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HMZIVWSWEYXSVIWIMHIEW]STMREEGIVGEHIIPPSWHIEGYIVHSGSRWYGzHMKSqXMGS-RHMGEREHIQjWUYIIWXEW
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H0EPIGXYVEI\TERHIPEQIQSVME
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GSQYRMGEXMZEWUYIPIFVMRHERWIRXMHS]TIVQMXIREXIWSVEVPEWEFMHYVuETSTYPEV0EEQTPMEGMzRHIPEQIQS
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 6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN
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 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
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 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
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6
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REGIV]IRIPPEWITYIHIRPSKVEVETVIRHM^ENIWUYITVIGIHIR]HIWEVVSPPERPEPIGXSIWGVMXYVE

)RIWXEIXETEWIFYWGEUYIPSWRMySWHIWEVVSPPIRWYPIRKYENISVEP]EQTPuIRWYZSGEFYPEVMSUYIWIJEQM
PMEVMGIRGSRQEXIVMEPIWMQTVIWSWUYIGSRS^GERPEWGSRZIRGMSRIWHIPEIWGVMXYVE PIGXYVEHIM^UYMIVHEE
HIVIGLE]HIEVVMFELEGMEEFENS UYIGSQTVIRHERUYIPEWTEPEFVEWWMVZIRTEVERSQFVEVSFNIXSW]UYI
PSWWSRMHSWWIVIPEGMSRERGSRPEWPIXVEWMQTVIWEWUYIPEWLMWXSVMEWXMIRIRYRMRMGMS]YR½REPUYIYWIR
IWXVEXIKMEWTEVEIRXIRHIVVIGSVHEV]GSQYRMGEVPSUYIWIPIISPSUYIIWGYGLER]UYIHIWEVVSPPIRPEW
HIWXVI^EWZMWYEPIWEYHMXMZEW]QSXVMGIWRIGIWEVMEWTEVEPEPIGXSIWGVMXYVE

0E PIGXYVE IQIVKIRXI IW MQTSVXERXI ]E UYI JSVQE PEW FEWIW TEVE IP ETVIRHM^ENI JYXYVS HIP GzHMKS
IWGVMXSUYIIWYRSHIPSWIPIQIRXSWTVMQSVHMEPIWTEVEIPq\MXSIWGSPEV]IRHMJIVIRXIWjQFMXSWHIPE
ZMHE)WXITPERXIEQMIRXSTIVQMXIIWXEFPIGIVUYIRSLE]YRQSQIRXSTVIGMWSIRIPGYEPWIETVIRHIE
PIIV]EIWGVMFMVWMRSUYIIWXIETVIRHM^ENIIWYRTVSGIWSUYIZEGSRWXVY]qRHSWIIRPEQIHMHEIRUYI
GEHERMySSRMyEPSKVEIPHIWEVVSPPSGSKRMXMZSRIGIWEVMS

%TVIRHM^ENIHIPEPIGXSIWGVMXYVEMRMGMEP
0E PIGXSIWGVMXYVE MRMGMEP WI VI½IVI EP TVSGIWS HI IRWIyER^E ] ETVIRHM^ENI HI PE PIGXSIWGVMXYVE 4EVE
ETVIRHIVEPIIVIWRIGIWEVMSUYIIPQEIWXVSIRWIyIPEPIGXSIWGVMXYVEHMVIGXEQIRXI]FVMRHIEPSWIWXY
HMERXIWPESTSVXYRMHEHHIPIIVEHMEVMS'YERHSWIIRWIyEEPIIV]EIWGVMFMVIWMQTSVXERXIHIWEVVSPPEV
PSWWMKYMIRXIWEWTIGXSW

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)W PE LEFMPMHEH TEVE MHIRXM½GEV ] QERMTYPEV WSRMHSW IR IP PIRKYENI SVEP
*SRIQE
'YERHSPSWIWXYHMERXIWPSKVERHSQMREVIWXELEFMPMHEHXMIRIRPEGETEGMHEH 9RMHEHQjWTIUYIyEHI
HIMHIRXM½GEVWSRMHSW]TYIHIRGSQTVIRHIVUYIPEWTEPEFVEWIWXjRJSVQE WSRMHSHIPPIRKYENISVEP
HEWTSVWSRMHSW]UYIIWXSWWITYIHIRVITVIWIRXEVGSRPIXVEW]TEPEFVEW

'SRSGMQMIRXSHIPTVMRGMTMSEPJEFqXMGS
7ITVSHYGIGYERHSPSWIWXYHMERXIWWSRGETEGIWHIMHIRXM½GEVPEVIPEGMzR
IRXVI WSRMHSW JSRIQEW  ] PIXVEW KVEJuEW  ] PYIKS VIGSVHEVTEXVSRIW] WIGYIRGMEW UYI VITVIWIRXER
IPPIRKYENISVEPHIJSVQEIWGVMXE SVXSKVEJuE  :EYKLR]8LSQTWSR   PSGYEPIWRIGIWEVMSTEVE
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 6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

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7IVI½IVIE±PIIVGSRZIPSGMHEHTVIGMWMzR]I\TVIWMzREHIGYEHEWMREXIRGMzRGSRWGMIRXIVIEPM^EVQPXM
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(MZMWMSRSJ6IWIEVGLERH4SPMG] )WPEGETEGMHEHHIPIIVYRXI\XSGSRIRXSREGMzRVMXQSTVIGM
WMzR]ZIPSGMHEHEHIGYEHE)PTVSTzWMXSHIHIWEVVSPPEVPE¾YMHI^IWPSKVEVUYIPEHIGSHM½GEGMzRWIE
EYXSQjXMGETEVEJEGMPMXEVPEGSQTVIRWMzR

:SGEFYPEVMS
9RETIVWSREGSRYRZSGEFYPEVMSFMIRHIWEVVSPPEHSXMIRI±PEGETEGMHEHHITVSHYGMVYRETEPEFVEIWTI
Gu½GETEVEYRWMKRM½GEHSSPELEFMPMHEHHIGSQTVIRHIVTEPEFVEW² 8LSQTWSR 4EVEHIWEVVSPPEV
IWXEGETEGMHEHPSWRMySW]PEWRMyEWRIGIWMXEREQTPMEVWYWGSRSGMQMIRXSWHIPEWTEPEFVEWIWGVMXEW]
LEFPEHEWPSUYIIWXEWWMKRM½GER]GzQSWIYWER

1ERINSHIIWXVEXIKMEWHIGSQTVIRWMzRHIPXI\XS
0EGSQTVIRWMzRPIGXSVEVIWYPXEHIETPMGEVIWXVEXIKMEWTEVEIRXIRHIV]VIGSVHEV-QTPMGEIWXEVIRGETE
GMHEHHIGSQYRMGEVPSUYIWILEPIuHS]IWGYGLEHS'SQTVIRHIVIWYRTVSGIWSEGXMZS]GSRWXVYGXMZS
UYITIVQMXIIRGSRXVEVWMKRM½GEHSEPSUYIWIS]ISWIPII%RXIWHIPEGSQTVIRWMzRPIGXSVEIWXjPE
GSQTVIRWMzRSVEP0EGSQTVIRWMzRHIPIGXYVEXVERWJSVQEEPSWIWXYHMERXIWIRPIGXSVIWEGXMZSW

4EVEPSKVEVPEMRXIVEGGMzRHIPSWRMySW]PEWRMyEWGSRIPXI\XSIWJYRHEQIRXEPUYIVIGSRS^GERGYjRHS
GSQTVIRHIRSRSYRXI\XS QSRMXSVISHIPEGSQTVIRWMzR HIIWXEQERIVETSHVjRWEFIVGYjRHS
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WIETPMGERIRXVIWQSQIRXSWERXIWHYVERXI]HIWTYqWHIPEPIGXYVE

)WGVMXYVE
0EIWGVMXYVEWIVI½IVIEHSWEWTIGXSWTSVYRETEVXIEVIEPM^EVIPXVE^SHIPEWPIXVEWUYIGSVVIWTSRHIR
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^EWHIPEPIGXSIWGVMXYVEMRMGMEP(YVERXIIWXEIXETEIWRIGIWEVMSUYIIPHSGIRXIETPMUYIIWXVEXIKMEWUYI
TIVQMXERUYIIPIWXYHMERXIWMKEHIWEVVSPPERHSPEPIGXYVEIWTIGMEPQIRXIEQTPMERHSIPZSGEFYPEVMSPE
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WIHIWEVVSPPEPEPIGXYVE]PEIWGVMXYVETEVEETVIRHIVWSFVISXVEWjVIEWGYVVMGYPEVIWSWSFVIIPQYRHS
IRKIRIVEP

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6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

