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HQTOC CRTGUWTCFC PK ECRTKEJQUC 5G TGSWKGTG FG DCUVCPVG VKGORQ FG
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GP SWG UG TGFCEVq GP KPINoU NC QDTC FG NC EWCN GN RTGUGPVG NKDTQ GU WPC
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PWK FGUGCFQU [ RWGUVQU GP RTnEVKEC RQT RTQHGUQTGU [ QVTQU FGHGPUQTGU
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NC NGPIWC TCRC PWK FG +UNC FG 2CUEWC
'PEKPEQECRpVWNQUNCCWVQTCRTQRQPGGNVGOCRTGEKUCNQUQDLGVKXQU
FG UW VTCDCLQ TGUECVC FG NCU HWGPVGU DKDNKQITHKECU RGTVKPGPVGU NQ KPFKU
RGPUCDNG[EQPEGPVTCUWCVGPEKPGPNCOCTECFGECUQFGNCNGPIWCTCRC
PWK EQPVTCUVCPFQ NQ FKXWNICFQ RQT NQU GURGEKCNKUVCU CEGTEC FG oUVC [
QVTCU NGPIWCU RQNKPoUKECU EQP NQ CRTGPFKFQ RQT GNNC FGURWoU FG OWEJQU
CQU FG EQPXKXGPEKC EQP NQU PCVKXQJCDNCPVGU KUNGQU 'P GN EWCTVQ
ECRpVWNQCPCNK\CFGUFGNCRGTURGEVKXCFGNVGZVQWPCKORQTVCPVGECPVKFCF
FG GLGORNQU TGEQIKFQU [ UKUVGOCVK\CFQU RQTGNNC 'PGNSWKPVQECRpVWNQ
FGFKECFQ C EQPENWUKQPGU RTQRQPG WPC VKRQNQIpC UKPVEVKEC RCTC GN TCRC
PWK GP GN EQPLWPVQ FG NCU NGPIWCU RQNKPoUKECU [ TGINCU CUKIPCFQTCU FG
NC ECVGIQTpC FG ECUQ EQOQ CRQTVGU RCTC UWRGTCT NKOKVCEKQPGU [ XCEpQU
EQORTQDCDNGU GP NQU GUVWFKQU CPVGTKQTGU %KGTTC GUVG ECRpVWNQ HKPCN EQP
WP UWIGTGPVG CNECPEG GP TGNCEKP EQP GUVWFKQU RGPFKGPVGU 7PC DKDNKQ
ITCHpC GURGEKCNK\CFC FG ECUK UGUGPVC VpVWNQU EQORNGVC GUVC GFKEKP GP
ECUVGNNCPQ FGUVKPCFC C NC FKXWNICEKP EKGPVpHKEC GP PWGUVTQ OGFKQ FGN
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UQDTGXKXGP GP GUVG GZVTGOQ FGN OWPFQ
0CPE[6JKGUGPGURQTXQECEKP[VTCFKEKPHCOKNKCTWPCGUVWFKQUC
FG NGPIWCU [ EWNVWTCU KPFpIGPCU %CUCFC EQP 4QDGTVQ 9GDGT GUVWFKQUQ
VCODKoPFGNCNGPIWCTCRCPWKEQPHQTOCPWPGSWKRQFGKPXGUVKICFQTGU
TGUKFGPVG GP +UNC FG 2CUEWC EQOQ TGUWNVCFQ FG WP EQPXGPKQ KPKEKCFQ
GP GPVTG NC 7PKXGTUKFCF %CVNKEC FG 8CNRCTCpUQ [ GN 5+. +PVGT
PCVKQPCN Q +PUVKVWVQ .KPIpUVKEQ FG 8GTCPQ 6JKGUGP JC NNGICFQ C UGT
WPC FG NCU RQECU RGTUQPCU PQ KUNGCU ECRCEKVCFC RCTC FKCNQICT [ GPVGP
FGTUGGPNGPIWCTCRCPWKEQPNQUKUNGQU5WFQDNGECNKFCFFGGUVWFKQUC
[ WUWCTKC NC EQPXKGTVG GP WPC CWVQTKFCF GP NCU EQUCU FG NC NGPIWC TCRC
PWK%QOQGUVWFKQUCVTCVCGPGUVGNKDTQWPCEWGUVKPUKPVEVKEQUGOPVKEC
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RGTURGEVKXCEKGPVpHKECOQFGTPC.CCWVQTCCDQTFCGNGUVWFKQFGNCNGPIWC
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CJQTC

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[RQTGNPQVCDNGGUHWGT\QCPCNpVKEQFGURNGICFQEQPGNRTQRUKVQFGEQO
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UG RTQRQPG GP GUVC KPXGUVKICEKP OQUVTCT VCPVQ WP CURGEVQ EGPVTCN FG
NC NGPIWC TCRC PWK ¡NC OCTEC FG ECUQ SWG CHGEVC C NQU GNGOGPVQU
PQOKPCNGU¡EQOQNCWDKECEKPFGGNNCGPGNHTQPFQUQTDQNIGPGCNIKEQ
FG NC HCOKNKC RQNKPoUKEC
%CFC NGPIWC Q KFKQOC RQUGG WP OQFQ FG UGT RGEWNKCT SWG NC
ECTCEVGTK\C [ EW[Q GUVWFKQ RGTOKVG EWCPFQ GNNQ GU RQUKDNG TGEQPQEGT
CHKPKFCFGU Q RCTGPVGUEQU EQP QVTCU NGPIWCU JKUVTKECU [ HWPFCOGPVCN
OGPVG FGUEWDTKT FG OCPGTC EQJGTGPVG [ HWPFCFC UW HWPEKQPCOKGPVQ
EQOQKPUVTWOGPVQFGEQPXGTUCEKPKPVGTRGTUQPCN0QECDGFWFCSWGNQU
GUVWFKQU FG QTKGPVCEKP UKPETPKEC KPVGTGUCFQU RQT NC OGTC FGUETKREKP
FGGUVCFQUFGNGPIWCEQOQUKUGVTCVCTCFGECRVCTOQFQUFGUGTFGVGPKFQU
GP GN VKGORQ [ FGUNKICFQU FGN CEQPVGEGT JKUVTKEQ UG GPTKSWGEGP
PQVCDNGOGPVG ¡[ UG CRTQZKOCP OGLQT C NC TGCNKFCF FGN HGPOGPQ GP
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PKEQU
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.GPIWC4CRC0WKFGNC7PKXGTUKFCF%CVNKECFG8CNRCTCpUQGPEQPXGPKQ
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.WKU # )OG\ /CEMGT
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24y.1)1
24y.1)1
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NCNGPIWCRQNKPoUKECFGNC+UNCFG2CUEWC6KGPGVTGUQDLGVKXQURTGUGP
VCT WPC FGUETKREKqP CORNKC FG NQU RCVTQPGU FG ECUQ FQEWOGPVCFQU GP
NC NGPIWC FGVGTOKPCT UQDTG NC DCUG FG GUVWFKQU EQORCTCVKXQU GN
NWICT SWG VKRQNqIKECOGPVG NG EQTTGURQPFG CN TCRC PWK GPVTG NQU FGOnU
OKGODTQU FG NC HCOKNKC RQNKPoUKEC [ RTGUGPVCT WPC FGUETKREKqP
OGVqFKECFGNCCUKIPCEKqPFGECUQGPNCNGPIWCJCUVCFQPFGNQRGTOKVCP
NQU FCVQU GZCOKPCFQU
5G OGPEKQPCP NQU VGOCU HWPFCOGPVCNGU FG FKUEWUKqP FG NC OCTEC
FG ECUQ GP NCU NGPIWCU RQNKPoUKECU [ UG RTGUGPVC WP DTGXG TGUWOGP FG
VTCDCLQU CPVGTKQTGU UQDTG NC ECVGIQTpC FG ECUQ [ UW OCTEC GP TCRC PWK
EQOQ VTCUHQPFQ RCTC GN RTGUGPVG GUVWFKQ 'N EWGTRQ FGN VTCDCLQ TGEQIG
FCVQU FG NQU RCVTQPGU FG OCTEC FG ECUQ CVGUVKIWCFQU [ NQU GZCOKPC GP
FGVCNNG5GFGOWGUVTCSWGGNUWRWGUVQRCVTqPGTICVKXQGUUQNCOGPVGWPC
GZEGREKqP GP WP UKUVGOC FG ECUQ HWGTVGOGPVG CEWUCVKXQ 5G RNCPVGC [
UG GZCOKPC RTQHWPFCOGPVG GN CUWPVQ FG NC XQ\ RCUKXC (KPCNOGPVG NQU
RCVTQPGUFGOCTECFGECUQFGNTCRCPWKUGEQORCTCPEQPNQUFGCNIWPCU
QVTCU NGPIWCU RQNKPoUKECU [ UG EQPUKFGTCP C NC NW\ FG NC *KRqVGUKU FG
4GCPnNKUKU 2CUKXQC'TICVKXQ .CU EQPENWUKQPGU C NCU SWG UG JC NNGICFQ
GUVnP TGURCNFCFCU RQT NC GXKFGPEKC SWG RTQXKGPG FG WP GUVWFKQ UQDTG NC
HTGEWGPEKC [ FKUVTKDWEKqP FG NQU RCVTQPGU FG OCTEC FG ECUQ GP VGZVQU
PCTTCVKXQU
7PC XGTUKqP KPINGUC FGN VTCDCLQ DCLQ GN VKVWNQ %CUG OCTMKPI KP
4CRC 0WK VJG 2QN[PGUKCP NCPIWCIG QH 'CUVGT +UNCPF HWG RTGUGPVCFC C
NC 7PKXGTUKV[ QH 6GZCU CV #TNKPIVQP GP EWORNKOKGPVQ RCTEKCN FG NQU
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GP OC[Q FG
3WKGTQGZRTGUCTOKUCITCFGEKOKGPVQUCVQFQUCSWGNNQUSWGFGWPC
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PWK FG +UNC FG 2CUEWC RQT NC RCEKGPEKC SWG VWXKGTQP RCTC TGURQPFGT
VQFCUOKURTGIWPVCUCEGTECFGUWNGPIWCOCVGTPC'PGURGEKCNCITCFG\EQ
CCSWGNNQUKUNGQUSWGEQNCDQTCTQPOGFKCPVGUWUGUETKVQUETGCVKXQUEQP
CDWPFCPVGUFCVQUFGNCNGPIWCUQDTGNQUSWG[QRWFGDCUCTOKKPXGUVKIC
EKqP

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EQOKVo RQT UWU XCNKQUQU EQOGPVCTKQU [ IWpC GP NC TGCNK\CEKqP FG NC
XGTUKqP KPINGUC EQOQ VGUKU RCTC QRVCT GN ITCFQ FG /# CUp EQOQ
VCODKoPRQTNCURGTURKECEGUUWIGTGPEKCURCTCGUVWFKQUHWVWTQU6CODKoP
XC[CPOKUCITCFGEKOKGPVQURCTCQVTQUOKGODTQUFGNEQOKVo&T&QPCNF
$WTSWGUV[&T4QDGTV.QPICETGRQTNCEWKFCFQUCNGEVWTCSWGTGCNK\CTQP
FG NC VGUKU[NCURTQXGEJQUCU UWIGTGPEKCURCTCGNOGLQTCOKGPVQ FGGNNC
6CODKoP FGDQ OKU CITCFGEKOKGPVQU C OK GURQUQ 4QDGTVQ RQT GN
KPEGPVKXQSWGOGRTQRQTEKQPqRCTCTGCNK\CTOKUGUVWFKQU[RQTEQORCTVKT
EQPOKIQ NCU VCTGCU FQOoUVKECU .G CITCFG\EQ UWU ETpVKECU EQPUVTWEVKXCU
SWG TGUWNVCTQP GP WPC OC[QT EQPUGEWGPEKC GP OK TGFCEEKqP .G FGDQ
NCC[WFCVoEPKECSWGOGRTQRQTEKQPqGPEWCPVQCNHQTOCVQ[RTGRCTCEKqP
FGN OCPWUETKVQ
/KU CITCFGEKOKGPVQU GURGEKCNGU RCTC ,QJCPP 5VGHCP [ )TGVGN RQT
UCETKHKECTUG RCTC RGTOKVKT C UW OCFTG FGFKECT VQFQ GN VKGORQ RQUKDNG CN
GUVWFKQ 8CNQTQ OWEJQ UW RCEKGPEKC [ EQORTGPUKqP EWCPFQ OWEJCU
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EQPXGPKGPVG
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COKIQU SWKGPGU FG NGLQU [ FG EGTEC OG RTGUVCTQP CRQ[Q EQPVKPWQ
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U RTKOGTC RGTUQPC UKPIWNCT
R UGIWPFC RGTUQPC RNWTCN
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PQ ITCOCVKECN
RTGUGPEKC FG TCUIQ Q EQPUVKVW[GPVG
HTQPVGTC OQTHoOKEC
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/GVCU [ DQUSWGLQ
/'6#5 ; $1537',1
'N RTGUGPVG GUVWFKQ VTCVC FG NCU OCTECU FG ECUQ FG NC NGPIWC TCRC
PWK C NC NW\ FG GUVWFKQU EQORCTCVKXQU TGEKGPVGU FGPVTQ FG NC HCOKNKC FG
NGPIWCURQNKPoUKECU5GVTCVCFGFGVGTOKPCTGNNWICTSWGVKRQNqIKECOGPVG
NGEQTTGURQPFGCNCNGPIWCTGURGEVQCNUKUVGOCFGECUQ[FGQHTGEGTWPC
FGUETKREKqPOGVqFKECFGNCCUKIPCEKqPFGECUQGPNCNGPIWCCEVWCNJCUVC
FQPFG NQ RGTOKVGP NQU FCVQU GZCOKPCFQU
'PGUVGECRpVWNQUGRTGUGPVCPNQUVGOCUHWPFCOGPVCNGUFGFKUEWUKqP
FG NC OCTEC FG ECUQ GP NCU NGPIWCU RQNKPoUKECU EQOQ VTCUHQPFQ VGqTKEQ
RCTC GN GUVWFKQ 5G GZRQPG CUKOKUOQ WPC DTGXGKPVTQFWEEKqP C NCNGPIWC
TCRC PWK [ UG JCEGP CNIWPQU EQOGPVCTKQU UQDTG NQU FCVQU GZCOKPCFQU 'N
ECRpVWNQOGPEKQPCNQUVTCDCLQUCPVGTKQTGUUQDTGNCOCTECFGECUQGPGUVC
NGPIWC 'P GN ECRpVWNQ UG FC WP TGUWOGP FG NQU RCVTQPGU FG OCTEC FG
ECUQCVGUVKIWCFQU[UGNQUGZCOKPCCNCNW\FGNCUEQPUKFGTCEKQPGUTGNGXCPVGU
RCTC NQU GUVWFKQU EQORCTCVKXQU 'N ECRpVWNQ VTCVC FG NQU RCVTQPGU FG
OCTEC FG ECUQ FGUFG NC RGTURGEVKXC OnU CORNKC FGN VGZVQ [ RTGUGPVC
VGPFGPEKCUGUVCFpUVKECU[QVTCUEQPENWUKQPGUKORQTVCPVGU'PGNECRpVWNQ
UG RTGUGPVC WP TGUWOGP [ UG KPVGPVC HQTOWNCT NCU TGINCU FG CUKIPCEKqP FG
ECUQ RCTC NC NGPIWC TCRC PWK
.C OCTEC FG ECUQ GP NCU NGPIWCU RQNKPoUKECU

.# /#4%# &' %#51 '0 .#5 .'0)7#5 21.+0w5+%#5
.CU NGPIWCU RQNKPoUKECU HQTOCP WPC HCOKNKC FG NGPIWCU GUVTGEJC
OGPVG TGNCEKQPCFCU SWG UG JCDNCP GP GN 2CEpHKEQ 5WT # RGUCT FG UW
TGNCEKqPGXKFGPVGGUVCUNGPIWCUGZJKDGPGPNCGUVTWEVWTCFGUWRGTHKEKG
WPC ITCP FKXGTUKFCF GP EWCPVQ C NC OCTEC FG ECUQ [ XQ\ 'PVTG GNNCU
UGRWGFGPFKUVKPIWKTFQUVKRQURTKPEKRCNGUFGUKUVGOCUFGECUQCEWUCVKXQ
[GTICVKXQ#FGOnUFGNQUFQUVKRQURTKPEKRCNGUUGGPEWGPVTCPNQUVKRQU
EQORWGUVQU SWG GXKFGPEKCP OCTECU FG ECUQ CEWUCVKXQ Q GTICVKXQ UGIrP
GN VKRQ FG ENnWUWNC
'N UKUVGOC FG ECUQCEWUCVKXQ SWGUG GPEWGPVTCRTKPEKRCNOGPVG GP
NCU NGPIWCU FG NC 2QNKPGUKC 1TKGPVCN VTCVC C NQU UWLGVQU FG XGTDQU
VTCPUKVKXQUGKPVTCPUKVKXQUEQOQWPCECVGIQTpCOQTHQNqIKECWPKHKECFCSWG

+0641&7%%+y0
EQPVTCUVC EQP NQU QDLGVQU FKTGEVQU FG NQU XGTDQU VTCPUKVKXQU SWG HQTOCP
WPC ECVGIQTpC UGRCTCFC 'UVQ UG RWGFG TGRTGUGPVCT GP GN UKIWKGPVG
FKCITCOC
+PVTCPUKVKXQ 8 5
6TCPUKVKXQ 8 5 1
'P GN UKUVGOC FG ECUQ CEWUCVKXQ NCU ENnWUWNCU VTCPUKVKXCU RWGFGP
EQPXGTVKTUG GP RCUKXCU 'U FGEKT GN QDLGVQ UGOnPVKEQ FG WP XGTDQ
VTCPUKVKXQ RWGFG EQPXGTVKTUG GP GN UWLGVQ FG NC QTCEKqP GP NC GUVTWEVWTC
FG UWRGTHKEKG EQP GN UWLGVQ UGOnPVKEQ GZRTGUCFQ QREKQPCNOGPVG GP
CNIWPC QVTC TGNCEKqP QDNKEWC EQP GN XGTDQ #NIWPCU NGPIWCU RQNKPoUKECU
EQPUKUVGOCFGECUQCEWUCVKXQGXKFGPEKCPGNGORNGQHTGEWGPVGFGEKGTVCU
EQPUVTWEEKQPGU RCUKXCU
'N UKUVGOC FG ECUQ GTICVKXQ SWG UG GPEWGPVTC GP GN VQPICPQ [ GN
UCOQCPQ GPVTG QVTQU VTCVC NQU UWLGVQU FG XGTDQU KPVTCPUKVKXQU [ NQU
QDLGVQU FKTGEVQUFG XGTDQUVTCPUKVKXQUEQOQWPCECVGIQTpCWPKHKECFCGP
EQPVTCRQUKEKqP EQP NQU UWLGVQU FG XGTDQU VTCPUKVKXQU SWG HQTOCP WPC
ECVGIQTpCUGRCTCFC'UVQUGRWGFGTGRTGUGPVCTGPGNUKIWKGPVGFKCITCOC
+PVTCPUKVKXQ 8 5
6TCPUKVKXQ 8 5 1
%JWPI
UQUVKGPG SWG PQ GZKUVG GN RCUKXQ UKPVnEVKEQ GP NCU
NGPIWCURQNKPoUKECUSWGRQUGGPUKUVGOCU FGECUQ GTICVKXQ *QJGRC

CHKTOCSWGPQGZKUVGWPOCTECFQTOCPKHKGUVQFGNCXQ\RCUKXC*CNG

FKEG SWG GN GTICVKXQ [ GN RCUKXQ UQP EQPUVTWEEKQPGU GP FKUVTKDWEKqP
EQORNGOGPVCTKC SWG PWPEC UG GPEWGPVTCP GP NC OKUOC NGPIWC 5KP
GODCTIQCNIWPCUNGPIWCURQNKPoUKECUEQPUKUVGOCUFGECUQGTICVKXQVKGPGP
WPC EQPUVTWEEKqP UGOGLCPVG C NC RCUKXC FQPFG PQ UG GURGTC SWG NC JC[C
2CTCEQORTGPFGTEqOQUGCRNKECPNQUVoTOKPQUGTICVKXQ[CEWUCVKXQ
GP GN RQNKPoUKEQ GU RTGEKUQ EQPQEGT NC ENCUKHKECEKqP FG NQU XGTDQU 'P
#SWpUGGORNGCPNQUVoTOKPQUVTCFKEKQPCNGUFGUWLGVQ[QDLGVQFKTGEVQRCTCNCUTGNCEKQPGU
ITCOCVKECNGUSWGGZKUVGPGPVTGNCUHTCUGUUWUVCPVKXCU[GNXGTDQCWPSWGGUVWFKQUTGEKGPVGU
JCP FGOQUVTCFQ SWG NCU FGHKPKEKQPGUFGGUQUVoTOKPQU[RCTVKEWNCTOGPVGNCFGUWLGVQ PQ
GU WP CUWPVQ UGPEKNNQ %QOTKG
RTQRQPG GN WUQ FG NQU UpODQNQU 5 # [ 2 5 RCTC
GN CTIWOGPVQ FG WPC ENnWUWNC KPVTCPUKVKXC # RCTC GN CIGPVG FG WPC ENnWUWNC VTCPUKVKXC
[2RCTCGNRCEKGPVGGNQDLGVQUQDTGGNSWGTGECGNCCEEKqPFGNXGTDQ'ORNGCPFQGUVQU
VoTOKPQU WP UKUVGOC FG ECUQ CEWUCVKXQ VTCVCTpC C 5 [ # FG NC OKUOC OCPGTC [ C 2 FG
OCPGTC FKHGTGPVG 'P WP UKUVGOC GTICVKXQ 5 [ 2 HQTOCTpCP WPC ECVGIQTpC UKPVnEVKEC [ #
UGTpC VTCVCFQ FG OCPGTC FKHGTGPVG
'N COKU WPC NGPIWC CWUVTQPoUKEC GU WP GLGORNQ SWG EQPVTCFKEG GUC RQUKEKqP [C SWG
RQUGG OCTEC FG ECUQ GTICVKXQ [ EQPUVTWEEKQPGU RCUKXCU
, 'FOQPFUQP RQT RWDNKECTUG
'N XCUEQ OWGUVTC VCODKoP CODQU ECUQU
.CHKVVG
.# /#4%# &' %#51 '0 .#5 .'0)7#5 21.+0w5+%#5
RQNKPoUKEQ GZKUVGP FQU ENCUGU UKPVnEVKECU FG XGTDQU KPVTCPUKVKXQU [

VTCPUKVKXQU .QU KPVTCPUKVKXQU UG UWDECVGIQTK\CP RQT NNGXCT UWLGVQ RGTQ
PQWPQDLGVQFKTGEVQ.QUVTCPUKVKXQUUGUWDECVGIQTK\CPRQTNNGXCTUWLGVQ
[QDLGVQ FKTGEVQ.QUXGTDQUVTCPUKVKXQUUGENCUKHKECPGPFQUUWDITWRQU
5GIrP %NCTM
.QU XGTDQU VTCPUKVKXQU UG RWGFGP ENCUKHKECT UGOnPVKEC
OGPVGGPXGTDQUSWGKPXQNWETCPWP#IGPVG[WP1DLGVQ

GPGNUGPVKFQFG(KNNOQTG[NQUSWGPQNQJCEGP
'PVTG NQU RTKOGTQU
XGTDQU #1 UG GPEWGPVTCP XGTDQU
EQP UKIPKHKECFQU EQOQ EQOGT NNGXCT OCVCT
NCXCT [ RNGICT .QU FGN UGIWPFQ ITWRQ KPENW[GP
TGNCEKQPGUGPVTGGNQDLGVQ[UWQTKIGPOGVCQWDKECEKqP
EQOQ UCNKT CEGTECT JCDKVCT GPVTG NCU RGTUQPCU
[ NQU QDLGVQU FG UWU RGPUCOKGPVQU RGTEGREKQPGU [
GOQEKQPGU EQOQ TGEQTFCT XGT VGOGT [ GPVTG
NCU RGTUQPCU [ GN RrDNKEQ C SWKGP UG FKTKIG WP FKUEWTUQ
W QVTQU CEVQU FG JCDNC EQOQ NNCOCT TGICCT
CNCDCT 'UVC FKXKUKqP UGOnPVKEC GU KORQTVCPVG GP
EWCNSWKGT GUVWFKQ UQDTG NC UKPVCZKU FG NQU XGTDQU VTCP
UKVKXQU RQNKPoUKEQU

%JWPI JCEG WPC FKXKUKqP UKOKNCT FG NQU XGTDQU VTCPUKVKXQU GP FQU
ENCUGU 'P UWU RTQRKQU VoTOKPQU NQU XGTDQU VTCPUKVKXQU ECPqPKEQU
GZRTGUCPGXGPVQUSWGRTQFWEGPWPGHGEVQFKTGEVQCOGPWFQHpUKEQ
GPGNQDLGVQFKTGEVQ
NQUXGTDQU#1FG%NCTM.QUXGTDQUKPVGTOGFKQU
GP ECODKQ GZRTGUCP GXGPVQU SWG PQ CHGEVCP CN QDLGVQ FKTGEVQ FG
OCPGTCKPOGFKCVC
'PVTGNQUXGTDQUKPVGTOGFKQUGUVCTpCPNQU
FG RGTEGREKqP FG GOQEKqP [ QVTQU GUVCFQU UKEQNqIKEQU CUp EQOQ NQU FG
EQOWPKECEKqP
BXGT BCOCT BSWGTGT BGPVGPFGT BNNCOCT %JWPI
RTGUGPVC NCU UKIWKGPVGU OCTECU EQOQ VpRKECU FG NQU UKUVGOCU FG ECUQ
CEWUCVKXQ [ GTICVKXQ FG NCU NGPIWCU RQNKPoUKECU
#EWUCVKXQ 'TICVKXQ
8 5 KPVTCPUKVKXQ 8 5
8 5 K 1 VTCPUKVKXQ ECPqPKEQ 8 G 5 1
8 5 KMK 1 VTCPUKVKXQ KPVGTOGFKQ 8 5 KMK 1
&KEGCFGOnUSWGGUVTKEVCOGPVGJCDNCPFQNQUVoTOKPQUCEWUCVKXQ[
GTICVKXQ UG CRNKECP UqNQ C NC OCTEC FG ECUQ FG NCU ENnWUWNCU KPVTCPUKVKXCU
[ VTCPUKVKXCU ECPqPKECU .CU ENnWUWNCU VTCPUKVKXCU KPVGTOGFKCU RQUGGP WP
RCVTqP FG ECUQ FKHGTGPVG RCTGEKFQ CN SWG UG GORNGC GP ENnWUWNCU
KPVTCPUKVKXCU SWG EQPVKGPGP WPC (0 QDNKEWC
KDpF
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'PNCUNGPIWCUSWGRQUGGPXQ\RCUKXCVCPVQNCUENnWUWNCUVTCPUKVKXCU
ECPqPKECU EQOQ NCU KPVGTOGFKCU RWGFGP UWHTKT RCUKXK\CEKqP .C TGINC FG
RCUKXK\CEKqP GNGXC GN QDLGVQ FKTGEVQ C NC RQUKEKqP FG UWLGVQ [ GN UWLGVQ
QTKIKPCNUGEQPXKGTVGGPWPUWUVCPVKXQQDNKEWQSWGNNGXCNCOCTECFGCIGPVG
G [ CCFG CNIWPC HQTOC FGN UWHKLQ RCUKXQ %KC CN XGTDQ
8 5 KMK 1±±±±±±±±±±±±±² 8%KC G #IGPVG 5WLGVQ
2#5+8+<#%+y0
5 UWD[CEGPVG
1 UWD[CEGPVG
'UVC ECTCEVGTK\CEKqP FG NC OCTEC FG ECUQ GP NCU NGPIWCU RQNKPoUKECU
UGCNC FQU IGPGTCNK\CEKQPGU UKIPKHKECVKXCU NCU ENnWUWNCU VTCPUKVKXCU
ECPqPKECUGPNCUNGPIWCUCEWUCVKXCURQUGGPOCTECUFGECUQSWGUGCUGOGLCP
C NCU FG NCU ENnWUWNCU KPVGTOGFKCU GP VQFCU NCU NGPIWCU RQNKPoUKECU
6TCPUKVKXQ ECPqPKEQ CEWUCVKXQ 8 5 K 1
6TCPUKVKXQ KPVGTOGFKQ 8 5 KMK 1
GUFGEKTNQUUWLGVQUNNGXCPNCOCTECEGTQ
[NQUQDLGVQURWGFGPNNGXCT
GN CEWUCVKXQ K Q CNIWPC RTGRQUKEKqP QDNKEWC [ NC OCTEC FG ECUQ FG
NCU ENnWUWNCU RCUKXCU GP NCU NGPIWCU CEWUCVKXCU UG CUGOGLC C NC FG NCU
ENnWUWNCU VTCPUKVKXCU ECPqPKECU GP NCU NGPIWCU GTICVKXCU
2CUKXQ CEWUCVKXQ 8%KC G #) 5
6TCPUKVKXQ ECPqPKEQ GTICVKXQ 8 G 5 1
#N QDUGTXCT NCU IGPGTCNK\CEKQPGU CPVGTKQTGU GU FGEKT FCFQ SWG
CODQU VKRQU FG OCTEC FG ECUQ RCTGEGP GUVCT UKUVGOnVKECOGPVG TGNCEKQ
PCFQU NQU NKPIKUVCU SWG TGCNK\CP GUVWFKQU EQORCTCVKXQU FG NCU NGPIWCU
RQNKPoUKECU EQPEWGTFCP GP SWG CODQU UKUVGOCU FG ECUQ FGUEKGPFGP FG
WP VKRQ RTQVQRQNKPoUKEQ rPKEQ SWG UG FGUCTTQNNq FG OCPGTC FKUVKPVC GP
NCUNGPIWCUJKLCU.CGUVTWEVWTCFGNUKUVGOCQTKIKPCNFGNRTQVQRQNKPoUKEQ
GU CrP OQVKXQ FG EQPVTQXGTUKC *CNG
[ *QJGRC

UQUVKGPGP SWG GN UKUVGOC QTKIKPCN HWG CEWUCVKXQ %NCTM
VQOC NC
RQUKEKqP QRWGUVC %JWPI
ETKVKEC NCU RTKOGTCU RTQRQUKEKQPGU UKP
GODCTIQ GP DCUG C NC GXKFGPEKC SWG RTGUGPVC CHKTOC SWG GN UKUVGOC
QTKIKPCNVKGPGSWG JCDGT UKFQ CEWUCVKXQ5GKVGT
FGUEWDTGSWGUWU
FCVQU FGN PKWGCPQ EQTTCDQTCP NC JKRqVGUKU FG %JWPI #N RCTGEGT NC
UQNWEKqP FGN RTQDNGOC GURGTC GN CPnNKUKU FG GXKFGPEKC RTQEGFGPVG FG
QVTCU NGPIWCU TGNCEKQPCFCU
.C NGPIWC TCRC PWK

