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1SVI WTIGMJMG GLERKIW MRGPYHIH E RI[ WTVMROPIV MHIRXMJMGEXMSR QEVOMRK W]WXIQ ERH XLI HIWMKREXMSR SJ WTVMROPIV WM^IW F] RSQMREP /JEGXSVW 2I[ GVMXIVME JSV XLI YWI SJ WXIIP TMTI MR YRHIVKVSYRH ETTPMGEXMSRW [EW EHHIH EW [IPP EW E RI[ TVSZMWMSR XS KYEVH EKEMRWX QMGVSFMSPSKMGEPP] MRJPYIRGIH GSVVSWMSR 3FWXVYGXMSR VYPIW JSV WTIGMJMG WTVMROPIV X]TIW ERH VYPIW JSV PSGEXMRK WTVMROPIVW MR GSRGIEPIH WTEGIW [IVI VIZMWIH 2I[ PMQMXEXMSRW [IVI TPEGIH SR XLI WTVMROPIV WM^IW MR WXSVEKI ETTPMGEXMSRW ERH GVMXIVME JSV XLI / WTVMROPIV [EW EHHIH %HHMXMSREPP] XLI VIUYMVIQIRXW JSV TVSXIGXMRK WTVMROPIVW EKEMRWX WIMWQMG IZIRXW EPWS YRHIV[IRX WMKRMJMGERX VIZMWMSR 8LI IHMXMSR SJ 2*4% YRHIV[IRX WX]PI JSVQEXXMRK ERH XIGLRMGEP VIZMWMSRW 8LI WX]PI JSVQEXXMRK [EW GSQ TPIXIH XS GSQTP] [MXL XLI 1ERYEP SJ 7X]PI JSV 2*4% 8IGLRMGEP 'SQQMXXII (SGYQIRXW ERH XS VISVKERM^I QER] SJ XLI VIUYMVI QIRXW MR 2*4% MRXS YRMUYI GLETXIVW )HMXSVMEPP] 2*4% IPMQMREXIH EPP SJ XLI I\GITXMSRW ERH VI[SVHIH XLIQ EW VIUYMVIQIRXW [LIVI ETTPMGEFPI QSZIH XLI QERHEXSV] VIJIVIRGIW XS 'LETXIV ERH VIPSGEXIH EPP SJ XLI HIJMRMXMSRW XS 'LETXIV -R VISVKERM^MRK 2*4% WIZIVEP RI[ GLETXIVW [IVI GVIEXIH XS GSRWSPMHEXI VIUYMVIQIRXW MRGPYHMRK XLI JSPPS[MRK 'LETXIV GSRXEMRIH EPP SJ XLI ETTPMGEFPI VIUYMVIQIRXW JSV YRHIVKVSYRH TMTMRK MRGPYHMRK QEXIVMEPW MRWXEPPEXMSR ERH EGGITXERGI XIWXMRK 'LETXIV GSRXEMRIH HIWMKR ETTVSEGLIW MRGPYHMRK TMTI WGLIHYPI HIRWMX]EVIE QIXLSH VSSQ HIWMKR QIXLSH WTIGMEP HIWMKR EVIEW VIWMHIRXMEP WTVMROPIVW I\TSWYVI TVSXIGXMSR ERH [EXIV GYVXEMRW 'LETXIV GSRXEMRIH XLI HIWMKR ETTVSEGLIW JSV XLI TVSXIGXMSR SJ WXSVEKI MRGPYHMRK MHPI TEPPIXW QMWGIPPERISYW WXSVEKI WXSVEKI PIWW XLER JX TEPPIXM^IH WSPMH TMPI FMR FS\ ERH WLIPJ WXSVEKI VEGO WXSVEKI PIWW XLER JX VEGO WXSVEKI KVIEXIV XLER JX VYFFIV XMVI FEPIH GSXXSR VSPPIH TETIV ERH WTIGMEP WXSVEKI HIWMKRW ERH 'LETXIV GSRXEMRIH EPP SJ XLI HIWMKR ERH MRWXEPPEXMSR VIUYMVIQIRXW JVSQ EPP SJ XLI ZEVMSYW HSGYQIRXW XLEX LEZI FIIR I\XVEGXIH MRXS 2*4% 8LI IHMXMSR QEHI WTIGMJMG XIGLRMGEP GLERKIW XS EHHVIWW WIZIVEP OI] MWWYIW 8LVII QENSV EVIEW SJ MVVIKYPEV GIMPMRK [IVI EHHVIWWIH MRGPYHMRK WO]PMKLXW WXITTIH GIMPMRKW ERH GIMPMRK TSGOIXW 8LI HIWMKR VIUYMVIQIRXW JSV )7*6 WTVMROPIVW [IVI I\TERHIH XS EPPS[ XLI YWIV XS GLSSWI XLI WXSVEKI LIMKLX ERH XLIR XLI FYMPHMRK LIMKLX JSV ER] EPPS[EFPI EVVERKIQIRX (IWMKR VIUYMVIQIRXW JSV XLI TVSXIGXMSR SJ WXSVEKI SR WSPMH WLIPZIW [IVI EHHIH 6IUYMVIQIRXW JSV XLI MRWXEPPEXMSR SJ VIWMHIRXMEP WTVMROPIVW [IVI EHHIH XLEX TEVEPPIP XLI VIUYMVIQIRXW JSV SXLIV X]TIW SJ WTVMROPIVW *SV XLI IHMXMSR HIJMRMXMSRW [IVI VISVKERM^IH XS PSGEXI EPP SJ XLI WXSVEKI HIJMRMXMSRW MR SRI EVIE ERH WIZIVEP RI[ HIJMRMXMSRW EHHVIWWMRK TVMZEXI [EXIV WYTTP] XIVQW [IVI EHHIH 8LI HIJMRMXMSRW ERH VIUYMVIQIRXW SJ 3VHMREV] ,E^EVH +VSYT ERH 3GGYTERGMIW [IVI GPEVMJMIH [LIVI WXSVEKI MW TVIWIRX 8LI VIUYMVIQIRXW JSV XVETI^I LERKIVW [IVI GPEVMJMIH ERH QEHI GSRWMWXIRX JSV EPP GSQTSRIRXW ERH XLI WIMWQMG FVEGMRK GVMXIVME [IVI YTHEXIH XS IRWYVI XLEX 2*4% GSRXEMRW EPP SJ XLI ETTVSTVMEXI VIUYMVIQIRXW JSV MRWXEPPEXMSR ERH HIWMKR SJ WIMWQMG FVEGMRK SJ JMVI WTVMROPIV W]WXIQW 8LI VIUYMVIQIRXW JSV WXSVEKI [IVI JYVXLIV VISVKERM^IH ERH HMZMHIH MRXS WITEVEXI GLETXIVW EHHVIWWMRK KIRIVEP VIUYMVIQIRXW JSV WXSVEKI QMWGIPPERISYW WXSVEKI TVSXIGXMSR SJ 'PEWW - XS 'PEWW -: GSQQSHMXMIW XLEX EVI WXSVIH TEPPIX M^IH WSPMH TMPIH FMR FS\IW SV WIPJ WXSVEKI TVSXIGXMSR SJ TPEWXMG ERH VYFFIV GSQQSHMXMIW XLEX EVI WXSVIH TEPPIXM^IH WSPMH TMPIH FMR FS\IW SV WLIPJ WXSVEKI TVSXIGXMSR SJ 'PEWW - XLVSYKL 'PEWW -: GSQQSHMXMIW XLEX EVI WXSVIH SR VEGOW TVSXIGXMSR SJ TPEWXMG ERH VYFFIV GSQQSHMXMIW XLEX EVI WXSVIH SR VEGOW TVSXIGXMSR SJ VYFFIV XMVI WXSVEKI TVSXIGXMSR SJ VSPP TETIV ERH WTIGMEP HIWMKRW SJ WXSVEKI TVSXIGXMSR *SV XLI IHMXMSR QER] SJ XLI QENSV GLERKIW VIPEXIH XS XLI VIUYMVIQIRXW JSV WXSVEKI TVSXIGXMSR *MVWX [EW XLI GSQFMREXMSR SJ PEVKI HVST WTVMROPIV ERH XLI WTIGMJMG ETTPMGEXMSR GSRXVSP QSHI WTVMROPIV VIUYMVIQIRXW ERH XLI VIZM WMSR SJ XLI XIVQMRSPSK] XS MHIRXMJ] XLIQ EW 'SRXVSP 1SHI 7TIGMJMG %TTPMGEXMSR WTVMROPIVW '17% 2I\X RI[ GVMXIVME JSV YWI SJ WQSOI ZIRXW [IVI EHHIH XS 'LETXIV 8LI HIRWMX]EVIE GYVZIW MR XLI WXSVEKI GLETXIVW [IVI VIHYGIH XS E QE\MQYQ JX STIVEXMRK EVIE XLMW [EW E WMKRMJMGERX VIHYGXMSR SJ WSQI GYVZIW XLEX LEH I\XIRHIH YT XS JX 'LERKIW XS VEGO WXSVEKI MR XLI IHMXMSR MRGPYHIH E RI[ QIXLSH XS GEPGYPEXI XLI VEGO WLIPJ EVIE *MREPP] XLI TVSZMWMSRW JSV FEGO XS FEGO WLIPJ WXSVEKI [IVI EHHIH XS XLI WXSVEKI GLETXIVW 'VMXIVME JSV XLI TVSXIGXMSR SJ XLVII RI[ WTIGMEP WXSVEKI EVVERKIQIRXW [IVI EHHIH XS 'LETXIV 8LIWI MRGPYHIH TVSXIGXMSR SJ GEVXSR VIGSVHW WXSVEKI [MXL GEX[EPO EGGIWW GSQTEGX WLIPZMRK SJ GSQQSHMXMIW GSRWMWXMRK SJ TETIV JMPIW QEKE^MRIW FSSOW ERH WMQMPEV HSGYQIRXW MR JSPHIVW ERH QMWGIPPERISYW WYTTPMIW [MXL RS QSVI XLER TIVGIRX TPEWXMGW YT XS JX LMKL ERH TVSXIGXMSR SJ LMKL FE] VIGSVH WXSVEKI -R 'LETXIV E RYQFIV SJ GLERKIW SGGYVVIH VIKEVHMRK W[E] FVEGMRK SJ WTVMROPIV W]WXIQW MRGPYHMRK XLI MRXVSHYGXMSR SJ RI[ ^SRI SJ MRJPYIRGI XEFPIW JSV 7GLIHYPI WXIIP TMTI '4:' ERH 8]TI 1 GSTTIV XYFI %PWS XLI QIERW JSV GEPGYPEXMRK XLI PSEHW MR XLI ^SRI SJ MRJPYIRGI [IVI QSHMJMIH XS GSVVIPEXI [MXL 7)-%7') ERH E RI[ %RRI\ ) [EW EHHIH XLEX HIWGVMFIH XLMW GEPGYPEXMSR 3XLIV EVIEW SJ GLERKI MRGPYHIH VIUYMVIQIRXW JSV PMWXIH I\TERWMSR GLEQFIVW GPEVMJMGEXMSR SJ GIMPMRK TSGOIX VYPIW ERH GPEVMJMGEXMSR SJ XLI JSVQYPEW YWIH MR GEPGYPEXMRK PEVKI ERXMJVII^I W]WXIQW 8LI IHMXMSR SJ 2*4% MRGPYHIH GLERKIW XS QER] XIGLRMGEP VIUYMVIQIRXW EW [IPP EW XLI VISVKERM^EXMSR SJ QYPXMTPI GLETXIVW 3RI WMKRMJMGERX GLERKI XLEX [EW QEHI XS XLI EHQMRMWXVEXMZI GLETXIV SJ 2*4% [EW XS GPEVMJ] XLEX [EXIVQMWX W]WXIQW [IVI RSX GSZIVIH [MXLMR 2*4% ERH XLEX 2*4% WLSYPH FI YWIH [LIR PSSOMRK JSV KYMHERGI SR XLI HIWMKR ERH MRWXEPPEXMSR SJ XLSWI W]WXIQW % WIVMIW SJ RI[ VIUYMVIQIRXW EHHVIWWIH XLI RIIH JSV E GSQTEXMFMPMX] VIZMI[ [LIVI RSRQIXEPPMG TMTMRK ERH JMXXMRKW EVI MRWXEPPIH MR W]WXIQW EPWS YWMRK TIXVSPIYQFEWIH TVSHYGXW WYGL EW GYXXMRK SMPW ERH GSVVSWMSR MRLMFMXSVW 7IZIVEP QSHMJMGEXMSRW [IVI QEHI XS XLI WXERHEVH TIVXEMRMRK XS JVII^I TVSXIGXMSR 8LI YWI SJ ERXMJVII^I MR RI[ 2*4% WTVMROPIV W]WXIQW [EW TVSLMFMXIH YRPIWW XLI WSPYXMSR YWI [EW PMWXIH ERH XLI PMWXMRK MRHMGEXIH MPPYWXVEXIH XLI MREFMPMX] JSV XLI WSPYXMSR XS MKRMXI 3XLIV JVII^I TVSXIGXMSR QSHMJMGEXMSRW XS XLI WXERHEVH MRGPYHIH GPEVMJMGEXMSR SR XLI YWI SJ LIEX XVEGMRK VIUYMVIH FEVVIP PIRKXL JSV HV] WTVMROPIVW ERH XLI EPPS[ERGI JSV IRKMRIIVMRK
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4VSXIGXMSR SJ 1MWGIPPERISYW ERH 0S[4MPIH 7XSVEKI +IRIVEP (IWMKR &EWMW -R6EGO 7TVMROPIVW
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4VSXIGXMSR JSV 4EPPIXM^IH 7SPMH4MPIH &MR &S\ 7LIPJ SV &EGOXS&EGO 7LIPJ 7XSVEKI SJ 'PEWW - XLVSYKL 'PEWW -: 'SQQSHMXMIW z +IRIVEP z 'SRXVSP 1SHI (IRWMX]%VIE 7TVMROPIV 4VSXIGXMSR 'VMXIVME JSV 4EPPIXM^IH 7SPMH4MPIH &MR &S\ 7LIPJ SV &EGOXS&EGO 7LIPJ 7XSVEKI SJ 'PEWW - 8LVSYKL 'PEWW -: 'SQQSHMXMIW z
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2*4% 2EXMSREP )PIGXVMGEP 'SHI IHMXMSR 2*4% 2EXMSREP *MVI %PEVQ ERH 7MKREPMRK 'SHI IHM XMSR 2*4% 7XERHEVH SR -RGMRIVEXSVW ERH ;EWXI ERH 0MRIR ,ER HPMRK 7]WXIQW ERH )UYMTQIRX IHMXMSR 2*4% 7XERHEVH JSV :IRXMPEXMSR 'SRXVSP ERH *MVI 4VSXIGXMSR SJ 'SQQIVGMEP 'SSOMRK 3TIVEXMSRW IHMXMSR 2*4% 0MJI 7EJIX] 'SHI IHMXMSR 2*4% 7XERHEVH JSV *MVI 4VIZIRXMSR ERH 'SRXVSP MR 'SEP 1MRIW IHMXMSR 2*4% 7XERHEVH JSV *MVI 7EJIX] ERH )QIVKIRG] 7]QFSPW IHMXMSR 2*4% 7XERHEVH SR ;EXIV'SSPMRK 8S[IVW IHMXMSR 2*4% 7XERHEVH 8IWX 1IXLSH JSV 4SXIRXMEP ,IEX SJ &YMPHMRK 1EXIVMEPW IHMXMSR 2*4% ,E^EVHSYW 1EXIVMEPW 'SHI IHMXMSR 2*4% 7XERHEVH SR %MVGVEJX ,ERKEVW IHMXMSR 2*4% 7XERHEVH JSV *MVI 6IXEVHERXz8VIEXIH ;SSH ERH *MVI 6IXEVHERX 'SEXMRKW JSV &YMPHMRK 1EXIVMEPW IHMXMSR 2*4% 7XERHEVH SR ;EXIV 1MWX *MVI 4VSXIGXMSR 7]WXIQW IHMXMSR 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 0MKLXRMRK 4VSXIGXMSR 7]WXIQW IHMXMSR 2*4% 7XERHEVH JSV *MVI 4VSXIGXMSR JSV %HZERGIH 0MKLX ;EXIV 6IEGXSV )PIGXVMG +IRIVEXMRK 4PERXW IHMXMSR 2*4% 'SHI JSV XLI 4VSXIGXMSR SJ 'YPXYVEP 6IWSYVGI 4VSTIVXMIW { 1YWIYQW 0MFVEVMIW ERH 4PEGIW SJ ;SVWLMT IHMXMSR 2*4% 7XERHEVH JSV *MVI ,SWI 'SRRIGXMSRW IHMXMSR 3XLIV 4YFPMGEXMSRW
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%71) & *SVKIH 7XIIP *MXXMRKW 7SGOIX;IPHMRK ERH 8LVIEHIH %71) & 'EWX 'STTIV %PPS] 8LVIEHIH *MXXMRKW 'PEWWIW ERH %71) & 'EWX 'STTIV %PPS] 7SPHIV .SMRX 4VIWWYVI *MXXMRKW %71) & ;VSYKLX 'STTIV ERH 'STTIV %PPS] 7SPHIV .SMRX 4VIWWYVI *MXXMRKW %71) & &YXX[IPHMRK )RHW %27-%71) & 'SHI JSV 4S[IV 4MTMRK %27-%71) &1 ;IPHIH ERH 7IEQPIWW ;VSYKLX 7XIIP 4MTI %781 4YFPMGEXMSRW %781 -RXIVREXMSREP &EVV ,EVFSV (VMZI 43 &S\ ' ;IWX 'SRWLSLSGOIR 4% %27-%781 %%1 7XERHEVH 7TIGMJMGEXMSR JSV 4MTI 7XIIP &PEGO ERH ,SX(MTTIH >MRG'SEXIH ;IPHIH ERH 7IEQPIWW %781 %%1 7XERHEVH 7TIGMJMGEXMSR JSV 7IEQPIWW 'EV FSR 7XIIP 4MTI JSV ,MKL 8IQTIVEXYVI 7IVZMGI %781 %%1 7XERHEVH 7TIGMJMGEXMSR JSV )PIGXVMG 6IWMWXERGI;IPHIH 7XIIP 4MTI %781 %%1 7XERHEVH 7TIGMJMGEXMSR JSV >MRG 'SEXMRK ,SX (MT SR -VSR ERH 7XIIP ,EVH[EVI
7YFWIGXMSRW ERH [IVI VIZMWIH F] E XIRXEXMZI MRXIVMQ EQIRHQIRX 8-% 7II TEKI
%781 %%1 7XERHEVH 7TIGMJMGEXMSR JSV 4MTMRK *MXXMRKW SJ ;VSYKLX'EVFSR 7XIIP ERH %PPS] 7XIIP JSV 1SHIVEXI ERH ,MKL 8IQ TIVEXYVI 7IVZMGI I
%'- 4YFPMGEXMSRW %QIVMGER 'SRGVIXI -RWXMXYI 43 &S\ *EVQMRKXSR ,MPPW 1-
%781 %%1 7XERHEVH 7TIGMJMGEXMSR JSV &PEGO ERH ,SX (MTTIH >MRG'SEXIH +EPZERM^IH ;IPHIH ERH 7IEQPIWW 7XIIP 4MTI JSV *MVI 4VSXIGXMSR 9WI
%'- &YMPHMRK 'SHI 6IUYMVIQIRXW JSV 7XVYGXYVEP 'SRGVIXI ERH 'SQQIRXEV] %'- 5YEPMJMGEXMSR SJ 4SWX-RWXEPPIH 1IGLERMGEP %RGLSVW MR 'SRGVIXI ERH 'SQQIRXEV]
%781 & 7XERHEVH 7TIGMJMGEXMSR JSV 7SPHIV 1IXEP %781 & 7TIGMJMGEXMSR JSV 7IEQPIWW 6IH &VEWW 4MTI
%7') 4YFPMGEXMSRW %QIVMGER 7SGMIX] SJ 'MZMP )RKM RIIVW %PI\ERHIV &IPP (VMZI 6IWXSR :%
%781 & 7XERHEVH 7TIGMJMGEXMSR JSV 7IEQPIWW 'STTIV 8YFI
7)-%7') MRGPYHMRK 7YTTPIQIRX 1MRMQYQ (IWMKR 0SEHW SJ &YMPHMRKW ERH 3XLIV 7XVYGXYVIW
%781 & 7XERHEVH 7TIGMJMGEXMSR JSV 7IEQPIWW 'STTIV ;EXIV 8YFI
%71) 4YFPMGEXMSRW %QIVMGER 7SGMIX] SJ 1IGLERMGEP )RKMRIIVW 8[S 4EVO %ZIRYI 2I[ =SVO 2=
%781 & 7XERHEVH 7TIGMJMGEXMSR JSV +IRIVEP 6IUYMVIQIRXW JSV ;VSYKLX 7IEQPIWW 'STTIV ERH 'STTIV%PPS] 8YFI
&SMPIV ERH 4VIWWYVI :IWWIP 'SHI 7IGXMSR -< { w;IPHMRK ERH &VE^MRK 5YEPMJMGEXMSRWx
%781 & 7XERHEVH 7TIGMJMGEXMSR JSV 2MGOIP'LVSQMYQ 1SP]FHIRYQ'SPYQFMYQ %PPS] 9272 ERH 2MGOIP 'LVSQMYQ1SP]FHIRYQ7MPMGSR %PPS] 9272 6SH ERH &EV I
%71) % 7EJIX] 'SHI JSV )PIZEXSVW ERH )WGEPEXSVW '7% & %71) & 4MTI 8LVIEHW +IRIVEP 4YVTSWI -RGL %71) & 'EWX -VSR 4MTI *PERKIW ERH *PERKIH *MXXMRKW 'PEWWIW ERH %71) & 1EPPIEFPI -VSR 8LVIEHIH *MXXMRKW 'PEWWIW ERH %71) & 'EWX -VSR 8LVIEHIH *MXXMRKW 'PEWWIW ERH %71) & 4MTI *PERKIW ERH *PERKIH *MXXMRKW %71) & *EGXSV]1EHI ;VSYKLX 7XIIP &YXX[IPHMRK *MXXMRKW
%781 & 7XERHEVH 7TIGMJMGEXMSR JSV 0MUYMH ERH 4EWXI *PY\IW JSV 7SPHIVMRK %TTPMGEXMSRW SJ 'STTIV ERH 'STTIV%PPS] 8YFI %781 & 7XERHEVH 4VEGXMGI JSV 1EOMRK 'ETMPPEV] .SMRXW F] 7SPHIVMRK SJ 'STTIV ERH 'STTIV %PPS] 8YFI ERH *MXXMRKW %781 ' 7XERHEVH 7TIGMJMGEXMSR JSV XLI 1ERYJEGXYVI 4IVJSV QERGI ERH 8IWXMRK SJ 1IXEP 7YWTIRWMSR 7]WXIQW JSV %GSYWXMGEP 8MPI ERH 0E]-R 4ERIP 'IMPMRKW E %781 ' 7XERHEVH 4VEGXMGI JSV -RWXEPPEXMSR SJ 1IXEP 'IMPMRK 7YWTIRWMSR 7]WXIQW JSV %GSYWXMGEP 8MPI ERH 0E]-R 4ERIPW
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR2SZIQFIVXS(%6%0,%2(%7%,2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH [MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK
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
%;;% ' *MIPH ;IPHMRK SJ 7XIIP ;EXIV 4MTI %;;% ' 7XIIP 4MTI *PERKIW JSV ;EXIV[SVOW 7IVZMGI {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
%781 * 7XERHEVH 7TIGMJMGEXMSR JSV -RXIVREXMSREP 7LSVI 'SRRIGXMSRW JSV 1EVMRI *MVI %TTPMGEXMSRW
%;;% ' 7XERHEVH 4VEGXMGI JSV XLI 7IPIGXMSR SJ %WFIWXSW 'IQIRX ;EXIV 4MTI MR 8LVSYKL MR QQ 8LVSYKL QQ
%781 7- 7XERHEVH JSV 9WI SJ XLI -RXIVREXMSREP 7]WXIQ SJ 9RMXW 7- 8LI 1SHIVR 1IXVMG 7]WXIQ
