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r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
1G'EFI6MGLEVH% -RGIWX(VEQEERH2EXYVI W0E[ r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r 'EQFVMHKI 'EQFVMHKI9RMZIVWMX] 4VIWW 7QMXL1SPP] 8LI(EVOIV;SVPH;MXLMR1EHMWSR;- %WWSGMEXIH9RMZIVWMX]4VIWWIW &VIEOMRK&SYRHEVMIW 4SPMXMGWERH4PE]MRXLI(VEQE SJ7LEOIWTIEVIERH,MW'SRXIQTSVEVMIW%PHIVWLSX %WLKEXI 7XEPP]FVEWW4IXIVERH;LMXI%PPSR 8LI4SPMXMGWERH 4SIXMGWSJ8VERWKVIWWMSR0SRHSR 1IXLYIR ;EPOIV+VIK 8LI4SPMXMGWSJ4IVJSVQERGIMR)EVP] 6IREMWWERGI(VEQE'EQFVMHKI 'EQFVMHKI9RMZIVWMX] 4VIWW ;LMKLEQ*VERO 7IM^YVIWSJXLI;MPPMR)EVP]1SHIVR )RKPMWL(VEQE'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW
+IRVIWXYHMIW %PPQER)MPIIR.SVKI .EGSFIER6IZIRKI8VEKIH]ERHXLI 4SPMXMGWSJ:MVXYI2I[EVO() 9RMZIVWMX]SJ(IPE[EVI 4VIWW 'SQIRWSPM:MZMERE D,SYWILSPH&YWMRIWW (SQIWXMG4PE]W SJ)EVP]1SHIVR)RKPERH8SVSRXS 9RMZIVWMX]SJ8SVSRXS 4VIWW +MFFSRW&VMER .EGSFIER'MX]'SQIH] %7XYH]SJ7EXMVMG 4PE]WF].SRWSR1EVWXSRERH1MHHPIXSRRHIHMXMSR 0SRHSR 1IXLYIR +VMW[SPH;IRH] 6IREMWWERGI6IZMZEPW 'MX]'SQIH] ERH6IZIRKI8VEKIH]MRXLI0SRHSR8LIEXVIr 'LMGEKS-0 9RMZIVWMX]SJ'LMGEKS4VIWW
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r
+IRHIVWI\YEPMX]ERHXLIFSH] 'IVEWERS74ERH;]RRI(EZMIW1EVMSR IHW 6IEHMRKWMR6IREMWWERGI;SQIR W(VEQE 'VMXMGMWQ,MWXSV] ERH4IVJSVQERGI r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r 0SRHSR 0SRKQER +VERXPI](EVV]PERH8EYRXSR2MRE IHW 8LI&SH]MR 0EXI1IHMIZEPERH)EVP]1SHIVR'YPXYVI%PHIVWLSX %WLKEXI ,S[EVH.IER D'VSWWHVIWWMRKXLI8LIEXVIERH+IRHIV 7XVYKKPIMR)EVP]1SHIVR)RKPERH 7LEOIWTIEVI5YEVXIVP] r .EVHMRI0MWE 7XMPP,EVTMRKSR(EYKLXIVW&VMKLXSR ,EVZIWXIV;LIEXWLIEJ 0IZMRI0EYVE 1IRMR;SQIR W'PSXLMRK'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 1G0YWOMI/EXLPIIR 6IREMWWERGI(VEQEXMWXW,IQIP ,IQTWXIEH ,EVZIWXIV;LIEXWLIEJ 3VKIP7XITLIR -QTIVWSREXMSRW 8LI4IVJSVQERGISJ +IRHIVMR7LEOIWTIEVI W)RKPERH'EQFVMHKI 'EQFVMHKI 9RMZIVWMX]4VIWW 4EWXIV+EMP/IVR 8LI&SH])QFEVVEWWIH (VEQEERHXLI (MWGMTPMRIWSJ7LEQIMR)EVP]1SHIVR)RKPERH-XLEGE2= 'SVRIPP9RMZIVWMX]4VIWW
6SWI1EV]&IXL 8LI)\TIRWISJ7TMVMX 0SZIERH 7I\YEPMX]MR)RKPMWL6IREMWWERGI(VEQE-XLEGE2=ERH 0SRHSR 'SVRIPP9RMZIVWMX]4VIWW 7LITLIVH7MQSR %QE^SRWERH;EVVMSV;SQIR :EVMIXMIWSJ*IQMRMWQMR7IZIRXIIRXLGIRXYV](VEQE &VMKLXSR ,EVZIWXIV;LIEXWLIEJ 8VEYF:EPIVMI (IWMVIERH%R\MIX] 'MVGYPEXMSRWSJ 7I\YEPMX]MR7LEOIWTIEVIER(VEQE0SRHSRERH2I[=SVO 2= 6SYXPIHKI >MQQIVQER7YWER IH )VSXMG4SPMXMGW (IWMVISRXLI 6IREMWWERGI7XEKI0SRHSRERH2I[=SVO2= 6SYXPIHKI
(VEQEERHXLIIEVP]QSHIVRDSXLIV +MPPMIW.SLR 7LEOIWTIEVIERHXLI+ISKVETL]SJ(MJJIVIRGI 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ,EPP/MQ 8LMRKWSJ(EVORIWW )GSRSQMIWSJ6EGIERH +IRHIVMR)EVP]1SHIVR)RKPERH-XLEGE2= 'SVRIPP 9RMZIVWMX]4VIWW ,IRHVMGOW1EVKSERH4EXVMGME4EVOIV IHW ;SQIR D6EGI ERH;VMXMRKMRXLI)EVP]1SHIVR4IVMSH0SRHSRERH 2I[=SVO2= 6SYXPIHKI ,SIRWIPEEVW%. -QEKIWSJ)RKPMWLQIRERH*SVIMKRIVW MRXLI(VEQESJ7LEOIWTIEVIERHLMW'SRXIQTSVEVMIW %7XYH] SJ7XEKI'LEVEGXIVWERH2EXMSREP-HIRXMX]MR)RKPMWL 6IREMWWERGI(VEQE r6YXLIVJSVH2. *EMVPIMKL (MGOMRWSR9RMZIVWMX]4VIWW ,YPQI4IXIV 'SPSRMEP)RGSYRXIVW )YVSTIERHXLI 2EXMZI'EVMFFIER r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
7YVZI]WERHIWWE]GSPPIGXMSRW &PYIWXSRI1E\ERH6EFOMR2SVQER IHW 7LEOIWTIEVI W'SRXIQTSVEVMIW 1SHIVR7XYHMIWMR)RKPMWL 6IREMWWERGI(VEQERHIHMXMSR)RKPI[SSH'PMJJW2. 4VIRXMGI,EPP-RG &VERRMKER.SLR 2I[,MWXSVMGMWQERH'YPXYVEP 1EXIVMEPMWQ0SRHSR 1EGQMPPER &VEYRQYPPIV%6ERH,EXXE[E]1MGLEIP 8LI
JYVXLIVVIEHMRK 'EQFVMHKI'SQTERMSRXS)RKPMWL6IREMWWERGI(VEQE 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ,EHpIPH%RHVI[ 8LI)RKPMWL6IREMWWERGIr 3\JSVH &PEGO[IPP /EWXER(EZMH7GSXX %'SQTERMSRXS7LEOIWTIEVI 3\JSVH &PEGO[IPP /EWXER(EZMH7GSXXERH7XEPP]FVEWW4IXIV IHW 7XEKMRK XLI6IREMWWERGI 6IMRXIVTVIXEXMSRWSJ)PM^EFIXLERERH.EGSFIER (VEQE0SRHSR 6SYXPIHKI /MRRI]%VXLYV IH %'SQTERMSRXS6IREMWWERGI (VEQE3\JSVH &PEGO[IPP 0IKKEXX%PI\ERHIV )RKPMWL(VEQE 7LEOIWTIEVIXSXLI 6IWXSVEXMSR r0SRHSR 0SRKQER 1SYWPI]%RH] 6IREMWWERGI(VEQEERH'SRXIQTSVEV] 0MXIVEV]8LISV]&EWMRKWXSOI 1EGQMPPER 6EFOMR2 6IMRXIVTVIXEXMSRWSJ)PM^EFIXLER(VEQE 2I[=SVO2= 'SPYQFME9RMZIVWMX]4VIWW 6]RER/MIVRER IH 2I[,MWXSVMGMWQERH'YPXYVEP 1EXIVMEPMWQ %6IEHIV0SRHSR %VRSPH ;MPWSR6MGLEVHERH(YXXSR6MGLEVH IHW 2I[ ,MWXSVMGMWQERH6IREMWWERGI(VEQE0SRHSR 0SRKQER
,MWXSVMIWSJHVEQEERHXLIXLIEXVI &IRXPI]+IVEPH)EHIW r 8LI.EGSFIERERH'EVSPMRI 7XEKIZSPW3\JSVH 'PEVIRHSR4VIWW 8LI4VSJIWWMSRSJ4PE]IVMR7LEOIWTIEVI W8MQI r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r.EGSFIER (VEQE0SRHSR % '&PEGO *EVRLEQ;MPPEVH 8LI1IHMIZEP,IVMXEKISJ)PM^EFIXLER 8VEKIH]3\JSVH &PEGO[IPP *SEOIW6% -PPYWXVEXMSRWSJXLI)RKPMWL7XEKI r 7XERJSVH'% 7XERJSVH9RMZIVWMX]4VIWW +VEZIW6SFIVX& 0MKLXMRKXLI7LEOIWTIEVIER7XEKI r'EVFSRHEPI-0 7SYXLIVR-PPMRSMW9RMZIVWMX] 4VIWW +YVV%RHVI[ 4PE]KSMRKMR7LEOIWTIEVI W0SRHSRRH IHMXMSR'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ,ETT¦4IXIV )RKPMWL(VEQEFIJSVI7LEOIWTIEVI 0SRHSR 0SRKQER ,EVFEKI%PJVIH 7LEOIWTIEVI W%YHMIRGI2I[=SVO2= 'SPYQFME9RMZIVWMX]4VIWW 7LEOIWTIEVIERHXLI6MZEP8VEHMXMSRW2I[=SVO 2= 1EGQMPPER -RKVEQ;MPPMEQ 8LI&YWMRIWWSJ4PE]MRK 8LI&IKMRRMRKW SJXLI%HYPX4VSJIWWMSREP8LIEXIVMR)PM^EFIXLER0SRHSR -XLEGE2=ERH0SRHSR 'SVRIPP9RMZIVWMX]4VIWW 0IKKEXX%PI\ERHIV )RKPMWL7XEKI'SQIH] r 0SRHSR 6SYXPIHKI
1ERR(EZMH 8LI)PM^EFIXLER4PE]IV 'SRXIQTSVEV] 7XEKI6ITVIWIRXEXMSR0SRHSRERH2I[=SVO2= 6SYXPIHKI 1YVVE].SLR8YGOIV )RKPMWL(VEQEXMG'SQTERMIW rZSPW0SRHSR 'SRWXEFPI 3VVIPP.SLR 8LI,YQER7XEKI )RKPMWL8LIEXVI(IWMKR r'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 4SXXIV0SMW'VEMO8;ERH0IIGL'PMJJSVH IHW 8LI6IZIPW,MWXSV]SJ(VEQEMR)RKPMWL0SRHSR 1IXLYIR 7LITLIVH7MQSRERH;SQEGO4IXIV )RKPMWL(VEQE %'YPXYVEP,MWXSV]3\JSVH &PEGO[IPP 7SYXLIVR6MGLEVH 8LI7XEKMRKSJ4PE]WFIJSVI 7LEOIWTIEVI0SRHSR *EFIVERH*EFIV ;LMXI1EVXMR 6IREMWWERGI(VEQEMR%GXMSR0SRHSR 6SYXPIHKI ;MGOLEQ+P]RRI r )EVP])RKPMWL7XEKIWr ZSPW0SRHSRERH2I[=SVO2= 6SYXPIHKI %,MWXSV]SJXLI8LIEXVI3\JSVH 4LEMHSR ;MWIQER7YWER (VEQEERH4SPMXMGWMRXLI)RKPMWL'MZMP ;EV'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW
,MWXSVMIW WSGMEPTSPMXMGEPERH GYPXYVEP 7YVZI]W %FFSXX1EV] 0MJI']GPIWMR)RKPERHr0SRHSR ERH2I[=SVO2= 6SYXPIHKI &VMKKW.YPME 8LMW7XEKITPE];SVPH 8I\XWERH'SRXI\XW rVIZMWIHIHMXMSR3\JSVH 3\JSVH9RMZIVWMX] 4VIWW 'S[EVH&EVV] 7SGMEP'LERKIERH'SRXMRYMX]MR)EVP] 1SHIVR)RKPERHr0SRHSRERH2I[=SVO2= 0SRKQER 8LI7XYEVX%KIrRHIHMXMSR0SRHSR 0SRKQER ,MPP'LVMWXSTLIV 8LI'IRXYV]SJ6IZSPYXMSRr RHIHMXMSR0SRHSR 8LEQIWERH,YHWSR 0EWPIXX4IXIV 8LI;SVPH;I,EZI0SWX0SRHSR 1IXLYIR 1IVZ]R.EQIW 7SGMIX]4SPMXMGWERH'YPXYVI 7XYHMIWMR )EVP]1SHIVR)RKPERH'EQFVMHKI 'EQFVMHKI9RMZIVWMX] 4VIWW 6ETTETSVX7XIZI ;SVPHW;MXLMR;SVPHW 7XVYGXYVIWSJ 0MJIMR7M\XIIRXLGIRXYV]0SRHSR'EQFVMHKI 'EQFVMHKI 9RMZIVWMX]4VIWW 7LEVTI.% )EVP]1SHIVR)RKPERH %7SGMEP,MWXSV] r4EVX-- 8LI7SGMEP,MIVEVGL]ERH7SGMEP'LERKI 0SRHSR )H[EVH%VRSPH 7MRpIPH%PER 0MXIVEXYVIMR4VSXIWXERX)RKPERHr 0SRHSR 'VSSQ,IPQ 7XSRI0E[VIRGI 7SGMEP'LERKIERH6IZSPYXMSRMR )RKPERHr0SRHSR 0SRKQER 7XVSYH%RKYW 7XYEVX)RKPERH0SRHSR 6SYXPIHKI ;VMKLXWSR/IMXL )RKPMWL7SGMIX] r 0SRHSR 9R[MR,]QER =SYMRKW.S]GI 7M\XIIRXL'IRXYV])RKPERH ,EVQSRHW[SVXL 4IRKYMR
JYVXLIVVIEHMRK
7SGMEPWXEXYW &IMIV%0 1EWXIVPIWW1IR 8LI:EKVERG]4VSFPIQMR )RKPERHr0SRHSR 1IXLYIR (I+VE^ME1EVKVIXE5YMPPMKER1EYVIIRERH7XEPP]FVEWW 4IXIV IHW 7YFNIGXERH3FNIGXMR6IREMWWERGI'YPXYVI 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ,IEP*IPMGMX]ERH,SPQIW'PMZI 8LI+IRXV]MR )RKPERHERH;EPIWr0SRHSR 1EGQMPPER 4SYRH.SLR 4SZIVX]ERH:EKVERG]MR8YHSV)RKPERH 0SRHSR 0SRKQER 7LEVTI.% 'VMQIMR)EVP]1SHIVR)RKPERHr 0SRHSRERH2I[=SVO2= 0SRKQER 7XSRI0E[VIRGI 8LI'VMWMWSJXLI%VMWXSGVEG] r 3\JSVH 3\JSVH9RMZIVWMX]4VIWW ;VMKLX0SYMW& 1MHHPI'PEWW'YPXYVIMR)PM^EFIXLER )RKPERH0SRHSR 1IXLYIR
*EQMP]ERHQEVVMEKI 'VIWW](EZMH &MVXL1EVVMEKIERH(IEXL 6MXYEP 6IPMKMSRERHXLI0MJIG]GPIMR8YHSVERH7XYEVX)RKPERH 3\JSVH 3\JSVH9RMZIVWMX]4VIWW +MPPMW.6 *SV&IXXIV*SV;SVWI3\JSVH 3\JSVH 9RMZIVWMX]4VIWW ,SYPFVSSOI6EPTL 8LI)RKPMWL*EQMP] r 0SRHSR 0SRKQER -RKVEQ1EVXMR 'LYVGL'SYVXW7I\ERH1EVVMEKIMR )RKPERHr'EQFVMHKI 'EQFVMHKI9RMZIVWMX] 4VIWW )RKPMWL*EQMP]0MJIr3\JSVH 3\JSVH 9RMZIVWMX]4VIWW 3VPMR0IRE'S[IR 4VMZEXI1EXXIVWERH4YFPMG'YPXYVI MR4SWX6IJSVQEXMSR)RKPERH-XLEGE2=ERH0SRHSR 'SVRIPP9RMZIVWMX]4VIWW 4S[IPP'LMPXSR )RKPMWL(SQIWXMG6IPEXMSRW r 2I[=SVO2= 'SPYQFME9RMZIVWMX]4VIWW 7XSRI0E[VIRGI 8LI*EQMP]7I\ERH1EVVMEKI r ,EVQSRHW[SVXL 4IPMGER 8LI6SEHXS(MZSVGI )RKPERHr 3\JSVH 3\JSVH9RMZIVWMX]4VIWW 8LSQEW/IMXL D8LI(SYFPI7XERHEVH .SYVREPSJXLI ,MWXSV]SJ-HIEW r 8SHH&EVFEVE D8LI6IQEVV]MRK;MHS[ %7XIVISX]TI 6IGSRWMHIVIH MR1EV]4VMSV IH ;SQIRMR)RKPMWL7SGMIX] r 0SRHSR 1IXLYIR
+IRHIVVIPEXMSRWWI\YEPMX]ERHXLIFSH] &VE]%PER ,SQSWI\YEPMX]MR6IREMWWERGI)RKPERHRH IHMXMSR0SRHSR +E]1IR W4VIWW &VIMXIRFIVK1EVO %R\MSYW1EWGYPMRMX]MR)EVP]1SHIVR )RKPERH'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW *PIXGLIV%RXLSR] +IRHIV7I\ERH7YFSVHMREXMSRMR )RKPERHr 0SRHSRERH2I[,EZIR'2 =EPI 9RMZIVWMX]4VIWW +SPHFIVK.SREXLER IH 5YIIVMRKXLI6IREMWWERGI (YVLEQ2'ERH0SRHSR (YOI9RMZIVWMX]4VIWW +S[MRK0EYVE (SQIWXMG(ERKIVW ;SQIR;SVHWERH 7I\MR)EVP]1SHIVR)RKPERH3\JSVH 'PEVIRHSR 4VIWW ,YPP7Y^ERRI; 'LEWXI7MPIRXERH3FIHMIRX )RKPMWL
&SSOWJSV;SQIRr7ER1EVMRS'% ,YRXMRKXSR 0MFVEV]4VIWW /IPP]+EHSP.SER D(MH;SQIR,EZIE6IREMWWERGI# MR6IREXI&VMHIRXLEPERH'PEYHME/SSR^ IHW &IGSQMRK :MWMFPI ;SQIRMR)YVSTIER,MWXSV]&SWXSR1% ,SYKLXSR1MJqMR 0EYVIRGI%RRI ;SQIRMR)RKPERHr %7SGMEP ,MWXSV]0SRHSR ;IMHIRJIPHERH2MGSPWSR 1EGPIER-ER 8LI6IREMWWERGI2SXMSRSJ;SQER 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 1EXGLMRWOI1IKER ;VMXMRK+IRHIVERH7XEXIMR)EVP] 1SHIVR)RKPERH -HIRXMX]*SVQEXMSRERHXLI*IQEPI7YFNIGX 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 1IRHIPWSR7EVEERH'VE[JSVH4EXVMGME ;SQIRMR )EVP]1SHIVR)RKPERHr3\JSVH 3\JSVH 9RMZIVWMX]4VIWW 4VMSV1EV] IH ;SQIRMR)RKPMWL7SGMIX]r 0SRHSR 1IXLYIR 7E[HE].SREXLER 8LI&SH])QFPE^SRIH (MWWIGXMSRERH XLI,YQER&SH]MR6IREMWWERGI'YPXYVI0SRHSR 6SYXPIHKI 7QMXL&VYGI6 ,SQSWI\YEP(IWMVIMR7LEOIWTIEVI W )RKPERH %'YPXYVEP4SIXMGW'LMGEKS-0 9RMZIVWMX]SJ 'LMGEKS4VIWW 7YQQIVW'PEYHI IH ,SQSWI\YEPMX]MR6IREMWWERGI ERH)RPMKLXIRQIRX)RKPERH 0MXIVEV]6ITVIWIRXEXMSRWMR ,MWXSVMGEP'SRXI\X2I[=SVOERH0SRHSR ,E[SVXL4VIWW %PWSTYFPMWLIHEWEWTIGMEPMWWYISJ.SYVREPSJ,SQSWI\YEPMX] r 8VEYF:EPIVMI/ETPER0MRHWE]1ERH'EPPEKLER(]QTRE IHW *IQMRMWX6IEHMRKWSJ)EVP]1SHIVR'YPXYVI )QIVKMRK7YFNIGXW'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 8YVRIV.EQIW+VERXLEQ IH 7I\YEPMX]ERH+IRHIVMR )EVP]1SHIVR)YVSTI -RWXMXYXMSRW8I\XW-QEKIW 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ;MPGS\,IPIR IH ;SQIRERH0MXIVEXYVIMR&VMXEMR r'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW
8VEZIPGSPSRMEPMWQERHXLI IEVP]QSHIVRDSXLIV %RHVI[/IRRIXL6 8VEHI4PYRHIVERH7IXXPIQIRX 1EVMXMQI)RXIVTVMWIERHXLI+IRIWMWSJXLI&VMXMWL)QTMVI r'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW &VEHWLE[&VIRHER,EHpIPH%RHVI[ERH1EP];MPP] IHW 6ITVIWIRXMRK-VIPERH 0MXIVEXYVIERHXLI3VMKMRWSJ 'SRqMGXr'EQFVMHKI 'EQFVMHKI9RMZIVWMX] 4VIWW &VIRRER)PM^EFIXL) D8LI'LIIWIERHXLI;IPWL *SVIMKRIVWMR)PM^EFIXLER0MXIVEXYVI 6IREMWWERGI7XYHMIW r 'LEVH'LPSÕ 4PIEWYVIERH+YMPXSRXLI+VERH8SYV 1ERGLIWXIV 1ERGLIWXIV9RMZIVWMX]4VIWW *YPPIV1EV]' :S]EKIWMR4VMRX )RKPMWL8VEZIPXS %QIVMGEr'EQFVMHKI 'EQFVMHKI9RMZIVWMX] 4VIWW +VIIRFPEXX7XITLIR 1EVZIPSYW4SWWIWWMSRW 8LI;SRHIV SJXLI2I[;SVPH3\JSVH 'PEVIRHSR4VIWW ,EHpIPH%RHVI[ 0MXIVEXYVI8VEZIPERH'SPSRMEP ;VMXMRKMRXLI)RKPMWL6IREMWWERGIr3\JSVH 'PEVIRHSR4VIWW ,EPP/MQ* 8LMRKWSJ(EVORIWW )GSRSQMIWSJ6EGIERH
JYVXLIVVIEHMRK +IRHIVMR)EVP]1SHIVR)RKPERH-XLEGE2= 'SVRIPP 9RMZIVWMX]4VIWW ,EVVMW.SREXLER+MP *SVIMKR&SHMIWERHXLI&SH]4SPMXMG (MWGSYVWIWSJ7SGMEP4EXLSPSK]MR)EVP]1SHIVR)RKPERH 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ,IPKIVWSR6MGLEVH *SVQWSJ2EXMSRLSSH 8LI )PM^EFIXLER;VMXMRKSJ)RKPERH'LMGEKS-0 9RMZIVWMX]SJ 'LMGEKS4VIWW ,YPQI4IXIV 'SPSRMEP)RGSYRXIVW )YVSTIERHXLI 2EXMZI'EVMFFIER r 0SRHSR 6SYXPIHKI /RETT.IJJVI] %R)QTMVI2S[LIVI )RKPERH%QIVMGE ERH0MXIVEXYVIJVSQ9XSTMEXS8LI8IQTIWX&IVOIPI]'% 9RMZIVWMX]SJ'EPMJSVRME4VIWW /YTTIVQER/EVIR3VHELP 7IXXPMRK[MXLXLI-RHMERW 8LI1IIXMRKSJ)RKPMWLERH-RHMER'YPXYVIWMR%QIVMGE r 8SXS[E2. 6S[QERERH0MXXPIpIPH 0MRXSR.SER4SRK 8LI6SQERGISJXLI2I[;SVPH +IRHIVERHXLI0MXIVEV]*SVQEXMSRWSJ)RKPMWL'SPSRMEPMWQ 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 1G)EGLIVR'PEMVI 8LI4SIXMGWSJ)RKPMWL2EXMSRLSSH r'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 6EPIKL7MV;EPXIV 8LI(MWGSZIVMISJXLI0EVKI6MGLERH &I[XMJYP)QT]VISJ+ZMERE2IMP0;LMXILIEH IH 1ERGLIWXIV 1ERGLIWXIV9RMZIVWMX]4VIWW 7LIILER&IVREVH; 7EZEKMWQERH'MZMPMX] -RHMERW ERH)RKPMWLQIRMR'SPSRMEP:MVKMRME'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW
6IPMKMSRERHXLIGLYVGL 'SPPMRWSR4EXVMGO +SHP]4ISTPI )WWE]WSR)RKPMWL 4VSXIWXERXMWQERH4YVMXERMWQ0SRHSR ,EQFPIHSR4VIWW 8LI6IPMKMSRSJ4VSXIWXERXW 8LI'LYVGLMR)RKPMWL 7SGMIX] r3\JSVH 'PEVIRHSR4VIWW 8LI&MVXLTERKWSJ4VSXIWXERXMWQ 6IPMKMSRERH 'YPXYVEP'LERKIMRXLI7M\XIIRXLERH7IZIRXIIRXL'IRXYVMIW &EWMRKWXSOI 1EGQMPPER 8LI4YVMXER'LEVEGXIV 4SPIQMGWERH4SPEVMXMIWMR )EVP]7IZIRXIIRXLGIRXYV])RKPMWL'YPXYVI0SW%RKIPIW '% 9RMZIVWMX]SJ'EPMJSVRME4VIWW 'VE[JSVH4EXVMGME ;SQIRERH6IPMKMSRMR)RKPERH r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r MR
1EV]4VMSV IH ;SQIRMR)RKPMWL7SGMIX]r 0SRHSR 1IXLYIR 7LIPP%PMWSR 'EXLSPMGMWQ'SRXVSZIVW]ERHXLI)RKPMWL 0MXIVEV]-QEKMREXMSR r'EQFVMHKI 'EQFVMHKI 9RMZIVWMX]4VIWW 8LSQEW/IMXL 6IPMKMSRERHXLI(IGPMRISJ1EKMG ,EVQSRHW[SVXL 4IRKYMR
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r7XVSYH %PER7YXXSR4YFPMWLMRK ,STOMRW0MWE )PM^EFIXL-ERH,IV'SYVX0SRHSRERH 2I[=SVO2= :MWMSR4VIWWERH7X1EVXMR W4VIWW /MWLPERWO]1EVO %1SREVGL]8VERWJSVQIH &VMXEMR r0SRHSR 4IRKYMR 6YWWIPP'SRVEH 8LI'VMWMWSJXLI4EVPMEQIRXW )RKPMWL ,MWXSV] r3\JSVH 3\JSVH9RMZIVWMX]4VIWW 7QMXL%PER+ 8LI)QIVKIRGISJE2EXMSR7XEXI r 0SRHSR 0SRKQER 9RHIVHS[R(EZMH 6IZIP6MSXERH6IFIPPMSR 4STYPEV 4SPMXMGWERH'YPXYVIMR)RKPERHr3\JSVH 'PEVIRHSR4VIWW ;MPPMEQW4IRV] 8LI8YHSV6IKMQI3\JSVH 'PEVIRHSR 4VIWW
0MXIVEG]ERHIHYGEXMSR &EVV].SREXLER D0MXIVEG]ERH0MXIVEXYVIMR4STYPEV 'YPXYVI 6IEHMRKERH;VMXMRKMR,MWXSVMGEP4IVWTIGXMZI MR 8MQ,EVVMW IH 4STYPEV'YPXYVIMR)RKPERHGr 0SRHSR 1EGQMPPER 'VIWW](EZMH 0MXIVEG]ERHXLI7SGMEP3VHIV'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW )PWO]1EVXMR %YXLSVM^MRK;SVHW 7TIIGL;VMXMRKERH 4VMRXMRXLI)RKPMWL6IREMWWERGI-XLEGE2=ERH0SRHSR 'SVRIPP9RMZIVWMX]4VIWW .EKSH^MRWOM'IGMPI1 4VMZEG]ERH4VMRX 6IEHMRKERH ;VMXMRKMR7IZIRXIIRXL'IRXYV])RKPERH'LEVPSXXIWZMPPI :%9RMZIVWMX]4VIWWSJ:MVKMRME 3 (E]6SWIQEV] )HYGEXMSRERH7SGMIX]r 8LI 7SGMEP*SYRHEXMSRWSJ)HYGEXMSRMR)EVP]1SHIVR&VMXEMR 0SRHSRERH2I[=SVO2= 0SRKQER 4EXXIVWSR%RREFIP 'IRWSVWLMTERH-RXIVTVIXEXMSR 8LI 'SRHMXMSRWSJ;VMXMRKERH6IEHMRKMR)EVP]1SHIVR)RKPERH 1EHMWSR;- 9RMZIVWMX]SJ;MWGSRWMR4VIWW 6EZIR.EQIW7QEPP,IPIRERH8E]PSV2ESQM IHW 8LI4VEGXMGIERH6ITVIWIRXEXMSRSJ6IEHMRKMR)RKPERH 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW
JYVXLIVVIEHMRK 7MQSR.SER )HYGEXMSRERH7SGMIX]MR8YHSV)RKPERH 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 7TYJJSVH1EVKEVIX 7QEPP&SSOWERH4PIEWERX,MWXSVMIW 4STYPEV*MGXMSRERH-XW6IEHIVWLMTMR7IZIRXIIRXLGIRXYV] )RKPERH0SRHSR 1IXLYIR ;EXX8IWWE 'LIET4VMRXERH4STYPEV4MIX]r 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ;LIEPI2MKIP ;VMXMRKERH7SGMIX] 0MXIVEG]4VMRXERH 4SPMXMGWMR&VMXEMR r0SRHSR 6SYXPIHKI
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
.SYVREPW 8LINSYVREPW[LMGLJSGYWQSWXWTIGMpGEPP]SRIEVP] QSHIVRHVEQEERHPMXIVEXYVIEVI
'ELMIVW)PMWEF¦XLEMRW )RKPMWL0MXIVEV]6IREMWWERGI 1IHMIZEPERH6IREMWWERGI(VEQEMR)RKPERH 1SHIVR4LMPSPSK] 6IREMWWERGI(VEQE 6IREMWWERGI5YEVXIVP] 6IREMWWERGIERH6IJSVQEXMSR 6IREMWWERGI7XYHMIW 8LI7IZIRXIIRXL'IRXYV] 7LEOIWTIEVI5YEVXIVP] 7LEOIWTIEVI7YVZI] 7XYHMIWMR)RKPMWL0MXIVEXYVIr
.SYVREPW[MXLEFVSEHIVLMWXSVMGEPJSGYWFYX[LMGL JVIUYIRXP]TYFPMWLVIWIEVGLSRIEVP]QSHIVRGYPXYVI MRGPYHI
'VMXMGEP5YEVXIVP] )RKPMWL0MXIVEV],MWXSV] +IRHIV4PEGIERH'YPXYVI 0MXIVEXYVIERH,MWXSV] 8LI.SYVREPSJ&VMXMWL7XYHMIW 2I[0MXIVEV],MWXSV]
8I\XYEP4VEGXMGI 8YPWE7XYHMIWMR;SQIR W0MXIVEXYVI ;SQIR W;VMXMRK .SYVREPWTYFPMWLMRK[SVOSRWSGMEPERHTSPMXMGEPLMWXSV] MRGPYHI
'SRXMRYMX]ERH'LERKI )RKPMWL,MWXSVMGEP6IZMI[ 8LI,MWXSVMGEP.SYVREP ,MWXSV] 4EWXERH4VIWIRX
6IGSQQIRHIHXSSMW8LI=IEV W;SVOMR)RKPMWL7XYHMIW ERERRYEPTYFPMGEXMSRGSQTVMWMRKEWIVMIWSJFMFPMS KVETLMGEPIWWE]WSJJIVMRKERSZIVZMI[SJRI[GVMXMGEP[SVO EGVSWWXLIpIPHSJPMXIVEV]WXYHMIW-XMWMRZEPYEFPIJSV MHIRXMJ]MRKRI[XMXPIWVIPEXMRKXSEKMZIREYXLSVSVXSTMG )PIGXVSRMGNSYVREPWVIPIZERXXSXLIpIPHMRGPYHI 'SQMXEXYW %.SYVREPSJ1IHMIZEPERH6IREMWWERGI 7XYHMIW LXXT [[[LYQRIXYGPEIHYLYQRIXGQVWTYFPMGEXM SRWGSQMXEXYWGSQMXEXYLXQ )EVP]1SHIVR0MXIVEV]7XYHMIW LXXT [[[WLYEGYOIQPWIQPWLSQILXQP )\IQTPEVME %.SYVREPSJ8LISV]MR1IHMIZEPERH 6IREMWWERGI7XYHMIW LXXT [[[IRKPMWLYqIHYI\IQTPEVME )\TPSVEXMSRWMR6IREMWWERGI'YPXYVI LXXT [[[WQWYIHY)RKPMWLIMVGIMVGLXQP 6IREMWWERGI*SVYQ LXXT [[[LYPPEGYOVIRJSVYQMRHI\LXQP
;IFWMXIW 8LIWIPMROXSE[MHIVERKISJWMXIWVIPEXMRKXSIEVP] QSHIVR[VMXMRKERHLMWXSV]MRGPYHMRKSRPMRISJXIR JYPPXI\XIHMXMSRWSJIEVP]QSHIVR[VMXMRKEW[IPPEW GVMXMGEPQEXIVMEPW1SWXWMXIWEVIJVIIP]EGGIWWMFPIFYXE JI[EVIEZEMPEFPISRP]XLVSYKLWYFWGVMTXMSR 8LI)EVP]1SHIVR(VEQE(EXEFEWI LXXT [[[GSPYQFMEIHYbXHOIEVP]QSHIVRLXQP 7IIXSSXLIPMROIHWMXI)EVP]1SHIVR'LVSRSPSK] rEX LXXT [[[GSPYQFMEIHYbXHOGLVSRSPSK]LXQP 0MXIVEV]6IWSYVGIWSRXLI2IX LXXT ERHVSQIHEVYXKIVWIHYbNP]RGL0MXVIRLXQP 0YQMREVMYQ LXXT [[[PYQMREVMYQSVKPYQMRELXQ 6IREMWWERGI8I\XW LXXT [[[XS[WSRIHYbXMROPIVFSSOQEVOVIRXI\XLXQP
JYVXLIVVIEHMRK 6IREMWWERGI;SQIR3RPMRI LXXT [[[[[TFVS[RIHYXI\XWV[SIRXV]LXQP 6IREWGIRGI)HMXMSRW LXXT [[[YSVIKSRIHYbVFIEVVIRLXQ 8LI:SMGISJXLI7LYXXPI LXXT ZSWYGWFIHY
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&IEYQSRXERH*PIXGLIV8LI 1EMH W8VEKIH]
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D%YXLSVMWIH /MRK .EQIW ZIVWMSRSJXLI &MFPI 'SV]EX'VYHMXMIW 0ER]IV7EPZI(IYW6I\ .YHIESVYQ
1MHHPIXSRERH(IOOIV8LI 6SEVMRK+MVP 7LEOIWTIEVI8LI8IQTIWX 8SYVRIYV8LI%XLIMWX W8VEKIH]
0ERGEWLMVI[MXGLIWLERKIH
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4EVPMEQIRXHMWWSPZIH RSX GEPPIHEKEMRYRXMP
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.SRWSR&EVXLSPSQI[*EMV ,STIXLIEXVI 4F FYMPX ;IFWXIV8LI(YGLIWWSJ1EPp EJXIVYWIHQEMRP]JSV FIEVERHFYPPFEMXMRK
1MHHPIXSR8LI;MXGL
'LETQER WXVERWPEXMSRSJ ,SQIV W3H]WWI]&SSOW -rMQQIVQER IH )VSXMG4SPMXMGW (IWMVI SRXLI6IREMWWERGI7XEKI2I[=SVO2=ERH0SRHSR 6SYXPIHKI &IPX(IFVE D%RXM8LIEXVMGEPMWQERH6LIXSVMGMR 1EVPS[I W)H[EVH-- )RKPMWL0MXIVEV]6IREMWWERGI r &VIHFIGO+VIKSV]; 7SHSQ]ERH-RXIVTVIXEXMSR 1EVPS[IXS1MPXSR-XLEGE2= 'SVRIPP9RMZIVWMX]4VIWW 'SPI(SYKPEW 7YJJIVMRKERH)ZMPMRXLI4PE]WSJ 'LVMWXSTLIV1EVPS[I4VMRGIXSR2. 4VMRGIXSR9RMZIVWMX] 4VIWW 'SQIRWSPM:MZMERE D,SQSTLSFMEERHXLI6IKYPEXMSR SJ(IWMVI %4W]GLSEREP]XMG6IEHMRKSJ1EVPS[I W)H[EVH -- .SYVREPSJXLI,MWXSV]SJ7I\YEPMX] r *VMIHIRVIMGL/IRRIXL+MPP6SQEERH/YVM]EQE 'SRWXERGI& IHW D%4SIXERHE*MPXL]4PE]1EOIV 2I[)WWE]WSR'LVMWXSTLIV1EVPS[I2I[=SVO2= %17 4VIWW +VERXPI](EVV]PERH6SFIVXW4IXIV IHW 'LVMWXSTLIV 1EVPS[IERH)RKPMWL6IREMWWERGI'YPXYVI%PHIVWLSX 7GLSPEV4VIWW +VIIRFPEXX7XITLIR 6IREMWWERGI7IPJJEWLMSRMRK *VSQ 1SVIXS7LEOIWTIEVI'LMGEKS-0ERH0SRHSR 'LMGEKS 9RMZIVWMX]4VIWW +Y]FVE]7 D,SQSTLSFMEERHXLI(ITSPMXMGM^MRKSJ )H[EVH-- )RKPMWL7XYHMIWMR'EREHE r 0IIGL'PMJJSVH 'LVMWXSTLIV1EVPS[I 4SIXJSVXLI7XEKI 2I[=SVO2= %174VIWW 0IZMR,EVV] 8LI3ZIVVIEGLIV %7XYH]SJ'LVMWXSTLIV 1EVPS[I0SRHSR *EFIV *EFIV 1G'PSWOI]7YWER D8LI;SVPHWSJ)H[EVH-- 6IREMWWERGI(VEQE r 1G)PVS].SLR* D6ITIXMXMSR'SRXVEVMIX]ERH -RHMZMHYEPMWQMR)H[EVH-- 7XYHMIWMR)RKPMWL0MXIVEXYVI r r 4EVOW. D,MWXSV]8VEKIH]ERH8VYXLMR'LVMWXSTLIV 1EVPS[I W)H[EVH-- 7XYHMIWMR)RKPMWL0MXIVEXYVIr r 4YVOMWW(MERI 6IREMWWERGI;SQIR 8LI4PE]WSJ )PM^EFIXL'EV]8LI4SIQWSJ%IQMPME'ERXIV0SRHSR ;MPPMEQ4MGOIVMRK 6]ER4 D1EVPS[I W)H[EVH--ERHXLI1IHMIZEP 4EWWMSR4PE] 'SQTEVEXMZI(VEQE r 7ERHIVW;MPFYV 8LI(VEQEXMWXERHXLI6IGIMZIH-HIE 7XYHMIWMRXLI4PE]WSJ1EVPS[IERH7LEOIWTIEVI0SRHSR 'EQFVMHKI9RMZIVWMX]4VIWW
