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QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
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GVEGOMRK MR QIQFIVW XLEX SGGYVW TVMRGMTEPP] JVSQ XLIVQEP
GSRXVEGXMSR [MXL VIWXVEMRX 8LMW VITSVX TVIWIRXW E HIXEMPIH {%TTVSEGLIWJSVGVEGOGSRXVSP
HMWGYWWMSR SJ XLI IJJIGXW SJ LIEX KIRIVEXMSR ERH ZSPYQI -J GIQIRXMXMSYW QEXIVMEPW HMH RSX KIRIVEXI LIEX EW XLI
GLERKIWSRXLIHIWMKRERHFILEZMSVSJQEWWGSRGVIXIIPIQIRXW GSRGVIXI LEVHIRW MJ XLI GSRGVIXI HMH RSX YRHIVKS ZSPYQI
ERHWXVYGXYVIWEZEVMIX]SJQIXLSHWXSGSQTYXILIEXHMWWMTEXMSR GLERKIW[MXLGLERKIWMRXIQTIVEXYVIERHMJXLIGSRGVIXIHMH
ERHZSPYQIGLERKIWERHERETTVSEGLXSHIXIVQMRIQEWWERH RSX HIZIPST WXMJJRIWW LMKL QSHYPYW SJ IPEWXMGMX] XLIVI
WYVJEGI KVEHMIRX WXVIWWIW -X MW [VMXXIR TVMQEVMP] XS TVSZMHI [SYPHFIPMXXPIRIIHJSVXIQTIVEXYVIGSRXVSP-RXLIQENSVMX]
KYMHERGI JSV XLI WIPIGXMSR SJ GSRGVIXI QEXIVMEPW QM\XYVI SJ MRWXERGIW XLMW LIEX KIRIVEXMSR ERH EGGSQTER]MRK
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L]HVEXMSR SJ XLI GIQIRX ERH EXXIRHERX ZSPYQI GLERKI XS 2SRI SJ XLIWI GSRHMXMSRW SJ GSYVWI GER FI EGLMIZIH
QMRMQMÎ GVEGOMRKx 8LI QSWX MQTSVXERX GLEVEGXIVMWXMG SJ GSQTPIXIP] 8LI JMVWX ERH WIGSRH GSRHMXMSRW WYGL EW
QEWW GSRGVIXI XLEX HMJJIVIRXMEXIW MXW FILEZMSV JVSQ XLEX SJ XIQTIVEXYVIGSRXVSPW GERFIVIEPMÎHXSWSQII\XIRXMRQSWX
WXVYGXYVEP GSRGVIXI MW MXW XLIVQEP FILEZMSV 8LI KIRIVEPP] GSRWXVYGXMSR8LIXLMVHGSRHMXMSRWYGLEWPMQMXIHVIWXVEMRX
PEVKIWMÎ SJ QEWW GSRGVIXI WXVYGXYVIW GVIEXIW XLITSXIRXMEP MWXLIQSWXHMJJMGYPXXSSFXEMRFYXLEWFIIREGGSQTPMWLIHSR
JSVPEVKIXIQTIVEXYVIGLERKIWMRXLIWXVYGXYVIERHWMKRMJMGERX EPMQMXIHWGEPIJSVI\XVIQIP]GVMXMGEPWXVYGXYVIWF]TVILIEXMRK
XIQTIVEXYVIHMJJIVIRXMEPWFIX[IIRXLIMRXIVMSVERHXLISYXWMHI XLI TVIZMSYWP] TPEGIH GSRGVIXI XS PMQMX XLI HMJJIVIRXMEP
WYVJEGISJXLIWXVYGXYVI8LIEGGSQTER]MRKZSPYQIGLERKI FIX[IIR SPHIV GSRGVIXI ERH XLI QE\MQYQ XIQTIVEXYVI
HMJJIVIRXMEPWERHVIWXVEMRXVIWYPXMRXIRWMPIWXVEMRWERHWXVIWWIW I\TIGXIH MR XLI GSZIVMRK GSRGVIXI 8LI JSYVXL ERH JMJXL
XLEXQE]GEYWIGVEGOMRKHIXVMQIRXEPXSXLIWXVYGXYVEPHIWMKR GSRHMXMSRWGERFIWSQI[LEXMRJPYIRGIHMJXLIVIMWERSTXMSR
XLIWIVZMGIEFMPMX]SVXLIETTIEVERGI XS YWI PS[IVWXVIRKXL GSRGVIXI ERH EKKVIKEXIW [MXL PS[IV
