIHLIVJEWGMREXMRKWXSV]SJ
[M^EVHV] [LIVI WLI KIXW LIV MHIEW ERH [LEX OMRHW SJ FSSOW WLI [ERXW XS [VMXI RI\X
4PIEWIKMZIE[EVQ[IPGSQIXS./6S[PMRK

8V]XS'VIEXIE7IRWISJ%RXMGMTEXMSRERH(VEQE
=SYQE]LEZIRSXMGIHSRIHIXEMPWLEVIHF]XLIX[SWTIIGLIWMRXVSHYGMRK./
6S[PMRK-RFSXLGEWIWXLIWTIEOIVtWREQI[EWWEZIHJSVPEWX8LMWMWEGSRZIR
XMSRMRWTIIGLIWSJMRXVSHYGXMSR;LMPIXLIVIQE]SGGEWMSREPP]FIEKSSHVIE
WSRXSFVIEOXLIGSRZIRXMSRYWYEPP]]SY[MPPEZSMHQIRXMSRMRKXLIWTIEOIVtW
REQIYRXMPXLIJMREPQSQIRXhIZIR[LIRXLIEYHMIRGIORS[WI\EGXP][LSQ
]SYEVIHMWGYWWMRK&]HSMRKXLMW]SYFYMPHEWIRWISJHVEQEERHXLIWTIEOIVtW
REQIGSQIWEWXLIGPMQE\SJ]SYVMRXVSHYGXMSR
3JXIR]SY[MPPJMRH]SYVWIPJMRXLIWMXYEXMSRSJMRXVSHYGMRKWSQISRI[LS
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QIIXMRKERIMKLFSVMREGSQQYRMX]KVSYT8LIR]SYWLSYPHXV]XSFIGVIEXMZI
ERHGEWXXLIWTIEOIVMRERI[PMKLX8EPOXSXLIWTIEOIVFIJSVILERHERHWIIMJ


',%48)6 74)%/-2+3274)'-%03''%7-327

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKSR7TIGMEP
3GGEWMSRW

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

7TIIGLIWJSVWTIGMEPSGGEWMSRW
EVITEVXSJXLIGIVIQSRMEP
EYVEXLEXLIPTWQEOIGIVXEMR
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GSQQIRGIQIRXEHHVIWWF]
97'SRKVIWW[SQER0MRHE
7ERGLI^

]SYGERPIEVRWSQIMRXIVIWXMRKJEGXWXLEXEVIRSXKIRIVEPP]ORS[RhIWTIGMEPP]
JEGXWXLEXVIPEXIXSXLIWTIEOIVtWXSTMG

%FSZI EPP MJ ]SY I\TIGX XS FI GVIEXMZI ERH HVEQEXMG FI WYVI XS TVEGXMGI
]SYV WTIIGL SJ MRXVSHYGXMSR XLSVSYKLP] =SY WLSYPH FI EFPI XS HIPMZIV MX
I\XIQTSVERISYWP][MXLWMRGIVMX]ERHIRXLYWMEWQ

7TIIGLIWSJ4VIWIRXEXMSR

7TIIGLIWSJTVIWIRXEXMSREVIKMZIR[LIRWSQISRIVIGIMZIWEKMJXERE[EVHSV
WSQISXLIVJSVQSJTYFPMGVIGSKRMXMSR9WYEPP]WYGLWTIIGLIWEVIFVMIJ8LI]
QE]FIRSQSVIXLEREQIVIERRSYRGIQIRX q%RHXLI[MRRIVMWr SVFI
YTXSJSYVSVJMZIQMRYXIWMRPIRKXL

8LIQEMRTYVTSWISJEWTIIGLSJTVIWIRXEXMSRMWXSXIPPXLIEYHMIRGI[L]
XLIVIGMTMIRXMWVIGIMZMRKXLIE[EVH4SMRXSYXLIVSVLMWGSRXVMFYXMSRWEGLMIZI
QIRXW ERH WS JSVXL (S RSX HIEP [MXL IZIV]XLMRK XLI TIVWSR LEW IZIV HSRI
*SGYWSREGLMIZIQIRXWVIPEXIHXSXLIE[EVHERHHMWGYWWXLIWIEGLMIZIQIRXWMR
E[E]XLEX[MPPQEOIXLIQQIERMRKJYPXSXLIEYHMIRGI

(ITIRHMRKSRXLIEYHMIRGIERHXLISGGEWMSR]SYQE]EPWSRIIHXSHMWGYWW
X[SSXLIVQEXXIVWMREWTIIGLSJTVIWIRXEXMSR*MVWXMJXLIEYHMIRGIMWRSXJEQMP
MEV[MXLXLIE[EVH]SYWLSYPHI\TPEMRMXFVMIJP]7IGSRHMJXLIE[EVH[EW[SR
MRETYFPMGGSQTIXMXMSRERHXLIEYHMIRGIORS[W[LSXLIPSWIVWEVI]SYQMKLX
XEOIEQSQIRXXSTVEMWIXLIPSWIVW

&IPS[MWEWEQTPIWTIIGLSJTVIWIRXEXMSR-X[EWHIPMZIVIHF]4VIWMHIRX&MPP
'PMRXSRMRTVIWIRXMRKXLI'SRKVIWWMSREP+SPH1IHEPXSJSVQIV7SYXL%JVMGER
4VIWMHIRX2IPWSR1ERHIPEEXEGIVIQSR]MRXLI6SXYRHESJXLI9RMXIH7XEXIW
'ETMXSPMR;EWLMRKXSR('&IGEYWIXLI'SRKVIWWMSREP+SPH1IHEPMWEWTIGMEP
LSRSVFIWXS[IHF]XLI97'SRKVIWWXLIVIEVIRSTYFPMGGSQTIXMXSVWJSVXLI
E[EVH 8LYW 'PMRXSR HMH RSX RIIH XS WE] ER]XLMRK EFSYX XLI qPSWIVWr ,MW
WTIIGL JSGYWIH SR 1ERHIPEtW FEXXPI EKEMRWX ETEVXLIMH ERH LMW IJJSVXW XS TVS
QSXIVIGSRGMPMEXMSREQSRKXLITISTPISJ7SYXL%JVMGE


WTIIGLSJTVIWIRXEXMSR
%WTIIGLXLEXTVIWIRXWWSQISRI
EKMJXERE[EVHSVWSQISXLIV
JSVQSJTYFPMGVIGSKRMXMSR

7TIIGLIWSJ4VIWIRXEXMSR



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKSR7TIGMEP
3GGEWMSRW

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

4VIWIRXMRKXLI'SRKVIWWMSREP+SPH1IHEP
&MPP'PMRXSR
8S Q]JVMIRH4VIWMHIRX1ERHIPE %QIVMGERW EWSRI XSHE] EGVSWWEPPXLI PMRIW
XLEXHMZMHIYWTE]XVMFYXIXS]SYVWXVYKKPIXS]SYVEGLMIZIQIRXERHXSXLIMRWTMVE
XMSR ]SY LEZI KMZIR YW XS HS FIXXIV 8SHE] [I SJJIV E QER [LS LEW VIGIMZIH XLI
2SFIP4VM^IXLILMKLIWXLSRSV[MXLMRXLIKMJXSJXLMWGSYRXV]
8LSWISJYW[LSWLEVILMWZMWMSRERHPMJXLMQYTMRLSRSVXSHE]S[IMXXSLMQ
XSFYMPHETIVQERIRXTEVXRIVWLMTFIX[IIR%QIVMGERWERH%JVMGERWhJSVXLIIHY
GEXMSRSJSYVGLMPHVIRJSVXLIWSPYXMSRSJSYVTVSFPIQWJSVXLIVIWSPYXMSRSJSYV
HMJJIVIRGIWJSVXLIIPIZEXMSRSJ[LEXMWFIWXEFSYXYWEPP
-RJSVKMZMRKXLSWI[LSMQTVMWSRIHLMQLIVIQMRHIHYWSJXLIQSWXJYRHEQIR
XEPPIWWSRSJEPPhXLEXMRXLIIRHETEVXLIMH[EWEHIJIEXSJXLILIEVXXLIQMRHXLI
WTMVMX-X[EWRSXNYWXEWXVYGXYVISYXWMHIERHNEMPLSYWIW[MXLMR[LMGLTISTPI[IVI
OITXMX[EWEHMZMWMSRSJXLIQMRHERHWSYPEKEMRWXMXWIPJ;IS[IMXXS2IPWSR1ERHIPE
RSXWMQTP]XSKMZILMQXLMWE[EVHFYXXSPMZIF]XLIPIWWSRLIXEYKLXYWERHXSXIEV
HS[RIZIV]PEWXZIWXMKISJETEVXLIMHMRSYVS[RLIEVXWhIZIV]XLMRKXLEXHMZMHIWYW
SRIJVSQERSXLIV
*SV XLSWI SJ YW [LS LEZI FIIR TVMZMPIKIH XS ORS[ XLMW VIQEVOEFPI QER RS
QIHEPRSE[EVHRSJSVXYRIRSXLMRK[IGSYPHKMZILMQGSYPHTSWWMFP]GSQTEVIXS
XLIKMJXLILEWKMZIRXSYWERHXSXLI[SVPH8LISRP]KMJXXLEXMWXVYIVIGSQTIRWIMW
XS GSRXMRYI LMW QMWWMSR ERH XS PMZI F] XLI TS[IV SJ LMW TVSJSYRH ERH [SRHIVJYP
I\EQTPI
2S[ EWTVIWGVMFIHF]XLIPE[MXMWQ]TVMZMPIKIXSTVIWIRXXLI'SRKVIWWMSREP
+SPH1IHEPXS4VIWMHIRX2IPWSR1ERHIPE

7TIIGLIWSJ%GGITXERGI
EGGITXERGIWTIIGL
%WTIIGLXLEXKMZIWXLEROW
JSVEKMJXERE[EVHSV
WSQISXLIVJSVQSJTYFPMG
VIGSKRMXMSR

8LITYVTSWISJEREGGITXERGIWTIIGLMWXSKMZIXLEROWJSVEKMJXSVERE[EVH
;LIR KMZMRK WYGL E WTIIGL ]SY XLERO XLI TISTPI [LS EVI FIWXS[MRK XLI
E[EVHERHVIGSKRM^IXLITISTPI[LSLIPTIH]SYKEMRMX
8LI EGGITXERGI WTIIGL SR XLI RI\X TEKI MW XLI GSQTERMSR TMIGI XS XLI
WTIIGLSJTVIWIRXEXMSRF]&MPP'PMRXSR-X[EWHIPMZIVIHF]2IPWSR1ERHIPEMR
EGGITXMRKXLI'SRKVIWWMSREP+SPH1IHEPERHMXI\IQTPMJMIWXLIQENSVXVEMXWSJ
EKSSHEGGITXERGIWTIIGLhFVIZMX]LYQMPMX]ERHKVEGMSYWRIWW

'SQQIQSVEXMZI7TIIGLIW
'SQQIQSVEXMZI WTIIGLIW EVI WTIIGLIW SJ TVEMWI SV GIPIFVEXMSR )YPSKMIW
*SYVXL SJ .YP] WTIIGLIW ERH HIHMGEXMSRW EVI I\EQTPIW SJ GSQQIQSVEXMZI
WTIIGLIW=SYVEMQMRWYGLWTIIGLIWMWXSTE]XVMFYXIXSETIVWSREKVSYTSJ
TISTPIERMRWXMXYXMSRSVERMHIE
%WMRERMRJSVQEXMZIWTIIGL]SYTVSFEFP][MPPLEZIXSKMZIXLIEYHMIRGI
MRJSVQEXMSR EFSYX ]SYV WYFNIGX %JXIV EPP XLI EYHMIRGI QYWX ORS[ [L] ]SYV



