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6IMRJSVGMRKFEVWYWIHMRFEVQEXWWLEPPGSRJSVQXSSRI SJXLIWTIGMJMGEXMSRWPMWXIHMR {(IJSVQIH[MVIJSVGSRGVIXIVIMRJSVGIQIRX WLEPP GSRJSVQ XS w7TIGMJMGEXMSR JSV 7XIIP ;MVI (IJSVQIH JSV 'SRGVIXI 6IMRJSVGIQIRXx %781 % I\GITXXLEX[MVIWLEPPRSXFIWQEPPIVXLERWM^I( ERH JSV [MVI [MXL E WTIGMJMIH ]MIPH WXVIRKXL J] I\GIIHMRK TWM J] WLEPP FI XLI WXVIWW GSVVI WTSRHMRK XS E WXVEMR SJ TIVGIRX MJ XLI ]MIPH WXVIRKXLWTIGMJMIHMRXLIHIWMKRI\GIIHWTWM {;IPHIHTPEMR[MVIJEFVMGJSVGSRGVIXIVIMR JSVGIQIRX WLEPP GSRJSVQ XS w7TIGMJMGEXMSR JSV 7XIIP ;IPHIH ;MVI *EFVMG 4PEMR JSV 'SRGVIXI 6IMRJSVGI QIRXx %781% I\GITXXLEXJSV[MVI[MXLEWTIGM JMIH]MIPHWXVIRKXLJ] I\GIIHMRKTWMJ] WLEPPFI XLIWXVIWWGSVVIWTSRHMRKXSEWXVEMRSJTIVGIRXMJ XLI ]MIPH WXVIRKXL WTIGMJMIH MR XLI HIWMKR I\GIIHW TWM;IPHIH MRXIVWIGXMSRWWLEPPRSX FI WTEGIH JEVXLIV ETEVX XLER MR MR HMVIGXMSR SJ GEPGYPEXIH WXVIWWI\GITXJSV[MVIJEFVMGYWIHEWWXMVVYTWMREGGSV HERGI[MXL
6 { ;IPHIH TPEMR [MVI JEFVMG QYWX FI QEHI SJ [MVIGSRJSVQMRKXSw7TIGMJMGEXMSRJSV7XIIP;MVI4PEMRJSV 'SRGVIXI6IMRJSVGIQIRXx %781% %781% LEWE QMRMQYQ ]MIPH WXVIRKXL SJ TWM 8LI GSHI LEW EWWMKRIH E ]MIPH WXVIRKXL ZEPYI SJ TWM FYX QEOIW TVSZMWMSRJSVXLIYWISJLMKLIV]MIPHWXVIRKXLWTVSZMHIHXLI WXVIWWGSVVIWTSRHWXSEWXVEMRSJTIVGIRX
{;IPHIHHIJSVQIH[MVIJEFVMGJSVGSRGVIXI VIMRJSVGIQIRXWLEPPGSRJSVQXSw7TIGMJMGEXMSRJSV7XIIP ;IPHIH ;MVI *EFVMG (IJSVQIH JSV 'SRGVIXI 6IMR JSVGIQIRXx %781% I\GITXXLEXJSV[MVI[MXLE WTIGMJMIH ]MIPH WXVIRKXL J] I\GIIHMRK TWM J] WLEPP FI XLI WXVIWW GSVVIWTSRHMRK XS E WXVEMR SJ TIVGIRX MJ XLI ]MIPH WXVIRKXL WTIGMJMIH MR XLI HIWMKR I\GIIHWTWM;IPHIHMRXIVWIGXMSRWWLEPPRSXFI WTEGIH JEVXLIVETEVX XLERMR MR HMVIGXMSRSJGEPGY PEXIHWXVIWW I\GITXJSV [MVIJEFVMGYWIHEWWXMVVYTWMR EGGSVHERGI[MXL
6 {;IPHIHHIJSVQIH[MVIJEFVMGQYWXFIQEHI SJ [MVI GSRJSVQMRK XS w7TIGMJMGEXMSR JSV 7XIIP ;MVI (IJSVQIH JSV 'SRGVIXI 6IMRJSVGIQIRXx %781 % %781% LEWEQMRMQYQ]MIPHWXVIRKXLSJTWM 8LIGSHILEWEWWMKRIHE]MIPHWXVIRKXLZEPYISJTWM FYX QEOIW TVSZMWMSR JSV XLI YWI SJ LMKLIV ]MIPH WXVIRKXLW TVSZMHIHXLIWXVIWWGSVVIWTSRHWXSEWXVEMRSJTIVGIRX
{ +EPZERM^IH VIMRJSVGMRK FEVWWLEPP GSQTP] [MXLw7TIGMJMGEXMSRJSV>MRG'SEXIH +EPZERM^IH 7XIIP &EVW JSV 'SRGVIXI 6IMRJSVGIQIRXx %781 % )TS\]GSEXIH VIMRJSVGMRK FEVW WLEPP GSQTP] [MXL w7TIGMJMGEXMSR JSV )TS\]'SEXIH 6IMRJSVGMRK 7XIIP &EVWx %781 % SV [MXL w7TIGMJMGEXMSR JSV )TS\] 'SEXIH 4VIJEFVMGEXIH 7XIIP 6IMRJSVGMRK &EVWx %781 % &EVW XS FI KEPZERM^IH SV ITS\]GSEXIH WLEPP GSRJSVQXSSRISJXLIWTIGMJMGEXMSRWPMWXIHMR
6 { +EPZERM^IH VIMRJSVGMRK FEVW % ERH ITS\]GSEXIH VIMRJSVGMRK FEVW % [IVI EHHIH XS XLI %'- 'SHI ERH ITS\]GSEXIH TVIJEFVMGEXIH VIMR JSVGMRK FEVW % [IVI EHHIH XS XLI %'- 'SHI VIGSKRM^MRK XLIMV YWEKI IWTIGMEPP] JSV GSRHMXMSRW [LIVI GSVVSWMSR VIWMWXERGI SJ VIMRJSVGIQIRX MW SJ TEVXMGYPEV GSRGIVR 8LI] LEZI X]TMGEPP] FIIR YWIH MR TEVOMRK HIGOW FVMHKIHIGOWERHSXLIVLMKLP]GSVVSWMZIIRZMVSRQIRXW
{ )TS\]GSEXIH [MVIW ERH [IPHIH [MVI JEFVMG WLEPP GSQTP] [MXL w7TIGMJMGEXMSR JSV )TS\] 'SEXIH 7XIIP ;MVI ERH ;IPHIH;MVI*EFVMG JSV6IMR JSVGIQIRXx %781 % ;MVIW XS FIITS\]GSEXIH WLEPPGSRJSVQXS ERH [IPHIH[MVI JEFVMG XS FI ITS\]GSEXIHWLEPPGSRJSVQXSSV {4PEMRVIMRJSVGIQIRX
6{4PEMRVIMRJSVGIQIRX 4PEMRFEVWERHTPEMR[MVIEVITIVQMXXIHSRP]JSVWTMVEPVIMR JSVGIQIRX IMXLIV EW PEXIVEP VIMRJSVGIQIRX JSVGSQTVIWWMSR QIQFIVWJSVXSVWMSRQIQFIVWSVJSVGSRJMRMRKVIMRJSVGIQIRX JSVWTPMGIW
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{ 4PEMR FEVW JSV WTMVEP VIMRJSVGIQIRX WLEPP GSRJSVQXSXLIWTIGMJMGEXMSRPMWXIHMR E SV F { 4PEMR [MVI JSV WTMVEP VIMRJSVGIQIRX WLEPP GSRJSVQ XS w7TIGMJMGEXMSR JSV 7XIIP ;MVI 4PEMR JSV 'SRGVIXI6IMRJSVGIQIRXx %781% I\GITXXLEXJSV [MVI [MXL E WTIGMJMIH ]MIPH WXVIRKXL J] I\GIIHMRK TWM J] WLEPP FI XLI WXVIWW GSVVIWTSRHMRK XS E WXVEMRSJTIVGIRXMJXLI]MIPHWXVIRKXLWTIGMJMIHMR XLIHIWMKRI\GIIHWTWM {4VIWXVIWWMRKWXIIP
6{4VIWXVIWWMRKWXIIP
{7XIIPJSVTVIWXVIWWMRKWLEPPGSRJSVQXSSRI SJXLIJSPPS[MRKWTIGMJMGEXMSRW
6 {&IGEYWIPS[VIPE\EXMSRTVIWXVIWWMRKWXIIPMW EHHVIWWIHMREWYTTPIQIRXXS%781%[LMGLETTPMIW SRP] [LIR PS[VIPE\EXMSR QEXIVMEP MW WTIGMJMIH XLI ETTVS TVMEXI%781VIJIVIRGIMWPMWXIHEWEWITEVEXIIRXMX]
E ;MVI GSRJSVQMRKXSw7TIGMJMGEXMSR JSV9RGSEXIH 7XVIWW6IPMIZIH 7XIIP ;MVI JSV 4VIWXVIWWIH 'SRGVIXIx %781% F 0S[VIPE\EXMSR[MVIGSRJSVQMRKXSw7TIGMJMGEXMSR JSV 9RGSEXIH 7XVIWW6IPMIZIH 7XIIP ;MVI JSV 4VIWXVIWWIH'SRGVIXIxMRGPYHMRK7YTTPIQIRXw0S[ 6IPE\EXMSR;MVIx %781% G 7XVERH GSRJSVQMRK XS w7TIGMJMGEXMSR JSV 7XIIP 7XVERH 9RGSEXIH 7IZIR;MVI JSV 4VIWXVIWWIH 'SRGVIXIx %781% H &EV GSRJSVQMRK XS w7TIGMJMGEXMSR JSV 9RGSEXIH ,MKL7XVIRKXL 7XIIP &EVW JSV 4VIWXVIWWMRK 'SRGVIXIx %781% { ;MVI WXVERHW ERH FEVW RSX WTIGMJMGEPP] PMWXIH MR %781 % % SV % EVI EPPS[IH TVSZMHIH XLI] GSRJSVQ XS QMRMQYQ VIUYMVIQIRXW SJ XLIWI WTIGMJMGEXMSRW ERH HS RSX LEZI TVSTIVXMIW XLEX QEOIXLIQPIWWWEXMWJEGXSV]XLERXLSWIPMWXIHMR%781 %%SV% {7XVYGXYVEPWXIIPWXIIPTMTISVXYFMRK {7XVYGXYVEPWXIIPYWIH[MXLVIMRJSVGMRKFEVW MR GSQTSWMXIGSQTVIWWMSR QIQFIVWQIIXMRKVIUYMVI QIRXWSJSV WLEPPGSRJSVQXSSRISJXLI JSPPS[MRKWTIGMJMGEXMSRW E w7XERHEVH 7TIGMJMGEXMSR JSV 7XVYGXYVEP 7XIIP 7LETIWx %781% F w7TIGMJMGEXMSRJSV,MKL7XVIRKXL0S[%PPS]7XVYG XYVEP7XIIPx %781% G w7TIGMJMGEXMSR JSV ,MKL7XVIRKXL 0S[%PPS] 'SPYQFMYQ:EREHMYQ 7XIIPW SJ 7XVYGXYVEP 5YEPMX]x %781% H w7TIGMJMGEXMSRJSV,MKL7XVIRKXL0S[%PPS]7XVYG XYVEP 7XIIP [MXL OWM 14E 1MRMQYQ =MIPH 4SMRXXSMR QQ 8LMGOx %781%
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{ 7XIIP TMTI SV XYFMRK JSV GSQTSWMXI GSQTVIWWMSR QIQFIVW GSQTSWIH SJ E WXIIPIRGEWIH GSRGVIXI GSVI QIIXMRK VIUYMVIQIRXW SJ WLEPP GSRJSVQXSSRISJXLIJSPPS[MRKWTIGMJMGEXMSRW E +VEHI&SJw7TIGMJMGEXMSRJSV4MTI 7XIIP&PEGO ERH ,SX(MTTIH >MRG'SEXIH ;IPHIH ERH 7IEQ PIWWx %781% F w7TIGMJMGEXMSR JSV 'SPH*SVQIH ;IPHIH ERH 7IEQPIWW 'EVFSR 7XIIP 7XVYGXYVEP 8YFMRK MR 6SYRHWERH7LETIWx %781% G w7TIGMJMGEXMSRJSV,SX*SVQIH;IPHIHERH7IEQ PIWW'EVFSR7XIIP7XVYGXYVEP8YFMRKx %781%
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6 { %HQM\XYVIW GSRXEMRMRK ER] GLPSVMHI SXLIV XLER JVSQ MQTYVMXMIW MR EHQM\XYVI MRKVIHMIRXW WLSYPH RSX FI YWIH MR GSRGVIXI 'EPGMYQ GLPSVMHI MR GSRGVIXI MW TEVXMGY PEVP]HIXVMQIRXEPMRXLI[IXGSRHMXMSRWIRGSYRXIVIHMRIRZM VSRQIRXEPIRKMRIIVMRKGSRGVIXIWXVYGXYVIW
{ %MVIRXVEMRMRK EHQM\XYVIW WLEPP GSRJSVQ XS w7TIGMJMGEXMSR JSV %MV)RXVEMRMRK %HQM\XYVIW JSV 'SRGVIXIx %781' %PPEMVIRXVEMRMRKEHQM\XYVIW XLEXEVIRSXZMRWSPVIWMRSVZMRWSPVSWMRFEWIHWLEPPFI XIWXIHMREGGSVHERGI[MXL%781'EXXLILMKLIWX TIVGIRXEMVEPPS[IHMRXLIWTIGMJMGEXMSRW
6 {:MRWSPVIWMRFEWIHEMVIRXVEMRMRKEHQM\XYVIWLEZI FIIRYWIHMRXLIGSRGVIXIMRHYWXV]WMRGIXLI WSVIEVPMIV 8LI] LEZI TIVJSVQIH XLI JYRGXMSR SJ IRXVEMRMRK EMV MR GSRGVIXI[MXLJI[TVSFPIQW8LIYWISJRSRZMRWSPVIWMRSV RSRZMRWSPVSWMRFEWIHEMVIRXVEMRMRKEHQM\XYVIWMRGSRGVIXI LEZI SR SGGEWMSR IWTIGMEPP] EX WTIGMJMIH EMV GSRXIRXW SJ TIVGIRXSVLMKLIVVIWYPXIHMRTVSFPIQWWYGLEWYREGGITXEFPI VIHYGXMSR MR GSQTVIWWMZI WXVIRKXL MRGVIEWI MR WLVMROEKI ERHWYVJEGI[IEORIWW WMQMPEVXSWGEPMRK
{ ;EXIVVIHYGMRK EHQM\XYVIW VIXEVHMRK EHQM\ XYVIW EGGIPIVEXMRK EHQM\XYVIW [EXIVVIHYGMRK ERH VIXEVHMRKEHQM\XYVIWERH[EXIVVIHYGMRKERHEGGIPIV EXMRK EHQM\XYVIW WLEPP GSRJSVQ XS w7TIGMJMGEXMSR JSV 'LIQMGEP%HQM\XYVIWJSV'SRGVIXIx %781' SV w7TIGMJMGEXMSR JSV 'LIQMGEP %HQM\XYVIW JSV 9WI MR 4VSHYGMRK*PS[MRK'SRGVIXIx %781' { *P] EWL SV SXLIV TS^^SPERW YWIH EW EHQM\ XYVIW WLEPP GSRJSVQ XS w7TIGMJMGEXMSR JSV *P] %WL ERH 6E[ SV 'EPGMRIH 2EXYVEP 4S^^SPER JSV 9WI EW E 1MRIVEP %HQM\XYVI MR 4SVXPERH 'IQIRX 'SRGVIXIx %781'
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6 {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
{ %HQM\XYVIW YWIH MR GSRGVIXI GSRXEMRMRK %781' I\TERWMZI GIQIRXWWLEPPFI GSQTEXMFPI [MXLXLIGIQIRXERHTVSHYGIRSHIPIXIVMSYWIJJIGXW
6 { 8LI YWI SJ EHQM\XYVIW MR GSRGVIXI GSRXEMRMRK %781 ' I\TERWMZI GIQIRXW LEW VIHYGIH PIZIPW SJ I\TERWMSRSVMRGVIEWIHWLVMROEKIZEPYIW7II%'-
{ 7MPMGE JYQI YWIH EW ER EHQM\XYVI WLEPP GSRJSVQ XS w7TIGMJMGEXMSR JSV 7MPMGE *YQI JSV 9WI MR ,]HVEYPMG'IQIRX 'SRGVIXI ERH 1SVXEVx %781 '
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6 {6IJIVIRGIHWXERHEVHW 8LI %781 WXERHEVH WTIGMJMGEXMSRW PMWXIH EVI XLI PEXIWX IHMXMSRW EX XLI XMQI XLIWI GSHI TVSZMWMSRW [IVI EHSTXIH &IGEYWIXLIWI WTIGMJMGEXMSRW EVI VIZMWIH JVIUYIRXP] KIRIV EPP]MRQMRSVHIXEMPWSRP]XLIYWIVSJXLIGSHIWLSYPHGLIGO HMVIGXP][MXLXLIWTSRWSVMRKSVKERM^EXMSRMJMXMWHIWMVIHXS VIJIVIRGI XLI PEXIWX IHMXMSR 7YGL E TVSGIHYVI LS[IZIV SFPMKEXIW XLI YWIV SJ XLI WTIGMJMGEXMSR XS IZEPYEXI MJ ER] GLERKIWMRXLIPEXIVIHMXMSREVIWMKRMJMGERXMRXLIYWISJXLI WTIGMJMGEXMSR 7XERHEVH WTIGMJMGEXMSRW SV SXLIV QEXIVMEP XS FI PIKEPP] EHSTXIH F] VIJIVIRGI MRXS E FYMPHMRK GSHI QYWX VIJIV XS E WTIGMJMG HSGYQIRX 8LMW GER FI HSRI F] WMQTP] YWMRK XLI GSQTPIXI WIVMEP HIWMKREXMSR FIGEYWI XLIJMVWX TEVX MRHMGEXIW XLI WYFNIGX ERH XLI WIGSRH TEVX XLI ]IEV SJ EHSTXMSR %PP WXERHEVHHSGYQIRXWVIJIVIRGIHMRXLMWGSHIEVIPMWXIHMR [MXL XLI XMXPI ERH GSQTPIXI WIVMEP HIWMKREXMSR -R SXLIV WIGXMSRWSJXLIGSHIXLIHIWMKREXMSRWHSRSXMRGPYHIXLIHEXI WSXLEXEPPQE]FIOITXYTXSHEXIF]WMQTP]VIZMWMRK
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7XERHEVH 7TIGMJMGEXMSR JSV 7XVYGXYVEP 7XIIP7LETIW
% %1
7XERHEVH 7TIGMJMGEXMSR JSV 4MTI 7XIIP &PEGO ERH ,SX(MTTIH >MRG'SEXIH ;IPHIHERH7IEQPIWW
% E
7XERHEVH 7TIGMJMGEXMSR JSV 7XIIP ;MVI 4PEMRJSV'SRGVIXI6IMRJSVGIQIRX
%
7XERHEVH 7TIGMJMGEXMSR JSV 7XIIP &EVW 'EVFSR'SPH*MRMWLIH7XERHEVH5YEPMX]
% % 1
7XERHEVH 7TIGMJMGEXMSR JSV *EFVMGEXIH (IJSVQIH 7XIIP &EV 1EXW JSV 'SRGVIXI 6IMRJSVGIQIRX
%
7XERHEVH 7TIGMJMGEXMSR JSV 7XIIP;IPHIH ;MVI*EFVMG4PEMRJSV'SRGVIXI
% %1
7TIGMJMGEXMSRJSV7XIIP;MVI'SPH(VE[R JSV1IGLERMGEP7TVMRKW
7XERHEVH7TIGMJMGEXMSRJSV,MKL7XVIRKXL % %1E 0S[%PPS]7XVYGXYVEP7XIIP %
7XERHEVH 7TIGMJMGEXMSR JSV 'EVFSR 7XIIP &SPXW ERH 7XYHW TWM 8IRWMPI 7XVIRKXL
% %1
7XERHEVH 7TIGMJMGEXMSR JSV %PPS] 7XIIP *SVKMRKWJSV4VIWWYVIERH,MKL8IQTIV EXYVI4EVXW
% %1
7XERHEVH 7TIGMJMGEXMSR JSV 7XIIP 7XVERH 9RGSEXIH 7IZIR;MVI JSV 4VIWXVIWWIH 'SRGVIXI
% %1
7XERHEVH 7TIGMJMGEXMSR JSV 9RGSEXIH 7XVIWW6IPMIZIH 7XIIP ;MVI JSV 4VIWXVIWWIH'SRGVIXI
%
7TIGMJMGEXMSRJSV>MRG'SEXIH7XIIP ;MVI 7XVERH
% E
7XERHEVH 7TIGMJMGEXMSR JSV 7XIIP ;MVI (IJSVQIHJSV'SRGVIXI6IMRJSVGIQIRX
% % 1
7XERHEVH 7TIGMJMGEXMSR JSV 7XIIP ;IPHIH ;MVI 6IMRJSVGIQIRX (IJSVQIH JSV 'SRGVIXI
%E
7XERHEVH 7TIGMJMGEXMSR JSV 'SPH*SVQIH ;IPHIH ERH 7IEQPIWW 'EVFSR 7XIIP 7XVYGXYVEP8YFMRKMR6SYRHWERH7LETIW
%
7XERHEVH 7TIGMJMGEXMSR JSV ,SX*SVQIH
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7XERHEVH7TIGMJMGEXMSRJSV,MKL7XVIRKXL 0S[%PPS] 'SPYQFMYQ:EREHMYQ 7XVYG XYVEP7XIIP
%
7XERHEVH 7TIGMJMGEXMSR JSV >MRG'SEXIH 4EVEPPIPERH,IPMGEP7XIIP;MVI7XVYGXYVEP 7XVERH ERH >MRG'SEXIH ;MVI JSV 7TYR -R4PEGI7XVYGXYVEP7XVERH
% % 1
7XERHEVH7TIGMJMGEXMSRJSV,MKL7XVIRKXL 0S[%PPS] 7XVYGXYVEP 7XIIP [MXL OWM 14E 1MRMQYQ=MIPH 4SMRX XS MR QQ 8LMGO
%
7XERHEVH 7TIGMJMGEXMSR JSV >MRG'SEXIH 7XIIP7XVYGXYVEP;MVI6STI
% %1
7XERHEVH7TIGMJMGEXMSRJSV(IJSVQIHERH 4PEMR &MPPIX7XIIP &EVW JSV 'SRGVIXI 6IMRJSVGIQIRX
%
7XERHEVH7TIGMJMGEXMSRJSV7XIIP;MVI,EVH (VE[RJSV4VIWXVIWWMRK'SRGVIXI4MTI
% %1
7XERHEVH 7TIGMJMGEXMSR JSV 7XIIP 7LIIX >MRG'SEXIH +EPZERM^IH SV >MRG-VSR %PPS]'SEXIH +EPZERRIEPIH F]XLI,SX (MT4VSGIWW
% %1
7XERHEVH 7TIGMJMGEXMSR JSV 0S[%PPS] 7XIIP (IJSVQIH ERH 4PEMR &EVW JSV 'SRGVIXI6IMRJSVGIQIRX
% %1
7XERHEVH 7TIGMJMGEXMSR JSV 9RGSEXIH ,MKL7XVIRKXL7XIIP&EVJSV4VIWXVIWWMRK 'SRGVIXI
% 7XERHEVH 7TIGMJMGEXMSR JSV >MRG'SEXIH %1F +EPZERM^IH 7XIIP &EVW JSV 'SRGVIXI 6IMRJSVGIQIRX % %1
7XERHEVH7TIGMJMGEXMSRJSV)TS\]'SEXIH 7XIIP6IMRJSVGMRK&EVW
% % 1
7XERHEVH7TIGMJMGEXMSRJSV7XIIP;MVI,EVH (VE[RJSV4VIWXVIWWMRK'SRGVIXI8EROW
% % 1
7XERHEVH 7TIGMJMGEXMSR JSV 7XIIP ;MVI (IJSVQIH 7XVIWW6IPMIZIH SV 0S[ 6IPE\EXMSR JSV 4VIWXVIWWIH 'SRGVIXI 6EMPVSEH8MIW
% 7XERHEVH 7TIGMJMGEXMSR JSV *MPPIH )TS\] % 1E 'SEXIH 7IZIR;MVI 4VIWXVIWWMRK 7XIIP 7XVERH % % 1
7XERHEVH7TIGMJMGEXMSRJSV)TS\]'SEXIH 7XIIP ;MVI ERH ;IPHIH ;MVI *EFVMG JSV 6IMRJSVGIQIRX
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6 { 3RGI XLI WXERHEVH HIZMEXMSR LEW FIIR HIXIV QMRIHXLIVIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXLMWSFXEMRIH JVSQXLIPEVKIVZEPYIGSQTYXIHJVSQ)U ERH JSV JG SJTWMSVPIWWSVXLIPEVKIVZEPYIGSQTYXIHJVSQ )U ERH JSV JG SZIV TWM )UYEXMSR MW FEWIH SR E TVSFEFMPMX] SJ MR XLEX XLI EZIVEKI SJ XLVII GSRWIGYXMZI XIWXW QE] FI FIPS[ XLI WTIGMJMIH GSQTVIWWMZI WXVIRKXL J G )UYEXMSR MWFEWIH SR E WMQMPEV TVSFEFMPMX] XLEX ER MRHMZMHYEP XIWX QE] FI QSVI XLER TWM FIPS[ XLI WTIGMJMIHGSQTVIWWMZIWXVIRKXLJG )UYEXMSR MWFEWIHSR XLIWEQIMRTVSFEFMPMX]XLEXERMRHMZMHYEPXIWXQE]FI PIWW XLER JG 8LIWI IUYEXMSRW EWWYQI XLEX XLI WXERHEVH HIZMEXMSRYWIHMWIUYEPXSXLITSTYPEXMSRZEPYIETTVSTVMEXIJSV ERMRJMRMXISVZIV]PEVKIRYQFIVSJXIWXW*SVXLMWVIEWSRYWISJ WXERHEVH HIZMEXMSRW IWXMQEXIH JVSQ VIGSVHW SJ SV QSVI XIWXWMWHIWMVEFPI;LIRXIWXWEVIEZEMPEFPIXLITVSFEFMPMX] SJJEMPYVI[MPPPMOIP]FIWSQI[LEXKVIEXIVXLERMR8LI EHHMXMSREPVIJMRIQIRXWVIUYMVIHXSEGLMIZIXLIMRTVSFE FMPMX]EVIRSXGSRWMHIVIHRIGIWWEV]FIGEYWISJXLIYRGIVXEMRX] MRLIVIRXMREWWYQMRKXLEXGSRHMXMSRWSTIVEXMRK[LIRXLIXIWX VIGSVH[EWEGGYQYPEXIH[MPPFIWMQMPEVXSGSRHMXMSRW[LIRXLI GSRGVIXI[MPPFITVSHYGIH
