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vWSRKSMRKGVEGOHS[RSR -RXIVRIX TSVRSKVETLMG GSRXIRX 8LI46'KSZIVRQIRX LEWWXVMRKIRX TVSLMFMXMSRWSRSRPMRITSVRSKVETLMG MRJSVQEXMSRERH LEW PEYRGLIHWIZIVEPGVEGOHS[RW SR-RXIVRIX TSVRSKVETL]VIGIRXP]3R(IGIQFIV XLI1--8ERH SXLIV XLVII46'KSZIVRQIRXEPEYXLSVMXMIWNSMRXP] MWWYIH XLI-RGIRXMZIW1IEWYVIW JSV6ITSVX SJ 4SVRSKVETLMG3FWGIRIERH :YPKEV1IWWEKIWSR-RXIVRIXERH1SFMPI1IHMESVXLI%RXM4SVRSKVETL] 2SXMGIXS JYVXLIVGVEGOHS[RSRSRPMRITSVRSKVETL]4YVWYERXXSXLMW%RXM4SVRSKVETL]2SXMGI QSRIXEV]VI[EVHW[MPPFITVSZMHIHXS-RXIVRIXYWIVW[LSVITSVX [IFWMXIWXLEXJIEXYVITSVRSKVETL] 3R %TVMP XLI2EXMSREP ;SVOMRK +VSYTSR%RXM4SVRSKVETL] ERHXLVIISXLIV46'KSZIVRQIRXEP EYXLSVMXMIWNSMRXP]MWWYIH XLI%RXM4SVRSKVETL] 4VSGPEQEXMSR YRHIV[LMGL-RXIVRIXWIVZMGITVSZMHIVW MRGPYHMRKWIEVGLGSQTERMIW WYGL EWYWQYWX TYX MR TPEGIWSJX[EVI SVSXLIV JMPXIVWXSTVIZIRXJVSQ ETTIEVMRKMRWIEVGLVIWYPXWERH MQQIHMEXIP]VIQSZIXI\XW MQEKIW ZMHISEHZIVXMWIQIRXWERH SXLIV MRJSVQEXMSRXLEXGSRXEMRTSVRSKVETLMGGSRXIRX8LIVIPIZERX46' KSZIVRQIRXEPEYXLSVMXMIWQE]SVHIV



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8SXEPGETMXEPM^EXMSR                                     









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6IZIRYIW 7IEVGLERH WIEVGLVIPEXIHEHZIVXMWMRKVIZIRYIW           3XLIV VIZIRYIW                                 

 

   

 

8SXEPVIZIRYIW                                    



 



6IZIRYIWKIRIVEXIH JVSQSYVWIEVGLERH WIEVGLVIPEXIHEHZIVXMWMRKWIVZMGIW[IVI97 QMPPMSR ERH97 QMPPMSRVIWTIGXMZIP]JSVXLIWM\QSRXLWIRHIH .YRI ERH VITVIWIRXMRKE TIVMSHSZIVTIVMSHMRGVIEWISJ 8LIMRGVIEWIMR SYVWIEVGL ERHWIEVGLVIPEXIH EHZIVXMWMRK VIZIRYIW VIWYPXIH TVMQEVMP] JVSQER MRGVIEWIMRSYVVIZIRYIWKIRIVEXIHJVSQSYVEYGXMSRFEWIH TE]JSVGPMGO WIVZMGIW[LMGLEGGSYRXIHJSV ERH VIWTIGXMZIP]SJSYVWIEVGL ERHWIEVGL VIPEXIH EHZIVXMWMRK VIZIRYIW JSVXLIWM\QSRXLWIRHIH .YRI ERH 8LIKVS[XLMR VIZIRYIW JVSQEYGXMSRFEWIHTE]JSVGPMGOWIVZMGIWVIWYPXIHJVSQMRGVIEWIWFSXLMR XLIRYQFIVSJSYVEHZIVXMWIVW ERHMR %64%8LIRYQFIVSJ SYVEYGXMSRFEWIHTE]JSVGPMGOEHZIVXMWIVW[EWETTVS\MQEXIP]ERH VIWTIGXMZIP]JSVXLIWM\QSRXLWIRHIH .YRI ERH VITVIWIRXMRKE TIVMSHSZIVTIVMSHMRGVIEWISJ 8LI%64%JSV EYGXMSRFEWIH TE]JSVGPMGOWIVZMGIW [EW97 ERH97 VIWTIGXMZIP] JSVXLI WM\QSRXLW IRHIH .YRI  ERH VITVIWIRXMRK E TIVMSHSZIVTIVMSHMRGVIEWISJ 8LIMRGVIEWI MREYGXMSRFEWIHTE]JSVGPMGOEHZIVXMWIVW[EW TVMQEVMP] HVMZIRF]E WYGGIWWJYPI\TERWMSR SJSYVRIX[SVO SJ EHZIVXMWMRKEKIRGMIW8LIMRGVIEWI MR %64%[EWEXXVMFYXEFPIXSERMRGVIEWIMRXLIRYQFIVSJTEMHGPMGOWFYX %64% [EWEHZIVWIP]EJJIGXIH



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3TIVEXMRK I\TIRWIW 6IWIEVGL ERHHIZIPSTQIRX                          7EPIW ERHQEVOIXMRK                               +IRIVEPERHEHQMRMWXVEXMZI                         

  

  

  

  

8SXEPSTIVEXMRKI\TIRWIW                            









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6IZIRYIW 7IEVGLERH WIEVGLVIPEXIHEHZIVXMWMRK VIZIRYIW                       3XLIV VIZIRYIW                   

 

   

   

 

8SXEPVIZIRYIW                     



 

 



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3TIVEXMRK I\TIRWIW 6IWIEVGL ERHHIZIPSTQIRX           7EPIW ERHQEVOIXMRK                +IRIVEPERHEHQMRMWXVEXMZI          

  

     

     

  

8SXEPSTIVEXMRKI\TIRWIW             













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8SXEPSTIVEXMRKI\TIRWIW      

















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7SYVGIM6IWIEVGL

'LMREvW SRPMRIWIEVGLQEVOIXMWVIPEXMZIP] YRHIVTIRIXVEXIH 'LMREvWSRPMRIWIEVGLQEVOIXMWVIPEXMZIP]YRHIVTIRIXVEXIHGSQTEVIHXS QSVI QEXYVIQEVOIXW WYGL EWXLI97%GGSVHMRKXS M6IWIEVGL 'LMREvWXSXEPSRPMRIWIEVGLMRHYWXV] [EW61& FMPPMSR 97 FMPPMSR SV SJ'LMREvW+(4MR *SVXLI WEQITIVMSHXLI97vWXSXEPSRPMRI WIEVGL MRHYWXV]WTIRHMRK[EW97 FMPPMSR SVEFSYX  SJ +(4EGGSVHMRKXS-('ETTVS\MQEXIP] HSYFPI XLIVEXISJ 'LMRE8LMWHEXEHIQSRWXVEXIWXLIVIPEXMZIP]IEVP]WXEKISJHIZIPSTQIRX SJ'LMREvWSRPMRI WIEVGLQEVOIXERHXLIQEWWMZITSXIRXMEPJSVJYXYVIKVS[XL %WEVIWYPX 'LMREvW SRPMRIWIEVGL MRHYWXV]MW I\TIGXIHXSKVS[WMKRMJMGERXP]JEWXIVEXE '%+6SJ JVSQXS EGGSVHMRK XSM6IWIEVGL GSQTEVIH XS  JSVXLI97 SRPMRIWIEVGLQEVOIXHYVMRK XLIWEQITIVMSHEGGSVHMRKXS -(' 'LMREvW SRPMRIWIEVGL MRHYWXV]KVS[XL MW WYTTSVXIHF] EQEWWMZI FYXYRHIVQSRIXM^IH YWIVFEWI %GGSVHMRKXS M6IWIEVGL 'LMRELEWXLIPEVKIWX SRPMRIWIEVGL TSTYPEXMSRKPSFEPP][MXLETTVS\MQEXIP]  QMPPMSR SRPMRIWIEVGLYWIVW SJ[LMGLXLIRYQFIVSJQSFMPIWIEVGLYWIVWVIEGLIH QMPPMSRMR  &]GSQTEVMWSRXLIWM^ISJXLIXSXEP97 SRPMRIWIEVGLYWIVTSTYPEXMSR[EW ETTVS\MQEXIP]  QMPPMSR MR EGGSVHMRKXS -(' (IWTMXIXLIQEWWMZISRPMRIWIEVGLTSTYPEXMSR XLISZIVEPP SRPMRIWIEVGL QEVOIXMR 'LMREMW VIPEXMZIP]YRHIVQSRIXM^IHGSQTEVIHXSSXLIVHIZIPSTIHQEVOIXW %GGSVHMRKXSM6IWIEVGLXLIERRYEP VIZIRYITIV WIEVGLYWIVMR 'LMRE[EW 61& 97 MRGSQTEVIH XS97MRXLI 97 EGGSVHMRK XS-('%WE VIWYPXXLIVIMWWMKRMJMGERXQSRIXM^EXMSRYTWMHIJSVSRPMRI WIEVGLMR 'LMRE 1YPXMTPIMRHYWXV] XVIRHW EVIHVMZMRK QSRIXM^EXMSR SJSRPMRIWIEVGLMR'LMRE *YVXLIVQSRIXM^EXMSRMR'LMREvWSRPMRIWIEVGL QEVOIXMWWYTTSVXIHF]ZEVMSYWXVIRHWMREHZIVXMWMRK MRGPYHMRKXLI JSPPS[MRK c %HZIVXMWMRKFYHKIXW GSRXMRYIXSWLMJXSRPMRI 1SVI IRXIVTVMWIWMR'LMREEVIYXMPM^MRKXLI -RXIVRIX XSI\TERHXLIMVFYWMRIWWIW ERH TVSQSXIXLIMVFVERHW7MQMPEV XSXLI KPSFEPXVIRHEHZIVXMWMRK WTIRHMRK MR'LMREMWWLMJXMRKJVSQ XVEHMXMSREPQIHMESYXPIXWXSSRPMRIEHZIVXMWMRK I\TIRHMXYVI %W EHZIVXMWIVWEPPSGEXIQSVI EHZIVXMWMRKFYHKIXJVSQSJJPMRIXS SRPMRI'LMREvWSRPMRIEHZIVXMWMRKEW