.# .'0)7# 4#2# 07+
'N TCRC PWK GU NC NGPIWC SWG JCDNCP NQU JCDKVCPVGU PCVKXQU FG NC
+UNC FG 2CUEWC
¢ FG NCVKVWF 5 [ ¢ FG NQPIKVWF 1 GP GN 2CEpHKEQ
.# .'0)7# 4#2# 07+
.C+UNCFG2CUEWCHWGKPEQTRQTCFCC%JKNGGP[JCUKFQIQDGTPCFC
EQOQ RTQXKPEKC FG GUG RCpU FGUFG .QU RCUEWGPUGU Q TCRC PWK
EQOQ RTGHKGTGP UGT PQOKPCFQU GNNQU OKUOQU UW NGPIWC [ UW KUNC UQP
EKWFCFCPQU EJKNGPQU
'PNCCEVWCNKFCFUGEQPUKFGTCSWGNCHCOKNKCFGNGPIWCURQNKPoUKECU
EQORWGUVC RQT WPCU VTGKPVC NGPIWCU FKUVKPVCU UG UWDFKXKFG UKIWKGPFQ NC
CITWRCEKqP RTQRWGUVC RQT 2CYNG[
GN RTQVQRQNKPoUKEQ GP
FQU TCOCU RQNKPoUKEQ RTQVQVqPIWKEQ [ RTQVQPWENGCT [ NWGIQ GN
RTQVQPWENGCT GP RTQVQUCOQKEQRGTKHoTKEQ [ RTQVQRQNKPoUKEQ QTKGPVCN
'ZKUVGQVTCUWDFKXKUKqPFGNRTQVQRQNKPoUKEQQTKGPVCNRTQRWGUVCRQT)TGGP
GPNCSWGGNTCRCPWKGUGNrPKEQOKGODTQFGWPCFGFQUTCOCU
EQQTFKPCFCU .C QVTC TCOC RTQVQQTKGPVCN EGPVTCN GUVn HQTOCFC RQT GN
JCYCKCPQ GN VCJKVKCPQ GN OCQTp [ QVTCU NGPIWCU .C HKIWTC OWGUVTC
NCU UWDFKXKUKQPGU RTKPEKRCNGU FGPVTQ FG NC HCOKNKC RQNKPoUKEC [ QHTGEG
WPC NKUVC RCTEKCN FG NCU NGPIWCU FG ECFC ITWRQ
2416121.+0w5+%1
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6QPICPQ
0KWGCPQ 5#/1+%12'4+(w4+%1 21.+0w5+%1 14+'06#.
7XGC 1TKGPVCN
(WVWPC 1TKGPVCN
5COQCPQ
14+'06#.%'064#. 4CRC 0WK
6QMGNCWC
2WMCRWMCPQ
8CKVWRW /CQTp
0CPWOGC 4CTQVQPICPQ
0WMWQTQ 2GPTJKP
-CRKPICOCTCPIWK 6WCOQVWCPQ
.WCPIKWC 6CJKVKCPQ
4GPGNNGUG /CTSWGUCPQ
6KMQRKC *CYCKCPQ
/GNG(KNC /CPICTGXCPQ
(WVWPC 1EEKFGPVCN
7XGC 1EEKFGPVCN
(KIWTC 5WDFKXKUKqP FG NCU NGPIWCU RQNKPoUKECU

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%QOQ GU ECTCEVGTpUVKEQ FG NCU NGPIWCU RQNKPoUKECU GN TCRC PWK
RQUGGWPCHQPQNQIpCUGPEKNNC'NKPXGPVCTKQFGUGIOGPVQUGUGNUKIWKGPVG
EKPEQXQECNGUDTGXGU
CGKQWEKPEQXQECNGUNCTICUEQTTGURQPFKGPVGU
[FKG\EQPUQPCPVGU
RVMaOPXTJ.CNGPIWCUqNQRQUGGUpNCDCU
CDKGTVCU
%8 2WGFGP FCTUG VQFCU NCU EQODKPCEKQPGU FG XQECNGU RGTQ
FGPVTQ FG WPC RCNCDTC ECFC XQECN EQPUVKVW[G GP UGPVKFQ GUVTKEVQ WPC
UpNCDC UGRCTCFC
0Q GZKUVGP EQODKPCEKQPGU FG EQPUQPCPVGU .CU RCNCDTCU NNGXCP GN
CEGPVQ GP NC RGPrNVKOC UpNCDC UCNXQ EWCPFQ VGTOKPCP GP WPC XQECN
NCTIC GP EW[Q ECUQ NC XQECN HKPCN TGEKDG GN CEGPVQ RTKOCTKQ 'P NC
QTVQITCHpCGORNGCFCGPGUVGVTCDCLQGNUpODQNQdTGRTGUGPVCNCQENWUKXC
INQVCN a [ TGRTGUGPVC NC PCUCN XGNCT
'NTCRCPWKCNKIWCNSWGQVTCUNGPIWCURQNKPoUKECUGUHWPFCOGPVCN
OGPVGWPCNGPIWCCKUNCPVG#GZEGREKqPFGNQURTQEGUQUFGTGFWRNKECEKqP
NQU UWUVCPVKXQU [ NQU XGTDQU UQP OQTHQNqIKECOGPVG KPXCTKCDNGU .CU
ECVGIQTpCU ITCOCVKECNGU EQOQ CURGEVQ OQFQ GURGEKHKEKFCF [ FGKZKU UG
EQFKHKECPOGFKCPVGRCTVpEWNCUSWGRTGEGFGP[UKIWGPCNGNGOGPVQPWENGCT
FG WPC HTCUG 'N QTFGP DnUKEQ FG NCU RCNCDTCU GP NC ENnWUWNC UKORNG GU
851CWPSWGNCVQRKECNK\CEKqP[QVTQURTQEGUQURWGFGPVTCUNCFCTWPCFG
NCU HTCUGU PQOKPCNGU CN EQOKGP\Q FG NC ENnWUWNC
.QU FCVQU

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5CNXQ GP NQU ECUQU GP SWG UG TGEQPQEG QVTC HWGPVG NQU FCVQU
GZCOKPCFQU GP GUVG VTCDCLQ RGTVGPGEGP C WP EQTRWU CORNKQ [ XCTKCFQ
FG OCVGTKCN TGEQRKNCFQ FGUFG GN EQOKGP\Q FG OKU GUVWFKQU FGNC NGPIWC
TCRC PWK GP 'N EQTRWU EQPVKGPG FCVQU QDVGPKFQU FG JCDNCPVGU
PCVKXQU FG NC NGPIWC
VCPVQ GP NC KUNC EQOQ HWGTC FG GNNC FG VGZVQU
ITCDCFQU [ VTCPUETKVQU [ FG EKGPVQU FG RnIKPCU FG VTCDCLQU GUETKVQU RQT
CWVQTGU KUNGQU GP VCNNGTGU NKVGTCTKQU [ GP QVTQU EQPVGZVQU
/KU RGUSWK\CU UQDTG NC NGPIWC TCRC PWK UG JCP TGCNK\CFQ EQOQ
RCTVG FG WP RTQITCOC OnU GZVGPUQ GPVTG EW[QU QDLGVKXQU GUVnP NC
KPXGUVKICEKqP NKPIpUVKECNCRTQOQEKqP FGNCCNHCDGVK\CEKqPGPTCRCPWK
GURGEpHKECOGPVG NC RTGRCTCEKqP FG VGZVQU GUEQNCTGU RCTC NC GUEWGNC FG

NC+UNC[GNFGUCTTQNNQFGWPCNKVGTCVWTCEQORNGOGPVCTKCRCTCKPEGPVKXCT
C NC LWXGPVWFPQGUEQNCT[C NQU CFWNVQU CCRTGPFGTC NGGT[GUETKDKTGP
UWRTQRKCNGPIWCRTQITCOCCWURKEKCFQEQPLWPVCOGPVGRQTNC7PKXGTUKFCF
%CVqNKEC FGN 8CNRCTCpUQ %JKNG [ GN 5+. +PVGTPCVKQPCN
CPVGU EQPQEKFQ
EQOQ GN 5WOOGT +PUVKVWVG QH .KPIWKUVKEU Q +PUVKVWVQ .KPIpUVKEQ FG
8GTCPQ /K RCTVKEKRCEKqP GP GN RTQITCOC OG JC RGTOKVKFQ TGUKFKT GP
NC +UNC OWEJQU FG NQU CQU EQORTGPFKFQU GPVTG [ GN RTGUGPVG
%CRpVWNQ
64#$#,15 #06'4+14'5 51$4'
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.QU VTCDCLQU NKPIpUVKEQU FGFKECFQU CN TCRC PWK UQP DCUVCPVG
PWOGTQUQU *CEKC RTKPEKRKQU FG UKINQ [C UG JCDpCP TGEQRKNCFQ [
RWDNKECFQ XCTKCU NKUVCU FG XQECDWNCTKQ SWG RGTOKVKGTQP C NQU RTKOGTQU
NKPIKUVCU EQORCTCVKXQU ENCUKHKECT NC NGPIWC KPGSWpXQECOGPVG EQOQ
OKGODTQ FG NC HCOKNKC FG NGPIWCU RQNKPoUKECU .QU RTKOGTQU VGZVQU
VTCPUETKVQU CWOGPVCTQP NQU FCVQU FKURQPKDNGU UQDTG NC NGPIWC OWEJQ
CPVGU SWG UG KPVGPVCTC WP CPnNKUKU NKPIpUVKEQ UGTKQ
'N RTKOGT VTCDCLQ FGUETKRVKXQ KORQTVCPVG UQDTG GN TCRC PWK HWG
TGCNK\CFQ RQT 'PINGTV UCEGTFQVG SWG XKXKq GP NC +UNC FGUFG JCUVC
UWOWGTVGGP5WFKEEKQPCTKQ
RWDNKECFQRQTRTKOGTCXG\GP
[ UW ITCOnVKEC FG NC NGPIWC CPVKIWC CRCTGEKGTQP LWPVQU GP GP
WP XQNWOGP UQDTG CURGEVQU GVPQNqIKEQU &GUFG UW RWDNKECEKqP GUVG
VTCDCLQ JC UGTXKFQ FG DCUG RCTC NC OC[QTpC FG NQU GUVWFKQU CEGTEC FG
NC NGPIWC .C ITCOnVKEC [ FKEEKQPCTKQ FG (WGPVGU
GZRCPFKGTQP
GN VTCDCLQ FG 'PINGTV CN FGUETKDKT NC NGPIWC VCN EQOQ UG JCDNCDC CN
VKGORQ FG TGCNK\CT GN GUVWFKQ 0Q UG VTCVq FG NKOKVCT NC FGUETKREKqP C
NC NGPIWC RWTC PQ CFWNVGTCFC EQP RToUVCOQU FGN VCJKVKCPQ GN KPINoU
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FG ECUQ PQGU UWHKEKGPVG RCTCFGVGTOKPCTUWGZKUVGPEKCUKP GODCTIQ NC
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KDpF2TGUGPVCCFGOnUGXKFGPEKCFG
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64#$#,15 #06'4+14'5
CIGPVKXC PQ GUVn GP WPECUQ QDNKEWQ SWGGU NQ SWGUG GURGTCTpC FGWPC
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OCTECFQT K GP QTCEKQPGU EQP WPC UQNC (0 [ QTCEKQPGU GP NCU SWG
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5K RQPICOQU RQT ECUQ SWG NCU NGPIWCU RQNKPoUKECU
QUEKNCP GPVTG NC GTICVKXKFCF [ NC CEWUCVKXKFCF GN TCRC
PWK RWGFG GUVCT GP WPC GVCRC CEVKXC KPEQORNGVC FG
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FG OCTECU FG ECUQ SWG NC NGPIWC CRCTGPVGOGPVG RGTOKVG 5G JCP
GZRTGUCFQ QRKPKQPGU EQPVTCFKEVQTKCU GP NQ SWG UG TGHKGTG C NC RCUKXKFCF
[ NC VKRQNQIpC UKPVnEVKEC
5GC EWCN HWGTG GN XCNQT FG GUVQU GUVWFKQU CrP SWGFCP XCEpQU GP
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RCTC UCDGT NC RQUKEKqP FG NC NGPIWC GP NC ENCUKHKECEKqP VKRQNqIKEC
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UQDTG NC NGPIWC TCRC PWK SWG PQ JCP UKFQ TGURQPFKFCU CFGEWCFCOGPVG
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VKGPG SWG XGT EQP UW GORNGQ GP NC NGPIWC l3Wo GU GP TGCNKFCF GN
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RCUKXCPQGUGZRNpEKVC!l'ZKUVGPEQPUVTWEEKQPGURCUKXCUFGWPCUQNC(0
GP NCU SWG UG JC GNKFKFQ NC UGIWPFC (0! l5QP GUVCU EQPUVTWEEKQPGU
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4'57/'0
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FGNTCRCPWKGPNCFKEQVQOpCCEWUCVKXQGTICVKXCl'UWPCNGPIWCCEWUCVKXC
EQOQUQUVKGPGP*QJGRC[%NCTMCWPSWGPQRTQRQTEKQPCPGXKFGPEKCSWG
CRQ[G GUC CHKTOCEKqP! Q lGU EQTTGEVC NC RQUKEKqP FG #NGZCPFGT SWG
CHKTOC SWG NC NGPIWC GU GP TGCNKFCF WPC NGPIWC CEVKXC
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GP TCRC PWK FCFCU FQU (0 GP ECUQ FKTGEVQ GP WPC QTCEKqP [ UW QTFGP
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NC NGPIWC EQPUKFGTCT UqNQ GN QTFGP NKPGCN FG NCU (0 GP ECUQ FKTGEVQ EQP
TGURGEVQ CN XGTDQ Q FGDGP VQOCTGPEWGPVCNCU TGNCEKQPGU ITCOCVKECNGUFG
UWLGVQ [ QDLGVQ FKTGEVQ! 5K GN QTFGP FG NCU RCNCDTCU GU GP TGCNKFCF VCP
NKDTG EQOQ oN RTQRQPG NCU TGINCU FG CUKIPCEKqP FG ECUQ SWG EQPUKFGTCP
UqNQ GN QTFGP FG NCU RCNCDTCU RCTGEGP UQURGEJQUCU
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UKIWKGPVGU RWGUVQ SWG NC KPVGPEKqP GU RTGUGPVCT WPC ECTCEVGTK\CEKqP OnU
UKUVGOnVKEC [ EQPUGEWGPVG FG NC OCTEC FG ECUQ FGN TCRC PWK [ FGVGTOKPCT
NC RQUKEKqP SWG VKRQNqIKECOGPVG QEWRC NC NGPIWC EQP TGNCEKqP C NCU FGOnU
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NCNGPIWCRGTOKVG'PGUVGECRpVWNQRTKOGTQUGKPXGUVKICPNQURCVTQPGUFG
OCTEC FG ECUQ CVGUVKIWCFQU GP TCRC PWK [ NWGIQ UG GZCOKPC ECFC ITWRQ
EQP OC[QT RTQHWPFKFCF (KPCNOGPVG UG EQORCTCP NQU RCVTQPGU FG OCTEC
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QVTQU RTQEGUQURWGFGPVTCUNCFCTWPCQOnUHTCUGUPQOKPCNGUCNRTKPEKRKQFG
NC ENnWUWNC RCTC RTQFWEKT CNIWPQU FG NQU RCVTQPGU FG OCTEC FG ECUQ FQPFG
GNXGTDQGUVnGPRQUKEKqPHKPCNQRQUKEKqPOGFKCOGPEKQPCFQURQT#NGZCPFGT
RGTQGNQTFGP851GUGNQTFGPPGWVTCNGPVGZVQU2CTCGUVGGUVWFKQJGRTGHGTKFQ
NKOKVCT OKU FCVQU C QTCEKQPGU SWG NNGXCP GN XGTDQ GP RQUKEKqP KPKEKCN
EQPUKFGTCPFQ SWG EWCNSWKGT KPVGPVQ FG FGUETKDKT NQU RCVTQPGU RGTOWVCFQU
FGRGPFG FG NC EQORTGPUKqP CFGEWCFC FG NCU HQTOCU OnU DnUKECU
/CTEC FG ECUQ EQP XGTDQU KPVTCPUKVKXQU

.QU UWLGVQU FG NCU ENnWUWNCU KPVTCPUKVKXCU PQTOCNOGPVG PQ NNGXCP
OCTEC
8 5
() C *G OCVG _ VG RR
.2 OQTKT &'( RCFTG
B'N RCFTG OWTKq

*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
D *G JCdGTG _
CTCTWC dK TWC K VG TWC JQK
.2 ECOKPCT NQUFQU GP EKOC #% &'( R ECDCNNQ
B'NNQU
FQU FKGTQP WP RCUGQ C ECDCNNQ
E -Q VWTW d _
C CW MK VG JCTG JR
24( FGUEGPFGT 241) 2'45 U C &'( ECUC CRTGPFGT
B*CDpC DCLCFQ C NC GUEWGNC
5KP GODCTIQ UGIrP QDUGTXCTQP 'PINGTV %JCRKP %NCTM [ #NGZCP
FGT NQU UWLGVQU KPVTCPUKVKXQU C XGEGU NNGXCP NC OCTEC G
() C *G QJQ OCK _
G VG XQXQ Q VG VCCVC VCKPC
.2 KT CSWp &'( SWGTKFCPKC FG &'( JQODTG JGTOCPQ
Q VQdQMW OCVWdC RQTGMQ

FG OK1 RCFTGOCFTG PCEGT
B8KPQ NC PKC
JKLC FGN JGTOCPQ FG OK OCFTG
='PINGTV ?
D *G VCJWVK _G VG RQMK
.2 EQTTGT &'( PKQ
B'N PKQ EQTTG =#NGZCPFGT D?
E *G QJQ OCK _
G VG XCXG PGK JG VQdQ TQ CVW
.2 KT *%# &'( QNC 24: .2 VQOCT #58 &5&
dCK K V RQMK GTC

5$5 #% &'(FKEJQ PKQ &+5
B8KPQ GUVC QNC [ NWGIQ UG NC NNGXq C GUC PKC
/CTEC FG ECUQ EQP XGTDQU VTCPUKVKXQU

.CU OCTECU FG ECUQ GP NCU ENnWUWNCU VTCPUKVKXCU RCTGEGP CUKORNG
XKUVC EQPHWUCU [ ECqVKECU # EQPVKPWCEKqP UG FCP GLGORNQU FG PWGXG
RCVTQPGUFKUVKPVQUCVGUVKIWCFQU2CTCUKORNKHKECTNCEQORCTCEKqPUGJCP
CITWRCFQNQURCVTQPGU[NQUGLGORNQUEQTTGURQPFKGPVGUUGIrPNQUOCTEC
FQTGUSWGRTGEGFGPCNCUHTCUGUPQOKPCNGUFGUWLGVQ6QFQUNQURCVTQPGU
FGN ITWRQ
VKGPGP HTCUGU PQOKPCNGU FG UWLGVQ UKP OCTEC
GU FGEKT
5 NQU RCVTQPGU FGN ITWRQ
VKGPGP UWLGVQU OCTECFQU EQP G .QU
RCVTQPGU 851 UG FCP CPVGU FG NQU RCVTQPGU 815
5WLGVQU PQ OCTECFQU

OCTEC PWNC
C 8 5 K 1
*G OCdW OCK _
C MQTQ _K VG QRG
.2 NNGXCT *%# 2'45 RCRn #% &'( RCNC
B2CRn VTCLQ NC RCNC
/#4%#5 &' %#51 #6'56+)7#&#5 '0 4#2# 07+
D 8 5 1
*G JCC _ C MTWC _
OQ CC K VG MTWC
.2 SWGTGT 2'45 R RCTC JCEGT #% &'( R
JCTG
ECUC
B7UVGFGU SWKGTGP EQPUVTWKT UW ECUC
E 8 5 KMK 1
-Q dCKWC d _ C
+QXCPK _
MK_ C /TKC
24( C[WFCT 241) 2'45 , WCP C 2'45 /CTpC
B,WCP JCDpC C[WFCFQ C /CTpC

F 8 K 1 5
*G VKCdK _K VG VCCVC _
VG XKdG
.2 IQNRGCT #% &'( JQODTG &'( OWLGT
B.C OWLGT RGIC CN JQODTG =#NGZCPFGT C?
5WLGVQU OCTECFQU EQP G

C 8 G 5 K 1
-Q VWPW d _
G KC _K VG OCKMC
24( EQEKPCT 241) GNNC #% &'( RNnVCPQ
B'NNC JCDpC EQEKPCFQ NQU RNnVCPQU
D 8 G 5 1
*G VCMGdC _G TWC _
G VCJK KMC dK TQVQ K
.2 XGT R 07/ WPQVQFQ RG\ GP KPVGTKQT #%
VG XCK
&'( CIWC
B8KGTQP WP RG\ GP GN CIWC
E 8 G 5 KMK 1
*G VWTG _
G V MK_ V
VCCVC GTC _ XKdG
.2 TGRTGPFGT &'(FKEJQ JQODTG &+5 C &'(FKEJQ OWLGT
GTC
&+5
B'N JQODTG TGRTGPFKq C GUC OWLGT
F 8 K 1 G 5
' VQMG d _K VG VCTCMG _
G VG OCPW
+/24(8 TQDCT 241) #% &'( OCp\ &'( RnLCTQ
B.QU RnLCTQU GUVnP TQDCPFQ GN OCp\
*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
G 8 1 G 5
-Q WPW d VG XCK _
_ G VG VCCVC
24( DGDGT 241) &'( CIWC &'( JQODTG
B'N CIWC HWG DGDKFC RQT GN JQODTG
!B'N JQODTG JCDpC DGDKFQ GN CIWC
4GUWOGP
'NTCRCPWKRGTOKVGFQURCVTQPGUFGECUQFKUVKPVQURCTCNQUXGTDQU
KPVTCPUKVKXQU[PWGXGRCVTQPGURCTCNQUXGTDQUVTCPUKVKXQU&GNQUPWGXG
RCVTQPGU CVGUVKIWCFQU RCTC NQU XGTDQU VTCPUKVKXQU UqNQ GN RCVTqP
F
CRCTGEG EQP VCP RQEC HTGEWGPEKC SWG UG RQFTpC FWFCT FG UW XCNKFG\
EQOQ XGTGOQU OnU CFGNCPVG

5K UG EQORCTCP NQU RCVTQPGU FG ECUQ SWG UG JCP GPEQPVTCFQ GP
TCRC PWK EQP NQU SWG UG RTGUGPVCP GP GN ECRpVWNQ
[ UG TGRKVGP CSWp
EQOQ VpRKEQU FG NCU NGPIWCU RQNKPoUKECU CEWUCVKXCU Q GTICVKXCU
%JWPI
PQ UG RGTHKNC WP EWCFTQ VKRQNqIKEQ ENCTQ
#EWUCVKXQ 'TICVKXQ
8 5 KPVTCPUKVKXQ 8 5
8 5 K 1 VTCPU ECPqPKEQ 8 G 5 1
8 5 KMK 1 VTCPU KPVGTOGFKQ 8 5 KMK 1
.COCTECFGECUQGP
DGUNCOKUOCSWGUGFCRCTCNCOCTECEKqP
VTCPUKVKXC ECPqPKEC GP NCU NGPIWCU GTICVKXCU 'N RCVTqP FG ECUQ
C
EQTTGURQPFG CN SWG UG FC RCTC GN VTCPUKVKXQ ECPqPKEQ GP NCU NGPIWCU
CEWUCVKXCU .C OCTEC FG ECUQ FG
E EQTTGURQPFG C NC SWG UG FC RCTC
NQU XGTDQU KPVGTOGFKQU VCPVQ GP NCU NGPIWCU CEWUCVKXCU EQOQ GTICVKXCU
#FGOnU GZKUVGP QVTQU RCVTQPGU FG OCTEC FG ECUQ SWG PQ EQTTGURQPFGP
PKCNQURCVTQPGUGTICVKXQUPKCNQUCEWUCVKXQUl2QTSWoGZKUVGPOCTECU
FG ECUQ VCP FKXGTUCU GP TCRC PWK! l%WnNGU UQP UK GZKUVGP NCU TGIWNCTK
FCFGU FGN UKUVGOC!
2CTCTGURQPFGTVCNGURTGIWPVCUGZCOKPCTGOQUEQPOC[QTRTQHWPFK
FCF NQU FKUVKPVQU RCVTQPGU FG OCTEC FG ECUQ FGN TCRC PWK
.C ENnWUWNC KPVTCPUKVKXC

.# %.v757.# +064#05+6+8#
+PVTQFWEEKqP
'P NC UGEEKqP UG OGPEKQPCTQP FQU RCVTQPGU FG OCTEC FG
ECUQ RCTC NCU ENnWUWNCU KPVTCPUKVKXCU [ UG FKGTQP GLGORNQU FG NQU FQU
WPQ SWG PQ NNGXC OCTEC CPVGU FGN UWLGVQ
OCTEC PWNC [ GN QVTQ FQPFG
GN UWLGVQ GUVn OCTECFQ EQP G 'N RTKOGT RCVTqP GU GN GURGTCFQ 'N
.# %.v757.# +064#05+6+8#
UGIWPFQGU EQPHWUQFCFQ SWGG GU GN OCTECFQT VpRKEQ FG CIGPVG GP NCU
QTCEKQPGU RCUKXCU FG NCU NGPIWCU CEWUCVKXCU [ GU OCTECFQT FG ECUQ
GTICVKXQGPNCUNGPIWCUGTICVKXCU.CRTGIWPVCGUlEWnNGUGUVGOCTECFQT
GP TCRC PWK!
'ZKUVGP VTGU RQUKDKNKFCFGU GU UQNCOGPVG WP OCTECFQT FG ECUQ
PQOKPCVKXQ CNVGTPCVKXQ RCTC NQU UWLGVQU [ UW UKOKNKVWFEQPGN OCTECFQT
FG CIGPVGGTICVKXQ FGQVTCUNGPIWCU RQNKPoUKECUGU WPCOGTCEQKPEKFGP
EKC UG RWGFG KFGPVKHKECT EQOQ GN OCTECFQT FG CIGPVGGTICVKXQ FG
QVTCU NGPIWCU TGNCEKQPCFCU [ UW WUQ CEVWCN GP nODKVQU CVpRKEQU UG JC
FGUCTTQNNCFQ RQT NC GZVGPUKqP FGN UKIPKHKECFQ CIGPVKXQ FG UW WUQ
QTKIKPCN Q GZKUVGP GP TGCNKFCF FQU OCTECFQTGU G WPQ SWG GU
PQOKPCVKXQ [ QVTQ SWG GU CIGPVKXQ [ GN JGEJQ FG SWG UGCP JQOqHQPQU
EQPHWPFG
'P GUVC UGEEKqP GZCOKPCTo OnU C HQPFQ NC OCTEC FG ECUQ FG NCU
ENnWUWNCUKPVTCPUKVKXCU.CUGEEKqPGUVCDNGEGNCUENnWUWNCUKPVTCPUK
VKXCU EQP OCTEC PWNC
8 5 EQOQ GN RCVTqP FG ECUQ PQTOCN Q PQ
OCTECFQ FG NC NGPIWC .C UGEEKqP FKXKFG NCU ENnWUWNCU KPVTCPUK
VKXCUOCTECFCUEQPGGPFQUVKRQUHWPFCOGPVCNGU[GXCNrCNCUKORNKECP
EKCU FG GUC FKXKUKqP GP NC HWPEKqP FGN OCTECFQT G .C UGEEKqP
VTCVC DTGXGOGPVG NC CHKTOCEKqP FG #NGZCPFGT FG SWG NQU UWLGVQU FG NQU
XGTDQU KPVTCPUKVKXQU RWGFGP NNGXCT GN OCTECFQT K
.C OCTEC PQTOCN

0Q JC[ FWFC FG SWG 8 5 GU GN RCVTqP FG ECUQ PQTOCN Q PQ
OCTECFQRCTCNCUENnWUWNCUKPVTCPUKVKXCUFGNTCRCPWK'PWPVGZVQEQTVQ
FQPFG UG GPEWGPVTCP ENnWUWNCU KPVTCPUKVKXCU EQP UWLGVQ OCPKHKGUVQ

UGCLWUVCPCGUVGRCVTqP5qNQWPCENnWUWNC
VKGPGUWLGVQ
OCTECFQ EQP G 'P WP VGZVQ OnU NCTIQ EQP ENnWUWNCU KPVTCPUKVKXCU
EQP UWLGVQ OCPKHKGUVQ
EQTTGURQPFGP C GUVG RCVTqP &G NCU
TGUVCPVGU
NNGXCP GN UWLGVQ GP RQUKEKqP KPKEKCN [ UqNQ WPC
ENnWUWNC
VKGPGGNRCVTqP8G5
.CUPWGXGENnWUWNCUKPVTCPUKVKXCU
TGUVCPVGU RQUGGP UWLGVQU OCTECFQU EQP GN OCTECFQT FG ECUQ IGPKVKXQ Q
WPHGPqOGPQCrPPQGZRNKECFQSWGPQGUVnEQORTGPFKFQGPGUVGGUVWFKQ
.C OCTEC GURGEKCN G

5GC EWCN HWGTG UW HWPEKqP SWGFC ENCTQ SWG NC RTGUGPEKC FGN
OCTECFQTGUGTGUVTKPIGGPNCUENnWUWNCUKPVTCPUKVKXCU%QPUKFGTGOQUNQU
UKIWKGPVGU LWGIQU FG GLGORNQU
FCVQU TCRC PWK [ VTCFWEEKqP NKDTG FG NC
HWGPVG KPFKECFC
*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
() C *G VCJWVK _G VG RQMK

.2 EQTTGT &'( PKQ
B'N PKQ EQTTG =#NGZCPFGT C?
D ' QTC T _
G KC
+/24(8 UCNXCTUG #58 U
B'N XKXKTn ='PINGTV ?
E *G QJQ OCK _
G VG XQXQ Q VG VCCVC VCKPC
.2 KT *%# &'( SWGTKFCPKC FG &'( JQODTG JGTOCPQ
GTC Q VQdQMW OCVWdC RQTGMQ