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KIRIVEXIH F] XLI L]HVEXMRK GIQIRX MW VETMHP] HMWWMTEXIH ERH VITSVX TVSZMHIW HMWGYWWMSR ERH I\TPEREXMSR EFSYX XLIWI
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GSRGVIXI[EPPMRQQ XLMGOGERFIGSQIXLIVQEPP]WXEFPI GLERKIWERHWYFWIUYIRXGVEGOMRK
MRETTVS\MQEXIP]LSYVW%JXQ XLMGO[EPP[SYPH %PPGSRGVIXIIPIQIRXWERHWXVYGXYVIWEVIWYFNIGXXSZSPYQI
VIUYMVIE[IIOXSVIEGLEGSQTEVEFPIGSRHMXMSR%JXQ GLERKI MR ZEV]MRK HIKVIIW HITIRHIRX YTSR XLI QEOIYT
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[SYPH VIUYMVI ]IEVW %JX Q XLMGOHEQ WYGLEW ZSPYQIGLERKI[MPPRSXTVSHYGIGVEGOMRKMJXLIIPIQIRXSV
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8IQTIVEXYVI HMJJIVIRXMEPW RIZIV FIGSQI PEVKI MR X]TMGEP FIGEYWIWMÎEPSRIYWYEPP]GEYWIWRSRYRMJSVQGLERKIERH
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FYMPHMRKIPIQIRXWEVIVIPEXMZIP]JVIIJVSQXLIVQEPGVEGOMRK TVSHYGIGVEGOMRK
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XIQTIVEXYVI VMWI MR QEWW GSRGVIXI FIGSQIW EPQSWX EHMEFEXMG I\XIRXSRXLIIGSRSQMGWSJXLIWMXYEXMSRERHXLIWIVMSYWRIWW
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8LIVI EVI QER] GSRGVIXI TPEGIQIRXW GSRWMHIVIH XS FI WIVZMGIEFMPMX]JYRGXMSRSVETTIEVERGISJXLIWXVYGXYVI
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VEXIEX[LMGLZSPYQIGLERKIXEOIWTPEGI'SRWXVYGXMSRNSMRXW XIQTIVEXYVIVMWIMWEPWSPIWW8LIXIRWMPIWXVIWWERHGVEGOMRK
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GVEGOMRKSVEXPIEWXXSQMRMQMÎXLIGVEGO[MHXLW XLMW MW TSWWMFPI LS[IZIV MX MW RSX TVEGXMGEP I\GITX MR LSX
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TVIWYQIH QMXMKEXIH XLVSYKL XLI IJJIGXMZI TPEGIQIRX SJ XIQTIVEXYVI MW WIX WPMKLXP] EFSZI XLMW ÎVS WXVIWW MRMXMEP
VIMRJSVGIQIRX *SV XLMW VIEWSR XLI HIWMKRIV HSIW RSX XIQTIVEXYVIWSXLEXEWPMKLXXIQTIVEXYVIHVSTMWEPPS[IHWYGL
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GLERKIERHXLSWIHYIXSJPI\YVI-RWXIEHSJIQTPS]MRKQER] EVIPIWWXLERXLIXIRWMPIWXVIRKXLSJXLIGSRGVIXIEXXLEXXMQI
SJ XLI TVIZMSYWP] VIGSQQIRHIH QIEWYVIW XS GSRXVSP ZSPYQI SVWYGLXLEXXLIXIRWMPIWXVEMRWEVIPIWWXLERXLIXIRWMPIWXVEMR
GLERKIXLIHIWMKRIVQE]GLSSWIXSEHHWYJJMGMIRXVIMRJSVGIQIRX GETEGMX]SJXLIGSRGVIXIEXXLEXXMQI
