&KUVT 4'564+0)+&# .%4 FGLWNKQFG 14+)+0#.'52#1.

AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

%'2#. %QOKUKP'EQPOKECRCTC#OTKEC.CVKPC[GN%CTKDG

.CFKPOKECFGNFGUCTTQNNQ UWUVGPVCDNG[UQUVGPKDNG

 'N RTGUGPVG FQEWOGPVQ JC UKFQ GNCDQTCFQ RQT GN UGQT #ZGN &QWTQLGCPPK FG NC &KXKUKP FG 4GEWTUQU 0CVWTCNGU G +PHTCGUVTWEVWTC RCTC UGT RTGUGPVCFQ GP GN :8 %QPITGUQ 8GPG\QNCPQ FG NC %KGPEKC FGN 5WGNQ $CTSWKUKOGVQ 8GPG\WGNC FGN  FG PQXKGODTG CN  FG FKEKGODTG FG  .CU QRKPKQPGU GZRTGUCFCU GP GUVG FQEWOGPVQ SWG PQ JC UKFQ UQOGVKFQ C TGXKUKP GFKVQTKCN UQP FG NC GZENWUKXC TGURQPUCDKNKFCF FGN CWVQT [ RWGFGP PQ EQKPEKFKT EQP NCU FG NC 1TICPK\CEKP 

KKK

+PFKEG
2IKPC 4GUWOGP  *CEKCWPCCRTQZKOCEKPEQPEGRVWCNFGNFGUCTTQNNQ   

 .QUGUEGPCTKQUEQPHNKEVKXQU[EQPEKNKCVQTKQURCTCGNFGUCTTQNNQ   .CUGUECNCU[NCFKPOKECFGNFGUCTTQNNQ    .CINQDCNK\CEKP[NCEQPEGPVTCEKPGURCEKCNFGNFGUCTTQNNQ   2TQEGUQUFGIGUVKPRCTCCNECP\CTGSWKNKDTKQUGPGNFGUCTTQNNQ  

4GUWOGP
'N RTGUGPVG FQEWOGPVQ UG QTKGPVC C CENCTCT NCU KORNKECPEKCU FGN KFGUCTTQNNQ UWUVGPVCDNGL[GN KFGUCTTQNNQUQUVGPKDNGLXKPEWNPFQNQUCWPVTKPIWNQSWGTGNCEKQPC QDLGVKXQU UQEKCNGU GEQPOKEQU [ CODKGPVCNGU
GN VTKPIWNQ FG NQU EQPHNKEVQU 5G UQUVKGPGSWGUNQUKGNKFGUCTTQNNQUWUVGPVCDNGLUGOCPVKGPGGPGNVKGORQUGCNECP\C GN FGPQOKPCFQ KFGUCTTQNNQ UQUVGPKDNGL 5G JCEG RCTVKEWNCT TGHGTGPEKC C NCU XKPEWNCEKQPGU SWG GZKUVGP GPVTG FGUCTTQNNQ UWUVGPVCDNG [ VGTTKVQTKQ CU EQOQ NC ECRCEKFCFFGIQDGTPCDKNKFCFSWGVKGPGNCUQEKGFCFUQDTGFKEJQUVGTTKVQTKQU6CODKP UG JCEG TGHGTGPEKC C NC KORQTVCPEKC FG NC KPVGTCEEKP GPVTG NQU JCDKVCPVGU FG FKHGTGPVGU VGTTKVQTKQU EQP HKPGU FG EQORGPUCT [ CNECP\CT OGLQTGU GSWKNKDTKQU EQPFWEGPVGU CN FGUCTTQNNQ UWUVGPVCDNG 2TGVGPFG CRQTVCT GNGOGPVQU RCTC GUENCTGEGT NC EQORNGLKFCF [ EQORTQOKUQU SWG UG FGDGP NQITCT GPVTG NQU JCDKVCPVGU FG ECFC VGTTKVQTKQ [ GPVTG VGTTKVQTKQU RCTC NQITCTNQ CU EQOQ FGVGTOKPCT RTQEGUQU FG IGUVKP RCTCCNECP\CTNQ 'N FGUCTTQNNQ UWUVGPVCDNG [ UQUVGPKDNG PQ UG TGHKGTG C WPC OGVC VCPIKDNG PK EWCPVKHKECDNGCUGTCNECP\CFCGPFGVGTOKPCFQRNC\Q[OQOGPVQ5GTGHKGTGOUDKGP CNCRQUKDKNKFCFFGOCPVGPGTWPGSWKNKDTKQGPVTGHCEVQTGUSWGGZRNKECPWPEKGTVQPKXGN FG FGUCTTQNNQ FGN UGT JWOCPQ PKXGN SWG GU UKGORTG VTCPUKVQTKQ GP GXQNWEKP [ CN OGPQUGPVGQTCFGDGTCUGTUKGORTGEQPFWEGPVGCOGLQTCTNCECNKFCFFGXKFCFGNQU UGTGUJWOCPQU'NNNCOCFQFGUCTTQNNQUWUVGPVCDNG[UQUVGPKDNGGUGPEQPUGEWGPEKC NC TGUWNVCPVG FG WP EQPLWPVQ FG FGEKUKQPGU [ RTQEGUQU SWG FGDGP NNGXCT C ECDQ IGPGTCEKQPGU FG UGTGU JWOCPQU FGPVTQ FG EQPFKEKQPGU UKGORTG ECODKCPVGU EQP KPHQTOCEKP WUWCNOGPVG KPUWHKEKGPVG UWLGVCU C KPEGTVKFWODTGU [ EQP OGVCU RQEQ EQORCTVKFCU RQT NCU UQEKGFCFGU EQP WPC RQDNCEKP EQP ETGEKGPVG VGPFGPEKC CN KPFKXKFWCNKUOQ

*CEKCWPCCRTQZKOCEKP EQPEGRVWCNFGNFGUCTTQNNQ
'N FGUCTTQNNQ UWUVGPVCDNG PQ UG TGHKGTG C WPC OGVC VCPIKDNG PK EWCPVKHKECDNG C UGT CNECP\CFCGPFGVGTOKPCFQRNC\Q[OQOGPVQ 5GTGHKGTGOUDKGPCNCRQUKDKNKFCFFG OCPVGPGTWPGSWKNKDTKQGPVTGHCEVQTGUSWGGZRNKECPWPEKGTVQPKXGNFGFGUCTTQNNQFGN UGT JWOCPQ PKXGN SWG GU UKGORTG VTCPUKVQTKQ GP GXQNWEKP [ CN OGPQU GP VGQTC FGDGTCUGTUKGORTGEQPFWEGPVGCOGLQTCTNCECNKFCFFGXKFCFGNQUUGTGUJWOCPQU 'NNNCOCFQFGUCTTQNNQUWUVGPVCDNGGUGPEQPUGEWGPEKCNCTGUWNVCPVGFGWPEQPLWPVQ FGFGEKUKQPGU[RTQEGUQUSWGFGDGPNNGXCTCECDQIGPGTCEKQPGUFGUGTGUJWOCPQU FGPVTQ FG EQPFKEKQPGU UKGORTG ECODKCPVGU EQP KPHQTOCEKP WUWCNOGPVG KPUWHKEKGPVG UWLGVCU C KPEGTVKFWODTGU [ EQP OGVCU RQEQ EQORCTVKFCU RQT WPC UQEKGFCF [ RGTUQPCU GP IGPGTCN PQ OW[ UQNKFCTKCU UK GN FGUCTTQNNQ UWUVGPVCDNG UG OCPVKGPGGPGNVKGORQUGCNECP\CNCUQUVGPKDKNKFCF 'N EQPEGRVQ FG KFGUCTTQNNQ FGN UGT JWOCPQL FGDGTC NNGXCT KORNEKVQ NC UWUVGPVCDKNKFCF GP WP FGVGTOKPCFQ OQOGPVQ [ NC KUQUVGPKDKNKFCF FG FKEJC UWUVGPVCDKNKFCFLGPGNVKGORQ5KCUPQNQHWGTCPQRQFTCECVCNQICTUGFGFGUCTTQNNQ WP UKORNG RTQEGUQ SWG UNQ CRWPVC C CNECP\CT OGVCU FG EQTVQ RNC\Q Q UNQ NG KPVGTGUCNQGEQPOKEQNQUQEKCNQNQCODKGPVCN'NCITGICTNGCNVTOKPQFGUCTTQNNQGN EQPEGRVQ FG KUWUVGPVCDNGL [ KUQUVGPKDNGL UNQ TGUCNVC SWG GUVQU RTKPEKRKQU PQ UG CRNKECP'UFGEKTTGUCNVCPNCQOKUKP[PQNCCEEKP .C UWUVGPVCDKNKFCF [ UQUVGPKDKNKFCF UG GZRNKEC WUWCNOGPVG OGFKCPVG HCEVQTGU GEQPOKEQUUQEKCNGU[CODKGPVCNGUTGHGTKFQUCETGEKOKGPVQGEQPOKEQGSWKFCF [ UWUVGPVCDKNKFCFCODKGPVCNRTQDCDNGOGPVGRQTUGTOUUKORNGJCEGTNQFGGUVCOCPGTC
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


RQT TC\QPGU RQNVKEQCFOKPKUVTCVKXQU
NOKVGU FKUVTKVCNGU RTQXKPEKCNGU GUVCVCNGU TGIKQPCNGUQFGRCUGU

100%

Crecimiento econmico

Equidad

Desarrollo sustentable

100% 100%

Sustentabilidad ambiental Ambito

(proceso de manejo del mbito)

Fuente: modificado a partir de Peter Nijkamp, Regional sustainable development and natural resources use, World Bank Annual Conference on Development Economics, 26 y 27 de abril de 1990, Washington, D.C.

'N EQPEGRVQ FG FGUCTTQNNQ UWUVGPVCDNG [ UQUVGPKDNG GUV CFGOU XKPEWNCFQ C ECVGIQTCU Q GUECNCU FG ECNKFCF FG XKFC [ C NC KPVGTCEEKP GPVTG JCDKVCPVGU [ TGEWTUQUFGWPQQOUVGTTKVQTKQU
XCUG)THKEQ'NNQGZRNKECRQTSWGNFGUCTTQNNQ GUV GUVTGEJCOGPVG CUQEKCFQ C NCU FGOCPFCU SWG GZKIG ECFC EWNVWTC Q GUVKNQ FG XKFC[CNCINQDCNK\CEKPFGNQURTQEGUQUGEQPOKEQUUQEKCNGU[CODKGPVCNGU[CNC ECRCEKFCFPGIQEKCFQTC GPVTG TGIKQPGU Q RCUGU 'N OKUOQ VKRQ FG EQPUWOQ SWG UG GZVKGPFGCPKXGNINQDCNGLGTEGECFCXG\OUKPHNWGPEKCUGPQTOGUGPGNOGFKQUQEKCN [ CODKGPVCN FG EWNVWTCU CPVGU OW[ FKHGTGPVGU SWG CJQTC RWIPCP RQT KOKVCT NQ SWG EQPUKFGTCPOUCXCP\CFQ 'N NNCOCFQ FGUCTTQNNQ UWUVGPVCDNG GU NC TGUWNVCPVG FG WP EQPLWPVQ FG FGEKUKQPGU [ RTQEGUQU SWG FGDGP NNGXCTUG C ECDQ RQT IGPGTCEKQPGU FG UGTGU JWOCPQU RCTC UW RTQRKQ DKGPGUVCT FGPVTQ FG EQPFKEKQPGU FG XKFC UKGORTG ECODKCPVGUUVCUEQPFKEKQPGUGUVPFCFCURQTGNUKUVGOCJQNUVKEQSWGEQPHQTOCGN WPKXGTUQ FGPVTQ FGN EWCN GN UGT JWOCPQ GU WPC RGSWGC RCTVG 2QT TC\QPGU FG UGEVQTKCNK\CEKP [ GURGEKCNK\CEKP NCU FGEKUKQPGU UQDTG GUVG UKUVGOC EQORNGLQ UG
 8CUG #ZGN &QWTQLGCPPK 2TQEGFKOKGPVQU FG IGUVKP RCTC GN FGUCTTQNNQ UWUVGPVCDNG
CRNKECFQU C OKETQTTGIKQPGU [ EWGPECU +PUVKVWVQ .CVKPQCOGTKECPQ [ FGN %CTKDG FG 2NCPKHKECEKP 'EQPOKEC [ 5QEKCN
+.2'5 &QEWOGPVQ 4GX 5GTKG 'PUC[QU 5CPVKCIQ FG %JKNG QEVWDTG FG 