8%&0){6)59-6)(%:)6%+) '3146)77-:)786)2+8,;,)2(%8% %6)%:%-0%&0)83)78%&0-7,% 78%2(%6(():-%8-32 7TIGMJMIHGSQTVIWWMZI WXVIRKXL JG TWM
6IUYMVIHEZIVEKIGSQTVIWWMZI WXVIRKXL JGV TWM
9WI XLI PEVKIV ZEPYI GSQTYXIH JVSQ)U ERH JGV !JG W JGV !JG Wz
3ZIV
9WI XLI PEVKIV ZEPYI GSQTYXIH JVSQ)U ERH JGV !JG W JGV ! JG W
JG
%HHMXMSREPP]XLIGLERKIEHSTXIHMR%'- VIUYMVMRK EGXMSR XS MRGVIEWI XLI EZIVEKI WXVIRKXL [LIRIZIV IMXLIV SJ XLIEGGITXERGIGVMXIVMESJ MWRSXQIX MWGSRWMHIVIHXS TVSZMHIWMKRMJMGERXEHHMXMSREPTVSXIGXMSREKEMRWXWYFWIUYIRX PS[XIWXW {;LIREGSRGVIXITVSHYGXMSRJEGMPMX]HSIW RSXLEZIJMIPHWXVIRKXLXIWXVIGSVHWGYVVIRX[MXLMR]IEV JSV GEPGYPEXMSR SJ WXERHEVH HIZMEXMSR QIIXMRK VIUYMVI QIRXWSJSVVIUYMVIHEZIVEKIWXVIRKXL JGV WLEPPFIHIXIVQMRIHJVSQ8EFPIERHHSGY QIRXEXMSRSJEZIVEKIWXVIRKXLWLEPPFIMREGGSVHERGI [MXLVIUYMVIQIRXWSJ 8%&0){6)59-6)(%:)6%+) '3146)77-:)786)2+8,;,)2(%8%%6)238 %:%-0%&0)83)78%&0-7,%78%2(%6(():-%8-32 7TIGMJMIHGSQTVIWWMZIWXVIRKXL JG TWM XS 3ZIV
6IUYMVIHEZIVEKIGSQTVIWWMZI WXVIRKXL J GV TWM JG JG
{(SGYQIRXEXMSRSJEZIVEKIWXVIRKXL
6{(SGYQIRXEXMSRSJEZIVEKIWXVIRKXL
(SGYQIRXEXMSR XLEX TVSTSWIH GSRGVIXI TVSTSVXMSRW [MPPTVSHYGIEREZIVEKIGSQTVIWWMZIWXVIRKXLIUYEPXS SVKVIEXIVXLERVIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXL 7II WLEPPGSRWMWXSJEJMIPHWXVIRKXLXIWXVIGSVH WIZIVEPWXVIRKXLXIWXVIGSVHWSVXVMEPQM\XYVIW
3RGIXLI VIUYMVIH EZIVEKI WXVIRKXL JGV MW ORS[R XLI RI\X WXIT MW XS WIPIGX QM\XYVI TVSTSVXMSRW XLEX [MPP TVSHYGI ER EZIVEKI WXVIRKXL EX PIEWX EW KVIEX EW XLI VIUYMVIH EZIVEKI WXVIRKXL ERH EPWS QIIX WTIGMEP I\TSWYVI VIUYMVIQIRXW SJ 'LETXIV8LIHSGYQIRXEXMSRQE]GSRWMWXSJEWXVIRKXLXIWX
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{;LIRXIWXVIGSVHWEVIYWIHXSHIQSRWXVEXI XLEX TVSTSWIH GSRGVIXI TVSTSVXMSRW [MPP TVSHYGI XLI VIUYMVIH EZIVEKI WXVIRKXL JGV 7II WYGL VIGSVHW WLEPP VITVIWIRX QEXIVMEPW ERH GSRHMXMSRW WMQMPEV XS XLSWI I\TIGXIH 'LERKIW MR QEXIVMEPW GSRHMXMSRW ERH TVSTSVXMSRW [MXLMR XLI XIWX VIGSVHW WLEPP RSX LEZI FIIR QSVI VIWXVMGXIH XLER XLSWI JSV TVSTSWIH [SVO *SV XLI TYVTSWI SJ HSGYQIRXMRK EZIVEKI WXVIRKXL TSXIRXMEP XIWX VIGSVHW GSRWMWXMRK SJ PIWWXLERFYXRSXPIWWXLERGSRWIGYXMZIXIWXWEVI EGGITXEFPITVSZMHIHXIWXVIGSVHWIRGSQTEWWETIVMSH SJ XMQI RSX PIWW XLER HE]W 6IUYMVIH GSRGVIXI TVSTSVXMSRW WLEPP FI TIVQMXXIH XS FI IWXEFPMWLIH F] MRXIVTSPEXMSRFIX[IIRXLIWXVIRKXLWERHTVSTSVXMSRWSJ X[S SV QSVI XIWX VIGSVHW IEGL SJ [LMGL QIIXW SXLIV VIUYMVIQIRXWSJXLMWWIGXMSR
VIGSVH WIZIVEP WXVIRKXL XIWX VIGSVHW SV WYMXEFPIPEFSVEXSV] XVMEPQM\XYVIW+IRIVEPP]MJEXIWXVIGSVHMWYWIHMX [MPPFI XLIWEQISRIXLEX[EWYWIHJSVGSQTYXEXMSRSJXLIWXERHEVH HIZMEXMSR -J XLMW XIWX VIGSVH WLS[W IMXLIV PS[IV SV LMKLIV EZIVEKI WXVIRKXL XLER XLI VIUYMVIH EZIVEKI WXVIRKXL LS[IZIV HMJJIVIRX TVSTSVXMSRW QE] FI RIGIWWEV] SV HIWMV EFPI-RWYGLMRWXERGIWXLIEZIVEKIJVSQEVIGSVHSJEWJI[ EW XIWXWQE] FI YWIH SV XLI TVSTSVXMSRW QE] FIIWXEF PMWLIH F] MRXIVTSPEXMSR FIX[IIR XLI WXVIRKXLW ERH TVSTSV XMSRW SJ X[S WYGL VIGSVHW SJ GSRWIGYXMZI XIWXW %PP XIWX VIGSVHW JSV IWXEFPMWLMRK TVSTSVXMSRW RIGIWWEV] XS TVSHYGI XLIEZIVEKIWXVIRKXLQYWXQIIXXLIVIUYMVIQIRXWSJ JSVwWMQMPEVQEXIVMEPWERHGSRHMXMSRWx
{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w1IXLSH SJ 1EOMRK ERH 'YVMRK 'SRGVIXI8IWX7TIGMQIRWMRXLI0EFSVEXSV]x %781 ' ']PMRHIVW WLEPP FI XIWXIH EX HE]W SV EX XIWXEKIHIWMKREXIHJSVHIXIVQMREXMSRSJJG I *VSQ VIWYPXW SJ G]PMRHIV XIWXW E GYVZI WLEPP FI TPSXXIHWLS[MRKVIPEXMSRWLMTFIX[IIR[EXIVGIQIRXM XMSYWQEXIVMEPWVEXMSSVGIQIRXMXMSYWQEXIVMEPWGSRXIRX ERH GSQTVIWWMZI WXVIRKXL EX HIWMKREXIH XIWX EKI J 1E\MQYQ [EXIVGIQIRXMXMSYW QEXIVMEPW VEXMS SV QMRMQYQ GIQIRXMXMSYW QEXIVMEPW GSRXIRX JSV GSRGVIXIXSFIYWIHMRTVSTSWIH[SVOWLEPPFIXLEX WLS[RF]XLIGYVZIXSTVSHYGIXLIEZIVEKIWXVIRKXL VIUYMVIHF]YRPIWWEPS[IV[EXIVGIQIRXMXMSYW QEXIVMEPWVEXMSSVLMKLIVWXVIRKXLMWVIUYMVIH
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{%ZIVEKIWXVIRKXLVIHYGXMSR %WHEXEFIGSQIEZEMPEFPIHYVMRKGSRWXVYGXMSRMXWLEPP FITIVQMXXIHXSVIHYGIXLIEQSYRXF][LMGLJGV QYWX I\GIIHXLIWTIGMJMIHZEPYISJJG TVSZMHIH E SVQSVIXIWXVIWYPXWEVIEZEMPEFPIERHEZIVEKI SJ XIWX VIWYPXW I\GIIHW XLEX VIUYMVIH F] YWMRKEWXERHEVHHIZMEXMSRGEPGYPEXIHMREGGSVHERGI [MXL SV F XS XIWXVIWYPXWEVIEZEMPEFPIERHEZIVEKISJ XIWXVIWYPXWI\GIIHWXLEXVIUYMVIHF] YWMRKE WXERHEVH HIZMEXMSR GEPGYPEXIH MR EGGSVHERGI [MXL ERH G 7TIGMEPI\TSWYVIVIUYMVIQIRXWSJ'LETXIVEVIQIX
{)ZEPYEXMSRERHEGGITXERGISJGSRGVIXI
6{)ZEPYEXMSRERHEGGITXERGISJGSRGVIXI 3RGIXLIQM\XYVITVSTSVXMSRWLEZIFIIRWIPIGXIHERHXLINSF WXEVXIH XLI GVMXIVME JSV IZEPYEXMSR ERH EGGITXERGI SJ XLI GSRGVIXIGERFISFXEMRIHJVSQ %RIJJSVXLEWFIIRQEHIMRXLIGSHIXSTVSZMHIEGPIEVGYX FEWMWJSVNYHKMRKXLIEGGITXEFMPMX]SJXLIGSRGVIXIEW[IPPEW XSMRHMGEXIEGSYVWISJEGXMSRXSFIJSPPS[IH[LIRXLIVIWYPXW SJWXVIRKXLXIWXWEVIRSXWEXMWJEGXSV]
{*VIUYIRG]SJXIWXMRK
6{*VIUYIRG]SJXIWXMRK
{ 7EQTPIWJSVWXVIRKXLXIWXWSJ IEGL GPEWW SJ GSRGVIXI TPEGIH IEGL HE] WLEPP FI XEOIR RSX PIWW XLERSRGIEHE]RSVPIWWXLERSRGIJSVIEGL]H SJ GSRGVIXI RSV PIWW XLER SRGI JSV IEGL JX SJ WYVJEGIEVIEJSVWPEFWSV[EPPW
6 { 8LI JSPPS[MRK XLVII GVMXIVME IWXEFPMWL XLI VIUYMVIH WEQTPMRK JVIUYIRG] JSV IEGL GPEWW SJ GSRGVIXI E 3RGIIEGLHE]EKMZIRGPEWWMWTPEGIHRSVPIWWXLER F 3RGIJSVIEGL]HSJIEGLGPEWWTPEGIHIEGLHE] RSVPIWWXLER G 3RGI JSV IEGL JX SJ WPEF SV [EPP WYVJEGI EVIE TPEGIHIEGLHE] -RGEPGYPEXMRKWYVJEGIEVIESRP]SRIWMHISJXLIWPEFSV[EPP WLSYPHFIGSRWMHIVIH-JXLIEZIVEKI[EPPSVWPEFXLMGORIWWMW PIWWXLERMRGVMXIVMSR G [MPPVIUYMVIQSVIJVIUYIRX WEQTPMRKXLERSRGIJSVIEGL]HTPEGIH 8LIGLERKIMRWEQTPMRKVEXIJVSQXLI%'- GSHIMWFEWIH SR XLI RIIH XS IRWYVI XLEX XLI GSRGVIXI TPEGIH MR IRZMVSR QIRXEP GSRGVIXI WXVYGXYVIW GSQTP] [MXL XLI QSVI WXVMRKIRX VIUYMVIQIRXWSJXLI%'-'SHI+IRIVEPP]IRZMVSRQIRXEP IRKMRIIVMRK GSRGVIXI WXVYGXYVIW [MPP LEZI E PEVKI ZSPYQI SJ LMKLWXVIRKXL GSRGVIXI XLEX LEW E PEVKI EQSYRX SJ VIMRJSVGI QIRX-RGVIEWIHHMJJMGYPXMIW[MXLVITPEGMRKHIJIGXMZIGSRGVIXI MRPMUYMHGSRXEMRMRKWXVYGXYVIWEVIVIPEXIHXSXLIPEVKIZSPYQI SJGSRGVIXIXLEX[MPPRIIHXSFIVITPEGIH-XMWZIV]MQTSVXERX XLEXEHMJJIVIRXPIZIPSJUYEPMX]GSRXVSPFIGSRHYGXIH
)2:-6321)28%07869'896)7'3()'311)28%6=
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{ 3R E KMZIR TVSNIGX MJ XSXEP ZSPYQI SJ GSRGVIXIMWWYGLXLEXJVIUYIRG]SJXIWXMRKVIUYMVIHF] [SYPHTVSZMHIPIWWXLERJMZIWXVIRKXLXIWXWJSVE KMZIR GPEWW SJ GSRGVIXI XIWXW WLEPP FI QEHI JVSQ EX PIEWX JMZI VERHSQP] WIPIGXIH FEXGLIW SV JVSQ IEGL FEXGLMJJI[IVXLERJMZIFEXGLIWEVIYWIH
6 {7EQTPIW JSVWXVIRKXLXIWXWQYWXFIXEOIRSRE WXVMGXP] VERHSQ FEWMW MJ XLI] EVI XS TVSTIVP] QIEWYVI XLI EGGITXEFMPMX] SJ XLI GSRGVIXI 8S FI VITVIWIRXEXMZI XLI GLSMGISJXMQIWSJWEQTPMRKSVXLIFEXGLIWSJGSRGVIXIXSFI WEQTPIHQYWXFIQEHISRXLIFEWMWSJGLERGIEPSRI[MXLMR XLITIVMSHSJTPEGIQIRX&EXGLIWWLSYPHRSXFIWEQTPIHSR XLI FEWMW SJ ETTIEVERGI GSRZIRMIRGI SV SXLIV TSWWMFP] FMEWIHGVMXIVMEFIGEYWIXLIWXEXMWXMGEPEREP]WIW[MPPPSWIXLIMV ZEPMHMX] 2SX QSVI XLER SRI XIWX EZIVEKI SJ X[S G]PMRHIVW QEHIJVSQEWEQTPI WLSYPHFIXEOIRJVSQEWMRKPI FEXGLERH[EXIVQE]RSXFIEHHIHXSXLIGSRGVIXIEJXIVXLI WEQTPIMWXEOIR %781(HIWGVMFIWTVSGIHYVIWJSVVERHSQWIPIGXMSR SJXLIFEXGLIWXSFIXIWXIH
{ ;LIR XSXEP UYERXMX] SJ E KMZIR GPEWW SJ GSRGVIXI MWPIWW XLER ]H WXVIRKXLXIWXWEVI RSX VIUYMVIH [LIR IZMHIRGI SJ WEXMWJEGXSV] WXVIRKXL MW WYFQMXXIHXSERHETTVSZIHF]XLIFYMPHMRKSJJMGMEP {%WXVIRKXLXIWXWLEPPFIXLIEZIVEKISJXLI WXVIRKXLWSJX[SG]PMRHIVWQEHIJVSQXLIWEQIWEQTPI SJGSRGVIXIERHXIWXIHEX HE]WSVEXXIWXEKIHIWMK REXIHJSVHIXIVQMREXMSRSJJG {0EFSVEXSV]GYVIHWTIGMQIRW
6{0EFSVEXSV]GYVIHWTIGMQIRW
{7EQTPIWJSVWXVIRKXLXIWXWWLEPPFIXEOIR MR EGGSVHERGI [MXL w7XERHEVH 4VEGXMGI JSV 7EQTPMRK *VIWLP]1M\IH'SRGVIXIx %781' {']PMRHIVWJSVWXVIRKXLXIWXWWLEPPFIQSPHIH ERH PEFSVEXSV]GYVIH MR EGGSVHERGI [MXL 7XERHEVH 4VEGXMGI JSV 1EOMRK ERH 'YVMRK 'SRGVIXI 8IWX 7TIGMQIRW MR XLI *MIPH %781 ' ERH XIWXIH MR EGGSVHERGI[MXL7XERHEVH8IWX1IXLSHJSV'SQTVIWWMZI 7XVIRKXLSJ']PMRHVMGEP'SRGVIXI7TIGMQIRWx %781' { 7XVIRKXL PIZIP SJ ER MRHMZMHYEP GPEWW SJ GSRGVIXIWLEPPFIGSRWMHIVIHWEXMWJEGXSV]MJFSXLSJXLI JSPPS[MRKVIUYMVIQIRXWEVIQIX E )ZIV] EVMXLQIXMG EZIVEKISJER]XLVII GSRWIGY XMZIWXVIRKXLXIWXWIUYEPWSVI\GIIHW JG F 2SMRHMZMHYEPWXVIRKXLXIWX EZIVEKISJX[SG]PMR HIVW JEPPWFIPS[JG F]QSVIXLERTWM[LIRJG MW TWMSVPIWW SVF]QSVIXLERJG [LIR JG MW QSVIXLERTWM
6 { %WMRKPIWIXSJGVMXIVME MW KMZIRJSV EGGITX EFMPMX]SJWXVIRKXLERHMWETTPMGEFPIXSEPPGSRGVIXIYWIHMR WXVYGXYVIWHIWMKRIHMREGGSVHERGI[MXLXLIGSHIVIKEVHPIWW SJHIWMKRQIXLSHYWIH8LIGSRGVIXIWXVIRKXLMWGSRWMHIVIH XSFIWEXMWJEGXSV]EWPSRKEWEZIVEKIWSJER]XLVIIGSRWIGY XMZIWXVIRKXLXIWXWVIQEMREFSZIXLIWTIGMJMIH JG ERHRSMRHM ZMHYEPWXVIRKXLXIWXJEPPWFIPS[XLIWTIGMJMIHJG F]QSVIXLER TWMMJ JG MWTWMSVPIWWSVJEPPWFIPS[ JG F]QSVI XLERTIVGIRXMJ JG MWSZIVTWM)ZEPYEXMSRERHEGGIT XERGI SJ XLI GSRGVIXI GER FI NYHKIH MQQIHMEXIP] EW XIWX VIWYPXWEVIVIGIMZIHHYVMRKXLIGSYVWISJXLI[SVO7XVIRKXL XIWXW JEMPMRK XS QIIX XLIWI GVMXIVME [MPP SGGYV SGGEWMSREPP] TVSFEFP] EFSYX SRGI MR XIWXW IZIR XLSYKL GSRGVIXI WXVIRKXLERHYRMJSVQMX]EVI WEXMWJEGXSV]%PPS[ERGIWLSYPH FI QEHI JSV WYGL WXEXMWXMGEPP] I\TIGXIH ZEVMEXMSRW MR HIGMHMRK [LIXLIV XLI WXVIRKXL PIZIP FIMRK TVSHYGIH MW EHIUYEXI-RXIVQWSJXLITVSFEFMPMX]SJJEMPYVIXLIGVMXIVMSR SJ QMRMQYQ MRHMZMHYEP WXVIRKXL XIWX VIWYPX SJ TWM PIWW XLER JG EHETXWMXWIPJVIEHMP]XSWQEPPRYQFIVWSJXIWXW*SV
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'311)28%6= I\EQTPIMJSRP]JMZIWXVIRKXLXIWXWEVIQEHISREWQEPPNSF MXMWETTEVIRXXLEXMJER]SJXLIWXVIRKXLXIWXVIWYPXW EZIVEKI SJX[SG]PMRHIVW MWQSVIXLERTWMFIPS[ JG XLIGVMXI VMSRMWRSXQIX
{-JIMXLIVSJXLIVIUYMVIQIRXWSJEVI RSXQIXWXITWWLEPPFIXEOIRXSMRGVIEWIXLIEZIVEKI SJ WYFWIUYIRX WXVIRKXL XIWX VIWYPXW 6IUYMVIQIRXW SJ WLEPPFISFWIVZIHMJVIUYMVIQIRXSJ F MW RSXQIX
6 { ;LIR GSRGVIXI JEMPW XS QIIX IMXLIV SJ XLI WXVIRKXL VIUYMVIQIRXW SJ WXITW QYWX FI XEOIR XS MRGVIEWIXLIEZIVEKISJXLIGSRGVIXIXIWXVIWYPXW-JWYJJMGMIRX GSRGVIXILEWFIIRTVSHYGIHXSEGGYQYPEXIEXPIEWXXIWXW XLIWI WLSYPH FI YWIH XS IWXEFPMWL E RI[ XEVKIX EZIVEKI WXVIRKXLEWHIWGVMFIHMR -JJI[IVXLERXIWXWLEZIFIIRQEHISRXLIGPEWWSJGSRGVIXI MRUYIWXMSRXLIRI[XEVKIXPIZIPWLSYPHFIEXPIEWXEWKVIEXEW XLIEZIVEKIPIZIPYWIHMRXLIMRMXMEPWIPIGXMSRSJTVSTSVXMSRW-J XLIEZIVEKISJXLIEZEMPEFPIXIWXWQEHISRXLITVSNIGXIUYEPWSV I\GIIHWXLIPIZIPYWIHMRXLIMRMXMEPWIPIGXMSRSJTVSTSVXMSRWE JYVXLIVMRGVIEWIMREZIVEKIPIZIPMWVIUYMVIH 8LIWXITWXEOIRXSMRGVIEWIXLIEZIVEKIPIZIPSJXIWXVIWYPXW [MPP HITIRH SR XLI TEVXMGYPEV GMVGYQWXERGIW FYX GSYPH MRGPYHISRISVQSVISJXLIJSPPS[MRK E %RMRGVIEWIMRGIQIRXMXMSYWQEXIVMEPWGSRXIRX F 'LERKIWMRQM\XYVITVSTSVXMSRW G 6IHYGXMSRW MR SV FIXXIV GSRXVSP SJ PIZIPW SJ WPYQT WYTTPMIH H %VIHYGXMSRMRHIPMZIV]XMQI I 'PSWIVGSRXVSPSJEMVGSRXIRX SV J %RMQTVSZIQIRXMRXLIUYEPMX]SJXLIXIWXMRKMRGPYHMRK WXVMGXGSQTPMERGI[MXLWXERHEVHXIWXTVSGIHYVIW 7YGL GLERKIW MR STIVEXMRK ERH XIWXMRK TVSGIHYVIW SV GLERKIWMRGIQIRXMXMSYWQEXIVMEPWGSRXIRXSVWPYQTWLSYPH RSX VIUYMVIEJSVQEPVIWYFQMWWMSRYRHIVXLI TVSGIHYVIWSJ LS[IZIV MQTSVXERX GLERKIW MR WSYVGIW SJ GIQIRX EKKVIKEXIW SV EHQM\XYVIW WLSYPH FI EGGSQTERMIH F] IZMHIRGIXLEXXLIEZIVEKIWXVIRKXLPIZIP[MPPFIMQTVSZIH 0EFSVEXSVMIWXIWXMRKG]PMRHIVWSVGSVIWXSHIXIVQMRIGSQTPM ERGI [MXL XLIWI VIUYMVIQIRXW WLSYPH FI EGGVIHMXIH JSV GSRJSVQERGI XS XLI VIUYMVIQIRX SJ %781 ' F] E VIGSKRM^IH EKIRG] WYGL EW XLI %QIVMGER %WWSGMEXMSR JSV 0EFSVEXSV] %GGVIHMXEXMSR %0% %%7,83 1EXIVMEPW 6IJIVIRGI0EFSVEXSV] %160 2EXMSREP:SPYRXEV]0EFSVE XSV]%GGVIHMXEXMSR4VSKVEQ 2:0%4 'IQIRXERH'SRGVIXI 6IJIVIRGI0EFSVEXSV] ''60 SVXLIMVIUYMZEPIRX
{*MIPHGYVIHWTIGMQIRW
6{*MIPHGYVIHWTIGMQIRW
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6 {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{ *SV TVIWXVIWWIH QIQFIVW WIGXMSRW PSGEXIHPIWWXLEREHMWXERGILJVSQJEGISJWYTTSVX WLEPPFITIVQMXXIHXSFIHIWMKRIHJSVXLIWEQIWLIEV :Y EWXLEXGSQTYXIHEXEHMWXERGIL { *SV HIIT FIEQW FVEGOIXW ERH GSVFIPW [EPPWERHWPEFWERHJSSXMRKWXLIWTIGMEPTVSZMWMSRWSJ XLVSYKLWLEPPETTP]
6 { &IGEYWI H JVIUYIRXP] ZEVMIW MR TVIWXVIWWIH QIQFIVW XLI PSGEXMSR SJXLI GVMXMGEP WIGXMSR LEW EVFMXVEVMP] FIIRXEOIREWLJVSQXLIJEGISJXLIWYTTSVX
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6{0MKLX[IMKLXGSRGVIXI 8[SEPXIVREXITVSGIHYVIWEVITVSZMHIHXSQSHMJ]XLITVSZM WMSRWJSVWLIEV[LIRPMKLX[IMKLXEKKVIKEXIGSRGVIXIMWYWIH 8LI PMKLX[IMKLX GSRGVIXI QSHMJMGEXMSR ETTPMIW SRP] XS XLI XIVQWGSRXEMRMRK J G MRXLIIUYEXMSRWSJ'LETXIV
{ 4VSZMWMSRW JSV WLIEV ERH XSVWMSR WXVIRKXL ETTP] XS RSVQEP[IMKLX GSRGVIXI ;LIR PMKLX[IMKLX EKKVIKEXIGSRGVIXIMWYWIHSRISJXLIJSPPS[MRKQSHM JMGEXMSRW WLEPP ETTP] XS J G XLVSYKLSYX 'LETXIV I\GITX ERH { ;LIR JGX MW WTIGMJMIH ERH GSRGVIXI MW TVSTSVXMSRIH MR EGGSVHERGI [MXL JGX WLEPP FI WYFWXMXYXIH JSV J G FYX XLI ZEPYI SJ JGX WLEPP RSX I\GIIH J G
6 {8LIJMVWXEPXIVREXIFEWIWXLIQSHMJMGEXMSRSR PEFSVEXSV]XIWXWXSHIXIVQMRIXLIVIPEXMSRWLMTFIX[IIRWTPMX XMRKXIRWMPIWXVIRKXLJGXERHXLIGSQTVIWWMZIWXVIRKXLJG JSV XLI PMKLX[IMKLX GSRGVIXI FIMRK YWIH *SV RSVQEP [IMKLX GSRGVIXI XLI WTPMXXMRK XIRWMPI WXVIRKXL JGX MW ETTVS\MQEXIP] IUYEPXS JG
GSRGVIXI ERH JSV wWERHPMKLX[IMKLXx GSRGVIXI 0MRIEV MRXIVTSPEXMSR WLEPP FI TIVQMXXIH [LIR TEVXMEP WERHVITPEGIQIRXMWYWIH
