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CPF UWDUVCPEG QH VJG IWKVCT UQPCVC KU FKUEWUUGF KP UQOG FGVCKN KP XQNWOG  QH VJKU UGTKGU HQT QWT KOOGFKCVG RWTRQUGU
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TGRGCVGFPQVGUKPVJGDCUUCPFCIGPGTCNN[NKIJVOWUKECNEJCTCEVGTKKK%NCUUKE8KGPPGUG6JGJKIJENCUUKEMG[DQCTF
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EQWTUG

1TEJGUVTC6JGQTEJGUVTCNUKPHQPKC
VJGQRGTCQXGTVWTGKUEJCTCEVGTK\GFD[CPCUUGTVKXGWPKUQPQRGPKPIOQVKXG
TGRGCVGFPQVG VTQOOGNDCUU
Q FTWODCUUR  TJ[VJOKE TGRGCVGFPQVG OQVKXGU JKIJN[TGEQIPK\CDNG EQFGVVCU CPF CP
QXGTCNNGPGTIGVKEUV[NG


(QWT DTQCF OQXGOGPV UEJGOGU YGTG WUGF  C UKPINGOQXGOGPV +DGTKCP UQPCVCCNNGITQ QT CP CNNGITQ FGTKXGF HTQO VJG
#WUVTQ+VCNKCP QRGTC QXGTVWTG
UKPHQPKC UQOGVKOGU RTGEGFGF D[ C UNQY KPVTQFWEVKQP  C VYQOQXGOGPV UEJGOGMDQVJ
HCUVMWUWCNN[ EQODKPKPI QXGTVWTG UV[NG YKVJ XKQNKPKUVKE RCUUCIGYQTM  C VJTGGOQXGOGPV UEJGOGMHCUVUNQYHCUVM


OQFGNGFCHVGTVJGJKIJENCUUKEMG[DQCTFUQPCVCDWVQHVGPKPEQTRQTCVKPIGNGOGPVUQHVJGUKPHQPKCCPFVJGXKQNKPCUYGNNC
HQWTOQXGOGPVUEJGOGMHCUVUNQYOKPWGVHCUVMOQFGNGFCHVGTVJGJKIJENCUUKEUVTKPISWCTVGVCPFU[ORJQP[GCTN[TQOCPVKE
RKCPQUQPCVC
WUGFD[VJG8KGPPGUGIWKVCTKUVUCPFD[5QTVJQWIJPQVD[CP[QHVJGIWKVCTKUVUTGRTGUGPVGFKPVJKUXQNWOG

5NWTU
5NWTOCTMKPIUKPVJGENCUUKEGCTN[TQOCPVKEIWKVCTTGRGTVQKTGVJGGCTNKGTTGRGTVQKTGGURGEKCNN[ECPDGPQVQPN[CODKIWQWUDWV
UQOGVKOGUSWKVGDCHHNKPI
6JGUQPCVCUD[#DTGWCPF.JQ[GTKPVJKUXQNWOGRTQXKFGUQOGQDXKQWUGZCORNGU#UWTXG[QH
GCTN[GFKVKQPUCPFIWKVCTOGVJQFUTGXGCNUVJCVVJGRGTKQFIWKVCTKUVOUWUGQHUNWTUYCUENGCTN[OQTGXCTKGFVJCPYJCVYGOKIJV
GZRGEV VQFC[ 6JG HQNNQYKPI DTKGH NKUV QH VJG OQTG EQOOQP UNWTTKPI VGEJPKSWGU WUGF FWTKPI VJG RGTKQF OC[ DG QH JGNR VQ
RNC[GTUKPUQNXKPIUQOGQHVJGKOOGFKCVGRTQDNGOUGPEQWPVGTGFKPVJGRTGUGPVXQNWOG1HEQWTUGPQVCNNUNWTTKPIV[RGUYGTG
GORNQ[GF D[ GXGT[ EQORQUGT CPF C OQTG FGVCKNGF NQQM CV VJG KUUWG KU RTQXKFGF KP 8QN  QH VJKU UGTKGU$CEMITQWPF
2GTHQTOCPEG2TCEVKEGCPF+PVGTRTGVCVKQP

+PCFFKVKQPVQVJGEQOOQPN[WPFGTUVQQFQ JCOOGTQPR CPFQ RWNNQHHR V[RGQHUNWTVJGHQNNQYKPIWUCIGKUCNUQHQWPFCOQPI

VJGIWKVCTOGVJQFUQHVJGRGTKQF

Q 'EJQ5NWTR M CNGHVJCPFHKPIGTQ JCOOGTUQPR .GHV*CPF)NKUUCPFQ

VJGHKTUVPQVGQHCPGYUVTKPI

4KIJV*CPF5NWT

.QPI5NWTCU5JQTVJCPF .QPI5NWTYKVJ'EJQ5NWTU

.QPI5NWTCU.GHV*CPF1PN[

6JGUGUJQWNFDGFKUVKPIWKUJGFHTQOVJGVYQOQXGOGPV#PFCVG4QPFQRCKTUYJKEJYGTGQHVGPIGPGTKECNN[VKVNGFQ UQPCVCR GXGPVJQWIJ



VJG[FKFPQVEQPVCKPCP[OQXGOGPVUVJCVCEVWCNN[GORNQ[UQPCVCHQTO


+P CFFKVKQP VQ VJG UNWTU RTQXKFGF KP VJG QTKIKPCN GFKVKQPU GFKVQTKCN UNWTU
FQVVGF CTG CNUQ WUGF KP VJKU GFKVKQP RTQXKFKPI
ENCTKHKECVKQP QH CODKIWQWU QTKIKPCN UNWTU UWRRN[KPI OKUUKPI UNWTU VJCV ECP DG FGFWEGF HTQO RCTCNNGN RCUUCIGU CPF
QEECUKQPCNN[UWIIGUVKPIUQNWVKQPUVQVGEJPKECNN[FKHHKEWNVRCUUCIGUYGTGPQQTKIKPCNUNWTTKPIKURTGUGPV5KPEGITCEGPQVGUCPF
UJQTVCRRQIIKCVWTCUKPXCTKCDN[YGTGRGTHQTOGFYKVJUNWTU
YJGVJGTCEVWCNN[PQVCVGFCUUWEJQTPQVVJGUGHKIWTGUJCXGDGGP
TGRTQFWEGFYKVJQWVUNWTU
&QVU5VQMGUCPF9GFIGU
6JGCRRGCTCPEGKPVJGGCTN[IWKVCTGFKVKQPUQHCQ UVCEECVQR FQVQTUVTQMGWUWCNN[UKIPCNUPQVJKPIOQTGVJCPCECWVKQPPQV VQ
UNWT VJGPQVGUUQOCTMGFQEECUKQPCNN[JQYGXGTVJGUGOCTMUKPFKECVGFGVCEJÃCTVKEWNCVKQP
YJKEJQPVJGIWKVCTCOQWPVUVQ
CNOQUV VJG UCOG VJKPI CU PQV UNWTTKPI 6JGUG OCTMU QPTGNCVKXGN[ TCTGQEECUKQPU CTG CNUQ WUGF VQ KPFKECVG VTWG UVCEECVQM
EWVVKPI VJG FWTCVKQP QH C PQVG D[ JCNH KVU XCNWG QT OQTG 9GFIGU QP VJG QVJGT JCPF CTG VTCFKVKQPCNN[ CUUQEKCVGF YKVJ
CEEGPVWCVKQP
JCXKPICRRTQZKOCVGN[VJGUCOGGHHGEVCUUHTHHR QTCPCEEGPVOCTMVJQWIJRTQDCDN[OQUVN[CUCTGUWNVQH
VJGXCICTKGUQHRWPEJGPITCXKPIVJG[CTGXGT[QHVGPWUGFKPVGTEJCPIGCDN[YKVJFQVUCPFUVTQMGU%QPVGZVYKNNCNYC[UDGVJG
FGEKFKPI HCEVQT KP FGVGTOKPKPI VJG KPVGPFGF OGCPKPI QH VJGUG OCTMKPIU # HWNNGT FKUEWUUKQP OC[ DG HQWPF KP 8QN 
$CEMITQWPF2GTHQTOCPEG2TCEVKEGCPF+PVGTRTGVCVKQP