GLVMWXSTLIVQEVPS[I 7MQOMR7XIZMI %4VIJEGIXS1EVPS[I,EVPS[ 0SRKQER 7QMXL&VYGI6 ,SQSWI\YEP(IWMVIMR7LEOIWTIEVI W )RKPERH'LMGEKS-0ERH0SRHSR 'LMGEKS9RMZIVWMX] 4VIWW 8LYVR(EZMH, D7SZIVIMKRX](MWSVHIVERH *IXMWLMWQMR1EVPS[I W)H[EVH-- 6IREMWWERGI(VEQE RI[WIVMIW r :SWW.EQIW D)H[EVH-- 1EVPS[I W,MWXSVMGEP8VEKIH] )RKPMWL7XYHMIW r ;IMP.YHMXL 'LVMWXSTLIV1EVPS[I 1IVPMR W4VSTLIX 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ;MPWSR6MGLEVH IH 'LVMWXSTLIV1EVPS[I,EVPS[ 0SRKQER
;SVOWSJVIPEXIHMRXIVIWX %RSR8LI*EQSYW:MGXSVMIWSJ,IRV]: ;MPPMEQ7LEOIWTIEVI,IRV]:-4EVXW---ERH--- r +ISVKI4IIPI)H[EVH- %RSR.EGO7XVE[ %RSR%VHIRSJ*EZIVWLEQ %RSR8LSQEWSJ;SSHWXSGO ;MPPMEQ7LEOIWTIEVI6MGLEVH--- ;MPPMEQ7LEOIWTIEVI6MGLEVH-- %RXLSR]1YRHE]IXEP7MV8LSQEW1SVI ;MPPMEQ7LEOIWTIEVI/MRK.SLR ;MPPMEQ7LEOIWTIEVI,IRV]-:4EVXW-ERH-- ;MPPMEQ7LEOIWTIEVI,IRV]: 8LSQEW,I][SSHIXEP)H[EVH-:4EVXW-ERH-- &IR.SRWSR8LI1EWUYISJ&PEGORIWW .SLR*PIXGLIVERH;MPPMEQ7LEOIWTIEVI,IRV]:--- )PM^EFIXL'EV]8LI6EMKRERH(IEXLSJ)H[EVH-- ?I\XVEGXIHMR4YVOMWW A .SLR*SVH4IVOMR;EVFIGO
)H[EVH--
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IH[EVHMM/MRKSJ)RKPERH
FEPHSGOEWGLSPEVXYXSVXS0EH]1EVKEVIX
MWEFIPPE5YIIRSJ)RKPERHXLI/MRKSJ*VERGI WWMWXIV
PMKLXFSVRIEREWWEWWMR
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PIZYRIE*VIRGLQER
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NEQIW4IQFVSOI WWIVZERX
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ELSVWIFS]4IQFVSOI WWIVZERX
KY]IEVPSJ[EV[MGO IEVPSJEVYRHIP )HQYRH*MX^EPER IEVPSJTIQFVSOI %]QIVHI:EPIRGI WMVNSLRQEPXVEZIVW WMVXLSQEWKSYVRI] XLSQEWIEVPSJPERGEWXIV LIRV]IEVPSJPIMGIWXIV WMVXLSQEWFIVOIPI] QSVXMQIVWIRMSV 6SKIV1SVXMQIVSJ'LMVOI QSVXMQIVNYRMSV 6SKIV1SVXMQIVSJ;MKQSVI LMW RITLI[ WTIRGIVWIRMSV ,YKLPI(IWTIRWIV IEVPSJ [MRGLIWXIV WTIRGIVNYRMSV ,YKLPI(IWTIRWIV IEVPSJ [MPXWLMVIPEXIV)EVPSJ+PSYGIWXIVLMWWSR
XLVIITSSVQIR XLIGPIVOSJXLIGVS[R TIQFVSOI WQIR EGLETPEMR ELIVEPH ETSWXJVSQWGSXPERH ETSWXJVSQJVERGI XLIQE]SVSJFVMWXSP EQS[IV XLIOMRK WGLEQTMSR 0SVHW0EHMIWMR;EMXMRK7SPHMIVW1SROW+YEVHW %XXIRHERXW7IVZERXW 8LIWGIRI IRKPERHERHJVERGI
XLIEVGLFMWLSTSJGERXIVFYV] ;EPXIV6I]RSPHW
%GX-WGIRIM
XLIFMWLSTSJGSZIRXV] ;EPXIV0ERKXSR
)RXIVKEZIWXSRVIEHMRKSREPIXXIVXLEX[EWFVSYKLXLMQ JVSQXLI/MRK
XLIFMWLSTSJ[MRGLIWXIV .SLR7XVEXJSVH LIRV]HIFIEYQSRXEWYTTSVXIVSJXLI/MRK
KEZIWXSR D1]JEXLIVMWHIGIEWIH GSQI+EZIWXSR %RHWLEVIXLIOMRKHSQ[MXLXL]HIEVIWXJVMIRH %L[SVHWXLEXQEOIQIWYVJIMX[MXLHIPMKLX
WMV[MPPMEQXVYWWIPEVITVIWIRXEXMZISJXLI4EVPMEQIRX
WYVJIMX SZIqS[
XLIEFFSXSJRIEXL
GLVMWXSTLIVQEVPS[I KEZIWXSR %WMHI %]E]8LIWI[SVHWSJLMWQSZIQI EWQYGL %WMJEKSSWIWLSYPHTPE]XLITSVGYTMRI %RHHEVXLIVTPYQIWXLMROMRKXSTMIVGIQ]FVIEWX &YX]IXMXMWRSTEMRXSWTIEOQIRJEMV - PPq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pVWXSRXLI[MRH 8LEXKPERGIXLEXQ]PMTWERHqMIXLE[E]
LET LETTIRXS *VERGI )H[EVH-LEHI\MPIH+EZIWXSRXSLMWLSQIMR 4SRXLMIY+EWGSR] 0IERHIV 1EVPS[I W,IVSERH0IERHIV G TYFPMWLIH MR [MXLEHHMXMSREPPMRIWF]+ISVKI'LETQER VIXSPH XLIGPEWWMGEPWXSV]SJ0IERHIV[LSW[EQXLI,IPPIWTSRX IEGLRMKLXXSFI[MXLLMWPSZIV,IVS )P]WMYQ XLIGPEWWMGEP+VIIOREQIJSVLIEZIR HMI E W[SSR F IRNS]WI\YEPSVKEWQ r QYPXMXYHIXLEXXLIMVTSZIVX] XLIQYPXMXYHIEVIQIVI IQFIVWF]GSQTEVMWSR[MXL)H[EVH[LSFYVRWPMOIXLI WYR 8ERXM D7SQYGLJSVXLEX GSVVYTXMSRSJXERX ß -XEPMER XVIRGLIV TPEXISVTPEGIEXEXEFPI PMIW XVEZIPPIVW XEPIW XLI7GSX )H[EVH- W[EVWEKEMRWXXLI7GSXW PIHF] 6SFIVXXLI&VYGI LSWTMXEPW SJXIRWUYEPMHDWTMXEPLSYWIW JSVXLITSSV MRGPYHMRKI\WSPHMIVW
TPMERX IEWMP]MRqYIRGIHQERMTYPEXIH QEWUYIW IPEFSVEXIGSYVXP]IRXIVXEMRQIRXWSVMKMREXMRKMR -XEP]XLI]FIGEQITSTYPEVMRXLIGSYVXWSJ)PM^EFIXL- ERHXLIIEVP]7XYEVXW+EZIWXSR WEPPYWMSRMWXLIVIJSVI EREGLVSRMWXMG EFVSEH SYXHSSVW W]PZERR]QTLW JIQEPIWTMVMXWSJXLI[SSHW WEX]VW TEVXLYQERERHTEVXKSEXWEX]VWEVIEWWSGMEXIH [MXL&EGGLYWXLIGPEWWMGEPKSHSJ[MRIERHVIZIPV] ERXMG KVSXIWUYI LE] GSYRXV]HERGIMRZSPZMRKWREOIPMOIQSZIQIRX (MER WWLETI (MERE[EWXLIGPEWWMGEPKSHHIWWSJXLI QSSR 'VS[RIXW FVEGIPIXW WTSVXJYP TPE]JYP LEVH RIEV %GXEISR MRGPEWWMGEPQ]XLSPSK]%GXEISRWTMIHSRXLI KSHHIWW(MEREEWWLIFEXLIH EWTYRMWLQIRXWLIXYVRIH LMQMRXSEWXEKERHLI[EWXLIROMPPIHF]LMWS[R LYRXMRKHSKW
IH[EVHMM (IVF]7EPMWFYV]0MRGSPR0IMGIWXIV 7LEPPF]XLIERKV]KSHHIWWFIXVERWJSVQIH 8LIWI[MPP-WIPPXSKMZIQ]WSPHMIVWTE] %RHVYRRMRKMRXLIPMOIRIWWSJERLEVX )VI+EZIWXSRWLEPPWXE][MXLMRXLIVIEPQ &]]IPTMRKLSYRHWTYPPIHHS[RERHWIIQXSHMI 8LIVIJSVIMJLIFIGSQII\TIPLMQWXVEMKLX 7YGLXLMRKWEWXLIWIFIWXTPIEWILMWQENIWX] OIRX &EVSRWERHIEVPW]SYVTVMHILEXLQEHIQIQYXI 1]PSVH,IVIGSQIWXLI/MRKERHXLIRSFPIW &YXRS[- PPWTIEOERHXSXLITVSSJ-LSTI *VSQXLITEVPMEQIRX - PPWXERHEWMHI -HSVIQIQFIVMRQ]JEXLIV WHE]W )RXIVIH[EVHXLIOMRKPERGEWXIVQSVXMQIV 0SVH4IVG]SJXLI2SVXLFIMRKLMKLP]QSZIH WIRMSVQSVXMQIVNYRMSVIHQYRHIEVPSJOIRX &VEZIH1S[FIV]MRTVIWIRGISJXLI/MRK KY]IEVPSJ[EV[MGOERHEXXIRHERXW *SV[LMGLLEHRSXLMWLMKLRIWWPSZIHLMQ[IPP IH[EVH 0ERGEWXIV ,IWLSYPHLEZIPSWXLMWLIEHFYX[MXLLMWPSSO PERGEWXIV 1]PSVH# 8LIYRHEYRXIHWTMVMXSJ4IVG][EWETTIEWIH KEZIWXSR %WMHI 8LEX)EVPSJ0ERGEWXIVHS-EFLSV %RH1S[FIV]ERHLI[IVIVIGSRGMPIH IH[EVH ;MPP]SYRSXKVERXQIXLMW# %WMHI -RWTMXISJ =IXHEVI]SYFVEZIXLI/MRKYRXSLMWJEGI# XLIQ &VSXLIVVIZIRKIMX ERHPIXXLIWIXLIMVLIEHW - PPLEZIQ][MPPERHXLIWIX[S1SVXMQIVW 4VIEGLYTSRTSPIWJSVXVIWTEWWSJXLIMVXSRKYIW 8LEXGVSWWQIXLYWWLEPPORS[-EQHMWTPIEWIH [EV[MGO 3SYVLIEHW QSVXMQIVWIRMSV -J]SYPSZIYWQ]PSVHLEXI IH[EVH %]]SYVW ERHXLIVIJSVI-[SYPH[MWL]SY +EZIWXSR KVERX KEZIWXSR %WMHI 8LEXZMPPEMR1SVXMQIV- PPFILMW [EV[MGO &VMHPIXL]ERKIVKIRXPI1SVXMQIV HIEXL QSVXMQIVNYRMSV -GERRSXRSV-[MPPRSX -QYWX QSVXMQIVNYRMSV 1MRIYRGPILIVIXLMWIEVPERH- WTIEO Q]WIPJ 'SYWMRSYVLERHW-LSTIWLEPPJIRGISYVLIEHW ;IVIW[SVRXS]SYVJEXLIVEXLMWHIEXL %RHWXVMOISJJLMWXLEXQEOIW]SYXLVIEXIRYW 8LEXLIWLSYPHRI IVVIXYVRMRXSXLIVIEPQ 'SQIYRGPIPIXYWPIEZIXLIFVEMRWMGO/MRK %RHORS[Q]PSVHIVI-[MPPFVIEOQ]SEXL %RHLIRGIJSVXLTEVPI][MXLSYVREOIHW[SVHW 8LMWW[SVHSJQMRIXLEXWLSYPHSJJIRH]SYVJSIW QSVXMQIVWIRMSV ;IPWLV]LEXLQIRIRSYKLXSWEZI 7LEPPWPIIT[MXLMRXLIWGEFFEVHEXXL]RIIH SYVLIEHW %RHYRHIVRIEXLXL]FERRIVWQEVGL[LS[MPP [EV[MGO %PP;EV[MGOWLMVI[MPPPSZILMQJSVQ]WEOI *SV1SVXMQIV[MPPLERKLMWEVQSYVYT PERGEWXIV %RHRSVXL[EVH+EZIWXSRLEXLQER] KEZIWXSR %WMHI 1SVX(MIY JVMIRHW IH[EVH ;IPP1SVXMQIV- PPQEOIXLIIVYIXLIWI %HMIYQ]PSVH ERHIMXLIVGLERKI]SYVQMRH [SVHW 3VPSSOXSWIIXLIXLVSRI[LIVI]SYWLSYPHWMX &IWIIQWMXXLIIXSGSRXVEHMGXXL]OMRK# 8Sq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r *SYVIEVPHSQWLEZI-FIWMHIW0ERGEWXIV
WXERHEWMHI +EZIWXSRVIXVIEXWXSXLIWMHISVFEGOSJXLI WXEKIYRXMPP GVSWW STTSWI 1SVX(MIY DF]+SH WHIEXL VIQMRHMRKYWSJ+EZIWXSR W *VIRGLSVMKMRW0EXIVMRXLITPE]D0EXMRMWYWIHXS GLEVEGXIVMWI)RKPMWLRSFMPMX] /MRRI] VYI VIKVIX &IWIIQWMXXLII DMWMXpXXMRKJSV]SY 2IH JEQMPMEVREQIJSV)H[EVH REXYVEPP] F]VIEWSRSJWSGMEPVERO
KVERX EWWIRX 'SYWMR 1SVXMQIV.YRMSV WYWISJXLMWJEQMPMEVXIVQXSLMW OMRKMWTVIWYQTXYSYW JIRGI WLMIPH TEVPI] RIKSXMEXI ;IPWLV] XLITISTPISJ;EPIW %RHRSVXL[EVHQER]JVMIRHW QIERXMVSRMGEPP] 0ERGEWXIVMQTPMIWI\EGXP]XLISTTSWMXI KPS^MRK qEXXIVMRK QMRMSR E WIVZERX F LSQSWI\YEPPSZIVHIVMZIHJVSQ QMKRSR W[IIX *VIRGL FVSSO IRHYVI
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IRWMKRW QMPMXEV]FERRIVW FERH] XEOIERHVIXYVRFPS[W EQIXETLSVJVSQXIRRMW ,]PEW ,IVGYPIW[EWKVMIJWXVMGOIR[LIRLMWFIPSZIH ]SYXL,]PEW[EWOMPPIHF][EXIVR]QTLWHYVMRKXLI ZS]EKISJXLI%VKSREYXWMRWIEVGLSJXLI+SPHIR*PIIGI LMKLQMRHIH EVVSKERX NS] IRNS] /MRKERH0SVHSJ1ER XLI-WPISJ1ERIRNS]IHEGIVXEMR EYXSRSQ]ERHEGGSVHMRKXS+MPPXLIMVVYPIVW[IVIORS[R EWOMRKWYRXMP 8LIMHIESJ+EZIWXSRFIMRKED0SVH SJ1ER QE]EPWSLEZIELSQSIVSXMGSZIVXSRI VIKMQIRX VS]EPEYXLSVMX] WIEP EQEXIVMEPXSOIRSJVS]EPEYXLSVMX] YWYEPP]EVMRK EJJIGXW HIWMVIW
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GEV GLEVMSX I\IUYMIW JYRIVEPVMXIW VIGPEMQIH WYFHYIH MRGIRWI MRGMXI 7EZMRK]SYVVIZIVIRGI ETSPMXIXIVQLIVIYWIH WEVGEWXMGEPP] 8LVS[SJJVIRHLMWWXSPI WIM^ILMWIGGPIWMEWXMGEPLIEH HVIWW QMXVI ERHXIEVLMWZIWXQIRX WXSPI GLERRIP STIRWI[IV 7IISJ6SQI XLI4STI VIRXW E VIRXWJVSQGLYVGLTVSTIVXMIW F IGGPIWMEWXMGEPXE\IW FSPXW PIKMVSRW XLI8S[IVXLI*PIIX XLI8S[IVSJ0SRHSR YWIHJSV TSPMXMGEPTVMWSRIVW XLI*PIIXTVMWSR YWIHJSVGSQQSR TVMWSRIVWERHHIFXSVW
IH[EVHMM FMWLSTSJGSZIRXV]
8VYIXVYI )\MXFMWLSTYRHIVKYEVH IH[EVH &YXMRXLIQIERXMQI+EZIWXSRE[E] %RHXEOITSWWIWWMSRSJLMWLSYWIERHKSSHW 'SQIJSPPS[QIERHXLSYWLEPXLEZIQ]KYEVH 8SWIIMXHSRIERHFVMRKXLIIWEJIEKEMR KEZIWXSR ;LEXWLSYPHETVMIWXHS[MXLWSJEMVE LSYWI# %TVMWSRQE]FIWIIQLMWLSPMRIWW )\IYRX
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8VYIXVYI 'SZIRXV]VIEGXWXSXLIJEGXXLEXDGSRZI] EW [IPPEWQIERMRKDGSRHYGX GSQQSRP]QIERXDWXIEP QE]FIWIIQ QE] MVSRMGEPP] FIETTVSTVMEXIJSVETVMIWX WIIOMRKEWGIXMGGSRHMXMSRWJSVLSP]QIHMXEXMSR KSSHWERHFSH] WII-M r X]VERRM^IYTSRXLIGLYVGL )H[EVHMWWIIREWLEZMRK YWYVTIHXLIEYXLSVMX]SJXLI'LYVGLF]MQTVMWSRMRKE FMWLST TIIZMWL JSSPMWL LMQ LMQWIPJ ZMPPEMR E VEWGEP F ETIVWSRSJPS[FMVXL TSWX XVEZIPEXWTIIH PIZ]QIR VEMWIEREVQ] ZEMPMRK HSJpRK
8LYWEVQMREVQXLI/MRKERHLIHSXLQEVGL 2E]QSVIXLIKYEVHYTSRLMWPSVHWLMT[EMXW %RHEPPXLIGSYVXFIKMRWXSq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
WXSQEGL VIWIRX FI[VE]W VIZIEPW LEPI HVEK GIVXMJ] MRJSVQ RIEV E HIITP] F TIVWSREPP] EWIGGPIWMEWXMGEPFYWMRIWW JSVIWX [MPHIVRIWWpKYVEXMZIP]VITVIWIRXMRKLIVWIRWISJ EPMIREXMSRJVSQLIVLYWFERH FEPIJYP [VIXGLIH
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pVQLMWFERMWLQIRX[MXLSYVLERHWERHWIEPW PERGEWXIV ;LEX[IGSRpVQXLI/MRK[MPPJVYWXVEXI QSVXMQIVNYRMSV 8LIRQE][IPE[JYPP]VIZSPXJVSQ LMQ [EV[MGO &YXWE]Q]PSVH[LIVIWLEPPXLMWQIIXMRK FI# EVGLFMWLSTSJGERXIVFYV] %XXLI2I[8IQTPI QSVXMQIVNYRMSV 'SRXIRX EVGLFMWLSTSJGERXIVFYV] %RHMRXLIQIERXMQI- PP IRXVIEX]SYEPP 8SGVSWWXS0EQFIXLERHXLIVIWXE][MXLQI PERGEWXIV 'SQIXLIRPIX WE[E] QSVXMQIVNYRMSV 1EHEQJEVI[IPP MWEFIPPE *EVI[IPPW[IIX1SVXMQIV ERHJSVQ]WEOI *SVFIEVXSPIZ]EVQWEKEMRWXXLI/MRK QSVXMQIVNYRMSV %]MJ[SVHW[MPPWIVZI MJRSX- QYWX )\IYRX
GPETW TEXW MRZIMKPMRK E HIGIMZMRK F WIHYGMRK PMJX E WXIEP F LERK WXMPP JSVIZIV JVYWXVEXI HIJIEX 2I[8IQTPI D%FYMPHMRKIWXEFPMWLIHERHYWIHF]XLI /RMKLXW8IQTPEVYRXMPXLIMVWYTTVIWWMSRMR ;MKKMRWERH0MRHWI] ERHDMR)H[EVH-- WXMQIXLIWMXI SJJVIUYIRXHMWTYXIWFIX[IIRXLIGVS[RERH[IEPXL] WYFNIGXW /MRRI] 0EQFIXL 0EQFIXL4EPEGIXLI0SRHSRVIWMHIRGISJXLI %VGLFMWLSTSJ'ERXIVFYV]WMRGI
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%GX-WGIRIMZ )RXIVRSFPIWPERGEWXIV[EV[MGOTIQFVSOI QSVXMQIVWIRMSVQSVXMQIVNYRMSVERHXLI EVGLFMWLSTSJGERXIVFYV][MXLEXXIRHERXW PERGEWXIV ,IVIMWXLIJSVQSJ+EZIWXSR WI\MPI 1E]MXTPIEWI]SYVPSVHWLMTXSWYFWGVMFI]SYVREQI EVGLFMWLSTSJGERXIVFYV] +MZIQIXLITETIV PERGEWXIV 5YMGOUYMGOQ]PSVH -PSRKXS[VMXIQ] REQI [EV[MGO &YX-PSRKQSVIXSWIILMQFERMWLIHLIRGI QSVXMQIVNYRMSV 8LIREQISJ1SVXMQIVWLEPPJVMKLX XLI/MRK 9RPIWWLIFIHIGPMRIHJVSQXLEXFEWITIEWERX )RXIVIH[EVHXLIOMRKERHKEZIWXSRERHOIRX IH[EVHXEOIWXLIXLVSRIWIEXMRKKEZIWXSREXLMWWMHI IH[EVH ;LEXEVI]SYQSZIHXLEX+EZIWXSRWMXW LIVI# -XMWSYVTPIEWYVI [I[MPPLEZIMXWS PERGEWXIV =SYVKVEGIHSXL[IPPXSTPEGILMQF]]SYV WMHI *SVRS[LIVIIPWIXLIRI[IEVPMWWSWEJI QSVXMQIVWIRMSV ;LEXQERSJRSFPIFMVXLGERFVSSO XLMWWMKLX# 5YEQQEPIGSRZIRMYRX 7II[LEXEWGSVRJYPPSSOXLITIEWERXGEWXW TIQFVSOI 'EROMRKP]PMSRWJE[RSRGVIITMRKERXW# [EV[MGO -KRSFPIZEWWEPXLEXPMOI4LEÕXLSR %WTMV WXYRXSXLIKYMHERGISJXLIWYR
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JEPPIXLMRXSXLI[IWXIVRSGIER,IRGIFIGEYWIMX[EW LIVQENIWX] W[MPPXSLEZIXLIQFPEGOEQSVIWEXpVWX XLIMRZIRXMSR[EWHIVMZIHF]QIERHTVIWIRXIH XLYW *MVWXJSVXLIWGIRI[EWHVE[RE0ERHXWGLET GSRWMWXMRKSJWQEPP[SSHWERHLIVIERHXLIVIEZSMH TPEGIpPPIH[MXLLYRXMRKW [LMGLJEPPMRKEREVXMpGMEPWIE [EWWIIRXSWLSSXJSVXLEWMJMXqS[IHXSXLIPERHVEMWIH [MXL[EZIW[LMGLWIIQIHXSQSZIERHMRWSQITPEGIW XLIFMPPS[XSFVIEOEWMQMXEXMRKXLEXSVHIVP]HMWSVHIV [LMGLMWGSQQSRMRREXYVI-RJVSRXSJXLMWWIE[IVI TPEGIHWM\XVMXSRWMRQSZMRKERHWTVMKLXP]EGXMSRWXLIMV YTTIVTEVXWLYQERWEZIXLEXXLIMVLEMVW[IVIFPYIEW TEVXEOMRKSJXLIWIEGSPSYVXLIMVHIWMRIRXTEVXWpWL QSYRXIHEFSZIXLIMVLIEHWERHEPPZEVMIHMR HMWTSWMXMSR*VSQXLIMVFEGOW[IVIFSVRISYXGIVXEMR PMKLXTMIGIWSJXEJJIXEEWMJGEVVMIHF]XLI[MRHERHXLIMV QYWMGQEHISYXSJ[VIEXLIHWLIPPW&ILMRHXLIWIETEMV SJWIEQEMHWJSVWSRK[IVIEWGSRWTMGYSYWP]WIEXIH FIX[IIR[LMGLX[SKVIEXWIELSVWIWEWFMKEWXLIPMJI TYXJSVXLXLIQWIPZIWXLISRIQSYRXMRKEPSJXERH [VMXLMRKLMWLIEHJVSQXLISXLIV[LMGLWIIQIHXSWMRO JSV[EVHW WSMRXIRHIHJSVZEVMEXMSRERHXLEXXLIpKYVI FILMRHQMKLXGSQISJJFIXXIV YTSRXLIMVFEGOW3GIERYW ERH2MKIV[IVIEHZERGIH 3GIERYWTVIWIRXIHMRELYQERJSVQXLIGSPSYVSJ
XLIQ XLIQEWUYIVW 0ERHXWGLET PERHWGETITEMRXIHSREGYVXEMR 8LI (YXGLWTIPPMRKSJXLI[SVHMRHMGEXIWMXWRSZIPX] LYRXMRKW MIF]ERMQEPWSJXLIMVTVI] JEPPMRK XLIPERHWGETIGYVXEMRJIPPMRJVSRXSJXLIWXEKI VEXLIVXLERFIMRKHVE[REGVSWWMX r EVXMp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r /VERX^7YWER)D8LI7I\YEP-HIRXMXMIWSJ1SPP'YXTYVWIMR (IOOIVERH1MHHPIXSR W8LI6SEVMRK+MVPERHMR0SRHSR 6IREMWWERGIERH6IJSVQEXMSR r 1G0YWOMI/EXLPIIR (IOOIVERH,I][SSH&EWMRKWXSOI 1EGQMPPER 1MPPIV.S) D;SQIRERHXLI1EVOIXMR8LI6SEVMRK +MVP 6IREMWWERGIERH6IJSVQEXMSR r 1YPLSPPERH4EYP D8LI(EXISJ8LI6SEVMRK+MVP 6IZMI[SJ)RKPMWL7XYHMIWRI[WIVMIW r 3VKIP7XITLIR D8LI7YFXI\XWSJ8LI6SEVMRK+MVP MR 7YWER>MQQIVQER IH )VSXMG4SPMXMGW (IWMVISRXLI 6IREMWWERGI7XEKI0SRHSRERH2I[=SVO2= 6SYXPIHKI 6SWI1EV]&IXL D;SQIRMR1IR W'PSXLMRK %TTEVIP ERH7SGMEP7XEFMPMX]MR8LI6SEVMRK+MVP )RKPMWL0MXIVEV] 6IREMWWERGI r 6YWXMGM'VEMK D8LI7QSOMRK+MVP 8SFEGGSERHXLI 6ITVIWIRXEXMSRSJ1EV]*VMXL 7XYHMIWMR4LMPSPSK] r
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8LI6SEVMRK+MVP
8SXLI'SQMG4PE]6IEHIVW:IRIV] ERH0EYKLXIV
JSVQER]SJ]SYVGSQTERMIWEW[IPPEWXLITIVWSRMXWIPJ ERHQE]FIEPPS[IHFSXLKEPPIV]VSSQEXXLITPE]LSYWI ERHGLEQFIVVSSQEX]SYVPSHKMRK;SVWIXLMRKW- QYWXRIIHWGSRJIWWXLI[SVPHLEWXE\IHLIVJSVXLER LEWFIIR[VMXXIRSJLIV FYX XMWXLII\GIPPIRG]SJE [VMXIVXSPIEZIXLMRKWFIXXIVXLERLIpRHW IQ XLSYKL WSQISFWGIRIJIPPS[ XLEXGEVIWRSX[LEXLI[VMXIW EKEMRWXSXLIVW]IXOIITWEQ]WXMGEPFE[H]LSYWI LMQWIPJERHIRXIVXEMRWHVYROEVHWXSQEOIYWISJXLIMV TSGOIXWERHZIRXLMWTVMZEXIFSXXPIEPIEXQMHRMKLX XLSYKLWYGLESRI[SYPHLEZIVMTTIHYTXLIQSWXREWX] ZMGIXLEXIZIVLIPPFIPGLIHJSVXLERHTVIWIRXIHMXXSE QSHIWXEWWIQFP]]IX[IVEXLIV[MWLMRWYGL HMWGSZIVMIW[LIVIVITYXEXMSRPMIWFPIIHMRKEWPEGORIWW SJXVYXLXLERJYPPRIWWSJWPERHIV XLSQEWQMHHPIXSR
8LIJEWLMSRSJTPE]QEOMRK-GERTVSTIVP]GSQTEVIXS RSXLMRKWSREXYVEPP]EWXLIEPXIVEXMSRMRETTEVIP JSVMR XLIXMQISJXLIKVIEXGVSTHSYFPIX]SYVLYKI FSQFEWXIHTPE]WUYMPXIH[MXLQMKLX][SVHWXSPIER TYVTSWI[EWSRP]XLIRMRJEWLMSR%RHEWXLIHSYFPIX JIPPRIEXIVMRZIRXMSRWFIKERXSWIXYT2S[MRXLIXMQI SJWTVYGIRIWWSYVTPE]WJSPPS[XLIRMGIRIWWSJSYV KEVQIRXWWMRKPITPSXWUYEMRXGSRGIMXWPIGLIVSYWNIWXW HVIWWIHYTMRLERKMRKWPIIZIWERHXLSWIEVIpXJSVXLI XMQIWERHXLIXIVQIVW WYGLEOMRHSJPMKLXGSPSYV WYQQIVWXYJJQMRKPIH[MXLHMZIVWIGSPSYVW]SYWLEPP pRHXLMWTYFPMWLIHGSQIH]KSSHXSOIIT]SYMRER EJXIVRSSRJVSQHMGIEXLSQIMR]SYVGLEQFIVW ERHJSV ZIRIV]]SYWLEPPpRHIRSYKLJSVWM\TIRGIFYX[IPP (VEQEXMWTIVWSREI GSYGLIHERH]SYQEVOMX*SV:IRYWFIMRKE[SQER TEWWIWXLVSYKLXLITPE]MRHSYFPIXERHFVIIGLIWEFVEZI WMVEPI\ERHIV[IRKVEZIERHRIEXJSSXLMWQER HMWKYMWIERHEWEJISRIMJXLIWXEXYXIYRXMIRSXLIV WMVEHEQETTPIXSR GSHTMIGITSMRX8LIFSSO-QEOIRSUYIWXMSRFYXMWpX
:IRIV] KSSHLYRXMRKFYXEPWSXLITYVWYMXSJWI\YEP TPIEWYVI WII---M GVSTHSYFPIX EWLSVXZIV]TEHHIHHSYFPIX[LMGL[IRX SYXSJJEWLMSREFSYX FSQFEWXIH FSQFEWX[EWGSXXSRWXYJpRKFYXXLI[SVH [EWEPWSYWIHpKYVEXMZIP] SRP]XLIR MIXLISRP]XLMRKXLIR r XLIHSYFPIXJIPP MIMXFIGEQIPSRKIV RMGIRIWW IPIKERGI WMRKPI 1YPLSPPERHWYKKIWXWDWMQTPI WMRGISXLIV[MWIXLI HIWGVMTXMSRHSIWRSXpXXLMWSVSXLIVTPE]WSJXLIXMQI 'SSOWYKKIWXWMXQE]FIQIERXMVSRMGEPP] UYEMRXGSRGIMXW JERGMJYPI\TVIWWMSRW LERKMRKWPIIZIW PSRKSTIRGYJJIHWPIIZIW XIVQIVW XLSWI[LSGEQIXS0SRHSRJSVXLIXIVQWSJXLI -RRWSJ'SYVX[LIXLIVJSVEQYWIQIRXSVFYWMRIWW WM\TIRGI XLIYWYEPTVMGISJETVMRXIHTPE] [IPPGSYGLIH E [IPPLMHHIR F VMGLP]IQFVSMHIVIH ERH MJ WXEXYXI 1SPPGSYPHLEZIFIIRTVSWIGYXIHJSVGVSWW HVIWWMRKDMRERIGGPIWMEWXMGEPGSYVXJSVMRHIGIRG]SV YRGPIERRIWW GMXIHF]1YPLSPPERH GSHTMIGITSMRX PEGILSPHMRKYTXLIFVIIGLIW
WMVHEZ]HETTIV WMVFIEYXISYWKER]QIHI WMVXLSQEWPSRK
SFWGIRI SJJIRWMZIPSEXLWSQI Q]WXMGEP WIGVIX ZIRXFSXXPIEPI WIIQWXSFIERSFWGYVIWI\YEPNSOI DFSXXPIEPI QIERXEW[IPPEWFIIVD[MRH]VLIXSVMG DZIRX QIERXDWRMJJSYX EW[IPPEWDHMWGLEVKI ERHDFSXXPI [EW SRISJQER][SVHWJSVXLIJIQEPIKIRMXEPW WII1IEWYVI JSV1IEWYVI---M 'SSO VMTTIHYT I\TSWIH (VEQEXMWTIVWSREI XLMWPMWXJSPPS[WXLI4VSPSKYWMR5 [IRKVEZI WTIPXXLYWMRXLIXI\XFYXD;IRXKVEZI MRXLI (VEQEXMW4IVWSREIWYKKIWXMRKLID[IRXKVEZI MR VIWTSRWIXSXLIHS[V]XSFIFVSYKLXF]1EV]*MX^EPPEVHMJ WLIQEVVMIHLMWWSR WII-M r RIEXJSSX WTIPXXLYWMRXLIXI\XFYX2IEXWJSSXMRXLI (VEQEXMW4IVWSREI%RIEXWJSSX[EWERS\JSSXYWIHJSV JSSH WMVFIEYXISYWKER]QIHI +ER]QIHI[EWGYTFIEVIV XSXLIKSHW8LIREQILEHLSQSWI\YEPGSRRSXEXMSRW DGEXEQMXI MWHIVMZIHJVSQMX
XLIVSEVMRKKMVP
4VSPSKYW
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PE\XSR XMPX]EVHEJIEXLIVWIPPIV STIR[SVOEWIQTWXIV KEPPMTSXERETSXLIGEV]
⎫ ⎪ ⎬'MZIW 9\SVIW ⎪ ⎭
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ZEVPIXW E WIVZERXW F OREZIW FEGOJVMIRH EFEGOIVSVWYTTSVXIV[MXLEPPYWMSRXSE ZEVMERXQIERMRK EJEPWIJVMIRH r TIVGLWXSSTXS]SYVPYVI TPE]MRKSR+SWLE[O W REQI DWXSST QIERXDWYFQMX EDPYVI [EWEJEPGSRIV W ETTEVEXYWJSVVIGEPPMRKELE[O IHW r IHW PMRIEXMSR ;MXL[LEXWXSSPI-LEHWXERH WMV-ORS[" [LEXWXSRI ETPE]SR0E\XSR WREQI MIPEGOWXSRI DWXSRI QIERXXIWXMGPI WIID(VEQEXMW4IVWSREI PR WXERH [MXLTYR DWXERH QIERXXSLEZIERIVIGXMSR QIWW GSQTER] &IGEYWIPSRK DWSXLEXXMQIWLSYPHRSXLERKLIEZ]SR YW 'SSO
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TEVXXLEXJVE] DMIIRHXLIHMWXYVFERGIFIKYRF]XLI [MRH 1YPLSPPERH XLI] MIXLI[MRHW ,IWYVI XLIEWMHIMRXIVVYTXW7MV%PI\ERHIV W GSQTPIXIFPEROZIVWIPMRI
.YWXPMOIQ]WSR7IFEWXMERWYGLERSXLIV WIFEWXMER %WMHI ,S[pRIP]PMOIEJIRGIVQ]JEXLIV JIXGLIWLMWF]FPS[WXSLMXQIFYXMJ-FIEX]SYRSX EX]SYVS[R[IETSRSJWYFXPIX] WMVEPI\ERHIV 8LMWWSRWEMXLLIXLEXWLSYPHFI 8LIGSPYQRERHQEMREVGLYRXSQ]LSYWI 8LIGVYXGLYRXSQ]EKIFIGSQIWE[LMVP[MRH 7LEOMRKXLIpVQJSYRHEXMSR WMVEHEQ 8MWWSQITVSHMKEP WIFEWXMER %WMHI ;IPPWLSXSPH%HEQ&IPP WMVEPI\ERHIV 2SGMX]QSRWXIVRIMXLIVRSTVSHMKEP &YXWTEVMRK[EV]GMZMPERH XLSYKL[MJIPIWW %RI\GIPPIRXLYWFERHERHWYGLEXVEZIPPIV ,ILEWQSVIXSRKYIWMRLMWLIEHXLERWSQILEZI XIIXL WMVHEZ] -LEZIFYXX[SMRQMRI KSWLE[O 7SWTEVMRKERHWS[EV] ;LEXXLIRGSYPHZI\LMWJEXLIVWS# WMVEPI\ERHIV 3LE[SQER WIFEWXMER %qIWLq]XLEXGERZI\ER]QER WMVEPI\ERHIV %WGYVZ][SQER 3R[LSQXLITEWWMSREXISPHQERW[SVILIHSEXIH %GVIEXYVIWEMXLLIREXYVILEXLFVSYKLXJSVXL 8SQSGOXLIWI\SJ[SQER-XMWEXLMRK 3RIORS[WRSXLS[XSREQI LIVFMVXLFIKER )VIWLI[EWEPPQEHI XMW[SQERQSVIXLERQER 1ERQSVIXLER[SQERERH [LMGLXSRSRIGERLET 8LIWYRKMZIWLIVX[SWLEHS[WXSSRIWLETI 2E]QSVIPIXXLMWWXVERKIXLMRK[EPOWXERHSVWMX 2SFPE^MRKWXEVHVE[WQSVII]IWEJXIVMX WMVHEZ] %QSRWXIV XMWWSQIQSRWXIV WMVEPI\ERHIV 7LI WEZEVPIX WIFEWXMER %WMHI 2S[MWQ]GYIXSFVMWXPI WMVEPI\ERHIV %REYKLX]TEGO WIFEWXMER 8MWJEPWI WMVEPI\ERHIV ,EFS]# WIFEWXMER
