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r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
1G'EFI6MGLEVH% -RGIWX(VEQEERH2EXYVI W0E[ r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r 'EQFVMHKI 'EQFVMHKI9RMZIVWMX] 4VIWW 7QMXL1SPP] 8LI(EVOIV;SVPH;MXLMR1EHMWSR;- %WWSGMEXIH9RMZIVWMX]4VIWWIW &VIEOMRK&SYRHEVMIW 4SPMXMGWERH4PE]MRXLI(VEQE SJ7LEOIWTIEVIERH,MW'SRXIQTSVEVMIW%PHIVWLSX %WLKEXI 7XEPP]FVEWW4IXIVERH;LMXI%PPSR 8LI4SPMXMGWERH 4SIXMGWSJ8VERWKVIWWMSR0SRHSR 1IXLYIR ;EPOIV+VIK 8LI4SPMXMGWSJ4IVJSVQERGIMR)EVP] 6IREMWWERGI(VEQE'EQFVMHKI 'EQFVMHKI9RMZIVWMX] 4VIWW ;LMKLEQ*VERO 7IM^YVIWSJXLI;MPPMR)EVP]1SHIVR )RKPMWL(VEQE'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW
+IRVIWXYHMIW %PPQER)MPIIR.SVKI .EGSFIER6IZIRKI8VEKIH]ERHXLI 4SPMXMGWSJ:MVXYI2I[EVO() 9RMZIVWMX]SJ(IPE[EVI 4VIWW 'SQIRWSPM:MZMERE D,SYWILSPH&YWMRIWW (SQIWXMG4PE]W SJ)EVP]1SHIVR)RKPERH8SVSRXS 9RMZIVWMX]SJ8SVSRXS 4VIWW +MFFSRW&VMER .EGSFIER'MX]'SQIH] %7XYH]SJ7EXMVMG 4PE]WF].SRWSR1EVWXSRERH1MHHPIXSRRHIHMXMSR 0SRHSR 1IXLYIR +VMW[SPH;IRH] 6IREMWWERGI6IZMZEPW 'MX]'SQIH] ERH6IZIRKI8VEKIH]MRXLI0SRHSR8LIEXVIr 'LMGEKS-0 9RMZIVWMX]SJ'LMGEKS4VIWW
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r
+IRHIVWI\YEPMX]ERHXLIFSH] 'IVEWERS74ERH;]RRI(EZMIW1EVMSR IHW 6IEHMRKWMR6IREMWWERGI;SQIR W(VEQE 'VMXMGMWQ,MWXSV] ERH4IVJSVQERGI r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r 0SRHSR 0SRKQER +VERXPI](EVV]PERH8EYRXSR2MRE IHW 8LI&SH]MR 0EXI1IHMIZEPERH)EVP]1SHIVR'YPXYVI%PHIVWLSX %WLKEXI ,S[EVH.IER D'VSWWHVIWWMRKXLI8LIEXVIERH+IRHIV 7XVYKKPIMR)EVP]1SHIVR)RKPERH 7LEOIWTIEVI5YEVXIVP] r .EVHMRI0MWE 7XMPP,EVTMRKSR(EYKLXIVW&VMKLXSR ,EVZIWXIV;LIEXWLIEJ 0IZMRI0EYVE 1IRMR;SQIR W'PSXLMRK'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 1G0YWOMI/EXLPIIR 6IREMWWERGI(VEQEXMWXW,IQIP ,IQTWXIEH ,EVZIWXIV;LIEXWLIEJ 3VKIP7XITLIR -QTIVWSREXMSRW 8LI4IVJSVQERGISJ +IRHIVMR7LEOIWTIEVI W)RKPERH'EQFVMHKI 'EQFVMHKI 9RMZIVWMX]4VIWW 4EWXIV+EMP/IVR 8LI&SH])QFEVVEWWIH (VEQEERHXLI (MWGMTPMRIWSJ7LEQIMR)EVP]1SHIVR)RKPERH-XLEGE2= 'SVRIPP9RMZIVWMX]4VIWW
6SWI1EV]&IXL 8LI)\TIRWISJ7TMVMX 0SZIERH 7I\YEPMX]MR)RKPMWL6IREMWWERGI(VEQE-XLEGE2=ERH 0SRHSR 'SVRIPP9RMZIVWMX]4VIWW 7LITLIVH7MQSR %QE^SRWERH;EVVMSV;SQIR :EVMIXMIWSJ*IQMRMWQMR7IZIRXIIRXLGIRXYV](VEQE &VMKLXSR ,EVZIWXIV;LIEXWLIEJ 8VEYF:EPIVMI (IWMVIERH%R\MIX] 'MVGYPEXMSRWSJ 7I\YEPMX]MR7LEOIWTIEVIER(VEQE0SRHSRERH2I[=SVO 2= 6SYXPIHKI >MQQIVQER7YWER IH )VSXMG4SPMXMGW (IWMVISRXLI 6IREMWWERGI7XEKI0SRHSRERH2I[=SVO2= 6SYXPIHKI
(VEQEERHXLIIEVP]QSHIVRDSXLIV +MPPMIW.SLR 7LEOIWTIEVIERHXLI+ISKVETL]SJ(MJJIVIRGI 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ,EPP/MQ 8LMRKWSJ(EVORIWW )GSRSQMIWSJ6EGIERH +IRHIVMR)EVP]1SHIVR)RKPERH-XLEGE2= 'SVRIPP 9RMZIVWMX]4VIWW ,IRHVMGOW1EVKSERH4EXVMGME4EVOIV IHW ;SQIR D6EGI ERH;VMXMRKMRXLI)EVP]1SHIVR4IVMSH0SRHSRERH 2I[=SVO2= 6SYXPIHKI ,SIRWIPEEVW%. -QEKIWSJ)RKPMWLQIRERH*SVIMKRIVW MRXLI(VEQESJ7LEOIWTIEVIERHLMW'SRXIQTSVEVMIW %7XYH] SJ7XEKI'LEVEGXIVWERH2EXMSREP-HIRXMX]MR)RKPMWL 6IREMWWERGI(VEQE r6YXLIVJSVH2. *EMVPIMKL (MGOMRWSR9RMZIVWMX]4VIWW ,YPQI4IXIV 'SPSRMEP)RGSYRXIVW )YVSTIERHXLI 2EXMZI'EVMFFIER r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
7YVZI]WERHIWWE]GSPPIGXMSRW &PYIWXSRI1E\ERH6EFOMR2SVQER IHW 7LEOIWTIEVI W'SRXIQTSVEVMIW 1SHIVR7XYHMIWMR)RKPMWL 6IREMWWERGI(VEQERHIHMXMSR)RKPI[SSH'PMJJW2. 4VIRXMGI,EPP-RG &VERRMKER.SLR 2I[,MWXSVMGMWQERH'YPXYVEP 1EXIVMEPMWQ0SRHSR 1EGQMPPER &VEYRQYPPIV%6ERH,EXXE[E]1MGLEIP 8LI
JYVXLIVVIEHMRK 'EQFVMHKI'SQTERMSRXS)RKPMWL6IREMWWERGI(VEQE 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ,EHpIPH%RHVI[ 8LI)RKPMWL6IREMWWERGIr 3\JSVH &PEGO[IPP /EWXER(EZMH7GSXX %'SQTERMSRXS7LEOIWTIEVI 3\JSVH &PEGO[IPP /EWXER(EZMH7GSXXERH7XEPP]FVEWW4IXIV IHW 7XEKMRK XLI6IREMWWERGI 6IMRXIVTVIXEXMSRWSJ)PM^EFIXLERERH.EGSFIER (VEQE0SRHSR 6SYXPIHKI /MRRI]%VXLYV IH %'SQTERMSRXS6IREMWWERGI (VEQE3\JSVH &PEGO[IPP 0IKKEXX%PI\ERHIV )RKPMWL(VEQE 7LEOIWTIEVIXSXLI 6IWXSVEXMSR r0SRHSR 0SRKQER 1SYWPI]%RH] 6IREMWWERGI(VEQEERH'SRXIQTSVEV] 0MXIVEV]8LISV]&EWMRKWXSOI 1EGQMPPER 6EFOMR2 6IMRXIVTVIXEXMSRWSJ)PM^EFIXLER(VEQE 2I[=SVO2= 'SPYQFME9RMZIVWMX]4VIWW 6]RER/MIVRER IH 2I[,MWXSVMGMWQERH'YPXYVEP 1EXIVMEPMWQ %6IEHIV0SRHSR %VRSPH ;MPWSR6MGLEVHERH(YXXSR6MGLEVH IHW 2I[ ,MWXSVMGMWQERH6IREMWWERGI(VEQE0SRHSR 0SRKQER
,MWXSVMIWSJHVEQEERHXLIXLIEXVI &IRXPI]+IVEPH)EHIW r 8LI.EGSFIERERH'EVSPMRI 7XEKIZSPW3\JSVH 'PEVIRHSR4VIWW 8LI4VSJIWWMSRSJ4PE]IVMR7LEOIWTIEVI W8MQI r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r.EGSFIER (VEQE0SRHSR % '&PEGO *EVRLEQ;MPPEVH 8LI1IHMIZEP,IVMXEKISJ)PM^EFIXLER 8VEKIH]3\JSVH &PEGO[IPP *SEOIW6% -PPYWXVEXMSRWSJXLI)RKPMWL7XEKI r 7XERJSVH'% 7XERJSVH9RMZIVWMX]4VIWW +VEZIW6SFIVX& 0MKLXMRKXLI7LEOIWTIEVIER7XEKI r'EVFSRHEPI-0 7SYXLIVR-PPMRSMW9RMZIVWMX] 4VIWW +YVV%RHVI[ 4PE]KSMRKMR7LEOIWTIEVI W0SRHSRRH IHMXMSR'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ,ETT¦4IXIV )RKPMWL(VEQEFIJSVI7LEOIWTIEVI 0SRHSR 0SRKQER ,EVFEKI%PJVIH 7LEOIWTIEVI W%YHMIRGI2I[=SVO2= 'SPYQFME9RMZIVWMX]4VIWW 7LEOIWTIEVIERHXLI6MZEP8VEHMXMSRW2I[=SVO 2= 1EGQMPPER -RKVEQ;MPPMEQ 8LI&YWMRIWWSJ4PE]MRK 8LI&IKMRRMRKW SJXLI%HYPX4VSJIWWMSREP8LIEXIVMR)PM^EFIXLER0SRHSR -XLEGE2=ERH0SRHSR 'SVRIPP9RMZIVWMX]4VIWW 0IKKEXX%PI\ERHIV )RKPMWL7XEKI'SQIH] r 0SRHSR 6SYXPIHKI
1ERR(EZMH 8LI)PM^EFIXLER4PE]IV 'SRXIQTSVEV] 7XEKI6ITVIWIRXEXMSR0SRHSRERH2I[=SVO2= 6SYXPIHKI 1YVVE].SLR8YGOIV )RKPMWL(VEQEXMG'SQTERMIW rZSPW0SRHSR 'SRWXEFPI 3VVIPP.SLR 8LI,YQER7XEKI )RKPMWL8LIEXVI(IWMKR r'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 4SXXIV0SMW'VEMO8;ERH0IIGL'PMJJSVH IHW 8LI6IZIPW,MWXSV]SJ(VEQEMR)RKPMWL0SRHSR 1IXLYIR 7LITLIVH7MQSRERH;SQEGO4IXIV )RKPMWL(VEQE %'YPXYVEP,MWXSV]3\JSVH &PEGO[IPP 7SYXLIVR6MGLEVH 8LI7XEKMRKSJ4PE]WFIJSVI 7LEOIWTIEVI0SRHSR *EFIVERH*EFIV ;LMXI1EVXMR 6IREMWWERGI(VEQEMR%GXMSR0SRHSR 6SYXPIHKI ;MGOLEQ+P]RRI r )EVP])RKPMWL7XEKIWr ZSPW0SRHSRERH2I[=SVO2= 6SYXPIHKI %,MWXSV]SJXLI8LIEXVI3\JSVH 4LEMHSR ;MWIQER7YWER (VEQEERH4SPMXMGWMRXLI)RKPMWL'MZMP ;EV'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW
,MWXSVMIW WSGMEPTSPMXMGEPERH GYPXYVEP 7YVZI]W %FFSXX1EV] 0MJI']GPIWMR)RKPERHr0SRHSR ERH2I[=SVO2= 6SYXPIHKI &VMKKW.YPME 8LMW7XEKITPE];SVPH 8I\XWERH'SRXI\XW rVIZMWIHIHMXMSR3\JSVH 3\JSVH9RMZIVWMX] 4VIWW 'S[EVH&EVV] 7SGMEP'LERKIERH'SRXMRYMX]MR)EVP] 1SHIVR)RKPERHr0SRHSRERH2I[=SVO2= 0SRKQER 8LI7XYEVX%KIrRHIHMXMSR0SRHSR 0SRKQER ,MPP'LVMWXSTLIV 8LI'IRXYV]SJ6IZSPYXMSRr RHIHMXMSR0SRHSR 8LEQIWERH,YHWSR 0EWPIXX4IXIV 8LI;SVPH;I,EZI0SWX0SRHSR 1IXLYIR 1IVZ]R.EQIW 7SGMIX]4SPMXMGWERH'YPXYVI 7XYHMIWMR )EVP]1SHIVR)RKPERH'EQFVMHKI 'EQFVMHKI9RMZIVWMX] 4VIWW 6ETTETSVX7XIZI ;SVPHW;MXLMR;SVPHW 7XVYGXYVIWSJ 0MJIMR7M\XIIRXLGIRXYV]0SRHSR'EQFVMHKI 'EQFVMHKI 9RMZIVWMX]4VIWW 7LEVTI.% )EVP]1SHIVR)RKPERH %7SGMEP,MWXSV] r4EVX-- 8LI7SGMEP,MIVEVGL]ERH7SGMEP'LERKI 0SRHSR )H[EVH%VRSPH 7MRpIPH%PER 0MXIVEXYVIMR4VSXIWXERX)RKPERHr 0SRHSR 'VSSQ,IPQ 7XSRI0E[VIRGI 7SGMEP'LERKIERH6IZSPYXMSRMR )RKPERHr0SRHSR 0SRKQER 7XVSYH%RKYW 7XYEVX)RKPERH0SRHSR 6SYXPIHKI ;VMKLXWSR/IMXL )RKPMWL7SGMIX] r 0SRHSR 9R[MR,]QER =SYMRKW.S]GI 7M\XIIRXL'IRXYV])RKPERH ,EVQSRHW[SVXL 4IRKYMR
JYVXLIVVIEHMRK
7SGMEPWXEXYW &IMIV%0 1EWXIVPIWW1IR 8LI:EKVERG]4VSFPIQMR )RKPERHr0SRHSR 1IXLYIR (I+VE^ME1EVKVIXE5YMPPMKER1EYVIIRERH7XEPP]FVEWW 4IXIV IHW 7YFNIGXERH3FNIGXMR6IREMWWERGI'YPXYVI 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ,IEP*IPMGMX]ERH,SPQIW'PMZI 8LI+IRXV]MR )RKPERHERH;EPIWr0SRHSR 1EGQMPPER 4SYRH.SLR 4SZIVX]ERH:EKVERG]MR8YHSV)RKPERH 0SRHSR 0SRKQER 7LEVTI.% 'VMQIMR)EVP]1SHIVR)RKPERHr 0SRHSRERH2I[=SVO2= 0SRKQER 7XSRI0E[VIRGI 8LI'VMWMWSJXLI%VMWXSGVEG] r 3\JSVH 3\JSVH9RMZIVWMX]4VIWW ;VMKLX0SYMW& 1MHHPI'PEWW'YPXYVIMR)PM^EFIXLER )RKPERH0SRHSR 1IXLYIR
*EQMP]ERHQEVVMEKI 'VIWW](EZMH &MVXL1EVVMEKIERH(IEXL 6MXYEP 6IPMKMSRERHXLI0MJIG]GPIMR8YHSVERH7XYEVX)RKPERH 3\JSVH 3\JSVH9RMZIVWMX]4VIWW +MPPMW.6 *SV&IXXIV*SV;SVWI3\JSVH 3\JSVH 9RMZIVWMX]4VIWW ,SYPFVSSOI6EPTL 8LI)RKPMWL*EQMP] r 0SRHSR 0SRKQER -RKVEQ1EVXMR 'LYVGL'SYVXW7I\ERH1EVVMEKIMR )RKPERHr'EQFVMHKI 'EQFVMHKI9RMZIVWMX] 4VIWW )RKPMWL*EQMP]0MJIr3\JSVH 3\JSVH 9RMZIVWMX]4VIWW 3VPMR0IRE'S[IR 4VMZEXI1EXXIVWERH4YFPMG'YPXYVI MR4SWX6IJSVQEXMSR)RKPERH-XLEGE2=ERH0SRHSR 'SVRIPP9RMZIVWMX]4VIWW 4S[IPP'LMPXSR )RKPMWL(SQIWXMG6IPEXMSRW r 2I[=SVO2= 'SPYQFME9RMZIVWMX]4VIWW 7XSRI0E[VIRGI 8LI*EQMP]7I\ERH1EVVMEKI r ,EVQSRHW[SVXL 4IPMGER 8LI6SEHXS(MZSVGI )RKPERHr 3\JSVH 3\JSVH9RMZIVWMX]4VIWW 8LSQEW/IMXL D8LI(SYFPI7XERHEVH .SYVREPSJXLI ,MWXSV]SJ-HIEW r 8SHH&EVFEVE D8LI6IQEVV]MRK;MHS[ %7XIVISX]TI 6IGSRWMHIVIH MR1EV]4VMSV IH ;SQIRMR)RKPMWL7SGMIX] r 0SRHSR 1IXLYIR
+IRHIVVIPEXMSRWWI\YEPMX]ERHXLIFSH] &VE]%PER ,SQSWI\YEPMX]MR6IREMWWERGI)RKPERHRH IHMXMSR0SRHSR +E]1IR W4VIWW &VIMXIRFIVK1EVO %R\MSYW1EWGYPMRMX]MR)EVP]1SHIVR )RKPERH'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW *PIXGLIV%RXLSR] +IRHIV7I\ERH7YFSVHMREXMSRMR )RKPERHr 0SRHSRERH2I[,EZIR'2 =EPI 9RMZIVWMX]4VIWW +SPHFIVK.SREXLER IH 5YIIVMRKXLI6IREMWWERGI (YVLEQ2'ERH0SRHSR (YOI9RMZIVWMX]4VIWW +S[MRK0EYVE (SQIWXMG(ERKIVW ;SQIR;SVHWERH 7I\MR)EVP]1SHIVR)RKPERH3\JSVH 'PEVIRHSR 4VIWW ,YPP7Y^ERRI; 'LEWXI7MPIRXERH3FIHMIRX )RKPMWL
&SSOWJSV;SQIRr7ER1EVMRS'% ,YRXMRKXSR 0MFVEV]4VIWW /IPP]+EHSP.SER D(MH;SQIR,EZIE6IREMWWERGI# MR6IREXI&VMHIRXLEPERH'PEYHME/SSR^ IHW &IGSQMRK :MWMFPI ;SQIRMR)YVSTIER,MWXSV]&SWXSR1% ,SYKLXSR1MJqMR 0EYVIRGI%RRI ;SQIRMR)RKPERHr %7SGMEP ,MWXSV]0SRHSR ;IMHIRJIPHERH2MGSPWSR 1EGPIER-ER 8LI6IREMWWERGI2SXMSRSJ;SQER 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 1EXGLMRWOI1IKER ;VMXMRK+IRHIVERH7XEXIMR)EVP] 1SHIVR)RKPERH -HIRXMX]*SVQEXMSRERHXLI*IQEPI7YFNIGX 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 1IRHIPWSR7EVEERH'VE[JSVH4EXVMGME ;SQIRMR )EVP]1SHIVR)RKPERHr3\JSVH 3\JSVH 9RMZIVWMX]4VIWW 4VMSV1EV] IH ;SQIRMR)RKPMWL7SGMIX]r 0SRHSR 1IXLYIR 7E[HE].SREXLER 8LI&SH])QFPE^SRIH (MWWIGXMSRERH XLI,YQER&SH]MR6IREMWWERGI'YPXYVI0SRHSR 6SYXPIHKI 7QMXL&VYGI6 ,SQSWI\YEP(IWMVIMR7LEOIWTIEVI W )RKPERH %'YPXYVEP4SIXMGW'LMGEKS-0 9RMZIVWMX]SJ 'LMGEKS4VIWW 7YQQIVW'PEYHI IH ,SQSWI\YEPMX]MR6IREMWWERGI ERH)RPMKLXIRQIRX)RKPERH 0MXIVEV]6ITVIWIRXEXMSRWMR ,MWXSVMGEP'SRXI\X2I[=SVOERH0SRHSR ,E[SVXL4VIWW %PWSTYFPMWLIHEWEWTIGMEPMWWYISJ.SYVREPSJ,SQSWI\YEPMX] r 8VEYF:EPIVMI/ETPER0MRHWE]1ERH'EPPEKLER(]QTRE IHW *IQMRMWX6IEHMRKWSJ)EVP]1SHIVR'YPXYVI )QIVKMRK7YFNIGXW'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 8YVRIV.EQIW+VERXLEQ IH 7I\YEPMX]ERH+IRHIVMR )EVP]1SHIVR)YVSTI -RWXMXYXMSRW8I\XW-QEKIW 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ;MPGS\,IPIR IH ;SQIRERH0MXIVEXYVIMR&VMXEMR r'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW
8VEZIPGSPSRMEPMWQERHXLI IEVP]QSHIVRDSXLIV %RHVI[/IRRIXL6 8VEHI4PYRHIVERH7IXXPIQIRX 1EVMXMQI)RXIVTVMWIERHXLI+IRIWMWSJXLI&VMXMWL)QTMVI r'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW &VEHWLE[&VIRHER,EHpIPH%RHVI[ERH1EP];MPP] IHW 6ITVIWIRXMRK-VIPERH 0MXIVEXYVIERHXLI3VMKMRWSJ 'SRqMGXr'EQFVMHKI 'EQFVMHKI9RMZIVWMX] 4VIWW &VIRRER)PM^EFIXL) D8LI'LIIWIERHXLI;IPWL *SVIMKRIVWMR)PM^EFIXLER0MXIVEXYVI 6IREMWWERGI7XYHMIW r 'LEVH'LPSÕ 4PIEWYVIERH+YMPXSRXLI+VERH8SYV 1ERGLIWXIV 1ERGLIWXIV9RMZIVWMX]4VIWW *YPPIV1EV]' :S]EKIWMR4VMRX )RKPMWL8VEZIPXS %QIVMGEr'EQFVMHKI 'EQFVMHKI9RMZIVWMX] 4VIWW +VIIRFPEXX7XITLIR 1EVZIPSYW4SWWIWWMSRW 8LI;SRHIV SJXLI2I[;SVPH3\JSVH 'PEVIRHSR4VIWW ,EHpIPH%RHVI[ 0MXIVEXYVI8VEZIPERH'SPSRMEP ;VMXMRKMRXLI)RKPMWL6IREMWWERGIr3\JSVH 'PEVIRHSR4VIWW ,EPP/MQ* 8LMRKWSJ(EVORIWW )GSRSQMIWSJ6EGIERH
JYVXLIVVIEHMRK +IRHIVMR)EVP]1SHIVR)RKPERH-XLEGE2= 'SVRIPP 9RMZIVWMX]4VIWW ,EVVMW.SREXLER+MP *SVIMKR&SHMIWERHXLI&SH]4SPMXMG (MWGSYVWIWSJ7SGMEP4EXLSPSK]MR)EVP]1SHIVR)RKPERH 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ,IPKIVWSR6MGLEVH *SVQWSJ2EXMSRLSSH 8LI )PM^EFIXLER;VMXMRKSJ)RKPERH'LMGEKS-0 9RMZIVWMX]SJ 'LMGEKS4VIWW ,YPQI4IXIV 'SPSRMEP)RGSYRXIVW )YVSTIERHXLI 2EXMZI'EVMFFIER r 0SRHSR 6SYXPIHKI /RETT.IJJVI] %R)QTMVI2S[LIVI )RKPERH%QIVMGE ERH0MXIVEXYVIJVSQ9XSTMEXS8LI8IQTIWX&IVOIPI]'% 9RMZIVWMX]SJ'EPMJSVRME4VIWW /YTTIVQER/EVIR3VHELP 7IXXPMRK[MXLXLI-RHMERW 8LI1IIXMRKSJ)RKPMWLERH-RHMER'YPXYVIWMR%QIVMGE r 8SXS[E2. 6S[QERERH0MXXPIpIPH 0MRXSR.SER4SRK 8LI6SQERGISJXLI2I[;SVPH +IRHIVERHXLI0MXIVEV]*SVQEXMSRWSJ)RKPMWL'SPSRMEPMWQ 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 1G)EGLIVR'PEMVI 8LI4SIXMGWSJ)RKPMWL2EXMSRLSSH r'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 6EPIKL7MV;EPXIV 8LI(MWGSZIVMISJXLI0EVKI6MGLERH &I[XMJYP)QT]VISJ+ZMERE2IMP0;LMXILIEH IH 1ERGLIWXIV 1ERGLIWXIV9RMZIVWMX]4VIWW 7LIILER&IVREVH; 7EZEKMWQERH'MZMPMX] -RHMERW ERH)RKPMWLQIRMR'SPSRMEP:MVKMRME'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW
6IPMKMSRERHXLIGLYVGL 'SPPMRWSR4EXVMGO +SHP]4ISTPI )WWE]WSR)RKPMWL 4VSXIWXERXMWQERH4YVMXERMWQ0SRHSR ,EQFPIHSR4VIWW 8LI6IPMKMSRSJ4VSXIWXERXW 8LI'LYVGLMR)RKPMWL 7SGMIX] r3\JSVH 'PEVIRHSR4VIWW 8LI&MVXLTERKWSJ4VSXIWXERXMWQ 6IPMKMSRERH 'YPXYVEP'LERKIMRXLI7M\XIIRXLERH7IZIRXIIRXL'IRXYVMIW &EWMRKWXSOI 1EGQMPPER 8LI4YVMXER'LEVEGXIV 4SPIQMGWERH4SPEVMXMIWMR )EVP]7IZIRXIIRXLGIRXYV])RKPMWL'YPXYVI0SW%RKIPIW '% 9RMZIVWMX]SJ'EPMJSVRME4VIWW 'VE[JSVH4EXVMGME ;SQIRERH6IPMKMSRMR)RKPERH r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r MR
1EV]4VMSV IH ;SQIRMR)RKPMWL7SGMIX]r 0SRHSR 1IXLYIR 7LIPP%PMWSR 'EXLSPMGMWQ'SRXVSZIVW]ERHXLI)RKPMWL 0MXIVEV]-QEKMREXMSR r'EQFVMHKI 'EQFVMHKI 9RMZIVWMX]4VIWW 8LSQEW/IMXL 6IPMKMSRERHXLI(IGPMRISJ1EKMG ,EVQSRHW[SVXL 4IRKYMR
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r7XVSYH %PER7YXXSR4YFPMWLMRK ,STOMRW0MWE )PM^EFIXL-ERH,IV'SYVX0SRHSRERH 2I[=SVO2= :MWMSR4VIWWERH7X1EVXMR W4VIWW /MWLPERWO]1EVO %1SREVGL]8VERWJSVQIH &VMXEMR r0SRHSR 4IRKYMR 6YWWIPP'SRVEH 8LI'VMWMWSJXLI4EVPMEQIRXW )RKPMWL ,MWXSV] r3\JSVH 3\JSVH9RMZIVWMX]4VIWW 7QMXL%PER+ 8LI)QIVKIRGISJE2EXMSR7XEXI r 0SRHSR 0SRKQER 9RHIVHS[R(EZMH 6IZIP6MSXERH6IFIPPMSR 4STYPEV 4SPMXMGWERH'YPXYVIMR)RKPERHr3\JSVH 'PEVIRHSR4VIWW ;MPPMEQW4IRV] 8LI8YHSV6IKMQI3\JSVH 'PEVIRHSR 4VIWW
0MXIVEG]ERHIHYGEXMSR &EVV].SREXLER D0MXIVEG]ERH0MXIVEXYVIMR4STYPEV 'YPXYVI 6IEHMRKERH;VMXMRKMR,MWXSVMGEP4IVWTIGXMZI MR 8MQ,EVVMW IH 4STYPEV'YPXYVIMR)RKPERHGr 0SRHSR 1EGQMPPER 'VIWW](EZMH 0MXIVEG]ERHXLI7SGMEP3VHIV'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW )PWO]1EVXMR %YXLSVM^MRK;SVHW 7TIIGL;VMXMRKERH 4VMRXMRXLI)RKPMWL6IREMWWERGI-XLEGE2=ERH0SRHSR 'SVRIPP9RMZIVWMX]4VIWW .EKSH^MRWOM'IGMPI1 4VMZEG]ERH4VMRX 6IEHMRKERH ;VMXMRKMR7IZIRXIIRXL'IRXYV])RKPERH'LEVPSXXIWZMPPI :%9RMZIVWMX]4VIWWSJ:MVKMRME 3 (E]6SWIQEV] )HYGEXMSRERH7SGMIX]r 8LI 7SGMEP*SYRHEXMSRWSJ)HYGEXMSRMR)EVP]1SHIVR&VMXEMR 0SRHSRERH2I[=SVO2= 0SRKQER 4EXXIVWSR%RREFIP 'IRWSVWLMTERH-RXIVTVIXEXMSR 8LI 'SRHMXMSRWSJ;VMXMRKERH6IEHMRKMR)EVP]1SHIVR)RKPERH 1EHMWSR;- 9RMZIVWMX]SJ;MWGSRWMR4VIWW 6EZIR.EQIW7QEPP,IPIRERH8E]PSV2ESQM IHW 8LI4VEGXMGIERH6ITVIWIRXEXMSRSJ6IEHMRKMR)RKPERH 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW
JYVXLIVVIEHMRK 7MQSR.SER )HYGEXMSRERH7SGMIX]MR8YHSV)RKPERH 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 7TYJJSVH1EVKEVIX 7QEPP&SSOWERH4PIEWERX,MWXSVMIW 4STYPEV*MGXMSRERH-XW6IEHIVWLMTMR7IZIRXIIRXLGIRXYV] )RKPERH0SRHSR 1IXLYIR ;EXX8IWWE 'LIET4VMRXERH4STYPEV4MIX]r 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ;LIEPI2MKIP ;VMXMRKERH7SGMIX] 0MXIVEG]4VMRXERH 4SPMXMGWMR&VMXEMR r0SRHSR 6SYXPIHKI
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
.SYVREPW 8LINSYVREPW[LMGLJSGYWQSWXWTIGMpGEPP]SRIEVP] QSHIVRHVEQEERHPMXIVEXYVIEVI
'ELMIVW)PMWEF¦XLEMRW )RKPMWL0MXIVEV]6IREMWWERGI 1IHMIZEPERH6IREMWWERGI(VEQEMR)RKPERH 1SHIVR4LMPSPSK] 6IREMWWERGI(VEQE 6IREMWWERGI5YEVXIVP] 6IREMWWERGIERH6IJSVQEXMSR 6IREMWWERGI7XYHMIW 8LI7IZIRXIIRXL'IRXYV] 7LEOIWTIEVI5YEVXIVP] 7LEOIWTIEVI7YVZI] 7XYHMIWMR)RKPMWL0MXIVEXYVIr
.SYVREPW[MXLEFVSEHIVLMWXSVMGEPJSGYWFYX[LMGL JVIUYIRXP]TYFPMWLVIWIEVGLSRIEVP]QSHIVRGYPXYVI MRGPYHI
'VMXMGEP5YEVXIVP] )RKPMWL0MXIVEV],MWXSV] +IRHIV4PEGIERH'YPXYVI 0MXIVEXYVIERH,MWXSV] 8LI.SYVREPSJ&VMXMWL7XYHMIW 2I[0MXIVEV],MWXSV]
8I\XYEP4VEGXMGI 8YPWE7XYHMIWMR;SQIR W0MXIVEXYVI ;SQIR W;VMXMRK .SYVREPWTYFPMWLMRK[SVOSRWSGMEPERHTSPMXMGEPLMWXSV] MRGPYHI
'SRXMRYMX]ERH'LERKI )RKPMWL,MWXSVMGEP6IZMI[ 8LI,MWXSVMGEP.SYVREP ,MWXSV] 4EWXERH4VIWIRX
6IGSQQIRHIHXSSMW8LI=IEV W;SVOMR)RKPMWL7XYHMIW ERERRYEPTYFPMGEXMSRGSQTVMWMRKEWIVMIWSJFMFPMS KVETLMGEPIWWE]WSJJIVMRKERSZIVZMI[SJRI[GVMXMGEP[SVO EGVSWWXLIpIPHSJPMXIVEV]WXYHMIW-XMWMRZEPYEFPIJSV MHIRXMJ]MRKRI[XMXPIWVIPEXMRKXSEKMZIREYXLSVSVXSTMG )PIGXVSRMGNSYVREPWVIPIZERXXSXLIpIPHMRGPYHI 'SQMXEXYW %.SYVREPSJ1IHMIZEPERH6IREMWWERGI 7XYHMIW LXXT [[[LYQRIXYGPEIHYLYQRIXGQVWTYFPMGEXM SRWGSQMXEXYWGSQMXEXYLXQ )EVP]1SHIVR0MXIVEV]7XYHMIW LXXT [[[WLYEGYOIQPWIQPWLSQILXQP )\IQTPEVME %.SYVREPSJ8LISV]MR1IHMIZEPERH 6IREMWWERGI7XYHMIW LXXT [[[IRKPMWLYqIHYI\IQTPEVME )\TPSVEXMSRWMR6IREMWWERGI'YPXYVI LXXT [[[WQWYIHY)RKPMWLIMVGIMVGLXQP 6IREMWWERGI*SVYQ LXXT [[[LYPPEGYOVIRJSVYQMRHI\LXQP
;IFWMXIW 8LIWIPMROXSE[MHIVERKISJWMXIWVIPEXMRKXSIEVP] QSHIVR[VMXMRKERHLMWXSV]MRGPYHMRKSRPMRISJXIR JYPPXI\XIHMXMSRWSJIEVP]QSHIVR[VMXMRKEW[IPPEW GVMXMGEPQEXIVMEPW1SWXWMXIWEVIJVIIP]EGGIWWMFPIFYXE JI[EVIEZEMPEFPISRP]XLVSYKLWYFWGVMTXMSR 8LI)EVP]1SHIVR(VEQE(EXEFEWI LXXT [[[GSPYQFMEIHYbXHOIEVP]QSHIVRLXQP 7IIXSSXLIPMROIHWMXI)EVP]1SHIVR'LVSRSPSK] rEX LXXT [[[GSPYQFMEIHYbXHOGLVSRSPSK]LXQP 0MXIVEV]6IWSYVGIWSRXLI2IX LXXT ERHVSQIHEVYXKIVWIHYbNP]RGL0MXVIRLXQP 0YQMREVMYQ LXXT [[[PYQMREVMYQSVKPYQMRELXQ 6IREMWWERGI8I\XW LXXT [[[XS[WSRIHYbXMROPIVFSSOQEVOVIRXI\XLXQP
JYVXLIVVIEHMRK 6IREMWWERGI;SQIR3RPMRI LXXT [[[[[TFVS[RIHYXI\XWV[SIRXV]LXQP 6IREWGIRGI)HMXMSRW LXXT [[[YSVIKSRIHYbVFIEVVIRLXQ 8LI:SMGISJXLI7LYXXPI LXXT ZSWYGWFIHY
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XLSQEWO]H %RHVYIXLIWYJJIVERGISJ]SYVJVMIRHP]TEMR EQFEWWEHSV 8LMWMWEREVKYQIRXJSVSYVZMGIVS] FEPXLE^EV D2SWLIMW[MPHIVERHQSVILEVH[MXLEP 8LEX7TEMRQE]RSXMRWYPXJSVLIVWYGGIWW 8LERFIEWXSVFMVHSVXVIISVWXSR][EPP 7MRGI)RKPMWL[EVVMSVWPMOI[MWIGSRUYIVIH7TEMR &YX[LIVIJSVIFPSX-&IPMQTIVME WREQI# %RHQEHIXLIQFS[XLIMVORIIWXS%PFMSR -XMWQ]JEYPXRSXWLIXLEXQIVMXWFPEQI OMRK ,MIVSRMQS-HVMROXSXLIIJSVXLMWHIZMGI 1]JIEXYVIMWRSXXSGSRXIRXLIVWMKLX ;LMGLLEXLTPIEWIHFSXLXLIEQFEWWEHSVERHQI 1][SVHWEVIVYHIERH[SVOLIVRSHIPMKLX 4PIHKIQI,MIVSRMQSMJXLSYPSZIXLIOMRK 8LIPMRIW-WIRHLIVEVIFYXLEVWLERHMPP 8EOIWXLIGYTSJLSVEXMS 7YGLEWHSHVSTJVSQ4ERERH1EVW]EW UYMPP 1]PSVH-JIEV[IWMXFYXSZIVPSRK 1]TVIWIRXWEVIRSXSJWYJp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pRHWSQIVIQIH] 8LIMVPSZIXSQSVXEPLEXIXLIMVHE]XSRMKLX 7SQIGEYWIXLIVIMWXLEXPIXW]SYRSXFIPSZIH 8LIMVLSTIMRXSHIWTEMVXLIMVTIEGIXS[EV *MVWXXLEXQYWXRIIHWFIORS[RERHXLIRVIQSZIH 8LIMVNS]WXSTEMRXLIMVFPMWWXSQMWIV] ;LEXMJQ]WMWXIVPSZIWSQISXLIVORMKLX# FEPXLE^EV 1]WYQQIV WHE][MPPXYVRXS[MRXIV W RMKLX %GX--WGIRIM PSVIR^S -LEZIEPVIEH]JSYRHEWXVEXEKIQ )RXIVPSVIR^SERHFEPXLE^EV 8SWSYRHXLIFSXXSQSJXLMWHSYFXJYPXLIQI 1]PSVHJSVSRGI]SYWLEPPFIVYPIHF]QI PSVIR^S 1]PSVHXLSYKL&IPMQTIVMEWIIQXLYWGS] ,MRHIVQIRSX[LEXI IV]SYLIEVSVWII 0IXVIEWSRLSPH]SYMR]SYV[SRXIHNS] &]JSVGISVJEMVQIERW[MPP-GEWXEFSYX D-RXMQIXLIWEZEKIFYPPWYWXEMRWXLI]SOI 8SpRHXLIXVYXLSJEPPXLMWUYIWXMSRSYX -RXMQIEPPLEKKEVHLE[OW[MPPWXSSTXSPYVI ,S4IHVMRKERS -RXMQIWQEPP[IHKIWGPIEZIXLILEVHIWXSEO TIHVMRKERS ;MXLMR 7MKRMSV -RXMQIXLIqMRXMWTMIVGIH[MXLWSJXIWXWLS[IV PSVIR^S :MIRUYMTVIWXS %RHWLIMRXMQI[MPPJEPPJVSQLIVHMWHEMR )RXIVTIHVMRKERS
HIZMGI IRXIVXEMRQIRX 9RPIWW YRPIWWMX[IVIXLEX r (SR%RHVIEGSQTPEMRWEXFIMRKQEHIXS[MXRIWWIZIRXW [LMGLRIGIWEVMP]HMWXYVFLMQEWMXYEXMSR[LMGLEVMWIWJSV KLSWXWMR7IRIGERXVEKIH] JIPPHIWTMXI GVYIPLEXVIH GS] YRVIWTSRWMZI [SRXIH EGGYWXSQIH r D-RXMQIWXSR][EPP XLIWIPMRIWIGLSETSTYPEV WSRRIXSJXLIXMQISRXLIWYFNIGXSJXLIGSYVXMRKSJ VIPYGXERX[SQIRF]8LSQEW;EXWSR WII;EXWSR W 7SRRIX<0:--MRLMW,IGEXSQTEXLME LEKKEVH [MPH WXSSTXSPYVI EXIVQHIVMZIHJVSQXLIXVEMRMRKSJLE[OW [LMGLW[SSTXSPYVIWSJHIEHFMVHWSVFYRHPIWSJJIEXLIVW WLETIHXSPSSOPMOIFMVHW
TIHVMRKERS ,EXL]SYVPSVHWLMTER]WIVZMGIXS GSQQERHQI#
VYI TMX] WYJJIVERGI TEXMIRXIRHYVERGI JIEXYVI JSVQFIEVMRKVEXLIVXLERWMQTP]XLIJEGI 4ERERH1EVW]EW X[SKSHW[LSPSWXqYXITPE]MRK GSRXIWXW[MXL%TSPPS UYMPP E VIIH EWMREqYXI F TIR ZEPMERG] ZEPSYV WPERHIVIH FVSYKLXMRXSHMWVITYXI YTVIEVLIVWXEXI MQTVSZILIVWSGMEPTSWMXMSR IGWXEWMIW YRVIEWSRMRKTEWWMSRW0SVIR^SMQTPMIWXLEX &EPXLE^EVMWI\EKKIVEXMRK WSYRHXLIFSXXSQ XSKIXXSXLIFSXXSQEWMRWSYRHMRK XLIHITXLSJ[EXIVFIRIEXLEZIWWIP :MIRUYMTVIWXS D'SQILIVIUYMGOP] -XEPMER
XLIWTERMWLXVEKIH] PSVIR^S %]4IHVMRKERSWIVZMGISJMQTSVX %RHRSXXSWTIRHXLIXMQIMRXVMq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pRHQIOMRHERHPMFIVEP 7XERHYT-WE]ERHJIEVPIWWXIPPXLIXVYXL TIHVMRKERS 7LIWIRXLMQPIXXIVW[LMGLQ]WIPJ TIVYWIH *YPPJVEYKLX[MXLPMRIWERHEVKYQIRXWSJPSZI
GSRZI]ERGI WIGVIXYRHIVXEOMRK WXSVI EFYRHERGI -JGEWIMXPMIMRQI MRGEWI-EQEFPI GVIHMX TEVXMGYPEVVIPEXMSRWLMT WXE] [EMX KYIVHSR VI[EVH *YPPJVEYKLX PSEHIH
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pRHXLEX-EQPMFIVEP 8LSYORS[ WXXLEX-GERQSVIEHZERGIXL]WXEXI 8LERWLIFIXLIVIJSVI[MWIERHJEMPQIRSX +SERHEXXIRHLIVEWXL]GYWXSQMW 0IWXEFWIRGIQEOILIVXLMROXLSYHSWXEQMWW )\MXTIHVMRKERS ;L]WS XEQEVQMWUYEQMRKIRMS ;LIVI[SVHWTVIZEMPRSXZMSPIRGITVIZEMPW &YXKSPHHSXLQSVIXLERIMXLIVSJXLIQFSXL ,S[PMOIW4VMRGI&EPXLE^EVXLMWWXVEXEKIQ# FEPXLE^EV &SXL[IPPERHMPP MXQEOIWQIKPEHERH WEH +PEHXLEX-ORS[XLILMRHIVIVSJQ]PSZI 7EHXLEX-JIEVWLILEXIWQI[LSQ-PSZI +PEHXLEX-ORS[SR[LSQXSFIVIZIRKIH 7EHXLEXWLI PPq]QIMJ-XEOIVIZIRKI =IXQYWX-XEOIVIZIRKISVHMIQ]WIPJ *SVPSZIVIWMWXIHKVS[WMQTEXMIRX -XLMRO,SVEXMSFIQ]HIWXMRIHTPEKYI *MVWXMRLMWLERHLIFVERHMWLIHEW[SVH %RH[MXLXLEXW[SVHLIpIVGIP][EKIH[EV %RHMRXLEX[EVLIKEZIQIHERKIVSYW[SYRHW %RHF]XLSWI[SYRHWLIJSVGIHQIXS]MIPH %RHF]Q]]MIPHMRK-FIGEQILMWWPEZI 2S[MRLMWQSYXLLIGEVVMIWTPIEWMRK[SVHW ;LMGLTPIEWMRK[SVHWHSLEVFSYVW[IIXGSRGIMXW ;LMGLW[IIXGSRGIMXWEVIPMQIH[MXLWP]HIGIMXW ;LMGLWP]HIGIMXWWQSSXL&IPMQTIVME WIEVW %RHXLVSYKLLIVIEVWHMZIHS[RMRXSLIVLIEVX
XLMWGVSWW XLIGVSWWSJLMWW[SVHLMPX YRNYWX HMWLSRIWX MRWSQIWIGVIXWSVX F]WSQIWIGVIXQIERW EHZERGIXL]WXEXI MQTVSZI]SYVWSGMEPERHpRERGMEPWXEXYW XEQEVQMWUYEQMRKIRMS DF]IUYEPTEVXWSJJSVGIERHWOMPP W[IIXGSRGIMXW TPIEWMRKpKYVIWSJWTIIGL PMQIH QEHIMRXSXVETWEWMRXLIYWISJFMVHPMQIEWXMGO] WYFWXERGIYWIHXSXVETFMVHW WQSSXL WIHYGI
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%GX--WGIRIMM )RXIVLSVEXMSERHFIPMQTIVME LSVEXMS 2S[QEHEQWMRGIF]JEZSYVSJ]SYVPSZI 3YVLMHHIRWQSOIMWXYVRIHXSSTIRqEQI %RHXLEX[MXLPSSOWERH[SVHW[IJIIHSYVXLSYKLXW 8[SGLMIJGSRXIRXW[LIVIQSVIGERRSXFILEH 8LYWMRXLIQMHWXSJPSZI WJEMVFPERHMWLQIRXW ;L]WLS[]SYWMKRSJMR[EVHPERKYMWLQIRXW# TIHVMRKERSWLS[IXLEPPXSXLITVMRGIERHPSVIR^S TPEGMRKXLIQMRWIGVIXEFSZI FIPMQTIVME 1]LIEVXW[IIXJVMIRHMWPMOIEWLMTEXWIE 7LI[MWLIXLTSVX[LIVIVMHMRKEPPEXIEWI 7LIQE]VITEMV[LEXWXSVQ]XMQIWLEZI[SVR %RHPIERMRKSRXLIWLSVIQE]WMRK[MXLNS] 8LEXTPIEWYVIJSPPS[WTEMRERHFPMWWERRS] 4SWWIWWMSRSJXL]PSZIMWXL SRP]TSVX ;LIVIMRQ]LIEVX[MXLJIEVWERHLSTIWPSRKXSWWIH )EGLLSYVHSXL[MWLERHPSRKXSQEOIVIWSVX 8LIVIXSVITEMVXLINS]WXLEXMXLEXLPSWX %RHWMXXMRKWEJIXSWMRKMR'YTMH WGLSMV 8LEXW[IIXIWXFPMWWMWGVS[RSJPSZI WHIWMVI FEPXLE^EV 3WPIITQMRII]IWWIIRSXQ]PSZI TVSJERIH &IHIEJQ]IEVWLIEVRSXQ]HMWGSRXIRX (MILIEVXERSXLIVNS]W[LEXXLSYHIWIVZIWX PSVIR^S ;EXGLWXMPPQMRII]IWXSWIIXLMWPSZI HMWNSMRIH ,IEVWXMPPQMRIIEVWXSLIEVXLIQFSXLPEQIRX 0MZILIEVXXSNS]EXJSRH,SVEXMS WJEPP
WPIMKLX XVMGOIV] MRLMWJEPP- PPXIQTXXLIHIWXMRMIW MRLMWHS[RJEPP- PP XIQTXXLIKSHWSJJEXI LMWVIQSZI LMWVIQSZEP F]HIEXL WQSOI IQSXMSR qEQI TEWWMSR GSRXIRXW WSYVGIWSJGSRXIRXQIRX FPERHMWLQIRXW IPEFSVEXIWTIIGLIW PERKYMWLQIRXW [IEVMRIWW WH &EPXLE^EVERH0SVIR^S[EXGLXLIPSZIVWJVSQXLIFEPGSR] SVYTTIVWXEKI VITEMV VIWXSVI WMRK GIPIFVEXI NS]W IRNS]W JSRH JSSPMWL
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GVSWW QEXGLGSQTPIQIRX GSYRXIVGLIGO STTSWI FS[IV EREVFSYVEWIEXMREKEVHIRLEPJIRGPSWIHF] TPERXWERHJSPMEKI :IWTIV :IRYWXLIIZIRMRKWXEV KMRW FIKMRW HMWXVIWWJYPXVEZIPPIVW [IEV]PEFSYVIVWSVDXVEZEMPPIVW ,ETTMP] LETP]TIVLETW TVMGOPIEXLIVFVIEWX EXLSVREXLIVFVIEWX8LMWMWE VIJIVIRGIXSXLIPIKIRHSJ4LMPSQIRE[LSVIZIRKIH LIVWIPJSRLIVFVSXLIVMRPE[8IVIYWEJXIVLILEHVETIH LIVERHTVMGOIHLIVFVIEWX[MXLEXLSVRXSVIQIQFIVLIV WYJJIVMRK NIEPMSYW [EXGLJYPWYWTMGMSYW8LIYWISJXLVIIW]PPEFPIW QEMRXEMRWXLIQIXVI
XLIWTERMWLXVEKIH]
%GX--WGIRIMMM
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pVQIHPIEKYI -ORS[RSFIXXIVQIERWXSQEOIYWJVMIRHW %GX--WGIRIMZ ,IVHS[V]WLEPPFIPEVKIERHPMFIVEP &IWMHIWXLEXWLIMWHEYKLXIVERHLEPJLIMV )RXIVLSVEXMSFIPMQTIVMEERHTIHVMRKERS 9RXSSYVFVSXLIVLIVI(SR']TVMER LSVEXMS 2S[XLEXXLIRMKLXFIKMRW[MXLWEFPI[MRKW %RHWLEPPIRNS]XLIQSMIX]SJLMWPERH 8SSZIVGPSYHXLIFVMKLXRIWWSJXLIWYR - PPKVEGILIVQEVVMEKI[MXLERYRGPI WKMJX %RHXLEXMRHEVORIWWTPIEWYVIWQE]FIHSRI %RHXLMWMXMW MRGEWIXLIQEXGLKSJSV[EVH 'SQI&IPMQTIVMEPIXYWXSXLIFS[IV 8LIXVMFYXI[LMGL]SYTE]WLEPPFIVIPIEWIH %RHXLIVIMRWEJIX]TEWWETPIEWERXLSYV %RHMJF]&EPXLE^EVWLILEZIEWSR FIPMQTIVME -JSPPS[XLIIQ]PSZIERH[MPPRSXFEGO ,IWLEPPIRNS]XLIOMRKHSQEJXIVYW %PXLSYKLQ]JEMRXMRKLIEVXGSRXVSPWQ]WSYP EQFEWWEHSV - PPQEOIXLIQSXMSRXSQ]WSZIVIMKR LSVEXMS ;L]QEOI]SYHSYFXSJ4IHVMRKERS WJEMXL# PMIKI FIPMQTIVME 2SLIMWEWXVYWX]EWQ]WIGSRHWIPJ %RH[SVOMXMJQ]GSYRWIPQE]TVIZEMP +S4IHVMRKERS[EXGL[MXLSYXXLIKEXI OMRK (SWSQ]PSVHERHMJLIKMZIGSRWIRX %RHPIXYWORS[MJER]QEOIETTVSEGL -LSTILMWTVIWIRGILIVI[MPPLSRSYVYW TIHVMRKERS %WMHI -RWXIEHSJ[EXGLMRK- PPHIWIVZI -RGIPIFVEXMSRSJXLIRYTXMEPHE] QSVIKSPH %RHPIXLMQWIPJHIXIVQMRISJXLIXMQI &]JIXGLMRK(SR0SVIR^SXSXLMWQEXGL EQFEWWEHSV ;MPP XTPIEWI]SYVKVEGIGSQQERHQI EYKLXFIWMHI# )\MXTIHVMRKERS LSVEXMS ;LEXQIERWQ]PSZI# OMRK 'SQQIRHQIXSXLIOMRKERHWSJEVI[IPP -ORS[RSX[LEXQ]WIPJ &YX[LIVI W4VMRGI&EPXLE^EVXSXEOILMWPIEZI# FIPMQTIVME %RH]IXQ]LIEVXJSVIXIPPWQIWSQIQMWGLERGI EQFEWWEHSV 8LEXMWTIVJSVQIHEPVIEH]Q]KSSHPSVH LSVEXMS 7[IIXWE]RSXWSJEMVJSVXYRIMWSYVJVMIRH OMRK %QSRKWXXLIVIWXSJ[LEX]SYLEZIMRGLEVKI %RHLIEZIRWLEZIWLYXYTHE]XSTPIEWYVIYW 8LITVMRGI WVERWSQQYWXRSXFIJSVKSX 8LIWXEVWXLSYWII WXLSPHFEGOXLIMVX[MROPMRKWLMRI 8LEX WRSRISJQMRIFYXLMWXLEXXSSOLMQTVMWSRIV %RH0YRELMHIWLIVWIPJXSTPIEWYVIYW %RH[IPPLMWJSV[EVHRIWWHIWIVZIWVI[EVH FIPMQTIVME 8LSYLEWXTVIZEMPIH- PPGSRUYIVQ] -X[EW,SVEXMSSYV/RMKLX1EVWLEP WWSR QMWHSYFX EQFEWWEHSV &IX[IIRYWXLIVI WETVMGIEPVIEH] TMXGLIH
GS]MX TVIXIRHWHMWMRXIVIWX HMWWIQFPI TVIXIRHW WXSST FIGSQISFIHMIRX JVS[EVH TIVZIVWI QSMIX] LEPJWLEVI VIPIEWIH GERGIPPIH QEOIXLIQSXMSR TYXXLITVSTSWEP JSV[EVHRIWW IRXIVTVMWI TMXGLIH WIXXPIHEKVIIH
EPPGSRZIRMIRXWTIIH EWUYMGOP]EWTSWWMFPI [MPP [MPJYPRIWW KMZIFEGO XYVRLIVFEGO)H[EVHWRSXIWXLEXXLIYWYEP QIERMRKSJDVIXVIEX SVD]MIPH MWMRETTVSTVMEXI r %WIRWISJJSVIFSHMRKMWMRZSOIHMREWWSGMEXMRKRMKLXERH HEVORIWW[MXLTVSXIGXMSRVEXLIVXLERXLVIEX WEFPI FPEGO GSRXVSPW STTVIWWIW [MXLSYX SYXWMHI QEXGL QIIXMRK 0YRE XLIQSSR
XLSQEWO]H PSVIR^S 1]PSVHE[E][MXLLIVXEOILIVEWMHI %RHMRXL]PSZIERHGSYRWIPHVS[RQ]JIEV 3WMVJSVFIEV]SYVZEPSYVMWEPVIEH]XVMIH -JIEVRSQSVIPSZIRS[MWEPPQ]XLSYKLXW 5YMGOP]HIWTEXGLQ]QEWXIVW ;L]WMX[IRSX#*SVTPIEWYVIEWOIXLIEWI LSVEXMS 8LIQSVIXLSYWMX WX[MXLMRXLIWIPIEJ] 8LI]LERKLMQMRXLIEVFSYV LSVEXMS ;LEX[MPP]SYQYVHIVQI# FS[IVW PSVIR^S %]XLYWERHXLYW XLIWIEVIXLIJVYMXWSJ 8LIQSVI[MPP*PSVEHIGOMX[MXLLIVq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pVWXQ]PSSOWWLEPPGSQFEXEKEMRWXXLMRI LMIVSRMQS ;LEXSYXGVMIWTPYGOQIJVSQQ]REOIH FIPMQTIVME 8LIR[EVHXL]WIPJ -HEVXXLMWOMWWEXXLII FIH LSVEXMS 8LYW-VIXSVXXLIHEVXXLSYXLVI[ WXEXQI %RHGLMPPQ]XLVSFFMRKLIEVX[MXLXVIQFPMRKJIEV FIPMQTIVME 2E]XLIRXSKEMRXLIKPSV]SJXLIp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qS[IVW -EQXL]JEXLIV;LSLEXLWPEMRQ]WSR# VIGSVH WMRK ;LEXWEZEKIQSRWXIVRSXSJLYQEROMRH GSYRXIVJIMXW MQMXEXIW ,EXLLIVIFIIRKPYXXIH[MXLXL]LEVQPIWWFPSSH JVEQI GSQTSWI :IRYW1EVW :IRYW %TLVSHMXI FIXVE]IHLIV LYWFERH,ITLEIWXYWLEZMRKJEPPIRMRPSZI[MXL1EVW %VIW XLIKSHSJ[EV VYHIV VSYKLIVGSEVWIV [EVH WLMIPHKYEVH ]SOI NSMR )H[EVHWRSXIWXLEX,SVEXMSMRZIVXWXLIXVEHMXMSREPRSXMSR XLEXXLIZMRI EWWSGMEXIH[MXL:IRYW LIPHYTXLIIPQ IZIREJXIVXLIIPQ[EWHIEH,IVIXLIZMRITYPPWHS[R XLIIPQ HMI ER)PM^EFIXLERXIVQJSVSVKEWQ1YPV]RIWYKKIWXW XLEXXLMWHSYFPIQIERMRKIQTLEWMWIWXLII\XVIQI WIRWYEPMX]SJXLIWGIRI
XVMIH EWMRDXVMIHERHXIWXIH VIJIVVMRKXS,SVEXMS W QMPMXEV]VITYXEXMSR EQFMXMSYWTVSYH EQFMXMSYWMRWIIOMRKXSWEXMWJ]LMWTVMHI LMKLIWXRS[LIMWHIEH EFPIEONSOIEX,SVEXMS WI\TIRWI WMRGILIMWRS[LERKMRKSREXVII EGGSVHMRKXS ,MIVSRMQSMR%GX-: 1SWXIHMXSVWEWWYQIXLEXXLIXVII MWTEVXSJXLIEVFSYV WH WLMVX RMKLXWLMVX REOIHFIH ETVSZIVFMEPYWEKI8LIWPIITIVMWREOIHSV RSXJYPP]HVIWWIH [LMPSQ [EWSRGI
XLIWTERMWLXVEKIH] MWEFIPPE 8LILIEZIRWEVINYWXQYVHIVGERRSXFILMH 8MQIMWXLIEYXLSVFSXLSJXVYXLERHVMKLX %RHXMQI[MPPFVMRKXLMWXVIEGLIV]XSPMKLX LMIVSRMQS 1IER[LMPIKSSH-WEFIPPEGIEWIXL] TPEMRXW 3VEXXLIPIEWXHMWWIQFPIXLIQE[LMPI 7SWLEPP[IWSSRIVpRHXLITVEGXMGISYX %RHPIEVRF][LSQEPPXLMW[EWFVSYKLXEFSYX 'SQI-WEFIPRS[PIXYWXEOILMQYT 8LI]XEOILMQYT %RHFIEVLMQMRJVSQSYXXLMWGYVWIHTPEGI - PPWE]LMWHMVKIWMRKMRKpXWRSXXLMWGEWI 3EPMUYMWQMLMUYEWTYPGLVYQZIVIHYGEXLIVFEW LMIVSRMQSWIXWLMWFVIEWXYRXSLMWW[SVH )RXIVMWEFIPPE 1MWGIEXIXRSWXVSHIXYVQIHMGMREHSPSVM MWEFIPPE 1]LYWFERH WEFWIRGIQEOIWQ]LIEVXXS %YXWMUYMJEGMYRXERMQMWSFPMZMEWYGGSW XLVSF 4VEIFIEX MTWIQIXEQQEKRYQUYEIGYRUYITIVSVFIQ ,MIVSRMQS +VEQMRE7SPTYPGLVEWIJJIVXMRPYQMRMWSVEW LMIVSRMQS ,IVI-WEFIPPELIPTQIXSPEQIRX -TWIFMFEQUYMGUYMHQIHMXEXYVWEKEZIRIRM *SVWMKLWEVIWXSTTIHERHEPPQ]XIEVWEVIWTIRX 5YMGUYMHIXLIVFEVYQZMGEIGERIRMERIGXMX MWEFIPPE ;LEX[SVPHSJKVMIJ1]WSR,SVEXMS 3QRMETIVTIXMEVPIXLYQUYSUYIHYQWIQIPSQRMW 3[LIVI WXLIEYXLSVSJXLMWIRHPIWW[SI# 2SWXIVMRI\XMRGXSQSVMEXYVTIGXSVIWIRWYW LMIVSRMQS 8SORS[XLIEYXLSV[IVIWSQIIEWISJ )VKSXYSWSGYPSWRYRUYEQQIEZMXEZMHIFS KVMIJ )XXYETIVTIXYYWWITIPMZMXPYQMREWSQRYW# *SVMRVIZIRKIQ]LIEVX[SYPHpRHVIPMIJ )QSVMEVXIGYQ WMGWMGNYZEXMVIWYFYQFVEW MWEFIPPE 8LIRMWLIKSRI#%RHMWQ]WSRKSRIXSS# %XXEQIREFWMWXEQTVSTIVEXSGIHIVIPIXLS 3KYWLSYXXIEVWJSYRXEMRWERHqSSHWSJXIEVW 2IQSVXIQZMRHMGXEXYEQXYQRYPPEWIUYEXYV &PS[WMKLWERHVEMWIERIZIVPEWXMRKWXSVQ ,IVILIXLVS[WMXJVSQLMQERHFIEVWXLIFSH]E[E] *SVSYXVEKIpXWSYVGYVWIH[VIXGLIHRIWW LMIVSRMQS 7[IIXPSZIP]VSWIMPPTPYGOIHFIJSVIXL] %GX--WGIRIZM XMQI ERHVIE &VSYKLX WXXLSYQILMXLIVXSMRGVIEWIQ]TEMR# *EMV[SVXL]WSRRSXGSRUYIVIHFYXFIXVE]IH -PSSOIHXLEX&EPXLE^EVWLSYPHLEZIFIIRWPEMR - PPOMWWXLIIRS[JSV[SVHW[MXLXIEVWEVIWXE]IH MWEFIPPE %RH- PPGPSWIYTXLIKPEWWIWSJLMWWMKLX *SVSRGIXLIWII]IW[IVISRP]Q]HIPMKLX TPEMRXW WSVVS[W LMIVSRMQS 7II WXXLSYXLMWLERHOIVGLIVFIWQIEVIH HMWWIQFPI HMWKYMWIXLIQSVLSPHXLIQFEGO [MXLFPSSH# pRHXLITVEGXMGISYX HMWGSZIVXLIHIXEMPSJXLITPSX -XWLEPPRSXJVSQQIXMPP-XEOIVIZIRKI HMVKI JYRIVEPWSRK 7II WXXLSYXLSWI[SYRHWXLEX]IXEVIFPIIHMRKJVIWL# r 3EPMUYMWRYPPEWIUYEXYV D0IXWSQISRIQM\JSVQI - PPRSXIRXSQFXLIQXMPP-LEZIVIZIRKIH XLILIVFW[LMGLFIEYXMJYPWTVMRKJSWXIVWERHPIXEWEPZIFI KMZIRJSVSYVKVMIJ SVPIXLMQETTP]NYMGIWMJXLIVIEVIER] 8LIR[MPP-NS]EQMHWXQ]HMWGSRXIRX XLEXFVMRKSFPMZMSRXSQIR WQMRHW-Q]WIPJWLEPPKEXLIV 8MPPXLIRQ]WSVVS[RIZIVWLEPPFIWTIRX %RHPIJXXL]FPSSH]GSVTWIHMWLSRSYVIHLIVI *SVQIEQMHWXXLMWHEVOERHHIEXLJYPWLEHIW 8SHVS[RXLII[MXLERSGIERSJQ]XIEVW# 3LIEZIRW[L]QEHI]SYRMKLXXSGSZIVWMR# &]HE]XLMWHIIHSJHEVORIWWLEHRSXFIIR 3IEVXL[L]HMHWXXLSYRSXMRXMQIHIZSYV 8LIZMPHTVSJERIVSJXLMWWEGVIHFS[IV# 3TSSV,SVEXMS[LEXLEHWXXLSYQMWHSRI 8SPIIWIXL]PMJIIVIPMJI[EWRI[FIKYR# 3[MGOIHFYXGLIV[LEXWSI IVXLSY[IVX ,S[GSYPHXLSYWXVERKPIZMVXYIERHHIWIVX# %]QIQSWX[VIXGLIHXLEXLEZIPSWXQ]NS] -RPIIWMRKQ],SVEXMSQ]W[IIXFS]
HMWLSRSYVIH /MRRI]WYKKIWXWE HMWKVEGIH F ZMSPEXIH XLMW WSQIIHMXSVWEQIRHXSDXLIWI FYXSXLIVWRSXIXLEX XLMW[EWEREGGITXEFPITPYVEPJSVQJSVXLIXMQI MRXMQI EXXLIETTVSTVMEXIXMQI ZMPH ZMPI PIIWI PSWI PMJI[EWRI[FIKYR ,SVEXMSWLSYPHLEZIFIIRIRXIVMRKE RI[PMJIRS[XLEXXLI[EV[EWSZIV PIIWMRK PSWMRK XLIEYXLSVSJ XLISRIVIWTSRWMFPIJSV SYXVEKI TEWWMSREXIFILEZMSYV KPEWWIWSJLMWWMKLX LMWI]IW LERHOIVGLIV LERHOIVGLMIJSVWQEPPWGEVJ
ER][LIVIMRXLIKVIEX[SVPH[LEXIZIVTPERXWXLIWYR HVE[WJSVXLMRXSXLIJEMVVIKMSRWSJPMKLX -Q]WIPJWLEPP HVMRO[LEXIZIVHVYKXLI[MWI[SQERHIZMWIWERH [LEXIZIVLIVFWMRGERXEXMSREWWIQFPIWF]MXWWIGVIXTS[IV -WLEPPJEGIEPPXLMRKWHIEXLIZIRYRXMPXLIQSQIRXSYV IZIV]JIIPMRKHMIWMRXLMWHIEHFVIEWX%RHWSWLEPP-RIZIV EKEMRQ]PMJIWIIXLSWII]IWSJ]SYVWERHLEWIZIVPEWXMRK WPYQFIVWIEPIHYT]SYVPMKLXSJPMJI#-WLEPPTIVMWL[MXL ]SY XLYWXLYW[SYPHMXTPIEWIQIXSKSXSXLIWLEHIW FIPS[&YXRSRIXLIPIWW-WLEPPOIITQ]WIPJJVSQ]MIPHMRK XSELEWX]HIEXLMRGEWIXLIRRSVIZIRKIWLSYPHJSPPS[ ]SYVHIEXL /]HGSQFMRIWLMWS[RPMRIW[MXLSXLIVW XEOIRJVSQXLIGPEWWMGEP[VMXIVW0YGVIXMYW3ZMHERH :MVKMP PSSOIH I\TIGXIHLSTIH
XLSQEWO]H &YX XMWQ]JVMIRH,SVEXMSXLEXMWWPEMR %RHXLI]EFYWIJEMV&IPMQTIVME 3R[LSQ-HSXIHQSVIXLEREPPXLI[SVPH &IGEYWIWLIPSZIHQIQSVIXLEREPPXLI[SVPH VIZIRKI 8LSYXEPO WXSJLEVZIWX[LIRXLIGSVRMW KVIIR 8LIIRHMWGVS[RSJIZIV][SVO[IPPHSRI 8LIWMGOPIGSQIWRSXXMPPXLIGSVRFIVMTI &IWXMPPERHIVI-PIEHXLIIJVSQXLMWTPEGI - PPWLS[XLII&EPXLE^EVMRLIEZ]GEWI
%GX---WGIRIM
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pXWSYVJSVQIVTSPMG] %RHXLYWI\TIVMIRGIFMHWXLI[MWIXSHIEP -PE]XLITPSXLITVSWIGYXIWXLITSMRX -WIXXLIXVETLIFVIEOWXLI[SVXLPIWWX[MKW %RHWIIWRSXXLEX[LIVI[MXLXLIFMVH[EWPMQIH 8LYWLSTIJYPQIRXLEXQIERXSLSPHXLIMVS[R 1YWXPSSOPMOIJS[PIVWXSXLIMVHIEVIWXJVMIRHW ,IVYRWXSOMPP[LSQ-LEZILSPTXSGEXGL %RHRSQERORS[WMX[EWQ]VIEGLMRKJEXGL
8MWLEVHXSXVYWXYRXSEQYPXMXYHI 3VER]SRIMRQMRISTMRMSR ;LIRQIRXLIQWIPZIWXLIMVWIGVIXW[MPPVIZIEP )RXIVEQIWWIRKIV[MXLEPIXXIV &S] TEKI 1]PSVH# PSVIR^S ;LEX WLI# QIWWIRKIV -LEZIEPIXXIVXS]SYVPSVHWLMT PSVIR^S *VSQ[LIRGI# QIWWIRKIV *VSQ4IHVMRKERSXLEX WMQTVMWSRIH PSVIR^S 7SLIMWMRTVMWSRXLIR# QIWWIRKIV %]Q]KSSHPSVH PSVIR^S ;LEX[SYPHLI[MXLYW#,I[VMXIWYWLIVI
&YXLIVI WXLITEKI,S[RS[[LEXRI[W[MXLXLII# JEGX GVMQIIZMPHIIH TEKI 1]PSVH7IVFIVMRIMWWPEMR I\EWTIVEXI QEOILEVWL GSQTPEMRXW KVMIZERGIW FEPXLE^EV ;LS#7IVFIVMRIQ]QER#