TGFWEGPWUWCNOGPVGCVTCVCTUNQCURGEVQUGEQPOKEQUCODKGPVCNGU[UQEKCNGU[C TGHGTKTNQCVGTTKVQTKQUGURGEHKEQUEQPGNHKPFGVGPGTWPTGCKIQDGTPCDNGL

Pas A (maneja sus recursos)

baja sustentabilidad ambiental; exporta tecnologa; e importa recursos naturales. Tecnologa

Sustentabilidad ambiental

Pas B (exporta sus recursos)

alta sustentabilidad ambiental; exporta recursos naturales; e importa tecnologa.
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


'N UGT JWOCPQ UNQ RWGFG KT EQPQEKGPFQ RCTVGU FG NC

KTGCNKFCFL

GP NC OGFKFC SWG XC FGUEWDTKGPFQ

EQOQ HWPEKQPC GN UKUVGOC FQPFG XKXG 'P IGPGTCN UG JCEGP RTQRWGUVCU FG FGUCTTQNNQ UNQ EQP WPC RCTVG FG NC KPHQTOCEKP PGEGUCTKC


CNIWPCU RGTUQPCU UK PQ FG EQPUGTXCTNC CRVC RCTC SWG UWUVGPVG NC GURGEKG JWOCPC GPDWGPCU[UKRQUKDNGECFCXG\OGLQTGUEQPFKEKQPGUFGXKFC[COUNCTIQRNC\Q 'NPKXGNFGKPVGNKIGPEKCFGNUGTJWOCPQRCTCJCDKNKVCT[OCPGLCTNQURTQEGUQU PCVWTCNGUNQGPHTGPVCOUSWGCPKPIPQVTQUGTCNFKNGOCFGUGTOUTGURQPUCDNGU FG UW RTQRKQ FGUVKPQ SWG QVTCU GURGEKGU GP NC VKGTTC 'N PKXGN FG RGTEGREKP SWG CNIWPQUUGTGUJWOCPQUVKGPGPFGUWGPVQTPQFGNCINQDCNK\CEKPFGNQURTQDNGOCU SWGNNCOCPCODKGPVCNGU[SWGGPNCRTEVKECUQPRTQDNGOCUJWOCPQU[RQTNQVCPVQ FGN EQORTQOKUQ SWG CFSWKGTGP RQT UW EQPUGTXCEKP EKGTVCOGPVG NGU CWOGPVC UWU CPIWUVKCU [ RTGQEWRCEKQPGU 5K DKGP NC CPIWUVKC GU IGPGTCNK\CFC OWEJQU VTCVCP FG GXCFKTNC C EQUVC FG UCETKHKECT C UWU XGEKPQU GP NWICT FG DWUECT HTOWNCU FG EQPEKNKCEKP 'UQ GZRNKEC RQT SWG JC[ VCPVCU RGTUQPCU CFGRVCU CN EQPEGRVQ FG FGUCTTQNNQ UWUVGPVCDNG RGTQ OW[ RQECU FKURWGUVCU C UCETKHKECT CNIQ FG UW GUVKNQ FG XKFC RCTC CNECP\CTNQ5KGORTGUGGURGTCSWGGNUCETKHKEKQNQJCICP KQVTQUL[PQGNNQU/UCWP JC[ WPC RTGFKURQUKEKP C WVKNK\CT NQU VTOKPQU FG OQFC VCNGU EQOQ UQUVGPKDNG UWUVGPVCDNG JQNUVKEQ RCTVKEKRCVKXQ KPVGTFKUEKRNKPCTKQ KPVGITCN FGOQETVKEQ [ QVTQU UKOKNCTGUUKPRGPUCTGPGNEQORTQOKUQEQPQEKOKGPVQ[FKUEKRNKPCSWGKORNKECRQPGT GP RTEVKEC CNIWPQ FG GUVQU DWGPQU RTQRUKVQU &G JGEJQ UG GNWFGP VCNGU EQORTQOKUQU /WEJCU XGEGU UG RKGPUC SWG CN ECODKCT GN PQODTG FG WPC QTICPK\CEKP FGFKECFC C NC IGUVKP FG CNIP TGEWTUQ PCVWTCN [ FGUKIPCTNQ EQOQ GN FG EGPVTQ FG KIGUVKPCODKGPVCNKPVGITCNLUGNQITCCWVQOVKECOGPVGGUVGQDLGVKXQ&GJGEJQEQP GUVC HQTOC FG RGPUCT GP NC TGIKP UG JC VGTOKPCFQ UKP OCPGLCT PK WP UNQ TGEWTUQ PCVWTCN[OWEJQOGPQUGNOGFKQCODKGPVGEQOQWPVQFQ#OTKEC.CVKPCPQRQUGC FKUVTKVQU FG EQPUGTXCEKP FG UWGNQU PK FG OCPGLQ FG DQUSWGU PK FG HCWPC PK FG RCTSWGU [ TGUGTXCU OCTKPCU PK UKSWKGTC FG IGUVKP FGN WUQ ONVKRNG FGN CIWC RQT EWGPECU EWCPFQ NQU RCUGU UG NCP\CTQP C VCTGCU EQPFWEGPVGU C NC KIGUVKP CODKGPVCNKPVGITCNLGUGPEKCNOGPVGRQTKPHNWGPEKCGZVGTPCRGTQUKPSWGTGTEQPUVTWKT PKRCUCTRQTVQFCUNCUGVCRCUPGEGUCTKCURCTCNQITCTNQ*CUVCGNFCFGJQ[CPKXGN OKPKUVGTKCN G KPENWUKXG FG QTICPKUOQU KPVGTPCEKQPCNGU UG UKIWG FGUOCPVGNCPFQ NQU RQEQU UKUVGOCU [ QHKEKPCU FG IGUVKP FG TGEWTUQU PCVWTCNGU RCTC ETGCT QHKEKPCU FG IGUVKPCODKGPVCN0QGPVKGPFGPSWGNCDCUGFGNCIGUVKPCODKGPVCNGUVGPGNDWGP EQPQEKOKGPVQ [ OCPGLQ FG NQU GEQUKUVGOCU NCU EWGPECU GN CIWC NQU UWGNQU [ NQU DQUSWGU NC HCWPC [ NQU VGTTKVQTKQU CUQEKCFQU C GUVQU TGEWTUQU CU EQOQ WP DWGP OCPGLQFGNQURTQEGUQUKPFWUVTKCNGUQNCXCNQTK\CEKPFGNQUUGTXKEKQUCODKGPVCNGU[ PQGPUNQETGCTQTICPKUOQUEQPPQODTGUOUCODKEKQUQU #NFGUOCPVGNCTNQURQEQUEGPVTQUFGIGUVKPFGTGEWTUQUPCVWTCNGUEQOQNQU FGFKECFQU CN OCPGLQ FGN CIWC [ QVTQU TGEWTUQU PCVWTCNGU RCTC EQPXGTVKTNQU GP KEGPVTQU CODKGPVCNGUL NQ PKEQ SWG JCP NQITCFQ GU TGVCTFCT GN CXCPEG FG NCU CEEKQPGU FGFKECFCU C NC DWGPC IGUVKP FGN TGEWTUQ /KGPVTCU NQU GZRGTVQU GP


TGEWTUQU JFTKEQU UWGNQU DQUSWGU HCWPC HNQTC W QECPQU UCDGP NQ SWG UG FGDG JCEGT C PKXGN FG EWGPEC GEQUKUVGOC HTCPLC EQUVGTC W QVTQ VGTTKVQTKQ PQ VKGPGP NQU OGFKQU RCTC GLGEWVCT UWU RTQ[GEVQU %QP GUVC UKVWCEKP NCU RTQRWGUVCU FG NQU CODKGPVCNKUVCU PQ RWGFGP NNGXCTUG C NC RTEVKEC RQT JCDGTUG FGUOCPVGNCFQ NCU QTICPK\CEKQPGUSWGFGDCPJCEGTNQ'NUNQFGPWPEKCTRTQDNGOCUCODKGPVCNGUPQNQU UQNWEKQPC #RGUCTFGNCHCNVCFGQTICPK\CEKPRCTCCFOKPKUVTCTUWUTGEWTUQUPCVWTCNGU[ GEQUKUVGOCU GN UGT JWOCPQ JC KPVGTXGPKFQ HWGTVGOGPVG [ UKP OGFKT NCU EQPUGEWGPEKCU GP UWU VGTTKVQTKQU VCPVQ GP HQTOC FKTGEVC EQOQ HCEKNKVCPFQ NC KPVGTXGPEKP FG GORTGUCU FG FKHGTGPVG QTKIGP EQP NQ EWCN NQU JCP FGITCFCFQ GPQTOGOGPVG.COGPVCDNGOGPVGUWHCNVCFGQTICPK\CEKPNGUJCKORGFKFQEQPVTQNCT NQU GHGEVQU PQ FGUGCFQU GP NQ UQEKCN [ CODKGPVCN .QU IQDKGTPQU [ NQU RTQRKQU CEVQTGU RTKXCFQU UG JCP XKUVQ UWRGTCFQU RQT GN CXCPEG XGTVKIKPQUQ FG NCU KPVGTXGPEKQPGUGPUWUVGTTKVQTKQU[NCUQDNKICEKQPGUFGOCPGLQSWGKORNKECP'NNQUG CITCX EQP NC RTGUKP GLGTEKFC RQT NCU RGTUQPCU FG OGPQTGU TGEWTUQU SWG OWEJCU XGEGU CNGPVCFQU RQT NQU RTQRKQU IQDKGTPQU SWG NGU GPVTGICTQP VKGTTCU FG HTQPVGTC
EQNQPK\CEKQPGU UKP NC UWHKEKGPVG CUKUVGPEKC VEPKEC [ ETGFKVKEKC XKGTQP GP NC GZRNQVCEKP KPFKUETKOKPCFC FG TGEWTUQU PCVWTCNGU UW PKEC RQUKDNG HWGPVG FG UWDUKUVGPEKC 2TEVKECOGPVGECFCKPVGTXGPEKPSWGGNJQODTGTGCNK\CGPUWGPVQTPQGPWPC HQTOCFGKTGETGCEKPL
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
 *G UQUVGPKFQ OWEJCU XGEGU SWG JC[ OWEJQU GPVWUKCUVCU FGN EQPEGRVQ RQTSWG FGUFG SWG JCDNCP FGN VGOC UWUVGPVCP UW RTQRKQ FGUCTTQNNQ