6 {8LIQSHMJMGEXMSRQE]EPWSFIFEWIHSRXLI EWWYQTXMSRXLEXXLIXIRWMPIWXVIRKXLSJPMKLX[IMKLXGSRGVIXI MW E JM\IH JVEGXMSR SJ XLI XIRWMPI WXVIRKXL SJ RSVQEP[IMKLX GSRGVIXI8LIQYPXMTPMIVWEVIFEWIHSRHEXEJVSQXIWXW SRQER]X]TIWSJWXVYGXYVEPPMKLX[IMKLXEKKVIKEXIGSRGVIXI
{7LIEVWXVIRKXLTVSZMHIHF]GSRGVIXI JSVRSRTVIWXVIWWIHQIQFIVW
6{7LIEVWXVIRKXLTVSZMHIHF]GSRGVIXI JSVRSRTVIWXVIWWIHQIQFIVW
{ ;LIR JGX MW RSX WTIGMJMIH EPP ZEPYIW SJ J G WLEPP FI QYPXMTPMIH F] JSV wEPPPMKLX[IMKLXx
{ 7LIEV WXVIRKXL :G WLEPP FI GSQTYXIH F] TVSZMWMSRWSJXLVSYKLYRPIWWEQSVI HIXEMPIHGEPGYPEXMSRMWQEHIMREGGSVHERGI[MXL { *SV QIQFIVW WYFNIGX XS WLIEV ERH JPI\YVISRP] :G! JG F[H
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6 {)UYEXMSR MWXLIFEWMGI\TVIWWMSRJSV WLIEVWXVIRKXLSJQIQFIVW[MXLSYXWLIEVVIMRJSVGIQIRX (IWMKRIVW WLSYPH VIGSKRM^I XLEX XLI XLVII ZEVMEFPIW MR )U J G EWEQIEWYVISJGSRGVIXIXIRWMPIWXVIRKXL [ ERH :YH1Y EVI ORS[R XS EJJIGX WLIEV WXVIRKXL EPXLSYKLWSQIVIWIEVGLHEXEMRHMGEXIXLEX)U SZIVIWXMQEXIW XLI MRJPYIRGI SJ JG ERH YRHIVIWXMQEXIW XLI MRJPYIRGI SJ [ ERH :YH1Y *YVXLIV MRJSVQEXMSR LEW MRHMGEXIHXLEXWLIEVWXVIRKXLHIGVIEWIWEWXLISZIVEPPHITXL SJXLIQIQFIVMRGVIEWIW
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8LIQMRMQYQZEPYISJ1Y IUYEPXS:YHMR)U MWXS PMQMX :G RIEV TSMRXW SJ MRJPIGXMSR *SV QSWX HIWMKRW MX MW GSRZIRMIRX XS EWWYQI XLEX XLI WIGSRH XIVQ SJ )U IUYEPW J G ERHYWI:GIUYEPXS J G F[HEWTIVQMXXIHMR {*SVQIQFIVWWYFNIGXXSE\MEPGSQTVIWWMSR MX WLEPP FI TIVQMXXIH XS GSQTYXI :G YWMRK )U [MXL 1Q WYFWXMXYXIHJSV1YERH:YH 1YRSXXLIRPMQMXIH XS[LIVI L z H 1Q ! 1 Y z 2Y
,S[IZIV:GWLEPPRSXFIXEOIRKVIEXIVXLER 2Y : G ! JG F[ H % K
5YERXMX] 2Y %KWLEPPFII\TVIWWIHMRTWM;LIR1QEW GSQTYXIH F] )U MW RIKEXMZI :G WLEPP FI GSQTYXIHF])U {*SVQIQFIVWWYFNIGXXSWMKRMJMGERXE\MEP XIRWMSR 2Y : G ! % K
JG F [ H
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6 { )UYEXMSR ERH JSV QIQFIVW WYFNIGXXSE\MEPGSQTVIWWMSRMREHHMXMSRXSWLIEVERHJPI\YVI EVIHIVMZIHMRXLI%'-%7')'SQQMXXIIVITSVX%W 2YMWMRGVIEWIHXLIZEPYISJ:GGSQTYXIHJVSQ)U ERH [MPPI\GIIHXLIYTTIVPMQMXKMZIRF])U FIJSVIXLIZEPYISJ1QKMZIRF])U FIGSQIWRIKE XMZI8LIZEPYISJ:GSFXEMRIHJVSQ)U LEWRSTL]W MGEPWMKRMJMGERGIMJERIKEXMZIZEPYISJ1QMWWYFWXMXYXIH*SV XLMW GSRHMXMSR )UYEXMSR SV WLSYPH FI YWIH XS GEPGYPEXI :G :EPYIWSJ:GJSVQIQFIVWWYFNIGXXSWLIEVERH E\MEPPSEH EVI MPPYWXVEXIHMR*MK6 8LI FEGOKVSYRH JSVXLIWIIUYEXMSRWMWHMWGYWWIHERHGSQTEVMWSRWEVIQEHI [MXLXIWXHEXEMR6IJIVIRGI &IGEYWI SJ XLI GSQTPI\MX] SJ )U ERH ER EPXIVREXMZIHIWMKRTVSZMWMSR)U MWTIVQMXXIH 6 {)UYEXMSR QE]FIYWIHXSGSQTYXI:G JSV QIQFIVW WYFNIGX XS WMKRMJMGERX E\MEP XIRWMSR 7LIEV VIMRJSVGIQIRX QE] XLIR FI HIWMKRIH JSV :R z :G 8LI XIVQ wWMKRMJMGERXx MW YWIH XS VIGSKRM^I XLEX E HIWMKRIV QYWX YWI NYHKQIRX MR HIGMHMRK [LIXLIV E\MEP XIRWMSR RIIHW XS FI GSRWMHIVIH 0S[ PIZIPW SJ E\MEP XIRWMSR SJXIR SGGYV HYI XS ZSPYQI GLERKIW FYX EVI RSX MQTSVXERX MR WXVYGXYVIW [MXL
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{ *SV GMVGYPEV QIQFIVW XLI EVIE YWIH XS GSQTYXI :GWLEPPFIXEOIREWXLITVSHYGXSJXLIHMEQIXIV ERHIJJIGXMZIHITXLSJXLIGSRGVIXIWIGXMSR-XWLEPPFI TIVQMXXIHXS XEOIXLIIJJIGXMZIHITXL EW XMQIWXLI HMEQIXIVSJXLIGSRGVIXIWIGXMSR
6 { 7LIEV XIWXW SJ QIQFIVW [MXL GMVGYPEV WIGXMSRW MRHMGEXIXLEXXLIIJJIGXMZIEVIEGERFIXEOIREWXLIKVSWWEVIE SJXLIWIGXMSRSVEWERIUYMZEPIRXVIGXERKYPEVEVIE
{7LIEVWXVIRKXLTVSZMHIHF] GSRGVIXIJSVTVIWXVIWWIHQIQFIVW
6{7LIEVWXVIRKXLTVSZMHIHF] GSRGVIXIJSVTVIWXVIWWIHQIQFIVW
{ *SV QIQFIVW [MXL IJJIGXMZI TVIWXVIWW JSVGI RSXPIWWXLERTIVGIRXSJXLIXIRWMPIWXVIRKXLSJJPI\ YVEPVIMRJSVGIQIRXYRPIWWEQSVIHIXEMPIHGEPGYPEXMSR MWQEHIMREGGSVHERGI[MXL
6 { )UYEXMSR SJJIVW E WMQTPI QIERW SJ GSQTYXMRK :GJSVTVIWXVIWWIHGSRGVIXIFIEQW-XQE]FI ETTPMIHXSFIEQWLEZMRKTVIWXVIWWIHVIMRJSVGIQIRXSRP]SV XS QIQFIVW VIMRJSVGIH [MXL E GSQFMREXMSR SJ TVIWXVIWWIH VIMRJSVGIQIRXERHRSRTVIWXVIWWIHHIJSVQIHFEVW)UYEXMSR MW QSWX ETTPMGEFPI XS QIQFIVW WYFNIGX XS YRMJSVQ PSEHMRKERHQE]KMZIGSRWIVZEXMZIVIWYPXW[LIRETTPMIHXS GSQTSWMXIKMVHIVWJSVFVMHKIW
:YH : G ! J G F[H 1Y
FYX:GRIIHRSXFIXEOIRPIWWXLER JG F[H RSVWLEPP :GFIXEOIRKVIEXIVXLER JG F[HRSVXLIZEPYIKMZIR MR SV8LIUYERXMX] :Y H 1YWLEPPRSXFI XEOIRKVIEXIVXLER[LIVI1YMWJEGXSVIHQSQIRX SGGYVVMRK WMQYPXERISYWP] [MXL :Y EX WIGXMSR GSRWMH IVIH;LIRETTP]MRK)U HMRXLIXIVQ:Y H 1Y WLEPPFIXLIHMWXERGIJVSQI\XVIQIGSQTVIWWMSRJMFIV XSGIRXVSMHSJTVIWXVIWWIHVIMRJSVGIQIRX
-RETTP]MRK)U XSWMQTP]WYTTSVXIHQIQFIVWWYFNIGX XSYRMJSVQPSEHW:YH1YGERFII\TVIWWIHEW :YH H P z \ ! 1Y \ P z \
[LIVI P MW XLI WTER PIRKXL ERH \ MW XLI HMWXERGI JVSQ XLI WIGXMSRFIMRKMRZIWXMKEXIHXSXLIWYTTSVX*SVGSRGVIXI[MXL JG IUYEPXSTWM:GJVSQZEVMIWEWWLS[RMR *MK6(IWMKREMHWFEWIHSRXLMWIUYEXMSREVIKMZIR MR 6IJIVIRGI
{ 7LIEV WXVIRKXL :G WLEPP FI TIVQMXXIH XS FI GSQTYXIH MR EGGSVHERGI [MXL ERH [LIVI :GWLEPPFIXLIPIWWIVSJ:GMSV:G[
6 {8[SX]TIWSJMRGPMRIHGVEGOMRKSGGYVMRGSRGVIXI FIEQW [IFWLIEVGVEGOMRKERHJPI\YVIWLIEVGVEGOMRK8LIWI X[SX]TIWSJMRGPMRIHGVEGOMRKEVIMPPYWXVEXIHMR*MK6
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;IFWLIEVGVEGOMRKFIKMRWJVSQERMRXIVMSVTSMRXMREQIQFIV [LIRXLITVMRGMTEPXIRWMPIWXVIWWIWI\GIIHXLIXIRWMPIWXVIRKXL SJXLIGSRGVIXI*PI\YVIWLIEVGVEGOMRKMWMRMXMEXIHF]JPI\YVEP GVEGOMRK;LIRJPI\YVEPGVEGOMRKSGGYVWXLIWLIEVWXVIWWIWMR XLIGSRGVIXIEFSZIXLIGVEGOEVIMRGVIEWIH8LIJPI\YVIWLIEV GVEGO HIZIPSTW [LIR XLI GSQFMRIH WLIEV ERH XIRWMPI WXVIWW I\GIIHWXLIXIRWMPIWXVIRKXLSJXLIGSRGVIXI
: M 1GV : GM ! J G F [ H : H 1
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)UYEXMSR ERH QE]FIYWIHXSHIXIVQMRIXLI WLIEV JSVGIW GEYWMRK JPI\YVIWLIEV ERH [IFWLIEV GVEGOMRK VIWTIGXMZIP]8LIWLIEVWXVIRKXLTVSZMHIHF]XLIGSRGVIXI:GMW EWWYQIHIUYEPXSXLIPIWWIVSJ:GM ERH :G[8LIHIVMZEXMSRWSJ )U ERH EVIWYQQEVM^IHMR6IJIVIRGI -RHIVMZMRK)U MX[EWEWWYQIHXLEX:GM MWXLIWYQSJ XLIWLIEVVIUYMVIHXSGEYWIEJPI\YVEP GVEGOEX XLI TSMRXMR UYIWXMSRKMZIRF] : M 1 GV : ! 1 QE\
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TPYWEREHHMXMSREPMRGVIQIRXSJWLIEVVIUYMVIHXSGLERKIXLI JPI\YVEP GVEGO XS E JPI\YVIWLIEV GVEGO 8LI I\XIVREPP] ETTPMIHJEGXSVIHPSEHWJVSQ[LMGL :MERH1QE\EVIHIXIV QMRIHMRGPYHIWYTIVMQTSWIHHIEHPSEHIEVXLTVIWWYVIPMZI PSEHIXG-RGSQTYXMRK1GVJSVWYFWXMXYXMSRMRXS)U -ERH]XEVIXLITVSTIVXMIWSJXLIWIGXMSRVIWMWXMRKXLII\XIV REPP]ETTPMIHPSEHW
{-R)U ERH HWLEPPFIXLI HMWXERGIJVSQI\XVIQIGSQTVIWWMSRJMFIVXSGIRXVSMHSJ TVIWXVIWWIHVIMRJSVGIQIRXSV L[LMGLIZIVMWKVIEXIV
*SV E GSQTSWMXI QIQFIV [LIVI TEVX SJ XLI HIEH PSEH MW VIWMWXIH F] SRP] E TEVX SJ XLI WIGXMSR ETTVSTVMEXI WIGXMSR TVSTIVXMIWWLSYPHFIYWIHXSGSQTYXIJH 8LIWLIEVHYIXS HIEHPSEHW:HERHXLEXHYIXSSXLIVPSEHW :M EVIWITEVEXIHMR XLMWGEWI:HMWXLIRXLIXSXEPWLIEVJSVGIHYIXSYRJEGXSVIH HIEHPSEHEGXMRKSRXLEXTEVXSJXLIWIGXMSRGEVV]MRKXLIHIEH PSEHW EGXMRK TVMSV XS GSQTSWMXI EGXMSR TPYW XLI YRJEGXSVIH WYTIVMQTSWIH HIEH PSEH EGXMRK SR XLI GSQTSWMXI QIQFIV 8LIXIVQW:M ERH 1QE\QE]FIXEOIREW :M!:YC:H 1QE\!1Y C1H [LIVI :YERH1YEVIXLIJEGXSVIHWLIEVERHQSQIRXHYIXS XLIXSXEPJEGXSVIHPSEHWERH1HMWXLIQSQIRXHYIXSYRJEG XSVIHHIEHPSEH XLEXMWXLIQSQIRXGSVVIWTSRHMRKXSJH
*MK6{%TTPMGEXMSRSJ)U XSYRMJSVQP]PSEHIH TVIWXVIWWIHQIQFIVW
*MK6{8]TIWSJGVEGOMRKMRGSRGVIXIFIEQW
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
*MK6{ E 8LMR[EPPIHXYFI ERH F EVIEIRGPSWIHF] WLIEVJPS[TEXL
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{8LVIWLSPHXSVWMSR
6{8LVIWLSPHXSVWMSR
-XWLEPPFITIVQMXXIHXSRIKPIGXXSVWMSRIJJIGXW[LIRXLI JEGXSVIHXSVWMSREPQSQIRX8YMWPIWWXLER
8SVUYIWXLEXHSRSXI\GIIHETTVS\MQEXIP]SRIUYEVXIVSJXLI GVEGOMRKXSVUYI8GV[MPPRSXGEYWIEWXVYGXYVEPP]WMKRMJMGERX VIHYGXMSRMRIMXLIVXLIJPI\YVEPSVWLIEVWXVIRKXLERHLIRGI GERFIMKRSVIH8LIGVEGOMRKXSVWMSRYRHIVTYVIXSVWMSR8GV MWHIVMZIHF]VITPEGMRKXLIEGXYEPWIGXMSR[MXLERIUYMZEPIRX XLMR[EPPIHXYFI[MXLE[EPPXLMGORIWWXFIJSVIGVEGOMRKSJ %GT TGTERHEREVIEIRGPSWIHF]XLI[EPPGIRXIVPMRI%S IUYEP XS %GT 'VEGOMRK MW EWWYQIH XS SGGYV [LIR XLI TVMRGMTEP XIRWMPI WXVIWW VIEGLIW J G -R E RSRTVIWXVIWWIH FIEQPSEHIH[MXLXSVWMSREPSRIXLITVMRGMTEPXIRWMPIWXVIWW MW IUYEP XS XLI XSVWMSREP WLIEV WXVIWW ! 8 %SX 8LYW GVEGOMRKSGGYVW[LIR VIEGLIW J G KMZMRKXLIGVEGOMRK XSVUYI 8GVEW
E *SVRSRTVIWXVIWWIHQIQFIVW
%GT J G T GT
F *SVTVIWXVIWWIHQIQFIVW
% GT JG T GT
JTG JG
G *SV RSRTVIWXVIWWIH QIQFIVW WYFNIGXIH XS ER E\MEPXIRWMPISVGSQTVIWWMZIJSVGI
% GT JG T GT
2Y % K J G
*SVQIQFIVWGEWXQSRSPMXLMGEPP][MXLEWPEFXLISZIV LERKMRK JPERKI[MHXLYWIHMRGSQTYXMRK %GTERHTGT WLEPPGSRJSVQXS*SVELSPPS[WIGXMSR%KWLEPP FIYWIHMRTPEGISJ%GTMRERHXLISYXIVFSYRH EVMIWSJXLIWIGXMSRWLEPPGSRJSVQXS
% GT 8 GV ! J G T GT
*SVWSPMHQIQFIVWXLIMRXIVEGXMSRFIX[IIRXLIGVEGOMRKXSVWMSR ERH XLI MRGPMRIH GVEGOMRK WLIEV MW ETTVS\MQEXIP] GMVGYPEV SV IPPMTXMGEP*SVWYGLEVIPEXMSRWLMTEXSVUYISJ8GV YWIHMR GSVVIWTSRHW XS E VIHYGXMSR SJ MR XLI MRGPMRIH GVEGOMRK WLIEV 8LMW VIHYGXMSR MR XLI MRGPMRIH GVEGOMRK WLIEV [EW GSRWMHIVIH RIKPMKMFPI 8LI WXVIWW EX GVEGOMRK J G LEW TYVTSWIP]FIIRXEOIREWEPS[IVFSYRHZEPYI *SV TVIWXVIWWIH QIQFIVW XLI XSVWMSREP GVEGOMRK PSEH MW MRGVIEWIHF] XLITVIWXVIWW % 1SLVvW GMVGPI EREP]WMW FEWIH SREZIVEKIWXVIWWIWMRHMGEXIWXLIXSVUYIVIUYMVIHXSGEYWIE TVMRGMTEPXIRWMPIWXVIWWIUYEPXS J G MW JTG k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
)2:-6321)28%07869'896)7'3()'311)28%6=
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'311)28%6= VIJPIGX XLI XVERWMXMSR JVSQ XLI GMVGYPEV MRXIVEGXMSR FIX[IIR XLI MRGPMRIH GVEGOMRK PSEHW MR WLIEV ERH XSVWMSR JSV WSPMH QIQFIVW XS XLI ETTVS\MQEXIP] PMRIEV MRXIVEGXMSR JSV XLMR [EPPIHLSPPS[WIGXMSRW
{ *SV MWSPEXIH QIQFIVW [MXL JPERKIWERH JSVQIQFIVWGEWXQSRSPMXLMGEPP][MXLEWPEFXLISZIV LERKMRK JPERKI [MHXL YWIHMR GSQTYXMRK %GT ERH TGT WLEPP GSRJSVQ XS I\GITX XLEX XLI SZIVLERKMRK JPERKIWWLEPPFIRIKPIGXIHMRGEWIW[LIVIXLITEVEQ IXIV % GT TGT GEPGYPEXIH JSV E FIEQ [MXL JPERKIW MW PIWW XLER XLEX GSQTYXIH JSV XLI WEQI FIEQ MKRSVMRK XLIJPERKIW {'EPGYPEXMSRSJJEGXSVIHXSVWMSREPQSQIRX8Y
6{'EPGYPEXMSRSJJEGXSVIHXSVWMSREPQSQIRX8Y
{-JXLIJEGXSVIHXSVWMSREPQSQIRX 8YMRE QIQFIV MW VIUYMVIH XS QEMRXEMR IUYMPMFVMYQ ERH I\GIIHW XLI QMRMQYQ ZEPYI KMZIR MR XLI QIQFIV WLEPP FI HIWMKRIH XS GEVV] XLEX XSVWMSREP QSQIRXMREGGSVHERGI[MXLXLVSYKL
6 ERH 6 { -R HIWMKRMRK JSV XSVWMSR MR VIMRJSVGIH GSRGVIXI WXVYGXYVIW X[S GSRHMXMSRW QE] FI MHIRXMJMIH
{ -R E WXEXMGEPP] MRHIXIVQMREXI WXVYGXYVI [LIVIVIHYGXMSRSJXLIXSVWMSREPQSQIRXMREQIQFIV GERSGGYVHYIXSVIHMWXVMFYXMSRSJMRXIVREPJSVGIWYTSR GVEGOMRK XLI QE\MQYQ JEGXSVIH XSVWMSREP QSQIRX 8Y WLEPPFITIVQMXXIHXSFIVIHYGIHXSXLIZEPYIWKMZIRMR E F SV G EWETTPMGEFPI E *SV RSRTVIWXVIWWIH QIQFIVW EX XLI WIGXMSRW HIWGVMFIHMR
% GT J G TGT
F *SV TVIWXVIWWIH QIQFIVW EX XLI WIGXMSRW HIWGVMFIHMR
%GT J G T GT
J TG JG
G *SV RSRTVIWXVIWWIH QIQFIVW WYFNIGXIH XS ER E\MEPXIRWMPISVGSQTVIWWMZIJSVGI
% GT JG T GT
E 8LIXSVWMSREPQSQIRXGERRSXFIVIHYGIHF]VIHMWXVM FYXMSRSJMRXIVREPJSVGIW 8LMWMWVIJIVVIHXSEW wIUYMPMFVMYQ XSVWMSRx FIGEYWI XLI XSVWMSREP QSQIRX MW VIUYMVIHJSVXLIWXVYGXYVIXSFIMRIUYMPMFVMYQ *SVXLMWGSRHMXMSRMPPYWXVEXIHMR*MK6XSVWMSRVIMR JSVGIQIRXHIWMKRIHEGGSVHMRKXS XLVSYKL QYWX FITVSZMHIHXSVIWMWXXLIXSXEPHIWMKRXSVWMSREPQSQIRXW F 8LIXSVWMSREPQSQIRXGERFIVIHYGIHF]VIHMWXVMFYXMSRSJ MRXIVREP JSVGIW EJXIV GVEGOMRK MJ XLI XSVWMSR EVMWIW JVSQXLI QIQFIV X[MWXMRK XS QEMRXEMR GSQTEXMFMPMX] SJ HIJSVQEXMSRW 8LMW X]TI SJ XSVWMSR MW VIJIVVIH XS EW wGSQTEXMFMPMX]XSVWMSRx *SVXLMWGSRHMXMSRMPPYWXVEXIHMR *MK6XLIXSVWMSREP WXMJJRIWWFIJSVIGVEGOMRKGSVVIWTSRHWXSXLEXSJXLIYRGVEGOIH WIGXMSREGGSVHMRKXS7X:IRERXvWXLISV]%XXSVWMSREPGVEGO MRKLS[IZIVEPEVKIX[MWXSGGYVWYRHIVERIWWIRXMEPP]GSR WXERXXSVUYIVIWYPXMRKMREPEVKIVIHMWXVMFYXMSRSJJSVGIWMRXLI WXVYGXYVI 8LI GVEGOMRK XSVUYI YRHIV GSQFMRIH WLIEVJPI\YVIERHXSVWMSRGSVVIWTSRHWXSETVMRGMTPIXIRWMPI WXVIWWWSQI[LEXPIWWXLERXLI J G UYSXIHMR6
2Y % K JG
-R E F SV G XLI GSVVIWTSRHMRKP] VIHMWXVMFYXIH FIRHMRKQSQIRXWERHWLIEVWMRXLIEHNSMRMRKQIQFIVW WLEPPFIYWIHMRXLIHIWMKRSJXLIWIQIQFIVW*SVLSPPS[ WIGXMSRW%GTWLEPPRSXFIVITPEGIH[MXL%K MR
*MK6{(IWMKRXSVUYIQE]RSXFIVIHYGIH
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{ 9RPIWW HIXIVQMRIH F] E QSVI I\EGX EREP]WMWMXWLEPPFITIVQMXXIHXSXEOIXLIXSVWMSREPPSEHMRK JVSQEWPEFEWYRMJSVQP]HMWXVMFYXIHEPSRKXLIQIQFIV { -R RSRTVIWXVIWWIH QIQFIVW WIGXMSRW PSGEXIH PIWW XLER E HMWXERGI H JVSQ XLI JEGI SJ E WYTTSVXWLEPPFIHIWMKRIHJSVRSXPIWWXLERXLIXSVWMSR 8YGSQTYXIHEXEHMWXERGIH-JEGSRGIRXVEXIHXSVUYI SGGYVW [MXLMR XLMW HMWXERGI XLI GVMXMGEP WIGXMSR JSV HIWMKRWLEPPFIEXXLIJEGISJXLIWYTTSVX
6 ERH 6 { -X MW RSX YRGSQQSR JSV E FIEQXSJVEQIMRXSSRIWMHISJEKMVHIVRIEVXLIWYTTSVXSJ XLIKMVHIV-RWYGLEGEWIEGSRGIRXVEXIHWLIEVERHXSVUYI EVIETTPMIHXSXLIKMVHIV
{ -R TVIWXVIWWIH QIQFIVW WIGXMSRW PSGEXIH PIWW XLER E HMWXERGI L JVSQ XLI JEGI SJ E WYTTSVXWLEPPFIHIWMKRIHJSVRSXPIWWXLERXLIXSVWMSR 8Y GSQTYXIH EX E HMWXERGI L -J E GSRGIRXVEXIH XSVUYI SGGYVW [MXLMR XLMW HMWXERGI XLI GVMXMGEP WIGXMSR JSVHIWMKRWLEPPFIEXXLIJEGISJXLIWYTTSVX
*MK6{(IWMKRXSVUYIQE]FIVIHYGIH
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{8SVWMSREPQSQIRXWXVIRKXL
6{8SVWMSREPQSQIRXWXVIRKXL
{8LIGVSWWWIGXMSREPHMQIRWMSRWWLEPPFI WYGLXLEX
6 {8LIWM^ISJEGVSWWWIGXMSRMWPMQMXIHJSVX[S VIEWSRW JMVWXXSVIHYGIYRWMKLXP]GVEGOMRKERHWIGSRHXS TVIZIRX GVYWLMRK SJ XLI WYVJEGI GSRGVIXI HYI XS MRGPMRIH GSQTVIWWMZIWXVIWWIWHYIXSWLIEVERHXSVWMSR-R)U ERH XLI X[S XIVQW SR XLI PIJXLERH WMHI EVI XLI WLIEV WXVIWWIW HYI XS WLIEV ERH XSVWMSR 8LI WYQ SJ XLIWI WXVIWWIW QE] RSX I\GIIH XLI WXVIWW GEYWMRK WLIEV GVEGOMRK