WXE] EVVIWX - PPFILMWTVMIWX - PPEXXIRHLMWHIEXL YROMRHP] YRREXYVEPP] EFVSEH SYXSJHSSVW TVIZIRXMRK JSVIWXEPPMRK RSXQMWXVYWX ERXMGMTEXI GSRJIHIVEXIWMRSYVJEYPX TEVXRIVWMRSYVGVMQI GEWXMXXLYW PEMHXLIWITPERW
HSYFX JIEV LEVHP]WLEPPHIR] )H[EVHWWYKKIWXWDWLEPPWLS[ LEVWLRIWWMRHIR]MRKQI XLI1EVWLEP7IWWMSRW QSVITVSTIVP] MR)RKPERH XLI 'SYVXSJ1EVWLEPWIE TSPMG] MQQSVEPWXVEXIK] MRXLI1EGLMEZIPPMERWIRWI TVSWIGYXIWXLITSMRX JYPpPWXLISFNIGXMZIJSVQI PMQIH GEYKLXMRFMVHPMQI LSPT LIPTIH Q]VIEGLMRKJEXGL Q]JEVVIEGLMRKWXVEXEKIQ
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Î )\MX
WXERHKSSHPSVH EGXEWEKSSHPSVHERHLMWTVSXIGXSV [SVOWPMOI[E\ WQSSXLP]KSIWXLI[E]-MRXIRHIH GPSWIP] WIGVIXP] FIEHZMWIH FIGEVIJYP WIGVIX WMPIRX FSPHP]FIVIWSPZIH JIIPGSRpHIRX XYVRIHSJJ LERKIH GPIERP] IJpGMIRXP] XMGOPI TVIGEVMSYW HSYFXW JIEVW PMWXRSX LEZIRS[MWLXS TVIXIRGI MRXIRXMSR TVMZ] TVMZEXI EHZERXEKIW KIXXMRKXLIYTTIVLERH r )UYIPQMFEWXIVÎ D%RH[LEX-[ERXRSSRIORS[W - YRHIVWXERHERHXLEXMWIRSYKLJSVQI -XEPMER
%GX---WGIRIZ )RXIVFS][MXLXLIFS\ TEKI 1]QEWXIVLEXLJSVFMHHIRQIXSPSSOMRXLMWFS\ ERHF]Q]XVSXL XMWPMOIP]MJLILEHRSX[EVRIHQI- WLSYPHRSXLEZILEHWSQYGLMHPIXMQI JSV[IQIR W OMRHMRSYVQMRSVMX]EVIPMOI[SQIRMRXLIMV YRGIVXEMRX] XLEXXLI]EVIQSWXJSVFMHHIRXLI][MPP WSSRIWXEXXIQTX7S-RS[&]Q]FEVILSRIWX] LIVI WRSXLMRKFYXXLIFEVIIQTX]FS\;IVIMXRSX WMREKEMRWXWIGVIG]-[SYPHWE]MX[IVIETMIGISJ KIRXPIQERPMOIOREZIV]-QYWXKSXS4IHVMRKERS ERHXIPPLMQLMWTEVHSRMWMRXLMWFS\ RE]-[SYPH LEZIW[SVRMXLEH-RSXWIIRXLIGSRXVEV]-GERRSX GLSSWIFYXWQMPIXSXLMROLS[XLIZMPPEMR[MPPqSYX XLIKEPPS[WWGSVRXLIEYHMIRGIERHHIWGERXSRXLI LERKQERERHEPPTVIWYQMRKSJLMWTEVHSRJVSQ LIRGI;MPP XRSXFIERSHHNIWXJSVQIXSWXERHERH KVEGIIZIV]NIWXLIQEOIWTSMRXMRKQ]pRKIVEXXLMW FS\EW[LS[SYPHWE]DQSGOSRLIVI WXL][EVVERX -W XRSXEWGYVZ]NIWXXLEXEQERWLSYPHNIWXLMQWIPJXS HIEXL#%PEWTSSV4IHVMRKERS-EQMREWSVXWSVV]JSV XLIIFYXMJ-WLSYPHFILERKIH[MXLXLII-GERRSX [IIT )\MX
%GX---WGIRIZM )RXIVLMIVSRMQSERHXLIHITYX] LMIVSRMQS 8LYWQYWX[IXSMPMRSXLIVQIR W I\XVIQIW 8LEXORS[RSXLS[XSVIQIH]SYVS[R %RHHSXLIQNYWXMGI[LIRYRNYWXP][I *SVEPPSYV[VSRKWGERGSQTEWWRSVIHVIWW &YXWLEPP-RIZIVPMZIXSWIIXLIHE] 8LEX-QE]GSQIF]NYWXMGISJXLILIEZIRW 8SORS[XLIGEYWIXLEXQE]Q]GEVIWEPPE]# 8LMWXSMPWQ]FSH]XLMWGSRWYQIXLEKI 8LEXSRP]-XSEPPQIRNYWXQYWXFI
WH XLIFS\MWTSWWMFP]QIERXXSFIEWWSGMEXIH[MXL4ERHSVE W FS\MR[LMGLSRP]LSTI[EWPIJX[LIREPPLYQER UYEPMXMIWFSXLKSSHERHMPPLEHZERMWLIH F]Q]XVSXL F]Q]XVYXLERSEXL QMRSVMX] FS]LSSH YRGIVXEMRX] JIEVJYPRIWW HIWGERX LSPHJSVXLEFSYX WGYVZ] FMXXIV WH HITYX] XLIEWWMWXERXXSXLI/RMKLX1EVWLEP r ,MIVSRMQS WGSRGIVRLIVIMW[MXLNYWXMGIVEXLIVXLER WMQTPIVIZIRKI I\XVIQIW HMJpGYPXMIW GSQTEWW PSGEXI XSMPW FYVHIRW GSRWYQIXLEKI YWIWYTQ]PMJI
XLSQEWO]H MRXSXLEXKIEVXLIVSTI&YXLERKQERRS[-WT] %RHRIMXLIVKSHWRSVQIRFINYWXXSQI ]SYVOREZIV]- PPRSXGLERKI[MXLSYXFSSXXLEX WqEX HITYX] ;SVXL],MIVSRMQS]SYVSJpGIEWOW LERKQER 'SQIWMV %GEVIXSTYRMWLWYGLEWHSXVERWKVIWW TIHVMRKERS 7SXLIR-QYWXYT# LMIVSRMQS 7SMW XQ]HYX]XSVIKEVHLMWHIEXL LERKQER 2SVIQIH] ;LS[LIRLIPMZIHHIWIVZIHQ]HIEVIWXFPSSH TIHVMRKERS =IWFYXXLIVIWLEPPFIJSVQ]GSQMRK &YXGSQIJSVXLEX[IGEQIJSVPIX WFIKMR HS[R *SVLIVIPMIWXLEX[LMGLFMHWQIXSFIKSRI LERKQER -RHIIHLIVI WEVIQIH]JSVXLEX )RXIVSJp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pGI *SVXLIVI WXL]TPEGISJI\IGYXMSR TIHVMRKERS 7MVVELHSWXWII]SRHIVFS][MXLXLIFS\ TIHVMRKERS 8LMWMWWLSVX[SVO;IPPXS]SYV MRLMWLERH# QEVWLEPWLMT LERKQER ;LEXLIXLEXTSMRXWXSMX[MXLLMWpRKIV# *MVWX-GSRJIWWRSVJIEV-HIEXLXLIVIJSVI TIHVMRKERS %]XLEXGSQTERMSR -EQXLIQER X[EW-WPI[7IVFIVMRI LERKQER -ORS[LMQRSXFYX[LEXSJLMQ# &YXWMVXLIR]SYXLMROXLMWWLEPPFIXLITPEGI TIHVMRKERS (SWXXLSYXLMROXSPMZIXMPPLMWSPH ;LIVI[IWLEPPWEXMWJ]]SYJSVXLMWKIEV# HSYFPIX[MPPQEOIXLIIERI[XVYWW# HITYX] %]4IHVMRKERS LERKQER %]ERHQER]EJEMV]IEVEJXIVXSXVYWWYT TIHVMRKERS 2S[-XLMRORSXWS QER]ERLSRIWXIVQERXLERIMXLIVXLSYSVLI LMIVSRMQS 4IEGIMQTYHIRXJSVXLSYWLEPXpRHMXWS TIHVMRKERS ;LEXLEXLLIMRLMWFS\EWXLSY *SVFPSSH[MXLFPSSHWLEPP[LMPI-WMXEWNYHKI XLMRO WX# &IWEXMWpIHERHXLIPE[HMWGLEVKIH LERKQER *EMXL-GERRSXXIPPRSV-GEVIRSXKVIEXP] %RHXLSYKLQ]WIPJGERRSXVIGIMZIXLIPMOI 1IXLMROW]SYWLSYPHVEXLIVLIEVOIRXS]SYVWSYP W =IX[MPP-WIIXLEXSXLIVWLEZIXLIMVVMKLX LIEPXL (IWTEXGLXLIJEYPX WETTVSZIHERHGSRJIWWIH TIHVMRKERS ;L]WMVVELLERKQER-XEOIMXXLEXXLEX %RHF]SYVPE[LIMWGSRHIQRIHXSHMI MWKSSHJSVXLIFSH]MWPMOI[MWIKSSHJSVXLIWSYP ERH LERKQER 'SQISRWMVEVI]SYVIEH]# MXQE]FIMRXLEXFS\MWFEPQJSVFSXL TIHVMRKERS 8SHS[LEXQ]pRISJpGMSYWOREZI# LERKQER ;IPPXLSYEVXIZIRXLIQIVVMIWXTMIGISJ LERKQER 8SKSXSXLMWKIEV QER WqIWLXLEXI IVKVSERIHEXQ]SJpGIHSSV TIHVMRKERS 3WMV]SYEVIXSSJSV[EVH XLSY[SYPHWX TIHVMRKERS -W]SYVVSKYIV]FIGSQIERDSJpGI [MXLE JEMRJYVRMWLQI[MXLELEPXIVXSHMWJYVRMWLQISJQ] OREZI WREQI# LEFMX7S-WLSYPHKSSYXSJXLMWKIEVQ]VEMQIRX LERKQER %]ERHXLEXWLEPPEPPXLI][MXRIWWXLEXWII ]SYWIEPMX[MXLEXLMIJ WREQI
VIKEVH GSRGIVRQ]WIPJ[MXL HIEVIWXFPSSH YXQSWXPS]EPX] +VEQIVG] ERI\TVIWWMSRSJVIPMIJ RIEVIV QSVIWIVMSYW KIEV FYWMRIWW KIEV HIIHFILEZMSYV ETTVSZIH TVSZIH XLMWKIEV XLIKEPPS[W JSV[EVH TVIWYQTXYSYW LEPXIV RSSWI HMWJYVRMWLLEFMX VIJIVVMRKXSXLIGYWXSQ[LMGLKVERXW XLII\IGYXMSRIVLMWZMGXMQ WGPSXLIWSVLEFMX
FSSX GSQTIRWEXMSR XYVRIHSJJ LERKIH TYWLIHSJJXLIWYTTSVX HIWTEXGL DPIX WKIXXS[SVO F]XLILSYV EXWIXXMQIWSVEXERLSYVP]VEXI TEXI LIEH GSQTERMSR JIPPS[ XVYWW GPSWIpXXMRKKEVQIRX XVYWWYT LERK LIEVOIR XSTE]EXXIRXMSRXS DSJpGI 4IHVMRKERSQSGOWXLILERKQER WLMKLRSXMSRSJ LMWTVSJIWWMSR
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
%GX---WGIRIZMM )RXIVLMIVSRMQS LMIVSRMQS ;LIVIWLEPP-VYRXSFVIEXLIEFVSEHQ] [SIW 1][SIW[LSWI[IMKLXLEXL[IEVMIHXLIIEVXL# 3VQMRII\GPEMQWXLEXLEZIWYVGLEVKIHXLIEMV ;MXLGIEWIPIWWTPEMRXWJSVQ]HIGIEWIHWSR# 8LIFPYWXIVMRK[MRHWGSRWTMVMRK[MXLQ][SVHW %XQ]PEQIRXLEZIQSZIHXLIPIEqIWWXVIIW (MWVSFIHXLIQIEHS[WSJXLIMVqS[IVIHKVIIR 1EHIQSYRXEMRWQEVWL[MXLWTVMRKXMHIWSJQ] XIEVW %RHFVSOIRXLVSYKLXLIFVE^IRKEXIWSJLIPP
QSXMSR MHIE MRHIVHMGXIH TVSLMFMXIH 7XMPP JSVIZIV WSJX [EMXEQSQIRX 7XERH VIP] FVIEXLIEFVSEH KMZII\TVIWWMSRXS I\GPEMQW GVMIW
=IXWXMPPXSVQIRXIHMWQ]XSVXYVIHWSYP ;MXLFVSOIRWMKLWERHVIWXPIWWTEWWMSRW 8LEX[MRKIHQSYRXERHLSZIVMRKMRXLIEMV &IEXEXXLI[MRHS[WSJXLIFVMKLXIWXLIEZIRW 7SPMGMXMRKJSVNYWXMGIERHVIZIRKI &YXXLI]EVITPEGIHMRXLSWIIQT]VIEPLIMKLXW ;LIVIGSYRXIVQYVIH[MXL[EPPWSJHMEQSRH -pRHXLITPEGIMQTVIKREFPI ERHXLI] 6IWMWXQ][SIWERHKMZIQ][SVHWRS[E]
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:MPH ZMPI UYEMRX GYRRMRK QMWHSRI WPEMR EW(MHSJIPP (MHSOMPPIHLIVWIPJEJXIVPSWMRK%IRIEW %IRIMH&SSO-: HSSQ NYWXMGI GSRWSVX EGGSQTER] MRYVIH GEVVMIHSR XVEMR GSQTER] ZIWXEPZMVKMRW ZMVKMRWHIHMGEXIHXSXLI6SQERKSHHIWW :IWXE[LSZS[IHXLIQWIPZIWXSGLEWXMX]
FYKW FYKFIEVWLSVVSVWSJXLIMQEKMREXMSR 8MX]YW EKMERXTYRMWLIHF]LEZMRKLMWPMZIVHIZSYVIHF] ZYPXYVIW (SR']TVMER (YOISJ'EWXMPI[LSLEHHMWETTVSZIHSJ (SR%RHVIE WVIPEXMSRWLMT[MXL&IPMQTIVME WYTTP]LMWVSSQ XEOILMWTPEGI XLIPSZIV -\MSR[LSLEHXVMIHXSWIHYGI.YRS 'LMQEIVE WRIGO 'LMQEIVE[EWEQSRWXIVSJ+VIIO Q]XLSPSK][MXLXLILIEHSJEPMSRFSH]SJEKSEXERHXEMP SJEHVEKSR 7MW]TLYW MR+VIIOPIKIRHXLIOMRKSJ'VIXITYRMWLIH MRXLIYRHIV[SVPHF]LEZMRKIXIVREPP]XSVSPPEWXSRIYT ELMPP WXMPP GSRXMRYEPP] IRH IRHIH
%RSR%VHIRSJ*EZIVWLEQ *MVWXTIVJSVQIH *MVWXTYFPMWLIH
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r EWPYWXJYPMQTSVXYREXIHIGIMXJYPERH YRW]QTEXLIXMG 8LYWJEVXLIGSSVHMREXIWEVIJEQMPMEVSRIW XLI [VSRKIHLYWFERHXLIEHYPXIVSYWERHHYTPMGMXSYW[MJI XLILIMRSYWQYVHIVJSPPS[IHF]NYHMGMEPVIXVMFYXMSRXS VIMRWXEXIXLIQSVEPSVHIV%WXLIXMXPITEKISJXLIpVWX IHMXMSRXIPPWYWXLITPE]WLS[WDXLIKVIEXQEPMGIERH HMWWMQYPEXMSRSJE[MGOIH[SQERXLIYRWEXMEFPIHIWMVI SJpPXL]PYWXERHXLIWLEQIJYPIRHSJEPPQYVHIVIVW ,S[IZIVEWVIGIRXGVMXMGWLEZIRSXIHXLMW[IPP[SVR HMHEGXMGXVENIGXSV]MWGSQTPMGEXIHF]ERYQFIVSJ JEGXSVW*MVWX%VHIRLMQWIPJMW[VSRKHSIVEW[IPPEW [VSRKIH LIMWEKVEWTMRKPERHS[RIVEFIRIp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rLMWJSVTVSTIVX] LIVWJSV1SWF]rMQTIPXLITPSX8LIQIWLMRKSJXLI
DTVMZEXI [VSRKHSMRKSJ%PMGIERH1SWF][MXLXLI DTYFPMG MQQSVEPMX]SJ%VHIR[MXLMRXLMWWMRKPIREVVEXMZI GSQTPMGEXIWXLIGEXIKSVMIWSJDLIVSIW ERHDZMPPEMRW SJ DGEYWI ERHDIJJIGX ERHMRHIIHSJDTYFPMG ERHDTVMZEXI WII&IPWI] 3VPMR ERH ERH'SQIRWSPM 8LIFPYVVIHFSYRHEVMIWFIX[IIRXLIWIGEXIKSVMIW VIWYPXMRETPE]MR[LMGLMXFIGSQIWMRGVIEWMRKP] HMJp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r ]IX LEHRIZIVGLEPPIRKIHMX8LIETTEVIRXP]WXVEMKLXJSV[EVH XEPISJ[VSRKHSMRKVIZIEPIHERHNYWXP]FVSYKLXXSFSSO FIGSQIWEPXSKIXLIVFPIEOIVERHQSVIXVSYFPMRKEWXLI TPSXYRJSPHWERHGSRGPYHIW 8LITPE]MWEHSQIWXMGXVEKIH] XLEXMWVEXLIVXLER HIEPMRK[MXLXLIHS[RJEPPWSJOMRKWERHRSFMPMX]EW XVEKIH]X]TMGEPP]HSIWMXMWGSRGIVRIH[MXLXLI QMWJSVXYRIWERHQMWHIIHWSJXLIQMHHPIVEROWSJ WSGMIX]&YXXLIKIRIVMGGPEWWMpGEXMSRSJDXVEKIH] XIPPW SRP]LEPJXLIWXSV]JSV%VHIRSJ*EZIVWLEQLEWEWQYGL MRGSQQSR[MXLDLMWXSV] TPE]WEWMXHSIW[MXLXVEKIH] 0MOIXLIQMXMWFEWIHMRJEGX 8LSQEW%VHIR[EW QYVHIVIHMR*EZIVWLEQF]LMW[MJI%PMGIMR-XW TVMRGMTEPWSYVGIPMOIXLIMVWMWXLIVIGSVHSJ&VMXMWL LMWXSV]WS[IPPYWIHF]SXLIVHVEQEXMWXW 6ETLEIP ,SPMRWLIH W'LVSRMGPIWSJ)RKPERH7GSXPERHERH-VIPERH WIGSRHIHMXMSR [LMGLGSRXEMRWE [SVHEGGSYRXSJXLIQYVHIVERIZIRX[LMGLLEH pKYVIHPEVKIMRXLITSTYPEVMQEKMREXMSRWMRGIXLIXMQI MXLEHXEOIRTPEGI6IEHMRKXLITPE]EWDLMWXSV] MRWXIEH SJ SVEW[IPPEW DXVEKIH] HVE[WEXXIRXMSRE[E]JVSQ
ERSR XLIGLEVEGXIVWERHXLIMVMRHMZMHYEPERHq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
8I\XYEPRSXI 8LIpVWXIHMXMSRSJ%VHIRSJ*EZIVWLEQ[EWTYFPMWLIH MR XLIWIGSRHMR ERHXLIXLMVHMR XLIWI UYEVXSIHMXMSRWEVIVIJIVVIHXSEW55ERH5 VIWTIGXMZIP]MRXLIJSSXRSXIW8LMWIHMXMSRMWFEWIHSR 57MKRMpGERXHMJJIVIRGIWFIX[IIRXLIXLVIIUYEVXSW LEZIFIIRJSSXRSXIH8LIQEMRWSYVGIJSVXLITPE]XLI EGGSYRXSJXLIQYVHIVMR,SPMRWLIH W'LVSRMGPIWMW VITVSHYGIHMRXLIIHMXMSRWSJXLITPE]IHMXIHF] 7XYVKIWW;MRIERH;LMXI;MRIEPWSMRGPYHIWXLI EGGSYRXJVSQ8LI;EVHQSXI&SSOSJ*EZIVWLEQ /MRRI]MRGPYHIW.SLR7XS[ WEGGSYRXMRLMW GSPPIGXMSR
*YVXLIVVIEHMRK )HMXMSRW &EWOIVZMPP'LEVPIW6IEH,IPX^IP:MVKMP&ERH2IXLIVGSX %VXLYV, IHW )PM^EFIXLERERH7XYEVX4PE]W2I[ =SVO2= ,IRV],SPXERH'S &E]RI6SREPH IH %VHIRSJ*EZIVWLEQ0SRHSR .1(IRXERH'S &YPPIR%, IH %VHIRSJ*EZIVWLEQ %8VEKIH] VITVMRXIHJVSQXLIIHMXMSRSJ 0SRHSR .;.EVZMWERH 7SR *EVQIV.7 IH %VHIRSJ*EZIVWLEQJEGWMQMPIIHMXMSR SJ UYEVXS8YHSV*EGWMQMPI7IVMIW +EWWRIV.SLR IH )PM^EFIXLER(VEQE2I[=SVO 2= &ERXEQ /MRRI]%VXLYV* IH 6IREMWWERGI(VEQE %R %RXLSPSK]SJ4PE]WERH)RXIVXEMRQIRXW3\JSVH &PEGO[IPP
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%VHIRSJ*EZIVWLEQ
(VEQEXMWTIVWSREI EVHIREPERHS[RIV JVEROPMRLMWJVMIRH EPMGI%VHIR W[MJI EHEQJS[PIPERHPSVHSJXLI*PS[IVHI0YGI QMGLEIP%VHIR WWIVZERX QSWF]%PMGI%VHIR WPSZIV GPEVOIETEMRXIV KVIIRIEXIRERX WYWER1SWF] WWMWXIVERH%PMGI WWIVZMRKQEMH FVEHWLE[EKSPHWQMXL FPEGO[MPP⎫ LMVIHQYVHIVIVW WLEOIFEK ⎬⎭ ETVIRXMGI PSVHGLIMR]ERHLMWQIR EJIVV]QER HMGOVIIHIWEMPSVERHMRLEFMXERXSJ*EZIVWLEQ EWEMPSVLMWJVMIRH QE]SVSJJEZIVWLEQERHXLI[EXGL
7GIRIM )RXIVEVHIRERHJVEROPMR JVEROPMR %VHIRGLIIVYTXL]WTMVMXWERHHVSSTRS QSVI
7GIRIM XLIVIEVIRSEGXSVWGIRIHMZMWMSRWMRXLIUYEVXSW ;IJSPPS[VIGIRXIHMXMSRWMRHMZMHMRKXLITPE]MRXS IMKLXIIRWGIRIW
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ERSR GPEVOI ;L]WMV- PPHSMXJSV]SYEXER]XMQI 4VSZMHIHEW]SYLEZIKMZIR]SYV[SVH -QE]LEZI7YWER1SWF]XSQ][MJI *SVEWWLEVT[MXXIHTSIXW[LSWIW[IIXZIVWI 1EOILIEZIRP]KSHWFVIEOSJJXLIMVRIGXEVHVEYKLXW %RHPE]XLIMVIEVWHS[RXSXLIPS[P]IEVXL 9WILYQFPITVSQMWIXSXLIMVWEGVIH1YWI 7S[IXLEXEVIXLITSIXW JEZSYVMXIW 1YWXLEZIEPSZI%]PSZIMWXLITEMRXIV W1YWI 8LEXQEOIWLMQJVEQIEWTIEOMRKGSYRXIRERGI %[IITMRKI]IXLEX[MXRIWWIWLIEVX WKVMIJ 8LIRXIPPQI1EWXIV1SWF]WLEPP-LEZILIV# EPMGI 8MWTMX]FYXLIWLSYPH LI PPYWILIV[IPP QSWF] 'PEVOILIVI WQ]LERH Q]WMWXIVWLEPPFIXLMRI GPEVOI 8LIRFVSXLIVXSVIUYMXIXLMWGSYVXIW] =SYWLEPPGSQQERHQ]PMJIQ]WOMPPERHEPP EPMGI %LXLEXXLSYGSYPHWXFIWIGVIX QSWF] *IEVLMQRSX0IEZI -LEZIXEPOIHWYJpGMIRX GPEVOI =SYORS[RSXQIXLEXEWOWYGLUYIWXMSRW 0IXMXWYJp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
r *SVEWPSZI MIDNYWXEWTSIXWRIIHEQYWIXSMRWTMVI XLIMVEVXWSTEMRXIVWRIIHPSZIXSMRWTMVIXLIMVW FYX YRPIWW YWI XVIEX JEMR [MPPMRKP]KPEHP] GSRXVSP VIWXVEMRX
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pGIVW -[EVVERXXLEX-HS2S[YWI]SYVFSHOMR =SYV7TERMWLRIIHPIERH]SYVTVIWWMRKMVSR *SVXLMWWLEPPKS[MXLQI%RHQEVOQ][SVHW =SYKSSHQERFSXGLIV XMWXS]SY-WTIEO 8LIRI\XXMQIXLEX-XEOIXLIIRIEVQ]LSYWI -RWXIEHSJPIKW- PPQEOIXLIIGVE[PSRWXYQTW QSWF] %L1EWXIV%VHIR]SYLEZIMRNYVIHQI -HSETTIEPXS+SHERHXSXLI[SVPH JVEROPMR ;L]GERWXXLSYHIR][IVXEFSXGLIVSRGI# QSWF] 1IEWYVIQI[LEX-EQRSX[LEX-[EW EVHIR ;L][LEXEVXXLSYRS[FYXEZIPZIXHVYHKI
r 7II]SYVWIPJ D%PMGIWTIEOWXLIWIPMRIWJSV%VHIRXS LIEVMRSVHIVXSEPPE]LMWWYWTMGMSRWEXpRHMRKLIV[MXL 1SWF]1SWF]YRHIVWXERHWMQQIHMEXIP]ERHVIWTSRHW EGGSVHMRKP] ;LMXI SGGEWMSR TVIXI\X 7MV%RXSR]%KIV MRVIEPMX]7MV%RXLSR]%YGLIV QERHEXI HIIHSJS[RIVWLMT QEOIWXLSY EVI]SYHSMRK KVSSQ JIPPS[ EPWSEWIVZMRKQER IHW TSGOIXYT WYFQMXXS WMVVEL D%XIVQSJEHHVIWWI\TVIWWMRKGSRXIQTX VITVMQERHSVEWWYQTXMSRSJEYXLSVMX]SRXLITEVXSJXLI WTIEOIV 3)( WXEXYXI TEWWIHYRHIV)H[EVH---ERHJSVFMHHMRKER]SRI YRHIVXLIVEROSJKIRXPIQERJVSQGEVV]MRKEW[SVH IHW QEOIWEKEMRWX HIGVIIWEKEMRWX -HS -LEZIE[EVVERXJSV[LEX-HS KSSHQER DTVIp\IH WSQIXMQIW[MXLMVSRMGEPMRXIRXMSR XSXLIREQIWSJXLSWIFIRIEXLXLIVEROSJKIRXPIQER ;LMXI ZIPZIXHVYHKI DQIRMEPMRZIPZIXPMZIV] 7XYVKIWW
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
%GLIEXMRKWXI[EVHERHFEWIQMRHIHTIEWERX# QSWF] %VHIRRS[XLSYLEWXFIPGLIHERHZSQMXIH 8LIVERGSVSYWZIRSQSJXL]QMWW[SPP RLIEVX ,IEVQIFYXWTIEO%W-MRXIRHXSPMZI ;MXL+SHERH,MWIPIGXIHWEMRXWMRLIEZIR -RIZIVQIERXQSVIXSWSPMGMXLIV %RHXLEXWLIORS[WERHEPPXLI[SVPHWLEPPWII -PSZIHLIVSRGIW[IIX%VHIRTEVHSRQI -GSYPHRSXGLSSWILIVFIEYX]pVIHQ]LIEVX &YXXMQILEXLUYIRGLIHXLIWISZIVVEKMRKGSEPW %RH%VHIRXLSYKL-RS[JVIUYIRXXL]LSYWI
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PEXI PEXIP] FVYMX VITSVX Q]JEMXL IHW JEMXLQ]5W PMOIWRSX]SY HMWTPIEWIW]SY
GSRZMRGIH TVSZIHKYMPX] QMXLVMHEXI EYRMZIVWEPERXMHSXI WMPP] LIPTPIWWHIJIRGIPIWW
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EPMGI -EQKPEHLIMWKSRI LI[EWEFSYXXSWXE] &YXHMH]SYQEVOQIXLIRLS[-FVEOISJJ# QSWF] %]%PMGIERHMX[EWGYRRMRKP]TIVJSVQIH &YX[LEXEZMPPEMRMWXLMWTEMRXIV'PEVOI EPMGI ;EWMXRSXEKSSHP]TSMWSRXLEXLIKEZI ;L]LI WEW[IPPRS[EWLI[EWFIJSVI -XWLSYPHLEZIFIIRWSQIpRIGSRJIGXMSR 8LEXQMKLXLEZIKMZIRXLIFVSXLWSQIHEMRX]XEWXI 8LMWTS[HIV[EWXSSKVSWWERHTSTYPSYW QSWF] &YXLEHLIIEXIRFYXXLVIIWTSSRJYPWQSVI 8LIRLEHLIHMIHERHSYVPSZIGSRXMRYIH EPMGI ;L]WSMXWLEPP1SWF]EPFIMXLIPMZI QSWF] -XMWYRTSWWMFPIJSV-LEZIW[SVR 2IZIVLIVIEJXIVXSWSPMGMXXLII 3V[LMPWXLIPMZIWSRGIQSVIMQTSVXYRIXLII EPMGI 8LSYWLEPXRSXRIIH -[MPPMQTSVXYRIXLII ;LEXWLEPPERSEXLQEOIXLIIJSVWEOIQ]PSZI# %WMJ-LEZIRSXW[SVREWQYGLQ]WIPJ %RHKMZIRQ]LERHYRXSLMQMRXLIGLYVGL 8YWL1SWF]3EXLWEVI[SVHWERH[SVHWMW[MRH %RH[MRHMWQYXEFPI8LIR-GSRGPYHI
8MWGLMPHMWLRIWWXSWXERHYTSRERSEXL QSWF] ;IPPTVSZIH1MWXVIWW%PMGI ]IXF]]SYVPIEZI - PPOIITQMRIYRFVSOIR[LMPWXLIPMZIW EPMGI %]HSERHWTEVIRSX,MWXMQIMWFYXWLSVX *SVMJXLSYFIIWXEWVIWSPYXIEW- ;I PPLEZILMQQYVHIVIHEWLI[EPOWXLIWXVIIXW -R0SRHSRQER]EPILSYWIVYJpERWOIIT ;LMGLEW-LIEV[MPPQYVHIVQIRJSVKSPH 8LI]WLEPPFIWSYRHP]JII HXSTE]LMQLSQI
KVSWWERHTSTYPSYW MRHIPMGEXISVMRHMKIWXMFPIERH TIVGITXMFPI ;MRI OIIT PMZIPSHKI XSTE]LMQLSQI MIXSQYVHIVLMQ JYPPHMWGSYVWI JYPP]I\TPEMR qEXVIWSPZI QEOIGSQTPIXIP]GPIEVXS +IRIVEPP]MRXMXPIH HIIHIH[MXLSYXER]I\GITXMSRW
r SRP]TSVXMSR SRP]Q]PERHVIQEMRWJVSQQ] MRLIVMXERGI WXMPP EP[E]W WS WSPSRKEW GEVIJYPJSVXSKIX IEKIVXSEGUYMVITSWWIWWMSRW [LEX]SYFVSYKLX MIEW]SYVHS[V] JVS[EVH FEHXIQTIVIH XVYPPWXVYKW TVSWXMXYXIW
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q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
-RWSVVS[WSHIWTEMVMRKSJVIHVIWW %WIZIV]HE]-[MWL[MXLLIEVX]TVE]IV 8LEXLISV-[IVIXEOIRJSVXLXLI[SVPH KVIIRI 2S[XVYWXQI1MWXVIWW%PMGIMXKVMIZIXLQI 7SJEMVEGVIEXYVIWLSYPHFIWSEFYWIH ;L][LS[SYPHLEZIXLSYKLXXLIGMZMPWMVWSWYPPIR# ,IPSSOWWSWQSSXLP]2S[p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
JVSPMG GLIIVYT MRXIVIWX PIKEPVMKLXXSTVSTIVX] GYXXIV GYXXLVSEX [EKIV TE] TSWX VMHI[MXLLEWXI GSQTEWWIH EGLMIZIH JSV[EVH IEKIV XLIQ MIXLIRI[W XIQTIVIH[MXL TIVWYEHIH
SYXSJLIVFSSOW SYXSJJEZSYV[MXLLIV QEOIEKVII GSQIXSXIVQW EQEMR [MXLEPPLMWWXVIRKXL GV]UYMXXERGI[MXL FIIZIR[MXL [LIXXIHSR MRGMXIH GSQTSWMXMSR EKVIIQIRX JSVTE]QIRX TEWWMRK I\XVIQIP] GLIIVP] GLIIVJYPP]
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p\MQTSMWSRIH 8LEX[LSWSPSSOYTSRMXWLSYPH[E\FPMRH %RH[MXLXLIWGIRXFIWXMqIHXLEXIVIPSRK ,IWLSYPHHMITSMWSRIHXLEXHMHZMI[MX[IPP -[SYPHLEZI]SYQEOIQIWYGLEGVYGMp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
r 8LITEMRXIVPSZI ;LMXIWYKKIWXWEWETSWWMFPI QIERMRKJSVXLIWIPMRIW D8LITEMRXIVVITVSHYGIWPMJI JEMXLJYPP]ERHMRXLMWGEWILMWTIRGMPRIIHHVE[RS WLEHS[WMRLMWPSZI LETP] TIVLETW WS MJ SV XLER FEPIJYP RS\MSYW TVINYHMGI IRHERKIV SJJIRH LEVQ
7STYX-VLYFEVFXSEZSMHXLIWQIPP %RHWSJXP]EWERSXLIV[SVO-TEMRX QSWF] 8MWZIV][IPPFYXEKEMRWX[LIRWLEPP-LEZIMX# GPEVOI ;MXLMRXLMWXIRHE]W QSWF] 8[MPPWIVZIXLIXYVR 2S[%PMGIPIX WMRERHWII[LEXGLIIV]SYOIIT )\MXGPEVOI -LSTIRS[1EWXIV%VHIRMWJVSQLSQI =SY PPKMZIQIPIEZIXSTPE]]SYVLYWFERH WTEVX EPMGI 1SWF]]SYORS[[LS WQEWXIVSJQ]LIEVX ,I[IPPQE]FIXLIQEWXIVSJXLILSYWI )\IYRX
7GIRIMM ,IVIIRXIVWKVIIRIERHFVEHWLE[ FVEHWLE[ 7II]SYXLIQXLEXGSQIW]SRHIV1EWXIV +VIIRI# KVIIRI %]ZIV][IPP(S]SYORS[XLIQ# ,IVIIRXIVWFPEGO[MPPERHWLEOIFEK FVEHWLE[ 8LISRI-ORS[RSXFYXLIWIIQWEOREZI 'LMIq]JSVFIEVMRKXLISXLIVGSQTER] *SVWYGLEWPEZIWSZMPIEVSKYIEWLI 0MZIWRSXEKEMRYTSRXLIIEVXL &PEGO;MPPMWLMWREQI-XIPP]SY1EWXIV+VIIRI %X&SYPSKRILIERH-[IVIJIPPS[WSPHMIVW ;LIVILITPE]IHWYGLTVEROW %WEPPXLIGEQTJIEVIHLMQJSVLMWZMPPEMR] -[EVVERX]SYLIFIEVWWSFEHEQMRH 8LEXJSVEGVS[RLI PPQYVHIVER]QER KVIIRI %WMHI 8LIpXXIVMWLIJSVQ]TYVTSWIQEVV] FPEGO[MPP ,S[RS[JIPPS[&VEHWLE[;LMXLIV E[E]WSIEVP]# FVEHWLE[ 3L;MPPXMQIWEVIGLERKIH RSJIPPS[W RS[ 8LSYKL[I[IVISRGIXSKIXLIVMRXLIpIPH =IXXL]JVMIRHXSHSXLIIER]KSSH-GER FPEGO[MPP ;L]&VEHWLE[[EWRSXXLSYERH- JIPPS[WSPHMIVWEX&SYPSKRI[LIVI-[EWEGSVTSVEP ERHXLSYFYXEFEWIQIVGIREV]KVSSQ#D2SJIPPS[W RS[ FIGEYWI]SYEVIEKSPHWQMXLERHLEZIEPMXXPI TPEXIMR]SYVWLST#=SY[IVIKPEHXSGEPPQIDJIPPS[ ;MPP ERH[MXLEGYVW]XSXLIIEVXLDSRIWREXGLKSSH
VLYFEVF FIPMIZIHXSLEZIQIHMGMREPTVSTIVXMIW WSJXP]EWERSXLIV DEWIEWMP]EW[MXLER]SXLIV ;LMXI WH 3RP];LMXISJXLIIHWWYKKIWXWMRGPYHMRKXLMWWXEKI HMVIGXMSRFYXMXWMRWIVXMSRQEOIWWIRWIMRXLIPMKLXSJXLI PMRIWXLEXJSPPS[ [EVVERX EWWYVI QEVV] ERSEXLHIVMZIHJVSQXLIREQISJXLI:MVKMR 1EV] GYVW] SFWSPIXIJSVQSJGYVXWI] WREXGL QSVWIP
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pRHXLIJIPPS[2S[;MPP-ORS[ 8LSYEVXEGUYEMRXIH[MXLWYGLGSQTERMSRW FPEGO[MPP ;LEXQERRIVSJQER[EWLI# FVEHWLE[ %PIERJEGIH[VMXLIROREZI ,E[ORSWIHERHZIV]LSPPS[I]IH ;MXLQMKLX]JYVVS[WMRLMWWXSVQ]FVS[W 0SRKLEMVHS[RLMWWLSYPHIVWGYVPIH ,MWGLMR[EWFEVIFYXSRLMWYTTIVPMT %QYXGLEHS[LMGLLI[SYRHEFSYXLMWIEV FPEGO[MPP ;LEXETTEVIPLEHLI# FVEHWLE[ %[EXGLIXWEXMRHSYFPIXEPPXSXSVR 8LIMRRIVWMHIHMHFIEVXLIKVIEXIVWLS[ %TEMVSJXLVIEHFEVIZIPZIXLSWIWIEQVIRX %[SVWXIHWXSGOMRKVIRXEFSZIXLIWLSI %PMZIV]GPSEOFYXEPPXLIPEGI[EWSJJ
8[EWFEHFYX]IXMXWIVZIHXSLMHIXLITPEXI FPEGO[MPP 7MVVEL7LEOIFEKGERWXXLSYVIQIQFIVWMRGI [IXVSPPIHXLIFS[PEX7MXXMRKFYVKL[LIVI-FVSOIXLI
HSQMRIIVIH VIZIPPIH ERHWLEVIGVS[RW[MXL]SY MIVSF]SY IHW 7MV%RXSR]'SSOI XYXSVXS)H[EVH:- WM^I EWWM^I [VMXLIR GSRXSVXIH QYXGLEHS QSYWXEGLI [EXGLIX TEPIFPYI EPPXSXSVR GSQTPIXIP]XSVR 8LIWLS[ DQSVISJXLIPMRMRKXLERXLISYXWMHI[EW ZMWMFPI ;LMXI [SVWXIH [SSPJEFVMG IHW [SWXIH55 [SWXIR5 XVSPPIHXLIFS[P LERHIHVSYRHXLIHVMROMRKGYT 7MXXMRKFYVKL 7MXXMRKFSYVRIEXS[RMR/IRXEFSYX QMPIWJVSQ*EZIVWLEQ
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
XETWXIV W0MSR XLILIEHSJXLIXETWXIVEXXLI0MSR-RR 2I[KEXI E0SRHSRTVMWSR EVVEMKRIH GLEVKIH TVSJSYRH GYRRMRK ERKIPW KSPHGSMRW[SVXLEFSYXXIRWLMPPMRKW TIRGI WSREQIHFIGEYWIXLI][IVIMQTVMRXIH[MXLXLIHIZMGISJ XLI%VGLERKIP1MGLEIP TPEXJSVQ TPER %PHIVWKEXI7XVIIX EJEWLMSREFPIWXVIIXVYRRMRKWSYXL JVSQ%PHIVWKEXIXS7X1EVXMR WPI+VERH
ERSR SJTMXGLXSEKEPPIHLSVWIFEGO8LYWLSTMRK]SY[MPP WLEOIFEK ,I WHIEHEWMJLILEHFIIRGSRHIQRIHF] PIXQ]TEWWMSRWTIRIXVEXISVVEXLIVMQTIXVEXIQIVG] ER%GXSJ4EVPMEQIRXMJSRGI&PEGO;MPPERH-W[IEV SJ]SYVQIIOLERHW-IRH LMWHIEXL =SYVW1MGLEIPSVIPWIRSX1MGLEIP KVIIRI ,IVIMWXIRTSYRHERH[LIRLIMWHIEH =IWLEPPLEZIX[IRX]QSVI EVHIR ;L]]SYTEPXV]OREZI 7XERH]SYLIVIPSMXIVMRKORS[MRKQ]EJJEMVW FPEGO[MPP 1]pRKIVWMXGLIWXSFIEXXLITIEWERX%L ;LEXLEWXIQ]FYWMRIWWGVEZIWXSWIRHXS/IRX# XLEX-QMKLXFIWIXE[SVOXLYWXLVSYKLXLI]IEVERH XLEXQYVHIV[SYPHKVS[XSERSGGYTEXMSRXLEXEQER JVEROPMR *EMXLJVMIRH1MGLEIPXLMWMWZIV]MPP /RS[MRK]SYVQEWXIVLEXLRSQSVIFYX]SY QMKLX[MXLSYXHERKIVSJPE[>SYRHW-[EVVERX- %RHHS]IWPEGOLMWFYWMRIWWJSV]SYVS[R# WLSYPHFI[EVHIRSJXLIGSQTER]'SQIPIXYWFI KSMRKERH[I PPFEMXEX6SGLIWXIV[LIVI- PPKMZIXLII EVHIR ;LIVIMWXLIPIXXIVWMVVEL#0IXQIWIIMX EKEPPSRSJWEGOXSLERHWIPXLIQEXGL[MXLEP 8LIRLI QMGLEIP KMZIWLMQXLIPIXXIV 7II1EWXIV*VEROPMRLIVI WTVSTIVWXYJJ )\IYRX 7YWERQ]QEMHXLITEMRXIVERHQ]QER %GVI[SJLEVPSXWEPPMRPSZIJSVWSSXL 7GIRIMMM 7MVVELPIXQILIEVRSQSVISJXLMW 2S[JSVXL]PMJISRGI[VMXIXSLIVE[SVH ,IVIIRXIVWQMGLEIP QMGLEIP -LEZIKSXXIRWYGLEPIXXIVEW[MPPXSYGLXLI ,IVIIRXIVWKVIIRIFPEGO[MPPERHWLEOIFEK TEMRXIVERHXLYWMXMW ;MPXXLSYFIQEVVMIHXSWSFEWIEXVYPP# ,IVIIRXIVWEVHIRERHJVEROPMRERHLIEVWQMGLEIP
8MW1SWF] WWMWXIV'SQI-SRGIEXLSQI - PPVSYWILIVJVSQVIQEMRMRKMRQ]LSYWI VIEHXLMWPIXXIV 2S[1EWXIV*VEROPMRPIXYWKS[EPOMR4EYP W D1]HYX]VIQIQFIVIH1MWXVIWW7YWERLSTMRKMR 'SQIFYXEXYVRSVX[SERHXLIRE[E] +SH]SYFIMRKSSHLIEPXLEW-1MGLEIP[EWEXXLI )\IYRXEVHIRJVEROPMRERHQMGLEIP QEOMRKLIVISJ8LMWMWXSGIVXMJ]]SYXLEXEWXLI KVIIRI 8LIpVWXMW%VHIRERHXLEX WLMWQER XYVXPIXVYI[LIRWLILEXLPSWXLIVQEXIWMXXIXLEPSRI 8LISXLIVMW*VEROPMR%VHIR WHIEVIWXJVMIRH WS-QSYVRMRKJSV]SYVEFWIRGIHS[EPOYTERH FPEGO[MPP >SYRHW- PPOMPPXLIQEPPXLVII HS[R4EYP WXMPPSRIHE]-JIPPEWPIITERHPSWXQ] KVIIRI 2E]WMVWXSYGLRSXLMWQERMRER]GEWI QEWXIV WTERXSqIW%L1MWXVIWW7YWEREFSPMWLXLEX &YXWXERHGPSWIERHXEOI]SYp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pGMEPPMZIV] XLIVIXEOI[EXIVERHE[E] GSQTERMIWSJXLI'MX]SJ0SRHSRSJ[LMGLLI[SYPHFI KSZIVRSVSVQIQFIV D[EVHIR FEMX WXSTJSVJSSHERHVIWX WEGO [LMXI[MRIJVSQ7TEMR LERHWIP DGSRpVQSVMREYKYVEXI[MXLERSQIRSJWYGGIWW ;MRI r 1MGLEIP WPIXXIVMWETEVSH]SJXLIIYTLYMWXMGWX]PI REQIHEJXIV.SLR0]P] W)YTLYIW 8LI%REXSQ]SJ;MX ERH)YTLYIWERH,MW)RKPERH MRZSKYIMR XLI W-XMWGLEVEGXIVMWIHF]ERIPEFSVEXIERH WIRXIRXMSYWJSVQEPMX]HIVMZIHJVSQMXWI\TPSMXEXMSRSJ VLIXSVMGEPHIZMGIW GIVXMJ] EWWYVI XYVXPI XYVXPIHSZI 4EYP W XLIGIRXVEPEMWPISJ7X4EYP W'EXLIHVEPMR0SRHSR ORS[REW4EYP W;EPO SV(YOI,YQTLVI] W;EPO [EW ETSTYPEVQIIXMRKTPEGIJSVQIVGLERXWERHFYWMRIWWQIR EW[IPPEWXLILEYRXSJTVSWXMXYXIWERHTMGOTSGOIXW TERXSqIW KEPSWLIW
r TPEWXIVLSVWIFEGO TEVXSJEVIQIH]JSVHMWIEWIWMR LSVWIW ;MRI KEPPIH WSVI MQTIXVEXI SFXEMRF]IRXVIEX] XSWIRH MIXSFIWIRX LEVPSXW PI[HTIVWSRWSJIMXLIVWI\ 2S[ 5W7SQIIHWIQIRHXSD2SV FYXEW;MRIRSXIW D2S[ QEOIWKSSHWIRWIEWTEVXSJERI\GPEQEXMSR WXERHGPSWI LMHI]SYVWIPZIW pXXIWXWXERHMRK FIWXTSWMXMSR SRIWTIGMpGWIRWISJXLMWMW EWWSGMEXIH[MXLLYRXMRK TEMHLMWS[R MIOMPPIH &PEGOJVMEVW EJEWLMSREFPIVIWMHIRXMEPHMWXVMGX[LMGLIZIR EJXIVXLIHMWWSPYXMSRSJXLI(SQMRMGERQSREWXIV]XLIVI MR VIXEMRIHMXWVMKLXSJWERGXYEV] WII\ZR XEOI[EXIV GVSWWXLI8LEQIWF]FSEX
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WXEPP FSSOWXEPPSJ[LMGLXLIVI[IVIQER]MR7X4EYP W GLYVGL]EVH SPHpPGLMRK QYGLWXIEPMRK TVIWW GVS[H WH FVIEOW KVE^IWFVYMWIW XEQI LYVX ;LMXI FVEFFPMRK RSMW] QIRHW EQIRHW 'SYRXIV E0SRHSRTVMWSR EW EWXLIJEGXXLEX SVHMREV] XEZIVRHMRMRKVSSQ XSKMZI XSFIKMZIR *VIRGLGVS[R [SVXLEFSYXpZIWLMPPMRKWEXXLMWXMQI
KVIIRI -TVE]XLIILS[GEQIXL]LIEHFVSOI# FPEGO[MPP ;L]XLSYWIIWXMXMWFVSOIHSWXXLSYRSX# WLEOIFEK 7XERHMRKEKEMRWXEWXEPP[EXGLMRK%VHIR W GSQMRKEFS]PIXHS[RLMWWLST[MRHS[ERHFVSOI LMWLIEH [LIVIYTSREVSWIEFVE[PERHMRXLIXYQYPX %VHIRIWGETIHYWERHTEWWIHF]YRXLSYKLXSR&YX JSVFIEVERGIMWRSEGUYMXXERGI ERSXLIVXMQI[I PPHS MX-[EVVERXXLII KVIIRI -TVE]XLII;MPPQEOIGPIERXL]FPSSH]FVS[ %RHPIXYWFIXLMROYWSRWSQISXLIVTPEGI ;LIVI%VHIRQE]FIQIX[MXLLERHWSQIP] 6IQIQFIVLS[HIZSYXP]XLSYLEWXW[SVR 8SOMPPXLIZMPPEMR XLMROYTSRXLMRISEXL FPEGO[MPP 8YWL-LEZIFVSOIRpZILYRHVIHSEXLW &YX[SYPHWXXLSYGLEVQQIXSIJJIGXXLMWHIIH 8IPPQISJKSPHQ]VIWSPYXMSR WJII 7E]XLSYWIIWX1SWF]ORIIPMRKEXQ]ORIIW 3JJ VMRKQIWIVZMGIJSVQ]LMKLEXXIQTX %RHW[IIX%PMGI%VHIR[MXLEPETSJGVS[RW 'SQIW[MXLEPS[P]GYVW]XSXLIIEVXL 7E]MRKD8EOIXLMWFYXJSVXL]UYEVXIVEKI 7YGL]IEVP]XVMFYXI[MPP-ERW[IVXLII ;L]XLMW[SYPHWXIIPWSJXQIXXPIHGS[EVHMGI ;MXL[LMGL&PEGO;MPP[EWRIZIVXEMRXIH[MXL -XIPPXLII+VIIRIXLIJSVPSVRXVEZIPPIV ;LSWIPMTWEVIKPYIH[MXLWYQQIV WTEVGLMRKLIEX 2I IVPSRKIHWSQYGLXSWIIEVYRRMRKFVSSO %W-XSpRMWL%VHIR WXVEKIH] 7IIWXXLSYXLMWKSVIXLEXGPIEZIXLXSQ]JEGI# *VSQLIRGIRI IV[MPP-[EWLXLMWFPSSH]WXEMR 8MPP%VHIR WLIEVXFITERXMRKMRQ]LERH KVIIRI ;L]XLEX W[IPPWEMH FYX[LEXWEMXL 7LEOIFEK# WLEOIFEK -GERRSXTEMRXQ]ZEPSYVSYX[MXL[SVHW &YXKMZIQITPEGIERHSTTSVXYRMX] 7YGLQIVG]EWXLIWXEVZIRPMSRIWW ;LIRWLIMWHV]WYGOIHSJLIVIEKIV]SYRK 7LS[WXSXLITVI]XLEXRI\XIRGSYRXIVWLIV 3R%VHIRWSQYGLTMX][SYPH-XEOI KVIIRI 7SWLSYPHMXJEVI[MXLQIRSJpVQVIWSPZI %RHRS[WMVWWIIMRKXLMWEGGMHIRX 3JQIIXMRKLMQMR4EYP WLEXLRSWYGGIWW 0IXYWFIXLMROYWSRWSQISXLIVTPEGI ;LSWIIEVXLQE]W[EPPS[YTXLMW%VHIR WFPSSH ,IVIIRXIVWQMGLEIP 7II]SRHIVGSQIWLMWQER%RH[SX]SY[LEX# 8LIJSSPMWLOREZIMWMRPSZI[MXL1SWF] WWMWXIV
LERHWSQIP] VIEHMP] r 1SWF]%PMGI%VHIR WMRGI+VIIRIHMHRSXQIRXMSR 1SWF]SV%PMGI%VHIR[LIRLMVMRK&PEGO;MPPERH 7LEOIFEKXSOMPP%VHIR;MRIWYKKIWXWXLEXXLMWVIJIVIRGI QE]MRHMGEXIEYXLSVMEPSVXI\XYEPGSRJYWMSR UYEVXIVEKI UYEVXIVP]TE]QIRX ERW[IV KYEVERXII
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
8MWORS[RXSYW]SYPSZI1SWF] WWMWXIV ;IORS[FIWMHIWXLEX]SYLEZIXE IR]SYVSEXL 8SJYVXLIV1SWF]XS]SYVQMWXVIWW FIH %RHOMPP]SYVQEWXIVJSVLMWWMWXIV WWEOI 2S[WMVETSSVIVGS[EVHXLER]SYVWIPJ ;EWRIZIVJSWXIVIHMRXLIGSEWXSJ/IRX ,S[GSQIWMXXLIRXLEXWYGLEOREZIEW]SY (EVIW[IEVEQEXXIVSJWYGLGSRWIUYIRGI# KVIIRI %L;MPP FPEGO[MPP 8YWLKMZIQIPIEZIXLIVI WRSQSVIFYX XLMW 7MXLXLSYLEWXW[SVR[IHEVIHMWGSZIVEPP %RHLEHWXXLSYSVWLSYPHWXXLSYYXXIVMX ;ILEZIHIZMWIHEGSQTPSXYRHIVLERH ;LEXIZIVWLEPPFIXMHIXSER]SJYW 8SWIRHXLIIVSYRHP]XSXLIHIZMPSJLIPP
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(IWXMRMIW MIXLIXLVII*EXIWKSHHIWWIW[LSTVIWMHIH SZIVTISTPI WFMVXLWPMZIWERHHIEXLW QIQFIV LIPTIV XVEMR PYVI RMGI WUYIEQMWLGS] ETTEVIRXP] TPEMRP] GLEPPIRKI HIWIVZIGPEMQ HIWIVXWSJ HIIHWJVSQ EKEMRWX]SYGSQI MRERXMGMTEXMSRSJ]SYVGSQMRK WH 1ERIX VIQEMRW LEVQPIWW MRRSGIRX PIZIPPIH EMQIH
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YWIMXRSX DHSRSXIRKEKIMRWYGLETVEGXMGI ;LMXI UYE] MIEX&MPPMRKWKEXI QMPOWST GS[EVHP] SYXQSWX YXQSWX GLERGI QMWGLERGI RETOMR LERHOIVGLMIJ ORMX XMIHYT VEXIH FIVEXIH JVSRX GSRJVSRX 6EMRLEQ(S[R STIRGSYRXV]WMHIEVSYRH6EMRLEQE /IRXZMPPEKIEFSYXQMPIWJVSQ6SGLIWXIVRSXSVMSYWJSV MXWVYJpERWERHLMKL[E]QIR RSV XLER
7EPYXEXMSR EXEZIVRMR2I[KEXI7XVIIX ;LMXI I\GITX55 EGGITX5 )MXLIVVIEHMRKMWTSWWMFPIFYX QSWXIHWEKVIISRDI\GITX SRXLIKVSYRHWSJ1MGLEIP W HIWMVI MMM RSXXSFIWIIRMRXLIGYXXLVSEXW GSQTER] GEXIW GLSMGIJSSH XEFPIW HMRIW HIPMGEXIW HIPMGEGMIW )EGLKIRXPIWXEVV]KEPI 5WVIEHDWXEV] [IJSPPS[;MRI MRIQIRHMRKXSDWXEVV] 7SQIIHWTVSTSWID)EGLKIRXPIWX EMV]KEPI MRWXIEHFYXXLIWIRWISJ;MRI WZIVWMSRHSIW RSXWIIQTVSFPIQEXMGIRSYKLXS[EVVERXWYGLEGLERKI IZIRXLSYKLMXSJJIVWEKVIEXIVGPEVMX]SJQIERMRK IEV TPSYKL
EVHIRSJJEZIVWLEQ 3YVLEVZIWXIPWI[MPP]MIPHFYXPSEXLWSQI[IIHW %RHJSVLMWTEMRW- PPLIEZILMQYTE[LMPI *SVKIX-TVE]XLII[LEXLEXLTEWWIHFIX[M\XYW %RHEJXIVWQSXLIVLMQXSLEZILMW[E\ *SVRS[-FPYWLERHXVIQFPIEXXLIXLSYKLXW 7YGLFIIWEW+VIIRIQYWXRIZIVPMZIXSWXMRK QSWF] ;LEXEVI]SYGLERKIH# 8LIRMWXLIVI1MGLEIPERHXLITEMRXIVXSS 'LMIJEGXSVWXS%VHIR WSZIVXLVS[ EPMGI %]XSQ]JSVQIVLETT]PMJIEKEMR *VSQXMXPISJERSHMSYWWXVYQTIX WREQI ;LS[LIRXLI]WLEPPWIIQIWMXMR%VHIR WWIEX 8SLSRIWX%VHIR W[MJIRSX%VHIR WLSRIWX[MJI 8LI][MPPMRWYPXYTSRQIJSVQ]QIIH ,E1SWF] XMWXLSYLEWXVMqIHQISJXLEX 3VJVMKLXQIF]HIXIGXMRKSJLMWIRH %RHQEHIQIWPERH VSYWXSEPPQ]OMR - PPRSRISJXLEXJSV-GERGEWXEFSRI )ZIRMRQ]JSVILIEHMWXL]REQIIRKVEZIR 8SQEOIXLIWIGYVWTPYGOSYXIEGLSXLIV WXLVSEX %QIEREVXMpGIVXLEXPS[FSVRREQI %RHXLIREQ-WSPIVYPIVSJQMRIS[R -[EWFI[MXGLIH [SI[SVXLXLILETPIWWLSYV =IX1MWXVIWW%VHIRPMZIW FYXWLI WQ]WIPJ %RHEPPXLIGEYWIWXLEXIRGLERXIHQI %RHLSP]GLYVGLVMXIWQEOIWYWX[SFYXSRI QSWF] 2E]MJXLSYFERPIXQIFVIEXLIGYVWIWJSVXL &YX[LEXJSVXLEX-QE]RSXXVYWX]SY%PMGI# %RHMJ]SYWXERHWSRMGIP]EX]SYVJEQI =SYLEZIWYTTPERXIH%VHIRJSVQ]WEOI 0IXQIVITIRXXLIGVIHMX-LEZIPSWX %RH[MPPI\XMVTIRQIXSTPERXERSXLIV -LEZIRIKPIGXIHQEXXIVWSJMQTSVX
8MWJIEVJYPWPIITMRKMREWIVTIRX WFIH 8LEX[SYPHLEZIWXEXIHQIEFSZIXL]WXEXI %RH-[MPPGPIERP]VMHQ]LERHWSJLIV *SVWPS[IHEHZERXEKIWERHWTYVRIHEXXMQI ,IVIIRXIVWEPMGI[MXLETVE]IVFSSO %]*SVXYRI WVMKLXLERH1SWF]LEXLJSVWSSO &YXLIVIWLIGSQIWERH-QYWXqEXXIVLIV 8SXEOIE[ERXSRKMKPSXF]XLIPIJX ,S[RS[%PMGI;LEXWEHERHTEWWMSREXI# -PIJXXLIQEVVMEKISJERLSRIWXQEMH 1EOIQITEVXEOIVSJXL]TIRWMZIRIWW ;LSWIHS[V][SYPHLEZI[IMKLIHHS[REPPXL] *MVIHMZMHIHFYVRW[MXLPIWWIVJSVGI [IEPXL EPMGI &YX-[MPPHEQXLEXpVIMRQ]FVIEWX ;LSWIFIEYX]ERHHIQIERSYVJEVI\GIIHIHXLII 8MPPF]XLIJSVGIXLIVISJQ]TEVXGSRWYQI 8LMWGIVXEMRKSSH-PSWXJSVGLERKMRKFEH %L1SWF] %RH[VETTIHQ]GVIHMXMRXL]GSQTER] QSWF] 7YGLHIITTEXLEMVIWPMOIXSEGERRSR WFYVWX -[EWFI[MXGLIHXLEXMWRSXLIQISJXLMRI (MWGLEVKIHEKEMRWXEVYMREXIH[EPP %RHXLSYYRLEPPS[IHLEWXIRGLERXIHQI &VIEOWQ]VIPIRXMRKLIEVXMRXLSYWERHTMIGIW &YX-[MPPFVIEOXL]WTIPPWERHI\SVGMWQW 9RKIRXPI%PMGIXL]WSVVS[MWQ]WSVI %RHTYXERSXLIVWMKLXYTSRXLIWII]IW 8LSYORS[ WXMX[IPPERH XMWXL]TSPMG] 8LEXWLS[IHQ]LIEVXEVEZIRJSVEHSZI 8SJSVKIHMWXVIWWJYPPSSOWXS[SYRHEFVIEWX 8LSYEVXRSXJEMV-ZMI[IHXLIIRSXXMPPRS[ ;LIVIPMIWELIEVXXLEXHMIW[LIRXLSYEVXWEH 8LSYEVXRSXOMRHXMPPRS[-ORI[XLIIRSX -XMWRSXPSZIXLEXPSZIWXSERKIVPSZI %RHRS[XLIVEMRLEXLFIEXIRSJJXL]KMPX EPMGI -XMWRSXPSZIXLEXPSZIWXSQYVHIVPSZI 8L][SVXLPIWWGSTTIVWLS[WXLIIGSYRXIVJIMX QSWF] ,S[QIER]SYXLEX# -XKVMIZIWQIRSXXSWIILS[JSYPXLSYEVX EPMGI 8LSYORS[IWXLS[HIEVP]%VHIRPSZIHQI &YXQEHWQIXLEXIZIV-XLSYKLXXLIIJEMV QSWF] %RHXLIR# +SKIXXLIIKSRIEGSTIWQEXIJSVXL]LMRHW EPMGI %RHXLIRGSRGIEPXLIVIWXJSV XMWXSSFEH -EQXSSKSSHXSFIXL]JEZSYVMXI 0IWXXLEXQ][SVHWFIGEVVMIH[MXLXLI[MRH EPMGI %]RS[-WIIERHXSSWSSRpRHMXXVYI %RHTYFPMWLIHMRXLI[SVPHXSFSXLSYVWLEQIW ;LMGLSJXIRLEXLFIIRXSPHQIF]Q]JVMIRHW -TVE]XLII1SWF]PIXSYVWTVMRKXMQI[MXLIV 8LEX1SWF]PSZIWQIRSXFYXJSVQ][IEPXL
LIEZILMQYT I\XSP WQSXLIV WQSOI8LIPMRIVIJIVWXSXLITVEGXMGISJ WQSOMRKSYXFIIWXSVIEGLXLIMV[E\ERHLSRI] QIIH VI[EVH EFSRI MI7YWER [LEXJSVXLEX [LEXEFSYXXLIJEGXXLEX I\XMVTIR VSSXSYX TEWWMSREXI WSVVS[JYP r &YX-GSRWYQI D-[MPPWYTTVIWWXLITEWWMSRXLEX- LEZIJSV]SYYRXMPF]XLIJSVGISJMXWS[RZMSPIRGIMX GSRWYQIWMXWIPJERHHMWETTIEVW ;MRI TEXLEMVIW WEHERHTEWWMSREXISYXFYVWXW
LSRIWX?RHMRWXERGIA GLEWXI EWMRP [SI[SVXL EGYVWIYTSR FER GYVWI WXERHJEQI WGVYTPIWSJEWXMHMSYWP]EX]SYVVITYXEXMSR IHW WXEXIH TPEGIHVEMWIH *SVWPS[IH [EWXIH KMKPSX PI[H[ERXSR[SQER YRLEPPS[IH [MGOIH I\SVGMWQW WTIPPW GSTIWQEXI GSQTERMSR MRGSRXIQTXYSYWWIRWI LMRHW WIVZERXW
ERSR ;LMGLXSSMRGVIHYPSYW-RI IVFIPMIZIH 2E]LIEVQIWTIEO1SWF]E[SVHSVX[S - PPFMXIQ]XSRKYIMJMXWTIEOFMXXIVP] 0SSOSRQI1SWF]SV- PPOMPPQ]WIPJ 2SXLMRKWLEPPLMHIQIJVSQXL]WXSVQ]PSSO -JXLSYGV][EVXLIVIMWRSTIEGIJSVQI -[MPPHSTIRERGIJSVSJJIRHMRKXLII %RHFYVRXLMWTVE]IVFSSO[LIVI-LIVIYWI 8LILSP][SVHXLEXLEHGSRZIVXIHQI 7II1SWF]-[MPPXIEVE[E]XLIPIEZIW %RHEPPXLIPIEZIWERHMRXLMWKSPHIRGSZIV 7LEPPXL]W[IIXTLVEWIWERHXL]PIXXIVWH[IPP %RHXLIVISR[MPP-GLMIq]QIHMXEXI %RHLSPHRSSXLIVWIGXFYXWYGLHIZSXMSR ;MPXXLSYRSXPSSO#-WEPPXL]PSZISZIV[LIPQIH# ;MPXXLSYRSXLIEV#;LEXQEPMGIWXSTWXLMRIIEVW# ;L]WTIEOWXLSYRSX#;LEXWMPIRGIXMIWXL]XSRKYI# 8LSYLEWXFIIRWMKLXIHEWXLIIEKPIMW %RHLIEVHEWUYMGOP]EWXLIJIEVJYPLEVI %RHWTSOIEWWQSSXLP]EWERSVEXSV ;LIR-LEZIFMHXLIILIEVSVWIISVWTIEO %RHEVXXLSYWIRWMFPIMRRSRISJXLIWI# ;IMKLEPPXL]KSSHXYVRW[MXLXLMWPMXXPIJEYPX %RH-HIWIVZIRSX1SWF] WQYHH]PSSOW %JSYRXSRGIXVSYFPIHMWRSXXLMGOIRIHWXMPP &IGPIEVEKEMR- PPRI IVQSVIXVSYFPIXLII QSWF] 3LRS-EQEFEWIEVXMpGIV 1][MRKWEVIJIEXLIVIHJSVEPS[P]qMKLX 1SWF]#*MIRS2SXJSVEXLSYWERHTSYRH 1EOIPSZIXS]SY#;L] XMWYRTEVHSREFPI ;IFIKKEVWQYWXRSXFVIEXLI[LIVIKIRXPIWEVI EPMGI 7[IIX1SWF]MWEWKIRXPIEWEOMRK %RH-XSSFPMRHXSNYHKILMQSXLIV[MWI *PS[IVWHSWSQIXMQIWWTVMRKMRJEPPS[PERHW ;IIHWMRKEVHIRWVSWIWKVS[SRXLSVRW 7S[LEXWS IVQ]1SWF] WJEXLIV[EW ,MQWIPJMWZEPYIHKIRXPIF]LMW[SVXL QSWF] %LLS[]SY[SQIRGERMRWMRYEXI %RHGPIEVEXVIWTEWW[MXL]SYVW[IIXWIXXSRKYI -[MPPJSVKIXXLMWUYEVVIPKIRXPI%PMGI 4VSZMHIH- PPFIXIQTXIHWSRSQSVI ,IVIIRXIVWFVEHWLE[
FVEHWLE[ -LEZIPMXXPIRI[WFYXLIVI WEPIXXIV 8LEX1EWXIV+VIIRIMQTSVXYRIHQIXSKMZI]SY EPMGI +SMR&VEHWLE[ GEPPJSVEGYTSJFIIV
8MWEPQSWXWYTTIVXMQI XLSYWLEPXWXE][MXLYW )\MXFVEHWLE[8LIRWLIVIEHWXLIPIXXIV D;ILEZIQMWWIHSJSYVTYVTSWIEX0SRHSRFYXWLEPP TIVJSVQMXF]XLI[E];IXLEROSYVRIMKLFSYV &VEHWLE[ =SYVW6MGLEVH+VIIRI ,S[PMOIWQ]PSZIXLIXIRSVSJXLMWPIXXIV# QSWF] ;IPP[IVILMWHEXIGSQTPIXIERHI\TMVIH EPMGI %L[SYPHMX[IVI8LIRGSQIWQ]LETT]LSYV 8MPPXLIRQ]FPMWWMWQM\IH[MXLFMXXIVKEPP 'SQIPIXYWMRXSWLYRWYWTMGMSR QSWF] %]XSXLIKEXIWSJHIEXLXSJSPPS[XLII )\IYRX
7GIRIM\ ,IVIIRXIVWKVIIRIFPEGO[MPPERHWLEOIFEK WLEOIFEK 'SQI;MPPWIIXL]XSSPWFIMREVIEHMRIWW -WRSXXL]TS[HIVHEROSV[MPPXL]qMRXWXVMOIpVI# FPEGO[MPP 8LIREWOQIMJQ]RSWIFISRQ]JEGI 3V[LIXLIVQ]XSRKYIFIJVS^IRMRQ]QSYXL >SYRHWLIVI WEGSMP =SY[IVIFIWXW[IEVQISRXLIMRXIVKEXSVMIW ,S[QER]TMWXSPW-LEZIXSSOMRLERH 3V[LIXLIV-PSZIXLIWQIPPSJKYRTS[HIV 3VHEVIEFMHIXLIRSMWIXLIHEK[MPPQEOI 3V[MPPRSX[MROEXqEWLMRKSJXLIpVI -TVE]XLII7LEOIFEKPIXXLMWERW[IVXLII 8LEX-LEZIXSSOQSVITYVWIWMRXLMW(S[R 8LERI IVXLSYLERHPIWXTMWXSPWMRXL]PMJI WLEOIFEK %]LETP]XLSYLEWXTMGOIHQSVIMRE XLVSRK &YXWLSYPH-FVEK[LEXFSSXMIW-LEZIXSSO -XLMROXLISZIVTPYWXLEX WQSVIXLERXLMRI ;SYPHQSYRXXSEKVIEXIVWYQSJQSRI] 8LERIMXLIVXLSYSVEPPXL]OMREVI[SVXL >SYRHW-LEXIXLIQEW-LEXIEXSEH 8LEXGEVV]EQYWGEHSMRXLIMVXSRKYI %RHWGEVGIELYVXMRK[IETSRMRXLIMVLERH FPEGO[MPP 3L+VIIRIMRXSPIVEFPI -XMWRSXJSVQMRILSRSYVXSFIEVXLMW
EPMGI 8LIR[MXLXL]PMTWWIEPYTXLMWRI[QEHI QEXGL QSWF] 7SJX%PMGIJSVLIVIGSQIWWSQIFSH] EPMGI ,S[RS[&VEHWLE[[LEX WXLIRI[W[MXL]SY# WH XLIPIXXIV XLMW[EWMRJEGX[VMXXIRMRWGIRIMMFIJSVIXLI