%;;% ' 7XERHEVH JSV XLI -RWXEPPEXMSR SJ (YGXMPI -VSR ;EXIV 1EMRW ERH 8LIMV %TTYVXIRERGIW
%;7 4YFPMGEXMSRW %QIVMGER ;IPHMRK 7SGMIX] 2; 0I.IYRI 6SEH 1MEQM *0
%;;% ' 'IQIRX1SVXEV 0MRMRK SJ ;EXIV 4MTI 0MRIW MR QQ ERH 0EVKIV { MR 4PEGI
%;7 % 7TIGMJMGEXMSR JSV *MPPIV 1IXEPW JSV &VE^MRK ERH &VE^I ;IPHMRK
%;;% ' 7XERHEVH JSV XLI -RWXEPPEXMSR SJ %WFIWXSW'IQIRX ;EXIV 4MTI
%;7 & 7TIGMJMGEXMSR JSV ;IPHMRK 4VSGIHYVI ERH 4IVJSVQERGI 5YEPMJMGEXMSR
%;;% ' 4SP]ZMR]P 'LPSVMHI 4:' 4VIWWYVI 4MTI MR 8LVSYKL MR QQ 8LVSYKL QQ JSV ;EXIV ERH 3XLIV 0MUYMHW
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
%;;% ' 4SP]IXL]PIRI 4) 4VIWWYVI 4MTI ERH *MXXMRKW MR QQ 8L MR QQ JSV ;EXIV (MWXVMFYXMSR ERH 8VERW TSVXEXMSR -))) 4YFPMGEXMSRW -))) 8LVII 4EVO %ZIRYI XL *PSSV 2I[ =SVO 2= -))) 6IGSQQIRHIH 4VEGXMGI JSV )PIGXVMG -RWXEPPEXMSRW SR 7LMT FSEVH 90 4YFPMGEXMSRW 9RHIV[VMXIVW 0EFSVEXSVMIW -RG 4JMRKWXIR 6SEH 2SVXLFVSSO -0 %27-90 *PI\MFPI 'SVHW ERH 'EFPIW %27-90 7XERHEVH JSV 7YVJEGI &YVRMRK 'LEVEGXIVMWXMGW SJ &YMPHMRK 1EXIVMEPW 6IZMWIH %27-90 6IJIVIRGI 7XERHEVH JSV )PIGXVMGEP ;MVIW 'EFPIW ERH *PI\MFPI 'SVHW 97 +SZIVRQIRX 4YFPMGEXMSRW 4VMRXMRK 3JJMGI ;EWLMRKXSR ('
97 +SZIVRQIRX
8MXPI '*6 4EVXW 7EJIX] ERH 6IPMIJ :EPZIW :EPZIW E 1EVOMRKW 3ZIVFSEVH (MW GLEVKIW ERH 7LSVI 'SRRIGXMSRW 1EXIVMEPW ERH 1EGLMRIV] %RKPI SJ -RGPMREXMSR 8MXPI '*6 7YFGLETXIV * w1EVMRI )RKMRIIVMRKx 8MXPI '*6 7YFGLETXIV . w)PIGXVMGEP )RKMRIIVMRKx
%;;% ' 'SEP8EV 4VSXIGXMZI 'SEXMRKW ERH 0MRMRKW JSV 7XIIP ;EXIV 4MTIPMRIW )REQIP ERH 8ETI { ,SX %TTPMIH
3XLIV 4YFPMGEXMSRW
%;;% ' 'IQIRX1SVXEV 4VSXIGXMZI 0MRMRK ERH 'SEXMRK JSV 7XIIP ;EXIV 4MTI MR QQ ERH 0EVKIV { 7LST %TTPMIH
1IVVMEQ;IFWXIVvW 'SPPIKMEXI (MGXMSREV] XL IHMXMSR 1IVVMEQ ;IFWXIV -RG 7TVMRKJMIPH 1%
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6IJIVIRGIW JSV )\XVEGXW MR 1ERHEXSV] 7IGXMSRW 2*4% *MVI 'SHI IHMXMSR 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 4VMZEXI *MVI 7IVZMGI 1EMRW ERH 8LIMV %TTYVXIRERGIW IHMXMSR 2*4% 7XERHEVH JSV 7TVE] %TTPMGEXMSR 9WMRK *PEQQEFPI SV 'SQFYWXMFPI 1EXIVMEPW IHMXMSR 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR ERH 9WI SJ 7XEXMSREV] 'SQFYWXMSR )RKMRIW ERH +EW 8YVFMRIW IHMXMSR 2*4% 7XERHEVH JSV XLI 7XSVEKI ERH ,ERHPMRK SJ 'IPPYPSWI 2MXVEXI *MPQ IHMXMSR 2*4% 7XERHEVH SR *MVI 4VSXIGXMSR JSV 0EFSVEXSVMIW 9WMRK 'LIQMGEPW IHMXMSR 2*4% 7XERHEVH JSV XLI (IWMKR ERH -RWXEPPEXMSR SJ 3\]KIRz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{ 1YWIYQW 0MFVEVMIW ERH 4PEGIW SJ ;SVWLMT IHMXMSR
'LETXIV (IJMRMXMSRW +IRIVEP 8LI HIJMRMXMSRW GSRXEMRIH MR XLMW GLETXIV WLEPP ETTP] XS XLI XIVQW YWIH MR XLMW WXERHEVH ;LIVI XIVQW EVI RSX HIJMRIH MR XLMW GLETXIV SV [MXLMR ERSXLIV GLETXIV XLI] WLEPP FI HIJMRIH YWMRK XLIMV SVHMREVMP] EGGITXIH QIERMRKW [MXLMR XLI GSRXI\X MR [LMGL XLI] EVI YWIH 1IVVMEQ;IFWXIVv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wWLEPPx XS MRHMGEXI VIUYMVIQIRXW ERH XLEX MW MR E JSVQ KIRIVEPP] WYMXEFPI JSV QERHE XSV] VIJIVIRGI F] ERSXLIV WXERHEVH SV GSHI SV JSV EHSTXMSR MRXS PE[ 2SRQERHEXSV] TVSZMWMSRW EVI RSX XS FI GSRWMHIVIH E TEVX SJ XLI VIUYMVIQIRXW SJ E WXERHEVH ERH WLEPP FI PSGEXIH MR ER ETTIR HM\ ERRI\ JSSXRSXI MRJSVQEXMSREP RSXI SV SXLIV QIERW EW TIV QMXXIH MR XLI 2*4% 1ERYEPW SJ 7X]PI ;LIR YWIH MR E KIRIVMG WIRWI WYGL EW MR XLI TLVEWI wWXERHEVHW HIZIPSTQIRX TVSGIWWx SV wWXERHEVHW HIZIPSTQIRX EGXMZMXMIWx XLI XIVQ wWXERHEVHWx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-278%00%8-32 3* 746-2/0)6 7=78)17
*PEX 'IMPMRK % GSRXMRYSYW GIMPMRK MR E WMRKPI TPERI ,SVM^SRXEP 'IMPMRK % GIMPMRK [MXL E WPSTI RSX I\ GIIHMRK MR 7PSTIH 'IMPMRK % GIMPMRK [MXL E WPSTI I\GIIHMRK MR 7QSSXL 'IMPMRK % GSRXMRYSYW GIMPMRK JVII JVSQ WMK RMJMGERX MVVIKYPEVMXMIW PYQTW SV MRHIRXEXMSRW 'SQTEVXQIRX % WTEGI GSQTPIXIP] IRGPSWIH F] [EPPW ERH E GIMPMRK )EGL [EPP MR XLI GSQTEVXQIRX MW TIVQMXXIH XS LEZI STIRMRKW XS ER EHNSMRMRK WTEGI MJ XLI STIRMRKW LEZI E QMRMQYQ PMRXIP HITXL SJ MR QQ JVSQ XLI GIMPMRK ERH XLI XSXEP [MHXL SJ XLI STIRMRKW MR IEGL [EPP HSIW RSX I\GIIH JX Q % WMRKPI STIRMRK SJ MR QQ SV PIWW MR [MHXL [MXLSYX E PMRXIP MW TIVQMXXIH [LIR XLIVI EVI RS SXLIV STIRMRKW XS EHNSMRMRK WTEGIW 'SRXVSP :EPZI % ZEPZI GSRXVSPPMRK JPS[ XS [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW ERH HIZMGIW (VEJX 'YVXEMR % GSRXMRYSYW QEXIVMEP TVSXVYHMRK HS[R[EVH JVSQ XLI GIMPMRK XS GVIEXI E VIWIVZSMV JSV GSPPIGXMRK WQSOI ERH LIEX (VST3YX 'IMPMRK % WYWTIRHIH GIMPMRK W]WXIQ [LMGL MW MRWXEPPIH FIPS[ XLI WTVMROPIVW [MXL PMWXIH XVERWPYGIRX SV STEUYI TERIPW XLEX EVI LIEX WIRWMXMZI ERH JEPP JVSQ XLIMV WIX XMRK [LIR I\TSWIH XS LIEX ([IPPMRK 9RMX JSV WTVMROPIV W]WXIQ MRWXEPPEXMSRW 3RI SV QSVI VSSQW EVVERKIH JSV XLI YWI SJ SRI SV QSVI MRHMZMHY EPW PMZMRK XSKIXLIV EW MR E WMRKPI LSYWIOIITMRK YRMX RSVQEPP] LEZMRK GSSOMRK PMZMRK WERMXEV] ERH WPIITMRK JEGMPMXMIW XLEX MR GPYHI FYX EVI RSX PMQMXIH XS LSXIP VSSQW HSVQMXSV] VSSQW ETEVXQIRXW GSRHSQMRMYQW WPIITMRK VSSQW MR RYVWMRK LSQIW ERH WMQMPEV PMZMRK YRMXW *MVI 'SRXVSP 0MQMXMRK XLI WM^I SJ E JMVI F] HMWXVMFYXMSR SJ [EXIV WS EW XS HIGVIEWI XLI LIEX VIPIEWI VEXI ERH TVI[IX EHNEGIRX GSQFYWXMFPIW [LMPI GSRXVSPPMRK GIMPMRK KEW XIQTIVE XYVIW XS EZSMH WXVYGXYVEP HEQEKI *MVI 7YTTVIWWMSR 7LEVTP] VIHYGMRK XLI LIEX VIPIEWI VEXI SJ E JMVI ERH TVIZIRXMRK MXW VIKVS[XL F] QIERW SJ HMVIGX ERH WYJJMGMIRX ETTPMGEXMSR SJ [EXIV XLVSYKL XLI JMVI TPYQI XS XLI FYVRMRK JYIP WYVJEGI *YIP*MVIH ,IEXMRK 9RMX %R ETTPMERGI XLEX TVSHYGIW LIEX F] FYVRMRK JYIP ,MKL :SPYQI 0S[ 7TIIH *ER % GIMPMRK JER XLEX MW ET TVS\MQEXIP] JX Q XS JX Q MR HMEQIXIV [MXL E VSXEXMSREP WTIIH SJ ETTVS\MQEXIP] XS VIZSPYXMSRW TIV QMRYXI ,]HVEYPMGEPP] (IWMKRIH 7]WXIQ % GEPGYPEXIH WTVMROPIV W]WXIQ MR [LMGL TMTI WM^IW EVI WIPIGXIH SR E TVIWWYVI PSWW FEWMW XS TVSZMHI E TVIWGVMFIH [EXIV HIRWMX] MR KEPPSRW TIV QMRYXI TIV WUYEVI JSSX QQQMR SV E TVIWGVMFIH QMRMQYQ HMW GLEVKI TVIWWYVI SV JPS[ TIV WTVMROPIV HMWXVMFYXIH [MXL E VIE WSREFPI HIKVII SJ YRMJSVQMX] SZIV E WTIGMJMIH EVIE 0MQMXIH'SQFYWXMFPI 1EXIVMEP 6IJIVW XS E FYMPHMRK GSRWXVYGXMSR QEXIVMEP RSX GSQTP]MRK [MXL XLI HIJMRMXMSR SJ RSR GSQFYWXMFPI QEXIVMEP XLEX MR XLI JSVQ MR [LMGL MX MW YWIH LEW E TSXIRXMEP LIEX ZEPYI RSX I\GIIHMRK &XYPF O.OK [LIVI XIWXIH MR EGGSVHERGI [MXL 2*4% ERH MRGPYHIW IMXLIV
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SJ XLI JSPPS[MRK QEXIVMEPW LEZMRK E WXVYGXYVEP FEWI SJ RSR GSQFYWXMFPI QEXIVMEP [MXL E WYVJEGMRK RSX I\GIIHMRK E XLMGORIWW SJ MR QQ XLEX LEW E JPEQI WTVIEH MRHI\ RSX KVIEXIV XLER SV QEXIVMEPW MR XLI JSVQ ERH XLMGORIWW YWIH LEZMRK RIM XLIV E JPEQI WTVIEH MRHI\ KVIEXIV XLER RSV IZMHIRGI SJ GSRXMR YIH TVSKVIWWMZI GSQFYWXMSR ERH SJ WYGL GSQTSWMXMSR XLEX WYV JEGIW XLEX [SYPH FI I\TSWIH F] GYXXMRK XLVSYKL XLI QEXIVMEP SR ER] TPERI [SYPH LEZI RIMXLIV E JPEQI WTVIEH MRHI\ KVIEXIV XLER RSV IZMHIRGI SJ GSRXMRYIH TVSKVIWWMZI GSQFYWXMSR [LIR XIWXIH MR EGGSVHERGI [MXL %781 ) 7XERHEVH 8IWX 1IXLSH SJ 7YV JEGI &YVRMRK 'LEVEGXIVMWXMGW SJ &YMPHMRK 1EXIVMEPW SV %27-90 7XERHEVH 8IWX 1IXLSH SJ 7YVJEGI &YVRMRK 'LEVEGXIVMWXMGW SJ &YMPHMRK 1EXIVMEPW 2SRGSQFYWXMFPI 1EXIVMEP % QEXIVMEP XLEX MR XLI JSVQ MR [LMGL MX MW YWIH ERH YRHIV XLI GSRHMXMSRW ERXMGMTEXIH [MPP RSX MKRMXI FYVR WYTTSVX GSQFYWXMSR SV VIPIEWI JPEQQEFPI ZETSVW [LIR WYFNIGXIH XS JMVI SV LIEX QEXIVMEPW XLEX EVI VI TSVXIH EW TEWWMRK %781 ) 7XERHEVH 8IWX 1IXLSH JSV &ILEZMSV SJ 1EXIVMEPW MR E :IVXMGEP 8YFI *YVREGI EX ' WLEPP FI GSRWMH IVIH RSRGSQFYWXMFPI QEXIVMEPW 3FWXVYGXMSR 'SRXMRYSYW 3FWXVYGXMSR %R SFWXVYGXMSR PSGEXIH EX SV FIPS[ XLI PIZIP SJ WTVMROPIV HIJPIGXSVW XLEX EJJIGX XLI HMWGLEVKI TEXXIVR SJ X[S SV QSVI EHNEGIRX WTVMROPIVW 2SRGSRXMRYSYW 3FWXVYGXMSR %R SFWXVYGXMSR EX SV FIPS[ XLI PIZIP SJ XLI WTVMROPIV HIJPIGXSV XLEX EJJIGXW XLI HMWGLEVKI TEXXIVR SJ E WMRKPI WTVMROPIV 6E[ ;EXIV 7SYVGI % [EXIV WYTTP] XLEX LEW RSX FIIR XVIEXIH ERH GSYPH GSRXEMR JSVIMKR QEXIVMEP XLEX GSYPH IRXIV XLI WTVMROPIV W]WXIQ 7LST;IPHIH %W YWIH MR XLMW WXERHEVH WLST MR XLI XIVQ WLST[IPHIH QIERW IMXLIV E WTVMROPIV GSRXVEGXSVvW SV JEFVMGEXSVv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()*-2-8-327
8LIVQEP &EVVMIV % QEXIVMEP XLEX PMQMXW XLI EZIVEKI XIQTIVEXYVI VMWI SJ XLI YRI\TSWIH WYVJEGI XS RSX QSVI XLER * ' EFSZI EQFMIRX JSV E WTIGMJMIH JMVI I\TSWYVI HYVEXMSR YWMRK XLI WXERHEVH XMQIz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zJMVI TVSXIGXMSR GSRRIGXMSRW XS EYXSQEXMG WTVMROPIV W]WXIQW MR E GPSWIHPSST TMTMRK EVVERKI QIRX JSV XLI TYVTSWI SJ YXMPM^MRK WTVMROPIV TMTMRK XS GSRHYGX [EXIV JSV LIEXMRK SV GSSPMRK [LIVI [EXIV MW RSX VIQSZIH SV YWIH JVSQ XLI W]WXIQ FYX SRP] GMVGYPEXIH XLVSYKL XLI TMTMRK W]WXIQ 'SQFMRIH (V] 4MTIz6IEGXMSR 7TVMROPIV 7]WXIQ % WTVMR OPIV W]WXIQ IQTPS]MRK EYXSQEXMG WTVMROPIVW EXXEGLIH XS E TMT MRK W]WXIQ GSRXEMRMRK EMV YRHIV TVIWWYVI [MXL E WYTTPIQIRXEP HIXIGXMSR W]WXIQ MRWXEPPIH MR XLI WEQI EVIEW EW XLI WTVMROPIVW 3TIVEXMSR SJ XLI HIXIGXMSR W]WXIQ EGXYEXIW XVMTTMRK HIZMGIW XLEX STIR HV] TMTI ZEPZIW WMQYPXERISYWP] ERH [MXLSYX PSWW SJ EMV TVIWWYVI MR XLI W]WXIQ 8LI HIXIGXMSR W]WXIQ EPWS WIVZIW EW ER EYXSQEXMG JMVI EPEVQ W]WXIQ (IPYKI 7TVMROPIV 7]WXIQ % WTVMROPIV W]WXIQ IQTPS]MRK STIR WTVMROPIVW SV RS^^PIW XLEX EVI EXXEGLIH XS E TMTMRK W]WXIQ XLEX MW GSRRIGXIH XS E [EXIV WYTTP] XLVSYKL E ZEPZI XLEX MW STIRIH F] XLI STIVEXMSR SJ E HIXIGXMSR W]WXIQ MRWXEPPIH MR XLI WEQI EVIEW EW XLI WTVMROPIVW SV XLI RS^^PIW ;LIR XLMW ZEPZI STIRW [EXIV JPS[W MRXS XLI TMTMRK W]WXIQ ERH HMWGLEVKIW JVSQ EPP WTVMROPIVW SV RS^^PIW EXXEGLIH XLIVIXS (V] 4MTI 7TVMROPIV 7]WXIQ % WTVMROPIV W]WXIQ IQTPS] MRK EYXSQEXMG WTVMROPIVW XLEX EVI EXXEGLIH XS E TMTMRK W]WXIQ GSRXEMRMRK EMV SV RMXVSKIR YRHIV TVIWWYVI XLI VIPIEWI SJ [LMGL EW JVSQ XLI STIRMRK SJ E WTVMROPIV TIVQMXW XLI [EXIV TVIWWYVI XS STIR E ZEPZI ORS[R EW E HV] TMTI ZEPZI ERH XLI [EXIV XLIR JPS[W MRXS XLI TMTMRK W]WXIQ ERH SYX XLI STIRIH WTVMROPIVW +VMHHIH 7TVMROPIV 7]WXIQ % WTVMROPIV W]WXIQ MR [LMGL TEVEPPIP GVSWW QEMRW EVI GSRRIGXIH F] QYPXMTPI FVERGL PMRIW GEYWMRK ER STIVEXMRK WTVMROPIV XS VIGIMZI [EXIV JVSQ FSXL IRHW SJ MXW FVERGL PMRI [LMPI SXLIV FVERGL PMRIW LIPT XVERWJIV [EXIV FIX[IIR GVSWW QEMRW 0SSTIH 7TVMROPIV 7]WXIQ % WTVMROPIV W]WXIQ MR [LMGL QYPXMTPI GVSWW QEMRW EVI XMIH XSKIXLIV WS EW XS TVSZMHI QSVI XLER SRI TEXL JSV [EXIV XS JPS[ XS ER STIVEXMRK WTVMROPIV ERH FVERGL PMRIW EVI RSX XMIH XSKIXLIV 1YPXMG]GPI 7]WXIQ % X]TI SJ WTVMROPIV W]WXIQ GETEFPI SJ VITIEXIH SRzSJJ JPS[ G]GPIW MR VIWTSRWI XS LIEX
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
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR2SZIQFIVXS(%6%0,%2(%7%,2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH [MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK
z
-278%00%8-32 3* 746-2/0)6 7=78)17
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
% VIGIWWIH WTVMROPIV [MXL
*PYWL 7TVMROPIV % WTVMROPIV MR [LMGL EPP SV TEVX SJ XLI FSH] MRGPYHMRK XLI WLERO XLVIEH MW QSYRXIH EFSZI XLI PS[IV TPERI SJ XLI GIMPMRK 4IRHIRX 7TVMROPIV % WTVMROPIV HIWMKRIH XS FI MR WXEPPIH MR WYGL E [E] XLEX XLI [EXIV WXVIEQ MW HMVIGXIH HS[R [EVH EKEMRWX XLI HIJPIGXSV 6IGIWWIH 7TVMROPIV % WTVMROPIV MR [LMGL EPP SV TEVX SJ XLI FSH] SXLIV XLER XLI WLERO XLVIEH MW QSYRXIH [MXLMR E VIGIWWIH LSYWMRK 7MHI[EPP 7TVMROPIV % WTVMROPIV LEZMRK WTIGMEP HI JPIGXSVW XLEX EVI HIWMKRIH XS HMWGLEVKI QSWX SJ XLI [EXIV E[E] JVSQ XLI RIEVF] [EPP MR E TEXXIVR VIWIQFPMRK SRI UYEVXIV SJ E WTLIVI [MXL E WQEPP TSVXMSR SJ XLI HMWGLEVKI HMVIGXIH EX XLI [EPP FILMRH XLI WTVMROPIV 9TVMKLX 7TVMROPIV % WTVMROPIV HIWMKRIH XS FI MR WXEPPIH MR WYGL E [E] XLEX XLI [EXIV WTVE] MW HMVIGXIH YT [EVHW EKEMRWX XLI HIJPIGXSV 7TIGMEP 7IVZMGI 'SRHMXMSRW 8LI JSPPS[MRK WTVMROPIVW EVI HIJMRIH EGGSVHMRK XS WTIGMEP ETTPMGEXMSR SV IRZMVSRQIRX 'SVVSWMSR6IWMWXERX 7TVMROPIV % WTVMROPIV JEFVMGEXIH [MXL GSVVSWMSRVIWMWXERX QEXIVMEP SV [MXL WTIGMEP GSEXMRKW SV TPEXMRKW XS FI YWIH MR ER EXQSWTLIVI XLEX [SYPH RSV QEPP] GSVVSHI WTVMROPIVW (V] 7TVMROPIV % WTVMROPIV WIGYVIH MR ER I\XIRWMSR RMTTPI XLEX LEW E WIEP EX XLI MRPIX IRH XS TVIZIRX [EXIV JVSQ IRXIVMRK XLI RMTTPI YRXMP XLI WTVMROPIV STIVEXIW -RWXMXYXMSREP 7TVMROPIV % WTVMROPIV WTIGMEPP] HI WMKRIH JSV VIWMWXERGI XS PSEHFIEVMRK TYVTSWIW ERH [MXL GSQTSRIRXW RSX VIEHMP] GSRZIVXIH JSV YWI EW [IETSRW -RXIVQIHMEXI 0IZIP 7TVMROPIV6EGO 7XSVEKI 7TVMROPIV % WTVMROPIV IUYMTTIH [MXL MRXIKVEP WLMIPHW XS TVSXIGX MXW STIV EXMRK IPIQIRXW JVSQ XLI HMWGLEVKI SJ WTVMROPIVW MRWXEPPIH EX LMKLIV IPIZEXMSRW