1VJGT'ZRTGUUKQP/CTMKPIU
+P VJG OCVVGT QH PQVCVGF GZRTGUUKQP TCTGN[ FKF VJG GCTN[ ENCUUKERGTKQF IWKVCTKUVU XGPVWTG DG[QPF EQOOQP DNQEMF[PCOKE
OCTMKPIUCPFGXGPVJGUGECPDGXGT[URCTUG
GXGPVQVCNN[CDUGPVMCUKUVJGECUGKPCNOQUVJCNHQHVJGYQTMUTGRTQFWEGFKP
VJKUXQNWOG#PGZEGRVKQPKUVJGWUGQHVJGUVCPFCTFCEEGPVUKIP=?GORNQ[GFDQVJKPKVUPQTOCNWUGCUCPCHHGEVKXG CEEGPVCU
YGNNCUCOGVJQFQHKPFKECVKPIVJGOGNQF[QTVJGDCUURCTVKPCUKPINGUVGOUEQTG+PCFFKVKQPUGXGTCNIWKVCTKUVUWUGVJGVGTOU
TKPHKPFKECVKPICEEGPVWCVKQPQHCUKPINGPQVGQTCETGUEGPFQQXGTCUJQTVITQWRQHPQVGUFGRGPFKPIQPEQPVGZVCPFQ GURTGUUR

QT Q GZRR  FGPQVKPI C TJ[VJOKECNN[ CPF OGVTKECNN[ HNGZKDNGCRRTQCEJ VQ C UJQTV RCUUCIG QH WUWCNN[ GSWCNXCNWG PQVGU VJCV
QVJGTYKUGYQWNFDGRNC[GFKPUVTKEVVKOG#NVJQWIJCRRNKECDNGKPRGTJCRUQPN[CEQWRNGQHKPUVCPEGUKPVJKUXQNWOGKVKUYQTVJ
OGPVKQPKPIJGTGVJGKPVGTRTGVCVKQPQHVYQQHVGPOKUWPFGTUVQQFEQORQUKVGF[PCOKEOCTMKPIURH CPFHRVJGHKTUVKUWUWCNN[CP
CDDTGXKCVKQP QH VJG VGTOQ RQEQ HQTVGR GSWKXCNGPV VQ QWT OH QT OR FGRGPFKPI QP EQPVGZV VJG UGEQPF WUWCNN[ KPFKECVGU
CEEGPVWCVKQP QH C UKPING PQVGHQTVG KOOGFKCVGN[ HQNNQYGF D[ RKCPQ 0QPG QH VJG GCTN[ UQPCVCU WUG VGTOU HQT ITCFWCVGF
F[PCOKEQTCIQIKE
ETGUEFKOTCNNTKVGVECNVJQWIJF[PCOKEQ JCKTRKPR UKIPUCTGUQOGVKOGUWUGF
6JKUQHEQWTUGFQGU
PQVPGEGUUCTKN[ OGCP VJGUG V[RGU QH PCVWTCN OWUKECN KPHNGEVKQP YGTG PQV GORNQ[GF CU C UKORNG OCVVGT QH VCUVG (KPCNN[ VJG
VGTO FQNEG CRRGCTU KP VJG VYQ NCVGT RKGEGU
/CTGUEQV CPF .GFWE +P VJG OGVJQF DQQMU QH VJG VKOG VJG VGTO KU OCFG
U[PQP[OQWUYKVJRKCPQ6JQWIJQPN[CHGYQHVJGGCTN[IWKVCTYTKVGTUCRRGCTVQOGPVKQPKVFQNEG OC[DGDGVVGTWPFGTUVQQF
CU C TGHGTGPEG VQQ UYGGVPGUUR QH OWUKECN EJCTCEVGT
GURGEKCNN[ KP VJQUG UKVWCVKQPU KP CEVWCN RKGEGU YJGTG VJG VGTO CRRGCTU
VQIGVJGT YKVJ VJG UKIPR YKVJ CP KORNKECVKQP HQT CTVKEWNCVKQP CPF VQPG EQNQT CU VQFC[ # HWNNGT FKUEWUUKQP QH GZRTGUUKQP
OCTMKPIUOC[DGHQWPFKP8QN$CEMITQWPF2GTHQTOCPEG2TCEVKEGCPF+PVGTRTGVCVKQP

0QVGUQPVJG2KGEGU
6JTGG%QORQUGTU+P6JG+DGTKCP5V[NG
,WCP#PVQPKQ8CTICU[)W\OCP
! M 5QPCVCU
E!
6JG WPKSWG UQWTEG HQT  UQPCVCU NQQUGN[ CVVTKDWVGF VQ ,WCP #PVQPKQ 8CTICU [ )W\OCP KU CP CPQP[OQWU JCPFYTKVVGP
OCPWUETKRVHQWPFCVVJG#TEJKXQ)GPGTCNFGNC0CEKÎPKP/GZKEQ%KV[CVVCEJGFVQCEQR[QH)W\OCPOUOGVJQFHQTVJGIWKVCT
'ZRNKECEKQPRCTGTVQECTNCIWKVCTTCFGRWPVGCFQ
8GTCETW\6JKUEQNNGEVKQPVJGGCTNKGUV0GY9QTNFIWKVCTVTGCVKUGJCU
CHQQVKPGCEJQHVYQYQTNFUDGKPIQPVJGQPGJCPFCEQPVKPWQVTGCVKUGVJCVSWQVGUHQTO5CPVKCIQFG/WTEKCOU4GUWOGP QH
 CPF QP VJG QVJGT CP GCTN[ GZCORNG QH IWKVCT OWUKE PQVCVGF KP UVCPFCTF OWUKECN PQVCVKQP
KP CFFKVKQP VQ VCDNCVWTG
KPVGPFGFHQTVJGPGYN[FGXGNQRGFUKZEQWTUGIWKVCT+VJCUDGGPCUUWOGFVJCVVJGCWVJQTQHVJGUGYQTMUKU8CTICU[)W\OCP
JKOUGNH*QYGXGTPQUWEJCVVTKDWVKQPCRRGCTUQPVJGOCPWUETKRVCPFEQPUGSWGPVN[VJGCWVJQTUJKRCPFRTGEKUGFCVKPIQHVJGUG
YQTMU KU WPMPQYP 0GXGTVJGNGUU VJG OWUKECN UV[NG QH VJG  UQPCVCU YJKEJ FTCYU HTQO DQVJ DCTQSWG CPF EQPVGORQTCT[
UV[NGUFQGUUWRRQTVCTGNCVKXGN[GCTN[FCVGQHEQORQUKVKQP

