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SVVINIGXER]TSVXMSRSJ;SVO
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XLIQ EGGSVHMRK XS %781 ''1 9RPIWW SXLIV[MWI
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STIVEXMSRW
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e 7EQTPIGSRGVIXIEXTSMRXSJTPEGIQIRXERHSXLIVPSGE
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e 3XLIV XIWXMRK SV MRWTIGXMSR WIVZMGIW EW VIUYMVIH F]
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4VSZMHI3[RIVvWXIWXMRKEKIRG]VIUYIWXIHHSGYQIRXEXMSR
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3XLIV XIWXMRK WIVZMGIW EW RIIHIH{'SRXVEGXSV
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e %HHMXMSREP XIWXMRK ERH MRWTIGXMSR VIUYMVIH FIGEYWI SJ
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VIUYIWXERHRSXVIUYMVIHF]XLMW7TIGMJMGEXMSR
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WTIGMJMIH
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F %X PIEWX XLVII VITVIWIRXEXMZI GSVIW [MPP FI
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G 'SRXVEGXSVWLEPPJMPPGSVILSPIW[MXLRSWPYQT
GSRGVIXI SVQSVXEV SJ WXVIRKXLIUYEPXS SVKVIEXIVXLERXLI
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7XERHEVH QSPHIH ERH GYVIH WXVIRKXL WTIGM
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GSRHYGXIH MR EGGSVHERGI [MXL TVSGIHYVIW WTIGMJMIH *SV
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XIWXW MR TPEGI SJ WXERHEVHGYVIH WTIGMQIRW WTIGMJMIH MR
JSVMRMXMEPEGGITXERGIXIWXMRKSJGSRGVIXI
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IZEPYEXIHF]%VGLMXIGX)RKMRIIVERHEVIZEPMHSRP]MJXIWXW
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HERGI[MXLVIGSKRM^IHWXERHEVHTVSGIHYVIWERHEREGGITXEFPI
GSVVIPEXMSR FIX[IIR XIWX VIWYPXW ERH GSRGVIXI GSQTVIWWMZI
WXVIRKXLMWIWXEFPMWLIHERHWYFQMXXIH
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7XERHEVH QSPHIH ERH GYVIH WXVIRKXL WTIGM
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XLER TWM[LIR JG MWTWMSVPIWWSV F]QSVIXLER
JG [LIR JG MWQSVI XLER TWM 8LIWI GVMXIVME EPWS
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JG ERHMJRSWMRKPIGSVIMWPIWWXLER SJJG -RTPEGIXIWXW{-RTPEGIXIWXWWLEPPRSXFIYWIHEW
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YWIH [LIR WTIGMJMIH XS IZEPYEXI GSRGVIXI [LIVI WXVIRKXL
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XLI QIEWYVIH EMV GSRXIRX MW PIWW XLER XLI PS[IV PMQMXW SJ
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XIWXSJXLIEHNYWXIHQM\XYVIJEMPWXLIGSRGVIXILEWJEMPIHXS
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7PYQT{-J XLI QIEWYVIH WPYQT EX HIPMZIV] MW
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QIEWYVIHWPYQTMWPIWWXLERWTIGMJMIHMREHNYWXQIRXW
[MPP FI TIVQMXXIH MR EGGSVHERGI [MXL %781 ''1
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EGGITXERGI
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e ”*JSVWIGXMSRWXSMRMRXLIPIEWXHMQIRWMSRERH
e ”*JSVWIGXMSRWKVIEXIVXLERMRMRXLIPIEWXHMQIRWMSR
8LI XIQTIVEXYVI SJ GSRGVIXI EW TPEGIH WLEPP RSX I\GIIH
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j
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VIUYMVIQIRXW
e 9WI QEXIVMEPW ERH QEXIVMEP GSQFMREXMSRW PMWXIH MR
XLVSYKLTVSTSWIHJSVXLI;SVO
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VIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXL
e 4VSTSVXMSRXVMEPQM\XYVIWXSTVSHYGIEWPYQT[MXLMRMR
SJ XLI QE\MQYQ WTIGMJMIH ERH JSV EMVIRXVEMRIH
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WEQTPIWXERHEVHHIZMEXMSRTWM
JGV TWM
JG TWM
SVPIWW
3ZIV
9WIXLIPEVKIVSJ
JGV !JG'OWW
)UYEXMSR
JGV ! JG OWWz
JGV ! JG OWW
JGV !JG OWW
2SXIWJGV !VIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXLJG !WTIGMJMIHGSRGVIXIWXVIRKXL
O!JEGXSVJVSQ8EFPIEXSEHNYWXWXERHEVHHIZMEXMSRMJXSXEPRYQFIVSJXIWXW
MWPIWWXLERERHWW!WXERHEVHHIZMEXMSRGEPGYPEXIHMREGGSVHERGI[MXL
8EFPIE{OJEGXSVJSVMRGVIEWMRKWEQTPI
WXERHEVHHIZMEXMSRJSVRYQFIVSJXIWXWGSRWMHIVIH
8SXEPRYQFIVSJXIWXWGSRWMHIVIH
SVQSVI
OJEGXSVJSVMRGVIEWMRKWEQTPI
WXERHEVHHIZMEXMSR
2SXI0MRIEVMRXIVTSPEXMSRJSVMRXIVQIHMEXIRYQFIVSJXIWXWMWEGGITXEFPI
8EFPIF{6IUYMVIHEZIVEKIGSQTVIWWMZI
WXVIRKXL JGV JG TWM
JGV TWM
0IWWXLER
JG XS
JG 3ZIV
JG ;LIRHEXEEVIRSXIEZEMPEFPIXSIWXEFPMWLWXERHEVHHIZMEXMSR
e
*SVIEGLXVMEPQM\XYVIQEOIERHGYVIXLVIIGSQTVIWWMZI
WXVIRKXLG]PMRHIVWJSVIEGLXIWXEKIMREGGSVHERGI[MXL
%781''18IWXJSVGSQTVIWWMZIWXVIRKXLMR
EGGSVHERGI[MXL%781''1EXHE]WSVEXXLI
XIWXEKIJSV JG HIWMKREXIH MRXLI 'SRXVEGX(SGYQIRXW
ERH
e )WXEFPMWLQM\XYVI TVSTSVXMSRW FEWIH SR XLI XVMEP FEXGL
HEXE XS EGLMIZI ER EZIVEKI GSQTVIWWMZI WXVIRKXL MR
EGGSVHERGI[MXLJGV EWHIXIVQMRIHMRERHXSRSX
I\GIIH XLI QE\MQYQ [GQERH SXLIVVIUYMVIQIRXW SJ
[LIRETTPMGEFPI
*MIPHZIVMJMGEXMSRSJWIPIGXIHQM\XYVITVSTSVXMSRW{
;LIRVIUYMVIH GSRHYGX JMIPH ZIVMJMGEXMSR SJXLI IJJIGXW SJ
TPEGIQIRX QIXLSHW SR GSRGVIXI QM\XYVI GLEVEGXIVMWXMGW
9WMRKQEXIVMEPWERHQM\XYVITVSTSVXMSRWEGGITXIHJSVYWIMR
XLI;SVOZIVMJ]XLIGSRGVIXIGERFITPEGIHYWMRKXLIMRXIRHIH
TPEGMRKQIXLSH4PEGIXLIGSRGVIXIQM\XYVIYWMRKTVSNIGXIUYMT
QIRX ERH TIVWSRRIP :IVMJ] XLEX XLI WPYQT ERH EMV GSRXIRX
SFXEMRIHEXXLITSMRXSJTPEGIQIRXEVIEGGITXEFPI1EOIWYMXEFPI
GSVVIGXMSRW XS XLI TPEGMRK QIXLSHW SV XS XLI QM\XYVI
TVSTSVXMSRWMJRIIHIH7YFQMXEHNYWXQIRXWXSXLIQM\XYVI
TVSTSVXMSRWXS%VGLMXIGX)RKMRIIVJSVVIZMI[ERHEGGITXERGI
6IZMWMSRW XS GSRGVIXI QM\XYVIW{;LIR GSRWIGYXMZIGSQTVIWWMZIWXVIRKXLXIWXVIWYPXWFIGSQIEZEMPEFPI
JVSQ XLI JMIPH GEPGYPEXI XLI EZIVEKI GSQTVIWWMZI WXVIRKXL
ERHWXERHEVHHIZMEXMSR'EPGYPEXIEVIZMWIHZEPYIJSVJGV MR
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
EGGSVHERGI[MXLE:IVMJ]XLEXFSXLSJXLIVIUYMVIQIRXW
SJ EVIQIX
E ;LIR XLI EGXYEP EZIVEKI GSQTVIWWMZI
WXVIRKXL <I\GIIHWXLIVIZMWIHZEPYISJJGV ERHVIUYMVIQIRXW
SJ EVI QIX JGV QE] FI HIGVIEWIH 8LI VIZMWIH
QM\XYVIWLEPPQIIXXLIVIUYMVIQIRXWSJ
F -JXLIEGXYEPEZIVEKIGSQTVIWWMZIWXVIRKXL<
MWPIWWXLER XLI VIZMWIHZEPYISJ JGV SVMJIMXLIVSJXLIX[S
VIUYMVIQIRXWMRMWRSXQIXXEOIMQQIHMEXIWXITWXS
MRGVIEWIEZIVEKIGSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXI
G 7YFQMX VIZMWIH QM\XYVI TVSTSVXMSRW JSV
EGGITXERGIFIJSVITPEGMRKGSRGVIXIMRXLI;SVO
{)\IGYXMSR
1IEWYVMRKFEXGLMRKERHQM\MRK{4VSHYGXMSRJEGMP
MXMIW WLEPP TVSHYGI GSRGVIXI SJ XLI WTIGMJMIH UYEPMX] ERH
GSRJSVQMRKXSXLMW7TIGMJMGEXMSR
6IEH] QM\IH ERH WMXITVSHYGIH GSRGVIXI{
9RPIWW SXLIV[MWI WTIGMJMIH QIEWYVI FEXGL ERH QM\
GSRGVIXI QEXIVMEPW ERH GSRGVIXI MRGSRJSVQERGI XS %781
''1
'SRGVIXITVSHYGIHF]ZSPYQIXVMGFEXGLMRKERH
GSRXMRYSYW QM\MRK{;LIR GSRGVIXI QEHI F] ZSPYQIXVMG
FEXGLMRK ERH GSRXMRYSYW QM\MRK MW EGGITXEFPI MX WLEPP
GSRJSVQ XS XLI VIUYMVIQIRXW SJ %781 ''1 ERH
WEXMWJ]XLIVIUYMVIQIRXWSJXLMW7TIGMJMGEXMSR
4VITEGOEKIHHV]QEXIVMEPWYWIHMRGSRGVIXI{-J
TEGOEKIH HV]GSQFMRIH QEXIVMEPW EVI YWIH XLI] WLEPP
GSRJSVQ XS XLI VIUYMVIQIRXW SJ %781 ' ERH WLEPP
WEXMWJ]XLIVIUYMVIQIRXWSJXLMW7TIGMJMGEXMSR
(IPMZIV]{8VERWTSVXERHHIPMZIVGSRGVIXIMRIUYMT
QIRXGSRJSVQMRKXSXLIVIUYMVIQIRXWSJ%781''1
7PYQT EHNYWXQIRX{;LIR GSRGVIXI WPYQT XIWX
VIWYPXW EVI FIPS[ XLI VIUYMVIH WPYQT XLI WPYQT QE] FI
EHNYWXIHF] EHHMRK [EXIV YT XSXLI EQSYRX EPPS[IH MR XLI
EGGITXIH QM\XYVI TVSTSVXMSRW YRPIWW SXLIV[MWI WTIGMJMIH
%HHMXMSRSJ[EXIVWLEPPFIMREGGSVHERGI[MXL%781'
'1(SRSXI\GIIHXLIWTIGMJMIH[GQSVWPYQT(SRSX
EHH[EXIVXSGSRGVIXIHIPMZIVIHMRIUYMTQIRXRSXEGGITXEFPI
JSVQM\MRK%JXIVTPEWXMGM^MRKSVLMKLVERKI[EXIVVIHYGMRK
EHQM\XYVIWEVIEHHIHXSXLIGSRGVIXIEXXLIWMXIXSEGLMIZI
JPS[EFPIGSRGVIXIHSRSXEHH[EXIVXSXLIGSRGVIXI1IEWYVI
WPYQT ERH EMV GSRXIRX SJ EMVIRXVEMRIH GSRGVIXI EJXIV WPYQT
EHNYWXQIRXXSZIVMJ]GSQTPMERGI[MXLWTIGMJMIHVIUYMVIQIRXW
8MQISJHMWGLEVKI{9RPIWWSXLIV[MWITIVQMXXIH
XMQIJSVGSQTPIXMSRSJHMWGLEVKIWLEPPGSQTP][MXL%781
''1;LIRHMWGLEVKIMWTIVQMXXIHEJXIVQSVIXLER
QMRYXIWLEZIIPETWIHWMRGIFEXGLMRKSVEJXIVXLIHVYQLEW
VIZSPZIH VIZSPYXMSRW ZIVMJ] XLEX EMV GSRXIRX SJ EMV
IRXVEMRIHGSRGVIXIWPYQTERHXIQTIVEXYVISJGSRGVIXIEVI
EWWTIGMJMIH
7)'8-32{,%2(0-2+40%'-2+
%2('327869'8-2+
{+IRIVEP
(IWGVMTXMSR{8LMWWIGXMSRGSZIVWXLITVSHYGXMSRSJ
GEWXMRTPEGIWXVYGXYVEPGSRGVIXI-RGPYHIHEVIQIXLSHWERH
TVSGIHYVIW JSV SFXEMRMRK UYEPMX] GSRGVIXI XLVSYKL TVSTIV
LERHPMRK TPEGMRK JMRMWLMRK GYVMRK ERH VITEMV SJ WYVJEGI
HIJIGXW
7YFQMXXEPW
9RPIWW SXLIV[MWI WTIGMJMIH WYFQMX XLI HEXE
WTIGMJMIHMREXLVSYKLJ
E *MIPH GSRXVSP XIWX VITSVXW{1EMRXEMR ERH
WYFQMXVIGSVHWSJUYEPMX]GSRXVSPXIWXERHMRWTIGXMSRVITSVXW
F
8IQTIVEXYVI
QIEWYVIQIRX{7YFQMX
TVSTSWIH QIXLSH JSV GSQTP]MRK [MXL VIUYMVIQIRXW JSV
QIEWYVMRKGSRGVIXIXIQTIVEXYVIW
G 5YEPMJMGEXMSRW SJ JMRMWLIVW{7YFQMX UYEPMJM
GEXMSRWSJXLIJMRMWLMRKGSRXVEGXSVERHSJJPEX[SVOJMRMWLIVW
[LS[MPPTIVJSVQXLI;SVOEWWXMTYPEXIHMR
H (VE[MRKWERHHEXE{7YFQMXWLSTHVE[MRKW
SJTPEGMRKLERHPMRKERHGSRWXVYGXMSRQIXLSHWERHHEXEMR
EGGSVHERGI[MXL'SRXVEGX(SGYQIRXW
I 4PEGIQIRXRSXMJMGEXMSR{7YFQMX RSXMJMGEXMSR
SJGSRGVIXITPEGIQIRXEXPIEWXLSYVWFIJSVITPEGIQIRX
J 4VITPEGIQIRX VIUYMVIQIRXW{7YFQMX E
VIUYIWXJSVEGGITXERGISJTVITPEGIQIRXEGXMZMXMIW
7YFQMX XLI HEXE WTIGMJMIH MR E XLVSYKL
K[LIRVIUYMVIH
E 'SRZI]MRK IUYMTQIRX{7YFQMX HIWGVMTXMSR
SJGSRZI]MRKIUYMTQIRX
F 6ITEMVQIXLSHW{;LIRWXEMRWVYWXIJJPSVIW
GIRGIERHWYVJEGIHITSWMXWQYWXFIVIQSZIHEWHIWGVMFIHMR
WYFQMXXLITVSTSWIHQIXLSHSJVIQSZEP
G ;IX[IEXLIV TVSXIGXMSR{;LIR WTIGMJMIH
WYFQMX VIUYIWX JSV EGGITXERGI SJ TVSTSWIH [IX[IEXLIV
TVSXIGXMSREGXMZMXMIW
H ,SX[IEXLIV TPEGIQIRX{;LIR WTIGMJMIH
WYFQMXVIUYIWXJSVGSRGVIXIXIQTIVEXYVIPMQMXI\GIIHMRKXLEX
WTIGMJMIH MR G MRGPYHMRK HIWGVMTXMSR SJ TVSTSWIH
TVIGEYXMSRWJSVLSX[IEXLIVGSRGVIXITPEGIQIRX
I 'SPH[IEXLIV TPEGIQIRX{;LIR WTIGMJMIH
WYFQMX VIUYIWX JSV EGGITXERGI SJ TVSTSWIH GSPH [IEXLIV
TVSXIGXMSREGXMZMXMIW
J 1EXGLMRK WEQTPI JMRMWL{;LIR VIUYMVIH F]
'SRXVEGX(SGYQIRXWWYFQMXWEQTPIJMRMWLEWHIWGVMFIHMR
K )\TSWIHEKKVIKEXI WYVJEGI{;LIR ER
I\TSWIHEKKVIKEXIWYVJEGIMWWTIGMJMIHERHEWYVJEGIVIXEVHIV
MWTVSTSWIHJSVYWIWYFQMXWTIGMJMGEXMSRERHQERYJEGXYVIVvW
HEXESRXLIVIXEVHIVERHXLITVSTSWIHQIXLSHSJVIXEVHIVYWI
;LIREPXIVREXMZIWEVITVSTSWIHWYFQMXXLIHEXE
WTIGMJMIHMREXLVSYKLK
E 'SRWXVYGXMSRNSMRXW{7YFQMXMRJSVQEXMSRJSV
EGGITXERGISJTVSTSWIHPSGEXMSRERHXVIEXQIRXSJGSRWXVYGXMSR
NSMRXWRSXMRHMGEXIHMR'SRXVEGX(SGYQIRXW
F 8[SGSYVWI WPEFW{;LIR E FSRHMRK EKIRX
SXLIV XLER GIQIRX KVSYX MW TVSTSWIH WYFQMX WTIGMJMGEXMSR
ERHQERYJEGXYVIVvWHEXESRFSRHMRKEKIRX
G 9RHIV[EXIV TPEGIQIRX{;LIR YRHIV[EXIV
TPEGIQIRX MW TPERRIH WYFQMX VIUYIWX JSV EGGITXERGI SJ
TVSTSWIHQIXLSH
H 'SRXVEGXMSR SV I\TERWMSR NSMRXW{;LIR
GSRXVEGXMSRSVI\TERWMSRNSMRXWSXLIVXLERXLSWIMRHMGEXIHMR
'SRXVEGX (SGYQIRXW EVI TVSTSWIH WYFQMX PSGEXMSRW JSV
EGGITXERGI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
I 'YVMRK QIXLSH{;LIR E QSMWXYVITVIWIVZMRK
QIXLSHSXLIVXLERWTIGMJMIH MR MWTVSTSWIHWYFQMX
VIUYIWXSJXLITVSTSWIHQIXLSH
J 'SEXIH XMIW{;LIR GSEXIH JSVQ XMIW EVI
TVSTSWIH XS TVIGPYHI XLI VIUYMVIQIRX XS TEXGL XMI LSPIW
WYFQMXTVSTSWIHGSEXIHXMIHIWGVMTXMSR
K 6ITEMV QEXIVMEPW{;LIR E VITEMV QEXIVMEP
SXLIVXLERXLEXHIWGVMFIHMRMWTVSTSWIHWYFQMXXLI
VITEMV QEXIVMEP WTIGMJMGEXMSR QERYJEGXYVIVvW HEXE SR XLI
TVSTSWIH TEXGLMRK QEXIVMEP ERH XLI TVSTSWIH TVITEVEXMSR
ERHETTPMGEXMSRTVSGIHYVI
(IPMZIV]WXSVEKIERHLERHPMRK
(IPMZIV]{4PEGIGSRGVIXI[MXLMRXLIXMQIPMQMXW
VIUYMVIHMR
7XSVEKIERHLERHPMRK{7XSVIERHLERHPITVSHYGXW
XSVIXEMRSVMKMREPUYEPMX](SRSXYWITVSHYGXWWXSVIHFI]SRH
XLIQERYJEGXYVIVvWVIGSQQIRHIHWLIPJPMJI
{4VSHYGXW
1EXIVMEPW
;EXIV JSV GYVMRK{9RPIWW SXLIV[MWI WTIGMJMIH
[EXIV GSQTP]MRK [MXL XLI VIUYMVIQIRXW SJ %781 '
'1MWEGGITXEFPIEWGYVMRK[EXIV
'YVMRKGSQTSYRHW{9WIGYVMRKGSQTSYRHWXLEX
GSRJSVQXS%781'SV%781'
;EXIVTVSSJ WLIIX QEXIVMEPW{9WI [EXIVTVSSJ
WLIIXQEXIVMEPWXLEXGSRJSVQXS%781'
6ITEMVQEXIVMEPW{9RPIWWSXLIV[MWIWTIGMJMIHSV
TIVQMXXIH YWI WMXIQM\IH TSVXPERHGIQIRX VITEMV QSVXEV
GSRWMWXMRKSJSRITEVXGIQIRXXSX[SERHSRILEPJTEVXWWERH
F]HEQTPSSWIZSPYQI9RPIWWSXLIV[MWITIVQMXXIHQEXGL
GSPSVXSI\MWXMRKGSRGVIXI[LIRGSRGVIXIMWI\TSWIHXSZMI[
&SRHMRKKVSYX{*SVFSRHMRKKVSYXQEXIVMEPQM\
TEVX GIQIRX ERH TEVX WERH TEWWMRK XLI QQ
2S WMIZI9WIWYJJMGMIRX[EXIVXSEGLMIZIXLIGSRWMWXIRG]
SJXLMGOTEMRX
7GVYF GSEX{*SV WGVYF GSEX QEXIVMEP QM\ SRI
TEVX TSVXPERH GIQIRX ERH SRI TEVX WERH F] HEQT PSSWI
ZSPYQI [MXL [EXIV XS TVSHYGI XLI GSRWMWXIRG] SJ XLMGO
GVIEQ9WIWERHQIIXMRKXLIVIUYMVIQIRXWSJ%781'
SV%781'
4IVJSVQERGIERHHIWMKRVIUYMVIQIRXW
'SRWXVYGXMSRERHGSRXVEGXMSRNSMRXW{1EOIERH
PSGEXIGSRWXVYGXMSRERHGSRXVEGXMSRNSMRXWXLEXEVITVSTSWIH
FYXRSXMRHMGEXIHMR'SRXVEGX(SGYQIRXWMREGGSVHERGI[MXL
(SRSXMQTEMVWXVYGXYVIWXVIRKXL[MXLNSMRXW
{)\IGYXMSR
4VITEVEXMSR
(SRSXTPEGIGSRGVIXIYRXMPHEXESRQEXIVMEPWERH
QM\XYVITVSTSVXMSRWEVIEGGITXIH
6IQSZILEVHIRIHGSRGVIXIERHJSVIMKRQEXIVMEPW
JVSQXLIMRRIVWYVJEGIWSJGSRZI]MRKIUYMTQIRX
&IJSVITPEGMRKGSRGVIXIMRJSVQWGSQTPIXIXLI
JSPPS[MRK
e 'SQTP] [MXL JSVQ[SVO VIUYMVIQIRXW WTIGMJMIH MR
7IGXMSR
e
6IQSZI WRS[ MGI JVSWX [EXIV ERH SXLIV JSVIMKR
QEXIVMEPWJVSQWYVJEGIWEKEMRWX[LMGLGSRGVIXI[MPPFI
TPEGIHERHJVSQVIMRJSVGIQIRXERHIQFIHHIHMXIQW
e 'SQTP] [MXL VIMRJSVGIQIRX TPEGIQIRX VIUYMVIQIRXW
WTIGMJMIHMR7IGXMSRERH
e 4SWMXMSRERHWIGYVIMRTPEGII\TERWMSRNSMRXQEXIVMEPW
ERGLSVWERHSXLIVIQFIHHIHMXIQW
&IJSVI TPEGMRK E GSRGVIXI WPEFSRKVSYRH
VIQSZIJSVIMKR QEXIVMEPW JVSQ XLI WYFKVEHI ERH GSQTPIXI
XLIJSPPS[MRK
e 7YFKVEHIERHFEWIWLEPPFITVITEVIHMREGGSVHERGI[MXL
XLI'SRXVEGX(SGYQIRXW
e 8SPIVERGI JSV XLI FEWI QEXIVMEP IPIZEXMSR WLEPP FI MR
EGGSVHERGI[MXL%'-
;LIR LMKL IZETSVEXMZI GSRHMXMSRW RIGIWWMXEXI
TVSXIGXMSRSJGSRGVIXIMQQIHMEXIP]EJXIVTPEGMRKSVJMRMWLMRK
QEOITVSZMWMSRWMREHZERGISJGSRGVIXITPEGIQIRXJSV[MRH
FVIEOWWLEHMRKJSKKMRKWTVMROPMRKTSRHMRKSV[IXGSZIVMRK
(YVMRK EQFMIRX XIQTIVEXYVI GSRHMXMSRW
HIWGVMFIHMRQEOITVSZMWMSRWMREHZERGISJGSRGVIXI
TPEGIQIRXXSQEMRXEMRXLIGSRGVIXIXIQTIVEXYVIEWWTIGMJMIH
MRF9WILIEXMRKGSZIVMRKSVSXLIVQIERWXSQEMR
XEMRVIUYMVIHXIQTIVEXYVI[MXLSYXHV]MRKSJGSRGVIXI(SRSX
YWIYRZIRXIHGSQFYWXMSRLIEXIVW
4PEGIQIRXSJGSRGVIXI
;IEXLIVGSRWMHIVEXMSRW
E ;IX [IEXLIV{(S RSX TPEGI GSRGVIXI [LMPI
VEMRWPIIXSVWRS[MWJEPPMRKYRPIWWTVSXIGXMSRMWTVSZMHIH
ERH[LIRVIUYMVIHEGGITXERGISJTVSXIGXMSRMWSFXEMRIH(S
RSXEPPS[VEMR[EXIVXSMRGVIEWIQM\MRK[EXIVSVXSHEQEKI
XLIGSRGVIXIWYVJEGI
F 'SPH [IEXLIV{'SRGVIXI XIQTIVEXYVIW EX
HIPMZIV]WLEPPQIIXXLIVIUYMVIQIRXWSJ9RPIWWSXLIV
[MWI TIVQMXXIH HS RSX TPEGI GSRGVIXI MR GSRXEGX [MXL
WYVJEGIWPIWWXLER”*
G ,SX[IEXLIV{9RPIWWSXLIV[MWIWTIGMJMIHSV
TIVQMXXIHGSRGVIXIXIQTIVEXYVIEWTPEGIHWLEPPRSXI\GIIH
”*;LIRXIQTIVEXYVISJVIMRJSVGIQIRXIQFIHQIRXWSV
JSVQW MW KVIEXIV XLER ”* YWI E JMRI QMWX SJ [EXIV XS
QSMWXIR XLI LSX WYVJEGIW MQQIHMEXIP] FIJSVI TPEGMRK
GSRGVIXI6IQSZIWXERHMRK[EXIVFIJSVITPEGMRKGSRGVIXI
'SRZI]MRK{6ETMHP] GSRZI] GSRGVIXI JVSQ
QM\IVXSJMREPHITSWMXMSRF]QIXLSHWXLEXTVIZIRXWIKVIKEXMSR
SV PSWW SJ GSRWXMXYIRXW ERH IRWYVI XLI VIUYMVIH GSRGVIXI
UYEPMX]9WISJEPYQMRYQTMTIWSVGLYXIWMWTVSLMFMXIH
'SRZI]MRKIUYMTQIRX{9WIGSRZI]MRKIUYMTQIRX
SJWYJJMGMIRXGETEGMX]XSQIIXXLIVIUYMVIQIRXWSJ
E 9WIFIPXGSRZI]SVWXLEXEVILSVM^SRXEPSVEXE
WPSTI XLEX [MPP RSX GEYWI I\GIWWMZI WIKVIKEXMSR SV PSWW SJ
GSRWXMXYIRXW4VSXIGXGSRGVIXIXSQMRMQM^IHV]MRKERHIJJIGXW
SJ XIQTIVEXYVI VMWI 9WI ER EGGITXEFPI HMWGLEVKI FEJJPI SV
LSTTIVEXXLIHMWGLEVKIIRHXSTVIZIRXWIKVIKEXMSR(SRSX
