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GLSMGI SJ X]TI ERH EQSYRX SJ GIQIRXMXMSYW QEXIVMEPW GSRGVIXI TVSTSVXMSRMRK WXYHMIW MW XS VIEGL E GIQIRXMXMSYW
GERPIWWIRXLILIEXKIRIVEXMRKTSXIRXMEPSJXLIGSRGVIXI QEXIVMEPGSRXIRXRSKVIEXIVXLERMWRIGIWWEV]JSVXLIHIWMKR
c 4VIGSSPMRK [LIVI GSSPMRK SJ MRKVIHMIRXW EGLMIZIW E WXVIRKXL8LIPMQMXMRKJEGXSVMRVIEGLMRKXLMWPS[GIQIRXMXMSYW
PS[IVGSRGVIXIXIQTIVEXYVIEWTPEGIHMRXLIWXVYGXYVI QEXIVMEP PIZIP MW YWYEPP] XLI RIIH XS YWI WSQI QMRMQYQ
c 4SWXGSSPMRK [LIVI VIQSZMRK LIEX JVSQ XLI GSRGVIXI EQSYRXSJGIQIRXWM^IHTEVXMGPIWWSPIP]XSTVSZMHI[SVOEFMPMX]
[MXLIQFIHHIHGSSPMRKGSMPWPMQMXWXLIXIQTIVEXYVIVMWI MRXLIGSRGVIXI;MXLSYXXLIYWISJWYTTPIQIRXEP[SVOEFMPMX]
MRXLIWXVYGXYVIERH EKIRXWWYGLEWTS^^SPERWEMVIRXVEMRMRKSVSXLIVGLIQMGEP
c 'SRWXVYGXMSR QEREKIQIRX [LIVI IJJSVXW EVI QEHI XS EHQM\XYVIW E QEWW GSRGVIXI TVSNIGX GER I\TIVMIRGI E
TVSXIGXXLIWXVYGXYVIJVSQI\GIWWMZIXIQTIVEXYVIHMJJIV GSRXMRYMRKWXVYKKPIXSQEMRXEMR[SVOEFMPMX][LMPILSPHMRKXS
IRXMEPW F] ORS[PIHKI SJ GSRGVIXI LERHPMRK GSRWXVYGXMSR XLI PS[ GIQIRXMXMSYWQEXIVMEP GSRXIRX XLEX FIWX TVSXIGXW
WGLIHYPMRKERHGSRWXVYGXMSRTVSGIHYVIW EKEMRWX GVEGOMRK 8LI %781 WTIGMJMGEXMSR JSV 8]TI --
8LIXIQTIVEXYVIGSRXVSPJSVEWQEPPWXVYGXYVIQE]FIRS TSVXPERHGIQIRXGSRXEMRWERSTXMSRXLEXQEOIWMXTSWWMFPIXS
QSVI XLER E WMRKPI QIEWYVI WYGL EW VIWXVMGXMRK TPEGMRK PMQMXXLILIEXSJL]HVEXMSRXSGEPKO.OK
EXHE]W
STIVEXMSRWXSGSSPTIVMSHWEXRMKLXSVHYVMRKGSSP[IEXLIV 8LIYWISJETS^^SPEREWEVITPEGIQIRXJYVXLIVHIPE]WERH
3RXLISXLIVI\XVIQIWSQITVSNIGXWGERFIPEVKIIRSYKLXS VIHYGIWLIEXKIRIVEXMSR8LMWHIPE]MWEREHZERXEKI{I\GITX
NYWXMJ] E [MHI ZEVMIX] SJ WITEVEXI FYX GSQTPIQIRXEV] XLEX[LIRGSSPMRKGSMPWEVIYWIHXLITIVMSHSJTSWXGSSPMRK
GSRXVSPQIEWYVIWXLEXGERMRGPYHIXLITVYHIRXWIPIGXMSRSJE QE]FII\XIRHIH-JXLIQM\XYVIMWTVSTSVXMSRIHWSXLEXXLI
PS[LIEXKIRIVEXMRKGIQIRXW]WXIQMRGPYHMRK GIQIRXMXMSYW QEXIVMEPW GSRXIRX MW PMQMXIHXS RSX QSVI XLER