ˆ%TPMGEGMzRGSRWGMIRXIHIIWXVEXIKMEWHIGSQTVIRWMzRHIPIGXYVE
ˆ+IRIVEGMzRHILMTzXIWMWETEVXMVHIWYWGSRSGMQMIRXSWTVIZMSW]ZIVM½GEGMzRHYVERXIPEPIGXYVE
ˆ%RjPMWMW]IZEPYEGMzRHIPSUYILEPIuHS]YWSHIPEPIGXYVETEVEETVIRHIV
ˆ9XMPM^EGMzRHIPEPIGXYVETEVEVIGVIEVWIQIHMERXIIPHMWJVYXIHIREVVEGMSRIWTSIQEW]SXVSXMTSHIXI\XS
ˆ0IGXYVEIRZS^EPXE]GSR¾YMHI^HIXI\XSWZEVMEHSW
ˆ0IGXYVEWMPIRGMSWEGSRZIPSGMHEH]GSQTVIRWMzRETVSTMEHEEWYRMZIPIWGSPEV

4SVSXVETEVXI IRVIPEGMzRGSRPETVSHYGGMzRIWGVMXE PEWLEFMPMHEHIWUYIWIHIFIRHIWEVVSPPEVIRPSW


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ˆ*PYMHI^IRPEKIRIVEGMzRHIMHIEW
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ˆ9WSHIPTIRWEQMIRXSVI¾I\MZSTEVETVSHYGMVWYWXI\XSW

0EQIXEPIGXSVIW]IWGVMXSVIWMRHITIRHMIRXIWSEYXzRSQSW
7IKR'SRHIQEVuR  PEPIGXYVEVIGVIEXMZEIW±ZSPYRXEVMESMRHITIRHMIRXIIRPEGYEPPSWQEXIVMEPIW
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TIVWSREP²%WuYRPIGXSVMRHITIRHMIRXISEYXzRSQSRSRIGIWMXEWIVSFPMKEHSTEVEPIIVTSVUYIPIITSV
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XSVIWEYXzRSQSW GETEGIWHIIQSGMSREVWITSVPEFIPPI^EHIYRPMFVSSHIXIRIVYRGVMXIVMSJVIRXIEP
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 SQTPIXIIPSVKERM^EHSVKVj½GSGSRYREHI½RMGMzRFVIZIHIGEHEIXETE

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 FWIVZIEXVIWRMySWSRMyEWIRXVI]EySWHIIHEHIMHIRXM½UYIPEWEGXMZMHEHIWUYIPIWE]YHEVjR
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3FWIVZIYREGPEWISIRXVIZMWXIEYRHSGIRXIHITVMQIVSTVMQEVME4uHEPIUYIPII\TPMUYI]HqINIQTPSW
HIPEWEGXMZMHEHIWUYIVIEPM^ETEVEIRWIyEVEPIIV]EIWGVMFMV0YIKSMHIRXM½UYIGYjPIWHIPEWEGXMZMHEHIW
UYIVIEPM^EIPHSGIRXIWIVIPEGMSRERGSRIPHIWEVVSPPSHIPSWWMKYMIRXIWEWTIGXSW

%GXMZMHEHIW

 'SRGMIRGMEJSRSPzKMGE

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 )WGVMXYVE

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 SQIRXI GSR YR GSQTEyIVS S GSQTEyIVE TSV UYq IW MQTSVXERXI HIWEVVSPPEV PE PIGXYVE TEVE
ETVIRHIV

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 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

 6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)PGIVIFVS]PEPIGXSIWGVMXYVE
)P IWXYHMS HIP GIVIFVS SGYTE YR PYKEV MQTSVXERXI IR IHYGEGMzR IWTIGMEPQIRXI IR IP EFSVHENI HI PE
PIGXSIWGVMXYVE4EVEYRQEIWXVSIWQY]ZEPMSWSGSRSGIVEGIVGEHIPGIVIFVS]WYVIPEGMzRGSRPEPIGXSIW
GVMXYVETSVUYIHIIWXEQERIVETSHVjSVMIRXEVQINSVWYETVIRHM^ENI]ETS]EVEUYMIRIWTVIWIRXEREPKYRE
HM½GYPXEHHYVERXIIWXITVSGIWSEHIQjWTSHVjGSQTVIRHIVGzQSPEPIGXSIWGVMXYVEIWXMQYPEIPHIWEVVSPPS
GSKRMXMZSHIPSWIWXYHMERXIW

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-RZIWXMKEHSVIW 2MZIP-- HIPE%GEHIQME1I\MGEREHIPEW'MIRGMEWMRHMGEUYIIWXYHMSWVIEPM^EHSWQYIWXVER
HMJIVIRGMEWIRXVIPEWGETEGMHEHIWGSKRMXMZEW]PESVKERM^EGMzRGIVIFVEPIRXVIPETSFPEGMzREREPJEFIXE]PSW
EHYPXSWUYIWEFIRPIIV]IWGVMFMV'SRFEWIIRWYWIWXYHMSWIPPEE½VQEUYI±IPETVIRHM^ENIHIPEPIGXYVE
EJIGXEPESVKERM^EGMzRGIVIFVEP]IPHIWEVVSPPSGSKRSWGMXMZS²

0EPIGXYVEIWETVIRHMHERSIWIWTSRXjRIEIRIPETVIRHM^ENIHIPEPIGXYVEIPIWXYHMSHIPGIVIFVSLETVS
TSVGMSREHSMRJSVQEGMzRXMP4SVINIQTPSIRPEQIHMHEIRUYIPEWTEPEFVEWXMIRIRWMKRM½GEHSWHMJIVIRXIW
WIKRWYIWGVMXYVESTVSRYRGMEGMzRWIVIUYMIVIUYIIPGIVIFVSXVEFENIHIJSVQEHMJIVIRXI0EPIGXYVEVI
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%REXSQuEHIPGIVIFVS]PEPIGXYVE
%RXIWHIGSRXMRYEVGSRIPXIQEIWMQTSVXERXII\TPSVEVYRTSGSPEEREXSQuEHIPGIVIFVS)PGIVIFVSWI
GSQTSRIHIHSWTEVXIWQjWSQIRSWWMQqXVMGEWEPEWUYIWIPIWPPEQELIQMWJIVMSHIVIGLSIM^UYMIVHS
GEHEYREGSRJYRGMSRIWHMWXMRXEWIWXEWWIGSQYRMGERIMRXIVGEQFMERMRJSVQEGMzREXVEZqWHIYRHIRWS
LE^HI½FVEWRIVZMSWEWPPEQEHSGYIVTSGEPPSWS0E½KYVEQYIWXVEPSWIPIQIRXSWQIRGMSREHSW

*MKYVE*YRGMSRIWHIPSWLIQMWJIVMSWGIVIFVEPIW

,IQMWJIVMSM^UYMIVHS ,IQMWJIVMSHIVIGLS
ˆ7IIRGEVKEHITVSGIWEV ˆ4IVQMXIZIVPEWGSWEWIRIP
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ˆ4VSGIWEPEMRJSVQEGMzRTEWS QIXjJSVEW]GVIEVRYIZEW
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ˆ%REPM^EEFWXVEIGYIRXEQMHI ˆ4VSGIWEPEMRJSVQEGMzRHI
IPXMIQTS QERIVEKPSFEP
ˆ3FXMIRIRYIZEMRJSVQEGMzR ˆ4MIRWEIRMQjKIRIW
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ˆ7MRXIXM^EPEMRJSVQEGMzR


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WMVZIGSQSIRPEGIIRXVIPSWLIQMWJIVMSWTEVEUYI
EQFSWXVEFENIRIRJSVQEGSRNYRXE]GSQTPIQIRXEVME

6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN 
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PEWTIVWSREWHMIWXVEW]IP HIPEW^YVHEWXMIRIRIPPIRKYENIPEXIVEPM^EHSIRIPLIQMWJIVMSM^UYMIVHS
0EWjVIEWHIIWXILIQMWJIVMSUYIWIIRGEVKERHIPPIRKYENIIWXjRYFMGEHEWIRIPPzFYPSJVSRXEPIPPzFYPS
XIQTSVEP]PEVIKMzRTEVMIXEPGSQSWII\TPMGEEGSRXMRYEGMzR

ˆÅVIEHI&VSGETEVXMGMTEIRPETVSHYGGMzRHIPLEFPE]WIEGXMZEHYVERXIPEPIGXYVEWMPIRGMSWESIRZS^
EPXE(YVERXIPEPIGXYVEWMPIRGMSWEIRIPGIVIFVSWIKIRIVERTEXVSRIWHITVSRYRGMEGMzRWMQMPEVIWEPSW
HIPEPIGXYVEIRZS^EPXE
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 VIEHI;IVRMGOITIVQMXIIRXIRHIVPSUYIPIIQSWIWHIGMVHIWGMJVEIPGzHMKSHIPEPJEFIXS8VEHYGI
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ˆ +
 MVS ERKYPEV ZMRGYPE IP LEFPE GSR PEW TEPEFVEW EWSGME TEPEFVEW GSR IP QMWQS WMKRM½GEHS ZMWYEPM^E
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 ÅVIEHI&VSGE +MVSERKYPEV

