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0MTERKPI-RGPYHIHERKPIFIX[ IIREGYXXIVvWXSSXLERHVIPMIZIHPERH

0SEHMRK-RKVMRHMRKXLI[ LIIPvWXIRHIRG]XSEGGYQ YPEXI[ SVOTMIGIQ EXIVMEPFIX[ IIRMXWEFVEWMZI


TSMRXW-RQ MPPMRKHVMPPMRKERHSXLIVSTIVEXMSRWI\GIWWMZITEGOMRKSJGLMTWMRGYXXIVJPYXIWSVEX
GYXXIVIHKI

0YFVMGERX7YFWXERGIXLEXVIHYGIWJVMGXMSRFIX[ IIRQ SZMRKQ EGLMRITEVXW'ERFIPMUYMH


L]HVSGEVFSRSMP WSPMH KVIEWI SVKEWISYW EMV -Q TSVXERXGLEVEGXIVMWXMGWEVIXSTVIZIRXQ IXEPXS
Q IXEPGSRXEGXFIX[ IIRQ SZMRKWYVJEGIWFIEGSSPMRKQ IHMYQ ERHTVSXIGXWYVJEGIWJVSQ VYWXERH
GSVVSWMSR

0YFVMGMX]1 IEWYVISJXLIVIPEXMZIIJJMGMIRG][ MXL[ LMGLEGYXXMRKJPYMHSVPYFVMGERXVIHYGIWJVMGXMSR


FIX[ IIRWYVJEGIW

1 641 64--Q EXIVMEPWVIU YMVIQ IRXWTPERRMRKQ ERYJEGXYVMRKVIWSYVGIWTPERRMRK


1 EREKIQ IRXQ IXLSHRSVQ EPP]GSQ TYXIVEMHIHJSVGSWXIJJIGXMZIGSRXVSPSJQ ERYJEGXYVMRKWYTTSVX
JYRGXMSRWWYGLEWMRZIRXSV]TVSHYGXMSRIUYMTQ IRXERHTIVWSRRIP1 64[ EWXLIMRMXMEPWSQ I[ LEX
PMQ MXIHQ IXLSH1 64--MQ TPMIWEQ SVIWSTLMWXMGEXIHW]WXIQ 

1 EGLMRMRK4VSGIWWSJKMZMRKE[ SVOTMIGIERI[ GSRJMKYVEXMSRF]GYXXMRKSVWLETMRKMX8]TMGEPP]


TIVJSVQ IHSREQ EGLMRIXSSPSVQ EGLMRMRKGIRXIV-RGPYHIWGYXXMRKERHWLETMRKEPPOMRHWSJQ EXIVMEPW
RSXNYWXQ IXEPW+ IRIVEPP]EWWSGMEXIH[ MXLTVIGMWMSRERHLMKLUYEPMX]JMX

1 EGLMRMRKGIRXIV% GSQ TYXIVGSRXVSPPIHQ EGLMRIXSSPGETEFPISJHVMPPMRKVIEQ MRKXETTMRK


Q MPPMRKERHFSVMRK2 SVQ EPP]GSQ IW[ MXLEREYXSQ EXMGXSSPGLERKIV7IIEYXSQ EXMGXSSPGLERKIV

1 EKRIXMGGLYGO; SVOLSPHMRKHIZMGIYWIHSRWYVJEGIKVMRHIVWERHQ MPPMRKQ EGLMRIWJSVLSPHMRK


JIVVSYWTEVXW[ MXLPEVKIJPEXWMHIW, SPHMRKTS[ IVQ E]FITVSZMHIHF]TIVQ ERIRXQ EKRIXWSVF]ER
IPIGXVSQ EKRIXMGW]WXIQ 7IIGLYGO

1 ERHVIP; SVOLSPHIVJSVXYVRMRKXLEXJMXWMRWMHILSPPS[ [ SVOTMIGIW8]TIWEZEMPEFPIMRGPYHI


I\TERHMRKTMRERHXLVIEHIH

1 EWWTVSHYGXMSR0EVKIWGEPIQ ERYJEGXYVMRK[ MXLLMKLZSPYQ ITVSHYGXMSRERHSYXTYXMQ TPMIW


TVIGSQ TYXIVIVEQ IXLSHW[ MXLHITEVXQ IRXEPM^IHSTIVEXMSRERHVIPMERGISRwIGSRSQ MIWSJWGEPIx
XSEGLMIZIPS[ TIVYRMXGSWXW

1 EXIVMEPWLERHPMRK1 IXLSHWIUYMTQ IRXERHW]WXIQ WJSVGSRZI]MRKQ EXIVMEPWXSZEVMSYWQ EGLMRIW


ERHTVSGIWWMRKEVIEWERHJSVXVERWJIVVMRKJMRMWLIHTEVXWXSEWWIQ FP]TEGOEKMRKERHWLMTTMRKEVIEW

1 IXEPGYXXMRK% R]Q EGLMRMRKTVSGIWWYWIHXSTEVXQ IXEPSVEQ EXIVMEPSVKMZIE[ SVOTMIGIERI[


GSRJMKYVEXMSR'SRZIRXMSREPP]ETTPMIWXSQ EGLMRMRKSTIVEXMSRWMR[ LMGLEGYXXMRKXSSPQ IGLERMGEPP]
VIQ SZIWQ EXIVMEPMRXLIJSVQ SJGLMTWETTPMIWXSER]TVSGIWWMR[ LMGLQ IXEPSVQ EXIVMEPMWVIQ SZIH
XSGVIEXIRI[ WLETIW

1 IXEPJSVQ MRK 1 ERYJEGXYVMRKTVSGIWWIWMR[ LMGLTVSHYGXWEVIKMZIRRI[ WLETIWIMXLIVF]GEWXMRK


SVF]WSQ IJSVQ SJQ IGLERMGEPHIJSVQ EXMSRWYGLEWJSVKMRKWXEQ TMRKFIRHMRKWTMRRMRKIXG
7SQ ITVSGIWWIWWYGLEWWXEQ TMRKQ E]YWIHMIWSVXSSPW[ MXLGYXXMRKIHKIWXSGYXEW[ IPPEWJSVQ
TEVXW

1 IXEP[ SVOMRK% R]Q ERYJEGXYVMRKTVSGIWWMR[ LMGLQ IXEPMWTVSGIWWIHSVQ EGLMRIHWYGLXLEXXLI


[ SVOTMIGIMWKMZIRERI[ WLETI&VSEHP]HIJMRIHXLIXIVQ MRGPYHIWTVSGIWWIWWYGLEWHIWMKRERH
PE]SYXLIEXXVIEXMRKQ EXIVMEPLERHPMRKMRWTIGXMSRIXG

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1 IXEPVIQ SZEPJEGXSV8LIZSPYQ ISJQ IXEPVIQ SZIHTIVYRMXSJTS[ IVMREKMZIRTIVMSHSJXMQ I
VIGMTVSGEPSJXLIWTIGMJMGTS[ IVGSRWYQ TXMSRJEGXSV % PWSORS[ REWXLIw/JEGXSVxMXMWTVMQ EVMP]
HITIRHIRXSRXLITVSTIVXMIWSJXLIQ IXEPFIMRKGYXMWSRP]WPMKLXP]HITIRHIRXSRJIIHERHLEW
ZMVXYEPP]RSHITIRHIRGISRHITXLSJGYX

1 MGVSWPMGMRK'YXXMRKZIV]WQ EPPSVXLMRTEVXWJVSQ EPEVKIVFEWITEVX9 WIWEWTIGMEPQ EGLMRI[ MXL


EXLMRXIRWMSRIHFPEHIXLEXXEOIWEQ MRMQ YQ OIVJ4VSGIWWJSVGYXXMRKI\TIRWMZIQ EXIVMEPWWYGLEW
WMPMGSRKIVQ ERMYQ ERHSXLIVGSQ TYXIVGLMTQ EXIVMEPW

