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EQOWPKECEKPFGUGORGCPWPRCRGNENCXGGPNCUFKHGTGPVGUGVCRCUFGWPC
KPKEKCVKXC FGG)QDKGTPQEQOQGN+PVGTPGVEQOWPKECEKPKPCNODTKEC[NC
KPVGITCEKPFGCRNKECEKQPGU[UGIWTKFCF



+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

'N TGVQ UNQ RQFT UGT GPHTGPVCFQ UK UG EQPUKIWG WPC ETGCVKXC G KPPQXCFQTC
CNKCP\CGPVTGGNUGEVQTRTKXCFQ[GNUGEVQTRDNKEQSWGICTCPVKEGSWGPCFKG UGC
GZENWKFQFGNCUQRQTVWPKFCFGUFGNCVGEPQNQICRQTTC\QPGUGEQPOKECUQFG
FGUXGPVCLCUQEKCN

2CTCGNNQGN+0'+EQPVTKDW[GCVTCXUFGNCGNCDQTCEKPFG2QNVKECU2NCPGU[NC
RTQOQEKP FG OGVQFQNQICU SWG HCEKNKVGP GN FKUGQ G KORNGOGPVCEKP FGN G
)QDKGTPQ GP RCTVKEWNCT 2CTC GN ECUQ GN 2NCP 'UVTCVIKEQ FG 6GEPQNQIC FG
+PHQTOCEKP
2'6+GUWPKPUVTWOGPVQSWGCRQ[CGNRTQEGUQFGRNCPKHKECEKP[
FGUCTTQNNQFGNCU6+GPNCU+PUVKVWEKQPGUFGN'UVCFQ
'N OQFGNQ NC #FOKPKUVTCEKP 2DNKEC GP NPGC
G)QDKGTPQ Q IQDKGTPQ
GNGEVTPKEQ GU NC CRNKECEKP FG PWGXCU VGEPQNQICU FG KPHQTOCEKP [
EQOWPKECEKP LWPVQ EQP NC VTCPUHQTOCEKP FG NQU RTQEGFKOKGPVQU NC
KORNCPVCEKP FG PWGXQU OVQFQU [ GUVKNQU FG VTCDCLQ NC ECRCEKVCEKP FG NQU
GORNGCFQU GP NCU 6+% GN VTCDCLQ GP ITWRQ [ NC RTGUVCEKP FG UGTXKEKQU FG
ECNKFCFCNENKGPVG
GNEKWFCFCPQ

5GEQPUKFGTCPGEGUCTKQNCKORNGOGPVCEKPFGWP2NCP'UVTCVIKEQ[NCUCEEKQPGU
SWGUGFGTKXGPEQPGNQDLGVQFG
x CEVWCT TRKFCOGPVG RCTC CRTQXGEJCT GN GPQTOG RQVGPEKCN RTQFWEVKXQ SWG
QHTGEG+PVGTPGV
OW[RTQPVQNCUQRQTVWPKFCFGU[RQUKDKNKFCFGURWGFGPXGTUG
EGTTCFCU RQT NC RQUKEKP FQOKPCPVG SWG CNECPEGP NCU GORTGUCU G
KPUVKVWEKQPGUSWGNCUWVKNKEGPRTKOGTQ

x KPETGOGPVCT UWUVCPEKCNOGPVG NQU CEVWCNGU PFKEGU FG RGPGVTCEKP FG NQU

OGFKQU [ UGTXKEKQU FG KPHQTOVKEC [ VGNGEQOWPKECEKQPGU KPENW[GPFQ NCU
\QPCU TWTCNGU [ CKUNCFCU FGN RCU UK UG FGUGC CRTQXGEJCT CN OZKOQ NCU
XGPVCLCUFGNCUPWGXCUVGEPQNQICU5KPEQDGTVWTCFGVGNGEQOWPKECEKQPGUPQ
JC[FGOQETCVK\CEKP[FGUEGPVTCNK\CEKPFGNCEEGUQ
x OCUKHKECT NC GFWECEKP [ ECRCEKVCEKP GP +PVGTPGV
PQ DCUVC VGPGT CEEGUQ
JC[ SWG RQVGPEKCT UW GORNGQ %WCPVQ OC[QT UGC NC RQDNCEKP [ NCU
GORTGUCU GP ECRCEKFCF FG WUCT [ VGPGT CEEGUQ C NQU UGTXKEKQU OC[QT
FGOCPFCGZKUVKT
x RTKQTK\CT NCU CEEKQPGU FG GUVG RNCP GP NC RTQITCOCEKP [ CUKIPCEKP FG
TGEWTUQU [ EQPVCT EQP GN OU CNVQ TGURCNFQ IWDGTPCOGPVCN RCTC SWG
CNECPEGP GN ZKVQ FGUGCFQ NQITCT NC CEGRVCEKP [Q RCTVKEKRCEKP FG NCU
GORTGUCU[UQEKGFCFEKXKNGPGNFGUCTTQNNQFGNCUCEEKQPGUGLGEWVCFCURQTGN
'UVCFQGPGNOCTEQFGGUVGRNCP

'ZKUVGP UGTXKEKQU SWG UQP FG EQORGVGPEKC GURGEHKEC FG NQU OKPKUVGTKQU Q
KPUVKVWEKQPGU RDNKECU EW[CU ECTCEVGTUVKECU RNCPGU OGVCU [ TGEWTUQU UQP
IGTGPEKCFQUFKTGEVCOGPVGRQTGNNQU[SWGPQUQPEQPUKFGTCFQUFKTGEVCOGPVGGP
GUVG FQEWOGPVQ RGTQ SWG GP UW GLGEWEKP FGDGTP VQOCT GP EWGPVC NQU
+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

QDLGVKXQU GUVTCVIKEQU CSW HQTOWNCFQU RCTC IGPGTCT UKPGTIKCU [ CWOGPVCT NQU

DGPGHKEKQUFGNCUCEEKQPGURTGXKUVCU
&GUFGGNRWPVQFGXKUVCFGN'UVCFQUG TGSWKGTG
8+5+0

7P OQFGNQ FG IGUVKP FG TGEWTUQU ECRC\ FG CEGNGTCT NC FGUEGPVTCNK\CEKP

KPVGITCPFQ DTKPFCPFQ OGLQTGU UGTXKEKQU [ HCEKNKVCPFQ GN CEEGUQ FG NQU
EKWFCFCPQU [ NCU GORTGUCU C NC KPHQTOCEKP

'UVC XKUKP FG HWVWTQ RTGVGPFG GPHCVK\CT GN TQN FGN 'UVCFQ FG CEVWCT FG OCPGTC
GHKEKGPVG [ VTCPURCTGPVG RCTC JCEGT TGCNKFCF GN FGTGEJQ FG NQU EKWFCFCPQU [ NCU
GORTGUCU FG TGEKDKT UGTXKEKQU FG ECNKFCF CEEGFGT C NC KPHQTOCEKP RDNKEC [
TGNCEKQPCTUG CEVKXCOGPVG EQP NC #FOKPKUVTCEKP 2DNKEC FGUFG EWCNSWKGT NWICT
[ EQP FKXGTUQU OGFKQU RTGHGTGPVGOGPVG NQU VGEPQNIKEQU
/+5+0

(CEKNKVCT NC KPEQTRQTCEKP [ WUQ GHKEKGPVG FG NCU VGEPQNQICU FG KPHQTOCEKP [

EQOWPKECEKP RCTC EQPVCT EQP WP 'UVCFQ OQFGTPQ ECRC\ FG RTGUVCT UGTXKEKQU
FG ECNKFCF QRQTVWPQU UGIWTQU [ CEEGUKDNGU CN EKWFCFCPQ CEGTECT CN EKWFCFCPQ
C NC IGUVKP RDNKEC [ HCEKNKVCT GN CEEGUQ KTTGUVTKEVQ [ WPKXGTUCN C NC KPHQTOCEKP
C VQFC NC RQDNCEKP RCTC SWG RCTVKEKRGP GP NC EQPUVTWEEKP [ GP NQU DGPGHKEKQU
FG NC 5QEKGFCF FG NC +PHQTOCEKP

'N CRQTVG GUVTCVIKEQ FG NCU 6+ C NC OQFGTPK\CEKP FGN 'UVCFQ RGTOKVG NC

KORNCPVCEKP FG PWGXQU OQFGNQU FG IGUVKP SWG CEGNGTCP NQU RTQEGUQU CDTGP
PWGXQU ECPCNGU FG EQOWPKECEKP GP NQU FQU UGPVKFQU TGFWEGP EQUVQU [ VKGORQ
[ RQUKDKNKVCP QRGTCT GP OWEJQU ECUQU KPFGRGPFKGPVGOGPVG FGN VKGORQ [ NC
FKUVCPEKC

'NZKVQFGNCOKUKPRNCPVGCFC
FGOCPGTCKPVGITCNTRKFCFKTGEVC[GHGEVKXC
KORNKECSWGNCUKPUVKVWEKQPGUFGN'UVCFQTGFGHKPKTPUWQTICPK\CEKPRCTC
x &KUGCTUWUUGTXKEKQUEGPVTCFQUGPGNEKWFCFCPQEQPECNKFCFQRQTVWPKFCF
UGIWTKFCF[CEEGUKDKNKFCFEQPUKFGTCPFQUWUPGEGUKFCFGUGURGEHKECU

x #ORNKCTUWUEQORGVGPEKCU[JCDKNKFCFGURCTCOQPKVQTGCTGNKORCEVQFGNCU
PWGXCU VGEPQNQICU CN KPVGTKQT FG NCU QTICPK\CEKQPGU [ GP NC UQEKGFCF GP
IGPGTCN
x &KUGCTOGECPKUOQUFGEQQTFKPCEKP[EQQRGTCEKPGPVTGQTICPKUOQUFGN
'UVCFQHNGZKDNGU[GPNPGCEQPNCUPWGXCUVGEPQNQICURCTCSWGQRVKOKEGP
TGEWTUQU [ GUHWGT\QU GP NC RWGUVC GP OCTEJC FG UQNWEKQPGU VGEPQNIKECU
EQORNGLCU[HKCDNGU



+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

x 6TCDCLCT GP HWPEKP FG NQ SWG GN OGTECFQ NCU KPUVKVWEKQPGU [ EKWFCFCPQU
FGOCPFCP RTQOQXKGPFQ [ FGVGEVCPFQ QRQTVWPKFCFGU SWG DTKPFCP NCU
PWGXCUVGEPQNQICU

x &GUCTTQNNCTRTQ[GEVQUEQPLWPVQU EQPNCUQEKGFCFEKXKN[NCUGORTGUCURCTC
UWRGTCTNCUDCTTGTCUSWGKORKFGPCITCPFGU UGEVQTGUFGNCRQDNCEKPCEEGFGT
CNCOQFGTPKFCF
x 6TCPUHQTOCTNCUONVKRNGUQRQTVWPKFCFGUSWGQHTGEGPNCUPWGXCUVGEPQNQICU
FG KPHQTOCEKP [ EQOWPKECEKP GP RTQ[GEVQU XKCDNGU RCTC RQVGPEKCT GN
FGUCTTQNNQFGNCUQEKGFCFFGNCKPHQTOCEKPGPGNRCU

.CTC\PRTKPEKRCNRCTCNCHQTOWNCEKPFGGUVG2NCP'UVTCVIKEQFG6+GUVQOCT
NC KPKEKCVKXC RCTC CEVWCT TRKFC EQPEGTVCFC [ GHKEKGPVGOGPVG RCTC NQITCT SWG
NQU EKWFCFCPQU [ NCU GORTGUCU RWGFCP WUCT [ FKUHTWVCT NQU DGPGHKEKQU FG NC
OQFGTPK\CEKPFGN'UVCFQDCUCFCGPNCU6+%


1DLGVKXQUFGN2'6+

&GUFGGNRWPVQFGXKUVCFGN+0'+NC/GVQFQNQIC2'6+XGTUKPDWUEC
x

/GLQTCTNC)GUVKPFGNQU5GTXKEKQU+PHQTOVKEQUFGNCUGPVKFCFGURDNKECU

1TKGPVCTGNFGUCTTQNNQFGNQU2TQ[GEVQUFG6+GPNCUGPVKFCFGURDNKECURCTC
NCEQPUVKVWEKPFGNG)QDKGTPQ



'UVCDNGEGT WP GPNCEG [EQPEQTFCPEKCGPVTGNCU6GEPQNQICU'UVTWEVWTCFCU[

6GEPQNQICUFG1DLGVQURCTCGNFGUCTTQNNQFG2TQ[GEVQUFG6GEPQNQICFG
+PHQTOCEKP
1TKGPVCT NCU CEVKXKFCFGU KPHQTOVKECU GP GN OCTEQ FGN 2NCP 'UVTCVIKEQ
0CEKQPCNK [UWUCEVWCNK\CEKQPGU

'XQNWEKPFGNC/GVQFQNQIC+PHQTOVKECFGN+0'+

.C /GVQFQNQICU +PHQTOVKEC FGN +0'+ PQ JC UKFQ CLGPC CN FGUCTTQNNQ FG NCU
VGEPQNQICUKPHQTOVKECUFGNQUNVKOQUCQUNQUGUHWGT\QU FGNQUEGPVTQUFG
KPXGUVKICEKPGPWPKXGTUKFCFGU[GORTGUCUJCPGUVCFQRWGUVQUGPGNFGUCTTQNNQ
FG RTQRWGUVCU SWG RWGFCP UGT PTGCNOGPVG KORNGOGPVCFCUQ [ PQ UQNCOGPVG
GUDQ\CFCU
.QUPUCNVQUQ CNCUVGEPQNQICUFGQDLGVQUPQJCPUKFQVQVCNOGPVGUCVKUHCEVQTKQU
UWKORNGOGPVCEKPTGCNGPRTQ[GEVQUFGFGUCTTQNNQFGUKUVGOCUJCPHTCECUCFQ
Q JCP FGOQTCFQ GP UW KORNGOGPVCEKP IGPGTCPFQ RTFKFCU Q GNGXCPFQ NQU
EQUVQUFGNRTQ[GEVQFGDKFQHWPFCOGPVCNOGPVGCSWGGNPGUVCFQFGCTVGQ FGNCU
VGEPQNQICUFGDCUGUFGFCVQUJGTTCOKGPVCUFGOQFGNCOKGPVQ[FGUCTTQNNQCU
EQOQ FG GXCNWCEKP FG RTQFWEVQU PQ GUVCDCP C NC RCT FG NQU UWRWGUVQU
VGTKEQU
+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP



#FGOU GN PQ EQPVCT EQP RGTUQPCN RTGRCTCFQ RCTC KORNGOGPVCT GUVQU
RTQ[GEVQU GP GN OGFKQ OCN GPFOKEQ GP UQEKGFCFGU GP XCU FG FGUCTTQNNQ [
SWG UNQ UG RWGFG UQNWEKQPCT HQTOCPFQ PWGXQU EWCFTQU VEPKEQU Q
KORQTVPFQNQURCTCUWUVGPVCTGNFGUCTTQNNQFGNQURTQ[GEVQU
/CTEQ%QPEGRVWCNRCTCGNFGUCTTQNNQFGN2'6+

'N OCTEQ EQPEGRVWCN GORNGCFQ RQT NCU XGTUKQPGU CPVGTKQTGU FG NCU
RWDNKECEKQPGU FG  NC /GVQFQNQIC +PHQTOVKEC FGN +0'+ GUVCDC GUVTWEVWTCFQ
UQDTGNCDCUGFGNQURTKPEKRKQUFGNCVGEPQNQICGUVTWEVWTCFCCUUGJK\QPQVCT
GPNCUXGTUKQPGU[FGN2'6+
CPVGU25+CUEQOQGPNCUXGTUKQPGUFGDCUGFG
FCVQUFGUCTTQNNCFQTGU[WVKNKVCTKQU
'LVHxRGHO
0RGHOR
GH6LVWHPDV
,QVWLWXFLRQDOHV

'HILQLFLyQ\
RUJDQL]DFLyQ
GHO3(7,

$OLQHDPLHQWR
GHO3(7,FRQHO
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3ODQHVGH$FFLyQ
(YDOXDFLyQ%6&

,GHQWLILFDFLyQGH
5HTXHULPLHQWRV
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0RGHOR
GH$UTXLWHFWXUD
7HFQROyJLFD

'NGUSWGOCIGPGTCNFGNC/GVQFQNQIC2'6+GUNCSWGUGOWGUVTCGPGNITHKEQ
EW[CUHCUGUUQP
x
x
x
x
x



&GHKPKEKP[1TICPK\CEKPFGN2'6+
#NKPGCEKPFGN2'6+EQPGN2NCP'UVTCVIKEQ+PUVKVWEKQPCN
+FGPVKHKECEKPFG4GSWGTKOKGPVQU
&KUGQFGN/QFGNQFG5KUVGOCU+PUVKVWEKQPCN
&KUGQFGN/QFGNQFG#TSWKVGEVWTC6GEPQNIKEC
2NCPGUFG#EEKP

2TQURGEVKXCFGNFGUCTTQNNQFGNCUVGEPQNQICUFG+PHQTOCEKPGPNCUGPVKFCFGU
FGNGUVCFQRGTWCPQRCTCNCRTKOGTCFECFCFGNPWGXQ UKINQ

'N RNCPVGCOKGPVQ SWG UG RTGUGPVC GU EQJGTGPVG EQP GN P2NCP 0CEKQPCN FG
&GUCTTQNNQ+PHQTOVKEQ Q
CEVWCNOGPVGGPGTCXGTUKP[GN/QFGNQ



+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

FG &GUCTTQNNQ FG 5KUVGOCU [ 5GTXKEKQU RNCPVGCFQU GP GN FQEWOGPVQ

P.KPGCOKGPVQURCTCNC%TGCEKPFG NC5QEKGFCFFG+PHQTOCEKPGPGN2GTQ
( P SUHV D V \& LXG D GD QRV
,QWHUP HG LD ULR V
3 & 

0 RGHOR
3 UR SXHVWR

' LVS R VLWLYRV \P HG LR VG H$FFHVV

7 9  7 HOpIRQR . LRVNR
& DELQD
& DEOH
0 y Y LO  0 XOWLP HGLD 3 ~EOLFD

3 UR YHH GRUH V
( [WUDQHWV

3 RUWDOH V
,QWUDQH W

0 LQLVWHULRV\
2 UJDQLVP RV3 ~EOLFRV

( [WUDQHWV

* RELHUQR V/RFDOHV
8 QLYHUVLGDGHV\& ROHJLRV

$UHD GHDFFLyQG HO,1 ( ,

'PGNNOKVGGNEKWFCFCPQ[NCUGORTGUCUPQFGDGTCPPGEGUKVCTEQPQEGTSWKP
Q SWG FGRGPFGPEKC DTKPFC GN UGTXKEKQ Q EOQ GUV QTICPK\CFC NC KPUVKVWEKP
RCTCCEEGFGT[WUCTWPUGTXKEKQFGVGTOKPCFQFGNC#FOKPKUVTCEKP2DNKEC.C
OCPGTCEQOQGUVQUUGTXKEKQU
FKIKVCNK\CDNGUUQPQTICPK\CFQU[QHGTVCFQUFGDG
UGTVTCPURCTGPVGRCTCGNWUWCTKQ'UVGGUWPKFGCNCNSWGFGDGTCVGPFGTNCHQTOC
GPSWGGNEKWFCFCPQ[NCUGORTGUCUTGUWGNXGPUWUPGEGUKFCFGUFGFCT[TGEKDKT
KPHQTOCEKPFG[JCEKCNC#FOKPKUVTCEKP2DNKEC

5GTC FGUGCDNG VCODKP SWG NC OC[QT RCTVG FG NQU UGTXKEKQU FG KPHQTOCEKP
RWGFCPUGTTGCNK\CFQUCVTCXUFGTGFGU[UGTCEEGUKDNGUGP+PVGTPGVRQTNQEWCN
FGDGTP VQOCTUG NCU RTGXKUKQPGU FGN ECUQ RCTC CVGPFGT NCU PWGXCU FGOCPFCU
SWGUGQTKIKPCTPRQTNQUECODKQUGPNCXCTKGFCF[RGPGVTCEKPFGNQUOGFKQU
SWG UG VGPFT GP NQU RTZKOQU CQU RCTC CEEGFGT C +PVGTPGV #EVWCNOGPVG NC
OCPGTC OU FKHWPFKFC FG CEEGUQ C +PVGTPGV GU C VTCXU FG NCU 2%NU RGTQ NCU
RTGXKUKQPGUCRWPVCPCSWGRTQPVQQVTQUOGFKQU[HQTOCUFGCEEGUQGUVCTPCN
CNECPEGFGEWCNSWKGTWUWCTKQFGNCOCPQEQPNCUEQOWPKECEKQPGUKPCNODTKECU
[NCVGNGHQPCOXKN'PGN2GTNCUECDKPCURDNKECU[NQUEGPVTQUEQOWPKVCTKQU
FG CEEGUQ C +PVGTPGV UQP WP OGFKQ CRTQRKCFQ RCTC HCEKNKVCT GN CEEGUQ C NQU
RQDNCFQTGUFGDCLQUKPITGUQU[FGNCU\QPCUTWTCNGUSWGFGUFGGN'UVCFQ[NCU
QTICPK\CEKQPGUEKXKNGUFGDKGTCUGIWKTKORWNUPFQUG
+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