8MWJEPWI WMVEPI\ERHIV ;LEX WJEPWI#-WE]WLI WREYKLX WIFEWXMER -WE]XLEXXSRKYI 8LEXHEVIWWTIEOWSFYX]SYVWWXMGOWMRXLIXLVSEX 3JEVEROZMPPEMR7IX]SYVWIPJEWMHI WMVEPI\ERHIV 7SWMV[LEXXLIR# WIFEWXMER %R]LIVIIPWILEHPMIH
F]FPS[W WMHIWXVSOIWJVSQEW[SVH %HEQ&IPP JEQSYWEVGLIVERHSYXPE[[LSpKYVIWMRE RYQFIVSJFEPPEHW qIWLq] Eq][LMGLPMZIWSRERHPE]WMXWIKKWSRHIEH qIWL LI MILMWWSR FPE^MRKWXEV MIEQIXISVXEOIREWERMPPSQIR REYKLX]TEGO TIVWSRSJFEHSV[SVXLPIWWGLEVEGXIV REYKLX [MGOIHTIVLETW[MXLTPE]SRDRSXLMRK 8LITPE] MWTMGOIHYTF]0E\XSRMRP WII%;SQER/MPPIH[MXL /MRHRIWW\ZM JSVWMQMPEV[SVHTPE] FYX I\GITX
XLSQEWQMHHPIXSRERHXLSQEWHIOOIV %WMHI -XLMRO-WLEPPpX]SY WMVEPI\ERHIV 0MI# WIFEWXMER =IW WMVHEZ] (SXLXLMWGSRGIVRLMQ# WMVEPI\ERHIV %LWMVVELFS] -W]SYVFPSSHLIEXIH#&SMPWMX#%VI]SYWXYRK# - PPTMIVGI]SYHIITIV]IX3LQ]HIEVJVMIRHW -EQXLEX[VIXGLIHJEXLIVXLMWXLEXWSR 8LEXWIIWLMWVYMR]IXLIEHPSRKSRHSXLVYR WMVEHEQ ;MPP]SYPSZIWYGLETSMWSR# WMVHEZ] *MIp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qIQIXSQ]JEGI#;IEVRSX]SYVORIIW -RWYGLIRXVIEXWKMZIQI*MX^EPPEVH WHEYKLXIV WMVEPI\ERHIV - PPKMZIXLIIVEXWFERIVEXLIV WIFEWXMER ;IPPXLIR]SYORS[ ;LEXHMWL-QIERXSJIIHYTSR WMVEPI\ERHIV ,EVOKIRXPIQIRLIW[IEVW 8SLEZIXLMWGYXTYVWIHVEFXSWTMXIQ]KEPP SQRIW 1EWXIV7IFEWXMER WIFEWXMER -EQHIEJXS]SYEPP
pX]SY E TVSZMHI]SY[MXL[LEXMWRIGIWWEV] F TYRMWL ]SY JSRH JSSPMWL FEJqI E LSSH[MROGLIEX F HMWKVEGI
- QWSFI[MXGLIHWSFSYRHXSQ]HIWMVIW 8IEVWTVE]IVWXLVIEXWRSXLMRKGERUYIRGLSYXXLSWI pVIW 8LEXFYVR[MXLMRQI )\MX WMVEPI\ERHIV %WMHI ,IVFPSSHWLEPPUYIRGLMXXLIR 0SWILMQRSXSLHMWWYEHILMQKIRXPIQIR WMVHEZ] ,IWLEPPFI[IERIH-[EVVERX]SY WMVEPI\ERHIV &IJSVILMWI]IW 0E]HS[RLMWWLEQIQ]KVMIJLMWQMWIVMIW SQRIW 2SQSVIRSQSVIE[E] )\IYRXEPPFYXWMVEPI\ERHIV WMVEPI\ERHIV -[EWLERIKVS 0SWMRKFSXLTEMRWERHGSWX FYXXEOIXL]q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pRIQEOIYWISJMX 'SQILMXLIVWMVVELGERWXXLSYFIWIGVIXLE# XVETHSSV %WX[SGVEJX]EXXSVRI]WTPSXXMRKXLI YRHSMRKSJXLIMVGPMIRXW WMVEPI\ERHIV (MHWXRIZIVEWXLSYLEW[EPOIHEFSYX XLMWXS[R ,IEVSJE[IRGLGEPPIH1SPPQEHQIVV]1SPP# XVETHSSV 1SPP'YXTYVWIWMV# WMVEPI\ERHIV 8LIWEQI HSWXXLSYORS[LIVXLIR# XVETHSSV %W[IPPEW-ORS[ X[MPPVEMRYTSR7MQSR ERH.YHI WHE]RI\X-[MPPWMJXEPPXLIXEZIVRWM XL GMX] ERHHVMROLEPJTSXW[MXLEPPXLI[EXIVQIR
r -[EWLGSWX TVSZIVFMEP XYVR GLIGOHIqIGX LYRXMRKXIVQ GETXEMR 8VETHSSVMWEHMWGLEVKIHWSPHMIV1YPLSPPERH RSXIWXLEXXLIVI[IVIRYQIVSYWWXEXYXIWMRXLIVIMKRWSJ )PM^EFIXLERH.EQIWHIEPMRK[MXLXLITVSFPIQW EWWSGMEXIH[MXLHMWGLEVKIHWSPHMIVWXYVRIHFIKKEVWERH ZEKVERXW TVIJIV EHZERGI r 7MQSRERH.YHI WHE] 3GXSFIVEHE]EWWSGMEXIH [MXLXLI0SVH1E]SV WTEKIERXWTYXSRF]XLI'MX]PMZIV] GSQTERMIW LIPHSRXLIJSPPS[MRKHE] ERHJVIUYIRXP] WXSVQ]
XLIVSEVMRKKMVP S XL &EROWMHIFYXMJ]SY[MPPWMV- PPpRHLIVSYX WMVEPI\ERHIV 8LEXXEWOMWIEW]HS XXLIR,SPHXL] LERHYT ;LEX WXLMW#-W XFYVRX# XVETHSSV 2SWMVRSEPMXXPIWMRKIH[MXLQEOMRK pVI[SVOW WMVEPI\ERHIV 8LIVI WQSRI]WTIRHMX XLEXFIMRK WTIRXJIXGLQSVI XVETHSSV 3LWMVXLEXEPPXLITSSVWSPHMIVWMR)RKPERH LEHWYGLEPIEHIV*SVJIXGLMRKRS[EXIVWTERMIPMW PMOIQI WMVEPI\ERHIV 8LMW[IRGL[IWTIEOSJWXVE]WWSJVSQ LIVOMRH 2EXYVIVITIRXWWLIQEHILIV 8MWEQIVQEMH ,EWXSPPIHQ]WSRXSWLMT[VIGO XVETHSSV - PPGYXLIVGSQFJSV]SY WMVEPI\ERHIV - PPXIPPSYXKSPHJSVXLIIXLIR LYRXLIV JSVXL 'EWXSYXEPMRILYRKJYPPSJWMPZIVLSSOW 8SGEXGLLIVXSXL]GSQTER] HIITWTIRHMRKW 1E]HVE[LIVXLEX WQSWXGLEWXIXSEQER WFSWSQ XVETHSSV 8LINMRKPMRKSJKSPHIRFIPPWERHEKSSH JSSP[MXLELSFF]LSVWI[MPPHVE[EPPXLI[LSVIW M XL XS[RXSHERGIMREQSVVMW WMVEPI\ERHIV 3VVEXLIV JSVXLEX WFIWXXLI]WE] WSQIXMQIW 7LIKSIWMRFVIIGLIW JSPPS[LIVEWLIVQER XVETHSSV %RH[LIRLIVFVIIGLIWEVISJJWLIWLEPP JSPPS[QI WMVEPI\ERHIV &IEXEPPXL]FVEMRWXSWIVZILIV XVETHSSV >SYRHWWMVEWGSYRXV][IRGLIWFIEXGVIEQ XMPPFYXXIVGSQIW WMVEPI\ERHIV 4PE]XLSYXLIWYFXPIWTMHIV[IEZIpRI RIXW 8SIRWREVILIVZIV]PMJI XVETHSSV ,IVPMJI# WMVEPI\ERHIV =IWWYGO
r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
,IVLIEVXFPSSHMJXLSYGERWX X[MWXXLSYFYXGSVHW 8SGEXGLLIV- PPpRHPE[XSLERKLIVYT XVETHSSV 7TSOIPMOIE[SVWLMTJYPFIRGLIV WMVEPI\ERHIV 8VEGIEPPLIVWXITW EXXLMWWLIJS\ W HIR ;EXGL[LEXPEQFWIRXIV PIXQITPE]XLIWLITLIVH 8SWEZIXLIMVXLVSEXWJVSQFPIIHMRKERHGYXLIVW XVETHSSV 8LMWMWXLIKSPPWLEPPHS X WMVEPI\ERHIV &IpVQERHKEMRQI )ZIVXLMRIS[R8LMWHSRI-IRXIVXEMRXLII ,S[MWXL]REQI# XVETHSSV 1]REQIWMVMW6EPTL8VETHSSVLSRIWX 6EPTL WMVEPI\ERHIV 8VETHSSVFIPMOIXL]REQIE HERKIVSYWWXIT *SVLIVXSZIRXYVISRFYXYRXSQI XVETHSSV %WJEWXEW]SYVWSPIXS]SYVFSSXSVWLSI WMV WMVEPI\ERHIV ,IRGIXLIRFIPMXXPIWIIRLIVIEWXLSY GERWX - PPWXMPPFIEXXLMRIIPFS[ XVETHSSV 8LIXVETHSSV WWIX 1SPPMJ]SYFYHKI] EVIKSRI8LMWQIWLEPPGVS[R %VSEVMRKFS]XLIVSEVMRKKMVPTYXWHS[R WMVEPI\ERHIV +SHEQIVG]PSWIRSXMQI )\IYRX
%GX--WGIRIM 8LIXLVIIWLSTWSTIRMREVERO XLIpVWXETSXLIGEV] WWLST XLIRI\XEJIEXLIVWLSTXLIXLMVHEWIQTWXIV WWLST QMWXVIWWKEPPMTSXMRXLIpVWXQMWXVIWWXMPX]EVHMR XLIRI\XQEWXIVSTIR[SVOERHLMW[MJIMRXLIXLMVH 8SXLIQIRXIVWPE\XSRKSWLE[OERHKVIIR[MX QMWXVIWWSTIR[SVO +IRXPIQIR[LEXMW X]SYPEGO# ;LEXMW X]SYFY]#7IIpRIFERHWERHVYJJWpRI PE[RWpRIGEQFVMGW;LEXMW X]SYPEGOKIRXPIQIR [LEXMW X]SYFY]# PE\XSR =SRHIV WXLIWLST KSWLE[O -WXLEXWLI# PE\XSR 4IEGI KVIIR[MX 7LIXLEXQMRGIWXSFEGGS# PE\XSR %] WLI WEKIRXPI[SQERFSVR-GERXIPP]SY
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TSXLIVFW ER]LIVFWKVS[RJSVFSMPMRKMRETSX LIVI TVIWYQEFP]XSFEGGS TMTIW XSFEGGSERI[GSQQSHMX][EWKSSHFYWMRIWW FYX DTMTI LIVIEPWSLEWWI\YEPUYMFFPI DTIRMW WIIP FIPS[ERH6SQISERH.YPMIX-:MZ r VEMWMRKLIEH [MXLWI\YEPMRRYIRHS KVSTI YRHIVWXERHFYX[MXLWI\YEPMRRYIRHS %RH MJ Q]WXMGEP WIGVIX XEOIYTWQSGO PMJXYTE[SQER WYRHIVWOMVX WII8LI 8EQMRKSJXLI7LVI[-:MMMr%RDIPP [EWMRGLIW GPSWIWXWXVMOIV QSWXWIGVIXJSVRMGEXSV WQSGOWXIV FE[H r REOIHZMEP SFWGYVIFYX'SSOWYKKIWXWXLEXDXLI TSMRXMWTVIWYQEFP]XLIZMWMFMPMX]SJREOIHRIWWWIIR XLVSYKLGPIEVKPEWW Q]JVMIRH MI3TIR[SVO pVWXHE]JIEXLIV DXLIJIEXLIVLEWFIIREGUYMVIHXS KIRXVMJ]LMWETTIEVERGI 'SSO FVSOIR ZMSPEXIHHIpPIH QMRGIVW MISJXSFEGGSERHSJ[SVHW
QMWXVIWWKEPPMTSX 8LEHFIIREKSSHTLVEWIJSVE GSSO W[MJIWMV PE\XSR &YX X[MPPWIVZIKIRIVEPP]PMOIXLIJVSRXSJE RI[EPQEREGEWXLYW GEPGYPEXIHJSVXLIQIVMHMERSJ GSSO W[MZIWFYXKIRIVEPP]JSVEPP)RKPMWL[SQIR QMWXVIWWKEPPMTSX 2E]]SYWLEPPLE XWMV-LEZI pPPIHMXJSV]SY 7LITYXWMXXSXLIp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pHHPIV WTVIRXMGIERHHMWGSYVWIE [LSPIWYTTIV[MXLWRYJqMRK-QYWXWTIEOE[SVH [MXL]SYERSR QMWXVIWWKEPPMTSX 1EOI]SYV[E][MWIP]XLIR KSWLE[O 3L[LEXIPWIWMV#,I WTIVJIGXMSRMXWIPJJYPP SJQERRIVWFYXRSXEREGVISJKVSYRHFIPSRKMRKXS
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EPQEREG DEPQEREGWKMZMRKEWXVSPSKMGEPERHSXLIV TVIHMGXMSRW[IVIWSPHGLIETP]XSXLIKYPPMFPI 1YPLSPPERH *VIRGL MIFE[H]PERKYEKI FIGSZIVIH TYXSR]SYVLEX XS+SWLE[O GVIHMX VITYXEXMSR WIIQWXVERKI MIHSRSXFIXSSJEQMPMEV[MXLQI 4YWL ERMRXIVNIGXMSR r RSMWIWRYJqMRK 1YPLSPPERHTSMRXWSYXXLEXDpHHPI GEVVMIHWI\YEPMQTPMGEXMSRWWSXLEXEDpHHPIV WTVIRXMGI QE]FIDEWWMWXERXXSEFE[H XLIDRSMWIM XL RSWI ERH DWRYJqMRK QE]VIJIVXSXLIIJJIGXWSJZIRIVIEPHMWIEWI ,I W MI0E\XSRMW QERRIVW TYRRMRKSRDQERSVW WII%;SQER/MPPIH[MXL /MRHRIWW\ZM JSVQ TVSTVMIX]IXMUYIXXI[MXLTYRSRDFIRGL
XLIVSEVMRKKMVP NEGOHETTIV *EMXLXSFY]SRIJIEXLIV PE\XSR %WMHI 3RIJIEXLIV#8LIJSSP WTIGYPMEVWXMPP NEGOHETTIV +YPP KYPP 1EWXIV# NEGOHETTIV ,IVI WXLVIILEPJTIRGIJSV]SYVSVHMREV] FS]QIIXQIERLSYVLIRGIMR4EYP W KYPP %WMHI ,S[#8LVIIWMRKPILEPJTIRGI#0MJIXLMW [MPPWGEVGIWIVZIEQERMRWEYGIELE T SVXLSJ QYWXEVHELE T SVXLSJSMPERHELE T SVXLSJ ZMRIKEV[LEX WPIJXXLIRJSVXLITMGOPILIVVMRK#8LMW WLS[WPMOIWQEPPFIIVM XL QSVRMRKEJXIVEKVIEXWYVJIMX SJ[MRIS IVRMKLX LIGSYPHWTIRHLMWXLVIITSYRH PEWXRMKLXMREWYTTIVEQSRKWXKMVPWERHFVEZIFE[H] LSYWIFS]W -XLSYKLXLMWTSGOIXWGEGOPIHRSXJSV RSXLMRK XLIWIEVIXLIIKKWSJXLVIITSYRH- PPKSWYT
IQYTTVIWIRXP] )\MX PE\XSR %WMHI )MKLXRMRIXIRERKIPW KSSH[IRGL M JEMXLERHSRIXLEXPSZIWHEVORIWW[IPPWLITYXWSYXE GERHPI[MXLXLIFIWXXVMGOWSJER]HVYKWXIV W[MJIMR )RKPERH FYXXLEX[LMGLQEHWLIV-VEMPYTSR STTSVXYRMX]WXMPPERHXEOIRSRSXMGISR X8LISXLIV RMKLXWLI[SYPHRIIHWPIEHQIMRXSEVSSQ[MXLE )RXIVNEGOHETTIVERHLMWQERKYPP GERHPIMRLIVLERHXSWLS[QIEREOIHTMGXYVI[LIVI KVIIR[MX 1SRWMIYV(ETTIV-HMZIHS[RXS]SYV RSWSSRIVIRXIVIHFYXXLIGERHPI[EWWIRXSJERIVVERH EROPIW RS[-RSXMRXIRHMRKXSYRHIVWXERHLIVFYXPMOIETYR] NEGOHETTIV 7EZI]IKIRXPIQIREPPXLVIIMRETIGYPMEV EXXLIMRRWSJZIRIV]GEPPIHJSVERSXLIVPMKLX WEPYXI MRRSGIRXP] XLYWVI[EVH-EPPLIVGYRRMRK[MXLWMQTPI KSWLE[O ,I[IVIMPPXSQEOIEPE[]IVLIHMWTEXGLIW QMWXEOMRK-ORS[WLIGS^IRWLIVLYWFERHXSOIITQI XLVIIEXSRGI ERH- PPOIITLIVLSRIWXEWPSRKEW-GERXSQEOIXLI PE\XSR 7S[IPPWEMH QMWXVIWWKEPPMTSXKMZIWLMQ TSSVQERWSQITEVXSJEQIRHW ERLSRIWXQMRHSJE [LSVIQEWXIV,S[XLMRO]SYEQSRKWX]SY#;LEXE QSRI]WIGVIXP] &YXMWXLMWSJXLIWEQIXSFEGGS 1MWXVIWW+EPPMTSX# JVIWLTMTI#(VE[MREXLMVHQER QMWXVIWWKEPPMTSX 8LIWEQI]SYLEHEXpVWXWMV KSWLE[O 2S]SY VIELSEVHIV]SYIRKVSWWF] PE\XSR -[MWLMXRSFIXXIV XLMW[MPPWIVZIXSHVMROEX XL SYRGIW Q]GLEQFIV %XXLIJIEXLIVWLSTRS[ KSWLE[O 7LEPP[IXEWXIETMTISR X# NEGOHETTIV 4YL-PMOIMXRSX PE\XSR 2SXSJXLMWF]Q]XVSXLKIRXPIQIR -LEZI W[SVRFIJSVI]SY KSWLE[O ;LEXRSX.EGO(ETTIV# JIEXLIV 1YPLSPPERHRSXIWXLITVSZIVFMEPEWWSGMEXMSRSJ PE\XSR 4EVHSRQIW[IIX.EGO- QWSVV]-QEHIWYGL JSSPW[MXLJIEXLIVW SVHMREV] ERIEXMRKLSYWIWIVZMRKQIEPWJSVEp\IHTVMGI EVEWLSEXLFYXJSSPMWLSEXLWQYWXWXERH;LIVIEVX 4EYP W MI7X4EYP WEGSQQSRQIIXMRKTPEGIJSVEPP KSMRK.EGO# QMWXVIWWKEPPMTSX ;LEX WXLIQEXXIVRS[WMV# PE\XSR -TVSXIWX- QMRI\XVIQI[ERXSJQSRI]-J]SY GERWYTTP]QIRS[[MXLER]QIERW]SYHSQIXLI KVIEXIWXTPIEWYVIRI\XXSXLIFSYRX]SJ]SYVPSZIEW IZIVTSSVKIRXPIQERXEWXIH QMWXVIWWKEPPMTSX ;LEX WXLIWYQ[SYPHTPIEWYVI]I WMV#8LSYKL]SYHIWIVZIRSXLMRKPIWWEXQ]LERHW PE\XSR ;L] XMWFYXJSV[ERXSJSTTSVXYRMX]XLSY ORS[ WX %WMHI -TYXLIVSJJ[MXLSTTSVXYRMX]WXMPP &]XLMWPMKLX-LEXILIVFYXJSVQIERWXSOIITQIMR JEWLMSR[MXLKEPPERXW JSV[LEX-XEOIJVSQLIV- WTIRHYTSRSXLIV[IRGLIWFIEVLIVMRLERHWXMPP WLI LEW[MXIRSYKLXSVSFLIVLYWFERHERH-[E]W IRSYKLXSGSRWYQIXLIQSRI];L]LS[RS[# ;LEX#8LIGLMRGSYKL# KSWLE[O 8LSYLEWXXLIGS[EVHPMIWXXVMGOXSGSQI FIJSVIEQER WJEGIERHWXVERKPILMQIVILIFIE[EVI - GSYPHpRHMRQ]LIEVXXSQEOIEUYEVVIPMRIEVRIWX PE\XSR 4S\ERHXLSYHSWXXLSYORS[ WX-RIZIVYWI XSpKLX[MXLQ]JVMIRHWXLSY PPFYXPSWIXL]PEFSYV MR X.EGO(ETTIV
8LSYKLLERHW 1YPLSPPERHVIEHWXLMWEWEREWMHI [MXLDRSXLMRKPIWW QIERMRKDER]XLMRKFYXXLEX ERH WMKREPPMRK1MWXVIWW+EPPMTSX WKVS[MRKHMWWEXMWJEGXMSR [MXL0E\XSR&SXLXLMWERHXLIQSVIPMXIVEP XLSYKL TIVLETWMVSRMG VIEHMRKQEOIKSSHWIRWI FIEVLIVMRLERH PIEHLIVSRHIGIMZILIV GLMRGSYKL [LSSTMRKGSYKL EWEVIWYPXSJ0E\XSR W WQSOI r HMZIEROPIW MIMREFS[ TIGYPMEV E WMRKPI F TEVXMGYPEVWTIGMEP MWXLMWXSFEGGS LIVIGIMZIWQSRI]FYXTVIXIRHWXSFI VIGIMZMRKSRP]XSFEGGS HVMRO WQSOI
WSGMEPVEROW WII%VHIRSJ*EZIVWLEQMMM LE T SVXL LEPJTIRR][SVXL WQEPPFIIV [IEOFIIV FVEZI LERHWSQI GEGOPIH DTPE]MRKSRXLIRSVQEPGEGOPMRKSJELIREJXIV PE]MRKERIKKERHVIJIVVMRKXSXLIGLMROMRKSJGSMRWMR .EGO WTSGOIXWSVTYVWIXLIVIWMHYISJWQEPPGLERKIJVSQ LMWXLVIITSYRHW 1YPLSPPERH ERKIPW KSPHGSMRW[SVXLEFSYXXIRWLMPPMRKW TIRGI r VEMPWXMPP DMIEP[E]WpRHI\GYWIW 1YPLSPPERH YRHIVWXERH D[MXLEFE[H]IRXIRHVISRlYRHIVWXERHz 1YPLSPPERH TYR] JVIWLQER [LSVIQEWXIV PIGLIV[SQERMWIV IRKVSWW E QSRSTSPMWI F KVS[JEX
XLSQEWQMHHPIXSRERHXLSQEWHIOOIV QMWXVIWWXMPX]EVH ;LEXJIEXLIVMW X]SY HLEZIWMV# 8LIWIEVIQSWX[SVRERHQSWXMRJEWLMSR %QSRKWXXLIFIEZIVKEPPERXWXLIWXSRIVMHIVW 8LITVMZEXIWXEKI WEYHMIRGIXLIX[IPZITIRR]WXSSP KIRXPIQIR -GERMRJSVQ]SY XMWXLIKIRIVEPJIEXLIV NEGOHETTIV %RHXLIVIJSVI-QMWPMOIMXXIPPQISJ KIRIVEP 2S[EGSRXMRYEP7MQSRERH.YHI WVEMR &IEXEPP]SYVJIEXLIVWEWqEXHS[REWTERGEOIW 7LS[QIEWTERKPIHJIEXLIV QMWXVIWWXMPX]EVH 3LXSKSEJIEWXMRK[MXL# =SY HLEZIMXJSVELIRGLFS]#=SYWLEPP %XXLIWIQTWXIV WWLSTRS[ QEWXIVSTIR[SVO 1EWW-LEHUYMXIJSVKSX ,MWLSRSYV WJSSXQER[EWLIVIPEWXRMKLX[MJI ,E ]SYHSRI[MXLQ]PSVH WWLMVX# QMWXVIWWSTIR[SVO ;LEX WXLEXXS]SYWMV# -[EWXLMWQSVRMRKEXLMWLSRSYV WPSHKMRK )VIWYGLEWREMPEW]SYGVITXSYXSJ]SYVWLIPP QEWXIVSTIR[SVO 3L X[EW[IPPHSRIKSSH[MJI QMWXVIWWSTIR[SVO -LSPHMXFIXXIVWMV 8LERMJ]SYLEHHSRI X]SYVWIPJ QEWXIVSTIR[SVO 2E]WSWE]- &YXMWXLIGSYRXIWW WWQSGOEPQSWXHSRIQSYWI# QMWXVIWWSTIR[SVO ,IVIPMIWXLIGEQFVMGWMVFYX [ERXW-JIEVQI QEWXIVSTIR[SVO - PPVIWSPZI]SYSJXLEXTVIWIRXP] QMWXVIWWSTIR[SVO ,I]HE]3LEYHEGMSYWKVSSQ (EVI]SYTVIWYQIXSRSFPI[SQIR WPMRIR# /IIT]SY]SYV]EVHXSQIEWYVIWLITLIVH WLSPPERH -QYWXGSRpRI]SY-WIIXLEX %XXLIXSFEGGSWLSTRS[ KSWLE[O ;LEXWE]]SYXSXLMWKIEV#
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PE\XSR -HEVIXLIEVVERXIWXGVMXMGMRXSFEGGS 8SPE]SRIJEYPXYTSR X )RXIVQSPPMREJVMI^INIVOMRERHEFPEGOWEZIKYEVH KSWLE[O 0MJI]SRHIV W1SPP PE\XSR 1SPP[LMGL1SPP# KSWLE[O ,SRIWX1SPP PE\XSR 4VMXLIIPIX WGEPPLIV1SPP EPPKEPPERXW 1SPP1SPPTMWX1SPP QSPP ,S[RS[[LEX WXLIQEXXIV# KSWLE[O %TMTISJKSSHXSFEGGS1SPP QSPP -GERRSXWXE] KSWLE[O 2E]1SPPTYLTVMXLIILEVOFYXSRI[SVH M JEMXL QSPP ;IPP[LEXMW X# KVIIR[MX 4VMXLIIGSQILMXLIVWMVVEL PE\XSR %WMHI ,IEVX-[SYPHKMZIFYXXSSQYGL QSRI]XSFIRMFFPMRK[MXLXLEX[IRGL0MJIWL EWXLI WTMVMXSJJSYVKVIEXTEVMWLIWERHEZSMGIXLEX[MPP HVS[REPPXLIGMX] QIXLMROWEFVEZIGETXEMRQMKLX KIXEPPLMWWSPHMIVWYTSRLIVERHRI IVFIFILSPHMRK XSEGSQTER]SJ1MPI)RHQMPOWSTWMJLIGSYPH GSQISRERHGSQISJJUYMGOIRSYKL7YGLE1SPP [IVIEQEVVS[FSRIFIJSVIER-XEPMERLI[SYPHGV] FSREVSFEXMPPLMWVMFW[IVIRSXLMRKFYXFSRI- PPPE] LEVHWMIKIXSLIVQSRI]MWXLEXEUYEJSVXMWXLEXIEXW MRXSQER]EQEMHIRLIEH [LIVIXLI[EPPWEVIqIWL ERHFPSSH- PPIZIVTMIVGIXLVSYKL[MXLEKSPHIR EYKIV KSWLE[O 2S[XL]NYHKQIRX1SPPMW XRSXKSSH# QSPP =IWJEMXL XMWZIV]KSSHXSFEGGS LS[HS]SYWIPP ERSYRGI#*EVI[IPP+SHF M ]SY1MWXVIWW+EPPMTSX KSWLE[O ;L]1SPP1SPP QSPP -GERRSXWXE]RS[M JEMXL-EQKSMRKXSFY]E WLEKVYJJXLIWLST[MPPFIWLYXMRTVIWIRXP]
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
G MRSVHIVXSQSZIMRGSKRMXSPMOIEPSZIVSVETEXVSRSJE FVSXLIP KPMWXIV WYTTSWMXSV]IRIQE DGP]WXIV XVIEH GSTYPEXI[MXL SJEQEPIFMVH[MXLELIR TYHHMRKXSFEGGS GSQTVIWWIHXSFEGGSQEHIMRXSVSPPW VIWIQFPMRKETYHHMRKSVWEYWEKI
TVIGSRXVEGX SJQEVVMEKI WIIP KSEXMWL PYWXJYP [MPHJS[P TVSWXMXYXI IHW &IPEH] GSVVYTXMSRSJD&]SYV0EH]
XLSQEWQMHHPIXSRERHXLSQEWHIOOIV QEWXIVKEPPMTSX 8LIRTVE]WMV[IEVRSXLIVJSV WLI WEKEVQIRX 7Sp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pVWX[SQERFIKYMPI (MHIZIVWMRGIEPP[SQIR WFSWSQWpPP = EVIETTPIIEXIVWEPPHIGIMZIVWWXMPP )\IYRX
%GX---WGIRIMMM )RXIVWMVEPI\ERHIV[IRKVEZIWMVHEZ]HETTIVWMV EHEQETTPIXSREXSRIHSSVERHXVETHSSVEXERSXLIV HSSV WMVEPI\ERHIV 3YX[MXL]SYVXEPI7MV(EZ]XS7MV %HEQ %OREZIMWMRQMRII]IHIITMRQ]HIFX WMVHEZ] 2E]MJLIFIEOREZIWMVLSPHLMQJEWX WMVHEZ]ERHWMVEHEQXEPOETEVX WMVEPI\ERHIV 7TIEOWSJXP][LEXIKKMWXLIVI LEXGLMRKRS[# XVETHSSV %HYGO WIKKWMVEHYGOXLEXLEWIEXIRE JVSK-LEZIGVEGOIHXLIWLIPPERHWSQIZMPPEMR]SV SXLIV[MPPTIITSYXTVIWIRXP] XLIHYGOXLEXWMXWMWXLI FSYRGMRKVEQTXLEXVSEVMRKKMVPQ]QMWXVIWW XLI HVEOIXLEXQYWXXVIEHMW]SYVWSR7IFEWXMER WMVEPI\ERHIV &IUYMGO XVETHSSV %WXLIXSRKYISJERS]WXIV[IRGL WMVEPI\ERHIV %RHWIIXL]RI[WFIXVYI
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XLIVSEVMRKKMVP WMVEPI\ERHIV 8LSYWLEPXFILERKIHMR XIVIXLSY
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KVEXI TVMWSRKVEXMRK XEZIVRKVEXI XEZIVRW[IVIMHIRXMpEFPIF]XLIPEXXMGI[SVO SRXLIMV[MRHS[W WII%VHIRSJ*EZIVWLEQ\MZ (VE[IV XETWXIV GEPPMRKSJJWXEKI 6YWWMERFIEV MQTSVXIHJSVFEMXMRKERHTVSZIVFMEPP] pIVGI FEKKEKI WXVYQTIX RSMWI FERH XEOIYTQSVI MISRGVIHMX RMRKPIW MRKPIW FS]JEZSYVMXIWGEXEQMXIW WII)TMGSIRI -M LSVWIPIIGLIW E I\XSVXMSRIVW F [LSVIW 1YPLSPPERH WTVMRKI[SSHGSGO TVSZIVFMEP WII,EQPIX-MMM% WTVMRKIMWEXVETXSGEXGLWQEPPFMVHW XLI'SYRXIV HIFXSV WTVMWSR XLIVI[IVIX[SSJXLMWREQI MR0SRHSREXXLMWXMQI
WMVHEZ] 8LMRO]SYXLI'SYRXIVGERRSXFVIEOLMQ# WMVEHEQ &VIEOLMQ# =IWERHFVIEO WLIEVXXSSMJLIPMIXLIVIPSRK WMVHEZ] - PPQEOILMQWMRKEGSYRXIVXIRSVWYVI WMVEHEQ 2S[E]XSXEQILMQPMOIMX XLIVILIWLEPP PIEVR ;LEXQSRI]MWMRHIIHERHLS[XSWTIRHMX WMVHEZ] ,I WFVMHPIHXLIVI WMVEPI\ERHIV %]]IXORS[WRSXLS[XSQIRHMX &IHPEQGYVIWRSXQSVIQEHQIRMRE]IEV 8LERSRISJXLIGSYRXIVWHSIW QIRTE]QSVIHIEV 8LIVIJSVXLIMV[MXXLERER][LIVI EGSYRXIV ;L] XMWERYRMZIVWMX][LSRSXWIIW# %WWGLSPEVWXLIVIWSLIVIQIRXEOIHIKVIIW %RHJSPPS[XLIWEQIWXYHMIWEPPEPMOI 7GLSPEVWPIEVRpVWXPSKMGERHVLIXSVMG 7SHSIWETVMWSRIV [MXLpRILSRI] HWTIIGL %X WpVWXGSQMRKMRLIHSXLTIVWYEHIFIWIIGL ,IQE]FIPSHKIH[MXLSRIXLEXMWRSXMXGL] 8SPMIMREGPIERGLEQFIVMRWLIIXWRSXPSYW] &YX[LIRLILEWRSQSRI]XLIRHSIWLIXV] &]WYFXPIPSKMGERHUYEMRXWSTLMWXV] 8SQEOIXLIOIITIVXVYWXLMQ WMVEHEQ 7E]XLI]HS# WMVEPI\ERHIV 8LIRLI WEKVEHYEXI WMVHEZ] 7E]XLI]XVYWXLMQRSX# WMVEPI\ERHIV 8LIRMWLILIPHEJVIWLQERERHEWSX %RHRIZIVWLEPPGSQQIRGIFYXFIMRKWXMPPFEVVIH &II\TYPWIHJVSQXLIQEWXIV WWMHIXSXL X[STIRR] [EVH 3VIPWIM XL ,SPIFITPEGIH WMVEHEQ ;LIRXLIR-TVE] 4VSGIIHWETVMWSRIV# WMVEPI\ERHIV ;LIRQSRI]FIMRKXLIXLIQI ,IGERHMWTYXI[MXLLMWLEVHGVIHMXSVW LIEVXW %RHKIXSYXGPIEVLI WXLIRE1EWXIVSJ%VXW 7MV(EZ]WIRH]SYVWSRXS;SSH7XVIIX'SPPIKI %KIRXPIQERGERRS[LIVIKIXQSVIORS[PIHKI WMVHEZ] 8LIVIKEPPERXWWXYH]LEVH WMVEPI\ERHIV 8VYI XSKIXQSRI]
r GSYRXIVYRMZIVWMX] 1MHHPIXSRQEOIWXLIWEQI EREPSK]IPWI[LIVI WII8LI4LSIRM\-:MMM ERH 1MGLEIPQEW8IVQ---MZ r3XLIVWXSSQEOIXLI GSQTEVMWSR WII1YPLSPPERH PSKMGERHVLIXSVMG TVMRGMTEPWYFNIGXWMRXLIYRMZIVWMX] GYVVMGYPYQEXXLMWXMQI UYEMRX MRKIRMSYW GSQQIRGI FIEHQMXXIHXSEHIKVII XLIQEWXIV WWMHIXL X[STIRR][EVH VSSQWMRXLI 'SYRXIVJSV[LMGLTVMWSRIVWTEMHMRSVHIVXSSFXEMR FIXXIVGSRHMXMSRW XL ,SPI XLIREQISJXLI[SVWXHYRKISRMR;SSH7XVIIX 'SYRXIVMR[LMGLHIWXMXYXITVMWSRIVW[IVILIPH 4VSGIIHW EHZERGIWJVSQ&%XSELMKLIVHIKVII ;SSH7XVIIX'SPPIKI MI;SSH7XVIIX'SYRXIV WIIP R
XLSQEWQMHHPIXSRERHXLSQEWHIOOIV WMVHEZ] 0MIWF]XL LIIPWM JEMXL XLEROWXLEROW -LE WIRX *SVEGSYTPISJFIEVWWLEPPTE[LMQ )RXIVWIVKIERXGYVXMPE\ERH]ISQERLERKIV WMVEHEQ ;LSGSQIW]SRHIV# WMVHEZ] 8LI]PSSOPMOITYXXSGOW XLIWIWLSYPHFI XLI] WMVEPI\ERHIV -ORS[ IQ 8LI]EVISJp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p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pWLERHPMXXPIpWL ERHJIIHYTSRSRIERSXLIV WSQIIEXYT[LSPIQIR EWIVKIERXGEVIWFYXJSVXLIWLSYPHIVSJEQER8LI]
0MIWF]XL LIIPW MIDLIPMIWWLEPPPMI DF]XL LIIPW QIERXMRNEMP XLIVIJIVIRGIMWXSMVSRW WH GYVXMPE\LERKIV WIIRSXIWXSD(VEQEXMW4IVWSREI TYXXSGOW OMXIW EPWSYWIHJSVGEXGLTSPIWWIVKIERXW 3RIMREFPYIGSEX MIEWIVZERX LSRIWX] LSRSYVEFPIJIPPS[ XS[EVH TVSQMWMRK[MPPMRKSFPMKMRK 3RITEMVGSEXW MI]SYEVIX[SSJEOMRH TVSZIVFMEP
GEPPYWOREZIWERHGYVWFYXQER]XMQIWLIXLEXWIXW YWSR[SVVMIWQSVIPEQFWSRI]IEVXLER[IHSMR WIZIR WMVHEZ] 7TSOIPMOIERSFPI'IVFIVYW-WXLIEGXMSR IRXIVIH# LERKIV ,MWREQIMWIRXIVIHMRXLIFSSOSJ YRFIPMIZIVW WMVHEZ] ;LEXFSSO WXLEX# GYVXMPE\ 8LIFSSO[LIVIEPPTVMWSRIVW REQIWWXERH ERHRSXSRIEQSRKWXJSVX][LIRLIGSQIWMR FIPMIZIWXSGSQISYXMRLEWXI WMVHEZ] &IEWHSKKIHXSLMQEW]SYVSJpGIEPPS[W]SY XSFI FSXL 3LWMV WMVHEZ] =SYORS[XLIYRXLVMJX.EGO(ETTIV# GYVXMPE\ %]E]WMVXLEXKYPP#%W[IPPEW-ORS[Q] ]ISQER WMVHEZ] %RH]SYORS[LMWJEXLIVXSS7MV(EZ] (ETTIV# GYVXMPE\ %WHEQRIHEYWYVIVEWIZIV[EWEQSRK.I[W MJLI[IVIWYVILMWJEXLIV WWOMR[SYPH]MIPHLMQER] QSRI]LI[SYPH[LIRLIHMIWqE]MXSJJERHWIPPMX XSGSZIVHVYQWJSVGLMPHVIREX&EVXLSP QI[*EMV WMVHEZ] %WMHI ;LEXXSEHWEVIXLIWIXSWTMXTSMWSR SREQERXSLMWJEGI(S]SYWIIQ]LSRIWX VEWGEPW#=SRHIV+VI]LSYRHMWXLIHSKLILYRXW[MXL SYXSJXLEXXEZIVR.EGO(ETTIV[MPPWEPP] WEWE KMZI XLIGSYRXIV SRWIXYTSRLMQ FSXL ;I PPGLEVKILMQYTS XL FEGOWMV WMVHEZ] 8EOIRSFEMP TYXQEGIIRSYKLMRXSLMW GEYHPI HSYFPI]SYVpPIWXVEZIVWI]SYVKVSYRH FSXL &VEZIWMV WMVHEZ] 'V]EVQEVQEVQ FSXL 8LYWWMV WMVHEZ] 8LIVIFS]XLIVIFS]E[E] PSSOXS]SYV TVI]Q]XVYI)RKPMWL[SPZIWERHERHWS-ZERMWL )\MX GYVXMPE\ 7SQI[EVHIRSJXLIWIVKIERXWFIKEXXLMWSPH JIPPS[YTSRQ]PMJI7XERHGPSWI