6JG UQPCVCU CTG RTGUGPVGF YKVJ EQPVKPWQ CEEQORCPKOGPV PQVCVGF QP C RCTCNNGN UVCHH RNCEGF DGPGCVJ VJG UQNQ IWKVCT RCTV
#NVJQWIJ VJG PQVCVKQPCN UV[NG QH VJGIWKVCT RCTV KU CNOQUV GPVKTGN[ UKPINGUVGO VJG RTGUGPEG QH VJG DCUUQ RTQXKFGU C WPKSWG
QRRQTVWPKV[VQFGVGTOKPGVJGRTGEKUGCTVKEWNCVKQPQHVJGIWKVCTOUNQYGTXQKEG6JGEQPVKPWQRCTVFQGUEQPVCKPUQOGCFFKVKQPCN
PQVGUVQVJQUGHQWPFKPVJGNQYGTXQKEGQHVJGIWKVCTRCTVJQYGXGTCVPQVKOGFQGUVJKUTKUGCDQXGCOGTGN[UWRRQTVKPITQNG
6JGEQORNGVGPGUUQHVJGIWKVCTRCTVKVUGNHNGCXGUNKVVNGFQWDVVJCVVJGUGYQTMUEQWNF
CPFRTQDCDN[YGTGRGTHQTOGFCUUQNQUCU
YGNNCUYKVJCEEQORCPKOGPV+PVJGRTGUGPVGFKVKQPCPQEECUKQPCNPQVGVCMGPHTQOVJGEQPVKPWQRCTVJCUDGGPKPEQTRQTCVGF
KPVQ VJG TGCNK\CVKQPQH VJG UQNQ RCTV
RTKPEKRCNN[ KP VJG UNQY OQXGOGPVU 5WEJ GFKVQTKCN CFFKVKQPU CTG RNCEGF YKVJKP USWCTG
DTCEMGVU5QPCVCUCTGRTQXKFGFKPHWNNUEQTGCUCPCRRGPFKZVQVJGUQNQUEQTG


6JGUQPCVCUCTGCTTCPIGFKPVJGOCPWUETKRVD[MG[CPFVGORQKPVQHQWTNCTIGTVJTGGOQXGOGPVITQWRUHCUVUNQYHCUVYKVJ
VJGUNQYOQXGOGPVKPCEQPVTCUVKPIMG[0QKP$D
PQVKPENWFGFKPVJKUGFKVKQPKUCQ HKTUVOQXGOGPVR QPN[UWIIGUVKPI
VJCVGKVJGTVJGOCPWUETKRVKUKPEQORNGVGQTVJCVYQTMUVQRRGFHQT UQOG TGCUQP CV VJKU RQKPV 6JG QXGTCNN MG[ UEJGOG QH VJG
VJTGGOQXGOGPV ITQWRKPIU KU UQOGYJCV CFXGPVWTQWU HQT VJG IWKVCT CV VJKU VKOG #OCLQT
COKPQT 'OCLQT
GOKPQT &
OCLQT
DOKPQT (OCLQT
EOKPQT $DOCLQT CPFQPG YQPFGTU JQY OWEJ HWTVJGT KPVQ VJG HNCV MG[U VJG CWVJQT OC[ JCXG
XGPVWTGF

#NOQUVCNNQHVJGHCUVOQXGOGPVUCTGQ +DGTKCPR DKPCT[HQTOU YJKEJFKURNC[ KPEKRKGPV UQPCVC HQTO VJG QRGPKPI VJGOGU CTG
TGUVCVGF CV VJG DGIKPPKPI QH VJG UGEQPF DKPCT[ JCNH KP VJG FQOKPCPV MG[ CU YGNN CU TGVWTPKPI NCVGT KP VJG VQPKE VJG UCOG
ENQUKPIVJGOGKUWUGFHQTVJGGPFKPIQHGCEJJCNHUGEQPFVJGOGUYJKEJCTGDCTGN[KFGPVKHKCDNGUGEVKQPUQHRCUUCIGYQTMKPVJG
FQOKPCPVMG[CTGCFQPQVTGVWTPKPVJGVQPKE
GZEGRV:++6JGQWVGTOQXGOGPVUQHVJTGGQHVJG E[ENGU
GZEGRV ++++ UJCTG
ENGCTN[ EQOOQP OCVGTKCN OQFKHKGF QPN[ VQ CEEQOOQFCVG VJG EJCPIG QH OGVGT 5NQY OQXGOGPVU CTG OKPQTVQPCNKV[ #$#
HQTOU
K+++KQTPCVGHKPCNOGCUWTGTGRGCVOCTMURTGUGPVKPVJGUGOQXGOGPVUCTGNKMGN[KPVGPFGFCUITCRJKEFGEQTCVKQPTCVJGT
VJCPCNKVGTCNKPFKECVKQPVQTGRGCVVJGGPVKTGOQXGOGPV

#OQPI QVJGT HGCVWTGU TGOKPKUEGPV QH +DGTKCP UV[NG YG ECP OGPVKQP VJG OCP[ UKVWCVKQPU VJCV UWIIGUV OCKPPQVG TCVJGT VJCP
WRRGTPQVGQTPCOGPVUCPFVJGQ UJCTRR QTPCOGPVCNUV[NGKPIGPGTCN#NUQPQVCDNGKUVJGTJ[VJOKEUV[NGVJCVRGTOGCVGUVJGUG
RKGEGUYGQHVGPHKPFYKVJKPVJGUCOGOGCUWTGWPWUWCNEQODKPCVKQPUQHDGCVUFKXKFGFKPVQGKIJVJUVTKRNGVUCPFUKZVGGPVJU#
TCVJGTWPWUWCNHGCVWTGKUHQWPFCVOCP[QHVJGECFGPEGUYJGTGYKVJQWVCP[RCTVKEWNCTVGEJPKECNTGCUQPHQTFQKPIUQVJGHKPCN
JCTOQP[KURTGUGPVGFYKVJQWVVJGVQPKERKVEJKPVJGWRRGTXQKEG

9GCNUQPQVGCEQPEGUUKQPVQHQTOWNCYKVJVJGIGPGTCNKORTGUUKQPVJCVCNOQUVCNNQHVJGRKGEGUJGTGCOQWPVVQTGYQTMKPIUQH
CUOCNNXQECDWNCT[QHKFGCU(QTGZCORNGCNOQUVCNNQHVJGUGYQTMUDGIKPYKVJCPKFGPVKECNCUEGPFKPICPCETWUKUHKIWTG(QT
VJKU TGCUQP QPN[ VJG ITQWRKPIU KP #OCLQT
UQPCVCU  CPF (OCLQT
UQPCVCU  JCXG DGGP KPENWFGF KP VJKU GFKVKQP
RTQXKFKPICWPKSWGINKORUGQHVJGCPGCTN[UKZEQWTUGIWKVCTUV[NGDWKNVQP+DGTKCPOQFGNUCURTCEVKEGFKPVJG0GY9QTNF

#HCEUKOKNGTGRTQFWEVKQPQHVJGUQPCVCUCNQPIYKVJKPHQTOCVKQPEQPEGTPKPIVJGKTRTQXGPCPEGOC[DGHQWPFKP,WCP,QUÃ
'UEQT\C CPF ,QUÃ #PVQPKQ 4QDNGU%CJGTQQ 6YQ 'KIJVGGPVJ%GPVWT[ 6TGCVKUG
CV /GZKEQ %KV[ 1P +PUVTWOGPVCN /WUKER
+PVGT#OGTKECP/WUKE4GXKGYXQNPQRR

#PVQPKQ#DTGW M 5QPCVCKP'OCLQT
E
5QPCVCFGUGKU1TFGPGURQT&P#PVQPKQ#DTGW
=#NNGITQEÎOQFQM %CPVCDKNGM 2TGUVQ?