KFGUCTTQNNQ

UWUVGPVCDNGL


OKUOQU1VTQUCFQRVCPNCQREKPHCVCNKUVCQDKGPJCEGPNCTICUNKUVCUFG KRTQDNGOCU CODKGPVCNGULEQOQUKGUVQURTQDNGOCUHWGTCPCLGPQUCNSWGJCEGTJWOCPQ/WEJQU GPVKGPFGP NC INQDCNK\CEKP FG NQU OGTECFQU Q FG NCU TGFGU FG EQORWVCEKP [ EQOWPKECEKP RGTQ PQ FG NQU RTQDNGOCU CODKGPVCNGU [ UQEKCNGU 2CTC UQNWEKQPCT GUVQURTQDNGOCUCNIWPQUHQOGPVCPNCEQORGVGPEKCQVTQUNCEQPEKNKCEKP[WPCITCP RCTVG NQU KIPQTC OKGPVTCU PQ NQU CHGEVG FKTGEVCOGPVG UKP RGTECVCTUG SWG EQP GNNQ JKRQVGECPGNHWVWTQFGNCOKUOCUQEKGFCFCNCSWGRGTVGPGEGP 8KXKTUGTGPQFGPVTQFGGUVGOCTFGCEQPVGEKOKGPVQUFKCTKQUUKIPKHKECXKXKTGP GSWKNKDTKQ GSWKNKDTKQ KPVGTPQ Q GURKTKVWCN HCOKNKCT [ UQEKCN 'UVQ KORNKEC EQODKPCT GN JCEGT [ GN VGPGT EQP GN UGT GP HQTOC EQORCTVKFC [ GSWKVCVKXC 6CODKP KORNKEC FKURQPGTFGTGEWTUQUSWGUGGPEWGPVTCPGPGNOGFKQCODKGPVG[VTCPUHQTOCTNQURCTC UCVKUHCEGTPGEGUKFCFGUSWGETGEGPECFCFCKORNKECQEWRCT[JCDKNKVCTGNVGTTKVQTKQC NCUGZKIGPEKCUJWOCPCUTGURGVCPFQNCFKPOKECFGNGEQUKUVGOCKPVGTXGPKFQ[UQDTG VQFQEQPUGTXCTNQEQOQKUWUVGPVQFGNCUWUVGPVCDKNKFCFLFGNUGTJWOCPQ 6CNEQOQUGKPFKECCNRTKPEKRKQFGGUVCEJCTNCGNGSWKNKDTKQSWGKORNKECNQITCT WPFGUCTTQNNQUWUVGPVCDNG[UQUVGPKDNGGPUWOUOPKOCGZRTGUKPGUGNGSWKNKDTKQ FG WPC VTKNQIC GEQPOKEC UQEKCN [ CODKGPVCN UQDTG ECFC RGFC\Q FG VGTTKVQTKQ SWG JC[GPNCVKGTTC[WPGSWKNKDTKQRTQFWEVQFGNCPGIQEKCEKPGPVTGNQUGPECTICFQUFG CFOKPKUVTCT FKEJQU VGTTKVQTKQU 5K UG FKUGCP UKUVGOCU RCTC NNGICT C CEWGTFQU GPVTG UGTGUJWOCPQUSWGRGTOKVCPOCPVGPGTGUVGGSWKNKDTKQGPWPVGTTKVQTKQCFOKPKUVTCFQ RQTWPCUQEKGFCF[GPVTGVQFQUNQUFGOUVGTTKVQTKQUUGNQITCTCEQPUVTWKTNCUDCUGU SWGVKGPFCCNQITCTCNCUGTGPKFCFGURGTCFC7PCUQEKGFCFFGDGUGTECRC\GPVQPEGU FG PGIQEKCT CFGEWCFCOGPVG FGPVTQ FG UWU VGTTKVQTKQU [ GPVTG VGTTKVQTKQU &GDG UGT ECRC\ CFGOU FG GPHTGPVCT UKVWCEKQPGU GZVTGOCU Q FG KPEGTVKFWODTG #U EQOQ NC IGUVKPFGWPTGEWTUQEQOQGNCIWCGUIGUVKPFGEQPHNKEVQUGPVTGUGTGUJWOCPQU SWGEQORKVGPRQTWPOKUOQTGEWTUQNCIGUVKPRCTCGNFGUCTTQNNQUWUVGPVCDNGGUWPC IGUVKP FG EQPHNKEVQU GPVTG OGVCU UQEKCNGU GEQPOKECU [ CODKGPVCNGU 'P GUVQU ECUQU NCU RGTUQPCU FGDGP RTGRCTCTUG RCTC GPHTGPVCT UKVWCEKQPGU GZVTGOCU EQP OGFKFCURTGXGPVKXCU[FGOKVKICEKPFGUKVWCEKQPGUPQFGUGCFCU UVC UKVWCEKP FG ECODKQ EQPUVCPVG NNGXC C RTGEKUCT SWG GN FGUCTTQNNQ UQUVGPKDNG FGN UGT JWOCPQ UG NQITC UK NC UQEKGFCF SWG EQORCTVG WP VGTTKVQTKQ GU ECRC\ FG VQOCT FGEKUKQPGU FC C FC RCTC OCPGLCT WP EQPLWPVQ FG RTQEGUQU RCTC NKFKCT EQP NC KPEGTVKFWODTG [ NC EQORNGLKFCF ECWUCFC RQT GN EQORQTVCOKGPVQ FGN OGFKQSWGNCUWUVGPVC[FGNQUECODKQUGPUWURTQRKCUCEVKVWFGU[EQPQEKOKGPVQU 'UVQTGSWKGTGWPCDWGPCECRCEKFCFFGIQDGTPCDKNKFCF[EQORTQOKUQEQPGNVGOC 'N EQPEGRVQ FG FGUCTTQNNQ UWUVGPVCDNG [ UQUVGPKDNG RNCPVGC NC PGEGUKFCF FG HQTVCNGEGT [ RQVGPEKCT NCU EQPGZKQPGU G KPVGTCEEKQPGU GZKUVGPVGU GPVTG UKUVGOCU FKHGTGPVGUGNGEQPOKEQGNUQEKCN[GNCODKGPVCN5GVTCVCRQTNQVCPVQFGOCZKOK\CT VTGU QDLGVKXQU EQPHNKEVKXQU GP GN EQTVQ RNC\Q [ EQP KPHQTOCEKP KPEQORNGVC .C FKHKEWNVCF RCTC NQITCT GUVC OCZKOK\CEKP UG CETGEKGPVC RQT GN FGUEQPQEKOKGPVQ 2QT


WP NCFQ PQ UG UCDG PK EQOQ EWCPVKHKECT NQ SWG UGTC WP PKXGN RVKOQ FG FGUCTTQNNQ UQUVGPKDNG[CSWGUVGGUFGUEQPQEKFQUQDTGVQFQGPOCVGTKCFGNQSWGGUECNKFCF FG XKFC [ IGUVKP CODKGPVCN [ CFGOU ECODKC RGTOCPGPVGOGPVG GP GN VKGORQ [ UGIP NCU RGTUQPCU 2QT GN QVTQ NQU VTGU QDLGVKXQU UG OKFGP WUWCNOGPVG EQP KPFKECFQTGU SWG PQ VKGPGP CWP WP FGPQOKPCFQT EQOP 5QP QDLGVKXQU SWG UG GPEWGPVTCP GP FKHGTGPVGU RNCPQU C RGUCT FG ITCHKECTNQU GP WPQ UQNQ RQT UKORNG EQOQFKFCF 'NETGEKOKGPVQGEQPOKEQUGGZRTGUCGPKPFKECFQTGUOQPGVCTKQU .CUWUVGPVCDKNKFCFCODKGPVCNUGGZRTGUCGPKPFKECFQTGUCODKGPVCNGU .CGSWKFCFUGGZRTGUCGPDCUGCKPFKECFQTGUUQEKCNGU

.C OC[QTC FG NQU GUEGPCTKQU FG FGUCTTQNNQ UG GZRTGUCP EQP KPFKECFQTGU GEQPOKEQU GUGPEKCNOGPVG OQPGVCTKQU UVQU KPFKECFQTGU GP IGPGTCN PQ JCP UKFQ CRNKECFQUGPHQTOCUWHKEKGPVGRCTCXCNQTK\CTNQUQEKCN[NQCODKGPVCNCRGUCTFGGUVCT TGCNK\PFQUG WP CXCPEG UKIPKHKECVKXQ GP GUVG UGPVKFQ #FGOU NC HQTOC EQOQ GN CEVWCN CXCPEG GP NC GEQPQOC EQPUKFGTC NQU CURGEVQU CODKGPVCNGU [ UQEKCNGU PQ UWOKPKUVTC CP UWHKEKGPVG KPHQTOCEKP RCTC VQOCT FGEKUKQPGU GPHQECFQU JCEKC UW EQPUKFGTCEKP .CU FGEKUKQPGU RQT GNNQ PQ RWGFGP DCUCTUG PKECOGPVG GP KPFKECFQTGU GEQPOKEQU C RGUCT FG SWG GZKUVG NC VGPFGPEKC C ETGGT RQT GLGORNQ SWG UK VQFQ VWXKGTC FWGQ [ WP RTGEKQ UG RQFTC KKPEQTRQTCTL OGLQT NCU XCTKCDNGU CODKGPVCNGU %QOQDKGPNQUGCNCFKEJCVGTOKPQNQICGNKKPEQTRQTCTLEQPUKFGTCEKQPGUCODKGPVCNGU UKIPKHKEC SWG UG WVKNK\C GN GPHQSWG GEQPOKEQ PGQENUKEQ [ OQPGVCTKUVC RCTC KPVGTPCNK\CTCURGEVQUCPVGUPQEQPUKFGTCFQUGPNQUENEWNQUGEQPOKEQURGTQSWG UK GTCP RGTEKDKFQU RQT NCU RGTUQPCU &G JGEJQ GU HEKN XGT NC GXQNWEKP FG GUVC KPEQTRQTCEKPFGNCUCPVGUEQPUKFGTCFCUGZVGTPCNKFCFGUFGNQURTQ[GEVQU2TKOGTQUG JCECP GXCNWCEKQPGU GEQPOKECU [ HKPCPEKGTCU FG RTQ[GEVQU NWGIQ UG FGEKFK TGCNK\CTGXCNWCEKQPGUGEQPOKECU[UQEKCNGUFGRTQ[GEVQU[GPHQTOCOUTGEKGPVG UGCITGICNQCPVGTKQTNCGXCNWCEKPCODKGPVCNFGRTQ[GEVQU#WPEQPGUVGCXCPEG GP OWEJQU ECUQU NCU EQPUKFGTCEKQPGU UQEKCNGU [ CODKGPVCNGU FG RTQ[GEVQU PQ RCUCTQPFGUGTRTGUGPVCFQUEQOQWPCRPFKEGFGNQUOKUOQU 'P GUVCU CRTQZKOCEKQPGU UWEGUKXCU PQ UG OQFKHKEC GN GPHQSWG QTKIKPCN FG NC GEQPQOC PGQENUKEC UKPQ SWG UG CORNC RCTC EQPUKFGTCT CURGEVQU SWG CPVGU UG EQPUKFGTCTQPGZVGTPQUCNCFGEKUKPGEQPOKECEGPVTCNCWPEWCPFQCHGEVCTCPVCTFGQ VGORTCPQNCUOGVCUFGFGUCTTQNNQ&GDKFQCSWGGUVGGPHQSWGGUCWPNKOKVCFQUGJC FGUCTTQNNCFQNCVGQTCNNCOCFCGEQPQOCGEQNIKECSWGCLWKEKQFGSWKGPGZRQPGGU XNKFC [ VKN VGTKEC [ EQPEGRVWCNOGPVG RGTQ CP PQ GU CRNKECDNG RQT FKXGTUCU
 #ZGN &QWTQLGCPPK 'EQPQOC [ GEQNQIC FQU EKGPEKCU [ WPC TGURQPUCDKNKFCF HTGPVG C NC PCVWTCNG\C FKUVTKDWKFQ QTKIKPCNOGPVG RQT NC %'2#. EQOQ .%4 FG  FG QEVWDTG FG  [ RWDNKECFQ RQUVGTKQTOGPVG GP NC 4GXKUVC 'EQPQOC [ #FOKPKUVTCEKP 0  #Q  (CEWNVCF FG %KGPEKCU 'EQPOKECU [ #FOKPKUVTCVKXCU 7PKXGTUKFCF FG %QPEGREKP %QPEGREKP %JKNG LWPKQ FG  +550 


