The Art of Public Speaking
The Art of Public Speaking
The Art of Public Speaking
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ERGIXLERGERFITVSZMHIHMRXLIFSSOGSRRIGXPYGEWGSQMRGPYHIWWXITF]WXIT
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8EOIRXSKIXLIVEPPXLIWIVIWSYVGIWTVSZMHIXLIQSWXGSQTVILIRWMZIWIXSJ
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SJZMWYEPEMHWERHTVIWIRXEXMSRQIHME
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7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
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8LI1G+VE[n,MPP
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]SYVWYFNIGX]SYVEYHMIRGIMWEPQSWXWYVIXSKIXI\GMXIHEPSRK[MXL]SY=SY
GERPIEVREPPXLIXIGLRMUYIWSJIJJIGXMZIWTIIGLQEOMRKFYXFIJSVIXLI]GERFI
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WE]XLIZIVFEPQIWWEKI
ERHSRLS[]SYWE]MXXLIRSRZIVFEPQIWWEKI
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XSTMGHS[RXSWSQIXLMRK]SYGERHMWGYWWEHIUYEXIP]MRXLIXMQIEPPS[IHJSV
XLIWTIIGL=SYQYWXHSVIWIEVGLERHGLSSWIWYTTSVXMRKHIXEMPWXSQEOI]SYV
MHIEWGPIEVERHGSRZMRGMRK=SYQYWXSVKERM^I]SYVMHIEWWSPMWXIRIVWGERJSP
PS[XLIQ[MXLSYXKIXXMRKPSWX%RH]SYQYWXI\TVIWW]SYVQIWWEKIMR[SVHW
XLEXEVIEGGYVEXIGPIEVZMZMHERHETTVSTVMEXI
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XSRISJZSMGIETTIEVERGIKIWXYVIWJEGMEPI\TVIWWMSRERHI]IGSRXEGX-QEKMRI
XLEXSRISJ]SYVGPEWWQEXIWKIXWYTXSWTIEOEFSYXWXYHIRXPSERW8LVSYKLSYX
LIVWTIIGLWLIWPYQTWFILMRHXLIPIGXIVRXEOIWPSRKTEYWIWXSVIQIQFIV[LEX
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VIGIMZIHF]XLIEYHMIRGI
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WTIIGLMWGEVVMIHXSXLIREXMSRF]XLIGLERRIPWSJVEHMSERHXIPIZMWMSR*SVXLI
VEHMSEYHMIRGIXLIQIWWEKIMWGSRZI]IHIRXMVIP]F]XLI4VIWMHIRXtWZSMGI*SV
XLIXIPIZMWMSREYHMIRGIXLIQIWWEKIMWGSRZI]IHF]FSXLXLI4VIWMHIRXtWZSMGI
ERHXLIXIPIZMWIHMQEKI8LITISTPIMR'SRKVIWWLEZIEQSVIHMVIGXGLERRIP
8LI]RSXSRP]LIEVXLI4VIWMHIRXtWZSMGIEWEQTPMJMIHXLVSYKLEQMGVSTLSRI
FYXXLI]EPWSWIILMQERHXLIWIXXMRKJMVWXLERH
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QEXIW[MPPWII]SYERHLIEV]SY[MXLSYXER]IPIGXVSRMGMRXIVZIRXMSR
0-78)2)6
PMWXIRIV
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WTIEOIVtWQIWWEKI
8LIPMWXIRIVMWXLITIVWSR[LSVIGIMZIWXLIGSQQYRMGEXIHQIWWEKI;MXLSYXE
PMWXIRIVXLIVIMWRSGSQQYRMGEXMSR;LIR]SYXEPOXSEJVMIRHSRXLITLSRI
]SYLEZISRIPMWXIRIV-RTYFPMGWTIEOMRK]SY[MPPLEZIQER]PMWXIRIVW
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7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
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GEXIH=SY[MPPEPWSPSWI]SYVEYHMIRGIMJ]SYHSRSXVIPEXIXSXLIMVI\TIVMIRGI
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QYRMGEXMSRTVSGIWWMRXIVEGX
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I\TIGXIH
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MRQMRYXIW;LEXtWQSVILSPMHE]WEPIWSJLIVIRXMVITVSHYGXPMRI
HITIRHIHMRPEVKITEVXSRXLMWTVIWIRXEXMSR
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1IWWEKI
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TVSHYGXEWFVMIJP]EWWLIGSYPH7LIWXVIEQPMRIHLIVTPERRIHTVIWIRXEXMSR
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QSVIMRJSVQEXMSR7LIUYMGOP]EHHIHLIVIQEMPEHHVIWWXSLIV4S[IV4SMRX
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8LI7TIIGL'SQQYRMGEXMSR4VSGIWW
0YGEW8LI%VXSJ4YFPMG
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7TIEOMRKMR4YFPMG
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8I\X
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NSFrXLIQEVOIXMRKHMVIGXSVWEMHq2I\X]IEV[ItPPXV]XSQEOIEPPXLI
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E VSPI MR EPQSWX ER] WTIIGL ]SY KMZI 'SRWMHIV XLI JSPPS[MRK WMXYEXMSRW %
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;LEXEVIWM\XMTWJSVYWMRKWXEXMWXMGWMR]SYVWTIIGLIW#
;LEXMWXIWXMQSR]#)\TPEMR XLIHMJJIVIRGI FIX[IIRI\TIVXXIWXMQSR]ERHTIIV
XIWXMQSR]
;LEXEVIJSYVXMTWJSVYWMRKXIWXMQSR]MR]SYVWTIIGLIW#
)<)6'-7)7*36'6-8-'%08,-2/-2+
)EGLSJXLIJSPPS[MRKWXEXIQIRXWZMSPEXIWEXPIEWXSRISJXLIGVMXIVMEJSVIJJIGXMZI
WYTTSVXMRK QEXIVMEPW HMWGYWWIH MR XLMW GLETXIV -HIRXMJ] XLI JPE[ SV JPE[W
MR
IEGLWXEXIQIRX
E %W 1MPI] ']VYW WXEXIH MR E VIGIRX MRXIVZMI[ XLI 'EREHMER W]WXIQ TVSZMHIW XLI
FIWXQSHIPJSVGVIEXMRKYRMZIVWEPLIEPXLGEVIMRXLI9RMXIH7XEXIW
F %GGSVHMRK XS 8LI 2I[ =SVO 8MQIW %PQEREG 'EPMJSVRME LEW XLI PEVKIWX 2EXMZI
%QIVMGERTSTYPEXMSRSJER]WXEXIMRXLIYRMSRh%VM^SREMWWIGSRH[MXL
3OPELSQEMWXLMVH[MXLERH2I[1I\MGSMWJSYVXL[MXLEXSXEP
2EXMZI%QIVMGERTSTYPEXMSRSJ
G - HSRtX ORS[ [L] MRWYVERGI GSQTERMIW WLSYPH GLEVKI LMKLIV VEXIW JSV HVMZIVW
YRHIVXLIEKISJ%PPQ]JVMIRHWHVMZIEPSXERHRSRISJXLIQLEZIFIIRMRGEV
EGGMHIRXW
H -R E VERHSQ WYVZI] GSRHYGXIH PEWX QSRXL EQSRK QIQFIVW SJ 4ISTPI JSV XLI
)XLMGEP8VIEXQIRXSJ%RMQEPWTIVGIRXSJVIWTSRHIRXWSTTSWIHYWMRKERMQEPW
JSVQIHMGEPI\TIVMQIRXW'PIEVP]XLIRXLI%QIVMGERTISTPISTTSWIWYGLI\TIVM
QIRXW
I -RXLI[SVHWSJSRII\TIVXq8LIWXEXIIHYGEXMSRFYHKIXLEWFIIRGYXWSQYGLMR
VIGIRX]IEVWXLEXER]JYVXLIVGYXW[MPPHSMVVITEVEFPILEVQXSSYVWGLSSPWERHXLI
GLMPHVIRXLI]WIVZIr
J *MKYVIWGSQTMPIHF]XLI&YVIEYSJ0EFSV7XEXMWXMGWWLS[XLEXXLIQIHMERWEPEV]JSV