XSHMWXVMFYXIXLIGVEGOMRKWSXLEXSRIPEVKIGVEGOMWVITPEGIH %'- 6 HIWGVMFIW QIXLSHW JSV VIHYGMRK XLI MRMXMEP
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WYQQEXMSR SJ XIRWMPI WXVIWW MRHYGIH F] XLI XIQTIVEXYVI SV
QSMWXYVIKVEHMIRXSREGVSWWWIGXMSRWLSYPHFIFEPERGIHF]
ER IUYEP GSQTVIWWMZI JSVGI 8LMW FEPERGI PMRI PSGEXIW XLI
HITXL HW SJXLIMRXIVREPWXVIWWFPSGO-JXLIHITXLSJXLIXIRWMPI
WXVIWWFPSGOHWMWPEVKIGSQTEVIH[MXLXLIWTEGMRKSJNSMRXW
0 XLIR XLI WXVIWW MRHYGIH F] ZSPYQI GLERKI [MPP RSX FI
*MK{-RXIVREPVIWXVEMRX
WMKRMJMGERX%WERI\EQTPIMJXLIERRYEPXIQTIVEXYVIVERKI
EXXLIWYVJEGIMWJSYVXMQIWXLIVERKIMRGSRGVIXIXLIREJX
Q XLMGOHEQ [SYPHLEZI EJX Q HIITXIRWMPI 8IQTIVEXYVIHMWXVMFYXMSRSJXLMWWSVX[MPPGYVPXLIWPEFSV
WXVIWWFPSGOYWMRKXLIHMWXVMFYXMSRWLS[RMR*MK-JSRI [EPP MJ YRVIWXVEMRIH SV MRHYGI FIRHMRK WXVIWWIW EPSRK XLI
EWWYQIWEJXQ WTEGMRKSJNSMRXWXLI0HWVEXMS[SYPH QIQFIVMJMXWIRHWEVIVIWXVEMRIH
FIERHXLIHIKVIISJVIWXVEMRXEXXLIWYVJEGI[SYPHFI 8LI TPERI SJ ÎVS WXVIWW SJ XLI XIRWMPI WXVIWW FPSGO JSV
YWMRK *MK ERH 0HWEW0,-RGSRXVEWX JVSQXLI TVSNIGXMRKTSVXMSRWSJGSRGVIXI[EPPWSVWPEFWQE]FIHIXIV
WEQIGLEVXXLIHEMP]G]GPIWLS[WETIRIXVEXMSRSJSRP]XS QMRIHF]ELIEXJPS[EREP]WMWSVF]XVMEPEWNYWXHIWGVMFIH
JXXSQ 9WMRKJXQ EWHWXLIHIKVIISJ 8LITVSTSVXMSRSJGSPHZSPYQIXSXSXEPZSPYQIMWPEVKIVJSV
VIWXVEMRX EX XLI WYVJEGI [SYPH FI ETTVS\MQEXIP] ERH QIQFIVWSJXLMWX]TIXLERJSVHEQWSVSXLIVPEVKIGSRGVIXI
EWWYQMRKEGSRGVIXIXIRWMPIWXVIRKXLSJTWM14E E QEWWIW8LITIRIXVEXMSRSJXLIHEMP]XIQTIVEXYVIG]GPIQE]
GSRGVIXIQSHYPYWSJ»TWM»14E ERHEGSIJJM XLIVIJSVIFIEWWYQIHWSQI[LEXQSVIXLERXLIXSJX
GMIRXSJXLIVQEPI\TERWMSRSJ»zMRMR*»z XSQ TIRIXVEXMSRTVIZMSYWP]QIRXMSRIHJSVHEQW6IWXVEMRX
QQQQ' GVEGOMRK[SYPHSGGYVEXXLIJEGI[MXLE* EXXLIJVIIIHKIQE]EPWSFIHIXIVQMRIHJSVXLIWIGEWIWJVSQ
*MKF]WIXXMRKXLIHITXLSJXLIXIRWMPIWXVIWWFPSGOHWEWE
' HVST MR WYVJEGI XIQTIVEXYVI *SV IUYEP WXVIWW XLI
JM\IHTPERIJXQ MRWMHIXLII\XIVMSVWYVJEGI
ERRYEP XIQTIVEXYVI ZEVMEXMSR WLSYPH FI * '
'VEGOMRK JVSQ XLI HEMP] XIQTIVEXYVI G]GPI MW RSX YWYEPP]
',%48)6{'6%'/;-(8,7
WMKRMJMGERX MR HEQW ERH PEVKI QEWWIW TEVXMGYPEVP] MR {+IRIVEP
QSHIVEXI GPMQEXIW FIGEYWI SJ XLI PMQMXIH TIRIXVEXMSR SV 0EVKIWMÎH VERHSQP] WTEGIH GVEGOW EVI YWYEPP] SFNIG
WMKRMJMGERGISJWYGLGVEGOW8LI*' HVSTMRQIER XMSREFPI MR QSWX WXVYGXYVIW -R VIMRJSVGIH WXVYGXYVIW WYGL