2CTC HCEKNKVCT NC FKUVTKDWEKP [ EKTEWNCEKP FG NC KPHQTOCEKP [ NC WDKECEKP [

RTGUVCEKPFGUGTXKEKQUGN+0'+[GNTGUVQFGNC#FOKPKUVTCEKP2DNKECFGDGP
QTICPK\CTWPRQTVCN
QXCTKQURQTVCNGUUGEVQTKCNGU'UVGRQTVCNFGDGTCUGTXKUVQ
EQOQGNRWPVQQRWGTVCFGGPVTCFCOUHEKNTRKFCCOKICDNG [VTCPURCTGPVG
RCTC KPVGTCEVWCT EQP NC #FOKPKUVTCEKP 2DNKEC C VTCXU FG +PVGTPGV FQPFG
EQPXGTIGP NCU KPUVKVWEKQPGU [ UGTXKEKQU RDNKEQU  ECFC WPC EQP UW RTQRKC
UQNWEKP VGEPQNIKEC  FKURWGUVCU C FCT [ TGEKDKT KPHQTOCEKP FG [ JCEKC NQU
EKWFCFCPQU[GORTGUCU'NRQTVCNFGDGRGTOKVKTNCRTKXCEKFCF[NCCWVGPVKECEKP
FGNQUFCVQUSWGUGOCPGLCP[QHTGEGTNCQREKPFGRGTUQPCNK\CEKP
EQOQNC
OC[QTCFGRQTVCNGURTKXCFQURCTCSWGECFCEKWFCFCPQQGORTGUCNQCFCRVGC
UWUPGEGUKFCFGU
'UVGRQTVCN
QRQTVCNGU[NCUKPVTCPGVUSWGUGFGUCTTQNNGPCNKPVGTKQTFGN'UVCFQ
FGDGTP HCEKNKVCT G KPVGITCT GN CEEGUQ C NQU UGTXKEKQU
FKIKVCNK\CDNGU FGUFG
EWCNSWKGTNWICTCVTCXUFGNQUOGFKQU[FKURQUKVKXQUCEVWCNGU[RQTETGCTUGGP
NC Q NCU NGPIWCU OU WVKNK\CFCU RQT NC RQDNCEKP GP UGTXKEKQU EQOQ NQU
GFWECVKXQU
ECUVGNNCPQ SWGEJWC C[OCTC NGIWCU COC\PKECU Q GP NC
RTQOQEKPFGNEQOGTEKQGZVGTKQT
ECUVGNNCPQKPINU+IWCNOGPVGFGDGTVQOCT
GPEWGPVCNCUPGEGUKFCFGUFGNCURGTUQPCUEQPFKUECRCEKFCFGU
.C KPHQTOCEKP SWG OCPGLC GN 'UVCFQ FGDGTC UGT RWGUVC C FKURQUKEKP FGNCU
GORTGUCU[NQUEKWFCFCPQURCTCEQPQEGTNCUECTCEVGTUVKECUFGNCUQRGTCEKQPGU
[VTCPURCTGPVCTGNOGTECFQ
RQTGLGORNQGPVGOCUEQOQGNEQOGTEKQGZVGTKQT
NCU KPXGTUKQPGU GN OGTECFQ HKPCPEKGTQ GVE UKP OU TGUVTKEEKP SWG NC
RTQVGEEKPFGNQUFCVQURGTUQPCNGU5KPKPHQTOCEKPPQJC[NKDTGOGTECFQPK
UG RWGFGP CRTQXGEJCT NCU XGPVCLCU FG NC INQDCNK\CEKP 6CODKP JC[ SWG
EQPUKFGTCT NQU RTQHWPFQU ECODKQU [ GEQPQOCU SWG UG RWGFGP NQITCT GP NCU
VTCPUCEEKQPGU [ PGIQEKQU EQP NQU RTQXGGFQTGU [ QVTCU KPUVKVWEKQPGU FGN UGEVQT
RDNKEQOGFKFQUVCPVQGPVTOKPQUFGTGFWEEKPGPNQUEQUVQUFGVTCPUCEEKP
EQOQ GP NQU FG EQOWPKECEKP RCRGNGQ FGVGEEKP FG PWGXCU QRQTVWPKFCFGU
FGPGIQEKQUIGUVKP [TQVCEKPFGKPXGPVCTKQUGPVTGQVTQURWPVQU
'UVQUTGVQURQPGPGPRTKOGTRNCPQGNVGOCFGNCGUVTWEVWTC[QTICPK\CEKPFGN
'UVCFQ
[ FGN +0'+ GP RCTVKEWNCT UK SWKGTG LWICT WP RCRGN KORQTVCPVG GP GN
RTQEGUQ FG OQFGTPK\CEKP FGN 'UVCFQ [ FGN RGTHKN FG NQU HWPEKQPCTKQU SWG
VTCDCLCP GP N 0WGXCU EQORGVGPEKCU [ JCDKNKFCFGU UGTP TGSWGTKFCU RCTC
TGURQPFGT C NQU TGVQU SWG RNCPVGG GUVC ECTTGTC INQDCN [ OCPVGPGT PKXGNGU
CFGEWCFQU FG ECNKFCF ETGFKDKNKFCF [ QRQTVWPKFCF GP NC RTGUVCEKP FG NQU
UGTXKEKQUQHGTVCFQU
'PUPVGUKUGNFGURNKGIWG[WUQNCUVGEPQNQICUFGKPHQTOCEKP[EQOWPKECEKP
FGDGTUGTTGCNK\CFQEQPWPGURTKVWKPPQXCFQTEQPWPCXKUKPFGNCTIQRNC\Q
[ GORNGCPFQ OVQFQU UKOKNCTGU FG PGIQEKQ GNGEVTPKEQ SWG NQU SWG UG
GORNGCPGPNCCEVKXKFCFRTKXCFC



+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

7PC#FOKPKUVTCEKP2DNKECOQFGTPCGPNPGCGU

x #EGTECT NC CFOKPKUVTCEKP [UWURTQEGUQUCNQU EKWFCFCPQUCPCNK\CPFQNCU

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/GFKCPVG NC RTGUGPVG CEVKXKFCF UG FGHKPG NC OKUKP GN TQN FGN %GPVTQ
+PHQTOVKEQGPGNFGUCTTQNNQFGNQUUKUVGOCURTQRWGUVQU
C 1DLGVKXQ

.QU QDLGVKXQU SWG UG DWUECP CNECP\CT EQP NC RTGUGPVG CEVKXKFCF UQP NQU
UKIWKGPVGU
 #NKPGCTNCOKUKPFGN%GPVTQ+PHQTOVKEQEQPNCOKUKPKPUVKVWEKQPCN
 &GHKPKTNCOKUKPFGN%GPVTQ+PHQTOVKEQ

D&GUETKREKP

%QPGNHKPFGFGHKPKTNCOKUKPFGN%GPVTQ+PHQTOVKEQFGDGOQUFGTGCNK\CT
NCUUKIWKGPVGUVCTGCU
 &GHKPKEKPFGNCOKUKPFGNCQTICPK\CEKP
 &GHKPKEKPFGNCOKUKPFGN%GPVTQ+PHQTOVKEQ

E&GUETKREKPFG6CTGCU

5GTGCNK\C WPCFGUETKREKPFGVCNNCFCFGNCUVCTGCUUGCNCFCUCPVGTKQTOGPVG
&GHKPKEKPFGNCOKUKPFGNCQTICPK\CEKP

.C OKUKPFGNCQTICPK\CEKPGUGNGLGUQDTGGNEWCNUGFGUCTTQNNCVQFCUNCU
QVTCUCEVKXKFCFGU[UKUVGOCUNCOKUKPGZRTGUCNCTC\PFGUGT[FGGZKUVKT
FG VQFC  QTICPK\CEKP RCTC RQFGT FGHKPKT NC OKUKP FG WPC QTICPK\CEKP
FGDGOQUFGTGXKUCTGNRNCPGUVTCVIKEQFGNCQTICPK\CEKPGPECUQFGSWG
+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

UVG PQ GZKUVKGTC Q GUVWXKGUG FGUCEVWCNK\CFQ GN GSWKRQ FG GUVWFKQ UG
GPECTICT FGEQPXQECTCWPCTGWPKPCNPKXGNFKTGEVKXQ[CNRGTUQPCNENCXG
FGNCQTICPK\CEKPEQPGNHKPFGSWGUVQURWGFCPFCTUWQRKPKPCEGTECFG
NC OKUKP FG NC QTICPK\CEKP
RTQEGFKOKGPVQ HQTOCN Q GP QVTQ ECUQ FCT
HQTOCCNCXKUKPSWGNC#NVC&KTGEEKPVKGPGFGNCOKUOC
&GHKPKEKPFGNCOKUKPFGN%GPVTQFG+PHQTOVKEQ

.C OKUKP FGN %GPVTQ +PHQTOVKEQ UG FGHKPG FG CEWGTFQ C NC OKUKP FG NC
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CNNQITQFGNCOKUKPFGNCQTICPK\CEKP

2CTCNCFGHKPKEKPFGNCOKUKPUGFGDGFGTGWPKTCNRGTUQPCNFKTGEVKXQFGN
%GPVTQ +PHQTOVKEQ CU EQOQ CN RGTUQPCN GZRGTVQ GP OCVGTKC KPHQTOVKEC
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OKUKPFGN%GPVTQ+PHQTOVKEQ
(KLCEKPFGQDLGVKXQU[OGVCU

'PUVCCEVKXKFCFUGVTCVCT FGKFGPVKHKECTNQUQDLGVKXQU[NCUOGVCUHKLCFCURQT
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EQTRQTCVKXQU
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C1DLGVKXQU

&GVGTOKPCTNQUQDLGVKXQU[OGVCUFGN%GPVTQ+PHQTOVKEQ
 1TKGPVCT NCU CEVKXKFCFGU FGN %GPVTQ +PHQTOVKEQ CN NQITQ FG NQU
QDLGVKXQUEQTRQTCVKXQU

D&GUETKREKP

.CHKLCEKPFGNQUQDLGVKXQU[OGVCUFGN%GPVTQ+PHQTOVKEQVQOCPEQOQ
RWPVQFGRCTVKFCCNQUQDLGVKXQU[OGVCUEQTRQTCVKXQUEQPVGORNCFQUGP
GNRNCPGUVTCVIKEQFGNCKPUVKVWEKPGPGNECUQFGSWGPQGZKUVCWPRNCP
GUVTCVIKEQFGNCKPUVKVWEKPUGFGDGT TGCNK\CTVQFCUNCUVCTGCUKPFKECFCU
NPGCUCDCLQECUQEQPVTCTKQUGRTQUGIWKT EQPNCUVCTGCU
 &GHKPKTNQUQDLGVKXQUEQTRQTCVKXQU
 &GHKPKTNQUQDLGVKXQUFGN%GPVTQ+PHQTOVKEQ
 &GHKPKTNCUOGVCUFGN%GPVTQ+PHQTOVKEQ

E&GUETKREKPFGVCTGCU

.CU VCTGCU TGSWGTKFCU RCTC NC GLGEWEKP FG NC CEVKXKFCF UG FGUETKDGP C
EQPVKPWCEKP



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)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

&GHKPKEKPNQUQDLGVKXQEQTRQTCVKXQU

6QOCPFQ EQOQ DCUG NC OKUKP FG NC KPUVKVWEKP KFGPVKHKECFC GP NC
#EVKXKFCF  UG FGVGTOKPCTP NQU QDLGVKXQU EQTRQTCVKXQU NQU EWCNGU
RGTOKVKTPGURGEKHKECTNQURTQRUKVQUFGNCQTICPK\CEKPGKFGPVKHKECTNQU
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SWGUGRWGFCPNQITCTGUVQUQDLGVKXQUEQPGNHKPFGSWGUVQUEQCF[WXGP
CNEWORNKOKGPVQFGNCOKUKPFGNCKPUVKVWEKP
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.QU QDLGVKXQU FGN %GPVTQ +PHQTOVKEQ UG FGHKPKTP VQOCPFQ EQOQ DCUG
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&G GUVC OCPGTC NQU QDLGVKXQU FGN %GPVTQ +PHQTOVKEQ VGPFTP TGNCEKP
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GU FGEKT NQU QDLGVKXQU FGDGTP UGT XCNQTK\CFQU [ GURGEKHKECFQU GP GN
VKGORQ[GURCEKQ

#U OKUOQ GUVCU OGVCU FGDGTP EQCF[WXCT CN EWORNKOKGPVQ FG NQU
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1DLGVKXQUEQTRQTCVKXQU
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OKUKPFGNCQTICPK\CEKP
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&GHKPKTCNVGTPCVKXCUSWGRGTOKVCPNQITCTNQUQDLGVKXQURTQRWGUVQU

D &GUETKREKP

.CU GUVTCVGIKCU FG VQFC QTICPK\CEKP Q WPKFCF QTICPK\CVKXC UG FGHKPGP

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QDLGVKXQU!NCTGURWGUVCUGQDVKGPGCNTGCNK\CTNCUUKIWKGPVGUVCTGCU
+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

+FGPVKHKECT NCU QRQTVWPKFCFGU [ TKGUIQU FG NC QTICPK\CEKP Q VEPKEC

12'&'21
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.CU VCTGCU TGSWGTKFCU RCTC NC GLGEWEKP FG NC CEVKXKFCF UG FGUETKDGP C
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6QOCFQEQOQDCUGGNCPNKUKUTGCNK\CFQGPNCVCTGCCPVGTKQTUGFGHKPGP
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%QPUKFGTCPFQ NCU CNVGTPCVKXCU FG UQNWEKP KFGPVKHKECFCU GP NC VCTGC

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WPKFCF

.QU ETKVGTKQU SWG FGDGOQU FG EQPUKFGTCT RCTC FGVGTOKPCT NC ECTVGTC FG
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 &GVGTOKPCT UK NC CNVGTPCVKXC GU EQJGTGPVG EQP NC EQORGVGPEKC [ NQU
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 'N PKXGN FG TKGUIQ GUEQIKFQ GU HCEVKDNG GP VTOKPQU GEQPOKEQU [
RGTUQPCNGU
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 .KUVCFGTKGUIQUQRQTVWPKFCFGUHQTVCNG\CU[FGDKNKFCFGU
 %CTVGTCFG2TQ[GEVQU



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)WC6GTKEQ 2TEVKECRCTCNC
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&GHKPKEKPFGHCEVQTGUETVKEQUFGZKVQ

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 +FGPVKHKECTNQUHCEVQTGUETVKEQUFGZKVQ

D &GUETKREKP

2CTCKFGPVKHKECTNQUHCEVQTGUETVKEQUFGZKVQFGDGOQUFGTGCNK\CTNCU
UKIWKGPVGUVCTGCU
 &GHKPKTNQUHCEVQTGUFGZKVQ
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6QOCFQ EQOQ DCUG NQU HCEVQTGU FG ZKVQ KFGPVKHKECFQU GP NC VCTGC
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)WC6GTKEQ 2TEVKECRCTCNC
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)WC6GTKEQ 2TEVKECRCTCNC
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 %QOKV%QPUWNVKXQ

 1HKEKPCFG#WFKVQTC+PVGTPC
 1HKEKPCFG#UGUQTC,WTFKEC
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 1HKEKPCFG2NCPKHKECEKP[2TGUWRWGUVQ
 1HKEKPC FG 2TQITCOCEKP %QPVTQN [ 'XCNWCEKP
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 1HKEKPCFG#FOKPKUVTCEKP
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 1HKEKPCFG%QPVCDKNKFCF
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GN RNCP 5G JC KPEQTRQTCFQ C NC OGVQFQNQIC GN FGPQOKPCFQ GPHQSWG FG
EQPVKPIGPEKCU SWG DWUEC FKURQPGT FG WP RNCP CNVGTPCVKXQ
2NCP FG
EQPVKPIGPEKC SWG RGTOKVC  KORNCPVCT GN 2'6+ EQP NCU NKOKVCEKQPGU SWG GN
RTGUWRWGUVQ
CNIQ EQOP RCTC NCU GPVKFCFGU RDNKECU [ NCU ECRCEKFCFGU
VEPKECUFGNECUQ
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'UVWFKQFGNQUUKUVGOCUFGKPHQTOCEKPCEVWCNGU

'N QDLGVKXQ FGN GUVWFKQ FG UKUVGOCU FG KPHQTOCEKP CEVWCNGU GU QDVGPGT WPC
XCNQTCEKP FG NC UKVWCEKP CEVWCN CN OCTIGP FG NQU TGSWKUKVQU FGN NKUVCFQ
CRQ[PFQUG GP ETKVGTKQU TGNCVKXQU C HCEKNKFCF FG OCPVGPKOKGPVQ
FQEWOGPVCEKP HNGZKDKNKFCF HCEKNKFCF FG WUQ GVE 'P GUVC CEVKXKFCF UG FGDG
VGPGT GP EWGPVC NC QRKPKP FG NQU WUWCTKQU [C SWG CRQTVCTP GNGOGPVQU FG
XCNQTCEKP EQOQ RQT GLGORNQ UW PKXGN FG UCVKUHCEEKP EQP ECFC UKUVGOC FG
KPHQTOCEKP
5G UGNGEEKQPCP NQU UKUVGOCU FG KPHQTOCEKP CEVWCNGU SWG UQP QDLGVQ FGN
CPNKUKU [ UG NNGXC C ECDQ GN GUVWFKQ FG NQU OKUOQU EQP NC RTQHWPFKFCF [ GN
FGVCNNG SWG UG FGVGTOKPG EQPXGPKGPVG GP HWPEKP FG NQU QDLGVKXQU FGHKPKFQU
RCTCGN2'6+'UVG GUVWFKQRGTOKVGRCTCECFCUKUVGOCFGVGTOKPCTUWUECTGPEKCU
[XCNQTCTNQU'UVCXCNQTCEKPUGWVKNK\CTGPGN&KUGQFGNOQFGNQFGUKUVGOCU
FGKPHQTOCEKPFQPFGUGCPCNK\CTNCEQDGTVWTCFGNQUUKUVGOCUFGKPHQTOCEKP
CEVWCNGUEQPTGURGEVQCNQUTGSWKUKVQU
6CTGC

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6EPKECU[
2TEVKECU

#NECPEG[QDLGVKXQU x .KUVCFQFGQDLGVKXQU
x 5GNGEEKP
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x 1DLGVKXQUFGNGUVWFKQFG x 5GUKQPGUFG
UKUVGOCUFG
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CEVWCNGU
x +FGPVKHKECEKPFG5KUVGOCU
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2CTVKEKRCPVGU

x %QPUWNVQTGU
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x 7UWCTKQU
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)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

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2TEVKECU

#PNKUKUFGNQU
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x &GUETKREKPIGPGTCNFG
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x 8CNQTCEKPFGNCUKVWCEKP x 5GUKQPGUFG
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x 5GUKQPGUFG
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x &KCITCOCFG
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x %QPUWNVQTGU
x %QPUWNVQTGU
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x 'SWKRQFGN
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#RCTVKTFGNCFGUETKREKPIGPGTCNFGNQURTQEGUQUFGNCQTICPK\CEKPCHGEVCFQU
RQTGN2NCP'UVTCVIKEQFG6GEPQNQICUFG+PHQTOCEKP
2'6+UGFGVGTOKPCSW
UKUVGOCUFGKPHQTOCEKPCEVWCNGUUGGPEWGPVTCPFGPVTQFGNODKVQFGNRNCPUG
UGNGEEKQPCPFGNQUUKUVGOCUGZKUVGPVGUNQUSWGFGDGPUGTCPCNK\CFQUCUEQOQ
NQUQDLGVKXQUFGNGUVWFKQFGECFCWPQ&GGUVCHQTOCUGGUVCDNGEGGNFQOKPKQ
FG NQU UKUVGOCU FG KPHQTOCEKP FG NC QTICPK\CEKP C EQPUKFGTCT 6CODKP UG
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EQP NQU QDLGVKXQU FGHKPKFQU GP GUVC VCTGC RCTC GN GUVWFKQ FG NQU UKUVGOCU FG
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UQRQTVGCNQURTQEGUQUCHGEVCFQURQTGN2'6+UGQDVKGPGOGFKCPVGUGUKQPGUFG
VTCDCLQEQPNQUWUWCTKQU[GNCRQ[QFGNRGTUQPCNKPHQTOVKEQSWGUGEQPUKFGTG
PGEGUCTKQ
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x
x
x
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)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

&GUCNKFC

x .KUVCFQFGQDLGVKXQU
1DLGVKXQUFGNGUVWFKQFGNQUUKUVGOCUFGKPHQTOCEKPCEVWCNGU

x +FGPVKHKECEKPFGUKUVGOCUFGKPHQTOCEKPCEVWCNGUCHGEVCFQURQTGN2'6+
2TEVKECU

x 5GNGEEKP
x 5GUKQPGUFGVTCDCLQ
2CTVKEKRCPVGU

x %QPUWNVQTGU
x %QPUWNVQTGU+PHQTOVKEQU
x 7UWCTKQUGZRGTVQU
#PNKUKUFGNQUUKUVGOCUFGKPHQTOCEKP

'PGUVCVCTGCUGNNGXCCECDQGNGUVWFKQFGNQUUKUVGOCUFGKPHQTOCEKPCEVWCNGU
CHGEVCFQURQTGN2'6+2CTCECFCUKUVGOCFGKPHQTOCEKPUGTGEQIGPCNOGPQU
NCUECTCEVGTUVKECUDUKECUTGNCVKXCUCFCVQUUQHVYCTGFGCRNKECEKPRTQEGUQUFG
NC QTICPK\CEKP C NQU SWG FC UQRQTVG [ FG SW HQTOC NQ JCEG HNGZKDKNKFCF
ECTGPEKCUTKGUIQU[RQUKDNGUCOGPC\CU