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
3VREQIRXEP(IGSVEXMZI 7TVMROPIV % WTVMROPIV XLEX LEW FIIR TEMRXIH SV TPEXIH F] XLI QERYJEGXYVIV
7TVE] 7TVMROPIV % X]TI SJ WTVMROPIV PMWXIH JSV MXW GETEFMPMX] XS TVSZMHI JMVI GSRXVSP JSV E [MHI VERKI SJ JMVI LE^EVHW
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()*-2-8-327
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vW WYVJEGI SV TVSTIVXMIW [LIR I\TSWIH XS MXW IRZM VSRQIRX ? A *MVI (ITEVXQIRX 'SRRIGXMSR % GSRRIGXMSR XLVSYKL [LMGL XLI JMVI HITEVXQIRX GER TYQT WYTTPIQIRXEP [EXIV MRXS XLI WTVMROPIV W]WXIQ WXERHTMTI SV SXLIV [EXIVFEWIH JMVI TVS XIGXMSR W]WXIQW JYVRMWLMRK [EXIV JSV JMVI I\XMRKYMWLQIRX XS WYTTPIQIRX I\MWXMRK [EXIV WYTTPMIW ? A *MVI 4YQT % TYQT XLEX MW E TVSZMHIV SJ PMUYMH JPS[ ERH TVIWWYVI HIHMGEXIH XS JMVI TVSXIGXMSR ? A ,SWI ,SYWI %R IRGPSWYVI PSGEXIH SZIV SV EHNEGIRX XS E L]HVERX SV SXLIV [EXIV WYTTP] HIWMKRIH XS GSRXEMR XLI RIGIWWEV] LSWI RS^^PIW LSWI [VIRGLIW KEWOIXW ERH WTER RIVW XS FI YWIH MR JMVI JMKLXMRK MR GSRNYRGXMSR [MXL ERH XS TVSZMHI EMH XS XLI PSGEP JMVI HITEVXQIRX ? A ,]HVERX &YXX 8LI LSWI GSRRIGXMSR SYXPIX SJ E L] HVERX ? A ,]HVEYPMGEPP] 'EPGYPEXIH ;EXIV (IQERH *PS[ 6EXI 8LI [EXIVJPS[ VEXI JSV E W]WXIQ SV LSWI WXVIEQ XLEX LEW FIIR GEPGYPEXIH YWMRK EGGITXIH IRKMRIIVMRK TVEGXMGIW ? A 4VIWWYVI 6IWMHYEP 4VIWWYVI 8LI TVIWWYVI XLEX I\MWXW MR XLI HMWXVMFYXMSR W]WXIQ QIEWYVIH EX XLI VIWMHYEP L]HVERX EX XLI XMQI XLI JPS[ VIEHMRKW EVI XEOIR EX XLI JPS[ L]HVERXW ? A 7XEXMG 4VIWWYVI 8LI TVIWWYVI XLEX I\MWXW EX E KMZIR TSMRX YRHIV RSVQEP HMWXVMFYXMSR W]WXIQ GSRHMXMSRW QIEWYVIH EX XLI VIWMHYEP L]HVERX [MXL RS L]HVERXW JPS[MRK ? A
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4VIWWYVI 6IKYPEXMRK (IZMGI % HIZMGI HIWMKRIH JSV XLI TYVTSWI SJ VIHYGMRK VIKYPEXMRK GSRXVSPPMRK SV VI WXVMGXMRK [EXIV TVIWWYVI ? A 4VMZEXI *MVI 7IVZMGI 1EMR 4VMZEXI JMVI WIVZMGI QEMR EW YWIH MR XLMW WXERHEVH MW XLEX TMTI ERH MXW ETTYVXI RERGIW SR TVMZEXI TVSTIVX] FIX[IIR E WSYVGI SJ [EXIV ERH XLI FEWI SJ XLI W]WXIQ VMWIV JSV [EXIVFEWIH JMVI TVSXIG XMSR W]WXIQW FIX[IIR E WSYVGI SJ [EXIV ERH MRPIXW XS JSEQQEOMRK W]WXIQW FIX[IIR E WSYVGI SJ [EXIV ERH XLI FEWI IPFS[ SJ TVMZEXI L]HVERXW SV QSRMXSV RS^^PIW ERH YWIH EW JMVI TYQT WYGXMSR ERH HMWGLEVKI TMTMRK FIKMRRMRK EX XLI MRPIX WMHI SJ XLI GLIGO ZEPZI SR E KVEZMX] SV TVIWWYVI XERO ? A 4YQTIV 3YXPIX 8LI L]HVERX SYXPIX MRXIRHIH XS FI GSRRIGXIH XS E JMVI HITEVXQIRX TYQTIV JSV YWI MR XEOMRK WYTTP] JVSQ XLI L]HVERX JSV TYQTIVW ? A 6EXIH 'ETEGMX] 8LI JPS[ EZEMPEFPI JVSQ E L]HVERX EX XLI HIWMKREXIH VIWMHYEP TVIWWYVI VEXIH TVIWWYVI IMXLIV QIEWYVIH SV GEPGYPEXIH ? A 8IWX *PS[ 8IWX % XIWX TIVJSVQIH F] XLI JPS[ ERH QIEWYVIQIRX SJ [EXIV JVSQ SRI L]HVERX ERH XLI WXEXMG ERH VIWMHYEP TVIWWYVIW JVSQ ER EHNEGIRX L]HVERX JSV XLI TYV TSWI SJ HIXIVQMRMRK XLI EZEMPEFPI [EXIV WYTTP] EX XLEX PSGE XMSR ? A *PYWLMRK 8IWX % XIWX SJ E TMTMRK W]WXIQ YWMRK JPS[VEXIW MRXIRHIH XS VIQSZI HIFVMW JVSQ XLI TMTMRK W]W XIQ TVMSV XS MX FIMRK TPEGIH MR WIVZMGI ?A ,]HVSWXEXMG 8IWX % XIWX SJ E GPSWIH TMTMRK W]WXIQ ERH MXW EXXEGLIH ETTYVXIRERGIW GSRWMWXMRK SJ WYFNIGXMRK XLI TMTMRK XS ER MRGVIEWIH MRXIVREP TVIWWYVI JSV E WTIGMJMIH TI VMSH SJ HYVEXMSR XS ZIVMJ] W]WXIQ MRXIKVMX] ERH PIEO VEXIW ? A :EPZI 'LIGO :EPZI % ZEPZI XLEX EPPS[W JPS[ MR SRI HM VIGXMSR SRP] ? A -RHMGEXMRK :EPZI % ZEPZI XLEX LEW GSQTSRIRXW XLEX TVSZMHI XLI ZEPZI STIVEXMRK TSWMXMSR STIR SV GPSWIH ?A ,]HVERX (IJMRMXMSRW JVSQ 2*4% ,]HVERX %R I\XIVMSV ZEPZIH GSRRIGXMSR XS E [EXIV WYTTP] W]WXIQ XLEX TVSZMHIW LSWI GSRRIGXMSRW ? A (V] &EVVIP ,]HVERX *VSWXTVSSJ ,]HVERX % X]TI SJ L]HVERX [MXL XLI QEMR GSRXVSP ZEPZI FIPS[ XLI JVSWX PMRI FIX[IIR XLI JSSXTMIGI ERH XLI FEVVIP ? A *PS[ ,]HVERX 8LI L]HVERX XLEX MW YWIH JSV XLI JPS[ ERH JPS[ QIEWYVIQIRX SJ [EXIV HYVMRK E JPS[ XIWX ? A 4VMZEXI *MVI ,]HVERX % ZEPZIH GSRRIGXMSR SR E [EXIV WYTTP] W]WXIQ LEZMRK SRI SV QSVI SYXPIXW ERH XLEX MW YWIH XS WYTTP] LSWI ERH JMVI HITEVXQIRX TYQTIVW [MXL [E XIV SR TVMZEXI TVSTIVX] ? A 4YFPMG ,]HVERX % ZEPZIH GSRRIGXMSR SR E [EXIV WYTTP] W]WXIQ LEZMRK SRI SV QSVI SYXPIXW ERH XLEX MW YWIH XS WYTTP] LSWI ERH JMVI HITEVXQIRX TYQTIVW [MXL [EXIV ? A
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-278%00%8-32 3* 746-2/0)6 7=78)17
6IWMHYEP ,]HVERX 8LI L]HVERX XLEX MW YWIH JSV QIEWYVMRK WXEXMG ERH VIWMHYEP TVIWWYVIW HYVMRK E JPS[ XIWX ? A ;IX &EVVIP ,]HVERX % X]TI SJ L]HVERX XLEX MW MR XIRHIH JSV YWI [LIVI XLIVI MW RS HERKIV SJ JVII^MRK [IEXLIV [LIVI IEGL SYXPIX MW TVSZMHIH [MXL E ZEPZI ERH ER SYXPIX ?A
RYQIVSYW WQEPP GEZMXMIW GIPPW MRXIVGSRRIGXMRK SV RSX HMWTIVWIH XLVSYKLSYX XLIMV QEWW )\TSWIH +VSYT % 4PEWXMG 'SQQSHMXMIW 8LSWI TPEW XMGW RSX MR TEGOEKMRK SV GSZIVMRKW XLEX EFWSVF [EXIV SV SXL IV[MWI ETTVIGMEFP] VIXEVH XLI FYVRMRK LE^EVH SJ XLI GSQ QSHMX] 4ETIV [VETTIH SV IRGETWYPEXIH SV FSXL WLSYPH FI GSRWMHIVIH I\TSWIH
'EVXSRIH % QIXLSH SJ WXSVEKI GSRWMWXMRK SJ GSVVY KEXIH GEVHFSEVH SV TETIVFSEVH GSRXEMRIVW JYPP] IRGPSWMRK XLI GSQQSHMX]
*VII*PS[MRK 4PEWXMG 1EXIVMEPW 8LSWI TPEWXMGW XLEX JEPP SYX SJ XLIMV GSRXEMRIVW HYVMRK E JMVI JMPP JPYI WTEGIW ERH GVIEXI E WQSXLIVMRK IJJIGX SR XLI JMVI )\EQTPIW MRGPYHI TS[HIV TIPPIXW JPEOIW SV VERHSQTEGOIH WQEPP SFNIGXW ?IK VE^SV FPEHI HMWTIRWIVW S^ XS S^ K XS K FSXXPIWA
'EVXSR 6IGSVHW 7XSVEKI % 'PEWW --- GSQQSHMX] GSR WMWXMRK TVIHSQMRERXP] SJ TETIV VIGSVHW MR GEVHFSEVH GEVXSRW
,MKL'LEPPIRKI *MVI ,E^EVH % JMVI LE^EVH X]TMGEP SJ XLEX TVSHYGIH F] JMVIW MR GSQFYWXMFPI LMKLTMPIH WXSVEKI
'EX[EPO *SV XLI TYVTSWIW SJ GEVXSR VIGSVHW WXSV EKI E WXSVEKI EMH GSRWMWXMRK SJ IMXLIV STIR QIXEP KVEXMRK SV WSPMH LSVM^SRXEP FEVVMIVW WYTTSVXIH JVSQ E VEGO WXSVEKI W]W XIQ XLEX MW YXMPM^IH EW E [EPO[E] JSV EGGIWW XS WXSVEKI EX IPIZEXIH PIZIPW 'EX[EPOW EVI EGGIWWIH YWMRK WXEMVW ERH EVI RSX WITEVEXI JPSSVW SJ E FYMPHMRK
,MKL4MPIH 7XSVEKI 7SPMHTMPIH TEPPIXM^IH VEGO WXSVEKI FMR FS\ ERH WLIPJ WXSVEKI MR I\GIWW SJ JX Q MR LIMKLX
'PIEVERGI XS 'IMPMRK 8LI HMWXERGI JVSQ XLI XST SJ WXSVEKI XS XLI GIMPMRK EFSZI
1MWGIPPERISYW 7XSVEKI 7XSVEKI XLEX HSIW RSX I\ GIIH JX Q MR LIMKLX MW MRGMHIRXEP XS ERSXLIV SGGY TERG] YWI KVSYT HSIW RSX GSRWXMXYXI QSVI XLER TIVGIRX SJ XLI FYMPHMRK EVIE SV JX Q SJ XLI WTVMROPIVIH EVIE [LMGLIZIV MW KVIEXIV HSIW RSX I\GIIH JX Q MR SRI TMPI SV EVIE ERH MW WITEVEXIH JVSQ SXLIV WXSVEKI EVIEW F] EX PIEWX JX Q
7XSVEKI (IJMRMXMSRW +IRIVEP
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
)HMXMSR
0S[4MPIH 7XSVEKI 7SPMHTMPIH TEPPIXM^IH VEGO WXSVEKI FMR FS\ ERH WLIPJ WXSVEKI YT XS JX Q MR LIMKLX
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
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR2SZIQFIVXS(%6%0,%2(%7%,2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH [MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK
()*-2-8-327
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3TIR %VVE] % WXSVEKI EVVERKIQIRX [LIVI EMV QSZIQIRX XLVSYKL XLI TMPI MW IRLERGIH FIGEYWI SJ ZIVXMGEP JPYIW PEVKIV XLER MR QQ
0SRKMXYHMREP *PYI 7TEGI 8LI WTEGI FIX[IIR VS[W SJ WXSVEKI TIVTIRHMGYPEV XS XLI HMVIGXMSR SJ PSEHMRK [MXL E [MHXL RSX I\GIIHMRK MR QQ FIX[IIR WXSVEKI
&MR &S\ 7XSVEKI 7XSVEKI MR JMZIWMHIH [SSH QIXEP SV GEVHFSEVH FS\IW [MXL STIR JEGI SR XLI EMWPIW MR [LMGL FS\IW EVI WIPJWYTTSVXMRK SV WYTTSVXIH F] E WXVYGXYVI WS HIWMKRIH XLEX PMXXPI SV RS LSVM^SRXEP SV ZIVXMGEP WTEGI I\MWXW EVSYRH FS\IW
6EGO %R] GSQFMREXMSR SJ ZIVXMGEP LSVM^SRXEP ERH HMEKSREP QIQFIVW XLEX WYTTSVXW WXSVIH QEXIVMEPW ? A
4EPPIXM^IH 7XSVEKI 7XSVEKI SJ GSQQSHMXMIW SR TEP PIXW SV SXLIV WXSVEKI EMHW XLEX JSVQ LSVM^SRXEP WTEGIW FI X[IIR XMIVW SJ WXSVEKI
(SYFPI6S[ 6EGOW 6EGOW PIWW XLER SV IUYEP XS JX QQ MR HITXL SV WMRKPIVS[ VEGOW TPEGIH FEGO XS FEGO LEZMRK ER EKKVIKEXI HITXL YT XS JX QQ [MXL EMWPIW LEZMRK ER EMWPI [MHXL SJ EX PIEWX JX Q FIX[IIR PSEHW SR VEGOW
4MPI 7XEFMPMX] 7XEFPI 4MPIW 8LSWI EVVE]W [LIVI GSP PETWI WTMPPEKI SJ GSRXIRX SV PIERMRK SJ WXEGOW EGVSWW JPYI WTEGIW MW RSX PMOIP] XS SGGYV WSSR EJXIV MRMXMEP JMVI HIZIPST QIRX
1SZEFPI 6EGOW 6EGOW SR JM\IH VEMPW SV KYMHIW XLEX GER FI QSZIH FEGO ERH JSVXL SRP] MR E LSVM^SRXEP X[SHMQIRWMSREP TPERI % QSZMRK EMWPI MW GVIEXIH EW EFYX XMRK VEGOW EVI IMXLIV PSEHIH SV YRPSEHIH XLIR QSZIH EGVSWW XLI EMWPI XS EFYX SXLIV VEGOW
4MPI 7XEFMPMX] 9RWXEFPI 4MPIW 8LSWI EVVE]W [LIVI GSPPETWI WTMPPEKI SJ GSRXIRXW SV PIERMRK SJ WXEGOW EGVSWW JPYI WTEGIW SGGYVW WSSR EJXIV MRMXMEP JMVI HIZIPSTQIRX
1YPXMTPI6S[ 6EGOW 6EGOW KVIEXIV XLER JX QQ MR HITXL SV WMRKPI SV HSYFPIVS[ VEGOW WITE VEXIH F] EMWPIW PIWW XLER JX Q [MHI LEZMRK ER SZIVEPP [MHXL KVIEXIV XLER JX QQ
7LIPJ 7XSVEKI 7XSVEKI SR WXVYGXYVIW YT XS ERH MR GPYHMRK MR QQ HIIT ERH WITEVEXIH F] EMWPIW EX PIEWX MR QQ [MHI &EGOXS&EGO 7LIPJ 7XSVEKI 8[S WSPMH SV TIVJS VEXIH WLIPZIW YT XS MR QQ MR HITXL IEGL RSX I\GIIHMRK E XSXEP HITXL SJ MR Q WITEVEXIH F] E PSRKMXYHMREP ZIVXMGEP FEVVMIV WYGL EW TP][SSH TEVXMGPI FSEVH WLIIX QIXEP SV IUYMZEPIRX [MXL E QE\MQYQ MR QQ HMEQIXIV TIRIXVEXMSRW ERH RS PSRKMXYHMREP JPYI WTEGI ERH E QE\MQYQ WXSVEKI LIMKLX SJ JX Q 7SPMH4MPIH 7XSVEKI 7XSVEKI SJ GSQQSHMXMIW WXEGOIH SR IEGL SXLIV 7SPMH 9RMX 0SEH SJ 9RI\TERHIH 4PEWXMG )MXLIV 'EV XSRIH SV )\TSWIH % PSEH XLEX HSIW RSX LEZI ZSMHW EMV [MXLMR XLI PSEH ERH XLEX FYVRW SRP] SR XLI I\XIVMSV SJ XLI PSEH [EXIV JVSQ WTVMROPIVW QMKLX VIEGL QSWX WYVJEGIW EZEMP EFPI XS FYVR 6EGO 7XSVEKI %MWPI ;MHXL 8LI LSVM^SRXEP HMQIRWMSR FIX[IIR XLI JEGI SJ XLI PSEHW MR VEGOW YRHIV GSRWMHIVEXMSR %YXSQSXMZI 'SQTSRIRXW SR 4SVXEFPI 6EGOW -RWXVY QIRX TERIPW [MRHWLMIPHW QIXEP ERH TPEWXMG KEWSPMRI XEROW LIEXIV LSYWMRKW HSSV TERIPW MRXIVMSV XVMQ FYQTIV JEGME [MVMRK LEVRIWWIW WLIIX QIXEP FSH] GSQTSRIRXW IRKMRIW HVMZIPMRI GSQTSRIRXW WXIIVMRK QIGLERMWQW EY\MPMEV] QS XSVW ERH PMKLXMRK {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
3TIR 6EGO 6EGOW [MXLSYX WLIPZMRK SV [MXL WLIPZ MRK MR VEGOW XLEX EVI JM\IH MR TPEGI [MXL WLIPZIW LEZMRK E WSPMH WYVJEGI ERH E WLIPJ EVIE IUYEP XS SV PIWW XLER JX Q SV [MXL WLIPZIW LEZMRK E [MVI QIWL WPEXXIH WYVJEGI SV SXLIV QEXIVMEP [MXL STIRMRKW VITVIWIRXMRK EX PIEWX TIVGIRX SJ XLI WLIPJ EVIE MRGPYHMRK XLI LSVM^SRXEP EVIE SJ VEGO QIQFIVW ERH [LIVI XLI JPYI WTEGIW EVI QEMRXEMRIH 4SVXEFPI 6EGOW 6EGOW XLEX EVI RSX JM\IH MR TPEGI ERH GER FI EVVERKIH MR ER] RYQFIV SJ GSRJMKYVEXMSRW 6EGO 7LIPJ %VIE 8LI EVIE SJ XLI LSVM^SRXEP WYV JEGI SJ E WLIPJ MR E VEGO HIJMRIH F] TIVMQIXIV EMWPI W SV RSQMREP MR QQ JPYI WTEGIW SR EPP JSYV WMHIW SV F] XLI TPEGIQIRX SJ PSEHW XLEX FPSGO STIRMRKW XLEX [SYPH SXL IV[MWI WIVZI EW XLI VIUYMVIH JPYI WTEGIW 7MRKPI6S[ 6EGOW 6EGOW XLEX LEZI RS PSRKMXYHM REP JPYI WTEGI ERH XLEX LEZI E HITXL YT XS JX Q [MXL EMWPIW LEZMRK E [MHXL SJ EX PIEWX JX Q FIX[IIR PSEHW SR VEGOW 7PEXXIH 7LIPJ 6EGO % VEGO [LIVI WLIPZIW EVI JM\IH MR TPEGI [MXL E WIVMIW SJ REVVS[ MRHMZMHYEP WSPMH WYTTSVXW YWIH EW XLI WLIPJ QEXIVMEP ERH WTEGIH ETEVX [MXL VIKYPEV STIRMRKW 7SPMH 7LIPJ 6EGO % VEGO XLEX MW RSX HIJMRIH EW ER STIR VEGO [LIVI WLIPZIW EVI JM\IH MR TPEGI [MXL E WSPMH WPEXXIH SV [MVI QIWL FEVVMIV YWIH EW XLI WLIPJ QEXIVMEP ERH LEZMRK PMQMXIH STIRMRKW MR XLI WLIPJ EVIE 7SPMH 7LIPZMRK 7LIPZMRK XLEX MW JM\IH MR TPEGI WPEX XIH [MVI QIWL SV SXLIV X]TI SJ WLIPZIW PSGEXIH [MXLMR VEGOW 8LI EVIE SJ E WSPMH WLIPJ MW HIJMRIH F] TIVMQIXIV EMWPI SV JPYI WTEGI SR EPP JSYV WMHIW SV F] XLI TPEGIQIRX SJ PSEHW XLEX FPSGO STIRMRKW XLEX [SYPH SXLIV[MWI WIVZI EW XLI VI UYMVIH JPYI WTEGIW 7SPMH WLIPZIW LEZMRK ER EVIE IUYEP XS SV PIWW XLER JX Q EVI HIJMRIH EW STIR VEGOW 7LIPZIW SJ [MVI QIWL WPEXW SV SXLIV QEXIVMEPW QSVI XLER TIVGIRX STIR ERH [LIVI XLI JPYI WTEGIW EVI QEMRXEMRIH EVI HIJMRIH EW STIR VEGOW 8VERWZIVWI *PYI 7TEGI 8LI WTEGI FIX[IIR VS[W SJ WXSVEKI TEVEPPIP XS XLI HMVIGXMSR SJ PSEHMRK 7II *MKYVI %
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