HEMP]XIQTIVEXYVIGSVVIWTSRHWXSRSVQEP[MRXIVXIQTIVEXYVI GVEGOMRK QE] MRHMGEXI XLEX XLI VIMRJSVGIQIRXXVERWZIVWI XS
JPYGXYEXMSRWJSVQSHIVEXIGPMQEXIW XLI GVEGO LEW ]MIPHIH 6IMRJSVGIQIRX [LIR YWIH MR QEWW
8IQTIVEXYVIWSRXLISTTSWMXIJEGIWSJE[EPPSVWPEFQE] GSRGVIXIMWMRXIRHIHXSVIWXVMGXXLIWMÎSJGVEGOWXLEX[SYPH
RSXFIIUYEPFIGEYWISJEHMJJIVIRGIMRI\TSWYVIGSRHMXMSRW SXLIV[MWI SGGYV 0EVKIWMÎH GVEGOMRK QE] FI GEYWI JSV
8LIZEVMEXMSRSJXIQTIVEXYVIWXLVSYKLXLIWPEFSV[EPPQE] GSRGIVR HITIRHMRK SR XLI WXVYGXYVI MR UYIWXMSR ERH XLI
FIEWWYQIHXSFITEVEFSPMGSVI\TSRIRXMEP TVMQEV]TYVTSWISJXLIVIMRJSVGIQIRX7YVJEGIGVEGO[MHXLW
6 %'-'311-88))6)4368
EVI MQTSVXERX JVSQ ER EIWXLIXMG ZMI[TSMRX EVI IEW] XS 0MQMXMRK GVEGO [MHXL XLVSYKL XLI YWI SJ VIMRJSVGIQIRX
QIEWYVIERHEVIXLIWYFNIGXSJQSWXPMQMXEXMSRW;LMPIXLI FIGSQIWMRGVIEWMRKP]HMJJMGYPX EWQIQFIVWMÎ MRGVIEWIW
[MHXLSJEGVEGOEXXLIWYVJEGIQE]MRMXMEPP]FIPEVKIVXLERXLI 8LIQSWXIJJIGXMZIQIERWXSGSRXVSPXLIVQEPGVEGOMRKMRER]
GVEGO [MHXL EX XLI VIMRJSVGIQIRX XLI HMJJIVIRGI QE] FI QIQFIV MW XS VIWXVMGX MXW TIEO L]HVEXMSR XIQTIVEXYVIW 8LMW
I\TIGXIHXSHIGVIEWI[MXLXMQI7MQMPEVP]JMFIVVIMRJSVGIQIRX FIGSQIWMRGVIEWMRKP]MQTSVXERX[MXLMRGVIEWMRKQIQFIVWMÎ
GVIEXIWQER]JMRIGVEGOWVEXLIVXLERSRIWMRKPIPEVKIGVEGO
LS[IZIVJMFIVWQE]FISJPMQMXIHFIRIJMXEXXLITIVGIRXSJ ',%48)6{6)*)6)2')7
VIMRJSVGIQIRXRSVQEPP]EGLMIZIH {6IJIVIRGIHWXERHEVHWERHVITSVXW
*SV[EXIVVIXIRXMSRIPIQIRXWZIV]REVVS[FEVIP]ZMWMFPI 8LI WXERHEVHW ERH VITSVXW PMWXIH FIPS[ [IVI XLI PEXIWX
GVEGOW MR ? QQA [MPP TVSFEFP] PIEO EX PIEWX IHMXMSRW EX XLI XMQI XLMW HSGYQIRX [EW TVITEVIH &IGEYWI
MRMXMEPP]LS[IZIVRSRQSZMRKGVEGOWYTXSMR XLIWIHSGYQIRXWEVIVIZMWIHJVIUYIRXP]XLIVIEHIVMWEHZMWIH
QQ QE]LIEPMRXLITVIWIRGISJI\GIWWQSMWXYVIERHXLIVI XSGSRXEGXXLITVSTIVWTSRWSVMRKKVSYTMJMXMWHIWMVIHXSVIJIV
JSVI[SYPHRSXFII\TIGXIHXSPIEOGSRXMRYEPP]%R]PIEOEKI XSXLIPEXIWXZIVWMSR
QE]FII\TIGXIHXSWXEMRXLII\TSWIHGSRGVIXIJEGISVGVIEXI
TVSFPIQW[MXLWYVJEGIGSEXMRKW %QIVMGER'SRGVIXI-RWXMXYXI
+YMHERGIJSVHIWMKRMRKVIMRJSVGIQIRXXSGSRXVSPGVEGOWMR 6 'IQIRXERH'SRGVIXI8IVQMRSPSK]
GSRGVIXIWXVYGXYVIWMWTVSZMHIHF]%'-6 6 +YMHIXS1EWW'SRGVIXI
6 'SSPMRKERH-RWYPEXMRK7]WXIQWJSV1EWW'SRGVIXI
{'VEGOGSRXVSPNSMRXW 6 6SPPIV'SQTEGXIH1EWW'SRGVIXI