&+5 FG OK1 RCFTGOCFTG PCEGT
B8KPQ NC PKC
JKLC FGN JGTOCPQ FG OK OCFTG
='PINGTV ?
F *G dCVC VCK dK VG VQVQ Q /CdCC 4CMG−TCMG _
G
.2 572 NNQTCT GP &'( UCPITG FG /CdCC 4CMG−TCMG
-CKC
-CKC
B-CKC NNQTq OWEJQ RQT NC UCPITG FG /CdCC 4CMGTCMG
() C *G QJQ OCK _
G V C RQMK GTC JG VKCK K
.2 KT *%# &'(FKEJQ 2. PKQ &+5 .2 IQNRGCT #%
C 6CRCTCJK
2'45 6CRCTCJK
B.QU PKQU XKPKGTQP [ IQNRGCTQP C 6CRCTCJK
D *G VWTW _
G MQG JG dC−dCTW OCK K VG MCJK
.2 FGUEGPFGT U .2 CICTTCT *%# #% &'( CVrP
B7UVGF DCLCTn [ CICTTCTn NQU CVWPGU
E *G QJQ OCK _
G VG XCXG PGK JG VQdQ TQ CVW
.2 KT *%# &'( QNC 24: .2 VQOCT #58 &5&
dCK K V RQMK GTC

5$5 #% &'(FKEJQ PKQ &+5
B8KPQ GUVC QNC [ NWGIQ UG NNGXq C GUC PKC

.QU GLGORNQU GP
UQP ENnWUWNCU KPVTCPUKVKXCU UKORNGU &QU FG
NQUXGTDQUGPGUQUGLGORNQUUQPXGTDQUEQOWPGUFGOQXKOKGPVQBEQTTGT
[BXGPKT SWGPQTOCNOGPVGNNGXCPGNOCTECFQTCPVGUFGNUWLGVQl2QT
SWo GPVQPEGU CNIWPCU XGEGU FGDGP NNGXCT NC OCTEC G!
2CTCGZRNKECTNQ#NGZCPFGTCRGNCCNCKFGCFGNQUXGTDQUKPVTCPUKVK
XQU KPCEVKXQU XGTUWU NQU CEVKXQU [ C WPC VKRQNQIpC FG OCTEC FG ECUQ
RTQRWGUVC RQT 5CRKT
UGIrP NC EWCN NCU NGPIWCU NQU OCTECP FG
OCPGTC FKHGTGPVG #NGZCPFGT
D UWIKGTG SWG UqNQ NQU XGTDQU
.# %.v757.# +064#05+6+8#
KPVTCPUKVKXQU CEVKXQU
GU FGEKT CSWGNNQU EW[QU UWLGVQ GLGTEG EQPVTQN
UQDTGNCCEEKqPFGNXGTDQRWGFGPOCTECTUGEQPG5KIWKGPFQNCJKRqVGUKU
PQ CEWUCVKXC FG 2QUVCN
NQU RTGFKECFQU PQ GTICVKXQU RWGFGP
NNGXCTUWLGVQUOCTECFQUEQPG RGTQPQNQURTGFKECFQUPQ CEWUCVKXQU
5KPGODCTIQGNXGTDQFGNGLGORNQ
DPQRWGFGUGTEQPUKFGTCFQEQOQ
WP XGTDQ KPVTCPUKVKXQ CEVKXQ &G JGEJQ UG VTCVC FG WP XGTDQ GUVCVKXQ [
CWP CUp UW UWLGVQ GUVn OCTECFQ EQP G 5K NC OCTEC G UG NKOKVCTC C NQU
XGTDQUKPVTCPUKVKXQU CEVKXQUUGTXKTpCEQOQDCUGFGUWUVGPVCEKqPRCTCNC
FGHKPKEKqP FG G EQOQ OCTECFQT FG CIGPVKXQGTICVKXQ 'N JGEJQ FG SWG
PQ UG NKOKVC CUp FGDKNKVC VCN CPnNKUKU
#NGZCPFGTUQUVKGPGCFGOnUSWGGNOCTECFQTGGUVnTGUGTXCFQ
UqNQ RCTC NQU UWLGVQU CPKOCFQU NQU SWG RWGFGP EQPVTQNCT NC CEEKqP FGN
XGTDQ
D [ CUp GUVnPCRCTGPVGOGPVG NKOKVCFQUCNCPQEKqPFG
CIGPVKXKFCF XQNKVKXC 5KP GODCTIQ GN GLGORNQ
E RQUGG WP UWLGVQ
KPCPKOCFQ #WP EWCPFQ oUVG RWFKGUG GZRNKECTUG EQOQ WP ECUQ FG
RGTUQPKHKECEKqP GP GN SWG WP UWUVCPVKXQ KPCPKOCFQ EQOQ RTQVCIQPKUVC
GP WPC PCTTCVKXC HWGTC XKUVQ EQOQ WP GNGOGPVQ CIGPVKXQ GN UKIWKGPVG
GLGORNQ PQ RGTOKVG VCN KPVGTRTGVCEKqP
() -Q d dCPC (VG JGPWC) _
G VG VKCTG _
G VG VWOW
24( NNGPCTUG 241) (&'( VKGTTC) &'( HNQT &'( nTDQN
JWTW M JWTW M CVW

ECTnEVGT FKHGTGPVG ECTnEVGT FKHGTGPVG &5&
B
.C VKGTTC GUVCDC NNGPC FG HNQTGU [ nTDQNGU FG OWEJQU VKRQU FKHG
TGPVGU

0QVCOQU FQU CURGEVQU KPVGTGUCPVGU GP GN GLGORNQ
'P RTKOGT
NWICT NCU HTCUGU PQOKPCNGU OCTECFCU EQP G PQ UQP UWUVCPVKXQU CPKOCFQU
'PUGIWPFQNWICTNCUHTCUGUPQOKPCNGUOCTECFCUEQPGPQUQPUWLGVQUFG
NCQTCEKqP'UOnURQTGNEQPVGZVQUGGPVKGPFGSWGGNUWLGVQGUNCVKGTTC
SWGRWGFGNNGPCTUGNCUHTCUGUPQOKPCNGUOCTECFCUEQPGGUVnPGPTGNCEKqP
QDNKEWCEQPGNXGTDQ[UWVTCFWEEKqPOGLQTUGTpCBEQP BRQT QBFG l%qOQ
UG RWGFG GZRNKECT GUVQ UK GN OCTECFQT G UG KFGPVKHKEC UQNCOGPVG EQOQ GN
OCTECFQTFGCIGPVKXQGTICVKXQTGUGTXCFQRCTCNQUCIGPVGUFGNCUQTCEKQPGU
RCUKXCU[NQUUWLGVQUFGNQUXGTDQUVTCPUKVKXQUECPqPKEQU!'UVGGLGORNQUG
CUGOGLC C NQU SWG FC #NGZCPFGT EQOQ EQPUVTWEEKQPGU ECWUCPVGU EQP K
[UGFKHGTGPEKCFGGNNCURQTSWGGORNGCGGPXG\FGK
dKGPPWGUVTQCPnNKUKU
WPC RTGRQUKEKqP QDNKEWC SWG PQ UG FGDG EQPHWPFKT EQP GN CEWUCVKXQ K
EQOQ UGTpC FG GURGTCT EQP NQU UWUVCPVKXQU KPCPKOCFQU
() C *G OQTG C CW _K VG JQG
.2 VCLCT 2'45 U GP &'( EWEJKNNQ
B;Q UQ[ EQTVCFQ RQT GN EWEJKNNQ 'N EWEJKNNQ OG EQTVC
*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
D *G VCMGQ 4CRC 0WK _K VG VQMGTCW

.2 HTpQ 4CRC 0WK GP &'( XKGPVQ
B.C +UNC GU TGHTGUECFC RQT GN XKGPVQ
'N XKGPVQ TGHTGUEC NC +UNC
=&CVQU TCRC PWK [ VTCFWEEKQPGU NKDTGU FG #NGZCPFGT D?
'N GLGORNQ
FGDKNKVC CrP OnU NC PQEKqP FG SWG GN OCTECFQT G
VKGPG SWG XGT EQP NC KFGC FG CIGPVKXKFCF
.QU GLGORNQU GP
UQP QTCEKQPGU EQORNGLCU HQTOCFCU RQT NC
WPKqP FG WPC ENnWUWNC KPVTCPUKVKXC [ WPC VTCPUKVKXC .Q SWG UG CHKTOC
CSWp GU SWG NCU HTCUGU PQOKPCNGU OCTECFCU EQP G PQ UQP GP TGCNKFCF
UWLGVQUFGNCUENnWUWNCUKPVTCPUKVKXCUUKPQOnUDKGPUWLGVQUFGNCCEEKqP
GZRTGUCFC GP NCU FQU ENnWUWNCU EQODKPCFCU BXGPKT [ IQNRGCT BDCLCT [
CICTTCT [ BXGPKT [ VQOCT .C QTCEKqP
E RQT GLGORNQ TGUWNVC FG NC
WPKqP FG NCU FQU QTCEKQPGU GP

() C *G QJQ OCK _
VG XCXG PGK
.2 KT *%# &'( QNC 24:
B8KPQ GUVC QNC
D *G VQdQ TQ CVW dCK K V RQMK GTC _
G
.2 VQOCT #58 &5& 5$5 #% &'(FKEJQ PKQ &+5
VG XCXG PGK
&'( QNC 24:
B.C QNC NWGIQ UG NNGXq C GUC PKC

%WCPFQ NCU ENnWUWNCU GUVnP WPKFCU GN UWLGVQ CRCTGEG GPVTG NCU
HTCUGU XGTDCNGU [ TGVKGPG NC OCTEC FG ECUQ OnU OCTECFQ NQ SWG
TGUWNVC GP NC CRCTKEKqP FG WP XGTDQ KPVTCPUKVKXQ UGIWKFQ RQT WP UWLGVQ
OCTECFQ EQP G EQOQ UG XG GP NQU GLGORNQU GP

&QU VKRQU FG GXKFGPEKC EQTTQDQTCP GUVG CPnNKUKU 'P RTKOGT NWICT
GURQUKDNGWPKTFQUENnWUWNCUVTCPUKVKXCU[GNRCVTqPTGUWNVCPVGUGCUGOGLC
C NQU GLGORNQU GP

() C *G VQdQ OCK _
G PWC JG XCdCK K VG MCK
.2 VQOCT *%# OCFTG .2 FCT #% &'( EQOKFC
B/COn VQOq [
NG FKQ EQOKFC
D *G VQdQ OCK _
G VG XCXG JG JQC MK dWVC
.2 VQOCT *%# &'( QNC .2 CTTQLCT C VKGTTCCFGPVTQ
B.C QNC
NQ VQOq [
NQ NCP\q JCEKC VKGTTC

.CUHTCUGUXGTDCNGUGPECLCFCUQCPKFCFCUEQPUVKVW[GPCrPOnU
GXKFGPEKC GP HCXQT FG GUVG CPnNKUKU 5G RWGFGP EQODKPCT FQU XGTDQU GP
WPC HTCUG XGTDCN UKORNG EW[Q UKIPKHKECFQ FGRGPFG FG NC KPVGTCEEKqP FG
.# %.v757.# +064#05+6+8#
NQU XGTDQU EQODKPCFQU

RCTC WPC GZRNKECEKqP OnU FGVCNNCFC XGT 4
9GDGT Q 0QTOCNOGPVG NQU XGTDQU FG OQXKOKGPVQ RWGFGP
GPECLCTUGEQPQVTQUXGTDQUFGOQXKOKGPVQ[EQPEKGTVQUXGTDQUVTCPUKVK
XQU'PGUVCUHTCUGUXGTDCNGUGPECLCFCUGNXGTDQOnUGURGEpHKEQIQDKGTPC
CN OnU IGPoTKEQ EWCPFQ NQU XGTDQU UQP FG OQXKOKGPVQ [ NQU XGTDQU
VTCPUKVKXQU IQDKGTPCP C NQU FG OQXKOKGPVQ 'P GN GLGORNQ
C UG
GPECLC WP XGTDQ FG OQXKOKGPVQ EQP QVTQ XGTDQ FG OQXKOKGPVQ GP WPC
UQNC HTCUG XGTDCN GP
D UG GPECLC WP XGTDQ FG OQXKOKGPVQ EQP WP
XGTDQ VTCPUKVKXQ
() C ___
___ ___
*G ____
_ __
JQMK JG_ __
KTK_ OCK_ V
___ XKdG GTC MK VG
.2 XQNXGT .2 CUEGPFGT *%# &'(FKEJQ OWLGT &+5 C &'(
MQPC JCTG GTC

NWICT ECUC &+5
B'UC OWLGT XQNXKq
UWDKGPFQ C ECUC
D ___
___ ___
*G VWVG_ JG_ ___
__ QJQ_ G VG XKdG PGK __
JG_ __
WdK_ __
JG_
.2 RGTUGIWKT .2 KT &'( OWLGT 24: .2 OKTCT .2
QJQ ___
____ ___
CVW
KT &5&
B'UVC OWLGT HWG RGTUKIWKGPFQ
C UW JKLC DWUECPFQ OKGPVTCU
KDC
'P
D NC HTCUG PQOKPCN OCTECFC EQP G RCTGEG UGIWKT CN XGTDQ
KPVTCPUKVKXQ BKT RGTQ GP TGCNKFCF GU GN UWLGVQ FG NC HTCUG GPECLCFC
IQDGTPCFCRQTWPXGTDQVTCPUKVKXQ'UFGUWRQPGTSWGGPGUVQUGLGORNQU
JC[C WPC TGINC FG OQXKOKGPVQ SWG VTCUNCFC GN UWLGVQ C NC FGTGEJC FG
VQFCNCHTCUGXGTDCNCPKFCFCOKGPVTCUSWGGPNCUQTCEKQPGUEQODKPCFCU
FG
UG TGVKGPG GN UWLGVQ OnU OCTECFQ [ GN QVTQ UG GNKFG
'UVG CPnNKUKU KORNKEC SWG GU FG GURGTCT UWLGVQU OCTECFQU EQP G
RCTC NQU XGTDQU VTCPUKVKXQU GP GURGEKCN RCTC NQU XGTDQU VTCPUKVKXQU
ECPqPKEQU EQOQ NQU FG CNIWPQU FG NQUGLGORNQU CPVGTKQTGU [ SWGJCUVC
EKGTVQ RWPVQ PQ UQP PCVWTCNGU RCTC NCU ENnWUWNCU KPVTCPUKVKXCU 2QT NQ
VCPVQCRQ[CNCKFGCFGSWGGNOCTECFQT GGUVnXKPEWNCFQEQPNCPQEKqP
FGCIGPVKXKFCF[UGNQFGDGTpCKFGPVKHKECTEQPGNOCTECFQTFGCIGPVKXQ
GTICVKXQ FG QVTCU NGPIWCU RQNKPoUKECU
5KNQUGLGORNQUGP
UQPGNTGUWNVCFQFGRTQEGUQUFGEQODKPCEKqP
FG ENnWUWNCU GPVQPEGU NQU XGTFCFGTQU GLGORNQU FG XGTDQU KPVTCPUKVKXQU
OCTECFQU EQP G UQP OW[ RQEQ HTGEWGPVGU CWPSWG Up GZKUVGP EQOQ UG
FGOQUVTq GP
2CTGEG ENCTQ SWG PQ RWGFGP UGT EQPFKEKQPCFQU RQT NC
ENCUKHKECEKqPXGTDCNEQOQUWIKGTG#NGZCPFGT[CSWGRWGFGPFCTUGEQP
XGTDQUKPVTCPUKVKXQUCEVKXQUGKPCEVKXQU'NJGEJQFGSWGCRCTGEGPVCPVQ
EQPUWUVCPVKXQUCPKOCFQUEQOQKPCPKOCFQUGXKFGPEKCSWGNCCPKOCEKFCF
*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
[ NC CIGPVKXKFCF VCORQEQ UQP HCEVQTGU EQPFKEKQPCPVGU (KPCNOGPVG NC

RCTSWGFCFEQPSWGCRCTGEGPUWIKGTGSWGNCGZRNKECEKqPFGUWRTGUGPEKC
PQ UG JCNNC C PKXGN FG ENnWUWNC UKPQ OnU DKGP C WP PKXGN OnU CNVQ
&GLCTGOQU RWGU RCTC GN ECRpVWNQ WPC RQUKDNG GZRNKECEKqP FG NQU
UWLGVQU FG ENnWUWNCU KPVTCPUKVKXCU OCTECFQU EQP G
.C OCTEC FG UWLGVQ K FG #NGZCPFGT

#PVGU FG FGLCT GN VGOC FG NC OCTEC FG ECUQ FG NQU XGTDQU
KPVTCPUKVKXQUFGDGOQUFGEKTCNIQCEGTECFGNCCHKTOCEKqPFG#NGZCPFGT
FG SWG GP EKGTVQU ECUQU GN OCTECFQT FG QDLGVQ K FGUKIPC C NQU
UWLGVQU GP NC GUVTWEVWTC FG UWRGTHKEKG FG NQU XGTDQU PQ VTCPUKVKXQU
&C GN UKIWKGPVG RCT FG QTCEKQPGU

EQP INQUC OQTHoOKEC [
VTCFWEEKqP NKDTG C OQFQ FG GLGORNQ
() C *G MCK _K VG KMC
2TGU EQOGT QDL GN RG\
B'N RG\ GU EQOKFQ =#NGZCPFGT ?
D *G XKTK _K VG OCTGVK
2TGU ECGT QDL GN RNCVQ
B'N RNCVQ ECG =#NGZCPFGT ?
'UVQUGLGORNQUOGTGEGPFQUEQOGPVCTKQU'PRTKOGTNWICTQTCEKQ
PGU EQOQ oUVCU FQPFG NC rPKEC HTCUG PQOKPCN OCPKHKGUVC GU GN QDLGVQ
FG NC QTCEKqP[GUVnOCTECFC EQPKUG GPEWGPVTCP EQP HTGEWGPEKC GP NC
NGPIWC 5GIWPFQ VQFCU GUVCU QTCEKQPGU
Q ENnWUWNCU UQP VTCPUKVKXCU
.QU GLGORNQU CPVGTKQTGU UQP QTCEKQPGU EQP UKIPKHKECFQ RGTQ GN UKIPKHK
ECFQ PQ EQKPEKFG EQP NCU INQUCU SWG FC #NGZCPFGT 'N GLGORNQ
C
UKIPKHKEC B
#NIWKGP EQOG GN RG\ OKGPVTCU
D UKIPKHKEC B
#NIWKGP
GPXWGNXG GN RNCVQ .CU INQUCU KPVTCPUKVKXCU SWG UG JCP FCFQ RCTC NCU
QTCEKQPGUFG
TGUWNVCTQPEQORNGVCOGPVGKPCEGRVCDNGURCTCNQUPCVKXQ
JCDNCPVGU EQP SWKGPGUVTCDCLo/nUCrPGPNQUVGZVQUPQUGGPEWGPVTCP
GLGORNQU FG GUVG VKRQ EQP UKIPKHKECFQ KPVTCPUKVKXQ
4GUWOGP
'P GUVC UGEEKqP JGOQU GZCOKPCFQ EQP OnU FGVCNNG NCU OCTECU FG
ECUQ FGNQUXGTDQUKPVTCPUKVKXQU 'PNCUGEEKqP XKOQUSWG5GU
NC OCTEC FG ECUQ PQTOCN Q PQ OCTECFC EQP NQU XGTDQU KPVTCPUKVKXQU
FGN TCRC PWK 'P NC UGEEKqP QDUGTXCOQU SWG CNIWPQU UWLGVQU FG
'NUKIPKHKECFQFGNCRCNCDTCXKTKGUBGPXQNXGT #NWUCTNQFGOCPGTCKPVTCPUKVKXCGZRTGUC
NC KFGC FG ECGT &G OQFQ VTCPUKVKXQ GZRTGUC NC KFGC FG GPXQNXGT WP QDLGVQ
GPTQNNCTNQ GP
CNIQ
.# %.v757.# 64#05+6+8#
XGTDQUKPVTCPUKVKXQU OCTECFQUEQPG TGUWNVCP FGNCEQODKPCEKqP FGWPC

ENnWUWNCKPVTCPUKVKXC[WPCVTCPUKVKXCRCTCHQTOCTWPCQTCEKqPEQORWGUVC
5K VCNGU ECUQU UG GZENW[GP EQOQ GLGORNQU XGTFCFGTQU FG UWLGVQU FG
XGTDQU KPVTCPUKVKXQU OCTECFQU EQP G GPVQPEGU NQU SWG GHGEVKXCOGPVG
QEWTTGP UQP OW[ RQEQ HTGEWGPVGU 'P NC UGEEKqP JGOQU RWGUVQ
GPVGNC FGLWKEKQNCKFGCUWIGTKFCRQT#NGZCPFGTFGSWGCNIWPQUXGTDQU
KPVTCPUKVKXQUNNGXCPUWLGVQUOCTECFQUEQPGNOCTECFQTFGQDLGVQ
CEWUC
VKXQ K
'P GUVC UGEEKqP VCODKoP JGOQU RNCPVGCFQ GN RTQDNGOC FG NC
KFGPVKHKECEKqP FGN OCTECFQT G 'P NQU GLGORNQU FG QTCEKQPGU EQORNGLCU
TGUWNVCPVGUFGNCEQODKPCEKqPFGENnWUWNCUKPVTCPUKVKXCUEQPVTCPUKVKXCU
GPEQPVTCOQU GXKFGPEKC FG SWG GN OCTECFQT G RWGFG GUVCT NKICFQ C NC
PQEKqPFGCIGPVKXKFCF2GTQGNJGEJQFGSWGCRCTGEGEQPXGTDQUGUVCVKXQU
[EQPUWUVCPVKXQUKPCPKOCFQUFKHKEWNVCUWKFGPVKHKECEKqPEQPGNOCTECFQT
FG CIGPVKXQGTICVKXQ FG NCU NGPIWCU RQNKPoUKECU CHKPGU
.C ENnWUWNC VTCPUKVKXC

.# %.v757.# 64#05+6+8#
+PVTQFWEEKqP
'P NC UGEEKqP UG GURGEKHKECTQP [ UG GLGORNKHKECTQP PWGXG
RCVTQPGU FG ECUQ CVGUVKIWCFQU RCTC NCU QTCEKQPGU VTCPUKVKXCU FGN TCRC PWK
&G GUQU PWGXG RCVTQPGU EKPEQ NNGXCP UWLGVQ OCTECFQ EQP G [ NQU EWCVTQ
TGUVCPVGU GUVnP OCTECFQU EQP UGKU UQP RCVTQPGU 851 [ VTGU UQP 815
'P GUVC UGEEKqP[GPNCUKIWKGPVG XGTGOQU SWGNCOCTEC FGECUQ
FG NCU ENnWUWNCU VTCPUKVKXCU FGN TCRC PWK PQ GU VCP EQPHWUC PK ECqVKEC
EQOQ RCTGEG C RTKOGTC XKUVC .QU PWGXG RCVTQPGU OGPEKQPCFQU RWGFGP
QTFGPCTUG EQOQ VTGU RCVTQPGU DnUKEQU EQP UWDVKRQU .C UGEEKqP
FGUETKDG GN RCVTqP CEWUCVKXQ [ NQU UWDRCVTQPGU .C UGEEKqP VTCVC
FGN RCVTqP UGOGLCPVG C GTICVKXQ [ NQU UWDRCVTQPGU .C FGUETKREKqP
FGNVGTEGTRCVTqPDnUKEQGNRCVTqPUGOGLCPVGCRCUKXQNCGPEQPVTCTG
OQUGPNCUGEEKqP[CSWGCDCTECNCEWGUVKqPOC[QTFGNCGZKUVGPEKC
FG NC XQ\ RCUKXC GP NC NGPIWC .C UGEEKqP GPHQEC NC TGNGXCPEKC
RCTC GN TCRC PWK FG NC FKUVKPEKqP FGN XGTDQ VTCPUKVKXQ KPVGTOGFKQ GP
EQPVTCUVG EQP GN ECPqPKEQ
'N RCVTqP CEWUCVKXQ [ NQU UWDRCVTQPGU

'P GN RCVTqP CEWUCVKXQ GN UWLGVQ GU PQOKPCVKXQ
OCTEC [ GN
QDLGVQ FKTGEVQ GUVn OCTECFQ RQT GN OCTECFQT FG ECUQ CEWUCVKXQ K
() C *G MGTK _ C 6KCTG _K VG MWOCTC
.2 ECXCT 2'45 6KCTG #% &'( DCVCVC
B6KCTG ECXC ECOQVGU
*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
D *G JR VCJK _

C MTWC _K VG RQTQV
.2 CRTGPFGT WPQVQFQ 2'45 R #% &'( FGUHKNCT
B6QFQU WUVGFGU CRTGPFGTnP C FGUHKNCT
5G RWGFGP EQPUKFGTCT EQOQ UWDVKRQU FGN RCVTqP CEWUCVKXQ VQFQU
NQU RCVTQPGU GLGORNKHKECFQU GP
FG NC UGEEKqP EW[QU UWLGVQU
GUVnP OCTECFQU EQP 1DUGTXGOQU NCU QTCEKQPGU
[
SWG
EQTTGURQPFGP CN RCVTqP 8 5 1
() C -Q JCC dCPC JQdK _
C CW _
OQ GMG K
24( SWGTGT 241) RWGU 2'45 U RCTC UWDKT #%
VG JQK
&'( ECDCNNQ
B;Q SWGTpC RWGU OQPVCT GN ECDCNNQ
D -CK dKVG OCK _
CW _
G VCMGdC JCMCdQW TQ
0') UCDGT *%# U +/24(8 XGT FGPWGXQ #58
OCK MQG dQ dKPC

*%# U Q PQ
B0Q Uo UK VG XGTo FG PWGXQ Q PQ
() C *G JCMC VQRC OCK KC _
VG RCRCd _
G
.2 %#75 DCLCT *%# GPVQPEGU &'( GZVTCPLGTQ 07/
VCJK TWC XCMC RCJ GTC MQ d d G VG

WPQVQFQ R DQVG DCTEQ &+5 24( NNGPCTUG 241) &'(
VCCVC
JQODTG
B'PVQPEGU NQU GZVTCPLGTQU DCLCTQP WP DQVG FGN DCTEQ NNGPQ
FG JQODTGU
D *G RCdQ OCK _
C 6WdW -QKJW _
G
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VCJK VWOW OKTQ VG dKQC JG VQTQOKTQ

WPQVQFQ nTDQN OCFGTC &'( PQODTG +0&'( VQTQOKTQ
B6WdW -QKJW EQTVq WP nTDQN EW[Q PQODTG GTC VQTQOKTQ

5GTpC WP GTTQT GSWKRCTCT NC HCNVC FG OCTEC CPVGU FG NQU QDLGVQU
FKTGEVQU EQP GN OCTECFQTFG ECUQPQOKPCVKXQ FG NQU UWLGVQU GP GUVQU
GLGORNQU /nU DKGP EQOQ XGTGOQU GP NC UGEEKqP NCU TGINCU FG
CUKIPCEKqP FG ECUQ GUVnP CRCTGPVGOGPVG TGUVTKPIKFCU FG OCPGTC SWG PQ
RWGFGP EQNQECT GN OCTECFQT FG ECUQ CEWUCVKXQ K FGNCPVG FGN QDLGVQ
FKTGEVQ GP EKGTVCU EKTEWPUVCPEKCU %QOQ WP RTKOGT KPVGPVQ RCTC FGHKPKT
NCUEQPFKEKQPGUDCLQNCUSWGGNOCTECFQTFGECUQCEWUCVKXQPQUGKPUGTVC
Q UG GNKFG QDUGTXCOQU SWG GP NQU GLGORNQU

C [
D NQU QDLGVQU
.# %.v757.# 64#05+6+8#
FKTGEVQUFGNQUXGTDQUBSWGTGT [BUCDGT UQPQTCEKQPGUEQORNGVKXCU'P

NQU GLGORNQU
C [
D GN QDLGVQ FKTGEVQ EQOKGP\C EQP WP PWOGTCN
Q CTVpEWNQ KPFGHKPKFQ
2TQXKUKQPCNOGPVGRQFGOQUFGEKTGPVQPEGUSWGNCTGINCSWGCUKIPC
GN RCVTqP FG ECUQ CEWUCVKXQ VGPFTpC WPC TGUVTKEEKqP EQOQ NC UKIWKGPVG

K ±±±±²  AAAAA PWOGTCNGU

CTVpEWNQU KPFGHKPKFQU
 AAAAA QDLGVQU FKTGEVQU SWG UQP QTCEKQPGU

EQORNGVKXCU
'N RCVTqP 8 5 KMK 1 FCFQ GP

E FKHKGTG FGN RCVTqP CEWUCVKXQ
PQTOCNUqNQGPSWGEKGTVQUXGTDQUUWGNGPTGSWGTKTMKGPXG\FGKFGNCPVG
FG EKGTVQU QDLGVQU FKTGEVQU
() C ' JCC GTC _
C MK_ VG WMC
KC _
+/24(8 SWGTGT &+5 2'45 U C &'( OWLGTLQXGP
B%WCPFQ oN FGUGCDC WPC LQXGP
D *G RKTK _ C MK_ VG VCJK
6CRCTCJK _ C RQMK
.2 LWPVCT 2'45 6CRCTCJK C &'( WPQVQFQ 2. PKQ
JG PQJQ CVW CPCPCMG JG MQTK

.2 RGTOCPGEGT &5& VQFQU .2 LWICT
B6CRCTCJK UG LWPVq EQP QVTQU PKQU [ VQFQU UG SWGFCTQP [
LWICTQP
.QU QDLGVQU FG EKGTVQU XGTDQU RWGFGP GUVCT OCTECFQU RQT K Q RQT
MK
() C + WdK GTC _
6CRCTCJK _K V dCVK GTC
24(8 OKTCT &+5 6CRCTCJK #% &'(FKEJQ RTQDNGOC &+5
B%WCPFQ 6CRCTCJK XKQ GUG RTQDNGOC
D + WdK GTC _
C __ V
PWC MK dCVK
24(8 OKTCT &+5 2'45 OCFTG C &'(FKEJQ RTQDNGOC
GTC
&+5
B%WCPFQ UW OCFTG XKQ GUG RTQDNGOC
.C GNGEEKqP FG K Q MK RCTGEG FGRGPFGT RTKPEKRCNOGPVG FGN NoZKEQ
RGTQ GP NCU QTCEKQPGU FQPFG GN XGTDQ RWGFG KT UGIWKFQ RQT WP QDLGVQ
OCTECFQRQTEWCNSWKGTCFGNQUFQUJC[HCEVQTGUEQOQNCRTQRKGFCFFGN
QDLGVQFKTGEVQFGUGTCPKOCFQQGNITCFQGPSWGUGNGGPHQECSWGRWGFGP
UGT HCEVQTGU FGVGTOKPCPVGU
*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
3WGFC WP RCVTqP OnU SWG FGDG VTCVCTUG GP GUVC UGEEKqP 'P
F
UG FC WPC QTCEKqP EQP WP QTFGP 815 SWG NNGXC NCU UKIWKGPVGU OCTECU
FGECUQ8K15/WPTQ[#NGZCPFGTTGEQRKNCTQPFGUWUKPHQTOCPVGU
FCVQU EQP GUVG RCVTqP
() C *G VKCdK _K VG VCCVC _
VG XKdG
.2 IQNRGCT #% &'( JQODTG &'( OWLGT
B.C OWLGT NG RGIC CN JQODTG
=#NGZCPFGT D?
D -Q JQK CVW d _K C MQG _
C %CTOGP
24( DGUCT &5& 241) #% 2'45 U 2'45 %CTOGP
B%CTOGP VG DGUq =/WPTQ ?