4ETIV +IRIVEP 8IVQ 8LI XIVQ JSV EPP OMRHW SJ JIPXIH WLIIXW QEHI JVSQ REXYVEP JMFVSYW QEXIVMEPW YWYEPP] ZIKIXEFPI FYX WSQIXMQIW QMRIVEP SV ERMQEP ERH JSVQIH SR E JMRI [MVI WGVIIR JVSQ [EXIV WYWTIRWMSR 6SPP 4ETIV 7XSVEKI ,SVM^SRXEP 6SPP 4ETIV 7XSVEKI 6SPPW WXSVIH [MXL XLI GSVIW MR XLI LSVM^SRXEP TPERI SRWMHI WXSVEKI :IVXMGEP 6SPP 4ETIV 7XSVEKI 6SPPW WXSVIH [MXL XLI GSVIW MR XLI ZIVXMGEP TPERI SRIRH WXSVEKI ;VETTIH 6SPP 4ETIV 7XSVEKI 6SPPW TVSZMHIH [MXL E GSQTPIXI LIEZ] OVEJX GSZIVMRK EVSYRH FSXL WMHIW ERH IRHW 6SPP 4ETIV 7XSVEKI ,IMKLX 8LI QE\MQYQ ZIVXMGEP HMWXERGI EFSZI XLI JPSSV EX [LMGL VSPP TETIV MW RSVQEPP] WXSVIH &EPIH 'SXXSR (IJMRMXMSRW
3R7MHI 8MVI 7XSVEKI 8MVIW WXSVIH LSVM^SRXEPP] SV JPEX
&EPIH 'SXXSR % REXYVEP WIIH JMFIV [VETTIH ERH WIGYVIH MR MRHYWXV]EGGITXIH QEXIVMEPW YWYEPP] GSRWMWXMRK SJ FYVPET [SZIR TSP]TVST]PIRI SV WLIIX TSP]IXL]PIRI ERH WIGYVIH [MXL WXIIP W]RXLIXMG SV [MVI FERHW SV [MVI EPWS MRGPYHIW PMRXIVW PMRX VIQSZIH JVSQ XLI GSXXSRWIIH ERH QSXIW VIWMHYEP QEXIVMEPW JVSQ XLI KMRRMRK TVSGIWW 7II 8EFPI %
3R8VIEH 8MVI 7XSVEKI 8MVIW WXSVIH ZIVXMGEPP] SV SR XLIMV XVIEHW
8MIVIH 7XSVEKI %R EVVERKIQIRX MR [LMGL FEPIW EVI WXSVIH HMVIGXP] SR XLI JPSSV X[S SV QSVI FEPIW LMKL
4EPPIXM^IH 8MVI 7XSVEKI 7XSVEKI SR TSVXEFPI VEGOW SJ ZEVMSYW X]TIW YXMPM^MRK E GSRZIRXMSREP TEPPIX EW E FEWI
1EVMRI (IJMRMXMSRW 8LIWI HIJMRMXMSRW ETTP] XS 'LET XIV SRP]
4]VEQMH 8MVI 7XSVEKI 3RJPSSV WXSVEKI MR [LMGL XMVIW EVI JSVQIH MRXS E T]VEQMH XS TVSZMHI TMPI WXEFMPMX]
%'PEWW &SYRHEV] % FSYRHEV] HIWMKRIH XS VIWMWX XLI TEWWEKI SJ WQSOI ERH JPEQI JSV LSYV [LIR XIWXIH MR EGGSV HERGI [MXL %781 ) 7XERHEVH 8IWX 1IXLSHW JSV *MVI 8IWXW SJ &YMPHMRK 'SRWXVYGXMSR ERH 1EXIVMEPW
6YFFIV 8MVI 6EGO -PPYWXVEXMSRW % E XLVSYKL *MKYVI % K
7II *MKYVI
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&'PEWW &SYRHEV] % FSYRHEV] HIWMKRIH XS VIWMWX XLI LSYV [LIR XIWXIH MR EGGSVHERGI [MXL TEWWEKI SJ JPEQI JSV %781 ) 7XERHEVH 8IWX 1IXLSHW JSV *MVI 8IWXW SJ &YMPHMRK 'SR WXVYGXMSR ERH 1EXIVMEPW 'IRXVEP 7EJIX] 7XEXMSR % GSRXMRYSYWP] QERRIH GSRXVSP WXEXMSR JVSQ [LMGL EPP SJ XLI JMVI GSRXVSP IUYMTQIRX MW QSRM XSVIH -J XLMW WXEXMSR MW RSX XLI FVMHKI HMVIGX GSQQYRMGEXMSR [MXL XLI FVMHKI QYWX FI TVSZMHIH F] QIERW SXLIV XLER XLI WLMTvW WIVZMGI XIPITLSRI ,IEX7IRWMXMZI 1EXIVMEP TSMRX MW FIPS[ * '
% QEXIVMEP [LSWI QIPXMRK
,IIP 8LI MRGPMREXMSR SJ E WLMT XS SRI WMHI ,IIP %RKPI 8LI ERKPI HIJMRIH F] XLI MRXIVWIGXMSR SJ E ZIVXMGEP PMRI XLVSYKL XLI GIRXIV SJ E ZIWWIP ERH E PMRI TIVTIR HMGYPEV XS XLI WYVJEGI SJ XLI [EXIV -RXIVREXMSREP 7LSVI 'SRRIGXMSR % YRMZIVWEP GSRRIG XMSR XS XLI ZIWWIPvW JMVI QEMR XS [LMGL E WLSVIWMHI JMVIJMKLXMRK [EXIV WYTTP] GER FI GSRRIGXIH 1EVMRI 7]WXIQ % WTVMROPIV W]WXIQ MRWXEPPIH SR E WLMT FSEX SV SXLIV JPSEXMRK WXVYGXYVI XLEX XEOIW MXW WYTTP] JVSQ XLI [EXIV SR [LMGL XLI ZIWWIP JPSEXW 1EVMRI 8LIVQEP &EVVMIV %R EWWIQFP] XLEX MW GSR WXVYGXIH SJ RSRGSQFYWXMFPI QEXIVMEPW ERH QEHI MRXEGX [MXL XLI QEMR WXVYGXYVI SJ XLI ZIWWIP WYGL EW WLIPP WXVYGXYVEP FYPO LIEHW ERH HIGOW QIIXW XLI VIUYMVIQIRXW SJ E &'PEWW FSYRH
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MR EPP HMVIGXMSRW XS EGGSQQSHEXI WIMWQMG HMJJIVIRXMEP QSZI QIRX EGVSWW FYMPHMRK WIMWQMG WITEVEXMSR NSMRXW
1EVMRI ;EXIV 7YTTP] 8LI WYTTP] TSVXMSR SJ XLI WTVMROPIV W]WXIQ JVSQ XLI [EXIV TVIWWYVI XERO SV XLI WIE WYG XMSR SJ XLI HIWMKREXIH WTVMROPIV W]WXIQ TYQT YT XS ERH MR GPYHMRK XLI ZEPZI XLEX MWSPEXIW XLI WTVMROPIV W]WXIQ JVSQ XLIWI X[S [EXIV WSYVGIW
'LETXIV +IRIVEP 6IUYMVIQIRXW
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
7[E] &VEGI %R EWWIQFP] MRXIRHIH XS FI EXXEGLIH XS XLI W]WXIQ TMTMRK XS VIWMWX LSVM^SRXEP IEVXLUYEOI PSEHW MR X[S HMVIGXMSRW
0IZIP SJ 4VSXIGXMSR % FYMPHMRK [LIVI TVSXIGXIH F] ER EYXSQEXMG WTVMROPIV W]WXIQ MRWXEPPEXMSR WLEPP FI TVSZMHIH [MXL WTVMROPIVW MR EPP EVIEW I\GITX [LIVI WTIGMJMG WIGXMSRW SJ XLMW WXERHEVH TIVQMX XLI SQMWWMSR SJ WTVMROPIVW 0MQMXIH %VIE 7]WXIQW ;LIR TEVXMEP WTVMROPIV W]WXIQW EVI MRWXEPPIH XLI VI UYMVIQIRXW SJ XLMW WXERHEVH WLEPP FI YWIH MRWSJEV EW XLI] EVI ETTPMGEFPI 8LI EYXLSVMX] LEZMRK NYVMWHMGXMSR WLEPP FI GSRWYPXIH MR IEGL GEWI 3[RIVv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8LI TVSXIGXMSR VIUYMVIQIRXW JSV XLI PS[IV GSQ QSHMX] GPEWW WLEPP FI TIVQMXXIH XS FI YXMPM^IH [LIVI EPP SJ XLI JSPPS[MRK EVI QIX
3VHMREV] ,E^EVH +VSYT
9T XS TEPPIX PSEHW SJ E LMKLIV LE^EVH GSQQSHMX] EW HIWGVMFIH MR ERH WLEPP FI TIVQMXXIH XS FI TVIWIRX MR ER EVIE RSX I\GIIHMRK JX Q 8LI LMKLIV LE^EVH GSQQSHMX] WLEPP FI VERHSQP] HMW TIVWIH [MXL RS EHNEGIRX PSEHW MR ER] HMVIGXMSR MRGPYHMRK HMEKSREPP] ;LIVI XLI GIMPMRK TVSXIGXMSR MW FEWIH SR 'PEWW - SV 'PEWW -GSQQSHMXMIW XLI EPPS[EFPI RYQFIV SJ TEPPIX PSEHW JSV 'PEWW -: SV +VSYT % TPEWXMGW WLEPP FI VIHYGIH XS JMZI
3VHMREV] LE^EVH +VSYT SGGYTERGMIW WLEPP FI HI JMRIH EW SGGYTERGMIW SV TSVXMSRW SJ SXLIV SGGYTERGMIW [LIVI XLI UYERXMX] ERH GSQFYWXMFMPMX] SJ GSRXIRXW EVI QSHIVEXI XS LMKL WXSGOTMPIW SJ GSRXIRXW [MXL QSHIVEXI VEXIW SJ LIEX VI PIEWI HS RSX I\GIIH JX Q ERH WXSGOTMPIW SJ GSRXIRXW [MXL LMKL VEXIW SJ LIEX VIPIEWI HS RSX I\GIIH JX Q
1M\IH 'SQQSHMX] 7IKVIKEXMSR 8LI TVSXIGXMSR VI UYMVIQIRXW JSV XLI PS[IV GSQQSHMX] GPEWW WLEPP FI TIVQMXXIH XS FI YXMPM^IH MR XLI EVIE SJ PS[IV GSQQSHMX] GPEWW [LIVI XLI LMKLIV LE^EVH QEXIVMEP MW GSRJMRIH XS E HIWMKREXIH EVIE ERH XLI EVIE MW TVSXIGXIH XS XLI LMKLIV LE^EVH MR EGGSVHERGI [MXL XLI VIUYMVIQIRXW SJ XLMW WXERHEVH
(IHMGEXIH ERH QMWGIPPERISYW WXSVEKI WLEPP FI TVSXIGXIH MR EGGSVHERGI [MXL 'LETXIV ERH 'LETXIV EW ETTPMGEFPI
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4EPPIX 8]TIW +IRIVEP ;LIR PSEHW EVI TEPPIXM^IH XLI YWI SJ [SSH SV QIXEP TEPPIXW SV PMWXIH TEPPIXW IUYMZEPIRX XS [SSH WLEPP FI EWWYQIH MR XLI GPEWWMJMGEXMSR SJ GSQQSHMXMIW 9RVIMRJSVGIH 4PEWXMG 4EPPIXW *SV 'PEWW - XLVSYKL 'PEWW -: GSQQSHMXMIW [LIR YRVIMRJSVGIH TSP]TVST]PIRI SV YRVIMRJSVGIH LMKLHIRWMX] TSP]IXL]PIRI TPEWXMG TEPPIXW EVI YWIH XLI GPEWWMJMGEXMSR SJ XLI GSQQSHMX] YRMX WLEPP FI MR GVIEWIH SRI GPEWW 9RVIMRJSVGIH TSP]TVST]PIRI SV YRVIMRJSVGIH LMKL HIRWMX] TSP]IXL]PIRI TPEWXMG TEPPIXW WLEPP FI QEVOIH [MXL E TIV QERIRX W]QFSP XS MRHMGEXI XLEX XLI TEPPIX MW YRVIMRJSVGIH *SV 'PEWW - XLVSYKL 'PEWW -: GSQQSHMXMIW [LIR VIMR JSVGIH TSP]TVST]PIRI SV VIMRJSVGIH LMKLHIRWMX] TSP]IXL]PIRI TPEWXMG TEPPIXW EVI YWIH XLI GPEWWMJMGEXMSR SJ XLI GSQQSHMX] YRMX WLEPP FI MRGVIEWIH X[S GPEWWIW I\GITX JSV 'PEWW -: GSQQSH MX] [LMGL WLEPP FI MRGVIEWIH XS E GEVXSRIH YRI\TERHIH +VSYT % TPEWXMG GSQQSHMX] 4EPPIXW WLEPP FI EWWYQIH XS FI VIMRJSVGIH MJ RS TIV QERIRX QEVOMRK SV QERYJEGXYVIVv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% 'PEWW -: GSQQSHMX] WLEPP FI HIJMRIH EW E TVSHYGX [MXL SV [MXLSYX TEPPIXW XLEX QIIXW SRI SJ XLI JSPPS[MRK GVMXIVME
% +VSYT % YRI\TERHIH TPEWXMG GSQQSHMX] WLEPP FI HIJMRIH EW E TVSHYGX [MXL SV [MXLSYX TEPPIXW XLEX QIIXW SRI SJ XLI JSPPS[MRK GVMXIVME
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'EVXSRIH SV [MXLMR E [SSHIR GSRXEMRIV XLEX GSRXEMRW KVIEXIV XLER TIVGIRX F] [IMKLX SJ +VSYT % YRI\ TERHIH TPEWXMG 'EVXSRIH SV [MXLMR E [SSHIR GSRXEMRIV XLEX GSRXEMRW KVIEXIV XLER TIVGIRX ERH YT XS TIVGIRX F] ZSPYQI SJ +VSYT % I\TERHIH TPEWXMG 'EVXSRIH SV [MXLMR E [SSHIR GSRXEMRIV XLEX GSRXEMRW E QM\ SJ +VSYT % YRI\TERHIH ERH I\TERHIH TPEWXMGW MR GSQTPMERGI [MXL *MKYVI E )\TSWIH XLEX GSRXEMRW KVIEXIV XLER TIVGIRX F] [IMKLX SJ +VSYT % YRI\TERHIH TPEWXMG )\TSWIH XLEX GSRXEMRW KVIEXIV XLER TIVGIRX ERH YT XS TIVGIRX F] ZSPYQI SJ +VSYT % I\TERHIH TPEWXMG )\TSWIH XLEX GSRXEMRW E QM\ SJ +VSYT % YRI\TERHIH ERH I\TERHIH TPEWXMGW MR GSQTPMERGI [MXL *MKYVI F
8LI VIQEMRMRK QEXIVMEPW WLEPP FI TIVQMXXIH XS FI QIXEP [SSH TETIV REXYVEP SV W]RXLIXMG JMFIVW SV +VSYT & SV +VSYT ' TPEWXMGW 'PEWWMJMGEXMSR SJ 4PEWXMGW )PEWXSQIVW ERH 6YFFIV 4PEW XMGW IPEWXSQIVW ERH VYFFIV WLEPP FI GPEWWMJMIH EW +VSYT % +VSYT & SV +VSYT ' +VSYT % 8LI JSPPS[MRK QEXIVMEPW WLEPP FI GPEWWMJMIH EW +VSYT %
%&7 EGV]PSRMXVMPIFYXEHMIRIWX]VIRI GSTSP]QIV %GIXEP TSP]JSVQEPHIL]HI %GV]PMG TSP]QIXL]P QIXLEGV]PEXI &YX]P VYFFIV
8LI VIQEMRMRK QEXIVMEPW WLEPP FI TIVQMXXIH XS FI RSRGSQFYWXMFPI [SSH TETIV REXYVEP SV W]RXLIXMG JMFIVW SV +VSYT % +VSYT & SV +VSYT ' TPEWXMGW +VSYT & 8LI JSPPS[MRK QEXIVMEPW WLEPP FI GPEWWMJMIH EW +VSYT & 'LPSVSTVIRI VYFFIV *PYSVSTPEWXMGW )'8*) { IXL]PIRIGLPSVSXVMJPYSVS IXL]PIRI GSTSP]QIV )8*) { IXL]PIRIXIXVEJPYSVS IXL]PIRIGSTSP]QIV *)4 { JPYSVMREXIH IXL]PIRI TVST]PIRI GSTSP]QIV 7MPMGSRI VY FFIV +VSYT ' 8LI JSPPS[MRK QEXIVMEPW WLEPP FI GPEWWMJMIH EW +VSYT '
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8MWWYI
(V] WTVMROPIVW WLEPP FI TIVQMXXIH XS FI VIMRWXEPPIH [LIR VIQSZIH MR EGGSVHERGI [MXL XLI QERYJEGXYVIVvW MRWXEP PEXMSR ERH QEMRXIRERGI MRWXVYGXMSRW
8MWWYI WLEPP FI HIJMRIH WS EW XS MRGPYHI XLI FVSEH VERKI SJ TETIVW SJ GLEVEGXIVMWXMG KEY^] XI\XYVI [LMGL MR WSQI GEWIW EVI JEMVP] XVERWTEVIRX *SV XLI TYVTSWIW SJ XLMW WXERHEVH XMWWYI WLEPP FI HIJMRIH EW XLI WSJX EFWSVFIRX X]TI VIKEVHPIWW SJ FEWMW [IMKLX { WTIGMJMGEPP] GVITI [EHHMRK ERH XLI WERMXEV] GPEWW MRGPYHMRK JEGMEP XMWWYI TETIV RETOMRW FEXLVSSQ XMWWYI ERH XS[IPMRK
7TVMROPIV -HIRXMJMGEXMSR %PP WTVMROPIVW WLEPP FI TIVQE RIRXP] QEVOIH [MXL SRI SV X[S )RKPMWL YTTIVGEWI EPTLEFIXMG GLEVEGXIVW XS MHIRXMJ] XLI QERYJEGXYVIV MQQIHMEXIP] JSPPS[IH F] XLVII SV JSYV RYQFIVW XS YRMUYIP] MHIRXMJ] E WTVMROPIV EW XS /JEGXSV SVMJMGI WM^I SV SVMJMGI WLETI HIJPIGXSV GLEVEGXIVMWXMG TVIWWYVI VEXMRK ERH XLIVQEP WIRWMXMZMX] 7TVMROPIV (MWGLEVKI 'LEVEGXIVMWXMGW
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v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
+IRIVEP 9RPIWW XLI VIUYMVIQIRXW SJ SV EVI QIX XLI /JEGXSV VIPEXMZI HMWGLEVKI ERH QEVO MRK MHIRXMJMGEXMSR JSV WTVMROPIVW LEZMRK HMJJIVIRX /JEGXSVW WLEPP FI MR EGGSVHERGI [MXL 8EFPI 4MTI 8LVIEHW 0MWXIH WTVMROPIVW LEZMRK TMTI XLVIEHW HMJJIVIRX JVSQ XLSWI WLS[R MR 8EFPI WLEPP FI TIVQMXXIH /*EGXSVW +VIEXIV XLER / 7TVMROPIVW PMWXIH [MXL RSQMREP /JEGXSVW KVIEXIV XLER / WLEPP MRGVIEWI XLI JPS[ F] TIVGIRX MRGVIQIRXW [LIR GSQTEVIH [MXL E RSQMREP / WTVMROPIV 6IWMHIRXMEP 7TVMROPIVW 6IWMHIRXMEP WTVMROPIVW WLEPP FI TIVQMXXIH [MXL /JEGXSVW SXLIV XLER XLSWI WTIGMJMIH MR 8EFPI '17% ERH )7*6 /*EGXSVW 'SRXVSP QSHI WTIGMJMG ET TPMGEXMSR '17% ERH IEVP] WYTTVIWWMSR JEWXVIWTSRWI )7*6 WTVMROPIVW WLEPP LEZI E QMRMQYQ RSQMREP /JEGXSV SJ / )7*6 /*EGXSV )7*6 WTVMROPIV /JEGXSV WLEPP FI WI PIGXIH EW ETTVSTVMEXI JSV XLI LE^EVH 7II 'LETXIV 3GGYTERG] 0MQMXEXMSRW 9RPIWW XLI VIUYMVIQIRXW SJ SV EVI QIX WTVMROPIVW WLEPP RSX FI PMWXIH JSV TVSXIGXMSR SJ E TSVXMSR SJ ER SGGYTERG] GPEWWMJMGEXMSR 6IWMHIRXMEP 7TVMROPIVW 6IWMHIRXMEP WTVMROPIVW WLEPP FI TIVQMXXIH XS FI PMWXIH JSV TSVXMSRW SJ VIWMHIRXMEP SGGYTERGMIW EW HIJMRIH MR 7TIGMEP 7TVMROPIVW 7TIGMEP WTVMROPIVW WLEPP FI TIVQMX XIH XS FI PMWXIH JSV TVSXIGXMSR SJ E WTIGMJMG GSRWXVYGXMSR JIEXYVI MR E TSVXMSR SJ ER SGGYTERG] GPEWWMJMGEXMSR 7II 8IQTIVEXYVI 'LEVEGXIVMWXMGW %YXSQEXMG WTVMROPIVW WLEPP LEZI XLIMV JVEQI EVQW HI JPIGXSV GSEXMRK QEXIVMEP SV PMUYMH FYPF GSPSVIH MR EGGSVHERGI [MXL XLI VIUYMVIQIRXW SJ 8EFPI SV XLI VIUYMVIQIRXW SJ SV % HSX SR XLI XST SJ XLI HIJPIGXSV XLI GSPSV SJ XLI GSEXMRK QEXIVMEP SV GSPSVIH JVEQI EVQW WLEPP FI TIVQMXXIH JSV GSPSV MHIRXMJMGEXMSR SJ GSVVSWMSRVIWMWXERX WTVMROPIVW 'SPSV MHIRXMJMGEXMSR WLEPP RSX FI VIUYMVIH JSV SVRE QIRXEP WTVMROPIVW WYGL EW JEGXSV]TPEXIH SV JEGXSV]TEMRXIH WTVMROPIVW SV JSV VIGIWWIH JPYWL SV GSRGIEPIH WTVMROPIVW 8LI JVEQI EVQW SJ FYPFX]TI WTVMROPIVW WLEPP RSX FI VIUYMVIH XS FI GSPSV GSHIH 8LI PMUYMH MR FYPFX]TI WTVMROPIVW WLEPP FI GSPSV GSHIH MR EGGSVHERGI [MXL 8EFPI
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9RHIVKVSYRH TMTI WLEPP FI TIVQMXXIH XS I\XIRH MRXS XLI FYMPHMRK XLVSYKL XLI WPEF SV [EPP RSX QSVI XLER MR QQ
2SRQIXEPPMG TMTI MR EGGSVHERGI [MXL 8EFPI WLEPP FI MRZIWXMKEXIH JSV WYMXEFMPMX] MR EYXSQEXMG WTVMROPIV MR WXEPPEXMSRW ERH PMWXIH JSV XLMW WIVZMGI
7XIIP TMTI WLEPP FI MR EGGSVHERGI [MXL SV
3XLIV X]TIW SJ RSRQIXEPPMG TMTI SV XYFI MRZIWXM KEXIH JSV WYMXEFMPMX] MR EYXSQEXMG WTVMROPIV MRWXEPPEXMSRW ERH PMWXIH JSV XLMW WIVZMGI MRGPYHMRK FYX RSX PMQMXIH XS '4:' ERH HMJJIVMRK JVSQ XLEX TVSZMHIH MR 8EFPI WLEPP FI TIVQMX XIH [LIVI MRWXEPPIH MR EGGSVHERGI [MXL XLIMV PMWXMRK PMQMXEXMSRW