',%48)6 74)%/-2+3274)'-%03''%7-327

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKSR7TIGMEP
3GGEWMSRW

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

%GGITXMRKXLI'SRKVIWWMSREP+SPH1IHEP
2IPWSR1ERHIPE
8LERO]SY4VIWMHIRX'PMRXSR1V7TIEOIVHMWXMRKYMWLIHQIQFIVWSJXLI7IREXI
ERHXLI,SYWIPEHMIWERHKIRXPIQIR
-XLEWFIIRQ]KVIEXTVMZMPIKIXSWIVZIETISTPI[LSWIFSRHEKIXSERMRLYQER
W]WXIQ IZSOIH XLI WSPMHEVMX] SJ EPP XLSWI [LS PSZI JVIIHSQ ERH NYWXMGI E TISTPI
[LSWIXVMYQTLSZIVXLIHMZMWMSRWSJVEGMWXHSGXVMRILEWKMZIRRI[PMJIXSLYQERMX]tW
LSTIJSVE[SVPH[MXLSYXLEXVIHERHHMWGVMQMREXMSR-EQGSRWGMSYWXLEXMRFIWXS[
MRKXLI'SRKVIWWMSREP+SPH1IHEPYTSRQI]SYEVIIZSOMRKXLIWIFSRHWFIX[IIR
SYV REXMSRW ERH TE]MRK XVMFYXI XS XLI [LSPI 7SYXL %JVMGER REXMSR JSV MXW EGLMIZI
QIRXWMRVIEPM^MRKSYVWLEVIHMHIEPW
-XMWMRXLEXWTMVMXXLEX-LYQFP]EGGITXXLIE[EVHE[EVIEXXLIWEQIXMQISJXLI
KVIEXLSRSV]SYHSQIF]YWMRKQIEWXLIZILMGPISJEYRMUYIHMWXMRGXMSRGSRJIVVIH
F]XLMWLEPPS[IHMRWXMXYXMSRSJ%QIVMGERHIQSGVEG]%WSRI[LSLEWHIHMGEXIHLMW
PMJIXSXLITYVWYMXSJYRMX]-EQQSZIHF]XLIGSRWIRWYWMR]SYVREXMSRtWVIKEVHJSV
XLIEGLMIZIQIRXWSJQ]TISTPI%RH-JIIPEKVIEXTVMHIMRXLIJEGXXLEX[MXLEJI[
GMXM^IRWSJSXLIVGSYRXVMIW[LSLEZIVIGIMZIHXLMWLMKLLSRSVXLIREQISJER%JVMGER
MWRS[EHHIH
8LI E[EVH [MXL [LMGL ]SY LSRSV QI XSHE] MW ER I\TVIWWMSR SJ XLI GSQQSR
LYQERMX]XLEXFMRHWYWSRITIVWSRXSERSXLIVREXMSRXSREXMSRERHTISTPISJXLI
RSVXLXSTISTPISJXLIWSYXL-VIGIMZIMX[MXLTVMHIEWEW]QFSPSJTEVXRIVWLMTJSV
TIEGITVSWTIVMX]ERHIUYMX]EW[IIRXIVXLIRI[QMPPIRRMYQ-XLERO]SY

WYFNIGXMWTVEMWI[SVXL]%WMRSXLIVWTIIGLIW]SYQE]HVE[SRI\EQTPIWXIW
XMQSR]IZIRWXEXMWXMGWXSMPPYWXVEXIXLIEGLMIZIQIRXWSJ]SYVWYFNIGX

=SYVJYRHEQIRXEPTYVTSWIMREGSQQIQSVEXMZIWTIIGLLS[IZIVMWRSX
XS MRJSVQ ]SYV PMWXIRIVW FYX XS MRWTMVI XLIQhXS EVSYWI ERH LIMKLXIR XLIMV
ETTVIGMEXMSR SJ SV EHQMVEXMSR JSV XLI TIVWSR MRWXMXYXMSR SV MHIE ]SY EVI
TVEMWMRK-J]SYEVITE]MRKXVMFYXIXSETIVWSRJSVI\EQTPI]SYWLSYPHRSX
WMQTP]VIGSYRXXLIHIXEMPWSJXLITIVWSRtWPMJI6EXLIV]SYWLSYPHTIRIXVEXI
XSXLIIWWIRGISJ]SYVWYFNIGXERHKIRIVEXIMR]SYVEYHMIRGIEHIITWIRWISJ
VIWTIGX
;LIR WTIEOMRK XS GSQQIQSVEXI ]SY [ERX XS I\TVIWW JIIPMRKW XS WXMV
WIRXMQIRXWhNS]ERHLSTI[LIRERI[FYMPHMRKMWHIHMGEXIHERXMGMTEXMSRERH
KSSH [MWLIW EX E GSQQIRGIQIRX GIPIFVEXMSR PEQIRX ERH GSRWSPEXMSR EX E
JYRIVEP EHQMVEXMSR ERH VIWTIGX EX E XIWXMQSRMEP HMRRIV % GSQQIQSVEXMZI
WTIIGL MW PMOI ER MQTVIWWMSRMWX TEMRXMRKhqE TMGXYVI [MXL [EVQ GSPSVW ERH
XI\XYVIGETXYVMRKEQSSHSVEQSQIRXr
&YX [LMPI XLI TEMRXIV [SVOW [MXL FVYWL ERH GSPSVW XLI GSQQIQSVEXMZI
WTIEOIV[SVOW[MXLPERKYEKI3JEPPXLIOMRHWSJWTIIGLIWRSRIHITIRHWQSVISR
XLIGVIEXMZIERHWYFXPIYWISJPERKYEKI7SQISJXLIQSWXQIQSVEFPIWTIIGLIW
MRLMWXSV]MRGPYHMRK%FVELEQ0MRGSPRtW+IXX]WFYVK%HHVIWWLEZIFIIRGSQ
QIQSVEXMZI ;I GSRXMRYI XS JMRH WYGL WTIIGLIW QIERMRKJYP ERH MRWTMVMRK
PEVKIP]FIGEYWISJXLIMVIPSUYIRXYWISJPERKYEKI
3RI SJ XLI QSWX IJJIGXMZI GSQQIQSVEXMZI WTIEOIVW MR SYV VIGIRX LMWXSV]
[EW4VIWMHIRX6SREPH6IEKER%JXIVXLII\TPSWMSRSJXLIWTEGIWLYXXPI'LEPPIRKIV

GSRRIGXPYGEWGSQ
:MI[ERI\GIVTXJVSQ2IPWSR
1ERHIPEtWEGGITXERGI
WTIIGLMRXLISRPMRI1IHME
0MFVEV]JSVXLMWGLEXTIV
:MHIS'PMT 

GSQQIQSVEXMZIWTIIGL
%WTIIGLXLEXTE]WXVMFYXIXSE
TIVWSREKVSYTSJTISTPIER
MRWXMXYXMSRSVERMHIE

'SQQIQSVEXMZI7TIIGLIW



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKSR7TIGMEP
3GGEWMSRW

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

MR6IEKERHIPMZIVIHEREXMSREPP]XIPIZMWIHIYPSK]XSXLIEWXVSREYXWOMPPIH
MRXLIFPEWX&IPS[EVIX[SZIVWMSRWSJ6IEKERtWGPSWMRKPMRIW8LIJMVWXMW[LEX
LI Q
 MKLX LEZI WEMH WXVMTTMRK XLI XI\X SJ MXW [EVQ IQSXMSREP GSRXIRX ERH
TSMKRERXPERKYEKI
0MOI*VERGMW(VEOIXLIKVIEXI\TPSVIVSJXLISGIERWXLI'LEPPIRKIVEWXVSREYXWKEZI
XLIMVPMZIWJSVEGEYWIXS[LMGLXLI][IVIJYPP]HIHMGEXIH;IEVILSRSVIHF]XLIQERH
[I[MPPRSXJSVKIXXLIQ;I[MPPEP[E]WVIQIQFIVWIIMRKXLIQJSVXLIPEWXXMQIXLMWQSVR
MRKEWXLI]TVITEVIHJSVXLIMVJPMKLX
GSRRIGXPYGEWGSQ
:MI[XLIIRHMRKSJ6SREPH
6IEKERtWIYPSK]XSXLI
EWXVSREYXWMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV :MHIS'PMT 

,IVIMW[LEX6IEKEREGXYEPP]WEMH
8LIVItWEGSMRGMHIRGIXSHE]3RXLMWHE]]IEVWEKSXLIKVIEXI\TPSVIV*VERGMW
(VEOIHMIHEFSEVHWLMTSJJXLIGSEWXSJ4EREQE-RLMWPMJIXMQIXLIKVIEXJVSRXMIVW[IVI
XLISGIERWERHERLMWXSVMERPEXIVWEMHq,IPMZIHF]XLIWIEHMIHSRMX[EWFYVMIHMR
MXr;IPPXSHE][IGERWE]SJXLI'LEPPIRKIVGVI[8LIMVHIHMGEXMSR[EWPMOI(VEOItW
GSQTPIXI
8LI GVI[ SJ XLI WTEGI WLYXXPI 'LEPPIRKIV LSRSVIH YW F] XLI QERRIVMR [LMGL XLI]
PMZIHXLIMVPMZIW;I[MPPRIZIVJSVKIXXLIQRSVXLIPEWXXMQI[IWE[XLIQXLMWQSVRMRK
EW XLI] TVITEVIH JSV XLIMV NSYVRI] ERH [EZIH KSSHF]I ERH qWPMTTIH XLI WYVP] FSRHW SJ
IEVXLrXSqXSYGLXLIJEGISJ+SHr

8LI JMREP [SVHWhqsWPMTTIH XLI WYVP] FSRHW SJ IEVXLt XS sXSYGL XLI JEGI SJ
+SHtrhEVIIWTIGMEPP]IJJIGXMZI(VE[RJVSQEWSRRIXGEPPIHq,MKL*PMKLXrXLEX
QER] TMPSXW OIIT [MXL XLIQ XLI] IRRSFPI XLI HIEXLW SJ XLI EWXVSREYXW ERH
IRHXLIWTIIGLSRERIPSUYIRXQSZMRKERHTSIXMGRSXI
;LIRWTIEOMRKXSGSQQIQSVEXI]SYVWYGGIWW[MPPHITIRHSR]SYVEFMPMX]
XSTYXMRXSPERKYEKIXLIXLSYKLXWERHIQSXMSRWETTVSTVMEXIXSXLISGGEWMSR
-XMWIEW]hXSSIEW]hXSJEPPFEGOSRGPMGLWERHXVMXIWIRXMQIRXW=SYVGLEPPIRKI
[MPP FI XS YWI PERKYEKI MQEKMREXMZIP] XS MRZIWX XLI SGGEWMSR [MXL HMKRMX]
QIERMRKERHLSRIWXIQSXMSR
-RHSMRKWS]SYQE][ERXXSYXMPM^IXLIWTIGMEPVIWSYVGIWSJPERKYEKIHMW
GYWWIH MR 'LETXIV  1IXETLSV WMQMPI TEVEPPIPMWQ VITIXMXMSR ERXMXLIWMW
EPPMXIVEXMSRhEPP EVI ETTVSTVMEXI JSV GSQQIQSVEXMZI WTIIGLIW 7SQI LMKLP]
EGGPEMQIHGSQQIQSVEXMZIWTIIGLIWhMRGPYHMRK1EVXMR0YXLIV/MRKtWq-,EZIE
(VIEQrERH.SLR/IRRIH]tWMREYKYVEPEHHVIWWhEVIHMWXMRKYMWLIHF]XLIMVGVI
EXMZIYWISJWYGLHIZMGIW
'SRJVSRXIH[MXLXLIIZSGEXMZIWTIIGLIWSJE/IRRIH]SVE/MRK]SYQE]
HIGMHI XLEX XLI WTIIGL SJ GSQQIQSVEXMSR MW JEV FI]SRH ]SYV EFMPMXMIW &YX
SXLIVWXYHIRXWLEZIHIPMZIVIHI\GIPPIRXGSQQIQSVEXMZIWTIIGLIWhRSXMQQSV
XEPTIVLETWFYXRSRIXLIPIWWHMKRMJMIHERHQSZMRK
0SSO JSV I\EQTPI EX q1] 'VE^] %YRX 7YIr MR XLI ETTIRHM\ SJ WEQTPI
WTIIGLIWXLEXJSPPS[W'LETXIV TEKIW%i% 8LIWTIEOIVtWEMQ[EWXS
TE] XVMFYXI XS LIV EYRX [LS JSV ]IEVW LEH FEXXPIH VLIYQEXSMH EVXLVMXMW
%PXLSYKL XLI WTIEOIV TVSZMHIW FEWMG MRJSVQEXMSR EFSYX EYRX 7YI ERH LIV
TL]WMGEP GSRHMXMSR XLI WTIIGL HSIW RSX VIGSYRX EPP XLI HIXEMPW SJ LIV PMJI
-RWXIEH MX JSGYWIW SR LIV GSYVEKI LIV WIRWI SJ LYQSV ERH LIV VIJYWEP XS
GSQTPEMR EFSYX LIV JEXI 8LI WTIEOIV TVSZMHIW IRSYKL HIXEMPW XS PIX YW WII
[L]EYRX7YIMWWSGSQQIRHEFPIFYXRSXWSQER]EWXSWPS[XLITEGISJXLI
WTIIGL