c 8LIYWISJTS^^SPERW PF]H OKQ
XLI XIQTIVEXYVI VMWI JSV QSWX
c 8LI GEVIJYP TVSHYGXMSR GSRXVSP SJ EKKVIKEXI KVEHMRKW GSRGVIXI[MPPRSXI\GIIH*'
ERHXLI YWISJPEVKIWM^I EKKVIKEXIW MR IJJMGMIRXQM\XYVIW
[MXLPS[GIQIRXGSRXIRXW
c 8LITVIGSSPMRKSJEKKVIKEXIWERHQM\MRK[EXIVSVXLI
FEXGLMRKSJMGIMRTPEGISJQM\MRK[EXIV
XSQEOITSWWMFPI 8LIHIWMKRERHGSRWXVYGXMSRSJQEWWMZIGSRGVIXIWXVYGXYVIW
EPS[GSRGVIXIXIQTIVEXYVIEWTPEGIH IWTIGMEPP] HEQW MW MRJPYIRGIH F] WMXI XSTSKVETL] JSYRHEXMSR
c 8LIYWISJEMVIRXVEMRMRKERHSXLIVGLIQMGEPEHQM\XYVIWXS GLEVEGXIVMWXMGW ERH XLI EZEMPEFMPMX] SJ WYMXEFPI QEXIVMEPW SJ
MQTVSZI FSXL XLI JVIWL ERH LEVHIRIH TVSTIVXMIW SJ GSRWXVYGXMSR)GSRSQ]WIGSRHSRP]XSWEJIX]VIUYMVIQIRXWMW
XLIGSRGVIXI XLIQSWXMQTSVXERXTEVEQIXIVXSGSRWMHIV)GSRSQ]QE]HMGXEXI
c 8LIYWISJETTVSTVMEXIFPSGOHMQIRWMSRWJSVTPEGIQIRX XLIGLSMGISJX]TISJWXVYGXYVIJSVEKMZIRWMXI4VSTSVXMSRMRKSJ
c 8LIGSSVHMREXMSRSJGSRWXVYGXMSRWGLIHYPIW[MXLWIEWSREP XLIGSRGVIXIMWMRXYVRKSZIVRIHF]XLIVIUYMVIQIRXWSJXLIX]TI
GLERKIWXSIWXEFPMWLPMJXLIMKLXWERHTPEGMRKJVIUYIRGMIW SJWXVYGXYVIWYGLEWXLIWXVIRKXLHYVEFMPMX]ERHXLIVQEP
c 8LI YWI SJ WTIGMEP QM\MRK ERH TPEGMRK IUYMTQIRX XS TVSTIVXMIW*SVPEVKIWXVYGXYVIWI\XIRWMZIMRZIWXMKEXMSRWSJ
UYMGOP] TPEGI GSSPIH GSRGVIXI [MXL QMRMQYQ EFWSVTXMSR EKKVIKEXIW EHQM\XYVIW ERH TS^^SPERW EVI NYWXMJMIH
SJEQFMIRXLIEX 'SRGVIXIQM\XYVIMRZIWXMKEXMSRWEVIRIGIWWEV]XSHIXIVQMRI
c 8LIIZETSVEXMZIGSSPMRKSJWYVJEGIWXLVSYKL[EXIVGYVMRK XLIQSWXIGSRSQMGEPTVSTSVXMSRWSJWIPIGXIHMRKVIHMIRXWXS
c 8LIHMWWMTEXMSRSJLIEXJVSQXLILEVHIRIHGSRGVIXIF] TVSHYGI XLI HIWMVIH TVSTIVXMIW SJ XLI GSRGVIXI -RGVIEWMRK
GMVGYPEXMRKGSPH[EXIVXLVSYKLIQFIHHIHTMTMRKERH YXMPM^EXMSR LEW FIIR QEHI SJ JMRMXIIPIQIRX GSQTYXIV
'IQIRX 4S^^SPER 7ERH 'SEVWIEKKVIKEXI 1E\MQYQ ;EXIV (IRWMX]
=IEV WM^I
2EQISJHEQ GSQ PF]H PF]H PF]H PF]H
EKKVIKEXI PF ]H
)RXVEMRIH PF]H ;6%
2S GSYRXV]
TPIXIH 8]TI 8]TI OKQ
8]TI OKQ
OKQ
OKQ
8]TI MRQQ
OKQ
[GQ EMV OKQ
YWIH
%VGL 0MQIWXSRI