ETIVGIRXEKI SJ XSXEPEHZIVXMWMRKWTIRHMRKMWI\TIGXIHXSKVS[ JVSQ MR XS MR EGGSVHMRKXS M6IWIEVGL c %HZIVXMWMRKQSRIXM^EXMSRHVMZIRF] KVS[XLMR OI]ZIVXMGEPW :EVMSYWMRHYWXV]ZIVXMGEPWMR'LMRE EVII\TIVMIRGMRK VETMH I\TERWMSRERH XVERWJSVQEXMSR [LMGL[MPP HVMZIHIQERH JSVMRHYWXV] WTIGMJMGSRPMRI WIEVGLWYGL EWIHYGEXMSRIGSQQIVGISRPMRIKEQIWJMRERGMEPWIVZMGIWERH LIEPXLGEVI%GGSVHMRKXSM6IWIEVGLXLIMRGVIEWIWMRXLIWIZIVXMGEPWEVI QEMRP] HVMZIR F] MRGVIEWIH GSRWYQIVWTIRHMRKMR 'LMRE %- ERH &MK(EXEEVI'VIEXMRK 2I[ 3TTSVXYRMXMIW 3RPMRIWIEVGLMWSRISJXLIQSWXWMKRMJMGERX ETTPMGEXMSRWSJ %- %-XIGLRSPSK]YWIW EHZERGIHQSHIPWXSIREFPIGSQTYXIVWXS XLMROERH PIEVR8LIWIEHZERGIH QSHIPWI\TERHGSQTYXMRK TS[IVFI]SRH XVEHMXMSREPVYPIFEWIHGSQTYXIVEPKSVMXLQW3RPMRIWIEVGLMW SRISJXLI QSWX WMKRMJMGERX ETTPMGEXMSRWSJ %-8LIGSVI GETEFMPMXMIW VIUYMVIHXSHIZIPSTSRPMRIWIEVGL MRGPYHMRKPEVKIWGEPIHEXETVSGIWWMRK GSQTYXMRKTS[IVERHEHZERGIHEPKSVMXLQWEVIEPWS WXITTMRK WXSRIWJSVXLIHIZIPSTQIRXSJ%-7IEVGL IRKMRIWEVI EFPIXSIJJMGMIRXP]TVSGIWWE QEWWMZIEQSYRX SJ GSRXMRYSYWP]YTHEXIH HEXEERHPIZIVEKI EHZERGIH EPKSVMXLQWXSHIXIVQMRIXEVKIXIHVIWTSRWIWXS YWIV UYIVMIW8LIWI GETEFMPMXMIWEVIEPWSVIUYMVIH JSV XLIHIZIPSTQIRXSJ %- ERHXLIVIJSVISRPMRIWIEVGL GSQTERMIWEVIFIWXTSWMXMSRIHXSHIZIPST ERHGSQQIVGMEPM^IRI[%-TVSHYGXWERH WIVZMGIWPIEHMRK XS JYVXLIVEHZERGIWMRLYQERQEGLMRIMRXIVEGXMSR %- [MPP IREFPIJYVXLIVWIEVGLFVIEOXLVSYKLW %- [MPP IREFPIJYVXLIVWIEVGLFVIEOXLVSYKLWJSVFIXXIVMRXIVEGXMSRERHQSVI XEVKIXIH ERW[IVW*SV I\EQTPI5 %XIGLRSPSK]IREFPIWWIEVGLIRKMRIWXSTVSZMHI HMVIGXERHXEVKIXIH ERW[IVW XSYWIV UYIVMIW3XLIV%-XIGLRSPSKMIW WYGL EWZSMGI VIGSKRMXMSR[MPP IREFPIEQSVIMRXYMXMZIERHREXYVEP WIEVGLI\TIVMIRGIFEWIH SR GSRZIVWEXMSR 8LITVIHMGXMZIERH MRXIVEGXMZIGETEFMPMXMIWIREFPIH F] %- ERH FMKHEXE[MPP TVSZMHIJYVXLIVQSRIXM^EXMSRSTTSVXYRMXMIWJSVWIEVGLIRKMRIWWYGL EWTIVWSREPM^IH RI[WJIIHWERHGVIHMXEREP]XMGWJSV-RXIVRIXJMRERGI%GGSVHMRK XSM6IWIEVGLVIZIRYIW JVSQRI[WJIIHWMR 'LMREEVII\TIGXIH XSKVS[JVSQ 61& FMPPMSR 97 FMPPMSR  MR XS61& FMPPMSR 97 FMPPMSR MR EXE'%+6SJ  6IZIRYIWJVSQ -RXIVRIXJMRERGI MR'LMREEVII\TIGXIH XSKVS[JVSQ61&  FMPPMSR 97 FMPPMSR MRXS61& FMPPMSR 97 FMPPMSR MR EXE'%+6 SJ  %- MWEOI]IREFPIVJSV WQEVX LEVH[EVI 2I[ -RXIVRIXIREFPIHWQEVXLEVH[EVIWYGLEW[IEVEFPIWERHWQEVXETTPMERGIWMWKEMRMRK TSTYPEVMX]EQSRK GSRWYQIVW%GGSVHMRKXSM6IWIEVGL'LMREvWWQEVX LEVH[EVI QEVOIX MW I\TIGXIH XS KVS[XS61& FMPPMSR 97 FMPPMSR MR EXE'%+6 SJ  JVSQXS7QEVX LEVH[EVITVSZMHIWGSRWYQIVW[MXLRI[KEXI[E]WXSXLI-RXIVRIX8LIWI HIZMGIWPIZIVEKI%XIGLRSPSKMIWMRGPYHMRKZSMGI VIGSKRMXMSRERH HMEPSKYIFEWIH 5 %WIEVGLXIGLRSPSK]XSI\TERHXLI YWIGEWIW JSVWIEVGLFI]SRH4'ERHQSFMPI HIZMGIWXSLSQIMRZILMGPI ERHSXLIV IRZMVSRQIRXW )ZSPYXMSRSJ3RPMRI-RJSVQEXMSR(IPMZIV] 3RPMRIWIEVGLERH [IF HMVIGXSVMIWLEZIFIIRTVMQEV]QIXLSHWJSVHIPMZIVMRKMRJSVQEXMSRXS YWIVW 8LITVSGIWWSJHIPMZIVMRKSRPMRIMRJSVQEXMSRERHGSRXIRXXSYWIVWGER FIWITEVEXIH MRXSERYQFIVSJ WXITW 8LIWIWXITWERHXLIXVIRHWMQTEGXMRKIEGLWXIT EVIHIWGVMFIHFIPS[ c +EXI[E]W +EXI[E]W MRGPYHILEVH[EVIHIZMGIWYWIHXSEGGIWWXLI -RXIVRIXWYGLEW4'WERH QSFMPIHIZMGIW-REHHMXMSR WQEVXLEVH[EVI [MPPTVSZMHIJYVXLIVKEXI[E]WJSVYWIVWXSEGGIWW MRJSVQEXMSRSRPMRI c -RXIVEGXMSR -RXIVEGXMSR MWXLI TVSGIWW[LIVIF]YWIVW GSRZI] UYIVMIWJSVSRPMRIMRJSVQEXMSR -R 'LMRIWIMRXIVEGXMSRVIUYMVIWPERKYEKIMRTYX WSJX[EVIJSVMRTYXXMRK GLEVEGXIVW,MWXSVMGEPP] 'LMRIWI PERKYEKIMRTYX WSJX[EVILEWJSGYWIH SRXI\XMRTYX[LMGL TVSZMHIWPMQMXIHEFMPMX]JSV