',%48)6 74)%/-2+3274)'-%03''%7-327

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKSR7TIGMEP
3GGEWMSRW

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

;LIXLIVKMZIRSRXLI
[SVPHWXEKISVMRSRItWPSGEP
GSQQYRMX]WTIIGLIWJSV
WTIGMEPSGGEWMSRWWLSYPHWIIO
XSMRZIWXXLISGGEWMSR[MXL
HMKRMX]QIERMRKERHLSRIWX
IQSXMSR


8LIWTIEOIVEPWS YWIWZMZMHPERKYEKIVITIXMXMSR ERHTEVEPPIP WXVYGXYVIXS
KMZI XLI WTIIGL XLI OMRH SJ JSVQEP XSRI ETTVSTVMEXI JSV E GSQQIQSVEXMZI
WTIIGL=SYGERWIIXLMWIZIRMRXLISTIRMRKPMRIW
8LIWXVSRKIWXTIVWSR-ORS[GERRSXTIIPETSXEXS8LIWXVSRKIWXTIVWSR-ORS[LEW
XVSYFPITYXXMRKSRLIVQEOIYT8LIWXVSRKIWXTIVWSR-ORS[RIIHWEWTIGMEPOI]LSPHIVXS
XYVRXLIOI]MRLIVGEVtWMKRMXMSR


-REHHMXMSRXSEVSYWMRKGYVMSWMX]EFSYXXLIWYFNIGXSJXLIWTIIGLXLIWI
PMRIWLEZIEWMQTPIIPIKERGIXLEXGSQIWTEVXP]JVSQXLIVITIXMXMSRSJq8LI
WXVSRKIWX TIVWSR - ORS[r EX XLI WXEVX SJ IEGL WIRXIRGI 'SRWMHIV MR GSR
XVEWXLS[QYGLPIWW IJJIGXMZIXLISTIRMRK[SYPHLEZIFIIRMJXLIWTIEOIV
LEHWEMH

GSRRIGXPYGEWGSQ
:MI[q1]'VE^]%YRX7YIrMR
XLISRPMRI1IHME0MFVEV]JSV
XLMWGLETXIV :MHIS'PMT 

1]EYRX 7YI GERtX TIIP E TSXEXS LEW XVSYFPI TYXXMRK SR LIV QEOIYT ERH RIIHW E
WTIGMEPOI]LSPHIVXSXYVRXLIOI]MRLIVGEVtWMKRMXMSR

8LIWIPMRIWGSRZI]XLIWEQIMRJSVQEXMSRFYXRSX[MXLXLIWEQIIJJIGX

*SVERSXLIVI\EQTPIGSRWMHIVXLIWXYHIRXGSQQIQSVEXMZIWTIIGLTVMRXIH
SRTEKI8LIWYFNIGXMW)PMI;MIWIPLYQERMXEVMER2SFIP4IEGI4VM^I[MR
RIVERHXMVIPIWWGEQTEMKRIVJSVMRXIVREXMSREPNYWXMGI2SXMGILS[XLIWTIEOIV
YWIW XLI VITIXMXMSR SJ q%r XS GETXYVI EXXIRXMSR EX XLI FIKMRRMRK ERH XS
KMZI XLI WTIIGL EVXMWXMGYRMX] EXXLIIRH %PWSRSXMGI LS[ LIXIPPW YW IRSYKL
EFSYX;MIWIPXSORS[[L]LIMWTVEMWI[SVXL][MXLSYXKIXXMRKFSKKIHHS[RMR
FMSKVETLMGEPHIXEMPW


'SQQIQSVEXMZI7TIIGLIW



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKSR7TIGMEP
3GGEWMSRW

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

)PMI;MIWIP

GSRRIGXPYGEWGSQ
:MI[q)PMI;MIWIPrMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV :MHIS'PMT 



%,MWRI[REQIXLIKVEJJMXMWXEQTIHSRLMWWOMR%EGSRGIRXVEXMSR
GEQTXEXXSS%XEKIJMJXIIR%[EWXEOIRJVSQLMWLSQIF]XLI2E^MWERHWIRX
XS %YWGL[MX^ SRI SJ XLI X[IRXMIXL GIRXYV]tW QSWX TSXIRX W]QFSPW SJ IZMP ,IVI
%[MXRIWWIHXLIHIEXLWSJXLSYWERHWSJLYQERFIMRKWMRGPYHMRKLMWQSXLIV
ERH]SYRKIVWMWXIV7SQILS[%WYVZMZIHERH[LIR;SVPH;EV--IRHIHLI
TYXLMWTEMRERHKVMIJXS[SVOQEOMRKWYVIXLI[SVPHHMHRSXJSVKIXXLI,SPSGEYWX
ERHQEOMRKWYVIERSXLIV,SPSGEYWXHMHRSXXEOITPEGI
8SHE] XLI [SVPH ORS[W % EW )PMI ;MIWIP RSXIH WTIEOIV ERH PIGXYVIV
EYXLSVSJQSVIXLERFSSOWERHVIGMTMIRXSJXLI4VIWMHIRXMEP1IHEPSJ*VIIHSQ
XLI'SRKVIWWMSREP+SPH1IHEPERHXLI2SFIP4IEGI4VM^IEQSRKSXLIVW)PMI;MIWIP
MWERIPSUYIRXJIEVPIWWWIPJPIWWPIEHIV[LSXSSOXLIIZMPWSJ%YWGL[MX^EWQSXMZEXMSR
XSMQTVSZIXLI[SVPH
%R IPSUYIRX PIEHIV )PMI ;MIWIP YWIW XLI TS[IV SJ PERKYEKI XS GSRJVSRX XLI
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XLEX[IGERRSXVSSXSYXIZMPYRPIWW[IVIGSKRM^IMXERHFEXXPIMX[LIVIZIVMXI\MWXW
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JMVWXRMKLXMRGEQT[LMGLXYVRIHQ]PMJIMRXSSRIPSRKRMKLXWIZIRXMQIWGYVWIHERH
WIZIRXMQIWWIEPIH2IZIVWLEPP-JSVKIXXLEXWQSOI2IZIVWLEPP-JSVKIXXLIPMXXPIJEGIW
SJXLIGLMPHVIR[LSWIFSHMIW-WE[XYVRIHMRXS[VIEXLWSJWQSOIFIRIEXLEWMPIRX
FPYIWO]r,EYRXMRK[SVHWXLEXVIQMRHYWSJXLIVIEPMX]SJIZMP
% JIEVPIWW PIEHIV RS PIWW XLER ER IPSUYIRX SRI )PMI ;MIWIP LEW WTIRX  ]IEVW
FEXXPMRKXLIIZMPWXLEXGSRXMRYIXSTPEKYISYVTPERIX8SXLI1MWOMXS-RHMERWSJ2MGEVEKYE
HMWTPEGIHJVSQXLIMVLSQIPERHLIFVSYKLXMRWTMVMRK[SVHWSJWXVIRKXLERHGSQTEWWMSR
8SQIRERH[SQIRJEGMRKETEVXLIMHMR7SYXL%JVMGELIFVSYKLXETS[IVJYPHIRYR
GMEXMSR SJ VEGMEP WIKVIKEXMSR ERH ZMSPIRGI 8S 'EQFSHMER VIJYKIIW WYJJIVMRK JVSQ
WXEVZEXMSRERHHMWIEWILIFVSYKLXJSSHERHXLITVSQMWISJERI[FIKMRRMRK%RHXS
XLSWISJYW[LSJSPPS[LMW[SVOLIGSRXMRYIWXSTVSZMHIMRWTMVEXMSR
%WIPJPIWWPIEHIVEWQYGLEWERIPSUYIRXERHJIEVPIWWSRI)PMI;MIWIPLEWGSR
WMWXIRXP] TYX XLI RIIHW SJ SXLIVW FIJSVI LMW S[R ;MXL IZIV] E[EVH LMW QSHIWX]
WXERHWWMHIF]WMHI[MXLLMWEGLMIZIQIRXW%WLIWXEXIHMRLMW2SFIP4VM^IEGGITXERGI
WTIIGL q2IYXVEPMX] LIPTW XLI STTVIWWSV RIZIV XLI ZMGXMQ 7MPIRGI IRGSYVEKIW XLI
XSVQIRXSV RIZIV XLI XSVQIRXIH    ;LIVIZIV QIR ERH [SQIR EVI TIVWIGYXIH
FIGEYWISJXLIMVVEGIVIPMKMSRSVTSPMXMGEPZMI[WXLEXTPEGIQYWXhEXXLEXQSQIRXh
FIGSQIXLIGIRXIVSJXLIYRMZIVWIr
8SHE] EX  ]IEVW SJ EKI )PMI ;MIWIP GSRXMRYIW XS JMKLX EKEMRWX XLI RMKLX
8LVSYKL EPP LMW XVMEPW ERH EPP LMW XVMYQTLW XLI XEXXSS VIQEMRW % E GSRWXERX
VIQMRHIVSJIZMPMRNYWXMGIERHMRHMJJIVIRGI-RFEXXPMRKXLIWIJSVGIW)PMI;MIWIPLEW
WLS[RXLIOMRHSJQSVEPPIEHIVWLMTXSSSJXIRPEGOMRKMRXSHE]tW[SVPH
8LIVIMWRSFIXXIV[E]XSGSRGPYHIXLERXSUYSXILMWS[R[SVHWq8LIVIQE]
FIXMQIW[LIR[IEVITS[IVPIWWXSTVIZIRXMRNYWXMGIFYXXLIVIQYWXRIZIVFIEXMQI
[LIR[IJEMPXSTVSXIWX;LEXXLIWIZMGXMQWRIIHEFSZIEPPMWXSORS[XLEXXLI]
EVIRSXEPSRIXLEX[IEVIRSXJSVKIXXMRKXLIQXLEX[LMPIXLIMVJVIIHSQHITIRHWSR
SYVWXLIUYEPMX]SJSYVJVIIHSQHITIRHWSRXLIMVWr

',%48)6 74)%/-2+3274)'-%03''%7-327

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKSR7TIGMEP
3GGEWMSRW

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

7911%6=
-RXLMWGLETXIV[ILEZIGSRWMHIVIHWTIIGLIWSJMRXVSHYGXMSRWTIIGLIWSJTVIWIRXE
XMSRWTIIGLIWSJEGGITXERGIERHGSQQIQSVEXMZIWTIIGLIW
=SYVNSFMREWTIIGLSJMRXVSHYGXMSRMWXSFYMPHIRXLYWMEWQJSVXLIQEMRWTIEOIV
ERHXSIWXEFPMWLE[IPGSQMRKGPMQEXI/IIT]SYVVIQEVOWFVMIJQEOIWYVIXLI]EVI
EGGYVEXIERHEHETXXLIQXSXLIEYHMIRGIXLISGGEWMSRERHXLIQEMRWTIEOIV
7TIIGLIWSJTVIWIRXEXMSREVIKMZIR[LIRWSQISRIVIGIMZIWEKMJXSVERE[EVH
8LI QEMR XLIQI SJ WYGL E WTIIGL MW XS EGORS[PIHKI XLI EGLMIZIQIRXW SJ XLI
VIGMTMIRX 8LI TYVTSWI SJ ER EGGITXERGI WTIIGL MW XS KMZI XLEROW JSV E KMJX SV ER
E[EVH ;LIR HIPMZIVMRK WYGL E WTIIGL ]SY WLSYPH XLERO XLI TISTPI [LS EVI
FIWXS[MRK XLI E[EVH ERH VIGSKRM^I XLI GSRXVMFYXMSRW SJ TISTPI [LS LIPTIH ]SY
KEMRMX&IFVMIJLYQFPIERHKVEGMSYW
'SQQIQSVEXMZI WTIIGLIW EVI WTIIGLIW SJ TVEMWI SV GIPIFVEXMSR =SYV EMQ MR
WYGLEWTIIGLMWXSTE]XVMFYXIXSETIVWSREKVSYTSJTISTPIERMRWXMXYXMSRSVER
MHIE % GSQQIQSVEXMZI WTIIGL WLSYPH MRWTMVI XLI EYHMIRGI ERH MXW WYGGIWW [MPP
HITIRHPEVKIP]SRLS[[IPP]SYTYXMRXSPERKYEKIXLIXLSYKLXWERHJIIPMRKWETTVS
TVMEXIXSXLISGGEWMSR