PE[]IVW MR XLI 97 MW 8LMW WLS[W XLEX PE[]IVW EZIVEKI QSVI XLER
E]IEVMRWEPEV]
',%48)6 7944368-2+=396-()%7
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
K %GGSVHMRKXSEWXYH]F]:IVM^SR;MVIPIWWXLIVIMWRSIZMHIRGIXLEXXLIYWISJGIPP
TLSRIWMWEWMKRMJMGERXGEYWISJEYXSQSFMPIEGGMHIRXW
%REP]^Iq&YVWXMRKXLI%RXMFEGXIVMEP&YFFPIrMRXLIETTIRHM\SJWEQTPIWTIIGLIW
JSPPS[MRK'LETXIV-HIRXMJ]XLIQEMRTSMRXWSJXLIWTIIGLERHXLIWYTTSVXMRK
QEXIVMEPW YWIH JSV IEGL )ZEPYEXI XLI WTIEOIVtW YWI SJ WYTTSVXMRK QEXIVMEPW MR
PMKLXSJXLIGVMXIVMEHMWGYWWIHMRXLMWGLETXIV
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
%JXIVVIGIMZMRK]SYVQEWXIVtWHIKVIIMRIHYGEXMSREHQMRMWXVEXMSR]SYXSSOENSFEX
XLIWXEXIHITEVXQIRXSJIHYGEXMSR%XXLIVIUYIWXSJXLIKSZIVRSV]SYVWIGXMSRSJ
XLI HITEVXQIRX LEW HIZIPSTIH E RI[ IEVP] GLMPHLSSH MRXIVZIRXMSR TVSKVEQ JSV
GLMPHVIRJVSQMQTSZIVMWLIHLSYWILSPHW2S[]SYLEZIFIIREWOIHXSLIPTTYFPM
GM^IXLITVSKVEQERHXSFYMPHWYTTSVXJSVMX=SY[MPPFIWTIEOMRKXSGLYVGLKVSYTW
XIEGLIVWtEWWSGMEXMSRWJEQMP]EHZSGEG]KVSYTWERHSXLIVW[MXLERMRXIVIWXMRGLMP
HVIRtW [IPJEVI =SY [ERX XS TVITEVI E XEPO XLEX QEOIW KSSH YWI SJ WXEXMWXMGW ERH
I\TIVXXIWXMQSR]XSHIQSRWXVEXIXLIZEPYISJIEVP]GLMPHLSSHIHYGEXMSRTVSKVEQW
IWTIGMEPP]JSVTSSVGLMPHVIR
%WTEVXSJ]SYVVIWIEVGL]SYHIGMHIXSWIEVGLXLI;IFJSVWYTTSVXMRKQEXIVMEPW
0MWX XLVII VITYXEFPI ;IF WMXIW XLEX TVSZMHI YWIJYP WXEXMWXMGW SV XIWXMQSR] SR XLI
ZEPYISJIEVP]GLMPHLSSHIHYGEXMSR)\TPEMR[L]IEGL;IFWMXIMWVITYXEFPIERHPMWX
SRIWXEXMWXMGSVI\TIVXUYSXEXMSR]SYSFXEMRJVSQIEGLWSYVGI
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ
XLI7TIIGL
8I\X
3VKERM^MRKXLI&SH]
SJXLI7TIIGL
3VKERM^EXMSR-W-QTSVXERX
1EMR4SMRXW
2YQFIVSJ1EMR4SMRXW
7XVEXIKMG3VHIVSJ1EMR4SMRXW
8MTWJSV4VITEVMRK1EMR4SMRXW
7YTTSVXMRK1EXIVMEPW
'SRRIGXMZIW
8VERWMXMSRW
-RXIVREP4VIZMI[W
-RXIVREP7YQQEVMIW
7MKRTSWXWQ
8LI1G+VE[n,MPP
'SQTERMIW
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ
XLI7TIIGL
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ
XLI7TIIGL
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
LMROEFSYXWLSTTMRKMREWXSVIWYGLEW-OIE8EVKIXSV&IWX&Y]1ER]SJ
XLI MXIQW JSV WEPI EVI SVKERM^IVWhHVE[IV SVKERM^IVW HIWO SVKERM^IVW
GPSWIX SVKERM^IVW OMXGLIR SVKERM^IVW FEXLVSSQ SVKERM^IVW SJJMGI SVKE
RM^IVWEYHMSERHZMHISSVKERM^IVW
;L]EPPXLMWUYIWXJSVSVKERM^EXMSR#3FZMSYWP][LIRXLISFNIGXW]SYTSW
WIWWEVI[IPPSVKERM^IHXLI]WIVZI]SYFIXXIV3VKERM^EXMSREPPS[W]SYXSWII
[LEX]SYLEZIERHXSTYX]SYVLERHWMQQIHMEXIP]SRXLIKEVQIRXXLIXSSP
XLITMIGISJTETIVXLI'(]SY[ERX[MXLSYXEJVIR^MIHWIEVGL
1YGLXLIWEQIMWXVYISJ]SYVWTIIGLIW-JXLI]EVI[IPPSVKERM^IHXLI]
[MPP WIVZI ]SY FIXXIV 3VKERM^EXMSR EPPS[W ]SYhERH ]SYV PMWXIRIVWhXS WII
[LEXMHIEW]SYLEZIERHXSTYXQIRXEPqLERHWrSRXLIQSWXMQTSVXERXSRIW
3VKERM^EXMSR-W-QTSVXERX
WXVEXIKMGSVKERM^EXMSR
4YXXMRKEWTIIGLXSKIXLIVMR
ETEVXMGYPEV[E]XSEGLMIZIE
TEVXMGYPEVVIWYPX[MXL
ETEVXMGYPEVEYHMIRGI
-REGPEWWMGWXYH]EGSPPIKITVSJIWWSVXSSOE[IPPSVKERM^IHWTIIGLERHWGVEQ
FPIHMXF]VERHSQP]GLERKMRKXLISVHIVSJMXWWIRXIRGIW,IXLIRLEHEWTIEOIV
HIPMZIVXLISVMKMREPZIVWMSRXSSRIKVSYTSJPMWXIRIVWERHXLIWGVEQFPIHZIVWMSR
XSERSXLIVKVSYT%JXIVXLIWTIIGLIWLIKEZIEXIWXXSWIILS[[IPPIEGLKVSYT
YRHIVWXSSH [LEX XLI] LEH LIEVH 2SX WYVTVMWMRKP] XLI KVSYT XLEX LIEVH XLI
SVMKMREPYRWGVEQFPIHWTIIGLWGSVIHQYGLLMKLIVXLERXLISXLIVKVSYT
%JI[]IEVWPEXIVX[STVSJIWWSVWVITIEXIHXLIWEQII\TIVMQIRXEXERSXLIV
WGLSSP &YX MRWXIEH SJ XIWXMRK LS[ [IPP XLI PMWXIRIVW GSQTVILIRHIH IEGL
WTIIGLXLI]XIWXIHXSWII[LEXIJJIGXWXLIWTIIGLIWLEHSRXLIPMWXIRIVWtEXXM
XYHIW XS[EVH XLI WTIEOIVW 8LI] JSYRH XLEX TISTPI [LS LIEVH XLI [IPP
SVKERM^IH WTIIGL FIPMIZIH XLI WTIEOIV XS FI QYGL QSVI GSQTIXIRX ERH
XVYWX[SVXL]XLERHMHXLSWI[LSLIEVHXLIWGVEQFPIHWTIIGL
8LIWIEVINYWXX[SSJQER]WXYHMIWXLEXWLS[XLIMQTSVXERGISJSVKERM^EXMSR
MR IJJIGXMZI WTIIGLQEOMRK 0MWXIRIVW HIQERH GSLIVIRGI 9RPMOI VIEHIVW XLI]
GERRSXJPMTFEGOXSETVIZMSYWTEKIMJXLI]LEZIXVSYFPIKVEWTMRKEWTIEOIVtWMHIEW
-RXLMWVIWTIGXEWTIIGLMWQYGLPMOIEQSZMI.YWXEWEHMVIGXSVQYWXFIWYVIZMI[
IVWGERJSPPS[XLITPSXSJEJMPQJVSQFIKMRRMRKXSIRHWSQYWXEWTIEOIVFIWYVI
PMWXIRIVWGERJSPPS[XLITVSKVIWWMSRSJMHIEWMREWTIIGLJVSQFIKMRRMRKXSIRH
8LMWVIUYMVIWXLEXWTIIGLIWFISVKERM^IHWXVEXIKMGEPP]8LI]WLSYPHFITYXXSKIXLIV
MRTEVXMGYPEV[E]WXSEGLMIZITEVXMGYPEVVIWYPXW[MXLTEVXMGYPEVEYHMIRGIW
7TIIGL SVKERM^EXMSRMW MQTSVXERX JSVSXLIV VIEWSRW EW [IPP %W [I WE[ MR
'LETXIVMXMWGPSWIP]GSRRIGXIHXSGVMXMGEPXLMROMRK;LIR]SY[SVOXSSVKE
RM^I]SYVWTIIGLIW]SYKEMRTVEGXMGIMRXLIKIRIVEPWOMPPSJIWXEFPMWLMRKGPIEV
VIPEXMSRWLMTWEQSRK]SYVMHIEW8LMWWOMPP[MPPWIVZI]SY[IPPXLVSYKLSYX]SYV
GSPPIKI HE]W ERH MR EPQSWX ER] GEVIIV ]SY QE] GLSSWI -R EHHMXMSR YWMRK E
GPIEV WTIGMJMGQIXLSHSJWTIIGLSVKERM^EXMSRGERFSSWX]SYVGSRJMHIRGIEWE
WTIEOIVERHMQTVSZI]SYVEFMPMX]XSHIPMZIVEQIWWEKIJPYIRXP]
8LI JMVWX WXIT MR HIZIPSTMRKE WXVSRK WIRWI SJ WTIIGLSVKERM^EXMSR MW XS
KEMRGSQQERHSJXLIXLVIIFEWMGTEVXWSJEWTIIGLhMRXVSHYGXMSRFSH]ERH
GSRGPYWMSRhERHXLIWXVEXIKMGVSPISJIEGL-RXLMWGLETXIV[IHIEP[MXLXLI
FSH]SJXLIWTIIGL8LIRI\XGLETXIV[MPPXEOIYTXLIMRXVSHYGXMSRERHXLI
GSRGPYWMSR
8LIVIEVIKSSHVIEWSRWJSVXEPOMRKJMVWXEFSYXXLIFSH]SJXLIWTIIGL8LI
FSH]MWXLIPSRKIWXERHQSWXMQTSVXERXTEVX%PWS]SY[MPPYWYEPP]TVITEVIXLI
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ
XLI7TIIGL