EPPS[QSVXEVXSEHLIVIXSXLIFIPXVIXYVRPIRKXL
F 9WI QIXEP SV QIXEPPMRIH GLYXIW LEZMRK
VSYRHIHFSXXSQWERHWPSTIHFIX[IIRSRIZIVXMGEPWIGXMSRW
XSX[SLSVM^SRXEPWIGXMSRWERHSRIZIVXMGEPXSXLVIILSVM^SRXEP
WIGXMSRWSJGLYXI 'LYXIW PSRKIVXLER JX ERHGLYXIW RSX
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
QIIXMRK WPSTI VIUYMVIQIRXW QE] FI YWIH TVSZMHIH XLI
HMWGLEVKIMWMRXSELSTTIVFIJSVIHMWXVMFYXMRKMRXSXLIJSVQW
G 9WI TYQTMRK IUYMTQIRX XLEX LEW WYJJMGMIRX
GETEGMX]WSXLEX
e -RMXMEP WIXXMRK SJ TVIZMSYWP] TPEGIH GSRGVIXI HSIW RSX
SGGYVFIJSVIWYFWIUYIRXTPEGIQIRX
e (MWGLEVKI SJ TYQTIH GSRGVIXI HSIW RSX VIWYPX MR
WIKVIKEXMSRERH
e 1SHMJMGEXMSR SJ EGGITXIH GSRGVIXI QM\XYVI MW RSX
VIUYMVIHYRPIWWTIVQMXXIHSXLIV[MWI
(ITSWMXMRK{;MXLMR XLI TPERRIH TPEGIQIRX
HITSWMXGSRGVIXIGSRXMRYSYWP]ERHEWRIEVEWTVEGXMGEFPIXS
XLI JMREP TSWMXMSR (ITSWMX GSRGVIXI MR SRI PE]IV SV MR
QYPXMTPI PE]IVW (S RSX HITSWMX JVIWL GSRGVIXISR GSRGVIXI
XLEXLEWLEVHIRIHWYJJMGMIRXP]XSGEYWIJSVQEXMSRSJGSPHNSMRXW
YRPIWWGSRWXVYGXMSRNSMRXVIUYMVIQIRXWSJEVIQIX
(S RSX TPEGI GSRGVIXI XLEX GSRXEMRW JSVIMKR QEXIVMEP
;LIRXIQTSVEV]WTVIEHIVWEVIYWIHMRXLIJSVQWVIQSZIXLI
WTVIEHIVWEWXLIGSRGVIXIMWTPEGIH7TVIEHIVWQEHISJQIXEP
SV GSRGVIXI QE] FI PIJX MR TPEGI MJ TVMSV EGGITXERGI MW
SFXEMRIH(SRSXTPEGIGSRGVIXISZIVGSPYQRWSV[EPPWYRXMP
GSRGVIXIMRGSPYQRWERH[EPPWLEWVIEGLIHJMREPWIX(SRSX
WYFNIGX GSRGVIXI XS TVSGIHYVIW XLEX[MPP GEYWIWIKVIKEXMSR
4PEGIGSRGVIXIJSVFIEQWKMVHIVWFVEGOIXWGSPYQRGETMXEPW
LEYRGLIWERHHVSTTERIPWEXXLIWEQIXMQIEWXLIGSRGVIXI
JSVEHNEGIRXWPEFW;LIRYRHIV[EXIVTPEGIQIRXMWVIUYMVIH
SV TIVQMXXIH TPEGI GSRGVIXI F] ER EGGITXEFPI QIXLSH
(ITSWMXJVIWLGSRGVIXIWSGSRGVIXIIRXIVWXLIQEWWSJTVIZMSYWP]
TPEGIH GSRGVIXI JVSQ [MXLMR HMWTPEGMRK [EXIV [MXL
QMRMQYQHMWXYVFERGISJXLIGSRGVIXIWYVJEGI
'SRWSPMHEXMRK{9RPIWW SXLIV[MWI WTIGMJMIH
GSRWSPMHEXI GSRGVIXI F] ZMFVEXMSR 'SRWSPMHEXI GSRGVIXI
EVSYRHVIMRJSVGIQIRXIQFIHHIHMXIQWERHMRXSGSVRIVWSJ
JSVQWXSIPMQMREXILSRI]GSQFMRKSVTPERIWSJ[IEORIWWHYI
XSEMVZSMHWERHWXSRITSGOIXW9RPIWWSXLIV[MWIWTIGMJMIH
YWI XLI PEVKIWX ERH QSWX TS[IVJYP MRXIVREP ZMFVEXSVW XS
GSRWSPMHEXIXLIGSRGVIXI9WIMQQIVWMSRX]TIZMFVEXSVW[MXL
RSRQIXEPPMG LIEHW [LIR GSRWSPMHEXMRK GSRGVIXI EVSYRH
ITS\]GSEXIHVIMRJSVGIQIRX;SVOIVWWLEPPFII\TIVMIRGIH
MRXLIYWISJZMFVEXSVW(SRSXYWIZMFVEXSVWXSQSZIGSRGVIXI
[MXLMRXLIJSVQW7TEGMRKSJMQQIVWMSRZMFVEXSVMRWIVXMSRW
WLEPPRSXI\GIIHXMQIWXLIZMFVEXSVvWVEHMYWSJEGXMSRMR
XLIGSRGVIXIFIMRKGSRWSPMHEXIH
'SRWXVYGXMSRNSMRXW{0SGEXIGSRWXVYGXMSRNSMRXW
EWMRHMGEXIHMR'SRXVEGX(SGYQIRXWSVEWEGGITXIHMREGGSV
HERGI[MXLE*SVQIHGSRWXVYGXMSRNSMRXWWLEPPQIIX
VIUYMVIQIRXW SJ 6IQSZI PEMXERGI ERH XLSVSYKLP]
GPIER ERH HEQTIR GSRWXVYGXMSR NSMRXW FIJSVI TPEGIQIRX SJ
JVIWL GSRGVIXI ;LIR FSRH MW VIUYMVIH YWI SRI SJ XLI
JSPPS[MRKQIXLSHW
e 9WIEREGGITXEFPIFSRHMRKEKIRX ETTPMIHMREGGSVHERGI
[MXLXLIQERYJEGXYVIVvWVIGSQQIRHEXMSRW
e 9WIER EGGITXEFPIWYVJEGIVIXEVHIVMREGGSVHERGI[MXL
QERYJEGXYVIVvWVIGSQQIRHEXMSRW
e 6SYKLIR XLI WYVJEGI MR ER EGGITXEFPI QERRIV XLEX
I\TSWIW XLI EKKVIKEXI YRMJSVQP] ERH HSIW RSX PIEZI
PEMXERGI PSSWIRIH EKKVIKEXI TEVXMGPIW SV HEQEKIH
GSRGVIXIEXXLIWYVJEGIERH
e
9WITSVXPERHGIQIRXKVSYXSJXLIWEQITVSTSVXMSRWEW
XLIQSVXEVMRXLIGSRGVIXIMREREGGITXEFPIQERRIV
*MRMWLMRKJSVQIHWYVJEGIW
+IRIVEP{%JXIVJSVQVIQSZEPKMZIIEGLJSVQIH
WYVJEGI SRI SV QSVI SJ XLI JMRMWLIW HIWGVMFIH MR SV;LIR'SRXVEGX(SGYQIRXWHSRSXWTIGMJ]
EJMRMWLJMRMWLWYVJEGIWEWVIUYMVIHF]
1EXGLMRK WEQTPI JMRMWL{;LIR XLI JMRMWL
VIUYMVIHF]'SRXVEGX(SGYQIRXWMWXSQEXGLEWEQTPITERIP
JYVRMWLIHXS'SRXVEGXSVVITVSHYGIEQSGOYTSJXLIWEQTPI
JMRMWLSREREVIEEXPIEWXJXMREPSGEXMSRHIWMKREXIHF]
%VGLMXIGX)RKMRIIV 4VSXIGX QSGOYT JVSQ HEQEKI JSV XLI
HYVEXMSRSJXLITVSNIGX3FXEMREGGITXERGIFIJSVITVSGIIHMRK
[MXLXLEXJMRMWLMRXLIWTIGMJMIHPSGEXMSRW
%WGEWX JMRMWLIW{9WI JSVQJEGMRK QEXIVMEPW
QIIXMRKXLIVIUYMVIQIRXWSJ4VSHYGIEWGEWXJSVQIH
JMRMWLIW MR EGGSVHERGI [MXL 'SRXVEGX (SGYQIRXW ERH
EXLVSYKLG
E 7YVJEGIJMRMWL 7* e 2SJSVQ[SVOJEGMRKQEXIVMEPMWWTIGMJMIH
e 4EXGLZSMHWPEVKIVXLERMR[MHISVMRHIIT
e 6IQSZITVSNIGXMSRWPEVKIVXLERMR
e 8MILSPIWRIIHRSXFITEXGLIH
e 7YVJEGIXSPIVERGI'PEWW(EWWTIGMJMIHMR%'-ERH
e 1SGOYTRSXVIUYMVIH
F 7YVJEGIJMRMWL 7* e 4EXGLZSMHWPEVKIVXLERMR[MHISVMRHIIT
e 6IQSZITVSNIGXMSRWPEVKIVXLERMR
e 4EXGLXMILSPIW
e 7YVJEGIXSPIVERGI'PEWW&EWWTIGMJMIHMR%'-ERH
e 9RPIWW SXLIV[MWI WTIGMJMIH TVSZMHI QSGOYT SJ
GSRGVIXIWYVJEGIETTIEVERGIERHXI\XYVI
G 7YVJEGIJMRMWL 7* e 4EXGLZSMHWPEVKIVXLERMR[MHISVMRHIIT
e 6IQSZITVSNIGXMSRWPEVKIVXLERMR
e 4EXGLXMILSPIW
e 7YVJEGIXSPIVERGI'PEWW%EWWTIGMJMIHMR%'-ERH
e 4VSZMHI QSGOYT SJ GSRGVIXI WYVJEGI ETTIEVERGI ERH
XI\XYVI
6YFFIH JMRMWLIW{6IQSZI JSVQW EW IEVP] EW
TIVQMXXIHF]ERHTIVJSVQRIGIWWEV]VITEMVWERHTEXGLMRK
4VSHYGISRISJXLIJMRMWLIWKMZIRMREXLVSYKLG
SRGSRGVIXIWTIGMJMIHXSLEZI7*
E 7QSSXLVYFFIH JMRMWL{;LIR WTIGMJMIH
TVSHYGIGSRGVIXIJMRMWLRSPEXIVXLERXLIHE]JSPPS[MRKJSVQ
[SVOVIQSZEP;IXXLIWYVJEGIERHVYFMX[MXLEREFVEWMZI
WYGLEWGEVFSVYRHYQFVMGOYRXMPYRMJSVQGSPSVERHXI\XYVI
EVITVSHYGIH;LIRMRWYJJMGMIRXGIQIRXTEWXIGERFIHVE[R
JVSQXLIGSRGVIXIMXWIPJF]XLIVYFFMRKTVSGIWWYWIEKVSYX
QEHI[MXLGIQIRXMXMSYWQEXIVMEPWJVSQXLIWEQIWSYVGIWEW
YWIHJSVMRTPEGIGSRGVIXI
F +VSYXGPIERIHVYFFIHJMRMWL{;LIRWTIGMJMIH
FIKMR GPIERMRK STIVEXMSRW EJXIV GSRXMKYSYW WYVJEGIW EVI
GSQTPIXIH ERH EGGIWWMFPI (S RSX GPIER WYVJEGIW EW ;SVO
TVSKVIWWIW;IXXLIWYVJEGIERHYRPIWWSXLIV[MWIWTIGMJMIH
ETTP]KVSYXGSRWMWXMRKSJTEVXF]ZSPYQITSVXPERHGIQIRX
ERHTEVXWSJWERHQIIXMRKXLIVIUYMVIQIRXWSJ%781
'SV %781 '[MXLWYJJMGMIRX [EXIV XS TVSHYGI XLI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
GSRWMWXIRG] SJ XLMGO TEMRX 7GVYF KVSYX MRXS ZSMHW ERH
VIQSZII\GIWWKVSYX
G 'SVOJPSEXIHJMRMWL{;LIRWTIGMJMIHVIQSZI
XMIW FYVVW ERH JMRW ;IX XLI WYVJEGI ERH YRPIWW SXLIV[MWI
WTIGMJMIHETTP]WXMJJKVSYXSJSRITEVXTSVXPERHGIQIRXERHSRI
TEVXWERHQIIXMRKXLIVIUYMVIQIRXWSJ%781'SV%781
' XS JMPP ZSMHW 9WI WYJJMGMIRX [EXIV XS TVSHYGI E WXMJJ
GSRWMWXIRG] 'SQTVIWW KVSYX MRXS ZSMHW 4VSHYGI XLI JMREP
JMRMWL[MXLGSVOJPSEXYWMRKEW[MVPMRKQSXMSR
9RWTIGMJMIHEWGEWXJMRMWLIW{z9RPIWWSXLIV[MWI
WTIGMJMIHETTP]XLIJSPPS[MRKJMRMWLIWXSEGSRGVIXIWYVJEGI
e 7*SRGSRGVIXIWYVJEGIWRSXI\TSWIHXSZMI[ERH
e 7*SRGSRGVIXIWYVJEGIWI\TSWIHXSZMI[
%VGLMXIGXYVEP JMRMWLIW{4VSHYGI EVGLMXIGXYVEP
JMRMWLIWMRGPYHMRKWTIGMEPXI\XYVIHJMRMWLIWI\TSWIHEKKVIKEXI
JMRMWL ERH EKKVIKEXI XVERWJIV JMRMWL MR EGGSVHERGI [MXL
7IGXMSR
*MRMWLMRKYRJSVQIHWYVJEGIW
4PEGIQIRX{9WI UYEPMJMIH JPEX[SVO JMRMWLIVW
EGGITXEFPIXS%VGLMXIGX)RKMRIIV 9RPIWWSXLIV[MWIWTIGMJMIH
SVTIVQMXXIHEQMRMQYQSJSRIJMRMWLIVSVJMRMWLMRKWYTIVZMWSV
WLEPPFIEGIVXMJMIH%'-*PEX[SVO'SRGVIXI*MRMWLIV8IGLRMGMER
SVEGIVXMJMIH%'-*PEX[SVO8IGLRMGMERSVIUYMZEPIRX
*MRMWLIWERHXSPIVERGIW
E 7GVEXGLJMRMWL{4PEGIGSRWSPMHEXIWXVMOISJJ
ERH PIZIP GSRGVIXI IPMQMREXMRK LMKL WTSXW ERH PS[ WTSXW
6SYKLIRXLIWYVJEGI[MXLWXMJJFVYWLIWSVVEOIWFIJSVIJMREP
WIXXMRK4VSHYGIEJMRMWLXLEXQIIXW%'-XSPIVERGIWJSV
GSRZIRXMSREPWYVJEGIW
F *PSEX JMRMWL{4PEGI GSRWSPMHEXI WXVMOISJJ
ERHPIZIPGSRGVIXIGYXLMKLWTSXWERHJMPPPS[WTSXW(SRSX
[SVO GSRGVIXI JYVXLIV YRXMP MX MW VIEH] JSV JPSEXMRK &IKMR
JPSEXMRK [MXL E LERH JPSEX E FPEHIH TS[IV JPSEX IUYMTTIH
[MXL JPSEX WLSIW SV E TS[IVIH HMWO JPSEX [LIR XLI FPIIH
[EXIV WLIIR LEW HMWETTIEVIH ERH XLI WYVJEGI LEW WXMJJIRIH
WYJJMGMIRXP]XSTIVQMXSTIVEXMSRSJXLIWTIGMJMGJPSEXETTEVEXYW
9RPIWWSXLIV[MWIWTIGMJMIHTVSHYGIEJMRMWLXLEX[MPPQIIX
XSPIVERGI VIUYMVIQIRXW SJ %'- JSV E GSRZIRXMSREP
WYVJEGI6IJPSEXXLIWPEFMQQIHMEXIP]XSEYRMJSVQXI\XYVI
G 8VS[IP JMRMWL{*PSEX GSRGVIXI WYVJEGI XLIR
XVS[IPXLIWYVJEGI9RPIWWSXLIV[MWIWTIGMJMIHXSPIVERGIWJSV
GSRGVIXIJPSSVWWLEPPFIJSVEGSRZIRXMSREPWYVJEGIMREGGSV
HERGI [MXL %'- %HHMXMSR SJ [EXIV XS WYVJEGI HYVMRK
JMRMWLMRKMWTVSLMFMXIH
H &VSSQ SV FIPX JMRMWL{-QQIHMEXIP] EJXIV
GSRGVIXI LEW VIGIMZIH E JPSEXIH JMRMWL KMZI XLI GSRGVIXI
WYVJEGI E GSEVWI XVERWZIVWI WGSVIH XI\XYVI F] HVE[MRK E
FVSSQSVFYVPETFIPXEGVSWWXLIWYVJEGI
I (V]WLEOIJMRMWL{&PIRHQIXEPPMGSVQMRIVEP
EKKVIKEXI[LIRWTIGMJMIHMR'SRXVEGX(SGYQIRXW[MXLTSVXPERH
GIQIRX MR XLI TVSTSVXMSRW VIGSQQIRHIH F] XLI EKKVIKEXI
QERYJEGXYVIV SV YWI FEKKIH TVIQM\IH QEXIVMEP [LIVI
WTIGMJMIH MR 'SRXVEGX (SGYQIRXW EW VIGSQQIRHIH F] XLI
QERYJEGXYVIV*MRMWLMRKSTIVEXMSRWWLEPPRSXWIEPXLIWYVJEGI
FIJSVIXLIIRHSJFPIIHMRKXSQMRMQM^ITSXIRXMEPSJHIPEQMRE
XMSRSVFPMWXIVMRK*PSEXJMRMWLXLIGSRGVIXIWYVJEGIERHQEOI
MRMXMEP ETTPMGEXMSR SJ HV] QEXIVMEP EX ETTVS\MQEXIP] SJ
QERYJEGXYVIVvWVIGSQQIRHIHETTPMGEXMSRVEXIF]EQIXLSH
XLEX IRWYVIW IZIR GSZIVEKI [MXLSYX WIKVIKEXMSR %JXIV XLI
JMVWXETTPMGEXMSRMWJPSEXIHMREHHMXMSREPFPIIHMRKMWVIUYMVIH
FIJSVIXLIVIQEMRMRKETTPMGEXMSR8SEZSMHWYVJEGIHIPEQM
REXMSRHYIXSXLIMREFMPMX]XSMRXIKVEXIXLIQEXIVMEPMRXSXLI
WPEFWYVJEGIHSRSXETTP]EHHMXMSREPHV]QEXIVMEPYRXMPFPIIH
[EXIV ETTIEVW %TTP] XLI VIQEMRMRK HV]WLEOI QEXIVMEP EX
VMKLXERKPIWXSXLIJMVWXETTPMGEXMSRERH[LIVIRIGIWWEV]XS
TVSZMHI XLI WTIGMJMIH QMRMQYQ XLMGORIWW &IKMR JMREP
JPSEXMRKERHJMRMWLMRKMQQIHMEXIP]EJXIVHV]WLEOIETTPMGEXMSR
%JXIV WIPIGXIH QEXIVMEP MW IQFIHHIH F] XLI X[S JPSEXMRKW
GSQTPIXI STIVEXMSR [MXL E FVSSQIH JPSEXIH SV XVS[IPIH
JMRMWLEWWTIGMJMIHMR'SRXVEGX(SGYQIRXW
J ,IEZ]HYX] XSTTMRK JSV X[SGSYVWI WPEFW{
*SV LIEZ]HYX] XSTTMRK QM\XYVI YWI XLI QEXIVMEPW ERH
QIXLSHW WTIGMJMIH MR 'SRXVEGX (SGYQIRXW 4PEGI ERH
GSRWSPMHEXIGSRGVIXIJSVXLIFEWIWPEFERHWGVIIHGSRGVIXIXS
XLIWTIGMJMIHHITXLFIPS[XLIXSTSJXLIJMRMWLIHWYVJEGI
8STTMRKTPEGIHXLIWEQIHE]EWXLIFEWIWPEFWLEPPFITPEGIH
EW WSSR EW FPIIH [EXIV MR XLI FEWI WPEF HMWETTIEVW ERH XLI
WYVJEGI[MPPWYTTSVXETIVWSR[MXLSYXETTVIGMEFPIMRHIRXEXMSR
;LIR XSTTMRK TPEGIQIRX MW XS FI HIJIVVIH TVITEVI XLI
WYVJEGIXSIRWYVIFSRHFIX[IIRXLIFEWIWPEFERHXSTTMRK
;IXGYVI XLI FEWI WPEF GSRXMRYSYWP] JSV EX PIEWX HE]W
&IJSVI TPEGMRK XLI XSTTMRK GPIER XLI FEWI WPEF WYVJEGI
XLSVSYKLP] SJ GSRXEQMRERXW PSSWI QSVXEV SV EKKVIKEXI
(EQTIRXLIWYVJEGIPIEZMRKMXJVIISJWXERHMRK[EXIV9RPIWW
SXLIV[MWI WTIGMJMIH SV TIVQMXXIH MQQIHMEXIP] FIJSVI
TPEGMRKXSTTMRKWGVYFMRXSXLIWPEFWYVJEGIEGSEXSJFSRHMRK
KVSYXGSRWMWXMRKSJIUYEPFYPOZSPYQIWSJGIQIRXERHWERH
QIIXMRKXLIVIUYMVIQIRXWSJ%781'SV%781'
[MXL WYJJMGMIRX [EXIV XS QEOI E GVIEQ] QM\XYVI (S RSX
EPPS[KVSYXXSWIXSVHV]FIJSVIXSTTMRKMWTPEGIH&SRHMRK
EKIRXW SXLIV XLER GIQIRX KVSYX QE] FI YWIH [MXL TVMSV
EGGITXERGI 7TVIEH GSRWSPMHEXI GSQTEGX ERH JPSEX XLI
XSTTMRKQM\XYVI'LIGOJSVJPEXRIWWSJWYVJEGIERHGSQTPIXI
STIVEXMSR[MXLEJPSEXIHXVS[IPIHSVFVSSQJMRMWLEWWTIGMJMIH
MR'SRXVEGX(SGYQIRXW
K 8STTMRK JSV X[SGSYVWI WPEF RSX MRXIRHIH JSV
LIEZ]HYX] WIVZMGI{4VITEVEXMSR SJ FEWI WPEF WIPIGXMSR SJ
XSTTMRKQEXIVMEPQM\MRKTPEGMRKGSRWSPMHEXMRKERHJMRMWLMRK
STIVEXMSRW WLEPP FI EW WTIGMJMIH MR J I\GITX XLEX XLI
EKKVIKEXIRIIHRSXFIWIPIGXIHJSVWTIGMEP[IEVVIWMWXERGI
L 2SRWPMT JMRMWL{;LIVI E RSRWPMT JMRMWL MW
VIUYMVIH KMZIXLI WYVJEGI E FVSSQ SV FIPX JMRMWL SV EHV]
WLEOI ETTPMGEXMSR SJ GVYWLIH EPYQMRYQ S\MHI SV SXLIV
EFVEWMZITEVXMGPIWEWWTIGMJMIHMR'SRXVEGX(SGYQIRXW6EXI
SJETTPMGEXMSRWLEPPFIRSXPIWWXLERPFJX
M )\TSWIHEKKVIKEXIJMRMWL{-QQIHMEXIP]EJXIV
GSRGVIXIWYVJEGILEWFIIRPIZIPIHXSQIIXXLI%'-XSPIVERGI
JSV E GSRZIRXMSREP WYVJEGI ERH XLI FPIIH [EXIV WLIIR LEW
HMWETTIEVIHWTVIEHEKKVIKEXISJXLIGSPSVERHWM^IWTIGMJMIH
MR'SRXVEGX(SGYQIRXWYRMJSVQP]SZIVXLIWYVJEGIXSTVSZMHI
GSQTPIXIGSZIVEKIXSEHITXLSJSRIWXSRI0MKLXP]XEQTXLI
EKKVIKEXIXSIQFIHMXMRXSXLIWYVJEGI*PSEXXLIWYVJEGIYRXMP
XLI IQFIHHIH WXSRI MW JYPP] GSEXIH [MXL QSVXEV ERH XLI
WYVJEGILEWFIIRJMRMWLIHXSQIIXXLI%'-XSPIVERGIJSV
EGSRZIRXMSREPWYVJEGI%JXIVXLIQEXVM\LEWLEVHIRIHWYJJM
GMIRXP]XSTVIZIRXHMWPSHKQIRXSJGSEVWIEKKVIKEXITEVXMGPIW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
ETTP]XLIQMRMQYQ[EXIVRIGIWWEV]XSTIVQMXI\TSWYVIFYX
RSXHMWPSHKQIRXSJGSEVWIEKKVIKEXITEVXMGPIW[MXLEJMRI
FVMWXPIH FVYWL ;LIR WTIGMJMIH SV TIVQMXXIH YWI E WYVJEGI
VIXEVHIVWTVE]IHSRJVIWLP]JPSEXIHGSRGVIXIWYVJEGIXSI\XIRH
XLI[SVOMRKXMQIJSVXLII\TSWYVISJEKKVIKEXI
N 2SRWTIGMJMIHJMRMWL{;LIRXLIJMRMWLX]TIMW
RSX WTIGMJMIH MR 'SRXVEGX (SGYQIRXW YWI SRI SJ XLI
JSPPS[MRKJMRMWLIWERHEGGSQTER]MRKXSPIVERGIW
e 7GVEXGL JMRMWL{*SV WYVJEGIW MRXIRHIH XS VIGIMZI
FSRHIHGIQIRXMXMSYWQM\XYVIW
e *PSEX JMRMWL{*SV [EPOW HVMZIW WXITW VEQTW ERH JSV
WYVJEGIW MRXIRHIH XS VIGIMZI [EXIVTVSSJMRK VSSJMRK
MRWYPEXMSRSVWERHFIHXIVVE^^SERH
e 8VS[IP JMRMWL{*SV JPSSVW MRXIRHIH EW [EPOMRK WYVJEGIW
JPSSVWMRQERYJEGXYVMRKWXSVEKIERH[EVILSYWMRKEVIEW
SVJSVJPSSVWXLEX[MPPVIGIMZIJPSSVGSZIVMRKW
1IEWYVMRKXSPIVERGIWJSVWPEFW
E 1IEWYVI WPEFW JSV WYWTIRHIH JPSSVW ERH
WPEFWSRKVSYRH XS ZIVMJ] GSQTPMERGI [MXL XLI XSPIVERGI
VIUYMVIQIRXW SJ %'- EW WTIGMJMIH MR E XLVSYKL
G 1IEWYVI JPSSV JMRMWL XSPIVERGIW [MXLMR LSYVW
EJXIV WPEF JMRMWLMRK ERH FIJSVI VIQSZMRK WYTTSVXMRK JSVQ
[SVOSVWLSVMRK
F9RPIWWSXLIV[MWIWTIGMJMIHJSVJPSSVMRWXEPPEXMSRW
JXSVPIWWMRXSXEPTVSNIGXEVIEQIEWYVIJPSSVJMRMWL
XSPIVERGIW MR EGGSVHERGI [MXL XLI wJX WXVEMKLXIHKI
QIXLSHxMR%'-1IEWYVIJPSSVJMRMWLXSPIVERGIW[MXLMR
LSYVWEJXIVWPEFJMRMWLMRKERHFIJSVIVIQSZMRKWYTTSVXMRK
JSVQ[SVOERHWLSVMRK
G9RPIWWSXLIV[MWIWTIGMJMIHJSVJPSSVMRWXEPPEXMSRW
I\GIIHMRK JX MR XSXEP TVSNIGX EVIE QIEWYVI JPSSV
JMRMWLXSPIVERGIWMREGGSVHERGI[MXL%781)ERHXLI
*RYQFIVW]WXIQMR%'-
7E[IHNSMRXW{;LIVIWE[GYXNSMRXWEVIVIUYMVIHSV
TIVQMXXIHWXEVXGYXXMRKEWWSSREWGSRGVIXILEWKEMRIHWYJJMGMIRX
WXVIRKXLXSTVIZIRXHMWPSHKQIRXSJGSEVWIEKKVIKEXITEVXMGPIW
7E[EGSRXMRYSYWWPSXXSEHITXLSRIJSYVXLXLIXLMGORIWWSJ
XLIWPEFFYXRSXPIWWXLERMR'SQTPIXIWE[MRK[MXLMRLSYVW
EJXIVTPEGIQIRX-JEREPXIVREXMZIQIXLSHXMQMRKSVHITXLMW
TVSTSWIH JSV WE[ GYXXMRK WYFQMX HIXEMPIH TVSGIHYVI TPERW
JSVEGGITXERGI
'YVMRKERHTVSXIGXMSR
'YVMRK{9RPIWWSXLIV[MWIWTIGMJMIHSVTIVQMXXIH
GYVIGSRGVIXIMREGGSVHERGI[MXLSVJSVEXPIEWX
HE]WEJXIVTPEGIQIRX9RPIWWSXLIV[MWIWTIGMJMIHGYVILMKL
IEVP]WXVIRKXL GSRGVIXI JSV EX PIEWX HE]W EJXIV TPEGIQIRX
;LIRTIVQMXXIHERH[LIRXLIHYVEXMSRSJGYVMRKMWXSEGLMIZI
E WTIGMJMIH PIZIP SJ MRTPEGI WXVIRKXL QSMWXYVI VIXIRXMSR
QIEWYVIWQE]FIXIVQMREXIH[LIRER]SRISJXLIJSPPS[MRK
GSRHMXMSRWLEWFIIRQIXYRPIWWSXLIV[MWIWTIGMJMIH
E 8IWXWSJEXPIEWXX[S\MRSVEXPIEWXXLVII\MR
G]PMRHIVWXLEXLEZIFIIRJMIPHGYVIHMREGGSVHERGI[MXL%781
''1MRHMGEXIGSQTVIWWMZIWXVIRKXLSJEXPIEWX SJJG
[LIRXIWXIHMREGGSVHERGI[MXL%781''1
F 8LIGSQTVIWWMZIWXVIRKXLSJPEFSVEXSV]GYVIHG]PMRHIVW
VITVIWIRXEXMZI SJ XLI MRTPEGI GSRGVIXI I\GIIHW JG TVSZMHIHXLIXIQTIVEXYVISJXLIMRTPEGIGSRGVIXILEWFIIR
QEMRXEMRIHEX”*SVLMKLIVHYVMRKGYVMRKERH
G 'SRGVIXIWXVIRKXLVIEGLIWJG EWHIXIVQMRIHF]EGGITXIH
MRTPEGIXIWXQIXLSHWQIIXMRKXLIVIUYMVIQIRXWSJ
;LIR SRI SJ XLI GYVMRK TVSGIHYVIW MR MW YWIH
MRMXMEPP]XLIGYVMRKTVSGIHYVIQE]FIVITPEGIHF]SRISJXLI
SXLIV TVSGIHYVIW EJXIV GSRGVIXI MW HE] SPH TVSZMHIH XLI
GSRGVIXIMWRSXTIVQMXXIHXSFIGSQIWYVJEGIHV]EXER]XMQI
9WI E GYVMRK TVSGIHYVI SJ XLEX WYTTPMIW EHHMXMSREP
[EXIVHYVMRKXLIIRXMVIGYVMRKTIVMSHJSVGSRGVIXIGSRXEMRMRK
WMPMGEJYQIERH[LIRWTIGMJMIHMR'SRXVEGX(SGYQIRXW
9RJSVQIHGSRGVIXIWYVJEGIW{%TTP]SRISJXLI
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JSV EVGLMXIGXYVEP GSRGVIXI [MXL I\XIVMSV I\TSWYVI
4VSTSVXMSR GSRGVIXI JSV WTIGMJMIH GSQTVIWWMZI WXVIRKXL SJ
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FIJSVI YWI (S RSX YWI IUYMTQIRX JSV SXLIV GSRGVIXI
GSRWXVYGXMSRHYVMRKEVGLMXIGXYVEPGSRGVIXISTIVEXMSRW
4PEGIQIRX SJ VIMRJSVGIQIRX{4VSZMHI WTIGMJMIH