'STTIV XYFI WLEPP FI MR EGGSVHERGI [MXL 2SRQIXEPPMG TMTI WLEPP FI MR EGGSVHERGI [MXL &VEWW TMTI WLEPP FI MR EGGSVHERGI [MXL 7XEMRPIWW WXIIP TMTI WLEPP FI MR EGGSVHERGI [MXL
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0MWXIH RSRQIXEPPMG TMTI WLEPP FI MRWXEPPIH MR EGGSV HERGI [MXL MXW PMWXMRK PMQMXEXMSRW MRGPYHMRK MRWXEPPEXMSR MRWXVYG XMSRW
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR2SZIQFIVXS(%6%0,%2(%7%,2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH [MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK
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7=78)1 '31432)287 %2( ,%6(;%6)
1ERYJEGXYVIVvW MRWXEPPEXMSR MRWXVYGXMSRW WLEPP MR GPYHI MXW PMWXMRK PMQMXEXMSRW ;LIR RSRQIXEPPMG TMTI MW YWIH MR W]WXIQW YXMPM^MRK WXIIP TMTMRK MRXIVREPP] GSEXIH [MXL GSVVSWMSR MRLMFMXSVW XLI WXIIP TMTI GSEXMRK WLEPP FI PMWXIH JSV GSQTEXMFMPMX] [MXL XLI RSR QIXEPPMG TMTI QEXIVMEPW ;LIR RSRQIXEPPMG TMTI MW YWIH MR W]WXIQW YXMPM^MRK WXIIP TMTI XLEX MW RSX MRXIVREPP] GSEXIH [MXL GSVVSWMSR MRLMFM XSVW RS EHHMXMSREP IZEPYEXMSRW WLEPP FI VIUYMVIH ;LIR RSRQIXEPPMG TMTI MW YWIH MR W]WXIQW YXMPM^MRK WXIIP TMTI GYXXMRK SMPW ERH PYFVMGERXW YWIH JSV JEFVMGEXMSR SJ XLI WXIIP TMTMRK WLEPP FI GSQTEXMFPI [MXL XLI RSRQIXEPPMG TMTI QEXIVMEPW MR EGGSVHERGI [MXL *MVIWXSTTMRK QEXIVMEPW MRXIRHIH JSV YWI SR RSRQI XEPPMG TMTMRK TIRIXVEXMSRW WLEPP FI GSQTEXMFPI [MXL XLI RSRQI XEPPMG TMTI QEXIVMEPW MR EGGSVHERGI [MXL 2SRQIXEPPMG TMTI PMWXIH JSV PMKLX LE^EVH SGGYTERGMIW WLEPP FI TIVQMXXIH XS FI MRWXEPPIH MR SVHMREV] LE^EVH VSSQW SJ SXLIV[MWI PMKLX LE^EVH SGGYTERGMIW [LIVI XLI VSSQ HSIW RSX I\GIIH JX Q 2SRQIXEPPMG TMTI MRWXEPPIH MR EGGSVHERGI [MXL WLEPP FI TIVQMXXIH XS FI MRWXEPPIH I\TSWIH MR EGGSV HERGI [MXL XLI PMWXMRK 2SRQIXEPPMG TMTI WLEPP RSX FI PMWXIH JSV TSVXMSRW SJ ER SGGYTERG] GPEWWMJMGEXMSR &IRHMRK SJ PMWXIH RSRQIXEPPMG TMTI SV XYFMRK WLEPP FI TIVQMXXIH EW EPPS[IH F] XLI PMWXMRK 0MWXIH 1IXEPPMG 4MTI ERH 8YFMRK 3XLIV X]TIW SJ TMTI SV XYFI MRZIWXMKEXIH JSV WYMXEFMP MX] MR EYXSQEXMG WTVMROPIV MRWXEPPEXMSRW ERH PMWXIH JSV XLMW WIV ZMGI MRGPYHMRK WXIIP ERH HMJJIVMRK JVSQ XLEX TVSZMHIH MR 8EFPI WLEPP FI TIVQMXXIH [LIVI MRWXEPPIH MR EGGSVHERGI [MXL XLIMV PMWXMRK PMQMXEXMSRW MRGPYHMRK MRWXEPPEXMSR MRWXVYGXMSRW 4MTI SV XYFI PMWXIH SRP] JSV PMKLX LE^EVH SGGYTERGMIW WLEPP FI TIVQMXXIH XS FI MRWXEPPIH MR SVHMREV] LE^EVH VSSQW SJ SXLIV[MWI PMKLX LE^EVH SGGYTERGMIW [LIVI XLI VSSQ HSIW RSX I\GIIH JX Q 4MTI SV XYFI MRWXEPPIH MR EGGSVHERGI [MXL WLEPP FI TIVQMXXIH XS FI MRWXEPPIH I\TSWIH MR EGGSVHERGI [MXL XLI PMWXMRK
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-R EHHMXMSR XS XLI WXERHEVHW MR 8EFPI RSRQIXEPPMG JMXXMRKW WLEPP EPWS FI MR EGGSVHERGI [MXL
4MTI ERH 8YFI -HIRXMJMGEXMSR
2SRQIXEPPMG *MXXMRKW 2SRQIXEPPMG JMXXMRKW MR EGGSVHERGI [MXL 8EFPI WLEPP FI MRZIWXMKEXIH JSV WYMXEFMPMX] MR EYXSQEXMG WTVMROPIV MRWXEPPEXMSRW ERH PMWXIH JSV XLMW WIVZMGI 0MWXIH RSRQIXEP PMG JMXXMRKW WLEPP FI MRWXEPPIH MR EGGSVHERGI [MXL XLIMV PMWXMRK PMQM XEXMSRW MRGPYHMRK MRWXEPPEXMSR MRWXVYGXMSRW
%PP TMTI WLEPP FI QEVOIH EPSRK MXW PIRKXL F] XLI QERYJEGXYVIV MR WYGL E [E] EW XS TVSTIVP] MHIRXMJ] XLI X]TI SJ TMTI 8LI QEVOMRK WLEPP FI ZMWMFPI SR IZIV] TMIGI SJ TMTI SZIV JX QQ PSRK 4MTI MHIRXMJMGEXMSR WLEPP MRGPYHI XLI QERYJEGXYVIVvW REQI QSHIP HIWMKREXMSR SV WGLIHYPI *MXXMRKW *MXXMRKW YWIH MR WTVMROPIV W]WXIQW WLEPP QIIX SV I\GIIH XLI WXERHEVHW MR 8EFPI SV FI MR EGGSVHERGI [MXL SV
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)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR2SZIQFIVXS(%6%0,%2(%7%,2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH [MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK
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
% WMRKPI I\XIRWMSR JMXXMRK YT XS E QE\MQYQ SJ MR QQ MR PIRKXL WLEPP FI TIVQMXXIH XS FI MRWXEPPIH [MXL E WTVMROPIV )\XIRWMSR JMXXMRKW PSRKIV XLER MR QQ WLEPP RSX FI TIVQMXXIH YRPIWW WTIGMJMGEPP] PMWXIH )\XIRWMSR JMXXMRKW WLEPP FI MRGPYHIH MR XLI L]HVEYPMG GEPGYPEXMSRW )\XIRWMSR JMXXMRKW MR QQ ERH PIWW WLEPP RSX FI VIUYMVIH XS FI MRGPYHIH MR XLI L]HVEYPMG GEPGYPEXMSRW .SMRMRK SJ 4MTI ERH *MXXMRKW 8LVIEHIH 4MTI ERH *MXXMRKW %PP XLVIEHIH TMTI ERH JMXXMRKW WLEPP LEZI XLVIEHW GYX XS %71) & 4MTI 8LVIEHW +IRIVEP 4YVTSWI -RGL 7XIIP TMTI [MXL [EPP XLMGORIWWIW PIWW XLER 7GLIHYPI ?MR WM^IW MR QQ ERH PEVKIVA SV 7GLIHYPI ?MR WM^IW PIWW XLER MR QQ A WLEPP SRP] FI TIVQMXXIH XS FI NSMRIH F] XLVIEHIH JMXXMRKW [LIVI XLI XLVIEHIH EWWIQFP] MW MRZIWXM KEXIH JSV WYMXEFMPMX] MR EYXSQEXMG WTVMROPIV MRWXEPPEXMSRW ERH PMWXIH JSV XLMW WIVZMGI .SMRX GSQTSYRH SV XETI WLEPP FI ETTPMIH SRP] XS QEPI XLVIEHW ;IPHIH 4MTI ERH *MXXMRKW +IRIVEP ;IPHMRK WLEPP FI TIVQMXXIH EW E QIERW SJ NSMRMRK WTVMROPIV TMTMRK MR EGGSVHERGI [MXL XLVSYKL *EFVMGEXMSR ;LIR [IPHMRK WTVMROPIV TMTI XLI TMTI WLEPP FI WLST [IPHIH YRPIWW XLI VIUYMVIQIRXW SJ SV EVI QIX
6IHYGIVW ERH &YWLMRKW
;LIVI XLI HIWMKR WTIGMJMGEXMSRW VIUYMVI ER] TEVX SJ XLI TMTMRK W]WXIQ XS FI [IPHIH MR TPEGI [IPHMRK SJ WTVMROPIV TMTMRK WLEPP FI TIVQMXXIH [LIVI XLI [IPHMRK TVSGIWW MW TIV JSVQIH MR EGGSVHERGI [MXL 2*4% & ERH XLI QIGLERMGEP JMX XMRKW VIUYMVIH F] ERH EVI TVSZMHIH
9RPIWW XLI VIUYMVIQIRXW SJ SV EVI QIX E SRITMIGI VIHYGMRK JMXXMRK WLEPP FI YWIH [LIVIZIV E GLERKI MW QEHI MR XLI WM^I SJ XLI TMTI
8EFW JSV PSRKMXYHMREP IEVXLUYEOI FVEGMRK WLEPP FI TIVQMXXIH XS FI [IPHIH XS MRTPEGI TMTMRK [LIVI XLI [IPHMRK TVSGIWW MW TIVJSVQIH MR EGGSVHERGI [MXL 2*4% &
,I\EKSREP SV JEGI FYWLMRKW WLEPP FI TIVQMXXIH MR VI HYGMRK XLI WM^I SJ STIRMRKW SJ JMXXMRKW [LIR WXERHEVH JMXXMRKW SJ XLI VIUYMVIH WM^I EVI RSX EZEMPEFPI
;IPHMRK WLEPP RSX FI TIVJSVQIH [LIVI XLIVI MW MQ TMRKIQIRX SJ VEMR WRS[ WPIIX SV LMKL [MRH SR XLI [IPH EVIE SJ XLI TMTI TVSHYGX
,I\EKSREP FYWLMRKW EW TIVQMXXIH MR WLEPP FI TIVQMXXIH XS FI YWIH
8SVGL GYXXMRK ERH [IPHMRK WLEPP RSX FI TIVQMXXIH EW E QIERW SJ QSHMJ]MRK SV VITEMVMRK WTVMROPIV W]WXIQW
8LI VIUYMVIQIRXW SJ ERH WLEPP RSX ET TP] XS '4:' JMXXMRKW
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8LI MRXIVREP HMEQIXIV SJ I\XIRWMSR JMXXMRKW WLEPP LEZI XLI WEQI RSQMREP MRPIX HMEQIXIV SJ XLI EXXEGLIH WTVMROPIV
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7=78)1 '31432)287 %2( ,%6(;%6)
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UYEPMJMGEXMSR WXERHEVH EW VIUYMVIH F] XLI EYXLSVMX] LEZMRK NY VMWHMGXMSR I\GITX EW TIVQMXXIH F] 7YGGIWWJYP TVSGIHYVI UYEPMJMGEXMSR SJ GSQTPIXI NSMRX TIRIXVEXMSR KVSSZI [IPHW WLEPP UYEPMJ] TEVXMEP NSMRX TIR IXVEXMSR KVSSZIJMPPIX [IPHW ERH JMPPIX [IPHW MR EGGSVHERGI [MXL XLI TVSZMWMSRW SJ XLMW WXERHEVH ;IPHMRK TVSGIHYVIW UYEPMJMIH YRHIV WXERHEVHW VIG SKRM^IH F] TVIZMSYW IHMXMSRW SJ XLMW WXERHEVH WLEPP FI TIVQMX XIH XS FI GSRXMRYIH MR YWI 'SRXVEGXSVW SV JEFVMGEXSVW WLEPP FI VIWTSRWMFPI JSV EPP [IPHMRK XLI] TVSHYGI )EGL GSRXVEGXSV SV JEFVMGEXSV WLEPP LEZI EZEMPEFPI XS XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR ER IWXEFPMWLIH [VMXXIR UYEPMX] EWWYVERGI TVSGIHYVI IRWYVMRK GSQTPMERGI [MXL XLI VIUYMVI QIRXW SJ 6IGSVHW ;IPHIVW SV [IPHMRK QEGLMRI STIVEXSVW WLEPP YTSR GSQTPIXMSR SJ IEGL [IPHIH TMTI TPEGI XLIMV MHIRXMJMEFPI QEVO SV PEFIP SRXS IEGL TMIGI EHNEGIRX XS E [IPH 'SRXVEGXSVW SV JEFVMGEXSVW WLEPP QEMRXEMR GIVXMJMIH VIGSVHW [LMGL WLEPP FI EZEMPEFPI XS XLI EYXLSVMX] LEZMRK NYVMW HMGXMSR SJ XLI TVSGIHYVIW YWIH ERH XLI [IPHIVW SV [IPHMRK QEGLMRI STIVEXSVW IQTPS]IH F] XLIQ EPSRK [MXL XLIMV [IPH MRK MHIRXMJMGEXMSR 6IGSVHW WLEPP WLS[ XLI HEXI ERH XLI VIWYPXW SJ TVS GIHYVI ERH TIVJSVQERGI UYEPMJMGEXMSRW +VSSZI .SMRMRK 1IXLSHW
,SPIW MR TMTMRK JSV SYXPIXW WLEPP FI GYX XS XLI JYPP MRWMHI HMEQIXIV SJ JMXXMRKW TVMSV XS [IPHMRK MR TPEGI SJ XLI JMX XMRKW (MWGW WLEPP FI VIXVMIZIH 3TIRMRKW GYX MRXS TMTMRK WLEPP FI WQSSXL FSVI ERH EPP MRXIVREP WPEK ERH [IPHMRK VIWMHYI WLEPP FI VIQSZIH *MXXMRKW WLEPP RSX TIRIXVEXI XLI MRXIVREP HMEQIXIV SJ XLI TMTMRK 7XIIP TPEXIW WLEPP RSX FI [IPHIH XS XLI IRHW SJ TMTMRK SV JMXXMRKW *MXXMRKW WLEPP RSX FI QSHMJMIH 2YXW GPMTW I]I VSHW ERKPI FVEGOIXW SV SXLIV JEWXIRIVW WLEPP RSX FI [IPHIH XS TMTI SV JMXXMRKW I\GITX EW TIVQMXXIH MR ERH 'SQTPIXIH [IPHW WLEPP FI JVII JVSQ GVEGOW MRGSQTPIXI MR QQ HM JYWMSR WYVJEGI TSVSWMX] KVIEXIV XLER EQIXIV ERH YRHIVGYX HIITIV XLER TIVGIRX SJ XLI [EPP XLMGORIWW SV MR QQ [LMGLIZIV MW PIWW 'SQTPIXIH GMVGYQJIVIRXMEP FYXX [IPH VIMRJSVGIQIRX WLEPP MR QQ RSX I\GIIH
4MTI JMXXMRKW ZEPZIW ERH HIZMGIW XS FI NSMRIH [MXL KVSSZIH GSYTPMRKW WLEPP GSRXEMR GYX VSPPIH SV GEWX KVSSZIW XLEX EVI HMQIRWMSREPP] GSQTEXMFPI [MXL XLI GSYTPMRKW
5YEPMJMGEXMSRW
7SPHIV NSMRXW WLEPP FI TIVQMXXIH JSV I\TSWIH [IX TMTI W]WXIQW MR PMKLX LE^EVH SGGYTERGMIW [LIVI XLI XIQTIVEXYVI GPEWWMJMGEXMSR SJ XLI MRWXEPPIH WTVMROPIVW MW SJ XLI SVHMREV] SV MRXIVQIHMEXIXIQTIVEXYVI GPEWWMJMGEXMSR
% [IPHMRK TVSGIHYVI WLEPP FI TVITEVIH ERH UYEPM JMIH F] XLI GSRXVEGXSV SV JEFVMGEXSV FIJSVI ER] [IPHMRK MW HSRI 5YEPMJMGEXMSR SJ XLI [IPHMRK TVSGIHYVI XS FI YWIH ERH XLI TIVJSVQERGI SJ EPP [IPHIVW ERH [IPHMRK STIVEXSVW WLEPP FI VIUYMVIH ERH WLEPP QIIX SV I\GIIH XLI VIUYMVIQIRXW SJ %;7 & 7TIGMJMGEXMSR JSV ;IPHMRK 4VSGIHYVI ERH 4IVJSVQERGI 5YEPMJMGEXMSR %71) &SMPIV ERH 4VIWWYVI :IWWIP 'SHI 7IGXMSR -SRI SJ -RJPYIRGI PF * ! OWM 7GLIHYPI 7XIIP 4MTI
8EFPI 0MWXIH ,SVM^SRXEP 0SEH %HNYWXQIRX &VEGI %RKPI (IKVIIW JVSQ :IVXMGEP XS XS XS
4MTI MR %PPS[EFPI ,SVM^SRXEP 0SEH 0MWXIH PSEH VEXMRK HMZMHIH F] 0MWXIH PSEH VEXMRK HMZMHIH F] 0MWXIH PSEH VEXMRK HMZMHIH F] 0MWXIH PSEH VEXMRK
1E\MQYQ EPPS[EFPI LSVM^SRXEP PSEHW WLEPP FI HI XIVQMRIH F] XIWXMRK EX ERKPIW SJ ERH HIKVIIW JVSQ ZIVXMGEP ERH GSRJMVQIH XS FI IUYEP XS SV KVIEXIV XLER XLSWI GEPGYPEXIH YWMRK *SV EXXEGLQIRXW XS WXVYGXYVIW EHHMXMSREP XIWXW WLEPP FI TIVJSVQIH EX HIKVIIW 'SQTSRIRX 1EXIVMEP 9RPIWW TIVQMXXIH F] GSQTSRIRXW SJ W[E] FVEGI EWWIQFPMIW WLEPP FI JIVVSYW 2SRJIVVSYW GSQTSRIRXW XLEX LEZI FIIR TVSZIR F] JMVI XIWXW XS FI EHIUYEXI JSV XLI LE^EVH ETTPMGEXMSR XLEX EVI
ERH PEVKIV
0EXIVEP 7[E] &VEGI 7TEGMRK JX
2SXI %781 % +VEHI & SV %781 % +VEHI & LEW ER * ! OWM %R * ! OWM [EW YWIH EW E GSRWIVZEXMZI ZEPYI XS EGGSYRX JSV HMJJIVIRGIW MR QEXIVMEP TVSTIVXMIW EW [IPP EW SXLIV STIVEXMSREP WXVIWWIW 8LI XEFPIW JSV XLI QE\MQYQ PSEH * MR ^SRI SJ MRJPYIRGI EVI FEWIH SR WTIGMJMG GSRJMKYVEXMSRW SJ QEMRW ERH FVERGL PMRIW %WWYQIW FVERGL PMRIW EX GIRXIV SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX XLMVHTSMRXW SJ TMTI WTER ERH RIEV IEGL WYT TSVX %WWYQIW FVERGL PMRIW EX UYEVXIVTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX 0EVKIV HMEQIXIV TMTI GER FI YWIH [LIR NYWXMJMIH F] IRKMRIIVMRK EREP]WMW
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR2SZIQFIVXS(%6%0,%2(%7%,2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH [MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK
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8EFPI F 1E\MQYQ 0SEH * MR >SRI SJ -RJPYIRGI OK * ! 2QQ 7GLIHYPI 7XIIP 4MTI 0EXIVEP 7[E] &VEGI 7TEGMRK Q 4MTI QQ
8EFPI H 1E\MQYQ 0SEH * MR >SRI SJ -RJPYIRGI OK * ! 2QQ 7GLIHYPI 7XIIP 4MTI 0EXIVEP 7[E] &VEGI 7TEGMRK Q
4MTI QQ
2SXI %781 % +VEHI & SV %781 % +VEHI & LEW ER *] ! 2 QQ %R * ! 2QQ [EW YWIH EPWS EW E GSRWIVZEXMZI ZEPYI XS EGGSYRX JSV HMJJIVIRGIW MR QEXIVMEP TVSTIVXMIW EW [IPP EW SXLIV STIVE XMSREP WXVIWWIW 8LI XEFPIW JSV XLI QE\MQYQ PSEH * MR ^SRI SJ MRJPYIRGI EVI FEWIH SR WTIGMJMG GSRJMKYVEXMSRW SJ QEMRW ERH FVERGL PMRIW %WWYQIW FVERGL PMRIW EX GIRXIV SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX XLMVHTSMRXW SJ TMTI WTER ERH RIEV IEGL WYT TSVX %WWYQIW FVERGL PMRIW EX UYEVXIVTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX 0EVKIV HMEQIXIV TMTI GER FI YWIH [LIR NYWXMJMIH F] IRKMRIIVMRK EREP]WMW
2SXI %781 % +VEHI & SV %781 % +VEHI & LEW ER * ! 2 QQ %R * ! 2QQ [EW YWIH EPWS EW E GSRWIVZEXMZI ZEPYI XS EGGSYRX JSV HMJJIVIRGIW MR QEXIVMEP TVSTIVXMIW EW [IPP EW SXLIV STIVE XMSREP WXVIWWIW 8LI XEFPIW JSV XLI QE\MQYQ PSEH * MR ^SRI SJ MRJPYIRGI EVI FEWIH SR WTIGMJMG GSRJMKYVEXMSRW SJ QEMRW ERH FVERGL PMRIW %WWYQIW FVERGL PMRIW EX GIRXIV SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX XLMVHTSMRXW SJ TMTI WTER ERH RIEV IEGL WYT TSVX %WWYQIW FVERGL PMRIW EX UYEVXIVTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX 0EVKIV HMEQIXIV TMTI GER FI YWIH [LIR NYWXMJMIH F] IRKMRIIVMRK EREP]WMW