6JGVJTGGOQXGOGPVUQPCVCKP'OCLQTCVVTKDWVGFVQVJG2QTVWIWGUGIWKVCTKUV#PVQPKQ#DTGW
FCVGUWPMPQYPKUQPGQHVJTGG
UWEJYQTMUKPOCPWUETKRVCTEJKXGFCVVJG$KDNKQVGEC*KUVÎTKEC/WPKEKRCNFG/CFTKFTGEGPVN[TGFKUEQXGTGFCPFECVCNQIWGFD[
5RCPKUJIWKVCTKUVCPFOWUKEQNQIKUV.WKU$TKUQFG/QPVKCPQ/QPVKCPQJCUPWODGTGFVJGUQPCVCU%OCLQT'OCLQTCPF
)OCLQTTGURGEVKXGN[CPFJCUFCVGFVJGOPQVOWEJ NCVGT VJCP  6JG %OCLQT UQPCVC YCU KPVGPFGFHQT C HKXG
FQWDNG


EQWTUGKPUVTWOGPVVJG'OCLQTCPF)OCLQTUQPCVCUHQTCUKZEQWTUGQPG

#NVJQWIJVJGUGYQTMUJCXGDGGPRTGUGTXGFCPFVKVNGFCUQUVGPUKDN[YQTMUHQTUQNQIWKVCTKVYQWNFCRRGCTVJCVCVNGCUVVYQQH
VJGOYGTGQTKIKPCNN[KPVGPFGFCUEJCODGTYQTMUCPFVJCVVJGCEEQORCP[KPIRCTVUCTGPQYOKUUKPIQTHQTYJCVGXGTTGCUQP
YGTGPGXGTEQRKGF6JKUEQPENWUKQPKUUWRRQTVGFPQVUQNGN[D[VJGHCEVVJCVCVUQOGRQKPVCPWPMPQYPRGTUQPJCUCFFGFVJG
PQVCVKQPQ XQ\[DCLQR
Q XQKEGCPFDCUUQR VQVJGVKVNGRCIGQHVJG%OCLQTUQPCVCDWVCNUQD[VJGXGT[URCTUGNQYGTXQKEG
YTKVKPIRTGUGPVDQVJKPVJKUUQPCVCCPFKPVJG)OCLQTUQPCVC6JG'OCLQTUQPCVCQPVJGQVJGTJCPFRQUUGUUGUCEQPUKUVGPV
NQYGTXQKEGYJKEJKPEQPVTCUVVQVJGQVJGTVYQUQPCVCUOCMGUKVJKIJN[UWKVCDNGVQUQNQRGTHQTOCPEGTGICTFNGUUQHYJGVJGTKV
YCUQTKIKPCNN[EQPEGKXGFKPEJCODGTVGTOUQTPQV

#U KU VJG ECUG YKVJ CNN VJTGG QH #DTGWOU UQPCVCU VJG 'OCLQT UQPCVC KU IWKVCTKUVKECNN[ CFXCPEGF CPF C SWKVG UWDUVCPVKCN CPF
GNCDQTCVG GZCORNG QH VJG +DGTKCP UQPCVC UV[NG #NN VJTGG OQXGOGPVU CTG DKPCT[ KPEKRKGPV UQPCVC HQTOU 6JG GZVGPFGF HKTUV
OQXGOGPV RTQXKFGU UGXGTCN RQKPVU QH KPVGTGUV PQV NGCUV QH YJKEJ KU VJG NGPIVJ[ UGEVKQP KP VJG VQPKE OKPQT KP VJG
Q FGXGNQROGPVR CTGC QH VJG HQTO CPF KVU WPWUWCN QTPCOGPVCN IGUVWTGU
VJG RCUUCIG VJCV DGIKPU CV O HQT GZCORNG6JG
UGEQPFOQXGOGPV%CPVCDKNGKUGSWCNN[KPVGTGUVKPIHQTKVUGNCDQTCVGRCUUCIGYQTMCPFJCTOQPKETCPIGYJKNGVJGEQPENWFKPI
2TGUVQ KUFKTGEV[GVYGNNXCTKGFKPKVUHKIWTCVKQP

.WKU$TKUQFG/QPVKCPQ7PHQPFQFGUEQPQEKFQFG/ÕUKECRCTC)WKVCTTC/ÕUKECGURCÌQNC[HTCPEGUCRCTCIWKVCTTC
ELEGPNC


$KDNKQVGEC*KUVÎTKEC/WPKEKRCNFG/CFTKF%CV¶NQIQ[PQVCUUQDTGUWUCWVQTGU/CFTKF¦RGTC6TGU'FKEKQPGUOWUKECNGU


,WCPFGNC#TK\RCEQEJCIC
PFM #NNGITQKP&OCLQT
E
#NVJQWIJ#TK\RCEQEJCIC
QT#TGURCEQEJCICCUKVYCUUQOGVKOGUURGNNGFKUMPQYPVQJCXGDGGPCEVKXGKP5RCKPVJKUKUQNCVGF
OQXGOGPVYCURWDNKUJGFKP2CTKUD[5CNXCFQT%CUVTQFG)KUVCWKPJKU,QWTPCNFG/WUKSWG'VTCPIÂTGRQWTNC)WKVCTGQW.[TG

Q ,QWTPCNQH(QTGKIP/WUKEHQTVJG)WKVCTQT.[TGR UQOGVKOGDGVYGGPCPF6JGRKGEGCNUQGZKUVUKPCXGTUKQPHQT
VYQIWKVCTUYKVJEQPVKPWQCUQ 5QPCVCFGN5QT#TK\RCEEQEJCICRWGUVQCVTKQR
KPOCPWUETKRVYTKVVGPKPVJGUCOGJCPFCUVJG
YQTMUD[#PVQPKQ#DTGWNQECVGFKPVJG$KDNKQVGEC*KUVQTKEC/WPKEKRCNFG/CFTKFCNTGCF[FKUEWUUGF

6JGRKGEGKUCP+DGTKCPUQPCVCYJKEJEQORNKGUOQTGTGCFKN[VQHWNNUQPCVCHQTOD[TGUVCVKPICNOQUVCNNQHVJGOCVGTKCNJGCTFKP
DQVJMG[CTGCUQHVJG#UGEVKQPKPVJGVQPKEMG[FWTKPIVJG$UGEVKQP6[RKECN+DGTKCPHGCVWTGUKPENWFGLWZVCRQUGFTJ[VJOKE
FKXKUKQPU UJCTR QTPCOGPVCVKQP OGNQFKE EJTQOCVKEKUO
O  CPF UWFFGP EJCPIG QH OQFG
O  #P KPVGTGUVKPI
QTPCOGPVCRRGCTUCVVJGQRGPKPIQHVJGOQXGOGPVCPCEEKCEECVWTCD[VJGKPVGTXCNQHCVJKTF
OWEJGCTNKGT5CP\FGUETKDGFC
UKOKNCTQTPCOGPVKPJKU+PUVTWEEKQP<CTCIQUC