LSPHWIGX OIITRSSXLIVVIPMKMSYWJEMXL IHW UYMGOP] WLEVTP] WIRWMFPI GETEFPISJJIIPMRK XL]KSSHXYVRW KSSHXYVRWHSRIXS]SY %JSYRXSRGIXVSYFPIH IHW %JIRGISJXVSYFPI5W WXMPP JSVIZIV KIRXPIW TISTPISJKIRXPIFMVXL GPIEVEXVIWTEWW EGUYMX]SYVWIPZIW
JEMPIHEXXIQTXWSR%VHIR WPMJIMR0SRHSR LMWHEXI LMW MI%VHIR W XIVQSJPMJI GSMP JYWW MRXIVKEXSVMIW MRXIVVSKEXSVMIW MIUYIWXMSRWTYXXS WSQISRIYRHIVSEXL HEK TMWXSP [MRO FPMRO SZIVTPYW WYVTPYW QYWGEHS QYWOIX
EVHIRSJJEZIVWLEQ ;L]7LEOIFEK-HMHWIVZIXLIOMRKEX&SYPSKRI %RHXLSYGERWXFVEKSJRSXLMRKXLEXXLSYLEWHSRI WLEOIFEK ;L]WSGER.EGOSJ*EZIVWLEQ 8LEXWSYRHIHJSVEpPPMTSRXLIRSWI ;LIRLIXLEXKEZIMXLMQLSPPSIHMRLMWIEV %RHLIWYTTSWIHEGERRSRFYPPIXLMXLMQ 8LIRXLI]pKLX KVIIRI -TVE]]SYWMVWPMWXXS%IWST WXEPO ;LMPWXX[SWXSYXHSKW[IVIWXVMZMRKJSVEFSRI 8LIVIGSQIWEGYVERHWXSPIMXJVSQXLIQFSXL 7S[LMPI]SYWXERHWXVMZMRKSRXLIWIXIVQWSJ QERLSSH %VHIRIWGETIWYWERHHIGIMZIWYWEPP WLEOIFEK ;L]LIFIKYR FPEGO[MPP %RHXLSYWLEPXpRH- PPIRH -HSFYXWPMTMXYRXMPFIXXIVXMQI &YXMJ-HSJSVKIX 8LIRLIORIIPWHS[RERHLSPHWYTLMWLERHWXSLIEZIR KVIIRI ;IPPXEOI]SYVp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
WSYRHIH W[SSRIH pPPMT TYRGL LSPPSIH WLSYXIH WXSYX ZEPMERX WPMT TSWXTSRI pXXIWXWXERHMRKW WIIMMM R 0MQI]SYVX[MKW FMVHPMQI[EWEWXMGO]WYFWXERGIWTVIEH SRX[MKWXSGEXGLFMVHW [IEV] [IEVMWSQI [EXIVHSK HSKXVEMRIHXSVIXVMIZI[EXIVJS[P GSYGLIXL PMIWHS[R JS[PMRKTMIGI KYR LEPXWHS[RVMKLX PMQTWFEHP]
3ZIVXEOIYWIVI[IGSQIXS6EMRLEQ(S[R *SVMX[MPPFIZIV]PEXIIVI[IKIXLSQI QMGLEIP %WMHI %]+SHLIORS[WERHWSHSXL;MPP ERH7LEOIFEK 8LEXXLSYWLEPXRIZIVKSJYVXLIVXLERXLEX(S[R %RHXLIVIJSVILEZI-TVMGOIHXLILSVWISRTYVTSWI &IGEYWI-[SYPHRSXZMI[XLIQEWWEGVI )\MXQMGLEIP EVHIR 'SQI1EWXIV*VEROPMRSR[EVHW[MXL]SYVXEPI JVEROPMR -EWWYVI]SYWMV]SYXEWOQIQYGL %LIEZ]FPSSHMWKEXLIVIHEXQ]LIEVX %RHSRXLIWYHHIRMWQ][MRHWSWLSVX %WLMRHIVIXLXLITEWWEKISJQ]WTIIGL 7SpIVGIEUYEPQ]IXRI IVEWWEMPIHQI EVHIR 'SQI1EWXIV*VEROPMRPIXYWKSSRWSJXP] 8LIERRS]ERGISJXLIHYWXSVIPWIWSQIQIEX =SYEXIEXHMRRIVGERRSXFVSSO[MXL]SY -LEZIFIIRSJXIRWSERHWSSREQIRHIH JVEROPMR (S]SYVIQIQFIV[LIVIQ]XEPIHMHPIEZI# EVHIR %][LIVIXLIKIRXPIQERHMHGLIGOLMW[MJI JVEROPMR 7LIFIMRKVITVILIRHIHJSVXLIJEGX ;MXRIWWTVSHYGIHXLEXXSSOLIV[MXLXLIHIIH ,IVKPSZIFVSYKLXMR[LMGLXLIVIWLIPIJXFILMRH %RHQER]SXLIVEWWYVIHEVKYQIRXW ,IVLYWFERHEWOIHLIV[LIXLIVMX[IVIRSXWS EVHIR ,IVERW[IVXLIR#-[SRHIVLS[WLIPSSOIH ,EZMRKJSVW[SVRMX[MXLWYGLZILIQIRXSEXLW %RHEXXLIMRWXERXWSETTVSZIHYTSRLIV JVEROPMR *MVWXHMHWLIGEWXLIVI]IWHS[RXSXLIIEVXL ;EXGLMRKXLIHVSTWXLEXJIPPEQEMRJVSQXLIRGI 8LIRWSJXP]HVE[WWLIJSVXLLIVLERHOIVGLMIJ %RHQSHIWXP]WLI[MTIWLIVXIEVWXEMRIHJEGI 8LIRLIQQIHWLISYXXSGPIEVLIVZSMGIWLSYPH WIIQ %RH[MXLEQENIWX]EHHVIWWIHLIVWIPJ 8SIRGSYRXIVEPPXLIMVEGGYWEXMSRW 4EVHSRQI1EWXIV%VHIR-GERRSQSVI 8LMWpKLXMRKEXQ]LIEVXQEOIWWLSVXQ][MRH EVHIR 'SQI[IEVIEPQSWXRS[EX6EMRLEQ(S[R =SYVTVIXX]XEPIFIKYMPIWXLI[IEV][E] -[SYPH]SY[IVIMRWXEXIXSXIPPMXSYX WLEOIFEK %WMHI 7XERHGPSWI;MPP-LIEVXLIQ GSQMRK ,IVIIRXIVWPSVHGLIMR][MXLLMWQIR
TVMGOIHXLILSVWI TMIVGIHXLIJSSXSJXLILSVWIXSGEYWI PEQIRIWW WSJXP] WPS[P] FVSSO[MXL EKVII[MXL PIEZI PIEZISJJ GLIGO VITVSZI XSSOHIIH GEYKLXLIVMRXLIEGX ETTVSZIHYTSR TVSZIHEKEMRWX LIQQIHWLISYX WLIGPIEVIHLIVXLVSEX IRGSYRXIV GSYRXIV
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
FIEHWQER SRITEMHXSTVE]JSVSXLIVW r -JXVYWW MID-J]SYEVIGEYKLXERHEGGYWIHSJIZIR XLIQSWXXVMZMEPSJJIRGIERHGSQIXSXVMEP]SY[MPPWYVIP] LERK ;MRI GLSTWQIMR WYHHIRP]MRXIVVYTXW
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;LMXI WII\MZ HIZMGI WGLIQI FIEVH HIJ] XIRIQIRX H[IPPMRKTPEGI ,SVRWF] MIXLIGYGOSPH PMFIVEP YRVIWXVEMRIH GEVP GLYVPMWLJIPPS[
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qE[EXLERH 8LITMPSXUYEOMRKEXXLIHSYFXJYPWXSVQ %RHEPPXLIWEMPSVWTVE]MRKSRXLIMVORIIW )ZIRMRXLEXJIEVJYPXMQI[SYPH-JEPPHS[R %RHEWOSJ+SH[LEXI IVFIXMHISJQI :IRKIERGISR%VHIRSVWSQIQMWIZIRX 8SWLS[XLI[SVPH[LEX[VSRKXLIGEVPLEXLHSRI 8LMWGLEVKI- PPPIEZI[MXLQ]HMWXVIWWJYP[MJI 1]GLMPHVIRWLEPPFIXEYKLXWYGLTVE]IVWEWXLIWI %RHXLYW-KSFYXPIEZIQ]GYVWI[MXLXLII )\IYRXVIIHIERHWEMPSV EVHIR -XMWXLIVEMPMRKIWXOREZIMR'LVMWXIRHSQ
PE]WSGPSWI MQTVMWSR]SY XIQTX TVSZSOI QMWGEVV] GSQIXSLEVQHMI IRZMSYW QEPMGMSYW qE[ WUYEPP HSYFXJYP HVIEHIH QMWIZIRX QMWGLERGI
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pKLXWLEOIFEKERHQSWF]EVI[SYRHIH ,IPT;MPP-EQLYVX QSWF] -QE]XLERO]SY1MWXVIWW%VHIRJSVXLMW [SYRH )\IYRXQSWF]FPEGO[MPPERHWLEOIFEK EPMGI %L%VHIR[LEXJSPP]FPMRHIHXLII# %LNIEPSYWLEVIFVEMRQER[LEXLEWXXLSYHSRI# ;LIR[IXS[IPGSQIXLIIMRXIRHIHWTSVX 'EQIPSZMRKP]XSQIIXXLIISRXL][E] 8LSYHVI[ WXXL]W[SVHIRVEKIH[MXLNIEPSYW] %RHLYVXXL]JVMIRH[LSWIXLSYKLXW[IVIJVIIJVSQ LEVQ %PPJSVE[SVXLPIWWOMWWERHNSMRMRKEVQW
LYQSYV HMWTSWMXMSR JVS[EVHRIWW MPPLYQSYV GLIIV LSWTMXEPMX] QIRH MRGVIEWI LSVRIHFIEWX MIGYGOSPH
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p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
;MPP]SYJSPPS[LMQXLEXLEXLHMWLSRSYVIH]SY# EPMGI ;L]GERWXXLSYTVSZI-LEZIFIIRHMWPS]EP# JVEROPMR ;L]1SWF]XEYRXW]SYVLYWFERH[MXLXLI LSVR EPMGI %]EJXIVLILEHVIZMPIHLMQ &]XLIMRNYVMSYWREQISJTIVNYVIHFIEWX ,IORI[RS[VSRKGSYPHWTMXIENIEPSYWQER 1SVIXLERXLILEXIJYPREQMRKSJXLILSVR JVEROPMR 7YTTSWI XMWXVYI]IXMWMXHERKIVSYW 8SJSPPS[LMQ[LSQLILEXLPEXIP]LYVX EPMGI %JEYPXGSRJIWWIHMWQSVIXLERLEPJEQIRHW &YXQIRSJWYGLMPPWTMVMXEW]SYVWIPJ ;SVOGVSWWIWERHHIFEXIW X[M\XQERERH[MJI EVHIR -TVE]XLIIKIRXPI*VEROPMRLSPHXL]TIEGI -ORS[Q][MJIGSYRWIPWQIJSVXLIFIWX - PPWIIOSYX1SWF][LIVILMW[SYRHMWHVIWWIH %RHWEPZILMWLETPIWWUYEVVIPMJ-QE] )\IYRXEVHIRERHEPMGI JVEROPMR ,I[LSQXLIHIZMPHVMZIWQYWXKSTIVJSVGI 4SSVKIRXPIQERLS[WSSRLIMWFI[MXGLIH %RH]IXFIGEYWILMW[MJIMWXLIMRWXVYQIRX ,MWJVMIRHWQYWXRSXFIPEZMWLMRXLIMVWTIIGL )\MXJVEROPMR
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pVWXJSV STIRMRKLIVWLST[MRHS[W*SVEGVSWW[SVHSJE XETWXIV-LEZITMIVGIHSRIFEVVIPEJXIVERSXLIV[MXL Q]HEKKIVERHLIPHLMQF]XLIIEVWXMPPEPPLMWFIIV LEXLVYRSYX-R8LEQIW7XVIIXEFVI[IV WGEVX[EW PMOIXSLEZIVYRSZIVQI -QEHIRSQSVIEHSFYX
GVSWWIWERHHIFEXIW XVSYFPIWERHUYEVVIPW LETPIWW YRJSVXYREXI XEOMRKXLI[EPP MI[EPOMRKRI\XXSXLI[EPP XLIGPIERIV ERHWEJIVTSWMXMSR XLIVIF]JSVGMRK&PEGO;MPPMRXSXLI WXVIIX WMPZIVRSWIW MIJEPWIRSWIW
ERSR EPMGI %RH[IPGSQIWLEPP]SYFI%LKIRXPIQIR ,S[QMWWIH]SYSJ]SYVTYVTSWI]IWXIVRMKLX# KVIIRI 8[EWPSRKSJ7LEOIFEKXLEXYRPYGO]ZMPPEMR WLEOIFEK 8LSYHSWXQI[VSRK -HMHEWQYGLEWER] FPEGO[MPP 2E]XLIR1MWXVIWW%PMGI- PPXIPP]SYLS[ MX[EW;LIRLIWLSYPHLEZIPSGOIH[MXLFSXLLMW LMPXWLIMREFVEZIV]qSYVMWLIHSZIVLMWLIEH;MXL XLEXGSQIW*VEROPMREXLMQPYWXMP]ERHLYVXWXLI WPEZI [MXLXLEXLIWPMROWE[E]2S[LMW[E]LEH FIIRXSLEZIGSQIMRLERHERHJIIXSRIERHX[S VSYRHEXLMWGSWXEVH,IPMOIEJSSPFIEVWLMWW[SVH TSMRXLEPJE]EVHSYXSJHERKIV-PMILIVIJSVQ]PMJI ,IXEOIWYTETSWMXMSRSJHIJIRGI -JXLIHIZMPGSQIERH LILEZIRSQSVIWXVIRKXLXLERJIRGILIWLEPPRIZIV ,IVIIRXIVWEPMGIERHQMGLEIP FIEXQIJVSQXLMW[EVH - PPWXERHXSMX%FYGOPIVMRE KVIIRI ,IRGI;MPP LIVIGSQIW1MWXVIWW%VHIR WOMPJYPLERHMWEWKSSHEWEGEWXPI RE] XMWFIXXIVXLER EPMGI %LKIRXPI1MGLEIPEVXXLSYWYVIXLI] VI EWGSRGIJSV-LEZIXVMIHMX1SWF]TIVGIMZMRKXLMW JVMIRHW# FIKERXSJEMRX;MXLXLEXGSQIW%VHIR[MXLLMW QMGLEIP ;L]-WE[XLIQ[LIRXLI]FSXLWLSSO EVQMRKW[SVHERHXLVYWXLMQXLVSYKLXLIWLSYPHIV LERHW MREXVMGI ;LIR1SWF]FPIHLIIZIR[ITXJSVWSVVS[ EPMGI %]FYX-[SRHIV[L]]SYFSXLWXSSHWXMPP %RHVEMPIHSR*VEROPMRXLEX[EWGEYWISJEPP FPEGO[MPP *EMXL-[EWWSEQE^IH-GSYPHRSXWXVMOI 2SWSSRIVGEQIXLIWYVKISRMREXHSSVW EPMGI %LWMVWLEHLI]IWXIVRMKLXFIIRWPEMR &YXQ]QEWXIVXSSOXSLMWTYVWIERHKEZILMQQSRI] *SVIZIV]HVSTSJLMWHIXIWXIHFPSSH %RHXSGSRGPYHIWIRXQIXSFVMRK]SY[SVH -[SYPHLEZIGVEQQIHMRERKIPWMRXL]p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pIPHWSREGSPXWXEJJ-LEZIFVSOIRE WIVKIERX WLIEH[MXLLMWS[RQEGIERHFEMPIH[LSQ -PMWX[MXLQ]W[SVHERHFYGOPIV%PPXLIXIRTIRR] EPILSYWIW[SYPHWXERHIZIV]QSVRMRK[MXLEUYEVX TSXMRXLIMVLERHWE]MRKD;MPPMXTPIEWI]SYV[SVWLMT HVMRO# ,IXLEXLEHRSXHSRIWSLEHFIIRWYVIXS LEZILEHLMWWMKRTYPPIHHS[RERHLMWPEXXMGIFSVRI E[E]XLIRI\XRMKLX8SGSRGPYHI[LEXLEZI-RSX HSRI#=IXGERRSXHSXLMW HSYFXPIWWLIMWTVIWIVZIH F]QMVEGPI
XEPPMIW WXMGOWSR[LMGLRSXGLIW[IVIQEHIXSVIGSVH EGGSYRXW GSPXWXEJJ TSPIYWIHJSVGEVV]MRKEXYFSVDGS[P WIVKIERX VIWTSRWMFPIJSVEVVIWXMRKSJJIRHIVWERH WYQQSRMRKXLIQXSGSYVX QEGI WXEJJSJSJpGI PMWX [MWLIH r XIRTIRR]EPILSYWIW MIOIITIVWSJEPILSYWIWWIPPMRKEPI EXXIRTIRGIEUYEVX PEXXMGI VIHSVKVIIRTEMRXIHPEXXMGIW[IVIEPILSYWIWMKRW XLIJEMV 7X:EPIRXMRI WJEMVLIPHERRYEPP]MR*EZIVWLEQ 8LMWJEMVpKYVIWWMKRMpGERXP]MR,SPMRWLIH WEGGSYRXSJ %VHIR WQYVHIV .SLRGSSO MI.SLRXLIGSSO PE]MXSR WTEVIRSI\TIRWI ERH MJ FMH MRZMXI
LMPXW W[SVHW MREFVEZIV] [MXLFVEZEHS MR IHW RSXMR5W VSYRH HMVIGXP] GSWXEVH LIEH JIRGI JIRGMRKWOMPP [EVH HIJIRWMZITSWXYVI - PPWXERHXSMX MID- PPpKLXpIVGIP] ,S[IZIV5W TYRGXYEXMSRLIVIMWEQFMKYSYWWSXLEXXLITLVEWIQMKLX MRWXIEHFIVIEHEWFIKMRRMRKXLIRI\XWIRXIRGIQIERMRK D- PPQEMRXEMRXLEX WGSRGI EWQEPPJSVX XLMW MI7LEOIFEK WMRNYV] JEMRX PSWILIEVX EVQMRKW[SVH W[SVH[MXL[LMGLLI[EWEVQIH ERKIPW GSMRW 4EXMIRX]SYVWIPJ FITEXMIRX JEZSYV KMJXSVXSOIRJVSQEPSZIV
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
8LMWRMKLX MIPEWXRMKLX [ERX JEMP XEFPIW FEGOKEQQSR GSYRXMRKLSYWI TVMZEXIVSSQYWIHEWERSJpGI EKEMRWX F]XLIXMQIXLEX 8EOIXLEX HSR X[SVV]EFSYXXLEX TPE]LEVQSR] MIKMZI]SYQSRI] FVEZIP] WTPIRHMHP] r GLEMVWXSSP GLEMVW[IVIWXMPPVIPEXMZIP]WGEVGI SYXRYQFIVIHF]WXSSPWERHJSVQW
8LIRWXEFLMQXMPPLMWqIWLFIEWEWMIZI 8LEXHSRIFIEVLMQFILMRHXLI%FFI] 8LEXXLSWIXLEXpRHLMQQYVHIVIHQE]WYTTSWI 7SQIWPEZISVSXLIVOMPPIHLMQJSVLMWKSPH EPMGI %p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pVWXXLEXWLEPPEHZIRXYVISRLMQ FPEGO[MPP 8YWLKIX]SYKSRI XMW[IQYWXHSXLI HIIH ;LIRXLMWHSSVSTIRWRI\XPSSOJSVLMWHIEXL )\IYRXFPEGO[MPPERHWLEOIFEK EPMGI %L[SYPHLIRS[[IVILIVIXLEXMXQMKLX STIR -WLEPPRSQSVIFIGPSWIHMR%VHIR WEVQW 8LEXPMOIXLIWREOIWSJFPEGO8MWMTLSRI 7XMRKQI[MXLXLIMVIQFVEGMRKW1SWF] WEVQW 7LEPPGSQTEWWQIERH[IVI-QEHIEWXEV -[SYPHLEZIRSRISXLIVWTLIVIWFYXXLSWI 8LIVIMWRSRIGXEVFYXMR1SWF] WPMTW ,EHGLEWXI(MEREOMWWIHLMQWLIPMOIQI ;SYPHKVS[PSZIWMGOERHJVSQLIV[EX V]FS[IV *PMRKHS[R)RH]QMSRERHWREXGLLMQYT 8LIRFPEQIRSXQIXLEXWPE]EWMPP]QER 2SXLEPJWSPSZIP]EW)RH]QMSR ,IVIIRXIVWQMGLEIP QMGLEIP 1MWXVIWWQ]QEWXIVMWGSQMRKLEVHF] EPMGI ;LSGSQIW[MXLLMQ# QMGLEIP 2SFSH]FYX1SWF] EPMGI 8LEX W[IPP1MGLEIP*IXGLMRXLIXEFPIW ERH [LIRXLSYLEWXHSRIWXERHFIJSVIXLIGSYRXMRKLSYWI HSSV QMGLEIP ;L]WS# EPMGI &PEGO;MPPMWPSGOIH[MXLMRXSHSXLIHIIH
WMIZI55 WMRI5 7XYVKIWWWYKKIWXWXLEXDWIMRI E pWLMRKRIX MWDQEVKMREPP]TSWWMFPI EHZIRXYVI ZIRXYVI 8MWMTLSRI SRISJXLI*YVMIWEZIRKIVWSJGVMQIW IWTIGMEPP]GVMQIWEKEMRWXOMR VITVIWIRXIH[MXLWREOIW IRGMVGPMRKLIVEVQWERHMRLIVLEMV r (MERE)RH]QMSR XLIQSSRKSHHIWW(MEREJIPPMR PSZI[MXL)RH]QMSREFIEYXMJYPQSVXEP
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
8[EWQSVIJSVJIEVSJ]SYXLERPSZISJLMQ %RH-JSV]SY+SHORS[WLEZIYRHIWIVZIH &PEGO;MPPERH+VIIRIEVILMWGSQTERMSRW &IIRMPPWTSOIRSJMRIZIV]TPEGI %RHXLI]EVIGYXXIVWERHQE]GYX]SYWLSVX 8LIVIJSVILIRGIJSVXLJVIUYIRXQ]LSYWIRSQSVI 8LIVIJSVI-XLSYKLXMXKSSHXSQEOI]SYJVMIRHW QSWF] - PPWII]SYVLYWFERHMRHIWTMXISJ]SY &YX[LIVIJSVIHS]SYFVMRKLMQLMXLIVRS[# =IX%VHIR-TVSXIWXXSXLIIF]LIEZIR =SYLEZIKMZIRQIQ]WYTTIV[MXLLMWWMKLX 8LSYRI IVWLEPXWIIQIQSVIEJXIVXLMWRMKLX QSWF] 1EWXIV%VHIRQIXLMROW]SYV[MJI[SYPHLEZI - PPKSXS6SQIVEXLIVXLERFIJSVW[SVR QIKSRI EVHIR 8YWL- PPLEZIRSWYGLZS[WQEHIMRQ]LSYWI EVHIR 2SKSSH1EWXIV1SWF][SQIR[MPPFI EPMGI =IW-TVE]]SYLYWFERHPIXLMQW[IEV TVEXMRK %RHSRXLEXGSRHMXMSR1SWF]TPIHKIQILIVI %PMGIFMHLMQ[IPGSQI LIERH-EVIJVMIRHW QSWF] %]EW[MPPMRKP]EW-QIERXSPMZI EPMGI =SYQE]IRJSVGIQIXSMXMJ]SY[MPP EVHIR 'SQI%PMGIMWSYVWYTTIVVIEH]]IX# &YX-LEHVEXLIVHMIXLERFMHLMQ[IPGSQI EPMGI -X[MPPF]XLIR]SYLEZITPE]IHEKEQIEXXEFPIW ,MWGSQTER]LEXLTYVGLEWIHQIMPPJVMIRHW EVHIR 'SQI1EWXIV1SWF][LEXWLEPP[ITPE]JSV# %RHXLIVIJSVI[MPP-RI IVJVIUYIRXMXQSVI QSWF] 8LVIIKEQIWJSVE*VIRGLGVS[RWMVERHTPIEWI QSWF] %WMHI 3LLS[GYRRMRKP]WLIGERHMWWIQFPI ]SY EVHIR 2S[LIMWLIVI]SY[MPPRSXWIVZIQIWS EVHIR 'SRXIRX 8LIRXLI]TPE]EXXLIXEFPIW EPMGI -TVE]]SYFIRSXERKV]SVHMWTPIEWIH )RXIVFPEGO[MPPERHWLEOIFEK - PPFMHLMQ[IPGSQIWIIMRK]SY PPLEZIMXWS =SYEVI[IPGSQI1EWXIV1SWF];MPP]SYWMXHS[R# FPEGO[MPP %WMHI 'ERLIRSXXEOILMQ]IX#;LEXE QSWF] -ORS[-EQ[IPGSQIXS]SYVPSZMRKLYWFERH WTMXIMWXLEX &YXJSV]SYVWIPJ]SYWTIEORSXJVSQ]SYVLIEVX EPMGI %WMHI 2SX]IX;MPP8EOILIIHLIWIIXLIIRSX EPMGI %RHMJ-HSRSXWMVXLMRO-LEZIGEYWI FPEGO[MPP %WMHI -JIEVLI[MPPWT]QIEW-EQ QSWF] 4EVHSRQI1EWXIV%VHIR- PPE[E] GSQMRK EVHIR 2SKSSH1EWXIV1SWF] QMGLEIP %WMHI 8STVIZIRXXLEXGVIITFIX[M\XQ]PIKW EPMGI ;IWLEPPLEZIKYIWXWIRSYKLXLSYKL]SYKS QSWF] 3RIEGISVIPWI-PSWIXLIKEQI LIRGI ,IXLVS[WXLIHMGI QSWF] -TVE]]SY1EWXIV%VHIRPIXQIKS EVHIR 1EVV]WMVXLIVI WX[SJSVJEMPMRK EVHIR -TVE]XLII1SWF]PIXLIVTVEXILIVp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
FVEZI WTPIRHMH SJ]SY JSV]SY +VIIRI 7XYVKIWWRSXIWXLEX[IQMKLXI\TIGX7LEOIFEK RSX+VIIRIXSFIQIRXMSRIHLIVIWMRGI+VIIRI YRPMOI 7LEOIFEK MWRSXEDGYXXIV ERH[EWRSXMRZSPZIHMRXLI pKLXMRWGIRI\MMMD+VIIRI LIWYKKIWXWFIXXIVWYMXWXLI VL]XLQSJXLIPMRIFYX;LMXIWYKKIWXWDMXQMKLX[IPPFIE HERKIVSYWWPMTSR%PMGI WTEVXXLEXQSQIRXEVMP]GLMPPWXLI LIEVXWSJLIVEGGSQTPMGIW KMZIRQIQ]WYTTIV MIXEOIRE[E]Q]ETTIXMXI
WXSYX WXYFFSVR FIKMR MISJJIVXLIpVWXXSEWX TPIHKI HVMROXS *VIRGLGVS[R WIIMMMR ERH MJMX EGI MISRXLIHMGI JSVJEMPMRK MIMRGEWISRIMWRSXIRSYKL XEOI]SYYT HIEP[MXL]SY TPE]MRKSRXLI[EXGL[SVH
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qSSV WYWER 8LIFPSSHGPIEZIXLXSXLIKVSYRHERH[MPPRSX SYX EPMGI &YX[MXLQ]REMPW- PPWGVETIE[E]XLIFPSSH 8LIQSVI-WXVMZIXLIQSVIXLIFPSSHETTIEVW WYWER ;LEX WXLIVIEWSR1MWXVIWWGER]SYXIPP# EPMGI &IGEYWI-FPYWLRSXEXQ]LYWFERH WHIEXL
QSWF] ;L]WXVI[VYWLIWSRMXGER]SYRSX# 8LMW[IRGLHSXLRSXLMRK JEPPYRXSXLI[SVO EPMGI 8[EWXLSYXLEXQEHIQIQYVHIVLMQ QSWF] ;LEXSJXLEX# EPMGI 2E]RSXLMRK1SWF]WSMXFIRSXORS[R QSWF] /IITXLSYMXGPSWIERH XMWYRTSWWMFPI EPMGI %LFYX-GERRSX;EWLIRSXWPEMRF]QI# 1]LYWFERH WHIEXLXSVQIRXWQIEXXLILIEVX QSWF] -XWLEPPRSXPSRKXSVQIRXXLIIKIRXPI%PMGI -EQXL]LYWFERH XLMRORSQSVISJLMQ ,IVIIRXIVWEHEQJS[PIERHFVEHWLE[ FVEHWLE[ ,S[RS[1MWXVIWW%VHIR[LEXEMP]SY [IIT# QSWF] &IGEYWILIVLYWFERHMWEFVSEHWSPEXI %GSYTPISJVYJpERWXLVIEX RIHLMQ]IWXIVRMKLX %RHWLITSSVWSYPMWEJVEMHLIWLSYPHFILYVX EHEQ -W XRSXLMRKIPWI#8YWLLI PPFILIVIERSR ,IVIIRXIVWKVIIRI KVIIRI 2S[1MWXVIWW%VHIRPEGO]SYER]KYIWXW# EPMGI %L1EWXIV+VIIRIHMH]SYWIIQ]LYWFERH PEXIP]# KVIIRI -WE[LMQ[EPOMRKFILMRHXLI%FFI]IZIRRS[ ,IVIIRXIVWJVEROPMR
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r 8LIFPSSHGPIEZIXLETTIEVW GSQTEVI1EGFIXL --MM r D;MPPEPPKVIEX2ITXYRI WSGIER[EWLXLMW FPSSH'PIERJVSQQ]LERH#
VYWLIW EGSQQSRqSSVGSZIVMRK GPSWI WIGVIX [LEX[IIT# MI[LEXEMPW]SYXLEX]SY[IIT# FI[VE]IH FIXVE]IHVIZIEPIH VEXWFERI VEXTSMWSR
ERSR QSWF] 7MVVEL1MGLEIPKMZI WEGYTSJFIIV 1MWXVIWW%VHIRLIVI WXS]SYVLYWFERH EPMGI 1]LYWFERH JVEROPMR ;LEXEMPW]SY[SQERXSGV]WSWYHHIRP]# EPMGI %LRIMKLFSYVWEWYHHIRUYEPQGEQISZIVQ] LIEVX 1]LYWFERH WFIMRKJSVXLXSVQIRXWQ]QMRH -ORS[WSQIXLMRK WEQMWW LIMWRSX[IPP 3VIPWI-WLSYPHLEZILIEVHSJLMQIVIRS[ QSWF] %WMHI 7LI[MPPYRHSYWXLVSYKLLIV JSSPMWLRIWW KVIIRI *IEVRSX1MWXVIWW%VHIRLI W[IPPIRSYKL EPMGI 8IPPRSXQI -ORS[LIMWRSX[IPP ,I[EWRSX[SRXJSVXSWXE]XLYWPEXI +SSH1EWXIV*VEROPMRKSERHWIIOLMQJSVXL %RHMJ]SYpRHLMQWIRHLMQLSQIXSQI %RHXIPPLMQ[LEXEJIEVLILEXLTYXQIMR JVEROPMR %WMHI -PMOIRSXXLMW -TVE]+SHEPPFI[IPP - PPWIIOLMQSYXERHpRHLMQMJ-GER )\IYRXJVEROPMRQSWF]ERHKVIIRI EPMGI %WMHI 1MGLEIPLS[WLEPP-HSXSVMHXLIVIWX E[E]# QMGLEIP %WMHI 0IEZIXLEXXSQ]GLEVKI PIXQI EPSRI
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pPXL]KSVI WYWER 1]FVSXLIV]SYERH-WLEPPVYIXLMWHIIH EPMGI 'SQI7YWERLIPTXSPMJXLMWFSH]JSVXL %RHPIXSYVWEPXXIEVWFILMWSFWIUYMIW 8LI]FVMRKLMWFSH]SYXSJXLIGSYRXMRKLSYWI ,IVIIRXIVWQSWF]ERHKVIIRI QSWF] ,S[RS[%PMGI[LMXLIV[MPP]SYFIEVLMQ# EPMGI 7[IIX1SWF]EVXXLSYGSQI#8LIR[IITXLEX [MPP -LEZIQ][MWLMRXLEX-NS]XL]WMKLX
PIXQIEPSRI WII\MMR PMRO XSVGL UYSRHEQ JSVQIV
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LSZIW FILSZIW [EXGL WXVIIXTEXVSP[LMGLEGXIHEWTSPMGI KPEMZIWERHFMPPW W[SVHWERHLEPFIVHW RI\X UYMGOIWX HSRI MIWXSTTIHWRS[MRK E0SRHSRIV MIEWXVERKIVXSXLIQE]SV,SPMRWLIH VITSVXWXLEXEJXIVXLIQYVHIV%PMGIWIRXJSVX[S 0SRHSRIVWXSGSQIXSWYTTIV
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TMXISYWGEWI TMXMJYPWXEXI XS JSV WPMTWLSI WPMTTIV XLEXZMPPEMR MI1MGLEIP
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JVEROPMR 8LYWLEZI]SYWIIRXLIXVYXLSJ%VHIR W HIEXL %WJSVXLIVYJpERW7LEOIFEKERH&PEGO;MPP 8LISRIXSSOWERGXYEV]ERHFIMRKWIRXJSVSYX ;EWQYVHIVIHMR7SYXL[EVOEWLITEWWIH 8S+VIIR[MGL[LIVIXLI0SVH4VSXIGXSVPE] &PEGO;MPP[EWFYVRXMR*PYWLMRKSREWXEKI
0IEZI GIEWI WSYRH WSYRHSYX 7QMXLpIPH ERSTIRWTEGIIEWXSJXLI8S[IVSJ0SRHSR SJXIRYWIHJSVI\IGYXMSRW WXEKI WGEJJSPH
EVHIRSJJEZIVWLEQ +VIIRI[EWLERKIHEX3WFVMHKIMR/IRX 8LITEMRXIVqIHERHLS[LIHMIH[IORS[RSX &YXXLMWEFSZIXLIVIWXMWXSFIRSXIH %VHIRPE]QYVHIVIHMRXLEXTPSXSJKVSYRH ;LMGLLIF]JSVGIERHZMSPIRGILIPHJVSQ6IIHI %RHMRXLIKVEWWLMWFSH] WTVMRX[EWWIIR 8[S]IEVWERHQSVIEJXIVXLIHIIH[EWHSRI
+IRXPIQIR[ILSTI]SY PPTEVHSRXLMWREOIH XVEKIH] ;LIVIMRRSpPIHTSMRXWEVIJSMWXIHMR 8SQEOIMXKVEGMSYWXSXLIIEVSVI]I *SVWMQTPIXVYXLMWKVEGMSYWIRSYKL %RHRIIHWRSSXLIVTSMRXWSJKPS^MRKWXYJJ
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3WFVMHKI MI3WTVMRKIMR/IRX
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LET LETTIRXS *VERGI )H[EVH-LEHI\MPIH+EZIWXSRXSLMWLSQIMR 4SRXLMIY+EWGSR] 0IERHIV 1EVPS[I W,IVSERH0IERHIV G TYFPMWLIH MR [MXLEHHMXMSREPPMRIWF]+ISVKI'LETQER VIXSPH XLIGPEWWMGEPWXSV]SJ0IERHIV[LSW[EQXLI,IPPIWTSRX IEGLRMKLXXSFI[MXLLMWPSZIV,IVS )P]WMYQ XLIGPEWWMGEP+VIIOREQIJSVLIEZIR HMI E W[SSR F IRNS]WI\YEPSVKEWQ r QYPXMXYHIXLEXXLIMVTSZIVX] XLIQYPXMXYHIEVIQIVI IQFIVWF]GSQTEVMWSR[MXL)H[EVH[LSFYVRWPMOIXLI WYR 8ERXM D7SQYGLJSVXLEX GSVVYTXMSRSJXERX ß -XEPMER XVIRGLIV TPEXISVTPEGIEXEXEFPI PMIW XVEZIPPIVW XEPIW XLI7GSX )H[EVH- W[EVWEKEMRWXXLI7GSXW PIHF] 6SFIVXXLI&VYGI LSWTMXEPW SJXIRWUYEPMHDWTMXEPLSYWIW JSVXLITSSV MRGPYHMRKI\WSPHMIVW
TPMERX IEWMP]MRqYIRGIHQERMTYPEXIH QEWUYIW IPEFSVEXIGSYVXP]IRXIVXEMRQIRXWSVMKMREXMRKMR -XEP]XLI]FIGEQITSTYPEVMRXLIGSYVXWSJ)PM^EFIXL- ERHXLIIEVP]7XYEVXW+EZIWXSR WEPPYWMSRMWXLIVIJSVI EREGLVSRMWXMG EFVSEH SYXHSSVW W]PZERR]QTLW JIQEPIWTMVMXWSJXLI[SSHW WEX]VW TEVXLYQERERHTEVXKSEXWEX]VWEVIEWWSGMEXIH [MXL&EGGLYWXLIGPEWWMGEPKSHSJ[MRIERHVIZIPV] ERXMG KVSXIWUYI LE] GSYRXV]HERGIMRZSPZMRKWREOIPMOIQSZIQIRX (MER WWLETI (MERE[EWXLIGPEWWMGEPKSHHIWWSJXLI QSSR 'VS[RIXW FVEGIPIXW WTSVXJYP TPE]JYP LEVH RIEV %GXEISR MRGPEWWMGEPQ]XLSPSK]%GXEISRWTMIHSRXLI KSHHIWW(MEREEWWLIFEXLIH EWTYRMWLQIRXWLIXYVRIH LMQMRXSEWXEKERHLI[EWXLIROMPPIHF]LMWS[R LYRXMRKHSKW
IH[EVHMM (IVF]7EPMWFYV]0MRGSPR0IMGIWXIV 7LEPPF]XLIERKV]KSHHIWWFIXVERWJSVQIH 8LIWI[MPP-WIPPXSKMZIQ]WSPHMIVWTE] %RHVYRRMRKMRXLIPMOIRIWWSJERLEVX )VI+EZIWXSRWLEPPWXE][MXLMRXLIVIEPQ &]]IPTMRKLSYRHWTYPPIHHS[RERHWIIQXSHMI 8LIVIJSVIMJLIFIGSQII\TIPLMQWXVEMKLX 7YGLXLMRKWEWXLIWIFIWXTPIEWILMWQENIWX] OIRX &EVSRWERHIEVPW]SYVTVMHILEXLQEHIQIQYXI 1]PSVH,IVIGSQIWXLI/MRKERHXLIRSFPIW &YXRS[- PPWTIEOERHXSXLITVSSJ-LSTI *VSQXLITEVPMEQIRX - PPWXERHEWMHI -HSVIQIQFIVMRQ]JEXLIV WHE]W )RXIVIH[EVHXLIOMRKPERGEWXIVQSVXMQIV 0SVH4IVG]SJXLI2SVXLFIMRKLMKLP]QSZIH WIRMSVQSVXMQIVNYRMSVIHQYRHIEVPSJOIRX &VEZIH1S[FIV]MRTVIWIRGISJXLI/MRK KY]IEVPSJ[EV[MGOERHEXXIRHERXW *SV[LMGLLEHRSXLMWLMKLRIWWPSZIHLMQ[IPP IH[EVH 0ERGEWXIV ,IWLSYPHLEZIPSWXLMWLIEHFYX[MXLLMWPSSO PERGEWXIV 1]PSVH# 8LIYRHEYRXIHWTMVMXSJ4IVG][EWETTIEWIH KEZIWXSR %WMHI 8LEX)EVPSJ0ERGEWXIVHS-EFLSV %RH1S[FIV]ERHLI[IVIVIGSRGMPIH IH[EVH ;MPP]SYRSXKVERXQIXLMW# %WMHI -RWTMXISJ =IXHEVI]SYFVEZIXLI/MRKYRXSLMWJEGI# XLIQ &VSXLIVVIZIRKIMX ERHPIXXLIWIXLIMVLIEHW - PPLEZIQ][MPPERHXLIWIX[S1SVXMQIVW 4VIEGLYTSRTSPIWJSVXVIWTEWWSJXLIMVXSRKYIW 8LEXGVSWWQIXLYWWLEPPORS[-EQHMWTPIEWIH [EV[MGO 3SYVLIEHW QSVXMQIVWIRMSV -J]SYPSZIYWQ]PSVHLEXI IH[EVH %]]SYVW ERHXLIVIJSVI-[SYPH[MWL]SY +EZIWXSR KVERX KEZIWXSR %WMHI 8LEXZMPPEMR1SVXMQIV- PPFILMW [EV[MGO &VMHPIXL]ERKIVKIRXPI1SVXMQIV HIEXL QSVXMQIVNYRMSV -GERRSXRSV-[MPPRSX -QYWX QSVXMQIVNYRMSV 1MRIYRGPILIVIXLMWIEVPERH- WTIEO Q]WIPJ 'SYWMRSYVLERHW-LSTIWLEPPJIRGISYVLIEHW ;IVIW[SVRXS]SYVJEXLIVEXLMWHIEXL %RHWXVMOISJJLMWXLEXQEOIW]SYXLVIEXIRYW 8LEXLIWLSYPHRI IVVIXYVRMRXSXLIVIEPQ 'SQIYRGPIPIXYWPIEZIXLIFVEMRWMGO/MRK %RHORS[Q]PSVHIVI-[MPPFVIEOQ]SEXL %RHLIRGIJSVXLTEVPI][MXLSYVREOIHW[SVHW 8LMWW[SVHSJQMRIXLEXWLSYPHSJJIRH]SYVJSIW QSVXMQIVWIRMSV ;IPWLV]LEXLQIRIRSYKLXSWEZI 7LEPPWPIIT[MXLMRXLIWGEFFEVHEXXL]RIIH SYVLIEHW %RHYRHIVRIEXLXL]FERRIVWQEVGL[LS[MPP [EV[MGO %PP;EV[MGOWLMVI[MPPPSZILMQJSVQ]WEOI *SV1SVXMQIV[MPPLERKLMWEVQSYVYT PERGEWXIV %RHRSVXL[EVH+EZIWXSRLEXLQER] KEZIWXSR %WMHI 1SVX(MIY JVMIRHW IH[EVH ;IPP1SVXMQIV- PPQEOIXLIIVYIXLIWI %HMIYQ]PSVH ERHIMXLIVGLERKI]SYVQMRH [SVHW 3VPSSOXSWIIXLIXLVSRI[LIVI]SYWLSYPHWMX &IWIIQWMXXLIIXSGSRXVEHMGXXL]OMRK# 8Sq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r *SYVIEVPHSQWLEZI-FIWMHIW0ERGEWXIV
WXERHEWMHI +EZIWXSRVIXVIEXWXSXLIWMHISVFEGOSJXLI WXEKIYRXMPP GVSWW STTSWI 1SVX(MIY DF]+SH WHIEXL VIQMRHMRKYWSJ+EZIWXSR W *VIRGLSVMKMRW0EXIVMRXLITPE]D0EXMRMWYWIHXS GLEVEGXIVMWI)RKPMWLRSFMPMX] /MRRI] VYI VIKVIX &IWIIQWMXXLII DMWMXpXXMRKJSV]SY 2IH JEQMPMEVREQIJSV)H[EVH REXYVEPP] F]VIEWSRSJWSGMEPVERO
KVERX EWWIRX 'SYWMR 1SVXMQIV.YRMSV WYWISJXLMWJEQMPMEVXIVQXSLMW OMRKMWTVIWYQTXYSYW JIRGI WLMIPH TEVPI] RIKSXMEXI ;IPWLV] XLITISTPISJ;EPIW %RHRSVXL[EVHQER]JVMIRHW QIERXMVSRMGEPP] 0ERGEWXIVMQTPMIWI\EGXP]XLISTTSWMXI KPS^MRK qEXXIVMRK QMRMSR E WIVZERX F LSQSWI\YEPPSZIVHIVMZIHJVSQ QMKRSR W[IIX *VIRGL FVSSO IRHYVI
GLVMWXSTLIVQEVPS[I &VSXLIVHMWTPE]Q]IRWMKRWMRXLIp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pGI *SVSRISJKVIEXIVFMVXLXLER+EZIWXSR IH[EVH 'IEWIFVSXLIVJSV-GERRSXFVSSOXLIWI[SVHW 8SKEZIWXSR 8L][SVXLW[IIXJVMIRHMWJEVEFSZI Q]KMJXW 8LIVIJSVIXSIUYEPMXVIGIMZIQ]LIEVX -JJSVXLIWIHMKRMXMIWXLSYFIIRZMIH - PPKMZIXLIIQSVIJSVFYXXSLSRSYVXLII -W)H[EVHTPIEWIH[MXLOMRKP]VIKMQIRX *IEV WXXLSYXL]TIVWSR#8LSYWLEPXLEZIEKYEVH ;ERXWXLSYKSPH#+SXSQ]XVIEWYV] ;SYPHWXXLSYFIPSZIHERHJIEVIH#6IGIMZIQ]WIEP 7EZISVGSRHIQRERHMRSYVREQIGSQQERH ;LEXWSXL]QMRHEJJIGXWSVJERG]PMOIW
IRWMKRW QMPMXEV]FERRIVW FERH] XEOIERHVIXYVRFPS[W EQIXETLSVJVSQXIRRMW ,]PEW ,IVGYPIW[EWKVMIJWXVMGOIR[LIRLMWFIPSZIH ]SYXL,]PEW[EWOMPPIHF][EXIVR]QTLWHYVMRKXLI ZS]EKISJXLI%VKSREYXWMRWIEVGLSJXLI+SPHIR*PIIGI LMKLQMRHIH EVVSKERX NS] IRNS] /MRKERH0SVHSJ1ER XLI-WPISJ1ERIRNS]IHEGIVXEMR EYXSRSQ]ERHEGGSVHMRKXS+MPPXLIMVVYPIVW[IVIORS[R EWOMRKWYRXMP 8LIMHIESJ+EZIWXSRFIMRKED0SVH SJ1ER QE]EPWSLEZIELSQSIVSXMGSZIVXSRI VIKMQIRX VS]EPEYXLSVMX] WIEP EQEXIVMEPXSOIRSJVS]EPEYXLSVMX] YWYEPP]EVMRK EJJIGXW HIWMVIW
KEZIWXSR -XWLEPPWYJp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
'SRZI]XLMWTVMIWXXSXLI8S[IV
GEV GLEVMSX I\IUYMIW JYRIVEPVMXIW VIGPEMQIH WYFHYIH MRGIRWI MRGMXI 7EZMRK]SYVVIZIVIRGI ETSPMXIXIVQLIVIYWIH WEVGEWXMGEPP] 8LVS[SJJVIRHLMWWXSPI WIM^ILMWIGGPIWMEWXMGEPLIEH HVIWW QMXVI ERHXIEVLMWZIWXQIRX WXSPI GLERRIP STIRWI[IV 7IISJ6SQI XLI4STI VIRXW E VIRXWJVSQGLYVGLTVSTIVXMIW F IGGPIWMEWXMGEPXE\IW FSPXW PIKMVSRW XLI8S[IVXLI*PIIX XLI8S[IVSJ0SRHSR YWIHJSV TSPMXMGEPTVMWSRIVW XLI*PIIXTVMWSR YWIHJSVGSQQSR TVMWSRIVWERHHIFXSVW
IH[EVHMM FMWLSTSJGSZIRXV]
8VYIXVYI )\MXFMWLSTYRHIVKYEVH IH[EVH &YXMRXLIQIERXMQI+EZIWXSRE[E] %RHXEOITSWWIWWMSRSJLMWLSYWIERHKSSHW 'SQIJSPPS[QIERHXLSYWLEPXLEZIQ]KYEVH 8SWIIMXHSRIERHFVMRKXLIIWEJIEKEMR KEZIWXSR ;LEXWLSYPHETVMIWXHS[MXLWSJEMVE LSYWI# %TVMWSRQE]FIWIIQLMWLSPMRIWW )\IYRX
%GX-WGIRIMM )RXIVFSXLXLIQSVXMQIVWSRSRIWMHI[EV[MGOERH PERGEWXIVSRXLISXLIV [EV[MGO 8MWXVYIXLI&MWLSTMWMRXLI8S[IV %RHKSSHWERHFSH]KMZIRXS+EZIWXSR PERGEWXIV ;LEX[MPPXLI]X]VERRM^IYTSRXLI 'LYVGL# %L[MGOIH/MRK%GGYVWß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
8VYIXVYI 'SZIRXV]VIEGXWXSXLIJEGXXLEXDGSRZI] EW [IPPEWQIERMRKDGSRHYGX GSQQSRP]QIERXDWXIEP QE]FIWIIQ QE] MVSRMGEPP] FIETTVSTVMEXIJSVETVMIWX WIIOMRKEWGIXMGGSRHMXMSRWJSVLSP]QIHMXEXMSR KSSHWERHFSH] WII-M r X]VERRM^IYTSRXLIGLYVGL )H[EVHMWWIIREWLEZMRK YWYVTIHXLIEYXLSVMX]SJXLI'LYVGLF]MQTVMWSRMRKE FMWLST TIIZMWL JSSPMWL LMQ LMQWIPJ ZMPPEMR E VEWGEP F ETIVWSRSJPS[FMVXL TSWX XVEZIPEXWTIIH PIZ]QIR VEMWIEREVQ] ZEMPMRK HSJpRK
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GPETW TEXW MRZIMKPMRK E HIGIMZMRK F WIHYGMRK PMJX E WXIEP F LERK WXMPP JSVIZIV JVYWXVEXI HIJIEX 2I[8IQTPI D%FYMPHMRKIWXEFPMWLIHERHYWIHF]XLI /RMKLXW8IQTPEVYRXMPXLIMVWYTTVIWWMSRMR ;MKKMRWERH0MRHWI] ERHDMR)H[EVH-- WXMQIXLIWMXI SJJVIUYIRXHMWTYXIWFIX[IIRXLIGVS[RERH[IEPXL] WYFNIGXW /MRRI] 0EQFIXL 0EQFIXL4EPEGIXLI0SRHSRVIWMHIRGISJXLI %VGLFMWLSTSJ'ERXIVFYV]WMRGI
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TYFPMWLIH TVSGPEMQIH MQTIVMEPKVSSQW MQTIVMSYWWIVZERXW XETIVPMKLXW GERHPIWJSVHIZSXMSREPYWI GVE^ßH E GVEGOIH F YRWSYRH 8MFIV WGLERRIP XLI6MZIV8MFIVMR6SQI FPIWWIHRIWW I\GITXMSREPLETTMRIWW
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JSV[L] FIGEYWI FIQMRHJYPSJ XEOIMRXSGSRWMHIVEXMSR [SX ORS[ VIQMXW EFERHSRW I\MKIRXW I\MKIRGMIWWIZIVIQIEWYVIW WIM^I XEOITSWWIWWMSRSJ MROIIT MRGYWXSH] FITPIHKI WXEOIQ]S[RPMJI EWWIGYVMX]
QEOIE[E] QYVHIV 5YIWXMSR EVKYI DLEH-[MWX DLEH-ORS[R TVSZIVFMEP HS]SYVTPIEWYVIW HSEW]SY[MPP [MXERHTSPMG] GYRRMRKERHWXVEXIK] FEPO RIKPIGX
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FSSXIHRSX [EWYWIPIWW GIVXMJ] MRJSVQ )PIERSVSJ7TEMR )PIERSVSJ'EWXMPI)H[EVH- WpVWX[MJI 0SRKWLEROW )H[EVH-EGUYMVIHXLMWREQIFIGEYWISJLMW PSRKPIKW FVEZIW MRWYPXW FIEVH HIJ] EWMRDTPYGOF]XLIFIEVH QEKRERMQMX] GSYVEKI EWWSGMEXIH[MXLRSFMPMX] GSYRXIVFYJJIHSJ STTSWIHF] TVIEGLSRTSPIW WII-M R TVIEGLQIRXW I\LSVXEXMSRW WXIIPMX WLEVTIR LMWW[SVH TSPPXLIMVXSTW GYXSJJXLIMVLIEHW VIJIVVMRKXSXLI TSPPEVHMRKSJXVIIXSTWERHTYRRMRKSR7TIRGIV.YRMSV W DTSPIW LEYKLX PSJX]
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FEVOIH IQFEVOIH SRXLIMVXVIEWSR ETEGI W[MJXP] PSZI)RKPERH WKSPH )H[EVH WFVMFILEW[SVOIH %[MPPFILEH LI[MPPFIGETXYVIH r D1]HYX]LSRSYVTVIQMWIH JSVQEPSTIRMRKJSVE VITSVX IJJIGXIH FVSYKLXEFSYX
GLVMWXSTLIVQEVPS[I 3JXLMRIS[RTISTPITEXVSRWLSYPHWXXLSYFI GSQTER]HMZIVWSJ]SYVREXMSRERHSXLIVW ERHEW &YXXLSY GSRWXERXVITSVXKSIXLXLI]MRXIRHXSKMZI/MRK QSVXMQIVNYRMSV 2E]QEHEQMJ]SYFIE[EVVMSV )H[EVHFEXXPIMR)RKPERHWSSRIVXLERLIGERPSSO =IQYWXRSXKVS[WSTEWWMSREXIMRWTIIGLIW JSVXLIQ8LMWMWEPPXLIRI[WSJMQTSVX 0SVHWWMXLXLEX[IEVIF]WYJJIVERGISJLIEZIR =SYVLSRSYV WMREPPWIVZMGI0IZYRI %VVMZIHERHEVQß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qEXXIVIVWJVSQXLI/MRK 8LEX-QE]WIIXLEXQSWXHIWMVßHHE] 8LEXLEZSGW)RKPERH W[IEPXLERHXVIEWYV] ;LIR[IQE]QIIXXLIWIXVEMXSVWMRXLIpIPH WMVNSLR 7SYRHXVYQTIXWQ]PSVHERHJSV[EVHPIXYW %LRSXLMRKKVMIZIWQIFYXQ]PMXXPIFS] QEVGL -WXLYWQMWPIHXSGSYRXIRERGIXLIMVMPPW )H[EVH[MPPXLMRO[IGSQIXSqEXXIVLMQ 'SQIJVMIRHWXS&VMWXSPXLIVIXSQEOIYWWXVSRK OIRX -[SYPHLIRIZIVLEHFIIRqEXXIVIHQSVI %RH[MRHWEWIUYEPFIXSFVMRKXLIQMR %W]SYMRNYVMSYW[IVIXSFIEVXLIQJSVXL 8VYQTIXWWSYRH)\IYRX )\IYRX
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OIRX 8LMW[E]LIqIHFYX-EQGSQIXSSPEXI
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WGETIRSXIEWMP] 8LEXqIHXLIpIPH MWEFIPPE &EPHSGOMW[MXLXLI/MRK %KSSHP]GLERGIPPSVMWLIRSXQ]PSVH# WMVNSLR 7SEVIXLI7TIRGIVWXLIJEXLIVERHXLIWSR OIRX 8SLMQWIPJ 8LMW)H[EVHMWXLIVYMRSJXLI VIEPQ )RXIVVL]WETLS[IPPERHXLIQE]SVSJFVMWXSP [MXLWTIRGIVWIRMSVKYEVHIHF]WSPHMIVW
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8MWRSXMRLIVGSRXVSPQIRXRSVMRSYVW MWEFIPPE -VYIQ]PSVH WMPPJSVXYRIFYXEPEW &YXEWXLIVIEPQERH4EVPMEQIRXWLEPPTPIEWI 'EVISJQ]GSYRXV]GEPPIHQIXSXLMW[EV 7SWLEPP]SYVFVSXLIVFIHMWTSWIHSJ QSVXMQIVNYRMSV 1EHEQLEZIHSRI[MXLGEVIERH WEHGSQTPEMRX YROMRH YRREXYVEP EWLIMWEGXMRKEKEMRWXLMWS[R =SYVOMRKLEXL[VSRKIH]SYVGSYRXV]ERHLMQWIPJ FVSXLIV
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GLVMWXSTLIVQEVPS[I 8LI]KMZIQIFVIEHERH[EXIVFIMRKEOMRK 7SXLEXJSV[ERXSJWPIITERHWYWXIRERGI 1]QMRH WHMWXIQTIVIHERHQ]FSH] WRYQFIH %RH[LIXLIV-LEZIPMQFWSVRS-ORS[RSX 3[SYPHQ]FPSSHHVSTTIHSYXJVSQIZIV]ZIMR %WHSXLXLMW[EXIVJVSQQ]XEXXIVIHVSFIW 8IPP-WEFIPXLI5YIIR-PSSOIHRSXXLYW ;LIRJSVLIVWEOI-VEREXXMPXMR*VERGI %RHXLIVIYRLSVWIHXLI(YOISJ'PIVIQSRX PMKLXFSVRI 3WTIEORSQSVIQ]PSVH XLMWFVIEOW Q]LIEVX 0MISRXLMWFIHERHVIWX]SYVWIPJE[LMPI IH[EVH 8LIWIPSSOWSJXLMRIGERLEVFSYVRSYKLXFYX HIEXL -WIIQ]XVEKIH][VMXXIRMRXL]FVS[W =IXWXE]E[LMPI JSVFIEVXL]FPSSH]LERH %RHPIXQIWIIXLIWXVSOIFIJSVIMXGSQIW 8LEXIZIRXLIR[LIR-WLEPPPSWIQ]PMJI 1]QMRHQE]FIQSVIWXIEHJEWXSRQ]+SH PMKLXFSVRI ;LEXQIERW]SYVLMKLRIWWXSQMWXVYWX QIXLYW# IH[EVH ;LEXQIERWXLSYXSHMWWIQFPI[MXLQIXLYW# PMKLXFSVRI 8LIWILERHW[IVIRIZIVWXEMRIH[MXL MRRSGIRXFPSSH 2SVWLEPPXLI]RS[FIXEMRXIH[MXLEOMRK W IH[EVH *SVKMZIQ]XLSYKLXJSVLEZMRKWYGLE XLSYKLX 3RINI[IPLEZI-PIJX VIGIMZIXLSYXLMW 7XMPPJIEV-ERH-ORS[RSX[LEX WXLIGEYWI &YXIZIV]NSMRXWLEOIWEW-KMZIMXXLII 3MJXLSYLEVFSYV WXQYVHIVMRXL]LIEVX 0IXXLMWKMJXGLERKIXL]QMRHERHWEZIXL]WSYP /RS[XLEX-EQEOMRK3EXXLEXREQI -JIIPELIPPSJKVMIJ;LIVIMWQ]GVS[R# +SRIKSRI%RHHS-VIQEMREPMZI# PMKLXFSVRI =SY VISZIV[EXGLIHQ]PSVH PMIHS[R ERHVIWX IH[EVH &YXXLEXKVMIJOIITWQI[EOMRK-WLSYPHWPIIT *SVRSXXLIWIXIRHE]WLEZIXLIWII]IW PMHWGPSWIH 2S[EW-WTIEOXLI]JEPPERH]IX[MXLJIEV 3TIREKEMR3[LIVIJSVIWMXWXLSYLIVI# PMKLXFSVRI -J]SYQMWXVYWXQI- PPFIKSRIQ]PSVH IH[EVH 2SRSJSVMJXLSYQIER WXXSQYVHIVQI 8LSY[MPXVIXYVREKEMRERHXLIVIJSVIWXE] ,IJEPPWEWPIIT PMKLXFSVRI ,IWPIITW IH[EVH 7XEVXMRK 3PIXQIRSXHMI=IXWXE]3WXE] E[LMPI
HMWXIQTIVIH HIVERKIH VEREXXMPX NSYWXIH NI[IP TSWWMFP]XLEXWIRXF]-WEFIPPEEX:MM r ;LIVIMWVIQEMREPMZI# )H[EVHQIERWXLEXEOMRK [MXLSYXEGVS[RMWYWYEPP]HIEH SZIV[EXGLIH PEGOMRKWPIIT KVMIJ HMWXVIWWER\MIX]
PMKLXFSVRI ,S[RS[Q]PSVH# IH[EVH 7SQIXLMRKWXMPPFY^^IXLMRQMRIIEVW %RHXIPPWQIMJ-WPIIT-RIZIV[EOI 8LMWJIEVMWXLEX[LMGLQEOIWQIXVIQFPIXLYW %RHXLIVIJSVIXIPPQI[LIVIJSVIEVXXLSYGSQI# PMKLXFSVRI 8SVMHXLIISJXL]PMJI1EPXVEZIVWGSQI )RXIVQEPXVEZIVW IH[EVH -EQXSS[IEOERHJIIFPIXSVIWMWX %WWMWXQIW[IIX+SHERHVIGIMZIQ]WSYP PMKLXFSVRI 6YRJSVXLIXEFPI )\MXQEPXVEZIVW )RXIVQEPXVEZIVW[MXLKSYVRI]GEVV]MRKEXEFPIERH LSXWTMX IH[EVH 3WTEVIQISVHMWTEXGLQIMREXVMGI PMKLXFSVRI 7SPE]XLIXEFPIHS[RERHWXEQTSRMX &YXRSXXSSLEVHPIWXXLEX]SYFVYMWILMWFSH] 8LI]WIM^IIH[EVHERHLSPHLMQHS[R[MXLXLIXEFPI PMKLXFSVRIQYVHIVWLMQ[MXLXLIWTMX,IWGVIEQWEWLI MWTIRIXVEXIHERHHMIW QEPXVEZIVW -JIEVQIXLEXXLMWGV][MPPVEMWIXLIXS[R %RHXLIVIJSVIPIXYWXEOILSVWIERHE[E] PMKLXFSVRI 8IPPQIWMVW[EWMXRSXFVEZIP]HSRI# KSYVRI] )\GIPPIRX[IPP8EOIXLMWJSVXL]VI[EVH 8LIRKSYVRI]WXEFWPMKLXFSVRI 'SQIPIXYWGEWXXLIFSH]MRXLIQSEX %RHFIEVXLI/MRK WXS1SVXMQIVSYVPSVH %[E] )\IYRXHVEKKMRKXLIFSHMIW
%GX:WGIRIZM )RXIVQSVXMQIVNYRMSVERHQEPXVEZIVW QSVXMQIVNYRMSV -W XHSRI1EPXVEZIVWERHXLI QYVHIVIVHIEH# QEPXVEZIVW %]Q]KSSHPSVH -[SYPHMX[IVI YRHSRI QSVXMQIVNYRMSV 1EPXVEZIVWMJXLSYRS[KVS[IWX TIRMXIRX - PPFIXL]KLSWXP]JEXLIV XLIVIJSVIGLSSWI ;LIXLIVXLSY[MPXFIWIGVIXMRXLMW 3VIPWIHMIF]XLILERHSJ1SVXMQIV QEPXVEZIVW +SYVRI]Q]PSVHMWqIHERH[MPP-JIEV &IXVE]YWFSXL XLIVIJSVIPIXQIq] QSVXMQIVNYRMSV *P]XSXLIWEZEKIW QEPXVEZIVW -LYQFP]XLERO]SYVLSRSYV )\MX QSVXMQIVNYRMSV %WJSVQ]WIPJ-WXERHEW.SZI WLYKI XVII %RHSXLIVWEVIFYXWLVYFWGSQTEVIHXSQI
FY^^IXL [LMWTIVW FVEZIP] WOMPJYPP] XSXLIWEZEKIW MIFI]SRHDGMZMPMWEXMSR .SZI WLYKIXVII XLISEO PMOI.SZIFIGEYWISJMXWWM^IERH WXVIRKXL
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pVWXPSVH *IEVRSXQ]PSVH ORS[XLEX]SYEVIEOMRK QYVHIVIV OMRKIH[EVHMMM :MPPEMR QSVXMQIVNYRMSV &EWI*SVXYRIRS[-WIIXLEXMRXL] QSVXMQIVNYRMSV ,S[RS[Q]PSVH# [LIIP OMRKIH[EVHMMM 8LMRORSXXLEX-EQJVMKLXIH[MXL 8LIVIMWETSMRXXS[LMGL[LIRQIREWTMVI XL][SVHW 8LI]XYQFPILIEHPSRKHS[R XLEXTSMRX-XSYGLIH 1]JEXLIV WQYVHIVIHXLVSYKLXL]XVIEGLIV] %RHWIIMRKXLIVI[EWRSTPEGIXSQSYRXYTLMKLIV %RHXLSYWLEPXHMI ERHSRLMWQSYVRJYPLIEVWI ;L]WLSYPH-KVMIZIEXQ]HIGPMRMRKJEPP# 8L]LEXIJYPERHEGGYVWßHLIEHWLEPPPMI *EVI[IPPJEMV5YIIR;IITRSXJSV1SVXMQIV 8S[MXRIWWXSXLI[SVPHXLEXF]XL]QIERW 8LEXWGSVRWXLI[SVPHERHEWEXVEZIPPIV ,MWOMRKP]FSH][EWXSSWSSRMRXIVVIH +SIWXSHMWGSZIVGSYRXVMIW]IXYRORS[R MWEFIPPE ;IITRSXW[IIXWSR OMRKIH[EVHMMM ;LEX7YJJIV]SYXLIXVEMXSVXS OMRKIH[EVHMMM *SVFMHRSXQIXS[IIT LI[EWQ] HIPE]# JEXLIV )\MXQSVXMQIVNYRMSVYRHIVKYEVH[MXLXLI %RHLEH]SYPSZIHLMQLEPJWS[IPPEW- pVWXPSVH =SYGSYPHRSXFIEVLMWHIEXLXLYWTEXMIRXP] MWEFIPPE %WXLSYVIGIMZIH WXXL]PMJIJVSQQI &YX]SY-JIEVGSRWTMVIH[MXL1SVXMQIV 7TMPPRSXXLIFPSSHSJKIRXPI1SVXMQIV p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
]IX WXMPP WYGGSYV WYTTSVX TEXMIRXP] GEPQP] QYVHIVGERRSXFILMH TVSZIVFMEP WII8LI7TERMWL8VEKIH] D8LILIEZIRWEVINYWXQYVHIVGERRSXFILMH --Z
FILIEHIHXLIRSVQEPTVMZMPIKISJEVMWXSGVEXMGXVEMXSVW KVERXIHIZIRXS+EZIWXSR&EPHSGOERHXLI7TIRGIVW ;MKKMRWERH0MRHWI] GSYRXVMIW]IXYRORS[R MIXLIPERHWFI]SRHHIEXL -WXLMWTSSV-WEFIP WLIXVMIWXSMQTP]XLEXXLIVYQSYVW EVISRP]XLIVIWYPXSJLIVEXXIQTXW [MXL1SVXMQIV XS WEJIKYEVHXLIXLVSRI
GLVMWXSTLIVQEVPS[I OMRKIH[EVHMMM 1SXLIV]SYEVIWYWTIGXIHJSVLMW HIEXL %RHXLIVIJSVI[IGSQQMX]SYXSXLI8S[IV 8MPPJYVXLIVXVMEPQE]FIQEHIXLIVISJ -J]SYFIKYMPX]XLSYKL-FI]SYVWSR 8LMRORSXXSpRHQIWPEGOSVTMXMJYP MWEFIPPE 2E]XSQ]HIEXLJSVXSSPSRKLEZI-PMZIH ;LIREWQ]WSRXLMROWXSEFVMHKIQ]HE]W OMRKIH[EVHMMM %[E][MXLLIV,IV[SVHWIRJSVGI XLIWIXIEVW %RH-WLEPPTMX]LIVMJWLIWTIEOEKEMR MWEFIPPE 7LEPP-RSXQSYVRJSVQ]FIPSZßHPSVH %RH[MXLXLIVIWXEGGSQTER]LMQXSLMWKVEZI# WIGSRHPSVH 8LYWQEHEQ XMWXLI/MRK W[MPP]SY WLEPPLIRGI MWEFIPPE ,ILEXLJSVKSXXIRQI WXE]-EQLMWQSXLIV WIGSRHPSVH 8LEXFSSXWRSX XLIVIJSVIKIRXPI QEHEQKS
MWEFIPPE 8LIRGSQIW[IIXHIEXLERHVMHQISJXLMW KVMIJ )\MXYRHIVKYEVH )RXIVpVWXPSVH[MXLXLILIEHSJQSVXMQIVNYRMSV pVWXPSVH 1]PSVHLIVIMWXLILIEHSJ1SVXMQIV OMRKIH[EVHMMM +SJIXGLQ]JEXLIV WLIEVWI[LIVIMX WLEPPPMI %RHFVMRKQ]JYRIVEPVSFIW )\IYRXEXXIRHERXW %GGYVWßHLIEH 'SYPH-LEZIVYPIHXLIIXLIREW-HSRS[ 8LSYLEHWXRSXLEXGLIHXLMWQSRWXVSYWXVIEGLIV] )RXIVEXXIRHERXW[MXLXLILIEVWISJOMRKIH[EVHMMERH JYRIVEPVSFIW ,IVIGSQIWXLILIEVWI LIPTQIXSQSYVRQ]PSVHW 7[IIXJEXLIVLIVIYRXSXL]QYVHIVIHKLSWX -SJJIVYTXLMW[MGOIHXVEMXSV WLIEH %RHPIXXLIWIXIEVWHMWXMPPMRKJVSQQMRII]IW &I[MXRIWWSJQ]KVMIJERHMRRSGIRG] )\IYRX[MXLEJYRIVEPQEVGL