'IVFIVYW WII---MR DHSKKIH P TPE]WSRXLMW &EVXLSP QI[*EMV LIPHMR7QMXLpIPHSR7X &EVXLSPSQI[ W(E] %YKYWX SVMKMREPP]EGPSXLJEMVMX I\TERHIHXSFIGSQIXLIPEVKIWXERRYEP0SRHSRGEVRMZEP -X[EWRSXEFSPMWLIHYRXMP +VI]LSYRH TVSFEFP]XLIREQISJEXEZIVR WEWE IMXLIVEXIVQJVSQLYRXMRK DEGEPPXSEXXIRXMSR 'SSO SVJVSQJIRGMRK DERI\GPEQEXMSRQEHI[LIR HIPMZIVMRKEXLVYWX 1YPLSPPERH r KMZIXLIGSYRXIV IMXLIV JVSQLYRXMRK DXSVYREJEPWI WGIRX XSXYVRLMQFEGO SV JVSQJIRGMRK XSQEOIE GMVGYPEVTEVV] r QEGIGEYHPI TYRSRDQEGI E WXEJJGEVVMIHF] WIVKIERXW F WTMGID'EYHPI [EWKVYIPQM\IH[MXLWTMGIH EPI HSYFPIKVSYRH QMPMXEV]XIVQWYWIHVERHSQP]LIVI
XLIVSEVMRKKMVP FYGOPIVERH]IXEFYXGLIVHV]FIEXLMQ[MXLEGYHKIP QSPPERHXVETHSSV ,SRIWXWIVKIERX*P]q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qIHYTMRXLIMVGPSEOW )RXIVWMVEPI\ERHIV[IRKVEZIWSPYW MREJVSWX]QSVRMRKXS0SRHSR WMVEPI\ERHIV 9RLETT]MRXLIJSPPMIWSJEWSR XVETHSSV %GSYVWIGETXEMR EFIEVGSQIWXSXLI 0IHEKEMRWXNYHKQIRXWIRWISFIHMIRGI WXEOI %RHEPPXLITS[IVWSJRSFPIRIWWERH[MX )RXIVNEGOHETTIVERHKYPP )RXIVXVETHSSV QSPP -XWLSYPHFIWSJSVXLIHSKWWXVYKKPIXSFIPIX 3L[VIXGLIHJEXLIV2S[8VETHSSV[MPPWLIGSQI# PSSWI XVETHSSV -RQER WETTEVIPWMV -EQMRLIVLIEVXRS[ LERKIV ;LI[ %RHWLEVIMREPPLIVWIGVIXW GYVXMPE\ ,IQT WMVEPI\ERHIV 4IEGITIEGITIEGI QSPP ,EVO8VETHSSVJSPPS[]SYVPIEHIV ,IVIXEOIQ]+IVQER[EXGLLERK XYTMRWMKLX NEGOHETTIV +YPP KYPP 1EWXIV NEGOHETTIV (MHWXIZIVWIIWYGLEREWWEW-EQFS]# HV]FIEX FIEXLMQ[MXLFPS[WXLEXFVYMWIHFYXHMHRSX KYPP 2SF]Q]XVSXLWMVXSPSWIEPP]SYVQSRI]]IX HVE[FPSSH LEZIJEPWIHMGISJ]SYVS[R[L] XMWEW-WE[EKVIEX ,SRIWXWIVKIERX [IJSPPS[1YPLSPPERHMRVIXEMRMRKXLI JIPPS[YWIHX SXLIVHE] LILEHEJEMVW[SVHERH 5VIEHMRKLIVISRXLIKVSYRHWXLEXDWXEKIFYWMRIWW LERKIV 7LEPPXLIEQFYWGEHSPMIMRSRITPEGI# GYVXMPE\ 2SRSSOXLSY]SRHIV
EQFYWGEHS EQFYWLIWTIGMEPP]XLIJSVGIYWIHXLIVIMR RSSO LMHIMRXLEXRSSO [VERKPMRK E RSMW] F HMWTYXEXMSYW PE[]IVW WIZIVEP-RRWSJ'SYVXWXSSHMR,SPFSVR [MRHWLEOIR qE[IHEXLIEVXPMOIXMQFIVF]LMKL[MRHW r ;LMWX,YQT ,ERKIVMWXV]MRKXSEXXVEGX'YVXMPE\ W EXXIRXMSRF][LMWXPMRK DLYQT MWTVSFEFP]EWMKREPMR VIWTSRWI r X[SMRJIGXIHQEPXQIR 1YPLSPPERHGMXIWETVEGXMGISJ XLSWI[LSGEVVMIHQEPXMRXSXLIGMX]SJGEVV]MRKVEKWFEGO LSQIDJSVQERYVMRKSJXLIWSMPMRKSJXLIKVSYRH 8LMW TVEGXMGI[SYPHLEZIQEHIXLIQTEVXMGYPEVP]WYWGITXMFPI XSMRJIGXMSRF]XLITPEKYI GSYVWI XLIERMQEPTYVWYIH [LMPWXDGSYVWMRK SVTYVWYMRK KEQI[MXLLSYRHW
GSYPHGPIEVYTXLIETTEVIRXHMJpGYPX] 3XLIVIHWIQIRH XSDWIVZERX ;LSVIWWIVKIERXW TPE]MRKSRQIXLSHSJEVVIWX WII PP VSKYI MI8VETHSSV X[IRX]QEVOW EQEVO[EW[SVXLX[SXLMVHWSJETSYRH WII-M R VIWGYI DXLIJSVGMFPIXEOMRKSJETIVWSRSVKSSHWSYXSJ GYWXSH]EZIV]WIVMSYWSJJIRGI 'SSO 7LSI0ERI VERJVSQ,SPFSVRXS*PIIX7XVIIX MRWGVMZIRIV WFERHW DMIMRHIFX 1YPLSPPERH E DWGVMZIRIV [EWERSXEV] LIEVX GSRpHIRGI +IVQER[EXGL +IVQERGPSGOWERH[EXGLIWEVIJVIUYIRXP] VIJIVVIHXSMR.EGSFIERHVEQE XLI]LEHEVITYXEXMSRIMXLIV JSVMRKIRYMX] EWLIVI SVJSVYRVIPMEFMX] WII)TMGSIRI -:MMr R0SZI W0EFSYVW0SWX---Mr
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pPGLE[E] %RHEPPXLI[IMKLXYTSRLIVFEGO- PPPE] XVETHSSV =SYGERRSXEWWYVIXLEXWMV WMVEPI\ERHIV 2S#;LEXPIXWMX# XVETHSSV &IMRKEWXSYXKMVPTIVLETWWLI PPHIWMVI TVIWWMRK 8LIREPPXLI[IMKLXQYWXPMIYTSRLIVFIPP] WMVEPI\ERHIV &IPP]SVFEGO-GEVIRSXWS- ZISRI XVETHSSV =SY VISJQ]QMRHJSVXLEXWMV WMVEPI\ERHIV ,ERKYTQ]VYJJFERH[MXLXLI HMEQSRHEXMX -XQE]FIWLI PPPMOIXLEXFIWX XVETHSSV %WMHI -X W[IPPJSVLIVXLEXWLIQYWXLEZI LIVGLSMGILIXLMROWRSXLMRKXSSKSSHJSVLIV-J ]SYLSPHSRXLMWQMRHEPMXXPIPSRKIVMXWLEPPFIXLI pVWX[SVO-HSXSXYVRXLMIJQ]WIPJ [SYPHHSEQER KSSHXSFILERKIH[LIRLIMWWS[IPPTVSZMHIHJSV WMVEPI\ERHIV 7S[IPPWEMH EPPLERKW[IPP [SYPHWLI LYRKWSXSS 8LIWMKLX[SYPHTPIEWIQIQSVIXLEREPPXLIMV KPMWXIVMRKW 3LXLEXQ]Q]WXIVMIWXSWYGLWXVEMXWWLSYPHVYR 8LEX-QYWXVSFQ]WIPJXSFPIWWQ]WSR )\IYRX )RXIVWIFEWXMER[MXLQEV]pX^EPPEVHPMOIETEKI ERHQSPPMRQER WGPSXLIW
WIWWMSRW SJXLIGSYVX LIEHFSVSYKL GSRWXEFPI GSYVXGYTFSEVH EQSZEFPIWMHIFSEVHSVGEFMRIXYWIHXS HMWTPE]TPEXIIXG GPSWIP] WIGVIXP] PIXW LMRHIVW TVIWWMRK 1YPLSPPERHMHIRXMpIWEHSYFPIIRXIRHVISRE XLITIMRIJSVXIIXHYVI[LMGLMRZSPZIHXLIPSEHMRKSJ [IMKLXWYTSREGGYWIHTIVWSRWXSMRHYGIXLIQXSERW[IVE GLEVKIERHF EVIJIVIRGIXSGSMXYW Q]WXIVMIW WOMPPWGVEJX
WIFEWXMER 8LSYLEWXHSRIQIEOMRHSJpGI[MXLSYX XSYGL )MXLIVSJWMRSVWLEQI SYVPSZIWEVILSRIWX QSPP - HWGSVRXSQEOIWYGLWLMJXXSFVMRK]SY XSKIXLIVIPWI WIFEWXMER 2S[LEZI-XMQIERHSTTSVXYRMX] ;MXLSYXEPPJIEVXSFMHXLII[IPGSQIPSZI /MWW QEV] 2IZIV[MXLQSVIHIWMVIERHLEVHIVZIRXYVI QSPP ,S[WXVERKIXLMWWLS[WSRIQERXSOMWW ERSXLIV WIFEWXMER - HOMWWWYGLQIRXSGLSSWI1SPP 1IXLMROWE[SQER WPMTXEWXIW[IPPMREHSYFPIX QSPP 1ER]ERSPHQEHEQLEWXLIFIXXIVJSVXYRIXLIR ;LSWIFVIEXLWKVI[WXEPIFIJSVIXLIJEWLMSRGEQI -JXLEX[MPPLIPT IQEW]SYXLMRO X[MPPHS 8LI] PPPIEVRMRXMQIXSTPYGOSRXLILSWIXSS WIFEWXMER 8LISPHIVXLI][E\1SPPXVSXL-WTIEO WIVMSYWP] %WWSQILEZIEGSRGIMXXLIMVHVMROXEWXIWFIXXIV -RERSYXPERHMWLGYTXLERMRSYVS[R 7SQIXLMROWIZIV]OMWWWLIKMZIWQIRS[ -RXLMWWXVERKIJSVQMW[SVXLETEMVSJX[S ,IVI[IEVIWEJIERHJYVXLIWXJVSQXLII]I 3JEPPWYWTMGMSR XLMWMWQ]JEXLIV WGLEQFIV 9TSR[LMGLqSSVLIRIZIVWXITWXMPPRMKLX ,IVILIQMWXVYWXWQIRSXRSV-LMWGSQMRK %XQMRIS[RGLEQFIVLIWXMPPTVMIWYRXSQI 1]JVIIHSQMWRSXXLIVIEXQMRIS[RpRHMRK 7XMPPGLIGOIHERHGYVFIH LIVILIWLEPPQMWWLMW TYVTSWI QSPP %RH[LEX W]SYVFYWMRIWWRS[]SYLEZI]SYV QMRHWMV# %X]SYVKVIEXWYMX-TVSQMWIH]SYXSGSQI -TMXMIHLIVJSVREQI WWEOIXLEXE1SPP 7LSYPHFIWSGVSWWIHMRPSZI[LIRXLIVI WWSQER] 8LEXS[IWRMRIPE]WETMIGIERHRSXWSPMXXPI 1]XEMPSVpXXIHLIVLS[PMOI]SYLMW[SVO# WIFEWXMER 7S[IPPRSEVXGERQIRHMXJSVXLMWTYVTSWI &YXXSXL][MXERHLIPT[I VIGLMIJMRHIFX %RHQYWXPMZIWXMPPFILSPHMRK QSPP %R]LSRIWXTMX] - Q[MPPMRKXSFIWXS[YTSRTSSVVMRKHSZIW WIFEWXMER - PPSJJIVRS[SVWITPE] QSPP 2E]ERH]SYWLSYPHWMV -WLSYPHHVE[pVWXERHTVSZIXLIUYMGOIVQER
WLMJX IJJSVX XSGLSSWI JVSQGLSMGI QEHEQ FE[H[LSVI XLEX MIQEPIHVIWW ETEMV EWIX PE]W QIERMRKYRGIVXEMR TIVLETWD[EKIVW &YPPIR SV DPSHKMRKW IWTIGMEPP]XLSWIYWIHJSVTVSWXMXYXMSR 1YPLSPPERH WXMPP EP[E]W VMRKHSZIW [SSHTMKISRW MIPSZIVW
XLIVSEVMRKKMVP WIFEWXMER ,SPHXLIVIWLEPPRIIHRS[IETSREXXLMW QIIXMRK &YX GEYWIXLSYWLEPXRSXPSSWIXL]JYV]MHPI ,IVIXEOIXLMWZMSPVYRYTSRXLIKYXW %RHIRHXL]UYEVVIPWMRKMRK QSPP 0MOIEW[EREFSZIFVMHKI *SVPSSO]SYLIVI WXLIFVMHKIERHLIVIEQ- WIFEWXMER ,SPHSRW[IIX1SPP QEV] - ZILIEVHLIVQYGLGSQQIRHIHWMVJSVSRI XLEX[EWRI IVXEYKLX QSPP - QQYGLFILSPHMRKXS IQ;IPPWMRGI]SY PP RIIHWTYXYWXSKIXLIVWMV- PPTPE]Q]TEVXEW[IPPEW- GER MXWLEPPRI IVFIWEMH-GEQIMRXSEKIRXPIQER W GLEQFIVERHPIXLMWMRWXVYQIRXLERKF]XLI[EPPW WIFEWXMER ;L][IPPWEMH1SPPM JEMXL MXLEHFIIRE WLEQIJSVXLEXKIRXPIQERXLIRXLEX[SYPHLEZIPIXMX LYRKWXMPPERHRI IVSJJIVIHXLIIMX QSPP 8LIVIMXWLSYPHLEZIFIIRWXMPPXLIRJSV1SPPJSV XLSYKLXLI[SVPHNYHKIMQTYHIRXP]SJQI-RI IV GEQIMRXSXLEXGLEQFIV]IX[LIVI-XSSOHS[RXLI MRWXVYQIRXQ]WIPJ WIFEWXMER 4MWLPIX IQTVEXIEFVSEH XL EVXLIVI[LIVI XLSYEVXORS[RERHPSZIH XLIVIFIEXLSYWERHGPSWI HEQIWXLEX[MPPGEPPXLIZMSPERYRQERRIVP] MRWXVYQIRXJSVE[SQERERHXLIVIJSVIXEPOFVSEHP] SJXLII[LIR]SYWLEPPLEZIXLIQWMX[MHIVXSE [SVWIUYEPMX] QSPP 4YWL-IZIVJEPPEWPIITERHXLMRORSXSJ IQWMV ERHXLYW-HVIEQ WIFEWXMER 4VMXLIIPIX WLIEVXL]HVIEQ1SPP QSPP 8LIWSRK -HVIEQXLIVIMWEQMWXVIWW %RHWLIPE]WSYXXLIQSRI] 7LIKSIWYRXSLIVWMWXIVW 7LIRIZIVGSQIWEXER] )RXIVWMVEPI\ERHIVFILMRHXLIQ
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WMRRIV MIYRGLEWXI[SQER VIWSPZIH GSRZMRGIHTIVWYEHIH TMXGL LIMKLX
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GLEPPIRKI GPEMQ XLSWI MIXLII]IWSJNYHKIQIRX WTIH TVSZMHIH ERH MJ
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8MWXMQIJSVQIXSORIIPERHGSRJIWWpVWX )\IYRX *SVJIEVMXGSQIXSSPEXIERHQ]FVEMRWJIIPMX 9TSRQ]TE[W-EWO]SYTEVHSRQMWXVIWW )TMPSKYW QSPP 4EVHSR#*SV[LEXWMV#;LEXLEW]SYVVSKYIWLMT %TEMRXIVLEZMRKHVE[R[MXLGYVMSYWEVX HSRIRS[# 8LITMGXYVISJE[SQER IZIV]TEVX XVETHSSV -LEZIFIIRJVSQXMQIXSXMQILMVIHXS 0MQRIHXSXLIPMJI LYRKSYXXLITMIGIXSWIPP GSRJSYRH]SY 4ISTPI[LSTEWWIHEPSRKZMI[MRKMX[IPP &]XLMWSPHKIRXPIQER +EZIWIZIVEPZIVHMGXWSRMX WSQIHMWTVEMWIH QSPP ,S[# 8LILEMVWSQIWEMHXLIFVS[WXSSLMKL[IVIVEMWIH XVETHSSV 4VE]JSVKMZILMQ 7SQILMXLIVS IVXLIPMTWQMWPMOIHXLIMVGSPSYV &YXQE]-GSYRWIP]SY]SYWLSYPHRIZIVHS X 7SQI[MWLIHLIVRSWI[IVIWLSVXIVWSQIXLII]IW 1ER]EWREVIXSIRXVET]SYV[SVWLMT WPMJI JYPPIV ,EZI-PEMHTVMZMP]GLEMRW[EXGLIWNI[IPW %RH[LIRLIWE[RSXLMRKGSYPHQSYRX]SYYT 3XLIVWWEMHVSWIWSRLIVGLIIOWWLSYPHKVS[ 7[IEVMRKXLI]PSSOIHXSSTEPISXLIVWGVMIHRS *SYVLSPPS[LIEVXIHERKIPWLIXLIRKEZI]SY 8LI[SVOQERWXMPPEWJEYPX[EWJSYRHHMHQIRHMX &][LMGLLIQIERXXSXVET]SY-XSWEZI]SY -RLSTIXSTPIEWIEPP FYXXLMW[SVOFIMRKIRHIH WMVEPI\ERHIV 8SEPP[LMGLWLEQIERHKVMIJMRQI %RHLYRKSTIREXWXEPPMX[EWWSZMPI GV]KYMPX] 7SQSRWXVSYWERHWSYKP]EPPQIRHMHWQMPI *SVKMZIQI RS[-GEWXXLI[SVPH WI]IWJVSQQI %XXLITSSVTEMRXIV WJSPP]7YGL[IHSYFX %RHPSSOYTSRXLIIJVIIP][MXLQMRIS[R -WXLMWSYVGSQIH] WSQITIVLETWHSqSYX -WIIXLIQSWXSJQER][VSRKWFIJSVIXLII 8LITPSXWE]MRK XMWXSSXLMRXSS[IEOXSSQIER 'EWXJVSQXLINE[WSJIRZ]ERHLIVTISTPI 7SQIJSVXLITIVWSR[MPPVIZMPIXLIWGIRI %RHRSXLMRKJSYPFYXXLEX- PPRIZIVQSVI %RH[SRHIVXLEXEGVIEXYVISJLIVFIMRK 'SRHIQRF]GSQQSRZSMGIJSVXLEX WXLI[LSVI 8LEXHIGIMZIWQER WSTMRMSRQSGOWLMWXVYWX 7LSYPHFIXLIWYFNIGXSJETSIXWIIMRK -RXLI[SVPH WI]IRSRI[IMKLWWSPMKLX SXLIVWPSSO 'S^IRWLMWPSZIERHQEOIWLMWLIEVXYRNYWX *SVEPPXLSWIFEWIXVMGOWTYFPMWLIHMREFSSO QSPP ,IVIFIXLIERKIPWKIRXPIQIR XLI][IVIKMZIR QI %WEQYWMGMER-TYVWYIRSTMX] KIRXPI[SQIR IHW KIRXPI[SQER" MIXLIGMXM^IRW *SPPS[XLIPE[ ERH]SYGERGYGOQIWTEVIRSX
'LIEXWGSEGLIH D1SPPETTEVIRXP]E[EMXWXLIXMQI [LIRGLIEXIVWEVIEPPS[IHXLII\TIRWISJELSVWI SV WMQTP]JSSX[IEV FYXRSXXLII\XVEZEKIRGISJEGSEGL 1YPLSPPERH :IWWIPW MI[SQIR WFSHMIW -WXLI[MRHRS[# VIJIVVMRKXS7MV%PI\ERHIV W GLERKIHEXXMXYHIXS1SPP QSYRX]SYYT MISRXLIKEPPS[W FIJSVIXLII HSRIXSXLII ERHGYGOQI MJ]SYGERKIXQIMREGYGOMRKWXSSP TYRMWLQIRXKMZIRXS[SQIRWIIREWHMWSVHIVP]
[MZIW FIEQW WYRFIEQW )TMPSKYW TVSFEFP]WTSOIRF]1SPP r GSQTEVIXLI)TMPSKYIXS%;SQER/MPPIH[MXL/MRHRIWW GYVMSYW WOMPJYP LMXLIVS IV GVMXMGMWIH HSYFX WYWTIGX TIVWSR GLEVEGXIV MI1SPP EFSSO ETTEVIRXP]EVIJIVIRGIXS7EQYIP6MH[LS[VSXI 1EVXMR1EVO%PP&IEHPISJ&VMHI[IPP ,MW(IJIRGIERH %RW[IVXSXLI&IPPQERSJ0SRHSR MR[LMGLLI GVMXMGMWIH(IOOIV W[SVOERHLMWORS[PIHKISJXLMIZIW GERX WII1YPLSPPERH r
XLIVSEVMRKKMVP *SYPEWLMWFVEMRWXLI]qS[IHJVSQ SJGYXTYVWIW 3JRMTWERHJSMWXWREWX]SFWGIRIHMWGSYVWIW %WJYPPSJPMIWEWIQTX]SJ[SVXLSV[MX *SVER]LSRIWXIEVSVI]IYRpX %RHXLYW -J[IXSIZIV]FVEMRXLEX WLYQSVSYW 7LSYPHJEWLMSRWGIRIW[I [MXLXLITEMRXIV WLEPP -RWXVMZMRKXSTPIEWIEPPTPIEWIRSRIEXEPP =IXJSVWYGLJEYPXWEWIMXLIVXLI[VMXIVW [MX
3VRIKPMKIRGISJXLIEGXSVWHSGSQQMX &SXLGVEZI]SYVTEVHSRW MJ[LEXFSXLLEZIHSRI 'ERRSXJYPPTE]]SYVI\TIGXEXMSR 8LI6SEVMRK+MVPLIVWIPJWSQIJI[HE]WLIRGI 7LEPPSRXLMWWXEKIKMZIPEVKIVVIGSQTIRWI ;LMGLQMVXLXLEX]SYQE]WLEVIMRLIVWIPJHSIW[SS ]SY %RHGVEZIWXLMWWMKR]SYVLERHWXSFIGOSRLIVXS]SY pRMW
LYQSVSYW JERGMJYP[LMQWMGEP
r 8LI6SEVMRK+MVPVIGSQTIRWI KIRIVEPP]XEOIRXSFI EVIJIVIRGIXSERETTIEVERGIF]1EV]*VMXL XLIDVIEP 1SPP'YXTYVWI LIVWIPJ WII1YPLSPPERH r
8LSQEW1MHHPIXSRERH;MPPMEQ6S[PI] 8LI'LERKIPMRK *MVWXTIVJSVQIH *MVWXTYFPMWLIH
8LIVIMWETVSJSYRHWIRWISJGPEYWXVSTLSFMEMR8LI 'LERKIPMRKETPE]XLEXXVIEXWWTEGIEWEQIXETLSVJSV XLIVIPEXMSRWFIX[IIRVIEPMX]ERHETTIEVERGIXVYXLERH HIGITXMSRWERMX]ERHQEHRIWW-RHIIHMXQE]FIXLEX XLIVIWSYVGIWSJXLITVMZEXIXLIEXVIW 8LI4LSIRM\MR XLIGEWISJ8LI'LERKIPMRK QE]LEZIIRGSYVEKIHXLI HVEQEXMWXW[LS[VSXIJSVXLIQXSI\TIVMQIRX[MXLXLI MRGVIEWMRKGSQTPI\MX]SJXLIXLIEXVI WJEGMPMXMIW HSSVW EVXMpGMEPPMKLXMRKERHKEPPIVMIW EWW]QFSPMGVIJIVIRGI TSMRXWMRXLIMVYRJSPHMRKREVVEXMZIW'IVXEMRP]JVSQXLI SYXWIXXLIVIMWERSQMRSYWWIRWIXLEXXLIKVERHIYVSJ :IVQERHIVS WGEWXPI EW]QFSPSJVEROJEQMPMEP GSRXMRYMX]ERHQSVEPGIVXEMRX] QE]EGXYEPP]GSRWXMXYXI ERDSYX[EVHZMI[ JSVXLSWISRMXWMRWMHIEW[IPPEWJSV XLSWIZMI[MRKMXJVSQEHMWXERGI%W:IVQERHIVS VIQEVOW ;IYWIRSXXSKMZIWYVZI] 3JSYVGLMIJWXVIRKXLWXSWXVERKIVW SYVGMXEHIPW %VITPEGIHGSRWTMGYSYWXSSYX[EVHZMI[ 3RTVSQSRXW XSTWFYX[MXLMREVIWIGVIXW -Mr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
2SXLMRKMWEWGPIEVMRXLIWSGMIX]:IVQERHIVS TVIWMHIWSZIVE[SVPHSJXLIWYHHIRGLERKISJLIEVX ERHMXWGSRWIUYIRGIW XLIWYHHIRHIWMVISJ%PWIQIVSJSV &IEXVMGI LIVWYHHIRGLERKISJEXXMXYHIXS(I*PSVIW E VSPI[LMGLWLIMRMXMEPP]SRP]TPE]WFYXPEXIVGERRSX HMWGEVH ERHXLIWYHHIREPQSWXMRWXMRGXMZI VIGSKRMXMSRF]:IVQERHIVSXLEXMRSVHIVXSTVIWIVZILMW EYXLSVMX]ERHREQILIQYWXXYVRJVSQTEXIVREPMWQXS TVEKQEXMWQ8LYWXLITPE]GSRXEMRWELSWXSJ DGLERKIPMRK pKYVIWERHEW6MGLEVH(YXXSRLEW VIQEVOIHDXLIIWWIRXMEPEXXVMFYXISJlXLIGLERKIPMRKzMW RSXXLEXSJGLERKMRKFYXXLEXSJVIZIEPMRKMXWXVYI REXYVIMRWTMXISJIJJSVXWrGSRWGMSYWSVSXLIV[MWIrXS GSRGIEPXLIQ (YXXSR \\M\ 8LI'LERKIPMRKGERFIWIIREWTEVXSJXLIXVEHMXMSRSJ VIZIRKITPE]WXLEXMRGPYHIW/]H W8LI7TERMWL8VEKIH] ERH7LEOIWTIEVI W,EQPIX ]IXF]XLI WXLIKIRVIMXWIPJLEHYRHIVKSRIEGSRWMHIVEFPI EQSYRXSJGLERKIWSXLEXXLIJVYWXVEXIHVIZIRKIVMWRS PSRKIVRIGIWWEVMP]XLITVSXEKSRMWX-RHIIH8SQE^S W WIEVGLJSVNYWXMGIJSVLMWQYVHIVIHFVSXLIV[LMPWX VIGSKRMWEFPIEWEZILMGPIJSVWLS[MRKXLIREVVS[RIWWSJ :IVQERHIVS WNYHKIQIRX -:MMr QEOIWPIWWSJER MQTEGXYTSRXLIEYHMIRGIXLERXLIGIRXVEP TVISGGYTEXMSR[MXLWI\YEPXVERWKVIWWMSR8LI GSQTPI\MX]SJXLIW]WXIQSJSFWGIRIHSYFPIQIERMRKW MRXLIQEHLSYWIWGIRIWEPIVXWYWXSERSPIWWGSQTPI\ ERHSRP]WPMKLXP]QSVIHIGSVSYW GSHISJPERKYEKIEX [SVOFIX[IIR&IEXVMGIERH(I*PSVIW,IVI[ISFWIVZI XLITPYVEPMX]SJPERKYEKIMXWIPJ XLIVIMWTVIGMWMSRMR XLIWII\GLERKIW]IXXLITVIGMWMSRMWMRXLIGLSMGISJ ZSGEFYPEV]XLEXWMKRMpIWMRERYQFIVSJEVIEWSJ QIERMRKWMQYPXERISYWP]%KSSHI\EQTPISJXLMWMW [MXLXLI[SVHWDWIVZI ERHDWIVZMGI [LMGLGSRXMRYEPP] WPMHIFIX[IIRXLIVIEPQWSJWI\YEPHIWMVIERHWIVZMXYHI VIEPQWXLEXQIWLMRXLIMVJEXIJYPTEGX 'IRXVEPXSXLMWMWEVIZIVWEPSJXLIGSHIWSJGSRHYGX XLEXIEVP]QSHIVRMHISPSKMGEPQSVIWWIXSYXJSV[SQIR ERHJSVWIVZERXW&IEXVMGI WXVERWKVIWWMSRMWGSQTIPPMRK FIGEYWIMXMWWSXSXEP WLIVIJYWIWXLIEYXLSVMX]SJLIV JEXLIVXSMRqMGXERYR[IPGSQIFYXDWYMXEFPI LYWFERH YTSRLIV WLIVIWMKRWLIVWIPJXSXLIJEXIXLEX[MPPFILIVW JSVXVERWKVIWWMRKXLIPE[SJ+SH ERSXLIVJEXLIV ERH WLIGLSSWIW(I*PSVIWEWEGGSQTPMGIERHYPXMQEXIP] PSZIV,IVGPIZIVQERMTYPEXMSRSJ%PWIQIVS WZMVKMRMX]
XLIGLERKIPMRK XIWXMWTIVLETWXLIQSWXRSZIPSJLIVXVERWKVIWWMSRW WMRGIMXXLVS[WMRXSVIPMIJFSXLLMWWIPJVMKLXISYW HMWGSYVWISJDVSQERXMG PSZIERHLMWGSRXIQTSVEV] WSYRHMRKFIPMIJMRGLIQMWXV] %W;LMXI LEWTSMRXIHSYXXLITPE] HVEQEXMWIWEGSRXIQTSVEV]TVISGGYTEXMSR[MXLXLI TS[IVSJTEWWMSRXSSZIV[LIPQVIEWSR*VERGMW&EGSR [VSXIMR(I(MKRMXEXIIX%YKQIRXMW7GMIRXMEVYQ XLEX 8MKIVWPMOI[MWIEVIOITXMRXLIWXEFPIWSJXLI TEWWMSRWERHEXXMQIW]SOIHXSXLIMVGLEVMSX JSV [LIRTEWWMSRGIEWIWXSKSSRJSSXERHGSQIWXS VMHIMRMXWGLEVMSXEWMRGIPIFVEXMSRSJMXWZMGXSV] ERHXVMYQTLSZIVVIEWSRXLIRMXMWGVYIP WEZEKIERHTMXMPIWWXS[EVHWEPPXLEX[MXLWXERHSV STTSWIMX -RETPE]PMOI8LI'LERKIPMRKXLIGYPXYVEPMRWXMXYXMSRW [LMGLEXXIQTXIHXSGSRXEMRXLIWITEWWMSRW XLIJEQMP] VIPMKMSRERHNYWXMGI EVII\TSWIHERHWIZIVIP] UYIWXMSRIH-XW'EXLSPMG7TERMWLWIXXMRKQMKLXYWIJYPP] LEZIHMWXERGIH1MHHPIXSRERH6S[PI]JVSQGIRWYVI SZIVMXWVIPMKMSYWWGITXMGMWQ SRP]'EXLSPMGHSGXVMRI HVMZIWTISTPIXS[EVHWXLIVERHSQJEXISJXLIDFEVPI] FVIEO KEQI -XWIRHMRKWIGYVIWXLIHSQMRERXGYPXYVI SJQEPIEYXLSVMX]ERHRI[OMRWLMTWJSVSPHLS[IZIV YRWEXMWJEGXSV]XLMWERHXLILSPPS[WSYRHMRK)TMPSKYI QE]WIIQXSEX[IRX]pVWXGIRXYV]EYHMIRGI;LEX[I I\TIVMIRGIMRSVHIVXSVIEGLXLEXGSRGPYWMSRVIQEMRW IPSUYIRXERHHMWXYVFMRKXSYWERHQYWXWYVIP]LEZI MRZMXIHVEHMGEPHMWUYMIXEQSRKWIZIRXIIRXLGIRXYV] EYHMIRGIW-RXLMWXLITPE]MWJEVVIQSZIHJVSQXLI WQYKQSVEPMWMRKSJMXWTVMRGMTEPWSYVGI.SLR 6I]RSPHW W8LI8VMYQTLWSJ+SH W6IZIRKIEKEMRWXXLI 'V]MRKERH)\IGVEFPI7MRSJ;MPJYPERH4VIQIHMXEXIH 1YVHIV
8I\XYEPRSXI 8LIGST]XI\XJSVXLMWIHMXMSRMWXLIUYEVXSSJ VIJIVVIHXSMRXLIJSSXRSXIWXSXLIXI\XEW" 'STMIWSJ XLIUYEVXSEVILIPHMRXLI&SHPIMER0MFVEV]MR3\JSVH ERHXLI&VMXMWL0MFVEV]MR0SRHSRERHXLIWIZEV] WPMKLXP]EWWSQISJXLIWLIIXW[IVIGSVVIGXIHHYVMRK TVMRXMRK8LITPE][EWVIMWWYIHMR [MXLERI[XMXPI TEKI F]XLI[MHS[SJXLISVMKMREPTYFPMWLIV ,YQTLVI]1SWIPI] FYXMRIJJIGXXLIVIMWSRP]SRI WIZIRXIIRXLGIRXYV]IHMXMSRSJXLITPE]8LIUYEVXSLEH EGXHMZMWMSRWFYXRSXWGIRIHMZMWMSRW [ILEZIJSPPS[IH XLIWGIRIWXVYGXYVIIWXEFPMWLIHF](]GI
*YVXLIVVIEHMRK )HMXMSRW &E[GYXX2; IH 8LI'LERKIPMRK8LI6IZIPW4PE]W 7IVMIW0SRHSR 1IXLYIR IH 8LI'LERKIPMRK8LI6IZIPW7XYHIRX )HMXMSRW1ERGLIWXIVERH2I[=SVO2= 1ERGLIWXIV 9RMZIVWMX]4VIWW &PEGO1; IH 8LI'LERKIPMRK4LMPEHIPTLME4% 9RMZIVWMX]SJ4IRRW]PZERME (EEPHIV.SSWX IH 8LI'LERKIPMRK8LI2I[ 1IVQEMHW0SRHSR % '&PEGO (YXXSR6MGLEVH IH 8LSQEW1MHHPIXSR ;SQIR &I[EVI;SQIRERH3XLIV4PE]W3\JSVH;SVPH W'PEWWMGW 7IVMIW3\JSVH 3\JSVH9RMZIVWMX]4VIWW (]GI%PI\ERHIV IH 8LI;SVOWSJ8LSQEW1MHHPIXSR ZSP0SRHSR 0YQPI] *VSWX(EZMH0 IH 8LI7IPIGXIH4PE]WSJ8LSQEW 1MHHPIXSR'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW /MRRI]%VXLYV* IH 6IREMWWERGI(VEQE %R %RXLSPSK]SJ4PE]WERH)RXIVXEMRQIRXW3\JSVH &PEGO[IPP 0SYKLVI]&VMERERH8E]PSV2IMP IHW 8LSQEW 1MHHPIXSR *MZI4PE]W,EVQSRHW[SVXL 4IRKYMR 7EQTWSR1EVXMR; IH 8LSQEW1MHHPIXSR2I[ =SVO2= %QIVMGER&SSO'SQTER] ;MPPMEQW+; IH 8LI'LERKIPMRK6IKIRXW 6IREMWWERGI(VEQE7IVMIW0MRGSPR2) 9RMZIVWMX]SJ 2IFVEWOE4VIWW ;MRI10 IH (VEQESJXLI)RKPMWL6IREMWWERGI 1SHIVR0MFVEV]'SPPIKI)HMXMSRW2I[=SVO2= 6ERHSQ,SYWI
'VMXMGEPERHGSRXI\XYEPGSQQIRXEVMIW &VSQLEQ%%ERH&VY^^M>EVE D8LI'LERKIPMRK ERH XLI=IEVWSJ'VMWMW r %,MIVSKP]TLSJ&VMXEMR 0SRHSR 4MRXIV4YFPMWLIVW &YIPIV0SMW) D8LI6LIXSVMGSJ'LERKIMR8LI 'LERKIPMRK )RKPMWL0MXIVEV]6IREMWWERGI r &YVOW(IFSVEL+ D- PP;ERX1];MPP)PWI 8LI 'LERKIPMRKERH;SQIR W'SQTPMGMX][MXLXLIMV6ETMWXW )RKPMWL0MXIVEV],MWXSV] r 'LEOVEZSVX]7[ETER 7SGMIX]ERH4SPMXMGWMRXLI4PE]WSJ 8LSQEW1MHHPIXSR3\JSVH 'PEVIRHSR4VIWW 'LIVV]'LEVPSXXI0 8LI1SWX9RZEPYIHWX4YVGLEWI ;SQIRMRXLI4PE]WSJ8LSQEW1MHHIPXSR7EP^FYVK -RWXMXYX JÔVIRKPMWGLI7TVEGLIYRH0MXIVEXYV9RMZIVWMXÙX7EP^FYVK 'VEMK8; ERH )QIRHEXMSRWXS8LI 'LERKIPMRK2SXIWERH5YIVMIW1EVGLr%TVMP r %YKYWX r (EEPHIV.SSWX D*SPP]ERH1EHRIWWMR8LI'LERKIPMRK )WWE]WMR'VMXMGMWQ r D8LI6SPISJ-WEFIPPEMR8LI'LERKIPMRK )RKPMWL 7XYHMIW r (SSF4IRIPSTI&6 D%6IEHMRKSJ8LI'LERKIPMRK )RKPMWL0MXIVEV]6IREMWWERGI r ,IMRIQERR1EVKSX 4YVMXERMWQERH8LIEXVI 8LSQEW 1MHHPIXSRERH3TTSWMXMSR(VEQEYRHIVXLI)EVP]7XYEVXW 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW .EGOWSR/ D&IHPEQ8LI'LERKIPMRK8LI4MPKVMQERH
XLSQEWQMHHPIXSRERH[MPPMEQVS[PI] XLI4VSXIWXERX'VMXMUYISJ'EXLSPMG+SSH;SVOW 4LMPSPSKMGEP5YEVXIVP] r /S[WEV1SLEQQEH D1MHHPIXSRERH6S[PI] W8LI 'LERKIPMRK 8LI&IWMIKIH8IQTPI 'VMXMGMWQ r 1EPGSPQWSR'VMWXMRE Dl%W8EQIEWXLI0EHMIWz 4SPMXMGWERH+IRHIVMR8LI'LERKIPMRK )RKPMWL0MXIVEV] 6IREMWWERGI r 1SVVMWSR4IXIV D%'ERKSYRMR>SQFMIPERH 1MHHPIXSR W8IVEXSPSKMGEP'LERKIPMRK MR/IRRIXL *VMIHIRVIMGL IH D%GGSQTERMRKIXLI4PE]IVW )WWE]W 'IPIFVEXMRK8LSQEW1MHHPIXSR r 2I[=SVO2= %174VIWW 6ERHEPP(& D7SQI3FWIVZEXMSRWSRXLI8LIQISJ 'LEWXMX]MR8LI'LERKIPMRK )RKPMWL0MXIVEV]6IREMWWERGI r 7MQQSRW.0 D(MEFSPMGEP6IEPMWQMR1MHHPIXSRERH 6S[PI] W8LI'LERKIPMRK 6IREMWWERGI(VEQE r 7PEXIV%4 D,]TEPPEKI&EVPI]FVIEOERH8LI 'LERKIPMRK 8LI6IZMI[SJ)RKPMWL7XYHMIW r 8VMGSQM%, %RXMGSYVX(VEQEMR)RKPERHr 'LEVPSXXIWZMPPI:% 9RMZIVWMX]SJ:MVKMRME4VIWW ;LMXI1EVXMR 1MHHPIXSRERH8SYVRIYV&EWMRKWXSOI 1EGQMPPER ;MKKMRW1EVXMR .SYVRI]QERMR1YVHIV 8LI%WWEWWMRMR )RKPMWL6IREMWWERGI(VEQE3\JSVH 'PEVIRHSR4VIWW
;SVOWSJVIPEXIHMRXIVIWX 8LSQEW/]H8LI7TERMWL8VEKIH] ;MPPMEQ7LEOIWTIEVI8MXYW%RHVSRMGYW ;MPPMEQ7LEOIWTIEVI6MGLEVH--- ;MPPMEQ7LEOIWTIEVI6SQISERH.YPMIX ;MPPMEQ7LEOIWTIEVI,EQPIX 8LSQEW1MHHPIXSRSV']VMP8SYVRIYV8LI6IZIRKIV W8VEKIH] +ISVKI'LETQER8LI6IZIRKISJ&YWW]( %QFSMW ']VMP8SYVRIYV8LI%XLIMWX W8VEKIH] .SLR;IFWXIV8LI;LMXI(IZMP .SLR;IFWXIV8LI(YGLIWWSJ1EPp 8LSQEW1MHHPIXSR;SQIR&I[EVI;SQIR .SLR*SVH 8MW4MX]7LI WE;LSVI
8LI'LERKIPMRK
(VEQEXMWTIVWSREI
8LIWGIRI
ZIVQERHIVSJEXLIVXS&IEXVMGI
EPMGERX
XSQE^SHITMVEGUYSERSFPIPSVH EPSR^SHITMVEGUYSLMWFVSXLIVWYMXSVXS&IEXVMGI
%GX-WGIRIM
EPWIQIVSERSFPIQEREJXIV[EVHWQEVVMIHXS&IEXVMGI
)RXIVEPWIQIVS
NEWTIVMRSLMWJVMIRH
WIVZERXW
