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SMPIQ YPWMSRWERHTVIZIRXGLMT[ IPHMRKYRHIVLMKLLIEXERHTVIWWYVI7IIGYXXMRKJPYMH

% HQ M\XYVI1 M\XYVISJGSRGIRXVEXIERH[ EXIVTVITEVIHXSVIWXSVIHITPIXIHGYXXMRKJPYMHXSMXW

SVMKMREPWXEXI

% RKPITPEXI7SPMHEHNYWXEFPISVRSREHNYWXEFPITPEXIXLEXLSPHW[ SVOEXETVIGMWIERKPIXSXLI
WTMRHPIHYVMRKQ MPPMRKERHKVMRHMRK% PWSYWIHJSVSXLIVGYXXMRKSTIVEXMSRWERHJSVMRWTIGXMSR

% VFSV7LEJXYWIHJSVVSXEV]WYTTSVXMRQ EGLMRMRKETTPMGEXMSRW-RKVMRHMRKXLIWTMRHPIJSVQ SYRXMRK

XLI[ LIIPMRQ MPPMRKERHSXLIVGYXXMRKSTIVEXMSRWXLIWLEJXJSVQ SYRXMRKXLIGYXXIV

% WWIQ FP].SMRMRKXSKIXLIVX[ SSVQ SVITEVXWXSGSQ TPIXIEWXVYGXYVI

% YXSQ EXMGFEVQ EGLMRI4VSHYGXMSRQ EGLMRIJSVXYVRMRKFEVWXSGO7MQ MPEVXSEREYXSQ EXMG

GLYGOMRKQ EGLMRII\GITXXLEXWXSGOWM^IMWPMQ MXIHXSXLVSYKLXLIWTMRHPIGETEGMX]ERH[ SVOMWLIPH
F]TYWLHVE[ SVWXEXMSREV]GSPPIXWVEXLIVXLERF]GLYGOW7IIEYXSQ EXMGGLYGOMRKQ EGLMRIXYVRMRK
Q EGLMRI

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% YXSQ EXMGGLYGOMRKQ EGLMRI1 EGLMRI[ MXLQ YPXMTPIGLYGOWERHXSSPLSPHMRKWTMRHPIWXLEX
TIVQ MXWIMXLIVTVSGIWWMRKSJWIZIVEPTEVXWWMQ YPXERISYWP]SVQ YPXMTPIQ EGLMRMRKWXITWMRSRITEWW
XLVSYKLXLIQ EGLMRI7IIEYXSQ EXMGFEVQ EGLMRI

% YXSQ EXMGWGVI[ Q EGLMRI8YVRMRKQ EGLMRIHIWMKRIHXSTVSHYGITEVXWEYXSQ EXMGEPP]JVSQ GSMP

SVFEVWXSGO8LIX[ SFEWMGX]TIWEVIGEQ Q IGLERMGEP ERHTVSKVEQ Q EFPIGSQ TYXIVGSRXVSPPIH 
9 WYEPP]WMRKPIWTMRHPIFYXw7[ MWWX]TIWxSJXIRLEZIQ YPXMTPIWTMRHPIW7IIPEXLIXYVVIXPEXLI

% YXSQ EXMGXSSPGLERKIVEYXSQ EXMGQ IGLERMWQ X]TMGEPP]MRGPYHIHMREQ EGLMRMRKGIRXIVXLEXSR

XLIETTVSTVMEXIGSQ Q ERH[ MPPVIQ SZISRIGYXXMRKXSSPJVSQ XLIWTMRHPIRSWIERHVITPEGIMX[ MXL
ERSXLIV8LIGLERKIVVIWXSVIWXLIYWIHXSSPXSXLIQ EKE^MRIERHWIPIGXWERH[ MXLHVE[ WXLIRI\X
HIWMVIHXSSPJVSQ XLIWXSVEKIQ EKE^MRI8LIXSSPGLERKIVMWGSRXVSPPIHF]EWIXSJTVIVIGSVHIH
TVIHIXIVQ MRIHMRWXVYGXMSRWEWWSGMEXIH[ MXLXLITEVXW XSFITVSHYGIH

% YXSQ EXMSR% TTVSEGLYRHIV[ LMGLEPPSVTEVXSJEQ EGLMRMRKSVQ ERYJEGXYVMRKTVSGIWWMW

EGGSQ TPMWLIHF]WIXXMRKMRQ SXMSREWIUYIRGIXLEXGSQ TPIXIWXLITVSGIWW[ MXLSYXJYVXLIVLYQ ER
MRXIVZIRXMSR1 E]FIQ IGLERMGEPGSRXVSPPIHF]WXSTWGEQ WIXG IPIGXVMGEPVIPE]WGSRXEGXW[ MXGLIW
IXG SVIPIGXVSRMGGSQ TYXIVSVQ MGVSTVSGIWWSVGSRXVSPPIH w*YPP]EYXSQ EXIHxMQ TPMIWGSQ TYXIV
MRXIKVEXIHQ ERYJEGXYVMRK

