The Euro, Inflation and Consumers’ Perceptions
Paolo Del Giovane · Roberto Sabbatini Editors
The Euro, Inflation and Consumers’ Perceptions Lessons from Italy
123
Paolo Del Giovane Roberto Sabbatini Banca d’Italia Via Nazionale 91 00184 Rome Italy
[email protected] [email protected]
ISBN 978-3-540-78369-5
e-ISBN 978-3-540-78370-1
DOI 10.1007/978-3-540-78370-1 Library of Congress Control Number: 2008924333 c 2008 Springer-Verlag Berlin Heidelberg This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Production: le-tex publishing services oHG, Leipzig Coverdesign: WMX Design GmbH, Heidelberg Printed on acid-free paper 987654321 springer.com
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EQPUWOGTUŏRGTUQPCNCUUGUUOGPVQHVJGTCVGQHKPETGCUGKPVJGIGPGTCNRTKEG NGXGNŌYKFGPGFVQCPWPRTGEGFGPVGFGZVGPV6JGRJGPQOGPQPYCUEQOOQP VQCNOQUVCNNGWTQCTGCEQWPVTKGUDWVYCUGURGEKCNN[UJCTRCPFRGTUKUVGPVKP +VCN[ YJGTG VJG RWDNKE YCU EQPXKPEGF VJCV VJG RTKEGU QH OCP[ IQQFU CPF UGTXKEGUJCFDGGPEQPXGTVGFCVCTCVGQHNKTGVQVJGGWTQTCVJGTVJCP CV VJG QHſEKCN TCVG QH NKTG KORN[KPI C TKUG QH RTCEVKECNN[ RGT EGPV6JGKUUWGQHRGTEGKXGFKPƀCVKQPYJKEJJCFRTGXKQWUN[CVVTCEVGFNKVVNG CVVGPVKQPHTQO 'WTQRGCPGEQPQOKUVUQT VJG RWDNKE FGURKVG DGKPI TGIWNCTN[ OQPKVQTGFCPFOGCUWTGFKPVJGQRKPKQPUWTXG[UQHVJG'WTQRGCP%QOOKUUKQP CPFPCVKQPCNTGUGCTEJKPUVKVWVGUDGICPVQTGEGKXGGZVGPUKXGEQXGTCIGDQVJKP VJGſPCPEKCNCPFKPVJGIGPGTCNKUVRTGUU 5WEJCRGTXCUKXGCPFIGPGTCNK\GFKORCEVQPRGQRNGŏURGTEGRVKQPUJCFPQV DGGPHQTGUGGP$GHQTGJCPFRQNKE[OCMGTUJCFHQEWUGFQPVJGNKMGN[GHHGEV QPCEVWCNRTKEGU6JGGEQPQOKENKVGTCVWTG GI.WECU KPFKECVGFVJCVVJG FGPQOKPCVKQPQHVJGWPKVQHCEEQWPVCPFVJGGEQPQOKEXCTKCDNGU KPEQOGUCPF KPƀCVKQP UJQWNFDCUKECNN[DGKPFGRGPFGPV/QTGQXGTVJGGORKTKECNUVWFKGU ECTTKGFQWVD[VJGEGPVTCNDCPMUCPFPCVKQPCNUVCVKUVKECNKPUVKVWVGUDGHQTGVJG EJCPIGQXGTJCFGPXKUCIGFQPN[OQFGTCVGKPƀCVKQPCT[TKUMUNGPFKPIUWRRQTV VQVJGRTQURGEVQHCPGUUGPVKCNN[PGWVTCNUYKVEJHTQOVJGPCVKQPCNEWTTGPEKGU VQVJGGWTQ 'WTQRGCP%GPVTCN$CPMC +PVJGNKXGN[RQUVEJCPIGQXGTFGDCVGVJCVGPICIGFCECFGOKEUCPFGZRGTVU EQPUWOGTUŏ CUUQEKCVKQPU CPF QTFKPCT[ EKVK\GPU CPF YJKEJ TGEGKXGF YKFG CVVGPVKQPHTQOVJGOGFKCVJGTGNKCDKNKV[QHVJGQHſEKCNUVCVKUVKEUYCUTGRGCVGFN[ ECNNGFKPVQSWGUVKQPKP+VCN[CPFGNUGYJGTG+PFKXKFWCNUŏKORTGUUKQPUYGTG QHVGPGPFQTUGFD[RTKXCVGTGUGCTEJKPUVKVWVGUŏECNEWNCVKQPUQHCUWDUVCPVKCN TKUGKPRTKEGUFKUTGICTFKPIVJGHCEVVJCVOQUVQHVJGUGGUVKOCVGUYGTGDCUGF QPCNKOKVGFPWODGTQHIQQFUCPFUGTXKEGUCPFVJGKTOGVJQFQNQIKGUYGTG PQVCFGSWCVGN[FQEWOGPVGFGURGEKCNN[CUTGICTFUUCORNGUK\GCPFUCORNKPI VGEJPKSWGU RTKEG QDUGTXCVKQP OGVJQFU CPF VJG YGKIJVKPI QH KPFKXKFWCN RTQFWEVU 6JG FKXGTIGPEG DGVYGGP OGCUWTGF CPF RGTEGKXGF KPƀCVKQP CPF VJG CVVTKDWVKQPQHCUVTQPIKORCEVQPRTKEGUVQVJGGWTQCTGUKIPKſECPVKPUGXGTCN TGURGEVU+PEQTTGEVKPƀCVKQPRGTEGRVKQPUJKPFGTVJGGXCNWCVKQPQHKPFKXKFWCN RTKEGUD[EQPUWOGTU KPVWTPVJKUOC[NGCFVJGOKPVQDGJCXKQWTVJCVTGFWEGU VJG OCTMGVŏU CNNQECVKXG GHſEKGPE[ 6JG[ ECP CNUQ KPƀWGPEG GZRGEVCVKQPU FKUVQTVKPIFGEKUKQPUQPRTKEGUCPFYCIGUCPFOKIJVWPFGTOKPGVJGETGFKDKNKV[ QHVJGUKPINGOQPGVCT[RQNKE[YJQUGRTKOCT[QDLGEVKXGŌRTKEGUVCDKNKV[ŌKU UGVYKVJTGHGTGPEGVQVJGQHſEKCNKPFKEGU6JGRWDNKEŏUQRKPKQPQHVJGGWTQ KUCNUQCHHGEVGFCUVJGDGNKGHVJCVKVYCUTGURQPUKDNGHQTCUWTIGKPKPƀCVKQP TGNGICVGUVJGGWTQŏUCFXCPVCIGUVQVJGDCEMITQWPF 6JGTGNGXCPEGQHVJKUKUUWGIQGUYGNNDG[QPFVJGURGEKſEECUGQHVJG EJCPIGQXGT2WDNKEDGNKGHUEQPEGTPKPIVJGKPƀCVKQPCT[GHHGEVUQHVJGGWTQ CRRGCTVQDGXGT[RGTUKUVGPVCPFVQEQPVTKDWVGKP+VCN[CPFQVJGTEQWPVTKGU
+PVTQFWEVKQP
VQCOQTGIGPGTCNFKUUCVKUHCEVKQPYKVJVJGEQOOQPEWTTGPE[GXGP[GCTU CHVGT KVU KPVTQFWEVKQP CU YKFGN[ TGRQTVGF D[ VJG OGFKC /QTGQXGT VJG GXKFGPEG QH XCTKQWU UVWFKGU EQPFWEVGF QP VJG KUUWG ENGCTN[ RQKPVU VQ C PGGFHQTFGGRGTKPXGUVKICVKQPQHKPFKXKFWCNKPƀCVKQPRGTEGRVKQPUCPFVJG OGEJCPKUOUWPFGTN[KPIVJGKTHQTOCVKQPCUVJGKTRCVVGTPKUQHVGPFKHſEWNV VQ TGEQPEKNG YKVJ RGTUQPCN KPXGUVOGPV CPF EQPUWORVKQP DGJCXKQWT CU YGNNCUYKVJVJGTGNCVKXGN[OQFGTCVGYCIGENCKOUTGEQTFGFQXGTVJGRCUV [GCTU 6JG KORQTVCPEG QH VJGUG VJGOGU NGF C ITQWR QH $CPM QH +VCN[ GEQPQOKUVUVQECTT[QWVVJGUVWFKGUVJCVCTGEQNNGEVGFKPVJKUXQNWOGKP VYQECUGUKPEQQRGTCVKQPYKVJTGUGCTEJGTUHTQOQVJGTKPUVKVWVKQPU+VYCU DGNKGXGFVJCVCJKUVQTKEGXGPVCUKORQTVCPVCUVJGGWTQECUJEJCPIGQXGT YCTTCPVGF C FGVCKNGF TGVTQURGEVKXG CPCN[UKU RTQXKFKPI ENGCT DWV PQV UKORNKUVKE CPUYGTU VQ RGQRNGŏU SWGUVKQPU CDQWV KVU GHHGEVU QP RTKEGU 9GCNUQEQPUKFGTGFCPKPFGRVJCPCN[UKUQHVJGOGEJCPKUOUWPFGTN[KPI KPƀCVKQPRGTEGRVKQPUVQDGCRTGTGSWKUKVGHQTKPKVKCVKXGUNGCFKPIVQCDGVVGT WPFGTUVCPFKPIQHRTKEGUVCVKUVKEUCPFCOQTGCEEWTCVGCUUGUUOGPVQHVJG KPƀCVKQPCT[ QWVNQQM QP VJG RCTV QH EQPUWOGTU VJKU KU ETWEKCN HQT VJG OQPGVCT[CWVJQTKVKGUŏEQOOWPKECVKQPUVTCVGI[CUVJG[UGVVJGKTKPƀCVKQP QDLGEVKXGKPVGTOUQHQHſEKCNUVCVKUVKEU(KPCNN[YGYGTGEQPſFGPVVJCV UWEJCPCPCN[UKUYQWNFRTQXKFGWUGHWNNGUUQPURTKQTVQVJGCFQRVKQPQHVJG GWTQD[QVJGTEQWPVTKGU6JKUKUDQTPGQWVD[VJGCVVGPVKQPVJGUGUVWFKGU JCXGTGEGKXGFYJGPRTGUGPVGFCVOGGVKPIUCPFEQPHGTGPEGUKPEQWPVTKGU QPVJGKTYC[VQCFQRVKPIVJGGWTQ
6JGOGUOGVJQFUCPFOCKPTGUWNVU 6JG CPCN[UKU VWTPU QP VJTGG HWPFCOGPVCN VJGOGU 6JG ſTUV FKUEWUUGF KP EJCRVGT KU VJG OGCUWTGOGPV QH QHſEKCN CPF RGTEGKXGF KPƀCVKQP CPF VJG TGCUQPU YJ[ VJG[ FKXGTIGF HQNNQYKPI VJG ECUJ EJCPIGQXGT 6JG UGEQPF VJGOGYJKEJKUVJGUWDLGEVQHEJCRVGTUCPFKUVJGGORKTKECNCPCN[UKU QHVJGGHHGEVUQHVJGEJCPIGQXGTQPRTKEGUCPFVJGCRRNKECVKQPQHVJGVQQNUQH GEQPQOKEUVQWPFGTUVCPFVJGOGEJCPKUOUDGJKPFVJGRTKEGKPETGCUGU6JG VJKTFVJGOGEQXGTGFKPEJCRVGTUCPFEQPUKUVUKPCPKPFGRVJKPXGUVKICVKQP QH KPFKXKFWCN KPƀCVKQP RGTEGRVKQPU CPF VJG OGEJCPKUOU WPFGTN[KPI VJGKT HQTOCVKQPVJCVIQGUDG[QPFVJGURGEKſEGXGPVQHVJGKPVTQFWEVKQPQHVJGGWTQ 6JGHQEWUKURTKOCTKN[QP+VCN[DWVVJGVJTGGVJGOGUCTGVCMGPWRCICKPKP EJCRVGTYJKEJTGXKGYUYQTMUQPVJGQVJGTGWTQCTGCEQWPVTKGU 6JGCPCN[UKUKPEJCRVGTD[2CQNQ&GN)KQXCPGCPF4QDGTVQ5CDDCVKPK FGUETKDGU VJG OQUV EQOOQP SWCNKVCVKXG ICWIG QH KPƀCVKQP RGTEGRVKQPU FKUEWUUGU VJG FCVC EQNNGEVKQP OGVJQFU CPF RTQEGFWTGU WUGF D[ VJG +VCNKCP 0CVKQPCN+PUVKVWVGQH5VCVKUVKEU +56#6 CPFRTQXKFGUGORKTKECNGXKFGPEGQP
2&GN)KQXCPGCPF45CDDCVKPK
VJGHCEVQTUDGJKPFVJGUVGGRTKUGKPRGTEGRVKQPUHQNNQYKPIVJGEJCPIGQXGT+V UJQYUVJCVVJGTGKUPQGXKFGPEGQHENGCTCPFTGNGXCPVDKCUGUKPVJGOGVJQFU CFQRVGFVQEQORWVGVJGQHſEKCNKPFGZCNVJQWIJVJGOGVJQFQNQIKECNVTGCVOGPV QHURGEKſEKVGOUKUQRGPVQKORTQXGOGPVCPFRTQDNGOUKPUQOGRJCUGUQH VJGFCVCEQNNGEVKQPECPPQVDGTWNGFQWV%QPVTCT[VQYJCVKUQHVGPRWDNKEN[ CUUGTVGF+56#6ŏUUVCVKUVKEUFQECRVWTGVJGGZEGRVKQPCNN[JKIJRTKEGTKUGUHQT URGEKſE RTQFWEVU GXGP KH VJKU KU PQV HWNN[ FKUEGTPCDNG HTQO VJG CIITGICVG FCVCTGNGCUGFVQVJGRWDNKE6JGGXKFGPEGRTGUGPVGFKPVJGUVWF[UWIIGUVUVJCV VJGICRDGVYGGPRGTEGKXGFCPFOGCUWTGFKPƀCVKQPECPDGGZRNCKPGFHQTVJG OQUVRCTVD[VJGFKURTQRQTVKQPCVGGHHGEVGZGTVGFQPKPƀCVKQPRGTEGRVKQPUD[ RTKEGKPETGCUGUCUQRRQUGFVQTGFWEVKQPUD[GZEGRVKQPCNTKUGUHQTKPFKXKFWCN KVGOUCPFD[RTKEGXCTKCVKQPUHQTHTGSWGPVN[RWTEJCUGFKVGOU+PVJGYCMG QH VJG EJCPIGQXGT VJKU YCU EQODKPGF YKVJ VJG CEVWCN DGJCXKQWT QH RTKEGU VJCV FKF KPXQNXG OCP[ EJCPIGU NCTIGT KPETGCUGU HQT HTGSWGPVN[ RWTEJCUGF RTQFWEVU CPF GZEGRVKQPCN TKUGU KP EGTVCKP KVGOU 6JG KPVGTRNC[ DGVYGGP RWDNKERGTEGRVKQPUCPFOGFKCEQXGTCIGCNUQJCFCUKIPKſECPVTQNG(KPCNN[ VJGRGTEGKXGFNQUUQHRWTEJCUKPIRQYGTGURGEKCNN[HQTUQOGECVGIQTKGUQH JQWUGJQNFUECPDGVTCEGFVQRJGPQOGPCVJCVVJQWIJPQVDGCTKPIFKTGEVN[ QPQHſEKCNKPƀCVKQPCHHGEVGFEQPUWOGTUŏGEQPQOKEEQPFKVKQPUKPVJGRQUV EJCPIGQXGT RGTKQF UWEJ CU VJG UJCTR KPETGCUGU KP JQWUG RTKEGU CPF CP GXQNWVKQP QH TGNCVKXG KPEQOGU VJCV YCU FGVTKOGPVCN VQ VJG NGCUVYGNNQHH JQWUGJQNFU +PEJCRVGTUCPFVJGKPSWKT[KPVQVJGGHHGEVUQHVJGEJCPIGQXGTQP RTKEGUKUEQPFWEVGFWUKPIFKHHGTGPVCRRTQCEJGUCPFFCVCUGVU6JGFGEKUKQP VQGZVGPFVJGTCPIGQHUQWTEGUYCUFKEVCVGFKPVJGſTUVRNCEGD[VJGRWDNKEŏU FQWDVU CDQWV VJG ECRCDKNKV[ QH VJG QHſEKCN UVCVKUVKEU VQ ICWIG KPƀCVKQP CEEWTCVGN[ #NVGTPCVKXG UQWTEGU RTQXKFG EQORNGOGPVCT[ GXKFGPEG QP VJG TGNKCDKNKV[CPFCEEWTCE[QHVJGQHſEKCNFCVC OQTGQXGTD[EJGEMKPIVJGGZVGPV VQYJKEJTGUWNVUXCT[YKVJVJGFCVCUQWTEGYGECPFTCYIGPGTCNEQPENWUKQPU YKVJCJKIJGTFGITGGQH EQPſFGPEG6JGCNVGTPCVKXGUQWTEGU CNUQ RGTOKV C OWEJITGCVGTFGITGGQHFKUCIITGICVKQPVJCPVJGQHſEKCNFCVCCXCKNCDNGVQVJG RWDNKE +PEJCRVGT(TCPEQ/QUVCEEKCPF4QDGTVQ5CDDCVKPKWUG+56#6ŏURTKEG QDUGTXCVKQPUHQTKPFKXKFWCNIQQFUCPFUGTXKEGUVQGUVKOCVGVJGRTKEGKORCEV QHTQWPFKPIVQőCVVTCEVKXGRTKEGUŒŌPCOGN[VQVJGPGCTGUVYJQNGPWODGTVQ QPGFGEKOCNRNCEGQTVQRU[EJQNQIKECNRTKEGU2TKQTVQVJGEJCPIGQXGTGZRGTVU HTQO EGPVTCNDCPMU CPF UVCVKUVKECNKPUVKVWVGUJCF GZCOKPGF VJG KPƀCVKQPCT[ TKUMUQTKIKPCVKPIHTQOVJKUGHHGEV#VVJGVKOGVJGTGYGTGRWDNKEYQTTKGUVJCV VJKUGHHGEVOKIJVDGEQPUKFGTCDNG HWTVJGTOQTGKVYCUVJGQPN[UQWTEGQHTKUM VJCVGZRGTVUEQWNFGUVKOCVGSWCPVKVCVKXGN[ D[EQPVTCUVYKVJVJCVQTKIKPCVKPI OQTG IGPGTCNN[ HTQO VJG RQUUKDKNKV[ VJCV RTQFWEGTU CPF TGVCKNGTU VQQM CFXCPVCIGGURGEKCNN[KPNGUUEQORGVKVKXGUGEVQTUQHEQPUWOGTUŏEQPHWUKQP FGVGTOKPGFD[VJGEJCPIGKPVJGWPKVQHCEEQWPV 6JGEJCRVGTCNUQGZCOKPGU
+PVTQFWEVKQP
CPQOCNQWURTKEGTKUGUKPYJGVJGTCUUQEKCVGFYKVJTQWPFKPIQTPQVVQ FGVGTOKPGYJGVJGTVJG[YGTGFWGVQVJGEJCPIGQXGTQTVQQVJGTHCEVQTU#NN KPCNNVJGXCTKQWUOGVJQFUUKOKNCTN[GUVKOCVGVJCVCTQWPFJCNHCRGTEGPVCIG RQKPVQHVJGKPƀCVKQPTCVGTGEQTFGFKP+VCN[KP GSWCNVQRGTEGPV ECPDGCVVTKDWVGFOQTGQTNGUUFKTGEVN[VQVJGEJCPIGQXGT6JGGHHGEVUYGTG ITGCVGTHQTUGTXKEGUVJCPHQTIQQFU HQTVJGNCVVGTVJG[YGTGEQPEGPVTCVGFKP VTCFKVKQPCNUCNGUEJCPPGNU +PEJCRVGT'WIGPKQ)CKQVVKCPF(TCPEGUEQ.KRRKUVWF[VJGEJCPIGQXGTŏU KORCEVQP+VCNKCPTGUVCWTCPVRTKEGUCRCTVKEWNCTN[UKIPKſECPVKVGOCUVJG[CTG HTGSWGPVN[EKVGFCUCPGZCORNGQHVJGKORCEVQHVJGPGYEWTTGPE[+PUVGCFQH VJGQHſEKCNFCVCVJGUVWF[GORNQ[UCYKFGN[WUGF+VCNKCPTGUVCWTCPVIWKFGVQ GZCOKPGVJGRTKEGUEJCTIGFD[TGUVCWTCPVUHTQOVQ#NVJQWIJ PQVTGRTGUGPVCVKXGQHCNNGCVKPIGUVCDNKUJOGPVU OQUVQHVJGTGUVCWTCPVUCTG CV VJG JKIJ GPF QH VJG OCTMGV VJG UCORNG CNNQYU RTKEGUGVVKPI DGJCXKQWT VQ DG CPCN[\GF KP OWEJ ENQUGT FGVCKN VJCP YKVJ VJG QHſEKCN UVCVKUVKEU 6JG UVWF[UJQYUVJCVYJKNGTGUVCWTCPVRTKEGTQUGEQPUKFGTCDN[CTQWPFVJGVKOGQH VJGEJCPIGQXGTVJGKPETGCUGUYGTGPQVGZEGRVKQPCNN[NCTIGEQORCTGFYKVJ RTGXKQWU[GCTUCPFKVFKUOKUUGUVJGYKFGURTGCFDGNKGHVJCVRTKEGUFQWDNGF KPVJKUKPFWUVT[6JGTKUGKPVJGCXGTCIGOGCNRTKEGKPYCUOCKPN[FWG VQ CP GZEGRVKQPCNN[ NCTIG RTQRQTVKQP QH TGUVCWTCPVU RWVVKPI WR VJGKT RTKEGU YKVJTGURGEVVQRTGXKQWU[GCTUEQODKPGFYKVJKPFKXKFWCNTGXKUKQPUVJCVYGTG NCTIGDWVPQVGZVTCQTFKPCTKN[UQCPFYGTGKPFGGFUOCNNGTVJCPVJQUGQDUGTXGF KP (KPCNN[ UVTQPIGT NQECN OCTMGV RQYGT YCU CUUQEKCVGF YKVJ JKIJGT RTKEGKPETGCUGU +P EJCRVGT 2CQNQ #PIGNKPK CPF (TCPEGUEQ .KRRK KPXGUVKICVG VJG KPƀCVKQPCT[KORCEVQHVJGEJCPIGQXGTKP+VCN[WUKPIKPFKTGEVGXKFGPEGFTCYP HTQO VJG EKTEWNCVKQP QH ECUJ 6JG J[RQVJGUKU KU VJCV HQT C IKXGP XQNWOG QHEQPUWORVKQPCNCTIGTEJCPIGKPVJGRTKEGNGXGNOWUVDGTGƀGEVGFKPVJG XQNWOGQH#6/ECUJYKVJFTCYCNU EQPVTQNNKPIHQTVJGWUGQHQVJGTOGCPUQH RC[OGPVUWEJCUETGFKVVTCPUHGTUEJGSWGUCPFETGFKVCPFFGDKVECTFU 6JG CWVJQTUWUGVJKUTGNCVKQPUJKRVQRGTHQTOCPGORKTKECNEJGEMQPVJGJ[RQVJGUKU QHCLWORKPKPƀCVKQPYKVJVJGEJCPIGQXGT6JGTGUWNVUKPFKECVGVJCVVJGWUG QHECUJUJQYUPQFKUEQPVKPWKV[D[EQORCTKUQPYKVJVJGRCUVCPFKUEQPUKUVGPV YKVJCOQFGTCVGTKUGKPVJGIGPGTCNRTKEGNGXGN
6JG CPQOCNQWU RTKEG KPETGCUGU VJCV ECP DG CVVTKDWVGF VQ VJG EJCPIGQXGT YGTG EQORQWPFGFD[QVJGTURCTVN[CUETKDCDNGVQHCEVQTUVJCVJCFPQVJKPIVQFQYKVJ VJCVGXGPVUWEJCUVJGLWORKPRTKEGUQHUQOGHTWKVUCPFXGIGVCDNGUYJKEJYCU FWGKPUQOGRCTVVQCPGZEGRVKQPCNN[EQNFYKPVGTCPFUWOOGTFTQWIJVCPFYCU CNUQTGEQTFGFKPVJG'7EQWPVTKGUVJCVJCFPQVCFQRVGFVJGGWTQ 6JG OGVJQFQNQI[ VCMGU CEEQWPV QH VJG QDLGEVKQP VQ YJKEJ C OGTGN[ FGUETKRVKXG CPCN[UKUKUQRGPPCOGN[VJCVVJGUWDUVCPVKCNKPXCTKCPEGQHPQOKPCNEQPUWORVKQP EQWNFEQPEGCNCFGENKPGKPTGCNEQPUWORVKQPPQVRKEMGFWRKPVJGQHſEKCNUVCVKUVKEU
2&GN)KQXCPGCPF45CDDCVKPK
6JG CPCN[UGU KP EJCRVGTU CPF CDUVTCEV HTQO VJG URGEKſE GXGPV QH VJG NCWPEJ QH VJG GWTQ CPF RTQXKFG C OQTG IGPGTCN KPXGUVKICVKQP QH VJG OGEJCPKUOUWPFGTN[KPIVJGHQTOCVKQPQHRGTUQPCNKPƀCVKQPRGTEGRVKQPU +P EJCRVGT 8KPEGP\Q %GUVCTK 2CQNQ &GN )KQXCPG CPF %NGNKC 4QUUK #TPCWFCFFTGUUVJGKUUWGQHEQPUWOGTUŏOGOQT[HQTRTKEGU6JG[VGUV+VCNKCP ſNOIQGTUŏOGOQT[QHEKPGOCRTKEGUVJTQWIJCUWTXG[EQPFWEVGFKPOQXKG VJGCVTGU VJGCPCN[UKUEQPEGPVTCVGUQPRTGGWTQRTKEGUDWVVJGRTKEGTGECNNHQT COQTGTGEGPVRGTKQFKUCNUQKPXGUVKICVGF6JGRTKEGQHEKPGOCVKEMGVUYCU EJQUGPDGECWUGKVECPDGTGEQPUVTWEVGFYKVJRTGEKUKQPCPFKUNGUUUWDLGEVVQ FKHHGTGPEGU QHSWCNKV[CPFDTCPF VJCPOQUVQVJGTIQQFUCPFUGTXKEGU6JG TGUWNVUUJQYVJCVQPN[CUOCNNRGTEGPVCIGQHTGURQPFGPVUTGECNNGFVJGEQTTGEV RTKEGCPFVJCVVJGCXGTCIGRTKEGUTGECNNGFYGTGOWEJNQYGTVJCPVJGCEVWCN RTGGWTQRTKEGUCPFFCVGFDCEMVQCTQWPFVGP[GCTUDGHQTGVJGEJCPIGQXGT 6JGTGECNNYCUNGUUCEEWTCVGHQTVJGTGURQPFGPVUYJQRGTEGKXGFJKIJGTCPF OQTGRGTUKUVGPVKPƀCVKQP KVYCUCNUQYQTUGHQTVJGQNFGTTGURQPFGPVUCPFHQT VJGNGUUHTGSWGPVOQXKGIQGTU(WTVJGTOQTGKVYCUPQDGVVGTHQTTGURQPFGPVU YJQTGRQTVGFVJG[JCFCRTGEKUGOGOQT[VJCPHQTVJQUGYJQUCKFVJG[JCFC XCIWGTGEQNNGEVKQPUWIIGUVKPIVJCVEQPUWOGTUOC[DGQXGTEQPſFGPVCDQWV VJGKTCDKNKV[VQTGECNNRCUVRTKEGU +PEJCRVGT2CQNQ&GN)KQXCPG5KNXKC(CDKCPKCPF4QDGTVQ5CDDCVKPK KPXGUVKICVG+VCNKCPEQPUWOGTUŏQRKPKQPUTGICTFKPIKPƀCVKQPDQVJSWCNKVCVKXG CPF SWCPVKVCVKXGCPF VJG OGEJCPKUOUWPFGTN[KPI VJGKT HQTOCVKQP WUKPI C UWTXG[EQPFWEVGFKP&GEGODGTQPCUCORNGQHCTQWPFJQWUGJQNFU 6JG TGUWNVU UJQY VJCV JKIJ KPƀCVKQP RGTEGRVKQPU CTG PQV EQPſPGF VQ VJG EJCPIGQXGTRGTKQF SWCPVKVCVKXGCUUGUUOGPVUKPFKECVGVJCVCVVJGVKOGQHVJG UWTXG[+VCNKCPEQPUWOGTURGTEGKXGFCOWEJJKIJGTTCVGQHEJCPIGKPRTKEGU VJCP OGCUWTGF D[ QHſEKCN UVCVKUVKEU +PFKXKFWCN KPƀCVKQP RGTEGRVKQPU YGTG HQWPFVQDGENQUGN[TGNCVGFVQUQEKQFGOQITCRJKECPFGEQPQOKEEQPFKVKQPU 9QOGP TGRQTV QP CXGTCIG CP KPƀCVKQP TCVG VJCV KU CNOQUV VYKEG CU JKIJ CU VJCV KPFKECVGF D[ OGP CPF C ICR QH C UKOKNCT UK\G KU HQWPF DGVYGGP NGUUGFWECVGF KPFKXKFWCNU CPF QVJGTU %QPEGTPKPI GEQPQOKE EQPFKVKQPU EQPUWOGTUDGNQPIKPIVQJQWUGJQNFUYKVJUQOGHQTOQHőſPCPEKCNFKUVTGUUŒ
UWEJCUFKHſEWNV[OGGVKPIOQPVJN[GZRGPFKVWTGU TGRQTVUKIPKſECPVN[JKIJGT KPƀCVKQP.CEMQHMPQYNGFIGQHKPƀCVKQPCPFVJGTGNCVGFUVCVKUVKEUVQIGVJGT YKVJRU[EJQNQIKECNCPFOGOQT[HCEVQTURNC[CUKIPKſECPVRCTVKPFTKXKPIVJG JKIJGUV RGTEGRVKQPU 3WKVG UWTRTKUKPIN[ KPUVGCF VJG KPHQTOCVKQP EQNNGEVGF VJTQWIJEQPUWOGTUŏUJQRRKPICEVKXKV[CPFVJGTGHQTGOQTGFKTGEVN[TGNCVGFVQ RTKEGDGJCXKQWTFQGUPQVCRRGCTVQUJCRGKPFKXKFWCNKPƀCVKQPRGTEGRVKQPU 6JG KPFKECVKQPU QDVCKPGF HTQO VJG UVWFKGU QH QVJGT GWTQCTGC EQWPVTKGU YJKEJCTGUWTXG[GFKPEJCRVGTD[2CQNQ&GN)KQXCPGCPF4QDGTVQ5CDDCVKPK RTQXKFG GXKFGPEG VQ EQORNGOGPV VJG ſPFKPIU TGRQTVGF HQT +VCN[ CPF CTG IGPGTCNN[ EQPUKUVGPV YKVJ VJGO 6JKU UWIIGUVU VJCV VJG FGVCKNGF UVWFKGU QP VJG+VCNKCPECUGRTGUGPVGFKPVJKUDQQMECPRTQXKFGKORQTVCPVKPUKIJVUKPVQ
+PVTQFWEVKQP
VJG GXQNWVKQP QH OGCUWTGF CPF RGTEGKXGF KPƀCVKQP KP VJG QVJGT GWTQCTGC EQWPVTKGUCUYGNN
%QPENWUKQPUCPFNGUUQPUHQTVJGHWVWTG (QWTOCKPEQPENWUKQPUECPDGFTCYPHTQOVJGTGUWNVUQHVJGUVWFKGUEQNNGEVGF KPVJKUXQNWOG (KTUVVJGEJCPIGQXGTUKIPKſECPVN[CHHGEVGFRTKEGNKUVTGXKUKQPUKPCPWODGT QHUGEVQTU&WTKPIVJGEJCPIGQXGTCPFKOOGFKCVGN[CHVGTYCTFUVJGTGYCUC ENGCT KPETGCUG KP VJG RGTEGPVCIG QH RTQFWEVU YJQUG RTKEGU EJCPIGF 5QOG QHVJGUGEJCPIGUTGƀGEVGFVJGEQUVQHOQFKH[KPIRTKEGNKUVUYJKEJNGFſTOU VQEQPEGPVTCVGFWTKPIVJGEJCPIGQXGTRTKEGXCTKCVKQPUVJCVYQWNFQTFKPCTKN[ JCXGDGGPURTGCFQWVKPVKOG+PNGUUEQORGVKVKXGKPFWUVTKGU UWEJCUUGTXKEGU CPFVTCFKVKQPCNTGVCKNKPI JQYGXGTVJGEJCPIGUYGQDUGTXGFKPFKECVGFVJCV EQPUWOGTUŏ KPCDKNKV[ VQ ICWIG RTKEG NGXGNU EQTTGEVN[ KP VJG PGY EWTTGPE[ ICXGſTOUCPQRRQTVWPKV[HQTUJCTRGTKPETGCUGU 5GEQPFFGURKVGVJGUGURGEKſERTKEGOQXGOGPVUVJGKPVTQFWEVKQPQHVJG GWTQFKFPQVJCXGCOCLQTKORCEVQPCXGTCIGKPƀCVKQP8CTKQWUEQORNGOGPVCT[ RKGEGU QH GXKFGPEG DCUGF QP FKHHGTGPV CRRTQCEJGU CPF FCVCDCUGU UWRRQTV VJKUEQPENWUKQP C VJGTGKUGXKFGPEGVJCVKPVJGEJCPIGQXGT[GCTUJCTRRTKEG TKUGUHQTUQOGQHVJGKVGOUKPENWFGFKPVJGQHſEKCNRTKEGKPFGZYGTGQHHUGV D[VJGOWEJUOCNNGTTKUGUQTTGFWEVKQPUKPVJGRTKEGUQHQVJGTEQORQPGPVU YKVJCUWDUVCPVKCNKPEKFGPEGQPVJGQXGTCNNEQPUWOGTDCUMGV D VJGGUVKOCVGF GHHGEVU QH TQWPFKPI CPF QH CPQOCNQWU RTKEG XCTKCVKQPU KP EQPUWOGT RTKEG UGTKGUYGTGOQFGTCVG E VJGTGKUGXKFGPEGVJCVGXGPKPVJGTGUVCWTCPVVTCFG VJQWIJVVQJCXGDGGPCHHGEVGFJGCXKN[D[VJGEJCPIGQXGTRTKEGTKUGUKP YGTGNCTIGDWVPQVGZEGRVKQPCNN[UQYKVJTGURGEVVQRTGXKQWU[GCTU CPFF VJGTGYCUCNCEMQHFKUEQPVKPWKV[KPVJGWUGQHECUJEQPVTCT[VQYJCVUJQWNF JCXGDGGPFGVGEVGFJCFCUWTIGKPVJGIGPGTCNRTKEGNGXGNQEEWTTGF 6JKTFVJGOCTMGFYQTUGPKPIKPJQWUGJQNFUŏKPƀCVKQPRGTEGRVKQPUKPVJG YCMGQHVJGEJCPIGQXGTKUPQVKTTGEQPEKNCDNGYKVJVJGQHſEKCNUVCVKUVKEU6JG ICR DGVYGGP RGTEGKXGF CPF OGCUWTGF KPƀCVKQP ECP DG GZRNCKPGF HQT VJG OQUVRCTVD[CEQODKPCVKQPQHVJGRU[EJQNQIKECNOGEJCPKUOUCVYQTMKPVJG HQTOCVKQP QH KPFKXKFWCN KPƀCVKQP RGTEGRVKQPU CPF VJG QDUGTXGF DGJCXKQWT QHRTKEGUCPFQVJGTGEQPQOKEXCTKCDNGUCHVGTVJGEJCPIGQXGTEQORQWPFGF D[VJGOGFKCŏUEQPVKPWQWUEQXGTCIGQHVJGKUUWGCPFCPKPCEEWTCVGTGECNNQH RTGXKQWURTKEGU (KPCNN[ VJG KUUWG QH EQPUWOGTUŏ KPƀCVKQP RGTEGRVKQPU VJQWIJ OCKPN[ CUUQEKCVGFYKVJVJGKPVTQFWEVKQPQHVJGGWTQJCUCTGNGXCPEGVJCVIQGUDG[QPF VJKUURGEKſEGXGPVCPFFGUGTXGUOQTGIGPGTCNCPCN[UKU6JGDQQMUJQYUVJCV GXGPCVVJGGPFQHCHCKTN[UVCPFCTF[GCTCUHCTCURTKEGFGXGNQROGPVU CTGEQPEGTPGF+VCNKCPEQPUWOGTUTGRQTVGFPWOGTKECNCUUGUUOGPVUQHKPƀCVKQP
2&GN)KQXCPGCPF45CDDCVKPK
VJCV YGTG OWEJ JKIJGT VJCP QHſEKCN UVCVKUVKEU 1WT CPCN[UGU KPFKECVG VJCV EQPUWOGTUŏ CUUGUUOGPVU QH YJCV VJG[ TGRQTV CU őKPƀCVKQPŒ KP HCEV TGƀGEV C EQORNGZ EQODKPCVKQP QH HCEVQTU VJCV IQ YGNN DG[QPF VJG RJGPQOGPQP OGCUWTGF D[ RTKEG UVCVKUVKEU 6JGUG KPENWFG UQEKQFGOQITCRJKE CURGEVU CPF HCEVQTU VJCV VJQWIJ PQV PGEGUUCTKN[ TGNCVGF VQ KPƀCVKQP PGXGTVJGNGUU KPƀWGPEGJQWUGJQNFUŏGEQPQOKEEQPFKVKQPUCPFCTGRQUUKDN[EQORQWPFGF D[NCEMQHMPQYNGFIGQHVJGKPƀCVKQPEQPEGRVCPFUVCVKUVKEUCPFKPCEEWTCVG TGECNNQHRCUVRTKEGU (TQOVJGUGEQPENWUKQPUYGECPFTCYCPWODGTQHWUGHWNNGUUQPU5QOG QH VJGO URGEKſECNN[ EQPEGTP VJG EJCPIGQXGT CPF OC[ DG JGNRHWN HQT VJG EQWPVTKGUVJCVRNCPVQCFQRVVJGGWTQKP[GCTUVQEQOG QVJGTUCTGQHCOQTG IGPGTCNPCVWTGCUVJG[TGNCVGVQVJGRWDNKEŏUWPFGTUVCPFKPIQHKPƀCVKQP 6JGQRRQTVWPKV[VQNGCTPHTQOGZRGTKGPEGKUEQPſTOGFD[CEQORCTKUQP YKVJ $TKVCKPŏU EJCPIGQXGT VQ VJG FGEKOCN OQPGVCT[ U[UVGO KP (GDTWCT[ #VJQTQWIJUVWF[ /QQTG TGXGCNUKPVGTGUVKPIUKOKNCTKVKGUYKVJ VJGKPVTQFWEVKQPQHGWTQECUJCPFJKIJNKIJVUTGEWTTGPVRTQDNGOUKPOQPGVCT[ EJCPIGQXGTU PQVCDN[ C FKUVQTVKQP QH KPFKXKFWCN KPƀCVKQP RGTEGRVKQPU #NVJQWIJVJGECWUGUCPFUK\GQHVJGUGRJGPQOGPCCTGKPRCTVURGEKſEVQVJG UQEKGV[GEQPQO[JKUVQT[CPFEWNVWTGQHVJGKPFKXKFWCNEQWPVTKGUKVKURQUUKDNG VQKFGPVKH[EQOOQPCTGCUHQTCEVKQPVQCNNGXKCVGVJGRTKEGTGRGTEWUUKQPUCPF HCEKNKVCVGVJGGXCNWCVKQPQHKPƀCVKQPQPVJGRCTVQHVJGRWDNKE #ſTUVEQPUKFGTCVKQPTGNCVGUVQVJGDWPEJKPIQHRTKEGTGXKUKQPUFWTKPIVJG EJCPIGQXGTGURGEKCNN[KPUGEVQTUYJGTGRTKEGUPQTOCNN[EJCPIGUGNFQO#U YGUCYCDQXGVJGEQUVQHEJCPIKPIRTKEGNKUVUNGFſTOUVQEQPEGPVTCVGFWTKPI VJGEJCPIGQXGTRTKEGXCTKCVKQPUVJCVYQWNFQTFKPCTKN[DGURTGCFQWVKPVKOG 5WEJKPETGCUGUOC[JCXGIKXGPEQPUWOGTUVJGKPEQTTGEVKORTGUUKQPVJCVVJG NCWPEJ QH VJG GWTQ JCF TGUWNVGF KP C RGTOCPGPV WRYCTF UJKHV KP KPƀCVKQP PQVLWUVKPVJGCFXCPEGOGPVQTRQUVRQPGOGPVQHKPETGCUGUVJCVYQWNFJCXG VCMGP RNCEG CP[YC[ 6JKU UWIIGUVU VJG PGGF HQT OGCUWTGU VQ FKNWVG RTKEG
.KMGVJGKPVTQFWEVKQPQHGWTQPQVGUCPFEQKPUVJCVQHFGEKOCNEQKPCIGKP$TKVCKP YCUCUWEEGUUVGEJPKECNN[CPFKPVJGCUUGUUOGPVUQHUVCVKUVKEKCPUCPFCVſTUVVJG RWDNKECPFVJGOGFKCCITGGFVJCVVJGVTCPUKVKQPJCFDGGPUOQQVJCPFEQTTGEV;GV YKVJKPOQPVJUOCP[RGQRNGDGECOGEQPXKPEGFVJCVVJGPGYU[UVGOJCFIKXGP TKUG VQ UKIPKſECPV RTKEG KPETGCUGU 6JKU DGNKGH YCU VTKIIGTGF D[ RTKEG TKUGU HQT UQOGRTQFWEVU KPRCTVKEWNCTHQQFRTQFWEVUKPOKF CPFUVTGPIVJGPGFD[VJG RQUKVKQPVCMGPD[VJG%QPUWOGTUŏ7PKQPCPFRCTVQHVJGRTGUU1PGQHVJGOQUV KPVGTGUVKPIſPFKPIUKUVJGEQPENWUKQPQHCUVWF[RGTHQTOGFD[VJG0QVVKPIJCO 7PKXGTUKV[%QPUWOGT)TQWRQPDGJCNHQHVJG5QEKCN5EKGPEG4GUGCTEJ%QWPEKN PCOGN[ VJG ENGCT KPFKECVKQP őVJCV EQPUWOGTU VGPF VQ PQVKEG CPF TGOGODGT KPETGCUGFRTKEGUOWEJDGVVGTVJCPUVCDNGQTHCNNKPIRTKEGUCPFVJG[CTGKPENKPGFVQ LWFIGEJCPIGUKPVJGIGPGTCNRTKEGNGXGND[VJGHQTOGTTCVJGTVJCPD[VJGNCVVGTŒ
/QQTGR
+PVTQFWEVKQP
TKUGUQXGTVKOG+PRCTVKEWNCTVJGTGUJQWNFDGCTGSWKTGOGPVVQRWDNKUJRTKEG NKUVU KP DQVJ EWTTGPEKGU HQT C UWHſEKGPVN[ NQPI RGTKQF DGHQTG CPF CHVGT VJG EJCPIGQXGT RQUUKDN[ UVCTVKPI YJGP VJG KTTGXQECDNG GZEJCPIG TCVG KU UGV +PVJGECUGQHVJGEJCPIGQXGTPCVKQPCNTGIWNCVKQPUFKFPQVYKVJUQOG GZEGRVKQPUOCMGVJGSWQVCVKQPQHRTKEGUKPDQVJEWTTGPEKGUEQORWNUQT[HQT CNNGEQPQOKEUGEVQTUQTHQTCUWHſEKGPVN[GZVGPFGFRGTKQFQHVKOG # UGEQPF EQPUKFGTCVKQP KU VJCV VJG EQPEGPVTCVKQP QH RTKEG KPETGCUGU KP UGEVQTUYKVJNGUUEQORGVKVKQPUWIIGUVUVJCVVJGEJCPIGQXGTOC[VGORQTCTKN[ KPETGCUG VJG OCTMGV RQYGT QH ſTOU KP VJQUG UGEVQTU CPF UQ HCXQWT RTKEG JKMGU 6JKU KU QPG OQTG TGCUQP YJ[ VJG UCHGIWCTFU HQT EQORGVKVKQP CPF VTCPURCTGPE[FGUKTCDNGRGTUGPGGFVQDGUVTGPIVJGPGFQPVJKUQEECUKQP /GCUWTGUVCMGPKP5NQXGPKCYJKEJKPVTQFWEGFVJGGWTQKP,CPWCT[ CPFKP%[RTWUCPF/CNVCYJKEJLQKPGFVJGGWTQCTGCQPG[GCTNCVGTYGTG CRRCTGPVN[UJCRGFD[CPKPFGRVJGZCOKPCVKQPQHVJGGXGPVUCPFUQWIJV VQRTGXGPVVJGUKFGGHHGEVUQDUGTXGFQPVJCVQEECUKQP6JGFWCNFKURNC[RGTKQFU YGTGOCPFCVQT[CPFNQPIGT0CVKQPCNTGIWNCVKQPUKPVTQFWEGFGZRNKEKVDCPUQP RTQſVGGTKPIHTQOVJGEJCPIGQXGTOKTTQTKPIYJCVCEEQTFKPIVQ'KHG JCFDGGPWPFGTVCMGPUWEEGUUHWNN[KPQPN[KP#WUVTKC6JGCKOYCUVQ RTGXGPVRTKEGKPETGCUGUCDQXGYJCVYCUőGEQPQOKECNN[LWUVKſGFŒ#NVJQWIJ VJGCWVJQTKVKGUYGTGCYCTGQHVJGQDXKQWUFKHſEWNVKGUQHGPHQTEKPIUWEJTWNGU VJG[UCYVJGOCUCOGCPUQHGZGTVKPIRTGUUWTGQPRTKEGUGVVGTUCPFOCMKPI VJGONGUUKPENKPGFVQTGICTFVJGEJCPIGQXGTCUCRTQſVQRRQTVWPKV[ #ſPCNCURGEVYJKEJKUKVUGNHXGT[TGNGXCPVKUVJGRWDNKEŏUNCEMQHHCOKNKCTKV[ YKVJ RTKEG UVCVKUVKEU CPF VJG EQPUGSWGPV FKHſEWNV[ QH WPFGTUVCPFKPI CPF KPVGTRTGVKPIVJGO#UUJQYPKPVJGXQNWOGVJGTGKUKPUWHſEKGPVMPQYNGFIG QHVJGOGVJQFQNQIKGUWUGFVQRTQFWEGUVCVKUVKEUCPFVJGRJGPQOGPCVJG[UGGM
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C OQTGUGPUKVKXGVQKPETGCUGUKPVJGRTKEGUQHHTGSWGPVN[RWTEJCUGFRTQFWEVU
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2&GN)KQXCPGCPF45CDDCVKPK
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VWDQGDUGGHYLDWLRQLWHPV
VWDQGDUGGHYLDWLRQLWHPV
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2GTEGKXGFCPFOGCUWTGFKPƀCVKQPCHVGTVJGNCWPEJQHVJGGWTQ
RTQXKFGFD[+56#66JGFKURGTUKQPQHKPƀCVKQPTCVGUHQTVJGKPFKXKFWCN KVGOUYCUUKOKNCTCVDQVJNGXGNUQHFKUCIITGICVKQPDGVYGGPCPF YKVJVJGPQVCDNGGZEGRVKQPQHVJGſTUVSWCTVGTQHYJGPKVYCUOCTMGFN[ JKIJGTHQTVJGOQTGFKUCIITGICVGFUGTKGU VJGURKMGTGEQTFGFC[GCTGCTNKGT YCUQHEQORCTCDNGOCIPKVWFGHQTVJGVYQDTGCMFQYPU 6JKUUWRRQTVUVJG XKGYVJCVVJGEJCPIGQXGTYCUCEEQORCPKGFD[TCVJGTNCTIGOQXGOGPVUKP TGNCVKXGRTKEGUVJCVFQPQVUJQYWRKPVJGCIITGICVGKPFGZ 6JKUKPKVKCNſPFKPIKUEQPſTOGFD[CPGZCOKPCVKQPQHVJGFKURGTUKQPQHVJG SWCTVGTQPSWCTVGTEJCPIGUKPVJGGNGOGPVCT[RTKEGUQHCUWDUGVQHIQQFU CPFUGTXKEGU(KIUJQYUVJCVVJGFKURGTUKQPKPETGCUGFTCRKFN[KPVJGſTUV SWCTVGTQHCPFVJQWIJNGUUHCUVCNUQKPVJGUGEQPFJCNHQHYJGP CXGTCIGKPƀCVKQPYCUDTQCFN[UVCDNG+PVJGUVCPFCTFFGXKCVKQPYCU RGTEGPVCIGRQKPVUEQORCTGFYKVJRQKPVUKPVJGRTGXKQWUſXG[GCTU VJGCXGTCIGQHVJGRTKEGEJCPIGUYCUKPNKPGYKVJRCUVNGXGNUGZEGRVHQTVJG ſTUVJCNHQH +PUJQTVQWTſPFKPIUXCNKFCVGVJGJ[RQVJGUKUVJCVTGNCVKXGRTKEGUEJCPIGF VQ CP WPWUWCNN[ NCTIG FGITGG FWTKPI VJG ECUJ EJCPIGQXGT CPF VJCV IKXGP VJG CU[OOGVTKECN RGTEGRVKQPU QH EQPUWOGTU VJKU OC[ JCXG CRRTGEKCDN[ KPƀWGPEGFVJGKTCUUGUUOGPVQHKPƀCVKQP 6JG FKUCIITGICVGF FCVC QP KPFKXKFWCN RTKEGU RQKPV VQ QVJGT UKIPKſECPV EJCPIGUKPVJGFKUVTKDWVKQPQHRTKEGOQXGOGPVUFWTKPICPFCHVGTVJGEJCPIGQXGT (KIUJQYUVJCVKPVJGſTUVSWCTVGTQHCOWEJJKIJGTRGTEGPVCIGQH RTKEGUEJCPIGFVJCPKPVJGUCOGRGTKQFQHVJGRTGEGFKPI[GCTU CTQWPFRGT EGPVCICKPUVCPCXGTCIGQHCTQWPFRGTEGPV 6JKUFKHHGTGPEGKUCNUQGXKFGPV KP UWDUGSWGPV SWCTVGTU CNVJQWIJ VQ C UOCNNGT FGITGG 6JG ſIWTG UJQYU KP CFFKVKQPVJCVVJGRTQRQTVKQPQHNCTIGRTKEGKPETGCUGU KGOQTGVJCPRGTEGPV SWCTVGTQPSWCTVGT KPYCUUKOKNCTVQVJCVQHVJGſXGRTGXKQWU[GCTU
6JG ſTUV DTGCMFQYP EQTTGURQPFU VQ VJG NGXGN QH FKUCIITGICVKQP QH VJG FCVC RWDNKUJGF QP +56#6ŏU YGDUKVG YJKNG VJG UGEQPF KU RTQXKFGF D[ +56#6 QP TGSWGUV5KPEGVJGPWODGTQHKVGOUCVVJGNCVVGTNGXGNQHFKUCIITGICVKQPEJCPIGU HTQO[GCTVQ[GCTCPFKVYCUCTQWPFKPVJGRGTKQFYGCTGNQQMKPICVYGTGHGT VQVJKUUGVCUVJGőKVGOUŒ *GTGYGTGHGTVQVJGGNGOGPVCT[RTKEGSWQVGU GIIQHCURGEKſEDTCPFQH EQHHGGUQNFKPCEGTVCKPUJQRKPCIKXGPEKV[ TGEQTFGFGCEJOQPVJHQTVJG%2+ #NVJQWIJVJGUCORNGKURCTVKCNCPFPQVTGRTGUGPVCVKXGQHVJGEQORQUKVKQPQHVJG DCUMGV VJGVQVCNYGKIJVQHVJGRTQFWEVUEQTTGURQPFUVQCTQWPFRGTEGPVQH VJGVQVCNDCUMGV UGG8GTQPGUGGVCNHQTCFGVCKNGFFGUETKRVKQPQHVJGFCVCUGV KVFQGUCNNQYWUVQGZCOKPGRTKEGDGJCXKQWTCVVJGJKIJGUVNGXGNQHFKUCIITGICVKQP VJKUOCMGUKVRCTVKEWNCTN[WUGHWNHQTCUEGTVCKPKPIYJGVJGTDTQCFN[UVCDNGCXGTCIG KPƀCVKQPKP+VCN[CVVJGDGIKPPKPIQHEQGZKUVGFYKVJNCTIGOQXGOGPVUKP TGNCVKXGRTKEGUVJCVOC[JCXGDGGPRGTEGKXGFCU[OOGVTKECNN[D[EQPUWOGTU
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9JKNG VJG EQPUWOGT RTKEG KPFGZ TGHGTU VQ VJG CXGTCIG EQPUWORVKQP QH CNN TGUKFGPV JQWUGJQNFU VJG RGTEGRVKQPU QH CP KPFKXKFWCN QT ECVGIQT[ QH KPFKXKFWCNUOCKPN[TGƀGEVOQXGOGPVUKPVJGRTKEGUQHVJGIQQFUCPFUGTXKEGU EQORQUKPICRGTUQPCNDCUMGVQHEQPUWORVKQP 6[RKECNN[ C RGTUQPCN DCUMGV FKHHGTU HTQO VJG CXGTCIG DCUMGV CEEQTFKPI VQVJGKPFKXKFWCNŏUUQEKCNCPFGEQPQOKEUKVWCVKQP KPEQOGCIGJQWUGJQNF UVCVWU GFWECVKQP GVE (QT GZCORNG DQVJ GUUGPVKCN CPF PQPGUUGPVKCN KVGOUJCXGCUKIPKſECPVYGKIJVKPVJGDCUMGVQHYGCNVJ[JQWUGJQNFUYJKNG GUUGPVKCNU RTGFQOKPCVG COQPI VJG NGUU YGNNQHH )KXGP VJGUG FKHHGTGPEGU CP KPFKXKFWCNŏU RGTUQPCN KPƀCVKQP TCVG CPF VJG CXGTCIG TCVG HQT VJG YJQNG
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2TQEGUUGFHQQFU
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5GTXKEGU
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6JG UWTXG[DCUGF TGUWNVU TGRQTVGF KP EJCRVGT CTG KPFGGF EQPUKUVGPV YKVJ VJKU J[RQVJGUKU #XCKDNGGXKFGPEGUWIIGUVUKPHCEVVJCVKPTGEGPV[GCTUTGPVUJCXGKPETGCUGFOWEJ OQTGKPDKIEKVKGUVJCPKPUOCNNGTVQYPUCPFHQTPGYNGCUGUOQTGVJCPHQTGZKUVKPI QPGU $CPECFŏ+VCNKCCPFTGURGEVKXGN[ %CRVWTKPIVJKUUGEQPFGHHGEVYQWNFTGSWKTGUWTXG[UQHVJGFKHHGTGPVRTKEGURCKFD[ EQPUWOGTU KP GCEJ ITQWR CPF VJGUG CTG PQV CXCKNCDNG +P VJKU TGICTF KV KU VQ DG PQVGFVJCV+56#6QDUGTXGUVJGRTKEGUQHUGXGTCNXCTKGVKGUQHVJGUCOGRTQFWEVCV NCTIGFKUVTKDWVQTUDWVQPN[VJGRTKEGQHVJGőDGUVUGNNKPIŒXCTKGV[CVVTCFKVKQPCNUJQRU
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6JGCWVJQTUVJCPM/QPGVCG%TGFKVQHQTRGTOKUUKQPVQWUGOCVGTKCNRWDNKUJGFKP +VCNKCPKPKUUWG0Q/CTEJ %QWPEKN4GIWNCVKQP,WPGſZGFVJGTWNGUHQTTQWPFKPIRTKEGU EQPXGTVGFKPVQGWTQU 'WTQRGCP%QOOKUUKQPő6JGKPVTQFWEVKQPQHVJGGWTQCPF VJGTQWPFKPIQHEWTTGPE[COQWPVUŒQPVJG%QOOKUUKQPŏUYGDUKVG UGGCNUQ$CPEC Fŏ+VCNKC
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6JGGZCPVGGUVKOCVG 'ORKTKECNUVWFKGUKPXCTKQWUGWTQCTGCEQWPVTKGUKPYGTGFKTGEVGFVQVYQ RQKPVU UGGVJGCRRGPFKZVQ%JCR 9CUVJGKPEKFGPEGQHCVVTCEVKXGRTKEGUKP PCVKQPCNEWTTGPE[UWEJCUVQYCTTCPVHGCTUQHCUKIPKſECPVKPƀCVKQPCT[KORCEV FWG VQ VJG TQWPFKPI QH GWTQ RTKEGU VQ RTQFWEG GSWCNN[ CVVTCEVKXG ſIWTGU! #PF KH UQ CUUWOKPI VJCV OGTEJCPVU YJQ UGV CVVTCEVKXG RTKEGU KP PCVKQPCN EWTTGPE[YQWNFEQPVKPWGVQFQUQKPGWTQUYJCVKPƀCVKQPCT[KORCEVYQWNF VJGEJCPIGQXGTJCXGVJTQWIJVJKUEJCPPGN!#NNVJGUGYQTMURQUVWNCVGFVJTGG V[RGUQHCVVTCEVKXGRTKEGU Ŗ őRU[EJQNQIKECNŒ RTKEGU GI ŝ KPUVGCF QH ŝ WUGF KP VJG DGNKGH VJCVDW[GTUWPEQPUEKQWUN[WPFGTXCNWGVJGNCUVFKIKVQTVYQ Ŗ őHTCEVKQPCNŒ RTKEGU GI ŝ KPUVGCF QH ŝ VQ UKORNKH[ OCMKPI EJCPIGCPFOCMGRC[OGPVUHCUVGTCPFGCUKGT Ŗ őGZCEVŒRTKEGU GIŝ IGPGTCNN[HQTNCTIGCOQWPVUCXQKFKPIVJGWUG QHEQKPUCPFUOCNNPQVGUKPOCMKPIEJCPIG 6JGSWCPVKVCVKXGGUVKOCVGQHVJGKPEKFGPEGQHCVVTCEVKXGRTKEGUQPVJGRTKEG QDUGTXCVKQPU HQT VJG %2+ JGPEG VJG GUVKOCVG QH VJG KPƀCVKQPCT[ KORCEV QH TQWPFKPIFGRGPFGFQPEQTTGEVKFGPVKſECVKQPQHCVVTCEVKXGRTKEGNGXGNUKPVJG VYQEWTTGPEKGUCPFQPVJGTQWPFKPIDGJCXKQWTQHKPFKXKFWCNCIGPVUYJKEJYCU JCTFVQRTGFKEV(QT+VCN[VJGCPCN[UKUYCUDCUGFQPUQOGGNGOGPVCT[ RTKEGSWQVGUQTOQTGVJCPRGTEGPVQH+56#6ŏUOQPVJN[QDUGTXCVKQPUHQT VJG+VCNKCP%2+VCMGPKP5GRVGODGTKPVJGTGIKQPCNECRKVCNU+PCNNVJGUG RTKEGUYGTGTGRTGUGPVCVKXGQHOQTGVJCPRGTEGPVQHVJGRTQFWEVUKPENWFGF