,SSZIV97
-:
{
2S
KVEZMX] ERHKVERMXI
7XVEMKLX
2SVVMW97
--
{
(SPSQMXI
2S
KVEZMX]
&SRRIZMPPI 4SVXPERH
+VEZMX]
{
&EWEPX
2S
97
TS^^SPER
1YPXM
&EVXPIXX97
TPIEVGL -:
{
5YEVX^MXI
2S
ERHKVERMXI
+VERH 7XVEMKLX
'SYPII97
KVEZMX] --ERH-:
{
&EWEPX
2S
/IRXYGO] 7XVEMKLX --
{
0MQIWXSRI
2S
97
KVEZMX]
'YVZIH %RHIWMXI
7LEWXE97
KVEZMX] -:
{
ERHWPEXI
2S
,YRKV],SVWI %VGL
--
*P]EWL
7ERHWXSRI
2S
97
KVEZMX]
(IXVSMX97
7XVEMKLX --ERH-:
{
(MSVMXI
2S
KVEZMX]
=IPPS[XEMP %VGL --
*P]EWL
0MQIWXSRIERH
2S
97
KVEZMX] ERHIWMXI
1SVVS[4SMRX 8LMR %RHIWMXIXYJJ
97
EVGL --
{
ERHFEWEPX
=IW
6MGLEVH& +VEZMX] --
*P]EWL
'VYWLIH
=IW
6YWWIPP97
--
*P]EWL
KVERMXI
=IW
6SWWIRW %VGL -
{ { { 0MQIWXSRI
{ 2S
7[MX^IVPERH
4MIZIHM %VGL *IVVMG
2EXYVEP
0MQIWXSRI
=IW
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KVEZMX] TS^^SPERMG
*VERGMWGS 6SYRH
1EHIVS LIEH -:
{
6L]SPMXIERH
{ { {
FEWEPX
1I\MGS
FYXXVIWW
'LEWXERK %VGL
{
+VERMXI
{
{
*VERGI
KVEZMX]
7EPQSRHI 8LMR
--
{
+VERMXI
{
4SVXYKEP
EVGL
;EVVEKEQFE 7XVEMKLX
--
{
4SVTL]V]ERH
2S
%YWXVEPME
KVEZMX] KVERMXI
-:ERH
/VEWRSMEVWO %FSYX 7XVEMKLX TSVXPERH
{ { { +VERMXI
{ { =IW
9776
KVEZMX] FPEWX
JYVREGI
5YEVX^MXI
-PLE7SPXIMVE 'EPGMREXIH
+VEZMX] --
KVEZIPGVYWLIH
2S
&VE^MP
GPE] FEWEPX
,SPPS[
-XEMTY&VE^MP
4EVEKYE]
KVEZMX] --
*P]EWL
'VYWLIHFEWEPX
2S
FYXXVIWW
5YEVX^MXI
4IEGI7MXI +VEZMX] -
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PMQIWXSRI
=IW
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8LISHSVI
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KVEZMX]
97
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GIQIRXTS^^SPER ;EXIV 4VIHSQMRERX EKKVIKEXIMR HE]WXVIRKXL HE]WTWMPF]H
(EQ 'SYRXV] PF]HOKQ
PF]HOKQ
EKKVIKEXIX]TI QQ
[GQ TWM14E
14EOKQ
0E4EPMWWI *VERGI
+VERMXI
'LEWXERK *VERGI
+VERMXI
0v%MKPI *VERGI
+VERMXI
4MIZIHM'EHSVI -XEP]
(SPSQMXI
*SVXI&EWS -XEP]
4STL]V]
'EFVMPS 4SVXYKEP
+VERMXI
7EPEQSRHI 4SVXYKEP
+VERMXI
'EWXIPS&SHI 4SVXYKEP