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;SVOWSJVIPEXIHMRXIVIWX ;MPPMEQ7LEOIWTIEVI8LI8EQMRKSJXLI7LVI[ ;MPPMEQ7LEOIWTIEVI8LI1IVV];MZIWSJ;MRHWSV ,IRV]'LIXXPI8LSQEW(IOOIVERH;MPPMEQ,EYKLXSR 4EXMIRX+VMWWIP )PM^EFIXL'EV]8LI8VEKIH]SJ1EVMEQ ;MPPMEQ7LEOIWTIEVI3XLIPPS +ISVKI;MPOMRW8LI1MWIVMIWSJ)RJSVGIH1EVVMEKI 8LSQEW1MHHPIXSR;SQIR&I[EVI;SQIR
%;SQER/MPPIH[MXL/MRHRIWW
(VEQEXMWTIVWSREI
8LI4VSPSKYI
NSLRJVEROJSVH
-GSQIFYXPMOIELEVFMRKIVFIMRKWIRX 8SXIPP]SY[LEXXLIWITVITEVEXMSRWQIER 0SSOJSVRSKPSVMSYWWXEXISYVQYWIMWFIRX 9TSREFEVVIRWYFNIGXEFEVIWGIRI ;IGSYPHEJJSVHXLMWX[MKEXMQFIVXVII ;LSWIWXVIRKXLQMKLXFSPHP]SR]SYVJEZSYVWFYMPH 3YVVYWWIXXMWWYI HVSRIELSRI]FII 3YVFEVVIRTPSXEPEVKIERHWTEGMSYWpIPH 3YVGSEVWIJEVIFERUYIXW SYVXLMR[EXIV[MRI 3YVFVSSOEWIE SYVFEX WI]IWIEKPI WWMKLX 3YVTSIX WHYPPERHIEVXL]QYWIHMZMRI 3YVVEZIRWHSZIW SYVGVS[ WFPEGOJIEXLIVW[LMXI &YXKIRXPIXLSYKLXW[LIRXLI]QE]KMZIXLIJSMP 7EZIXLIQXLEX]MIPHERHWTEVI[LIVIXLI]QE]WTSMP
ERRIJVEROJSVHLMW[MJIWMWXIVSJ7MV*VERGMW%GXSR [IRHSPPJVMIRHSJ*VEROJSVH WMVGLEVPIWQSYRXJSVH WYWERQSYRXJSVHLMWWMWXIV WMVJVERGMWEGXSR GVER[IPPJVMIRHSJ*VEROJSVH QEPF]JVMIRHSJ7MV*VERGMW SPHQSYRXJSVHYRGPISJ7MV'LEVPIW X]H]GSYWMRSJ7MV'LEVPIW WERH]JSVQIVJVMIRHSJ7MV'LEVPIW VSHIVJSVQIVXIRERXSJ7MV'LEVPIW WLEJXSRJEPWIJVMIRHSJ7MV'LEVPIW RMGOWIVZERXSJ*VEROJSVH NIROMRWIVZERXSJ*VEROJSVH WTMKKSX*VEROJSVH WFYXPIV WMWP]QMPOTEMPWIVZMRK[SQERXS*VEROJSVH VSKIVFVMGOFEX⎫ ⎬GSYRXV]QIR*VEROJSVH WJEVQWIVZERXW NEGOWPMQI ⎭ NSERQMRMZIV⎫ ⎪ NERIXVYFOMR ⎬GSYRXV][SQIR*VEROJSVH WJEVQWIVZERXW ⎪ MWFIPQSXPI]⎭ WLIVMJJ OIITIVSJXLITVMWSR WIVKIERX QYWMGMERWLYRXWQIRJEPGSRIVWWIVZMRKQIR WIVZMRK[SQIRGEVXIVWGSEGLQERJVEROJSVH W GLMPHVIRSJpGIVW
7GIRIM )RXIVQEWXIVNSLRJVEROJSVHQMWXVIWWERRI WMVJVERGMWEGXSRWMVGLEVPIWQSYRXJSVH QEWXIVQEPF]QEWXIV[IRHSPPERHQEWXIV GVER[IPP WMVJVERGMW 7SQIQYWMGXLIVI2SRIPIEHXLIFVMHIE HERGI#
8LIXMXPIMWTVSZIVFMEP:ER*SWWIRRSXIWSXLIV 6IREMWWERGII\EQTPIWSJMXWYWIXLIQSWXJEQSYWFIMRK MR8LI8EQMRKSJXLI7LVI[ [LIR4IXVYGLMS TVSQMWIWXSXSVQIRX/EXITVIXIRHMRKD8LEXEPPMWHSRIMR VIZIVIRXGEVISJLIV D8LMWMWE[E]XSOMPPE[MJI[MXL OMRHRIWW%RHXLYW- PPGYVFLIVQEHERHLIEHWXVSRK LYQSYV -: r KPSVMSYWWXEXI SWXIRXEXMSYWWTPIRHSYV EJJSVHXVII [MWLXLMWX[MK[IVIEXVII VYWWIX GSEVWIGPSXL XMWWYI pRIGPSXL 3YVTSIX WHMZMRI 7XYVKIWWTYRGXYEXIWXLYW D3YV TSIXWHYPPERHIEVXL]1YWIHMZMRI ;IJSPPS[LIVIXLI TYRGXYEXMSRSJ:ER*SWWIRERH7GSFMI KIRXPIXLSYKLXW MIXLSWISJXLIEYHMIRGI KMZIXLIJSMP SZIVXLVS[ XIVQJVSQ[VIWXPMRK 7GIRIM XLIVIEVIRS%GXSVWGIRIHMZMWMSRWMR5W;I JSPPS[VIGIRXIHWMRHMZMHMRKXLITPE]MRXSWIZIRXIIRWGIRIW
E[SQEROMPPIH[MXLOMRHRIWW WMVGLEVPIW =IW[SYPHWLIHERGID8LI7LEOMRKSJXLI 7LIIXW &YXXLEX WXLIHERGILIVLYWFERHQIERWXSPIEHLIV [IRHSPP 8LEX WRSXXLIHERGIXLEXIZIV]QERQYWX HERGI %GGSVHMRKXSXLIFEPPEH WMVJVERGMW 1YWMGLS &]]SYVPIEZIWMWXIVF]]SYVLYWFERH WPIEZI -WLSYPHLEZIWEMHXLILERHXLEXFYXXLMWHE] ;EWKMZIR]SYMRXLIGLYVGL- PPFSVVS[7SYRH 8LMWQEVVMEKIQYWMGLSMWXWQIJVSQXLIKVSYRH JVEROJSVH %]I]SYQE]GETIV]SYEVIPMKLXERHJVII 1EVVMEKILEXL]SOIHQ]LIIPWTVE]XLIRTEVHSRQI WMVJVERGMW - PPLEZI]SYHERGIXSSFVSXLIV WMVGLEVPIW 1EWXIV*VEROJSVH =SYEVIELETT]QERWMVERHQYGLNS] 7YGGIIH]SYVQEVVMEKIQMVXL ]SYLEZIE[MJI 7SUYEPMpIHERH[MXLWYGLSVREQIRXW &SXLSJXLIQMRHERHFSH]*MVWXLIVFMVXL -WRSFPIERHLIVIHYGEXMSRWYGL %WQMKLXFIGSQIXLIHEYKLXIVSJETVMRGI ,IVS[RXSRKYIWTIEOWEPPXSRKYIWERHLIVS[R LERH 'ERXIEGLEPPWXVMRKWXSWTIEOMRXLIMVFIWXKVEGI *VSQXLIWLVMPPXVIFPIXSXLILSEVWIWXFEWW 8SIRHLIVQER]TVEMWIWMRSRI[SVH 7LI WFIEYX]ERHTIVJIGXMSR WIPHIWXHEYKLXIV 3RP]JSYRHF]]SYVWXLSYKLQER]ELIEVXLEXL WSYKLXLIV JVEROJSVH &YXXLEX-ORS[]SYVZMVXYIWERHGLEWXI XLSYKLXW -WLSYPHFINIEPSYWSJ]SYVTVEMWI7MV'LEVPIW GVER[IPP ,IWTIEOWRSQSVIXLER]SYETTVSZI QEPF] 2SVqEXXIVWLIXLEXKMZIWXSLIVLIVHYI ERRI -[SYPH]SYVTVEMWIGSYPHpRHEpXXIVXLIQI 8LERQ]MQTIVJIGXFIEYX]XSWTIEOSR 7YGLEWXLI]FIMJXLI]Q]LYWFERHTPIEWI 8LI]WYJpGIQIRS[-EQQEVVMIH ,MWW[IIXGSRXIRXMWPMOIEqEXXIVMRKKPEWW 8SQEOIQ]JEGIWIIQJEMVIVXSQMRII]I &YXXLIPIEWX[VMROPIJVSQLMWWXSVQ]FVS[ ;MPPFPEWXXLIVSWIWMRQ]GLIIOWXLEXKVS[ WMVJVERGMW %TIVJIGX[MJIEPVIEH]QIIOERHTEXMIRX ,S[WXVERKIP]XLI[SVHDLYWFERH pXW]SYVQSYXL 2SXQEVVMIHXLVIILSYVWWMRGIWMWXIV 8MWKSSH =SYXLEXFIKMRFIXMQIWXLYWQYWXRIIHWTVSZI 4PMERXERHHYXISYWMR]SYVLYWFERH WPSZI +SHEQIVGMIWFVSXLIV[VSYKLXLIVXSMXEPVIEH]#
D8LI7LIIXW TSTYPEVXYRIERHFEPPEH[MXLWI\YEP EPPYWMSR MRXLIFEPPEHXLIHERGIMWSJHIEXL WIIPPr UYEPMpIH [MXLWYGLUYEPMXMIW WLVMPP5 WLVMPP WX5 ETTVSZI GSRpVQ +SHEQIVGMIW5 +VEQIVGMIW5 %RI\GPEQEXMSRSJ ETTVSZEP
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VSMWXMRK VIZIPPMRK YRIZIR YRNYWX VIXYVR DIMXLIVE VITSVX XS'LEVPIW SVF VITP]XS VIWTSRHXS 7GSFMI WXE] E[EMX MRWXSVI MREFYRHERGI WH [LMWTIVMRK IHW G5W FVSOIV TVSGYVIV TSWXMRK LYVVMIHP]
MRI\IGYXMSR MQTVMWSRIHJSPPS[MRKLMWJEMPYVIXSTE]LMW HIFX ETTIEPMWWYIH DTVSWIGYXMSRMWMRLERH 7XYVKIWW K]ZIH WLEGOPIH 8LEX 5W:IVMX]ERH7XYVKIWWWYKKIWXD[LEX MRMXWTPEGI GLERKMRKXLIPMRIXSEUYIWXMSR MRKVEXI YRKVEXIJYP HITVMZI HITVMZIQISJ PIJX GIEWIH
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=SYVETTIEPMWWXE]IH DXLIGLEVKILEWFIIR[MXLHVE[R 7XYVKIWW ETTPEYWMZI EKVIIEFPI VYXL TMX] QMVVSVW I\IQTPEVW LYQSYV HMWTSWMXMSR XVEZEMP I\IVXMSRXVSYFPI
(VYHKIWXSSQYGL WPEZIWXSSFEWI VIQIQFIV VIQMRH VEMWIH QIRXMSRIHREQIH KYMWI JEWLMSR PIIWI PSWI STTSWMXI EHZIVWEV] MRHMJJIVIRGI MQTEVXMEPMX] FEPERGI [IMKL
E[SQEROMPPIH[MXLOMRHRIWW 8LEXMWXLIVSSXJVSQ[LIRGIXLIWIWXVERKIXLMRKW KVS[ WMVGLEVPIW ,EHXLMWTVSGIIHIHJVSQQ]JEXLIVLI 8LEXF]XLIPE[SJREXYVIMWQSWXFSYRH -RSJp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
7GIRI\M )RXIVJVEROJSVHERHRMGO[MXLOI]WERHEPIXXIVMRLMW LERH
[IRHSPP ;IXLEXLEZIFIIRELYRXMRKEPPXLIHE] 'SQI[MXLTVITEVIHWXSQEGLW1EWXIV*VEROJSVH ;I[MWLIH]SYEXSYVWTSVX JVEROJSVH 1]LIEVX[EW[MXL]SYERHQ]QMRH[EW SR]SY *MI1EWXIV'VER[IPP]SYEVIWXMPPXLYWWEH %WXSSPEWXSSP;LIVI W.IROMRERH[LIVI W2MGO#
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JVEROJSVH 8LMWMWXLIRMKLXERH-QYWXTPE]XLI XSYGL 8SXV]X[SWIIQMRKERKIPW;LIVI WQ]OI]W# RMGO 8LI]EVIQEHIEGGSVHMRKXS]SYVQSYPHMR[E\ -FEHIXLIWQMXLFIWIGVIXKEZILMQQSRI] %RHXLIVIXLI]EVI8LIPIXXIVWMV JVEROJSVH 8VYIXEOIMX XLIVIMXMW %RH[LIRXLSYWIIWXQIMRQ]TPIEWERX WXZIMR 6IEH]XSWMXXSWYTTIVFVMRKMXQI RMGO - PPHS X QEOIRSQSVIUYIWXMSRFYX- PPHS X )\MX )RXIVRMGO
RMGO 7MVLIVI WEPIXXIV JVEROJSVH ;LIRGIGSQIWMX#%RH[LSFVSYKLXMX# ERRI 7MVVEL XMWWM\S GPSGOEPVIEH]WXVYGO RMGO %WXVMTPMRKXLEXFIPS[EXXIRHW]SYVERW[IV +SFMHXLIQWTVIEHXLIGPSXLERHWIVZIMRWYTTIV %RHEWLIXIPPWQIMXMWWIRXJVSQ=SVO NIROMR -XWLEPPFIHSRIJSVWSSXLQMWXVIWW;LIVIMW JVEROJSVH ,EZILMQMRXSXLIGIPPEV PIXLMQXEWXIEGYT 7TMKKSXXLIFYXPIVXSKMZIYWSYXWEPXERHXVIRGLIVW# 6IEHW 3JSYV1EVGLFIIV+SQEOILMQHVMRO )RXIVERRIGVER[IPP[IRHSPPERHNIROMR
r WIXEWTVSWIMR5W WH PIXXIVLERH MXMWRSXIRXMVIP]GPIEVIMXLIVMRXLIWHSV XLIXI\X[LSLEWXLIPIXXIV MXMWTVSFEFP]XLSYKLRSX RIGIWWEVMP]*VEROJSVH WIIPPr TPE]XLIXSYGL QEOIEXIWX JVSQEPGLIQ] YWIE XSYGLWXSRIXSXIWXKSPH ERKIPW GSMRW [MXLTYR XVIRGLIVW TPEXIW
r MRXIVIWX-R MRqYIRGI[MXL VIQMWW PIRMIRX WH %WMHI [IJSPPS[QSWXVIGIRXIHWMRQEOMRKXLMWEREWMHI 7XYVKIWWLS[IZIVWYKKIWXWXLEXMJDXSS MWXEOIRXSQIER DZIV] XLMWGSYPHFIWTSOIRHMVIGXP]XS;IRHSPPEWE ZIMPIH[EVRMRK EPEGVMX] IRNS]QIRX 1EVGLFIIV WXVSRKFIIVFVI[IHMR1EVGL
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8LI/RMKLXSJXLI&YVRMRK4IWXPI[EW[VMXXIRJSVXLI TVMZEXI&PEGOJVMEVW8LIEXVIFYMPXF]6MGLEVH&YVFEKIMR ERH[EWTIVJSVQIHF]EGSQTER]SJFS]EGXSVW 8LITPE]MWWMKRMpGERXJSVXLIMRJSVQEXMSRMXSJJIVWMR XLI-RHYGXMSRERHIPWI[LIVIEFSYXGSRXIQTSVEV]EGXMRK GSQTERMIWERHXLITYFPMGXEWXIMRXLIEXVIEW[IPPEW SXLIVTSTYPEVGYPXYVEPJSVQWWYGLEWXLIGLMZEPVMG VSQERGI8LMWXSKIXLIV[MXLMXWVITVIWIRXEXMSRSJWSGMEP GPEWWERHMXWZIV]WTIGMp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pRIHTSWMXMSREXXLIGIRXVISJ0SRHSR WIGSRSQMG ERHWSGMEPXVERWJSVQEXMSR 8LIWIRWMXMZMX]XSWSGMEPVEROERHMHIRXMX]MW GSRp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pRIVEXLIVXLERPMFIVEXI
8LIIREGXQIRXSJD8LI/RMKLXSJXLI&YVRMRK4IWXPI WYTIVpGMEPP]WYKKIWXWERMRRSGIRXTVISGGYTEXMSRF]XLI GMXM^IRW[MXLXLISPHWXSVMIWSJGLMZEPVMGEHZIRXYVIERH RSFMPMX]8LI]GIPIFVEXIERH&IEYQSRXTEVSHMIWXLIXEPIW SJ+Y]SJ;EV[MGOERH&IZMWSJ,EQTXSRQIWLMRK XLIWI[MXLREVVEXMZIWHIVMZIHJVSQTSTYPEV7TERMWLTVSWI VSQERGIW,S[IZIVWYGLIZSGEXMSRWSJXLITEWXEPWSLEH EGPIEVTPEGIMRXLISJpGMEPERHWIQMSJpGMEPHMWGSYVWISJ XLI8YHSVERHIEVP]7XYEVXWXEXI)HQYRH7TIRWIV r LEH[VMXXIRLMWGLMZEPVMGVSQERGI8LI*EIVMI5YIIRI r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pREPP] YREXXVEGXMZITVINYHMGIWSJXLI'MXM^IRERHLMW;MJI -RHIIHXLITPE]QE]TYXYWMRXLITSWMXMSRSJIRHSVWMRK IEW]WSPYXMSRWXSXLITVSFPIQEXMGWSGMEPHMWXMRGXMSRWXLEX WLETIXLI[SVPHSJXLITPE]JEZSYVMRKEWIRWISJSVHIV EFSZIXLIGLESWXLEXMWEGLMIZIHXLVSYKLXLIMRXIVWIGXMSR
JVERGMWFIEYQSRX SJWSGMEPGPEWW[MXLGLMZEPVMGVSQERGIERHJIWXMZIVIPIEWI 1IVV]XLSYKLX[MXLLMWGSRWXERXVIGSYVWIXSWSRKMRXLI JEGISJEHZIVWMX]QEOIWYWPEYKLYRXMPTIVLETW[I GSRWMHIVXLIXIVQWERHTVMGISJLMWKSSHLYQSYV%W %VXLYV/MRRI]LEWVIQEVOIHD1IVV]XLSYKLXEJXIVEPPMW JSVIZIVKIRMEP]IXXLEXZIV]KIRMEPMX]HITIRHWSRXLI [MPPMRKRIWWSJSXLIVWXSWYTTSVXLMQrLIWYVZMZIWSRXLI PIKEG]SJSXLIVW,IGEREPWSGEVV]LMWSRIHMQIRWMSREP TLMPSWSTL]XSERI\GIWW[I[SYPHGSRWMHIVMRLYQER l-J FSXLQ]WSRW[IVISRXLIKEPPS[W-[SYPHWMRKz /MRRI] %W[MXLQYGLSJXLIGSQIH]SJXLI TIVMSH8LI/RMKLXSJXLI&YVRMRK4IWXPIWYKKIWXWXLEX FI]SRHXLIPEYKLXIVXLIVI[EWEZIV]VIEPYRGIVXEMRX]MR XLIWLMJXJVSQEPEXIQIHMIZEP[SVPHMRXSEVIGSKRMWEFP] QSHIVRSRI
*YVXLIVVIEHMRK
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8LSQEW/]H8LI7TERMWL8VEKIH] %RSR1YGIHSVYW +ISVKI4IIPI8LI3PH;MZIW 8EPI +ISVKI4IIPI)H[EVH- 8LSQEW,I][SSH8LI*SYV4VIRXMGIWSJ0SRHSR 8LSQEW(IOOIV8LI7LSIQEOIV W,SPMHE] 8LSQEW(IOOIV3PH*SVXYREXYW +ISVKI'LETQER&IR.SRWSRERH.SLR1EVWXSR)EWX[EVH ,S 8LSQEW,I][SSH-J=SY/RS[2SX1I=SY/RS[2SFSH] .SLR(E];MPPMEQ6S[PI]ERH+ISVKI;MPOMRW8LI8VEZIPW SJXLI8LVII)RKPMWL&VSXLIVW
8I\XYEPRSXI 8LI/RMKLXSJXLI&YVRMRK4IWXPI[EWSRGIXLSYKLXXS LEZIFIIR[VMXXIRNSMRXP]F]*VERGMW&IEYQSRXERHLMW PSRKXIVQGSPPEFSVEXSV.SLR*PIXGLIV r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
'VMXMGEPERHGSRXI\XYEPGSQQIRXEVMIW %WTMREPP( D8LI6SPISJ*SPO,YQSVMRXLGIRXYV] 6IGITXMSRWSJ&IEYQSRX W8LI/RMKLXSJXLI&YVRMRK4IWXPI 4LMPSPSKMGEP5YEVXIVPI] r
8LI/RMKLXSJXLI&YVRMRK4IWXPI
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
SJ(SR5YM\SXI [IFSXLQE]GSRpHIRXP]W[IEVMXMWLMW IPHIVEFSZIE]IEV ERHXLIVIJSVIQE] F]ZMVXYISJLMW FMVXLVMKLX GLEPPIRKIXLI[EPPSJLMQ-HSYFXRSXFYX XLI][MPPQIIXMRXLIMVEHZIRXYVIWERH-LSTIXLI FVIEOMRKSJSRIWXEJJ[MPPQEOIXLIQJVMIRHW ERH TIVLETWXLI][MPPGSQFMRIXLIQWIPZIWERHXVEZIP XLVSYKLXLI[SVPHXSWIIOXLIMVEHZIRXYVIW7S- GSQQMXLMQXSLMWKSSHJSVXYRIERHQ]WIPJXS]SYV PSZI =SYVEWWYVIHJVMIRH ;&
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
6SFIVX/I]WEV 0SRHSRKSPHWQMXL[LSJVSQEFSYX LEHpRERGIH8LI'LMPHVIRSJXLI6IZIPWEXXLI &PEGOJVMEVW8LIEXVI IMKLXHE]W XLITIVMSHSJGSQTSWMXMSR XEOIRPMXIVEPP]F] QER]WGLSPEVW r LMWTEVIRXW SRITMIGISJIZMHIRGIJSVXLIMHIESJNSMRX EYXLSVWLMTMI[MXL.SLR*PIXGLIV FVIXLVIR SXLIVTPE]W RSSJJWTVMRKZYPKEVFVEMR RSXERSVHMREV]GMXM^IR GSQIH] YXXIVP]VINIGXIH IMXLIVMX[EWRSXTIVJSVQIHSVMX[EWRSX ETTVIGMEXIH VEKKIH XLIEYXLSV WJSYPTETIVW QERYWGVMTX JEXLIVJSWXIVJEXLIVRYVWIERHGLMPH MIEYXLSV HIHMGEXIITYFPMWLIVERHTPE]
(SR5YM\SXI XLIpVWXTEVXSJ'IVZERXIW RSZIP[EW TVMRXIHMR7TEMRMRERHER)RKPMWLXVERWPEXMSR F] 7LIPXSR ETTIEVIHMRFYXFSXLXLISVMKMREPERHXLI XVERWPEXMSREVIORS[RXSLEZIGMVGYPEXIHMRWSQIJSVQ FIJSVIXLMW GLEPPIRKIXLI[EPP GPEMQXLIWEJIVTEVXSJEJSSXTEXL GPSWIXSXLI[EPP ERHXLYWXEOITVIGIHIRGI FVIEOMRKSJSRIWXEJJ ERMRGMHIRXJVSQ'IVZERXIW ;& ;EPXIV&YVVIXLITYFPMWLIV RMGI JEWXMHMSYW OMGOWLE[W JVSQUYIPUYIGLSWI *VIRGL HEMRXMIW XLVSYKLP] XLSVSYKLP]
JVERGMWFIEYQSRX
8LI4VSPSKYI ;LIVIXLIFIIGERWYGORSLSRI]WLIPIEZIWLIVWXMRK FILMRH ERH[LIVIXLIFIEVGERRSXp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
8LI7TIEOIVW 2EQIW XLITVSPSKYI 8LIREGMXM^IRKISVKI
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PYGIXLIQIVGLERX WHEYKLXIV
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QEWXIVXLEXPSZIHXLII[IPPERHEVXGSQIXSQI ERH -LEZIPEMHYTEPMXXPIJSVQ]]SYRKIVWSR1MGLEIP ERHXLSYXLMRO WXXSFI^^PIXLEXFYXXLSYWLEPXRIZIV FIEFPIXSHSMX )RXIVQMGLEIP 'SQILMXLIV1MGLEIPGSQI1MGLEIPHS[RSR XL]ORIIW XLSYWLEPXLEZIQ]FPIWWMRK QMGLEIP -TVE]]SYQSXLIVTVE]XS+SHXSFPIWWQI QMWXVIWWQIVV]XLSYKLX +SHFPIWWXLII FYX.EWTIV WLEPPRIZIVLEZIQ]FPIWWMRK,IWLEPPFILERKIH pVWXWLEPPLIRSX1MGLEIP#,S[WE] WXXLSY# QMGLEIP =IWJSVWSSXLQSXLIVERHKVEGISJ+SH QMWXVIWWQIVV]XLSYKLX 8LEX WEKSSHFS] [MJI - JEMXLMX WEpRIWTSOIRGLMPH NEWTIV 1SXLIVXLSYKL]SYJSVKIXETEVIRX WPSZI -QYWXTVIWIVZIXLIHYX]SJEGLMPH -VERRSXJVSQQ]QEWXIVRSVVIXYVR 8SLEZI]SYVWXSGOQEMRXEMRQ]MHPIRIWW [MJI 9RKVEGMSYWGLMPH-[EVVERXLMQ LEVOLS[LI GLSTWPSKMG[MXLLMWQSXLIV8LSYLEHWXFIWXXIPP LIVWLIPMIW HSXIPPLIVWLIPMIW GMXM^IR -JLI[IVIQ]WSR-[SYPHLERKLMQYTF] XLILIIPWERHq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JVERGMWFIEYQSRX ERHEPPPMXXPIIRSYKL,YWFERH'LEVPIW'LEVPIW 1IVV]XLSYKLX )RXIVSPHQIVV]XLSYKLX
GMXM^IR ,ERKLMQVSKYI,IWIVZIHLMQ[IPP IRSYKL PSZILMWQEWXIV WHEYKLXIV&]Q]XVSXL GSR]MJXLIVI[IVIEXLSYWERHFS]WXLSY[SYPHWX WTSMPXLIQEPP[MXLXEOMRKXLIMVTEVXW0IXLMWQSXLIV EPSRI[MXLLMQ [MJI %]+ISVKIFYX]IXXVYXLMWXVYXL SPHQIVV]XLSYKLX ;LIVIMW.EWTIV#,I W[IPGSQI LS[IZIV'EPPLMQMR LIWLEPPLEZILMWTSVXMSR-WLI QIVV]# QMWXVIWWQIVV]XLSYKLX %]JSYPGLMZILMQLIMW XSSQIVV].EWTIV1MGLEIP
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SPHQIVV]XLSYKLX ;IPGSQI.EWTIVXLSYKLXLSY VYR WXE[E][IPGSQI +SHFPIWWXLII 8MWXL] QSXLIV WQMRHXLSYWLSYPHWXVIGIMZIXL]TSVXMSR 8LSYLEWXFIIREFVSEHERH-LSTILEWXPIEVRIH I\TIVMIRGIIRSYKLXSKSZIVRMX XLSYEVXSJWYJpGMIRX ]IEVW,SPHXL]LERH SRIX[SXLVIIJSYVp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pVWX QMWXVIWWQIVV]XLSYKLX 2S1MGLEIP XMWRSQEXXIV JSVLMWFPIWWMRK XLSYLEWXQ]FPIWWMRK FIKSRI- PP JIXGLQ]QSRI]ERHNI[IPWERHJSPPS[XLII - PPWXE]
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Q]SVHIV MISJORMKLXLSSH GSQJSVXEFPI LIPTJYP 4YHHPI;LEVJ 8LEQIWPERHMRKTPEGIEXXLIJSSXSJ 7X%RHVI[ W,MPP RS[4YHHPI(SGORIEV&PEGOJVMEVW &VMHKI GVMIVW[IVIEFVSEHJSVMX SRIVIWTSRWMFMPMX]SJXS[RGVMIVW [EWXSLIPTpRHPSWXGLMPHVIR WGYPPIV IMXLIVERSEVWQERSVEPMKLXVMZIVFSEX KIX TPE]SRDFIKIX QIWWSJTSXXEKI WXI[SJFSMPIHZIKIXEFPIW ERH WSQIXMQIWQIEX -LEZIHMWGSZIVIH XLIITMWSHIXLEXFIKMRWLIVI[LIVIER MRRMWQMWXEOIRJSVEGEWXPIMWXEOIRJVSQ&SSO-SJ(SR 5YM\SXI LMKLX GEPPIH EVGLEMG ;LIVIRIZIVFYXXIVIHLEQW JSSXQIRVER[MXLXLIMV QEWXIVW GEVVMEKIWERHKVIEWIHXLIMVGEPZIWXSTVIZIRXGVEQT WPMGO QEOIWPIIO
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8MWQMVXLXLEXpPPWXLIZIMRW[MXLFPSSH 1SVIXLER[MRISVWPIITSVJSSH 0IXIEGLQEROIITLMWLIEVXEXIEWI 2SQERHMIWSJXLEXHMWIEWI ,IXLEX[SYPHLMWFSH]OIIT *VSQHMWIEWIWQYWXRSX[IIT &YX[LSIZIVPEYKLWERHWMRKW 2IZIVLILMWFSH]FVMRKW -RXSJIZIVWKSYXWSVVLIYQW 3VPMRKIVMRKP]LMWPYRKWGSRWYQIW 3VQIIXW[MXLEGLßWMRXLIFSRI 3VGEXEVVLWSVKVMTMRKWXSRI &YXGSRXIRXIHPMZIWJSVE]I 8LIQSVILIPEYKLWXLIQSVILIQE] [MJI 0SSO+ISVKILS[WE] WXXLSYF]XLMW+ISVKI# -W XRSXEpRISPHQER#2S[+SH WFPIWWMRKS XL] W[IIXPMTW;LIR[MPXXLSYFIWSQIVV]+ISKI# *EMXLXLSYEVXXLIJVS[RMRK WXPMXXPIXLMRK[LIRXLSY EVXERKV]MREGSYRXV]
r [MXLSYXELEXFERH WMKRSJE4YVMXER r LIEHYTSR0SRHSR&VMHKI EJXIVI\IGYXMSRXLILIEHW SJXVEMXSVW[IVIHMWTPE]IHSR0SRHSR&VMHKIEWE[EVRMRK XSSXLIVW WII)H[EVH---M pPGLMRK WXIEPMRK Q]XEMPSV XEMPSVW[IVIFIPMIZIHXSFIHMWLSRIWX JSYVXIIR]EVHW WII8LI6SEVMRK+MVP--MM R EGLßW TVSRSYRGIHDEMXGLIW GEXEVVLW MRqEQQEXMSRSJXLIRSWIERHXLVSEX KVMTMRKWXSRI TEMRJYPKEPPWXSRI r %W]SY]SYGEQI# ETSTYPEVFEPPEHEFSYXEZMPPEKI MR2SVJSPOXLEX[EWYRXMP EQENSV6SQER'EXLSPMG WLVMRIXSXLI:MVKMR1EV]
r ;L]ERSVXEVV] JVSQD*EVI[IPP(IEV0SZI E TSTYPEVWSRKXLEXETTIEVWMR7LEOIWTIEVI W8[IPJXL2MKLX r --MMM r ,IWIXQMPO[LMXIWXIIH GSVVIWTSRHWXSEZIVWIMR D8LI&EPPEHSJXLI/RMKLXERHXLI7LITLIVH W(EYKLXIV r (S[RHS[RRIZIVWLEPP JVSQD7SVVS[ W7XSV] MR .SLR(S[PERH W7IGSRH&SSOSJ7SRKWERH%MVW r QEOIEHSKSRLIV :IRXYVI[IPPLEWGEPPIHLMQWIPJ 0YGI WDWMVI IRS[ IRSYKL TEPQIV TMPKVMQ
XLIORMKLXSJXLIFYVRMRKTIWXPI SPHQIVV]XLSYKLX 7MRKW ;EWRIZIVQERJSVPEH] WWEOI (S[RHS[R 8SVQIRXIHEW-TSSV7MV+Y] (IHIVV]HS[R *SV0YG] WWEOIXLEXPEH]FVMKLX (S[RHS[R %WIZIVQIRFILIPH[MXLI]I (IHIVV]HS[R QIVGLERX - PPFIVIZIRKIHF]LIEZIR
%GX--- )RXIVNEWTIVERHPYGI
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pHHPIVWKSEKEMRLYWFERH -WLEPPFIGSQI]SYVJEMXLJYPTVMWSRIV GMXM^IR %]2IPPFYXXLMWMWWGYVZ]QYWMG-KEZIXLI %RH[IEVXLIWIGLEMRWJSVIZIV'SQIWMXHS[R [LSVIWSRKEPPS[WQSRI]ERH-XLMROLILEWRSXKSX %RHVIWX]SYVFSH]XSSXSSHIPMGEXI QIXLI[EMXWSJ7SYXL[EVO-J-LIEV IQRSXERSR *SVXLIWIHMWXYVFERGIW7S[MPP]SYWPIIT# - PPX[MRKILMQF]XLIIEVW=SYQYWMGMERWTPE] 'SQIHSRSXFIQSVIEFPIXLER]SYEVI D&EPSS -ORS[]SYEVIRSXWOMPJYPMRXLIWI[EXGLIW [MJI 2SKSSH+ISVKIPIXWLE D0EGLVMQEI *SV[SQIREVIRSWSPHMIVW FIRSXRMGI GMXM^IR ;L]XLMWMWMXGSR] &YXXEOIMX WPIIT-WE] [MJI -X WEPPXLIFIXXIV+ISVKI2S[W[IIXPEQF PYGI -GERRSXWPIIT [LEXWXSV]MWXLEXTEMRXIHYTSRXLIGPSXL#8LI -RHIIH-GERRSXJVMIRH 'SRJYXEXMSRSJ7EMRX4EYP# NEWTIV ;L]XLIR[I PPWMRK GMXM^IR 2SPEQFXLEX W6EJIERH0YGVIGI %RHXV]LS[XLEX[MPP[SVOYTSRSYVWIRWIW [MJI 6EJIERH0YGVIGI#;LMGL6EJI#3YV6EJI# PYGI - PPWMRKSVWE]SVER]XLMRKFYXWPIIT GMXM^IR 2SQSYWIXLEX[EWE8EVXEVMER NEWTIV 'SQIPMXXPIQIVQEMHVSFQISJQ]LIEVX [MJI %8EVXEVMER;IPP-[SYPHXLIpHHPIVWLEHHSRI ;MXLXLEXIRGLERXMRKZSMGI XLEX[IQMKLXWIISYV6EJIEKEMR PYGI =SYQSGOQI.EWTIV WSRK NEWTIV 8IPPQIHIEVIWX[LEXMWPSZI# r ;EWRIZIVHIVV]HS[R JVSQXLIQIHMIZEPPIKIRHSJ PYGI 8MWEPMKLXRMRKJVSQEFSZI +Y]SJ;EV[MGOETSTYPEVLIVSSJVSQERGIERHFEPPEHW
8MWEREVVS[ XMWEpVI LSX EVSYWIH
8MWEFS]XLI]GEPP(IWMVI X[MRKI X[IEO 8MWEWQMPI D&EPSS EGSQQSR[SVHMRXLIVIJVEMRWSJPYPPEFMIW (SXLFIKYMPI TSWWMFP]VIJIVVMRKLIVIXSD0EH]&SXL[IPP W0EQIRXEXMSR D0EGLVMQEI EWIXSJTEZERW GSYVXP]HERGIW F].SLR (S[PERH WXSV]MWXLIGPSXL# ETEMRXIHGPSXL EVVEW SVXETIWXV] LYRKFILMRHXLIWXEKI r 8LI'SRJYXEXMSRSJ7EMRX4EYP# EFE[H]QEPETVSTMWQ JSVD8LI'SRZIVWMSRSJ7EMRX4EYP 6EJIERH0YGVIGI FE[H]TYRSR8LI6ETISJ0YGVIGIE TSIQF]7LEOIWTIEVI ERHETPE]F]8LSQEW ,I][SSH 8EVXEVMER E ERSXLIVQMWTVSRYRGMEXMSRSJ 7I\XYW 8EVUYMRMYW[LSVETIH0YGVIGI F GERXXIVQJSVXLMIJ G VIJIVIRGIXSXLITVSZIVFMEPGVYIPX]XS[EVH[SQIRSJXLI MRLEFMXERXWSJ8EVXEV]RSVXLSJXLI,MQEPE]EW
FVSOIR VSYWIH 8IPP GSYRX WLVMROYTXLIMVFPSSH JIEV[EWXLSYKLXXSHV]YTXLI IPIQIRXWSJXLIFSH] EFPI GETEFPISJIRHYVERGI [EXGLIW ZMKMPW RMGI VIPYGXERXJEWXMHMSYW XEOIMX ]MIPH r 8IPPQIPSZIERI[ XLIQYWMGJSVXLMWWSRKLEW WYVZMZIH WII)70MRHWE]MRXLIJYVXLIVVIEHMRKWIGXMSR JSVXLMWTPE]
JVERGMWFIEYQSRX
NEWTIV (MWWIQFPIMXRSQSVI -WIIXLIKSH 3JLIEZ]WPIITPE]SRLMWLIEZ]QEGI 9TSR]SYVI]IPMHW PYGI -EQZIV]LIEZ] 7LIJEPPWEWPIIT NEWTIV 7PIITWPIITERHUYMIXVIWXGVS[RXL]W[IIX XLSYKLXW /IITJVSQLIVJEMVFPSSHHMWXIQTIVW WXEVXMRKW ,SVVSVWERHJIEVJYPWLETIW PIXEPPLIVHVIEQW &INS]WERHGLEWXIHIPMKLXWIQFVEGIW[MWLIW %RHWYGLRI[TPIEWYVIWEWXLIVEZMWLIHWSYP +MZIWXSXLIWIRWIW7SQ]GLEVQWLEZIXSSO /IITLIV]SYTS[IVWHMZMRI[LMPWX-GSRXIQTPEXI 9TSRXLI[IEPXLERHFIEYX]SJLIVQMRH 7LIMWSRP]JEMVERHGSRWXERXSRP]OMRH %RHSRP]XSXLII.EWTIV3LQ]NS]W ;LMXLIV[MPP]SYXVERWTSVXQI#0IXRSXJYPPRIWW 3JQ]TSSVFYVMIHLSTIWGSQIYTXSKIXLIV %RHSZIVGLEVKIQ]WTMVMXW-EQ[IEO 7SQIWE] LS[IZIVMPP XLIWIEERH[SQIR %VIKSZIVRIHF]XLIQSSR FSXLIFFERHqS[ &SXLJYPPSJGLERKIW=IXXSXLIQXLEXORS[ %RHXVYP]NYHKIXLIWIFYXSTMRMSRWEVI %RHLIVIWMIWXSFVMRKSRTPIEWMRK[EV &IX[IIRSYVXIQTIVWXLEX[MXLSYXXLIWI[IVI &SXLZSMHSJEJXIVPSZIERHTVIWIRXJIEV ;LMGLEVIXLIFIWXSJ'YTMH3LXLSYGLMPH &VIHJVSQHIWTEMV-HEVIRSXIRXIVXEMRXLII ,EZMRKEPSZI[MXLSYXXLIJEYPXWSJ[SQIR %RHKVIEXIVMRLIVTIVJIGXKSSHWXLERQIR ;LMGLXSQEOIKSSHERHTPIEWIQ]WIPJXLIWXVSRKIV 8LSYKLGIVXEMRP]-EQGIVXEMRSJLIVPSZI - PPXV]LIVXLEXXLI[SVPHERHQIQSV]
1E]WMRKXSEJXIVXMQIWLIVGSRWXERG] ,IHVE[WLMWW[SVH 0YGI0YGIE[EOI PYGI ;L]HS]SYJVMKLXQIJVMIRH ;MXLXLSWIHMWXIQTIVIHPSSOW#;LEXQEOIW]SYV W[SVH (VE[RMR]SYVLERH#;LSLEXLSJJIRHIH]SY# -TVMXLII.EWTIVWPIIT XLSYEVX[MPH[MXL[EXGLMRK NEWTIV 'SQIQEOI]SYV[E]XSLIEZIRERHFMHXLI [SVPH ;MXLEPPXLIZMPPEMRMIWXLEXWXMGOYTSRMX *EVI[IPP ]SY VIJSVERSXLIVPMJI PYGI 3L.EWTIV ,S[LEZIQ]XIRHIV]IEVWGSQQMXXIHIZMP )WTIGMEPP]EKEMRWXXLIQER-PSZI 8LYWXSFIGVSTTIHYRXMQIP]# NEWTIV *SSPMWLKMVP 'ERWXXLSYMQEKMRI-GSYPHPSZILMWHEYKLXIV 8LEXqYRKQIJVSQQ]JSVXYRIMRXSRSXLMRK (MWGLEVKIHQILMWWIVZMGIWLYXXLIHSSVW 9TSRQ]TSZIVX]ERHWGSVRIHQ]TVE]IVW 7IRHMRKQIPMOIEFSEX[MXLSYXEQEWX 8SWMROSVW[MQ#'SQIF]XLMWLERH]SYHMI -QYWXLEZIPMJIERHFPSSHXSWEXMWJ] =SYVJEXLIV W[VSRKW [MJI %[E]+ISVKIE[E] VEMWIXLI[EXGLEX0YHKEXI ERHFVMRKEQMXXMQYWJVSQXLINYWXMGIJSVXLMW HIWTIVEXIZMPPEMR2S[-GLEVKI]SYKIRXPIQIRWII XLIOMRK WTIEGIOITX3LQ]LIEVX[LEXEZEVPIX W XLMWXSSJJIVQERWPEYKLXIVYTSRXLILEVQPIWW KIRXPI[SQER GMXM^IR -[EVVERXXLIIW[IIXLIEVX[I PPLEZILMQ LEQTIVIH PYGI 3L.EWTIVFIRSXGVYIP -JXLSY[MPXOMPPQIWQMPIERHHSMXUYMGOP] %RHPIXRSXQER]HIEXLWETTIEVFIJSVIQI -EQE[SQERQEHISJJIEVERHPSZI %[IEO[IEO[SQER OMPPRSX[MXLXL]I]IW 8LI]WLSSXQIXLVSYKLERHXLVSYKL7XVMOI-EQ VIEH] %RHH]MRKWXMPP-PSZIXLII
)RXIVQIVGLERXLYQTLVI]ERHLMWQIR
NEWTIV PYGI NEWTIV PYGI NEWTIV PYGI
8LITSSVLIEVXWSJQIRXLEXTVSZI 8IPPQIQSVIEVI[SQIRXVYI# 7SQIPSZIGLERKIERHWSHS]SY %VIXLI]JEMVERHRIZIVOMRH# =IW[LIRQIRXYVR[MXLXLI[MRH %VIXLI]JVS[EVH )ZIVXS[EVH 8LSWIXLEXPSZIXSPSZIERI[
TVSZI WXVMZI LIEZ]QEGI EQEGI[EWXLIIQFPIQSJ1SVTLIYWXLI GPEWWMGEPKSHSJWPIIT LIEZ] HVS[W] HMWXIQTIVW QIRXEPSVTL]WMGEPHMWSVHIVW VEZMWLIH DXVERWTSVXIHJVSQXLIFSH] /MRRI] MWSRP] EPSRIMW r XLIWIFYXSJ'YTMH DIQTX]ERHJEPWIRSXMSRWXLEX TPIEWERXP]HMWXYVFXLIFEPERGISJSYVIQSXMSRW JSV [MXLSYXXLIWI[IWLSYPHRSXI\TIVMIRGIIMXLIVPSZIMR VIXVSWTIGXSVXLITERKWSJER\MIX][LMGLEVIPSZI WGLMIJ NS]W ,EXXE[E] QEOIKSSH HIQSRWXVEXI XV] TYXXSXLIXIWX
QIVGLERX ;LIVIEFSYXW# NEWTIV %WMHI 2SQSVISJXLMWRS[XSQ]WIPJEKEMR LYQTLVI] 8LIVIXLIVILIWXERHW[MXLW[SVHPMOI QEVXMEPORMKLX (VE[RMRLMWLERH XLIVIJSVIFI[EVIXLIpKLX
[MPH[MXL[EXGLMRK QEH[MXLER\MIX] GVSTTIHYRXMQIP] DGYXSJJJVSQPMJIFIJSVIQ]XMQI 0YHKEXI EWXEXMSRJSVXLI[EXGL ERHYWIHEWETVMWSR QMXXMQYW E[EVVERXJVSQMXWSTIRMRK[SVHD[IWIRH LEQTIVIH GSRpRIH
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q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qIH# 8IPPQIMJXLSYFI WXER][LIVIVIQEMRMRK 7LEPP-FYXWIIQ]PSZIEKEMR#3LRS 7LI[MPPRSXHIMKRXSPSSOYTSRLIVFYXGLIV 2SVMWMXpXWLIWLSYPH ]IX-QYWXZIRXYVI 3LGLERGISVJSVXYRISV[LEXI IVXLSYEVX 8LEXQIREHSVIJSVTS[IVJYPLIEVQ]GV] %RHPIXQIPSZMRKPMZISVPSWMRKHMI [MJI -W EKSRI+ISVKI# GMXM^IR %]GSR] [MJI 1EVV]ERHPIXLMQKSW[IIXLIEVX&]XLIJEMXLS Q]FSH] ELEWTYXQIMRXSWYGLEJVMKLXXLEX- XVIQFPIEWXLI]WE]EW X[IVIEREWTIRPIEJ0SSOS Q]PMXXPIpRKIV+ISVKILS[MXWLEOIW2S[M XVYXL IZIV]QIQFIVSJQ]FSH]MWXLI[SVWIJSV X GMXM^IR 'SQILYKMRQMRIEVQWW[IIXQSYWI LI WLEPPRSXJVMKLXXLIIER]QSVI%PEWQMRIS[RHIEV LIEVXLS[MXUYMZIVW
7MV&IZMW XLILIVSSJXLIJEQSYWQIHMIZEPVSQERGISJ 7MV&IZMWSJ,EQTXSR WXE] [EMXJSV QMRMSR DLYWW] ]SY VI YRXMP]SYEVI HIMKR GSRHIWGIRH XSRMKLX MIPEWXRMKLX XLIVIGOSRMRK XLIFMPPJSVJSSHHVMROERH EGGSQQSHEXMSREXERMRR TYMWWERX TS[IVJYPRSFPI
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YKP] JIEVWSQI =GPITIH GEPPIHREQIH EVGLEMG &EVFEVSWS E FEVFEVMER F FEVFIV PERGI MIVE^SV [LMGLLIQEWWEGVIW MI[LSWILEMVLIGYXW KIRX JEMV %GSTTIVTVMGOERXWTIEV XLIXVEHMXMSREPWMKRSJE FEVFIVWYVKISR ERYTVMKLX DTVMGOERX TSPISJVIHERH [LMXIXLEXXSKIXLIV[MXLXLIFEWMRWMKRMpIHXLEXE FEVFIVGSYPHEPWSHVE[XIIXLERHPIXFPSSH GER HS IRKMRI GSQF GVS[R LIEH [MRO GPIERWILMWI]IW WII---M TIGI GYT FSVH VMQ FYPPIXW WQEPPFEPPWSJWSET r WRETWLMWLMHISYWRSMWI VIJIVWXSXLIQYGL WEXMVMWIHPSRKLEMVSJKEPPERXW WIIJSVI\EQTPI*VERGMW &IEYQSRX W8LI;SQER,EXIVSV8LI,YRKV]'SYVXMIV XVMQ GEREPWSQIERXLVEWLSVXVSYRGI 8LEXHEQRIHFVSSHSJYKP]KMERXWWPI[ VIJIVIRGIXS 6SWMGPIIV WEHZIRXYVI[MXLXLIKMERX&VERHEKIHISRERH LMWXLMVX]ORMKLXWMR8LI1MVVSVSJ/RMKLXLSSH-\\\ZM
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
[MJI 0SSO+ISVKILIVIGSQIW1MWXVIWW 1IVV]XLSYKLXEKEMRERH-[SYPHLEZI6EJIGSQI ERHp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q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WE] XIWXXSYGLWXSRI JVSQDEWWE] WTEVMRK QIEKVI HMVKI L]QRJSVEJYRIVEP
&MRH[MXLG]TVIWWERHWEH]I[ 6MFERHWFPEGOERHGERHPIWFPYI *SVLMQXLEX[EWSJQIRQSWXXVYI 'SQI[MXLLIEZ]QSERMRK %RHSRLMWKVEZI 0IXLMQLEZI 7EGVMpGISJWMKLWERHKVSERMRK 0IXLMQLEZIJEMVqS[IVWIRS[ ;LMXIERHTYVTPIKVIIRERH]IPPS[ *SVLMQXLEX[EWSJQIRQSWXXVYI 8LSYWEFPIGPSXLWEHGSZIVSJQ]NS]W -PMJXXLIIYTERHXLYW-QIIX[MXLHIEXL NEWTIV VMWMRKSYXSJXLIGSJpR %RHXLYW]SYQIIXXLI PMZMRK PYGI 7EZIQILIEZIR NEWTIV 2E]HSRSXq]QIJEMV -EQRSWTMVMX 0SSOFIXXIVSRQI HS]SYORS[QI]IX# PYGI 3LXLSYHIEVWLEHS[SJQ]JVMIRH NEWTIV (IEVWYFWXERGI -W[IEV-EQRSWLEHS[ JIIPQ]LERH -XMWXLIWEQIMX[EW-EQ]SYV.EWTIV =SYV.EWTIVXLEX W]IXPMZMRKERH]IXPSZMRK 4EVHSRQ]VEWLEXXIQTXQ]JSSPMWLTVSSJ -TYXMRTVEGXMGISJ]SYVGSRWXERG] *SVWSSRIVWLSYPHQ]W[SVHLEZIHVYROQ]FPSSH %RHWIXQ]WSYPEXPMFIVX]XLERHVE[R 8LIPIEWXHVSTJVSQXLEXFSH] JSV[LMGLFSPHRIWW (SSQQIXSER]XLMRK MJHIEXL-XEOIMX %RH[MPPMRKP] PYGI 8LMWHIEXL- PPKMZI]SYJSVMX /MWWIWLMQ 7SRS[-EQWEXMWpIH ]SYEVIRSWTMVMX &YXQ]S[RXVYIWXXVYIWXXVYIWXJVMIRH ;L]HS]SYGSQIXLYWXSQI# NEWTIV *MVWXXSWII]SY 8LIRXSGSRZI]]SYLIRGI PYGI -XGERRSXFI *SV-EQPSGOIHYTLIVIERH[EXGLIHEXEPPLSYVW 8LEX XMWMQTSWWMFPIJSVQIXS WGETI NEWTIV 2SXLMRKQSVITSWWMFPI;MXLMRXLMWGSJpR (S]SYGSRZI]]SYVWIPJ PIXQIEPSRI -LEZIXLI[MXWSJX[IRX]QIREFSYXQI 3RP]-GVEZIXLIWLIPXIVSJ]SYVGPSWIX %PMXXPIERHXLIRJIEVQIRSX'VIITMR 8LEXXLI]QE]TVIWIRXP]GSRZI]]SYLIRGI *IEVRSXLMRKHIEVIWXPSZI- PPFI]SYVWIGSRH
G]TVIWWERHWEH]I[ XVEHMXMSREPIQFPIQWSJQSYVRMRK WII 8[IPJXL2MKLX--MZr FPYI XLIGSPSYVSJGSRWXERG] ;LMXIERHERH]IPPS[ W]QFSPWSJTYVMX]WSVVS[XLI WSYPERHHMZMRMX]VIWTIGXMZIP] WLEHS[ WLEHIHITEVXIHWTMVMX GPSWIX TVMZEXIVSSQ JIEVQIRSX DHSRSXLEZIJIEVJSVQI WIGSRH WYTTSVX
JVERGMWFIEYQSRX PYGIPMIWHS[RMRXLIGSJpRERHNEWTIVGSZIVWLIV 8LMWMWMXXLEXOIITWPMJIERHWSYPXSKIXLIV QMVXL 8LMWMWXLITLMPSWSTLIV WWXSRIXLEXXLI][VMXIWS [MXLXLIGPSXL QYGLSRXLEXOIITWEQERIZIV]SYRK 0MIGPSWIWS EPPKSIW[IPP]IX&S] )RXIVFS]ERHGSJpRGEVVMIV
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FS] 7MVXLI]WE]XLI]ORS[EPP]SYVQSRI]MWKSRI FS] %XLERHWMV ERHXLI][MPPXVYWX]SYJSVRSQSVIHVMRO NEWTIV 'SRZI]E[E]XLIGSJp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p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pRHMXYTSRXLIXEFPIEXWM\S GPSGO8LIVIJSVI LERKXLSYKLX -RXIVPYHI-: 7MRKW -[SYPHRSXFIEWIVZMRKQER [MJI 0IXLMQKS+ISVKI EWLEPPRSXLEZIER] 8SGEVV]XLIGPSEOFEKWXMPP GSYRXIRERGIJVSQYWRSVEKSSH[SVHJVSQER]M XL 2SV[SYPH-FIEJEPGSRIV GSQTER]MJ-QE]WXVMOIWXVSOIMR X 8LIKVIIH]LE[OWXSpPP GMXM^IR 2SQSVI EWLE RSXPSZI FYX2IPP-[MPPLEZI &YX-[SYPHFIMREKSSHLSYWI 6EJIHSEZIV]RSXEFPIQEXXIVRS[XSXLIIXIVREP %RHLEZIEKSSHQEWXIVXSS LSRSYVERHKPSV]SJEPPKVSGIVW7MVVEL]SYXLIVI &YX-[SYPHIEXERHHVMROSJXLIFIWX FS]'ERRSRISJ]SYLIEV# %RHRS[SVO[SYPH-HS
GPSWI LMHHIR GSRNYVI TIVJSVQXLIXVMGO XYRI QSSH pXXIH JYVRMWLIH r ;LSGEREKVSEX# EGEXGLJVSQ6EZIRWGVSJX W 4EQQIPME HIRMIV *VIRGLGSMRSJZIV]WQEPPZEPYI LERK HMWQMWWEPP GPSEOFEK TSVXQERXIEY
TLMPSWSTLIV WWXSRI XLIWXSRI[LMGLMREPGLIQ]LIEPW [SYRHWXYVRWFEWIQIXEPWMRXSKSPHERHTVSPSRKWPMJI GEXGL WSRKWYRKEWEVSYRH WMRKXLMWGEXGL XLIWI[SVHWEVIWPMKLXP]WITEVEXIHJVSQ XLITVIGIHMRKDGSQI MR5rERHWSQIIHWTVIWIRXXLIQ EWEWXEKIHMVIGXMSR r ,SLSRIIH- EGEXGLJVSQ4EQQIPME GSYRXIRERGI JEZSYV WXVMOIWXVSOI LEZIQ]WE]
XLIORMKLXSJXLIFYVRMRKTIWXPI )RXIVFS] FS] 7MV]SYVTPIEWYVI# GMXM^IR 0IX6EJIGSQISYXSR1E](E]MRXLI QSVRMRKERHWTIEOYTSREGSRHYMX[MXLEPPLMWWGEVJW EFSYXLMQERHLMWJIEXLIVWERHLMWVMRKWERHLMW OREGOW FS] ;L]WMV]SYHSRSXXLMROSJSYVTPSX;LEX[MPP FIGSQISJXLEXXLIR# GMXM^IR ;L]WMV-GEVIRSX[LEXFIGSQISR X- PPLEZI LMQGSQISYXSV- PPJIXGLLMQSYXQ]WIPJ- PPLEZI WSQIXLMRKHSRIMRLSRSYVSJXLIGMX]&IWMHIWLI LEXLFIIRPSRKIRSYKLYTSREHZIRXYVIW&VMRKLMQ SYXUYMGOP]SVMJ-GSQIMREQSRKWX]SY FS] ;IPPWMVLIWLEPPGSQISYX&YXMJSYVTPE] QMWGEVV]WMV]SYEVIPMOIXSTE]JSV X )\MXFS] GMXM^IR &VMRKLMQE[E]XLIR [MJI 8LMW[MPPFIFVEZIM JEMXL +ISVKIWLEPPRSXLI HERGIXLIQSVVMWXSSJSVXLIGVIHMXSJXLI7XVERH# GMXM^IR 2SW[IIXLIEVXMX[MPPFIXSSQYGLJSVXLIFS] )RXIVVEJI 3LXLIVILIMW2IPP LI WVIEWSREFPI[IPPMRVITEVIP FYXLILEWRSXVMRKWIRSYKL VEJI 0SRHSRXSXLII-HSTVIWIRXXLIQIVV]QSRXLSJ 1E] 0IXIEGLXVYIWYFNIGXFIGSRXIRXXSLIEVQI[LEX-WE] *SVJVSQXLIXSTSJGSRHYMXLIEHEWTPEMRP]QE] ETTIEV -[MPPFSXLXIPPQ]REQIXS]SYERH[LIVIJSVI-GEQI LIVI 1]REQIMW6EJIF]HYIHIWGIRXXLSYKLRSXMKRSFPI - =IXJEVMRJIVMSVXSXLIqSGOSJKVEGMSYWKVSGIV] %RHF]XLIGSQQSRGSYRWIPSJQ]JIPPS[WMRXLI 7XVERH ;MXLKMPHIHWXEJJERHGVSWWIHWGEVJXLI1E]0SVH LIVI-WXERH 6INSMGISL)RKPMWLLIEVXWVINSMGI VINSMGISLPSZIVW HIEV 6INSMGISLGMX]XS[RERHGSYRXV] VINSMGIIOIIZIV] WLMVI
1E](E] XLIJIWXMZEPSJWTVMRK[MXLJIWXMZMXMIWWTIIGLIW HERGMRKERHWSRK%KSSHEGGSYRXGERFIJSYRHMR4LMPMT 7XYFFIW W8LI%REXSQ]SJ%FYWIW 'L\MMM GSRHYMX JSYRXEMRGMWXIVR r WGEVJWEFSYXLMWOREGOW XLIEGGSYXVIQIRXWSJ 1SVVMWHERGMRK r 0SRHSRXS-GIEWI [VMXXIRMRPMRIWSJJSYVXIIR W]PPEFPIWEWETEVSH]SJ1E](E]WTIIGLIWERHTSWWMFP] L]QRFSSOW 1]REQIMKRSFPI- TEVSHMIWXLIWTIIGLF]XLI+LSWX SJ(SR%RHVIEMR8LI7TERMWL8VEKIH]-MrF] 8LSQEW/]H KMPHIHWXEJJERHGVSWWIHWGEVJ W]QFSPWSJXLI1E]0SVH W EYXLSVMX]
*SVRS[XLIJVEKVERXqS[IVWHSWTVMRKERHWTVSYXMR WIIQP]WSVX 8LIPMXXPIFMVHWHSWMXERHWMRKXLIPEQFWHSQEOI pRIWTSVX %RHRS[XLIFMVGLIRXVIIHSXLFYHXLEXQEOIWXLI WGLSSPFS]GV] 8LIQSVVMWVMRKW[LMPILSFF]LSVWIHSXLJSSXMX JIEXISYWP] 8LIPSVHWERHPEHMIWRS[EFVSEHJSVXLIMVHMWTSVXERH TPE] (SOMWWWSQIXMQIWYTSRXLIKVEWWERHWSQIXMQIWMR XLILE] 2S[FYXXIV[MXLEPIEJSJWEKIMWKSSHXSTYVKIXLI FPSSH *P]:IRYWERHTLPIFSXSQ]JSVXLI]EVIRIMXLIVKSSH 2S[PMXXPIpWLSRXIRHIVWXSRIFIKMRXSGEWXXLIMV FIPPMIW %RHWPYKKMWLWREMPWXLEXIVWX[IVIQYXIHSGVIITSYX SJXLIMVWLIPPMIW 8LIVYQFPMRKVMZIVWRS[HS[EVQJSVPMXXPIFS]WXS TEHHPI 8LIWXYVH]WXIIHRS[KSIWXSKVEWWERHYTXLI]LERK LMWWEHHPI 8LILIEZ]LEVXXLIFIPPS[MRKFYGOXLIVEWGEPERH XLITVMGOIX %VIRS[EQSRKXLI]ISQER WTIEWERHPIEZIXLI JIEVJYPXLMGOIX %RHFIPMOIXLIQSL]SY-WE]SJXLMWWEQIRSFPI XS[R %RHPMJXEPSJX]SYVZIPZIXLIEHWERHWPMTTMRKSJJ]SYV KS[R ;MXLFIPPWSRPIKWERHRETOMRWGPIERYRXS]SYV WLSYPHIVWXMIH
FMVGLIRXVII XLIFVERGLIWSJXLIFMVGL[IVIYWIHJSV GSVTSVEPTYRMWLQIRX LSFF]LSVWI E[SSHIRJVEQIXLEXEPPS[IHHERGIVWXS TVIXIRHXSFILSVWIW-XFIGEQIETVMRGMTEPJSGYWSJ 4YVMXEREXXEGOWSR1E](E]GIPIFVEXMSRWFIGEYWISJXLI WI\YEPW]QFSPMWQSJMXWVSGOMRKQSXMSR JIEXISYWP] RMQFP] FYXXIV XLSYKLXXSXEOISRQIHMGMREPTVSTIVXMIWHYVMRK XLIWTVMRK :IRYWERHTLPIFSXSQ] WI\YEPMRXIVGSYVWI LIVI VITVIWIRXIHF]XLIGPEWWMGEPKSHHIWWSJPSZI ERHFPSSH PIXXMRK TLPIFSXSQ] [IVIFSXLFIPMIZIHXS[IEOIRXLI FSH] GEWXXLIMVFIPPMIW WTE[R WREMPW FIPMIZIHXSXVEGIXLIPSZIV WREQIMRXLIEWLIWSJE LIEVXL IVWX JSVQIVP] VEWGEP ]SYRKSVMRJIVMSVHIIVMRELIVH TVMGOIX X[S]IEVSPHFYGO ZIPZIXLIEHW E XLIRI[ERXPIVWSJHIIV F XLIERXPIVWSJE RI[GYGOSPH r FIPPWSRERHKEVXIVW QSVI1SVVMWHERGIV W EGGSYXVIQIRXW
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%GX:
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FEXXPIVE] FEXXPIJSVQEXMSR TSQTSYW GIVIQSRMEP NIVOMR NEGOIXSVWLSVXGSEX LSYWI XLIEXVI JVIIHSQ VEROSJJVIIQERMRXLI+VSGIVW 'SQTER] HSYFPI]SYVpPIW GSQFMRI]SYVX[SVEROW REVVS[P] GPSWIP] WIVZMGI QERYZVIW XEOI VITVILIRH WGSYVMRKWXMGO GERIYWIHJSVGPIEVMRKXLIFEVVIPSJEKYR [EVH HIXEGLQIRXSJXLIQMPMXME r FIEXXLIVIEVYT VSYRHYT[MXLEVSPPSJXLIHVYQW %RGMIRX IRWMKRFIEVIV
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8MW[MXLXLI[IEOIWX4YXQSVIWXVIRKXL;MPPMEQ ,EQIVXSRQSVIWXVIRKXL%W]SY[IVIEKEMR 4VSGIIH7IVKIERX WIVKIERX +ISVKI+VIIRKSSWITSYPXIVIV KVIIRKSSWI ,IVI VEJI 0IXQIWII]SYVTMIGIRIMKLFSYV+VIIRKSSWI [LIR[EWWLIWLSXMR# KVIIRKSSWI %R XPMOI]SYQEWXIVGETXEMR-QEHIE WLSXIZIRRS[TEVXP]XSWGSYVLIVERHTEVXP]JSV EYHEGMX] VEJI -XWLSYPHWIIQWSGIVXEMRP]JSVLIVFVIEXLMW]IX MRqEQIH FIWMHIWXLIVIMWEQEMRJEYPXMRXLIXSYGL LSPIMXVYRWERHWXMROIXL ERH-XIPP]SYQSVISZIV ERHFIPMIZIMXXIRWYGLXSYGLLSPIW[SYPHFVIIHXLI TS\MRXLIEVQ]+IX]SYEJIEXLIVRIMKLFSYVKIX ]SYEJIEXLIVW[IIXSMPERHTETIVERH]SYVTMIGI QE]HS[IPPIRSYKL]IX;LIVI W]SYVTS[HIV# KVIIRKSSWI ,IVI VEJI ;LEXMRETETIV#%W-EQEWSPHMIVERHE KIRXPIQERMXGVEZIWEQEVXMEPGSYVX=SYSYKLXXSHMI JSV X;LIVI W]SYVLSVR#%RW[IVQIXSXLEX KVIIRKSSWI %R XPMOI]SYWMV-[EWSFPMZMSYW VEJI -XPMOIWQIRSX]SYWLSYPHFIWS XMWEWLEQIJSV ]SYERHEWGERHEPXSEPPSYVRIMKLFSYVWFIMRKEQER SJ[SVXLERHIWXMQEXMSRXSPIEZI]SYVLSVRFILMRH ]SY -EQEJVEMH X[MPPFVIIHI\EQTPI&YXPIXQIXIPP ]SYRSQSVISR X7XERHXMPP-ZMI[]SYEPP ;LEX WFIGSQIS XLRSWISJ]SYVqEWO# WSPHMIV -RHIIHPEGETXEMR X[EWFPS[RE[E][MXL TS[HIV VEJI 4YXSRERI[SRIEXXLIGMX] WGLEVKI;LIVI W
;LMXIGLETIP ETEVMWLXSXLIIEWXSJ%PHKEXIORS[RJSV MXWFYXGLIVW WLSTW QYWXIV VSPP GSVWPIX EVQSYVGSZIVMRKXLIFSH] 7TERMWLTMOI DTVSFEFP]WYTIVMSVXSXLI)RKPMWL /MRRI] WLEOIMX [MXLWI\YEPGSRRSXEXMSR TMIGI KYR FYX[MXLWI\YEPGSRRSXEXMSR r XSYGLLSPI XLIMKRMXMSRLSPIMRXLIFVIIGLSJEKYR FYXEW[MXLQSWXSJXLIXIGLRMGEPPERKYEKIMRXLMWWGIRI [MXLEWI\YEPGSRRSXEXMSR TS\ W]TLMPMW JIEXLIVW[IIXSMPERHTETIV QEXIVMEPWJSVGPIERMRKEKYR LSVR E TS[HIVLSVR F GYGOSPH WLSVR SFPMZMSYW JSVKIXJYP
JVERGMWFIEYQSRX XLIWXSRISJXLMWTMIGI# WSPHMIV 8LIHVYQQIVXSSOMXSYXXSPMKLXXSFEGGS VEJI 8MWEJEYPXQ]JVMIRH TYXMXMREKEMR=SY[ERX ERSWIERH]SYEWXSRI7IVKIERXXEOIERSXISR X JSV-QIERXSWXSTMXMRXLITE]6IQSZIERH QEVGL7SJXERHJEMVKIRXPIQIRWSJXERHJEMV (SYFPI]SYVpPIW%W]SY[IVI*EGIWEFSYX2S[ ]SY[MXLXLIWSHHIRJEGIOIITMRXLIVI0SSOXS]SYV QEXGLWMVVELMX[MPPFIMR]SYVJIPPS[ WqEWOERSR 7SQEOIEGVIWGIRXRS[ EHZERGI]SYVTMOIW WXERH ERHKMZIIEV+IRXPIQIRGSYRXV]QIRJVMIRHWERH Q]JIPPS[WSPHMIVW-LEZIFVSYKLX]SYXLMWHE]JVSQ XLIWLSTWSJWIGYVMX]ERHXLIGSYRXIVWSJGSRXIRXXS QIEWYVISYXMRXLIWIJYVMSYWpIPHWLSRSYVF]XLIIPP ERHTVS[IWWF]XLITSYRH0IXMXRSXSLPIXMXRSX- WE]FIXSPHLIVIEJXIVXLIRSFPIMWWYISJXLMWGMX] JEMRXIHFYXFIEV]SYVWIPZIWMRXLMWJEMVEGXMSRPMOI QIRZEPMERXQIRERHJVIIQIR*IEVRSXXLIJEGISJ XLIIRIQ]RSVXLIRSMWISJXLIKYRWJSVFIPMIZIQI FVIXLVIRXLIVYHIVYQFPMRKSJEFVI[IV WGEVMWJEV QSVIXIVVMFPISJ[LMGL]SYLEZIEHEMP]I\TIVMIRGI RIMXLIVPIXXLIWXMROSJTS[HIVSJJIRH]SYWMRGIE QSVIZEPMERXWXMROMWRMKLXP][MXL]SY8SEVIWSPZIH QMRHLMWLSQIMWIZIV][LIVI-WTIEORSXXLMWXSXEOI E[E]XLILSTISJ]SYVVIXYVR JSV]SYWLEPPWII-HS RSXHSYFXMXERHXLEXZIV]WLSVXP]]SYVPSZMRK[MZIW EKEMRERH]SYVW[IIXGLMPHVIR[LSWIGEVIHSXLFIEV ]SYGSQTER]MRFEWOIXW6IQIQFIVXLIR[LSWI GEYWI]SYLEZIMRLERHERHPMOIEWSVXSJXVYIFSVR WGEZIRKIVWWGSYVQIXLMWJEQSYWVIEPQSJIRIQMIW- LEZIRSQSVIXSWE]FYXXLMW WXERHXS]SYVXEGOPMRKW PEHWERHWLS[XSXLI[SVPH]SYGEREW[IPPFVERHMWL EW[SVHEWWLEOIERETVSR7EMRX+ISVKIERHSRQ] LIEVXW SQRIW 7EMRX+ISVKI7EMRX+ISVKI [MJI 8[EW[IPPHSRI6EJI- PPWIRHXLIIEGSPHGETSR EpIPHERHEFSXXPISJ1EVGLFIIV ERHMXQE]FI GSQIQ]WIPJXSWIIXLII