% ; .EFVEWMZI[ EXIVNIX7]WXIQ XLEXYWIWLMKLTVIWWYVI[ EXIVNIXWMRGSQ FMREXMSR[ MXLEWPYVV]

SJJMRIEFVEWMZIKVEMRWXSQ EGLMRIQ EXIVMEPW7II[ EXIVNIXGYXXMRK

% \MEPVEOI3 RERKYPEVXSSPJPYXIWXLIERKPIFIX[ IIRXLIXSSXLJEGIERHXLIE\MEPTPERIXLVSYKL

XLIXSSPTSMRX

&EGOMRK*PI\MFPITSVXMSRSJEFERHWE[ FPEHIEPWSXLIWYTTSVXQ EXIVMEPFILMRHXLIGYXXMRKIHKIW

SJXSSPWERHXLIFEWIQ EXIVMEPJSVGSEXIHEFVEWMZIW

&EGOPEWL% VIEGXMSRMRH]REQ MGQ SXMSRW]WXIQ W[ LIVITSXIRXMEPIRIVK]XLEX[ EWGVIEXIH[ LMPI

XLISFNIGX[ EWMRQ SXMSRMWVIPIEWIH[ LIRXLISFNIGXWXSTW8LIVIPIEWISJXLMWTSXIRXMEPIRIVK]SV
MRIVXMEGEYWIWXLIHIZMGIXSUYMGOP]WRETFEGO[ EVHWVIPEXMZIXSXLIPEWXHMVIGXMSRSJQ SXMSR&EGOPEWL
GERGEYWIEW]WXIQ vWJMREPVIWXMRKTSWMXMSRXSFIHMJJIVIRXJVSQ MRXIRHIHERHJVSQ [ LIVIXLIGSRXVSP
W]WXIQ MRXIRHIHXSWXSTXLIHIZMGI

&EGOSJJ6ETMH[ MXLHVE[ EPSJXLIXSSPJVSQ XLI[ SVOTMIGI

&EGOVIWX7YTTSVXXLEXQ SYRXWSREG]PMRHVMGEPKVMRHIVXSTVIZIRXHIJPIGXMSR[ LIRKVMRHMRK

PSRKWQ EPPHMEQ IXIVWXSGO

&EGXIVMGMHI1 EXIVMEPEHHIHXSGYXXMRKJPYMHWXSMRLMFMXFEGXIVMEPKVS[ XL7IIJYRKMGMHI

&ERHFERHWE[ FPEHI)RHPIWWFERHRSVQ EPP][ MXLWIVVEXIHXIIXLXLEXWIVZIWEWXLIGYXXMRK

XSSPJSVGYXSJJSVGSRXSYVFERHQ EGLMRIW

&ERHTSPMWLMRK% ZEVMEXMSRSJFERHWE[ MRKXLEXYWIWEREFVEWMZIFERHXSWQ SSXLSVTSPMWLTEVXW

TVIZMSYWP]WE[ IHSVJMPIH

&ERHWE[ 4S[ IVIHQ EGLMRIXLEXYXMPM^IWERIRHPIWWFERHRSVQ EPP][ MXLWIVVEXIHXIIXLJSVGYXSJJ

SVGSRXSYVWE[ MRK7IIWE[ WE[ MRKQ EGLMRI

&ERHWE[ MRK4S[ IVFERHWE[ MRKSJXIRGEPPIHFERHQ EGLMRMRKYWIWEPSRKIRHPIWWFERH[ MXL

Q ER]WQ EPPXIIXLXVEZIPMRKSZIVX[ SSVQ SVI[ LIIPWSRIMWEHVMZIR[ LIIPERHXLISXLIVWEVI
MHPIVW MRSRIHMVIGXMSR8LIFERH[ MXLSRP]ETSVXMSRI\TSWIHTVSHYGIWEGSRXMRYSYWERHYRMJSVQ
GYXXMRKEGXMSR[ MXLIZIRP]HMWXVMFYXIHPS[ MRHMZMHYEPXSSXLPSEHW&ERHWE[ MRKQ EGLMRIWEVI
EZEMPEFPIMRE[ MHIZEVMIX]SJX]TIWXSWYMXQ ER]HMJJIVIRXETTPMGEXMSRW
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&EVVIPJMRMWLMRK% Q EWWJMRMWLMRKTVSGIWW-XMRZSPZIWPS[ TVIWWYVIEFVEWMSRVIWYPXMRKJVSQ XYQ FPMRK
[ SVOTMIGIWMREFEVVIPYWYEPP]SJLI\EKSREPSVSGXEKSREPGVSWWWIGXMSR XSKIXLIV[ MXLEREFVEWMZI
WPYVV]7IIJMRMWLMRK