5YEVX^MXI
6SWWIRW 7[MX^IVPERH
+PEGMEPQM\XYVI
1EYZSMWMR 7[MX^IVPERH
+RIMWW
>IVZVIMPE 7[MX^IVPERH
+RIMWW
,YRKV],SVWI 97
7ERHWXSRI
+PIR'ER]SR 97
0MQIWXSRI
0S[IV+VERMXI 97
&EWEPX
0MFF] 97
5YEVX^MXI
([SVWLEO 97
+VERMXI
([SVWLEO 97
+RIMWW
([SVWLEO 97
+RIMWW
([SVWLEO 97
+RIMWW
+VERMXIPMQIWXSRI
4YIFPS 97
HSPSQMXI
7LMWXERHEPXIVIH
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ZSPGERMGW
j
*PEQMRK+SVKI 97
0MQIWXSRIERH
WERHWXSRI
/VEWRSMEVWO 9776
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5YEVX^MXIKVEZIP
GVYWLIHFEWEPX
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6SSWIZIPX 97
+VERMXI
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7XVIRKXLEXHE]W
j
7XVIRKXLEX]IEV
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XLI [GQ SJXLIWITVSGIHYVIWLS[IZIVWLSYPHFIPMQMXIHXSHIXIGXMRK
,MKL WXVIRKXLW KVIEXIV XLER TWM ? 14EA
EVI ZEVMEXMSRWMRGSRGVIXIUYEPMX]ERHNYHKMRKXLIIJJIGXMZIRIWW
YWYEPP] RSX VIUYMVIH MR QEWW GSRGVIXI I\GITX MR XLMR EVGL SJNSFGSRXVSPQIEWYVIW8LIEGGIPIVEXIHWXVIRKXLMRHMGEXSVMW
HEQW 'SRGVIXI TVSTSVXMSRMRK WLSYPH HIXIVQMRI XLI LIPTJYP [LIVI WEXMWJEGXSV]GSVVIPEXMSR LEWFIIRIWXEFPMWLIH
QMRMQYQ GIQIRX GSRXIRX VIUYMVIH XS QIIX XLI EZIVEKI [MXLPSRKIVXIVQZEPYIWYWMRKGSQTERMSRWTIGMQIRWSJXLI
GSQTVIWWMZI WXVIRKXL EW HIJMRIH F] %'- 6 XS KMZI WEQIGSRGVIXI%PXLSYKLXLIMRHMGEXSVQE]LEZIEHYFMSYW
KVIEXIWX IGSRSQ] ERH QMRMQYQ XIQTIVEXYVI VMWI 'IQIRX VIPEXMSRWLMT XS XLI EGXYEP JYXYVI WXVIRKXL MR XLI GSRGVIXI
VIUYMVIQIRXWJSVEHIUYEXI[SVOEFMPMX]ERHHYVEFMPMX]VEXLIV WXVYGXYVIMXGERFILIPTJYPHYVMRKGSRWXVYGXMSR
XLERWXVIRKXLJVIUYIRXP]KSZIVRXLITSVXPERHGIQIRXGSRXIRX 8LIVI EVI WIZIVEP GSQTPI\ JEGXSVW MRZSPZIH MR VIPEXMRK
1EWWGSRGVIXIMWWIPHSQVIUYMVIHXS[MXLWXERHWYFWXERXMEP VIWYPXW SJ WXVIRKXL XIWXW SR WQEPP WEQTPIW XS XLI TVSFEFPI
WXVIWWEXIEVP]EKI8LIVIJSVIXSXEOIJYPPEHZERXEKISJXLI WXVIRKXLSJQEWWGSRGVIXIWXVYGXYVIWXLEXEVIWXMPPIWWIRXMEPP]