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IQFIHQIRXW 9WI VIMRJSVGIQIRX WYTTSVXW MR WYJJMGMIRX
RYQFIVWM^IERHPSGEXMSRXSTVIZIRXZIVXMGEPHMWTPEGIQIRXSJ
VIMRJSVGIQIRXERHKSYKMRKSJJSVQMRKQEXIVMEPW9WIVIMRJSVGI
QIRXWYTTSVXWSVWTEGIVWMR[EPPWERHGSPYQRWXLEXQEMRXEMR
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[MXLSYXI\GIIHMRKVEXISJTPEGIQIRXYWIHMRJSVQHIWMKR
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TIVQMXMQTVIWWMSRW SJ REMP LIEHW WGVI[ LIEHWSV[EWLIVW
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e &VYWL{(YPPWYVJEGIWLIIR
e 0MKLX{)\TSWYVISJJMRIEKKVIKEXI
e 1IHMYQ{'SEVWIEKKVIKEXII\TSWYVIERH
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LSVM^SRXEPWYVJEGIWEJXIVGSRGVIXIGSRWSPMHEXMSRWIIHMRKSJ
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I 1IGLERMGEP XSSPMRK FYWLLEQQIVMRK {
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GSRGVIXI MR EGGSVHERGI [MXL 1MWX GSRGVIXI WYVJEGI
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GYVMRKGSQTSYRHWEXQERYJEGXYVIVvWVIGSQQIRHIHVEXI*SV
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QSVIXLER”*PS[IVXLERXLIGSRGVIXIWYVJEGIXIQTIVEXYVI
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WYVJEGIW JVSQ HEQEKI WXEMRMRK SV GSRXEQMRERXW SJ WYFWI
UYIRXGSRWXVYGXMSR(SRSXETTP]EHHMXMSREPWIEPIVWSVGSEXMRKW
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WYVJEGIWFIJSVIJMREPWYFQMXXEPJSVEGGITXERGI9WIGPIERMRK
QEXIVMEPWERHTVSGIWWIWXLEXHSRSXGLERKIGSPSVSVXI\XYVISJ
XLIGSQTPIXIHGSRGVIXIWYVJEGIWERHVMRWIWYVJEGIWXLSVSYKLP]
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GSQTPIXMSR SJ EVGLMXIGXYVEP GSRGVIXI JMREP EGGITXERGI MW
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[MXL XLI EGGITXIH JMIPH QSGOYT [LIR ZMI[IH EX JX MR
HE]PMKLX (IJIGXMZI ;SVO MRGPYHMRK VITEMV EVIEW RSX
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{+IRIVEP
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0MKLX[IMKLX GSRGVIXI WLEPP GSQTP] [MXL VIUYMVIQIRXW SJ
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JSVQEMRXEMRMRKEKKVIKEXIQSMWXYVIGSRHMXMSRMREGGSVHERGI
[MXL
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7IGXMSR
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%KKVIKEXI WXSVEKI ERH LERHPMRK{1EMRXEMR PMKLX
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IRWYVIWGSRGVIXIGERFITPEGIHEXVIUYMVIHWPYQT(SRSXLERHPI
EKKVIKEXIMREQERRIVXLEXGEYWIWHIKVEHEXMSRSVWIKVIKEXMSR
{4VSHYGXW
%KKVIKEXIW{*MRIERHGSEVWIPMKLX[IMKLXEKKVIKEXIW
WLEPP GSRJSVQ XS %781 ' 2SVQEP[IMKLX EKKVIKEXI
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74)'-*-'%8-327*367869'896%0'32'6)8) %'-
4IVJSVQERGIERHHIWMKRVIUYMVIQIRXW
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PMKLX[IMKLX GSRGVIXI WYFNIGX XS I\TSWYVI XS JVII^MRKERH
XLE[MRKWIZIVISVQSHIVEXI[IEXLIVSVHIMGIVGLIQMGEPWMR
EGGSVHERGI[MXL
9RPIWWSXLIV[MWIWTIGMJMIHEMVGSRXIRX[MPPFIQIEWYVIHEX
XLITSMRXSJTPEGIQIRX7IPIGXGSRGVIXIQM\XYVITVSTSVXMSRW
JSV EMVIRXVEMRIH GSRGVIXI XS TVSZMHI WTIGMJMIH EMV GSRXIRX
ERHWTIGMJMIHGSQTVIWWMZIWXVIRKXLJG 7PYQT{9RPIWW SXLIV[MWI WTIGMJMIH TVSZMHI
WPYQTMREGGSVHERGI[MXLEXTSMRXSJTPEGIQIRX
1M\XYVIW
(IRWMX]{9RPIWWSXLIV[MWIWTIGMJMIHSVTIVQMXXIH
TVSTSVXMSRPMKLX[IMKLXGSRGVIXIQM\XYVIWXSQIIXWTIGMJMIH
IUYMPMFVMYQ HIRWMX] HIXIVQMRIH F] GEPGYPEXIH IUYMPMFVMYQ
QIXLSHMR%781''SVVIPEXIIUYMPMFVMYQHIRWMX][MXL
JVIWL FYPO HIRWMX] SJ GSRGVIXI 9WI JVIWL FYPO HIRWMX] EW
FEWMWJSVEGGITXERGIHYVMRKGSRWXVYGXMSR
4VSTSVXMSRMRK{4VSTSVXMSR QM\XYVI XS EXXEMR
WTIGMJMIHWXVIRKXLMREGGSVHERGI[MXL
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{)\IGYXMSR
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XSXLII\XIRXXLEXEKKVIKEXITEVXMGPIWJPSEXXSWYVJEGI
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JMIPH[MPPFIFEWIHSRJVIWLFYPOHIRWMX]QIEWYVIHMREGGSV
HERGI [MXL %781 ''1 8LI JVIWL FYPO HIRWMX]
VIUYMVIH WLEPP GSVVIWTSRH XS XLI WTIGMJMIH IUYMPMFVMYQ
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%MVGSRXIRX{%MVGSRXIRXSJPMKLX[IMKLXGSRGVIXI
WEQTPI JSV IEGL WXVIRKXL XIWX [MPP FI HIXIVQMRIH MR EGGSV
HERGI[MXL%781''1EWWTIGMJMIHMR
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XLIVQEPGSRXVSPTPERWLEPPMRGPYHIJSPPS[MRKMXIQW
e 'SRGVIXIQM\XYVITVSTSVXMSRW
e 'EPGYPEXIH SV QIEWYVIH EHMEFEXMG XIQTIVEXYVI VMWI SJ
GSRGVIXI
e 9TTIVPMQMXJSVGSRGVIXIXIQTIVEXYVIEXXMQISJTPEGIQIRX
e (IWGVMTXMSRSJWTIGMJMGQIEWYVIWERHIUYMTQIRXXLEX[MPP
FI YWIH XS IRWYVI QE\MQYQ XIQTIVEXYVI MR TPEGIQIRX
[MPPRSXI\GIIHWTIGMJMIHQE\MQYQXIQTIVEXYVIPMQMX
e 'EPGYPEXIH QE\MQYQ XIQTIVEXYVI MR TPEGIQIRX FEWIH
SRI\TIGXIHGSRHMXMSRWEXXMQISJTPEGIQIRXERHYWISJ
TVSTSWIHQIEWYVIWXSGSRXVSPXIQTIVEXYVIW
e (IWGVMTXMSR SJ WTIGMJMG QIEWYVIW ERH IUYMTQIRX XLEX
[MPPFIYWIHXS IRWYVI XIQTIVEXYVIHMJJIVIRGI[MPPRSX
I\GIIHWTIGMJMIHXIQTIVEXYVIHMJJIVIRGIPMQMX
e 'EPGYPEXIHQE\MQYQXIQTIVEXYVIHMJJIVIRGIMRTPEGIQIRX
FEWIHSRI\TIGXIHGSRHMXMSRWEXXMQISJTPEGIQIRXERHYWI
SJTVSTSWIHQIEWYVIWXSGSRXVSPXIQTIVEXYVIHMJJIVIRGIW
e (IWGVMTXMSR SJ IUYMTQIRX ERH TVSGIHYVIW XLEX [MPP FI
YWIHXSQSRMXSVERHPSKXIQTIVEXYVIWERHXIQTIVEXYVI
HMJJIVIRGIW
e (VE[MRKWLS[MRKPSGEXMSRWJSVXIQTIVEXYVIWIRWSVWMR
TPEGIQIRX
e (IWGVMTXMSR SJ JSVQEX ERH JVIUYIRG] SJ TVSZMHMRK
XIQTIVEXYVIHEXEXS3[RIVvW6ITVIWIRXEXMZI
e (IWGVMTXMSRSJQIEWYVIWXSEHHVIWWERHVIHYGII\GIWWMZI
XIQTIVEXYVIWERHXIQTIVEXYVIHMJJIVIRGIWMJXLI]SGGYV
e (IWGVMTXMSR SJ GYVMRK TVSGIHYVIW MRGPYHMRK QEXIVMEPW
ERHQIXLSHWERHGYVMRKHYVEXMSRERH
e (IWGVMTXMSRSJJSVQ[SVOVIQSZEPTVSGIHYVIWXSIRWYVI
XIQTIVEXYVI HMJJIVIRGI EX XIQTSVEVMP] I\TSWIH WYVJEGI
[MPPRSXI\GIIHXIQTIVEXYVI HMJJIVIRGI PMQMX ERHLS[
GYVMRK[MPPFIQEMRXEMRIH
-J GSRGVIXI HIWMKR QM\XYVI MW GLERKIH XLIVQEP GSRXVSP
TPERQYWXFIYTHEXIH
{4VSHYGXW
1EXIVMEPW
'IQIRXMXMSYWQEXIVMEPW{'IQIRXMXMSYWQEXIVMEPW
WLEPP GSQTP] [MXL I\GITX EW QSHMJMIH MR E
ERHF
E 9RPIWWSXLIV[MWIWTIGMJMIHSVTIVQMXXIHYWI
L]HVEYPMG GIQIRX [MXL QSHIVEXI XS PS[ LIEX SJ L]HVEXMSR
TVSTIVXMIWSVYWIETSVXPERHGIQIRX[MXL'PEWW*JP]EWLSV
WPEKGIQIRXSVFSXL
F 9RPIWW SXLIV[MWI WTIGMJMIH HS RSX YWI
%781'8]TI---GIQIRXSV%781',)GIQIRX
%HQM\XYVIW{'SQTP][MXLERHJSPPS[MRK
VIUYMVIQIRX
E 9RPIWW SXLIV[MWI TIVQMXXIH HS RSX YWI
EGGIPIVEXMRKEHQM\XYVIW
{)\IGYXMSR
'YVMRKERHTVSXIGXMSR
4VIWIVZEXMSRSJQSMWXYVI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
E9RPIWWSXLIV[MWIWTIGMJMIHGYVIERHTVSXIGX
GSRGVIXIMREGGSVHERGI[MXL JSVEQMRMQYQSJHE]W
-JWXVIRKXLGVMXIVMSRMR G MWYWIHWXVIRKXLQIEWYVI
QIRXWLEPPFIVITVIWIRXEXMZISJMRTPEGIWXVIRKXL[MXLMRMR
SJGSRGVIXIWYVJEGI
F 9RPIWW SXLIV[MWI WTIGMJMIH SV TIVQMXXIH
TVIWIVZI QSMWXYVI F] QEMRXEMRMRK JSVQW MR TPEGI *SV
WYVJEGIWRSXMRGSRXEGX[MXLJSVQWETTP]SRISJXLITVSGIHYVIW
WTIGMJMIHMR9RPIWWSXLIV[MWIWTIGMJMIHHSRSXYWI
[EXIVGYVMRK
'SRXVSPSJGSRGVIXIXIQTIVEXYVI{9RPIWWSXLIV
[MWI WTIGMJMIH GSRXVSP GSRGVIXI XIQTIVEXYVI ERH XIQTIVE
XYVI HMJJIVIRGI [MXLMR GSRGVIXI JVSQ XMQI XLI GSRGVIXI MW
TPEGIH YRXMP XMQI MRXIVREP XIQTIVEXYVI LEW GSSPIH JVSQ MXW
QE\MQYQWSXLIHMJJIVIRGIFIX[IIREZIVEKIHEMP]EQFMIRX
ERH MRXIVREP XIQTIVEXYVIW EX XMQI SJ TVSXIGXMSR VIQSZEP MW
PIWWXLERWTIGMJMIHXIQTIVEXYVIHMJJIVIRGIPMQMX
E 1SRMXSVMRK GSRGVIXI XIQTIVEXYVIW{9RPIWW
SXLIV[MWI WTIGMJMIH TPEGI SRI XIQTIVEXYVI WIRWSV EX XLI
GIRXIVSJQEWWSJTPEGIQIRXERHSRIXIQTIVEXYVIWIRWSVEXE
HITXLMRJVSQGIRXIVSJRIEVIWXI\XIVMSVWYVJEGI4PEGIER
EHHMXMSREPWIRWSVEXIEGLPSGEXMSRXSWIVZIEWEFEGOYTMRXLI
IZIRXXLEXSXLIVXIQTIVEXYVIWIRWSVJEMPW-REHHMXMSRTVSZMHI
E XIQTIVEXYVI WIRWSV MR E WLEHIH PSGEXMSR JSV QSRMXSVMRK
EQFMIRXSRWMXIXIQTIVEXYVI
9RPIWWSXLIV[MWIWTIGMJMIHQSRMXSVXIQTIVEXYVIWLSYVP]
YWMRKIPIGXVSRMGWIRWSVWGETEFPISJ QIEWYVMRK XIQTIVEXYVI
JVSQ”*XS”*XSEREGGYVEG]SJ”*)RWYVIXIQTIVEXYVI
WIRWSVW EVI STIVEXMSREP FIJSVI TPEGMRK GSRGVIXI 9RPIWW
SXLIV[MWIWTIGMJMIHTVSZMHIHEXEJVSQWIRWSVWXS3[RIVSR
EHEMP]FEWMWYRXMPVIUYMVIQIRXWSJEVIQIX
F )\GIWWMZI XIQTIVEXYVIW SV XIQTIVEXYVI
HMJJIVIRGIW{9RPIWW SXLIV[MWI WTIGMJMIH SV TIVQMXXIH
GSQTEVI XIQTIVEXYVIW ERH XIQTIVEXYVI HMJJIVIRGIW [MXL
QE\MQYQPMQMXWWTIGMJMIHMRIZIV]LSYVW-JIMXLIV
I\GIIHWWTIGMJMIHPMQMXWXEOIMQQIHMEXIEGXMSREWHIWGVMFIH
MREGGITXIHXLIVQEPGSRXVSPTPERXSVIQIH]WMXYEXMSR(SRSX
TPEGI EHHMXMSREP QEWW GSRGVIXI YRXMP GEYWI SJ I\GIWWMZI
XIQTIVEXYVI SV XIQTIVEXYVI HMJJIVIRGI LEW FIIR MHIRXMJMIH
ERHGSVVIGXMSRWEVIEGGITXIH
7)'8-32{43788)27-32)('32'6)8)
{+IRIVEP
(IWGVMTXMSR{8LMW WIGXMSR GSZIVW VIUYMVIQIRXW JSV
TSWXXIRWMSRIHWXVYGXYVEPGSRGVIXIQIQFIVWEWHIWMKREXIHMR
'SRXVEGX (SGYQIRXW 9RPIWW SXLIV[MWI WTIGMJMIH TSWX
XIRWMSRIH GSRGVIXI WLEPP GSQTP] [MXL VIUYMVIQIRXW MR
7IGXMSRWXLVSYKL
7YFQMXXEPW
6IUYMVIH WYFQMXXEPW FIJSVI I\IGYXMSR SJ XLI
;SVOEVIWTIGMJMIHMREXLVSYKLH
E(VE[MRKW{7LSTHVE[MRKWSJTSWXXIRWMSRIH
GSRGVIXIGSRWXVYGXMSRTVSZMHMRKXLIJSPPS[MRKMRJSVQEXMSRMR
EHHMXMSRXSXLEXVIUYMVIHF]7IGXMSRWERH
e 7M^IW ERH LIMKLXW SJ XIRHSR WYTTSVXW MRGPYHMRK FEVW
ERHGLEMVW
e 0SGEXMSRSJXIRHSRWXLVSYKLSYXXLIMVPIRKXL
e
7M^I HIXEMPW PSGEXMSR QEXIVMEPW ERH WXVIWW KVEHI
[LIVI ETTPMGEFPI JSV XIRHSRW ERH EGGIWWSVMIW
MRGPYHMRKERGLSVEKIWERHGSYTPIVW
e .EGOMRKTVSGIHYVIWWXVIWWMRKWIUYIRGIERHXIRWMSRMRK
JSVGIW
e ;SFFPIERHGYVZEXYVIJVMGXMSRGSIJJMGMIRXWERHERGLSVWIX
e 'EPGYPEXIHXIRHSRIPSRKEXMSRW
e (IXEMPWSJVIMRJSVGIQIRXXSTVIZIRXFYVWXMRKERHWTEPPMRK
e 8IRHSR XVMQQMRK TVSGIHYVIW ERH HIXEMPW SJ GETTMRK
TVSGIHYVIERH
e (YGXTVSTIVXMIWMRGPYHMRKWM^IQEXIVMEPXLMGORIWWWYTTSVX
WTEGMRKERH[LIRVIUYMVIHHYGXWXMJJRIWWXIWXHEXE
-JWTIGMJMIHWLSTHVE[MRKWWLEPPFIWMKRIHERHWIEPIHF]E
PMGIRWIH HIWMKR IRKMRIIV ERH VIZMI[IH F] XLI %VGLMXIGX
)RKMRIIV;LIRHIZMEXMSRWJVSQXLITSWXXIRWMSRMRKJSVGIW
ERHTVSJMPIWMRHMGEXIHMR'SRXVEGX(SGYQIRXWEVITVSTSWIH
WLST HVE[MRKW WLEPP FI WMKRIH ERH WIEPIH F] E PMGIRWIH
HIWMKRIRKMRIIVERHVIZMI[IHF]XLI%VGLMXIGX)RKMRIIV
F 'EPGYPEXMSRW{;LIR WTIGMJMIH WYFQMX
IPSRKEXMSR GEPGYPEXMSRW ERH XIRHSR KVSYT JMREP IJJIGXMZI
JSVGI GEPGYPEXMSRW XLEX EGGSYRX JSV PSWW SJ TVIWXVIWWHYI XS
ERGLSVEKIWIXJVMGXMSRERHPSRKXIVQIJJIGXW;LIRWTIGMJMIH
GEPGYPEXMSRWWLEPPFIWMKRIHERHWIEPIHF]EPMGIRWIHHIWMKR
IRKMRIIV
G;LIR'SRXVEGX(SGYQIRXWHIPIKEXIWXVYGXYVEP
HIWMKR SJ TSWXXIRWMSRIH GSRGVIXI QIQFIVW XS 'SRXVEGXSV
WYFQMXHVE[MRKWERHHIWMKRGVMXIVMEYWIH[LIRHIWMKRMRKJSV
TSWXXIRWMSRMRK WMKRIH ERH WIEPIH F] E PMGIRWIH HIWMKR
IRKMRIIV;LIRWTIGMJMIHWYFQMXHIWMKRGEPGYPEXMSRW
H *SVFSRHIHXIRHSRWTVSZMHI[VMXXIRGIVXMJM
GEXMSR XLEX KVSYX GSRWXMXYIRXW GSQTP] [MXL ERH ER]
SXLIVVIUYMVIQIRXWSJ'SRXVEGX(SGYQIRXW
9RPIWWSXLIV[MWIWTIGMJMIHXIWXWXSFIWYFQMXXIHMRGPYHI
XLIJSPPS[MRK
e 'IQIRXQMPPXIWXVITSVXW
e %HQM\XYVIWXIWXVITSVXW
e 8IWXVITSVXWJSVSXLIVGSRWXMXYIRXWYWIHMRXLIKVSYXERH
e *SV TVITEGOEKIH KVSYXW WYFQMX XLI QERYJEGXYVIVvW
GYVVIRXGIVXMJMIHQMPPXIWXVITSVXWJSVXLITVSHYGX
3TXMSREP WYFQMXXEPW{7YFQMX XLI MRJSVQEXMSR
WTIGMJMIH MR E XLVSYKL I [LIR VIUYMVIH F]
'SRXVEGX(SGYQIRXW
E 8IWXHEXEWYFWXERXMEXMRKXLII\TIGXIHGYVZEXYVI
ERH[SFFPIGSIJJMGMIRXWERHI\TIGXIHERGLSVEKIWIX
F 6IWYPXWSJXIWXWVIUYMVIHMRMRGPYHMRK
HIQSRWXVEXMSRSJGSQTPMERGI[MXLXLVSYKL
G .EGOGPIEVERGIW
H +VSYXMRK TVSGIHYVIW{;LIR VIUYMVIH
WYFQMX[VMXXIRKVSYXMRKTVSGIHYVIWEXPIEWX[IIOWFIJSVI
XLIWXEVXSJGSRWXVYGXMSR
(IZIPSTKVSYXMRKTVSGIHYVIWXSIRWYVIXLIERRYPEVWTEGI
MRXLIHYGXW[MPPFIGSQTPIXIP]JMPPIHF]KVSYX8LIWITVSGI
HYVIWWLEPPGSZIVXLIJSPPS[MRK
e 8]TIUYERXMX]ERHFVERHSJQEXIVMEPWYWIHMRKVSYXMRK
MRGPYHMRKGIVXMJMGEXMSRWVIUYMVIH
e 8]TISJIUYMTQIRXRIIHIHMRGPYHMRKGETEGMX]MRVIPEXMSR
XSHIQERHERH[SVOMRKGSRHMXMSREW[IPPEWTVSZMWMSRW
JSVFEGOYTIUYMTQIRXERHWTEVITEVXW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
e
e
e
e
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
8]TIWERHPSGEXMSRWSJMRPIXWERHSYXPIXW
8]TIWERHWM^IWSJKVSYXLSWIWERHGSRRIGXMSRW
(YGXGPIERMRKQIXLSHWFIJSVIKVSYXMRK
1M\MRK ERH TYQTMRK TVSGIHYVIW MRGPYHMRK QIERW XS
QIEWYVIZSPYQISJKVSYXTYQTIH
e (MVIGXMSRSJKVSYXMRK
e 7IUYIRGISJYWIJSVMRPIXWERHSYXPIXW
e 4VSGIHYVIW JSV LERHPMRK FPSGOEKIW MRGPYHMRK HYGX
JPYWLMRK
e 4VSGIHYVIWJSVTSWWMFPIVIKVSYXMRKERH
e 2EQIW SJ XLI TIVWSRW MR GLEVKI ERH SXLIV TIVWSRRIP
[LS [MPP TIVJSVQ XLI KVSYXMRK STIVEXMSR MRGPYHMRK
XLIMVVIPIZERXI\TIVMIRGIERHWOMPP
I ;LIR VIUYMVIH WYFQMX VIWYPXW SJ KVSYXMRK
JMIPHXVMEPERHJMIPHQSGOYTXIWXW
6IUYMVIHWYFQMXXEPWHYVMRKXLII\IGYXMSRSJXLI
;SVOEVIWTIGMJMIHMREERHH
E 'IVXMJMIHQMPPXIWXVITSVXWJSVEWEQTPIXEOIR
JVSQXLITVSHYGXMSRPSXSJXLITVIWXVIWWMRKWXIIPYWIHMRXLI
;SVO
F 7XVIWWMRK NEGO GEPMFVEXMSR GIVXMJMGEXI
MRGPYHMRK KEYKI TVIWWYVIW ERH GEPMFVEXMSR GYVZIW JSV IEGL
WIXSJIUYMTQIRXXLEX[MPPFIYWIHMRXLI;SVO'IVXMJMGEXIW
WLEPPFIWYFQMXXIHTVMSVXSWXVIWWMRK
G 7XVIWWMRK VIGSVHW EVI VIUYMVIH JSV VIZMI[
FIJSVI XVMQQMRK XIRHSRW XLEX I\XIRH TEWX ERGLSVEKIW
7YFQMXXLIJSPPS[MRKHEXE
e 4VSNIGXREQI
e *PSSVRYQFIVERHGSRGVIXITPEGIQIRXRYQFIV
e 8IRHSRMHIRXMJMGEXMSRQEVO
e 6IUYMVIHIPSRKEXMSR
e +EYKITVIWWYVIXSEGLMIZIVIUYMVIHWXVIWWMRKJSVGITIV
WYTTPMIHGEPMFVEXMSRGLEVX
e )PSRKEXMSREGLMIZIH
e +EYKITVIWWYVI
e (EXISJWXVIWWMRKSTIVEXMSR
e 2EQIERHWMKREXYVISJWXVIWWMRKSTIVEXSVERHMRWTIGXSV
e 7IVMEPSVMHIRXMJMGEXMSRRYQFIVSJNEGOMRKIUYMTQIRX
e (EXI SJ EGGITXIH WLST HVE[MRKW YWIH JSV MRWXEPPEXMSR
ERHWXVIWWMRK
e ;IEXLIVGSRHMXMSRWMRGPYHMRKXIQTIVEXYVIERHVEMRJEPP
ERH
e 7YQQEV] SJ TVSFPIQW IRGSYRXIVIH ERH GSVVIGXMZI
EGXMSRXEOIR
H 6IGSVH KVSYXMRK STIVEXMSR ERH TVSZMHI
KVSYXMRK VIGSVHW XS %VGLMXIGX)RKMRIIV [MXLMR LSYVW SJ
KVSYXMRK-RJSVQEXMSRXSFIRSXIHMRXLIVIGSVHWWLEPPMRGPYHI
FYXRSXFIPMQMXIHXS
e (EXIKVSYXIH
e 2YQFIVSJHE]WJVSQWXVIWWMRKXSKVSYXMRK
e 8]TISJKVSYXQM\XYVIERHEHHMXMZIW
e 8IRHSR W KVSYXIHMRNIGXMSRIRHERHETTPMIHKVSYXMRK
TVIWWYVI
e 7YQQEV] SJ TVSFPIQW IRGSYRXIVIH ERH GSVVIGXMZI
EGXMSRXEOIRERH
e 6IGSVHSJXLIZSPYQISJXLIKVSYXTYQTIHMRXSXLIHYGX
GSQTEVIH[MXLXLIZSPYQISJXLIHYGXEHNYWXIHJSVXLI
KVSYXHMWTPEGIHF]XLITVIWXVIWWMRKXIRHSR
5YEPMX]GSRXVSP
8IWXMRK
E 8IWXMRK SJ YRFSRHIH XIRHSR GSQTSRIRXW{
8IWX GSQTSRIRXWSJYRFSRHIHXIRHSRW]WXIQWMREGGSVHERGI
[MXLXLIVIUYMVIQIRXWSJ%'-
F +VSYXUYEPMX]GSRXVSPXIWXMRK{8IWXKVSYXJSV
HIRWMX]WXVIRKXLERHJPYMHMX]HEMP]MREGGSVHERGI[MXLXLI
JSPPS[MRK
e 8[S[IXHIRWMX]XIWXWTIVHE]SV[LIRXLIVIMWEZMWYEP
SVETTEVIRXGLERKIMRKVSYXGLEVEGXIVMWXMGW
e 1MRMQYQSJSRIWXVIRKXLXIWXTIVHE]HYVMRKKVSYXMRK
STIVEXMSRW
e 1MRMQYQSJX[SJPYMHMX]XIWXW JPS[GSRI 3RIXIWXEX
XLIQM\IVERHSRIEXXLIHYGXSYXPIXMREGGSVHERGI[MXL
I 8IWXMRK WLEPP FI VITIEXIH IZIV] LSYVW SJ
KVSYXMRKSTIVEXMSRW8LIIJJPY\XMQIWLEPPFI[MXLMR•
WIGSRHW SJ XLI ZEPYIW IWXEFPMWLIH HYVMRK PEFSVEXSV]
XIWXMRKERH
e ;LIRKVSYXMWMRXIRHIHJSVEREKKVIWWMZIIRZMVSRQIRX
EWMRHMGEXIHMR'SRXVEGX(SGYQIRXWXIWXJSVFPIIHMRKMR
EGGSVHERGI[MXLF
4VSHYGX HIPMZIV] LERHPMRK ERH WXSVEKI{(IPMZIV
LERHPI ERH WXSVI QEXIVMEPW MR E QERRIV XLEX TVIZIRXW
QIGLERMGEPHEQEKIERHGSVVSWMSR
,ERHPMRK
E-HIRXMJ][IHKIWERHERGLSVEKIWF]MRHMZMHYEP
GSRGVIXITPEGIQIRXEVIEJPSSVWIUYIRGISVFSXL9WIQEXIVMEPW
SRP]MRXLIMVMHIRXMJMIHGSRGVIXITPEGIQIRXEVIEW-RXLIIZIRX
QEXIVMEPW MRXIRHIH JSV SRI GSRGVIXI TPEGIQIRX EVIE EVI
I\GLERKIH MRXS ERSXLIV GSRGVIXI TPEGIQIRX EVIE RSXMJ]
%VGLMXIGX)RKMRIIVSJI\GLERKIWJSVXVEGOMRKTYVTSWIW
F4VSXIGXXIRHSRWEGGIWWSVMIWERHIUYMTQIRX
JVSQI\TSWYVIXS[EXIVERHHIMGMRKWEPXW8EOIGEVIRSXXS
HEQEKIWLIEXLMRKSVERGLSVEKIWHYVMRKLERHPMRKERHWXSVEKI
G9RPSEHXIRHSRWEWGPSWIEWTVEGXMGEFPIXSXLI
HIWMKREXIHWXSVEKIEVIEXSEZSMHI\GIWWMZILERHPMRK
H(SRSXYWIGLEMRWSVLSSOW
7XSVEKI