YWIVWXSGSQQYRMGEXI XLIMRXIRXSJ XLIMV UYIVMIW%-XIGLRSPSKMIW WYGL EW ZSMGI ERHMQEKI VIGSKRMXMSREPPS[YWIVWXSGSQQYRMGEXIXLIMVMRXIRXQSVIMRXYMXMZIP]ERHREXYVEPP]XLER [MXLNYWX XI\X%XXLIWEQIXMQI %- ERHFMKHEXEIREFPI'LMRIWIPERKYEKI MRTYXWSJX[EVIXSPIEVR ERH TVIHMGX YWIVWv MRXIRXEPPS[MRKYWIVWXSGSQQYRMGEXIQSVIIJJMGMIRXP]-RXIVEGXMSRTVSZMHIW ZEPYEFPI YWIVMRXIRXHEXEXLEX GERFIYWIHXSJYVXLIVIRLERGI%-TS[IVIHREXYVEPMRXIVEGXMSR c -RJSVQEXMSR(IPMZIV] 3RGIYWIVWGSRZI] XLIMV UYIVMIWSRPMRIMRJSVQEXMSRHIPMZIV]WIVZMGIWWYGL EWWIEVGL IRKMRIW TVSZMHIVIPIZERXGSRXIRXERHWIVZMGIW3RPMRIWIEVGLERH [IFHMVIGXSVMIWLEZI FIIR TVMQEV] QIXLSHWJSVHIPMZIVMRKSRPMRIMRJSVQEXMSR XSYWIVW%HZERGIWMR%- ERHFMKHEXE [MPPWYTTSVXEHHMXMSREPQIXLSHW SJ MRJSVQEXMSRHIPMZIV]WYGLEW:4%WERHRI[WJIIHW[LMGLGER TVSZMHIXEVKIXIH GSRXIRX XS YWIVW /I]*EGXSVW%JJIGXMRK 'SQTIXMXMSR MR 3RPMRI-RJSVQEXMSR(IPMZIV] c 8IGLRSPSK]IWTIGMEPP]%- MRRSZEXMSR %-ERH FMKHEXE [MPPIRLERGISRPMRIMRJSVQEXMSRHIPMZIV] -RXIVEGXMSRW[MPPFIQSVIREXYVEPERHGSRZIVWEXMSREPXLVSYKL XIGLRSPSK]WYGLEWZSMGIERH MQEKIVIGSKRMXMSR/RS[PIHKIGSQTYXMRK[MPPEPPS[YWIVWXSUYIV]ERH SFXEMRHMVIGXERW[IVW XLVSYKLMRXIVEGXMZI5 %MRWXIEHSJFVS[WMRKXLVSYKLEPMWX SJ [IF PMROW c &MK HEXE 3RPMRIYWIV FILEZMSVKIRIVEXIWZEPYEFPIYWIVMRXIRX HEXEXLEX WYTTSVXW IQTS[IVFMK HEXEEREP]XMGWERHXS IRLERGI%-XIGLRSPSKMIW9WIVMRXIRXHEXETVSZMHIW MRWMKLXWMRXS YWIV TVIJIVIRGIWERHGERFIYXMPM^IHXS TYWL GSRXIRX XSYWIVWQSVIIJJIGXMZIP]%WEVIWYPX HMJJIVIRXMEXIH ERHGSQTVILIRWMZIYWIVMRXIRXHEXETVSZMHIWEGSQTIXMXMZI EHZERXEKIJSV MRJSVQEXMSRHIPMZIV] c +EXI[E]W -RGVIEWIHTEVXRIVWLMTW[MXL QSFMPIHIZMGI QERYJEGXYVIVW [MPPEPPS[ MRJSVQEXMSR HIPMZIV]WIVZMGIWXSTVSQSXIXLIHMWXVMFYXMSRSJXLIMVWIVZMGIWERHKVS[ XLI ZSPYQISJYWEKI-R EHHMXMSRWQEVXLEVH[EVIMW KEMRMRKMRTSTYPEVMX]ERH [MPPMRGVIEWIMRJSVQEXMSRHIPMZIV]ZSPYQI XLVSYKLRI[ YWI GEWIW c (MJJIVIRXMEXIHGSRXIRXERHWIVZMGIW %OI]GSQTIXMXMZIEHZERXEKIJSV MRJSVQEXMSR HIPMZIV]MW EGGIWWXSHMJJIVIRXMEXIH GSRXIRX ERHWIVZMGIW'SPPEFSVEXMSR [MXLXLMVH TEVXMIWEPPS[WMRJSVQEXMSR HIPMZIV]WIVZMGIWXSEGGIWWEFVSEHIVERH QSVIHMZIVWIVERKISJMRJSVQEXMSRIRXIVXEMRQIRX ERH WIVZMGIW



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c 7SKSY;MWI(SGXSV %PEVKIRYQFIVSJSRPMRIWIEVGLIWMR'LMREVIPEXIWXSLIEPXLGEVI7SKSY ;MWI(SGXSVTVSZMHIWEYXLSVMXEXMZILIEPXLGEVIMRJSVQEXMSRXLVSYKLGSPPEFSVEXMSR[MXLXLMVHTEVX] LIEPXLGEVIMRJSVQEXMSRTPEXJSVQW c 7SKSY)RKPMWL 7YTTSVXIH F]XLIXIGLRSPSK]SJ1MGVSWSJXvW &MRK7SKSY)RKPMWLMWSYVGVSWW PERKYEKIWIEVGLWIVZMGIXLEXIREFPIW'LMRIWI YWIVWXSHMWGSZIV)RKPMWLGSRXIRX SRXLI-RXIVRIX F] UYIV]MRKMR'LMRIWIERHVIEHMRKGSRXIRXXLEX[ILEZI XVERWPEXIH MRXS 'LMRIWI c 7SKSY>LMLY >LMLYMWXLI PIEHMRK SRPMRI ORS[PIHKIWLEVMRKTPEXJSVQMR 'LMRE EGGSVHMRKXS M6IWIEVGL8LVSYKL SYVGSPPEFSVEXMSR[MXL>LMLY>LMLY I\GPYWMZIP]TYWLIWOI]GSRXIRXXSYW MR VIEPXMQI EPPS[MRKYWXS MRHI\>LMLYGSRXIRXVETMHP]ERHGSQTVILIRWMZIP] c 7SKSY)RG]GPSTIHME 7SKSY)RG]GPSTIHME MWER-RXIVRIXFEWIH IRG]GPSTIHMEGSQTMPIH F] RIXM^IRWSJJIVMRKWIEVGL FVS[WMRK IHMXMRKERHSXLIVWIVZMGIWXSLIPTYWIVWSFXEMRMRJSVQEXMSR -XMRXIKVEXIWVMGLJSVQWSJ GSRXIRXWYGLEWXI\XWEYHMSMQEKIWERHZMHISW c 7SKSY%WO 7SKSY%WOMWE TPEXJSVQSTIRXSXLIKIRIVEPTYFPMG JSV5 %9WIVW EWOIEGL SXLIV UYIWXMSRWERHLIPTSXLIVYWIVWWSPZITVSFPIQW7SKSY %WO EPWSGSRRIGXWYWIVW [MXLTVSJIWWMSREPW c 7SKSY-QEKI7IEVGL 7SKSY-QEKI7IEVGLEPPS[W YWIVWXSWIEVGLJSVMQEKIWF]IRXIVMRKXI\X ERHTVSZMHIWYWIVW[MXL EHZERGIHWIEVGL GETEFMPMXMIWXS JMPXIVWIEVGLVIWYPXWSJ MQEKIWF]GSPSV JMPIJSVQEXWERHJMPIWM^IW9WIVWGEREPWS YTPSEHER MQEKISVIRXIVER MQEKI960 XSWIEVGLJSV ERMQEKIvWWSYVGISVWIEVGLJSV WMQMPEVMQEKIWSRXLI-RXIVRIX 7SKSY -QEKI7IEVGLGER EYXSQEXMGEPP]VIGSKRM^IGIVXEMRIPIQIRXWIQFIHHIHMRSRPMRI MQEKIWERHWIEVGL JSVWMQMPEV IPIQIRXWMR MXWMQEKIPMFVEV] c 7SKSY7LSTTMRK7IEVGL 7SKSY7LSTTMRK7IEVGLGSPPIGXW TVSHYGXHEXEJVSQIGSQQIVGI TPEXJSVQW MR'LMRE 9WIVWGERWIEVGLJSV TVSHYGXW F]IRXIVMRK XLITVSHYGXFVERHGEXIKSV] SV QSHIPERHGERZMI[ TVSHYGXWTIGMJMGEXMSRWERH TVMGI7SKSY7LSTTMRK7IEVGL EPWS TVSZMHIWYWIVW [MXLVIEPXMQITVSHYGXGSQTEVMWSRWFEWIHSR TVMGI WEPIWZSPYQI VIZMI[W ERHWLMTTMRK MRJSVQEXMSRXSLIPTYWIVW QEOIFIXXIVTYVGLEWMRK HIGMWMSRW c 7SKSY:MHIS7IEVGL ;IGSPPIGXXLIQIXEHEXESJ ZMHISWJVSQQYPXMTPI 'LMRIWIZMHIS TPEXJSVQW XSEPPS[YWIVWXS WIEVGLJVSQEPEVKIGSPPIGXMSRSJSRPMRIZMHISWF]XMXPIEGXSVSVKIRVIERHXS JMPXIVWIEVGLVIWYPXWF]PIRKXLYTPSEH HEXISV WSYVGI c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8SXEP                                                  