-XLEWFIIRGSQQSRTVEGXMGIJSVQER]]IEVWXSYWII\TERWMSR 6 )ZEPYEXMSRSJ7XVIRKXL8IWX6IWYPXWSJ'SRGVIXI
ERH GSRXVEGXMSR NSMRXW XS VIHYGI XLI WMÎ ERH RYQFIV SJ 6 'SRXVSPSJ'VEGOMRKMR'SRGVIXI7XVYGXYVIW
YRGSRXVSPPIHGVEGOW-RWMHI[EPOERHTEZIQIRXGSRWXVYGXMSR 6 ,SX;IEXLIV'SRGVIXMRK
JSVQIH KVSSZIW LEZI EPWS FIIR YWIH XS GVIEXI TPERIW SJ 6 'SPH;IEXLIV'SRGVIXMRK
[IEORIWW XLIVIF] MRHYGMRK GVEGOMRK XS GSMRGMHI [MXL XLI &YMPHMRK 'SHI 6IUYMVIQIRXW JSV 7XVYGXYVEP
WXVEMKLXPMRIWSJXLIKVSSZIW8LMWGSRGITXLEWFIIRI\TERHIH 'SRGVIXI
MRXLI9/EWEQIXLSHSJGSRXVSPPMRKGVEGOWMRQEWWMZI[EPPW )RZMVSRQIRXEP)RKMRIIVMRK'SRGVIXI7XVYGXYVIW
ERHWPEFW8LITVEGXMGILEWEPWSFIIRI\XIRHIHXSGSRWXVYG
XMSR SJ GSRZIRXMSREP JEGMRK GSRGVIXI MR VSPPIVGSQTEGXIH %781-RXIVREXMSREP
GSRGVIXI HEQW 8LI &VMXMWL MRWXEPP TPEWXMG SV QIXEP FSRH
''1 7TIGMJMGEXMSRJSV6IEH]1M\IH'SRGVIXI
FVIEOIVW XS MRHYGI GVEGOW EX WTIGMJMG PSGEXMSRW 8YVXSR
' 8IWX1IXLSHJSV*MRIRIWWSJ4SVXPERH'IQIRX
MRHMGEXIW XLEX E GVSWWWIGXMSREP VIHYGXMSR SJ EW
F]XLI8YVFMHQIXIV
PMXXPI EW LEW TVSZIH WYGGIWWJYP MR I\TIVMQIRXW FYX
' 7TIGMJMGEXMSRJSV4SVXPERH'IQIRX
MW VIGSQQIRHIH XS IRWYVI JYPP WIGXMSR GVEGOMRK MR
TVEGXMGI 8LI HITXL SJ WYVJEGI KVSSZIW MW SFZMSYWP] ' 7TIGMJMGEXMSRJSV&PIRHIH,]HVEYPMG'IQIRX
PMQMXIHF]ER]GSRXMRYSYWVIMRJSVGIQIRXXLIVIJSVIWSQI ' 7XERHEVH 7TIGMJMGEXMSR JSV 'SEP *P] %WL ERH
JSVQ SJ ZSMH WLSYPH FI GEWX MRXS QEWWMZI WIGXMSRW XS 6E[SV'EPGMRIH2EXYVEP4S^^SPERJSV9WIMR
EGLMIZIXLIRIIHIHWIGXMSRVIHYGXMSR8LIWIZSMHWGERFI 'SRGVIXI
JSVQIH[MXLTPEWXMGTMTIWSVHIJPEXEFPIHYGXXYFIW%PXIVREXIP] ' 4IVJSVQERGI7TIGMJMGEXMSRJSV,]HVEYPMG'IQIRX
XLIVIHYGXMSRQE]FIEGGSQTPMWLIHF]YWMRKTVSTVMIXEV]
GVEGOMRHYGMRK[EXIVFEVVMIVWXLEXLEZIFIIRHIWMKRIHXS {'MXIHVIJIVIRGIW
EGXEWFSXLFSRHFVIEOIVWERH[EXIVWXSTW8LITVMRGMTEP %781w8LIVQEP4VSTIVXMIWx7MKRMJMGERGISJ8IWXW
EHZERXEKISJEGVEGOGSRXVSPW]WXIQMWXLEXGVEGOMRKGER ERH 4VSTIVXMIW SJ 'SRGVIXI ERH 'SRGVIXI 1EOMRK 1EXI
IWWIRXMEPP] FI LMHHIR F] XLI JSVQIH KVSSZIW %PWS XLI VMEPW %781 784( %781 -RXIVREXMSREP ;IWX
GVEGO WMÎ [MHXL PSWIW MXW WMKRMJMGERGI [LIRXLIVI MW E 'SRWLSLSGOIR4ETT
[EXIVFEVVMIVERHXLIVIMRJSVGIQIRXGVSWWMRKXLIGVEGOMW &YVO7(w*MZI=IEV8IQTIVEXYVI6IGSVHWSJE
TVMRGMTEPP]QMRMQYQWXIIPXLEXMWRSXVIUYMVIHJSVWXVYG 8LMR 'SRGVIXI (EQx %'- .3962%0 4VSGIIHMRKW :
XYVEPMRXIKVMX] 2S.ERTT