WXSRI E qMRX F XIWXMGPI [ERX PEGO EPWSMQTP]MRKXLIIJJIGXWSJW]TLMPMW WSHHIRJEGI E HVYROIR F WYJJIVMRKXLIIJJIGXWSJXLI W[IEXMRKXYFXVIEXQIRXJSVW]TLMPMW QEXGL JYWIJSVMKRMXMRKQYWOIX r WXERHERHQ]LIEVXW 6EJI WI\LSVXEXMSRXSLMW WSPHMIVWTEVSHMIWXLEXSJ6MGLEVHXSLMWXVSSTWMR 7LEOIWTIEVI W6MGLEVH--- :ZMr IGLSIWE RYQFIVSJSXLIVTVIFEXXPIWTIIGLIWMRXLILMWXSV]TPE]W ERHGSRXEMRWWSQISJXLIVLIXSVMGEPJIEXYVIWSJ%RXSR] W WTIIGLMR.YPMYW'EIWEV r ---MMr IPP EQIEWYVISJJSVX]pZIMRGLIW ZEPMERXWXMRO ERSXLIVVIJIVIRGI[MXLWI\YEP GSRRSXEXMSRW FEWOIXW MISJTVSZMWMSRW WSVX GSQTER] XEGOPMRKW E [IETSRW F KIRMXEPW 1EVGLFIIV WXVSRKFIIV FVI[IHIEVP]MRXLIWIEWSR
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XLIORMKLXSJXLIFYVRMRKTIWXPI SPHQIVV]XLSYKLX %QIVV]KLSWXEZIV]QIVV] KLSWX 7MRKW %RH[LIVIMW]SYVXVYIPSZI3L[LIVIMW ]SYVW# NEWTIV 1EVV]PSSO]SYWMV ,IEZIWYTXLI'SJpRERHPYGIGPMQFWSYX SPHQIVV]XLSYKLX %LLE%VXXLSYKSSHEXXLEX M JEMXL# 7MRKW ;MXLLI]XVM\]XIVPIV][LMWOMR 8LI[SVPHMXVYRWSR[LIIPW ;LIRXLI]SYRKQER W 9TKSIWXLIQEMHIR WLIIPW
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*YVXLIVVIEHMRK )HMXMSRW %HEQW6SFIVX1 IH &IR.SRWSR W4PE]WERH1EWUYIW 8I\XWSJXLI4PE]WERH1EWUYIW.SRWSRSRLMW;SVO 'SRXIQTSVEV]6IEHIVWSR.SRWSR'VMXMGMWQ2I[=SVO 2= ;;2SVXSRERH'SQTER] &IEYVPMRI0% IH &IR.SRWSR )TMGSIRISV8LI7MPIRX ;SQER6IKIRXW6IREMWWERGI(VEQE7IVMIW0SRHSR )H[EVH%VRSPH (YXXSR6MGLEVH IH )TMGSIRISV8LI7MPIRX;SQER 8LI6IZIPW4PE]W1ERGLIWXIV 1ERGLIWXIV9RMZIVWMX]4VIWW +MJJSVH; IH 8LI;SVOWSJ&IR.SRWSRZSPRSXIW F]*VERGMW'YRRMRKLEQ0SRHSR &MGOIVWERH7SR,IRV] 7SXLIVERERH'S ,IVJSVH',ERH7MQTWSR4IVG] IHW &IR.SRWSR ZSPZ GSVVIGXIHZIVWMSRSJ IHMXMSR 3\JSVH 'PEVIRHSR4VIWW ,I][EVH&VSGO( IH 8LI;SVOIWSJ&IRNEQMR .SRWSRJEGWMQMPIIHMXMSR0SRHSR 7GSPEV4VIWW
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
'VMXMGEPERHGSRXI\XYEPGSQQIRXEVMIW %]IVW4/ D(VIEQWSJXLI'MX] 8LI9VFERERHXLI 9VFERIMR.SRWSR W)TMGSIRI 4LMPSPSKMGEP5YEVXIVP] r &EVMWL.SREW% &IR.SRWSRERHXLI0ERKYEKISJ4VSWI 'SQIH]'EQFVMHKI1% ,EVZEVH9RMZIVWMX]4VIWW &EVXSR%RRI &IR.SRWSR(VEQEXMWX'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW &SILVIV&VYGI8 D)TMGSIRI'LEVMZEVM7OMQQMRKXSR )RKPMWL7XYHMIW r (SREPHWSR-ER 8LI;SVPH9TWMHI(S[R 'SQIH]JVSQ .SRWSRXS*MIPHMRK3\JSVH 'PEVIRHSR4VIWW IH &IR.SRWSR3\JSVH 3\JSVH9RMZIVWMX]4VIWW (YXXSR6MGLEVH &IR.SRWSR 8SXLI*MVWX*SPMS 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW +MFFSRW&VMER .EGSFIER'MX]'SQIH]RHIHMXMSR 0SRHSR 1IXLYIR .SRIW)QV]W D8LI*MVWX;IWX)RH'SQIH] 4VSGIIHMRKWSJXLI&VMXMWL%GEHIQ] r /RETT4IKK] D&IR.SRWSRERHXLI4YFPMGOI6MSX &IR .SRWSR W'SQIHMIW MR(EZMH7GSXX/EWXERERH4IXIV 7XEPP]FVEWW IHW 7XEKMRKXLI6IREMWWERGI 6IMRXIVTVIXEXMSRWSJ )PM^EFIXLERERH.EGSFIER(VEQE0SRHSR 6SYXPIHKI /RMKLXW0' (VEQEERH7SGMIX]MRXLI%KISJ.SRWSR 0SRHSR 'LEXXSERH;MRHYW 0ERMIV(SYKPEW D1EWGYPMRI7MPIRGI )TMGSIRIERH .SRWSRMER7X]PMWXMGW 'SPPIKI0MXIVEXYVI r 0IZMRI0EYVE 1IRMR;SQIR W'PSXLMRK %RXM 8LIEXVMGEPMX]ERH)JJIQMRM^EXMSR r'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 1MPPEVH&EVFEVE' Dl%R%GGITXEFPI:MSPIRGIz 7I\YEP 'SRXIWXMR.SRWSR W)TMGSIRI 1IHMIZEPERH6IREMWWERGI (VEQEMR)RKPERH r 1MVEFIPPM4LMPMT D7MPIRGI;MXERH;MWHSQMR8LI 7MPIRX;SQER 7XYHMIWMR)RKPMWL0MXIVEXYVIr r 2I[QER/EVIR D'MX]8EPO ;SQERERH 'SQQSHMpGEXMSR )TMGSIRI MR(EZMH7GSXX/EWXER ERH4IXIV7XEPP]FVEWW IHW 7XEKMRKXLI6IREMWWERGI 6IMRXIVTVIXEXMSRWSJ)PM^EFIXLERERH.EGSFIER(VEQE 0SRHSR 6SYXPIHKI 4EVXVMHKI)H[EVH VITVMRXIH 8LI&VSOIR'SQTEWW %7XYH]SJXLI1ENSV'SQIHMIWSJ&IR.SRWSR;IWXTSVX'8 +VIIR[SSH4VIWW 4IPPMRK1EVKEVIX D%TTIEVERGIERH6IEPMX] &EVFIV WYVKISRWXLI&SH]ERH(MWIEWI MR%0&IMIVERH6SKIV
FIRNSRWSR *MRPE] IHW 0SRHSRr 8LI1EOMRKSJXLI 1IXVSTSPMW0SRHSR 0SRKQER 7EPMRKEV0IS D*EVGIERH*EWLMSRMR8LI7MPIRX;SQER MR(VEQEXMG*SVQMR7LEOIWTIEVIERHXLI.EGSFIERW 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW 7[ERR1EVNSVMI D6IJEWLMSRMRK7SGMIX]MR&IR.SRWSR W )TMGSIRI 7XYHMIWMR)RKPMWL0MXIVEXYVIr r ;SQEGO4IXIV &IR.SRWSR3\JSVH &PEGO[IPP
;SVOWSJVIPEXIHMRXIVIWX &IR.SRWSR)ZIV]1ERMR,MW,YQSYV ,IRV]4SVXIV8LI8[S%RKV];SQIRSJ%FMRKXSR 8LSQEW(IOOIV7EXMVSQEWXM\ .SLR1EVWXSR8LI(YXGL'SYVXIWER 8LSQEW1MHHPIXSR%8VMGOXS'EXGLXLI3PH3RI &IR.SRWSR:SPTSRI &IR.SRWSR8LI%PGLIQMWX 8LSQEW1MHHPIXSRERH8LSQEW(IOOIV8LI6SEVMRK+MVP 8LSQEW1MHHPIXSR%'LEWXI1EMHMR'LIETWMHI &IR.SRWSR&EVXLSPSQI[*EMV 4LMPMT1EWWMRKIV8LI'MX]1EHEQ
)TMGSIRISV8LI7MPIRX;SQER
8SXLI8VYP]2SFPIF]%PP8MXPIW 7MV*VERGMW7XYEVX
8LI4IVWSRWSJXLI4PE]
7MV 1]LSTIMWRSXWSRSYVMWLIHF]I\EQTPIEWMX[MPP GSRGPYHIXLMWHYQFTMIGIWLSYPHTPIEWI]SYF]GEYWIMX LEXLTPIEWIHSXLIVWFIJSVIFYXF]XVYWXXLEX[LIR]SY LEZIVIEHMX]SY[MPPpRHMX[SVXL]XSLEZIHMWTPIEWIH RSRI8LMWQEOIWXLEX-RS[RYQFIV]SYRSXSRP]MR XLIREQIWSJJEZSYVFYXXLIREQIWSJNYWXMGIXS[LEX- [VMXI ERHHSTVIWIRXP]GEPP]SYXSXLII\IVGMWISJXLEX RSFPIWXERHQERPMIWXZMVXYI EWGSZIXMRKVEXLIVXSFI JVIIHMRQ]JEQIF]XLIEYXLSVMX]SJENYHKIXLERXLI GVIHMXSJERYRHIVXEOIV6IEHXLIVIJSVI-TVE]]SYERH GIRWYVI8LIVIMWRSXEPMRISVW]PPEFPIMRMXGLERKIH JVSQXLIWMQTPMGMX]SJXLIpVWXGST]%RH[LIR]SY WLEPPGSRWMHIVXLVSYKLXLIGIVXEMRLEXVIHSJWSQILS[ QYGLEQER WMRRSGIRG]QE]FIIRHERKIVIHF]ER YRGIVXEMREGGYWEXMSR]SY[MPP-HSYFXRSXWSFIKMRXS LEXIXLIMRMUYMX]SJWYGLREXYVIWEW-WLEPPPSZIXLI GSRXYQIP]HSRIQI[LSWIIRH[EWWSLSRSYVEFPIEWXS FI[MTIHSJJF]]SYVWIRXIRGI =SYVYRTVSpXEFPIFYXXVYIPSZIV FIRNSRWSR
HEYTLMRIIYKIRMIEORMKLXLMWRITLI[
7MV*VERGMW7XYEVX DEPIEVRIHKIRXPIQER SRISJXLI JEWLMSREFPIDLIVSIWERH[MXW .SLR%YFVI]&VMIJ0MZIW -- [LSQIXEXXLI1IVQEMHXEZIVR LI[EW KVERHWSRSJ1EV]5YIIRSJ7GSXW WLEPJFVSXLIV.EQIW I\EQTPI MIGSQTEVEXMZIMRWXERGIWJVSQXLITEWX HYQFTMIGI E WMPIRXTPE] FIGEYWIMXWTIVJSVQERGILEH FIIRWYTTVIWWIHF]XLIEYXLSVMXMIW F WMPIRX[SQER HITVIGMEXSV] DTMIGI WYKKIWXWE[SQEREWEWI\YEPSFNIGX F]GEYWI FIGEYWI QEOIW QIERW TVIWIRXP] RS[ JEQI VITYXEXMSR YRHIVXEOIV KYEVERXSV EPWSTSPMXMGEPDp\IV GIRWYVI NYHKI WMQTPMGMX] WXVEMKLXJSV[EVHRIWW EGGYWEXMSR MIXLEX)TMGSIRIGSRXEMRIHEREPPYWMSRXSXLI IRKEKIQIRXXLEXXLIFSKYW4VMRGISJ1SPHEZMEGPEMQIH LILEHIRXIVIHMRXS[MXL0EH]%VFIPPE7XYEVX.EQIW- W GSYWMR WIIWIGSRHTVSPSKYIFIPS[ERH:MR
QSVSWIEKIRXPIQERXLEXPSZIWRSRSMWI GPIVMQSRXEKIRXPIQERLMWJVMIRH XVYI[MXERSXLIVJVMIRH ITMGSIRIE]SYRKKIRXPIQERWYTTSWIHXLIWMPIRX[SQER NSLRHE[EORMKLXLIVWIVZERX EQSVSYWPEJSSPIEORMKLXEPWS XLSQEWSXXIVEPERHERHWIEGETXEMR GYXFIEVHEFEVFIV QYXISRISJ1SVSWILMWWIVZERXW QEHEQILEYKLX] QEHEQIGIRXEYVI QMWXVIWWQEZMW
⎫ ⎪ ⎬PEHMIWGSPPIKMEXIW ⎪ ⎭
QSVSWI TIIZMWLWXYFFSVRJVIXJYP JVSQ0EXMRQSVSWYW HEYTLMRIIYKIRMI D[IPPFSVRLIMV JVSQ+VIIO ευγενιος: [IPPFSVR ERHHEYTLMR XMXPISJOMRKSJ*VERGI WIPHIWX WSR 8LIJIQMRMWMRKSJDHEYTLMR F]XLIEHHMXMSRSJXLI pREPDI MWMRHMGEXMZISJXLIDITMGIRI REXYVISJXLMWGLEVEGXIV XLIWEQIGERFIWEMHSJFSXL0E*SSPI WERH1EHEQI 'IRXEYVI WREQIWD)YKIRMI EPWSWYKKIWXW*VIRGLK¦RMI [MX 8LIGSRRIGXMSR[MXLXLI*VIRGLMWWMKRMp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
FIRNSRWSR QMWXVIWWXVYWX]XLI0EH],EYKLX] W[SQER ⎫ ⎬TVIXIRHIVW QMWXVIWWSXXIVXLI'ETXEMR W[MJI ⎭ 4EVWSR4EKIW7IVZERXW1YWMGMERW 8LIWGIRI PSRHSR
4VSPSKYI 8VYXLWE]WSJSPHXLIEVXSJQEOMRKTPE]W ;EWXSGSRXIRXXLITISTPIERHXLIMVTVEMWI ;EWXSXLITSIXQSRI][MRIERHFE]W &YXMRXLMWEKIEWIGXSJ[VMXIVWEVI 8LEXSRP]JSVTEVXMGYPEVPMOMRKWGEVI %RH[MPPXEWXIRSXLMRKXLEXMWTSTYPEV ;MXLWYGL[IQMRKPIRIMXLIVFVEMRWRSVFVIEWXW 3YV[MWLIWPMOIXSXLSWIQEOITYFPMGJIEWXW %VIRSXXSTPIEWIXLIGSSOW XEWXIWFYXXLIKYIWXW =IXMJXLSWIGYRRMRKTEPEXIWLMXLIVGSQI 8LI]WLEPPpRHKYIWXW IRXVIEX]ERHKSSHVSSQ %RHXLSYKLEPPVIPMWLRSXWYVIXLIVI[MPPFIWSQI 8LEX[LIRXLI]PIEZIXLIMVWIEXWWLEPPQEOI IQWE] ;LS[VSXIXLEXTMIGIGSYPHWSLEZI[VSXIETPE] &YXXLEXLIORI[XLMW[EWXLIFIXXIV[E] *SVXSTVIWIRXEPPGYWXEVHSVEPPXEVX %RHLEZIRSSXLIVQIEXWXSFIEVETEVX 3VXS[ERXFVIEHERHWEPX[IVIFYXGSEVWIEVX 8LITSIXTVE]W]SYXLIR[MXLFIXXIVXLSYKLX 8SWMXERH[LIRLMWGEXIWEVIEPPMRFVSYKLX 8LSYKLXLIVIFIRSRIJEVJIXXLIVI[MPPHIEVFSYKLX &IpXJSVPEHMIW WSQIJSVPSVHWORMKLXWWUYMVIW
r TVIXIRHIVW GPEMQERXWEWTMVERXW XSQIQFIVWLMTSJXLI PEHMIW GSPPIKI r XLIEVXTISTPI IGLSMRKXLISTIRMRKPMRIWSJXLI TVSPSKYIXS%RHVMEF]XLI6SQERGSQMGTSIX 8IVIRGI FE]W JEQI JVSQ[VIEXLSJFE]PEYVIPKMZIRXSTSIXW r WIGXTEVXMGYPEVPMOMRKW TIVLETWEREPPYWMSRXS TPE][VMKLXW WYGLEW1EVWXSRERH'LETQER [LS[VSXI SRP]JSVXLIDTEVXMGYPEVPMOMRKW WTIGMEPXEWXIW SJXLI TVMZEXIXLIEXVIEYHMIRGIW .SRWSRLMQWIPJ[VSXIJSVFSXL TVMZEXIERHTYFPMGTPE]LSYWIW WII-RXVSHYGXMSR XLSWIQEOI XLSWI[LSQEOI GYRRMRK PIEVRIHI\TIVX IRXVIEX] IRXIVXEMRQIRX EPPVIPMWLRSX RSXIZIV]XLMRKMWXSXLIMVXEWXI GYWXEVH STIRTMISJJVYMXSVQIEXGSZIVIH[MXLEWTMGIH ERHW[IIXIRIHQM\XYVISJFVSXLSVQMPOERHIKKW QIEXW HMWLIW GEXIW JSSHIWTIGMEPP]HIPMGEGMIW r RSRIPEHMIW TVSZIVFMEP DHIEVFSYKLXERHJEVJIXGLIH EVIHEMRXMIWJSVPEHMIW 8MPPI] H
7SQIJSV]SYV[EMXMRK[IRGLERHGMX][MVIW 7SQIJSV]SYVQIRERHHEYKLXIVWSJ;LMXIJVMEVW 2SVMWMXSRP][LMPI]SYOIIT]SYVWIEX ,IVIXLEXLMWJIEWX[MPPPEWXFYX]SYWLEPPIEX %[IIOEXSVH REVMIWSRLMWFVSOIRQIEX -JLMWQYWIFIXVYI ;LSGSQQIRHWLIVXS]SY
%RSXLIVSGGEWMSRIHF]WSQI TIVWSR WMQTIVXMRIRXI\GITXMSR 8LIIRHWSJEPP[LSJSVXLIWGIRIHS[VMXI %VISVWLSYPHFIXSTVSpXERHHIPMKLX %RHWXMPP XLEXLFIIRXLITVEMWISJEPPFIWXXMQIW 7STIVWSRW[IVIRSXXSYGLIHXSXE\XLIGVMQIW 8LIRMRXLMWTPE][LMGL[ITVIWIRXXSRMKLX %RHQEOIXLISFNIGXSJ]SYVIEVERHWMKLX 3RJSVJIMXSJ]SYVWIPZIWXLMRORSXLMRKXVYI 0IWXWS]SYQEOIXLIQEOIVXSNYHKI]SY *SVLIORS[WTSIXRIZIVGVIHMXKEMRIH &][VMXMRKXVYXLWFYXXLMRKW PMOIXVYXLW [IPP JIMKRIH -JER]]IX[MPP [MXLTEVXMGYPEVWPIMKLX 3JETTPMGEXMSR [VIWX[LEXLIHSXL[VMXI %RHXLEXLIQIERXSVLMQSVLIV[MPPWE] 8LI]QEOIEPMFIP[LMGLLIQEHIETPE]
GMX][MVIW JEWLMSREFPIGMX][SQIR [MVIW[IVIYWIHXS WYTTSVXXLIMVVYJJWERHLEMV ;LMXIJVMEVW EVIJIVIRGIXSXLIXLIEXVIMR[LMGL)TMGSIRI [EWTIVJSVQIH EPWSXLIEVIEMR[LMGLXLIXLIEXVI[EW PSGEXIHRSXSVMSYWEWEVIJYKIJSVXLMIZIWERHTVSWXMXYXIW WMRGIMX[EWSYXWMHIXLINYVMWHMGXMSRSJXLIGMX]EYXLSVMXMIW SVH REVMIW IEXMRKLSYWIW FVSOIRQIEX JVEKQIRXWSJJSSHPIJXEJXIVEQIEP LIV MILIVWIPJ SGGEWMSRIHI\GITXMSR WII(IHMGEXMSRPR WGIRI WXEKI r 8LIIRHWHIPMKLX JEQSYW,SVEXMERQE\MQ %VW 4SIXMGEr WXMPP EP[E]W 7S EWPSRKEW XSYGLIH EGGYWIH 7SGVMQIW QE\MQJVSQ1EVXMEP)TMKVEQW<\\\MMM XVYI VIEPVIPEXMRKXSEREGXYEPIZIRX QEOIV TSIX PMXIVEPQIERMRKSJ+VIIO ποιητης r TSIXJIMKRIH JVSQ,SVEGI%VW4SIXMGE ETTPMGEXMSR MRXIVTVIXMRKTPE]SVPMXIVEV]XI\XEWVIJIVVMRK XSVIEPGSRXIQTSVEV]IZIRXWERHTISTPI ETSTYPEV TEWXMQISJ0SRHSREYHMIRGIW SVSV IMXLIVSV
ITMGSIRISVXLIWMPIRX[SQER
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WH QEOMRKVIEH] HVIWWMRK TIVJIGX MITIVJIGXP]QIQSVMWIH HERKIVSYWTSIX FIGEYWITSIXW MRGPYHMRK TPE][VMKLXW WEXMVMWIHXLIMVJSPPMIWXLI][IVIVIKEVHIH [MXLWGSVR D,IMWYTFVEMHMRKP]GEPPIHETSIXEWMJMX[IVI EQSWXGSRXIQTXMFPIRMGOREQI .SRWSR(MWGSZIVMIW PP rT MR(SREPHWSR [SX ORS[ EVKYQIRX WYFNIGX YRHIV PIWWXLER [MXLWI\YEPTYR WIIDMRKPI P ER MJ MRRSGIRX WMQTPIXSR EPWSGLMPH JEMR SFPMKIH r PIWX-VYWLIW MIMRGEWI]SYKEMRWI\YEPQEXYVMX]XSS IEVP]'PIVMQSRXWYKKIWXWXLMWF]VIJIVVMRKXSXLI FVIEOMRK ERHXLYWPS[IVMRK SJXLIFS] WZSMGI[LIRMX [SYPHFIJSYRHDMRQ]PEH] WVYWLIW MIEXqSSVPIZIP VYWLIW[IVIYWIHEWEqSSVGSZIVMRK ,MWZSMGIMW WMKRMpGERXFIGEYWILIWMRKWERH'PIVMQSRXHSIWRSX [MWLLMQXSPSWILMWXVIFPI8LITLVEWIEPWSLEWSFZMSYW WI\YEPGSRRSXEXMSRW EFVSEH E[E]JVSQLSQI MRKPI FS]OITXJSVLSQSWI\YEPTYVTSWIWGEXEQMXI
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FIRNSRWSR
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pRIPIETXSLYVV]]SYHS[RXLIWXVIEQ SVWYGLE ZIRKIERGIGIRXYTPIJSVEPPJEGMRSVSYWEGXWXLEXGSYPH HIPMGEXIWXIITPIM XLIXS[REW&S[XSZEYPXJVSQ SV FIREQIHXSHSXLEX]SYHS EFVEZIVLIMKLXEW4EYP W SVMJ]SYEJJIGXIHXSHSMX XVYI[MX %PEWWMV-EQFYXEQIWWIRKIV -FYXXIPP]SY RIEVIVLSQIERHEWLSVXIV[E]ERI\GIPPIRXKEVVIX [LEX]SYQYWXLIEV-XWIIQW]SYVJVMIRHWEVIGEVIJYP [MRHS[MRXSXLIWXVIIX SVEFIEQMRXLIWEMHKEVVIX EJXIV]SYVWSYP WLIEPXLWMVERH[SYPHLEZI]SYORS[ [MXLXLMWLEPXIV LIWLS[WLMQELEPXIV [LMGLXLI] XLIHERKIV FYX]SYQE]HS]SYVTPIEWYVIJSVEPP LEZIWIRXERHHIWMVIXLEX]SY[SYPHWSSRIVGSQQMX XLIQ-TIVWYEHIRSXWMV -JEJXIV]SYEVIQEVVMIH ]SYV[MJIHSVYRE[E][MXLEZEYPXIVSVXLI *VIRGLQERXLEX[EPOWYTSRVSTIWSVLMQXLEX *MWLIW MIEWHYQFEWpWLIW HERGIWXLINMKSVEJIRGIVJSVLMWWOMPPEXLMW[IETSR 4]XLEKSVIERW EREWGIXMGFVSXLIVLSSHJSPPS[MRKXLI [L]MXMWRSXXLIMVJEYPX XLI]LEZIHMWGLEVKIHXLIMV TLMPSWSTL]SJXLIXLGIRXYV]FG+VIIOTLMPSWTLIV GSRWGMIRGIW[LIR]SYORS[[LEXQE]LETTIR2E] 4]XLEKSVEW3RNSMRMRKXLIWIGXEZS[SJWMPIRGI[EW
XEOIR XSPEWXJSVpZI]IEVW JSVXLITYVTSWISJWIPJ I\EQMREXMSR ,EVTSGVEXIW KSHSJWMPIRGI XLIGPYF[EWXLVSYKLE GSRJYWMSREGUYMVIHJVSQ,IVGYPIW r ZIRXYVIYTSR LE^EVHERETTVSEGLXS 3LQIR3LQERRIVW IGLSSJ'MGIVS WI\GPEQEXMSRMR -R'EXMPMREQ-D3XIQTSVE3QSVIW 3XMQIW3 QERRIVW MQTYHIRGI WLEQIPIWWRIWW GSQTIIV IUYEP r r QYGLSJ8VYI[MX WHMEXVMFIEKEMRWX[SQIRERH QEVVMEKIMWEHETXIHJVSQ.YZIREP W7EXMVIW:- GSQTERMSR JIPPS[ GSRXIQTXYSYW JEPP IFFXMHI &S[ 7X1EV]PI&S[MR'LIETWMHI FVEZIV QSVIWTPIRHMH 4EYP W XLISPH7X4EYP W'EXLIHVEPPEXIVHIWXVS]IHF]pVI MR
WYFPMQEXI QIVGYVMGGLPSVMHIYWIHEWVEXTSMWSR r q]EVWI MRWTMHIVERHq]pKLXWETSTYPEVTEWXMQIE WXVE[[EWXLVYWXMRXSXLIq] WXEMP QEHJSPOW &IHPEQ HIVMZEXMZISJ&IXLPILIQ LSWTMXEPJSV XLIMRWERI[EWZMWMXIHJSVIRXIVXEMRQIRX )XLIPHVIH )XLIPVIHXLI9RVIEH] r XLIJEXLIV SJ)H[EVHXLI'SRJIWWSV r GS^IRIH GLIEXIH VIZIVWMSRJVSQ VMKLXSJWYGGIWWMSRXSERIWXEXISVSJpGI E[E]JVSQ &EWXEVHIH VIRHIVIHMPPIKMXMQEXI MXGLSJ LEROIVMRKEJXIV QEHIYTSR QYVHIVIH ZMXMEXIH GSVVYTXIH JEGMRSVSYW [MGOIHGVMQMREP r ZEYPXIVNMK[IETSR [MXLWI\YEPMRRYIRHSIW
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SFRS\MSYW PMEFPI ZIKIXSYW PMZIP] VSWIW VSWIXXIWHIGSVEXMRKXLIWLSI r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
[LEXGSQTER]WLI[MPP XLEXJVMIRHQYWXRSXZMWMX]SY [MXLSYXLIVPMGIRGI ERHLMQWLIPSZIWQSWXWLI[MPP WIIQXSLEXIIEKIVPMIWXXSHIGPMRI]SYVNIEPSYW] SV JIMKRXSFINIEPSYWSJ]SYpVWXERHJSVXLEXGEYWIKS PMZI[MXLLIVWLIJVMIRHSVGSYWMREXXLIGSPPIKIXLEX GERMRWXVYGXLIVMREPPXLIQ]WXIVMIWSJ[VMXMRKPIXXIVW GSVVYTXMRKWIVZERXWXEQMRKWTMIW [LIVIWLIQYWX LEZIXLEXVMGLKS[RJSVWYGLEKVIEXHE] ERI[SRI JSVXLIRI\X EVMGLIVJSVXLIXLMVH FIWIVZIHMRWMPZIV LEZIXLIGLEQFIVp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
IEKIVPMIWX QSWXpIVGIP] HIGPMRI EZIVX WLIJVMIRHSVGSYWMR DFSXLXIVQWGSYPHQIERlQMWXVIWWz SVlWXVYQTIXzERHGSYWMR[EWEPWSEIYTLIQMWQJSV PSZIV ,SPHW[SVXL XMVI[SQIR HVIWWQEOIVW WIQTWXIVW XEMPSVW QEPISVJIQEPI JIEXLIVQIR WIPPIVWSJJIEXLIVW WYGLEW8MPX]EVHMR8LI 6SEVMRK+MVP QIVGIV HIEPIVMRGSWXP]JEFVMGW WS EWPSRKEW WXEXIW[SQER DTVIXIRHIVXSORS[PIHKISJEJJEMVWSJWXEXI 4VSGXIV 7EPMWFYV] [LIVIJEWLMSREFPIVEGIQIIXMRKW[IVILIPH &EXL JEWLMSREFPIJSVMXWQIHMGMREPFEXLW TVSKVIWW QSREVGL WWXEXIZMWMXXSHMJJIVIRXVIKMSRWSJXLI OMRKHSQ GIRWYVI NYHKI r (ERMIP[MXL7TIRWIV 7EQYIP(ERMIP[EWER )PM^EFIXLERTSIXWSQIXMQIWGSQTEVIH[MXL)HQYRH 7TIRWIVF]LMWGSRXIQTSVEVMIW .SRWSRLMQWIPJHMHWSXS XLIHIXVMQIRXSJ(ERMIP WII,IVJSVHERH7MQTWSR- XSXLIV]SYXL QSWXIHWXEOIXLMWXSFI7LEOIWTIEVI XLSYKLSXLIVWYKKIWXMSRWLEZIFIIR7EQYIP(ERMIP 8LSQEW(IOOIVSV.SLR1EVWXSR GYRRMRK WOMPJYP ORSXW MRXVMGEXITVSFPIQW WXEXI QEMRMWWYI WXEXI TSPMXMGW
FIRNSRWSR QSVSWI 3LSL XVYI[MX %PPXLMWMWZIV]XVYIWMV%RHXLIRLIVKSMRK MRHMWKYMWIXSXLEXGSRNYVSVERHXLMWGYRRMRK [SQER [LIVIXLIpVWXUYIWXMSRMWLS[WSSR]SY WLEPPHMI#2I\XMJLIVTVIWIRXWIVZERXPSZILIV#2I\X XLEXMJWLIWLEPPLEZIERI[WIVZERX#%RHLS[ QER]#;LMGLSJLIVJEQMP][SYPHQEOIXLIFIWX FE[HQEPISVJIQEPI#;LEXTVIGIHIRGIWLIWLEPP LEZIF]LIVRI\XQEXGL#%RHWIXWHS[RXLIERW[IVW ERHFIPMIZIW IQEFSZIXLIWGVMTXYVIW2E]TIVLETW WLI PPWXYH]XLIEVX QSVSWI +IRXPIWMVLE ]SYHSRI#,E ]SYLEH]SYV TPIEWYVIS QI#- PPXLMROSJXLIWIXLMRKW XVYI[MX =IWWMV ERHXLIRGSQIWVIIOMRKLSQISJ ZETSYVERHW[IEX[MXLKSMRKEJSSXERHPMIWMRE QSRXLSJERI[JEGIEPPSMPERHFMVHPMQI ERHVMWIWMR EWWIW QMPOERHMWGPIERWIH[MXLERI[JYGYW+SH F [ ]SYWMV3RIXLMRKQSVI [LMGL-LEHEPQSWX JSVKSX 8LMWXSS[MXL[LSQ]SYEVIXSQEVV]QE] LEZIQEHIEGSRZI]ERGISJLIVZMVKMRMX]EJSVILERHEW ]SYV[MWI[MHS[WHSSJXLIMVWXEXIWFIJSVIXLI] QEVV]MRXVYWXXSWSQIJVMIRHWMV [LSGERXIPP#3VMJ WLILEZIRSXHSRIMX]IXWLIQE]HSYTSRXLI [IHHMRKHE]SVXLIRMKLXFIJSVIERHERXIHEXI]SY GYGOSPH8LIPMOILEWFIIRLIEVHSJMRREXYVI 8MW RSHIZMWIHMQTSWWMFPIXLMRKWMV+SHF [ ]SY- PPFI FSPHXSPIEZIXLMWVSTI[MXL]SYWMVJSVE VIQIQFVERGI*EVI[IPP1YXI )\MX QSVSWI 'SQILE QIXSQ]GLEQFIV FYXpVWXWLYX XLIHSSV 8LILSVREKEMR 3LWLYXXLIHSSVWLYX XLIHSSV-WLIGSQIEKEMR# )RXIVGYXFIEVH GYXFIEVH 8MW-WMV]SYVFEVFIV QSVSWI 3L'YXFIEVH'YXFIEVH'YXFIEVH,IVILEW
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XLIMXGL GSRXEKMSYWWOMRHMWIEWIWGEFMIW FEPPW SJWSET PERXIVRWMRTETIV FEVFIVWGYXSYXPERXIVRWJVSQSMPIH TETIVERHWSPHXLIQ FEWMR FEVFIVWLMVIHSYXQIXEPFEWMRWJSVTISTPIMRXLI GVS[HXSFIEX[LIRFE[HW TVSGYVIWWIWSVTMQTW [IVI GEVXIHXLVSYKLXLIWXVIIXWEWETYRMWLQIRX PSXMYQ WXEPIYVMRIYWIHF]FEVFIVWXSHVIWWLEMV IEV[E\XIIXL FEVFIVWEPWSGPIERIHIEVWERHTYPPIH XIIXL[LMGL[IVIXLIRLYRKSRWXVMRKWMRXLIWLSTW QMPPWXSRIW DlKVMRHIVWzXIIXL 4VSGXIV FSXGLIW FSMPW WGVETIHPMRX PMRXEWSJXQEXIVMEPYWIHXSHVIWW [SYRHW[EWQEHIF]WGETMRKPMRIRGPSXL r WIXYT[MXLWIXYT WIXYTMRFYWMRIWW[MXLWIXLEMV XSSLMKLWIX [IRXXSSJEV KEQFPMRKXIVQ KSPIWW KSJSVPS[IVWXEOIW JVSQKEQFPMRK [ERXGVIHMX[MXL FIYREFPIXSKIXKSSHWSRGVIHMXJVSQ
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XVS[ HS]SYXLMRO r GSQTEVIXLIIRWYMRKXVMGOSR(E[ERH0E*SSPI[MXL XLIHYIPIRKMRIIVIHF]7MV8SF]&IPGLFIX[IIRXLI VIPYGXERXERXEKSRMWXW:MSPEERH7MV%RHVI[%KYIGLIIO MR8[IPJXL2MKLX ---MMERH---MZ XEOIRYT QEHIYT 8LMWEX EXXLIQEVVMEKISJ4IMVMXLSYWERH ,MTTSHEQMEEHVYROIRGIRXEYV WEXXIQTXXSVETIXLI FVMHIVIWYPXIHMREFPSSH]FEXXPI WLISRI XLIVI[IVIRSJIQEPIGIRXEYVWMRGPEWWMGEPQ]XL 8EGMXYW TVSPMpG6SQERLMWXSVMER TYXMXRSXYT HSRSXWLIEXLIMX ZMWSV QEWO [MKLX QER EVGLEMG GEYWI WYFNIGXSJXLIHMWTYXI
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:IRIV] KSSHLYRXMRKFYXEPWSXLITYVWYMXSJWI\YEP TPIEWYVI WII---M GVSTHSYFPIX EWLSVXZIV]TEHHIHHSYFPIX[LMGL[IRX SYXSJJEWLMSREFSYX FSQFEWXIH FSQFEWX[EWGSXXSRWXYJpRKFYXXLI[SVH [EWEPWSYWIHpKYVEXMZIP] SRP]XLIR MIXLISRP]XLMRKXLIR r XLIHSYFPIXJIPP MIMXFIGEQIPSRKIV RMGIRIWW IPIKERGI WMRKPI 1YPLSPPERHWYKKIWXWDWMQTPI WMRGISXLIV[MWIXLI HIWGVMTXMSRHSIWRSXpXXLMWSVSXLIVTPE]WSJXLIXMQI 'SSOWYKKIWXWMXQE]FIQIERXMVSRMGEPP] UYEMRXGSRGIMXW JERGMJYPI\TVIWWMSRW LERKMRKWPIIZIW PSRKSTIRGYJJIHWPIIZIW XIVQIVW XLSWI[LSGEQIXS0SRHSRJSVXLIXIVQWSJXLI -RRWSJ'SYVX[LIXLIVJSVEQYWIQIRXSVFYWMRIWW WM\TIRGI XLIYWYEPTVMGISJETVMRXIHTPE] [IPPGSYGLIH E [IPPLMHHIR F VMGLP]IQFVSMHIVIH ERH MJ WXEXYXI 1SPPGSYPHLEZIFIIRTVSWIGYXIHJSVGVSWW HVIWWMRKDMRERIGGPIWMEWXMGEPGSYVXJSVMRHIGIRG]SV YRGPIERRIWW GMXIHF]1YPLSPPERH GSHTMIGITSMRX PEGILSPHMRKYTXLIFVIIGLIW
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XLSQEWQMHHPIXSRERHXLSQEWHIOOIV %WMHI -XLMRO-WLEPPpX]SY WMVEPI\ERHIV 0MI# WIFEWXMER =IW WMVHEZ] (SXLXLMWGSRGIVRLMQ# WMVEPI\ERHIV %LWMVVELFS] -W]SYVFPSSHLIEXIH#&SMPWMX#%VI]SYWXYRK# - PPTMIVGI]SYHIITIV]IX3LQ]HIEVJVMIRHW -EQXLEX[VIXGLIHJEXLIVXLMWXLEXWSR 8LEXWIIWLMWVYMR]IXLIEHPSRKSRHSXLVYR WMVEHEQ ;MPP]SYPSZIWYGLETSMWSR# WMVHEZ] *MIpI WIFEWXMER = EVIEPPQEH WMVEPI\ERHIV 8L EVXWMGOEXLIEVX]IXJIIP WXMXRSX 3JEPPXLIWI ;LEXKIRXPIQERFYXXLSYORS[MRKLMWHMWIEWI 1SVXEP[SYPHWLYRXLIGYVI#3L1EWXIV+VIIR[MX ;SYPH]SYXSWYGLERMHSPFS[# KVIIR[MX 2SX-WMV WMVEPI\ERHIV ,IVI W1EWXIV0E\XSRLEWLIQMRHXS E[SQER %WXLSYLEWX# PE\XSR 2SRSX-WMV WMVEPI\ERHIV 7MV-ORS[MX PE\XSR 8LIMVKSSHTEVXWEVIWSVEVIXLIMVFEHWS GSQQSR -[MPPLEZIRSYKLXXSHS[MXLER][SQER WMVHEZ] 8MW[IPPHSRI1EWXIV0E\XSR WMVEPI\ERHIV 3LXLSYGVYIPFS] 8LSY[SYPH WX[MXLPYWXERSPHQER WPMJIHIWXVS] &IGEYWIXLSYWII WX- QLEPJ[E]MRQ]KVEZI 8LSYWLSZIP WXHYWXYTSRQI [SYPHXLSYQMKLX WXLEZI 8L][MWLQSWX[MGOIHQSWXYRREXYVEP WMVHEZ] ;L]WMV XMWXLSYKLX7MV+Y]*MX^EPPEVH W HEYKLXIV 7LEPP[IH]SYVWSR7IFEWXMER WMVEPI\ERHIV 7MV(EZ](ETTIV -LEZIYTSRQ]ORIIW[SSIHXLMWJSRHFS] 8SXEOIXLEXZMVXYSYWQEMHIR WIFEWXMER ,EVO]SYE[SVHWMV =SYSR]SYVORIIWLEZIGYVWIHXLEXZMVXYSYWQEMHIR %RHQIJSVPSZMRKLIV]IXHS]SYRS[ 8LYWFEJqIQIXSQ]JEGI#;IEVRSX]SYVORIIW -RWYGLIRXVIEXWKMZIQI*MX^EPPEVH WHEYKLXIV WMVEPI\ERHIV - PPKMZIXLIIVEXWFERIVEXLIV WIFEWXMER ;IPPXLIR]SYORS[ ;LEXHMWL-QIERXSJIIHYTSR WMVEPI\ERHIV ,EVOKIRXPIQIRLIW[IEVW 8SLEZIXLMWGYXTYVWIHVEFXSWTMXIQ]KEPP SQRIW 1EWXIV7IFEWXMER WIFEWXMER -EQHIEJXS]SYEPP
pX]SY E TVSZMHI]SY[MXL[LEXMWRIGIWWEV] F TYRMWL ]SY JSRH JSSPMWL FEJqI E LSSH[MROGLIEX F HMWKVEGI
- QWSFI[MXGLIHWSFSYRHXSQ]HIWMVIW 8IEVWTVE]IVWXLVIEXWRSXLMRKGERUYIRGLSYXXLSWI pVIW 8LEXFYVR[MXLMRQI )\MX WMVEPI\ERHIV %WMHI ,IVFPSSHWLEPPUYIRGLMXXLIR 0SWILMQRSXSLHMWWYEHILMQKIRXPIQIR WMVHEZ] ,IWLEPPFI[IERIH-[EVVERX]SY WMVEPI\ERHIV &IJSVILMWI]IW 0E]HS[RLMWWLEQIQ]KVMIJLMWQMWIVMIW SQRIW 2SQSVIRSQSVIE[E] )\IYRXEPPFYXWMVEPI\ERHIV WMVEPI\ERHIV -[EWLERIKVS 0SWMRKFSXLTEMRWERHGSWX FYXXEOIXL]q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pRIQEOIYWISJMX 'SQILMXLIVWMVVELGERWXXLSYFIWIGVIXLE# XVETHSSV %WX[SGVEJX]EXXSVRI]WTPSXXMRKXLI YRHSMRKSJXLIMVGPMIRXW WMVEPI\ERHIV (MHWXRIZIVEWXLSYLEW[EPOIHEFSYX XLMWXS[R ,IEVSJE[IRGLGEPPIH1SPPQEHQIVV]1SPP# XVETHSSV 1SPP'YXTYVWIWMV# WMVEPI\ERHIV 8LIWEQI HSWXXLSYORS[LIVXLIR# XVETHSSV %W[IPPEW-ORS[ X[MPPVEMRYTSR7MQSR ERH.YHI WHE]RI\X-[MPPWMJXEPPXLIXEZIVRWM XL GMX] ERHHVMROLEPJTSXW[MXLEPPXLI[EXIVQIR
r -[EWLGSWX TVSZIVFMEP XYVR GLIGOHIqIGX LYRXMRKXIVQ GETXEMR 8VETHSSVMWEHMWGLEVKIHWSPHMIV1YPLSPPERH RSXIWXLEXXLIVI[IVIRYQIVSYWWXEXYXIWMRXLIVIMKRWSJ )PM^EFIXLERH.EQIWHIEPMRK[MXLXLITVSFPIQW EWWSGMEXIH[MXLHMWGLEVKIHWSPHMIVWXYVRIHFIKKEVWERH ZEKVERXW TVIJIV EHZERGI r 7MQSRERH.YHI WHE] 3GXSFIVEHE]EWWSGMEXIH [MXLXLI0SVH1E]SV WTEKIERXWTYXSRF]XLI'MX]PMZIV] GSQTERMIW LIPHSRXLIJSPPS[MRKHE] ERHJVIUYIRXP] WXSVQ]
XLIVSEVMRKKMVP S XL &EROWMHIFYXMJ]SY[MPPWMV- PPpRHLIVSYX WMVEPI\ERHIV 8LEXXEWOMWIEW]HS XXLIR,SPHXL] LERHYT ;LEX WXLMW#-W XFYVRX# XVETHSSV 2SWMVRSEPMXXPIWMRKIH[MXLQEOMRK pVI[SVOW WMVEPI\ERHIV 8LIVI WQSRI]WTIRHMX XLEXFIMRK WTIRXJIXGLQSVI XVETHSSV 3LWMVXLEXEPPXLITSSVWSPHMIVWMR)RKPERH LEHWYGLEPIEHIV*SVJIXGLMRKRS[EXIVWTERMIPMW PMOIQI WMVEPI\ERHIV 8LMW[IRGL[IWTIEOSJWXVE]WWSJVSQ LIVOMRH 2EXYVIVITIRXWWLIQEHILIV 8MWEQIVQEMH ,EWXSPPIHQ]WSRXSWLMT[VIGO XVETHSSV - PPGYXLIVGSQFJSV]SY WMVEPI\ERHIV - PPXIPPSYXKSPHJSVXLIIXLIR LYRXLIV JSVXL 'EWXSYXEPMRILYRKJYPPSJWMPZIVLSSOW 8SGEXGLLIVXSXL]GSQTER] HIITWTIRHMRKW 1E]HVE[LIVXLEX WQSWXGLEWXIXSEQER WFSWSQ XVETHSSV 8LINMRKPMRKSJKSPHIRFIPPWERHEKSSH JSSP[MXLELSFF]LSVWI[MPPHVE[EPPXLI[LSVIW M XL XS[RXSHERGIMREQSVVMW WMVEPI\ERHIV 3VVEXLIV JSVXLEX WFIWXXLI]WE] WSQIXMQIW 7LIKSIWMRFVIIGLIW JSPPS[LIVEWLIVQER XVETHSSV %RH[LIRLIVFVIIGLIWEVISJJWLIWLEPP JSPPS[QI WMVEPI\ERHIV &IEXEPPXL]FVEMRWXSWIVZILIV XVETHSSV >SYRHWWMVEWGSYRXV][IRGLIWFIEXGVIEQ XMPPFYXXIVGSQIW WMVEPI\ERHIV 4PE]XLSYXLIWYFXPIWTMHIV[IEZIpRI RIXW 8SIRWREVILIVZIV]PMJI XVETHSSV ,IVPMJI# WMVEPI\ERHIV =IWWYGO
r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
,IVLIEVXFPSSHMJXLSYGERWX X[MWXXLSYFYXGSVHW 8SGEXGLLIV- PPpRHPE[XSLERKLIVYT XVETHSSV 7TSOIPMOIE[SVWLMTJYPFIRGLIV WMVEPI\ERHIV 8VEGIEPPLIVWXITW EXXLMWWLIJS\ W HIR ;EXGL[LEXPEQFWIRXIV PIXQITPE]XLIWLITLIVH 8SWEZIXLIMVXLVSEXWJVSQFPIIHMRKERHGYXLIVW XVETHSSV 8LMWMWXLIKSPPWLEPPHS X WMVEPI\ERHIV &IpVQERHKEMRQI )ZIVXLMRIS[R8LMWHSRI-IRXIVXEMRXLII ,S[MWXL]REQI# XVETHSSV 1]REQIWMVMW6EPTL8VETHSSVLSRIWX 6EPTL WMVEPI\ERHIV 8VETHSSVFIPMOIXL]REQIE HERKIVSYWWXIT *SVLIVXSZIRXYVISRFYXYRXSQI XVETHSSV %WJEWXEW]SYVWSPIXS]SYVFSSXSVWLSI WMV WMVEPI\ERHIV ,IRGIXLIRFIPMXXPIWIIRLIVIEWXLSY GERWX - PPWXMPPFIEXXLMRIIPFS[ XVETHSSV 8LIXVETHSSV WWIX 1SPPMJ]SYFYHKI] EVIKSRI8LMWQIWLEPPGVS[R %VSEVMRKFS]XLIVSEVMRKKMVPTYXWHS[R WMVEPI\ERHIV +SHEQIVG]PSWIRSXMQI )\IYRX
%GX--WGIRIM 8LIXLVIIWLSTWSTIRMREVERO XLIpVWXETSXLIGEV] WWLST XLIRI\XEJIEXLIVWLSTXLIXLMVHEWIQTWXIV WWLST QMWXVIWWKEPPMTSXMRXLIpVWXQMWXVIWWXMPX]EVHMR XLIRI\XQEWXIVSTIR[SVOERHLMW[MJIMRXLIXLMVH 8SXLIQIRXIVWPE\XSRKSWLE[OERHKVIIR[MX QMWXVIWWSTIR[SVO +IRXPIQIR[LEXMW X]SYPEGO# ;LEXMW X]SYFY]#7IIpRIFERHWERHVYJJWpRI PE[RWpRIGEQFVMGW;LEXMW X]SYPEGOKIRXPIQIR [LEXMW X]SYFY]# PE\XSR =SRHIV WXLIWLST KSWLE[O -WXLEXWLI# PE\XSR 4IEGI KVIIR[MX 7LIXLEXQMRGIWXSFEGGS# PE\XSR %] WLI WEKIRXPI[SQERFSVR-GERXIPP]SY
FIRGLIV QEKMWXVEXI KSPP GERX[SVHJSVDLERH 'ERX[EWXLIWTIGMEPMWXWPERK EWWSGMEXIH[MXLFIKKEVWERHXLMIZIW IRXIVXEMR XEOIMRXSWIVZMGI 6EPTL TVSRSYRGIH6EJI EGSQQSRREQIJSVWIVZERXWMR GSRXIQTSVEV]TPE]W WH VERO VS[ r [LEXFY] WXERHEVHWXVIIXGV]SJTIHPEVWERH WLSTOIITIVW PE[RWGEQFVMGW FSXL[IVIOMRHWSJpRIPMRIR QMRGIW WLVIHW%TSXLIGEVMIWGSQQSRP]WSPHXSFEGGS
XLSQEWQMHHPIXSRERHXLSQEWHIOOIV XLSYKLMXFILIVLEVHJSVXYRIRS[XSWLVIH-RHMER TSXLIVFW KSWLE[O 3LWMV XMWQER]EKSSH[SQER WJSVXYRI [LIRLIVLYWFERHXYVRWFEROVYTXXSFIKMR[MXL TMTIWERHWIXYTEKEMR PE\XSR %RHMRHIIHXLIVEMWMRKSJXLI[SQERMWXLI PMJXMRKYTSJXLIQER WLIEHEXEPPXMQIW MJSRI q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pVWXHE]SJLMWJIEXLIVXLEXHSXLRSXLMRKEX GSYVXFYX[SSXLILERKMRKWERHKPEWW[MRHS[WJSVE QSRXLXSKIXLIVERHWSQIFVSOIR[EMXMRK[SQER JSVIZIVEJXIV-pRHXLSWIMQTIVJIGXMSRWMRQ]ZIRIV] XLEX[IVI XRSXJSVqEXXIV]ERHJEPWILSSH-WLSYPH [ERXHMWGSYVWIERHMQTYHIRGIERHLIXLEX[ERXW MQTYHIRGIEQSRK[SQIRMW[SVXL]XSFIOMGOIHSYX EXFIH WJIIX,IWLEPPRSXWIIQI]IX KVIIR[MX 8VSXLXLMWMWpRIP]WLVIH PE\XSR 3L[SQIREVIXLIFIWXQMRGIVW
TSXLIVFW ER]LIVFWKVS[RJSVFSMPMRKMRETSX LIVI TVIWYQEFP]XSFEGGS TMTIW XSFEGGSERI[GSQQSHMX][EWKSSHFYWMRIWW FYX DTMTI LIVIEPWSLEWWI\YEPUYMFFPI DTIRMW WIIP FIPS[ERH6SQISERH.YPMIX-:MZ r VEMWMRKLIEH [MXLWI\YEPMRRYIRHS KVSTI YRHIVWXERHFYX[MXLWI\YEPMRRYIRHS %RH MJ Q]WXMGEP WIGVIX XEOIYTWQSGO PMJXYTE[SQER WYRHIVWOMVX WII8LI 8EQMRKSJXLI7LVI[-:MMMr%RDIPP [EWMRGLIW GPSWIWXWXVMOIV QSWXWIGVIXJSVRMGEXSV WQSGOWXIV FE[H r REOIHZMEP SFWGYVIFYX'SSOWYKKIWXWXLEXDXLI TSMRXMWTVIWYQEFP]XLIZMWMFMPMX]SJREOIHRIWWWIIR XLVSYKLGPIEVKPEWW Q]JVMIRH MI3TIR[SVO pVWXHE]JIEXLIV DXLIJIEXLIVLEWFIIREGUYMVIHXS KIRXVMJ]LMWETTIEVERGI 'SSO FVSOIR ZMSPEXIHHIpPIH QMRGIVW MISJXSFEGGSERHSJ[SVHW
QMWXVIWWKEPPMTSX 8LEHFIIREKSSHTLVEWIJSVE GSSO W[MJIWMV PE\XSR &YX X[MPPWIVZIKIRIVEPP]PMOIXLIJVSRXSJE RI[EPQEREGEWXLYW GEPGYPEXIHJSVXLIQIVMHMERSJ GSSO W[MZIWFYXKIRIVEPP]JSVEPP)RKPMWL[SQIR QMWXVIWWKEPPMTSX 2E]]SYWLEPPLE XWMV-LEZI pPPIHMXJSV]SY 7LITYXWMXXSXLIp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pHHPIV WTVIRXMGIERHHMWGSYVWIE [LSPIWYTTIV[MXLWRYJqMRK-QYWXWTIEOE[SVH [MXL]SYERSR QMWXVIWWKEPPMTSX 1EOI]SYV[E][MWIP]XLIR KSWLE[O 3L[LEXIPWIWMV#,I WTIVJIGXMSRMXWIPJJYPP SJQERRIVWFYXRSXEREGVISJKVSYRHFIPSRKMRKXS
IQ KVIIR[MX %]ERHJYPPSJJSVQL EWRI IVEKSSHWXSSP MR WGLEQFIV KSWLE[O &YXEFSZIEPPVIPMKMSYW LITVI]IXLHEMP] YTSRIPHIVFVSXLIVW KVIIR[MX %RHZEPMERXEFSZIQIEWYVI L EWVYRXLVII WXVIIXWJVSQEWIVKIERX PE\XSR 4YLTYL ,IFPS[WXSFEGGSMRXLIMVJEGIW KVIIR[MXERHKSWLE[O 3LTYLLSLS PE\XSR 7SWS
EPQEREG DEPQEREGWKMZMRKEWXVSPSKMGEPERHSXLIV TVIHMGXMSRW[IVIWSPHGLIETP]XSXLIKYPPMFPI 1YPLSPPERH *VIRGL MIFE[H]PERKYEKI FIGSZIVIH TYXSR]SYVLEX XS+SWLE[O GVIHMX VITYXEXMSR WIIQWXVERKI MIHSRSXFIXSSJEQMPMEV[MXLQI 4YWL ERMRXIVNIGXMSR r RSMWIWRYJqMRK 1YPLSPPERHTSMRXWSYXXLEXDpHHPI GEVVMIHWI\YEPMQTPMGEXMSRWWSXLEXEDpHHPIV WTVIRXMGI QE]FIDEWWMWXERXXSEFE[H XLIDRSMWIM XL RSWI ERH DWRYJqMRK QE]VIJIVXSXLIIJJIGXWSJZIRIVIEPHMWIEWI ,I W MI0E\XSRMW QERRIVW TYRRMRKSRDQERSVW WII%;SQER/MPPIH[MXL /MRHRIWW\ZM JSVQ TVSTVMIX]IXMUYIXXI[MXLTYRSRDFIRGL
XLIVSEVMRKKMVP NEGOHETTIV *EMXLXSFY]SRIJIEXLIV PE\XSR %WMHI 3RIJIEXLIV#8LIJSSP WTIGYPMEVWXMPP NEGOHETTIV +YPP KYPP 1EWXIV# NEGOHETTIV ,IVI WXLVIILEPJTIRGIJSV]SYVSVHMREV] FS]QIIXQIERLSYVLIRGIMR4EYP W KYPP %WMHI ,S[#8LVIIWMRKPILEPJTIRGI#0MJIXLMW [MPPWGEVGIWIVZIEQERMRWEYGIELE T SVXLSJ QYWXEVHELE T SVXLSJSMPERHELE T SVXLSJ ZMRIKEV[LEX WPIJXXLIRJSVXLITMGOPILIVVMRK#8LMW WLS[WPMOIWQEPPFIIVM XL QSVRMRKEJXIVEKVIEXWYVJIMX SJ[MRIS IVRMKLX LIGSYPHWTIRHLMWXLVIITSYRH PEWXRMKLXMREWYTTIVEQSRKWXKMVPWERHFVEZIFE[H] LSYWIFS]W -XLSYKLXLMWTSGOIXWGEGOPIHRSXJSV RSXLMRK XLIWIEVIXLIIKKWSJXLVIITSYRH- PPKSWYT
IQYTTVIWIRXP] )\MX PE\XSR %WMHI )MKLXRMRIXIRERKIPW KSSH[IRGL M JEMXLERHSRIXLEXPSZIWHEVORIWW[IPPWLITYXWSYXE GERHPI[MXLXLIFIWXXVMGOWSJER]HVYKWXIV W[MJIMR )RKPERH FYXXLEX[LMGLQEHWLIV-VEMPYTSR STTSVXYRMX]WXMPPERHXEOIRSRSXMGISR X8LISXLIV RMKLXWLI[SYPHRIIHWPIEHQIMRXSEVSSQ[MXLE )RXIVNEGOHETTIVERHLMWQERKYPP GERHPIMRLIVLERHXSWLS[QIEREOIHTMGXYVI[LIVI KVIIR[MX 1SRWMIYV(ETTIV-HMZIHS[RXS]SYV RSWSSRIVIRXIVIHFYXXLIGERHPI[EWWIRXSJERIVVERH EROPIW RS[-RSXMRXIRHMRKXSYRHIVWXERHLIVFYXPMOIETYR] NEGOHETTIV 7EZI]IKIRXPIQIREPPXLVIIMRETIGYPMEV EXXLIMRRWSJZIRIV]GEPPIHJSVERSXLIVPMKLX WEPYXI MRRSGIRXP] XLYWVI[EVH-EPPLIVGYRRMRK[MXLWMQTPI KSWLE[O ,I[IVIMPPXSQEOIEPE[]IVLIHMWTEXGLIW QMWXEOMRK-ORS[WLIGS^IRWLIVLYWFERHXSOIITQI XLVIIEXSRGI ERH- PPOIITLIVLSRIWXEWPSRKEW-GERXSQEOIXLI PE\XSR 7S[IPPWEMH QMWXVIWWKEPPMTSXKMZIWLMQ TSSVQERWSQITEVXSJEQIRHW ERLSRIWXQMRHSJE [LSVIQEWXIV,S[XLMRO]SYEQSRKWX]SY#;LEXE QSRI]WIGVIXP] &YXMWXLMWSJXLIWEQIXSFEGGS 1MWXVIWW+EPPMTSX# JVIWLTMTI#(VE[MREXLMVHQER QMWXVIWWKEPPMTSX 8LIWEQI]SYLEHEXpVWXWMV KSWLE[O 2S]SY VIELSEVHIV]SYIRKVSWWF] PE\XSR -[MWLMXRSFIXXIV XLMW[MPPWIVZIXSHVMROEX XL SYRGIW Q]GLEQFIV %XXLIJIEXLIVWLSTRS[ KSWLE[O 7LEPP[IXEWXIETMTISR X# NEGOHETTIV 4YL-PMOIMXRSX PE\XSR 2SXSJXLMWF]Q]XVSXLKIRXPIQIR -LEZI W[SVRFIJSVI]SY KSWLE[O ;LEXRSX.EGO(ETTIV# JIEXLIV 1YPLSPPERHRSXIWXLITVSZIVFMEPEWWSGMEXMSRSJ PE\XSR 4EVHSRQIW[IIX.EGO- QWSVV]-QEHIWYGL JSSPW[MXLJIEXLIVW SVHMREV] ERIEXMRKLSYWIWIVZMRKQIEPWJSVEp\IHTVMGI EVEWLSEXLFYXJSSPMWLSEXLWQYWXWXERH;LIVIEVX 4EYP W MI7X4EYP WEGSQQSRQIIXMRKTPEGIJSVEPP KSMRK.EGO# QMWXVIWWKEPPMTSX ;LEX WXLIQEXXIVRS[WMV# PE\XSR -TVSXIWX- QMRI\XVIQI[ERXSJQSRI]-J]SY GERWYTTP]QIRS[[MXLER]QIERW]SYHSQIXLI KVIEXIWXTPIEWYVIRI\XXSXLIFSYRX]SJ]SYVPSZIEW IZIVTSSVKIRXPIQERXEWXIH QMWXVIWWKEPPMTSX ;LEX WXLIWYQ[SYPHTPIEWYVI]I WMV#8LSYKL]SYHIWIVZIRSXLMRKPIWWEXQ]LERHW PE\XSR ;L] XMWFYXJSV[ERXSJSTTSVXYRMX]XLSY ORS[ WX %WMHI -TYXLIVSJJ[MXLSTTSVXYRMX]WXMPP &]XLMWPMKLX-LEXILIVFYXJSVQIERWXSOIITQIMR JEWLMSR[MXLKEPPERXW JSV[LEX-XEOIJVSQLIV- WTIRHYTSRSXLIV[IRGLIWFIEVLIVMRLERHWXMPP WLI LEW[MXIRSYKLXSVSFLIVLYWFERHERH-[E]W IRSYKLXSGSRWYQIXLIQSRI];L]LS[RS[# ;LEX#8LIGLMRGSYKL# KSWLE[O 8LSYLEWXXLIGS[EVHPMIWXXVMGOXSGSQI FIJSVIEQER WJEGIERHWXVERKPILMQIVILIFIE[EVI - GSYPHpRHMRQ]LIEVXXSQEOIEUYEVVIPMRIEVRIWX PE\XSR 4S\ERHXLSYHSWXXLSYORS[ WX-RIZIVYWI XSpKLX[MXLQ]JVMIRHWXLSY PPFYXPSWIXL]PEFSYV MR X.EGO(ETTIV
8LSYKLLERHW 1YPLSPPERHVIEHWXLMWEWEREWMHI [MXLDRSXLMRKPIWW QIERMRKDER]XLMRKFYXXLEX ERH WMKREPPMRK1MWXVIWW+EPPMTSX WKVS[MRKHMWWEXMWJEGXMSR [MXL0E\XSR&SXLXLMWERHXLIQSVIPMXIVEP XLSYKL TIVLETWMVSRMG VIEHMRKQEOIKSSHWIRWI FIEVLIVMRLERH PIEHLIVSRHIGIMZILIV GLMRGSYKL [LSSTMRKGSYKL EWEVIWYPXSJ0E\XSR W WQSOI r HMZIEROPIW MIMREFS[ TIGYPMEV E WMRKPI F TEVXMGYPEVWTIGMEP MWXLMWXSFEGGS LIVIGIMZIWQSRI]FYXTVIXIRHWXSFI VIGIMZMRKSRP]XSFEGGS HVMRO WQSOI
WSGMEPVEROW WII%VHIRSJ*EZIVWLEQMMM LE T SVXL LEPJTIRR][SVXL WQEPPFIIV [IEOFIIV FVEZI LERHWSQI GEGOPIH DTPE]MRKSRXLIRSVQEPGEGOPMRKSJELIREJXIV PE]MRKERIKKERHVIJIVVMRKXSXLIGLMROMRKSJGSMRWMR .EGO WTSGOIXWSVTYVWIXLIVIWMHYISJWQEPPGLERKIJVSQ LMWXLVIITSYRHW 1YPLSPPERH ERKIPW KSPHGSMRW[SVXLEFSYXXIRWLMPPMRKW TIRGI r VEMPWXMPP DMIEP[E]WpRHI\GYWIW 1YPLSPPERH YRHIVWXERH D[MXLEFE[H]IRXIRHVISRlYRHIVWXERHz 1YPLSPPERH TYR] JVIWLQER [LSVIQEWXIV PIGLIV[SQERMWIV IRKVSWW E QSRSTSPMWI F KVS[JEX
XLSQEWQMHHPIXSRERHXLSQEWHIOOIV QMWXVIWWXMPX]EVH ;LEXJIEXLIVMW X]SY HLEZIWMV# 8LIWIEVIQSWX[SVRERHQSWXMRJEWLMSR %QSRKWXXLIFIEZIVKEPPERXWXLIWXSRIVMHIVW 8LITVMZEXIWXEKI WEYHMIRGIXLIX[IPZITIRR]WXSSP KIRXPIQIR -GERMRJSVQ]SY XMWXLIKIRIVEPJIEXLIV NEGOHETTIV %RHXLIVIJSVI-QMWPMOIMXXIPPQISJ KIRIVEP 2S[EGSRXMRYEP7MQSRERH.YHI WVEMR &IEXEPP]SYVJIEXLIVWEWq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pRI]SY-WIIXLEX %XXLIXSFEGGSWLSTRS[ KSWLE[O ;LEXWE]]SYXSXLMWKIEV#
FIEZIVKEPPERXW XLSWI[LS[SVIXLIJEWLMSREFPIERH I\TIRWMZIFIEZIVLEXW WXSRIVMHIVW VMHIVWSJWXEPPMSRW[MXLWI\YEPIRXIRHVI DWXSRI QIERXPEWGMZMSYW DXSVMHI QIERXXSLEZIWI\YEP MRXIVGSYVWI7MRGIDWXSRI EPWSQIERXXIWXMGPI'SSO WYKKIWXWDWXSRIVMHIVW GSYPHFILSQSWI\YEPW 8LITVMZEXIWXEKI XLITVMZEXIXLIEXVIW[IVIQSVI I\TIRWMZIERHXLYWQSVIWIPIGXXLERTYFPMGSRIWWYGLEW XLI*SVXYRI X[IPZITIRR]WXSSPKIRXPIQIR XLIYWYEPGSWXSJXLIYWISJ EWXSSPEXXLIXLIEXVI[EWWM\TIRGI 7MQSRERH.YHI WVEMR WII-MMrR LIRGLFS] TEKI WREMP IHW WREOI" QSYWI XIVQSJIRHIEVQIRX [ERXW DMI[ERXWpRMWLMRKSVTIVLETWXLIVIMWR XIRSYKL QEXIVMEP 'SSO ]EVH QIEWYVMRKWXMGO[MXLTPE]SRD]EVH QIERMRK TIRMW KIEV WXYJJ VIJIVVMRKXSXLIXSFEGGS
PE\XSR -HEVIXLIEVVERXIWXGVMXMGMRXSFEGGS 8SPE]SRIJEYPXYTSR X )RXIVQSPPMREJVMI^INIVOMRERHEFPEGOWEZIKYEVH KSWLE[O 0MJI]SRHIV W1SPP PE\XSR 1SPP[LMGL1SPP# KSWLE[O ,SRIWX1SPP PE\XSR 4VMXLIIPIX WGEPPLIV1SPP EPPKEPPERXW 1SPP1SPPTMWX1SPP QSPP ,S[RS[[LEX WXLIQEXXIV# KSWLE[O %TMTISJKSSHXSFEGGS1SPP QSPP -GERRSXWXE] KSWLE[O 2E]1SPPTYLTVMXLIILEVOFYXSRI[SVH M JEMXL QSPP ;IPP[LEXMW X# KVIIR[MX 4VMXLIIGSQILMXLIVWMVVEL PE\XSR %WMHI ,IEVX-[SYPHKMZIFYXXSSQYGL QSRI]XSFIRMFFPMRK[MXLXLEX[IRGL0MJIWL EWXLI WTMVMXSJJSYVKVIEXTEVMWLIWERHEZSMGIXLEX[MPP HVS[REPPXLIGMX] QIXLMROWEFVEZIGETXEMRQMKLX KIXEPPLMWWSPHMIVWYTSRLIVERHRI IVFIFILSPHMRK XSEGSQTER]SJ1MPI)RHQMPOWSTWMJLIGSYPH GSQISRERHGSQISJJUYMGOIRSYKL7YGLE1SPP [IVIEQEVVS[FSRIFIJSVIER-XEPMERLI[SYPHGV] FSREVSFEXMPPLMWVMFW[IVIRSXLMRKFYXFSRI- PPPE] LEVHWMIKIXSLIVQSRI]MWXLEXEUYEJSVXMWXLEXIEXW MRXSQER]EQEMHIRLIEH [LIVIXLI[EPPWEVIqIWL ERHFPSSH- PPIZIVTMIVGIXLVSYKL[MXLEKSPHIR EYKIV KSWLE[O 2S[XL]NYHKQIRX1SPPMW XRSXKSSH# QSPP =IWJEMXL XMWZIV]KSSHXSFEGGS LS[HS]SYWIPP ERSYRGI#*EVI[IPP+SHF M ]SY1MWXVIWW+EPPMTSX KSWLE[O ;L]1SPP1SPP QSPP -GERRSXWXE]RS[M JEMXL-EQKSMRKXSFY]E WLEKVYJJXLIWLST[MPPFIWLYXMRTVIWIRXP]