WXVIRKXL TVSTIVXMIW SJ XLI GIQIRXMRK QEXIVMEPW XLI HIWMKR YRVIWSPZIH&IGEYWISJXLIWIGSQTPI\MXMIWGSRGVIXIWXVIRKXL
WXVIRKXLMWYWYEPP]FEWIHSRXLIWXVIRKXLEXEKIWJVSQHE]W VIUYMVIQIRXW EVI YWYEPP] WIZIVEP XMQIW XLI GEPGYPEXIH
XS]IEVERHWSQIXMQIWYTXS]IEVW.SFGSRXVSPG]PMRHIVW QE\MQYQHIWMKRWXVIWWIWJSVQEWWGSRGVIXIWXVYGXYVIW*SV
WLSYPHFIXIWXIHEXERIEVPMIVEKIXSFIYWIJYPMRI\IVGMWMRK I\EQTPIHIWMKRGVMXIVMEJSVKVEZMX]HEQWGSQQSRP]YWIHF]
GSRXVSPERHQEMRXEMRMRKGSRWMWXIRG]HYVMRKGSRWXVYGXMSR.SF XLI 97&6 ERH XLI 97%') WIX XLI QE\MQYQ EPPS[EFPI
GSRXVSPXIWXWTIGMQIRWEVIYWYEPP]\MR\QQ
GSQTVIWWMZIWXVIWWJSVYWYEPPSEHMRKGSQFMREXMSRWEXSJ
G]PMRHIVWGSRXEMRMRKGSRGVIXIXLEXLEWFIIR[IXWGVIIRIHXS XLIWTIGMJMIH GSRGVIXI WXVIRKXL 8LIWIPIGXMSR SJEPPS[EFPI
VIQSZIEKKVIKEXIPEVKIVXLERMRQQ
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WM^I 'SVVIPEXMSR XIWXW WLSYPH FI QEHI [IPP MR EHZERGI SJ PSEHMRKGSRHMXMSRWFIMRKEREP]^IHERHXLIWXVYGXYVIPSGEXMSR
GSRWXVYGXMSR XS GSQTEVI XLI WXVIRKXL SJ [IXWGVIIRIH 97&697%')
GSRGVIXIXIWXIHEXXLIGSRXVSPEKI[MXLETTVSTVMEXIWM^IXIWX 'SRGVIXI XLEX MW WXVSRK MR GSQTVIWWMSR MW EPWS WXVSRK MR
WTIGMQIRW GSRXEMRMRK XLI JYPP QEWW GSRGVIXI XIWXIH EX XLI XIRWMSRFYXXLMWWXVIRKXLVIPEXMSRWLMT MWRSXPMRIEV8IRWMPI
HIWMKRXIWXEKI8LIWXVIRKXLSJPEVKIXIWXWTIGMQIRWYTXS WXVIRKXLGERFIQIEWYVIHF]WIZIVEPXIWXWTVMQEVMP]HMVIGX
\MR\QQ
[MPPYWYEPP]FIXS SJXLI XIRWMPI WTPMXXMRK XIRWMPI ERH QSHYPYW SJ VYTXYVI JPI\YVEP
WXVIRKXLSJ\MR\QQ
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WEQI EKI 97&6
%GGSYRXMRK JSV XLI GSRXMRYIH GSQTVIWWMZI WXVIRKXL %R I\TVIWWMSR XLEX VIPEXIW XIRWMPI
WXVIRKXL HIZIPSTQIRX FI]SRH HE]W TEVXMGYPEVP] [LIVI WXVIRKXL JX XSGSQTVIWWMZIWXVIRKXLJG MWTVSZMHIHMR%'-
TS^^SPERW EVI YWIH XLI GSVVIPEXMSR JEGXSVW EX ]IEV QE]
VERKIJVSQXSXMQIWXLIWXVIRKXLSJXLI[IXWGVIIRIH
JSV JX ERH JG MRTWM
GSRXVSPWTIGMQIRWXIWXIHEXHE]W
%GGIPIVEXIHGYVMRKTVSGIHYVIWWIXJSVXLMR%781'
]MIPH GSQTVIWWMSR XIWX VIWYPXW MR XS LSYVW XLEX GER JX !JG E