EPWIQIVS 8[EWMRXLIXIQTPI[LIVI-pVWXFILIPHLIV %RHRS[EKEMRXLIWEQI;LEXSQIR]IX *SPPS[WSJXLEX#2SRIFYXMQEKMREV] ;L]WLSYPHQ]LSTIWSJJEXIFIXMQSVSYW# 8LITPEGIMWLSP]WSMWQ]MRXIRX -PSZILIVFIEYXMIWXSXLILSP]TYVTSWI %RHXLEXQIXLMROWEHQMXWGSQTEVMWSR ;MXLQER WpVWXGVIEXMSRXLITPEGIFPIWX %RHMWLMWVMKLXLSQIFEGOMJLIEGLMIZIMX 8LIGLYVGLLEXLpVWXFIKYRSYVMRXIVZMI[ %RHXLEX WXLITPEGIQYWXNSMRYWMRXSSRI 7SXLIVI WFIKMRRMRKERHTIVJIGXMSRXSS
KIRXPIQIR
)RXIVNEWTIVMRS
FIEXVMGINSERREHEYKLXIVXS:IVQERHIVS
NEWTIVMRS 3WMVEVI]SYLIVI#'SQIXLI[MRH WJEMV [MXL]SY = EVIPMOIXSLEZIEW[MJXERHTPIEWERXTEWWEKI EPWIQIVS 7YVI] EVIHIGIMZIHJVMIRH XMWGSRXVEV] -RQ]FIWXNYHKIQIRX NEWTIVMRS ;LEXJSV1EPXE# -J]SYGSYPHFY]EKEPIEQSRKWXXLI[MXGLIW 8LI]GSYPHRSXWIVZI]SYWYGLEPYGO]TIRR][SVXL %WGSQIWE +SH WREQI
EPMFMYWENIEPSYWHSGXSV PSPPMSLMWQER TIHVSJVMIRHXS%RXSRMS ERXSRMSXLIGLERKIPMRK JVERGMWGYWXLIGSYRXIVJIMXQEHQER HIqSVIWWIVZERXXS:IVQERHIVS QEHQIR
HMETLERXELIV[EMXMRK[SQER MWEFIPPE[MJIXS%PMFMYW KIRXPI[SQIR
(VEQEXMWTIVWSREI XLIREQIWSJEPPXLIGLEVEGXIVWI\GITX 0SPPMS4IHVS%RXSRMSERH*VERGMWGYWGERFIXVEGIHXS .SLR6I]RSPHW W8LI8VMYQTLWSJ+SH W6IZIRKIEKEMRWX XLI'V]MRKERH)\IGVEFPI7MRSJ;MPJYPERH4VIQIHMXEXIH 1YVHIV XSQE^S TSWWMFP]HIVMZIHJVSQXLIDHSYFXMRK8LSQEW SJ XLI&MFPI WII.SLR EPMFMYW 0EXMR XVERWPEXIWEWDLI[LSMWIPWI[LIVI JVERGMWGYW *VIRGLQER ERHXLIVIJSVIMR)PM^EFIXLER XLMROMRKPMGIRXMSYW HIqSVIW E DHIqS[IV F MVSRMGEPP] DSJXLIqS[IVW (IqSVIWMR" FIEXVMGINSERRE &IEXVMGIQIERWDWLI[LSQEOIW LETT] ERH.SERREQIERWDXLI0SVH WKVEGI FSXLMVSRMG HMETLERXE E XVERWTEVIRX F DXLIVIHLSXSRI [MXL WI\YEPSZIVXSRIW MWEFIPPE D+SHLEWW[SVR
EPMGERX %PMGERXIEWIETSVXSRXLIIEWXGSEWXSJ7TEMR XLILSP]TYVTSWI MIQEVVMEKI XLITPEGIFPIWX )HIR XLITPEGIQERPSWXXLVSYKL HMWSFIHMIRGIXS+SHFYXXLEXGERFIVIKEMRIHXLVSYKL QEVVMEKI MRXIVZMI[ QIIXMRK TIVJIGXMSR [IHPSGO EWXLIGSQTPIXMSRSJEGMVGPI PMOI PMOIP] -J]SYXLI[MXGLIW VIJIVVMRKXSXLIFIPMIJXLEX[MXGLIW GSYPHWIPP[MRHW TIRR][SVXL FEVKEMR E +SH WREQI MR+SH WREQIERHREXYVEPP] EWSTTSWIH XSEFEVKEMRWXVYGO[MXL[MXGLIW
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
NEWTIVMRS
8MWXLIGVMXMGEPHE] -XWIIQWERHXLIWMKRMR%UYEVMYW WIVZERX %WMHI ;IQYWXRSXXSWIEXSHE] XLMW WQSOI[MPPFVMRKJSVXLpVI EPWIQIVS /IITEPPSRWLSVI -HSRSXORS[XLIIRH ;LMGLRIIHW-QYWXHSSJEREJJEMVMRLERH )VI-GERKSXSWIE WIVZERX ;IPP]SYVTPIEWYVI WIVZERX %WMHI 0IXLMQI IRXEOILMWPIMWYVIXSS [I EVIWEJIVSRPERH )\IYRXWIVZERXW )RXIVFIEXVMGIHMETLERXEERHWIVZERXWEPWIQIVS KVIIXWFIEXVMGIERHOMWWIWLIV NEWTIVMRS %WMHI ,S[RS[8LIPE[WSJXLI1IHIW EVIGLERKIHWYVI7EPYXIE[SQER#,IOMWWIWXSS ;SRHIVJYP;LIVIPIEVRXLIXLMW#%RHHSIWMX TIVJIGXP]XSS MRQ]GSRWGMIRGILIRI IVVILIEVWIHMX FIJSVI2E]KSSR XLMW[MPPFIWXVERKIVERHFIXXIV RI[WEX:EPIRGMEXLERMJLILEHVERWSQIHLEPJ +VIIGIJVSQXLI8YVO FIEXVMGI =SYEVIEWGLSPEVWMV# EPWIQIVS %[IEOSRIPEH] FIEXVMGI ;LMGLSJXLIWGMIRGIWMWXLMWPSZI]SYWTIEO SJ# EPWIQIVS *VSQ]SYVXSRKYI-XEOIMXXSFIQYWMG FIEXVMGI =SYEVIWOMPJYPMR XGERWMRKEXpVWXWMKLX EPWIQIVS %RH-LEZIWLS[IH]SYEPPQ]WOMPPEXSRGI -[ERXQSVI[SVHWXSI\TVIWWQIJYVXLIV %RHQYWXFIJSVGIHXSVITIXMXMSR -PSZI]SYHIEVP] FIEXVMGI &IFIXXIVEHZMWIHWMV 3YVI]IWEVIWIRXMRIPWYRXSSYVNYHKIQIRXW %RHWLSYPHKMZIGIVXEMRNYHKIQIRX[LEXXLI]WII &YXXLI]EVIVEWLWSQIXMQIWERHXIPPYW[SRHIVW
NEWTIVMRS &EGO[EVHW-XLMROWMV0SSO]SYVWIVZERXW GVMXMGEP GVYGMEP MREWXVSPSK] WIVZERX 8LIWIEQIRGEPP WLEPP[IFSEVH]SYV %UYEVMYW XLI[EXIVGEVVMIV XLIWYRLEWIRXIVIHXLIWMKR XVYROW# SJXLI^SHMEGXLSYKLXXSJEZSYVWIEZS]EKIW EPWIQIVS 2SRSXXSHE] r XLMWWQSOIJSVXLpVI JVSQXLITVSZIVFMEPI\TVIWWMSR
8LIXIQTPI WQ]JEGI XLI[IEXLIVZERIMVSRMGEPP]ERH SQMRSYWP]XYVRWEKEMRWX%PWIQIVSHIWTMXIXLIDJEMV [IEXLIV VITSVXIHF].EWTIVMRS HSYFX JIEVWYWTIGX XSXVETXLIWTIIH DXSTYXLEVRIWWIWSR]SYVLSVWIWXS MRGVIEWIXLIMVWTIIH IQ WIVZERXW SVGVI[ SVMWSRW TVE]IVW GLYVGLWEQIHIZSXMSR QERRIVSYXPSSO TSWWMFP][MXL &IEXVMGIMRQMRHVEXLIVXLERXLITVE]IVW WXSMG ETIVWSRYRHMWXYVFIHF]IQSXMSR WREVIW XVETW JSVERMQEPW ZMSPIRX SFWIWWMZIP]GSRGIVRIH 7SQI[LEX WSQIXLMRK FSEVH TYXSRFSEVH
DXLIVI WRSWQSOI[MXLSYXpVI pVIMRXLMWGEWIFIMRK %PWIQIVS WWI\YEPTEWWMSR ]SYVTPIEWYVI EW]SYTPIEWI XLIPE[WXLI1IHIW PE[WXLEX[IVIWYTTSWIHXSFI YREPXIVEFPI WII(ERMIP 7EPYXI KVIIX[MXLEOMWW MRQ]GSRWGMIRGI XVYXLJYPP]YTSRQ][SVH GSPPSUYMEP :EPIRGME %PWIQIVS WLSQIERSXLIV7TERMWLTSVX r MJLIXLI8YVO +VIIGILEHFIIRYRHIV8YVOMWLVYPI WMRGI WGMIRGIW FVERGLIWSJPIEVRMRKMRGPYHMRKXLIEVXW WMRKEXpVWXWMKLX WMKLXVIEHQYWMG FYXEPWSTIVLETW VIJIVVMRKXSPSZIEXpVWXWMKLX [ERX PEGO r 3YVI]IWXLIQFPMRH &IEXVMGI[EVRWEKEMRWXXLI MVVEXMSREPMX] SVDFPMRHRIWW XLEXGERFIGEYWIHF]DSYV I]IW WI\YEPEVSYWEP
XLIGLERKIPMRK %RHLS[[IPGSQIJSV]SYVTEVX]SYEVI - QWYVI]SYORS[ HIqSVIW %WMHI ;MPP XRIZIVQIRHXLMWWGSVR 3RIWMHIRSVSXLIV#1YWX-FIIRNSMRIH 8SJSPPS[WXMPP[LMPWXWLIqMIWJVSQQI#;IPP *EXIWHS]SYV[SVWX - PPTPIEWIQ]WIPJ[MXLWMKLX 3JLIVEXEPPSTTSVXYRMXMIW -JFYXXSWTMXILIVERKIV-ORS[WLILEH 6EXLIVWIIQIHIEHXLERPMZMRKERH]IX 7LIORS[WRSGEYWIJSV XFYXETIIZMWL[MPP EPWIQIVS =SYWIIQIHHMWTPIEWIHPEH]SRXLI WYHHIR FIEXVMGI =SYVTEVHSRWMV XMWQ]MRpVQMX] 2SVGER-SXLIVVIEWSRVIRHIV]SY 8LERLMWSVLIVWSJWSQITEVXMGYPEVXLMRK 8LI]QYWXEFERHSREWEHIEHP]TSMWSR ;LMGLXSEXLSYWERHSXLIVXEWXIW[IVI[LSPIWSQI 7YGLXSQMRII]IWMWXLEXWEQIJIPPS[XLIVI 8LIWEQIXLEXVITSVXWTIEOWSJXLIFEWMPMWO EPWIQIVS 8LMWMWEJVIUYIRXJVEMPX]MRSYVREXYVI 8LIVI WWGEVGIEQEREQSRKWXEXLSYWERHJSYRH )RXIVHIqSVIW &YXLEXLLMWMQTIVJIGXMSR SRIHMWXEWXIW HIqSVIW 0EH]]SYVJEXLIV 8LIWGIRXSJVSWIW[LMGLXSMRpRMXIW FIEXVMGI -WMRLIEPXL-LSTI 1SWXTPIEWMRKMWERHSHSVMJIVSYW HIqSVIW =SYVI]IWLEPPMRWXERXP]MRWXVYGX]SYPEH] 3RISMPXLIIRIQ]SJTSMWSR ,I WGSQMRKLMXLIV[EVH %RSXLIV[MRIXLIGLIIVIVSJXLILIEVX FIEXVMGI ;LEXRIIHIHXLIR %RHPMZIP]VIJVIWLIVSJXLIGSYRXIRERGI =SYVHYXISYWTVIJEGI#-LEHVEXLIV -RHIIHXLMWJEYPXMJWSMXFIMWKIRIVEP ,ILEHGSQIYRI\TIGXIH ]SYQYWXWXEPP 8LIVI WWGEVGIEXLMRKFYXMWFSXLPSZIHERHPSEXLIH %KSSHTVIWIRGI[MXLYRRIGIWWEV]FPEFFMRK 1]WIPJ-QYWXGSRJIWWLEZIXLIWEQIJVEMPX] FIEXVMGI %RH[LEXQE]FI]SYVTSMWSRWMV#-EQ FSPH[MXL]SY 3J EFSYX EPWIQIVS ;LEXQMKLXFI]SYVHIWMVITIVLETW EGLIVV] GLIGO VIWXVEMR FIEXVMGI -EQRSIRIQ]XSER]GVIEXYVI r &YX-FSXLEKVIIH %PIWQIVSWE]WXLEXLIMWJYVXLIV 1]QIQSV]LEWFYX]SRKIRXPIQER EHZERGIHXLERXLIWXEXI&IEXVMGIHIWGVMFIHLEZMRKYWIH EPWIQIVS ,IHSIWMPPXSXIQTX]SYVWMKLXMJLIORI[MX LMWI]IW]IWXIVHE]ERHLMWNYHKIQIRXXSHE]ERHpRHMRK FIEXVMGI ,IGERRSXFIMKRSVERXSJXLEXWMV XLEXXLIX[SEKVII
3JGSQQSRXLMRKW[LMGL[LIRSYVNYHKIQIRXWpRH 8LI]GERXLIRGLIGOXLII]IWERHGEPPXLIQFPMRH EPWIQIVS &YX-EQJYVXLIVPEH] ]IWXIVHE] ;EWQMRII]IW IQTPS]QIRXERHLMXLIVRS[ 8LI]FVSYKLXQ]NYHKIQIRX[LIVIEVIFSXLEKVIIH &SXLLSYWIWXLIRGSRWIRXMRK XMWEKVIIH 3RP]XLIVI[ERXWXLIGSRpVQEXMSR &]XLILERHVS]EPXLEXMW]SYVTEVXPEH] FIEXVMGI 3XLIVI WSRIEFSZIQIWMV %WMHI *SVpZI HE]WTEWX 8SFIVIGEPPIH7YVIQMRII]IW[IVIQMWXEOIR 8LMW[EWXLIQER[EWQIERXQI8LEXLIWLSYPHGSQI 7SRIEVLMWXMQIERHQMWWMX NEWTIVMRS %WMHI ;IQMKLXLEZIGSQIF]XLIGEVVMIVW JVSQ:EPIRGME-WIIERHWEZIHEPPSYVWIETVSZMWMSR [IEVIEXJEVXLIWXWYVI1IXLMROW-WLSYPHHS WSQIXLMRKXSS-QIERXXSFIEZIRXYVIVMRXLMW ZS]EKI=SRHIV WERSXLIVZIWWIP - PPFSEVHLIV-JWLI FIPE[JYPTVM^IHS[RKSIWLIVXSTWEMP +VIIXWHMETLERXE
r &SXLLSYWIWLERHVS]EP D8LIQIXETLSVMWPIKMWPEXMZI FSXLLSYWISJTEVPMEQIRX XLIWIRWIERHXLIMRXIPPIGX LEZIETTVSZIHXLIFMPP MXRS[RIIHWSRP]XLIUYIIR W WMKREXYVIXSQEOIMXPE[ ;MPPMEQW SRIEFSZIQI LIVJEXLIV:IVQERHIVS FYXEPWSMQTP]MRK XLEXLIMWKSHPMOIMRLMWEYXLSVMX] r *SVpZIFIVIGEPPIH WLI[MWLIWXLIpZIHE]WSJLIV IRKEKIQIRXXS%PSR^SGSYPHFIVIWGMRHIH XLIGEVVMIVW PERHXVERWTSVX EXJEVXLIWX E QSWXHMWXERXJVSQSYVHIWXMREXMSR F RIKPIGXJYPSJSYVTYVTSWI ZIRXYVIV SRI[LSWLEVIWFYWMRIWWVMWOWERHTVSpXW r =SRHIV WERSXLIVXSTWEMP (METLERXEMWWIIREWE WLMTXLEXGERFIDFSEVHIH [MXLWI\YEPW]QFSPMWQ MJWLI MWDPE[JYPTVM^I WMRKPI WLI[MPPPS[IVLIVXSTWEMPMR WYVVIRHIVEWQYWXEZIWWIPEXWIEXLEXRSVIKYPEXMSR TVSLMFMXWJVSQGETXYVMRK WXEPP JSVIWXEPP %KSSHTVIWIRGI MI:IVQERHIVS FPEFFMRK FEFFPMRK
3RIWMHIRSVSXLIV# [LEXIZIV-HS WXMPP EPPXLIXMQI XSWTMXILIVERKIV MRGSQTIRWEXMSRJSVJVYWXVEXIHHIWMVI TIIZMWL TIVZIVWI VIRHIV KMZI LMWSVLIVW DXLEX[LMGLER]SRIGSYPHKMZI EFERHSR VINIGX VITSVX VYQSYV FEWMPMWO EJEFYPSYWVITXMPI[LSWIFVIEXLERHKPERGI[IVI HIEHP] HMWXEWXIW LEWEHMWXEWXIJSV MRpRMXMIW ERMRpRMXIRYQFIVSJTISTPI MIXLIZEWX QENSVMX] SHSVMJIVSYW JVEKVERX SMP EPE\EXMZI XSqYWLSYXTSMWSR GSYRXIRERGI JEGIHIQIERSYVFYXLIVIDSYXPSSO SVWTMVMXW EGLIVV] %PWIQIVSGLSSWIWWSQIXLMRKGSRWMHIVIHXVMZMEP ]SRKIRXPIQER (I*PSVIW XIQTX QEOIWXVMEPSJ
XLSQEWQMHHPIXSRERH[MPPMEQVS[PI] -LEZIRSXWTEVIHXSXIPPLMQWS ERH-[ERX 8SLIPTQ]WIPJWMRGILI WEKIRXPIQER -RKSSHVIWTIGX[MXLQ]JEXLIVERHJSPPS[WLMQ EPWIQIVS ,I WSYXSJLMWTPEGIXLIRRS[ 8LI]XEPOETEVX NEWTIVMRS -EQEQEH[EK[IRGL HMETLERXE 7SQIXLMROW FYXJSV]SYVGSQJSVX-GER XIPP]SY[ILEZIEHSGXSVMRXLIGMX]XLEXYRHIVXEOIW XLIGYVISJWYGL NEWTIVMRS 8YWL-ORS[[LEXTL]WMGMWFIWXJSVXLI WXEXISJQMRIS[RFSH] HMETLERXE 8MWWGEVGIE[IPPKSZIVRIHWXEXI-FIPMIZI NEWTIVMRS -GSYPHWLS[XLIIWYGLEXLMRK[MXLER MRKVIHMIRXXLEX[IX[S[SYPHGSQTSYRHXSKIXLIV ERHMJMXHMHRSXXEQIXLIQEHHIWXFPSSHM XL XS[RJSV X[SLSYVWEJXIV- PPRI IVTVSJIWWTL]WMGEKEMR HMETLERXE %PMXXPITSTT]WMV[IVIKSSHXSGEYWI]SY WPIIT NEWTIVMRS 4STT]#- PPKMZIXLIIETSTM XL PMTWJSVXLEX pVWXERHFIKMRXLIVI /MWWIWLIV TSTT]MWSRIWMQTPI MRHIIHERHGYGOSS[LEX]SYGEPP XERSXLIV- PP HMWGSZIVRSQSVIRS[ ERSXLIVXMQI- PPWLS[XLIIEPP FIEXVMGI 1]JEXLIVWMV )RXIVZIVQERHIVSERHWIVZERXW ZIVQERHIVS 3.SERRE-GEQIXSQIIXXLII =SYVHIZSXMSR WIRHIH# FIEXVMGI *SVXLMWXMQIWMV %WMHI -WLEPPGLERKIQ]WEMRX-JIEVQI -pRH
[ERX LEZIRIIH VIWTIGX VITYXI JSPPS[WLMQ MWSRISJLMWVIXEMRIVW SYXSJLMWTPEGI E RSXEGXMRKEGGSVHMRKXSLMWWSGMEP WXEXMSR F DLIWLSYPHRSXFILIVI QEH[EK DlYRGSRXVSPPIHF]VIEWSRzERHWTIGMpGEPP] lWI\YEPP]MRJEXYEXIHz (EEPHIV [IRGL ]SYRK[SQER EHSGXSV MI%PMFMYW TL]WMG QIHMGMRI FYX[MXLWI\YEPSZIVXSRIW WXEXI GSRHMXMSR WXEXI E GSRHMXMSR F FSH]TSPMXMG [LMGLWLSYPHFI KSZIVRIHQSVIVEXMSREPP] XLMRK E XLIVIQIH]JSVXLITSSVP]KSZIVRIHWXEXI F GSTYPEXMSR WPERK MRKVIHMIRX QM\XYVISJWIQIRERHSZEVMIW GSQTSYRH QM\ [MXLTIWXPIERHQSVXEVEWI\YEPMQEKI FPSSH WI\YEP TEWWMSR TSTT] STMYQ QEHIJVSQTSTT]WIIHW WPIIT GSYPHEPWSQIERGSTYPEXI TSTM XL PMTW XLVYWXMRXLIPMTW [MXLTPE]SRXLIDPMTW SJ XLIZEKMRE GYGOSS[LEX]SYGEPP X GYGOSSTMRXPI [MPHqS[IV WLETIHPMOIETIRMW [MXLTPE]SRDGYGOSS EWQEHRIWW HMWGSZIV VIZIEP HIZSXMSR EGXSJ[SVWLMT GLERKIQ]WEMRX TVE]XSERI[DWEMRX MI%PWIQIVS
%KMHH]XYVRMRKMRQI 8SZIVQERHIVS 7MVXLMW [LMPI -EQFILSPHMRKXSXLMWKIRXPIQER ;LSPIJXLMWS[R[E]XSOIITQIGSQTER] %RHMRHMWGSYVWI-p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ßHXVYXL ZIVQERHIVS 3WMV-ORI[]SYVJEXLIV ;IX[S[IVIMREGUYEMRXERGIPSRKEKS &IJSVISYVGLMRW[IVI[SVXL-YPERHS[R %RHWSGSRXMRYIHXMPPXLIWXEQTSJXMQI ,EHGSMRIHYWMRXSWMPZIV;IPPLI WKSRI %KSSHWSPHMIV[IRX[MXLLMQ EPWIQIVS =SY[IRXXSKIXLIVMRXLEXWMV ZIVQERHIVS 2SF]7EMRX.EUYIW -GEQIFILMRHLMQ =IX-LEZIHSRIWSQI[LEXXSS%RYRLETT]HE] 7[EPPS[IHLMQEXPEWXEX+MFVEPXEV -RpKLX[MXLXLSWIVIFIPPMSYW,SPPERHIVW
KMHH]XYVRMRK E JIIPMRKSJHM^^MRIWW F EWIRWEXMSRSJ QEHRIWW FILSPHMRK MRHIFXIH EVXMGPIFIX[IIR WXMTYPEXMSRGSRHMXMSR YWIRSX EVIYREGGYWXSQIH WXVIRKXLW JSVXMpGEXMSRW TVSQSRXW TVSQSRXSVMIW WIGVIXW MVSRMGMRZMI[SJ%PWIQIVS WVIEPMRXIVIWX MR &IEXVMGI ERH[LEXMWXSYRJSPHPEXIVMRXLITPE] REXMZI MI:EPIRGMEMWMRXLIWEQIVIKMSREW%PMGERX ERH XLYWRSTSXIRXMEPIRIQ] r ,I[EW9RJIMKRßHXVYXL :IVQERHIVSYWIHXSGEPP &IEXVMGIDFIWXPSZI -YPER EHNIGXMZIHIRSXMRK]SYXL JVSQ-YPYW%WGERMYWXLI WSRSJ%IRIEWMR:MVKMP W%IRIMH GSMRIHYWMRXSWMPZIV XYVRIHYWKVI] [IRXXSKIXLIV [IVILMWIUYEP 7EMRX.EGUYIW 7X.EQIWSJ'SQTSWXIPEXLITEXVSRWEMRX SJ7TEMR +MFVEPXEV XLI7TERMWL[IVIHIJIEXIHF]XLI(YXGLEXXLI &EXXPISJ+MFVEPXEVSR%TVMP
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GSQQERH MI:IVQERHIVS WDGSQQERH XLEX&IEXVMGI WLSYPHQEVV]%PSR^S WXVMOISJJ EW[MXLE JIXXIVW F MXIQWSREPMWXSJHIFXW KSRIEVMX FIQSVII\TPMGMX XLIGEYWI MI%PSR^S r X[SJIEVWWEQIFPEWX IMXLIVX[SDIRIQMIW IPMQMREXIH [MXLSRIFPEWXSJKYRTS[HIV /MRRI] SVX[SPMKLXW FPS[RSYX[MXLSRITYJJSJEMV 7EQTWSR pRH YRHIVWXERHJSPPS[ LETT] JSVXYREXI TMIGIEFSYX EXXVMFYXISJ ZIRXYVIH VMWOIH ]SY VIHERKIV W ]SYFIPSRKXSHERKIV XLIPE[ MIEKEMRWXHYIPPMRK SFWGYVMX] XLIRIIHXSLMHI JVSQXLIPE[ GSRHMXMSR OMRH SRLIV[E] MIEPPXLI[E] FIGSQIW QEOIWWYMXW SRI MIEJSYPIVJEGIMRVIEPMX](I*PSVIW -LE EKSSHQEVOIX WTSMPIHETVSpXEFPISTTSVXYRMX] TVSZIVFMEP 8LEHFIIRHSRIUYIWXMSRPIWW E XLIWGSVRLEHFIIR MRWXMRGXMZI ERHXLIVIJSVIXLISTTSVXYRMX]PSWX F (I *PSVIW[SYPHLEZIEGXIH SRXLIMHIESJXLIIPMQMREXMSR SJ%PSR^S [MXLSYXLIWMXEXMSR r XLIYKPMIWXWSQIYWI VIJIVWXSXLIRSXMSRXLEX IZIV]SRIMWGVIEXIHJSVWSQITYVTSWI
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8MWXLIWEQITL]WRSQ]XSELEMVERHTMQTPI 8MPPXLIXMQISTIRW ;LMGLWLIGEPPIHWGYVZ]WGEVGIERLSYVEKS EPWIQIVS =SYXIEGL[MWHSQPEH] ,S[MWXLMW# FIEXVMGI ;MXLMRXLIVI(METLERXE FIEXVMGI 'SQILMXLIVRIEVIVQER )RXIVHMETLERXE HIqSVIW %WMHI - QYTXSXLIGLMRMRLIEZIR HMETLERXE (S]SYGEPPQEHEQ# FIEXVMGI 8YVRPIXQIWII FIEXVMGI 4IVJIGX]SYVWIVZMGIERHGSRHYGXXLMW *EYKL XMWFYXXLILIEXSJXLIPMZIV-TIVGIMZI X KIRXPIQER -XLSYKLXMXLEHFIIR[SVWI 8LITVMZEXI[E]]SYFVSYKLXLMQ HIqSVIW %WMHI ,IVpRKIVWXSYGLIHQI HMETLERXE -WLEPPQEHEQ 7LIWQIPPWEPPEQFIV EPWIQIVS 1]PSZI WEWpVQEWPSZII IVFYMPXYTSR FIEXVMGI - PPQEOIE[EXIVJSV]SYWLEPPGPIERWIXLMW ;MXLMREJSVXRMKLX )\IYRXHMETLERXEERHEPWIQIVS HIqSVIW ;MXL]SYVS[RLERHWPEH]# )RXIVHIqSVIW FIEXVMGI =IWQMRIS[RWMV MRE[SVOSJGYVI HIqSVIW %WMHI -LEZI[EXGLIHXLMWQIIXMRKERHHS - PPXVYWXRSSXLIV [SRHIVQYGL HIqSVIW %WMHI 8MWLEPJEREGXSJTPIEWYVI ;LEXWLEPPFIGSQISJX SXLIV - QWYVIFSXL 8SLIEVLIVXEPOXLYWXSQI 'ERRSXFIWIVZIHYRPIWWWLIXVERWKVIWW,ETTMP] FIEXVMGI ;LIR[ EVIYWIH 8LIR- PPTYXMRJSVSRI JSVMJE[SQER 8SELEVHJEGIMXMWRSXWSYRTPIEWMRK *P]JVSQSRITSMRXJVSQLMQWLIQEOIWELYWFERH -XQIRHWWXMPPMRSTMRMSRLSYVP]QIRHW 7LIWTVIEHWERHQSYRXWXLIRPMOIEVMXLQIXMG -WIIMXF]I\TIVMIRGI 3RIXIRELYRHVIHEXLSYWERHXIRXLSYWERH HIqSVIW %WMHI -[EWFPIWX 4VSZIWMRXMQIWYXPIVXSEREVQ]VS]EP 8SPMKLXYTSRXLMWQMRYXI - PPQEOIYWISR X 2S[HS-PSSOXSFIQSWXVMGLP]VEMPIHEX FIEXVMGI ,EVHRIWWFIGSQIWXLIZMWEKISJEQER[IPP =IX-QYWXWIILIV -XEVKYIWWIVZMGIVIWSPYXMSRQERLSSH FIEXVMGI %WMHI ;L]TYXGEWI-PSEXLIHLMQ -JGEYWI[IVISJIQTPS]QIRX %WQYGLEW]SYXLERHFIEYX]LEXIWEWITYPGLVI HIqSVIW 8[SYPHFIWSSRWIIR 1YWX-RIIHWWLS[MX#'ERRSX-OIITXLEXWIGVIX -JI IV]SYVPEH]WLMTLEHGEYWIXSYWIMX -[SYPHFYX[MWLXLILSRSYVSJEWIVZMGI 7SLETT]EWXLEXQSYRXWXS QEVOWSWLSYPHFI MITIVGIMZIXLIYWIJYPRIWWSJ(I *PSVIW EVX E WGMIRGIORS[PIHKI F GYRRMRK EVXJYPRIWW I\TIP RIYXVEPMWI WYVISJ WIGYVIP]SR STIRW FIGSQIWQSVIJEZSYVEFPI 4IVJIGX GSQTPIXI X SXLIV %PSR^S ,ETTMP] TYRWSRDLETP] TIVLETW TYXMRJSVSRI SJJIVQ]WIVZMGIW MQTP]MRKEFMHJSV &IEXVMGI WWI\YEPJEZSYV TSMRX E WMXYEXMSR F TIRMW WTVIEHWERHQSYRXW EW[MXLFMVHW FYX[MXLWI\YEP GSRRSXEXMSR WYXPIV E TVSZMWMSRIVXSEREVQ] F TVSWXMXYXI TYXGEWI WYTTSWI
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XLIGLERKIPMRK EPSR^S -EQKPEH-LE QIX[MXLXLII HIqSVIW 7MV EPSR^S 8LSYGERWXWLS[QI 8LIJYPPWXVIRKXLSJXLIGEWXPI# HIqSVIW 8LEX-GERWMV EPSR^S -QYGLHIWMVIMX HIqSVIW %RHMJXLI[E]WERHWXVEMXW 3JWSQISJXLITEWWEKIWFIRSXXSSXIHMSYWJSV]SY -[MPPEWWYVI]SY[SVXL]SYVXMQIERHWMKLXQ]PSVH EPSR^S 4YLXLEXWLEPPFIRSLMRHVERGI HIqSVIW - Q]SYVWIVZERXXLIR
8MWRS[RIEVHMRRIVXMQI KEMRWX]SYVPSVHWLMT W VMWMRK - PPLEZIXLIOI]WEFSYXQI EPSR^S 8LEROWOMRH(I*PSVIW HIqSVIW %WMHI ,I WWEJIP]XLVYWXYTSRQIFI]SRH LSTIW )\IYRX
%GX---WGIRIMM
HIqSVIW %PPXLMWMWRSXLMRK ]SYWLEPPWIIERSR %TPEGI]SYPMXXPIHVIEQSR EPSR^S -EQKPEH -LEZIXLMWPIMWYVI EPP]SYVQEWXIV WLSYWI -QEKMRI-LE XEOIREKSRHSPE HIqSVIW %PPFYXQ]WIPJWMV %WMHI [LMGLQEOIW YTQ]WEJIX] 8SEPSR^S 1]PSVH- PPTPEGI]SYEXEGEWIQIRX LIVI ;MPPWLS[]SYXLIJYPPWXVIRKXLSJEPPXLIGEWXPI 0SSOWTIRH]SYVI]IE[LMPIYTSRXLEXSFNIGX EPSR^S ,IVI WVMGLZEVMIX](I*PSVIW HIqSVIW =IWWMV EPSR^S +SSHP]QYRMXMSR HIqSVIW %]XLIVI WSVHRERGIWMV 2SFEWXEVHQIXEP[MPPVMRK]SYETIEPPMOIFIPPW %XKVIEXQIR WJYRIVEPW/IIT]SYVI]IWXVEMKLXQ] PSVH %GX---WGIRIM 8EOIWTIGMEPRSXMGISJXLEXWGSRGIFIJSVI]SY 8LIVI]SYQE]H[IPPE[LMPI )RXIVEPSR^SERHHIqSVIW-RXLIEGXXMQIHIqSVIW 8EOIWYTXLILMHHIRVETMIV LMHIWEREOIHVETMIV EPSR^S -EQYTSR X HIqSVIW =IWLIVIEVIEPPXLIOI]W-[EWEJVEMHQ] HIqSVIW %RHWSEQ- 7XEFWLMQ PSVH EPSR^S (I*PSVIW3(I*PSVIW - H[ERXIHJSVXLITSWXIVR XLMWMWMX ;LSWIQEPMGILEWXXLSYTYXSR# - ZIEPP- ZIEPPQ]PSVH XLMWJSVXLIWGSRGI HIqSVIW (S]SYUYIWXMSR EPSR^S 8MWEQSWXWTEGMSYWERHMQTVIKREFPIJSVX %[SVOSJWIGVIG]#-QYWXWMPIRGI]SY 7XEFWLMQ HIqSVIW =SY PPXIPPQIQSVIQ]PSVH8LMWHIWGIRX EPSR^S 333 -WWSQI[LEXREVVS[[IWLEPPRIZIVTEWW HIqSVIW -QYWXWMPIRGI]SY7XEFWLMQERHLIHMIW ;IPP[MXLSYV[IETSRWXLI] PPFYXXVSYFPIYW 7SLIVI WERYRHIVXEOMRK[IPPEGGSQTPMWLIH 8EOIWSJJLMWW[SVH 8LMWZEYPXWIVZIWXSKSSHYWIRS[,E;LEX WXLEX EPSR^S 8LSYWE]IWXXVYI 8LVI[WTEVOPIWMRQ]I]I#3 XMWEHMEQSRH HIqSVIW 4VE]PIXQILIPT]SYVPSVHWLMT ,I[IEVWYTSRLMWpRKIV-X[EW[IPPJSYRH 8EOIW%PSR^S WW[SVH 8LMW[MPPETTVSZIXLI[SVO;LEXWSJEWXSR# EPSR^S 8MWHSRI8LEROWOMRH(I*PSVIW 2SXTEVXMRHIEXL#- PPXEOIEWTIIH]GSYVWIXLIR HIqSVIW ,IVIEVILSSOWQ]PSVH 8SLERKWYGLXLMRKWSRTYVTSWI ,ERKWYTXLIW[SVHW EPSR^S 0IEH- PPJSPPS[XLII TPEGI FSXLERMRRIVTEVXSJXLIGEWXPIERHMVSRMGEPP]XLI )\IYRXEXSRIHSSVERHIRXIVEXXLISXLIV KVEZI
WXVEMXW REVVS[TEVXW EWEXWIE MQTP]MRKHERKIV XIHMSYW XVSYFPIWSQI KEMRWX FIJSVI VMWMRK KIXXMRKYTJVSQHMRRIV WEJIP] DMRXLEXXLIQYVHIVERHXLIFSH]GERFIOITXJVSQ ZMI[ SXLIV[MWIMVSRMG (EEPHIV WH EGXXMQI FIX[IIRXLIEGXW(I*PSVIWLMHIWEVETMIV[MXL [LMGLXSOMPP%PSR^S[LMPISTIRP][IEVMRKEW[SVH [ERXIH LEHRSXKSXXLIOI] TSWXIVR FEGOHSSV WGSRGI WQEPPWITEVEXIJSVXMpGEXMSR
KSRHSPE WQEPPFSEX XSPIEZI%PMGERXXIQTSVEVMP] %PPFYXQ]WIPJWMV MIIZIV]SRIFYX(I*PSVIWXLMROWXLEX %PSR^SLEWXEOIREFSEXXVMT LIRGI(I*PSVIW DWEJIX] MR XLITPSX GEWIQIRX ERETIVXYVISV[MRHS[WIVZMRKEWEZMI[MRK TSMRXJSVXLIJSVXMpGEXMSRW ;MPP [LMGL[MPP QYRMXMSR KIRIVEP[IETSRV] SVHRERGI PEVKIEVXMPPIV] FEWXEVH MQTYVIPS[UYEPMX] TIEP HMWGLEVKI H[IPP E TEYWI F WXE] SRGIHIEH QEPMGI LEXVIH ETTVSZIXLI[SVO GSRpVQXLEXXLIHIIHLEWFIIRHSRI XS&IEXVMGI JEWX XMKLXP]
XLSQEWQMHHPIXSRERH[MPPMEQVS[PI] -JXLIVIFIWYGLETPIEWYVI *MRKIVERHEPPWLEPPSJJ 'YXWSJJXLIpRKIV 7SRS[ PSPPMS -J-HSRSXWLS[]SYXLILERHWSQIWX - PPGPIEV HMWGVIIXIWXQEHQERSRIXLEX-QE]GEPPXLI 8LITEWWEKIWJVSQEPPWYWTIGXSVJIEV YRHIVWXERHMRKQEHQERXLIRWE]-EQEJSSP )\MX[MXLFSH] MWEFIPPE ;IPPEQEXGL -[MPPWE]WS PSPPMS ;LIR]SYLEZILEHEXEWXISJXLIQEHQER %GX---WGIRIMMM ]SYWLEPPMJ]SYTPIEWIWII*SSPW 'SPPIKIS XL SXLIV WMHI-WIPHSQPSGOXLIVI XMWFYXWLSSXMRKEFSPXSV )RXIVMWEFIPPEERHPSPPMS X[SERH]SYEVIEQSRKWX IQ )\MX)RXIVTVIWIRXP] MWEFIPPE ;L]WMVVEL#;LIRGILEZI]SYGSQQMWWMSR 'SQISRWMVPIXQIWIILS[LERHWSQIP]]SY PP 8SJIXXIVXLIHSSVWEKEMRWXQI#-J]SY FILEZI]SYVWIPJRS[ /IITQIMREGEKITVE][LMWXPIXSQI 0IXQIFIHSMRKWSQIXLMRK )RXIVJVERGMWGYW PSPPMS =SYWLEPPFIHSMRKMJMXTPIEWI]SY - PP[LMWXPI JVERGMWGYW ,S[W[IIXP]WLIPSSOW3FYXXLIVI WE XS]SYMJ]SY PPTMTIEJXIV [VMROPIMRLIVFVS[EWHIITEWTLMPSWSTL] MWEFIPPE -WMX]SYVQEWXIV WTPIEWYVISV]SYVS[R %REGVISRHVMROXSQ]QMWXVIWW LIEPXL- PPTPIHKIMX 8SOIITQIMRXLMWTMRJSPH# 7XE]WXE]XLIVI WEWTMHIVMRXLIGYT2S XMWFYXE PSPPMS 8MWJSVQ]QEWXIV WTPIEWYVI PIWXFIMRKXEOIR KVETIWXSRI W[EPPS[MXJIEVRSXLMRKTSIX7SWS PMJX MRERSXLIVQER WGSVR]SYQMKLXFITSYRHIHMR LMKLIV ERSXLIVTPEGI MWEFIPPE %PEGOEPEGOMXMWXSSJYPPSJTMX] MWEFIPPE 8MWZIV][IPPERHLI PPTVSZIZIV][MWI 8SFIPEYKLIHEX,S[JIPPLIQEH#'ERWXXLSYXIPP# PSPPMS ,IWE]W]SYLEZIGSQTER]IRSYKLMRXLI PSPPMS *SVPSZIQMWXVIWW,I[EWETVIXX]TSIXXSS LSYWIMJ]SYTPIEWIXSFIWSGMEFPISJEPPWSVXWSJ ERHXLEXWIXLMQJSV[EVHWpVWX8LI1YWIWXLIR TISTPI JSVWSSOLMQ LIVERQEHJSVEGLEQFIVQEMH]IXWLI MWEFIPPE 3JEPPWSVXW#;L]LIVI WRSRIFYXJSSPWERH [EWFYXEH[EVJRIMXLIV QEHQIR JVERGMWGYW ,EMPFVMKLX8MXERME PSPPMS :IV][IPP ERH[LIVI[MPP]SYpRHER]SXLIVMJ ;L]WXERH WXXLSYMHPISRXLIWIqS[ V]FEROW# ]SYWLSYPHKSEFVSEH#8LIVI WQ]QEWXIVERH-XS 3FIVSRMWHERGMRK[MXLLMW(V]EHIW FSSXXSS - PPKEXLIVHEMWMIWTVMQVSWIZMSPIXW MWEFIPPE 3JIMXLIVWSVXSRIEQEHQERERHEJSSP %RHFMRHXLIQMREZIVWISJTSIW] PSPPMS -[SYPHIZ RTEVXMGMTEXISJFSXLXLIRMJ-[IVIEW %TTVSEGLIWMWEFIPPE ]SY -ORS[] EVILEPJQEHEPVIEH]FILEPJJSSPMWLXSS PSPPMS 2SXXSSRIEV=SYWII]SYVHERKIV MWEFIPPE = EVIEFVEZIWEYG]VEWGEP'SQISRWMV ,SPHWYTE[LMT %JJSVHQIXLIRXLITPIEWYVISJ]SYVFIHPEQ JVERGMWGYW 3LSPHXL]LERHKVIEX(MSQIH =SY[IVIGSQQIRHMRKSRGIXSHE]XSQI 8LSYJIIH WXXL]LSVWIW[IPPXLI]WLEPPSFI]XLII =SYVPEWXGSQIPYREXMG [LEXETVSTIV +IXYT&YGITLEPYWORIIPW /RIIPW &SH]XLIVI[EW[MXLSYXFVEMRWXSKYMHIMX %RH[LEXETMXMJYPHIPMKLXETTIEVIH HMWGVIIXIWX MIWLS[MRKXLIUYEPMXMIWHIWGVMFIH -RXLEXHIJIGXEWMJ]SYV[MWHSQLEHJSYRH %QMVXLMRQEHRIWW4VE]WMVPIXQITEVXEOI EQEXGL EKVIIH