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c GSRHYGXMRKERHQEREKMRKXLIFYWMRIWWSJ SYVGSQTER] c VITVIWIRXMRK SYV GSQTER] MRGSRXVEGXWERHHIEPW c ETTSMRXMRKEXXSVRI]WJSV SYVGSQTER] c WIPIGXMRK WIRMSVQEREKIQIRX WYGLEWQEREKMRKHMVIGXSVWERHI\IGYXMZIHMVIGXSVW c TVSZMHMRKIQTPS]IIFIRIJMXWERHTIRWMSR c QEREKMRK SYVGSQTER]vW JMRERGIWERHFEROEGGSYRXW c I\IVGMWMRKXLIFSVVS[MRKTS[IVWSJSYVGSQTER]ERHQSVXKEKMRK XLITVSTIVX]SJSYV GSQTER]ERH c I\IVGMWMRKER] SXLIV TS[IVWGSRJIVVIH F] XLIWLEVILSPHIVWQIIXMRKWSVYRHIVSYV%QIRHIHERH 6IWXEXIH 1IQSVERHYQ SJ %WWSGMEXMSRERH%QIRHIH ERH6IWXEXIH%VXMGPIWSJ%WWSGMEXMSR 8IVQWSJ(MVIGXSVWERH3JJMGIVW %HMVIGXSVQE] FIVIQSZIHF] SVHMREV]VIWSPYXMSRTEWWIH F]EQENSVMX]SJSYVWLEVILSPHIVWSV F] [E]SJ GSRWIRX SJE QENSVMX]SJXLIHMVIGXSVW XLIRMRSJJMGIFIJSVIXLI I\TMVEXMSRSJ WYGLHMVIGXSVvW XIVQ3JJMGIVWEVIIPIGXIHF] ERHWIVZIEXXLIHMWGVIXMSRSJ XLI&SEVHSJ(MVIGXSVW7SLY8IRGIRX ERH [I LEZI IRXIVIH MRXSE:SXMRK %KVIIQIRX XLEXWYFNIGX XS GIVXEMRI\GITXMSRWKMZIW7SLYXLITS[IVXS ETTSMRXEQENSVMX]SJSYV&SEVHSJ(MVIGXSVW ERHJSV8IRGIRX XS ETTSMRX X[SHMVIGXSVW 7IIuu6IPEXIH 4EVX]8VERWEGXMSRW{:SXMRK %KVIIQIRX FIX[IIR 7SLYERH8IRGIRXvv )QTPS]QIRX%KVIIQIRXW [MXL)\IGYXMZI3JJMGIVW %PP SJ SYVI\IGYXMZISJJMGIVWLEZIIRXIVIHMRXSSV[MPPTVMSVXS XLIGSQTPIXMSRSJXLMWSJJIVMRKSYV WXERHEVH IQTPS]QIRX EKVIIQIRXW ERHWXERHEVH GSRJMHIRXMEPMX]ERHRSRGSQTIXMXMSR EKVIIQIRXW7II uu&YWMRIWW{)QTPS]IIWvv 7LEVI -RGIRXMZI 4PERW ;IEHSTXIHEWLEVI MRGIRXMZI TPERMR3GXSFIV EWEQIRHIHJVSQXMQIXSXMQIERH[MXLXLI PEWXEQIRHQIRX XEOMRKIJJIGXSR %YKYWX  SVXLI7LEVI-RGIRXMZI4PERW8LIQE\MQYQRYQFIV SJ'PEWW %3VHMREV] 7LEVIWMWWYEFPI YRHIVXLI7LEVI -RGIRXMZI 4PERMW;IEPWSEHSTXIHE WLEVIMRGIRXMZITPERMR3GXSFIV SVXLI7LEVI -RGIRXMZI 4PERERHXSKIXLIV[MXLXLI  7LEVI -RGIRXMZI 4PERXLI7LEVI-RGIRXMZI4PERW 8LIQE\MQYQRYQFIV SJ 'PEWW%3VHMREV]7LEVIW MWWYEFPI YRHIVXLI7LEVI-RGIRXMZI4PERMW7LEVIMRGIRXMZIE[EVHWQE] FIKVERXIH YRHIVXLI7LEVI-RGIRXMZI4PERWXSSYVQEREKIQIRXERHIQTPS]IIW ERHSJER] SJ SYVTVIWIRXSVJYXYVI TEVIRXWWYFWMHMEVMIWSV:-)W8LIQE\MQYQXIVQSJER]WLEVI MRGIRXMZI E[EVH KVERXIHYRHIVXLI 7LEVI -RGIRXMZI 4PERWMWXIR]IEVW JVSQXLIKVERXHEXI 4PER%HQMRMWXVEXMSR 3YVGSQTIRWEXMSRGSQQMXXIISVSYV&SEVHSJ(MVIGXSVW MRXLIEFWIRGISJ WYGL EGSQQMXXII EHQMRMWXIVWXLI7LEVI-RGIRXMZI4PERW8LIGSQTIRWEXMSRGSQQMXXIISVXLI&SEVHSJ