ÅVIEHI;IVRMGOI

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YFMGEHEIRIPPzFYPSSGGMTMXEP 0YIKSMHIRXM½GEQSWPEWPIXVEWIRGEHIREHEW TEVEIPPSWIEGXMZEYRE^SRE
YFMGEHEIRPEJVSRXIVEIRXVIPEWGSVXI^ESGGMTMXEPIMRJIVSXIQTSVEP jVIEHIEWSGMEGMzR UYIIWIPjVIEIW
TIGMEPM^EHEIRTEPEFVEWIWGVMXEW*MREPQIRXIPEMRJSVQEGMzRTYIHIMVEPPzFYPSXIQTSVEPWYTIVMSVM^UYMIVHS

 6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

IRHSRHIWIXVEHYGMVjRPEWTEPEFVEWIRWSRMHSWSMVjEPPzFYPSXIQTSVEPQIHMEPM^UYMIVHSIRHSRHIIR
HSRHIWIHIGSHM½GEVjIPWMKRM½GEHSHIYRZSGEFPS0E½KYVEQYIWXVEIPVIGSVVMHSQIRGMSREHS

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6IKMzR
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ZMWYEPHIPSWLMPSWHIPEWPIXVEW0YIKSHMWXVMFY]IIWXEMRJSVQEGMzRZMWYEPERYQIVSWEWVIKMSRIWUYIWI
IWTEVGIRIRIPLIQMWJIVMSM^UYMIVHS UYIGSHM½GEIPWMKRM½GEHSHIPEWTEPEFVEW TEXVSRIWHIWSRMHS]
EVXMGYPEGMzR8SHEWPEWVIKMSRIWIRZIVHI]GIPIWXIRSWSRIWTIGu½GEWTEVEPEPIGXYVEWYJYRGMzRTVM
QEVMEIWGSRXVMFYMVIRIPTVSGIWEQMIRXSHIPPIRKYENIIWGVMXS%TVIRHIVEPIIVGSRWMWXIIRHIWEVVSPPEV
YREMRXIVGSRI\MzRI½GMIRXIIRXVIPEWjVIEWZMWYEPIW]jVIEWHIPPIRKYENI 8SHEWPEWGSRI\MSRIWWSR
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8SQEHSHI(ILEIRI  8VEHYGGMzRPMFVI

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 6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN
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 6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN
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 6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN
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 GEWE WEGE WEPE PEGE GEPE




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 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

1SHIPIEWYWIWXYHMERXIWPEIWGVMXYVEHIYRXMTSHIXI\XS%RSXIWYI\TIVMIRGME
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN 
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6
 IREWIGSRSXVSWXVIWQEIWXVSW]TVSTSRKERYREPMWXEHIXIQEWEXVEGXMZSWTEVEUYIPSWRMySWHI
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 7IKYRHSTVMQEVME     8IVGIVSTVMQEVME
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC  CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC  CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC  CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC  CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC  CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC  CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC  CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC  CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC  CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC  CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

4VSTSRKEGMRGSJSVQEWHITYFPMGEVPSWXI\XSWHIPSWRMySW
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
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PEWEGXMZMHEHIW
]XMIQTS %GXMZMHEHIW
VIUYIVMHS
5YIPSWRMySW
0IGXYVEHIXI\XSW 9XMPMGIRTVI½NSW ˆ)\TPMUYIUYIPETEPEFVEEVGSuVMWIWXjJSVQEHETSVHSWTEPEFVEW%VGSMVMW
QMRYXSW TEVEMHIRXM½GEV ˆ)\TPMUYIUYIEZIGIWJSVQEQSWTEPEFVEWHISXVEWHSW]UYIIRSXVEWSGEWMSRIWYWEQSWYREWTEVXuGYPEWTEVEJSVQEVPEW]IWXEWWIPPEQER
IPWMKRM½GEHS TVI½NSW4SVINIQTPS±TVI²UYIWMKRM½GE±ERXIW²TSVIWSTSHIQSWHIGMVTVITEKSUYIWMKRM½GETEKEHSERXIWSGSRERXMGMTEGMzR4MHEEPSW
HITEPEFVEW RMySWSXVSWINIQTPSW
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

ˆ)\TPMUYIUYI±FM²UYIWMKRM½GE±HSW²±XVM²UYIWMKRM½GEXVIW²4SVINIQTPSFMGSPSV]XVMGSPSVWMKRM½GEUYIXMIRIRHSW]XVIWGSPSVIW
ˆ4MHEEPSWRMySWUYIHIRSXVSWINIQTPSW
ˆ4MHEUYIHMFYNIRHSWTEPEFVEWGSRFM]XVIWGSRXVM4SVINIQTPSFMGMGPIXE]XVMGMGPS
ˆ4MHEUYIIWGVMFERYRESVEGMzRGSRGEHEYREHIPEWTEPEFVEWHMFYNEHEW
0IGXYVE 4VEGXMUYIRPE E4VIPIGXYVE
GSQTVIRWMzR MHIRXM½GEGMzR 4MHEEPSWIWXYHMERXIWUYIWISVKERMGIRIRGuVGYPSIRIPTEXMSHIPEIWGYIPESIRIPEYPEIRYRPYKEVETVSTMEHS0YIKSUYIGEHEYRSHIIWGSNE
HIPEMHIE YRSHIPSWWMKYMIRXIWGSPSVIWVSNSE^YPEQEVMPPSZIVHIREVERNEGIPIWXI]QSVEHS'YERHSIPHSGIRXIHMGIEVGSuVMWXSHSWXIRHVjRUYIJSVQEV
TVMRGMTEPHIP YREVGSuVMWUYIXIRKEWMIXIGSPSVIW4YIHIRGEQFMEVHIGSPSVGEHEYRSHIPSWIWXYHMERXIWTEVEWIKYMVPEEGXMZMHEH4EVEVIEPM^EVPEWITYIHIR
XI\XS SVKERM^EVEPSWIWXYHMERXIWTSVKVYTSW]NYKEVGSRYRSWTVMQIVS]HIWTYqWGSRSXVSW4VIKRXIPIWUYqXMTSHIXI\XSTSHVuERPIIV¡YRSUYI
PIWMRJSVQEGSQSYRERSXMGMESYRSPMXIVEVMSGSQSYRELMWXSVME#
4VIKYRXIEPSWIWXYHMERXIW¡UYqIWYREVGSuVMW#¡LERZMWXSYREVGSuVMW#¡UYqPIWKYWXEHIPSWEVGSuVMW#¡GzQSWIJSVQEYREVGSuVMW#
ˆ6IGYIVHIEPSWIWXYHMERXIWUYILE]HMJIVIRXIWQERIVEWHIPIIVIRZS^EPXEIRWMPIRGMS]IRJSVQEGSQTEVXMHE)\TPMUYIUYIELSVEETVIR
HIVjREMHIRXM½GEVPEMHIETVMRGMTEPHIPEPIGXYVE
ˆ)WGVMFEIRIPTM^EVVzR±)PSVMKIRHIPEVGSuVMW²]TMHEEPSWIWXYHMERXIWUYIPSPIER(IGMVEPSWIWXYHMERXIWUYILS]PIIVjRYRELMWXSVMEUYI
WIPPEQE±)PSVMKIRHIPEVGSuVMW²4MHEEPSWIWXYHMERXIWUYILEKERTVIHMGGMSRIWIWHIGMVUYIHMKER¡HIUYqTSHVuEXVEXEVPELMWXSVME#¡UYMqRIW
WIVjRPSWTIVWSRENIW#

F0IGXYVE
ˆ)PEFSVIYRGEVXIPGSRPEPIGXYVE±)PSVMKIRHIPEVGSuVMW²
ˆ0IEIRZS^EPXEEWYWIWXYHMERXIWWIyEPERHSPEWTEPEFVEWUYIZEPI]IRHS
ˆ4MHEEWYWIWXYHMERXIWUYIPIER¾YMHEQIRXINYRXSGSRYWXIH
ˆ4MHEEWYWIWXYHMERXIWUYIPIERIPXI\XSTSVTEVINEWYRSTVMQIVS]SXVSHIWTYqW
ˆ4MHEEWYWIWXYHMERXIWUYIIRJSVQEMRHMZMHYEPPIER¾YMHEQIRXIIPXI\XS
0IGXYVE 4VEGXMUYIRPE )PSVMKIRHIPEVGSuVMW
GSQTVIRWMzR MHIRXM½GEGMzR fVEWIUYIWIIVEYRXMIQTSIRUYIPEWTPERXEWPSWERMQEPIW]PSWLYQERSWIWXEFERQY]GSRXIRXSWGSRIPWSPfWXIFVMPPEFEIRIPGMIPSE^YP]GSR
HIPEMHIE WYWVE]SWEGEVMGMEFEEXSHSWIRPEXMIVVE
TVMRGMTEPHIP 9RERYFIIRZMHMSWEHIPGEVMySUYIPEKIRXIPIXIRuEEPWSPWIUYINEFEGSRXMRYEQIRXI]HIGuE
XI\XS ¢)WXS]LEVXE2SLEKSQjWUYIQSNEVPSW]XSHSWIWXjRELEFPEVHIPWSP(IQuREHEHIREHE
%WuJYIGSQSYRHuEIRIPUYIGSQSXERXSWSXVSWPSWLYQERSWPEWTPERXEW]PSWERMQEPIWIWXEFEREKS^EVHIPGEPSVHIPWSPGYERHSPERYFIWI
TPERXzHIPERXI]HMNS
¢7IEGEFz(IELSVEIREHIPERXI]ERSWIVjWXIPQjWMQTSVXERXI8IZS]EXETEV]RYRGEQjWTSHVjWZIVPE8MIVVE
4SVQjWUYIIPWSPPIWYTPMGzPERYFIRSPILM^SGEWS0EWTPERXEWJYIVSRTIVHMIRHSWYGSPSV]ERMQEPIW]LYQERSWWIIWXEFERQYVMIRHSHI