WYWTIGX WYWTMGMSR WMVVEL EJSVQSJDWMV YWIHJSVMRJIVMSVW HSMRK MIGSTYPEXMRK r - PP[LMWXPITMTIEJXIV 0SPPMSEPPYHIWXSXLIWE]MRKDXS HERGIEJXIVETIVWSR WTMTI [MXLEWI\YEPWIRWISJDHERGI GSTYPEXI ERHDTMTI TIRMW TMRJSPH TSYRHJSVERMQEPW TSYRHIH E TPEGIHMRETSYRH F TSYRHIH[MXLETIWXPI [MXLWI\YEPGSRRSXEXMSR ERSXLIVTPEGI LIVZEKMRE EFVSEH FI]SRHXLIQEHLSYWI TEVXMGMTEXI MIWI\YEPP] FILEPJJSSPMWLXSS MILEZIEVIPEXMSRWLMT[MXLYWFSXL FVEZI FSPH WEYG] MQTYHIRX TVSTIV LERHWSQI[IPPIRHS[IH
WLSSXMRK TYPPMRKFEGO %REGVISR E+VIIOTSIXWEMHXSLEZIGLSOIHXSHIEXLSR EKVETITMT[LMPIHVMROMRK[MRI JYPPSJTMX] TMXMJYP FYXEH[EVJRIMXLIV SRP]EH[EVJ 8MXERME 5YIIRSJXLI*EMVMIW MR7LEOIWTIEVI W %1MHWYQQIV2MKLX W(VIEQ 3FIVSR /MRKSJXLI*EMVMIWYRJEMXLJYPXS8MXERME[MXL (V]EHIW [SSHR]QTLW D*VERGMWGYWWYKKIWXWXLEX -WEFIPPEQE]FIXSSMREGXMZI[LMPI%PMFMYW 3FIVSR MW GSTYPEXMRK lHERGMRKz [MXLSXLIV[SQIR (EEPHIV HEMWMIWTVMQVSWIWZMSPIXW W]QFSPWSJTVEMWI TSIW] E TSIXV] F FYRGLSJqS[IVW (MSQIH (MEQIHIW/MRKSJXLI&MWXSRMERW[LSJIHLMW LSVWIW[MXLLYQERqIWL &YGITLEPYW %PI\ERHIVXLI+VIEX WLSVWI[LMGLSRP]LI GSYPHQSYRX*VERGMWGYWYVKIW0SPPMSXSQSYRX DKIXYT EWLITVIXIRHWXSFIXLILSVWI
XLIGLERKIPMRK PSPPMS =SYWIILS[-E[IQ]q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
%IWGYPETMYW XLI+VIIOKSHSJQIHMGMRI 8MVIWMEW XLIFPMRHTVSTLIXSJ8LIFIW[LSGLERKIHJVSQ QERXS[SQERERHFEGOXSQEREKEMREJXIVWIZIR]IEVW .YRSFPMRHIHLMQJSVVIZIEPMRKXLEX[SQERHIVMZIHQSVI TPIEWYVIJVSQWI\XLERQIRHMH [MPHKIIWI TVSWXMXYXIW QEOIRS[SVHWSR X DHSR XKIXEPEVQIHF]XLMW ERI]I E TIVGITXMSR F ZEKMRE 0YRE XLIQSSREWSYVGISJQEHRIWW LIRGIXLIXIVQ DPYREXMGW X[SXVEHIW MIQEHRIWWERHFPMRHRIWW FMKFIPPMIH E JYPP F TVIKRERX VMHI E QSZI F GSTYPEXI[MXL ,IGEXI XLI+VIIOKSHHIWWSJ[MXGLGVEJXEWWSGMEXIHMR GPEWWMGEPQ]XLSPSK][MXLXLIQSSR XLIHSKXLIFYWL XLI1ERMRXLI1SSR[EWWEMHXS S[REHSKERHEFYWL P]GERXLVSTM XLSWIWYJJIVMRKJVSQP]GERXLVSTMEWE[ XLIQWIPZIWEW[SPZIW WII*IVHMRERHMR.SLR;IFWXIV W 8LI(YGLIWWSJ1EPp
JVERGMWGYW 7MRKW 7[IIXPSZITMX]QI +MZIQIPIEZIXSPMI[MXLXLII PSPPMS 2S- PPWII]SY[MWIVp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
PMI GSTYPEXI PSZIGVIITWQSYWILSPI DGVIITW MWERMRRYIRHSJSV WI\YEPIRXV]DQSYWI GERQIEREFIPSZIH[SQERERH DLSPI MWERSFWGIRI[SVHJSVZEKMRE LSPI GIPP FYXEPWSERSFWGIRIMQEKI EYRX GEREPWSQIERTVSWXMXYXI YRGPI GEREPWSQIERTERHIVTMQT RMKKIX GSRXVEGXMSRSJDERMHMSX FEYFPI E ENIWXIV WFEXSR F TIRMW GSYWMRW -WEFIPPEXEOIW%RXSRMS WDGSYWMR XSQIER DWXVYQTIX SVDPSZIV PIJXLERHIH3VPERHS QIERMRKYRGPIEV3VPERHS[EWXLI PSZIQEHZMSPIRXTVSXEKSRMWXMR%VMSWXS W3VPERHS *YVMSWSERHDPIJXLERHIH MQTPMIWMRITXMXYHI STTSVXYRIJYP WIEWSREP EQE^MRK EQE^IH GLERKI SJEXXMXYHI WLETI KYMWI WLVSYHW E GSRGIEPW F HMWKYMWIW
XLSQEWQMHHPIXSRERH[MPPMEQVS[PI] ;LSWIQEKMGLEHXLMWJSVGIXLYWXSXVERWJSVQQI MWEFIPPE =SYEVIEp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
MWEFIPPE 4EWWMRK[IPPWMV PSPPMS -WLIRSX[MXX]TVIXX][IPPJSVEJSSP# MWEFIPPE -JLILSPHSREWLIFIKMRWLIMWPMOI 8SGSQIXSWSQIXLMRK PSPPMS %]XLEROEKSSHXYXSV=SYQE]TYXLMQXS X LIFIKMRWXSERW[IVTVIXX]LEVHUYIWXMSRW8SR] LS[QER]MWpZIXMQIWWM\# ERXSRMS *MZIXMQIWWM\MWWM\XMQIWp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
ERXSRMS %RHQYWXEKEMR,ILI-XLERO]SY GSYWMR - PPFI]SYVZEPIRXMRIXSQSVVS[QSVRMRK PSPPMS ,S[HS]SYPMOIXLIJSSPQMWXVIWW#
MWEFIPPE 8EOILIIHXLIVI WKMERXWOIIT IQ PSPPMS %WMHI ,S[RS[JSSPEVI]SYKSSHEXXLEX# ,EZI]SYVIEH0MTWMYW#,I WTEWX%VW%QERHM - FIPMIZI-QYWXTYXLEVHIVUYIWXMSRWXSLMQ-TIVGIMZI XLEX
WGVYXMRSYW WIEVGLMRK GYRRMRK GPIZIVERHEVXJYP Q]WXIV] WOMPPORS[RXSQEWXIVWERHETTVIRXMGIW EW[MXL XLIKYMPHWSJGVEJXWQIRVIWTSRWMFPIJSVXLI1]WXIV]TPE]W WIGVIX GEREPWSQIERDWIGVIXTEVX TVSGIIHW E QIRXEPP] F WI\YEPP] WSJX[SYRHMRKWLEJXW SJ'YTMH WXVMOI [MXLERMRRYIRHSSJGSTYPEXI WXERH KMZI EWTE]QIRX JSV[EVH E MQTYHIRX F PYWXJYP JEWLMSRIHSYX GSRXVMZIH Q][E] Q]ETTVSEGL XS[EVHW-WEFIPPE +EPE\ME 1MPO];E] 4VSJSYRH[MXLEP MRKIRMSYWEW[IPP LEFMX HVIWW SJEJSSP HMWGSZIV VIZIEPYRGSZIV EPPXLIJEZSYV MIVEXLIVXLEREWI\YEPJEZSYV ZEPIRXMRIXSQSVVS[QSVRMRK TVSFEFP]EVIJIVIRGIXS 3TLIPME WWSRKMR7LEOIWTIEVI W,EQPIX -:Zr
TEWWMRK I\GIIHMRKP] r -JLIXSWSQIXLMRK E LIQE]EGLMIZIWSQIPIZIPSJ PIEVRMRKMJLITIVWMWXW F LIQE]EGLMIZISVKEWQ r 'EXGLXLIVIMRLIPP VIJIVIRGIXSDFEVPI]FVIEO E XVEHMXMSREPKEQIMR[LMGLGSYTPIWEXXIQTXXSVYRTEWX SXLIVTPE]IVW VITVIWIRXMRKLIPP [MXLSYXFIMRKGEYKLX SYX MISYXSJVSPI JVSQ SYXSJOIITMRK[MXL 0MZIW [LSPMZIW XLI,IWTIVMHIW XLIHVEKSR0EHSR SJJWTVMRKSJEKMERX KYEVHIHXLIXVIISR[LMGLXLIKSPHIRETTPIWSJXLI ,IWTIVMHIWKVI[ MX[EWSRISJXLIXEWOWSJ,IVGYPIWXS WPE]MX TYPP TMGO KMERXW MIKYEVHMERW QIERMRK0SPPMSERH%PMFMYW 0MTWMYW .YPMYW0MTWMYW r EWGLSPEVJEQSYWJSV LMWMRGSRWXERG] GLERKMRKVIPMKMSYWEJpPMEXMSRERYQFIV SJXMQIWXLVSYKLSYXLMWPMJI EPWSETPE]SRDPMTW %VW%QERHM 8LI%VXSJ0SZMRKEXVIEXMWIF]3ZMH
XLIGLERKIPMRK [MPPTYX]SYHS[RSRISJXLIWIHE]W MWEFIPPE =SYEVIFSPH[MXLSYXJIEVXSS ERXSRMS ;LEXWLSYPH- )\IYRXPSPPMSERHERXSRMS MWEFIPPE ,IVIXLIVIWXVEMRIHGYVVIRXQMKLXQEOI JIEV FVIEGL ,EZMRKEPPNS]WEFSYXQI#(S]SYWQMPI 7TMXISJXLI[EXGLJYPFEROIVW;SYPHE[SQERWXVE] %RHPSZIWLEPPTPE]XLI[ERXSRSR]SYVPMT 7LIRIIHRSXKEHEFVSEHXSWIIOLIVWMR 1IIXERHVIXMVIVIXMVIERHQIIXEKEMR -X[SYPHFIFVSYKLXLSQISRI[E]WSVSXLIV 0SSO]SYFYXGLIIVJYPP]ERHMR]SYVI]IW 8LIRIIHPI WTSMRX[MPPXSXLIp\IHRSVXL -WLEPPFILSPHQMRIS[RHIJSVQMX] 7YGLHVE[MRKEVGXMGW[SQIR WFIEYXMIWEVI %RHHVIWWQ]WIPJYTJEMVIV-ORS[XLMWWLETI &IGSQIWQIRSFYXMRXLSWIFVMKLXQMVVSVW )RXIVPSPPMS -WLEPPEVVE]QILERHWSQIP] PSPPMS %WMHI 'YGOSSGYGOSS )\MX PSPPMS ,S[HSWXXLSYW[IIXVSKYI# MWEFIPPE ,S[RS[# )RXIVQEHQIREFSZIWSQIEWFMVHWSXLIVWEWFIEWXW PSPPMS 'SQIXLIVIEVIHIKVIIW SRIJSSPQE]FI FIXXIVXLERERSXLIV ERXSRMS ;LEXEVIXLIWI# MWEFIPPE ;LEX WXLIQEXXIV# MWEFIPPE 3JJIEVIRSYKLXSTEVXYW PSPPMS 2E]MJXLSYKMZ WXXL]QMRHXSJSSP WqIWLLEZI =IXEVIXLI]FYXSYVWGLSSPWSJPYREXMGW EXXLII 8LEXEGXXLIMVJERXEWMIWMRER]WLETIW 8VMIWXSOMWWLIV MWEFIPPE =SYFSPHWPEZI]SY 7YMXMRKXLIMVTVIWIRXXLSYKLXW MJWEHXLI]GV] PSPPMS -GSYPHJSPPS[RS[EWX SXLIVJSSPHMH -JQMVXLFIXLIMVGSRGIMXXLI]PEYKLEKEMR D;LEXWLSYPH-JIEV 7SQIXMQIWXLI]MQMXEXIXLIFIEWXWERHFMVHW ,EZMRKEPPNS]WEFSYXQI#(S]SYFYXWQMPI 7MRKMRKSVLS[PMRKFVE]MRKFEVOMRKEPP %RHPSZIWLEPPTPE]XLI[ERXSRSR]SYVPMT %WXLIMV[MPHJERGMIWTVSQTX IQ 1IIXERHVIXMVIVIXMVIERHQIIXEKEMR )\IYRXQEHQIREFSZI 0SSO]SYFYXGLIIVJYPP]ERHMR]SYVI]IW )RXIVPSPPMS -WLEPPFILSPHQ]S[RHIJSVQMX] %RHHVIWWQ]WIPJYTJEMVIV-ORS[XLMWWLETI ERXSRMS 8LIWIEVIRSJIEVW &IGSQIWQIRSX MWEFIPPE &YXLIVI WEPEVKISRIQ]QER ERXSRMS ,ELI8LEX WpRIWTSVXMRHIIHGSYWMR %RHWSEWMXJSPPS[W FYXMWRSXXLMWXLIQSVIJSSPMWL [E]#'SQIW[IIXVSKYIOMWWQIQ]PMXXPI PSPPMS -[SYPHQ]QEWXIV[IVIGSQILSQI 8MWXSS 0EGIHEIQSRMER0IXQIJIIPLS[XL]TYPWIWFIEX QYGLJSVSRIWLITLIVHXSKSZIVRX[SSJXLIWIqSGOW 8LSYLEWXEXLMRKEFSYXXLII[SYPHHSEQER 2SVGER-FIPMIZIXLEXSRIGLYVGLQERGERMRWXVYGX TPIEWYVI- PPPE]Q]LERHSR X X[SFIRIpGIWEXSRGI XLIVI[MPPFIWSQIMRGYVEFPI MWEFIPPE 7MVVELRSQSVI-WII]SYLEZIHMWGSZIVIH QEHSJXLISRIWMHIERHZIV]JSSPWSRXLISXLIV 8LMWPSZI WORMKLXIVVERX[LSLEXLQEHIEHZIRXYVI 'SQI8SR] *SVTYVGLEWISJQ]PSZI&IWMPIRXQYXI ERXSRMS 4VMXLIIGSYWMRPIXQIWXE]LIVIWXMPP 1YXIEWEWXEXYISVLMWMRNYRGXMSR PSPPMS 2S]SYQYWXXS]SYVFSSORS[ ]SYLEZI *SVQIIRNS]MRKWLEPPFIXSGYXXL]XLVSEX TPE]IHWYJpGMIRXP] MWEFIPPE =SYVJSSPMWKVS[R[SRHVSYW[MXX] PSPPMS ;IPP- PPWE]RSXLMRKFYX-HSRSXXLMROFYXLI
(S]SYWQMPI HSFYXWQMPI XLI[ERXSR PEWGMZMSYWP] WLETI KYMWI SJEJSSP FVMKLXQMVVSVW -WEFIPPE WI]IW 'YGOSS XLIGV]WYKKIWXWDGYGOSPH MI%PMFMYW SJJIEV JVMKLXIRMRK JERXEWMIW E HIPYWMSRW F MQEKMRIHXLMRKW GSRGIMX JERG] Q]QER 0SPPMS LIVWIVZERX r SRIGLYVGLQERX[SFIRIpGIW VIJIVVMRKXSXLI TVEGXMGISJGPIVK][LSHIVMZIHXLIMVMRGSQIJVSQX[SSV QSVIGLYVGLIW GSRWMHIVIHHMWVITYXEFPIMRXLI WIZIRXIIRXLGIRXYV] SJ SR
TYX]SYHS[R E SYX[MXMREVKYQIRX F GSTYPEXI[MXL FEROIVW FYMPHIVWSJHMOIWPIZIIW FVSYKLXLSQI HIPMZIVIH RIIHPI WTSMRX SJXLIGSQTEWWFYX[MXLTLEPPMG MQTPMGEXMSRW [MPP [MPPQSZI HVE[MRKEVXMGW QEKRIXMGTSPIW -GSYPHJSSPHMH DLEZMRKSZIVLIEVH]SY-GERTPE] ]SYVTEVX /MRRI] XLMW 0SPPMS WS[R[E] QSVIWXVEMKLXJSV[EVH 0EGIHEIQSRMER E WSQISRIKMZIRXSYRHIVWXEXIQIRX F TVSWXMXYXI MQTP]MRKXLEXTVSWXMXYXIWHSRSXXEPOQYGL 0IXQITYPWIWFIEX WI\YEPMRRYIRHS XLMRK ZEKMRE PE] E TPEGI F FIX TYVGLEWI VI[EVH
XLSQEWQMHHPIXSRERH[MPPMEQVS[PI] EPMFMYW ,SRIWX0SPPMSXLSYKMZ WXQIEKSSHVIEWSR - PPHSMXXLSYKLJSVRSSXLIVTYVTSWIERH %RHEGSQJSVXMRMX &IWYVILI PPRSXVIJYWIMX PSPPMS 1]WLEVIXLEX WEPP- PPLEZIQ]JSSP WTEVX[MXL MWEFIPPE = LEZIEpRIXVEHISR X 1EHQIRERHJSSPWEVIEWXETPIGSQQSHMX] ]SY MWEFIPPE 2SQSVI=SYVQEWXIV EPMFMYW 3[MJI[IQYWXIEX[IEVGPSXLIWERHPMZI .YWXEXXLIPE[]IV WLEZIR[IEVVMZI )RXIVEPMFMYW &]QEHQIRERHF]JSSPW[IFSXLHSXLVMZI EPMFMYW 7[IIXLS[HSWXXLSY# )\IYRX MWEFIPPE =SYVFSYRHIRWIVZERXWMV EPMFMYW *MIpIW[IIXLIEVX %GX---WGIRIMZ 2SQSVISJXLEX MWEFIPPE =SY[IVIFIWXPSGOQIYT )RXIVZIVQERHIVSEPWIQIVSNEWTIVMRSERH FIEXVMGI EPMFMYW -RQ]EVQWERHFSWSQQ]W[IIX-WEFIPPE - PPPSGOXLIIYTQSWXRIEVP]0SPPMS ZIVQERHIVS :EPIRGMEWTIEOWWSRSFP]SJ]SYWMV ;ILEZIIQTPS]QIRX[ILEZIXEWOMRLERH -[MWL-LEHEHEYKLXIVRS[JSV]SY %XRSFPI:IVQERHIVS WSYVGEWXPIGETXEMR EPWIQIVS 8LIJIPPS[SJXLMWGVIEXYVI[IVIETEVXRIV 8LIVIMWERYTXMEPXSFIWSPIQRM^IH *SVEOMRK WPSZI &IEXVMGI.SERRELMWJEMVHEYKLXIVFVMHI ZIVQERHIVS -LEHLIVJIPPS[SRGIWMV *SV[LMGLXLIKIRXPIQERLEXLFIWTSOISYVTEMRW &YXLIEZIRLEWQEVVMIHLIVXSNS]WIXIVREP %QM\XYVISJSYVQEHQIRERHSYVJSSPW
8[IVIWMRXS[MWLLIVMRXLMWZEPIEKEMR 8SpRMWLEWMX[IVIERHQEOIXLIJEK 'SQIWMV]SYVJVMIRHERH]SYWLEPPWIIXLITPIEWYVIW 3JEPPXLIVIZIPWXLIXLMVHRMKLXJVSQXLIpVWX ;LMGLQ]LIEPXLGLMIq]NS]WMR 3RP]ERYRI\TIGXIHTEWWEKISZIV EPWIQIVS -LIEVXLIFIEYX]SJXLMWWIEXPEVKIP] 8SQEOIEJVMKLXJYPTPIEWYVIXLEXMWEPP ZIVQERHIVS -XJEPPWQYGLWLSVXSJXLEX &YXRSXXLIEPP-EMQEX'SYPH[IWSEGXMX )\IYRX1ERIXFIEXVMGI 8SXIEGLMXMRE[MPHHMWXVEGXIHQIEWYVI FIEXVMGI 7SLIVI WSRIWXIT 8LSYKLSYXSJJSVQERHpKYVIFVIEOMRKXMQI WLIEH -RXSQ]JEXLIV WJEZSYV XMQI[MPPp\LMQ -X[IVIRSQEXXIV X[SYPHFILIEPIHEKEMR -LEZIKSXLMQRS[XLIPMFIVX]SJXLILSYWI -RSRIEKISVSXLIVMJRSXMRXLMW 7S[MWHSQF]HIKVIIW[SVOWSYXLIVJVIIHSQ 8LMWXLMW0SPPMSXLIVI WEKSSHVI[EVHFIKYR %RHMJXLEXI]IFIHEVO RIHXLEXSJJIRHWQI %RH[MPPFIKIXEFSYRX]FIMXORS[R -[EMXFYXXLEXIGPMTWI XLMWKIRXPIQER PSPPMS 8LMWMWIEW]WMV- PP[EVVERX]SY=SYLEZI 7LEPPWSSRWLMRIKPSVMSYWMRQ]JEXLIV WPMOMRK EFSYX]SYJSSPWERHQEHQIRXLEXGERHERGIZIV] 8LVSYKLXLIVIJYPKIRXZMVXYISJQ]PSZI [IPP ERH XMWRS[SRHIV ]SYVFIWXHERGIVWEVIRSXXLI [MWIWXQIRXLIVIEWSRMW[MXLSJXIRNYQTMRKXLI] )RXIVHIqSVIW NSPXXLIMVFVEMRWHS[RMRXSXLIMVJIIXXLEXXLIMV[MXW HIqSVIW %WMHI 1]XLSYKLXWEVIEXEFERUYIXJSVXLI PMIQSVIMRXLIMVLIIPWXLERMRXLIMVLIEHW HIIH -JIIPRS[IMKLXMR X XMWFYXPMKLXERHGLIET RSSXLIVTYVTSWI MIXSLEZI%PMFMYWVMHQISJ]SY FSYRHIR E HYX]FSYRH F GSRpRIH WEVGEWXMGEPP] PSGOQIYT MREGLEWXMX]FIPX EPXLSYKL%PMFMYWHSIWRSX GEXGLXLMWEPPYWMSR QSWXRIEVP] E MRXMQEXIP] F QSVIWIGYVIP] FIWTSOISYVTEMRW GSQQMWWMSRIHSYVLIPT JEK PEWXTEVX r 3RP]ERMWEPP XLIQEHQIRERHJSSPWEVIXSVYWL EGVSWWMRJVSRXSJXLIVIZIPPIVWKMZMRKXLIQETPIEWERX JVMKLX r 'SYPH[IMXORS[R D-JSRP][IGSYPHWSTIVJSVQMX EWXSXIEGLXLIQXSHSMXF]QIERWSJE[MPHGVE^]HERGI XLIRXLEXXLSYKLRSXEGGSVHMRKXSTVSTIVJSVQERH TEXXIVRQEOMRKEGYGOSPHSJXLIQYWMGEPVL]XLQ[SYPH RSXFISFNIGXIHXS JSVMX[SYPHFIVIQIHMIHEXWSQI JYXYVIWXEKIMJRSXRS[ WYGLEXLMRK0SPPMS[SYPH FIXLIFIKMRRMRKSJEKSSHVI[EVHERHKIRIVEXIFSYRXMJYP GSQQMWWMSRWJSVXLIJYXYVIMJMXFIGEQI[MHIP]ORS[R (EEPHIV
EKSSHVIEWSR MIJSVKSMRKELIEH[MXLXLITPER PE[]IV WLEZIR E VIJIVVMRKXSXLIMHIEXLEXJSSPWERH QEHQIRSJXIRWSYKLXXLIWIVZMGIWSJPE[]IVW WII -MM r F PE[]IVWEVIJSSPWERHQEHQIR JIPPS[ QEXGL JIPPS[ MI:IVQERHIVS WPEXI[MJI ZEPI SJXIEVWIEVXLP]PMJI LIEPXL [IPPFIMRK WIEX IWXEXITVSTIVX] PEVKIP] I\XIRWMZIP]VITSVXIHYTSR p\ IWXEFPMWL %PWIQIVS MJXLEXSJJIRHWQI VIJIVWXSXLIFMFPMGEPMHIEXLEXDMJ XLMRII]ISJJIRHXLIITPYGOMXSYX 1EXXLI[ [MXL %PSR^SEWXLIDI]I VIJYPKIRX VEHMERX FERUYIX GIPIFVEXMSR XLIHIIH XLIOMPPMRKSJ%PSR^S
XLIGLERKIPMRK *SVXLIW[IIXVIGSQTIRWIXLEX-WIXHS[RJSV X FIEXVMGI (I*PSVIW# HIqSVIW 0EH]# FIEXVMGI 8L]PSSOWTVSQMWIGLIIVJYPP] HIqSVIW %PPXLMRKWEVIERW[IVEFPI XMQI GMVGYQWXERGI =SYV[MWLIWERHQ]WIVZMGI FIEXVMGI -WMXHSRIXLIR# HIqSVIW 4MVEGUYSMWRSQSVI FIEXVMGI 1]NS]WWXEVXEXQMRII]IW SYVW[IIX WX HIPMKLXW %VIIZIVQSVIFSVR[IITMRK HIqSVIW - ZIEXSOIRJSV]SY FIEXVMGI *SVQI# HIqSVIW &YXMX[EWWIRXWSQI[LEXYR[MPPMRKP] -GSYPHRSXKIXXLIVMRK[MXLSYXXLIpRKIV 7LS[WLIVXLIpRKIV FIEXVMGI &PIWWQI;LEXLEWXXLSYHSRI# HIqSVIW ;L]MWXLEXQSVI 8LEROMPPMRKXLI[LSPIQER#-GYXLMWLIEVXWXVMRKW %KVIIH]LERHXLVYWXMREHMWLEXGSYVX -REQMWXEOILEXLLEHEWQYGLEWXLMW FIEXVMGI 8MWXLIpVWXXSOIRQ]JEXLIVQEHIQIWIRH LMQ HIqSVIW %RH-LEZIQEHILMQWIRHMXFEGOEKEMR *SVLMWPEWXXSOIR-[EWPSEXLXSPIEZIMX %RH- QWYVIHIEHQIRLEZIRSYWISJNI[IPW ,I[EWEWPSEXLXSTEVX[MXL XJSVMXWXYGO %WMJXLIqIWLERHMX[IVIFSXLSRIWYFWXERGI FIEXVMGI %XXLIWXEK WJEPPXLIOIITIVLEWLMWJIIW
8MWWSSRETTPMIH EPPHIEHQIR WJIIWEVI]SYVWWMV -TVE]FYV]XLIpRKIV FYXXLIWXSRI =SYQE]QEOIYWISRWLSVXP]XLIXVYIZEPYI 8EOI XSJQ]XVYXLMWRIEVXLVIILYRHVIHHYGEXW HIqSVIW 8[MPPLEVHP]FY]EGETGEWIJSVSRI W GSRWGMIRGIXLSYKL 8SOIITMXJVSQXLI[SVQEWpRIEW XMW ;IPPFIMRKQ]JIIW- PPXEOIMX
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+VIEXQIRLEZIXEYKLXQIXLEXSVIPWIQ]QIVMX ;SYPHWGSVRXLI[E]SR X FIEXVMGI -XQMKLXNYWXP]WMV ;L]XLSYQMWXEO WX(I*PSVIW XMWRSXKMZIR -RWXEXISJVIGSQTIRWI HIqSVIW 2S-LSTIWSPEH] =SYWLSYPHWSSR[MXRIWWQ]GSRXIQTXXS XXLIR FIEXVMGI 4VMXLIIXLSYPSSO WXEWMJXLSY[IVX SJJIRHIH HIqSVIW 8LEX[IVIWXVERKIPEH] XMWRSXTSWWMFPI 1]WIVZMGIWLSYPHHVE[WYGLEGEYWIJVSQ]SY 3JJIRHIH#'SYPH]SYXLMROWS#8LEX[IVIQYGL *SVSRISJQ]TIVJSVQERGIERHWS[EVQ =IXMRQ]WIVZMGI FIEXVMGI 8[IVIQMWIV]MRQIXSKMZI]SYGEYWIWMV HIqSVIW -ORS[WSQYGLMX[IVIWS QMWIV] -RLIVQSWXWLEVTGSRHMXMSR FIEXVMGI 8MWVIWSPZIHXLIR 0SSO]SYWMVLIVI WXLVIIXLSYWERHKSPHIRqSVMRW -LEZIRSXQIERP]XLSYKLXYTSRXL]QIVMX HIqSVIW ;LEX#7EPEV]#2S[]SYQSZIQI FIEXVMGI ,S[(I*PSVIW# HIqSVIW (S]SYTPEGIQIMRXLIVEROSJZIVQMRSYW JIPPS[W 8SHIWXVS]XLMRKWJSV[EKIW#3JJIVKSPH *SVXLIPMJIFPSSHSJQER-WER]XLMRK :EPYIHXSSTVIGMSYWJSVQ]VIGSQTIRWI# FIEXVMGI -YRHIVWXERHXLIIRSX HIqSVIW -GSYPHLE LMVIH %NSYVRI]QERMRQYVHIVEXXLMWVEXI %RHQMRIS[RGSRWGMIRGIQMKLXLEZILEHERHLEZI LEH 8LI[SVOFVSYKLXLSQI
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XLIGLERKIPMRK -RXLEX4MVEGUYSXLERXSLIEVXLIWI[SVHW 8LMROFYXYTSRXLIHMWXERGIXLEXGVIEXMSR 7IX X[M\XXL]FPSSHERHQMRIERHOIITXLIIXLIVI HIqSVIW 0SSOFYXMRXS]SYVGSRWGMIRGIVIEHQI XLIVI
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XLER VEXLIVXLER FPSSH WSGMEPVERO IUYEP MRXIVQWSJWMR[LMGLWYTIVWIHIWSXLIVJSVQWSJ VERO XS MRJEZSYVSJ XLIHIIH WGVIEXYVI E WLETIHSVVIGVIEXIHF]XLIHIIH F IRWPEZIHXSXLIHIIH pVWXGSRHMXMSR E MRRSGIRGI F SVMKMREPWXEXI MRXIVQWSJ JEQMP]ERHVERO XYVRIH]SYSYX I\TIPPIH]SYJVSQXLEXWXEXI [MXLTPE] SRXLIHMWQMWWEPSJ)ZIJVSQ4EVEHMWI YVKI TVSZSOIQI [VMX WXDQEMH GEPP]SYVWIPJZMVKMR EJJIGXMSR TEWWMSR GLERKIHJVSQXL]pVWXPSZI XVERWJIVVIH JVSQ%PSR^S GLERKIH JVSQPMJIXSHIEXL [MXLIQTLEWMWSRDGLERKI EW MRXLIXMXPISJXLITPE] W[IIXW WI\YEPTPIEWYVIW TPEKYIW XSVQIRXW WLSSXMRKI]I HMVIGXTVSZSGEXMZIPSSO
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r &IPMOILIQEHITVSSJ DTIVLETWRSXLEZMRKXIWXIH Q]TYVMX]LILEWWXVSRKJEMXLMRMXERH[MPPXLIVIJSVIRSX TVSGIIHXSHSWS MVSRMGMRWIZIVEP[E]W (EEPHIV WPIMKLX XVMGO MRGSRXMRIRXP]KETI ]E[RMQQIHMEXIP]ERHYRGSRXVSPPEFP] ;LIVILEH-FIIR# MI[LIVI[SYPH-LEZIFIIRLEH- RSXHMWGSZIVIHEPPXLMW# 'YHW +SH W QMPHSEXL ERMGITMIGI MIERI\GITXMSREPP]TVMRGMTPIHKMVPXLEX PSSO PSSOJSV GSQTEWW VMHIEVSYRH TEVOW GSPPSUYMEPJSVJIQEPIFSHMIW VERKIVW E OIITIVWSJTEVOW F TIRMWIW PSHKI GEREPWSQIERZEKMRE %PI\ERHIV %PI\ERHIVXLI+VIEX rFG TMXLSPI E KVEZI F ZEKMRE =SYVXLSYKLXWFIORS[R (METLERXEMQTPMIWXLEX &IEXVMGI WWIGVIXXLSYKLXWQE][IPPFIWMQMPEVP]YRGLEWXI S[IH S[RIH QEMH ZMVKMR
XLIGLERKIPMRK =SYPIEZIEFPYWLMRKFYWMRIWWFILMRH &IWLVI[]SYVLIEVXJSV X HMETLERXE (S]SYQIERKSSHWSSXLQEHEQ# FIEXVMGI ;IPPMJ- HXLSYKLXYTSRXLIJIEVEXpVWX 1ERWLSYPHLEZIFIIRYRORS[R HMETLERXE -W XTSWWMFPI# FIEXVMGI -[MPPKMZIEXLSYWERHHYGEXWXSXLEX[SQER ;SYPHXV][LEXQ]JIEV[IVIERHXIPPQIXVYI 8SQSVVS[[LIRWLIKIXWJVSQ X EWWLIPMOIW -QMKLXTIVLETWFIHVE[RXS X HMETLERXE %VI]SYMRIEVRIWX# FIEXVMGI (S]SYKIXXLI[SQERXLIRGLEPPIRKIQI %RHWIIMJ- PPq]JVSQ X&YX-QYWXXIPP]SY 8LMWF]XLI[E] WLIQYWXFIEXVYIQEMH )PWIXLIVI WRSXVMEPQ]JIEVWEVIRSXLIVWIPWI HMETLERXE 2E]WLIXLEX-[SYPHTYXMRXS]SYVLERHW QEHEQ 7LEPPFIEQEMH FIEXVMGI =SYORS[-WLSYPHFIWLEQIHIPWI &IGEYWIWLIPMIWJSVQI HMETLERXE
8MWEWXVERKILYQSYV &YXEVI]SYWIVMSYWWXMPP#;SYPH]SYVIWMKR =SYVpVWXRMKLX WTPIEWYVIERHKMZIQSRI]XSS# FIEXVMGI %W[MPPMRKP]EWPMZI %WMHI %PEWXLIKSPH -WFYXEF]FIXXS[IHKIMRXLILSRSYV HMETLERXE %WMHI -HSRSXORS[LS[XLI[SVPHKSIW EFVSEH *SVJEMXLSVLSRIWX] XLIVI WFSXLVIUYMVIHMRXLMW 1EHEQ[LEXWE]]SYXSQIERHWXVE]RSJYVXLIV# - ZIEKSSHQMRHMRXVSXLXSIEVR]SYVQSRI] FIEXVMGI = EVIXSSUYMGO-JIEVXSFIEQEMH HMETLERXE ,S[#2SXEQEMH#2E]XLIR]SYYVKI QIQEHEQ =SYVLSRSYVEFPIWIPJMWRSXEXVYIV ;MXLEPP]SYVJIEVWYTSR]SY FIEXVMGI %WMHI &EHIRSYKLXLIR HMETLERXE 8LER-[MXLEPPQ]PMKLXWSQINS]WEFSYX QI
=SYPIEZIFYWMRIWWFILMRH (METLERXE W[SVHWQEOI &IEXVMGIFPYWL KSSHWSSXL XVYXL MIEVI]SYWIVMSYW# 1ERWLSYPHLEZIFIIRYRORS[R E WLI[SYPHLEZI [MWLIHQIRHMHRSXI\MWX F WLI[SYPHRIZIVORS[E QER XV] I\TIVMIRGI [LIRWLIKIXWJVSQ X [LIRWLIVIQSZIWLIVWIPJJVSQ MRXIVGSYVWI GLEPPIRKIQI HIQERHXLIQSRI]JVSQQI PMIW E XIPPWPMIW F WYFWXMXYXIW PMIWHS[R XSQEOIPSZI F]FIX I\XVEMRGIRXMZI PMXIVEPP]EWMHIFIX r -HSSVLSRIWX] D-HSRSXORS[LS[QYGLJEMXLSV LSRIWX]GERFIJSYRHMRXLI[SVPHRS[EHE]W &E[GYXX UYMGO PMZIP] WI\YEPP] YVKI TVSZSOI PMKLXWSQI PMKLXLIEVXIH
FIEXVMGI - QKPEHXSLIEV X8LIR]SYHEVITYX]SYV LSRIWX] 9TSRERIEW]XVMEP# HMETLERXE )EW]#%R]XLMRK FIEXVMGI - PPGSQIXS]SYWXVEMKLX +SIWXSXLIGPSWIX HMETLERXE %WMHI 7LI[MPPRSXWIEVGL QI[MPPWLI 0MOIXLIJSVI[SQERSJEJIQEPINYV]# FIEXVMGI %WMHI +PEWW1 E]XLMWMWMX0SSO (METLERXE =SYXEOIRS[SVWIXLER-HS (VMROW HMETLERXE %RHMRWSHSMRK -[MPPRSXUYIWXMSR[LEXMXMWFYXXEOIMX (VMROW FIEXVMGI %WMHI 2S[MJXLII\TIVMQIRXFIXVYIX[MPP TVEMWIMXWIPJ %RHKMZIQIRSFPIIEWI&IKMRWEPVIEH] HMETLERXEKETIW 8LIVI WXLIp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
r 7LI[MPPJIQEPINYV] WE[XLIGEWISJXLI 'SYRXIWWSJ)WWI\[LSWYIHJSVHMZSVGISRXLIKVSYRHW SJRSRGSRWYQQEXMSRERH[EWI\EQMRIHF]EKVSYTSJ [SQIR TVEMWIMXWIPJ WLS[MXW[SVXL GMVGYQWGVMFIH EWMJ[VMXXIRMREGMVGPI EWSREGSMR ERH XLIVIJSVIMRERIEXWIUYIRGI EGGMHIRX W]QTXSQIJJIGX F] X ERHIRNS]MX PE]WMXWIPJ WYFWMHIW GEVVMEKI QEREKIQIRX
XLSQEWQMHHPIXSRERH[MPPMEQVS[PI] =SYQYWXRSXJEMPXSWXIEPJSVXLKIRXP] 8LEX-QE]YWIXLITPEGI HMETLERXE 3JIEVRSXQEHEQ -WLEPPFIGSSPF]XLEXXMQI %WMHI 8LIFVMHI WTPEGI %RH[MXLEXLSYWERHHYGEXW- QJSVENYWXMGIRS[ -FVMRKETSVXMSR[MXLQI -WGSVRWQEPPJSSPW )\IYRX
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
8LILSRSYVEFPIPSZI-VIWIVZIHJSVLMQ %RHQSGOIHQ]HEYKLXIV WNS]8LITVITEVIH QSVRMRK &PYWLIHEXLMWMRpHIPMX] LIPIJX 'SRXIQTXERHWGSVRXSXLVS[YTSRXLSWIJVMIRHW ;LSWIFIPMIJLYVX IQ3 X[EWQSWXMKRSFPI 8SXEOILMWqMKLXWSYRI\TIGXIHP] %RHXLVS[WYGLTYFPMG[VSRKWSRXLSWIXLEXPSZIH LMQ XSQE^S 8LIRXLMWMWEPP]SYVERW[IV# ZIVQERHIVS 8MWXSSJEMV *SVSRISJLMWEPPMERGIERH-[EVR]SY 8LEXXLMWTPEGIRSQSVIWII]SY )\MX )RXIVHIqSVIW