(MVIGXSVWEWETTVSTVMEXIHIXIVQMRIW XLIXIVQWERHGSRHMXMSRWSJSYVE[EVHWYRHIVXLI 7LEVI -RGIRXMZI4PERW 8]TIWSJ %[EVHW 8LIJSPPS[MRKFVMIJP] HIWGVMFIWXLITVMRGMTEPJIEXYVIW SJXLI ZEVMSYWE[EVHWXLEX QE]FIKVERXIHYRHIVXLI7LEVI-RGIRXMZI 4PERW c 3TXMSRW 3TXMSRWTVSZMHI JSVXLI VMKLXXSTYVGLEWI SYV'PEWW% 3VHMREV] 7LEVIWEXEWTIGMJMIH I\IVGMWITVMGIWYFNIGXXSZIWXMRKEGGSVHMRK XSE ZIWXMRKWGLIHYPIHIXIVQMRIHF]SYVFSEVH SVSYV GSQTIRWEXMSRGSQQMXXII ERHTVSZMHIH MRER E[EVHEKVIIQIRX c 6IWXVMGXIH 7LEVIW %VIWXVMGXIH WLEVI E[EVH MW XLIWEPISJ 'PEWW% 3VHMREV]7LEVIW EXETVMGI HIXIVQMRIH F]SYVFSEVHSV SYVGSQTIRWEXMSRGSQQMXXIISVEKVERXSJ SYVSVHMREV] WLEVIWMR IEGL GEWIWYFNIGXXSZIWXMRKXIVQW c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vW'PEWW% 3VHMREV]7LEVIWWYFNIGXXSZIWXIH STXMSRWYTSR WYGL KVERXIIvWHIEXLHMWEFMPMX]SV ZSPYRXEV]SVMRZSPYRXEV]XIVQMREXMSRSJIQTPS]QIRX [MXLYW SXLIVXLERJSVuu'EYWIvv EWHIJMRIH MRXLI 7LEVI-RGIRXMZI4PER  8LIVITYVGLEWITVMGIJSV WYGL E TYVGLEWIMWIUYEPXSXLIJEMVQEVOIXZEPYISJSYVSVHMREV] WLEVIWEWHIXIVQMRIHMRERETTVEMWEP F] ER MRHITIRHIRX TVSJIWWMSREPETTVEMWEPJMVQGLSWIRF]YWMR SYVWSPIHMWGVIXMSR3YVVITYVGLEWI VMKLXWYRHIV XLIE[EVHHSGYQIRXW XIVQMREXIYTSRSYVGSQTPIXMSRSJXLMWSJJIVMRK 8IVQMREXMSRSJXLI7LEVI-RGIRXMZI4PERW ;MXLSYXJYVXLIVEGXMSRF] SYV&SEVHSJ(MVIGXSVWXLI 7LEVI-RGIRXMZI4PER[MPPXIVQMREXIMR3GXSFIV ERHXLI7LEVI-RGIRXMZI4PER[MPP XIVQMREXIMR3GXSFIV 3YV &SEVHSJ (MVIGXSVWQE]EQIRH WYWTIRHSV XIVQMREXIXLI 7LEVI -RGIRXMZI4PERWEXER] XMQITVSZMHIH LS[IZIVXLEXSYV&SEVH SJ(MVIGXSVWQYWXJMVWXWIIOXLI ETTVSZEPSJXLITEVXMGMTERXWMR XLI7LEVI-RGIRXMZI4PERWMJWYGLEQIRHQIRX WYWTIRWMSRSVXIVQMREXMSR [SYPHEHZIVWIP]EJJIGX XLIVMKLXWSJ TEVXMGMTERXW[MXLVIWTIGXXS ER]SJ XLIMV I\MWXMRKE[EVHW %WSJXLIHEXISJXLMWTVSWTIGXYW[I LEH GSRXVEGXYEPP]KVERXIH STXMSRWJSV XLITYVGLEWISJ 'PEWW%3VHMREV] 7LEVIWYRHIVXLI 7SKSY7LEVI-RGIRXMZI4PER3J WYGL GSRXVEGXYEPP] KVERXIHSTXMSRWSTXMSRWJSVXLITYVGLEWISJ 'PEWW%3VHMREV]7LEVIWZIWXERHFIGSQI I\IVGMWEFPIYTSRE WIVZMGITIVMSH VIUYMVIQIRX FIMRKQIX EW [IPP EWSYVEGLMIZIQIRXSJTIVJSVQERGI XEVKIXWJSVXLIGSVVIWTSRHMRK TIVMSH%WSJXLIHEXISJ XLMWTVSWTIGXYWSTXMSRWJSVXLITYVGLEWISJ 'PEWW%3VHMREV] 7LEVIWLEHZIWXIH ERHFIGSQII\IVGMWEFPIFIGEYWIFSXL XLIWIVZMGITIVMSH ERHXLITIVJSVQERGIVIUYMVIQIRXWLEH FIIRQIXERH SJWYGLZIWXIHSTXMSRWSTXMSRWJSVXLITYVGLEWI SJ'PEWW%3VHMREV]7LEVIWLEH FIIRI\IVGMWIH-REHHMXMSRSJEPPGSRXVEGXYEPP]KVERXIH WLEVISTXMSRWSTXMSRWJSVXLITYVGLEWI SJ 'PEWW %3VHMREV]7LEVIW[LMGLEVILIPHF] <MESGLYER ;ERKSYV'LMIJ)\IGYXMZI 3JJMGIV[MPPZIWXERH FIGSQII\IVGMWEFPIMRJMZIIUYEP MRWXEPPQIRXW[MXL M XLIJMVWX MRWXEPPQIRXZIWXMRKYTSRXLI-43ERHXLI I\TMVEXMSRSJ XLIYRHIV[VMXIVWv PSGOYTTIVMSH ETTPMGEFPIXS XLMWSJJIVMRK ERH MM IEGLSJXLI JSYVWYFWIUYIRX MRWXEPPQIRXWZIWXMRK SR XLIJMVWXWIGSRH XLMVH ERHJSYVXLERRMZIVWEV]HEXIWVIWTIGXMZIP]SJXLIGSQTPIXMSRSJXLMW SJJIVMRK



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

(MVIGXSVWERH)\IGYXMZI 3JJMGIVW

<MESGLYER ;ERK 0M]YR6Y      ,SRKXES=ERK   8ES ,SRK      .EQIW(IRK   

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

=M >LSY                            

             

)\IVGMWI TVMGI

(EXISJ KVERX

)\TMVEXMSR HEXI

97 2SQMREP 2SQMREP 2SQMREP 2SQMREP 2SQMREP 2SQMREP

      

2% { { {   



'SRWMWXW SJ'PEWW %3VHMREV] 7LEVIW FIRIJMGMEPP] LIPH F] 1V ;ERK XLEX [IVI MWWYIH MR YTSR1V ;ERKvW IEVP] I\IVGMWI SJ WLEVISTXMSRW7YGL 'PEWW % 3VHMREV]7LEVIWEVIWYFNIGXXS ZIWXMRK MR JMZIIUYEPMRWXEPPQIRXWSZIVE JSYV]IEVTIVMSH [MXLXLIJMVWX MRWXEPPQIRXZIWXMRKYTSRXLIGSQTPIXMSRSJXLMW SJJIVMRK ERH XLI I\TMVEXMSR SJ XLI YRHIV[VMXIVWvPSGOYTTIVMSHW ETTPMGEFPIXS XLMWSJJIVMRKERHXLIVIQEMRMRKJSYVMRWXEPPQIRXWZIWXMRKYTSRXLI JMVWX JSYV ERRMZIVWEVMIW SJ XLIGSQTPIXMSRSJ XLMWSJJIVMRK



'SRWMWXW SJ'PEWW %3VHMREV] 7LEVIW FIRIJMGMEPP] LIPH F] 1V 6Y XLEX [IVI MWWYIH YTSR 1V6YvW IEVP]I\IVGMWISJWLEVI STXMSRWXLEX GEVVMIHERSQMREP I\IVGMWITVMGI7YGL 'PEWW% 3VHMREV] 7LEVIWEVI WYFNIGX XS ZIWXMRK MR XLVII IUYEP MRWXEPPQIRXW YTSR SYVEGLMIZIQIRX SJ GIVXEMRERRYEPTIVJSVQERGIQMPIWXSRIWJSV ERH



'SRWMWXW SJ'PEWW %3VHMREV] 7LEVIW FIRIJMGMEPP] LIPH F] 1V =ERKXLEX [IVIMWWYIH YTSR 1V =ERKvWIEVP] I\IVGMWISJ WLEVI STXMSRWXLEX GEVVMIHERSQMREP I\IVGMWITVMGI7YGL 'PEWW% 3VHMREV] 7LEVIWEVI WYFNIGX XS ZIWXMRK MR XLVII IUYEP MRWXEPPQIRXW YTSR SYVEGLMIZIQIRX SJ GIVXEMRERRYEPTIVJSVQERGIQMPIWXSRIWJSV ERH



'SRWMWXW SJ'PEWW %3VHMREV] 7LEVIW FIRIJMGMEPP] LIPH F] 1V ,SRKXLEX [IVIMWWYIH YTSR1V ,SRKvWIEVP] I\IVGMWISJ WLEVI STXMSRWXLEX GEVVMIH E RSQMREPI\IVGMWI TVMGI7YGL'PEWW %3VHMREV] 7LEVIW EVIWYFNIGX XS ZIWXMRKMRXLVIIIUYEP MRWXEPPQIRXW YTSR SYVEGLMIZIQIRX SJ GIVXEMRERRYEPTIVJSVQERGIQMPIWXSRIWJSV ERH