8EFPI G 1E\MQYQ 0SEH * MR >SRI SJ -RJPYIRGI PF * ! OWM 7GLIHYPI 7XIIP 4MTI
8EFPI I 1E\MQYQ 0SEH * MR >SRI SJ -RJPYIRGI PF * ! OWM 7GLIHYPI 7XIIP 4MTI
4MTI MR ERH PEVKIV
0EXIVEP 7[E] &VEGI 7TEGMRK JX
2SXI %781 % +VEHI & SV %781 % +VEHI & LEW ER * ! OWM %R * ! OWM [EW YWIH EW E GSRWIVZEXMZI ZEPYI XS EGGSYRX JSV HMJJIVIRGIW MR QEXIVMEP TVSTIVXMIW EW [IPP EW SXLIV STIVEXMSREP WXVIWWIW 8LI XEFPIW JSV XLI QE\MQYQ PSEH * MR ^SRI SJ MRJPYIRGI EVI FEWIH SR WTIGMJMG GSRJMKYVEXMSRW SJ QEMRW ERH FVERGL PMRIW %WWYQIW FVERGL PMRIW EX GIRXIV SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX XLMVHTSMRXW SJ TMTI WTER ERH RIEV IEGL WYT TSVX %WWYQIW FVERGL PMRIW EX UYEVXIVTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX 0EVKIV HMEQIXIV TMTI GER FI YWIH [LIR NYWXMJMIH F] IRKMRIIVMRK EREP]WMW
)HMXMSR
0EXIVEP 7[E] &VEGI 7TEGMRK JX 4MTI MR
2SXI %781 % +VEHI & SV %781 % +VEHI & LEW ER * ! OWM %R * ! OWM [EW YWIH EW E GSRWIVZEXMZI ZEPYI XS EGGSYRX JSV HMJJIVIRGIW MR QEXIVMEP TVSTIVXMIW EW [IPP EW SXLIV STIVEXMSREP WXVIWWIW 8LI XEFPIW JSV XLI QE\MQYQ PSEH * MR ^SRI SJ MRJPYIRGI EVI FEWIH SR WTIGMJMG GSRJMKYVEXMSRW SJ QEMRW ERH FVERGL PMRIW %WWYQIW FVERGL PMRIW EX GIRXIV SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX XLMVHTSMRXW SJ TMTI WTER ERH RIEV IEGL WYT TSVX %WWYQIW FVERGL PMRIW EX UYEVXIVTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX 0EVKIV HMEQIXIV TMTI GER FI YWIH [LIR NYWXMJMIH F] IRKMRIIVMRK EREP]WMW
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR2SZIQFIVXS(%6%0,%2(%7%,2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH [MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK
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,%2+-2+ &6%'-2+ %2( 6)786%-28 3* 7=78)1 4-4-2+
8EFPI J 1E\MQYQ 0SEH * MR >SRI SJ -RJPYIRGI OK * ! 2QQ 7GLIHYPI 7XIIP 4MTI 0EXIVEP 7[E] &VEGI 7TEGMRK Q 4MTI QQ
2SXI %781 % +VEHI & SV %781 % +VEHI & LEW ER * ! 2 QQ %R * ! 2QQ [EW YWIH EPWS EW E GSRWIVZEXMZI ZEPYI XS EGGSYRX JSV HMJJIVIRGIW MR QEXIVMEP TVSTIVXMIW EW [IPP EW SXLIV STIVE XMSREP WXVIWWIW 8LI XEFPIW JSV XLI QE\MQYQ PSEH * MR ^SRI SJ MRJPYIRGI EVI FEWIH SR WTIGMJMG GSRJMKYVEXMSRW SJ QEMRW ERH FVERGL PMRIW %WWYQIW FVERGL PMRIW EX GIRXIV SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX XLMVHTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX UYEVXIVTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX 0EVKIV HMEQIXIV TMTI GER FI YWIH [LIR NYWXMJMIH F] IRKMRIIVMRK EREP]WMW
8EFPI L 1E\MQYQ 0SEH * MR >SRI SJ -RJPYIRGI OK * ! 2QQ '4:' 4MTI 0EXIVEP 7[E] &VEGI 7TEGMRK Q 4MTI QQ
8LI XEFPIW JSV XLI QE\MQYQ PSEH * MR ^SRI SJ MRJPYIRGI EVI FEWIH SR WTIGMJMG GSRJMKYVEXMSRW SJ QEMRW ERH FVERGL PMRIW %WWYQIW FVERGL PMRIW EX GIRXIV SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX XLMVHTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX UYEVXIVTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX
8EFPI M 1E\MQYQ 0SEH * MR >SRI SJ -RJPYIRGI PF * ! OWM 8]TI 1 'STTIV 8YFI [MXL 7SPHIVIH .SMRXW 0EXIVEP 7[E] &VEGI 7TEGMRK JX 4MTI MR
8EFPI K 1E\MQYQ 0SEH * MR >SRI SJ -RJPYIRGI PF * ! OWM '4:' 4MTI 0EXIVEP 7[E] &VEGI 7TEGMRK JX 4MTI MR
8LI XEFPIW JSV XLI QE\MQYQ PSEH * MR ^SRI SJ MRJPYIRGI EVI FEWIH SR WTIGMJMG GSRJMKYVEXMSRW SJ QEMRW ERH FVERGL PMRIW %WWYQIW FVERGL PMRIW EX GIRXIV SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX XLMVHTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX UYEVXIVTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX
8LI XEFPIW JSV XLI QE\MQYQ PSEH * MR ^SRI SJ MRJPYIRGI EVI FEWIH SR WTIGMJMG GSRJMKYVEXMSRW SJ QEMRW ERH FVERGL PMRIW %WWYQIW FVERGL PMRIW EX GIRXIV SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX XLMVHTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX UYEVXIVTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX 0EVKIV HMEQIXIV TMTI GER FI YWIH [LIR NYWXMJMIH F] IRKMRIIVMRK EREP]WMW
8LI QE\MQYQ PSEH * MR XLI ^SRI SJ MRJPYIRGI JSV WTIGMEPP] PMWXIH TMTI WLEPP FI GEPGYPEXIH 7II %RRI\ ) 8LI VIUYMVIQIRXW SJ WLEPP RSX ETTP] XS MR QQ WXEVXIV TMIGIW XLEX HS RSX I\GIIH JX Q MR PIRKXL 8LI HMWXERGI FIX[IIR XLI PEWX FVEGI ERH XLI IRH SJ XLI TMTI WLEPP RSX I\GIIH JX Q
7TEGMRK WLEPP RSX I\GIIH E QE\MQYQ MRXIVZEP SJ JX Q SR GIRXIV 8LI QE\MQYQ TIVQMWWMFPI PSEH MR XLI ^SRI SJ MRJPYIRGI SJ E W[E] FVEGI WLEPP RSX I\GIIH XLI ZEPYIW KMZIR MR 8EFPI E XLVSYKL 8EFPI P SV XLI ZEPYIW GEP GYPEXIH MR EGGSVHERGI [MXL ;LIR HIXIVQMRMRK TIVQMWWMFPI PSEHW MR EGGSV HERGI [MXL SV SR E QEMR [MXL ZEV]MRK WM^IW XLI EPPS[EFPI PSEH WLEPP FI FEWIH SR XLI WQEPPIWX TMTI WM^I [MXLMR XLI ^SRI SJ MRJPYIRGI
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
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR2SZIQFIVXS(%6%0,%2(%7%,2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH [MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK
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8EFPI N 1E\MQYQ 0SEH * MR >SRI SJ -RJPYIRGI OK * ! 2QQ 8]TI 1 'STTIV 8YFI [MXL 7SPHIVIH .SMRXW
8EFPI P 1E\MQYQ 0SEH * MR >SRI SJ -RJPYIRGI PFW * ! OWM 6IH &VEWW 4MTI [MXL &VE^IH .SMRXW 0EXIVEP 7[E] 7TEGMRK JX
0EXIVEP 7[E] &VEGI 7TEGMRK Q 4MTI QQ
(MEQIXIV
8LI XEFPIW JSV XLI QE\MQYQ PSEH * MR ^SRI SJ MRJPYIRGI EVI FEWIH SR WTIGMJMG GSRJMKYVEXMSRW SJ QEMRW ERH FVERGL PMRIW %WWYQIW FVERGL PMRIW EX GIRXIV SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX XLMVHTSMRXW SJ TMTI WTER ERH RIEV IEGL WYT TSVX %WWYQIW FVERGL PMRIW EX UYEVXIVTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX 0EVKIV HMEQIXIV TMTI GER FI YWIH [LIR NYWXMJMIH F] IRKMRIIVMRK EREP]WMW
8EFPI O 1E\MQYQ 0SEH * MR >SRI SJ -RJPYIRGI PFW * ! OWM 8]TI 1 'STTIV 8YFI [MXL &VE^IH .SMRXW
8LI XEFPIW JSV XLI QE\MQYQ PSEH * MR ^SRI SJ MRJPYIRGI EVI FEWIH SR WTIGMJMG GSRJMKYVEXMSRW SJ QEMRW ERH FVERGL PMRIW %WWYQIW FVERGL PMRIW EX GIRXIV SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX XLMVHTSMRXW SJ TMTI WTER ERH RIEV IEGL WYT TSVX %WWYQIW FVERGL PMRIW EX UYEVXIVTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX 0EVKIV HMEQIXIV TMTI GER FI YWIH [LIR NYWXMJMIH F] IRKMRIIVMRK EREP]WMW
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
)HMXMSR
8LI XEFPIW JSV XLI QE\MQYQ PSEH * MR ^SRI SJ MRJPYIRGI EVI FEWIH SR WTIGMJMG GSRJMKYVEXMSRW SJ QEMRW ERH FVERGL PMRIW %WWYQIW FVERGL PMRIW EX GIRXIV SJ TMTI WTER ERH RIEV IEGL WYTTSVX %WWYQIW FVERGL PMRIW EX XLMVHTSMRXW SJ TMTI WTER ERH RIEV IEGL WYT TSVX %WWYQIW FVERGL PMRIW EX UYEVXIVTSMRXW SJ TMTI WTER ERH RIEV IEGL WYTTSVX 0EVKIV HMEQIXIV TMTI GER FI YWIH [LIR NYWXMJMIH F] IRKMRIIVMRK EREP]WMW
%X PIEWX TIVGIRX SJ EPP XLI LERKIVW SR XLI FVERGL PMRI WLEPP QIIX XLI VIUYMVIQIRXW SJ 'SRWIGYXMZI LERKIVW SR XLI FVERGL PMRI WLEPP RSX FI TIV QMXXIH XS I\GIIH XLI PMQMXEXMSR MR
0EXIVEP 7[E] 7TEGMRK JX (MEQIXIV
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
8EFPI 7IMWQMG 'SIJJMGMIRX 8EFPI 7 SV PIWW
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7
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;LIR VMWIV RMTTPIW EVI TVSZMHIH MR W]WXIQW VIUYMV MRK WIMWQMG TVSXIGXMSR XLI] WLEPP WEXMWJ] XLI JSPPS[MRK IUYE XMSR YRPIWW SRI SJ XLI JSPPS[MRK GSRHMXMSRW MW QIX ;LIVI VMWIV RMTTPIW EVI JX Q SV PIWW MR PIRKXL ERH ' MW SV PIWW ;LIVI VMWIV RMTTPIW EVI JX QQ SV PIWW MR PIRKXL ERH ' MW PIWW XLER ;LIVI VMWIV RMTTPIW EVI JX QQ MR PIRKXL SV PIWW ERH ' MW PIWW XLER MW ,V ;T 'T 7
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
)HMXMSR
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7[E] &VEGI -RWXEPPEXMSR &VEGMRK WLEPP FI EXXEGLIH HMVIGXP] XS XLI W]WXIQ TMTI 7[E] FVEGMRK WLEPP FI XMKLX *SV MRHMZMHYEP FVEGIW XLI WPIRHIVRIWW VEXMS PV WLEPP RSX I\GIIH [LIVI P MW XLI PIRKXL SJ XLI FVEGI ERH V MW XLI PIEWX VEHMYW SJ K]VEXMSR ;LIVI XLVIEHIH TMTI MW YWIH EW TEVX SJ E W[E] FVEGI EWWIQFP] MX WLEPP RSX FI PIWW XLER 7GLIHYPI %PP TEVXW ERH JMXXMRKW SJ E FVEGI WLEPP PMI MR E WXVEMKLX PMRI XS EZSMH IGGIRXVMG PSEHMRKW SR JMXXMRKW ERH JEWXIRIVW *SV PSRKMXYHMREP FVEGIW SRP] XLI FVEGI WLEPP FI TIVQMXXIH XS FI GSRRIGXIH XS E XEF [IPHIH XS XLI TMTI MR GSR JSVQERGI XS *SV XIRWMSRSRP] FVEGIW X[S XIRWMSRSRP] FVEGI GSQTSRIRXW STTSWMRK IEGL SXLIV QYWX FI MRWXEPPIH EX IEGL PEXIVEP SV PSRKMXYHMREP FVEGI PSGEXMSR
8LI PSEHW HIXIVQMRIH MR WLEPP RSX I\GIIH XLI PIWWIV SJ XLI QE\MQYQ EPPS[EFPI PSEHW TVSZMHIH MR 8EFPI E 8EFPI F ERH 8EFPI G ERH XLI QERYJEGXYVIVv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
8EFPI E 1E\MQYQ ,SVM^SRXEP 0SEHW JSV 7[E] &VEGIW [MXL PV ! JSV 7XIIP &VEGIW [MXL * ! OWM 1E\MQYQ ,SVM^SRXEP 0SEH PF
&VEGI 7LETI ERH 7M^I MR
%VIE MR
0IEWX 6EHMYW SJ +]VEXMSR V MR
1E\MQYQ 0IRKXL JSV PV !
&VEGI %RKPI XS XS XS %RKPI JVSQ %RKPI JVSQ %RKPI JVSQ :IVXMGEP :IVXMGEP :IVXMGEP
JX
MR
6SHW EPP XLVIEH
6SHW XLVIEHIH EX IRHW SRP]
4MTI 7GLIHYPI
%RKPIW
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8EFPI F 1E\MQYQ ,SVM^SRXEP 0SEHW JSV 7[E] &VEGIW [MXL PV ! JSV 7XIIP &VEGIW [MXL * ! OWM 1E\MQYQ ,SVM^SRXEP 0SEH PF
&VEGI 7LETI ERH 7M^I MR
%VIE MR
0IEWX 6EHMYW SJ +]VEXMSR V MR
1E\MQYQ 0IRKXL JSV PV !
&VEGI %RKPI XS XS XS %RKPI JVSQ %RKPI JVSQ %RKPI JVSQ :IVXMGEP :IVXMGEP :IVXMGEP
JX
MR
6SHW EPP XLVIEH
6SHW XLVIEHIH EX IRHW SRP]
4MTI 7GLIHYPI
%RKPIW
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*PEXW
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8EFPI G 1E\MQYQ ,SVM^SRXEP 0SEHW JSV 7[E] &VEGIW [MXL PV ! JSV 7XIIP &VEGIW [MXL * ! OWM 1E\MQYQ ,SVM^SRXEP 0SEH PF 1E\MQYQ 0IRKXL JSV PV ! %VIE MR
0IEWX 6EHMYW SJ +]VEXMSR V MR
JX
&VEGI 7LETI ERH 7M^I MR 4MTI 7GLIHYPI
%RKPIW
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&VEGI %RKPI
MR
XS %RKPI JVSQ :IVXMGEP
XS %RKPI JVSQ :IVXMGEP
XS %RKPI JVSQ :IVXMGEP
GSRXMRYIW )HMXMSR
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8EFPI G 'SRXMRYIH 1E\MQYQ ,SVM^SRXEP 0SEH PF
&VEGI 7LETI ERH 7M^I MR 6SHW EPP XLVIEH
6SHW XLVIEHIH EX IRHW SRP]
*PEXW
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%VIE MR
0IEWX 6EHMYW SJ +]VEXMSR V MR
1E\MQYQ 0IRKXL JSV PV !
&VEGI %RKPI
JX
MR
XS %RKPI JVSQ :IVXMGEP
XS %RKPI JVSQ :IVXMGEP
XS %RKPI JVSQ :IVXMGEP
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
%RKPI%&SV'
*EWXIRIV SVMIRXEXMSR %RKPI%&SV' %RKPI%!XS %RKPI&!XS %RKPI'!XS
1MRMQYQ HITXL SJFIEQFYXRSX MR QQ JSV[SSHFIEQW
*EWXIRIV SVMIRXEXMSR %RKPI( )SV*
%RKPI()SV* %RKPI(!XS %RKPI)!XS %RKPI*!XS 0SEH4IVTIRHMGYPEVXS7XVYGXYVEP1IQFIV
%RKPI+ ,SV-
1MRMQYQJSYV JEWXIRIVHMEQIXIVW FYXRSX FIEQ HITXLERHRSX MR QQ JSV [SSHFIEQW
%RKPI+,SV-
%RKPI+!XS %RKPI,!XS %RKPI- !XS 0SEH4EVEPPIPXS7XVYGXYVEP1IQFIV
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8EFPI H 1E\MQYQ ,SVM^SRXEP 0SEHW JSV 7[E] &VEGIW [MXL PV ! JSV 7XIIP &VEGIW [MXL * ! 2QQ 1E\MQYQ ,SVM^SRXEP 0SEH OK
%VIE QQ
0IEWX 6EHMYW SJ +]VEXMSR V QQ
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6SHW EPP XLVIEH
6SHW XLVIEHIH EX IRHW SRP]
&VEGI 7LETI ERH 7M^I QQ 4MTI 7GLIHYPI
%RKPIW
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1E\MQYQ 0IRKXL JSV PV !
&VEGI %RKPI XS XS XS %RKPI JVSQ %RKPI JVSQ %RKPI JVSQ :IVXMGEP :IVXMGEP :IVXMGEP
QIXIVW
QQ
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%VIE QQ
0IEWX 6EHMYW SJ +]VEXMSR V QQ
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&VEGI 7LETI ERH 7M^I QQ 4MTI 7GLIHYPI
%RKPIW
6SHW EPP XLVIEH
1E\MQYQ 0IRKXL JSV PV !
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QIXIVW
QQ
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'SRXMRYIH 1E\MQYQ ,SVM^SRXEP 0SEH OK
%VIE QQ
0IEWX 6EHMYW SJ +]VEXMSR V QQ
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&VEGI 7LETI ERH 7M^I QQ
6SHW XLVIEHIH EX IRHW SRP]
*PEXW
1E\MQYQ 0IRKXL JSV PV !
&VEGI %RKPI XS XS XS %RKPI JVSQ %RKPI JVSQ %RKPI JVSQ :IVXMGEP :IVXMGEP :IVXMGEP
QIXIVW
QQ
8EFPI J 1E\MQYQ ,SVM^SRXEP 0SEHW JSV 7[E] &VEGIW [MXL PV ! JSV 7XIIP &VEGIW [MXL * ! 2QQ 1E\MQYQ ,SVM^SRXEP 0SEH OK 1E\MQYQ 0IRKXL JSV PV !