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
FSH]JMVWX-XMWIEWMIVXSGVIEXIERIJJIGXMZIMRXVSHYGXMSREJXIV]SYORS[I\EGXP]
[LEX]SY[MPPWE]MRXLIFSH]
8LITVSGIWWSJSVKERM^MRKXLIFSH]SJEWTIIGLFIKMRW[LIR]SYHIXIVQMRI
XLIQEMRTSMRXW
1EMR4SMRXW
8LIQEMRTSMRXWEVIXLIGIRXVEPJIEXYVIWSJ]SYVWTIIGL=SYWLSYPHWIPIGXXLIQ
GEVIJYPP] TLVEWIXLIQ TVIGMWIP] ERHEVVERKI XLIQWXVEXIKMGEPP] ,IVIEVIXLI
QEMRTSMRXWSJEWXYHIRXWTIIGLEFSYXXLIQIHMGEPYWIWSJL]TRSWMW
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVYWIWSJL]TRSWMW
'IRXVEP-HIE
8LIQENSVYWIWSJL]TRSWMWXSHE]EVIXSGSRXVSPTEMRMR
WYVKIV]XSLIPTTISTPIWXSTWQSOMRKERHXSLIPTWXYHIRXW
MQTVSZIXLIMVEGEHIQMGTIVJSVQERGI
1EMR4SMRXW
- ,
]TRSWMWMWYWIHMRWYVKIV]EWEREHNYRGXXSGLIQMGEP
ERIWXLIWME
-- ,]TRSWMWMWYWIHXSLIPTTISTPIWXSTWQSOMRK
--- ,
]TRSWMWMWYWIHXSLIPTWXYHIRXWMQTVSZIXLIMV
EGEHIQMGTIVJSVQERGI
QEMRTSMRXW
8LIQENSVTSMRXWHIZIPSTIHMR
XLIFSH]SJEWTIIGL1SWX
WTIIGLIWGSRXEMRJVSQX[SXS
JMZIQEMRTSMRXW
8LIWIXLVIIQEMRTSMRXWJSVQXLIWOIPIXSRSJXLIFSH]SJXLIWTIIGL-JXLIVI
EVIXLVIIQENSVYWIWSJL]TRSWMWJSVQIHMGEPTYVTSWIWXLIRPSKMGEPP]XLIVIGER
FIXLVIIQEMRTSMRXWMRXLIWTIIGL
,S[ HS ]SY GLSSWI ]SYV QEMR TSMRXW# 7SQIXMQIW XLI] [MPP FI IZMHIRX
JVSQ ]SYV WTIGMJMG TYVTSWI WXEXIQIRX 7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S
MRJSVQ Q] EYHMIRGI EFSYX XLI HIZIPSTQIRX XIGLRSPSK] ERH FIRIJMXW SJ
L]HVSKIRJYIPGIPPWr3FZMSYWP]]SYVWTIIGL[MPPLEZIXLVIIQEMRTSMRXW8LI
JMVWX[MPPHIEP[MXLXLIHIZIPSTQIRXSJL]HVSKIRJYIPGIPPWXLIWIGSRH[MXLXLI
XIGLRSPSK]FILMRHL]HVSKIRJYIPGIPPWXLIXLMVH[MXLXLIFIRIJMXWSJL]HVSKIR
JYIPGIPPW;VMXXIRMRSYXPMRIJSVQXLIQEMRTSMRXWQMKLXFI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIHIZIPSTQIRXXIGLRSPSK]
ERHFIRIJMXWSJL]HVSKIRJYIPGIPPW
'IRXVEP-HIE
(IZIPSTIHEWELMKLP]IJJMGMIRXJSVQSJIRIVK]L]HVSKIR
JYIPGIPPWYWIWSTLMWXMGEXIHXIGLRSPSK]ERHSJJIVERYQFIVSJ
IGSRSQMGERHIRZMVSRQIRXEPFIRIJMXW
1EMR4SMRXW
- ,
]HVSKIRJYIPGIPPW[IVIHIZIPSTIHXSTVSZMHIELMKLP]
IJJMGMIRXJSVQSJIRIVK]
-- ,]HVSKIRJYIPGIPPWTVSHYGITS[IVXLVSYKLERIPIGXVS
GLIQMGEPVIEGXMSRMRZSPZMRKL]HVSKIRKEW
--- ,]HVSKIRJYIPGIPPWTVSZMHIERIGSRSQMGEPP]ERH
IRZMVSRQIRXEPP]WYTIVMSVQIXLSHSJTS[IVMRKQSXSV
ZILMGPIW
)ZIRMJ]SYVQEMRTSMRXWEVIRSXWXEXIHI\TVIWWP]MR]SYVWTIGMJMGTYVTSWI
XLI] QE] FI IEW] XS TVSNIGX JVSQ MX 0IXtW WE] ]SYV WTIGMJMG TYVTSWI MW q8S
MRJSVQQ]EYHMIRGISJXLIFEWMGWXITWMRQEOMRKWXEMRIHKPEWW[MRHS[Wr=SY
1EMR4SMRXW
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ
XLI7TIIGL
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
ORS[ IEGL SJ ]SYV QEMR TSMRXW [MPP GSVVIWTSRH XS E WXIT MR XLI [MRHS[
QEOMRKTVSGIWW8LI]QMKLXPSSOPMOIXLMWMRSYXPMRIJSVQ
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIFEWMGWXITWMRQEOMRKWXEMRIH
KPEWW[MRHS[W
'IRXVEP-HIE
8LIVIEVIJSYVWXITWMRQEOMRKWXEMRIHKPEWW[MRHS[W
1EMR4SMRXW
-
--
---
-:
8LIJMVWXWXITMWHIWMKRMRKXLI[MRHS[
8LIWIGSRHWXITMWGYXXMRKXLIKPEWWXSJMXXLIHIWMKR
8LIXLMVHWXITMWTEMRXMRKXLIKPEWW
8LIJSYVXLWXITMWEWWIQFPMRKXLI[MRHS[
=SY[MPPRSXEP[E]WWIXXPISR]SYVQEMRTSMRXWWSIEWMP]3JXIR XLI][MPP
IQIVKI EW]SYVIWIEVGLXLI WTIIGLERHIZEPYEXI]SYV JMRHMRKW7YTTSWI]SYV
WTIGMJMGTYVTSWIMWq8STIVWYEHIQ]EYHMIRGIXLEXSYVWXEXIWLSYPHRSXETTVSZI
TVSTSWEPWJSVSRPMRIZSXMRKr=SYORS[XLEXIEGLQEMRTSMRXMRXLIWTIIGL[MPP
TVIWIRXEVIEWSR[L]SRPMRIZSXMRKWLSYPHRSXFIMRWXMXYXIHMR]SYVWXEXI&YX
]SYEVIRtXWYVILS[QER]QEMRTSMRXWXLIVI[MPPFISV[LEXXLI][MPPFI%W
]SY VIWIEVGL ERH WXYH] XLI XSTMG ]SY HIGMHI XLIVI EVI X[S QENSV VIEWSRW XS
WYTTSVX ]SYV ZMI[ )EGL SJ XLIWI VIEWSRW [MPP FIGSQI E QEMR TSMRX MR ]SYV
WTIIGL;VMXXIRMRSYXPMRIJSVQXLI]QMKLXFI
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXSYVWXEXIWLSYPHRSXETTVSZI
TVSTSWEPWJSVSRPMRIZSXMRK
'IRXVEP-HIE
3YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX[MPP
MRGVIEWIZSXIVJVEYHERHHMWJVERGLMWITISTPI[MXLSYX-RXIV
RIXEGGIWW
1EMR4SMRXW
- 3
YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX
[MPPMRGVIEWIZSXIVJVEYH
-- 3YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX[MPP
HMWJVERGLMWITISTPI[MXLSYXEGGIWWXSXLI-RXIVRIX
291&)63*1%-243-287
=SY[MPPRSXLEZIXMQIMR]SYVGPEWWVSSQWTIIGLIWXSHIZIPSTQSVIXLERJSYV
SVJMZIQEMRTSMRXWERHQSWXWTIIGLIW[MPPGSRXEMRSRP]X[SSVXLVII6IKEVH
PIWWSJLS[PSRKEWTIIGLQMKLXVYRMJ]SYLEZIXSSQER]QEMRTSMRXWXLI
EYHMIRGI[MPPLEZIXVSYFPIWSVXMRKXLIQSYX
-J[LIR]SYPMWX]SYVQEMRTSMRXW]SYJMRHXLEX]SYLEZIXSSQER]]SY
QE]FIEFPIXSGSRHIRWIXLIQMRXSGEXIKSVMIW,IVIMWEWIXSJQEMRTSMRXWJSV
EWTIIGLEFSYX]SKE
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLITVEGXMGISJ]SKE
'IRXVEP-HIE
=SKEMWERERGMIRXTVEGXMGIXLEXMRZSPZIWXLI[LSPIFSH]
1EMR4SMRXW
-
--
---
-:
:
=SKEFVIEXLMRKWXEVXW[MXLHIITMRLEPEXMSR
=SKEFVIEXLMRKVIUYMVIWWPS[I\LEPEXMSR
=SKEFVIEXLMRKMRGPYHIWTVSPSRKIHTEYWIW
=SKEFVIEXLMRKTVSZMHIWQER]FIRIJMXW
=SKETSWXYVIWMRZSPZIEPPTEVXWSJXLIFSH]
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ
XLI7TIIGL
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
6IWIEVGLWXYHMIWGSRJMVQ
XLEXGPIEVSVKERM^EXMSRMWZMXEP
XSIJJIGXMZITYFPMGWTIEOMRK
0MWXIRIVWQYWXFIEFPIXSJSP
PS[XLITVSKVIWWMSRSJMHIEW
MREWTIIGLJVSQFIKMRRMRK
XSIRH
:- =SKETSWXYVIWMRGVIEWIJPI\MFMPMX]
:-- =SKETSWXYVIWWXVIRKXLIRQYWGPIXSRI
:--- =SKETSWXYVIWHIQERHTVIGMWIQSZIQIRXW
=SYLEZIIMKLXQEMRTSMRXWh[LMGLMWXSSQER]&YXMJ]SYPSSOEXXLIPMWX