TC\QPGU GPVTG GNNCU GN GPQTOG FGUEQPQEKOKGPVQ FG NC DCUG CODKGPVCN [ FG NQU UGTXKEKQUCODKGPVCNGU /KGPVTCU GN FGUEQPQEKOKGPVQ FGN GPVQTPQ UWDUKUVC NCU UQEKGFCFGU FGDGP UGT ECRCEGU FG VQOCT FGEKUKQPGU RCTC OGLQTCT UW ECNKFCF FG XKFC UKP FKURQPGT PK FG FCVQUEQORNGVQUUQDTGNCUUKVWCEKQPGUCEVWCNGU[NCUSWGXCPCQEWTTKTPKFGOGVCU VQVCNOGPVGENCTCUUQDTGNQSWGFGUGCP.CKPVWKEKP[NCQDUGTXCEKPXCNGPOWEJCU XGEGUOUSWGVCDNCUFGGUVCFUVKECUSWG KRTWGDCPLNQEQPVTCTKQUKUVCUUGDCUCP GP RCTOGVTQU [ XCNQTGU SWG PQ UQP EQPHKCDNGU *C[ CP GUECUQU RCTOGVTQU CODKGPVCNGU NQ UWHKEKGPVGOGPVG ENCTQU [ RTGEKUQU [ EQP NCTIQU RGTQFQU FG TGIKUVTQ RCTC VQOCT FGEKUKQPGU UQDTG NC HQTOC FG CEVWCT UKP CHGEVCT GN OGFKQ CODKGPVG C NCTIQ RNC\Q Q RCTC RTGRCTCTUG RCTC GPHTGPVCT KORTGXKUVQU 'P NQU KPFKECFQTGU UQEKCNGUVCODKPUGVKGPGPUGTKCUNKOKVCEKQPGUFGDKFQCNCKPGZKUVGPEKCFGHQTOCUFG OGFKTRQTGLGORNQNCGHKEKGPEKCFGUGTXKEKQUFG UCNWF Q GFWECEKP [ GP IGPGTCN GN PKXGN FG DKGPGUVCT FG NC RQDNCEKP CU EQOQ FGHKPKT [ RTGEKUCT NQ SWG GU GSWKFCF LWUVKEKCUQEKCNQNQSWGGUWPNOKVGFGRQDTG\CPQUNQGEQPOKEC %QP TGURGEVQ CN CODKGPVG UG JCP FGUCTTQNNCFQ OWEJQU RCTOGVTQU TGNCEKQPCFQU EQP NC ECNKFCF FGN CIWC FGN CKTG FGN TWKFQ FG NCU EQPFKEKQPGU FG JKIKGPG Q FG WPC XKXKGPFC RGTQ C RGUCT FG GNNQ UG GUV NGLQU FG JCDGT NQITCFQ EQPQEGT GN GPVQTPQ 6QFQU NQU KPFKECFQTGU CODKGPVCNGU GUVP GP RNGPQ RTQEGUQ FG GXQNWEKPFGFGUEWDTKOKGPVQFGTGXKUKP[FGOQPKVQTGQ'UVQUKPFKECFQTGUUQPUKP GODCTIQOW[FDKNGU'NOGFKQCODKGPVGGUGPNCRTEVKECNQOGPQUGUVWFKCFQRQT GN UGT JWOCPQ # RGUCT FG GUVG FGUEQPQEKOKGPVQ GU NQ OU KPVGTXGPKFQ KPENWUKXG EQPECUKCDUQNWVCKIPQTCPEKCFGNQSWGGZKUVG[EQOQHWPEKQPCEQOQGPGNECUQFG NQUGEQUKUVGOCUOCTKPQU[NQUVTQRKECNGU/WEJQU KOQFGNQUCODKGPVCNGULNKOKVCPUW TGRTGUGPVCEKP C ITHKEQU EQP RCKUCLGU FG \QPCU EWDKGTVCU FG DQUSWGU HCWPC [ CTTQ[QUFGCIWCETKUVCNKPC.COGPVCDNGOGPVGGUQUOQFGNQUPQUQPUWHKEKGPVGURCTC QTKGPVCT GN OCPGLQ CODKGPVCN FG WPC TGIKP (CNVCP RQT NQ VCPVQ KPFKECFQTGU CODKGPVCNGUNQUEWCNGUCUWXG\UNQRWGFGPFKUGCTUGUKUGEQPQEGP[VKGPGPFCVQU UQDTGNCFKPOKECFGNQUGEQUKUVGOCU 7PC QREKP FKURQPKDNG RCTC VTCVCT FG KPFKECT WP EKGTVQ KPKXGN FG FGUCTTQNNQ UQUVGPKDNGL GU WVKNK\CT KPFKECFQTGU FG ECNKFCF FG XKFC UVQU KPFKECFQTGU JCP UKFQ
 +PVGTXGPKT GP WP OGFKQ CODKGPVG GU GSWKXCNGPVG C OQXGT WPC HKEJC GP WP VCDNGTQ FG CLGFTG\ *C[ SWG RGPUCT GP NQU GHGEVQU [ GUEGPCTKQU SWG XCP C QEWTTKT CPVGU FG OQXGT WPC RKG\C
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
XCUG *GTPP %QPVTGTCU [ #OTKEC %QTFGTQ
 'EQNQIC EQPUGTXCEKP FGUCTTQNNQ [ ECNKFCF FG XKFC 'F )PGUKU %CTCECU 8GPG\WGNC UGRVKGODTG FG 


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
WVKNK\CP WPC UGTKG FG HCEVQTGU RCTC CPCNK\CT NC ECNKFCF FG XKFC FGRGPFKGPFQ FGN VKRQ FG KORCEVQ NQU SWG UG KPFKECP C EQPVKPWCEKP C +ORCEVQ HKUKQNIKEQ
CNKOGPVCEKP [ PWVTKEKP UCNWF [ UCPKFCF CODKGPVCN D +ORCEVQ RUKEQHKUKQNIKEQ
XKXKGPFC GUVVKEC CODKGPVCN [ RQUKDKNKFCFGU FG FGUECPUQ [ TGETGCEKP E &GUCTTQNNQ EWNVWTCN RCTC NC RCTVKEKRCEKP FGN KPFKXKFWQ GP NC EQOWPKFCF
RQUKDKNKFCFGU FG FGUCTTQNNQ FG CRVKVWFGU [ ECRCEKFCFGU RQUKDKNKFCF FG RCTVKEKRCEKP GHGEVKXC GP NC UQEKGFCF [ RQUKDKNKFCF FG VTCDCLQ CFGEWCFQ C NCU CRVKVWFGU FGN JQODTG F %QPFKEKQPCOKGPVQ RUKEQNIKEQ FG NCU TGNCEKQPGU JWOCPCU
FGTKXCFQ FG NCU TGNCEKQPGU JWOCPCU [ FGTKXCFQ FGN ITCFQ FG UGIWTKFCF KPFKXKFWCN [ EQNGEVKXC [ G &GRGPFGPEKC GEQNIKEC
GSWKNKDTKQ [ RTQFWEVKXKFCF FG NQU GEQUKUVGOCU GUVCDKNKFCF GEQNIKEQCODKGPVCN [ WUQ CRTQRKCFQ FG NQU TGEWTUQU PCVWTCNGU  'U UKPVQOVKEQ QDUGTXCT NC GUECUC RTGQEWRCEKP FG RCUGU UQDTG VQFQ NQU SWG UQP OCUKXQU

GZRQTVCFQTGU FG TGEWTUQU PCVWTCNGU RQT EQPQEGT GN GPVQTPQ FG FQPFG QDVKGPGP UWU ICPCPEKCU 'UVQU RCUGU RWGFGP RQUGGT OKNGU FG DCTEQU RGUSWGTQU RGTQ CRGPCU WPQ Q FQU DCTEQU FG KPXGUVKICEKP OCTKPC IGPGTCNOGPVG FQPCFQU RQT WP RCU GZVTCPLGTQ Q RWGFGP CWOGPVCT DTWVCNOGPVG UWU GZRQTVCEKQPGU FG

KEJKRUL

FG OCFGTC UKP

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

KEJKRUL

FG OCFGTC PCVKXC QEWTTG NQ OKUOQ .Q OU ITCXG GU SWG UG FGUVTW[G EQP GNNQ NCU

KHDTKECUL

FQPFG

QEWTTGP NQU RTQEGUQU PCVWTCNGU FG RTQFWEEKP


HQTOC CTDKVTCTKC 'P NC GEQPQOC UG WVKNK\C VCODKP [ UNQ TGEKGPVGOGPVG NQU EQPEGRVQUFG EWGPVCUFGRCVTKOQPKQPCVWTCNTGEQPQEKGPFQGPCNIWPCHQTOCGNXCNQT SWG VKGPGP FKEJQU TGEWTUQU GP NC GEQPQOC FG WP RCU
CWPSWG RTGHKGTGP FGLCTNQU EQOQEWGPVCUUCVNKVGURQTXCTKCUECWUCU5KUGFGUGCOCPVGPGTWPDCNCPEGTGCNFG ETGEKOKGPVQ GEQPOKEQ UG GUV RQT NQ VCPVQ QDNKICFQ C CEGRVCT NCU RTFKFCU SWG UKIPKHKECRCTCWPRCUNCFGITCFCEKPFGNQUGEQUKUVGOCUSWGIGPGTCPQ KRTQFWEGPL TGEWTUQUPCVWTCNGUQUKUGCIQVCPNQUSWGPQUQPTGPQXCDNGUCFGOUFGNQUGHGEVQU FCKPQUSWGCHGEVCPGNRCVTKOQPKQPCVWTCNGZCEGTDCFQRQTWPCGZRNQVCEKPKTTCEKQPCN [NCFKURQUKEKPFGFGUGEJQUUQDTGVQFQVZKEQU 'PIGPGTCNWPRCUEQPITCPETGEKOKGPVQKPFWUVTKCNRTKXKNGIKCRTGEKUCOGPVGNQU GNGOGPVQUPCVWTCNGU[NCUWUVGPVCDKNKFCFCODKGPVCNVCPVQFGNQUGNGOGPVQUPCVWTCNGU SWGNGSWGFCPGPUWVGTTKVQTKQEQOQNQUTGEWTUQUSWGPQVKGPGP[UGGPEWGPVTCPGP QVTCUTGIKQPGU
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
GZRTGUCFQUGPOGOQTKCNGU FKTKIKFQUCNCRTGUKFGPEKC[OW[GUECUCGPOQFGNQUCHWVWTQ &GDKFQ C GUVC UKVWCEKP GZKUVG NC VCTGC KPKEKCN FG FKUGCT GUEGPCTKQU FG UKVWCEKQPGU GZKUVGPVGU [ FGUGCFCU 'UVQ UG NQITC EQPXKTVKGPFQ NQU NKUVCFQU FG RTQDNGOCUGPOQFGNQUFGQDLGVKXQUFGNQUCEVQTGURTGUGPVGUGPECFCTGIKP%QPNC NKUVCQTFGPCFC[ENCUKHKECFCFGQDLGVKXQUGUHCEVKDNGFGVGTOKPCTGNHWVWTQFGUGCFQRQT NQUJCDKVCPVGUFGFGVGTOKPCFCTGIKP%QPHTQPVCPFQNQUQDLGVKXQUFGNQUJCDKVCPVGU [NCUFGQVTQUCEVQTGUSWGKPVGTXKGPGPGPNCTGIKPEQPNCUKVWCEKPGZKUVGPVG[NQU TGEWTUQU FKURQPKDNGU GP NC OKUOC GU HCEVKDNG FGVGTOKPCT SWG QDUVEWNQU JC[ SWG UWRGTCT [ SWG CNVGTPCVKXCU Q GUVTCVGIKCU RQFTCP FKUGCTUG RCTC CNECP\CT NCU OGVCU FGUGCFCU