6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN
JVuS
9RHuEYRERMyEMHIzYRTPER]LEFPzGSRPERYFI
¢2YFIQMVEUYIIVIWFSRMXE%QuQIKYWXEWQjWUYIIPWSP
'EHEZI^UYIPERMyEPIHIGuEEPKSFSRMXSEPERYFIqWXEWITSRuEQjW]QjWKSVHEGSRWYZERMHEH(IQERIVEUYIGYERHSPERMyEPIHMNSE
PERYFIUYIRSWIGVIuEUYIIPPEHMIVEPEPPYZMEqWXERSWIPSTIRWzHSWZIGIW]GSQIR^zELEGIVPE
=GYERXSQjWPPSZuEQjWTIUYIyEWIMFELEGMIRHSQjWTIUYIyEQjWTIUYIyE

(IIWXEQERIVEIPWSPGSQIR^zEEWSQEVTSVHIXVjW4VMQIVSYRVE]SPYIKSSXVS]SXVS]SXVS
'SRPEQEKMEHIPWSP]PERYFINYRXEWWYVKMzIPEVGSMVMW
(IWHIIRXSRGIWPEWRYFIW]IPWSPWSREQMKEW]GYERHSWINYRXERRSWVIKEPERYREVGSMVMW
0EGSQIXEHIPSWGYIRXSWLXXTGSQIXEGEVQIRPSHIMVSFPSKWTSXGSQGYIRXSIPSVMKIRHIPEVGSMVMWLXQP

G4SWXPIGXYVE
ˆ4MHEEPSWIWXYHMERXIWUYIMHIRXM½UYIRPETEPEFVESTEPEFVEWUYIQjWWIVITMXIRIRPEPIGXYVEPYIKSUYIPEUYMXIRHIPEPIGXYVE]SFWIVZIRWM
IWXETMIVHIIPWIRXMHS)\TPMGEVUYIIWXSTEWETSVUYIPETEPEFVEIWXjVIPEGMSREHEGSRPEMHIETVMRGMTEP
ˆ)\TPMUYIUYISXVEJSVQEHIMHIRXM½GEVPEMHIETVMRGMTEPHIYRTjVVEJSIWTSVNYWXM½GEGMzRIWHIGMVIRGSRXVEVIPXMTSHIJVEWIWUYIGSRXMIRIR
VE^SRIWSEVKYQIRXSWUYIETS]IRPEE½VQEGMzRIWXEFPIGMHEIRPEJVEWITVMRGMTEP9REMHIEWIIRXMIRHIWMWIMHIRXM½GERGYjPIWWSRPSWJYRHE
QIRXSWPzKMGSWUYIPEWSWXMIRIR]PEETS]ER
ˆ%]YHIEPSWIWXYHMERXIWEIRGSRXVEVPEMHIETVMRGMTEPHIPGYIRXS

)WGVMXYVE )WGVMFERYRE ˆ1YIWXVIEPSWIWXYHMERXIWPEWMKYMIRXIMPYWXVEGMzR]TVIKYRXI¡UYqQYIWXVEPEMQEKIR#¡UYqIPIQIRXSWXMIRI#¡UYqWEFIRWSFVIPSWEVGSuVMW#


QMRYXSW REVVEGMzRHI
GMRGSPuRIEW

6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN


ˆ4MHEEPSWIWXYHMERXIWUYIIWGVMFERIRTEVINEYRGYIRXSSYRELMWXSVMEIRYRELSNEIRRSQjWHIGMRGSPuRIEWETEVXMVHIPE½KYVEUYI
SFWIVZERWMRTIVHIVPEVIPEGMzRIRXVIPSUYIIWGVMFIR]IPXuXYPSHIPELMWXSVME±)PEVGSuVMW²%RXIWHIIWGVMFMVPELMWXSVMESGYIRXSGEHETEVINE
WITSRHVjHIEGYIVHSIRPSWWMKYMIRXIWEWTIGXSW
'YjPIWWIVjRRSQFVIWTEVEGEHETIVWSRENIUYIMRGPYMVjRIRPELMWXSVME
)QTI^EVjRPELMWXSVMEGSRPEJVEWIfVEWIYREZI^©
8IVQMRERGSR]EWuWYGIHMz
ˆ4MHEEGEHETEVINEUYIIWGVMFEWYLMWXSVME]UYIPEMRXIVGEQFMEGSRSXVEWTEVINEWTEVEVIZMWEVSQINSVEVPEIWGVMXYVEHIPELMWXSVME
ˆ'SPSUYIPELMWXSVMEIRPETEVIHHIPEGPEWI
ˆ6IZMWIPEIWGVMXYVEHIGEHETEVINE]VIXVSEPMQIRXEVEPSWUYIRIGIWMXER'SVVMNETVMRGMTEPQIRXIIPYWSHIQE]WGYPEW
*PYMHI^ 4VEGXMUYIRPE ˆ7IPIGGMSRIHSWLMWXSVMEWHIPEWTIKEHEWIRPETEVIH]TMHEEHSWRMySWTEVEUYIYRSHIWTYqWHIPSXVSPIERIRZS^EPXETEVEPSWHIQjW
QMRYXSW PIGXYVE¾YMHE ˆ4MHEEPSWIWXYHMERXIWUYIWIPIGGMSRIRYRXI\XSHIPETEVIH]PSPIERTVMQIVSIRWMPIRGMS]PYIKSSVEPQIRXI]GSR¾YMHI^
)\TVIWMzRSVEP 4EVXMGMTIRIR ˆ4VSTSRKEEPKYRSWXIQEWEPSWIWXYHMERXIWTSVINIQTPSPSWGSPSVIWPEWQSRXEyEWIPVuSPSWZSPGERIW
QMRYXSW YREI\TSWMGMzR ˆ4uHEPIWUYITSVTEVINEWLEFPIRWSFVIPSWXIQEWHEHSWHYVERXIHSWQMRYXSWGEHEYRS
SVEP
)ZEPYEGMzRHIPETVIRHM^ENI
QMRYXSW ˆ4VSTSVGMSRIYREREVVEGMzREPSWRMySW]TuHEPIWUYIIWGVMFERGYjPIWPEMHIETVMRGMTEP
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE


%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'SRWINSWTEVEUYIPSWTEHVIWTYIHERETS]EVIPETVIRHM^ENIHIPEPIGXSIWGVMXYVE
HIPSWRMySW

)RIPVIGYEHVSHIEFENSWIIRYQIVEREPKYRSWINIQTPSWHIEGXMZMHEHIWUYITYIHITVSTSRIVPIWEPSW
TEHVIWTEVEUYIETS]IREWYWLMNSWIRIPETVIRHM^ENIHIPEPIGXSIWGVMXYVE

) RWIyIGSRIPINIQTPS 0IEIRGEWESTVSTMGMIUYIXSHSWPIER 'YERHSPSWRMySWZIRPIIVEPE


JEQMPMERSXERUYIIWXEIWYREEGXMZMHEHGSXMHMERE]TPEGIRXIVETSVPSGYEPPEMQMXER
0 IENYRXSGSRWYWLMNSWPSWVzXYPSWSERYRGMSWGSQIVGMEPIWIRXMIRHEWIPQIVGEHSSIRPEWGEPPIW
7 MLE]FMFPMSXIGEIRPEGSQYRMHEH ZMWuXIPEGSRPSWRMySW TVIWXIPMFVSWTEVEPPIZEVPSW]PIIVPSWIR
GEWE
0 IEIRJEQMPMEGYIRXSWLMWXSVMEWERqGHSXEWRSXMGMEWSXIQEWHIMRXIVqWTEVEPEJEQMPME)WXSEYQIR
XEVjWYMRXIVqWTSVPEPIGXYVE
' YERHSTYIHEGSQTVIPMFVSWUYIWIERHIPMRXIVqWHIPSWRMySW
, EKE TVIKYRXEW E PSW RMySW WSFVI LMWXSVMEW S LIGLSW HI PE ZMHE VIEP TSV INIQTPS ¡UYq TEWz#
¡GYjRHSTEWS#
1SXuZIPSWEIWGVMFMVRSXEWXEVNIXEWGEVXEWIXG
' SQYRuUYIWIIRJSVQETIVMzHMGEGSRPSWHSGIRXIWTEVEUYIPIHIRMRJSVQEGMzRHIGzQSIWXj
WYLMNSIRIPTVSGIWSHIPETVIRHM^ENIHIPEPIGXSIWGVMXYVE]SVMIRXEGMzRHIGzQSTYIHIYWXIH
ETS]EVPIIRGEWE