]SYWIIXLEXXLIIMKLXTSMRXWJEPPMRXSX[SFVSEHGEXIKSVMIW]SKEFVIEXLMRKERH
]SKETSWXYVIW=SYQMKLXXLIVIJSVIVIWXEXI]SYVQEMRTSMRXWXLMW[E]
- 3RITEVXSJTVEGXMGMRK]SKEMRZSPZIWTVSTIVFVIEXLMRK
-- %RSXLIVTEVXSJ]SKEMRZSPZIWFSH]TSWXYVIW
786%8)+-'36()63*1%-243-287
3RGI]SYIWXEFPMWL]SYVQEMRTSMRXW]SYRIIHXSHIGMHIXLISVHIVMR[LMGL]SY
[MPPTVIWIRXXLIQ8LIQSWXIJJIGXMZISVHIVHITIRHWSRXLVIIXLMRKWh]SYVXSTMG
]SYVTYVTSWIERH]SYVEYHMIRGI'LETXIVWERH[MPPGSZIVWTIGMEPEWTIGXW
SJSVKERM^MRKMRJSVQEXMZIWTIIGLIWERHTIVWYEWMZIWTIIGLIW,IVI[IPSSOFVMIJP]
EXXLIJMZIFEWMGTEXXIVRWSJSVKERM^EXMSRYWIHQSWXSJXIRF]TYFPMGWTIEOIVW
'LVSRSPSKMGEP3VHIV
7TIIGLIWEVVERKIHGLVSRSPSKMGEPP]JSPPS[EXMQITEXXIVR8LI]QE]REVVEXIE
WIVMIWSJIZIRXWMRXLIWIUYIRGIMR[LMGLXLI]LETTIRIH*SVI\EQTPI
GSRRIGXPYGEWGSQ
:MI[ERI\GIVTXJVSQq=SKE
9RMXMRK1MRH&SH]ERH
7TMVMXrMRXLISRPMRI1IHME
0MFVEV]JSVXLMWGLETXIV
:MHIS'PMT
GLVSRSPSKMGEPSVHIV
%QIXLSHSJWTIIGL
SVKERM^EXMSRMR[LMGLXLIQEMR
TSMRXWJSPPS[EXMQITEXXIVR
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGILS[XLI+VIEX;EPPSJ'LMRE[EW
FYMPX
1EMR4SMRXW
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ
XLI7TIIGL
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
'IRXVEP-HIE
8LI+VIEX;EPPSJ'LMRE[EWFYMPXMRXLVIIQENSVWXEKIW
1EMR4SMRXW
- &
YMPHMRKSJXLI+VIEX;EPPFIKERHYVMRKXLI5MRH]REWX]
SJi &'
-- 2I[WIGXMSRWSJXLI+VIEX;EPP[IVIEHHIHHYVMRKXLI
,ERH]REWX]SJ &'i %(
--- 8
LI+VIEX;EPP[EWGSQTPIXIHHYVMRKXLI1MRKH]REWX]
SJi
'LVSRSPSKMGEPSVHIVMWEPWSYWIHMRWTIIGLIWI\TPEMRMRKETVSGIWWSVHIQ
SRWXVEXMRKLS[XSHSWSQIXLMRK*SVI\EQTPI
GSRRIGXPYGEWGSQ
:MI[ERI\GIVTXJVSQq8LI
+VIEX;EPPSJ'LMRErMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV:MHIS'PMT
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIWXITWMRPEWIVEWWMWXIHGSVVIG
XMZII]IWYVKIV]
'IRXVEP-HIE
8LIVIEVIXLVIIQEMRWXITWMRPEWIVEWWMWXIHGSVVIGXMZII]I
WYVKIV]
1EMR4SMRXW
- *
MVWXEXLMRPE]IVMWWPMGIHSJJXLIWYVJEGISJXLII]IXS
I\TSWIXLIGSVRIE
-- 7IGSRHERYPXVEZMSPIXPEWIVMWYWIHXSVIWLETIXLI
GSVRIE
--- 8
LMVHXLIXLMRPE]IVWPMGIHSJJEXXLIFIKMRRMRKSJXLI
WYVKIV]MWVIEJJM\IHXSXLII]I
%WXLMWSYXPMRIWLS[WGLVSRSPSKMGEPSVHIVMWIWTIGMEPP]YWIJYPJSVMRJSVQEXMZI
WTIIGLIW
7TEXMEP3VHIV
WTEXMEPSVHIV
%QIXLSHSJWTIIGLSVKERM^EXMSR
MR[LMGLXLIQEMRTSMRXWJSPPS[E
HMVIGXMSREPTEXXIVR
7TIIGLIW EVVERKIH MR WTEXMEP SVHIV JSPPS[ E HMVIGXMSREP TEXXIVR 8LEX MW XLI
QEMRTSMRXWTVSGIIHJVSQXSTXSFSXXSQPIJXXSVMKLXJVSRXXSFEGOMRWMHIXS
SYXWMHIIEWXXS[IWXSVWSQISXLIVVSYXI*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIWXVYGXYVISJELYVVMGERI
'IRXVEP-HIE
%LYVVMGERIMWQEHIYTSJXLVIITEVXWKSMRKJVSQMRWMHIXS
SYXWMHI
1EMR4SMRXW
- %
XXLIGIRXIVSJELYVVMGERIMWXLIGEPQGPSYHJVIII]I
-- 7YVVSYRHMRKXLII]IMWXLII]I[EPPEHIRWIVMRKSJ
GPSYHWXLEXTVSHYGIWXLIQSWXMRXIRWI[MRHERHVEMRJEPP
--- 6
SXEXMRKEVSYRHXLII]I[EPPEVIPEVKIFERHWSJGPSYHW
ERHTVIGMTMXEXMSRGEPPIHWTMVEPVEMRFERHW
3V
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIXLVIIQENSVVIKMSRWMR
-XEP]
'IRXVEP-HIE
2SVXLIVRGIRXVEPERHWSYXLIVR-XEP]LEZIXLIMVS[RMHIRXM
XMIWERHEXXVEGXMSRW
- 2SVXLIVR-XEP]MWLSQIXS:IRMGIERHMXW[SVPHJEQSYW
GEREPW
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ
XLI7TIIGL
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
8LIQEMRTSMRXWSJEWTIIGL
WLSYPHFISVKERM^IHXSGSQ
QYRMGEXIXLIWTIEOIVtWQIW
WEKI'LVSRSPSKMGEPSVHIV
[SYPH[SVOZIV][IPPJSVE
WTIIGLSRXLILMWXSV]SJXLI
97WTEGITVSKVEQ
-- 'IRXVEP-XEP]MWLSQIXS6SQIERHMXWLMWXSVMGEP
XVIEWYVIW
--- 7SYXLIVR-XEP]MWLSQIXS7MGMP]ERHMXWGYPMREV]
XVEHMXMSRW
7TEXMEP SVHIV PMOI GLVSRSPSKMGEP SVHIV MW YWIH QSWX SJXIR MR MRJSVQEXMZI
WTIIGLIW
'EYWEP3VHIV
7TIIGLIWEVVERKIHMRGEYWEPSVHIVSVKERM^IQEMRTSMRXWWSEWXSWLS[EGEYWI
IJJIGXVIPEXMSRWLMT;LIR]SYTYX]SYVWTIIGLMRGEYWEPSVHIV]SYLEZIX[S
QEMRTSMRXWhSRIHIEPMRK[MXLXLIGEYWIWSJERIZIRXXLISXLIVHIEPMRK[MXL
MXW IJJIGXW (ITIRHMRK SR ]SYV XSTMG ]SY GER IMXLIV HIZSXI ]SYV JMVWX QEMR
TSMRXXSXLIGEYWIWERHXLIWIGSRHXSXLIIJJIGXWSV]SYGERHIEPJMVWX[MXLXLI
IJJIGXWERHXLIR[MXLXLIGEYWIW
7YTTSWI]SYVWTIGMJMGTYVTSWIMWq8STIVWYEHIQ]EYHMIRGIXLEXEKVS[MRK
WLSVXEKISJEMVXVEJJMGGSRXVSPPIVWMWEWIVMSYWTVSFPIQJSV97EZMEXMSRr8LIR
]SY[SYPHFIKMR[MXLXLIGEYWIWSJXLIWLSVXEKIERH[SVOXS[EVHMXWIJJIGXW
GEYWEPSVHIV
%QIXLSHSJWTIIGL
SVKERM^EXMSRMR[LMGLXLIQEMR
TSMRXWWLS[EGEYWIIJJIGX
VIPEXMSRWLMT
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEKVS[MRKWLSVXEKISJUYEPMJMIH
EMVXVEJJMGGSRXVSPPIVWMWEWIVMSYWTVSFPIQJSV97EZMEXMSR
'IRXVEP-HIE
8LIKVS[MRKWLSVXEKISJGIVXMJMIHEMVXVEJJMGGSRXVSPPIVW
XLVIEXIRWXLIWEJIX]SJEMVXVEZIP
1EMR4SMRXW
- 8LI97EZMEXMSRW]WXIQJEGIWEKVS[MRKWLSVXEKISJUYEPM
JMIHEMVXVEJJMGGSRXVSPPIVW
-- -JXLMWWLSVXEKIGSRXMRYIWMX[MPPGVIEXIWIVMSYWTVSFPIQW
JSVEMVPMRIWEJIX]
1EMR4SMRXW
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ
XLI7TIIGL
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
;LIRXLIIJJIGXW]SYEVIHMWGYWWMRKLEZIEPVIEH]SGGYVVIH]SYQE][ERX
XS VIZIVWI XLI SVHIV ERH XEPO JMVWX EFSYX XLI IJJIGXW ERH XLIR EFSYX XLIMV
GEYWIWhEWMRXLMWWTIIGLEFSYXXLI1E]ERGMZMPM^EXMSRSJ'IRXVEP%QIVMGE
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLITSWWMFPIGEYWIWJSVXLI
GSPPETWISJ1E]ERGMZMPM^EXMSR
'IRXVEP-HIE
8LIGEYWIWJSVXLIGSPPETWISJ1E]ERGMZMPM^EXMSRLEZIRSX
]IXFIIRJYPP]I\TPEMRIH