&VEGI %RKPI
%VIE QQ
0IEWX 6EHMYW SJ +]VEXMSR V QQ
QIXIVW
QQ
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6SHW XLVIEHIH EX IRHW SRP]
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%RKPIW
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)HMXMSR
XS XS XS %RKPI JVSQ %RKPI JVSQ %RKPI JVSQ :IVXMGEP :IVXMGEP :IVXMGEP
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8EFPI N *EGXSVW JSV ;SSH &EWIH SR 7TIGMJMG +VEZMX]
8EFPI 1ERYJEGXYVMRK 7XERHEVHW JSV 9RHIVKVSYRH 4MTI
7TIGMJMG +VEZMX] SJ ;SSH
1YPXMTPMIV
1EXIVMEPW ERH (MQIRWMSRW
XLVY XLVY XLVY
(YGXMPI -VSR 'IQIRX 1SVXEV 0MRMRK JSV (YGXMPI -VSR 4MTI ERH *MXXMRKW JSV ;EXIV 4SP]IXL]PIRI )RGEWIQIRX JSV (YGXMPI -VSR 4MTI 7]WXIQW 6YFFIV+EWOIX .SMRXW JSV (YGXMPI -VSR 4VIWWYVI 4MTI ERH *MXXMRKW *PERKIH (YGXMPI -VSR 4MTI [MXL (YGXMPI -VSR SV +VE] -VSR 8LVIEHIH *PERKIW 8LMGORIWW (IWMKR SJ (YGXMPI -VSR 4MTI (YGXMPI -VSR 4MTI 'IRXVMJYKEPP] 'EWX JSV ;EXIV 7XERHEVH JSV XLI -RWXEPPEXMSR SJ (YGXMPI -VSR ;EXIV 1EMRW ERH 8LIMV %TTYVXIRERGIW
8EFPI E 1E\MQYQ 7TEGMRK JX Q SJ 7XIIP 4MTI 6IWXVEMRXW 4MTI
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4MTMRK ?A %PP TMTMRK YWIH MR TVMZEXI JMVI WIVZMGI QEMRW WLEPP FI MR EGGSVHERGI [MXL SV ?A 0MWXMRK 4MTMRK QERYJEGXYVIH MR EGGSVHERGI [MXL 8EFPI WLEPP FI TIVQMXXIH XS FI YWIH ?A
'SRGVIXI 6IMRJSVGIH 'SRGVIXI 4VIWWYVI 4MTI 7XIIP']PMRHIV 8]TI 4VIWXVIWWIH 'SRGVIXI 4VIWWYVI 4MTI 7XIIP']PMRHIV 8]TI 6IMRJSVGIH 'SRGVIXI 4VIWWYVI 4MTI 2SR']PMRHIV 8]TI 6IMRJSVGIH 'SRGVIXI 4VIWWYVI 4MTI 7XIIP']PMRHIV 8]TI 4VIXIRWMSRIH 7XERHEVH JSV %WFIWXSW'IQIRX (MWXVMFYXMSR 4MTI MR 8LVSYKL MR JSV ;EXIV (MWXVMFYXMSR 7]WXIQW 'IQIRX1SVXEV 0MRMRK SJ ;EXIV 4MTI 0MRIW MR ERH 0EVKIV { MR 4PEGI 4PEWXMG 4SP]ZMR]P 'LPSVMHI 4:' 4VIWWYVI 4MTI MR 8LVSYKL MR JSV ;EXIV (MWXVMFYXMSR 4SP]ZMR]P 'LPSVMHI 4:' 4VIWWYVI 4MTI MR 8LVSYKL MR JSV ;EXIV (MWXVMFYXMSR 4SP]IXL]PIRI 4) 4VIWWYVI 4MTI ERH *MXXMRKW MR QQ 8LVSYKL MR QQ JSV ;EXIV (MWXVMFYXMSR 1SPIGYPEVP] 3VMIRXIH 4SP]ZMR]P 'LPSVMHI 4:'3 MR &VEWW 7TIGMJMGEXMSR JSV 7IEQPIWW 6IH &VEWW 4MTI 'STTIV 7TIGMJMGEXMSR JSV 7IEQPIWW 'STTIV 8YFI 7TIGMJMGEXMSR JSV 7IEQPIWW 'STTIV ;EXIV 8YFI 6IUYMVIQIRXW JSV ;VSYKLX 7IEQPIWW 'STTIV ERH 'STTIV%PPS] 8YFI ? 8EFPI A
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4MTMRK WTIGMJMGEPP] PMWXIH JSV YWI MR TVMZEXI JMVI WIVZMGI QEMRW WLEPP FI TIVQMXXIH XS FI YWIH ?A ;LIVI PMWXIH TMTI MW YWIH MX WLEPP FI MRWXEPPIH MR EGGSVHERGI [MXL XLI PMWXMRK PMQMXEXMSRW MRGPYHMRK MRWXEPPEXMSR MRWXVYGXMSRW ?A ;LIVI PMWXMRK PMQMXEXMSRW SV MRWXEPPEXMSR MRWXVYG XMSRW HMJJIV JVSQ XLI VIUYMVIQIRXW SJ XLMW WXERHEVH XLI PMWXMRK PMQMXEXMSRW ERH MRWXEPPEXMSR MRWXVYGXMSRW WLEPP ETTP] ?A 7XIIP TMTMRK QERYJEGXYVIH MR EGGSVHERGI [MXL 8EFPI XLEX MW I\XIVREPP] GSEXIH ERH [VETTIH ERH MRXIVREPP] KEPZERM^IH WLEPP FI TIVQMXXIH XS FI YWIH FIX[IIR XLI LSWI GSYTPMRK W SR XLI JMVI HITEVXQIRX GSRRIGXMSR ERH XLI GLIGO ZEPZI MRWXEPPIH MR XLI JMVI HITEVXQIRX GSRRIGXMSR TMTMRK ?A 8EFPI 7XIIP 4MTMRK JSV *MVI (ITEVXQIRX 'SRRIGXMSRW 1EXIVMEPW ERH (MQIRWMSRW
7XERHEVH
7TIGMJMGEXMSR JSV &PEGO ERH ,SX(MTTIH >MRG'SEXIH +EPZERM^IH ;IPHIH ERH 7IEQPIWW 7XIIP 4MTI JSV *MVI 4VSXIGXMSR 9WI 7XERHEVH 7TIGMJMGEXMSR JSV 4MTI 7XIIP &PEGO ERH ,SX(MTTIH >MRG'SEXIH ;IPHIH ERH 7IEQPIWW 7XERHEVH 7TIGMJMGEXMSR JSV )PIGXVMG6IWMWXERGI ;IPHIH 7XIIP 4MTI
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{ 7M^IW MR 8LVSYKL MR (MQIRWMSRW JSV *EFVMGEXIH 7XIIP ;EXIV 4MTI *MXXMRKW 'STTIV ;VSYKLX 'STTIV ERH &VSR^I 7SPHIV .SMRX 4VIWWYVI *MXXMRKW 'EWX 'EWX &VSR^I 7SPHIV .SMRX 4VIWWYVI *MXXMRKW &VSR^I *MXXMRKW 'EWX &VSR^I 8LVIEHIH *MXXMRKW
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;LIVI PMWXMRK PMQMXEXMSRW SV MRWXEPPEXMSR MRWXVYGXMSRW HMJJIV JVSQ XLI VIUYMVIQIRXW SJ XLMW WXERHEVH XLI PMWXMRK PMQMXE XMSRW ERH MRWXEPPEXMSR MRWXVYGXMSRW WLEPP ETTP] ?A
*MXXMRKW WTIGMJMGEPP] PMWXIH JSV YWI MR TVMZEXI JMVI WIV ZMGI QEMRW WLEPP FI TIVQMXXIH XS FI YWIH ?A
%PP JMXXMRKW YWIH MR TVMZEXI JMVI WIVZMGI QEMRW WLEPP FI VEXIH JSV XLI QE\MQYQ W]WXIQ [SVOMRK TVIWWYVI XS [LMGL XLI JMXXMRKW EVI I\TSWIH FYX WLEPP RSX FI VEXIH EX PIWW XLER TWM FEV ?A
;LIVI PMWXIH JMXXMRKW EVI YWIH XLI] WLEPP FI MR WXEPPIH MR EGGSVHERGI [MXL XLIMV PMWXMRK PMQMXEXMSRW MRGPYHMRK MRWXEPPEXMSR MRWXVYGXMSRW ?A
;LIVI JMXXMRKW MRWXEPPIH MR E TVMZEXI JMVI WIVZMGI QEMR QYWX FI MRWXEPPIH EFSZI KVEHI XLI JMXXMRKW WLEPP GSRJSVQ XS 2*4% ?A
*MXXMRKW QERYJEGXYVIH MR EGGSVHERGI [MXL 8EFPI WLEPP FI TIVQMXXIH XS FI YWIH ? 8EFPI A
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vW MRWXEPPEXMSR MRWXVYGXMSRW ?A ;LIVI PMWXMRK PMQMXEXMSRW SV MRWXEPPEXMSR MRWXVYGXMSRW HMJJIV JVSQ XLI VIUYMVIQIRXW SJ XLMW WXERHEVH XLI PMWXMRK PMQM XEXMSRW ERH MRWXEPPEXMSR MRWXVYGXMSRW WLEPP ETTP] ?A ;LIVI TMTI JMXXMRKW SV ETTYVXIRERGIW EVI GSRRIGXIH YWMRK XLVIEHW EPP XLVIEHW WLEPP FI MR EGGSVHERGI [MXL %27- %71) & ?A +VSSZIH 'SRRIGXMSRW ;LIVI TMTI JMXXMRKW SV ETTYVXI RERGIW EVI GSRRIGXIH YWMRK KVSSZIW XLI] WLEPP FI GSRRIGXIH MR EGGSVHERGI [MXL XLVSYKL ?A 4MTI JMXXMRKW ERH ETTYVXIRERGIW XS FI NSMRIH [MXL KVSSZIH GSYTPMRKW WLEPP GSRXEMR GYX VSPPIH SV GEWX KVSSZIW XLEX EVI HMQIRWMSREPP] GSQTEXMFPI [MXL XLI GSYTPMRKW ?A
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
4MTI JMXXMRKW ERH ETTYVXIRERGIW XLEX EVI GSRRIGXIH [MXL KVSSZIH GSYTPMRKW ERH EVI TEVX SJ E PMWXIH EWWIQFP] WLEPP FI TIVQMXXIH XS FI YWIH ?A
-R PSGEXMSRW [LIVI JVII^MRK MW RSX E JEGXSV XLI HITXL SJ GSZIV WLEPP RSX FI PIWW XLER MR Q FIPS[ KVEHI XS TVIZIRX QIGLERMGEP HEQEKI ?A
4MTI NSMRIH [MXL KVSSZIH JMXXMRKW WLEPP FI NSMRIH F] E PMWXIH GSQFMREXMSR SJ JMXXMRKW KEWOIXW ERH KVSSZIW ?A
;LIVI PMWXIH TMTMRK MW YWIH ERH XLI FYV] HITXL HMJJIVW JVSQ XLMW WXERHEVH XLI PMWXMRK PMQMXEXMSRW WLEPP ETTP] ?A
%PP NSMRXW JSV XLI GSRRIGXMSR SJ GSTTIV XYFI WLEPP FI FVE^IH SV NSMRIH YWMRK TVIWWYVI JMXXMRKW EW WTIGMJMIH MR 8EFPI ?A 4VSXIGXMSR SJ 4VMZEXI *MVI 7IVZMGI 1EMRW ?A 4VSXIGXMSR JVSQ 'SVVSWMSR ?A 'SEXMRKW %PP FSPXIH NSMRX EGGIWWSVMIW WLEPP FI GPIERIH ERH XLSVSYKLP] GSEXIH [MXL EWTLEPX SV SXLIV GSVVSWMSR VIXEVHMRK QEXIVMEP EJXIV MRWXEPPEXMSR ?A 8LI VIUYMVIQIRXW SJ WLEPP RSX ETTP] XS IT S\] GSEXIH JMXXMRKW ZEPZIW KPERHW SV SXLIV EGGIWWSVMIW ?A
4VMZEXI JMVI WIVZMGI QEMRW MRWXEPPIH YRHIV HVMZI[E]W SV VSEH[E]W WLEPP FI FYVMIH EX E QMRMQYQ HITXL SJ JX QQ ?A 7MHI[EPOW [EPO[E]W ERH SXLIV TEZIH SV GSRGVIXI TIHIWXVMER TEWWEKI[E]W WLEPP RSX FI VIUYMVIH XS GSQTP] [MXL ?A 4VMZEXI JMVI WIVZMGI QEMRW MRWXEPPIH YRHIV VEMPVSEH XVEGOW WLEPP FI FYVMIH EX E QMRMQYQ HITXL SJ JX Q ?A ;LIVI VEMPVSEH STIVEXSVW VIUYMVI E KVIEXIV HITXL SJ FYV] XLI KVIEXIV HITXL WLEPP ETTP] ?A
;LIVI MX MW RIGIWWEV] XS NSMR QIXEP TMTI [MXL TMTI SJ HMWWMQMPEV QIXEP XLI NSMRX WLEPP FI MRWYPEXIH EKEMRWX XLI TEW WEKI SJ ER IPIGXVMG GYVVIRX YWMRK ER ETTVSZIH QIXLSH ?A
4VMZEXI JMVI WIVZMGI QEMRW MRWXEPPIH YRHIV PEVKI TMPIW SJ LIEZ] GSQQSHMXMIW SV WYFNIGX XS LIEZ] WLSGO ERH ZM FVEXMSRW WLEPP FI FYVMIH EX E QMRMQYQ HITXL SJ JX Q ?A
4VSXIGXMSR SJ 4MTMRK ?A
;LIVI TVMZEXI JMVI WIVZMGI QEMRW EVI MRWXEPPIH EFSZI KVSYRH XLI] WLEPP FI TVSXIGXIH [MXL FSPPEVHW SV SXLIV QIERW EW ETTVSZIH F] XLI %,. [LIR WYFNIGX XS QIGLERMGEP HEQEKI ?A
4VSXIGXMSR JVSQ *VII^MRK 8LI HITXL SJ GSZIV JSV TVM ZEXI JMVI WIVZMGI QEMRW ERH XLIMV ETTYVXIRERGIW XS TVSXIGX EKEMRWX JVII^MRK WLEPP FI MR EGGSVHERGI [MXL ?A 8LI XST SJ XLI TMTI WLEPP FI FYVMIH RSX PIWW XLER JX QQ FIPS[ XLI JVSWX PMRI JSV XLI PSGEPMX] ?A
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4VMZEXI JMVI WIVZMGI QEMRW WYTTP]MRK JMVI TVSXIGXMSR W]WXIQW [MXLMR XLI FYMPHMRK WLEPP FI TIVQMXXIH XS I\XIRH RS QSVI XLER JX Q EW QIEWYVIH JVSQ XLI SYXWMHI SJ XLI FYMPHMRK YRHIV XLI FYMPHMRK XS XLI VMWIV PSGEXMSR ?A
4MTI NSMRXW WLEPP RSX FI PSGEXIH HMVIGXP] YRHIV JSYRHEXMSR JMXXMRKW ?A
7M^MRK ?A
4MTMRK WLEPP FI MRWXEPPIH E QMRMQYQ SJ MR QQ FIPS[ XLI FSXXSQ SJ FYMPHMRK JSYRHEXMSRW SV JSSX IVW ?A
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6IWXVMGXMSRW ;LIR IMXLIV XLI HIRWMX]EVIE QIXLSH SV VSSQ HIWMKR QIXLSH MW YWIH XLI JSPPS[MRK WLEPP ETTP] *SV EVIEW SJ WTVMROPIV STIVEXMSR PIWW XLER JX Q YWIH JSV PMKLX ERH SVHMREV] LE^EVH SGGYTER GMIW XLI HIRWMX] JSV JX Q WLEPP FI YWIH *SV EVIEW SJ WTVMROPIV STIVEXMSR PIWW XLER JX Q JSV I\XVE LE^EVH SGGYTERGMIW XLI HIRWMX] JSV JX Q WLEPP FI YWIH 9RWTVMROPIVIH 'SQFYWXMFPI 'SRGIEPIH 7TEGIW ;LIR YWMRK XLI HIRWMX]EVIE SV VSSQ HIWMKR QIXLSH YRPIWW XLI VIUYMVIQIRXW SJ EVI QIX JSV FYMPHMRKW LEZMRK YRWTVMROPIVIH GSQFYWXMFPI GSRGIEPIH WTEGIW EW HIWGVMFIH MR ERH XLI QMRMQYQ EVIE SJ WTVMROPIV STIVEXMSR JSV XLEX TSVXMSR SJ XLI FYMPHMRK WLEPP FI JX Q % 8LI HIWMKR EVIE SJ JX Q WLEPP FI ETTPMIH SRP] XS XLI WTVMROPIV W]WXIQ SV TSVXMSRW SJ XLI WTVMROPIV W]WXIQ XLEX EVI EHNEGIRX XS XLI UYEPMJ]MRK GSQFYWXMFPI GSRGIEPIH WTEGI & 8LI XIVQ EHNEGIRX WLEPP ETTP] XS ER] WTVMROPIV W]WXIQ TVS XIGXMRK E WTEGI EFSZI FIPS[ SV RI\X XS XLI UYEPMJ]MRK GSR GIEPIH WTEGI I\GITX [LIVI E FEVVMIV [MXL E JMVI VIWMWXERGI VEX MRK EX PIEWX IUYMZEPIRX XS XLI [EXIV WYTTP] HYVEXMSR GSQTPIXIP] WITEVEXIW XLI GSRGIEPIH WTEGI JVSQ XLI WTVMROPIVIH EVIE 8LI JSPPS[MRK YRWTVMROPIVIH GSRGIEPIH WTEGIW WLEPP RSX VIUYMVI E QMRMQYQ EVIE SJ WTVMROPIV STIVEXMSR SJ JX Q 2SRGSQFYWXMFPI ERH PMQMXIHGSQFYWXMFPI GSRGIEPIH WTEGIW [MXL QMRMQEP GSQFYWXMFPI PSEHMRK LEZMRK RS EG GIWW 8LI WTEGI WLEPP FI GSRWMHIVIH E GSRGIEPIH WTEGI IZIR [MXL WQEPP STIRMRKW WYGL EW XLSWI YWIH EW VIXYVR EMV JSV E TPIRYQ 2SRGSQFYWXMFPI ERH PMQMXIHGSQFYWXMFPI GSRGIEPIH WTEGIW [MXL PMQMXIH EGGIWW ERH RSX TIVQMXXMRK SGGYTERG] SV WXSVEKI SJ GSQFYWXMFPIW 8LI WTEGI WLEPP FI GSRWMH IVIH E GSRGIEPIH WTEGI IZIR [MXL WQEPP STIRMRKW WYGL EW XLSWI YWIH EW VIXYVR EMV JSV E TPIRYQ 'SQFYWXMFPI GSRGIEPIH WTEGIW JMPPIH IRXMVIP] [MXL RSR GSQFYWXMFPI MRWYPEXMSR 0MKLX SV SVHMREV] LE^EVH SGGYTERGMIW [LIVI RSRGSQFYW XMFPI SV PMQMXIHGSQFYWXMFPI GIMPMRKW EVI HMVIGXP] EXXEGLIH
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR2SZIQFIVXS(%6%0,%2(%7%,2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH [MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK
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(IRWMX] QQQMR
(IRWMX] KTQJX
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-RWMHI ,SWI
8SXEP 'SQFMRIH -RWMHI ERH 3YXWMHI ,SWI
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KTQ
0QMR
KTQ
0QMR
(YVEXMSR QMRYXIW
0MKLX LE^EVH
SV
SV
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SV
SV
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)\XVE LE^EVH
SV
SV
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
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR2SZIQFIVXS(%6%0,%2(%7%,2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH [MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK
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5YMGO6IWTSRWI 7TVMROPIVW ;LIVI PMWXIH UYMGOVIWTSRWI WTVMROPIVW MRGPYH MRK I\XIRHIH GSZIVEKI UYMGOVIWTSRWI WTVMROPIVW EVI YWIH XLVSYKLSYX E W]WXIQ SV TSVXMSR SJ E W]WXIQ LEZMRK XLI WEQI L]HVEYPMG HIWMKR FEWMW XLI W]WXIQ EVIE SJ STIVEXMSR WLEPP FI TIVQMXXIH XS FI VIHYGIH [MXLSYX VIZMWMRK XLI HIRWMX] EW MRHM GEXIH MR *MKYVI [LIR EPP SJ XLI JSPPS[MRK GSRHM XMSRW EVI WEXMWJMIH
;IX TMTI W]WXIQ 0MKLX LE^EVH SV SVHMREV] LE^EVH SGGYTERG] JX Q QE\MQYQ GIMPMRK LIMKLX 2S YRTVSXIGXIH GIMPMRK TSGOIXW EW EPPS[IH F] ERH I\GIIHMRK JX Q 2S YRTVSXIGXIH EVIEW EFSZI GPSYH GIMPMRKW EW EPPS[IH F]
]E\MW
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
Q
6SSQ (IWMKR 1IXLSH
8LI [EXIV WYTTP] VIUYMVIQIRXW JSV WTVMROPIVW SRP] WLEPP FI FEWIH YTSR XLI VSSQ XLEX GVIEXIW XLI KVIEXIWX HI QERH 8LI HIRWMX] WIPIGXIH WLEPP FI XLEX JVSQ *MKYVI GSVVIWTSRHMRK XS XLI SGGYTERG] LE^EVH GPEWWMJMGE XMSR ERH VSSQ WM^I
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*-+96) 6IWTSRWI 7TVMROPIVW
(IWMKR %VIE 6IHYGXMSR JSV 5YMGO
8LI RYQFIV SJ WTVMROPIVW MR XLI HIWMKR EVIE WLEPP RIZIV FI PIWW XLER JMZI ;LIVI UYMGOVIWTSRWI WTVMROPIVW EVI YWIH SR E WPSTIH GIMPMRK SV VSSJ XLI QE\MQYQ GIMPMRK SV VSSJ LIMKLX WLEPP FI YWIH JSV HIXIVQMRMRK XLI TIVGIRX VIHYGXMSR MR HIWMKR EVIE 7PSTIH 'IMPMRKW 8LI W]WXIQ EVIE SJ STIVEXMSR WLEPP FI MRGVIEWIH F] TIVGIRX [MXLSYX VIZMWMRK XLI HIRWMX] [LIR XLI JSPPS[MRK X]TIW SJ WTVMROPIVW EVI YWIH SR WPSTIH GIMPMRKW [MXL E TMXGL I\GIIHMRK MR E VMWI SJ YRMXW MR E VYR SJ YRMXW E VSSJ WPSTI SJ TIVGIRX MR RSRWXSVEKI ETTPMGEXMSRW 7TVE] WTVMROPIVW MRGPYHMRK I\XIRHIH GSZIVEKI WTVMROPIVW PMWXIH MR EGGSVHERGI [MXL ERH UYMGOVIWTSRWI WTVMROPIVW '17% WTVMROPIVW
)HMXMSR
(V] 4MTI ERH (SYFPI -RXIVPSGO 4VIEGXMSR 7]WXIQW *SV HV] TMTI W]WXIQW ERH HSYFPI MRXIVPSGO TVIEGXMSR W]WXIQW XLI EVIE SJ WTVMROPIV STIVEXMSR WLEPP FI MRGVIEWIH F] TIV GIRX [MXLSYX VIZMWMRK XLI HIRWMX]
8S YXMPM^I XLI VSSQ HIWMKR QIXLSH EPP VSSQW WLEPP FI IRGPSWIH [MXL [EPPW LEZMRK E JMVIVIWMWXERGI VEXMRK IUYEP XS XLI [EXIV WYTTP] HYVEXMSR MRHMGEXIH MR 8EFPI -J XLI VSSQ MW WQEPPIV XLER XLI EVIE WTIGMJMIH MR *MKYVI XLI TVSZMWMSRW SJ ERH WLEPP ETTP] 1MRMQYQ TVSXIGXMSR SJ STIRMRKW WLEPP FI EW JSP PS[W 0MKLX LE^EVH { 2SRVEXIH EYXSQEXMG SV WIPJGPSWMRK HSSVW 0MKLX LE^EVH [MXL RS STIRMRK TVSXIGXMSR { ;LIVI STIR MRKW EVI RSX TVSXIGXIH GEPGYPEXMSRW WLEPP MRGPYHI XLI WTVMROPIVW MR XLI VSSQ TPYW X[S WTVMROPIVW MR XLI GSQQY RMGEXMRK WTEGI RIEVIWX IEGL WYGL YRTVSXIGXIH STIRMRK YRPIWW XLI GSQQYRMGEXMRK WTEGI LEW SRP] SRI WTVMROPIV MR [LMGL GEWI GEPGYPEXMSRW WLEPP FI I\XIRHIH XS XLI STIVE XMSR SJ XLEX WTVMROPIV 8LI WIPIGXMSR SJ XLI VSSQ ERH GSQ QYRMGEXMRK WTEGI WTVMROPIVW XS FI GEPGYPEXIH WLEPP FI XLEX [LMGL TVSHYGIW XLI KVIEXIWX L]HVEYPMG HIQERH *SV PMKLX LE^EVH SGGYTERGMIW [MXL YRTVSXIGXIH STIRMRKW MR [EPPW E QMRMQYQ PMRXIP SJ HITXL SJ MR QQ MW VIUYMVIH JSV STIRMRKW ERH XLI STIRMRK WLEPP RSX I\GIIH JX Q MR [MHXL -X WLEPP FI TIVQMXXIH XS LEZI E WMRKPI STIRMRK SJ MR QQ SV PIWW [MXLSYX E PMRXIP TVSZMHIH XLIVI EVI RS SXLIV STIRMRKW XS EHNSMRMRK WTEGIW 3VHMREV] ERH I\XVE LE^EVH { %YXSQEXMG SV WIPJGPSWMRK HSSVW [MXL ETTVSTVMEXI JMVI VIWMWXERGI VEXMRKW JSV XLI IRGPSWYVI ;LIVI XLI VSSQ HIWMKR QIXLSH MW YWIH ERH XLI EVIE YRHIV GSRWMHIVEXMSR MW E GSVVMHSV TVSXIGXIH F] E WMRKPI VS[ SJ WTVMROPIVW [MXL TVSXIGXIH STIRMRKW MR EGGSVHERGI [MXL XLI QE\MQYQ RYQFIV SJ WTVMROPIVW XLEX RIIHW XS FI GEPGYPEXIH MW JMZI SV [LIR I\XIRHIH GSZIVEKI WTVMROPIVW EVI MRWXEPPIH EPP WTVMROPIVW GSRXEMRIH [MXLMR PMRIEV JIIX PMRIEV QIXIVW SJ XLI GSVVMHSV
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR2SZIQFIVXS(%6%0,%2(%7%,2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH [MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK
