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6ITSVXSR*MFIV6IMRJSVGIH
4SP]QIV*64
6IMRJSVGIQIRX
JSV'SRGVIXI7XVYGXYVIW
6ITSVXIHF]%'-'SQQMXXII
*MVWX4VMRXMRK
7ITXIQFIV
%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI
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QE]RSXFIVITVSHYGIHSVGSTMIHMR[LSPISVTEVXMRER]TVMRXIHQIGLERMGEPIPIGXVSRMGJMPQSVSXLIV
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8LIXIGLRMGEPGSQQMXXIIWVIWTSRWMFPIJSV%'-GSQQMXXIIVITSVXWERHWXERHEVHWWXVMZIXSEZSMHEQFMKYMXMIW
SQMWWMSRWERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ%'-HSGYQIRXWSGGEWMSREPP]
JMRH MRJSVQEXMSR SV VIUYMVIQIRXW XLEX QE] FI WYFNIGX XS QSVI XLER SRI MRXIVTVIXEXMSR SV QE] FI
MRGSQTPIXI SV MRGSVVIGX 9WIVW [LS LEZI WYKKIWXMSRW JSV XLI MQTVSZIQIRX SJ %'- HSGYQIRXW EVI
VIUYIWXIH XS GSRXEGX %'- 4VSTIV YWI SJ XLMW HSGYQIRX MRGPYHIW TIVMSHMGEPP] GLIGOMRK JSV IVVEXE EX
[[[GSRGVIXISVKGSQQMXXIIWIVVEXEEWTJSVXLIQSWXYTXSHEXIVIZMWMSRW
%'-GSQQMXXIIHSGYQIRXWEVIMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLI
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS[MPPEGGITXVIWTSRWMFMPMX]JSVXLI
ETTPMGEXMSRSJXLIQEXIVMEPMXGSRXEMRW-RHMZMHYEPW[LSYWIXLMWTYFPMGEXMSRMRER][E]EWWYQIEPPVMWOERH
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%PPMRJSVQEXMSRMRXLMWTYFPMGEXMSRMWTVSZMHIHwEWMWx[MXLSYX[EVVERX]SJER]OMRHIMXLIVI\TVIWWSVMQTPMIH
MRGPYHMRKFYXRSXPMQMXIHXSXLIMQTPMIH[EVVERXMIWSJQIVGLERXEFMPMX]JMXRIWWJSVETEVXMGYPEVTYVTSWISV
RSRMRJVMRKIQIRX
%'-ERHMXWQIQFIVWHMWGPEMQPMEFMPMX]JSVHEQEKIWSJER]OMRHMRGPYHMRKER]WTIGMEPMRHMVIGXMRGMHIRXEP
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JVSQXLIYWISJXLMWTYFPMGEXMSR
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LIEPXLERHWEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPP
VIKYPEXSV]PMQMXEXMSRWFIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPEXMSRW
MRGPYHMRKFYXRSXPMQMXIHXS9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR37,%
LIEPXL
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KYMHIWI\MWXERHXSTVSZMHIMRJSVQEXMSRSRXLITVSTIVXMIWERHFILEZMSVSJ
GSRGVIXIWXVYGXYVIWGSRXEMRMRK*64MREVIEW[LIVIKYMHIWEVIRSXGYVVIRXP] /I][SVHW EVEQMH JMFIVW FPEWX FVMHKIW FYMPHMRKW GEVFSR JMFIVW
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QEXMSRMRXLMWVITSVXERHXLIKYMHIWLSYPHEP[E]WFIJSPPS[IHJSVHIWMKR I\XIVREP VIMRJSVGIQIRX JEXMKYI JMFIVVIMRJSVGIH TSP]QIV *64
JMFIVW
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HSGYQIRX MW MRXIRHIH JSV XLI YWI SJ MRHMZMHYEPW [LS EVI '328)287
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VIWTSRWMFMPMX] JSV XLI ETTPMGEXMSR SJ XLI QEXIVMEP MX GSRXEMRW {,MWXSVMGEPTIVWTIGXMZISJ*64GSQTSWMXIW
8LI %QIVMGER 'SRGVIXI -RWXMXYXI HMWGPEMQW ER] ERH EPP
VIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXIWLEPPRSX
FIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHI MR GSRXVEGX %'-6WYTIVWIHIW%'-6ERH[EWEHSTXIHERHTYFPMWLIH7ITXIQFIV
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%PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI] QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF] QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYGXMSR
XLI%VGLMXIGX)RKMRIIV SVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR[VMXMRK
MWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW
6
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EP[E]WFIJSPPS[IHJSVHIWMKRERHETTPMGEXMSRTYVTSWIW%'- ;SVPH;EV--WTE[RIHXLIHIZIPSTQIRXSJLMKLTIVJSVQERGI
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JMFIVW TVSZMHI WXVIRKXL ERH WXMJJRIWW XS XLI GSQTSWMXI ERH