.QUGUEGPCTKQUEQPHNKEVKXQU[ EQPEKNKCVQTKQURCTCGNFGUCTTQNNQ
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
WPHWPFQWPC\QPCOKPGTC UKGPFQGPIGPGTCNUWRGTURGEVKXCFGHWVWTQFGEQTVQQOGFKCPQRNC\QGPHWPEKP FGNCTGPVCDKNKFCFVGORQTCNFGUWCEVKXKFCFRTQFWEVKXC5WRTGQEWRCEKPCODKGPVCN[ UQEKCNPQTOCNOGPVGUNQGUVXKPEWNCFCCPQCHGEVCTUWTGPVCDKNKFCFGEQPOKEC[C OCPVGPGT GN RTQRKQ GPVQTPQ FQPFG XKXG RGTQ PQ GN GPVQTPQ FG FQPFG QDVKGPG UW TGPVCCPQUGTSWGUVGUGXGCCHGEVCFQGPUWUKPITGUQURQTGNRTQRKQRTQEGUQFG RTQFWEEKPQWPCNG[UGNQKORQPIC


5K DKGP VQFQU GUVQU ITWRQU CURKTCP C CNECP\CT WP FGUCTTQNNQ JWOCPQ UQUVGPKDNG
KUWUVGPVCPFQUWUWUVGPVQLCEQTVQOGFKCPQQNCTIQRNC\QUGIPUGCGN CEVQTKPXQNWETCFQUQPRQEQUNQUSWGVKGPGPWPOQFGNQENCTQFGNQSWGGUQUKIPKHKEC GP VTOKPQU FG UQNKFCTKFCF [ UQDTG VQFQ FG EOQ NQITCTNQ #FGOU RCTC ITCHKECT GUEGPCTKQU C HWVWTQ PQ UNQ JC[ SWG VGPGT EQPQEKOKGPVQ G KOCIKPCEKP UK PQ SWG VCODKPUGPGEGUKVCFKURQPGTFGXCTKCDNGUSWGFGCNIWPCHQTOC KOQFGNGPLNCUKFGCU FGNCURGTUQPCURCTCSWGUGRWGFCVTCPUOKVKTGNRGPUCOKGPVQ 'NUGTJWOCPQEQOQGNJCDKVCPVGFGEQOWPKFCFGUKPFIGPCUEWPVQOUUG UKGPVCNKICFQCUWITWRQUQEKCN[GPVQTPQCUWOGOGLQTUWRTGUGTXCEKP'PECODKQGN JCDKVCPVG FG ITCPFGU EGPVTQU WTDCPQU NQ XKUWCNK\C FG OU NGLQU GP HQTOC OGPQU EQORTQOGVKFC[OUKPFKXKFWCNKUVC.CUFKOGPUKQPGUGPQTOGUFGNCOC[QTCFGNQU OWPKEKRKQUFGNCTGIKPSWGVKGPGNOKVGUKORWGUVQU[ECRTKEJQUQU[PQJGTGFCFQU RQT VTCFKEKP RTGJKURPKEC KORKFGP CFGOU EQORTQOGVGT C NC RQDNCEKP GP VCTGCU EQPLWPVCU'UVCUKVWCEKPPQUWEGFGRQTGLGORNQ GP 'WTQRC FQPFG NQU OWPKEKRKQU UQP OWEJQ OU RGSWGQU [ UWU QTIGPGU UG TGOQPVCP C EKGPVQU FG CQU UKP OQFKHKECEKQPGUFGNOKVGUPKFGRQDNCEKP
CPVKIWQUDWTIQU[HGWFQU %QPTGNCEKPCNQFGUGCFQRQTGNUGT JWOCPQ UG JC TGEWTTKFQ ECUK UKGORTG C FGEKT SWG NQ SWG PGEGUKVC GU CWOGPVCT UW KFGUCTTQNNQL CWP EWCPFQ PQ UG CENCTG NQ SWGGUVQUKIPKHKEC'UEQPQEKFQSWGNCKPVGTRTGVCEKPFGNQUQDLGVKXQU[UKIPKHKECFQ FGNXQECDNQ KFGUCTTQNNQLNNGXCOWEJCUXGEGUCRQNOKECUKPCIQVCDNGU[RQEQVKNGU 5GIP 2KGTTG FG <WVVGT KFGUCTTQNNCTL HWG ECUK UKGORTG KPVGTRTGVCFQ EQOQ KJCEGT ETGEGTL'NUWDFGUCTTQNNQEQPUKUVCGPGUVCTOCTIKPCFQFGNCGEQPQOCOWPFKCN[FG NCU DQPFCFGU FG NC UQEKGFCF FG CDWPFCPEKC RGTQ PQ VQOCDC GP EWGPVC GN UGT
FGUCTTQNNCTUG'UVCKPVGTRTGVCEKPSWGTGRTGUGPVCWPQDLGVKXQFGRTKOGTQTFGPPQ RWGFG FGUNKICTUG UKP GODCTIQ FGN JCEGT [ GN VGPGT RCTC NQITCTNQ # WPC RGTUQPC ECTGPVG FG TGEWTUQU GUGPEKCNGU NQ RTKOGTQ SWG NG KPVGTGUC GU JCEGT [ VGPGT CNIQ 5NQCURQFTFGFKECTUGCEWNVKXCTGNUGT'PQVTCURCNCDTCUNCUPGEGUKFCFGUDUKECU FGN JQODTG FGDGP UGT UWRNKFCU XC HCEKNKVCTNGU WP GORNGQ Q VTCDCLQ Q CEVKXKFCF TGOWPGTCFCRCTCSWGRWGFCFGUCTTQNNCTUG .CUUKVWCEKQPGU[EQPVTCUVGUGPVTGNQUUGTGUJWOCPQUSWGXKXGPGPNCTGIKP NCVKPQCOGTKECPCQNQUSWGWUWHTWEVCPUWUTGEWTUQUFCPEWGPVCFG NC RTGUGPEKC FG WP POGTQ KPHKPKVQ FG GUEGPCTKQU Q GUVKNQU FG FGUCTTQNNQ FGUVCEPFQUG EQP GN RTQRUKVQ FG GZRNKECEKP NC FG NQU FQU OQFGNQU OU CPVCIPKEQU WPQ FG QTKIGP GPFIGPQ[QVTQFGQTKIGPGZIGPQ

KFGUCTTQNNQ TGIKQPCNL EQOQ VTCFWEEKP FG KTGIKQPCN FGXGNQROGPVL EWCPFQ KJCDKNKVCEKP FGN VGTTKVQTKQ RCTC NC XKFC JWOCPCL Q FGN KFGUCTTQNNQ FG NQU UGTGU JWOCPQU FGPVTQ FGN ODKVQ FG WPC TGIKPL +IWCN UWEGFG CN JCDNCT FG KFGUCTTQNNQ FG TGEWTUQU JFTKEQUL EQOQ VTCFWEEKP NKVGTCN FG KYCVGT TGUQWTEGU FGXGNQROGPVL .Q SWG GP TGCNKFCF UG JCEG GU KCRTQXGEJCTL GN CIWC RCTC GN FGUCTTQNNQ FGN JQODTG [ PQ KFGUCTTQNNCT GN CIWCL
EQPHWUKQPGU 2QT GLGORNQ UG JCDNC FG SWK\U UGC OU EQTTGEVQ JCDNCT FG

 'UVG VTOKPQ VTCFWEKFQ OWEJCU XGEGU FGN KPINU GP HQTOC FKTGEVC QTKIKPC XCTKCU KPVGTRTGVCEKQPGU [


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
[SWGCPUGGPEWGPVTCGP CNIWPQU TGFWEVQU CKUNCFQU VKGPG GP NCU CPVKIWCU RQDNCEKQPGU [ EQOWPKFCFGU FG KPFIGPCUNCVKPQCOGTKECPQUUWURTKPEKRCNGU RTQVCIQPKUVCU 'U WP OQFGNQ SWG RWGFG ECNKHKECTUG FG CWVQEQPVGPKFQ EQP TGNCVKXCOGPVG RQEC KPVGTCEEKP EQP OQFGNQU OQFGTPQU [ GZVGTPQU CWP EWCPFQ PQ GU CLGPQ C GNNQU 'UVG OQFGNQ CFGOU GU EQORCTVKFQ KFGQNIKECOGPVG RQT RGTUQPCU SWG UKP UGT KPFIGPCU PK CWVEVQPQU NQ FGHKGPFGP EQOQ GN SWG FGDG RGTFWTCT [ EQPUQNKFCTUG RCTC NQITCT GN FGUCTTQNNQ UQUVGPKDNG .COGPVCDNGOGPVG UK DKGP GUVQU GUEGPCTKQU VKGPGP WPC UGTKG FG TCUIQU RQUKVKXQU VCODKP GUVP CUQEKCFQU C NC RTGUGPEKC FG DCLQU PKXGNGU FG ECNKFCF FG XKFC EQOQ RQT GLGORNQ CNVC OQTVCNKFCF KPHCPVKN ETVKEQU PKXGNGU FG PWVTKEKP DCLQ CEEGUQ C UGTXKEKQU UQEKCNGU DCLQ PKXGN FG GFWECEKP EQPXGPEKQPCN 'UVQ PQ NGU RGTOKVG PGIQEKCT EQP RTQRKGFCF EQP GN OWPFQ GZVGTKQT #FGOU GN GUVCPECOKGPVQ GEQPOKEQ GP SWG UG GPEWGPVTCP JC OQVKXCFQ NC GZRWNUKP FG OWEJQU FG UWU OKGODTQU UGC RQT FGEKUKP RTQRKC GP DWUEC FG PWGXCU QREKQPGU FG XKFC UGC RQT SWGNCOKUOCEQOWPKFCFPQRWGFGFCTNGUVTCDCLQFGUFGGNOQOGPVQGPSWGGZKUVG WP ETGEKOKGPVQ RQDNCEKQPCN SWG UWRGTC NC RQUKDKNKFCF FG IGPGTCTNGU GORNGQ G KPITGUQU *C[WPEKGTVQEQPUGPUQSWGWPHWVWTQOGLQTRCTCGUVGGUEGPCTKQUGUWUVGPVC GPNCRQUKDKNKFCFFGKPEQTRQTCTGPNQUCURGEVQURTQFWEVKXQUVGEPQNQICU[CXCPEGU SWGJCPUKFQFGUCTTQNNCFCUGPQVTCUTGIKQPGUUKPCDCPFQPCTNQUTCUIQUEWNVWTCNGUSWG UG EQPUKFGTCP RQUKVKXQU .Q SWG PQ UG UCDG CWP GU EQOQ JCEGTNQ GP WPC GUECNC CFGEWCFCVCPVQRCTCTGURGVCTNCUKFGPVKFCFGUNQECNGUEQOQRCTCEWDTKTWPC CORNKQ VGTTKVQTKQJGVGTQIPGQEQOQGUGNFG#OTKEC.CVKPC*CUVCNCHGEJCUGJCTGEWTTKFQ GUGPEKCNOGPVG C TGCNK\CT RTQ[GEVQU FG CRQ[Q NQECN FG FKXGTUQ VKRQ ENUKECOGPVG EQPQEKFQUEQOQ KRKNQVQULRGTQSWG JCP VGPKFQ GUECUC TGRNKECDKNKFCF GP NC TGIKP C RGUCT FG EQPVCT EQP XCTKQU GLGORNQU GZKVQUQU 'P NC TGIKP UG GUV NKVGTCNOGPVG KRNCICFQLFGRTQ[GEVQURKNQVQUKPGXCNWCEKQPGUPKTRNKECU 'NUGIWPFQGUEGPCTKQRCTVG[GXQNWEKQPCFGUFGWPCXKUKP GZIGPC5GRWGFG ECNKHKECT EQOQ CDKGTVQ VGPFKGPVG C NC INQDCNK\CEKP FGN KPVGTECODKQ EQOGTEKCN VGEPQNIKEQ HKPCPEKGTQ [ GFWECVKXQ [ TGRTGUGPVC NCU RQUKEKQPGU FG NCU EWNVWTCU [ CEVQTGUSWGEQORCTVGPWPCNIKECGEQPOKECGZVTCEVKXC[EQPUWOKUVCVGPFKGPFQC NC OC[QT GHKEKGPEKC GEQPOKEC C NC CRGTVWTC EQOGTEKCN Q C NQU SWG CNIWPQU ECVCNQICP FG KOQFGTPKFCFL 'UVG OQFGNQ UNQ GP NQU NVKOQU CQU UG JC