1 MPPQ MPPMRKQ EGLMRI6YRWIRHQ MPPWERHEVFSVQ SYRXIHQ MPPMRKGYXXIVW*IEXYVIWMRGPYHIELIEH


[ MXLEWTMRHPIXLEXHVMZIWXLIGYXXIVWEGSPYQ RORIIERHXEFPIXLEXTVSZMHIQ SXMSRMRXLIXLVII
'EVXIWMERE\IWERHEFEWIXLEXWYTTSVXWXLIGSQ TSRIRXWERHLSYWIWXLIGYXXMRKJPYMHTYQ TERH
VIWIVZSMV8LI[ SVOMWQ SYRXIHSRXLIXEFPIERHJIHMRXSXLIVSXEXMRKGYXXIVSVIRHQ MPPXSEGGSQ TPMWL
XLIQ MPPMRKWXITWZIVXMGEPQ MPPMRKQ EGLMRIWEPWSJIIHIRHQ MPPWMRXSXLI[ SVOF]Q IERWSJEWTMRHPI
Q SYRXIHUYMPP1 SHIPWVERKIJVSQ WQ EPPQ ERYEPQ EGLMRIWXSFMKFIHX]TIERHHYTPI\Q MPPW% PP
XEOISRISJXLVIIFEWMGJSVQ WZIVXMGEPLSVM^SRXEPSVGSRZIVXMFPILSVM^SRXEPZIVXMGEP:IVXMGEPQ EGLMRIW
Q E]FIORIIX]TI XLIXEFPIMWQ SYRXIHSREORIIXLEXGERFIIPIZEXIH SVFIHX]TI XLIXEFPIMW
WIGYVIP]WYTTSVXIHERHSRP]Q SZIWLSVM^SRXEPP] -RKIRIVEPLSVM^SRXEPQ EGLMRIWEVIFMKKIVERH
Q SVITS[ IVJYP[ LMPIZIVXMGEPQ EGLMRIWEVIPMKLXIVFYXQ SVIZIVWEXMPIERHIEWMIVXSWIXYTERH
STIVEXI1 SHIVRQ MPPWSJXIREVIIUYMTTIH[ MXLHMKMXEPVIEHSYXWERHGSQ TYXIVRYQ IVMGEPGSRXVSPW

1 MPPMRK1 EGLMRMRKSTIVEXMSRMR[ LMGLQ IXEPSVSXLIVQ EXIVMEPMWVIQ SZIHF]ETTP]MRKTS[ IVXSE


VSXEXMRKGYXXIV8EOIWX[ SKIRIVEPJSVQ WZIVXMGEPERHLSVM^SRXEP-RZIVXMGEPQ MPPMRKXLIGYXXMRK
XSSPMWQ SYRXIHZIVXMGEPP]SRXLIWTMRHPI-RLSVM^SRXEPQ MPPMRKXLIGYXXMRKXSSPMWQ SYRXIH
LSVM^SRXEPP]IMXLIVHMVIGXP]SRXLIWTMRHPISJSREREVFSV, SVM^SRXEPQ MPPMRKMWJYVXLIVFVSOIR
HS[ RMRXSGSRZIRXMSREPQ MPPMRK[ LIVIXLIGYXXIVVSXEXIWSTTSWMXIXLIHMVIGXMSRSJJIIHSVwYTx
MRXSXLI[ SVOTMIGI1 MPPMRKSTIVEXMSRWMRGPYHITPERISVWYVJEGIQ MPPMRKIRHQ MPPMRKJEGIQ MPPMRK
ERKPIQ MPPMRKJSVQ Q MPPMRKERHTVSJMPMRK

1 MPPMRKEVFSV7LEJXSVXSSPLSPHIVXLEXMRWIVXWMRXLIQ EGLMRIWTMRHPIERHLSPHWETIVMTLIVEP
Q MPPMRKSVJEGIQ MPPMRKGYXXIV

1 MPPMRKGYXXIV0SSWIP]ER]Q MPPMRKXSSP, SVM^SRXEPGYXXIVWXEOIXLIJSVQ SJTPEMRQ MPPMRKGYXXIVW


TPEMRWTMVEPXSSXLGYXXIVWLIPMGEPGYXXIVWWMHIQ MPPMRKGYXXIVWWXEKKIVIHXSSXLWMHIQ MPPMRKGYXXIVW
JEGIQ MPPMRKGYXXIVWERKYPEVGYXXIVWHSYFPIERKPIGYXXIVWGSRZI\ERHGSRGEZIJSVQ Q MPPMRKGYXXIVW
WXVEHHPIWTVSGOIXGYXXIVWWTYVKIEVGYXXIVWGSVRIVVSYRHMRKGYXXIVWERHWPMXXMRKWE[ W:IVXMGEPQ MPPW
YWIWLEROQ SYRXIHGYXXMRKXSSPWMRGPYHMRKIRHQ MPPW8WPSXGYXXIVW; SSHVYJJOI]WIEXGYXXIVWERH
HSZIXEMPXLIWIQ E]EPWSFIYWIHSRLSVM^SRXEPQ MPPW

1 MWGMFMPMX]% FMPMX]SJEPMUYMHXSQ M\[ MXLERSXLIVPMUYMH7IIIQ YPWMSR

1 MWXETTPMGEXMSR% XSQ M^IHJPYMHKIRIVEPP]ETTPMIH[ LIREGPIEVZMI[ SJXLIGYXTSMRXMWRIIHIH


EWMRGSRXSYVFERHWE[ MRKSVQ ERYEPQ MPPMRK8LIEMVFSVRIQ MWXGERFIHMVIGXIHTVIGMWIP]XSXLI
TSMRXSJGYXWSQ IXMQ IWVIEGLMRKEVIEWJPSSHETTPMIHGSSPERX[ MPPRSXTIRIXVEXI8LI[ EXIV
IZETSVEXIWSRGSRXEGXTVSZMHMRKJYVXLIVGSSPMRKERHPIEZIWSMPWERHEHHMXMZIWSRXLI[ SVO7II
JPSSHETTPMGEXMSR

1 M\XYVIVEXMS6EXMSSJ[ EXIVXSGSRGIRXVEXIMRGIVXEMRGYXXMRKJPYMHW7IIWIQ MW]RXLIXMGGYXXMRK


JPYMHWSPYFPISMPGYXXMRKJPYMHW]RXLIXMGGYXXMRKJPYMH

1 SHYPEVHIWMKRGSRWXVYGXMSR1 ERYJEGXYVMRKSJETVSHYGXMRWYFEWWIQ FPMIWXLEXTIVQ MXJEWX


ERHWMQ TPIVITPEGIQ IRXSJHIJIGXMZIEWWIQ FPMIWERHXEMPSVMRKSJXLITVSHYGXJSVHMJJIVIRXTYVTSWIW

1 SHYPEVJM\XYVMRK7]WXIQ MR[ LMGLJM\XYVIWEVIGSRWXVYGXIHJVSQ WXERHEVHM^IHVIYWEFPI


GSQ TSRIRXW*M\XYVIWEVIEWWIQ FPIHERHHMWEWWIQ FPIHUYMGOP]&EWMGWX]PIWEVIWYFTPEXIHS[ IPTMR
ERH8WPSX
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1 SHYPEVXSSPMRK8SSPMRKW]WXIQ GSQ TVMWIHSJWXERHEVHM^IHXSSPWERHXSSPLSPHIVW( IZMGIWXLEX
EPPS[ VETMHQ SYRXMRKERHVITPEGIQ IRXSJXSSPW'SQ Q SRP]YWIH[ MXLGEVSYWIPXSSPGLERKIVWERH
SXLIVGSQ TYXIVM^IHQ EGLMRMRKSTIVEXMSRW