5GG/QUVCEEKCPF5CDDCVKPK HQTVJGCUUWORVKQPUCFQRVGFKPVJGGORKTKECN CPCN[UKU 6JG FCVC CTG EQNNGEVGF KP GCEJ OWPKEKRCNKV[ SWQVGU CTG HQT RTGEKUGN[ URGEKſGF IQQFUCPFUGTXKEGU GIMIQHCIKXGPDTCPFQHURCIJGVVKKPCIKXGPUVQTG (QT OQTGFGVCKNKPENWFKPIVJGYGKIJVKPIWUGFVQCIITGICVGVJGGNGOGPVCT[SWQVGUUGG /QUVCEEKCPF5CDDCVKPK
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KP VJG IGPGTCN EQPUWOGT RTKEG DCUMGV CV VJG VKOG QH VJG UVWF[ HQT C OQTG VJQTQWIJFKUEWUUKQPQHVJGEJQKEGQHKVGOUUGG5GEV #VVTCEVKXGRTKEGUKPNKTGYGTGXGT[EQOOQPKP+VCN[CEEQWPVKPIHQTUQOG RGT EGPV QH QWT GNGOGPVCT[ SWQVGU (KI YCTTCPVKPI HGCTU QH CP KPƀCVKQPCT[KORCEVQPVJGQEECUKQPQHVJGEJCPIGQXGT
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6JG KVGOU KPXQNXGF CTG VQDCEEQ IQQFU GNGEVTKEKV[ ICU FTKPMKPI YCVGT TCKN VTCPURQTVOCTKVKOGVTCPURQTVWTDCPVTCPURQTVKPVGTEKV[CPFUWDWTDCPVTCPURQTV VCZKUCPFFGNKXGT[UGTXKEGUOQVQTYC[VQNNUVJGUVCVGVGNGXKUKQPUWDUETKRVKQPHGG RQUVCNUGTXKEGUVGNGRJQPGUGTXKEGUOGFKECNUGTXKEGUDGVVKPIRQQNUWTDCPUQNKF YCUVGTGOQXCNEGTVKſECVGUCPFNKEGPEGFWVKGUUGEQPFCT[GFWECVKQPWPKXGTUKV[ GFWECVKQPHWPGTCNVTCPURQTVCPFOGFKECNRTQFWEVU
4QWPFKPICPFőCPQOCNQWUŒEJCPIGUKP+VCNKCPEQPUWOGTRTKEGUKP
QHFWTCDNGIQQFUKPUWTCPEGCPFTGPVUKPRCTVKEWNCTKUOCTIKPCNUKPEGVJGUG KVGOUJCXGXGT[JKIJWPKVRTKEGUCPFVJGKORCEVQHCP[TQWPFKPIWRVQCVVTCEVKXG VJTGUJQNFUKPGWTQUKUCEEQTFKPIN[NKOKVGF2GVTQNRTKEGUCTGIGPGTCNN[PQVUGV CVCVVTCEVKXGNGXGNUCP[YC[CPFVJG[EJCPIGHTGSWGPVN[QHVGPD[CUNKVVNGCUC HGYEGPVUHQNNQYKPIYQTNFETWFGQKNRTKEGOQXGOGPVU 6CDNG+PƀCVKQPCT[GHHGEVQHTQWPFKPIKPVJGUVTKEVUGPUG /GVJQF D[V[RGQHRTQFWEVCPFFKUVTKDWVKQPEJCPPGN
+PƀCVKQP 4QWPFKPI KPOQPVJ GHHGEV
6[RGQHRTQFWEV
&KUVTKDWVKQP EJCPPGN
)TQEGTKGU 1VJGT 5GTXKEGU /QFGTP 6TCFKVKQPCN
IQQFU ,CPWCT[ (GDTWCT[ /CTEJ #RTKN /C[ ,WPG ,WN[ #WIWUV 5GRVGODGT 1EVQDGT %WOWNCVKXG KPƀCVKQP ,CP1EV
0QVGU 6JG KORCEV KU KP RGTEGPVCIG RQKPVU +V KU GUVKOCVGF D[ OWNVKRN[KPI VJG RGTEGPVCIGEJCPIGKPGCEJRTKEGDGEQOKPICVVTCEVKXGFWTKPIVJGOQPVJVQVJGPGCTGUV CVVTCEVKXG NGXGN D[ KVU YGKIJV KP VJG DCUMGV CUUWOKPI VJCV VJG KVGOU PQV KPENWFGF WPFGTYGPVPQTQWPFKPIGHHGEVKPVJCVOQPVJ %2+ RGTEGPVCIGEJCPIGQPRTGXKQWU OQPVJ (QQFUJQOGENGCPKPICPFRGTUQPCNJ[IKGPGRTQFWEVU
6JG ECUG KU FKHHGTGPV HQT TGIWNCVGF RTKEGU CPF WPRTQEGUUGF HQQF 6JG HQTOGTYGTGGZENWFGFHQTEQPUKUVGPE[YKVJVJGGZCPVGGZGTEKUGDWVKHVJKU GZENWUKQPYCULWUVKſGFGZCPVGD[IQXGTPOGPVUŏEQOOKVOGPVVQGPUWTGVJCV EQPXGTUKQP YQWNF DG PGWVTCN QT CEVWCNN[ CFXCPVCIGQWU VQ EQPUWOGTU KP VJGGZRQUVGZGTEKUGKVKURTQRGTVQGXCNWCVGVJGCEVWCNRGTHQTOCPEGQHVJGUG KVGOU(QTWPRTQEGUUGFHQQFVJGGZENWUKQPHTQODQVJGZGTEKUGUKUOQVKXCVGF OGVJQFQNQIKECNN[ VJGUGRTKEGUCTGUWTXG[GFVYKEGCOQPVJYJKEJEQORNKECVGU
(TQOCOGVJQFQNQIKECNXKGYRQKPVVJGEQORNGZKV[QHVJGRTKEKPIUVTWEVWTGOCMGU KV XGT[ JCTF VQ XGTKH[ JQY TGIWNCVGF RTKEGU YGTG TQWPFGF QP VJG DCUKU QH VJG GNGOGPVCT[FCVC EQPUKFGTHQTGZCORNGVJGUVTWEVWTGQHVJGVGNGRJQPGDKNN
(/QUVCEEKCPF45CDDCVKPK
VTGCVOGPVQHVJGGNGOGPVCT[FCVCYKVJTGURGEVVQVJGVYQOGVJQFUWVKNK\GFKP VJG GORKTKECN CPCN[UKU QH TQWPFKPI #EEQTFKPIN[ HQT DQVJ TGIWNCVGF RTKEGU CPFHQQFRTQFWEVUYGEQPUKFGTGFKVWUGHWNVQFGXGNQRCUGRCTCVGGUVKOCVKQPQH VJGRTKEGTKUGUTGEQTFGFQPVJGQEECUKQPQHVJGEJCPIGQXGT(QTVJGQVJGTKVGOU PQVKPENWFGFKPVJGVYQGZGTEKUGU6CDNGEQORCTGUVJGRTKEGEJCPIGUKPVJG VYQ[GCTUYKVJVJQUGQHVJGRTGEGFKPI[GCTU 6CDNG+PƀCVKQPCT[GHHGEVQHTQWPFKPIKPVJGDTQCFUGPUG /GVJQF D[V[RGQHRTQFWEVCPFFKUVTKDWVKQPEJCPPGN
,CPWCT[ (GDTWCT[ /CTEJ #RTKN /C[ ,WPG ,WN[ #WIWUV 5GRVGODGT 1EVQDGT %WOWNCVKXG KPƀCVKQP ,CP1EV
+PƀCVKQP4QWPFKPI 6[RGQHRTQFWEV &KUVTKDWVKQP KPOQPVJ GHHGEV EJCPPGN
)TQEGTKGU 1VJGT 5GTXKEGU /QFGTP 6TCFKVKQPCN
IQQFU
0QVGU 6JG KORCEV KU KP RGTEGPVCIG RQKPVU +V KU GUVKOCVGF D[ OWNVKRN[KPI VJG RGTEGPVCIGEJCPIGKPGCEJRTKEGDGEQOKPICVVTCEVKXGFWTKPIVJGOQPVJD[KVUYGKIJV KPVJGDCUMGVCUUWOKPIVJCVVJGKVGOUPQVKPENWFGFWPFGTYGPVPQTQWPFKPIGHHGEV KPVJCVOQPVJ %2+ RGTEGPVCIGEJCPIGQPRTGXKQWUOQPVJ (QQFUJQOG ENGCPKPICPFRGTUQPCNJ[IKGPGRTQFWEVU
(QTTGIWNCVGFRTKEGUKPIGPGTCNVJGEQOOKVOGPVVQOCMGTQWPFKPIPGWVTCN QTCFXCPVCIGQWUHQTEQPUWOGTUCRRGCTUVQJCXGDGGPJQPQWTGFKP+VCN[ VJG KPETGCUGKPVJGRTKEGUQHTGIWNCVGFIQQFUCPFUGTXKEGUKPYCUENQUGVQ VJGNQYUQHTGEGPV[GCTU$GVVKPIRQQNUCTGCPGZEGRVKQP KP,CPWCT[VJG OKPKOWODGVHQTVJG6QVQECNEKQ6QVQIQN6QVQUGKCPF6QVKRRQQNUYCUTCKUGF HTQONKTGVQŝ CPKPETGCUGQHRGTEGPV CPFVJCVHQT5WRGTGPCNQVVQ HTQO NKTG VQ ŝ RGT EGPV 6JG KORCEV QH VJGUG KPETGCUGU QP CXGTCIGOQPVJN[KPƀCVKQPKP,CPWCT[KUGUVKOCVGFCVRGTEGPVCIGRQKPVU
0QVGVJCVVJGECNEWNCVKQPQHVJGKPFGZFQGUPQVVCMGKPVQCEEQWPVVJGHCEVVJCVVJG JKIJGTEQUVQHDGVVKPIYCUCEEQORCPKGFD[CPKPETGCUGKPVJGVQVCNRTK\GRC[QWV
4QWPFKPICPFőCPQOCNQWUŒEJCPIGUKP+VCNKCPEQPUWOGTRTKEGUKP
6CDNG%JCPIGUKPVJGEQPUWOGTRTKEGUQHVJGKVGOUPQVKPENWFGF KPVJGGUVKOCVKQPUQHVJGEJCPIGQXGTGHHGEV
SWCTVGTN[FCVC RGTEGPVCIGU 7PRTQEGUUGF 7PTGIWNCVGF HQQF GPGTI[IQQFU
&WTCDNG IQQFU
(KPCPEKCN UGTXKEGU
4GPVU
4GIWNCVGF IQQFUCPF UGTXKEGU
OQPVJ OQPVJU OQPVJ OQPVJU OQPVJ OQPVJU OQPVJ OQPVJU OQPVJ OQPVJU OQPVJ OQPVJU
+ ++ +++ +8
+ ++ +++ +8
+ ++ +++ +8
+ ++ +++ +8
+ ++ +++ +8
+ ++ +++ +8
+ ++ +++ +8
5QWTEG $CUGFQP+56#6%2+FCVC 0QVGU +PUWTCPEGCPFDCPMKPIUGTXKEGU 'ZENWFKPITGPVU
#UTGICTFUWPRTQEGUUGFHQQFDCFYGCVJGTYCUDNCOGFHQTVJGJKUVQTKECNN[ JKIJVYGNXGOQPVJRTKEGTKUGUTGEQTFGFKP,CPWCT[KPPGCTN[CNNVJGGWTQ CTGCEQWPVTKGU RGTEGPVKP+VCN[CPFRGTEGPVQPCXGTCIGHQTVJGCTGC +V VQQMEQPUKFGTCDN[NQPIGTHQTVJGUGUVTCKPUVQCDCVGKP+VCN[VJCPGNUGYJGTG
(/QUVCEEKCPF45CDDCVKPK
DGVYGGPVJGſTUVCPFVJKTFSWCTVGTQHVJG[GCTQP[GCTTCVGQHKPETGCUG KPVJGRTKEGUQHWPRTQEGUUGFHQQFHGNND[CNOQUVRGTEGPVCIGRQKPVUKPVJG CTGCCUCYJQNG JCTOQPK\GFKPFGZQHEQPUWOGTRTKEGU CPFD[LWUVRQKPVU KP+VCN[6JKUUWIIGUVUVJCVVJGKPETGCUGUKP+VCN[OC[JCXGTGƀGEVGFPQVQPN[ VJG YGCVJGT DWV CNUQ RTKEKPI FGEKUKQPU EQPPGEVGF YKVJ VJG KPVTQFWEVKQP QH VJG GWTQ 9G TCP C UKORNG GEQPQOGVTKE GZGTEKUG VQ FKUVKPIWKUJ VJG NCVVGT GHHGEV HTQO VJG HQTOGT TGITGUUKPI VJG OQPVJN[ EJCPIGU KP VJG RTKEGU QH WPRTQEGUUGF HQQF QP UGCUQPCN FWOOKGU CPF OQPVJN[ OGCP VGORGTCVWTGU ſPFKPI VJCV YGCVJGT EQPFKVKQPU CEEQWPV HQT QPN[ RGTEGPVCIG RQKPVU QH VJG RGT EGPV RTKEG TKUG TGEQTFGF KP ,CPWCT[ #EEQTFKPIN[ VJG EJCPIGQXGTGHHGEVEQWNFJCXGCEEQWPVGFHQTWRVQRQKPVUQHVJG,CPWCT[ TKUGKPVJGRTKEGUQHWPRTQEGUUGFHQQFYKVJCPKORCEVQPVJGEQPUWOGTRTKEG KPFGZQHCRRTQZKOCVGN[RQKPVU 5WOOCT[QHVJGTGUWNVU 6JG TGUWNVU CTG UWOOCTK\GF KP 6CDNG YJKEJ TGRQTVU VJG GUVKOCVGU QH TQWPFKPI QDVCKPGF QP VJG DCUKU QH GNGOGPVCT[ SWQVGU CPF VJQUG HQT VJG KVGOUPQVKPENWFGFKPVJGGZGTEKUGQDVCKPGFCUFGUETKDGF4QWPFKPIWRVQ CVVTCEVKXG NGXGNU QH IQQFU CPF UGTXKEGU HQT YJKEJ VJG GNGOGPVCT[ SWQVGU YGTGCPCN[\GFJCFCPQXGTCNNKPƀCVKQPCT[KORCEVQHDGVYGGPCPF RGTEGPVCIGRQKPVUKPVJGRGTKQFHTQO,CPWCT[VJTQWIJ1EVQDGT 6CDNG ſ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ſTUVNKPGEQNWOPU%CPF& #FFKPIVJGEQPVTKDWVKQPQHWPRTQEGUUGFHQQFCPFTGIWNCVGFRTKEGUVJG WNVKOCVGKORCEVQHTQWPFKPICNNCFLWUVOGPVUOCFGYQTMUQWVVQDGVYGGP CPF RGTEGPVCIG RQKPVU QH CFFKVKQPCN EWOWNCVKXG KPƀCVKQP HTQO ,CPWCT[ VQ 1EVQDGT #U VQ C CXGTCIG KPƀCVKQP KP YJKEJ YCU RGT EGPV QP VJG DCUKU QH VJG %2+ VJG EQPVTKDWVKQP QH VJG EWTTGPE[
+VUJQWNFCNUQDGDQTPGKPOKPFVJCVKP+VCN[WPNKMGVJGQVJGT'WTQRGCPEQWPVTKGUVJG OGVJQFWUGFHQTECNEWNCVKPIVJGRTKEGKPFGZHQTHTGUJHTWKVCPFXGIGVCDNGUCVVGPWCVGU VJGKORCEVQHUWRRN[UJQEMUQPEQPUWOGTRTKEGU UGG5GEVKP%JCR 5KOKNCTTGUWNVUCTGQDVCKPGFD[TGUVTKEVKPIVJGCPCN[UKUVQHTWKVCPFXGIGVCDNGU
4QWPFKPICPFőCPQOCNQWUŒEJCPIGUKP+VCNKCPEQPUWOGTRTKEGUKP
EJCPIGQXGTVJTQWIJVJGWRYCTFTQWPFKPIVQCVVTCEVKXGVJTGUJQNFUKPGWTQU ECP DG GUVKOCVGF VQ NKG DGVYGGP CPF RGTEGPVCIG RQKPVU QH GZVTC KPƀCVKQP 6CDNG5WOOCT[QHVJGGUVKOCVGUQHVJGEJCPIGQXGTKPƀCVKQPCT[KORCEV KPVJGſTUVVGPOQPVJUQH
RGTEGPVCIGRQKPVU
+VGOU
9KVJQWVCUUWOKPIC #UUWOKPICRTQRQTVKQP RTQRQTVKQPQHCVVTCEVKXG QHCVVTCEVKXGRTKEGUGSWCN RTKEGUGSWCNVQVJCV VQVJCVQDUGTXGFDGHQTG QDUGTXGFDGHQTGVJG VJGEJCPIGQXGT EJCPIGQXGT /GVJQF
/GVJQF
/GVJQF
/GVJQF
#
$
%
&
'UVKOCVGUHQTVJGKVGOUEQXGTGF D[VJGGORKTKECNCPCN[UKUQH OKETQFCVC
'UVKOCVGUHQTURGEKſEKVGOU DCUGFQPCFJQECUUWORVKQPU 7PRTQEGUUGFHQQF 4GIWNCVGFRTKEGU
6QVCN
0QVGU 6JGRTQRQTVKQPQHCVVTCEVKXGRTKEGUYCUCTQWPFRGTEGPVCIGRQKPVUNQYGT KP1EVQDGTVJCPVJCVECNEWNCVGFQPVJGFKUVTKDWVKQPQHNKTCRTKEGUQDUGTXGFKP 5GRVGODGT+PVJGECNEWNCVKQPKVKUCUUWOGFVJCVVJGKORCEVFWGVQTQWPFKPI QH GWTQ RTKEGU VJCV OWUV UVKNN DGEQOG CVVTCEVKXG KU VJG UCOG CU VJCV GUVKOCVGF HQT VJQUGVJCVCNTGCF[JCXGDGEQOGUQ %WOWNCVGFKORCEVDGVYGGP,CPWCT[VJTQWIJ 1EVQDGT
'UVKOCVGUDCUGFQPCPQOCNQWURTKEGOQXGOGPVU 6JKUUGEVKQPRTGUGPVUVJGTGUWNVUQHVYQGZGTEKUGUDCUGFQPCPGZCOKPCVKQPQH VJGEQPUWOGTRTKEGKPFKEGURWDNKUJGFGCEJOQPVJD[+56#66JGCPCN[UKUKU UKOKNCTVQVJQUGEQPFWEVGFHQTVJGGWTQCTGCCUCYJQNGD['WTQUVCV HQT2QTVWICND[5CPVQUGVCN CPFHQT5RCKPD[NXCTG\)QP\¶NG\GVCN
6JGDCUKEKFGCKUVQKFGPVKH[CPQOCNQWURTKEGOQXGOGPVUQDUGTXGF KP VJG EQWTUG QH QP VJG J[RQVJGUKU VJCV VJG[ ECP DG CVVTKDWVGF VQ VJG KPVTQFWEVKQPQHVJGGWTQ
(/QUVCEEKCPF45CDDCVKPK
%QORCTKUQPYKVJVJGCXGTCIGOQXGOGPVUQHVJGRTGXKQWU [GCTU 6JGſTUVVGUVHQTCPQOCNKGUKPVJGDGJCXKQWTQHEQPUWOGTRTKEGUKPKU DCUGF QP VJG EQORCTKUQP QH VJG RTKEG F[PCOKEU VJCV [GCT YKVJ VJG CXGTCIG HQT VJG [GCTU HQT GCEJ QH VJG CRRTQZKOCVGN[ ECVGIQTKGU QH GZRGPFKVWTGTGNGCUGFD[+56#66JGEQPVTKDWVKQPQHGCEJKVGOVQEQPUWOGT RTKEGKPƀCVKQPKPKUCRRTQZKOCVGFD[CUUKIPKPIVJG%2+DCUMGVYGKIJV VQVJGFKHHGTGPEGDGVYGGPKVUKPETGCUGKPCPFKVUCXGTCIGKPETGCUGKPVJG RGTKQF 6CDNG UJQYU C RTCEVKECNN[ PGINKIKDNG QXGTCNN FKHHGTGPEG HQT VJG KVGOU EQPUKFGTGFUWIIGUVKPIVJCVVJGRTKEGOQXGOGPVUKPYGTGPQVXGT[FKHHGTGPV HTQOVJGCXGTCIGUTGEQTFGFKPVJG[GCTURTGEGFKPI JQYGXGTGZENWFKPIGPGTI[ RTQFWEVUYJQUGRTKEGUHGNNUJCTRN[KPOKTTQTKPIVJGHCNNKPQKNRTKEGUVJG FKHHGTGPEGEQOGUVQRGTEGPVCIGRQKPVU 6CDNG&KHHGTGPEGDGVYGGPRTKEGF[PCOKEKP CPFKVUCXGTCIGKP %QPVTKDWVKQP 2GTEGPVCIGYGKIJVU
RGTEGPVCIGRQKPVU
0QPTGIWNCVGFRTKEGU 7PRTQEGUUGFHQQF 'PGTI[RTQFWEVU 2TQEGUUGFHQQF 0QPHQQFCPFPQPGPGTI[RTQFWEVU 5GTXKEGU
4GIWNCVGFRTKEGU 2TQEGUUGFHQQF 'PGTI[RTQFWEVU 0QPHQQFCPFPQPGPGTI[RTQFWEVU 5GTXKEGU
6QVCN
6QVCNPGVQHGPGTI[RTQFWEVU
5QWTEG $CUGFQP+56#6FCVC 0QVGU (QT GCEJ QH VJG RTQFWEV KVGOU RQUVGF D[ +56#6 QP KVU YGDUKVG YG ECNEWNCVGVJGHQNNQYKPI K VJGCXGTCIGRGTEGPVCIGEJCPIGKPGCEJ[GCT KK VJGCXGTCIG RGTEGPVCIGEJCPIGKPVJG[GCTU KKK VJGFKHHGTGPEGDGVYGGPVJGCXGTCIG EJCPIGKPCPFVJCVKPVJG[GCTU.CUVN[VJGFKHHGTGPEGQDVCKPGFCV RQKPV KKK KUYGKIJVGFWUKPIVJGKVGOUŏTGURGEVKXGYGKIJVU6JG6CDNGUJQYUVJGUWO QHVJGEQPVTKDWVKQPUGUVKOCVGFCULWUVFGUETKDGFHQTGCEJEQORQPGPVKPFKECVGF
4QWPFKPICPFőCPQOCNQWUŒEJCPIGUKP+VCNKCPEQPUWOGTRTKEGUKP
#TGITGUUKQPCPCN[UKU #TGITGUUKQPYCURGTHQTOGFHQTGCEJQHVJGTQWIJN[KVGOUVCMGPKPVQ VJG%2+ECNEWNCVGFD[+56#6WUKPICUTGITGUUQTUVJGNCIUQHVJGFGRGPFGPV XCTKCDNG C NKPGCT VTGPF HQWT UGCUQPCN FWOOKGU CPF HQWT EJCPIGQXGT FWOOKGU QPGHQTGCEJSWCTVGTQH 6JGDCUKEJ[RQVJGUKUKUVJCVVJG NCVVGT YKNN ECRVWTG CP[ CPQOCNQWU DGJCXKQWT QH VJG KPFKEGU FWTKPI 6JG UVCVKUVKECNN[ UKIPKſECPV EQGHſEKGPVU QH VJGUG XCTKCDNGU QDVCKPGF D[ TGITGUUKQPUTWPKPFKXKFWCNN[HQTGCEJVKOGUGTKGUYGTGUWOOGFWUKPIVJG YGKIJVUQHVJGTGURGEVKXGKVGOUKPVJG+56#6DCUMGV 6JG TGUWNVU TGRQTVGF KP 6CDNG KPFKECVG VJCV VJG EQPVTKDWVKQP QH CPQOCNQWUEJCPIGUKPVJGDGJCXKQWTQHVJG%2+COQWPVGFVQCRRTQZKOCVGN[ RGTEGPVCIGRQKPVUKPCUCYJQNG*CNHQHVJKUKORCEVKUKPVJGſTUV SWCTVGT VJGGHHGEVKUEQPEGPVTCVGFKPWPRTQEGUUGFHQQFKPVJGſTUVSWCTVGT CPFKPUGTXKEGUKPCNNHQWTSWCTVGTU 6CDNG4GITGUUKQPCPCN[UKUQHCPQOCNQWUEQPVTKDWVKQPUVQKPƀCVKQPKP
RGTEGPVCIGRQKPVU
)GPGTCNKPFGZ 2TQEGUUGFHQQF 7PRTQEGUUGFHQQF 'PGTI[RTQFWEVU 0QPHQQFCPFPQPGPGTI[RTQFWEVU 5GTXKEGU
3
3
3
3
#XGTCIG
6JGTGUWNVUHQT5RCKPCPF2QTVWICNFGTKXGFD[CUKOKNCTOGVJQFCTGKPNKPG YKVJQWTU UGG%JCR 6JGUVWF[QP2QTVWICN 5CPVQUGVCN EQXGTKPI QPN[VJGſTUVSWCTVGTQHſPFUVJCVVJGKPVTQFWEVKQPQHVJGGWTQECWUGF CTQWPF RGTEGPVCIG RQKPVU QH CFFGF KPƀCVKQP 6JCV QP 5RCKP NXCTG\ )QP\¶NG\GVCN CVVTKDWVGUCDQWVRGTEGPVCIGRQKPVUQHEQPUWOGTRTKEG KPƀCVKQPKPVJGYJQNGVQVJGEJCPIGQXGT(QTVJGGWTQCTGCCUCYJQNG 'WTQUVCV GUVKOCVGUVJCVVJGEJCPIGQXGTCFFGFPQOQTGVJCPRQKPVU VQEQPUWOGTRTKEGKPƀCVKQPKPVJGſTUVSWCTVGTQH
6JKUURGEKſECVKQPKUUKOKNCTVQVJCVQH5CPVQUGVCN
(/QUVCEEKCPF45CDDCVKPK
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6JKUCFLWUVOGPVQRGTCVGUQPN[QPCPFFCVCCPFKVJCUPGINKIKDNG GHHGEVU C HGY DCUKU RQKPVU QP OQUV TGUWNVU TGRQTVGF KP VJG EJCRVGT 6JG QPN[ GZEGRVKQPKUVJGRGTEGPVCIGQHWPEJCPIGFRTKEGUKPCPFYJKEJ KUFKUEWUUGFCVITGCVGTNGPIVJKPUGEVKQP 6JG TGIKQPCN FKUVTKDWVKQP QH GUVCDNKUJOGPVU HQT VJG [GCT KU FTCYP HTQO 4CRRQTVQUWNVWTKUOQKVCNKCPQR6CDNG +P +VCN[ VJGTG CTG TGIKQPU CPF VJGTG YGTG RTQXKPEGU CV VJG VKOG QH VJG UVWF[
')CKQVVKCPF(.KRRK
RTGUGPEG6JGKPFKECVQTTGRQTVGFKPVJGUGEQPFEQNWOPQH6CDNG# DTQCFN[EQPſTOUVJGRTGXKQWURKEVWTGYKVJVJGPQVCDNGGZEGRVKQPQHCHGY UOCNNTGIKQPUYJKEJCVVTCEVEQPUKFGTCDNGVQWTKUOƀQYU 1WT UCORNG YCU QDXKQWUN[ PQV FGUKIPGF YKVJ VJG CKO QH DGKPI TGRTGUGPVCVKXG QH VJG YJQNG TGUVQTCVKQP KPFWUVT[ CPF UJQWNF PQV DG EQPUKFGTGFCUUWEJ#UFKUEWUUGFKPVJGPGZVUGEVKQPVJGTKUGKPVJGRTKEG KPFGZKPVJGYJQNGUGEVQTKUUOCNNGTVJCPKPQWTJKIJSWCNKV[GUVCDNKUJOGPVU 1PGRQUUKDNGGZRNCPCVKQPHQTVJGFKXGTIGPEGKUFWGVQVJGHCEVVJCVVJGUG DGNQPIVQCUGIOGPVHCEKPICNGUUGNCUVKEFGOCPF VJGKORNKECVKQPUQHVJKU J[RQVJGUKU KU FKUEWUUGF KP FGVCKN KP 5GEVU CPF /QTG IGPGTCNN[ VJGFGOCPFHQTSWCNKV[HQQFKPETGCUGFUKIPKſECPVN[KP+VCN[KPVJGNCUVHGY [GCTUCUYKVPGUUGFD[VJGITQYKPIFKHHWUKQPQHRWDNKECVKQPUCPFIWKFGU QP VJG UWDLGEV RQUUKDN[ EQOOCPFKPI CP KPETGCUKPI RTGOKWO QP SWCNKV[ TGUVCWTCPVU 6CDNG # TGRQTVU UGXGTCN FGUETKRVKXG UVCVKUVKEU QP VJG RTKEG QH C OGCN HTQOVQUQTVGFD[[GCTCPFGUVCDNKUJOGPVV[RG6JGCXGTCIGRTKEG QHCOGCNKPCTGUVCWTCPVXCTKGUHTQOGWTQKPVQGWTQKP KP YKPGDCTURK\\GTKGCPFVTCVVQTKGKVKPETGCUGUHTQOVQGWTQ6JGRTKEG FKURGTUKQP UVCPFCTFFGXKCVKQP KPETGCUGUKPVKOG
&GOCPFCPFEQUVUEQPFKVKQPUCPFVJGF[PCOKEUQH OGCNRTKEGUQXGT +PVJGRGTKQFWPFGTGZCOKPCVKQPDQVJFGOCPFCPFUWRRN[EQPFKVKQPUKPVJG KPFWUVT[YGTGUWDLGEVVQUJQEMUVJCVUJQWNFDGEQPUKFGTGFYJGPGZCOKPKPI VJGFCVC$GVYGGPVJGUGEQPFJCNHQHCPFVJGſTUVJCNHQHCUVTQPI TKUG KP VJG FGOCPF HQT OGCN UGTXKEGU VQQM RNCEG TGNCVGF VQ VJG URKMG QH VQWTKUOURCTMGFD[VJG,WDKNCGWOQHVJG%CVJQNKEEJWTEJKPVJG[GCT 'ZRGPUGU D[ HQTGKIP VQWTKUVU (KI VJGP FGETGCUGF UJCTRN[ HQNNQYKPI VJG VGTTQTKUV CVVCEMU QH 5GRVGODGT 6JG ITQYVJ QH JQWUGJQNFUŏ
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
2TKEKPIDGJCXKQWTCPFVJGKPVTQFWEVKQPQHVJGGWTQ GXKFGPEGHTQOCRCPGNQHTGUVCWTCPVU
GZRGPFKVWTG CVEQPUVCPVRTKEGU KPVJGőTGUVCWTCPVCPFJQVGNUGTXKEGUŒUGEVQT CNUQTGCEJGFCRGCMKP GORNQ[OGPVCPFXCNWGCFFGFKPVJKUKPFWUVT[ ITGYCVCTQWPFRGTEGPV
KRXVHKROGH[SHQGLWXUHLQK U HPSOR\PHQWK U YDOXHDGGHGK U H[SHQGLWXUHE\WRXULVWV
(KI #EVKXKV[ CPF FGOCPF KP VJG UGEVQT őJQVGNU CPF TGUVCWTCPVUŒ CPPWCN RGTEGPVCIGEJCPIGU 5QWTEG +56#67HſEKQ+VCNKCPQ%CODK
1PVJGEQUVUUKFGUWDUVCPVKCNKPETGCUGUKPVJGRTKEGQHWPRTQEGUUGFHQQF VQQM RNCEG KP FWG VQ GZEGRVKQPCN GXGPVU CU VJG URTGCFKPI QH ſTUV $5' őOCFEQYŒ CPFVJGPHQQVCPFOQWVJFKUGCUGUKPQTCFXGTUG ENKOCVKE EQPFKVKQPU CV VJG DGIKPPKPI QH #EEQTFKPI VQ 'WTQUVCV FCVC
(KI VJG CITKEWNVWTCN RTQFWEVKQP RTKEGU KPETGCUGF TCRKFN[ KP CV CTCVGCDQXGRGTEGPV VJG[UNQYGFFQYPDWVUVKNNMGRVKPETGCUKPIKPVJG HQNNQYKPI [GCTU (TGUJ HQQF EQPUWOGT RTKEGU HQNNQYGF C UKOKNCT CNVJQWIJ OQTGRGTUKUVGPVRCVVGTP KPVJKUECUGITQYVJYCUCDQXGRGTEGPVWPVKN 7PKVNCDQWTEQUVUKPVJGőJQVGNUCPFTGUVCWTCPVUŒUGEVQTKPETGCUGFUWDUVCPVKCNN[ KPCPFPQVCDN[CPF#NNKPCNNVJGCPPWCNITQYVJKPEQUVU ECPDGTQWIJN[GUVKOCVGFVQJCXGDGGPDGVYGGPCPFRGTEGPVKP 6JGOCKPUVCVKUVKEUQPRTKEGKPETGCUGUKPQWTUCORNGCTGTGRQTVGFKP6CDNG 6YQHCEVUGOGTIGHTQOVJGFCVC KPVJG[GCTQHVJGGWTQECUJEJCPIGQXGT VJGCXGTCIGKPETGCUGKUUK\CDNG RGTEGPV DWVKVFQGUPQVTGRTGUGPVCRGCM
YJKEJKUNQECVGFKPVJG[GCTCVRGTEGPV 6JKUJQNFUKTTGURGEVKXG QHVJGV[RGQHGUVCDNKUJOGPVUWPFGTKPXGUVKICVKQP 6CDNG#KPCRRGPFKZ # #UCORNGURNKVD[IGQITCRJKECNCTGCU 0QTVJ%GPVTGCPF5QWVJ UJQYU VJCVVJG[GCTQHVJGEJCPIGQXGTTGEQTFUCRGCMKPETGCUGKPRTKEGUQPN[KPVJG 5QWVJ 6CDNG#
')CKQVVKCPF(.KRRK
&3,IUHVKIRRG DJULFXOWXUDOSURGXFWLRQSULFHV 8/&K UVHFWRU
(KI(TGUJHQQFRTKEGUCPF7.%KPVJGUGEVQTőJQVGNUCPFTGUVCWTCPVUŒ CPPWCN RGTEGPVCIGEJCPIGU 5QWTEG 'WTQUVCV+56#6
# UKOKNCT RKEVWTG GOGTIGU HTQO QVJGT FGUETKRVKXG UVCVKUVKEU UWEJ CU VJG OGFKCP QT CP KPFKECVQT QH VJG NCTIGUV KPETGCUGU VJG VJ RGTEGPVKNG QT VJG OCZKOWOKPETGCUG +PCNNVJGUGECUGUVJGKPETGCUGUTGEQTFGFKPCPF CTGUOCNNGTVJCPKPVJGRTGXKQWU[GCT6JG[GCTQHVJGEJCPIGQXGTKU EJCTCEVGTK\GFD[RTKEGKPETGCUGUVJCVCNVJQWIJUK\CDNGCTGPQVQWVQHNKPG YKVJVJQUGTGEQTFGFKPRTGXKQWU[GCTU 6CDNG6JGTKUGKPVJGRTKEGQHCOGCN
OQPVJEJCPIG ;GCT 5CORNGCXGTCIG
RGTEGPVKNG
/GFKCP
RGTEGPVKNG
5VCPFCTFFGXKCVKQP
VJ
VJ
# EQORCTKUQP QH VJG CXGTCIG CPPWCN RTKEG KPETGCUG KP QWT FCVCUGV YKVJ VJQUG HTQO QVJGT UVWFKGU KU UJQYP KP 6CDNG # 1WT FCVC CTG DCUKECNN[ KFGPVKECNVQVJQUGQDVCKPGFHTQOCUKOKNCTUCORNGQHSWCNKV[TGUVCWTCPVUD[ #FTKCPK/CTKPKCPF5ECTCOQ\\KPQ CNVJQWIJVJGKTUQNGQDUGTXCVKQP EQPEGTPU +P EQPVTCUV PQVCDNG FKHHGTGPEGU GOGTIG DGVYGGP QWT FCVC
2TKEKPIDGJCXKQWTCPFVJGKPVTQFWEVKQPQHVJGGWTQ GXKFGPEGHTQOCRCPGNQHTGUVCWTCPVU
CPFVJGKPETGCUGQHVJGCXGTCIGRTKEGNGXGNHQTVJGYJQNGUGEVQTRTQFWEGFD[ VJG0CVKQPCN+PUVKVWVGQH5VCVKUVKEU#NVJQWIJVJGVKOGRTQſNGQHVJGEJCPIGU KU UKOKNCTVJGTKUGKPVJGRTKEGKPFGZKPVJGYJQNG UGEVQT KU OWEJ UOCNNGT VJCPKPQWTJKIJSWCNKV[GUVCDNKUJOGPVU6JKUJQNFUHQTCNN[GCTUCPFKVKUPQV NKOKVGFVQ #EEQTFKPIVQVJGHCEVURTGUGPVGFCDQXGRTKEGKPETGCUGUKPCPFOC[ DGTGNCVGFVQKPETGCUGUKPFGOCPFCPFEQUVUYJKEJCTGNKMGN[VQJCXGCHHGEVGF RTKEGUYKVJCNCI5WEJCNCIOC[LWUVTGƀGEVVJGYC[QWTFCVCCTGEQPUVTWEVGF VJGRTKEGUTGRQTVGFKPVJG)WKFGCTGUWTXG[GFKPVJGſTUVJCNHQHVJG[GCT 6JGVTGPFUTGEQTFGFKPVJGEKV[QH4QOGOQUVFKTGEVN[EQPPGEVGFVQVJG ,WDKNCGWOEQPſTOVJGEQPLGEVWTGVJCVVQWTKUORNC[GFCTQNGKPVJGGXQNWVKQP QHRTKEGU+P4QOGVJGNCTIGUVKPETGCUGQEEWTTGFKPVJG[GCT RGT EGPV 6CDNG KPVJCV[GCTVJGCXGTCIGRTKEGITQYVJKPVJGGUVCDNKUJOGPVU NQECVGFKPVJG8CVKECPCTGCCPFVJGENQUGD[VQWTKUVFKUVTKEVQH6TCUVGXGTGCTG TGURGEVKXGN[QHCPFRGTEGPVOWEJITGCVGTVJCPKPVJGTGUVQHVJGEKV[ 6CDNG6JGTKUGKPVJGRTKEGQHCOGCNUGNGEVGF4QOGFKUVTKEVU
OQPVJRGTEGPVCIGEJCPIG
#XGTCIG
%KV[%GPVTG
8CVKECP 6TCUVGXGTG
%QPUKFGTKPIVJGVCKNUQHVJGFKUVTKDWVKQPVJGTGKUUKORN[PQGXKFGPEGQHCP[ FQWDNKPIQHRTKEGUKP6CDNGUJQYUVJGPWODGTQHRTKEGKPETGCUGU NCTIGTVJCPCIKXGPVJTGUJQNF TGURGEVKXGN[QTRGTEGPV KPGCEJ [GCT #U KP VJG RTGXKQWU ECUG VJG [GCTU CPF UVCPF QWV HQT VJG UOCNNGTPWODGT XKTVWCNN[PKN QHőNCTIGŒKPETGCUGU#HGYKPETGCUGUITGCVGT VJCP RGT EGPV ECP DG HQWPF KP DWV PQV NCVGT 6JG EQPLGEVWTG VJCV JKIJ RGTEGKXGF KPƀCVKQP YCU ECWUGF D[ NCTIG KPETGCUGU YJKEJ JKV VJG KOCIKPCVKQPQHVJGEQPUWOGTUſPFUNKVVNGUWRRQTVKPVJGFCVC UWEJKPETGCUGU TGRTGUGPVNGUUVJCPRGTEGPVQHVJGVQVCNUCORNGQDUGTXCVKQPU #OCLQTHCEVQTCHHGEVKPIVJGRWDNKERGTEGRVKQPJQYGXGTOC[JCXGDGGP VJGUWDUVCPVKCNEWOWNCVGRTKEGKPETGCUGYJKEJVQQMRNCEGQXGTVJGYJQNG CTQWPFRGTEGPVQPCXGTCIGQTGXGPRGTEGPVHQTVJGRGTEGPV QHGUVCDNKUJOGPVUYJKEJTGEQTFGFVJGNCTIGUVRTKEGTKUGU6JGUGQDUGTXCVKQPU JGNRVQHQTOCEQPLGEVWTGQPVJGHCEVQTUVJCVOC[JCXGHCXQWTGFVJGRGTEGRVKQP QHCPGZEGRVKQPCNTKUGKPRTKEGUCOQPIEQPUWOGTU UWEJCPKPETGCUGYJKNGKV CEVWCNN[VQQMRNCEGQEEWTTGFOQTGITCFWCNN[FWTKPIVJG[GCTUVJCPRGTEGKXGF
')CKQVVKCPF(.KRRK
6CDNG0WODGTQHőGZVTGOGŒRTKEGKPETGCUGU ;GCT
)TGCVGTVJCPRGTEGPV
)TGCVGTVJCPRGTEGPV
)TGCVGTVJCPRGTEGPV
6QVCNPWODGTQHQDUGTXCVKQPU
6JGHTGSWGPE[QHRTKEGTGXKUKQPU 6JGJKUVQITCOUKP(KIUJQYVJGFKUVTKDWVKQPQHRTKEGEJCPIGUKPGCEJ[GCT 6JG FKUVTKDWVKQPU CTG UVTQPIN[ CU[OOGVTKE YKVJ HGY PGICVKXG TGEQTFU 6JG OQFGKUCV\GTQ6JKUKPFKECVGUVJCVKPOQUV[GCTUCNCTIGOCUUQHſTOUNGCXG VJGKTRTKEGWPEJCPIGFQTEJCPIGKVD[CUOCNNCOQWPV+PVJG[GCTU CPFVJKUOCUUCOQWPVUVQCDQWVRGTEGPVQHVJGYJQNGRQRWNCVKQP 6CDNG QPCXGTCIGVJGRGTEGPVCIGKUCTQWPFRGTEGPV6JGUGFCVCEQTTGURQPF VQCPCXGTCIGFWTCVKQPQHRTKEGUQHTGURGEVKXGN[CPFOQPVJU+PDQVJ CPFVJGRGTEGPVCIGQHWPEJCPIGFRTKEGUKUOWEJUOCNNGTTGFWEKPI VQDGNQYRGTEGPV
7PFGTVJGCUUWORVKQPVJCVVJGFGEKUKQPYJGVJGTVQTGXKUGRTKEGUKUVCMGPYKVJC OQPVJN[HTGSWGPE[FWTCVKQPKUEQORWVGFCU= C ?YJGTGCKUVJGCPPWCN UJCTG QH TGXKUGF RTKEGU C UKOKNCT TGUWNV KU QDVCKPGF D[ CUUWOKPI EQPVKPWQWU FGEKUKQPU CPF CRRN[KPI VJG HQTOWNC TGRQTVGF D[ $KNU CPF -NGPQY = NQI C ? #EEQTFKPIVQ$KNUCPF-NGPQYVJGCXGTCIGRTKEGFWTCVKQPHQTKVGOU őNWPEJŒQTőFKPPGTŒKUOQPVJU #U OGPVKQPGF KP EQPUVTWEVKPI VJG UCORNG YG UGV VQ \GTQ CNN RTKEG XCTKCVKQPU UOCNNGTVJCPQPGGWTQKPCDUQNWVGXCNWG6JKUYCUFQPGHQTVYQTGCUQPU(KTUV VJG ſIWTGU TGRQTVGF KP 6CDNG YQWNF QVJGTYKUG PQV DG EQORCTCDNG VJTQWIJ VKOG DGHQTGCP[RTKEGEJCPIGUOCNNGTVJCPGWTQKPCDUQNWVGXCNWGYQWNF PQVJCXGDGGPTGEQTFGFD[VJG)WKFGFWGVQVJGTQWPFKPIEQPXGPVKQPFGUETKDGF KPUGEVKQP5GEQPFKPOCP[őUOCNNŒXCTKCVKQPUKPRTKEGU GSWCNVQ GWTQ YQWNFDGQDUGTXGFGXGPKHRTKEGUYGTGWPEJCPIGF6JKUKUFWGVQVJGPGY TQWPFKPIEQPXGPVKQPCFQRVGFD[VJG)WKFGUKPEG(QTGZCORNGKPC őVTWGŒRTKEGQHNKTGYQWNFJCXGDGGPTQWPFGFVQNKTGEQTTGURQPFKPI VQGWTQU KPVJGUCOGRTKEGYQWNFDGTQWPFGFVQGWTQU*CFYGPQV OCFGVJGUGCFLWUVOGPVUVJGſIWTGUKPVJGHQWTVJTQYQH6CDNGYQWNFJCXG DGGPGSWCNVQCPFRGTEGPVKPCPFTGURGEVKXGN[ VJGTG YQWNFJCXGDGGPPQEJCPIGKP
2TKEKPIDGJCXKQWTCPFVJGKPVTQFWEVKQPQHVJGGWTQ GXKFGPEGHTQOCRCPGNQHTGUVCWTCPVU
(KI(TGSWGPE[FKUVTKDWVKQPQHRTKEGKPETGCUGUKPGCEJ[GCT 0QVGU 4CPIG QH RGTEGPVCIG KPETGCUGU HTQO RGT EGPV VQ
RGT EGPV JQTK\QPVCN CZKU 6JG VKEM OCTMU 'CEJ DCT KPENWFGU C TCPIG QH RTKEG KPETGCUGUHTQOVVQV RGTEGPVCIGRQKPVU
')CKQVVKCPF(.KRRK
6CDNG0WODGTQHEQPUVCPVCPFHCNNKPIRTKEGU ;GCT
C 0WODGTQHWPEJCPIGFRTKEGU
D 0WODGTQHRTKEGTGFWEVKQPU
E 0WODGTQHQDUGTXCVKQPU
C E
6JG FCVC CTG EQPUKUVGPV YKVJ VJG OGPW EQUV J[RQVJGUKU UOCNN RTKEG TGXKUKQPUCTGRTGXGPVGFKPPQTOCN[GCTUD[CPCFLWUVOGPVEQUV(TQOVJKU UVCPFRQKPVVJGEJCPIGQXGTCPFVJGCUUQEKCVGFTGFGPQOKPCVKQPQHCNNRTKEGU KPVJGPGYWPKVQHCEEQWPVECPDGVJQWIJVQHCUCPCIITGICVGUJQEMYJKEJ TGSWKTGUGCEJCIGPVVQTGRQUVKVURTKEGETGCVKPICPQRRQTVWPKV[VQTGXKUGKV EQPUGSWGPVN[FGVGTOKPKPICPKPETGCUGKPCXGTCIGKPƀCVKQP 6JG UK\G QH VJG CXGTCIG CU YGNN CU OGFKCP RTKEG TGXKUKQP 6CDNG TGKPHQTEGUVJGKORTGUUKQPVJCVRTKEKPIRQNKEGUKP[GCTUCPFTCVJGT VJCP TGRTGUGPVKPI C FKUEQPVKPWKV[ YGTG SWKVG OQFGTCVG KP TGNCVKXG VGTOU #XGTCIGKPETGCUGUYGTGCOQPIVJGUOCNNGUVUKPEG CPFRGTEGPV TGURGEVKXGN[EQORCTGFVQCPFRGTEGPVKPVJGRTGXKQWU[GCTU 6CDNG&KUVTKDWVKQPQHRTKEGTGXKUKQPUWPEJCPIGFRTKEGUGZENWFGF
OQPVJRGTEGPVCIGEJCPIG ;GCT 5CORNGCXGTCIG
/GFKCP
VJRGTEGPVKNG
5VCPFCTFFGXKCVKQP
VJRGTEGPVKNG
(CDKCPK)CVVWNNKCPF5CDDCVKPK UVWF[CUCORNGQH+VCNKCPſTOUCPFſPF VJCVKPVJGUGTXKEGUUGEVQTVJGOCKPTGCUQPIKXGPD[VJGſTOUHQTPQVCFLWUVKPI VJGKTRTKEGKUHGCTQHEQORGVKVQTUPQVHQNNQYKPI+PVJKUUGEVQTCEEQTFKPIVQVJGKT UVWF[CDQWVRGTEGPVQHſTOUMGRVRTKEGUWPEJCPIGFKP 6JG HCEV VJCV CEEQTFKPI VQ OCKPUVTGCO OGPW EQUV OQFGNU CV VJG OQOGPV QH VJGEJCPIGQXGTVJGTGXKUKQPQHOQUVRTKEGUUJQWNFRTQFWEGCDNKRKPKPƀCVKQPKU FKUEWUUGFKPUGEVKQP5GGCNUQ*QDKLP4CXGPPCCPF6CODCNQVVK
2TKEKPIDGJCXKQWTCPFVJGKPVTQFWEVKQPQHVJGGWTQ GXKFGPEGHTQOCRCPGNQHTGUVCWTCPVU
#NVQIGVJGTKVOC[DGEQPLGEVWTGFVJCVVJGF[PCOKEUQHRTKEGUTGƀGEVU UGXGTCNUJQEMU CPKPETGCUGKPFGOCPFCPFEQUVUCHHGEVKPIDQVJCPF CPF C őOCPFCVQT[Œ TGYTKVKPI QH OGPWU KP EQKPEKFKPI YKVJ VJGECUJEJCPIGQXGTYJKEJRTQORVGFOQUVCIGPVUVQRQUVPGYRTKEGU 6Q EQORCTG VJG HGCVWTGU QH VJG RTKEKPI RQNKEKGU FWTKPI VJGUG VYQ GRKUQFGUYGFGEQORQUGFVJGCXGTCIGRTKEGEJCPIGCUHQNNQYU YGſTUV EQORWVGFVJGFKHHGTGPVKCNDGVYGGPVJGCXGTCIGRTKEGEJCPIGKPGCEJ[GCT
K CPFKPCDCUGRGTKQF L CPFVJGPFGEQORQUGFKVKPVQVYQEQPVTKDWVKQPU VJGEJCPIGKPVJGUJCTGQHRTKEGUYJKEJYGTGTGUGV D CPFVJGEJCPIGKP VJGCXGTCIGKPETGCUGQHVJQUGRTKEGUYJKEJYGTGTGUGV M
#OQFGNQHKPHTGSWGPVUVCVGFGRGPFGPVRTKEGTGXKUKQPUJCUKORNKECVKQPU HQT VJG FGEQORQUKVKQP #UUWOKPI VJCV VJG OCKP GHHGEV QH VJG KPVTQFWEVKQP QH VJG GWTQ KU VJG UKOWNVCPGQWU TGXKUKQP QH CNN OGPWU VJG ſTUVEQORQPGPVKP UJQWNFGZRNCKPOQUVQHVJGEJCPIGKPKPƀCVKQP KPEQPVTCUVKPECUGQHCUJQEMVQFGOCPFEQUVUQTRTQſVOCTIKPUDQVJ EQORQPGPVUKP UJQWNFEQPVTKDWVGVQVJGKPETGCUGKPKPƀCVKQP6JG TGUWNVUCTGTGRQTVGFKP6CDNGKPYJKEJVJG[GCTKUWUGFCUVJG DGPEJOCTMRGTKQFL 6CDNG&GEQORQUKVKQPQHRTKEGKPETGCUGU
RGTEGPVCIGRQKPVU ;GCT
FWGVQNCTIGTUJCTG QHRTKEGTGXKUKQPU
FWGVQNCTIGTCXGTCIGKPETGCUG QHTGXKUGFRTKEGU
2TKEGKPETGCUG FKHHGTGPVKCNYKVJ TGURGEVVQ
6JGſTUVVGTOKUYGKIJVGFYKVJVJGCXGTCIGKPETGCUGKPRTKEGUVJGUGEQPFYKVJ VJGCXGTCIGUJCTG D'S KUQDVCKPGFD[OCPKRWNCVKPIVJGKFGPVKV[ SK DK MK YJGTGSKKUVJGCXGTCIGRTKEGKPETGCUGDKKUVJGUJCTGQHRTKEGTGXKUKQPUKP[GCTK CPFMKKUVJGCXGTCIGKPETGCUGQHVJQUGRTKEGUVJCVCTGTGXKUGF 5GG5GEVDGNQY
')CKQVVKCPF(.KRRK
+P VJG CEEGNGTCVKQP QH RTKEGU YKVJ TGURGEV VQ VJG DGPEJOCTM [GCT
OQTGVJCPRGTEGPVCIGRQKPVU KUFWGVQDQVJHCEVQTU CNOQUVRGTEGPVCIG RQKPVUCTGFWGVQCNCTIGTPWODGTQHſTOUVJCVTGXKUGFVJGKTRTKEGU CDQWV RGTEGPVCIGRQKPVUCTGFWGVQNCTIGTKPETGCUGUOCFGD[VJQUGTGUVCWTCPVU YJKEJEJCPIGFVJGKTRTKEG6JKUGXKFGPEGKUEQPUKUVGPVYKVJCFGOCPFCPF EQUVU UJQEM YJKEJ OC[ JCXG RTQORVGF OQTG CIGPVU VJCP WUWCN VQ TGXKUG VJGKTRTKEGYJKNGCNUQKPETGCUKPIVJGOUWDUVCPVKCNN[ GIDGECWUGOCTIKPCN EQUVUKPETGCUGFOQTGTCRKFN[ +PVJGUJCTGQHWPEJCPIGFRTKEGUKUCNUQRCTVKEWNCTN[NQY*QYGXGT VJGEQPUKFGTCDNGPWODGTQHRTKEGTGXKUKQPUFGVGTOKPGURGTEGPVCIGRQKPVU QHJKIJGTKPƀCVKQPVJGDWNMQHVJGQXGTCNNKPETGCUG7PNKMGVJGGHHGEVQH VJGUK\GQHVJGKPFKXKFWCNTGXKUKQPUQPKPƀCVKQPKUPGINKIKDNG RGTEGPVCIG RQKPVU 6JKUGXKFGPEGKUEQPUKUVGPVYKVJVJGEQPLGEVWTGVJCVKPCRTKEGUJQEM YCUFWGVQCőOCPFCVQT[ŒRTKEGTGXKUKQPFWGVQVJGECUJEJCPIGQXGT/CP[ RTKEGUEJCPIGFDWVVJGCOQWPVQHKPFKXKFWCNKPETGCUGUYCUPQVRCTVKEWNCTN[ NCTIG6JKUHQNNQYGFVYQ[GCTUQHCNTGCF[UWUVCKPGFRTKEGITQYVJTGNCVGFVQ GZQIGPQWUFGOCPFCPFEQUVHCEVQTU2GTEGRVKQPUQHCNCTIGRTKEGKPETGCUG OC[JCXGDGGPVJGEWOWNCVGFGHHGEVQHCNNVJGUGGXGPVU
/CTMGVUVTWEVWTGCPFVJGGHHGEVQHVJGEJCPIGQXGT 6JGRTGXKQWUUGEVKQPUWIIGUVUVJCVVJGőTGXKUKQPQHVJGOGPWUŒYCUVJGOCKP HCEVQTGZRNCKPKPIVJGKORCEVQHVJGGWTQQPRTKEGU5VKNNOCTMGVUVTWEVWTGEQWNF CNUQJCXGEQPVTKDWVGFVQVJGFGEKUKQPCDQWVJQYOWEJVQTGXKUGRTKEGUKPVJG HCEGQHVJGEJCPIGQXGT#RQUUKDNGGZRNCPCVKQPQHUWEJCPGHHGEVKUCTVKEWNCVGF KPUGEVKQPDGNQY KPKPFWUVTKGUEJCTCEVGTK\GFD[NQYEQORGVKVKQPRTQFWEGTU OC[CVNGCUVVGORQTCTKN[VCMGCFXCPVCIGQHVJGEQPUWOGTUŏEQPHWUKQPVQTCKUG VJGKTRTKEG5WEJCPKPEGPVKXGKUITGCVGTVJGNGUUGNCUVKEVJGFGOCPFHCEGFD[ VJGEQPUWOGTCUVJKUGPUWTGUVJGRTQFWEGTCUOCNNGTHCNNKPUCNGUKPECUGVJG EQPUWOGT TGCNK\GU VJG VTWG XCNWG QH VJG PGY RTKEG #P KORNKECVKQP QH VJKU EQPLGEVWTG KU VJCV QPN[ KP [GCT CPF RQUUKDN[ KP UKPEG KPETGCUGU VCMKPIRNCEGKPVJGUGEQPFJCNHQHCTGTGEQTFGFKPVJGHQNNQYKPI[GCTŏU FCVC VJGOCIPKVWFGQHRTKEGKPETGCUGUUJQWNFDGPGICVKXGN[EQTTGNCVGFVQVJG FGITGG QH NQECN OCTMGV EQORGVKVKQP RTQZKGF D[ VJG KPFKECVQT FKUEWUUGF KP UGEVKQP TGRQTVGFKPEQNWOP D QH6CDNG# 5QOGFGUETKRVKXGGXKFGPEGEQPUKUVGPVYKVJVJKUEQPLGEVWTGKURTGUGPVGF KP6CDNG(KTOUQRGTCVKPIKPOQTGEQORGVKVKXGNQECNOCTMGVUTGEQTFGF CUOCNNGTKPETGCUGKPRTKEGUKPCPFXKEGXGTUC6JG6CDNGEQORCTGU VJG CXGTCIG RTKEG KPETGCUG YKVJ VJQUG QH VJG WRRGT CPF NQYGT VCKNU QH VJG FKUVTKDWVKQP QTFGTGF CEEQTFKPI VQ VJG EQORGVKVKQP KPFKECVQT VJG UGEQPF OGCUWTG FKUEWUUGF KP UGEVKQP KU GORNQ[GF 6JG FKHHGTGPEG KU PQVCDNG
2TKEKPIDGJCXKQWTCPFVJGKPVTQFWEVKQPQHVJGGWTQ GXKFGPEGHTQOCRCPGNQHTGUVCWTCPVU
CDQWV VYQ CPF C JCNH RGTEGPVCIG RQKPVU DGVYGGP VJG VQR CPF VJG DQVVQO HQWTVJQHſTOU 6CDNG&KUVTKDWVKQPQHRTKEGKPETGCUGUKPD[OCTMGVEQORGVKVKQP /CTMGV /CTMGV EQORGVKVKQP EQORGVKVKQP UVSWCTVKNG OGFKCP
9JQNG UCORNG
/CTMGV /CTMGV EQORGVKVKQP EQORGVKVKQP TF OGFKCP SWCTVKNG
/GCP
VJRGTEGPVKNG
/GFKCP
VJ
RGTEGPVKNG
6Q CFFTGUU VJG KUUWG OQTG HQTOCNN[ YG GUVKOCVG C OQFGN QH VJG FGVGTOKPCVKQP QH RTKEG EJCPIGU QXGT VJG RGTKQF 5KPEG RTKEG KPETGCUGUCTGVTWPECVGFCV\GTQ YKVJCPGINKIKDNGPWODGTQHGZEGRVKQPU YG OQFGNVJGRTKEGEJCPIGCUCECUGQHEGPUQTGFFCVC6QEQPVTQNHQTUGNGEVKXKV[ DKCUYGKORNGOGPVVJGGUVKOCVGUYKVJVJGOCZKOWONKMGNKJQQFGSWKXCNGPV QH*GEMOCPŏUVYQUVGRUGNGEVKQPOQFGN6JGOCKPTGUWNVUCTGSWKVGTQDWUV VQVJGWUGQHCNVGTPCVKXGGUVKOCVKQPOGVJQFUCU6QDKV1.5TCPFQOGHHGEVU QTſZGFGHHGEVGUVKOCVQTU 9GGUVKOCVGVJGGSWCVKQP
YJGTGRKKUVJGKPFKXKFWCNRTKEGQHſTOKCPF:KKUVJGXGEVQTQHGZRNCPCVQT[ XCTKCDNGU #OQPIVJGXCTKCDNGUKP :K CHHGEVKPIDQVJVJG NKMGNKJQQF VQ EJCPIG VJG RTKEGCPFVJGUK\GQHVJGRTKEGKPETGCUG YGKPENWFGVJGNCIIGFNQIRTKEGNGXGN QHVJGſTO RV CFWOO[VCMKPIXCNWGQPGHQTTGUVCWTCPVU\GTQQVJGTYKUG