 6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

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)27)g%2>%=%46)2(->%.)()
0%0)'83)7'6-896%)2'328)<837&-0-2+i)7 -:
)PTVMQIVMHMSQEUYIETVIRHIRPSWRMySW
(IWHIUYIREGIRPSWRMySWWIVIPEGMSRERGSRSXVEWTIVWSREWETVIRHIRETIVGMFMVGSRSGIVIMRXIV
TVIXEVWYQYRHS]IPPIRKYENIWIGSRZMIVXIIRYREHIPEWLIVVEQMIRXEWTVMQSVHMEPIWTEVEGSQYRM
GEVWIIMRXIVEGXYEVGSRPSWSXVSW]WYQIHMS)RWYWTVMQIVSWEySWPSWRMySWETVIRHIRKVEHYEPQIRXI
YRMHMSQEEPUYIWIPIPPEQEMHMSQEQEXIVRSPIRKYEQEXIVRETVMQIVMHMSQES0)R+YEXIQEPE
QYGLSWRMySWETVIRHIRYRMHMSQEQE]E\MROEKEVuJYRESIWTEySPGSQSMHMSQEQEXIVRS+IRIVEP
QIRXIIPMHMSQEQEXIVRSWIETVIRHIIRPEJEQMPMEIRGEWEGSRPSWTEHVIWGSRIPYWSHIPMHMSQEQE
XIVRSWIETVIRHIXSHEYREZMHEIWEXVEZqWHIPMHMSQEUYIPSWRMySWHIWEVVSPPERWYTVSTMEGYPXYVE

-QTSVXERGMEHIYWEVIPMHMSQEQEXIVRSIRPEWEYPEW
7IKRI\TPMGE4EVM  IWMQTSVXERXIUYIPSWRMySWETVIRHERIRWYMHMSQEQEXIVRSTSVUYIHI
IWXEJSVQEJSVXEPIGIRWYMHIRXMHEHMRHMZMHYEP]GYPXYVEPEHIQjWIPYWSHIPMHMSQEQEXIVRSHIPSW
RMySWIRPEIWGYIPETVSTSVGMSREYREQFMIRXIWIKYVSUYIVIWTEPHEIPHIWEVVSPPSHIPEEYXSRSQuE
7IKR.SLR(ERMIP  IRIPFSPIXuR)HYGEGMzRLS]HIPE92)7'3±%ySWHIMRZIWXMKEGMzRLER
HIQSWXVEHSUYIPSWRMySWUYIMRMGMERWYIHYGEGMzRIRPEPIRKYEQEXIVREXMIRIRYRQINSVGSQMIR^S
]I\LMFIRYRQINSVHIWIQTIySUYIEUYIPPSWUYIWSRI\TYIWXSWEYRMHMSQERYIZSEPMRKVIWEVE
IWGYIPE²

7IKRPE(MVIGGMzR+IRIVEPHI)HYGEGMzR&MPMRK‚I-RXIVGYPXYVEP(-+)&-±)PYWS]HIWEVVSPPSHIP
MHMSQEQEXIVRSIRIPEYPETIVQMXIUYIPEWRMyEW]PSWRMySWWII\TVIWIRPMFVIQIRXIGSRGSR½ER^E
]WIKYVMHEHIRWuQMWQSWETVIRHERQjWJjGMPQIRXI]ZEPSVIRWYGYPXYVE²

4EVE PSW RMySW IW MQTSVXERXI ETVIRHIV E PIIV IR WY MHMSQE QEXIVRS TSVUYI WIKR PS I\TPMGE
'YQQRMW GMXEHSTSV4EVM IPYWSHIPTVMQIVMHMSQEJEGMPMXEPEEHUYMWMGMzR]GSQTVIR
WMzRHIPWIKYRHSWMRTIVNYHMGEVPS)WHIGMVUYIPSWTVSGIWSWGSKRMXMZSWYXMPM^EHSWTEVEPEEHUYMWMGMzR
]YWSHIPPIRKYENIQEXIVRSWSRPEFEWITEVEIPETVIRHM^ENIHIPWIKYRHSMHMSQE

)PFMPMRK‚MWQS]PEPIGXSIWGVMXYVE
1MGLEIP6MGLEVHWIRWY%XPEWPMRK‚uWXMGSHI+YEXIQEPERSWHMGI±+YEXIQEPEIWYRTEuWGSRYREIW
TPqRHMHE]QEVEZMPPSWEVMUYI^EGYPXYVEP]PMRK‚uWXMGEIRIPUYIWILEFPERMHMSQEWHMJIVIRXIW²)P
EYXSVWIVI½IVIEPSWMHMSQEWQE]EWIPIWTEySPSGEWXIPPERSIP\MROE]IPKEVuJYRE)RIPWMKYMIRXI
QETEWIQYIWXVEPEHMWXVMFYGMzR

6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

*MKYVE1ETEPMRK‚uWXMGSHI+YEXIQEPE

8SQEHSHI%XPEWPMRK‚uWXMGSHI+YEXIQEPE 6MGLEVHW

%PSWMHMSQEWMRGPYMHSWIRIPQETEWIWYQzIPMHMSQEGLEPGLMXIOSTSVPSGYEPIRPEEGXYEPMHEHWI
LEFPERMHMSQEWIR+YEXIQEPE

 6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

6MGLEVHWE½VQEUYI±GMIRXSWHIQMPIWHITIVWSREWYXMPM^ERIWXSWMHMSQEW MRHuKIREW IRJSVQEGEWM


I\GPYWMZEWMRXIRIVGSQTIXIRGMEGSQYRMGEXMZEIRGEWXIPPERS²7MRIQFEVKS±IRGEWMXSHSWPSWGIR
XVSWTSFPEHSWMRGPYWSEUYIPPSWIRHSRHIWYWLEFMXERXIWWSREPXEQIRXIQSRSPMRK‚IWIRYRMHMSQE
MRHuKIREI\MWXIEPKRKVEHSHILEFPEHIPIWTEySP²

0EIRWIyER^EHIYRWIKYRHSMHMSQEHIFIIQTI^EVXERXIQTVERSGSQSWIETSWMFPITSVUYIWIKR7SYWE
 SJVIGIQYGLEWZIRXENEWTEVEPSWIWXYHMERXIWIRXVIIPPEW
 ˆ'SRXVMFY]IEPHIWEVVSPPSQIRXEP
 ˆ0IWHEQE]SV¾I\MFMPMHEHHITIRWEQMIRXS
 ˆ1INSVEWYGSQTVIRWMzRHIPMHMSQEQEXIVRS
 ˆ'SRXVMFY]IEMRGVIQIRXEVPELEFMPMHEHTEVEGSQYRMGEVWIGSRSXVEWTIVWSREW
 ˆ%]YHEEGSQTVIRHIV]ZEPSVEVEPEWTIVWSREWHISXVEWGYPXYVEW%FVISTSVXYRMHEHIWHIETVIRHM^ENI
]HIHIWEVVSPPSIRHMJIVIRXIWjQFMXSW

0EWZIRXENEWHIPFMPMRK‚MWQSWSRI\TYIWXEWTSVQYGLSWEYXSVIWIRXVIIPPSW'YQQRMW GMXEHSIR
4EVM UYMIRI\TPMGEUYI±IRYRRMySFMPMRK‚ISYRRMySUYIWILEGIFMPMRK‚IWIHEIPJIRzQI
RSHIRSQMREHS³MRXIVHITIRHIRGMEHIHIWEVVSPPSPMRK‚uWXMGS´(MGLSTVMRGMTMSTSWXYPEUYIIPRMySXMIRI
SJSVQEYRE³IWXVYGXYVEWYF]EGIRXIGSQR´ IWHIGMVEWTIGXSWUYIWSRGSQTEVXMHSWXERXSTSVPE0
GSQSTSVPE0EPEZI^GSR½KYVEEWTIGXSWSIPIQIRXSWPMRK‚uWXMGSW³WYTIV½GMEPIW´UYIPSWHMJIVIRGMER
EEQFSW²7IKRPSI\TYIWXSPSWIWXYHMERXIWRIGIWMXERETVIRHIVSXVSMHMSQEEHIQjWHIPQEXIVRSHI
EPPuPERIGIWMHEHHIPEIHYGEGMzRFMPMRK‚IMRXIVGYPXYVEP

)PQEIWXVSXEQFMqRHIFIXSQEVIRGYIRXEUYIIRIHYGEGMzRFMPMRK‚IIPIWXYHMERXIHIFIPPIZEVYR
HIWEVVSPPSTEVEPIPSHIEQFSWMHMSQEWGSQSWIQYIWXVEIRPE½KYVEHIEFENS