1 YPXMJYRGXMSRQ EGLMRIW1 EGLMRIWERHQ EGLMRMRKXYVRMRKGIRXIVWGETEFPISJTIVJSVQ MRKEZEVMIX]


SJXEWOWMRGPYHMRKQ MPPMRKHVMPPMRKFSVMRKXYVRMRKERHGYXSJJYWYEPP]MRNYWXSRIWIXYT

2 'RYQ IVMGEPGSRXVSP% R]GSRXVSPPIHIUYMTQ IRXXLEXEPPS[ WERSTIVEXSVXSTVSKVEQ MXWQ SZIQ IRX


F]IRXIVMRKEWIVMIWSJGSHIHRYQ FIVWW]Q FSPWIXG7II'2 'GSQ TYXIVRYQ IVMGEPGSRXVSP( 2 '
HMVIGXRYQ IVMGEPGSRXVSP

2 SRXVEHMXMSREPQ EGLMRMRK :EVMIX]SJGLIQ MGEPIPIGXVMGEPQ IGLERMGEPERHXLIVQ EPTVSGIWWIWJSV


Q EGLMRMRK[ SVOTMIGIW3 VMKMREPP]ETTPMIHXSRI[ SVIQ IVKMRKTVSGIWWIWMXHIWMKREXIWER]TVSGIWW
HIZIPSTIHWMRGI

3 ( SYXIVHMEQ IXIV( MQ IRWMSRWXLEXHIJMRIXLII\XIVMSVSJETEVX7II-( MRRIVHMEQ IXIV

3 JJLERHKVMRHMRK, ERHJIIHMRKE[ SVOTMIGIMRXSEFIRGLKVMRHIV9 WYEPP]YXMPM^IHMRXLIWLSTXS


VIWLEVTIRXSSPW% XXEGLQ IRXWSVSXLIVQ IGLERMGEPHIZMGIWEVIVIUYMVIHJSVMRGVIEWIHIJJMGMIRG]ERH
EGGYVEG]7IIKVMRHMRK

3 VXLSKSREPGLMTJSVQ EXMSR'SRGIRXVEXIHWLIEVEGXMSREXXLITSMRXSJGYXXLEXVIWYPXWMRXLI
JSVQ EXMSRSJEGSRXMRYSYWGLMT7IIWLIEVTPERI

3 ZIVWLSSX( IZMEXMSRJVSQ RSQ MREPTEXLGEYWIHF]Q SQ IRXYQ GEVVMIHSZIVJVSQ XLITVIZMSYW


WXITEW[ LIREXSSPMWVETMHP]XVEZIVWIHEGSRWMHIVEFPIHMWXERGIXSFIKMREGYX9 WYEPP]ETTPMIWXS
RYQ IVMGEPGSRXVSPGSQ TYXIVRYQ IVMGEPGSRXVSPQ EGLMRMRK7IIYRHIVWLSSX

4EVEPPIP7XVMTSVFPSGOSJTVIGMWMSRKVSYRHWXSGOYWIHXSIPIZEXIE[ SVOTMIGI[ LMPIOIITMRKMX


TEVEPPIPXSXLI[ SVOXEFPIXSTVIZIRXGYXXIVXEFPIGSRXEGX

4EVXMRK; LIRYWIHMRPEXLISVWGVI[ Q EGLMRISTIVEXMSRWXLMWTVSGIWWWITEVEXIWEGSQ TPIXIHTEVX


JVSQ GLYGOLIPHSVGSPPIXJIHWXSGOF]Q IERWSJEZIV]REVVS[ JPEXIRHGYXXMRKXSSP TEVXMRKXSSP 

4IVMTLIVEPQ MPPMRK% JSVQ SJQ MPPMRKXLEXTVSHYGIWEJMRMWLIHWYVJEGIKIRIVEPP]MRETPERITEVEPPIP


XSXLIVSXEXMRKE\MWSJEGYXXIVLEZMRKXIIXLSVMRWIVXWSRXLITIVMTLIV]SJXLIGYXXIVFSH]7II
Q MPPMRK

4LSXSGLIQ MGEPQ EGLMRMRK% ZEVMEXMSRSRGLIQ MGEPQ EGLMRMRKXLEXYWIWEGLIQ MGEPP]VIWMWXERX


Q EWOXLEXMWWIRWMXMZIXSPMKLX0MKLXEGXMZEXIWXLIEWOSRP]MRXLIEVIEWXSFITVSXIGXIH8LIVIQ EMRMRK
Q EWOMW[ EWLIHE[ E]8LITVSGIWWMWX]TMGEPP]YWIHXSTVSHYGITEVXWWYGLEWGMVGYMXFSEVHWERHSXLIV
HIPMGEXIMXIQ W

4MXGL3 REWE[ FPEHIXLIRYQ FIVSJXIIXLTIVMRGL-RXLVIEHMRKXLIRYQ FIVSJXLVIEHWTIVMRGL

4PERIVTPERMRKQ EGLMRI1 EGLMRIWJPEXWYVJEGIW4PERIVWXEOIEZEVMIX]SJJSVQ WHSYFPILSYWMRK


STIRWMHIGSRZIVXMFPIERHEHNYWXEFPISTIRWMHIHSYFPIGYXERHQ MPPMRK0EVKIQ YPXMLIEH Q MPPMRK
FSVMRKHVMPPMRKIXG TPERIVWERHTPERIVX]TIQ MPPMRKQ EGLMRIWLERHPIQ SWXTPERMRK[ SVO

4PERMRK1 EGLMRMRKSTIVEXMSRXLEXGVIEXIWJPEXWYVJEGIW8LI[ SVOTMIGIMWVIGMTVSGEXIHMREPMRIEV


Q SXMSREKEMRWXSRISVQ SVIWMRKPITSMRXXSSPW% PWSYWIHXSGVIEXIGSRXSYVWSVMVVIKYPEV
GSRJMKYVEXMSRW

4PERMRKFMX'YXXMRKXSSPWMQ MPEVMRETTIEVERGIXSEXYVRMRKXSSPFYX[ MXLEPSRKIVWLERO

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4SMRXERKPI8LIMRGPYHIHERKPIEXXLITSMRXSJEX[ MWXHVMPPSVWMQ MPEVXSSPJSVKIRIVEPTYVTSWI
XSSPWXLITSMRXERKPIMWX]TMGEPP]ž

4SMRXXSTSMRXW]WXIQ 2 YQ IVMGEPGSRXVSPW]WXIQ RSVQ EPP]YWIHJSVHVMPPMRKERHSXLIVSTIVEXMSRW


[ LIVIGIRXIVTSMRXPSGEXMSRMWVIEHMP]HIXIVQ MRIH8SSPMWVETMHP]Q SZIHXSETSWMXMSRXLIRHVMPPW
XETWVIEQ WFSVIWGSYRXIVFSVIWGSYRXIVWMROWSVTIVJSVQ WWSQ ISXLIVXEWO

4SPEVEHHMXMZIW% RMQ EPZIKIXEFPISVW]RXLIXMGSMPWXLEX[ LIREHHIHXSEQ MRIVEPSMPMQ TVSZIMXW


EFMPMX]XSTIRIXVEXIXLIXSSP[ SVOTMIGIMRXIVJEGI

4SPMWLMRK% FVEWMZITVSGIWWXLEXMQ TVSZIWWYVJEGIJMRMWLERHFPIRHWGSRXSYVW% FVEWMZITEVXMGPIW


EXXEGLIHXSEJPI\MFPIFEGOMRKEFVEHIXLI[ SVOTMIGI

4SPMWLMRKEXXEGLQ IRX% FVEWMZIKVMRHMRKHIZMGIXLEXQ SYRXWSREGSRXSYVFERHWE[ ERHYWIH


JMRIKVMXFIPXWXSKVMRHERHTSPMWL

4S[ IVFVYWLMRK% R]TVSGIWWXLEXYWIWETS[ IVHVMZIRVSXEXMRKMRHYWXVMEPFVYWLXSHIFYVVGPIER


SVJMRMWLEQ IXEPTEVX( ITIRHMRKSRXLIETTPMGEXMSRXLIFVYWLJMFIVWGSPPIGXMZIP]ORS[ REWFVYWL
JMPPQ EXIVMEPQ E]FIQ IXEP[ MVIWJMFIVKPEWWGSEXIHEFVEWMZIJMPPIHTPEWXMGWW]RXLIXMGWWYGLEWR]PSR
ERHTSP]TVST]PIRIREXYVEPERMQ EPLEMVWWYGLEWLSVWILEMVSVZIKIXEFPIJMFIVWWYGLEWXEQ TMGSERH
FELME

4S[ IVLEGOWE[ 1 EGLMRIJMXXIH[ MXLWIVVEXIHFPEHILIPHXEYXMREVIGMTVSGEXMRKJVEQ IXLEXGYXWMR


SRIHMVIGXMSRIMXLIVSRXLIJSV[ EVHSVVIXYVRWXVSOI7IIWE[ WE[ MRKQ EGLMRI

4S[ IVLEGOWE[ MRK% WE[ MRKTVSGIWWXLEXYWIWXLIFEGOERHJSVXLQ SXMSRSJEWLSVXWXVEMKLX


XSSXLIHFPEHIXSGYXXLI[ SVOTMIGI, EGOWE[ MRKQ EGLMRIWEVIKIRIVEPP]IPIGXVMGEPP]HVMZIRERH
Q E]RSXTVSZMHIJSVETTPMGEXMSRSJGYXXMRKJPYMHXSXLIWE[ FPEHISV[ SVOTMIGI

4VSHYGXMZMX]1 IEWYVISJXLIIJJMGMIRG][ MXL[ LMGLLYQ ERERHQ EXIVMEPVIWSYVGIWEVIYWIHXS


TVSHYGIKSSHWERHWIVZMGIW3 YXTYXTIVQ ERLSYVLEWXVEHMXMSREPP]FIIRXLIQ SWXWXEFPIQ IEWYVI
FYXWMRGIHMVIGXPEFSVMWWLEVTP]VIHYGIHF]GSQ TYXIVEMHIHHIWMKRGSQ TYXIVEMHIHQ ERYJEGXYVMRK
ERHGSQ TYXIVMRXIKVEXIHQ ERYJEGXYVMRKEPXIVREXMZIQ IXLSHWSJQ IEWYVMRKQ E]FIQ SVIEGGYVEXI
7SJX[ EVIERHSXLIVWYTTSVXWIVZMGIJYRGXMSRWQ YWXFIJEGXSVIHMRXSXLIIUYEXMSR