E7XSVIQEXIVMEPWERHIUYMTQIRXMREHV]EVIE
SRHYRREKI(SRSXI\TSWIQEXIVMEPWXS[EXIVWRS[HIMGMRK
WEPXWSVSXLIVGSVVSWMZIIPIQIRXW;LIRWXSVEKIPSRKIVXLER
QSRXL MW VIUYMVIH TVSXIGX WLIEXLMRK ERH SXLIV TPEWXMGW
JVSQI\TSWYVIXSHMVIGXWYRPMKLX
F7XSVIGIQIRXERHTVIQM\IHKVSYXXSTVIZIRX
L]HVEXMSR HYVMRK WXSVEKI 3RP] YWI GIQIRX XLEX LEW FIIR
WXSVIHMREGGSVHERGI[MXLQERYJEGXYVIVvWVIUYMVIQIRXWJSV
KVSYXMRK
G -RWTIGX XIRHSRW ERH EGGIWWSV]MXIQWFIJSVI
MRWXEPPEXMSR
{4VSHYGXW
1EXIVMEPW{*SV YRFSRHIH WMRKPIWXVERH XIRHSRW
YWIQEXIVMEPWXLEXGSRJSVQXSXLIVIUYMVIQIRXWSJ%'-
*SV FSRHIH XIRHSRW YWI QEXIVMEPW XLEX GSRJSVQ XS XLI
VIUYMVIQIRXWSJ XLVSYKL *SV YRFSRHIH XIRHSRW [LIR WTIGMJMIH MR 'SRXVEGX
(SGYQIRXWERHJSVETTPMGEXMSRWMREKKVIWWMZIIRZMVSRQIRXW
XLIWLIEXLMRKWLEPPFIGSRRIGXIHXSWXVIWWMRKMRXIVQIHMEXI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
ERH JM\IH ERGLSVEKIW XS TVSZMHI JYPP IRGETWYPEXMSR SJ XLI
TVIWXVIWWMRK WXIIP MR EGGSVHERGI [MXL %'- 7YFQMX
IRGETWYPEXMSRW]WXIQXIWXHEXE[LIRVIUYMVIH
4VIWXVIWWMRK WXIIP{4VIWXVIWWMRK WXIIP WLEPP FI SJ
XLIX]TIERHWXVIRKXLVIUYMVIHF]'SRXVEGX(SGYQIRXWERH
WLEPPGSRJSVQXSSRISJXLIJSPPS[MRKWTIGMJMGEXMSRW
e %781%%1
e %781%%1
e %781%%1
e %781%%1ERH
e %781%%1
4VIWXVIWWMRKWXIIPWLEPPFIGPIERERHJVIISJI\GIWWMZIVYWX
WGEPISMPHMVXERHTMXXMRK7YVJEGIVYWXWLEPPFIVIQSZEFPI
[MXL E JMRI WXIIP [SSP TEH SV F] ZMKSVSYW VYFFMRK [MXL E
GPSXL4MXW SRWXIIPWYVJEGI WLEPPRSX I\GIIH MRMR
HMEQIXIVSVPIRKXL
(YGXWJSVXIRHSRW
E 9WI HYGXJSVQMRK QEXIVMEPW EW WTIGMJMIH MR
'SRXVEGX (SGYQIRXW XLEX HS RSX VIEGX [MXL EPOEPMW MR XLI
GIQIRX EVI WXVSRK IRSYKL XS VIXEMR XLIMV WLETI ERH VIWMWX
HEQEKI HYVMRK GSRWXVYGXMSR ERH TVIZIRX XLI MRXVYWMSR SJ
[EXIV ERH GIQIRX TEWXI JVSQ XLI WYVVSYRHMRK GSRGVIXI
(YGXJSVQMRK QEXIVMEP PIJX MR TPEGI WLEPP RSX HMVIGXP] SV
MRHMVIGXP] GEYWI IPIGXVSP]XMG EGXMSR SV HIXIVMSVEXMSR *SV
FSRHIHXIRHSRWYWIGSVVYKEXIHHYGXWSVHYGXWGETEFPISJ
XVERWQMXXMRK JSVGIW JVSQ XLI KVSYX XS XLI WYVVSYRHMRK
GSRGVIXI
F (YGX [EPP XLMGORIWW{;EPP XLMGORIWW ZEVMIW
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HYGXWXSPSGEXITSXIRXMEPKVSYXPIEOWEWWTIGMJMIH
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P WLEPPRSXI\GIIHXLIJSPPS[MRKZEPYIW
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4PEWXMGVSYRHHYGX RSWXVERHWMRWXEPPIHMRHYGXFIJSVI
TPEGMRKGSRGVIXI P JX
4PEWXMGJPEXHYGX\MR WXVERHMRWXEPPIHMRHYGX P
JXERH
4PEWXMGJPEXHYGX\MR RSWXVERHWMRWXEPPIHMRHYGX
FIJSVITPEGMRKGSRGVIXI P JX
+VSYXMRK
4IVWSRRIP UYEPMJMGEXMSRW{+VSYXMRK STIVEXMSRW
WLEPPFITIVJSVQIHF]TIVWSRRIPXVEMRIHJSVERHI\TIVMIRGIH
MRXLIXEWOWVIUYMVIH+VSYXMRKWLEPPFITIVJSVQIHYRHIVXLI
MQQIHMEXIGSRXVSPSJETIVWSRWOMPPIHMRKVSYXMRK8LITIVWSR
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
WLEPP TVSZMHI GPSWI SFWIVZEXMSR ERH GSRXVSP SJ KVSYXMRK
STIVEXMSRWRIGIWWEV]JSVGSQTPMERGI[MXLWTIGMJMIHVIUYMVI
QIRXW8LMWTIVWSRWLEPPFIREQIHERHWLEPPJYVRMWLTVSSJSJ
I\TIVMIRGI[LIRVIUYMVIHF]%VGLMXIGX)RKMRIIV
+VSYXEWWSSREWTVEGXMGEFPIEJXIVWXVIWWMRKSJXLI
TVIWXVIWWMRK WXIIP MR XLI HYGXW 8MQI JVSQ MRWXEPPMRK
TVIWXVIWWMRKWXIIPMRXLIHYGXWMRERYRWXVIWWIHGSRHMXMSRXS
KVSYXMRKEJXIVWXVIWWMRKWLEPPRSXI\GIIHXLITIVMSHWMRHMGEXIH
MR 8EFPI YRPIWW XIQTSVEV] GSVVSWMSR TVSXIGXMSR
QIEWYVIWEVIEGGITXIHF]%VGLMXIGX)RKMRIIV
;EXIV WYTTP] FIJSVI KVSYXMRK{4VSZMHI E
HITIRHEFPILMKLTVIWWYVI[EXIVWYTTP]MRGEWIKVSYXLEWXS
FIJPYWLIHJVSQXIRHSRWMREGGSVHERGI[MXL
+VSYXQM\MRK{1M\KVSYXMREQIGLERMGEPQM\IV
GETEFPISJGSRXMRYSYWQM\MRKXLEX[MPPTVSHYGIEKVSYXJVII
SJPYQTWERHYRHMWTIVWIHGIQIRX4EWWXLIKVSYXXLVSYKLXLI
2SWMIZIMRXSTYQTMRKIUYMTQIRXXLEXLEWTVSZMWMSRWJSV
VIGMVGYPEXMSR 4YQT KVSYX EW WSSR EJXIV QM\MRK EW TVEGXM
GEFPI 'SRXMRYI TYQTMRK EW PSRK EW XLI KVSYX VIXEMRW XLI
VIUYMVIH GSRWMWXIRG] (MWGEVH KVSYX [LIR MX PSWIW XLI
VIUYMVIHGSRWMWXIRG]JSVTYQTMRK
%TTP] KVSYX YRHIV TSWMXMZI TVIWWYVI{4VIWWYVI
WLEPP RSX I\GIIH TWM HYVMRK XLI KVSYXMRK STIVEXMSR
[MXLSYX[VMXXIREGGITXERGISJ%VGLMXIGX)RKMRIIV
8LI QIXLSH SJ MRNIGXMRK KVSYX WLEPP IRWYVI
GSQTPIXIJMPPMRKSJXLIHYGXWERHGSQTPIXIWYVVSYRHMRKSJXLI
WXVERHSVFEV[MXLKVSYX
-RNIGX KVSYX JVSQ RIEV XLI PS[IWX IRH SJ XIRHSRW MR ER
YTLMPPHMVIGXMSR9WIKVSYX[MXLMRQMRYXIWSJJMVWXEHHMXMSR
SJ[EXIVXSIRWYVIKVSYXJPS[EFMPMX]1EMRXEMREGSRXMRYSYW
SRI[E] JPS[ SJ KVSYX [MXLMR E KVSYXMRK WXEKI 4IVJSVQ
KVSYXMRKSJXIRHSR W MRSRISTIVEXMSR4YQTKVSYXXLVSYKL
XLIHYGXWSMXJPS[WGSRXMRYSYWP]SYXSJXLIJMVWXSYXPIXEJXIV
XLIMRPIX'SRXMRYITYQTMRKYRXMPRSZMWMFPIWPYKWSJ[EXIVSV
EMVINIGXJVSQXLISYXPIXERHXLIKVSYXGSRWMWXIRG]JPS[MRK
SYXMWWMQMPEVXSXLIMRNIGXIHKVSYXEX[LMGLXMQIXLISYXPIX
WLEPP FI GPSWIH 9RPIWW SXLIV[MWI EGGITXIH F] %VGLMXIGX
)RKMRIIVKVSYXMRNIGXMSRVEXIWLEPPFIFIX[IIRERHJXSJ
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KVSYXMRK MW MRXIVVYTXIH MQQIHMEXIP] JPYWL XLI KVSYX JVSQ XLI
HYGX[MXL[EXIV%[EXIVTYQTWLEPPFIEZEMPEFPISRWMXIJSVXLMW
TYVTSWI EW TEVX SJ XLI WXERHEVH JPYWLMRK IUYMTQIRX 0MQMX
JPYWLMRKTVIWWYVIWXSXLIWEQIEWXLSWIWTIGMJMIHJSVKVSYXMRK
8IRHSR XEMPWWLEPPFIGYX[MXLMRSRI[SVOMRKHE]SJXLI
EGGITXERGISJIPSRKEXMSRWF]%VGLMXIGX)RKMRIIV-REKKVIWWMZI
IRZMVSRQIRXW TVSXIGX XIRHSR IRHW [MXL GSZIVMRKW YRXMP
XIRHSRWXEMPWEVIGYXYRPIWWSXLIV[MWIEGGITXIHF]%VGLMXIGX
)RKMRIIV
6IGSVH KVSYXMRK TVSKVIWW JSV IEGL HYGX ERH
WYFQMXE[VMXXIRVITSVXXS%VGLMXIGX)RKMRIIV[MXLMRLSYVW
EJXIVKVSYXMRK8LMWVITSVXWLEPPMRGPYHI
E 5YERXMXMIWERHX]TIWSJQEXIVMEPWYWIH
F (IWGVMTXMSRWSJTVSFPIQWIRGSYRXIVIHHYVMRKKVSYXMRK
ERHWXITWXEOIRXSVIWSPZIXLIQ
G 1E\MQYQTYQTMRKTVIWWYVIEXMRPIXERH
H 8IQTIVEXYVISJEMV[EXIVGIQIRXTVITEGOEKIHQEXIVMEP
QM\KVSYXERHGSRGVIXIWYVVSYRHMRKXLIHYGX
8EFPI{4IVQMWWMFPIMRXIVZEPWFIX[IIR
TVIWXVIWWMRKWXIIPMRWXEPPEXMSRERHKVSYXMRK
[MXLSYXXLIYWISJGSVVSWMSRTVSXIGXMSRJSV
HMJJIVIRXI\TSWYVIW
(EQTEXQSWTLIVISVSZIVWEPX[EXIV VIPEXMZILYQMHMX]KVIEXIV
XLER
1SHIVEXIEXQSWTLIVI VIPEXMZILYQMHMX]FIX[IIR ERH
(V]EXQSWTLIVI VIPEXMZILYQMHMX]PIWWXLER
HE]W
HE]W
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8LI VITSVX WLEPP MRHMGEXI [LIXLIV ETTPMGEFPI TEVEQIXIVW
[IVI[MXLMREPPS[EFPIPMQMXWSJXLIWTIGMJMGEXMSRW
*MPP ZSMHW FIX[IIR TVIWXVIWWIH VIMRJSVGIQIRX
HYGXWERHERGLSVEKIJMXXMRKW'SRXMRYIMRNIGXMSRYRXMPKVSYX
SJXLIWEQIGSRWMWXIRG]EWXLIKVSYXMRNIGXIHJPS[WJVSQZIRX
ERH HVEMR STIRMRKW [MXLSYX XLI TVIWIRGI SJ EMV FYFFPIW
'PSWIZIRXERHHVEMRSTIRMRKWTVSKVIWWMZIP]MRXLIHMVIGXMSR
SJXLIJPS[%JXIVZIRXERHHVEMRSTIRMRKWLEZIFIIRGPSWIH
VEMWI XLI KVSYXMRK TVIWWYVI XS EX PIEWX TWM ERH TPYK XLI
MRNIGXMSRLSPI
1IEWYVIWXEOIREJXIVKVSYXMRK{2SXPIWWXLER
LSYVW EJXIV KVSYXMRK XLI KVSYX PIZIP MR XLI SYXPIXW ERH
KVSYXGETWWLEPPFIMRWTIGXIHERHXSTTIHEWRIGIWWEV][MXL
JVIWLP]QM\IHKVSYX
9RFSRHIHXIRHSRMRWXEPPEXMSR
7YTTSVX TVIWXVIWWMRK XIRHSRW EX MRXIVZEPW RSX
I\GIIHMRKJX
%XXEGL XIRHSRW XS WYTTSVXMRK VIMRJSVGIQIRX
WYTTSVXWSVVIMRJSVGIQIRX[MXLSYXHEQEKMRKWLIEXLMRK
/IIT XIRHSRW ERH GSQTSRIRXW GPIER ERH
YRHEQEKIH -R EKKVIWWMZI IRZMVSRQIRXW TVSXIGX I\TSWIH
GSQTSRIRXW[MXLMRSRI[SVOMRKHE]EJXIVXLIMVI\TSWYVIHYVMRK
MRWXEPPEXMSRYRPIWWSXLIV[MWIEGGITXIHF]%VGLMXIGX)RKMRIIV
4VIZIRX[EXIVJVSQIRXIVMRKXLIXIRHSRWHYVMRK
MRWXEPPEXMSR
7XVIWWMRKIRHERGLSVEKI
E-RWXEPPWXVIWWMRKIRHERGLSVEKIWTIVTIRHMGYPEV
XSXIRHSRE\MW8LIXVERWMXMSRGYVZEXYVIMRXIRHSRTVSJMPIWLEPP
RSXWXEVXGPSWIVXLERJXJVSQXLIWXVIWWMRKIRHERGLSVEKI
F%XXEGLWXVIWWMRKIRHERGLSVEKIWXSFYPOLIEH
JSVQW 'SRRIGXMSRW WLEPP FI WYJJMGMIRXP] VMKMH XS EZSMH
EGGMHIRXEPPSSWIRMRK-REKKVIWWMZIIRZMVSRQIRXWEXXEGLXLI
ERGLSVXSXLIJSVQIHKIYWMRKJEWXIRIVWXLEX[MPPRSXGSVVSHI
SVEVITVSXIGXIHJVSQGSVVSWMSRF]SXLIVQIERW
G 8ST FSXXSQ ERH IHKI GSRGVIXI GSZIV JSV
ERGLSVEKIWWLEPPRSXFIPIWWXLERWTIGMJMIHGSZIVXSVIMRJSVGI
QIRX9RPIWWSXLIV[MWIWTIGMJMIHGSRGVIXIGSZIVJVSQI\XIVMSV
IHKISJGSRGVIXIXS[IHKIGEZMX]EVIESJERGLSVWLEPPFI
MR JSV RSREKKVIWWMZI IRZMVSRQIRXW ERH MR JSV
EKKVIWWMZIIRZMVSRQIRXW
H4SGOIXJSVQIVWYWIHXSTVSZMHIEZSMHJSVQ
EX WXVIWWMRKIRH ERH MRXIVQIHMEXI ERGLSVEKIWWLEPP TVIZIRX
MRXVYWMSRSJGSRGVIXISVGIQIRXWPYVV]MRXSXLI[IHKIGEZMX]
%X ERKPIH WPEF IHKIW QMRMQYQ GSRGVIXI GSZIVW WLEPP FI
QEMRXEMRIHXSXLIERGLSVIHKIW
I -R EKKVIWWMZI IRZMVSRQIRXW GET XLI [IHKI
GEZMX]ERHMRWXEPPWPIIZIWERHWIEPWGSRRIGXMRKWLIEXLMRKXS
ERGLSVEKI XS GSQTPIXIP] WIEP XLI EVIE EKEMRWX QSMWXYVI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
-RWXEPPGETEJXIVGSEXMRKXLIXIRHSRIRHERH[IHKIEVIE[MXL
TSWXXIRWMSRMRKGSEXMRKQEXIVMEPQIIXMRKXLIVIUYMVIQIRXWSJ
%'-
J9RPIWWSXLIV[MWIWTIGMJMIHGSRGVIXIGSZIVJSV
XLIXIRHSRIRHJVSQXLII\XIVMSVIHKISJXLIGSRGVIXIWLEPPRSX
FIPIWWXLERMRJSVRSREKKVIWWMZIIRZMVSRQIRXWERHMRXS
XLIIRGETWYPEXMRKHIZMGIJSVEKKVIWWMZIIRZMVSRQIRXW
-RXIVQIHMEXIERGLSVEKIW
E )QFIH MRXIVQIHMEXI ERGLSVEKIW MR XLI JMVWX
GSRGVIXITPEGIHEXEGSRWXVYGXMSRNSMRX;LIRVIUYMVIHQEOI
XLINSMRX[EXIVXMKLX
F-RWXEPPMRXIVQIHMEXIERGLSVEKIWTIVTIRHMGYPEVXS
XIRHSRE\MW8LIXVERWMXMSRGYVZEXYVIMRXIRHSRTVSJMPIWLEPP
RSXWXEVXGPSWIVXLERJXJVSQMRXIVQIHMEXIERGLSVEKI
G 8ST ERH FSXXSQ GSZIV VIUYMVIQIRXW SJ
G WLEPPETTP]XSMRXIVQIHMEXIERGLSVEKIW
H -R EKKVIWWMZI IRZMVSRQIRXWGETXLI[IHKI
GEZMX]ERHMRWXEPPWPIIZIWERHWIEPWGSRRIGXMRKWLIEXLMRKXS
ERGLSVEKISRFSXLWMHIWSJERGLSVEKIXSGSQTPIXIP]WIEPXLI
EVIEEKEMRWXQSMWXYVI'SEXI\TSWIHWXVERHERH[IHKIEVIE
[MXL TSWXXIRWMSRMRK GSEXMRK QEXIVMEP QIIXMRK XLI VIUYMVI
QIRXW SJ %'- 8LMW TVSXIGXMSR SJ XLI MRXIVQIHMEXI
ERGLSVEKI WLEPP FI [MXLMR SRI [SVOMRK HE] SJ I\TSWYVI
YRPIWWSXLIV[MWIEGGITXIHF]%VGLMXIGX)RKMRIIV
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E ;IHKIX]TI ERGLSVEKIW{;LIR YWMRK XLI
TYPPSRQIXLSHWIEXJM\IHIRH[IHKIW[MXLEJSVGIFIX[IIR
ERH SJXLIWTIGMJMIHXIRWMPIWXVIRKXLSJXLIWXVERH
;LIR TIVQMXXIH SXLIV QIXLSHW WLEPP FI WYFWXERXMEXIH F]
XIWXMRKEGGITXEFPIXS%VGLMXIGX)RKMRIIV
F-RWXEPPJM\IHIRHERGLSVEKIWTIVTIRHMGYPEVXS
XIRHSRE\MW8LIXVERWMXMSRGYVZEXYVIMRXIRHSRTVSJMPIWLEPP
RSXWXEVXGPSWIVXLERJXJVSQXLIJM\IHIRHERGLSVEKI
G 4PEGI JM\IHIRH ERGLSVEKIW MR JSVQ[SVO EX
PSGEXMSRWMRHMGEXIHSRXLIWLSTHVE[MRKWERHTSWMXMSRXLIQ
WIGYVIP]'SRGVIXIGSZIVVIUYMVIQIRXWSJJETTP]XS
JM\IHIRHERGLSVEKIW
H -R EKKVIWWMZI IRZMVSRQIRXWGETXLI[IHKI
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ERGLSVEKI XS GSQTPIXIP] WIEP XLI EVIE EKEMRWX QSMWXYVI
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XLI WEQI TSWXXIRWMSRMRK GSEXMRK QEXIVMEP YWIH SZIV XLI
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7LIEXLMRKMRWTIGXMSRERHVITEMV
E%JXIVMRWXEPPMRKXIRHSRWMRJSVQWERHFIJSVI
GSRGVIXI TPEGIQIRX MRWTIGX WLIEXLMRK JSV HEQEKI 6ITEMV
HEQEKIH EVIEW F] VIWXSVMRK TSWXXIRWMSRMRK GSEXMRK MR XLI
HEQEKIHEVIEERHVITEMVMRKXLIWLIEXLMRK7LIEXLMRKVITEMVW
WLEPP FI [EXIVXMKLX [MXLSYX EMV WTEGIW ERH EGGITXEFPI XS
%VGLMXIGX)RKMRIIV
F 9RPIWW SXLIV[MWI WTIGMJMIH JSV XIRHSRW MR
RSREKKVIWWMZI IRZMVSRQIRXW WQEPP XIEVW YT XS MR PSRK
WLEPP FI EPPS[IH [MXLSYX VITEMV MJ XLI HEQEKI MW WTEGIH E
QMRMQYQSJJXETEVXERHXLIXSXEPHEQEKIHPIRKXLMWPIWW
XLER SJXLIXIRHSRPIRKXL7LIEXLMRKHEQEKIMRI\GIWWSJ
XLEXWTIGMJMIHMRXLMWWIGXMSRWLEPPFIVITEMVIHEWEGGITXEFPI
XS%VGLMXIGX)RKMRIIV
6ITEMV E FVIEGL SV GMVGYQJIVIRXMEP WTPMX MR WLIEXLMRK -R
EKKVIWWMZIIRZMVSRQIRXWVITEMVHEQEKIWXSWLIEXLMRK
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%VGLMXIGX)RKMRIIV
8IRHSRXSPIVERGIW
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WLEPP FI GSRGIRXVMG [MXL XLI XIRHSR 8LI FIEVMRK TPEXI SV
ERGLSVEKI WLEPP FI TIVTIRHMGYPEV XS XLI HMVIGXMSR SJ XLI
XIRHSREXXLIERGLSVEKI
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SJ%'-JSVVIMRJSVGIQIRXTPEGIQIRXHMWXERGIFIX[IIR
VIMRJSVGIQIRX ERH GSRGVIXI GSZIV 8LIWI XSPIVERGIW ETTP]
WITEVEXIP] XS FSXL ZIVXMGEP ERH LSVM^SRXEP HMQIRWMSRW ERH
QE]FIHMJJIVIRXJSVIEGLHMVIGXMSRI\GITXXLEXMRWPEFWXLI
LSVM^SRXEPXSPIVERGIWLEPPRSXI\GIIHMRMRJXSJXIRHSR
PIRKXL
9RPIWWSXLIV[MWIWTIGMJMIHHIZMEXMSRWMRWMRKPI
WXVERHYRFSRHIHXIRHSRHIWMKRTVSJMPIWLEPPRSXI\GIIH
e MRJSVQIQFIVHITXLPIWWXLERSVIUYEPXSMR
e MRJSVQIQFIVHITXLKVIEXIVXLERMRERHPIWWXLER
SVIUYEPXSJXERH
e MRJSVQIQFIVHITXLKVIEXIVXLERJX
0EXIVEPHIZMEXMSRWMRYRFSRHIHXIRHSRPSGEXMSREVI
TIVQMXXIH MJ RIGIWWEV] XS EZSMH STIRMRKW HYGXW GLEWIW ERH
MRWIVXW7YGLHIZMEXMSRWWLEPPLEZIEVEHMYWSJGYVZEXYVIRSPIWW
XLERWXVERHHMEQIXIVW;LIRVEHMYWSJGYVZEXYVIPIWWXLER
WXVERH HMEQIXIVW MW RIGIWWEV] TVSZMHI EHHMXMSREP LEMVTMR
VIMRJSVGIQIRXXLEXMWEGGITXIHF]%VGLMXIGX)RKMRIIV
'SRGVIXITPEGIQIRX
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XIRHSRWHYVMRKGSRGVIXITPEGMRKERHGYVMRK
4PEGIQIRX{8LI TSWMXMSR SJ TSWXXIRWMSRMRK
XIRHSRW ERH RSRTVIWXVIWWIH VIMRJSVGIQIRX WLEPP VIQEMR
[MXLMR XSPIVERGI HYVMRK GSRGVIXI TPEGIQIRX )RWYVI XLEX
JSVQ[SVOMWWYJJMGMIRXP]VMKMHERHXIRHSRWYTTSVXWQEMRXEMR
XLIXIRHSRTVSJMPIHYVMRKGSRGVIXITPEGIQIRX
4VSXIGXMSR SJ XIRHSRW{7YTTSVX TYQT PMRIW
GLYXIWERHSXLIVGSRGVIXITPEGMRKIUYMTQIRXEFSZIXIRHSRW
8IRWMSRMRK
7IUYIRGI{7XVIWWXIRHSRWMRWIUYIRGIWTIGMJMIH
MR'SRXVEGX(SGYQIRXWEXEGSRGVIXIWXVIRKXLRSPIWWXLER
XLI WTIGMJMIH GSQTVIWWMZI WXVIRKXL ERH EX XLI GSRWXVYGXMSR
WXEKIWMRHMGEXIHMR'SRXVEGX(SGYQIRXW
8IRWMSRMRK QYPXMTPIWXVERH XIRHSRW{8IRWMSR
XIRHSRW GSQTSWIH SJ QYPXMTPI WXVERHW MR E GSQQSR HYGX
WMQYPXERISYWP]YRPIWWXLIXIRHSRMWHIWMKRIHJSVXLIWXVERHW
XSFIWXVIWWIHMRHMZMHYEPP]
8IRHSR WXVIWWMRK{8IRWMSR XLI TVIWXVIWWIH
VIMRJSVGIQIRXYWMRKL]HVEYPMGNEGOWIUYMTTIH[MXLETVIWWYVI
KEYKIGEPMFVEXIH XS XLI NEGO [MXLMRER EGGYVEG] SJTPYWSV
QMRYW 8LI TVIWWYVI KEYKI WLEPP LEZI KVEHYEXMSRW RS
PEVKIVXLERTWM
%TTP] XLI NEGOMRK JSVGI VIUYMVIH XS TVSHYGI XLI
TVIWXVIWWMRKJSVGIMRHMGEXIHMR'SRXVEGX(SGYQIRXWSVWLST
HVE[MRKW ERH QIEWYVI XLI XIRHSR IPSRKEXMSR :IVMJ] XLI
TVIWXVIWWMRK JSVGI MW WYJJMGMIRX F] GSQTEVMRK QIEWYVIH
IPSRKEXMSRWXSGEPGYPEXIHIPSRKEXMSRW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
-JXLIQIEWYVIHIPSRKEXMSRWHMJJIVJVSQGEPGYPEXIHIPSR
KEXMSRWF]QSVIXLER HIXIVQMRIXLIGEYWIERHGSVVIGX
XLI HMWGVITERG] &EWI IPSRKEXMSR GEPGYPEXMSRW SR EZIVEKI
ZEPYIWSJPSEHIPSRKEXMSRGYVZIWJSVXLITVIWXVIWWIHVIMR
JSVGIQIRXYWIH
*SVIEGLXIRHSROIITERHWYFQMXEVIGSVHSJXLIIPSRKEXMSRW
ERH XLI KEYKI TVIWWYVI VIEHMRKW (S RSX VIQSZI WXVIWWMRK
XEMPWKVSYXHYGXWSVKVSYXWXVIWWMRKTSGOIXWYRXMP%VGLMXIGX
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E )RWYVI XLEX JSVQ[SVO HSIW RSX VIWXVEMR
IPEWXMG WLSVXIRMRK HIJPIGXMSR SV GEQFIV VIWYPXMRK JVSQ
ETTPMGEXMSRSJXLITVIWXVIWWMRKJSVGI
F (S RSX VIQSZI JSVQ[SVO WYTTSVXW YRXMP
WYJJMGMIRX TVIWXVIWWMRK JSVGI MW ETTPMIH XS WYTTSVX XLI HIEH
PSEHJSVQ[SVOERHERXMGMTEXIHGSRWXVYGXMSRPSEHW
0SWW SJ TVIWXVIWWMRK JSVGI{8LI XSXEP PSWW SJ
TVIWXVIWWMRKJSVGIMRER]TSWXXIRWMSRIHWXVYGXYVEPGSRGVIXI
QIQFIVHYIXSYRVITPEGIHFVSOIRXIRHSRWWLEPPRSXI\GIIH
SJXLIXSXEPTVIWXVIWWMRKJSVGIYRPIWWSXLIV[MWIEGGITXIH
F]%VGLMXIGX)RKMRIIV
4VIZIRXMSR SJ HEQEKI XS XIRHSRW{(S RSX
I\TSWI XIRHSRW XS QIGLERMGEP HEQEKI [IPHMRK WTEVOW
JPEQISVIPIGXVMGKVSYRHGYVVIRXW(SRSXGSRHYGXFYVRMRK
ERH[IPHMRKSTIVEXMSRWMRXLIZMGMRMX]SJXIRHSRWI\GITXEW
TIVQMXXIHF]
8IRHSRJMRMWLMRK
8VMQQMRKXIRHSRW{%WWSSREWTVEGXMGEFPIEJXIV
EGGITXERGI SJ WXVIWWMRK VIGSVHW EGGSVHMRK XS F GYX
I\GIWW WXVERH PIRKXL 7XVERH PIRKXL TVSXVYHMRK FI]SRH
[IHKIWEJXIVGYXXMRKWLEPPRSX FIPIWWXLERMR'SRGVIXIGSZIV
JSVXLIXIRHSRXEMPWLEPPGSQTP][MXLJ*SVYRFSRHIH
XIRHSRW MJ GYXXMRK MW HIPE]IH QSVI XLER HE]W EJXIV
WXVIWWMRK TVSZMHI TVSXIGXMSR XS TVIZIRX QSMWXYVI JVSQ
VIEGLMRKXLIERGLSVEKIW
*SV YRFSRHIH XIRHSRW MR EKKVIWWMZI IRZMVSRQIRXW GYX