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PSEHMRK ) ) ) ) ) ) ) ) ) ) ) ) ) ) )
HE]W
HE]W
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QE\MQYQWM^IEKKVIKEXI
2SXIW) !MRWXERXERISYWQSHYPYWSJIPEWXMGMX]EXXMQISJPSEHMRK)!WYWXEMRIHQSHYPYWEJXIVHE]WYRHIVPSEHERH)!WYWXEMRIHQSHYPYWEJXIVHE]WYRHIVPSEH8LI
MRWXERXERISYWQSHYPYWSJIPEWXMGMX]VIJIVWXSXLIwWXEXMGxSVRSVQEPPSEHVEXIXSQMRYXIHYVEXMSR
QSHYPYWRSXEXVYP]MRWXERXERISYWQSHYPYWQIEWYVIHJVSQwH]REQMGxSVVETMH
PSEHVEXIXIWXMRK
IJJMGMIRXGSRWXVYGXMSRQIXLSHW'SRWMWXIRG]MRXLIFEXGLMRK WLSYPHRSXFIYWIH%PWSMXMWMQTSVXERXXSTVSZMHI[MRXIV
GERFIMQTVSZIHF]XLIJSPPS[MRKQIEWYVIW TVSXIGXMSRJSVWXSVEKIXEROWERHVIPEXIHHIPMZIV]PMRIW[LIVI
c *MRMWL WGVIIRMRK SJ GSEVWI EKKVIKEXI EX XLI FEXGLMRK RIGIWWEV]8EFPIWLS[WFEXGLMRKXSPIVERGIWJVIUYIRXP]YWIH
TPERX TVIJIVEFP] SR LSVM^SRXEP ZMFVEXMRK WGVIIRW [MXLSYX
MRXIVQIHMEXIWXSVEKI
c 'EPMFVEXMSRSJXLIWGEPIVERKIXLEXMWETTVSTVMEXIJSVXLI 1M\IVWJSVQEWWGSRGVIXIWLSYPHFIGETEFPISJHMWGLEVKMRK
VERKISJFEXGL[IMKLXWXSFIYWIH PS[WPYQTGSRGVIXIUYMGOP]ERH[MXLGSRWMWXIRXHMWXVMFYXMSR
c %YXSQEXMG[IMKLMRKERHQEXIVMEPJPS[GYXSJJJIEXYVIW SJ PEVKI EKKVIKEXI XLVSYKLSYX XLI FEXGL 8LMW MW FIWX
c -RXIVPSGOW XS TVIZIRX VIGLEVKMRK [LIR WSQI QEXIVMEP EGGSQTPMWLIH[MXLPEVKIXMPXMRKQM\IVWMRWXEXMSREV]GIRXVEP
VIQEMRWMREWGEPILSTTIV TPERXW8LIQSWXGSQQSRGETEGMX]SJXLIQM\IVHVYQMW]H
c % HIZMGI JSV MRWXERX VIEHMRK SJ ETTVS\MQEXI QSMWXYVI Q
FYXKSSHVIWYPXWLEZIFIIREGLMIZIH[MXLQM\IVWEW
GSRXIRXSJWERHERH WQEPPEW]HQ
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8VYGO
c )UYMTQIRX GETEFPI SJ MRWXERX EYXSQEXMG WIPIGXMSR ERH QM\IVW EVI RSX WYMXIH XS XLI QM\MRK ERH HMWGLEVKMRK SJ
WIXXMRKSJRYQIVSYWFEXGLMRKVIHMIRXWMRQER]HMJJIVIRX PS[WPYQT PEVKIEKKVIKEXI GSRGVIXI 8YVFMRIX]TI
QM\XYVI TVSTSVXMSRW-R PEVKI GIRXVEPTPERX QM\IVW XLI QM\IVW QE] FI YWIH JSV QEWW GSRGVIXI GSRXEMRMRK MR