4VSJMPMRK1 EGLMRMRKZIVXMGEPIHKIWSJ[ SVOTMIGIWLEZMRKMVVIKYPEVGSRXSYVWRSVQ EPP]TIVJSVQ IH


[ MXLERIRHQ MPPMREZIVXMGEPWTMRHPISREQ MPPMRKQ EGLMRISV[ MXLETVSJMPIVJSPPS[ MRKETEXXIVR

5 YMGOGLERKIXSSPLSPHIV'YXXIVLSPHIVXLEXTIVQ MXWVETMHXSSPGLERKIW+ IRIVEPP]EWWSGMEXIH


[ MXLEYXSQ EXMGSVWIQ MEYXSQ EXMGQ EGLMRMRKSTIVEXMSRW7IIXSSPLSPHIV

6-1 VIEGXMSRMRNIGXMSRQ SPHMRKEQ SPHMRKTVSGIWWXLEXEPPS[ WXLIVETMHQ SPHMRKSJPMUYMH


Q EXIVMEPW8LIMRNIGXMSRQ SPHMRKTVSGIWWGSRWMWXWSJLIEXMRKERHLSQ SKIRM^MRKTPEWXMGKVERYPIWMRE
G]PMRHIVYRXMPXLI]EVIWYJJMGMIRXP]JPYMHXSEPPS[ JSVTVIWWYVIMRNIGXMSRMRXSEVIPEXMZIP]GSPHQ SPH
[ LIVIXLI]WSPMHMJ]ERHXEOIXLIWLETISJXLIQ SPHGEZMX]*SVXLIVQ STPEWXMGWRSGLIQ MGEPGLERKIW
SGGYV[ MXLMRXLITPEWXMGERHGSRWIUYIRXP]XLITVSGIWWMWVITIEXEFPI8LIQ ENSVEHZERXEKIWSJXLI
MRNIGXMSRQ SPHMRKTVSGIWWEVIXLIWTIIHSJTVSHYGXMSRQ MRMQ EPVIUYMVIQ IRXWJSVTSWXQ SPHMRK
STIVEXMSRWERHWMQ YPXERISYWQ YPXMTEVXQ SPHMRK

6EGOQ MPPMRKEXXEGLQ IRX% XXEGLQ IRXJSVGYXXMRKKIEVXIIXLYWYEPP]MREWXVEMKLXPMRIFYX[ LIR


YWIHMRGSRNYRGXMSR[ MXLYRMZIVWEPWTMVEPMRHI\GIRXIVWSREYRMZIVWEPQ MPPMXEPPS[ WXLIQ EGLMRMRKSJ
[ SVQ W

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6EHMEPHVMPP0EVKIHVMPP[ MXLEREVQ XLEXTMZSXWEFSYXEGSPYQ RXSTVSZMHITSWMXMSRMRKJPI\MFMPMX]
ERHKVIEXVIEGLERHWXEFMPMX]7IIHVMPPMRKQ EGLMRIHVMPPTVIWW

6EHMEPVEOI% PWSORS[ REWXLIXSSPFEGOVEOIXLIERKPIFIX[ IIRXLIXSSXLJEGIERHXLIVEHMEP


TPERIXLVSYKLXLIXSSPTSMRX

6EOI% RKPIJSVQ IHFIX[ IIREXSSXLJEGIERHEPMRITIVTIRHMGYPEVXSXLIGYXXIVGIRXIVPMRI

6ERGMHMX]&EGXIVMEPERHJYRKEPKVS[ XLWMR[ EXIVQ MWGMFPIJPYMHWXLEXGEYWIYRTPIEWERXSHSVWWXEMRIH


[ SVOTMIGIWERHHMQ MRMWLIHJPYMHPMJI

6IEQ IV6SXEXMRKGYXXMRKXSSPYWIHXSIRPEVKIEHVMPPIHLSPIXSWM^I2 SVQ EPP]VIQ SZIWSRP]EWQ EPP


EQ SYRXSJWXSGO8LI[ SVOTMIGIWYTTSVXWXLIQ YPXMTPIIHKIGYXXMRKXSSP% PWSJSVGSRXSYVMRKER
I\MWXMRKLSPI

6IEQ MRK% Q EGLMRMRKTVSGIWWXLEXYWIWEQ YPXMIHKIJPYXIHGYXXMRKXSSPXSWQ SSXLIRPEVKISV


EGGYVEXIP]WM^IERI\MWXMRKLSPI6IEQ MRKMWTIVJSVQ IHYWMRKXLIWEQ IX]TIWSJQ EGLMRIWEWHVMPPMRK
6IEQ MRKMWWMQ TPIVXSTIVJSVQ XLERFSVMRKFYXMXMWRSXEWTVIGMWI7IIHVMPPMRK

6IPMIJ7TEGITVSZMHIHFILMRHXLIGYXXMRKIHKIWXSTVIZIRXVYFFMRK7SQ IXMQ IWGEPPIHTVMQ EV]


VIPMIJ7IGSRHEV]VIPMIJTVSZMHIWEHHMXMSREPWTEGIFILMRHTVMQ EV]VIPMIJ6IPMIJSRIRHXIIXLMWE\MEP
VIPMIJVIPMIJSRWMHIXIIXLMWTIVMTLIVEPVIPMIJ

6SXEV]EXXEGLQ IRX&SPXWXSEQ MPPMRKQ EGLMRIXSTIVQ MXQ EGLMRMRKWYGLWLETIWEWGMVGYPEV8WPSXW


ERHGEQ W

6SYKLMRKGYXXIVXSSP8SSPJSVLMKLZSPYQ IQ IXEPVIQ SZEPRSVQ EPP]JSPPS[ IHF]JMRMWLMRKTEWWIW


7IIJMRMWLMRKXSSP

7E[ WE[ MRKQ EGLMRI1 EGLMRIHIWMKRIHXSYWIEWIVVEXIHXSSXLFPEHIXSGYXQ IXEPSVSXLIV


Q EXIVMEP'SQ IWMRE[ MHIZEVMIX]SJWX]PIWFYXXEOIWSRISJJSYVFEWMGJSVQ WLEGOWE[  EWMQ TPI
VYKKIHQ EGLMRIXLEXYWIWEVIGMTVSGEXMRKQ SXMSRXSTEVXQ IXEPSVSXLIVQ EXIVMEP GSPHSVGMVGYPEV
WE[  TS[ IVWEGMVGYPEVFPEHIXLEXGYXWWXVYGXYVEPQ EXIVMEPW FERHWE[  VYRWERIRHPIWWFERHXLIX[ S
FEWMGX]TIWEVIGYXSJJERHGSRXSYVFERHQ EGLMRIW[ LMGLGYXMRXVMGEXIGSRXSYVWERHWLETIW ERH
EFVEWMZIGYXSJJWE[  WMQ MPEVMRETTIEVERGIXSXLIGSPHWE[ FYXYWIWEREFVEWMZIHMWGXLEXVSXEXIWEX
LMKLWTIIHWVEXLIVXLEREFPEHI[ MXLWIVVEXIHXIIXL 

7E[ MRK1 EGLMRMRKSTIVEXMSRMR[ LMGLETS[ IVIHQ EGLMRIYWYEPP]IUYMTTIH[ MXLEFPEHILEZMRK


Q MPPIHSVKVSYRHXIIXLMWYWIHXSTEVXQ EXIVMEP GYXSJJ SVKMZIMXERI[ WLETI GSRXSYVFERHWE[ MRK
FERHQ EGLMRMRK *SYVFEWMGX]TIWSJWE[ MRKSTIVEXMSRWEVILEGOWE[ MRKTS[ IVSVQ ERYEP
STIVEXMSRMR[ LMGLXLIFPEHIQ SZIWFEGOERHJSVXLXLVSYKLXLI[ SVOGYXXMRKSRSRISJXLIWXVSOIW
GSPHSVGMVGYPEVWE[ MRKEVSXEXMRKGMVGYPEVXSSXLIHFPEHITEVXWXLIQ EXIVMEPQ YGLEWE[ SVOWLST
XEFPIWE[ SVVEHMEPEVQ WE[ GYXW[ SSHFERHWE[ MRKEJPI\MFPIXSSXLIHFPEHIVMHIWSR[ LIIPW
YRHIVXIRWMSRERHMWKYMHIHXLVSYKLXLI[ SVOERHEFVEWMZIWE[ MRKEFVEWMZITSMRXWEXXEGLIHXS
EJMFIVSVQ IXEPFEGOMRKTEVXWXSGOGSYPHFIGSRWMHIVIHEKVMRHMRKSTIVEXMSR