XIRHSR XEMPW [MXLMR SRI [SVOMRK HE] EJXIV EGGITXERGI SJ
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74)'-*-'%8-327*367869'896%0'32'6)8) %'-
MREGGSVHERGI [MXL %781 ' 6IGSVH XLI I\TERWMSR XIWX
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6IMRJSVGIQIRX{9WIHIJSVQIHVIMRJSVGMRKFEVWSV
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6IMRJSVGIQIRX
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4PEGMRK
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7)'8-32{-2(9786-%0*033670%&7
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WYTTSVXIH MRHYWXVMEP JPSSV WPEFW *SV GSRGVIXI WPEFWSR
KVSYRHXLEXEVIHIWMKREXIHEWMRHYWXVMEPJPSSVWPEFWTVSZMHI
QEXIVMEPW ERH GSRWXVYGX WPEFW EX PSGEXMSRW MRHMGEXIH ERH MR
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9RPIWW SXLIV[MWI WTIGMJMIH MRHYWXVMEP JPSSV
WPEFWWLEPPFIEXPIEWXMRXLMGO9RPIWWSXLIV[MWIWTIGMJMIH
MRHYWXVMEPJPSSVWWLEPPFIWYTTSVXIHF]EXPIEWXMRSJWTIGMJMIH
KVEHIHEKKVIKEXIFEWI
7YFQMXXEPW
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7IGXMSRWXLVSYKL TVSZMHIXLIJSPPS[MRKEWWTIGMJMIHMR
EXLVSYKLP
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HE]WMRPMQIWEXYVEXIH[EXIVWTIGMQIRWEVIWYFNIGXIHXS
HE]WSJQSMWX GYVMRKJSPPS[IH F] EXPIEWXHE]WSJEMV
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PIRKXL GLERKI WLEPP FI EX LSYVW • LSYV YTSR
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TPEGIQIRXJMRMWLMRKERHWTIGMJMIHGYVMRKTIVMSH
K1ERYJEGXYVIVvWHEXEWLIIXJSVNSMRXJMPPIV
L;LIRWTIGMJMIHQERYJEGXYVIVvWHEXEWLIIX
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M ;LIR WTIGMJMIH QERYJEGXYVIVvW HEXE WLIIX
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N .SMRXPE]SYX{4PER JSVNSMRX PE]SYX 9RPIWW
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%KKVIKEXIW
E 9RPIWWSXLIV[MWIWTIGMJMIHSVTIVQMXXIHYWI
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GSRJSVQMRKXSVIUYMVIQIRXWSJ
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MQTYVMXMIWMREHQM\XYVIMRKVIHMIRXWWLEPPRSXFIYWIH
F %MVIRXVEMRMRKEHQM\XYVIWEVITVSLMFMXIHMR
GSRGVIXIQM\XYVIWJSVYWIMRWPEFWXSVIGIMZIELEVHXVS[IPIH
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e
e
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6IMRJSVGIQIRX{;LIR WTIGMJMIH YWI HIJSVQIH
VIMRJSVGMRKFEVWXIRHSRWSVHIJSVQIHSVTPEMR[IPHIH[MVI
VIMRJSVGIQIRX QIIXMRK XLI VIUYMVIQIRXW SJ EX XLI
EQSYRXWWTIGMJMIHMR'SRXVEGX(SGYQIRXW7YTTSVXWWLEPPFI
YWIH EX E WTEGMRK XS VIWYPX MR VIMRJSVGIQIRX TPEGIQIRX
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0SEHXVERWJIV HIZMGIW{;LIR VIUYMVIH TVSZMHI
PSEHXVERWJIV HIZMGIW EX NSMRXW [LIVI MRHMGEXIH MR 'SRXVEGX
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YWI E X[SGSQTSRIRX WIQMVMKMH NSMRX JMPPIV QEXIVMEP 8LI
JMPPIVWLEPPLEZI WSPMHWEQMRMQYQ7LSVI%LEVHRIWW
SJ[LIRQIEWYVIHMREGGSVHERGI[MXL%781(ERH
ERIPSRKEXMSRFIPS[ [LIRQIEWYVIHMREGGSVHERGI[MXL
%781(
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JM\IHEFYXXMRKIPIQIRXWERHTIRIXVEXMSRW
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GSQTSYRHWWLEPPQIIX%781'SV%781'ERHFI
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0MUYMHWYVJEGIHIRWMJMIV{;LIRVIUYMVIH YWIER
EGGITXEFPIPMUYMHWYVJEGIHIRWMJMIVMREVIEW[LIVIWTIGMJMIH
1MRIVEP SV QIXEPPMG WLEOI WYVJEGI LEVHIRIVW{
;LIR VIUYMVIH YWI ER EGGITXEFPI HV]WLEOI LEVHIRIV MR
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WYVJEGIIPIZEXMSRMW[MXLMREXSPIVERGISJMRERHzMR
SJXLITPERRIHIPIZEXMSR8LMWFEWIWYVJEGIIPIZEXMSRXSPIVERGI
WLEPP FI QEMRXEMRIH HYVMRK TPEGIQIRX SJ GSRGVIXI ;LIR
VIUYMVIHMRWXEPPEGGITXEFPIZETSVVIXEVHIVMREGGSVHERGI[MXL
%781 ) HMVIGXP] FIRIEXL WPEF MR EVIEW MRHMGEXIH MR
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HYVMRK JMRMWLMRK ;LIR VIUYMVIH ETTP] WYVJEGI LEVHIRIV
EGGSVHMRKXSQERYJEGXYVIVvWVIGSQQIRHEXMSR
7YVJEGIXSPIVERGIW{9RPIWWEPXIVREXMZIXSPIVERGIW
EVIWTIGMJMIHXLIQMRMQYQSZIVEPPWYVJEGIJPEXRIWWWLEPPFI
**PIZIPRIWWWLEPPFI*0ERHPSGEPEVIEQMRMQYQWWLEPP
FI***0EWHIXIVQMRIHF]%781)
7YVJEGIXSPIVERGIWWLEPPFIQIEWYVIH[MXLMR
LSYVW EJXIV JMRMWLMRK ERH XIWX VIWYPXW WYFQMXXIH XS
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9RPIWW SXLIV[MWI WTIGMJMIH HS[IPIH GSRWXVYGXMSR NSMRXW
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VITPEGIWOMHTPEXIERHFPEHIEWVIGSQQIRHIHF]XLIIUYMTQIRX
QERYJEGXYVIVXSQMRMQM^IWE[GYXVEZIPMRK-RWXEPPWE[GYXW
TIVTIRHMGYPEV XS WPEF WYVJEGI 4VSXIGX NSMRXW JVSQ HEQEKI
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XLIJMRMWLIHWYVJEGI4PEGIQSMWXYVIVIXEMRMRKGSZIVMRKWMRE
QERRIV XS TVIZIRX WYVJEGI HMWGSPSVEXMSR SV QEVOMRK /IIT
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ERHHYVMRKXLIGYVMRKTIVMSH8IQTIVEXYVISJETTPMIH[EXIV
WLEPPRSXFIQSVIXLER”*GSPHIVXLERXLIGSRGVIXIWYVJEGI
XIQTIVEXYVI 9RPIWW SXLIV[MWI TIVQMXXIH HS RSX ETTP]
GYVMRK GSQTSYRH [LIVI WYFWIUYIRX JMRMWL JPSSVMRK SV
WYVJEGIHIRWMJMIVMWXSFIMRWXEPPIH;LIRTIVQMXXIHGYVMRK
GSQTSYRHW MRGPYHMRK XLSWI GSRWMHIVIH WIPJHMWWMTEXMRK
WLEPP FI QIGLERMGEPP] VIQSZIH F] QIXLSH EGGITXEFPI XS
JMRMWLJPSSVMRKSVWYVJEGIHIRWMJMIVQERYJEGXYVIV
0MUYMH WYVJEGI HIRWMJMIV{;LIR VIUYMVIH ETTP]
PMUYMH WYVJEGI HIRWMJMIV MR EGGSVHERGI [MXL QERYJEGXYVIVvW
VIGSQQIRHEXMSRW %JXIV XLI GYVMRK TIVMSH VIQSZI GYVMRK
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WYVJEGIW;LIR FEGO JEGI SJTVIGEWXGSRGVIXIYRMXMWXS FI
I\TSWIHMRGPYHIVIJIVIRGIWEQTPIWMPPYWXVEXMRK[SVOQERWLMT
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JYPPVERKISJGSPSVERHXI\XYVII\TIGXIHMRGPYHMRKNSMRXXVIEX
QIRX 4VSZMHI HVE[MRK SJ IEGL GSVRIV SV WTIGMEP WLETI [MXL
HMQIRWMSRWMJRSXMRGPYHIHSRHIWMKRVIJIVIRGIWEQTPI
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FIJSVI JEFVMGEXMRK '% QIQFIVW SV EVGLMXIGXYVEP TVIGEWX
GSRGVIXIYRMXWTVSHYGIERHWYFQMXEXPIEWXX[SWEQTPITERIPW
IEGL[MXLEXPIEWXJXMREVIEJSVVIZMI[F]%VGLMXIGX
)RKMRIIV -RGSVTSVEXI JYPPWGEPI HIXEMPW SJ EVGLMXIGXYVEP
JIEXYVIWJMRMWLIWXI\XYVIWERHXVERWMXMSRWMRXLIWEQTPITERIPW
0SGEXI WEQTPI TERIPW [LIVI MRHMGEXIH MR
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WEQTPI TERIPW JSV IEGL JMRMWL GSPSV ERH XI\XYVI ERH
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74)'-*-'%8-327*367869'896%0'32'6)8) %'-
%JXIV EGGITXERGI SJ VITEMV XIGLRMUYI QEMRXEMR
SRI WEQTPI TERIP EX QERYJEGXYVIVvW TPERX ERH SRI EX XLI
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NYHKMRKXLIGSQTPIXIH;SVO
(IQSPMWL ERH VIQSZI WEQTPI TERIPW [LIR
HMVIGXIH
6ERKIWEQTPITERIPW{;LIRTVIGEWXEVGLMXIGXYVEP
GSRGVIXIYRMXWEVIWTIGMJMIHEJXIVWEQTPITERIPEGGITXERGIERH
FIJSVI WXEVXMRK TVSHYGXMSR SJ TVIGEWX EVGLMXIGXYVEP GSRGVIXI
YRMXW TVSHYGI ERH WYFQMX [LIR VIUYMVIH EX PIEWX XLVII
WEQTPIWIEGL[MXLEXPIEWXJXMREVIEVITVIWIRXMRKERXMGMTEXIH
VERKISJIEGLGSPSVERHXI\XYVISR4VSNIGXvWYRMXW*SPPS[MRK
VERKI WEQTPI EGGITXERGI F] %VGLMXIGX)RKMRIIV QEMRXEMR
EGGITXIHVERKIWEQTPITERIPWEXXLIQERYJEGXYVIVvWTPERXEW
GSPSVERHXI\XYVIEGGITXEFMPMX]VIJIVIRGI
1SGOYTW{;LIRVIUYMVIHGSRWXVYGXQSGOYTWXS
HIQSRWXVEXI EIWXLIXMG IJJIGXW ERH WIX UYEPMX] WXERHEVHW JSV
QEXIVMEPW ERH I\IGYXMSR 1SGOYT WLEPP FI GSRWXVYGXIH EJXIV
WEQTPIERHVERKIWEQTPIEGGITXERGIFYXFIJSVITVSHYGXMSRSJ
TVIGEWX WXVYGXYVEP QIQFIVW [MXL ER EVGLMXIGXYVEP JMRMWL SV
TVIGEWX EVGLMXIGXYVEP GSRGVIXI YRMXW 1SGOYT WLEPP FI
VITVIWIRXEXMZI SJ XLI JMRMWLIH ;SVO MRGPYHMRK KPEWW
EPYQMRYQ JVEQMRK WIEPERXW ERH TVIGEWX GSRGVIXI GSQTPIXI
[MXL ERGLSVW GSRRIGXMSRW JPEWLMRKW ERH NSMRX JMPPIVW EW
EGGITXIH SR XLI JMREP WLST HVE[MRKW &YMPH QSGOYTW XS
GSQTP][MXLXLIJSPPS[MRKVIUYMVIQIRXWYWMRKQEXIVMEPWMRHM
GEXIHJSVGSQTPIXIH;SVO
E &YMPH QSGOYTW MR XLI PSGEXMSR ERH SJ XLI
WM^IMRHMGEXIHMR'SRXVEGX(SGYQIRXW
F 2SXMJ] %VGLMXIGX)RKMRIIV MR EHZERGI SJ
HEXIWERHXMQIW[LIRQSGOYTW[MPPFIGSRWXVYGXIH
G 3FXEMR%VGLMXIGX)RKMRIIVvW EGGITXERGI SJ
QSGOYTWFIJSVIJEFVMGEXMSR
H 1EMRXEMR QSGOYTW HYVMRK GSRWXVYGXMSR MR
ERYRHMWXYVFIHGSRHMXMSREWEWXERHEVHJSVNYHKMRKGSQTPIXIH
;SVO
I (IQSPMWL ERH VIQSZI QSGOYTW [LIR
HMVIGXIH (S RSX YWI QSGOYT MR TEVX SJ GSQTPIXIH ;SVO
YRPIWWTIVQMXXIHF]%VGLMXIGX)RKMRIIV
J 8IWXMRK QSGOYT{;LIR VIUYMVIH F]
'SRXVEGX(SGYQIRXWTVSZMHIEWMRKPIJYPPWM^IHQSGOYTJSV
XIWXMRKF]SXLIVWXSXLII\XIRXMRHMGEXIHMR'SRXVEGX(SGYQIRXW
XSWMQYPEXITVIGEWXGSRGVIXIERH[MRHS[[EPPEWWIQFP]
{4VSHYGXW
;MRHS[ [EWLMRK W]WXIQ{;LIR WYTTSVX SJ
[MRHS[[EWLMRKW]WXIQMWWTIGMJMIHHIWMKRTVIGEWXGSRGVIXI
YRMXWWYTTSVXMRK[MRHS[[EWLMRKW]WXIQXSVIWMWXWTIGMJMIH
PSEHWXVERWQMXXIHJVSQ[MRHS[[EWLMRKIUYMTQIRX
7XSRI XS TVIGEWX GSRGVIXI ERGLSVEKIW{-J WXSRI
ZIRIIVTVIGEWXGSRGVIXIYRMXWEVIWTIGMJMIHTVSZMHIRYQFIV
ERHX]TIWSJERGLSVWEWVIUYMVIH
*SVQPMRIVW{;LIRJSVQPMRIVWEVIWTIGMJMIHXLI
HIWMKRXI\XYVIEVVERKIQIRXERHGSRJMKYVEXMSRWLEPPQEXGL
XLSWIYWIHJSVXLITVIGEWXGSRGVIXIHIWMKRVIJIVIRGIWEQTPI
4VSZMHIWSPMHFEGOMRKERHJSVQWYTTSVXWXSIRWYVIXLEXJSVQ
PMRIVWVIQEMRMRTPEGIHYVMRKGSRGVIXITPEGIQIRX9WI[MXL
QERYJEGXYVIVvW VIGSQQIRHIH JSVQVIPIEWI EKIRX XLEX [MPP
RSXFSRH[MXLWXEMRSVEHZIVWIP]EJJIGXLEVHIRMRKSJTVIGEWX
GSRGVIXIWYVJEGIWERH[MPPRSXMQTEMVWYFWIUYIRXWYVJEGISV
NSMRXXVIEXQIRXWSJTVIGEWXGSRGVIXI
7YVJEGI VIXEVHIV{;LIR WTIGMJMIH SV TIVQMXXIH
YWIGLIQMGEPWIXVIXEVHIVXSHIPE]WIXXMRKSJJVIWLP]TPEGIH
GSRGVIXIXSWTIGMJMIHHITXLSJVIZIEP
8LMRERHLEPJFVMGOYRMXWERHEGGIWWSVMIW
;LIRWTIGMJMIH LEPJFVMGO YRMXWWLEPPGSQTP]
[MXL%781'SV%781'ERHQIIXXLIX]TIKVEHI
JEGIWM^IERHHMQIRWMSREPXSPIVERGIWWTIGMJMIHMR'SRXVEGX
(SGYQIRXW
9RPIWW SXLIV[MWI WTIGMJMIH SV TIVQMXXIH
TVSZMHIXLMRFVMGOYRMXWQIIXMRKXLIVIUYMVIQIRXWKMZIRMR
EXSQ
E 8LMGORIWW ERH XSPIVERGIW{8LMGORIWW RSX
PIWWXLERMRRSVQSVIXLERMR[MXLERSZIVEPPXSPIVERGI
SJMRzMRJSVER]YRMXHMQIRWMSRMRSVPIWWERHER
SZIVEPPXSPIVERGISJMRzMRJSVER]YRMXHMQIRWMSR
KVIEXIVXLERMRQIEWYVIHEGGSVHMRKXS%781'
F 'SPH [EXIV EFWSVTXMSR EX LSYVW{
1E\MQYQ [LIRXIWXIHMREGGSVHERGI[MXL%781'
G )JJPSVIWGIRGI{4VSZMHIFVMGOXLEXLEWFIIR
XIWXIHEGGSVHMRKXS%781'ERHVEXIHwRSXIJJPSVIWGIHx
H 3YX SJ WUYEVI{4PYW SV QMRYW MR
QIEWYVIHEGGSVHMRKXS%781'
I ;EVTEKI{4PYW QMRYW MR [LIR
XIWXIHMREGGSVHERGI[MXL%781'
J :EVMEXMSRSJWLETIJVSQWTIGMJMIHERKPI{
4PYWSVQMRYWHIKVII
K 8IRWMPI FSRH WXVIRKXL ERH VIWMWXERGI XS
JVII^MRK ERH XLE[MRK{8IRWMPI FSRH WXVIRKXL EGGSVHMRK XS
%781)EWQSHMJMIHFIPS[WLEPPRSXFIPIWWXLERTWM
FIJSVIERHEJXIVJVII^MRKERHXLE[MRKXIWXMRK*VII^MRKERH
XLE[MRK XIWXMRK MR EGGSVHERGI [MXL 1IXLSH & SJ %781
''1 WLEPP FI VYR JSV G]GPIW ERH WTIGMQIRW
WLEPPWLS[RSHIXIGXEFPIHIXIVMSVEXMSR
4VITEVIXIWXWTIGMQIRWQIEWYVMRK\MR[MXLFVMGO
IQFIHHIHMRXSEGSRGVIXIWYFWXVEXI EWWIQFPIHW]WXIQ JSV
XIRWMPIFSRHWXVIRKXLERHVIWMWXERGIXSJVII^MRKERHXLE[MRK
XIWXMRK (MZMHI XIWX WTIGMQIRW [MXL JMZI HIWMKREXIH EW
7EQTPI % EWWIQFPMIW ERH JMZI HIWMKREXIH EW 7EQTPI &
EWWIQFPMIW7TIGMQIRWLEPPLEZIEXLMGORIWWSJEXPIEWXMR
TPYW FVMGO XLMGORIWW 'SRGVIXI WLEPP LEZI E GSQTVIWWMZI
WXVIRKXL SJ EX PIEWX TWM ERH XS IRXVEMRIH EMV
)QFIHHIHFVMGOGSYVWMRKTEXXIVRJSVXIWXWTIGMQIRWWLEPPFI
QSHYPEV WM^I FVMGO MR \ MR SR E LEPJ VYRRMRK
FSRHTEXXIVR[MXLEJSVQIHVEOIHNSMRXKISQIXV]SJRSPIWWXLER
MR[MHIERHEHITXLRSKVIEXIVXLERMRJVSQXLII\XIVMSV
JEGISJXLIFVMGO
3RI FVMGO JVSQ XLI GIRXIV SJ IEGL 7EQTPI % EWWIQFP]
WLEPPFIXIWXIHJSVXIRWMPIFSRHWXVIRKXL-RTPEGISJERGLSV
WTIGMJMIHMR%781)YWIMRQMRMQYQXLMGORIWWWXIIP
TPEXISJWEQIWM^IEWWMRKPIFVMGOJEGIFSRHIH[MXLITS\]XSE
WMRKPIFVMGOJEGIJSVIEGLXIRWMPIFSRHWXVIRKXLXIWX8LIWXIIP
TPEXI WLEPP LEZI E GIRXVEPP] PSGEXIH TYPPVSH [IPHIH XS XLI
TPEXI )EGL 7EQTPI & EWWIQFP] WLEPP JMVWX FI XIWXIH JSV
JVII^MRKERHXLE[MRK VIWMWXERGI MR EGGSVHERGI [MXL %781
''1 1IXLSH & 7YFWIUYIRX XS XLI JVII^MRKERH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
XLE[MRKVIWMWXERGIXIWXMRKSRIFVMGOJVSQXLIGIRXIVSJIEGL
7EQTPI&EWWIQFP]WLEPPFIXIWXIHJSVXIRWMPIFSRHWXVIRKXL
M1SHYPYWSJVYTXYVI{2SXPIWWXLERTWM
[LIRXIWXIHMREGGSVHERGI[MXL%781'
N 'LIQMGEPVIWMWXERGI{6EXIHwRSXEJJIGXIHx
[LIRXIWXIHEGGSVHMRKXS%781'
O 7YVJEGI GSPSVMRK{&VMGO WTIGMJMIH [MXL
WYVJEGIGSPSVMRKSXLIVXLERJPEWLIHSVWERHJMRMWLIHFVMGO
WLEPP[MXLWXERHG]GPIWSJJVII^MRKERHXLE[MRKEGGSVHMRK
XS %781 ' [MXL RS SFWIVZEFPI HMJJIVIRGI MR ETTPMIH
JMRMWL[LIRZMI[IHMRHE]PMKLXJVSQJX
P ;LIR WTIGMJMIH JEGI GSPSV ERH XI\XYVI WLEPP
QEXGLHIWMKRVIJIVIRGIWEQTPIEGGITXIHF]%VGLMXIGX)RKMRIIV
Q ;LIR WTIGMJMIH TVSZMHI FEGO WYVJEGI
XI\XYVIMREGGSVHERGI[MXL'SRXVEGX(SGYQIRXW
+PE^IH ERH YRKPE^IH GIVEQMG XMPI YRMXW{9RPIWW
SXLIV[MWI WTIGMJMIH YRMX TVSTIVXMIW WLEPP GSQTP] [MXL XLI
JSPPS[MRK
e 8LMGORIWWSJYRMXWWLEPPRSXFIPIWWXLERMR
e &SH]SJKPE^IHXMPIWLEPPLEZI[EXIVEFWSVTXMSRSJPIWW
XLER YWMRK%781'
e 1ERYJEGXYVIVWLEPP[EVVERXQEXIVMEPWEWJVSWXVIWMWXERX
ERH
e +PE^IHYRMXWWLEPPGSRJSVQXS%781'
%VGLMXIGXYVEP XIVVE GSXXE YRMXW{;LIR XIVVE
GSXXEMWWTIGMJMIHYRMXWWLEPPGSQTP][MXLVIUYMVIQIRXWSJ
EVGLMXIGXYVEPXIVVEGSXXEQERYJEGXYVIVvWWXERHEVHWJSVXLI
ETTPMGEXMSRMRHMGEXIH
7IXXMRK QSVXEV{9RPIWW SXLIV[MWI WTIGMJMIH
QSVXEVJSVWIXXMRKXLMRSVLEPJFVMGOGIVEQMGXMPISVXIVVEGSXXE
YRMXNSMRXWFIJSVITPEGMRKTVIGEWXGSRGVIXIWLEPPYWIFEGOYT
GSRGVIXI SV TSVXPERH GIQIRX %781 ' 8]TI - ERH
GPIERREXYVEPWERH%781'1M\EXEVEXMSSJSRITEVX
TSVXPERH GIQIRX XS JSYV TEVXW WERH F] FYPO ZSPYQI [MXL
QMRMQYQ[EXIVVIUYMVIHJSVTPEGIQIRX
0EXI\ TSVXPERH GIQIRX TSMRXMRK KVSYX{;LIR
'SRXVEGX (SGYQIRXW WTIGMJ] JMPPMRK FVMGO YRMX NSMRXW EJXIV
TVIGEWXGSRGVIXITERIPTVSHYGXMSRYRPIWWSXLIV[MWIWTIGMJMIH
YWITSMRXMRK KVSYX GSRJSVQMRK XS %27- % MRGPYHIH MR
%27-% ERHQIIXMRKSVSVFSXL
(V]KVSYXQM\XYVIJEGXSV]TVITEVIHSJTSVXPERH
GIQIRXKVEHIHEKKVIKEXIERHHV]VIHMWTIVWMFPIIXL]PIRI
ZMR]PEGIXEXIEHHMXMZIJSVQM\MRK[MXL[EXIV
'SQQIVGMEP TSVXPERH GIQIRX KVSYX JEGXSV]
TVITEVIH [MXL PMUYMH WX]VIRIFYXEHMIRI VYFFIV SV EGV]PMG
VIWMRPEXI\EHHMXMZI
'SPSVW{9RPIWWSXLIV[MWIWTIGMJMIHSVTIVQMXXIH
GSPSVSJTSMRXMRKKVSYXWLEPPQEXGLHIWMKRVIJIVIRGIWEQTPI
7IXXMRKW]WXIQWJSVFVMGOERHGIVEQMGXMPI{;LIR
XLMRERHJYPPFVMGOSVGIVEQMGXMPIMWPEMHEJXIVGEWXMRKYRMX
GSQTP][MXLXLIVIUYMVIQIRXWMR'SRXVEGX(SGYQIRXW
9RPIWWSXLIV[MWIWTIGMJMIHWIXXMRKW]WXIQW[MXLXLMRERH
JYPPFVMGOSVGIVEQMGXMPIPEMHEJXIVGEWXMRKTVIGEWXGSRGVIXI
YRMXWWLEPPGSRJSVQXS SV
8LMRFVMGOERHGIVEQMGXMPIYRMXWWLEPPFIWIX
YWMRKHV]WIXQSVXEVGSRJSVQMRKXS%27-% MRGPYHIH
MR %27- % SV PEXI\TSVXPERH GIQIRX QSVXEV
GSRJSVQMRKXS%27-% MRGPYHIHMR%27-% *SVJYPPFVMGOYRMXWYWIKEPZERM^IHSVWXEMRPIWW
WXIIPHSZIXEMPWPSXWMRTVIGEWXGSRGVIXIRSXPIWWXLERMR
XLMGO JIPX SV JMFIVJMPPIH HSZIXEMP WPSXW SV GSZIV JEGI
STIRMRKSJWPSXWEWWTIGMJMIHMR'SRXVEGX(SGYQIRXW
7XSRI JEGMRK{;LIR WTIGMJMIH TVSZMHI WXSRI
JEGMRK JSV TVIGEWX GSRGVIXI QIIXMRK XLI JSPPS[MRK VIUYMVI
QIRXWERH'SRXVEGX(SGYQIRXW
8SPIVERGISJPIRKXLERH[MHXLSJzMR
%RGLSVWWLEPPFIWXEMRPIWWWXIIP%781%
8]TISJXIQTIVHMEQIXIVERHIQFIHQIRXVIUYMVIHXS
WYTTSVXPSEHW[MXLSYXI\GIIHMRKEPPS[EFPIHIWMKRWXVIWWIW
;LIREJPI\MFPIWIEPERXQEXIVMEPMWWTIGMJMIH
JSV JMPPMRK ERGLSV LSPIW YWI E PS[QSHYPYW WIEPERX XLEX MW
RSRWXEMRMRKXSWXSRIWYFWXVEXIERHXLEXGSQTPMIW[MXL%781
'
;LIR VMKMH JMPPIV MW WTIGMJMIH XS VIWMWX [EXIV
TIRIXVEXMSRMRERGLSVLSPIWYWIITS\]GSRJSVQMRKXS%781
''1 WSPMHWWERHJMPPIH[MXLEQE\MQYQWERH
XSFMRHIVVEXMSFIX[IIRERHRSRWLVMROMRKRSRWXEMRMRKSJE
X]TIGPEWWERHKVEHIXSWYMXETTPMGEXMSR
-J JMPPMRK ERGLSV LSPIW [MXL VMKMH ITS\] JMX
IEGL ERGLSV PIK [MXL (YVSQIXIV RISTVIRI KVSQQIX
GSPPEVLEZMRKE[MHXLEXPIEWXX[MGIXLIHMEQIXIVERHPIRKXL