WH JVMI^INIVOMRWEZIKYEVH EJVMI^INIVOMR[EWEWLSVX NEGOIXSJGSEVWI[SSPPIRGPSXL YWYEPP][SVRF]QIR E WEZIKYEVH[EWERSYXIVTIXXMGSEX[SVRF][SQIRXS TVSXIGXXLIMVGPSXLIW[LIRVMHMRKD1SPP WHVIWWMW LIVQETLVSHMXMGMRGSQFMRMRKIPIQIRXWSJXLIHVIWWSJ FSXLWI\IW 1YPLSPPERH WMVVEL SJXIRYWIHXSEHHVIWW[SQIREW[IPPEWQIR KIX FIKIX 1MPI)RH XLIKVIIR RS[7XITRI]+VIIR [EWYWIHEWE XVEMRMRKKVSYRHJSVXLIGMX]QMPMXME XLIMVI\IVGMWIW[IVIE GSQQSRSFNIGXSJQSGOIV] r GSQISRGSQISJJ DFEXXPIXIVQWQIERMRKlEHZERGIzERH lVIXMVIz?[MXLAEWIGSRHEV]FE[H]WIRWI 1YPLSPPERH QEVVS[FSRI WYTTSWIHXSFIERETLVSHMWMEG -XEPMER -XEPMERWLEHEVITYXEXMSRJSVPYWXERHTIVZIVWI WI\YEPTVSGPMZMXMIW FSREVSFE [IRGLTVSWXMXYXI r QSRI]QEMHIRLIEH WII-MMr EUYEJSVXMW RMXVMGEGMH YWIHMRHMPYXIJSVQEWEWSPZIRX WLEK EGPSXL[MXLEZIPZIXRETSRSRIWMHIYWYEPP]SJ [SVWXIHWSQIXMQIWSJWMPO
XLIVSEVMRKKMVP KSWLE[O 8MWXLIQEHHIWXJERXEWXMGEPPIWXKMVP-RIZIV ORI[WSQYGLqIWLERHWSQYGLRMQFPIRIWWTYX XSKIXLIV PE\XSR 7LIWPMTWJVSQSRIGSQTER]XSERSXLIVPMOIE JEXIIPFIX[IIRE(YXGLQER WpRKIVW %WMHI - PP [EXGLQ]XMQIJSVLIV QMWXVIWWKEPPMTSX 7SQI[MPPRSXWXMGOXSWE]WLI WE QER %RHWSQIFSXLQERERH[SQER PE\XSR 8LEX[IVII\GIPPIRX WLIQMKLXpVWXGYGOSPH XLILYWFERHERHXLIRQEOILMQHSEWQYGLJSVXLI [MJI 8LIJIEXLIVWLSTEKEMR QSPP 7EZI]SY LS[HSIW1MWXVIWW8MPX]EVH# NEGOHETTIV 1SPP QSPP .EGO(ETTIV NEGOHETTIV ,S[HSWX1SPP# QSPP - PPXIPPXLIIF]ERHF]-KSFYXXSXL RI\XWLST NEGOHETTIV 8LSYWLEPXpRHQILIVIXLMWLSYVEFSYX EJIEXLIV QSPP 2E]ERHEJIEXLIVLSPH]SYMRTPE]E[LSPILSYV EKSSWI[MPPPEWX]SYEPPXLIHE]WSJ]SYVPMJI
XLIHIZMPGERRSXWXST]SY - PPSYXSJXLIFIPJV]EWJEWX EW-GER1SPP QMWXVIWWSTIR[SVO +IX]SYJVSQQ]WLST QSPP -GSQIXSFY] QMWXVIWWSTIR[SVO - PPWIPP]IRSXLMRK-[EVR]IQ] LSYWIERHWLST QSPP =SYKSSH]3TIR[SVO]SYXLEXTVMGOSYXETSSV PMZMRK %RHWI[WQER]EFE[H]WOMRGSEXXSKIXLIV 8LSYTVMZEXITERHVIWWFIX[IIRWLMVXERHWQSGO -[MWLXLIIJSVEQMRYXIFYXEQER 8LSYWLSYPH WXRIZIVYWIQSVIWLETIW FYXEWXL EVX -TMX]Q]VIZIRKI2S[Q]WTPIIR WYT -[SYPHRSXQSGOMX[MPPMRKP] )RXIVEJIPPS[[MXLEPSRKVETMIVF]LMWWMHI
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
X[MPPXYVRXEMPFYXMRHIIHEKIRXPIQERWLSYPHLEZI [LIR-STIRMX-XEOIRSXLMRK QSVIQERRIVW )\MX QEWXIVSTIR[SVO 2E]ERH]SYJEPPEVMRKMRKSRGI PE\XSR +EPPERXP]TIVJSVQIHM JEMXL1SPPERH QERJYPP]-PSZIXLIIJSVIZIVJSV X&EWIVSKYILEHLI SJJIVIHFYXXLIPIEWXGSYRXIVFYJJF]XLMWLERH-[EW r -WIRHRSXLMRK ETEWWEKIXLEXXYVRWSRERYQFIVSJ TVITEVIHJSVLMQ PMROIHHSYFPIIRXIRHVIWD,SPPERH [EWEPMRIRGPSXL LIRGIXLITYRSRDPS[GSYRXVMIW EWE XLI2IXLIVPERHW F QSPP =SYTVITEVIHJSVLMQ#;L]WLSYPH]SYFI PS[LEYRXWFVSXLIPW G PS[IVTEVXWSJXLIFSH]WI\YEP TVITEVIHJSVLMQ[EWLIER]QSVIXLEREQER# SVKERW [MXL'SSOWYKKIWXWTPE]SRDGYRX MRDGSYRXVMIW PE\XSR 2SRSVWSQYGLF]E]EVHERHELERHJYP EWMR,EQPIX---MM 8LMW[SVHTPE]IGLSIW,IRV]-: 0SRHSRQIEWYVI --MM r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XLIVSEVMRKKMVP WMVEPI\ERHIV 8LSYWLEPXFILERKIHMR XIVIXLSY
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r GSYRXIVYRMZIVWMX] 1MHHPIXSRQEOIWXLIWEQI EREPSK]IPWI[LIVI WII8LI4LSIRM\-:MMM ERH 1MGLEIPQEW8IVQ---MZ r3XLIVWXSSQEOIXLI GSQTEVMWSR WII1YPLSPPERH PSKMGERHVLIXSVMG TVMRGMTEPWYFNIGXWMRXLIYRMZIVWMX] GYVVMGYPYQEXXLMWXMQI UYEMRX MRKIRMSYW GSQQIRGI FIEHQMXXIHXSEHIKVII XLIQEWXIV WWMHIXL X[STIRR][EVH VSSQWMRXLI 'SYRXIVJSV[LMGLTVMWSRIVWTEMHMRSVHIVXSSFXEMR FIXXIVGSRHMXMSRW XL ,SPI XLIREQISJXLI[SVWXHYRKISRMR;SSH7XVIIX 'SYRXIVMR[LMGLHIWXMXYXITVMWSRIVW[IVILIPH 4VSGIIHW EHZERGIWJVSQ&%XSELMKLIVHIKVII ;SSH7XVIIX'SPPIKI MI;SSH7XVIIX'SYRXIV WIIP R
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0MIWF]XL LIIPW MIDLIPMIWWLEPPPMI DF]XL LIIPW QIERXMRNEMP XLIVIJIVIRGIMWXSMVSRW WH GYVXMPE\LERKIV WIIRSXIWXSD(VEQEXMW4IVWSREI TYXXSGOW OMXIW EPWSYWIHJSVGEXGLTSPIWWIVKIERXW 3RIMREFPYIGSEX MIEWIVZERX LSRIWX] LSRSYVEFPIJIPPS[ XS[EVH TVSQMWMRK[MPPMRKSFPMKMRK 3RITEMVGSEXW MI]SYEVIX[SSJEOMRH TVSZIVFMEP
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XLIVSEVMRKKMVP FYGOPIVERH]IXEFYXGLIVHV]FIEXLMQ[MXLEGYHKIP QSPPERHXVETHSSV ,SRIWXWIVKIERX*P]q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qIHYTMRXLIMVGPSEOW )RXIVWMVEPI\ERHIV[IRKVEZIWSPYW MREJVSWX]QSVRMRKXS0SRHSR WMVEPI\ERHIV 9RLETT]MRXLIJSPPMIWSJEWSR XVETHSSV %GSYVWIGETXEMR EFIEVGSQIWXSXLI 0IHEKEMRWXNYHKQIRXWIRWISFIHMIRGI WXEOI %RHEPPXLITS[IVWSJRSFPIRIWWERH[MX )RXIVNEGOHETTIVERHKYPP )RXIVXVETHSSV QSPP -XWLSYPHFIWSJSVXLIHSKWWXVYKKPIXSFIPIX 3L[VIXGLIHJEXLIV2S[8VETHSSV[MPPWLIGSQI# PSSWI XVETHSSV -RQER WETTEVIPWMV -EQMRLIVLIEVXRS[ LERKIV ;LI[ %RHWLEVIMREPPLIVWIGVIXW GYVXMPE\ ,IQT WMVEPI\ERHIV 4IEGITIEGITIEGI QSPP ,EVO8VETHSSVJSPPS[]SYVPIEHIV ,IVIXEOIQ]+IVQER[EXGLLERK XYTMRWMKLX NEGOHETTIV +YPP KYPP 1EWXIV NEGOHETTIV (MHWXIZIVWIIWYGLEREWWEW-EQFS]# HV]FIEX FIEXLMQ[MXLFPS[WXLEXFVYMWIHFYXHMHRSX KYPP 2SF]Q]XVSXLWMVXSPSWIEPP]SYVQSRI]]IX HVE[FPSSH LEZIJEPWIHMGISJ]SYVS[R[L] XMWEW-WE[EKVIEX ,SRIWXWIVKIERX [IJSPPS[1YPLSPPERHMRVIXEMRMRKXLI JIPPS[YWIHX SXLIVHE] LILEHEJEMVW[SVHERH 5VIEHMRKLIVISRXLIKVSYRHWXLEXDWXEKIFYWMRIWW LERKIV 7LEPPXLIEQFYWGEHSPMIMRSRITPEGI# GYVXMPE\ 2SRSSOXLSY]SRHIV
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WLMJX IJJSVX XSGLSSWI JVSQGLSMGI QEHEQ FE[H[LSVI XLEX MIQEPIHVIWW ETEMV EWIX PE]W QIERMRKYRGIVXEMR TIVLETWD[EKIVW &YPPIR SV DPSHKMRKW IWTIGMEPP]XLSWIYWIHJSVTVSWXMXYXMSR 1YPLSPPERH WXMPP EP[E]W VMRKHSZIW [SSHTMKISRW MIPSZIVW
XLIVSEVMRKKMVP WIFEWXMER ,SPHXLIVIWLEPPRIIHRS[IETSREXXLMW QIIXMRK &YX GEYWIXLSYWLEPXRSXPSSWIXL]JYV]MHPI ,IVIXEOIXLMWZMSPVYRYTSRXLIKYXW %RHIRHXL]UYEVVIPWMRKMRK QSPP 0MOIEW[EREFSZIFVMHKI *SVPSSO]SYLIVI WXLIFVMHKIERHLIVIEQ- WIFEWXMER ,SPHSRW[IIX1SPP QEV] - ZILIEVHLIVQYGLGSQQIRHIHWMVJSVSRI XLEX[EWRI IVXEYKLX QSPP - QQYGLFILSPHMRKXS IQ;IPPWMRGI]SY PP RIIHWTYXYWXSKIXLIVWMV- PPTPE]Q]TEVXEW[IPPEW- GER MXWLEPPRI IVFIWEMH-GEQIMRXSEKIRXPIQER W GLEQFIVERHPIXLMWMRWXVYQIRXLERKF]XLI[EPPW WIFEWXMER ;L][IPPWEMH1SPPM JEMXL MXLEHFIIRE WLEQIJSVXLEXKIRXPIQERXLIRXLEX[SYPHLEZIPIXMX LYRKWXMPPERHRI IVSJJIVIHXLIIMX QSPP 8LIVIMXWLSYPHLEZIFIIRWXMPPXLIRJSV1SPPJSV XLSYKLXLI[SVPHNYHKIMQTYHIRXP]SJQI-RI IV GEQIMRXSXLEXGLEQFIV]IX[LIVI-XSSOHS[RXLI MRWXVYQIRXQ]WIPJ WIFEWXMER 4MWLPIX IQTVEXIEFVSEH XL EVXLIVI[LIVI XLSYEVXORS[RERHPSZIH XLIVIFIEXLSYWERHGPSWI HEQIWXLEX[MPPGEPPXLIZMSPERYRQERRIVP] MRWXVYQIRXJSVE[SQERERHXLIVIJSVIXEPOFVSEHP] SJXLII[LIR]SYWLEPPLEZIXLIQWMX[MHIVXSE [SVWIUYEPMX] QSPP 4YWL-IZIVJEPPEWPIITERHXLMRORSXSJ IQWMV ERHXLYW-HVIEQ WIFEWXMER 4VMXLIIPIX WLIEVXL]HVIEQ1SPP QSPP 8LIWSRK -HVIEQXLIVIMWEQMWXVIWW %RHWLIPE]WSYXXLIQSRI] 7LIKSIWYRXSLIVWMWXIVW 7LIRIZIVGSQIWEXER] )RXIVWMVEPI\ERHIVFILMRHXLIQ
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7LIWE]WWLI[IRXXSXLI&YVWIJSVTEXXIVRW =SYWLEPPpRHLIVEX7EMRX/EXLIVR W %RHGSQIWLSQI[MXLRIZIVETIRR] WIFEWXMER 8LEX WEJVIIQMWXVIWWJEMXL WMVEPI\ERHIV %WMHI %]E]E]PMOILIVXLEXWMRKWMX SRISJXLMRIS[RGLSSWMRK QSPP &YXWLEPP-HVIEQEKEMR# ,IVIGSQIWE[IRGL[MPPFVEZI]I ,IVGSYVEKI[EWWSKVIEX 7LIPE][MXLSRIS XLIREZ] ,IVLYWFERHP]MRKM XLI*PIIX =IXSJX[MXLLMQWLIGEZMPPIH -[SRHIV[LEXWLIEMPW ,IVLYWFERH WWLMTPE]KVEZIPPIH ;LIRLIVWGSYPHLSMWIYTWEMPW =IXWLIFIKERPMOIEPPQ]JSIW 8SGEPP[LSVIpVWX JSVWSHSXLSWI %TS\SJEPPJEPWIXEMPW WIFEWXMER 1EVV]EQIRWE]- WMVEPI\ERHIV %WMHI 7SWE]-XSS QSPP ,ERKYTXLIZMSPRS[WMV EPPXLMW[LMPI-[EWMR EHVIEQSRIWLEPPPMIVYHIP]XLIR FYXFIMRKE[EOI- OIITQ]PIKWXSKIXLIV%[EXGL [LEX WS GPSGO LIVI# WMVEPI\ERHIV %WMHI 2S[RS[WLI WXVETTIH QSPP &IX[IIRSRIERHX[S RE]XLIR-GEVIRSX% [EXGLERHEQYWMGMEREVIGSYWMRKIVQERWMRSRI XLMRKXLI]QYWXFSXLOIITXMQI[IPPSVXLIVI WRS KSSHRIWWMR IQ XLISRIIPWIHIWIVZIWXSFIHEWLIH EKEMRWXE[EPPERHX SXLIVXSLEZILMWFVEMRWORSGOIH SYX[MXLEpHHPIGEWI ;LEXEPSSWIGLEMRERHEHERKPMRKHMEQSRH# ,IVI[IVIEFVEZIFSSX]JSVERIZIRMRKXLMIJRS[
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WIFEWXMER %KIRXPIQEREQYWMGMERWMVSRISJ I\GIPPIRXpRKIVMRK WMVEPI\ERHIV %]-XLMROWS %WMHI -[SRHIVLS[ XLI] WGETIHLIV WIFEWXMER ,EWXLIQSWXHIPMGEXIWXVSOIWMV WMVEPI\ERHIV %WXVSOIMRHIIH %WMHI -JIIPMXEX Q]LIEVX WIFEWXMER 4YXWHS[REPP]SYVJEQSYWQYWMGMERW WMVEPI\ERHIV %] %WMHI %[LSVIQE]TYXHS[RE LYRHVIHSJ IQ WIFEWXMER *SVX]WLMPPMRKWMWXLIEKVIIQIRXWMV FIX[IIRYW 2S[WMVQ]TVIWIRXQIERWQSYRXWFYXXSLEPJSR X WMVEPI\ERHIV %RHLIWXERHWYTSRXLI[LSPI WIFEWXMER %]MRHIIHHSIWLIWMV WMVEPI\ERHIV %RH[MPPHSWXMPPLI PPRI IVFIMRSXLIV XEPI WIFEWXMER 8LIVIJSVI- HWXSTLMWQSYXLWMVERH- GSYPH WMVEPI\ERHIV ,YQXVYIXLIVIMWRSSXLIV[E] MRHIIH %WMHI ,MWJSPP]LEVHIRWWLEQIQYWXRIIHWWYGGIIH 2S[WMV-YRHIVWXERH]SYTVSJIWWQYWMG QSPP -EQETSSVWIVZERXXSXLEXPMFIVEPWGMIRGIWMV WMVEPI\ERHIV ;LIVIMWMX]SYXIEGL# QSPP 6MKLXEKEMRWX'PMJJSVH W-RR WMVEPI\ERHIV ,YQXLEX WEpXTPEGIJSVMX ]SYLEZI QER]WGLSPEVW# QSPP %RHWSQISJ[SVXL[LSQ-QE]GEPPQ]QEWXIVW WMVEPI\ERHIV %WMHI %]XVYIEGSQTER]SJ [LSVIQEWXIVW =SYXIEGLXSWMRKXSS# QSPP 1EVV]HS-WMV WMVEPI\ERHIV -XLMRO]SY PPpRHERETXWGLSPEVSJQ] WSRIWTIGMEPP]JSVTVMGOWSRK QSPP -LEZIQYGLLSTISJLMQ WMVEPI\ERHIV %WMHI -EQWSVV]JSV X-LEZIXLIPIWW JSVXLEX=SYGERTPE]ER]PIWWSR# QSPP %XpVWXWMKLXWMV
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[MZIW FIEQW WYRFIEQW )TMPSKYW TVSFEFP]WTSOIRF]1SPP r GSQTEVIXLI)TMPSKYIXS%;SQER/MPPIH[MXL/MRHRIWW GYVMSYW WOMPJYP LMXLIVS IV GVMXMGMWIH HSYFX WYWTIGX TIVWSR GLEVEGXIV MI1SPP EFSSO ETTEVIRXP]EVIJIVIRGIXS7EQYIP6MH[LS[VSXI 1EVXMR1EVO%PP&IEHPISJ&VMHI[IPP ,MW(IJIRGIERH %RW[IVXSXLI&IPPQERSJ0SRHSR MR[LMGLLI GVMXMGMWIH(IOOIV W[SVOERHLMWORS[PIHKISJXLMIZIW GERX WII1YPLSPPERH r
XLIVSEVMRKKMVP *SYPEWLMWFVEMRWXLI]qS[IHJVSQ SJGYXTYVWIW 3JRMTWERHJSMWXWREWX]SFWGIRIHMWGSYVWIW %WJYPPSJPMIWEWIQTX]SJ[SVXLSV[MX *SVER]LSRIWXIEVSVI]IYRpX %RHXLYW -J[IXSIZIV]FVEMRXLEX WLYQSVSYW 7LSYPHJEWLMSRWGIRIW[I [MXLXLITEMRXIV WLEPP -RWXVMZMRKXSTPIEWIEPPTPIEWIRSRIEXEPP =IXJSVWYGLJEYPXWEWIMXLIVXLI[VMXIVW [MX
3VRIKPMKIRGISJXLIEGXSVWHSGSQQMX &SXLGVEZI]SYVTEVHSRW MJ[LEXFSXLLEZIHSRI 'ERRSXJYPPTE]]SYVI\TIGXEXMSR 8LI6SEVMRK+MVPLIVWIPJWSQIJI[HE]WLIRGI 7LEPPSRXLMWWXEKIKMZIPEVKIVVIGSQTIRWI ;LMGLQMVXLXLEX]SYQE]WLEVIMRLIVWIPJHSIW[SS ]SY %RHGVEZIWXLMWWMKR]SYVLERHWXSFIGOSRLIVXS]SY pRMW
LYQSVSYW JERGMJYP[LMQWMGEP
r 8LI6SEVMRK+MVPVIGSQTIRWI KIRIVEPP]XEOIRXSFI EVIJIVIRGIXSERETTIEVERGIF]1EV]*VMXL XLIDVIEP 1SPP'YXTYVWI LIVWIPJ WII1YPLSPPERH r
8LSQEW1MHHPIXSRERH;MPPMEQ6S[PI] 8LI'LERKIPMRK *MVWXTIVJSVQIH *MVWXTYFPMWLIH
8LIVIMWETVSJSYRHWIRWISJGPEYWXVSTLSFMEMR8LI 'LERKIPMRKETPE]XLEXXVIEXWWTEGIEWEQIXETLSVJSV XLIVIPEXMSRWFIX[IIRVIEPMX]ERHETTIEVERGIXVYXLERH HIGITXMSRWERMX]ERHQEHRIWW-RHIIHMXQE]FIXLEX XLIVIWSYVGIWSJXLITVMZEXIXLIEXVIW 8LI4LSIRM\MR XLIGEWISJ8LI'LERKIPMRK QE]LEZIIRGSYVEKIHXLI HVEQEXMWXW[LS[VSXIJSVXLIQXSI\TIVMQIRX[MXLXLI MRGVIEWMRKGSQTPI\MX]SJXLIXLIEXVI WJEGMPMXMIW HSSVW EVXMpGMEPPMKLXMRKERHKEPPIVMIW EWW]QFSPMGVIJIVIRGI TSMRXWMRXLIMVYRJSPHMRKREVVEXMZIW'IVXEMRP]JVSQXLI SYXWIXXLIVIMWERSQMRSYWWIRWIXLEXXLIKVERHIYVSJ :IVQERHIVS WGEWXPI EW]QFSPSJVEROJEQMPMEP GSRXMRYMX]ERHQSVEPGIVXEMRX] QE]EGXYEPP]GSRWXMXYXI ERDSYX[EVHZMI[ JSVXLSWISRMXWMRWMHIEW[IPPEWJSV XLSWIZMI[MRKMXJVSQEHMWXERGI%W:IVQERHIVS VIQEVOW ;IYWIRSXXSKMZIWYVZI] 3JSYVGLMIJWXVIRKXLWXSWXVERKIVW SYVGMXEHIPW %VITPEGIHGSRWTMGYSYWXSSYX[EVHZMI[ 3RTVSQSRXW XSTWFYX[MXLMREVIWIGVIXW -Mr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
2SXLMRKMWEWGPIEVMRXLIWSGMIX]:IVQERHIVS TVIWMHIWSZIVE[SVPHSJXLIWYHHIRGLERKISJLIEVX ERHMXWGSRWIUYIRGIW XLIWYHHIRHIWMVISJ%PWIQIVSJSV &IEXVMGI LIVWYHHIRGLERKISJEXXMXYHIXS(I*PSVIW E VSPI[LMGLWLIMRMXMEPP]SRP]TPE]WFYXPEXIVGERRSX HMWGEVH ERHXLIWYHHIREPQSWXMRWXMRGXMZI VIGSKRMXMSRF]:IVQERHIVSXLEXMRSVHIVXSTVIWIVZILMW EYXLSVMX]ERHREQILIQYWXXYVRJVSQTEXIVREPMWQXS TVEKQEXMWQ8LYWXLITPE]GSRXEMRWELSWXSJ DGLERKIPMRK pKYVIWERHEW6MGLEVH(YXXSRLEW VIQEVOIHDXLIIWWIRXMEPEXXVMFYXISJlXLIGLERKIPMRKzMW RSXXLEXSJGLERKMRKFYXXLEXSJVIZIEPMRKMXWXVYI REXYVIMRWTMXISJIJJSVXWrGSRWGMSYWSVSXLIV[MWIrXS GSRGIEPXLIQ (YXXSR \\M\ 8LI'LERKIPMRKGERFIWIIREWTEVXSJXLIXVEHMXMSRSJ VIZIRKITPE]WXLEXMRGPYHIW/]H W8LI7TERMWL8VEKIH] ERH7LEOIWTIEVI W,EQPIX ]IXF]XLI WXLIKIRVIMXWIPJLEHYRHIVKSRIEGSRWMHIVEFPI EQSYRXSJGLERKIWSXLEXXLIJVYWXVEXIHVIZIRKIVMWRS PSRKIVRIGIWWEVMP]XLITVSXEKSRMWX-RHIIH8SQE^S W WIEVGLJSVNYWXMGIJSVLMWQYVHIVIHFVSXLIV[LMPWX VIGSKRMWEFPIEWEZILMGPIJSVWLS[MRKXLIREVVS[RIWWSJ :IVQERHIVS WNYHKIQIRX -:MMr QEOIWPIWWSJER MQTEGXYTSRXLIEYHMIRGIXLERXLIGIRXVEP TVISGGYTEXMSR[MXLWI\YEPXVERWKVIWWMSR8LI GSQTPI\MX]SJXLIW]WXIQSJSFWGIRIHSYFPIQIERMRKW MRXLIQEHLSYWIWGIRIWEPIVXWYWXSERSPIWWGSQTPI\ ERHSRP]WPMKLXP]QSVIHIGSVSYW GSHISJPERKYEKIEX [SVOFIX[IIR&IEXVMGIERH(I*PSVIW,IVI[ISFWIVZI XLITPYVEPMX]SJPERKYEKIMXWIPJ XLIVIMWTVIGMWMSRMR XLIWII\GLERKIW]IXXLITVIGMWMSRMWMRXLIGLSMGISJ ZSGEFYPEV]XLEXWMKRMpIWMRERYQFIVSJEVIEWSJ QIERMRKWMQYPXERISYWP]%KSSHI\EQTPISJXLMWMW [MXLXLI[SVHWDWIVZI ERHDWIVZMGI [LMGLGSRXMRYEPP] WPMHIFIX[IIRXLIVIEPQWSJWI\YEPHIWMVIERHWIVZMXYHI VIEPQWXLEXQIWLMRXLIMVJEXIJYPTEGX 'IRXVEPXSXLMWMWEVIZIVWEPSJXLIGSHIWSJGSRHYGX XLEXIEVP]QSHIVRMHISPSKMGEPQSVIWWIXSYXJSV[SQIR ERHJSVWIVZERXW&IEXVMGI WXVERWKVIWWMSRMWGSQTIPPMRK FIGEYWIMXMWWSXSXEP WLIVIJYWIWXLIEYXLSVMX]SJLIV JEXLIVXSMRqMGXERYR[IPGSQIFYXDWYMXEFPI LYWFERH YTSRLIV WLIVIWMKRWLIVWIPJXSXLIJEXIXLEX[MPPFILIVW JSVXVERWKVIWWMRKXLIPE[SJ+SH ERSXLIVJEXLIV ERH WLIGLSSWIW(I*PSVIWEWEGGSQTPMGIERHYPXMQEXIP] PSZIV,IVGPIZIVQERMTYPEXMSRSJ%PWIQIVS WZMVKMRMX]
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pVWXGIRXYV]EYHMIRGI;LEX[I I\TIVMIRGIMRSVHIVXSVIEGLXLEXGSRGPYWMSRVIQEMRW IPSUYIRXERHHMWXYVFMRKXSYWERHQYWXWYVIP]LEZI MRZMXIHVEHMGEPHMWUYMIXEQSRKWIZIRXIIRXLGIRXYV] EYHMIRGIW-RXLMWXLITPE]MWJEVVIQSZIHJVSQXLI WQYKQSVEPMWMRKSJMXWTVMRGMTEPWSYVGI.SLR 6I]RSPHW W8LI8VMYQTLWSJ+SH W6IZIRKIEKEMRWXXLI 'V]MRKERH)\IGVEFPI7MRSJ;MPJYPERH4VIQIHMXEXIH 1YVHIV
8I\XYEPRSXI 8LIGST]XI\XJSVXLMWIHMXMSRMWXLIUYEVXSSJ VIJIVVIHXSMRXLIJSSXRSXIWXSXLIXI\XEW" 'STMIWSJ XLIUYEVXSEVILIPHMRXLI&SHPIMER0MFVEV]MR3\JSVH ERHXLI&VMXMWL0MFVEV]MR0SRHSRERHXLIWIZEV] WPMKLXP]EWWSQISJXLIWLIIXW[IVIGSVVIGXIHHYVMRK TVMRXMRK8LITPE][EWVIMWWYIHMR [MXLERI[XMXPI TEKI F]XLI[MHS[SJXLISVMKMREPTYFPMWLIV ,YQTLVI]1SWIPI] FYXMRIJJIGXXLIVIMWSRP]SRI WIZIRXIIRXLGIRXYV]IHMXMSRSJXLITPE]8LIUYEVXSLEH EGXHMZMWMSRWFYXRSXWGIRIHMZMWMSRW [ILEZIJSPPS[IH XLIWGIRIWXVYGXYVIIWXEFPMWLIHF](]GI
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
'VMXMGEPERHGSRXI\XYEPGSQQIRXEVMIW &VSQLEQ%%ERH&VY^^M>EVE D8LI'LERKIPMRK ERH XLI=IEVWSJ'VMWMW r %,MIVSKP]TLSJ&VMXEMR 0SRHSR 4MRXIV4YFPMWLIVW &YIPIV0SMW) D8LI6LIXSVMGSJ'LERKIMR8LI 'LERKIPMRK )RKPMWL0MXIVEV]6IREMWWERGI r &YVOW(IFSVEL+ D- PP;ERX1];MPP)PWI 8LI 'LERKIPMRKERH;SQIR W'SQTPMGMX][MXLXLIMV6ETMWXW )RKPMWL0MXIVEV],MWXSV] r 'LEOVEZSVX]7[ETER 7SGMIX]ERH4SPMXMGWMRXLI4PE]WSJ 8LSQEW1MHHPIXSR3\JSVH 'PEVIRHSR4VIWW 'LIVV]'LEVPSXXI0 8LI1SWX9RZEPYIHWX4YVGLEWI ;SQIRMRXLI4PE]WSJ8LSQEW1MHHIPXSR7EP^FYVK -RWXMXYX JÔVIRKPMWGLI7TVEGLIYRH0MXIVEXYV9RMZIVWMXÙX7EP^FYVK 'VEMK8; ERH )QIRHEXMSRWXS8LI 'LERKIPMRK2SXIWERH5YIVMIW1EVGLr%TVMP r %YKYWX r (EEPHIV.SSWX D*SPP]ERH1EHRIWWMR8LI'LERKIPMRK )WWE]WMR'VMXMGMWQ r D8LI6SPISJ-WEFIPPEMR8LI'LERKIPMRK )RKPMWL 7XYHMIW r (SSF4IRIPSTI&6 D%6IEHMRKSJ8LI'LERKIPMRK )RKPMWL0MXIVEV]6IREMWWERGI r ,IMRIQERR1EVKSX 4YVMXERMWQERH8LIEXVI 8LSQEW 1MHHPIXSRERH3TTSWMXMSR(VEQEYRHIVXLI)EVP]7XYEVXW 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW .EGOWSR/ D&IHPEQ8LI'LERKIPMRK8LI4MPKVMQERH
XLSQEWQMHHPIXSRERH[MPPMEQVS[PI] XLI4VSXIWXERX'VMXMUYISJ'EXLSPMG+SSH;SVOW 4LMPSPSKMGEP5YEVXIVP] r /S[WEV1SLEQQEH D1MHHPIXSRERH6S[PI] W8LI 'LERKIPMRK 8LI&IWMIKIH8IQTPI 'VMXMGMWQ r 1EPGSPQWSR'VMWXMRE Dl%W8EQIEWXLI0EHMIWz 4SPMXMGWERH+IRHIVMR8LI'LERKIPMRK )RKPMWL0MXIVEV] 6IREMWWERGI r 1SVVMWSR4IXIV D%'ERKSYRMR>SQFMIPERH 1MHHPIXSR W8IVEXSPSKMGEP'LERKIPMRK MR/IRRIXL *VMIHIRVIMGL IH D%GGSQTERMRKIXLI4PE]IVW )WWE]W 'IPIFVEXMRK8LSQEW1MHHPIXSR r 2I[=SVO2= %174VIWW 6ERHEPP(& D7SQI3FWIVZEXMSRWSRXLI8LIQISJ 'LEWXMX]MR8LI'LERKIPMRK )RKPMWL0MXIVEV]6IREMWWERGI r 7MQQSRW.0 D(MEFSPMGEP6IEPMWQMR1MHHPIXSRERH 6S[PI] W8LI'LERKIPMRK 6IREMWWERGI(VEQE r 7PEXIV%4 D,]TEPPEKI&EVPI]FVIEOERH8LI 'LERKIPMRK 8LI6IZMI[SJ)RKPMWL7XYHMIW r 8VMGSQM%, %RXMGSYVX(VEQEMR)RKPERHr 'LEVPSXXIWZMPPI:% 9RMZIVWMX]SJ:MVKMRME4VIWW ;LMXI1EVXMR 1MHHPIXSRERH8SYVRIYV&EWMRKWXSOI 1EGQMPPER ;MKKMRW1EVXMR .SYVRI]QERMR1YVHIV 8LI%WWEWWMRMR )RKPMWL6IREMWWERGI(VEQE3\JSVH 'PEVIRHSR4VIWW
;SVOWSJVIPEXIHMRXIVIWX 8LSQEW/]H8LI7TERMWL8VEKIH] ;MPPMEQ7LEOIWTIEVI8MXYW%RHVSRMGYW ;MPPMEQ7LEOIWTIEVI6MGLEVH--- ;MPPMEQ7LEOIWTIEVI6SQISERH.YPMIX ;MPPMEQ7LEOIWTIEVI,EQPIX 8LSQEW1MHHPIXSRSV']VMP8SYVRIYV8LI6IZIRKIV W8VEKIH] +ISVKI'LETQER8LI6IZIRKISJ&YWW]( %QFSMW ']VMP8SYVRIYV8LI%XLIMWX W8VEKIH] .SLR;IFWXIV8LI;LMXI(IZMP .SLR;IFWXIV8LI(YGLIWWSJ1EPp 8LSQEW1MHHPIXSR;SQIR&I[EVI;SQIR .SLR*SVH 8MW4MX]7LI WE;LSVI
8LI'LERKIPMRK
(VEQEXMWTIVWSREI
8LIWGIRI
ZIVQERHIVSJEXLIVXS&IEXVMGI
EPMGERX
XSQE^SHITMVEGUYSERSFPIPSVH EPSR^SHITMVEGUYSLMWFVSXLIVWYMXSVXS&IEXVMGI
%GX-WGIRIM
EPWIQIVSERSFPIQEREJXIV[EVHWQEVVMIHXS&IEXVMGI
)RXIVEPWIQIVS
NEWTIVMRSLMWJVMIRH
WIVZERXW
EPWIQIVS 8[EWMRXLIXIQTPI[LIVI-pVWXFILIPHLIV %RHRS[EKEMRXLIWEQI;LEXSQIR]IX *SPPS[WSJXLEX#2SRIFYXMQEKMREV] ;L]WLSYPHQ]LSTIWSJJEXIFIXMQSVSYW# 8LITPEGIMWLSP]WSMWQ]MRXIRX -PSZILIVFIEYXMIWXSXLILSP]TYVTSWI %RHXLEXQIXLMROWEHQMXWGSQTEVMWSR ;MXLQER WpVWXGVIEXMSRXLITPEGIFPIWX %RHMWLMWVMKLXLSQIFEGOMJLIEGLMIZIMX 8LIGLYVGLLEXLpVWXFIKYRSYVMRXIVZMI[ %RHXLEX WXLITPEGIQYWXNSMRYWMRXSSRI 7SXLIVI WFIKMRRMRKERHTIVJIGXMSRXSS
KIRXPIQIR
)RXIVNEWTIVMRS
FIEXVMGINSERREHEYKLXIVXS:IVQERHIVS
NEWTIVMRS 3WMVEVI]SYLIVI#'SQIXLI[MRH WJEMV [MXL]SY = EVIPMOIXSLEZIEW[MJXERHTPIEWERXTEWWEKI EPWIQIVS 7YVI] EVIHIGIMZIHJVMIRH XMWGSRXVEV] -RQ]FIWXNYHKIQIRX NEWTIVMRS ;LEXJSV1EPXE# -J]SYGSYPHFY]EKEPIEQSRKWXXLI[MXGLIW 8LI]GSYPHRSXWIVZI]SYWYGLEPYGO]TIRR][SVXL %WGSQIWE +SH WREQI
EPMFMYWENIEPSYWHSGXSV PSPPMSLMWQER TIHVSJVMIRHXS%RXSRMS ERXSRMSXLIGLERKIPMRK JVERGMWGYWXLIGSYRXIVJIMXQEHQER HIqSVIWWIVZERXXS:IVQERHIVS QEHQIR
HMETLERXELIV[EMXMRK[SQER MWEFIPPE[MJIXS%PMFMYW KIRXPI[SQIR
(VEQEXMWTIVWSREI XLIREQIWSJEPPXLIGLEVEGXIVWI\GITX 0SPPMS4IHVS%RXSRMSERH*VERGMWGYWGERFIXVEGIHXS .SLR6I]RSPHW W8LI8VMYQTLWSJ+SH W6IZIRKIEKEMRWX XLI'V]MRKERH)\IGVEFPI7MRSJ;MPJYPERH4VIQIHMXEXIH 1YVHIV XSQE^S TSWWMFP]HIVMZIHJVSQXLIDHSYFXMRK8LSQEW SJ XLI&MFPI WII.SLR EPMFMYW 0EXMR XVERWPEXIWEWDLI[LSMWIPWI[LIVI JVERGMWGYW *VIRGLQER ERHXLIVIJSVIMR)PM^EFIXLER XLMROMRKPMGIRXMSYW HIqSVIW E DHIqS[IV F MVSRMGEPP] DSJXLIqS[IVW (IqSVIWMR" FIEXVMGINSERRE &IEXVMGIQIERWDWLI[LSQEOIW LETT] ERH.SERREQIERWDXLI0SVH WKVEGI FSXLMVSRMG HMETLERXE E XVERWTEVIRX F DXLIVIHLSXSRI [MXL WI\YEPSZIVXSRIW MWEFIPPE D+SHLEWW[SVR
EPMGERX %PMGERXIEWIETSVXSRXLIIEWXGSEWXSJ7TEMR XLILSP]TYVTSWI MIQEVVMEKI XLITPEGIFPIWX )HIR XLITPEGIQERPSWXXLVSYKL HMWSFIHMIRGIXS+SHFYXXLEXGERFIVIKEMRIHXLVSYKL QEVVMEKI MRXIVZMI[ QIIXMRK TIVJIGXMSR [IHPSGO EWXLIGSQTPIXMSRSJEGMVGPI PMOI PMOIP] -J]SYXLI[MXGLIW VIJIVVMRKXSXLIFIPMIJXLEX[MXGLIW GSYPHWIPP[MRHW TIRR][SVXL FEVKEMR E +SH WREQI MR+SH WREQIERHREXYVEPP] EWSTTSWIH XSEFEVKEMRWXVYGO[MXL[MXGLIW
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
NEWTIVMRS
8MWXLIGVMXMGEPHE] -XWIIQWERHXLIWMKRMR%UYEVMYW WIVZERX %WMHI ;IQYWXRSXXSWIEXSHE] XLMW WQSOI[MPPFVMRKJSVXLpVI EPWIQIVS /IITEPPSRWLSVI -HSRSXORS[XLIIRH ;LMGLRIIHW-QYWXHSSJEREJJEMVMRLERH )VI-GERKSXSWIE WIVZERX ;IPP]SYVTPIEWYVI WIVZERX %WMHI 0IXLMQI IRXEOILMWPIMWYVIXSS [I EVIWEJIVSRPERH )\IYRXWIVZERXW )RXIVFIEXVMGIHMETLERXEERHWIVZERXWEPWIQIVS KVIIXWFIEXVMGIERHOMWWIWLIV NEWTIVMRS %WMHI ,S[RS[8LIPE[WSJXLI1IHIW EVIGLERKIHWYVI7EPYXIE[SQER#,IOMWWIWXSS ;SRHIVJYP;LIVIPIEVRXLIXLMW#%RHHSIWMX TIVJIGXP]XSS MRQ]GSRWGMIRGILIRI IVVILIEVWIHMX FIJSVI2E]KSSR XLMW[MPPFIWXVERKIVERHFIXXIV RI[WEX:EPIRGMEXLERMJLILEHVERWSQIHLEPJ +VIIGIJVSQXLI8YVO FIEXVMGI =SYEVIEWGLSPEVWMV# EPWIQIVS %[IEOSRIPEH] FIEXVMGI ;LMGLSJXLIWGMIRGIWMWXLMWPSZI]SYWTIEO SJ# EPWIQIVS *VSQ]SYVXSRKYI-XEOIMXXSFIQYWMG FIEXVMGI =SYEVIWOMPJYPMR XGERWMRKEXpVWXWMKLX EPWIQIVS %RH-LEZIWLS[IH]SYEPPQ]WOMPPEXSRGI -[ERXQSVI[SVHWXSI\TVIWWQIJYVXLIV %RHQYWXFIJSVGIHXSVITIXMXMSR -PSZI]SYHIEVP] FIEXVMGI &IFIXXIVEHZMWIHWMV 3YVI]IWEVIWIRXMRIPWYRXSSYVNYHKIQIRXW %RHWLSYPHKMZIGIVXEMRNYHKIQIRX[LEXXLI]WII &YXXLI]EVIVEWLWSQIXMQIWERHXIPPYW[SRHIVW
NEWTIVMRS &EGO[EVHW-XLMROWMV0SSO]SYVWIVZERXW GVMXMGEP GVYGMEP MREWXVSPSK] WIVZERX 8LIWIEQIRGEPP WLEPP[IFSEVH]SYV %UYEVMYW XLI[EXIVGEVVMIV XLIWYRLEWIRXIVIHXLIWMKR XVYROW# SJXLI^SHMEGXLSYKLXXSJEZSYVWIEZS]EKIW EPWIQIVS 2SRSXXSHE] r XLMWWQSOIJSVXLpVI JVSQXLITVSZIVFMEPI\TVIWWMSR
8LIXIQTPI WQ]JEGI XLI[IEXLIVZERIMVSRMGEPP]ERH SQMRSYWP]XYVRWEKEMRWX%PWIQIVSHIWTMXIXLIDJEMV [IEXLIV VITSVXIHF].EWTIVMRS HSYFX JIEVWYWTIGX XSXVETXLIWTIIH DXSTYXLEVRIWWIWSR]SYVLSVWIWXS MRGVIEWIXLIMVWTIIH IQ WIVZERXW SVGVI[ SVMWSRW TVE]IVW GLYVGLWEQIHIZSXMSR QERRIVSYXPSSO TSWWMFP][MXL &IEXVMGIMRQMRHVEXLIVXLERXLITVE]IVW WXSMG ETIVWSRYRHMWXYVFIHF]IQSXMSR WREVIW XVETW JSVERMQEPW ZMSPIRX SFWIWWMZIP]GSRGIVRIH 7SQI[LEX WSQIXLMRK FSEVH TYXSRFSEVH
DXLIVI WRSWQSOI[MXLSYXpVI pVIMRXLMWGEWIFIMRK %PWIQIVS WWI\YEPTEWWMSR ]SYVTPIEWYVI EW]SYTPIEWI XLIPE[WXLI1IHIW PE[WXLEX[IVIWYTTSWIHXSFI YREPXIVEFPI WII(ERMIP 7EPYXI KVIIX[MXLEOMWW MRQ]GSRWGMIRGI XVYXLJYPP]YTSRQ][SVH GSPPSUYMEP :EPIRGME %PWIQIVS WLSQIERSXLIV7TERMWLTSVX r MJLIXLI8YVO +VIIGILEHFIIRYRHIV8YVOMWLVYPI WMRGI WGMIRGIW FVERGLIWSJPIEVRMRKMRGPYHMRKXLIEVXW WMRKEXpVWXWMKLX WMKLXVIEHQYWMG FYXEPWSTIVLETW VIJIVVMRKXSPSZIEXpVWXWMKLX [ERX PEGO r 3YVI]IWXLIQFPMRH &IEXVMGI[EVRWEKEMRWXXLI MVVEXMSREPMX] SVDFPMRHRIWW XLEXGERFIGEYWIHF]DSYV I]IW WI\YEPEVSYWEP
XLIGLERKIPMRK %RHLS[[IPGSQIJSV]SYVTEVX]SYEVI - QWYVI]SYORS[ HIqSVIW %WMHI ;MPP XRIZIVQIRHXLMWWGSVR 3RIWMHIRSVSXLIV#1YWX-FIIRNSMRIH 8SJSPPS[WXMPP[LMPWXWLIqMIWJVSQQI#;IPP *EXIWHS]SYV[SVWX - PPTPIEWIQ]WIPJ[MXLWMKLX 3JLIVEXEPPSTTSVXYRMXMIW -JFYXXSWTMXILIVERKIV-ORS[WLILEH 6EXLIVWIIQIHIEHXLERPMZMRKERH]IX 7LIORS[WRSGEYWIJSV XFYXETIIZMWL[MPP EPWIQIVS =SYWIIQIHHMWTPIEWIHPEH]SRXLI WYHHIR FIEXVMGI =SYVTEVHSRWMV XMWQ]MRpVQMX] 2SVGER-SXLIVVIEWSRVIRHIV]SY 8LERLMWSVLIVWSJWSQITEVXMGYPEVXLMRK 8LI]QYWXEFERHSREWEHIEHP]TSMWSR ;LMGLXSEXLSYWERHSXLIVXEWXIW[IVI[LSPIWSQI 7YGLXSQMRII]IWMWXLEXWEQIJIPPS[XLIVI 8LIWEQIXLEXVITSVXWTIEOWSJXLIFEWMPMWO EPWIQIVS 8LMWMWEJVIUYIRXJVEMPX]MRSYVREXYVI 8LIVI WWGEVGIEQEREQSRKWXEXLSYWERHJSYRH )RXIVHIqSVIW &YXLEXLLMWMQTIVJIGXMSR SRIHMWXEWXIW HIqSVIW 0EH]]SYVJEXLIV 8LIWGIRXSJVSWIW[LMGLXSMRpRMXIW FIEXVMGI -WMRLIEPXL-LSTI 1SWXTPIEWMRKMWERHSHSVMJIVSYW HIqSVIW =SYVI]IWLEPPMRWXERXP]MRWXVYGX]SYPEH] 3RISMPXLIIRIQ]SJTSMWSR ,I WGSQMRKLMXLIV[EVH %RSXLIV[MRIXLIGLIIVIVSJXLILIEVX FIEXVMGI ;LEXRIIHIHXLIR %RHPMZIP]VIJVIWLIVSJXLIGSYRXIRERGI =SYVHYXISYWTVIJEGI#-LEHVEXLIV -RHIIHXLMWJEYPXMJWSMXFIMWKIRIVEP ,ILEHGSQIYRI\TIGXIH ]SYQYWXWXEPP 8LIVI WWGEVGIEXLMRKFYXMWFSXLPSZIHERHPSEXLIH %KSSHTVIWIRGI[MXLYRRIGIWWEV]FPEFFMRK 1]WIPJ-QYWXGSRJIWWLEZIXLIWEQIJVEMPX] FIEXVMGI %RH[LEXQE]FI]SYVTSMWSRWMV#-EQ FSPH[MXL]SY 3J EFSYX EPWIQIVS ;LEXQMKLXFI]SYVHIWMVITIVLETW EGLIVV] GLIGO VIWXVEMR FIEXVMGI -EQRSIRIQ]XSER]GVIEXYVI r &YX-FSXLEKVIIH %PIWQIVSWE]WXLEXLIMWJYVXLIV 1]QIQSV]LEWFYX]SRKIRXPIQER EHZERGIHXLERXLIWXEXI&IEXVMGIHIWGVMFIHLEZMRKYWIH EPWIQIVS ,IHSIWMPPXSXIQTX]SYVWMKLXMJLIORI[MX LMWI]IW]IWXIVHE]ERHLMWNYHKIQIRXXSHE]ERHpRHMRK FIEXVMGI ,IGERRSXFIMKRSVERXSJXLEXWMV XLEXXLIX[SEKVII
3JGSQQSRXLMRKW[LMGL[LIRSYVNYHKIQIRXWpRH 8LI]GERXLIRGLIGOXLII]IWERHGEPPXLIQFPMRH EPWIQIVS &YX-EQJYVXLIVPEH] ]IWXIVHE] ;EWQMRII]IW IQTPS]QIRXERHLMXLIVRS[ 8LI]FVSYKLXQ]NYHKIQIRX[LIVIEVIFSXLEKVIIH &SXLLSYWIWXLIRGSRWIRXMRK XMWEKVIIH 3RP]XLIVI[ERXWXLIGSRpVQEXMSR &]XLILERHVS]EPXLEXMW]SYVTEVXPEH] FIEXVMGI 3XLIVI WSRIEFSZIQIWMV %WMHI *SVpZI HE]WTEWX 8SFIVIGEPPIH7YVIQMRII]IW[IVIQMWXEOIR 8LMW[EWXLIQER[EWQIERXQI8LEXLIWLSYPHGSQI 7SRIEVLMWXMQIERHQMWWMX NEWTIVMRS %WMHI ;IQMKLXLEZIGSQIF]XLIGEVVMIVW JVSQ:EPIRGME-WIIERHWEZIHEPPSYVWIETVSZMWMSR [IEVIEXJEVXLIWXWYVI1IXLMROW-WLSYPHHS WSQIXLMRKXSS-QIERXXSFIEZIRXYVIVMRXLMW ZS]EKI=SRHIV WERSXLIVZIWWIP - PPFSEVHLIV-JWLI FIPE[JYPTVM^IHS[RKSIWLIVXSTWEMP +VIIXWHMETLERXE
r &SXLLSYWIWLERHVS]EP D8LIQIXETLSVMWPIKMWPEXMZI FSXLLSYWISJTEVPMEQIRX XLIWIRWIERHXLIMRXIPPIGX LEZIETTVSZIHXLIFMPP MXRS[RIIHWSRP]XLIUYIIR W WMKREXYVIXSQEOIMXPE[ ;MPPMEQW SRIEFSZIQI LIVJEXLIV:IVQERHIVS FYXEPWSMQTP]MRK XLEXLIMWKSHPMOIMRLMWEYXLSVMX] r *SVpZIFIVIGEPPIH WLI[MWLIWXLIpZIHE]WSJLIV IRKEKIQIRXXS%PSR^SGSYPHFIVIWGMRHIH XLIGEVVMIVW PERHXVERWTSVX EXJEVXLIWX E QSWXHMWXERXJVSQSYVHIWXMREXMSR F RIKPIGXJYPSJSYVTYVTSWI ZIRXYVIV SRI[LSWLEVIWFYWMRIWWVMWOWERHTVSpXW r =SRHIV WERSXLIVXSTWEMP (METLERXEMWWIIREWE WLMTXLEXGERFIDFSEVHIH [MXLWI\YEPW]QFSPMWQ MJWLI MWDPE[JYPTVM^I WMRKPI WLI[MPPPS[IVLIVXSTWEMPMR WYVVIRHIVEWQYWXEZIWWIPEXWIEXLEXRSVIKYPEXMSR TVSLMFMXWJVSQGETXYVMRK WXEPP JSVIWXEPP %KSSHTVIWIRGI MI:IVQERHIVS FPEFFMRK FEFFPMRK
3RIWMHIRSVSXLIV# [LEXIZIV-HS WXMPP EPPXLIXMQI XSWTMXILIVERKIV MRGSQTIRWEXMSRJSVJVYWXVEXIHHIWMVI TIIZMWL TIVZIVWI VIRHIV KMZI LMWSVLIVW DXLEX[LMGLER]SRIGSYPHKMZI EFERHSR VINIGX VITSVX VYQSYV FEWMPMWO EJEFYPSYWVITXMPI[LSWIFVIEXLERHKPERGI[IVI HIEHP] HMWXEWXIW LEWEHMWXEWXIJSV MRpRMXMIW ERMRpRMXIRYQFIVSJTISTPI MIXLIZEWX QENSVMX] SHSVMJIVSYW JVEKVERX SMP EPE\EXMZI XSqYWLSYXTSMWSR GSYRXIRERGI JEGIHIQIERSYVFYXLIVIDSYXPSSO SVWTMVMXW EGLIVV] %PWIQIVSGLSSWIWWSQIXLMRKGSRWMHIVIHXVMZMEP ]SRKIRXPIQER (I*PSVIW XIQTX QEOIWXVMEPSJ
XLSQEWQMHHPIXSRERH[MPPMEQVS[PI] -LEZIRSXWTEVIHXSXIPPLMQWS ERH-[ERX 8SLIPTQ]WIPJWMRGILI WEKIRXPIQER -RKSSHVIWTIGX[MXLQ]JEXLIVERHJSPPS[WLMQ EPWIQIVS ,I WSYXSJLMWTPEGIXLIRRS[ 8LI]XEPOETEVX NEWTIVMRS -EQEQEH[EK[IRGL HMETLERXE 7SQIXLMROW FYXJSV]SYVGSQJSVX-GER XIPP]SY[ILEZIEHSGXSVMRXLIGMX]XLEXYRHIVXEOIW XLIGYVISJWYGL NEWTIVMRS 8YWL-ORS[[LEXTL]WMGMWFIWXJSVXLI WXEXISJQMRIS[RFSH] HMETLERXE 8MWWGEVGIE[IPPKSZIVRIHWXEXI-FIPMIZI NEWTIVMRS -GSYPHWLS[XLIIWYGLEXLMRK[MXLER MRKVIHMIRXXLEX[IX[S[SYPHGSQTSYRHXSKIXLIV ERHMJMXHMHRSXXEQIXLIQEHHIWXFPSSHM XL XS[RJSV X[SLSYVWEJXIV- PPRI IVTVSJIWWTL]WMGEKEMR HMETLERXE %PMXXPITSTT]WMV[IVIKSSHXSGEYWI]SY WPIIT NEWTIVMRS 4STT]#- PPKMZIXLIIETSTM XL PMTWJSVXLEX pVWXERHFIKMRXLIVI /MWWIWLIV TSTT]MWSRIWMQTPI MRHIIHERHGYGOSS[LEX]SYGEPP XERSXLIV- PP HMWGSZIVRSQSVIRS[ ERSXLIVXMQI- PPWLS[XLIIEPP FIEXVMGI 1]JEXLIVWMV )RXIVZIVQERHIVSERHWIVZERXW ZIVQERHIVS 3.SERRE-GEQIXSQIIXXLII =SYVHIZSXMSR WIRHIH# FIEXVMGI *SVXLMWXMQIWMV %WMHI -WLEPPGLERKIQ]WEMRX-JIEVQI -pRH
[ERX LEZIRIIH VIWTIGX VITYXI JSPPS[WLMQ MWSRISJLMWVIXEMRIVW SYXSJLMWTPEGI E RSXEGXMRKEGGSVHMRKXSLMWWSGMEP WXEXMSR F DLIWLSYPHRSXFILIVI QEH[EK DlYRGSRXVSPPIHF]VIEWSRzERHWTIGMpGEPP] lWI\YEPP]MRJEXYEXIHz (EEPHIV [IRGL ]SYRK[SQER EHSGXSV MI%PMFMYW TL]WMG QIHMGMRI FYX[MXLWI\YEPSZIVXSRIW WXEXI GSRHMXMSR WXEXI E GSRHMXMSR F FSH]TSPMXMG [LMGLWLSYPHFI KSZIVRIHQSVIVEXMSREPP] XLMRK E XLIVIQIH]JSVXLITSSVP]KSZIVRIHWXEXI F GSTYPEXMSR WPERK MRKVIHMIRX QM\XYVISJWIQIRERHSZEVMIW GSQTSYRH QM\ [MXLTIWXPIERHQSVXEVEWI\YEPMQEKI FPSSH WI\YEP TEWWMSR TSTT] STMYQ QEHIJVSQTSTT]WIIHW WPIIT GSYPHEPWSQIERGSTYPEXI TSTM XL PMTW XLVYWXMRXLIPMTW [MXLTPE]SRXLIDPMTW SJ XLIZEKMRE GYGOSS[LEX]SYGEPP X GYGOSSTMRXPI [MPHqS[IV WLETIHPMOIETIRMW [MXLTPE]SRDGYGOSS EWQEHRIWW HMWGSZIV VIZIEP HIZSXMSR EGXSJ[SVWLMT GLERKIQ]WEMRX TVE]XSERI[DWEMRX MI%PWIQIVS
%KMHH]XYVRMRKMRQI 8SZIVQERHIVS 7MVXLMW [LMPI -EQFILSPHMRKXSXLMWKIRXPIQER ;LSPIJXLMWS[R[E]XSOIITQIGSQTER] %RHMRHMWGSYVWI-p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ßHXVYXL ZIVQERHIVS 3WMV-ORI[]SYVJEXLIV ;IX[S[IVIMREGUYEMRXERGIPSRKEKS &IJSVISYVGLMRW[IVI[SVXL-YPERHS[R %RHWSGSRXMRYIHXMPPXLIWXEQTSJXMQI ,EHGSMRIHYWMRXSWMPZIV;IPPLI WKSRI %KSSHWSPHMIV[IRX[MXLLMQ EPWIQIVS =SY[IRXXSKIXLIVMRXLEXWMV ZIVQERHIVS 2SF]7EMRX.EUYIW -GEQIFILMRHLMQ =IX-LEZIHSRIWSQI[LEXXSS%RYRLETT]HE] 7[EPPS[IHLMQEXPEWXEX+MFVEPXEV -RpKLX[MXLXLSWIVIFIPPMSYW,SPPERHIVW
KMHH]XYVRMRK E JIIPMRKSJHM^^MRIWW F EWIRWEXMSRSJ QEHRIWW FILSPHMRK MRHIFXIH EVXMGPIFIX[IIR WXMTYPEXMSRGSRHMXMSR YWIRSX EVIYREGGYWXSQIH WXVIRKXLW JSVXMpGEXMSRW TVSQSRXW TVSQSRXSVMIW WIGVIXW MVSRMGMRZMI[SJ%PWIQIVS WVIEPMRXIVIWX MR &IEXVMGI ERH[LEXMWXSYRJSPHPEXIVMRXLITPE] REXMZI MI:EPIRGMEMWMRXLIWEQIVIKMSREW%PMGERX ERH XLYWRSTSXIRXMEPIRIQ] r ,I[EW9RJIMKRßHXVYXL :IVQERHIVSYWIHXSGEPP &IEXVMGIDFIWXPSZI -YPER EHNIGXMZIHIRSXMRK]SYXL JVSQ-YPYW%WGERMYWXLI WSRSJ%IRIEWMR:MVKMP W%IRIMH GSMRIHYWMRXSWMPZIV XYVRIHYWKVI] [IRXXSKIXLIV [IVILMWIUYEP 7EMRX.EGUYIW 7X.EQIWSJ'SQTSWXIPEXLITEXVSRWEMRX SJ7TEMR +MFVEPXEV XLI7TERMWL[IVIHIJIEXIHF]XLI(YXGLEXXLI &EXXPISJ+MFVEPXEVSR%TVMP
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
LEH [SYPHLEZI PEXIPIEKYI EXVYGI[EWWMKRIHMR X[EWXMQIXSFVIEXLI DXLIXVYGITYXETEYWIXSLSWXMPMXMIW ER)RKPMWLEYHMIRGI[SYPHLEZI[MWLIH7TEMRHIJIEXIH /MRRI] LSX EVHIRX [MXLWI\YEPSZIVXSRI HE]SJXVMYQTL [IHHMRKHE] XS] XVMqI ,IQIERWQIFIJSVILERH :IVQERHIVSMRZMXIW %PWIQIVSXSEJIEWXFYXLEWTSMWSRIHLMQEPVIEH][MXL XLIRI[WSJXLI[IHHMRK WYHHIRP] WSSR GSQTPIXI TIVJIGX KEPPERX EGGSQTPMWLIHPSZIV
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GS^ GSYWMR GSRHYGX WLIIXSJTETIV[MXLHMVIGXMSRW VIXYVR XEOIFEGOXS%PWIQIVS ETTVSZIH NYWXMpIH FSWSQ MRXMQEXIJVMIRH XS XSVIGSKRM^I HMEQSRH HMEQSRHW[IVIXLSYKLXXSFIPYQMRSYW JEPPW XLEXJEPPW r %RHLMWLMWREQI :IVQERHIVS WFPIWWMRK[MPPSRP] FIKMZIRXSEQEVVMEKIXLEXQEMRXEMRWXLIJEQMP] WREQI ERHVITYXEXMSR XYVRWLIEH HMVIGXWMXWTS[IV VIQIQF VIH FVSYKLXXSQMRH LI WWSJSV[EVH :IVQERHIVSMWWSIEKIVMQTEXMIRX WTIEOXSRI[GSQJSVXW EHHVIWWXLIRI[NS]WXLEX %PWIQIVS WPSZILEWFVSYKLX
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HIqSVIW %PPXLMWMWRSXLMRK ]SYWLEPPWIIERSR %TPEGI]SYPMXXPIHVIEQSR EPSR^S -EQKPEH -LEZIXLMWPIMWYVI EPP]SYVQEWXIV WLSYWI -QEKMRI-LE XEOIREKSRHSPE HIqSVIW %PPFYXQ]WIPJWMV %WMHI [LMGLQEOIW YTQ]WEJIX] 8SEPSR^S 1]PSVH- PPTPEGI]SYEXEGEWIQIRX LIVI ;MPPWLS[]SYXLIJYPPWXVIRKXLSJEPPXLIGEWXPI 0SSOWTIRH]SYVI]IE[LMPIYTSRXLEXSFNIGX EPSR^S ,IVI WVMGLZEVMIX](I*PSVIW HIqSVIW =IWWMV EPSR^S +SSHP]QYRMXMSR HIqSVIW %]XLIVI WSVHRERGIWMV 2SFEWXEVHQIXEP[MPPVMRK]SYETIEPPMOIFIPPW %XKVIEXQIR WJYRIVEPW/IIT]SYVI]IWXVEMKLXQ] PSVH %GX---WGIRIM 8EOIWTIGMEPRSXMGISJXLEXWGSRGIFIJSVI]SY 8LIVI]SYQE]H[IPPE[LMPI )RXIVEPSR^SERHHIqSVIW-RXLIEGXXMQIHIqSVIW 8EOIWYTXLILMHHIRVETMIV LMHIWEREOIHVETMIV EPSR^S -EQYTSR X HIqSVIW =IWLIVIEVIEPPXLIOI]W-[EWEJVEMHQ] HIqSVIW %RHWSEQ- 7XEFWLMQ PSVH EPSR^S (I*PSVIW3(I*PSVIW - H[ERXIHJSVXLITSWXIVR XLMWMWMX ;LSWIQEPMGILEWXXLSYTYXSR# - ZIEPP- ZIEPPQ]PSVH XLMWJSVXLIWGSRGI HIqSVIW (S]SYUYIWXMSR EPSR^S 8MWEQSWXWTEGMSYWERHMQTVIKREFPIJSVX %[SVOSJWIGVIG]#-QYWXWMPIRGI]SY 7XEFWLMQ HIqSVIW =SY PPXIPPQIQSVIQ]PSVH8LMWHIWGIRX EPSR^S 333 -WWSQI[LEXREVVS[[IWLEPPRIZIVTEWW HIqSVIW -QYWXWMPIRGI]SY7XEFWLMQERHLIHMIW ;IPP[MXLSYV[IETSRWXLI] PPFYXXVSYFPIYW 7SLIVI WERYRHIVXEOMRK[IPPEGGSQTPMWLIH 8EOIWSJJLMWW[SVH 8LMWZEYPXWIVZIWXSKSSHYWIRS[,E;LEX WXLEX EPSR^S 8LSYWE]IWXXVYI 8LVI[WTEVOPIWMRQ]I]I#3 XMWEHMEQSRH HIqSVIW 4VE]PIXQILIPT]SYVPSVHWLMT ,I[IEVWYTSRLMWpRKIV-X[EW[IPPJSYRH 8EOIW%PSR^S WW[SVH 8LMW[MPPETTVSZIXLI[SVO;LEXWSJEWXSR# EPSR^S 8MWHSRI8LEROWOMRH(I*PSVIW 2SXTEVXMRHIEXL#- PPXEOIEWTIIH]GSYVWIXLIR HIqSVIW ,IVIEVILSSOWQ]PSVH 8SLERKWYGLXLMRKWSRTYVTSWI ,ERKWYTXLIW[SVHW EPSR^S 0IEH- PPJSPPS[XLII TPEGI FSXLERMRRIVTEVXSJXLIGEWXPIERHMVSRMGEPP]XLI )\IYRXEXSRIHSSVERHIRXIVEXXLISXLIV KVEZI
WXVEMXW REVVS[TEVXW EWEXWIE MQTP]MRKHERKIV XIHMSYW XVSYFPIWSQI KEMRWX FIJSVI VMWMRK KIXXMRKYTJVSQHMRRIV WEJIP] DMRXLEXXLIQYVHIVERHXLIFSH]GERFIOITXJVSQ ZMI[ SXLIV[MWIMVSRMG (EEPHIV WH EGXXMQI FIX[IIRXLIEGXW(I*PSVIWLMHIWEVETMIV[MXL [LMGLXSOMPP%PSR^S[LMPISTIRP][IEVMRKEW[SVH [ERXIH LEHRSXKSXXLIOI] TSWXIVR FEGOHSSV WGSRGI WQEPPWITEVEXIJSVXMpGEXMSR
KSRHSPE WQEPPFSEX XSPIEZI%PMGERXXIQTSVEVMP] %PPFYXQ]WIPJWMV MIIZIV]SRIFYX(I*PSVIWXLMROWXLEX %PSR^SLEWXEOIREFSEXXVMT LIRGI(I*PSVIW DWEJIX] MR XLITPSX GEWIQIRX ERETIVXYVISV[MRHS[WIVZMRKEWEZMI[MRK TSMRXJSVXLIJSVXMpGEXMSRW ;MPP [LMGL[MPP QYRMXMSR KIRIVEP[IETSRV] SVHRERGI PEVKIEVXMPPIV] FEWXEVH MQTYVIPS[UYEPMX] TIEP HMWGLEVKI H[IPP E TEYWI F WXE] SRGIHIEH QEPMGI LEXVIH ETTVSZIXLI[SVO GSRpVQXLEXXLIHIIHLEWFIIRHSRI XS&IEXVMGI JEWX XMKLXP]
XLSQEWQMHHPIXSRERH[MPPMEQVS[PI] -JXLIVIFIWYGLETPIEWYVI *MRKIVERHEPPWLEPPSJJ 'YXWSJJXLIpRKIV 7SRS[ PSPPMS -J-HSRSXWLS[]SYXLILERHWSQIWX - PPGPIEV HMWGVIIXIWXQEHQERSRIXLEX-QE]GEPPXLI 8LITEWWEKIWJVSQEPPWYWTIGXSVJIEV YRHIVWXERHMRKQEHQERXLIRWE]-EQEJSSP )\MX[MXLFSH] MWEFIPPE ;IPPEQEXGL -[MPPWE]WS PSPPMS ;LIR]SYLEZILEHEXEWXISJXLIQEHQER %GX---WGIRIMMM ]SYWLEPPMJ]SYTPIEWIWII*SSPW 'SPPIKIS XL SXLIV WMHI-WIPHSQPSGOXLIVI XMWFYXWLSSXMRKEFSPXSV )RXIVMWEFIPPEERHPSPPMS X[SERH]SYEVIEQSRKWX IQ )\MX)RXIVTVIWIRXP] MWEFIPPE ;L]WMVVEL#;LIRGILEZI]SYGSQQMWWMSR 'SQISRWMVPIXQIWIILS[LERHWSQIP]]SY PP 8SJIXXIVXLIHSSVWEKEMRWXQI#-J]SY FILEZI]SYVWIPJRS[ /IITQIMREGEKITVE][LMWXPIXSQI 0IXQIFIHSMRKWSQIXLMRK )RXIVJVERGMWGYW PSPPMS =SYWLEPPFIHSMRKMJMXTPIEWI]SY - PP[LMWXPI JVERGMWGYW ,S[W[IIXP]WLIPSSOW3FYXXLIVI WE XS]SYMJ]SY PPTMTIEJXIV [VMROPIMRLIVFVS[EWHIITEWTLMPSWSTL] MWEFIPPE -WMX]SYVQEWXIV WTPIEWYVISV]SYVS[R %REGVISRHVMROXSQ]QMWXVIWW LIEPXL- PPTPIHKIMX 8SOIITQIMRXLMWTMRJSPH# 7XE]WXE]XLIVI WEWTMHIVMRXLIGYT2S XMWFYXE PSPPMS 8MWJSVQ]QEWXIV WTPIEWYVI PIWXFIMRKXEOIR KVETIWXSRI W[EPPS[MXJIEVRSXLMRKTSIX7SWS PMJX MRERSXLIVQER WGSVR]SYQMKLXFITSYRHIHMR LMKLIV ERSXLIVTPEGI MWEFIPPE %PEGOEPEGOMXMWXSSJYPPSJTMX] MWEFIPPE 8MWZIV][IPPERHLI PPTVSZIZIV][MWI 8SFIPEYKLIHEX,S[JIPPLIQEH#'ERWXXLSYXIPP# PSPPMS ,IWE]W]SYLEZIGSQTER]IRSYKLMRXLI PSPPMS *SVPSZIQMWXVIWW,I[EWETVIXX]TSIXXSS LSYWIMJ]SYTPIEWIXSFIWSGMEFPISJEPPWSVXWSJ ERHXLEXWIXLMQJSV[EVHWpVWX8LI1YWIWXLIR TISTPI JSVWSSOLMQ LIVERQEHJSVEGLEQFIVQEMH]IXWLI MWEFIPPE 3JEPPWSVXW#;L]LIVI WRSRIFYXJSSPWERH [EWFYXEH[EVJRIMXLIV QEHQIR JVERGMWGYW ,EMPFVMKLX8MXERME PSPPMS :IV][IPP ERH[LIVI[MPP]SYpRHER]SXLIVMJ ;L]WXERH WXXLSYMHPISRXLIWIq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
WYWTIGX WYWTMGMSR WMVVEL EJSVQSJDWMV YWIHJSVMRJIVMSVW HSMRK MIGSTYPEXMRK r - PP[LMWXPITMTIEJXIV 0SPPMSEPPYHIWXSXLIWE]MRKDXS HERGIEJXIVETIVWSR WTMTI [MXLEWI\YEPWIRWISJDHERGI GSTYPEXI ERHDTMTI TIRMW TMRJSPH TSYRHJSVERMQEPW TSYRHIH E TPEGIHMRETSYRH F TSYRHIH[MXLETIWXPI [MXLWI\YEPGSRRSXEXMSR ERSXLIVTPEGI LIVZEKMRE EFVSEH FI]SRHXLIQEHLSYWI TEVXMGMTEXI MIWI\YEPP] FILEPJJSSPMWLXSS MILEZIEVIPEXMSRWLMT[MXLYWFSXL FVEZI FSPH WEYG] MQTYHIRX TVSTIV LERHWSQI[IPPIRHS[IH