'PHWPEKPFGNVKRQFGUKUVGOCFGKPHQTOCEKP[FGNQUQDLGVKXQUFGUWGUVWFKQ
UG TGEQRKNC CFGOU RCTC ECFC WPQ FG GNNQU KPHQTOCEKP RTQEGFGPVG FG
FKXGTUQURWPVQUFGXKUVC
NCQRKPKPFGWUWCTKQUFGNQUUKUVGOCUFGKPHQTOCEKP
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2TQFWEVQU

&GGPVTCFC

x &GUETKREKPIGPGTCNFGRTQEGUQUFGNCQTICPK\CEKPCHGEVCFQU
x .KUVCFQFGQDLGVKXQU
x +FGPVKHKECEKPFGUKUVGOCUFGKPHQTOCEKPCEVWCNGUCHGEVCFQURQTGN2'6+
&GUCNKFC

x &GUETKREKPIGPGTCNFGUKUVGOCUFGKPHQTOCEKPCEVWCNGU
2TEVKECU

x 5GUKQPGUFGVTCDCLQ
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)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

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4GURQPUCDNGFGOCPVGPKOKGPVQ

8CNQTCEKPFGNQUUKUVGOCUFGKPHQTOCEKP

7PCXG\FGUETKVCUNCUECTCEVGTUVKECUFGNQUUKUVGOCUFGKPHQTOCEKPCEVWCNGUUG
CPCNK\CP NQU RTQDNGOCU TGCNGU [ RQVGPEKCNGU QRKPKQPGU GVE 5G QDVKGPGP
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'UKORQTVCPVGNQITCTGUVCQDLGVKXKFCF[C SWGNCXCNQTCEKPRQFTKPHNWKTGPNC
FGEKUKP FG NC UWUVKVWEKP Q OGLQTC FG NQU UKUVGOCU FG KPHQTOCEKP GP NQU
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TGSWKUKVQU UKPQ EQP TGURGEVQ C CURGEVQU KPVTPUGEQU Q FG GHKEKGPEKC FG ECFC
UKUVGOC FGKPHQTOCEKP TGNCVKXQU CHCEKNKFCFFGOCPVGPKOKGPVQ QRGTCVKXKFCF
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x .KUVCFQFGQDLGVKXQU
x &GUETKREKPIGPGTCNFGUKUVGOCUFGKPHQTOCEKPCEVWCNGU
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x 8CNQTCEKPFGNCUKVWCEKPCEVWCN
2TEVKECU

x 5GUKQPGUFGVTCDCLQ
x +ORCEVQGPNCQTICPK\CEKP
2CTVKEKRCPVGU

x %QPUWNVQTGU
x %QPUWNVQTGUKPHQTOVKEQU



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)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

&KUGQFGNOQFGNQFGUKUVGOCUFGKPHQTOCEKP

'NQDLGVKXQFGGUVCCEVKXKFCFGUKFGPVKHKECT[FGHKPKTNQUUKUVGOCUFGKPHQTOCEKP
SWGXCPCFCTUQRQTVGCNQURTQEGUQUFGNCQTICPK\CEKPCHGEVCFQURQTGN2NCP
'UVTCVIKEQFG6GEPQNQICFG+PHQTOCEKP2CTCGNNQGPRTKOGTNWICTUGCPCNK\C
NC EQDGTVWTC SWG NQU UKUVGOCU FG KPHQTOCEKP CEVWCNGU FCP C NQU TGSWKUKVQU
TGEQIKFQU GP GN ECVNQIQ GNCDQTCFQ GP NCU CEVKXKFCFGU 'UVWFKQ FG NC
KPHQTOCEKPTGNGXCPVGGKFGPVKHKECEKPFGTGSWKUKVQU 'UVQRGTOKVKTGHGEVWCTWP
FKCIPUVKEQFGNCUKVWCEKPCEVWCNCRCTVKTFGNEWCNUGUGNGEEKQPCPNQUUKUVGOCU
FG KPHQTOCEKP CEVWCNGU EQPUKFGTCFQU XNKFQU KFGPVKHKECPFQ NCU OGLQTCU C
TGCNK\CTGPNQUOKUOQU
2QT NVKOQ UG FGHKPGP NQU PWGXQU UKUVGOCU FG KPHQTOCEKP PGEGUCTKQU RCTC
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CEVWCNGUUGNGEEKQPCFQU
6GPKGPFQGPEWGPVCNQUTGUWNVCFQUCPVGTKQTGUUGGNCDQTCGNOQFGNQFGUKUVGOCU
FG KPHQTOCEKP XNKFQ RCTC FCT UQRQTVG C NQU RTQEGUQU FG NC QTICPK\CEKP
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x &KCIPUVKEQFGNC
x /CVTKEKCN
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x /QFGNQFGUKUVGOCUFG
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x &KCITCOCFG
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x %QPUWNVQTGU
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2CTC NNGICT C WP FKCIPUVKEQ UQDTG NC UKVWCEKP CEVWCN UG VKGPG GP EWGPVC NC
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GUVWFKQ FG NQU UKUVGOCU FG KPHQTOCEKP CEVWCNGU [ UG GUVWFKC NC EQDGTVWTCFG
TGSWKUKVQUSWGUGVKGPGEQPGNNQU

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UKUVGOCUFGKPHQTOCEKPCEVWCNGUGUVWFKCPFQUWCURGEVQETVKEQ[RTKQTKFCF
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)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

'PRCTCNGNQUGCPCNK\CGNOQFGNQFGKPHQTOCEKPQDVGPKFQGPNCVCTGCCPNKUKU
FG NCU PGEGUKFCFGU FG KPHQTOCEKP 5G FGVGTOKPC UK GZKUVGP GPVKFCFGU Q
TGNCEKQPGUFGNOKUOQSWGPQCRCTGEGPTGEQIKFCUGPNCUKVWCEKPCEVWCNQSWG
GUVCPFQTGEQIKFCUUWVTCVCOKGPVQCEVWCNPQTGURQPFGCNQUPWGXQUTGSWKUKVQU

%QOQ TGUWNVCFQ FGN CPNKUKU CPVGTKQT UG UGNGEEKQPCP NQU UKUVGOCU FG
KPHQTOCEKP C EQPUGTXCT [ UG GNCDQTC UK RTQEGFG NC TGNCEKP FG OGLQTCU C
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x /QFGNQFGKPHQTOCEKP
x .KUVCFQFGTGSWKUKVQU
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x &KCIPUVKEQFGNCUKVWCEKPCEVWCN
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2CTVKEKRCPVGU

x %QPUWNVQTGU
x #PCNKUVCU


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UKUVGOCUFGKPHQTOCEKPCEVWCNGU
2CTCKFGPVKHKECTECFCUKUVGOCFGKPHQTOCEKPPWGXQUGCPCNK\CP
x .QUUKUVGOCUFGKPHQTOCEKPCEVWCNGUSWGUGEQPUGTXCP

x .QU TGSWKUKVQU PQ EWDKGTVQU RQT NQU UKUVGOCU FG KPHQTOCEKP CEVWCNGU 5G
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)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

CEVKXKFCFGUJQOQIPGCUFGNQURTQEGUQUFGNCQTICPK\CEKPCHGEVCFQUSWG
CEVCPUQDTGKPHQTOCEKPEQOP

x &KHGTGPVGU VKRQU FG UKUVGOCU FG KPHQTOCEKP

FG IGUVKP FG UQRQTVG C NC
VQOCFGFGEKUKQPGUGURGEKCNGUGVE
x +PVGTHCEGUGPVTGUKUVGOCUFGKPHQTOCEKPEQPGNQDLGVKXQFGOKPKOK\CTNCU
x 6GEPQNQICGURGEKCNTGSWGTKFCUKRTQEGFG

.CU EQPENWUKQPGU QDVGPKFCU FG FKEJQ CPNKUKU UKTXGP RCTC KFGPVKHKECT ECFC
UKUVGOCFGKPHQTOCEKPPWGXQ[GNCDQTCTGNOQFGNQFGUKUVGOCUFGKPHQTOCEKP

2QTNVKOQ[EQPVCPFQEQPNCGZRGTKGPEKCFGNQURCTVKEKRCPVGUGPGUVCVCTGCUG
QDVKGPG GN OQFGNQ FG UKUVGOCU FG KPHQTOCEKP SWG KPENW[G WP FKCITCOC FG
TGRTGUGPVCEKP FG VQFQU GNNQU EQP UWU EQPGZKQPGU G KPVGTHCEGU [ WPC
FGUETKREKPFGECFCUKUVGOCFGKPHQTOCEKPEQPGNEQPLWPVQFGCEVKXKFCFGU[
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2TQFWEVQU

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x &KCIPUVKEQUKVWCEKPCEVWCN
x /QFGNQFGRTQEGUQUFGNCQTICPK\CEKP
x /QFGNQFGKPHQTOCEKP
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x /QFGNQFGUKUVGOCUFGKPHQTOCEKP
6EPKECU

x /CVTKEKCN
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x &KCITCOCFGTGRTGUGPVCEKP
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x %QPUWNVQTGUKPHQTOVKEQU
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)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

'52'%+(+%#%+0&'.155+56'/#5&'+0(14/ #%+024127'5615

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UGRTQEGFKCKFGPVKHKECTNQUUKUVGOCUFGKPHQTOCEKPSWGJCPFGFGUCTTQNNCTUG
FGOCPGTCSWGUVCNQITGEWORNKTEQPUWUQDLGVKXQURTQITCOCFQU

'PDCUGCNQUTGSWGTKOKGPVQUFGKPHQTOCEKPFGNCKPUVKVWEKP[FGNGUVWFKQFG
NQU UKUVGOCU FG KPHQTOCEKPGZKUVGPVGUUGJCXKUVQRQTEQPXGPKGPVGRTQRQPGT
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EQPHQTOCFQURQTFKXGTUQUOFWNQU[UWDOFWNQUEQPXKIGPEKCGPGNOGFKCPQ
[NCTIQRNC\Q[SWGRGTOKVCPNQITCTNQUQDLGVKXQUKPUVKVWEKQPCNGU
.CKFGPVKHKECEKPFGNQUOFWNQU[UWDOFWNQUUGJCDCUCFQGPNCCRNKECEKP
FG 6EPKECU /CVTKEKCNGU &G GUVC HQTOC UG JC EQPUVTWKFQ NC OCVTK\ 2TQEGUQ 
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&G CEWGTFQ C NCU PGEGUKFCFGU FG KPHQTOCEKP FGN +/#42' UG ETGG RQT
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5KUVGOCUGUVTCVIKEQU



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5KUVGOCFGKPHQTOCEKPIGQITHKEQ





5KUVGOCFGKPHQTOCEKPFGPQTOCU[OGVQFQNQICU
5KUVGOCFGKPHQTOCEKPFGPQTOCUNGICNGU
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5KUVGOCFGKPHQTOCEKPEKGPVHKEC[VGEPQNIKEC
5KUVGOC+PVGITCFQFGIGUVKPCFOKPKUVTCVKXC
5+)#
5KUVGOCFGKPHQTOCEKPFGEQPVTQNFGXKUKVCU
5KUVGOCFGKPHQTOCEKPFGRTQOQEKP
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5KUVGOCKPVGTKPUVKVWEKQPCNGU



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)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

'UVQU UKUVGOCU UG ETGCTP EQP NC HKPCNKFCF FG UCVKUHCEGT NQU TGSWGTKOKGPVQU FG
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%+'06(+%#;6'%01.)+%#&'.+/#42'
5+%6+
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NQUEWCNGUUGFGUETKDGPCEQPVKPWCEKP
5KUVGOCFGKPHQTOCEK PEKGPVHKEC[VGEPQNIKEC

C 5KUVGOCFGKPHQTOCEKPFGTGEWTUQUJKFTQDKQNIKEQU
1DLGVKXQ

%QPVCT EQP WP UKUVGOC FG KPHQTOCEKP KPVGITCFQ [ FG CEEGUQKPOGFKCVQC

GNNCEQPUWTGURGEVKXCUGIWTKFCFUQDTGNCFCVCDKQNIKEC RGUSWGTCFGNQU
TGEWTUQU JKFTQDKQNIKEQU C HKP FG GXCNWCT [ FKCIPQUVKECT GN PKXGN
RQDNCEKQPCNFGNQUTGEWTUQURGUSWGTQUOCTKPQUGZRNQVCFQU
&GUETKREKP

'UVGUKUVGOCGUVCTEQPHQTOCFQRQTOFWNQU


/FWNQTGEWTUQURGNIKEQU

'UVCTEQPHQTOCFQRQTUWDOFWNQU

5WDOFWNQRGNIKEQ2TQEGUCTKPHQTOCEKPTGHGTGPVGC

 %CRVWTCU [ FGUGODCTSWGU FG GURGEKGU RGNIKECU RQT RWGTVQU TGCU

TGIKQPGUGVE
 &CVQUFGECRVWTC[GUHWGT\QFGRGUEC
 &CVQUDKQNIKEQU[DKQOVTKEQUGPVTGQVTQU
5WDOFWNQOCOHGTQUOCTKPQU2TQEGUCTFCVQUUQDTG






%GPUQUFGNQDQUOCTKPQU
POGTQRQTGURGEKGUUGZQGFCFGVE
%QORQUKEKPFGFKGVC
VGOHTGEWGPEKCGVE
%CRVWTCKPEKFGPVCNFGEGVEGQUGPNCRGUSWGTCKPFWUVTKCN
0OGTQFGGURGEKGUVCUCUFGECRVWTCRQTECNCUFGETWEGTQU
%NEWNQFGNGUHWGT\QRGUSWGTQ

+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

5WDOFWNQ CXGU OCTKPCU 'UVG UWDOFWNQ RTQEGUCT RTKPEKRCNOGPVG

FCVQUFG

 %GPUQURQDNCEKQPCNGUFGCXGUIWCPGTCU
 &KGVCFGNCUCXGUIWCPGTCU
 2CTOGVTQUTGRTQFWEVKXQUGVE
/FWNQFGOGTUCNGU[EQUVGTQU

'UVGOFWNQEQPUKFGTCFQUUWDOFWNQU

5WDOFWNQFGOGTUCNGU2TQEGUCTRTKPEKRCNOGPVGFCVQUUQDTG
 %CRVWTCFGRGEGUFGOGTUCNGURQTRWGTVQ\QPCHGEJCGVE
 &CVQUDKQNIKEQUDKQOVTKEQU[QVTQU
5WDOFWNQEQUVGTQU'UVGUWDOFWNQRTQEGUCTFCVQUFG

 %CRVWTC [ GUHWGT\Q RQT GURGEKGU TGCU [ CTVGU FG RGUEC FG NC HNQVC
CTVGUCPCN
 &CVQUDKQNIKEQUDKQOVTKEQU[GEQPOKEQUFGGURGEKGUEQUVGTCU
/FWNQTGEWTUQURQVGPEKCNGU

'UVGOFWNQRTQEGUCTFCVQUTGNCEKQPCFQUC





%CRVWTCUFGGURGEKGU
FGUGODCTSWGUNWICTGUHGEJCGVE
&CVQUDKQNIKEQUFGTGEWTUQURQVGPEKCNGU
$KQFKXGTUKFCFOCTKPC
'XGPVQU'N0KQGPVTGQVTQU

/FWNQKPXGTVGDTCFQUOCTKPQU

'UVGOFWNQUGTGHKGTGCNRTQEGUCOKGPVQFGFCVQU

 $KQNIKEQ RGUSWGTQUFGKPXGTVGDTCFQUOCTKPQU
 $KQOVTKEQUFGKPXGTVGDTCFQUOCTKPQU
 %CNEWNQ FG PKXGN RQDNCEKQPCN FG OQNWUEQU
EQPEJC FG CDCPKEQ
ECTCEQNEJCPSWGGVE
 %CRVWTC[GUHWGT\QFGNECNCOCTIKICPVG
 0OGTQFGQRGTCEKQPGUVKGORQFGQRGTCEKPGVE

D 5KUVGOCFGKPHQTOCEKPFGKPX GUVKICEKQPGUQEGCPQITHKECU
1DLGVKXQ

%QPVCT EQP WP UKUVGOC FG KPHQTOCEKP KPVGITCFQ RCTC NC ECRVCEKP [
RTQEGUCOKGPVQFGNCFCVCTGHGTKFCCRTQEGUQUHUKEQUSWOKEQU[DKQNIKEQU


+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

FGNOCT[CSWGGZKUVGCNCHGEJCITCPECPVKFCFFGKPHQTOCEKPHWGPVGUQDTG
ETWEGTQU QEGCPQITHKEQU VCPVQ GP HQTOWNCTKQU
RCRGN EQOQ GP OGFKQU
OCIPVKEQUVTCVCFQUEQPFKHGTGPVGUWVKNKVCTKQU
&GUETKREKP

'UVGUKUVGOCGUVCTKPVGITCFQRQTOFWNQU

/FWNQFGQEGCPQITCHCHUKEC

'UVGOFWNQTGIKUVTCTKPHQTOCEKPTGHGTKFQC

 6TCVCOKGPVQ FG FCVQU EQPEGTPKGPVGU C NC VGORGTCVWTC FGN OCT

UCNKPKFCFGVE
 /WGUVTGQU [ TGIKUVTQ FG CPQOCNCU FG VGORGTCVWTC ECRVCFC FG NQU
NCDQTCVQTKQUEQUVGTQU
 %TWEGTQUQEGCPQITHKEQ[FGGXCNWCEKP
 /QPKVQTGQURGUSWGTQU[DWSWGUFGQRQTVWPKFCF
/FWNQFGQEGCPQITCHCSWOKEC

'UVGOFWNQTGIKUVTCTKPHQTOCEKPTGHGTKFCC

 0WVTKGPVGU
HQUHCVQUUKNKECVQUPKVTCVQUPKVTKVQU
 1ZIGPQFKUWGNVQENQTQHKNCCOQPKCEQCNECNKPKFCFHUHQTQPKVTIGPQ
GVE
/FWNQFGQEGCPQITCHCDKQNIKEC

4GIKUVTCTKPHQTOCEKPTGHGTGPVGCDGPVQUOCTKPQURTQFWEEKPRTKOCTKC
[RTQFWEEKPUGEWPFCTKCEW[CFCVCUGTGHKGTGC
 #DWPFCPEKC [ DKQOCUC FG GURGEKGU FGN OCETQ\QQDGPVQU FG HQPFQ
DNCPFQ
 (KVQRNCPEVQPOCTKPQ
OKETQRNCPEVQP[RKEQRNCPEVQP
 1TICPKUOQURTQFWEVQTGUFGOCTGCUTQLCU
 +PFKECFQTGUDKQNIKEQUFGOCUCUFGCIWC
 <QQRNCPEVQPKEVKQRNCPEVQPEQOQKPFKECFQTGUDKQNIKEQU
 'UVCFQUFGJWGXQUXQNOGPGUFG\QQRNCPEVQPGVE
/FWNQFGGXCNWCEKPFGEQPVCOKPCEKPOCTKPC
'UVGOFWNQTGIKUVTCTKPHQTOCEKPUQDTG

 %QPVCOKPCPVGUSWOKEQU
 +PFKECFQTGUFGEQPVCOKPCEKPOKETQDKQNIKEC
 2CTOGVTQUCODKGPVCNGURTGUGPVGUGPGNOGFKQOCTKPQ

+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

E 5KUVGOCFGKPXGUVKICEKQPGUGPRGUEC
1DLGVKXQ

%QPVCT EQP WP UKUVGOC FG KPHQTOCEKP KPVGITCFQ RCTC IGPGTCT NC DCUG FG
FCVQUTGNCEKQPCN[FKURQPGTFGHCEKNKFCFFGOCPGLQFGNCKPHQTOCEKPUQDTG
CTVGU [ OVQFQU FG RGUEC VEPKECU FG UGPUQTCOKGPVQ TGOQVQ VEPKECU
CEUVKECU[UKUVGOCFGKPHQTOCEKPIGQITHKECGPVTGQVTQU
&GUETKREKP

'NUKUVGOCRTQRQTEKQPCTFCVQU

 #EUVKEQU FG ETWEGTQU FG GXCNWCEKP [ RTQURGEEKQPGU RGUSWGTCU FG

TGEWTUQURGNIKEQU[FGOGTUCNGU
 /CRCUFGFKUVTKDWEKPFGDKQOCUCRQTGURGEKGU
 /CRCUFGFKUVTKDWEKP[EQPEGPVTCEKPFGRGEGU
 &CVCCEUVKECECRVCFCEQPUQHVYCTGP/#2+0(1Q
 4GEGREKPFGFCVCUCVGNKVCNECRVCFCEQPUQHVYCTGP*426Q

F 5KUVGOCFGUGIWKOKGPVQUCVGNKVCNFGGODCTECEKQPGURGUSWGTCU
1DLGVKXQ

&KURQPGT FG KPHQTOCEKP CEVWCNK\CFC G KPOGFKCVC UQDTG WDKECEKP

IGQITHKEC FG GODCTECEKQPGU RGUSWGTCU GHGEVKXK\CPFQ NC
KORNGOGPVCEKP [ CFOKPKUVTCEKP FG WPC $CUG FG &CVQU 4GNCEKQPCN
UQDTGGNVGOC
&GUETKREKP