7GEPPSTMRKWGEPPSTW; EZ]WYVJEGIGSRHMXMSRGEYWIHF]HIJPIGXMSRYRFEPERGIHXSSPPSSWI[ SVOTMIGI


SVXSSPMRK[ SVRQ EGLMRIIXG

7IQ MW]RXLIXMGGYXXMRKJPYMH; EXIVFEWIHGLIQ MGEPWSPYXMSRXLEXGSRXEMRWWSQ ISMP7IIW]RXLIXMG


GYXXMRKJPYMH

7LERO1 EMRFSH]SJEXSSPXLITSVXMSRSJEHVMPPSVWMQ MPEVIRHLIPHXSSPXLEXJMXWMRXSEGSPPIX


GLYGOSVWMQ MPEVQ SYRXMRKHIZMGI

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7LETIVWPSXXMRKQ EGLMRI:IVXMGEPSVLSVM^SRXEPQ EGLMRIXLEXEGGSQ Q SHEXIWWMRKPITSMRX
VIGMTVSGEXMRKGYXXMRKXSSPWXSWLETISVWPSXE[ SVOTMIGI2 SVQ EPP]YWIHJSVWTIGMEP YRYWYEPMRXVMGEXI
WLETIW PS[ ZSPYQ IVYRWX]TMGEPP]TIVJSVQ IHF]FVSEGLMRKSVQ MPPMRKQ EGLMRIW7IIFVSEGLMRK
Q EGLMRIQ MPPQ MPPMRKQ EGLMRI

7LETIVXSSP7MRKPITSMRXXSSPXLEXXVEZIVWIWXLI[ SVOTMIGIMREVIGMTVSGEXMRKJEWLMSRXSQ EGLMRI


EHIWMVIHWLETI

7LETMRK9 WMRKEWLETIVTVMQ EVMP]XSTVSHYGIJPEXWYVJEGIWMRLSVM^SRXEPZIVXMGEPSVERKYPEVTPERIW


-XGEREPWSMRGPYHIXLIQ EXGLMRKSJGYVZIHWYVJEGIWLIPM\IWWIVVEXMSRWERHWTIGMEP[ SVOMRZSPZMRK
SHHERHMVVIKYPEVWLETIW3 JXIRYWIHJSVTVSXSX]TISVWLSVXVYRQ ERYJEGXYVMRKXSIPMQ MREXIXLI
RIIHJSVI\TIRWMZIWTIGMEPXSSPMRKSVTVSGIWWIW

7LIEVTPERI4PERIEPSRK[ LMGLXLIGLMTTEVXWJVSQ XLI[ SVOTMIGI-RSVXLSKSREPGYXXMRKQ SWX


SJXLIIRIVK]MWYWIHXSGVIEXIXLIWLIEVTPERI

7LSGOPSEHMRK8SSPMWWYFNIGXIHXSWYHHIRLIEZ]PSEHWERHSVMQ TEGXWEWMRMRXIVVYTXIHGYXXMRK
7IIMRXIVVYTXIHGYX

7LSTEMV4VIWWYVM^IHEMVW]WXIQ XLEXGSSPWXLI[ SVOTMIGIERHXSSP[ LIRQ EGLMRMRKHV]% PWS


VIJIVWXSGIRXVEPTRIYQ EXMGW]WXIQ 

7PSXXMRK1 EGLMRMRKRSVQ EPP]Q MPPMRKXLEXGVIEXIWWPSXWKVSSZIWERHWMQ MPEVVIGIWWIWMR[ SVOTMIGIW


MRGPYHMRK8WPSXWERHHSZIXEMPW

7PSXXMRKEXXEGLQ IRX'SRZIVXWEQ MPPMRKQ EGLMRIvWVSXEV]WTMRHPIQ SXMSRMRXSEVIGMTVSGEXMRK


Q SXMSRJSVQ EGLMRMRKOI][ E]WERHWPSXW

7SPYFPISMPGYXXMRKJPYMH*PYMHMR[ LMGLSMPMWWYWTIRHIHMR[ EXIV7MRGI[ EXIVMWEWYTIVMSVLIEX


VIQ SZEPEKIRXXLMWJPYMHMWTVMQ EVMP]YWIH[ LIRPYFVMGEXMSRMWHIWMVEFPIFYXGSSPMRKMWXLIOI]
GSRWMHIVEXMSR8LIVEXMSRSJSMPWERHSXLIVEHHMXMZIWXS[ EXIVZEVMIW[ MXLXLIETTPMGEXMSR*SV
Q MPPMRKXLIVEXMSSJ[ EXIVXSSMPEHHMXMZIWVYRWXS*SVWE[ MRKERHSXLIV[ SVO[ LIVIE
Q SVIGSRJMRIHXSSPGLMT[ SVOTMIGIGSRHMXMSRMWRSVQ EPEVEXMSRMWYWIHXSMQ TVSZIPYFVMGMX]
% HHMXMZIWMRGPYHIIQ YPWMJ]MRKEKIRXWXLEXLIPTOIITXLISMPMRWYWTIRWMSRERHWYFWXERGIWXLEX
TVSQ SXI[ IXXMRKIRLERGIPYFVMGMX]TVIZIRXGLMT[ IPHMRKERHMRLMFMXVYWXMRK% PWSORS[ REW
IQ YPWMJMIHSMP7IIGYXXMRKJPYMH

7TEHIHVMPP% JPEXIRHGYXXMRKXSSPYWIHXSTVSHYGILSPIWVERKMRKJVSQ EFSYXxXSxMRHMEQ IXIV


7TEGIHVMPPWGSRWMWXSJERMRXIVGLERKIEFPIGYXXMRKFPEHIERHEXSSPLSPHIVXLEXLEWEWPSXMRXS[ LMGL
XLIFPEHIJMXW-RLSVM^SRXEPETTPMGEXMSRWEWTEHIHVMPPGEREGLMIZII\XVIQ IHITXLXSHMEQ IXIV
VEXMSWFYXMRZIVXMGEPETTPMGEXMSRWXLIXSSPWEVIPMQ MXIHF]TSSVGLMTIZEGYEXMSR

7TEHIHVMPPMRK( VMPPMRKSTIVEXMSRMR[ LMGLEQ EGLMRITS[ IVWEGYXXMRKXSSPGSRWMWXMRKSJELSPHIV


ERHJPEXMRXIVGLERKIEFPIIRHGYXXMRKFPEHIW7TEHIHVMPPMRKXEOIWSZIV[ LIVIX[ MWXHVMPPMRKPIEZIW
SJJVIUYMVIWQ SVITS[ IVERHEPEVKIVQ EGLMRIFYXSJJIVWPS[ IVGSWXERHKVIEXIVVMKMHMX]0EVKI
HMEQ IXIVWTEHIHVMPPWEVIYWIH[ LIRXVITERRMRKMWMQ TVEGXMGEPSVMQ TSWWMFPI7TEHIHVMPPWEVIRSX
LS[ IZIVTVIGMWMSRXSSPW7IIHVMPPMRKXVITERRMRK

7TIGMJMGGYXXMRKIRIVK]1 IEWYVISJXLIXSXEPIRIVK]VIUYMVIHXSQ EOIXLIGYXMRGPYHMRKXLI


IRIVK]RIIHIHXSTEVXXLIWXSGOERHSZIVGSQ IJVMGXMSREPJSVGIWKIRIVEXIHHYVMRKGYXXMRK

7TMRHPIEHETXIVW&YWLMRKWSJXSSPLSPHIVWXLEXTIVQ MXEJJM\MRKEZEVMIX]SJXETIVERHWXVEMKLX
WLEROXSSPWXSEQ EGLMRIWTMRHPI

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7TMRHPIJMRMWLMRK% Q EWWJMRMWLMRKTVSGIWWMR[ LMGL[ SVOTMIGIWEVIMRHMZMHYEPP]Q SYRXIHSR
WTMRHPIWXLIPS[ IVIHMRXSEVSXEXMRKXYFGSRXEMRMRKXLIJMRMWLMRKQ IHME-RQ SWXETTPMGEXMSRWXLI
WTMRHPIWVSXEXIEXXSVTQ FYXMRWSQ IGEWIWXLIWTMRHPIWSWGMPPEXIYTERHHS[ RMRWXIEHSJ
VSXEXMRK8LITVSGIWWMWWSQ IXMQ IWEYXSQ EXIHJSVVSFSXMGPSEHMRKERHYRPSEHMRK7IIJMRMWLMRK