E *SVWSPMHWIGXMSRW :Y F[H
8 Y TL % SL
:G JG F[ H
TPYW J G WMQMPEVXSXLIPMQMXMRKWXVIRKXLKMZIRMR
F *SVLSPPS[WIGXMSRW :Y 8YTL F[ H % SL
:G JG F[H
JSVWLIEV[MXLSYXXSVWMSR8LIPMQMXMWI\TVIWWIHMRXIVQWSJ :G XS EPPS[ MXW YWI JSV RSRTVIWXVIWWIH SV TVIWXVIWWIH GSRGVIXI -X [EW SVMKMREPP] HIVMZIH SR XLI FEWMW SJ GVEGO GSRXVSP-XMWRSXRIGIWWEV]XSGLIGOEKEMRWXGVYWLMRKSJXLI [IFFIGEYWIXLMWLETTIRWEXLMKLIVWLIEVWXVIWWIW -R E LSPPS[ WIGXMSR XLI WLIEV WXVIWWIW HYI XS WLIEV ERH XSVWMSR FSXL SGGYV MR XLI [EPPW SJ XLI FS\ EW WLS[R MR *MK E ERHLIRGIEVIHMVIGXP]EHHMXMZIEX4SMRX%EW KMZIR MR )U -R E WSPMH WIGXMSR XLI WLIEV WXVIWWIW HYIXSXSVWMSREGXMRXLIwXYFYPEVxSYXWMHIWIGXMSR[LMPIXLI WLIEVWXVIWWIWHYIXS :YEVIWTVIEHEGVSWWXLI[MHXLSJXLI WIGXMSR EW WLS[R MR *MK 6 F *SV XLMW VIEWSR WXVIWWIWEVIGSQFMRIHMR)U YWMRKXLIWUYEVIVSSX SJXLIWYQSJXLIWUYEVIWVEXLIVXLERF]HMVIGXEHHMXMSR
{ -J XLI [EPP XLMGORIWW ZEVMIW EVSYRH XLI TIVMQIXIV SJ E LSPPS[ WIGXMSR )U WLEPP FI IZEPYEXIH EX XLI PSGEXMSR [LIVI XLI PIJXLERH WMHI SJ )U MWEQE\MQYQ
6 { -J XLI [EPP XLMGORIWW ZEVMIW EVSYRH XLI TIVMQIXIVSJELSPPS[WIGXMSRVIUYMVIWXLEX)U FIIZEPYEXIHEXXLITSMRXMRXLIGVSWWWIGXMSR[LIVIXLIPIJX WMHISJ)U MWEQE\MQYQ+IRIVEPP]XLMW[MPPFISR XLI[EPP[LIVIXLIXSVWMSREPERHWLIEVMRKWXVIWWIWEVIEHHMXMZI 4SMRX%MR*MK6 E
-JXLIXSTSVFSXXSQJPERKIW EVI XLMRRIV XLER XLI ZIVXMGEP [IFW MX QE] FI RIGIWWEV] XS IZEPYEXI)U EX4SMRXW&ERH'MR*MK6 E %X XLIWI TSMRXW XLI WXVIWWIW HYI XS XLI WLIEV JSVGI EVI YWYEPP]RIKPMKMFPI
{-JXLI[EPP XLMGORIWWMWPIWW XLER%SL TL XLIWIGSRHXIVQMR)U WLEPPFIXEOIREW 8Y % SL X
[LIVI X MW XLI XLMGORIWW SJ XLI [EPP SJ XLI LSPPS[ WIGXMSR EX XLI PSGEXMSR [LIVI XLI WXVIWWIW EVI FIMRK GLIGOIH
*MK6{%HHMXMSRSJXSVWMSREPERHWLIEVWXVIWWIW
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6 {0MQMXMRKXLIHIWMKR]MIPHWXVIRKXLSJXSVWMSR VIMRJSVGIQIRXXSTWMTVSZMHIWEGSRXVSPSRHMEKSREP GVEGO[MHXL
{ 8LI VIMRJSVGIQIRX VIUYMVIH JSV XSVWMSR WLEPPFIHIXIVQMRIHJVSQ
6 {8LIJEGXSVIHXSVWMSREPVIWMWXERGI 8RQYWX IUYEPSVI\GIIHXLIXSVWMSR8YHYIXSXLIJEGXSVIHPSEHW-R XLIGEPGYPEXMSRSJ8REPPXLIXSVUYIMWEWWYQIHXSFIVIWMWXIH F]WXMVVYTWERHPSRKMXYHMREPWXIIP[MXL8G!%XXLIWEQI XMQI XLI WLIEV VIWMWXIH F] GSRGVIXI :G MW EWWYQIH XS FI YRGLERKIH F] XLI TVIWIRGI SJ XSVWMSR *SV FIEQW [MXL :Y KVIEXIVXLEREFSYX :GXLIVIWYPXMRKEQSYRXSJGSQFMRIH WLIEVERHXSVWMSREPVIMRJSVGIQIRXMWIWWIRXMEPP]XLIWEQIEW VIUYMVIHF]XLI%'- GSHI*SVWQEPPIVZEPYIWSJ:Y QSVIWLIEVERHXSVWMSRVIMRJSVGIQIRX[MPPFIVIUYMVIH
8R
8Y
{8LIXVERWZIVWIVIMRJSVGIQIRXJSVXSVWMSR WLEPPFIHIWMKRIHYWMRK % S %X J ]Z 8 R ! GSX W
[LIVI %SWLEPPFIHIXIVQMRIHF]EREP]WMWI\GITXXLEX MX WLEPP FI TIVQMXXIH XS XEOI %S IUYEP XS %SL WLEPPRSXFIXEOIRWQEPPIVXLERHIKRSVPEVKIVXLER HIK-XWLEPPFITIVQMXXIHXSXEOI IUYEPXS E HIKJSVRSRTVIWXVIWWIHQIQFIVWSVQIQFIVW [MXLPIWWTVIWXVIWWXLERMR F F HIKJSVTVIWXVIWWIHQIQFIVW[MXLERIJJIG XMZITVIWXVIWW JSVGI RSX PIWW XLER TIVGIRX SJ XLI XIRWMPIWXVIRKXLSJXLIPSRKMXYHMREPVIMRJSVGIQIRX
6 {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
*MK6 E {7TEGIXVYWWEREPSK]
*MK6 F {(IJMRMXMSRSJ%SL
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6 { 1MRMQYQ XLMGORIWW SJ [EPPW HIWMKRIH F] IQTMVMGEPHIWMKRQIXLSH
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8LI QMRMQYQ XLMGORIWW VIUYMVIQIRXW RIIH RSX FI ETTPMIH XS[EPPWHIWMKRIHEGGSVHMRKXS
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{;EPPWEWKVEHIFIEQW {;EPPWHIWMKRIHEW KVEHIFIEQW WLEPPLEZI XSTERHFSXXSQVIMRJSVGIQIRXEWVIUYMVIHJSVQSQIRX MR EGGSVHERGI [MXL TVSZMWMSRW SJ XLVSYKL (IWMKR JSV WLIEV WLEPP FI MR EGGSVHERGI [MXL TVSZM WMSRWSJ'LETXIV {4SVXMSRWSJKVEHIFIEQ[EPPWI\TSWIHEFSZI KVEHIWLEPPEPWSQIIXVIUYMVIQIRXWSJ
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W
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9RMXWSJQIEWYVIQIRXEVIKMZIRMRXLI2SXEXMSRXSEWWMWXXLI YWIV ERH EVI RSX MRXIRHIH XS TVIGPYHI XLI YWI SJ SXLIV GSVVIGXP] ETTPMIH YRMXW JSV XLI WEQI W]QFSP WYGL EW JX SV OMT,S[IZIVXLIZEPYIWSJGSRWXERXWYWIHMRIUYEXMSRWEVI HITIRHIRXSRXLIYRMXWSJXLITEVEQIXIVW-JXLIYWIVGLSSWIWXS YWIEPXIVREXIYRMXWXLIGSRWXERXWQYWXFIEHNYWXIHEGGSVHMRKP]
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%JXIV XLI TIVQMWWMFPI WSMP TVIWWYVI SV XLI TIVQMWWMFPI TMPI GETEGMX] LEW FIIR HIXIVQMRIH F] TVMRGMTPIW SJ WSMP QIGLERMGWERHMREGGSVH[MXLXLIKIRIVEPFYMPHMRKGSHIXLI WM^ISJXLIFEWIEVIESJEJSSXMRKSRWSMPSVXLIRYQFIVERH EVVERKIQIRXSJXLITMPIWWLSYPHFIIWXEFPMWLIHSRXLIFEWMW SJ YRJEGXSVIH WIVZMGI PSEHW ( 0 ; ERH ) MR [LEXIZIV GSQFMREXMSRXLEXKSZIVRWXLIHIWMKR
{ *SV JSSXMRKW SR TMPIW GSQTYXEXMSRW JSV QSQIRXW ERH WLIEVW WLEPP FI TIVQMXXIH XS FI FEWIH SR XLI EWWYQTXMSR XLEX XLI VIEGXMSR JVSQ ER] TMPI MW GSRGIRXVEXIHEXTMPIGIRXIV
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{*SSXMRKWWYTTSVXMRKGMVGYPEVSV VIKYPEVTSP]KSRWLETIHGSPYQRW SVTIHIWXEPW *SVPSGEXMSRSJGVMXMGEPWIGXMSRWJSVQSQIRXWLIEVERH HIZIPSTQIRX SJ VIMRJSVGIQIRX MR JSSXMRKW MX WLEPP FI TIVQMXXIH XS XVIEX GMVGYPEV SV VIKYPEV TSP]KSR WLETIH GSRGVIXI GSPYQRW SV TIHIWXEPW EW WUYEVI QIQFIVW [MXLXLIWEQIEVIE
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6{1SQIRXMRJSSXMRKW
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6 {-RTVIZMSYW%'-&YMPHMRK'SHIWXLIVIMRJSVGIQIRX MR XLI WLSVX HMVIGXMSR SJ VIGXERKYPEV JSSXMRKW WLSYPH FI HMWXVMFYXIH WS XLEX ER EVIE SJ WXIIP KMZIR F] )U MW TVSZMHIH MR E FERH [MHXL IUYEP XS XLI PIRKXL SJ XLI WLSVX WMHI SJ XLI JSSXMRK 8LI FERH [MHXL MW GIRXIVIH EFSYX XLI GSPYQRGIRXIVPMRI 8LIVIQEMRMRKVIMRJSVGIQIRXVIUYMVIHMRXLIWLSVXHMVIGXMSR MW XS FI HMWXVMFYXIH IUYEPP] SZIV XLI X[S WIKQIRXW SYXWMHI XLIFERH[MHXLSRILEPJXSIEGLWIKQIRX
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6ERH6{8LIWLIEVWXVIRKXLSJJSSXMRKWEVI HIXIVQMRIH JSV XLI QSVI WIZIVI GSRHMXMSR SJ SV 8LI GVMXMGEP WIGXMSR JSV WLIEV MW QIEWYVIH JVSQ XLIJEGI SJWYTTSVXIHQIQFIV GSPYQRTIHIWXEP SV [EPP I\GITXJSVWYTTSVXIHQIQFIVWSRWXIIPFEWITPEXIW
{0SGEXMSRSJGVMXMGEPWIGXMSRJSVWLIEVMREGGSV HERGI[MXL'LETXIVWLEPPFIQIEWYVIHJVSQJEGISJ GSPYQR TIHIWXEP SV [EPP JSV JSSXMRKW WYTTSVXMRK E GSPYQR TIHIWXEP SV [EPP *SV JSSXMRKW WYTTSVXMRK E GSPYQRSVTIHIWXEP[MXLWXIIPFEWITPEXIW XLIGVMXMGEP WIGXMSR WLEPP FI QIEWYVIH JVSQ PSGEXMSR HIJMRIH MR G
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6 {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6 {8LIEHHMXMSREPVIUYMVIQIRXWQE]FIMRGPYHIHMR IMXLIV GSRXVEGX HSGYQIRXW SV WLST HVE[MRKW HITIRHMRK SR XLIEWWMKRQIRXSJVIWTSRWMFMPMX]JSVHIWMKR
E (IXEMPW SJ VIMRJSVGIQIRX MRWIVXW ERH PMJXMRK HIZMGIWVIUYMVIHXSVIWMWXXIQTSVEV]PSEHWJVSQLER HPMRKWXSVEKIXVERWTSVXEXMSRERHIVIGXMSR F 6IUYMVIH GSRGVIXI WXVIRKXL EX WXEXIH EKIW SV WXEKIWSJGSRWXVYGXMSR
{(MWXVMFYXMSRSJJSVGIWEQSRK QIQFIVW
6{(MWXVMFYXMSRSJJSVGIWEQSRK QIQFIVW
{(MWXVMFYXMSRSJJSVGIWXLEXEVITIVTIRHMGYPEV XSXLITPERISJQIQFIVWWLEPPFIIWXEFPMWLIHF]EREP]WMW SVF]XIWX
6 {'SRGIRXVEXIHTSMRXERHPMRIPSEHWGERFIHMWXVMF YXIH EQSRK QIQFIVW TVSZMHIH XLI] LEZI WYJJMGMIRX XSVWMSREP WXMJJRIWW ERH XLEX WLIEV GER FI XVERWJIVVIH EGVSWW NSMRXW 8SVWMSREPP] WXMJJ QIQFIVW WYGL EW LSPPS[GSVI SV WSPMHWPEFWLEZIQSVIJEZSVEFPIPSEHHMWXVMFYXMSRTVSTIVXMIW XLER HS XSVWMSREPP] JPI\MFPI QIQFIVW WYGL EW HSYFPI XIIW [MXL XLMR JPERKIW 8LI EGXYEP HMWXVMFYXMSR SJ XLI PSEH HITIRHWSRQER]JEGXSVWHMWGYWWIHMRHIXEMPMR 6IJIVIRGIW XLVSYKL 0EVKISTIRMRKWGERGEYWIWMKRMJMGERX GLERKIWMRHMWXVMFYXMSRSJJSVGIW
{ ;LIVI XLI W]WXIQ FILEZMSV VIUYMVIW MR TPERI JSVGIW XS FI XVERWJIVVIH FIX[IIR XLI QIQFIVW SJETVIGEWXJPSSVSV[EPPW]WXIQERH WLEPPETTP]
6 {-RTPERIJSVGIWVIWYPXTVMQEVMP]JVSQHMETLVEKQ EGXMSRMRJPSSVWERHVSSJWGEYWMRKXIRWMSRSVGSQTVIWWMSRMR XLI GLSVHW ERH WLIEV MR XLI FSH] SJ XLI HMETLVEKQ % GSRXMRYSYWTEXLSJWXIIPWXIIPVIMRJSVGIQIRXSVFSXLYWMRK PET WTPMGIW QIGLERMGEP SV [IPHIH WTPMGIW SV QIGLERMGEP GSRRIGXSVWWLSYPHFITVSZMHIHXSGEVV]XLIXIRWMSR[LIVIEW XLI WLIEV ERH GSQTVIWWMSR QE] FI GEVVMIH F] XLI RIX GSRGVIXI WIGXMSR % GSRXMRYSYW TEXL SJ WXIIP XLVSYKL E GSRRIGXMSRQE]MRGPYHIFSPXW[IPHTPEXIWLIEHIHWXYHWSV SXLIVWXIIPHIZMGIW8IRWMSRJSVGIWMRXLIGSRRIGXMSRWEVIXS FIXVERWJIVVIHXSXLITVMQEV]VIMRJSVGIQIRXMRXLIQIQFIVW
{ -RTPERIJSVGITEXLWWLEPPFIGSRXMRYSYW XLVSYKLFSXLGSRRIGXMSRWERHQIQFIVW {;LIVIXIRWMSRJSVGIWSGGYVEGSRXMRYSYW TEXLSJWXIIPSVWXIIPVIMRJSVGIQIRXWLEPPFITVSZMHIH
-RTPERIJSVGIWMRTVIGEWX[EPPW]WXIQWVIWYPXTVMQEVMP]JVSQ HMETLVEKQVIEGXMSRWERHI\XIVREPPEXIVEPPSEHW 'SRRIGXMSRHIXEMPWWLSYPHTVSZMHIJSVXLIJSVGIWERHHIJSV QEXMSRW HYI XS WLVMROEKI GVIIT ERH XLIVQEP IJJIGXW 'SRRIGXMSRHIXEMPWQE]FIWIPIGXIHXSEGGSQQSHEXIZSPYQI GLERKIWERHVSXEXMSRWGEYWIHF]XIQTIVEXYVIKVEHMIRXWERH PSRKXIVQ HIJPIGXMSRW ;LIR XLIWI IJJIGXW EVI VIWXVEMRIH GSRRIGXMSRW ERH QIQFIVW WLSYPH FI HIWMKRIH XS TVSZMHI EHIUYEXIWXVIRKXLERHHYGXMPMX]
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6 {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
{ *SV TVIGEWX RSRTVIWXVIWWIH [EPPW XLI VIMRJSVGIQIRX WLEPP FI HIWMKRIH MR EGGSVHERGI [MXL XLITVSZMWMSRWSJ'LETXIVSV I\GITXXLEXXLIEVIE SJLSVM^SRXEPERHZIVXMGEPVIMRJSVGIQIRXWLEPPIEGLFI RSX PIWW XLER XMQIW XLI KVSWW GVSWWWIGXMSREP EVIESJXLI[EPPTERIP7TEGMRKSJVIMRJSVGIQIRXWLEPP RSXI\GIIHMR
6 { 8LMW QMRMQYQ EVIE SJ [EPP VIMRJSVGIQIRX MRWXIEHSJXLIQMRMQYQZEPYIWMRLEWKIRIVEPP]FIIR YWIHJSVQER]]IEVWERHMWVIGSQQIRHIHF]4'- ERHXLI 'EREHMER FYMPHMRK GSHI 8LI TVSZMWMSRW JSV VIHYGIH QMRMQYQVIMRJSVGIQIRXERHKVIEXIVWTEGMRKVIGSKRM^IXLEX TVIGEWX [EPP TERIPW LEZI ZIV] PMXXPI VIWXVEMRX EX XLIMV IHKIW HYVMRK IEVP] WXEKIW SJ GYVMRK ERH XLIVIJSVI HIZIPST PIWW WLVMROEKIWXVIWWXLERGSQTEVEFPIGEWXMRTPEGI[EPPW
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6{7XVYGXYVEPMRXIKVMX]
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6 { 8LI KIRIVEP TVSZMWMSRW SJ ETTP] XS EPP TVIGEWX GSRGVIXI WXVYGXYVIW 7IGXMSRW ERH KMZI QMRMQYQVIUYMVIQIRXWXSWEXMWJ]-XMWRSXMRXIRHIHXLEX XLIWIQMRMQYQVIUYMVIQIRXWSZIVVMHISXLIVETTPMGEFPITVSZM WMSRWSJXLIGSHIJSVHIWMKRSJTVIGEWXGSRGVIXIWXVYGXYVIW 8LI SZIVEPP MRXIKVMX] SJ E WXVYGXYVI GER FI WYFWXERXMEPP] IRLERGIH F] QMRSV GLERKIW MR XLI EQSYRX PSGEXMSR ERH HIXEMPMRK SJ QIQFIV VIMRJSVGIQIRX ERH MR XLI HIXEMPMRK SJ GSRRIGXMSRLEVH[EVI
{0SRKMXYHMREPERHXVERWZIVWIXMIWVIUYMVIH F] WLEPP GSRRIGX QIQFIVW XS E PEXIVEP PSEH VIWMWXMRKW]WXIQ
6 {-RHMZMHYEPQIQFIVWQE]FIGSRRIGXIHMRXS XLMWPEXIVEPPSEHVIWMWXMRKW]WXIQF]EPXIVREXMZIQIXLSHW*SV I\EQTPI E PSEHFIEVMRK WTERHVIP GSYPH FI GSRRIGXIH XS E HMETLVEKQ TEVXSJXLIPEXIVEPPSEHVIWMWXMRKW]WXIQ 7XVYG XYVEPMRXIKVMX]GSYPHFIEGLMIZIHF]GSRRIGXMRKXLIWTERHVIP MRXS EPP SV E TSVXMSR SJ XLI HIGO QIQFIVW JSVQMRK XLI HMETLVEKQ %PXIVREXMZIP] XLI WTERHVIP GSYPH FI GSRRIGXIH SRP] XS MXW WYTTSVXMRK GSPYQRW [LMGL MR XYVR QYWX FI GSRRIGXIHXSXLIHMETLVEKQ
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{ ;LIVI TVIGEWX IPIQIRXW JSVQ JPSSV SV VSSJHMETLVEKQWXLIGSRRIGXMSRWFIX[IIRHMETLVEKQ ERH XLSWI QIQFIVW FIMRK PEXIVEPP] WYTTSVXIH WLEPP LEZI E RSQMREP XIRWMPI WXVIRKXL GETEFPI SJ VIWMWXMRK RSXPIWWXLERPFTIVPMRIEVJX
6 {(METLVEKQWEVIX]TMGEPP]TVSZMHIHEWTEVXSJ XLIPEXIVEPPSEHVIWMWXMRKW]WXIQ8LIXMIWTVIWGVMFIHMR EVI XLI QMRMQYQVIUYMVIH XS EXXEGL QIQFIVW XS XLI JPSSV SV VSSJHMETLVEKQW8LIXMIJSVGIMWIUYMZEPIRXXSXLIWIVZMGIPSEH ZEPYISJPFJXKMZIRMRXLI9RMJSVQ&YMPHMRK'SHI
{:IVXMGEPXIRWMSRXMIVIUYMVIQIRXWSJ WLEPPETTP]XSEPPZIVXMGEPWXVYGXYVEPQIQFIVWI\GITXGPEH HMRKERHWLEPPFIEGLMIZIHF]TVSZMHMRKGSRRIGXMSRWEX LSVM^SRXEPNSMRXWMREGGSVHERGI[MXL E XLVSYKL G
6 {&EWIGSRRIGXMSRWERHGSRRIGXMSRWEXLSVM ^SRXEPNSMRXWMRTVIGEWXGSPYQRWERH[EPPTERIPWMRGPYHMRK WLIEV [EPPW EVI HIWMKRIH XS XVERWJIV EPP HIWMKR JSVGIW ERH QSQIRXW8LIQMRMQYQXMIVIUYMVIQIRXWSJEVIRSX EHHMXMZIXSXLIWIHIWMKRVIUYMVIQIRXW-RHYWXV]TVEGXMGIMWXS TPEGIXLI[EPPXMIWW]QQIXVMGEPP]EFSYXXLIZIVXMGEPGIRXIV PMRI SJXLI [EPP TERIP ERH [MXLMR XLI SYXIV UYEVXIVW SJ XLI TERIP[MHXL[LIVIZIVTSWWMFPI
E 4VIGEWXGSPYQRWWLEPPLEZIERSQMREPWXVIRKXLMR XIRWMSRRSXPIWWXLER%KMRPF*SVGSPYQRW[MXLE PEVKIV GVSWW WIGXMSR XLER VIUYMVIH F] GSRWMHIVEXMSR SJ PSEHMRK E VIHYGIH IJJIGXMZI EVIE %K FEWIH SR GVSWWWIGXMSRVIUYMVIHFYXRSXPIWWXLERSRILEPJXLI XSXEPEVIEWLEPPFITIVQMXXIH F 4VIGEWX[EPPTERIPWWLEPPLEZIEQMRMQYQSJX[S XMIW TIV TERIP [MXL E RSQMREP XIRWMPI WXVIRKXL RSX PIWWXLERPFTIVXMI G ;LIR HIWMKR JSVGIW VIWYPX MR RS XIRWMSR EX XLI FEWI XLI XMIW VIUYMVIH F] F WLEPP FI TIV QMXXIH XS FI ERGLSVIH MRXS ER ETTVSTVMEXIP] VIMR JSVGIHGSRGVIXIJPSSVWPEFSRKVEHI { 'SRRIGXMSR HIXEMPW XLEX VIP] WSPIP] SR JVMGXMSRGEYWIHF]KVEZMX]PSEHWWLEPPRSXFIYWIH
6 {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
{*SVTVIGEWXGSRGVIXIFIEVMRK[EPPWXVYGXYVIW XLVII SV QSVI WXSVMIW MR LIMKLX XLI QMRMQYQ TVSZM WMSRWSJXLVSYKLWLEPPETTP]
6 {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vWVIGSQQIRHEXMSRWJSV HIWMKRSJ TVIGEWX GSRGVIXI FIEVMRK [EPP FYMPHMRKW 8MI GETEGMX]MWFEWIHSR]MIPHWXVIRKXL
{ 0SRKMXYHMREP ERH XVERWZIVWI XMIW WLEPP FI TVSZMHIHMRJPSSVERHVSSJW]WXIQWXSTVSZMHIERSQMREP WXVIRKXLSJPFTIVJSSXSJ[MHXLSVPIRKXL8MIWWLEPP FI TVSZMHIH SZIV MRXIVMSV [EPP WYTTSVXW ERH FIX[IIR QIQFIVWERHI\XIVMSV[EPPW8MIWWLEPPFITSWMXMSRIHMR SV[MXLMRJXSJXLITPERISJXLIJPSSVSVVSSJW]WXIQ