XSQE^S 8LIFIWXMW 8LIVIMWQSVIKVSYRHXSQIIXEQER WVIZIRKISR ,SRIWX(I*PSVIW# HIqSVIW 8LEX WQ]REQIMRHIIH 7E[]SYXLIFVMHI#+SSHW[IIXWMV[LMGL[E]XSSO WLI# XSQE^S -LEZIFPIWXQMRII]IWJVSQWIIMRKWYGLEJEPWI SRI HIqSVIW %WMHI - HJEMRKIXSJJXLMWQER WRSXJSV Q]GSQTER] -WQIPPLMWFVSXLIV WFPSSH[LIR-GSQIRIEVLMQ XSQE^S 'SQILMXLIVOMRHERHXVYISRI -VIQIQFIV 1]FVSXLIVPSZIHXLII[IPP HIqSVIW 3TYVIP]HIEVWMV %WMHI 1IXLMROW-EQRS[EKEMREOMPPMRKSRLMQ ,IFVMRKWMXWSJVIWLXSQI XSQE^S 8LSYGERWXKYIWWWMVVEL )RXIVXSQE^S 3RILSRIWXJVMIRHLEWERMRWXMRGXSJNIEPSYW] XSQE^S -GPEMQEFVSXLIVSJ]SY %XWSQIJSYPKYMPX]TIVWSR# ZIVQERHIVS = EVIXSSLSX HIqSVIW 0EWWMV-EQWSGLEVMXEFPI-XLMRORSRI 7IIOLMQRSXLIVI ;SVWIXLERQ]WIPJ=SYHMHRSXWIIXLIFVMHIXLIR# XSQE^S =IW QSRKWX]SYVHIEVIWXFPSSHW XSQE^S -TVMXLIIREQILIVRSX-WWLIRSX[MGOIH# -JQ]TIEGIpRHRSJEMVIVWEXMWJEGXMSR HIqSVIW 2SRS ETVIXX]IEW]VSYRHTEGOIHWMRRIV 8LMWMWXLITPEGIQYWX]MIPHEGGSYRXJSVLMQ %W]SYVQSWXPEHMIWEVI IPWI]SYQMKLXXLMRO *SVLIVI-PIJXLMQ ERHXLILEWX]XMI -qEXXIVIHLIV FYXWMVEXRSLERH[MGOIH 3JXLMWWREXGLIHQEVVMEKIKMZIWWXVSRKXIWXMQSR] 8MPPXL EVIWSSPHXLIMVGLMRWERHRSWIWQIIX 3JLMWQSWXGIVXEMRVYMR %RHXLI]WEPYXI[MXGLIW-EQGEPPIH-XLMROWMV ZIVQERHIVS 'IVXEMRJEPWILSSH 8LMWMWXLITPEGIMRHIIH LMWFVIEGLSJJEMXL ,EWXSSQYGLQEVVIHFSXLQ]EFYWIHPSZI FIPMIJ QMWXEOIRGSRpHIRGI
GSSP WI\YEPP]WEXMWpIH r - QJSVWQEPPJSSPW ENYWXMGIMWWIIREWEHIWMVEFPI DFMKJSSP RS[XLEXWLILEWEHS[V] TSVXMSR &VMEQEXE :IVQERHIVS WGSYRXV]IWXEXI ERW[IVJEMXLJYPP] I\TPEMRMRKSSHJEMXL ETTVILIRWMSR EVVIWX HMWGSZIV VIZIEP WIXSR LEVEWWIH WIIMRK8SQE^SEVVMZI FPSSHW OMR QEVVIH XEMRXIH
JEMV OMRH EPPMERGI PMRIEKI 8LIVIMWVIZIRKISR DXLIVIEVISXLIV[E]WXSTYVWYI VIZIRKI MRWXMRGXSJNIEPSYW] MRXYMXMZIWYWTMGMSR IEW] SJIEW]ZMVXYI VSYRHTEGOIH JYPPpKYVIHWLETIP] EXRSLERH F]RSQIERW GLMRWERHRSWIW 5LEWDWMRWERHRSWIW ;IJSPPS[XLI YWYEPIQIRHEXMSR WEPYXI E EVIGEPPIH F KVIIX EWXLI]PSSOPMOI[MXGLIW XLIQWIPZIW
XLIGLERKIPMRK 1MRIWSQ]JEMXLERHJVMIRHWLMTQMKLXFIOITXMR X %WMHI ,MWGSQTER]IZ RS IVPE]WQ]GSRWGMIRGI *EMXLWMVHMWTIRWIEPMXXPI[MXLQ]^IEP )\MX %RHPIXMXGSSPMRXLMW XSQE^S 8LEX(I*PSVIWLEWE[SRHVSYWLSRIWXLIEVX EPWIQIVS 8LMWTYXWQISR ,I PPFVMRKMXSYXMRXMQI- QEWWYVIHSR X %RHFPEQIWXLIIJSVXL]WPS[RIWW 3LIVI WXLIKPSVMSYWQEWXIVSJXLIHE] WNS] %PPQE]TVSZIRSXLMRK
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
8MWEQSVITVIGMSYWPMUYSVXLEXQYWXPE] 0SYHIVXLERWLI 8LIpIV]XLMVWX-FVMRK EPWIQIVS (I*PSVIW#8LSYEVXSYXRS[ EPWIQIVS =SYV[SVHWERH]SY NEWTIVMRS =SY PPXIPPQIQSVIERSR %TTIEVXSQIKVIEXWXVERKIVW EPWIQIVS 7XMPP- PPTVIZIRXXLII XSQE^S 8MQIERHSYVW[SVHW 8LIZIV]WMKLXSJLMQMWTSMWSRXSLIV 1E]QEOIYWQSVIEGUYEMRXIH8LMWXLIFYWMRIWW NEWTIVMRS 8LEXQEHIQIWXEKKIVXSSFYX(METLERXE -WLSYPHLEZILEHEFVSXLIVMR]SYVTPEGI %XLIVVIXYVRGSRp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pVIMRXSOMRKW FVIEWXW IRX VIH %RHXSYGLIHWLIWPIITWRSXLIVI=IX-LEZIXMQI 9TSRXLMWHE]1]MRRSGIRGIVIPMIZIWQI 8LSYKLRMKLXFIRIEVXSFIVIWSPZIHLIVISJ %RHTVMXLIIHSRSX[IMKLQIF]Q]TEWWMSRW )RXIVNEWTIVMRS NEWTIVMRS -RIZIV[IMKLIHJVMIRHWS -WLSYPHFI[SRHVSYWWEHIPWI.EWTIVMRS (SRIGLEVMXEFP] EPWIQIVS -LEZIRI[WXSXIPPXLIIWXVERKIRI[W NEWTIVMRS -LE WSQIXSS WS TVSZMHIHXLEX -XLMROEWWXVERKIEW]SYVW;SYPH-QMKLXOIIT
S IVPE]WQ]GSRWGMIRGI STTVIWWIWQ]QMRH FVMRKMXSYX E VIZIEPLMWDLSRIWXLIEVX F VIZIEPXLI MHIRXMX]SJXLIOMPPIV KPSVMSYW EWGSVRJYPXIVQEWMRZEMRKPSVMSYWTVSYH VIGOSR WIXXPI SYVEGGSYRX PMUYSV MIFPSSH PE] EPPE]UYIRGL LMWVMKLX EWLYWFERHXS&IEXVMGI MRTPEGISJ%PSR^S XLEX[SVH XLIEGGYWEXMSR MX EW[SVH EWERW[IV /IIT]SYVHE]WSPIQR MISFWIVZIXLIVMXYEPWSJ]SYV [IHHMRKHE] WQEVX TEMR
r HMWTIRWIEMRXLMW EPPS[Q]^IEPSYWWIVZMGIXSDGSSP E PMXXPI WSXLEX-WLSYPHRSXLEZIXSVIPE]XLMWRI[W TYXWQISR TVSZSOIWQI TEVXEOI WLEVI TVIXIRH SJJIV LSRIWX E KIRYMRI F GLEWXI (METLERXEMWWXMPPEZMVKMR TVMZEXIGSRJIVIRGI EWMREPSZIVW QIIXMRK SYX QMWXEOIR XIPPQIQSVI WTIEOHMJJIVIRXP] [LIRQSVISJXLIWXSV]MW VIZIEPIH TVIZIRX JSVIWXEPP GLEPPIRKI GPEMQ XSYGLIH YRGLEWXI VIWSPZIH WEXMWpIH [IMKL NYHKI
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pXP]SYVFVMHIGSQIWXSTEVXEOI[MXL YW FIEXVMGI ;LEXMW XQ]PSVH# EPWIQIVS 2SLYVX FIEXVMGI 7MVTEVHSRQI -WIPHSQXEWXISJER]GSQTSWMXMSR EPWIQIVS &YXXLMWYTSRQ][EVVERX]SYWLEPP ZIRXYVISR +MZIWLIVXLIKPEWW FIEXVMGI -JIEV X[MPPQEOIQIMPP EPWIQIVS ,IEZIRJSVFMHXLEX 8EPOWETEVXXSNEWTIVMRS
TVIXX] MRKIRMSYW 'LEPHIER EWIIVSVWSSXLWE]IV WII(ERMIP WSQI MIWIGVIXW (IPMZIVIHLIVJSV HIWGVMFIHLIVEW SFWGYVIP] E MRXLIHEVO F YRWIIR W[IIXZS]EKI LIVWI\YEPIRGSYRXIV 7LI WEFYWIHUYIWXMSRPIWW WLI WYRHSYFXIHP] QEPMKRIH GSQTSWMXMSR QIHMGMRI SJQSVIXLERSRIMRKVIHMIRX [EVVERX KYEVERXII
FIEXVMGI %WMHI - QTYXRS[XSQ]GYRRMRK 8L IJJIGXW-ORS[ -J-GERRS[FYXJIMKR IQLERHWSQIP] (VMROW EPWIQIVS -XLEWXLEXWIGVIXZMVXYIMXRI IVQMWWIHWMV 9TSREZMVKMR NEWTIVMRS 8VIFPIUYEPMXMIH# FIEXVMGIKETIWXLIRWRII^IW EPWIQIVS &]EPPXLEX WZMVXYSYWMXXEOIWXLIVI TVSGIIHW NEWTIVMRS 8LMWMWXLIWXVERKIWXXVMGOXSORS[EQEMH F] FIEXVMGI ,ELELE =SYLEZIKMZIRQINS]SJLIEVXXSHVMROQ]PSVH EPWIQIVS 8SLIV 2SXLSYLEWXKMZIRQIWYGLNS]SJ LIEVX 8LEXRIZIVGERFIFPEWXIH FIEXVMGI ;LEX WXLIQEXXIVWMV# EPWIQIVS 8SNEWTIVMRS 7IIRS[ XMWWIXXPIHMRE QIPERGLSP] /IITWFSXLXLIXMQIERHQIXLSH 8SLIV 1] .SERRE 'LEWXIEWXLIFVIEXLSJLIEZIRSVQSVRMRK W[SQF 8LEXFVMRKWXLIHE]JSVXLXLYWQ]PSZIIRGPSWIWXLII )QFVEGIWLIV)\IYRX
%GX-:WGIRIMMM )RXIVMWEFIPPEERHPSPPMS MWEFIPPE 3LIEZIR-WXLMWXLI[E\MRKQSSR# (SIWPSZIXYVRJSSPVYRQEHERHEPPEXSRGI# 7MVVELLIVI WEQEHQEREOMRXSXLIJSSPXSS %PYREXMGPSZIV PSPPMS 2SRS2SXLI-FVSYKLXXLIPIXXIVJVSQ# MWEFIPPE 'SQTEVILMWMRWMHI[MXLLMWSYXERHXIPPQI +MZIWLMQXLIPIXXIV PSPPMS 8LISYX WQEH- QWYVISJXLEX -LEHEXEWXI SR X 6IEHW D8SXLIFVMKLX%RHVSQIHEGLMIJ
LERHWSQIP] GSRZMRGMRKP] XLEXWIGVIXZMVXYI MIWYGLVEVIUYEPMX] 8VIFPIUYEPMXMIH TVSHYGMRKXLVIIIJJIGXW %PWIQIVSLEW GPIEVP]FVMIJIH.EWTIVMRSSRXLIIJJIGXWSJXLITSXMSR XEOIW XEOIWIJJIGX FPEWXIH HIWXVS]IH XMQI WIUYIRGI QIXLSH IJJIGX [E\MRK 5LEWD[EMXMRK FYX[IJSPPS[SXLIVIHWMRXLMW IQIRHEXMSR%[E\MRKQSSR SRIKVS[MRKFMKKIV [EW XLSYKLXXSMRGVIEWIPYREG] QEHQER MI*VERGMWGYWDVIPEXIH XSXLIJSSP%RXSRMS MRWMHI[MXLLMWSYX E GSQTEVI*VERGMWGYWERHLMW HMWKYMWI F GSQTEVI[LEXMW[VMXXIRSRXLISYXWMHISJXLI PIXXIV[MXLMXWGSRXIRXW r 8LISYX WXEWXISR X 0SPPMSXLMROWXLEX*VERGMWGYWMW QEH[LIRLIMWHMWKYMWIHERHVIGEPPWLMWIEVPMIVZMSPIRGI
XLIGLERKIPMRK GLEQFIVQEMHXSXLI/RMKLXSJXLI7YREXXLIWMKRSJ 7GSVTMSMRXLIQMHHPIVIKMSRWIRXF]XLIFIPPS[W QIRHIVSJ%ISPYW4E]XLITSWX 8LMWMWWXEVO QEHRIWW MWEFIPPE 2S[QEVOXLIMRWMHI 8EOIWXLIPIXXIVERH VIEHW D7[IIXPEH]LEZMRKRS[GEWXSJJXLMW GSYRXIVJIMXGSZIVSJEQEHQER-ETTIEVXS]SYVFIWX NYHKIQIRXEXVYIERHJEMXLJYPPSZIVSJ]SYVFIEYX] PSPPMS ,IMWQEHWXMPP MWEFIPPE D-JER]JEYPX]SYpRHGLMHIXLSWITIVJIGXMSRW MR]SY[LMGLLEZIQEHIQIMQTIVJIGX XMWXLIWEQI WYRXLEXGEYWIXLXSKVS[ERHIRJSVGIXLXS[MXLIV PSPPMS 3VSKYI MWEFIPPE D7LETIWERHXVERWWLETIWHIWXVS]WERH FYMPHWEKEMR-GSQIMR[MRXIVXS]SYHMWQERXPIHSJ Q]TVSTIVSVREQIRXW F]XLIW[IIXWTPIRHSYVSJ]SYV GLIIVJYPWQMPIW-WTVMRKERHPMZIEPSZIV PSPPMS 1EHVEWGEPWXMPP MWEFIPPE D8VIEHLMQRSXYRHIVJSSXXLEXWLEPPETTIEV ERLSRSYVXS]SYVFSYRXMIW-VIQEMRQEHXMPP- WTIEO[MXL]SYJVSQ[LSQ-I\TIGXQ]GYVI]SYVW EPPSVSRIFIWMHILMQWIPJ*VERGMWGYW PSPPMS =SYEVIPMOIXSLEZIEpRIXMQISR X1]QEWXIV ERH-QE]KMZISZIVSYVTVSJIWWMSRW -HSRSXXLMRO FYX]SYGERGYVIJSSPWERHQEHQIRJEWXIVXLER[I [MXLPMXXPITEMRWXSS MWEFIPPE :IV]PMOIP] PSPPMS 3RIXLMRK-QYWXXIPP]SYQMWXVIWW=SY TIVGIMZIXLEX-EQTVMZ]XS]SYVWOMPP MJ-pRH]SY QMRMWXIVSRGIERHWIXYTXLIXVEHI-TYXMRJSVQ] XLMVHW -WLEPPFIQEHSVJSSPIPWI
r D8SXLIWXEVOQEHRIWW %RHVSQIHE -WEFIPPE [EW VIWGYIHJVSQXLIHVEKSRF]4IVWIYW *VERGMWGYW 'LEQFIVQEMHW[IVIXLSYKLXXSFIPEWGMZMSYWERHX]TMGEP SJXLIVIEHIVWSJWYGLVSQERGIWEW8LI1MVVSVSJ /RMKLXLSSH RMRITEVXWTVMRXIHMR)RKPERH r MR [LMGLXLI/RMKLXSJXLI7YRMWXLILIVS8LI^SHMEGEP WMKR7GSVTMS[EWXLSYKLXXSKSZIVRXLIWI\YEPSVKERW DXLIQMHHPIVIKMSR ERH%ISPYWXLIFIPPS[WQIRHIVMW WMKRMpGERXEWXLIVYPIVSJXLI[MRHW[LMGL[SYPHGVIEXI WI\YEP EGXMZMX]DFIPPS[ FIMRKEXIVQJSVXLITLEPPYW D4E]XLITSWX GSYVMIV MWLYQSVSYWP]QEXXIVSJJEGXMR XLIGSRXI\XSJXLMWDWXEVOQEHRIWW r HMWQERXPIHSJQ]TVSTIVSVREQIRXW RSXMRQ]TVSTIV GPSXLIW r ETTIEVERLSRSYV FILSRSYVEFPI FIWMHILMQWIPJ HMWXVEGXIHF]PSZI r -HSRSXXLMROFYX -EQWYVIXLEX TVMZ]XS]SYVWOMPP E[EVISJ]SYVTVSJIWWMSR QMRMWXIV E TVSZMHIQIHMGEPXVIEXQIRX F VIWTSRHXSXLI PIXXIV XVEHI E SYVXVEHI EWOIITIVW F XLIXVEHISJTVSWXMXYXI Q]XLMVHW E ESRIXLMVHWLEVISJXLIQIHMGEPFYWMRIWW F ESRIXLMVHWLEVISJ[LEXWLISJJIVWWI\YEPP] EPSRK [MXL%PMFMYWERHLIVPSZIV
MWEFIPPE 8LIpVWXTPEGIMWXLMRIFIPMIZIMX0SPPMS -J-HSJEPP PSPPMS -JEPPYTSR]SY MWEFIPPE 7S PSPPMS ;IPP-WXERHXSQ]ZIRXYVI MWEFIPPE &YXXL]GSYRWIPRS[LS[WLEPP-HIEP[MXL
IQ# PSPPMS ;L]HS]SYQIERXSHIEP[MXL IQ# MWEFIPPE 2E]XLIJEMVYRHIVWXERHMRKLS[XSYWI
IQ PSPPMS %FYWI IQ8LEX WXLI[E]XSQEHXLIJSSPERH QEOIEJSSPSJXLIQEHQERERHXLIR]SYYWI IQ OMRHP] MWEFIPPE 8MWIEW] - PPTVEGXMWI(SXLSYSFWIVZIMX 8LIOI]SJXL][EVHVSFI PSPPMS 8LIVI pX]SYVWIPJJSV IQERH- PPpX IQFSXL JSV]SY +MZIWLIVXLIOI] MWEFIPPE 8EOIXLSYRSJYVXLIVRSXMGIXLERXLISYXWMHI)\MX PSPPMS 2SXERMRGL - PPTYX]SYXSXLIMRWMHI )RXIVEPMFMYW EPMFMYW 0SPPMSEVXXLIVI#;MPPEPPFITIVJIGXXLMRO WX XLSY# 8SQSVVS[RMKLXEWMJXSGPSWIYTXLIWSPIQRMX] :IVQERHIVSI\TIGXWYW PSPPMS -QMWXVYWXXLIQEHQIRQSWX8LIJSSPW[MPPHS [IPPIRSYKL -LEZIXEOIRTEMRW[MXLXLIQ EPMFMYW 8YWLXLI]GERRSXQMWW8LIQSVIEFWYVHMX] 8LIQSVIGSQQIRHWMXWSRSVSYKLFILEZMSYVW %JJVMKLXXLIPEHMIW8LI]EVIRMGIXLMRKWXLSY ORS[ WX PSPPMS =SYRIIHRSXJIEVWMV WSPSRKEW[IEVIXLIVI [MXLSYVGSQQERHMRKTM^^PIWXLI] PPFIEWXEQIEW XLIPEHMIWXLIQWIPZIW EPMFMYW -[MPPWIIXLIQSRGIQSVIVILIEVWIFIJSVIXLI] KS PSPPMS -[EWEFSYXMXWMV0SSO]SYXSXLIQEHQIR W
r 8LIpVWXHSJEPP WLIWE]WXLEX0SPPMS[SYPHMRHIIH FIXLIpVWXVIGMTMIRXSJLIVJEZSYVFYXWLIMWMRXIVVYTXIH EWWLIUYEPMpIWXLMW[MXLD-J-JEPP 7S ]IWFYXMX[MPPRSXLETTIR -WXERHXSQ]ZIRXYVI -WLEPPOIITXSQ]TPER [MXL WI\YEPGSRRSXEXMSR HIEP[MXL E XVIEX F GSTYPEXI[MXL JEMVYRHIVWXERHMRK MIXLIHIGIRXQIERMRKSJDHIEP[MXL %FYWI HIGIMZI OMRHP] ETTVSTVMEXIP] EGGSVHMRKXSXLIMVREXYVIW TVEGXMWI WGLIQI pX E HVIWW F TVITEVI G EVSYWI WI\YEPP] 8EOIXLSYXLISYXWMHI XVIEXQIEWEQEH[SQIR - PPTYXXLIMRWMHI - PPQEOI]SYLEZIWI\YEP MRXIVGSYVWI WSPIQRMX] GIPIFVEXMSR WS TVSZMHIHXLEX RMGI HIPMGEXI TM^^PIW [LMTWQEHIJVSQXLITIRMWIWSJFYPPW
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pVWX WXMJJIRIH8LIVIVMWIEGETIV
QSVVMW 1SVVMWHERGI r SRISVX[S MI*VERGMWGYW ERH%RXSRMS QIEWYVI HERGI FVSSO XSPIVEXI KVYHKI GSQTPEMR 7LIXEOIWXLILSYWI MI-WEFIPPEGERpRHWI\YEP TPIEWYVILIVI r =SYQYWXXSSWLSVX E WLIQYWXFIEPPS[IHQSVI PEXMXYHIERHRSXFIGSRpRIH F WLIVIUYMVIWEPSRKIVTIRMW 'V]]SYQIVG] -FIK]SYVTEVHSR r XMW]SYV]SYRKIPITLERX E EREPSKSYWXSXLILSVRWSJ EGYGOSPH F IRPEVKIHFIGEYWI0SPPMSPIEHWLMQF]MX G TPE]SRWM^ISJTIRMW VMHI GSTYPEXI :EYPXMR NYQTMRXSXLIHERGI [MXLWI\YEPGSRRSXEXMSRMR XLIWIRWISJDVMHMRK ELSVWI LSRSYV FS[ ERH MJ LEQW LMTW 1EVV] F]1EV] WXMJJIRIH FIGEQIJSVQEP FIGEQIERIVIGXMSR GETIV PIET MRHERGMRK
ERXSRMS 'ETIVEJXIVERLSRSYVGS^# PSPPMS :IV]TVSTIV JSVLSRSYVMWFYXEGETIVVMWIWEW JEWXERHLMKLLEWEORIISVX[SERHJEPPWXSXL KVSYRHEKEMR=SYGERVIQIQFIV]SYVpKYVI8SR]# )\MX ERXSRMS =IWGSYWMR [LIR-WIIXL]p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
r VMWIWEWKVSYRHEKEMR DUYMGOEWGIRXTVIWEKIWUYMGO HIWGIRX /MRRI] pKYVI HERGIWXITW 7LSYKL DWLSS ERI\GPEQEXMSRXSHVMZILMQE[E] YWIH JSVFMVHW -GEVYW MRGPEWWMGEPQ]XLSPSK]XLIWSRSJXLI'VIXER (EIHEPYW[LSQEHI[MRKWSJ[E\MRSVHIVXSq]FYXJIPP [LIRXLI[MRKW[IVIQIPXIHF]XLIWYR GERGIPPIH VIJIVWXSXLITVSGIWWSJWIEPMRKHSGYQIRXW[MXL [E\ XLIGPYI XLIXLVIEH[LMGL%VMEHRIKEZIXS8LIWIYWXS YR[MRHEWLIIRXIVIHXLIPEF]VMRXL XLIQEHLSYWI XSOMPP XLI1MRSXEYV %PMFMYW WSXLEXLIGSYPHVIXYVR,IVI -WEFIPPEWYTTSWIWXLEX-GEVYWLEHIRHIHYTMRXLI PEF]VMRXLXLYWGSRqEXMRKX[SQ]XLW GLEQIPISRGSPSYVIH SJIZIVGLERKMRKGSPSYV XMEVE LIEHHVIWW FMPPS[W WIE[EXIV MRXS[LMGL-GEVYWJIPP XLIWXVEMXW XLIWIEFIX[IIR'VIXIERH+VIIGI[LIVI -GEVYWJIPP &PIWWXLII QE]+SHTVIWIVZIXLII 1IVGYV] XLI[MRKIHQIWWIRKIVSJXLIKSHW VIZIVWMSR XLIVMKLXSJWYGGIWWMSR
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
PSPPMS ;IPPOIIT]SYVSPHWXEXMSR]IXERHFIUYMIX ERXSRMS 8IPPLIV-[MPPHIWIVZILIVPSZI )\MX PSPPMS %RH]SYEVIPMOIXSLEZI]SYVHIWMVI )RXIVJVERGMWGYW
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pVWX 4YXW %RHFIEXXLIIPMOIEJYV] PSPPMS (SRSXHSRSX-WLEPPRSXJSVFIEVXLI E[E]XLIPIXXIV =SYVLERHMWXVYIMWMXRSX#-X[MPPRSX TMGO#-TEVXP]JIEVMXFIGEYWI-XLMROMXHSIWPMI KIRXPIQERYRHIVXLIJSSPMJ]SYHSEPEW-WE[ JVERGMWGYW 2SXMREW]PPEFPI XLVSYKL]SYVJS\WOMRFIJSVIRS['SQI-GERKMZI PSPPMS 7S MJ]SYPSZIQ]QMWXVIWWWS[IPPEW]SYLEZI ]SYGSQJSVX1]QMWXVIWWPSZIW]SYERHXLIVIMWEW LERHPIHXLIQEXXIVLIVI]SYEVIPMOIXSFIGYVIHSJ EVVERXEQEHQERM XL LSYWIEW]SYEVIEJSSP]SYV ]SYVQEHRIWW VMZEP[LSQWLIPSZIWRSX-JEJXIVXLIQEWUYI[IGER JVERGMWGYW %RHRSRIFYXWLIGERGYVIMX VMHLIVSJLMQ]SYIEVRLIVPSZIWLIWE]WERHXLI JSSPWLEPPVMHILIV PSPPMS ;IPP- PPKMZI]SYSZIVXLIRERHWLIWLEPPGEWX ]SYV[EXIVRI\X ERXSRMS 1E]-FIPMIZIXLII# PSPPMS =IWSV]SYQE]GLSSWI[LIXLIV]SY[MPPSVRS JVERGMWGYW 8EOIJSVXL]TEMRWTEWX +MZIWLMQQSRI] PSPPMS -WLEPPHIWIVZIQSVIWMV-LSTI1]QMWXVIWW ERXSRMS 7LI WIEWIHSJLMQ -LEZIEKSSHUYEVVIP SR X
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=SYVPSZI Q]PSZIJSV]SY WXVSOIH TSWWMFP][MXLXLIWIRWIDGSTYPEXIH[MXL XLITPEGI XLIXIQTPI FPSSH WI\YEPHIWMVI VMKLXSRI MIVIPMKMSYWHIZSXMSR X[MPPLEZIMXRS[ YRGPIEVFYXTSWWMFP] E XLIXIQTPI[MPP LEZIZIRKIERGI F %PWIQIVS[MPPRS[XEOIZIRKIERGI r 7LEPPKVIEXIVPIWW[IPGSQI# DWLEPPXLIKVIEXIV HERKIVW-LEZIHEVIHJSV]SYQEOIQ][IPGSQIXLIPIWW# &PEGO EFSYX SYXSJ]SYV[E] GLEVRIP GLEVRIPLSYWI VITSWMXSV]JSVXLIHIEH TEYWI MIJSVGSRWMHIVEXMSRSJ ]IX JSVXLIXMQIFIMRK TYXQIMR TYXQIMRQMRH MIWLS[RQI[LIVIXS FIKMR LIVGSQQIRHIHXS]SY EWOIHXSFIVIQIQFIVIH
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8[EWFYXSRIXLMRKERHXLEXWLI WE[LSVI EPWIQIVS -XGSYPHRSXGLSSWIFYXJSPPS[3GYRRMRK HIZMPW ,S[WLSYPHFPMRHQIRORS[]SYJVSQJEMVJEGIH WEMRXW# FIEXVMGI [MXLMR ,IPMIWXLIZMPPEMRHSIWFIPMIQI HIqSVIW 0IXQIKSXSLIVWMV EPWIQIVS 2E]]SYWLEPPXSLIV 4IEGIGV]MRKGVSGSHMPI]SYVWSYRHWEVILIEVH 8EOI]SYVTVI]XS]SY+IX]SYMRXSLIVWMV )\MXHIqSVIWMRXSGPSWIX - PPFI]SYVTERHIVRS[ VILIEVWIEKEMR =SYVWGIRISJPYWXXLEX]SYQE]FITIVJIGX ;LIR]SYWLEPPGSQIXSEGXMXXSXLIFPEGOEYHMIRGI ;LIVILS[PWERHKREWLMRKWWLEPPFIQYWMGXS]SY 'PMT]SYVEHYPX VIWWJVIIP] XMWXLITMPSX ;MPPKYMHI]SYXSXLI1EVI1SVXYYQ ;LIVI]SYWLEPPWMROXSJEXLSQWFSXXSQPIWW )RXIVZIVQERHIVSEPMFMYWMWEFIPPEXSQE^S JVERGMWGYWERHERXSRMS ZIVQERHIVS 3%PWIQIVS-LEZIE[SRHIVJSV]SY
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KIEV XLIFYWMRIWWXSLERHXLIpKLX GEWXWYMX EWIVZERXSRI[LSQMKLX[IEVLMWQEWXIV W GEWXSJJGPSXLMRK GSXUYIER EDGSXXEKI[MJI EWLVMPP[SQERSVMRXLMW GEWIERIJJIQMREXIQER UYEPMX] FMVXLVERO WYHHIR ZMSPIRX WH )RXIVEFSZI SRXLIYTTIVWXEKIEPPS[MRKXLIQXS[MXRIWW YRSFWIVZIHXLIEGXMSRFIPS[8LI]HIWGIRHXSXLIQEMR WXEKIHYVMRK+MSZERRM WWSPMPSUY] PPr VIWSPZI ERW[IV FI[VE]W VIZIEPW
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XLEXQMRX RI[SVJVIWLEWMRERI[P]QMRXIHGSMR r YRHIVXEOIWWERHFEKW EQEGLMRIHMWTPE]MRKTIVTIXYEP QSXMSR r EWXVERKILSVWILMWXEMPMW EXVMGOWIIREX GSRXIQTSVEV]JEMVW LEZIQSVIQMRHSJ EVIQSVIMRXIVIWXIHMR EQE]KEQI PEYKLMRKWXSGOEFYXXJSVVMHMGYPIMRXLI JIWXMZMXMIWEWWSGMEXIH[MXLXLIpVWXSJ1E] LSFF]LSVWIW TIVJSVQIVWHVIWWIHEWLSVWIW 9HWWE QI +SHWEZIQI XMGOPIH EQYWIH TEVQEWIRX TEVQIWERXLIPSGEPGLIIWI [ERXIH PEGOIH
XMWTMX]WLI WE[LSVI D2S X[IVIFIXXIVLIWLSYPHLEZILEHLMWFVEMRW ORSGOIHSYXpVWX HSREHS 8LMWMWMRXSPIVEFPI FIVKIXXS 8LIRWEMHWLID;MPP7MKRSV(SREHS]SYV YRGPIPIEZI]SYEPPLMW[IEPXL# HSREHS ,E8LEX[EWKSSH HMHWLILEVTYTSRXLEX WXVMRK# FIVKIXXS (MHWLILEVTYTSRXLEXWXVMRK#%]XLEXWLI HMH-ERW[IVIHD0IEZIQIEPPLMW[IEPXL#;L] [SQERLILEXLRSSXLIV[MX MJLILEHLIWLSYPH LIEVSR XXSLMWIZIVPEWXMRKKPSV]ERHGSRJYWMSR - ORS[ UYSXL-D-EQLMW[LMXIFS]ERH[MPPRSXFI KYPPIH ERH[MXLXLEXWLIJIPPMRXSEKVIEXWQMPIERH [IRXE[E]2E]-HMHpXLIV HSREHS %LWMVVELXLIR-WIIXLIVIMWRSGLERKMRKSJ REXYVI;IPP&IVKIXXS-JIEVXLSY[MPXFIEZIV]EWW WXMPP FIVKIXXS -WLSYPHFIWSVV]JSVXLEXYRGPI HSREHS 'SQIGSQI]SYLSQI[MXLQI7MRGI]SY EVIRSFIXXIVEWTIEOIV- PPLEZI]SY[VMXIXSLIVEJXIV WSQIGSYVXP]QERRIVERHIRGPSWIWSQIVMGLNI[IPMR XLIPIXXIV FIVKIXXS %]QEVV]XLEX[MPPFII\GIPPIRX HSREHS 4IEGIMRRSGIRX 3RGIMRQ]XMQI- PPWIXQ][MXWXSWGLSSP -JEPPJEMP XMWFYXXLIJSVXYRISJEJSSP FIVKIXXS 4SKKMS X[MPPHS4SKKMS )\IYRX
%GX--WGIRIM )RXIVKMSZERRMERHERREFIPPEEWJVSQXLIMVGLEQFIV
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
KMSZERRM 'SQI%RREFIPPE RSQSVIWMWXIVRS[ &YXPSZIEREQIQSVIKVEGMSYW HSRSXFPYWL &IEYX] WW[IIX[SRHIVFYXFITVSYHXSORS[ 8LEX]MIPHMRKXLSYLEWXGSRUYIVIHERHMRqEQIH %LIEVX[LSWIXVMFYXIMWXL]FVSXLIV WPMJI ERREFIPPE %RHQMRIMWLMW3LS[XLIWIWXSP R GSRXIRXW ;SYPHTVMRXEQSHIWXGVMQWSRSRQ]GLIIOW ,EHER]FYXQ]LIEVX WHIPMKLXTVIZEMPIH KMSZERRM -QEVZIP[L]XLIGLEWXIVSJ]SYVWI\ r 1YWMGTPE]MRK QYWMGMWEWQYGLXLIEVXSJPMWXIRMRK 7LSYPHXLMROXLMWTVIXX]XS]GEPPIHQEMHIRLIEH EWSJTPE]MRKFYXEPWSEWI\YEPGSRRSXEXMSRWMRGIQYWMGMW 7SWXVERKIEPSWW[LIRFIMRKPSWX XMWRSXLMRK EQIXETLSVSJPSZIQEOMRKERHXLIIEVVIJIVWXSXLI JIQEPIKIRMXEPME %RH]SYEVIWXMPPXLIWEQI XLYWLYRK.SZIRIGO +MSZERRMTMGXYVIWLMQWIPJEW ERREFIPPE 8MW[IPPJSV]SY .SZI[LSMREWMQMPEVP]YRREXYVEPEGXWIHYGIH0IHE 2S[]SYGERXEPO
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EQFVSWME XLIJSSHSJXLIKSHW[LMGLKEZIXLIQ IZIVPEWXMRKPMJI =IW#8S[LSQ# 5VIEHWD=IWXS[LSQ# FYXQSHIVR IHMXSVWTVIJIVXSWYKKIWXXLEX%RREFIPPEMWFIMRKQSVI TPE]JYPMRXLIIEVP]WTIIGLIWSJXLMWWGIRIYRE[EVISJ +MSZERRM WWIVMSYWRIWW 7SQISRIQYWXLEZI]SY MRXIVQWSJQEVVMEKIFYXEPWSMR XLIGVYHIVWIRWISJGEVREPTSWWIWWMSR HEVIHXS WSHEVMRKEWXS
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SZIV XLVSYKL pX WI\YEPHIWMVI JSVXLIWTIIGLSJXLITISTPI MIXSEZSMHETYFPMGWGERHEP 6IEGLQ][SVO TEWWQIQ]RIIHPI[SVO 4EHYE ER-XEPMERGMX]JEQSYWJSVMXWYRMZIVWMX]QIHMGEP WGLSSP TL]WMG QIHMGMRI JSVXLEX FIGEYWI TEVXW EFMPMXMIWSVUYEPMXMIW TVE]QEOIRSXWXVERKI TPIEWIHSRSXFIXSSJSVQEP
2ISTSPMXERPSZITSIX[LSWIVSQERGI%VGEHME[EWORS[R MR)RKPERH IRZ] MPP[MPP QIER QSHIVEXMSR IRGSQMYQ EWLSVX0EXMRTSIQ r ,EH%RREFIPPEWYQSJKSPH 7ERRE^EVSLEH[VMXXIR E0EXMRTSIQMRTVEMWISJ:IRMGI[LMGL[EWQIRXMSRIH MR8LSQEW'SV]EX W'VYHMXMIW ERHMRXVERWPEXMSRMR EPIXXIV[VMXXIRJVSQ:IRMGIXS6SFIVX&VS[RHEXIH %YKYWX&VS[RVIGIMZIHXLIPIXXIVEXXLI1MHHPI 8IQTPIXS[LMGL.SLR*SVHFIPSRKIH XE\IHSJ FPEQIHJSV
XMWTMX]WLI WE[LSVI 'ER-FIRS[LIVITVMZEXI# ZEWUYIW [MXLMR 8VSXL]SY[VSRK]SYVQSHIWX] WSVER^S ;LEX WXLIQEXXIV:EWUYIW#;LSMW X# )RXIVLMTTSPMXEERHZEWUYIW LMTTSPMXE
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XMWTMX]WLI WE[LSVI HSREHS 7E] WXWS#+SHEQIVG]4YXEREXLIVI W WSQIXLMRKJSVXLIIERHTVMXLIIHS[LEXXLSYGERWX SRLMWFILEPJ WLE RSXFIPSWXPEFSYVXEOIQ][SVH JSV X TYXERE 8LERO]SYQSWXLIEVXMP]WMV RS[-LEZIE JIIPMRKSJ]SYVQMRHPIXQIEPSRIXS[SVO ERREFIPPE +YEVHMER TYXERE (MH]SYGEPP# ERREFIPPE /IITXLMWPIXXIV HSREHS 7MKRSV*PSVMSMRER]GEWIFMHLIVVIEHMX MRWXERXP] qSVMS /IITMXJSV[LEX#4VE]VIEHMXQILIVIVMKLX ERREFIPPE -WLEPPWMV 7LIVIEHW HSREHS ,S[H IIpRHLIVMRGPMRIHWMKRSV# qSVMS 8VSXLWMV-ORS[RSXLS[ RSXEPPWS[IPP %W-GSYPH[MWL ERREFIPPE 7MV-EQFSYRHXSVIWX]SYVGSYWMR W HIFXSV 8LINI[IP- PPVIXYVR JSVMJLIPSZI - PPGSYRXXLEXPSZIENI[IP HSREHS 1EVO]SYXLEX# 2E]OIITXLIQFSXLW[IIXQEMH ERREFIPPE =SYQYWXI\GYWIQI -RHIIH-[MPPRSXOIITMX qSVMS ;LIVI WXLIVMRK 8LEX[LMGL]SYVQSXLIVMRLIV[MPPFIUYIEXLIH %RHGLEVKIH]SYSRLIVFPIWWMRKRSXXSKMZI X 8SER]FYX]SYVLYWFERH#7IRHFEGOXLEX ERREFIPPE -LEZIMXRSX qSVMS ,ELEZIMXRSX;LIVIMW X# ERREFIPPE 1]FVSXLIVMRXLIQSVRMRKXSSOMXJVSQ QI 7EMHLI[SYPH[IEV XXSHE] qSVMS ;IPP[LEXHS]SYWE] 8S]SYRK&IVKIXXS WPSZI#%VI]SYGSRXIRX 8SQEXGL[MXLLMQ#7TIEO HSREHS 8LIVI WXLITSMRXMRHIIH ERREFIPPE %WMHI ;LEXWLEPP-HS#-QYWXWE] WSQIXLMRKRS[ qSVMS ;LEXWE]#;L]H IIRSXWTIEO# ERREFIPPE 7MV[MXL]SYVPIEZI 4PIEWI]SYXSKMZIQIJVIIHSQ# qSVMS =IW]SYLEZIMX ERREFIPPE 7MKRSV(SREHSMJ]SYVRITLI[QIER 8SVEMWILMWFIXXIVJSVXYRIWMRLMWQEXGL 8LILSTISJQI[MPPLMRHIVWYGLELSTI 7MVMJ]SYPSZILMQEW-ORS[]SYHS *MRHSRIQSVI[SVXL]SJLMWGLSMGIXLERQI -RWLSVX- QWYVI-WLE RSXFILMW[MJI