RTGQEWRCFQ RQT KPEQTRQTCT NC VGOVKEC CODKGPVCN GP UWU FGEKUKQPGU RQT GLGORNQ CRNKECPFQ GUVWFKQU FG KORCEVQ CODKGPVCN RCTC VTCVCT SWG UWU CEVKXKFCFGU PQ QECUKQPGPOC[QTGUGHGEVQUPGICVKXQUGPGNOGFKQCODKGPVG'UVCHQTOCFGJCEGTNQ PQ JC NQITCFQ CWP OWEJQU GHGEVQU XKUKDNGU GP GN OGFKQ SWG EQPVKPWC UKGPFQ FGVGTKQTCFQ *C[VCODKPWPITWRQFGKPVGTXGPVQTGUGZIGPQUKPHQTOCNGUSWGKPVGTXKGPGP RCTC GZRNQVCT TGEWTUQU SWG VKGPGP FGOCPFC GP GN OGTECFQ GZVGTPQ EQOQ UQP NQU RGSWGQUOKPGTQUEWNVKXCFQTGUFGEQEC[RTQEGUCFQTGUFGEQECPCNQUGZVTCEVQTGU FG EKGTVQU RTQFWEVQU HQTGUVCNGU NQU EC\CFQTGU ENCPFGUVKPQU [ TGEQNGEVQTGU [ EWNVKXCFQTGU OKITCPVGU 5QP NQU ITWRQU OU FKHEKNGU FG EQPVTQNCT Q CRQ[CT 1DXKCOGPVG PQ EQPFWEGP GUVWFKQU FG KORCEVQ CODKGPVCN PQ UG KPVGITCP VCORQEQ EQPNCRQDNCEKPNQECN[CNPQUGTHQTOCNGUUQPKPEQPVTQNCDNGU2WGFGPUGTKNGICNGU RGTXGTUQU Q PQ RGTXGTUQU [ EQP ITCPFGU KPITGUQU Q KPITGUQU OPKOQU 'P CODQU ECUQU CHGEVCP HWGTVGOGPVG GN GPVQTPQ .Q NCOGPVCDNG FG GUVCU UKVWCEKQPGU GU SWG OWEJQU ITWRQU SWG UG FKEGP KCODKGPVCNKUVCUL UG RTGQEWRCP UNQ FGN OGFKQ CODKGPVGFQPFGUGRTQ[GEVCNCEQPUVTWEEKPFGITCPFGUQDTCUEQOQNCUJKFTWNKECU RGTQ RQEQ Q PCFC FG NCU \QPCU FQPFG PQ UG RNCPKHKEC EQPUVTWKT RTQ[GEVQU RGTQ UK GZKUVGP KPVGTXGPEKQPGU DTWVCNGU [ UQNCRCFCU FG EQTVG [ SWGOC EWNVKXQ FG EQEC Q OZKOCRGPFKGPVGHCDTKECEKPFGEQECPCEQPGNEQPUKIWKGPVGXGTVKFQFGVZKEQU[ NCXCFGTQU ENCPFGUVKPQU FG QTQ EQP WUQ FG OGTEWTKQ $CUVC FGEKT SWG UG XC C EQPUVTWKTWPFKSWGRCTCSWGCRCTG\ECPEKGPVQUFGQTICPKUOQUPQIWDGTPCOGPVCNGU[ RTGQEWRCFCU RGTUQPCU EQP NQ SWG RCTCFLKECOGPVG FQPFG UG EQPUVTW[GP ITCPFGU QDTCUJC[OURTGQEWRCEKPCODKGPVCNSWGFQPFGPQUGEQPUVTW[GP .QU ITWRQU GPFIGPQU JCP UKFQ EQPHTQPVCFQU FGUFG NC NNGICFC FG NQU GWTQRGQU EQP WPC XKUKP GZIGPC GZVTCEVKXC [ PQTOCNOGPVG GHKEKGPVG GP UWU RTQRUKVQU 5KP GODCTIQ GU HEKNOGPVG EQORTQDCDNG SWG NC UWUVGPVCDKNKFCF CODKGPVCNSWG NQITCP NQU GZVTCEVQTGU GUVC OWEJQ OU GP GN NWICT FQPFG NNGXCP NQU TGEWTUQU SWG FQPFG NQU GZVTCGP 'U FGEKT SWG OWEJCU TGIKQPGU UQDTG VQFQ NCU RTQRKCUECRKVCNGUFGNQURCUGUFGNCTGIKP KKORQTVCPUWUVGPVCDKNKFCFCODKGPVCNLC EQUVC FG QVTQU NWICTGU .CU KPHNWGPEKCU EQOGTEKCNGU C XGEGU OU SWG NCU KPVGTXGPEKQPGUFKTGEVCUFGNQUCEVQTGUGZIGPQUGPECFCTGIKPUKIWGPQECUKQPCPFQ WPRTQHWPFQECODKQGPNCUUKVWCEKQPGUUQEKCNGU[CODKGPVCNGUNQECNGUCNHQOGPVCTNC GZVTCEEKP FG TGEWTUQU PCVWTCNGU GP HQTOC UGNGEVKXC [ FGUVTWEVKXC FG TGEWTUQU CUQEKCFQUFGPWNQKPVGTUGEQPOKEQKPOGFKCVQ[GPITCPGUECNC .QU ITWRQU FG FGEKUKP FG NC OKUOC UQEKGFCF NCVKPQCOGTKECPC OC[QTOGPVG TCFKECFQUGPITCPFGU\QPCUWTDCPCUVKGPGPCRGUCTFGXKXKTGPNCTGIKPWPCXKUKP FGVKRQGZIGPQFGNTGCTWTCN'UVQUGJCCIWFK\CFQGPVKGORQUTGEKGPVGUEQPNCU VGPFGPEKCUCNCRTKXCVK\CEKP[NCINQDCNK\CEKPFGNCGEQPQOC.QUIQDKGTPQUFGNQU RCUGU FG NC TGIKP PQ JCP JGEJQ GZRNEKVQ GP NC GNCDQTCEKP FG UWU RQNVKECU GUVC FWCNKFCF FG GPHQSWGU Q OQFGNQU GPFIGPQU [ GZIGPQU PK EQOQ TGUQNXGT NQU EQPHNKEVQUGPVTGGNNQU


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
CXGEGU 'U EQPEQTFCPVG EQP NC CHKTOCEKP CPVGTKQT SWG GP IGPGTCN GN VQVCN FG NCU KPXGTUKQPGU GHGEVWCFCU RCTC OGLQTCT NC ECNKFCF FG XKFC FG NQU JCDKVCPVGU TWTCNGU PQTOCNOGPVG PQ UWRGTC GN  FGN OQPVQ FG NCU KPXGTUKQPGU GHGEVWCFCU RCTC NC GZRNQVCEKP FG NQU TGEWTUQU GPGTIVKEQU [ OKPGTCNGU RQT EKVCT UNQ FQU TGEWTUQU GZRNQVCFQU GP NC TGIKP 'UVQ VKGPG UKP FWFC WPC GZRNKECEKP GEQPOKEC RGTQ UW TCEKQPCNKFCF FGDG UGT CPCNK\CFC GP HWPEKP FG NCU OGVCU FG FGUCTTQNNQ UWUVGPVCDNG 2QT GLGORNQ WPQ FG NQU ITCPFGU CWUGPVGU GP NCU \QPCU TWTCNGU OU RQDTGU GU GN CEEGUQCNETFKVQCITCTKQ[NCVGEPQNQIC #JQTC DKGP C RGUCT FG NCU FKHKEWNVCFGU CODQU OQFGNQU GN GZIGPQ [ GN GPFIGPQ UQP RQVGPEKCNOGPVG EQORNGOGPVCTKQU 'U QDXKQ SWG OWEJQU TGEWTUQU PCVWTCNGU PQ VGPFTCP XCNQT FG OGTECFQ Q PQ RQFTCP UGT GZRNQVCFQU UK PQ UG KPXKTVKGUGPITCPFGUECRKVCNGU[VGEPQNQICFGRWPVCQUKPQUGJWDKGUGFGUEWDKGTVQ UW WVKNK\CEKP GP KPXGUVKICEKQPGU CXCP\CFCU CDTKPFQUG OGTECFQU KPVGTPCEKQPCNGU C FKEJQURTQFWEVQUEQOQGNECUQFGNNKVKQSWGUGGPEWGPVTCGPNQUUCNCTGUFG$QNKXKC[ %JKNG 2QTQVTQNCFQNCUEWNVWTCUNQECNGUUQPNCUFGRQUKVCTKCUFGNRCVTKOQPKQEWNVWTCN [ FG NC EQPUGTXCEKP FG NC DKQFKXGTUKFCF DCUG TGCN FG NC UWUVGPVCDKNKFCF FG NC GURGEKGJWOCPCCUEQOQFGWPEQPQEKOKGPVQCECDCFQFGNGPVQTPQ 5KPFKXGTUKFCF EWNVWTCN[UKPFKXGTUKFCFDKQNIKECPQGURQUKDNGNCUWUVGPVCDKNKFCF.CUWUVGPVCDKNKFCF GSWKXCNG GP ITCP OGFKFC C NC RQUKDKNKFCF FG UWUVKVWEKP %WCPVQ OU XCTKGFCF DKQNIKECGZKUVCOC[QTGUUQPNCUQREKQPGUFGUQUVGPKDKNKFCFFGNCJWOCPKFCF