.qIKECOGPVG JCDNCPFQ FGDGTpC UGT WP RCVTqP RQUKDNG UK GN TCRC
PWK VWXKGTC WP QTFGP FG RCNCDTCU TGNCVKXCOGPVG NKDTG RQTSWG UG VTCVC
FGN QTFGP KPXGTUQ CN FGN RCVTqP FG ECUQ CEWUCVKXQ OnU EQOrP Q PQ
OCTECFQ 5KP GODCTIQ EQOQ FKLKOQU CPVGTKQTOGPVG GUVG RCVTqP FG
ECUQ UG GPEWGPVTC OW[ RQECU XGEGU GP NC NGPIWC .C RTGIWPVC GU lSWo
TGUVTKPIG VCPVQ C GUVG RCVTqP!
7PC TGURWGUVC CN OGPQU RCTEKCN RCTC GUC RTGIWPVC GU SWG GUVG
RCVTqPCXGEGUKPVTQFWEGCODKIGFCF#RGUCTFGSWGGNTCRCPWKRQUGG
XCTKCU OCPGTCU FG WPKT RCNCDTCU [ HTCUGU C OGPWFQ NC WPKqP UG KPFKEC
RQT WPC OGTC UGTKCNK\CEKqP Q [WZVCRQUKEKqP 8GCOQU NQU UKIWKGPVGU
GLGORNQU
() C 6G XKdG VG RQMK VG VCCVC VG MQTQJWdC VG
&'( OWLGT &'( PKQ &'( JQODTG &'( CPEKCPQ &'(
PWCJKPG CPC JCdK K VG OQPK MK VG VCCVC

CPEKCPC 25$. TGICNCT #% &'( FKPGTQ C &'( JQODTG
B/WLGTGU PKQU JQODTGU XKGLQU [ XKGLCU TGICNCP FKPGTQ CN
JQODTG ='PINGTV ?
D *G VKMGdC K C *KVKTCW C 0WMQ VG /C
.2 XGT #% 2'45 *KVKTCW 2'45 0WMQ &'( /C
G JCdWTW TQ d
+/24(8 FQTOKT #58 241)
B8KQ C *KVKTCW [ 0WMQ VG /C SWG GUVCDCP FQTOKFQU
='PINGTV ?
E *G JCCK C 6CRCTCJK K VG QTW K VG
.2 CNKOGPVCT 2'45 6CRCTCJK #% &'( EGTFQ #% &'(
RWCdC
XCEC
B6CRCTCJK CNKOGPVC
EWKFC EGTFQU [ XCECU
.# %.v757.# 64#05+6+8#
'P
E ECFC WPQ FG NQU QDLGVQU WPKFQU GUVn OCTECFQ EQP GN
OCTECFQT FG ECUQ CEWUCVKXQ K 5KP GODCTIQ CRCTGPVGOGPVG GUVQ PQ GU
QDNKICVQTKQ[CSWGUqNQGNRTKOGTQFGNQUQDLGVQUWPKFQUGPGNGLGORNQ
D GUVn OCTECFQ EQP K 5GIrP OK RTQRKC KPXGUVKICEKqP GN GLGORNQ
C VCODKoP UKIPKHKEC

lCPVG VQFQ! B
#NIWKGP IQNRGC CN JQODTG [ C
NC OWLGT .C CODKIGFCF GP RQVGPEKC FGN GLGORNQ
D FGUCRCTGEG
RQTGNGORNGQFGNCRCTVpEWNCCVWSWGGPNCQTCEKqPKPFKECCEEKqPJCEKC
NC UGIWPFC RGTUQPC 5K CVW UG UWRTKOG NC HTCUG GU UqNQ OCTIKPCNOGPVG
CEGRVCDNG [ GP GN OGLQT FG NQU ECUQU CODKIWC
'N RCVTqP UGOGLCPVG C GTICVKXQ [ NQU UWDRCVTQPGU

'P GN RCVTqP UGOGLCPVG C GTICVKXQ GN UWLGVQ
UWD[CEGPVG UG
OCTEC EQP G [ GN QDLGVQ FKTGEVQ UWD[CEGPVG UG OCTEC EQP K
() C *G MCK _G VG JQK _K VG VCTQ
.2 EQOGT &'( ECDCNNQ #% &'( VCTQ
B'N ECDCNNQ EQOKq GN VCTQ
D *G JQK _G VQdQPC OCOCTWdCW GTC _K C 6KCTG
.2 DGUCT UW CDWGNC &+5 #% 2'45 6KCTG
1
B5W CDWGNC DGUq C 6KCTG
'UVG GLGORNQ FKHKGTG FGN RCVTqP GTICVKXQ VpRKEQ FG NCU NGPIWCU
RQNKPoUKECU CHKPGU RQT VGPGT GN QDLGVQ FKTGEVQ OCTECFQ EQP K GP XG\ FG
NNGXCTGNECUQPQOKPCVKXQ&GCJpGNPQODTGUGOGLCPVGCGTICVKXQGP
XG\ FG GTICVKXQ .CU ENnWUWNCU EQP GUVG VKRQ FG OCTEC FG ECUQ VKGPFGP
C UGT DCUVCPVG NKDTGU GP EWCPVQ CN QTFGP FG NCU RCNCDTCU 851 Q 815
.QU GLGORNQU GP
KNWUVTCP NQU FQU RCVTQPGU 8 G 5 K 1 [ 8 K 1 G 5
SWG UG FKGTQP GP
C [
F
() C ' VQMG d _
G VG OCPW _K VG VCTCMG
+/24(8 TQDCT 241) &'( RnLCTQ #% &'( OCp\
D ' VQMG d _K VG VCTCMG _
G VG OCPW
+/24(8 TQDCT 241) #% &'( OCp\ &'( RnLCTQ
E *G MCK _G VG QTW _K VG MKTK OCKMC
.2 EQOGT &'( EGTFQ #% &'( RKGN RNnVCPQ
B'N EGTFQ EQOKq NCU EnUECTCU FG RNnVCPQ
F -Q VWPW d _K VG OCKMC _
G KC
24( EQEKPCT 241) #% &'( RNnVCPQ U
B'NNC JCDpC EQEKPCFQ NQU RNnVCPQU
*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
.QU RCVTQPGU FG OCTEC FG ECUQ 8 G 5 1 [ 8 G 5 KMK 1 SWG UG

FKGTQP GP
D [
E UG RWGFGP EQPUKFGTCTUWDVKRQUFGNRCVTqP FGECUQ
UGOGLCPVG C GTICVKXQ 'U KPVGTGUCPVG XGT SWG GN GORNGQ FGN RCVTqP 8
G 5 1 SWG UG EQPUKFGTC GN RCVTqP GTICVKXQ VpRKEQ GP QVTCU NGPIWCU
CHKPGU UG TGUVTKPIG RTKPEKRCNOGPVG C QTCEKQPGU GP NCU SWG GN QDLGVQ
FKTGEVQ GU WPC QTCEKqP EQORNGVKXC Q EQOKGP\C EQP WP PWOGTCN W QVTQ
EWCPVKHKECFQT FG OCPGTC OW[ UKOKNCT CN RCVTqP EQTTGURQPFKGPVG FGN
LWGIQ CEWUCVKXQ
EQOQ UG FKLQ CPVGTKQTOGPVG
() C -Q dKVG TKXC−TKXC d _
G MQG RG PGK _
MQ
24( UCDGT OW[DWGPQ 241) U EQOQ 24: CUp 24(
JCC d C KC OQ QJQ OQ JR

SWGTGT 241) 2'45 U RCTC KT RCTC CRTGPFGT
B6r UCDGU OW[ DKGP SWG GNNC SWKGTG KT C GUVWFKCT
D d+PC JG CK−CK KC _
G VG MQMC _
C
PQ .2 UCDGTEQPEGTVG\C GPVQPEGU &'( EWECTCEJC RQT
J G CTQ GTC V JCdCOCQTG GTC

+06'44 +/24(8 FGUCRCTGEGT &+5 &'(FKEJQ UKPXGTIGP\C &+5
B.C EWECTCEJC GPVQPEGU PQ GUVCDC UGIWTC CFQPFG FGUCRCTG
EpC GUC UKPXGTIGP\C
() C *G VCMGdC _G TWC _
G VCJK KMC dK TQVQ K
.2 XGT R 07/ WPQVQFQ RG\ GP KPVGTKQT #%
VG XCK
&'( CIWC
B8KGTQP WP RG\ GP GN CIWC
D *G TCXCdC _
G CW _
G TKOC VCTC OCK TCTQ Q
.2 EQPUGIWKT U 07/ EKPEQ OQPGFC FGUFG HQPFQ FG
VG TQdK
&'( ECOC
B'PEQPVTo EKPEQ RGUQU FGDCLQ FG NC ECOC
E JG VCMGdC VCdCVQdC OCK _
G VWC _
VG VCdCVQdC
.2 XGT VQFQU *%# FK &'( VQFQU
OCdWC dCVC TKMK TKMK GTC MK C KC

EGTTQ 572 RGSWGQ &+5 C 2'45 U
BRQFGOQU XGT VQFQU NQU EGTTQU SWG UQP OnU EJKEQU SWG
GUG
() C *G M _G 6KCTG ¡_ 6QdQMW dKQC MQ 6KCTG
.2 FGEKT 6KCTG OK
1
PQODTG (1% 6KCTG
B6KCTG FKLQ ¡/K PQODTG GU 6KCTG
.# %.v757.# 64#05+6+8#
D *G TCK VCJK _ _ m4KXC−TKXC

G VG C RQMK ¡
.2 NNCOCT WPQVQFQ &'( 2. PKQ OW[DWGPQ
B6QFQU NQU PKQU GZENCOCTQP ¡m/W[ DKGP

.QU GLGORNQU GP
UQP QTCEKQPGU EW[QU QDLGVQU FKTGEVQU UQP C
UW XG\ QTCEKQPGU EQORNGVKXCU FG NQU XGTDQU BUCDGT [ BGUVCT UGIWTQ
'P
VQFQU NQU QDLGVQU FKTGEVQU EQOKGP\CP EQP WP PWOGTCN Q WP
EWCPVKHKECFQT 'P GN GLGORNQ
C GN QDLGVQ GUVn OQFKHKECFQ RQT GN
PWOGTCN WPQ SWG UG RWGFG GPVGPFGT EQOQ CTVpEWNQ KPFGHKPKFQ Q EQOQ
PWOGTCN 'P GN GLGORNQ
D NC HTCUG FG QDLGVQ FKTGEVQ EQOKGP\C EQP
GN PWOGTCN EKPEQ 'P GN
E GN EWCPVKHKECFQT VQFQ UKIWG CN CTVpEWNQ
'N JGEJQ FG SWG NQU EWCPVKHKECFQTGU [ NQU PWOGTCNGU CHGEVCP NCU
TGINCU FG CUKIPCEKqP FG ECUQ UG RWGFG CRTGEKCT GP GN RCT FG GLGORNQU
SWG UG FCP C EQPVKPWCEKqP GP

() *G _ MC TCJK CVW MC TCJK CVW VG
OCK
.2 CTTGCT *%# 07/ OWEJQ &5& 07/ OWEJQ &5& &'(
OCOQG
QXGLC
B
'N CTTGq OWEJpUKOCU QXGLCU
*G OCK _K V OCOQG GTC JG RWTW dK
.2 CTTGCT *%# #% &'(FKEJQ QXGLC &+5 .2 EGTTCT GP
TQVQ
KPVGTKQT
B
'N CTTGq
NCU QXGLCU [
NCU GPEGTTq CFGPVTQ
.QU GLGORNQU GP
EQPVKGPGP XGTDQU FG EQOWPKECEKqP EW[QU
QDLGVQU FKTGEVQU UQP NCU QTCEKQPGU GP GUVKNQ FKTGEVQ SWG NQU UKIWGP
'P VQFQU GUVQU GLGORNQU CUp EQOQ GP NQU GLGORNQU UKOKNCTGU FGN
LWGIQ CEWUCVKXQ RCTGEG OnU RNCWUKDNG RGPUCT GP VoTOKPQU FG WPC TGINC
FG CUKIPCEKqP FG ECUQ SWG GNKOKPC GN OCTECFQT FG ECUQ CEWUCVKXQ DCLQ
EKGTVCU EKTEWPUVCPEKCU GP XG\ FG RTQRQPGT WPC TGINC FKHGTGPVG FG
CUKIPCEKqP FG ECUQ SWG OCTSWG GUVQU VKRQU FG QDLGVQU EQP GN OCTECFQT
FG ECUQ PQOKPCVKXQ OKGPVTCU OCTEC NC OC[QTpC FG NQU FGOnU EQP K
#UpNCTGINCSWGOCTECNCUQTCEKQPGUEQPGNRCVTqPFGECUQUGOGLCPVG
CGTICVKXQFGDGTpCVGPGTWPCTGUVTKEEKqPUKOKNCTCNCSWGUGFKQGP

RCTC NC TGINC SWG CUKIPC GN RCVTqP FG ECUQ CEWUCVKXQ
.QU GLGORNQU FGN RCVTqP 8 G 5 KMK 1 GP
E FKHKGTGP FGN RCVTqP
UGOGLCPVG C GTICVKXQ UqNQ GP SWG EKGTVQU XGTDQU NNGXCP MK GP XG\ FG
K CPVGU FGN QDLGVQ FKTGEVQ
() C *G VWTG _
G V MK_ V
VCCVC GTC _ XKdG
.2 TGRTGPFGT &'(FKEJQ JQODTG &+5 C &'(FKEJQ OWLGT
*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
GTC
&+5
B'UG JQODTG TGRTGPFKq C GUC OWLGT
D *G VQJW _G VG OCVWdC _ MK_ VCdCPC RQMK
.2 OCNFGEKT &'( RCFTG C UW PKQ
#
B'N RCFTG OCNFKLQ C UW JKLQ
.Q SWG FGDGTpC XGTUG ENCTCOGPVG CN GZCOKPCT EQP OnU FGVCNNG NQU
RCVTQPGUFGECUQSWGCSWpNNCOCOQUCEWUCVKXQ[UGOGLCPVGCGTICVKXQ
GU NC HQTOC RCTCNGNC ECUK RGTHGEVC GP SWG WPQ EQTTGURQPFG CN QVTQ
#EWUCVKXQ 5GOGLCPVG C
GTICVKXQ
8 5 K 1 8 G 5 K 1
8 5 1 8 G 5 1
8 5 KMK 1 8 G 5 KMK 1
8 K 1 5 8 K 1 G 5
.QU RCVTQPGU FG NCU OCTECU FG ECUQ FGN LWGIQ UGOGLCPVG C
GTICVKXQFKHKGTGPFGNQURCVTQPGUFGNLWGIQCEWUCVKXQUQNCOGPVGGPSWG
NQU UWLGVQU UG OCTECP EQP G GP XG\ FG 'P CODQU LWGIQU NQU
OCTECFQTGU K
[ MK FKUVKPIWGP C NQU QDLGVQU FG NQU UWLGVQU GP VTGU
RCVTQPGUFGWPVQVCNFGEWCVTQ5qNQGPNQURCVTQPGUFGNUGIWPFQTGPINqP
UG PQVC WPC CNVGTCEKqP SWG FG QVTQ OQFQ GU WPC OCTEC ENCTC FG ECUQ
CEWUCVKXQ'NJGEJQFGSWGNQUGLGORNQUEQTTGURQPFKGPVGUCNQURCVTQPGU
CEWUCVKXQU[UGOGLCPVGUCGTICVKXQFGNUGIWPFQTGPINqPUGNKOKVCP
GUGPEKCNOGPVGCQTCEKQPGUGPNCUSWGNQUQDLGVQUFKTGEVQUUQPQTCEKQPGU
EQORNGVKXCU Q EQOKGP\CP EQP PWOGTCNGU Q EWCPVKHKECFQTGU GU WP
CTIWOGPVQ HWGTVG EQPVTC UW ENCUKHKECEKqP EQOQ RCVTQPGU GURGEKCNGU FG
OCTEC FG ECUQ UGRCTCFQU FG NQU RCVTQPGU TGIWNCTGU
RQT GLGORNQ GN
RCVTqP8G51EQOQWPRCVTqPFGECUQGTICVKXQRTQRKCOGPVGFKEJQ
'P ECODKQ CRQ[C NC RTQRQUKEKqP FG TGINCU FG CUKIPCEKqP FG ECUQ EQP
TGUVTKEEKQPGU UGPEKNNCU RCTC GN GORNGQ FGN OCTECFQT FG ECUQ CEWUCVKXQ
K DCLQ EKGTVCU EQPFKEKQPGU
#PVGU FG NNGICT C EQPENWUKqP CNIWPC C DCUG FG NQU RCVTQPGU [
GLGORNQU CPVGTKQTGU FGDGOQU EQPUKFGTCT QVTQU FCVQU SWG PQ GPECLCP
FGPVTQ FG NC IGPGTCNK\CEKqP CPVGTKQT # RGUCT FG SWG NC OC[QTpC FG NCU
QTCEKQPGU FGN RCVTqP 8 G 5 1 UQP QTCEKQPGU EW[QU QDLGVQU FKTGEVQU
UQP QTCEKQPGU EQORNGVKXCU Q HTCUGU UWUVCPVKXCU SWG EQOKGP\CP EQP
PWOGTCNGU Q EWCPVKHKECFQTGU PQ VQFCU VKGPGP GUCU ECTCEVGTpUVKECU
.# %.v757.# 64#05+6+8#
() C JG VCMGdC _

G KC _
V OGdG GTC JG
.2 XGT U &'(FKEJQ EQUC &+5 +0&'(
RCTCKUQ VG PGJG−PGJG
RCTCpUQ &'( DQPKVQ
BGNNC XGTpC CNIQ VCP NKPFQ EQOQ GN RCTCpUQ
D -W OCdW OCK d _
G V RCJ GTC _
VG
24( NNGXCT *%# 241) &'(FKEJQ DCTEQ &+5 &'(
OCPW JWTW M G VCJK OQ TGMCTQ OQ

CPKOCN ECTnEVGT FKHGTGPVG 07/ WPQVQFQ RCTC TGICNQ RCTC
VG dCTKMK
&'( TG[
B'UG DCTEQ JCDpC VTCpFQ WP CPKOCN GZVTCQ EQOQ TGICNQ RCTC
GN TG[
E -QKdKVG JQdK MQ JQTG−JQTG d _
G VG RCRCd _

SWK\n RWGU 24( EQTVCT+6'4 241) &'( GZVTCPLGTQ
VG VCTC OQ CC CVW RG CJC MK VG TQW

&'( EWGTPQ RCTC JCEGT &5& EQOQ SWo C &'( CP\WGNQ
B3WK\n RWGU NQU GZVTCPLGTQU JCP EQTVCFQ NQU EWGTPQU RCTC
JCEGT CNIQ EQOQ FKICOQU WP CP\WGNQ
() C dCK MC RWTW _
G VG MCRWC _
VG RCdGC GTC
5$5 %6) EGTTCT &'( PKGDNC &'( NCFQ &+5
G PQJQ GTC RG VG TWC MCKC GTC MQ

+/24(8 RGTOCPGEGT &+5 JCEKC &'( R VGTTWQ &+5 (1%
6GRQMQ
6GRQMQ
BGPVQPEGU NC PKGDNC TQFGq GN NCFQ FQPFG GNNQU XKXpCP JC
EKC UW VGTTWQ 6GRQMQ
D *G VCMGdC _G 'XC _ VQdQPC PWC GTC dK V
.2 XGT 'XC UW OCFTG &+5 GP &'(FKEJQ
1
MQPC GTC
NWICT
&+5
B'XC XKQ C UW OCFTG GP GUG NWICT
*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
E -Q CTQdC OCK dCPC d _

G CW _
VG JCWdC
24( RGTEKDKT *%# 241) '0( U &'( QNQT
JWTW M Q VG MCK PGK

ECTnEVGT FKHGTGPVG FG &'( EQOKFC 24:
B2GTEKDQ WP GZVTCQ QNQT GP GUVC EQOKFC
.CRTGIWPVCRGPFKGPVGGUlUQPGUVQUGLGORNQUEQPOCTECFGECUQ
GTICVKXQ EQPVTCFKEVQTKQU C NQ SWG RCTGEG UGT GN UKUVGOC HWPFCOGPVCN
FG OCTEC FG ECUQ FG NC NGPIWC Q GZKUVG CNIWPC OCPGTC FG GZRNKECTNQU
FGPVTQ FG VCN UKUVGOC!
5KGNTCRCPWKTGCNOGPVGVWXKGUGOCTECUFGECUQGTICVKXQGURGTCTpC
OQUGPEQPVTCTOWEJQUGLGORNQUEQOQNQUCPVGTKQTGU[VCODKoPSWGNQU
XGTDQUFGVCNGUQTCEKQPGUHWGUGPRTGFQOKPCPVGOGPVGVTCPUKVKXQUECPqPK
EQU.QUFCVQUUGCRCTVCPOWEJQFGVCNGUGZRGEVCVKXCU'PRTKOGTNWICT
NQU GLGORNQU EQOQ NQU FG
[
UQP OW[ RQEQ HTGEWGPVGU 'P WP
VGZVQ NCTIQ UqNQ UGKU FG NCU ENnWUWNCU VTCPUKVKXCU VGPpCP GN RCVTqP
8 G 5 1 &G GUCU UGKU ENnWUWNCU EKPEQ RQUGpCP QDLGVQU FKTGEVQU SWG
GTCPQTCEKQPGUEQORNGVKXCU[WPCVGPpCWPQDLGVQFKTGEVQSWGEQOKGP\C
EQPGNPWOGTCNWPQ
QGNCTVpEWNQKPFGHKPKFQ2CTCGPEQPVTCTNQUGLGORNQU
CPVGTKQTGUVWXGSWGTGXKUCTOWEJQUVGZVQU'PUGIWPFQNWICTNQUXGTDQU
SWG CRCTGEGP GP
C
D [
E UG EQPUKFGTCTpCP OnU DKGP EQOQ
XGTDQUKPVGTOGFKQUCPVGUSWGEQOQXGTDQUVTCPUKVKXQUECPqPKEQUGURGTC
DNGU GP EQPUVTWEEKQPGU GTICVKXCU
XGT
5KNQUGLGORNQUGP
[
PQRTGUGPVCPCTIWOGPVQUEQPXKPEGP
VGU RCTC NC GZKUVGPEKC FG RCVTQPGU FG OCTEC FG ECUQ GTICVKXQ lEqOQ
NQURQFGOQUGZRNKECT!&QUTGURWGUVCURCTGEGPUGTRNCWUKDNGUGZKUVGP
QVTCUEQPFKEKQPGU CrPPQGZRNKECFCUDCLQNCUSWG GNOCTECFQT FGECUQ
CEWUCVKXQKPQUGGORNGC
QUGGNKFGQGUVQUGLGORNQUUQPGTTqPGQU
5KPGPVTCTGPOC[QTGUFGVCNNGUCSWp[QUWIGTKTpCRTQXKUKQPCNOGPVG
SWG CODCU TGURWGUVCU GZRNKECP NC UCNKFC C NC UWRGTHKEKG FG FCVQU EQOQ
GUVQU0qVGUGSWGGPNQUGLGORNQU
C
D[
EGNQDLGVQFKTGEVQ
GUCNIQSWGPQGUVnDKGPFGHKPKFQ
SWK\nUKPFGVGTOKPCFQQPQTGHGTGPEKCN
CNIQ NKPFQ WP CPKOCN GZVTCQ WP QNQT GZVTCQ 'P GN GLGORNQ
ENCUKVWCEKqPGUJKRQVoVKECGP
CNCFGUETKREKqPGUFGCNIQSWG
QEWTTG GP WP UWGQ 3WK\n NCU EQPFKEKQPGU GP SWG GN OCTECFQT K PQ
CRCTGEGVGPICPSWGXGTEQPGNECTnEVGTKPFGVGTOKPCFQQNCTGHGTGPEKCNKFCF
FGN QDLGVQ Q SWK\n UW RTGUGPEKC FGRGPFC FG UK NC UKVWCEKqP SWG UG
FGUETKDG GU TGCN Q KTTGCN 5qNQ GP GN GLGORNQ
D NC HCNVC FG K RCTGEG
PQ VGPGT OQVKXQ CWPSWG CWP GUQ RQFTpC ECODKCT UK UG GUVWFKC [ UG
EQORCTC OnU C HQPFQ GN GLGORNQ EQP QVTQU GLGORNQU UKOKNCTGU
'PCNIWPQUGLGORNQUGNCEWUCVKXQKRWGFGPQCRCTGEGTGPNCNGPIWC
GUETKVC RQT NC UKORNG TC\qP FG SWG SWKGP VTCPUETKDKq NQU FCVQU PQ NQ
.# %.v757.# 64#05+6+8#
Q[q EWCPFQ NC HTCUG FGN QDLGVQ FKTGEVQ UGIWpC KPOGFKCVCOGPVG C WPC
RCNCDTC VGTOKPCFC GP K %WCPFQ GUVQ UWEGFG NCU FQU K [WZVCRWGUVCU UG
WPGP GP GN JCDNC PCVWTCN [ C OGPWFQ PQ UG RWGFGP FKUVKPIWKT 2CTC GN
CPnNKUKU EQPUKFGTQ UQURGEJQUQU NQU GLGORNQU EWCPFQ GP WPC UGTKG FG
QTCEKQPGU FG WP RCVTqP FCFQ VQFQU NQU QDLGVQU FKTGEVQU CRCTGEGP
OCTECFQU EQP K RGTQ GN SWG UKIWG C WPC RCNCDTC VGTOKPCFC GP K PQ
NNGXC NC OCTEC
8GTDQU VTCPUKVKXQU ECPqPKEQU XGTUWU XGTDQU KPVGTOGFKQU

#PVGU FG FGLCT NC FKUEWUKqP FG NC OCTEC FG ECUQ FG NQU XGTDQU
VTCPUKVKXQU FGDGOQU FGEKT CNIQ CEGTEC FG NC FKUVKPEKqP SWG UG JCEG GP
NCU NGPIWCU RQNKPoUKECU GPVTG XGTDQU VTCPUKVKXQU ECPqPKEQU [ XGTDQU
KPVGTOGFKQU [ NC TGNGXCPEKC SWG GNNQ VKGPG RCTC GN TCRC PWK
%QOQ UG FKLQ GP GN ECRpVWNQ NQU NKPIKUVCU SWG GUVWFKCP NCU
NGPIWCURQNKPoUKECUENCUKHKECPNQUXGTDQUVTCPUKVKXQUGPFQUITWRQURCTC
FGUETKDKT OGLQT NQU RCVTQPGU FG OCTEC FG ECUQ SWG GPEWGPVTCP .QU
XGTDQU VTCPUKVKXQU ECPqPKEQU UQP CSWGNNQU SWG GP VoTOKPQU FG %JWPI
RTQFWEGPWPGHGEVQFKTGEVQCOGPWFQHpUKEQGPGNQDLGVQ
FKTGEVQ 'P NQU VoTOKPQU FG %NCTM
UQP XGTDQU SWG
KPXQNWETCPWP#IGPVG[WP1DLGVQ.QUXGTDQUEQOQEQOGTRGICT
NNGXCTOCVCTNCXCTECXCT[RNGICTUQPGLGORNQUFGXGTDQUVTCPUKVKXQU
ECPqPKEQU .QU XGTDQU KPVGTOGFKQU GP ECODKQ UQP CSWGNNQU SWG
PQ CHGEVCP CN QDLGVQ FKTGEVQ FG OCPGTC KPOGFKCVC
%JWPI
/nUDKGPUQPXGTDQUEQOQXGTRGTEKDKTCOCTSWGTGTGPVGPFGTNNCOCT
[ TGICCT SWG UQP XGTDQU FG RGTEGREKqP GOQEKqP [ EQOWPKECEKqP
'UVpRKEQGPNCUNGPIWCU CEWUCVKXCUSWGNCrPKECFKHGTGPEKCGPNC
OCTECFGECUQGPVTGNQUFQUVKRQUFGXGTDQUVTCPUKVKXQUUGCSWGCNIWPQU
XGTDQU KPVGTOGFKQU TGSWKGTCP MK W QVTC RTGRQUKEKqP QDNKEWC CPVGU FGN
QDLGVQ GP NWICT FGN OCTECFQT FG ECUQ CEWUCVKXQ K 'P NCU NGPIWCU
GTICVKXCU NQU XGTDQU VTCPUKVKXQU ECPqPKEQU NNGXCP WPC OCTEC FG ECUQ
OW[FKHGTGPVGFGNCSWGNNGXCPNQUXGTDQUKPVGTOGFKQUUGIrPUGOWGUVTC
C EQPVKPWCEKqP
5KUVGOC FG ECUQ #EWUCVKXQ 'TICVKXQ
8GTDQU VTCPUKVKXQU ECPqPKEQU 8 5 K 1 8 G 5 1