PEVKI FEXGLIW GSQQSRP] YWIH JSV QEWW GSRGVIXI EPWS QQ
EKKVIKEXI
XIRHXSQMRMQM^IXLIIJJIGXSJZEVMEXMSRW 7TIGMJMGEXMSRWJSVQM\MRKXMQIVERKIJVSQEQMRMQYQSJ
&IGEYWI KVIEXIV YWI MW QEHI MR QEWW GSRGVIXI SJ WYGL QMRJSVXLIJMVWXGYFMG]EVHTPYWWJSVIEGLEHHMXMSREP
WTIGMEPTYVTSWI MRKVIHMIRXW EW MGI EMVIRXVEMRMRK [EXIV GYFMG]EVHWJSVJMVWXGYFMGQIXIVTPYWWJSVIEGLEHHMXMSREP
VIHYGMRK ERH WIXGSRXVSPPMRK EHQM\XYVIW ERH JP] EWL SV GYFMGQIXIV
SJQM\IVGETEGMX]%'-6%781'
XS
SXLIV TS^^SPERW XLI HITIRHEFPI EGGYVEXI FEXGLMRK SJ XLIWI QMR JSV XLI JMVWX ]HTPYW WJSV IEGL EHHMXMSREP
QEXIVMEPWLEWFIGSQIEZIV]MQTSVXERXEWTIGXSJXLIGSRGVIXI GYFMG]EVHQMRJSVXLIJMVWXQTPYWWJSVIEGL
TPERX*SVXLIQSWXIJJMGMIRXYWISJMGIMXWLSYPHFIPIWWXLER EHHMXMSREPGYFMGQIXIV
SJGETEGMX]97&6
&PIRHMRK
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ERHFIFVMXXPILEVHHV]ERHJMRIP]FVSOIR*SV XLI QEXIVMEPW F] VMFFSR JIIHMRK HYVMRK FEXGLMRK QEOIW MX
QE\MQYQIJJMGMIRG]MGIWLSYPHFIFEXGLIHF][IMKLMRK TSWWMFPI XS VIHYGI XLI QM\MRK TIVMSH 7SQI SJ XLI QM\MRK
JVSQE[IPPMRWYPEXIHWXSVEKIFMR[MXLUYMGOHMWGLEVKIMRXSXLI [EXIVERHGSEVWIVEKKVIKEXIWLSYPHPIEHSXLIVQEXIVMEPWMRXSXLI
QM\IVEPSRK[MXLXLISXLIVMRKVIHMIRXW4S^^SPERERHKVSYRH QM\IVXSTVIZIRXWXMGOMRKERHGPSKKMRK1M\MRKXMQIWWLSYPH
MVSRFPEWXJYVREGIWPEKEVIFEXGLIHXLIWEQIEWGIQIRX FIPIRKXLIRIHSVWLSVXIRIHHITIRHMRKSRXLIVIWYPXWSJQM\IV
0MUYMH EHQM\XYVIW EVI KIRIVEPP] FEXGLIH F] ZSPYQI TIVJSVQERGIXIWXW'VMXIVMEJSVXLIWIXIWXWEVIJSYRHMR%781
EPXLSYKL [IMKLMRK IUYMTQIRX LEW EPWS FIIR YWIH '1M\MRKXMQIMWFIWXGSRXVSPPIHF]EXMQMRKHIZMGIXLEX
WYGGIWWJYPP] 6IPMEFPI EHQM\XYVI FEXGLMRK IUYMTQIRX MW TVIZIRXWVIPIEWISJXLIHMWGLEVKIQIGLERMWQYRXMPXLIQM\MRK
EZEMPEFPI JVSQ EHQM\XYVI SV FEXGL TPERX QERYJEGXYVIVW XMQILEWIPETWIH
1IERW WLSYPH FI TVSZMHIH JSV QEOMRK E ZMWYEP EGGYVEG] (YVMRK QM\MRK XLI FEXGL WLSYPHFI GPSWIP] SFWIVZIH XS
GLIGO4VSZMWMSRWWLSYPHFIQEHIJSVTVIZIRXMRKFEXGLMRKSJ IRWYVIXLIHIWMVIHWPYQT%QTIVEKIQIXIVWGEREPWSFIYWIH