&TGUV CPFHQTVJQUGGUVCDNKUJOGPVUENCUUKſGFCUTGUVCWTCPVUVJGKTNCIIGF SWCNKV[LWFIGOGPV KGVJGUEQTG CPFVJG NCIIGF őCIGŒQHVJGRTKEG CIG GZRTGUUGFCUVJGPWODGTQH[GCTUUKPEGVJGNCUVRTKEGTGXKUKQP9GCUUWOG VJCVVJGCEVWCNRTKEGTGXKUKQPKUCPKPETGCUKPIHWPEVKQPQHVJGFKUVCPEGQHVJG NCIIGFRTKEGHTQOKVUGSWKNKDTKWONGXGNCHWPEVKQPQHVJGUEQTGXCTKCDNG6JG
5GG,QJPUVQPCPF&K0CTFQ %JCR 9GCUUWOGVJCVVJGUCOGGZRNCPCVQT[XCTKCDNGUGPVGTKPVJGőUGNGEVKQPŒGSWCVKQP WPFGTN[KPI*GEMOCPGUVKOCVGU 5KPEGVJGUEQTGXCTKCDNGKUQPN[CXCKNCDNGHQTTGUVCWTCPVUVJGXCTKCDNGKUKPVGTCEVGF YKVJFWOO[&TGUVKPVJGTGITGUUKQP
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NCIIGF őCIGŒQHVJGRTKEGECRVWTGUCUKOKNCTGHHGEV WPFGTRQUKVKXGKPƀCVKQP VJGVKOGGNCRUGFUKPEGVJGNCUVEJCPIGKPETGCUGUVJGRTQDCDKNKV[VJCVVJGRTKEG KUTGXKUGFCICKPCPFKPETGCUGUVJGGZRGEVGFUK\GQHVJGTGXKUKQP #U C RTQZ[ HQTE[ENKECNFGOCPFRTGUUWTGYG KPENWFG VJG CPPWCN KPƀQYU QH HQTGKIPVQWTKUVUKPGCEJRTQXKPEGPQTOCNKUGFD[VJGRQRWNCVKQPKPVJGRTQXKPEG
VQWTKUO #UHQTFQOGUVKEFGOCPFYGKPENWFGVJG NCIIGF RGTECRKVCXCNWGCFFGF KPGCEJRTQXKPEG XCFF .CEMKPIQVJGTOGCUWTGUQHTGCNGZRGPFKVWTGD[JQWUGJQNFU YJKEJJCXGUWHſEKGPVETQUUUGEVKQPCNXCTKCDKNKV[CP[TGOCKPKPIFGOCPFGHHGEVKU ECRVWTGFD[VJGVKOGFWOOKGUKPENWFGFKPVJGTGITGUUKQP6JGUCOGCRRNKGUVQEQUV XCTKCDNGU NKMGHTGUJHQQFRTKEGU YJQCTGPQVCXCKNCDNGCVVJGFKUCIITGICVGNGXGN #OQPIVJGGZRNCPCVQT[XCTKCDNGUYGKPENWFGQWTOGCUWTGQHNQECNOCTMGV EQORGVKVKQP EQOR FGſPGFKP5GEVKQPDCUGFQPVJGTCVKQQHVJGPWODGT QHTGUVCWTCPVUKPVJGIWKFGVQCYGKIJVGFUWOQHNQECNRQRWNCVKQPCPFVQWTKUV RTGUGPEGKPVGTCEVGFYKVJVJGVKOGFWOOKGU 6VQ6 1WTEQPLGEVWTG KU VJCV VJG FGITGG QH EQORGVKVKQP CHHGEVU RTKEG F[PCOKEU QPN[ CHVGT VJG EJCPIGQXGT JGPEGVJGXCTKCDNGKUGPVGTGFUGRCTCVGN[HQTGCEJ[GCT 6JGGUVKOCVKQPTGUWNVUCTGTGRQTVGFKPVJGſTUVEQNWOPQH6CDNG/QUV XCTKCDNGUCTGUVTQPIN[UKIPKſECPVCPFJCXGVJGGZRGEVGFUKIP+PCPF KP VJG FGITGG QH NQECN OCTMGV EQORGVKVKQP UKIPKſECPVN[ GPVGTU VJG GSWCVKQPHQTRTKEGFGVGTOKPCVKQP+PEQPVTCUVKVFQGUPQVUKIPKſECPVN[GPVGT VJGOQFGNKPVJGRTGXKQWU[GCTU 6CDNG&GVGTOKPCPVUQHRTKEGEJCPIGU %QGH
2 ^\^
%QGH
2 ^\^
R V
UEQTG &TGUV &TGUV
CIG
VQWTKUO
XCFF
EQOR 6 EQOR 6 EQOR 6 EQOR 6
EQOR 6
6
6
6
6
ţ+PRWVEQUV TGUVT 1DUGTXCVKQPU %GPUQTGF 0QVGU *GEMOCPUGNGEVKQPOQFGN+PVGTEGRV PQVUJQYP KPENWFGF KPFKECVGU RGTEGPVTGLGEVKQPEQPſFGPEGNGXGN
6JGTGUWNVUTGRQTVGFKP6CDNGCTGDCUGFQPVJGKPFKECVQTFGſPKGFKPEQNWOP D QH 6CDNG#5KOKNCTTGUWNVUCTGQDVCKPGFYJGPVJGKPFKECVQTQHEQNWOP C KUWUGF
2TKEKPIDGJCXKQWTCPFVJGKPVTQFWEVKQPQHVJGGWTQ GXKFGPEGHTQOCRCPGNQHTGUVCWTCPVU
/CTMGV UVTWEVWTG VJWU UGGOU VQ JCXG EQPVTKDWVGF VQ VJG KORCEV QH VJG EJCPIGQXGT VJGTGHQTG IKXKPI C RQUUKDNG TCVKQPCNG HQT KVU PQPPGWVTCNKV[ 6JGUK\GQHVJGGHHGEVKUTGNGXCPV FKHHGTGPEGUKPOCTMGVEQPEGPVTCVKQPECP DGUJQYPVQGZRNCKPCHGYRQKPVUŏFKHHGTGPEGUKPVJGRTKEGKPETGCUGUCETQUU RTQXKPEGU%QPUKFGTKPIVJCVKPVJGGSWCVKQPHQTţRVVJGGUVKOCVGFEQGHſEKGPV QPEQOR YJGPKPVGTCEVGFYKVJGKVJGT6QT6 KUCTQWPFCFGETGCUG KP EQOR KG NGUU EQORGVKVKQP KP VJG NQECN OCTMGV GSWCN VQ KVU UVCPFCTF FGXKCVKQP YJKEJ KU YQWNF FGVGTOKPG C RTKEG KPETGCUG QH CDQWV RGTEGPVCIGRQKPVU 6JGEQGHſEKGPVUQHVJGVKOGFWOOKGU66RTQXKFGWUYKVJCPGUVKOCVG QHVJGVKOGGHHGEVU+PGCEJ[GCTVJGTGKUCPőWPGZRNCKPGFŒKPETGCUGTGNCVKXG VQVJGDGPEJOCTMYJKEJECRVWTGUVJGGHHGEVQHRTKEGFGVGTOKPCPVUPQV KPENWFGFKPQWTTGITGUUKQPGIKPRWVEQUVU#PCVVGORVVQEQPVTQNHQTVJGNCVVGT KURTGUGPVGFKPVJGUGEQPFEQNWOPQH6CDNGYJGTGCRTQZ[HQTVJGITQYVJ TCVGQHKPRWVEQUVUKUCFFGFVQVJGRTKEGGSWCVKQP YKVJCEQGHſEKGPVTGUVTKEVGF VQQPG 1PEGVJGOQFGNF[PCOKEUCTGCEEQWPVGFHQTVJGWPGZRNCKPGFITQYVJ KPRTKEGUKPVJG[GCTCPFKUTGURGEVKXGN[CPFRGTEGPVCIGRQKPVU +PVJG[GCTQHVJGEJCPIGQXGTWPGZRNCKPGFKPƀCVKQPKUUVKNNRQUKVKXGDWVUOCNNGT CTQWPFRGTEGPVCIGRQKPVU KVKUUNKIJVN[PGICVKXGKP
6JGGWTQEQORGVKVKQPCPFUVKEM[RTKEGU CUKORNGOQFGN 6JKU UGEVKQP RTQRQUGU CP CPCN[VKECN HTCOGYQTM VQ RTQXKFG C TKIQTQWU HQTOWNCVKQP QH VJG OGPW EQUV CPF VJG OCTMGV RQYGT J[RQVJGUGU CPF VQ SWCPVKH[VJGGHHGEVKORNKGFD[GCEJJ[RQVJGUKU 9GDGIKPD[UJQYKPIJQYVJGECUJEJCPIGQXGTOC[ECWUGCNCTIGTRTKEGKPETGCUG YJGTGVJGOCTMGVKUNGUUEQORGVKVKXG0GZVYGUJQYJQYVJKUGHHGEVOC[KPVGTCEV YKVJVJGRTGUGPEGQHOGPWEQUVUCPFVJGEQPUGSWGPVENWUVGTKPIQHCFLWUVOGPVUCV VJGOQOGPVQHKPVTQFWEVKQPQHVJGGWTQ9GWUGVJGOQFGNRTGUGPVGFCDQXGVQ ſVUQOGEJCTCEVGTKUVKEUQHVJGOKETQFCVCDGHQTGVJGEJCPIGQXGTCPFVQUVWF[VJG KORNKECVKQPUQHVJGEJCPIGQXGTWPFGTVJTGGCNVGTPCVKXGUGVQHCUUWORVKQPUPCOGN[ VJCVVJGKPVTQFWEVKQPQHVJGGWTQFGVGTOKPGFK CUKOWNVCPGQWUTGXKUKQPQHCNNRTKEGU KK CVGORQTCT[KPETGCUGKPOCTMGVRQYGT KKK DQVJ # MG[ CUUWORVKQP KU VJCV VJG KPVTQFWEVKQP QH C PGY EWTTGPE[ KPETGCUGU VJG FKHſEWNV[HCEGFD[VJGEQPUWOGTKPGXCNWCVKPIVJGTGNCVKXGRTKEGQHVJGIQQFUJG QTUJGKURWTEJCUKPI5WEJCNCEMQHRTKEGXKUKDKNKV[UKOKNCTVQYJCVJCRRGPUYJGP GPICIKPIKPVTCPUCEVKQPUKPCHQTGKIPEWTTGPE[JCUVJGGHHGEVQHGPCDNKPIRTQFWEGTU VQKPETGCUGVJGKTUGNNKPIRTKEGUVJGOQTGVJGITGCVGTKUVJGKTOCTMGVRQYGT
&GſPKPIVJGVKOGGHHGEVQPRTKEGUKPGCEJRGTKQFLCU'LVJGOQFGNF[PCOKEUKORN[ 'L E6L = E 'LE6L?YJGTGE6LKUVJGEQGHſEKGPVQHVJGFWOO[6LRGTVCKPKPI VQVJGUCOGRGTKQFCPFEKUVJGEQGHſEKGPVQPVJGNCIIGFRTKEGNGXGNR V
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9GEQPUKFGTCſTOKRTQFWEKPICIQQFYKVJCEQPUVCPVWPKVEQUVQHRTQFWEVKQP FGſPGF CU 9K WPFGT OQPQRQNKUVKE EQORGVKVKQP HCEKPI C FGOCPF EWTXG &K & 2K2M YJGTG2KKUſTOKŏURTKEGCPF2MKUVJGRTKEGUGVD[VJGſTOŏUEQORGVKVQTU
YJKEJ ſTO K VCMGU CU IKXGP RTKEG GNCUVKEKV[ KU EQPUVCPV H 9G QOKV VJG ſTOUWHſZKPYJCVHQNNQYU6JGſTUVQTFGTEQPFKVKQPHTQORTQſVOCZKOK\CVKQP
O2CZ&2Ō9& [KGNFUVJGRTKEG 2 9 HŌ {C29GFGſPGVJGSWCPVKV[ FGOCPFGFCVVJKUGSWKNKDTKWORTKEGC& & C2 YGCUUWOGVJCVDGHQTGVJGECUJ EJCPIGQXGTVJGOCTMGVENGCTUYKVJVJGſTORTQFWEKPICPFUGNNKPIC&CVRTKEGC2 6JGEQPUWOGTKUEQPHWUGFD[VJGECUJEJCPIGQXGT6JKUOGCPUVJCVVJGſTO ECPKPETGCUGVJGRTKEGYKVJQWVVJGEQPUWOGTPQVKEKPI/QTGRTGEKUGN[YGCUUWOG VJCVVJGEQPUWOGTKURTGUGPVGFYKVJCPGYRTKEG2ŝ =2OCZ?PQVPGEGUUCTKN[ EQTTGURQPFKPI VQ VJG RTGXKQWU QPG 9G CUUWOG VJCV VJG RTQDCDKNKV[ VJCV VJG EQPUWOGTPQVKEGUVJCVVJGRTKEGJCUDGGPEJCPIGFKU J+HVJGEQPUWOGTTGCNK\GU VJCVVJGRTKEGJCUEJCPIGFJGLWUVHQNNQYUKVUFGOCPFEWTXG+HJGFQGUPQVTGCNK\G KVJGMGGRUFGOCPFKPIVJGRTGXKQWUSWCPVKV[C& +PVJKUHTCOGYQTMVJGRTQDNGOQHVJGſTOKU
6JGſTUVQTFGTEQPFKVKQPUCTG
YJKEJ [KGNF VJG PGY GSWKNKDTKWO RTKEG
YJGTG VJG
PGY NQYGT FGOCPFGNCUVKEKV[KUJJH JKUCRQUKVKXGVGTOPQVNCTIGTVJCP KPETGCUKPIKPJ 6JGRGTEGPVRTKEGEJCPIGYKVJTGURGEVVQVJGQNFNGXGNKU
6JGCUUWORVKQPKUVJCVHQT2 2OCZVJGEQPUWOGTECPPQVDGHQQNGF6JKUKUPGGFGF VQCXQKFVJCVVJGRTKEGEJQUGPD[VJGſTOIQGUVQKPſPKV[
+VKU 7UKPICNKPGCTCRRTQZKOCVKQPQHVJGFGOCPFHWPEVKQP KVOC[DGUJQYPVJCVKPGSWKNKDTKWOKVKU (TQOUGEQPF QTFGT EQPFKVKQPU QPG IGVU ! *GPEG J 6JG EQPFKVKQP JJ HKUPGEGUUCT[VQJCXGCPKPVGTPCNUQNWVKQP
2TKEKPIDGJCXKQWTCPFVJGKPVTQFWEVKQPQHVJGGWTQ GXKFGPEGHTQOCRCPGNQHTGUVCWTCPVU
'SWCVKQP UJQYUVJCVCHVGTVJGEJCPIGQXGTVJGRTKEGKUWPEJCPIGFKH J VTKXKCNN[KPVJKUECUGVJGTGKUPQKPEGPVKXGVQOQXGVJGRTKEGUKPEGVJG EQPUWOGTKUQPVJGQTKIKPCNFGOCPFEWTXGYKVJRTQDCDKNKV[ QTKH Hoũ
RGTHGEVEQORGVKVKQP 6JGKPƀCVKQPKPFWEGFD[VJGGWTQEJCPIGQXGTKUNCTIGT VJGNCTIGTKUVJGſTO UOCTMGVRQYGT UOCNN H CPFQDXKQWUN[VJGNCTIGTVJG RTQDCDKNKV[VJCVVJGEQPUWOGTFQGUPQVRGTEGKXGVJGRTKEGEJCPIG UOCNNJ 6JGKPVGTRTGVCVKQPQHVJGTGUWNVKUKPVWKVKXG6JGEQPUWOGT UőEQPHWUKQPŒ ECWUGF D[ VJG ECUJ EJCPIGQXGT ECRVWTGF D[ VJG XCTKCDNG J FGETGCUGU VJG FGOCPFGNCUVKEKV[GZRGEVGFD[VJGſTO VJGFGETGCUGKURTQRQTVKQPCNVQVJG QTKIKPCN FGOCPF GNCUVKEKV[ H +P VJG RTQDNGO HCEGF D[ VJG ſTO VJG OCTIKPCN DGPGſV QH C JKIJGT RTKEG KU VJG KPETGCUG KP VJG WPKV XCNWG QH VJG QNFSWCPVKV[UQNFC& VJGOCTIKPCNFKUCFXCPVCIGFGRGPFUQPVJGRTQDCDKNKV[ VJCVVJGEQPUWOGTTGCNK\GUVJCVVJGRTKEGJCUEJCPIGFCPFQPVJGEQPUGSWGPV FGETGCUG KP UCNGU YJKEJ KU HWPEVKQP QH VJG GNCUVKEKV[ H KP VJKU ECUG VJG EQPUWOGTHQNNQYUVJGFGOCPFEWTXG& 2 6QECRVWTGVJGJKIJQDUGTXGFFGITGGQHRTKEGUVKEMKPGUUVJGOQFGNPGGFU VQ DG ECUV KP C F[PCOKE UGVVKPI VJCV CEEQWPVU HQT EQUVN[ RTKEG CFLWUVOGPV 9GHQNNQY&QVUG[-KPICPF9QNOCP CPFCUUWOGVJCVſTOUKPEWT CTCPFQOOGPWEQUVVKHVJGKTRTKEGKUTGXKUGF6JGFGEKUKQPVJCVKPRGTKQFV VJGſTOYKNNPQVTGXKUGKVURTKEGVJWUFGRGPFUQPVJGEQORCTKUQPDGVYGGP VJG CFLWUVOGPV EQUV CPF VJG KPETGCUG KP RTQſVU VJCV YQWNF DG QDVCKPGF D[ EJCPIKPIVJGRTKEG/CTIKPCNEQUVUCPFVJGFGOCPFEWTXG& 2V CTGCUUWOGF VQDGVJGUCOGHQTCNNſTOUUQYGQOKVVJGſTOUWHſZKPQWTPQVCVKQPDWV KPVTQFWEGVKOGUWHſZ9GFGſPGDV^VLCUVJGRTQDCDKNKV[VJCVKPRGTKQFVCRTKEG QTKIKPCNN[UGVKPRGTKQFVLKUNGHVWPEJCPIGF CUKP&QVUG[-KPICPF9QNOCP
VJGRTQDCDKNKV[FGRGPFUQPVJGFKUVTKDWVKQPKPVJGOGPWEQUV ſTOU DCNCPEGVJGICKPUHTQOCFLWUVKPIVJGRTKEGYKVJVJGOGPWEQUV UGGCRRGPFKZ $ (KTOU OWUV VCMG KPVQ CEEQWPV VJG GHHGEV QH VJG EWTTGPV RTKEG QP HWVWTG RGTKQFUŏRTQſVUKPECUGVJG[YKNNPQVTGXKUGVJGRTKEGCICKP6JGUQNWVKQPQH VJGQRVKOKUCVKQPRTQDNGOKUFGTKXGFKPCRRGPFKZ$(TQOVJGſTUVQTFGT EQPFKVKQPUVJGQRVKOCNN[TGUGVRTKEGKPGCEJRGTKQFKUGSWCNVQVJGRTGUGPV FKUEQWPVGFXCNWGQHHWVWTGOCTIKPCNEQUVUFKXKFGFD[VJGRTGUGPVFKUEQWPVGF XCNWGQHVJG KPXGTUGQH HWVWTGOCTMWRU
0QVGVJCVKHJ VJGPJ
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YJGTG E KU VJG FKUEQWPV HCEVQT
KU VJG RQUUKDN[ VKOG
XCT[KPI RTKEGFGTKXCVKXGQHVJGFGOCPFHWPEVKQP PQTOCNKUGFYKVJQWVNQUUQH IGPGTCNKV[CUCTCVKQVQCUVGCF[UVCVGXCNWG HVKUVJG RQUUKDN[VKOGXCT[KPI FGOCPFGNCUVKEKV[CPF:VKUVJGIGPGTCN YJQNGGEQPQO[ RTKEGNGXGN 6JG UGEVQTŏU CIITGICVG RTKEG NGXGN 2V KU QDVCKPGF CU C YGKIJVGF CXGTCIG QH XKPVCIGUQHRCUVRTKEGU2 VŏUYJGTGVJGUJCTGQHXKPVCIGJRTKEGUKPRGTKQF VKUCHWPEVKQPQHVJGDK^LŏU #U CUUWOGF CDQXG KP V YKVJ RTQDCDKNKV[ J EQPUWOGTU MGGR FGOCPFKPIVJGDGPEJOCTMSWCPVKV[& C2V YJGTGC2VKUVJGRTKEGVJCVYQWNF JCXG RTGXCKNGF YKVJQWV VJG EJCPIGQXGT %QPUKFGTKPI GZRGEVGF FGOCPF &V J& 2V ŌJ & C2V MVCPFHVKP ECPDGFGTKXGF 9G ECNKDTCVG CUUWOKPI VJG CPPWCN FKUEQWPV HCEVQT KU E CPF DCUGFQPVJGHGCVWTGUQHQWTUCORNGKPVJCVVJGUVGCF[UVCVGOCTIKPCN EQUV 9V ITQYU CV C EQPUVCPV CPPWCN TCVG QH RGT EGPV 7UKPI C TGNCVKXGN[ UVCPFCTF CUUWORVKQP FGOCPF GNCUVKEKV[ KU UGV CV H CPF M YJKEJ EQTTGURQPFU VQ CP GSWKNKDTKWO OCTMWR QH RGT EGPV 6JG RCVJ QH DV^VL KU GPFQIGPQWUN[FGVGTOKPGFD[RQUKVKPICWPKHQTOFKUVTKDWVKQPHQTCFLWUVOGPV EQUVUECNKDTCVGFVQTGRTQFWEGVJGHCEVVJCPQPCXGTCIGCDQWVRGTEGPVQH ſTOUFQPQVTGXKUGVJGKTRTKEGCUHTQOQWTRCPGNFCVC 6JG RTQDCDKNKV[ VJCV VJG EQPUWOGT FQGU PQV PQVKEG VJCV VJG RTKEG JCU EJCPIGF KU UGV CV J 6JKU CUUWORVKQP OCVEJGU VJG GXKFGPEG QH VJG 'WTQRGCP%QOOKUUKQPŏU'WTQDCTQOGVGT CEEQTFKPIVQVJKUUWTXG[CVGPFQH RGTEGPVQH+VCNKCPEQPUWOGTUTGEMQPGFKPTGVTQURGEVKXGVJCVVJGKT CVVKVWFGYCUőVQDW[OQTGDGECWUGVJG[FKFPQVTGCNK\GJQYOWEJVJG[CTG URGPFKPIŒCHVGTVJGKPVTQFWEVKQPQHVJGGWTQ +P VJG ſTUV UEGPCTKQ VJG EJCPIGQXGT KPXQNXGU C UKOWNVCPGQWU őHQTEGFŒ TGXKUKQPQHOQUVRTKEGU VJGOGPWEQUVKUPKNHQTCNNſTOU +PVJGUGEQPFYG RQUKVVJCVVJGEQPUWOGTKUEQPHWUGFYKVJRTQDCDKNKV[JYJKEJKPETGCUGU VJGſTOŏUFGITGGQHOQPQRQNKUVKERQYGT+PVJGVJKTFUEGPCTKQDQVJUJQEMU QEEWT +H HV H ECP DG UJQYP VQ DG EQPUKUVGPV YKVJ VJG TGUWNV QH &QVUG[ -KPI CPF9QNOCP +H DV^M D MV HV HVJGUVCPFCTFTGUWNVQH%CNXQ QDVCKPU
+VKU MV J+PCPGKIJDQWTJQQFQHGSWKNKDTKWO
6JKUGZRTGUUKQPECPDGUQNXGFUKOWNVCPGQWUN[YKVJ VQFGTKXGHVCPF2V 'WTQRGCP %QOOKUUKQP 'WTQDCTQOGVGT 6JG GWTQ VYQ [GCTU NCVGT &GEGODGT
2TKEKPIDGJCXKQWTCPFVJGKPVTQFWEVKQPQHVJGGWTQ GXKFGPEGHTQOCRCPGNQHTGUVCWTCPVU
(KI/QFGNDCUGFGHHGEVQHVJGEJCPIGQXGT 0QVGU $CUGFQPVJGOQFGNKP5GEV
6JG TGUWNVU QH VJG UKOWNCVKQPU CTG UJQYP KP VJG HQWT RCPGNU QH (KI YJKEJKPENWFGVJGTCVGQHKPƀCVKQPVJGUK\GQHVJGCXGTCIGRTKEGTGXKUKQPVJG UJCTGQHWPTGXKUGFRTKEGUCPFVJGRTKEGNGXGN+PGCEJRCPGNVJGUQNKFNKPG UJQYU VJG TGURQPUGU VQ C OGPW EQUV UJQEM VJG FCUJGF NKPG VJG TGURQPUGU VQCOCTMGVRQYGTUJQEMCPFVJGFQVVGFNKPGVJGTGURQPUGUVQDQVJUJQEMU QEEWTTKPIUKOWNVCPGQWUN[#NNUJQEMUCTGCUUWOGFVQVCMGRNCEGKPV 6JG OGPWEQUV UJQEM UEGPCTKQ ECWUGU CP KPETGCUG KP KPƀCVKQP KP V
VQRNGHVRCPGN 6JGKPETGCUGOQUVN[TGƀGEVUVJGUJCTGQHWPTGXKUGFRTKEGU FTQRRKPIVQ\GTQ DQVVQONGHVRCPGN VJGTGD[UWUVCKPKPICXGTCIGKPƀCVKQP KPEQPVTCUVVJGCXGTCIGUK\GQHKPFKXKFWCNRTKEGTGXKUKQPUKUQPN[OCTIKPCNN[ NCTIGTVJCPKPUVGCF[UVCVG VQRTKIJVRCPGN $GHQTGVKPƀCVKQPHCNNUUNKIJVN[ VJGCIGPVUKPEQTRQTCVGNGUUHWVWTGGZRGEVGFOCTIKPCNEQUVKPETGCUGUKPVJGKT
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RTKEGUMPQYKPIVJG[YKNNDGUQQPTGUGVVKPIRTKEGU#HVGTYCTFUVJGKPƀCVKQP TCVG ITCFWCNN[ TGVWTPU VQ KVU UVGCF[ UVCVG XCNWG RGT EGPV YKVJ UOCNN QUEKNNCVKQPU +PVJGUGEQPFUEGPCTKQVJGOCTMGVRQYGTUJQEMJCUCPKORCEVQPRGTKQF VKPƀCVKQPYJKEJKPETGCUGU6JGKPETGCUGKPKPƀCVKQPKUVJGTGUWNVDQVJQH CVGORQTCT[KPETGCUGKPOCTIKPUCPFQHCP GPFQIGPQWUN[ NCTIGTPWODGTQH RTKEGTGXKUKQPU VJGUJCTGQHRTKEGUYJKEJUVC[ſZGFFTQRUVQRGTEGPVCU OQTGſTOUſPFKVEQPXGPKGPVVQUWUVCKPVJGCFLWUVOGPVEQUVVQGZRNQKVVJG KPETGCUGKPOCTMGVRQYGT6JGVJKTFUEGPCTKQKPXQNXKPIDQVJUJQEMU[KGNFU CPJKIJGTKPƀCVKQPKPV +PCNNVJTGGECUGUVJGFGXKCVKQPQHVJGRTKEGNGXGNHTQOKVUNQPITWPVTGPF KUTGNCVKXGN[UJQTVNKXGF DQVVQOTKIJVRCPGN #HVGTVGORQTCTKN[TKUKPICDQXG VJGKT UVGCF[ UVCVG RCVJ RTKEGU UNQY FQYP CPF CTG DCEM VQ DCUGNKPG QP VJG UGEQPF[GCTCHVGTVJGUJQEM 6CDNG/QFGNDCUGFFGEQORQUKVKQPQHRTKEGKPETGCUGU
RGTEGPVCIGRQKPVU KPDTCEMGVURGTEGPVCIGU /GPWEQUV UJQEM
2TKEGKPETGCUG FKHHGTGPVKCNYKVJ TGURGEVVQUVGCF[UVCVG FWGVQNCTIGTUJCTGQHRTKEG TGXKUKQPU FWGVQNCTIGTCXGTCIGKPETGCUGQH TGXKUGFRTKEGU
/CTMGV RQYGT UJQEM
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6JG FGEQORQUKVKQP QH VJG RTKEG KPETGCUG CNQPI VJG NKPGU FGUETKDGF KP UGEVKQPKUSWKVGFKHHGTGPVKPVJGVJTGGECUGU 6CDNG #HVGTVJGOGPW EQUV UJQEM VJG KPETGCUG KP KPƀCVKQP KU CNOQUV GPVKTGN[ RGT EGPV FWG VQVJGNCTIGPWODGTQHRTKEGTGXKUKQPU#HVGTVJGOCTMGVRQYGTUJQEMVJG EQPVTKDWVKQPVQVJGKPETGCUGKPKPƀCVKQPKUOQTGGXGPN[URNKVCOQPIVJGVYQ
#UFKUEWUUGFD[*QDKLP4CXGPPCCPF6CODCNQVVK VJGUGQUEKNNCVKQPUCTGV[RKECN QHOQFGNUYJKEJKPENWFGCOCZKOWONCIDG[QPFYJKEJCNNRTKEGUCTGCFLWUVGF 6JGUK\GQHVJKUGHHGEVJQYGXGTKUUVTQPIN[FGRGPFGPVQPVJGGZCEVUJCRGCUUWOGF HQTVJGOGPWEQUVFKUVTKDWVKQPCPFKVYQWNFDGITGCVGTWPFGTRCTCOGVTKUCVKQPU YJKEJKPETGCUGVJGFGITGGQHUVCVGFGRGPFGPE[QHVJGCFLWUVOGPV
2TKEKPIDGJCXKQWTCPFVJGKPVTQFWEVKQPQHVJGGWTQ GXKFGPEGHTQOCRCPGNQHTGUVCWTCPVU
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%QPENWUKQPU 6JKUUVWF[NQQMUCVCRCPGNQHTGUVCWTCPVVQKPXGUVKICVGRTKEGUGVVKPIDGJCXKQWT CVVJGſTONGXGNFWTKPIVJGECUJEJCPIGQXGT6JGWPKSWGFCVCDCUGCNNQYU WU VQ UJGF NKIJV QP VYQ EQPVTQXGTUKCN KUUWGU EQPEGTPKPI VJG GHHGEVU QH VJG EJCPIGQXGT ſTUVYGFQEWOGPVYJCVJCRRGPGFVQRTKEGUCVVJGOKETQNGXGN KPVJG[GCTQHVJGEJCPIGQXGTCPFKPVJGPGKIJDQWTKPIQPGU6JKUGXKFGPEG KUKORQTVCPVHQTWPFGTUVCPFKPIYJCVECWUGFRWDNKERGTEGRVKQPUVQFGXKCVGUQ OCTMGFN[HTQOQHſEKCNKPƀCVKQPOGCUWTGU5GEQPFYGRTGUGPVCU[UVGOCVKE CPCN[UKUQHVJGOGEJCPKUOUVJCVOC[JCXGCHHGEVGFRTKEGUGVVKPIFWTKPIVJG EJCPIGQXGT 1PVJGſTUVKUUWGQWTTGUWNVUUJQYVJCVCUK\GCDNGCXGTCIGRTKEGKPETGCUG VQQM RNCEG KP CDQWV RGT EGPV 6JKU KPETGCUG YCU UNKIJVN[ UOCNNGT VJCPVJCVTGEQTFGFKPVJGRTGXKQWU[GCT CDQWVRGTEGPV 6JGGXKFGPEG UWIIGUVU VJCV VJGUG KPETGCUGU CTG TGNCVGF VQ TKUKPI FGOCPF CPF EQUVU VJKU UJQWNFKPFWEGECWVKQPKPCVVTKDWVKPICNCTIGKPƀCVKQPCT[GHHGEVGZENWUKXGN[VQ VJGKPVTQFWEVKQPQHVJGGWTQ
6JGUGRGTEGPVCIGUCTGTCVJGTTQDWUVVQFKHHGTGPVCUUWORVKQPUCPFECNKDTCVKQPUHQT VJGOGPWEQUVFKUVTKDWVKQP
')CKQVVKCPF(.KRRK
6JG GXKFGPEG ENGCTN[ TGLGEVU VJG J[RQVJGUKU VJCV VJG EJCPIGQXGT NGV VQ C őFQWDNKPI QH RTKEGUŒ 6JKU YKFGURTGCF RGTEGRVKQP OKIJV DG CUETKDGF VQ VJGUWDUVCPVKCNRTKEGKPETGCUGYJKEJVQQMRNCEGKPVJKUUGEVQTQXGTCNQPIGT RGTKQF DGVYGGPCPFVJGCXGTCIGRTKEGQHCOGCNTQUGD[RGT EGPV KPVJGRGTEGPVQHTGUVCWTCPVUTGEQTFKPIVJGNCTIGUVKPETGCUGUVJGTKUG YCURGTEGPV 6JGEJCPIGQXGTOKIJVJCXGHQEWUUGFVJGRWDNKECVVGPVKQP QP VJG RTKEG NGXGN RTQORVKPI VJG CVVTKDWVKQP QH VJG YJQNG KPETGCUG VQ VJG KPVTQFWEVKQPQHVJGGWTQ 1P VJG UGEQPF SWGUVKQP YG HQWPF VJCV DQVJ VJG őOGPW EQUVŒ CPF VJG őOCTMGV RQYGTŒ J[RQVJGUGU ſPF UWRRQTV KP VJG FCVC #U VQ VJG HQTOGT VJG GXKFGPEG UJQYU VJCV OWEJ QH VJG CIITGICVG RTKEG KPETGCUG FWTKPI VJG EJCPIGQXGTYCUFWGVQCITGCVGTPWODGTQHRTKEGUDGKPITGXKUGFTCVJGTVJCP VQőNCTIGŒKPFKXKFWCNRTKEGKPETGCUGU6JKUCRRGCTUEQPUKUVGPVYKVJVJGKFGC VJCVVJGPGYEWTTGPE[FGPQOKPCVKQPOCFGKVCNOQUVQDNKICVQT[HQTCNNſTOU VQTGXKUGVJGKTRTKEGUKP+PPQTOCN[GCTUOCP[TGUVCWTCPVUFQPQVCFLWUV VJGKTRTKEGRTQDCDN[FWGVQVJGRTGUGPEGQHOGPWEQUVU 9G CNUQ HQWPF VJCV OCTMGV UVTWEVWTG CHHGEVGF RTKEG F[PCOKEU CHVGT VJG EJCPIGQXGT+PCPFRTKEGKPETGCUGUYGTGNCTIGTKPVJGRTQXKPEGU YJKEJ HGCVWTGF C UOCNNGT FGITGG QH EQORGVKVKXGPGUU 6JG NCVVGT ſPFKPI GZRNCKPU YJ[ VJG GHHGEVU QH VJG ECUJ EJCPIGQXGT YGTG UVTQPIGT KP NGUU EQORGVKVKXGKPFWUVTKGUCUKPUGTXKEGU
2TKEKPIDGJCXKQWTCPFVJGKPVTQFWEVKQPQHVJGGWTQ GXKFGPEGHTQOCRCPGNQHTGUVCWTCPVU
#RRGPFKZ#&GUETKRVKXGUVCVKUVKEU
6CDNG#5CORNGUK\G
PWODGTQHQDUGTXCVKQPU 2TKEGNGXGN
2TKEGEJCPIG
6QVCN
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6CDNG#5CORNGEQORQUKVKQPD[TGIKQP
PWODGTQHQDUGTXCVKQPUCPFRGTEGPVCIGU 4GIKQP
1DUGTXCVKQPU
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RGTEGPVCIGU
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0QTVJ %GPVTG 5QWVJ+UNCPFU
6QVCN
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RGTEGPVCIGU
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2TKEKPIDGJCXKQWTCPFVJGKPVTQFWEVKQPQHVJGGWTQ GXKFGPEGHTQOCRCPGNQHTGUVCWTCPVU
6CDNG#5CORNGEQORQUKVKQPD[V[RG
PWODGTQHQDUGTXCVKQPUCPFRGTEGPVCIGU 4GIKQP
C 4GUVCWTCPVU
D 1VJGTU
C C D
RGTEGPVCIGU
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0QTVJ %GPVTG 5QWVJCPF+UNCPFU
6QVCN
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6CDNG#5CORNGTGRTGUGPVCVKXGPGUU
PWODGTQHQDUGTXCVKQPUCPFRGTEGPVCIGU 4GIKQP
#DTW\\Q $CUKNKECVC %CNCDTKC %CORCPKC 'OKNKC4QOCIPC (TKWNK8GPG\KC)KWNKC .C\KQ .KIWTKC .QODCTFKC /CTEJG /QNKUG 2KGOQPVG 2WINKC 5CTFGIPC 5KEKNKC 6QUECPC 6TGPVKPQ#NVQ#FKIG 7ODTKC 8CNFŏ#QUVC 8GPGVQ 0QTVJ %GPVTG 5QWVJCPF+UNCPFU 6QVCN
C 5CORNG
D 6QVCN
C D QDUGTXCVKQPUKP GUVCDNKUJOGPVUKP RGTEGPVCIGU +VCN[KP
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2TKEKPIDGJCXKQWTCPFVJGKPVTQFWEVKQPQHVJGGWTQ GXKFGPEGHTQOCRCPGNQHTGUVCWTCPVU
6CDNG#%QORGVKVKXGRTGUUWTG
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C
D
5QWTEG %JCODGTUQH%QOOGTEG+56#6CPFCWVJQTUŏEQORWVCVKQPDCUGFQPFCVC HTQO+N)CODGTQ4QUUQ 0QVGU #XGTCIGU QH TCVKQU EQORWVGF CV VJG RTQXKPEG NGXGN C 4CVKQ DGVYGGP VJG PWODGT QH GUVCDNKUJOGPVU KPENWFGF KP VJG )WKFG CPF TGUKFGPV RQRWNCVKQP KP VJGRTQXKPEG VGPUQHVJQWUCPFU D 4CVKQDGVYGGPVJGPWODGTQHGUVCDNKUJOGPVU KPENWFGF KP VJG )WKFG CPF C YGKIJVGF UWO QH NQECN RQRWNCVKQP CPF HQTGKIP CPF FQOGUVKEVQWTKUVRTGUGPEG FC[UQHVQWTKUVRTGUGPEG NQECNRQRWNCVKQP UGG5GEV
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6CDNG#6JGRTKEGQHCOGCN
GWTQU 4GUVCWTCPVU OKP
UV OGFKCP VJ SWCTVKNG SWCTVKNG
OGCP
OCZ
UVFFGX EQGHH XCT
1VJGTU
OGCP
OKP
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OCZ
UVFFGX EQGHH XCT
5QWTEG #WVJQTUŏEQORWVCVKQPDCUGFQPFCVCHTQO+N)CODGTQ4QUUQ
2TKEKPIDGJCXKQWTCPFVJGKPVTQFWEVKQPQHVJGGWTQ GXKFGPEGHTQOCRCPGNQHTGUVCWTCPVU
6CDNG#2TKEGEJCPIGUD[V[RG
RGTEGPVCIGEJCPIGU 4GUVCWTCPVU
OGCP
OKP
VJ OGFKCP VJ RGTEGP RGTEGP VKNG VKNG
OCZ
UVFFGX
1VJGTU
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6CDNG#2TKEGEJCPIGUD[CTGC
RGTEGPVCIGEJCPIGU 0QTVJ
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VJ OGFKCP VJ RGTEGPVKNG RGTEGPVKNG
OCZ
UVFFGX
%GPVTG
OGCP
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VJ OGFKCP VJ RGTEGPVKNG RGTEGPVKNG
OCZ
UVFFGX
5QWVJCPFKUNCPFU
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VJ OGFKCP VJ RGTEGPVKNG RGTEGPVKNG
OCZ
5QWTEG #WVJQTUŏEQORWVCVKQPDCUGFQPFCVCHTQO+N)CODGTQ4QUUQ
UVFFGX
2TKEKPIDGJCXKQWTCPFVJGKPVTQFWEVKQPQHVJGGWTQ GXKFGPEGHTQOCRCPGNQHTGUVCWTCPVU
6CDNG#4GUVCWTCPVRTKEGUKP+VCN[ CEQORCTKUQPCOQPIFCVCUGVU
CPPWCNRGTEGPVCIGEJCPIGU
)CODGTQ4QUUQIWKFG QWTRCPGN
/KEJGNKP4GF)WKFG #FTKCPK /CTKPKCPF5ECTCOQ\\KPQ
PC
PC
PC
PC
PC
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*QDKLP4CXGPPCCPF 6CODCNQVVK
+56#6ő4KUVQTCPVKRK\\GTKG RWDDNKEKGUGTEK\KŒ
5QWTEG #WVJQTUŏ EQORWVCVKQP DCUGF QP FCVC HTQO +N )CODGTQ 4QUUQ +56#6 'WTQUVCV#FTKCPK/CTKPKCPF5ECTCOQ\\KPQ
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#RRGPFKZ$/CVJGOCVKECNFGVCKNUQPVJGOQFGNQH UGEVKQP 6JG RTQDNGO CPCN[\GF KP VJKU CRRGPFKZ KU C UOCNN XCTKCVKQP QH &QVUG[ -KPI CPF 9QNOCP YJKEJ CNNQYU HQT C VKOGXCT[KPI GNCUVKEKV[ QH FGOCPF 6JGXCNWGQHVJGſTOKPRGTKQFVKHKVCFLWUVUVJGRTKEGVQVJGPGYQRVKOCN NGXGNKUFGſPGFCUXV^LCPFKVKU
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YJGTG :V KU VJG IGPGTCN RTKEG NGXGN 9V FGPQVGU VJG OCTIKPCN EQUV DV^L VJG RGTKQFV GPFQIGPQWU RTQDCDKNKV[QHPQVTGXKUKPICRTKEGYJKEJYCUUGVKP RGTKQFLCPF ;V ^VKUVJGRTGUGPVGZRGEVGFXCNWGQHVJGCFLWUVOGPVEQUVUVQ DGUWUVCKPGFPGZVRGTKQF6JGXCNWGQHVJGſTOKPRGTKQFVKHKVOCKPVCKPUKVU RTKEGCVVJGEWTTGPVNGXGN2 VL YJGTGLKUVJGRTKEGőXKPVCIGŒ KUIKXGPD[
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5GG GI 'WTQRGCP %GPVTCN $CPM C #U YG CTIWG KP YJCV HQNNQYU VJKU FGENKPGKUNKMGN[FWGVQVJGCVVGORVD[EWTTGPE[JQNFGTUVQTWPFQYPVJGKTECUJ KPXGPVQTKGU 6JGUG CTG OCKPN[ JGNF KP NCTIG FGPQOKPCVKQP PQVGU CPF CTG VQ C UKIPKſECPV CNVJQWIJ PQV GCUKN[ SWCPVKſCDNG GZVGPV JGNF QWVUKFG VJG PCVKQPCN DQTFGTUCPFQTHQTITG[DNCEMGEQPQO[RWTRQUGU
2#PIGNKPKCPF(.KRRK
6JGEJCRVGTKUQTICPK\GFCUHQNNQYU6JGPGZVUGEVKQPRTGUGPVUCUKORNG OQFGNQHVJGFGOCPFHQT#6/YKVJFTCYCNUYJKEJKUWUGFCUCIWKFGNKPGKP VJGGORKTKECNCPCN[UKUQHUGEVKQP5GEVKQPEQPENWFGU
#UKORNGOQFGNQHCIITGICVG#6/YKVJFTCYCNU 6JKUUGEVKQPRTGUGPVUCOQFGNCKOGFCVKPVGTRTGVKPIVJGGXQNWVKQPQHCIITGICVG #6/YKVJFTCYCNU6QOCVEJVJGCIITGICVGFCVCYGſTUVHQEWUQPVJGEJQKEG EQPEGTPKPIVJGYKVJFTCYCNUD[CTGRTGUGPVCVKXG#6/ECTFJQNFGTCPFPGZV RTGUGPVCPCIITGICVKQPVQCEEQWPVHQTVJGITQYKPIPWODGTQHECTFJQNFGTU QXGTQWTGUVKOCVKQPRGTKQF .GV K KPFGZ CP CIGPV YJQ RQUUGUUGU CP #6/ ECTF CPF 'K FGPQVG JGT PQOKPCNEQPUWORVKQPGZRGPFKVWTGQXGTCIKXGPVKOGURCP6QRC[HQT'KVJG CIGPVECPWUGECUJ%KYKVJFTCYPHTQOCP#6/DGCTKPICEQUVTEQTUQOG QVJGTOGCPUQHRC[OGPV3 GI215ETGFKVECTFQTEJGSWGU YJQUGEQUVKU FGPQVGFD[TS6JGFGOCPFUEJGFWNGHQTVJGCIGPVŏU#6/YKVJFTCYCNUKUQH VJGHQNNQYKPIHQTO %K ) TSTE 'KYJGTGVJGHWPEVKQP) |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2#PIGNKPKCPF(.KRRK
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9GTGHGTVQVYQUQWTEGU6JGƀQYQHECUJYKVJFTCYPHTQO#6/UKP+VCN[VJG PWODGTQH#6/ECTFU215CPF#6/VGTOKPCNUCPFVJGKPVGTGUVTCVGQPEJGEMKPI CEEQWPVUCTGRTQXKFGFVQVJG$CPMQH+VCN[D[VJGDCPMKPIU[UVGOHQTUWRGTXKUQT[ TGCUQPU&CVCQPEQPUWORVKQPQHUGTXKEGUCPFPQPFWTCDNGIQQFUCPFVJGTGNCVGF FGƀCVQTU CTG TGNGCUGF D[ VJG 0CVKQPCN +PUVKVWVG QH 5VCVKUVKEU +56#6 #NN VJG UGTKGUWUGFKPVJGEJCRVGTTGHGTVQ+VCN[ 6JKU UYKPI KU NKMGN[ FWG VQ VJG PGGF D[ EWTTGPE[ JQNFGTU VQ TWP FQYP VJGKT ECUJ KPXGPVQTKGU#UOGPVKQPGFKPVJGKPVTQFWEVKQPCOCUUKXGFTQRKPEWTTGPE[QWVUVCPFKPI YCUTGEQTFGFKP#UVJGECUJEJCPIGQXGTYCUNCTIGN[CPVKEKRCVGFD[VJGRWDNKE KV UGGOU RNCWUKDNG VJCV KP VJG ſPCN OQPVJU QH VJG [GCT EWTTGPE[ JQNFGTU CXQKFGF YKVJFTCYKPI ECUJ CPF WUGF VJG KPXGPVQT[ VQ HCEG FC[VQFC[ RWTEJCUGU #HVGT VJG EJCPIGQXGTVJGCXGTCIGWUGQH#6/ECUJTGVWTPGFDCEMVQPQTOCN 5WEJUVCVKQPCTKV[KPCRGTKQFQHOQFGTCVGDWVRQUKVKXGKPƀCVKQPOKIJVTGƀGEVVJG KPETGCUKPI WUG QH ECUJ UWDUVKVWVGU VJG TGITGUUKQP CPCN[UKU DGNQY UWRRQTVU VJKU J[RQVJGUKU
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+PHGTGPEGHTQOCPGUVKOCVGFEWTTGPE[GZRGPFKVWTG GSWCVKQP #NQINKPGCTXGTUKQPQHGSWCVKQP [KGNFU EVŌRV D EFV#6/ JFV3 G GVŌRV HTV OPV KV YJGTG KVKUCPGTTQTVGTOYKVJXCTKCPEG V K 9G OGCUWTG EV D[ VJG NQI PQOKPCNXCNWGQHPCVKQPYKFGSWCTVGTN[YKVJFTCYCNUHTQO#6/VGTOKPCNUPV D[VJG NQI PWODGTQHQWVUVCPFKPI#6/ECTFU CVVJGGPFQHVJGSWCTVGT TV KU NQI KPVGTGUV TCVG QP EJGEMKPI CEEQWPVU 6JG FKHHWUKQP QH VJG #6/ PGVYQTMF#6/KURTQZKGFD[VJGTCVKQDGVYGGPVJGPWODGTQH#6/VGTOKPCNU PCVKQPYKFG CPF VJG PWODGT QH #6/ ECTFU 5KOKNCTN[ VJG FKHHWUKQP QH CNVGTPCVKXGRC[OGPVKPUVTWOGPVUF3KUOGCUWTGFD[VJGTCVKQDGVYGGPVJG PWODGTQH215VGTOKPCNUCPFPV(KPCNN[GVCPFRVCTGRTQZKGFD[VJG NQI CIITGICVGPQOKPCNEQPUWORVKQPQHUGTXKEGUCPFPQPFWTCDNGIQQFUCPFD[ KVUFGƀCVQTKPVJGQTFGT %CPGSWCVKQP JGNRWUUJGFNKIJVQPVJGKUUWGCVVJGEQTGQHVJKUUVWF[! #ſTUVCUUWORVKQPPGGFGFHQTVJGCPUYGTVQDGRQUKVKXGKUVJCVCNNQHVJGVKOG UGTKGUCRRGCTKPIKP DGOGCUWTGFYKVJPQGTTQTWPVKNVJGHQWTVJSWCTVGT QH6JKUCUUWORVKQPUGGOUTGCUQPCDNGUKPEGWPVKNVJGGPFQH VJGTGYCUPQCTIWOGPVCDQWVFCVCSWCNKV[+VKORNKGUVJCVVJGEQGHſEKGPVUQH
YKNNPQVDGCHHGEVGFD[OGCUWTGOGPVRTQDNGOUKHGUVKOCVGFQXGTVJG RTGEJCPIGQXGTRGTKQF%QPEGTPKPIVJGRQUVEJCPIGQXGTRGTKQFYGCUUWOG VJCVCNNXCTKCDNGUCRRGCTKPIKP CTGOGCUWTGFEQTTGEVN[YKVJVJGRQUUKDNG GZEGRVKQPQHVJGRTKEGNGXGN5RGEKſECNN[YGCNNQYHQTVJGRQUUKDKNKV[VJCV RVVJGVTWG NQI RTKEGNGXGNOC[UWHHGTHTQOOGCUWTGOGPVGTTQTCPFFGXKCVG HTQOKVUQDUGTXGFEQWPVGTRCTVRQV #U CPVKEKRCVGF KP UGEVKQP C EQPFKVKQP QP VJG GNCUVKEKV[ QH ECUJ YKVJFTCYCNUYKVJTGURGEVVQTGCNEQPUWORVKQP G OWUVCNUQDGUCVKUſGF+VKU GCU[VQUGGVJCVKHG VJGRTKEGNGXGNECPEGNUHTQODQVJUKFGUQH CPF VJGGSWCVKQPDGEQOGUWPKPHQTOCVKXGQPVJGRTKEGNGXGNF[PCOKEU6JWUCP GUVKOCVGFGŬKUPGEGUUCT[ CPFUWHſEKGPV VQDCEMQWVVJGRTKEGNGXGNCHVGT HTQO
$CUGFQP VJGRQRWNCVKQPUK\G0UJQWNFCNUQCRRGCTCOQPIVJGTGITGUUQTU 9GQOKVKVDGECWUGKVYCUTQWIJN[EQPUVCPVQXGTVJGGUVKOCVKQPRGTKQF /QTGRTGEKUGN[YGCTGCUUWOKPIVJCVVJGOGCUWTGOGPVGTTQTRTGUGPVKPQHſEKCN UVCVKUVKEU GI VJG YGNNMPQYP RTKEGKPFGZ DKCU KU PQV CHHGEVGF D[ VJG ECUJ EJCPIGQXGT7PFGTQWTCNVGTPCVKXGJ[RQVJGUKUYGCNNQYVJGEJCPIGQXGTVQDTKPI CDQWVCUQWTEGQHOGCUWTGOGPVGTTQTKPRTKEGOGCUWTGUCFFKVKQPCNVQVJQUGVJCV CTGQTFKPCTKN[RTGUGPV
2#PIGNKPKCPF(.KRRK
9GDGIKPD[GUVKOCVKPI WUKPIFCVCWPVKN+86JGTGUWNVUCTG TGRQTVGF KP 6CDNG EQNWOP 6JG EQGHſEKGPVU CTG KP NKPG YKVJ VJG OQFGN UWIIGUVKQPU VJG FKHHWUKQP QH PQPECUJ HQTOU QH RC[OGPV TGFWEGU ECUJ YKVJFTCYCNU YJKNG VJG FKHHWUKQP QH #6/ VGTOKPCNU KPETGCUGU VJGO 6JG EQGHſEKGPV QH VJG KPVGTGUV TCVG QP EJGEMKPI CEEQWPVU KU PGICVKXG DWV PQV UKIPKſECPV 6JG EQGHſEKGPV QP VJG PWODGT QH #6/ ECTFU KU PQV UKIPKſECPVN[FKHHGTGPVHTQO VUVCVKUVKEQH 6JGRQKPVGUVKOCVGQHVJG RCTCOGVGTGKUUVCVKUVKECNN[ITGCVGTVJCPQPGCVVJGRGTEGPVEQPſFGPEG NGXGN VUVCVKUVKEQH 6JWUVJGTGSWKTGOGPVURGNNGFQWVCDQXGKUUCVKUſGF VJG HWPEVKQPCN HQTO J[RQVJGUK\GF KP GSWCVKQP ſPFU UWRRQTV KP VJG FCVC #NVQIGVJGTYJKNGUKORNGGSWCVKQP UGGOUVQECRVWTGUQOGGUUGPVKCN HGCVWTGUQHVJGFGOCPFHQT#6/YKVJFTCYCNU%QPUKFGTKPIVJCVKVFQGUPQV HGCVWTGCNCIIGFFGRGPFGPVXCTKCDNGQPVJGTKIJVJCPFUKFG YGGZRGTKOGPVGF YKVJURGEKſECVKQPUKPEQTRQTCVKPIQPGDWVVJGTGNCVGFEQGHſEKGPVVWTPGFQWV VQDGPQPUKIPKſECPV KVVTCEMUVJGFCVCSWKVGYGNN 9G ECP PQY VGUV VJG PWNN J[RQVJGUKU VJCV CHVGT VJG EJCPIGQXGT RV RQV CICKPUVVJGCNVGTPCVKXGRV RQV5KPEGRVKUPQVQDUGTXCDNGCHVGT+8YG EQPUKFGTVYQJ[RQVJGUGUCDQWVKVUDGJCXKQWT6JGſTUVKUVJGHQNNQYKPI RV RQVVŭ+8RV RQV ' [VVŮ+ YJGTG'KUCRQUKVKXGEQPUVCPVCPF[VCYJKVGPQKUGVGTOKPFGRGPFGPVQHKV YKVJXCTKCPEGV ['ZRTGUUKQPU EQWNFDGCPCRRTQRTKCVGFGUETKRVKQPQHC QPGQHHKPETGCUGKPVJGVTWGRTKEGNGXGNCHVGTVJGEJCPIGQXGT#PCNVGTPCVKXG J[RQVJGUKUKU RV RQVVŭ+8RV RQV I6 [VVŮ+ ŏ YJGTG I KU C RQUKVKXG EQPUVCPV CPF 6 KU C NKPGCT VTGPF 6 KP + 6 KP ++ 6JKU HQTOWNCVKQP YQWNF GPVCKN C YKFGPKPI ICR DGVYGGP VJG QDUGTXGF QHſEKCN CPF VJG VTWG RTKEG FGƀCVQT KORN[KPI C RGTOCPGPV KPƀCVKQP DKCU +V YQWNF DG WPTGCNKUVKE HQT NCTIG 6 DWV EQWNF
6JTGG SWCTVGTN[ FWOOKGU PQV UJQYP CTG KPENWFGF COQPI VJG GZRNCPCVQT[ XCTKCDNGUVQCEEQWPVHQTUGCUQPCNGHHGEVU 7KH PLFUR GDWD IURP %DQN RI ,WDO\¶V 6XUYH\ RI +RXVHKROGV ,QFRPH DQG :HDOWK DOVR VXJJHVW WKDW G LV JUHDWHU WKDQ ,QWURGXFLQJ WLPH VXEVFULSWV LQ WDNLQJORJVRIERWKVLGHVDQGGLIIHUHQWLDWLQJ GFDQEHVKRZQWRHTXDO WKHUDWLREHWZHHQWKHJURZWKUDWHRIFRQVXPSWLRQH[SHQGLWXUHIRUWKHDYHUDJH $70FDUGKROGHUDQGWKHFRUUHVSRQGLQJJURZWKUDWHIRUWKHDYHUDJHFRQVXPHU %HWZHHQ DQGWKLVUDWLRDYHUDJHGDERXWDVFRQVXPSWLRQDPRQJ FDUGKROGHUV FRQVLVWHQWO\ RXWJUHZ DYHUDJH SHU FDSLWD FRQVXPSWLRQ DW WKH QDWLRQZLGHOHYHO
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6CDNG'UVKOCVGUQHGSWCVKQPUCPF 'SWCVKQP
GUVKOCVGF QXGT ++ +8
'SWCVKQP GUVKOCVGFQXGT +++8
VGUVQHJ[RQVJGUKU
VGUVQHJ[RQVJGUKU
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GUVKOC GUVKOC GUVKOC GUVKOC VKPIQPN[ VKPIQPN[ VKPICNN VKPICNN FWOO[ FWOO[ EQGHſ EQGHſ EQGHſ EQGHſ EKGPVU EKGPVU EKGPV EKGPV
#6/VGTOKPCNUFKHHWUKQP FV#6/
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(VGUVHQTVK VQXUVK VQ RXCNWG 0WODGTQHQDUGTXCVKQPU 4 &9