8GTDQU VTCPUKVKXQU KPVGTOGFKQU 8 5 KMK 1 8 5 KMK 1
'PQVTCURCNCDTCUNCFKUVKPEKqPGPVTGXGTDQUVTCPUKVKXQUECPqPKEQU
GKPVGTOGFKQUGUrVKNRCTCNCUNGPIWCUGTICVKXCURGTQPQRCTVKEWNCTOGPVG
rVKN RCTC NCU NGPIWCU CEWUCVKXCU
*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
5KGNTCRCPWKVWXKGUGOCTECUFGECUQGTICVKXQRTQRKCOGPVGFKEJQ
UGTpC FG GURGTCT SWG NQU UWLGVQU FG NQU XGTDQU ECPqPKEQU UG OCTECTCP
FGWPCOCPGTC[NQUFGNQUXGTDQUKPVGTOGFKQUFGQVTC.QSWGTGCNOGPVG
QEWTTGGUSWGNQUXGTDQUSWGUGEQPUKFGTCPVTCPUKVKXQUECPqPKEQUEQOQ
UQPVQOCTCICTTCTEWKFCT[FGURGTVCTRWGFGP VGPGTUWLGVQUOCTECFQU
EQP G Q EQP &GN OKUOQ OQFQ NQU XGTDQU KPVGTOGFKQU EQOQ XGT
GUVCT UGIWTQ FGEKT TGICCT [ UCDGT RWGFGP VCODKoP VGPGT UWLGVQU
OCTECFQUEQPEWCNSWKGTCFGGUQUFQUOCTECFQTGU4GUWNVCENCTQGPVQP
EGU SWG NC FKUVTKDWEKqP FG G [ EQP NQU UWLGVQU PQ UG RWGFG GZRNKECT
C DCUG FG NC ENCUKHKECEKqP FGN XGTDQ [ RQT NQ VCPVQ NC FKUVKPEKqP GPVTG
XGTDQU ECPqPKEQU G KPVGTOGFKQU PQ GU OW[ rVKN RCTC WPC FGUETKREKqP
FGN TCRC PWK
4GUWOGP
'P GUVC UGEEKqP JGOQU GZCOKPCFQ QEJQ FG NQU PWGXG RCVTQPGU FG
OCTEC FG ECUQ GURGEKHKECFQU GP NC UGEEKqP RCTC NCU ENnWUWNCU
VTCPUKVKXCU FGN TCRC PWK 'P NC UGEEKqP VTCVCOQU FG NQU RCVTQPGU
SWGNNGXCPUWLGVQUOCTECFQUEQPNQUSWGJGOQUNNCOCFQRCVTQPGUFG
ECUQ CEWUCVKXQ .QU RCVTQPGU SWG VKGPGP UWLGVQU OCTECFQU EQP G NQU
SWG JGOQU NNCOCFQ RCVTQPGU UGOGLCPVGU C GTICVKXQ UG GZCOKPCTQP
GP 5G QDUGTXq WP RCTCNGNKUOQ ECUK RGTHGEVQ GPVTG NQU FQU LWGIQU
FG OCTECFQTGU FG ECUQ [ UG QDUGTXq SWG CODQU UQP OCTECFCOGPVG
CEWUCVKXQU 5G FGOQUVTq SWG NQU RCVTQPGU FGN UGIWPFQ TGPINqP FG ECFC
LWGIQ GU FGEKT NQU SWG PQ NNGXCP GN OCTECFQT FG ECUQ CEWUCVKXQ K GP
GN QDLGVQ FKTGEVQ UG GPEWGPVTCP GP ENnWUWNCU GP NCU SWG NQU QDLGVQU
FKTGEVQU UQP QTCEKQPGU EQORNGVKXCU Q EQOKGP\CP EQP PWOGTCNGU Q
EWCPVKHKECFQTGU 5G FKGTQP GLGORNQU SWG GTCP GZEGREKQPGU TGURGEVQ FG
VCN IGPGTCNK\CEKqP RGTQ UG FGOQUVTq SWG HCXQTGEpCP NC KORQUKEKqP FG
OC[QTGUTGUVTKEEKQPGUUQDTGNCWDKECEKqPFGKGPNCUTGINCUFGCUKIPCEKqP
FG ECUQ [ SWG OnU DKGP PQ HCXQTGEpCP NC JKRqVGUKU FG SWG NC NGPIWC
RQUGCRCVTQPGUFGECUQGTICVKXQRTQRKCOGPVGFKEJQ(KPCNOGPVGUGVTCVq
NCFKUVKPEKqPSWGUGJCEGEQOrPOGPVGGPNQUGUVWFKQURQNKPoUKEQUGPVTG
XGTDQU VTCPUKVKXQU ECPqPKEQU G KPVGTOGFKQU 5G FGOQUVTq SWG NC OCTEC
FGECUQFGNQUUWLGVQUPQUGRWGFGFGVGTOKPCTCDCUGFGNCENCUKHKECEKqP
FGNXGTDQNQEWCNPQUNNGXCCRGPUCTSWGPQUGFGDGFCTWPCKPVGTRTGVC
EKqP´´CIGPVKXQGTICVKXC´´FGN OCTECFQT FG UWLGVQ G
.# 81< 2#5+8#
.C XQ\ RCUKXC

.# 81< 2#5+8#
+PVTQFWEEKqP
'P NC UGEEKqP GZCOKPCOQU QEJQ FG NQU PWGXG RCVTQPGU FG
ECUQSWGUGRTGUGPVCTQPGPNCUGEEKqPRCTCNCUENnWUWNCUVTCPUKVKXCU
FGNTCRCPWK'PGUVCUGEEKqPPQUCDQECOQUCGZCOKPCTGNRCVTqPTGUVCPVG
SWG[QJGNNCOCFQGNRCVTqPUGOGLCPVGCRCUKXQ'PNCUGEEKqP
UG FGUETKDG GUG RCVTqP [ UG FCP CNIWPQU GLGORNQU .C UGEEKqP
RTGUGPVCGXKFGPEKCRCTCCHKTOCTSWGGUVGRCVTqPTGCNOGPVGOCTECNCXQ\
RCUKXC GP TCRC PWK 5G RTGUGPVCP [ UG GZCOKPCP CTIWOGPVQU GP EQPVTC
FG NC RCUKXKFCF FG GUVG RCVTqP GP NC UGEEKqP #PVGU FG GPVTCT GP
GN GUVWFKQ FG NQU FCVQU RGTVKPGPVGU FGN TCRC PWK UG FC GP NC UGEEKqP
WP DTGXG TGUWOGP FG NC EQPUVTWEEKqP RCUKXC GP NCU NGPIWCU
RQNKPoUKECU GP IGPGTCN CUp EQOQ WP TGUWOGP FG NQU VTCDCLQU RTGXKQU
UQDTG NC XQ\ RCUKXC GP TCRC PWK
.C XQ\ RCUKXC GP NCU NGPIWCU RQNKPoUKECU [ GP TCRC PWK
'UVpRKEQSWGNCUNGPIWCURQNKPoUKECUSWGRQUGGPUKUVGOCUFGECUQ
CEWUCVKXQVGPICPVCODKoPEQPUVTWEEKQPGURCUKXCU.CTGINC2CUKXCGNGXC
GN QDLGVQ FKTGEVQ C UWLGVQ EQPXKGTVG CN UWLGVQ QTKIKPCN GP WPC HTCUG
PQOKPCN QDNKEWC SWG NNGXC GN OCTECFQT FG CIGPVG G [ CCFG CNIWPC
HQTOC FGN UWHKLQ RCUKXQ %KC CN XGTDQ 5G RWGFGP RCUKXK\CT VCPVQ NQU
XGTDQU VTCPUKVKXQU KPVGTOGFKQU EQOQ NQU ECPqPKEQU
7P JGEJQ SWG PQ UG OGPEKQPq CPVGTKQTOGPVG RGTQ SWG GU KORQT
VCPVG RCTC PWGUVTQ GUVWFKQ GU SWG NC TGINC 2CUKXC C OGPWFQ
UK PQ
UKGORTG KPVTQFWEG WP ECODKQ FG QTFGP FG NCU RCNCDTCU CFGOnU FG WP
ECODKQGPNCUTGNCEKQPGUITCOCVKECNGU'NQDLGVQFKTGEVQGNGXCFQCUWLGVQ
UG EQNQEC CN NCFQ FGN XGTDQ CPVGUFGNUWLGVQUWD[CEGPVG SWGCJQTCGUVn
OCTECFQ RQT GN OCTECFQT FG ECUQ CIGPVKXQ G
2CUKXC 8 (0
5 (0
1
±±±±² %KC G
5GIrPUGFGUETKDGRCTCGNOCQTp
$KIIUGUVCVTCPUHQTOC
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NC GNKUKqP FGN OCTECFQT K Q MK CPVGTKQT CN QDLGVQ UWD[CEGPVG
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CIGPVG
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*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
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RCUKXCU SWG FC %JWPI
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RTGHGTGPEKCN 8%KC 2CEKGPVG G #IGPVG
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CHKTOC SWG PQ
GZKUVG %NCTM
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JCEG SWG NC NGPIWC VGPIC RQEQ XCNQT RCTC VTCDCLQU EQORCTCVKXQU FG
TGEQPUVTWEEKqP 'PINGTV
QDUGTXC SWG PQ GZKUVG FKHGTGPEKC GPVTG
GN CEVKXQ [ GN RCUKXQ FG WP XGTDQ
lSWG GN XGTDQ PQ NNGXC OCTECFQT!
[ SWG GN GORNGQ FG NC XQ\ RCUKXC PQ GU HTGEWGPVG #NGZCPFGT
C
GZRTGUC FWFC CEGTEC FG UK QEWTTC Q PQ NC RCUKXK\CEKqP RGTQ GP D
CHKTOC SWG Up QEWTTG CWPSWG PQ GZRNpEKVCOGPVG
'N RCVTqP UGOGLCPVG C RCUKXQ

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GZKUVG WP OCTECFQT FG RCUKXQ OCPKHKGUVQ GP GN XGTDQ RGTQ GN QTFGP FG
NCU RCNCDTCU GP NCU ENnWUWNCU SWG GUEQIGP GUVG VKRQ FG OCTEC FG ECUQ
GU XGTDQ RCEKGPVG CIGPVG DCUVCPVG TpIKFQ
() C -Q RWdC−RWdC d _
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24( C\QVCT 241) &'( ECDCNNQ d1TQJG
B'N ECDCNNQ HWG C\QVCFQ RQT d1TQJG
D *G OCdQC VG dWOW _
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B'N EWTCPVQ HWG CDKGTVQ RQT RCRn
E -Q WPW d VG XCK _
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24( DGDGT 241) &'( CIWC &'( JQODTG
B'N CIWC HWG DGDKFC RQT GN JQODTG
'P GN RCVTqP UGOGLCPVG C RCUKXQ GU RQUKDNG SWG GN CIGPVG
UGOnPVKEQ PQ GUVo GZRNpEKVCOGPVG GZRTGUCFQ
() C d+ TQVQ G JCRCdQ GTC _
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GP KPVGTKQT +/24(8 EWKFCT &+5 &'( OCp\
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D JG JCMC MQTG TQ CVW dCK _
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BNC GUEWGNC HWG EGTTCFC GPVQPEGU
.# 81< 2#5+8#
E *G OCdW OCK _

V KMC GTC JG VWPW JG
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MCK
EQOGT
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'XKFGPEKCGPHCXQTFGNCRCUKXKFCFFGNRCVTqPUGOGLCPVGCRCUKXQ
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RCUKXCUGPTCRCPWKRTQXKGPGFGNCFGHKPKEKqPOKUOCFGNCTGINC2CUKXC
6TGU FG NQU EWCVTQ RCUQU KPXQNWETCFQU GP NC VTCPUHQTOCEKqP 2CUKXC
RCTGEGP JCDGTUG CRNKECFQ GP NQU GLGORNQU FG
5G JC GNKFKFQ GN
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SWG JCP ECODKCFQ FG HWPEKqP JCP ECODKCFQ VCODKoP FG NWICT 'P NQU
GLGORNQUFG
PQUGGZRTGUCGNCIGPVGUGOnPVKEQ
UWLGVQUWD[CEGPVG
RGTQNCUHTCUGUPQOKPCNGUSWGCRCTGEGPUQPUKPNWICTCFWFCURCEKGPVGU
UGOnPVKEQU
QDLGVQU UWD[CEGPVGU FG NQU XGTDQU VTCPUKVKXQU C NQU SWG
CEQORCCP [ UG JCP GNKFKFQ NQU OCTECFQTGU SWG NQU RTGEGFpCP
.C RTGIWPVC GU UK GUVCU QTCEKQPGU JCP UWHTKFQ 'NGXCEKqP ±±²
WP ECODKQ GP NCU TGNCEKQPGU ITCOCVKECNGU SWG EQTTGURQPFG C NC TGINC
2CUKXC EQOQ UG KPFKEC GP GN FKCITCOC FG GUVTCVQU FGN VKRQ SWG GORNGC
NC )TCOnVKEC 4GNCEKQPCN
%
2
%
2 @
C\QVq GN ECDCNNQ d1TQJG

CDTKq GN EWTCPVQ RCRn
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OGPVGGPVQPEGUNCUTGINCUFGNKFKQOCSWGHWPEKQPCPOGFKCPVGTGHGTGPEKC
CN UWLGVQ FGDGTpCP RQFGT VQOCT GP EWGPVC NQU PWGXQU UWLGVQU 'U FGEKT
*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
WPC TGINC SWG TGSWKGTG SWG GN QDLGVKXQ FG UW QRGTCEKqP UGC WP UWLGVQ
FGDGTpC RQFGT EQPUKFGTCT GUQU UWLGVQU FGTKXCFQU
7PC TGINC CUp SWG %JWPI CHKTOC GU EQOrP C OWEJCU NGPIWCU
RQNKPoUKECU GU 'NKUKqP FG 'SWK(0
FG CSWp GP CFGNCPVG '37+ %QP
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ENnWUWNCU GP NCU SWG WPC ENnWUWNC EQPVKGPG WP XGTDQ SWG GZRTGUC
XQNWPVCF GUHWGT\Q OQXKOKGPVQ GPXpQ Q OCPFCVQ [ NC QVTC ENnWUWNC
GUVnKPEQTRQTCFCFKTGEVCOGPVGDCLQNCRTKOGTC
'37+GNKFC
GN UWLGVQ FG NC ENnWUWNC UWDQTFKPCFC EWCPFQ GU EQTTGHGTGPEKCN EQP GN
SWG EQPVTQNC NC CEEKqP GP NC ENnWUWNC UWRGTKQT 'UVQ GUVCDNGEG WPC
EQPGZKqP GPVTG GPWPEKCEKQPGU EQOQ NCU FG

C ;Q SWKGTQ [Q KT ±±²

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D ;Q SWKGTQ KT
#NGZCPFGTWVKNK\CRTGEKUCOGPVGGUVCGXKFGPEKCRCTCCHKTOCTSWGNC
RCUKXC GZKUVG GP TCRC PWK 2TGUGPVC NQU GLGORNQU GP

CFCRVCFQU [
OQFKHKECFQU CNIQ CSWp RCTC FGOQUVTCT SWG '37+ GHGEVKXCOGPVG GZKUVG
GPNCNGPIWCEQOQWPCTGINCSWGHWPEKQPCOGFKCPVGTGHGTGPEKCCNUWLGVQ
C [ SWG GP WPC ENnWUWNC RCUKXC UWDQTFKPCFC GN QDLGVQ FKTGEVQ
UWD[CEGPVGSWGJCUKFQGNGXCFQCUWLGVQRQTNCTGINC2CUKXCGUNCHTCUG
PQOKPCNEQTTGHGTGPEKCNEQPNCHTCUGPQOKPCNEQPVTQNCFQTCGPNCENnWUWNC
UWRGTKQT [ GU RQT NQ VCPVQ NC SWG UG JC GNKFKFQ
D 1VTQ GLGORNQ
UGOGLCPVG GP
E EQPHKTOC UW CPnNKUKU [ CRQ[C NC RQUKEKqP FG SWG NC
RCUKXCGZKUVGGPNCNGPIWC'PGUVQUGLGORNQUNQURCToPVGUKU
KPFKECP
GN NWICT FQPFG CRCTGEGTpC NC HTCUG PQOKPCN GNKFKFC UK PQ JWDKGUG UKFQ
GNKFKFC RQT '37+
() C *G JCC C CW OQ JQK () K VG RQMK
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B;Q SWKGTQ DGUCT CN PKQ
D *G JCC C CW OQ JQK =OCK? () G VG RQMK
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B;Q SWKGTQ UGT DGUCFQ RQT GN PKQ
=#NGZCPFGT D?
E -Q JCC d C CW OQ JR OCK () G
24( SWGTGT 241) 2'45 U RCTC CTGPFGT *%# () #)
MQG
U
B;Q SWKGTQ UGT GPUGCFQ RQT VK
.# 81< 2#5+8#
1VTC TGINC SWG HWPEKQPC OGFKCPVG TGHGTGPEKC CN UWLGVQ GZKUVGPVG

GP CNIWPCU NGPIWCU RQNKPoUKECU GU NC FG 'NGXCEKqP NC EWCN GNGXC
WPC (0 FG WPC ENnWUWNC UWDQTFKPCFC RCTC EQPXGTVKTNC GP GN UWLGVQ FG
WPXGTDQOQFCNCURGEVWCNQPGICVKXQ
%JWPI'PGNOCQTp
NC'NGXCEKqPQRGTCGPQTCEKQPGUSWGEQPVKGPGPEKGTVQUXGTDQUPGICVKXQU
'P GN VQPICPQ NC 'NGXCEKqP UG JCEG RTGUGPVG GP QTCEKQPGU FG FQU
ENnWUWNCUSWGNNGXCPGPNCENnWUWNCUWRGTKQTWPXGTDQOQFCNSWGUKIPKHKEC
BUGT RQUKDNG RQFGT NQITCT
'P GN UCOQCPQ GUVC TGINC UG CRNKEC
GP EKGTVCU GUVTWEVWTCU FG FQU ENnWUWNCU FQPFG GN XGTDQ FG NC ENnWUWNC
UWRGTKQTGUWPXGTDQOQFCNEW[QUKIPKHKECFQGUBRQFGT QBUGTPGEGUCTKQ
WP XGTDQ CURGEVWCN SWG UKIPKHKEC BEQOGP\CT Q WP XGTDQ FG OQFQ SWG
UKIPKHKEC BJCEGT CUp

.QU GLGORNQU GP
[
FGOWGUVTCP SWG GN TCRC PWK RQUGG
WPC TGINC FG 'NGXCEKqP SWG QRGTC GP GUVTWEVWTCU FG FQU ENnWUWNCU SWG
EQPVKGPGP GP NC ENnWUWNC UWRGTKQT NC RCNCDTC PGICVKXC dKPC BPQ
() C MQG_ MK OWTK
-C JQMK ___ K C 2KRK
+/2 XQNXGT U C RTQZKOKFCF #% 2'45 2KRK
B4GITGUC CN NCFQ FG 2KRK
D MQG_ G MQ JQMK MK OWTK
d+PC ___ K C 2KRK
PQ U ! 0') XQNXGT C RTQZKOKFCF #% 2'45 2KRK
B0Q TGITGUGU CN NCFQ FG 2KRK
() C *G WdK TQ OCK _
C ____
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B*GTW
NC OKTq C NQU QLQU
D _
d+PC C ____
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PQ 2'45 *GTW .2 OKTCT #58 *%# EQP QLQ
B*GTW PQ
NC OKTq C NQU QLQU
.QUGLGORNQUGP
[
FGOWGUVTCPSWGWPCTGINCFG'NGXCEKqP
QRGTC VCODKoP GP GUVTWEVWTCU FG FQU ENnWUWNCU SWG EQPVKGPGP GP NC
ENnWUWNC UWRGTKQT GN XGTDQ CURGEVWCN JCdC OCVC BEQOGP\CT
() C *G J−J _
VG_ _______
VQMGTCW_
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B'N XKGPVQ UQRNq HWGTVGOGPVG
D *G JCdCOCVC _
VG_ _______
_______ JG J−J
VQMGTCW
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B'N XKGPVQ EQOGP\q C UQRNCT HWGTVGOGPVG
() C *G CC _C 'WIGPKQ_ K V
_______ JCTG RWTG GTC
.2 JCEGT 2'45 'WIGPKQ #% &'(FKEJQ ECUC QTCEKqP &+5
B'WIGPKQ EQPUVTW[q GUC KINGUKC
*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
D *G JCdCOCVC KC _
C 'WIGPKQ_ JG CC K
_______
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V JCTG RWTG GTC

&'(FKEJQ ECUC QTCEKqP &+5
B'PVQPEGU 'WIGPKQ EQOGP\q C EQPUVTWKT GUC KINGUKC
%QOQ NQ FGOWGUVTCP NCU QTCEKQPGU CPVGTKQTGU NCU TGINCU RCTGEGP
HWPEKQPCT OGFKCPVG TGHGTGPEKC CN UWLGVQ .QU GLGORNQU GP
[

UQP NCU QTCEKQPGU FG
FGURWoU FG 'NGXCEKqP RQT d+PC [ 'NGXCEKqP
RQT JCdC OCVC TGURGEVKXCOGPVG .C CEGRVCDKNKFCF FG VCNGU GLGORNQU
RTQRQTEKQPCP OC[QT GXKFGPEKC FG SWG NCU QTCEKQPGU EQP GN RCVTqP
UGOGLCPVGCRCUKXQUQPTGCNOGPVGGUVTWEVWTCURCUKXCUSWGJCPUWHTKFQ
WP ECODKQ GP NCU TGNCEKQPGU ITCOCVKECNGU
() C d+PC VG JQK MCK RWdC−RWdC G d1TQJG
PQ &'( ECDCNNQ 0') C\QVCT #) d1TQJG
B'N ECDCNNQ PQ HWG C\QVCFQ RQT d1TQJG
D d+PC VG dWOW MCK OCdQC G RR
PQ &'( EWTCPVQ 0') CDTKTEWTCPVQ #) RCRn
B'N EWTCPVQ PQ HWG CDKGTVQ RQT RCRn
E d+PC VG XCK MCK WPW G VG VCCVC
PQ &'( CIWC 0') DGDGT #) &'( JQODTG
B'N CIWC PQ HWG DGDKFC RQT GN JQODTG
() C *G JCdCOCVC VG JQK JG RWdC−RWdC G d1TQJG
.2 EQOGP\CT &'( ECDCNNQ .2 C\QVCT #) d1TQJG
B'N ECDCNNQ EQOGP\q C UGT C\QVCFQ RQT d1TQJG
D *G JCdCOCVC VG dWOW JG OCdQC G RR
.2 EQOGP\CT &'( EWTCPVQ .2 CDTKTEWTCPVQ #) RCRn
B'N EWTCPVQ EQOGP\q C UGT CDKGTVQ RQT RCRn
E *G JCdCOCVC VG XCK JG WPW G VG VCCVC
.2 EQOGP\CT &'( CIWC .2 DGDGT #) &'( JQODTG
B'N CIWC EQOGP\q C UGT DGDKFC RQT GN JQODTG
7P EQPVGZVQ PCVWTCN RCTC NCU GZRTGUKQPGU GP

FGDGTpC UGT WPQ
FQPFG UG PKGIWG NC RCTVKEKRCEKqP FGN CIGPVG OGPEKQPCFQ GP NC CEEKqP
[ GP ECODKQ UG CHKTOG SWG HWG QVTQ GN TGURQPUCDNG FG NC CEEKqP RQT
GLGORNQ B'N ECDCNNQ PQ HWG C\QVCFQ RQT d1TQJG UKPQ RQT +QXCPK B'N
EWTCPVQ PQ HWG CDKGTVQ RQT RCRn UKPQ RQT VW VpQ [ B'N CIWC PQ HWG
DGDKFC RQT GN JQODTG UKPQ RQT NQU PKQU EWCPFQ GPVTCTQP FGURWoU FG
LWICT CHWGTC 7P EQPVGZVQ PCVWTCN RCTC NCU GZRTGUKQPGU GP
UGTpC
WPQ FQPFG JWDKGTC CNIrP RTQDNGOC EQP GN QDLGVQEQPXGTVKFQGPUWLGVQ
.# 81< 2#5+8#
SWG GN CIGPVG KIPQTC [ NC CEEKqP EQOGP\CTC CPVGU SWG UG NG CFXKGTVC
FG NCU RTQDCDNGU EQPUGEWGPEKCU FG UW CEEKqP RQT GLGORNQ B'N ECDCNNQ
EQOGP\q C UGT C\QVCFQ RQT d1TQJG CPVGU SWG UG NG CFXKTVKGTC SWG GUQ
RQPFTpC HWTKQUQ CN ECDCNNQ B'N EWTCPVQ EQOGP\q C UGT CDKGTVQ RQT GN
RCRn CPVGUSWG [Q NNGICTC RCTCFGEKTNGSWGFGDpCSWGFCTEGTTCFQRQTNQ
OGPQU FWTCPVG WPC JQTC OnU [ B'N CIWC EQOGP\q C UGT DGDKFC RQT GN
JQODTG CPVGU SWG UG NG CFXKTVKGTC FG UW EQPVCOKPCEKqP
'XKFGPEKC CFKEKQPCN FG SWG GN RCVTqP UGOGLCPVG C RCUKXQ TGCN
OGPVG OCTEC NC XQ\ RCUKXC GP TCRC PWK GUVn GP GN JGEJQ FG SWG NCU
QTCEKQPGU SWG UG JCP VTCFWEKFQ EQOQ RCUKXCU GP 'PINGTV #NGZCPFGT [
/WPTQVKGPGPVQFCUGUGRCVTqP[RQTGNEQPVTCTKQPKPIWPCQTCEKqPEQP
WP RCVTqP FKHGTGPVG TGEKDG WPC KPVGTRTGVCEKqP RCUKXC /GPEKQPQ GUVG
JGEJQ EQOQ GXKFGPEKC RGTQ C NC XG\ TGEQPQ\EQ EQOQ /KNPGT