7TMVEPQ MPPMRK1 MPPMRK[ LMPIWMQ YPXERISYWP]VSXEXMRKERHJIIHMRKXLI[ SVOTMIGIXSGVIEXIEWTMVEP


JSVQ 3 JXIRYWIHXSQ MPPJPYXIWSRIRHQ MPPERHX[ MWXHVMPPFPEROW

7TSXJEGIV8SSPKYMHIHF]ETMPSXYWIHXSQ EGLMRIEVIGIWWEVSYRHELSPI

7TSXJEGMRK7MQ MPEVXSGSYRXIVFSVMRKI\GITXXLEXMRWTSXJEGMRKQ EXIVMEPEVSYRHXLISVMKMREPLSPI


MWGYX% TTPMGEXMSRI\EQ TPIXLIVIGIWWIHEVIEXLEXE[ EWLIVJMXWMRXS7IIGSYRXIVFSVMRK
GSYRXIVWMROMRK

7XVEMKLXGYXW]WXIQ 2 YQ IVMGEPGSRXVSPW]WXIQ [ LIVIMRXSSPWQ SZIEXIMXLIVžSVžERKPIWXS


XLIGSSVHMREXIE\IW9 WIHMRXYVRMRKWLSYPHIVWSVQ MPPMRKVIGXERKYPEVWLETIWRSVQ EPP]MWGSQ FMRIH
[ MXLTSMRXXSTSMRXW]WXIQ JSVKVIEXIVIJJMGMIRG]ERHJPI\MFMPMX]

7XVEMKLXSMP'YXXMRKJPYMHXLEXGSRXEMRWRS[ EXIV4VSHYGIHJVSQ Q MRIVEPZIKIXEFPIQ EVMRISV


TIXVSPIYQ SMPWSVGSQ FMREXMSRWSJXLIWISMPW

7XIEH]VIWX7YTTSVXWPSRKXLMRSVJPI\MFPI[ SVOFIMRKXYVRIHSREPEXLI1 SYRXWSRXLIFIHvW


[ E]WERHYRPMOIEJSPPS[ IVVIWXVIQ EMRWEXXLITSMRX[ LIVIQ SYRXIH7IIJSPPS[ IVVIWX

7XIVIS0MXLSKVETL]Q IXEP% TVSGIWWWMQ MPEVXSTPEWXMG7XIVIS0MXLSKVETL]FYXYWIWTS[ HIVQ IXEP


XSFYMPHYTXLITEVX

7XIVIS0MXLSKVETL]TPEWXMG% TVSGIWWXLEXYWIWEGSQ FMREXMSRSJPEWIVWERHTLSXSWIRWMXMZI


PMUYMHTPEWXMGWXSKIRIVEXIQ SHIPW8LIHIWMVIH[ SVOTMIGIMWIPIGXVSRMGEPP]wWPMGIHxMRXSXLMRWIGXMSRW
8LIPEWIVFIEQ WGERWSZIVEFEXLSJYRGYVIHTSP]Q IVERHSRP]XYVRWSR[ LIVIQ EXIVMEPWLSYPH
I\MWXHYTPMGEXMRKXLIWPMGIHWIGXMSR8LITSP]Q IVTEVXMEPP]LEVHIRWMRXLIWIEVIEW&]PS[ IVMRKXLI
[ SVOTMIGIMRXSXLITSP]Q IVFEXLERHWGERRMRKWYGGIWWMZIPE]IVWXLITEVXMWHIZIPSTIH; LIRXLI
TEVXMWGSQ TPIXIP]FYMPXYTMXMWVIQ SZIHJVSQ XLIFEXLERHJMRMWLGYVIH[ MXLMRXIRWIYPXVEZMSPIX
PMKLX'ERFIYWIHXSKIRIVEXIGSQ TPI\Q SHIPW

7YTIVEFVEWMZIXSSPW% FVEWMZIXSSPWQ EHIJVSQ HMEQ SRHSVGYFMGFSVSRRMXVMHI '&2 XLILEVHIWX


Q EXIVMEPWORS[ R

7YVJEGIKVMRHMRK8LIQ EGLMRMRKSJEJPEXERKPIHSVGSRXSYVIHWYVJEGIF]TEWWMRKE[ SVOTMIGI


FIRIEXLEKVMRHMRK[ LIIPMRETPERITEVEPPIPXSXLIKVMRHMRK[ LIIPWTMRHPI7IIKVMRHMRK

8WPSXGYXXIV1 MPPMRKGYXXIVJSVQ EGLMRMRK8WPSXW( IWMVIH8WPSXWLETIMWVIZIVWISJGYXXIVWLETI

83 4XIGLRMGEPSJJMGITVSXSGSP7XERHEVHM^IHGSQ TYXIVGSQ Q YRMGEXMSRWJSVXLISJJMGIGSQ FMRIW


[ MXLQ ERYJEGXYVMRKEYXSQ EXMSRTVSXSGSPXSTIVQ MXSJJMGITPEXGSQ TYXIVMRXIKVEXMSRSJQ YPXMZIRHSV
W]WXIQ WERHWSJX[ EVI7II1 % 4Q ERYJEGXYVMRKEYXSQ EXMSRTVSXSGSP

8EMPWXSGOHVMPPERHXETLSPHIV% GGIWWSV]XLEXQ SYRXWMREXYVRMRKQ EGLMRIvWXEMPWXSGOJSVGIRXIV


HVMPPMRKGLYGOIH[ SVOERHXETTMRK7IIGLYGO

8ERK)\XIRHIHJPEXTSVXMSRSJXETIVIHHVMPPWLEROIRHQ MPPSVSXLIVXSSPXLEXEPPS[ WQ E\MQ YQ


TS[ IVXVERWQ MWWMSRERHTVSTIVTSWMXMSRMRKSJXLIXSSP6IZIVWIWLETISJXLIQ EGLMRIWTMRHPIWPSX
MXJMXWMRXS

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8ET']PMRHVMGEPXSSPXLEXGYXWMRXIVREPXLVIEHWERHLEWJPYXIWXSVIQ SZIGLMTWERHGEVV]XETTMRK
JPYMHXSXLITSMRXSJGYX2 SVQ EPP]YWIHSREHVMPPTVIWWSVXETTMRKQ EGLMRIFYXEPWSQ E]FI
STIVEXIHQ ERYEPP]

8ETVIEQ IV6IEQ IVHIWMKRIHXSTVSHYGIEVIEQ IHLSPI[ MXLEWTIGMJMIHXETIV4VMRGMTPIWSJ


WXERHEVHVIEQ IVWETTP]7IIVIEQ IV

8ETIVXYVRMRKEXXEGLQ IRX+ YMHIXS[ LMGLEGVSWWWPMHIMWEXXEGLIHXLEXTIVQ MXWXLIXYVRMRKSJ


XETIVW[ MXLSYXHMWXYVFMRKXLIEPMKRQ IRXSJXLIXEMPWXSGO% PWSTIVQ MXWXETIVFSVMRK

8ETTMRK1 EGLMRMRKSTIVEXMSRMR[ LMGLEXET[ MXLXIIXLSRMXWTIVMTLIV]GYXWMRXIVREPXLVIEHWMR


ETVIHVMPPIHLSPILEZMRKEWQ EPPIVHMEQ IXIVXLERXLIXETHMEQ IXIV8LVIEHWEVIJSVQ IHF]E
GSQ FMRIHVSXEV]ERHE\MEPVIPEXMZIQ SXMSRFIX[ IIRXETERH[ SVOTMIGI

8ETTMRKEXXEGLQ IRX*MXWMREHVMPPTVIWWWTMRHPIERHEYXSQ EXMGEPP]VIZIVWIWXLIXET[ LIRXLI


XLVIEHMWGSQ TPIXIHIRWYVMRKTVSTIVVIXVEGXMSRSJXLIXSSP

8ETTMRKQ EGLMRI4VSHYGXMSRQ EGLMRIYWIHJSVLMKLZSPYQ IXETTMRK3 JJIVWVITIEXEFMPMX]LMKL


TVSHYGXMSRVEXIWERHVIHYGIHXETFVIEOEKI'SQ IWMREZEVMIX]SJGSRJMKYVEXMSRWMRGPYHMRK
MRHI\MRKYRMXW[ MXLQ YPXMTPIXETTMRKWTMRHPIW4VIGMWIWXVSOIHITXLWIXXMRKWERHEYXSQ EXMGJIEXYVIW
KIRIVEPP]Q EOIXETTMRKQ EGLMRIWZIV]GSWXIJJIGXMZI