,S[HIEVP]WLIHSXLTVM^IQ]QEXGLPIWWPSZI 8LIR]SY[MPPORS[[LEXTMX] X[IVI[IX[S 7LSYPHLEZIFIIRWYRHIVIHJVSQIEGLSXLIV WEVQW :MI[[IPPLIVJEGIERHMRXLEXPMXXPIVSYRH =SYQE]SFWIVZIE[SVPHSJZEVMIX] *SVGSPSYVPMTW JSVW[IIXTIVJYQIWLIVFVIEXL *SVNI[IPWI]IW JSVXLVIEHWSJTYVIWXKSPH ,EMV JSVHIPMGMSYWGLSMGISJq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
%GX--WGIRIZM )RXIVqSVMSHSREHSERREFIPPETYXERE
qSVMS ;LIVI W+MSZERRM# ERREFIPPE 2I[P][EPOIHEFVSEH %RHEW-LIEVHLMQWE]KSRIXSXLIJVMEV ,MWVIZIVIRHXYXSV qSVMS 8LEX WEFPIWWßHQER %QERQEHIYTSJLSPMRIWW -LSTI ,I PPXIEGLLMQLS[XSKEMRERSXLIV[SVPH HSREHS *EMVKIRXPI[SQERLIVI WEPIXXIVWIRX 8S]SYJVSQQ]]SYRKGSYWMR -HEVIW[IEV ,IPSZIW]SYMRLMWWSYP [SYPH]SYGSYPHLIEV 7SQIXMQIW[LEX-WIIHEMP]WMKLWERHXIEVW %WMJLMWFVIEWX[IVITVMWSRXSLMWLIEVX qSVMS 6IGIMZIMX%RREFIPPE ERREFIPPE %PEWKSSHQER HSREHS ;LEX WXLEXWLIWEMH# TYXERE %RHTPIEWI]SYWMVWLIWEMHD%PEWKSSH QER 8VYP]-HSGSQQIRHLMQXSLIVIZIV]RMKLX FIJSVILIVpVWXWPIITFIGEYWI-[SYPHLEZILIVHVIEQ SJLMQERHWLILIEVOIRWXSXLEXQSWXVIPMKMSYWP]
XLVSRI MI%RREFIPPE WJEGI TEVXW WII--MR WIGSRHHIEXL HEQREXMSR
EJIIPMRK ERYRHIVWXERHMRK LIVIVMKLX MQQIHMEXIP] JVIIHSQ EJVIIGLSMGISJELYWFERH 8SVEMWILMWFIXXIVJSVXYRIW XSMQTVSZILMWWSGMEP TSWMXMSR
NSLRJSVH HSREHS ;EWIZIVWYGLEJSSPFSVR# ERREFIPPE -EQKPEHWLIPMOIH]SYWMV FIVKIXXS %VI]SYWS#&]Q]XVSXL-XLERO]SY JSVWSSXL qSVMS 7YVI X[EWXLIHSGXSV WRMIGIXLEX[EWPEWXHE] [MXLYWLIVI FIVKIXXS 8[EWWLI X[EWWLI HSREHS ,S[HS]SYORS[XLEXWMQTPMGMX]# )RXIVFIVKIXXSERHTSKKMS FIVKIXXS ;L]HSIWRSXLIWE]WS#-J-WLSYPHLEZI HSREHS %WMHI 3GS\GSQF[LEXHSXLLIQEOILIVI# WEMHRS-WLSYPHLEZIKMZIRLMQXLIPMIYRGPIERHWS FIVKIXXS ;LIVI WQ]YRGPIWMVW# LEZIHIWIVZIHEHV]FIEXMRKEKEMR - PPRSRISJXLEX HSREHS ;LEX WXLIRI[WRS[# qSVMS %ZIV]QSHIWX[IPPFILEZIH]SYRKQEMH FIVKIXXS 7EZI]SYYRGPIWEZI]SY=SYQYWXRSX %W-LEZIWIIR XLMRO-GSQIJSVRSXLMRKQEWXIVW ERHLS[ERHLS[ HSREHS -WWLIMRHIIH# MW X#;LEX]SYLEZIVIEHQ]PIXXIV#%LXLIVI- qSVMS -RHIIH XMGOPIH]SYM JEMXL 7LIMWMJ-LEZIER]NYHKQIRX TSKKMS &YX X[IVIFIXXIV]SYLEHXMGOPIHLIVMR HSREHS ;IPPWMVRS[]SYEVIJVII]SYRIIHRSXGEVI ERSXLIVTPEGI JSVWIRHMRKPIXXIVW RS[]SYEVIHMWQMWWIH]SYV FIVKIXXS 7MVVELW[IIXLIEVX- PPXIPPXLIIEKSSHNIWX QMWXVIWWLIVI[MPPRSRISJ]SY ERHVMHHPI[LEX XMW FIVKIXXS 2S;L][LEXGEVI-JSVXLEX#-GERLEZI ERREFIPPE =SYWE]]SY HXIPPQI [IRGLIWIRSYKLMR4EVQEJSVLEPJEGVS[RETMIGI FIVKIXXS %W-[EW[EPOMRKNYWXRS[MRXLIWXVIIX-QIX GERRSX-4SKKMS# EW[EKKIVMRKJIPPS[[SYPHRIIHWXEOIXLI[EPPSJQI TSKKMS - PP[EVVERX]SYWMV ERHFIGEYWILIHMHXLVYWXQI-ZIV]ZEPMERXP]GEPPIH HSREHS 7MKRSV*PSVMS LMQVSKYI,ILIVIYTSRFEHIQIHVE[ -XSPHLMQ- -XLERO]SYJSV]SYVJVIIVIGSYVWI]SYKEZI LEHQSVI[MXXLERWSFYX[LIRLIWE[XLEX-[SYPH *SVQ]EHQMXXERGI ERHXS]SYJEMVQEMH RSXLIHMHWSQEYPQI[MXLXLILMPXWSJLMWVETMIVXLEX 8LEXNI[IP-[MPPKMZI]SY KEMRWX]SYVQEVVMEKI Q]LIEHWYRK[LMPWXQ]JIIXGETIVIHMRXLIOIRRIP 'SQI[MPP]SYKSWMV# HSREHS %WMHI ;EWIZIVXLIPMOIEWWWIIR# FIVKIXXS %]QEVV][MPP-1MWXVIWWJEVI[IPP ERREFIPPE %RH[LEXHMH]SYEPPXLMW[LMPI# QMWXVIWW- PPGSQIEKEMRXSQSVVS[*EVI[IPP FIVKIXXS 0EYKLEXLMQJSVEKYPPXMPP-WIIXLIFPSSH QMWXVIWW )\MXHSREHSFIVKIXXSERHTSKKMS VYREFSYXQMRIIEVWERHXLIR-GSYPHRSXGLSSWIFYX )RXIVKMSZERRM pRHMRQ]LIEVXXSGV] XMPPEJIPPS[[MXLEFVSEH qSVMS 7SR[LIVILEZI]SYFIIR#;LEXEPSRIEPSRI FIEVH XLI]WE]LIMWERI[GSQIHSGXSV GEPPIHQI WXMPP# MRXSLMWLSYWIERHKEZIQIETPEWXIVPSSO]SYLIVI -[SYPHRSXLEZIMXWS]SYQYWXJSVWEOI
XMWERHWMVXLIVI[EWE]SYRK[IRGL[EWLIHQ] 8LMWSZIVFSSOMWLLYQSYV;IPP]SYVWMWXIV JEGIERHLERHWQSWXI\GIPPIRXP]M JEMXL-WLEPPPSZI ,EXLWLSSOXLIJSSPSJJ LIVEWPSRKEW-PMZIJSV XHMHWLIRSX4SKKMS#
8[EWRSQEXGLJSVLIV TSKKMS =IWERHOMWWIHLMQXSS KMSZERRM qSVMS 8[EWRSXMRHIIH-QIERXMXRSXLMRKPIWW FIVKIXXS ;L]PERS[]SYXLMRO-XIPPEPMIYRGPI- 7SVER^SMWXLIQER-SRP]PMOI [EVVERX 0SSOSRLMQ%RREFIPPE'SQI XMWWYTTIVXMQI HSREHS ;SYPHLIXLEXFIEXXL]FPSSHSYXSJXL]LIEH %RHMXKVS[WPEXI LEHFIEXIRWSQI[MXMRXSMX JSV-JIEVXLSYRIZIV[MPX )\MXqSVMS KMSZERRM ;LSWINI[IP WXLEX# LEZIER] 7SQIW[IIXLIEVX W FIVKIXXS 3YRGPIFYXXLIVI[EWE[IRGL[SYPHLEZI ERREFIPPE KMSZERRM 7S-XLMRO HSRIEQER WLIEVXKSSHXSLEZIPSSOIHSRLIVF] ERREFIPPE %PYWX]]SYXL XLMWPMKLXWLILEHEJEGIQIXLMROW[SVXLX[IRX]SJ 7MKRSV(SREHSKEZIMXQIXS[IEV ]SY1MWXVIWW%RREFIPPE HSREHS ;L]LIVI WTPEMRHIEPMRK -GSQQIRHXLII JSV X %RHEPPXLI[SVWX-[MWLXLIIMW,IEZIRFPIWWXLII =SYVJEXLIV]IXERH-[MPPWXMPPFIJVMIRHW 7LEPP[IRSX7MKRSV*PSVMS# qSVMS =IW[L]RSX# 0SSOLIVI]SYVGSYWMRGSQIW
XMGOPIH TPIEWIH VMHHPI KYIWW XEOIXLI[EPPSJQI XEOIXLIGPIERIWXERHWEJIWXTPEGISR XLITEZIQIRXGPSWIWXXSXLI[EPP OIRRIP KYXXIV KYPP HYTI
PMOIH TPIEWIH KMZIRLMQXLIPMI EGGYWIHLMQSJP]MRK HV] FPSSHPIWW LEPJEGVS[R XLITVMGIGLEVKIHF])RKPMWLTVSWXMXYXIW KEMRWX MRERXMGMTEXMSRSJ SRP] WTIGMEPP]
XMWTMX]WLI WE[LSVI %KEMRWXQ]QEVVMEKI %GX---WGIRIMM KMSZERRM &YX]SYWLEPPRSX[IEVMX 7IRHMXLMQFEGOEKEMR )RXIVqSVMSKMSZERRMWSVER^SERREFIPPE TYXEREERHZEWUYIW ERREFIPPE ;LEX]SYEVINIEPSYW# KMSZERRM 8LEX]SYWLEPPORS[ERSREXFIXXIVPIMWYVI q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pX Q]WIPJ'SQIE[E] KMSZERRM %WMHI ,IVI WSRIGERWE]XLEX WFYXE [SQER WRSXI )\IYRX WSVER^S (MH]SYFYXWIIQ]LIEVXXLIR[SYPH]SY W[IEV WGSRGI LIEHFVEMR ERREFIPPE 8LEX]SY[IVIHIEH FSF JSF KMSZERRM %WMHI 8LEX WXVYISV 7JSSX DF]+SH WJSSX WSQI[LEXRIEVMX GSHTMIGITSMRX EPEGIJEWXIRMRKJSVEGSHTMIGIXLI HIGSVEXMZIKEVQIRX[LMGLGSZIVIHFYXEPWSHVI[ WSVER^S 7II]SYXLIWIXVYIPSZI WXIEVW# EXXIRXMSRXSXLIQEPIKIRXMXEPME)PEFSVEXIGSHTMIGIWLEH ERREFIPPE 2S FIGSQIYRJEWLMSREFPIF]XLIXMQIXLITPE][EWpVWX TIVJSVQIH r XSGPETYTMRLYKKIVQYKKIV XSEVVERKIEUYMGOERH WIGVIXQEVVMEKI8LIVIMWERIGLSLIVISJXLIWTIIGL QEHIF]'PEYHMYWMR,EQPIXGSRGIVRMRKXLIHIEXLSJ 4SPSRMYW -:Z GSYVEKI FVEZIV]FYXEPWSWI\YEPHIWMVI GEVX[LSVIW TVSWXMXYXIW[IVITEVEHIHMRXLIWXVIIXWMR GEVXWEWETYRMWLQIRX GLEVKIW I\TIRWI
NSMRXYVIW TVSTSWEPWSJQEVVMEKI 5LEWDEKVIIEWXLI]QE] FIRSXEPP[SQER +MSZERRMVIJIVWXSEWXIVISX]TISJ [SQIREWMRGSRWXERX WH QERIX LIWXE]WXLSYKLMRJEGXFSXL7SVER^SERH %RREFIPPEVIQEMRSRWXEKI TSMRXSJJEMXL EREVXMGPISJJEMXLRIGIWWEV]JSVWEPZEXMSR 5LEWD 8MWRSXTSMRXSJJEMXL
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pVQIH ERREFIPPE 8STYX]SYSYXSJHSYFXQ]PSVH QIXLMROW =SYVGSQQSRWIRWIWLSYPHQEOI]SYYRHIVWXERH 8LEXMJ-PSZIH]SYSVHIWMVIH]SYVPSZI 7SQI[E]-WLSYPHLEZIKMZIR]SYFIXXIVXEWXI &YXWMRGI]SYEVIERSFPIQERERHSRI -[SYPHRSX[MWLWLSYPHWTIRHLMW]SYXLMRLSTIW 0IXQIEHZMWI]SYLIVIXSJSVFIEV]SYVWYMX %RHXLMRO-[MWL]SY[IPP-XIPP]SYXLMW WSVER^S -W X]SYWTIEOXLMW# ERREFIPPE =IW-Q]WIPJ ]IXORS[ 8LYWJEV-KMZI]SYGSQJSVXMJQMRII]IW 'SYPHLEZITMGOIHSYXEQER EQSRKWXEPPXLSWI 8LEXWYIHXSQI XSQEOIELYWFERHSJ =SYWLSYPHLEZIFIIRXLEXQER0IXXLMWWYJpGI &IRSFPIMR]SYVWIGVIG]ERH[MWI KMSZERRM %WMHI ;L]RS[-WIIWLIPSZIWQI ERREFIPPE 3RI[SVHQSVI %WIZIVZMVXYIPMZIH[MXLMR]SYVQMRH %WIZIVRSFPIGSYVWIW[IVI]SYVKYMHI %WIZIV]SY[SYPHLEZIQIORS[]SYPSZIHQI 0IXRSXQ]JEXLIVORS[LIVISJF]]SY -J-LIVIEJXIVpRHXLEX-QYWXQEVV]
[MROW XYVRWEFPMRHI]I EUYEZMXEI EVIZMZMRKWTMVMXYWYEPP]FVERH]
-XWLEPPFI]SYSVRSRI WSVER^S -XEOIXLEXTVSQMWI ERREFIPPE 33Q]LIEH WSVER^S ;LEX WXLIQEXXIV#2SX[IPP# ERREFIPPE 3-FIKMRXSWMGOIR KMSZERRM %WMHI ,IEZIRJSVFMH )\MXJVSQEFSZI WSVER^S ,IPTLIPT[MXLMRXLIVILS )RXIVqSVMSKMSZERRMERHTYXERE 0SSOXS]SYVHEYKLXIV7MKRSV*PSVMS qSVMS ,SPHLIVYTWLIW[SSRW KMSZERRM 7MWXIVLS[H II# ERREFIPPE 7MGOFVSXLIVEVI]SYXLIVI# qSVMS 'SRZI]LIVXSLIVFIHMRWXERXP][LMPWX-WIRH JSVETL]WMGMER UYMGOP]-WE] TYXERE %PEWTSSVGLMPH )\IYRXQERIXWSVER^S )RXIVZEWUYIW ZEWUYIW 1]PSVH WSVER^S 3:EWUYIWRS[-HSYFP]EQYRHSRI &SXLMRQ]TVIWIRXERHQ]JYXYVILSTIW 7LITPEMRP]XSPHQIXLEXWLIGSYPHRSXPSZI %RHXLIVIYTSRWSSRWMGOIRIHERH-JIEV ,IVPMJI WMRHERKIV ZEWUYIW %WMHI &] VPEH]WMVERHWSMW]SYVWMJ]SY ORI[EPP 0EWWMV-EQWSVV]JSVXLEX QE]FI XMW FYXXLIQEMH WWMGORIWWERSZIVqY\SJ]SYXLERH XLIRWMVXLIVIMWRSWYGLTVIWIRXVIQIH]EWTVIWIRX QEVVMEKI&YXLEXLWLIKMZIR]SYEREFWSPYXIHIRMEP# WSVER^S 7LILEXLERHWLILEXLRSX - QJYPPSJKVMIJ &YX[LEXWLIWEMH- PPXIPPXLIIEW[IKS )\IYRX
%GX---WGIRIMMM )RXIVKMSZERRMERHTYXERE TYXERE 3WMV[IEVIEPPYRHSRIUYMXIYRHSRIYXXIVP] YRHSRIERHWLEQIHJSVIZIV ]SYVWMWXIV3]SYV WMWXIV KMSZERRM ;LEXSJLIV#*SV,IEZIR WWEOIWTIEO LS[ HSIWWLI# TYXERE 3XLEXIZIV-[EWFSVRXSWIIXLMWHE] KMSZERRM 7LIMWRSXHIEHLE#-WWLI# TYXERE (IEH#2SWLIMWUYMGO XMW[SVWIWLIMW[MXL GLMPH=SYORS[[LEX]SYLEZIHSRI ,IEZIRJSVKMZI
II 8MWXSSPEXIXSVITIRXRS[,IEZIRLIPTYW KMSZERRM ;MXLGLMPH#,S[HSWXXLSYORS[ X# TYXERE ,S[HS-ORS[ X#%Q-EXXLIWI]IEVW MKRSVERX[LEXXLIQIERMRKWSJUYEPQWERH[EXIV
QEMH WWMGORIWW KVIIRWMGORIWWGLPSVSWMWEJSVQSJ EREIQMEEWWSGMEXIH[MXLJIQEPITYFIVX] SZIVqY\ SZIVqS[WYVTPYW UYMGO EPMZIFYXEPWSTVIKRERX
XMWTMX]WLI WE[LSVI TERKWFI#3JGLERKMRKSJGSPSYVWUYIEWMRIWWSJ WXSQEGLWTYOMRKWERHERSXLIVXLMRKXLEX-GSYPH REQI#(SRSXJSVLIVERH]SYVGVIHMX WWEOIWTIRH XLIXMQIMREWOMRKLS[ERH[LMGL[E] XMWWS WLIMW UYMGOYTSRQ][SVH MJ]SYPIXETL]WMGMERWIILIV [EXIV] EVIYRHSRI KMSZERRM &YXMR[LEXGEWIMWWLI# TYXERE 4VIXXMP]EQIRHIH X[EWFYXEpX[LMGL-WSSR IWTMIHERHWLIQYWXPSSOJSVSJXIRLIRGIJSV[EVH KMSZERRM 'SQQIRHQIXSLIVFMHLIVXEOIRSGEVI 0IXRSXXLIHSGXSVZMWMXLIV-GLEVKI]SY 1EOIWSQII\GYWIXMPP-VIXYVR3QI -LEZIE[SVPHSJFYWMRIWWMRQ]LIEH (SRSXHMWGSQJSVXLIV ,S[HSIWXLMWRI[WTIVTPI\QI-JQ]JEXLIV 'SQIXSLIVXIPPLMQWLI WVIGSZIVIH[IPP 7E] X[EWFYXWSQIMPPHMIX H IILIEV[SQER# 0SSO]SYXS X TYXERE -[MPPWMV )\IYRX
%GX---WGIRIMZ )RXIVqSVMSERHVMGLEVHIXXS
VMGLEVHIXXS %RSFPIERHEZMVXYSYWKIRXPIQER qSVMS %WER]MWMR4EVQE2SXJEVLIRGI ([IPPW*EXLIV&SREZIRXYVIEKVEZIJVMEV 3RGIXYXSVXSQ]WSR RS[EXLMWGIPP - PPLEZI IQQEVVMIH VMGLEVHIXXS =SYLEZITPSXXIH[MWIP] qSVMS - PPWIRHSRIWXVEMKLXXSWTIEO[MXLLMQ XSRMKLX VMGLEVHIXXS 7SVER^S W[MWILI[MPPHIPE]RSXMQI qSVMS -XWLEPPFIWS )RXIVJVMEVERHKMSZERRM JVMEV +SSHTIEGIFILIVIERHPSZI qSVMS ;IPGSQIVIPMKMSYWJVMEV ]SYEVISRI 8LEXWXMPPFVMRKWFPIWWMRKXSXLITPEGI]SYGSQIXS KMSZERRM 7MV[MXL[LEXWTIIH-GSYPH-HMHQ]FIWX 8SHVE[XLMWLSP]QERJVSQJSVXLLMWGIPP 8SZMWMXQ]WMGOWMWXIVXLEX[MXL[SVHW 3JKLSWXP]GSQJSVXMRXLMWXMQISJRIIH ,IQMKLXEFWSPZILIV[LIXLIVWLIPMZISVHMI qSVMS 8[EW[IPPHSRI+MSZERRM XLSYLIVIMR ,EWXWLS[IHE'LVMWXMER WGEVIEFVSXLIV WPSZI 'SQIJEXLIV- PPGSRHYGX]SYXSLIVGLEQFIV %RHSRIXLMRK[SYPHIRXVIEX]SY JVMEV 7E]SRWMV qSVMS -LEZIEJEXLIV WHIEVMQTVIWWMSR %RH[MWLFIJSVI-JEPPMRXSQ]KVEZI 8LEX-QMKLXWIILIVQEVVMIHEW XMWpX %[SVHJVSQ]SYKVEZIQER[MPP[MRLIVQSVI 8LEREPPSYVFIWXTIVWYEWMSRW JVMEV +IRXPIWMV %PPXLMW- PPWE]XLEX,IEZIRQE]TVSWTIVLIV )\IYRX
qSVMS %RHLS[H IIpRHLIVWMV# VMGLEVHIXXS -RHMJJIVIRX[IPP -WIIRSHERKIVWGEVGITIVGIMZIWLI WWMGO &YXXLEXWLIXSPHQIWLILEHPEXIP]IEXIR 1IPSRWERHEWWLIXLSYKLXXLSWIHMWEKVIIH ;MXLLIV]SYRKWXSQEGL qSVMS (MH]SYKMZILIVEYKLX# VMGLEVHIXXS %RIEW]WYVJIMX[EXIVRSXLMRKIPWI =SYRIIHRSXHSYFXLIVLIEPXL -VEXLIVXLMRO ,IVWMGORIWWMWEJYPRIWWSJLIVFPSSH %GX---WGIRIZ =SYYRHIVWXERHQI# qSVMS -HS ]SYGSYRWIP[IPP )RXIVKVMQEPHM %RHSRGI[MXLMRXLIWIJI[HE]W[MPPWSSVHIV X KVMQEPHM 2S[MJXLIHSGXSVOIITLMW[SVH7SVER^S 7LIWLEPPFIQEVVMIHIVIWLIORS[XLIXMQI 8[IRX]XSSRI]SYQMWW]SYVFVMHI -ORS[ VMGLEVHIXXS =IXPIXRSXLEWXIWMVQEOIYR[SVXL]
8MWERYRRSFPIEGXERHRSXFIGSQIW GLSMGI %WSPHMIV WZEPSYVFYXMRXIVQWSJPSZI 8LEX[IVIHMWLSRSYV ;LIVIQIVMXGERRSXW[E]TSPMG]QYWX qSVMS 1EWXIV(SGXSVRS -EQVIWSPZIH MJXLMWTL]WMGMER -[MPPRSXHSWSRIMXLIV MRTPEMR[SVHW 4PE]RSXSRFSXLLERHWXLIR7SVER^SJEPPW 1]0SVH7SVER^SMWXLIQER-QIER
r [EXIVTERKW GSQTYPWMSRXSYVMREXI r ERHERSXLIVGSYPHREQI GIWWEXMSRSJQIRWXVYEXMSR GVIHMX W KSSHREQI W GEWI WXEXI 4VIXXMP]EQIRHIH VIGSZIVIH XEOIRSGEVI RSX[SVV] -RHMJJIVIRX JEMVP] WYVJIMX[EXIV EGYVIJSVMRHMKIWXMSR EJYPRIWWSJLIVFPSSH EGEWISJWI\YEPJVYWXVEXMSR SRGI EXWSQIXMQI
)RXIVVMGLEVHIXXS
WXMPP EP[E]W KLSWXP] WTMVMXYEP HIEVMQTVIWWMSR XLIQIERMRKMWRSXGPIEVEPXLSYKLWSQI QSHIVRIHMXSVWRSXIXLEX*PSVMSQIERWXSWYKKIWXLMW PSZMRKJIIPMRKWEWEJEXLIV XIVQW GMVGYQWXERGIW TSPMG] GYRRMRK 4PE]RSXFSXLLERHW MWRSX[SVOMRKJSVFSXLWMHIW
NSLRJSVH VMGLEVHIXXS =SYEVIGSQIEW-GSYPH[MWL XLMWZIV] RMKLX 7SVER^S XMWSVHEMRIHQYWXFIEJp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
TLMPSXMW =SYWLEPPLEZIIRSYKLW[IIXLIEVX FIVKIXXS 7[IIXLIEVX1EVOXLEX4SKKMS&]Q]XVSXL -GERRSXGLSSWIFYXOMWWXLIISRGIQSVIJSVXLEX[SVH DW[IIXLIEVX 4SKKMS-LEZIEQSRWXVSYWW[IPPMRK EFSYXQ]WXSQEGL[LEXWSIZIVXLIQEXXIVFI TSKKMS =SYWLEPPLEZITL]WMGJSV XWMV VMGLEVHIXXS 8MQIVYRWETEGI FIVKIXXS 8MQI WEFPSGOLIEH VMGLEVHIXXS &IVYPIH [LIR[ILEZIHSRI[LEX WpX XSHS 8LIR]SYQE]OMWW]SYVpPPERHFIHLIVXSS )\IYRX
LEZIHMWGYWWIHEFIXVSXLEPMRXLI*VMEV WGIPP-XMWGIVXEMRP] XLSYKLXXLEXXLIWXEKIHMVIGXMSRMW*SVH W%REPXIVREXMZI MRXIVTVIXEXMSRMWXLEXXLITLVEWIDMRLMWWXYH] VIJIVWXSXLI [E]XLEXXLI*VMEVMWSFWIVZIH[VETTIHYTMRLMW GSRXIQTPEXMSRSJHEQREXMSR YRVMTTIH I\TSWIH -HSVIEHEPIGXYVI HIPMZIVEGEYXMSREV]VITVMQERH 0MWX PMWXIR
%GX---WGIRIZM )RXIVXLIJVMEVMRLMWWXYH]WMXXMRKMREGLEMVERREFIPPE ORIIPMRKERH[LMWTIVMRKXSLMQ EXEFPIFIJSVIXLIQERH [E\PMKLXW WLI[IITWERH[VMRKWLIVLERHW
JVMEV -EQKPEHXSWIIXLMWTIRERGI JSVFIPMIZIQI =SYLEZIYRVMTTIHEWSYPWSJSYPERHKYMPX] %W-QYWXXIPP]SYXVYI-QEVZIPLS[ 8LIIEVXLLEXLFSVRI]SYYT FYX[IIT[IITSR 8LIWIXIEVWQE]HS]SYKSSH [IITJEWXIV]IX ;LMPIW-HSVIEHEPIGXYVI )RXIVTLMPSXMW ERREFIPPE ;VIXGLIHGVIEXYVI TLMPSXMW 9RGPI# JVMEV %]]SYEVI[VIXGLIHQMWIVEFP][VIXGLIH VMGLEVHIXXS 1]PSZIP]RMIGI %PQSWXGSRHIQRIHEPMZI8LIVIMWETPEGI =SYLEZIFIXLSYKLX II# 0MWXHEYKLXIVMREFPEGOERHLSPPS[ZEYPX TLMPSXMW =IWERHEW]SYGSYRWIPPIH ;LIVIHE]MWRIZIVWIIR XLIVIWLMRIWRSWYR *EWLMSRIHQ]LIEVXXSPSZILMQ FYXLIW[IEVW &YXqEQMRKLSVVSVSJGSRWYQMRKpVIW ,I[MPPXSRMKLXFIQEVVMIHJSVLIJIEVW %PMKLXPIWWWYPTLYVGLSOIH[MXLWQSO]JSKW ,MWYRGPIIPWIMJLIWLSYPHORS[XLIHVMJX 3JERMRJIGXIHHEVORIWW MRXLMWTPEGI ;MPPLMRHIVEPPERHGEPPLMWGS^XSWLVMJX ([IPPQER]XLSYWERHXLSYWERHWYRHV]WSVXW VMGLEVHIXXS 8SRMKLX#;L]FIWXSJEPP FYXPIXQIWII 3JRIZIVH]MRKHIEXLWXLIVIHEQRß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
EJpIH FIXVSXLIH WTIIH HMWTEXGLOMPP LMX WYGGIIH HVMJX TPER LMWGS^XSWLVMJX WYQQSRLMWRITLI[ GSYWMR XSGSRJIWWMSR FYWW OMWW EXPEVKI EXPIRKXL
XMWTMX]WLI WE[LSVI ERREFIPPE 1IVG]3QIVG] JVMEV 8LIVIWXERHWXLIWI [VIXGLIHXLMRKW ;LSLEZIHVIEQIHSYX[LSPI]IEVWMRPE[PIWWWLIIXW %RHWIGVIXMRGIWXWGYVWMRKSRIERSXLIV 8LIR]SY[MPP[MWLIEGLOMWW]SYVFVSXLIVKEZI ,EHFIIREHEKKIV WTSMRX XLIR]SYWLEPPLIEV ,S[LI[MPPGV]D3[SYPHQ][MGOIHWMWXIV ,EHp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qSVMSERHKMSZERRM
%GX---WGIRIZMM )RXIVKVMQEPHM[MXLLMWVETMIVHVE[RERHEHEVO PERXIVR KVMQEPHM 8MWIEVP]RMKLXEW]IXERH]IXXSSWSSR 8SpRMWLWYGLE[SVO LIVI-[MPPPMI 8SPMWXIR[LSGSQIWRI\X ,IPMIWHS[R )RXIVFIVKIXXSERHTLMPSXMWHMWKYMWIHERHEJXIV VMGLEVHIXXSERHTSKKMS FIVKIXXS ;IEVIEPQSWXEXXLITPEGI-LSTI W[IIXLIEVX KVMQEPHM %WMHI -LIEVXLIQRIEVERHLIEVHSRIWE] DW[IIXLIEVX
8MWLI RS[KYMHIQ]LERHWSQIERKV]NYWXMGI ,SQIXSLMWFSWSQ2S[LEZIEX]SYWMV 7XVMOIWFIVKIXXSERHI\MX FIVKIXXS 3LIPTLIPT,IVI WEWXMXGLJEPPIRMRQ] KYXW3JSVEqIWLXEMPSVUYMGOP]4SKKMS TLMPSXMW ;LEXEMPWQ]PSZI# FIVKIXXS -EQWYVI-GERRSXTMWWJSV[EVHERH FEGO[EVHERH]IX-EQ[IXFIJSVIERHFILMRH 0MKLXWPMKLXW,SPMKLXW TLMPSXMW %PEWWSQIZMPPEMRLIVILEWWPEMRQ]PSZI VMGLEVHIXXS 3,IEZIRJSVFMHMX6EMWIYTXLIRI\X RIMKLFSYVW -RWXERXP]4SKKMSERHFVMRKPMKLXW )\MXTSKKMS ,S[MW X&IVKIXXS#7PEMR#-XGERRSXFI %VI]SYWYVI] EVILYVX# FIVKIXXS 3Q]FIPP]WIIXLIWPMOIETSVVMHKITSX WSQIGSPH[EXIV-WLEPPFSMPSZIVIPWI Q][LSPIFSH] MWMREW[IEXXLEX]SYQE][VMRKQ]WLMVX JIIP LIVI;L]4SKKMS
qSVMS (MH]SYGEPPJEXLIV# JVMEV -W0SVH7SVER^SGSQI# qSVMS ,IWXE]WFIPS[ JVMEV ,EZI]SYEGUYEMRXIHLMQEXJYPP# qSVMS -LEZI %RHLIMWSZIVNS]IH JVMEV %RHWSEVI[I &MHLMQGSQIRIEV KMSZERRM %WMHI 1]WMWXIV[IITMRKLE# )RXIVTSKKMS[MXLSJpGIVWERHPMKLXWERHLEPFIVXW -JIEVXLMWJVMEV WJEPWILSSH-[MPPGEPPLMQ )\MX TSKKMS ,IVI%PEWLS[HS]SY# qSVMS (EYKLXIVEVI]SYVIWSPZIH# VMGLEVHIXXS +MZIQIEPMKLX;LEX WLIVI#%PP ERREFIPPE *EXLIV-EQ FPSSH3WMVW 7MKRSV(SREHS WRITLI[RS[MWWPEMR )RXIVKMSZERRMWSVER^SERHZEWUYIW *SPPS[XLIQYVHIVIV[MXLEPPXL]LEWXI qSVMS 1]0SVH7SVER^SLIVI 9TXSXLIGMX]LIGERRSXFIJEVLIRGI +MZIQI]SYVLERH JSVXLEX-KMZI]SYXLMW *SPPS[-FIWIIGL]SY WSVER^S 0EH]WE]]SYWSXSS# SJpGIVW *SPPS[JSPPS[JSPPS[ )\IYRXSJpGIVW ERREFIPPE -HSERHZS[ VMGLEVHIXXS 8IEVSJJXL]PMRIRGS^XSWXSTLMW 8SPMZI[MXL]SYERH]SYVW [SYRHW JVMEV 8MQIP]VIWSPZIH &ISJKSSHGSQJSVXQER 1]FPIWWMRKVIWXSRFSXL QSVIXSFIHSRI FIVKIXXS -WEPPXLMWQMRIS[RFPSSH#2E]XLIRKSSH =SYQE]TIVJSVQMXSRXLIQSVRMRKWYR RMKLX[MXLQI4SKKMSGSQQIRHQIXSQ]YRGPI )\IYRX HSWXLIEV#&MHLMQJSVQ]WEOIQEOIQYGLSJXLMW
[I PPXEOIXLIXMQI XEOIXLISTTSVXYRMX] WXE]W [EMXW r 1]0SVHQSVRMRKWYR XLI*VMEVNSMRW%RREFIPPEERH 7SVER^SMREFIXVSXLEP[LMGL[SYPHFIJSPPS[IHF]XLI JSVQEPEGXSJQEVVMEKIEXEPEXIVHEXI
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GMZMPYWI GMZMPMWIHFILEZMSYV VMKSYV ZMSPIRGI 1SVIWSSX]XLIMV7X]\ XLIGPEWWMGEPYRHIV[SVPH[EW VIEGLIHEGVSWWXLIFPEGO[EXIVWSJXLIVMZIV7X]\ JEQI KSSHREQIVITYXEXMSR YROMRH GVYIPERHYRREXYVEP LETPIWW PYGOPIWW
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%GX:WGIRIZM %&ERUYIX)RXIVGEVHMREPqSVMSHSREHS WSVER^SVMGLEVHIXXSZEWUYIWERHEXXIRHERXW XLI]XEOIXLIMVTPEGIW ZEWUYIW 6IQIQFIVWMV[LEX]SYLEZIXSHS FI[MWI ERHVIWSPYXI WSVER^S )RSYKL Q]LIEVXMWp\IH4PIEWIXL]SYV KVEGI 8SXEWXIXLIWIGSEVWIGSRJIGXMSRW XLSYKLXLIYWI 3JWYGLWIXIRXIVXEMRQIRXWQSVIGSRWMWXW -RGYWXSQXLERMRGEYWI]IXVIZIVIRHWMV -EQWXMPPQEHI]SYVWIVZERXF]]SYVTVIWIRGI GEVHMREP %RH[I]SYVJVMIRH WSVER^S &YX[LIVI WQ]FVSXLIV+MSZERRM# )RXIVKMSZERRM[MXLELIEVXYTSRLMWHEKKIV KMSZERRM ,IVILIVI7SVER^S XVMQQIHMRVIIOMRK FPSSH 8LEXXVMYQTLWSZIVHIEXL TVSYHMRXLIWTSMP 3JPSZIERHZIRKIERGI*EXISVEPPXLITS[IVW 8LEXKYMHIXLIQSXMSRWSJMQQSVXEPWSYPW 'SYPHRSXTVIZIRXQI GEVHMREP ;LEXQIERWXLMW# qSVMS 7SR+MSZERRM WSVER^S 7LEPP-FIJSVIWXEPPIH# KMSZERRM &IRSXEQE^IH MJ]SYVQMWKMZMRKLIEVXW 7LVMROEXERMHPIWMKLX[LEXFPSSHPIWWJIEV 3JGS[EVHTEWWMSR[SYPHLEZIWIM^IH]SYVWIRWIW ,EH]SYFILIPHXLIVETISJPMJIERHFIEYX] ;LMGL-LEZIEGXIH#1]WMWXIV3Q]WMWXIV qSVMS ,E;LEXSJLIV# KMSZERRM 8LIKPSV]SJQ]HIIH (EVOIRIHXLIQMHHE]WYRQEHIRSSREWRMKLX =SYGEQIXSJIEWXQ]PSVHW[MXLHEMRX]JEVI -GEQIXSJIEWXXSSFYX-HMKKIHJSVJSSH -REQYGLVMGLIVQMRIXLERKSPHSVWXSRI
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3JGSYRWIP MRZSPZIH WSQIXMQIW JSVQIVP] XLMW[SQER WSQIWGLSPEVWLEZITSMRXIHXSXLIEQFMKYMX] SJXLMWVIJIVIRGIVIQEVOMRKXLEXXLIFSH]VIJIVVIHXS GSYPHFIXLEXSJIMXLIV4YXERESV%RREFIPPE
;MXLMRXLVIIHE]W MRXLMW[IHSHMWTIRWI ;MXLKVSYRHWSJVIEWSRRSXSJXLMRISJJIRGI ZEWUYIW 8MW[IPP XLMWGSRUYIWXMWQMRIERH-VINSMGI XLEXE7TERMEVHSYX[IRXER-XEPMERMRVIZIRKI )\MXZEWUYIW GEVHMREP 8EOIYTXLIWIWPEYKLXIVIHFSHMIWWIIXLIQ FYVMIH %RHEPPXLIKSPHERHNI[IPWSV[LEXWSIZIV 'SRpWGEXIF]XLIGERSRWSJXLIGLYVGL ;IWIM^IYTSRXSXLI4STI WTVSTIVYWI VMGLEVHIXXS VIZIEPWLMQWIPJ =SYVKVEGI WTEVHSR XLYWPSRK-PMZIHHMWKYMWIH 8SWIIXLIIJJIGXSJTVMHIERHPYWXEXSRGI &VSYKLXFSXLXSWLEQIJYPIRHW GEVHMREP ;LEX6MGLEVHIXXS[LSQ[IXLSYKLXJSV HIEH# HSREHS 7MV[EWMX]SY VMGLEVHIXXS =SYVJVMIRH GEVHMREP ;IWLEPPLEZIXMQI 8SXEPOEXPEVKISJEPP FYXRIZIV]IX -RGIWXERHQYVHIVLEZIWSWXVERKIP]QIX 3JSRIWS]SYRKWSVMGLMRREXYVI WWXSVI ;LSGSYPHRSXWE] XMWTMX]WLI WE[LSVI# )\IYRX pRMW 8LI4VMRXIV W%TSPSK] 8LIKIRIVEPGSQQIRHEXMSRHIWIVZIHF]XLIEGXSVWMR XLIMVTVIWIRXQIRXSJXLMWXVEKIH]QE]IEWMP]I\GYWIWYGL JI[JEYPXWEWEVIIWGETIHMRXLITVMRXMRK%GSQQSR GLEVMX]QE]EPPS[LMQXLIEFMPMX]SJWTIPPMRK[LSQE WIGYVIGSRpHIRGIEWWYVIWXLEXLIGERRSXMKRSVERXP]IVV MRXLIETTPMGEXMSRSJWIRWI
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