UGCNCOW[CEGTVCFCOGPVGSWGNCFKUVQTUKqPFGNQUJGEJQURWGFGQEWTTKT
G KPHNWKT PGICVKXCOGPVG GP GN CPnNKUKU FG WPC NGPIWC EWCPFQ UG EQPHpC
FGOCUKCFQ GP NCU VTCFWEEKQPGU TGCNK\CFCU C NGPIWCU KPFQGWTQRGCU
'ZKUVG WPC GXKFGPEKC OnU SWG TGURCNFC NC CHKTOCEKqP FG SWG NQU
GLGORNQU GP
SWG PQ NNGXCP CIGPVG UQP QTCEKQPGU RCUKXCU 'UC
GXKFGPEKC RTQXKGPG FG NC EQORCTCEKqP FGN TCRC PWK EQP QVTCU NGPIWCU
RQNKPoUKECU FG NC EWCN JCDNCTGOQU GP NC UGEEKqP
'XKFGPEKCSWGPKGICNCRCUKXKFCFFGRCVTqPUGOGLCPVGCRCUKXQ
'P GN GUVWFKQ SWG TGCNK\q #NGZCPFGT UQDTG NC NGPIWC FKEG SWG
CWPSWG UG RWGFG FGVGEVCT EKGTVC GXKFGPEKC FG WPC RCUKXC GP TCRC
PWKNCRCUKXCPQGUGZRNpEKVC
D2CTCGNNQUGDCUCGPXCTKQU
HCEVQTGU 'P RTKOGT NWICT UQUVKGPG SWG NCU QTCEKQPGU SWG GZJKDGP GN
RCVTqP UGOGLCPVGC RCUKXQ VCPVQ NCU SWGNNGXCPWPCIGPVGOCPKHKGUVQ
EQOQNCUSWGPQNQNNGXCPRWGFGPUGTVTCFWEKFCUEQOQCEVKXCUQRCUKXCU
EQP GSWKXCNGPEKC EQIPQUEKVKXC 'P UGIWPFQ NWICT FGOWGUVTC SWG GN
OCTECFQTGSWGCRCTGPVGOGPVGGUVnNKICFQCNCPQEKqPFGCIGPVGCRCTGEG
GPHTCUGUPQOKPCNGUSWGPQGUVnPGPECUQQDNKEWQEQOQUGTpCFGGURGTCT
GP WPC NGPIWC CEVKXQRCUKXC WPKHQTOG 'P VGTEGT NWICT #NGZCPFGTUG
XCNG FG NC GZRNKECEKqP FG -GGPCP
UGIrP NC EWCN GU KORQUKDNG
GUVCDNGEGT NC GZKUVGPEKC FG NC RCUKXC UQNCOGPVG C DCUG FGN QTFGP
GUVTWEVWTCN[GNRTGFQOKPKQFG NQU GNGOGPVQU FGNCQTCEKqP GPGURGEKCN
GP WPC NGPIWC SWG EQOQ GN TCRC PWK UGIrP #NGZCPFGT RQUGG WP QTFGP
FG RCNCDTCU TGNCVKXCOGPVG NKDTG
7PCEQORTQDCEKqPUCVKUHCEVQTKCFGNCCHKTOCEKqPFG#NGZCPFGTGP
EWCPVQCSWGNCUQTCEKQPGUEQPGUVGRCVTqPRWGFGPUGTVTCFWEKFCUEQOQ
CEVKXCUQRCUKXCURTGEKUCTpCCOKRCTGEGTFGKPHQTOCEKqPRTQRQTEKQPCFC
RQT WP CORNKQ OWGUVTGQ FG JCDNCPVGU PCVKXQU FG NC NGPIWC [ RQT NQ
*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
VCPVQPQUGRWGFGTGUQNXGTRQTEQORNGVQCSWp%WCNSWKGTQVTCCNVGTPCVKXC
FGLC FG NCFQ NC RQUKDKNKFCF FG FKHGTGPEKCU GPVTG JCDNCPVGU FG FKUVKPVCU
IGPGTCEKQPGUFGDKFQCNECODKQKPEKRKGPVGFGNCNGPIWC[NCRQUKDKNKFCF
FG FKHGTGPEKCU KFKQUKPETnVKECU GP NQU JnDKVQU FGN JCDNC
&G EWCVTQ QTCEKQPGU EQP NQU OKUOQU CTIWOGPVQU PQOKPCNGU VTGU
EQPRCVTQPGUFGECUQCEVKXQ[CUGCCEWUCVKXQQUGOGLCPVGCGTICVKXQ
[ WPC EQP GN RCVTqP UGOGLCPVG C RCUKXQ OK CUGUQT TCRC PWK QDUGTXq
SWG VQFCU UKIPKHKECDCP DnUKECOGPVG NQ OKUOQ CWPSWG NC SWG VGPpC GN
RCVTqP UGOGLCPVG C RCUKXQ GTC WP RQEQ FKHGTGPVG FG NCU FGOnU
#N FGOQUVTCT SWG NCU HTCUGU PQOKPCNGU OCTECFCU EQP G CRCTGEGP
GP ECUQU SWG PQ UQP QDNKEWQU #NGZCPFGT RTGVGPFG FGOQUVTCT SWG GN
TCRCPWKPQRWGFGUGTWPCNGPIWCCEVKXQRCUKXC
CEWUCVKXCWPKHQTOG
EQP NQ SWG KORNKEC SWG GP VQFCU GUVCU NGPIWCU
RQNKPoUKECU G UqNQ
OCTECHTCUGUPQOKPCNGUGPECUQQDNKEWQ'UENCTQSWGPQJCEQPUKFGTCFQ
NCRQUKDKNKFCFFGSWGGZKUVCWPCGOCTECFQTCFGECUQPQOKPCVKXQ[WPC
G OCTECFQTC FG ECUQ CIGPVKXQ JQOqHQPC RGTQ FKUVKPVC WPC RQUKDKNKFCF
NqIKEC SWG EQPUKFGTCOQU CSWp
-GGPCP
RTGUGPVCEWCVTQCTIWOGPVQUEQPXKPEGPVGUGPEQPVTC
FGNCFGHKPKEKqPFGNCRCUKXCGPNCITCOnVKECWPKXGTUCNDCUCFCGPETKVGTKQU
EQPHKIWTCEKQPCNGU7PQFGGUQUCTIWOGPVQUUQUVKGPGSWGUGTpCKORQUKDNG
FGHKPKTNCECTCEVGTK\CEKqPGUVTWEVWTCNWPKXGTUCNOGPVGXnNKFCFGNCUHTCUGU
CHGEVCFCU RQT NC TGINC 5GTpC KORQUKDNG FGHKPKT NCU HTCUGU PQOKPCNGU
CHGEVCFCUGPVoTOKPQUFGNQTFGPNKPGCN[CSWGGPNCUNGPIWCUFGNOWPFQ
Q GN UWLGVQ Q GN QDLGVQ RWGFG GUVCT OnU EGTEC FGN XGTDQ
851 581
518 6CORQEQ UG RQFTpCP WVKNK\CT ETKVGTKQU FG FQOKPKQ RQTSWG NCU
NGPIWCU 851[NCUSWGVKGPGPWPQTFGPFGRCNCDTCUTGNCVKXCOGPVGNKDTG
OWGUVTCPSWGGNUWLGVQPQUKGORTGGUUWRGTKQTGUVTWEVWTCNOGPVGCNQDLGVQ
FKTGEVQ
.CCHKTOCEKqPFG-GGPCPVKGPGSWGXGTEQPNCITCOnVKECWPKXGTUCN
[EQPNCRQUKDKNKFCFFGFGHKPKTWPKXGTUCNOGPVGNCRCUKXCGPVoTOKPQUFG
GUVTWEVWTC 0Q UG FGUECTVC NC RQUKDKNKFCF FG FGHKPKT GUVTWEVWTCNOGPVG NC
RCUKXC GP WPC NGPIWC FGVGTOKPCFC 5KP GODCTIQ FGUFG UW RWPVQ FG
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DKGP EQOQ NC PQEKqP FG RCUKXC DCUCFC GP TGNCEKQPGU ITCOCVKECNGU SWG
oN FGHKGPFG /nU CrP PQ FKEG SWG NC ECTCEVGTK\CEKqP FG NCU QTCEKQPGU
RCUKXCUGPWPCNGPIWCGURGEpHKECRTQFWEVQFGNCTGINC2CUKXCPQRWGFG
JCEGT TGHGTGPEKC CN QTFGP NKPGCN
Q CN RTGFQOKPKQ &G JGEJQ WPC FG
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NC 2CUKXC CFSWKGTGP NCU RTQRKGFCFGU FG EQFKHKECEKqP FGN UWLGVQ
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FKTGEVQU WPC XG\ GNGXCFQU C NC RQUKEKqP FG UWLGVQ EQOQ RCTVG FG NC
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ECUQ
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FGWPCKPVGTRTGVCEKqPRCUKXCFGNQUOKUOQU.CGXKFGPEKCCHCXQTKPENW[G
GN JGEJQ FG SWG NCU QTCEKQPGU RCTGEGP JCDGT UWHTKFQ VTGU FG NQU EWCVTQ
RCUQU KPXQNWETCFQU GP NC VTCPUHQTOCEKqP 2CUKXC NC GNKUKqP FG NC
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CRNKECEKqP NC TGINC '37+ VTCVC EQOQ UWLGVQU C NQU QDLGVQU FKTGEVQU
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HWPEKQPCP OGFKCPVG TGHGTGPEKC CN UWLGVQ [ UG FGOQUVTq SWG LWUVKHKECDCP
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NCU TGNCEKQPGU ITCOCVKECNGU SWG EQTTGURQPFGP C NC TGINC 2CUKXC GP NCU
QTCEKQPGU SWGRQUGGPGNRCVTqP UGOGLCPVGC RCUKXQ5GGPEQPVTqOnU
GXKFGPEKCRCTCWPCKPVGTRTGVCEKqPRCUKXCFGNCUQTCEKQPGUEQPGUVGRCVTqP
RQT GN JGEJQ FG SWG QVTQU SWG JCP GUVWFKCFQ NC NGPIWC EQPUVCPVGOGPVG
JCP FCFQ VTCFWEEKQPGU RCUKXCU RCTC NCU QTCEKQPGU EQP GUG RCVTqP 1VTC
GXKFGPEKC SWG EQTTGURQPFG C NCU QTCEKQPGU GP NCU SWG PQ UG GZRTGUC GN
CIGPVG UG JC FGLCFQ RCTC NC UGEEKqP UKIWKGPVG .C CHKTOCEKqP FG
#NGZCPFGTUGIrPNCEWCNNCUQTCEKQPGUEQPGNRCVTqPUGOGLCPVGCRCUKXC
RWGFGPVGPGTWPCVTCFWEEKqPCEVKXCQRCUKXCEQPGSWKXCNGPEKCEQIPQU
EKVKXCGUNCrPKECGXKFGPEKCGPEQPVTCFGWPCKPVGTRTGVCEKqPRCUKXCFG
GUCU QTCEKQPGU SWG PQ UG RWGFG TGHWVCT UKP WP GUVWFKQ OnU RTQHWPFQ
EQP PCVKXQJCDNCPVGU FG NC NGPIWC
5KP NWICT C FWFCU NC GXKFGPEKC UG OWGUVTC C HCXQT FG WPC
KPVGTRTGVCEKqP RCUKXC FG NCU QTCEKQPGU SWG RQUGGP GN RCVTqPUGOGLCPVG
C RCUKXQ 'UVC EQPENWUKqP VCODKoP EQKPEKFKTpC EQP GN JGEJQ FG SWG
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%1/2#4#%+y0 %10 164#5 .'0)7#5
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UKUVGOCU FG ECUQ FG QVTCU NGPIWCU CHKPGU 'UVC EQORCTCEKqP C[WFCTn C
KFGPVKHKECT NQU CURGEVQU SWG FGDGP EQPUKFGTCTUG CPVGU FG NNGICT C WPC
EQPENWUKqP UCVKUHCEVQTKC CEGTEC FGN TCRC PWK [ PQU RTQRQTEKQPCTn GN
VTCUHQPFQ RCTC WPC ECTCEVGTK\CEKqP UKUVGOnVKEC FG UW UKUVGOC FG ECUQ
2CTC TGCNK\CT NC EQORCTCEKqP TGUWOKTGOQU NQU UKUVGOCU FG ECUQ
FGNOCQTpGNVQPICPQGNUCOQCPQGNMCRKPICOCTCPIWK[GNRWMCRWMCPQ
NCUEKPEQNGPIWCUFQEWOGPVCFCUGP%JWPI.CUGEEKqP
RTGUGPVC WP DTGXG GUSWGOC FGN UKUVGOC FG ECUQ FGN OCQTp UGIWKFQ FG
WP GUVWFKQ FG NQU RWPVQU SWG UG EQPUKFGTCP VGPGT KORQTVCPVGU RCTC GN
TGEQPQEKOKGPVQ FG NQU FCVQU FGN TCRC PWK .CU UGEEKQPGU SWG UKIWGP
JCUVC NC UGEEKqP RTGUGPVCP GN OKUOQ RCVTqP GU FGEKT FCP GP
RTKOGTNWICTWPDQUSWGLQFGNQSWGUGUCDGCEGTECFGNCOCTECFGECUQ
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TGUWOG NQU FGUEWDTKOKGPVQU [ NCU EQPENWUKQPGU SWG TGUWNVCP FG
NC EQORCTCEKqP
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FKTGEVQU FG QVTCU ENnWUWNCU VTCPUKVKXCU KPVGTOGFKCU NNGXCP NC OCTEC
QDNKEWC K SWG UKIPKHKEC BGP Q MK BC 'N OCQTp RQUGG WPC TGINC 2CUKXC
SWGUGRWGFGCRNKECTCNCUENnWUWNCUVTCPUKVKXCUECPqPKECUGKPVGTOGFKCU
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%JWPI
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GPGNOCQTpGUGZVTCQTFKPCTKQVCPVQGPVoTOKPQUFGUWHTGEWGPEKCEQOQGP
VoTOKPQU FG NCU ENCUGU FG ENnWUWNCU SWG TGSWKGTGP VCN EQPUVTWEEKqP 'P NC
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XGTDQUVTCPUKVKXQUECPqPKEQU5GTGSWKGTGRCTCEKGTVQUKORGTCVKXQUHQTOCFQU
C RCTVKT FG ENnWUWNCU VTCPUKVKXCU ECPqPKECU #RCTGEG GP EKGTVCU ENnWUWNCU
CFXGTDKCNGU FQPFG GP GN KPINoU UqNQ WPC ENnWUWNC CEVKXC UGTpC PCVWTCN 5G
RTGHKGTGOCTECFCOGPVGGPEKGTVCUENnWUWNCUSWGJCPGZRGTKOGPVCFQ2TQPQ
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NQU UWLGVQU UWD[CEGPVGU OGFKCPVG NC 'NKUKqP 'SWK(0 %JWPI UWIKGTG SWG
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FKTGEVQFGUGTCHGEVCFQ%WCPVQOnUCHGEVCFQOnURTQDCDNGSWGUGCRNKSWG
NC 2CUKXC
%JWPI
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GN OCQTp RTGUGPVCPFQ NCU UKIWKGPVGU UKVWCEKQPGU GP NCU SWG UG TGSWKGTG
NC WPC Q NC QVTC .C RCUKXC UG TGSWKGTG GP WPC ENnWUWNC FQPFG GN UWLGVQ
PQ GU GURGEKHKECFQ EWCPFQ UG JC TGNCVKXK\CFQ GN QDLGVQ [ GP NQU
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[ GP CNIWPCU QVTCU EQPUVTWEEKQPGU PQOKPCNGU %NCTM UWIKGTG SWG GN
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RGTHGEVKXQ EQP NC RCUKXC
GN XCNQT CURGEVWCN PQTOCN GP NC PCTTCVKXC
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CEVKXCU
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*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
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QDLGVQUFKTGEVQUEQOQUGFKLQGPNCUGEEKqP.CEQPUVTWEEKqPRCUKXC
UK TGCNOGPVG NC RQUGG PQ UG GORNGC EQP HTGEWGPEKC GUVn NKOKVCFC CN
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FGWPCENnWUWNCPQGUGURGEKHKECFQ
PQFGDGEQPHWPFKTUGEQPNCUQTCEKQPGU
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C RCUKXQ FCFQU GP
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V RCJ GOW GTC MK TWC K VQ TWC ____

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CRCTGEG GN RCEKGPVG FG NC QTCEKqP GP NC ENnWUWNC
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NC GNGEEKqP GPVTG NQU FQU OCTECFQTGU UG FGVGTOKPC RQT NCU ECTCEVGTpUVKECU
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8 dG 5 dC 1
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8 dC 5 dKMK 1 MK BC
0Q JC[ RCUKXC [ GN UWHKLQ %KC PQ GU OW[ RTQFWEVKXQ
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8
dC! 1 dG 5

CN OGPQU EWCPFQ 1 RTQPQODTG
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'N UKUVGOC FG ECUQ FGN TCRC PWK UqNQ RWGFG EQORCTCTUG EQP GN
VQPICPQGPSWGGNQDLGVQFKTGEVQFGCNIWPCUENnWUWNCUVTCPUKVKXCURWGFG
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%1/2#4#%+y0 %10 164#5 .'0)7#5
EQOQ [C JGOQU XKUVQ GN OCTECFQT FG ECUQ CEWUCVKXQ PQTOCN K SWG
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FGUCRCTGEG GP EQPFKEKQPGU SWG CrP PQ GUVnP FGN VQFQ ENCTCU
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WP UWLGVQ OCPKHKGUVQ VKGPG WP UGPVKFQ RCUKXQ 'P TCRC PWK EWCPFQ
GNUWLGVQPQGUOCPKHKGUVQ[GNQDLGVQGUVnOCTECFQRQT WPCENnWUWNC
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OCTECFQ EQP KMK NC ENnWUWNC VKGPG WP UGPVKFQ CEVKXQ
'N UCOQCPQ

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'N MCRKPICOCTCPIWK

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MCRKPICOCTCPIWK
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VTCPUKVKXQ UG RTGUGPVC GN UKIWKGPVG EWCFTQ NQU UWLGVQU
GUVnP OCTECFQU EQP G Q EQP MQ NQU QDLGVQU FKTGEVQU FG
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[NCCWUGPEKCQRTGUGPEKCFG%KCKPHNW[GPGPNCGNGEEKqP
FG GUVCU QREKQPGU FG WP OQFQ UKOKNCT CN UCOQCPQ 5KP
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XQU G KPVTCPUKVKXQU [ QVTQ FKUVKPVQ RCTC NQU QDLGVQU
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PQOKPCVKXQ %WCPFQ NQU UWLGVQU UQP PQODTGU RTQRKQU Q GN RTQPQODTG

FGVGTEGTCUKPIWNCTUGGORNGCWPOCTECFQTFGECUQPQOKPCVKXQGURGEKCN
K .CU ENnWUWNCU SWG UQP VTCPUKVKXCU GP NC GUVTWEVWTC UWD[CEGPVG RWGFGP
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GTICVKXQ
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8 K 5
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UKPI
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2CVTqP GTICVKXQ 8 G 5 1
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CPVGTKQTOGPVG [ UGIrP %JWPI GUVQ UG RWGFG CVTKDWKT C WP ECODKQ SWG
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'N UKUVGOC FG ECUQ FGN TCRC PWK EQOQ GN FGN RWMCRWMCPQ RQUGG
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CN RCUKXQ 815 FGN RWMCRWMCPQ UqNQ SWG PQ NNGXC GN UWHKLQ %KC GP GN
XGTDQ 6CODKoP UG GPEWGPVTCP GP TCRC PWK QTCEKQPGU EQP GN RCVTqP
GTICVKXQ FGN RWMCRWMCPQ 5KP GODCTIQ EQOQ JGOQU XKUVQ GN UKUVGOC
FG ECUQ HWPFCOGPVCN FGN TCRC PWK FKHKGTG GPQTOGOGPVG FGN SWG RQUGG
GNRWMCRWMCPQ'NRCVTqPCEWUCVKXQGUGNPQOCTECFQGPGNKFKQOCTCRC
PWK.QUQVTQUFQURCVTQPGUUqNQUGGORNGCPTCTCUXGEGU#FGOnUEQOQ
JGOQU XKUVQ GN RCVTqP GTICVKXQ RCTGEG UWTIKT OnU DKGP RQT NC RoTFKFC
FGN CEWUCVKXQ K GP EKGTVCU UKVWCEKQPGU SWG RQT WPC TGINC GURGEKCN FG
CUKIPCEKqP FG ECUQ GTICVKXQ
'. 4#2# 07+ ; .# *+2y6'5+5 &' 4'#0v.+5+5 2#5+81#'4)#6+81
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FG EKPEQNGPIWCU RQNKPoUKECU[NQUJGOQUEQORCTCFQEQPGNUKUVGOCFG
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FG ECUQ EQP NCU EKPEQ NGPIWCU UG FGUEWDTKq SWG NC QTICPK\CEKqP
HWPFCOGPVCN FG UW UKUVGOC FG ECUQ GU OnU RCTGEKFC C NCU FGN OCQTp [
GN MCRKPICOCTCPIWK NCU FQU NGPIWCU GZCOKPCFCU SWG RQUGGP UKUVGOCU
FG ECUQ CEWUCVKXQ
#RGUCTFGSWGCODCUNGPIWCUVKGPGPWPUKUVGOCFGECUQCEWUCVKXQ
GZKUVGP CNIWPCU FKHGTGPEKCU PQVCDNGU GPVTG GNNCU 'N OCQTp RQUGG WPC
TGINC 2CUKXC OKGPVTCU SWG GN MCRKPICOCTCPIWK CRNKEC WP UWHKLQ VTCPUK
VKXQ %KC 'P GN OCQTp NQU UWLGVQU FG VQFCU NCU ENnWUWNCU PQ NNGXCP
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PQOKPCVKXQ OKGPVTCU SWG GP GN MCRKPICOCTCPIWK JC[ VTGU
OCTECU RQUKDNGU RCTC NQU UWLGVQU # FKHGTGPEKC FGN OCQTp GN MCRKPIC
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FQPFG WPQ GURGTCTpC SWG HWGTCP RTGEGFKFQU RQT GN OCTECFQT FG ECUQ
CEWUCVKXQ K
&G OCPGTC UKOKNCT CN OCQTp GN TCRC PWK RCTGEG VGPGT WPC TGINC
2CUKXC CWPSWG NC HTGEWGPEKC EQP SWG UG GORNGC PQ GU EQORCTCDNG EQP
NC FGN OCQTp #N KIWCN SWG GN MCRKPICOCTCPIWK GN TCRC PWK VKGPG OnU
FG WP OCTECFQT RCTC NQU UWLGVQU [ VCODKoP RGTOKVG QDLGVQU FKTGEVQU PQ
OCTECFQUFQPFGWPQGURGTCTpCGPEQPVTCTGNOCTECFQTFGECUQCEWUCVKXQ
K 2GTQ C FKHGTGPEKC FG EWCNSWKGTC FG GUCU FQU NGPIWCU GN TCRC PWK PQ
VKGPG GN UWHKLQ %KC
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RQNKPoUKECU CHKPGU GZKUVGP UKUVGOCU FG ECUQ CEWUCVKXQ SWG UQP VCP
FKHGTGPVGU!2CTCWPCRQUKDNGTGURWGUVCCVCNKPVGTTQICPVGGZCOKPCTGOQU
NC *KRqVGUKU FG 4GCPnNKUKU 2CUKXQC'TICVKXQ RTQRWGUVC RQT %JWPI

'N TCRC PWK [ NC *KRqVGUKU FG 4GCPnNKUKU 2CUKXQC'TICVKXQ

'. 4#2# 07+ ; .# *+2y6'5+5 &' 4'#0v.+5+5 2#5+81#'4)#6+81
+PVTQFWEEKqP
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FGECUQCEWUCVKXQ[QVTCUGTICVKXQ'UVpRKEQSWGNCUNGPIWCUEQPUKUVGOC
FG ECUQ CEWUCVKXQ VGPICP WPC TGINC 2CUKXC SWG CN CRNKECTUG RTQFWEG
WPCQTCEKqPEQPOCTECUFGECUQOW[UGOGLCPVGUCNCUSWGUGGPEWGPVTCP
GP EKGTVCU QTCEKQPGU VTCPUKVKXCU FG NCU NGPIWCU GTICVKXCU 2QT QVTQ NCFQ
NCOCTECFGECUQFGNCUENnWUWNCUVTCPUKVKXCUKPVGTOGFKCUGPNCUNGPIWCU
GTICVKXCU UG RCTGEG C NC OCTEC FG ECUQ FG NCU ENnWUWNCU VTCPUKVKXCU GP
NCUNGPIWCUCEWUCVKXCU'UVQUJGEJQUNNGXCTQPCNQUNKPIKUVCUCRQUVWNCT
*#%+# 70# %#4#%6'4+<#%+y0 #&'%7#&#
SWG NCU NGPIWCU RQNKPoUKECU CEWUCVKXCU [ GTICVKXCU GUVCDCP UKUVGOnVKEC

OGPVG TGNCEKQPCFCU [ FGUEGPFpCP FG WPC NGPIWC OCFTG EQOrP 'P GUVC
UGEEKqPXGTGOQUSWoHQTOCJCVQOCFQGUVGCTIWOGPVQEqOQUGUQUVKGPG
SWG oUVG GZRNKEC NC XCTKCEKqP GPVTG NCU NGPIWCU RQNKPoUKECU CEVWCNGU [
EqOQUGTGNCEKQPCEQPNQSWGJGOQUXKUVQUQDTGGNUKUVGOCFGECUQFGN
TCRC PWK
.C JKRqVGUKU

.C *KRqVGUKU FG 4GCPnNKUKU 2CUKXQC'TICVKXQ RTGUGPVC FQU CTIW
OGPVQU SWG GN RTQVQRQNKPoUKEQ VWXQ WP UKUVGOC FG ECUQ CEWUCVKXQ
[ SWG NC OCTEC FG ECUQ FG NCU NGPIWCU RQNKPoUKECU GTICVKXCU UWTIKq
CVTCXoUFGNTGCPnNKUKUFGNCUENnWUWNCURCUKXCUQTKIKPCNGUEQOQENnWUWNCU
VTCPUKVKXCUCEVKXCU2CTCTGURCNFCTNCRTKOGTCRCTVGFGNCJKRqVGUKU%JWPI
TGEQPUVTW[G NCU HWPEKQPGU FG %KC K [ G RCTC NC RTQVQNGPIWC C

DCUGFGCTECpUOQUFQEWOGPVCFQUGPXCTKCUFGNCUNGPIWCU2CTCTGURCNFCT
NCUGIWPFCRCTVGFGNCJKRqVGUKU%JWPIRQUVWNCUGEWGPEKCUFGECODKQU
JKUVqTKEQU RNCWUKDNGU SWG TGNCEKQPCP GN UKUVGOC TGEQPUVTWKFQ EQP UWU
FGUEGPFKGPVGU
.QUECODKQUJKUVqTKEQURQUVWNCFQURCTCGZRNKECTGNUWTIKOKGPVQFG
NCU NGPIWCU RQNKPoUKECU GTICVKXCU UQP NQU UKIWKGPVGU 'N RTQVQ
RQNKPoUKEQ WPC NGPIWC CEWUCVKXC VWXQ WPC TGINC 2CUKXC RTQFWEVKXC
%QOQ GP GN OCQTp NC TGINC 2CUKXC UG CRNKECDC NCU OnU FG NCU XGEGU
C NCU ENnWUWNCU VTCPUKVKXCU ECPqPKECU .C CNVC HTGEWGPEKC EQP SWG UG
CRNKECDCGUVCTGINCNCEQPXKTVKqGPTGNCVKXCOGPVGQRCEC
CNQUPWGXQU
JCDNCPVGU NGU HWG FKHpEKN CRTGPFGT NCU EQPFKEKQPGU GP SWG UG FGDGTpC
CRNKECT [ RTQFWLQ CODKIGFCF 7PC XG\ SWG NC RTQVQNGPIWC UG
FKXKFKq GP NGPIWCU JKLCU GUVC QRCEKFCF HWG FKUOKPWKFC FG WP OQFQ GP
NCU NGPIWCU SWG JQ[ UQP CEWUCVKXCU [ FG QVTQ GP NCU SWG UQP GTICVKXCU
'P NCU NGPIWCU CEWUCVKXCU EQOQ UQP GN JCYCKCPQ [ GN VCJKVKCPQ
UG RGTFKq NC EQPFKEKqP SWG QECUKQPCDC NC CRNKECEKqP FG NC 2CUKXC EQP
VCPVC HTGEWGPEKC C NCU ENnWUWNCU VTCPUKVKXCU ECPqPKECU [ GN RCVTqP FG
ECUQ CEWUCVKXQ RCUq C UGT PWGXCOGPVG NC EQPUVTWEEKqPOnU EQOrPRCTC
GUCU ENnWUWNCU GP NC GUVTWEVWTC FG UWRGTHKEKG 'P NCU NGPIWCU GTICVKXCU
NCUENnWUWNCURCUKXCUUGTGCPCNK\CTQPEQOQENnWUWNCUVTCPUKVKXCUCEVKXCU
UG RGTFKq NC TGINC 2CUKXC [ NC PWGXC OCTECFG ECUQGTICVKXQ TGGORNC\q
C NC CPVKIWC OCTEC FG CEWUCVKXQ CN OGPQU GP NCU ENnWUWNCU VTCPUKVKXCU
ECPqPKECU /nU VCTFG GP CNIWPCU FG NCU NGPIWCU UG RGTFKq GN UWHKLQ
RCUKXQ %KC Q RQT NQ OGPQU UW HWPEKqP ECODKq
'UVC JKRqVGUKU PQU RTQRQTEKQPC WP GNGICPVG [ UWIGUVKXQ TGEWGPVQ
FG NC JKUVQTKC FG NQU UKUVGOCU FG ECUQ FG NCU NGPIWCU RQNKPoUKECU 'N
'. 4#2# 07+ ; .# *+2y6'5+5 &' 4'#0v.+5+5 2#5+81#'4)#6+81
JGEJQFGSWGNQUFKHGTGPVGUUKUVGOCUFQEWOGPVCFQURWGFCPTGNCEKQPCTUG
EQP NC RTQVQNGPIWC OGFKCPVG WPC UGTKG FG ECODKQU RNCWUKDNGU FGPVTQ
FGNQUNKPGCOKGPVQURTQRWGUVQURQTNCJKRqVGUKUNGFCCoUVCWPTGURCNFQ
EQPXKPEGPVG
'N TGCPnNKUKU [ QVTCU NGPIWCU RQNKPoUKECU

5GIrP GUVC JKRqVGUKU GN OCQTp RQUGG CJQTC GN VKRQ FG UKUVGOC FG
ECUQ RTQRWGUVQ RCTC GN RTQVQRQNKPoUKEQ CN VKGORQ GP SWG UG FKXKFKq GP
NGPIWCU JKLCU .C JKRqVGUKU RTGFKEG CFGOnU SWG UK NC CRNKECEKqP OW[
HTGEWGPVG FG NC TGINC 2CUKXC FG NC NGPIWC NNGICTC C RTQFWEKT QRCEKFCF
GPVQPEGUGNKFKQOCOCQTpGUVCTpCRTQRKEKQRCTCGNTGCPnNKUKUQRCTCCNIrP
QVTQ RTQEGUQ SWG FKUOKPWKTpC FKEJC QRCEKFCF
.QU UKUVGOCU FG ECUQ GTICVKXQ FGN VQPICPQ [ GN UCOQCPQ JCP
UWTIKFQ C VTCXoU FGN TGCPnNKUKU FG NCU ENnWUWNCU RCUKXCU EQOQ ENnWUWNCU
VTCPUKVKXCUCEVKXCU5GGNKOKPqNCXQ\RCUKXC[WPPWGXQRCVTqPFGOCTEC
FGECUQGTICVKXQTGGORNC\qCNRCVTqPCEWUCVKXQGPNCUENnWUWNCUVTCPUKVK
XCUECPqPKECU5GTGCPCNK\qGNUWHKLQ%KCEQOQCNIQFKUVKPVQCNCRCUKXC
[ UG RGTFKq NC TGINC CUKIPCFQTC FG ECUQ CEWUCVKXQ SWG OCTECDC NQU
QDLGVQU FKTGEVQU EQP GN CEWUCVKXQ K
&GCEWGTFQEQPNCJKRqVGUKUGNMCRKPICOCTCPIWKNGPIWCCEWUCVKXC
JC RCUCFQ RQT GN TGCPnNKUKU RCUKXQCGTICVKXQ &GURWoU FGN TGCPnNKUKU
NC NGPIWC EQPVq EQP WPC TGINC FG OCTEC FG ECUQ CEWUCVKXQ [ WPC FG
ECUQGTICVKXQ'PCNIrPRWPVQCODCUTGINCUUGHWUKQPCTQPGPWPCTGINC
QDNKICVQTKC /nTSWGUG GN UWLGVQ EQP G [ GN QDLGVQ FKTGEVQ EQP K [ GP
QVTC TGINC QREKQPCN 'NpFCUG EWCNSWKGT OCTECFQT FG ECUQ 5G RGTFKq
NC 2CUKXC [ GN UWHKLQ %KC UG TGCPCNK\q EQOQ WP UWHKLQ VTCPUKVKXQ
5GIrP NC JKRqVGUKU GN RWMCRWMCPQ WPC NGPIWC OKZVC CEWUCVKXQ
GTICVKXC RQUGG WP UKUVGOC FG ECUQ OKZVQ FCFQ SWG GP GUVG OQOGPVQ
GUVn UWHTKGPFQ WP TGCPnNKUKU RCUKXQCGTICVKXQ
'N TCRC PWK [ GN TGCPnNKUKU

%QOQ UG QDUGTXq CPVGTKQTOGPVG GN UKUVGOC FG ECUQ FGN TCRC PWK
VKGPGOC[QTUGOGLCP\CEQPNQUFGNOCQTp[GNMCRKPICOCTCPIWKCODCU
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ENnWUWNCU TGUVCPVGU FQU VKGPGP QDLGVQU PQ TGHGTGPEKCNGU 'UVQ FGLC UqNQ
EWCVTQ ENnWUWNCU EQP QDLGVQU PQ OCTECFQU SWG PQ UQP HnEKNOGPVG
GZRNKECDNGU
7P GZCOGP FG VQFQU NQU UWLGVQU OCTECFQU EQP G GP UWU RTQRKQU
EQPVGZVQUTGXGNqNCUUKIWKGPVGUECTCEVGTpUVKECUFGFKUVTKDWEKqP'NOCTEC
FQT G UG PGEGUKVC EWCPFQ GN UWLGVQ FG WP XGTDQ VTCPUKVKXQ GU WP UWLGVQ
PWGXQ FKHGTGPVG CN FG NC ENnWUWNC CPVGTKQT Q SWG JCDKGPFQ UKFQ
KPVTQFWEKFQCPVGTKQTOGPVGCJQTCEQOKGP\CCCEVWCT6CODKoPUGPGEGUKVC
RCTC OCTECT GN UWLGVQ FG WPC ENnWUWNC GP NC SWG GN QDLGVQ FGN XGTDQ PQ
/#4%#5 &' %#51 #6'56+)7#&#5
GU OCPKHKGUVQ 'N UWLGVQ FG WPC QTCEKqP EQORWGUVC EQP GN XGTDQ VQdQ
FGNVKRQOQUVTCFQGPNQUGLGORNQU
FGNCUGEEKqPVCODKoPFGDG
KT OCTECFQ EQP G 'UVCU EQPFKEKQPGU GZRNKECP VQFQU NQU ECUQU FG G GP
GUVC PCTTCVKXC 0Q UG GPEWGPVTC GP GN VGZVQ GP EWGUVKqP QVTC UKVWCEKqP
SWG RCTGEG TGSWGTKT FGN WUQ FG G GP XG\ FG RCTC OCTECT GN UWLGVQ GU
CSWoNNC GP NC SWG UG JC ECODKCFQ GN HQEQ FG WP RCTVKEKRCPVG C QVTQ Q
FQPFG GPVTG XCTKQU RCTVKEKRCPVGU WPQ UG FKUVKPIWG FG NQU FGOnU
RQT
GLGORNQ CN FGEKT HWG : SWKGP CUKUVKq PQ ; 'N OCTECFQT G VCODKoP
RCTGEG UGT QDNKICVQTKQ GP NC ENnWUWNC FG QTFGP 815
# EQPVKPWCEKqP TGUWOKOQU NCU QDUGTXCEKQPGU OGPEKQPCFCU SWG
VKGPGP WPC KORQTVCPEKC FKTGEVC RCTC PWGUVTC ECTCEVGTK\CEKqPFGNUKUVGOC
FG ECUQ FGN TCRC PWK
%NnWUWNCU KPVTCPUKVKXCU 6QVCN
5KP UWLGVQ OCPKHKGUVQ
%QP UWLGVQ OCPKHKGUVQ
5WLGVQ OCTECFQ EQP
5WLGVQ OCTECFQ EQP G
5WLGVQ KPKEKCN ´
5WLGVQ OCTECFQ EQP Q
%NnWUWNCU VTCPUKVKXCU 6QVCN
5KP CTIWOGPVQU OCPKHKGUVQU
%QP WP CTIWOGPVQ OCPKHKGUVQ
%QP QDLGVQ OCPKHKGUVQ
1DLGVQ OCTECFQ EQP K
1DLGVQ OCTECFQ EQP MK
1DLGVQ OCTECFQ EQP
%QP UWLGVQ OCPKHKGUVQ
5WLGVQ OCTECFQ EQP
%QPFQU CTIWOGPVQU OCPKHKGUVQU
5WLGVQ OCTECFQ EQP
1DLGVQ OCTECFQ EQP K
1DLGVQ OCTECFQ EQP MK
/#4%# &' %#51 &'5&' .# 2'452'%6+8# &'. 6':61
1DLGVQ OCTECFQ EQP