'ERRSR6;8YXLMPP07GLVEHIV)/ERH8EXVS7&
{0MQMXEXMSRW w'IQIRX{/RS[ ;LIR XS 7E] ;LIRx 'SRGVIXI
-XMWHIWMVEFPIXSPMQMXXLI[MHXLSJGVEGOWMRQEWWGSRGVIXI -RXIVREXMSREP:2S.ERTT
WXVYGXYVIWXSXLIQMRMQYQTVEGXMGEPWMÎMROIITMRK[MXLXLI 'EVPWSR 6 ; w(V]MRK 7LVMROEKI SJ 0EVKI
JYRGXMSRSJXLIWXVYGXYVI6IMRJSVGIHGSRGVIXIWXVYGXYVIWEVI 'SRGVIXI1IQFIVWx%'-.3962%0 4VSGIIHMRKW:2S
KIRIVEPP]HIWMKRIHMREGGSVHERGI[MXL%'-SV8LI .ER*IFTT
VIEWSREFPI GVEGO [MHXLW ZIVWYW I\TSWYVI GSRHMXMSRW MR *MX^KMFFSR 1 ) w8LIVQEP 'SRXVSPW JSV 0EVKI
8EFPISJ%'-6VITVIWIRXELMWXSVMGEPZMI[TSMRXSJ 4SYVWx 'MZMP )RKMRIIVMRK ERH 4YFPMG ;SVOW 6IZMI[
XSPIVEFPIGVEGO[MHXL;LMPIXLI]QE]RSXVITVIWIRXEGYVVIRX 0SRHSR :2S7ITXTT
GSRWIRWYWXLI]HSSJJIVKYMHERGIXS[LEXLEWFIIRGSRWMHIVIH +EQIV7ERH,EQQSRW1w(IZIPSTQIRXERH
EGGITXEFPI -QTPIQIRXEXMSR SJ 8YRI(ITIRHIRX 'VEGOMRK 1EXIVMEP
8,)61%0%2(:3091)',%2+))**)'8732'6%'/-2+3*1%77'32'6)8) 6
1SHIP JSV 'SRGVIXIx 8IGLRMGEP 6ITSVX 70 97'%) %44)2(-<%

;EXIV[E]W)\TIVMQIRX7XEXMSR:MGOWFYVK1MWWTT %{2SXEXMSR
,EVFSI ) 1 w'SQTEVMWSRSJ XLI -RWXERXERISYW % ! IJJIGXMZI XIRWMSR EVIE SJ GSRGVIXI WYVVSYRHMRK E
ERH XLI 7YWXEMRIH 1SHYPYW SJ )PEWXMGMX] SJ 'SRGVIXIx KVSYT SJ VIMRJSVGMRK FEVW ERH LEZMRK XLI WEQI
6ITSVX2S'97(ITEVXQIRXSJXLI-RXIVMSV&YVIEY GIRXVSMH EW XLEX VIMRJSVGIQIRX HMZMHIH F] XLI
SJ6IGPEQEXMSR(IRZIV'SPS1EV RYQFIVSJFEVW
1MPIWXSRI 2 & ERH 6SKIVW ( ) w9WI SJ ER %& ! EVIESJEQIQFIVWYFNIGXXSZSPYQIGLERKI
-WSXLIVQEP'EPSVMQIXIVJSV(IXIVQMRMRK,IEXWSJ,]HVEXMSR %* ! EVIE SJ JSYRHEXMSR SV SXLIV IPIQIRX VIWXVEMRMRK
EX)EVP]%KIWx;SVPH'IQIRX8IGLRSPSK]0SRHSR : WLSVXIRMRKSJIPIQIRX
2S3GXTT %K ! KVSWWEVIESJGSRGVIXIGVSWWWIGXMSR
4EGIPPMHIHI%*SRXSYVE.6*&MXXIRGSYVX61ERH &F ! [MHXLSJGVSWWWIGXMSR
+YIVVE ) % w8LIVQEP 4VSTIVXMIW SJ 'SRGVIXI JSV ' ! [IMKLX SJ TSVXPERH GIQIRX TIV GYFMG ]EVH SJ
7SQI&VE^MPMER (EQWx-'30('SRKVIWW 6MSHI.ERIVMS GSRGVIXIPF
&VE^MPTT 'IU ! [IMKLXSJTSVXPERHGIQIRXTPYWETIVGIRXEKISJXLI
6ETLEIP.1w8IRWMPI7XVIRKXLSJ'SRGVIXIx%'- [IMKLXSJTS^^SPERTIVGYFMG]EVHSJGSRGVIXIPF
.3962%0 4VSGIIHMRKW:2S1EV%TVTT 'L ! WTIGMJMGLIEX&XYPF *
6E[LSYWIV'w'VEGOMRKERH8IQTIVEXYVI'SRXVSP '8 ! PMRIEVXLIVQEPGSIJJMGMIRX»TIV*JSVPMQI
SJ1EWW'SRGVIXIx%'-.3962%04VSGIIHMRKW:2S WXSRIEKKVIKEXI»zTIV*JSVWMPMGISYWVMZIV
%TVTT KVEZIPEKKVIKEXI