'SRWMWXW SJSTXMSRXS TYVGLEWI 'PEWW % 3VHMREV] 7LEVIWEX E RSQMREP I\IVGMWITVMGIXLEX ZIWX YTSRXLIPEXIV SJ M  XLI GSQTPIXMSRSJ XLMWSJJIVMRKERH XLII\TMVEXMSR SJ XLI YRHIV[VMXIVWvPSGOYTTIVMSHWETTPMGEFPIXSXLMW SJJIVMRK SV MM  .YP]  



'SRWMWXW SJSTXMSRXS TYVGLEWI 'PEWW % 3VHMREV] 7LEVIWEX ERSQMREPI\IVGMWITVMGI WYFNIGXXS ZIWXMRK MR JSYV IUYEP MRWXEPPQIRXW YTSR SYVEGLMIZIQIRX SJ GIVXEMRERRYEPTIVJSVQERGIQMPIWXSRIWJSV  ERH 



46-2'-4%0 7,%6),30()67 8LIJSPPS[MRKXEFPI WIXWJSVXLMRJSVQEXMSR[MXLVIWTIGXXSXLI FIRIJMGMEPS[RIVWLMTSJSYVWLEVIWEW SJXLIHEXISJXLMWTVSWTIGXYWF] c IEGL SJSYVHMVIGXSVWERHI\IGYXMZISJJMGIVWERH c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

(MVIGXSVWERH)\IGYXMZI 3JJMGIVW 'LEVPIW>LERK      <MESGLYER ;ERK     =Y\MR6IR          .SERRE 0Y          0M]YR6Y          ,SRKXES=ERK       8ES ,SRK          .EQIW(IRK        .SI>LSY          &MR +ES           .SWITL'LIR        .ERMGI0II         %PP HMVIGXSVWERH I\IGYXMZI SJJMGIVWEW EKVSYT         

           

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4VMRGMTEP 7LEVILSPHIVW 7SLY              8IRGIRX            'LEVPIW>LERK       



0IWWXLER  SJSYV XSXEP SYXWXERHMRKZSXMRKWIGYVMXMIW





-RGPYHIWXLI RYQFIV SJSVHMREV]WLEVIWERH TIVGIRXEKIS[RIVWLMT VITVIWIRXIH F] SVHMREV] WLEVIW HIXIVQMRIHXS FI FIRIJMGMEPP]S[RIHF] E TIVWSR SV IRXMX] MR EGGSVHERGI[MXL VYPIW SJ XLI7)'8LI RYQFIV SJ SVHMREV]WLEVIWFIRIJMGMEPP] S[RIH F] ETIVWSRSVIRXMX] MRGPYHIW SVHMREV] WLEVIWWYFNIGX XSZIWXMRKXLEX [MPP ZIWX ERHSV ZIWXIH WLEVISTXMSRW I\IVGMWEFPIJSV XLITYVGLEWISJ SYVSVHMREV] WLEVIW [MXLMR  HE]W SJXLI HEXISJXLMW TVSWTIGXYW3VHMREV] WLEVIWMWWYEFPI YTSR I\IVGMWISJ WYGL ZIWXIH WLEVISTXMSRWEVIHIIQIH SYXWXERHMRKJSVXLI TYVTSWISJGSQTYXMRKXLI TIVGIRXEKISJ SYXWXERHMRKSVHMREV] WLEVIW S[RIH F] XLEX TIVWSRSV IRXMX]7YGL SVHMREV]WLEVIWMWWYEFPI YTSR WYGL ZIWXMRK EVI RSX HIIQIH SYXWXERHMRKLS[IZIV JSVXLITYVTSWISJ GSQTYXMRK XLITIVGIRXEKIS[RIVWLMT SJ ER] SXLIVTIVWSR SV IRXMX] -R EHHMXMSRWYGLSVHMREV] WLEVIW MWWYEFPIYTSR WYGL ZIWXMRK EVIRSX HIIQIH SYXWXERHMRK JSV XLITYVTSWISJGSQTYXMRK XLI TIVGIRXEKIS[RIVWLMT SJEPP HMVIGXSVW ERH I\IGYXMZISJJMGIVW EW EKVSYT



-RGPYHIWER EKKVIKEXI SJ 'PEWW %3VHMREV] 7LEVIW FIRIJMGMEPP] S[RIH F] GIVXEMRSJ SYV I\IGYXMZISJJMGIVW XLEXEVI GSRWMHIVIH SYXWXERHMRKJSVPIKEPTYVTSWIW ERH EVIWYFNIGX XSJSVJIMXYVIMJ ZIWXMRK GSRHMXMSRW EVIRSX QIX FYX EVIXVIEXIH EW XVIEWYV] WXSGO JSV EGGSYRXMRKTYVTSWIW



+MZIWIJJIGX XS XLIMWWYERGI ERHWEPI F]YW MR XLMWSJJIVMRK SJ  %(7WVITVIWIRXMRK  'PEWW% 3VHMREV] 7LEVIW EWWYQMRK XLIYRHIV[VMXIVWv SZIVEPPSXQIRX STXMSR MW RSXI\IVGMWIH 8LIHMJJIVIRGIW FIX[IIRXLITIVGIRXEKIWSJ 'PEWW %3VHMREV] ERH 'PEWW &3VHMREV] 7LEVIW FIRIJMGMEPP] S[RIH ERH XLITIVGIRXEKIWSJXSXEP ZSXMRK TS[IVLIPH EJXIV XLMW SJJIVMRKEVIHYIXS XLIEHHMXMSREPZSXMRKTS[IVSJ 'PEWW&3VHMREV] 7LEVIW



'SRWMWXW SJ 'PEWW% 3VHMREV]7LEVIWLIPH SJVIGSVHF] 4LSXSR +VSYT0MQMXIH(V >LERKMWSRISJ XLIHMVIGXSVW SJ 4LSXSR +VSYT 0MQMXIHERH QE] FIHIIQIH XS FIRIJMGMEPP] S[R WYGL 'PEWW% 3VHMREV] 7LEVIW 8LIFYWMRIWW EHHVIWW SJ 4LSXSR+VSYT0MQMXIH MW GS 0IZIP  7SLYGSQ 1IHME 4PE^E2S /I\YI]YER7SYXL6SEH ,EMHMER (MWXVMGX &IMNMRK'LMRE(V >LERK HMWGPEMQWFIRIJMGMEPS[RIVWLMTSJ WYGL WLEVIW I\GITX XS XLII\XIRX SJ LMWTIGYRMEV] MRXIVIWX



-RGPYHIW M   'PEWW%3VHMREV] 7LEVIWLIPH F] ;MRWSV +PSV] 0MQMXIHE&VMXMWL :MVKMR -WPERHWGSQTER] FIRIJMGMEPP] S[RIH F] 1V ;ERKERH MM 'PEWW %3VHMREV] 7LEVIW LIPHXLVSYKL E&VMXMWL :MVKMR-WPERHW XVYWXSJ [LMGL 1V ;ERKMW XLIFIRIJMGMEV]WYFNIGXXSZIWXMRK MR JMZIIUYEPMRWXEPPQIRXWSZIVEJSYV]IEVTIVMSH[MXL XLI JMVWXMRWXEPPQIRX ZIWXMRK YTSR XLI GSQTPIXMSRSJ XLMW SJJIVMRKERH XLI I\TMVEXMSRSJXLIYRHIV[VMXIVWvPSGOYTTIVMSHW ETTPMIH XSXLMWSJJIVMRK XLI VIQEMRMRKJSYV MRWXEPPQIRXW ZIWXMRK YTSRXLIJMVWX JSYVERRMZIVWEVMIWSJ XLIHEXISJXLMWTVSWTIGXYW 8LIFYWMRIWW EHHVIWW SJ ;MRWSV+PSV] 0MQMXIH MW 43&S\3JJWLSVI -RGSVTSVEXMSRW'IRXVI 6SEH8S[R 8SVXSPE &VMXMWL:MVKMR-WPERHW



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uu6IPEXIH 4EVX] 8VERWEGXMSRW{:SXMRK%KVIIQIRXFIX[IIR7SLY ERH 8IRGIRXvv 8LI FYWMRIWW EHHVIWW SJ 7SLYGSQ 7IEVGL 0MQMXIH MW 43 &S\  +VERH 4EZMPMSR,MFMWGYW ;E];IWX &E] 6SEH+VERH 'E]QER /= 'E]QER -WPERHW