6 { 0SRKMXYHMREP XMIW QE] TVSNIGX JVSQ WPEFW ERHFI PET WTPMGIH [IPHIH SV QIGLERMGEPP] GSRRIGXIH SV XLI]QE]FIIQFIHHIHMRKVSYXNSMRXW[MXLWYJJMGMIRXPIRKXL ERH GSZIV XS HIZIPST XLI VIUYMVIH JSVGI &SRH PIRKXL JSV YRWXVIWWIHTVIWXVIWWMRKWXIIPWLSYPHFIWYJJMGMIRXXSHIZIPST
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6 { 8VERWZIVWI XMIW QE] FI YRMJSVQP] WTEGIH IMXLIVIRGEWIHMRXLITERIPWSVMREXSTTMRKSVXLI]QE]FI GSRGIRXVEXIHEXXLIXVERWZIVWIFIEVMRK[EPPW
{8MIWEVSYRHXLITIVMQIXIVSJIEGLJPSSV ERH VSSJ [MXLMR JX SJ XLI IHKI WLEPP TVSZMHI E RSQMREPWXVIRKXLMRXIRWMSRRSXPIWWXLERPF
6 {8LI TIVMQIXIV XMI VIUYMVIQIRXW RIIH RSX FI EHHMXMZI[MXLXLIPSRKMXYHMREPERHXVERWZIVWIXMIVIUYMVIQIRXW
{ :IVXMGEPXIRWMSR XMIW WLEPP FI TVSZMHIH MR EPP[EPPWERHWLEPPFIGSRXMRYSYWSZIVXLILIMKLXSJXLI FYMPHMRK8LI] WLEPP TVSZMHI E RSQMREP XIRWMPIWXVIRKXL RSXPIWWXLERPFTIVLSVM^SRXEPJSSXSJ[EPP2SXPIWW XLERX[SXMIWWLEPPFITVSZMHIHJSVIEGLTVIGEWXTERIP
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6{'SRRIGXMSRERHFIEVMRKHIWMKR
{ *SVGIW WLEPP FI TIVQMXXIH XS FI XVERWJIVVIH FIX[IIR QIQFIVW F] KVSYXIH NSMRXW WLIEV OI]W QIGLERMGEPGSRRIGXSVWVIMRJSVGMRKWXIIPGSRRIGXMSRW VIMRJSVGIHXSTTMRKSVEGSQFMREXMSRSJXLIWIQIERW
6 { 8LI GSHI TIVQMXW E ZEVMIX] SJ QIXLSHW JSV GSRRIGXMRKQIQFIVW8LIWIEVIMRXIRHIHJSVXVERWJIVSJJSVGIW FSXLMRTPERIERHTIVTIRHMGYPEVXSXLITPERISJXLIQIQFIVW
{8LIEHIUYEG]SJGSRRIGXMSRWXSXVERWJIV JSVGIWFIX[IIRQIQFIVWWLEPPFIHIXIVQMRIHF]EREP ]WMW SV F] XIWX ;LIVI WLIEV MW XLI TVMQEV] MQTSWIH PSEHMRK MX WLEPP FI TIVQMXXIH XS YWI XLI TVSZMWMSRW SJ EWETTPMGEFPI {;LIRHIWMKRMRKEGSRRIGXMSRYWMRKQEXI VMEPW[MXLHMJJIVIRXWXVYGXYVEPTVSTIVXMIWXLIMVVIPEXMZIWXMJJ RIWWIWWXVIRKXLWERHHYGXMPMXMIWWLEPPFIGSRWMHIVIH {&IEVMRKJSVTVIGEWXJPSSVERHVSSJQIQFIVW SRWMQTPIWYTTSVXWWLEPPWEXMWJ]XLIJSPPS[MRK
6 { :EVMSYW GSQTSRIRXW MR E GSRRIGXMSR JSV I\EQTPI FSPXW [IPHW TPEXIW MRWIVXW IXG LEZI HMJJIVIRX TVSTIVXMIWXLEXGEREJJIGXXLISZIVEPPFILEZMSVSJXLIGSRRIGXMSR
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6 { ;LIR XIRWMPIJSVGIW SGGYVMR XLITPERI SJ XLI FIEVMRK MX QE] FI HIWMVEFPI XS VIHYGI XLI EPPS[EFPI FIEVMRKWXVIWWTVSZMHIGSRJMRIQIRXVIMRJSVGIQIRXSVFSXL +YMHIPMRIWEVITVSZMHIHMR6IJIVIRGI
{ 9RPIWW WLS[R F] XIWX SV EREP]WMW XLEX TIVJSVQERGI[MPPRSXFIMQTEMVIH E ERH F WLEPPFIQIX
6 {8LMWWIGXMSRHMJJIVIRXMEXIWFIX[IIRFIEVMRK PIRKXLERHPIRKXLSJXLIIRHSJETVIGEWXQIQFIVSZIVXLI WYTTSVX *MK6 &IEVMRKTEHWHMWXVMFYXIGSRGIRXVEXIH PSEHWERHVIEGXMSRWSZIVXLIFIEVMRKEVIEERHEPPS[PMQMXIH LSVM^SRXEP ERH VSXEXMSREP QSZIQIRXW JSV WXVIWW VIPMIJ 8S TVIZIRXWTEPPMRKYRHIVLIEZMP]PSEHIHFIEVMRKEVIEWFIEVMRK TEHWWLSYPHRSXI\XIRHXSXLIIHKISJXLIWYTTSVXYRPIWWXLI IHKIMWEVQSVIH)HKIWGERFIEVQSVIH[MXLERGLSVIHWXIIP TPEXIW SV ERKPIW 7IGXMSR KMZIW VIUYMVIQIRXW JSV FIEVMRKSRFVEGOIXWSVGSVFIPW
E )EGL QIQFIV ERH MXW WYTTSVXMRK W]WXIQ WLEPP LEZIHIWMKRHMQIRWMSRWWIPIGXIHWSXLEXEJXIVGSR WMHIVEXMSRSJXSPIVERGIWXLIHMWXERGIJVSQXLIIHKI SJXLIWYTTSVXXSXLIIRHSJXLITVIGEWXQIQFIVMR XLIHMVIGXMSRSJXLIWTERMWEXPIEWX SJXLIGPIEV WTER PFYXRSXPIWWXLER *SVWSPMHSVLSPPS[GSVIWPEFW MR *SVFIEQWSVWXIQQIHQIQFIVW MR F &IEVMRK TEHW EX YREVQSVIH IHKIW WLEPP FI WIX FEGOEQMRMQYQSJMRJVSQXLIJEGISJXLIWYTTSVX SVEXPIEWXXLIGLEQJIVHMQIRWMSREXGLEQJIVIHIHKIW { 8LI VIUYMVIQIRXW SJ WLEPP RSX ETTP] XS XLI TSWMXMZI FIRHMRK QSQIRX VIMRJSVGIQIRX JSV WXEXMGEPP] HIXIVQMREXI TVIGEWX QIQFIVW FYX EX PIEWX SRIXLMVH SJ WYGL VIMRJSVGIQIRX WLEPP I\XIRH XS XLI GIRXIV SJ XLI FIEVMRK PIRKXL XEOMRK MRXS EGGSYRX TIVQMXXIHXSPIVERGIWMRERH
6 { -X MW YRRIGIWWEV] XS HIZIPST TSWMXMZI FIRHMRK QSQIRX VIMRJSVGIQIRX FI]SRH XLI IRHW SJ XLI TVIGEWX IPIQIRX MJ XLI W]WXIQ MW WXEXMGEPP] HIXIVQMREXI 8SPIVERGIWRIIHXSFIGSRWMHIVIHXSEZSMHFIEVMRKSRTPEMR GSRGVIXI[LIVIVIMRJSVGIQIRXLEWFIIRHMWGSRXMRYIH
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+VSYTWSJQSRSWXVERHXIRHSRW[MXLMRHMZMHYEPQSRSWXVERH ERGLSVEKI HIZMGIW EVI SJXIR YWIH MR FIEQW ERH KMVHIVW %RGLSVEKIHIZMGIWGERFIXVIEXIHEWGPSWIP]WTEGIHMJXLIMV GIRXIVXSGIRXIVWTEGMRKHSIWRSXI\GIIHXMQIWXLI[MHXL SJ XLI ERGLSVEKI HIZMGI MR XLI HMVIGXMSR GSRWMHIVIH -J E FIEQ SV KMVHIV LEW E WMRKPI ERGLSVEKI HIZMGI SV E WMRKPI KVSYT SJ GPSWIP] WTEGIH ERGLSVEKI HIZMGIW XLI YWI SJ WMQTPMJMIH IUYEXMSRW WYGL EW XLSWI KMZIR MR 6 MW EPPS[IH YRPIWW KSZIVRW 1SVI GSQTPI\ GSRHM XMSRW GER FI HIWMKRIH YWMRK WXVYXERHXMI QSHIPW (IXEMPIH VIGSQQIRHEXMSRWJSVYWISJWYGLQSHIPWEVIKMZIRMR6IJIV IRGIW ERH EW[IPPEWMR6
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6 {(IWMKRSJERGLSVEKI^SRIWJSVQYPXM WXVERHXIRHSRW
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6 {0SGEP^SRIHIWMKR
&EWMG QYPXMWXVERH ERGLSVEKI HIZMGIW ERH PSGEP ^SRI VIMRJSVGIQIRXWLEPPQIIXXLIVIUYMVIQIRXWSJ%%7,83 w7XERHEVH7TIGMJMGEXMSRJSV,MKL[E]&VMHKIWx(MZMWMSR- %VXMGPIW XLVSYKL
7II 6
7TIGMEP ERGLSVEKI HIZMGIW WLEPP WEXMWJ] XLI XIWXW VIUYMVIH MR %%7,83 w7XERHEVH 7TIGMJMGEXMSR JSV ,MKL[E] &VMHKIWx (MZMWMSR - %VXMGPI ERH HIWGVMFIH MR %%7,83 w7XERHEVH 7TIGMJMGEXMSR JSV ,MKL[E]&VMHKIWx(MZMWMSR--%VXMGPI {9WISJWTIGMEPERGLSVEKIHIZMGIW
6 {9WISJWTIGMEPERGLSVEKIHIZMGIW
;LIVI WTIGMEP ERGLSVEKI HIZMGIW EVI XS FI YWIH WYTTPIQIRXEPWOMRVIMRJSVGIQIRXWLEPPFIJYVRMWLIHMR XLI GSVVIWTSRHMRK VIKMSRW SJ XLI ERGLSVEKI ^SRI MR EHHMXMSRXSXLIGSRJMRMRKVIMRJSVGIQIRXWTIGMJMIHJSVXLI ERGLSVEKIHIZMGI8LMWWYTTPIQIRXEPVIMRJSVGIQIRXWLEPP FI WMQMPEV MR GSRJMKYVEXMSR ERH EX PIEWX IUYMZEPIRX MR ZSPYQIXVMG VEXMS XS ER] WYTTPIQIRXEV] WOMR VIMRJSVGI QIRX YWIH MR XLI UYEPMJ]MRK EGGITXERGI XIWXW SJ XLI ERGLSVEKIHIZMGI
7OMR VIMRJSVGIQIRX MW VIMRJSVGIQIRX TPEGIH RIEV XLI SYXIV JEGIWMRXLIERGLSVEKI^SRIXSPMQMXPSGEPGVEGO[MHXLERH WTEGMRK6IMRJSVGIQIRXMRXLIKIRIVEP^SRIJSVSXLIVEGXMSRW JPI\YVIWLIEVWLVMROEKIXIQTIVEXYVIERHWMQMPEV QE]FI YWIH MR WEXMWJ]MRK XLI WYTTPIQIRXEV] WOMR VIMRJSVGIQIRX VIUYMVIQIRX(IXIVQMREXMSRSJXLIWYTTPIQIRXEV]WOMRVIMR JSVGIQIRXHITIRHWSRXLIERGLSVEKIHIZMGILEVH[EVIYWIH ERH JVIUYIRXP] GERRSX FI HIXIVQMRIH YRXMP XLI WLST HVE[MRKWXEKI
{+IRIVEP^SRIHIWMKR (IWMKRJSVKIRIVEP^SRIWJSVQYPXMWXVERHXIRHSRWWLEPP QIIXXLIVIUYMVIQIRXWSJ XLVSYKL
{'SVVSWMSRTVSXIGXMSRJSVYRFSRHIH WMRKPIWXVERHTVIWXVIWWMRKXIRHSRW
6 {'SVVSWMSRTVSXIGXMSRJSVYRFSRHIH WMRKPIWXVERHTVIWXVIWWMRKXIRHSRW
{ 9RFSRHIH TVIWXVIWWMRK WXIIP WLEPP FI GSQTPIXIP]IRGEWIH[MXL WLIEXLMRK 8LI TVIWXVIWWMRK WXIIPWLEPP FIGSQTPIXIP] GSEXIH ERH WLIEXLMRK EVSYRH XLI TVIWXVIWWMRK WXIIP JMPPIH [MXL WYMXEFPI QEXIVMEP XS MRLMFMXGSVVSWMSR
6 { *SV [EPPW SJ RSRGMVGYPEV PMUYMH GSRXEMRQIRX WXVYGXYVIWYWMRKYRFSRHIHXIRHSRWGSRWMHIVEXMSRWLSYPHFI KMZIRXSMRGVIEWMRKXLIQMRMQYQVIMRJSVGIQIRXVIUYMVIQIRX SJ ERH 8LI EHHMXMSREP VIMRJSVGIQIRX MW VIGSQ QIRHIHXSGSRXVSPGVEGOMRKEXWIVZMGIPIZIPWERHVIHYGIXLI TSXIRXMEP JSV E WYHHIR RSRHYGXMPI JEMPYVI HYI XS PSWW SJ TVIWXVIWW 7YMXEFPI QEXIVMEP JSV GSVVSWMSR TVSXIGXMSR SJ YRFSRHIHTVIWXVIWWMRKWXIIPWLSYPHLEZIXLITVSTIVXMIWMHIR XMJMIHMR7IGXMSRSJ6IJIVIRGI
{7LIEXLMRKWLEPPFIPMUYMHXMKLXERHGSRXMRYSYW SZIV IRXMVI PIRKXL XS FI YRFSRHIH ERH WLEPP TVIZIRX MRXVYWMSRSJGIQIRXTEWXISVPSWWSJGSEXMRKQEXIVMEPW HYVMRKGSRGVIXITPEGIQIRX
6 {8]TMGEPP]WLIEXLMRKMWEGSRXMRYSYWWIEQPIWW LMKLHIRWMX] TSP]XL]PIRI QEXIVMEP XLEX MW I\XVYHIH HMVIGXP] SRXSXLIGSEXIHTVIWXVIWWMRKWXIIP
{ 8LI WLIEXLMRK WLEPP FI GSRRIGXIH XS EPP WXVIWWMRK MRXIVQIHMEXI ERH JM\IH ERGLSVEKIW MR E
6 { % PMUYMHXMKLX GSRRIGXMSR QE] FI EGLMIZIH IMXLIV F] YWMRK WTIGMEP GSRRIGXSV TMIGIW [LMGL TVSZMHI E
%W ER EHHMXMSREP EMH JSV MRTPEGI JMIPH MRWTIGXMSR SJ YRFSRHIHXIRHSRWMXMWVIGSQQIRHIHXLEXXLIGSPSVSJXLI I\XVYHIHWLIEXLMRKFIWMKRMJMGERXP]HMJJIVIRXJVSQXLIGSPSV SJ XLI GSVVSWMSR TVSXIGXMZI KVIEWI 8LMW [MPP QEOI ZMWYEP MRWTIGXMSR SJ XLI WLIEXLMRK JSV HEQEKIH EVIEW IEWMIV FIGEYWIXLIKVIEWII\XVYHIHJVSQEXIEVMRXLIWLIEXLMRK[MPP FITPEMRP]IZMHIRXSRXLIGSRXVEWXMRKGSPSVSJXLIWLIEXL
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PMUYMHXMKLX GSRRIGXMSR XS XLI ERGLSV EX SRI IRH ERH XLI WLIEXLMRK EX XLI SXLIV IRH SV F] SXLIV QIERW QIIXMRKXLI PMUYMHXMKLXRIWW XIWX TIVJSVQERGI GVMXIVME ERH TVSZIR XS QEMRXEMRPMUYMHXMKLXRIWWYRHIVJMIPHGSRHMXMSRW8LITWM TVIWWYVIGSVVIWTSRHWXSETTVS\MQEXIP]EJXLIEHSJ[EXIV 1SVI VIWXVMGXMZI VIUYMVIQIRXW JSV PMUYMHXMKLXRIWW QE] FI WTIGMJMIH JSV WTIGMEP ETTPMGEXMSRW [LIVI E LMKL L]HVSWXEXMG TVIWWYVIMWERXMGMTEXIH
{ 9RFSRHIH WMRKPIWXVERH XIRHSRW WLEPP FI TVSXIGXIH EKEMRWX GSVVSWMSR MR EGGSVHERGI [MXL XLI wEKKVIWWMZI IRZMVSRQIRXx TVSZMWMSRW SJ %'- w7TIGMJMGEXMSR JSV 9RFSRHIH 7MRKPI 7XVERH 8IRHSRW ERH'SQQIRXEV]xI\GITXEWRSXIHEFSZI
6 {-RXLIGSHIGSVVSWMSRTVSXIGXMSRVIUYMVI QIRXW JSV YRFSRHIH WMRKPI WXVERH XIRHSRW [IVI EHHIH MR EGGSVHERGI[MXLXLI4SWX8IRWMSRMRK-RWXMXYXIvWw7TIGMJMGE XMSR JSV 9RFSRHIH 7MRKPI 7XVERH 8IRHSRWx -R XLI GSHI XLI VIJIVIRGI GLERKIH XS %'- 8LEX WTIGMJMGE XMSR MRGPYHIH EHHMXMSREP GSVVSWMSRTVSXIGXMZI QIEWYVIW JSV WMRKPIWXVERHXIRHSRWYWIHMREKKVIWWMZIIRZMVSRQIRXW8LI EHHMXMSREPTVSZMWMSRSRJMPPMRKSJZSMHWMRXLIIRHERGLSVEKI EVIEMWXSTVIZIRXXLITSWWMFPIEGGYQYPEXMSRSJ[EXIVERHXLI EWWSGMEXIHGSVVSWMSRMRXLIERGLSVEKIEVIE
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6 {4SWXXIRWMSRMRKHYGXW
{(YGXWJSVKVSYXIHXIRHSRWWLEPPFIQSVXEV XMKLXERHRSRVIEGXMZI[MXLGSRGVIXITVIWXVIWWMRKWXIIP KVSYXERHGSVVSWMSRMRLMFMXSV {(YGXWJSVKVSYXIHWMRKPI[MVIWMRKPIWXVERH SVWMRKPIFEVXIRHSRWWLEPPLEZIERMRWMHIHMEQIXIVEX PIEWXMRPEVKIVXLERXLITVIWXVIWWMRKWXIIPHMEQIXIV { (YGXW JSV KVSYXIH QYPXMTPI [MVI QYPXMTPI WXVERH SV QYPXMTPI FEV XIRHSRW WLEPP LEZI ER MRWMHI GVSWWWIGXMSREP EVIE EX PIEWX X[S XMQIW EVIE SJ XLI TVIWXVIWWMRKWXIIP { (YGXW WLEPP FI QEMRXEMRIH JVII SJ PMUYMH MJ QIQFIVWXS FIKVSYXIHEVII\TSWIH XS XIQTIVEXYVIW FIPS[JVII^MRKTVMSVXSKVSYXMRK
6 { 0MUYMH MR HYGXW QE] GEYWI HMWXVIWW XS XLI WYVVSYRHMRK GSRGVIXI YTSR JVII^MRK ;LIR WXVERHW EVI TVIWIRXPMUYMHMRHYGXWWLSYPHEPWSFIEZSMHIH%GSVVSWMSR MRLMFMXSV WLSYPH FI YWIH XS TVSZMHI XIQTSVEV] GSVVSWMSR TVSXIGXMSR MJ TVIWXVIWWMRK WXIIP MW I\TSWIH XS TVSPSRKIH TIVMSHWSJQSMWXYVIMRXLIHYGXWFIJSVIKVSYXMRK
{+VSYXJSVFSRHIHXIRHSRW
6 {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wTSVXPERH GIQIRXx MR ERH w[EXIVGIQIRX VEXMSx MR EVIVIXEMRIHMRXLIGSHI
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6 {)TS\]KVSYXLEWFIIRYWIHMRPMQMXIHETTPMGE XMSRW 'EYXMSR MW VIGSQQIRHIH MR MXW WIPIGXMSR ERH YWI 4VSTIVXMIW SJ XLI QEXIVMEP WLSYPH FI VIZMI[IH MRGPYHMRK HMJJIVIRGIWMRXLIGSIJJMGMIRXSJXLIVQEPI\TERWMSRERHLIEX KIRIVEXMSR
{ 1EXIVMEPW JSV KVSYX WLEPP GSRJSVQ XS XLVSYKL
6 {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6 {7IPIGXMSRSJKVSYXTVSTSVXMSRW
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+VSYXTVSTSVXMSRIHMREGGSVHERGI[MXLXLIWITVSZMWMSRW[MPP KIRIVEPP]PIEHXSHE]GSQTVIWWMZIWXVIRKXLSRWXERHEVH MR GYFIW MR I\GIWW SJ TWM ERH HE] WXVIRKXLW SJ EFSYX TWM 8LI LERHPMRK ERH TPEGMRK TVSTIVXMIW SJ KVSYX EVI YWYEPP] KMZIR QSVI GSRWMHIVEXMSR XLER WXVIRKXL [LIRHIWMKRMRKKVSYXQM\XYVIW
E 6IWYPXW SJ XIWXW SR JVIWL ERH LEVHIRIH KVSYX TVMSVXSFIKMRRMRKKVSYXMRKSTIVEXMSRW SV F 4VMSVHSGYQIRXIHI\TIVMIRGI[MXLWMQMPEVQEXIVMEPW ERHIUYMTQIRXERHYRHIVGSQTEVEFPIJMIPHGSRHMXMSRW { 'IQIRX YWIH MR XLI [SVO WLEPP GSVVI WTSRH XS XLEX SR[LMGL WIPIGXMSRSJ KVSYX TVSTSVXMSRW [EWFEWIH { ;EXIV GSRXIRX WLEPP FI QMRMQYQ RIGIWWEV] JSV TVSTIV TYQTMRK SJ KVSYX LS[IZIV [EXIVGIQIRXVEXMSWLEPPRSXI\GIIHF][IMKLX { ;EXIV WLEPP RSX FI EHHIH XS MRGVIEWI KVSYX JPS[EFMPMX] XLEX LEW FIIR HIGVIEWIH F] HIPE]IH YWISJKVSYX { )TS\] KVSYX WLEPP LEZI HIQSRWXVEXIH F]XIWXWSVI\TIVMIRGIXSI\LMFMXEGGITXEFPITYQTEFMPMX] ERHPS[I\SXLIVQMGTVSTIVXMIWGSRWMHIVMRKXLIKISQIXVMG GSRJMKYVEXMSRSJXLITVIWXVIWWMRKWXIIPERHHYGX {1M\MRKERHTYQTMRKKVSYX
6 {1M\MRKERHTYQTMRKKVSYX
{ +VSYX WLEPP FI QM\IH MR IUYMTQIRX GETEFPI SJ GSRXMRYSYW QIGLERMGEP QM\MRK ERH EKMXE XMSRXLEX[MPPTVSHYGIYRMJSVQHMWXVMFYXMSRSJQEXIVMEPW TEWWIH XLVSYKL WGVIIRW ERH TYQTIH MR E QERRIV XLEX[MPPGSQTPIXIP]JMPPXIRHSRHYGXW
-R ER EQFMIRX XIQTIVEXYVI SJ * KVSYX [MXL ER MRMXMEP QMRMQYQXIQTIVEXYVISJ*QE]VIUYMVIEWQYGLEWHE]W XSVIEGL TWM%QMRMQYQKVSYXXIQTIVEXYVISJ*MW WYKKIWXIH FIGEYWI MX MW GSRWMWXIRX [MXL XLI VIGSQQIRHIH QMRMQYQ XIQTIVEXYVI JSV GSRGVIXI TPEGIH EX ER EQFMIRX
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XIQTIVEXYVISJ*5YMGOWIXKVSYXW[LIRETTVSZIHQE] VIUYMVIWLSVXIVTIVMSHWSJTVSXIGXMSRERHXLIVIGSQQIRHE XMSRWSJXLIWYTTPMIVWWLSYPHFIJSPPS[IH8IWXGYFIWWLSYPH FI GYVIH YRHIV XIQTIVEXYVI ERH QSMWXYVI GSRHMXMSRW EW GPSWIEWTSWWMFPIXSXLSWISJXLIKVSYXMRXLIQIQFIV+VSYX XIQTIVEXYVIWMR I\GIWW SJ * [MPP PIEHXS HMJJMGYPXMIWMR TYQTMRK
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6 {%TTPMGEXMSRERHQIEWYVIQIRXSJ TVIWXVIWWMRKJSVGI
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6 { )PSRKEXMSR QIEWYVIQIRXW JSV TVIWXVIWWIH IPIQIRXW WLSYPH FI MR EGGSVHERGI [MXL XLI TVSGIHYVIW SYXPMRIHMRXLIw1ERYEPJSV5YEPMX]'SRXVSPJSV4PERXWERH 4VSHYGXMSR SJ 4VIGEWX ERH 4VIWXVIWWIH 'SRGVIXI 4VSHYGXWx TYFPMWLIHF]XLI4VIGEWX4VIWXVIWWIH'SRGVIXI-RWXMXYXI
E 1IEWYVIQIRX SJ XIRHSR IPSRKEXMSR 6IUYMVIH IPSRKEXMSR WLEPP FI HIXIVQMRIH JVSQ EZIVEKI PSEH IPSRKEXMSRGYVZIWJSVXLITVIWXVIWWMRKWXIIPYWIH F 3FWIVZEXMSRSJNEGOMRKJSVGISREGEPMFVEXIHKEKI SVPSEHGIPPSVF]YWISJEGEPMFVEXIHH]REQSQIXIV 'EYWI SJ ER] HMJJIVIRGI MR JSVGI HIXIVQMREXMSR FIX[IIR E ERH F XLEXI\GIIHWTIVGIRXJSVTVIXIR WMSRIH IPIQIRXW SV TIVGIRX JSV TSWXXIRWMSRIH GSRWXVYGXMSRWLEPPFIEWGIVXEMRIHERHGSVVIGXIH