/)=8)617

WTIIGLSJMRXVSHYGXMSR 

EGGITXERGIWTIIGL 

WTIIGLSJTVIWIRXEXMSR 

GSQQIQSVEXMZIWTIIGL 

6):-);59)78-327
%JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW
 ;LEX EVI XLI XLVII TYVTSWIW SJ E WTIIGL SJ MRXVSHYGXMSR# ;LEX KYMHIPMRIW
WLSYPH]SYJSPPS[MRTVITEVMRKWYGLEWTIIGL#
 ;
 LEXMWXLIQEMRXLIQISJEWTIIGLSJTVIWIRXEXMSR#(ITIRHMRKSRXLIEYHM
IRGI ERH SGGEWMSR [LEX X[S SXLIV XLIQIW QMKLX ]SY MRGPYHI MR WYGL E
WTIIGL#
 ;LEXEVIXLIXLVIIQENSVXVEMXWSJEKSSHEGGITXERGIWTIIGL#
 ;LEXMWXLIJYRHEQIRXEPTYVTSWISJEGSQQIQSVEXMZIWTIIGL#;L]HSIWEWYG
GIWWJYPGSQQIQSVEXMZIWTIIGLHITIRHWSQYGLSRXLIGVIEXMZIERHWYFXPIYWI
SJPERKYEKI#

GSRRIGXPYGEWGSQ
*SVJYVXLIVVIZMI[KSXSXLI
7XYH]5YIWXMSRWMRXLISRPMRI
7XYH]%MHWJSVXLMWGLETXIV

)<)6'-7)7*36'6-8-'%08,-2/-2+

 %
 XXIRHEWTIIGLSRGEQTYW4E]WTIGMEPEXXIRXMSRXSXLIWTIIGL MRXVSHYG
MRKXLIQEMRWTIEOIV,S[[IPPHSIWMXJMXXLIKYMHIPMRIWHMWGYWWIHMRXLMW
GLETXIV#
 3
 FWIVZIWIZIVEPWTIIGLIW SJ TVIWIRXEXMSRERHEGGITXERGIhEXEGEQTYWE[EVHW
GIVIQSR] SV SR E XIPIZMWMSR TVSKVEQ WYGL EW XLI %GEHIQ] %[EVHW +VEQQ]
%[EVHW )QQ] %[EVHW SV 8SR] %[EVHW ;LMGL WTIIGLIW HS ]SY JMRH QSWX
IJJIGXMZI#0IEWXIJJIGXMZI#;L]#
 %
 REP]^I q)PMI ;MIWIPr TEKI   MR PMKLX SJ XLI GVMXIVME JSV GSQQIQSVEXMZI
WTIEOMRKTVIWIRXIHMRXLMWGLETXIV

)\IVGMWIWJSV'VMXMGEP8LMROMRK



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR



7TIEOMRKMR7QEPP
+VSYTW

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

7TIEOMRKMR7QEPP
+VSYTW
;LEX-WE7QEPP+VSYT#
0IEHIVWLMTMR7QEPP+VSYTW
/MRHWSJ0IEHIVWLMT
*YRGXMSRWSJ0IEHIVWLMT

6IWTSRWMFMPMXMIWMRE7QEPP+VSYT
'SQQMX=SYVWIPJXSXLI+SEPWSJ=SYV+VSYT
*YPJMPP-RHMZMHYEP%WWMKRQIRXW
%ZSMH-RXIVTIVWSREP'SRJPMGXW
)RGSYVEKI*YPP4EVXMGMTEXMSR
/IITXLI(MWGYWWMSRSR8VEGO

8LI6IJPIGXMZI8LMROMRK1IXLSH
(IJMRIXLI4VSFPIQ
%REP]^IXLI4VSFPIQ
)WXEFPMWL'VMXIVMEJSV7SPYXMSRW
+IRIVEXI4SXIRXMEP7SPYXMSRW
7IPIGXXLI&IWX7SPYXMSR

4VIWIRXMRKXLI6IGSQQIRHEXMSRWSJXLI+VSYT
3VEP6ITSVX
7]QTSWMYQ
4ERIP(MWGYWWMSR



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKMR7QEPP
+VSYTW

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKMR7QEPP
+VSYTW

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

LI TYFPMWLIV SJ E REXMSREP WTSVXW QEKE^MRI EWOIH 1MOI 0II XLI RI[ LIEH SJ XLI
LYQERVIWSYVGIWHITEVXQIRXXSSVKERM^IER3GXSFIVVIXVIEXJSVXLIQEKE^MRItWIHM
XSVMEPWXEJJ1MOI[IRXXS[SVOSRWIXXMRKEHEXIJMRHMRKETPEGIXSWXE]ERHGVIEXMRK
EREKIRHEJSVXLIVIXVIEX

1MOI[EWZIV]TPIEWIH[MXLLMWTPER,IXLSYKLXLILEHXEOIRIZIV]SRItWRIIHWMRXS
EGGSYRX &YX [LIR LI I\TPEMRIH LMW TPER EX XLI QEKE^MRItW RI\X WXEJJ QIIXMRK RS SRI
WIIQIHLETT]

q8LIHEXI]SYWIXJSVXLIVIXVIEXMWSZIV,EPPS[IIRrWEMHXLIIHMXSVMEPQEREKIVq-ORS[
]SYHSRtXLEZIGLMPHVIRFYXRSSRI[MXLOMHWMWKSMRKXS[ERXXSFIE[E]EXXLEXXMQIr

8LIEHQMRMWXVEXMZIEWWMWXERXVIWTSRHIHRI\Xq(S]SYVIEPM^IrWLIWEMHqXLEXXLILSXIP
]SYFSSOIHMWXLIWEQISRI[IYWIHJSVEVIXVIEXJMZI]IEVWEKS#-X[EWEHMWEWXIV8LIJSSH
[EWE[JYPXLIQIIXMRKVSSQW[IVIYRGSQJSVXEFPIERHXLIXIGLWYTTSVX[EWRSRI\MWXIRXr

2I\XEQIQFIVSJXLIQEKE^MRItWNYRMSVIHMXSVMEPWXEJJWEMHq-WIIXLEXEPPXLIWIWWMSRW
MRZSPZIQIQFIVWSJXLIWIRMSVIHMXSVMEPWXEJJ(MH]SYQIERXSI\GPYHIEPPXLI]SYRKIVIHM
XSVW#(SRtX]SYXLMRO[ItVIMQTSVXERXXSXLIQEKE^MRI#r
*MREPP]XLIQEREKMRKIHMXSVWEMHq-[MWL]SYLEHGLIGOIH[MXLQIEXWSQITSMRX-
GSYPH LEZI [EVRIH ]SY EFSYX XLI LSXIP XLI GSRJPMGX [MXL ,EPPS[IIR ERH XLI RIIH XS
MRGPYHINYRMSVWXEJJr

8


;LEX [IRX [VSRK# 1MOI HMH RSX LEZI IRSYKL XMQI SV VIWSYVGIW SR LMW
S[R XS GVIEXI E WYGGIWWJYP VIXVIEX -J E KVSYT MRWXIEH SJ E WMRKPI TIVWSR LEH
FIIREWWMKRIHXSTPERXLIVIXVIEXXLITVSFPIQWQMKLXLEZIFIIREZIVXIH3RI
TIVWSRGSYPHLEZIXEOIRGLEVKISJPSSOMRKMRXSXLIFIWXHEXIWERSXLIVSJJMRH
MRKEGGSQQSHEXMSRWEXLMVHSJGSSVHMREXMRK[MXLSXLIVWXEJJQIQFIVWEFSYX
[LSWLSYPHFIMRGPYHIHMRXLIVIXVIEXERHWSJSVXL8LITPER[SYPHLEZIXEOIR
EPPJEGXSVWMRXSEGGSYRX

3J GSYVWI ]SY QE] LEZI LIEVH XLI SPH WE]MRK XLEX qE GEQIP MW E LSVWI
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XSKIXRSXLMRKHSRI]SYQE]FIMRGPMRIHXSWE]q3LPIXSRITIVWSRHIGMHI
ERHKIXMXSZIV[MXLr8LITVSFPIQMRWYGLGEWIWLS[IZIVMWRSXXLEXXLIVIMW
EKVSYTFYXXLEXXLIKVSYTMWRSXJYRGXMSRMRKTVSTIVP]%KVIEXHIEPSJVIWIEVGL
WLS[WXLEXMJQIQFIVWSJEKVSYT[SVO[IPPXSKIXLIVXLI]GEREPQSWXEP[E]W
VIWSPZIETVSFPIQFIXXIVXLEREWMRKPITIVWSR

8LMW GLETXIV HIEPW [MXL WTIEOMRK MR E TEVXMGYPEV OMRH SJ KVSYThXLI
TVSFPIQWSPZMRKWQEPPKVSYT

;LEX-WE7QEPP+VSYT#
H]EH
%KVSYTSJX[STISTPI

WQEPPKVSYT
%GSPPIGXMSRSJXLVIIXSX[IPZI
TISTPI[LSEWWIQFPIJSVE
WTIGMJMGTYVTSWI



%W MXW REQI MQTPMIW E WQEPP KVSYT LEW E PMQMXIH RYQFIV SJ QIQFIVW 8LI
QMRMQYQ RYQFIV MW XLVII % KVSYT SJ X[S TIVWSRW MW GEPPIH E H]EH ERH MX
STIVEXIWUYMXIHMJJIVIRXP]JVSQEKVSYTSJXLVIISVQSVI 8LIVIMWWSQIHMJJIV
IRGISJSTMRMSREFSYXXLIQE\MQYQRYQFIVSJTISTPI[LSGSRWXMXYXIEWQEPP
KVSYT 1SWX I\TIVXW WIXXLI QE\MQYQRYQFIVEX WIZIR SV IMKLX WSQI KSEW
LMKLEWX[IPZI8LIMQTSVXERXTSMRXMWXLEXXLIKVSYTQYWXFIWQEPPIRSYKLXS
EPPS[JVIIHMWGYWWMSREQSRKEPPQIQFIVW-RWQEPPKVSYTGSQQYRMGEXMSREPP
TEVXMGMTERXWEVITSXIRXMEPP]WTIEOIVWERHPMWXIRIVW
1IQFIVWSJEWQEPPKVSYTEWWIQFPIJSVEWTIGMJMGTYVTSWI7IZIVEPWLSTTIVW
QMPPMRK EVSYRH XLI GPSXLMRK WIGXMSR SJ E HITEVXQIRX WXSVI EVI RSX E WQEPP
KVSYTIZIRMJXLI]WTIEOXSSRI ERSXLIVSV GSQQIRX EFSYX LMKL TVMGIW ERH
TSSVWIVZMGI&YXMJXLSWIWEQIWLSTTIVWHIGMHIHXSQIIXXSKIXLIVERHTVITEVI

',%48)6 74)%/-2+-271%00+63947

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKMR7QEPP
+VSYTW

8I\X

8LI1G+VE[n,MPP
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E JSVQEPGSQTPEMRX XSXLIWXSVIQEREKIVEFSYX LMKLTVMGIWERH TSSVWIVZMGI


XLI][SYPHXLIRGSRWXMXYXIEWQEPPKVSYT
% TVSFPIQWSPZMRK WQEPP KVSYT MW JSVQIH XS WSPZI E TEVXMGYPEV TVSFPIQ
7YGL KVSYTW I\MWX MR IZIV] EVIE SJ PMJI &YWMRIWW KVSYTW GSRWMHIV [E]W SJ
MRGVIEWMRK WEPIW 'LYVGLKVSYTWHMWGYWWLS[XSVEMWIJYRHW ERH TVSZMHI JSV
XLIRIIH]+VSYTWSJTEVIRXW[SVOSRMQTVSZMRKHE]GEVIJEGMPMXMIW=SY[MPP
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]SYVPMJI
%PXLSYKLWTIEOMRKMREWQEPPKVSYTMWRSXXLIWEQIEWTYFPMGWTIEOMRKMX
MRZSPZIW WMQMPEV WOMPPW 1IQFIVW SJ E WQEPP KVSYT MRJPYIRGI SRI ERSXLIV
XLVSYKL GSQQYRMGEXMSR %WETEVXMGMTERX MR EWQEPPKVSYT]SYQMKLXMRJPY
IRGI]SYVGSPPIEKYIW F] KMZMRK XLIQMQTSVXERXMRJSVQEXMSR F] IRGSYVEKMRK
XLIQ XS WTIEO F] GSRZMRGMRK XLIQ XS GLERKI XLIMV QMRHW F] PIEHMRK XLIQ
MRXSERI[GLERRIPSJGSQQYRMGEXMSRIZIRF]KIXXMRKXLIQXSIRHEQIIXMRK
SJ XLI KVSYT %PP SXLIV QIQFIVW SJ XLI KVSYT LEZI XLI WEQI STTSVXYRMX] XS
MRJPYIRGI]SYXLVSYKLIJJIGXMZIGSQQYRMGEXMSR