&PSGOW; SVOLSPHMRKHIZMGIWYWIHSRQ MPPMRKQ EGLMRIW7X]PIWMRGPYHIWXITJMRKIVLSPHMRK

XIPIWGSTMRKERHUYMGOGPEQ T

&SVMRK)RPEVKMRKELSPIXLEXEPVIEH]LEWFIIRHVMPPIHSVGSVIH+ IRIVEPP]MXMWERSTIVEXMSRSJ
XVYMRKXLITVIZMSYWP]HVMPPIHLSPI[ MXLEWMRKPITSMRXPEXLIX]TIXSSP&SVMRKMWIWWIRXMEPP]MRXIVREP
XYVRMRKMRXLEXYWYEPP]EWMRKPITSMRXGYXXMRKXSSPJSVQ WXLIMRXIVREPWLETI7SQ IXSSPWEVIEZEMPEFPI
[ MXLX[ SGYXXMRKIHKIWXSFEPERGIGYXXMRKJSVGIW

&SRHIHEFVEWMZI% FVEWMZIKVEMRWQ M\IH[ MXLEFSRHMRKEKIRX8LIQ M\XYVIMWTVIWWIHXSWLETI

ERHXLIRJMVIHMREOMPRSVGYVIH*SVQ WMRGPYHI[ LIIPWWIKQ IRXWGYT[ LIIPWIXG&SRHX]TIW
MRGPYHIS\]GLPSVMHIZMXVMJMIHWMPMGEXIQ IXEPVIWMRTPEWXMGVYFFIVERHWLIPPEG% RSXLIVX]TISJ
FSRHMWIPIGXVSTPEXMRK[ LIVIMRXLIEFVEWMZIKVEMRWEVIEXXEGLIHXSEFEGOMRKF]EXLMGOPE]IVSJ
IPIGXVSTPEXIHQ EXIVMEP

&SVMRKFEV)WWIRXMEPP]EGERXMPIZIVFIEQ XLEXLSPHWSRISVQ SVIGYXXMRKXSSPWMRTSWMXMSRHYVMRKE

FSVMRKSTIVEXMSR'ERFILIPHWXEXMSREV]ERHQ SZIHE\MEPP][ LMPIXLI[ SVOTMIGIVIZSPZIWEVSYRHMX
SVVIZSPZIHERHQ SZIHE\MEPP][ LMPIXLI[ SVOTMIGIMWLIPHWXEXMSREV]SVEGSQ FMREXMSRSJXLIWI
EGXMSRW&SVMRKFEVWEVIMRWXEPPIHSRQ MPPMRKHVMPPMRKERHFSVMRKQ EGLMRIWEW[ IPPEWPEXLIWERH
Q EGLMRMRKGIRXIVW

&SVMRKGYXXIVFSVMRKXSSP'YXXMRKXSSPQ SYRXIHMREFSVMRKFEVXLILSPHIV XLEXIRPEVKIWE

GSVIHSVHVMPPIHLSPI1 E]FIEWMRKPITSMRXSVQ YPXMTPIGYXXMRKIHKIXSSP'ERFIEHNYWXEFPI

&SVMRKQ EGLMRI7MQ MPEVXSEXYVRMRKQ EGLMRII\GITXXLEXXLIGYXXMRKXSSPWMRKPITSMRXSVQ YPXMTPI

GYXXMRKIHKI VEXLIVXLERXLI[ SVOTMIGIVSXEXIWXSTIVJSVQ MRXIVREPGYXW, S[ IZIVFSVMRKGERFI
EGGSQ TPMWLIHF]LSPHMRKXLIXSSPWXEXMSREV]ERHXYVRMRKXLI[ SVOTMIGI8EOIWEZEVMIX]SJZIVXMGEP
WPERXIHERHLSVM^SRXEPJSVQ WERHLEWSRISVQ SVIWTMRHPIW8]TMGEPP]EPEVKITS[ IVJYPQ EGLMRIMX
GERVIEHMP]LSPHXSPIVERGIWXSXIRXLSYWERHXLWSJERMRGL7IINMKFSVIPEXLIXYVRMRKQ EGLMRI