8LVIEHMRK% TVSGIWWSJFSXLI\XIVREPERHMRXIVREP XETTMRK GYXXMRKXYVRMRKERHVSPPMRKSJ


XLVIEHWMRXSTEVXMGYPEVQ EXIVMEP7XERHEVHM^IHWTIGMJMGEXMSRWEVIEZEMPEFPIXSHIXIVQ MRIXLIHIWMVIH
VIWYPXWSJXLIXLVIEHMRKTVSGIWW2 YQ IVSYWXLVIEHWIVMIWHIWMKREXMSRWEVI[ VMXXIRJSVWTIGMJMG
ETTPMGEXMSRW8LVIEHMRKSJXIRMWTIVJSVQ IHSREPEXLI7TIGMJMGEXMSRWWYGLEWXLVIEHLIMKLXEVI
GVMXMGEPMRHIXIVQ MRMRKXLIWXVIRKXLSJXLIXLVIEHW8LIQ EXIVMEPYWIHMWXEOIRMRXSGSRWMHIVEXMSR
MRHIXIVQ MRMRKXLII\TIGXIHVIWYPXWSJER]TEVXMGYPEVETTPMGEXMSRJSVXLEXXLVIEHIHTMIGI-RI\XIVREP
XLVIEHMRKEGEPGYPEXIHHITXLMWVIUYMVIHEW[ IPPEWETEVXMGYPEVERKPIXSXLIGYX8STIVJSVQ
MRXIVREPXLVIEHMRKXLII\EGXHMEQ IXIVXSFSVIXLILSPIMWGVMXMGEPFIJSVIXLVIEHMRK8LIXLVIEHW
EVIHMWXMRKYMWLIHJVSQ SRIERSXLIVF]XLIEQ SYRXSJXSPIVERGIERHSVEPPS[ ERGIXLEXMWWTIGMJMIH
7IIXYVRMRK

8LVIEHGLEWIV( MIX]TII\XIVREPXLVIEHMRKXSSP1 EOIWJMREPXLVIEHMRKTEWW

8LVIEHKVMRHIV8]TMGEPP]EJSVQ KVMRHIVEW[ IPPEWEXLVIEHKVMRHIVXLMWQ EGLMRIHMJJIVWJVSQ


SXLIVKVMRHIVWMRXLEXTVIGMWMSRKIEVWERHPIEHWGVI[ WIRWYVIETVIGMWIXVEZIVWIXSMQ TEVXXLIGSVVIGX
PIEHXSEXLVIEH

8LVIEHMRKQ EGLMRI8]TMGEPP]XEOIWXLIJSVQ SJQ YPXMWTMRHPIYRMZIVWEPXLVIEHMRKQ EGLMRIW


XLEXYWIHMILIEHWERHXLVIEHGLEWIVWXSGYXXLVIEHWSJXIREYXSQ EXMGEPP]SVWIQ MEYXSQ EXMGEPP]
8LVIEHMRKEPWSMWTIVJSVQ IHSRPEXLIWERHEYXSQ EXMGWGVI[ Q EGLMRIW

8SSPGLERKIV'EVVMEKISVHVYQ EXXEGLIHXSEQ EGLMRMRKGIRXIVXLEXLSPHWXSSPWYRXMPRIIHIH


[ LIREXSSPMWRIIHIHXLIXSSPGLERKIVMRWIVXWXLIXSSPMRXSXLIQ EGLMRIWTMRHPI

8SSPLSPHIV7IGYVIWEGYXXMRKXSSPHYVMRKEQ EGLMRMRKSTIVEXMSR&EWMGX]TIWMRGPYHIFPSGO
GEVXVMHKIGLYGOGSPPIXJM\IHQ SHYPEVUYMGOGLERKIERHVSXEXMRK

8SSPVSSQ PEXLI, MKLTVIGMWMSRPEXLIFYMPXXSLSPHXMKLXIVXSPIVERGIWXLERVIKYPEVKIRIVEP


TYVTSWIPEXLIWGERLSPHXMKLXIVXSPIVERGIWXLERVIKYPEVKIRIVEPTYVTSWIPEXLIWGERLSPH7II
PEXLIXYVRMRKQ EGLMRI

 + 0, Y]IXX

8SSXLVIWX*MRKIVSJQ IXEPXLEXGSRXEGXWEGYXXIVIHKIHYVMRKVIWLEVTIRMRKSREXSSPERHGYXXIV
KVMRHIVIRWYVMRKEGGYVEXIPSGEXMSRSJIHKIWWSXLI]EVITVSTIVP]KVSYRH

8VEGIVEXXEGLQ IRX9 WIHXSHYTPMGEXIE[ SVOTMIGI% WX]PYWGSRRIGXIHXSEWIVZSXVEGIWEXIQ TPEXI


SVWEQ TPI[ SVOTMIGI8LIEXXEGLQ IRXHMVIGXWXLIQ SZIQ IRXWSJEQ EGLMRIXSSPXLEXGYXWEHYTPMGEXI
[ SVOTMIGI*SVQ EGLMRMRKGSQ TPI\TEVXW

8VITERRMRK( VMPPMRKHIITLSPIWXLEXEVIXSSPEVKIXSFIHVMPPIHF]LMKLTVIWWYVIGSSPERXHVMPPWSV
KYRHVMPPW8VITERRMRKRSVQ EPP]VIUYMVIWEFMKTS[ IVJYPQ EGLMRI7LEPPS[ XVITERRMRKSTIVEXMSRW
GERFITIVJSVQ IHSRQ SHMJMIHIRKMRISVXYVVIXPEXLIWSVSRFSVMRKQ EGLMRIW7IIFSVMRKHVMPPMRK
WTEHIHVMPPMRK

8VYMRK9 WMRKEHMEQ SRHSVSXLIVHVIWWMRKXSSPXSIRWYVIXLEXEKVMRHMRK[ LIIPMWVSYRHERH


GSRGIRXVMGERH[ MPPRSXZMFVEXIEXVIUYMVIHWTIIHW; IMKLXWEPWSEVIYWIHXSFEPERGIXLI[ LIIP
% PWSTIVJSVQ IHXSMQ TEVXEGSRXSYVXSXLI[ LIIPvWJEGI7IIHVIWWMRK

8YVRMRK% [ SVOTMIGIMWLIPHMREGLYGOQ SYRXIHSREJEGITPEXISVWIGYVIHFIX[ IIRGIRXIVWERH


VSXEXIH[ LMPIEGYXXMRKXSSPRSVQ EPP]EWMRKPITSMRXXSSPMWJIHMRXSMXEPSRKMXWTIVMTLIV]SVEGVSWW
MXWIRHSVJEGI8EOIWXLIJSVQ SJWXVEMKLXXYVRMRK GYXXMRKEPSRKXLITIVMTLIV]SJXLI[ SVOTMIGI 
XETIVXYVRMRK GVIEXMRKEXETIV WXITXYVRMRK XYVRMRKHMJJIVIRXWM^IHMEQ IXIVWSRXLIWEQ I[ SVO 
GLEQ JIVMRK FIZIPMRKERIHKISVWLSYPHIV JEGMRK GYXXMRKSRERIRH XYVRMRKXLVIEHW YWYEPP]
I\XIVREPFYXGERFIMRXIVREP VSYKLMRK ZSPYQ IQ IXEPVIQ SZEP ERHJMRMWLMRK JMREPPMKLXGYXW 
4IVJSVQ IHSRPEXLIWXYVRMRKGIRXIVWGLYGOMRKQ EGLMRIWEYXSQ EXMGWGVI[ Q EGLMRIWERHWMQ MPEV
YRMXW