WLSSXMRK TYPPMRKFEGO %REGVISR E+VIIOTSIXWEMHXSLEZIGLSOIHXSHIEXLSR EKVETITMT[LMPIHVMROMRK[MRI JYPPSJTMX] TMXMJYP FYXEH[EVJRIMXLIV SRP]EH[EVJ 8MXERME 5YIIRSJXLI*EMVMIW MR7LEOIWTIEVI W %1MHWYQQIV2MKLX W(VIEQ 3FIVSR /MRKSJXLI*EMVMIWYRJEMXLJYPXS8MXERME[MXL (V]EHIW [SSHR]QTLW D*VERGMWGYWWYKKIWXWXLEX -WEFIPPEQE]FIXSSMREGXMZI[LMPI%PMFMYW 3FIVSR MW GSTYPEXMRK lHERGMRKz [MXLSXLIV[SQIR (EEPHIV HEMWMIWTVMQVSWIWZMSPIXW W]QFSPWSJTVEMWI TSIW] E TSIXV] F FYRGLSJqS[IVW (MSQIH (MEQIHIW/MRKSJXLI&MWXSRMERW[LSJIHLMW LSVWIW[MXLLYQERqIWL &YGITLEPYW %PI\ERHIVXLI+VIEX WLSVWI[LMGLSRP]LI GSYPHQSYRX*VERGMWGYWYVKIW0SPPMSXSQSYRX DKIXYT EWLITVIXIRHWXSFIXLILSVWI
XLIGLERKIPMRK PSPPMS =SYWIILS[-E[IQ]q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
%IWGYPETMYW XLI+VIIOKSHSJQIHMGMRI 8MVIWMEW XLIFPMRHTVSTLIXSJ8LIFIW[LSGLERKIHJVSQ QERXS[SQERERHFEGOXSQEREKEMREJXIVWIZIR]IEVW .YRSFPMRHIHLMQJSVVIZIEPMRKXLEX[SQERHIVMZIHQSVI TPIEWYVIJVSQWI\XLERQIRHMH [MPHKIIWI TVSWXMXYXIW QEOIRS[SVHWSR X DHSR XKIXEPEVQIHF]XLMW ERI]I E TIVGITXMSR F ZEKMRE 0YRE XLIQSSREWSYVGISJQEHRIWW LIRGIXLIXIVQ DPYREXMGW X[SXVEHIW MIQEHRIWWERHFPMRHRIWW FMKFIPPMIH E JYPP F TVIKRERX VMHI E QSZI F GSTYPEXI[MXL ,IGEXI XLI+VIIOKSHHIWWSJ[MXGLGVEJXEWWSGMEXIHMR GPEWWMGEPQ]XLSPSK][MXLXLIQSSR XLIHSKXLIFYWL XLI1ERMRXLI1SSR[EWWEMHXS S[REHSKERHEFYWL P]GERXLVSTM XLSWIWYJJIVMRKJVSQP]GERXLVSTMEWE[ XLIQWIPZIWEW[SPZIW WII*IVHMRERHMR.SLR;IFWXIV W 8LI(YGLIWWSJ1EPp
JVERGMWGYW 7MRKW 7[IIXPSZITMX]QI +MZIQIPIEZIXSPMI[MXLXLII PSPPMS 2S- PPWII]SY[MWIVp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
PMI GSTYPEXI PSZIGVIITWQSYWILSPI DGVIITW MWERMRRYIRHSJSV WI\YEPIRXV]DQSYWI GERQIEREFIPSZIH[SQERERH DLSPI MWERSFWGIRI[SVHJSVZEKMRE LSPI GIPP FYXEPWSERSFWGIRIMQEKI EYRX GEREPWSQIERTVSWXMXYXI YRGPI GEREPWSQIERTERHIVTMQT RMKKIX GSRXVEGXMSRSJDERMHMSX FEYFPI E ENIWXIV WFEXSR F TIRMW GSYWMRW -WEFIPPEXEOIW%RXSRMS WDGSYWMR XSQIER DWXVYQTIX SVDPSZIV PIJXLERHIH3VPERHS QIERMRKYRGPIEV3VPERHS[EWXLI PSZIQEHZMSPIRXTVSXEKSRMWXMR%VMSWXS W3VPERHS *YVMSWSERHDPIJXLERHIH MQTPMIWMRITXMXYHI STTSVXYRIJYP WIEWSREP EQE^MRK EQE^IH GLERKI SJEXXMXYHI WLETI KYMWI WLVSYHW E GSRGIEPW F HMWKYMWIW
XLSQEWQMHHPIXSRERH[MPPMEQVS[PI] ;LSWIQEKMGLEHXLMWJSVGIXLYWXSXVERWJSVQQI MWEFIPPE =SYEVIEp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
MWEFIPPE 4EWWMRK[IPPWMV PSPPMS -WLIRSX[MXX]TVIXX][IPPJSVEJSSP# MWEFIPPE -JLILSPHSREWLIFIKMRWLIMWPMOI 8SGSQIXSWSQIXLMRK PSPPMS %]XLEROEKSSHXYXSV=SYQE]TYXLMQXS X LIFIKMRWXSERW[IVTVIXX]LEVHUYIWXMSRW8SR] LS[QER]MWpZIXMQIWWM\# ERXSRMS *MZIXMQIWWM\MWWM\XMQIWp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
ERXSRMS %RHQYWXEKEMR,ILI-XLERO]SY GSYWMR - PPFI]SYVZEPIRXMRIXSQSVVS[QSVRMRK PSPPMS ,S[HS]SYPMOIXLIJSSPQMWXVIWW#
MWEFIPPE 8EOILIIHXLIVI WKMERXWOIIT IQ PSPPMS %WMHI ,S[RS[JSSPEVI]SYKSSHEXXLEX# ,EZI]SYVIEH0MTWMYW#,I WTEWX%VW%QERHM - FIPMIZI-QYWXTYXLEVHIVUYIWXMSRWXSLMQ-TIVGIMZI XLEX
WGVYXMRSYW WIEVGLMRK GYRRMRK GPIZIVERHEVXJYP Q]WXIV] WOMPPORS[RXSQEWXIVWERHETTVIRXMGIW EW[MXL XLIKYMPHWSJGVEJXWQIRVIWTSRWMFPIJSVXLI1]WXIV]TPE]W WIGVIX GEREPWSQIERDWIGVIXTEVX TVSGIIHW E QIRXEPP] F WI\YEPP] WSJX[SYRHMRKWLEJXW SJ'YTMH WXVMOI [MXLERMRRYIRHSSJGSTYPEXI WXERH KMZI EWTE]QIRX JSV[EVH E MQTYHIRX F PYWXJYP JEWLMSRIHSYX GSRXVMZIH Q][E] Q]ETTVSEGL XS[EVHW-WEFIPPE +EPE\ME 1MPO];E] 4VSJSYRH[MXLEP MRKIRMSYWEW[IPP LEFMX HVIWW SJEJSSP HMWGSZIV VIZIEPYRGSZIV EPPXLIJEZSYV MIVEXLIVXLEREWI\YEPJEZSYV ZEPIRXMRIXSQSVVS[QSVRMRK TVSFEFP]EVIJIVIRGIXS 3TLIPME WWSRKMR7LEOIWTIEVI W,EQPIX -:Zr
TEWWMRK I\GIIHMRKP] r -JLIXSWSQIXLMRK E LIQE]EGLMIZIWSQIPIZIPSJ PIEVRMRKMJLITIVWMWXW F LIQE]EGLMIZISVKEWQ r 'EXGLXLIVIMRLIPP VIJIVIRGIXSDFEVPI]FVIEO E XVEHMXMSREPKEQIMR[LMGLGSYTPIWEXXIQTXXSVYRTEWX SXLIVTPE]IVW VITVIWIRXMRKLIPP [MXLSYXFIMRKGEYKLX SYX MISYXSJVSPI JVSQ SYXSJOIITMRK[MXL 0MZIW [LSPMZIW XLI,IWTIVMHIW XLIHVEKSR0EHSR SJJWTVMRKSJEKMERX KYEVHIHXLIXVIISR[LMGLXLIKSPHIRETTPIWSJXLI ,IWTIVMHIWKVI[ MX[EWSRISJXLIXEWOWSJ,IVGYPIWXS WPE]MX TYPP TMGO KMERXW MIKYEVHMERW QIERMRK0SPPMSERH%PMFMYW 0MTWMYW .YPMYW0MTWMYW r EWGLSPEVJEQSYWJSV LMWMRGSRWXERG] GLERKMRKVIPMKMSYWEJpPMEXMSRERYQFIV SJXMQIWXLVSYKLSYXLMWPMJI EPWSETPE]SRDPMTW %VW%QERHM 8LI%VXSJ0SZMRKEXVIEXMWIF]3ZMH
XLIGLERKIPMRK [MPPTYX]SYHS[RSRISJXLIWIHE]W MWEFIPPE =SYEVIFSPH[MXLSYXJIEVXSS ERXSRMS ;LEXWLSYPH- )\IYRXPSPPMSERHERXSRMS MWEFIPPE ,IVIXLIVIWXVEMRIHGYVVIRXQMKLXQEOI JIEV FVIEGL ,EZMRKEPPNS]WEFSYXQI#(S]SYWQMPI 7TMXISJXLI[EXGLJYPFEROIVW;SYPHE[SQERWXVE] %RHPSZIWLEPPTPE]XLI[ERXSRSR]SYVPMT 7LIRIIHRSXKEHEFVSEHXSWIIOLIVWMR 1IIXERHVIXMVIVIXMVIERHQIIXEKEMR -X[SYPHFIFVSYKLXLSQISRI[E]WSVSXLIV 0SSO]SYFYXGLIIVJYPP]ERHMR]SYVI]IW 8LIRIIHPI WTSMRX[MPPXSXLIp\IHRSVXL -WLEPPFILSPHQMRIS[RHIJSVQMX] 7YGLHVE[MRKEVGXMGW[SQIR WFIEYXMIWEVI %RHHVIWWQ]WIPJYTJEMVIV-ORS[XLMWWLETI &IGSQIWQIRSFYXMRXLSWIFVMKLXQMVVSVW )RXIVPSPPMS -WLEPPEVVE]QILERHWSQIP] PSPPMS %WMHI 'YGOSSGYGOSS )\MX PSPPMS ,S[HSWXXLSYW[IIXVSKYI# MWEFIPPE ,S[RS[# )RXIVQEHQIREFSZIWSQIEWFMVHWSXLIVWEWFIEWXW PSPPMS 'SQIXLIVIEVIHIKVIIW SRIJSSPQE]FI FIXXIVXLERERSXLIV ERXSRMS ;LEXEVIXLIWI# MWEFIPPE ;LEX WXLIQEXXIV# MWEFIPPE 3JJIEVIRSYKLXSTEVXYW PSPPMS 2E]MJXLSYKMZ WXXL]QMRHXSJSSP WqIWLLEZI =IXEVIXLI]FYXSYVWGLSSPWSJPYREXMGW EXXLII 8LEXEGXXLIMVJERXEWMIWMRER]WLETIW 8VMIWXSOMWWLIV MWEFIPPE =SYFSPHWPEZI]SY 7YMXMRKXLIMVTVIWIRXXLSYKLXW MJWEHXLI]GV] PSPPMS -GSYPHJSPPS[RS[EWX SXLIVJSSPHMH -JQMVXLFIXLIMVGSRGIMXXLI]PEYKLEKEMR D;LEXWLSYPH-JIEV 7SQIXMQIWXLI]MQMXEXIXLIFIEWXWERHFMVHW ,EZMRKEPPNS]WEFSYXQI#(S]SYFYXWQMPI 7MRKMRKSVLS[PMRKFVE]MRKFEVOMRKEPP %RHPSZIWLEPPTPE]XLI[ERXSRSR]SYVPMT %WXLIMV[MPHJERGMIWTVSQTX IQ 1IIXERHVIXMVIVIXMVIERHQIIXEKEMR )\IYRXQEHQIREFSZI 0SSO]SYFYXGLIIVJYPP]ERHMR]SYVI]IW )RXIVPSPPMS -WLEPPFILSPHQ]S[RHIJSVQMX] %RHHVIWWQ]WIPJYTJEMVIV-ORS[XLMWWLETI ERXSRMS 8LIWIEVIRSJIEVW &IGSQIWQIRSX MWEFIPPE &YXLIVI WEPEVKISRIQ]QER ERXSRMS ,ELI8LEX WpRIWTSVXMRHIIHGSYWMR %RHWSEWMXJSPPS[W FYXMWRSXXLMWXLIQSVIJSSPMWL [E]#'SQIW[IIXVSKYIOMWWQIQ]PMXXPI PSPPMS -[SYPHQ]QEWXIV[IVIGSQILSQI 8MWXSS 0EGIHEIQSRMER0IXQIJIIPLS[XL]TYPWIWFIEX QYGLJSVSRIWLITLIVHXSKSZIVRX[SSJXLIWIqSGOW 8LSYLEWXEXLMRKEFSYXXLII[SYPHHSEQER 2SVGER-FIPMIZIXLEXSRIGLYVGLQERGERMRWXVYGX TPIEWYVI- PPPE]Q]LERHSR X X[SFIRIpGIWEXSRGI XLIVI[MPPFIWSQIMRGYVEFPI MWEFIPPE 7MVVELRSQSVI-WII]SYLEZIHMWGSZIVIH QEHSJXLISRIWMHIERHZIV]JSSPWSRXLISXLIV 8LMWPSZI WORMKLXIVVERX[LSLEXLQEHIEHZIRXYVI 'SQI8SR] *SVTYVGLEWISJQ]PSZI&IWMPIRXQYXI ERXSRMS 4VMXLIIGSYWMRPIXQIWXE]LIVIWXMPP 1YXIEWEWXEXYISVLMWMRNYRGXMSR PSPPMS 2S]SYQYWXXS]SYVFSSORS[ ]SYLEZI *SVQIIRNS]MRKWLEPPFIXSGYXXL]XLVSEX TPE]IHWYJpGMIRXP] MWEFIPPE =SYVJSSPMWKVS[R[SRHVSYW[MXX] PSPPMS ;IPP- PPWE]RSXLMRKFYX-HSRSXXLMROFYXLI
(S]SYWQMPI HSFYXWQMPI XLI[ERXSR PEWGMZMSYWP] WLETI KYMWI SJEJSSP FVMKLXQMVVSVW -WEFIPPE WI]IW 'YGOSS XLIGV]WYKKIWXWDGYGOSPH MI%PMFMYW SJJIEV JVMKLXIRMRK JERXEWMIW E HIPYWMSRW F MQEKMRIHXLMRKW GSRGIMX JERG] Q]QER 0SPPMS LIVWIVZERX r SRIGLYVGLQERX[SFIRIpGIW VIJIVVMRKXSXLI TVEGXMGISJGPIVK][LSHIVMZIHXLIMVMRGSQIJVSQX[SSV QSVIGLYVGLIW GSRWMHIVIHHMWVITYXEFPIMRXLI WIZIRXIIRXLGIRXYV] SJ SR
TYX]SYHS[R E SYX[MXMREVKYQIRX F GSTYPEXI[MXL FEROIVW FYMPHIVWSJHMOIWPIZIIW FVSYKLXLSQI HIPMZIVIH RIIHPI WTSMRX SJXLIGSQTEWWFYX[MXLTLEPPMG MQTPMGEXMSRW [MPP [MPPQSZI HVE[MRKEVXMGW QEKRIXMGTSPIW -GSYPHJSSPHMH DLEZMRKSZIVLIEVH]SY-GERTPE] ]SYVTEVX /MRRI] XLMW 0SPPMS WS[R[E] QSVIWXVEMKLXJSV[EVH 0EGIHEIQSRMER E WSQISRIKMZIRXSYRHIVWXEXIQIRX F TVSWXMXYXI MQTP]MRKXLEXTVSWXMXYXIWHSRSXXEPOQYGL 0IXQITYPWIWFIEX WI\YEPMRRYIRHS XLMRK ZEKMRE PE] E TPEGI F FIX TYVGLEWI VI[EVH
XLSQEWQMHHPIXSRERH[MPPMEQVS[PI] EPMFMYW ,SRIWX0SPPMSXLSYKMZ WXQIEKSSHVIEWSR - PPHSMXXLSYKLJSVRSSXLIVTYVTSWIERH %RHEGSQJSVXMRMX &IWYVILI PPRSXVIJYWIMX PSPPMS 1]WLEVIXLEX WEPP- PPLEZIQ]JSSP WTEVX[MXL MWEFIPPE = LEZIEpRIXVEHISR X 1EHQIRERHJSSPWEVIEWXETPIGSQQSHMX] ]SY MWEFIPPE 2SQSVI=SYVQEWXIV EPMFMYW 3[MJI[IQYWXIEX[IEVGPSXLIWERHPMZI .YWXEXXLIPE[]IV WLEZIR[IEVVMZI )RXIVEPMFMYW &]QEHQIRERHF]JSSPW[IFSXLHSXLVMZI EPMFMYW 7[IIXLS[HSWXXLSY# )\IYRX MWEFIPPE =SYVFSYRHIRWIVZERXWMV EPMFMYW *MIpIW[IIXLIEVX %GX---WGIRIMZ 2SQSVISJXLEX MWEFIPPE =SY[IVIFIWXPSGOQIYT )RXIVZIVQERHIVSEPWIQIVSNEWTIVMRSERH FIEXVMGI EPMFMYW -RQ]EVQWERHFSWSQQ]W[IIX-WEFIPPE - PPPSGOXLIIYTQSWXRIEVP]0SPPMS ZIVQERHIVS :EPIRGMEWTIEOWWSRSFP]SJ]SYWMV ;ILEZIIQTPS]QIRX[ILEZIXEWOMRLERH -[MWL-LEHEHEYKLXIVRS[JSV]SY %XRSFPI:IVQERHIVS WSYVGEWXPIGETXEMR EPWIQIVS 8LIJIPPS[SJXLMWGVIEXYVI[IVIETEVXRIV 8LIVIMWERYTXMEPXSFIWSPIQRM^IH *SVEOMRK WPSZI &IEXVMGI.SERRELMWJEMVHEYKLXIVFVMHI ZIVQERHIVS -LEHLIVJIPPS[SRGIWMV *SV[LMGLXLIKIRXPIQERLEXLFIWTSOISYVTEMRW &YXLIEZIRLEWQEVVMIHLIVXSNS]WIXIVREP %QM\XYVISJSYVQEHQIRERHSYVJSSPW
8[IVIWMRXS[MWLLIVMRXLMWZEPIEKEMR 8SpRMWLEWMX[IVIERHQEOIXLIJEK 'SQIWMV]SYVJVMIRHERH]SYWLEPPWIIXLITPIEWYVIW 3JEPPXLIVIZIPWXLIXLMVHRMKLXJVSQXLIpVWX ;LMGLQ]LIEPXLGLMIq]NS]WMR 3RP]ERYRI\TIGXIHTEWWEKISZIV EPWIQIVS -LIEVXLIFIEYX]SJXLMWWIEXPEVKIP] 8SQEOIEJVMKLXJYPTPIEWYVIXLEXMWEPP ZIVQERHIVS -XJEPPWQYGLWLSVXSJXLEX &YXRSXXLIEPP-EMQEX'SYPH[IWSEGXMX )\IYRX1ERIXFIEXVMGI 8SXIEGLMXMRE[MPHHMWXVEGXIHQIEWYVI FIEXVMGI 7SLIVI WSRIWXIT 8LSYKLSYXSJJSVQERHpKYVIFVIEOMRKXMQI WLIEH -RXSQ]JEXLIV WJEZSYV XMQI[MPPp\LMQ -X[IVIRSQEXXIV X[SYPHFILIEPIHEKEMR -LEZIKSXLMQRS[XLIPMFIVX]SJXLILSYWI -RSRIEKISVSXLIVMJRSXMRXLMW 7S[MWHSQF]HIKVIIW[SVOWSYXLIVJVIIHSQ 8LMWXLMW0SPPMSXLIVI WEKSSHVI[EVHFIKYR %RHMJXLEXI]IFIHEVO RIHXLEXSJJIRHWQI %RH[MPPFIKIXEFSYRX]FIMXORS[R -[EMXFYXXLEXIGPMTWI XLMWKIRXPIQER PSPPMS 8LMWMWIEW]WMV- PP[EVVERX]SY=SYLEZI 7LEPPWSSRWLMRIKPSVMSYWMRQ]JEXLIV WPMOMRK EFSYX]SYJSSPWERHQEHQIRXLEXGERHERGIZIV] 8LVSYKLXLIVIJYPKIRXZMVXYISJQ]PSZI [IPP ERH XMWRS[SRHIV ]SYVFIWXHERGIVWEVIRSXXLI [MWIWXQIRXLIVIEWSRMW[MXLSJXIRNYQTMRKXLI] )RXIVHIqSVIW NSPXXLIMVFVEMRWHS[RMRXSXLIMVJIIXXLEXXLIMV[MXW HIqSVIW %WMHI 1]XLSYKLXWEVIEXEFERUYIXJSVXLI PMIQSVIMRXLIMVLIIPWXLERMRXLIMVLIEHW HIIH -JIIPRS[IMKLXMR X XMWFYXPMKLXERHGLIET RSSXLIVTYVTSWI MIXSLEZI%PMFMYWVMHQISJ]SY FSYRHIR E HYX]FSYRH F GSRpRIH WEVGEWXMGEPP] PSGOQIYT MREGLEWXMX]FIPX EPXLSYKL%PMFMYWHSIWRSX GEXGLXLMWEPPYWMSR QSWXRIEVP] E MRXMQEXIP] F QSVIWIGYVIP] FIWTSOISYVTEMRW GSQQMWWMSRIHSYVLIPT JEK PEWXTEVX r 3RP]ERMWEPP XLIQEHQIRERHJSSPWEVIXSVYWL EGVSWWMRJVSRXSJXLIVIZIPPIVWKMZMRKXLIQETPIEWERX JVMKLX r 'SYPH[IMXORS[R D-JSRP][IGSYPHWSTIVJSVQMX EWXSXIEGLXLIQXSHSMXF]QIERWSJE[MPHGVE^]HERGI XLIRXLEXXLSYKLRSXEGGSVHMRKXSTVSTIVJSVQERH TEXXIVRQEOMRKEGYGOSPHSJXLIQYWMGEPVL]XLQ[SYPH RSXFISFNIGXIHXS JSVMX[SYPHFIVIQIHMIHEXWSQI JYXYVIWXEKIMJRSXRS[ WYGLEXLMRK0SPPMS[SYPH FIXLIFIKMRRMRKSJEKSSHVI[EVHERHKIRIVEXIFSYRXMJYP GSQQMWWMSRWJSVXLIJYXYVIMJMXFIGEQI[MHIP]ORS[R (EEPHIV
EKSSHVIEWSR MIJSVKSMRKELIEH[MXLXLITPER PE[]IV WLEZIR E VIJIVVMRKXSXLIMHIEXLEXJSSPWERH QEHQIRSJXIRWSYKLXXLIWIVZMGIWSJPE[]IVW WII -MM r F PE[]IVWEVIJSSPWERHQEHQIR JIPPS[ QEXGL JIPPS[ MI:IVQERHIVS WPEXI[MJI ZEPI SJXIEVWIEVXLP]PMJI LIEPXL [IPPFIMRK WIEX IWXEXITVSTIVX] PEVKIP] I\XIRWMZIP]VITSVXIHYTSR p\ IWXEFPMWL %PWIQIVS MJXLEXSJJIRHWQI VIJIVWXSXLIFMFPMGEPMHIEXLEXDMJ XLMRII]ISJJIRHXLIITPYGOMXSYX 1EXXLI[ [MXL %PSR^SEWXLIDI]I VIJYPKIRX VEHMERX FERUYIX GIPIFVEXMSR XLIHIIH XLIOMPPMRKSJ%PSR^S
XLIGLERKIPMRK *SVXLIW[IIXVIGSQTIRWIXLEX-WIXHS[RJSV X FIEXVMGI (I*PSVIW# HIqSVIW 0EH]# FIEXVMGI 8L]PSSOWTVSQMWIGLIIVJYPP] HIqSVIW %PPXLMRKWEVIERW[IVEFPI XMQI GMVGYQWXERGI =SYV[MWLIWERHQ]WIVZMGI FIEXVMGI -WMXHSRIXLIR# HIqSVIW 4MVEGUYSMWRSQSVI FIEXVMGI 1]NS]WWXEVXEXQMRII]IW SYVW[IIX WX HIPMKLXW %VIIZIVQSVIFSVR[IITMRK HIqSVIW - ZIEXSOIRJSV]SY FIEXVMGI *SVQI# HIqSVIW &YXMX[EWWIRXWSQI[LEXYR[MPPMRKP] -GSYPHRSXKIXXLIVMRK[MXLSYXXLIpRKIV 7LS[WLIVXLIpRKIV FIEXVMGI &PIWWQI;LEXLEWXXLSYHSRI# HIqSVIW ;L]MWXLEXQSVI 8LEROMPPMRKXLI[LSPIQER#-GYXLMWLIEVXWXVMRKW %KVIIH]LERHXLVYWXMREHMWLEXGSYVX -REQMWXEOILEXLLEHEWQYGLEWXLMW FIEXVMGI 8MWXLIpVWXXSOIRQ]JEXLIVQEHIQIWIRH LMQ HIqSVIW %RH-LEZIQEHILMQWIRHMXFEGOEKEMR *SVLMWPEWXXSOIR-[EWPSEXLXSPIEZIMX %RH- QWYVIHIEHQIRLEZIRSYWISJNI[IPW ,I[EWEWPSEXLXSTEVX[MXL XJSVMXWXYGO %WMJXLIqIWLERHMX[IVIFSXLSRIWYFWXERGI FIEXVMGI %XXLIWXEK WJEPPXLIOIITIVLEWLMWJIIW
8MWWSSRETTPMIH EPPHIEHQIR WJIIWEVI]SYVWWMV -TVE]FYV]XLIpRKIV FYXXLIWXSRI =SYQE]QEOIYWISRWLSVXP]XLIXVYIZEPYI 8EOI XSJQ]XVYXLMWRIEVXLVIILYRHVIHHYGEXW HIqSVIW 8[MPPLEVHP]FY]EGETGEWIJSVSRI W GSRWGMIRGIXLSYKL 8SOIITMXJVSQXLI[SVQEWpRIEW XMW ;IPPFIMRKQ]JIIW- PPXEOIMX
W[IIXVIGSQTIRWI MRI\GLERKIJSV WIXHS[R WTIGMpIH EWMREREGGSYRX ERW[IVEFPI pXXMRK XSOIR E SJPSZI F SJXLIQYVHIV r %KVIIH]EWXLMW (I*PSVIWRSXIWXLEXMXMWIEW] IRSYKLXSPSWIEpRKIVMREREGGMHIRXWSMXMWRSXLMRKF] GSQTEVMWSRXSXLIOMPPMRKSJE[LSPIQER[LMGLMW[LEX XLIpRKIVERHXLIVMRKEVIIZMHIRGISJ NI[IPW GEREPWSQIERE WMKRWSJZMVKMRMX] F KIRMXEPME SRIWYFWXERGI MRXLIFMFPMGEPWIRWIPMOIXLIYRMSRSJ QEVVMEKI[LMGLXLIVMRKLEHGSQIXSWMKRMJ] WII 1EXXLI[ OIITIV KEQIOIITIVIRXMXPIHXSEWLEVISJEWPEYKLXIVIH HIIV GETGEWI XVEZIPPMRKFEK[EPPIX [SVQ XLIKRE[MRKWSJGSRWGMIRGI
+VIEXQIRLEZIXEYKLXQIXLEXSVIPWIQ]QIVMX ;SYPHWGSVRXLI[E]SR X FIEXVMGI -XQMKLXNYWXP]WMV ;L]XLSYQMWXEO WX(I*PSVIW XMWRSXKMZIR -RWXEXISJVIGSQTIRWI HIqSVIW 2S-LSTIWSPEH] =SYWLSYPHWSSR[MXRIWWQ]GSRXIQTXXS XXLIR FIEXVMGI 4VMXLIIXLSYPSSO WXEWMJXLSY[IVX SJJIRHIH HIqSVIW 8LEX[IVIWXVERKIPEH] XMWRSXTSWWMFPI 1]WIVZMGIWLSYPHHVE[WYGLEGEYWIJVSQ]SY 3JJIRHIH#'SYPH]SYXLMROWS#8LEX[IVIQYGL *SVSRISJQ]TIVJSVQERGIERHWS[EVQ =IXMRQ]WIVZMGI FIEXVMGI 8[IVIQMWIV]MRQIXSKMZI]SYGEYWIWMV HIqSVIW -ORS[WSQYGLMX[IVIWS QMWIV] -RLIVQSWXWLEVTGSRHMXMSR FIEXVMGI 8MWVIWSPZIHXLIR 0SSO]SYWMVLIVI WXLVIIXLSYWERHKSPHIRqSVMRW -LEZIRSXQIERP]XLSYKLXYTSRXL]QIVMX HIqSVIW ;LEX#7EPEV]#2S[]SYQSZIQI FIEXVMGI ,S[(I*PSVIW# HIqSVIW (S]SYTPEGIQIMRXLIVEROSJZIVQMRSYW JIPPS[W 8SHIWXVS]XLMRKWJSV[EKIW#3JJIVKSPH *SVXLIPMJIFPSSHSJQER-WER]XLMRK :EPYIHXSSTVIGMSYWJSVQ]VIGSQTIRWI# FIEXVMGI -YRHIVWXERHXLIIRSX HIqSVIW -GSYPHLE LMVIH %NSYVRI]QERMRQYVHIVEXXLMWVEXI %RHQMRIS[RGSRWGMIRGIQMKLXLEZILEHERHLEZI LEH 8LI[SVOFVSYKLXLSQI
r +VIEXQIR[E]SR X KVIEXQIRLEZIXEYKLX(I *PSVIWXSEGGITXEQEXIVMEPVI[EVHJSVLMWWIVZMGI EPXLSYKLLIGPEMQWLMWXVYIQIVMXMWEFSZIWYGLI\GLERKIW -RWXEXISJ F][E]SJ GEYWI VITVSEGL r 8LEX[IVIQ]WIVZMGI (I*PSVIWRSXIWXLIKVEZMX]SJ LMWDTIVJSVQERGI XLIOMPPMRK ERHLS[VIGIRXMX[EW EKEMRWXXLIRSXMSRSJ&IEXVMGI WETTEVIRXVITVSEGL QMWIV] MRKVEXMXYHI QMWIV] WYJJIVMRK XMWVIWSPZIHXLIR XLIQMWYRHIVWXERHMRKMWVIWSPZIH XLVIIXLSYWERHKSPHIRqSVMRW KSPHGSMRW SVE TVSQMWWSV]RSXIWMRGIXLMWPEVKIWYQ[SYPHLEZI [IMKLIHEKVIEXHIEP QIERP] YRKIRIVSYWP] 7EPEV] pRERGMEPVI[EVH QSZI SJJIRH -WER]XLMRK GERER]XLMRKFI r -GSYPHFVSYKLXLSQI (I*PSVIWWE]WXLEXLIGSYPH LEZILMVIHWSQISRI ENSYVRI]QER XSYRHIVXEOIXLI QYVHIVWSXLEXLIGSYPHLEZIWXE]IHEXLSQIERHLEHXLI D[SVO HIPMZIVIHXLYWWTEVMRKLMWGSRWGMIRGIHMVIGX GSRXEGX[MXLXLIHIIH
XLSQEWQMHHPIXSRERH[MPPMEQVS[PI] FIEXVMGI %WMHI - QMREPEF]VMRXL ;LEX[MPPGSRXIRXLMQ#-[SYPHJEMRFIVMHSJLMQ 8SHIqSVIW - PPHSYFPIXLIWYQWMV HIqSVIW =SYXEOIEGSYVWI 8SHSYFPIQ]ZI\EXMSRXLEX WXLIKSSH]SYHS FIEXVMGI %WMHI &PIWWQI-EQRS[MR[SVWITPMKLX XLER-[EW -ORS[RSX[LEX[MPPTPIEWILMQ 8SHIqSVIW *SVQ]JIEVW WEOI -TVMXLIIQEOIE[E][MXLEPPWTIIHTSWWMFPI %RHMJXLSYFI WXWSQSHIWXRSXXSREQI 8LIWYQXLEX[MPPGSRXIRXXLIITETIVFPYWLIWRSX 7IRHXL]HIQERHMR[VMXMRKMXWLEPPJSPPS[XLII &YXTVMXLIIXEOIXL]qMKLX HIqSVIW =SYQYWXq]XSSXLIR FIEXVMGI -# HIqSVIW - PPRSXWXMVEJSSXIPWI FIEXVMGI ;LEX W]SYVQIERMRK# HIqSVIW ;L]EVIRSX]SYEWKYMPX]MR- QWYVI %WHIITEW-#%RH[IWLSYPHWXMGOXSKIXLIV 'SQI]SYVJIEVWGSYRWIP]SYFYXMPP Q]EFWIRGI ;SYPHHVE[WYWTIGXYTSR]SYMRWXERXP] 8LIVI[IVIRSVIWGYIJSV]SY FIEXVMGI %WMHI ,IWTIEOWLSQI HIqSVIW 2SVMWMXpX[IX[SIRKEKIHWSNSMRXP] 7LSYPHTEVXERHPMZIEWYRHIV 8VMIWXSOMWWLIV FIEXVMGI ,S[RS[WMV# 8LMWWLS[WRSX[IPP HIqSVIW ;LEXQEOIW]SYVPMTWSWXVERKI# 8LMWQYWXRSXFI X[M\XYW FIEXVMGI %WMHI 8LIQERXEPOW[MPHP] HIqSVIW 'SQIOMWWQI[MXLE^IEPRS[ FIEXVMGI %WMHI ,IEZIR-HSYFXLMQ HIqSVIW -[MPPRSXWXERHWSPSRKXSFIK IQWLSVXP] FIEXVMGI 8EOILIIH(I*PSVIWSJJSVKIXJYPRIWW
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XLIGLERKIPMRK -RXLEX4MVEGUYSXLERXSLIEVXLIWI[SVHW 8LMROFYXYTSRXLIHMWXERGIXLEXGVIEXMSR 7IX X[M\XXL]FPSSHERHQMRIERHOIITXLIIXLIVI HIqSVIW 0SSOFYXMRXS]SYVGSRWGMIRGIVIEHQI XLIVI
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XLER VEXLIVXLER FPSSH WSGMEPVERO IUYEP MRXIVQWSJWMR[LMGLWYTIVWIHIWSXLIVJSVQWSJ VERO XS MRJEZSYVSJ XLIHIIH WGVIEXYVI E WLETIHSVVIGVIEXIHF]XLIHIIH F IRWPEZIHXSXLIHIIH pVWXGSRHMXMSR E MRRSGIRGI F SVMKMREPWXEXI MRXIVQWSJ JEQMP]ERHVERO XYVRIH]SYSYX I\TIPPIH]SYJVSQXLEXWXEXI [MXLTPE] SRXLIHMWQMWWEPSJ)ZIJVSQ4EVEHMWI YVKI TVSZSOIQI [VMX WXDQEMH GEPP]SYVWIPJZMVKMR EJJIGXMSR TEWWMSR GLERKIHJVSQXL]pVWXPSZI XVERWJIVVIH JVSQ%PSR^S GLERKIH JVSQPMJIXSHIEXL [MXLIQTLEWMWSRDGLERKI EW MRXLIXMXPISJXLITPE] W[IIXW WI\YEPTPIEWYVIW TPEKYIW XSVQIRXW WLSSXMRKI]I HMVIGXTVSZSGEXMZIPSSO
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8MWEWXVERKILYQSYV &YXEVI]SYWIVMSYWWXMPP#;SYPH]SYVIWMKR =SYVpVWXRMKLX WTPIEWYVIERHKMZIQSRI]XSS# FIEXVMGI %W[MPPMRKP]EWPMZI %WMHI %PEWXLIKSPH -WFYXEF]FIXXS[IHKIMRXLILSRSYV HMETLERXE %WMHI -HSRSXORS[LS[XLI[SVPHKSIW EFVSEH *SVJEMXLSVLSRIWX] XLIVI WFSXLVIUYMVIHMRXLMW 1EHEQ[LEXWE]]SYXSQIERHWXVE]RSJYVXLIV# - ZIEKSSHQMRHMRXVSXLXSIEVR]SYVQSRI] FIEXVMGI = EVIXSSUYMGO-JIEVXSFIEQEMH HMETLERXE ,S[#2SXEQEMH#2E]XLIR]SYYVKI QIQEHEQ =SYVLSRSYVEFPIWIPJMWRSXEXVYIV ;MXLEPP]SYVJIEVWYTSR]SY FIEXVMGI %WMHI &EHIRSYKLXLIR HMETLERXE 8LER-[MXLEPPQ]PMKLXWSQINS]WEFSYX QI
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XSQE^S 8LIFIWXMW 8LIVIMWQSVIKVSYRHXSQIIXEQER WVIZIRKISR ,SRIWX(I*PSVIW# HIqSVIW 8LEX WQ]REQIMRHIIH 7E[]SYXLIFVMHI#+SSHW[IIXWMV[LMGL[E]XSSO WLI# XSQE^S -LEZIFPIWXQMRII]IWJVSQWIIMRKWYGLEJEPWI SRI HIqSVIW %WMHI - HJEMRKIXSJJXLMWQER WRSXJSV Q]GSQTER] -WQIPPLMWFVSXLIV WFPSSH[LIR-GSQIRIEVLMQ XSQE^S 'SQILMXLIVOMRHERHXVYISRI -VIQIQFIV 1]FVSXLIVPSZIHXLII[IPP HIqSVIW 3TYVIP]HIEVWMV %WMHI 1IXLMROW-EQRS[EKEMREOMPPMRKSRLMQ ,IFVMRKWMXWSJVIWLXSQI XSQE^S 8LSYGERWXKYIWWWMVVEL )RXIVXSQE^S 3RILSRIWXJVMIRHLEWERMRWXMRGXSJNIEPSYW] XSQE^S -GPEMQEFVSXLIVSJ]SY %XWSQIJSYPKYMPX]TIVWSR# ZIVQERHIVS = EVIXSSLSX HIqSVIW 0EWWMV-EQWSGLEVMXEFPI-XLMRORSRI 7IIOLMQRSXLIVI ;SVWIXLERQ]WIPJ=SYHMHRSXWIIXLIFVMHIXLIR# XSQE^S =IW QSRKWX]SYVHIEVIWXFPSSHW XSQE^S -TVMXLIIREQILIVRSX-WWLIRSX[MGOIH# -JQ]TIEGIpRHRSJEMVIVWEXMWJEGXMSR HIqSVIW 2SRS ETVIXX]IEW]VSYRHTEGOIHWMRRIV 8LMWMWXLITPEGIQYWX]MIPHEGGSYRXJSVLMQ %W]SYVQSWXPEHMIWEVI IPWI]SYQMKLXXLMRO *SVLIVI-PIJXLMQ ERHXLILEWX]XMI -qEXXIVIHLIV FYXWMVEXRSLERH[MGOIH 3JXLMWWREXGLIHQEVVMEKIKMZIWWXVSRKXIWXMQSR] 8MPPXL EVIWSSPHXLIMVGLMRWERHRSWIWQIIX 3JLMWQSWXGIVXEMRVYMR %RHXLI]WEPYXI[MXGLIW-EQGEPPIH-XLMROWMV ZIVQERHIVS 'IVXEMRJEPWILSSH 8LMWMWXLITPEGIMRHIIH LMWFVIEGLSJJEMXL ,EWXSSQYGLQEVVIHFSXLQ]EFYWIHPSZI FIPMIJ QMWXEOIRGSRpHIRGI
GSSP WI\YEPP]WEXMWpIH r - QJSVWQEPPJSSPW ENYWXMGIMWWIIREWEHIWMVEFPI DFMKJSSP RS[XLEXWLILEWEHS[V] TSVXMSR &VMEQEXE :IVQERHIVS WGSYRXV]IWXEXI ERW[IVJEMXLJYPP] I\TPEMRMRKSSHJEMXL ETTVILIRWMSR EVVIWX HMWGSZIV VIZIEP WIXSR LEVEWWIH WIIMRK8SQE^SEVVMZI FPSSHW OMR QEVVIH XEMRXIH
JEMV OMRH EPPMERGI PMRIEKI 8LIVIMWVIZIRKISR DXLIVIEVISXLIV[E]WXSTYVWYI VIZIRKI MRWXMRGXSJNIEPSYW] MRXYMXMZIWYWTMGMSR IEW] SJIEW]ZMVXYI VSYRHTEGOIH JYPPpKYVIHWLETIP] EXRSLERH F]RSQIERW GLMRWERHRSWIW 5LEWDWMRWERHRSWIW ;IJSPPS[XLI YWYEPIQIRHEXMSR WEPYXI E EVIGEPPIH F KVIIX EWXLI]PSSOPMOI[MXGLIW XLIQWIPZIW
XLIGLERKIPMRK 1MRIWSQ]JEMXLERHJVMIRHWLMTQMKLXFIOITXMR X %WMHI ,MWGSQTER]IZ RS IVPE]WQ]GSRWGMIRGI *EMXLWMVHMWTIRWIEPMXXPI[MXLQ]^IEP )\MX %RHPIXMXGSSPMRXLMW XSQE^S 8LEX(I*PSVIWLEWE[SRHVSYWLSRIWXLIEVX EPWIQIVS 8LMWTYXWQISR ,I PPFVMRKMXSYXMRXMQI- QEWWYVIHSR X %RHFPEQIWXLIIJSVXL]WPS[RIWW 3LIVI WXLIKPSVMSYWQEWXIVSJXLIHE] WNS] %PPQE]TVSZIRSXLMRK
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8MWEQSVITVIGMSYWPMUYSVXLEXQYWXPE] 0SYHIVXLERWLI 8LIpIV]XLMVWX-FVMRK EPWIQIVS (I*PSVIW#8LSYEVXSYXRS[ EPWIQIVS =SYV[SVHWERH]SY NEWTIVMRS =SY PPXIPPQIQSVIERSR %TTIEVXSQIKVIEXWXVERKIVW EPWIQIVS 7XMPP- PPTVIZIRXXLII XSQE^S 8MQIERHSYVW[SVHW 8LIZIV]WMKLXSJLMQMWTSMWSRXSLIV 1E]QEOIYWQSVIEGUYEMRXIH8LMWXLIFYWMRIWW NEWTIVMRS 8LEXQEHIQIWXEKKIVXSSFYX(METLERXE -WLSYPHLEZILEHEFVSXLIVMR]SYVTPEGI %XLIVVIXYVRGSRp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pVIMRXSOMRKW FVIEWXW IRX VIH %RHXSYGLIHWLIWPIITWRSXLIVI=IX-LEZIXMQI 9TSRXLMWHE]1]MRRSGIRGIVIPMIZIWQI 8LSYKLRMKLXFIRIEVXSFIVIWSPZIHLIVISJ %RHTVMXLIIHSRSX[IMKLQIF]Q]TEWWMSRW )RXIVNEWTIVMRS NEWTIVMRS -RIZIV[IMKLIHJVMIRHWS -WLSYPHFI[SRHVSYWWEHIPWI.EWTIVMRS (SRIGLEVMXEFP] EPWIQIVS -LEZIRI[WXSXIPPXLIIWXVERKIRI[W NEWTIVMRS -LE WSQIXSS WS TVSZMHIHXLEX -XLMROEWWXVERKIEW]SYVW;SYPH-QMKLXOIIT
S IVPE]WQ]GSRWGMIRGI STTVIWWIWQ]QMRH FVMRKMXSYX E VIZIEPLMWDLSRIWXLIEVX F VIZIEPXLI MHIRXMX]SJXLIOMPPIV KPSVMSYW EWGSVRJYPXIVQEWMRZEMRKPSVMSYWTVSYH VIGOSR WIXXPI SYVEGGSYRX PMUYSV MIFPSSH PE] EPPE]UYIRGL LMWVMKLX EWLYWFERHXS&IEXVMGI MRTPEGISJ%PSR^S XLEX[SVH XLIEGGYWEXMSR MX EW[SVH EWERW[IV /IIT]SYVHE]WSPIQR MISFWIVZIXLIVMXYEPWSJ]SYV [IHHMRKHE] WQEVX TEMR
r HMWTIRWIEMRXLMW EPPS[Q]^IEPSYWWIVZMGIXSDGSSP E PMXXPI WSXLEX-WLSYPHRSXLEZIXSVIPE]XLMWRI[W TYXWQISR TVSZSOIWQI TEVXEOI WLEVI TVIXIRH SJJIV LSRIWX E KIRYMRI F GLEWXI (METLERXEMWWXMPPEZMVKMR TVMZEXIGSRJIVIRGI EWMREPSZIVW QIIXMRK SYX QMWXEOIR XIPPQIQSVI WTIEOHMJJIVIRXP] [LIRQSVISJXLIWXSV]MW VIZIEPIH TVIZIRX JSVIWXEPP GLEPPIRKI GPEMQ XSYGLIH YRGLEWXI VIWSPZIH WEXMWpIH [IMKL NYHKI
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pXP]SYVFVMHIGSQIWXSTEVXEOI[MXL YW FIEXVMGI ;LEXMW XQ]PSVH# EPWIQIVS 2SLYVX FIEXVMGI 7MVTEVHSRQI -WIPHSQXEWXISJER]GSQTSWMXMSR EPWIQIVS &YXXLMWYTSRQ][EVVERX]SYWLEPP ZIRXYVISR +MZIWLIVXLIKPEWW FIEXVMGI -JIEV X[MPPQEOIQIMPP EPWIQIVS ,IEZIRJSVFMHXLEX 8EPOWETEVXXSNEWTIVMRS
TVIXX] MRKIRMSYW 'LEPHIER EWIIVSVWSSXLWE]IV WII(ERMIP WSQI MIWIGVIXW (IPMZIVIHLIVJSV HIWGVMFIHLIVEW SFWGYVIP] E MRXLIHEVO F YRWIIR W[IIXZS]EKI LIVWI\YEPIRGSYRXIV 7LI WEFYWIHUYIWXMSRPIWW WLI WYRHSYFXIHP] QEPMKRIH GSQTSWMXMSR QIHMGMRI SJQSVIXLERSRIMRKVIHMIRX [EVVERX KYEVERXII
FIEXVMGI %WMHI - QTYXRS[XSQ]GYRRMRK 8L IJJIGXW-ORS[ -J-GERRS[FYXJIMKR IQLERHWSQIP] (VMROW EPWIQIVS -XLEWXLEXWIGVIXZMVXYIMXRI IVQMWWIHWMV 9TSREZMVKMR NEWTIVMRS 8VIFPIUYEPMXMIH# FIEXVMGIKETIWXLIRWRII^IW EPWIQIVS &]EPPXLEX WZMVXYSYWMXXEOIWXLIVI TVSGIIHW NEWTIVMRS 8LMWMWXLIWXVERKIWXXVMGOXSORS[EQEMH F] FIEXVMGI ,ELELE =SYLEZIKMZIRQINS]SJLIEVXXSHVMROQ]PSVH EPWIQIVS 8SLIV 2SXLSYLEWXKMZIRQIWYGLNS]SJ LIEVX 8LEXRIZIVGERFIFPEWXIH FIEXVMGI ;LEX WXLIQEXXIVWMV# EPWIQIVS 8SNEWTIVMRS 7IIRS[ XMWWIXXPIHMRE QIPERGLSP] /IITWFSXLXLIXMQIERHQIXLSH 8SLIV 1] .SERRE 'LEWXIEWXLIFVIEXLSJLIEZIRSVQSVRMRK W[SQF 8LEXFVMRKWXLIHE]JSVXLXLYWQ]PSZIIRGPSWIWXLII )QFVEGIWLIV)\IYRX
%GX-:WGIRIMMM )RXIVMWEFIPPEERHPSPPMS MWEFIPPE 3LIEZIR-WXLMWXLI[E\MRKQSSR# (SIWPSZIXYVRJSSPVYRQEHERHEPPEXSRGI# 7MVVELLIVI WEQEHQEREOMRXSXLIJSSPXSS %PYREXMGPSZIV PSPPMS 2SRS2SXLI-FVSYKLXXLIPIXXIVJVSQ# MWEFIPPE 'SQTEVILMWMRWMHI[MXLLMWSYXERHXIPPQI +MZIWLMQXLIPIXXIV PSPPMS 8LISYX WQEH- QWYVISJXLEX -LEHEXEWXI SR X 6IEHW D8SXLIFVMKLX%RHVSQIHEGLMIJ
LERHWSQIP] GSRZMRGMRKP] XLEXWIGVIXZMVXYI MIWYGLVEVIUYEPMX] 8VIFPIUYEPMXMIH TVSHYGMRKXLVIIIJJIGXW %PWIQIVSLEW GPIEVP]FVMIJIH.EWTIVMRSSRXLIIJJIGXWSJXLITSXMSR XEOIW XEOIWIJJIGX FPEWXIH HIWXVS]IH XMQI WIUYIRGI QIXLSH IJJIGX [E\MRK 5LEWD[EMXMRK FYX[IJSPPS[SXLIVIHWMRXLMW IQIRHEXMSR%[E\MRKQSSR SRIKVS[MRKFMKKIV [EW XLSYKLXXSMRGVIEWIPYREG] QEHQER MI*VERGMWGYWDVIPEXIH XSXLIJSSP%RXSRMS MRWMHI[MXLLMWSYX E GSQTEVI*VERGMWGYWERHLMW HMWKYMWI F GSQTEVI[LEXMW[VMXXIRSRXLISYXWMHISJXLI PIXXIV[MXLMXWGSRXIRXW r 8LISYX WXEWXISR X 0SPPMSXLMROWXLEX*VERGMWGYWMW QEH[LIRLIMWHMWKYMWIHERHVIGEPPWLMWIEVPMIVZMSPIRGI
XLIGLERKIPMRK GLEQFIVQEMHXSXLI/RMKLXSJXLI7YREXXLIWMKRSJ 7GSVTMSMRXLIQMHHPIVIKMSRWIRXF]XLIFIPPS[W QIRHIVSJ%ISPYW4E]XLITSWX 8LMWMWWXEVO QEHRIWW MWEFIPPE 2S[QEVOXLIMRWMHI 8EOIWXLIPIXXIVERH VIEHW D7[IIXPEH]LEZMRKRS[GEWXSJJXLMW GSYRXIVJIMXGSZIVSJEQEHQER-ETTIEVXS]SYVFIWX NYHKIQIRXEXVYIERHJEMXLJYPPSZIVSJ]SYVFIEYX] PSPPMS ,IMWQEHWXMPP MWEFIPPE D-JER]JEYPX]SYpRHGLMHIXLSWITIVJIGXMSRW MR]SY[LMGLLEZIQEHIQIMQTIVJIGX XMWXLIWEQI WYRXLEXGEYWIXLXSKVS[ERHIRJSVGIXLXS[MXLIV PSPPMS 3VSKYI MWEFIPPE D7LETIWERHXVERWWLETIWHIWXVS]WERH FYMPHWEKEMR-GSQIMR[MRXIVXS]SYHMWQERXPIHSJ Q]TVSTIVSVREQIRXW F]XLIW[IIXWTPIRHSYVSJ]SYV GLIIVJYPWQMPIW-WTVMRKERHPMZIEPSZIV PSPPMS 1EHVEWGEPWXMPP MWEFIPPE D8VIEHLMQRSXYRHIVJSSXXLEXWLEPPETTIEV ERLSRSYVXS]SYVFSYRXMIW-VIQEMRQEHXMPP- WTIEO[MXL]SYJVSQ[LSQ-I\TIGXQ]GYVI]SYVW EPPSVSRIFIWMHILMQWIPJ*VERGMWGYW PSPPMS =SYEVIPMOIXSLEZIEpRIXMQISR X1]QEWXIV ERH-QE]KMZISZIVSYVTVSJIWWMSRW -HSRSXXLMRO FYX]SYGERGYVIJSSPWERHQEHQIRJEWXIVXLER[I [MXLPMXXPITEMRWXSS MWEFIPPE :IV]PMOIP] PSPPMS 3RIXLMRK-QYWXXIPP]SYQMWXVIWW=SY TIVGIMZIXLEX-EQTVMZ]XS]SYVWOMPP MJ-pRH]SY QMRMWXIVSRGIERHWIXYTXLIXVEHI-TYXMRJSVQ] XLMVHW -WLEPPFIQEHSVJSSPIPWI
r D8SXLIWXEVOQEHRIWW %RHVSQIHE -WEFIPPE [EW VIWGYIHJVSQXLIHVEKSRF]4IVWIYW *VERGMWGYW 'LEQFIVQEMHW[IVIXLSYKLXXSFIPEWGMZMSYWERHX]TMGEP SJXLIVIEHIVWSJWYGLVSQERGIWEW8LI1MVVSVSJ /RMKLXLSSH RMRITEVXWTVMRXIHMR)RKPERH r MR [LMGLXLI/RMKLXSJXLI7YRMWXLILIVS8LI^SHMEGEP WMKR7GSVTMS[EWXLSYKLXXSKSZIVRXLIWI\YEPSVKERW DXLIQMHHPIVIKMSR ERH%ISPYWXLIFIPPS[WQIRHIVMW WMKRMpGERXEWXLIVYPIVSJXLI[MRHW[LMGL[SYPHGVIEXI WI\YEP EGXMZMX]DFIPPS[ FIMRKEXIVQJSVXLITLEPPYW D4E]XLITSWX GSYVMIV MWLYQSVSYWP]QEXXIVSJJEGXMR XLIGSRXI\XSJXLMWDWXEVOQEHRIWW r HMWQERXPIHSJQ]TVSTIVSVREQIRXW RSXMRQ]TVSTIV GPSXLIW r ETTIEVERLSRSYV FILSRSYVEFPI FIWMHILMQWIPJ HMWXVEGXIHF]PSZI r -HSRSXXLMROFYX -EQWYVIXLEX TVMZ]XS]SYVWOMPP E[EVISJ]SYVTVSJIWWMSR QMRMWXIV E TVSZMHIQIHMGEPXVIEXQIRX F VIWTSRHXSXLI PIXXIV XVEHI E SYVXVEHI EWOIITIVW F XLIXVEHISJTVSWXMXYXI Q]XLMVHW E ESRIXLMVHWLEVISJXLIQIHMGEPFYWMRIWW F ESRIXLMVHWLEVISJ[LEXWLISJJIVWWI\YEPP] EPSRK [MXL%PMFMYWERHLIVPSZIV
MWEFIPPE 8LIpVWXTPEGIMWXLMRIFIPMIZIMX0SPPMS -J-HSJEPP PSPPMS -JEPPYTSR]SY MWEFIPPE 7S PSPPMS ;IPP-WXERHXSQ]ZIRXYVI MWEFIPPE &YXXL]GSYRWIPRS[LS[WLEPP-HIEP[MXL
IQ# PSPPMS ;L]HS]SYQIERXSHIEP[MXL IQ# MWEFIPPE 2E]XLIJEMVYRHIVWXERHMRKLS[XSYWI
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,I[EPOWE TYVTSWIF]WYVIXSGLSOIQIYT 8SMRJIGXQ]FPSSH HIqSVIW 1][SVXL]RSFPIPSVH XSQE^S (SWXSJJIVXSGSQIRIEVERHFVIEXLIYTSR QI# 7XVMOIWLMQ HIqSVIW %FPS[ (VE[WLMWW[SVH XSQE^S =IEEVI]SYWSTVITEVIH# - PPVEXLIVPMOIEWSPHMIVHMIF]XL W[SVH 8LERPMOIETSPMXMGMERF]XL]TSMWSR (VE[W HIqSVIW ,SPHQ]PSVHEW]SYEVILSRSYVEFPI XSQE^S %PPWPEZIWXLEXOMPPF]TSMWSREVIWXMPPGS[EVHW HIqSVIW %WMHI -GERRSXWXVMOI -WIILMWFVSXLIV W [SYRHW *VIWLFPIIHMRKMRLMWI]IEWMREGV]WXEP 8SXSQE^S -[MPPRSXUYIWXMSRXLMW -ORS[] EVI RSFPI 7LIEXLIWLMWW[SVH -XEOIQ]MRNYV][MXLXLEROWKMZIRWMV 0MOIE[MWIPE[]IVERHEWEJEZSYV ;MPP[IEVMXJSVXLI[SVXL]LERHXLEXKEZIMX %WMHI ;L]XLMWJVSQLMQXLEX]IWXIVHE]ETTIEVIH 7SWXVERKIP]PSZMRKXSQI# 3FYXMRWXMRGXMWSJEWYFXPIVWXVEMR GEQIRIEVQI WIIQIH MRWXMRGXMZIP] XSWIRWIWSQIXLMRK
LEVHFIWXIH LEVHTVIWWIH TIWXLSYWI LSWTMXEPJSVTPEKYIZMGXMQW KEQIYTSR EVIEWSRXSpKLX GLSOIQIYT WYJJSGEXIF]LMWQIVITVS\MQMX] TSPMXMGMER WGLIQIV E[SVHHIVMZIHJVSQ 1EGLMEZIPPM WXMPP EP[E]W GV]WXEP GV]WXEPFEPP r 0MOIEKEZIMX PE[]IVW[IVIXLSYKLXXSXSPIVEXI LYQMPMEXMSRWSEWXSTVIWWGLEVKIWPEXIV
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%GX:WGIRIMMM )RXIVEPWIQIVSERHNEWTIVMRS NEWTIVMRS =SYVGSRpHIRGI- QWYVIMWRS[SJTVSSJ 8LITVSWTIGXJVSQXLIKEVHIRLEWWLS[IH )RSYKLJSVHIITWYWTMGMSR EPWIQIVS 8LIFPEGOQEWO 8LEXWSGSRXMRYEPP][EW[SVRYTSR X 'SRHIQRWXLIJEGIJSVYKP]IVI XFIWIIR ,IVHIWTMXIXSLMQERHWSWIIQMRKFSXXSQPIWW NEWTIVMRS 8SYGLMXLSQIXLIR 8MWRSXEWLEPPS[ TVSFI
XLIWIHMWKYMWIW IMXLIVXLIKYMWIWSJDJSSPWERHQEHQIR SVEW(EEPHIVWYKKIWXW%PMFMYWLEWXLIEGXYEPHMWKYMWIW [MXLLMQ QMRI DQ]QIR JEZSYV PIRMIRXXVIEXQIRX LEFMXW GPSXLIW NYWXP] I\EGXP] [VSYKLXSYXXLIMVPIEZIW [SVOIHSYXXLIMVVIUYIWXWJSV PIEZISJEFWIRGI GSRHYGX KYMHI r WYFXPIPMKLXIRMRKMR IQ PMKLXRMRK[EWFIPMIZIHXS QIPXXLIQEVVS[SJXLIFSRIW[MXLSYXHMWpKYVMRKXLI FSH]ERH[EWXLYWERMQEKISJWYHHIRERHYRYWYEPHIEXL GSRpHIRGI HMWXVYWXMR&IEXVMGI SJTVSSJ GSRpVQIHERHWXVSRK TVSWTIGXJVSQXLIKEVHIR .EWTIVMRSERH%PWIQIVSLEZI WIIRERI\GLERKIFIX[IIR&IEXVMGIERH(I*PSVIW[LMGL LEWWYTTSVXIHXLIMVWYWTMGMSR FPEGOQEWO &IEXVMGI WHIGIMXJYPSYX[EVHWLS[ YKP]IVI XFIWIIR LIVJEGIMWQSVEPP]XEMRXIHIZIRFIJSVI MXMWVIZIEPIH HIWTMXIXS WGSVRSJ 8SYGLMXLSQI MRZIWXMKEXIMXXSXLIIRH
'ERWIEVGLXLMWYPGIVWSYRHP] -JIEV]SY PPpRHMX *YPPSJGSVVYTXMSR 8MWpX-PIEZI]SY 7LIQIIXW]SYSTTSVXYRIP]JVSQXLEX[EPO 7LIXSSOXLIFEGOHSSVEXLMWTEVXMRK[MXLLIV )\MXNEWTIVMRS EPWIQIVS (MHQ]JEXI[EMXJSVXLMWYRLETT]WXVSOI %XQ]p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pPPXLIZEYPX ;LMGL[SYPH]SYKMZIXLIFIXXIVJEMXLXS# EPWIQIVS 8[IVIFYXL]TSGVMW]SJEWEHHIVGSPSYV &YXXLIWEQIWXYJJ2IMXLIV]SYVWQMPIWRSXXIEVW 7LEPPQSZISVqEXXIVQIJVSQQ]FIPMIJ =SYEVIE[LSVI FIEXVMGI ;LEXELSVVMHWSYRHMXLEXL -XFPEWXWEFIEYX]XSHIJSVQMX] 9TSR[LEXJEGIWSIZIVXLEXFVIEXLJEPPW -XWXVMOIWMXYKP]3]SYLEZIVYMRIH ;LEX]SYGERRI IVVITEMVEKEMR EPWIQIVS - PPEPPHIQSPMWLERHWIIOSYXXVYXL[MXLMR ]SY -JXLIVIFIER]PIJX0IX]SYVW[IIXXSRKYI
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8MWERIEW]TEWWEKI=IXMJ]SYTPIEWI 7LS[QIXLIKVSYRH[LIVISR]SYPSWX]SYVPSZI 1]WTSXPIWWZMVXYIQE]FYXXVIEHSRXLEX &IJSVI-TIVMWL EPWIQIVS 9RERW[IVEFPI %KVSYRH]SYGERRSXWXERHSR ]SYJEPPHS[R &IRIEXLEPPKVEGIERHKSSHRIWW[LIR]SYWIX =SYVXMGOPMWLLIIPSRMX8LIVI[EWEZMWSV 3 IVXLEXGYRRMRKJEGIERHXLEXFIGEQI]SY 2S[MQTYHIRGIMRXVMYQTLVMHIWYTSR X ,S[GSQIWXLMWXIRHIVVIGSRGMPIQIRXIPWI
8[M\X]SYERH]SYVHIWTMXI]SYVVERGSVSYWPSEXLMRK (I*PSVIW#,IXLEX]SYVI]I[EWWSVIEXWMKLXSJ ,I WRS[FIGSQI]SYVEVQW WYTTSVXIV]SYV 0MTW WEMRX FIEXVMGI -WXLIVIXLIGEYWI# EPWIQIVS ;SVWI ]SYVPYWX WHIZMP =SYVEHYPXIV] FIEXVMGI ;SYPHER]FYX]SYVWIPJWE]XLEX
8[SYPHXYVRLMQXSEZMPPEMR EPWIQIVS -X[EW[MXRIWWIH &]XLIGSYRWIPSJ]SYVFSWSQ(METLERXE FIEXVMGI -W]SYV[MXRIWWHIEHXLIR# EPWIQIVS 8MWXSFIJIEVIH -X[EWXLI[EKIWSJLIVORS[PIHKI4SSVWSYP 7LIPMZIHRSXPSRKEJXIVXLIHMWGSZIV] FIEXVMGI 8LIRLIEVEWXSV]SJRSXQYGLPIWWLSVVSV 8LERXLMW]SYVJEPWIWYWTMGMSRMWFIKYMPIH[MXL 8S]SYVFIH WWGERHEP-WXERHYTMRRSGIRGI ;LMGLIZIRXLIKYMPXSJSRIFPEGOSXLIVHIIH
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FSREZIRXYVEEJVMEV EGEVHMREPRYRGMSXSXLI4STI qSVMSEGMXM^IRSJ4EVQE HSREHSERSXLIVGMXM^IR
EPPS[ERGI ETTVSZEP r MRXLIEGXMSR SRXLIWXEKI GSRWXVYGXMSR MRXIVTVIXEXMSR MRXLMWTVIWIRXQIRX MRTVMRX 8LI%GXSVW 2EQIW *SVH WGLEVEGXIVWHIVMZIXLIMVREQIW JVSQEVMGLZEVMIX]SJPMXIVEV]ERHWGLSPEWXMGWSYVGIW 6SFIVX&YVXSR W8LI%REXSQ]SJ1IPERGLSP] [LMGL MRq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qYIRGI
XMWTMX]WLI WE[LSVI 1EHIQ]WIPJTSSVSJWIGVIXW LEZIRSXPIJX %RSXLIV[SVHYRXSPH[LMGLLEXLRSXWTSOI KMSZERRMWSRXS*PSVMS %PP[LEX-IZIVHYVWXSVXLMROSVORS[ FIVKIXXSRITLI[XS(SREHS %RH]IXMWLIVIXLIGSQJSVX-WLEPPLEZI 1YWX-RSXHS[LEXEPPQIRIPWIQE]PSZI# VMGLEVHIXXSEWYTTSWIHTL]WMGMER JVMEV =IW]SYQE]PSZIJEMVWSR ZEWUYIWWIVZERXXS7SVER^S KMSZERRM 1YWX-RSXTVEMWI 8LEXFIEYX][LMGLMJJVEQIHERI[XLIKSHW TSKKMSWIVZERXXS&IVKIXXS ;SYPHQEOIEKSHSJMJXLI]LEHMXXLIVI FERHMXXM3JpGIVW7IVZERXWIXG %RHORIIPXSMXEW-HSORIIPXSXLIQ# JVMEV ;L]JSSPMWLQEHQER KMSZERRM 7LEPPETIIZMWLWSYRH ;SQIR %GYWXSQEV]JSVQJVSQQERXSQER 3JFVSXLIVERHSJWMWXIVFIEFEV ERREFIPPEHEYKLXIVXS*PSVMS
8[M\XQ]TIVTIXYEPLETTMRIWWERHQI# LMTTSPMXE[MJIXS6MGLEVHIXXS 7E]XLEX[ILEHSRIJEXLIVWE]SRI[SQF 'YVWIXSQ]NS]W KEZIFSXLYWPMJIERHFMVXL TLMPSXMWLMWRMIGI %VI[IRSXXLIVIJSVIIEGLXSSXLIVFSYRH TYXEREXYX VIWWXS%RREFIPPE 7SQYGLXLIQSVIF]REXYVI#&]XLIPMROW 3JFPSSHSJVIEWSR#2E]MJ]SY[MPPLEZI X )ZIRSJVIPMKMSRXSFIIZIVSRI 8LIWGIRI 3RIWSYPSRIq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pVWXXLIRIEVIWX[E]XSLIPP ;LSSRGI[MXLMRXLIWIXLVIIQSRXLW[IVXIWXIIQIH %RHpPPIHXLI[SVPH[MXLHIZMPMWLEXLIMWQ %[SRHIVSJXLMRIEKIXLVSYKLSYX&SRSRME# 7YGLUYIWXMSRW]SYXLEVIJSRH JSVFIXXIV XMW ,S[HMHXLIYRMZIVWMX]ETTPEYH 8SFPIWWXLIWYRXLERVIEWSR[L]MXWLMRIW 8L]KSZIVRQIRXFILEZMSYVPIEVRMRKWTIIGL =IX,IXLSYXEPO WXSJMWEFSZIXLIWYR 7[IIXRIWWERHEPPXLEXGSYPHQEOIYTEQER 2SQSVI -QE]RSXLIEVMX -[EWTVSYHSJQ]XYXIPEKIERHGLSWI KMSZERRM +IRXPIJEXLIV 6EXLIVXSPIEZIQ]FSSOWXLERTEVX[MXLXLII 8S]SY-LEZIYRGPEWTIHQ]FYVHIRIHWSYP -HMHWS FYXXLIJVYMXWSJEPPQ]LSTIW )QTXMIHXLIWXSVILSYWISJQ]XLSYKLXWERH- %VIPSWXMRXLIIEWXLSYEVXMRXL]WIPJ 3+MSZERRMLEWXXLSYPIJXXLIWGLSSPW KVMQEPHME6SQERKIRXPIQER
TEVQE XLIRSVXLIVR-XEPMERGMX]MWJEQSYWJSVMXWERGMIRX YRMZIVWMX]ERHJSVERIPIKERGIERHWSTLMWXMGEXMSR GLEVEGXIVMWXMGSJRIMKLFSYVMRKGMXMIWWYGLEW:IVSRE 1ERXYEERH:IRMGI[LMGLpKYVITVSQMRIRXP]MRXLI TPE]WSJ7LEOIWTIEVIERHLMWGSRXIQTSVEVMIWEWTPEGIWSJ VSQERGIHSYFPIHIEPMRKERHMRXVMKYI WGLSSPTSMRXW XSTMGWJSVWGLSPEVP]HIFEXI EHQMXW EPPS[W EVX PIEVRMRK JSRH JSSPMWL
TIIZMWL XVMqMRKTIXX] GYWXSQEV]JSVQ GSRZIRXMSR 3JFPSSH SJOMRWLMTJEQMP] YRVERKIH HIVERKIHGVE^] &SRSRME &SPSKRERSXJEVJVSQ4EVQEJEQSYWJSVMXW YRMZIVWMX] KSZIVRQIRX KIRIVEPGSRHYGXERHTSWWMFP]LIVIWIPJ HMWGMTPMRI +MSZERRM TVSRSYRGIH[MXLJSYVW]PPEFPIWVEXLIVXLERXLI XLVIISJQSHIVR-XEPMER
NSLRJSVH 3JORS[PIHKIXSGSRZIVWI[MXLPYWXERHHIEXL# *SVHIEXL[EMXWSRXL]PYWX0SSOXLVSYKLXLI[SVPH %RHXLSYWLEPXWIIEXLSYWERHJEGIWWLMRI 1SVIKPSVMSYWXLERXLMWMHSPXLSYEHSV WX 0IEZILIVERHXEOIXL]GLSMGI XMWQYGLPIWWWMR 8LSYKLMRWYGLKEQIWEWXLSWIXLI]PSWIXLEX[MR KMSZERRM -X[IVIQSVIIEWIXSWXSTXLISGIER *VSQqSEXWERHIFFWXLERXSHMWWYEHIQ]ZS[W JVMEV 8LIR-LEZIHSRIERHMRXL][MPJYPqEQIW %PVIEH]WIIXL]VYMR ,IEZIRMWNYWX =IXLIEVQ]GSYRWIP KMSZERRM %WEZSMGISJPMJI JVMEV ,MIXSXL]JEXLIV WLSYWIXLIVIPSGOXLIIJEWX %PSRI[MXLMRXL]GLEQFIVXLIRJEPPHS[R 3RFSXLXL]ORIIWERHKVSZIPSRXLIKVSYRH 'V]XSXL]LIEVX[EWLIZIV][SVHXLSYYXXIV WX -RXIEVW ERHMJ XFITSWWMFPI SJFPSSH &IK,IEZIRXSGPIERWIXLIPITVSW]SJPYWX 8LEXVSXWXL]WSYPEGORS[PIHKI[LEXXLSYEVX %[VIXGLE[SVQERSXLMRK [IITWMKLTVE] 8LVIIXMQIWEHE]ERHXLVIIXMQIWIZIV]RMKLX *SVWIZIRHE]W WTEGIHSXLMWXLIRMJXLSYpRH WX 2SGLERKIMRXL]HIWMVIWVIXYVRXSQI - PPXLMROSRVIQIH]4VE]JSVXL]WIPJ %XLSQI[LMPWX-TVE]JSVXLIILIVI%[E] 1]FPIWWMRK[MXLXLII[ILEZIRIIHXSTVE] KMSZERRM %PPXLMW- PPHSXSJVIIQIJVSQXLIVSH 3JZIRKIERGI IPWI- PPW[IEVQ]JEXI WQ]KSH )\IYRX