#)GTOCP)WKVCTKUV
%JTKUVKCP)QVVNKGD5EJGKFNGT
M 5QPCVCU
EL
0QKP%OCLQT#NNGITQM 4QOCPEGM 4QPFQ
0QKP)OCLQT#NNGITQM #PFCPVGM 4QPFQ

6JG)GTOCPEGNNKUVDCUUQQPKUVNWVGPKUVCPFIWKVCTKUV%JTKUVKCP)QVVNKGD5EJGKFNGT
LYCUCEVKXGCVVJG/CKP\EQWTV
WPVKN CTQWPF  CPF HQNNQYKPI VJKU KP (TCPMHWTV *KU VYQ VJTGGOQXGOGPV UQNQ IWKVCT UQPCVCU RWDNKUJGF KP /CKP\ D[
$GTPJCTF5EJQVVYGTGYTKVVGPHQTCUKZUVTKPIIWKVCTYKVJVJGNQYGUVUVTKPIVWPGFVQ)

5EJGKFNGT YTKVGU KP VJG VJTGGOQXGOGPV +VCNKCPCVG MG[DQCTF UV[NG QH HGNNQY /CKP\ EQWTV OWUKEKCP ,QJCPP (TCP\ #NGZCPFGT
5VGTMGN
YJQYCUCPGCTN[KPHNWGPEGQP$GGVJQXGPGORNQ[KPICTGHKPGFCPFFGXGNQRGFUQPCVCUV[NGVJCVEQODKPGUVJGJKIJ
ENCUUKE GNGOGPVU QH +VCNKCPCVG XKQNKPKUVKE RCUUCIGYQTM RKCPKUVKE CEEQORCPKOGPV HKIWTCVKQP QXGTVWTGNKMG QRGPKPI VJGOGU KP
QEVCXGU CPF OGNQFKE UKORNKEKV[ 2CTVKEWNCTN[ )GTOCPKE VTCKVU KPENWFG CP KPENKPCVKQP VQYCTF EJTQOCVKEKUO C TKEJ JCTOQPKE
XQECDWNCT[YJKEJKPENWFGUVJGHTGSWGPVWUGQH VJG FKOKPKUJGFUGXGPVJ VQHCEKNKVCVG JCTOQPKE UGSWGPEGU CPF OQFWNCVKQPU VQ
VJGDTQCF0GCRQNKVCPMG[CTGCUCPF TGNCVKXGN[ NQPIFGXGNQROGPV UGEVKQPU YJKEJ OCMG ENGCT TGHGTGPEGU VQRTGXKQWUN[ JGCTF
OCVGTKCN 9G CNUQ PQVG VJCV KOOGFKCVGN[ TGRGCVGF RCUUCIGU CTG QHVGP UWDVN[ XCTKGF KP CTVKEWNCVKQP QT KP QVJGT HGCVWTGU
0Q
+++KPRCTVKEWNCTEQPVCKPUUQOGKPVGTGUVKPIGZCORNGUQHXCTKGFUNWTTKPI6JGUNQYOQXGOGPVQH HKTUV UQPCVC KU C IGPWKPG
2CTKUKCP 4QOCPEG
CP #$# HQTO VJCV KPEQTRQTCVGU GNGOGPVU QH TQPFQ UQOGVJKPI PQV WUWCNN[ GORNQ[GF D[ QVJGT IWKVCT
Q 4QOCPEGUR QHVJGRGTKQF6JGUNQYOQXGOGPVUQHDQVJUQPCVCUCTGGURGEKCNN[JCTOQPKECNN[TKEJCPFGZRTGUUKXGCPFCPVGU
YJKEJKPXKVGCHNGZKDNGQ GURTGUUKXQR TJ[VJOKE CRRTQCEJ VQ VJG RJTCUKPIQH VJGKTOGNQFKE RCUUCIGYQTM 1PG KOCIKPGU VJGUG
YQTMUVQDGTGRTGUGPVCVKXGQHVJGOWUKE5EJGKFNGTRGTHQTOGFKPEQPEGTVUUGXGTCNQHYJKEJ
RCTVN[HQTVJGKTPQXGNV[TGEGKXGF
JKIJN[EQORNKOGPVCT[TGXKGYUKPVJG)GTOCPPGYURCRGTUQHVJGVKOG

(WTVJGT KPHQTOCVKQP EQPEGTPKPI 5EJGKFNGT OC[ DG HQWPF KP VJG CTVKENGQ %JTKUVKCP )QVVNKGD 5EJGKFNGTR KP ,QUGH <WVJOU
*CPFDWEJ FGT .CWVG WPF )KVCTTGO
8KGPPC  CPF KP VJG KPVTQFWEVKQP VQ 5KOQP 9[PDGTIOU HCEUKOKNG GFKVKQPU QH
5EJGKFNGTOUUQPCVCUHQTUQNQIWKVCTCPFHQTIWKVCTCPFXKQNKP
%JCPVGTGNNG1TKIKPCNEQRKGUQHVJGVYQUQNQIWKVCTUQPCVCU
CTGCTEJKXGFCVVJG+PVGTPCVKQPCN)WKVCT4GUGCTEJ#TEJKXG%CNKHQTPKC5VCVG7PKXGTUKV[0QTVJTKFIG

#(TGPEJOCPKP*CODWTI
#PVQKPG.JQ[GT
M )TCPFGUQPCVGKP)OCLQTQR

#NNGITQOQFGTCVQM #PFCPVGEQPXCTKCVKQPG

.JQ[GTOU)TCPFGUQPCVGQRHQTHKXGUVTKPIIWKVCTMVJG(TGPEJOCPOUGCTNKGUV MPQYP YQTMMYCU RWDNKUJGF D[ #WIWUVG

$ÑJOGKP*CODWTI)GTOCP[KP
CHVGTNGCXKPI(TCPEGKP.JQ[GTNKXGFDQVJKP*CODWTICPF5V2GVGTUDWTIDGHQTG
TGVWTPKPIVQ(TCPEGKP1DXKQWUN[KPVGPFGFHQTEQPEGTVWUGCUKVUVKVNGUWIIGUVUVJG)TCPFGUQPCVG KUCSWKVGVGEJPKECNN[
EJCNNGPIKPIYQTMECUV KP VJG VYQOQXGOGPV UQPCVC UEJGOGRQRWNCT GURGEKCNN[ KP 2CTKU FWTKPI VJG U CPF U 6JG HKTUV
OQXGOGPVKUCUV[NK\GFUKPHQPKCUQPCVC HQTO CPF KU HQNNQYGF D[ CDTKNNCPVG XCTKCVKQP UGV QP VJG VJGOGQ # 5EJNKUUGTV WPF C
4GKPFNR


+FGPVKHKECVKQPD[4KEJCTF.QPI



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UGXGTCNQHVJGXCTKCVKQPU#NUQPQVCDNGKUCUVTKMKPIQ ECORCPGNCR FGXGNQROGPVGRKUQFGKPVJGHKTUVOQXGOGPV
HTQOO