&SYRHEV]EHHMXMZIW7YPJYVGLPSVMRIERHSXLIVQ EXIVMEPWEHHIHXSGYXXMRKJPYMHWXSJMPPMRWYVJEGI
MVVIKYPEVMXMIWEXXLIXSSP[ SVOTMIGIMRXIVJEGIGVIEXMRKEPYFVMGEXMRKJMPQ 7IIPYFVMGMX]

&VSEGL8ETIVIHXSSP[ MXLEWIVMIWSJXIIXLSJMRGVIEWMRKPIRKXLXLEXMWTYWLIHSVTYPPIHMRXSE
[ SVOTMIGIWYGGIWWMZIP]VIQ SZMRKWQ EPPEQ SYRXWSJQ IXEPXSIRPEVKIELSPIWPSXSVSXLIVSTIRMRK
XSJMREPWM^I

&VSEGLMRK% RSTIVEXMSRMR[ LMGLEGYXXIVTVSKVIWWMZIP]IRPEVKIWEWPSXSVLSPISVWLETIWE[ SVOTMIGI

I\XIVMSV0S[ XIIXLWXEVXXLIGYXMRXIVQ IHMEXIXIIXLVIQ SZIXLIQ ENSVMX]SJXLIQ EXIVMEPERHXLI
LMKLXIIXLJMRMWLXLIXEWO&VSEGLMRKGERFIESRIWXITSTIVEXMSREWSTTSWIHXSQ MPPMRKERHWPSXXMRK
[ LMGLVIUYMVIVITIEXIHTEWWIW8]TMGEPP]LS[ IZIVFVSEGLMRKEPWSMRZSPZIWQ YPXMTPITEWWIW

&VSEGLMRKQ EGLMRI1 EGLMRIHIWMKRIHWTIGMJMGEPP]XSVYRFVSEGLMRKXSSPWX]TMGEPP]HIWMKREXIH

F]STIVEXMRKGLEVEGXIVMWXMGWTYPPTYWLVSXEV]GSRXMRYSYWFPMRHWTPMRI X]TISJTS[ IVYWIHL]HVEYPMG
Q IGLERMGEP ERHXSRREKIVEXMRKW&VSEGLMRKMWEPWSTIVJSVQ IHSREVFSVTVIWWIWQ ERYEPERH
TS[ IVIH 

&VYWLMRK9 WISJVETMHP]WTMRRMRK[ MVIWSVJMFIVWXSIJJIGXMZIP]ERHIGSRSQ MGEPP]VIQ SZIFYVVW

WGVEXGLIWERHWMQ MPEVQ IGLERMGEPMQ TIVJIGXMSRWJVSQ TVIGMWMSRERHLMKLP]WXVIWWIHGSQ TSRIRXW
8LIKVIEXIWXETTPMGEXMSRLEWFIIRQ EHIMRXLIQ ERYJEGXYVISJKIEVWERHFIEVMRKVEGIW[ LIVIXLI
VIQ SZEPSJWLEVTIHKIWERHWXVIWWVMWIVWF]TS[ IVQ IXLSHWLEWMRGVIEWIHXLIWTIIHSJXLISTIVEXMSR

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 &9 )FYMPXYTIHKI1 EXIVMEPJVSQ [ SVOTMIGIXLEXEHLIVIWXSGYXXMRKXSSPHYVMRKGYXXMRK

&YJJMRK7Q SSXLMRKERHFVMKLXIRMRKEWYVJEGIF]TVIWWMRKEREFVEWMZIGSQ TSYRHIQ FIHHIHMR

EWSJX[ LIIPSVFIPXEKEMRWXXLI[ SVOTMIGI

&YVV7XVMRK]TSVXMSRWSJQ EXIVMEPJSVQ IHSR[ SVOTMIGIIHKIWHYVMRKQ EGLMRMRK3 JXIRWLEVT

GERFIVIQ SZIH[ MXLLERHJMPIWEFVEWMZI[ LIIPWSVFIPXW[ MVI[ LIIPWEFVEWMZIJMFIVFVYWLIWSV
[ EXIVNIXIUYMTQ IRX

&YWLMRK% G]PMRHVMGEPWPIIZIX]TMGEPP]Q EHIJVSQ LMKLKVEHIXSSPWXIIPMRWIVXIHMRXSENMKJM\XYVI

XSKYMHIGYXXMRKXSSPW8LIVIEVIXLVIIQ EMRX]TIWVIRI[ EFPIYWIHMRPMRIVWXLEXMRXYVREVI
MRWXEPPIHMRXLINMKTVIWWJMXMRWXEPPIHHMVIGXP]MRXLINMKJSVWLSVXTVSHYGXMSRVYRWERHPMRIVSV
Q EWXIV MRWXEPPIHTIVQ ERIRXP]MRENMKXSVIGIMZIVIRI[ EFPIFYWLMRK