'UVGUKUVGOCRTQEGUCTKPHQTOCEKPTGHGTGPVGC

 &GVGEEKPFGTGCUFGRGUECGPVKGORQTGCN
 2TGUGPEKC FKUVTKDWEKP [ EQPEGPVTCEKP FG TGEWTUQU RGUSWGTQU
UGIP RCTOGVTQU CODKGPVCNGU FGN OCT GLGORNQ UCNKPKFCF
VGORGTCVWTCGVE
 %NEWNQFGNGUHWGT\QRGUSWGTQGPGNVKGORQFGUFGNCUCNKFCFGNC
GODCTECEKPJCUVCUWTGVQTPQCRWGTVQ
 %CRVWTCUFGGURGEKGRQTTGCU
'PIGPGTCNWPUGIWKOKGPVQFGNCRGUSWGTCGPVKGORQTGCN

G 5KUVGOCFGKPHQTOCEKPFGCEWKEWNVWTC
1DLGVKXQ

%QPVCT EQP WP UKUVGOC FG KPHQTOCEKP SWG RGTOKVC NC ECRVCEKP [
RTQEGUCOKGPVQ FG NC FCVC TGNCEKQPCFC C CURGEVQU DKQNIKEQU FG


+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

CNIWPCU GURGEKGU OCTKPCU FG KPVGTU EQOGTEKCN EWNVKXCFCU VCPVQ GP

CODKGPVGPCVWTCNEQOQGPCODKGPVGEQPVTQNCFQCHKPFGRTQOQXGTGN
FGUCTTQNNQFGNCCEWKEWNVWTC
&GUETKREKP

'UVGUKUVGOCRTQRQTEKQPCTFCVQU

 $KQNIKEQU [ DKQOVTKEQU FG GURGEKGU EWNVKXCFCU GP CODKGPVG

PCVWTCN[EQPVTQNCFQ
 2TQFWEEKPFGDKQOCUCFGGURGEKGU[QVTQU
 %CRVWTC[GUHWGT\Q
ECOCTPFGTQ
 &GPUKFCFGURQTTGCUFGRGUEC

H 5KUVGOCVGTOKPQNIKEQ
1DLGVKXQ

%QPVCTEQPWPUKUVGOCVGTOKPQNIKEQFGKPHQTOCEKPSWGOCPGLGNC
KPUVKVWEKPGPEWORNKOKGPVQFGUWUHWPEKQPGU
&GUETKREKP

'UVGUKUVGOCTGIKUVTCTKPHQTOCEKPTGNCEKQPCFCCNQUVGOCU





$KQNIKEQ
2GUSWGTQ
1EGCPQITHKEQ
#ODKGPVCNGVE

I 5KUVGOCFG+PHQTOCEKPFG.CDQTCVQTKQU%QUVGTQU
1DLGVKXQ

%QPVCTEQPWPUKUVGOCFGKPHQTOCEKPRCTCGNVTCVCOKGPVQFG FCVQU
FG CEWGTFQ C NC EQDGTVWTC IGQITHKEC VGORQTCN [ GURGEKQNIKEC
TGHGTKFQCNCTGCNKFCFRGUSWGTCFGECFC.CDQTCVQTKQ%QUVGTQ[FGNCU
'UVCEKQPGUFG/WGUVTGQSWGEWGPVCNCKPUVKVWEKP
&GUETKREKP

'UVG UKUVGOC GUV EQORWGUVQ FG OFWNQU UGIP GN ODKVQ FG UW
EQORGVGPEKC
 6WODGU
 2CKVC
 5CP,QU
 %JKECOC
 %JKODQVG
+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

*WCEJQ
%CNNCQ
2KUEQ
+NQ

24+14+<#%+0 &'. &'5#441..1 &' .15 5+56'/#5 &'

+0(14/#%+0

&GCEWGTFQCNCUPGEGUKFCFGUFGKPHQTOCEKPFGNQUWUWCTKQU[VGPKGPFQ
GP EWGPVC NQU QDLGVKXQU EQTRQTCVKXQU C EQTVQ RNC\Q UG RTQRQPG GN
FGUCTTQNNQFGNQUUKIWKGPVGUUKUVGOCU
%QTVQ2NC\Q

C 5KUVGOCFGKPHQTOCEKPEKGPVHKEC[VGEPQNIKEC
D 5KUVGOCKPVGITCFQFGIGUVKPCFOKPKUVTCVKXC
5+)#
E 5KUVGOCFGKPHQTOCEKPIGTGPEKCN
/GFKCPQ2NC\Q

C
D
E
F
G
H
I
J

5KUVGOCFGKPHQTOCEKPFGVTOKVGFQEWOGPVCTKQ
5KUVGOCFGKPHQTOCEKPFGEQPVTQNFGXKUKVCU
5KUVGOCFGKPHQTOCEKPFGRTQOQEKP
5KUVGOCFGKPHQTOCEKPFGDKDNKQVGEC
5KUVGOCFGKPHQTOCEKPFGCTEJKXQU
5KUVGOCFGKPHQTOCEKPFGPQTOCU[OGVQFQNQICU
5KUVGOCFGKPHQTOCEKPFGPQTOCUNGICNGU
5KUVGOCFGKPHQTOCEKPIGQITHKEC

&G NQU UKUVGOCU GURGEKHKECFQU C EQTVQ [ OGFKCPQ RNC\Q UG JCEG PQVCT
SWG GP NC CEVWCNKFCF GZKUVGP UKUVGOCU SWG RQFTP UGT CFCRVCFQU C NQU
UKUVGOCU RTQRWGUVQU  OKPKOK\CPFQ UGIP GN ECUQ GN EQUVQ FGN
FGUCTTQNNQFGNQUOKUOQU



&GHKPKEKPFGNOQFGNQFGEQPVKPIGPEKCUFGN2'6+

'NGPHQSWGFGEQPVKPIGPEKCKPEQTRQTCFQCN2NCP'UVTCVIKEQFG6GEPQNQICUFG
+PHQTOCEKPDWUECGUVCDNGEGTRTQEGFKOKGPVQU[CEEKQPGUSWGRGTOKVCPRTGXGT
[ UWRNKT NCU CEVKXKFCFGU [ RTQ[GEVQU SWG JCDKGPFQ UKFQ RTQITCOCFQU GP GN
2'6+ RQT FKXGTUQU HCEVQTGU KPVGTPQU GZVGTPQU Q EQODKPCEKP FG GNNQU PQ
RWGFGPUGTKORNGOGPVCFQU
2NCPFGEQPVKPIGPEKCRCTCGNRNCPGUVTCVIKEQFGVGEPQNQICUFGKPHQTOCEKP

2CTC CUGIWTCT SWG UG EQPUKFGTCP VQFCU NCU RQUKDNGU GXGPVWCNKFCFGU UG JC FG
GNCDQTCTWPCNKUVCFGVQFQUNQUTKGUIQUEQPQEKFQUSWGPQRGTOKVCPGNFGUCTTQNNQ


+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

Q NC HCNNC FG WPC CRNKECEKP [C QRGTCVKXC SWG CHGEVG CNIP RWPVQ ETVKEQ FGN
RTQEGUQKPUVKVWEKQPCNRCTC NQEWCNUGFGDGTTGCNK\CTWPCPNKUKUFGTKGUIQU
#PNKUKUFG4KGUIQU

'NCPNKUKUFGTKGUIQUEQPUKUVGGPOUSWGGNJGEJQFGECNEWNCTNCRQUKDKNKFCF
FGSWGQEWTTCPEQUCUPGICVKXCURQFGTQDVGPGTWPCGXCNWCEKPFGNKORCEVQFG
GUVQUUWEGUQUPGICVKXQU.CGXCNWCEKPFGTKGUIQU[RTGUGPVCEKPFGTGURWGUVCU
FGDGRTGRCTCTUGFGHQTOCRGTUQPCNK\CFCRCTCECFCQTICPK\CEKP
.C GXCNWCEKP FG TKGUIQU UWRQPG KOCIKPCTUG NQ SWG RWGFG KT OCN [ C
EQPVKPWCEKP GUVKOCT GNEQUVG[NQU TGEWTUQU SWGUWRQPFTCTGGORNC\CTNQEQP
QVTC CEVKXKFCF Q RTQ[GEVQ 5G JC FG VGPGT GP EWGPVC NC RTQDCDKNKFCF FG SWG
UWEGFCP ECFC WPQ FG NQU RTQDNGOCU RQUKDNGU &G GUVC HQTOC UG RWGFGP
RTKQTK\CTNQU RTQDNGOCU[UWEQUVGRQVGPEKCNFGUCTTQNNCPFQWPRNCPFGCEEKP
CFGEWCFQ
'NCPNKUKUFGTKGUIQUFGDGTGURQPFGTCNCURTGIWPVCUFGNUKIWKGPVGEWCFTQ
#EVKXKFCF2TQ[GEVQ

2TQ[GEVQFGFGUCTTQNNQ

2TGIWPVCRCTCFGVGTOKPCTGN4KGUIQ

 3WRWGFGKTOCN!

 %QPSWHTGEWGPEKCRWGFGQEWTTKT!
 %WNGUUGTCPUWUEQPUGEWGPEKCU!

 3WHKCDKNKFCFVKGPGPNCUTGURWGUVCUCNCU
VTGURTKOGTCURTGIWPVCU!

2CTCECFCTKGUIQUGFGDGFGVGTOKPCTNCRTQDCDKNKFCFFGNHCEVQTFGTKGUIQ
%QOQGLGORNQUGOGPEKQPCPCNIWPQUVKRQUFGHCEVQTGUFGTKGUIQ
(CEVQTFGTKGUIQDCLQ

(CEVQTFGTKGUIQOW[DCLQ
(CEVQTFGTKGUIQCNVQ

(CEVQTFGTKGUIQOW[CNVQ
(CEVQTFGTKGUIQOGFKQ

+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

2NCPFGGOGTIGPEKCFGNRNCPG UVTCVIKEQFGVGEPQNQICUFG+PHQTOCEKP 

'UKORQTVCPVGFGHKPKTNQURTQEGFKOKGPVQU[RNCPGUFGCEEKPRCTCGNECUQSWG
PWP RQUKDNG TKGUIQ UG JCIC TGCNKFCFQ 'U FGEKT QEWTTC WPC EQPVKPIGPEKC GU
GUGPEKCN SWG UG EQPQ\EC CN FGVCNNG GN OQVKXQ SWG NC QTKIKP [ GN KORCEVQ
RTQFWEKFQNQSWGRGTOKVKTTGEWRGTCTGPGNOGPQTVKGORQRQUKDNGGNRTQEGUQ

CEVKXKFCFQRTQ[GEVQRGTFKFQ

.CGNCDQTCEKPFGNQURTQEGFKOKGPVQUSWGUGFGVGTOKPGP EQOQCFGEWCFQURCTC
WPECUQFGGOGTIGPEKCFGDGPUGTRNCPGCFQU[RTQDCFQUHGJCEKGPVGOGPVG.QU
RTQEGFKOKGPVQUFGDGTPUGTFGGLGEWEKPQDNKICVQTKC[DCLQNCTGURQPUCDKNKFCF
FGNQU GPECTICFQU FGNCTGCNK\CEKPFGNQUOKUOQUFGDKGPFQJCDGTRTQEGUQU
FG XGTKHKECEKP FG UW EWORNKOKGPVQ 'P GUVQU RTQEGFKOKGPVQU GUVCT
KPXQNWETCFQVQFQGNRGTUQPCNFGNC+PUVKVWEKP
.QURTQEGFKOKGPVQUFGRNCPGUFGTGEWRGTCEKPFGFGUCUVTGUFGDGPFGGOCPCT
FG NC OZKOC CWVQTKFCF +PUVKVWEKQPCN RCTC ICTCPVK\CT UW FKHWUKP [ GUVTKEVQ
EWORNKOKGPVQ
#EVKXKFCFGURTGXKCU

5QP VQFCU NCU CEVKXKFCFGU FG RNCPGCOKGPVQ RTGRCTCEKP GPVTGPCOKGPVQ [

GLGEWEKPFGNCUCEVKXKFCFGUFGTGUIWCTFQFGNCKPHQTOCEKPSWGPQUCUGIWTGP
WPRTQEGUQFGTGEWRGTCEKPEQPGNOGPQTEQUVQRQUKDNGCNCKPUVKVWEKP
2QFGOQUFGVCNNCTNCUUKIWKGPVGUCEVKXKFCFGUIGPGTCNGU

 'UVCDNGEKOKGPVQFGNRNCPFGGOGTIGPEKC
HTGPVGCNCTGUVTKEEKPUWRWGUVCGP
GNCPNKUKUFGTKGUIQKPENW[GUKUVGOCUCNVGTPCVKXQUQGNGORNGQFGUQHVYCTG
WVKNKVCTKQU
 (QTOCEKPFGGSWKRQUQRGTCVKXQU

 (QTOCEKP FG GSWKRQU FG GXCNWCEKP

CWFKVQTC FG EWORNKOKGPVQ FG NQU
RTQEGFKOKGPVQUUQDTGUGIWTKFCF
#EVKXKFCFGUFWTCPVG

7PC XG\ RTGUGPVCFC NC EQPVKPIGPEKC UG FGDGT GLGEWVCT NCU UKIWKGPVGU
CEVKXKFCFGURNCPKHKECFCURTGXKCOGPVG

 'UVWFKQ FG NCU TGUVTKEEKQPGU RTGUGPVCFCU

'XCNWCEKP FG KORCEVQ FG NCU
TGUVTKEEKQPGU EQPVKPIGPEKCU
 2TKQTK\CEKPFGCEVKXKFCFGUFGNRNCPFGGOGTIGPEKC
 #EVKXKFCFGURTGRCTCVQTKCUFGNRNCPFGGOGTIGPEKC



+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

#EVKXKFCFGUFGURWU

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

&GURWUFGQEWTTKFQNCEQPVKPIGPEKCGUPGEGUCTKQTGCNK\CTNCUCEVKXKFCFGUSWG
UGFGVCNNCPNCUEWCNGUFGDGPGUVCTGURGEKHKECFCUGPGNRNCPFGGOGTIGPEKC
 'LGEWEKPFGCEVKXKFCFGUFGNRNCPFGGOGTIGPEKC
 'XCNWCEKPFGTGUWNVCFQU

 4GVTQCNKOGPVCEKPFGNRNCPFGGOGTIGPEKC
#PNKUKUFGTKGUIQU

2NCPFG
EQPVKPIGPEKC  #EVKXKFCFGURTGXKCU

2NCPFGGOGTIGPEKC #EVKXKFCFGUFWTCPVG

 #EVKXKFCFGUFGURWU

.C KORNGOGPVCEKP FG RNCPGU FG EQPVKPIGPEKC C PKXGN FG UKUVGOCU FG
KPHQTOCEKPRNCPVGCGPQTOGUTGVQUCNCUQHKEKPCUFGKPHQTOVKEC[WPCETGCVKXC
KOCIKPCEKPRCTCGORNGCT
EQPXGTVKTQTGWVKNK\CTCRNKECEKQPGUGZKUVGPVGUSWG
RWGFCP EWDTKT QRGTCVKXCOGPVG HWPEKQPGU CUKIPCFCU C CRNKECEKQPGU FG WUQ
GURGEHKEQ

'UKORQTVCPVGVGPGTRTGUGPVGSWGGPNQUNVKOQUCQUNCUJGTTCOKGPVCU)07
RTGUVCP WP KPXCNQTCDNG CRQ[Q EQP WPC ECFC XG\ OCU ETGEKGPVG POGTQ FG
UQNWEKQPGU (4'' SWG NCU GPVKFCFGU RDNKECU [ NCU QHKEKPCU FG KPHQTOVKEC
RWGFGP WVKNK\CT RCTC UWRNKT ECTGPEKCU RTGUWRWGUVCNGU RCTC CFSWKTKT PWGXCU
VGEPQNQICU FG UQHVYCTG 2QT VCPVQ FKUGCT RNCPGU FG EQPVKPIGPEKC UQDTG NC
DCUGFGJGTTCOKGPVCU[WVKNKVCTKQUDCUCFQUGP.+07:GUWPCCNVGTPCVKXCXKCDNG

+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP



+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

&& 4
4YYccUU__ TTUU\\ ]]__TTUU\\__ TTUU QQbbaaeeYYddUUSSddeebbQQ ddUUSS^^__\\WWYYSSQQ


/QFGNCOKGPVQVGEPQNIKEQ K 2NCPFGVGEPQNQIC

'P GUVC CEVKXKFCF UG RTQRQPG WPC CTSWKVGEVWTC VGEPQNIKEC SWG F UQRQTVG CN
OQFGNQ FG KPHQTOCEKP [ FG UKUVGOCU FG KPHQTOCEKP KPENW[GPFQ UK GU
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C /GVQFQNQIC+PHQTOVKECFGN+0'+/CPWCNRCTCNC'NCDQTCEKPFGWP2NCP
FG5KUVGOCUFG+PHQTOCEKP
D /GVQFQNQIC +PHQTOVKEC FGN +0'+ /CPWCN FG 6EPKECU #RNKECFCU RCTC GN
&GUCTTQNNQFG5KUVGOCU

E /GVQFQNQIC +PHQTOVKEC FGN +0'+ /CPWCN FG #TSWKVGEVWTC %NKGPVG 

5GTXKFQT
F /GVQFQNQIC +PHQTOVKEC FGN +0'+ /CPWCN FG 1TICPK\CEKP [ &KUGQ FG
$CUGFG&CVQU

G /GVQFQNQIC+PHQTOVKECFGN+0'+/CPWCNRCTCNC%QPUVTWEEKPFGWP&CVC
9CTGJQWUG
'UVCKPHTCGUVTWEVWTCHWGFKUGCFCDCLQNQUEQPEGRVQU[GUVCFQFGCTVGFG
HKPCNGUFGNCQ


+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

&GHKPKEKPFGNCCTSWKVGEVWTCVGEPQNIKECFGEQPVKPIGPEKCU

0WGXCOGPVG GN GPHQSWG FG EQPVKPIGPEKC KPEQTRQTCFQ CN RNCP GUVTCVIKEQ FG
VGEPQNQICU FG KPHQTOCEKP DWUEC GUVCDNGEGT RTQEGFKOKGPVQU [ CEEKQPGU SWG
RGTOKVCP RTGXGT [ UWRNKT NC KPHTCGUVTWEVWTC EQORWVCEKQPCN
UG KPENW[GP NQU
UGTXKEKQUDCUGFGFCVQUEQTTGQ RIKPCUYGDGVE[FGEQOWPKECEKQPGUSWG
JCDKGPFQUKFQRTQITCOCFQUGPGN2'6+RQTFKXGTUQUHCEVQTGUKPVGTPQUGZVGTPQU
Q EQODKPCEKP FG GNNQU PQ RWGFGP OCPVGPGTUG QRGTCVKXQU Q UGT
KORNGOGPVCFQU
2NCPFGEQPVKPIGPEKCURCTCGNRNCPFGVGEPQNQIC

2CTC CUGIWTCT SWG UG EQPUKFGTCP VQFCU NCU RQUKDNGU GXGPVWCNKFCFGU UG JC FG
GNCDQTCT WPC NKUVC FG VQFQU NQU TKGUIQU EQPQEKFQU RCTC NQ EWCN UG FGDGT
TGCNK\CTWPCPNKUKUFGTKGUIQU
#0#.+5+5&'4+'5)1 5

'N CPNKUKU FG TKGUIQU EQPUKUVG GP SWG GN JGEJQ FG ECNEWNCT NC RQUKDKNKFCF FG
SWG QEWTTCP EQUCU PGICVKXCU GP CNIP EQORQPGPVG Q FG GZKUVKT WPC HCNNC
IGPGTCNK\CFCFGNUQRQTVGUGJCFGRQFGTQDVGPGTWPCGXCNWCEKPFGNKORCEVQ
FG GUVCU HCNNCU  .C GXCNWCEKP FG TKGUIQU [ RTGUGPVCEKP FG TGURWGUVCU FGDG
RTGRCTCTUGFGHQTOCRGTUQPCNK\CFCRCTCECFCQTICPK\CEKP
.C GXCNWCEKP FG TKGUIQU UWRQPG KOCIKPCTUG NQ SWG RWGFG KT OCN [ C
EQPVKPWCEKP GUVKOCT GNEQUVG[NQU TGEWTUQU SWGUWRQPFTCTGGORNC\CTNQEQP
QVTC CEVKXKFCF Q RTQ[GEVQ UG JC FG VGPGT GP EWGPVC NC RTQDCDKNKFCF FG SWG
UWEGFCPECFCWPQFGNQURTQDNGOCURQUKDNGUFGGUVCHQTOCUGRWGFGPRTKQTK\CT
NQURTQDNGOCU[UWEQUVGRQVGPEKCNFGUCTTQNNCPFQWPRNCPFGCEEKPCFGEWCFQ
%QORQPGPVG

5GTXKFQTGU

2TGIWPVCURCTCFGVGTO KPCTGNTKGUIQ

 3WRWGFGKTOCN!

 %QPSWHTGEWGPEKCRWGFGQEWTTKT!
 %WNGUUGTCPUWUEQPUGEWGPEKCU!

 3WHKCDKNKFCFVKGPGPNCUTGURWGUVCUCNCU
VTGURTKOGTCURTGIWPVCU!