%GX-WGIRIMM )RXIVKVMQEPHMERHZEWUYIWVIEH]XSpKLX ZEWUYIW 'SQIWMVWXERHXS]SYVXEGOPMRK MJ]SYTVSZI GVEZIR- PPQEOI]SYVYRUYMGOP] KVMQEPHM 8LSYEVXRSIUYEPQEXGLJSVQI ZEWUYIW -RHIIH-RIZIV[IRXXSXLI[EVWXSFVMRK
XMWQYGLPIWWWMR &VMER1SVVMWLEWTSMRXIHSYXXLEXXLI ZMI[XLEXJSVRMGEXMSR[EWEPIWWIVWMRXLERMRGIWX[EW TVSFEFP]FEWIHSRXLIEVKYQIRXI\IQTPMp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qSEXW XMHIWTVSRSYRGIH[MXLXLVIIW]PPEFPIW ZS[W TVE]IVWEWMRXLI0EXMRZSXE XEGOPMRK [IETSRV]
LSQIRI[WRSVGERRSXTPE]XLIQSYRXIFEROJSVE QIEP WQIEXERHW[IEV-KSXQ][SYRHWMRXLIpIPH 7II]SYXLIWIKVI]LEMVW#8LI] PPRSXqMRGLJSVE FPSSH]RSWI;MPXXLSYXSXLMWKIEV# KVMQEPHM ;L]WPEZIXLMRO WXXLSY- PPFEPERGIQ] VITYXEXMSR[MXLEGEWXWYMX#'EPPXL]QEWXIVLIWLEPP ORS[XLEX-HEVI ZEWUYIW 7GSPHPMOIEGSXUYIERXLEX W]SYVTVSJIWWMSR 8LSYTSSVWLEHS[SJEWSPHMIV-[MPPQEOIXLII ORS[Q]QEWXIVOIITWWIVZERXWXL]FIXXIVWMRUYEPMX] ERHTIVJSVQERGI'SQ WXXLSYXSpKLXSVTVEXI# KVMQEPHM 2IMXLIV[MXLXLII-EQE6SQERERHE KIRXPIQER SRIXLEXLEZIKSXQMRILSRSYV[MXL I\TIRWISJFPSSH ZEWUYIW =SYEVIEP]MRKGS[EVHERHEJSSP*MKLXSVF] XLIWILMPXW- PPOMPPXLIIFVEZIQ]PSVH]SY PPpKLX# KVMQEPHM 4VSZSOIQIRSXJSVMJXLSYHSWX ZEWUYIW ,EZIEX]SY 8LI]pKLX KVMQEPHMLEXLXLI[SVWX )RXIVqSVMSHSREHSERHWSVER^S qSVMS ;LEXQIERXLIWIWYHHIRFVSMPWWSRIEVQ] HSSVW# ,EZI]SYRSXSXLIVTPEGIWFYXQ]LSYWI 8SZIRXXLIWTPIIRSJ]SYVHMWSVHIVIHFPSSHW# 1YWX-FILEYRXIHWXMPP[MXLWYGLYRVIWX %WRSXXSIEXSVWPIITMRTIEGIEXLSQI# -WXLMW]SYVPSZI+VMQEPHM#*MI XMWREYKLX HSREHS %RH:EWUYIW-QE]XIPPXLII XMWRSX[IPP 8SFVSEGLXLIWIUYEVVIPW ]SYEVIIZIVJSV[EVH -RWIGSRHMRKGSRXIRXMSRW )RXIVEFSZIERREFIPPEERHTYXERE qSVMS ;LEX WXLIKVSYRH# WSVER^S 8LEX[MXL]SYVTEXMIRGIWMKRSVW- PPVIWSPZI 8LMWKIRXPIQER[LSQJEQIVITSVXWEWSPHMIV *SVIPWI-ORS[RSX VMZEPWQIMRPSZI 8S7MKRSV*PSVMS WHEYKLXIVXS[LSWIIEVW ,IWXMPPTVIJIVWLMWWYMXXSQ]HMWKVEGI 8LMROMRKXLI[E]XSVIGSQQIRHLMQWIPJ -WXSHMWTEVEKIQIMRLMWVITSVX &YXORS[+VMQEPHMXLSYKLQE]FIXLSYEVX 1]IUYEPMRXL]FPSSH]IXXLMWFI[VE]W
KIEV XLIFYWMRIWWXSLERHXLIpKLX GEWXWYMX EWIVZERXSRI[LSQMKLX[IEVLMWQEWXIV W GEWXSJJGPSXLMRK GSXUYIER EDGSXXEKI[MJI EWLVMPP[SQERSVMRXLMW GEWIERIJJIQMREXIQER UYEPMX] FMVXLVERO WYHHIR ZMSPIRX WH )RXIVEFSZI SRXLIYTTIVWXEKIEPPS[MRKXLIQXS[MXRIWW YRSFWIVZIHXLIEGXMSRFIPS[8LI]HIWGIRHXSXLIQEMR WXEKIHYVMRK+MSZERRM WWSPMPSUY] PPr VIWSPZI ERW[IV FI[VE]W VIZIEPW
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qSVMS 1]0SVH7SVER^SXLMWMWWXVERKIXSQI ;L]]SYWLSYPHWXSVQLEZMRKQ][SVHIRKEKIH 3[MRKLIVLIEVX[LEXRIIH]SYHSYFXLIVIEV# 0SWIVWQE]XEPOF]PE[SJER]KEQI ZEWUYIW =IXXLIZMPPEMR]SJ[SVHW7MKRSV*PSVMSQE] FIWYGLEW[SYPHQEOIER]YRWTPIIRIHHSZIGLSPIVMG &PEQIRSXQ]PSVHMRXLMW qSVMS &I]SYQSVIWMPIRX -[SYPHRSXJSVQ][IEPXLQ]HEYKLXIV WPSZI 7LSYPHGEYWIXLIWTMPPMRKSJSRIHVSTSJFPSSH :EWUYIWTYXYTPIX WIRHXLMWJVE]MR[MRI )\IYRXqSVMSHSREHSWSVER^SERHZEWUYIW TYXERE ,S[PMOI]SYXLMWGLMPH#,IVI WXLVIEXIRMRK GLEPPIRKMRKUYEVVIPPMRKERHpKLXMRKSRIZIV]WMHI ERHEPPMWJSV]SYVWEOI ]SYLEHRIIHPSSOXS]SYVWIPJ GLEVKI]SY PPFIWXSPIRE[E]WPIITMRKIPWIWLSVXP] ERREFIPPE &YXXYX VIWWWYGLEPMJIKMZIWRSGSRXIRX 8SQIQ]XLSYKLXWEVIp\IHSRSXLIVIRHW ;SYPH]SY[SYPHPIEZIQI TYXERE 0IEZI]SY#2SQEVZIPIPWI0IEZIQIRS PIEZMRKGLEVKI XLMWMWPSZISYXVMKLX-RHIIH-FPEQI ]SYRSX]SYLEZIGLSMGIpXJSVXLIFIWXPEH]MR-XEP] ERREFIPPE 4VE]HSRSXXEPOWSQYGL TYXERE 8EOIXLI[SVWX[MXLXLIFIWXXLIVI W+VMQEPHM XLIWSPHMIVEZIV][IPPXMQFIVIHJIPPS[8LI]WE]LI MWE6SQERRITLI[XSXLI(YOI1SRXJIVVEXSXLI] WE]LIHMHKSSHWIVZMGIMRXLI[EVWEKEMRWXXLI
[SVQIH VIJIVWXSXLIGSRXIQTSVEV]TVEGXMGISJGYXXMRK SYXEWQEPPPMKEQIRXFIRIEXLEHSK WXSRKYI[LMGL[EW WYTTSWIHXSTVIZIRXVEFMIW MRRSGIRGI JSSP WTSSRQIEX FEF]JSSH 3[MRK TSWWIWWMRK YRWTPIIRIH MX[EWXLSYKLXXLEXFMVHWLEHRSWTPIIRERH [IVIXLIVIJSVIMRGETEFPISJFIGSQMRKERKV]SVDGLSPIVMG TYXYT WLIEXLI]SYVW[SVH IRHW QEXXIVW [IPPXMQFIVIH [IPPFYMPX (YOI1SRXJIVVEXS 1SRXJIVVEXFIGEQIEHYGL]MR LEZMRKJSVEPSRKXMQIFIIRGSRXVSPPIHF]XLI+SR^EKE JEQMP]SJXLI1ERXYEEVIERIEV4EVQE
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FSYVH NIWX r MRWTMXISJ]SYVXIIXL HIWTMXI]SYVSTTSWMXMSR TEVXW WII--MR QSXMSRW TYTTIXWLS[W JSTTIVMIW JSPPMIW r XLMWLSVWIMR WXEMP# EVIJIVIRGIXSXLIJEMVI\LMFMX QIRXMSRIHMR-MMM r GEWXE[E] GSRWMHIVIHHEQRIH
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VIWSPZIH WII--MMR VIQEVOIH QEVOIHSYX QMWGLMIJ VYMR r -XMWETVMRGMTPISJXLEX 1SVVMWGSQTEVIWXLMWXS )HQYRH7TIRWIV W%R,]QRIMR,SRSYVSJ&IEYXMI *SVSJXLIWSYPIXLIFSHMIJSVQIHSXLXEOI *SVWSYPIMWJSVQIERHHSXLXLIFSHMIQEOI +MSZERRMMWQEOMRKZEKYIVIJIVIRGIXSXLI2ISTPEXSRMG RSXMSRSJXLIVIPEXMSRWLMTFIX[IIRFIEYX]ERHXVYXL r EW[IVIIPHIVXMQIW XLIMHIEXLEXTVI'LVMWXMER TLMPSWSTLIVW[SYPHFIFVSYKLXXSEWXEXISJKVEGIF] REXYVI WPMKLX 8LEXREXYVITSWMXMSRWFPMRH MQTPMIWXLEXWXYH]MRK REXYVIXIEGLIWYWRSXLMRKSJXLIXVYP]HMZMRI WLVMZI EHQMRMWXIVXLIEGXSJGSRJIWWMSR
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,S[HIEVP]WLIHSXLTVM^IQ]QEXGLPIWWPSZI 8LIR]SY[MPPORS[[LEXTMX] X[IVI[IX[S 7LSYPHLEZIFIIRWYRHIVIHJVSQIEGLSXLIV WEVQW :MI[[IPPLIVJEGIERHMRXLEXPMXXPIVSYRH =SYQE]SFWIVZIE[SVPHSJZEVMIX] *SVGSPSYVPMTW JSVW[IIXTIVJYQIWLIVFVIEXL *SVNI[IPWI]IW JSVXLVIEHWSJTYVIWXKSPH ,EMV JSVHIPMGMSYWGLSMGISJq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
%GX--WGIRIZM )RXIVqSVMSHSREHSERREFIPPETYXERE
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XLVSRI MI%RREFIPPE WJEGI TEVXW WII--MR WIGSRHHIEXL HEQREXMSR
EJIIPMRK ERYRHIVWXERHMRK LIVIVMKLX MQQIHMEXIP] JVIIHSQ EJVIIGLSMGISJELYWFERH 8SVEMWILMWFIXXIVJSVXYRIW XSMQTVSZILMWWSGMEP TSWMXMSR
NSLRJSVH HSREHS ;EWIZIVWYGLEJSSPFSVR# ERREFIPPE -EQKPEHWLIPMOIH]SYWMV FIVKIXXS %VI]SYWS#&]Q]XVSXL-XLERO]SY JSVWSSXL qSVMS 7YVI X[EWXLIHSGXSV WRMIGIXLEX[EWPEWXHE] [MXLYWLIVI FIVKIXXS 8[EWWLI X[EWWLI HSREHS ,S[HS]SYORS[XLEXWMQTPMGMX]# )RXIVFIVKIXXSERHTSKKMS FIVKIXXS ;L]HSIWRSXLIWE]WS#-J-WLSYPHLEZI HSREHS %WMHI 3GS\GSQF[LEXHSXLLIQEOILIVI# WEMHRS-WLSYPHLEZIKMZIRLMQXLIPMIYRGPIERHWS FIVKIXXS ;LIVI WQ]YRGPIWMVW# LEZIHIWIVZIHEHV]FIEXMRKEKEMR - PPRSRISJXLEX HSREHS ;LEX WXLIRI[WRS[# qSVMS %ZIV]QSHIWX[IPPFILEZIH]SYRKQEMH FIVKIXXS 7EZI]SYYRGPIWEZI]SY=SYQYWXRSX %W-LEZIWIIR XLMRO-GSQIJSVRSXLMRKQEWXIVW ERHLS[ERHLS[ HSREHS -WWLIMRHIIH# MW X#;LEX]SYLEZIVIEHQ]PIXXIV#%LXLIVI- qSVMS -RHIIH XMGOPIH]SYM JEMXL 7LIMWMJ-LEZIER]NYHKQIRX TSKKMS &YX X[IVIFIXXIV]SYLEHXMGOPIHLIVMR HSREHS ;IPPWMVRS[]SYEVIJVII]SYRIIHRSXGEVI ERSXLIVTPEGI JSVWIRHMRKPIXXIVW RS[]SYEVIHMWQMWWIH]SYV FIVKIXXS 7MVVELW[IIXLIEVX- PPXIPPXLIIEKSSHNIWX QMWXVIWWLIVI[MPPRSRISJ]SY ERHVMHHPI[LEX XMW FIVKIXXS 2S;L][LEXGEVI-JSVXLEX#-GERLEZI ERREFIPPE =SYWE]]SY HXIPPQI [IRGLIWIRSYKLMR4EVQEJSVLEPJEGVS[RETMIGI FIVKIXXS %W-[EW[EPOMRKNYWXRS[MRXLIWXVIIX-QIX GERRSX-4SKKMS# EW[EKKIVMRKJIPPS[[SYPHRIIHWXEOIXLI[EPPSJQI TSKKMS - PP[EVVERX]SYWMV ERHFIGEYWILIHMHXLVYWXQI-ZIV]ZEPMERXP]GEPPIH HSREHS 7MKRSV*PSVMS LMQVSKYI,ILIVIYTSRFEHIQIHVE[ -XSPHLMQ- -XLERO]SYJSV]SYVJVIIVIGSYVWI]SYKEZI LEHQSVI[MXXLERWSFYX[LIRLIWE[XLEX-[SYPH *SVQ]EHQMXXERGI ERHXS]SYJEMVQEMH RSXLIHMHWSQEYPQI[MXLXLILMPXWSJLMWVETMIVXLEX 8LEXNI[IP-[MPPKMZI]SY KEMRWX]SYVQEVVMEKI Q]LIEHWYRK[LMPWXQ]JIIXGETIVIHMRXLIOIRRIP 'SQI[MPP]SYKSWMV# HSREHS %WMHI ;EWIZIVXLIPMOIEWWWIIR# FIVKIXXS %]QEVV][MPP-1MWXVIWWJEVI[IPP ERREFIPPE %RH[LEXHMH]SYEPPXLMW[LMPI# QMWXVIWW- PPGSQIEKEMRXSQSVVS[*EVI[IPP FIVKIXXS 0EYKLEXLMQJSVEKYPPXMPP-WIIXLIFPSSH QMWXVIWW )\MXHSREHSFIVKIXXSERHTSKKMS VYREFSYXQMRIIEVWERHXLIR-GSYPHRSXGLSSWIFYX )RXIVKMSZERRM pRHMRQ]LIEVXXSGV] XMPPEJIPPS[[MXLEFVSEH qSVMS 7SR[LIVILEZI]SYFIIR#;LEXEPSRIEPSRI FIEVH XLI]WE]LIMWERI[GSQIHSGXSV GEPPIHQI WXMPP# MRXSLMWLSYWIERHKEZIQIETPEWXIVPSSO]SYLIVI -[SYPHRSXLEZIMXWS]SYQYWXJSVWEOI
XMWERHWMVXLIVI[EWE]SYRK[IRGL[EWLIHQ] 8LMWSZIVFSSOMWLLYQSYV;IPP]SYVWMWXIV JEGIERHLERHWQSWXI\GIPPIRXP]M JEMXL-WLEPPPSZI ,EXLWLSSOXLIJSSPSJJ LIVEWPSRKEW-PMZIJSV XHMHWLIRSX4SKKMS#
8[EWRSQEXGLJSVLIV TSKKMS =IWERHOMWWIHLMQXSS KMSZERRM qSVMS 8[EWRSXMRHIIH-QIERXMXRSXLMRKPIWW FIVKIXXS ;L]PERS[]SYXLMRO-XIPPEPMIYRGPI- 7SVER^SMWXLIQER-SRP]PMOI [EVVERX 0SSOSRLMQ%RREFIPPE'SQI XMWWYTTIVXMQI HSREHS ;SYPHLIXLEXFIEXXL]FPSSHSYXSJXL]LIEH %RHMXKVS[WPEXI LEHFIEXIRWSQI[MXMRXSMX JSV-JIEVXLSYRIZIV[MPX )\MXqSVMS KMSZERRM ;LSWINI[IP WXLEX# LEZIER] 7SQIW[IIXLIEVX W FIVKIXXS 3YRGPIFYXXLIVI[EWE[IRGL[SYPHLEZI ERREFIPPE KMSZERRM 7S-XLMRO HSRIEQER WLIEVXKSSHXSLEZIPSSOIHSRLIVF] ERREFIPPE %PYWX]]SYXL XLMWPMKLXWLILEHEJEGIQIXLMROW[SVXLX[IRX]SJ 7MKRSV(SREHSKEZIMXQIXS[IEV ]SY1MWXVIWW%RREFIPPE HSREHS ;L]LIVI WTPEMRHIEPMRK -GSQQIRHXLII JSV X %RHEPPXLI[SVWX-[MWLXLIIMW,IEZIRFPIWWXLII =SYVJEXLIV]IXERH-[MPPWXMPPFIJVMIRHW 7LEPP[IRSX7MKRSV*PSVMS# qSVMS =IW[L]RSX# 0SSOLIVI]SYVGSYWMRGSQIW
XMGOPIH TPIEWIH VMHHPI KYIWW XEOIXLI[EPPSJQI XEOIXLIGPIERIWXERHWEJIWXTPEGISR XLITEZIQIRXGPSWIWXXSXLI[EPP OIRRIP KYXXIV KYPP HYTI
PMOIH TPIEWIH KMZIRLMQXLIPMI EGGYWIHLMQSJP]MRK HV] FPSSHPIWW LEPJEGVS[R XLITVMGIGLEVKIHF])RKPMWLTVSWXMXYXIW KEMRWX MRERXMGMTEXMSRSJ SRP] WTIGMEPP]
XMWTMX]WLI WE[LSVI %KEMRWXQ]QEVVMEKI %GX---WGIRIMM KMSZERRM &YX]SYWLEPPRSX[IEVMX 7IRHMXLMQFEGOEKEMR )RXIVqSVMSKMSZERRMWSVER^SERREFIPPE TYXEREERHZEWUYIW ERREFIPPE ;LEX]SYEVINIEPSYW# KMSZERRM 8LEX]SYWLEPPORS[ERSREXFIXXIVPIMWYVI qSVMS 1]0SVH7SVER^SXLSYKL-QYWXGSRJIWW ;IPGSQIW[IIXRMKLXXLIIZIRMRKGVS[RWXLIHE] 8LITVSJJIVWXLEXEVIQEHIQILEZIFIIRKVIEX )\IYRX -RQEVVMEKISJQ]HEYKLXIV]IXXLILSTI 3J]SYVWXMPPVMWMRKLSRSYVWLEZITVIZEMPIH %GX---WGIRIM %FSZIEPPSXLIVNSMRXYVIW,IVIWLIMW 7LIORS[WQ]QMRHWTIEOJSV]SYVWIPJXSLIV )RXIVFIVKIXXSERHTSKKMS %RHLIEV]SYHEYKLXIVWII]SYYWILMQRSFP] FIVKIXXS (SIWQ]YRGPIXLMROXSQEOIQIEFEF] *SVER]TVMZEXIWTIIGL- PPKMZI]SYXMQI WXMPP#2S4SKKMSLIWLEPPORS[-LEZIEWGSRGIRS[ 'SQIWSRERH]SYXLIVIWXPIXXLIQEPSRI TSKKMS %]PIXLMQRSXFSF]SYSJJPMOIERETI[MXLER %KVIIXLI]EWXLI]QE] ETTPI WSVER^S -XLERO]SYWMV FIVKIXXS 7JSSX-[MPPLEZIXLI[IRGLMJLI[IVIXIR KMSZERRM %WMHI 7MWXIVFIRSXEPP[SQERXLMROSR YRGPIWMRHIWTMXISJLMWRSWI4SKKMS QI TSKKMS ,SPHLMQXSXLIKVMRHWXSRIERHKMZIRSXENSXSJ WSVER^S :EWUYIW KVSYRH7LILEXLMREQERRIVTVSQMWIH]SYEPVIEH] ZEWUYIW 1]PSVH# FIVKIXXS 8VYI4SKKMSERHLIVYRGPIXLIHSGXSV WSVER^S %XXIRHQI[MXLSYX W[SVI-WLSYPHQEVV]LIV )\IYRXSQRIWQERIXWSVER^SERHERREFIPPE TSKKMS ,IW[SVI-VIQIQFIV ERREFIPPE 7MV[LEX W]SYV[MPP[MXLQI# FIVKIXXS %RH-[MPPLEZILIVXLEX WQSVI HMHWXWII WSVER^S (S]SYRSXORS[ XLIGSHTMIGITSMRXWLIKEZIQIERHXLIFS\SJ ;LEX-WLSYPHXIPP]SY# QEVQEPEHI# ERREFIPPE =IW]SY PPWE]]SYPSZIQI TSKKMS :IV][IPP ERHOMWWIH]SYXLEXQ]GLSTW WSVER^S %RH- PPW[IEVMXXSS [MPP]SYFIPMIZIMX# [EXIVIHEXXLIWMKLXSR X8LIVI WRS[E]FYXXSGPET ERREFIPPE 8MWRSXETSMRXSJJEMXL YTEQEVVMEKIMRLYKKIVQYKKIV )RXIVKMSZERRMEFSZI FIVKIXXS -[MPPHS X JSV-XIPPXLII4SKKMS-FIKMRXS KVS[ZEPMERXQIXLMROWERHQ]GSYVEKIFIKMRWXSVMWI WSVER^S ,EZI]SYRSX[MPPXSPSZI# TSKKMS 7LSYPH]SYFIEJVEMHSJ]SYVYRGPI# ERREFIPPE 2SX]SY FIVKIXXS ,ERKLMQSPHHSXMRKVEWGEP2S-WE]- WSVER^S ;LSQXLIR# [MPPLEZILIV ERREFIPPE 8LEX WEWXLIJEXIWMRJIV TSKKMS 0SWIRSXMQIXLIR KMSZERRM %WMHI 3JXLSWI- QVIKIRXRS[ FIVKIXXS -[MPPFIKIXEVEGISJ[MWIQIRERH WSVER^S ;LEXQIER]SYW[IIX# GSRWXEFPIWXLEXWLEPPGEVX[LSVIWEXXLIMVS[R ERREFIPPE 8SPMZIERHHMIEQEMH GLEVKIWERHFVIEOXLIHYOI WTIEGIIVI-LEZIHSRI WSVER^S 3XLEX WYRpX Q]WIPJ'SQIE[E] KMSZERRM %WMHI ,IVI WSRIGERWE]XLEX WFYXE [SQER WRSXI )\IYRX WSVER^S (MH]SYFYXWIIQ]LIEVXXLIR[SYPH]SY W[IEV WGSRGI LIEHFVEMR ERREFIPPE 8LEX]SY[IVIHIEH FSF JSF KMSZERRM %WMHI 8LEX WXVYISV 7JSSX DF]+SH WJSSX WSQI[LEXRIEVMX GSHTMIGITSMRX EPEGIJEWXIRMRKJSVEGSHTMIGIXLI HIGSVEXMZIKEVQIRX[LMGLGSZIVIHFYXEPWSHVI[ WSVER^S 7II]SYXLIWIXVYIPSZI WXIEVW# EXXIRXMSRXSXLIQEPIKIRXMXEPME)PEFSVEXIGSHTMIGIWLEH ERREFIPPE 2S FIGSQIYRJEWLMSREFPIF]XLIXMQIXLITPE][EWpVWX TIVJSVQIH r XSGPETYTMRLYKKIVQYKKIV XSEVVERKIEUYMGOERH WIGVIXQEVVMEKI8LIVIMWERIGLSLIVISJXLIWTIIGL QEHIF]'PEYHMYWMR,EQPIXGSRGIVRMRKXLIHIEXLSJ 4SPSRMYW -:Z GSYVEKI FVEZIV]FYXEPWSWI\YEPHIWMVI GEVX[LSVIW TVSWXMXYXIW[IVITEVEHIHMRXLIWXVIIXWMR GEVXWEWETYRMWLQIRX GLEVKIW I\TIRWI
NSMRXYVIW TVSTSWEPWSJQEVVMEKI 5LEWDEKVIIEWXLI]QE] FIRSXEPP[SQER +MSZERRMVIJIVWXSEWXIVISX]TISJ [SQIREWMRGSRWXERX WH QERIX LIWXE]WXLSYKLMRJEGXFSXL7SVER^SERH %RREFIPPEVIQEMRSRWXEKI TSMRXSJJEMXL EREVXMGPISJJEMXLRIGIWWEV]JSVWEPZEXMSR 5LEWD 8MWRSXTSMRXSJJEMXL
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pVQIH ERREFIPPE 8STYX]SYSYXSJHSYFXQ]PSVH QIXLMROW =SYVGSQQSRWIRWIWLSYPHQEOI]SYYRHIVWXERH 8LEXMJ-PSZIH]SYSVHIWMVIH]SYVPSZI 7SQI[E]-WLSYPHLEZIKMZIR]SYFIXXIVXEWXI &YXWMRGI]SYEVIERSFPIQERERHSRI -[SYPHRSX[MWLWLSYPHWTIRHLMW]SYXLMRLSTIW 0IXQIEHZMWI]SYLIVIXSJSVFIEV]SYVWYMX %RHXLMRO-[MWL]SY[IPP-XIPP]SYXLMW WSVER^S -W X]SYWTIEOXLMW# ERREFIPPE =IW-Q]WIPJ ]IXORS[ 8LYWJEV-KMZI]SYGSQJSVXMJQMRII]IW 'SYPHLEZITMGOIHSYXEQER EQSRKWXEPPXLSWI 8LEXWYIHXSQI XSQEOIELYWFERHSJ =SYWLSYPHLEZIFIIRXLEXQER0IXXLMWWYJpGI &IRSFPIMR]SYVWIGVIG]ERH[MWI KMSZERRM %WMHI ;L]RS[-WIIWLIPSZIWQI ERREFIPPE 3RI[SVHQSVI %WIZIVZMVXYIPMZIH[MXLMR]SYVQMRH %WIZIVRSFPIGSYVWIW[IVI]SYVKYMHI %WIZIV]SY[SYPHLEZIQIORS[]SYPSZIHQI 0IXRSXQ]JEXLIVORS[LIVISJF]]SY -J-LIVIEJXIVpRHXLEX-QYWXQEVV]
[MROW XYVRWEFPMRHI]I EUYEZMXEI EVIZMZMRKWTMVMXYWYEPP]FVERH]
-XWLEPPFI]SYSVRSRI WSVER^S -XEOIXLEXTVSQMWI ERREFIPPE 33Q]LIEH WSVER^S ;LEX WXLIQEXXIV#2SX[IPP# ERREFIPPE 3-FIKMRXSWMGOIR KMSZERRM %WMHI ,IEZIRJSVFMH )\MXJVSQEFSZI WSVER^S ,IPTLIPT[MXLMRXLIVILS )RXIVqSVMSKMSZERRMERHTYXERE 0SSOXS]SYVHEYKLXIV7MKRSV*PSVMS qSVMS ,SPHLIVYTWLIW[SSRW KMSZERRM 7MWXIVLS[H II# ERREFIPPE 7MGOFVSXLIVEVI]SYXLIVI# qSVMS 'SRZI]LIVXSLIVFIHMRWXERXP][LMPWX-WIRH JSVETL]WMGMER UYMGOP]-WE] TYXERE %PEWTSSVGLMPH )\IYRXQERIXWSVER^S )RXIVZEWUYIW ZEWUYIW 1]PSVH WSVER^S 3:EWUYIWRS[-HSYFP]EQYRHSRI &SXLMRQ]TVIWIRXERHQ]JYXYVILSTIW 7LITPEMRP]XSPHQIXLEXWLIGSYPHRSXPSZI %RHXLIVIYTSRWSSRWMGOIRIHERH-JIEV ,IVPMJI WMRHERKIV ZEWUYIW %WMHI &] VPEH]WMVERHWSMW]SYVWMJ]SY ORI[EPP 0EWWMV-EQWSVV]JSVXLEX QE]FI XMW FYXXLIQEMH WWMGORIWWERSZIVqY\SJ]SYXLERH XLIRWMVXLIVIMWRSWYGLTVIWIRXVIQIH]EWTVIWIRX QEVVMEKI&YXLEXLWLIKMZIR]SYEREFWSPYXIHIRMEP# WSVER^S 7LILEXLERHWLILEXLRSX - QJYPPSJKVMIJ &YX[LEXWLIWEMH- PPXIPPXLIIEW[IKS )\IYRX
%GX---WGIRIMMM )RXIVKMSZERRMERHTYXERE TYXERE 3WMV[IEVIEPPYRHSRIUYMXIYRHSRIYXXIVP] YRHSRIERHWLEQIHJSVIZIV ]SYVWMWXIV3]SYV WMWXIV KMSZERRM ;LEXSJLIV#*SV,IEZIR WWEOIWTIEO LS[ HSIWWLI# TYXERE 3XLEXIZIV-[EWFSVRXSWIIXLMWHE] KMSZERRM 7LIMWRSXHIEHLE#-WWLI# TYXERE (IEH#2SWLIMWUYMGO XMW[SVWIWLIMW[MXL GLMPH=SYORS[[LEX]SYLEZIHSRI ,IEZIRJSVKMZI
II 8MWXSSPEXIXSVITIRXRS[,IEZIRLIPTYW KMSZERRM ;MXLGLMPH#,S[HSWXXLSYORS[ X# TYXERE ,S[HS-ORS[ X#%Q-EXXLIWI]IEVW MKRSVERX[LEXXLIQIERMRKWSJUYEPQWERH[EXIV
QEMH WWMGORIWW KVIIRWMGORIWWGLPSVSWMWEJSVQSJ EREIQMEEWWSGMEXIH[MXLJIQEPITYFIVX] SZIVqY\ SZIVqS[WYVTPYW UYMGO EPMZIFYXEPWSTVIKRERX
XMWTMX]WLI WE[LSVI TERKWFI#3JGLERKMRKSJGSPSYVWUYIEWMRIWWSJ WXSQEGLWTYOMRKWERHERSXLIVXLMRKXLEX-GSYPH REQI#(SRSXJSVLIVERH]SYVGVIHMX WWEOIWTIRH XLIXMQIMREWOMRKLS[ERH[LMGL[E] XMWWS WLIMW UYMGOYTSRQ][SVH MJ]SYPIXETL]WMGMERWIILIV [EXIV] EVIYRHSRI KMSZERRM &YXMR[LEXGEWIMWWLI# TYXERE 4VIXXMP]EQIRHIH X[EWFYXEpX[LMGL-WSSR IWTMIHERHWLIQYWXPSSOJSVSJXIRLIRGIJSV[EVH KMSZERRM 'SQQIRHQIXSLIVFMHLIVXEOIRSGEVI 0IXRSXXLIHSGXSVZMWMXLIV-GLEVKI]SY 1EOIWSQII\GYWIXMPP-VIXYVR3QI -LEZIE[SVPHSJFYWMRIWWMRQ]LIEH (SRSXHMWGSQJSVXLIV ,S[HSIWXLMWRI[WTIVTPI\QI-JQ]JEXLIV 'SQIXSLIVXIPPLMQWLI WVIGSZIVIH[IPP 7E] X[EWFYXWSQIMPPHMIX H IILIEV[SQER# 0SSO]SYXS X TYXERE -[MPPWMV )\IYRX
%GX---WGIRIMZ )RXIVqSVMSERHVMGLEVHIXXS
VMGLEVHIXXS %RSFPIERHEZMVXYSYWKIRXPIQER qSVMS %WER]MWMR4EVQE2SXJEVLIRGI ([IPPW*EXLIV&SREZIRXYVIEKVEZIJVMEV 3RGIXYXSVXSQ]WSR RS[EXLMWGIPP - PPLEZI IQQEVVMIH VMGLEVHIXXS =SYLEZITPSXXIH[MWIP] qSVMS - PPWIRHSRIWXVEMKLXXSWTIEO[MXLLMQ XSRMKLX VMGLEVHIXXS 7SVER^S W[MWILI[MPPHIPE]RSXMQI qSVMS -XWLEPPFIWS )RXIVJVMEVERHKMSZERRM JVMEV +SSHTIEGIFILIVIERHPSZI qSVMS ;IPGSQIVIPMKMSYWJVMEV ]SYEVISRI 8LEXWXMPPFVMRKWFPIWWMRKXSXLITPEGI]SYGSQIXS KMSZERRM 7MV[MXL[LEXWTIIH-GSYPH-HMHQ]FIWX 8SHVE[XLMWLSP]QERJVSQJSVXLLMWGIPP 8SZMWMXQ]WMGOWMWXIVXLEX[MXL[SVHW 3JKLSWXP]GSQJSVXMRXLMWXMQISJRIIH ,IQMKLXEFWSPZILIV[LIXLIVWLIPMZISVHMI qSVMS 8[EW[IPPHSRI+MSZERRM XLSYLIVIMR ,EWXWLS[IHE'LVMWXMER WGEVIEFVSXLIV WPSZI 'SQIJEXLIV- PPGSRHYGX]SYXSLIVGLEQFIV %RHSRIXLMRK[SYPHIRXVIEX]SY JVMEV 7E]SRWMV qSVMS -LEZIEJEXLIV WHIEVMQTVIWWMSR %RH[MWLFIJSVI-JEPPMRXSQ]KVEZI 8LEX-QMKLXWIILIVQEVVMIHEW XMWpX %[SVHJVSQ]SYKVEZIQER[MPP[MRLIVQSVI 8LEREPPSYVFIWXTIVWYEWMSRW JVMEV +IRXPIWMV %PPXLMW- PPWE]XLEX,IEZIRQE]TVSWTIVLIV )\IYRX
qSVMS %RHLS[H IIpRHLIVWMV# VMGLEVHIXXS -RHMJJIVIRX[IPP -WIIRSHERKIVWGEVGITIVGIMZIWLI WWMGO &YXXLEXWLIXSPHQIWLILEHPEXIP]IEXIR 1IPSRWERHEWWLIXLSYKLXXLSWIHMWEKVIIH ;MXLLIV]SYRKWXSQEGL qSVMS (MH]SYKMZILIVEYKLX# VMGLEVHIXXS %RIEW]WYVJIMX[EXIVRSXLMRKIPWI =SYRIIHRSXHSYFXLIVLIEPXL -VEXLIVXLMRO ,IVWMGORIWWMWEJYPRIWWSJLIVFPSSH %GX---WGIRIZ =SYYRHIVWXERHQI# qSVMS -HS ]SYGSYRWIP[IPP )RXIVKVMQEPHM %RHSRGI[MXLMRXLIWIJI[HE]W[MPPWSSVHIV X KVMQEPHM 2S[MJXLIHSGXSVOIITLMW[SVH7SVER^S 7LIWLEPPFIQEVVMIHIVIWLIORS[XLIXMQI 8[IRX]XSSRI]SYQMWW]SYVFVMHI -ORS[ VMGLEVHIXXS =IXPIXRSXLEWXIWMVQEOIYR[SVXL]
8MWERYRRSFPIEGXERHRSXFIGSQIW GLSMGI %WSPHMIV WZEPSYVFYXMRXIVQWSJPSZI 8LEX[IVIHMWLSRSYV ;LIVIQIVMXGERRSXW[E]TSPMG]QYWX qSVMS 1EWXIV(SGXSVRS -EQVIWSPZIH MJXLMWTL]WMGMER -[MPPRSXHSWSRIMXLIV MRTPEMR[SVHW 4PE]RSXSRFSXLLERHWXLIR7SVER^SJEPPW 1]0SVH7SVER^SMWXLIQER-QIER
r [EXIVTERKW GSQTYPWMSRXSYVMREXI r ERHERSXLIVGSYPHREQI GIWWEXMSRSJQIRWXVYEXMSR GVIHMX W KSSHREQI W GEWI WXEXI 4VIXXMP]EQIRHIH VIGSZIVIH XEOIRSGEVI RSX[SVV] -RHMJJIVIRX JEMVP] WYVJIMX[EXIV EGYVIJSVMRHMKIWXMSR EJYPRIWWSJLIVFPSSH EGEWISJWI\YEPJVYWXVEXMSR SRGI EXWSQIXMQI
)RXIVVMGLEVHIXXS
WXMPP EP[E]W KLSWXP] WTMVMXYEP HIEVMQTVIWWMSR XLIQIERMRKMWRSXGPIEVEPXLSYKLWSQI QSHIVRIHMXSVWRSXIXLEX*PSVMSQIERWXSWYKKIWXLMW PSZMRKJIIPMRKWEWEJEXLIV XIVQW GMVGYQWXERGIW TSPMG] GYRRMRK 4PE]RSXFSXLLERHW MWRSX[SVOMRKJSVFSXLWMHIW
NSLRJSVH VMGLEVHIXXS =SYEVIGSQIEW-GSYPH[MWL XLMWZIV] RMKLX 7SVER^S XMWSVHEMRIHQYWXFIEJp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
TLMPSXMW =SYWLEPPLEZIIRSYKLW[IIXLIEVX FIVKIXXS 7[IIXLIEVX1EVOXLEX4SKKMS&]Q]XVSXL -GERRSXGLSSWIFYXOMWWXLIISRGIQSVIJSVXLEX[SVH DW[IIXLIEVX 4SKKMS-LEZIEQSRWXVSYWW[IPPMRK EFSYXQ]WXSQEGL[LEXWSIZIVXLIQEXXIVFI TSKKMS =SYWLEPPLEZITL]WMGJSV XWMV VMGLEVHIXXS 8MQIVYRWETEGI FIVKIXXS 8MQI WEFPSGOLIEH VMGLEVHIXXS &IVYPIH [LIR[ILEZIHSRI[LEX WpX XSHS 8LIR]SYQE]OMWW]SYVpPPERHFIHLIVXSS )\IYRX
LEZIHMWGYWWIHEFIXVSXLEPMRXLI*VMEV WGIPP-XMWGIVXEMRP] XLSYKLXXLEXXLIWXEKIHMVIGXMSRMW*SVH W%REPXIVREXMZI MRXIVTVIXEXMSRMWXLEXXLITLVEWIDMRLMWWXYH] VIJIVWXSXLI [E]XLEXXLI*VMEVMWSFWIVZIH[VETTIHYTMRLMW GSRXIQTPEXMSRSJHEQREXMSR YRVMTTIH I\TSWIH -HSVIEHEPIGXYVI HIPMZIVEGEYXMSREV]VITVMQERH 0MWX PMWXIR
%GX---WGIRIZM )RXIVXLIJVMEVMRLMWWXYH]WMXXMRKMREGLEMVERREFIPPE ORIIPMRKERH[LMWTIVMRKXSLMQ EXEFPIFIJSVIXLIQERH [E\PMKLXW WLI[IITWERH[VMRKWLIVLERHW
JVMEV -EQKPEHXSWIIXLMWTIRERGI JSVFIPMIZIQI =SYLEZIYRVMTTIHEWSYPWSJSYPERHKYMPX] %W-QYWXXIPP]SYXVYI-QEVZIPLS[ 8LIIEVXLLEXLFSVRI]SYYT FYX[IIT[IITSR 8LIWIXIEVWQE]HS]SYKSSH [IITJEWXIV]IX ;LMPIW-HSVIEHEPIGXYVI )RXIVTLMPSXMW ERREFIPPE ;VIXGLIHGVIEXYVI TLMPSXMW 9RGPI# JVMEV %]]SYEVI[VIXGLIHQMWIVEFP][VIXGLIH VMGLEVHIXXS 1]PSZIP]RMIGI %PQSWXGSRHIQRIHEPMZI8LIVIMWETPEGI =SYLEZIFIXLSYKLX II# 0MWXHEYKLXIVMREFPEGOERHLSPPS[ZEYPX TLMPSXMW =IWERHEW]SYGSYRWIPPIH ;LIVIHE]MWRIZIVWIIR XLIVIWLMRIWRSWYR *EWLMSRIHQ]LIEVXXSPSZILMQ FYXLIW[IEVW &YXqEQMRKLSVVSVSJGSRWYQMRKpVIW ,I[MPPXSRMKLXFIQEVVMIHJSVLIJIEVW %PMKLXPIWWWYPTLYVGLSOIH[MXLWQSO]JSKW ,MWYRGPIIPWIMJLIWLSYPHORS[XLIHVMJX 3JERMRJIGXIHHEVORIWW MRXLMWTPEGI ;MPPLMRHIVEPPERHGEPPLMWGS^XSWLVMJX ([IPPQER]XLSYWERHXLSYWERHWYRHV]WSVXW VMGLEVHIXXS 8SRMKLX#;L]FIWXSJEPP FYXPIXQIWII 3JRIZIVH]MRKHIEXLWXLIVIHEQRß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
EJpIH FIXVSXLIH WTIIH HMWTEXGLOMPP LMX WYGGIIH HVMJX TPER LMWGS^XSWLVMJX WYQQSRLMWRITLI[ GSYWMR XSGSRJIWWMSR FYWW OMWW EXPEVKI EXPIRKXL
XMWTMX]WLI WE[LSVI ERREFIPPE 1IVG]3QIVG] JVMEV 8LIVIWXERHWXLIWI [VIXGLIHXLMRKW ;LSLEZIHVIEQIHSYX[LSPI]IEVWMRPE[PIWWWLIIXW %RHWIGVIXMRGIWXWGYVWMRKSRIERSXLIV 8LIR]SY[MPP[MWLIEGLOMWW]SYVFVSXLIVKEZI ,EHFIIREHEKKIV WTSMRX XLIR]SYWLEPPLIEV ,S[LI[MPPGV]D3[SYPHQ][MGOIHWMWXIV ,EHp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qSVMSERHKMSZERRM
%GX---WGIRIZMM )RXIVKVMQEPHM[MXLLMWVETMIVHVE[RERHEHEVO PERXIVR KVMQEPHM 8MWIEVP]RMKLXEW]IXERH]IXXSSWSSR 8SpRMWLWYGLE[SVO LIVI-[MPPPMI 8SPMWXIR[LSGSQIWRI\X ,IPMIWHS[R )RXIVFIVKIXXSERHTLMPSXMWHMWKYMWIHERHEJXIV VMGLEVHIXXSERHTSKKMS FIVKIXXS ;IEVIEPQSWXEXXLITPEGI-LSTI W[IIXLIEVX KVMQEPHM %WMHI -LIEVXLIQRIEVERHLIEVHSRIWE] DW[IIXLIEVX
8MWLI RS[KYMHIQ]LERHWSQIERKV]NYWXMGI ,SQIXSLMWFSWSQ2S[LEZIEX]SYWMV 7XVMOIWFIVKIXXSERHI\MX FIVKIXXS 3LIPTLIPT,IVI WEWXMXGLJEPPIRMRQ] KYXW3JSVEqIWLXEMPSVUYMGOP]4SKKMS TLMPSXMW ;LEXEMPWQ]PSZI# FIVKIXXS -EQWYVI-GERRSXTMWWJSV[EVHERH FEGO[EVHERH]IX-EQ[IXFIJSVIERHFILMRH 0MKLXWPMKLXW,SPMKLXW TLMPSXMW %PEWWSQIZMPPEMRLIVILEWWPEMRQ]PSZI VMGLEVHIXXS 3,IEZIRJSVFMHMX6EMWIYTXLIRI\X RIMKLFSYVW -RWXERXP]4SKKMSERHFVMRKPMKLXW )\MXTSKKMS ,S[MW X&IVKIXXS#7PEMR#-XGERRSXFI %VI]SYWYVI] EVILYVX# FIVKIXXS 3Q]FIPP]WIIXLIWPMOIETSVVMHKITSX WSQIGSPH[EXIV-WLEPPFSMPSZIVIPWI Q][LSPIFSH] MWMREW[IEXXLEX]SYQE][VMRKQ]WLMVX JIIP LIVI;L]4SKKMS
qSVMS (MH]SYGEPPJEXLIV# JVMEV -W0SVH7SVER^SGSQI# qSVMS ,IWXE]WFIPS[ JVMEV ,EZI]SYEGUYEMRXIHLMQEXJYPP# qSVMS -LEZI %RHLIMWSZIVNS]IH JVMEV %RHWSEVI[I &MHLMQGSQIRIEV KMSZERRM %WMHI 1]WMWXIV[IITMRKLE# )RXIVTSKKMS[MXLSJpGIVWERHPMKLXWERHLEPFIVXW -JIEVXLMWJVMEV WJEPWILSSH-[MPPGEPPLMQ )\MX TSKKMS ,IVI%PEWLS[HS]SY# qSVMS (EYKLXIVEVI]SYVIWSPZIH# VMGLEVHIXXS +MZIQIEPMKLX;LEX WLIVI#%PP ERREFIPPE *EXLIV-EQ FPSSH3WMVW 7MKRSV(SREHS WRITLI[RS[MWWPEMR )RXIVKMSZERRMWSVER^SERHZEWUYIW *SPPS[XLIQYVHIVIV[MXLEPPXL]LEWXI qSVMS 1]0SVH7SVER^SLIVI 9TXSXLIGMX]LIGERRSXFIJEVLIRGI +MZIQI]SYVLERH JSVXLEX-KMZI]SYXLMW *SPPS[-FIWIIGL]SY WSVER^S 0EH]WE]]SYWSXSS# SJpGIVW *SPPS[JSPPS[JSPPS[ )\IYRXSJpGIVW ERREFIPPE -HSERHZS[ VMGLEVHIXXS 8IEVSJJXL]PMRIRGS^XSWXSTLMW 8SPMZI[MXL]SYERH]SYVW [SYRHW JVMEV 8MQIP]VIWSPZIH &ISJKSSHGSQJSVXQER 1]FPIWWMRKVIWXSRFSXL QSVIXSFIHSRI FIVKIXXS -WEPPXLMWQMRIS[RFPSSH#2E]XLIRKSSH =SYQE]TIVJSVQMXSRXLIQSVRMRKWYR RMKLX[MXLQI4SKKMSGSQQIRHQIXSQ]YRGPI )\IYRX HSWXLIEV#&MHLMQJSVQ]WEOIQEOIQYGLSJXLMW
[I PPXEOIXLIXMQI XEOIXLISTTSVXYRMX] WXE]W [EMXW r 1]0SVHQSVRMRKWYR XLI*VMEVNSMRW%RREFIPPEERH 7SVER^SMREFIXVSXLEP[LMGL[SYPHFIJSPPS[IHF]XLI JSVQEPEGXSJQEVVMEKIEXEPEXIVHEXI
WH HEVOPERXIVR EPERXIVR[MXLEWPMHMRKWLYXXIV[LMGLGSYPH GSRGIEPXLIPMKLX qIWLXEMPSV WYVKISR WH LEPFIVXW WTIEVW[MXLE\ILERHPIW [MXLEPPXL]LEWXI 5LEWD[MXLEPPXLILEWXI
NSLRJSVH 8LEX-EQWYVISJ [IRGL3-EQKSMRKXLI[VSRK[E]WYVIQ]FIPP] -FIPMIZIXLEXXSS EGLIWWS3JEVI[IPP4SKKMS33 (MIW qSVMS &YXWXE]Q]QEWXIVWEVI]SYWYVI]SYWE[ TLMPSXMW 3LIMWHIEH 8LIQYVHIVIVTEWWLIVI# TSKKMS ,S[(IEH VMGLEVHIXXS ,I WHIEHMRHIIH SJpGIV %RHMXTPIEWI]SYWMV[IEVIWYVI[IWE[E VYJpER[MXLEREOIH[IETSRMRLMWLERHEPPFPSSH]
8MWRS[XSSPEXIXS[IIT PIX WLEZILMQLSQI KIXMRXSQ]PSVH'EVHMREP WKVEGI WKEXIXLEX[IEVI %RH[MXL[LEXWTIIH[IQE]pRHSYXXLIQYVHIVIV WYVISJ FYXJSVJIEVSJLMWKVEGIFPIWWYW[IHYVWXKS TSKKMS 3Q]QEWXIVQ]QEWXIVQ]QEWXIV RSJYVXLIV )\IYRX HSREHS /RS[]SY[LEXQERRIVSJQERLI[EW# SJpGIV =IWWYVI-ORS[XLIQER XLI]WE] EMWE %GX---WGIRIZMMM WSPHMIV LIXLEXPSZIH]SYVHEYKLXIVWMVER XTPIEWI ]I X[EWLIJSVGIVXEMR )RXVZEWUYIWERHLMTTSPMXE qSVMS +VMQEPHMSRQ]PMJI LMTTSPMXE &IXVSXLIH# SJpGIV %]E]XLIWEQI ZEWUYIW -WE[MX VMGLEVHIXXS 8LI'EVHMREPMWRSFPI LIRSHSYFX LMTTSPMXE %RH[LIR WXLIQEVVMEKIHE]# ;MPPKMZIXVYINYWXMGI ZEWUYIW 7SQIX[SHE]WLIRGI HSREHS /RSGOWSQISRIEXXLIKEXI LMTTSPMXE 8[SHE]W#;L]QER-[SYPHFYX[MWL TSKKMS - PPORSGOWMV TSKKMSORSGOW X[SLSYVW WIVZERX [MXLMR ;LEX[SYPH II# 8SWIRHLMQXSLMWPEWXERHPEWXMRKWPIIT qSVMS ;IVIUYMVIWTIIGL[MXLXLIPSVH'EVHMREP %RH:EWUYIWXLSYWLEPXWII- PPHSMXFVEZIP] %FSYXWSQITVIWIRXFYWMRIWW TVE]MRJSVQ ZEWUYIW -HSRSXHSYFX]SYV[MWHSQRSV-XVYWX]SY ,MWKVEGIXLEX[IEVILIVI Q]WIGVIG] -EQMRpRMXIP]]SYVW )RXIVGEVHMREPERHKVMQEPHM LMTTSPMXE -[MPPFIXLMRIMRWTMXISJQ]HMWKVEGI GEVHMREP ;L]LS[RS[JVMIRHW;LEXWEYG]QEXIW 7SWSSR#3[MGOIHQER-HYVWXFIW[SVR EVI]SY ,I HPEYKLXSWIIQI[IIT 8LEXORS[RSVHYX]RSVGMZMPMX]# ZEWUYIW %RHXLEX WEZMPPEMRSYWJEYPXMRLMQ %VI[IETIVWSRpXXSFI]SYVLSWX LMTTSPMXE 2SPIXLMQPEYKL- QEVQIHMRQ]VIWSPZIW 3VMWSYVLSYWIFIGSQI]SYVGSQQSRMRR &IXLSYWXMPPXVYI 8SFIEXSYVHSSVWEXTPIEWYVI#;LEXWYGLLEWXI ZEWUYIW -WLSYPHKIXPMXXPIF]XVIEGLIV]EKEMRWXWS -W]SYVWEWXLEXMXGERRSX[EMXpXXMQIW# LSTIJYPETVIJIVQIRXEW-EQPMOIXSGPMQFXS %VI]SYXLIQEWXIVWSJXLMWGSQQSR[IEPXL LMTTSPMXE )ZIRXSQ]FSWSQ:EWUYIW0IXQ]]SYXL %RHORS[RSQSVIHMWGVIXMSR#3]SYVRI[W 6IZIPMRXLIWIRI[TPIEWYVIW MJ[IXLVMZI -WLIVIFIJSVI]SY ]SYLEZIPSWXERITLI[ ,IRS[LEXLFYXETEMVSJHE]WXSPMZI (SREHSPEWXRMKLXF]+VMQEPHMWPEMR )\IYRX -WXLEX]SYVFYWMRIWW#;IPPWMV[ILEZIORS[PIHKI SR X %GX---WGIRIM\ 0IXXLEXWYJpGI KVMQEPHM -RTVIWIRGISJ]SYVKVEGI )RXIVqSVMSHSREHSVMGLEVHIXXSTSKKMSERH -RXLSYKLX-RIZIVQIERX&IVKIXXSLEVQ 3JpGIVW &YX*PSVMS]SYGERXIPP[MXLLS[QYGLWGSVR qSVMS 8MWFSSXPIWWRS[XSWLS[]SYVWIPJEGLMPH 7SVER^SFEGOIH[MXLLMWGSRJIHIVEXIW 7MKRSV(SREHS [LEXMWHSRIMWHSRI ,EXLSJXIR[VSRKIHQI -XSFIVIZIRKIH 7TIRHRSXXLIXMQIMRXIEVWFYXWIIOJSVNYWXMGI *SVXLEX-GSYPHRSX[MRLMQIPWIXSpKLX VMGLEVHIXXS -QYWXGSRJIWWWSQI[LEX-[EWMRJEYPX ,EHXLSYKLXF][E]SJEQFYWLXSLEZIOMPPIHLMQ 8LEXLEHRSXpVWXEGUYEMRXIH]SY[LEXPSZI &YX[EWYRPYGOMP]XLIVIMRQMWXSSO 4EWWIH X[M\XLMQERHQ]RMIGI FYXEW-PMZI )PWILILEHJIPX[LEXPEXI&IVKIXXSHMH ,MWJSVXYRIKVMIZIWQIEWMX[IVIQMRIS[R %RHXLSYKLQ]JEYPXXSLMQ[IVIQIVIP]GLERGI HSREHS %PEWTSSVGVIEXYVILIQIERXRSQERLEVQ =IXLYQFP]-WYFQMXQIXS]SYVKVEGI
FVEZIP] LERHWSQIP] EKEMRWXWSLSTIJYP MRI\GLERKIJSVWSTVSQMWMRK Q]]SYXL 7SVER^S FSSXPIWW TSMRXPIWW
%RH MJ E LI TVIWIRX YVKIRX GLERGI F]EGGMHIRX
XMWTMX]WLI WE[LSVI 8SHS[MXLQIEW]SYTPIEWI GEVHMREP 6MWIYT+VMQEPHM =SYGMXM^IRWSJ4EVQEMJ]SYWIIO *SVNYWXMGIORS[EWRYRGMSJVSQXLI4STI *SVXLMWSJJIRGI-LIVIVIGIMZI+VMQEPHM -RXSLMWLSPMRIWW WTVSXIGXMSR ,IMWRSGSQQSRQERFYXRSFP]FSVR 3JTVMRGIW FPSSHXLSYKL]SY7MV*PSVMS 8LSYKLXLMQXSSQIERELYWFERHJSV]SYVHEYKLXIV -JQSVI]SYWIIOJSV]SYQYWXKSXS6SQI *SVLIWLEPPXLMXLIV PIEVRQSVI[MXJSVWLEQI &YV]]SYVHIEH%[E]+VMQEPHM PIEZI IQ )\IYRXGEVHMREPERHKVMQEPHM HSREHS -WXLMWEGLYVGLQER WZSMGI#([IPPWNYWXMGI LIVI# qSVMS .YWXMGIMWqIHXS,IEZIRERHGSQIWRSRIEVIV 7SVER^S;EW XJSVLMQ#3MQTYHIRGI ,EHLIXLIJEGIXSWTIEOMXERHRSXFPYWL# 'SQIGSQI(SREHSXLIVI WRSLIPTMRXLMW ;LIRGEVHMREPWXLMROQYVHIV WRSXEQMWW +VIEXQIRQE]HSXLIMV[MPPW[IQYWXSFI] &YX,IEZIR[MPPNYHKIXLIQJSV XERSXLIVHE] )\IYRX
%GX-:WGIRIM %&ERUYIX,EYXFS]W)RXIVXLIJVMEVKMSZERRM ERREFIPPETLMPSXMWWSVER^SHSREHSqSVMS VMGLEVHIXXSTYXEREERHZEWUYIW JVMEV 8LIWILSP]VMXIWTIVJSVQIHRS[XEOI]SYVXMQIW 8SWTIRHXLIVIQRERXSJXLIHE]MRJIEWX 7YGLpXVITEWXWEVITPIEWMRKXSXLIWEMRXW ;LSEVI]SYVKYIWXWXLSYKLRSX[MXLQSVXEPI]IW 8SFIFILIPH0SRKTVSWTIVMRXLMWHE] =SYLETT]GSYTPIXSIEGLSXLIV WNS] WSVER^S *EXLIV]SYVTVE]IVMWLIEVH XLILERHSJ KSSHRIWW ,EXLFIIREWLMIPHJSVQIEKEMRWXQ]HIEXL %RHQSVIXSFPIWWQILEXLIRVMGLIHQ]PMJI ;MXLXLMWQSWXTVIGMSYWNI[IP WYGLETVM^I %WIEVXLLEXLRSXERSXLIVPMOIXSXLMW 'LIIVYTQ]PSZIERHKIRXPIQIRQ]JVMIRHW 6INSMGI[MXLQIMRQMVXL XLMWHE][I PPGVS[R ;MXLPYWX]GYTWXS%RREFIPPE WLIEPXL KMSZERRM %WMHI 3XSVXYVI;IVIXLIQEVVMEKI]IX YRHSRI )VI- HIRHYVIXLMWWMKLXXSWIIQ]PSZI
QIER PS[P] [MX WIRWI .YWXMGIMWRSRIEVIV [LIRXLI+SPHIR%KIGEQIXS ERIRHXLIKSHHIWWSJNYWXMGI%WXVEIEqIHXSXLILIEZIRW ERHFIGEQIXLIGSRWXIPPEXMSR:MVKS WH ,EYXFS]W SFSIW
'PMTTIHF]ERSXLIV-[SYPHHEVIGSRJYWMSR %RHWXERHXLILSVVSVSJXIRXLSYWERHHIEXLW ZEWUYIW %VI]SYRSX[IPPWMV# KMSZERRM 4VMXLIIJIPPS[[EMX -RIIHRSXXL]SJpGMSYWHMPMKIRGI qSVMS 7MKRSV(SREHSGSQI]SYQYWXJSVKIX =SYVPEXIQMWLETWERHHVS[R]SYVGEVIWMR[MRI WSVER^S :EWUYIW ZEWUYIW 1]PSVH# WSVER^S 6IEGLQIXLEX[IMKLX]FS[P ,IVIFVSXLIV+MSZERRMLIVI WXS]SY =SYVXYVRGSQIWRI\XXLSYKLRS[EFEGLIPSV ,IVI WXS]SYVWMWXIV WLETTMRIWWERHQMRI KMSZERRM -GERRSXHVMRO WSVER^S ;LEX# KMSZERRM
8[MPPMRHIIHSJJIRHQI ERREFIPPE 4VE]HSRSXYVKILMQMJLIFIRSX[MPPMRK ,EYXFS]W q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%GX:WGIRIZM %&ERUYIX)RXIVGEVHMREPqSVMSHSREHS WSVER^SVMGLEVHIXXSZEWUYIWERHEXXIRHERXW XLI]XEOIXLIMVTPEGIW ZEWUYIW 6IQIQFIVWMV[LEX]SYLEZIXSHS FI[MWI ERHVIWSPYXI WSVER^S )RSYKL Q]LIEVXMWp\IH4PIEWIXL]SYV KVEGI 8SXEWXIXLIWIGSEVWIGSRJIGXMSRW XLSYKLXLIYWI 3JWYGLWIXIRXIVXEMRQIRXWQSVIGSRWMWXW -RGYWXSQXLERMRGEYWI]IXVIZIVIRHWMV -EQWXMPPQEHI]SYVWIVZERXF]]SYVTVIWIRGI GEVHMREP %RH[I]SYVJVMIRH WSVER^S &YX[LIVI WQ]FVSXLIV+MSZERRM# )RXIVKMSZERRM[MXLELIEVXYTSRLMWHEKKIV KMSZERRM ,IVILIVI7SVER^S XVMQQIHMRVIIOMRK FPSSH 8LEXXVMYQTLWSZIVHIEXL TVSYHMRXLIWTSMP 3JPSZIERHZIRKIERGI*EXISVEPPXLITS[IVW 8LEXKYMHIXLIQSXMSRWSJMQQSVXEPWSYPW 'SYPHRSXTVIZIRXQI GEVHMREP ;LEXQIERWXLMW# qSVMS 7SR+MSZERRM WSVER^S 7LEPP-FIJSVIWXEPPIH# KMSZERRM &IRSXEQE^IH MJ]SYVQMWKMZMRKLIEVXW 7LVMROEXERMHPIWMKLX[LEXFPSSHPIWWJIEV 3JGS[EVHTEWWMSR[SYPHLEZIWIM^IH]SYVWIRWIW ,EH]SYFILIPHXLIVETISJPMJIERHFIEYX] ;LMGL-LEZIEGXIH#1]WMWXIV3Q]WMWXIV qSVMS ,E;LEXSJLIV# KMSZERRM 8LIKPSV]SJQ]HIIH (EVOIRIHXLIQMHHE]WYRQEHIRSSREWRMKLX =SYGEQIXSJIEWXQ]PSVHW[MXLHEMRX]JEVI -GEQIXSJIEWXXSSFYX-HMKKIHJSVJSSH -REQYGLVMGLIVQMRIXLERKSPHSVWXSRI
TVIZIRXIH JSVIWXEPPIH VIEGLMRK GYRRMRK GSEVWIGSRJIGXMSRW QSHIWXHMWLIW XVMQQIH EHSVRIH WTSMP TPYRHIV MHPIWMKLX EWMKLXSJPMXXPIGSRWIUYIRGI
NSLRJSVH 3JER]ZEPYIFEPERGIH XMWELIEVX %LIEVXQ]PSVHWMR[LMGLMWQMRIIRXSQFIH 0SSO[IPPYTSR X H IIORS[ X# ZEWUYIW ;LEXWXVERKIVMHHPI WXLMW# KMSZERRM 8MW%RREFIPPE WLIEVX XMW [L]H IIWXEVXPI# -ZS[ XMWLIVW XLMWHEKKIV WTSMRXTPSYKLIHYT ,IVJVYMXJYP[SQFERHPIJXXSQIXLIJEQI 3JEQSWXKPSVMSYWI\IGYXMSRIV qSVMS ;L]QEHQEREVXXL]WIPJ# KMSZERRM =IWJEXLIV ERHXLEXXMQIWXSGSQIQE] ORS[ ,S[EWQ]JEXI-LSRSYVIHQ]VIZIRKI 0MWXJEXLIVXS]SYVIEVW-[MPP]MIPHYT ,S[QYGL-LEZIHIWIVZIHXSFI]SYVWSR qSVMS ;LEXMW XXLSYWE] WX# KMSZERRM 2MRIQSSRWLEZILEHXLIMVGLERKIW 7MRGI-pVWXXLVSYKLP]ZMI[IHERHXVYP]PSZIH =SYVHEYKLXIVERHQ]WMWXIV qSVMS ,S[%PEW 1]PSVHWLI WEJVERXMGQEHQER KMSZERRM *EXLIVRS *SVRMRIQSRXLW WTEGIMRWIGVIX-IRNS]IH 7[IIX%RREFIPPE WWLIIXW RMRIQSRXLW-PMZIH %LETT]QSREVGLSJLIVLIEVXERHLIV 7SVER^SXLSYORS[ WXXLMW XL]TEPIVGLIIO &IEVWXLIGSRJSYRHMRKTVMRXSJXL]HMWKVEGI *SVLIVXSSJVYMXJYP[SQFXSSWSSRFI[VE]IH 8LILETT]TEWWEKISJSYVWXSP RHIPMKLXW %RHQEHILIVQSXLIVXSEGLMPHYRFSVR GEVHMREP -RGIWXYSYWZMPPEMR qSVMS 3LMWVEKIFIPMIWLMQ KMSZERRM -XHSIWRSX XMWXLISVEGPISJXVYXL -ZS[MXMWWS WSVER^S -WLEPPFYVWX[MXLJYV] &VMRKXLIWXVYQTIXJSVXL ZEWUYIW -WLEPPWMV )\MXZEWUYIW KMSZERRM (SWMV,EZI]SYEPPRSJEMXL 8SGVIHMX]IXQ]XVMYQTLW#,IVI-W[IEV &]EPPXLEX]SYGEPPWEGVIHF]XLIPSZI -FSVIQ]%RREFIPPE[LMPWXWLIPMZIH 8LIWILERHWLEZIJVSQLIVFSWSQVMTTIHXLMWLIEVX
(EVIWZIRXYVISRLMQ# KMSZERRM 0IX IQ3Q]JEXLIV ,S[[IPPLMWHIEXLFIGSQIWLMQMRLMWKVMIJW ;L]XLMW[EWHSRI[MXLGSYVEKI RS[WYVZMZIW 2SRISJSYVLSYWIFYX-KMPXMRXLIFPSSH 3JEJEMVWMWXIVERHELETPIWWJEXLIV WSVER^S -RLYQERWGSVRSJQIRLEWXXLSYEXLSYKLX 8 SYXPMZIXL]QYVHIVW# KMSZERRM =IW-XIPPXLII]IW *SVMRQ]pWXW-FIEVXLIX[MWXWSJPMJI 7SVER^SWIIXLMWLIEVX[LMGL[EWXL][MJI W 8LYW-I\GLERKIMXVS]EPP]JSVXLMRI 7XEFWLMQ %RHXLYWERHXLYW2S[FVEZIVIZIRKIMWQMRI ZEWUYIW -GERRSXLSPHER]PSRKIV=SYWMVEVI]SY KVS[RMRWSPIRXMR]SYVFYXGLIVMIW#,EZIEX]SY 8LI]pKLX KMSZERRM 'SQI-EQEVQIHXSQIIXXLII ZEWUYIW 2S[MPPMXRSXFI]IX#-JXLMW[MPPRSXERSXLIV WLEPP2SX]IX#-WLEPPpX]SYERSR:IRKIERGI )RXIVFERHMXXMERHpKLXKMSZERRM
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pVWXQER LEZI]SY IRSYKL# KMSZERRM -XLEROXLII XLSYLEWXHSRIJSVQIFYX )RXIVZEWUYIW [LEX -[SYPHLEZIIPWIHSRISRQ]WIPJ%VXWYVI -W XXVYISVRSWMV# 8L]PSVHMWHIEH# ZEWUYIW 8MWQSWXWXVERKIP]XVYI qSVMS 'YVWIHQER,EZI-PMZIHXS (MIW ZEWUYIW 3MQTYHIRXWPEZI%WWYVIEW-EQWYVIXSWII XLIIHMI GEVHMREP ,SPHYT*PSVMS 1SRWXIVSJGLMPHVIRWII[LEXXLSYLEWXHSRI &VSOIXL]SPHJEXLIV WLIEVX-WRSRISJ]SY KMPX E XLIEHSVRQIRXSJXLIFPSSH F KYMPX]SJXLIHIIH
FEPERGIH XIWXIHF][IMKLX XLVSYKLP] XLSVSYKLP] FI[VE]IH VIZIEPIH TEWWEKI GSYVWI VEKIFIPMIWLMQ LMWQEHRIWWLEWQEHILMQPMI
X[MWXWSJPMJI +MSZERRMVIJIVWXSLMQWIPJEWSRISJXLI 4EVGEIXLI+VIIOQ]XLSPSKMGEPpKYVIW[LSWTYRXLI XLVIEHSJIEGLLYQERPMJIFIJSVIGYXXMRKMXXSWMKREP HIEXL pX]SYERSR HIEP[MXL]SYWLSVXP] :IRKIERGI XLIWMKREPTVIZMSYWP]EKVIIH[MXLXLI &ERHMXXM
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p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p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
3JGSYRWIP MRZSPZIH WSQIXMQIW JSVQIVP] XLMW[SQER WSQIWGLSPEVWLEZITSMRXIHXSXLIEQFMKYMX] SJXLMWVIJIVIRGIVIQEVOMRKXLEXXLIFSH]VIJIVVIHXS GSYPHFIXLEXSJIMXLIV4YXERESV%RREFIPPE
;MXLMRXLVIIHE]W MRXLMW[IHSHMWTIRWI ;MXLKVSYRHWSJVIEWSRRSXSJXLMRISJJIRGI ZEWUYIW 8MW[IPP XLMWGSRUYIWXMWQMRIERH-VINSMGI XLEXE7TERMEVHSYX[IRXER-XEPMERMRVIZIRKI )\MXZEWUYIW GEVHMREP 8EOIYTXLIWIWPEYKLXIVIHFSHMIWWIIXLIQ FYVMIH %RHEPPXLIKSPHERHNI[IPWSV[LEXWSIZIV 'SRpWGEXIF]XLIGERSRWSJXLIGLYVGL ;IWIM^IYTSRXSXLI4STI WTVSTIVYWI VMGLEVHIXXS VIZIEPWLMQWIPJ =SYVKVEGI WTEVHSR XLYWPSRK-PMZIHHMWKYMWIH 8SWIIXLIIJJIGXSJTVMHIERHPYWXEXSRGI &VSYKLXFSXLXSWLEQIJYPIRHW GEVHMREP ;LEX6MGLEVHIXXS[LSQ[IXLSYKLXJSV HIEH# HSREHS 7MV[EWMX]SY VMGLEVHIXXS =SYVJVMIRH GEVHMREP ;IWLEPPLEZIXMQI 8SXEPOEXPEVKISJEPP FYXRIZIV]IX -RGIWXERHQYVHIVLEZIWSWXVERKIP]QIX 3JSRIWS]SYRKWSVMGLMRREXYVI WWXSVI ;LSGSYPHRSXWE] XMWTMX]WLI WE[LSVI# )\IYRX pRMW 8LI4VMRXIV W%TSPSK] 8LIKIRIVEPGSQQIRHEXMSRHIWIVZIHF]XLIEGXSVWMR XLIMVTVIWIRXQIRXSJXLMWXVEKIH]QE]IEWMP]I\GYWIWYGL JI[JEYPXWEWEVIIWGETIHMRXLITVMRXMRK%GSQQSR GLEVMX]QE]EPPS[LMQXLIEFMPMX]SJWTIPPMRK[LSQE WIGYVIGSRpHIRGIEWWYVIWXLEXLIGERRSXMKRSVERXP]IVV MRXLIETTPMGEXMSRSJWIRWI
r HMWTIRWI[MXLVIEWSR SJJIVEHMWTIRWEXMSRMRXLI PMKLXSJ:EWUYIW QSXMZIW 7TERMEVH 7TERMEVHW[IVIGSRWMHIVIHWIGSRHSRP]XSXLI -XEPMERWMRXLIEVXSJVIZIRKI TVSTIV TIVWSREP EXSRGI XSKIXLIV EXPEVKI EXPIRKXL
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