0QVGU 6JGFGRGPFGPVXCTKCDNGKUVJG NQIQH CIITGICVGECUJYKVJFTCYCNUHTQO #6/KPTGCNVGTOU VKCPF VQFGPQVGKPQTFGTVJGXCTKCPEGQHVJGGTTQTVGTOKP GSWCVKQP DGHQTG CPF CHVGT +8 1.5 GUVKOCVGU *GVGTQUMGFCUVKEKV[ TQDWUVVUVCVKUVKEUCTGTGRQTVGFDGNQYGCEJEQGHſEKGPV1PGQTVYQCUVGTKUMUFGPQVG TGURGEVKXGN[ CPF RGT EGPV UKIPKſECPEG NGXGNU 6JG TGITGUUKQPU CNUQ KPENWFG VJTGGUGCUQPCNFWOOKGU EQGHſEKGPVUPQVTGRQTVGF 6JGNKPGCTVTGPFVCMGUKPVGIGT XCNWGUDGVYGGPCPFQXGTVJG+Ō+8RGTKQF+PEQNWOPU CPF VJG EQGHſEKGPVUNCDGNGFőEQPUVTCKPGFŒCTGſZGFCVVJGKTXCNWGUGUVKOCVGFKPEQNWOP
2#PIGNKPKCPF(.KRRK
DGCRRTQRTKCVGQXGTQWTUCORNGRGTKQFYJKEJQPN[EQXGTUGKIJVSWCTVGTU CHVGTVJGEJCPIGQXGT5WDUVKVWVKPI KPVQ [KGNFU EVŌRQV D EFV#6/ JFV3 G GVŌRQV HTV OPV KVVŭ+8
#6/ 3 Q Q EVŌR V D T EFV JFV G GVŌR V HTV OPV QVVŮ+ YJGTGT ŌG 'CPFQV KV ŌG [VYKVJXCTKCPEGV Q V K ŌG V [ # YC[ VQ VGUV VJG PWNN J[RQVJGUKU QH PQ FKUVQTVKQP KP VJG RTKEG NGXGN CHVGT VJG EJCPIGQXGT CICKPUV VJG CNVGTPCVKXG J[RQVJGUKU YQWNF VJGP GPVCKN GUVKOCVKPI GSWCVKQP QXGT VJG GPVKTG UCORNG RGTKQF +++8 KPVTQFWEKPI C FWOO[ XCTKCDNG VQ CNNQY VJG EQPUVCPV VQ EJCPIG QXGT VJG NCUVVYQ[GCTUCPFEJGEMKPIHQTJGVGTQUMGFCUVKEKV[*QYGXGTKVKUGCU[VQ EJGEMVJCVWPFGTVJGCNVGTPCVKXGJ[RQVJGUKU GSWCVKQP KUCHHGEVGF D[CENCUUKEGTTQTUKPXCTKCDNGURTQDNGO KH V [ 1.5EQGHſEKGPVUYQWNF DG KPEQPUKUVGPV CPF DKCUGF VQYCTFU \GTQ 6Q EKTEWOXGPV VJKU FKHſEWNV[ YG TGUVTKEV VJG RCTCOGVGTU KP VQ VCMG VJG XCNWGU GUVKOCVGF QXGT VJG +++8 RGTKQF CPF GUVKOCVG QPN[ VJG EQGHſEKGPV QH VJG FWOO[ T YJKEJKUCPWPDKCUGFGUVKOCVQTQH ŌG '6JGTGUWNVUQHVJKU GZGTEKUGCTGRTGUGPVGFKPEQNWOP QH6CDNG6JGGUVKOCVGF TJCUC XCNWGQHŌ WUKPIVJKUſIWTGCPFVJGGUVKOCVGFXCNWGHQT G KV ECPDGTGEMQPGFVJCVVJGCXGTCIGKPƀCVKQPTCVGKPYCURGTEGPVCIG RQKPVUJKIJGTVJCPVJCVEQORWVGFWUKPIVJGQHſEKCNFGƀCVQT*QYGXGTCQPG VCKN V VGUV ECPPQV TGLGEV VJG PWNN VJCV T KU \GTQ CICKPUV VJG CNVGTPCVKXG VJCV KV KU PGICVKXG %QNWOP CNUQ TGRQTVU VJG TGUWNV QH CP ( VGUV QH VJG PWNN J[RQVJGUKUV Q V KCICKPUVVJGCNVGTPCVKXGV Q!V KYJKEJUJQWNFJQNFDCUGF QP #ICKPVJGPWNNKUPQVTGLGEVGF #UOGPVKQPGFCDQXGKH YGTGVTWGCPFVJGGTTQTKPXCTKCDNGURTQDNGO YGTGUGTKQWUCHVGT+81.5EQGHſEKGPVUUJQWNFDGDKCUGFVQYCTFU\GTQ 6JGTGHQTGCUCHWTVJGTEJGEMYGGUVKOCVGCNNVJGRCTCOGVGTUQH QXGTVJG GPVKTGUCORNGRGTKQF6JGGUVKOCVGFEQGHſEKGPVUUJQYVJCVVJGRCTCOGVGTU TGOCKPUVCDNG UGGEQNWOP 0GZV YG TGRNKECVG VJG GZGTEKUG HQT QWT UGEQPF CNVGTPCVKXG J[RQVJGUKU 5WDUVKVWVKPI ŏ KP [KGNFU CP GSWCVKQP KFGPVKECN VQ GZEGRV VJCV PQY T ŌG I6 6JWU DGIKPPKPI YKVJ + C NKPGCT VTGPF YKVJ EQGHſEKGPVI ŌG UJQWNFGPVGTVJGGSWCVKQP#NUQVJGGTTQTVGTOUJQWNF FKURNC[ VJG UCOG HQTO QH JGVGTQUMGFCUVKEKV[ CU WPFGT J[RQVJGUKU 5RGEKſECVKQPUKPEQNWOPU QH6CDNGUJQYPQGXKFGPEGEQPUKUVGPV YKVJVJGJ[RQVJGUKUQHCPKPETGCUGKPVJGRTKEGNGXGNCHVGTVJGEJCPIGQXGT +P DQVJ ECUGU VJG EQGHſEKGPV QH VJG ++8 FWOO[ KPVGTCEVGF YKVJVJGVKOGVTGPFKUPGICVKXG#ECNEWNCVKQPDCUGFQPVJGNCTIGTXCNWG GVQIGVJGTYKVJVJGGUVKOCVGFXCNWGQHHQT GUWIIGUVUVJCVVJG
&KFRTKEGUTGCNN[UQCTCHVGTVJGGWTQECUJEJCPIGQXGT!'XKFGPEGHTQO#6/YKVJFTCYCNU
CXGTCIGKPƀCVKQPTCVGKPYCURGTEGPVCIGRQKPVUJKIJGTVJCPDCUGF QPVJGQHſEKCNFGƀCVQT*QYGXGTGXGPKPVJKUECUGVJGEQGHſEKGPVKUPQV UVCVKUVKECNN[FKHHGTGPVHTQO\GTQCPFVJGPWNNQHJQOQUMGFCUVKEKV[ECPPQV DGTGLGEVGF 'ZRNQTKPIVJGRQYGTQHVJGUVCVKUVKECNVGUV 1WT GEQPQOGVTKE RTQEGFWTG COQWPVU VQ C V VGUV QP VJG EQGHſEKGPV QH C FWOO[KPCNKPGCTTGITGUUKQP6JGTGHQTGVJGRTQRGTVKGUQHQWTVGUVUCPFVJGKT UVCVKUVKECNRQYGTCTGYGNNITQWPFGFKPUVCPFCTFCU[ORVQVKECPFUOCNNUCORNG VJGQT[+VEQWNFDGCTIWGFJQYGXGTVJCVVJGRTGEKUKQPQHQWTGUVKOCVGUKU KPUWHſEKGPV VQ IGPGTCVG CFGSWCVG RQYGT GI DGECWUG QH VJG UJQTV UCORNG RGTKQF6QKPXGUVKICVGVJKUJ[RQVJGUKUYGRGTHQTOCEQWPVGTHCEVWCNGZGTEKUG YGCUUWOGVJCVDGIKPPKPIKP+VJGVTWGRTKEGFGƀCVQTKUJKIJGTVJCPVJG QHſEKCNQPG7UKPI YGUGVRQV RVŌ 'CHVGTVJGEJCPIGQXGT9GVJGP CUUKIP PWOGTKE XCNWGU VQ ' CPF TGGUVKOCVG URGEKſECVKQPU KP EQNWOPU CPF QH6CDNG+HQWTVGUVUJCXGUWHſEKGPVRQYGTVJGEQGHſEKGPVQHVJG FWOO[UJQWNFDGEQOGPGICVKXGCPFUKIPKſECPVHQTTGNCVKXGN[UOCNN XCNWGUQH '9GTGRQTVVJGTGUWNVUQHVJKUGZGTEKUGHQTXCNWGUQH 'TCPIKPI DGVYGGPCPFKORN[KPIVJCVKPKPƀCVKQPYCUDGVYGGPCPF RGTEGPVCIGRQKPVUJKIJGTVJCPTGEQTFGFD[QHſEKCNUVCVKUVKEU (KIRNQVUVJGőVTWGŒ 'OGCUWTGFQPVJGJQTK\QPVCNCZKUCICKPUVKVU @ GUVKOCVGFXCNWG'QDVCKPGFCUVJGTCVKQDGVYGGPVJGEQGHſEKGPVQHVJG FWOO[CPF G 6JGEWTXGUQDVCKPGFYKVJURGEKſECVKQPU CPF XKTVWCNN[QXGTNCRUQVJCVVJG[ECPJCTFN[DGFKUVKPIWKUJGFKPVJGſIWTG6JG[ CTGXGT[ENQUGVQVJGuNKPGUKPFKECVKPIVJCVVJGUK\GQHVJGFKUVQTVKQPKU ECRVWTGFSWKVGYGNNŌKPHCEVKVKUU[UVGOCVKECNN[UNKIJVN[QXGTGUVKOCVGF6JG ſIWTGCNUQUJQYUVJGRTGEKUKQPQHVJGGUVKOCVGUOGCUWTGFD[VJGVUVCVKUVKE QHVJG++8FWOO[$QVJURGEKſECVKQPUHCKNVQFGVGEVVJGRTGUGPEG QH C RGTEGPVCIG RQKPV FKUVQTVKQP *QYGXGT URGEKſECVKQP OCPCIGU VQEQTTGEVN[UKIPCNCUUVCVKUVKECNN[UKIPKſECPV YKVJCRGTEGPVEQPſFGPEG NGXGN C XCNWG QH ' CU NKVVNG CU QPG RGT EGPV KP VJKU ECUG URGEKſECVKQP [KGNFUCRXCNWGQH$QVJURGEKſECVKQPUECRVWTGXCNWGUQH'ITGCVGTVJCP QPGRGTEGPVCVNGCUVCVVJGRGTEGPVEQPſFGPEGNGXGN
9JKNGYGHQEWUGFQPJ[RQVJGUGU CPF ŏ KPQTFGTVQOCZKOK\GVJGRQYGT QHVJGVGUVYGCNUQVGUVGFJ[RQVJGUKURV RV ' I6 [VVŮ+YJKEJ PGUVU CPF ŏ 6JGGUVKOCVGFEQGHſEKGPVUHQTVJGFWOO[CPFHQT VJGVKOGVTGPFTGUWNVUYGTGPQVUVCVKUVKECNN[FKHHGTGPVHTQO\GTQ KPFKXKFWCNN[CU YGNNCULQKPVN[
HVWLPDWHGǻ
2#PIGNKPKCPF(.KRRK
VLJQLILFDQFHOHYHO
WUXHǻ (VWLPDWHRISDUDPHWHUǻIURPVSHFLILFDWLRQ YHUWLFDOOHIWD[LV (VWLPDWHRISDUDPHWHUǻIURPVSHFLILFDWLRQ YHUWLFDOOHIWD[LV WVWDWLVWLFRI,,9GXPP\IURP7DEOHVSHFLILFDWLRQ YHUWLFDOULJKWD[LV WVWDWLVWLFRI,,9GXPP\IURP7DEOHVSHFLILFDWLRQ YHUWLFDOULJKWD[LV
(KI6JGRQYGTQHVJGUVCVKUVKECNVGUV TGUWNVUHTQOCEQWPVGTHCEVWCNGZGTEKUG 0QVGU 5RGEKſECVKQPU CPF KP 6CDNG YGTG TGGUVKOCVGF WUKPI C EQWPVGTHCEVWCNRTKEGFGƀCVQTYJKEJLWORUD[CKP+5GGVJGVGZVHQTCFGVCKNGF FGUETKRVKQPQHVJGGZGTEKUG6JGJQTK\QPVCNCZKUOGCUWTGU'VJGUJKHVKPVJGRTKEGNGXGN QEEWTTGFCHVGTVJGEJCPIGQXGTDCUGFQPJ[RQVJGUKU KPVJGVGZV6JGXGTVKECNNGHV CZKUOGCUWTGUVJGGUVKOCVGF'EQORWVGFCU ţł GUVKOCVGFEQGHſEKGPVQH+ +8FWOO[ G 6JGVUVCVKUVKEUOGCUWTGFQPVJGXGTVKECNTKIJVCZKUCTGTGRQTVGFKP CDUQNWVGXCNWG
4QDWUVPGUUEJGEM 6JGCDQXGTGUWNVUYGTGUWDLGEVGFVQCPWODGTQHTQDWUVPGUUEJGEMU(KTUVYG EJGEMGFVJGUVCDKNKV[QHVJGURGEKſECVKQPTGRQTVGFKP6CDNGEQNWOP 6JGGZGTEKUGUFGUETKDGFKPUGEVKQPGPVCKNFGVGEVKPICUVTWEVWTCNDTGCM KPVJGGSWCVKQPCHVGTVJGHQWTVJSWCTVGTQH6JWUKVKUKORQTVCPVVJCVVJG EQGHſEKGPVUKPEQNWOP QH6CDNGDGUVCDNG#PQDXKQWUECPFKFCVGHQT CUVTWEVWTCNDTGCMKUVJGDGIKPPKPIQHVJGUKPINGGWTQCTGCOQPGVCT[RQNKE[ TGIKOG KP ,CPWCT[ 6JGTGHQTG VJG ſXG EQGHſEKGPVU D VJTQWIJ O QH URGEKſECVKQP YGTG CNNQYGF VQ EJCPIG QXGT VJG ++8 RGTKQF 6JG ( VGUV QH VJG PWNN J[RQVJGUKU VJCV VJG EJCPIGU KP VJG EQGHſEKGPVU CTG LQKPVN[GSWCNVQ\GTQ[KGNFU( YJKEJFQGUPQVCNNQYVQTGLGEVVJG PWNNQHRCTCOGVGTUVCDKNKV[CVVJGRGTEGPVEQPſFGPEGNGXGN*QYGXGTUKPEG VJKUXCNWGKUENQUGVQUKIPKſECPEGVJGVGUVUKP6CDNGYGTGTGRNKECVGFWUKPI VJG GSWCVKQP YJKEJ CNNQYU HQT RCTCOGVGT EJCPIG QXGT VJG ++8
&KFRTKEGUTGCNN[UQCTCHVGTVJGGWTQECUJEJCPIGQXGT!'XKFGPEGHTQO#6/YKVJFTCYCNU
RGTKQF6JGTGUWNVUYGTGSWCNKVCVKXGN[CPCNQIQWUVQVJQUGKP6CDNGCPF VJGTGHQTGCTGPQVTGRQTVGF 5GEQPFVJGGUVKOCVGUQHGSWCVKQP TGRQTVGFKP6CDNGCTGUWDLGEV VQCRQVGPVKCNGPFQIGPGKV[DKCURTQDNGOCUUQOGTKIJVJCPFUKFGXCTKCDNGU
GI GZRGPFKVWTG OC[ DG UKOWNVCPGQWUN[ FGVGTOKPGF YKVJ VJG FGRGPFGPV XCTKCDNG 6JWU YG TGGUVKOCVGF URGEKſECVKQP YKVJ VYQUVCIG NGCUV USWCTGUKPUVTWOGPVKPIFV#6/ FV3 GVŌRVCPFPVYKVJVJGKTNCIIGFXCNWGU 6JGTGUWNVU PQVTGRQTVGF CTGXKTVWCNN[WPEJCPIGF 6JKTFVJGCPCN[UKUKPUGEVKQPTGNKGUQPVJGJ[RQVJGUKUVJCVPQOKPCN GZRGPFKVWTG GV KU OGCUWTGF YKVJQWV GTTQT RTKQT CPF CHVGT VJG EJCPIGQXGT *QYGXGTPQOKPCNEQORQPGPVUQHEQPUWORVKQPGZRGPFKVWTGCTGEQORWVGF WUKPIDQVJXCNWGFCVC KGFCVCOGCUWTGFKPPQOKPCNVGTOU CPFFCVCDWKNV HTQO RTKEG CPF SWCPVKV[ KPFKEGU 2QUUKDNG OKUOGCUWTGOGPVU KP VJG RTKEGU QHVJGUGEQORQPGPVUCHVGT+8YKNNKPRTKPEKRNGDKCUGVCUYGNN5KPEGC FGVCKNGFDTGCMFQYPQHVJGFCVCQPJQWUGJQNFEQPUWORVKQPD[EQPUVTWEVKQP OGVJQFKUPQVCXCKNCDNGKVKUPQVRQUUKDNGVQCFFTGUUVJKUEQPEGTPKPCRTGEKUG YC[ UGG +56#6 *QYGXGT +56#6 FQGU RWDNKUJ C DTGCMFQYP QH EQPUWORVKQP GZRGPFKVWTG WUGF KP UGEVKQP KPVQ VYQ ECVGIQTKGU PQP FWTCDNGIQQFUCPFUGTXKEGU6JGHQTOGTKUXKTVWCNN[GPVKTGN[DWKNVHTQOXCNWG FCVCCPFVJGTGHQTGKVKUPQVCHHGEVGFD[RQUUKDNGOKUOGCUWTGOGPVKPRVCHVGT VJGEJCPIGQXGT6JWUYGTGTWPVJGTGITGUUKQPUKP6CDNGRTQZ[KPIGVYKVJ EQPUWORVKQPQHPQPFWTCDNGIQQFUKGGZENWFKPIGZRGPFKVWTGQPUGTXKEGU 6CDNG#KPVJGCRRGPFKZTGRQTVUVJGKPUVTWOGPVCNXCTKCDNGUGUVKOCVGUQH VJKUNCUVURGEKſECVKQP6JGGNCUVKEKV[QHOQPG[FGOCPFVQTGCNEQPUWORVKQP KUPQYUNKIJVN[NQYGTVJCPKP6CDNGDWVUVKNNUKIPKſECPVN[FKHHGTGPV HTQOQPGCVVJGRGTEGPVEQPſFGPEGNGXGN0QCRRTGEKCDNGEJCPIGUKPVJG QVJGTTGUWNVUGOGTIG5KOKNCTTGUWNVUYGTGQDVCKPGFYKVJ1.5 (KPCNN[ YG TGTWP QWT GZGTEKUGU WUKPI URGEKſECVKQPU HGCVWTKPI UGXGTCN CNVGTPCVKXGEQODKPCVKQPUQHTGITGUUQTU VJGPWODGTQH#6/VGTOKPCNUVJG PWODGTQH215VGTOKPCNUCPFVJGPWODGTQH#6/ECTFUUGRCTCVGN[CPFQT VQVCNJQWUGJQNFUEQPUWORVKQP CUQRRQUGFVQEQPUWORVKQPQHPQPFWTCDNGU CPFUGTXKEGU +PVJKUECUGCUYGNNVJGOCKPTGUWNVUQHVJGCPCN[UKUTGOCKP WPEJCPIGF
%QPENWUKQPU &KFVJGGWTQECUJEJCPIGQXGTVTKIIGTCUWFFGPUWDUVCPVKCNKPETGCUGQHVJG RTKEG NGXGN KP VJG GWTQ CTGC NCTIGN[ WPFGVGEVGF D[ VJG PCVKQPCN UVCVKUVKECN
#PIGNKPK #TFK\\K CPF .KRRK CNUQ WUG EQPUWORVKQP QH PQP FWTCDNGU CU C RTQZ[HQTGZRGPFKVWTGKPCURGEKſECVKQPHGCVWTKPIKPƀCVKQPCPFCVKOGVTGPFCOQPI VJGTGITGUUQTU6JGTGUWNVUQHVJGVGUVUCTGCPCNQIQWUVQVJQUGTGRQTVGFJGTG
2#PIGNKPKCPF(.KRRK
QHſ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ſTUVOQPVJUQHVJGQHſEKCNRTKEGKPFGZEQPVKPWGF VQOGCUWTGVJGIGPGTCNRTKEGNGXGNEQTTGEVN[CICKPUVVJGCNVGTPCVKXGVJCVKV WPFGTGUVKOCVGFKV6JGOCKPTGUWNVQHVJGCPCN[UKUKUVJCVPQPGQHVJGXCTKQWU VGUVURGTHQTOGFRTQXKFGUGXKFGPEGCICKPUVVJGPWNN5RGEKſECNN[QWTRQKPV GUVKOCVGU KORN[ VJCV VJG CXGTCIG KPƀCVKQP TCVG KP YCU CDQWV C JCNH RGTEGPVCIGRQKPVJKIJGTVJCPEQORWVGFWUKPIVJGQHſEKCNFGƀCVQT JQYGXGT VJKUGHHGEVKUPQVUVCVKUVKECNN[UKIPKſECPV 6QCUUGUUVJGRQUUKDKNKV[VJCVHCKNWTGVQTGLGEVVJGPWNNKUFWGVQNCEMQHRQYGT YGRGTHQTOCEQWPVGTHCEVWCNGZGTEKUG YGKPVTQFWEGCPCTVKſEKCNKPETGCUGKP VJGFGƀCVQTVKOGUGTKGUDGIKPPKPIKPCPFTGTWPQWTVGUVU6JGGSWCVKQP CEEWTCVGN[ ECRVWTGU VJG OCIPKVWFG QH VJG KPƀCVKQP FKUVQTVKQP EQTTGEVN[ UKIPCNKPI KV CU UVCVKUVKECNN[ UKIPKſECPV CU UQQP CU KV ITQYU ITGCVGT VJCP QT GSWCNVQQPGRGTEGPVQPCPCPPWCNDCUKU9GEQPENWFGVJCVVJGFGVGTOKPCPVU QHVJGYGNNFQEWOGPVGFFKUEQPPGEVDGVYGGPQHſEKCNCPFRGTEGKXGFOGCUWTGU QHKPƀCVKQPECPPQVDGCUETKDGFVQCUK\GCDNGOKUOGCUWTGOGPVD[VJGPCVKQPCN UVCVKUVKECNQHſEGUQHVJGGWTQCTGCEQWPVTKGU
&KFRTKEGUTGCNN[UQCTCHVGTVJGGWTQECUJEJCPIGQXGT!'XKFGPEGHTQO#6/YKVJFTCYCNU
#RRGPFKZ# 6CDNG##NVGTPCVKXGGUVKOCVGUQHGSWCVKQPUCPF
GVRVOGCUWTGFCUEQPUWORVKQPQHPQPFWTCDNGIQQFU KPUVTWOGPVCNXCTKCDNGUGUVKOCVGU 'SWCVKQP
GUVKOCV GFQXGT ++ +8
#6/ V
#6/VGTOKPCNUFKHHWUKQP F
3 V
215VGTOKPCNUFKHHWUKQP F 4GCNEQPUWORVKQP NQI GVRV 0WODGTQH#6/ECTFU NQI PV +PVGTGUVTCVGQPEJGEMKPICEEQWPVU
NQI TV %QPUVCPV &WOO[++8 &WOO[++8 NKPGCTVTGPF (VGUVHQTVQ VKXUVQ VK RXCNWG 0WODGTQHQDUGTXCVKQPU 4 &9
'SWCVKQP GUVKOCVGFQXGT++ +8
VGUVQHJ[RQVJGUKU
VGUVQHJ[RQVJGUKU
ŏ
GUVKOCV GUVKOCV KPIQPN[ KPICNN FWOO[ EQGHſ EQGHſ EKGPVU EKGPV
GUVKOCV GUVKOCV KPIQPN[ KPICNN FWOO[ EQGHſ EQGHſ EKGPVU EKGPV
%QPUVT %QPUVT %QPUVT %QPUVT
%QPUVT %QPUVT %QPUVT %QPUVT
%QPUVT %QPUVT G
G
%QPUVT %QPUVT G
G G
0QVGU 6JG FGRGPFGPV XCTKCDNG KU VJG NQI QH CIITGICVG ECUJ YKVJFTCYCNU HTQO#6/KPTGCNVGTOU VKCPF VQFGPQVGKPVJGQTFGTVJGXCTKCPEGQHVJGGTTQT VGTOKPGSWCVKQP DGHQTGCPFCHVGT+8+PUVTWOGPVCNXCTKCDNGUGUVKOCVGU FV#6/ FV3PVCPFGVRVCTGKPUVTWOGPVGFWUKPIVJGKTQYPNCIUGVRVKURTQZKGFD[ TGCN EQPUWORVKQP QH PQPFWTCDNG IQQFU *GVGTQUMGFCUVKEKV[TQDWUV VUVCVKUVKEU CTG TGRQTVGFDGNQYGCEJEQGHſEKGPV1PGQTVYQCUVGTKUMUFGPQVGTGURGEVKXGN[CPF RGTEGPVUKIPKſECPEGNGXGNU6JGTGITGUUKQPUCNUQKPENWFGVJTGGUGCUQPCNFWOOKGU
EQGHſEKGPVUPQVTGRQTVGF 6JGNKPGCTVTGPFVCMGUKPVGIGTXCNWGUDGVYGGPCPF QXGT VJG + Ō +8 RGTKQF +P EQNWOPU CPF VJG EQGHſEKGPV NCDGNGF őEQPUVTCKPGFŒCTGſZGFCVVJGKTXCNWGUGUVKOCVGFKPEQNWOP
2#PIGNKPKCPF(.KRRK
4GHGTGPEGU #PIGNKPK2#TFK\\K).KRRK( +PFKEC\KQPKKPFKTGVVGUWNNCFKPCOKECFGK RTG\\K NŏCPFCOGPVQ FGN EKTEQNCPVG G FGINK UVTWOGPVK FK RCICOGPVQ KP +VCNKC G PGNNŏCTGCFGNNŏGWTQKP&GN)KQXCPG2.KRRK(5CDDCVKPK4 GFU .ŏGWTQG NŏKPƀC\KQPG+N/WNKPQ$QNQIPC &GN)KQXCPG25CDDCVKPK4 2GTEGKXGFCPFOGCUWTGFKPƀCVKQPCHVGTVJG NCWPEJ QH VJG GWTQ GZRNCKPKPI VJG ICR KP +VCN[ )KQTPCNG FGINK 'EQPQOKUVK G #PPCNKFK'EQPQOKC &GWVUEJG$WPFGUDCPM 6JGGWTQCPFRTKEGUVYQ[GCTUQP/QPVJN[4GRQTV &\KWFC9/CUVTQDWQPK) 6JGGWTQEJCPIGQXGTCPFKVUGHHGEVUQPRTKEG VTCPURCTGPE[ CPF KPƀCVKQP /KUUKQP GWTQ OKUUKQP CEEQORNKUJGF 2TKPEGVQP 7PKXGTUKV[OKOGQ 'JTOCPP/ 4CVKQPCNKPCVVGPVKQPKPƀCVKQPFGXGNQROGPVUCPFRGTEGRVKQPU CHVGTVJGGWTQECUJEJCPIGQXGT'WTQRGCP%GPVTCN$CPM9QTMKPI2CRGT5GTKGU (GDTWCT[ 'WTQRGCP%GPVTCN$CPM C +ORCEVQHVJGGWTQECUJEJCPIGQXGTQPEWTTGPE[KP EKTEWNCVKQPCPF/#PPWCN4GRQTV 'WTQRGCP %GPVTCN $CPM D 4GEGPV FGXGNQROGPVU KP EQPUWOGTUŏ KPƀCVKQP RGTEGRVKQPU/QPVJN[$WNNGVKP,WN[ 'WTQRGCP%GPVTCN$CPM C 'HHGEVUQHVJGKPVTQFWEVKQPQHVJGGWTQDCPMPQVGU CPFEQKPUQPEQPUWOGTRTKEGU#PPWCN4GRQTVQP 'WTQRGCP %GPVTCN $CPM D 4GEGPV FGXGNQROGPVU KP GWTQ CTGC KPƀCVKQP RGTEGRVKQPU/QPVJN[$WNNGVKP1EVQDGT )CKQVVK ' .KRRK ( 2TKEKPI DGJCXKQT CPF VJG KPVTQFWEVKQP QH VJG GWTQ GXKFGPEG HTQO C RCPGN QH TGUVCWTCPVU )KQTPCNG FGINK 'EQPQOKUVK G #PPCNK FK 'EQPQOKC *QDKLP $ 4CXGPPC ( 6CODCNQVVK # /GPW EQUVU CV YQTM TGUVCWTCPV RTKEGUCPFVJGKPVTQFWEVKQPQHVJGGWTQ6JG3WCTVGTN[,QWTPCNQH'EQPQOKEU +56#6 .GPWQXGUVKOGFGKEQPUWOKſPCNKFGNNGHCOKINKG/GVQFKG0QTOG .WECU 4' ,T 5VQEMG[ 0 /QPG[ CPF KPVGTGUV KP C ECUJ KP CFXCPEG GEQPQO['EQPQOGVTKEC /CUVTQDWQPK ) 6JG GHHGEVU QH VJG GWTQEQPXGTUKQP QP RTKEGU CPF RTKEG RGTEGRVKQPU%'259QTMKPI2CRGT5GRVGODGT 6TCWV/CVVCWUEJ'5EJWNV\*CTFV5)TGKVGOG[GT6(TG[& 'ZRGEVCPE[ EQPſTOCVKQPKPURKVGQHFKUEQPſTOKPIGXKFGPEG VJGECUGQHRTKEGKPETGCUGUFWG VQVJGKPVTQFWEVKQPQHVJGGWTQ'WTQRGCP,QWTPCNQH5QEKCN2U[EJQNQI[
/GOQT[HQTRTKEGUCPFVJGGWTQECUJ EJCPIGQXGT CPCPCN[UKUHQTEKPGOCRTKEGUKP+VCN[ 8KPEGP\Q%GUVCTK 2CQNQ&GN)KQXCPG CPF%NGNKC4QUUK#TPCWF
.WOUC7PKXGTUKV[(CEWNV[QH'FWECVKQPCN5EKGPEGCPF%04+PUVKVWVG QH0GWTQUEKGPEG $CPMQH+VCN['EQPQOKE1WVNQQMCPF/QPGVCT[2QNKE[&GRCTVOGPV 7PKXGTUKV[QH4QOGő.C5CRKGP\CŒ2U[EJQNQI[&GRCTVOGPV
+PVTQFWEVKQP 6JGNKXGN[FGDCVGKPVJGRQUVEJCPIGQXGTRGTKQFUJQYUVJCVEQPUWOGTUJCXG UVTQPIQRKPKQPUQPKPƀCVKQP+PRTKPEKRNGVJKUKORNKGUVJCVVJG[UJQWNFDG CDNG VQ ECNEWNCVG CV NGCUV TQWIJN[ VJG TCVG QH EJCPIG KP VJG RTKEGU QH VJG YKFGTCPIGQHIQQFUCPFUGTXKEGUKPENWFGFKPVJGQHſEKCNKPFGZIKXGPVJCV KPƀCVKQPKUVJGTCVGQHEJCPIGQHVJGUGRTKEGUDGVYGGPVYQOQOGPVUKPVKOG 6QFQUQJQYGXGTVJG[PGGFVQTGOGODGTVJGRCUVRTKEGUQHVJGUGRTQFWEVU 'XGP EQPUKFGTKPI VJG KPFKXKFWCNŏU RGTUQPCN GZRGTKGPEG QH KPƀCVKQP TCVJGT VJCPVJGCXGTCIGKPƀCVKQPKPCEQWPVT[EQPUWOGTUUJQWNFCVNGCUVDGCDNG VQ TGOGODGT VJG RCUV RTKEGU QH VJG RTQFWEVU VJCV OCMG WR VJGKT RGTUQPCN EQPUWORVKQPDCUMGV6JGSWGUVKQPCFFTGUUGFD[VJKUUVWF[KUYJGVJGTVJG[ CEVWCNN[ECP 6JGUWTXG[DCUGFCPCN[UKUYGRTGUGPVHQEWUGUQPVJGRTKEGQHCURGEKſE UGTXKEGCPFQPVJGECUGQHVJGGWTQECUJEJCPIGQXGTDWVVJGKUUWGJCUC DTQCFGTTGNGXCPEG6JGRTKEGQHEKPGOCVKEMGVUYCUEJQUGPDGECWUGKVECP DGTGEQPUVTWEVGFHQTVJGRCUVYKVJGZVTGOGRTGEKUKQPCPFKUNGUUUWDLGEVVQ FKHHGTGPEGU FWGVQSWCNKV[QTDTCPF VJCPOCP[QVJGTIQQFUCPFUGTXKEGU #PFCUVJGUWTXG[YCUEQPFWEVGFD[UWDOKVVKPICSWGUVKQPPCKTGVQOQXKG
6JGCWVJQTUVJCPM2CQNQ#PIGNKPK.WKIK%CPPCTK)KQXCPPK&ŏ#NGUUKQ#PFTGC )GPGTCNG.WKIK)WKUQ(TCPEGUEQ.KRRK&QOGPKEQ,/CTEJGVVK5VGHCPQ5KXKGTQ CPF &CPKGNG 6GTNK\\GUG HQT WUGHWN EQOOGPVU CPF 2KGVTQ 5RCVCTQ HQT JGNR YKVJ FCVCRTQEGUUKPI6JG[CNUQITCVGHWNN[CEMPQYNGFIGVJGEQQRGTCVKQPQH%KPGOC 0WQXQ5CEJGTCPF%KPGOC3WCVVTQ(QPVCPGKP4QOG
8%GUVCTK2&GN)KQXCPGCPF%4QUUK#TPCWF
IQGTU YG ECP DG UWTG VJCV VJG UCORNG EQPUKUVU QH RGQRNG YJQ CEVWCNN[ EQPUWOGVJCVRCTVKEWNCTUGTXKEGCVNGCUVQEECUKQPCNN[ 6JGEJCPIGQXGTRGTKQFKUEJQUGPHQTVJGUVWF[CUCRCTVKEWNCTN[KPVGTGUVKPI ECUG RGT UG CPF DGECWUG KV DGCTU QP VJG MG[ SWGUVKQP QH YJGVJGT KPƀCVKQP RGTEGRVKQPUKPVJGRQUVEJCPIGQXGTRGTKQFCTGTGNCVGFVQVJGRTGUGPEGQHCDKCU KPRTKEGTGECNN#UCTIWGFD[)CKQVVKCPF.KRRK CPF%JCR CPF&GN )KQXCPGCPF5CDDCVKPK CPF%JCR KPFKXKFWCNRGTEGRVKQPUQHTKUKPI KPƀCVKQPOC[JCXGDGGPTGNCVGFVQCPKPCEEWTCVGOGOQT[QHRTGGWTQRTKEGU CPF C FKHſEWNV[ KP FKUVKPIWKUJKPI VJG RGTKQF QH VKOG QXGT YJKEJ VJG RTKEG EJCPIGJCUVCMGPRNCEG6JKUKPVWTPOC[JCXGKPFWEGFEQPUWOGTUVQDNCOG VJGGWTQCNUQHQTRTKEGTKUGUVJCVECOGDGHQTGKVUKPVTQFWEVKQPCPFJCFPQVJKPI VQFQYKVJVJGPGYEWTTGPE[/QTGQXGTCNVJQWIJKPƀCVKQPRGTEGRVKQPUJCXG TGEGFGFKP+VCN[UKPEG CUUJQYPD[VJG'WTQRGCP%QOOKUUKQPUWTXG[U YGCTGUVKNNEQPHTQPVGFYKVJCYKFGURTGCFDGNKGHCOQPIEQPUWOGTUVJCVVJG RTGUGPV RTKEGU QH OCP[ RTQFWEVU CTG VYKEG CU JKIJ QT KP CP[ ECUG OWEJ JKIJGTVJCPVJG[YGTGDGHQTGVJGKPVTQFWEVKQPQHVJGGWTQ#UOGPVKQPGFKP RTGXKQWUEJCRVGTUVJGQNFRTKEGUQHOCP[IQQFUCPFUGTXKEGUCTGEQOOQPN[ DGNKGXGFVQJCXGDGGPEQPXGTVGFCVCTCVGQHNKTGVQVJGGWTQTCVJGTVJCP CV VJG QHſEKCN TCVG QH CNOQUV 6JG HCEV VJCV VJKU YKFGURTGCF DGNKGH KU DCUGFQPYJCVEQPUWOGTUENCKOVQDGRTGEKUGTGECNNQHVJGRTGGWTQRTKEGUKUC IQQFTGCUQPVQKPXGUVKICVGYJGVJGTVJGKTEQPſFGPEGKPVJGKTOGOQT[KUYGNN HQWPFGF$WVYGCNUQEQPUKFGTVJGRQUUKDKNKV[QHCTGXGTUGFECWUCNNKPMHTQO VJG EQPXKEVKQP VJCV OCP[ RTKEGU JCXG FQWDNGF VQ C őOGOQT[Œ VJCV UKORN[ EQPſTOUVJCVDGNKGH .KVVNGKUMPQYPCDQWVVJGOGEJCPKUOUWPFGTN[KPIVJGOGOQT[HQTRTKEGU #NVJQWIJVJKUECPDGEQPUKFGTGFCURCTVQHVJGSWGUVKQPQHGXGT[FC[OGOQT[
0GKUUGT %QJGP GXKFGPEGHTQOEQIPKVKXGUVWFKGUQPVJKUKUUWG KUUGNFQOHQWPFKPRU[EJQNQIKECNTGUGCTEJ4CVJGTKVKUEQXGTGFKPCDTQCFGT UQEKCNUEKGPEGUNKVGTCVWTGVJCVKPENWFGUOCTMGVKPICPFEQPUWOGTDGJCXKQWT
&KEMUQPCPF5CY[GT /QPTQGCPF.GG 1WTCPCN[UKUſVUKPYKVJVJGTGEGPVDGJCXKQWTCNGEQPQOKENKVGTCVWTGYJKEJ RQUVWNCVGU FGXKCVKQPU HTQO VJG CUUWORVKQP QH TCVKQPCN EQORWVCVKQPCNN[ WPEQPUVTCKPGF CIGPVU 6JKU NKVGTCVWTG JCU GZRNQTGF VJG KORNKECVKQPU QH EQPUWOGTUŏ JCXKPI NKOKVGF KPHQTOCVKQPRTQEGUUKPI ECRCDKNKV[ CPF DGKPI TCVKQPCNN[ KPCVVGPVKXG UGG COQPI QVJGTU 5KOU #OGTKMU %CRNKP CPF.GCJ[.GX[GVCN4GKU QTJCXKPINKOKVGFOGOQT[
/WNNCKPCVJCP &\KWFCCPF/CUVTQDWQPK CPF'JTOCPP KPXGUVKICVGYJGVJGTKORGTHGEVKPHQTOCVKQPOQFGNUECPGZRNCKPVJGGXQNWVKQP QH RTKEGU CPF VJG OKUOCVEJ DGVYGGP RGTEGKXGF CPF CEVWCN KPƀCVKQP KP VJG CHVGTOCVJQHVJGGWTQECUJEJCPIGQXGT 6JG UVWF[ YCU EQPFWEVGF D[ IKXKPI SWGUVKQPPCKTGU VQ OGODGTU QH VJG CWFKGPEGKPVYQYGNNMPQYPEKPGOCUKP4QOGQPHQWTGXGPKPIUKP/C[ 6JGſTUVVYQSWGUVKQPUTGICTFGFOGOQT[QHRTGGWTQEKPGOCRTKEGUHQTVJG
/GOQT[HQTRTKEGUCPFVJGGWTQECUJEJCPIGQXGT CPCPCN[UKUHQTEKPGOCRTKEGUKP+VCN[
HWNNCPFVJGTGFWEGFRTKEGTGURGEVKXGN[+VCNKCPEKPGOCUV[RKECNN[QHHGTTGFWEGF RTKEGUQPYGGMFC[CHVGTPQQPUQTQPQPGYGGMFC[GXGPKPI+P4QOGYJGTG VJGSWGUVKQPPCKTGYCUVQDGIKXGPC9GFPGUFC[TGFWEVKQPYCUKPVTQFWEGFKP (GDTWCT[CPFOCKPVCKPGFVJGTGCHVGTKPENWFKPIVJGEJCPIGQXGTRGTKQF 6QEQPVTQNVJCVVJGCPUYGTUHQTVJGHWNNRTKEGYGTGPQVKPƀWGPEGFD[OGOQT[ QHVJGTGFWEGFRTKEGCPFCNUQVQVGUVTGURQPFGPVUŏOGOQT[WUKPICUGEQPF RTKEGYGKPENWFGFUGRCTCVGSWGUVKQPUHQTVJGVYQRTKEGU 6JGCPUYGTUQPTGECNNGFRTKEGUCTGCPCN[\GFKPVJGNKIJVQHVJQUGVQHWTVJGT SWGUVKQPUCKOGFCVGNWEKFCVKPIVJGOGEJCPKUOUQHRTKEGTGECNN OGCUWTKPI VJGTGNCVKQPUJKRDGVYGGPRTKEGOGOQTKGUCPFUWEJQVJGTHCEVQTUCUJCDKVUKP WUKPIVJGPGYEWTTGPE[ OGPVCNEQPXGTUKQPKPVQNKTGXUVJKPMKPIKPGWTQ HTGSWGPE[ QH OQXKGIQKPI CPF CVVKVWFGU VQYCTF VJG GWTQ CPF CUUGUUKPI VJGTGNCVKQPUJKRDGVYGGPVJGOGOQT[QHVJGURGEKſERTKEGEQPUKFGTGFCPF VJG RGTEGRVKQPU QP VJG CXGTCIG EJCPIG KP VJG IGPGTCN RTKEG NGXGN .CUVN[ VJGTGUWNVUQPRTKEGTGECNNCTGCNUQTGNCVGFVQRGTUQPCNEJCTCEVGTKUVKEU CIG IGPFGTGFWECVKQPCPFQEEWRCVKQP 6Q KPXGUVKICVG VJG GZVGPV VQ YJKEJ EQPUWOGTUŏ OGOQT[ HQT RTKEGU KU KPƀWGPEGFD[VJGEJCPIGQHEWTTGPE[CNVGTPCVKXGSWGUVKQPPCKTGUYGTGIKXGP VQVYQFKHHGTGPVUWDITQWRUQHTGURQPFGPVUCUMKPITGURGEVKXGN[VJGRTGGWTQ RTKEGGZRTGUUGFKPGWTQ TCVJGTVJCPKPNKTGCUKPVJGUVCPFCTFSWGUVKQPPCKTG QTVJGRTKEGKP
6JGOGVJQF 6JGTGURQPFGPVU 4GURQPFGPVU YGTG TCPFQON[UCORNGFCOQPI OGODGTU QH VJG CWFKGPEG KP OQXKGVJGCVTGU VJG[RCTVKEKRCVGFQPCXQNWPVCT[DCUKU4GURQPFGPVUQNFGT VJCP [GCTU YGTG GZENWFGF CU VJG[ GPLQ[GF C FKUEQWPVGF VKEMGV KP CPFQT CV VJG OQOGPV QH VJG UVWF[ # VQVCN QH RGQRNG ſNNGF KP QPG QH VJGSWGUVKQPPCKTGU6JGPWODGTQHTGURQPFGPVUHQTGCEJSWGUVKQPPCKTGYKVJ IGPFGTCIGCPFGFWECVKQPKUUJQYPKP6CDNG6JGSWGUVKQPPCKTGUYGTG IKXGPKPVYQYGNNMPQYPEKPGOCUKP4QOGYJQUGRTKEGKPEQKPEKFGF YKVJVJGOQFGHQTCNNſTUVTWPOQXKGVJGCVTGUKP4QOG9GEJQUGVJGUGVYQ EKPGOCUCNUQDGECWUGVJG[GPUWTGFIQQFEQPVTQNQPVJGUWTXG[EQPFKVKQPU
HWNNEQQRGTCVKQPD[VJGGORNQ[GGUCPFCUWKVCDNGCTGCYJGTGRGQRNGEQWNF ſNN QWV VJG SWGUVKQPPCKTGU YKVJQWV KPVGTHGTGPEG +V KU YQTVJ PQVKPI VJCV VJGUGEKPGOCUCTGCVVGPFGFD[CPCWFKGPEGEJCTCEVGTK\GFD[CJKIJNGXGNQH
%KPGOC0WQXQ5CEJGTCPF%KPGOC3WCVVTQ(QPVCPG
8%GUVCTK2&GN)KQXCPGCPF%4QUUK#TPCWF
6CDNG4GURQPFGPVU 3WGUVKQPPCKTGQP 3WGUVKQPPCKTGQP 3WGUVKQPPCKTGQP RTGGWTQ RTGGWTQ RTKEG RTKEGKPNKTG RTKEGKPGWTQ 0WODGTQHTGURQPFGPVU /CNG (GOCNG )GPFGTPQVKPFKECVGF #IGTCPIG /GCPCIG 5&
.QYGTVJCPJKIJUEJQQN FGITGG *KIJUEJQQNFGITGG 7PKXGTUKV[FGITGG 'FWECVKQPPQVKPFKECVGF
0QVGU +PHQTOCVKQPKURTQXKFGFUGRCTCVGN[HQTGCEJQHVJGVJTGGSWGUVKQPPCKTGUWUGF
UGG5GEV
GFWECVKQP CPF RTGUWOCDN[ KPEQOG CPF TCVJGT JKIJ HTGSWGPE[ QH OQXKG IQKPI6JGGZRGTKOGPVHQNNQYGFCDGVYGGPUWDLGEVFGUKIPKGGCEJITQWR QHTGURQPFGPVUſNNGFKPQPN[QPGSWGUVKQPPCKTG 6JGSWGUVKQPPCKTGU 1WTUVCPFCTFSWGUVKQPPCKTGKUTGRTQFWEGFKP#RRGPFKZ#+VEQORTKUGF SWGUVKQPURNWUKVGOUQPRGTUQPCNFCVC CIGIGPFGTGFWECVKQPQEEWRCVKQP 6JGſTUVVYQSWGUVKQPUTGICTFGFOGOQT[QHEKPGOCRTKEGU HQTVJGHWNNCPF VJG TGFWEGF RTKEG TGURGEVKXGN[ YKVJ TGHGTGPEG VQ VJG RGTKQF KOOGFKCVGN[ RTGEGFKPIVJGECUJEJCPIGQXGTYJGPRTKEGUYGTGUVKNNKPNKTG 6JG QVJGT SWGUVKQPU YGTG KPVGPFGF ſTUV VQ ECRVWTG VJG OGEJCPKUOU VJTQWIJYJKEJRTKEGUYGTGTGEQXGTGF GIOGOQT[XUECNEWNCVKQP UGEQPF VQGNKEKVHTGSWGPE[QHOQXKGIQKPIJCDKVUKPWUKPIVJGPGYEWTTGPE[ OGPVCN EQPXGTUKQPKPVQNKTGXUVJKPMKPIKPGWTQ CPFCVVKVWFGUVQYCTFUVJGGWTQDQVJ DGHQTGKVUKPVTQFWEVKQPCPFEWTTGPVN[ VJKTFVQTGEQTFVJGRGTEGRVKQPUQPVJG CXGTCIGEJCPIGKPVJGIGPGTCNRTKEGNGXGN 6Q KPXGUVKICVG JQY VJG OGOQT[ QH RTKEGU KU KPƀWGPEGF D[ VJG EWTTGPE[ EJCPIGQXGT VYQ CNVGTPCVKXG SWGUVKQPPCKTGU YGTG CFOKPKUVGTGF VQ UGRCTCVG ITQWRUQHTGURQPFGPVU1PGYCUCUMGFVQKPFKECVGVJGRTGGWTQRTKEGGZRTGUUGF KPGWTQTCVJGTVJCPKPNKTGCUKPVJGUVCPFCTFSWGUVKQPPCKTGVJGQVJGTVJGRTKEGKP 9JGTGPGEGUUCT[VJGQVJGTSWGUVKQPUYGTGUNKIJVN[CFLWUVGF6JGTCVKQPCNG
/GOQT[HQTRTKEGUCPFVJGGWTQECUJEJCPIGQXGT CPCPCN[UKUHQTEKPGOCRTKEGUKP+VCN[
YCUVQEJGEMYJGVJGTGZRTGUUKPIVJGQNFRTKEGKPGWTQUGPEQWTCIGFEQPUWOGTU VQDGVVGTTGƀGEVQPVJGFKHHGTGPEGDGVYGGPVJGTGECNNGFCPFVJGRTGUGPVRTKEG CPF QP VJG KORNKEKV TCVG QH EJCPIG VJGTGD[ KORTQXKPI VJG CEEWTCE[ QH VJG TGECNN6JGSWGUVKQPQPVJGRTKEGCNNQYGFWUVQXGTKH[VJGEQTTGEVPGUU QHOGOQT[YKVJTGURGEVVQCOQTGTGEGPVRGTKQFVJCVFKFPQVEQKPEKFGYKVJC EWTTGPE[EJCPIGQXGT 6JGRTQEGFWTG 6JGSWGUVKQPPCKTGUYGTGCFOKPKUVGTGFD[FQEVQTCNUVWFGPVUKPRU[EJQNQI[ WPFGT VJG UWRGTXKUKQP QH VJG CWVJQTU QP HQWT GXGPKPIU KP /C[ 2CTVKEKRCPVUYGTGCUMGFVQCPUYGTVJGSWGUVKQPUKPQTFGTCPFYKVJQWVTGCFKPI CJGCF6JG[YGTGIKXGPPQVKOGNKOKVCPFCUMGFVQEQORNGVGVJGSWGUVKQPPCKTG CUCEEWTCVGN[CURQUUKDNGYKVJQWVEQOOWPKECVKPIYKVJQVJGTRCTVKEKRCPVU 6JGCPUYGTUQPVJGRTGGWTQRTKEGGZRTGUUGFKPGWTQCPFQPVJGRTKEGKP YGTGEQORCTGFYKVJVJQUGQPVJGRTGGWTQRTKEGGZRTGUUGFKPNKTGD[ EQPUKFGTKPIHQTVJGNCVVGTQPN[VJGSWGUVKQPPCKTGUCFOKPKUVGTGFKPVJGUCOG OQXKGVJGCVTGCPFQPVJGUCOGGXGPKPIU 2TKEG OGOQT[ YCU EQORCTGF YKVJ VJG CEVWCN RTKEGU KP GHHGEV DGHQTG VJG NCWPEJQHVJGGWTQ5KPEGVJGSWGUVKQPPCKTGCUMGFHQTVJGRTKEGKPNKTGKPVJG RGTKQFőKOOGFKCVGN[RTGEGFKPIŒVJGECUJEJCPIGQXGTYGEQWNFJCXGUKORN[ EQPUKFGTGFVJGRTKEGCVVJGXGT[GPFQH*QYGXGTUKPEGUGXGTCNOQXKG VJGCVTGUKP4QOGJCFTCKUGFVJGKTRTKEGUKPOKF&GEGODGTYGEQPUKFGTGF VJGCEVWCNRTKEGUDQVJKPVJGſTUVJCNHCPFKPVJGUGEQPFJCNHQH&GEGODGTVCMKPI KPVQCEEQWPVVJCV C VJGRTKEGKPETGCUGKPOKF&GEGODGTEQWNFDGKPVGTRTGVGF CUCPCPVKEKRCVGFGHHGEVQHVJGGWTQCPFD VJGNCUVRTKEGKPNKTGOKIJVJCXGPQV DGGPOGOQTK\GFD[VJGRWDNKECUKVNCUVGFQPN[VYQYGGMU 1P&GEGODGTVJGCXGTCIGEKPGOCRTKEGYCUNKTGYJKNGDQVJVJG OGFKCPCPFVJGOQFGYGTGNKTG1P&GEGODGTVJGOGCPYCUUNKIJVN[ JKIJGTVJGOGFKCPWPEJCPIGFCPFVJGOQFGJCFDGEQOG#UVQVJG RQUUKDKNKV[VJCVVJGRTKEGUKPVJGſTUVJCNHQH&GEGODGTJCFCNUQDGGPCHHGEVGFD[ VJGKOOKPGPVEJCPIGQXGTCPCN[UKUQHVJGVKOGUGTKGUKPVJGRTGXKQWU[GCTUUJQYU VJCVVJCVVJKUYCUPQVVJGECUGUKPEGRTKEGUJCFDGGPCVCDQWVVJGUCOGNGXGNUKP VJGHQWT[GCTURTGEGFKPIVJGEJCPIGQXGT UGGDGNQYHQTOQTGGXKFGPEG 1PVJKUDCUKUYGEQPUKFGTGFCUCEQTTGEVOGOQT[HQTVJGRTGGWTQRTKEGQH VJGHWNNVKEMGVDQVJNKTG VJGOQFGRTGXCKNKPIWPVKNCHGYYGGMUDGHQTG VJGEJCPIGQXGTCPFKPVJGHQWTRTGXKQWU[GCTUGZEGRV CPFNKTG YJKEJ YCU VJG OQFG QH VJG XGT[ NCUV RTKEG KP NKTG 6JGUG YGTG VJG RTKEGU EJCTIGFKPVJGſTUVCPFUGEQPFJCNHQH&GEGODGTTGURGEVKXGN[KPQWTVYQ EKPGOCUCPFKPQVJGTOQXKGVJGCVTGUYKVJVJGUCOGSWCNKV[UVCPFCTFCPFUQ EQTTGURQPFENQUGN[VQVJGSWGUVKQPPCKTG YJKEJCUMGFVJGRTKEGKPCſTUVTWP OQXKGVJGCVTGőUKOKNCTVQVJKUQPGŒ 6JGCPUYGTNKTGYCUEQPUKFGTGF
8%GUVCTK2&GN)KQXCPGCPF%4QUUK#TPCWF
CUENQUGVQEQTTGEVUKPEGVJKUYCUVJGRTKEGUVKNNEJCTIGFD[CDQWVRGTEGPV QHVJGEKPGOCUCVVJGGPFQH (QTVJGTGFWEGFRTKEGVJGEQTTGEVCPUYGTYCUNKTGVJGRTKEGEJCTIGF D[CNCTIGOCLQTKV[QHVJGEKPGOCUVJCVQHHGTGFCFKUEQWPVQP9GFPGUFC[#V VJGVKOGQHVJGEJCPIGQXGTVJCVTGFWEGFRTKEG CITGGFCPFCFXGTVKUGFD[VJG CUUQEKCVKQPQHEKPGOCUKP4QOG JCFDGGPWPEJCPIGFHQTCNOQUVHQWT[GCTU UKPEGKVUKPVTQFWEVKQPKP(GDTWCT[
6JGTGUWNVU &QEWOGPVKPIVJGFKUETGRCPE[DGVYGGPTGECNNGFCPFCEVWCN RTGGWTQRTKEGU 6JGOCKPſPFKPIKUVJCVQWTUCORNGŏUTGECNNGFRTGGWTQRTKEGUCTGOWEJNQYGT VJCPVJGCEVWCNRTKEGUCVVJGGPFQH(KIEQORCTGUVJGRGTEGPVCIG
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(KI4GECNNGFXUCEVWCNEKPGOCRTKEG HWNNVKEMGV 5QWTEG .C4GRWDDNKECFCKN[PGYURCRGT 0QVGU 1PVJGJQTK\QPVCNCZKUVJGRTKEGUQHHWNNEKPGOCVKEMGVU KPNKTG QPVJG XGTVKECNCZKUVJGRGTEGPVCIGQHTGURQPFGPVUKPFKECVKPIVJGRTKEGCUVJGKTTGECNN FCTM JKUVQITCO CPF VJG RGTEGPVCIG QH EKPGOCU VJCV EJCTIGF VJCV RTKEG KP VJG ſTUV JCNH QH&GEGODGT NKIJVJKUVQITCO 6JGEKPGOCUEQPUKFGTGFCTGVJQUGNQECVGFKP 4QOGUJQYKPIPGYN[TGNGCUGFſNOU
/GOQT[HQTRTKEGUCPFVJGGWTQECUJEJCPIGQXGT CPCPCN[UKUHQTEKPGOCRTKEGUKP+VCN[
QHTGURQPFGPVUTGECNNKPIGCEJRTKEG FCTMJKUVQITCO YKVJVJGRGTEGPVCIGQH EKPGOCUVJCVCEVWCNN[EJCTIGFVJCVRTKEGKPVJGſTUVJCNHQH&GEGODGT
NKIJVJKUVQITCO 1PN[RGTEGPVQHVJGTGURQPFGPVUUCKFGKVJGTQTYJKEJ YG EQPUKFGT VQ DG VJG EQTTGEV CPUYGTU UGG 5GEV # UKZVJ RGT EGPV KPFKECVGFYJKEJKUENQUGVQEQTTGEV6JGOCLQTKV[ RGTEGPV KPFKECVGF RTKEGU NQYGT VJCP NKTG YJKEJ YGTG PQPGZKUVGPV KP VJG OQPVJURTGEGFKPIVJGNCWPEJQHVJGGWTQ +PVGTGUVKPIN[VJGOQFGQHVJGTGECNNGFRTKEG NKTG EQTTGURQPFUVQ VJGOQFGQHVJGRTKEGUCVVJGVKOGQHVJGUVWF[ GWTQ EQPXGTVGFCVCTCVGQH NKTGVQGWTQ 6JGſPFKPIUQDVCKPGFHQTVJGTGFWEGFVKEMGVCTGUKOKNCT (KI 1PN[ CXGT[UOCNNHTCEVKQPQHVJGTGURQPFGPVU RGTEGPVCUKPVJGECUGQHVJG
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(KI4GECNNGFXUCEVWCNEKPGOCRTKEGU TGFWEGFVKEMGV 5QWTEG .C4GRWDDNKECFCKN[PGYURCRGT 0QVGU 1P VJG JQTK\QPVCN CZKU VJG RTKEGU QH TGFWEGF EKPGOC VKEMGVU KP NKTG QP VJG XGTVKECN CZKU VJG RGTEGPVCIG QH TGURQPFGPVU KPFKECVKPI VJG RTKEG CU VJGKT TGECNN FCTM JKUVQITCO CPF VJG RGTEGPVCIG QH EKPGOCU VJCV EJCTIGF VJCV RTKEG KP &GEGODGT NKIJV JKUVQITCO 6JG EKPGOCU EQPUKFGTGF CTG VJQUG NQECVGF KP 4QOGUJQYKPIPGYN[TGNGCUGFſNOU6JGHGYEKPGOCUVJCVFKFPQVQHHGTCTGFWEGF RTKEGQP9GFPGUFC[YGTGGZENWFGFHTQOVJGEQORWVCVKQP
8%GUVCTK2&GN)KQXCPGCPF%4QUUK#TPCWF
HWNNVKEMGV TGECNNVJGCEVWCNRTKEG NKTG #TQWPFCſHVJTGECNNCRTKEG
QT VJCV KU PQV VQQ HCT QHH /QUV TGURQPFGPVU RGT EGPV TGECNNCRTKEG NKTGQTNGUU VJCVKUOWEJNQYGTVJCPVJGCEVWCNQPG 6JGOGCPQHVJGTGECNNGFRTKEGKUNKTG#UKPVJGECUGQHVJGHWNNVKEMGV VJGOQFGQHVJGTGECNNGFRTKEG NKTG EQTTGURQPFUVQVJGOQFGQHVJG CEVWCNRTKEGUCVVJGVKOGQHVJGUVWF[ GWTQ EQPXGTVGFCVCTCVGQH NKTGVQGWTQ (KPCNN[ VJG RTKEGU TGECNNGF FCVG DCEM VQ C RGTKQF NQPI DGHQTG VJG EJCPIGQXGT CUUJQYPKP(KIVJGOGCPCPFVJGOQFGQHVJGTGECNNGF RTKEGU HWNNVKEMGV EQTTGURQPFVQVJGCEVWCNRTKEGUQDUGTXGFTGURGEVKXGN[KP CPFOQTGVJCPVGP[GCTUDGHQTGVJGNCWPEJQHVJGGWTQ %