8EXVS7&ERH7GLVEHIV)/w8LIVQEP'SRWMHIV HG ! XLMGORIWW SJ GSRGVIXI GSZIV QIEWYVIH JVSQ XLI
EXMSRW JSV 6SPPIV'SQTEGXIH 'SRGVIXIx %'- .3962%0 GSRGVIXIWYVJEGIEX[LMGLGVEGOWEVIFIMRKGSRWMH
4VSGIIHMRKW :2S1EV%TVTT IVIHXSXLIGIRXIVSJXLIRIEVIWXVIMRJSVGMRKFEV
8EXVS7&ERH7GLVEHIV)/w8LIVQEP%REP]WMW HW ! EWWYQIHHITXLSJXIRWMPIWXVIWWFPSGOJSVMRXIVREP
SJ 6''{% 4VEGXMGEP %TTVSEGLx 6SPPIV 'SQTEGXIH VIWXVEMRXGSRWMHIVEXMSRW
'SRGVIXI{--- %QIVMGER 7SGMIX] SJ 'MZMP )RKMRIIVW 2I[ )G ! QSHYPYWSJIPEWXMGMX]SJGSRGVIXI
=SVO*IF )* ! QSHYPYWSJIPEWXMGMX]SJJSYRHEXMSRSVVIWXVEMRMRK
8VS\IPP+)ERH(EZMW,)'SQTSWMXMSRERH IPIQIRX
4VSTIVXMIW SJ 'SRGVIXI 1EG+VE[,MPP &SSO 'S 2I[ )W ! QSHYPYWSJIPEWXMGMX]SJWXIIP
=SVOTT I ! IGGIRXVMGMX]SJEPSEH[MXLVIWTIGXXSXLIGIRXVSMH
8YVXSR'(w4VEGXMGEP1IERWSJ'SRXVSPSJ)EVP] SJXLIWIGXMSR
8LIVQEP 'VEGOMRK MR 6IMRJSVGIH 'SRGVIXI ;EPPWx TETIV *E ! [IMKLXSJJP]EWLTIVWUYEVI]EVHSJGSRGVIXIPF
TVIWIRXIHEX%'-*EPP'SRZIRXMSR2I[3VPIERW JG ! WTIGMJMIHGSQTVIWWMZIWXVIRKXLSJGSRGVIXITWM
97 %VQ] 'SVTW SJ )RKMRIIVW ,ERHFSSO JSV JW ! GEPGYPEXIHWXVIWWMRVIMRJSVGIQIRXTWM
'SRGVIXI ERH 'IQIRX ;EXIV[E]W )\TIVMQIRX 7XEXMSR JX ! XIRWMPIWXVIWWTWM
:MGOWFYVK1MWWWYTTPIQIRXWMWWYIHUYEVXIVP] JX ! XIRWMPIWXVIRKXLSJGSRGVIXITWM
97%VQ]'SVTWSJ)RKMRIIVWw'SRGVIXI%KKVIKEXI J] ! HIWMKR]MIPHWXVIWWSJWXIIP
4VSTIVXMIW -RZIWXMKEXMSRW (IWMKR 1IQSVERHYQ 2S x , ! TIVTIRHMGYPEV HMWXERGI JVSQ VIWXVEMRIH IHKI XS
.YP]VIZMWIH2SZIQFIV JVIIIHKI;LIVIEWPEFMWWYFNIGXXSIHKIVIWXVEMRX
97 %VQ] 'SVTW SJ )RKMRIIVW w7XERHEVH 8IWX SRX[SSTTSWMXIIHKIW,MWSRILEPJXLIHMWXERGI
1IXLSHJSV9PXMQEXI8IRWMPI7XVEMR'ETEGMX]SJ'SRGVIXIx FIX[IIRIHKIW*SVWPEFSRKVSYRH,MWXLIWPEF
'6('1EV XLMGORIWWJX
97%VQ]'SVTWSJ)RKMRIIVWw2SRPMRIEV-RGVI ,E ! EHMEFEXMGXIQTIVEXYVIVMWISJXLIGSRGVIXI
QIRXEP7XVYGXYVEP%REP]WMWSJ1EWWMZI'SRGVIXI7XVYGXYVIWx L ! HMJJYWMZMX]MRJXTIVLSYV
)80 LG ! IPIQIRXEPLIMKLXSJGVEGOEFSZIFEWI
97&YVIEYSJ6IGPEQEXMSRw8LIVQEP4VSTIVXMIWSJ LK ! HE] LIEX KIRIVEXMSR SJ GIQIRX F] LIEX SJ
'SRGVIXI&SYPHIV'ER]SR4VSNIGX*MREP6ITSVXW4EVX:-- L]HVEXMSRGEPK
&YPPIXMRx97(ITEVXQIRXSJXLI-RXIVMSV(IRZIV'SPS -G ! QSQIRX SJ MRIVXME SJ KVSWW GSRGVIXI WIGXMSR
97 &YVIEY SJ 6IGPEQEXMSR w4VSTIVXMIW SJ 1EWW WYFNIGXIHXSJPI\YVIF]VIWXVEMRMRKJSVGIW
'SRGVIXIMR&YVIEYSJ6IGPEQEXMSR(EQWx'SRGVIXI0EFS / ! GSRHYGXMZMX]&XYJXL*