EXPIEWXJMZIXMQIWXLIERGLSVHMEQIXIV
&SRH FVIEOIV{9RPIWW SXLIV[MWI WTIGMJMIH
FSRH FVIEOIV FIX[IIR WXSRI ERH TVIGEWX GSRGVIXI WLEPP FI
TSP]IXL]PIRIWLIIX%781(XSQMPXLMGO
*SVQJEFVMGEXMSR
+IRIVEP{'SRWXVYGX QSVXEVXMKLX JSVQW SJ
WYJJMGMIRX WXVIRKXL XS [MXLWXERH TVIWWYVIW HYI XS GSRGVIXI
TPEGIQIRX ZMFVEXMSR STIVEXMSRW ERH XIQTIVEXYVI GLERKIW
'SEX GSRXEGX WYVJEGIW SJ QSPHW [MXL VIPIEWI EKIRX FIJSVI
VIMRJSVGIQIRXMWTPEGIH
1EMRXEMR JSVQW XS TVSZMHI GSQTPIXIH TVIGEWX GSRGVIXI
YRMXW SJ WLETIW PMRIW ERH HMQIRWMSRW [MXLMR %'- -8+
JEFVMGEXMSR XSPIVERGIW *SVQ NSMRXW EVI TVSLMFMXIH SR JEGIW
I\TSWIHXSZMI[MRXLIJMRMWLIH;SVO
E8LMRERHLEPJFVMGOJEGMRK{;LIRXLMRSV
LEPJFVMGOJEGMRKWEVIWTIGMJMIHTPEGIJSVQPMRIVXIQTPEXIW
EGGYVEXIP] XS TVSZMHI KVMH JSV FVMGO JEGMRKW 4VSZMHI WSPMH
FEGOMRKERHWYTTSVXWXSQEMRXEMRPMRIVWXEFMPMX][LMPITPEGMRK
FVMGOWERHHYVMRKGSRGVIXITPEGIQIRX7IGYVIP]TPEGIFVMGO
YRMXW JEGIHS[R MRXS JSVQ PMRIV TSGOIXW ERH TPEGI TVIGEWX
GSRGVIXIFEGOMRKQM\XYVIW'PIERJEGIWERHNSMRXWSJFVMGO
JEGMRK
F*SVQPMRIVW{4PEGIJSVQPMRIVWXSTVSZMHI
JMRMWLIHWYVJEGIETTIEVERGIMRHMGEXIHMR'SRXVEGX(SGYQIRXW
4VSZMHIWSPMHFEGOMRKERHWYTTSVXWXSQEMRXEMRPMRIVWXEFMPMX]
HYVMRK GSRGVIXI TPEGIQIRX 'SEX JSVQ PMRIV [MXL JSVQ
VIPIEWIEKIRXXLEX[MPPRSXEJJIGXJSVQPMRIVQEXIVMEP
7XSRIJEGMRKMRWXEPPEXMSR{;LIRWXSRIJEGMRKWEVI
WTIGMJMIH EGGYVEXIP] TSWMXMSR WXSRI JEGMRKW MR PSGEXMSRW
MRHMGEXIHMR'SRXVEGX(SGYQIRXW
-RWXEPPWTVMRKGPMTWERGLSVWWYTTSVXWERHSXLIVEXXEGLQIRXW
MRHMGEXIH SV RIGIWWEV] XS WIGYVI WXSRI MR TPEGI 1EMRXEMR
QMRMQYQIQFIHQIRXHITXLVIUYMVIQIRXWSJWXSRIERGLSVW
MRXS GSRGVIXI WYFWXVEXIW 3VMIRX WXSRI ZIMRMRK MR HMVIGXMSR
MRHMGEXIHMR 'SRXVEGX(SGYQIRXW7TEGIERGLSVWEXPIEWXMR
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
JVSQERIHKIERHTVSZMHIRSPIWWXLERX[SERGLSVWTIVWXSRI
YRMXSJPIWWXLERJXMREVIEERHJSYVERGLSVWTIVYRMXSJPIWW
XLERJXMREVIE*SVYRMXWPEVKIVXLERJXMREVIETVSZMHI
ERGLSVW WTEGIH RS QSVI XLER XS MR SR GIRXIV
HITIRHMRKSRXLIPSGEPFYMPHMRKGSHIERH[MRHPSEHMRK9WI
GSRXMRYSYWWTEGIVWXSSFXEMRYRMJSVQNSMRXWSJ[MHXLWMRHM
GEXIH MR 'SRXVEGX (SGYQIRXW ERH [MXL IHKIW ERH JEGIW
EPMKRIHEGGSVHMRKXSWTIGMJMIHTEXXIVRERHXSPIVERGIW)RWYVI
RS TEWWEKI SJ GSRGVIXI QEXVM\ XS WXSRI WYVJEGI SV NSMRXW
FIX[IIRWXSRIW
*YVRMWL ERH MRWXEPP WIEPERX FEGOMRKW ERH
WIEPERXMRXSWXSRIXSWXSRINSMRXWERHWXSRIXSGSRGVIXINSMRXW
SR IEGL YRMX %TTP] E GSRXMRYSYW WIEPERX FIEH EPSRK FSXL
WMHIWERHXSTSJTVIGEWXGSRGVIXIYRMXWEXXLIWXSRITVIGEWX
GSRGVIXIMRXIVJEGI(SRSXWIEPFSXXSQIHKISJYRMX
7XSRI ERGLSV WLIEV ERH XIRWMPI XIWXMRK{
)RKEKI EGGVIHMXIH XIWXMRK EKIRG] EGGITXEFPI XS %VGLMXIGX
)RKMRIIVXSIZEPYEXIERHXIWXXLITVSTSWIHWXSRIERGLSVEKI
W]WXIQ 7YFQMX UYEPMJMGEXMSRW SJ WIPIGXIH XIWXMRK EKIRG]
4VSZMHIX[SWIXWSJWM\WXSRIWEQTPIW\MR[MXLWXSRI
SJTVSTSWIHXLMGORIWW8IWXJSVWLIEVERHXIRWMPIWXVIRKXLSJ
TVSTSWIHWXSRIERGLSVEKIW]WXIQMREGGSVHERGI[MXL%781
)SV%781''1QSHMJMIHEWJSPPS[W
e &IJSVIXIWXMRK WYFQMX JSV EGGITXERGI E HIWGVMTXMSR SJ
XLIXIWXEWWIQFP] MRGPYHMRKTIVXMRIRXHEXESRQEXIVMEPW XIWXETTEVEXYWERHTVSGIHYVIW
e 8IWXWXSRIERGLSVWSJXLIWM^IWERHWLETIWTVSTSWIHJSV
XLIMRWXEPPEXMSRERH
e 8IWXXLIEWWIQFP]XSJEMPYVIERHVIGSVHXLIXIWXPSEHEX
JEMPYVI6IGSVHXLIX]TISJJEMPYVIERGLSVTYPPSYXWXSRI
FVIEOEKI ERH SXLIV TIVXMRIRX MRJSVQEXMSR MR EGGSVHERGI
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VIUYMVIHJSVHYVEFMPMX]GSRWMHIVEXMSRW*SVJPSSVWXLIWTIGMJMIHGSQTVIWWMZIWXVIRKXLJG [MPPKIRIVEPP]HITIRHYTSR
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TWMSVLMKLIV6IJIVXS%'-6JSVKYMHERGISRGSQTVIWWMZIWXVIRKXLWXSWTIGMJ]JSVZEVMSYWGPEWWIWSJJPSSVW
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7TIGMJ]VIUYMVIQIRXWSJFEWIERHWYFKVEHITVITEVEXMSR7TIGMJ]XLIXIWXQIXLSHWJSVFEWIERHWYFKVEHI
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ERHXIQTIVEXYVIHMJJIVIRGIWQYWXFIGSRXVSPPIHHYIXSJEGXSVWMRGPYHMRKXLIGIQIRXMXMSYWGSRXIRXX]TISJGIQIRXM
XMSYWQEXIVMEPWIRZMVSRQIRXWYVVSYRHMRKTPEGIQIRXERHQMRMQYQHMQIRWMSRSJTPEGIQIRXWLSYPHFIHIWMKREXIH
QEWWGSRGVIXI
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EGGIPIVEXMRKEHQM\XYVIWSVGIQIRXMXMSYWQEXIVMEPWMRI\GIWWSJPF]HSJGSRGVIXI'SRWMHIVEXMSRWLSYPHEPWSFI
KMZIRXSTPEGIQIRXWXLEXXVETLIEX
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7TIGMJ]TVSSJVSPPMRKTVSGIHYVIQIXLSHSJEGGITXERGIERHGSVVIGXMZIVIUYMVIQIRXW[LIRYREGGITXEFPIQEXIVMEP
MWMHIRXMJMIH6IJIVXS%'-6ERH6JSVKYMHERGI
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e 'EXIKSV]% %VGLMXIGXYVEP7]WXIQW JSVRSRPSEHFIEVMRKQIQFIVW
e 'EXIKSV]7 7MQTPI7XVYGXYVEP7]WXIQW JSVLSVM^SRXEPHIGOMRKQIQFIVWERHWMRKPIPMJX[EPPTERIPWERH
e 'EXIKSV]7 'SQTPI\7XVYGXYVEP7]WXIQW JSVPSEHFIEVMRKQIQFIVW
7TIGMJ]MR'SRXVEGX(SGYQIRXWXLI+VSYTERH'EXIKSV]JSVXLIJEFVMGEXSV
e +VSYT%
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7TIGMJ]JMVIVEXMRKMRLSYVWSJTVIGEWXGSRGVIXIQIQFIVW
E
7TIGMJ]X]TIERHQMRMQYQXIRWMPIWXVIRKXLSJTVIWXVIWWMRKWXIIP
7TIGMJ]KVEHIWX]TIWERHWYVJEGIJMRMWLSJWXIIPGSRRIGXMSRQEXIVMEPW
7TIGMJ]WXVIRKXLSJKVSYXMR'SRXVEGX(SGYQIRXW
7TIGMJ]TVIGEWXGSRGVIXIQIQFIVWM^IWERHWLETIWMR'SRXVEGX(SGYQIRXW
7TIGMJ]GEWXMRVIKPIXWWPSXWLSPIWERHEGGIWWSVMIWMR'SRXVEGX(SGYQIRXW
7TIGMJ]GSQTVIWWMZIWXVIRKXLEXVIPIEWISJTVIWXVIWWMRKJSVGI
I
7TIGMJ][LIVIETTIEVERGIMWGVMXMGEPSVI\TSWYVIMWWIZIVI
7TIGMJ]JMRMWL-JQSVIXLERSRIJMRMWLMWVIUYMVIHGVIEXIEJMRMWLWGLIHYPIMR'SRXVEGX(SGYQIRXW*MRMWLIWEVIMR
EWGIRHMRK SVHIV SJ JMRMWLUYEPMX] ERH GSWX7TIGMJ] SXLIVWTIGMJMG JMRMWL VIUYMVIQIRXW XS WYMX4VSNIGX 7TIGMJ]XLI
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VIKEVHMRKXLIJMRMWLIWETTVSTVMEXIJSVZEVMSYWQIQFIVWERHGSWXIJJIGXMZIRIWW'SSVHMREXITVIGEWXGSRGVIXIJMRMWLIW
[MXLVIUYMVIHJPSSVGIMPMRKVSSJHIGOJMRMWLIWSVXSTTMRKW
7TIGMJ]'SQQIVGMEP+VEHI[LIRXLIQIQFIV[MPPRSXFIZMWMFPIMRXLIGSQTPIXIHWXVYGXYVISV[LIRXLIJYRGXMSR
SJXLIWXVYGXYVIHSIWRSXVIUYMVIERIRLERGIHWYVJEGI8LMWMWIWWIRXMEPP]ERwEWGEWXxJMRMWL
7TIGMJ]7XERHEVH+VEHI[LIVIQIQFIVWEVII\TSWIHXSZMI[FYXXLIJYRGXMSRSJXLIWXVYGXYVIHSIWRSXVIUYMVIE
WTIGMEPJMRMWL8LIWYVJEGIMWWYMXEFPIJSVERETTPMIHXI\XYVIHGSEXMRKFYXRSXRIGIWWEVMP]WYMXEFPIJSVTEMRXMRK8LMWMW
XLIX]TMGEPJMRMWLKVEHIJSVWXVYGXYVEPQIQFIVW
7TIGMJ] +VEHI & *MRMWL SR ZMWYEPP] I\TSWIH WXVYGXYVEP QIQFIVW WYGL EW GSPYQRW SV [EPPW +VEHI & *MRMWL MW
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XLIVIUYMVIQIRXWEWEwWTIGMEPJMRMWLx6IUYMVIQIRXWJSV+VEHI%*MRMWLEVIRSXETTPMGEFPIXSI\XVYHIH QIQFIVW
QERYJEGXYVIH[MXL^IVSWPYQTGSRGVIXI
7TIGMJ]MRTPEGIWXVIRKXLSJWYTTSVXMRKGEWXMRTPEGIJSYRHEXMSRERHFYMPHMRKWXVYGXYVEPJVEQMRKGSRGVIXIVIUYMVIH
FIJSVIMRWXEPPEXMSRSJTVIGEWXGSRGVIXIQIQFIVW
F
7TIGMJ]FSPXXSVUYI
4VIGEWXEVGLMXIGXYVEPGSRGVIXI
7TIGMJ]XLIVIUYMVIH4'-'EXIKSV]ERH+VSYT
7TIGMJ]MR'SRXVEGX(SGYQIRXW[LIVIWEQTPITERIPWEVIXSFIPSGEXIH
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7TIGMJ]VIUYMVIQIRXWJSVXLMRERHJYPPFVMGOSVGIVEQMGXMPI
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7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
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MRGPYHI[VMXXIRERHTIVJSVQERGIIZEPYEXMSRWEWHIWGVMFIHMR%'-'4
7TIGMJ]MJSXLIVXIWXMRKEVVERKIQIRXWEVIVIUYMVIH
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TPEGIQIRX ERH YRXMP XLVIIGSRWIGYXMZIFEXGLIW LEZIEMV GSRXIRXW [MXLMRXLIVERKI WTIGMJMIHMR FEX [LMGL
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WTIGMJMIHMRFEX[LMGLXMQIXIWXMRKSJIEGLFEXGLQE]FIVIWYQIHYRXMPXLVIIGSRWIGYXMZIFEXGLIWLEZIEMV
GSRXIRXW[MXLMRXLIVERKIWTIGMJMIHMRF
7TIGMJ]EHHMXMSREPXIWXMRKERHMRWTIGXMSRWWIVZMGIWHIWMVIHJSVXLI;SVOMJETTPMGEFPI6IJIVXS%'-6%'6ERHJSVWTIGMJMGMRWTIGXMSRMXIQWXLEXQE]FIETTVSTVMEXI
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XLIHIPMZIV]TSMRXWTIGMJ]XLEXGSRGVIXIMWXSFIWEQTPIHEXXLIWISXLIVPSGEXMSRWJSVXIWXMRK6IJIVXSXLIHMWGYWWMSR
YRHIV 3TXMSREP6IUYMVIQIRXWMR
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6IJIVXS%'-6JSVKYMHERGISRXLIWIXIWXQIXLSHW
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7TIGMJ]EPXIVREXMZIQSMWXYVIGSRHMXMSRMRKTVSGIHYVIWERHHYVEXMSRXSXLSWIHIJMRIHMR%781''18LIGSVI
GSRHMXMSRMRKTVSGIHYVIWHIJMRIHMR%781''1EVIMRXIRHIHXSQMRMQM^IXLIIJJIGXWSJQSMWXYVIKVEHMIRXWSR
XLIQIEWYVIHWXVIRKXLWSJGSVIW
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EGGITXERGI
7TIGMJ]VIUYMVIQIRXWJSVYWISJMRTPEGIXIWXWWYGLEWTYPPSYXXIWXMRKSVTIRIXVEXMSRVIWMWXERGI TVSFI XIWXMRKMR
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7TIGMJ]XSPIVERGIWHMJJIVIRXJVSQXLSWIMR%'-SVMRXLMW7TIGMJMGEXMSR
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6IZMI[XLIWYFQMXXEPPMWXERHWTIGMJ]MR'SRXVEGX(SGYQIRXWXLIMXIQWXLEXEVIRSXVIUYMVIHXSFIWYFQMXXIH
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7TIGMJ]WTIGMJMGJSVQJEGMRKQEXIVMEPW
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7TIGMJ]EPXIVREXMZIFVIEOFEGOHMWXERGIJSVJIVVSYWXMIW
7TIGMJ]EPXIVREXMZIQEXIVMEPWSVWM^ISVFSXLJSVGLEQJIVWXVMTW
7TIGMJ][LIRHIWMKRGEPGYPEXMSRWERHHVE[MRKWJSVJSVQ[SVOWLSYPHFIWMKRIHERHWIEPIHF]EPMGIRWIHHIWMKRIRKMRIIV
7TIGMJ]MJIEVXLGYXW[MPPFITIVQMXXIHSVVIUYMVIH
7TIGMJ]QSVIWXVMRKIRXPMQMXEXMSRWSRHIJPIGXMSRSJJEGMRKQEXIVMEPW[LIRRIIHIH6IJIVXS%'-JSVJYVXLIV
KYMHERGI
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SJXLIWXVYGXYVI
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7TIGMJ]QIGLERMGEPPSEHXVERWJIVVIUYMVIHJSVMRHYWXVMEPJPSSVW
7TIGMJ]MJGLEQJIVWXVMTWEVIRSXVIUYMVIHSRI\XIVMSVGSVRIVWSJTIVQERIRXP]I\TSWIHWYVJEGIW
7TIGMJ]MJFIZIPWEVIVIUYMVIHSRVIIRXVERXGSVRIVWSJGSRGVIXISVSRIHKIWSJJSVQIHGSRGVIXINSMRXW
7TIGMJ]EPXIVREXMZIFVIEOFEGOHMWXERGIJSVJIVVSYWXMIW
7TIGMJ]XSPIVERGIPMQMXWHMJJIVIRXJVSQXLSWISJ%'-
7TIGMJ][LIREQSVISVPIWWVIWXVMGXMZIXSPIVERGIJSVEFVYTXSJJWIXMWVIUYMVIH6IJIVXS%'-ERH%'-JSV
JYVXLIVKYMHERGI
7TIGMJ]XLIQMRMQYQ GSQTVIWWMZIWXVIRKXLJSVVIQSZEPSJJSVQWWYTTSVXMRKXLI[IMKLX SJGSRGVIXIMJHMJJIVIRX
JVSQ JG 6IJIVXS%'-ERH%'-6JSVKYMHERGISRMXIQWXSGSRWMHIV
7TIGMJ]MJRSRPSEHGEVV]MRKJSVQJEGMRKQEXIVMEPMWRSXTIVQMXXIHXSFIVIQSZIHEXERIEVPMIVEKIXLERXLIPSEH
GEVV]MRKTSVXMSRSJXLIJSVQ[SVO
7TIGMJ]MJXLIEPXIVREXMZIQIXLSHWJSVIZEPYEXMRKGSRGVIXIWXVIRKXLJSVJSVQ[SVOVIQSZEPEVITIVQMXXIH
7TIGMJ]MJ3[RIVvWUYEPMX]EWWYVERGIMRWTIGXMSRMWXSFIGSSVHMREXIHF]'SRXVEGXSV
6IMRJSVGIQIRXERHVIMRJSVGIQIRXWYTTSVXW
7TIGMJ]MJXLIWYFQMXXEPWPMWXIHMREXLVSYKLKEVIRSXVIUYMVIHXSFIWYFQMXXIH
7TIGMJ]MJXLIWYFQMXXEPWPMWXIHMREERHFEVIRSXVIUYMVIHXSFIWYFQMXXIH
7TIGMJ]MJXLIWYFQMXXEPWPMWXIHMREERHFEVIRSXVIUYMVIHXSFIWYFQMXXIH
7TIGMJ]MJGSEXIHVIMRJSVGMRKFEVWEVIVIUYMVIHERHMJWS[LIXLIVGSEXMRKMWXSFI^MRGSVITS\]
E
*SV^MRGGSEXIHVIMRJSVGMRKFEVWGSRJSVQMRKXS%781%%1WTIGMJ]GSEXMRKGPEWW[LIXLIVKEPZERM^MRK
MW XS FI TIVJSVQIH FIJSVI SV EJXIV JEFVMGEXMSR ERH MRHMGEXI [LMGL FEVW VIUYMVI WTIGMEP JMRMWLIH FIRH HMEQIXIVW
YWYEPP]WQEPPIVWM^IWYWIHJSVWXMVVYTERHXMIW %ZSMHQM\MRKKEPZERM^IHERHRSRKEPZERM^IHVIMRJSVGIQIRXSVSXLIV
IQFIHHIHWXIIPXLEXGSYPHVIWYPXMRKEPZERMGGIPPW
F
7TIGMJ]%781WTIGMJMGEXMSRXS[LMGLITS\]GSEXIHVIMRJSVGMRKFEVWEVIXSGSRJSVQ
7TIGMJ]YWISJFEVQEXW
*SVLIEHIHFEVWWTIGMJ]EPXIVREXMZIX]TISJWXIIPJSVVIMRJSVGMRKFEVW
e 'EVFSRWXIIP %781%%1 EPWSWTIGMJ]KVEHIERH
e 0S[EPPS]WXIIP %781%%1 7TIGMJ]WLIIXWSVVSPPWSJTPEMRSVHIJSVQIH[IPHIH[MVIVIMRJSVGIQIRXERHMJVIUYMVIHITS\]GSEXIHSVWXEMRPIWW
WXIIP[IPHIH[MVIVIMRJSVGIQIRX6IJIVXS;6-1ERYEPSJ7XERHEVH4VEGXMGIJSVEHHMXMSREPKYMHERGI
7TIGMJ]MJWXIIPJMFIVVIMRJSVGIQIRXMWVIUYMVIHJSVYWIMREGGSVHERGI[MXL%'-
E
7TIGMJ]MJ[IPHMRKSJVIMRJSVGMRKFEVWMWVIUYMVIHSVTIVQMXXIH-JVIUYMVIHSVTIVQMXXIHWTIGMJ]HIWMVIHVIUYMVI
QIRXWJSV[IPHMRKTVITEVEXMSR WYGLEWVIQSZEPSJ^MRGSVITS\]GSEXMRK QSVIWXVMRKIRXXLERXLSWIMR%;7(
(17TIGMJ]HIWMVIHVIUYMVIQIRXWJSVGLIQMGEPGSQTSWMXMSRSJVIMRJSVGMRKFEVWQSVIWXVMRKIRXXLER%781WTIG
MJMGEXMSRW7TIGMJ]WTIGMEPLIEXXVIEXQIRXSJ[IPHIHEWWIQFPMIWMJVIUYMVIH7TIGMJ]WYTTPIQIRXEV]VIUYMVIQIRXWJSV
[IPHMRKSJ[MVIXS[MVIERH[IPHMRKSJ[MVISV[IPHIH[MVIVIMRJSVGIQIRXXSVIMRJSVGMRKFEVWSVWXVYGXYVEPWXIIPW
7TIGMJ]GSZIVVIUYMVIQIRXWJSVGSVVSWMZIEXQSWTLIVISXLIVWIZIVII\TSWYVIWSVJMVITVSXIGXMSR6IJIVXS%'-
'LETXIV
7TIGMJ]MJQIXLSHWSJWYTTSVXEVIXSFISXLIVXLERXLSWIMRHMGEXIHMREXLVSYKLM
7TIGMJ][LIVIVIMRJSVGIQIRXQE]I\XIRHXLVSYKLGSRXVSPNSMRXWMRGPYHMRKWE[GYXNSMRXW
7TIGMJ]MJFIRHMRKSVWXVEMKLXIRMRKVIMRJSVGMRKFEVWTEVXMEPP]IQFIHHIHMRGSRGVIXIMWTIVQMXXIH
7TIGMJ]MJJMIPHGYXXMRKVIMRJSVGIQIRXMWTIVQMXXIHERHWTIGMJ]GYXXMRKQIXLSHWXSFIYWIH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
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7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
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7TIGMJ][LIRGIQIRXMXMSYWQEXIVMEPSXLIVXLER%781'8]TI-SV8]TI--MWVIUYMVIHSVTIVQMXXIH7TIGMJ]XLI
GIQIRXMXMSYWQEXIVMEPWXLEXQE] FIYWIH;LIRSRISVGSQFMREXMSRW SJGIQIRXMXMSYWQEXIVMEPWKMZIRMR E
XLVSYKL JEVIYWIHMRWXVYGXYVIWXLEX[MPPFIWYFNIGXIHXSHIMGMRKGLIQMGEPWZIVMJ]GSQTPMERGISJXLIGSRGVIXI
[MXL H9WI%'-ERH6XSHIXIVQMRI[LEX[MPPFIEGGITXEFPIJSVXLITVSNIGXGSRHMXMSRW6IJIVXS
4'%4YFPMGEXMSR)&JSVEHHMXMSREPKYMHERGI
-JMXMWERXMGMTEXIHXLEXGSRGVIXI[MPPFII\TSWIHXSWYPJEXIWMRWIVZMGIIZEPYEXIXLI[EXIVWSPYFPIWYPJEXIWMRXLIWSMP
ERHKVSYRH[EXIV9WIXLIGVMXIVMEMREERH8EFPIEXSHIXIVQMRIXLIGIQIRXX]TI:IVMJ]XLIEZEMP
EFMPMX]SJXLIGIQIRXWTIGMJMIH7TIGMJ]MJPIWWXLER JP]EWLMWTIVQMXXIH-RWSQIMRWXERGIWYWMRKPIWWXLER
JP]EWLGERMRGVIEWIXLIGSRGVIXIvWWYWGITXMFMPMX]XSI\GIWWMZII\TERWMSRWGEYWIHF]EPOEPMWMPMGEVIEGXMZMX] %76 -J
EWQEPPIVTIVGIRXEKISJJP]EWLMWTVSTSWIHXLITVSTSWIHTVSNIGXQM\XYVISJJP]EWLERHTSVXPERHGIQIRXJVSQXLI
WEQIWSYVGIWLSYPHFIXIWXIHERHGSQTEVIH[MXLEGSRXVSPQM\XYVIYWMRKSRP]XLITSVXPERHGIQIRXMREGGSVHERGI
[MXL%781'8LITVSNIGXQM\XYVIWLSYPHFIGSRWMHIVIHEGGITXEFPITVSZMHIHXLIEZIVEKIPIRKXLMRGVIEWISJXLI
TVSNIGXQM\XYVIHSIWRSXI\GIIHXLEXSJXLIGSRXVSPQM\XYVI*SVTVSNIGXW[LIVII\TERWMSRWHYIXS%76GERFIGVMXMGEP
GSRWMHIVVIUYMVMRKXLIXIWXGSQTEVMWSREXEJVIUYIRG]WYGLEWIZIV]QSRXLWHYVMRKXLI;SVO-JVIEGXMZIEKKVIKEXIWEVI
EZEMPEFPIERHQE]FIYWIHWTIGMJ]XLIYWISJREXYVEPTS^^SPERJP]EWLWPEKSVWMPMGEJYQIMREREQSYRXWLS[R
IJJIGXMZIMRQMXMKEXMRKLEVQJYPI\TERWMSRWHYIXSEPOEPMWMPMGEVIEGXMZMX]%PXIVREXMZIP]WTIGMJ]PS[EPOEPMGIQIRXFI
YWIHEWHIWGVMFIHMRXLI3TXMSREP6IUYMVIQIRXW'LIGOPMWXJSV
H
7TIGMJ][LIRXLIQMRMQYQEQSYRXSJJP]EWLQE]FIHMJJIVIRXXLER -J EKKVIKEXIW EVI XS GSRJSVQ XS E WTIGMJMGEXMSR SXLIV XLER %781 ' JSV KVEHMRK HIPIXIVMSYW WYFWXERGIW SV
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7TIGMJ]XLIXIWXJSVHIXIVQMRMRKGSRJSVQERGIXSVIUYMVIQIRXWJSVGPIERPMRIWWERHWTIGMJ]KVEHMRKFITIVJSVQIHSR
WEQTPIWSFXEMRIHJVSQXLIEKKVIKEXIWEXXLITSMRXSJFEXGLMRK
7TIGMJ] EHHMXMSREP VIUYMVIQIRXW JSV EKKVIKEXI WYGL EW LEVHRIWW GSPSV QMRIVEPSKMGEP GSQTSWMXMSR XI\XYVI SV
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HSRSXGSRXEMRQEXIVMEPWHIPIXIVMSYWP]VIEGXMZI[MXLEPOEPMIWMRXLIGIQIRXLS[IZIVWYGLEKKVIKEXIWQE]FIYWIH
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EPOEPMEKKVIKEXIVIEGXMSRMREGGSVHERGI[MXL%781'
7TIGMJ]MJRSRTSXEFPI[EXIVGSQTP]MRK[MXL%781'1MWTIVQMXXIH
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7TIGMJ]MJPIWWXLER SVQSVIXLER JP]EWLMWTIVQMXXIHMRJPSSVW-JQSVIXLER MWTIVQMXXIHELMWXSV]
WLSYPHFIEZEMPEFPIHIQSRWXVEXMRKXLIJMRMWLEFMPMX]SJXLITVSTSWIHGSRGVIXIQM\XYVI
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7SQIXMQIWMXMWRIGIWWEV]XSWTIGMJ]XLEXXLIWPYQTSJGSRGVIXIFIHIXIVQMRIHEXXLITSMRXSJTPEGIQIRXVEXLIVXLEREX