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(KI 4GECNNGF RTGGWTQ RTKEGU EQORCTGF VQ CEVWCN RTKEGU KP JKUVQTKECN RGTURGEVKXG 5QWTEG .C4GRWDDNKECFCKN[PGYURCRGTHQTCEVWCNRTKEGU 0QVGU #EVWCN RTKEGU HQT C HWNN VKEMGV KP ſTUVTWP OQXKG VJGCVTGU KP 4QOG
NGHVJCPF UECNG NKTG TKIJVJCPF UECNG GWTQU VJG VYQ EKTENGU KPFKECVG VJG CEVWCN RTKEGUEQTTGURQPFKPIVQVJGOGCPCPFVJGOQFGQHVJGRTGGWTQRTKEGUTGECNNGFD[ TGURQPFGPVU'PFQH[GCTſIWTGU ſTUVJCNHQH&GEGODGTHQTUGG5GEV YKVJVJGGZEGRVKQPQHHQTYJKEJVJG[TGHGTVQ/C[YJGPYGECTTKGFQWV VJGUVWF[
/GOQT[HQTRTKEGUCPFVJGGWTQECUJEJCPIGQXGT CPCPCN[UKUHQTEKPGOCRTKEGUKP+VCN[
/GOQT[KPCEEWTCE[ UQOGKPUKIJVUHTQOVJGTGURQPFGPVUŏ CPUYGTU %QORNGVGFGUETKRVKXGGXKFGPEGQPVJGTGNCVKQPUJKRDGVYGGPVJGRTKEGTGECNNGF D[VJGTGURQPFGPVUCPFVJGKTCPUYGTUVQVJGQVJGTSWGUVKQPUKUIKXGPKP6CDNG $KP#RRGPFKZ$ 6JGTGUWNVUQHVJGUVCVKUVKECNCPCN[UGUHQTVJGTGNCVKQPDGVYGGPVJGTGECNNQH HWNNRTKEGUCPFVJGCPUYGTUTGNCVKPIVQKPFKXKFWCNOGOQT[ TGRQTVGFRTGEKUKQP QHTGECNNCPFOGOQT[QHVJGEJCPIGQXGT[GCT KPFKXKFWCNJCDKVUEQPEGTPKPI OGPVCNEQPXGTUKQPKPVQNKTGCPFHTGSWGPE[QHOQXKGIQKPICTGIKXGPKP6CDNG 6JGOCKPſPFKPIUCTG PQ UKIPKſECPV FKHHGTGPEG DGVYGGP VJG RTKEGU KPFKECVGF D[ TGURQPFGPVU ENCKOKPI RTGEKUG TGECNN CPF D[ RCTVKEKRCPVU JCXKPI C XCIWG OGOQT[ RCTVKEKRCPVU YJQ EQTTGEVN[ KPFKECVG CU VJG [GCT QH VJG GWTQ ECUJEJCPIGQXGTJCXGOQTGCEEWTCVGOGOQT[VJCPVJQUGYJQIGVVJG[GCT YTQPI VJGRTKEGTGRQTVGFD[RCTVKEKRCPVUYJQUC[VJCVVJG[őCNYC[UVJKPM KPGWTQŒQTőEQPXGTVTCTGN[ŒKUUKIPKſECPVN[JKIJGT CPFVJWUOQTGCEEWTCVG VJCPVJCVTGECNNGFD[VJQUGYJQUC[VJG[őEQPXGTVUQOGVKOGUŒőQHVGPŒQT őCNYC[UŒ VJGRTKEGTGECNNGFD[RCTVKEKRCPVUYJQYGPVVQVJGOQXKGUVYKEGC OQPVJQTOQTGKUUKIPKſECPVN[JKIJGTVJCPHQTRCTVKEKRCPVUYJQCVVGPFGFVJG EKPGOCQPEGCOQPVJQTNGUU
6JGUCOGVGUVUYGTGEQPFWEVGFHQTVJGTGFWEGFRTKEG[KGNFKPICUKOKNCTRCVVGTP QHTGUWNVU 2CTVKEKRCPVU YGTG TGSWGUVGF ſ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ſECPVQPEGYGEQPUKFGTKVKPVJG EQPVGZVQHCOWNVKXCTKCVGCPCN[UKU UGG5GEV
8%GUVCTK2&GN)KQXCPGCPF%4QUUK#TPCWF
6CDNG2TKEGTGECNNGFCPFTGURQPFGPVUŏCPUYGTUTGNCVKPIVQKPFKXKFWCNOGOQT[ JCDKVUQHOGPVCNEQPXGTUKQPCPFHTGSWGPE[QHOQXKGIQKPI 4GRQTVGFRTGEKUKQPQHTGECNN 2TGEKUG 0WODGTQHQDUGTXCVKQPU /GCP 5& QHRTKEGTGECNNGF VVGUV
8CIWG
V PQVUKIPKſECPV 4GRQTVGF[GCTQHVJGGWTQECUJEJCPIGQXGT %QTTGEV[GCT
0WODGTQHQDUGTXCVKQPU /GCP 5& QHRTKEGTGECNNGF VVGUV
/KUVCMGP[GCT
V R *CDKVUQHOGPVCNEQPXGTUKQPKPNKTG #PUYGTUőCNYC[UVJKPM KPGWTQŒQT őEQPXGTVTCTGN[Œ
0WODGTQHQDUGTXCVKQPU /GCP 5& QHRTKEGTGECNNGF VVGUV
#PUYGTUőEQPXGTV UQOGVKOGUŒőQHVGPŒQT őCNYC[UŒ
V R (TGSWGPE[QHOQXKGIQKPI 6YKEGCOQPVJQTOQTG
0WODGTQHQDUGTXCVKQPU /GCP 5& QHRTKEGTGECNNGF VVGUV
1PEGCOQPVJQTNGUU
V R
0QVGU (QTGCEJITQWRPWODGTQHTGURQPFGPVUCPFOGCPCPF KPDTCEMGVU UVCPFCTF FGXKCVKQP QH VJG RTKEG TGECNNGF HQT GCEJ EQORCTKUQP VVGUV QH FKHHGTGPEG DGVYGGP OGCPU0WODGTQHUWDLGEVUCPFFGITGGUQHHTGGFQOXCT[FGRGPFKPIQPVJGPWODGT QHOKUUKPICPUYGTU
4GECNNQHRTKEGUCPFKPƀCVKQPRGTEGRVKQPU 6JGFGUETKRVKXGUVCVKUVKEU 6CDNG$ UWIIGUVCNKPMDGVYGGPVJGTGECNNGF RTKEGCPFKPFKXKFWCNKPƀCVKQPRGTEGRVKQPU OGCUWTGFD[VJGQRKPKQPQPVJG TCVGQHEJCPIGQHVJGIGPGTCNRTKEGNGXGN DQVJKPVJGVYQ[GCTUHQNNQYKPI
/GOQT[HQTRTKEGUCPFVJGGWTQECUJEJCPIGQXGT CPCPCN[UKUHQTEKPGOCRTKEGUKP+VCN[
VJG EJCPIGQXGT CPF KP VJG VYQ [GCTU RTGEGFKPI VJG UVWF[ *QYGXGT PQ UVCVKUVKECNVGUVEQWNFDGEQPFWEVGFQPVJGſTUVRGTKQFFWGVQVJGGZVTGOGN[ CU[OOGVTKECN FKUVTKDWVKQP QH VJG CPUYGTU QPN[ TGURQPFGPVU CPUYGTGF őHCNNGPŒőUVC[GFCDQWVVJGUCOGŒQTőTKUGPUNKIJVN[Œ 6JGUVCVKUVKECNCPCN[UKUYCUVJWUEQPFWEVGFD[ITQWRKPIUWDLGEVUCEEQTFKPI VQVJGKTQRKPKQPQPKPƀCVKQPDQVJKPVJGVYQ[GCTUCHVGTVJGEJCPIGQXGTCPFKP VJGVYQ[GCTURTGEGFKPIVJGUVWF[CEEQTFKPIVQVYQETKVGTKC C 4GURQPUGU őHCNNGPŒőUVC[GFCDQWVVJGUCOGŒőTKUGPUNKIJVN[ŒőTKUGP OQFGTCVGN[ŒőTKUGPCNQVŒ YGTGCUUKIPGFUEQTGUHTQOVQCPFVJG UEQTGUHQTVJGVYQFKHHGTGPVRGTKQFUYGTGUWOOGF GICUEQTGQH EQTTGURQPFUVQőTKUGPCNQVŒHQTDQVJRGTKQFU 6JGUWOQHVJGVYQ RGTKQFU VJWU EQTTGURQPFU VQ VJG VKOG JQTK\QP HQT YJKEJ YG VGUVGF OGOQT[HQTRTKEGU D 4GURQPUGUYGTGCUUKIPGFUEQTGUHTQOVQCPFVJGUEQTGHQTVJG OQTG TGEGPV RGTKQF YCU UWDVTCEVGF HTQO VJCV HQT VJG VYQ [GCTU HQNNQYKPIVJGEJCPIGQXGTVQECRVWTGVJGRGTUKUVGPEGQHKPFKXKFWCNUŏ DGNKGHUEQPEGTPKPIKPƀCVKQP 6JGUEQTGUVJWUQDVCKPGFTCPIGFTGURGEVKXGN[HTQOVQCPFHTQO VQ6JG[YGTGFKUVTKDWVGFCUTGRQTVGFKP6CDNG 6CDNG2GTEGKXGFKPETGCUGKPVJGIGPGTCNRTKEGNGXGNŌ U[PVJGVKEOGCUWTGUQHVJGTGURQPFGPVUŏQRKPKQP %QODKPGFUEQTGU 5WO 0WODGTQHQDUGTXCVKQPU
Ō
Ō
Ō
0WODGTQHQDUGTXCVKQPU
&KHHGTGPEG
Ō
0QVGU 4GURQPUGUCDQWVVJGRCUVDGJCXKQWTQHRTKEGU őHCNNGPŒőUVC[GFCDQWVVJG UCOGŒőTKUGPUNKIJVN[ŒőTKUGPOQFGTCVGN[ŒőTKUGPCNQVŒ TGURGEVKXGN[HQTVJGVYQ [GCTUHQNNQYKPIVJGGWTQECUJEJCPIGQXGTCPFHQTVJGVYQ[GCTUDGHQTGVJGUVWF[YGTG CUUKIPGFUEQTGUHTQOVQ6JGUWOQHVJGUEQTGUHQTVJGVYQRGTKQFUYCUECNEWNCVGF CPFCNUQVJGFKHHGTGPEGDGVYGGPVJGRQUVEJCPIGQXGTRGTKQFCPFVJGOQTGTGEGPVVYQ [GCTRGTKQF6JGVCDNGUJQYUVJGPWODGTQHQDUGTXCVKQPUHQTGCEJEQODKPGFUEQTG
#NVJQWIJTGHGTTGFVQNQPIGTVKOGJQTK\QPUVJGSWGUVKQPUYGTGRJTCUGFCUKPVJG 'WTQRGCP%QOOKUUKQP '% UWTXG[ UGG%JCR5GEV YKVJVJGUCOGNKUV QHRQUUKDNGCPUYGTU#UKPVJG'%UWTXG[TGURQPFGPVUYGTGCUMGFVQUVCVGVJGKT XKGYUTGICTFKPIRCUVRTKEGFGXGNQROGPVUKPSWCNKVCVKXGVGTOUTCVJGTVJCPVQOCMG CPWOGTKECNGUVKOCVG
8%GUVCTK2&GN)KQXCPGCPF%4QUUK#TPCWF
6JGUVCVKUVKECNCPCN[UKU 6CDNG UJQYUVJCVOQXKGRTKEGUTGECNNGFD[ RCTVKEKRCPVUYJQKPFKECVGNQYKPƀCVKQPQXGTVJGGPVKTGRGTKQFCTGUKIPKſECPVN[ JKIJGT VJCP VJQUG TGRQTVGF D[ RCTVKEKRCPVU YKVJ C JKIJ NGXGN QH RGTEGKXGF KPƀCVKQPGURGEKCNN[YJGPőJKIJRGTEGKXGFKPƀCVKQPŒKUFGſPGFCUCEQODKPGF UEQTGQH KGőTKUGPCNQVŒDQVJKPVJGVYQ[GCTUHQNNQYKPIVJGEJCPIGQXGT CPFVJGNCUVVYQ[GCTU #PFVJGRTKEGUTGECNNGFD[RCTVKEKRCPVUYJQRGTEGKXGF VJGUCOGFGITGGQHRTKEGKPETGCUGHQTDQVJRGTKQFUCTGUKIPKſECPVN[NQYGT
CPFVJWUHWTVJGTHTQOVJGCEVWCNRTKEG VJCPHQTRCTVKEKRCPVUYJQRGTEGKXGF NQYGTKPƀCVKQPKPVJGOQTGTGEGPVRGTKQFVJCPKPVJGVYQ[GCTUHQNNQYKPIVJG EJCPIGQXGT 1RKPKQPUQPKPƀCVKQPYGTGCNUQKPXGUVKICVGFD[CUMKPIHQTVJGFGITGGQH CITGGOGPVYKVJVJGUVCVGOGPVő9JCVEQUVNKTGDGHQTGVJGKPVTQFWEVKQPQH VJGGWTQPQYEQUVUGWTQŒYJKEJKUCRRCTGPVN[YJCVOCP[+VCNKCPEQPUWOGTU DGNKGXG KORN[KPICRTKEGTKUGQHRTCEVKECNN[RGTEGPV 6JGTGUWNVUFQ PQVRTQXKFGENGCTKPFKECVKQPU6JG[FQEQPſTOVJCVVJKUQRKPKQPKUYKFGN[ URTGCFCNOQUVJCNHQHVJGTGURQPFGPVU RGTEGPV UVTQPIN[CITGGKPI#PF VJGUGTGURQPFGPVUTGECNNCRTKEGVJCVKUNQYGTVJCPVJCVTGECNNGFQPCXGTCIG D[CNNVJGQVJGTU 6CDNG 1PVJGQVJGTJCPFYGQDVCKPGFVJGWPGZRGEVGF TGUWNVVJCVVJGOGFKCPCPFVJGOQFGQHVJGRTKEGUTGECNNGFCTGVJGUCOGHQT VJQUG YJQ UVTQPIN[ CITGG YKVJ VJG UVCVGOGPV CPF HQT VJG HGY TGURQPFGPVU YJQ UVTQPIN[ FKUCITGG 6CDNG $ /QTGQXGT KP OWNVKXCTKCVG CPCN[UKU VJGTGNCVKQPUJKRDGVYGGPVJGRTKEGTGECNNGFCPFVJGCPUYGTUVQVJKUURGEKſE SWGUVKQPKUPQVUKIPKſ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ſECPV V 2TKEGTGECNNCPFCIG 9GFKXKFGFRCTVKEKRCPVUKPVQCIGITQWRU CPF 6CDNG 6JG CPCN[UKU QH XCTKCPEG #018# UJQYGF C UKIPKſECPV GHHGEV QH CIG QPVJGCEEWTCE[QHRTKEGTGECNN ( R #RQUVJQEVGUV
5EJGHHGOWNVKRNGEQORCTKUQP KPFKECVGFVJCVTGURQPFGPVUCIGFVQTGECNN RTKEGUVJCVCTGUKIPKſECPVN[NQYGT CPFVJWUOQTGKPCEEWTCVG VJCPVJG
/GOQT[HQTRTKEGUCPFVJGGWTQECUJEJCPIGQXGT CPCPCN[UKUHQTEKPGOCRTKEGUKP+VCN[
6CDNG2TKEGTGECNNGFCPFKPƀCVKQPRGTEGRVKQPU +PƀCVKQPRGTEGRVKQPU
UWOQHUEQTGUHQTVJGGPVKTGRQUVEJCPIGQXGTRGTKQF .QYRGTEGKXGFKPƀCVKQP *KIJRGTEGKXGFKPƀCVKQP
EQODKPGFUEQTGUHTQOVQ EQODKPGFUEQTGUHTQOVQ 0WODGTQHQDUGTXCVKQPU /GCP 5& QHRTKEGTGECNNGF VVGUV
V R .QYRGTEGKXGFKPƀCVKQP
EQODKPGFUEQTGUHTQOVQ
0WODGTQHQDUGTXCVKQPU /GCP 5& QHRTKEGTGECNNGF VVGUV
*KIJRGTEGKXGFKPƀCVKQP
EQODKPGFUEQTGQH
V R 2GTUKUVGPEGQHKPƀCVKQPRGTEGRVKQPU
FKHHGTGPEGDGVYGGPUEQTGUHQTVJGVYQRGTKQFUEQPUKFGTGF 7PEJCPIGFRGTEGKXGF KPƀCVKQP FKHHGTGPEGUEQTG
0WODGTQHQDUGTXCVKQPU /GCP 5& QHRTKEGTGECNNGF VVGUV
.QYGTRGTEGKXGFKPƀCVKQPKP VJGOQTGTGEGPVRGTKQF
FKHHGTGPEGUEQTGUHTQOQHVQ
V R #ITGGOGPVYKVJVJGUVCVGOGPV ő9JCVEQUVNKTGDGHQTGVJGKPVTQFWEVKQPQHVJGGWTQ PQYEQUVUGWTQŒ 5VTQPICITGGOGPV
0WODGTQHQDUGTXCVKQPU /GCP 5& QHRTKEGTGECNNGF VVGUV
#NNQVJGTU
V R
0QVGU 4GNCVKQPUJKRDGVYGGPRTKEGTGECNNCPFTGURQPFGPVUŏKPƀCVKQPRGTEGRVKQPU
DCUGF QP VJG EQODKPGF UEQTGU TGRQTVGF KP 6CDNG CPF CITGGOGPV YKVJ VJG UVCVGOGPVőGWTQ NKTGŒ(QTGCEJITQWRPWODGTQHTGURQPFGPVUCPFOGCP CPF KPDTCEMGVU UVCPFCTFFGXKCVKQPQHVJGRTKEGTGECNNGF(QTGCEJEQORCTKUQPV VGUVQHFKHHGTGPEGDGVYGGPOGCPU
8%GUVCTK2&GN)KQXCPGCPF%4QUUK#TPCWF
6CDNG2TKEGTGECNNGFCPFCIG #IG
#IG
#IG
0WODGTQHQDUGTXCVKQPU #IG OGCP 5& 2TKEGTGECNNGF OGCP 5&
0QVGU (QTGCEJCIGITQWRPWODGTQHTGURQPFGPVUOGCPCPFUVCPFCTFFGXKCVKQP QHCIGOGCPCPFUVCPFCTFFGXKCVKQPQHRTKEGTGECNNGF
CIG ITQWR R YJKNG VJG FKHHGTGPEG DGVYGGP VJG RTKEG TGECNN QH VJG KPVGTOGFKCVGCIGITQWRCPFVJCVQHVJGQVJGTVYQITQWRUYCUPQVUKIPKſECPV 0Q UKIPKſECPV FKHHGTGPEGU YGTG HQWPF QP RTKEG TGECNNGF CEEQTFKPI VQ IGPFGTQEEWRCVKQPCNUVCVWUCPFNGXGNQHGFWECVKQP1PGFWECVKQPJQYGXGT VJGUCORNGKUUVTQPIN[EQPEGPVTCVGFCVCJKIJNGXGN UGG5GEV 'ZRTGUUKPIVJGTGECNNGFRTKEGKPGWTQ 6JG ſPFKPIU QDVCKPGF D[ IKXKPI C SWGUVKQPPCKTG KP YJKEJ TGURQPFGPVU YGTG CUMGF VQ KPFKECVG VJG RTGGWTQ RTKEG KP GWTQ TCVJGT VJCP KP NKTG CTG UWOOCTK\GF KP 6CDNG YJGTG CPUYGTU GZRTGUUGF KP GWTQU CTG CNUQ RTGUGPVGFEQPXGTVGFKPNKTGVQOCMGVJGOEQORCTCDNGYKVJVJGCPUYGTUVQVJG UVCPFCTFSWGUVKQPPCKTG+PFQKPIVJKUYGWUGFDQVJVJGQHſEKCNEQPXGTUKQP TCVGQHNKTGVQVJGGWTQCPFVJGCRRTQZKOCVGTCVGQHVQVJCV +VCNKCPUWUGKPOGPVCNEQPXGTUKQPU 6JGCPUYGTUYGTGEQORCTGFVQVJQUGGZRTGUUGFKPNKTGD[EQPUKFGTKPIHQTVJG NCVVGTQPN[VJGSWGUVKQPPCKTGUCFOKPKUVGTGFKPVJGUCOGOQXKGVJGCVTGCPF QPVJGUCOGGXGPKPIU6JGTGURQPFGPVUYJQYGTGCUMGFVQGZRTGUUVJGRTGGWTQ RTKEGKPGWTQUJCFCUNKIJVN[DGVVGTTGECNN VJGOGCPTGECNNGFRTKEGKUGWTQU YJKEJEQTTGURQPFUVQCDQWVQTNKTGFGRGPFKPIQPVJGEQPXGTUKQPTCVG CICKPUVCDQWVNKTGYJGPVJGRTKEGKUGZRTGUUGFKPNKTG$WVVJGFKHHGTGPEGKU PQVUVCVKUVKECNN[UKIPKſECPV V CPFV TGURGEVKXGN[ 4GECNNKPIVJGRTKEG 6JGRTKEGUTGECNNGFHQTCTGTGRQTVGFKP6CDNG6JGCPCN[UKUQHXCTKCPEG
#018# UJQYGF VJCV VJG V[RG QH RTKEG TGSWGUVGF RTGGWTQ RTKEG KP NKTG RTGGWTQRTKEGKPGWTQQTRTKEGKP JCFCUKIPKſECPVGHHGEVQPCEEWTCE[
OGCUWTGFD[VJGRGTEGPVCIGFKHHGTGPEGDGVYGGPVJGOGCPTGECNNGFRTKEGCPF VJGEQTTGURQPFKPICEVWCNRTKEG ( R #RQUVJQEVGUV
/GOQT[HQTRTKEGUCPFVJGGWTQECUJEJCPIGQXGT CPCPCN[UKUHQTEKPGOCRTKEGUKP+VCN[
6CDNG6[RGUQHRTKEGTGECNN RTGGWTQRTKEGGZRTGUUGFKPNKTGQTGWTQU RTKEG 2TGGWTQ RTKEG TGECNNGFKP NKTG
2TGGWTQRTKEG TGECNNGFKPGWTQ ŝ
QDU OGCP (WNN OGFKCP EKPGOC OQFG VKEMGV 5&
ŝ
QDU
QDU OGCP 4GFWEGF OGFKCP EKPGOC OQFG VKEMGV 5&
%QPXGTVGFKPNKTG ŝ ŝ
4GECNNGFRTKEG
QDU
QDU
%QPXGTVGFKPNKTG ŝ ŝ
QDU
0QVGU #PUYGTUQDVCKPGFD[IKXKPIVQVJTGGFKHHGTGPVITQWRUQHTGURQPFGPVUQPG QHVJTGGSWGUVKQPPCKTGUKPYJKEJTGURQPFGPVUYGTGCUMGFVQKPFKECVGTGURGEVKXGN[VJG RTGGWTQRTKEGGZRTGUUGFKPNKTG UVCPFCTFSWGUVKQPPCKTG VJGRTGGWTQRTKEGGZRTGUUGF KP GWTQU QT VJG RTKEG (QT EQORCTKUQP CPUYGTU GZRTGUUGF KP GWTQU CTG CNUQ RTGUGPVGFEQPXGTVGFKPNKTGDQVJCVVJGQHſEKCNEQPXGTUKQPTCVGCPFCVVJGCRRTQZKOCVG őOGPVCNŒ EQPXGTUKQP TCVG QH NKTG VQ GWTQ 6JG CPUYGTU GZRTGUUGF KP GWTQU CTGEQORCTGFYKVJVJQUGGZRTGUUGFKPNKTGD[EQPUKFGTKPIHQTVJGNCVVGTQPN[VJG SWGUVKQPPCKTGUCFOKPKUVGTGFKPVJGUCOGOQXKGVJGCVTGCPFQPVJGUCOGGXGPKPIU
5EJGHHGOWNVKRNGEQORCTKUQP KPFKECVGFVJCVVJGOGOQT[GTTQTHQTVJG RTKEGYCUUOCNNGTVJCPHQTVJGRTGGWTQRTKEGKPNKTG R CPFVJQWIJNGUU UKIPKſECPVN[HQTVJGRTGGWTQRTKEGKPGWTQ R #NVJQWIJENQUGTVQVJG CEVWCNRTKEGVJCPHQTVJGRTGGWTQRGTKQFVJGRTKEGUTGECNNGFHQTCTGUVKNN UKIPKſECPVN[NQYGTVJCPVJGCEVWCNRTKEGU V R 6JGOQFG QHVJGRTKEGUTGECNNGFKURGTEGPVNQYGTVJCPVJGCEVWCNRTKEG 6JGTGURQPFGPVUŏOGOQT[HQTKORNKGUCRGTEGKXGFTCVGQHKPETGCUG KP EKPGOC RTKEGU QH CDQWV RGT EGPV QP CP CPPWCN DCUKU KP VJG RGTKQF YJKNG KP TGCNKV[ RTKEGU YGTG XKTVWCNN[ WPEJCPIGF 6JKU FKUVQTVKQP YCU UQOGYJCV NGUU VJCP VJG EQTTGURQPFKPI DKCU HQT VJG RTGXKQWU RCTV QH VJGUCORNGRGTKQF HTQOVJGEJCPIGQXGTVQ HQTYJKEJTGURQPFGPVUŏ
8%GUVCTK2&GN)KQXCPGCPF%4QUUK#TPCWF
TGECNN QH RTGGWTQ RTKEGU KORNKGF CP WRYCTF DKCU QH CDQWV RGT EGPV C [GCT VJGFKHHGTGPEGDGVYGGPCRGTEGKXGFKORNKEKVTCVGQHKPETGCUGQHRGT EGPVCPFCPCEVWCNTCVGQHCDQWVRGTEGPVDGVYGGP&GEGODGTCPF OKF 4GITGUUKQPCPCN[UKU #U C U[PVJGUKU QH VJG TGNCVKQPUJKRU DGVYGGP VJG RTKEG TGECNNGF CPF VJG QVJGTXCTKCDNGUCPFVQVGUVYJKEJXCTKCDNGUTGOCKPUKIPKſECPVYJGPVJG[ CTG EQPUKFGTGF UKOWNVCPGQWUN[ 6CDNG TGRQTVU VJG TGUWNVU QH NKPGCT TGITGUUKQPUQHVJGRTGGWTQRTKEGTGECNNGFHQTVJGHWNNEKPGOCVKEMGVCICKPUV CUGVQHXCTKCDNGUFGTKXGFHTQOVJGQVJGTSWGUVKQPU)KXGPVJCVVJGRTGGWTQ RTKEGTGECNNGFFKFPQVFKHHGTUKIPKſECPVN[YKVJVJGEWTTGPE[KPYJKEJKVYCU GZRTGUUGFYGEQPUKFGTGFDQVJVJGCPUYGTUVQVJGUVCPFCTFSWGUVKQPPCKTG
RTGGWTQRTKEGTGECNNGFKPNKTG CPFVJQUGVQVJGCNVGTPCVKXGSWGUVKQPPCKTG
RTGGWTQ RTKEG TGECNNGF KP GWTQU +P CP[ ECUG C FWOO[ XCTKCDNG VQ EQPVTQNHQTVJGRQUUKDNGKPƀWGPEGQHVJGEWTTGPE[YCUCNUQKPENWFGF#NN VJGEQGHſEKGPVUJCXGVJGGZRGEVGFUKIPU#OQPIVJGXCTKCDNGUVJCVYGTG
9GFKXKFGFVJGRGTKQFDGVYGGPVJGECUJEJCPIGQXGTCPF/C[YJGPYG ECTTKGF QWV VJG UVWF[ KPVQ VYQ UWDRGTKQFU HTQO VJG NCWPEJ VQ OKF CPF HTQOOKFVQ/C[9GEQPUKFGTGFOKFTCVJGTVJGGPFQHVJG[GCT DGECWUGTGURQPFGPVUYGTGTGSWGUVGFVQKPFKECVGIGPGTKECNN[VJGRTKEGőKPŒ +P GUVKOCVKPI VJG KORNKEKV TCVGU QH RTKEG KPETGCUG YG MGRV KP OKPF VJCV UQOG TGURQPFGPVU FKF PQV EQTTGEVN[ TGOGODGT VJG [GCT QH VJG GWTQ ECUJ EJCPIGQXGT
UGG 5GEV UQ KP CPPWCNK\KPI YG EQPUKFGTGF VKOG JQTK\QPU QH XCT[KPI NGPIVJ CEEQTFKPI VQ VJG [GCT TGECNNGF 6JG GUVKOCVG QH VJG KORNKEKV TCVG KP VJG NCVVGTRGTKQFKUDCUGFQPCEQORCTKUQPDGVYGGPVJGRTKEGTGECNNGFHQTCPFVJG CEVWCNRTKEGQDUGTXGFKP/C[ KHTGURQPFGPVUJCFCPKORGTHGEVMPQYNGFIG QHVJGEWTTGPVRTKEGVJGTCVGQHKPETGCUGKORNKEKVKPVJGKTRGTEGRVKQPYQWNFFKHHGT EQTTGURQPFKPIN[HTQOQWTGUVKOCVG TGURQPFGPVUYGTGPQVCUMGFVQKPFKECVGVJG EWTTGPVRTKEGUKPEGKVYCURQUVGFCVVJGDQZQHſEGCPFGCUKN[TGCFCDNG 'CEJXCTKCDNGYCUCUUKIPGFCXCNWGHTQOCPF QT CEEQTFKPIVQVJGUGSWGPEG QHRQUUKDNGCPUYGTUVQVJGTGURGEVKXGSWGUVKQPCUTGRQTVGFKP6CDNG$6JG GZEGRVKQPUCTGVJGTGITGUUQTUőCIGŒKPENWFGFCUEQNNGEVGFKPVJGSWGUVKQPPCKTG CPFőTGECNNHQTVJG[GCTQHVJGGWTQNCWPEJŒYJKEJVCMGUXCNWGQTFGRGPFKPI QPYJGVJGTVJGCPUYGTKUYTQPIQTTKIJV CUUKIPKPIVQVJKUXCTKCDNGCUEQTGVJCV FGRGPFUQPVJGFKHHGTGPEGDGVYGGPVJGCPUYGTCPF[KGNFUUKOKNCTTGUWNVU # FWOO[ XCTKCDNG KU KPENWFGF HQT VJG EWTTGPE[ KP YJKEJ RTKEGU CTG TGECNNGF
NKTGQTGWTQU
/GOQT[HQTRTKEGUCPFVJGGWTQECUJEJCPIGQXGT CPCPCN[UKUHQTEKPGOCRTKEGUKP+VCN[
6CDNG5WOOCT[TGITGUUKQPUFGRGPFGPVXCTKCDNG TGECNNGFRTKEGHQTEKPGOCVKEMGVUDGHQTGVJGGWTQECUJEJCPIGQXGT
4GECNNHQTVJG[GCTQHVJG GWTQNCWPEJ
(TGSWGPE[QHEKPGOC CVVGPFCPEG
/GPVCNEQPXGTUKQP
%WTTGPE[QHTGURQPUG NKTG GWTQ
+PƀCVKQPRGTEGRVKQP
[GCTUHQNNQYKPIVJG EJCPIGQXGT
+PƀCVKQPRGTEGRVKQP
[GCTUHQNNQYKPIVJG EJCPIGQXGT NCUV[GCTU
%QPXGTUKQPNKTG GWTQ
'ZRGEVCVKQPU
)GPGTCNQRKPKQPQPGWTQ CFQRVKQP
#IG
4
#FLWUVGF 4
0QVGU 4GITGUUKQP QH TGECNNGF RTGGWTQ EKPGOC RTKEGU QP QVJGT XCTKCDNGU FGTKXGF HTQO VJG CPUYGTU VQ VJG SWGUVKQPPCKTG GCEJ XCTKCDNG DGKPI CUUKIPGF C XCNWG HTQO VQ QT CEEQTFKPI VQ VJG UGSWGPEG QH RQUUKDNG CPUYGTU CU TGRQTVGFKP6CDNG$6JGQPN[GZEGRVKQPUCTGVJGTGITGUUQTUCIGKPENWFGFCU EQNNGEVGFKPVJGSWGUVKQPPCKTGCPFTGECNNQHVJG[GCTQHVJGGWTQNCWPEJYJKEJ VCMGUHQTCYTQPICPUYGTCPFHQTCTKIJVCPUYGT TGUWNVUCUUKIPKPICUEQTG VJCV FGRGPFU QP VJG FKHHGTGPEG DGVYGGP VJG CPUYGT CPF CTG UKOKNCT # FWOO[XCTKCDNGKUKPENWFGFHQTVJGEWTTGPE[KPYJKEJRTKEGUCTGTGECNNGF NKTGQT GWTQU VUVCVKUVKEUKPDTCEMGVU CPF KPFKECVGUVCVKUVKECNUKIPKſECPEGCV TGURGEVKXGN[CPFNGXGNU
8%GUVCTK2&GN)KQXCPGCPF%4QUUK#TPCWF
UKIPKſECPVN[TGNCVGFVQVJGEQTTGEVPGUUQHTGECNNCEEQTFKPIVQVJGDKXCTKCVG CPCN[UKU 5GEV VJG EQGHſEKGPVU QH HTGSWGPE[ QH OQXKGIQKPI CPF QH RGTEGKXGF KPƀCVKQP Ō EQPUKFGTKPI GKVJGT VJG VYQ [GCTU HQNNQYKPI VJG EJCPIGQXGTQTVJGEQODKPGFUEQTGXCTKCDNGVJCVUWOUVJGTGURQPUGUHQTVJG VYQ RGTKQFU Ō CTG DQVJ UKIPKſECPVN[ FKHHGTGPV HTQO \GTQ 6JG EQGHſEKGPV QH CIG KU CNUQ UKIPKſECPVN[ FKHHGTGPV HTQO \GTQ YJKNG VJG EQGHſEKGPV QH CITGGOGPVYKVJVJGUVCVGOGPVőGWTQ NKTGŒCPFQHVJGJCDKVUQP EQPXGTUKQPCTGPQVUKIPKſECPVN[FKHHGTGPVHTQO\GTQ(QTVJGNCVVGTXCTKCDNG VJKU RTQDCDN[ TGƀGEVU C EQTTGNCVKQP YKVJ CIG 1NFGT TGURQPFGPVU YJQUG TGECNNKUNGUUCEEWTCVGCTGOQTGKPENKPGFVQOGPVCNEQPXGTUKQPVJCP[QWPIGT RCTVKEKRCPVU CUKIPKſECPVEQTTGNCVKQPT R YCUHQWPF DGVYGGP CIG CPF TGRQTVGF JCDKVU QP OGPVCN EQPXGTUKQP 6JG EQGHſEKGPV HQTVJGGWTQNKTGFWOO[XCTKCDNGKUPQVUKIPKſECPVN[FKHHGTGPVHTQO\GTQ EQPſTOKPIVJGTGUWNVUTGRQTVGFKPUGEVKQP
&KUEWUUKQP 6JGOCKPTGUWNVUFGUETKDGFKPUGEVKQPUJQYVJCVOQUVRCTVKEKRCPVUJCXG JKIJN[ KPCEEWTCVG OGOQT[ QH RTGGWTQ RTKEGU KP NKTG #P QXGTYJGNOKPI OCLQTKV[KPFKECVGFRTKEGUHQTVJGHWNNVKEMGVVJCVYGTGPQPGZKUVGPVQTKPGHHGEV KPLWUVCHGYEKPGOCUKPVJGOQPVJURTGEGFKPIVJGNCWPEJQHVJGGWTQYJKNG XGT[HGYTGURQPFGPVUTGRQTVGFRTKEGUVJCVECPDGFGGOGFEQTTGEV6JGRTKEGU TGECNNGFFCVGVQCRGTKQFNQPIDGHQTGVJGEJCPIGQXGTŌCUHCTDCEMCU KPHCEV6JGTGUWNVUHQTVJGTGFWEGFRTKEGYGTGUKOKNCTYJKEJKURCTVKEWNCTN[ KPVGTGUVKPI EQPUKFGTKPI VJCV VJKU RTKEG JCF DGGP WPXCTKGF HQT CNOQUV HQWT [GCTUCVVJGOQOGPVQHVJGEJCPIGQXGT 1XGTCNN VJGUG TGUWNVU UWIIGUV VJCV VJG EQPUWOGTUŏ EQOOQP ENCKO VJCV VJG[ECPRTQRGTN[EQORCTGRTGUGPVCPFRTGGWTQRTKEGUKUNKMGN[VQDGNGUU VJCPYGNNHQWPFGF6JKUEQPENWUKQPKUUVTGPIVJGPGFD[QWTſPFKPIVJCVVJG CEEWTCE[QHRTKEGTGECNNKUPQDGVVGTCOQPITGURQPFGPVUYJQENCKOCRTGEKUG TGECNNVJCPCOQPIVJQUGYJQENCKOQPN[CXCIWGOGOQT[/CP[EQPUWOGTU QPGEQWNFEQPENWFGECPPQVLWFIGVJGCEVWCNRTGEKUKQPQHVJGKTRTKEGTGECNN CPFCTGQXGTEQPſFGPVCDQWVKVUSWCNKV[
#UCTQDWUVPGUUVGUVCPFVQECRVWTGRQUUKDNGPQPNKPGCTTGNCVKQPUJKRUYGCNUQTCP VJG TGITGUUKQP YKVJ CP CNVGTPCVKXG EQFKPI QH VJG CPUYGTU KG QT FWOO[ XCTKCDNGU HQT GCEJ SWGUVKQP EQTTGURQPFKPI VQ VJG CNVGTPCVKXG CPUYGTU VQ VJCV SWGUVKQP6JGTGUWNVUYGTGKPNKPGYKVJVJQUGTGRQTVGFKP6CDNG VJGEQGHſEKGPVU YGTGUKIPKſECPVN[FKHHGTGPVHTQO\GTQQPN[HQTUQOGQHVJGCPUYGTUTGNCVKPIVQ HTGSWGPE[QHOQXKGIQKPIKPƀCVKQPRGTEGRVKQPUCPFCIG
/GOQT[HQTRTKEGUCPFVJGGWTQECUJEJCPIGQXGT CPCPCN[UKUHQTEKPGOCRTKEGUKP+VCN[
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8%GUVCTK2&GN)KQXCPGCPF%4QUUK#TPCWF
CITGGYKVJVJGUVCVGOGPVTGECNNCRTKEGVJCVKUNQYGTVJCPVJCVTGECNNGFQP CXGTCIGD[VJGQVJGTRCTVKEKRCPVU$WVKPOWNVKXCTKCVGCPCN[UKUVJGEQTTGNCVKQP DGVYGGP VJG RTKEG TGECNNGF CPF VJG CPUYGT VQ VJKU URGEKſE SWGUVKQP KU PQV UKIPKſECPV/QTGQXGTWPGZRGEVGFN[VJGOQFGQHVJGRTKEGTGECNNGFKUVJG UCOG NKTG HQTVJQUGYJQUVTQPIN[CITGGYKVJVJGUVCVGOGPVCPFHQT VJGHGYTGURQPFGPVUYJQUVTQPIN[FKUCITGG9JKNGVJKUTGECNNQHVJGRTGGWTQ RTKEG Ō VJQWIJ EQORNGVGN[ YTQPI Ō KU RGTHGEVN[ EQPUKUVGPV YKVJ VJG DGNKGH QHVJGHQTOGTITQWRKVKUFKHſEWNVKPFGGFVQTGEQPEKNGYKVJVJGDGNKGHQHVJG NCVVGT6JKUKPEQPUKUVGPE[OKIJVDGGZRNCKPGFVQUQOGGZVGPVD[VJGHCEVVJCV YGCUMGFRCTVKEKRCPVUVQGZRTGUUVJGKTCITGGOGPVYKVJCIGPGTCNUVCVGOGPV YJKNG VJG OGOQT[ HQT RTKEGU KU OGCUWTGF HQT VJG RTKEG QH EKPGOC VKEMGVU QPN[+PRTKPEKRNGYGECPPQVGZENWFGVJCVUQOGTGURQPFGPVUEQPUKFGTGFVJG UVCVGOGPV VQ DG HCNUG KP IGPGTCN DWV YKVJ UQOG GZEGRVKQPU KPENWFKPI VJG RTKEGQHEKPGOC*QYGXGTVJKUTGUWNVOKIJVCNUQUWIIGUVFKHſEWNV[HQTUQOG TGURQPFGPVUKPTGNCVKPIVJGOGOQT[HQTUKPINGRTKEGUCPFVJGCUUGUUOGPVQP VJGTCVGQHEJCPIGQHVJGUGRTKEGUQTOQTGIGPGTCNN[QHVJGTCVGQHEJCPIGQH VJGQXGTCNNRTKEGNGXGN #PQVJGTTGNGXCPVTGUWNVKUVJCVVJGCEEWTCE[QHRTKEGTGECNNKUUKIPKſECPVN[ CHHGEVGFD[VJGHTGSWGPE[QHEKPGOCCVVGPFCPEG6JKUUWIIGUVUVJCVVJGOQTG HTGSWGPVN[VJG[DW[KVGOUVJGDGVVGTKUEQPUWOGTUŏOGOQT[HQTRTKEGU6JKU KPVWTPKUEQPUKUVGPVYKVJVJGGORKTKECNGXKFGPEGVJCVKPƀCVKQPRGTEGRVKQPUCTG CHHGEVGFFKURTQRQTVKQPCVGN[D[VJGRTKEGTKUGUQHVJGIQQFUVJCVCTGRWTEJCUGF OQUVHTGSWGPVN[ UGG%JCR 6JG ſPFKPI QH PQ UKIPKſECPV TGNCVKQPUJKR DGVYGGP RTKEGU TGECNNGF CPF CVVKVWFGUVQYCTFVJGGWTQ EQPUKFGTKPIDQVJVJGGZRGEVCVKQPUHQTRTKEGUCPF VJGRTGUGPVQRKPKQPQPVJGQXGTCNNGHHGEVQHVJGGWTQHQT+VCN[ UWIIGUVUVJCV VJGUGHCEVQTUFKFPQVEQWPVOWEJKPQTKGPVKPIVJGOGOQT[QHRTKEGU 6JG TGNCVKQPUJKR DGVYGGP CIG CPF RTKEG TGECNN KU EQPUKUVGPV YKVJ VJG GZKUVKPI NKVGTCVWTG UJQYKPI C RTQITGUUKXG CIGTGNCVGF FGENKPG KP XCTKQWU U[UVGOU QH OGOQT[ %TCKM /QTTKU CPF )KEM %QEMDWTP CPF 5OKVJ $CFFGNG[ +PVJKUTGICTFCPKPVGTGUVKPIUVWF[KU#CNVQ5GV¼N¼ CPF4CKLCU UJQYKPICFGENKPGKPVJGCDKNKV[VQGUVKOCVGRTKEGUCHVGT VJGGWTQEJCPIGQXGTCOQPI(KPPKUJEQPUWOGTUCIGFCDQXGſHV[[GCTU
0CVWTCNN[ RCTVKEKRCPVUŏ CEEQWPVU QH VJG GZRGEVCVKQPU VJG[ JCF JCF DGHQTG VJG NCWPEJ QH VJG GWTQ KU UWDLGEV VQ VJG UVCPFCTF QDLGEVKQPU VQ CNN TGVTQURGEVKXG CPUYGTU*QYGXGTVJGCPUYGTUKPVJKUUVWF[CTGCUCYJQNGEQPUKUVGPVYKVJVJG TGUWNVU QH VJG EQPUWOGT UWTXG[U EQPFWEVGF DGHQTG VJG EJCPIGQXGT 'WTQRGCP %QOOKUUKQP CEEQTFKPIVQYJKEJVJGGZRGEVCVKQPQHUVTQPIRTKEGKPETGCUGU YCUNGUUEQOOQPKP+VCN[VJCPKPQVJGTGWTQCTGCEQWPVTKGUKPRCTVKEWNCT)GTOCP[
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&GJCGPGENCUUKſGUVJGOCUCWFKVQT[XGTDCNEQFGXKUWCN#TCDKEEQFG CPFCRRTQZKOCVGSWCPVKVKGUQPCFKOGPUKQPVGTOGFPWODGTNKPG QPGEQWNF CTIWGVJCVRTKEGTGECNNYCUKPƀWGPEGFD[VJGYC[KPYJKEJYGJCXGOGCUWTGF RTKEGMPQYNGFIG UGG/QPTQG2QYGNNCPF%JQWFJWT[ *QYGXGTOQUV
6JKUFKUEWUUKQPVCMGUKPVQCEEQWPVVJGKPVGTFKUEKRNKPCT[EJCTCEVGTQHVJGUVWF[CPF VJGYKFGKPVGTGUVKPVJGSWGUVKQPUKVVTGCVU9GJCXGVJGTGHQTGVTKGFVQOKPKOK\G QT GZRNCKP URGEKCNK\GF NCPIWCIG UQ CU VQ OCMG VJKU UGEVKQP CEEGUUKDNG VQ DQVJ GEQPQOKUVUCPFRU[EJQNQIKUVUCPFCUHCTCURQUUKDNGVQNC[OGP
8%GUVCTK2&GN)KQXCPGCPF%4QUUK#TPCWF
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ſPFKPIVJCVVJGSWCNKV[QHRTKEGTGECNNKUPQVDGVVGT HQTTGURQPFGPVUENCKOKPIRTGEKUGTGECNNVJCPHQTVJQUGCFOKVVKPIVQJCXKPI C XCIWG OGOQT[ YJKEJ UWIIGUVU VJCV OCP[ TGURQPFGPVU CTG WPCYCTG QH VJGTGCNFGITGGQHCEEWTCE[QHVJGKTRTKEGTGECNNCPFQXGTEQPſFGPVCDQWVKVU SWCNKV[ +V CRRGCTU VJCV VJG FKUVQTVGF OGOQT[ HQT VJG RTKEG KP ECPPQV DG CUETKDGFUKORN[VQCOQWPVQHVKOGVJCVJCUGNCRUGFUKPEGOGOQT[HQTVJG RTKEGU CNUQ CRRGCTU VQ DG SWKVG RQQT 6JG TGUWNVU QP VJG RTKEG UWIIGUVVJCVVJGTGURQPFGPVUŏFKHſEWNV[KPTGVTKGXKPIRTKEGUKUPQVURGEKſEVQ VJGEJCPIGQXGTRGTKQFCNVJQWIJVJGFKHHGTGPEGDGVYGGPVJGRTKEGTGECNNGF CPFVJGCEVWCNRTKEGKUUOCNNGTVJCPHQTVJGRTGGWTQRTKEG #UKIPKſECPVTGNCVKQPUJKRKUHQWPFDGVYGGPVJGRTKEGTGECNNGFCPFUWDLGEVUŏ KPFKXKFWCNKPƀCVKQPRGTEGRVKQPUOGCUWTGFD[VJGCUUGUUOGPVUQHVJGTCVGQH EJCPIGQHVJGIGPGTCNRTKEGNGXGNKPVJGVYQ[GCTUHQNNQYKPIVJGEJCPIGQXGT CPF KP VJG VYQ [GCTU RTGEGFKPI VJG UVWF[ 2TKEG TGECNN KU NGUU CEEWTCVG HQT VJQUGYJQRGTEGKXGJKIJGTCPFOQTGRGTUKUVGPVKPƀCVKQP
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.KPFÃPCPF/CNICTKPK +P VJG CVVGORV VQ RTQXKFG C EQORTGJGPUKXG CEEQWPV QH YJCV KU DGJKPF KPFKXKFWCNKPƀCVKQPRGTEGRVKQPUVJKUUVWF[TGNKGUQPCURGEKſECNN[FGUKIPGF UWTXG[YGECTTKGFQWVKP&GEGODGTQPCTGRTGUGPVCVKXGUCORNGQHCDQWV +VCNKCPEQPUWOGTU6JGUWTXG[EQNNGEVUKPHQTOCVKQPQPVJGKPƀCVKQPTCVG RGTEGKXGFD[TGURQPFGPVUCPFICVJGTUGXKFGPEGCVVJGKPFKXKFWCNNGXGNQPVJG XCTKQWUHCEVQTUVJCVCEEQTFKPIVQVJGNKVGTCVWTGOC[CHHGEVKV+PRCTVKEWNCT KV EQPUKFGTU HGCVWTGU UWEJ CU UQEKQFGOQITCRJKE EQPFKVKQPU MPQYNGFIG CPF WPFGTUVCPFKPI QH VJG KPƀCVKQP RJGPQOGPQP CPF VJG TGNCVGF UVCVKUVKEU RU[EJQNQIKECN CPF OGOQT[ HCEVQTU ſPCPEKCN UKVWCVKQP EQPUWORVKQP CPF GZRGPFKVWTGJCDKVU 6JG EJCRVGT KU QTICPKUGF CU HQNNQYU 5GEVKQP FGUETKDGU VJG OCKP HGCVWTGUQHVJGUWTXG[5GEVKQPKNNWUVTCVGUVJGOCKPſPFKPIUEQPEGTPKPI KPFKXKFWCNUŏKPƀCVKQPRGTEGRVKQPU5GEVKQPRTGUGPVUVJGGORKTKECNGXKFGPEG QP VJG TGNCVKQPUJKRU DGVYGGP VJGUG RGTEGRVKQPU CPF XCTKQWU GZRNCPCVQT[ HCEVQTU5GEVKQPEQPENWFGU
6JGUWTXG[ 1WTUWTXG[YCUQWVUQWTEGFVQCRTKXCVGEQORCP[ +2515 QPVJGDCUKUQHC SWGUVKQPPCKTGRTGRCTGFD[VJGCWVJQTUYJKEJYCUUWDOKVVGFKP&GEGODGT
6YQSWGUVKQPU QPRCUVCPFGZRGEVGFRTKEGEJCPIGU YGTGCFFGFKPVJGPCVKQPCN SWGUVKQPPCKTGU KPENWFGF VJG QPG D[ +5#' QP C XQNWPVCT[ DCUKU 6JG SWGUVKQP QP RCUV KPƀCVKQP KU HQTOWNCVGF CU HQNNQYU ő$[ YJCV RGTEGPVCIG FQ [QW VJKPM EQPUWOGTRTKEGUJCXGIQPGWRFQYPQXGTVJGRCUVOQPVJU!Œ
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
VQCTGRTGUGPVCVKXGUCORNGQHCTQWPFJQWUGJQNFU UGGCRRGPFKZ # HQT VJG OGVJQFQNQIKECN FGVCKNU CPF CRRGPFKZ $ HQT VJG EQORNGVG SWGUVKQPPCKTG +V EQNNGEVU KPHQTOCVKQP QP RGTEGKXGF KPƀCVKQP DQVJ KP SWCNKVCVKXGCPFKPSWCPVKVCVKXGVGTOUQXGTVJG[GCTRTGEGFKPIVJGUWTXG[
KGVJGOQPVJUGPFKPIKP&GEGODGT +PFGVCKNTGURQPFGPVUYGTG TGSWGUVGF VQ KPFKECVG CU KP VJG '%+5#' UWTXG[ YJGVJGT KP VJGKT XKGY KP VJG RCUV OQPVJU EQPUWOGT RTKEGU JCF őHCNNGPŒ őUVC[GF CDQWV VJG UCOGŒ őTKUGP UNKIJVN[Œ őTKUGP OQFGTCVGN[Œ QT őTKUGP C NQVŒ VJG[ YGTG VJGP CUMGF VQ TGRQTV VJGKT EQTTGURQPFKPI SWCPVKVCVKXG CUUGUUOGPV KP RGTEGPVCIG VGTOU 6JG SWGUVKQPPCKTG CNUQ CUMGF TGURQPFGPVU VQ KPFKECVG KPSWCPVKVCVKXGVGTOUVJGCXGTCIGRTKEGEJCPIGQXGTVJGNCUVOQPVJUHQT VJGKVGOUVJG[JCXGCEVWCNN[DQWIJVCPFCOQPIVJGOHQTHQQFRTQFWEVU QPN[ 6JGUG VYQ SWGUVKQPU YGTG CFFGF KP QTFGT VQ EQNNGEV GORKTKECN GXKFGPEGQPCRQUUKDKNKV[VJCVJCUDGGPEQPUKFGTGFKPVJGNKVGTCVWTGPCOGN[ VJCVKPFKXKFWCNUŏRGTEGRVKQPUOC[TGHGTVQVJGKPƀCVKQPTCVGVJG[CEVWCNN[ GZRGTKGPEGRGTUQPCNN[TCVJGTVJCPVQVJGQXGTCNNRTKEGF[PCOKEUHQTVYQ OCKPTGCUQPU UGGHQTKPUVCPEG,QPWPICPF)WKUQKPCFFKVKQP VQ%JCR (KTUVHQTGCEJEQPUWOGTVJGRCVVGTPQHRTKEGEJCPIGUHQTVJG KVGOUCEVWCNN[RWTEJCUGFEQWNFFKHHGTHTQOVJCVQHVJGKPFGZ(QTGZCORNG VJGGXQNWVKQPQHVJGRTKEGUQHGUUGPVKCNIQQFU GIHQQF VJCVRTGFQOKPCVG KP VJG GZRGPFKVWTG DWPFNG QH VJG NGUU YGNNQHH JQWUGJQNFU EQWNF FKHHGT HTQOVJCVQHPQPGUUGPVKCNQPGU GIGNGEVTQPKEIQQFU VJCVJCXGCJKIJGT YGKIJVKPVJGGZRGPFKVWTGQHYGCNVJ[JQWUGJQNFU5GEQPFEQPUWOGTUCTG NKMGN[VQRC[OQTGCVVGPVKQPVQVJGRTKEGFGXGNQROGPVUQHVJGKVGOUVJG[ CEVWCNN[RWTEJCUG 6JG XCTKQWU RQVGPVKCN HCEVQTU WPFGTN[KPI KPFKXKFWCN RGTEGRVKQPU CTG ITQWRGF KPVQ ſXG DTQCF ENCUUGU GCEJ EQXGTGF KP URGEKſE RCTVU QH VJG SWGUVKQPPCKTG K UQEKQFGOQITCRJKE HGCVWTGU RCTV ' KK VJG FGITGG QHMPQYNGFIGCPFWPFGTUVCPFKPIQHVJGKPƀCVKQPRJGPQOGPQP RCTV&
KKK EQIPKVKXG OGEJCPKUOU FGGOGF VQ DG TGNGXCPV HQT VJG HQTOCVKQP QH RGTEGRVKQPUUWEJCUVJGCDKNKV[VQTGECNNVJGRTKEGQHCURGEKſERTQFWEV
4GURQPFGPVUYGTGCNUQCUMGFVQTGRQTVVJGKTSWCPVKVCVKXGCUUGUUOGPVQHQXGTCNN RTKEGFGXGNQROGPVUQXGTVJGſXG[GCTUGNCRUGFUKPEGVJGGWTQECUJEJCPIGQXGTCU VJKUYCUCRCTVKEWNCTN[TGNGXCPVRGTKQFHQTVJGGXQNWVKQPQHKPƀCVKQPRGTEGRVKQPU +P VJKU ECUG VJG[ EQWNF EJQQUG VJGKT CPUYGT HTQO C RTGFGſPGF ITKF TCPIKPI HTQOőNGUUVJCPRGTEGPVŒVQőOQTGVJCPRGTEGPVŒ 6JG UGSWGPEG QH SWGUVKQPU YCU FGEKFGF UQ CU VQ OKPKOK\G VJG TKUM VJCV VJG CPUYGTUVQGCEJSWGUVKQPEQWNFDGKPƀWGPEGFD[VJGRTGXKQWUQPGUCUYGNNCU VJG TKUM VJCV D[ CFFTGUUKPI URGEKſE KUUWGU CV VJG DGIKPPKPI QH VJG UWTXG[ GI VJGSWGUVKQPUQPMPQYNGFIGCPFWPFGTUVCPFKPIQHKPƀCVKQPUVCVKUVKEU YGEQWNF CPPQ[ VJG TGURQPFGPVU CPF CHHGEV PGICVKXGN[ VJGKT YKNNKPIPGUU VQ EQORNGVG VJG SWGUVKQPPCKTG
2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
CPF VJG CYCTGPGUU QH RTKEG TGFWEVKQPU RCTV # KX VJG JQWUGJQNFŏU GEQPQOKE UKVWCVKQP RCTV $ X EQPUWOGT DGJCXKQWT ECRVWTGF D[ C XCTKGV[QHCURGEVUEQPEGTPKPIEQPUWORVKQPCPFGZRGPFKVWTGJCDKVU RCTV % 6JGOCKPCURGEVUYKVJKPGCEJENCUUCPFVJGCTIWOGPVURWVHQTYCTF KPVJGNKVGTCVWTGVQUWRRQTVVJGKTTQNGKPVJGHQTOCVKQPQHRGTEGRVKQPUCTG TGRQTVGFDGNQY &GOQITCRJKE CPF UQEKCN EJCTCEVGTKUVKEU #NVJQWIJ JKIJ RGTEGKXGF KPƀCVKQP KUCYKFGURTGCFRJGPQOGPQPTGUWNVUHQWPFKPVJGNKVGTCVWTG UGGKPRCTVKEWNCT $T[CPCPF%GEEJGVVKCPF$T[CPCPF8GPMCVWCCPFDHQTVJG 7PKVGF5VCVGUCPF,QPWPIHQT5YGFGP UWRRQTVVJGJ[RQVJGUKUVJCVVJGTG GZKUVUKIPKſECPVFKHHGTGPEGUFGRGPFKPIQPVJGKPFKXKFWCNUŏUQEKQFGOQITCRJKE HGCVWTGU +P RCTVKEWNCT YQOGP VGPF VQ TGRQTV JKIJGT KPƀCVKQP VJCP OGP CNUQ EQPVTQNNKPIHQTVJGKVGOURWTEJCUGF OQTGQXGTRGTEGRVKQPUCRRGCTVQDGTGNCVGF VQ VJG KPFKXKFWCNŏU YQTMKPI EQPFKVKQP CPF RTQHGUUKQPCN ECVGIQT[ +P QTFGT VQ ECRVWTG VJG TGNGXCPEG QH VJGUG TGNCVKQPUJKRU QWT UWTXG[ EQNNGEVU KPHQTOCVKQP QP VJG TGURQPFGPVUŏ IGPFGT CIG GFWECVKQP YQTMKPI UVCVWU CPF RTQHGUUKQPCN ECVGIQT[ 7PFGTUVCPFKPIKPƀCVKQPCPFKPƀCVKQPUVCVKUVKEU#PCPCN[UKUQHEQPUWOGTUŏ CDKNKV[VQWPFGTUVCPFCPFKPVGTRTGVEQTTGEVN[KPƀCVKQPUVCVKUVKEUKUKORQTVCPV RGTUGCUGEQPQOKEVJGQT[IGPGTCNN[CUUWOGUVJCVGEQPQOKERQNKE[FGEKUKQPU CTG VCMGP CU UQNWVKQPU VQ QRVKOK\CVKQP RTQDNGOU UQNXGF D[ TCVKQPCN CPF YGNNKPHQTOGFCIGPVU $NKPFGTCPF-TWGIGT $WVVJGKUUWGJCUCNUQC URGEKſETGNGXCPEGKPQWTUVWF[UKPEGKPFKXKFWCNKPƀCVKQPRGTEGRVKQPUOKIJV TGƀGEV OKUKPVGTRTGVCVKQP QH VJG KPHQTOCVKQP RTQXKFGF D[ RTKEG UVCVKUVKEU C RQUUKDKNKV[PGXGTVJWUHCTGZRNQTGFKPVJGNKVGTCVWTGQPVJKUUWDLGEV+PQWT UWTXG[VJKURJGPQOGPQPKUKPXGUVKICVGFKPUGXGTCNHCEGVU UGGCRRGPFKZ$ KPRCTVKEWNCTYGCUUGUUYJGVJGTEQPUWOGTU K OKUWPFGTUVCPFRTKEGEJCPIGU CURTKEGNGXGNU KK CTGCDNGVQEQORWVGEQTTGEVN[RGTEGPVCIGEJCPIGU KKK CTG CYCTGQHVJGEQORQUKVKQPQHVJG%2+DCUMGVKPRCTVKEWNCT KX CTGCYCTGVJCV JQWUGRTKEGUCTGPQVKPENWFGFKPKV6QUWOOCTK\GVJGKPHQTOCVKQPRTQXKFGF D[VJGCPUYGTUVQVJGUGSWGUVKQPUYGJCXGEQORWVGFCU[PVJGVKEKPFKECVQT QHőKPƀCVKQPMPQYNGFIGŒVJCVVCMGUXCNWGUVQCEEQTFKPIVQVJGPWODGT QHEQTTGEVCPUYGTUIKXGPD[GCEJTGURQPFGPV 2U[EJQNQIKECNHCEVQTUCPFOGOQT[+PVJGNKVGTCVWTGKVJCUDGGPCTIWGFVJCV VJTGG V[RGU QH RU[EJQNQIKECN OGEJCPKUOU OC[ JCXG C TGNGXCPV TQNG KP VJG HQTOCVKQPQHKPƀCVKQPRGTEGRVKQPU K VJGFKURTQRQTVKQPCVGGHHGEVQHHTGSWGPV RWTEJCUGU KK VJGCU[OOGVTKETGEQIPKVKQPQHRTKEGKPETGCUGUCPFFGETGCUGU