.CUGUECNCU[NCFKPOKECFGNFGUCTTQNNQ
7P RTKOGT EQPFKEKQPCPVG SWG FGVGTOKPC NC GUECNC FG ECNKFCF FG XKFC Q PKXGN FG FGUCTTQNNQUQUVGPKDNGFGWPCUQEKGFCF GU GN ITCFQ FG GXQNWEKP FG NC UQEKGFCF EQP TGNCEKP CN EQPQEKOKGPVQ [ ECRCEKFCF FG KOCPGLCTL NQU RTQEGUQU PCVWTCNGU FG RTQFWEEKPGPEQODKPCEKPEQPRTQEGUQUCTVKHKEKCNGUFGRTQFWEEKP
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
 .CU UQEKGFCFGU FG IGUVKP EGTTCFC CWVQEQPVGPKFC SWG CFOKPKUVTCP UW VGTTKVQTKQ UKP OC[QT

KPVGTECODKQ RWGFGP GP VGQTC CNECP\CT WP RWPVQ FG GSWKNKDTKQ Q FG UWUVGPVCDKNKFCF GP UW FGUCTTQNNQ


CODKGPVCNGU CWP EWCPFQ PQ UGC GP WP ITCFQ OW[ KCXCP\CFQL 1VTCU RTKXKNGIKCP GN ETGEKOKGPVQGEQPOKEQRQTUQDTGNQUQEKCN[CODKGPVCNQVTCUGPECODKQRTKXKNGIKCP NQUQEKCN[EQOWPCNUQDTGNQGEQPOKEQ[CNIWPCUNCUOGPQUDWUECPRTKXKNGIKCTNQ CODKGPVCN 5K VGTKECOGPVG UG CEGRVC SWG GP PKPIWPC FG GUVCU UQEKGFCFGU UG NNGICTC C ETGCT UKVWCEKQPGU GZVTGOCU SWG CHGEVGP GN FGUCTTQNNQ UWUVGPVCDNG [ UQUVGPKDNG GU KPFWFCDNGSWGUWUJCDKVCPVGUXKXKTPCPVGFKHGTGPVGUGUVKNQUDCLQFKHGTGPVGU GUECNCU FGXKFC7PITWRQJWOCPQFGJCDKVCPVGUFGWPCTGIKPTGNCVKXCOGPVGRGSWGCEQP RQEQU TGEWTUQU PCVWTCNGU RGTQ DWGPC QTICPK\CEKP [ EQPQEKOKGPVQ FG UW GPVQTPQ RWGFG CP EQP RQEQU TGEWTUQU CNECP\CT WP FGUCTTQNNQ UQUVGPKDNG RGTQ FG GUECNC TGNCVKXCOGPVGDCLC'PNCUOKUOCUEKTEWPUVCPEKCUFGKPEQOWPKECEKPNQUCEVQTGUSWG RQUGGP WP VGTTKVQTKQ CORNKQ EQP ITCP XCTKGFCF FG TGEWTUQU WP DWGP FGUCTTQNNQ VGEPQNIKEQ [ WP UKUVGOC FG FGEKUKP RCTVKEKRCVKXQ RWGFGP CNECP\CT WP FGUCTTQNNQ UQUVGPKDNGFGGUECNCUWRGTKQT 'P CODQU ECUQU UK GN FGUCTTQNNQ UQUVGPKDNG UG JCEG GP HQTOC CKUNCFC UKP KPVGTECODKQU EQP QVTQU VGTTKVQTKQU NC XGNQEKFCF FG GXQNWEKP UGT OU NGPVC CP EWCPFQ C XGEGU OU UGIWTC SWG UK GNNQ UG JCEG EQP WPC CRGTVWTC CN GZVGTKQT 'P GHGEVQGPGUVGNVKOQECUQVCNVGTTKVQTKQUGGZRQPGCFGRGPFGPEKCUGZVGTPCUQVTQU GUVKNQU FG XKFC [ PKXGNGU FG EQPUWOQ Q HWGTVGU FGOCPFCU UQDTG CNIWPQU FG UWU TGEWTUQU PCVWTCNGU 2QT GNNQ WPC UQEKGFCF PQTOCNOGPVG EGTTCFC CN GZVGTKQT FGDG GUVCT RTGRCTCFC RCTC GPECTCT NQU FGUCHQU FG NC INQDCNK\CEKP UKP RGTFGT UW RTQRKC UWUVGPVCDKNKFCF 'ZKUVGPKPVGTECODKQUFGTGEWTUQUPCVWTCNGUFGNCU\QPCUTWTCNGURQTDKGPGUFG EQPUWOQ GNCDQTCFQU GP \QPCU EQP OC[QT ETGEKOKGPVQ GEQPOKEQ EQOQ WPC \QPC WTDCPC7PCTGIKPEQPITCPECPVKFCFFGTGEWTUQUPCVWTCNGUVKGPGNCRQUKDKNKFCFFG GZRNQVCT [ GZRQTVCT NQ SWG GP NC RTEVKEC UGTC UWUVGPVCDKNKFCF CODKGPVCN [C UGC OGFKCPVGNCXGPVCFGOKPGTCNGUOCFGTCQIGPGTCEKPFGJKFTQGPGTIC.CUTGIKQPGU TWTCNGU PQTOCNOGPVG GZRQTVCP UWUVGPVCDKNKFCF CODKGPVCN JCEKC NQU ITCPFGU EGPVTQU WTDCPQUQCNGZVGTKQT 'P NC RTEVKEC GU OW[ TCTQ SWG NQU RTQEGUQU FG IGUVKP RCTC CNECP\CT GN FGUCTTQNNQUQUVGPKDNGUGTGCNKEGPUNQCNKPVGTKQTFGWPODKVQJCDKGPFQGPIGPGTCN WPC KPVGTCEEKP EQPUVCPVG GPVTG VGTTKVQTKQU .CU XGPVCLCU [ NCU ETGEKGPVGU RQUKDKNKFCFGU FG KPVGTECODKQ FG NQU RTQEGUQU FG ETGEKOKGPVQ GEQPOKEQ
ECRKVCN VGEPQNQIC OCPGLQ GORTGUCTKCN FGUCTTQNNQ UQEKCN [ UWUVGPVCDKNKFCF CODKGPVCN JCP NNGXCFQECFCXG\OUCNCINQDCNK\CEKPFGECUKVQFCUNCUCEVKXKFCFGUJWOCPCU .QU GPEWGPVTQU GPVTG FKHGTGPVGU VGTTKVQTKQU NNGXC CRCTGLCFQ GN EJQSWG FG FKHGTGPVGURTKQTKFCFGUGPNQUQDLGVKXQUFGFGUCTTQNNQUQUVGPKDNG'NOQFGNQGPFIGPQ UKDKGPGPWPCGUECNCDCLCPQTOCNOGPVGDCNCPEGCQDLGVKXQUUQEKCNGUGEQPOKEQU[ CODKGPVCNGU GP NCU VQOCU FG FGEKUKP KPKEKCN GP VCPVQ SWG GN OQFGNQ GZIGPQ


KPVGTPCEKQPCN RTKXKNGIKC GN ETGEKOKGPVQ GEQPOKEQ UQDTG NQU QVTQU FQU EQP NC KFGC SWGNWGIQUGRQFTRTQFWEKTGNGSWKNKDTKQEQPNQUQEKCN[NQCODKGPVCNFKUVTKDW[GPFQGN RTQFWEVQFGNETGEKOKGPVQ[EQPVTQNCPFQNQUGHGEVQUPGICVKXQUGPGNGPVQTPQ'UVQCN OGPQUGPNCVGQTC

.CINQDCNK\CEKP[NCEQPEGPVTCEKP GURCEKCNFGNFGUCTTQNNQ
#U EQOQ UG XKUWCNK\C NC VGPFGPEKC C NC INQDCNK\CEKP [ C NC EQPEGPVTCEKP WTDCPC FGUFGGNRWPVQFGXKUVCGEQPOKEQUQDTGVQFQEQOGTEKCNVCODKPUGPGEGUKVCVGPGT QRKPKQPGU UQDTG GN GHGEVQ FG GUVQU FQU RTQEGUQU UQDTG GN CODKGPVG [ UQDTG NCU UQEKGFCFGU %QP TGURGEVQ C NQU RTQEGUQU FG INQDCNK\CEKP UK UG DWUEC WP FGUCTTQNNQ UQUVGPKDNG WPKXGTUCN UG FGDG CFQRVCT WP GPHQSWG JQNUVKEQ JCEKC NC VKGTTC
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
FGOCPFCPVG FG ECRKVCN [ VGEPQNQIC EQOQ FG OCPGLQ IGTGPEKCN GU NC GZRNQVCEKP OGPQT GU NC RQUKDKNKFCF FG RCTVKEKRCEKP TWTCN NQECN FGDKFQ C UW HCNVC FG RTGRCTCEKP 2QT GNNQ NQU RTQEGUQU ETGEKGPVGU FG RTKXCVK\CEKP FG GZRNQVCEKQPGU OKPGTCU Q GPGTIVKECU OU UQHKUVKECFCU DWUECP RTGEKUCOGPVGGPVTGICTNCGZRNQVCEKPFGNQUTGEWTUQUCSWKGPGURWGFCPCRQTVCTWP ECRKVCN C NC XG\ SWG KPEQTRQTCT WPC ECRCEKFCF FG CFOKPKUVTCEKP IGTGPEKCN 'UVG GPHQSWGFGKPFWFCDNGXCNQTRCTCNCGHKEKGPEKCGEQPOKECGNKOKPCCPOUGNCEEGUQ