*MKYVE(IWEVVSPPSTEVEPIPSHIPMHMSQEQEXIVRS]HIPWIKYRHSMHMSQE

-HMSQEQEXIVRS

4IVWSRE
7IKYRHSMHMSQE
FMPMRK‚I

0IGXSIWGVMXYVE

(MZIVWSWEYXSVIWGSRGYIVHERUYIIRPEWGSQYRMHEHIWMRHuKIREWIWMRHMWTIRWEFPIVIGYVVMVEYREIHYGE
GMzRFMPMRK‚IMRXIVGYPXYVEP HSRHIIPVIGSRSGMQMIRXSIMRGPYWMzRHIPEHMZIVWMHEH]IPQYPXMGYPXYVEPMWQS
WIERTEVXIHIPGYVVuGYPYQ]PEPIRKYEQEXIVREWIGSRZMIVXEIRIPINITVMRGMTEPHIPEEHUYMWMGMzRHIPGS

6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

RSGMQMIRXSTEVE TSWXIVMSVQIRXI MRXIKVEVYRWIKYRHSMHMSQE%WuTYIW PEPIGXYVE]PEIWGVMXYVEWSRPSW


QIHMSWIWIRGMEPIWTEVEPEEHUYMWMGMzR]IPHSQMRMSHIPPIRKYENIEGEHqQMGSIRRMySWFMPMRK‚IWTSVIPPSPSW
GSRXIRMHSWEGEHqQMGSWHIFIRMRXIKVEVWIEPEIRWIyER^EHIPMHMSQE GMXEHSIR*MIP%+ )P
QEIWXVSHIFITPERM½GEVETVSTMEHEQIRXIPEQIXSHSPSKuETEVEUYIPSWRMySWEPGERGIRPELEFMPMHEHHIPIIV
]IWGVMFMVI½GMIRXIQIRXIIREQFSWMHMSQEW )WMQTSVXERXIVIWEPXEVUYIIPQEIWXVSHIFIGSRSGIVPSW
MHMSQEWUYIIWXjIRWIyERHS

-QTSVXERGMEHIPEGYPXYVEIRIPETVIRHM^ENIHIYRWIKYRHSMHMSQE
7IVFMPMRK‚IRSWIPMQMXEWSPSEPMHMSQEWMRSUYIMQTPMGEIRTVMQIVPYKEVWIVFMGYPXYVEPSMRXIVGYPXYVEP7I
IRXMIRHIGYPXYVEWIKRPSI\TVIWEHSTSV4SV½VMS0SI^EGSQS±PSWEGXSWEGGMSRIW]GSQTSVXEQMIRXSW
UYIVMKIRPEGSRHYGXEHIXSHSWIVLYQERS]RSPPIZEEIRJVIRXEVPSWVIXSW]RIGIWMHEHIWUYIXIRIQSW
)WXSWVIXSWWIQERM½IWXERIRGSRHYGXEWIWTIGu½GEW]UYII\TVIWERIPWIRXMV]PEJSVQEHIZIVIPQYRHS
HIYRKVYTSUYIGSQTEVXIPEWQMWQEWJSVQEWHIWIV²

8VERWJIVIRGMEEPWIKYRHSMHMSQE
)PETVIRHM^ENIHIPTVMQIVMHMSQEWIMRMGMEIRPEGEWE WIGSRWSPMHEIRPEIWGYIPE]IRPEZMHEQMWQE IWXI
ETVIRHM^ENIGSRWXMXY]IPEFEWITEVEIPETVIRHM^ENIHIYRWIKYRHSMHMSQERSIWTSWMFPIPEEHUYMWMGMzRHI
YRWIKYRHSMHMSQEWMRYRTVMQIVMHMSQE'YERHSWIIQTMI^EEEHUYMVMVYRTVMQIVMHMSQEMKYEPQIRXIWI
EHUYMIVIYREIWXVYGXYVEPMRK‚uWXMGETVSTMEHSQMRERXIIWXEIWXVYGXYVEMRGMHITSWMXMZE]RIKEXMZEQIRXIIR
PEEHUYMWMGMzRHIYRWIKYRHSMHMSQE

'YERHS LE] GSRXEGXS IRXVI HSW PIRKYEW ]E WIE E RMZIP TIVWSREP GYERHS YRE TIVWSRE ETVIRHI SXVS
MHMSQE SERMZIPGSQYRMXEVMS GYERHSYRETSFPEGMzRIRXIVEYWEHSWSQjWMHMSQEW PEWPIRKYEWWIMR¾Y
]IRQYXYEQIRXI EPKYRSWEYXSVIWWILERMRGPMREHSTSVPPEQEVEIWXITVSGIWSXVERWJIVIRGMEPMRK‚uWXMGES
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 F1MVI
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 4
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 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
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 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
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 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
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 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
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3
 FWIVZIEYRIWXYHMERXIHITVITVMQEVME IXETEEySW ]EYRSHITVMQIVKVEHS%TPMUYIPEPMWXEHI
GSXINS TEVE QSRMXSVIS HI PIGXSIWGVMXYVE IQIVKIRXI )WGVMFE WY I\TIVMIRGME ] PYIKS GSQTEVXE PSW
VIWYPXEHSWGSRWYWGSQTEyIVSW
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

6
 IZMWIIPINIQTPSHIPEVFVMGETEVEIPQSRMXSVISHIPIGXSIWGVMXYVEMRMGMEPTEVEIPTVMQIVGMGPSHI
TVMQEVME]GSQTEVIPSWVIWYPXEHSWIWTIVEHSWIRGEHEKVEHS 0YIKS IZEPIHSWRMySWHITVMQIVS
WIKYRHSSXIVGIVSMRHMUYIWMGEHERMySIZMHIRGMELEFIVEPGER^EHSPSWMRHMGEHSVIWHIPSKVSIWTIVEHSW
TEVEWYKVEHS )\TPMUYIIRGYjPIWEPGER^zIPPSKVS]IRGYjPIWRIGIWMXEUYIWIPIHqQE]SVETS]S
0YIKSGSQTEVXEWYWVIWYPXEHSW

%
 TPMUYIPELIVVEQMIRXEHI)ZEPYEGMzRFEWEHEIR'YVVuGYPS)&'EHSWIWXYHMERXIWHIWIKYRHSS
XIVGIVKVEHS)WGVMFEWYWVIWYPXEHSWVIPEGMSREHSWGSR¾YMHI^]GSQTVIRWMzR

)WXYHMERXI % &

*PYMHI^ TEPEFVEWTSVQMRYXS

'SQTVIRWMzR

6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

 6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

&MFPMSKVEJuE
%GSWXE0YqZERS61 WJ 0EIRWIyER^EHIPEPIGXYVE]IWGVMXYVEIRIPTVMQIVKVEHSHI4VMQEVME6IGYTIVEHS
IR NYPMS HI  HI 9RMZIVWMHEH 4IHEKzKMGE 2EGMSREP LXXT[[[YTRIHYQ\TYFPMGEGMSRIWVIZMWXEW
942IRPMRIELXQP

%PPMIRHI*]1'SRHIQEVuR  0EPIGXYVEXISVuEIZEPYEGMzR]HIWEVVSPPS 'YEVXEIH 7ERXMEKSHI'LMPI


'LMPI)HMXSVMEP%RHVqW&IPPS

%VIPPERS3WYRE% WJ 0SWQEIWXVSWFMPMRK‚IWGSQSGVIEHSVIWHIGSRXI\XSWWSGMSIHYGEXMZSWTEVEIPHIWEVVSPPSHI


PEPIGXYVE6IGYTIVEHSIRRSZMIQFVIHIHI0IGXYVE]ZMHELXXT[[[PIGXYVE]ZMHEJELGIYRPTIHYEV
RYQIVSWERCC%VIPPERSTHJ

%WSGMEGMzRHI%GEHIQMEWHIPE0IRKYE  3VXSKVEJuEHIPEPIRKYEIWTEySPE)WTEyE)WTEWE'EPTI

&EVVIVS.'EWXIPPERSW%]SXVSW  1IXSHSPSKuEGSQRTEVEI\TPSVEV]QIHMVIPGSQTSVXEQMIRXSPIGXSV


&SKSXj')60%0'92)7'3

&IVREP0(1YyS^1]SXVSW  'SRS^GEQSWPEPMXIVEXYVEMRJERXMP'SPIGGMzR4VSQSGMzRHIPEPIGXYVEIRPE


FMFPMSXIGE]IRIPEYPE&SKSXj'SPSQFME4VSGYPXYVE')60%0'