%QP CTIWOGPVQ
U GP RQUKEKqP
KPKEKCN
4GUWOGP FG NC OCTEC FG QDLGVQ 6QVCN
1DLGVQ OCTECFQ EQP KMK
1DLGVQ OCTECFQ EQP
1DLGVQ OCTECFQ EQP
QTCEKqP EQORNGVKXC
PWOGTCNEWCPVKHKECFQT
2CUKXC 8 1
5
0Q GZRNKECFQU
+ORQTVCPEKC RCTC GN RTGUGPVG CPnNKUKU

+/2146#0%+# 2#4# '. 24'5'06' #0v.+5+5
.CU GUVCFpUVKECU FG GUVG VGZVQ TGURCNFCP ENCTCOGPVG GN CPnNKUKU FG
NQU RCVTQPGU FG OCTEC FG ECUQ SWG UG RTGUGPVq GP GN ECRpVWNQ 'N
RCVTqP PQTOCN PQ OCTECFQ RCTC NCU ENnWUWNCU KPVTCPUKVKXCU GU 8 5
.C ENnWUWNC KPVTCPUKVKXC OCTECFC EQP G SWG JC UKFQ CVGUVKIWCFC PQ
CRCTGEG GP GUVG VGZVQ UK PQ EQPUKFGTCOQU NC ENnWUWNC SWG TGUWNVC FG NC
EQPLWPEKqP FG ENnWUWNCU
'N QTFGP DnUKEQ FG NCU RCNCDTCU GU OCTECFCOGPVG FG XGTDQ GP
RQUKEKqP KPKEKCN EQOQ FGOWGUVTC GUVG VGZVQ &G NCU ENnWUWNCU
KPVTCPUKVKXCU SWG VKGPGP UWLGVQU OCPKHKGUVQU
UQP FGN QTFGP
85 5qNQ ENnWUWNCU
RQUGGP UWLGVQU GP RQUKEKqP KPKEKCN 'P NCU
QTCEKQPGUVTCPUKVKXCUGNQTFGPRTGFQOKPCPVGGU 851&GWPVQVCNFG
ENnWUWNCU VTCPUKVKXCU SWG VKGPGP WPQ Q FQU CTIWOGPVQU OCPKHKGUVQU FG
ECUQ FKTGEVQ UqNQ
VKGPGP WP QTFGP FKUVKPVQ CN FG XGTDQ GP
RQUKEKqPKPKEKCN6QFCUNCUENnWUWNCUSWGVKGPGPFQUCTIWOGPVQUFGECUQ
FKTGEVQ UQP FGN QTFGP 851 'N RCVTqP 815 PQ CRCTGEG GP GN VGZVQ UKPQ
UqNQ RCVTQPGU 81 GP NQU SWG GN UWLGVQ GU UQDTGGPVGPFKFQ
'N CPnNKUKU FG GUVG VGZVQ KPFKEC WPC FKHGTGPEKC RTQHWPFC GPVTG NQU
FCVQU TGEQRKNCFQU RQT GNKEKVCEKqP FG QTCEKQPGU [ NQU SWG UG GPEWGPVTCP
GPEQPVGZVQUOnUCORNKQU'PNQUEQPVGZVQUPCTTCVKXQUCNOGPQURCTGEG
JCDGT WPC RTGHGTGPEKC RQT NCU ENnWUWNCU UKP PKPIrP Q EQP WP UQNQ
CTIWOGPVQ OCPKHKGUVQ .CU ENnWUWNCU EQP FQU CTIWOGPVQU OCPKHKGUVQU
FG ECUQ FKTGEVQ UG GORNGCP EQP RQEC HTGEWGPEKC 'P NC PCTTCEKqP
6CRCTCJKFGWPVQVCNFGENnWUWNCUKPVTCPUKVKXCU
ECTGEGP
FG UWLGVQ OCPKHKGUVQ &G ENnWUWNCU VTCPUKVKXCU
PQ VKGPGP
&W$QKU
OGPEKQPC GUVG HGPqOGPQ GP GN UCECRWNVGE
+/2146#0%+# 2#4# '. 24'5'06' #0v.+5+5
CTIWOGPVQ OCPKHKGUVQ [

UqNQ VKGPGP WP CTIWOGPVQ FG ECUQ
FKTGEVQ 'P EQPLWPVQ VQVCNK\CP
ENnWUWNCU VTCPUKVKXCU UKP
PKPIrP Q EQP WP UQNQ CTIWOGPVQ OCPKHKGUVQ
'UVC RTGHGTGPEKC EQPHWPFG DCUVCPVG NCU ECTCEVGTpUVKECU FG FKUVTKDW
EKqP SWG SWGTGOQU EQORCTCT 5K UG EQPUKFGTCP UqNQ NCU EKHTCU FCFCU
RCTC NCU ENnWUWNCU EQP FQU CTIWOGPVQU OCPKHKGUVQU FG ECUQ FKTGEVQ
UG RQFTpC RGPUCT SWG NQU QDLGVQU OCTECFQU EQP K UQP OGPQU EQOWPGU
SWGNQUOCTECFQUEQP[SWGNQUUWLGVQUOCTECFQUEQPGUQPWPRQEQ
OGPQUHTGEWGPVGUSWGNQUOCTECFQUEQP5KPGODCTIQUKEQPUKFGTCOQU
NCU ENnWUWNCU EQP UqNQ QDLGVQU OCPKHKGUVQU OCTECFQU EQP K EQOQ FG
QTFGP 8 5 K 1 GP NC GUVTWEVWTC UWD[CEGPVG [ SWG JCP UWHTKFQ
2TQPQOKPCNK\CEKqPEGTQNCUEKHTCUUQPDCUVCPVGFKHGTGPVGU'PVQPEGUUQP
ENnWUWNCU EQP QDLGVQ OCTECFQ EQP K GP EQORCTCEKqP EQP EQP
QDLGVQ OCTECFQ EQP [ UWLGVQU OCTECFQU EQP GP EQORCTCEKqP
EQP OCTECFQU EQP G 5K EQPUKFGTCOQU CFGOnU NQU RCVTQPGU 81
5
UCNXQNQUEQPUKFGTCFQURCUKXQUEQOQUKVWXKGTCPUWLGVQUUWD[CEGPVGU
OCTECFQU EQP [ NQU KPENWKOQU GP NCU EKHTCU GN PrOGTQ FG ENnWUWNCU
EQP UWLGVQU OCTECFQU EQP NNGIC C GP EQORCTCEKqP EQP NQU
OCTECFQUEQPG[QDLGVQUOCTECFQUEQPKGPEQORCTCEKqP EQP NQU
OCTECFQU EQP #WP CCFKGPFQ NQU GLGORNQU FG UWLGVQ OCTECFQ
EQP G FGN RCVTqP 85
1 SWGFCOQU EQP WP PrOGTQ DCUVCPVG OC[QT FG
UWLGVQU OCTECFQU EQP GP EQORCTCEKqP EQP NQU OCTECFQU EQP G

[ TGURGEVKXCOGPVG ; UK TGUVCOQU FG NQU QDLGVQU OCTECFQU EQP
NQU GLGORNQU GP SWG NQU QDLGVQU UQP QTCEKQPGU EQORNGVKXCU Q
EQOKGP\CP EQP PWOGTCNGU Q EWCPVKHKECFQTGU UqNQ PQU SWGFCP QDLGVQU
OCTECFQU FG GUC OCPGTC GP EQORCTCEKqP EQP NQU OCTECFQU EQP K
'UVQUrNVKOQUEnNEWNQUOWGUVTCPENCTCOGPVGSWGGNRCVTqPFGECUQ
PQTOCN Q PQ OCTECFQ FGN TCRC PWK GU GN CEWUCVKXQ
8 5 K 1
6CODKoP OWGUVTCP SWG GN OCTECFQT FG ECUQ PQOKPCVKXQ CRCTGEG EQP
OC[QT HTGEWGPEKC SWG G RCTC OCTECT GN UWLGVQ /WGUVTCP CFGOnU SWG
HCNVC GN OCTECFQT FG ECUQ CEWUCVKXQ K GP WPQU RQEQU GLGORNQU SWG CN
OGPQU RQT CJQTC UQP KORTGFGEKDNGU
.C UWRQUKEKqP SWG UKTXG FG DCUG RCTC GUVQU rNVKOQU EnNEWNQU C
UCDGT SWG NQU UWLGVQU UWD[CEGPVGU VCPVQ FGN RCVTqP 8
5 K 1 [ FGN
RCVTqP8
51GUVCTpCPOCTECFQUEQPUGFGFWEGFGNCUEQPFKEKQPGU
FG FKUVTKDWEKqP FGN OCTECFQT G 5K G OCTEC WP UWLGVQ PWGXQ Q WP
UWLGVQRTGXKCOGPVGKPVTQFWEKFQSWGTGEKoPEQOKGP\CCCEVWCTGUVGUWLGVQ
PQ UGTn WP ECPFKFCVQ RTQDCDNG RCTC UWHTKT NC 2TQPQOKPCNK\CEKqPEGTQ
&GNOKUOQOQFQUKGNUWLGVQOCTECFQEQPGUGFKUVKPIWGFGNQUFGOnU
PQ UGTn WP ECPFKFCVQ RTQDCDNG RCTC NC 'NKUKqP
/#4%# &' %#51 &'5&' .# 2'452'%6+8# &'. 6':61
4GUWOGP
4'57/'0
'PGUVGECRpVWNQJGOQUGZCOKPCFQNQURCVTQPGUFGOCTECFGECUQ
FGWPVGZVQPCTTCVKXQ*GOQUXKUVQSWGWPCITCPOC[QTpCFGNCUENnWUWNCU
JCEG WPC FKUVKPEKqP PQOKPCVKXCCEWUCVKXC 'P NC OC[QTpC FG NQU ECUQU
FQPFGUGRKGTFGNCFKUVKPEKqPGNQDLGVQFKTGEVQGUWPCQTCEKqPEQORNGVKXC
Q EQOKGP\C EQP WP EWCPVKHKECFQT Q WP PWOGTCN EQOQ UG FGUETKDG GP
NC UGEEKqP *GOQU XKUVQ CFGOnU SWG NQU UWLGVQU OCTECFQU EQP G
UQP OWEJQ OGPQU HTGEWGPVGU SWG NQU OCTECFQU EQP [ SWG UW
FKUVTKDWEKqP GUVn NKICFC C EKGTVCU EQPFKEKQPGU PQ UqNQ UKPVnEVKECU UKPQ
VCODKoP UGOnPVKECU
%CRpVWNQ
%10%.75+10'5
%10%.75+10'5
6KRQNQIpC UKPVnEVKEC FGN TCRC PWK
6+21.1)x# 5+06v%6+%# &'. 4#2# 07+
'PGUVGFQEWOGPVQUGJCPGZCOKPCFQNQURCVTQPGUFGECUQCVGUVKIWCFQU
GP TCRC PWK C NC NW\ FG NQU TGEKGPVGU GUVWFKQU EQORCTCVKXQU FGPVTQ FG NC
HCOKNKC FG NGPIWCU .QU FCVQU RTGUGPVCFQU JCP OQUVTCFQ ENCTCOGPVG SWG NC
QTICPK\CEKqP HWPFCOGPVCN FGN UKUVGOC FG ECUQ FGN TCRC PWK GU CEWUCVKXC
.CFWFCSWGSWGFCUKPTGUQNXGTGUUKGNTCRCPWKRQUGGWPUKUVGOC
FG ECUQ CEWUCVKXQ QTKIKPCN EQOQ GN OCQTp Q WP UKUVGOC FG ECUQ
CEWUCVKXQ FGTKXCFQ PWGXQ TGUWNVCFQ FG NQU ECODKQU SWG JWDKGTCP
QEWTTKFQ GP NC NGPIWC EQOQ EQPUGEWGPEKC FG WP TGCPnNKUKU FG NCU
ENnWUWNCU RCUKXCU GP ENnWUWNCU CEVKXCU UGIrP UG JC UWIGTKFQ RCTC GN
MCRKPICOCTCPIWK &G GUVCU FQU RQUKDKNKFCFGU UG FGDG RTGHGTKT CSWGNNC
SWG GZRNKSWG OGLQT NQU FCVQU [ UGC OnU RNCWUKDNG
5K GN TCRC PWK VKGPG WP UKUVGOC FG ECUQ CEWUCVKXQ QTKIKPCN NQU
RCUQU UKIWKGPVGU EQPHQTOCTpCP NC JKUVQTKC FGN ECUQ GP GUC NGPIWC
#N KIWCN SWG GN JCYCKCPQ GN VCJKVKCPQ [ QVTCU NGPIWCU RQNKPoUKECU
QTKGPVCNGUGPNCoRQECGPSWGNCRTQVQNGPIWCUGFKXKFKqGPNGPIWCU
JKLCUUGRGTFKqNCEQPFKEKqPSWGQECUKQPCDCNCHTGEWGPVGCRNKECEKqP
FG NC TGINC 2CUKXC C NCUENnWUWNCUVTCPUKVKXCUECPqPKECU[GN RCVTqP
FG ECUQ CEWUCVKXQ UG EQPXKTVKq PWGXCOGPVG GP NC EQPUVTWEEKqP OnU
EQOrP RCTC GUCU ENnWUWNCU GP NC GUVTWEVWTC FG UWRGTHKEKG
.C EQPUVTWEEKqP RCUKXC UG TGUVTKPIKq C EQPVGZVQU RCUKXQU OnU
PQTOCNGU
%QP GN VKGORQ UG UKORNKHKEq NC TGINC 2CUKXC EQP NC RoTFKFC FGN
UWHKLQ RCUKXQ %KC .C RCUKXC GPVQPEGU NNGIq C UGT ECTCEVGTK\CFC
RQT GN QTFGP FG NCU RCNCDTCU NC RoTFKFC FGN OCTECFQT FG ECUQ
CEWUCVKXQ K CPVGU FG NC HTCUG PQOKPCN GNGXCFC [ NC KPENWUKqP
QREKQPCN GP NC QTCEKqP FGN UWLGVQ TGNGICFQ
UWD[CEGPVG KPVTQFW
EKFQ RQT GN OCTECFQT FG ECUQ CIGPVKXQ G
.CU TGINCU FG OCTEC FG ECUQ FG NC NGPIWC EQPVKPrCP GP NC
CEVWCNKFCFCUKIPCPFQWPQFGNQUFQUOCTECFQTGUFGECUQPQOKPC

%10%.75+10'5
VKXQ Q G C NQU UWLGVQU FGRGPFKGPFQ FG EKGTVCU EQPFKEKQPGU [

WPQ FG NQU FQU OCTECFQTGU K Q MK C VQFQU NQU QDLGVQU FKTGEVQU
UCNXQ GP EKGTVQUEQPVGZVQU FQPFG PQCRCTGEGPKPIrPOCTECFQTFG
ECUQ CEWUCVKXQ
5KGNTCRCPWKVKGPGWPUKUVGOCCEWUCVKXQFGTKXCFQPWGXQFGDG
JCDGT UWHTKFQ ECODKQU JKUVqTKEQU RCTGEKFQU C NQU SWG CSWp RTGUGPVCOQU
RCTC NNGICT C UW UKUVGOC FG ECUQ CEVWCN
#N KIWCN SWG GN VQPICPQ GN UCOQCPQ [ QVTCU NGPIWCU RQNKPoUKECU
QEEKFGPVCNGU EWCPFQ NC RTQVQNGPIWC UG FKXKFKq GP NGPIWCU JKLCU
UGTGCPCNK\CTQPNCUEQPUVTWEEKQPGURCUKXCUHTGEWGPVGUEQOQQTCEKQ
PGU CEVKXCU
5G RGTFKq NC EQPUVTWEEKqP RCUKXC [ UG TGKPVGTRTGVq GN UWHKLQ %KC
EQOQ CNIQ FKUVKPVQ C WP UWHKLQ RCUKXQ /nU VCTFG UG RGTFKq GN
UWHKLQ OKUOQ
&GURWoU FGN TGCPnNKUKU GN TCRC PWK VWXQ FQU TGINCU CUKIPCFQTCU
FG ECUQ WPC CEWUCVKXC RCTC NQU XGTDQU VTCPUKVKXQU KPVGTOGFKQU [
QVTC GTICVKXC RCTC NQU XGTDQU VTCPUKVKXQU ECPqPKEQU
'UVCUTGINCUFGCUKIPCEKqPFGECUQUGHWUKQPCTQPRQUVGTKQTOGPVG
RCTC VQFQU NQU XGTDQU FG OCPGTC SWG EQOQ UG JC UWIGTKFQ RCTC
GN MCRKPICOCTCPIWK VQFQU NQU UWLGVQU GUVCDCP OCTECFQU EQP G

Q CNVGTPCVKXCOGPVG VQFQU NQU UWLGVQU GUVCDCP OCTECFQU EQP
[ VQFQU NQU QDLGVQU NNGXCDCP NC OCTEC KMK FGRGPFKGPFQ FG NCU
RTQRKGFCFGU NoZKECU
#RCTGEKqQVTCTGINCRCTCGNKFKTVQFQUNQUOCTECFQTGUGOGPQUNQU
SWG EWORNpCP NCU EQPFKEKQPGU GURGEKHKECFCU GP GN ECRpVWNQ
Q
CNVGTPCVKXCOGPVG RCTC KPUGTVCTNQU
5G FGUCTTQNNq QVTC TGINC OnU SWG GNKFpC UGNGEVKXCOGPVG UqNQ
CSWGNNQUOCTECFQTGUFGECUQCEWUCVKXQSWGUGGPEQPVTCDCPFGNCPVG
FG NQU QDLGVQU FKTGEVQU SWG GTCP QTCEKQPGU EQORNGVKXCU Q SWG
EQOGP\CDCPEQPPWOGTCNGUQEWCPVKHKECFQTGU
OnUCNIWPQUQVTQU
.C KPVGTRTGVCEKqP CEWUCVKXC FGTKXCFC FGN UKUVGOC FG ECUQ FGN
TCRCPWKVKGPGWPTCUIQNNCOCVKXQGNFGWPUQNQQTKIGPRCTCGNOCTECFQT
G FG NC NGPIWC #RCTVG FG GUQ EQOQ UG RQUVWNC CJQTC UWHTG FG FQU
FGDKNKFCFGUKORQTVCPVGU.CRTKOGTCPQRWGFGGZRNKECTGNRCVTqPUGOG
LCPVG C RCUKXQ [ NC UGIWPFC WPC TGINC CUKIPCFQTC FG ECUQ SWG
RTQRWUKGTC OCTECFQTGU G RCTC VQFQU NQU UWLGVQU [ NWGIQ GNKFKGTC NC
OC[QTpC FG GNNQU RQT OGFKQ FG QVTC TGINC GU RQEQ RNCWUKDNG
4').#5 #5+)0#&14#5 &' .# /#4%# &' %#51
.C KPVGTRTGVCEKqP CEWUCVKXC QTKIKPCN RCTC GN UKUVGOC FG ECUQ FGN
TCRCPWKGZRNKECNQUFCVQUFGWPCOCPGTCENCTC.CGZKUVGPEKCFGNCRCUKXC
GUPQTOCNNQrPKEQSWGEQPHWPFCNCUKVWCEKqPGUGNJGEJQSWGWPQFGNQU
OCTECFQTGU FG ECUQ PQOKPCVKXQ UGC JQOqHQPQ EQP GN OCTECFQT FG ECUQ
CIGPVKXQG 5KP GODCTIQ NC GZKUVGPEKC FG FQU HWGPVGU RCTC GN OCTECFQT
G EQPEWGTFC EQP GN JGEJQ FG SWG CNIWPCU XGEGU HWPEKQPC RCTC OCTECT
HTCUGUPQOKPCNGUQDNKEWCU[QVTCUXGEGURCTCOCTECTHTCUGUPQQDNKEWCU
2CTC TGUWOKT GP NC HKIWTC UG OWGUVTCP NQU CURGEVQU RTKPEKRCNGU
FGN UKUVGOC FG ECUQ FGN TCRC PWK

%NnWUWNCU KPVTCPUKVKXCU8 5 FQPFG PQOKPCVKXQ
8G 5 FQPFG G PQOKPCVKXQ

KPHTGEWGPVG
%CPqPKECU 8 G 5 K 1 FQPFG K CEWUCVKXQ
+PVGTOGFKCU 8 G 5 KMK 1 FQPFG K CEWUCVKXQ
MK BC
2CUKXC 8 5 KMK 1 ±±±±² 8 1 G #)
(KIWTC 5KUVGOC FG ECUQ FGN TCRC PWK
4GINCU CUKIPCFQTCU FG NC OCTEC FG ECUQ

4').#5 #5+)0#&14#5 &' .# /#4%# &' %#51
.CU TGINCU FG OCTEC FG ECUQ C OGPWFQ UG EQPEKDGP EQOQ TGINCU
TGNCVKXCOGPVGUWRGTHKEKCNGUSWGUKTXGPRCTCGNKOKPCTNCCODKIGFCFFGNQU
UWLGVQU[NQUQDLGVQUFKTGEVQU#PFGTUQP
RTQRQPGWPCTGINCCUKIPC
FQTC FG ECUQ DCUCFC GP GN QTFGP NKPGCN RCTC GZRNKECT VQFCU NCU NGPIWCU
GTICVKXCU[CNIWPCUCEWUCVKXCU.CTGINCGZRTGUCFCFGOCPGTCUGPEKNNCFKEG
EWCPFQ GZKUVGP FQU HTCUGU PQOKPCNGU FG ECUQ FKTGEVQ GP WPC ENnWUWNC
OnTSWGUGNCRTKOGTC
QNCUGIWPFC'UVCTGINCRTGUWRQPGSWGUGGUVCDNG\ECP
RTGXKCOGPVGGNUWLGVQ[GNQDLGVQFKTGEVQ[UWUOCTECFQTGUEQTTGURQPFKGPVGU
#NGZCPFGT
D RTQRQPG WPC TGINC UGOGLCPVG RCTC GN TCRC
PWK %WCPFQ NC QTCEKqP NNGXC GN XGTDQ GP RQUKEKqP KPKEKCN EQNqSWGUG
GN OCTECFQT FG ECUQ CPVGU FG NC UGIWPFC (0 2QT OGFKQ FG GUVC TGINC
GZRNKECNQURCVTQPGU85K1[81G52GTQGUVCTGINCPQGZRNKEC
VQFCU NCU OCTECU FG ECUQ SWG UG GPEWGPVTCP GP NC NGPIWC
%JWPI UWIKGTG SWG GP XG\ FGN QTFGP NKPGCN NCU TGINCU FG OCTEC
FG ECUQ FGDGTpCP EQPUKFGTCT NCU ECVGIQTpCU ITCOCVKECNGU FG UWLGVQ [
QDLGVQ 2QT GLGORNQ WPC TGINC RCTC GN VQPICPQ UGTpC EWCPFQ GZKUVGP
%10%.75+10'5
FQUHTCUGUPQOKPCNGUFGECUQFKTGEVQGPWPCENnWUWNCOnTSWGUGGNUWLGVQ
EQP dG
%JWPI
%CFCWPCFGGUVCUTGINCUUGHQTOWNCRCTCKPUGTVCTWPOCTECFQTFG
ECUQ FGNCPVG FG UqNQ WPC FG NCU FQU HTCUGU PQOKPCNGU FG ECUQ FKTGEVQ
[JCEGTNQUKPEQPUKFGTCTQVTQETKVGTKQOnUSWGNCUECVGIQTpCUITCOCVKECNGU
FG UWLGVQ [ QDLGVQ2CTCGNTCRCPWKNCTGINCFGDGRGTOKVKTNCKPUGTEKqP
FGWPOCTECFQTFGNCPVGFGECFCWPCFGNCUHTCUGUPQOKPCNGUWQREKQPCN
OGPVGFGLCTWPCUKPOCTECT6CODKoPFGDGKPUGTVCTGNOCTECFQTCFGEWCFQ
RCTC NCU EQPFKEKQPGU FCFCU [ FGLCT UKP OCTEC NC SWG PQ FGDG VGPGTNC
2CTC GNNQ NC TGINC PQ FGDG VQOCT GP EWGPVC UqNQ NCU ECVGIQTpCU
ITCOCVKECNGU FG UWLGVQ [ QDLGVQ UKPQ VCODKoP KPFKEKQU EKTEWPUVCPEKCNGU
Q KPHQTOCEKqP UKPVnEVKEC
5GIrP GN RTGUGPVG GUVWFKQ NCU TGINCU CUKIPCFQTCU FG ECUQ RCTC GN
TCRC PWK RQFTpCP GZRTGUCTUG FGN UKIWKGPVG OQFQ
C &oLGUG GN UWLGVQ FG NQU XGTDQU KPVTCPUKVKXQU UKP OCTECT C

OGPQU SWG EWORNC NC EQPFKEKqP
GUVCDNGEKFC GP
E GP
EW[Q ECUQ OnTSWGUG EQP G
D 2CTC VQFC ENnWUWNC VTCPUKVKXC SWG VKGPG WPC UQNC HTCUG PQOK
PCN FG ECUQ FKTGEVQ UK NC (0 GU GN UWLGVQ OnTSWGUG EQP G
UK GU GN QDLGVQ FKTGEVQ OnTSWGUG EQP KMK UGIrP UWU RTQRKG
FCFGU NoZKECU Q EQIPQUEKVKXCU
E 2CTC VQFC ENnWUWNC VTCPUKVKXC SWG RQUGG FQU HTCUGU PQOKPCNGU
FG ECUQ FKTGEVQ FoLGUG GN UWLGVQ UKP OCTECT C OGPQU SWG EWO
RNC WPC FG NCU EQPFKEKQPGU FG NC RCTVG EQPFKEKQPCPVG FG NC TG
INC GP EW[Q ECUQ OnTSWGUG EQP G /CTSWG GN QDLGVQ FKTGEVQ
EQP KMK UGIrP NCU RTQRKGFCFGU NoZKECU Q EQIPQUEKVKXCU C OGPQU
SWG EWORNC WPC FG NCU EQPFKEKQPGU FG NC RCTVG EQPFKEKQPCP
VG FG NC TGINC GP EW[Q ECUQ FoLGUG UKP OCTECT
%QPFKEKQPGU RCTC NC OCTEC FGN UWLGVQ
±±±±²G AAAA  GN UWLGVQ GU PWGXQ FKHGTGPVG
 FGN CPVGTKQT Q

 GN UWLGVQ [C KPVTQFWEKFQ EQOKGP
 \C C CEVWCT Q
 GN UWLGVQ UG FKUVKPIWG Q UG GPHQ
 EC GPVTG XCTKQU UWLGVQU RQUKDNGU Q

 JC QEWTTKFQ NC EQPLWPEKqP FG
 WPC ENnWUWNC SWG EQPVKGPG GN
 XGTDQ VQdQ EQP QVTC ENnWUWNC Q

 NC ENnWUWNC GU FGN QTFGP 815
#570615 2#4# '567&+15 2156'4+14'5
%QPFKEKQPGU RCTC NC OCTEC FGN QDLGVQ
K ±±±±² AAA  PrOGTQU

CTVpEWNQU KPFGHKPKFQU Q
 EWCPVKHKECFQTGU W

 QDLGVQU FKTGEVQU SWG UQP
 QTCEKQPGU EQORNGVKXCU W
 QVTCU EQPFKEKQPGU CrP PQ

FGHKPKFCU
#UWPVQU RCTC GUVWFKQU RQUVGTKQTGU

#570615 2#4# '567&+15 2156'4+14'5
#WPSWGRQTGNOQOGPVQRCTGEGSWGWPCKPVGTRTGVCEKqPCEWUCVKXC
QTKIKPCN FGN UKUVGOCFG ECUQFGNTCRCPWKGUNCSWGOGLQTFGUETKDGNQU
FCVQU SWGFC CN OGPQU WP RCTCNGNQ KPVGTGUCPVG GPVTG NCU NGPIWCU SWG
RQUGGP EQPUVTWEEKQPGU GTICVKXCU [ GN TCRC PWK SWG PQ JGOQU VTCVCFQ
CSWp [ SWG PQ PQU RGTOKVG TGEJC\CT NC RQUKDKNKFCF FG SWG NC NGPIWC
JC[C UWHTKFQ GN 4GCPnNKUKU 2CUKXQC'TICVKXQ 'P NCU NGPIWCU EQP EQPU
VTWEEKQPGU GTICVKXCUGNQTFGPFG NCU RCNCDTCU RCTCGUQURCVTQPGUVKGPFG
C UGT 815 EQP NC OKUOC HTGEWGPEKC EQP SWG 851 OKGPVTCU SWG NQU
RCVTQPGUFGECUQKPVGTOGFKQRCTGEGPUGTFGQTFGP851DCUVCPVGTpIKFQ
'P TCRC PWK NQU RCVTQPGU CEWUCVKXQU RCTGEGP UGT FG WP QTFGP 851
DCUVCPVGTpIKFQRGTQEQOQUGFKLQGPGNRCVTqP8G5K1RWGFG
FCTUG EQP DCUVCPVG HTGEWGPEKC VCPVQ GPGNQTFGP851EQOQGPGN 815
2WGFG UGT SWG GN TCRC PWK JC[C UWHTKFQ GN 4GCPnNKUKU 2CUKXQC
'TICVKXQ RGTQ SWG NQU ECODKQU JKUVqTKEQU SWG NQ JCP EQPFWEKFQ C UW
CEVWCN UKUVGOC FG ECUQ HWGTQP OnU CEQTFGU EQP NQU SWG GPWOGTCTGOQU
C EQPVKPWCEKqP
'P NC oRQEC GP SWG NC RTQVQNGPIWC UG FKXKFKq GP NGPIWCU JKLCU
UGTGCPCNK\CTQPNCUEQPUVTWEEKQPGURCUKXCUHTGEWGPVGUEQOQQTCEKQ
PGU CEVKXQVTCPUKVKXCU
5G RGTFKq NC EQPUVTWEEKqP RCUKXC [ UG TGKPVGTRTGVq GN UWHKLQ %KC
EQOQ WP UWHKLQ VTCPUKVKXQ
&GURWoU FGN TGCPnNKUKU GN TCRC PWK VWXQ FQU TGINCU CUKIPCFQTCU
FG ECUQ WPC CEWUCVKXC RCTC NQU XGTDQU VTCPUKVKXQU KPVGTOGFKQU [
WPC GTICVKXC RCTC NQU XGTDQU VTCPUKVKXQU ECPqPKEQU
%WCPFQUGEQOGP\qCRGTFGTGNUWHKLQ%KCGNOCTECFQTCEWUCVKXQ
EQOGP\q C VGPGT GN UKIPKHKECFQ CEVKXQVTCPUKVKXQ [ RQT NQ VCPVQ
RCUq C NCU QTCEKQPGU OCTECFCU EQOQ GTICVKXCU
%10%.75+10'5
'UVCU TGINCU CUKIPCFQTCU FG ECUQ RQUVGTKQTOGPVG UG HWUKQPCTQP