'SRWMWXW SJWLEVIWLIPHF] 8IRGIRX XLVSYKL E [LSPP]S[RIHWYFWMHMEV]8,0%0MQMXIH 8LIFYWMRIWW EHHVIWWSJ 8,0 % 0MQMXIH MW43&S\3JJWLSVI-RGSVTSVEXMSRW'IRXVI6SEH 8S[R 8SVXSPE&VMXMWL :MVKMR -WPERHW -REHHMXMSRXSXLI WLEVI S[RIVWLMTHMWGPSWIHMR XLIEFSZIXEFPI EW EVIWYPX SJXLI ZSXMRK EKVIIQIRX FIX[IIR 7SLY ERH8IRGIRX8IRGIRX QE] FI HIIQIHXSLEZI FIRIJMGMEP S[RIVWLMT EXXVMFYXEFPI XS WLEVIH ZSXMRK TS[IV [MXL VIWTIGX XS XLI 'PEWW& 3VHMREV] 7LEVIWLIPH F] 7SLY



6)0%8)(4%68=86%27%'8-327 :SXMRK%KVIIQIRXFIX[IIR7SLYERH8IRGIRX 9RHIVEZSXMRKEKVIIQIRXSVXLI:SXMRK%KVIIQIRXEQSRK7SLY8IRGIRXERHYW 7SLY ERH 8IRGIRXLEZIEKVIIH XLEX YTSRXLIGSQTPIXMSRSJXLMWSJJIVMRKWYFNIGX XSGIVXEMRI\GITXMSRW  [MXLMR XLVII]IEVW JSPPS[MRKXLIGSQTPIXMSRSJXLMW SJJIVMRK7SLY [MPPZSXIEPP'PEWW &3VHMREV]7LEVIWERH ER]'PEWW %3VHMREV] 7LEVIWLIPHF]MXERH8IRGIRX[MPPZSXISJMXW'PEWW &3VHMREV] 7LEVIW XSIPIGXE&SEVHSJ(MVIGXSVWGSRWMWXMRKSJWIZIR HMVIGXSVWJSYV SJ[LSQ[MPPFIETTSMRXIH F] 7SLY X[SSJ[LSQ[MPP FIETTSMRXIH F]8IRGIRXERHXLI WIZIRXLSJ[LSQ[MPPFISYV XLIRGLMIJI\IGYXMZI SJJMGIV ERH  EJXIV XLVII]IEVWJSPPS[MRKXLI GSQTPIXMSR SJ XLMWSJJIVMRK 7SLY[MPPFIIRXMXPIHXS GLSSWIXSGLERKIXLIWM^I ERHGSQTSWMXMSRSJSYV &SEVH SJ (MVIGXSVW WYFNIGXXS 8IRGIRXv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



7SLY [MPPLEZIXLIIJJIGXSJXLITVSTSWIH EGXMSRvW RSXFIMRKETTVSZIHIZIR MJSYVSXLIVWLEVILSPHIVW ETTVSZI MX 8LI:SXMRK%KVIIQIRXERH SYV%QIRHIH ERH 6IWXEXIH %VXMGPIW SJ %WWSGMEXMSREPWS WTIGMJ]XLEX MJ EXER] XMQI7SLYEPSRILSPHWQSVIXLER SJXLIXSXEPZSXMRKTS[IVSJSYV'PEWW%3VHMREV]7LEVIW ERH'PEWW&3VHMREV]7LEVIWXLIZSXMRK EVVERKIQIRXW[MXLVIWTIGXXS XLIWM^IERH GSQTSWMXMSRSJSYV &SEVH SJ(MVIGXSVW[MPPFI EYXSQEXMGEPP] WYWTIRHIH YRXMPWYGLXMQI[MXLMRJMZI]IEVWEJXIVXLI GSQTPIXMSRSJXLMWSJJIVMRKEW7SLYvW ZSXMRK TS[IVEKEMRHVSTWXS  SVPIWWMR[LMGLGEWIXLI SVMKMREPZSXMRK EVVERKIQIRXW[MPP FIVIMRWXEXIHTVSZMHIHXLEX8IRGIRX [MPP SRP]FIVIUYMVIH XS ZSXIXLI PS[IV SJ 'PEWW&3VHMREV]7LEVIW LIPH F]MXSVWYGLRYQFIV EW [SYPHKMZI7SLY GSQFMRIH ZSXMRKTS[IVSJ -J WYGL EWYWTIRWMSR GSRXMRYIWEJXIVXLIJMJXLERRMZIVWEV] SJ XLIGSQTPIXMSRSJ XLMWSJJIVMRKXLIZSXMRKEVVERKIQIRXW[MXLVIWTIGX XSXLIWM^IERHGSQTSWMXMSR SJ SYV&SEVHSJ (MVIGXSVW[MPPXIVQMREXI %PP SJ XLI'PEWW&3VHMREV]7LEVIW LIPH F]7SLY[MPPFIGSRZIVXIHMRXS'PEWW%3VHMREV]7LEVIWMJ XLIVIMWEXVERWEGXMSRVIWYPXMRKMRGLERKISJGSRXVSPSJ7SLYXLEX[EW RSX ETTVSZIHF] 7SLYvWFSEVHSJ HMVIGXSVWMJWTIGMJMIH GSQTIXMXSVW SJ8IRGIRXGSRXVSP7SLYSVMJ EQENSVMX]SJ7SLYvWFSEVH SJHMVIGXSVW GSRWMWX SJRSQMRIIWSJWTIGMJMIH GSQTIXMXSVWSJ8IRGIRX 8LITVSZMWMSRW[MXLVIWTIGXXSXLIWM^IERH GSQTSWMXMSRSJSYV&SEVH SJ(MVIGXSVWWIXSYX MRXLI:SXMRK%KVIIQIRX ERHSYV%QIRHIHERH 6IWXEXIH %VXMGPIW SJ%WWSGMEXMSR[MPPXIVQMREXIYTSRSGGYVVIRGISJ ER] WYGLIZIRX7YGL EVVERKIQIRXW [MPPEPWS XIVQMREXI  MJ (V 'LEVPIW>LERKXLIGLEMVQERSJXLIFSEVHSJHMVIGXSVWSJ7SLYERHMXW GLMIJI\IGYXMZISJJMGIVFSXL GIEWIWFIMRKXLIGLEMVQER SJXLIFSEVHSJHMVIGXSVWSJ7SLYERHGIEWIW FIMRKXLIWMRKPIPEVKIWX FIRIJMGMEPS[RIVSJ7SLYvWSYXWXERHMRKWLEVIW  MJ7SLYXVERWJIVW SV QSVISJXLI'PEWW &3VHMREV]7LEVIWXLEX7SLYLSPHWYTSRXLIGSQTPIXMSRSJXLMW SJJIVMRK  MJ[I JEMPXSTVSZMHIMVVIZSGEFPIMRWXVYGXMSRWXSXLITIVWSR QEMRXEMRMRKSYVVIKMWXIVSJQIQFIVWXSEGGITX MRWXVYGXMSRWJVSQ8IRGIRXYRHIVGIVXEMRGMVGYQWXERGIW[MXLVIWTIGX XS XLIGSRZIVWMSR SJ 'PEWW& 3VHMREV] 7LEVIWLIPHF]7SLY  SV [IGLERKI[MXLSYX 8IRGIRXv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vW YWIVWJVSQ GLSSWMRKKIRIVEPWIEVGL IRKMRIWSJSYVGSQTIXMXSVW