+PVGTRTGVCVKQPQHUNWTUKPVJKUYQTMKUEJCNNGPIKPIVQUC[VJGNGCUVCPFCFGHKPKVKXGKPVGTRTGVCVKQPRTQDCDN[KORQUUKDNG2QUUKDNG
GPITCXKPI CPFQT EQR[KPI GTTQTU CUKFG VJG OCKP CTGCU QH FKHHKEWNV[ CTG HQWPF CV OO  CPF  QH VJG HKTUV
OQXGOGPV6JGHKIWTGCVOOCPFQHVJGHKTUVOQXGOGPVOC[DGKPVGPFGFVQDGGZGEWVGFYKVJCINKUUCPFQ
.QPI FGUEGPFKPI UNWTU KP XCTKCVKQP +++ QH VJG UGEQPF OQXGOGPV OC[ DG KPVGPFGF VQ DG GZGEWVGF D[ VJG NGHVJCPF QPN[
'FKVQTKCN HKPIGTKPIU CPF UNWTTKPI UWIIGUVKQPU JCXG DGGP FGXKUGF CU QPG KPVGTRTGVCVKQP QH VJGUG OCTMKPIU QDXKQWUN[ QVJGT
HKPIGTKPIUCPFRQUKVKQPUCTGRQUUKDNG

9GFIGUCTGWUGFCUKPFKECVKQPUQHYJGPPQVVQUNWT
+LCPFKPQPGKPUVCPEG
++8CTCUFGVCEJÃCTVKEWNCVKQP6JG
RQN[RJQPKEPQVCVKQPKPOOCPFQHVJGVJGOGKPENWFKPIVJGTGUVUCRRGCTUKPVJGQTKIKPCNCEQR[QHYJKEJKU
CTEJKXGFCVVJG-WPINKIC/WUKMCNKUMC#MCFGOKGPU$KDNKQVGM5VQEMJQNO

#5YGFKUJ)WKVCT5QPCVCKPVJG5V[NGQH*C[FP!
,QJCP9KMOCPUQP
LM 5QPCVCKPDOKPQT9Q1
EL
#NNGITQ/QFGTCVQM 2TGUVQ

6JGECVCNQIWGQHYQTMUD[5YGFKUJEQORQUGTCPFQTICPKUV,QJCP9KMOCPUQPKPENWFGUVJTGGUQPCVCUHQTQ EKVVGTPR QHYJKEJ

VJG RTGUGPV UQPCVC KP DOKPQT KU VJG UQNG UWTXKXQT 6JG YQTM CRRGCTU PQV VQ JCXG DGGP RWDNKUJGF FWTKPI VJG RGTKQF CPF
UWTXKXGUVQFC[KPCPWPFCVGFOCPWUETKRVQHWPMPQYPJCPF6JGKPVGPFGFKPUVTWOGPVCVKQPKUPQVGPVKTGN[ENGCTYJKNGVJGVKVNG
RCIGFGUKIPCVGUQ GP<KVVTC5QNQR VJGHKTUVRCIGQHOWUKEKUJGCFGFQ )WKVVCTGR +P5YGFGPCVVJKUVKOGVJGVGTO\KVVTC
CNUQ
UKVVTC EKVVTC YCU WUGF VQ KPFKECVG C NWVGNKMG EKVVGTP EQORTKUKPI GKIJV HKPIGTDQCTF UVTKPIU CPF UGXGP DQWTFQPU DWV YCU
CRRCTGPVN[ CNUQ WUGF VQ KPFKECVG VJG UKZUVTKPI IWKVCT %QPUKFGTKPI VJG NC[QWV QH VJG OWUKE CPF FGURKVG C HGY CYMYCTF


RCUUCIGUKVFQGUPQVUGGOWPTGCUQPCDNGVQCEEGRVVJGIWKVCTCUVJGKPVGPFGFKPUVTWOGPVHQTVJKUUQPCVCMCVNGCUVKPVJGXGTUKQP
QH VJG RKGEG VJCV JCU EQOG FQYP VQ WU 9G ECP TGCUQPCDN[ FCVG VJG YQTM KP VJG RGTKQF  6JCV KU DGVYGGP VJG
EQPENWUKQP QH 9KMOCPUQPOU OWUKECN UVWFKGU
CPF GPUWKPI GNGEVKQP VQ VJG 4Q[CN #ECFGO[ QH /WUKE KP 5VQEMJQNO CPF JKU
FGCVJCVVJGCIGQH

9KMOCPUQPKUEQPUKFGTGFVJGNGCFKPI5YGFKUJGZRQPGPVQHVJGENCUUKECNUV[NGCPFEGTVCKPN[KPVJKUUQPCVCVJGKPHNWGPEGQHVJG
*C[FPMG[DQCTFUQPCVCKUENGCTN[GXKFGPVVJGQRGPKPI VJGOCVKE OCVGTKCN QH VJG HKTUV OQXGOGPVHTCOGU VJG GPVKTG HQTO VJG
FGXGNQROGPV UGEVKQP KPEQTRQTCVGU OCVGTKCN JGCTF GCTNKGT KP VJG OQXGOGPVMEQPUGSWGPVN[ VJG TGECRKVWNCVKQP KU UMKNNHWNN[
CDDTGXKCVGFMCPF VJG QXGTCNN GHHGEV KU QPG QH GCU[ CPF GEQPQOKECN EQPVTQN 6JG UGEQPF OQXGOGPV2TGUVQ KU C KPEKRKGPV
DKPCT[UQPCVCHQTOYJKEJOCMGUWUGQHCUKPINGOQVKXGCNOQUVVJTQWIJQWVCUKORNGCUEGPFKPIDCUUHKIWTGYJKEJGXGPVWCNN[
OCMGUKVUYC[KPVQVJGWRRGTXQKEGCUYGNN

6JG OCPWUETKRV XGTUKQP QH VJKU YQTM KU CTEJKXGF CV VJG -WPINKIC /WUKMCNKUMC #MCFGOKGPU $KDKQVGM 5VQEMJQNO CPF KU
CXCKNCDNGKPHCEUKOKNGHTQOVJG#EECFGOKCN 1VVQEGPVQ
YYYCEECFGOKCQTI

'CTN[(TGPEJ)WKVCTKUVU
2KGTTG2QTTQ
LM 5QPCVCU
5QPCVCKP%HTQOQR
#NNGITQOQFGTCVQM #PFCPVGUQUVGPWVQM 2TGUVQ
5QPCVCKP(QRPQ
E#NNGITQOQFGTCVQM #PFCPVGUQUVGPWVQM 2TGUVQ