1EMR4SMRXW
- 1
E]ERGMZMPM^EXMSRJPSYVMWLIHJSVSZIVEXLSYWERH
]IEVWYRXMP %([LIRMXQ]WXIVMSYWP]FIKERXS
HMWMRXIKVEXI
-- 7GLSPEVWLEZIEHZERGIHXLVIIQENSVI\TPEREXMSRWJSV
XLIGEYWIWSJXLMWHMWMRXIKVEXMSR
&IGEYWI SJ MXW ZIVWEXMPMX] GEYWEP SVHIV GER FI YWIH JSV FSXL TIVWYEWMZI
WTIIGLIWERHMRJSVQEXMZIWTIIGLIW
4VSFPIQ7SPYXMSR3VHIV
TVSFPIQWSPYXMSRSVHIV
%QIXLSHSJWTIIGLSVKERM^EXMSR
MR[LMGLXLIJMVWXQEMRTSMRX
HIEPW[MXLXLII\MWXIRGISJE
TVSFPIQERHXLIWIGSRHQEMR
TSMRXTVIWIRXWEWSPYXMSRXSXLI
TVSFPIQ
7TIIGLIWEVVERKIHMRTVSFPIQWSPYXMSRSVHIVEVIHMZMHIHMRXSX[SQEMRTEVXW
8LIJMVWXWLS[WXLII\MWXIRGIERHWIVMSYWRIWWSJETVSFPIQ8LIWIGSRHTVIWIRXW
E[SVOEFPIWSPYXMSRXSXLITVSFPIQ*SVI\EQTPI
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEGXMSRMWRIIHIHXSGSQFEXXLI
EFYWIWSJTYTT]QMPPW
'IRXVEP-HIE
4YTT]QMPPWEVIEWIVMSYWTVSFPIQXLEXGERFIWSPZIHF]E
GSQFMREXMSRSJPIKMWPEXMSRERHMRHMZMHYEPMRMXMEXMZI
1EMR4SMRXW
- 4
YTT]QMPPWEVIEWIVMSYWTVSFPIQEGVSWWXLI9RMXIH
7XEXIW
-- 7SPZMRKXLITVSFPIQVIUYMVIWPIKMWPEXMSRERHMRHMZMHYEP
MRMXMEXMZI
3V
GSRRIGXPYGEWGSQ
:MI[ERI\GIVTXJVSQq8LI
,SVVSVWSJ4YTT]1MPPWrMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV:MHIS'PMT
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIIPIGXSVEPGSPPIKIWLSYPHFI
EFSPMWLIH
'IRXVEP-HIE
&IGEYWIXLIIPIGXSVEPGSPPIKIHSIWRSXKMZIIUYEP[IMKLXXS
XLIZSXISJIEGLGMXM^IRMXWLSYPHFIVITPEGIH[MXLHMVIGX
TSTYPEVIPIGXMSRSJXLI4VIWMHIRX
1EMR4SMRXW
- 8
LIIPIGXSVEPGSPPIKIMWEWIVMSYWTVSFPIQMRXLI97
TSPMXMGEPW]WXIQFIGEYWIMXHSIWRSXKMZIIUYEP[IMKLXXS
IEGLGMXM^IRtWZSXIMRIPIGXMRKXLI4VIWMHIRX
-- 8LITVSFPIQGERFIWSPZIHF]EFSPMWLMRKXLIIPIGXSVEP
GSPPIKIERHIPIGXMRKXLI4VIWMHIRXF]TSTYPEVZSXI
%W XLIWI I\EQTPIW MRHMGEXI TVSFPIQWSPYXMSR SVHIV MW QSWX ETTVSTVMEXI JSV
TIVWYEWMZIWTIIGLIW
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ
XLI7TIIGL
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
8STMGEP3VHIV
8STMGEPSVHIVVIWYPXW[LIR]SYHMZMHIXLIWTIIGLXSTMGMRXSWYFXSTMGWIEGLSJ
[LMGLFIGSQIWEQEMRTSMRXMRXLIWTIIGL
7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQ Q] EYHMIRGI SJ XLI QENSV
OMRHW SJ JMVI[SVOWr 8LMW XSTMG HSIW RSX PIRH MXWIPJ XS GLVSRSPSKMGEP WTEXMEP
GEYWEP SV TVSFPIQWSPYXMSR SVHIV 6EXLIV ]SY WITEVEXI XLI WYFNIGXhOMRHW SJ
JMVI[SVOWhMRXSMXWGSRWXMXYIRXTEVXWWSXLEXIEGLQEMRTSMRXHIEPW[MXLEWMRKPI
OMRHSJJMVI[SVOW=SYVGIRXVEPMHIEERHQEMRTSMRXWQMKLXPSSOPMOIXLMW
XSTMGEPSVHIV
%QIXLSHSJWTIIGLSVKERM^EXMSR
MR[LMGLXLIQEMRTSMRXWHMZMHI
XLIXSTMGMRXSPSKMGEPERH
GSRWMWXIRXWYFXSTMGW
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIQENSVOMRHWSJJMVI[SVOW
'IRXVEP-HIE
8LIQENSVOMRHWSJJMVI[SVOWEVIWO]VSGOIXW6SQERGERHPIW
TMR[LIIPWERHPERGIW
1EMR4SMRXW
- 7
O]VSGOIXWI\TPSHILMKLMRXLIEMVTVSHYGMRKXLIQSWX
HVEQEXMGIJJIGXWSJEPPJMVI[SVOW
-- 6SQERGERHPIWWLSSXSYXWITEVEXIKVSYTWSJWTEVOWERH
GSPSVIHJPEQIW[MXLEWIVMIWSJFSSQMRKRSMWIW
--- 4MR[LIIPWXLVS[SJJWTEVOWERHJPEQIWEWXLI][LMVPSR
XLIIRHSJEWXMGO
-: 0ERGIWEVIXLMRGSPSVJYPJMVI[SVOWYWIHMRKVSYRHHMWTPE]W
8SXEOIERSXLIVI\EQTPIPIXtWWE]]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ]
EYHMIRGIEFSYXXLIEGLMIZIQIRXWSJ-HE;IPPW&EVRIXXr;IPPW&EVRIXXER%JVM
GER %QIVMGER [LS PMZIH EX XLI XYVR SJ XLI XL GIRXYV] [EW ER SYXWTSOIR
GLEQTMSRSJWSGMEPERHTSPMXMGEPNYWXMGIJSVLIVVEGI=SYGSYPHSVKERM^I]SYV
WTIIGL GLVSRSPSKMGEPP]hF] HMWGYWWMRK ;IPPW&EVRIXXtW I\TPSMXW HYVMRK IEGL
HIGEHI SJ LIV GEVIIV 3R XLI SXLIV LERH ]SY GSYPH EVVERKI XLI WTIIGL
XSTMGEPP]hF]HMZMHMRK;IPPW&EVRIXXtWEGGSQTPMWLQIRXWMRXSGEXIKSVMIW8LIR
]SYVGIRXVEPMHIEERHQEMRTSMRXWQMKLXFI
7TIGMJMG4YVTSWI
8SMRJSVQQ]EYHMIRGIEFSYXXLIEGLMIZIQIRXWSJ-HE;IPPW
&EVRIXX
'IRXVEP-HIE
-HE;IPPW&EVRIXX[EWEQYPXMXEPIRXIHJMKYVIMRXLIJMKLXJSV
VEGMEPNYWXMGI
1EMR4SMRXW
- %
WEXIEGLIV;IPPW&EVRIXXWTSOISYXEKEMRWXMRJIVMSV
WGLSSPJEGMPMXMIWJSV%JVMGER%QIVMGERGLMPHVIR
-- %WENSYVREPMWX;IPPW&EVRIXXGEQTEMKRIHEKEMRWX
P]RGLMRK
--- %WEGMZMGSVKERM^IV;IPPW&EVRIXXLIPTIHJSYRHXLI
2%%'4
2SXMGILS[XLIQEMRTSMRXWWYFHMZMHIXLIWTIIGLXSTMGPSKMGEPP]ERHGSR
WMWXIRXP])EGLQEMRTSMRXMWSPEXIWSRIEWTIGXSJ;IPPW&EVRIXXtWEGLMIZIQIRXW
&YXWYTTSWI]SYVQEMRTSMRXWPSSOPMOIXLMW
- %WEXIEGLIV;IPPW&EVRIXXWTSOISYXEKEMRWXMRJIVMSVWGLSSPJEGMPMXMIWJSV
%JVMGER%QIVMGERGLMPHVIR
-- %WENSYVREPMWX;IPPW&EVRIXXGEQTEMKRIHEKEMRWXP]RGLMRK
--- -RXLIIEVP]XLGIRXYV];IPPW&EVRIXXI\TERHIHLIVEGXMZMXMIWERHXLI
WGSTISJLIVMRJPYIRGI
1EMR4SMRXW
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ
XLI7TIIGL
'LIGOPMWX
=)7
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
1EMR4SMRXW
23
(SIW XLI FSH] SJ Q] WTIIGL GSRXEMR X[S XS JMZI QEMR
TSMRXW#
%VI Q] QEMR TSMRXW SVKERM^IH EGGSVHMRK XS SRI SJ XLI
JSPPS[MRKQIXLSHWSJSVKERM^EXMSR#'LIGOXLISRIXLEX
ETTPMIW
GSRRIGXPYGEWGSQ
8LMWGLIGOPMWXMWEPWSEZEMP
EFPIMRXLISRPMRI7XYH]
8SSPWJSVXLMWGLETXIV
'LVSRSPSKMGEPSVHIV
7TEXMEPSVHIV
'EYWEPSVHIV
8STMGEPSVHIV
4VSFPIQWSPYXMSRSVHIV
%VIQ]QEMRTSMRXWGPIEVP]WITEVEXIJVSQSRIERSXLIV#
%W QYGL EW TSWWMFPI LEZI - YWIH XLI WEQI TEXXIVR
SJ[SVHMRKJSVEPPQ]QEMRTSMRXW#
,EZI - VSYKLP] FEPERGIH XLI EQSYRX SJ XMQI HIZSXIH
XSIEGLQEMRTSMRX#
-W IEGL QEMR TSMRX FEGOIH YT [MXL WXVSRK GVIHMFPI
WYTTSVXMRKQEXIVMEPW#
(S - YWI GSRRIGXMZIW XS QEOI WYVI Q] EYHMIRGI ORS[W
[LIR-EQQSZMRKJVSQSRIQEMRTSMRXXSERSXLIV#