TVSFPIQWSPZMRK
WQEPPKVSYT
%WQEPPKVSYTJSVQIHXSWSPZIE
TEVXMGYPEVTVSFPIQ

0IEHIVWLMTMR7QEPP+VSYTW

;ILEZIWEMHXLEXWQEPPKVSYTWSJXIRQEOIFIXXIVHIGMWMSRWXLERHSMRHMZMHYEPW
8SHSWSLS[IZIVXLI]RIIHIJJIGXMZIPIEHIVWLMT

/-2(73*0)%()67,-4
7SQIXMQIWXLIVIMWRSWTIGMJMGPIEHIV-RWYGLEWMXYEXMSRQIQFIVWSJIJJIGXMZI
KVSYTWXIRHXSLEZIIUYEPMRJPYIRGI;LIRERIIHJSVPIEHIVWLMTEVMWIWER]SJ
XLIQIQFIVWGERhERHSRITVSFEFP][MPPhTVSZMHIXLIRIGIWWEV]PIEHIVWLMT%
X]TMGEPMRWXERGIQMKLXFIEGPEWWTVSNIGXMR[LMGL]SYERHWIZIVEPGPEWWQEXIW
EVI[SVOMRKXSKIXLIV*VSQXMQIXSXMQIIEGLSJ]SY[MPPLIPTXLIKVSYTQSZI
XS[EVH MXW KSEP F] WYKKIWXMRK [LIR ERH [LIVI XS QIIX F] SYXPMRMRK XLI
WXVIRKXLW ERH [IEORIWWIW SJ E GIVXEMR ZMI[TSMRX F] VIWSPZMRK HMWEKVIIQIRXW
EQSRKSXLIVQIQFIVWERHWSJSVXL
% KVSYT QE] LEZI ER MQTPMIH PIEHIV *SV I\EQTPI MJ E FYWMRIWW QIIXMRK
MRGPYHIW SRI ZMGI TVIWMHIRX ERH WIZIVEP WYFSVHMREXIW XLI ZMGI TVIWMHIRX
FIGSQIWXLIMQTPMIHPIEHIV8LIWEQIMWXVYIMJSRIQIQFIVSJXLIKVSYTMWE
WTIGMEPMWXMRXLIXSTMGEXLERHERHXLISXLIVWEVIRSX1IQFIVW[MPPPMOIP]HIJIV
XSXLITIVWSR[MXLXLILMKLIWXVEROSVKVIEXIWXI\TIVXMWI
)ZIR[LIREKVSYTWXEVXWSYXPIEHIVPIWWXLIVIQE]FIERIQIVKIRXPIEHIV
8LMWMWETIVWSR[LSF]EFMPMX]SVF]JSVGISJTIVWSREPMX]SVNYWXF]XEPOMRKXLI
QSWX XEOIW E PIEHIVWLMT VSPI 8LI IQIVKIRGI SJ E PIEHIV QE] SV QE] RSX FI
HIWMVEFPI-JXLIKVSYTMWWXEPIQEXIHSVLEWHMWWSPZIHMRXSFMGOIVMRKSVQEOMRK
NSOIWERIQIVKIRXPIEHIVGERTYXMXFEGOSRXVEGO8LIVIMWEHERKIVLS[IZIV
XLEXXLIIQIVKIRXPIEHIVQE]RSXFIXLIQSWXIJJIGXMZIPIEHIVFYXQIVIP]XLI
QSWXEWWIVXMZITIVWSREPMX]
*MREPP]XLIVIQE]FIEHIWMKREXIHPIEHIVhETIVWSRIPIGXIHSVETTSMRXIHEW
PIEHIV [LIR XLI KVSYT MW JSVQIH % KVSYT XLEX QIIXW JSV SRP] SRI WIWWMSR
WLSYPHEPQSWXEP[E]WLEZIEHIWMKREXIHPIEHIV[LSXEOIWGEVISJXLITVSGIHYVEP
XEWOW ERH WIVZIW EW WTSOIWTIVWSR 0MOI[MWI E JSVQEP GSQQMXXII [MPP YWYEPP]
LEZIEHIWMKREXIHGLEMVTIVWSR8LIGLEMVGERTIVJSVQPIEHIVWLMTJYRGXMSRWSV
HIPIKEXIXLIQFYXLISVWLIVIQEMRWMRGLEVKI


PIEHIVWLMT
8LIEFMPMX]XSMRJPYIRGIKVSYT
QIQFIVWWSEWXSLIPTEGLMIZI
XLIKSEPWSJXLIKVSYT

MQTPMIHPIEHIV
%KVSYTQIQFIVXS[LSQSXLIV
QIQFIVWHIJIVFIGEYWISJLIV
SVLMWVEROI\TIVXMWISVSXLIV
UYEPMX]
IQIVKIRXPIEHIV
%KVSYTQIQFIV[LSIQIVKIW
EWEPIEHIVHYVMRKXLIKVSYTtW
HIPMFIVEXMSRW
HIWMKREXIHPIEHIV
%TIVWSR[LSMWIPIGXIHSV
ETTSMRXIHEWPIEHIV[LIRXLI
KVSYTMWJSVQIH

0IEHIVWLMTMR7QEPP+VSYTW



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKMR7QEPP
+VSYTW

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

7QEPPKVSYTWVIUYMVIIJJIGXMZI
PIEHIVWLMTXSEGGSQTPMWLXLIMV
KSEPW7SQIKVSYTWLEZIE
HIWMKREXIHPIEHIV[LMPISXL
IVWLEZIERMQTPMIHPIEHIVSV
ERIQIVKIRXPIEHIV

%KVSYTQE]SVQE]RSXRIIHEWTIGMJMGPIEHIVFYXMXEP[E]WRIIHWPIEHIV
WLMT;LIREPPQIQFIVWSJXLIKVSYTEVIWOMPPIHGSQQYRMGEXSVWXLI]GERXEOI
XYVRW EX TVSZMHMRK PIEHIVWLMT IZIR MJ XLI KVSYT LEW E HIWMKREXIH SV MQTPMIH
PIEHIV%W]SYHIZIPSTKVSYTGSQQYRMGEXMSRWOMPPW]SYWLSYPHFITVITEVIHXS
EWWYQIEPIEHIVWLMTVSPI[LIRIZIVRIGIWWEV]

*92'8-3273*0)%()67,-4
%RIJJIGXMZIPIEHIVLIPTWXLIKVSYTVIEGLMXWKSEPWF]JYPJMPPMRKXLVIISZIVPETTMRK
WIXWSJRIIHWhTVSGIHYVEPRIIHWXEWORIIHWERHQEMRXIRERGIRIIHW

4VSGIHYVEP2IIHW
TVSGIHYVEPRIIHW
6SYXMRIqLSYWIOIITMRKrEGXMSRW
RIGIWWEV]JSVXLIIJJMGMIRX
GSRHYGXSJFYWMRIWWMREWQEPP
KVSYT

4VSGIHYVEPRIIHWGERFIXLSYKLXSJEWXLIqLSYWIOIITMRKrVIUYMVIQIRXWSJXLI
KVSYT8LI]MRGPYHI
(IGMHMRK[LIRERH[LIVIXLIKVSYT[MPPQIIX
6IWIVZMRKXLIVSSQGLIGOMRKXLIRYQFIVSJGLEMVWQEOMRKWYVIXLILIEX
SVEMVGSRHMXMSRMRKMWXYVRIHSR
7IXXMRKXLIEKIRHESJIEGLQIIXMRK
7XEVXMRKXLIQIIXMRK
8EOMRKRSXIWHYVMRKXLIQIIXMRK
4VITEVMRKERHHMWXVMFYXMRKER][VMXXIRLERHSYXWRIIHIHJSVXLIQIIXMRK
7YQQEVM^MRKXLIKVSYTtWTVSKVIWWEXXLIIRHSJXLIQIIXMRK
-JXLIVIMWEHIWMKREXIHPIEHIVWLISVLIGEREXXIRHXSXLIWIRIIHWSVEWWMKR
SRISVQSVIKVSYTQIQFIVWXSHSWS3XLIV[MWIQIQFIVWSJXLIKVSYTQYWX
WTPMXXLITVSGIHYVEPVIWTSRWMFMPMXMIW



',%48)6 74)%/-2+-271%00+63947

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKMR7QEPP
+VSYTW

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

8EWO2IIHW
8EWO RIIHW EVI WYFWXERXMZI EGXMSRW RIGIWWEV] XS LIPT XLI KVSYT GSQTPIXI XLI
TEVXMGYPEVXEWOMXMW[SVOMRKSR8LI]MRGPYHI
%REP]^MRKXLIMWWYIWJEGMRKXLIKVSYT
(MWXVMFYXMRKXLI[SVOPSEHEQSRKXLIQIQFIVW
'SPPIGXMRKMRJSVQEXMSR
7SPMGMXMRKXLIZMI[WSJSXLIVQIQFIVW
/IITMRKXLIKVSYTJVSQKSMRKSJJSREXERKIRX
4PE]MRKHIZMPtWEHZSGEXIJSVYRTSTYPEVMHIEW
*SVQYPEXMRKGVMXIVMEJSVNYHKMRKXLIQSWXIJJIGXMZIWSPYXMSR
,IPTMRKXLIKVSYTVIEGLGSRWIRWYWSRMXWJMREPVIGSQQIRHEXMSRW

1SWX QIQFIVW [MPP LIPT XLI KVSYT WEXMWJ] MXW XEWO RIIHW 0IEHIVWLMT
FIGSQIWRIGIWWEV][LIRWSQIXEWORIIHWEVIRSXFIMRKJYPJMPPIHEHIUYEXIP]EW
MRXLMWI\EQTPI

XEWORIIHW
7YFWXERXMZIEGXMSRWRIGIWWEV]
XSLIPTEWQEPPKVSYTGSQTPIXI
MXWEWWMKRIHXEWO


%KVSYTSJWXYHIRXWLEHYRHIVXEOIRXSWSPZIXLITEVOMRKTVSFPIQWSRXLIMVGEQTYW
8LIKVSYTLEHLIPHWIZIVEPQIIXMRKWERHQSWXSJMXWXEWORIIHWLEHFIIRQIX1IQFIVW
LEHHSRI E KSSH NSF TSPPMRK WXYHIRXW JSV XLIMVSTMRMSRW HMWGYWWMRK EPXIVREXMZI WSPYXMSRW
[MXLXLIEHQMRMWXVEXMSRERHGSRWMHIVMRKXLIVIPEXMZIQIVMXWSJIEGLWSPYXMSR,S[IZIVSRI
QIQFIVSJXLIKVSYT4MPEVRSXMGIHXLEXX[SMXIQWLEHRSXFIIRKMZIRIRSYKLEXXIRXMSR
2SSRILEHMRZIWXMKEXIHTSXIRXMEPWSYVGIWSJQSRI]JSVRI[TEVOMRKJEGMPMXMIWERHRSSRI
LEH WXYHMIH XLI IRZMVSRQIRXEP MQTEGX SJ GSRWXVYGXMRK EHHMXMSREP TEVOMRK WTEGIW 8LIVI
JSVI4MPEVFVMIJP]XSSOEPIEHIVWLMTVSPIXSTIVJSVQEXEWORIIHJSVXLIKVSYT7LITSMRXIH
SYXXLEXXLIWIX[SEVIEWLEHFIIRRIKPIGXIHERHVIGSQQIRHIHXLEXXLIKVSYTI\TPSVI
XLIQJYVXLIV