'% ( GSQ TYXIVEMHIHHIWMKR4VSHYGXHIWMKRJYRGXMSRWTIVJSVQ IH[ MXLXLILIPTSJGSQ TYXIVW

ERHWTIGMEPWSJX[ EVI

' % 1 GS Q T Y XIVEMH IH Q ER Y JEGXY VMR K 9 WISJGSQ TYXIVWXSGSRXVSPQ EGLMRMRKERH

Q ERYJEGXYVMRK

'ERRIHG]GPIJM\IHG]GPI7YFVSYXMRISVJYPPWIXSJTVSKVEQ Q IHRYQ IVMGEPGSRXVSPSVGSQ TYXIV

RYQ IVMGEPGSRXVSPWXITWMRMXMEXIHF]EWMRKPIGSQ Q ERH3 TIVEXMSRWEVIHSRIMREWIXSVHIVXLI
FIKMRRMRKGSRHMXMSRMWVIXYVRIHXS[ LIRXLIG]GPIMWGSQ TPIXIH

'EQ GYXXMRKEXXEGLQ IRX( IZMGIJSVGYXXMRKJEGITIVMTLIVEPSVG]PMRHVMGEPGEQ WJVSQ JPEXGEQ 

JSVQ IVWXSGO

'EVVMEKIWXST 1 IGLERMGEPHIZMGITPEGIHSRXLIPEXLILIEHSV[ E]WXSTVIZIRXSZIVXVEZIPXLEX

Q MKLXHEQ EKIXLIQ EGLMRISV[ SVOTMIGI

'EZMX]GYXXMRK1 EGLMRMRKIRXMVIP][ MXLMRXLIFSH]SJE[ SVOTMIGI

'IPPQ ERYJEGXYVMRK+ VSYTMRKTVSGIWWIWIUYMTQ IRXERHTISTPIXSKIXLIVXSQ ERYJEGXYVIE

WTIGMJMGJEQ MP]SJTEVXW, MKLP]EYXSQ EXIHERHEFPIXSGLERKISZIVUYMGOP]XSTVSHYGIEHMJJIVIRX
TEVX[ MXLMRXLIJEQ MP]SJTEVXW7IIJEQ MP]SJTEVXWKVSYTXIGLRSPSK]

'IRXIVHVMPP( VMPPYWIHXSQ EOIQ SYRXMRKLSPIWJSV[ SVOXSFILIPHFIX[ IIRGIRXIVW% PWSYWIH

XSTVIHVMPPLSPIWJSVWYFWIUYIRXHVMPPMRKSTIVEXMSRW

'IRXIVHVMPPMRK( VMPPMRKXETIVIHLSPIWJSVQ SYRXMRK[ SVOFIX[ IIRGIRXIVW'IRXIVHVMPPIHLSPIW

EPWSWIVZIEWTVIPMQ MREV]wWXEVXIVxLSPIWJSVHVMPPMRKPEVKIVLSPIWMRXLIWEQ IPSGEXMSR7IIHVMPPMRK

'IRXIVVIWX7YTTSVXTVSZMHIHEXXLIGIRXIVSJXLI[ SVOMRKEVIESJEG]PMRHVMGEPKVMRHIVXSTVIZIRX
TEVXHIJPIGXMSRHYVMRKKVMRHMRK

'IRXIVMRK 4VSGIWWSJPSGEXMRKXLIGIRXIVSJE[ SVOTMIGIXSFIQ SYRXIHSRGIRXIVW% PWSXLI

TVSGIWWSJQ SYRXMRKXLI[ SVOTMIGIGSRGIRXVMGXSXLIQ EGLMRIWTMRHPI

'IRXIVPIWWKVMRHMRK+ VMRHMRKSTIVEXMSRMR[ LMGLXLI[ SVOTMIGIVIWXWSREORMJIIHKIWYTTSVX

VSXEXIWXLVSYKLGSRXEGX[ MXLEVIKYPEXMRKSVJIIH[ LIIPERHMWKVSYRHF]EKVMRHMRK[ LIIP8LMW
Q IXLSHEPPS[ WKVMRHMRKPSRKXLMRTEVXW[ MXLSYXWXIEH]VIWXWEPWSI\TIVMIRGIWPIWWIRIHXETIV
TVSFPIQ W3 TTSWMXISJG]PMRHVMGEPKVMRHMRK7IIKVMRHMRKG]PMRHVMGEPKVMRHMRK

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