XLI TSMRX SJ HIPMZIV] *SV I\EQTPI TYQTIH GSRGVIXI MW SJXIR WTIGMJMIH XS LEZI WPYQT QIEWYVIH EX XLI IRH SJ XLI
TYQTPMRIXSTVIGPYHITVSFPIQWIRGSYRXIVIH[MXLZEV]MRKWPYQTPSWWHYVMRKTYQTMRK8LMW[SYPHTVSZMHIJSVEWPYQT
LMKLIVXLERMREXXLITSMRXSJHIPMZIV]XSSFXEMRMRWPYQTEXXLIIRHSJXLITYQTPMRI3RGIWPYQTPSWWHYVMRK
TYQTMRKGERFIHIXIVQMRIHEGGITXERGISVVINIGXMSRSJGSRGVIXIFEWIHSRWPYQTGERXLIRFIHIXIVQMRIHEXXLIHIPMZIV]
TSMRX*SVI\EQTPIMJEMRWPYQTPSWWHYVMRKTYQTMRKMWIWXEFPMWLIHERHGSRJMVQIHF]GSQTEVEXMZIXIWXMRKE
WPYQTSJMRQIEWYVIHEXXLITSMRXSJHIPMZIV][MPPQIIXXLIMRWPYQTVIUYMVIQIRXEXXLIIRHSJXLITYQTPMRI
7TIGMJ]MJETPEWXMGM^MRKSVLMKLVERKI[EXIVVIHYGMRKEHQM\XYVIMWVIUYMVIHSVTIVQMXXIHXSTVSHYGIGSRGVIXI[MXL
LMKLWPYQTW-JWSWTIGMJ]XLIVIUYMVIHWPYQTMJHMJJIVIRXJVSQXLSWIMRHMGEXIHMR
*SVJPSSVWVIJIVXS%'-6JSVKYMHERGISRWPYQTWXSWTIGMJ]JSVXLIZEVMSYWGPEWWIWSJJPSSVW
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[MXLEPS[[EXIVGIQIRXMXMSYWQEXIVMEPVEXMS [GQ WYGLEWXSQSHMJ]XLIWPYQTVIUYMVIQIRXWEGGSVHMRKP]
FIJSVIEHHMRKXLIEHQM\XYVI'SRJIV[MXLGSRGVIXIWYTTPMIVWERHEHQM\XYVIWYTTPMIVWMRXLIEVIE[LIVIXLITVSNIGXMW
PSGEXIHXSHIXIVQMRIXLIMVI\TIVMIRGIERHMRTYXJSVWYGLLMKLTIVJSVQERGIGSRGVIXI
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7TIGMJ]MJGSRGVIXIWLSYPHFIRSREMVIRXVEMRIHSVEREPXIVREXMZIEMVGSRXIRXMWVIUYMVIH%MVIRXVEMRQIRXWLSYPHRSX
FIYWIHMRJPEX[SVOXSVIGIMZIELEVHWXIIPXVS[IPIHJMRMWL
7TIGMJ]MJETEVXMGYPEV%781XIWXQIXLSH %781'SV''1 MWVIUYMVIHJSVQIEWYVMRKEMVGSRXIRX
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GSRXIRXHYVMRKTYQTMRK3RGIXLIPSWWSJEMVGSRXIRXHYVMRKTYQTMRKMWIWXEFPMWLIHEGGITXERGIPMQMXWEXXLITSMRXSJ
HMWGLEVKIGERFIHIXIVQMRIH
7TIGMJ]EHQM\XYVIX]TIWVIUYMVIHERHMRHMGEXIXLITEVXWSJXLI;SVOMR[LMGLIEGLX]TIWLSYPHSVQE]FIYWIH
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SVMRWMXYEXMSRW[LIVIMXMWTVYHIRXXSVIUYMVI'SRXVEGXSVXSJSPPS[WTIGMJMGTVSGIHYVIWXSEGLMIZIXLIPMQMXWSJ
XLI XIQTIVEXYVI PMQMXW JSV GSPH [IEXLIV QE] FI HIPIXIH ERH %'- GER FI VIJIVVIH XS MR MXW IRXMVIX] 3TXMSRW
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7TIGMJ]EPXIVREXMZIQM\XYVIVIUYMVIQIRXWJSVWYPJEXIVIWMWXERGI
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H
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PS[TIVQIEFMPMX]XS[EXIVWLSYPHFIWTIGMJMIHXSLEZIE[GQRSXI\GIIHMRKXLIZEPYIMR%'-8EFPI
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[MXL%'-
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7TIGMJ]MJWYFQMXXEPXVMEPQM\XYVITVSTSVXMSRWERHWXVIRKXLXIWXVIGSVHWJVSQXVMEPQM\XYVI[MXLTVSTSWIHQM\XYVI
TVSTIVXMIWMWRSXVIUYMVIH
7TIGMJ][LIRJMIPHZIVMJMGEXMSRSJGSRGVIXIQM\XYVIWMWVIUYMVIH7TIGMJ]QIXLSHJSVWEQTPMRKEXTSMRXSJTPEGIQIRX
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7TIGMJ]MJXLIVIEH]QM\IHGSRGVIXITVSHYGXMSRJEGMPMX]WLSYPHFIGIVXMJMIHF]XLI261'%4VSKVEQJSV'IVXMJMGEXMSR
SJ6IEH]1M\IH'SRGVIXI4VSHYGXMSR*EGMPMXMIWSVERIUYMZEPIRXTVSKVEQ261'%vW'IVXMJMGEXMSR4VSKVEQMWMR
EGGSVHERGI[MXL261'%5YEPMX]'SRXVSP1ERYEP{7IGXMSR
7TIGMJ][LIRWPYQTEHNYWXQIRXF]EHHMXMSRSJ[EXIVEXXLITVSNIGXWMXIMWRSXTIVQMXXIH
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J
7TIGMJ]MJWEQTPIWJMRMWLIHMREGGSVHERGI[MXLQYWXFIWYFQMXXIH
7TIGMJ]MJERI\TSWIHEKKVIKEXIWYVJEGIMWVIUYMVIH
K
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QIQFIVFIMRKGEWXPSGEXMSRVIPEXMZILYQMHMX]ERHTEWXI\TIVMIRGIWTIGMJ]EPS[IVSVLMKLIVEPPS[EFPIGSRGVIXI
XIQTIVEXYVIMRLSX[IEXLIV6IZMI[%'-6JSVKYMHERGISRWTIGMJ]MRKELMKLIVXIQTIVEXYVI
7TIGMJ][LIRGSRWSPMHEXMRKSJGSRGVIXIF]QIXLSHWSXLIVXLERZMFVEXMSR[MPPFITIVQMXXIH7TIGMJ][LIRSXLIV
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7TIGMJ]MJFSRHMWVIUYMVIHEXGSRWXVYGXMSRNSMRXW
7TIGMJ]MJXLIVIUYMVIHJMRMWLMWXSQEXGLXLEXSJEWEQTPITERIPJYVRMWLIHJSVGSQTEVMWSRTYVTSWIW7TIGMJ]XLI
WEQTPIJMRMWLPSGEXMSRERHXLIMRTPEGIJMRMWLPSGEXMSR
7TIGMJ]QSVIVIWXVMGXMZIXSPIVERGIWJSVEWGEWXJSVQJMRMWLIWEWRIIHIHFEWIHSRMQTSVXERGISJWYVJEGIETTIEVERGI
6IJIVXS3TXMSREP6IUYMVIQIRXW'LIGOPMWXJSVJSVEHHMXMSREPKYMHERGI
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7TIGMJ][LIRQSVISVPIWWGIVXMJMIHJPEX[SVOGSRGVIXIJMRMWLIVWQE]FIVIUYMVIHSVTIVQMXXIH
1SVIWXVMRKIRXUYEPMJMGEXMSRWJSVJMRMWLMRKGSRXVEGXSVERHJMRMWLIVWQE]FIETTVSTVMEXI[LIVIJPSSVWIVZMGIEFMPMX]MW
WMKRMJMGERXXS3[RIVERHJSVPEVKIJPSSVTVSNIGXW[MXLWTIGMJMGVIUYMVIQIRXWJSVJPEXRIWWLIEZ]PSEHMRKJVIUYIRXPMJX
XVYGOXVEJJMGSVEYXSQEXIH[EVILSYWIXVYGOXVEJJMG*SVWYGLTVSNIGXWWTIGMJ]XLEXXLIJMRMWLMRKGSRXVEGXSVWYWIUYEPMJMIH
JPEX[SVOJMRMWLIVWWOMPPIHMRXLIWTIGMJMG;SVOVIUYMVIH *PEX[SVOJMRMWLIVWWLSYPHFIGIVXMJMIHSRXLIFEWMWSJ
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TIVJSVQERGII\EQMREXMSRWEWHIWGVMFIHMR%'-'4
F
;LIRETTPMGEFPIWTIGMJ]XSPIVERGIWXLEXEVIQSVIVIWXVMGXMZI 8LI%'-XSPIVERGIJSVGSRZIRXMSREPWYVJEGIW
ETTPMIWXSQSWXKIRIVEPJPSSVGSRWXVYGXMSR*SVJPSSVWVIUYMVMRKXMKLXIVXSPIVERGIWWTIGMJ]wQSHIVEXIP]JPEXxwJPEXx
wZIV]JPEXxSVWYTIVJPEXxJPSSVXSPIVERGIWJVSQ%'-6IJIVXS%'-6ERHXLIGSQQIRXEV]JSV%'-JSV
QSVIKYMHERGI
G
;LIRETTPMGEFPIWTIGMJ]XSPIVERGIWXLEXEVIQSVIVIWXVMGXMZI8LIGSRZIRXMSREPXSPIVERGIJVSQ%'-ETTPMIWXS
QSWXKIRIVEPJPSSVGSRWXVYGXMSR *SV JPSSVWVIUYMVMRKXMKLXIVXSPIVERGIW WYGL EWMREVIEWLSYWMRKWIRWMXMZI XIWXSV
QSRMXSVMRKIUYMTQIRXWTIGMJ]IMXLIVwJPEXxSVwZIV]JPEXxJPSSVXSPIVERGIWJVSQ%'-6IJIVXS%'-6ERH
XLIGSQQIRXEV]JSV%'-JSVQSVIKYMHERGI
I
*SVHV]WLEOIJMRMWLIWWTIGMJ]XLIQIXEPPMGSVQMRIVEPEKKVIKEXIXLIJMREPJMRMWLMRKQIXLSHERHXLIPSGEXMSR
J
*SVLIEZ]HYX]XSTTMRKJSVX[SGSYVWIWPEFWWTIGMJ]XLIQEXIVMEPWXLIJMREPJMRMWLMRKQIXLSHERHXLIPSGEXMSR
7TIGMJ][LIRFSRHMRKEKIRXWSXLIVXLERGIQIRXKVSYXEVITIVQMXXIHSVVIUYMVIH
L
7TIGMJ]XLIPSGEXMSRSJRSRWPMTJMRMWLIW;LIVIEFVEWMZITEVXMGPIWSXLIVXLERGVYWLIHEPYQMRYQS\MHIWEVIXSFI
YWIHWTIGMJ]XLISXLIVEFVEWMZITEVXMGPIW
M
*SVI\TSWIHEKKVIKEXIJMRMWLIWWTIGMJ]XLIPSGEXMSRGSPSVWYVJEGIVIXEVHIVERHWM^ISJEKKVIKEXI YWYEPP]XSMR E
7TIGMJ]MJEREPXIVREXMZIXMQIJSVQIEWYVMRKXSPIVERGIWMWVIUYMVIH
F
%PXIVREXMZI JPSSV JMRMWL XSPIVERGIW JPSSV X]TIW ERH JPSSV EVIEW QE] FI WTIGMJMIH [LIVI ETTPMGEFPI 8LI wJX
WXVEMKLXIHKIQIXLSHxSJQIEWYVMRKXSPIVERGIWWTIGMJMIHMR%'-ETTPMIWXSQER]WQEPPKIRIVEPJPSSVGSRWXVYGXMSR
ETTPMGEXMSRW8LI*RYQFIVQIEWYVMRKW]WXIQWTIGMJMIHMR%'-ETTPMIWXSQER]PEVKIWTIGMEPM^IHERHKIRIVEP
JPSSV GSRWXVYGXMSR ETTPMGEXMSRW *SV JPSSVW VIUYMVMRK XMKLXIV XSPIVERGIW WYGL EW MR EVIEW [MXL JVIUYIRX PMJXXVYGO
XVEJJMGEYXSQEXIH[EVILSYWIJSVOPMJXWSVLSYWMRKWIRWMXMZIXIWXERHQSRMXSVMRKIUYMTQIRXWTIGMJ]IMXLIVwJPEXxSV
wZIV]JPEXxJPSSVXSPIVERGIWJVSQ%'-YWMRKXLI*RYQFIVQIEWYVMRKW]WXIQ;LIRWTIGMJ]MRKXLI*RYQFIV
QIEWYVMRKW]WXIQJSVYRWLSVIHJPSSVWWTIGMJ]SRP]XLI**ZEPYIRSXXLI*0ZEPYI9WIGEYXMSR[LIRWTIGMJ]MRKXLI
*RYQFIVQIEWYVMRKW]WXIQMRJPSSVEVIEWXLEXWPSTIYRPIWWEWTIGMJMGGSRWXERXWPSTILEWFIIRWTIGMJMIHWSXLEXXLI
**ZEPYIMWETTVSTVMEXI6IJIVXS%'-6ERHXLIGSQQIRXEV]JSV%'-JSVJYVXLIVKYMHERGI
7TIGMJ]MJWE[GYXNSMRXWEVIVIUYMVIH
8LIQIEWYVIWWTIGMJMIHMREVIJSVJMREPGYVMRKSJXLIGSRGVIXI7TIGMJ]MRMXMEPGYVMRKMREGGSVHERGI[MXL%' JSV EHHMXMSREP TVSXIGXMSR EKEMRWX QSMWXYVI PSWW JVSQ XLI XMQI SJ TPEGIQIRX XS MRMXMEXMSR SJ JMREP GYVMRK
QIEWYVIW-RMXMEPGYVMRKQIEWYVIWEVIFIRIJMGMEP[LIRFPIIHVEXIMWI\TIGXIHXSFIPS[HYIXSYWISJWYTTPIQIRXEV]
GIQIRXMXMSYWQEXIVMEPWWYGLEWJP]EWLWPEKSVWMPMGEJYQILMKLEMVGSRXIRXPS[[GQSV[LIRIZETSVEXMZIGSRHM
XMSRWEVIPMOIP]XSFIWIZIVIHYVMRKTPEGMRKERHJMRMWLMRK6IJIVXS%'-6JSVEHHMXMSREPKYMHERGI
*SVGSRGVIXIWYVJEGIWXLEXVIUYMVIIRLERGIHHYVEFMPMX]WYGLEWLMKL[IEVVIWMWXERGIPS[TIVQIEFMPMX]SVQMRMQEP
GVEGOMRK E PSRKIV GYVMRK HYVEXMSR GSYPH FIRIIHIH XLER MW VIUYMVIH XS QIIX GSQTVIWWMZI WXVIRKXL GVMXIVME EPSRI
;LIRWYGLIRLERGIHTVSTIVXMIWEVIVIUYMVIHQMRMQYQGYVMRKTIVMSHWSJHE]WJSVLMKLIEVP]WXVIRKXLGSRGVIXI
HE]WJSVGSRGVIXIMRGSVTSVEXMRK8]TI-SV8]TI--GIQIRXWERHXSHE]WJSVGSRGVIXIMRGSVTSVEXMRKTS^^SPER
EW SRI SJ XLI GIQIRXMXMSYW QEXIVMEPW EVI VIGSQQIRHIH 7TIGMJ] E PSRKIV GYVMRK HYVEXMSR EW ETTVSTVMEXI XS XLI
TIVJSVQERGIVIUYMVIQIRXWSJXLIGSRGVIXI6IJIVXS%'-6JSVEHHMXMSREPKYMHERGI
7TIGMJ]MJEGYVMRKTVSGIHYVISJ XLEXWYTTPMIWEHHMXMSREP[EXIVMWVIUYMVIH
7TIGMJ]MJSRISJXLIXLVIIGVMXIVMEJSVXIVQMREXMRKGYVMRKSVSJWSQISXLIVGVMXIVMSRJSVXIVQMREXMRKGYVMRKMWVIUYMVIH
7TIGMJ]MJWYTTP]MRKEHHMXMSREP[EXIVMWVIUYMVIHJSVIRXMVIGYVMRKTIVMSH
7TIGMJ]PSGEXMSRWVIUYMVMRKWTIGMJMGGYVMRKQIXLSHW6IJIVXS%'-6JSVWTIGMJMGGYVMRKQIXLSHVIGSQQIRHEXMSRW
6IUYMVIQIRXW JSV VEXI SJ XIQTIVEXYVI GLERKI LEZI FIIR I\GIVTXIH JVSQ %'- *SV STXMSREP GSPH[IEXLIV
GSRGVIXMRK VIUYMVIQIRXW VIJIV XS XLI 3TXMSREP 6IUYMVIQIRXW 'LIGOPMWX JSV ERH WTIGMJ] %'- MR MXW
IRXMVIX]MJETTVSTVMEXI
7TIGMJ]EPXIVREXMZIVITEMVQIXLSH
7TIGMJ][LIVIWXEMRWVYWXIJJPSVIWGIRGIERHWYVJEGIHITSWMXWEVIXSFIPMQMXIHERHHIWGVMFIXLIHIKVIIXS[LMGL
XLI]EVIYREGGITXEFPI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
348-32%06)59-6)1)287',)'/0-78 GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
%VGLMXIGXYVEPGSRGVIXI
6IZMI[7IGXMSRWXLVSYKLERHWTIGMJ]VIUYMVIQIRXWXSFISQMXXIHSVEHHIHJSVEVGLMXIGXYVEPGSRGVIXI
7TIGMJ][LIR'SRXVEGXSVMWVIUYMVIHXSWYFQMXEHMWTSWEPTPERJSV[EWXI[EXIVVIWYPXMRKJVSQWYVJEGI[EWLMRKSTIVEXMSRW
7TIGMJ][LMGLW]WXIQWSVTVSHYGXWVIUYMVIQERYJEGXYVIVvWSRWMXIXIGLRMGEPWTIGMEPMWX7TIGMJ][LIRERHJSVLS[PSRK
EXIGLRMGEPWTIGMEPMWXETTVSZIHF]XLIWTIGMEPX]MXIQQERYJEGXYVIVWLSYPHFISRWMXIXSTVSZMHIXIGLRMGEPEWWMWXERGI
7TIGMJ]MR'SRXVEGX(SGYQIRXWMJTVIGSRWXVYGXMSRGSRJIVIRGIMWVIUYMVIH
7TIGMJ][LIREVGLMXIGXYVEPGSRGVIXIWLEPPQEXGLER%VGLMXIGXYVEP'SRGVIXI6IJIVIRGI7XERHEVH-RHMGEXIPSGEXMSRW
SJ%VGLMXIGXYVEP'SRGVIXI6IJIVIRGI7XERHEVHWMR&MH(SGYQIRXWERH'SRXVEGX(SGYQIRXW
E
7TIGMJ][LIRJMIPHQSGOYTWEVIVIUYMVIHERHMRHMGEXIWTIGMJMGVIUYMVIQIRXWJSVQSGOYTW
7TIGMJ][LIREWTIGMJMGGIQIRX[MPPFIVIUYMVIHJSVEVGLMXIGXYVEPGSRGVIXI
E
7TIGMJ]MJ[EXIVSXLIVXLERTSXEFPI[EXIVMWEGGITXEFPI
7TIGMJ][LIRWTIGMEPEKKVIKEXIMWVIUYMVIHJSVEVGLMXIGXYVEPGSRGVIXI7TIGMEPEKKVIKEXIVIUYMVIQIRXWQE] MRGPYHI E
WTIGMJMGGSPSVWLETISVWM^I
E
7TIGMJ]EKKVIKEXIVIUYMVIQIRXW
E
7TIGMJ]X]TISJJSVQ[SVOMJSXLIVXLERLMKLHIRWMX]RSRZETSVXVERWQMXXMRKJSVQJEGIMWTIVQMXXIH
7TIGMJ][LIRPSGEXMSRWM^IERHWTEGMRKSJVYWXMGEXMSRWERHVIZIEPWXVMTWEVIVIUYMVIHXSFIMRHMGEXIH
I
7TIGMJ][LIVIEGMHMWXSFIYWIH
F
7TIGMJ]MJXSPIVERGIWSXLIVXLER%'-'PEWW%JMRMWLIWEVIVIUYMVIH
H
7TIGMJ]MJMXMWTIVQMWWMFPIJSVXMIWXSFIPSGEXIH[MXLMRI\TSWIHEVIEWSJEVGLMXIGXYVEPGSRGVIXI
7TIGMJ]EVIEW[LIVIEWQSSXLVYFFIHSVWMQMPEVJMRMWLMWVIUYMVIH
7TIGMJ]GSRHMXMSRWJSVJSVQVIQSZEPMJSXLIVXLERWTIGMJMIHMR7IGXMSR
7TIGMJ]EVIEW[LIVIEWGEWXJMRMWLIWEVITIVQMXXIHSVVIUYMVIH7TIGMJ]MJXMIWEVITIVQMXXIH[MXLMREWGEWXEVIEW
E
7TIGMJ]HIKVIISJEFVEWMZIFPEWXMRKYWMRKXLIHIWGVMTXMSRwFVYWLxwPMKLXxwQIHMYQxSVwLIEZ]x
0MKLX[IMKLXGSRGVIXI
6IZMI[7IGXMSRWXLVSYKL ERH WTIGMJ]VIUYMVIQIRXWXSFISQMXXIHSVEHHIHJSVPMKLX[IMKLXGSRGVIXI
7TIGMJ]MJEMVGSRXIRX[MPPFIQIEWYVIHEXEPXIVREXMZIPSGEXMSRW%MVQIEWYVIQIRXMWEPPS[IHEXXLITSMRXSJHIPMZIV]
[LIRXLIVIMWRSGSRGIVRSZIVEMVPSWWMRPMKLX[IMKLXGSRGVIXIHYVMRKGSRZI]MRKERHTPEGIQIRXTVSGIHYVIW
;LIRGSRGVIXIMWWEQTPIHMRER]QIXLSHSXLIVXLEREWWTIGMJMIHF]%781'WTIGMJ][LIVIXLIGSRGVIXIMWXS
FIWEQTPIHERHHIWGVMFIXLIQIXLSHXSSFXEMRWEQTPIW
7TIGMJ]XLEXMJWPYQTPSWWHYVMRKTYQTMRKMWHIXIVQMRIHEGGITXERGISVVINIGXMSRSJGSRGVIXIFEWIHSRWPYQTQE]
FIHIXIVQMRIHEXHIPMZIV]TSMRX
7TIGMJ]MJETPEWXMGM^MRKSVLMKLVERKI[EXIVVIHYGMRKEHQM\XYVIMWVIUYMVIHSVTIVQMXXIHXSTVSHYGIGSRGVIXI[MXL
LMKLJPS[EFMPMX]-JWSWTIGMJ]VIUYMVIHWPYQTMJHMJJIVIRXJVSQXLSWIMRHMGEXIHMR
7TIGMJ]QIXLSHSJHIXIVQMRMRKIUYMPMFVMYQHIRWMX]MJSXLIVXLERGEPGYPEXIHQIXLSHMR%781'3XLIVQIXLSHW
PMWXIHMR%781'MRGPYHISZIRHV]QIXLSHERHQIEWYVIHIUYMPMFVMYQHIRWMX]QIXLSH
1EWWGSRGVIXI
7TIGMJ]MJQE\MQYQXIQTIVEXYVIPMQMXMRGSRGVIXIEJXIVTPEGIQIRXGERFISXLIVXLER”*1E\MQYQXIQTIVEXYVIMW
PMQMXIHXSQMRMQM^IJYXYVIHYVEFMPMX]GSRGIVRWHYIXSHIPE]IHIXXVMRKMXIJSVQEXMSR?()*AERHTSXIRXMEPVIHYGXMSRWMR
YPXMQEXIWXVIRKXL'SRGVIXIXLEXGSRXEMRWWYTTPIQIRXEV]GIQIRXMXMSYWQEXIVMEPWQE]LEZIEVIHYGIHVMWOSJ()*ERH
QE]NYWXMJ]MRXIVREPXIQTIVEXYVIWEFSZI”* +ENHE 7TIGMJ]MJQE\MQYQXIQTIVEXYVIHMJJIVIRGIPMQMXMRGSRGVIXIEJXIVTPEGIQIRXGERFISXLIVXLER”*8LIXIQTIVEXYVI
HMJJIVIRGIQYWXFIPMQMXIHXSQMRMQM^IXLIVQEPGVEGOMRK%LMKLIVXIQTIVEXYVIHMJJIVIRGIPMQMXQE]FIEGGITXEFPI
HITIRHMRKSRGSRGVIXITVSTIVXMIWTPEGIQIRXHMQIRWMSRWERHVIMRJSVGIQIRXGSRJMKYVEXMSR8LIXIQTIVEXYVIHMJJIV
IRGIPMQMXJSVEWTIGMJMGGSRGVIXIQM\XYVIERHTPEGIQIRXGSRHMXMSRWGERFIHIXIVQMRIHXLVSYKLRYQIVMGEPWMQYPE
XMSRWERHGSQTEVMRKGEPGYPEXIHXLIVQEPP]MRHYGIHWXVEMRW[MXLXIRWMPIWXVEMRSJGSRGVIXI6IJIVXS%'-6JSV
EHHMXMSREPKYMHERGI
7TIGMJ]MJXLIVQEPGSRXVSPTPERMWRSXVIUYMVIH
7TIGMJ]MJXLIVQEPGSRXVSPTPERWLEPPLEZIVIUYMVIQIRXWSXLIVXLERPMWXIH%XLIVQEPGSRXVSPTPERQE]EHHVIWWE
WMRKPITPEGIQIRXSVEWIVMIWSJWMQMPEVTPEGIQIRXWXLEXYWIWEQIGSRGVIXIQM\XYVI
E
7TIGMJ]MJSXLIVX]TIWSJGIQIRXMXMSYWQEXIVMEPWEVIEPPS[IH
7TIGMJ]QE\MQYQEPPS[EFPIUYERXMXMIWSJWYTTPIQIRXEV]GIQIRXMXMSYWQEXIVMEPW-RQER]QEWWGSRGVIXITPEGIQIRXW
'PEWW*JP]EWLQEOIWYTXS SJGIQIRXMXMSYWQEXIVMEPWSVWPEKGIQIRXQEOIWYTXS SJGIQIRXMXMSYW
QEXIVMEPW8IVREV]QM\XYVIWEVIEPWSWSQIXMQIWYWIH6IHYGIHVITPEGIQIRXPIZIPWEVIWSQIXMQIWVIUYMVIHHYI
XSHYVEFMPMX]GSRGIVRWVIPEXIHXSI\TSWYVIEWEHHVIWWIHMR 7IGXMSR&IGEYWIGSRGVIXIW[MXLPS[LIEXSJL]HVEXMSR
GIQIRXWLMKLVITPEGIQIRXPIZIPWSJWPEKGIQIRXSV'PEWW*JP]EWLKIRIVEPP]LEZIHIPE]IHWIXXMQIWERHPS[IVIEVP]
WXVIRKXLWGSRWMHIVIEVP]EKIMQTPMGEXMSRWSRWIXXMRKXMQIWJSVQTVIWWYVIWJSVQ[SVOVIQSZEPG]PMRHIVLERHPMRK
GYVMRK HYVEXMSR ERH TSWXXIRWMSRMRK ;LIR WPEK GIQIRX MW PIWW XLER SJ GIQIRXMXMSYW QEXIVMEPW EHMEFEXMG
XIQTIVEXYVIVMWIQE]FILMKLIVXLERMJWPEKGIQIRXMWRSXMRGPYHIHMRGIQIRXMXMSYWQEXIVMEPW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
348-32%06)59-6)1)287',)'/0-78 GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
F
7TIGMJ] MJ LMKLIEVP]WXVIRKXL GIQIRX MW TIVQMXXIH [LIR XLIVQEP GSRXVSP TPER HIQSRWXVEXIW XLEX WTIGMJMIH
QE\MQYQXIQTIVEXYVIERHXIQTIVEXYVIHMJJIVIRGIPMQMXW[MPPRSXFII\GIIHIH
E
7TIGMJ]MJEGYVMRKHYVEXMSRPSRKIVXLERKMZIRMRMWVIUYMVIH%GYVMRKTIVMSHSJHE]WMWWYJJMGMIRXJSVQEWW
GSRGVIXITVSTSVXMSRIHJSVEHE]WTIGMJMIHWXVIRKXL;LIRGSRGVIXIWXVIRKXLMWFEWIHSRSVHE]GSQTVIW
WMZIWXVIRKXLI\XIRHGYVMRKTIVMSHEXPIEWXHE]W-JEQIEWYVIQIRXSVHIXIVQMREXMSRSJIEVP]EKIMRTPEGIWXVIRKXL
MW YWIH XS VIHYGI GYVMRK XMQI WXVIRKXLQIEWYVIQIRX WLSYPH FI EX [IEOIWX PSGEXMSRSJ TPEGIQIRX [LMGL MW EX MXW
WYVJEGI
F
*SVJSVQIHWYVJEGIWWTIGMJ]EGGITXEFPIQIXLSHWSJTVIWIVZMRKQSMWXYVISXLIVXLERQEMRXEMRMRKJSVQWMRTPEGI
7TIGMJ]MJ[EXIVGYVMRKMWTIVQMWWMFPI[LIRXLIVQEPGSRXVSPTPERHIQSRWXVEXIWWTIGMJMIHQE\MQYQXIQTIVEXYVI
ERHXIQTIVEXYVIHMJJIVIRGIPMQMXW[MPPRSXFII\GIIHIH
7TIGMJ]MJEWTIGMJMGHYVEXMSRSJXLIVQEPGSRXVSPMWVIUYMVIH%XPIEWXHE]WSJXLIVQEPGSRXVSPMWX]TMGEPP]VIUYMVIH
XSEZSMHI\GIIHMRKXIQTIVEXYVIHMJJIVIRGIPMQMXW%PSRKIVTIVMSHQE]FIVIUYMVIHJSVGIVXEMRTPEGIQIRXW
E
7TIGMJ]EPXIVREXMZIVIUYMVIQIRXWJSVXLIQMRMQYQRYQFIVSJXIQTIVEXYVIWIRWSVWERH[LIVIXLI]WLSYPHFIPSGEXIH
7TIGMJ]EPXIVREXMZIVIUYMVIQIRXWJSVLS[JVIUYIRXP]XIQTIVEXYVIWIRWSVWWLSYPHFIQSRMXSVIH
7TIGMJ]JVIUYIRGMIWSJHEXEWYFQMXXEPMJSXLIVXLERHEMP]XVERWQMXXEPWEVIVIUYMVIH
F
7TIGMJ]MJXIQTIVEXYVIGSQTEVMWSRWEVIRSXVIUYMVIHSVEVITIVQMXXIHEXEHMJJIVIRXJVIUYIRG]'SQTEVMWSRWEVI
VIGSQQIRHIHEXPIEWXSRGITIV[SVOMRKHE]
4SWXXIRWMSRIHGSRGVIXI
6IZMI[7IGXMSRWXLVSYKL ERHWTIGMJ]EHHMXMSREPVIUYMVIQIRXWSVVIUYMVIQIRXWXSFISQMXXIHJSVTSWXXIRWMSRIH
GSRGVIXI
E
7TIGMJ]MJWLSTHVE[MRKWEVIXSFIWMKRIHERHWIEPIHF]EPMGIRWIHHIWMKRIRKMRIIV
7TIGMJ][LIRHYGXWXMJJRIWWXIWXHEXEEVIXSFIWYFQMXXIH