1EMRXIRERGI2IIHW
1EMRXIRERGIRIIHWMRZSPZIMRXIVTIVWSREPVIPEXMSRWMRXLIKVSYT8LI]MRGPYHI
WYGLJEGXSVWEW
,S[[IPPQIQFIVWKIXEPSRK[MXLSRIERSXLIV
,S[[MPPMRKQIQFIVWEVIXSGSRXVMFYXIXSXLIKVSYT

QEMRXIRERGIRIIHW
'SQQYRMGEXMZIEGXMSRW
RIGIWWEV]XSQEMRXEMR
MRXIVTIVWSREPVIPEXMSRWMRE
WQEPPKVSYT

;LIXLIVQIQFIVWEVIWYTTSVXMZISJSRIERSXLIV
;LIXLIVQIQFIVWJIIPWEXMWJMIH[MXLXLIKVSYTtWEGGSQTPMWLQIRXW
;LIXLIVQIQFIVWJIIPKSSHEFSYXXLIMVVSPIWMRXLIKVSYT

-JMRXIVTIVWSREPTVSFPIQWHSQMREXIHMWGYWWMSRXLIKVSYT[MPPLEZIEHMJ
JMGYPXXMQI[SVOMRKXSKIXLIVERHVIEGLMRKEHIGMWMSR%PIEHIVGERHSQYGLXS
GVIEXIERHWYWXEMRWYTTSVXMZIGSQQYRMGEXMSRMRXLIKVSYT&]LIPTMRKKVSYT
QIQFIVWLERHPIGSRJPMGXF][SVOMRKSYXHMJJIVIRGIWSJSTMRMSRF]VIHYGMRK
MRXIVTIVWSREP XIRWMSR F] IRGSYVEKMRK TEVXMGMTEXMSR JVSQ EPP QIQFIVW F]
FIMRKEPIVXXSTIVWSREPJIIPMRKWERHF]TVSQSXMRKWSPMHEVMX][MXLMRXLIKVSYT
E PIEHIV GER QEOI E XVIQIRHSYW GSRXVMFYXMSR XS[EVH LIPTMRK XLI KVSYT
EGLMIZIMXWKSEPW


0IEHIVWLMTMR7QEPP+VSYTW



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKMR7QEPP
+VSYTW

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

6IWTSRWMFMPMXMIWMRE7QEPP+VSYT
)ZIV]QIQFIVSJEWQEPPKVSYTQYWXEWWYQIGIVXEMRVIWTSRWMFMPMXMIW[LMGLGERFI
HMZMHIHMRXSJMZIQENSVGEXIKSVMIW  GSQQMX]SYVWIPJXSXLIKSEPWSJ]SYVKVSYT
 JYPJMPPMRHMZMHYEPEWWMKRQIRXW  EZSMHMRXIVTIVWSREPGSRJPMGXW  IRGSYVEKI
JYPPTEVXMGMTEXMSR  OIITXLIHMWGYWWMSRSRXVEGO7SQISJXLIWIVIWTSRWMFMPMXMIW
MRZSPZIPIEHIVWLMTVSPIWFYXEPPJMZIEVIWSMQTSVXERXXLEXIEGLTEVXMGMTERXWLSYPH
XEOIXLIQEWTIVWSREPSFPMKEXMSRWVIKEVHPIWWSJXLIKVSYTtWPIEHIVWLMT

'311-8=3967)0*838,)+3%073*=396+6394
*SV E KVSYT XS WYGGIIH QIQFIVW QYWX EPMKR XLIMV TIVWSREP KSEPW [MXL XLI
KVSYTtW KSEP 8LMW WSYRHW SFZMSYW FYX MX MW RSX EP[E]W IEW] ;LIR ]SY EVI
[SVOMRK[MXLSXLIVWXYHIRXWSREGPEWWTVSNIGXXLIKVSYTKSEPhERHQSWXPMOIP]
XLIKSEPSJIEGLQIQFIVhMWXSKIXEKSSHKVEHI8LIVIMWEWXVSRKMRGIRXMZIJSV
QIQFIVWXSGSSTIVEXIERHGSQQMXXLIQWIPZIWXSGSQTPIXMRKXLIXEWO
4VSFPIQW EVMWI [LIR SRI SV QSVI QIQFIVW LEZI TIVWSREP KSEPW XLEX
GSRJPMGX[MXLXLIKVSYTtWKSEP,IVIMWXLIOMRHSJWMXYEXMSRXLEXGERSGGYV

7LIVVM &EMRIW MW E QIQFIV SJ XLI GSQQMXXII XS FY] RI[ IUYMTQIRX JSV XLI PSGEP
RI[WTETIVtWIQTPS]IIGEJIXIVME&IGEYWIXLIFYHKIXMWZIV]XMKLXXLIGSQQMXXIItWKSEPMW
XSKIXXLIFIWXIUYMTQIRXJSVXLIPS[IWXTVMGI&YXYRORS[RXSXLISXLIVQIQFIVWSJXLI
KVSYT7LIVVMtWWSRMRPE[MWEWEPIWQERJSVEHMWXVMFYXSVSJLMKLTVMGIHOMXGLIRETTPMERGIW
4VMZEXIP]7LIVVMLEWVIEWSRIHXLEXMJWLIGERW[E]XLIGSQQMXXIIXS[EVHXLEXGSQTER]LIV
WSRMRPE[ [MPP KIX E PEVKI GSQQMWWMSR 7LIVVM HSIW RSX QIRXMSR XLMW JEGX XS XLI KVSYT
-RWXIEHWLIEVKYIWXLEXUYEPMX]hRSXTVMGIhWLSYPHFIXLIHIXIVQMRMRKJEGXSVMRXLITYV
GLEWI8LIKVSYTTVSGIWWFVIEOWHS[RFIGEYWI7LIVVM[MPPRSXWYVVIRHIVLIVTVMZEXIKSEP

8LMWMWERI\XVIQII\EQTPIFYXXLIVIGERFIQSVIWYFXPIOMRHWSJTVMZEXI
KSEPWEWMRXLIJSPPS[MRKGEWI
'EVPSW ERH6EGLIPEVITEVXSJE KVSYT ERH'EVPSW[SYPH PMOIXSFI SR GPSWIVXIVQW
[MXL6EGLIP8SMQTVIWWLIVLIQE]EKVII[MXLIZIV]XLMRKWLIWE]WVIKEVHPIWWSJ[LIXLIV
LIVIEPP]WLEVIWLIVZMI[W'SRWIUYIRXP]'EVPSWtWI\TVIWWIHZMI[WEVIRSXLMWEGXYEPZMI[W
-RWLSVX'EVPSWLEWELMHHIREKIRHEMRXLIKVSYTQIIXMRK8LIKVSYTtWEKIRHEMWXSWSPZI
XLITVSFPIQFYX'EVPSWtWEKIRHEMWXSKIXEHEXI[MXL6EGLIP

LMHHIREKIRHE
%WIXSJYRWXEXIHMRHMZMHYEP
KSEPWXLEXQE]GSRJPMGX[MXLXLI
KSEPWSJXLIKVSYTEWE[LSPI

+VSYTQIQFIVWQE]LEZIEPPWSVXWSJLMHHIREKIRHEW3RIQE]FII\TI
VMIRGMRKTIVWSREPTVSFPIQWhPS[IVIHKVEHIWEFVIEOYT[MXLEJVMIRHSVNYWXE
FEH HE] %RSXLIV QE] LEZI E GSQQMXQIRX XS E HMJJIVIRX KVSYT [LSWI KSEPW
GSRJPMGX[MXLXLSWISJXLITVIWIRXKVSYT%XLMVHQE] [ERXXSXEOIGLEVKISJ
XLIKVSYTJSVVIEWSRWSJTIVWSREPTS[IVVIKEVHPIWWSJXLIKVSYTtWXEWO
6IQIQFIV XLEX [LEX SRI QIQFIV SJ E KVSYT HSIW EJJIGXW EPP XLI SXLIV
QIQFIVW=SYWLSYPHRSXXV]XSEHZERGI]SYVS[RMRXIVIWXWSVFSSWX]SYVS[R
IKS EX XLI I\TIRWI SJ XLI KVSYT ERH MXW KSEPW &I[EVI SJ LMHHIR EKIRHEWh
[LIXLIV]SYVWSVWSQISRIIPWItWhERHTEVXMGMTEXI[MXLETSWMXMZIWTMVMX

*90*-00-2(-:-(9%0%77-+21)287
%WQIRXMSRIHIEVPMIVSRISJXLIEHZERXEKIWSJXLIKVSYTTVSGIWWMWXLEXMXHMZMHIW
XLI[SVOPSEHEQSRKWIZIVEPTISTPI&YXYRPIWWIZIV]QIQFIVJYPJMPPWLMWSVLIV
EWWMKRQIRXWXLIKVSYTtWIRXMVITVSNIGXQE]JEMPhEWMRXLIJSPPS[MRKI\EQTPI


',%48)6 74)%/-2+-271%00+63947

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

7TIEOMRKMR7QEPP
+VSYTW

8I\X

8LI1G+VE[n,MPP
'SQTERMIW


7IZIVEP]IEVWEKSSRIWXYHIRXKVSYTHIGMHIHXLEXEWEGPEWWTVSNIGXXLI][SYPHFVMRK
)EWXIVFEWOIXWXSXLITEXMIRXWMRXLIGLMPHVIRtW[EVHSJEPSGEPLSWTMXEP%JXIVXLITVSNIGX
LEHFIIRETTVSZIHEWWMKRQIRXW[IVIKMZIRSYX2EZMH[SYPHGSSVHMREXI[MXLXLILSWTM
XEP EYXLSVMXMIW 'SVVMRI [SYPH LERHPI JYRHVEMWMRK JSV XLI RIIHIH WYTTPMIW .IWWI [SYPH
WYTIVZMWI XLI IKKHIGSVEXMRK XIEQ 0MY [SYPH FI VIWTSRWMFPI JSV FY]MRK FEWOIXW ERH
GLSGSPEXIFYRRMIW.YWXMR[SYPHEVVERKIJSVXVERWTSVXEXMSR

)ZIV]FSH] GSQTPIXIH XLIMV EWWMKRQIRXW I\GITX .YWXMR [LS [EW FYW] [VMXMRK E XIVQ
TETIV,IEWOIHEJVMIRHXSTMGOYTEFYWWGLIHYPIERHEWWYQIHIZIV]XLMRK[SYPHFIJMRI
3R)EWXIVQSVRMRKXLIKVSYTEWWIQFPIHEXXLIFYWWXSTPSEHIHHS[R[MXLFEWOIXWJSVXLI
GLMPHVIR%RHXLI][EMXIHERH[EMXIH%JXIVERLSYV.YWXMRGEPPIHXLIFYWGSQTER]SRP]XS
HMWGSZIVXLEXXLIFYWIWHMHRSXVYRSRLSPMHE]W&]XLIXMQI.YWXMRLEHQEHISXLIVEVVERKI
QIRXWXSKIXXSXLILSWTMXEPZMWMXMRKLSYVW[IVISZIVERHXLIKVSYTGSYPHRSXKIXMR

2SQEXXIV[LEXSXLIVEWWMKRQIRXWXLI]QE]LEZIEPPQIQFIVWSJEKVSYT
LEZI SRI ZIV] GVMXMGEP EWWMKRQIRXhPMWXIRMRK *MVWX MX LIPTW ]SY YRHIVWXERH
[LEXMWLETTIRMRKMRXLIKVSYT%RHYRPMOIETYFPMGWTIEOMRK WMXYEXMSR ]SY
GER WXST XLI WTIEOIV ERH EWO JSV GPEVMJMGEXMSR EX ER] TSMRX 7IGSRH PMWXIRMRK
LIPTW ]SY IZEPYEXI XLI QIVMXW SJ XLI WTIEOIVtW TSWMXMSR 8LMVH PMWXIRMRK TVS
ZMHIWWYTTSVXJSVXLIWTIEOIVERHLIPTWTVSZMHIETSWMXMZIGPMQEXIJSVHMWGYW
WMSR;MXLSYXIJJIGXMZIPMWXIRMRKRSKVSYTMWKSMRKXSQEOIQYGLTVSKVIWW