2NCPFGTGEWRGTCEKPFGNRNCPFGVGEPQNQIC

1EWTTKFCWPCEQPVKPIGPEKCCNEQORQPGPVGQEQORQPGPVGUSWGUQRQTVCPCNIP
UKUVGOCETVKEQRCTCNCKPUVKVWEKPUGJCFGGUVCDNGEGTRTQEGFKOKGPVQURCTCSWG
GPVTGP GP CEEKP GSWKRQU FG UWUVKVWEKP Q TGGORNC\Q 5KGORTG NQU
RTQEGFKOKGPVQU FG RNCPGU FG TGEWRGTCEKP FGDGP FG GOCPCT FG NC OZKOC
CWVQTKFCFKPUVKVWEKQPCNRCTCICTCPVK\CTUWFKHWUKP[GUVTKEVQEWORNKOKGPVQ
+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

#EVKXKFCFGURTGXKCU

'UVCDNGEKOKGPVQFGNRNCPFGTGEWRGTCEKP
(QTOCEKPFGGSWKRQUQRGTCVKXQU
 (QTOCEKP FG GSWKRQU FG GXCNWCEKP
CWFKVQTC FG EWORNKOKGPVQ FG NQU
RTQEGFKOKGPVQUUQDTGUGIWTKFCF
#EVKXKFCFGUFWTCPVG

2NCPFGTGEWRGTCEKP
'PVTCFCGPCEEKPFGNQUGSWKRQU
1RGTCEKPFGGOGTIGPEKC
#EVKXKFCFGUFGURWU

'XCNWCEKPFGKORCEVQ
2TKQTK\CEKPFGCEVKXKFCFGUFGNRNCPFG TGEWRGTCEKP
'LGEWEKPFGCEVKXKFCFGU
'XCNWCEKPFGTGUWNVCFQU
4GVTQCNKOGPVCEKPFGNRNCPFGTGEWRGTCEKP
#PNKUKUFGTKGUIQU

2NCPFG
EQPVKPIGPEKC  #EVKXKFCFGURTGXKCU
2NCPFGTGEWRGTCEKP #EVKXKFCFGUFWTCPVG

 #EVKXKFCFGUFGURWU

'P GN ECORQ FG NC KPHTCGUVTWEVWTC VGEPQNIKEC GZKUVGP GP GN OGTECFQ [ GU
EQPQEKFQ NC KPXGPVKXC FG NQCU QHKEKPCU FG KPHQTOVKEC RCTC FCT UQNWEKP C NC
HCNVCFGTGEWTUQUVGEPQNIKEQUOCNGPFOKEQFGNCUQHKEKPCUFGKPHQTOVKEC6CN
XG\ GN GNGOGPVQ OCU KORQTVCPVG RCTC UWRGTCT NC KPHQTOCNKFCF FGN OGFKQ NQ
RNCPVGG GN VTCDCLQ EQQRGTCVKXQ EQP QVTCU GPVKFCFGU FGN UGEVQT SWG RGTOKVC
UWRNKTGPGNVKGORQNCUECTGPEKCUVGEPQNIKECU



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)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

'' @@\\QQ^^UUcc TTUU QQSSSSYY^^** @@bb__iiUUSSdd__cc



&GHKPKEKPFGNRNCPFGCEEKP

'PGNRNCPFGCEEKPSWGUGGNCDQTCGPGUVCCEVKXKFCFUGFGHKPGPNQURTQ[GEVQU
[CEEKQPGUCNNGXCTCECDQRCTCNCKORNCPVCEKPFGNQUOQFGNQUFGKPHQTOCEKP
[ FG UKUVGOCU FG KPHQTOCEKP FGVGTOKPCFQU GP NCU CEVKXKFCFGU +FGPVKHKECEKP
FG  TGSWKUKVQU [ FKUGQ FGN OQFGNQ FG UKUVGOCU FG KPHQTOCEKP EQP NC
CTSWKVGEVWTC VGEPQNIKEC RTQRWGUVC GP NC CEVKXKFCF &GHKPKEKP FG NC
CTSWKVGEVWTC VGEPQNIKEC 'N EQPLWPVQ FG GUVQU VTGU OQFGNQU EQPUVKVW[G NC
CTSWKVGEVWTCFGKPHQTOCEKP
&GPVTQFGNRNCPFGCEEKPUGKPENW[GWPECNGPFCTKQFGRTQ[GEVQUEQPRQUKDNGU
CNVGTPCVKXCU [ WPC GUVKOCEKP FG TGEWTUQU EW[Q FGVCNNG UGT OC[QT RCTC NQU
OUKPOGFKCVQU

2CTCNCGNCDQTCEKPFGNECNGPFCTKQUGVKGPGPSWGCPCNK\CTNCUFKUVKPVCUXCTKCDNGU
SWGCHGEVGPCNCRTKQTKFCFFGECFCRTQ[GEVQ[UKUVGOCFGKPHQTOCEKP'NQTFGP
FGHKPKVKXQ FG NQU RTQ[GEVQU [ CEEKQPGU FGDG RCEVCTUG EQP NQU WUWCTKQU GP GN
OCTEQFGNEQOKVFGKPHQTOVKECSWGVQFCKPUVKVWEKPFGDGHQTOCTRCTCNNGICT
CWPCUQNWEKPFGEQORTQOKUQSWGTGUWNVGNCOGLQTRCTCNCQTICPK\CEKP
.CKORNCPVCEKPFGN2'6+FGDGTUGTRNCUOCFCCVTCXUFGNQURNCPGUFGVTCDCLQ
KPUVKVWEKQPCNGU
CPVGU 2NCPGU 1RGTCVKXQU +PUVKVWEKQPCNGU [ GP GN OCTEQ FG NQU
TGEWTUQUCUKIPCFQURQTGN2NCPFG'UVTCVIKEQ5GEVQTKCN
2'5'/

2QT NVKOQ UG RTQRQPG WP RNCP FG OCPVGPKOKGPVQ RCTC GN EQPVTQN [
UGIWKOKGPVQFGNCGLGEWEKPFGNQURTQ[GEVQUCUEQOQRCTCNCCEVWCNK\CEKP
FGNQURTQFWEVQUHKPCNGUFGN2NCP'UVTCVIKEQFG6GEPQNQICFG+PHQTOCEKP
6CTGC

&GHKPKEKPFG
RTQ[GEVQUC
TGCNK\CT

2TQFWEVQU

6EPKECU[RTEVKECU

x 2NCPFGRTQ[GEVQU
x #PNKUKUEQUVQ
DGPGHKEKQ
&GHKPKEKPFGRTQ[GEVQU
+ORCEVQGPNC
x
2TKQTKFCFFGRTQ[GEVQU
QTICPK\CEKP
%CNGPFCTKQFGRTQ[GEVQU
5GUKQPGU
FGVTCDCLQ
x
[CEEKQPGU

'NCDQTCEKPFGN x 2NCPFGOCPVGPKOKGPVQ
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RNCPFG
OCPVGPKOKGPVQ
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+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

2CTVKEKRCPVGU

x %QPUWNVQTGU
x %QPUWNVQTGU
KPHQTOVKEQU
x 7UWCTKQU
GZRGTVQU
x %QPUWNVQTGU
x %QPUWNVQTGU
KPHQTOVKEQU



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP



&GHKPKEKPFGRTQ[GEVQUCTGCNK\CT

5G FGVGTOKPCP NQU RTQ[GEVQU [ CEEKQPGU PGEGUCTKQU RCTC KORNCPVCT NC

CTSWKVGEVWTC FG KPHQTOCEKP RTQRWGUVC FGHKPKGPFQ RCTC ECFC RTQ[GEVQ NQU
QDLGVKXQUSWGEWDTG[EWCNSWKGTQDUGTXCEKPSWGUGEQPUKFGTGTGNGXCPVG

# EQPVKPWCEKP UG CUKIPCP RTKQTKFCFGU VTCVCPFQ FG EQODKPCT FKHGTGPVGU

ETKVGTKQUEQOQ
x

4GNCEKPEQPNQUQDLGVKXQUEQPUKFGTCFQUGPGN2'6+

6KGORQFGKORNCPVCEKP

x
x

%QPFKEKQPCPVGUVEPKEQUSWGKORNKSWGPFGRGPFGPEKCUGPVTGRTQ[GEVQU
$GPGHKEKQURCTCNCQTICPK\CEKP
VCPIKDNGUGKPVCPIKDNGU

&GURWU FGN GUVWFKQ FG VQFQU NQU GNGOGPVQU CPVGTKQTGU UG RTQRQPG GN
ETQPQITCOC FG RTQ[GEVQU SWG OGLQT EQPLWIWG VQFCU NCU TGUVTKEEKQPGU
CPCNK\CFCU RTGXKCOGPVG GUVKOCPFQ HGEJCU FG RTKPEKRKQ [ HKP FG ECFC WPQ FG
GNNQUCUEQOQNQUTGEWTUQUPGEGUCTKQURCTCNQUOUKPOGFKCVQU5GJCTPHCUKU
GPNQUQDLGVKXQUGUVTCVIKEQUUQRQTVCFQURQTGN2'6+

2QTNVKOQUGEQORNGVCGNRNCPFGRTQ[GEVQUEQPUKFGTCPFQNQUHCEVQTGUETVKEQU
FG ZKVQ RCTC NNGXCT C ECDQ NC RTQRWGUVC CU EQOQ GN RNCP FG CEEKQPGU
PGEGUCTKCU FGFWEKFCU FGN CPNKUKU FG FKEJQU HCEVQTGU
RNCPGU FG HQTOCEKP
IGUVKPFGNECODKQGVE

.CUEQPENWUKQPGUQDVGPKFCUFGDGPUGTEQPVTCUVCFCU[OQFKHKECFCUUKUGGUVKOC
EQPXGPKGPVGEQPNCUCRQTVCEKQPGUFGNQUWUWCTKQU
2TQFWEVQU

&GGPVTCFC
x
x
x
x
x
x

&GUETKREKPIGPGTCNFGN2'6+
.KUVCFQFGQDLGVKXQUFGN2'6+
#TSWKVGEVWTCFGKPHQTOCEKP
/QFGNQFGKPHQTOCEKP
/QFGNQFGUKUVGOCUFGKPHQTOCEKP
#TSWKVGEVWTCVGEPQNIKEC

&GUCNKFC

x 2NCPFGRTQ[GEVQU
x &GHKPKEKPFGRTQ[GEVQU


+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

x 2TKQTKFCFFGRTQ[GEVQU
x %CNGPFCTKQ FGRTQ[GEVQU[CEEKQPGU
6EPKECU

x #PNKUKU EQUVGDGPGHKEKQ
2TEVKECU

x +ORCEVQGPNCQTICPK\CEKP
x 5GUKQPGU FGVTCDCLQ
2CTVKEKRCPVGU

x %QPUWNVQTGU
x %QPUWNVQTGUKPHQTOVKEQU
x 7UWCTKQU GZRGTVQU


6CDNGTQFGEQPVTQNFGNCIGUVKPFGN2'6+

.C RTGUGPVG VEPKEC UG FGTKXC FGN 6CDNGTQ FG %QPVTQN )GTGPEKCN Q DCNCPEGF
UEQTGECTF [ GU EQPEQTFCPVG EQP NC OGVQFQNQIC SWG HWG GPWPEKCFC RQT NC
&KTGEEKP )GPGTCN FG 2TQITCOCEKP /WNVKCPWCN 'UVTCVIKEC FGN /KPKUVGTKQ FG
'EQPQOC[(KPCP\CU[SWGGUCFCRVCFCCNCOGVQFQNQICFGN2'6+
'NVCDNGTQFGEQPVTQN QEWCFTQFGOCPFQKPVGITCN PQURGTOKVKT WPCPNKUKU
KPVGITCN FG NQU RNCPGUQRGTCVKXQUFGNC#FOKPKUVTCEKP2DNKEC[C[WFCTCNC
QTKGPVCEKPGUVTCVIKECJCEKCNQUTGUWNVCFQU
.CUGUVCFUVKECUFGOWGUVTCPSWGWPCDWGPCGUVTCVGIKCPQGUUWHKEKGPVGKPENWUQ
NC GUVTCVGIKC OGLQT HQTOWNCFC HTCECUC UK NC QTICPK\CEKP PQ RWGFG
KORNGOGPVCTNC &GUFG UW CRCTKEKP GP  EQOQ WPC JGTTCOKGPVC RCTC
OGFKTGNFGUGORGQFGNCUGORTGUCUGNDCNCPEGFUEQTGECTFJCQHTGEKFQWP
OCTEQ RCTC CPCNK\CT NC GUVTCVGIKC WVKNK\CFC OU CNN FG NQU KPFKECFQTGU
HKPCPEKGTQU[ETGCTXCNQTFGUFGEWCVTQRGTURGEVKXCUFKHGTGPVGU

 NC HKPCPEKGTC NC GUVTCVGIKC FG ETGEKOKGPVQ TGPVCDKNKFCF [ TKGUIQ XKUVC
FGUFGNCRGTURGEVKXCFGNRTGUWRWGUVQCUKIPCFQ
 NC FGN ENKGPVG  WUWCTKQ NC GUVTCVGIKC RCTC ETGCT XCNQT [ FKHGTGPEKCEKP
FGUFGNCRGTURGEVKXCFGNENKGPVG

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RTQEGUQU FGN PGIQEKQ SWG ETGCP UCVKUHCEEKP RCTC GN ENKGPVG [ NQU
CEEKQPKUVCU

+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

 NC FGN CRTGPFK\CLG [ GN ETGEKOKGPVQ NCU RTKQTKFCFGU RCTC ETGCT WP ENKOC
SWGUQRQTVGGNECODKQNCKPPQXCEKP[GNETGEKOKGPVQQTICPK\CEKQPCN
'UVTCVGIKCRCTCNC KORNCPVCEKPFGNCVEPKEC

2CTCNCEQTTGEVCKORNGOGPVCEKPFGNCGUVTCVGIKCFGGXCNWCEKPUGDCUCTCGPNQU
UKIWKGPVGU ETKVGTKQU RCTC GN ECUQ FGN 2'6+ .QU OKUOQU SWG FGDGTP UGT
GXCNWCFQUCRCTVKTFGNQUKPFKECFQTGUFGFGUGORGQKPFKECFQTGUFGNKORCEVQ G
KPFKECFQTGUFGTGUWNVCFQFGHKPKFQURQTNC+PUVKVWEKP
 (KPCPEKGTC /GFKT NC RTQRQTEKP FGN RTGUWRWGUVQ CUKIPCFQ CN 1DLGVKXQ
'UVTCVIKEQ [ NQ KPXGTVKFQ GP 6+ C VTCXU FG NCU CEVKXKFCFGU [  RTQ[GEVQU
CUKIPCFQU#UEQOQNQUPFHKEKVQ QPUWRGTXKVQ GPEQPVTCFQU
24'5727'561
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24'5727'561 24'5727'561
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FGOCPFC INQDCN SWG RQFTC VQOCTUG GP EQPUKFGTCEKP RCTC GXCNWCT GN
KPFKECFQTFGEQDGTVWTC[UCVKUHCEEKPFGWUWCTKQFGNQUUKUVGOCU
1$,'6+815
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2TQEGUQKPVGTPQ 5GVQOCTCGPEQPUKFGTCEKPNQUQDLGVKXQUFGNCQHKEKPCFG
KPHQTOVKEC FG NCU GPVKFCFGU FGN UGEVQT UWU CEVKXKFCFGU [ RTQ[GEVQU EQP
TGNCEKPCNQUQDLGVKXQUGUVTCVIKEQUFGNCKPUVKVWEKP[EQPGNHKPFGGXCNWCT
NCUOGLQTCUFGNQURTQEGUQUKPHQTOVKEQUGKPUVKVWEKQPCNGU
1$,'6+81
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RTQITCOCU FGOGLQTCOKGPVQ [ECRCEKVCEKPFGNQU TGEWTUQU JWOCPQU[FG
NQU WUWCTKQU KPVGTPQU FG NC GPVKFCF RDNKEC 2QT UGT KPUVTWOGPVQU FG
HQTVCNGEKOKGPVQFGNCQTICPK\CEKPFGNCGPVKFCF


+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

1$,'6+81
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2TKPEKRKQUFGNVCDNGTQFGEQPVTQNIGTGPEKCN

'NDCNCPEGF UEQTGECTFRGTOKVGCNQU FKTGEVKXQU GXCNWCTEQOQUWUWPKFCFGUFG

PGIQEKQETGCTPXCNQTRCTCNQUWUWCTKQUCEVWCNGU[HWVWTQUUKPFGUXKCTGNKPVGTU
FGN FGUGORGQ HKPCPEKGTQ 6TCUEGPFK UW EQPEGREKP QTKIKPCN EQOQUKUVGOC
FG EQPVTQN FG IGUVKP RCTC EQPXGTVKTUG GP WP PWGXQ RTQEGUQ FG IGUVKP
GUVTCVIKECCRCTVKTFGEKPEQRTKPEKRKQUDUKEQU
2TKPEKRKQ06TCFWEKTNCGUVTCVGIKCG PVTOKPQUQRGTCVKXQU

.CGUVTCVGIKCPQRWGFGGLGEWVCTUGUKPQUGRWGFGEQORTGPFGT[UKPQUGRWGFG
EQORTGPFGT PQ RWGFG FGUETKDKTUG # RCTVKT FG NC RTGIWPVC EWN GU OK
GUVTCVGIKC! UG FGDG EQPUVTWKT UW OCRC GUVTCVIKEQ WPC GUVTWEVWTC NIKEC [
EQORNGVCSWGNCFGUETKDCGPFGVCNNG'NOCRCGUVTCVIKEQFGUETKDGGNRTQEGUQFG
VTCPUHQTOCT NQU CEVKXQU KPVCPIKDNGU GP ENKGPVGU [ TGUWNVCFQU HKPCPEKGTQU
VCPIKDNGUGUNCRKGFTCCPIWNCTFGWPPWGXQUKUVGOCFGIGUVKPGUVTCVIKEC
2TKPEKRKQ0#NKPGCTNCQTICPK\CEK PEQPNCGUVTCVGIKC

.C UKPGTIKC GU HWPFCOGPVCN GP GN FKUGQ FG NCU QTICPK\CEKQPGU
VTCFKEKQPCNOGPVG FKUGCFCU GP VQTPQ C HWPEKQPGU EQP WP EWGTRQ FG
EQPQEKOKGPVQKFKQOC[EWNVWTCRTQRKQUCOGPWFQNQUUKNQUHWPEKQPCNGUUG
EQPXKGTVGPGPWPCDCTTGTC.CUQTICPK\CEKQPGUGPHQECFCUGPNCGUVTCVGIKCWUCP
GNDCNCPEGFUEQTGECTFRCTCTQORGTNCTGGORNC\CPNCUGUVTWEVWTCUHQTOCNGUFG
KPHQTOCEKPRQTNQUVGOCU[RTKQTKFCFGUGUVTCVIKECU
2TKPEKRKQ0%QPXGTVKTNCGUVTCVGIKCGPGNVTCDCLQFKCTKQFGECFCGORN GCFQ

.CUQTICPK\CEKQPGUGPHQECFCUGPNCGUVTCVGIKCGZKIGPSWGVQFQUNQUGORNGCFQU
NCEQORTGPFCPGUVPCNKPGCFQUEQPGNNC[RWGFCPGLGEWVCTNCGPUWVCTGCFKCTKC
'P GUG UGPVKFQ GN DCNCPEGF UEQTGECTF UG EGPVTC GP NC EQOWPKECEKP [ NC
HQTOCEKPGNFGUCTTQNNQFGQDLGVKXQURGTUQPCNGU[FGGSWKRQ[GPUKUVGOCUFG
KPEGPVKXQU[TGEQORGPUCUSWGTGNCEKQPGPGNFGUGORGQFGNCQTICPK\CEKP[GN
FGNQUKPFKXKFWQU
2TKPEKRKQ0u%QPXGTVKTNCGUVTCVGIKCGPWPRTQEGUQEQPVKPWQ

2CTCOCPGLCTNCGUVTCVGIKCGNDCNCPEGFUEQTGECTFGZKVQUQWUCGNRTQEGUQFG
EKTEWKVQ FQDNG Q FQDNG DWENG SWG KPVGITC NC IGUVKP VEVKEC
RTGUWRWGUVQU
HKPCPEKGTQU [ TGXKUKQPGU OGPUWCNGU [ NC IGUVKP FG GUVTCVGIKC GP WP RTQEGUQ
WPKHQTOG[EQPVKPWQ8KPEWNCNCGUVTCVGIKCEQPGNRTGUWRWGUVQEKGTTCGNEKTEWKVQ
+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

C VTCXU FG UKUVGOCU FG HGGFDCEM GHGEVKXQU [ TGWPKQPGU FG IGUVKP [ RQT
NVKOQ RTWGDC NCU JKRVGUKU GUVTCVIKECU EQP NC KPHQTOCEKP QDVGPKFC FGN
UKUVGOC FG HGGFDCEM CRTGPFG FG NQU TGUWNVCFQU [ CFCRVC NC GUVTCVGIKC GP
EQPUGEWGPEKC
2TKPEKRKQ0/QXKNK\CTGNECODKQCVTCXUFGNNKFGTC\IQGLGEWVKXQ

.CEQPFKEKPOUKORQTVCPVGRCTCGNZKVQGUNCECRCEKFCFFGNGSWKRQGLGEWVKXQ
FGEQPXGTVKTUGGPFWGQFGNCGUVTCVGIKC[RCTVKEKRCTCEVKXCOGPVGGPGNNC5KNQU
SWG QEWRCP NQU GUECNQPGU OU CNVQU FG NC QTICPK\CEKP PQ UQP NFGTGU
GPTIKEQUFGNRTQEGUQPQJCDTECODKQPQUGKORNGOGPVCTNCGUVTCVGIKC[UG
RGTFGTNCQRQTVWPKFCFFGWPFGUGORGQTGXQNWEKQPCTKQ