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FSRH ERH TVSXIGX XLI JMFIVW ERH XS TVSZMHI JSV XVERWJIV SJ W XLI &VMXMWL ERH 97 2EZMIW [IVI WMQYPXERISYWP]
WXVIWW JVSQ JMFIV XS JMFIV XLVSYKL WLIEV WXVIWWIW8LI QSWX HIZIPSTMRK *64FEWIH QMRIW[IITIV WLMTW FIGEYWI *64
GSQQSRJMFIVWEVIKPEWWGEVFSRERHEVEQMH1EXVM\IWEVI GSQTSWMXIW EVI RSX SRP] WYTIVMSV XS SXLIV QEXIVMEPW MR
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GSVVSWMSRVIWMWXERGIERHXVERWTSVXEXMSR 'SQTSWMXIW LEZI IZSPZIH WMRGI XLI W WXEVXMRK [MXL
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REZEPETTPMGEXMSRW8LI97%MV*SVGIERH2EZ]GETMXEPM^IH HIZIPSTIH [IVI HSQIW WLVSYHW XVERWPYGIRX WLIIX TERIPW
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TVSZMWMSRW SV KYMHERGI MR XLMW VIKEVH '7% 7 EPWS )K]TXMERHSGYQIRXYWIWXLIPMQMXWXEXIWHIWMKRETTVSEGL
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SJJIV QIGLERMGEP XSYKLRIWW ERH I\GIPPIRX GSVVSWMSR VIWMW TSP]IWXIVERHR]PSR
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8SYXERNMIXEP
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FIEQW Q ? JXA WTER
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ERGLSVIHEVSYRHXLIFSXXSQSJXLIFIEQW VIPEXMSRWLMTSJXLI[VETTIHWTIGMQIRW6IWYPXWJVSQEWIVMIW
:EVMEXMSRW MR XLI RYQFIV SJ PE]IVW EW [IPP EW XLI JMFIV SJI\TIVMQIRXEPXIWXWSRGSRGVIXIGSRJMRIH[MXL*64WLIIXW
SVMIRXEXMSRERHPE]SYX[IVIWXYHMIH0EQSXLIIXEP GSQTEVIH JEZSVEFP] [MXL XLI VIWYPXW SFXEMRIH F] XLI
2EEQER 8VMERXEJMPPSY E .EZSV IX EP TVSTSWIHQSHIP
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8LIMQTVSZIQIRXMR
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MRGVIEWIH [MXL MRGVIEWMRK RYQFIV SJ PEQMREXI PE]IVW 8LI MRGPYHMRKGSRGVIXIWXVIRKXLX]TIWSJJMFIVWERHVIWMRJMFIV
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[VETTIHSZIVXLIMVJYPPHITXLF]WLIIXWLEZMRKJMFIVWTIVTIR XLMGORIWWWLETISJGVSWWWIGXMSRPIRKXLHMEQIXIVVEXMSSJ
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XSXLIWTIGMQIR'SRJMRIQIRXMWLMKLP]HITIRHIRXYTSRXLI EGGSYRXIHJSVXLIGSRXMRYSYWMRXIVEGXMSR[MXLXLI*64[VET
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8VERWZIVWIWXVEMR WXVEMRW[EWMQTPMGMXP]HIVMZIHXLVSYKLIUYMPMFVMYQFIX[IIR
MRXLIGSPYQRWIGXMSRGEYWIHF]PSRKMXYHMREPGVEGOMRKERH XLIHMPEXMRKGSRJMRIHGSRGVIXIERHXLI[VET8LIQSHIP[EW
WIGXMSR HMPEXMSR VIWYPXW MR LSST WXVEMRW MR XLI *64 XLEX GSQTEVIH[MXLEWIXSJI\TIVMQIRXEPXIWXWERHWLS[IHZIV]
TVSHYGIGSRJMRMRKTVIWWYVI8LMWMRGVIEWIMRGSRJMRMRKTVIWWYVI KSSHEKVIIQIRXMRFSXLXLIE\MEPWXVIWWWXVEMRERHXLIWXVIWW
GER GEYWI ER MRGVIEWI MR E\MEP WXVIRKXL ERH HYGXMPMX] PEXIVEPWXVEMRVIWTSRWI
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XIWXWWLS[IHXLEX*64GSQTSWMXINEGOIXMRKW]WXIQWGPIEVP] 8LIFILEZMSVSJVIGXERKYPEVFVMHKIGSPYQRW[MXLWYFWXERHEVH
GER FI MRWXEPPIH [MXLSYX EJJIGXMRK XLI SZIVEPP KISQIXV] SV HIWMKR HIXEMPW JSV WIMWQMG JSVGIW [EW MRZIWXMKEXIH F]
ETTIEVERGI SJ XLI WXVYGXYVI 8LI EYXLSVW IQTLEWM^IH XLI 7EEHEXQERIWLIXEPF
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QSHISJJEMPYVI6IXVSJMXXMRKSRI[IEORIWW[MXLSYXGSRWMHIVMRK VIKMSRXSMRGVIEWIGSRJMRIQIRXERHXSMQTVSZIXLIFILEZMSV
SXLIVTSXIRXMEPQSHIWSJJEMPYVIGSYPHPIEHXSMRIJJIGXMZIERH YRHIV WIMWQMG JSVGIW 6IWYPXW MRHMGEXIH XLEX WMKRMJMGERX
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1SRXMIXEP
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XLI STXMQEP XLMGORIWW SJ *64 NEGOIXW ERH XS IRLERGI XLI 7IMWQMGVIXVSJMXHIWMKR{-RXLIEJXIVQEXLSJXLI
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JSYRH XLEX
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