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
{;LIVIXVERWJIV SJJSVGIJVSQFYPOLIEHW SJ TVIXIRWMSRMRK FIH XS GSRGVIXI MW EGGSQTPMWLIH F] JPEQI GYXXMRK TVIWXVIWWMRK WXIIP GYXXMRK TSMRXW ERH GYXXMRK WIUYIRGI WLEPP FI TVIHIXIVQMRIH XS EZSMH YRHIWMVIHXIQTSVEV]WXVIWWIW { 0SRK PIRKXLW SJ I\TSWIH TVIXIRWMSRIH WXVERHWLEPPFIGYXRIEVXLIQIQFIVXSQMRMQM^IWLSGO XSGSRGVIXI { 8SXEP PSWW SJ TVIWXVIWW HYI XS YRVITPEGIH FVSOIRTVIWXVIWWMRKWXIIPWLEPPRSXI\GIIHTIVGIRXSJ XSXEPTVIWXVIWW
6 { 8LMW TVSZMWMSR ETTPMIW XS EPP TVIWXVIWWIH GSRGVIXI QIQFIVW *SV GEWXMRTPEGI TSWXXIRWMSRIH WPEF W]WXIQWE wQIQFIVxWLSYPH FIXLEX TSVXMSRGSRWMHIVIHEW ERIPIQIRXMRXLIHIWMKRWYGLEWXLINSMWXERHIJJIGXMZIWPEF [MHXL MR SRI[E] NSMWX W]WXIQW SV XLI GSPYQR WXVMT SV QMHHPIWXVMTMRX[S[E]JPEXTPEXIW]WXIQW
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! PSEHFIEVMRKPIRKXLSJERGLSV JSVWLIEVRSX XSI\GIIH HS MR%TTIRHM\( ! LIJJSVERGLSVW[MXLEGSRWXERXWXMJJRIWWSZIV XLIJYPPPIRKXLSJXLIIQFIHHIHWIGXMSRWYGL EW LIEHIH WXYHW SV TSWXMRWXEPPIH ERGLSVW [MXL SRI XYFYPEV WLIPP SZIV XLIJYPPPIRKXLSJ XLIIQFIHQIRXHITXL%TTIRHM\( ! HS JSVXSVUYIGSRXVSPPIHI\TERWMSRERGLSVW [MXL E HMWXERGI WPIIZI WITEVEXIH JVSQ XLI I\TERWMSRWPIIZI%TTIRHM\(
PE
! EHHMXMSREP IQFIHQIRX PIRKXL EX WYTTSVX SV EXTSMRXSJMRJPIGXMSRMR'LETXIV
PG
! PIRKXLSJEGSQTVIWWMSRQIQFIVMREJVEQI QIEWYVIHJVSQGIRXIVXSGIRXIVSJXLINSMRXW MRXLIJVEQI'LETXIV
PG
! ZIVXMGEP HMWXERGI FIX[IIR WYTTSVXW MR 'LETXIV
PH
! HIZIPSTQIRXPIRKXLMR'LETXIVWERH
PH
! HIZIPSTQIRX PIRKXL SJ HIJSVQIH FEVW SV HIJSVQIH[MVIMRXIRWMSRMR'LETXIV ! PHF »ETTPMGEFPIQSHMJMGEXMSRJEGXSVW
PH
! HIZIPSTQIRX PIRKXL JSV E WXVEMKLX FEV 'LETXIV
PH
! VIUYMVIH HIZIPSTQIRX PIRKXL JSV WXVEMKLX FEV IQFIHHIH MR GSRJMRIH GSRGVIXI 7IGXMSR 'LETXIV
PHG
! HIZIPSTQIRX PIRKXL SJ HIJSVQIH FEVW SV HIJSVQIH[MVIMRGSQTVIWWMSRMR'LETXIV
PHG
! PIRKXL SJ FEV IQFIHHIH MR GSRJMRIH GSRGVIXI 'LETXIV
PHL
! HIZIPSTQIRX PIRKXL SJ WXERHEVH LSSO MR XIRWMSR QIEWYVIH JVSQ GVMXMGEP WIGXMSR XS SYXWMHI IRH SJ LSSO WXVEMKLX IQFIHQIRX PIRKXL FIX[IIR GVMXMGEP WIGXMSR ERH WXEVX SJ LSSO?TSMRXSJXERKIRG]ATPYWVEHMYWSJFIRH ERHSRIFEVHMEQIXIV MR'LETXIV
PHL PHQ
! VIUYMVIHHIZIPSTQIRXPIRKXLMJFEVMWRSXIRXMVIP] IQFIHHIHMRGSRJMRIHGSRGVIXI'LETXIV
PLF
! FEWMG HIZIPSTQIRX PIRKXL SJ WXERHEVH LSSO MRXIRWMSRMR'LETXIV
)2:-6321)28%07869'896)7'3()'311)28%6=
WYGLIJJIGXWWLEPP FIMRGPYHIH [MXLXLIPMZIPSEH 0 %TTIRHM\' 0V
! VSSJ PMZI PSEH SV VIPEXIH MRXIVREP QSQIRXW ERHJSVGIW'LETXIV
0V
! VSSJPMZIPSEHW%TTIRHM\'
08
! PIRKXL SJ E VIGXERKYPEV XERO MRWMHI HMQIR WMSR TEVEPPIPXSXLIHIWMKRIEVXLUYEOIHMVIG XMSRFIMRKIZEPYEXIHJX'LETXIV
1
! QE\MQYQYRJEGXSVIHQSQIRXHYIXSWIVZMGI PSEHWMRGPYHMRK4 IJJIGXWMRPF 'LETXIV
1RW
! YRQEKRMJMIH RSRW[E] QSQIRX EX IEGL IRH SJ IEGLGSPYQR'LETXIV
1S
! XSXEPJEGXSVIHWXEXMGQSQIRXMRPF 'LETXIV
1T
! VIUYMVIH TPEWXMG QSQIRX WXVIRKXL SJ WLIEV LIEHGVSWWWIGXMSRMRPF 'LETXIV
1TV
! TVSFEFPI JPI\YVEP QSQIRX WXVIRKXL SJ QIQFIVW [MXL SV [MXLSYX E\MEP PSEH HIXIV QMRIHYWMRKXLITVSTIVXMIWSJXLIQIQFIVEX XLINSMRXJEGIWEWWYQMRKEXIRWMPIWXVIRKXLMR XLIPSRKMXYHMREPFEVWSJEXPIEWXJ] ERHE
WXVIRKXLVIHYGXMSRJEGXSV SJMRPF 'LETXIV
1
! HIWMKRQSQIRXMRPF %TTIRHM\-
1W
1E
! QE\MQYQ QSQIRX MR QIQFIV EX WXEKI HIJPIGXMSRMWGSQTYXIHMRPF 'LETXIV ERH
! QSQIRX HYI XS PSEHW GEYWMRK ETTVIGMEFPI [E]MRPF'LETXIV
1W
! JEGXSVIH QSQIRX XS FI YWIH JSV HIWMKR SJ GSQTVIWWMSRQIQFIVMRPF 'LETXIV
! TSVXMSR SJ PEF QSQIRX FEPERGIH F] WYTTSVX QSQIRXMRPF'LETXIV
1WE
! QE\MQYQYRJEGXSVIHETTPMIHQSQIRXHYIXS WIVZMGI PSEHW RSX MRGPYHMRK 4 IJJIGXW MRPF 'LETXIV
1Y
! VIUYMVIHQSQIRXWXVIRKXL'LETXIV
1Y
! JEGXSVIH QSQIRXEXWIGXMSR MRPF 'LETXIVW ERH
1Y
! JEGXSVIH QSQIRX EX WIGXMSR MRGPYHMRK 4 IJJIGXWMRPF 'LETXIV
1G 1G
! QSQIRX EX XLI JEGI SJ XLI NSMRX GSVVI WTSRHMRK XS XLI RSQMREP JPI\YVEP WXVIRKXL SJ XLIGSPYQRJVEQMRKMRXSXLEXNSMRXGEPGYPEXIH JSV XLI JEGXSVIH E\MEP JSVGI GSRWMWXIRX [MXL XLIHMVIGXMSRSJXLIPEXIVEPJSVGIWGSRWMHIVIH VIWYPXMRKMRXLIPS[IWXJPI\YVEPWXVIRKXLMRPF 7II 'LETXIV
1GV
! GVEGOMRKQSQIRXMRPF7II 'LETXIV
1GV
! QSQIRX GEYWMRKJPI\YVEPGVEGOMRK EX WIGXMSR HYI XS I\XIVREPP] ETTPMIH PSEHW MRPF 7II 'LETXIV
1YE
! QSQIRXEXXLIQMHLIMKLXWIGXMSRSJXLI[EPP HYI XSJEGXSVIHPEXIVEP ERH IGGIRXVMGZIVXMGEP PSEHWMRPF 'LETXIV
1GV
! QSQIRXGEYWMRKJPI\YVEPGVEGOMRKHYIXSETTPMIH PEXIVEPERHZIVXMGEPPSEHWMRPF 'LETXIV
1Z
! QSQIRX VIWMWXERGI GSRXVMFYXIH F] WLIEV LIEHVIMRJSVGIQIRXMRPF 'LETXIV
1GX
! XSXEP QSQIRX MRGPYHMRK HIEH PSEH XS GEYWI GVEGOMRKEXI\XVIQIJMFIVMRXIRWMSRMRPF'LETXIV
1
1H
! WIVZMGIHIEHPSEHQSQIRXMRPF 'LETXIV
! WQEPPIVJEGXSVIHIRHQSQIRXSREGSQTVIW WMSR QIQFIV TSWMXMZI MJ QIQFIV MW FIRX MR WMRKPI GYVZEXYVI RIKEXMZI MJ FIRX MR HSYFPI GYVZEXYVIMRPF'LETXIV
1K
! QSQIRX EX XLI JEGI SJ XLI NSMRX GSVVI WTSRHMRK XS XLI RSQMREP JPI\YVEP WXVIRKXL SJ XLI KMVHIV MRGPYHMRK WPEF [LIVI MR XIRWMSR JVEQMRK MRXS XLEX NSMRX MRPF 7II 'LETXIV
1RW ! JEGXSVIH IRH QSQIRX SR E GSQTVIWWMSR QIQFIVEXXLIIRHEX[LMGL1 EGXWHYIXS PSEHW XLEX GEYWI RS ETTVIGMEFPI WMHIW[E] GEPGYPEXIH YWMRK E JMVWXSVHIV IPEWXMG JVEQI EREP]WMWMRPF'LETXIV
1P
! WIVZMGIPMZIPSEHQSQIRX'LETXIV
1W
1Q
! QSHMJMIHQSQIRXMRPF'LETXIV
! JEGXSVIH IRH QSQIRX SR GSQTVIWWMSR QIQFIVEXXLIIRHEX[LMGL1 EGXWHYIXS PSEHWXLEXGEYWIETTVIGMEFPIWMHI[E]GEPGY PEXIH YWMRK E JMVWXSVHIV IPEWXMG JVEQI EREP ]WMWMRPF 'LETXIV ! PEVKIVJEGXSVIHIRHQSQIRXSRGSQTVIWWMSR QIQFIVEP[E]WTSWMXMZIMRPF'LETXIV
1QE\ ! QE\MQYQJEGXSVIHQSQIRXEXWIGXMSRHYIXS I\XIVREPP]ETTPMIHPSEHWMRPF'LETXIV 1R
! RSQMREPQSQIRXWXVIRKXLEXWIGXMSRMRPF 'LETXIV ERH
1
1R
! RSQMREPQSQIRXWXVIRKXL'LETXIVW ERH
1QMR ! QMRMQYQZEPYISJ1MRPF 'LETXIV
1R
! RSQMREP QSQIRX WXVIRKXL EX WIGXMSR MRPF 'LETXIV
1R
! RSQMREPFIEQQSQIRXPIJX'LETXIV
1RW ! JEGXSVIH IRH QSQIRX SR GSQTVIWWMSR QIQFIVEXXLIIRHEX[LMGL1 EGXWHYIXS PSEHW XLEX GEYWI RS ETTVIGMEFPI WMHIW[E] GEPGYPEXIH YWMRK E JMVWXSVHIV IPEWXMG JVEQI EREP]WMWMRPF'LETXIV
1RV
! RSQMREPFIEQQSQIRXVMKLX'LETXIV
1W
! %WJ] HzE
! JEGXSVIH IRH QSQIRX SR GSQTVIWWMSR
1%29%03*'32'6)8)46%'8-')
QIQFIVEXXLIIRHEX[LMGL1 EGXWHYIXS PSEHWXLEXGEYWIETTVIGMEFPIWMHI[E]GEPGY PEXIH YWMRK E JMVWXSVHIV IPEWXMG JVEQI EREP ]WMWMRPF 'LETXIV
SGGYVVMRKWMQYPXERISYWP][MXL:Y SV 8Y XSFI XEOIR EW TSWMXMZI JSV GSQTVIWWMSR RIKEXMZI JSVXIRWMSRERHXSMRGPYHIIJJIGXWSJXIRWMSR HYIXSGVIITERHWLVMROEKIPF 'LETXIV
2
! RYQFIVSJGSRWIGYXMZIWXVIRKXLXIWXW'LETXIV
2Y
! JEGXSVIHXIRWMPIPSEHPF%TTIRHM\(
R
! RYQFIVSJFEVWSV[MVIWFIMRKWTPMGIHSVHIZIP STIHEPSRKXLITPERISJWTPMXXMRK'LETXIV
2YG
R
! QSHYPEVVEXMSSJIPEWXMGMX]FYXRSXPIWWXLER 'LETXIV
! JEGXSVIH XIRWMPI JSVGI ETTPMIH EX XST SJ FVEGOIXSV GSVFIPEGXMRK WMQYPXERISYWP][MXL :Y XS FI XEOIR EW TSWMXMZI JSV XIRWMSR PF 'LETXIV
TGT
! SYXWMHI TIVMQIXIV SJ XLI GSRGVIXI GVSWW WIGXMSRMR7II'LETXIV
TL
! TIVMQIXIV SJ GIRXIVPMRI SJ SYXIVQSWX GPSWIH XVERWZIVWI XSVWMSREP VIMRJSVGIQIRX MR 'LETXIV
! )W)G
4
! HIWMKRE\MEPPSEHW%TTIRHM\-
! RYQFIVSJERGLSVWMREKVSYT%TTIRHM\(
4
! PSEHW JSVGIW ERH IJJIGXW HYI XS TSRHMRK %TTIRHM\'
R R ! RYQFIV SJ XIWXW MR IEGL XIWX VIGSVH VIWTIGXMZIP] 'LETXIV
4G
! GVMXMGEPPSEHPF7II)U 'LETXIV
2
4R
! RSQMREP E\MEP PSEH WXVIRKXL EX KMZIR IGGIR XVMGMX]PF 'LETXIVW ERH
4R
! RSQMREPE\MEPPSEHWXVIRKXL%TTIRHM\-
4RM
! RSQMREPE\MEPPSEHWXVIRKXLEXKMZIRIGGIRXVMGMX] EPSRKFSXLE\IW'LETXIV
4R[
! RSQMREPE\MEPPSEHWXVIRKXLSJ[EPPHIWMKRIH F]XLIIQTMVMGEPQIXLSHPF WII 'LETXIV
! )W)G R
! RYQFIVSJQSRSWXVERHERGLSVEKIHIZMGIWMR EKVSYT'LETXIV
R
! QSHYPEVVEXMSSJIPEWXMGMX]%TTIRHM\-
R
! HIWMKR E\MEP PSEH RSVQEP XS GVSWW WIGXMSR SGGYVVMRKWMQYPXERISYWP][MXL: XSFIXEOIR EW TSWMXMZI JSV GSQTVIWWMSR RIKEXMZI JSV XIRWMSRERHXSMRGPYHIIJJIGXWSJXIRWMSRHYI XSGVIITERHWLVMROEKI%TTIRHM\-
2F
! FEWMGGSRGVIXIFVIEOSYXWXVIRKXLMRXIRWMSRSJ
2G
! XIRWMPI JSVGI MR GSRGVIXI HYI XS YRJEGXSVIH HIEHPSEHTPYWPMZIPSEH ( 0 PF 'LETXIV
4R\
! RSQMREPE\MEPPSEHWXVIRKXLEXKMZIRIGGIRXVMGMX] EPSRK \E\MW'LETXIV
2GF
! RSQMREP GSRGVIXI FVIEOSYX WXVIRKXL MR
4R]
! RSQMREPE\MEPPSEHWXVIRKXLEXKMZIRIGGIRXVMGMX] EPSRK ]E\MW 'LETXIV
4S
! RSQMREP E\MEP PSEH WXVIRKXL EX ^IVS IGGIR XVMGMX]PF 'LETXIVWERH
4W
! YRJEGXSVIH E\MEP PSEH EX XLI HIWMKR QMHLIMKLX WIGXMSR MRGPYHMRK IJJIGXW SJ WIPJ [IMKLXPF 'LETXIV
EWMRKPIERGLSVMRGVEGOIHGSRGVIXIEWHIJMRIH MR (PF%TTIRHM\(
XIRWMSR SJ E WMRKPI ERGLSV EW HIJMRIH MR (PF%TTIRHM\(
2GFK ! RSQMREP GSRGVIXI FVIEOSYX WXVIRKXL MR XIRWMSRSJEKVSYTSJERGLSVWEWHIJMRIHMR (PF%TTIRHM\( 2M
! VIWSPYXMSRSJ:M MRXSE\MEPXIRWMSRJSVGI'LETXIV
2R
! RSQMREPWXVIRKXLMRXIRWMSRPF%TTIRHM\(
4W
2T
! TYPPSYXWXVIRKXLMRXIRWMSRSJEWMRKPIERGLSV MRGVEGOIHGSRGVIXIEWHIJMRIHMR(SV (PF%TTIRHM\(
! TVIWXVIWWMRK XIRHSR JSVGI EX NEGOMRK IRH PF 'LETXIV
4WY
! JEGXSVIHTVIWXVIWWMRKJSVGIEXXLIERGLSVEKI HIZMGIPF'LETXIV
2TR
! RSQMREPTYPPSYXWXVIRKXLMRXIRWMSRSJEWMRKPI ERGLSVEWHIJMRIHMR(PF%TTIRHM\(
4Y
! VIUYMVIHE\MEPPSEHWXVIRKXL'LETXIVW ERH
4Y
2W
! RSQMREPWXVIRKXLSJEWMRKPIERGLSVSVKVSYT SJ ERGLSVW MR XIRWMSR EW KSZIVRIH F] XLI WXIIP WXVIRKXL EW HIJMRIH MR ( SV (PF%TTIRHM\(
! JEGXSVIHE\MEPPSEHEXKMZIRIGGIRXVMGMX] 4R PF 'LETXIV
4Y
! JEGXSVIHE\MEPPSEHPF 'LETXIV
4Y
! JEGXSVIHHIWMKRE\MEPPSEH'LETXIV
! WMHIJEGI FPS[SYX WXVIRKXL SJ E WMRKPI ERGLSVPF%TTIRHM\(
4Y
! JEGXSVIHYRMXHIWMKRTVIWWYVISRHSQIWLIPP PFJX %TTIRHM\+
2WFK ! WMHIJEGI FPS[SYX WXVIRKXL SJ E KVSYT SJ ERGLSVWPF%TTIRHM\(
4\
! TVIWXVIWWMRK XIRHSR JSVGI EX ER] TSMRX \ PF 'LETXIV
2Y
U
! WLIEVJPS['LETXIV
2WF
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! WSMPVIEGXMSRHYIXSJEGXSVIHPSEHMRK'LETXIV
5
! WXEFMPMX] MRHI\ JSV E WXSV] 7II 'LETXIV
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V
! VEHMYW SJ K]VEXMSR SJ GVSWW WIGXMSR SJ E GSQTVIWWMSRQIQFIVMR 'LETXIV
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! WTEGMRK SJ ZIVXMGEP VIMRJSVGIQIRX MR [EPP MR 'LETXIV
VH
! MRWMHIVEHMYWSJHSQIJX%TTIRHM\+
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VM
! EZIVEKIHQE\MQYQVEHMYWSJGYVZEXYVISZIV EHSQIMQTIVJIGXMSREVIE[MXLEHMEQIXIVSJ VH L H JX%TTIRHM\+
! WTEGMRK SJ WLIEV SV XSVWMSR VIMRJSVGIQIRX QIEWYVIH MR E HMVIGXMSR TIVTIRHMGYPEV XS PSRKMXYHMREP VIMRJSVGIQIRX{SV WTEGMRK SJ LSVM^SRXEPVIMRJSVGIQIRXMR[EPPMR'LETXIV
6
! VEMR PSEH SV VIPEXIH MRXIVREP QSQIRXW ERH JSVGIW'LETXIV
7H
! IRZMVSRQIRXEP HYVEFMPMX] JEGXSV 'LETXIVW ERH
6
! VEMRPSEHWI\GITXTSRHMRK%TTIRHM\'
7
! WRS[PSEHSVVIPEXIH MRXIVREP QSQIRXW ERH JSVGIW'LETXIVW ERH
6[
! RYQIVMGEP GSIJJMGMIRX VITVIWIRXMRK XLI GSQFMRIH IJJIGX SJ XLI WXVYGXYVIvW HYGXMPMX] IRIVK]HMWWMTEXMRK GETEGMX] ERH WXVYGXYVEP 'LETXIV
7
! WRS[PSEHW%TTIRHM\'
7I
! QSQIRX WLIEV SV E\MEP JSVGI EX GSRRIGXMSR GSVVIWTSRHMRK[MXLHIZIPSTQIRXSJTVSFEFPI WXVIRKXL EX MRXIRHIH ]MIPH PSGEXMSRW FEWIH SR XLI KSZIVRMRK QIGLERMWQ SJ MRIPEWXMG PEXIVEP HIJSVQEXMSR GSRWMHIVMRK FSXL KVEZMX] ERHIEVXLUYEOIPSEHIJJIGXW'LETXIV
7R
! RSQMREPJPI\YVEP WLIEV SVE\MEP WXVIRKXL SJ XLIGSRRIGXMSR'LETXIV
7]
! ]MIPHWXVIRKXLSJGSRRIGXMSRFEWIHSRJ] JSV QSQIRXWLIEVSVE\MEPJSVGI'LETXIV
X
! XLMGORIWW SJ E [EPP SJ E LSPPS[ WIGXMSR MR 'LETXIV
X
! XLMGORIWWSJ[EWLIVSVTPEXIMR%TTIRHM\(
8
! GYQYPEXMZI IJJIGX SJ XIQTIVEXYVI GVIIT WLVMROEKI HMJJIVIRXMEP WIXXPIQIRX ERH WLVMROEKIGSQTIRWEXMRKGSRGVIXI'LETXIV
8
! XSVWMSREPQSQIRXSREQIQFIV'LETXIV
8
! WIPJWXVEMRMRK JSVGIW ERH IJJIGXW EVMWMRK JVSQ GSRXVEGXMSRSVI\TERWMSRVIWYPXMRKJVSQXIQTIVEXYVI GLERKIW WLVMROEKI QSMWXYVI GLERKIW GVIIT MR GSQTSRIRXQEXIVMEPWQSZIQIRXHYIXSHMJJIVIRXMEP WIXXPIQIRXSVGSQFMREXMSRWXLIVISJ%TTIRHM\'
8GV
! XSVUYI SV XSVWMSR SR E QIQFIV GEYWMRK JMVWX GVEGO 'LETXIV
8R
! RSQMREPXSVWMSREPQSQIRXWXVIRKXLMRPF 'LETXIV
8Y
! JEGXSVIH XSVWMSREP QSQIRX EX WIGXMSR MRPF 'LETXIV
9
! WIVZMGIPSEHFSRHWXVIWWTWM'LETXIV
9
! VIUYMVIH WXVIRKXL XS VIWMWX JEGXSVIH PSEHWSV VIPEXIH MRXIVREPQSQIRXWERH JSVGIW 'LET XIVW ERH
9
! JEGXSVIHGSRGIRXVMGPSEHSRJSSXMRK'LETXIV
Z
! HIWMKRWLIEVWXVIWW%TTIRHM\-
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! WLIEVWXVIWWTVSZMHIHF]XLIGSRGVIXIEXEWIGXMSR TWM 'LETXIV
W
! WXERHEVHHIZMEXMSRTWM'LETXIV
W
! WXEXMWXMGEP EZIVEKI WXERHEVH HIZMEXMSR [LIVI X[S XIWX VIGSVHW EVI YWIH XS IWXMQEXI XLI WXERHEVH HIZMEXMSR'LETXIV
W
! GIRXIVXSGIRXIV WTEGMRK SJ XLI HIJSVQIH FEVWMR 'LETXIV
W
! WTEGMRK SJ WLIEV SV XSVWMSR VIMRJSVGIQIRX QIEWYVIH MR E HMVIGXMSR TEVEPPIP XS PSRKMXY HMREPVIMRJSVGIQIRXMR'LETXIV
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! QE\MQYQ GIRXIVXSGIRXIV WTEGMRK SJ XVERW ZIVWI VIMRJSVGIQIRX [MXLMR H GIRXIVXS GIRXIVMR'LETXIV
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! WTEGMRK SJ XMIW QIEWYVIH EPSRK XLI PSRKMXY HMREPE\MWSJXLIQIQFIVMR'LETXIV
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! GIRXIVXSGIRXIV WTEGMRK SJ JPI\YVEP XIRWMSR WXIIP RIEV XLI I\XVIQI XIRWMSR JEGI MR ;LIVI XLIVIMW SRP]SRI FEVSV XIRHSRRIEV XLI I\XVIQI XIRWMSR JEGI W MW XLI [MHXL SJ I\XVIQIXIRWMSRJEGI'LETXIV
W
W
W
! WTEGMRK SJ XVERWZIVWI VIMRJSVGIQIRX QIEWYVIH EPSRK XLI PSRKMXYHMREP E\MW SJ XLI WXVYGXYVEPQIQFIVMR'LETXIV ! WTEGMRK SJ WLIEV VIMRJSVGIQIRX MR HMVIGXMSR TEVEPPIP XS PSRKMXYHMREP VIMRJSVGIQIRX MR %TTIRHM\! ERGLSV GIRXIVXSGIRXIV %TTIRHM\(
WTEGMRK
QIRX[MXLMRXLIPIRKXLPSMR'LETXIV
MR
WS
! QE\MQYQ WTEGMRK SJ XVERWZIVWI VIMRJSVGI QIRXMR'LETXIV
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W[