'PGUVGRTQ[GEVQFGECODKQGNHQEQGUVGPNCOQXKNK\CEKPGPGNKORWNUQ
RCTC RQPGT GP OCTEJC GN RTQEGUQ &GDG SWGFCT ENCTQ SWG NC QTICPK\CEKP
PGEGUKVCGUGECODKQRCTCSWGUGFGUEQPIGNG7PCXG\SWGNCQTICPK\CEKPUG
OQXKNK\C GN HQEQ RCUC C NC IQDGTPCDKNKFCF 'UVG RTQEGUQ FGHKPG FGOWGUVTC [
TGHWGT\CGNPWGXQXCNQTEWNVWTCNCNCQTICPK\CEKP(KPCNOGPVGEQPGNRCUQFGN
VKGORQ UWTIG GN PWGXQ UKUVGOC FG IGUVKP WP XGTFCFGTQ UKUVGOC FG IGUVKP
GUVTCVIKEC


2NCPFGOCPVGPKOKGPVQ

7PC XG\ GUVCDNGEKFQ GN RNCP FG CEEKP UG FGDGP FGHKPKT NCU CEEKQPGU SWG
RGTOKVCP OCPVGPGT CEVWCNK\CFQ GN 2NCP GUVTCVIKEQ FG VGEPQNQIC FG
KPHQTOCEKP
2'6+  C UW EWNOKPCEKP [ EQPQEGT GN ITCFQ FG CXCPEG FG NQU
RTQ[GEVQU SWG GP N UG JCP FGHKPKFQ 6QFQ GNNQ UG FGPQOKPC 2NCP FG
OCPVGPKOKGPVQFGN2'6+

'PGUVGRNCPFGOCPVGPKOKGPVQGPVTGQVTQUCURGEVQUSWGUGRWGFCPEQPUKFGTCT
TGNGXCPVGURCTCNCQTICPK\CEKPUGFGDGPGUVCDNGEGTNQURTQFWEVQUHKPCNGUFGN
2'6+SWGUGXCPCOCPVGPGTCEVWCNK\CFQUGNUQRQTVGRCTCNQUOKUOQU[EWPFQ
[RQTSWKPXCPCUGTOQFKHKECFQUCUEQOQNCHTGEWGPEKC[UKVWCEKQPGUGPNQU
SWGUGFGDGTGXKUCTGNRNCPFGRTQ[GEVQU[NQUTGURQPUCDNGUFGJCEGTNQ
6CODKP UG FGVGTOKPC C SWKPGU UG KPHQTOCT [ EQP SW RGTKQFKEKFCF FGN
ITCFQFGCXCPEGFGNRNCPGUVCDNGEKFQQFGNQUECODKQUSWGGPNUGRTQFW\ECP
2TQFWEVQU

&G GPVTCFC

x 2NCPFGRTQ[GEVQU
&GUCNKFC

x 2NCPFGOCPVGPKOKGPVQFGN2'6+


+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

2CTVKEKRCPVGU

x %QPUWNVQTGU
x %QPUWNVQTGU+PHQTOVKEQU
2NCPFGO CPVGPKOKGPVQFGN2'6+

/GFKCPVG NC TGCNK\CEKP FG NC RTGUGPVG VCTGC UG DWUEC FGHKPKT WP OCTEQ FG
OCPVGPKOKGPVQ FGN 2NCP 'UVTCVIKEQ FG 6GEPQNQIC FG +PHQTOCEKP FGDKGPFQ
UGIWKTNQUUKIWKGPVGURCUQU
 'UVCDNGEGTWP2TQITCOCFGTGEGREKP[GXCNWCEKPFGRGVKEKQPGUFGTGHQTOC
FGN2'6+5GTGEQOKGPFCNQUOGUGUFG'PGTQK /CT\QFGECFCCQRQTUGT
EQKPEKFGPVGU EQP NC HCUG FG GXCNWCEKP FG NQU RNCPGU GUVTCVIKEQU
KPUVKVWEKQPCNGUGUVCDNGEKFQRQTGN/KPKUVGTKQFG'EQPQOC[(KPCP\CU
/'(

 'XCNWCT GP NCU TGWPKQPGU FG UGIWKOKGPVQ GN EWORNKOKGPVQ FG NQU
QDLGVKXQURTGXKUVQURQTGN2'6+
.CKPVGTTGNCEKPFGNCOGVQFQNQICFGFGUCTTQNNQFGCRNKECEKQPGUEQPGN
RNCPFGUKUVGOCURGTOKVGP FGHKPKTNQURWPVQUFGEQPVTQNQFGTGCNK\CEKP
FG NCU TGWPKQPGU FG UGIWKOKGPVQ CN  HKPCNK\CT ECFC WPC FG NCU HCUGU FG NC
OGVQFQNQIC FCFQ SWG GP GUG OQOGPVQ UG FKURQPFT FG UWHKEKGPVGU
GNGOGPVQU FG LWKEKQ RCTC XCNQTCT NCU RTGXKUKQPGU FG KORNCPVCEKP [ GN
EWORNKOKGPVQFGNQURNC\QUKPKEKCNGU

 &GHKPKTGNOCTEQFGOCPVGPKOKGPVQFGN2'6+

5GKFGPVKHKECT PNQURTQEGFKOKGPVQUFGIGUVKPSWGUGFGDGPFGUCTTQNNCT
'PVTGUVQU
 4GWPKQPGUFGNEQOKVFGFKTGEEKP


(WPEKQPGUFGEQPVTQNFGECNKFCF

2TQEGFKOKGPVQUFGOCPVGPKOKGPVQFGRTQ[GEVQUGPGN2NCP
+PHQTOGUFGNGUVCFQFGRTQ[GEVQU
#FKEKPFGPWGXQURTQ[GEVQU
4GXKUKPFGRTQ[GEVQU

2TQEGFKOKGPVQU FG TGXKUKP FGN RNCP

CEVWCNK\CEKP [ FGHKPKEKP FG
PWGXQURNC\QU

 4GXKUCT TGUVTKEEKQPGU G JKRVGUKU JGEJCU GP GN RNCP FG KORNCPVCEKP RCTC
CUGIWTCTSWGNQURNC\QURTGXKUVQUUQPRTEVKEQU[TGCNKUVCU
5GEQPUKFGTCTPGPGUVCTGXKUKP
5KUVGOCUCEVWCNGU

+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

2NC\QUFGECODKQFGNCVGEPQNQICCEVWCNCNPWGXQGPVQTPQ
2TCEVKECUCEVWCNGUFGIGUVKP

2TQFWEVQUCQDVGPGT

#N TGCNK\CT EQP ZKVQ NCU VCTGCU  KPFKECFCU  UG  QDVGPFTP NQU UKIWKGPVGU
RTQFWEVQU

 2NCP )NQDCN FG +ORNCPVCEKP SWG FGHKPC GN QTFGP FG NQU RTQ[GEVQU C
KORNCPVCT
 2NCPGUCEQTVQRNC\QRCTCNQURTQ[GEVQURTKQTKVCTKQU
4GXKUKP[CRTQDCEKPFGN2'6+

'UVC CEVKXKFCF VKGPG EQOQ QDLGVKXQ EQPVTCUVCT EQP NQU TGURQPUCDNGU FG NC
FKTGEEKP FGN 2'6+ NC CTSWKVGEVWTC FG KPHQTOCEKP [ GN RNCP FG CEEKP
GNCDQTCFQUCPVGTKQTOGPVGRCTCOGLQTCTNCRTQRWGUVCUKUGEQPUKFGTCPGEGUCTKQ
[RQTNVKOQQDVGPGTUWCRTQDCEKPHKPCN
'PNCUQTICPK\CEKQPGUFGNC#FOKPKUVTCEKP2DNKECGUVCFGDGUGTCRTQDCFCRQT
NCUFGRGPFGPEKCUFGNCQTICPK\CEKPKPXQNWETCFCUGPGN2'6+
6CTGC

6EPKECU[
2TEVKECU

%QPXQECVQTKC x 2NCPFGRTGUGPVCEKP
FGNC
RTGUGPVCEKP

x 2TGUGPVCEKP

'XCNWCEKP[ x 4GUWNVCFQFGNCUUGUKQPGUFG
OGLQTCFGNC
VTCDCLQ
RTQRWGUVC
x 2TGUGPVCEKP
x %CVNQIQFGTGSWKUKVQUFGN2'6+
x #TSWKVGEVWTCFGKPHQTOCEKP
/QFGNQFGKPHQTOCEKP
/QFGNQFGUKUVGOCUFG
KPHQTOCEKP
#TSWKVGEVWTCVGEPQNIKEC
x 2NCPFGCEEKP
2NCPFGRTQ[GEVQU
2NCPFGOCPVGPKOKGPVQFGN2'6+

x 5GUKQPGUFG
VTCDCLQ
x 2TGUGPVCEKP

#RTQDCEKP
FGN2'6+



2TQFWEVQU

x #RTQDCEKPHQTOCNFGN2'6+
x 2NCPFGFKHWUKPFGN2'6+

2CTVKEKRCPVGU
x ,GHGFGRTQ[GEVQ
FGN2'6+
x %QPUWNVQTGU
x %QPUWNVQTGU
KPHQTOVKEQU
x %QOKVFG
FKTGEEKP
x ,GHGFGRTQ[GEVQ
FGN2'6+
x %QPUWNVQTGU
x %QPUWNVQTGU
KPHQTOVKEQU
x 7UWCTKQUGZRGTVQU

x 5GUKQPGUFG x %QOKVFG
FKTGEEKP
VTCDCLQ
x ,GHGFGRTQ[GEVQ
FGN2'6+

+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

2TGUGPVCEKPFGN 2'6+CNCKPUVKVWEKP

5G GNCDQTC WP TGUWOGP SWG TGEQLC NQU TGUWNVCFQU HKPCNGU FG NCU CEVKXKFCFGU
+FGPVKHKECEKP FG TGSWKUKVQU 'UVWFKQ FG NQU UKUVGOCU FG KPHQTOCEKP CEVWCNGU
&KUGQFGNOQFGNQFGUKUVGOCUFGKPHQTOCEKP&GHKPKEKPFGNCCTSWKVGEVWTC
VGEPQNIKEC[FGHKPKEKPFGNRNCPFGCEEKP'N,GHGFGRTQ[GEVQFGN2'6+GPXC
GUVC KPHQTOCEKP C SWKGPGU EQPUVKVW[GP NC FKTGEEKP FGN 2NCP GUVTCVIKEQ FG
VGEPQNQICUFGKPHQTOCEKPRCTCUWGUVWFKQLWPVQEQPNCEQPXQECVQTKC[GURGTC
UWEQPHKTOCEKP
2TQFWEVQU

&GGPVTCFC

x .KUVCFQFGTGSWKUKVQU
x .KUVCFQFGQDLGVKXQU
x #TSWKVGEVWTCFGKPHQTOCEKP
/QFGNQFGKPHQTOCEKP
/QFGNQFGUKUVGOCUFGKPHQTOCEKP
#TSWKVGEVWTCVGEPQNIKEC
x 2NCPFGCEEKP
2NCPFGRTQ[GEVQU
2NCPFGOCPVGPKOKGPVQFGN2'6+
&GUCNKFC

x 2NCP FGRTGUGPVCEKP
2TEVKECU

x 2TGUGPVCEKP
2CTVKEKRCPVGU

x ,GHGFGRTQ[GEVQFGN2'6+
x %QPUWNVQTGU
x %QPUWNVQTGUKPHQTOVKEQU
'XCNWCEKP[OGLQTCFGNCRTQRWGUVC

5G TGCNK\C NC RTGUGPVCEKP FG NQU TGUWNVCFQU OCPVGPKPFQUG C EQPVKPWCEKP

UGUKQPGUFGVTCDCLQIWKCFCURQTGNLGHGFGRTQ[GEVQFGN2'6+RCTCTGEQIGTNCU
RQUKDNGUOGLQTCU[CPCNK\CTUWKPEQTRQTCEKPCNCRTQRWGUVC
2TQFWEVQU

&GGPVTCFC

x 2NCPFGRTGUGPVCEKP
+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

x .KUVCFQFGTGSWKUKVQU
x .KUVCFQFGQDLGVKXQU
x #TSWKVGEVWTCFGKPHQTOCEKP

/QFGNQFGKPHQTOCEKP
/QFGNQFGUKUVGOCUFGKPHQTOCEKP
#TSWKVGEVWTCVGEPQNIKEC
x 2NCPFGCEEKP
2NCPFGRTQ[GEVQU
2NCPFGOCPVGPKOKGPVQFGN2'6+

&GUCNKFC

x 2TGUGPVCEKP
x .KUVCFQFGTGSWKUKVQUFGN2'6+
x 4GUWNVCFQFGNCUUGUKQPGUFGVTCDCLQ
OGLQTCFGNCRTQRWGUVCSWGCHGEVCP C
#TSWKVGEVWTCFGKPHQTOCEKP
/QFGNQFGKPHQTOCEKP
/QFGNQFGUKUVGOCUFGKPHQTOCEKP
#TSWKVGEVWTCVGEPQNIKEC
2NCPFGCEEKP
2NCPFGRTQ[GEVQU
2NCPFGOCPVGPKOKGPVQFGN2'6+
2TEVKECU

x 5GUKQPGUFGVTCDCLQ
x 2TGUGPVCEKP
2CTVKEKRCPVGU
x
x
x
x
x

%QOKVFGFKTGEEKP
,GHGFGRTQ[GEVQFGN2'6+
%QPUWNVQTGU
%QPUWNVQTGUKPHQTOVKEQU
7UWCTKQUGZRGTVQU

#RTQDCEKPFGN2'6+

5GGPVTGICNCRTQRWGUVCHKPCN[UGUQNKEKVCHQTOCNOGPVGCN%QOKVFG&KTGEEKP
FGN 2'6+ NC CRTQDCEKP FG NC OKUOC 2QT NVKOQ UG FGDG KPHQTOCT FG NQU
TGUWNVCFQU C NCU WPKFCFGU QTICPK\CVKXCU RCTVKEKRCPVGU [ C VQFCU CSWGNNCU
CHGEVCFCURQTNQUTGUWNVCFQUFGN2NCPFG5KUVGOCUFG+PHQTOCEKP



+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

2TQFWEVQU

&GGPVTCFC

x 4GUWNVCFQFGNCUUGUKQPGUFGVTCDCLQ
x .KUVCFQFGTGSWKUKVQUFGN2'6+
x #TSWKVGEVWTCFGKPHQTOCEKP
/QFGNQFGKPHQTOCEKP
/QFGNQFGUKUVGOCUFGKPHQTOCEKP
#TSWKVGEVWTCVGEPQNIKEC
x 2NCPFGCEEKP
2NCPFGRTQ[GEVQU
2NCPFGOCPVGPKOKGPVQFGN2'6+
&GUCNKFC

x #RTQDCEKPHQTOCNFGN2'6+
x 2NCPFGEQOWPKECEKPFGN2'6+
2TEVKECU

x 5GUKQPGUFGVTCDCLQ
2CTVKEKRCPVGU

x %QOKVFGFKTGEEKP
x ,GHGFGRTQ[GEVQFGN2'6+
2CTVKEKRCPVGUGPNCU#EVKXKFCFGUFGN2TQEGUQ2'6+
2.#0+(+%#%+10&'5+56'/#5&'
+0(14/#%+10
%QOKVFGFKTGEEKP
%QPUWNVQTGU

%QPUWNVQTGUKPHQTOVKEQU
&KTGEVQTGUWUWCTKQU

'SWKRQFGUQRQTVGVEPKEQ
'SWKRQFGNRTQ[GEVQ
,GHGFGRTQ[GEVQ

4GURQPUCDNGFGOCPVGPKOKGPVQ
7UWCTKQUGZRGTVQU





:
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:
:

#%6+8+&#&'5












+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

:
:

:
:



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

#EVKXKFCFGU










+PKEKQFGN2'6+
&GHKPKEKP[QTICPK\CEKPFGN2'6+
'UVWFKQFGNCKPHQTOCEKPTGNGXCPVG
+FGPVKHKECEKPFGTGSWKUKVQU
'UVWFKQFGNQUUKUVGOCUFGKPHQTOCEKPCEVWCNGU
&KUGQFGNOQFGNQFGUKUVGOCUFGKPHQTOCEKP
&GHKPKEKPFGNCCTSWKVGEVWTCVGEPQNIKEC
&GHKPKEKPFGNRNCPFGCEEKP
4GXKUKP[CRTQDCEKPFGN2'6+

6EPKECURTEVKECUWVKNK\CFCUGPNCUCEVKXKFCFGUFGNRTQEGUQ2'6+
2.#0+(+%#%+10&'5+56'/#5&'
+0(14/#%+10
#PNKUKUEQUVQDGPGHKEKQ



.KUVCFQECVCNQICEKP
&KCITCOCFGENCUGU

&KCITCOCFGTGRTGUGPVCEKP
'UVKOCEKP

(CEVQTGUETVKEQUFGZKVQ

+ORCEVQGPNCQTICPK\CEKP





/QFGNQ'PVKFCFTGNCEKPGZVGPFKFQ









:
:

2NCPKHKECEKP





/QFGNCFQFGRTQEGUQUFGNCQTICPK\CEKP

5GUKQPGUFGVTCDCLQ



/CVTKEKCN

2TGUGPVCEKP

#%6+8+&#&'5

+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

:
:

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

11>>55HH?
?
6%0+%#5'/2.'#&#5' 0.#)7+#

'P GN RTGUGPVG CPGZQ UG FGUETKDGP NCU VEPKECU SWG UG WVKNK\CTP GP NCU FKUVKPVCU
CEVKXKFCFGU [ VCTGCU PGEGUCTKCU GP NC GNCDQTCEKP FGN CPNKUKU FG UKUVGOCU NCU SWG
RGTOKVKTPGLGEWVCTNCUCEVKXKFCFGUEQPOC[QTGHKEKGPEKC
'064'8+56#5

.CVEPKECFGGPVTGXKUVCUGWVKNK\CRCTCTGECDCTKPHQTOCEKPGPHQTOCXGTDCNCVTCXU
FG WPC UGTKG FG RTGIWPVCU SWG RTQRQPG GN CPCNKUVC GUVC VEPKEC C UW XG\ GU
KORTGUEKPFKDNGRCTCQDVGPGTKPHQTOCEKPEWCNKVCVKXCTGNCEKQPCTUGEQPNQUWUWCTKQU[
TGEQIGTWPEQPLWPVQFGJGEJQU[QTGSWGTKOKGPVQUFGKPHQTOCEKPPGEGUCTKQURCTCGN
GUVWFKQ
C 1DLGVKXQ

.CUGPVTGXKUVCUVKGPGPEQOQQDLGVKXQTGECDCTKPHQTOCEKPEWCNKVCVKXC[EWCPVKVCVKXC
FGNQUWUWCTKQUHKPCNGUFGFKXGTUQUPKXGNGUQTICPK\CEKQPCNGUNCUEWCNGURGTOKVKTP
CNECP\CTNQUQDLGVKXQUFGNCPNKUKUFGUKUVGOCU

D 7VKNKFCF

.CU GPVTGXKUVCU UQP VKNGU RQTSWG RGTOKVGP UGPVCT NCU DCUGU UQDTG NCU EWCNGU UG
FGUCTTQNNCTGNHWVWTQUKUVGOCRQTNQVCPVQUGRWGFGQDVGPGTKPHQTOCEKPUQDTG
x
x
x
x

4GSWKUKVQUFGWUWCTKQ
(WPEKQPCOKGPVQFGNUKUVGOCCEVWCN
1TICPK\CEKPFGNCWPKFCF
4GURQPUCDKNKFCFGU[HWPEKQPGUFGNQUWUWCTKQU

E &GUETKREKP

.CU GPVTGXKUVCU UQP HQTOCU FG EQPXGTUCEKP PQ FG KPVGTTQICEKP #N CPCNK\CT NCU
ECTCEVGTUVKECUFGNQUUKUVGOCUEQPRGTUQPCNUGNGEEKQPCFQEWKFCFQUCOGPVGRQTUWU
EQPQEKOKGPVQU UQDTG GN UKUVGOC NQU CPCNKUVCU RWGFGP FKURQPGT FG FCVQU SWG PQ
GUVPFKURQPKDNGUGPPKPIWPCQVTCHQTOC
'PNCUKPXGUVKICEKQPGUFGNQUUKUVGOCUNCKPHQTOCEKPEWCNKVCVKXC[EWCPVKVCVKXCUQP
KORQTVCPVGU .C KPHQTOCEKP EWCNKVCVKXC GUV TGNCEKQPCFC EQP NCU QRKPKQPGU
RQNVKECU [ FGUETKREKQPGU PCTTCVKXCU FG CEVKXKFCFGU Q RTQDNGOCU OKGPVTCU SWG NC
KPHQTOCEKP EWCPVKVCVKXC UG VTCVC HTGEWGPVGOGPVG FG POGTQU HTGEWGPEKCU Q
ECPVKFCFGU
+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

/WEJCU XGEGU GN CPCNKUVC WVKNK\C NC VEPKEC FG NCU GPVTGXKUVCU RCTC TGECDCT
KPHQTOCEKP EWCNKVCVKXC SWG NG RGTOKVKT CPCNK\CT NQU UKUVGOCU FG KPHQTOCEKP
PGEGUCTKQU