8YVRMRKQ EGLMRI% R]Q EGLMRIXLEXVSXEXIWE[ SVOTMIGI[ LMPIJIIHMRKEGYXXMRKXSSPMRXSMX7II


PEXLI

8YVVIXPEXLI( MJJIVWJVSQ IRKMRIPEXLIMRXLEXXLIRSVQ EPGSQ TSYRHVIWXMWVITPEGIHF]TMZSXMRK


Q YPXMXSSPXYVVIXWQ SYRXIHSRXLIGVSWWWPMHIERHXEMPWXSGO7IIPEXLI

8YVVIXVEQ Q MPP:EVMEXMSRSJXLIZIVXMGEPQ MPPMRKQ EGLMRILEWEQ SZEFPIVEQ Q SYRXIHSRE


W[ MZIPFEWIEXSTXLIGSPYQ RTVSZMHMRKTSWMXMSRMRKJPI\MFMPMX]7IIQ MPPQ MPPMRKQ EGLMRI

8[ MWXHVMPP8LIQ SWXGSQ Q SRX]TISJHVMPPLEZMRKSRISVQ SVIGYXXMRKIHKIWERHLEZMRKLIPMGEP


KVSSZIWEHNEGIRXXLIVIXSJSVXLITEWWEKISJGLMTWERHJSVEHQ MXXMRKGSSPERXXSXLIGYXXMRKIHKIW
8[ MWXHVMPPWEVIYWIHIMXLIVJSVSVMKMREXMRKLSPIWSVJSVIRPEVKMRKI\MWXMRKLSPIW7XERHEVHX[ MWX
HVMPPWGSQ IMRJVEGXMSREPWM^IWJVSQ xXSx[ MVIKEKIWM^IWJVSQ XSPIXXIVWM^IWJVSQ %
XS>ERHQ IXVMGWM^IW

9 PXVEWSRMGQ EGLMRMRK1 EXIVMEPVIQ SZEPSTIVEXMSRMR[ LMGLEREFVEWMZIWPYVV]JPS[ WFIX[ IIRE


XSSPZMFVEXMRKEXELMKLJVIUYIRG]ERHE[ SVOTMIGI

9 RHIVGYX-RRYQ IVMGEPGSRXVSPETTPMGEXMSRWEGYXWLSVXIVXLERXLITVSKVEQ Q IHGYXVIWYPXMRK


EJXIVEGSQ Q ERHGLERKIMRHMVIGXMSR% PWSEGSRHMXMSRMRKIRIVEXIHKIEVXIIXL[ LIRER]TEVXSJ
XLIJMPPIXGYVZIPMIWMRWMHISJEPMRIHVE[ RXERKIRXXSXLI[ SVOMRKTVSJMPIEXMXWTSMRXSJNYRGXYVI
[ MXLXLIJMPPIX9 RHIVGYXQ E]FIHIPMFIVEXIP]MRXVSHYGIHXSJEGMPMXEXIJMRMWLMRKSTIVEXMSRWEWMR
TVIWLEZMRK

9 RHIVWLSSX8IRHIRG]SJERYQ IVMGEPGSRXVSPGSQ TYXIVRYQ IVMGEPGSRXVSPQ EGLMRIXSVSYRHSJJ


XLIGSVRIVWSJETVSKVEQ Q IHTEXLFIGEYWISJWIVZSPEKSVFEGOPEWLSVFIGEYWIQ IGLERMGEPW]WXIQ W
GERRSXVIEGXUYMGOP]XSTVSKVEQ Q IHMRWXVYGXMSRWIWTIGMEPP][ LIRXLIQ EGLMRIMWGSPH

9 RMZIVWEPQ MPPMRKQ EGLMRI% LSVM^SRXEPQ MPPIUYMTTIH[ MXLEXEFPIXLEXW[ MZIPW[ MXLVIWTIGXXS


XLIWEHHPIEPPS[ MRKERKYPEVWYVJEGIWXSFIGYX[ MXLSYXGLERKMRKXLI[ SVOTMIGIvWTSWMXMSR

 + 0, Y]IXX

9 RMZIVWEPLIEH*EGMPMXEXIWWIXYTWSREXSSPERHGYXXIVKVMRHIVF]EPPS[ MRKXLIKVMRHMRKLIEHXS
VSXEXIE[ E]JVSQ XLI[ SVOEVIEPIEZMRKXEFPIEPMKRQ IRXYRHMWXYVFIH% PWSGEPPIHEW[ MZIP
EXXEGLQ IRX

9 RMZIVWEPQ MPPMRKEXXEGLQ IRX1 SYRXWSRELSVM^SRXEPQ MPPTIVQ MXXMRKXLIWTMRHPIXSFIWIXEX


EPQ SWXER]ERKPI

9 RMZIVWEPWTMVEPQ MPPMRKEXXEGLQ IRX3 REYRMZIVWEPQ MPPTIVQ MXWQ MPPMRKLIPM\IW[ MXLELIPM\


ERKPIKVIEXIVXLERž1 MPPWKIEVWWGVI[ XLVIEHW[ SVQ WX[ MWXHVMPPWWTMVEPQ MPPMRKGYXXIVWERH
SXLIVLIPMGEPWLETIW1 SYRXIHXSETPEMRQ MPPMRKQ EGLMRIIUYMTTIH[ MXLEHMZMHMRKLIEHMXTIVQ MXW
XLIQ MPPXSLERHPI[ SVOXLEXSXLIV[ MWI[ SYPHVIUYMVIEYRMZIVWEPQ MPP

:FPSGO; SVOLSPHMRKHIZMGI[ MXL:WLETIHWPSXJSVLSPHMRKTMTIERHSXLIVVSYRHWXSGOHYVMRK


Q EGLMRMRKSVMRWTIGXMSR

:EGYYQ FEKQ SPHMRK% TVSGIWWJSVQ SPHMRKVIMRJSVGIHTPEWXMGWMR[ LMGLEWLIIXSJJPI\MFPI


XVERWTEVIRXQ EXIVMEPMWTPEGIHSZIVXLIPE]YTSRXLIQ SPHERHWIEPIH% ZEGYYQ MWGVIEXIHFIX[ IIR
XLIWLIIXERHXLIPE]YT8LIIRXVETTIHEMVMWRI\XQ IGLERMGEPP][ SVOIHSYXSJXLIPE]YTERH
VIQ SZIHF]XLIZEGYYQ JMREPP]XLITEVXMWGYVIH

: MWGSWMX]1 IEWYVISJEJPYMHvWXIRHIRG]XSJPS[ ZEVMIW[ MXLXIQ TIVEXYVI

:IVXMGEPQ MPPMRKEXXEGLQ IRX4IVQ MXWELSVM^SRXEPQ MPPXSTIVJSVQ ZIVXMGEPERHERKPIHQ MPPMRK

: MWI; SVOLSPHMRKHIZMGIXLEXQ SYRXWSRZEVMSYWQ EGLMRMRKXEFPIW( IWMKRWZEV]JVSQ TPEMRXS


JPERKIHXSW[ MZIPMRK1 YPXMERKPIZMWIWWYGLEWXLIXSSPQ EOIVvWYRMZIVWEPZMWIEGGYVEXIP]LSPH[ SVO
XSEPPS[ Q EGLMRMRKEXZMVXYEPP]ER]ERKPI

; EXIVNIXGYXXMRK% JMRILMKLTVIWWYVI YTXSTWMSVKVIEXIV LMKLZIPSGMX]NIXSJ[ EXIV


HMVIGXIHF]EWQ EPPRS^^PIXSGYXQ EXIVMEP8LITVIWWYVISJXLI[ EXIVNIXMWYWYEPP]XLSYWERHWSJTWM
ERHXLIZIPSGMX]SJXLIWXVIEQ GERI\GIIHX[ MGIXLIWTIIHSJWSYRH8LIWQ EPPRS^^PISTIRMRK
VERKIWJVSQ FIX[ IIRxXSx Q Q XSQ Q TVSHYGMRKEZIV]REVVS[ OIVJ7II
%; .EFVEWMZI[ EXIVNIX

; IF3 REVSXEXMRKXSSPXLITSVXMSRSJXLIXSSPFSH]XLEXNSMRWXLIPERHW; IFMWXLMGOIVEXXLI


WLEROIRHVIPEXMZIXSXLITSMRXIRHTVSZMHMRKQ E\MQ YQ XSVWMSREPWXVIRKXL

; LIIPFEPERGMRKWXERH9 WIHXSIRWYVIXLEXEKVMRHMRK[ LIIPMWFEPERGIHFIJSVIQ SYRXMRKMXSR


XLIQ EGLMRI

; LIIPJPERKI1 IXEPTPEXIMRWMHIXLIKVMRHMRK[ LIIPLSPIXLEXEPPS[ WXLI[ LIIPXSFIQ SYRXIH


SREWTMRHPI

; SSHVYJJGYXXIV1 MPPMRKGYXXIVYWIHJSVGYXXMRKOI][ E]W

; SVOWUYEVMRKFEV1 SYRXWXSXLIXEFPISJEGSRXSYVFERHQ EGLMRIERHEYXSQ EXMGEPP]WUYEVIW


XLI[ SVOXSXLIFPEHI

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