&SVVIVS0  )RWIyERHSEPIIVXISVuETVjGXMGEIMRXIVZIRGMzR&SKSXj+VYTS)HMXSVMEP2SVQE

CCCCCCCCC  ±4IHEKSKuEHIPEPIGXSIWGVMXYVEEPEPY^HIPERIYVSGMIRGME²<-'SRKVIWS0EXMRSEQIVMGERS


HI0IGXYVE1EREKYE]HINYRMSHI

&VEZS:EPHMZMIWS0  ±0EGSRGMIRGMEJSRSPzKMGEGSQSYRETSWMFPI±^SRE²HIHIWEVVSPPSTVz\MQSTEVE


IPETVIRHM^ENIHIPEPIGXYVEMRMGMEP²)R6IZMWXE0EXMRSEQIVMGEREHI4WMGSPSKuE  

&VEZS:EPHMZMIWS0  0SWTVSGIWSWGSKRMXMZSWIRIPETVIRHM^ENIHIPEPIGXYVEMRMGMEP)R4IRWEQMIRXS


)HYGEXMZS

CCCCCCCCCCC3VIPPERE)]SXVSW  4VIHMGXMFMPMHEHHIPVIRHMQMIRXSIRPEPIGXYVEYREMRZIWXMKEGMzRHI


WIKYMQMIRXSIRXVITVMQIV]XIVGIVEyS)R6IZMWXE0EXMRSEQIVMGEREHI4WMGSPSKuE  

'EQEVKS*IVRjRHI^18  8IWMW4VS]IGXSMRXIKVEHSHIPIGXYVEYREEPXIVREXMZEHMHjGXMGETEVEPEJSVQEGMzR


HIPIGXSVIWIRIPRMZIPTVMQEVMSHIPGSPIKMS0MGIS.EZMIV+YEXIQEPE9RMZIVWMHEH6EJEIP0ERHuZEV

'EWXSVMRE.%+SPHMR(]SXVSW  'SRZIVWEGMSRIWHI)QMPME*IVVIMVS1q\MGS(**SRHSHI'YPXYVE


)GSRzQMGE

'LEVVME1)]%+SR^jPI^  )PTPEGIVHIPIIVIRYRTVSKVEQEHIPIGXYVE'SPIGGMzR0EIWGYIPE]JSVQEGMzR


HIPIGXSVIWEYXzRSQSW 7IKYRHEIH &SKSXj'SPSQFME4VSGYPXYVE')60%0'

CCCCCCCCCCCCC  ,EGMEYRERYIZETIHEKSKuEHIPEPIGXYVE'SPIGGMzR0EIWGYIPE]JSVQEGMzRHIPIGXSVIW


EYXzRSQSW :SP &SKSXj'SPSQFME4VSGYPXYVE')60%0'

6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'SRHIQEVuR1  )PTSHIVHIPIIV'LMPI(MZMWMzRHI)HYGEGMzR+IRIVEP1MRMWXIVMSHI)HYGEGMzRHI


PE6ITFPMGEHI'LMPI

CCCCCCCCCCCCC  ±6IPEGMSRIWIRXVIPEPIGXYVE]PEIWGVMXYVEIRIPHIWEVVSPPSHIPEGSQTVIRWMzRHI


PEPIGXYVE²4VMQIV'SRKVIWS0EXMRSEQIVMGERSHI0IGXSIWGVMXYVE'SWXE6MGEHIPEPHINYPMSHI

'SRWINS)NIGYXMZS92)7'3 HI1EV^SHI 4VS]IGXSHITVSTYIWXE]TPERHIEGGMzRHIYRHIGIRMSHIPEW


2EGMSRIW9RMHEWHIPEEPJEFIXM^EGMzR6IGYTIVEHSIPHIEKSWXSHIHI3VKERM^EGMzRHIPEW2EGMSRIW
9RMHEWTEVEPE)HYGEGMzRPE'MIRGME]PE'YPXYVELXXTYRIWHSGYRIWGSSVKMQEKIWW
THJ

(ILEIRI7XERMWPEW  6IEHMRKMRXLI&VEMR)WXEHSW9RMHSW4IRKYMR:MOMRK

(uE^16]%'EFEPPIVS  ±)PHIWEVVSPPSHIPEWGSQTIXIRGMEWGSQYRMGEXMZEWIRPEEPJEFIXM^EGMzRMRMGMEP²


6IZMWXEHIPE9RMZIVWMHEH'EWXMPPE0E1ERGLE2S%yS<<:---)RIVS(MGMIQFVIHIfTSGE
2QIVS

±)PHMPIQEHIPEPIRKYEQEXIVRE²)R&SPIXuR)HYGEGMzR,S]2SNYPMSWITXMIQFVIHI4T

)WXIVS1EVXuRI^.3  0EPIGXYVE]IWGVMXYVEIRMHMSQEKEVuJYRE]WYIRWIyER^EIRPEIWGYIPE


TVMQEVMEHIPjVIEYVFEREHIPQYRMGMTMSHI0MZMRKWXSRHITEVXEQIRXSHI-^EFEP+YEXIQEPE97%'

*IVVIMVS)]%8IFIVWSWO]  0SWWMWXIQEWHIIWGVMXYVEIRIPHIWEVVSPPSHIPRMyS (qGMQSTVMQIVEIH 


1q\MGS(*1q\MGS7MKPS<<-)HMXSVIW

*MIP%+  0EIRWIyER^E]IPETVIRHM^ENIIRGSRXI\XSWHIMRXIVEGGMzRFMPMRK‚I]QYPXMGYPXYVEP6IGYTIVEHS


IR RSZMIQFVI HI  HI 6IZMWXE )PIGXVzRMGE HI -RZIWXMKEGMzR )HYGEXMZE LXXTVIHMIYEFGQ\ZSPRS
GSRXIRMHS½IPLXQP

*SRWIGE0  0MRIEQMIRXSWTEVETSPuXMGEWFMPMRK‚IW]QYPXMPMRKYIWREGMSREPIWIRGSRXI\XSWIHYGEXMZSWPMRK‚uWXM


GSWQE]SVMXEVMSWIR'SPSQFME&SKSXj'SPSQFME'IRXVSHI-RZIWXMKEGMzR]*SVQEGMzRIR)HYGEGMzR9RMZIV
WMHEHHIPSW%RHIW

+VEZIW(,  (MHjGXMGEHIPEIWGVMXYVE)WTEyE)HMGMSRIW1SVEXE

/VEWLIR7  7IGSRHPERKYEKIEHUYMWMXMSRERHWIGSRHPERKYEKIPIEVRMRK3\JSVH4IVKEQSR

,ERWIR1  )PIRVMUYIGMQMIRXSPMRK‚uWXMGSTYIRXIIRXVIIPPIRKYENILEFPEHS]PEIWGVMXYVEHIXI\XSW


)R*+6YMTIVI^)R0IIVIRPEIWGYIPE2YIZEWXIRHIRGMEWIRPEIRWIyER^EHIPEPIGXYVE TjKW 1EHVMH
)WTEyE)HMGMSRIW4MVjQMHI

,IVRjRHI^%  >SREWMGSTIHEKzKMGE6IGYTIVEHSIRIRIVSHILXXT^SRETWMGSTIHEKKMGE


FPSKWTSXGSQGSRGITXYEPM^EGMRHIPEIWGVMXYVE]PELXQP

,IVRjRHI^%  ±)PTETIPHIPZSGEFYPEVMSIRPEIRWIyER^EHIPEGSQTVIRWMzRPIGXSVE]GSQTSWMGMzR


IWGVMXE²)R%YPE7EPEQERGE)WTEyE  4T

 6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

,IVRjRHI^'  -R¾YIRGMEHIPSWQqXSHSWHIIRWIyER^EIRIPHIWEVVSPPSHITVSGIWSWPIGXSVIW 9H7IVZMGMS


HITYFPMGEGMSRIW)H 6IGYTIVEHSIPHIEKSWXSHIHIJXTXIWMWFFXOYPPIWGGWW]LYQGWTHJ

-XYVVMS^4 WJ 0EPIGXYVEIRGSRXI\XSWHIHMZIVWMHEHPMRK‚uWXMGE]GYPXYVEP6IGYTIVEHSIRRSZMIQFVIHIHI


')60%0'LXXT[[[GIVPEPGSVKVIHTPERIWWIGGMSRIWFMFPMSXIGEPIGXYVECHMZIVWMHEHTHJ

.MQqRI^+EVGuE'  ±0EPIGXYVE]IWGVMXYVEMRJERXMP²6IZMWXEHMKMXEP-RRSZEGMzR]I\TIVMIRGMEWIHYGEXMZEW2


3GXYFVI

.MQqRI^.I-3´WLERER  :EVMEFPIWHIPTVSGIWSHIIRWIyER^EETVIRHM^ENIHIPPIRKYENIIWGVMXSIRPSWTVMQIVSW


RMZIPIWHIPE)+&6IGYTIVEHSIPHIEKSWXSHI

CCCCCCCCCCCC  )RWIyER^EHIPEPIGXYVEHIPEXISVuE]PEMRZIWXMKEGMzREPETVjGXMGEIHYGEXMZE6IZMWXE


-FIVSEQIVMGEREHI)HYGEGMzR  

0IzR,]%11EQERM HIEKSWXSHI )PTVSGIWSHIETVIRHM^ENIHIPEPIGXYVE]IWGVMXYVEIRGSRXI\XSW


FMPMRK‚IW 6IGYTIVEHS IR RSZMIQFVI HI  HI 'MFIVHSGIRGME LXXT[[[GMFIVHSGIRGMEKSFTIMRHI\
TLT#MH!
E!EVXMGYPSCGSQTPIXS

0SKEXX+VEFRIV''zQSPIIRYIWXVSGIVIFVSHIIRIVSHI%WSGMEGMzR)HYGEV'MIRGMEW]RIYVS
GMIRGMEWETPMGEHEWEPHIWEVVSPPS%WSGMEGMzR)HYGEV'MIRGMEW]2IYVSGMIRGMEWETPMGEHEWEP(IWEVVSPPS,YQE
RS[[[EWSGMEGMSRIHYGEVGSQ