8LMW[SYPHRSXFIEKSSHXSTMGEPSVHIVFIGEYWIQEMRTSMRX---MWMRGSRWMWXIRX
[MXLXLIVIWXSJXLIQEMRTSMRXW-XHIEPW[MXLE TIVMSHMR;IPPW&EVRIXXtWPMJI
[LIVIEWQEMRTSMRXW-ERH--HIEP[MXLOMRHWSJEGXMZMWQ
&IGEYWI MX MW ETTPMGEFPI XS EPQSWX ER] WYFNIGX ERH XS ER] OMRH SJ WTIIGL
XSTMGEPSVHIVMWYWIHQSVISJXIRXLERER]SXLIVQIXLSHSJWTIIGLSVKERM^EXMSR
8-47*3646)4%6-2+1%-243-287
/IIT1EMR4SMRXW7ITEVEXI
)EGLQEMRTSMRXMREWTIIGLWLSYPHFIGPIEVP]MRHITIRHIRXSJXLISXLIVW'SQ
TEVIXLIWIX[SWIXWSJQEMRTSMRXWJSVEWTIIGLEFSYXXLITVSGIWWSJTVSHYGMRK
E&VSEH[E]TPE]
-RIJJIGXMZI
1SVI)JJIGXMZI
- 8
LIJMVWXWXITMWGLSSWMRKXLI
TPE]
-- 8LIWIGSRHWXITMWWIPIGXMRK
XLIGEWX
--- 8
LIXLMVHWXITMWGSRHYGXMRK
VILIEVWEPWERHXLIRTIVJSVQMRK
XLITPE]
- 8LIJMVWXWXITMWGLSSWMRKXLI
TPE]
-- 8LIWIGSRHWXITMWWIPIGXMRK
XLIGEWX
--- 8LIXLMVHWXITMWGSRHYGXMRKXLI
VILIEVWEPW
-: 8LIJSYVXLWXITMWTIVJSVQMRK
XLITPE]
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ
XLI7TIIGL
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
8LITVSFPIQ[MXLXLIPIJXLERHPMWXMWXLEXTSMRX---GSRXEMRWX[SQEMRTSMRXW
-XWLSYPHFIHMZMHIHEWWLS[RMRXLIVMKLXLERHPMWX
8V]XS9WIXLI7EQI4EXXIVRSJ;SVHMRKJSV1EMR4SMRXW
'SRWMHIVXLIJSPPS[MRKQEMRTSMRXWJSVERMRJSVQEXMZIWTIIGLEFSYXXLIFIR
IJMXWSJI\IVGMWI
-RIJJIGXMZI
1SVI)JJIGXMZI
- 6IKYPEVI\IVGMWIMRGVIEWIW]SYV
IRHYVERGI
-- =SYVWPIITMRKTEXXIVRMW
MQTVSZIHF]VIKYPEVI\IVGMWI
--- -XMWTSWWMFPIXSLIPTGSRXVSP
]SYV[IMKLXF]VIKYPEV
I\IVGMWI
- 6IKYPEVI\IVGMWIMRGVIEWIW]SYV
IRHYVERGI
-- 6IKYPEVI\IVGMWIMQTVSZIW]SYV
WPIITMRKTEXXIVR
--- 6IKYPEVI\IVGMWILIPTWGSRXVSP
]SYV[IMKLX
8LI WIX SJ QEMR TSMRXW SR XLI VMKLX JSPPS[W E GSRWMWXIRX TEXXIVR SJ [SVHMRK
XLVSYKLSYX8LIVIJSVIMXMWIEWMIVXSYRHIVWXERHERHIEWMIVXSVIQIQFIVXLER
XLIWIXSRXLIPIJX
=SY[MPPJMRHXLEXMXMWRSXEP[E]WTSWWMFPIXSYWIXLMWOMRHSJTEVEPPIP[SVH
MRK7SQIWTIIGLIWNYWXHSRtXPIRHXLIQWIPZIWXSWYGLEXMH]EVVERKIQIRX&YX
XV]XSOIIT XLI [SVHMRK TEVEPPIP [LIR]SYGERJSV MX MW E KSSH[E]XS QEOI
]SYVQEMRTSMRXWWXERHSYXJVSQXLIHIXEMPWWYVVSYRHMRKXLIQ
&EPERGIXLI%QSYRXSJ8MQI(IZSXIHXS1EMR4SMRXW
&IGEYWI]SYVQEMRTSMRXWEVIWSMQTSVXERX]SY[ERXXSFIWYVIXLI]EPPVIGIMZI
IRSYKL IQTLEWMWXSFIGPIEVERHGSRZMRGMRK 8LMW QIERW EPPS[MRKWYJJMGMIRX
XMQIXSHIZIPSTIEGLQEMRTSMRX7YTTSWI]SYHMWGSZIVXLEXXLITVSTSVXMSRSJ
XMQIHIZSXIHXS]SYVQEMRTSMRXWMWWSQIXLMRKPMOIXLMW
- TIVGIRX
-- TIVGIRX
--- TIVGIRX
%FVIEOHS[RSJXLMWWSVXMRHMGEXIWSRISJX[SXLMRKW)MXLIVTSMRXW--ERH---
EVIRtXVIEPP]QEMRTSMRXWERH]SYLEZISRP]SRIQEMRTSMRXSVTSMRXW--ERH
---LEZIRtXFIIRKMZIRXLIEXXIRXMSRXLI]RIIH-JXLIPEXXIV]SYWLSYPHVIZMWI
XLIFSH]SJXLIWTIIGLXSFVMRKXLIQEMRTSMRXWMRXSFIXXIVFEPERGI
8LMWMWRSXXSWE]XLEXEPPQEMRTSMRXWQYWXVIGIMZII\EGXP]IUYEPIQTLEWMW
FYXSRP]XLEXXLI]WLSYPHFIVSYKLP]FEPERGIH*SVI\EQTPIIMXLIVSJXLIJSP
PS[MRK[SYPHFIJMRI
- TIVGIRX
-- TIVGIRX
--- TIVGIRX
- TIVGIRX
-- TIVGIRX
--- TIVGIRX
8LI EQSYRX SJ XMQI WTIRX SR IEGL QEMR TSMRX HITIRHW SR XLI EQSYRX ERH
GSQTPI\MX]SJWYTTSVXMRKQEXIVMEPWJSVIEGLTSMRX
1EMR4SMRXW
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ
XLI7TIIGL
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
7YTTSVXMRK1EXIVMEPW
&]XLIQWIPZIWQEMRTSMRXWEVISRP]EWWIVXMSRW%W[IWE[MR'LETXIVPMWXIR
IVW RIIH WYTTSVXMRK QEXIVMEPW XS EGGITX [LEX E WTIEOIV WE]W ;LIR XLI WYT
TSVXMRKQEXIVMEPWEVIEHHIHXLIFSH]SJEWTIIGLPSSOWPMOIXLIJSPPS[MRKMR
SYXPMRIJSVQ
WYTTSVXMRKQEXIVMEPW
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8LI'SRGPYWMSR
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MRXVSHYGXMSRXSKIXXLIMVEXXIRXMSRERHUYMGOIRXLIMVMRXIVIWX
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XSTMGXS]SYVPMWXIRIVWXLI]EVIQYGLQSVIPMOIP]XSFIMRXIVIWXIHMRMX
7YTTSWIJSVI\EQTPISRISJ]SYVGPEWWQEXIWFIKMRWLIVWTIIGLPMOIXLMW
8SHE]-EQKSMRKXSXEPOEFSYXGSPPIGXMRKTSWXGEVHWhELSFF]XLEXMWFSXLJEWGMREXMRK
ERHJMRERGMEPP]VI[EVHMRK-[SYPHPMOIXSI\TPEMRXLIFEWMGOMRHWSJGSPPIGXMFPI TSWXGEVHW
[L]XLI]EVIWSZEPYEFPIERHLS[GSPPIGXSVWFY]ERHWIPPXLIMVGEVHW
8LMWMWGIVXEMRP]EGPIEVMRXVSHYGXMSRFYXMXMWRSXSRIXSKIX]SYLSSOIHSRXLI
WTIIGL2S[[LEXMJ]SYVGPEWWQEXI[IVIXSFIKMRLIVWTIIGLXLMW[E]hEWSRI
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GEVHW8LMROMRKEFSYXKIXXMRKXSXLIJSSXFEPPKEQISRXMQI]SYWXEVXXSWWMRKXLIGEVHWMRXS
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[SRtXJMRHXLIQGYVPMRKYTSR]SYVPETGLEWMRKEFEPPSJWXVMRKSVVIWGYMRKEGLMPHJVSQE
FYVRMRKFYMPHMRK
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MRXVSHYGXMSR
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PIQSJWI\YEPEWWEYPXEKEMRWX[SQIR8LIIJJIGX[SYPHLEZIFIIRQYGLPIWWMJXLI
WTIEOIVLEHWEMHq7I\YEPEWWEYPXEKEMRWX[SQIRMWEWIVMSYWTVSFPIQr
7SQIXMQIW]SYQE][ERXXSWXEVXPI]SYVEYHMIRGIMRXLIZIV]JMVWXWIRXIRGI
SJ]SYVWTIIGL,IVIMWLS[SRIWXYHIRXFIKERLIVWTIIGLSTTSWMRKXLIYWISJ
2EXMZI%QIVMGERREQIWJSVWTSVXWXIEQW
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0SW%RKIPIW.I[W[MPPXEOISRXLI1MRRIWSXE4SPEGOW
8LMWXIGLRMUYIMWLMKLP]IJJIGXMZIERHIEW]XSYWI.YWXFIWYVIXLIWXEVXPMRK
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1IRXEPW]QTXSQWMRGPYHIEGYXIJIEVEWIRWISJ
HMWEWXIVSVLIPTPIWWRIWWERHEJIIPMRKSJFIMRK
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SJTERMGEXXEGOWPIXtWPSSOEXLS[[MHIWTVIEHXLI]EVI
8LI1G+VE[n,MPP
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% 3RISTXMSRMWQIHMGEXMSR