EHQM\XYVI [LMPI XLI HMWGLEVKI ZEPZI MW STIR -RXIVPSGOW XS EWWMWX ZMWYEP SFWIVZEXMSRW 8LI STIVEXSV ERH MRWTIGXSV
WLSYPHEPWSFITVSZMHIHXLEX[MPPTVIZIRXMREHZIVXIRXSZIV WLSYPH FI EPIVX ERH EXXIRXMZI %'- 6 TVSZMHIW
FEXGLMRK SJ XLI EHQM\XYVI 4EVXMGYPEVP] [MXL EMVIRXVEMRMRK VIGSQQIRHEXMSRW JSV TPERX MRWTIGXMSR ERH TVSGIWW UYEPMX]
ERH [EXIVVIHYGMRK EHQM\XYVIW ER] MVVIKYPEVMXMIW MR GSRXVSPXIWXMRK8YXLMPP
HMWGYWWIHIJJIGXMZIMRWTIGXMSR
FEXGLMRK GER GEYWI XVSYFPIWSQI ZEVMEXMSRW MR WPYQT EMV TVSGIHYVIWERHJEGMPMXMIW4VIJIVEFP]XLISTIVEXSVWLSYPHFI
GSRXIRXSVFSXL;LIRWIZIVEPPMUYMHEHQM\XYVIWEVIXSFI WXEXMSRIHMRXLITPERX[LIVILISVWLIGERWIIXLIFEXGLMRXLI
YWIHXLI]WLSYPHFIFEXGLIHWITEVEXIP]MRXSXLIQM\IV8LI QM\IVERHFIEFPIXSNYHKI[LIXLIVMXWWPYQTMWGSVVIGX-JXLI
YWI SJ GSQTEVEXMZIP] HMPYXI WSPYXMSRW VIHYGIWKYQQMRKMR WPYQTMWPS[TIVLETWHYIXSWYHHIRP]HVMIVEKKVIKEXIXLI
XLI IUYMTQIRX *SV GSRXMRYMRK KSSH STIVEXMSR IUYMTQIRX STIVEXSV GER MQQIHMEXIP] GSQTIRWEXI [MXL E PMXXPI QSVI
WLSYPH FIQEMRXEMRIHERH OITXGPIER 8MQIHJPS[W]WXIQW [EXIVERHQEMRXEMRXLIHIWMVIHWPYQT0EGOMRKXLMWEVVERKIQIRX
XSWIIMRXSXLIQM\IVXLISTIVEXSVWLSYPHFIEFPIXSWIIXLI
FEXGL EW MX MW HMWGLEVKIH RSXI ER] GLERKI JVSQ JSVQIV
FEXGLIWERHQEOIWYFWIUYIRX [EXIVEHNYWXQIRXWEGGSVHMRKP]
%WERHQSMWXYVIQIXIVTVSZMHIWEUYMGOQIXLSHXSGSQTEVI
XLIQSMWXYVIGSRXIRXSJWERHIRXIVMRKXLIQM\IV[MXLXLIWERH
XIWXIH MR WXSGOTMPI % WMKRMJMGERX HMJJIVIRGI MR QSMWXYVI
GSRXIRX[MPPEPIVXXLISTIVEXSVXLEXZEVMEXMSRWMRWERHQSMWXYVI
QE]FISGGYVVMRKERHMRMXMEXIEHHMXMSREPXIWXMRKSVEGLERKI
MRFEXGLMRKTVSGIHYVI
'SRXMRYSYWFEXGLMRKERHQM\MRKTYKQMPP
LEWFIIRYWIH
WYGGIWWJYPP]MRVSPPIVGSQTEGXIHGSRGVIXIJSV]IEVWERHLEW
EPWSFIIRYWIHJSVXVEHMXMSREPQEWWGSRGVIXI[MXLWEXMWJEGXSV]
TIVJSVQERGI +IRIVEPP] XLI QE\MQYQ EKKVIKEXI WM^I JSV
XLMWQIXLSHMWPMQMXIHXSMRQQ
SVTSWWMFP]MR
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%'-6ERH%'-6HMWGYWWGSRXMRYSYW E
7ERHFPEWXXVIEXQIRX
FEXGLMRKERHQM\MRKMRQSVIHIXEMP