%:3-(-28)64)6732%0'32*0-'87
-J KVSYTW [IVI QEHIYTSJ VSFSXW XLIVI[SYPHFIRS MRXIVTIVWSREP GSRJPMGXW
&YXKVSYTWEVIQEHIYTSJTISTPI[MXLPMOIWERHHMWPMOIWERHERMQSWMXMIWERH
TVINYHMGIWERHZIV]HMJJIVIRXTIVWSREPMXMIW-XMWZMXEPXSXLIKVSYTTVSGIWWXLEX
HMWEKVIIQIRXWFIOITXSREXEWOPIZIPVEXLIVXLERSRETIVWSREPPIZIP
7YTTSWI ]SY HMWEKVII [MXL ERSXLIV QIQFIVtW MHIE (MWEKVIIQIRX SR XLI
TIVWSREPPIZIPGSYPHWSYRHPMOIXLMWq8LEXtWXLIQSWXWXYTMHMHIE-IZIVLIEVHSJ
(S]SYVIEPM^ILS[QYGLQSRI]MX[SYPHGSWXXSHSXLEX#r&YXSRXLIXEWOPIZIP
HMWEKVIIQIRXMWEMQIHEXXLIMHIERSXXLITIVWSRq4SXIRXMEPP]XLEXtWEZIV]KSSH
WSPYXMSRFYX-tQRSXWYVI[ILEZIIRSYKLQSRI]XSEGGSQTPMWLMXr
2S QEXXIV [LEX XLI KVSYT TIVWSREP ERXEKSRMWQ PIEZIW E FEH XEWXI MR
IZIV]SRItWQSYXLERHLEVQWXLITIVJSVQERGISJXLIKVSYT-XtWIWWIRXMEPXLEX
WSQISRIXEOIEPIEHIVWLMTVSPIERHFVMRKXLIHMWGYWWMSRFEGOXSXLIVIPIZERX
MWWYIW0IXtWWE]]SYEVITEVXSJEGSQQMXXIIGLEVKIH[MXLWIXXMRKYTEWTIEOIVWt
WIVMIWSR]SYVGEQTYW8LIHMWGYWWMSRQMKLXKSPMOIXLMW
%RKIPE ;IHIJMRMXIP]WLSYPHLEZI6ITVIWIRXEXMZI,MKLXS[IVWTIEOSRGEQTYW,ILEW
FIIRZIV]EGXMZIMRTVSXIGXMRKXLIIRZMVSRQIRX
1MRL

8LEXPMFIVEP#,IGSYPHGEVIPIWW[LEX[ITE]JSVEKEPPSRSJKEW%RHJSVKIX
EFSYXIGSRSQMGHIZIPSTQIRX[MXLLMQ

%RKIPE 7S]SYWYTTSVXQSVISJJWLSVIHVMPPMRK#=SYtVI[MPPMRKXSHIWXVS]SYVGSEWXPMRIW
WSXLISMPGSQTERMIWGERVEOIMRQSVITVSJMXW#
1MRL

-XtWTISTPIPMOI]SYXLEXLEZIQEHIYWHITIRHIRXSRJSVIMKRWSYVGIWSJSMPh
[LMGLXLVIEXIRWSYVTVSWTIVMX]ERHREXMSREPWIGYVMX]F]QEOMRKYWZYPRIVEFPIXS
IGSRSQMGFPEGOQEMPJVSQEFVSEH

0IEHIV .YWXEQMRYXI8LMWQMKLXQEOIEKSSHWYFNIGXJSVSYVWTIEOIVWtWIVMIW;IGER
EWOFSXL6ITVIWIRXEXMZI,MKLXS[IVERHEWTSOIWTIVWSRJSVSRISJXLISMP
GSQTERMIWXSHIFEXIIEGLSXLIV


6IWTSRWMFMPMXMIWMRE7QEPP+VSYT



0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

-RXIVRIX
'SRRIGXMSR
[[[GSRRIGXPYGEWGSQ

7TIEOMRKMR7QEPP
+VSYTW

8I\X

8LI1G+VE[n,MPP
'SQTERMIW

-RXIVIWXIH MR PIEVRMRKQSVI EFSYX PIEHIVWLMT# 0SKSR XS XLI 'IRXIVJSV 'VIEXMZI
0IEHIVWLMTtWVIWIEVGLWMXIEX[[[GGPSVKVIWIEVGL8LIGIRXIV[SVOW[MXLMRHM
ZMHYEPW ERHKVSYTW EVSYRH XLI [SVPH XS LIPT SVKERM^EXMSRW SJ EPP OMRHW MQTVSZI
XLIMVQEREKIVMEPERHPIEHIVWLMTWOMPPW
7QEPPKVSYTWEVIEZMXEPTEVXSJFYWMRIWWIWERHSXLIVSVKERM^EXMSRWMRQSWXTEVXWSJ
XLI[SVPH=SYGERKIXEWIRWISJXLIMVEGXMZMXMIWF]GLIGOMRKXLI8IEQ&YMPHMRK
)^MRI%VXMGPIWEXLXXTI^MRIEVXMGPIWGSQ#GEX!&YWMRIWW8IEQ&YMPHMRK

8LMWMWRSXXSWE]XLEXQIQFIVWSJEKVSYTWLSYPHRIZIVHMWEKVII-RJEGX
EWIVMSYWTVSFPIQSGGYVW[LIRQIQFIVWKIXEPSRKWS[IPPERHEVIWSGSRGIVRIH
EFSYXQEMRXEMRMRKXLILEVQSR]SJXLIKVSYTXLEXXLI][MPPRSXHMWEKVII[MXL
SRIERSXLIVEFSYXER]XLMRK;LIRXLMWLETTIRWXLIVIMWRSGLERGIXSVIEGL
XLIFIWXHIGMWMSRF]I\TPSVMRKEREVVE]SJTIVWTIGXMZIWSTMRMSRWERHMRJSVQE
XMSR8LIEMQMWRSXJSVKVSYTWXSEZSMHGSRJPMGXFYXXSOIITMXEXXLIXEWOPIZIP
WSMX[MPPRSXHIKIRIVEXIMRXSTIVWSREPJIYHMRK

)2'396%+)*9004%68-'-4%8-32
-JEKVSYTMWXS[SVOIJJIGXMZIP]EPPQIQFIVWQYWXGSRXVMFYXIJYPP]ERHWLEVI
XLIMVMHIEW[MXLSRIERSXLIV)ZIV]QIQFIVSJEKVSYTWLSYPHXEOIVIWTSRWMFMP
MX]JSVIRGSYVEKMRKSXLIVQIQFIVWXSTEVXMGMTEXI=SYGERHSXLMWJMVWXSJEPP
F]PMWXIRMRKEXXIRXMZIP]%JXIVEPPLS[[SYPH]SYPMOIXSWTIEOMREKVSYT[LIVI
IZIV]FSH]IPWIETTIEVWFSVIHSVHMWXVEGXIH#
-J XLIVI EVISRISVX[S UYMIXQIQFIVW MR XLI KVSYT ]SY GERHVE[ XLIQ
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8LI6IJPIGXMZI8LMROMRK1IXLSH



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8LI1G+VE[n,MPP
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8LI1G+VE[n,MPP
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PIEHIV LI SV WLI [MPP X]TMGEPP] FI XLI QSHIVEXSV 8LI QSHIVEXSVtW NSF MW XS
MRXVSHYGIXLIXSTMGERHXLIWTIEOIVW)EGLWTIEOIVHIPMZIVWETVITEVIHWTIIGL
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ERHERW[IVWIWWMSR
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8LI1G+VE[n,MPP
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PIEHIVWLMT 

GVMXIVME 

MQTPMIHPIEHIV 

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IQIVKIRXPIEHIV 

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7IIMRKXLIWTIIGLGPEWWVSSQEWEVIEPEYHMIRGIMWEPWS
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8LMWTSMRX[EWQEHIF].EQIW%;MRERWMRLMWGPEWWMG
7TIIGL1EOMRK 2I[=SVO%TTPIXSR'IRXYV]'VSJXW
 T

3ZIVXLI]IEVWXLIVILEWFIIRQYGLHIFEXISZIV[LIXLIV
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6IWIEVGL  TTi

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.YHMXL7/E]Iq+EXLIVMRK(VIEQWERH+MZMRK8LIQ
0MJIr:MXEP7TIIGLIW  TTi

6SFIVX71YIPPIV---q'LMPH4SVRSKVETL]ERHXLI-RXIV
RIX4VSXIGXMRKXLI1SWX:YPRIVEFPI%QSRK9Wr:MXEP
7TIIGLIW  TTi

(SVSXL]7EVRSJJ7TIIGL'ER'LERKI=SYV0MJI +EVHIR
'MX]2=(SYFPIHE] T

7EVRSJJ7TIIGL'ER'LERKI=SYV0MJIT

'LETXIV


6SFIVX83PMZIV,MWXSV]SJ4YFPMG7TIEOMRKMR%QIVMGE &SW
XSR%PP]RERH&EGSR T

3PMZIV,MWXSV]SJ4YFPMG7TIEOMRKT

'LETXIV


(SVSXL]7EVRSJJ7TIIGL'ER'LERKI=SYV0MJI 2I[=SVO
(SYFPIHE] T

%RRQEVMI1YRKSq%'LMPH-W&SVRr;MRRMRK3VEXMSRW
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%HETXIHJVSQ6MGLEVH'SRRMJJq=SY2IZIV/RS[;LEX
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2

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

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2SXIW

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;MPPMEQ7EJMVI3R0ERKYEKI 2I[=SVO8MQIW&SSOW
 T\MZ

6SWEPMI1EKKMS8EPOMRK%FSYX4ISTPI%+YMHIXS*EMVERH
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'LETXIV


-VZMRK&EVXPIXX;IRHIPP4LMPPMTW&SWXSR&VELQMR &SWXSR
&IEGSR4VIWW T

%'VEMK&EMVH6LIXSVMG%4LMPSWSTLMGEP-RUYMV] 2I[=SVO
6SREPH4VIWW T

(ERMIP.3t/IIJI4IVWYEWMSR8LISV]ERH6IWIEVGLRHIH
8LSYWERH3EOW'%7EKI T

.EQIW.S]GIq'LEQFIV1YWMG<<<:rJVSQ'SPPIGXIH
4SIQWIH,EVV]0IZMR 2I[=SVO:MOMRKi 
6ITVMRXIHF]TIVQMWWMSRSJ4IRKYMR4YXREQ-RG

(SVSXL]7EVRSJJ7TIIGL'ER'LERKI=SYV0MJI +EVHIR
'MX]2=(SYFPIHE] T

*SVQSVIHIXEMPWII;EPX;SPJVEQERH&IR;EVH IHW 
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7II1EVO0/RETTERH.YHMXL%,EPP2SRZIVFEP'SQQYRM
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6MGLEVH14IVPSJJ8 LI(]REQMGWSJ4IVWYEWMSR'SQQYRM
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,IVFIVX;0SZIPEGIq8LI1IHMYQ-W1SVI8LERXLI
1IWWEKIr-RJSVQEXMSR[IIOGSQ .YP] T

7IIJSVI\EQTPI(EZMH+0IZEWWIYVERH./ERER7E[
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TTi

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'LETXIV


.SLR6.SLRWSRERH2ERG]7^G^YTEOMI[MG^q8LI4YFPMG
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6MGLEVH)1E]IV7LIVV]*IRRIPP0MRHWE]*EVQIVERH
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.EQIW,YQIW6SPIW7TIEOIVW4PE] 2I[=SVO,EVTIVERH
6S[ T

'LETXIV

'LETXIV

*SVEGSQTIRHMYQSJVIWIEVGLSRXLMWWYFNIGXWII6MGL
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(SYKPEW6:SKIP+EV];(MGOWSRERH.SLR%0ILQER
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7II7XITLIR*I[7LS[1IXLI2YQFIVW(IWMKRMRK8EFPIW
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'PEYH]RI;MPHIV8 LI4VIWIRXEXMSRW/MX7XITWJSV7IPPMRK
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%HETXIHJVSQ)VMG%;EPOIVq%FSYXXLIs(IEXLtSJER
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8LSYWERH3EOW'%7EKI T

8LMWZMI[SJXLIMRXIVEGXMSRFIX[IIRWTIEOIVERHPMWXIRIV
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8LIVIMWEKVIEXHIEPSJVIWIEVGLGSRJMVQMRKXLIRIIHJSV
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(ERMIP.3t/IIJI4IVWYEWMSR8LISV]ERH6IWIEVGLRHIH
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7IIJSVI\EQTPI%QFIV1EVMI6IMRLEVX,IEXLIV11EV
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'LETXIV