%RXMHITVIWWERXWEVIXLIQSWXJVIUYIRXP]TVIWGVMFIH
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GSKRMXMZIFILEZMSVEPXLIVET]LEWFIIRI\XVIQIP]
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SV]r;IFWXIVWEMHq-GERTVITEVIEWTIIGLVIZMWIERHGSVVIGXMXMRQ]QIQSV]
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[MXL]SYVEYHMIRGI%HIXEMPIHSYXPMRI[MPPXIQTX]SYXSPSSOEXMXJEVXSSSJXIR
EWSRIWXYHIRXHMWGSZIVIH
%RKIPE +VEREXS [EW WTIEOMRK EFSYX XLI FIRIJMXW SJ 4MPEXIW 7LI LEH TVITEVIH XLI
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WTIIGLMRGPEWWWLIVIJIVVIHGSRWXERXP]XSLIVHIXEMPIHRSXIW%WEVIWYPXLIVHIPMZIV][EW
GLSTT]ERHWXVEMRIH%JXIVXLIWTIIGL%RKIPEtWGPEWWQEXIWVIQEVOIHSRLS[SJXIRWLILEH
PSSOIHEXLIVRSXIWERHWLI[EWEQE^IHq-HMHRtXIZIRORS[-[EWHSMRKMXrWLIWEMH
q1SWXSJXLIXMQI-[EWRtXIZIRTE]MRKEXXIRXMSRXSXLISYXPMRI-ORI[XLIWTIIGLGSPHr
1ER]WXYHIRXWLEZILEHXLIWEQII\TIVMIRGIq%WPSRKEW-LEZITPIRX]SJ
RSXIWrXLI]JIIPqHMWEWXIV[MPPRSXWXVMOIr-RJEGXQSWXFIKMRRMRKWTIEOIVWYWI
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MRGPYHI XLIQ MR ]SYV RSXIW 9RPIWW ]SY EVI KSSH EX QIQSVM^MRK UYSXEXMSRW
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SJ LS[ ]SY [ERX XS WE] MX %W ]SY TVEGXMGI XLI WTIIGL ]SY [MPP HIGMHI XLEX
GIVXEMRMHIEWERHTLVEWIWRIIHWTIGMEPIQTLEWMWhXLEXXLI]WLSYPHFIWTSOIR
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SRGI]SYKIXMRJVSRXSJEREYHMIRGI
8LIWSPYXMSRMWXSMRGPYHIMR]SYVWTIEOMRKSYXPMRIHIPMZIV]GYIWhHMVIGXMSRW
JSV HIPMZIVMRK XLI WTIIGL 3RI [E] XS HS XLMW MW F] YRHIVPMRMRK SV SXLIV[MWI
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MW XS NSX HS[R SR XLI SYXPMRI I\TPMGMX GYIW WYGL EW qTEYWIr qVITIEXr qWPS[
HS[Rr qPSYHIVr ERH WS JSVXL &SXL XIGLRMUYIW EVI KSSH EMHW JSV FIKMRRMRK
WTIEOIVWFYXXLI]EVIEPWSYWIHF]QSWXI\TIVMIRGIHWTIEOIVW
7%140)74)%/-2+3980-2);-8,'311)28%6=
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EXXEGO
--- 0IEVRIHEFSYXGSRHMXMSRERHVIWIEVGLIHJSVWTIIGL
-: 8SHE]hREXYVISJTERMGEXXEGOWTISTPIEJJIGXIHERH
XVIEXQIRXSTXMSRW
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& 'SQQSRW]QTXSQW
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OI][SVHWSVMHIEW
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% %QIVMGER4W]GLMEXVMG%WWRhQMPPMSR
& +VSYTW[MXLLMKLIVMRGMHIRGI
2-1,;SQIRX[MGIEWSJXIREWQIR
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WIR EX XLI QSQIRX SJ HIPMZIV] MX [MPP RSX FI
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SYXPMRI
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% 1IHMGEXMSR
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6IEVVERKIFVEMRtWGLIQMGEPPIZIPW
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IRWYVIWXLEXXLIWTIIGL[MPPIRHEWTPERRIH
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-- *SVXYREXIP]XLIVIEVIXVIEXQIRXWJSVTVIZIRXMRKERHHIEP
MRK[MXLEXXEGOW
--- -RQ]GEWIFSXLQIHMGEXMSRERHGSKRMXMZIFILEZMSVEP
XLIVET]LEZILIPTIH
-: 1E]RIZIVFIJVIISJEXXEGOWFYXRS[-ORS[[LEXXLI]
EVIERH[LEX-GERHSEFSYXXLIQ
8LI7TIEOMRK3YXPMRI
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MHIEWEVIXSKIXLIVXLEX]SYVXLSYKLXWJPS[JVSQSRIXSERSXLIVERHXLEXXLIWXVYG
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WTIIGLIWhXLIHIXEMPIHTVITEVEXMSRSYXPMRIERHXLIFVMIJWTIEOMRKSYXPMRI
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]SYVPMWXIRIVW8LIRhERHSRP]XLIRhWLSYPH]SYWXEVXXSXEPO
;LIR ]SYVIEGL XLI IRHSJ ]SYV WTIIGLQEMRXEMR I]I GSRXEGX JSV EJI[
QSQIRXWEJXIV]SYWXSTXEPOMRK8LMW[MPPKMZI]SYVGPSWMRKPMRIXMQIXSWMROMR
9RPIWW ]SY EVI WXE]MRK EX XLI PIGXIVR XS ERW[IV UYIWXMSRW GSPPIGX ]SYV RSXIW
ERHVIXYVRXS]SYVWIEX%W]SYHSWSQEMRXEMR]SYVGSSPGSPPIGXIHHIQIERSV
;LEXIZIV ]SY HS HSRtX WXEVX XS KEXLIV ]SYV RSXIW FIJSVI ]SY LEZI JMRMWLIH
XEPOMRKERHHSRtXGETSJJ]SYVWTIIGL[MXLELYKIWMKLSJVIPMIJSVWSQIVIQEVO
PMOIq;LI[%Q-KPEHXLEXtWSZIVr
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0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP
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%PP XLMW EHZMGI MW GSQQSR WIRWI ]IX ]SY [SYPH FI WYVTVMWIH LS[ QER]
TISTPIRIIHMX;LIRTVEGXMGMRK]SYVWTIIGLIWWTIRHEPMXXPIXMQIVILIEVWMRK
LS[]SY[MPPFILEZIEXXLIFIKMRRMRKERHEXXLIIRH-XMWSRISJXLIIEWMIWXh
ERHSRISJXLIQSWXIJJIGXMZIhXLMRKW]SYGERHSXSMQTVSZI]SYVMQEKI[MXL
EREYHMIRGI
+)7896)7
*I[EWTIGXWSJHIPMZIV]GEYWIWXYHIRXWQSVIERKYMWLXLERHIGMHMRK[LEXXSHS
[MXLXLIMVLERHWq7LSYPH-GPEWTXLIQFILMRHQ]FEGO#0IXXLIQLERKEXQ]
WMHIW#6IWXXLIQSRXLIPIGXIVR#%RH[LEXEFSYXKIWXYVMRK#;LIRWLSYPH-HS
XLEXhERHLS[#r)ZIRTISTPI[LSYWIXLIMVLERHWI\TVIWWMZIP]MRIZIV]HE]GSR
ZIVWEXMSRWIIQXSVIKEVHXLIQEWE[O[EVHETTIRHEKIW[LIRWTIEOMRKFIJSVI
EREYHMIRGI
3ZIV XLI ]IEVW QSVI RSRWIRWI LEW FIIR [VMXXIR EFSYX KIWXYVMRK XLER KIWXYVIW
EFSYX ER] SXLIV EWTIGX SJ WTIIGL HIPMZIV] %HVSMX KIWXYVIW GER EHH XS XLI 1SXMSRWSJEWTIEOIVtWLERHWSV
MQTEGXSJEWTIIGLFYXIJJIGXMZIWTIEOIVWHSRSXRIIHEZEWXVITIVXSMVISJKIW EVQWHYVMRKEWTIIGL
XYVIW7SQIEGGSQTPMWLIHWTIEOIVWKIWXYVIJVIUYIRXP]SXLIVWLEVHP]EXEPP8LI
TVMQEV]VYPIMWXLMW;LEXIZIVKIWXYVIW]SYQEOIWLSYPHRSXHMWXVEGXJVSQ]SYV
QIWWEKI8LI]WLSYPHETTIEVREXYVEPERHWTSRXERISYWLIPTGPEVMJ]SVVIMRJSVGI
]SYVMHIEWERHFIWYMXIHXSXLIEYHMIRGIERHSGGEWMSR