VEXSV]6ITSVX2S'97(ITEVXQIRXSJXLI-RXIVMSV /G ! WXMJJRIWWSJZIVXMGEPVIWXVEMRMRKIPIQIRXWYFNIGXIH
(IRZIV'SPS(IG XSJPI\YVIF]VIWXVEMRMRKJSVGIW
97&YVIEYSJ6IGPEQEXMSRw'SRXVSPSJ'VEGOMRK /J ! WXMJJRIWWSJJPSSVW]WXIQFIMRKXIRWMSRIHF]VIWXVEMRX
MR1EWW'SRGVIXI7XVYGXYVIWx)RKMRIIVMRK1SRSKVETL2S /6 ! HIKVIISJVIWXVEMRX6EXMSSJEGXYEPWXVIWWVIWYPXMRK
97(ITEVXQIRXSJXLI-RXIVMSV(IRZIV'SPS JVSQZSPYQIGLERKIXSXLIWXVIWWXLEX[SYPHVIWYPX
:IVFIGO+.ERH*SWXIV';w0SRK8MQI7XYH] MJGSQTPIXIP]VIWXVEMRIH-RQSWXGEPGYPEXMSRWMXMW
SJ'IQIRX4IVJSVQERGIMR'SRGVIXI'LETXIV{8LI,IEXW GSRZIRMIRXXSYWIXLIVEXMSSJXLIHMJJIVIRGIMRJVII
SJ,]HVEXMSRSJXLI'IQIRXWx4VSGIIHMRKW%781: PIRKXLGLERKIERHEGXYEPPIRKXLGLERKIXSXLIJVII
TT PIRKXLGLERKI
6 %'-'311-88))6)4368
O ! VEXMSSJHITXLSJGSQTVIWWMZIEVIEXSHITXL HSJ 8 ! PS[XIQTIVEXYVIMRXIQTIVEXYVIKVEHMIRX

JPI\YVEP QIQFIV YWMRK WXVEMKLX PMRI XLISV] SJ : ! ZSPYQISJGSRGVIXIQIQFIV
WXVIWWHMWXVMFYXMSR ;Y ! [EXIVGSRXIRXSJJVIWLGSRGVIXIPF]H
0 ! HMWXERGIFIX[IIRGSRXVEGXMSRSVI\TERWMSRNSMRXW ;G ! [IMKLXSJGIQIRXTIVGYFMG]EVHSJGSRGVIXIPF
MR HMVIGXMSR SJ VIWXVEMRX SV SZIVEPP PIRKXL SJ E [ ! QE\MQYQWYVJEGIGVEGO[MHXLMR
QIQFIVYRHIVKSMRKZSPYQIGLERKI [G ! [IMKLXSJGSRGVIXIPFJX
0 ! GEPGYPEXIHEZIVEKIHMWXERGIFIX[IIRGVEGOW \ ! HMWXERGI FIX[IIR VIWYPXERX XIRWMSR JSVGI ERH
2 ! RYQFIVSJGVEGOW GSQTVIWWMSRJEGIMR
R ! VEXMS SJ QSHYPYW SJ IPEWXMGMX] SJ WXIIP XS XLEX SJ G ! GSRXVEGXMSRSJGSRGVIXIMRMR
GSRGVIXI
7 ! WYVJEGIEVIESJGSRGVIXIQIQFIVI\TSWIHXSEMV %{1IXVMGGSRZIVWMSRW
MR ! QQ
8 ! XIRWMPIJSVGIPF
JX ! Q
8% ! EZIVEKI QMRMQYQ EQFMIRX EMV XIQTIVEXYVI SZIV
MR ! QQ
TVSPSRKIHI\TSWYVITIVMSHSJ[IIO
JX ! Q
8'* ! XIQTIVEXYVI KIRIVEXIH F] QM\XYVI SJ TSVXPERH
MR ! » QQ
GIQIRXERHTS^^SPER
JX ! Q
8G ! XIQTIVEXYVIKIRIVEXIHF]XSXEPUYERXMX]SJGIQIR ]H ! Q
XMXMSYWQEXIVMEPWMJEPP[IVITSVXPERHGIQIRX PF ! OK
8(7 ! IUYMZEPIRXXIQTIVEXYVIHVSTXSFIYWIHMRWXIEHSJ PFMRTWM ! 4E
HV]MRKWLVMROEKI OMTMROWM ! 14E
8) ! IJJIGXMZI XIQTIVEXYVI GLERKI MR QIQFIVW PFJX ! 4E
MRGPYHMRK ER IUYMZEPIRX XIQTIVEXYVI GLERKI XS PFJXTGJ ! OKQ
GSQTIRWEXIJSVHV]MRKWLVMROEKI PF]H ! OKQ
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6Itsvxsr8Livqeperh:Spyqi'Lerki) Jjigxw Sr'Vegomrksj1Eww'Srgvixi

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