1MRMWXIVMSHI)HYGEGMzRHI+YEXIQEPE  %KIRHETIHEKzKMGEFMPMRK‚IMRXIVGYPXYVEP+YEXIQEPE1MRMW


XIVMSHI)HYGEGMzRHIPE6ITFPMGEHI+YEXIQEPE
CCCCCCCCCCCCC  4VS]IGXSHIIHYGEGMzRQE]EFMPMRK‚IMRXIVGYPXYVEP5YIX^EPXIRERKS+YEXIQEPE
1MRMWXIVMSHI)HYGEGMzRHIPE6ITFPMGEHI+YEXIQEPE
1SRXITIUYI7]*6SRGEP  %TVIRHIVEPIIVHIJSVQEGSQTVIRWMZE]GVuXMGE IWXVEXIKMEW]LIVVEQMIRXEW
+YEXIQEPE+YEXIQEPE)HMXSVMEP7EUMP8^MN
2EXMSREP6IEHMRK4ERIP  6IGYTIVEHSIPHI%KSWXSHIHI2EXMSREP-RWXMXYXISJ'LMPH,IEPXL

,YQER(IZIPSTQIRXLXXT[[[RMGLHRMLKSZVIWIEVGLWYTTSVXIH4EKIWRVTEWT\

4EVM6SHVuKYI^%  )RWIyER^EHIPEPIGXYVE]IWGVMXYVEIR5YIGLYE 0 IRPEYRMHEHGIRXVEPHIPRGPISHIP


6SHIS6IGYTIVEHSIRRSZMIQFVIHIHI9RMZIVWMHEH1E]SVHI7ER7MQzRLXXTFZMVXYEPTVSIMFERHIW
SVKFZMVXYEPHSGWXIWMWTVSIMF8IWMWC%HERC4EVMTHJ

4YIRXI*IVVIVEW%)ZEPYEGMzRHIPEQIXEGSKRMGMzR]GSQTVIRWMzRPIGXSVE *YRHEGMzRHIRIYVSTWMGSPSKuEGPuRMGE
(MWTSRMFPIIR[[[JRGSVKEVTHJWTYIRXICTHJ

CCCCCCCCCCC]18*IVVERHS0YGEW±'IVIFVS]PIGXYVE²'SRKVIWS1YRHMEPHI0IGXSIWGVMXYVE:EPIRGME
(MGMIQFVI
4VSGIWSWMRMGMEPIWHIPEPIGXSIWGVMXYVE HIEKSWXSHI 6IGYTIVEHSIRRSZMIQFVIHIHI%RHVI
GLMPILXXTERHVIGLMPI[SVHTVIWWGSQTVSGIWSWMRMGMEPIWHIPEPIGXSIWGVMXYVE
6EQSW7jRGLI^.0 WJ 'SRSGMQMIRXSJSRSPzKMGS]HIWEVVSPPSPIGXSIWGVMXSVIRPEIHYGEGMzRMRJERXMP6IGYTIVEHS
IPHINYPMSHIHILXXT[[[YRIHIWIHYGEGMSR<<THJWTHJ

6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

6IGEWIRW1  %GXMZMHEHIWTEVEQINSVEVGSQSPIGXSVIW&EVGIPSRE)WTEyE)HMGMSRIW'IEG


6I]IW= HIEKSWXSHI =SPERHE6I]IW0IIVHIWHIFIFqWYRTVS]IGXSEJIGXMZSTSqXMGS]TSPuXMGS
1MRMWXIVMSHI)HYGEGMzRHI%VKIRXMRE6IGYTIVEHSIRRSZMIQFVIHIHILXXTTSVXEPIHYGEVRSXMGMEW
IRXVIZMWXEWTSWXTLT
6YFMS*]SXVSW %KSWXS 0SWJYRHEQIRXSWHIPEPIGXYVE]IWGVMXYVE¡5YqLEFMPMHEHIWXMIRIRPSWRMySW EW EP
MRKVIWEVETVMQIVSTVMQEVME#97%-(+YEXIQEPE6IJSVQE)HYGEXMZEIRIPEYPE97%-(
CCCCCCCCC  )HYGEGMzRFMPMRK‚IIR+YEXIQEPEWMXYEGMzR]HIWEJuSW+YEXIQEPE&ERGS1YRHMEP463)-&
%RHIW

6YM^HI7SQSGYVGMS'  ±2IYVSGMIRGMEIRIPEYPE0SWEZERGIWHIPERIYVSGMIRGMEUYIETSVXEREPE


TIHEKSKuEIRIPEYPE²6IGYTIVEHSIRIRIVSHILXXTETVIRHM^ENIRIYVSGMIRGME]HMZIVWMHEHFPSKWTSX
GSQGSQSJYRGMSRERYIWXVSGIVIFVSHYVERXILXQP
7EWXVuEW1]SXVSW  +YuETEVETVSQSXSVIWHIPIGXYVE1q\MGS(*1q\MGS-RWXMXYXS2EGMSREPHI&IPPEW
%VXIW
7IGVIXEVuEHI)HYGEGMzR4FPMGE  1ERYEPTEVEJEZSVIGIVIPHIWEVVSPPSHIGSQTIXIRGMEWHIPIGXYVE]IWGVM
XYVE6IGYTIVEHSIPHISGXYFVIHIHILXXTTIQPITIQPITHJI\XVEIHEHGMGPSTHJ

7IVVERS * ] SXVSW±)ZSPYGMzR HI PE VIPEGMzR IRXVI GSRGMIRGME JSRSPzKMGE ] PIRKYENI IWGVMXS IR RMySW
IWTEySPIWHITVMQIVGYVWSHI)HYGEGMzR4VMQEVME²7MQTSWMS4VSGIWSWJSRSPzKMGSW]PIGXYVEYRIRJSUYI
XVERWPMRK‚uWXMGS9RMZIVWMHEHHI+VEREHE

7EPEW*EPKYIVEW1  +IRqXMGE]PIRKYENI(MWGYVWSHIMRKVIWSEPE6IEP%GEHIQME)WTEySPEHINYRMS

7-2'   ±(IWGYFVIR PSW GEQFMSW GIVIFVEPIW TVSZSGEHSW TSV PE EPJEFIXM^EGMzR² 6IGYTIVEHS IR
RSZMIQFVIHIHILXXT[[[EKIRGMEWMRGIW2SXMGMEW(IWGYFVIRPSWGEQFMSWGIVIFVEPIWTVSZSGEHSW
TSVPEEPJEFIXM^EGMSR
7QMXL*  'SQTVIRWMzRHIPEPIGXYVE%RjPMWMWTWMGSPMRK‚uWXMGSHIPEPIGXYVE]WYETVIRHM^ENI1q\MGS(*
1q\MGS)HMXSVMEP8VMPPEW

7SYWE(  ,S[XLIFVEMRPIEVRWEIH)WXEHSW9RMHSW'SV[MR4VIWW


97%-(+YEXIQEPE .YPMSHI 6IWYPEHSWHIETPMGEGMzRHIPETVYIFEHIPIGXYVE]IWGVMXYVEIRIWGYIPEW
HI.S]EFEN]7ER4IHVS.SGSTMPEW5YMGLq4VIWIRXEGMzR
:EYKLR7
8  6IWIEVGL&EWIH1IXLSHWSJ6IEHMRK-RWXVYGGMSR +VEHIW/:MVKMRME)WXEHSW9RMHSW
%WWSGMEXMSRJSV7YTIVZMWMSRERH'YVVMGYPYQ(IZIPSTQIRX

:IKE0]SXVSW  %PJEFIXM^EGMzR6IXSW]TIVWTIGXMZEW1q\MGS92%1

<SjR <YPMS%PJE]E  %TVIRHIV IR PE PIRKYE QEXIVRE LXXT[[[KEPMGMEFMPMRKYIIWMQEKIWWXSVMIW


PIRKYE]STMRMSRPIRKYE%46)2()6C)2C0%C0)2+9%C1%8)62%LXQP
=IPE&SGEPIXXM7  ,IVVEQMIRXEWHIIZEPYEGMzRIRIPEYPE XIVGIVEIHMGMzRIH +YEXIQEPE97%-(1M
RMWXIVMSHI)HYGEGMzR

>[MIVW.  &YMPHMRKEGEHIQMGPIRKYENI)WWIRXMEPTVEGXMGIWJSVGSRXIRXGPEWWVSSQW9RMXIH7XEXIWSJ%QIVMGE


.SWWI]&EWW

 6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

6IXE³QE\MOVMYWMO³M\MO\YUYNI³VMYX^³MF³E\MO[YN 

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