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6IWXEXIH %VXMGPIW SJ%WWSGMEXMSREWEQIRHIH ERH VIWXEXIH JVSQXMQIXS XMQIJSV[LEXXLI] FIPMIZIMR KSSHJEMXL XSFIMR XLIFIWXMRXIVIWXWSJSYVGSQTER] (MVIGXSVWv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{EHYX]XSEGXFSRE JMHIMRXLI FIWXMRXIVIWXWSJXLIGSQTER]EHYX]RSX XSQEOIE TVSJMXFEWIH SRLMWTSWMXMSREWHMVIGXSV YRPIWWXLIGSQTER]TIVQMXWLMQXSHSWS ERHEHYX]RSXXS TYX LMQWIPJ MRETSWMXMSR [LIVIXLIMRXIVIWXWSJ XLIGSQTER]GSRJPMGX[MXLLMWTIVWSREPMRXIVIWXSVLMW HYX]XS EXLMVHTEVX]%HMVIGXSVSJE'E]QER -WPERHWGSQTER]S[IWXS XLIGSQTER] E HYX]XSEGX [MXL WOMPP ERHGEVI-X[EWTVIZMSYWP] GSRWMHIVIHXLEX EHMVIGXSVRIIHRSX I\LMFMXMRXLI TIVJSVQERGISJLMW HYXMIW EKVIEXIVHIKVIISJWOMPPXLER QE]VIEWSREFP]FII\TIGXIHJVSQ ETIVWSR SJLMWORS[PIHKIERH I\TIVMIRGI,S[IZIV)RKPMWLERH'SQQSR[IEPXLGSYVXW LEZIQSZIH XS[EVHWERSFNIGXMZIWXERHEVH [MXLVIKEVH XSXLI VIUYMVIH WOMPPERH GEVIERH XLIWIEYXLSVMXMIWEVIPMOIP]XSFIJSPPS[IHMRXLI 'E]QER -WPERHW 8VERWEGXMSRW [MXL -RXIVIWXIH7LEVILSPHIVW 8LI(IPE[EVI+IRIVEP'SVTSVEXMSR 0E[GSRXEMRWEFYWMRIWWGSQFMREXMSRWXEXYXIETTPMGEFPIXS (IPE[EVITYFPMG GSVTSVEXMSRW [LIVIF]YRPIWWXLI GSVTSVEXMSRLEW WTIGMJMGEPP]IPIGXIHRSX XSFI KSZIVRIH F]WYGL WXEXYXI F]EQIRHQIRXXSMXWGIVXMJMGEXISJ MRGSVTSVEXMSRMXMWTVSLMFMXIHJVSQ IRKEKMRK MRGIVXEMRFYWMRIWWGSQFMREXMSRW [MXLER uuMRXIVIWXIHWLEVILSPHIVvvJSVXLVII]IEVWJSPPS[MRK XLIHEXIXLEX WYGL TIVWSRFIGSQIWERMRXIVIWXIHWLEVILSPHIV%RMRXIVIWXIH WLEVILSPHIVKIRIVEPP] MWE TIVWSR SVEKVSYT[LS SV[LMGLS[RWSVS[RIH  SVQSVISJXLIXEVKIXv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vW &SEVH SJ(MVIGXSVW 'E]QER -WPERHWPE[LEWRSGSQTEVEFPIWXEXYXI%WEVIWYPX[I GERRSXEZEMPSYVWIPZIW SJ XLIX]TIW SJTVSXIGXMSRWEJJSVHIHF]XLI(IPE[EVIFYWMRIWWGSQFMREXMSRWXEXYXI,S[IZIVEPXLSYKL'E]QER -WPERHW PE[ HSIWRSXVIKYPEXIXVERWEGXMSRW FIX[IIREGSQTER]ERH MXW WMKRMJMGERXWLEVILSPHIVWMXHSIW TVSZMHIXLEX WYGLXVERWEGXMSRWQYWXFIIRXIVIHMRXSFSREJMHIMR XLIFIWXMRXIVIWXWSJ XLIGSQTER]ERH



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97 SVPIWW  TIV %(7W SVTSVXMSRSJ %(7W

*SV

c -WWYERGISJ%(7WMRGPYHMRKMWWYERGIWVIWYPXMRK JVSQ EHMWXVMFYXMSRSJWLEVIWSVVMKLXW SVSXLIV TVSTIVX] c 'ERGIPPEXMSRSJ %(7WJSVXLITYVTSWISJ [MXLHVE[EP MRGPYHMRKMJXLI (ITSWMX%KVIIQIRX XIVQMREXIW

97 SVPIWW  TIV%(7

c %R]GEWLHMWXVMFYXMSRXS%(7LSPHIVW

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c (MWXVMFYXMSR SJWIGYVMXMIWHMWXVMFYXIH XSLSPHIVW SJHITSWMXIHWIGYVMXMIW MRGPYHMRKVMKLXW  XLEX EVIHMWXVMFYXIH F] XLIHITSWMXEV] XS%(7 LSPHIVW

97 SVPIWW  TIV%(7 TIVGEPIRHEV]IEV

c (ITSWMXEV]WIVZMGIW

6IKMWXVEXMSR SVXVERWJIVJIIW

c 8VERWJIVERH VIKMWXVEXMSRSJWLEVIWSR SYVWLEVI VIKMWXIVXS SVJVSQXLI REQISJXLIHITSWMXEV] SVMXW EKIRX[LIR]SYHITSWMXSV[MXLHVE[ WLEVIW

)\TIRWIWSJXLIHITSWMXEV]

c 'EFPIERHJEGWMQMPIXVERWQMWWMSRW [LIR I\TVIWWP]TVSZMHIHMRXLI(ITSWMX %KVIIQIRX c GSRZIVXMRKRSR97GYVVIRG]XS97HSPPEVW

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c %W RIGIWWEV]

%R] GLEVKIWMRGYVVIHF]XLI HITSWMXEV]SVMXW EKIRXWJSV WIVZMGMRK XLIHITSWMXIHWIGYVMXMIW

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8SXEP GYVVIRXEWWIXW                                                     







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0SRKXIVQ MRZIWXQIRXW                                                 *M\IHEWWIXW RIX                                                     +SSH[MPP                                                          -RXERKMFPIEWWIXW RIX                                                   (IJIVVIH XE\ EWWIXWRIX                                                 3XLIV EWWIXW MRGPYHMRKHYIJVSQVIPEXIH TEVXMIWSJ 97 97 ERH97 VIWTIGXMZIP]EW SJ (IGIQFIV  ERH                                       

   

    

    

 







8SXEP EWWIXW                                                         

 

 



 

 

 

























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8SXEP GYVVIRXPMEFMPMXMIW                                                   







8SXEP PMEFMPMXMIW                                                       

 

 



 

 

 

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8SXEP WLEVILSPHIVWv HIJMGMX                                                 







8SXEP PMEFMPMXMIWQI^^ERMRIIUYMX]ERHWLEVILSPHIVWvHIJMGMX                             

 

 

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8SXEP STIVEXMRKI\TIRWIW                                    







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0SWW MRGSQI FIJSVI MRGSQIXE\I\TIRWIW                         -RGSQIXE\I\TIRWIW                                       

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2IX PSWW MRGSQI                                         







   

 

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'SQTVILIRWMZI PSWW MRGSQI                                 

   

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2IXGEWL YWIH MR MRZIWXMRK EGXMZMXMIW                                    





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2IXGEWL YWIHMR TVSZMHIH F] JMRERGMRKEGXMZMXMIW                           



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8SXEPQI^^ERMRIIUYMX]                                    

 

 









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8SXEPWLEVILSPHIVWv HIJMGMX                                 

     

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8SXEPGYVVIRXEWWIXW                                                       







0SRKXIVQMRZIWXQIRXW                                              *M\IHEWWIXW RIX                                                 +SSH[MPP                                                     -RXERKMFPIEWWIXW RIX                                               (IJIVVIH XE\EWWIXWRIX                                             3XLIV EWWIXW MRGPYHMRK HYIJVSQVIPEXIHTEVXMIWSJ97ERH97 VIWTIGXMZIP]EWSJ(IGIQFIV .YRI                                                 

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8SXEP EWWIXW                                                           









 

 

 

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8SXEPGYVVIRXPMEFMPMXMIW                                                     







8SXEP PMEFMPMXMIW                                                         







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8SXEP QI^^ERMRIIUYMX]                                                     





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8SXEPVIZIRYIW                                                    'SWXSJ VIZIRYIW   MRGPYHMRKXVERWEGXMSRW[MXLVIPEXIH TEVXMIWSJERH  VIWTIGXMZIP] JSV XLIWM\QSRXLW IRHIH .YRI ERH                









+VSWW TVSJMX                                                     

















8SXEPSTIVEXMRK I\TIRWIW                                            





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2IXMRGSQIEXXVMFYXEFPI XS7SKSY-RG                                  

 

 

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'SQTVILIRWMZIMRGSQI                                             

 

 

2IX MRGSQITIVSVHMREV] WLEVI{FEWMG                                   2IX MRGSQITIVSVHMREV] WLEVI{HMPYXIH                                 

 

 

 

 



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2IXGEWLYWIH MR MRZIWXMRK EGXMZMXMIW                                       





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