! WTEGMRK SJ [MVI XS FI HIZIPSTIH SV WTPMGIH MR 'LETXIV
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! PSRKMXYHMREP WTEGMRK SJ XVERWZIVWI VIMRJSVGI
1%29%03*'32'6)8)46%'8-')
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:W
! RSQMREPWXVIRKXLMRWLIEVSJEWMRKPIERGLSV SVKVSYTSJERGLSVWEWKSZIVRIHF]XLIWXIIP WXVIRKXLEWHIJMRIHMR(SV(PF %TTIRHM\(
ZL
! TIVQMWWMFPI LSVM^SRXEP WLIEV WXVIWW TWM %TTIRHM\-
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! RSQMREP WLIEV WXVIWW TWM 7II 'LETXIVWERH
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:Y
! JEGXSVIHLSVM^SRXEPWLIEVMREWXSV]PF 'LETXIV
ZY
! JEGXSVIHWLIEVWXVIWW'LETXIV
:Y
! WLIEV VIUYMVIH XS GEYWI E JPI\YVEP GVEGO EX XLI WIGXMSRMRUYIWXMSR'LETXIV
! JEGXSVIH WLIEV JSVGI EX WIGXMSR PF 'LETXIVW ERH
:
:Y
! JEGXSVIHWLIEVPSEHPF%TTIRHM\(
:
! WIVZMGIPSEHWLIEV'LETXIV
:
! HIWMKRWLIEVJSVGIEXWIGXMSR%TTIRHM\-
:F
! FEWMGGSRGVIXIFVIEOSYXWXVIRKXLMRWLIEVSJ E WMRKPI ERGLSV MR GVEGOIH GSRGVIXI EW HIJMRIHMR(SV(PF%TTIRHM\(
:G
! RSQMREP WLIEV WXVIRKXL TVSZMHIH F] GSRGVIXI 'LETXIVW ERH
:G
! RSQMREP WLIEV WXVIRKXL TVSZMHIH F] GSRGVIXI 7II 'LETXIV
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: : ! VIWSPYXMSRSJWLIEVJPS[MRXSWLIEVJSVGIWSRWMHIW : : SJXYFISVWTEGIXVYWW'LETXIV [
! GVEGO[MHXLMR'LETXIV
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! WIVZMGI PSEH TIV YRMX PIRKXL SV TIV YRMX EVIE %TTIRHM\-
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! JEGXSVIHHIEHPSEHTIVYRMXEVIE'LETXIV
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! HIEHPSEHTIVYRMXPIRKXLSVTIVYRMXEVIE'LETXIV ERH %TTIRHM\-
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6+{;EPPHIWMKR 6+{(IWMKRQIXLSHW 'SIJJMGMIRXW JSVQYPEW ERH SXLIV EMHW JSV HIXIVQMRMRK FIRHMRK QSQIRXW ERH GMVGYQJIVIRXMEP ERH WLIEV JSVGIW FEWIHSRPMRIEVWLIPPEREP]WIWEVIKMZIRMR6IJIVIRGIW+ XLVSYKL +
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E ERH F E 8LIIJJIGXWSJWLVMROEKIIPEWXMGWLSVXIRMRKERH GVIIT SJ XLI GSRGVIXI ERH WLSXGVIXI VIPE\EXMSR SJ TVIWXVIWWIH VIMRJSVGIQIRX ERH XIQTIVEXYVI ERH QSMWXYVIKVEHMIRXW F 8LI NSMRX QSZIQIRXW ERH JSVGIW VIWYPXMRK JVSQ VIWXVEMRX SJ HIJPIGXMSRW VSXEXMSRW ERH HIJSVQEXMSRW XLEX EVI MRHYGIH F] TVIWXVIWWMRK JSVGIW HIWMKR PSEHWERHZSPYQIGLERKIW +{;EPPX]TIW
6+{;EPPX]TIW
+ { ;EPP X]TIW GSZIVIH MR XLMW GLETXIV EVIHIWGVMFIHMR E XLVSYKL H
6+ { 8LIZEWXQENSVMX]SJ[MVIERHWXVERH [VETTIHXEROWYWISRISJXLIWIJSYVFEWMG[EPPX]TIW%HHM XMSREPHIXEMPWSJIEGLX]TIMRGPYHI
E 'EWXMRTPEGIGSRGVIXITVIWXVIWWIHGMVGYQJIVIR XMEPP] [MXL IMXLIV LMKLWXVIRKXL WXIIP [MVI SV WXVERH [SYRHSRXLII\XIVREPWYVJEGISJXLIGSVI[EPPERH TVIWXVIWWIHZIVXMGEPP][MXLKVSYXIHWXIIPXIRHSRW
E 'EWXMRTPEGI GSRGVIXI [EPP XEROW LEZI ZIVXMGEP RSR TVIWXVIWWIHWXIIPVIMRJSVGIQIRXRIEVIEGLJEGIJSVWXVIRKXL ERHGVEGOGSRXVSP'MVGYQJIVIRXMEPTVIWXVIWWMRKMWGSZIVIH [MXL WLSXGVIXI XS TVSZMHI FSRH QIGLERMGEP TVSXIGXMSR ERHGSVVSWMSRTVSXIGXMSR
F 7LSXGVIXI [MXL JYPP LIMKLX ZIVXMGEPP]JPYXIH WXIIP HMETLVEKQ TVIWXVIWWIH GMVGYQJIVIRXMEPP] F] [VET TMRK[MXLLMKLWXVIRKXLWXIIP[MVISVWXVERH
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
G 4VIGEWX GSRGVIXI ZIVXMGEP TERIPW GYVZIH XS XERO VEHMYW LEZMRK E JYPPLIMKLX ZIVXMGEPP]JPYXIH WXIIP HMETLVEKQSRXLII\XIVMSVJEGIERHZIVXMGEPRSRTVI WXVIWWIHWXIIPVIMRJSVGIQIRXRIEVXLIMRXIVMSVJEGI
G -RTVIGEWX[EPPWXLITERIPWEVIGSRRIGXIHXSIEGLSXLIV F] WLIIX WXIIP [MXL XLI NSMRXW FIX[IIR XLI TERIPW FIMRK JMPPIH [MXL LMKLWXVIRKXL QSVXEV SV WLSXGVIXI %HNEGIRX WIGXMSRW SJ HMETLVEKQ FSXL [MXLMR XLI TERIPW ERH FIX[IIRTERIPWEVINSMRIHERHWIEPIHXSJSVQERMQTIVZM SYWQIQFVERI8LIHMETLVEKQMWGSEXIHJMVWX[MXLWLSX GVIXI EJXIV [LMGL XLI GSQTSWMXI [EPP MW TVIWXVIWWIH GMVGYQJIVIRXMEPP] F] [MRHMRK [MXL LMKLWXVIRKXL WXIIP [MVI SV WXVERH 'MVGYQJIVIRXMEP TVIWXVIWWMRK MW GSZIVIH [MXL WLSXGVIXI XS TVSZMHI FSRH QIGLERMGEP TVSXIGXMSR ERHGSVVSWMSRTVSXIGXMSR
H 'EWXMRTPEGIGSRGVIXITVIWXVIWWIHGMVGYQJIVIR XMEPP][MXLIMXLIVLMKLWXVIRKXL[MVISVWXVERH[SYRH SRXLII\XIVREPWYVJEGISJXLIGSVI[EPPERHLEZMRKE JYPPLIMKLXZIVXMGEPP]JPYXIHWXIIPHMETLVEKQRIEVXLI I\XIVMSVJEGIERHZIVXMGEPRSRTVIWXVIWWIHWXIIPVIMR JSVGIQIRXRIEVXLIMRXIVMSVJEGI
H -R GEWXMRTPEGI GSRGVIXI [EPPW YWMRK E WXIIP HME TLVEKQ EHNEGIRX WIGXMSRW SJ XLI HMETLVEKQ EVI NSMRIH ERHWIEPIHXSJSVQERMQTIVZMSYWQIQFVERI8LII\XIVMSV WYVJEGISJXLIHMETLVEKQI\TSWIHEJXIVXLI[EPPMWGEWXMW GSEXIHJMVWX[MXLWLSXGVIXIEJXIV[LMGLXLIGSQTSWMXI[EPP MW TVIWXVIWWIH GMVGYQJIVIRXMEPP] F] [VETTMRK [MXL LMKL WXVIRKXLWXIIP[MVISVWXVERH'MVGYQJIVIRXMEPTVIWXVIWWMRK MW GSZIVIH [MXL WLSXGVIXI XS TVSZMHI FSRH QIGLERMGEP TVSXIGXMSRERHGSVVSWMSRTVSXIGXMSR
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6+{ ;EPPTVSTSVXMSRW )\TIVMIRGI MR [VETTIH TVIWXVIWWIH XERO HIWMKR ERH GSRWXVYGXMSR LEW HIQSRWXVEXIH XLEX XLIWI EVI TVEGXMGEP TVSHYGXMSRPMQMXW
F MR JSV TVIGEWX GSRGVIXI [EPPW [MXL E WXIIP HMETLVEKQ G MRJSVGEWXMRTPEGIGSRGVIXI[EPPW +{'MVGYQJIVIRXMEPTVIWXVIWWMRK + { 8LI XSXEP PSRKXIVQ TVIWXVIWWMRK PSWWIW GEYWIH F] WLVMROEKI GVIIT ERH VIPE\EXMSR MR XLI TVIWXVIWWIH VIMRJSVGIQIRX SJ PMUYMHGSRXEMRMRK [EPPWWLEPPRSXFIEWWYQIHPIWWXLERTWM + { 7TEGMRK SJ TVIWXVIWWIH VIMRJSVGI QIRX QMRMQYQ GPIEV WTEGMRK FIX[IIR [MVIW SV WXVERHWWLEPPFIXMQIWXLI[MVISVWXVERHHMEQIXIV SVMRJSV[MVIWERH MRJSVWXVERHW[LMGLIZIVMW KVIEXIV1E\MQYQGIRXIVXSGIRXIVWTEGMRKWLEPPFI MRJSV[MVIWERHMRJSVWXVERHWI\GITXEWTVSZMHIH JSV[EPPSTIRMRKWMR+
6+{'MVGYQJIVIRXMEPTVIWXVIWWMRK 6+ {0SWWIWQE]FIPEVKIVXLERTWMMR XEROW XLEX EVI RSX MRXIRHIH JSV [EXIV WXSVEKI SV XLEX EVI I\TIGXIHXSVIQEMRIQTX]JSVPSRKTIVMSHWSJXMQI-RWYGL GEWIWMXMWVIGSQQIRHIHXS GEPGYPEXITVIWXVIWWPSWW HYIXS IPEWXMGWLSVXIRMRKGVIITWLVMROEKIERHWXIIPVIPE\EXMSRF] GSRWMHIVMRK TVSTIVXMIW SJ XLI QEXIVMEPW ERH W]WXIQW YWIH XLI WIVZMGI IRZMVSRQIRX XLI PSEH HYVEXMSRW ERHXLI WXVIWW PIZIPWMRXLIGSRGVIXIERHTVIWXVIWWMRKWXIIP6IJIVXS6IJIV IRGIW+ + XLVSYKL +ERH%'- 6+JSVKYMH ERGIMRGEPGYPEXMRKTVIWXVIWWPSWWIW
+ { ;EPP IHKI VIWXVEMRXW ERH SXLIV WIGSRHEV]FIRHMRK
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;EPP IHKI VIWXVEMRXW HMWGSRXMRYMXMIW MR ETTPMGEXMSR SJ TVIWXVIWWMRK ERH IRZMVSRQIRXEP GSRHMXMSRW VIWYPX MR ZIVXMGEPERHGMVGYQJIVIRXMEPFIRHMRKXLEXEJJIGXTIVJSV QERGI'SRWMHIVEXMSRWLEPPFIKMZIRXSGSRHMXMSRW E XLVSYKL I
:EVMSYW NSMRX HIXEMPW LEZI FIIR HIWMKRIH XS QMRMQM^I VIWXVEMRX WXVIWWIW EX XLI PSGEXMSRW QIRXMSRIH MR E 8LIWI MRGPYHINSMRXWXLEXYWIRISTVIRIVYFFIVTEHWERHSXLIVIPEW XSQIVMG QEXIVMEPW GSQFMRIH [MXL JPI\MFPI [EXIVWXSTW XS QMRMQM^I VIWXVEMRX SJ NSMRX XVERWPEXMSR ERH VSXEXMSR *SV PEVKIHMEQIXIV XEROW SV XLSWI PSGEXIH MR EVIEW [MXL LMKL WIMWQMGVMWOMXMWKIRIVEPP]TVIJIVEFPIXSYWIERYRVIWXVEMRIH [EPPNSMRX[MXLEJPI\MFPIWIMWQMGGSRRIGXMSR
E )HKI VIWXVEMRX SJ IPEWXMG HIJSVQEXMSRW HYI XS ETTPMIHPSEHW EX XLI [EPPJPSSV NSMRX ERH EX XLI [EPP VSSJNSMRX F 6IWXVEMRXSJWLVMROEKIERHGVIITSJGSRGVIXI G 7IUYIRGI SJ ETTPMGEXMSR SJ GMVGYQJIVIRXMEP TVI WXVIWWMRK
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6+{(SQIVMRK 'MVGYPEVTVIWXVIWWMRKSJXLIHSQIVMRKMWYWIHXSIPMQMREXI SVGSRXVSPXLIGMVGYQJIVIRXMEPXIRWMSRMRXLIHSQIVMRKERH XLIHSQIIHKIVIKMSR8LIQMRMQYQEVIESJRSRTVIWXVIWWIH
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6+{+IRIVEP 8LITVSZMWMSRWSJ%'-6+ TVSZMHIKYMHERGISRETTPM GEXMSRSJWLSXGVIXI
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6+ { 7SQI XEROW YWI KEPZERM^IH WXIIP HME TLVEKQW 'SRWMHIVEXMSR WLSYPH FI KMZIR XS XLI IJJIGX SR FSRH HYI XS L]HVSKIR GEYWIH F] XLI VIEGXMSR SJ TSVXPERH GIQIRXERH^MRG
E 7XIIPHMETLVEKQWWLEPPQIIXXLIVIUYMVIQIRXWSJ %781% ERHWLEPPLEZIEQMRMQYQXLMGORIWW SJMR F ;LIRKEPZERM^IHHMETLVEKQMWYWIHLSXHMTTIH KEPZERM^IH WLIIX WXIIP WLEPP GSQTP] [MXL %781 % ;IMKLX SJ ^MRG GSEXMRK WLEPP FI RSX PIWW XLER + SJ8EFPISJ%781% 7XIIPHMETLVEKQWLEPPFIGSRXMRYSYWJSVXLIJYPPLIMKLX SJXLI[EPP,SVM^SRXEPWTPMGIWWLEPPRSXFITIVQMXXIH +{'MVGYQJIVIRXMEPTVIWXVIWWIHVIMRJSVGIQIRX
6+{'MVGYQJIVIRXMEPTVIWXVIWWIHVIMRJSVGIQIRX
+ { 'MVGYQJIVIRXMEP TVIWXVIWWIH VIMR JSVGIQIRXWLEPPFI[MVIWSVWXVERHWGSQTP]MRK[MXLXLI JSPPS[MRK%781HIWMKREXMSRW E *MIPH HMIHVE[R [MVI[SYRH W]WXIQW %781 % SV%781% F 3XLIV[MVI[SYRHW]WXIQW %781% %781 % 'PEWWIW---SV--- %781% ERH%781% G 7XVERH[SYRHW]WXIQW %781% + { ;LIR KEPZERM^IH [MVI SV WXVERH MW YWIHJSVTVIWXVIWWIHVIMRJSVGIQIRXXLI[MVISVWXVERH WLEPP LEZI E ^MRG GSEXMRK SJ EX PIEWX SYRGIW TIV WUYEVI JSSX SJ YRGSEXIH [MVI WYVJEGI I\GITX JSV [MVI XLEXMWWXVIWWIHF]HMIHVE[MRK-JHMIHVE[MRKMWYWIH XLIQMRMQYQVIUYMVIHGSEXMRKWLEPPFITIVQMXXIHXSFI VIHYGIHXSSYRGIWTIVWUYEVIJSSXSJ[MVIWYVJEGI EJXIV WXVIWWMRK 8LI GSEXMRK WLEPP QIIX XLI VIUYMVI QIRXWJSV8EFPI'PEWW%GSEXMRKWTIGMJMIHMR%781 % + { 1IGLERMGEP WTPMGIW JSV TVIWXVIWWIH VIMRJSVGIQIRX WLEPP FI JIVVSYW QEXIVMEP ERH WLEPP HIZIPSTXLIWTIGMJMIHXIRWMPIWXVIRKXLSJXLIVIMRJSVGIQIRX
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6+{'SRWXVYGXMSRTVSGIHYVIW
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6+ {6IJIVXS+ERH +JSVYWISJ IPEWXSQIVMGERHITS\]WIEPIVW
+ { :IVXMGEP WPSXW FIX[IIR TERIPW WLEPP FI JVII SJ HMVX SV JSVIMKR WYFWXERGIW 'SRGVIXI WYV JEGIWMRXLIWPSXWWLEPPFIGPIERERHHEQTTVMSVXSJMPP MRK XLI WPSXW 7PSXW WLEPP FI JMPPIH [MXL GEWXMRTPEGI GSRGVIXI GIQIRXWERH QSVXEV SV WLSXGVIXI GSQTEXM FPI[MXLXLIHIXEMPWSJXLINSMRX8LIWXVIRKXLSJXLIGSR GVIXI QSVXEV SV WLSXGVIXI WLEPP FI RSX PIWW XLER XLEX WTIGMJMIHJSVGSRGVIXIMRXLI[EPPTERIPW +{7LSXGVIXI +{'SRWXVYGXMSRTVSGIHYVIW 4VSGIHYVIW JSV WLSXGVIXI GSRWXVYGXMSR WLEPP FI EW WTIGMJMIHMR%'-I\GITXEWQSHMJMIHLIVIMR +{7LSXGVIXIGSVI[EPPW 7LSXGVIXI GSVI [EPPW WLEPP FI FYMPX YT SJ MRHMZMHYEP PE]IVW SJ WLSXGVIXI MR SV PIWW MR XLMGORIWW 8LMGO RIWWGSRXVSPWLEPPFIEWVIUYMVIHMR+
6+{7LSXGVIXI 6+{'SRWXVYGXMSRTVSGIHYVIW 8LITVSZMWMSRWSJ%'-6TVSZMHIKYMHERGISRGSRWXVYG XMSRXIGLRMUYIWETTVSTVMEXIJSVETTPMGEXMSRSJWLSXGVIXI
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6+{7LSXGVIXIGSZIVGSEX
+ { )\XIVREPP] ETTPMIH GMVGYQJIVIRXMEP TVIWXVIWWIH VIMRJSVGIQIRX WLEPP FI TVSXIGXIH EKEMRWX GSVVSWMSRERHSXLIVHEQEKIF]EWLSXGVIXIGSZIVGSEX
6+ {8LIWLSXGVIXIGSZIVGSEXKIRIVEPP]GSR WMWXW SJX[S SV QSVI GSEXW E [MVI GSEX TPEGIH SR XLI TVI WXVIWWIHVIMRJSVGIQIRXERHEFSH]GSEXTPEGIHSRXLI[MVI GSEX -J XLI GSZIVGSEX MW TPEGIH MR SRI GSEX XLI QM\XYVI WLSYPHFIXLIWEQIEWXLI[MVIGSEX
+ { )EGL PE]IV SJ GMVGYQJIVIRXMEP TVI WXVIWWIH [MVI SV WXVERH WLEPP FI GSZIVIH JMVWX [MXL E [MVIGSEXSJGIQIRXQSVXEVETTPMIHF]XLITRIYQEXMG TVSGIWW EW WSSR EW TVEGXMGEP EJXIV TVIWXVIWWMRK 8LI WLSXGVIXIWLEPPFI[IXFYXRSXHVMTTMRKERHTVSZMHIE QMRMQYQ GSZIV SZIV XLI [MVI SJ MR 8LI RS^^PI WLEPPFILIPHEXEWQEPPYT[EVHERKPIRSXI\GIIHMRK HIKVIIWERHWLEPPFIGSRWXERXP]QSZMRK[MXLSYXWLEO MRKERHEP[E]WTSMRXMRKMR EVEHMEPHMVIGXMSRXS[EVHXLI GIRXIV SJ XLI XERO 8LI RS^^PI HMWXERGI JVSQ XLI TVI WXVIWWIHVIMRJSVGIQIRXWLEPPFIWYGLXLEXWLSXGVIXIHSIW RSXFYMPHYTSZIVSVGSZIVXLIJVSRXJEGIWSJXLI[MVIWSV WXVERHWYRXMPXLIWTEGIWFIX[IIRXLIQEVIJMPPIH
6+ {2S^^PIHMWXERGIERH[IXRIWWSJQM\XYVI EVIIUYEPP]GVMXMGEPXSWEXMWJEGXSV]IRGEWIQIRXSJTVIWXVIWWIH VIMRJSVGIQIRX-JXLI RS^^PIMWLIPHXSSJEVFEGO XLIWLSX GVIXI [MPP HITSWMX SR XLI JEGI SJ XLI [MVI SV WXVERH EX XLI WEQIXMQIXLEXMXMWFYMPHMRKYTSRXLIGSVI[EPPXLIVIF]RSX JMPPMRK XLI WTEGI FILMRH XLIQ 8LMW GSRHMXMSR MW VIEHMP] ETTEVIRXERHWLSYPHFIGSVVIGXIHMQQIHMEXIP]F]EHNYWXMRK XLIRS^^PIHMWXERGIERHMJRIGIWWEV]XLI[EXIVGSRXIRX
+ { 8LI [MVI GSEX WLEPP FI HEQTGYVIH F]EGSRWXERXWTVE]SVXVMGOPMRKSJ[EXIVHS[RXLI[EPP I\GITXXLEXGYVMRKWLEPPFITIVQMXXIHXSFIMRXIVVYTXIH HYVMRK GSRXMRYSYW TVIWXVIWWMRK STIVEXMSRW 'YVMRK GSQTSYRHW WLEPP RSX FI YWIH SR WYVJEGIW XLEX [MPP VIGIMZIEHHMXMSREPWLSXGVIXI
6+ { 'YVMRKGSQTSYRHWETTPMIHXSMRXIVQI HMEXIPE]IVWSJWLSXGVIXIQE]MRXIVJIVI[MXLXLIFSRHMRKSJ WYFWIUYIRXPE]IVWERHXLYWXLIMVYWIMWTVSLMFMXIH
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6+ { %JXIV XLI [MVI GSEX MW MR TPEGI ZMWYEP MRWTIGXMSR GER MQQIHMEXIP] HIXIVQMRI [LIXLIV SV RSX TVSTIVIRGEWIQIRXLEWFIIREGLMIZIH;LIVIXLIVIMRJSVGI QIRX TEXXIVRW WLS[ SR XLI WYVJEGI EW HMWXMRGX GSRXMRYSYW LSVM^SRXEPVMHKIWXLIWLSXGVIXILEWRSXFIIRHVMZIRFILMRH XLI VIMRJSVGIQIRX ERH ZSMHW GER FII\TIGXIH -J LS[IZIV XLIWYVJEGIMWWYFWXERXMEPP]JPEXERHWLS[WZMVXYEPP]RSTEX XIVREQMRMQYQSJZSMHWMWPMOIP]
+ { %FSH]GSEXTVSZMHMRKEQMRMQYQSJ MRGSZIVSZIVXLISYXWMHIPE]IVSJTVIWXVIWWIHVIMR JSVGIQIRX WLEPP FI ETTPMIH SZIV XLI PEWX PE]IV SJ [MVI GSEX
6+ {'YVMRKWLSYPHFIWXEVXIHEWWSSREWTSW WMFPI[MXLSYXHEQEKMRKXLIWLSXGVIXI
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6+ { :IVXMGEP WGVIIH [MVIW EVI XLI RSVQEP QIXLSH YWIH XS IWXEFPMWL YRMJSVQ ERH GSVVIGXXLMGORIWW SJ WLSXGVIXI;MVIWWLSYPHFIMRWXEPPIHYRHIVXIRWMSRHIJMRMRK XLI SYXWMHI WYVJEGI SJ XLI WLSXGVIXI JVSQ XST XS FSXXSQ ;MVIW KIRIVEPP] EVI XS KEYKI LMKLXIRWMPIWXVIRKXL WXIIP [MVI 3XLIV QIXLSHW QE] FI YWIH XLEX [MPP TVSZMHI TSWMXMZIGSRXVSPSJXLIXLMGORIWW
+ { ;LIR WGVIIH [MVIW EVI YWIH JSV XLMGORIWWGSRXVSPXLI]WLEPPFIWTEGIHEQE\MQYQSJ MRETEVXGMVGYQJIVIRXMEPP] +{'SPH[IEXLIVWLSXGVIXMRK 7LSXGVIXITPEGIH[LIRXLIXIQTIVEXYVIMWFIPS[* ERH VMWMRK SV [LIR XLI XIQTIVEXYVI MW * ERH JEPPMRK WLEPP FI TVSXIGXIH MR EGGSVHERGI [MXL %' 7LSXGVIXI WLEPP RSX FI TPEGIH SR JVS^IR WYVJEGIW 7LSXGVIXI [MXL E WXVIRKXL PS[IV XLER WTIGM JMIH HYI XS GSPH [IEXLIV WLEPP FI VIQSZIH ERH VITPEGIH[MXLWSYRHQEXIVMEP +{*SVQMRK +{7PMTJSVQMRK 7PMTJSVQMRKWLEPPRSXFIYWIHJSVGSRWXVYGXMSRSJ[EPPW SJ GMVGYPEV [VETTIH TVIWXVIWWIH GSRGVIXI WXVYGXYVIW YWIHXSGSRXEMRPMUYMHW