KKK CPKPCEEWTCVGTGECNNQHRCUVRTKEGU 6JGTQNGRNC[GFD[HTGSWGPE[QHRWTEJCUGKPVJGRQUVEJCPIGQXGTRGTKQFJCU DGGPKPXGUVKICVGFD[VJG'WTQRGCP%GPVTCN$CPM CD CPF #WETGOCPPG%QNNKPCPF5VTCIKGT HQTVJGGWTQCTGCCUCYJQNGD[+5#'
CPF&GN)KQXCPGCPF5CDDCVKPK %JCR HQT+VCN[CPFD[CPWODGTQH
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
RCRGTUHQTQVJGTEQWPVTKGU9KVJHGYGZEGRVKQPUVJGUGUVWFKGUEQPENWFGVJCV VJGEQODKPCVKQPQHVJGJKIJGTYGKIJVQHVJGUGRWTEJCUGUKPKPFKXKFWCNKPƀCVKQP RGTEGRVKQPU YKVJ VJG HCEV VJCV VJG[ TGEQTFGF DKIIGT RTKEG TKUGU KP VJG RQUV EJCPIGQXGTRGTKQFEQPVTKDWVGFVQVJGTKUGKPKPƀCVKQPRGTEGRVKQPU &GN)KQXCPGCPF5CDDCVKPK UGG%JCR CNUQPQVKEGVJCVYJGTGCUQHſEKCN EQPUWOGT RTKEG KPFKEGU CTG ECNEWNCVGF D[ YGKIJVKPI VJG KPFKXKFWCN KVGOU CEEQTFKPIVQVJGKTUJCTGUKPVQVCNJQWUGJQNFEQPUWORVKQPKPFKXKFWCNRGTEGRVKQPU OC[ DG OQTG TGURQPUKXG VQ WRYCTF RTKEG OQXGOGPVU VJCP VQ FQYPYCTF QPGU+PCRGTKQFEJCTCEVGTKUGFD[OCP[EJCPIGUKPTGNCVKXGRTKEGUŌYJKEJ VJG[UJQYVQDGVJGECUGHQT+VCN[HQNNQYKPIVJGEJCPIGQXGTŌVJKUOC[JCXG CRRTGEKCDN[ KPƀWGPEGF KPFKXKFWCN CUUGUUOGPVU QH KPƀCVKQP 6JG CUUWORVKQP VJCVEQPUWOGTUŏKPƀCVKQPRGTEGRVKQPUCTGCU[OOGVTKERNC[UCTGNGXCPVTQNGCNUQ KP$TCEJKPIGTŏU KPFGZQHRGTEGKXGFKPƀCVKQPHQT)GTOCP[ (KPCNN[ )CKQVVK CPF .KRRK CPF %JCR CPF &GN )KQXCPG CPF 5CDDCVKPK UGG%JCR UWIIGUVVJCVKPFKXKFWCNRGTEGRVKQPUQHJKIJKPƀCVKQP KPVJGRQUVEJCPIGQXGTRGTKQFOC[CNUQDGTGNCVGFVQCPKPCEEWTCVGOGOQT[ QHRCUVRTKEGUCPFCFKHſEWNV[KPFKUVKPIWKUJKPIVJGRGTKQFQHVKOGQXGTYJKEJ RTKEGUJCXGEJCPIGF'XKFGPEGVJCVEQPUWOGTUŏOGOQT[QHRTKEGUOC[DG JKIJN[ FKUVQTVGF KU RTQXKFGF D[ %GUVCTK &GN )KQXCPG CPF 4QUUK#TPCWF
CPF%JCR (QNNQYKPIVJGJ[RQVJGUGUCPFGXKFGPEGRTQXKFGF D[ VJG UVWFKGU CDQXG QWTUWTXG[GZCOKPGUVJGTQNGQHVJGHTGSWGPE[QHRWTEJCUGVJGCU[OOGVTKE RGTEGRVKQPQHRTKEGOQXGOGPVUCPFVJGCEEWTCE[QHRTKEGTGECNN 6QVGUVYJGVJGTKPFKXKFWCNUŏKPƀCVKQPRGTEGRVKQPUTGƀGEVVJGEQORQUKVKQP QHVJGKTRGTUQPCNEQPUWORVKQPDCUMGVKPRCTVKEWNCTKPTGNCVKQPVQHTGSWGPE[QH RWTEJCUGTGURQPFGPVUYGTGCUMGFVQKPFKECVGYJKEJRTQFWEVUVJG[V[RKECNN[ DW[ 2QUUKDNG CPUYGTU VQ VJKU SWGUVKQP KPENWFGF VJTGG ECVGIQTKGU Ō HQQF FWTCDNG IQQFU ECTU CPF GNGEVTQPKE IQQFU CPF TGUVCWTCPV UGTXKEGU Ō VJCV
5GGEJCRVGTHQTCUWTXG[QHVJGUGUVWFKGU2U[EJQNQIKECNTGUGCTEJD[/CTSWGU CPF&GJCGPG GZCOKPGUVJGOGEJCPKUOUVJTQWIJYJKEJKPFKXKFWCNUHQTO VJGKTGUVKOCVGUQHRTKEGUCPFVJGRQUUKDNGTGNCVKQPDGVYGGPHTGSWGPE[QHRWTEJCUG CPFTCRKFKV[QHVJGNGCTPKPIRTQEGUUCPFEQPſTOVJGJ[RQVJGUKUVJCVNGCTPKPIKU HCUVGTHQTHTGSWGPVN[EQPUWOGFIQQFU 4GUGCTEJKPGZRGTKOGPVCNRU[EJQNQI[CNUQKPFKECVGUVJCVKPƀCVKQPRGTEGRVKQPUOC[ TGƀGEVKPFKXKFWCNUŏGZRGEVCVKQPU+PVJGECUGQHVJGEJCPIGQXGTVQVJGGWTQ6TCWV /CVVCWUEJ GV CN JCXG HQWPF VJCV VJG OQTG RGUUKOKUVKE VJG KPFKXKFWCNUŏ GZRGEVCVKQPUVJGOQTGVJG[VGPFGFVQQXGTGUVKOCVGVJGEJCPIGQXGTŏUKPƀCVKQPCT[ GHHGEVU6JGTGNGXCPEGQHVJKUCURGEVKURTQDCDN[NCTIGTHQTVJGURGEKſEECUGQHVJG EJCPIGQXGTVJCPKPIGPGTCNCPFŌIKXGPVJGTGNCVKXGN[NQPIRGTKQFDGVYGGPVJG GWTQECUJEJCPIGQXGTCPFVJGVKOGQHVJGUVWF[CPFVJGFKHſEWNV[QHOGCUWTKPI RCUV GZRGEVCVKQPU VJTQWIJ TGVTQURGEVKXG SWGUVKQPU Ō YG FGEKFGF PQV VQ CFFTGUU VJKUURGEKſEHCEVQTKPQWTUWTXG[
2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
CTGTGRTGUGPVCVKXGQHCNVGTPCVKXGRWTEJCUKPIHTGSWGPEKGUCPFYJQUGTGNCVKXG RTKEGUJCXGTGEQTFGFUKIPKſECPVEJCPIGUKPVJGTGEGPV[GCTU 6JGCEEWTCE[QHOGOQT[QHRCUVRTKEGUYCUCUUGUUGFD[CUMKPITGURQPFGPVU VQ KPFKECVG VJG RTKEG QH C PGYURCRGT CV VJG VKOG QH VJG UWTXG[ QPG [GCT GCTNKGTCPFKP9GHQEWUGFQPPGYURCRGTUŏRTKEGDGECWUGKVECPDG TGEQPUVTWEVGF RTGEKUGN[ HQT VJG RCUV KU JQOQIGPGQWU QXGT VJG PCVKQPCN VGTTKVQT[CPFKVKUNGUUUWDLGEVVQFKHHGTGPEGUFGRGPFKPIQPVJGSWCNKV[VJCP VJG RTKEG QH OCP[ QVJGT RTQFWEVU HWTVJGTOQTG KV KU CP KVGO VJCV QPG ECP GZRGEVVQDGRWTEJCUGFCVNGCUVQEECUKQPCNN[D[CTGNCVKXGN[JKIJRGTEGPVCIG QHEQPUWOGTU6JGRTKEGKPYCUCUMGFHQTCUKVRTQXKFGUCRCTVKEWNCTN[ TGNGXCPVVGUVQHOGOQT[HQTRTKEGUIKXGPVJCVVJGFGDCVGCDQWVKPƀCVKQPKP +VCN[GXGP[GCTUCHVGTVJGEJCPIGQXGTVWTPUCTQWPFYJCVEQPUWOGTUENCKO VQ DG C RTGEKUG TGECNN QH RTGGWTQ RTKEGU 4GURQPFGPVU YGTG CNUQ CUMGF VQ KPFKECVGVJGQHſEKCNTCVGCVYJKEJNKTCRTKEGUYGTGEQPXGTVGFKPVQGWTQ6JG CPUYGTUVQVJKUSWGUVKQPRTQXKFGCHWTVJGTVGUVQHEQPUWOGTUŏOGOQT[CPF CPKPFKECVKQPQHVJGRQUUKDKNKV[VJCVKPEQTTGEVTGECNNQHVJGEQPXGTUKQPTCVG CHHGEVUVJGKTKPƀCVKQPRGTEGRVKQPU 'EQPQOKEEQPFKVKQPU%QPUWOGTUOC[ſPFKVFKHſEWNVVQFKUVKPIWKUJVJGNQUU QHRWTEJCUKPIRQYGTECWUGFD[KPƀCVKQPHTQOCOQTGIGPGTCNKORQXGTKUJOGPV FWGVQQVJGTECWUGU UKPEGVJGNCVVGTXCTKGUCETQUUJQWUGJQNFUYKVJFKHHGTGPV EJCTCEVGTKUVKEU VJKU EQWNF CNUQ GZRNCKP VJG JGVGTQIGPGKV[ KP RGTEGKXGF KPƀCVKQPCETQUUITQWRUQHKPFKXKFWCNU #EEQTFKPI VQ VJG NCUV VYQ GFKVKQPU QH VJG $CPM QH +VCN[ŏU 5WTXG[ QH *QWUGJQNF+PEQOGCPF9GCNVJ 5*+9 $CPECFŏ+VCNKC VJG ITQYVJ KP JQWUGJQNFUŏ CPPWCN FKURQUCDNG KPEQOG DGVYGGP CPF YCUQPCXGTCIGOQFGUVCPFXCTKGFEQPUKFGTCDN[CEEQTFKPIVQVJG YQTM UVCVWU QH VJG JGCF QH VJG JQWUGJQNF YJKNG VJGTG KU PQ GXKFGPEG QHUKIPKſECPVFKHHGTGPEGUKPKPƀCVKQPTCVGUCETQUUVJGXCTKQWUECVGIQTKGU QXGT VJG UCOG RGTKQF +56#6 +P RCTVKEWNCT VJG KPEQOG QH JQWUGJQNFUJGCFGFD[UGNHGORNQ[GFYQTMGTUKPETGCUGFOWEJOQTGVJCP VJCVQHJQWUGJQNFUJGCFGFD[RC[TQNNGORNQ[GGU$QGTKCPF$TCPFQNKPK
UJQYVJCVFKHHGTGPEGUKPVJGVTGPFUQHJQWUGJQNFKPEQOGKPTGEGPV [GCTU JCXG CHHGEVGF VJG KPEKFGPEG QH TGNCVKXG RQXGTV[ CETQUU JQWUGJQNF ECVGIQTKGU CNVJQWIJ VJG KPFKECVQTU HQT VJG RQRWNCVKQP CU C YJQNG JCXG TGOCKPGFDTQCFN[UVCDNG 1WT UWTXG[ EQNNGEVU UGXGTCN KPFKECVQTU CKOGF CV ECRVWTKPI VJKU CURGEV (KTUVOKTTQTKPIVJG$CPMQH+VCN[ŏU5*+9TGURQPFGPVUCTGCUMGFYJGVJGT
5KPEGQPUQOGFC[UQHVJGYGGMVJGOQUVYKFGN[TGCF+VCNKCPPGYURCRGTUCTGUQNF VQIGVJGTYKVJCUWRRNGOGPVTGURQPFGPVUYGTGCUMGFCDQWVVJGRTKEGGZENWFKPI UWRRNGOGPVU
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
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VJGUCOGRTQEGFWTGKUHQNNQYGFKPVJGVCDNGUTGRQTVKPIFGUETKRVKXGUVCVKUVKEU KPCRRGPFKZ%
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6JG EQTTGNCVKQP EQGHſEKGPV DGVYGGP SWCNKVCVKXG CPF SWCPVKVCVKXG KPFKXKFWCN RGTEGRVKQPUKU %QPEGTPKPIVJGRGTEGKXGFITQYVJQHRTKEGUUKPEGVJGGWTQECUJEJCPIGQXGTVJG OQUVHTGSWGPVCPUYGT RGTEGPVQHTGURQPFGPVU YCUőDGVYGGPCPFRGT EGPVŒ # UNKIJVN[ NQYGT RGTEGPVCIG QH TGURQPFGPVU RGT EGPV KPFKECVGF VJCV RTKEGUJCFTKUGPD[őOQTGVJCPRGTEGPVŒCPCPUYGTVJCVKUDCUKECNN[KPNKPG YKVJVJGRQRWNCTDGNKGHVJCVRTKEGUYGTGEQPXGTVGFCVCTCVGQHNKTGVQGWTQ
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2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
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6JGTGKUCIGPGTCNK\GFTGFWEVKQPKPKPƀCVKQPRGTEGRVKQPUCUVJGHQEWUPCTTQYU HTQO VJG QXGTCNN DCUMGV VQ OQTG URGEKſE GZRGPFKVWTG DWPFNGU VJG CXGTCIG SWCPVKVCVKXGRGTEGRVKQPHCNNUHTQORGTEGPVVQRGTEGPVHQTYJCVYG
6JGUCOGJQNFUHQTSWCPVKVCVKXGRGTEGRVKQPUTGNCVGFVQVJGFKHHGTGPVEQPUWORVKQP DCUMGVU EQPUKFGTGF KP VJG UWTXG[ PCOGN[ KVGOU CEVWCNN[ RWTEJCUGF D[ VJG KPFKXKFWCN őQYPDCUMGVŒ CPFHQQFRTQFWEVU
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
NCDGNCUőQYPDCUMGVŒCPFVQRGTEGPVHQTHQQFRTQFWEVUQPN[6JKUTGFWEVKQP OCKPN[TGƀGEVUVJGUWDUVCPVKCNHCNNKPYQOGPŏURGTEGRVKQPUVQNGXGNUKPNKPGYKVJ VJQUGTGEQTFGFHQTOGPYJGPOQXKPIHTQOVJGIGPGTCNVQPCTTQYGTDCUMGVU UGG 6CDNGCPF5GEVHQTHWTVJGTEQOOGPVUQPVJKUKUUWG 6CDNG3WCPVKVCVKXGKPƀCVKQPRGTEGRVKQPUD[IGPFGTHQTFKHHGTGPVDCUMGVU
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3 \M [ ) E]MEP]PM YJGTG(KUVJGEWOWNCVKXGHWPEVKQPQHVJGPQTOCNFKUVTKDWVKQP[LKUCXCTKCDNG VCMKPI XCNWGU HTQO VQ FGRGPFKPI QP VJG KPFKXKFWCN LŏU SWCNKVCVKXG RGTEGKXGF KPƀCVKQP őPGINKIKDNGŒ ŒNQYŒ őOQFGTCVGŒ őJKIJŒ 2 [L Z FGPQVGUVJGRTQDCDKNKV[VJCVVJGKPFKXKFWCNLŏUKPƀCVKQP RGTEGRVKQPU CTG GSWCN VQ Z Z CPF \KL TGRTGUGPVU C UGV QH O
2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
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ſPCPEKCNUKVWCVKQP VJGTCVKQDGVYGGPVJGPWODGTQHKPEQOGUCPF VJCV QH OGODGTU QH VJG JQWUGJQNF KPEQOGU RGT OGODGT CPF KH VJGTGURQPFGPVRC[UCTGPVKVUKPEKFGPEGQPVJGQXGTCNNJQWUGJQNFŏU KPEQOG RC[CTGPV #PCFFKVKQPCNRKGEGQHKPHQTOCVKQPEQPUKFGTGF
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9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
KUYJGVJGTVJGKPFKXKFWCNJCUDGGPKPXQNXGFKPCEVKXKVKGUTGNCVGFVQ VJGUCNGQTRWTEJCUGQHCFYGNNKPI Ŗ KPFKECVQTU KFGPVKH[KPI VJG KPFKXKFWCNŏU DGJCXKQWT CU EWUVQOGT CPF EQPUWOGT VJGKPVGPUKV[QHUGCTEJCEVKXKV[COQPIFKHHGTGPVOGTEJCPVU DGHQTG RWTEJCUKPI FWTCDNG IQQFU UGCTEJ VJG WUG QH VJG KPVGTPGV
KPVGTPGV CPFQHGNGEVTQPKEOGCPUQHRC[OGPVU ECUJQTETGFKVECTF 9JGTG FGGOGF QH RCTVKEWNCT KPVGTGUV VJG GEQPQOGVTKE TGUWNVU CTG EQORNGOGPVGFD[UKORNGFGUETKRVKXGGXKFGPEGOQUVN[DCUGFQPVJGHTGSWGPE[ FKUVTKDWVKQPUQHVJGKPFKXKFWCNCPUYGTUQPVJGXCTKQWUCURGEVUEQXGTGFKPVJG UWTXG[ FGVCKNUQHVJGUGUVCVKUVKEUCTGRTQXKFGFKPCRRGPFKZ% 6JGQTFGTGFRTQDKVGUVKOCVGUHQTVJGſTUVGZGTEKUGCTGRTGUGPVGFKP6CDNG CPFUWOOCTK\GFDGNQYHQTVJGXCTKQWUITQWRUQHGZRNCPCVQT[XCTKCDNGU HQNNQYKPIVJGUCOGQTFGTCUKPUGEVKQP 5QEKQFGOQITCRJKEHCEVQTU9GſPFCUVCVKUVKECNN[UKIPKſECPVTQNGHQTIGPFGT GFWECVKQP CPF YQTMKPI EQPFKVKQP KP RCTVKEWNCT YQOGP NGUU GFWECVGF KPFKXKFWCNU CPF WPGORNQ[GF CTG OQTG NKMGN[ VQ JCXG JKIJGT KPƀCVKQP RGTEGRVKQPU 6JGUG TGUWNVU CTG EQPUKUVGPV YKVJ VJQUG HQWPF HQT VJG 7PKVGF 5VCVGUCPF5YGFGP UGG5GEV 6JGTGNCVKQPUJKRYKVJIGPFGTCPFUEJQQNKPICNUQGOGTIGUSWKVGUVTQPIN[ HTQOVJGUKORNGHTGSWGPE[FKUVTKDWVKQPQHVJGTGURQPUGUYKVJTGURGEVVQDQVJ SWCNKVCVKXGCPFSWCPVKVCVKXGCUUGUUOGPVU 6CDNG%KPCRRGPFKZ% 6JG UJCTGQHYQOGPTGRQTVKPIJKIJRGTEGRVKQPUKUVYKEGCUJKIJCUVJCVQHOGP
RGTEGPVCUCICKPUVRGTEGPV KPSWCPVKVCVKXGVGTOUCXGTCIGKPƀCVKQP KURGTEGPVHQTVJGHQTOGTCPFRGTEGPVHQTVJGNCVVGT/QTGQXGTVJG UJCTGQHTGURQPFGPVUYKVJJKIJRGTEGRVKQPUCPFVJGEQTTGURQPFKPICXGTCIG SWCPVKVCVKXGCUUGUUOGPVFGETGCUGOQPQVQPKECNN[YKVJVJGNGXGNQHGFWECVKQPCN CVVCKPOGPV CVVJGVYQGZVTGOGURGTEGPVQHVJQUGJCXKPIEQORNGVGFQPN[ RTKOCT[QTOKFFNGUEJQQNHCNNKPVJGJKIJKPƀCVKQPECVGIQT[CUEQORCTGFVQ RGTEGPVQHVJQUGRQUUGUUKPICWPKXGTUKV[FGITGG #P KPVGTGUVKPI TGUWNV KU VJCV VJG FKHHGTGPEG DGVYGGP YQOGP CPF OGP FKUCRRGCTU YJGP VJG CPUYGT EQPEGTPU HQQF RTKEGU TCVJGT VJCP VJG IGPGTCN RTKEGNGXGN UGG6CDNGKP5GEV 6JGſPFKPIVJCVVJGIGPFGTGHHGEV DGEQOGUNCTIGTYJGPQPGOQXGUHTQOCURGEKſECNN[HQEWUGFSWGUVKQPVQC OQTGIGPGTCNQPGUWIIGUVUVJCVVJGNCVVGTKUOQTGNKMGN[VQTGƀGEVHCEVQTUNGUU FKTGEVN[TGNCVGFVQVJGCEVWCNRTKEGFGXGNQROGPVU 6JG FGUETKRVKXG GXKFGPEG KPFKECVGU VJCV SWCNKVCVKXG RGTEGRVKQPU CTG CNUQ TGNCVGF VQ VJG KPFKXKFWCNŏU YQTMKPI EQPFKVKQP CPF RTQHGUUKQPCN ECVGIQT[
VJGRGTEGPVCIGQHVJQUGTGRQTVKPIJKIJKPƀCVKQPKUJKIJGTHQTWPGORNQ[GF UVWFGPVUCPFJQWUGYKXGUNQYGTHQTVJGKPFKXKFWCNUYJQCVNGCUVKPRTKPEKRNG ECP CFLWUV VJG RTKEG QH VJG IQQFU QT UGTXKEGU VJG[ UGNN KG GPVTGRTGPGWTU RTQHGUUKQPCNU CPF TGVCKNGTU JQYGXGT PQ ENGCT EQTTGURQPFGPEG KU HQWPF DGVYGGPVJGUGEJCTCEVGTKUVKEUCPFVJGSWCPVKVCVKXGCUUGUUOGPV
2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
6CDNG(CEVQTUWPFGTN[KPISWCNKVCVKXGKPƀCVKQPRGTEGRVKQPU
QTFGTGFRTQDKVGUVKOCVGU EQGHſEKGPV -PQYNGFIG $W[HQQFRTQFWEVU $W[FWTCDNGRTQFWEVU #YCTGPGUUQHRTKEGFGETGCUGU 0GYURCRGTRTKEGNCUV[GCT 0GYURCRGTRTKEG[GCTUCIQ .KTCGWTQEQPXGTUKQPTCVG (KPCPEKCNUKVWCVKQP +PEQOGURGTOGODGT 2C[CTGPV &YGNNKPIVTCPUCEVKQP 5GCTEJ +PVGTPGV %CUJQTETGFKVECTF %GPVTG +UNCPFU 0QTVJGCUV 0QTVJYGUV 5QWVJ /CNG (GOCNG #IG #IG #IG #IG #IG 2TKOCT[GFWECVKQP .QYUGEQPFCT[GFWECVKQP *KIJUGEQPFCT[GFWECVKQP 7PKXGTUKV[QTOQTG 'ORNQ[GG RGTOCPGPV 'ORNQ[GG ſZGFVGTO +PFGRGPFGPVYQTMGT 7PGORNQ[GF 4GVKTGF 5VWFGPV *QWUGYKHG 0WODGTQHQDUGTXCVKQPU 'SWCVKQP( FQH =RTQD (? &WOOKGU( FQH =RTQD (? IGQITCRJKECNCTGC CIG GFWECVKQP YQTMKPIEQPFKVKQPU
VUVCVKUVKE
TGH
TGH
TGH
TGH
TGH
=?
=? =? =? =?
0QVGU &GRGPFGPVXCTKCDNG SWCNKVCVKXGRGTEGRVKQPUHQWTECVGIQTKGU őHCNNGPUVC[GF CDQWV VJG UCOGŒ őTKUGP UNKIJVN[Œ őTKUGP OQFGTCVGN[Œ őTKUGP C NQVŒ 2XCNGU KP USWCTGFDTCEMGVU UKIPKſECPEGCVRGTEGPV UKIPKſECPEGCVRGTEGPV
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
-PQYNGFIGRU[EJQNQIKECNHCEVQTUCPFOGOQT[6JGFGITGGQHKPFKXKFWCNUŏ MPQYNGFIGQHKPƀCVKQPKPFKECVQTURU[EJQNQIKECNHCEVQTUCPFOGOQT[FQPQV CRRGCTVQDGUKIPKſECPVN[EQTTGNCVGFVQRGTEGRVKQPUYKVJKPQWTOWNVKXCTKCVG GZGTEKUG *QYGXGT VJG FKUVTKDWVKQP QH KPFKXKFWCN TGURQPUGU RQKPVU VQ UQOG KPVGTGUVKPI KPUKIJVU #U VQ MPQYNGFIG VJG TGUWNVU TGRQTVGF KP 6CDNG % KP CRRGPFKZ % UWIIGUV VJCV EQPUWOGTU JCXG C NKOKVGF CDKNKV[ VQ CUUGUU EQTTGEVN[YJCVKPƀCVKQPUVCVKUVKEUCEVWCNN[OGCUWTG KPRCTVKEWNCT K OQTG VJCPJCNHQHVJGTGURQPFGPVUOKUWPFGTUVCPFRTKEGEJCPIGUHQTRTKEGNGXGNU
VJG[ KPVGTRTGV VJG UVCVGOGPV őKPƀCVKQP YCU RGT EGPV KP 6WTKP CPF RGT EGPVKP/KNCPŒCUOGCPKPIVJCVVJGRTKEGNGXGNTCVJGTVJCPVJGTCVGQHRTKEG KPETGCUGYCUNQYGTKP6WTKPVJCPKP/KNCP KK CTQWPFQPGHQTVJCTGWPCDNG VQEQORWVGEQTTGEVN[RGTEGPVCIGEJCPIGU CRTKEGTKUGHTQOVQGWTQU KUEQPUKFGTGFJKIJGTKPRGTEGPVCIGVGTOUVJCPCTKUGHTQOVQGWTQU
KKK VJTGGSWCTVGTUQHVJGOFQPQVMPQYVJGDTQCFEQORQUKVKQPQHVJGRTKEG EQPUWORVKQPDCUMGV VJG[DGNKGXGVJCVKVTGHGTUVQCUGVQHGUUGPVKCNRTQFWEVU QTVQVJGRTQFWEVUYJQUGRTKEGJCUKPETGCUGF KX OQTGVJCPJCNHYTQPIN[ TGRQTVVJCVJQWUGRTKEGUCTGKPENWFGFKPVJG%2+DCUMGV 4GICTFKPI RU[EJQNQIKECN HCEVQTU CP QXGTYJGNOKPI OCLQTKV[ QH VJG TGURQPFGPVU RGTEGPV UC[VJCVVJG[JCXGQDUGTXGFPQRTKEGFGETGCUG KP CP[ECVGIQT[QHRTQFWEV QXGTVJGNCUVſXG[GCTU 6CDNG%KPCRRGPFKZ % VJKUDGNKGHCRRGCTUVQDGYKFGN[JGNFCNUQD[VJQUGYJQJCXGDQWIJV CPGNGEVTQPKEIQQFKPVJGUCOGRGTKQFCPFVJWUYQWNFDGGZRGEVGFVQJCXG GZRGTKGPEGF UQOG RTKEG FGETGCUGU 2GTEGRVKQPU DQVJ SWCNKVCVKXG CPF SWCPVKVCVKXG QH VJG RGT EGPV QH TGURQPFGPVU CYCTG QH RTKEG FGETGCUGU CTGKPIGPGTCNOWEJNQYGTVJCPHQTVJGTGUVQHVJGUCORNGRTQXKFKPIUQOG UWRRQTVCNDGKVQHCFGUETKRVKXGPCVWTGVQVJGJ[RQVJGUKUVJCVCPCU[OOGVTKE TGEQIPKVKQPQHRTKEGKPETGCUGUCPFFGETGCUGUOC[CHHGEVRGTEGKXGFKPƀCVKQP /QTGQXGTVJGNCVVGTKUPQVJKIJGTHQTVJQUGYJQV[RKECNN[DW[HQQFVJCPHQTVJG QVJGTUEQPVTCT[VQYJCVQPGOKIJVJCXGGZRGEVGFDCUGFQPVJGEJCPIGQXGT GZRGTKGPEG6JKUTGUWNVKUJCTFN[UWTRTKUKPIUKPEGKPHQQFRTKEGUFKFPQV TGEQTFGZEGRVKQPCNKPETGCUGUD[EQPVTCUVYKVJVJGFGXGNQROGPVUQDUGTXGF KP #UVQRTKEGTGECNN TGHGTTKPIVQVJGPGYURCRGTRTKEG KVKUTGNCVKXGN[CEEWTCVG HQTVJGEWTTGPVRTKEGCPFVJGRTKEGQPG[GCTGCTNKGT CPFRGTEGPVQHVJG TGURQPFGPVUTGURGEVKXGN[KPFKECVGFVJGEQTTGEVRTKEG 6CDNG%KPCRRGPFKZ % YJKNGKVYQTUGPUFTCUVKECNN[HQTVJGRTGGWTQRTKEG1PN[CUOCNNRGTEGPVCIG
RGTEGPV TGECNNKVEQTTGEVN[ NKTG YJKNGCPQXGTYJGNOKPIOCLQTKV[
(WTVJGTGXKFGPEGVJCV+VCNKCPEQPUWOGTUJCXGCUECTEGHCOKNKCTKV[YKVJGEQPQOKE UVCVKUVKEUKURTQXKFGFD[(WNNQPGGVCN CPF/CNICTKPK 6JKU EQWNF DG RCTVN[ FWG VQ EQPUWOGTU PQV VCMKPI KPVQ CEEQWPV VJG SWCNKV[ KORTQXGOGPVUQHVJGUGKVGOUYJKEJKUKPUVGCFKPEQTRQTCVGFKPQHſEKCNUVCVKUVKEU
2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
RGTEGPV TGECNNCRTKEGVJCVKUCVNGCUVQPGVJKTFNQYGT/QTGQXGTVJGOQUV HTGSWGPVN[ TGECNNGF RTKEG NKTG EQTTGURQPFU VQ VJG RTKEG RTGXCKNKPI CV VJGVKOGQHVJGUWTXG[ GWTQ EQPXGTVGFCVCPKORNKEKVTCVGQHNKTGVQ GWTQ6JGUGTGUWNVUCTGKPNKPGYKVJVJQUGQH%GUVCTK&GN)KQXCPGCPF4QUUK #TPCWF UGG%JCR HQTRTGGWTQEKPGOCRTKEGU 'EQPQOKEEQPFKVKQPU#UKIPKſECPVTQNGKURNC[GFD[GEQPQOKEEQPFKVKQPU +PFKXKFWCNUDGNQPIKPIVQJQWUGJQNFUEJCTCEVGTKUGFD[UQOGHQTOUQHſPCPEKCN FKUVTGUU CUECRVWTGFD[VJGFKHſEWNV[KPOGGVKPIOQPVJN[GZRGPFKVWTGCPFVJG PWODGTQHKPEQOGURGTHCOKN[ CTGOQTGNKMGN[VQRGTEGKXGJKIJGTKPƀCVKQP 6JGUG ſPFKPIU CTG EQPſTOGF PGCVN[ D[ VJG EQTTGURQPFKPI FGUETKRVKXG GXKFGPEG 6CDNG % KP CRRGPFKZ % VJG UJCTG QH TGURQPFGPVU YKVJ JKIJ RGTEGRVKQPU CPF VJG EQTTGURQPFKPI CXGTCIG SWCPVKVCVKXG CUUGUUOGPV FGETGCUGOQPQVQPKECNN[YKVJVJGFGITGGQHYGNNDGKPIQHVJGJQWUGJQNF CV VJG VYQ GZVTGOGU RGT EGPV QH VJQUG JCXKPI VQ KPEWT FGDVU QT FTCY QP UCXKPIUVQOGGVOQPVJN[GZRGPFKVWTGUHCNNYKVJKPVJGJKIJKPƀCVKQPECVGIQT[ CU EQORCTGF VQ RGT EGPV QH VJQUG YJQ CTG CDNG VQ UCXG CPF YKVJ VJG PWODGTQHKPEQOGURGTHCOKN[ RGTEGPVHQTVJQUGHCOKNKGUKPYJKEJQPG QWVQHHQWTOGODGTUGCTPCPKPEQOGCUEQORCTGFVQRGTEGPVKPECUGU KPYJKEJGCEJEQORQPGPVGCTPUUQOGVJKPI 6JQWIJPQVUKIPKſECPVKPVJG GEQPQOGVTKEGZGTEKUGVJGUCOGV[RGQHTGNCVKQPUJKRCNUQJQNFUYKVJTGURGEV VQVJGRTQRGTV[QHVJGJQWUGQEEWRKGFD[VJGTGURQPFGPVYKVJVJQUGRC[KPI CTGPVJCXKPIOWEJJKIJGTSWCNKVCVKXGRGTEGRVKQPUVJCPJQOGQYPGTU6JG SWCPVKVCVKXGCUUGUUOGPVUCNUQKPFKECVGVJCVDGVVGTQHHJQWUGJQNFUJCXGNQYGT RGTEGKXGFKPƀCVKQP %QPUWOGTDGJCXKQWT#PWPGZRGEVGFTGUWNVQHQWTGUVKOCVGUKUVJCVVJGUGV QH RTQZKGU HQT EQPUWORVKQP CPF GZRGPFKVWTG JCDKVU FQGU PQV UKIPKſECPVN[ CHHGEVRGTEGRVKQPUYKVJVJGGZEGRVKQPQHVJGHTGSWGPVWUGQHECUJQTETGFKV ECTFUVJCVVWTPUQWVVQDG PGICVKXGN[ EQTTGNCVGFYKVJVJGO+PRCTVKEWNCT PQUKIPKſECPVTGNCVKQPUJKRKUHQWPFHQTVJGWUGQHVJGKPVGTPGV GKVJGTVQOCMG RWTEJCUGUQTEQNNGEVKPHQTOCVKQPQPRTKEGU CPFHQTVJGTGURQPFGPVUŏUGCTEJ GHHQTVKPUJQRRKPICEVKXKV[ CUOGCUWTGFD[VJGU[PVJGVKEXCTKCDNGUGCTEJ VJG UCOGJQNFUHQTVJGV[RGQHRTQFWEVU HQQFUCPFFWTCDNGU OQUVN[RWTEJCUGF D[ VJG TGURQPFGPVU #NN KP CNN VJKU UWIIGUVU VJCV KPƀCVKQP RGTEGRVKQPU CTG UECTEGN[CHHGEVGFD[COQTGCVVGPVKXGUJQRRKPIDGJCXKQWTYJKEJEQWNFJCXG DGGPGZRGEVGFVQNGCFVQOQTGCEEWTCVGGXCNWCVKQPQHRTKEGFGXGNQROGPVU
6JKUKUPQVFWGVQCPKORTGEKUGMPQYNGFIGQHVJGQHſEKCNNKTCGWTQEQPXGTUKQPTCVG
NKTG UKPEGYJGPCUMGFCDQWVVJGNCVVGTVJGQXGTYJGNOKPIOCLQTKV[QH TGURQPFGPVUKPFKECVGFVJGEQTTGEVEQPXGTUKQPTCVGQTCſIWTGENQUGVQKV 6CDNG % KP CRRGPFKZ % JQYGXGT YG ECPPQV GZENWFG VJCV VJG TGURQPFGPVU TGECNN EQTTGEVN[VJGQHſEKCNEQPXGTUKQPTCVGDWVCTGEQPXKPEGFVJCVVJGCEVWCNEQPXGTUKQP VQQMRNCEGCVCFKHHGTGPVTCVG
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
6CDNG(CEVQTUWPFGTN[KPIőJKIJŒSWCNKVCVKXGKPƀCVKQPRGTEGRVKQPU
RTQDKVGUVKOCVGU
-PQYNGFIG $W[HQQFRTQFWEVU $W[FWTCDNGRTQFWEVU #YCTGPGUUQHRTKEGFGETGCUGU 0GYURCRGTRTKEGNCUV[GCT 0GYURCRGTRTKEG[GCTUCIQ .KTCGWTQEQPXGTUKQPTCVG (KPCPEKCNUKVWCVKQP +PEQOGURGTOGODGT 2C[CTGPV &YGNNKPIVTCPUCEVKQP 5GCTEJ +PVGTPGV %CUJQTETGFKVECTF %GPVTG +UNCPFU 0QTVJGCUV 0QTVJYGUV 5QWVJ /CNG (GOCNG #IG #IG #IG #IG #IG 2TKOCT[GFWECVKQP .QYUGEQPFCT[GFWECVKQP *KIJUGEQPFCT[GFWECVKQP 7PKXGTUKV[QTOQTG 'ORNQ[GG RGTOCPGPV 'ORNQ[GG ſZGFVGTO +PFGRGPFGPVYQTMGT 7PGORNQ[GF 4GVKTGF 5VWFGPV *QWUGYKHG 0WODGTQHQDUGTXCVKQPU 'SWCVKQP( FQH =RTQD (? &WOOKGU( FQH =RTQD (? IGQITCRJKECNCTGC CIG GFWECVKQP YQTMKPIEQPFKVKQPU
EQGHſEKGPV
VUVCVKUVKE
TGH
TGH
TGH
TGH
TGH
=?
=? =? =? =?
0QVGU &GRGPFGPV XCTKCDNG SWCNKVCVKXG RGTEGRVKQPU VYQ ECVGIQTKGU őJKIJŒ
CPUYGT őTKUGP C NQVŒ CPF őQVJGTŒ CPUYGTU őHCNNGPŒ őUVC[GF CDQWV VJG UCOGŒ őTKUGPUNKIJVN[Œ őTKUGPOQFGTCVGN[Œ 2XCNGUKPUSWCTGFDTCEMGVU UKIPKſECPEG CVRGTEGPV UKIPKſECPEGCVRGTEGPV
2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
6CDNG(CEVQTUWPFGTN[KPISWCPVKVCVKXGKPƀCVKQPRGTEGRVKQPU
1.5GUVKOCVGU
EQGHſEKGPV
VUVCVKUVKE
-PQYNGFIG $W[HQQFRTQFWEVU $W[FWTCDNGRTQFWEVU #YCTGPGUUQHRTKEGFGETGCUGU 0GYURCRGTRTKEGNCUV[GCT 0GYURCRGTRTKEG[GCTUCIQ .KTCGWTQEQPXGTUKQPTCVG (KPCPEKCNUKVWCVKQP +PEQOGURGTOGODGT 2C[CTGPV &YGNNKPIVTCPUCEVKQP 5GCTEJ +PVGTPGV %CUJQTETGFKVECTF %GPVTG +UNCPFU 0QTVJGCUV 0QTVJYGUV 5QWVJ /CNG (GOCNG #IG #IG #IG #IG #IG 2TKOCT[GFWECVKQP .QYUGEQPFCT[GFWECVKQP *KIJUGEQPFCT[GFWECVKQP 7PKXGTUKV[QTOQTG 'ORNQ[GG RGTOCPGPV 'ORNQ[GG ſZGFVGTO +PFGRGPFGPVYQTMGT 7PGORNQ[GF 4GVKTGF 5VWFGPV *QWUGYKHG
TGH
TGH
TGH
TGH
TGH
0WODGTQHQDUGTXCVKQPU 'SWCVKQP( FQH =RTQD (?
=?
&WOOKGU( FQH =RTQD (? IGQITCRJKECNCTGC CIG GFWECVKQP YQTMKPIEQPFKVKQPU
=? =? =? =?
0QVGU &GRGPFGPVXCTKCDNG SWCPVKVCVKXGRGTEGRVKQPU CPUYGTUVQSWGUVKQP#D UGGCRRGPFKZ$ 2XCNGUKPUSWCTGFDTCEMGVU UKIPKſECPEGCVRGTEGPV
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
6JGTGUWNVUQHVJGUGEQPFGZGTEKUGYJGTGYGKPXGUVKICVGYJKEJHCEVQTUOCMG KVOQTGNKMGN[HQTKPFKXKFWCNUVQJCXGGZVTGOG őJKIJŒ KPƀCVKQPRGTEGRVKQPU CPFVJQUGQHVJGVJKTFQPGQPSWCPVKVCVKXGCUUGUUOGPVUCTGTGRQTVGFKP6CDNGU CPF $QVJ EQPſTO VJG TQNG QH UQEKQFGOQITCRJKE CPF GEQPQOKE HCEVQTUCNVJQWIJQPN[QPGRTQZ[QHVJGGEQPQOKEEQPFKVKQPKUUKIPKſECPVKP GCEJECUG *KIJSWCNKVCVKXGRGTEGRVKQPUCTGCNUQUKIPKſECPVN[TGNCVGF VJQWIJQPN[CV RGTEGPV VQVJGU[PVJGVKEXCTKCDNGECRVWTKPIVJGFGITGGQHMPQYNGFIGQH KPƀCVKQPCPFVQVJGCEEWTCE[QHRTKEGTGECNN+PRCTVKEWNCTVJGPGICVKXGUKIPQH DQVJEQGHſEKGPVUKPFKECVGUVJCVVJQUGJCXKPICNQYGTFGITGGQHMPQYNGFIGCPF CYQTUGRTKEGTGECNNCTGCNUQOQTGNKMGN[VQJCXGJKIJSWCNKVCVKXGRGTEGRVKQPU #EEWTCE[QHRTKEGTGECNNCPFQVJGTRU[EJQNQIKECNHCEVQTU CYCTGPGUUQHRTKEG TGFWEVKQPU RNC[CUKIPKſECPVTQNGKPVJGTGNCVKQPVQSWCPVKVCVKXGRGTEGRVKQPU
%QPENWUKQPU 6JKUUVWF[GZCOKPGUVJGTGNCVKQPUJKRDGVYGGPKPFKXKFWCNKPƀCVKQPRGTEGRVKQPU CPFVJGXCTKQWUHCEVQTUVJCVCEEQTFKPIVQVJGCPCN[UGURTGUGPVGFKPVJGRTGXKQWU RCTVQHVJGDQQMCPFQVJGTEQPVTKDWVKQPUVQVJKUNKVGTCVWTGOC[CHHGEVVJGO 6JKUKUFQPGKPCWPKſGFHTCOGYQTMVJTQWIJCUWTXG[QH+VCNKCPEQPUWOGTU URGEKſECNN[FGUKIPGFHQTVJKURWTRQUGECTTKGFQWVKP&GEGODGT 6JGGORKTKECNCPCN[UKUKUDCUGFQPCOWNVKXCTKCVGGEQPQOGVTKEHTCOGYQTM YJGTGRCTVKEWNCTN[KPVGTGUVKPICFFKVKQPCNFGUETKRVKXGGXKFGPEGKUCNUQRTQXKFGF YKVJTGICTFVQDQVJSWCNKVCVKXGCPFSWCPVKVCVKXGCUUGUUOGPVU 6JG TGUWNVU KPFKECVG VJCV KPƀCVKQP RGTEGRVKQPU CTG UKIPKſECPVN[ TGNCVGF VQ EQPUWOGTUŏ UQEKQFGOQITCRJKE EJCTCEVGTKUVKEU KP RCTVKEWNCT IGPFGT CPF GFWECVKQPCPFVJGKTGEQPQOKEEQPFKVKQP#UVQVJGIGPFGTYQOGPTGRQTVQP CXGTCIGCPKPƀCVKQPTCVGVJCVKUCNOQUVVYKEGCUJKIJCUVJCVKPFKECVGFD[OGPC TGUWNVYJKEJJCUDGGPJKIJNKIJVGFCUCRW\\NKPITGIWNCTKV[KPRTGXKQWUNKVGTCVWTG QP VJG 7PKVGF 5VCVGU # ICR QH C UKOKNCT UK\G KU HQWPF DGVYGGP KPFKXKFWCNU GFWECVGFWRVQOKFFNGUEJQQNFGITGGCPFVJGTGUV5WEJFKHHGTGPEGUCTGPQV GZRNCKPGFD[CFKHHGTGPVEQORQUKVKQPQHVJGTGURGEVKXGEQPUWORVKQPDWPFNGU CUVJG[TGOCKPGXGPYJGPEQPVTQNNKPIHQTVJGV[RGQHRWTEJCUGUECTTKGFQWVD[ GCEJTGURQPFGPV%QPEGTPKPIGEQPQOKEEQPFKVKQPUEQPUWOGTUDGNQPIKPIVQ JQWUGJQNFUEJCTCEVGTK\GFD[UQOGHQTOUQHſPCPEKCNFKUVTGUUŌCUOGCUWTGF D[VJGPGGFVQKPEWTFGDVUQTTGUQTVVQRTGXKQWUUCXKPIUVQOGGVVJGOQPVJN[ GZRGPFKVWTG D[ VJG PWODGT QH KPEQOGU KP VJG JQWUGJQNF CPF D[ VJG TGPV DWTFGPHQTVJQUGYJQCTGVGPCPVŌTGRQTVJKIJGTKPƀCVKQP6JGTGUWNVUQDVCKPGF D[/CNICTKPK DCUGFQPVJG+5#'UWTXG[CTGKPUGXGTCNTGURGEVUKPNKPG YKVJQWTU $[EQPVTCUVVJGEJCTCEVGTKUVKEUQHKPFKXKFWCNUJQRRKPICEVKXKV[ UWEJCU COQTGECTGHWNUGCTEJCETQUUTGVCKNGTUVJGV[RGQHTGVCKNGTUQTVJGRWTEJCUG
2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
QHURGEKſEECVGIQTKGUQHRTQFWEVU CTGPQVUKIPKſECPVN[TGNCVGFVQKPFKXKFWCN KPƀCVKQPRGTEGRVKQPUEQPVTCT[VQYJCVQPGOKIJVGZRGEV 6JG XGT[ NQY MPQYNGFIG QH VJG KPƀCVKQP EQPEGRV CPF TGNCVGF UVCVKUVKEU D[+VCNKCPEQPUWOGTU ENGCTN[FQEWOGPVGFKPVJGUVWF[ CPFCPKPCEEWTCVG OGOQT[QHRCUVRTKEGUVWTPQWVVQRNC[CUKIPKſECPVTQNGKPGZRNCKPKPIVJG JKIJGUV ENCUU QH KPƀCVKQP RGTEGRVKQPU 6JKU KU CP KPVGTGUVKPI ECVGIQT[ VQ KPXGUVKICVG YJKNGQPGOC[GZRGEVEQPUWOGTUVQGZRTGUUVJKUQRKPKQPKPVJG RTGUGPEGQHCPGZEGRVKQPCNGXGPVUWEJCUVJGECUJEJCPIGQXGTKVKUNGUUENGCT YJKEJHCEVQTUOC[FTKXGVJKUDGNKGHKPCRGTKQFVJCVRTGUGPVGFPQGZEGRVKQPCN HGCVWTGUNKMGVJGQPGKPYJKEJYGECTTKGFQWVVJGUWTXG[/GOQT[CPFQVJGT RU[EJQNQIKECN HCEVQTU CTG CNUQ KORQTVCPV KP VJG TGNCVKQP YKVJ SWCPVKVCVKXG RGTEGRVKQPU #NN KP CNN VJGUG TGUWNVU UWIIGUV VJCV YJGP EQPUWOGTU GZRTGUU VJGKT QRKPKQPUQPYJCVVJG[TGRQTVCUőKPƀCVKQPŒVJG[CTGKPEQTRQTCVKPICEQORNGZ EQODKPCVKQP QH HQTEGU VJCV IQ YGNN DG[QPF VJG RJGPQOGPC OGCUWTGF D[ KPƀCVKQP UVCVKUVKEU KPENWFKPI GEQPQOKE HCEVQTU WPTGNCVGF VQ KPƀCVKQP QT RGTUQPCN EJCTCEVGTKUVKEU VJCV JCXG XGT[ NKVVNG TGNCVKQPUJKR YKVJ CEVWCN RTKEG DGJCXKQWT6JKUKPVGTRTGVCVKQPKUEQPUKUVGPVYKVJVJGCDUGPEGQHOCETQUEQRKE EJCPIGUKPKPXGUVOGPVCPFEQPUWORVKQPDGJCXKQWTKPTGEGPV[GCTUEQPVTCT[ VQYJCVQPGYQWNFJCXGQDUGTXGFKHEQPUWOGTUYGTGTGCNN[EQPXKPEGFVJG[ YGTGHCEKPIC[GCTN[KPƀCVKQPTCVGQHVJGQTFGTTGRQTVGFKPVJGUWTXG[CPFYGTG CNUQCDNGVQCRRTQRTKCVGN[CUUGUUVJGRJGPQOGPQPVJKUQRKPKQPTGHGTUVQ
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
#RRGPFKZ#6JGUWTXG[ 6JGUWTXG[YCUQWVUQWTEGFVQCRTKXCVGEQORCP[+2515CPFECTTKGFQWV D[OGCPUQHVGNGRJQPGKPVGTXKGY6JGSWGUVKQPPCKTGYCURTGNKOKPCTKN[ VGUVGF QP C RKNQV UCORNG NGCFKPI VQ VJG TGXKUKQP CPF HKPGVWPKPI QH C HGY SWGUVKQPU 6JG KPVGTXKGYU YGTG CFFTGUUGF VQ GKVJGT VJG JGCF QH VJGJQWUGJQNFQTCOGODGTKPEJCTIGQHCUWDUVCPVKCNHTCEVKQPQHVJG JQWUGJQNFUŏURGPFKPI KPQVJGTYQTFUUQOGQPGCDNGVQRTQXKFGTGNKCDNG KPHQTOCVKQP QP VJG JQWUGJQNFŏ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ſTUV VCMGU KPVQ CEEQWPV QPN[ VJG UVTCVKſECVKQP ETKVGTKC FGUETKDGF KP 6CDNG# GCEJJQWUGJQNFYCUCUUKIPGFCYGKIJVKPXGTUGN[RTQRQTVKQPCN VQKVURTQDCDKNKV[QHDGKPIKPENWFGFKPVJGUCORNG6JGUGEQPFUGVŌWUGFVQ GNCDQTCVGVJGFGUETKRVKXGUVCVKUVKEUCPFVJGGEQPQOGVTKEGZGTEKUGUTGRQTVGFKP VJGUVWF[ŌKUOQTGEQORNGZCUKVCKOUCVOCMKPIVJGTGUWNVUTGRTGUGPVCVKXG DQVJ YKVJ TGURGEV VQ VJG UVTCVKſECVKQP ETKVGTKC UK\G QH OWPKEKRCNKV[ CPF IGQITCRJKECN CTGC CPF YKVJ TGURGEV VQ VJG FKUVTKDWVKQP QH JQWUGJQNFU CEEQTFKPIVQVJGIGPFGTCPFCIGQHVJGJGCFQHVJGJQWUGJQNF6QCEJKGXG VJKU CKO VJG KPKVKCN YGKIJV YCU OQFKſGF VQ CNKIP VJG UVTWEVWTG QH VJG UCORNGYKVJVJCVQHVJGRQRWNCVKQPKPVGTOUQHIGPFGTCIGIGQITCRJKECN CTGCCPFUK\GQHVJGOWPKEKRCNKV[QHTGUKFGPEGCNQPIVJGNKPGUFGUETKDGFKP (CKGNNCCPF)CODCEQTVC HQTQVJGTEQPUWOGTUWTXG[UECTTKGFQWVD[ VJG$CPMQH+VCN[ 6CDNG#UJQYUVJGEQORQUKVKQPQHVJGUCORNGCEEQTFKPIVQVJGUGV QHXCTKCDNGUWUGFVQEQPUVTWEVVJGRQUVUVTCVKHKECVKQPYGKIJVU
6JGJQWUGJQNFKUFGſPGFCUCITQWRQHRGTUQPUNKXKPIVQIGVJGTYJGVJGTQTPQV TGNCVGFD[MKPUJKRYJQUCVKUH[VJGKTPGGFUD[RQQNKPIVQIGVJGTCNNQTRCTVQHVJG KPEQOGGCTPGFD[KVUOGODGTU 6JGTGUWNVUDCUGFQPVJGHQTOGTUGVQHYGKIJVUCTGKPNKPGYKVJVJQUGTGRQTVGFKP VJGEJCRVGT
2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
6CDNG#%QORQUKVKQPQHVJGUCORNGCEEQTFKPIVQVJGKPKVKCNUVTCVKſECVKQPD[ UK\GCPFIGQITCRJKECNCTGC
RGTEGPVCIGUCPFPWODGTQHQDUGTXCVKQPU 5K\GQHVJG %GPVTG +UNCPFU 0QTVJ 0QTVJ 5QWVJ 6QVCN 1DUGTXCVKQPU OWPKEKRCNKV[ 'CUV 9GUV
RQRWNCVKQP
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6QVCN 1DUGTXCVKQPU
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
6CDNG#%QORQUKVKQPQHVJGUCORNGCEEQTFKPIVQ UK\GIGQITCRJKECNCTGC IGPFGTCIGYQTMKPIUVCVWURTQHGUUKQPCNECVGIQT[
PWODGTQHQDUGTXCVKQPUCPFRGTEGPVCIGU 2QUVUVTCVKſECVKQPXCTKCDNGU 5K\GQHVJGOWPKEKRCNKV[ RQRWNCVKQP ŭ 6QVCN )GQITCRJKECNCTGC %GPVTG +UNCPFU 0QTVJ'CUV 0QTVJ9GUV 5QWVJ 6QVCN )GPFGT /CNG (GOCNG 6QVCN #IG 6QVCN 'FWECVKQP 7RVQOKFFNGUEJQQN *KIJUEJQQNQTRTQHGUUKQPCNFGITGG 7PKXGTUKV[QTRQUVITCFWCVGFGITGG 6QVCN 9QTMKPIUVCVWU 'ORNQ[GG RGTOCPGPV 'ORNQ[GG ſZGFVGTO +PFGRGPFGPVYQTMGT 7PGORNQ[GF 4GVKTGF 5VWFGPV *QWUGYKHG 6QVCN 2TQHGUUKQPCNECVGIQT[ 5GNHGORNQ[GFYQTMGT 4GVCKNGT 2TQHGUUKQPCNQTGPVTGRTGPGWT 2TQFWEVKQPYQTMGT %NGTKECNYQTMGT /CPCIGT 6QVCN
1DUGTXCVKQPU
2GTEGPVCIG
0QVGU $CUGFQPCPUYGTUVQSWGUVKQPU555''' UGGCRRGPFKZ $ 6JG OCZKOWO PWODGT QH QDUGTXCVKQPU KU UKPEG KPFKXKFWCNU FKF PQV CPUYGTVJGSWGUVKQPQPRGTEGKXGFKPƀCVKQP
2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
#RRGPFKZ$6JGSWGUVKQPPCKTG 5
=(QTVJGKPVGTXKGYGT KPUGTV+56#6EQFGEQTTGURQPFKPIVQVJGOWPKEKRCNKV[?
5
$GHQTGYGUVCTVEQWNF[QWVGNNOG[QWT[GCTQHDKTVJ! ;GCTQHDKTVJ ^AA^AA^
5
)GPFGT /CNG (GOCNG
#
+P[QWTQRKPKQPRTKEGUKP+VCN[QXGTVJGNCUVOQPVJUJCXG
QPN[QPGCPUYGTCNNQYGF 4KUGPCNQV IQVQC# 4KUGPOQFGTCVGN[ IQVQC# 4KUGPUNKIJVN[ IQVQC# 5VC[GFCDQWVVJGUCOG IQVQ# (CNNGP IQVQC# &QPQVMPQY PQVVQDGTGCF IQVQ#
#D
QPN[HQTVJQUGTGRQTVKPIQTKP# %QWNF[QWKPFKECVGVJGPWOGTKECNXCNWGEQTTGURQPFKPIVQ[QWTCUUGUUOGPV!
2GTEGPVCIG ^AA^AA^^AA^
#
HQTGXGT[DQF[ +P[QWTQRKPKQPUKPEGVJGRGTKQFKOOGFKCVGN[DGHQTGVJGKPVTQFWEVKQPQH DCPMPQVGU CPF EQKPU KP GWTQ VJCV KU UKPEG VJG GPF QH WPVKN VQFC[ RTKEGUKP+VCN[JCXGŗ
QPN[QPGCPUYGTCNNQYGF +PETGCUGFNGUUVJCP +PETGCUGFDGVYGGPCPF +PETGCUGFDGVYGGPCPF +PETGCUGFOQTGVJCP &QPQVMPQY PQVVQDGTGCF
#
HQTGXGT[DQF[ +P[QWTQRKPKQPKUVJGTGCP[IQQFQTUGTXKEGYJQUGRTKEGJCUHCNNGPQXGTVJG NCUVſXG[GCTU!