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EVIE WLEPP FI XLI WEQI EW XLI WTVMROPIV TVSXIGXMSR JSV XLI LMKL GIMPMRK EVIE )7*6 WTVMROPIVW WLEPP FI YWIH SRP] MR FYMPHMRKW IUYEP XS SV PIWW XLER XLI LIMKLX SJ XLI FYMPHMRK JSV [LMGL XLI] LEZI FIIR PMWXIH 8LI WTVMROPIV W]WXIQ HIWMKR WLEPP FI FEWIH SR XLI WXSVEKI LIMKLX ERH GPIEVERGI XS GIMPMRK XLEX VSYXMRIP] SV TIVM SHMGEPP] I\MWX MR XLI FYMPHMRK ERH GVIEXI XLI KVIEXIWX [EXIV HIQERH ;LIVI WXSVEKI MW TPEGIH EFSZI HSSVW XLI WXSVEKI LIMKLX WLEPP FI GEPGYPEXIH JVSQ XLI FEWI SJ WXSVEKI EFSZI XLI HSSV 'PIEVERGI XS 'IMPMRK 8LI GPIEVERGI XS GIMPMRK WLEPP FI QIEWYVIH MR EG GSVHERGI [MXL XLVSYKL *SV GSVVYKEXIH QIXEP HIGO VSSJW YT XS MR QQ MR HITXL XLI GPIEVERGI XS GIMPMRK WLEPP FI QIEWYVIH JVSQ XLI XST SJ WXSVEKI XS XLI FSXXSQ SJ XLI HIGO *SV GSVVYKEXIH QIXEP HIGO VSSJW HIITIV XLER MR QQ XLI GPIEVERGI XS GIMPMRK WLEPP FI QIEWYVIH XS XLI LMKLIWX TSMRX SR XLI HIGO *SV GIMPMRKW XLEX LEZI MRWYPEXMSR EXXEGLIH HM VIGXP] XS YRHIVWMHI SJ XLI GIMPMRK SV VSSJ WXVYGXYVI XLI GPIEV ERGI XS GIMPMRK WLEPP FI QIEWYVIH JVSQ XLI XST SJ WXSVEKI XS XLI FSXXSQ SJ XLI MRWYPEXMSR ERH WLEPP FI MR EGGSVHERGI [MXL % SV & % *SV MRWYPEXMSR XLEX MW EXXEGLIH HMVIGXP] XS XLI GIMPMRK SV VSSJ WXVYGXYVI ERH MW MRWXEPPIH JPEX ERH TEVEPPIP XS XLI GIMPMRK SV VSSJ WXVYGXYVI XLI GPIEVERGI XS GIMPMRK WLEPP FI QIEWYVIH JVSQ XLI XST SJ WXSVEKI XS XLI YRHIVWMHI SJ XLI MRWYPEXMSR & *SV MRWYPEXMSR XLEX MW MRWXEPPIH MR E QERRIV XLEX GEYWIW MX XS HIJPIGX SV WEK HS[R JVSQ XLI GIMPMRK SV VSSJ WXVYGXYVI XLI GPIEVERGI XS GIMPMRK WLEPP FI QIEWYVIH JVSQ XLI XST SJ WXSVEKI XS E TSMRX LEPJ SJ XLI HMWXERGI SJ XLI HIJPIGXMSR JVSQ XLI MRWY PEXMSR LMKL TSMRX XS XLI MRWYPEXMSR PS[ TSMRX -J XLI HIJPIGXMSR SV WEK MR XLI MRWYPEXMSR I\GIIHW MR QQ XLI GPIEVERGI XS GIMPMRK WLEPP FI QIEWYVIH JVSQ XLI XST SJ WXSVEKI XS XLI LMKL TSMRX SJ XLI MRWYPEXMSR *SV WTVE] WTVMROPIV GVMXIVME [LIVI XLI GPIEVERGI XS GIMPMRK I\GIIHW XLSWI MHIRXMJMIH MR XLMW WIGXMSR XLI VIUYMVI QIRXW SJ XLVSYKL WLEPP ETTP] ;LIVI XLI GPIEVERGI XS GIMPMRK I\GIIHW JX Q JSV 'LETXIVW ERH TVSXIGXMSR WLEPP FI FEWIH YTSR XLI WXSVEKI LIMKLX XLEX [SYPH VIWYPX MR E GPIEVERGI XS GIMPMRK SJ JX Q ;LIVI XLI GPIEVERGI XS GIMPMRK I\GIIHW JX Q JSV 7IGXMSR TVSXIGXMSR WLEPP FI FEWIH YTSR XLI WXSVEKI LIMKLX XLEX [SYPH VIWYPX MR E GPIEVERGI XS GIMPMRK SJ JX Q SV TVSZMHMRK SRI PIZIP SJ WYTTPIQIRXEP UYMGO VIWTSRWI MRVEGO WTVMROPIVW PSGEXIH HMVIGXP] FIPS[ XLI XST XMIV SJ WXSVEKI ERH EX IZIV] JPYI WTEGI MRXIVWIGXMSR ;LIVI XLI GPIEVERGI XS GIMPMRK I\GIIHW JX Q JSV 7IGXMSR SV 7IGXMSR TVSXIGXMSR WLEPP FI FEWIH YTSR XLI WXSVEKI LIMKLX XLEX [SYPH VIWYPX MR E GPIEVERGI XS GIMPMRK SJ JX Q SV TVSZMHMRK SRI PIZIP SJ WYTTPIQIR XEP UYMGOVIWTSRWI MRVEGO WTVMROPIVW PSGEXIH HMVIGXP] FIPS[ XLI XST XMIV SJ WXSVEKI ERH EX IZIV] JPYI WTEGI MRXIVWIGXMSR ;LIVI XLI GPIEVERGI I\GIIHW JX Q JSV 7IG XMSR TVSXIGXMSR WLEPP FI FEWIH YTSR TVSZMHMRK SRI PIZIP
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SJ WYTTPIQIRXEP UYMGOVIWTSRWI MRVEGO WTVMROPIVW PSGEXIH HM VIGXP] FIPS[ XLI XST XMIV SJ WXSVEKI ERH EX IZIV] JPYI WTEGI MRXIVWIGXMSR ;LIR ETTP]MRK XLI WYTTPIQIRXEP MRVEGO WTVMROPIV STXMSR XLI GIMPMRK HIRWMX] WLEPP FI FEWIH YTSR XLI KMZIR WXSV EKI LIMKLX [MXL ER EWWYQIH EGGITXEFPI GPIEVERGI XS GIMPMRK -J MRVEGO WTVMROPIVW EVI VIUYMVIH JSV XLI EGXYEP WXSVEKI LIMKLX [MXL ER EGGITXEFPI GPIEVERGI XS GIMPMRK MRVEGO WTVMROPIVW WLEPP FI MRWXEPPIH EW MRHMGEXIH F] XLEX GVMXIVME ,MKL :SPYQI 0S[ 7TIIH ,:07 *ERW 8LI MRWXEPPEXMSR SJ ,:07 JERW MR FYMPHMRKW IUYMTTIH [MXL WTVMROPIVW MRGPYHMRK )7*6 WTVMROPIVW WLEPP GSQTP] [MXL XLI JSPPS[MRK 8LI QE\MQYQ JER HMEQIXIV WLEPP FI JX Q 8LI ,:07 JER WLEPP FI GIRXIVIH ETTVS\MQEXIP] FIX[IIR JSYV EHNEGIRX WTVMROPIVW 8LI ZIVXMGEP GPIEVERGI JVSQ XLI ,:07 JER XS WTVMROPIV HIJPIGXSV WLEPP FI E QMRMQYQ SJ JX QQ %PP ,:07 JERW WLEPP FI MRXIVPSGOIH XS WLYX HS[R MQQIHM EXIP] YTSR VIGIMZMRK E [EXIVJPS[ WMKREP JVSQ XLI EPEVQ W]WXIQ MR EGGSVHERGI [MXL XLI VIUYMVIQIRXW SJ 2*4% ,SWI 'SRRIGXMSRW 7QEPP LSWI GSRRIGXMSRW ? MR QQ A WLEPP FI TVSZMHIH [LIVI VIUYMVIH F] XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR MR EGGSVHERGI [MXL JSV JMVWXEMH JMVIJMKLXMRK ERH SZIV LEYP STIVEXMSRW 7QEPP LSWI GSRRIGXMSRW WLEPP RSX FI VIUYMVIH JSV XLI TVSXIGXMSR SJ 'PEWW - -- --- ERH -: GSQQSHMXMIW WXSVIH JX Q SV PIWW MR LIMKLX %HNEGIRX ,E^EVHW SV (IWMKR 1IXLSHW *SV FYMPHMRKW [MXL X[S SV QSVI EHNEGIRX LE^EVHW SV HIWMKR QIXLSHW XLI JSPPS[MRK WLEPP ETTP] ;LIVI EVIEW EVI RSX TL]WMGEPP] WITEVEXIH F] E FEVVMIV SV TEVXMXMSR GETEFPI SJ HIPE]MRK LIEX JVSQ E JMVI MR SRI EVIE JVSQ JYWMRK WTVMROPIVW MR XLI EHNEGIRX EVIE XLI VIUYMVIH WTVMROPIV TVSXIGXMSR JSV XLI QSVI HIQERHMRK HIWMKR FEWMW WLEPP I\XIRH JX Q FI]SRH MXW TIVMQIXIV 8LI VIUYMVIQIRXW SJ WLEPP RSX ETTP] [LIVI XLI EVIEW EVI WITEVEXIH F] E HVEJX GYVXEMR SV FEVVMIV PSGEXIH EFSZI ER EMWPI LSVM^SRXEPP] E QMRMQYQ SJ JX QQ JVSQ XLI EHNEGIRX LE^EVH SR IEGL WMHI SV E TEVXMXMSR XLEX MW GETEFPI SJ HIPE]MRK LIEX JVSQ E JMVI MR SRI EVIE JVSQ JYWMRK WTVMROPIVW MR XLI EHNEGIRX EVIE 8LI VIUYMVIQIRXW SJ WLEPP RSX ETTP] XS XLI I\XIR WMSR SJ QSVI HIQERHMRK GVMXIVME JVSQ ER YTTIV GIMPMRK PIZIP XS FIRIEXL E PS[IV GIMPMRK PIZIP [LIVI XLI HMJJIVIRGI MR LIMKLX FIX[IIR XLI GIMPMRK PIZIPW MW EX PIEWX JX QQ PSGEXIH EFSZI ER EMWPI LSVM^SRXEPP] E QMRM QYQ JX QQ JVSQ XLI EHNEGIRX LE^EVH SR IEGL WMHI
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8LI JSPPS[MRK YRWTVMROPIVIH GSQFYWXMFPI GSRGIEPIH WTEGIW WLEPP RSX VIUYMVI E QMRMQYQ HIWMKR EVIE SJ WTVMROPIV STIVEXMSR SJ JX Q 2SRGSQFYWXMFPI ERH PMQMXIHGSQFYWXMFPI GSRGIEPIH WTEGIW [MXL QMRMQEP GSQFYWXMFPI PSEHMRK LEZMRK RS EGGIWW 8LI WTEGI WLEPP FI GSRWMHIVIH E GSRGIEPIH WTEGI IZIR [MXL WQEPP STIRMRKW WYGL EW XLSWI YWIH EW VIXYVR EMV JSV E TPIRYQ 2SRGSQFYWXMFPI ERH PMQMXIHGSQFYWXMFPI GSRGIEPIH WTEGIW [MXL PMQMXIH EGGIWW ERH RSX TIVQMXXMRK SGGYTERG] SV WXSVEKI SJ GSQFYWXMFPIW 8LI WTEGI WLEPP FI GSRWMHIVIH E GSRGIEPIH WTEGI IZIR [MXL WQEPP STIRMRKW WYGL EW XLSWI YWIH EW VIXYVR EMV JSV E TPIRYQ 'SQFYWXMFPI GSRGIEPIH WTEGIW JMPPIH IRXMVIP] [MXL RSR GSQFYWXMFPI MRWYPEXMSR 'SRGIEPIH WTEGIW [LIVI VMKMH QEXIVMEPW EVI YWIH ERH XLI I\TSWIH WYVJEGIW LEZI E JPEQI WTVIEH MRHI\ SJ SV PIWW ERH XLI QEXIVMEPW LEZI FIIR HIQSRWXVEXIH XS RSX TVSTE KEXI JMVI QSVI XLER JX Q [LIR XIWXIH MR EGGSV HERGI [MXL %781 ) 7XERHEVH 8IWX 1IXLSH JSV 7YVJEGI &YVRMRK 'LEVEGXIVMWXMGW SJ &YMPHMRK 1EXIVMEPW SV %27- 90 7XERHEVH JSV 8IWX JSV 7YVJEGI &YVRMRK 'LEVEGXIVMWXMGW SJ &YMPHMRK 1EXIVMEPW I\XIRHIH JSV ER EHHMXMSREP QMRYXIW MR XLI JSVQ MR [LMGL XLI] EVI MRWXEPPIH MR XLI WTEGI 'SRGIEPIH WTEGIW MR [LMGL XLI I\TSWIH QEXIVMEPW EVI GSR WXVYGXIH IRXMVIP] SJ JMVI VIXEVHERXzXVIEXIH [SSH EW HI JMRIH F] 2*4% 'SRGIEPIH WTEGIW SZIV MWSPEXIH WQEPP GSQTEVXQIRXW RSX I\GIIHMRK JX Q MR EVIE :IVXMGEP TMTI GLEWIW YRHIV JX Q TVSZMHIH XLEX MR QYPXMJPSSV FYMPHMRKW XLI GLEWIW EVI JMVIWXSTTIH EX IEGL
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(IXIGXSVW JSV LMKLI\TERWMSR JSEQ W]WXIQW WLEPP FI PMWXIH ERH WLEPP FI MRWXEPPIH EX RS QSVI XLER SRILEPJ XLI PMWXIH WTEGMRK 8LI VIPIEWI W]WXIQ JSV XLI LMKL I\TERWMSR JSEQ HIP YKI W]WXIQ WLEPP FI HIWMKRIH XS STIVEXI TVMSV XS XLI WTVMROPIVW MRWXEPPIH MR XLI EVIE 4VSXIGXMSR SJ -HPI 4EPPIXW ;SSH 4EPPIXW ;SSH TEPPIXW WLEPP FI TIVQMXXIH XS FI WXSVIH MR XLI JSPPS[MRK EVVERKIQIRXW 7XSVIH SYXWMHI 7XSVIH MR E HIXEGLIH WXVYGXYVI 7XSVIH MRHSSVW [LIVI EVVERKIH ERH TVSXIGXIH MR EGGSV HERGI [MXL ;SSH TEPPIXW [LIVI WXSVIH MRHSSVW WLEPP FI TVS XIGXIH MR EGGSVHERGI [MXL SRI SJ XLI JSPPS[MRK 'SRXVSP QSHI HIRWMX]EVIE WTVMROPIV TVSXIGXMSR EW WTIGM JMIH MR 8EFPI E '17% WTVMROPIV TVSXIGXMSR MR EGGSVHERGI [MXL 8EFPI F )7*6 WTVMROPIV TVSXIGXMSR MR EGGSVHERGI [MXL 8EFPI G 'SRXVSP QSHI HIRWMX]EVIE WTVMROPIV TVSXIGXMSR MR EGGSV HERGI [MXL XLI 3, GYVZI SJ *MKYVI I\MWXMRK [MXL E LSWI WXVIEQ HIQERH SJ EX PIEWX KTQ 0QMR JSV E HYVEXMSR SJ EX PIEWX QMRYXIW [LIR TEPPIXW EVI WXSVIH RS LMKLIV XLER JX Q ERH IEGL TMPI SJ RS QSVI XLER JSYV WXEGOW MW WITEVEXIH JVSQ SXLIV TEPPIX TMPIW F] EX PIEWX JX Q SJ GPIEV WTEGI SV JX Q SJ GSQQSHMX] 8LI QE\MQYQ GPIEVERGI XS GIMPMRK SJ JX Q WTIGMJMIH MR WLEPP RSX ETTP] XS EVVERKIQIRX 8LI QE\MQYQ GPIEVERGI XS GIMPMRK SJ JX Q WTIGMJMIH MR WLEPP RSX ETTP] XS EVVERKIQIRX -HPI [SSH TEPPIXW WLEPP RSX FI WXSVIH MR VEGOW YRPIWW XLI] EVI TVSXIGXIH MR EGGSVHERGI [MXL XLI ETTVSTVMEXI VI UYMVIQIRXW SJ 8EFPI E SV 8EFPI G 7II 7IGXMSR '
4PEWXMG 4EPPIXW 4PEWXMG TEPPIXW WLEPP FI TIVQMXXIH XS FI WXSVIH MR XLI JSPPS[MRK QERRIV 4PEWXMG TEPPIXW WLEPP FI TIVQMXXIH XS FI WXSVIH SYXWMHI 4PEWXMG TEPPIXW WLEPP FI TIVQMXXIH XS FI WXSVIH MR E HI XEGLIH WXVYGXYVI 4PEWXMG TEPPIXW WLEPP FI TIVQMXXIH XS FI WXSVIH MRHSSVW [LIVI EVVERKIH ERH TVSXIGXIH MR EGGSVHERGI [MXL XLI VI UYMVIQIRXW SJ 4VSXIGXMSR 'VMXIVME JSV 4PEWXMG 4EPPIXW 7XSVIH -RHSSVW 4PEWXMG TEPPIXW LEZMRK E HIQSRWXVEXIH JMVI LE^EVH XLEX MW IUYEP XS SV PIWW XLER MHPI [SSH TEPPIXW ERH MW PMWXIH JSV WYGL IUYMZEPIRG] WLEPP FI TIVQMXXIH XS FI TVSXIGXIH MR EGGSV HERGI [MXL ;LIR WTIGMJMG XIWX HEXE EVI EZEMPEFPI XLI HEXE WLEPP XEOI TVIGIHIRGI MR HIXIVQMRMRK XLI VIUYMVIH TVSXIGXMSR SJ MHPI TPEWXMG TEPPIXW 4VSXIGXMSR [MXL )7*6 WTVMROPIVW WLEPP FI MR EGGSV HERGI [MXL XLI VIUYMVIQIRXW SJ 8EFPI 4VSXIGXMSR [MXL WTVE] WTVMROPIVW WLEPP FI MR EGGSV HERGI [MXL SRI SJ XLI WGIREVMSW MR XLVSYKL ;LIVI TPEWXMG TEPPIXW EVI WXSVIH MR GYXSJJ VSSQW XLI JSPPS[MRK WLEPP ETTP] 8LI GYXSJJ VSSQW WLEPP LEZI EX PIEWX SRI I\XIVMSV [EPP 8LI TPEWXMG TEPPIX WXSVEKI WLEPP FI WITEVEXIH JVSQ XLI VI QEMRHIV SJ XLI FYMPHMRK F] LSYVzVEXIH JMVI [EPPW 8LI WXSVEKI WLEPP FI TVSXIGXIH F] WTVMROPIVW HIWMKRIH XS HIPMZIV KTQJX QQQMR JSV XLI IRXMVI VSSQ SV F] LMKLI\TERWMSR JSEQ ERH WTVMROPIVW HIWMKRIH XS HI PMZIV KTQJX QQQMR JSV XLI IRXMVI VSSQ 8LI WXSVEKI WLEPP FI TMPIH RS LMKLIV XLER JX Q %R] WXIIP GSPYQRW WLEPP FI TVSXIGXIH F] LSYV JMVITVSSJMRK SV E WMHI[EPP WTVMROPIV HMVIGXIH XS SRI WMHI SJ XLI GSPYQR EX XLI XST SV EX XLI JX Q PIZIP [LMGLIZIV MW PS[IV *PS[ JVSQ XLIWI WTVMROPIVW WLEPP FI TIVQMXXIH XS FI SQMXXIH JVSQ XLI WTVMROPIV W]WXIQ HIQERH JSV L]HVEYPMG GEPGYPEXMSRW
8EFPI E 'SRXVSP 1SHI (IRWMX]%VIE 7TVMROPIV 4VSXIGXMSR JSV -RHSSV 7XSVEKI SJ -HPI ;SSH 4EPPIXW
8]TI SJ 7TVMROPIV
0SGEXMSR SJ 7XSVEKI
2SQMREP /*EGXSV
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3R JPSSV
1E\MQYQ 7XSVEKI ,IMKLX
1E\MQYQ 'IMPMRK6SSJ ,IMKLX
7TVMROPIV (IRWMX]
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JX
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KTQJX
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JX
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9T XS
9T XS
3R JPSSV
SV PEVKIV
9T XS
9T XS
3R JPSSV SV VEGO [MXLSYX WSPMH WLIPZIW
SV PEVKIV
XS
XS
XS
XS
3R JPSSV
SV PEVKIV
9T XS
9T XS
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1E\MQYQ 7XSVEKI ,IMKLX 7XSVEKI 'SQQSHMX] %VVERKIQIRX 'PEWW
JX
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FEV
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4IRHIRX
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0SGEXMSR SJ 7XSVEKI
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JX
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JX
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TWM
FEV
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3R JPSSV
1MRMQYQ 3TIVEXMRK 4VIWWYVI
2SQMREP /*EGXSV
3R JPSSV SV VEGO [MXLSYX WSPMH WLIPZIW
1E\MQYQ 'IMPMRK 6SSJ ,IMKLX
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4638)'8-32 3* 1-7')00%2)397 %2( 03;4-0)( 7836%+)
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8]TI SJ 7TVMROPIV 3VMIRXEXMSR
0SGEXMSR SJ 7XSVEKI
2SQMREP /*EGXSV
1E\MQYQ 7XSVEKI ,IMKLX
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3R JPSSV SV VEGO [MXLSYX WSPMH WLIPZIW
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JX
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FEV
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JX
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2SQMREP /*EGXSV
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,MKL)\TERWMSR *SEQ { 6IHYGXMSR MR 'IMPMRK (IRWMX] % VIHYGXMSR MR GIMPMRK HIRWMX] XS SRILEPJ XLEX VIUYMVIH JSV 'PEWW - XLVSYKL 'PEWW -: GSQQSHMXMIW MHPI TEPPIXW SV TPEWXMGW WLEPP FI TIVQMXXIH [MXLSYX VIZMWMRK XLI HIWMKR EVIE FYX XLI HIRWMX] WLEPP FI RS PIWW XLER KTQJX QQQMR
'LETXIV 4VSXIGXMSR SJ 6EGO 7XSVEKI SJ 'PEWW 8LVSYKL 'PEWW -: 'SQQSHMXMIW +IRIVEP 8LMW WIGXMSR WLEPP ETTP] XS WXSVEKI SJ QEXIVMEPW VITVI WIRXMRK XLI FVSEH VERKI SJ GSQFYWXMFPIW WXSVIH MR VEGOW 8LI VIUYMVIQIRXW SJ 'LETXIV WLEPP ETTP] YRPIWW QSHMJMIH F] XLMW GLETXIV 7II 7IGXMSR ' 7TVMROPIV 4VSXIGXMSR 'VMXIVME 7TVMROPIV TVSXIGXMSR GVMXIVME JSV XLI WXSVEKI SJ QEXIVM EPW SR VEGOW WLEPP FI MR EGGSVHERGI [MXL 7IGXMSR JSV WXSVEKI YT XS JX Q ERH 7IGXMSR JSV WXSVEKI SZIV JX Q 4VSXIGXMSR GVMXIVME JSV +VSYT % TPEWXMGW WLEPP FI TIV QMXXIH JSV XLI TVSXIGXMSR SJ XLI WEQI WXSVEKI LIMKLX ERH GSR JMKYVEXMSR SJ 'PEWW - -- --- ERH -: GSQQSHMXMIW 8LI GIMPMRK HIWMKR GVMXIVME JSV WMRKPI HSYFPI ERH QYPXMTPIVS[ VEGOW MR 'LETXIV WLEPP FI FEWIH SR STIR VEGO GSRJMKYVEXMSRW EW HIJMRIH MR %PXIVREXMZI 4VSXIGXMSR 'PEWW - -- --- -: GSQQSHMXMIW VIUYMVMRK E KVIEXIV PIZIP SJ TVSXIGXMSR XLER MW EZEMPEFPI JVSQ XLI SZIVLIEH WTVMROPIV W]WXIQ WLEPP FI TIVQMXXIH XS FI TVS XIGXIH MR EGGSVHERGI [MXL XLVSYKL ;LIVI XLI WXSVEKI VEGO [MPP RSX FI WSPIP] HIHMGEXIH XS XLI WXSVEKI SJ GSQQSHMXMIW VIUYMVMRK E KVIEXIV PIZIP SJ TVS XIGXMSR XLER MW EZEMPEFPI JVSQ XLI SZIVLIEH WTVMROPIV W]WXIQ IMXLIV SJ XLI JSPPS[MRK WLEPP ETTP]
)HMXMSR
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
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR2SZIQFIVXS(%6%0,%2(%7%,2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH [MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK
z
4638)'8-32 3* 6%'/ 7836%+) 3* '0%77 - 8,639+, '0%77 -: '3113(-8-)7
-R6EGO 7TVMROPIVW 1MRMQYQ / / UYMGO VIWTSRWI WTVMROPIVW GIMPMRKPIZIP SV MRVEGO WLEPP FI MRWXEPPIH FIRIEXL IEGL LSVM^SRXEP FEVVMIV 8LI HIJPIGXSV SJ XLI WTVMR OPIV WLEPP FI PSGEXIH EW GPSWI XS XLI YRHIVWMHI SJ XLI LSVM^SRXEP FEVVMIV EW TSWWMFPI
JX Q QE\
,SVM^SRXEPFEVVMIV
7MRKPI6S[ 6EGOW % *SV WMRKPIVS[ VEGOW WTVMROPIVW WLEPP FI MRWXEPPIH EX IEGL VEGO YTVMKLX ERH EX IEGL VEGO QMHFE] EW WLS[R MR *MKYVI % JX Q QE\
JX Q QE\
4PER:MI[
,SVM^SRXEPFEVVMIV
MR QQ QE\KETEXVEGOYTVMKLX