6KRQUFGGPVTGXKUVCU

&G CEWGTFQ CN VKRQ FG KPHQTOCEKP SWG UG FGUGC TGECDCT UG RWGFG GNCDQTCT NCU
GPVTGXKUVCUGPHQTOCGUVTWEVWTCFCQUKPGUVTWEVWTC
.CUGPVTGXKUVCUGUVTWEVWTCFCU WVKNK\CPHQTOCVQUCDKGTVQUQEGTTCFQUGPGNECUQFGSWG
UGCPCDKGTVQUGNWUWCTKQRQFTFCTEWCNSWKGTTGURWGUVCSWGEQPUKFGTGCRTQRKCFCGP
GNECUQFGRTGIWPVCUEGTTCFCUUGRTQRQTEKQPCTCNWUWCTKQWPEQPLWPVQFGTGURWGUVCU
SWGRWGFGUGNGEEKQPCT
.C VEPKEC FG RTGIWPVCU EGTTCFCU RTGUGPVC XGPVCLCU [ FGUXGPVCLCU NCU EWCNGU
OGPEKQPCTGOQUCEQPVKPWCEKP
8GPVCLCU
x
x
x
x
x

#UGIWTC NC GNCDQTCEKP WPKHQTOG FG NCU RTGIWPVCU RCTC VQFQU NQU SWG XCP C
TGURQPFGT
(EKNFGCFOKPKUVTCT[GXCNWCT
'XCNWCEKPOUQDLGVKXCVCPVQFGSWKGPGUTGURQPFGPEQOQFGNCUTGURWGUVCUCNCU
RTGIWPVCU
5GPGEGUKVCWPNKOKVCFQGPVTGPCOKGPVQFGNGPVTGXKUVCFQT
4GUWNVCGPGPVTGXKUVCUOCURGSWGCU

&GUXGPVCLCU
x
x
x
x

#NVQEQUVQFGRTGRCTCEKP
.QU SWG TGURQPFGP RWGFGP PQ CEGRVCT WP CNVQ PKXGN GP NC GUVTWEVWTC [ ECTEVGT
OGEPKEQFGNCURTGIWPVCU
7PCNVQPKXGNGPNCGUVTWEVWTCRWGFGPQUGTCFGEWCFQRCTCVQFCUNCUUKVWCEKQPGU
'N CNVQ PKXGN GP NC GUVTWEVWTC TGFWEG NC QRQTVWPKFCF FG TGURQPFGT GP HQTOC
GURQPVPGC CU EQOQ NC JCDKNKFCF FGN GPVTGXKUVCFQT RCTC EQPVKPWCT EQP
EQOGPVCTKQUCNGPVTGXKUVCFQ

.CU GPVTGXKUVCU PQ GUVTWEVWTCFCU RGTOKVKTP VCPVQ CN GPVTGXKUVCFQ EQOQ GN
GPVTGXKUVCFQT OC[QT HNGZKDKNKFCF GP GN VKRQ FG RTGIWPVC [ TGURWGUVC C GLGEWVCT .CU
XGPVCLCU[FGUXGPVCLCUSWGVTCGEQPUKIQUVCVEPKECUQPNCUUKIWKGPVGU
8GPVCLCU
x



'N GPVTGXKUVCFQT VKGPG OC[QT HNGZKDKNKFCF CN TGCNK\CT NCU RTGIWPVCU CFGEWCFCU C
SWKGPTGURQPFG
+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

x
x

'N GPVTGXKUVCFQT RWGFG GZRNQVCT TGCU SWG UWTIGP GURQPVPGCOGPVG FWTCPVG NCU
GPVTGXKUVCU
2WGFGRTQFWEKTKPHQTOCEKPUQDTGTGCUSWGUGOKPKOK\CTQPQGPNCUSWGPQUG
RGPUSWGHWGTCPKORQTVCPVGU

&GUXGPVCLCU 
x
x
x
x
x

2WGFG WVKNK\CTUG PGICVKXCOGPVG GN VKGORQ VCPVQ FG SWKGP TGURQPFG EQOQ FGN
GPVTGXKUVCFQT
.QU GPVTGXKUVCFQU RWGFGP UGUICTUG CPVG FGVGTOKPCFCU RTGIWPVCU [ PQ EQPVGUVCT
CFGEWCFCOGPVG
2WGFGTGEQRKNCTUGKPHQTOCEKPGZVTCCSWGPQGUPGEGUCTKC
'NCPNKUKUGKPVGTRTGVCEKPFGNQUTGUWNVCFQURWGFGUGTNCTIQ
6QOCFGOCUKCFQVKGORQGZVTCTGECDCTNQUJGEJQUGUGPEKCNGU

4GEQOGPFCEKQPGUFGFGUCTTQNNQFGGPVTGXKUVCU

2CTCNNGXCTCECDQWPCGPVTGXKUVCGZKVQUC[CUGCGUVTWEVWTCFCQPQGUVTWEVWTCFCFGDGP
FGUGIWKTUGNCUUKIWKGPVGUKPFKECEKQPGU

 +FGPVKHKECTCNCRGTUQPCQRGTUQPCUCNCUEWCNGUUGNGUXC[CCGPVTGXKUVCT UGFGDGFG
JCEGTWPCNKUVCFGVQFCUNCURGTUQPCUSWGUQPEQPUKFGTCFCUFCFQCUWGZRGTKGPEKC
[EQPQEKOKGPVQEQOQRGTUQPCUENCXGURCTCNCKPUVKVWEKP

 4GCNK\CT WPC EKVC RQT CPVKEKRCFQ EQP SWKGPGU XC[C C GPVTGXKUVCT GU PGEGUCTKQ
FGHKPKT NC HGEJC JQTC [ NWICT FG NC GPVTGXKUVC CU EQOQ GN VKGORQ GUVKOCFQ FG
FWTCEKP FG OCPGTC SWG GN GPVTGXKUVCFQ FGUKIPG WPC RCTVG FG UW VKGORQ C UVC
CEVKXKFCF
 2TGRCTCTUGRCTCNCGPVTGXKUVC GPUVGECUQGNGPVTGXKUVCFQTFGDGTKPHQTOCTUGFG
NCU CEVKXKFCFGU SWG TGCNK\C UW GPVTGXKUVCFQ FG OCPGTC SWG RWGFCP JCDNCT
HNWKFCOGPVGGPECUQFGSWGUGGORNGGNCVEPKECGUVTWEVWTCFCFGDGTRTGRCTCTUG
WPIWKPFGGPVTGXKUVCU[GPXKCTUGCNGPVTGXKUVCFQEQPGNHKPFGSWGUGGPEWGPVTG
RTGRCTCFQ RCTC UW TGUQNWEKP GP GN ECUQ FG UGT GPVTGXKUVCU PQ GUVTWEVWTCFCU
FGDGTFGKPHQTOCTUGCNGPVTGXKUVCFQNCPCVWTCNG\CFGNCGPVTGXKUVCCTGCNK\TUGNG
 &WTCPVGNCGPVTGXKUVC GUPGEGUCTKQVGPGTRTGUGPVGNCUUKIWKGPVGURCWVCU
x
x
x
x

%QOKGPEGRQTRTGUGPVCTUGUWDTC[CPFQGNVGOCFGNCGPVTGXKUVC[GUVCDNGEKGPFQ
NCPCVWTCNG\CFGNRTQ[GEVQGPGNSWGVTCDCLC

%QOKGPEGEQPRTGIWPVCUIGPGTCNGUSWGGUVCDNGEGTPGNOCTEQFGVTCDCLQEQP
GNEWCNUGEQPFWEKTGNTGUVQFGNCGPVTGXKUVC
.KOVGUGCNCUPQVCUSWGUGGUETKDCPRCTCGXKVCTFKUVTCGTCSWKGPGUTGURQPFGP
%WCPFQ NQU VGOCU XKUVQU EQP GN WUWCTKQ UG JC[CP FKUEWVKFQ TGCNKEGP QVTCU
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+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP
x
x

#N HKPCN FG NC GPVTGXKUVC TGUWOC NC KPHQTOCEKP TGECDCFC GP NCU OKUOCU [
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'U TGEQOGPFCDNG SWG CTEJKXG WPC EQRKC FG NCU GPVTGXKUVCU TGXKUCFCU RQT GN
WUWCTKQEQPNCHKPCNKFCFFGGXKVCTRQUVGTKQTGUTGENCOQU

(#%614'5%4+6+%15&' ':+61
.CVEPKECFGNQU(CEVQTGUETVKEQUFGZKVQ
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4QEMCTVVKGPGEQOQQDLGVKXQC[WFCTCNCRNCPKHKECEKPFGNCUCEVKXKFCFGU[TGEWTUQU
FGEWCNSWKGTQTICPK\CEKPCUEQOQFGNKOKVCTNCUTGCUENCXGUFGNCOKUOCHCEKNKVCPFQ
NCCUKIPCEKPFGRTKQTKFCFGUFGPVTQFGGNNC
4QEMCTVFGHKPKNQU HCEVQTGU ETVKEQU FGZKVQEQOQnGNPOGTQNKOKVCFQFGTGCUGP
NCU EWCNGU NQU TGUWNVCFQU UK UQP UCVKUHCEVQTKQU CUGIWTCTP WP HWPEKQPCOKGPVQ
EQORGVKVKXQ[GZKVQUQRCTCNCQTICPK\CEKP
'UVCVEPKECKORNKECRCTCUWCRNKECEKPNQUUKIWKGPVGURWPVQUDUKEQU
x
x
x
x

&GHKPKTNQUQDLGVKXQUINQDCNGUFGNCQTICPK\CEKP
&GHKPKTWPCWPKFCFFGOGFKFCRCTCGXCNWCTGNHWPEKQPCOKGPVQFGNCQTICPK\CEKP
EQPTGURGEVQCGUQUQDLGVKXQU
+FGPVKHKECTNQUHCEVQTGUENCXGSWGEQPVTKDW[GPCGUGHWPEKQPCOKGPVQ
+FGPVKHKECTNCUTGNCEKQPGUECWUCGHGEVQGPVTGQDLGVKXQU[HCEVQTGUENCXG

&GUETKREKP6EPKEC
)GPGTCNKFCFGU

'NCPNKUKUFGNQU (CEVQTGU ETVKEQU FGZKVQRGTOKVGKFGPVKHKECTCSWGNNCUTGCUFGNC

QTICPK\CEKPCUEQOQCSWGNNQUHCEVQTGUFGNGPVQTPQEW[QHWPEKQPCOKGPVQCFGEWCFQ
Q GXQNWEKP HCXQTCDNG RGTOKVKTP NC KORNCPVCEKP EQP ZKVQ FG WPC GUVTCVGIKC
FGVGTOKPCFC %QOQ EQPUGEWGPEKC FG NC KFGPVKHKECEKP FG GUVCU TGCU KPVGTPCU Q
HCEVQTGUGZVGTPQUUGRQFTRTQEGFGTCWPCCRNKECEKPCFGEWCFCFGNQUTGEWTUQUFGNC
1TICPK\CEKPEQPGNHKPFGEQPUGIWKTWPCGHKECEKCRVKOCFGGUVCGUVTCVGIKC
&GNQCPVGTKQTUGFGFWEGSWGUGFGDGPEQPUKFGTCTRCTCNCFGHKPKEKPFGNQU(%'VCPVQ
NQUHCEVQTGUGZVGTPQUEQOQNQUKPVGTPQUFGNCQTICPK\CEKPEQPGUVCRGTURGEVKXCNCU
UKIWKGPVGUFGHKPKEKQPGURGTOKVGPFCTWPCKFGCFGNUKIPKHKECFQFGNQU(%'
x
x



7PC CEVKXKFCF FGPVTQ FG NC QTICPK\CEKP SWG UG FGDG TGCNK\CT EQP GURGEKCN
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7PUWEGUQQGXGPVWCNKFCFSWGQEWTTGGPGNGPVQTPQGZVGTPQFGNCQTICPK\CEKP[
UQDTGGNEWCNUGRWGFGVGPGTQPQEQPVTQN
+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

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EQORGVKVKXQEQPGNGPVQTPQ

'UEQPXGPKGPVGRCTCCENCTCTGUVGEQPEGRVQFGNQU(%'FKHGTGPEKCTGPVTGHCEVQTGUFG
ZKVQ[HCEVQTGUETVKEQUFGZKVQ

7PHCEVQTFGZKVQGUCNIQSWGFGDGQEWTTKT
QFGDGPQQEWTTKTRCTCEQPUGIWKTWP
QDLGVKXQ'UVGHCEVQTFGZKVQUGFGHKPGEQOQETVKEQUKUWEWORNKOKGPVQGUCDUQNWVC
OGPVGPGEGUCTKQRCTCEWORNKTNQUQDLGVKXQUFGNCQTICPK\CEKPRQTNQEWCNTGSWKGTG
WPCGURGEKCNCVGPEKPRQTRCTVGFGNQUTICPQUIGUVQTGUEQPGNHKPFGCUGIWTCTSWGUG
FGFKECPNQUOGLQTGUTGEWTUQUCNCGLGEWEKPQTGCNK\CEKPFGFKEJQHCEVQTFGZKVQ
5GRWGFGLWUVKHKECTGNGUVCDNGEGTGUVCFKHGTGPEKCGPVTGHCEVQTGUFGZKVQ
('[HCEVQTGU
ETVKEQUFGZKVQ
(%'RQTFQUTC\QPGU

 &GUFGWPRWPVQFGXKUVCRWTCOGPVGOGVQFQNIKEQ FGCRNKECEKPFGNCVEPKECGU
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 &GUFGWPRWPVQFGXKUVCFGGHKECEKCFGPVTQFGNCQTICPK\CEKPNCFGHKPKEKPFGWP
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2QTNVKOQUGFGDGJCEGTPHCUKUGPNCFKHGTGPEKCGZKUVGPVGGPVTGHCEVQTGUFGZKVQ[
QDLGVKXQUFGNCQTICPK\CEKP
x
x

1DLGVKXQUUQPNQU nHKPGUJCEKCNQU EWCNGUUGFKTKIGGNGUHWGT\Q[GNVTCDCLQFGNC

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OGPQUWPHCEVQTFGZKVQ

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GUVQU UGTP KORQTVCPVGU EQOQ WP HKP GP U OKUOQU 5K EQPUKFGTCOQU WP QDLGVKXQ
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NQUQDLGVKXQUSWGRGTUKIWGNCQTICPK\CEKPGUVPENCTCOGPVGFGHKPKFQUFCFQSWGUW
GURGEKHKECEKPUGTXKTFGDCUGRCTCGNGUVWFKQFGNQU(%'

'NCPNKUKUFGNQU(%'EQTTGURQPFGTRQTWPCRCTVGCNGSWKRQFGNRTQ[GEVQGNEWCN
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NQUIGUVQTGUFGNCOKUOC#UKOKUOQEQOQTGUWNVCFQFGGUVCUGPVTGXKUVCUUGQDVGPFT
WPCRTKOGTCXKUKPFGNQUFKTGEVKXQUCEGTECFGNQUOGFKQUQTGSWKUKVQURCTCCNECP\CT
GUVQUQDLGVKXQU
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)WC6GTKEQ 2TEVKECRCTCNC
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'UVQUTGSWKUKVQURGTOKVKTPQDVGPGTWPCNKUVCKPKEKCNFGNQUHCEVQTGUFGZKVQNCEWCNUG
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C
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x
x
x
x

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)WC6GTKEQ 2TEVKECRCTCNC
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)WC6GTKEQ 2TEVKECRCTCNC
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x
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x
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CN

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 0GIQEKCEKPNCDQTCN
DTWVQ
 #WVQOCVK\CEKPFGNC
RTQFWEEKP
 /CPVGPGTKPETGOGPVQUFG
EQUVGFGOCVGTKCNRQT
FGDCLQFGNCKPHNCEKP

+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

I 5GNGEEKQPCTNQUHCEVQTGUETVKEQUFGZKVQ
(%'

5GWUCTPNQUETKVGTKQUFGUGNGEEKP[CGURGEKHKECFQUGPGNRCUQFRCTCNQUPKXGNGU
OUDCLQUFGFGUEQORQUKEKPEQPGNQDLGVQFGQDVGPGTWPPOGTQFG(%'GPVTG
NQU RCUQU G [ I 'P NC VCDNC UKIWKGPVG UG TGRTGUGPVCP GP PGITKVC NQU (%'
UGNGEEKQPCFQU
1DLGVKXQU
 8GPVCUFG
OKNNQPGU




(CEVQTGU FG ZKVQ
%QORQPGPVGU FG ('
%TGEKOKGPVQFGN
OGTECFQ
+PETGOGPVQFGEWQVC  /GLQTCTNCECNKFCF
FGOGTECFQ
 /GLQTCTNCUECTCEVGTUVKECUFGN
RTQFWEVQ
 /GLQTCTVKGORQUFGGPVTGIC

 $GPGHKEKQUCPVGUFG
 4GFWEKTEQUVQUNCDQTCNGU
KORWGUVQUFG  +PETGOGPVCT OCTIGP
 /CPVGPGTKPETGOGPVQUFG
OKNNQPGU
FGDTWVQ
EQUVQFGOCVGTKCNRQTFGDCL Q
FGNCKPHNCEKP
 0GIQEKCEKPNCDQTCN
 #WVQOCVK\CEKPFGNC
RTQFWEEKP

J (KPCNK\CTGNGUVWFKQFGNQUHCEVQTGUETVKEQUFGZKVQ

'PGUVGRCUQUGQDVKGPGWPCNKUVCHKPCNSWGTGRTGUGPVCNCUTGCUSWGUQPETWEKCNGU
RCTCGNZKVQFGNCQTICPK\CEKP[FQPFGNCFKTGEEKPFGDGGPHQECTUWCVGPEKP

2CTCNQU(%'EQPVTQNCDNGURQTRCTVGFGNQUFKTGEVKXQUUGFGDGPCUKIPCTNQUTGEWTUQU
PGEGUCTKQU RCTC ICTCPVK\CT UW TGCNK\CEKP EQTTGEVC CU EQOQ NCU JGTTCOKGPVCU G
KPHQTOCEKP PGEGUCTKCU RCTC FKEJC TGCNK\CEKP #UKOKUOQ UG FGDGP GUVCDNGEGT
RTQEGFKOKGPVQUSWGRGTOKVCPCUGIWTCTWPUGIWKOKGPVQ[TGCNKOGPVCEKPUQDTGGN
ITCFQ FG EWORNKOKGPVQ FG FKEJQU HCEVQTGU ETVKEQU 2CTC CSWGNNQU (%' PQ
EQPVTQNCDNGUUQPCDUQNWVCOGPVGPGEGUCTKQURTQEGFKOKGPVQUSWGRGTOKVCPQDVGPGT
KPHQTOCEKP RWPVWCN UQDTG NQU OKUOQU 'UVQU RTQEGFKOKGPVQU RTQRQTEKQPCP
UGCNGU FG CXKUQ FG OCPGTC SWG UG RWGFCP FGHKPKT G KORNCPVCT RNCPGU FG
EQPVKPIGPEKC
/1&'.1&'&#615

'NFKCITCOCFGGUVTWEVWTCFGFCVQUGUWPCVEPKECPGEGUCTKCRCTCNCOQFGNK\CEKPFG
FCVQUNCEWCNTGRTGUGPVCWPEQPLWPVQFGFCVQUTGNCEKQPCFQUGPVTGU[FGUETKDGPGP
HQTOCEQNGEVKXCNQUEQORQPGPVGUFGNUKUVGOC


+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

C 1DLGVKXQ

%QPUVTWKTWPOQFGNQNIKEQFGFCVQUFGNUKUVGOCSWGHCEKNKVGNCEQORTGPUKPFGN
OKUOQ

D 7VKNKFCF

'UVKNRCTCTGRTGUGPVCTITHKECOGPVGNCUTGNCEKQPGUQCUQEKCEKQPGUGPVTGRCTGUFG
GPVKFCFGU

E &GUETKREKP

2CTC NC EQPUVTWEEKP FGN FKCITCOC FG GUVTWEVWTC FG FCVQU PGEGUKVCOQU NQU
UKIWKGPVGUGNGOGPVQU
x

'PVKFCF GU WP QDLGVQ

RGTUQPC NWICT Q EQUC UQDTG NC EWCN NC QTICPK\CEKP
ECRVWTCCNOCEGPCQRTQEGUCFCVQU5WTGRTGUGPVCEKPITHKECGUWPTGEVPIWNQ

4GNCEKP GU NC EQPGZKP SWG XC GZKUVKT

GPVTG VKRQU FG GPVKFCFGU 5W
TGRTGUGPVCEKPITHKECGUWPCNPGCTGEVC
.CUHCUGURCTCNCEQPUVTWEEKPFGNCGUVTWEVWTCFGFCVQUUQP

+FGPVKHKECTNCU GPVKFCFGUFGPVTQFGN5KUVGOC VGPKGPFQRTGXKQEQPQEKOKGPVQFGN

HWPEKQPCOKGPVQ FGN UKUVGOC 'UVCU GPVKFCFGU RWGFGP UGT QDLGVQU TGCNGU
RGTUQPCUCEVKXKFCFGUFGNUKUVGOCQDLGVQUCDUVTCEVQUGVE
2QTGLGORNQUGRWGFGPKFGPVKHKECTNCUGPVKFCFGU2GFKFQ/CVGTKCNGU2TQXGGFQT