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6+ { 8LI WLSXGVIXI GSZIVGSEX QE] FI XEOIR EW TEVXSJXLIGSZIVSZIVXLIHMETLVEKQ
+ { % QMRMQYQGSZIV SJ MR SJ WLSXGVIXI WLEPP FI TPEGIH SZIV XLI WXIIP HMETLVEKQ FIJSVI TVIWXVIWWIHVIMRJSVGIQIRXMWTPEGIHSRXLIGSVI[EPP + { 4VIWXVIWWIH VIMRJSVGIQIRX{[MVI SV WXVERH [MRHMRK +{5YEPMJMGEXMSRW 8LIWXVIWWMRKW]WXIQYWIHWLEPPFIGETEFPISJGSRWMW XIRXP] TVSHYGMRK XLI WTIGMJMIH WXVIWW EX IZIV] TSMRX EVSYRHXLI[EPP[MXLMREXSPIVERGISJ TIVGIRXSJXLI WTIGMJMIH MRMXMEP WXVIWW MR IEGL [MVI SV WXVERH 7II +
6+ { 4VIWXVIWWIH VIMRJSVGIQIRX{;MVI SV WXVERH [MRHMRK 6+{5YEPMJMGEXMSRW ;MRHMRK WLSYPH FI YRHIV XLI HMVIGXMSR SJ E WYTIVZMWSV LEZMRK XIGLRMGEP ORS[PIHKI SJ TVIWXVIWWMRK TVMRGMTPIW ERH I\TIVMIRGI[MXLXLI[MRHMRKW]WXIQFIMRKYWIH
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6+ { 7XVIWW QIEWYVIQIRXW ERH [MVI SV WXERH [MRHMRKVIGSVHW
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7TIGMJMIHGSQTVIWWMZIWXVIRKXLSJGSRGVIXI JG {(IJMRMXMSR 7TIGMJMIHPEXIVEPJSVGIW{(IJMRMXMSR 7TMVEPVIMRJSVGIQIRX (IJMRMXMSR 7XVYGXYVEPWXIIPGSVI 7TMVEPW 7TPMGIW %PXIVREXIHIWMKRQIXLSH- 'SPYQRW )RHFIEVMRK 0ET 4PEMR[MVIJEFVMG ;IPHIHHIJSVQIH[MVIJEFVMG 7TPMXXMRKXIRWMPIWXVIRKXL JGX {(IJMRMXMSR 7XERHEVHWGMXIHMRXLMWGSHI 7XIEQGYVMRK 7XIIP{4VIWXVIWWMRK %RGLSVEKI^SRIW (IJMRMXMSR 4VSXIGXMSR 7XIIPVIMRJSVGIQIRX 7XMJJRIWW 7XMVVYT (IJMRMXMSR (IZIPSTQIRX 7LIEVVIMRJSVGIQIRXVIUYMVIQIRXW 7XSVEKI{1EXIVMEPW 7XVIRKXLHIWMKR (IJMRMXMSR 6IMRJSVGIQIRX 7XVIRKXLIZEPYEXMSR %GGITXERGIGVMXIVME %REP]XMGEPIZEPYEXMSRW 0SEHXIWXTVSGIHYVI 0SEHMRKGVMXIVME 0S[IVPSEHVEXMRK 7EJIX] 7XVIRKXLRSQMREP{(IJMRMXMSR 7XVIRKXLVIHYGXMSR 7XVIRKXLVIUYMVIH (IJMRMXMSR 7XVEMR{6IMRJSVGIQIRX 7XVIWW (IJMRMXMSR 4IVQMWWMFPI{4VIWXVIWWIHJPI\YVEPQIQFIVW 4IVQMWWMFPI{4VIWXVIWWMRKWXIIP 6IMRJSVGIQIRX 7IVZMGIPSEH{4IVQMWWMFPI{%PXIVREXIHIWMKRQIXLSH- 7XVYGXYVEPHMETLVEKQW{(IJMRMXMSR 7XVYGXYVEPMRXIKVMX] 6IUYMVIQIRXW 7XVYGXYVEPWXIIP{6IMRJSVGIQIRX 7XVYGXYVEPWXIIPGSVI{'SRGVIXIIRGEWIH 7XVYGXYVEPXVYWWIW{(IJMRMXMSR 7XVYGXYVEP[EPPW{(IJMRMXMSR 7XVYX{(IJMRMXMSR 7YPJEXII\TSWYVIW 7YPJEXIVIWMWXERXGIQIRX 7YVJEGIIVSWMSR 8ERO[EPPW 8FIEQW *PERKIWMRXIRWMSR{8IRWMSRVIMRJSVGIQIRX 8IQTIVEXYVIVIMRJSVGIQIRX 8IRWMPIWXVIRKXL{'SRGVIXI 8IWXMRKJSVEGGITXERGISJGSRGVIXI 8IWXWQEXIVMEPW 8LMGORIWWQMRMQYQ{(IJPIGXMSR{2SRTVIWXVIWWIHFIEQW
)2:-6321)28%07869'896)7'3()'311)28%6=
SVSRI[E]WPEFW 8LMRWLIPPW{(IJMRMXMSR 8MIIPIQIRXW{(IJMRMXMSR 8MIW (IJMRMXMSR ,SVM^SRXEPWLIEV{'SQTSWMXIJPI\YVEPQIQFIVW 7XIIPGSVIIRGEWIHMRGSRGVIXI 8SPIVERGIW{4PEGMRKVIMRJSVGIQIRX 8SVWMSR{%PXIVREXIHIWMKRQIXLSH- 8SVWMSREPQIQFIVW{7PEFHIWMKR 8SVWMSREPQSQIRXWXVIRKXL 8SVWMSRVIMRJSVGIQIRXVIUYMVIQIRXW 8VERWJIV{(IJMRMXMSR 8YFMRK{6IMRJSVGIQIRX 8[S[E]GSRWXVYGXMSR{(IJPIGXMSRW 9RWLSVIHGSRWXVYGXMSR :ETSVXVERWQMWWMSR ;EPP (IJMRMXMSR )QTMVMGEPHIWMKR
+VEHIFIEQW{(IWMKR 4VIGEWXTERIPW{1IQFIVHIWMKR 7LIEVTVSZMWMSRW 7XVYGXYVEPHIWMKR ;EXIV ;EXIVGIQIRXMXMSYWVEXMS ;EXIVVIHYGMRKEHQM\XYVIW ;EXIVWXST ;IFVIMRJSVGIQIRX{(IZIPSTQIRX ;IPHIH7TPMGIW{8IRWMSR{6IMRJSVGIQIRX ;IPHIH[MVIJEFVMG &IRHW (IJSVQIH{(IZIPSTQIRX (IJSVQIH{7TPMGIW 4PEGMRK 4PEMR{(IZIPSTQIRX 4PEMR{7TPMGIW ;IPHMRK{6IMRJSVGIQIRX{4PEGMRK ;MRHPSEHW ;SFFPIJVMGXMSR{(IJMRMXMSR =MIPHWXVIRKXL{(IJMRMXMSR
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7911%6=3*',%2+)7*36'3() ',%48)6{+)2)6%06)59-6)1)287 8IGLRMGEP VIZMWMSRW QEHI XS 'LETXIV SJ XLI 'SHIERH'SQQIRXEV] y %HHIH E TVSZMWMSR XLEX XLI WTIGMJMIH GSRGVIXI GSQ TVIWWMZI WXVIRKXL WLEPP RSX FI PIWW XLER TWM 6IZMWMSRMWXS e 'SQQIRXEV]LEWFIIRVIZMWIHXSYTHEXIXLIGYVVIRX WGSTI6IZMWMSRMWXS6 e 8LIWGSTISJIRZMVSRQIRXEPIRKMRIIVMRKGSRGVIXIWXVYG XYVIWMRGPYHIWJYVXLIVGPEVMJMGEXMSR6IZMWMSRMWXS e 9THEXIH MRJSVQEXMSRVIKEVHMRK XLI HIWMKR SJ GSRGVIXI TMPIW ERH TMIVW MR VIKMSRW SJ LMKL WIMWQMG VMWO SV EWWMKRIH XS LMKL WIMWQMG TIVJSVQERGI SV HIWMKR GEXIKSVMIW6IZMWMSRMWXS
e 'SQQIRXEV]LEWFIIREHHIHJSVERGLSVEKIHIZMGI ERGLSVEKI ^SRI FEWMG ERGLSVEKI HIZMGIW ERH WLIEXLMRK
',%48)6{1%8)6-%07 8IGLRMGEP VIZMWMSRW QEHI XS 'LETXIV SJ XLI 'SHIERH'SQQIRXEV] e 6IZMWIHXLIVIUYMVIQIRXJSVVIGSVHVIXIRXMSRMR e 9THEXIMRJSVQEXMSRMR G e 4VSZMHIH EHHMXMSREP MRJSVQEXMSR MR VIKEVHMRK HIJSVQIHVIMRJSVGMRKFEVW e %HHIH GIVXEMR VIUYMVIQIRXW JSV WSQI X]TIW SJ EMV IRXVEMRMRKEHQM\XYVIW6IZMWMSRMWXS ERH6 e 9THEXIHXLIVIJIVIRGIWXERHEVHW6IZMWMSRMWXS
e 4VSZMHIH GPEVMJMGEXMSR [LIVI WTIGMEP TVSZMWMSRW JSV IEVXLUYEOI VIWMWXERGI EVI ETTPMIH ERH VIKYPEXIH 6IZMWMSRWEVIMR
e 6IRYQFIVIH XS ERHEHHIHRI[
e %HHIH VIUYMVIQIRXW XS FI WLS[R MR HVE[MRKW HIXEMPWERHWTIGMJMGEXMSRW6IZMWMSRMWXS
e 6IRYQFIVIH XS
e -RGPYHIHEHHMXMSREPVIUYMVIQIRXWVIKEVHMRKXLIMRWTIG XMSRSJGSRGVIXIGSRWXVYGXMSR6IZMWMSRMWXS e %HHIHXMKLXRIWWXIWXMRKXSFI MRGPYHIHMRMRWTIGXMSR VIGSVHW6IZMWMSRMWXS e 9THEXIHMRWTIGXMSRVIUYMVIQIRXWJSVWTIGMEPQSQIRX JVEQIWVIWMWXMRKWIMWQMGPSEHWMRVIKMSRWSJLMKLWIMW QMG VMWO SV MR WXVYGXYVIW EWWMKRIH XS LMKL WIMWQMG TIVJSVQERGISVHIWMKRGEXIKSVMIW6IZMWMSRMWXS e 6IZMWIH7IGXMSR6 ERH8EFPI6 e %HHMXMSREP KYMHERGI LEW FIIR KMZIR VIKEVHMRK XLI HIWMKR SJ EFSZI ERH FIPS[KVEHI WXVYGXYVIW 6IZM WMSRMWXS6 e -RGPYHIH EHHMXMSREP MRJSVQEXMSRVIKEVHMRK GEWXMRTPEGI ERHTVIGEWX[EPPTERIPW6IZMWMSRMWXS6
e %HHIH ERH
',%48)6{(96%&-0-8=6)59-6)1)287 'SHI MRHMGEXIW XIGLRMGEP GLERKIW MR XLI JSPPS[MRKWIGXMSRW e ERH8EFPI
8LIEJSVIQIRXMSRIHGLERKIW[IVIHYIXS e %HHMRK E XEFPI XS MRHMGEXI QMRMQYQ GIQIRXMXMSYW QEXIVMEPGSRXIRX e 'PEVMJMGEXMSR SJ VIUYMVIQIRXW JSV GSVVSWMZI GLIQMGEP I\TSWYVIW
'SQQIRXEV]MRHMGEXIWXIGLRMGEPGLERKIWMRXLI JSPPS[MRKWIGXMSRW e 6 6 6ERH6
8LIEJSVIQIRXMSRIHGLERKIW[IVIHYIXS
',%48)6{()*-2-8-327
e (MWGYWWMSRGSRGIVRMRKPMQMXWSJTS^^SPERW
8IGLRMGEPVIZMWMSRWQEHIXS'LETXIVSJXLI'SHI
e 6IZMWIHGLIQMGEPPMWXMRK
e %HHIH HIJMRMXMSRW JSV ERGLSVEKI ^SRI FEWMG QSRSWXVERH ERGLSVEKI HIZMGI FEWMG QYPXMWXVERH ERGLSVEKIHIZMGIHYGXQSQIRXJVEQIMRXIVQIHMEXI QSQIRX JVEQI SVHMREV] QSQIRX JVEQI WTIGMEP QSQIRX JVEQI TVIWXVIWWMRK WXIIP WLIEXLMRK WXVYG XYVEP[EPPWMRXIVQIHMEXITVIGEWXWXVYGXYVEP[EPPSVHM REV] VIMRJSVGIH GSRGVIXI WXVYGXYVEP [EPP WTIGMEP TVIGEWX WXVYGXYVEP [EPP WTIGMEP VIMRJSVGIH GSRGVIXI WXVYGXYVEP[EPPYRFSRHIHXIRHSRFEGOIVVSHIRZMVSR QIRXEP HYVEFMPMX] JEGXSV NSMRX JMPPIV NSMRX WIEPERX ERH [EXIVWXST6IZMWMSRMWXS e 9THEXIH HIJMRMXMSRW JSV ERGLSVEKI HIZMGI FSRHIH XIRHSR IJJIGXMZI TVIWXVIWW NEGOMRK JSVGI TSWX XIRWMSRMRK TVIXIRWMSRMRK VIMRJSVGIH GSRGVIXI VIMRJSVGIQIRXERHXIRHSR6IZMWMSRMWXS
',%48)6{'32'6)8)59%0-8=1-<-2+%2( 40%'-2+ 8IGLRMGEP VIZMWMSRW QEHI XS 'LETXIV SJ XLI 'SHIERH'SQQIRXEV] e -RGPYHIHXLIVIUYMVIQIRXXLEXGSRGVIXIGSQTVIWWMZI WXVIRKXLWLEPPRSXFIPIWWXLERTWM6IZMWMSRMW XS e %HHIH E VIUYMVIQIRX XLEX HEXE WLEPP RSX FI QSVI XLERQSRXLWSPH6IZMWMSRMWXS e %HHIH8EFPI e 1SHMJMIH8EFPI e 6IRYQFIVIHXS ERHQSHMJMIH
1%29%03*'32'6)8)46%'8-')
e 6IRYQFIVIH F XS F ERHQSHMJMIH e 6IZMWIH6
e ERH
8LIEJSVIQIRXMSRIHGLERKIW[IVIHYIXS
e %HHIHWIGSRHTEVEKVETLXS6
e 'LERKIWMRHIJMRMXMSRWERHRSXEXMSR
e 6IRYQFIVIH6XS6ERHVIZMWIH
e 1SZMRK SJ WXVIRKXL HIWMKR TVSZMWMSRW SJ XLI 'SHIXS%TTIRHM\'
e 6IRYQFIVIH6XS6ERHVIZMWIH e 6IRYQFIVIH 6 XS 6 ERH EHHIH WIGSRH TEVEKVETL
',%48)6 { *361;36/ )1&)(()( 4-4)7 %2( '327869'8-32 %2( 13:) 1)28.3-287 8IGLRMGEP VIZMWMSRW QEHI XS 'LETXIV SJ XLI 'SHIERH'SQQIRXEV] e 4VSZMHIHEHHMXMSREPGPEVMJMGEXMSRVIKEVHMRKGSRHYMXWERH TMTIWIQFIHHIHMRGSRGVIXI6IZMWMSRMWXS e 4VSZMHIH WSQITVIGEYXMSREV]MRJSVQEXMSRVIKEVHMRK HIXIVMSVEXMSR SJ GSRGVIXI WYVVSYRHMRK IQFIHHIH KEPZERM^IHGSRHYMXWERHTMTIWI\TSWIHXSGSVVSWMZI PMUYMHWERHKEWIW6IZMWMSRMWXS6
',%48)6{()8%-073*6)-2*36')1)28 'SHIMRHMGEXIWXIGLRMGEPGLERKIWMRXLIJSPPS[MRK WIGXMSRW e ERH
8LIEJSVIQIRXMSRIHGLERKIW[IVIHYIXS e )HMXSVMEPVIZMWMSRW
e 9WISJ%7')EWXLIFEWMWJSVPSEHGSQFMREXMSRW e -RGSVTSVEXMSRSJVIZMWIHHIJMRMXMSRJSVXLIIRZMVSRQIR XEPHYVEFMPMX]JEGXSV e -RGSVTSVEXMSRSJYRMJMIHHIWMKRETTVSEGLEWXLIFEWMW JSVWXVIRKXLHIWMKR
',%48)6{*0)<96)%2(%<-%003%(7 'SHI ERH 'SQQIRXEV] MRHMGEXI XIGLRMGEP GLERKIWMRXLIJSPPS[MRKWIGXMSRW e IRXMVI WIGXMSR ERH e 6 6 6 6 IRXMVIWIGXMSR ERH 6
8LIEJSVIQIRXMSRIHGLERKIW[IVIHYIXS e 8LI MRXVSHYGXMSR SJ GSQTVIWWMSRGSRXVSPPIH ERH XIRWMSRGSRXVSPPIHWIGXMSRW e 'PEVMJMGEXMSRWSJQMRMQYQXIRWMPIVIMRJSVGIQIRX e 'LERKIW XS HMWXVMFYXMSR VIUYMVIQIRXW JSV JPI\YVEP VIMRJSVGIQIRX e 'PEVMJMGEXMSRSJ)U e %HHIHPMQMXSRVEXMSSJGSPYQRGSRGVIXIWXVIRKXL
e 'PEVMJMGEXMSR SJ XSPIVERGIW JSV FIRHW ERH IRHW SJ VIMRJSVGIQIRXMRFVEGOIXWERHGSVFIPW
',%48)6{7,)%6%2(8367-32
e 'PEVMJMGEXMSRSJWTEGMRKPMQMXWJSVTVIXIRWMSRMRKXIRHSRW
'SHI ERH 'SQQIRXEV] MRHMGEXI XIGLRMGEP GLERKIWMRXLIJSPPS[MRKWIGXMSRW
e )\TERWMSRSJPETWTPMGIVIUYMVIQIRXWJSVWTMVEPVIMR JSVGIQIRX e %HHIHPEXIVEPVIMRJSVGIQIRXVIUYMVIQIRXWJSVERGLSV FSPXWEXXLIXSTSJGSPYQRWSVTIHIWXEPW e 1SHMJMIHWXVYGXYVEPMRXIKVMX]VIUYMVIQIRXWJSVFIEQW
',%48)6 {%2%0=7-7%2(()7-+2{+)2)6%0 '327-()6%8-327 'SHI ERH 'SQQIRXEV] MRHMGEXI XIGLRMGEP GLERKIWMRXLIJSPPS[MRKWIGXMSRW e ERH6
8LIEJSVIQIRXMSRIHGLERKIW[IVIHYIXS e 7TIGMJMG TIVQMWWMFPI QSQIRX VIHMWXVMFYXMSR TIVGIRXEKI MRXIVQWSJXIRWMPIWXVEMRGSRWMWXIRX[MXLMRGSVTSVEXMSRSJ XLIYRMJMIHHIWMKRTVSZMWMSRMRXSXLIFSH]SJXLIGSHI
e 66 6 6 6 6 6 6 ERH6
8LIEJSVIQIRXMSRIHGLERKIW[IVIHYIXS e 'PEVMJMGEXMSR JSV XLI YWI SJ )RZMVSRQIRXEP (YVEFMPMX] *EGXSV e +VEHYEPMRGVIEWIMRXLIQMRMQYQEVIESJ XVERWZIVWI VIMRJSVGIQIRX e 'PEVMJMGEXMSRSRPSEHWETTPMIHXSXLIXSTSJXLIFIEQ e 'MVGYPEVQIQFIVWLIEVGEPGYPEXMSR e (IJMRMXMSRJSVGEPGYPEXMRKGMVGYPEVXMIWLSSTWERHWTMVEPW e 1SHMJMGEXMSR JSV GEPGYPEXMSR SJ XLVIWLSPH XSVWMSR JSV LSPPS[WIGXMSRW
',%48)6 {786)2+8,%2(7)6:-')%&-0-8= 6)59-6)1)287
e 1MRMQYQ EQSYRXW SJ LSVM^SRXEP ERH ZIVXMGEP WLIEV VIMRJSVGIQIRXMRHIITFIEQW
'SHI MRHMGEXIW XIGLRMGEP GLERKIW MR XLI JSPPS[MRKWIGXMSRW
e 7LIEVVIMRJSVGIQIRXTVSZMWMSRWJSVWPEFWERHJSSXMRKW I\TERHIH
)2:-6321)28%07869'896)7'3()'311)28%6=
',%48)6{():)0341)28%2(740-')73* 6)-2*36')1)28 'SHI MRHMGEXIW XIGLRMGEP GLERKIW MR XLI JSPPS[MRKWIGXMSRW e
8LIEJSVIQIRXMSRIHGLERKIW[IVIHYIXS e )HMXSVMEPVIZMWMSRW e )\TERHIH GSQTVIWWMSR HIZIPSTQIRX VIUYMVIQIRXW XSMRGPYHIHIJSVQIH[MVI e 1SHMJMIH VIUYMVIQIRXW JSV FEWMG HIZIPSTQIRX SJ WXERHEVHLSSOW
',%48)6{8;3;%=70%&7=78)17 'SHI ERH 'SQQIRXEV] MRHMGEXI XIGLRMGEP GLERKIWMRXLIJSPPS[MRKWIGXMSRW e ERH 6 ERH 6 ERH 6 ERH 6ERH6
8LIEJSVIQIRXMSRIHGLERKIW[IVIHYIXS e 8[S[E]WPEFW]WXIQWEPPS[XLIYWISJQIGLERMGEPSV [IPHIHXIRWMSRWTPMGIWMRX[S[E]WPEFW
',%48)6{;%007 'SHI MRHMGEXIW XIGLRMGEP GLERKIW MR XLI JSPPS[MRKWIGXMSRW e ERH
8LIEJSVIQIRXMSRIHGLERKIW[IVIHYIXS e 7IGXMSR [EW EHHIH XS EHHVIWW WPIRHIV [EPP HIWMKRVIUYMVIQIRXW
',%48)6{*338-2+7 'SHI MRHMGEXIW XIGLRMGEP GLERKIW MR XLI JSPPS[MRKWIGXMSRW e ERH
8LIEJSVIQIRXMSRIHGLERKIW[IVIHYIXS e 7IGXMSR [EW EHHIH XS EHHVIWW IGGIRXVMGMX] FIX[IIRXLIE\MWSJXLITMPIERHXLIE\MWSJXLIGSPYQR ;SVHMRK[EWEHHIHXS ERH XSIRWYVI ERGLSVFSPXWWEXMWJ]XLIRI[%TTIRHM\(
',%48)6{46)'%78'32'6)8) 'SHI ERH 'SQQIRXEV] MRHMGEXI XIGLRMGEP GLERKIWMRXLIJSPPS[MRKWIGXMSRW e 6ERH6
8LIEJSVIQIRXMSRIHGLERKIW[IVIHYIXS e %GGYVEXIHIWGVMTXMSRSJTSWMXMZIQIGLERMGEPGSRRIGXMSRW
e 'LERKIWMRIRHXSPIVERGIJSVVIMRJSVGIQIRXMR GER VIWYPX MR XLI IRH FIEVMRK SJ TVIGEWX QIQFIVW FIMRK SR TPEMR GSRGVIXI [LIR WYTTSVXW WEXMWJ] XLI QMRMQYQHMQIRWMSRWSJ
',%48)6{'31437-8)'32'6)8)*0)<96%0 1)1&)67 'SQQIRXEV]MRHMGEXIWXIGLRMGEPGLERKIWMRXLI JSPPS[MRKWIGXMSRW e 6
8LIEJSVIQIRXMSRIHGLERKIW[IVIHYIXS e 'LERKI XLI VIJIVIRGI XS ^JEGXSVW XS VIJIV XS XLI RI[IV QIXLSH SJ JPI\YVEP WXIIP HMWXVMFYXMSR MR 'LETXIV
',%48)6 {46)786)77)('32'6)8) 'SHI MRHMGEXIW XIGLRMGEP GLERKIW MR XLI JSPPS[MRKWIGXMSRW e ERH
'SQQIRXEV]MRHMGEXIWXIGLRMGEPGLERKIWMRXLI JSPPS[MRKWIGXMSRW e 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 ERH6
8LIEJSVIQIRXMSRIHGLERKIW[IVIHYIXS e %'- YWIH %'- EW E FEWI HSGYQIRX 'YVVIRXGSHIMRGSVTSVEXIW%'- ERH%'- VIZMWMSRETTPMGEFPIXS)RZMVSRQIRXEP'SRGVIXI7XVYG XYVIW 7YGL VIZMWMSRW MRGPYHI TVSZMWMSRW JSV TVI WXVIWWIH GSRGVIXI HIWMKR XLEX MRXVSHYGI ! MR TSWXXIRWMSRIHERGLSVEKI^SRIWERHXLIMRXVSHYGXMSR SJ 'PEWW 9 ERH 'PEWW 8 QIQFIVW VIZMWIH HIWMKR QIXLSHWJSVZEVMIX]SJTSWXXIRWMSRIHXIRHSRERGLSV EKI ^SRIW KYMHIPMRIW JSV I\XIVREP TSWXXIRWMSRMRK W]WXIQWERHVIZMWIHGLETXIVJSVQEXXMRK
1%29%03*'32'6)8)46%'8-')
',%48)6 { 7,)007 %2( *30()( 40%8) 1)1&)67
e 6IPEXMRKQIGLERMGEPERH[IPHIHWTPMGIWERHERGLSVEKI XSWIMWQMGVMWO
'SHI ERH 'SQQIRXEV] MRHMGEXI XIGLRMGEP GLERKIWMRXLIJSPPS[MRKWIGXMSRW
e 6IZMWMRKVIUYMVIQIRXWJSVWTIGMEPQSQIRXJVEQIW
e ERH6
8LIEJSVIQIRXMSRIHGLERKIW[IVIHYIXS e 1EMRXEMRRSQIRGPEXYVIGSRWMWXIRX[MXL%'-
',%48)6 { 786)2+8, ):%09%8-32 3* )<-78-2+7869'896)7 'SHI MRHMGEXIW XIGLRMGEP GLERKIW MR XLI JSPPS[MRKWIGXMSRW e ERH
'SQQIRXEV]MRHMGEXIWXIGLRMGEPGLERKIWMRXLI JSPPS[MRKWIGXMSRW e 6 6 6 6 6 6 6 6 6 6 6 6 6ERH6
8LIEJSVIQIRXMSRIHGLERKIW[IVIHSXS e )HMXSVMEPVIZMWMSRW e %'- YWIH %'- EW E FEWI HSGYQIRX 8LMWGSHIMRGSVTSVEXIWXLI%'- ERH%'- VIZMWMSRW ETTPMGEFPI XS )RZMVSRQIRXEP 'SRGVIXI 7XVYGXYVIW e 'LERKIWMRWXVIRKXLVIHYGXMSRJEGXSVWXSFIGSQTEXMFPI [MXL XLI PSEH GSQFMREXMSR ERH WXVIRKXL VIHYGXMSR JEGXSVWSJ'LETXIV
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