QPN[QPGCPUYGTCNNQYGF ;GU IQVQ# 0Q IQVQ# &QPQVMPQY0QCPUYGT PQVVQDGTGCF IQVQ#
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QPN[HQTVJQUGTGRQTVKPIKP# %QWNF[QWIKXGCPGZCORNG!
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
QRGPSWGUVKQP NGCXGVJGRQUUKDKNKV[őFQPQVMPQYŒ
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
#
HQTGXGT[DQF[ &Q[QWWUWCNN[DW[CPGYURCRGT!
QPN[QPGCPUYGTCNNQYGF
;GUGXGT[FC[ ;GUCVNGCUVQPEGCYGGM ;GUTCTGN[ 0QPGXGT &QPQVMPQY PQVVQDGTGCF
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HQTGXGT[DQF[ &Q [QW TGOGODGT VJG RTKEG QH C PGYURCRGT YKVJQWV CP[ KPUGTV! 'XGP KP VJGECUGKPYJKEJ[QWFQPQVDW[CPGYURCRGTEQWNF[QWVT[VQKPFKECVGCP GUVKOCVGQHKVURTKEG! =(QTVJGKPVGTXKGYGT YJGTGVYQFKHHGTGPVRTKEGUCTGKPFKECVGFTGHGTTKPIVQ VYQFKHHGTGPVPGYURCRGTUTGEQTFDQVJ+HCTCPIGKUKPFKECVGF HQTKPUVCPEG DGVYGGPCPFEGPVU CUMHQTCPCXGTCIGRTKEG NGCXGVJGRQUUKDKNKV[ őFQPQVMPQYŒ?
(KTUVRTKEG ^AA^AA^^AA^AA^
KPUGTVVJGRTKEGKPŝYKVJVYQFKIKVU KHKVKUNQYGTVJCPŝTGRQTVőŗŒ
5GEQPFRTKEG ^AA^AA^^AA^AA^
KPUGTVVJGRTKEGKPŝYKVJVYQFKIKVU KHKVKUNQYGTVJCPŝTGRQTVőŗŒ
#D
HQTGXGT[DQF[ &Q[QWTGOGODGTVJGRTKEGQHCPGYURCRGTYKVJQWVCP[KPUGTVQPG[GCTCIQ! =(QTVJGKPVGTXKGYGT YJGTGVYQFKHHGTGPVRTKEGUCTGKPFKECVGFTGHGTTKPIVQ VYQFKHHGTGPVPGYURCRGTURNGCUGTGEQTFDQVJ+HCTCPIGKUKPFKECVGFCUM HQTCPCXGTCIGRTKEG NGCXGVJGRQUUKDKNKV[őFQPQVMPQYŒ?
(KTUVRTKEG ^AA^AA^^AA^AA^
KPUGTVVJGRTKEGKPŝYKVJVYQFKIKVU KHKVKUNQYGTVJCPŝTGRQTVőŗŒ
5GEQPFRTKEG ^AA^AA^^AA^AA^
KPUGTVVJGRTKEGKPŝYKVJVYQFKIKVU KHKVKUNQYGTVJCPŝTGRQTVőŗŒ
#E
HQTGXGT[DQF[ &Q[QWTGOGODGTVJGRTKEGKPNKTGQHCPGYURCRGTYKVJQWVKPUGTVUKP! =(QTVJGKPVGTXKGYGT KPECUGVYQFKHHGTGPVRTKEGUCTGKPFKECVGFTGHGTTGFVQ VYQFKHHGTGPVPGYURCRGTURNGCUGTGEQTFDQVJ+HCTCPIGKUKPFKECVGFCUM HQTCPCXGTCIGRTKEG NGCXGVJGRQUUKDKNKV[őFQPQVMPQYŒ?
(KTUVRTKEG ^AA^AA^AA^AA^
KPUGTVVJGRTKEGKPNKTG
5GEQPFRTKEG ^AA^AA^AA^AA^
KPUGTVVJGRTKEGKPNKTG
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2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
HQTGXGT[DQF[ %QPUKFGTKPIVJGQXGTCNNOQPVJN[KPEQOGCXCKNCDNGVQ[QWTJQWUGJQNFCPF [QWTOQPVJN[GZRGPFKVWTGUV[RKECNN[CVVJGGPFQHVJGOQPVJ
QPN[QPGCPUYGTCNNQYGF
;QWOWUVKPEWTFGDVU ;QWOWUVFTCYQP[QWTUCXKPIU ;QWCTGTKIJVQPVJGNKOKV ;QWECPUCXGUQOGVJKPI ;QWECPUCXGSWKVGCNQV &QPQVMPQYPQCPUYGT PQVVQDGTGCF
$
HQTGXGT[DQF[ &Q[QWRC[TGPVHQTVJGJQWUGKPYJKEJ[QWNKXG!
QPN[QPGCPUYGTCNNQYGF
;GU IQVQ$ 0Q IQVQ$ &QPQVMPQYPQCPUYGT PQVVQDGTGCF IQVQ$
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QPN[HQTVJQUGTGRQTVKPIKP$ +P RGTEGPVCIG VGTOU YJCV UJCTG QH VJG QXGTCNN OQPVJN[ KPEQOG QH [QWT JQWUGJQNFKUFGXQVGFVQRC[KPIVJGTGPV!
QPN[QPGCPUYGTCNNQYGF
.GUUVJCP $GVYGGPCPF /QTGVJCP &QPQVRC[CTGPV &QPQVMPQYPQCPUYGT PQVVQDGTGCF
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1XGTVJGNCUV[GCTUYGTG[QWKPXQNXGFKPCVTCPUCEVKQPVQDW[CJQWUGQT CVNGCUVCEVKXGN[UGCTEJKPIVQDW[QTUGNNCJQWUG!
OQTGVJCPQPGCPUYGTCNNQYGF
$QWIJVŗŗŗŗŗŗŗŗŗŗŗŗŗŗŗŗŗ 5QNFŗ 5GCTEJHQTDW[KPIŗ 5GCTEJHQTUGNNKPIŗ 0QPGQHVJGCDQXGCEVKXKVKGU PQVVQDGTGCF ŗ &QPQVMPQYPQCPUYGT PQVVQDGTGCF
%
.GVŏUPQYVWTPVQ[QWTRWTEJCUGUKPQVJGTYQTFUVQVJGRTQFWEVU[QWDW[ +P[QWTQRKPKQPJCUVJGCXGTCIGRTKEGQHVJGUGRTQFWEVUEJCPIGFFWTKPIVJG NCUV[GCT!+HUQEQWNF[QWKPFKECVGCPWOGTKECNXCNWGEQTTGURQPFKPIVQ[QWT CUUGUUOGPV! =(QTVJGKPVGTXKGYGT KPUGTVRQUKVKXGQTPGICVKXGſIWTG KHRTKEGUJCXGPQV EJCPIGFKPUGTVőŒ?
2GTEGPVCIG ^AA^AA^^AA^
%
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
HQTGXGT[DQF[ #TG [QW KP [QWT JQWUGJQNF VJG RGTUQP YJQ V[RKECNN[ RWTEJCUGU VJG HQNNQYKPIRTQFWEVUVJGTGD[CNUQGXCNWCVKPIVJGKTRTKEGU!(QTGCEJV[RGQH RWTEJCUGRNGCUGCPUYGT;'5QT01
TGCFKPTCPFQOQTFGT
;GU (QQF %CTUCPFQTOQVQTE[ENGU 68CPFGNGEVTQPKECRRNKCPEGU 2GTUQPCNEQORWVGTU /QDKNGRJQPGU 4GUVCWTCPVDKNNU
%
QPN[HQTVJQUGTGRQTVKPIVQő(QQFŒKP% .GVŏUPQYVWTPVQ[QWTRWTEJCUGUQHHQQFRTQFWEVU&Q[QWV[RKECNN[ECTT[ QWV[QWTRWTEJCUGUKPVJGUCOGTGVCKNGTU!
TGCF ;GUGXGPKHOQTGVJGQPGDWVCNYC[UVJGUCOG 0Q
%C
0Q
;GUYKVJQVJGTOGODGTU
FQPQVHQTEGKV
QPN[HQTVJQUGTGRQTVKPIVQő(QQFŒKP% +P[QWTQRKPKQPJCUVJGCXGTCIGRTKEGQHVJGHQQFRTQFWEVU[QWPQTOCNN[ RWTEJCUGEJCPIGFFWTKPIVJGNCUV[GCT!+HUQEQWNF[QWKPFKECVGCPWOGTKECN XCNWGEQTTGURQPFKPIVQ[QWTCUUGUUOGPV! =(QTVJGKPVGTXKGYGT KPUGTVRQUKVKXGQTPGICVKXGſIWTG KHRTKEGUJCXGPQV EJCPIGFKPUGTVőŒ?
2GTEGPVCIG ^AA^AA^^AA^
%
QPN[HQTVJQUGTGRQTVKPIVQő(QQFŒKP% +YKNNPQYNKUVUQOGV[RGUQHUCNGUQWVNGVU2NGCUGKPFKECVGVJGHTGSWGPE[ CV YJKEJ [QW ECTT[ QWV [QWT HQQF RWTEJCUGU KP GCEJ QH VJGO EJQQUKPI DGVYGGP őCNYC[U QT CNOQUV CNYC[UŒ őQHVGPŒ őUQOGVKOGUŒ őPGXGT QT CNOQUVPGXGTŒ
QPN[QPGCPUYGTCNNQYGFHQTGCEJV[RG
#NYC[U 1HVGP 5QOGVKOGU 0GXGTQT &QPQV QTCNOQUV CNOQUV MPQY CNYC[U PGXGT PQVVQDG TGCF C*CTFFKUEQWPV
D5WRGTOCTMGV*[RGTOCTMGV
E.QECNOCTMGV
F5OCNNEQTPGTUJQR
%
2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
QPN[HQTVJQUGTGRQTVKPIVQő(QQFŒKP%CPFKP% 6JKPMKPIQHVJGTGVCKNGTUYJGTG[QWV[RKECNN[RWTEJCUGHQQFJCUKVQEEWTTGF QXGTVJGNCUV[GCTVJCVXGT[JKIJRTKEGKPETGCUGUJCXGKPFWEGF[QWVQEJCPIG TGVCKNGT!
QPN[QPGCPUYGTCNNQYGF
0GXGT #NOQUVPGXGT +PUQOGECUGU +POCP[ECUGU &QPQVMPQYPQCPUYGT PQVVQDGTGCF
%C
QPN[HQTVJQUGTGRQTVKPIQKP% 9JCVKUVJGOCKPTGCUQPWPFGTN[KPIVJGHCEVVJCV[QWPGXGTCNOQUVPGXGT EJCPIGFTGVCKNGT!1XGTVJGNCUV[GCTVJGRTKEGUQHHQQFEJCTIGFD[VJGUG TGVCKNGTU
QPN[QPGCPUYGTCNNQYGF
&KFPQVKPETGCUGOWEJ +PETGCUGFCNQVDWVVJGUCOGJCRRGPGFKPQVJGTTGVCKNGTU +PETGCUGFCNQVDWVHQTEQPXGPKGPEG+EJQUGPQVVQEJCPIGTGVCKNGT &QPQVMPQYPQCPUYGT PQVVQDGTGCF
%
QPN[HQTVJQUGTGRQTVKPIVQő(QQFŒKP% *QYFQ[QWTGCEVVQCUVGGRKPETGCUG HQTGZCORNGOQTGVJCP KPVJG RTKEGQHCXGIGVCDNG[QWPQTOCNN[DW[!
QPN[QPGCPUYGTCNNQYGF
+DW[KVKPVJGWUWCNSWCPVKV[FGURKVGVJGRTKEGKPETGCUG +DW[KVKPCUOCNNGTSWCPVKV[ +UWDUVKVWVGKVVGORQTCTKN[YKVJCPQVJGTXCTKGV[ +FQPQVDW[KV &QPQVMPQYPQCPUYGT PQVVQDGTGCF
%
HQTGXGT[DQF[ +YKNNPQYTGCFCNKUVQHIQQFU(QTGCEJRNGCUGKPFKECVGYJGVJGT[QWJCXG RWTEJCUGFQPGFWTKPIVJGNCUV[GCTU(QTGCEJV[RGQHIQQFRNGCUGCPUYGT ;'5QT01
TGCFKPECUWCNQTFGT ;GU 0Q
68CPFGNGEVTQPKECRRNKCPEGU 2GTUQPCNEQORWVGTU /QDKNGRJQPGU
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
QPN[HQTVJQUGTGRQTVKPICVNGCUVQPEGVQ%
%
*QYOCP[TGVCKNGTUFQ[QWPQTOCNN[XKUKVDGHQTGDW[KPIQPGQHVJGIQQFU NKUVGFKPVJGRTGXKQWUSWGUVKQPHQTGZCORNGNQQMKPIHQTVJGDGUVFGCN!
QPN[QPGCPUYGTCNNQYGF
QT
OQTGVJCP
&QPQVMPQYPQCPUYGT PQVVQDGTGCF
HQTGXGT[DQF[
%
&Q[QWWUGVJG+PVGTPGVVQRWTEJCUGQTVQICVJGTKPHQTOCVKQPQPVJGRTQFWEVU [QWKPVGPFVQRWTEJCUG!
QPN[QPGCPUYGTCNNQYGF
1HVGP
4CTGN[
0GXGT
&QPQVMPQYPQCPUYGT PQVVQDGTGCF
QPN[HQTVJQUGTGRQTVKPIVQő/QDKNGRJQPGUŒKP%
%
;QWJCXGTGRQTVGFDW[KPICOQDKNGRJQPGKPVJGNCUV[GCTU&KF[QWFQKV KPQTFGTVQTGRNCEGCPQNFGTOQFGN!
QPN[QPGCPUYGTCNNQYGF
;GU
0Q+DQWIJVKVHQTUQOGQPGGNUG
&QPQVMPQYPQCPUYGT PQVVQDGTGCF
QPN[HQTVJQUGTGRQTVKPIVQ%
%
6JKPMKPIQHVJGNCUVVKOG[QWTGRNCEGF[QWTQNFOQDKNGRJQPGYJKEJQHVJG HQNNQYKPIUVCVGOGPVUDGUVTGƀGEVU[QWEJQKEG!;QWYQWNFUC[[QWEJQUGC OQFGN
QPN[QPGCPUYGTCNNQYGF
9KVJVJGUCOGQRVKQPUCVVJGUCOGRTKEGVJCPVJGQNFQPG
9KVJVJGUCOGQRVKQPUCVCNQYGTRTKEGVJCPVJGQNFQPG
9KVJOQTGQRVKQPUCVVJGUCOGQTNQYGTRTKEGVJCPVJGQNFQPG
9KVJOCP[OQTGQRVKQPUCVCJKIJGTRTKEGVJCPVJGQNFQPG
&QPQVMPQYPQCPUYGT PQVVQDGTGCF
%
2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
HQTGXGT[DQF[ 9JGP C PGY VGEJPQNQIKECN RTQFWEV UWEJ CU C OQDKNG RJQPG QT C FKIKVCN ECOGTC KU RWV QP VJG OCTMGV YKVJ DGVVGT EJCTCEVGTKUVKEU YKVJ TGURGEV VQ VJG QPG [QW CNTGCF[ QYP YJKEJ QH VJG HQNNQYKPI DGUV FGUETKDGU [QWT DGJCXKQWT!
QPN[QPGCPUYGTCNNQYGF +DW[KVKOOGFKCVGN[ +DW[KVYJGPVJGRTKEGHCNNU +FQPŏVDW[KVWPVKNVJGQPG+QYPPQNQPIGTYQTMU +FQPŏVJCXGCP[QHVJGUGRTQFWEVU PQVVQDGTGCF &QPQVMPQYPQCPUYGT PQVVQDGTGCF
%
HQTGXGT[DQF[ &Q[QWJCXGCP#6/ECTFQTCETGFKVECTF!
QPN[QPGCPUYGTCNNQYGF ;GU 0Q &QPQVMPQYPQCPUYGT PQVVQDGTGCF
%
QPN[HQTVJQUGTGRQTVKPIVQ% *QYHTGSWGPVN[FQ[QWWUGVJG#6/QTETGFKVECTFVQRWTEJCUGUQOGVJKPI! 2NGCUGEQPUKFGTCNUQNQYGTXCNWGRWTEJCUGUHQTKPUVCPEGWPFGTGWTQ
QPN[QPGCPUYGTCNNQYGF #NYC[U 1HVGP 4CTGN[ 0GXGT &QPQVMPQYPQCPUYGT PQVVQDGTGCF
& &
HQTGXGT[DQF[ +P[QWTQRKPKQPYJKEJQPGQHVJGHQNNQYKPIUVCVGOGPVUDGUVEQTTGURQPFUVQ VJGUVCVGOGPVőKPƀCVKQPJCUDGGPKP6WTKPCPFKP/KNCPŒ!
QPN[QPGCPUYGTCNNQYGF =(QTVJGKPVGTXKGYGTTGCFVJGRQUUKDNGCPUYGTUKPECUWCNQTFGT? 2TKEGUCTGNQYGTKP6WTKPVJCPKP/KNCP 2TKEGUKP6WTKPJCXGKPETGCUGFNGUUVJCPKP/KNCP 6JGVYQCPUYGTUCTGGSWKXCNGPV PQVVQDGTGCF &QPQVMPQYPQCPUYGT PQVVQDGTGCF
HQTGXGT[DQF[ +P[QWTQRKPKQPYJKEJQHVJGVYQHQNNQYKPIRTKEGXCTKCVKQPUEQTTGURQPFUVQ VJGJKIJGTKPETGCUGKPRGTEGPVCIGVGTOU!
QPN[QPGCPUYGTCNNQYGF =(QTVJGKPVGTXKGYGTTGCFVJGRQUUKDNGCPUYGTUKPTCPFQOQTFGT? #RTKEGTKUGHTQOVQGWTQU #RTKEGTKUGHTQOVQGWTQU &QPQVMPQYPQCPUYGT PQVVQDGTGCF
&
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
HQTGXGT[DQF[ +P[QWTQRKPKQPYJKEJQHVJGHQNNQYKPIITQWRUQHRTQFWEVUKUVCMGPCUC TGHGTGPEGYKVJKPVJGUCORNGQTDCUMGVQHIQQFUWUGFVQECNEWNCVGKPƀCVKQP KP+VCN[!
QPN[QPGCPUYGTCNNQYGF =(QTVJGKPVGTXKGYGTTGCFVJGRQUUKDNGCPUYGTUKPTCPFQOQTFGT?
2TQFWEVUDQWIJVD[+VCNKCPJQWUGJQNFUCUCYJQNG 'UUGPVKCNRTQFWEVU 2TQFWEVUYJQUGRTKEGJCUKPETGCUGF &QPQVMPQYPQCPUYGT PQVVQDGTGCF
&
HQTGXGT[DQF[ +P[QWTQRKPKQPFQGU+56#6VJGUVCVKUVKECNKPUVKVWVGCNUQEQPUKFGTFYGNNKPI RWTEJCUGRTKEGUYJGPECNEWNCVKPIKPƀCVKQP!
QPN[QPGCPUYGTCNNQYGF ;GU 0Q &QPQVMPQYPQCPUYGT PQVVQDGTGCF
&
HQTGXGT[DQF[ +P[QWTQRKPKQPFQGU+56#6OGCUWTGKPƀCVKQP
QPN[QPGCPUYGTCNNQYGF 8GT[YGNN 3WKVGYGNN 3WKVGDCFN[ 8GT[DCFN[ &QPQVMPQYPQCPUYGT PQVVQDGTGCF
&
HQTGXGT[DQF[ 2NGCUGVGNNOGGXGPCRRTQZKOCVGN[VJGNKTCGWTQEQPXGTUKQPTCVG =(QTVJGKPVGTXKGYGTKHWPENGCTURGEKH[VJCVVJGSWGUVKQPTGHGTUVQVJGQHſEKCN EQPXGTUKQPTCVG?
ŝ ^AA^AA^AA^AA^^AA^AA^NKTG NGCXGVJGRQUUKDKNKV[őFQPQVMPQYŒ
6QEQPENWFGCHGYSWGUVKQPUWUGHWNHQTENCUUKH[KPI[QWTCPUYGTU '
HQTGXGT[DQF[ *QYOCP[RGQRNGKPENWFKPI[QWTUGNHEWTTGPVN[NKXGKP[QWTJQWUGJQNF! /QTGVJCP &QPQVMPQY0QCPUYGT PQVVQDGTGCF
2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
HQTGXGT[DQF[
'
*QYOCP[QH[QWTJQWUGJQNFŏUOGODGTUGCTPGFCPKPEQOGQHCP[PCVWTG FWTKPIVJGNCUVOQPVJU!
QPN[QPGCPUYGTCNNQYGF
/QTGVJCP
&QPQVMPQY0QCPUYGT PQVVQDGTGCF
HQTGXGT[DQF[
'
&Q VJG CDQXG KPEQOGU EQPVTKDWVG VQ OCKPVCKP QVJGT RGQRNG HQT KPUVCPEG EJKNFTGPRCTGPVUGVE YJQNKXGUQOGYJGTGGNUG!
QPN[QPGCPUYGTCNNQYGF
;GU
0Q
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HQTGXGT[DQF[
'
9JCVKU[QWTEWTTGPVGORNQ[OGPVUKVWCVKQP!
QPN[QPGCPUYGTCNNQYGF
2GTOCPGPVGORNQ[GG
(KZGFVGTOGORNQ[GGQTEQPUWNVCPV
+PFGRGPFGPVYQTMGT
7PGORNQ[GF
7PGORNQ[GFNQQMKPIHQTCLQDHQTVJGſTUVVKOG
2GPUKQPGT HTQOQEEWRCVKQP ŗ
2GPUKQPGTHQTQVJGTTGCUQPU GIKPXCNKFYCTYQWPFU
5VWFGPV
*QWUGYKHG
1VJGT RNGCUGURGEKH[
&QPQVMPQY0QCPUYGT PQVVQDGTGCF
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
'
QPN[KH'FKHHGTGPVHTQOQT 9JKEJRTQHGUUKQPCNECVGIQT[FQ[QWDGNQPIVQ!
QPN[QPGCPUYGTCNNQYGF
5GNHGORNQ[GFYQTMGT 4GVCKNGT 2TQHGUUKQPCN 'PVTGRTGPGWT $NWGEQNNCTRTQFWEVKQPYQTMGT %NGTKECNYQTMGTVGCEJGT /CPCIGT 1VJGT RNGCUGURGEKH[ &QPQVMPQY0QCPUYGT PQVVQDGTGCF
'
HQTGXGT[DQF[ 9JCVKU[QWTGFWECVKQPCNSWCNKſECVKQP!
QPN[QPGCPUYGTCNNQYGF
0QPG 'NGOGPVCT[UEJQQN /KFFNGUEJQQN *KIJUEJQQNQTRTQHGUUKQPCNFKRNQOC 7PKXGTUKV[FGITGG 2QUVITCFWCVGSWCNKſECVKQP &QPQVMPQY0QCPUYGT PQVVQDGTGCF
2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
#RRGPFKZ%&GUETKRVKXGTGUWNVU 6CDNG%+PƀCVKQPRGTEGRVKQPUD[UQEKQFGOQITCRJKEEJCTCEVGTKUVKEU
RGTEGPVCIGU
.QY 5K\GQHVJGOWPKEKRCNKV[
TGUKFGPVU ŭ CPF ŮCPF ŮCPF Ů )GQITCRJKECNCTGC %GPVTG +UNCPFU 0QTVJ'CUV 0QTVJ9GUV 5QWVJ )GPFGT /CNG (GOCNG #IG 'FWECVKQP 7RVQOKFFNGUEJQQN *KIJUEJQQNQTRTQHGUUKQPCN FKRNQOC 7PKXGTUKV[QTRQUVITCFWCVGFGITGG 9QTMKPIUVCVWU 'ORNQ[GG RGTOCPGPV 'ORNQ[GG ſZGFVGTO +PFGRGPFGPVYQTMGT 7PGORNQ[GF 4GVKTGF *QWUGYKXGU 5VWFGPVU 2TQHGUUKQPCNECVGIQT[ 5GNHGORNQ[GFYQTMGT 4GVCKNGT 2TQHGUUKQPCNQTGPVTGRTGPGWT 2TQFWEVKQPYQTMGT %NGTKECNYQTMGT /CPCIGT 6QVCNUCORNG (TGSWGPE[ 2GTEGPVCIG
2GTEGKXGFKPƀCVKQP 3WCNKVCVKXG /QFGTCVG *KIJ 6QVCN
3WCPVKVCVKXG /GCP /GFKCP
0QVGU $CUGFQPCPUYGTUVQSWGUVKQPU##D555''' UGG CRRGPFKZ$
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
6CDNG%-PQYNGFIGCPFWPFGTUVCPFKPIQHKPƀCVKQPUVCVKUVKEU
RGTEGPVCIGU
4GURQPUGU
+PƀCVKQPRGTEGRVKQPU
3WCNKVCVKXG
3WCPVKVCVKXG
.QY /QFGTCVG *KIJ 6QVCN
/GCP /GFKCP
2TKEGNGXGNUXURTKEGEJCPIGU 9TQPIFQGUPŏV MPQY
4KIJV
#DUQNWVGRTKEGEJCPIGUXURGTEGPVCIGRTKEGEJCPIGU 9TQPIFQGUPŏV MPQY
4KIJV
%QORQUKVKQPQHVJGRTKEGKPFGZDCUMGV 9TQPIFQGUPŏV MPQY
4KIJV
6TGCVOGPVQHJQWUGRTKEGUKPVJGRTKEGKPFGZDCUMGV 9TQPIFQGUPŏV MPQY
4KIJV
%QORQUKVGKPFKECVQTQHVJGFGITGGQHMPQYNGFIGQHKPƀCVKQP
6QVCNUCORNG
0QVGU $CUGFQPCPUYGTUVQSWGUVKQPU&&&& UGGCRRGPFKZ$ 6JGőEQORQUKVGKPFKECVQTŒTGHGTUVQVJGPWODGTQHőEQTTGEVŒCPUYGTUVQVJGCDQXG SWGUVKQPU
2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
6CDNG%#YCTGPGUUQHRTKEGTGFWEVKQPU
RGTEGPVCIGU
4GURQPUGU
2GTEGKXGFKPƀCVKQP
#YCTGPGUUQHRTKEG TGFWEVKQPU ;GU 0Q &QPŏVMPQY 6QVCN
3WCNKVCVKXG
3WCPVKVCVKXG
.QY /QFGTCVG *KIJ 6QVCN
/GCP /GFKCP
0QVGU $CUGFQPCPUYGTUVQSWGUVKQPU##D# UGGCRRGPFKZ$
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
6CDNG%4GECNNQHPGYURCRGTUŏRTKEGCPFGWTQNKTCEQPXGTUKQPTCVG
RGTEGPVCIGU
4GURQPUGU
2GTEGKXGFKPƀCVKQP
3WCNKVCVKXG
3WCPVKVCVKXG
.QY /QFGTCVG *KIJ 6QVCN
/GCP /GFKCP
%WTTGPVRTKEG ŝ .GUUVJCP $GVYGGPCPF $GVYGGPCPF $GVYGGPCPF /QTGVJCP 6QVCN
2TKEGQPG[GCTGCTNKGT ŝ .GUUVJCP $GVYGGPCPF $GVYGGPCPF $GVYGGPCPF /QTGVJCP 6QVCN
2TKEGKP NKTG .GUUVJCP 'SWCNVQ $GVYGGPCPF 'SWCNVQ /QTGVJCP 6QVCN
.KTCGWTQEQPXGTUKQP TCVG %QTTGEV %NQUGVQEQTTGEV +PEQTTGEV 6QVCN
0QVGU $CUGF QP CPUYGTU VQ SWGUVKQPU #C #D #E & UGG CRRGPFKZ $ 6JKUXCNWGTGUWNVUHTQOVJGXGT[NQYPWODGTQHTGURQPFGPVUDGNQPIKPIVQ VJKUECVGIQT[CPFVJGYGKIJVGFFKUVTKDWVKQPQHVJGKTCPUYGTU .GIGPF őEQTTGEVŒ FGPQVGUCPGTTQTUOCNNGTVJCPNKTG őENQUGVQEQTTGEVŒCPGTTQTDGVYGGPCPF NKTG VJWUKPENWFKPIVJGOGPVCNCRRTQZKOCVGEQPXGTUKQPTCVGQHGWTQ NKTG őKPEQTTGEVŒCPGTTQTITGCVGTVJCPNKTG
2&GN)KQXCPG5(CDKCPKCPF45CDDCVKPK
6CDNG%*QWUGJQNFUŏGEQPQOKEEQPFKVKQP
PWODGTQHQDUGTXCVKQPUCPFRGTEGPVCIGU 4GURQPUGU
(KPCPEKCNUKVWCVKQP +PEWTFGDVUQT FTCYQPUCXKPIU 4KIJVQPVJG NKOKV 5CXGUQOGVJKPI QTSWKVGCNQV 6QVCN +PEQOGURGT OGODGT ŭ CPFŭ CPF 6QVCN 2C[CTGPV ;GU 0Q 6QVCN &YGNNKPI VTCPUCEVKQPQT UGCTEJ ;GU 0Q 6QVCN
2GTEGKXGFKPƀCVKQP
3WCNKVCVKXG
3WCPVKVCVKXG
1DUGTXCVKQPU
.QY /QFGTCVG *KIJ 6QVCN
/GCP /GFKCP
0QVGU $CUGFQPCPUYGTUVQSWGUVKQPU##D$$'' UGGCRRGPFKZ $ 4CVKQQHVJGPWODGTQHJQWUGJQNFŏUOGODGTUGCTPKPICPKPEQOGCPFVQVCN JQWUGJQNFŏUOGODGTU
9JCVŏUDGJKPFőKPƀCVKQPRGTEGRVKQPUŒ!#UWTXG[DCUGFCPCN[UKUQH+VCNKCPEQPUWOGTU
#RRGPFKZ&6JGXCTKCDNGUKPENWFGFKPVJG GEQPQOGVTKEOQFGN 'ZRNCPCVQT[XCTKCDNGU
MPQYNGFIG
&GſPKVKQP
&WOO[ XCTKCDNG CUUWOKPI XCNWG KH VJG TGURQPFGPV RTQXKFGU VJG EQTTGEV CPUYGT VQ CV NGCUV QWV QH HQWT SWGUVKQPU QP VJG WPFGTUVCPFKPI QH KPƀCVKQP CPF QH KPƀCVKQP UVCVKUVKEU CPF QVJGTYKUG &&&& DW[HQQFRTQFWEVU &WOO[XCTKCDNGCUUWOKPIXCNWGKHVJGTGURQPFGPVWUWCNN[VCMGU EJCTIGQHHQQFRWTEJCUGUCPFQVJGTYKUG % DW[FWTCDNGRTQFWEVU 8CTKCDNGCUUWOKPIXCNWGUHTQOVQCEEQTFKPIVQVJGPWODGTQH FWTCDNGUEQPUKFGTGFKPVJGSWGUVKQPPCKTG 68RGTUQPCNEQORWVGT OQDKNG RJQPG CEVWCNN[ RWTEJCUGF D[ VJG TGURQPFGPV FWTKPI VJG NCUV[GCTU % CYCTGPGUUQHRTKEG &WOO[XCTKCDNGCUUWOKPIXCNWGKHVJGTGURQPFGPVTGRQTVUVJCV FGETGCUGU UQOGVJKPIJCUDGEQOGEJGCRGTFWTKPIVJGNCUVſ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ſ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őQHVGPŒVQRWTEJCUGQTVQICVJGTKPHQTOCVKQPQPVJGRTQFWEVUJG UJGKPVGPFUVQRWTEJCUGCPFQVJGTYKUG % WUGQHECUJECTF 8CTKCDNGCUUWOKPIXCNWGKHVJGTGURQPFGPVFQGUPQVRQUUGUUCECUJ QTETGFKVECTFKHJGUJGRQUUGUUGUCECTFDWVWUGUKVQPN[TCTGN[QT PGXGTKHJGUJGWUGUVJGECTFQHVGPQTCNYC[U %%
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#WETGOCPPG%QNNKPCPF5VTCIKGT RTQXKFGGEQPQOGVTKEGXKFGPEGQH CUVTWEVWTCNDTGCMKPVJGTGNCVKQPUJKRDGVYGGPRGTEGKXGFCPFQHſEKCNKPƀCVKQP KP VJG GWTQ CTGC HQNNQYKPI VJG ECUJ EJCPIGQXGT 1P VJG DCUKU QH VJGKT GORKTKECNſPFKPIUVJGCWVJQTUCNUQCTIWGVJCVVJGCRRGCTCPEGQHVJGICRFQGU PQV FGRGPF QP KPFKXKFWCN UQEKQGEQPQOKE EJCTCEVGTKUVKEU EQJQTVURGEKſE FKHHGTGPEGU KP KPFKXKFWCN KPƀCVKQP RGTEGRVKQPU CTG HQWPF VQ DG UKIPKſECPV DWV UVCVKQPCT[ QXGT VJG GPVKTG RGTKQF EQPUKFGTGF CPF KU GZRNCKPGF PGKVJGT D[VJGKPEKFGPEGQHHTGSWGPVRWTEJCUGUPQTD[VJGHCEVVJCVQYPGTQEEWRKGF JQWUKPIKUPQVKPENWFGFKPVJG*+%2KPFGZ6JGNCVVGTſPFKPIKPFKECVGUVJCV VJGRGTEGRVKQPICRKUCIGPGTCNRJGPQOGPQPTCVJGTVJCPURGEKſEVQVJG*+%2 +PVJGCWVJQTUŏXKGYVJKUKUCTGCUUWTKPITGUWNVIKXGPVJGRTQOKPGPVTQNGVJKU KPFGZRNC[UKPVJG'WTQU[UVGOOQPGVCT[RQNKE[UVTCVGI[ 6WTPKPI VQ UVWFKGU QP KPFKXKFWCN EQWPVTKGU HQT 5RCKP CEEQTFKPI VQ VJG YQTMECTTKGFQWVD[$CPEQFG'URCÌC CPFNXCTG\)QP\¶NG\GVCN
VJGKPƀCVKQPTCVGHQTHTGSWGPVN[RWTEJCUGFRTQFWEVUYCUOWEJOQTG UVTQPIN[ EQTTGNCVGF YKVJ KPƀCVKQP RGTEGRVKQPU VJCP VJG TCVG ECNEWNCVGF QP VJGYJQNGDCUMGV6JGKPVTQFWEVKQPQHGWTQPQVGUCPFEQKPUEQKPEKFGFYKVJ C RJCUG KP YJKEJ VJG RTKEGU QH VJQUG RTQFWEVU YGTG CEEGNGTCVKPI UJCTRN[ KP EQPVTCUV YKVJ VJG UVCDKNKV[ QH KPƀCVKQP HQT VJG QVJGT IQQFU CPF UGTXKEGU KPENWFGFKPVJGIGPGTCNKPFGZ#UKP+VCN[KP5RCKPVQQVJGFKHHGTGPEGDGVYGGP VJGKPƀCVKQPTCVGUHQTVJGVYQITQWRUQHRTQFWEVUYCUPQVGZEGRVKQPCNN[YKFG
CRRTQZKOCVGN[RGTEGPVCIGRQKPV (QT (TCPEG CP CPCN[UKU D[ VJG PCVKQPCN UVCVKUVKECN KPUVKVWVG QH VJG NKPM DGVYGGPEQPUWOGTUŏKPƀCVKQPRGTEGRVKQPUCPFVJGFKHHGTGPVEQORQPGPVUQH VJGEQPUWOGTRTKEGKPFGZ +05'' UJQYUVJCVKPVJGRGTKQFRTGEGFKPI VJG EJCPIGQXGT RGTEGRVKQPU RTGXCNGPVN[ TGƀGEVGF VJG RTKEG DGJCXKQWT QH HQQF CPF GPGTI[ RTQFWEVU DQVJ HTGSWGPVN[ RWTEJCUGF KVGOU 5WTRTKUKPIN[ JQYGXGT KP VJG DGJCXKQWT QH VJG RTKEGU QH VJGUG VYQ KVGOU YCU PQV EQPUKUVGPV YKVJ VJG LWOR KP KPƀCVKQP RGTEGRVKQPU HQQF RTKEG KPƀCVKQP CEVWCNN[ FGEGNGTCVGF VQ CP CXGTCIG CPPWCN TCVG QH RGT EGPV HTQO RGT EGPV KP YJKNG VJG RTKEGU QH GPGTI[ RTQFWEVU HGNN HWTVJGTD[RGTEGPV+05''EQPENWFGUVJCVVJGUGTKQWUFGVGTKQTCVKQPKP KPƀCVKQPRGTEGRVKQPUFWTKPIVJGEJCPIGQXGT[GCTECPDCUKECNN[DGGZRNCKPGF D[ RU[EJQNQIKECN HCEVQTU PQVCDN[ EQPUWOGTUŏ RTQRGPUKV[ VQ UKHV VJG FCVC UGNGEVKXGN[HQTEQPſTOCVKQPQHVJGKTRTKQTDGNKGHU5WRRQTVHQTVJKUXKGYKU HQWPF KP VJG TGUWNVU QH VJG OQPVJN[ UWTXG[ QH (TGPEJ JQWUGJQNFU YJKEJ
6JG KPFGZ QH HTGSWGPVN[ RWTEJCUGF KVGOU KPENWFGU HQQF DGXGTCIGU CPF VQDCEEQRTQFWEVUGPGTI[RTQFWEVUNQECNVTCPURQTVTGUVCWTCPVUDCTUCPFECHÃU EQOOWPKECVKQPCPFEWNVWTCNUGTXKEGUPGYURCRGTUCPFOCIC\KPGU1XGTCNNVJG YGKIJVQHVJGUGKVGOUEQTTGURQPFUVQCDQWVRGTEGPVQHVJGIGPGTCNKPFGZ 6JKU J[RQVJGUKU KU EQTTQDQTCVGF D[ VJG TGUWNVU QH VJG RU[EJQNQIKECN UVWFKGU EQPFWEVGFHQT)GTOCP[CPF#WUVTKC UGG5GEV
2&GN)KQXCPGCPF45CDDCVKPK
UJQY VJCV VJG HGCT QH CP KPƀCVKQPCT[ KORCEV QH VJG UJKHV VQ VJG GWTQ ITGY UVGCFKN[CUVJGEJCPIGQXGTFTGYPGCT VJGRGTEGPVCIGQHTGURQPFGPVUYJQ GZRGEVGFCPKPETGCUGKPRTKEGUTQUGHTQORGTEGPVKP&GEGODGTVQ RGT EGPV KP 5GRVGODGT #U TGICTFU KPƀCVKQP RGTEGRVKQPU KP CPFRCTVKEWNCTN[VJGUWTIGTGEQTFGFKPVJGCWVWOP+05''LWFIGUVJCVVJG FGVGTKQTCVKQPECPDGVTCEGFVQVJGNCTIGRTKEGJKMGUHQTUQOGUGTXKEGUCPFHQT VQDCEEQRTQFWEVU +P C UKOKNCT CPCN[UKU CICKP HQT (TCPEG EQPFWEVGF D[ %TÃFKV #ITKEQNG
VJG DCNCPEG QH RGTEGRVKQPU KU TGITGUUGF QP CNN VJG EQORQPGPVU QH VJG EQPUWOGT RTKEG KPFGZ HQT VJG RGTKQF 6JG TGUWNVU EQPſTO VJCV JQWUGJQNFU RC[ ENQUGUV CVVGPVKQP VQ UQOG URGEKſE KVGOU +P HCEV LWUV ſXGKVGOUCTGUVCVKUVKECNN[UKIPKſECPVYKVJCEQODKPGFYGKIJVGSWCNVQ RGTEGPVQHVJGEQPUWOGTRTKEGKPFGZDCUMGV őRTQEGUUGFHQQFŒ KPENWFKPI DGXGTCIGU őVQDCEEQRTQFWEVUŒőGPGTI[RTQFWEVUŒőTGPVCPFQVJGTJQWUKPI GZRGPUGUŒCPFőQVJGTUGTXKEGUŒ COQPIVJGOUWEJJKIJN[őXKUKDNGŒUGTXKEGU HQT JQWUGJQNFU CU TGUVCWTCPV UGTXKEGU GFWECVKQP CPF JCKTFTGUUKPI (QT őTGPVCPFQVJGTJQWUKPIGZRGPUGUŒCPFőQVJGTUGTXKEGUŒKVKUGUVKOCVGFVJCV EQPUWOGTUKORNKEKVN[CUUKIPCOWEJJKIJGTYGKIJVVQVJGUGKVGOUVJCPVJGKT YGKIJVKPIKPVJGQHſEKCNDCUMGV RGTEGPVCUCICKPUVUECTEGN[RGTEGPV $[EQPVTCUVPQOCPWHCEVWTGFIQQFU GZEGRVGPGTI[RTQFWEVU CTGHQWPFVQ DGUKIPKſECPVKPVJGTGITGUUKQPGXGPVJQWIJVJG[TGRTGUGPVRGTEGPVQH VJGKPFGZDCUMGV6JGUVWF[EQPENWFGUVJCVVJGQRGPKPIQHVJGICRDGVYGGP KPƀCVKQP RGTEGRVKQPU CPF QHſEKCN UVCVKUVKEU KP YCU NCTIGN[ FWG VQ VJG EQODKPCVKQPQHVYQHCEVQTU VJGYGKIJVJQWUGJQNFUKORNKEKVN[CUUKIPVQVJG VYQCDQXGOGPVKQPGFKVGOUCPFVJGTKUGKPVJGUGKVGOUŏRTKEGUYJKEJYCU CRRTGEKCDN[ITGCVGTVJCPVJCVKPVJGIGPGTCNKPFGZ CPCPPWCNCXGTCIGQH RGTEGPVHQTőTGPVCPFQVJGTJQWUKPIGZRGPUGUŒCPFRGTEGPVHQTőQVJGT UGTXKEGUŒEQORCTGFYKVJRGTEGPVHQTVJGIGPGTCNKPFGZ 6JG&WVEJEGPVTCNDCPM &G0GFGTNCPFUEJG$CPMD UKOKNCTN[JQNFUVJCV VJGICRDGVYGGPRGTEGKXGFCPFOGCUWTGFKPƀCVKQPKPKPVJG0GVJGTNCPFU ECP DG GZRNCKPGF KP RCTV D[ VJG KORCEV QP RGTEGRVKQPU QH UJCTR RTKEG TKUGU HQT HTGSWGPVN[ RWTEJCUGF RTQFWEVU +P VJG CPPWCN CXGTCIG KPETGCUG KP VJGUG RTKEGU YCU RGT EGPV CICKPUV C TKUG QH RGT EGPV KP VJG IGPGTCN KPFGZ'XGPUQVJGKPETGCUGYCUYGNNDGNQYVJCVRGTEGKXGFD[EQPUWOGTHQT
%QPVTCT[VQGZRGEVCVKQPUWPRTQEGUUGFHQQFKUPQVUKIPKſECPV%TÃFKV#ITKEQNGŏU KPVGTRTGVCVKQP KU VJCV EQPUWOGTU FQ PQV CUUKIP UKIPKſECPV YGKIJV VQ VJG KVGO DGECWUGVJG[CTGCYCTGQHKVURTQPQWPEGFXQNCVKNKV[ 6QDCEEQ RTQFWEVU CTG CPQVJGT KVGO VJCV EQPUWOGTU EQPEGPVTCVG QP CPF VJCV TGEQTFGFXGT[NCTIGRTKEGTKUGUKP(TCPEGKPDQVJCPF CPF RGT EGPV TGURGEVKXGN[ *QYGXGT VJG UVWF[ KPFKECVGU VJCV VJG KORNKEKV YGKIJV CUUKIPGFVQVJKUKVGOKPVJGHQTOCVKQPQHRGTEGRVKQPUKUKPNKPGYKVJVJCVQHVJG QHſEKCNKPFGZ
#UWTXG[QHVJGGORKTKECNGXKFGPEGHQTVJGGWTQCTGC
VJGUCOGRTKEGU RGTEGPVKPVJGſTUVUKZOQPVJUQHCEEQTFKPIVQC EGPVTCNDCPMUWTXG[ #ICKPHQTVJG0GVJGTNCPFU9CNUEJQVU CPF$WKVGP
CTIWGVJCVRGTEGRVKQPUOC[JCXGTGƀGEVGFVJGRTKEGJKMGUHQTRTQFWEVU YJQUG YGKIJV KP VJG DCUMGV KU OQFGUV DWV VJCV CTG HTGSWGPVN[ RWTEJCUGF YJKNGEQPUWOGTUCVVCEJGFNGUUKORQTVCPEGVQVJGUOCNNGTRTKEGKPETGCUGUQT TGFWEVKQPUHQTRTQFWEVUYJQUGYGKIJVKPVJGDCUMGVKUUKIPKſ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ƀCVKQPYKVJVJGUJKHV VQ VJG GWTQ VJKU KORTGUUKQP RGTUKUVGF KP VJG EQWTUG QH FGURKVG VJG TGFWEVKQPKPQHſEKCNN[OGCUWTGFKPƀCVKQP #EEQTFKPIVQVJGUVWF[QP2QTVWICND[5CPVQUGVCN VJGKPETGCUG KP KPƀCVKQP RGTEGRVKQPU KU CICKP CV NGCUV RCTVN[ GZRNCKPGF D[ VJG HCEV VJCV OCP[QHVJGRTQFWEVUHQTYJKEJGZEGRVKQPCNRTKEGKPETGCUGUYGTGTGEQTFGF KPEQPEQOKVCPEGYKVJVJGEJCPIGQXGTYGTGIQQFUCPFUGTXKEGUHTGSWGPVN[ RWTEJCUGFCPFRCKFHQTKPECUJ .CUVN[HQT(KPNCPF#CNVQ5GV¼N¼ UWIIGUVUVJCVKPƀCVKQPRGTEGRVKQPU TGƀGEVGFEQPUWOGTUŏGZRGEVCVKQPUQHVJGEJCPIGQXGTŏUKPƀCVKQPCT[GHHGEVU VJGFGXGNQROGPVUQHHQQFRTKEGUKPVJGYKPVGTQHCPFVJGWUGQHTQWPFGF RTKEGUCPFEQPXGTUKQPTCVGUKPEQPUWOGTUŏRTKEGEQORCTKUQP6JGGORKTKECN GXKFGPEGRTGUGPVGFD[-WTTK KUQPN[RCTVKCNN[EQPUKUVGPVYKVJVJGXKGY VJCVRGTEGRVKQPUYGTGFTKXGPD[RTKEGFGXGNQROGPVUQHHTGSWGPVN[RWTEJCUGF KVGOU YJKNGVJGUWTIGKPWPRTQEGUUGFHQQFRTKEGUCVVJGDGIKPPKPIQH OC[JCXGRNC[GFCTQNGVJGPGICVKXGXCTKCVKQPUQHVJGUCOGRTKEGUKP FKFPQVNQYGTRGTEGRVKQPU*KUCPCN[UKURTQXKFGUUQOGUWRRQTVHQTVJGXKGY VJCV EQPUWOGTUŏ GZRGEVCVKQPU QH VJG EJCPIGQXGTŏU KPƀCVKQPCT[ KORCEV NGF VJGOVQEQPEGPVTCVGQPRTKEGUKPETGCUGUCPFPGINGEVTGFWEVKQPU 0WODGTUK\GCPFFKUVTKDWVKQPQHRTKEGEJCPIGU #PQVJGT J[RQVJGUKU EQPUKFGTGF KP EJCRVGT KU VJCV KPFKXKFWCN KPƀCVKQP RGTEGRVKQPUCTGJGCXKN[OQTGKPƀWGPEGFD[RTKEGKPETGCUGUVJCPFGETGCUGU GXGPKHVJGVYQCTGUKOWNVCPGQWUCPFQHVJGUCOGQTFGTQHOCIPKVWFGQTD[ GZEGRVKQPCNN[NCTIGEJCPIGUHQTURGEKſEIQQFUGXGPKHVJGIQQFUKPSWGUVKQP OCMGWRCOQFGUVRQTVKQPQHVJGDCUMGV
5GGEJCRVGTUCPFYKVJTGHGTGPEGVQ+VCN[
2&GN)KQXCPGCPF45CDDCVKPK
+PVJGECUGQH+VCN[KPEQPEQOKVCPEGYKVJVJGEJCPIGQXGTVJGTGYGTGRTKEG OQXGOGPVU CV XCTKCPEG YKVJ VJG RCUV CP GZEGRVKQPCNN[ JKIJ RTQRQTVKQP QH RTKEGU EJCPIGF CPF VJGTG YGTG XGT[ NCTIG TKUGU HQT UQOG UGTXKEGU UGG %JCRUCPF 6JGUGRCVVGTPUOC[JCXGKPƀWGPEGFJQWUGJQNFUŏKPƀCVKQP RGTEGRVKQPUKPVJGFKTGEVKQPKPFKECVGFCDQXG#PCNQIQWUGXKFGPEGJCUDGGP HQWPFGNUGYJGTGKPVJGGWTQCTGC #PIGNQPK#WETGOCPPGCPF%KEECTGNNK UJQYVJCVKPVJGſ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ſEKCNKPƀ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ſIWTGU CPF C HWTVJGT FKXGTUKſECVKQP QH RTKEGU HQT VJG UCOG RTQFWEV 6JGUG GHHGEVU YGTG TGXGTUGFQPN[ITCFWCNN[CPFYGTGUVKNNQDUGTXCDNGVQUQOGGZVGPVKP +PCFFKVKQPVJGEJCPIGQXGTYCUCEEQORCPKGFD[CPGZEGRVKQPCNPWODGTQH RTKEGEJCPIGUCPFRCTVKEWNCTN[HQTUGTXKEGUUQOGXGT[NCTIGJKMGU.CUVN[ VJGUVWF[WPFGTUEQTGUVJCVOCP[QHVJGRTQFWEVUYJKEJTGEQTFGFNCTIGRTKEG
6JGEGPVTCNDCPMGZRNCKPUVJCVVJGTGCTGCRRTGEKCDN[OQTGRQUUKDNGRTKEGUKPGWTQU VJCPVJGTGYGTGKP$GNIKCPHTCPEU VJGTGCTGFKHHGTGPVRTKEGUDGVYGGPGWTQ EGPVCPFGWTQEQORCTGFYKVJKPVJGEQTTGURQPFKPIKPVGTXCNQHXCNWGKPHTCPEU
KGDGVYGGPCPFHTCPEUGZENWFKPIVJGTCTGN[WUGFEGPVKOGRKGEG 6JKU RQUUKDKNKV[ YCU GZRNQKVGF KP VJG UCORNG QH CRRTQZKOCVGN[ KPFKXKFWCN RTKEGSWQVGUEQPUKFGTGFKPVJGUVWF[VJGPWODGTQHFKHHGTGPVRTKEGUTQUGHTQOLWUV QXGTCVVJGUVCTVQHVQCTQWPFKP 6JGUGVYQGHHGEVUCTGVTCEGFDQVJVQOGPWEQUVUCPFVQVJGRQUUKDKNKV[VJCVVJGRJCUGQH RTKEGEQPHWUKQPETGCVGFCPQRGPKPIHQTRTKEGTKUGUPQVCVVTKDWVCDNGVQEQUVQTFGOCPF HCEVQTU UGG%JCRUCPFHQTCPCPCN[UKUQHVJGUGCURGEVUYKVJTGHGTGPEGVQ+VCN[
#UWTXG[QHVJGGORKTKECNGXKFGPEGHQTVJGGWTQCTGC
KPETGCUGUJCXGCOQFGUVYGKIJVKPVJGQHſEKCNKPFGZDWVPQPGVJGNGUUOC[ JCXGUVTQPIN[KPƀWGPEGFRGTEGRVKQPU 6JG FKUVTKDWVKQP QH RTKEG EJCPIGU RNC[U C ETWEKCN TQNG KP VJG KPFGZ QH RGTEGKXGF KPƀCVKQP HQT )GTOCP[ RTQRQUGF D[ $TCEJKPIGT 1P VJG DCUKU QH RU[EJQNQIKECN VJGQT[ QH FGEKUKQPOCMKPI JG CUUWOGU VJCV EQPUWOGTU RGTEGKXG RTKEG EJCPIGU CU őCDUQNWVGŒ FKHHGTGPEGU DGVYGGP VJG QDUGTXGF RTKEG CPF CP KPFKXKFWCN TGHGTGPEG RTKEG CPF TCVG JKIJGT NQYGT RTKEGUCUNQUUGU ICKPU RTKEGKPETGCUGUKORCEVOQTGUVTQPIN[QPRGTEGRVKQPU VJCP RTKEG TGFWEVKQPU QT WPEJCPIGF RTKEGU VJG OQTG QHVGP C RTQFWEV KU DQWIJVVJGUVTQPIGTKUVJGRGTEGRVKQPQHVJGRTKEGEJCPIGU VJGNGXGNQHVJG KPFKXKFWCNőTGHGTGPEGRTKEGŒUVKNNTGHGTUVQVJGQNFRTKEGUKP&OCTMKGVJQUG RTGXCKNKPI DGHQTG VJG KPVTQFWEVKQP QH GWTQ ECUJ 6JG EQORWVCVKQP QH VJG KPFGZQHRGTEGKXGFKPƀCVKQPTGNKGUQPVJGQHſEKCNGNGOGPVCT[RTKEGKPFKEGU YGKIJVGFWUKPICUGVQHYGKIJVUFGTKXGFD[TGUECNKPIVJGQHſEKCNQPGUQPVJG DCUKUQHVJGCDQXGCUUWORVKQPU6JGOCKPEQPENWUKQPUQHVJGUVWF[CTGVJCV VJGRTQRQUGFKPFGZECRVWTGUKPƀCVKQPCURGTEGKXGFD[VJGIGPGTCNRWDNKECPF VJCVVJKURGTEGRVKQPKPYCUUVKNNENQUGVQVJGNGXGNUTGCEJGFCVVJGVKOGQH VJGECUJEJCPIGQXGTCDQXGRGTEGPV6JKUCRRTQCEJJCUDGGPETKVKEKUGFD[ *QHHOCPP.GKHGTCPF.QTGP\ QPVYQOCKPITQWPFU(KTUVGZVGPFKPI RU[EJQNQIKECN CUUWORVKQPU CPF ſPFKPIU FGTKXGF HTQO QVJGT EQPVGZVU VQ RTKEGUOC[DGCTDKVTCT[ VJKUIQGUHQTKPUVCPEGHQT$TCEJKPIGTCUUKIPKPIQHC YGKIJVVQRTKEGKPETGCUGUVJCVKUFQWDNGVJCVQHRTKEGFGETGCUGUQPVJGDCUKUQH GZRGTKOGPVUQPFGEKUKQPOCMKPIHTQONQVVGTKGUCPFICODNKPI/QTGQXGTVJG CWVJQTUCTIWGVJCVVJGKPFGZECPPQVDGEQPUKFGTGFCUCOGCUWTGQHRGTEGKXGF KPƀCVKQP UKPEG KV KU DCUGF QP FKUCIITGICVGF QHſEKCN RTKEG UGTKGU VJQWIJ FKHHGTGPVN[YGKIJVGF PQVQPCFKTGEVUWTXG[QHEQPUWOGTUŏQRKPKQPUCUKP VJGECUGQHVJG'%UWTXG[ 2U[EJQNQIKECNCPFOGOQT[HCEVQTU 5QOG RU[EJQNQIKECN UVWFKGU JCXG GZRNQTGF OGEJCPKUOU VJCV OC[ JCXG KPƀWGPEGFKPFKXKFWCNUŏKPƀCVKQPRGTEGRVKQPU6JGOCKPTGUWNVUUWOOCTK\GF DGNQYNGPFUWRRQTVVQVJGJ[RQVJGUGUCFQRVGFKPEJCRVGTCPFKPVJGYQTMU UWTXG[GFKPVJGRTGXKQWUVYQUGEVKQPUQHVJKUEJCRVGT
6JKUKUKPNKPGYKVJYJCVYCUPQVGFKPEJCRVGTYKVJTGICTFVQVJG+56#6FCVCHQT +VCN[ UGG6CDNG 6JGUVWF[CNUQEQPUKFGTUQVJGTHCEVQTUVJCVOC[JCXGEQPVTKDWVGF VQVJGUWTIGKPKPƀCVKQPRGTEGRVKQPUKPENWFKPIVJGWUGQHTQWIJOGPVCNTQWPFKPI UGG %JCR5GEV VJGVGPFGPE[QHEQPUWOGTUVQQXGTYGKIJVGZEGRVKQPCNEJCPIGU CPFVJGKTRTQRGPUKV[VQUGGMEQPſTOCVKQPQHVJGKTRGUUKOKUVKEGZRGEVCVKQPUTGICTFKPIVJG KPƀCVKQPCT[GHHGEVUQHVJGGWTQ9GUJCNNCFFTGUUVJGUGRQKPVUKPVJGHQNNQYKPIUGEVKQP
2&GN)KQXCPGCPF45CDDCVKPK