FGNCURGTUQPCUTWTCNGUNQECNGUPQRTGRCTCFCUCGUVCUPWGXCUHWGPVGUFGVTCDCLQSWG VGTOKPCPOWEJCUXGEGUFGGORNGCFQUFGUGTXKEKQGPNCUECUCUFGNQUGLGEWVKXQUFG GUVQUGPENCXGUSWGUGGPEWGPVTCPGPUWUVGTTKVQTKQU .CUEQPEGPVTCEKQPGUWTDCPCUGP#OTKEC.CVKPCUQPGPRCTVGWPCTGURWGUVCC GUVCKPECRCEKFCFNQECNRCTCCUKOKNCTUGCNCKPVGTXGPEKPGZVGTPCGPUWUVGTTKVQTKQUCU EQOQUCVKUHCEGTUWUPWGXCUGZKIGPEKCUFGEQPUWOQ .CU EQPEGPVTCEKQPGU WTDCPCU ETGCP OU QREKQPGU FG VTCDCLQ FGDKFQ C NC XCTKGFCFSWGQHTGEGP1HTGEGPNCRQUKDKNKFCFFGGORNGCTUGGPVTCDCLQUSWGTGSWKGTGP OGPQU RTGRCTCEKP SWG NCU SWG GZKIGP NCU ITCPFGU GORTGUCU OKPGTCU WDKECFCU NCU \QPCU TWTCNGU FG FQPFG RTQXKGPGP [ NGU RCICP OU SWG UWU VTCDCLQU ENUKEQU FG ECORQ #FGOU GU OU HCEVKDNG SWG TGEKDCP CNIP VKRQ FG GPVTGPCOKGPVQ GP NCU \QPCUWTDCPCUSWGGPNCUTWTCNGU # EQTVQ RNC\Q NCU EKWFCFGU QHGTVCP OWEJCU QREKQPGU RCTC UWDUKUVKT OU CWP EWCPFQ GP NCU \QPCU WTDCPCU GU OU HEKN TGEKDKT UWDUKFKQU [ SWG NC TGPVC RQT VTCDCLCT GP OCPWHCEVWTCU [ UGTXKEKQU GU OWEJQ OC[QT SWG OCPKRWNCPFQ RTQEGUQU PCVWTCNGU FG RTQFWEEKP EQOQ GP NC CITKEWNVWTC Q ICPCFGTC .C ENCXG FG NC UWUVGPVCDKNKFCF FG NC GURGEKG JWOCPC GUV UKP GODCTIQ GP VGPGT QREKQPGU CNVGTPCVKXCU [ GUVKNQU XCTKCDNGU FG XKFC RCTC RQFGT RGTRGVWCTUG EQOQ GURGEKG %WCPVQ OGPQU QREKQPGU VKGPG RCTC XKXKT GU OWEJQ OU XWNPGTCDNG 'P NQU HGPOGPQU FG EQPEGPVTCEKP WTDCPC KPHNW[GP GP HQTOC EQPVTCRWGUVC GUVC CHKTOCEKP .CUITCPFGUEQPEGPVTCEKQPGUWTDCPCUQHTGEGPOUQREKQPGURQTNQVCPVQOU UWUVGPVCDKNKFCFRQTNCRQUKDKNKFCFFGUWDUVKVWKTWPCHWGPVGFGKPITGUQUQFGXKFCRQT QVTC.CUITCPFGUEQPEGPVTCEKQPGUFGUGTGUJWOCPQUGPWPUNQNWICTVCODKPNQU JCEGOUXWNPGTCDNGURQTSWGRTGUGPVCCNQUUGTGUJWOCPQUGPHQTOCJQOQIPGC[ EQORCEVQURQTGLGORNQRCTCTGEKDKTGNGHGEVQFGWPCRGUVGEQNGEVKXCNQUGHGEVQUFG WPC ECVUVTQHG PCVWTCN EQOQ WP ITCP VGTTGOQVQ Q GN CVCSWG EQPEGPVTCFQ FG CNIP GPGOKIQ 'PNQUEGPVTQU WTDCPQU RQT NQ VCPVQ UG ICPC GP QREKQPGU KPFKXKFWCNGU FG XKFC C EQTVQ RNC\Q RGTQ UG RKGTFG GP QREKQPGU EQNGEVKXCU FG UQDTGXKXGPEKC C NCTIQ RNC\QUQDTGVQFQGPNQCODKGPVCN[GPNQUQEKCN5GICPCGPXWNPGTCDKNKFCFEQNGEVKXC %QOQ EQPENWUKP RCTEKCN UG RWGFG FGEKT SWG QVTQ CURGEVQ RCTC HQOGPVCT GN FGUCTTQNNQUQUVGPKDNGTGSWKGTGEQPUKFGTCTGNDCNCPEGGPNCFKUVTKDWEKPFGNCRQDNCEKP UQDTG GN VGTTKVQTKQ 'P GUVC FKUVTKDWEKP KPHNW[G RQFGTQUCOGPVG NC KPGSWKFCF GP NCU KPVGTCEEKQPGU GPVTG VGTTKVQTKQU 6QFQ FGUDCNCPEG GP NC VTKNQIC GEQPOKEC UQEKCN Q CODKGPVCN RTQXQEC VCTFG Q VGORTCPQ OKITCEKQPGU FG WPC \QPC C NC QVTC \QPC FG RGTUQPCU DWUECPFQ NCU EQORGPUCEKQPGU PGEGUCTKCU 7PQU DWUECP VTCDCLQ GP NC EKWFCF[QVTQUDWUECPCODKGPVGUUCPQUGPGNECORQ


+PFKECFCU NCU RTKPEKRCNGU XCTKCDNGU UQEKCNGU CODKGPVCNGU [ GEQPOKECU CUQEKCFCU C NC DUSWGFC FGN FGUCTTQNNQ UQUVGPKDNG EW[Q EQORQTVCOKGPVQ GU GZRNKECDNGGPHQTOCKPFGRGPFKGPVGGUPGEGUCTKQGXCNWCTUWKPVGTCEEKPEKGTVCOGPVG EQORNGLC NC SWG UG OCPKHKGUVC FGPVTQ FG ECFC VGTTKVQTKQ GP RCTVKEWNCT [ GPVTG VGTTKVQTKQUFKUVKPVQU 'U WP JGEJQ KPPGICDNG SWG GU OU HEKN CNECP\CT GSWKNKDTKQU FG FGUCTTQNNQ UQUVGPKDNGRCTCGNUGTJWOCPQFGPVTQFGVGTTKVQTKQUGZRTGUCOGPVGFGNKOKVCFQU[EQP NOKVGU KPVCPIKDNGU G KPCOQXKDNGU 'P IGPGTCN GP FKEJQU ECUQU RQFC QEWTTKT FQU QREKQPGU WPC SWG GN VGTTKVQTKQ OKUOQ [ NQU EQPQEKOKGPVQU FG UW RQDNCEKP RCTC WVKNK\CTNQ UGCP ECRCEGU FG CRQTVCT NQ PGEGUCTKQ RCTC UWUVGPVCT C UWU JCDKVCPVGU [ QVTQ ECUQ GP SWG FKEJQU JCDKVCPVGU KKORQTVGPL UWUVGPVCDKNKFCF FG QVTQU VGTTKVQTKQU RQT CNIP KPVGTECODKQ EQOGTEKCN Q UKORNG EQPSWKUVC [ FQOKPKQ RQT CPGZCEKP Q EQNQPKCNKUOQFGQVTQU .C EQORCTVKOGPVCNK\CEKP FG NQU VGOCU SWG FGDGP UGT EQPUKFGTCFQU RCTC RTQRQPGT UQNWEKQPGU GU QVTC FKHKEWNVCF #U EQOQ GP WPC RQEC [C CPVKIWC UG GPEQPVT OU HEKN FKUGEVCT VGTTKVQTKQU GP EQORCTVKOGPVQU EGTTCFQU EQP NOKVGU KKPVCPIKDNGUL RCTC RQFGT CFOKPKUVTCTNQU GP QVTC RQEC TGUWNV OU HEKN KUGEVQTKCNK\CT GN RGPUCOKGPVQL GP FKUEKRNKPCU [ ECTTGTCU RTQHGUKQPCNGU [ GP TGCU GURGEKCNK\CFCUFGRTQFWEEKP%QPGUVGUKUVGOCUGRWGFGPNQITCTRVKOQURCTEKCNGU RGTQPQINQDCNGU.CURGTUQPCUFGWPCOKUOCRTQHGUKPSWGEQOQUGCNWPCXG\ KEQORCTVGP WP CNGITG KPEGUVQ KPVGNGEVWCN HGNKEKVPFQUG OWVWCOGPVG RQT RGPUCT KIWCNLCNGXKVCTNCUEQPHTQPVCEKQPGUFKUEKRNKPCTKCUIGPGTCNOGPVGRKGTFGPGNUGPVKFQFG NQJQNUVKEQ 'N FGUCTTQNNQ UQUVGPKDNG GP EQPUGEWGPEKC PQ GU CRTGEKCFQ HEKNOGPVG EQOQ WPQDLGVKXQFGPKXGNINQDCNSWGFGDGUGTCNECP\CFQRQTVQFQUNQUUGTGUJWOCPQU[ SWGCFGOUFGDGRNCPVGCTUGEQPUQNWEKQPGUJQNUVKECU'UVQUKIPKHKECSWGGPIGPGTCN NCU RQNVKECU FG UWUVGPVCDKNKFCF UG RTGUGPVCP OWEJQ OU GP VTOKPQU KPFKXKFWCNGU SWG EQNGEVKXQU [ OU CWP GP HQTOC UGEVQTKCNK\CFC QREKQPGU GEQPOKECU UQEKCNGU CODKGPVCNGU[QVTCU 2CTC GXKVCT NCU EQPEGPVTCEKQPGU GZEGUKXCU FG RQDNCEKP DWUECPFQ EQP GNNQ OCPVGPGT EQPFKEKQPGU GSWKNKDTCFCU FG ECNKFCF FG XKFC GPVTG NQ GEQPOKEQ UQEKCN [ CODKGPVCNJC[SWGOGLQTCTNCECRCEKFCFFGIGUVKPFGNQUFKHGTGPVGUITWRQUNQECNGU FGUFG GN PKXGN HCOKNKCT EQOWPCN OKETQTGIKQPCN Q TGIKQPCN [ PQ UNQ VTCPUHGTKT VGEPQNQICU ECRKVCNGU [ RGTUQPCN ECNKHKECFQ JCEKC CNIWPQU GPENCXGU GP NCU \QPCU TWTCNGU 'P NC ECRCEKFCF FG IQDGTPCDKNKFCF [ IGUVKP FG ECFC UQEKGFCF TGUKFG NC ECRCEKFCF FG UWUVGPVCDKNKFCF FG NC TGIKP Q VGTTKVQTKQ SWG CFOKPKUVTCP 'UVC ECRCEKFCF VCODKP EQPFKEKQPC GN KPVGTECODKQ EQP QVTQU VGTTKVQTKQU GP DCUGU


GSWKVCVKXCU0QUGFGDGRQTNQVCPVQGZRQTVCTIGUVQTGUFGQVTQUNWICTGUCNCU\QPCU TWTCNGUUKPQVKGPGEQOQHKPNVKOQVTCPUHGTKTGUVCECRCEKFCFCNQUCEVQTGUNQECNGU .C RQUKDKNKFCF FG OQFKHKECT NCU XCTKCDNGU FGN FGUCTTQNNQ UQUVGPKDNG GP VCNGU \QPCUGPGNEQPVGZVQFGRTQEGUQUFGIGUVKPPQUGNQITCTUKPVGPGTGPEWGPVCNCU RQUKDKNKFCFGU FG KPVGTCEEKP EQP QVTCU TGIKQPGU TGEQPQEKGPFQ NQU FGTGEJQU FG UWU JCDKVCPVGU [ ECRCEKVPFQNQU RCTC PGIQEKCT 'U GUGPEKCN RQT GLGORNQ SWG RCTVG FG NCUTGPVCUQDVGPKFCUCNGZVTCGTTGEWTUQUFGNCU\QPCUTWTCNGUSWGFGPGPNC\QPCFG FQPFGUGQDVKGPGPCQDLGVQFGHCEKNKVCTGNOGLQTCOKGPVQFGNCUEQPFKEKQPGUNQECNGU

2TQEGUQUFGIGUVKPRCTCCNECP\CT GSWKNKDTKQUGPGNFGUCTTQNNQ
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
 #ZGN &QWTQLGCPPK 2TQEGFKOKGPVQU FG IGUVKP RCTC GN FGUCTTQNNQ UQUVGPKDNG
CRNKECFQU C OKETQTTGIKQPGU [ EWGPECU +PUVKVWVQ .CVKPQCOGTKECPQ [ FGN %CTKDG FG 2NCPKHKECEKP 'EQPOKEC [ 5QEKCN
+.2'5 &QEWOGPVQ 4GX 5GTKG 'PUC[QU 5CPVKCIQ FG %JKNG QEVWDTG FG 


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