'UVCDNGEGT NCU TGNCEKQPGU GPVTG NCU GPVKFCFGU FGUETKDKGPFQ GN ITCFQ FG NQU
OKUOQU RTGXKQGUVWFKQFGECFCWPCFGNCUCUQEKCEKQPGUFGWPCGPVKFCFEQPNCU
FGOUKFGPVKHKECFCU
&KDWLCTGN OQFGNQFGFCVQU
3 ( ' ,' 2

' ( 7 $ / / ( 3 ( ' ,'

3 529(('25

0 $ 7 ( 5 ,$ /

+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

'P GN /CPWCN FG 6EPKECU RCTC GN &GUCTTQNNQ FG 5KUVGOCU UG OWGUVTC NC VEPKEC FG
OQFGNCOKGPVQ GPVKFCFTGNCEKP FG %*'0 NCU DCUGU EQPEGRVWCNGU FG GUVG
OQFGNCOKGPVQ UG GPEWGPVTCP GP GN /CPWCN FG 1TICPK\CEKP[&KUGQFG$CUGUFG
&CVQURWDNKECFQUCODQURQTGN+0'+
6'%0+%#5/#64+%+#.'5

5G FGUKIPC EQP GN PQODTG FG VEPKECU OCVTKEKCNGU C NC TGRTGUGPVCEKP ETW\CFC FG
FKHGTGPVGU GPVKFCFGUWQDLGVQUFGKPVGTURCTCNCQTICPK\CEKP[SWGRGTOKVKTP
x
x

%QPQEGT NC TGCNKFCF CEVWCN GP EWCPVQ C UWU HWPEKQPGU KPHQTOCEKP OCPGLCFC
FKUVTKDWEKPIGQITHKECGVE

5GPVCTNCUDCUGU RCTCWPCRQUKDNGTGQTICPK\CEKPFGNCUHWPEKQPGUEQPQDLGVQFG
CWOGPVCTUWGHKECEKC
i
i

&GHKPKTPWGXQUUKUVGOCUFGKPHQTOCEKPRCTCNCQTICPK\CEKP

#[WFCTCFGHKPKTRTKQTKFCFGUGPGNFGUCTTQNNQFGPWGXQUUKUVGOCU

.CUFKHGTGPVGUTGRTGUGPVCEKQPGUOCVTKEKCNGUSWGUGTGEQIGPGPNCOGVQFQNQICUQPNCU
UKIWKGPVGU
x
x
x

/CVTK\2TQEGUQU'PVKFCFGUFGFCVQUSWGRGTOKVGTGRTGUGPVCTGNVTCVCOKGPVQNIKEQ
FGNCUHWPEKQPGUUQDTGNQUFCVQUFGNUKUVGOC
/CVTK\ 2TQEGUQUQTICPK\CEKP SWG RGTOKVG TGRTGUGPVCT VCPVQ NC FKUVTKDWEKP
IGQITHKECFGNCUHWPEKQPGUFGNCQTICPK\CEKPEQOQNCUTGURQPUCDKNKFCFGUFGNQU
FKUVKPVQU FGRCTVCOGPVQUGPSWGUGGUVTWEVWTC
/CVTK\#RNKECEKQPGU(KEJGTQUFGFCVQUSWGRGTOKVGEQPQEGTNCUKVWCEKPCEVWCNFG
NQU UKUVGOCU FG KPHQTOCEKP GZKUVGPVGU GP EWCPVQ C NCU CRNKECEKQPGU GP
HWPEKQPCOKGPVQ[NQUFCVQUSWGOCPGLCP
/CVTK\#RNKECEKQPGU(WPEKQPGUSWGRGTOKVGTGRTGUGPVCTGNITCFQFGEQDGTVWTCSWG
NCU CRNKECEKQPGU GZKUVGPVGU VKGPGP UQDTG NCU HWPEKQPGU SWG FGUCTTQNNC Q VKGPG
RTGXKUVQFGUCTTQNNCTNCQTICPK\CEKP
/CVTK\(KEJGTQUFG&CVQU#EVWCNGU'PVKFCFGUFGFCVQUSWGRGTOKVGTGRTGUGPVCTNC
CFGEWCEKPFGNQU HKEJGTQU FGFCVQUGZKUVGPVGUCNCUPGEGUKFCFGUFGKPHQTOCEKP
FGNCQTICPK\CEKP

%QOQUGRWGFGQDUGTXCTGPGUVGEQPLWPVQFGOCVTKEGUGZKUVGWPITWRQEW[QQDLGVKXQ
DUKEQGUTGCNK\CTGNGUVWFKQFGVCNNCFQFGNCUKVWCEKPCEVWCN[GNITCFQFGUCVKUHCEEKP
FG NCU PGEGUKFCFGU FG KPHQTOCEKP FG NC QTICPK\CEKP EQP NQU UKUVGOCU GZKUVGPVGU
HQTOCFQRQT
x
x


/CVTK\#RNKECEKQPGU(KEJGTQUFGFCVQU
/CVTK\#RNKECEKQPGU(WPEKQPGU

+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

/CVTK\(KEJGTQUFG&CVQUCEVWCNGU'PVKFCFGUFGFCVQU

2QT QVTC RCTVG NC /CVTK\ 2TQEGUQUQTICPK\CEKP VKGPG WPC HWPEKP OGTCOGPVG
FGUETKRVKXC FG NC GUVTWEVWTC QTICPK\CVKXC UWU HWPEKQPGU TGURQPUCDKNKFCFGU [
FKUVTKDWEKP
2QTVQFQGNNQJCTGOQUPHCUKUGPGUVGGUVWFKQGPNCFGUETKREKPFGVCNNCFCFGNCOCVTK\
2TQEGUQUGPVKFCFGUFGFCVQURWGUVQSWGEQPUVKVW[GGNRWPVQFGRCTVKFCVCPVQRCTCNC
KFGPVKHKECEKP FG PWGXQU UKUVGOCU EQOQ RCTC NC CUKIPCEKP FG RTKQTKFCFGU C NQU
OKUOQU
/#64+<241%'515'06+&#&'5

2CTCTGRTGUGPVCTNC/CVTK\2TQEGUQU'PVKFCFGUUGUGIWKTPNQURCUQUUKIWKGPVGU
 +FGPVKHKECTNQURTQEGUQUFGNCQTICPK\CEKP

 +FGPVKHKECTNCUGPVKFCFGUFGFCVQUFGNCQTICPK\CEKP

 4GRTGUGPVCTFGHQTOCOCVTKEKCNNQURTQEGUQUHTGPVGCNCUGPVKFCFGUFGFCVQU
 4GQTICPK\CTNCOCVTK\

 &GVGTOKPCTUWDUKUVGOCU

 #UKIPCTRTKQTKFCFGUFGFGUCTTQNNQ
#EQPVKPWCEKPUGFGUETKDGPGPFGVCNNGECFCWPQFGNQURCUQU
 +FGPVKHKECT NQU RTQEGUQU FG NC QTICPK\CEKP
# RCTVKT F

+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

7P ETKVGTKQ TGEQOGPFCDNG RCTC FGUINQUCT NCU HWPEKQPGU FG NC QTICPK\CEKP GU
HKLCTUG GP GN EKENQ FG XKFC FG NQU UGTXKEKQU [Q RTQFWEVQU SWG RTQRQTEKQPC FKEJC
QTICPK\CEKP #U UG EQPUKFGTCP EWCVTQ GVCRCU FGN EKENQ FG XKFC FGN RTQFWEVQ Q
UGTXKEKQ
'VCRC 0GEGUKFCFGURNCPKHKECEKPGXCNWCEKP[EQPVTQN

5GGPINQDCPCSWVQFCUNCUHWPEKQPGU[RTQEGUQUSWGFGVGTOKPCPNCECPVKFCFSWG
UGTGSWKGTGFGNRTQFWEVQQTGEWTUQNCRNCPKHKECEKPPGEGUCTKCRCTCQDVGPGTFKEJQU
RTQFWEVQUQTGEWTUQU[NCGXCNWCEKP[UGIWKOKGPVQFGGUVGRNCP
'VCRC #FSWKUKEKPQKORNCPVCEKP

%QORTGPFG GN EQPLWPVQ FG HWPEKQPGU [ RTQEGUQU SWG UG TGCNK\CP EQP GN HKP FG
FGUCTTQNNCTWPRTQFWEVQQUGTXKEKQQRCTCQDVGPGTNQUTGEWTUQUSWGUGTPWVKNK\CFQU
GP UW FGUCTTQNNQ 2QT GLGORNQ EQPVTCVCEKP FG RGTUQPCN GP WP OKPKUVGTKQ
CFSWKUKEKPFGRGNEWNCUGPWPCHKNOQVGECGVE
'VCRC /CPVGPKOKGPVQ

%QORTGPFG GN EQPLWPVQ FG HWPEKQPGU [ RTQEGUQU FGUVKPCFQU C HQTOCT

RGTHGEEKQPCT OQFKHKECT Q OCPVGPGT NQU TGEWTUQU FG CRQ[Q [ C CNOCEGPCT Q
EQPVTQNCT NC GXQNWEKP FGN RTQFWEVQ Q UGTXKEKQ 2QT GLGORNQ UGIWKOKGPVQ FG
GZRGFKGPVGU UGIWKOKGPVQ FG NQU UGTXKEKQU RTQHGUKQPCNGU [ VTC[GEVQTKC
CFOKPKUVTCVKXCFGNRGTUQPCN
'VCRC (KPQFKURQUKEKP

5G GPINQDCP CSW GN EQPLWPVQ FG HWPEKQPGU [ RTQEGUQU SWG RQPGP HKP C NC
TGURQPUCDKNKFCFFGNCQTICPK\CEKPTGURGEVQCWPFGVGTOKPCFQRTQFWEVQQUGTXKEKQ
QSWGFGVGTOKPCPGNWUQHKPCNFGWPTGEWTUQ2QTGLGORNQGNEGUGQLWDKNCEKPFG
RGTUQPCNNCUWURGPUKPFGWPUGTXKEKQRQTRCTVGFGWP1TICPKUOQ1HKEKCN

#FGOU FG EQPUKFGTCT ECFC WPC FG NCU EWCVTQ GVCRCU FGN EKENQ FG XKFC
OGPEKQPCFCU UGTEQPXGPKGPVGHKLCTUGGPVTGUHWGPVGURTKPEKRCNGURCTCKFGPVKHKECT
NQURTQEGUQU

C 2TQEGUQUFGRNCPKHKECEKP[EQPVTQN

D 2TQEGUQU SWG VTCVCP RTQFWEVQU Q UGTXKEKQU SWG RTQFWEG Q RTGUVC NC

1TICPK\CEKP
'P GUVG ECUQ UG EQPUKFGTC SWG NC QTICPK\CEKP VKGPG WP ITWRQ RTKPEKRCN FG
RTQFWEVQU Q UGTXKEKQU Q DKGP SWG NC CFOKPKUVTCEKP FG NQU OKUOQU UKIWG
RTQEGUQUUKOKNCTGU



+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

'UEQPXGPKGPVGHKLCTUGRTGXKCOGPVGGPNQUQDLGVKXQUFGNCQTICPK\CEKPEQPGN
HKP FG GURGEKHKECT GP FGVCNNG GN RTQFWEVQ Q UGTXKEKQ 2QT GLGORNQ GP WPC
HKNOQVGEC WPGUVWFKQGPFGVCNNGOQUVTCTCSWGGNRTQFWEVQPQUQPOGTCOGPVG
NCURGNEWNCUUKPQSWGJCDTCSWGEQPUKFGTCTEQOQUGTXKEKQU
 (QOGPVQFGNCRTQFWEEKPPCEKQPCNFGRGNEWNCU
 &KXWNICEKPFGNCUCTVGUEKPGOCVQITHKECU

E 2TQEGUQU SWG VTCVCP NQU TGEWTUQU FG CRQ[Q SWG PGEGUKVC NC QTICPK\CEKP RCTC
RTQFWEKTQRTGUVCTUGTXKEKQU
5GRQFTCPEQPUKFGTCTEWCVTQTGEWTUQUDUKEQU
x
x
x
x

/CVGTKCNGU
(KPCP\CU
+PUVCNCEKQPGU
2GTUQPCN

.C GXQNWEKP FGN EKENQ FG XKFC FG RTQFWEVQU UGTXKEKQU [ TGEWTUQU RGTOKVKT
QDVGPGTVQFQUNQURTQEGUQUFGNVKRQD[E'PEWCPVQCNQURTQEGUQUFGNVKRQC
PQ GU VKN EQPUKFGTCT GN EKENQ FG XKFC FG NQU RTQFWEVQU [ TGEWTUQU FCFQ SWG
GUVQURTQEGUQUPQUGQTKGPVCPPKECOGPVGCRTQFWEVQU[TGEWTUQU
7PCXG\KFGPVKHKECFQUVQFQUNQURTQEGUQUUGEQPUQNKFCTPCVGPFKGPFQC
x

.CPGEGUKFCFFGTGFWEKTKPEQPUKUVGPEKCUFGPKXGNFCFQSWGRWGFGPJCDGTUG
KFGPVKHKECFQHWPEKQPGUFGNCQTICPK\CEKPFGWPITCFQFGFGVCNNGFKUVKPVQ#
NC JQTC FG TGRTGUGPVCTNQU GP WPC OCVTK\ EQPXGPFT VGPGT ENCTQ GNPKXGNFG
FGVCNNG SWG UG SWKGTC CNECP\CT [ RTQEWTCT SWG NQU RTQEGUQU KFGPVKHKECFQU
UGCPCEQTFGUEQPFKEJQPKXGN

.C RQUKDKNKFCF FG CITWRCT RTQEGUQU UKOKNCTGU 2QT GLGORNQ GN RTQEGUQ FG
EQORTC FG WP RTQFWEVQ UGT UKOKNCT CN RTQEGUQ FG CFSWKUKEKP FG WP
TGEWTUQ 'UVQ KORNKEC NC PGEGUKFCF FG EQODKPCTNQU GN TGUWNVCFQ FG NC
EQPUQNKFCEKPUGTRQTGLGORNQWPCVCDNCFGNVKRQ
x
x
x

x
x
x
x

#TGCUHWPEKQPCNGURTQEGUQU
2NCPKHKECEKPFGNCQTICPK\CEKP
#PNKUKU FG OGTECFQ 4GXKUKP FG NC ICOC FG RTQFWEVQU 2TGXKUKP FG
XGPVCU
(KPCP\CU
2NCPKHKECEKPHKPCPEKGTC)GUVKPFGKPOQXKNK\CFQ(KPCPEKCEKP
2NCPKHKECEKPFG2TQFWEVQU
&KUGQ FG RTQFWEVQU 2QNVKEC FG RTGEKQU /CPVGPKOKGPVQ FG
GURGEKHKECEKQPGUFGRTQFWEVQ
/CVGTKCNGU
+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC



)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP
x
x
x

4GEWGPVQUFGOCVGTKCNGU%QORTCU4GEGREKP%QPVTQNFGKPXGTUKQPGU
4GEWTUQU*WOCPQU
2NCPKHKECEKPFGRGTUQPCN%QPVTCVCEKP(QTOCEKP+PEGPVKXQU

 +FGPVKHKECEKP FG NCU GPVKFCFGU FG FCVQU FG NC QTICPK\CEKP

5GRWGFGPEQPUKFGTCTFQUPKXGNGUFGFGVCNNGGPNCKFGPVKHKECEKPFGNQUFCVQUFGN
UKUVGOC
x
x

%NCUGUFGFCVQUQCITWRCEKQPGUNIKECUFGFCVQU
'PVKFCFGUFGFCVQU

'PWPCRTKOGTCCRTQZKOCEKPUGRWGFGPKFGPVKHKECTENCUGUFGFCVQUQECVGIQTCU
FGKPHQTOCEKPFGVCNHQTOCSWGGZKUVCPTGNCEKQPGUNIKECUGPVTGGNNCU2CTCGNNQ
WPCXG\KFGPVKHKECFQUNQURTQEGUQUUGKFGPVKHKECPNQUFCVQUETGCFQUEQPVTQNCFQU[
WVKNK\CFQU GP GUVQU RTQEGUQU CU EQOQ NQU FCVQU RGTVGPGEKGPVGU C HKEJGTQU
EQOWPGUGVEFKEJQUFCVQUUGCITWRCPRCTCHQTOCTNCUENCUGU

&GRGPFKGPFQFGNITCFQFGFGVCNNGCNECP\CFQGPNCKFGPVKHKECEKPFGNQURTQEGUQU
PQUSWGFCTGOQUGPGUVGRCUQGPNCUENCUGUFGFCVQUKFGPVKHKECFQUQUGTGHKPCTP
OUNNGICPFQCNPKXGNFGGPVKFCFGUFGFCVQU7PCGPVKFCFFGFCVQUGUEWCNSWKGT
QDLGVQUQDTGGNSWGGNUKUVGOCQNCQTICPK\CEKPFGUGCIWCTFCTKPHQTOCEKP2CTC
UWKFGPVKHKECEKPUGTVKNGUVWFKCT
x
x
x
x

.QUTGEWTUQUWVKNK\CFQURQTNCQTICPK\CEKP
.QURTQFWEVQU[UGTXKEKQUSWGRTGUVC
.QUFQEWOGPVQUCEVWCNOGPVGGZKUVGPVGU
.CUPGEGUKFCFGUHWVWTCUFGKPHQTOCEKP

.C KFGPVKHKECEKP FG GPVKFCFGU FGPVTQ FG WPC QTICPK\CEKP JC FG UGT NNGXCFC C
ECDQ RQT CPCNKUVCU GZRGTVQU GP GN VKRQ FG HWPEKQPGU Q UGTXKEKQU SWG TGCNK\C GUVC
QTICPK\CEKP GP EQNCDQTCEKP EQP TGURQPUCDNGU FG UW IGUVKP 'LGORNQU FG
GPVKFCFGURWGFGPUGT


%.+'06''/2.'#&1(#%674#*'44#/+'06#/#37+0#8'0&'&14
70+&#&#&/+0+564#6+8#

7PC XG\ KFGPVKHKECFCU NCU GPVKFCFGU FG FCVQU UG RWGFG FKDWLCT WP OQFGNQ
EQPEGRVWCN SWG TGRTGUGPVG CUQEKCEKQPGU GPVTG GUVCU GPVKFCFGU
XGT VEPKEC FG
OQFGNK\CEKPFGFCVQU#GUVGPKXGNPQGUPGEGUCTKQ[GPOWEJCUQECUKQPGUPQ
GUHCEVKDNGGPGNECUQFGWPCITCPQTICPK\CEKPFGUETKDKTEQPOWEJQFGVCNNGNCU
ECTCEVGTUVKECUFGGUVCUGPVKFCFGURQTNQEWCNUNQUGFGHKPKTPWPRCTFGCVTKDWVQU

QECTCEVGTUVKECUSWGFGHKPCPCNCUGPVKFCFGUFGECFC WPC2QTGLGORNQRCTCNC

GPVKFCFGORNGCFQ




0QODTGFGNGORNGCFQ
%CVGIQTC

+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

)WC6GTKEQ 2TEVKECRCTCNC
'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

 4GRTGUGPVCT FG HQTOC OCVTKEKCN NQU RTQEGUQU HTGPVG C NCU GPVKFCFGU FG FCVQU

7PC XG\ KFGPVKHKECFQU NQU RTQEGUQU TGCNK\CFQU RQTNCQTICPK\CEKP

RCUQ[NCU
GPVKFCFGU FG FCVQU Q ENCUGU FG FCVQU WVKNK\CFQU RQT UVC
RCUQ  UG RTQEGFG C
TGRTGUGPVCTNQUGPWPCOCVTK\
'NITCFQFGFGVCNNGSWGUGFGUGGCNECP\CTGPGNEQPQEKOKGPVQFGNCQTICPK\CEKP
FGVGTOKPCTSWGUNQSWGUGTGRTGUGPVCGPNCOCVTK\#URQFTCOQUTGRTGUGPVCT
(WPEKQPGU %NCUGUFGFCVQU
2TQEGUQU 'PVKFCFGUFGFCVQU

%WCPVQOUUGFGVCNNGGPNCKFGPVKHKECEKPFGNQURTQEGUQUVCPVQOUGUVCDNGUGT
NC OCVTK\ QDVGPKFC 'UVQ GU CU RQTSWG NQ SWG UG TGRTGUGPVC UQP NCU CEVKXKFCFGU
DUKECUFGNCQTICPK\CEKP[NCKPHQTOCEKPnEQPEGRVWCNSWGNCOKUOCOCPGLC[
CODCUUQPKPFGRGPFKGPVGUFGNCGUVTWEVWTCQTICPK\CVKXCGZKUVGPVG[FGNCHQTOCGP
SWG UGOCPGLCPCEVWCNOGPVGNQU FCVQU%QOQ EQPUGEWGPEKCUGRWGFGCEQOGVGT
WPECODKQGPNCGUVTWEVWTCFGNCQTICPK\CEKPUKPOQFKHKECTNCOCVTK\QDVGPKFC
'PNCOCVTK\UGTGRTGUGPVCTGNVTCVCOKGPVQFGNQURTQEGUQUUQDTGNCUGPVKFCFGUFG
FCVQUOGFKCPVGNQUUODQNQU
% 4GRTGUGPVCNCETGCEKPFGNQUFCVQURQTNQURTQEGUQU
7 4GRTGUGPVCNCWVKNK\CEKPFGNQUFCVQURQTNQURTQEGUQU

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