RCTCVQFQUNQUXGTDQUFGOCPGTCSWGVQFQUNQUUWLGVQUUGOCTECTQP
EQP C OGPQU SWG EWORNKGTCP EKGTVCU EQPFKEKQPGU GP EW[C
UKVWCEKqPUGOCTECDCPEQPG6QFQU NQU QDLGVQUUG OCTECDCP EQP
KMK UGIrP UWU RTQRKGFCFGU NoZKECU UCNXQ EWCPFQ NQU QDLGVQU GTCP
QTCEKQPGUEQORNGVKXCUQEQOGP\CDCPEQPPWOGTCNGUQEWCPVKHKEC
FQTGU
'P CNIrP OQOGPVQ GN OCTECFQT FGN CEVKXQVTCPUKVKXQ K EQOGP\q
CGNKFKTUGFGNCPVGFGNQUQDLGVQUGPNCUQTCEKQPGUSWGGPHCVK\CDCP
GN TGUWNVCFQ FG WPC CEEKqP UQDTG GN QDLGVQ GP XG\ FG NC CEEKqP
OKUOC RTGRCTCPFQ GN ECOKPQ RCTC WPC PWGXC TGINC 2CUKXC
'UVC JKRqVGUKU GUVCTpC TGURCNFCFC UK UG RWFKGTC FGOQUVTCT SWG GN
OCTECFQT K EQPNNGXC NC PQEKqP CEVKXQVTCPUKVKXC [ PQ GU WP OGTQ
OCTECFQT FG ECUQ CEWUCVKXQ 6CODKoP SWGFCTpC TGURCNFCFC UK GN WUQ FG
NC RCUKXC GP TCRC PWK HWGUG TCFKECNOGPVG FKHGTGPVG FG UW WUQ GP QVTCU
NGPIWCU RQNKPoUKECU QTKGPVCNGU 'P ECODKQ UK UG GPEQPVTCUGP RCTCNGNQU
EGTECPQUCNOQFQGPSWGNCRCUKXCUGWUCGPTCRCPWK[GPQVTCUNGPIWCU
RQNKPoUKECU QTKGPVCNGU [ UK UQDTG VQFQ UG RWFKGTC FGOQUVTCT SWG GN
OCTECFQT K GU UqNQ WP OCTECFQT FG ECUQ CEWUCVKXQ NC KPVGTRTGVCEKqP
CEWUCVKXC QTKIKPCN FGN UKUVGOC FG ECUQ TGUWNVCTpC HCXQTGEKFC
'UVC JKRqVGUKU UWIKGTG NC RQUKDKNKFCF FG CNIWPC EQPGZKqP GPVTG NC
RoTFKFC FG NC K GP EKGTVQU NWICTGU FQPFG UG GURGTCTpC GPEQPVTCTNC [ GN
ITCFQ FG VTCPUKVKXKFCF Q CEVKXKFCF EQFKHKECFQ GP NC QTCEKqP
UGIrP
*QRRGT [ 6JQORUQP [ 2C[PG &GLQ GN GUVWFKQ FG GUVC
RQUKDKNKFCF [ FG UWU KORNKECEKQPGU RCTC QVTC QRQTVWPKFCF
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#NGZCPFGT ,COGU & C %CUGOCTMKPI KP 'CUVGT +UNCPF

2QN[PGUKCP /KPPGUQVC 2CRGTU KP .KPIWKUVKEU CPF 2JKNQUQRJ[ QH
.CPIWCIG /KPPGCRQNKU 7PKXGTUKV[ QH /KPPGUQVC
AAAA D%CUGOCTMKPICPFRCUUKXKV[KP'CUVGT+UNCPF2QN[PGUKCP
1EGCPKE .KPIWKUVKEU
AAAA 'CUVGT+UNCPF2QN[PGUKCP#PKPEQORNGVGCEVKXGNCPIWCIG
2QPGPEKC RTGUGPVCFC C NC Q 4GWPKqP #PWCN FG NC .KPIWKUVKE
5QEKGV[ QH #OGTKEC 5CP &KGIQ %CNKHQTPKC
#NGZCPFGT 9& # UJQTV U[PQRUKU QH VJG OQUV GUUGPVKCN RQKPVU
KP *CYCKKCP ITCOOCT C GF TGX *CYCKK 4GKORTGUKqP ,CRqP
%JCTNGU ' 6WVVNG %QORCP[ +PE
#PFGTUQP 5VGRJGP 4 1P VJG PQVKQP QH UWDLGEV KP GTICVKXG
NCPIWCIGU 5WDLGEV CPF VQRKE %JCTNGU 0 .K GF 0GY
;QTM #ECFGOKE 2TGUU
AAAA 1P OGEJCPKUOU D[ YJKEJ NCPIWCIGU DGEQOG GTICVKXG
/GEJCPKUOU QH U[PVCEVKE EJCPIG %JCTNGU 0 .K GF
#WUVKP 7PKXGTUKV[ QH 6GZCU 2TGUU
$KIIU $TWEG .GV U NGCTP /CQTK # IWKFG VQ VJG UVWF[ QH VJG
/CQTK NCPIWCIG 9GNNKPIVQP 4GGF 'FWECVKQP
AAAA 5QOG RTQDNGOU QH 2QN[PGUKCP ITCOOCT ,QWTPCN QH VJG
2QN[PGUKCP 5QEKGV[
%JCRKP 2CWN ) 'CUVGT +UNCPF # EJCTCEVGTKUVKE 851 NCPIWCIG
5[PVCEVKE V[RQNQI[ 5VWFKGU KP VJG RJGPQOGPQNQI[ QH NCPIWCIG
9KPHTGF 2 .GJOCPP GF #WUVKP 7PKXGTUKV[ QH 6GZCU
2TGUU
%JWPI 5CPFTC 1P VJG ITCFWCN PCVWTG QH U[PVCEVKE EJCPIG
/GEJCPKUOUQHU[PVCEVKEEJCPIG%JCTNGU0.KGF#WUVKP
7PKXGTUKV[ QH 6GZCU 2TGUU
AAAA %CUG OCTMKPI CPF ITCOOCVKECN TGNCVKQPU KP 2QN[PGUKCP

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AAAA[9KNNKCO,5GKVGT6JGJKUVQT[QHTCKUKPICPFTGNCVKXK\CVKQP
KP 2QN[PGUKCP .CPIWCIG
%NCTM4QUU#URGEVUQH2TQVQ2QN[PGUKCPU[PVCZ6GUKURCTCQRVCT
GNITCFQFG2J&7PKXGTUKV[QH%CNKHQTPKCCV5CP&KGIQ
6G4GQ
/QPQITCRJ #WEMNCPF 7PKXGTUKV[ QH #WEMNCPF
AAAA 6TCPUKVKXKV[ CPF ECUG KP 'CUVGTP 1EGCPKE NCPIWCIGU
1EGCPKE .KPIWKUVKEU
%QOTKG$GTPCTF'TICVKXKV[5[PVCEVKEV[RQNQI[5VWFKGUKPVJG
RJGPQOGPQNQI[ QH NCPIWCIG 9KPHTGF 2 .GJOCPP GF
AAAA .CPIWCIGWPKXGTUCNUCPFNKPIWKUVKEV[RQNQI[%JKECIQ6JG
7PKXGTUKV[ QH %JKECIQ 2TGUU
%JWTEJYCTF % /CZYGNN 6QPICP ITCOOCT .QPFQP 1ZHQTF
7PKXGTUKV[ 2TGUU
&G.CPEG[5EQVV#PKPVGTRTGVCVKQPQHURNKVGTICVKXKV[CPFTGNCVGF
RCVVGTPU .CPIWCIG
&KZQP 4/9 'TICVKXKV[ .CPIWCIG
&W$QKU ,QJP 9 6JG FKUEQWTUG DCUKU QH GTICVKXKV[ .CPIWCIG

'FOQPFUQP ,GTQNF # 2QT CRCTGEGT # ITCOOCT QH *UKWMWNWCP #OKU
5+.2WDNKECVKQPUKP.KPIWKUVKEU&CNNCU5+.+PVGTPCVKQPCN[7PKXGT
UKV[ QH 6GZCU CV #TNKPIVQP
'PINGTV 5GDCUVKnP +FKQOC TCRCPWK )TCOnVKEC [ FKEEKQPCTKQ FGN
CPVKIWQ KFKQOC FG NC +UNC FG 2CUEWC 5CPVKCIQ 'FKEKQPGU FG NC
7PKXGTUKFCF FG %JKNG
(WGPVGU ,QTFK &KEEKQPCTKQ [ ITCOnVKEC FG NC NGPIWC FG NC +UNC
FG 2CUEWC 5CPVKCIQ 'FKVQTKCN #PFToU $GNNQ
)TGGPDGTI ,QUGRJ 6JG FGHKPKVKQP QH NKPIWKUVKE WPKVU 'UUC[U
KPNKPIWKUVKEU,QUGRJ)TGGPDGTIGF%JKECIQ6JG7PKXGT
UKV[ QH %JKECIQ 2TGUU
*CNG -GPPGVJ 2TGNKOKPCT[ TGOCTMU QP 9CNDKTK ITCOOCT ++
/KOGQ /CUUCEJWUGVVU +PUVKVWVG QH 6GEJPQNQI[
AAAA 6JG RCUUKXG CPF GTICVKXG KP NCPIWCIG EJCPIG 6JG
#WUVTCNKCP ECUG 2CEKHKE NKPIWKUVKEU UVWFKGU KP JQPQWT QH #TVJWT
%CRGNN 5# 9WTO [ &% .C[EQEM GFU
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*CTTKU #NKEG % )GQTIKCP CPF VJG WPCEEWUCVKXG J[RQVJGUKU

.CPIWCIG
*CYMKPU'OKN[#2GFCIQIKECNITCOOCTQH*CYCKKCP4GEWTTGPV
RTQDNGOU *QPQNWNW 6JG 7PKXGTUKV[ 2TGUU QH *CYCKK
*CYMKPU,QJP#+ORNKECVKQPCNWPKXGTUCNUCURTGFKEVQTUQHYQTF
QTFGT EJCPIG .CPIWCIG
*QJGRC 2CVTKEM 6JG CEEWUCVKXGVQGTICVKXG FTKHV KP 2QN[PGUKCP
NCPIWCIGU ,QWTPCN QH VJG 2QN[PGUKCP UQEKGV[
*QRRGT2CWN,5QOGFKUEQWTUGUQWTEGUQHGTICVKXKV[9QTMKPI
2CRGTUKP.KPIWKUVKEU*QPQNWNW7PKXGTUKV[QH*CYCKK
AAAA [ 5CPFTC # 6JQORUQP 6TCPUKVKXKV[ KP ITCOOCT CPF
FKUEQWTUG .CPIWCIG
-GGPCP 'FYCTF . 5QOG WPKXGTUCNU QH RCUUKXG KP TGNCVKQPCN
ITCOOCT 2CRGTU HTQO VJG GNGXGPVJ TGIKQPCN OGGVKPI QH VJG
%JKECIQ .KPIWKUVKE 5QEKGV[
AAAA 6QYCTFU C WPKXGTUCN FGHKPKVKQP QH UWDLGEV 5WDLGEV CPF
VQRKE %JCTNGU 0 .K GF 0GY ;QTM #ECFGOKE 2TGUU
AAAA 2CUUKXG KP VJG YQTNF U NCPIWCIGU .CPIWCIG V[RQNQI[
CPF U[PVCEVKE FGUETKRVKQP 8QN %NCWUG UVTWEVWTG 6KOQVJ[
5JQRGP GF %CODTKFIG %CODTKFIG 7PKXGTUKV[ 2TGUU
-QWVUQWFCU #PFTGCU %QPUVTCKPVU QP NKPGCTK\CVKQP TWNGU
.CPIWCIG
-TWRC 8KEVQT 2QN[PGUKCP NCPIWCIGU # UWTXG[ QH TGUGCTEJ .C
*C[C /QWVQP
AAAA 1P YQTF QTFGT KP /CCQTK CPF QVJGT NCPIWCIGU 5VWFKGU
KP2CEKHKENCPIWCIGUCPFEWNVWTGU+PJQPQWTQH$TWEG$KIIU,KO
*QNN[OCP [ #PFTGY 2CYNG[ GFU #WEMNCPF .KPIWKUVKE
5QEKGV[ QH #WEMNCPF
.CHKVVG2)TCOOCKTGDCUSWG$C[QPPG#OpUFW/WUoG$CUSWG
GV +MCU
.CPIFQP4QDGTV[&CTTGNN6T[QP6JGNCPIWCIGQH'CUVGT+UNCPF
+VU FGXGNQROGPV CPF 'CUVGTP 2QN[PGUKCP TGNCVKQPUJKRU .CKG
*CYCKK 6JG +PUVKVWVG HQT 2QN[PGUKCP 5VWFKGU
/CTUCEM %% 5COQCP .QPFQP 6JG 'PINKUJ 7PKXGTUKVKGU 2TGUU
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/KNPGT )GQTIG +V KU CURGEV

PQV XQKEG YJKEJ KU OCTMGF KP
5COQCP 1EGCPKE .KPIWKUVKEU
AAAA 'TICVKXGCPFRCUUKXGKP$CUSWGCPF2QN[PGUKCP1EGCPKE
.KPIWKUVKEU
/WPTQ 2COGNC 6JG NCPIWCIG QH 'CUVGT +UNCPF
C UMGVEJ
#RWPVGU KPoFKVQU 7PKXGTUKV[ QH %CNKHQTPKC CV .QU #PIGNGU
1EJU 'NKPQT 'TICVKXKV[ CPF YQTF QTFGT KP 5COQCP EJKNF
NCPIWCIG .CPIWCIG
2CYNG[#PFTGY-2QN[PGUKCPNCPIWCIGU#UWDITQWRKPIDCUGF
QPUJCTGFKPPQXCVKQPUKPOQTRJQNQI[ ,QWTPCNQHVJG2QN[PGUKCP
5QEKGV[
AAAA 6JG TGNCVKQPUJKRU QH 2QN[PGUKCP QWVNKGT NCPIWCIGU
,QWTPCN QH VJG 2QN[PGUKCP 5QEKGV[
AAAA[4QIGT)TGGP&CVKPIVJGFKURGTUCNQH1EGCPKENCPIWCIGU
1EGCPKE .KPIWKUVKEU
2C[PG &CXKF . .C CEVKXKFCF EQOQ GPEQFKHKECEKqP FGN RTKOGT
RNCPQGPNCPCTTCVKXC'UVWFKQFGWPCNG[GPFCCUJoPKPEC'UVWFKQU
NKPIpUVKEQUFGVGZVQUCUJoPKPEC
ECORCCTCYCMRTGCPFKPQ&CXKF
.2C[PG[/CTNGPG$CNNGPC&nXKNCGFU5GTKG.KPIpUVKEC
2GTWCPC 0¢ 2WECNNRC +PUVKVWVQ .KPIpUVKEQ FG 8GTCPQ
2GTNOWVVGT &CXKF / [ 2CWN / 2QUVCN 6QYCTF C WPKXGTUCN
EJCTCEVGTK\CVKQPQHRCUUKXK\CVKQP2TQEGGFKPIUQHVJGVJKTFCPPWCN
OGGVKPI QH VJG $GTMGNG[ .KPIWKUVKEU 5QEKGV[
2QUVCN2CWN/5VWFKGUQHRCUUKXGENCWUGU#NDCP[5VCVG7PKXGT
UKV[ QH 0GY ;QTM 2TGUU
5CRKT'FYCTF4GUGCFG*GVRCUUKGXGMCTCMVGTXCPJGVXGTDWO
VTCPUKVKXWOQHXCPJGVXGTDWOCEVKQPKUKPVCNGPXCP0QTF#OGTKMC
RQT %% 7JNGPDGEM +PVGTPCVKQPCN ,QWTPCN QH #OGTKECP .KP
IWKUVKEU
5GKVGT 9KNNKCO , 5VWFKGU KP 0KWGCP 5[PVCZ 0GY ;QTM )CTNCPF
2WDNKUJKPI +PE
5VGPUQP0CPE[0GICVKXGHQTOCVKQPKP'CUVGT+UNCPF/KPPGUQVC
2CRGTU KP .KPIWKUVKEU CPF 2JKNQUQRJ[ QH .CPIWCIG
/KPPGCRQNKU 7PKXGTUKV[ QH /KPPGUQVC
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6GEJGMJQHH%NCWFG8GTDCNCURGEVUKPCPGTICVKXGEQPUVTWEVKQP
#P GZCORNG KP 6QPICP 1EGCPKE .KPIWKUVKEU
9GDGT 4QDGTV . 6JG XGTDCN OQTRJQNQI[ QH 4CRC 0WK VJG
2QN[PGUKCPNCPIWCIGQH'CUVGT+UNCPFCPFKVUHWPEVKQPKPPCTTCVKXG
FKUEQWTUG6GUKURCTCQRVCTGNITCFQFG/#7PKXGTUKV[QH6GZCU
CV #TNKPIVQP
8GT VCODKoP 4 9GDGT
AAAA /QTHQNQIpCXGTDCNFGNTCRCPWKNGPIWCRQNKPoUKECFG+UNC
FG 2CUEWC [ UW HWPEKqP GP NC PCTTCEKqP 8CNRCTCpUQ 'FKEKQPGU
7PKXGTUKVCTKCUFG8CNRCTCpUQ7PKXGTUKFCF%CVqNKECFG8CNRCTCpUQ

8GTUKqP GURCQNC FG 4 9GDGT
9KNDWT6GTGPEG*6JGGTICVKXGECUGCPFVJGUQECNNGFGTICVKXG
V[RG NCPIWCIGU 2CRGTU HTQO VJG UKZVJ TGIKQPCN OGGVKPI QH VJG
%JKECIQ .KPIWKUVKE 5QEKGV[
0CPE[ 6JKGUGP FG 9GDGT QDVWXQ GN DCEJKNNGTCVQ GP NKPIpUVKEC GP NC 7PKXGTUKFCF
FG %CNKHQTPKC GP [ NC OCGUVTpC GP NC 7PKXGTUKFCF FG 6GZCU GP #TNKPIVQP GP
JCDKGPFQ GUVWFKCFQ VCODKoP GP 4GGFNG[ %QNNGIG [ GP NCU WPKXGTUKFCFGU FG
9CUJKPIVQP 1MNCJQOC [ %QTPGNN &GUFG GU KPXGUVKICFQTC FGN 5+. +PVGTPC
VKQPCNQTICPK\CEKqPPQIWDGTOGPVCNFGECVGIQTpCEQPUWNVCVKXCCN%QPUGLQ'EQPqOKEQ
[5QEKCNFGNCU0077SWGUGFGFKECCRTQ[GEVQUFGKPXGUVKICEKqPGVPQNKPIpUVKEC
GFWECEKqP DKNKPIG KPVGTEWNVWTCN [ FG VTCFWEEKqP FG FQEWOGPVQU XCNKQUQU FCPFQ
RCTVKEWNCT KORQTVCPEKC C NC VTCFWEEKqP FG NCU 5CITCFCU 'UETKVWTCU 'PVTG [
EQNCDQTq GP NC KPXGUVKICEKqP NKPIpUVKEC FG FQU XCTKGFCFGU FGN SWGEJWC
JCDNCFCU GP GN 2GTr GUVWFKQU SWG HWGTQP CWURKEKCFQ RQT GN +PUVKVWVQ .KPIpUVKEQ FG
8GTCPQ [ GN /KPKUVGTKQ FG 'FWECEKqP FG FKEJQ RCpU &GUFG GN CQ TGUKFG GP
NC +UNC FG 2CUEWC FQPFG EQNCDQTC GP GN 2TQITCOC .GPIWC 4CRC 0WK %QPXGPKQ
7PKXGTUKFCF %CVqNKEC FG 8CNRCTCpUQ [ 5+. +PVGTPCVKQPCN 'PVTG UWU QDTCU GUVnP

EQP 4 9GDGT 0GICEKqP GP SWGEJWC
EQP / 2CTM [ 8 %GPGRQ
&KEEKQPCTKQSWGEJWCFG5CP/CTVpP[GURCQN
EQP49GDGT%QPEQTFCPEKC
=xPFKEG? NoZKEC FG OCVGTKCNGU FG VGZVQ GP TCRC PWK NGPIWC FG NC +UNC FG 2CUEWC

EQP 4 9GDGT #RWPVGU UQDTG NC HQPQNQIpC FG NC NGPIWC TCRC PWK FG +UNC
FG 2CUEWC 5KIPQU

EQP 4 9GDGT 'PJCPEKPI NCPIWCIG
OCKPVGPCPEGVJTQWIJVJGRTQOQVKQPQHYTKVVGP4CRC0WKKPVJG'CUVGT+UNCPFUEJQQN
CPF EQOOWPKV[
EQP 4 9GDGT *CEKC GN GUVCDNGEKOKGPVQ FG WP UKUVGOC
GUETKVQ RCTC GN TCRC PWK NGPIWC FG NC +UNC FG 2CUEWC (QTOCEKqP FG WP
GUETKVQT TCRC PWK
EQOQ FKTGEVQTC FG VCNNGT NKVGTCTKQ d#dCOW Q TCRC PWK
4GNCVQU FG +UNC FG 2CUEWC 'FKEKqP DKNKPIG FG NCU RTKOGTCU QDTCU FG QPEGCWVQTGU
KUNGQU%CUGOCTMKPIKP4CRC0WKVJG2QN[PGUKCPNCPIWCIGQH'CUVGT+UNCPF

EQP 49GDGT[ WPQUXGKPVG CWVQTGU[ RTQHGUQTGU KUNGQU /CK MK JR VVQW
K VG VCKdQ dG K VG RCRCdK K VQ VVQW dCTGTQ TCRC PWK
#RTGPFCOQU C NGGT [ GUETKDKT
PWGUVTC NGPIWC TCRC PWK 5GTKG FG NGEVWTC [ NKVGTCVWTC TCRC PWK EQPUKUVGPVG GP UGKU
VQOQU
EQP 4 9GDGT l2QFTn UQDTGXKXKT GN KFKQOC TCRC PWK! 5KIPQU

EQP ( 'FOWPFU 2CQC 8 *CQC %CTFKPCNK % *G[ 2CQC *
6WMK 2CMCTCVK [ 4 9GDGT 2TQITCOCU RCTC NC GPUGCP\C FG NC NGPIWC TCRC PWK

EQP 4 9GDGT 4CRC 0WK GP 6[TQP GV CN GFU %QORCTCVKXG #WUVTQPGUKCP
&KEVKQPCT[ +PVGTEQPVKPGPVCN &KEVKQPCT[ 5GTKGU
EQP ( 'FOWPFU 2CQC 8
*CQC %CTFKPCNK % *G[ 2CQC * 6WMK 2CMCTCVK [ 4 9GDGT /Q JR K VG XCPCC
TCRC PWK
2CTC CRTGPFGT GN KFKQOC TCRC PWK 5GTKG FG EWCVTQ OCPWCNGU FKFnEVKEQU
FG CRQ[Q RCTC NC GPUGCP\C FGN TCRC PWK EQOQ UGIWPFC NGPIWC
EQP 4
9GDGT&KCIPqUVKEQNKPIpUVKEQFGNQUGFWECPFQUFG-KPFGTC5oRVKOQ#Q$nUKEQ
FG NC 'UEWGNC .QTGP\Q $CG\C 8GIC FG +UNC FG 2CUEWC CN HKPCN FGN CQ GUEQNCT
+PHQTOG [ 4GEQOGPFCEKQPGU 6TCDCLQ UQNKEKVCFQ RQT GN #NECNFG FG +UNC FG
2CUEWC
EQP 4 9GDGT 4GUGC FG NC ITCOnVKEC FGUETKRVKXC 4CRCPWK FG
8GTQPKEC &W (GW #PVJTQRQNQIKECN .KPIWKUVKEU
214 #2#4'%'4
EQP XCTKQU PCVKXQJCDNCPVGU FGN TCRC PWK +GV 6TCFWEEKqP CN KFKQOC TCRC PWK
CEVWCN FG UGNGEEKQPGU FG NC 5CPVC $KDNKC SWG TGNCVCP GP RCTVG NC XKFC [ QDTC FG
,GUWETKUVQ GP NC VKGTTC '0 241%'51
EQP XCTKQU PCVKXQJCDNCPVGU FGN TCRC PWK
6TCFWEEKQPGU CN KFKQOC TCRC PWK CEVWCN FG NKDTQU DpDNKEQU XCTKQU

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/#4%# &' %#51

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0CPE[ 6JKGUGP FG 9GDGT

70+8'45+&#& %#6y.+%# &' 8#.2#4#x51

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#ITCFG\EQ CUKOKUOQ CN &T ,GTQNF 'FOQPFUQP RTGUKFGPVG FGN

 .C OCTEC FG ECUQ GP NCU NGPIWCU RQNKPoUKECU

RQNKPoUKEQ GZKUVGP FQU ENCUGU UKPVnEVKECU FG XGTDQU KPVTCPUKVKXQU [

 .C NGPIWC TCRC PWK

6y0)7+%1 21.+0w5+%1 07%.'#4

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 .QU FCVQU

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KDpF  RGTQ GUVQ UG OQFKHKEC EWCPFQ FKEG SWGGN OCTECFQTG UG

 /CTECU FG ECUQ CVGUVKIWCFCU GP TCRC PWK

 /CTEC FG ECUQ EQP XGTDQU KPVTCPUKVKXQU

Q VQdQMW OCVWdC RQTGMQ

dCK K V RQMK GTC

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 .C OCTEC FG UWLGVQ K FG #NGZCPFGT

  &C GN UKIWKGPVG RCT FG QTCEKQPGU

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 'N RCVTqP CEWUCVKXQ [ NQU UWDRCVTQPGU

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VCJK VWOW OKTQ VG dKQC JG VQTQOKTQ

Q UG GNKFG  QDUGTXCOQU SWG GP NQU GLGORNQU

FKTGEVQUFGNQUXGTDQUBSWGTGT [BUCDGT UQPQTCEKQPGUEQORNGVKXCU'P

 K ±±±±²    AAAAA PWOGTCNGU

'N RCVTqP 8  5 KMK 1 FCFQ GP

JG PQJQ CVW CPCPCMG JG MQTK

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C  VCODKoP UKIPKHKEC

 'N RCVTqP UGOGLCPVG C GTICVKXQ [ NQU UWDRCVTQPGU

.QU RCVTQPGU FG OCTEC FG ECUQ 8 G 5  1 [ 8 G 5 KMK 1 SWG UG

JCC d C KC OQ QJQ OQ JR

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8GTUKqP QTKIKPCN GP KPINoU %#5' /#4-+0) +0 4#2# 07+

8GTUKqP GP GURCQN RQT VTCFWEVQTGU FG NC 7PKXGTUKFCF %CVqNKEC FG

8GTDQU VTCPUKVKXQU ECPqPKEQU XGTUWU XGTDQU

#ITCFG\EQ CUKOKUOQ CN &T ,GTQNF 'FOQPFUQP RTGUKFGPVG FGN

.C OCTEC FG ECUQ GP NCU NGPIWCU RQNKPoUKECU

RQNKPoUKEQ GZKUVGP FQU ENCUGU UKPVnEVKECU FG XGTDQU KPVTCPUKVKXQU [

.C NGPIWC TCRC PWK

(KIWTC 5WDFKXKUKqP FG NCU NGPIWCU RQNKPoUKECU

.QU FCVQU

GURGEpHKECOGPVG NC RTGRCTCEKqP FG VGZVQU GUEQNCTGU RCTC NC GUEWGNC FG

'P UW RTKOGT GPUC[Q #NGZCPFGT FGUETKDG GN HGPqOGPQ # UW

KDpF RGTQ GUVQ UG OQFKHKEC EWCPFQ FKEG SWGGN OCTECFQTG UG

/CTECU FG ECUQ CVGUVKIWCFCU GP TCRC PWK

/CTEC FG ECUQ EQP XGTDQU KPVTCPUKVKXQU

dCK K V RQMK GTC

/CTEC FG ECUQ EQP XGTDQU VTCPUKVKXQU

5WLGVQU PQ OCTECFQU

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GTC Q VQdQMW OCVWdC RQTGMQ

dCK K V RQMK GTC

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MQPC JCTG GTC

[ NC CIGPVKXKFCF VCORQEQ UQP HCEVQTGU EQPFKEKQPCPVGU (KPCNOGPVG NC

.C OCTEC FG UWLGVQ K FG #NGZCPFGT

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'N RCVTqP CEWUCVKXQ [ NQU UWDRCVTQPGU

D *G JR VCJK _

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JCC d C KC OQ QJQ OQ JR

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8GTDQU VTCPUKVKXQU ECPqPKEQU 8 5 K 1 8 G 5 1

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V JCTG RWTG GTC

%QORCTCEKqP EQP QVTCU NGPIWCU

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V RCJ GOW GTC MK TWC K VQ TWC ____

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%NnWUWNCU KPVTCPUKVKXCU 8 5 8 dC 5 FQPFG dC CDUQNWVKXQ´´´

+PVGTOGFKCU 8 5 dKMK 1 FQPFG dK BGP

1TFGP FG NCU RCNCDTCU 8 dG 5 ´dC 1

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'N UCOQCPQ