F
7TIGMJ][LIRGEPGYPEXMSRWEVIXSFIWYFQMXXIH
7TIGMJ]MJGEPGYPEXMSRWEVIXSFIWMKRIHERHWIEPIHF]EPMGIRWIHHIWMKRIRKMRIIV
G
7TIGMJ]MJHIWMKRGEPGYPEXMSRWEVIXSFIWYFQMXXIH
H
7TIGMJ]EHHMXMSREPXIWXWYFQMXXEPW
7TIGMJ]VIUYMVIHWYFQMXXEPW
F
7TIGMJ][LIREKKVIWWMZIIRZMVSRQIRXWI\MWXERHETTVSTVMEXIXIWXMRKMWVIUYMVIH
-RHMGEXIEVIEWGSRWMHIVIHEKKVIWWMZIIRZMVSRQIRXW[LIVIIRGETWYPEXMSRSJTVIWXVIWWMRKWXIIPEXWXVIWWMRKMRXIVQIHMEXI
ERHJM\IHERGLSVEKIWMWVIUYMVIH
7TIGMJ]MJXIWXHEXEMWXSFIWYFQMXXIHXSHIQSRWXVEXIGSQTPMERGISJIRGETWYPEXIHERGLSVW[MXLXLI[EXIVXMKLXRIWW
VIUYMVIQIRXWSJ%'-
G
7TIGMJ]QMRMQYQHYGXWXIIPEVIEVEXMS-RXLIGEWISJWTEGIPMQMXEXMSRWXLIQMRMQYQHYGXEVIEQE]FIVIHYGIHXS
XMQIWXLIRIXEVIESJTVIWXVIWWMRKWXIIPERHWLSYPHFIGSRWMHIVIHEGGITXEFPIJSVWLSVXXIRHSRW ETTVS\MQEXIP]
JX H
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7TIGMJ][LIRHYGXXIWXMRKMWVIUYMVIH
7TIGMJ]QMRMQYQHYGXVEHMYWERHFIRHMRKWXMJJRIWWMJQSVIJPI\MFPIHYGXMWVIUYMVIHXSEGGSQQSHEXIWQEPPVEHMYW
FIRHW
-RHMGEXIGSYTPIVPSGEXMSRW[LIRVIUYMVIH
7TIGMJ]MJIMXLIVEXLM\SXVSTMGSVRSRXLM\SXVSTMGKVSYXMWVIUYMVIH
7TIGMJ][LIRZIVMJMGEXMSRSJKVSYXGSRWMWXIRG]MWHIWMVIH
7TIGMJ][LIXLIVWYTTPIQIRXEV]GIQIRXMXMSYWQEXIVMEPWEVITIVQMXXIH-JHIWMVIHWTIGMJ]KVSYXQM\XYVITVSTSVXMSRW
7TIGMJ]MJEPXIVREXMZIEHQM\XYVIWGERFIYWIH
G
-RHMGEXI[LIRGSVVSWMSRMRLMFMXSVWEVIVIUYMVIH
H
-RHMGEXI[LIRWLVMROEKIGSQTIRWEXMRKSVI\TERHMRKEHQM\XYVIWEVIVIUYMVIH
7TIGMJ]MJ%781'XIWXVIWYPXWEVIVIUYMVIH
7TIGMJ][LMGLXIWXWEVIRSXVIUYMVIH
F
7TIGMJ]XIWX W JSVFPIIHMRKMJXLIKVSYXMWMRXIRHIHJSVEREKKVIWWMZIIRZMVSRQIRX
7TIGMJ]XIWXTVIWWYVIERHQE\MQYQFPIIHJSVXLIFPIIHWXEFMPMX]XIWXMJHIJEYPXZEPYIWEVIYREGGITXEFPI
7TIGMJ][LIRVITPMGEXIXIWXWEVIVIUYMVIHERHXLIRYQFIVSJXIWXWVIUYMVIH
H
7TIGMJ]QMRMQYQGSQTVIWWMZIWXVIRKXL
E
7TIGMJ]JMIPHXVMEPXIWXW
;LIRVIUYMVIHWTIGMJ]JMIPHQSGOYTXIWXWSJKVSYX
7TIGMJ]EPXIVREXMZIUYEPMJMGEXMSRWJSVMRWXEPPIVW
7TIGMJ]EHHMXMSREPTEVEQIXIVWSJMRWTIGXMSR
7TIGMJ]GIVXMJMGEXMSRVIUYMVIQIRXWJSVMRWTIGXSVW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
348-32%06)59-6)1)287',)'/0-78 GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
F
7TIGMJ]EMVTVIWWYVIERHEGGITXERGIGVMXIVMEJSVTVIWWYVIXIWXMRKHYGX
7TIGMJ]I\TIVMIRGIVIUYMVIQIRXWJSVKVSYXMRKWYTIVZMWSVERHVIUYMVIHTVSSJSJI\TIVMIRGI
-R EKKVIWWMZI IRZMVSRQIRXW WTIGMJ] XLEX XLI XIRHSR IRHW EVI TVSXIGXIH F] GSZIVMRKW YRXMP XLI EGGITXERGI JSV
GYXXMRKSJXLIXIRHSRWXEMPWLEWFIIRKMZIRF]%VGLMXIGX)RKMRIIV
G J
7TIGMJ]EPXIVREXMZIGSZIVVIUYMVIQIRXW
E
7TIGMJ][EXIVXMKLXNSMRXW[LIRVIUYMVIH-REKKVIWWMZIIRZMVSRQIRXWXLINSMRXWLSYPHFI[EXIVXMKLX
F
7TIGMJ]MJVITEMVWEVIRSXVIUYMVIH
7TIGMJ]SXLIVXSPIVERGIW[LIRVIUYMVIH
7TIGMJ]SXLIVEHHMXMSREPLEMVTMRVIMRJSVGIQIRX[LIVIVEHMYWSJGYVZEXYVIMWPIWWXLERWXVERHHMEQIXIVW
7TIGMJ]EPXIVREXMZIQIXLSHWSJVIQSZMRKWYVTPYWPIRKXLWSJXIRHSRWFI]SRHERGLSVEKIW
7LVMROEKIGSQTIRWEXMRKGSRGVIXI
7TIGMJ]VIUYMVIQIRXWSJ7IGXMSRWXSXLEXHSRSXETTP]
E
-JI\TERWMZIGIQIRXSXLIVXLER%781'8]TI) / MWEGGITXEFPISVVIUYMVIHWTIGMJ]XLIGIQIRXX]TI
G
*P]EWLSVKVSYRHKVERYPEXIHFPEWXJYVREGIWPEK[MPPEJJIGXXLII\TERWMSRERHWLSYPHRSXFIYWIH[MXLSYXWYJJMGMIRX
XIWXMRK
E
%GGIPIVEXMRKEHQM\XYVIWWTIGMJMGEPP]SRIWXLEXGSRXEMRGEPGMYQGLPSVMHIQE]VIHYGIGSRGVIXII\TERWMSRERHWLSYPH
RSXFITIVQMXXIHJSVYWIMRWLVMROEKIGSQTIRWEXMRKGSRGVIXI
-JHMJJIVIRXQMRMQYQERHQE\MQYQI\TERWMSRPMQMXWEVIHIWMVIHWTIGMJ]XLIVIUYMVIQIRXW1MRMQYQI\TERWMSR
RIIHIH MWFEWIH SR XLI TVSNIGXIH WLVMROEKI JSV XLI TEVXMGYPEV GSRGVIXI QM\XYVI ERH XLI EQSYRX SJ VIMRJSVGIQIRX
YWIH'SRWYPX%'-JSVKYMHERGI
-JWPYQTMWXSFIHMJJIVIRXXLERMRQE\MQYQEXXLITSMRXSJTPEGIQIRXWTIGMJ]XLIVIUYMVIQIRX6IJIVXS3TXMSREP
6IUYMVIQIRXW'LIGOPMWXJSVKYMHERGISRWPYQTPSWWFIX[IIRHIPMZIV]ERHTPEGIQIRXWTSMRXW
(YIXSXLIMRMXMEPWPYQTPSWWSJWLVMROEKIGSQTIRWEXMRKGSRGVIXIMXMWRIGIWWEV]XSTVSTSVXMSRXLIGSRGVIXIQM\XYVI
XSGSRWMHIVMRMXMEPWPYQTPSWW-JXLIGSRGVIXIQM\XYVIYWIHMRXLI;SVOLEWEHIPMZIV]XMQIPSRKIVXLERQMRYXIWWTIGMJ]
EPSRKIVLSPHXMQIXSFIYWIHMRXLIXVMEPQM\XYVITVSTSVXMSRMRKTVSGIHYVI'SRWYPX%'-JSVKYMHERGI
7TIGMJ]XLIKVEHISJVIMRJSVGMRKFEVERHXLIUYERXMX]SJVIMRJSVGIQIRXVIUYMVIH
7LVMROEKIGSQTIRWEXMRKGSRGVIXIQYWXEP[E]WFIVIMRJSVGIH(IXIVQMRIXLIVIUYMVIHEQSYRXSJVIMRJSVGIQIRXMR
EGGSVHERGI[MXL%'-6IJIVXS%'-JSVEHHMXMSREPKYMHERGI
7TIGMJ]EPXIVREXMZIGSQTVIWWMFPIMWSPEXMSRNSMRXJMPPIVQEXIVMEPMJHIWMVIH
7TIGMJ]FEVTSWMXMSRMRVIMRJSVGIHWPEFWSRKVSYRHMJHMJJIVIRXJVSQMRJVSQXSTWYVJEGI
-JEPSRKIVXMQIFIX[IIRGEWXMRKEHNSMRMRKWIGXMSRWMWRIIHIHWTIGMJ]XLIXMQIVIUYMVIH6IJIVXS%'-JSVKYMHERGI
-JGYVMRKMWXSFIGSRXMRYIHJSVPSRKIVXLERHE]WSVMJEQIXLSHSXLIVXLER[EXIVGYVMRKMWEGGITXEFPIWTIGMJ]XLI
VIUYMVIQIRXWMR'SRXVEGX(SGYQIRXW
-RHYWXVMEPJPSSVWPEFW
7TIGMJ]VIUYMVIQIRXWSJ7IGXMSRWXS XLEXHSRSXETTP]
7TIGMJ]MJPIWWXLERMRXLMGOWPEFMWEPPS[IH
7TIGMJ]EPXIVREXMZIFEWIVIUYMVIQIRXW
E
7TIGMJ]MJWLVMROEKIXIWXVIWYPXWEVIXSFIWYFQMXXIHERHXLIWLVMROEKIPMQMXVIUYMVIH9PXMQEXIGSRGVIXIWLVMROEKI
QE]FITVIHMGXIHJVSQIEVP]EKIXIWXVIWYPXWMREGGSVHERGI[MXL%'-6
-JHIWMVIHWTIGMJ]PSRKIVHV]MRKTIVMSHJSVWLVMROEKIHEXE
H
7TIGMJ]MJQERYJEGXYVIVvWHEXEWLIIXSRIUYMTQIRXXSMRWXEPPGSRXVEGXMSRNSMRXWMWEVIUYMVIHWYFQMXXEP
I
7TIGMJ]MJGYVMRKGSQTSYRHGERFIYWIH[LIVIWYFWIUYIRXJMRMWLJPSSVMRKMWXSFIMRWXEPPIH7TIGMJ]EGGITXEFPI
GYVMRKGSQTSYRHSVVIUYMVIGYVMRKGSQTSYRHVIQSZEPF]EGGITXEFPIQIXLSHFIJSVIMRWXEPPMRKJPSSVJMRMWL
N
7TIGMJ]MJQE\MQYQNSMRXWTEGMRKKVIEXIVXLERJXMWEGGITXEFPI.SMRXPE]SYXWLSYPHEHLIVIXSXLIQE\MQYQNSMRX
WTEGMRKVIGSQQIRHIHF]%'-6FEWIHSRXLIWLVMROEKIGLEVEGXIVMWXMGWSJXLIGSRGVIXIQM\XYVI.SMRXWWLSYPHFI
GSRXMRYSYW%ZSMHw8xMRXIVWIGXMSRW
P
7TIGMJ]MJHIWMKRSJGSRWXVYGXMSRNSMRXJSVQWMWXSFIWYFQMXXIH
7TIGMJ][LIXLIV%781 '8]TI---LMKLIEVP]WXVIRKXLGIQIRXMWEGGITXEFPI8]TI---GIQIRXQE] WMKRMJM
GERXP]MRGVIEWIXLITSXIRXMEPJSVGSRGVIXIWLVMROEKIERHXLIVQEPGVEGOMRK
E
7TIGMJ]EKKVIKEXIVIUYMVIQIRXW MJ%781'VIUYMVIQIRXWEVIMRWYJJMGMIRXSVMJ EPXIVREXMZIRSQMREPQE\MQYQ
WM^I MW HIWMVIH 1SVI VIWXVMGXMZI KVEHEXMSR SV PMQMXEXMSRW SJ PMKRMXI GSEP SV SXLIV HIPIXIVMSYW WYFWXERGIW QE] FI
VIUYMVIH6IJIVXS%'-6JSVJYVXLIVKYMHERGI
7TIGMJ]MJEPXIVREXMZIEKKVIKEXIMWEGGITXEFPIJSVYWIEWEFEWIGSYVWIQEXIVMEP
F
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
348-32%06)59-6)1)287',)'/0-78 GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
E
7TIGMJ]MJEHQM\XYVIWGSRXEMRMRKGLPSVMHIMSRWEVIEGGITXEFPIERHQE\MQYQHSWEKIFEWIHSRYPXMQEXIWLVMROEKI
WYFQMXXEP
7TIGMJ]EPXIVREXMZISVEHHMXMSREPQM\XYVIVIUYMVIQIRXWMJHIWMVIH
7TIGMJ] ER EPXIVREXMZI QE\MQYQ XIQTIVEXYVI MJ HIWMVIH 6IJIV XS %'- 6 ERH %'- 6 JSV KYMHERGI ERH
GSRWMHIV E PS[IV EPXIVREXMZI XIQTIVEXYVI PMQMX XS HIGVIEWI VMWO SJ GVEGOMRK HYI XS XLIVQEP GSRXVEGXMSR 'SRWMHIV
VIUYMVMRKXLEXIZEPYEXMSRSJGSRGVIXIQM\XYVIMRFITIVJSVQIHEXXLIERXMGMTEXIHTPEGIQIRXXIQTIVEXYVI
7TIGMJ]EPXIVREXMZIZETSVVIXEVHIVQEXIVMEPERHVIUYMVIHXLMGORIWWMJPIWWXLERQMP
;LIRVIUYMVIHWTIGMJ]XLIX]TI W SJWPEFVIMRJSVGIQIRXERHMRHMGEXIXLIEQSYRXWERHPSGEXMSRWSJWPEFVIMRJSVGI
QIRXMR'SRXVEGX(SGYQIRXW
7TIGMJ]NSMRXWXSVIGIMZIPSEHXVERWJIVHIZMGIWERHMRHMGEXIEGGITXEFPIX]TIWSJHIZMGIW%GGITXEFPIQIGLERMGEP
PSEHXVERWJIVHIZMGIWQE]FIWQSSXLHS[IPFEVW VSYRHSVWUYEVI SVHS[IPTPEXIW EZEMPEFPIMREZEVMIX]SJWLETIW
ERHMRWXEPPEXMSRW]WXIQW 7XIIPPSEHXVERWJIVHIZMGIWQYWXLEZIEQIXLSHXSTVIZIRXFSRHMRK[MXLGSRGVIXI
7TIGMJ]EPXIVREXMZINSMRXJMPPIVQEXIVMEP
7TIGMJ]EHHMXMSREPQEXIVMEPVIUYMVIQIRXWMJVIUYMVIH-JXLINSMRXQEXIVMEPMWERXMGMTEXIHXSFIMRGSQTVIWWMSRWYGL
EWEXXLITIVMQIXIVSJGSPYQRWMRTSWXXIRWMSRIHWPEFWSVWLVMROEKIGSQTIRWEXIHWPEFWYWIGSQTVIWWMFPIMWSPEXMSR
NSMRXJMPPIVQEXIVMEPXLEXHSIWRSXHIZIPSTEWXVIWWKVIEXIVXLERTWMEX WXVEMR[LIRXIWXIHMREGGSVHERGI[MXL
%781(SV(
7TIGMJ]EVIEW[LIVIHIRWMJMIVMWXSFIYWIH
7TIGMJ]EVIEW[LIVIHV]WLEOILEVHIRIVMWXSFIYWIH
7TIGMJ]GSQTEGXMSRMREGGSVHERGI[MXL%781([LIRELMKLIVFEWIHIRWMX]MWVIUYMVIH
-RHMGEXIEVIEW[LIVIEZETSVVIXEVHIVMWVIUYMVIHHMVIGXP]FIRIEXLWPEF
7TIGMJ]MJEPXIVREXMZIJMRMWLMWHIWMVIH 6IJIVXS%'-6JSVKYMHERGI 'SRWMHIVVIUYMVMRKXLIYWISJELMKL[E]
WXVEMKLXIHKIXSMQTVSZIJPEXRIWW-REHHMXMSR[LIREKKVIKEXIWLEHS[MRKETTIEVW[LMPIJMRMWLMRKGSRGVIXIXLEXLEW
FIIRSTXMQM^IHJSVWLVMROEKITIVJSVQERGIGSRWMHIVVIUYMVMRK[EPOFILMRHTS[IVXVS[IPWIUYMTTIH[MXLJPSEXWLSIW
EWJMVWXTEWWMRWXIEHSJTERJPSEXW
7TIGMJ][LIRWYVJEGILEVHIRIVMWVIUYMVIH
7TIGMJ]EPXIVREXMZIWYVJEGIXSPIVERGIWMJVIUYMVIH
7TIGMJ]GSRWXVYGXMSRNSMRXWXLEXHSRSXLEZIXSFIWE[GYX.SMRXWXVEJJMGOIHF]LEVH[LIIPIHZILMGPIWWLSYPHFI
WE[GYXERHJMPPIH[MXLEWIQMVMKMHNSMRXJMPPIV
7TIGMJ]EPXIVREXMZIVIUYMVIQIRXWJSVGSRXVEGXMSRNSMRXW[LIRVIUYMVIH
7TIGMJ]MJEGYVMRKTIVMSHSJPIWWXLERHE]WMWEGGITXEFPI
7TIGMJ][LIREPMUYMHWYVJEGIHIRWMJMIVMWVIUYMVIH
7TIGMJ]NSMRXWRSXXSVIGIMZIWIQMVMKMHJMPPIV
7TIGMJ]MJNSMRXJMPPMRKWLSYPHFITIVJSVQIHEXEXMQISXLIVXLERXLEXVIGSQQIRHIHF]XLIQERYJEGXYVIV %GGSVHMRK
XS%'-6 SJXLIWLVMROEKIGERFII\TIGXIHHYVMRKXLIJMVWXXSQSRXLWYRHIVWYWXEMRIHHV]MRK%W
GSRGVIXIWLVMROWNSMRXW[MHIR.SMRX[MHIRMRKGEYWIWJMPPIVWITEVEXMSRXLEXVIUYMVIWGSVVIGXMSR
7TIGMJ]MJNSMRXJMPPIVQSRMXSVMRKGSVVIGXMSRWLSYPHFII\XIRHIHJSVPSRKIVXLERXLI[EVVERX]TIVMSH
8MPXYTGSRWXVYGXMSR
6IZMI[ 7IGXMSRWXLVSYKLERHWTIGMJ]VIUYMVIQIRXWXSFISQMXXIHSVEHHIHJSVXMPXYTGSRGVIXI
7TIGMJ][LMGLWYFQMXXEPMXIQWEVIRSXVIUYMVIH
7TIGMJ]MJWTIGMEPEKKVIKEXIWEVIVIUYMVIH
7TIGMJ]EPXIVREXMZIFIEVMRKWLMQW
7TIGMJ]HMJJIVIRX6ZEPYIMJETTPMGEFPI
7TIGMJ]MJ[EWXIWPEFWEVIXSFIYWIH
7TIGMJ]MJEKKVIKEXII\TSWYVISXLIVXLERMRMWVIUYMVIH
7TIGMJ]MJEKKVIKEXIVIZIEPSXLIVXLERMRMWVIUYMVIH
7TIGMJ][LIVIPMUYMHQIQFVERIJSVQMRKGYVMRKGSQTSYRHWEVIRSXXSFIYWIH
7TIGMJ]VITEMVTVSGIHYVIXSGSVVIGXTERIPHEQEKI
7TIGMJ][LIRFIEQWEVIVIUYMVIH
4VIGEWXWXVYGXYVEPGSRGVIXI
7TIGMJ]MJ7IGXMSRPMKLX[IMKLXGSRGVIXIVIUYMVIQIRXWETTP]
E
7TIGMJ]MJWYFQMXXEPSJGSRGVIXIQM\XYVITVSTSVXMSRWERHGLEVEGXIVMWXMGWEVIRSXVIUYMVIH
F
7TIGMJ]MJWLSTHVE[MRKWJSVXIQTSVEV]FVEGMRKERHWLSVMRKWLSYPHFIWYFQMXXIH
7TIGMJ]MJGEPGYPEXMSRWJSVXIQTSVEV]FVEGMRKERHWLSVMRKEVIVIUYMVIH
7TIGMJ]MJWLSTHVE[MRKWJSVJEFVMGEXMSRWLSYPHFIWYFQMXXIH
H
7TIGMJ]MJWXVYGXYVEPHIWMKRGEPGYPEXMSRWEVIXSFIWYFQMXXIH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
348-32%06)59-6)1)287',)'/0-78 GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
I
7TIGMJ]MJHIWMKRGEPGYPEXMSRWEVIXSFIWYFQMXXIH
E
7TIGMJ] MJ XIWX VITSVXW SV QEXIVMEP GIVXMJMGEXMSRW EVI XS FI WYFQMXXIH ERH WMKRIH F] EYXLSVM^IH QERYJEGXYVIV SV
WYTTPMIVWvVITVIWIRXEXMZI
7TIGMJ]VIXIRXMSRTIVMSHSJTVSHYGXHEXEMJPSRKIVXLER]IEVWMWHIWMVIH
-J ETTPMGEFPI WTIGMJ]XLEX IVIGXSV MW RSX VIUYMVIH XS FIUYEPMJMIH F] 4'- )VIGXSV XS LEZI I\TIVMIRGI MRTVIGEWX
GSRGVIXI[SVOSREXPIEWXXLVIIGSQTEVEFPITVSNIGXWSJWMQMPEVWGSTI[MXL3[RIVSV%VGLMXIGX)RKMRIIVHIXIVQMRMRK
XLIWYMXEFMPMX]SJXLII\TIVMIRGI'SRXEGX4'-JSVGYVVIRXPMWXMRKSJ4'-5YEPMJMIH)VIGXSVW
7TIGMJ]MJHMJJIVIRXJEFVMGEXSVUYEPMJMGEXMSRWEVIEPPS[IH4'-120ERH120QERHEXIWWSYVGIXIWXMRK
VIUYMVIQIRXW ERH E TPERX 5YEPMX] 7]WXIQW 1ERYEP 4'- GIVXMJMGEXMSR EPWS IRWYVIW TIVMSHMG EYHMXMRK SJ TPERXW JSV
GSQTPMERGI[MXLVIUYMVIQIRXWMR4'-120ERH120
7TIGMJ]EPXIVREXMZITIVWSRRIPGIVXMJMGEXMSRVIUYMVIQIRXWJSVXIWXMRKERHMRWTIGXMSR
7TIGMJ]MJ]IEVWSJ[SVOI\TIVMIRGIMWRSXVIUYMVIH
7TIGMJ]MJ[IPHIVUYEPMJMGEXMSRMWRSXVIUYMVIH
7TIGMJ]MJJMVIVIWMWXERGIGEPGYPEXMSRMWRSXVIUYMVIH;LIRJMVIVIWMWXERGIMWVIUYMVIHXSFIGEPGYPEXIHWTIGMJ]4'120SV%'-817
7TIGMJ]MJTVIGSRWXVYGXMSRGSRJIVIRGIMWRSXVIUYMVIH
7TIGMJ][LIR'SRXVEGXSVHSIWRSXLEZIHIWMKRVIWTSRWMFMPMX]
E
7TIGMJ] VIUYMVIQIRXW HMJJIVMRK JVSQ 7IGXMSR SV XLSWI WTIGMJMIH MR XLMW WIGXMSR +YMHERGI JSV IZEPYEXMRK XLI
HIKVIISJVYWXMRKSRWXVERHMWKMZIRMR7EWSR 7TIGMJ]VIUYMVIQIRXWHMJJIVMRKJVSQ7IGXMSRSVXLSWIWTIGMJMIHMRXLMWWIGXMSR
7TIGMJ]MJPMKLX[IMKLXEKKVIKEXIWEVIVIUYMVIH6IZMI[ 7IGXMSRERHQSHMJ]VIUYMVIQIRXWXSWYMXTVSNIGX
7TIGMJ]MJETEVXMGYPEVFIEVMRKTEHMWVIUYMVIH
E
7TIGMJ]VIUYMVIQIRXWSJVIKPIXW
7TIGMJ] EPXIVREXMZI QEXIVMEPW MJ HIWMVIH %HH SXLIV TVSTVMIXEV] KVSYX W]WXIQW XS WYMX 4VSNIGX 7LS[ PSGEXMSRW SJ
IEGLKVSYXMR'SRXVEGX(SGYQIRXWMJVIUYMVMRKQSVIXLERSRIX]TI
7TIGMJ]MJRSRWLVMROKVSYXMWVIUYMVIH
7TIGMJ]MJJIVVSYWKVSYXWGERFIYWIH
7TIGMJ][LIRJMIPHMRWXEPPEXMSRTVSGIHYVIWWLSYPHFIWYFQMXXIH
7TIGMJ]X]TIKVEHIERHGPEWWMJITS\]KVSYXMWVIUYMVIH
7TIGMJ] MJ MRWYPEXIH QIQFIVW EVI VIUYMVIH 7TIGMJ] MRWYPEXMSR X]TI XLMGORIWW 6ZEPYI ERH PSGEXMSR JSV IEGL
QIQFIVX]TIYWIHMRXLI;SVO
7TIGMJ][]XLIGSRRIGXSVWMJTEVXMGYPEVGSRRIGXSVHIWMVIH
7TIGMJ] HMJJIVIRX GSQTVIWWMZI WXVIRKXL [LIR VIUYMVIH ,MKLIVWXVIRKXL QM\XYVIW QE] FI EZEMPEFPI ZIVMJ]
EZEMPEFMPMX][MXLJEFVMGEXSVW
7TIGMJ]MJPS[IV[GQMWVIUYMVIHXSWYMX4VSNIGX
7TIGMJ]EMVGSRXIRX
7TIGMJ] [LIR PMKLX[IMKLX GSRGVIXI MW VIUYMVIH 7TIGMJ] HMJJIVIRX HE] GSQTVIWWMZI WXVIRKXL ERH HIRWMX] [LIR
VIUYMVIH'SSVHMREXI[MXLPMKLX[IMKLXEKKVIKEXIWYTTPMIVERHTVIGEWXGSRGVIXIJEFVMGEXSV7SQIGSQFMREXMSRWSJPMKLX
[IMKLXERHRSVQEP[IMKLXEKKVIKEXIWMRPMKLX[IMKLXGSRGVIXIQM\XYVIWQE]TVSHYGIHIRWMXMIWKVIEXIVXLERPFJX
7TIGMJ]EMVGSRXIRX
F
7TIGMJ]HMJJIVIRXIHKISVGSVRIVXVIEXQIRX[LIRVIUYMVIH
F
7TIGMJ]MJPETWEVIRSXVIUYMVIHSVMJHMJJIVIRXPETPIRKXLMWVIUYMVIHJSV[IPHIH[MVIVIMRJSVGIQIRX
-RHMGEXIMJEXIQTIVEXYVILMKLIVXLER”*MWEGGITXEFPI%QE\MQYQGSRGVIXIXIQTIVEXYVISJ”*MWEGGITXEFPIMJ
SRISJXLIJSPPS[MRKQIEWYVIWMWYWIH
e %781 ' 8]TI : TSVXPERH GIQIRX [MXL &PEMRI JMRIRIWW PIWW XLER Q OK SV %781 ' 8]TI -4
FPIRHIHGIQIRX[MXLEXPIEWX 'PEWW*JP]EWLSV%781'8]TI-7FPIRHIHGIQIRX[MXLEXPIEWX
WPEKGIQIRX
e 'IQIRX[MXLHE]QSVXEVWXVIRKXL %781''1 PIWWXLERTWM
e 6ITPEGITSVXPERHGIQIRX[MXLXS F]QEWW SJJP]EWLQIIXMRK%781''PEWW*
e 6ITPEGITSVXPERHGIQIRX[MXLXS F]QEWW SJWPEKGIQIRXQIIXMRK%781'
e 6ITPEGI XS F] QEWW SJ TSVXPERH GIQIRX [MXL E GSQFMREXMSR SJ %781 ' 'PEWW * JP] EWL
QE\MQYQ %781'WPEKGIQIRXERH%781'WMPMGEJYQI QE\MQYQ e 6ITPEGI XS F] QEWW SJ TSVXPERH GIQIRX [MXL E GSQFMREXMSR SJ %781 ' 'PEWW ' JP] EWL
QE\MQYQ ERH EX PIEWX %781 ' WMPMGE JYQI QE\MQYQ YPXVEJMRI JP] EWL SV %781
''PEWW2QIXEOESPMRERH
e 6ITPEGI F]QEWW SJTSVXPERHGIQIRX[MXLEQIXEOESPMRQIIXMRK%781''PEWW2
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WYMXEFPIJSVXLII\TIGXIHWIVZMGIGSRHMXMSRW
*SVGSRGVIXIHV]SVTVSXIGXIHJVSQQSMWXYVIWTIGMJ]MJQE\MQYQGSRGVIXIXIQTIVEXYVISJ”*MWEGGITXEFPI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8) %'-
348-32%06)59-6)1)287',)'/0-78 GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
7TIGMJ]MJTVIXIRWMSRMRKSVTSWXXIRWMSRMRKMWVIUYMVIH
7TIGMJ]EPXIVREXMZIEGGITXERGIVIUYMVIQIRXWJSVVITEMVWMJVIUYMVIH
7TIGMJ]MJMRWYPEXIHTERIPWEVIVIUYMVIH
7TIGMJ]JMRMWLJSVMRWYPEXIHTERIPW
7TIGMJ]XSPIVERGIWHMJJIVIRXXLERXLSWIWTIGMJMIHMR%'--8+
7TIGMJ]MJWGVIIHJMRMWLJPSEXJMRMWLSVSXLIVJMRMWLMWHIWMVIH
7TIGMJ]MJ4'-TPERXGIVXMJMGEXMSRERHXIWXMRKERHMRWTIGXMSRTVSKVEQMWRSXVIUYMVIH
F
7TIGMJ]EPXIVREXMZI[IPHVIUYMVIQIRXW
7TIGMJ]MJGYXXMRKSVGSVMRKMWTIVQMXXIHEJXIVMRWXEPPEXMSR
7TIGMJ]MJHVMPPIHSVTS[HIVEGXYEXIHJEWXIRIVWQE]FIYWIH
4VIGEWXEVGLMXIGXYVEPGSRGVIXI
6IZMI[ 7IGXMSRERHQSHMJ]VIUYMVIQIRXWXSJMXTVSNIGX
7TIGMJ]MJ[EXIVEFWSVTXMSRXIWXWEVIXSFIWYFQMXXIH
7TIGMJ][LMGLSJXLIMXIQWMREXLVSYKLGEVIVIUYMVIH
7TIGMJ]HMJJIVIRXJEFVMGEXSVUYEPMJMGEXMSRWMJEGGITXEFPI
6IZMWIWM^IERHRYQFIVSJWEQTPITERIPWXSWYMX4VSNIGX
7TIGMJ]MJWEQTPITERIPWEVIRSXVIUYMVIH
7TIGMJ]MJVERKIWEQTPIWEVIVIUYMVIH
-JQSGOYTWEVIVIUYMVIHWTIGMJ]RYQFIVPSGEXMSRWM^IERHSXLIVHIXEMPWMR'SRXVEGX(SGYQIRXW
J
7TIGMJ]MJWITEVEXIQSGOYTMWVIUYMVIHJSVXIWXMRKF]SXLIVW7TIGMJ]VIUYMVIHXIWXMRK
7TIGMJ]MJJSVQPMRIVMWVIUYMVIHERHEHHHIWGVMTXMSRSJXLITEVXMGYPEVJSVQPMRIVWIPIGXIH
7TIGMJ]MJWYVJEGIVIXEVHIVMWVIUYMVIH
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