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ſTO VJGJ[RQVJGUKUQHHCUVGTNGCTPKPIHQTOQTGHTGSWGPVN[RWTEJCUGFKVGOU VJG GUVKOCVGUQHVJGKTRTKEGUYGTGOQTGCEEWTCVGHTQOVJGQWVUGVCPFKORTQXGF OQTGDGVYGGPVJGſTUVCPFNCUVVGUVVJCPVJQUGQHNGUUHTGSWGPVN[RWTEJCUGF RTQFWEVU+PCFFKVKQPKPVJGECUGQHVJG2QTVWIWGUGUCORNGVJGGUVKOCVGUQH RTKEGUKPGWTQUCVOKFYGTGNGUUCEEWTCVGVJCPUKOKNCTGUVKOCVGUOCFG KPPCVKQPCNEWTTGPE[KPDGHQTGVJGEJCPIGQXGT 1PVJGDCUKUQHCPGZRGTKOGPVCNUVWF[RGTHQTOGFQPCUCORNGQH)GTOCP EKVK\GPU 6TCWV/CVVCWUEJ GV CN HQWPF VJCV KPFKXKFWCNU VGPFGF VQ QXGTGUVKOCVGVJGKPƀCVKQPCT[GHHGEVQHVJGEJCPIGQXGT GXGPYJGPVJGUWDLGEVU YGTGIKXGPVJGQRRQTVWPKV[VQEQORCTGVJGPGYRTKEGUKPGWTQUYKVJVJGQNF RTKEGU KP OCTMU CPF VJWU FKF PQV JCXG VQ TGEQPUVTWEV VJG NCVVGT RWTGN[ HTQO RQVGPVKCNN[ HCWNV[ OGOQT[ )KXGP VYQ OGPWU QH C J[RQVJGVKECN TGUVCWTCPV QPGKPOCTMUVJGQVJGTKPGWTQUVJGUWDLGEVUU[UVGOCVKECNN[QXGTGUVKOCVGFVJG EJCPIGKPRTKEGUFWTKPIVJGUJKHVHTQOOCTMUVQGWTQU6JGUVWF[CNUQHQWPF CRQUKVKXGTGNCVKQPUJKRDGVYGGPGZRGEVCVKQPUQHVJGKPƀCVKQPCT[GHHGEVUQHVJG KPVTQFWEVKQPQHVJGGWTQCPFVJGKTGZRQUVQXGTGUVKOCVKQPQHVJGUGGHHGEVU6JG CWVJQTUCVVTKDWVGVJKUTGNCVKQPVQEQPUWOGTUŏRTQRGPUKV[VQDGNGUUCEEWTCVGKP EJGEMKPIFCVCVJCVEQPſTOVJGKTGZRGEVCVKQPUVJCPFCVCVJCVFKURTQXGVJGO CEEQTFKPIVQCOGEJCPKUOVJG[ECNNőUGNGEVKXGQWVRWVEQTTGEVKQPŒ # UKOKNCT UWTXG[ YCU RGTHQTOGF QP C UCORNG QH #WUVTKCP EKVK\GPU D[ -CONGKVPGT -KTEJNGT CPF *QHOCPP YKVJ CPCNQIQWU TGUWNVU CU TGICTFUVJGQXGTGUVKOCVKQPQHVJGEJCPIGKPRTKEGUCPFVJGTGNCVKQPDGVYGGP VJKU QXGTGUVKOCVKQP CPF GZRGEVCVKQPU +P CFFKVKQP VJG CWVJQTU GZVGPFGF VJG UWTXG[VQRGTEGRVKQPUQHKPEQOGſPFKPICVGPFGPE[VQWPFGTGUVKOCVGKPEQOGU GZRTGUUGFKPGWTQUEQORCTGFYKVJVJQUGFGPQOKPCVGFKP#WUVTKCPUEJKNNKPIU
+P C UKVWCVKQP KP YJKEJ GTTQTU QH PWOGTKECN ECNEWNCVKQP CTG RQUUKDNG CU KP VJG OGPVCN EQPXGTUKQP QH VJG RTKEGU HTQO QPG EWTTGPE[ VQ CPQVJGT KPFKXKFWCNU VGPFVQCEEGRVTGUWNVUVJCVCTGEQPUKUVGPVYKVJVJGKTGZRGEVCVKQPUYKVJQWVHWTVJGT XGTKſECVKQP CPF EQPXGTUGN[ CTG NKMGN[ VQ UWDLGEV TGUWNVU VJCV CTG KPEQPUKUVGPV YKVJ VJGKT GZRGEVCVKQPU VQ U[UVGOCVKE EJGEMU %QPUGSWGPVN[ VJG[ YKNN GPF WR CEEGRVKPIſIWTGUVJCVCTGGTTQPGQWUDWVEQPUKUVGPVYKVJVJGKTGZRGEVCVKQPUOQTG QHVGPVJCPGTTQPGQWUſIWTGUVJCVENCUJYKVJVJGKTGZRGEVCVKQPU
#UWTXG[QHVJGGORKTKECNGXKFGPEGHQTVJGGWTQCTGC
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ƀCVKQPHQTVJGEQORNGVGUGVQHIQQFUCPFUGTXKEGU6JGRCTCFQZKUGZRNCKPGFD[ VJGHCEVVJCVőCVVJGGPFQHVJGOQPVJŒEQPUWOGTUTGCNK\KPIVJCVVJG[JCXGURGPV OQTGVJCPVJG[KPVGPFGFCPFEQWNFCHHQTFCUETKDGVJKUQWVEQOGVQCPCETQUU VJGDQCTFKPETGCUGKPRTKEGU+PCNNVJGTGUWNVUQHVJGGZRGTKOGPVURTGUGPVGF KPVJGUVWF[EQPFWEVGFHQTVYQYKFGN[EQPUWOGFRTQFWEVUCTGEQPUKUVGPVYKVJ VJGOQPG[KNNWUKQPJ[RQVJGUKU VJGRCTVKEKRCPVUYGTGYKNNKPIVQCEEGRVCJKIJGT RTKEG HQT DQVJ RTQFWEVU YJGP VJG RTKEG YCU FGPQOKPCVGF KP GWTQU KPUVGCF QH IWKNFGTU VJGTGUWNVKUUVCVKUVKECNN[UKIPKſECPVHQTQPGQHVJGVYQRTQFWEVU6JG CWVJQTUFQPQVGZRNQTGVJGRQUUKDKNKV[VJCVVJGRTGUGPEGQHOQPG[KNNWUKQPCRCTV HTQOKVUGHHGEVUQPRGTEGRVKQPUOC[JCXGGPEQWTCIGFVTCFGUOGPVQGZRNQKVVJG RJGPQOGPQPD[OCTMKPIWRRTKEGUOQTGVJCPVJG[YQWNFQVJGTYKUGJCXGFQPG CPFVJWUOC[JCXGJCFUQOGKORCEVQPCEVWCNCUYGNNCURGTEGKXGFKPƀCVKQP %GUVCTK &GN )KQXCPG CPF 4QUUK#TPCWF CPF %JCR GZCOKPG VJG CEEWTCE[ QH EQPUWOGTUŏ OGOQT[ QH RTGGWTQ RTKEGU CPF KVU RQUUKDNG TGNCVKQPUJKRYKVJKPƀCVKQPRGTEGRVKQPU6JG[KPXGUVKICVG+VCNKCPOQXKGIQGTUŏ TGEQNNGEVKQPQHRTGGWTQEKPGOCRTKEGUſPFKPIVJCVQPN[CUOCNNRGTEGPVCIGQH TGURQPFGPVUTGECNNGFVJGEQTTGEVRTKEGCPFVJCVVJGCXGTCIGRTKEGUTGECNNGFYGTG
6JG RQUUKDKNKV[ QH C OQPG[ KNNWUKQP GHHGEV EQPPGEVGF YKVJ VJG EJCPIGQXGT KU CNUQFKUEWUUGFKP)CODNGGVCN YKVJGZRGTKOGPVUCRRNKGFVQCUCORNGQH 5YGFKUJCPF$TKVKUJEKVK\GPU VJGUGVYQPCVKQPCNKVKGUYGTGEJQUGPKPQTFGTVQVGUV VJGGHHGEVUEQPPGEVGFGZENWUKXGN[YKVJVJGEQPXGTUKQPHTQOQPGFGPQOKPCVKQPVQ VJGQVJGTYJKEJKPVJGCWVJQTUŏXKGYCTGGCUKGTVQOGCUWTGQPRGTUQPUYJQJCF PQGZRGTKGPEGQHWUKPIVJGGWTQ6JGTGUWNVUQHVJGGZRGTKOGPVUCEEQTFYKVJVJG OQPG[KNNWUKQPJ[RQVJGUKUKPVJGECUGQHVJGEQORCTKUQPDGVYGGPRTKEGUKPMTQPQT CPFGWTQUEQPƀKEVYKVJKVKPVJGECUGQHUVGTNKPI6JGCWVJQTUCNUQCTIWGVJCVVJG OQPG[KNNWUKQPGHHGEVECPDGTGXGTUGFYJGPVJGXCNWGUGZRTGUUGFKPCEWTTGPE[ CTGUQNCTIGQTUOCNNVJCVEQPUWOGTUCTGKPFWEGFVQTGRTQRQTVKQPVJGOOGPVCNN[ VJKUJ[RQVJGUKUNCDGNNGFVJGőNKTCGHHGEVŒ KPVJGECUGQHVJG+VCNKCPNKTCRTKEGUCTG QUVGPUKDN[VTCPUNCVGFKPVQőMKNQNKTGŒD[FKXKFKPIVJGOD[QPGVJQWUCPF CRRGCTU VQ DG UWRRQTVGF D[ VJG TGUWNVU QH VJG GZRGTKOGPVU RGTHQTOGF QP VJG 5YGFKUJ UCORNG(KPCNN[GXKFGPEGQHOQPG[KNNWUKQPKURTQXKFGFD[-QQTGOCP(CDGTCPF *QHOCPU QPVJGDCUKUQHFCVCQPEJCTKV[FQPCVKQPUKPVJG0GVJGTNCPFU
2&GN)KQXCPGCPF45CDDCVKPK
OWEJ NQYGT VJCP VJG CEVWCN RTGGWTQ RTKEGU CPF FCVGF DCEM VQ [GCTU DGHQTG VJG EJCPIGQXGT 6JG[ CNUQ ſPF VJCV VJG TGURQPFGPVU YJQ RGTEGKXGF JKIJGT CPF OQTG RGTUKUVGPV KPƀCVKQP JCF QP CXGTCIG C NGUU CEEWTCVG RTKEG TGECNN 6JGUGTGUWNVUCTGEQPſTOGFD[VJQUGQDVCKPGFKPEJCRVGTHQTCFKHHGTGPVKVGO
PGYURCRGT CPFCTGRTGUGPVCVKXGUCORNGQH+VCNKCPEQPUWOGTU )GPGTCNUVWFKGUCPFCPCN[UKUQHSWCPVKVCVKXGRGTEGRVKQPU 6JG GORKTKECN UVWFKGU TGXKGYGF UQ HCT HQEWU QP URGEKſE HCEVQTU VJCV OC[ JCXG CHHGEVGF KPƀCVKQP RGTEGRVKQPU CU OGCUWTGF D[ SWCNKVCVKXG KPFKECVQTU 6JGRCTVKCNCRRTQCEJVJG[CFQRVFQGUPQVCNNQYCPQXGTCNNCUUGUUOGPVQHVJG TGNCVKXGKORQTVCPEGQHVJGXCTKQWUHCEVQTUEQPUKFGTGF#PWODGTQHTGEGPV YQTMU JCXG VTKGF VQ QXGTEQOG VJKU FTCYDCEM D[ KPXGUVKICVKPI VJG TGNCVKXG TQNG RNC[GF D[ C EQODKPCVKQP QH GZRNCPCVQT[ XCTKCDNGU CPF IQKPI DG[QPF VJG URGEKſE ECUG QH VJG EJCPIGQXGT UQOG QH VJGO JCXG CNUQ EQNNGEVGF SWCPVKVCVKXGKPFKECVQTUQHKPƀCVKQPRGTEGRVKQPU 6JGUVWF[D[&GN)KQXCPG(CDKCPKCPF5CDDCVKPK CPF%JCR EQNNGEVU KPHQTOCVKQPQPKPƀCVKQPRGTEGRVKQPUDQVJKPSWCNKVCVKXGCPFKPSWCPVKVCVKXGVGTOU VJTQWIJCUWTXG[QHCTGRTGUGPVCVKXGUCORNGQH+VCNKCPEQPUWOGTUECTTKGFQWVCV VJGGPFQHCPFTGNCVGUVJGOVQHCEVQTUNKMGN[VQCHHGEVVJGO+VKPFKECVGUVJCV VJGSWCPVKVCVKXGCUUGUUOGPVQHKPƀCVKQPTGRQTVGFD[EQPUWOGTUKUOWEJJKIJGT VJCPOGCUWTGFD[QHſEKCNUVCVKUVKEU+PƀCVKQPRGTEGRVKQPUCTGJKIJGTHQTYQOGP VJGWPGORNQ[GFCPFNGUUGFWECVGFKPFKXKFWCNUCUYGNNCUHQTEQPUWOGTUYKVJ UQOGHQTOUQHſPCPEKCNFKUVTGUU#XGT[NQYMPQYNGFIGQHVJGKPƀCVKQPEQPEGRV CPFTGNCVGFUVCVKUVKEUCPFCPKPCEEWTCVGOGOQT[QHRCUVRTKEGUVWTPQWVVQRNC[ C UKIPKſECPV TQNG KP GZRCKPKPI VJG JKIJGUV ENCUU QH RGTEGRVKQPU 6JG DQVVQO NKPGKUVJCVEQPUWOGTUŏCUUGUUOGPVQPYJCVVJG[TGRQTVCUőKPƀCVKQPŒKUDCUGF QP C EQORNGZ EQODKPCVKQP QH HCEVQTU KPENWFKPI FGXGNQROGPVU VJCV KPƀWGPEG JQWUGJQNFUŏ GEQPQOKE EQPFKVKQPU VJQWIJ VJG[ CTG PQV PGEGUUCTKN[ TGNCVGF VQ KPƀCVKQP 6JKU KPVGTRTGVCVKQP KU UWRRQTVGF D[ VJG ſPFKPI VJCV VJG KPHQTOCVKQP EQNNGEVGFVJTQWIJVJGEQPUWOGTUŏUJQRRKPICEVKXKV[ŌCPFVJWUOQTGFKTGEVN[ TGNCVGFVQRTKEGDGJCXKQWTŌFQGUPQVCRRGCTUKIPKſECPVN[VQUJCRGKPFKXKFWCNUŏ RGTEGRVKQPU 6YQ QVJGT UVWFKGU .KPFÃP /CNICTKPK JCXG KPXGUVKICVGF SWCPVKVCVKXG KPƀCVKQP RGTEGRVKQPU KP CFFKVKQP VQ SWCNKVCVKXG QPGU QP VJG DCUKUQHVJGGZRGTKOGPVCNSWGUVKQPUVJCVYGTGCFFGFKPVQVJGOQPVJN[ *CTOQPK\GF%QPUWOGT5WTXG[ECTTKGFQWVD[PCVKQPCNKPUVKVWVGUKPVJG'7 EQWPVTKGUCPFEQQTFKPCVGFD[VJG'WTQRGCP%QOOKUUKQP
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#UWTXG[QHVJGGORKTKECNGXKFGPEGHQTVJGGWTQCTGC
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&GWVUEJG$WPFGUDCPM EQPENWFGFVJCVVJGQXGTCNNKPƀCVKQPCT[KORCEV QH VJG EJCPIGQXGT KP ,CPWCT[ YCU UNKIJV 6TWG VJGTG YCU C LWOR KP VYGNXGOQPVJ EQPUWOGT RTKEG KPƀCVKQP HTQO RGT EGPV KP &GEGODGT VQ RGT EGPV KP ,CPWCT[ DWV OQUV QH VJKU YCU FWG VQ KPFKTGEV VCZGU QP GPGTI[CPFVQDCEEQRTQFWEVUCPFJKIJGTHQQFRTKEGUECWUGFD[DCFYGCVJGT %QPUKFGTKPIVJGUGHCEVQTUVJGWRRGTNKOKVQHVJGEQPUWOGTRTKEGKORCEVQHVJG EJCPIGQXGTYCUGUVKOCVGFCVRGTEGPVCIGRQKPVUKP,CPWCT[ 6CDNG 6JG UVWF[ CNUQ GZCOKPGF VJG GNGOGPVCT[ RTKEG SWQVGU QH YKFGN[
6JGVJTGG'7EQWPVTKGUVJCVFKFPQVCFQRVVJGGWTQ &GPOCTM5YGFGPCPF7PKVGF -KPIFQO JCFEQORCTCDNGTKUGUKPVJGUGRTKEGU
2&GN)KQXCPGCPF45CDDCVKPK
WUGFIQQFUCPFUGTXKEGU(QTGCEJKVGOKVTCPCTGITGUUKQPHQTVJG[GCTUHTQO VJTQWIJQHVJGEQPUWOGTRTKEGCICKPUVVJGOCKPEQUVHCEVQTU6JKU CPCN[UKUUJQYUVJCVUQOGUGTXKEGRTKEGU JCKTFTGUUKPINCWPFTKGUTGUVCWTCPVU EKPGOCU FGXKCVGF UJCTRN[ KP HTQO YJCV YQWNF JCXG DGGP GZRGEVGF GZVTCRQNCVKPI VJG TGITGUUKQP CPCN[UKU DWV VJCV VJG FKXGTIGPEG YCU NCTIGN[ GNKOKPCVGFQXGTVJGPGZVVYQ[GCTU 6CDNG6JGKPƀCVKQPCT[KORCEVQHCPQOCNQWUXCTKCVKQPUQPEQPUWOGTRTKEGU
RGTEGPVCIGRQKPVU $GNIKWO )GTOCP[ 2QTVWICN 5RCKP 'WTQCTGC
,CP#RT ,CP UVSWCTVGT CXGTCIG ,CP/CT
/GOQTCPFWO +VCN[
CXGTCIG
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#UWTXG[QHVJGGORKTKECNGXKFGPEGHQTVJGGWTQCTGC
C TGITGUUKQP YCU TWP HQT GCEJ QH VJG RWDNKUJGF UGTKGU OCMKPI WR VJG UVCVKUVKECNKPUVKVWVGŏUIGPGTCNEQPUWOGTRTKEGKPFGZYKVJGZRNCPCVQT[XCTKCDNGU KPENWFKPI UGCUQPCN FWOOKGU C NKPGCT VTGPF UQOG NCIU KP VJG FGRGPFGPV XCTKCDNG CPF VJTGG EJCPIGQXGT FWOOKGU UGV CV HQT ,CPWCT[ (GDTWCT[ CPF /CTEJ CPF HQT CNN QVJGT OQPVJU 6JG UVCVKUVKECNN[ UKIPKſECPV EQGHſEKGPVU QH VJGUG VJTGG FWOOKGU YGTG UWOOGF HQT GCEJ TGITGUUKQP CPF VJGP VJG TGUWNVU QH VJG XCTKQWU TGITGUUKQPU YGTG CIITGICVGF WUKPI VJG YGKIJVUQHVJGUGTKGUKPVJGDCUMGV6JGTGUWNVKPIXCNWGUYGTGCFLWUVGFHQT VJG EQPVTKDWVKQPU QH CPQOCNQWU EJCPIGU ENGCTN[ FWG VQ HCEVQTU QVJGT VJCP VJGEJCPIGQXGT#UFGTKXGFD[VJKUOGVJQFVJGGUVKOCVGFRTKEGKORCEVKP EQPPGEVKQPYKVJVJGKPVTQFWEVKQPQHGWTQDCPMPQVGUCPFEQKPUYCUUOCNNLWUV RGTEGPVCIGRQKPVUKPVJGſTUVVJTGGOQPVJUQH#DQWVVYQVJKTFUQH VJKUGHHGEVYCUFWGVQUGTXKEGRTKEGUPQVCDN[JQVGNUTGUVCWTCPVUCPFECHÃU 6JG UVWF[ HQT 5RCKP NXCTG\ )QP\¶NG\ GV CN GZCOKPGF FKUCIITGICVGFUGTKGUWUGFD[VJGUVCVKUVKECNKPUVKVWVGKPEQORKNKPIVJG%2+ #PQOCNQWUEJCPIGUKPVJGEQWTUGQHYGTGKFGPVKſGFD[ECNEWNCVKPIHQT GCEJUGTKGUCPFGCEJOQPVJVJGFKHHGTGPEGDGVYGGPVJGRGTEGPVCIGEJCPIG QPVJGRTGXKQWURGTKQFCPFVJGCXGTCIGHQTCEQPVTQNRGTKQFEQPUKUVKPIQHVJG [GCTU RNWU (QT VJG UWDKPFKEGU HQT YJKEJ VJKU FKHHGTGPEG YCU RQUKVKXG VJG RQTVKQP QH VJG XCTKCVKQP CUETKDGF VQ VJG EJCPIGQXGT YCU KUQNCVGFD[GZENWFKPIXCTKCVKQPUFWGVQQVJGTENGCTN[KFGPVKſGFHCEVQTU UWEJ CUDCFYGCVJGTQTKPFKTGEVVCZGU CPFEJCPIGUKPTGIWNCVGFRTKEGU(KPCNN[ C TGITGUUKQP UKOKNCT VQ VJCV HQT 2QTVWICN YCU TWP VQ FGVGTOKPG VJG GZVGPV VQ YJKEJ VJGUG XCTKCVKQPU YGTG GZEGRVKQPCN 6JG KPƀCVKQPCT[ KORCEV QH VJG CPQOCNQWU EJCPIGU VJCV OC[ DG EQPUKFGTGF VQ DG EJCPIGQXGTTGNCVGF ECOGVQRGTEGPVCIGRQKPVUHQTCUCYJQNG/QUVQHVJGKORCEVYCU EQPEGPVTCVGFKPVJGſTUVHGYOQPVJUCPFCUHQT2QTVWICNOCKPN[KPXQNXGF UGTXKEGU TGUVCWTCPVUCPFECHÃUCEEQWPVGFHQTCDQWVJCNHQHVJGVQVCNGHHGEV 6Q UWO WR VJG UVWF[ QH VJG CPQOCNQWU XCTKCVKQPU KP VJG RTKEG UGTKGU TGNGCUGFD[PCVKQPCNUVCVKUVKECNKPUVKVWVGUYJGTGCXCKNCDNGUWIIGUVUVJCVVJG KPƀCVKQPCT[GHHGEVUQHVJGEJCPIGQXGTKPYGTGPQVUWDUVCPVKCN
5RGEKſECNN[VJGRTQEGFWTGGZENWFGFUJCTRTKUGUKPUQOGGPGTI[RTKEGU FGEKFGF RTKQT VQ VJG EJCPIGQXGT CU C HWPEVKQP QH KPVGTPCVKQPCNQKN RTKEGU KP VJG RTKEGU QHHTGUJHQQFU FWGVQDCFYGCVJGTKPGCTN[ CPFTGPVU(QTTGPVUVJGTKUG KP,CPWCT[YCUFWGPQVQPN[VQVJGUVCPFCTFCFLWUVOGPVUHQTVJGRTGXKQWU [GCTŏUKPƀCVKQPDWVCNUQVQCEJCPIGKPVJGNCYVJCVGZVGPFGFKPFGZCVKQPVQRCUV KPƀCVKQPVQCNCTIGTPWODGTQHCRCTVOGPVU
2&GN)KQXCPGCPF45CDDCVKPK
#PCN[UGUDCUGFQPPQPQHſEKCNUQWTEGUQTKPFKTGEV OGVJQFQNQIKGU 6JKUUGEVKQPTGXKGYUYQTMUDCUGFQPFCVCQVJGTVJCPHTQOQHſEKCNUQWTEGUQT QPKPFKTGEVGXKFGPEG6JGTGCTGGUUGPVKCNN[VYQTGCUQPUYJ[UQOGKPSWKTKGU VQQMVJGUGCRRTQCEJGU6JGſTUVKUVJCVKPVJGFGDCVGQXGTVJGGHHGEVUQHVJG EJCPIGQXGTVJGTGNKCDKNKV[QHVJGQHſEKCNUVCVKUVKEUYCUEJCNNGPIGFKPOCP[ EQWPVTKGU#NVGTPCVKXGUQWTEGUVJWUUGTXGVQEJGEMHQTTGUWNVUUKIPKſECPVN[ FKHHGTGPV HTQO VJQUG QDVCKPGF WUKPI QHſEKCN FCVC # UGEQPF TGCUQP KU VJCV VJG QHſEKCN FCVC CTG RWDNKEN[ CXCKNCDNG QPN[ CV C TGNCVKXGN[ JKIJ NGXGN QH CIITGICVKQPV[RKECNN[HQTITQWRUQHIQQFUCPFUGTXKEGUDWVPQVHQTKPFKXKFWCN KVGOU(QTKPUVCPEGVJGQHſEKCNFCVCQPTGUVCWTCPVUIKXGVJGCXGTCIGQHRTKEGU CVCTCPIGQHGUVCDNKUJOGPVUQHXCUVN[FKHHGTKPIV[RGUSWCNKVKGUCPFNQECVKQPU /QTGQXGT'WTQUVCVŏUUGTKGUHQTVJGJCTOQPK\GFKPFGZRWVTGUVCWTCPVUVQIGVJGT YKVJ QVJGT GCVKPI GUVCDNKUJOGPVU CPF JQVGNU #NVGTPCVKXG RTKEG UQWTEGU KP VJKUECUGTGUVCWTCPVIWKFGU RTQXKFGCJKIJGTFGITGGQHFKUCIITGICVKQP
C 5GEVQTUVWFKGU
)CKQVVKCPF.KRRK CPF%JCR GZCOKPG+VCNKCPTGUVCWTCPVRTKEGUVCMGP HTQO C NGCFKPI IWKFG KP QTFGT VQ UVWF[ RTKEKPI DGHQTG CPF CHVGT VJG ECUJ EJCPIGQXGT 6JG TGUWNVU UJQY VJCV YCU OCTMGF D[ C NCTIGT PWODGT QH GUVCDNKUJOGPVU EJCPIKPI VJGKT RTKEGU VJCP KP RTGXKQWU [GCTU DWV PQV D[ GZEGRVKQPCNN[NCTIGKPETGCUGU6JGTKUGKPRTKEGUYCUEQPUKFGTCDNGKPCNNVJG [GCTUUWTXG[GF VJCVKPVJGVYGNXGOQPVJUGPFKPIKP,WPG YJKNGUWDUVCPVKCN RGTEGPV YCUNGUUVJCPVJGRGTEGPVTGIKUVGTGFKP VJG RTGXKQWU [GCT 6JG UVWF[ CNUQ HQWPF VJCV KPETGCUGU KP CPF YGTGNCTIGTKPRTQXKPEGUYJGTGVJGTGYCUNGUUEQORGVKVKQP #FTKCPK/CTKPKCPF5ECTCOQ\\KPQ GZVGPFVJGUVWF[QHTGUVCWTCPVU VQUKZEQWPVTKGU (TCPEG)GTOCP[CPF+VCN[KPVJGGWTQCTGCCPF&GPOCTM 5YGFGPCPFVJG7PKVGF-KPIFQOQWVUKFGKV6JGFCVCCTGVCMGPHTQOVJG CPFGFKVKQPUQHCNGCFKPIKPVGTPCVKQPCNTGUVCWTCPVIWKFG6JGTGUVCWTCPVU CTGFKXKFGFKPVQVJTGGECVGIQTKGU RCVTQPK\GFTGURGEVKXGN[D[VQWTKUVUD[TGIWNCT ENKGPVUCPFD[QEECUKQPCNEWUVQOGTU 6JGUVWF[KPFKECVGUVJCVRTKEGTKUGUKPVJG GWTQCTGCEQWPVTKGUYGTGNCTIGTVJCPKPVJGPQPCTGCEQWPVTKGUQYKPIOCKPN[ VQUJCTRGTKPETGCUGUCVVQWTKUVTGUVCWTCPVUYJKNGKPVJGQVJGTV[RGUQHTGUVCWTCPV VJGKPETGCUGUYGTGUWDUVCPVKCNDWVFKFPQVFKHHGTUKIPKſECPVN[D[EQWPVT[6JG CWVJQTUEKVGVJKUCUGXKFGPEGVJCVVJGKPVTQFWEVKQPQHGWTQDCPMPQVGUJCFCP
6JGUVWF[CNUQEQOOGPVUQPVJGYQTMQH/CTKPK2KGTICNNKPKCPF5ECTCOQ\\KPQ
C YJKEJEQXGTUPQVQPN[TGUVCWTCPVUDWVCNUQYKPGUCPFJQVGNUKP+VCN[
#UWTXG[QHVJGGORKTKECNGXKFGPEGHQTVJGGWTQCTGC
GURGEKCNN[NCTIGKORCEVKPUGEVQTUYJGTGEQORGVKVKQPYCUYGCM HQTCEQOOGPV QPVJGUGEQPENWUKQPUUGG%JCR *QDKLP4CXGPPCCPF6CODCNQVVK QHHGTCVJGQT[VQGZRNCKPVJGGHHGEV QHVJGKPVTQFWEVKQPQHVJGGWTQQPTGUVCWTCPVRTKEGUEKVKPIVJGTKIKFKV[QHRTKEG TGXKUKQPUFWGVQOGPWEQUVU(TQOVJKUUVCPFRQKPVYCUCURGEKCN[GCT DGECWUGVJGEJCPIGKPEWTTGPE[TGSWKTGFCNNTGUVCWTCPVUVQTGRTKPVVJGKTOGPWU GXGPVJQUGVJCVQVJGTYKUGYQWNFPQVJCXGFQPGUQYKVJRQVGPVKCNKPƀCVKQPCT[ KORCEV 6JG UVWF[ UJQYU VJCV VJG UJCTR TKUGU HQWPF KP ,CPWCT[ CTG GZRNCKPGFD[VJKUVJGQTGVKECNOQFGNCUCTGVJQUGQDUGTXGFKP+VCN[ %JCR 0QPQHſEKCNFCVCHTQOCUWTXG[QHTGVCKNGTUCPFEQPUWOGTUKP ,WPGYGTGWUGFD[VJG&WVEJEGPVTCNDCPM &G0GFGTNCPFUEJG$CPM D VQ IGV C TQWIJ GUVKOCVG QH VJG RTKEG KORCEV QH VJG EJCPIGQXGT 6JG TGURQPUGU QH VJG TGVCKNGTU YJQ UCKF VJG[ JCF TCKUGF RTKEGU YKVJ VJG EJCPIGQXGT CDQWVCVJKTFQHVJGVQVCN KPFKECVGFCPKPƀCVKQPCT[KORCEVQH RGTEGPVCIGRQKPVUHQTVJGſTUVJCNHQH6JGTGVCKNGTUYJQTCKUGF RTKEGUOQUVUKIPKſECPVN[YGTGTGNCVKXGN[UOCNNGTQRGTCVQTUKPUGEVQTUYJGTG EQORGVKVKQPYCUNGUUKPVGPUG
D +PFKTGEVOGVJQFQNQIKGU
#PIGNKPKCPF.KRRK CPF%JCR ICVJGTKPFKTGEVGXKFGPEGQPVJGDGJCXKQWT QHRTKEGUHTQOVJGCPCN[UKUQHECUJYKVJFTCYCNUHTQO#6/5KPEGVJKUCPCN[UKU FQGUPQVTGN[QP+56#6FCVCDWVQPſIWTGUEQNNGEVGFD[VJGPCVKQPCNEGPVTCNDCPM KVRTQXKFGUCPKPFGRGPFGPVEJGEMHQTKPƀCVKQPFGXGNQROGPVUCVVJGEJCPIGQXGT DCUGFQPQHſEKCNUVCVKUVKEU6JGKTEQPLGEVWTGKUVJCVKPRTGUGPEGQHCUWDUVCPVKCN TKUGKPVJGRTKEGNGXGNCFKUEQPVKPWKV[UJQWNFDGQDUGTXGFKPVJGF[PCOKEUQH RC[OGPVKPUVTWOGPVUPQVCDN[ECUJYKVJFTCYCNUHTQOVJG#6/PGVYQTM6JG CWVJQTUUGVWRCUKORNGOQFGNQH#6/YKVJFTCYCNUCPFUJQYJQYWPFGTEGTVCKP CUUWORVKQPUKVECPDGWUGFVQKPHGTRTKEGF[PCOKEUHTQOVJGQDUGTXGFPQOKPCN VKOGUGTKGUHQT#6/YKVJFTCYCNUCPFEQPUWOGTGZRGPFKVWTG KPRCTVKEWNCTVJG[ YCPVVQCUUGUUYJGVJGTEQPUWOGTRTKEGUWPFGTYGPVCRQUVEJCPIGQXGTKPETGCUG PQVTGEQTFGFD[QHſEKCNKPƀCVKQPUVCVKUVKEU(QTOCNN[VJGUVWF[RTQXKFGUCVGUV HQT VJG J[RQVJGUKU VJCV VJG EQGHſEKGPVU QH VJG OQFGN GUVKOCVGF RTKQT VQ
1DXKQWUN[VJGTGNKCDKNKV[QHVJGGUVKOCVGKUYGCMGPGFD[VJGHCEVVJCVVJGFCVCCTG FTCYPHTQOUWTXG[TGURQPUGUTCVJGTVJCPFKTGEVQDUGTXCVKQPQHRTKEGU # UWTXG[ QH C UCORNG QH TGVCKNKPI ſTOU KP ,CPWCT[ &G 0GFGTNCPFUEJG $CPMC JCFRTQFWEGFCNQYGTGUVKOCVGQHVJGKORCEVQHDGVYGGPCPF RGTEGPVCIGRQKPVU/QUVQHVJKUGHHGEVYCUCUETKDGFVQTQWPFKPIVQCVVTCEVKXG RTKEGUKPGWTQUYJKNGCDQWVQPGVJKTFYCUCVVTKDWVGFVQVJGEQUVUQHRTGRCTKPIHQT VJGPGYEWTTGPE[
2&GN)KQXCPGCPF45CDDCVKPK
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E +ORGTHGEVKPHQTOCVKQPCPFEJCPIGQXGTTGIWNCVKQP
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6JGGORKTKECNUVWFKGUVQQMVJGRQUUKDNGDGJCXKQWTQHſTOUKPVQCEEQWPV D[ HQTOWNCVKPI CNVGTPCVKXG UEGPCTKQU TQWPFKPI VQ CVVTCEVKXG RTKEGU CNN WRYCTFU YQTUVECUG CNNFQYPYCTFU DGUVECUG QTWRYCTFUQTFQYPYCTFU VQVJGENQUGUVCVVTCEVKXGNGXGN(QTUQOGEQWPVTKGUCőOQUVNKMGN[ŒUEGPCTKQ YCU EQPUVTWEVGF 6JG WNVKOCVG QXGTCNN KORCEV QP RTKEGU KG VJG KORCEV EQTTGURQPFKPIVQCEQORNGVGCFLWUVOGPVQHVJGU[UVGOQHRTKEGUVQVJGPGY CVVTCEVKXGNGXGNUKPGWTQUYCUECNEWNCVGFHQTCNNVJGUEGPCTKQU 6JG OCKP EQPENWUKQPU TGCEJGF D[ VJGUG UVWFKGU ECP DG UWOOCTK\GF CU HQNNQYU
C VJG RTCEVKEG QH UGVVKPI CVVTCEVKXG RTKEGU TQWPFGF RU[EJQNQIKECN QT HTCEVKQPCN YQWNFDGXGT[YKFGURTGCFKPCNNVJGEQWPVTKGU
D KPVJGYQTUVECUGUEGPCTKQVJGKORCEVQPCXGTCIGGWTQCTGCEQPUWOGT RTKEGKPƀCVKQPYQWNFDGCRRTQZKOCVGN[RGTEGPVCIGRQKPV
E KP VJG őOQUV NKMGN[Œ UEGPCTKQU CXCKNCDNG HQT UQOG EQWPVTKGU VJG GUVKOCVGFKORCEVYCUDGVYGGPCPFRGTEGPVCIGRQKPVU 4GHGTTKPIVQVJGUGTGUWNVUVJG'WTQRGCP%GPVTCN$CPM TGOCTMGF VJCV Ō UKIPKſECPVTKUMUQHCUVTQPIWRYCTFKORCEVQPEQPUWOGTRTKEGUFKFPQV GOGTIGCVCIITGICVGNGXGN+PVJGUJQTVTWPVJGE[ENKECNUNQYFQYPKPVJG GWTQCTGCVJGXKIKNCPEGQHEQPUWOGTUŏQTICPK\CVKQPUCPFVJGKTOQPKVQTKPI QHTGVCKNGTUVJGRGTKQFQHFWCNEKTEWNCVKQP GPUWTKPIVTCPURCTGPE[QHRTKEG EQPXGTUKQP CPF VJG IQXGTPOGPVUŏ EQOOKVOGPVU TGICTFKPI TGIWNCVGF RTKEGUYQWNFJGNRVQNKOKVVJGKORCEV Ō KP VJG GHHGEVU QH VJG CRRTQCEJ QH VJG ECUJ EJCPIGQXGT JCF DGGP EQPſPGF VQ C HGY URGEKſE KVGOU CPF YGTG PGINKIKDNG KP CP[ GXGPV KP VGTOUQHVJGKTQXGTCNNKORCEVQPVJGCNNKVGOUJCTOQPK\GFKPFGZ Ō KP VJG NQPIGT TWP VJG KPƀCVKQPEWTDKPI GHHGEVU QH VJG UVTGPIVJGPKPI QH EQORGVKVKQPKPVJGGWTQCTGCVJCPMUVQVJGITGCVGTVTCPURCTGPE[QHCU[UVGO QHRTKEGUGZRTGUUGFKPCUKPINGEWTTGPE[YGTGGZRGEVGFVQQWVYGKIJCP[ VGORQTCT[RTKEGRTGUUWTGU
2&GN)KQXCPGCPF45CDDCVKPK
4GHGTGPEGU #CNVQ5GV¼N¼ 8 9J[ FQ EQPUWOGTU DGNKGXG VJCV VJG GWTQ TCKUGF RTKEGU! +PVGTPCVKQPCN,QWTPCNQH%QPUWOGT5VWFKGU #FTKCPK ( /CTKPK ) 5ECTCOQ\\KPQ 2 6JG KPƀCVKQPCT[ EQPUGSWGPEGU QHCEWTTGPE[EJCPIGQXGT GXKFGPEGHTQOVJG/KEJGNKP4GF)WKFG%'+56QT 8GTICVC4GUGCTEJ2CRGT5GTKGU,WN[ NXCTG\)QP\¶NG\.,%WCFTCFQ5CNKPCU2,CTGÌQ/QTCIQ,5¶PEJG\)CTEÈC + 'NKORCEVQFGNCRWGUVCGPEKTEWNCVKÎPFGNGWTQUQDTGNQURTGEKQUFG EQPUWOQ $CPEQ FG 'URCÌC 5GTXKEKQ FG 'UVWFKQU &QEWOGPVQU QECUKQPCNGU #PIGNKPK2.KRRK( &KFRTKEGUTGCNN[UQCTCHVGTVJGGWTQECUJEJCPIGQXGT! 'XKFGPEG HTQO #6/ YKVJFTCYCNU +PVGTPCVKQPCN ,QWTPCN QH %GPVTCN $CPMKPI #PIGNQPK+#WETGOCPPG.%KEECTGNNK/ 6JGGWTQCPFRTKEGU FKF'/7 CHHGEVRTKEGUGVVKPICPFKPƀCVKQPRGTUKUVGPEG!'EQPQOKE2QNKE[ #WETGOCPPG.%QNNKP/5VTCIKGT6 #UUGUUKPIVJGICRDGVYGGPQDUGTXGF CPFRGTEGKXGFKPƀCVKQPKPVJGGWTQCTGC KUVJGETGFKDKNKV[QHVJG*+%2CVUVCMG! 0CVKQPCN$CPMQH$GNIKWO9QTMKPIRCRGTUUGTKGU0Q#RTKN $CPEQFG'URCÌC 6JGGHHGEVQHVJGGWTQECUJEJCPIGQXGTQPKPƀCVKQP#PPWCN 4GRQTV $CPSWG%GPVTCNGFW.WZGODQWTI .GUGHHGVUKPƀCVKQPPKUVGUFWDCUEWNGOGPV XGTUNŏGWTQ4CRRQTVCPPWGN $CPSWG%GPVTCNGFW.WZGODQWTI .ŏKORCEVFWRCUUCIG´NŏGWTQſFWEKCKTG 2TGUUTGNGCUG/CTEJ $CPSWG 0CVKQPCNG FG $GNIKSWG 'HHGVU FW RCUUCIG C NŏGWTQ ſFWEKCKTG UWT NŏKPƀCVKQP4GXWG'EQPQOKSWG $CPSWG0CVKQPCNGFG$GNIKSWG #FCRVCVKQPQHRTKEGUVQVJGGWTQ CUWTXG[ 2TGUUTGNGCUG&GEGODGT $TCEJKPIGT *9 'WTQ QT őVGWTQŒ! 6JG GWTQKPFWEGF RGTEGKXGF KPƀCVKQP KP )GTOCP[ RCRGT RTGUGPVGF CV VJG +#4'25#$' %QPHGTGPEG QP $GJCXKQWTCNGEQPQOKEUCPFGEQPQOKERU[EJQNQI[2CTKU,WN[ $WKVGP) 9J[KPƀCVKQPUVKNNHGGNUUQJKIJ%$59GDOCIC\KPGYYYEDU PN %GUVCTK8&GN)KQXCPG24QUUK#TPCWF% /GOQT[HQTRTKEGUCPFVJG GWTQ ECUJ EJCPIGQXGT CP CPCN[UKU HQT EKPGOC RTKEGU KP +VCN[ $CPEC Fŏ+VCNKC 6GOKFK&KUEWUUKQPG(GDTWCT[ %QTPKNNG & .ŏCFCRVCVKQP FGU RTKZ CW RCUUCIG ´ NŏGWTQ WPG OKUG GP RGTURGEVKXG4GXWG'EQPQOKSWG$CPSWG0CVKQPCNGFG$GNIKSWG %TÃFKV#ITKEQNG 2QWTSWQKNGUOÃPCIGUHTCPÁCKUUWTGUVKOGPVKNUNŏKPƀCVKQP! (NCUJÃEQ/CTEJ &GN )KQXCPG 2 5CDDCVKPK 4 2GTEGKXGF CPF OGCUWTGF KPƀCVKQP CHVGT VJG NCWPEJ QH VJG GWTQ GZRNCKPKPI VJG ICR KP +VCN[ )KQTPCNG FGINK 'EQPQOKUVK G #PPCNKFK'EQPQOKC &GN )KQXCPG 2 (CDKCPK 5 5CDDCVKPK 4 9JCVŏU DGJKPF őKPƀCVKQP RGTEGRVKQPUŒ! # UWTXG[DCUGF CPCN[UKU QH +VCNKCP EQPUWOGTU $CPEC Fŏ+VCNKC 6GOKFK&KUEWUUKQPG,CPWCT[
#UWTXG[QHVJGGORKTKECNGXKFGPEGHQTVJGGWTQCTGC
&G 0GFGTNCPFUEJG $CPM C 5OQQVJ GWTQ JKIJGT RTKEGU! 3WCTVGTN[ $WNNGVKP/CTEJ &G0GFGTNCPFUEJG$CPM D )GVVKPIWUGFVQVJGGWTQ3WCTVGTN[$WNNGVKP 5GRVGODGT &GWVUEJG $WPFGUDCPM %QPUWOGT RTKEGU CPF VJG EJCPIGQXGT HTQO &GWVUEJG/CTMVQGWTQ/QPVJN[4GRQTV,WN[ &GWVUEJG$WPFGUDCPM 6JGGWTQCPFRTKEGUVYQ[GCTUQP/QPVJN[4GRQTV &ÑJTKPI$/QTFQPW# 9JCVFTKXGUKPƀCVKQPRGTEGRVKQPU!#F[PCOKE RCPGNFCVCCPCN[UKU'WTQRGCP%QOOKUUKQPOKOGQ,WN[ &\KWFC 9 /CUVTQDWQPK ) 6JG GWTQ EJCPIGQXGT CPF KVU GHHGEVU QP RTKEG VTCPURCTGPE[ CPF KPƀCVKQP /KUUKQP GWTQ OKUUKQP CEEQORNKUJGF 2TKPEGVQP7PKXGTUKV[OKOGQ 'KHG 6# 2TKEG UGVVKPI DGJCXKQWT CPF RTKEG UGVVKPI TGIWNCVKQPU CV VJG GWTQEJCPIGQXGT'GUVK2CPM9QTMKPI2CRGT5GTKGU0Q,WPG 'JTOCPP/ 4CVKQPCNKPCVVGPVKQPKPƀCVKQPFGXGNQROGPVUCPFRGTEGRVKQPU CHVGT VJG GWTQ ECUJ EJCPIGQXGT 'WTQRGCP %GPVTCN DCPM 9QTMKPI 2CRGT 5GTKGU(GDTWCT[ 'WTQRGCP %GPVTCN $CPM 'WTQ ECUJ EJCPIGQXGT PQV GZRGEVGF VQ JCXG C UKIPKſECPV KORCEV QP EQPUWOGT RTKEGU CV VJG CIITGICVG NGXGN /QPVJN[ $WNNGVKP,CPWCT[ 'WTQRGCP%GPVTCN$CPM C 'HHGEVUQHVJGKPVTQFWEVKQPQHVJGGWTQDCPMPQVGU CPFEQKPUQPEQPUWOGTRTKEGU#PPWCN4GRQTVQP 'WTQRGCP %GPVTCN $CPM D 4GEGPV FGXGNQROGPVU KP GWTQ CTGC KPƀCVKQP RGTEGRVKQPU/QPVJN[$WNNGVKP1EVQDGT 'WTQRGCP%GPVTCN$CPM /GCUWTGFKPƀCVKQPCPFKPƀCVKQPRGTEGRVKQPUKP VJGGWTQCTGC/QPVJN[$WNNGVKP/C[ 'WTQUVCV 'WTQ EJCPIGQXGT GHHGEVU 'WTQKPFKECVQTU PGYU TGNGCUG /C[ (NWEJ/5VKZ* 2GTEGKXGFKPƀCVKQPKP#WUVTKCŌ'ZVGPVGZRNCPCVKQPU GHHGEVU /QPGVCT[ RQNKE[ CPF VJG GEQPQO[ 1UVGTTGKEJKUEJG 0CVKQPCNDCPM 3 )CKQVVK'.KRRK( 2TKEKPIDGJCXKQTCPFVJGKPVTQFWEVKQPQHVJGGWTQ GXKFGPEGHTQOCRCPGNQHTGUVCWTCPVU)KQTPCNGFGINK'EQPQOKUVKG#PPCNKFK 'EQPQOKC )CODNG # )¼TNKPI 6 %JCTNVQP , 4CP[CTF 4 'WTQ KNNWUKQP 2U[EJQNQIKECN KPUKIJVU KPVQ RTKEG GXCNWCVKQPU YKVJ C WPKVCT[ EWTTGPE[ 'WTQRGCP2U[EJQNQIKUV *QDKLP$4CXGPPC(6CODCNQVVK# /GPWEQUVUCVYQTM TGUVCWTCPV RTKEGUCPFVJGKPVTQFWEVKQPQHVJGGWTQ6JG3WCTVGTN[,QWTPCNQH'EQPQOKEU *QHHOCPP ,* .GKHGT * .QTGP\ # +PFGZ QH RGTEGKXGF KPƀCVKQP QT '7 EQPUWOGT UWTXG[U! #P CUUGUUOGPV QH 2TQHGUUQT *9 $TCEJKPIGTŏU CRRTQCEJ4GXKGYQH'WTQRGCP'EQPQOKE2QNKE[ +05'' 1RKPKQPFGUOÃPCIGUUWTNGURTKZRCUUÃUGVNŏKPƀCVKQP0QVGFG EQPLQPEVWTG&GEGODGT
2&GN)KQXCPGCPF45CDDCVKPK
-CONGKVPGT$-KTEJNGT'*QHOCPP' 6JGGWTQ RGTEGRVKQPQHCNQUUKP RWTEJCUKPIRQYGTRCRGTRTGUGPVGFCVVJG5#$'+#4'2%QPHGTGPEGQP%TQUU HGTVKNK\CVKQPDGVYGGPGEQPQOKEUCPFRU[EJQNQI[2JKNCFGNRJKC,WN[ -QQTGOCP 2 (CDGT 4 *QHOCPU * %JCTKV[ FQPCVKQPU CPF VJG GWTQ KPVTQFWEVKQP UQOG SWCUKGZRGTKOGPVCN GXKFGPEG QP OQPG[ KNNWUKQP +<# &KUEWUUKQP2CRGT5GRVGODGT -WTTK5 9J[FQEQPUWOGTUŏRGTEGKXGFKPƀCVKQPFKHHGTUQOWEJHTQOCEVWCN KPƀCVKQP!$CPMQH(KPNCPF$WNNGVKP .KPFÃP5 QDUGTXCVKQPUQPKPƀCVKQPRGTEGRVKQPUCPFGZRGEVCVKQPUKP VJG'79JCVFQVJG[VGNNWU!RCRGTRTGUGPVGFCVVJGVJ%+4'6%QPHGTGPEG 4QOG5GRVGODGT /CNICTKPK/ 3WCPVKVCVKXGKPƀCVKQPRGTEGRVKQPUCPFGZRGEVCVKQPUQH+VCNKCP EQPUWOGTU+5#'OKOGQ /CTKPK)2KGTICNNKPK#5ECTCOQ\\KPQ2 C 'WTQGFKPCOKECKPƀC\KQPKUVKEC 'EQPQOKC+VCNKCPC /CTKPK)2KGTICNNKPK#5ECTCOQ\\KPQ2 D 6JGDKCUKPOGCUWTKPIKPƀCVKQP GXKFGPEGHTQOVJG7-CPF+VCN[7PKXGTUKV[QH.QPFQP%GPVTGHQT(KPCPEKCN /CPCIGOGPV5VWFKGU&KUEWUUKQP2CRGT /CTSWGU,(&GJCGPG5 &GXGNQRKPIKPVWKVKQPHQTRTKEGUKPGWTQU TGUECNKPI QT TGNGCTPKPI RTKEGU! ,QWTPCN QH 'ZRGTKOGPVCN 2U[EJQNQI[ #RRNKGF /CUVTQDWQPK ) 6JG GHHGEVU QH VJG GWTQEQPXGTUKQP QP RTKEGU CPF RTKEG RGTEGRVKQPU%'259QTMKPI2CRGT5GRVGODGT /QUVCEEK ( 5CDDCVKPK 4 .ŏGWTQ JC ETGCVQ KPƀC\KQPG! %JCPIGQXGT G CTTQVQPFCOGPVKFGKRTG\\KCNEQPUWOQKP+VCNKCPGN/QPGVCG%TGFKVQ 2QNNCP 9 2TKEG FGXGNQROGPVU WRQP KPVTQFWEVKQP QH GWTQ DCPMPQVGU CPF EQKPU#WUVTKCP'EQPQOKE3WCTVGTN[ 5CPVQU & 'XCPIGNKUVC 4 0CUEKOGPVQ 6 %QKODTC % #PCN[UKU QH VJG KORCEVQHVJGEQPXGTUKQPQHGUEWFQUKPVQGWTQU$CPEQFG2QTVWICN'EQPQOKE $WNNGVKP5GRVGODGT 5VKZ* 2GTEGKXGFKPƀCVKQPCPFVJGGWTQ YJ[JKIJ!9J[RGTUKUVGPV!RCRGT RTGUGPVGFCVVJG'WTQRGCP'EQPQOKE#UUQEKCVKQPCPFVJG'EQPQOGVTKE5QEKGV[ 'WTQRGCP/GGVKPIU8KGPPC#WIWUV 6TCWV/CVVCWUEJ'5EJWN\*CTFV5)TGKVGOG[GT6(TG[& 'ZRGEVCPE[ EQPſTOCVKQPKPURKVGQHFKUEQPſTOKPIGXKFGPEG VJGECUGQHRTKEGKPETGCUGUFWG VQVJGKPVTQFWEVKQPQHVJGGWTQ'WTQRGCP,QWTPCNQH5QEKCN2U[EJQNQI[ 8CP4CCKL9(8CP4KLGP%.# /QPG[KNNWUKQPCPFGWTQRTKEKPIRCRGT RTGUGPVGFCVVJG+#4'2%QPHGTGPEGQP'WTQ EWTTGPE[CPFU[ODQN9KGP ,WN[ 9CNUEJQVU, 9J[FQGUKPƀCVKQPHGGNUQJKIJ!%$59GDOCIC\KPG1EVQDGT YYYEDUPN
.KUVQHſIWTGU
(KI (KI (KI (KI (KI (KI (KI (KI (KI (KI (KI (KI (KI (KI (KI (KI (KI (KI (KI (KI
+PƀCVKQP OGCUWTGF D[ VJG UVCVKUVKECN KPUVKVWVGU CPF KPƀCVKQP RGTEGRVKQPU +PƀCVKQPRGTEGRVKQPUCPFUGPVKOGPVCDQWVVJGGWTQ +PƀCVKQPTCVGUHQTIQQFUCPFUGTXKEGUKP+VCN[CEEQTFKPIVQVJG HTGSWGPE[QHRWTEJCUG #XGTCIGEQPUWOGTRTKEGKPƀCVKQPKP+VCN[CPFKVUFKURGTUKQP #XGTCIG EQPUWOGT RTKEG KPƀCVKQP KP +VCN[ CPF KVU FKURGTUKQP UWDUGVQHIQQFUCPFUGTXKEGU 5KIPCPFUK\GQHSWCTVGTN[RTKEGEJCPIGUKP+VCN[ UWDUGVQH IQQFUCPFUGTXKEGU +PƀCVKQPRGTEGRVKQPUCPFCTVKENGUUGNGEVGFHTQOFCKN[PGYURCRGTU +N5QNGQTGCPF.C5VCORC +PƀCVKQP RGTEGRVKQPU KP +VCN[ DCNCPEG TGUWNVKPI HTQO VJG EQPUWOGTUWTXG[CPFGUVKOCVGU 6[RGUQHRTKEGUKP+VCN[CWVWOP +VCN[ *+%2ECVGIQT[őTGUVCWTCPVCPFECHGUŒ #EVKXKV[CPFFGOCPFKPVJGUGEVQTőJQVGNUCPFTGUVCWTCPVUŒ (TGUJ HQQF RTKEGU CPF 7.% KP VJG UGEVQT őJQVGNU CPF TGUVCWTCPVUŒ (TGSWGPE[FKUVTKDWVKQPQHRTKEGKPETGCUGUKPGCEJ[GCT /QFGNDCUGFGHHGEVQHVJGEJCPIGQXGT #6/WUCIGCPFEQPUWORVKQPITQYVJ 6JGRQYGTQHVJGUVCVKUVKECNVGUV TGUWNVUHTQOCEQWPVGTHCEVWCN GZGTEKUG 4GECNNGFXUCEVWCNEKPGOCRTKEG HWNNVKEMGV 4GECNNGFXUCEVWCNEKPGOCRTKEG TGFWEGFVKEMGV 4GECNNGFRTGGWTQRTKEGUEQORCTGFVQCEVWCNRTKEGUKPJKUVQTKECN RGTURGEVKXG &KUVTKDWVKQPQHSWCPVKVCVKXGRGTEGRVKQPU
.KUVQHVCDNGU
6CDNG 'ZVTGOGRTKEGEJCPIGU KVGODTGCMFQYP 6CDNG 5KIP CPF UK\G QH SWCTVGTN[ RTKEG EJCPIGU KP +VCN[ D[ RTQFWEV ECVGIQTKGU UWDUGVQHIQQFUCPFUGTXKEGU 6CDNG #XGTCIGKPƀCVKQPTCVGD[FGEKNGQHGSWKXCNGPVGZRGPFKVWTG 6CDNG +VCNKCP JQWUGJQNF KPEQOG D[ YQTM UVCVWU QH VJG JGCF QH JQWUGJQNF 6CDNG 0WODGTQHCTVKENGUUGNGEVGFHTQOFCKN[PGYURCRGTU+N5QNG QTGCPF.C5VCORC 6CDNG 5WOOCT[QHVJGEQTTGNCVKQPUFGRGPFGPVXCTKCDNG DCNCPEGQH RGTEGRVKQPU 6CDNG 4WNGUHQTFGſPKPICVVTCEVKXGRTKEGUKPGWTQU 6CDNG 2TKEGKPETGCUGUD[V[RGQHRTKEG 6CDNG 2TKEGKPETGCUGUD[V[RGQHRTQFWEVCPFV[RGQHRTKEG 6CDNG 2TKEGKPETGCUGUD[FKUVTKDWVKQPEJCPPGNCPFV[RGQHRTKEG 6CDNG +PƀCVKQPCT[GHHGEVQHTQWPFKPIKPVJGUVTKEVUGPUG /GVJQF D[ V[RGQHRTKEGCPFFKUVTKDWVKQPEJCPPGN 6CDNG +PƀCVKQPCT[GHHGEVQHTQWPFKPIKPVJGDTQCFUGPUG /GVJQF D[V[RGQHRTKEGCPFFKUVTKDWVKQPEJCPPGN 6CDNG %JCPIGUKPVJGEQPUWOGTRTKEGUQHVJGKVGOUPQVKPENWFGFKPVJG GUVKOCVKQPUQHVJGEJCPIGQXGTGHHGEV 6CDNG 5WOOCT[QHVJGGUVKOCVGUQHVJGEJCPIGQXGTKPƀCVKQPCT[KORCEV KPVJGſTUVVGPOQPVJUQH 6CDNG &KHHGTGPEGDGVYGGPRTKEGF[PCOKEKPCPFKVUCXGTCIGKP 6CDNG 4GITGUUKQPCPCN[UKUQHCPQOCNQWUEQPVTKDWVKQPUVQKPƀCVKQPKP 6CDNG 6JGTKUGKPVJGRTKEGQHCOGCN 6CDNG 6JGTKUGKPVJGRTKEGQHCOGCNŌUGNGEVGF4QOGFKUVTKEVU 6CDNG 0WODGTQHőGZVTGOGŒRTKEGKPETGCUGU 6CDNG 0WODGTQHEQPUVCPVCPFHCNNKPIRTKEGU 6CDNG &KUVTKDWVKQPQHRTKEGTGXKUKQPUWPEJCPIGFRTKEGUGZENWFGF 6CDNG &GEQORQUKVKQPQHRTKEGKPETGCUGU
.KUVQHVCDNGU
6CDNG
&KUVTKDWVKQPQHRTKEGKPETGCUGUKPD[OCTMGVEQORGVKVKQP
6CDNG
&GVGTOKPCPVUQHRTKEGEJCPIGU
6CDNG
/QFGNDCUGFFGEQORQUKVKQPQHRTKEGKPETGCUGU
6CDNG# 5CORNGUK\G 6CDNG# 5CORNGEQORQUKVKQPD[TGIKQP 6CDNG# 5CORNGEQORQUKVKQPD[V[RG 6CDNG# 5CORNGTGRTGUGPVCVKXGPGUU 6CDNG# %QORGVKVKXGRTGUUWTG 6CDNG# 6JGRTKEGQHCOGCN 6CDNG# 2TKEGEJCPIGUD[V[RG 6CDNG# 2TKEGEJCPIGUD[CTGC 6CDNG# 4GUVCWTCPVRTKEGKP+VCN[ CEQORCTKUQPCOQPIFCVCUGVU 6CDNG
'UVKOCVGUQHGSWCVKQPUCPF
6CDNG# #NVGTPCVKXGGUVKOCVGUQHGSWCVKQPUCPF 6CDNG
4GURQPFGPVU
6CDNG
2TKEGTGECNNGFCPFTGURQPFGPVUŏCPUYGTUTGNCVKPIVQKPFKXKFWCN OGOQT[JCDKVUQHOGPVCNEQPXGTUKQPCPFHTGSWGPE[QHOQXKG IQKPI
6CDNG
2GTEGKXGF KPETGCUG KP VJG IGPGTCN RTKEG NGXGN Ō U[PVJGVKE OGCUWTGUQHVJGTGURQPFGPVUŏQRKPKQP
6CDNG
2TKEGTGECNNGFCPFKPƀCVKQPRGTEGRVKQPU
6CDNG
2TKEGTGECNNGFCPFCIG
6CDNG
6[RGUQHRTKEGTGECNN RTGGWTQRTKEGGZRTGUUGFKPNKTGQTGWTQU RTKEG
6CDNG
5WOOCT[ TGITGUUKQP Ō FGRGPFGPV XGTKCDNG TGECNNGF RTKEG HQT EKPGOCVKEMGVUDGHQTGVJGGWTQECUJEJCPIGQXGT
6CDNG$ &GUETKRVKXGUVCVKUVKEUQPRTKEGTGECNNCPFTGNCVGFHCEVQTU 6CDNG
+PƀCVKQPRGTEGRVKQPU
6CDNG
3WCPVKVCVKXG KPƀCVKQP RGTEGRVKQPU D[ IGPFGT HQT FKHHGTGPV DCUMGVU
6CDNG
(CEVQTUWPFGTN[KPISWCNKVCVKXGKPƀCVKQPRGTEGRVKQPU
6CDNG
(CEVQTUWPFGTN[KPIőJKIJŒSWCNKVCVKXGKPƀCVKQPRGTEGRVKQPU
6CDNG
(CEVQTUWPFGTN[KPISWCPVKVCVKXGKPƀCVKQPRGTEGRVKQPU
.KUVQHVCDNGU
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