2KGTTG 2QTTQOU UQPCVC KP %OCLQTQ RQWT IWKVCTTG UGWNGR YCU RWDNKUJGF D[ $CKNNQP KP 2CTKU KP  QPG [GCT CHVGT 2QTTQOU
CTTKXCNVJGTGKPCOWUKECNLQWTPCNQH2QTTQOUQ 0QWXGNNG'VTGPPGUFG)WKVCTTGR QR9KVJVJGRQUUKDNGGZEGRVKQPQHVJG
UQPCVCUCVVCEJGFVQ8CTICU[)W\OCPOU'ZRNKECEKQPVJKUYQTMKUVJGGCTNKGUVMPQYPIWKVCTUQPCVCQHVJGENCUUKERGTKQF6JG
RKGEG VWTPGF WR CICKP CTQWPF  CU VJG HKTUV QH 2QTTQOU Q 6TQKU 5QPCVGUR QR  HQT IWKVCTQ CXGE CEEQORCIPGOGPV FG
8KQNKPR 6JGIWKVCTRCTVKUXKTVWCNN[KFGPVKECNKPDQVJXGTUKQPU9JKNGVJGXKQNKPRCTVQHQRFQGUQEECUKQPCNN[EQPVCKPUQOG
KPVGTGUVKPI RCUUCIGYQTM CV PQ RQKPV FQGU KV RNC[ C VJGOCVKE TQNG
KP EQPVTCUV VQ UQOG QH 2QTTQOU QVJGT YQTMU KP YJKEJ VJG
IWKVCTRNC[UCPCEEQORCPKOGPVCNTQNGVQCVTWN[UQNQXKQNKPRCTV$QVJUQPCVCUYGTGYTKVVGPHQTCHKXGUVTKPIIWKVCT

5GG-GPPGVJ5RCTT6JG+ORTQXGF%KVVGTP#%CVCNQIWGQH2TKPVGFCPF/CPWUETKRV/WUKE HQTVJG5YGFKUJ.WVGR
0[P¼UJCOP5YGFGP


YJKEJECPDGHQWPFQPNKPGCVJVVRYVGNKCEQO`W59'.76'JVO


%NGCTN[ VJGUG YQTMU CTG TGETGCVKQPCN RKGEGU KPVGPFGF HQT COCVGWT RGTHQTOCPEG %QPUGSWGPVN[ VJG RCUUCIGYQTM EQPUKUVU
CNOQUVGPVKTGN[QHCTRGIIKQHKIWTCVKQP6JGEJCTCEVGTQHVJGVJGOGUCUYGNNCUVJGQXGTCNNOQVQTKEEJCTCEVGTQHOCP[RCUUCIGU
UWIIGUVUCPQTEJGUVTCNOQFGNMUQOGVJKPIGPJCPEGFD[VJGXKQNKPCEEQORCPKOGPVUCFFGFVQVJGUGYQTMUEQPUKUVKPICUVJG[
FQQHHCUVTGRGCVGFPQVGUWRRQTVQHVJGVJGOGUCPFKPVJGQRGPKPICNNGITQQHVJG (OCLQT UQPCVC U[PEQRCVGF TGRGCVGFPQVG
HKIWTGUV[RKECNQHVJGUKPHQPKC

6JGVJTGGOQXGOGPVHQTOGORNQ[GFKPVJGUGYQTMUJCF DGGP EQOOQP KP 2CTKU CNVJQWIJ KV JCF NCTIGN[ IKXGP YC[ VQ VYQ
OQXGOGPVHQTOUKPOQUVIGPTGUFWTKPIVJGU#NNVJTGGOQXGOGPVUQHVJG%OCLQTUQPCVCCTGDKPCT[UQPCVCHQTOU
YKVJHWNNTGVWTPUQHDQVJVJGOGU6JG(OCLQTUQPCVCDGIKPUYKVJCUKPHQPKC
QXGTVWTGUV[NGOQXGOGPVCUCNTGCF[OGPVKQPGF
CPFKUHQNNQYGFD[CP#$#UNQYOQXGOGPVCPFCTQPFQ
YJQUGVJGOGOWUVUWTGN[JCXGJCFCRQRWNCTQTKIKP

2QTTQRTQXKFGU CPWODGT QH RGTHQTOCPEG KPUVTWEVKQPU KPJKU UEQTG QH YJKEJ VJG OGCPKPIQH UQOG UJQWNFDG ENCTKHKGFJGTG
9GFIGU
TGRNCEGFYKVJUVTQMGUKPQRKPFKECVGCEEGPVWCVKQPCUFGUETKDGFD[2QTTQKPVJGQ 1DUGTX´VKQPU2TGNKOKPCKTGUR
EQPVCKPGFKPJKUQ %QNNGEVKQPFG2TÃNWFGUQW%CRTKEGUR

A
NOCEEGPVUWTNGUPQVGU= ?KPFKSWGWPGRTÃHGTGPEGGVWPGFKUVKPEVKQPOCTSWGÃCWVCPVRCTNCHQTEGSWGRCTNCPÂVGVÃFWLGW

A
VJGCEEGPVQPVJGPQVGU= ?KPFKECVGUCRTGHGTGPEGCPFCFKUVKPEVKQPOCTMGFCUOWEJD[VJGHQTEGCUD[VJGENGCTPGUUQH
RGTHQTOCPEG
6JGUGOCTMUQH CEEGPVWCVKQP CTG VQ DG FKUVKPIWKUJGF HTQOFQVU YJKEJRTGUWOCDN[ CTG KPVGPFGF VQ KPFKECVG FGVCEJGF QT CV
NGCUV PQPUNWTTGF GZGEWVKQP 1EECUKQPCNN[ VJG VYQ CTG WUGF KPVGTEJCPIGCDN[MRTQDCDN[ KPCFXGTVGPVN[ D[ VJG GPITCXGTMHQT
GZCORNGVJG5QPCVCKP%OCLQT++L5VTQMGUCTGCNUQWUGFVQOGCPQ FQPQVUNWTR CUYGNNCUCEEGPVGNUGYJGTGYKVJKPVJG
UCOGOQXGOGPV
(OCLQT+++2QTTQCNUQFKUVKPIWKUJGUDGVYGGPVJGWUGQHUVTQMGUVQGORJCUK\GNKPGCPFVJGWUGQHTKPH CUC
OCTMQHFKUETGVGCEEGPVWCVKQP

6JGVGTOQ GVQWHHG\NCUUQPUR WUGFCVOQHVJGQHVJGHKTUVOQXGOGPVQHVJG(OCLQTUQPCVCUJQWNFDGVCMGPUKORN[CUC

ECWVKQPVQQDUGTXGVJGTGUVOCTMGFVJGTG

# HCEUKOKNG GFKVKQP QH 2QTTQOU Q 0QWXGNNG 'VTGPPGU FG )WKVCTTGR QR  KU RWDNKUJGF D[ VJG 5VWFKQ 2GT 'FK\KQPQ 5EGNVG

(NQTGPEG

6TKNNG.CDCTTG
PFM 5QPCVCUQRPQU
L
5QPCVCKP&QRPQ=#NNGITQOQFGTCVQ?
5QPCVCKP#QRPQ=#NNGITQOQFGTCVQ?