.EQIW'1G'VSWOI]%R-RXVSHYGXMSRXS6LIXSVMGEP'SQQY
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6MGLEVH14IVPSJJ8 LI(]REQMGWSJ4IVWYEWMSR'SQQYRM
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7IIJSVI\EQTPI'LEWY%RERH1MGLEIP4JEYq8LI)JJM
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TTi

7IIJSVI\EQTPI1MGLEIP87XITLIRWSRq)\EQMRMRK
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%HETXIHJVSQ.EQIW',YQIW%7TIEOIVtW8VIEWYV]SJ
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KPSFEP
MRGVIQIRXEPi
XLI-RXIVRIXERH
TEXGL[SVOi
4PERMRUYIWXMSRWSJTSPMG]
4PEXS
4SPMG]
UYIWXMSRSJ
UYIWXMSRWSJi
4SWMXMZIRIVZSYWRIWW
4SWMXMZIXLMROMRKi
4SWXLSGIVKSTVSTXIVLSGi
4S[IV4SMRX
ERMQEXMSRMR
GSPSVMR
HIPMZIVMRKEWTIIGL[MXLi
JSRXWMRi
JSVQEXXMRKWPMHIWi
MQEKIWMR
TPERRMRKXSYWIi
TPYWIWERHQMRYWIWSJ
WEQTPIWTIIGL[MXLGSQQIRXEV]
i
WPMHIWLS[GSQQERHW
WTEGIERHZMWYEPFEPERGIMRi
XI\XMR
7IIEPWS:MWYEPEMHW
4VEGXMGEPMX]MRUYIWXMSRWSJTSPMG]
i
4VINYHKMRKXLIWTIEOIV
4VIPMQMREV]FMFPMSKVETL]
4VITEVEXMSRi
4VITEVEXMSRSYXPMRI
FMFPMSKVETL]MR
GIRXVEPMHIE
GLIGOPMWXJSV
HIJMRIH
JYPPWIRXIRGIWYWIHMR
KYMHIPMRIWJSVi
PEFIPMRKMRXVSHYGXMSRFSH]
GSRGPYWMSRi

8LI1G+VE[n,MPP
'SQTERMIW

4VITEVEXMSRSYXPMRI 'SRX
WEQTPI[MXLGSQQIRXEV]i
WTIGMJMGTYVTSWI
WTIIGLXMXPIMRi
W]QFSPM^EXMSRERHMRHIRXEXMSRi
ZMWYEPJVEQI[SVOJSVii
4VIWIRXEXMSRi
4VIWIRXEXMSRWTIIGLIWi
4VIZMI[WXEXIQIRXi
4VMRGMTPIVIEWSRMRKJVSQi
4VSFPIQGEYWIWSPYXMSRSVHIVi
4VSFPIQWSPYXMSRSVHIVi
4VSFPIQWSPZMRKWQEPPKVSYT
i
4VSGIHYVEPRIIHW
4VSGIWWIW
HIJMRIH
WTIIGLIWEFSYXi
4VSRYRGMEXMSRi
4YFPMGWTIEOMRK
EHETXMRKXSPMWXIRIVMQTEGX
GSRZIVWEXMSRERHi
GVMXMGEPXLMROMRKERHi
GYPXYVEPHMZIVWMX]ERHi
TS[IVSJi
XVEHMXMSRSJi
4YVTSWI
KIRIVEP
WTIGMJMGi

5
5YIWXMSRERHERW[IVWIWWMSRWi
5YIWXMSRREMVIJSVEYHMIRGIEREP]WMW
i
5YIWXMSRW
SJJEGXi
SJTSPMG]i
TVITEVEXMSRSJJSVMRXIVZMI[W
VLIXSVMGEPi
SJZEPYIi
q5YIWXMSRWSJ'YPXYVIr 'LMRS] %
5YMRXMPMER
5YSXEXMSRFSSOW
5YSXEXMSRW
FIKMRRMRKWTIIGLIW[MXLi
HMVIGX
HMVIGXZIVWYWTEVETLVEWMRK
IRHMRKWTIIGLIW[MXL
TPEKMEVMWQSJi
UYSXMRKSYXSJGSRXI\Xi

6
6EGMEPFEGOKVSYRHSJEYHMIRGIi
6EXISJWTIIGLi
6IEKER6SREPHi
6IEWSRMRK
EREPSKMGEPi
GEYWEPi
HIJMRIH
JEPPEGMIWi
JVSQTVMRGMTPIi
JVSQWTIGMJMGMRWXERGIWi

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

&EGO1EXXIV

6IGIRG]SJ-RXIVRIXHSGYQIRXWi
6IGMXEXMSRSJWTIIGLi
6IHLIVVMRK
6IJIVIRGIWIEVGL
6IJIVIRGI[SVOW
FMSKVETLMGEPEMHWi
IRG]GPSTIHMEWi
UYSXEXMSRFSSOW
]IEVFSSOW
6IJPIGXMZIXLMROMRKQIXLSH
EREP]^MRKXLITVSFPIQi
GLIGOPMWXJSV
HIJMRIH
HIJMRMRKXLITVSFPIQi
IWXEFPMWLMRKGVMXIVMEJSVWSPYXMSRW
KIRIVEXMRKTSXIRXMEPWSPYXMSRWi
WIPIGXMRKXLIFIWXWSPYXMSRi
6ILIEVWEPi
6IPMKMSRSJEYHMIRGI
6ITIXMXMSR
6IWIEVGL
-RXIVRIXi
MRXIVZMI[Wi
PMFVEV]i
RSXIXEOMRKi
TIVWSREPORS[PIHKIERHI\TIVMIRGI
TVIPMQMREV]FMFPMSKVETL]
XMTWJSVi
6IWIEVGLMRXIVZMI[
6IWMHYEPQIWWEKI
6LIXSVMG %VMWXSXPI 
6LIXSVMGEPUYIWXMSRWi
6L]XLQi
EPPMXIVEXMSR
ERXMXLIWMW
HIJMRIH
TEVEPPIPMWQi
VITIXMXMSR

7
7EQTPIWTIIGLIWMRXVSHYGXMSRWi
7ERKIV1EVKEVIX
7ERWWIVMJJSRX
7EXMWJEGXMSRMR1SRVSItWQSXMZEXIH
WIUYIRGIi
7GEPIUYIWXMSRWi
7IEVGLIRKMRIWi
7IVMJJSRX
7I\YEPSVMIRXEXMSRSJEYHMIRGIi
7MKRTSWX
7MQMPIi
7MQSR4EYP
7MXYEXMSR
7MXYEXMSREPEYHMIRGIEREP]WMW
HIJMRIH
HMWTSWMXMSRXS[EVHXLISGGEWMSR
i
HMWTSWMXMSRXS[EVHXLIWTIEOIV
HMWTSWMXMSRXS[EVHXLIXSTMGi
TL]WMGEPWIXXMRK
WM^I
7M^ISJEYHMIRGI

-RHI\

7PMHIWLS[MR4S[IV4SMRX
7PMTTIV]WPSTIi
7QEPPKVSYTW
HIJMRIHi
MRXIVTIVWSREPGSRJPMGXMRi
OIITMRKHMWGYWWMSRWSRXVEGOi
PIEHIVWLMTMRi
TEVXMGMTEXMSRMR
TVIWIRXMRKVIGSQQIRHEXMSRWi
JSVTVSFPIQWSPZMRK
VIJPIGXMZIXLMROMRKQIXLSHi
VIWTSRWMFMPMXMIWMRi
7TEGIMR4S[IV4SMRXi
7TEVIqFVEMRXMQIr
7TEXMEPSVHIVi
7TIEOIVi
EYHMIRGIHMWTSWMXMSRXS[EVH
YWISJS[RFSH]EWZMWYEPEMH
7IIEPWS(IPMZIV]
7TIEOMRKSYXPMRIi
HIJMRIH
KYMHIPMRIWJSVi
WEQTPI[MXLGSQQIRXEV]i
7TIEOMRKXIGLRMUYIPMWXIRMRKJSV
7TIGMEPIRG]GPSTIHME
7TIGMEPSGGEWMSRWTIIGLIW
EGGITXERGIWTIIGLIW
GSQQIQSVEXMZIWTIIGLIWi
MRXVSHYGXMSRWi
TVIWIRXEXMSRWi
7TIGMJMGTYVTSWISJWTIIGLi
i
7TIGMJMGTYVTSWIWXEXIQIRXi
7TIIGLGSQQYRMGEXMSRTVSGIWW
GLERRIP
I\EQTPI[MXLGSQQIRXEV]i
JIIHFEGOi
MRXIVJIVIRGI
PMWXIRIVi
QIWWEKI
WMXYEXMSR
WTIEOIVi
7TIIGLHIZIPSTQIRXi
7TIIGLIW
SJEGGITXERGI
GSQQIQSVEXMZIi
XSKEMRMQQIHMEXIEGXMSRi
XSKEMRTEWWMZIEKVIIQIRX
SJMRXVSHYGXMSRi
SJTVIWIRXEXMSRi
7TSRWSVMRKSVKERM^EXMSR
7TSRWSVWLMTSJ-RXIVRIXHSGYQIRXW
7X%YKYWXMRI
7XEKIJVMKLX
7XEXMWXMGW
HIJMRIHi
XMTWJSVYWMRKi
YRHIVWXERHMRKi
7XIVISX]TMRK
7XSVMIWXIPPMRKi
7XVEXIKMGSVKERM^EXMSR
7IIEPWS3VKERM^EXMSR

8LI1G+VE[n,MPP
'SQTERMIW

7YTTSVXMRKQEXIVMEPW
GMXMRKi
HIJMRIH
I\EQTPIWi
SVKERM^EXMSRERHi
WXEXMWXMGWi
XIWXMQSR]i
7]QFSPM^EXMSRMRTVITEVEXMSRSYXPMRI
i
7]QTSWMYQ

8
8EVKIXEYHMIRGIi
8EWORIIHW
8IVQMREPGVIHMFMPMX]
8IWXMQSR]
HIJMRIH
I\TIVX
TIIVi
UYSXMRKZIVWYWTEVETLVEWMRK
XMTWJSVYWMRKi
8I\XMR4S[IV4SMRXTVIWIRXEXMSRW

8LIWEYVYW
8LSQEW(V.MQ
8MXPISJWTIIGLi
8STMG
HIJMRIHi
WXEXMRKMQTSVXERGISJMRMRXVSHYGXMSR
i
8STMGWIEVGLIWi
8STMGWIPIGXMSRii
ETTVSTVMEXIRIWWSJXSTMG
EYHMIRGIHMWTSWMXMSRXS[EVHXSTMG
i
FVEMRWXSVQMRKi
-RXIVRIXWIEVGLIWi
8STMGEPSVHIVi
8VERWMXMSRWXEXIQIRXW
8VERWMXMSRWi
8VERWTEVIRGMIWEWZMWYEPEMHW

:
:EPYIUYIWXMSRWSJi
:MHISWEWZMWYEPEMHW
:MVXYEPPMFVEVMIW
:MWYEPEMHW
GLEVXWi
GSPSVMR
HVE[MRKWEW
JSRXYWIi
KVETLWi
QSHIPWEW
SFNIGXWEWi
TLSXSKVETLWEW
TVITEVEXMSRSJi
TVIWIRXEXMSRSJi
JSVWXEXMWXMGW
XVERWTEVIRGMIWEW
X]TIWSJi
ZMHISWEW
7IIEPWS4S[IV4SMRX

-2()<

-

0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR

:MWYEPFEPERGIi
:MWYEPJVEQI[SVO
:MWYEPM^EXMSRi
:SGEPZEVMIX]i
:SGEPM^IHTEYWI
:SMGISJWTIEOIV
EVXMGYPEXMSRi
HMEPIGXi
QSRSXSRI
TEYWIW
TMXGL
TVSRYRGMEXMSRi

-

-2()<

&EGO1EXXIV

-RHI\

:SMGISJWTIEOIV 'SRX
VEXIi
ZSGEPZEVMIX]i
ZSPYQI
7IIEPWS(IPMZIV]
:SPYQI

8LI1G+VE[n,MPP
'SQTERMIW

;SVHW
GSRGVIXI
JEQMPMEVi
QIERMRKSJi
7IIEPWS0ERKYEKI
;VMKLX.IVIQMEL
;]PMI-%6

;
;EWHIR6E]
;MIWIP)PMIi
;MRJVI]3TVEL

=
=IEVFSSOW
=YRYW1YLEQQEH

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