6JGUG VYQ UJQTV UKPINGOQXGOGPV UQPCVCU HQT VJGHKXGFQWDNGUVTKPI IWKVCT EQOG HTQO .CDCTTGOU4GEWGKN 2QWT NC )WKVCTTG
QRCEQNNGEVKQPQHQ NGEQPUITCFWGNNGOGPVR RWDNKUJGFKP2CTKUD[*0CFGTOCPFWTKPIVJGRGTKQF .CDCTTGOUQR


CEVUCUVJGOWUKECNRQTVKQPQHJKURTGXKQWUQRWU0QWXGNNG/ÃVJQFG2QWTNC)WKVCTTGQRCPFCUYGOKIJVGZRGEVVJG
OWUKE EQPVCKPGF KP KV RTQITGUUGU QPN[ UQ HCT 0GXGTVJGNGUU VJG VYQ UQPCVCU VJQWIJ UJQTV RTQXKFG EJCTOKPI GZCORNGU QH
IWKVCTOWUKEYTKVVGPKPCP+VCNKCPCVGXKQNKPKUVKEUV[NG0GKVJGTUQPCVCGORNQ[UCHWNNUQPCVCHQTODQVJNCEMTGVWTPUQHUGEQPF
VJGOGOCVGTKCN&[PCOKEOCTMKPIUTCPIKPIHTQORR VQHH CTGRTGUGPVKPDQVJUQPCVCUQ RQEQHQTVGR Q RQEQHR CPFQ 2QHR
KPFKECVKPIQWTOHCTGWUGFKPVGTEJCPIGCDN[

%QRKGUQHVJGWPKSWGUWTXKXKPIEQR[QH.CDCTTG UQRYGTGIGPGTQWUN[RTQXKFGFD[VJGQYPGTUVJG)GPFCK)WKVCT%Q.VF

%JCTNGU&QKU[
!LM 3WCVTG5QPCVCU(CEKNGU
EL
0QKP)OCLQT#NNGITQXKXCEGM 2TGUVQ
0QKP&OCLQT#NNGITQOQFGTCVQM 4QPFGCW
2TGUVQ
0QKP%OCLQT#NNGITQOQFGTCVQM 4QPFQ
/QFGTCVQEQPIWUVQ
0QKP(OCLQT=#NNGITQOQFGTCVQ?M 9CN\GT

%JCTNGU&QKU[OUHQWT5QPCVGUHCEKNGU YGTGRWDNKUJGFKP2CTKUYKVJQWVQRWUPWODGTUQOGVKOGFWTKPIVJGRGTKQF
6JG[CTGVTWN[VTCPUKVKQPCNRKGEGUHQTVJGIWKVCTDGKPIPQVCVGFHQTCHKXGUVTKPIKPUVTWOGPVYKVJCPQ R RNCEGFDGPGCVJVJQUG

7PVKN VJKU GFKVKQP VJG VYQ UQPCVCU QH .CDCTTG YGTG MPQYP QPN[ KP C OQFGTPK\GF CFCRVKQP D[ &QOKPIQ 2TCV RWDNKUJGF D[ 4QOGTQ [


(GTPCPFG\KP$WGPQU#KTGUFWTKPIVJGU2TCVOUGFKVQTKCNTGXKUKQPUCTGGZVGPUKXGCPFKPENWFGVJGRCKTKPIQHVJG&OCLQTUQPCVCYKVJC
TQPFQKPVJGUCOGMG[VCMGPPQPUGSWGPVKCNN[HTQOGNUGYJGTGKP.CDCTTGOUEQNNGEVKQP


PQVGUVJCVEQWNFDGRNC[GFQPCPKPUVTWOGPVYKVJUKZUVTKPIU#UVJGFGUKIPCVKQPHCEKNG KPFKECVGUVJG[CTGCNUQWPCUJCOGFN[
TGETGCVKQPCNRKGEGU
VJQWIJRTQFWEGFD[QPGQHVJGOQUVUMKNNGFQHVJGENCUUKERGTKQFYTKVGTUHQTVJGIWKVCTCPFCTGFGFKECVGF
VQ CP # .QEJGMC RTGUWOCDNG RCVTQP CPF UVWFGPVQH &QKU[ #P KPFKECVKQPQH &QKU[OU UVCPFKPI KP 2CTKUKCP UQEKCN EKTENGU KU
RTQXKFGF D[ VJG FGFKECVKQP QH JKU 2TKPEKRGU )ÃPÃTCWZ FG NC )WKVCTG
2CTKU  VQ /CFCOG $QPCRCTVG
'ORTGUU
,QUGRJKPG

#NN HQWT UQPCVCU CTG VYQOQXGOGPV UEJGOGU CU YCU RQRWNCT KP 2CTKU CV VJG VKOG VJQWIJ VJG OWUKE EQWNF JCTFN[ DG OQTG
+VCNKCP +P UGXGTCN TGURGEVU VJG IWKVCT YTKVKPI NQQMU HQTYCTF VQ %CTWNNK
RCTVKEWNCTN[ VJG FGXGNQROGPV UGEVKQP QH + CPF KP
IGPGTCNUV[NG++CPF++YJQJCFPQV[GVCTTKXGFKP2CTKU&QKU[OUUV[NKUVKEOQFGNJQYGXGTYCUCNOQUVEGTVCKPN[VJGXKQNKP
UQPCVCU QH VJG U 2CTKU TGUKFGPV +VCNKCP XKTVWQUQ )KQXCPPK $CVVKUVC 8KQVVK
&QKU[ CTTCPIGF C 8KQVVK XKQNKP EQPEGTVQ HQT
IWKVCTCPFCNUQDCUGFCUWDUVCPVKCNEQPEGTVQQHJKUQYPCHVGTVJG8KQVVKOQFGN .KMG8KQVVK&QKU[OUUQPCVCHQTOUCTGXCTKGF


TCVJGTVJCPHQTOWNCKEVJGTGECRUCTGUQOGVKOGUVJGOCVKEDWVCNUQUQOGVKOGUKPVTQFWEGPGYOCVGTKCNJCTOQPKEUGSWGPEGUCTG
EQOOQPCPFGXQMGCUV[NGCPEKGPPG1PVJGQVJGTJCPFVJGKPENWUKQPQHTQPFQUCPFRCTVKEWNCTN[C9CNV\GTHQTVJGHKPCNGU
RNCEG&QKU[KPVJGOCKPUVTGCOQHHCUJKQPCDNG2CTKUKCPOWUKECNUV[NG'XGPKPVJGUGUKORNGRKGEGUYGPQVGCIQQFUGPUGQH
HQTOCPFCUVTQPIOGNQFKESWCNKV[YJCVCRKV[&QKU[FKFPOVNGCXGC)TCPFGEQPEGTVUQPCVC

9JKNGQVJGTYKUGSWKVGCEEWTCVGVJGGCTN[RTKPVQHVJGUGRKGEGUKUCODKIWQWUKP KVU WUG QH CEEGPV UKIPU YJKEJOKIJV LWUV CU

GCUKN[DGKPVGTRTGVGFCUUJQTVFKOKPWGPFQQ JCKTRKPUR %QPVGZVUWIIGUVUVJGHQNNQYKPI

KCHHGEVKXGCEEGPVU VJCVGORJCUK\GCPQVJGTYKUGYGCMDGCV0Q+++VJTQWIJQWV0Q++OO0Q++
KKPQVCVKQPCNCEEGPVU VJCVENCTKH[VJGOGNQFKENKPGKPQVJGTYKUGPQPRQN[RJQPKEPQVCVKQP0Q++
YKVJVJGRQUUKDNG
GZEGRVKQPQHOO+VJTQWIJQWV

#EQR[QHVJGQTKIKPCNGFKVKQPQH&QKU[OU3WCVTG5QPCVCU(CEKNGU KUCTEJKXGFCVVJG4Q[CN%QPUGTXCVQKTG.GKIG$GNIKWO

2CTKUKCP/KUEGNNCPGC
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PFM )TCPFGUQPCVCKPCOKPQT
E!
#IKVCVQM #PFCPVGEQPXCTKCV\KQPK
9CNV\CNNGITQ

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