+IWXYVMRK XIRHW XS [SVO MXWIPJ SYX EW ]SY EGUYMVI I\TIVMIRGI ERH GSRJM
HIRGI*SVRS[QEOIWYVI]SYVLERHWHSRSXYTWXEKI]SYVMHIEW%ZSMHJPEMPMRK
XLIQEFSYX[VMRKMRKXLIQXSKIXLIVSVXS]MRK[MXL]SYVVMRKW3RGI]SYLEZI
IPMQMREXIHXLIWIHMWXVEGXMSRWJSVKIXEFSYX]SYVLERHW8LMROEFSYXGSQQYRM
GEXMRK[MXL]SYVPMWXIRIVWERH]SYVKIWXYVIW[MPPXEOIGEVISJXLIQWIPZIWhNYWX
EWXLI]HSMRGSRZIVWEXMSR
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8LII]IFEPPMXWIPJI\TVIWWIWRSIQSXMSR=IXF]QERMTYPEXMRKXLII]IFEPPERH I]IGSRXEGX
XLI EVIEW SJ XLI JEGI EVSYRH MXhIWTIGMEPP] XLI YTTIV I]IPMHW ERH XLI I]I (MVIGXZMWYEPGSRXEGX[MXLXLI
FVS[Wh[IGSRZI]ERMRXVMGEXIEVVE]SJRSRZIVFEPQIWWEKIW7SVIZIEPMRKEVI I]IWSJERSXLIVTIVWSR
XLIWI QIWWEKIW XLEX [I XLMRO SJ XLI I]IW EW qXLI [MRHS[W SJ XLI WSYPr ;I
PSSO XS XLIQ XS LIPT KEYKI E WTIEOIVtW XVYXLJYPRIWW MRXIPPMKIRGI EXXMXYHIW
ERHJIIPMRKW
0MOIQER]EWTIGXWSJGSQQYRMGEXMSRI]IGSRXEGXMWMRJPYIRGIHF]GYPXYVEP
FEGOKVSYRH ;LIR IRKEKIH MR GSRZIVWEXMSR %VEFW 0EXMR %QIVMGERW ERH
7SYXLIVR )YVSTIERW XIRH XS PSSO HMVIGXP] EX XLI TIVWSR [MXL [LSQ XLI] EVI
XEPOMRK4ISTPIJVSQ%WMERGSYRXVMIWERHTEVXWSJ%JVMGEXIRHXSIRKEKIMRPIWW
I]IGSRXEGX
;LIR MX GSQIW XS TYFPMG WTIEOMRK XLIVI MW [MHI EKVIIQIRX EGVSWW GYP
XYVIW SR XLI MQTSVXERGI SJ WSQI HIKVII SJ I]I GSRXEGX -R QSWX GMVGYQ
WXERGIW SRI SJ XLI UYMGOIWX [E]W XS IWXEFPMWL E GSQQYRMGEXMZI FSRH [MXL
]SYV PMWXIRIVW MW XS PSSO EX XLIQ TIVWSREPP] ERH TPIEWERXP] %ZSMHMRK XLIMV
KE^IMWSRISJXLIWYVIWX[E]WXSPSWIXLIQ7TIEOIVWMRXLI9RMXIH7XEXIW[LS
VIJYWI XS IWXEFPMWL I]I GSRXEGX EVI TIVGIMZIH EW XIRXEXMZI SV MPP EX IEWI ERH
QE]FI WIIR EWMRWMRGIVI SVHMWLSRIWX-XMW RS [SRHIV XLIRXLEX XIEGLIVW
YVKIWXYHIRXWXSPSSOEXXLIEYHMIRGIXSTIVGIRXSJXLIXMQIXLI]EVI
XEPOMRK
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0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
GSRRIGXPYGEWGSQ
:MI[ERI\GIVTXJVSQ
q1EOMRKE(MJJIVIRGI
8LVSYKLXLI7TIGMEP
3P]QTMGWrMRXLISRPMRI
1IHME0MFVEV]JSVXLMW
GLETXIV:MHIS'PMT
(IPMZIV]
8I\X
8LI1G+VE[n,MPP
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=SY QE] JMRH XLMW HMWGSRGIVXMRK EX JMVWX &YX EJXIV SRI SV X[S WTIIGLIW
]SYWLSYPHFIEFPIXSQIIXXLIKE^ISJ]SYVEYHMIRGIJEMVP]GSQJSVXEFP]%W
]SYPSSOEX]SYVPMWXIRIVWFIEPIVXJSVXLIMVVIEGXMSRW'ERXLI]LIEV]SY#(S
XLI]YRHIVWXERH]SY#%VIXLI]E[EOI#=SYVI]IW[MPPLIPT]SYERW[IVXLIWI
UYIWXMSRW
-X MWRtX IRSYKL NYWX XS PSSO EX ]SYV PMWXIRIVW LS[ ]SY PSSO EX XLIQ EPWS
GSYRXW % FPERO WXEVI MW EPQSWX EW FEH EW RS I]I GSRXEGX EX EPP 7S MW E JMIVGI
LSWXMPIKPS[IVSVEWIVMIWSJJVMKLXIRIHFI[MPHIVIHKPERGIW%PWSFI[EVISJXLI
XIRHIRG]XSKE^IMRXIRXP]EXSRITEVXSJXLIEYHMIRGI[LMPIMKRSVMRKXLIVIWX
-RWTIIGLGPEWWWSQIWXYHIRXWPSSOSRP]EXXLIWIGXMSRSJXLIVSSQ[LIVIXLI
XIEGLIVMWWMXXMRK3XLIVWEZSMHPSSOMRKER][LIVIRIEVXLIXIEGLIVERHJSGYWSR
SRISVX[SW]QTEXLIXMGJVMIRHW=SYWLSYPHXV]XSIWXEFPMWLI]IGSRXEGX[MXL
]SYV[LSPIEYHMIRGI
;LIREHHVIWWMRKEWQEPPEYHMIRGIWYGLEW]SYVGPEWW]SYGERYWYEPP]PSSO
FVMIJP]JVSQSRITIVWSRXSERSXLIV*SVEPEVKIVKVSYT]SY[MPPTVSFEFP]WGER
XLIEYHMIRGIVEXLIVXLERXV]XSIRKEKIXLII]IWSJIEGLTIVWSRMRHMZMHYEPP]2S
QEXXIV [LEX XLI WM^I SJ ]SYV EYHMIRGI ]SY [ERX ]SYV I]IW XS GSRZI] GSRJM
HIRGIWMRGIVMX]ERHGSRZMGXMSR8LI]WLSYPHWE]q-EQTPIEWIHXSFIEFPIXS
XEPO[MXL]SY-FIPMIZIHIITP]MR[LEX-EQWE]MRKERH-[ERX]SYXSFIPMIZI
MRMXXSSr
0SSOEX:MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIVXSWII
EJMRII\EQTPISJI]IGSRXEGX8LIWTIEOIVMWXIPPMRKLIVGPEWWQEXIWLS[XLI]
GERFIGSQIZSPYRXIIVWJSVXLI7TIGMEP3P]QTMGW2SXMGILS[WLIYWIWLIVI]IW
XSGSRRIGX[MXLLIVPMWXIRIVWEXETIVWSREPPIZIP8LMWMWXLIOMRHSJWXVSRKGSQ
QYRMGEXMSR]SYWLSYPHXV]XSHIZIPSTMR]SYVWTIIGLIW
4VEGXMGMRK(IPMZIV]
4STYPEV[MWHSQTVSQMWIWXLEXTVEGXMGIQEOIWTIVJIGX8LMWMWXVYIFYXSRP]MJ
[ITVEGXMGITVSTIVP]=SY[MPPHSPMXXPIXSMQTVSZI]SYVWTIIGLHIPMZIV]YRPIWW
]SYTVEGXMGIXLIVMKLXXLMRKWMRXLIVMKLX[E]W,IVIMWEJMZIWXITQIXLSHXLEX
LEW[SVOIH[IPPJSVQER]WXYHIRXW
+S XLVSYKL ]SYV TVITEVEXMSR SYXPMRI E
PSYH XS GLIGO LS[ [LEX ]SY
LEZI[VMXXIRXVERWPEXIWMRXSWTSOIRHMWGSYVWI-WMXXSSPSRK#8SSWLSVX#%VI
XLIQEMRTSMRXWGPIEV[LIR]SYWTIEOXLIQ#%VIXLIWYTTSVXMRKQEXIVMEPW
HMWXMRGXGSRZMRGMRKMRXIVIWXMRK#(SXLIMRXVSHYGXMSRERHGSRGPYWMSRGSQI
EGVSWW[IPP#%W]SYERW[IVXLIWIUYIWXMSRWVIZMWIXLIWTIIGLEWRIIHIH
4
VITEVI]SYVWTIEOMRKSYXPMRI-RHSMRKWSFIWYVIXSJSPPS[XLIKYMHI
PMRIWMR'LETXIV9WIXLIWEQIZMWYEPJVEQI[SVOEWMRXLITVITEVEXMSRSYX
PMRI1EOIWYVIXLIWTIEOMRKSYXPMRIMWIEW]XSVIEHEXEKPERGI+MZI]SYVWIPJ
GYIWSRXLISYXPMRIJSVHIPMZIVMRKXLIWTIIGL
4
VEGXMGIXLIWTIIGLEPSYHWIZIVEPXMQIWYWMRKSRP]XLIWTIEOMRKSYXPMRI
&IWYVIXSqXEPOXLVSYKLrEPPI\EQTPIWERHXSVIGMXIMRJYPPEPPUYSXEXMSRWERH
WXEXMWXMGW -J ]SYV WTIIGL MRGPYHIW ZMWYEP EMHW YWI XLIQ EW ]SY TVEGXMGI 8LI
JMVWX GSYTPI SJ XMQIW ]SY [MPP TVSFEFP] JSVKIX WSQIXLMRK SV QEOI E QMWXEOI
',%48)6 ()0-:)6=
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP
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%WI\TIVMIRGIHWTIEOIVWORS[]SYRIIHXSTVEGXMGIEWTIIGL
XLSVSYKLP]FIJSVIHIPMZIVMRKMX-JTSWWMFPIXV]XSVILIEVWIYRHIV
GSRHMXMSRWEWGPSWIEWTSWWMFPIXSXLSWI]SY[MPPJEGIHYVMRKXLI
WTIIGLMXWIPJ
-JXLMWSVER]TVEGXMGIQIXLSHMWXS[SVO]SYQYWXWXEVXIEVP](SRtX[EMX
YRXMP XLI RMKLX FIJSVI ]SYV WTIIGL XS FIKMR [SVOMRK SR HIPMZIV] % WMRKPI
TVEGXMGI WIWWMSRhRS QEXXIV LS[ PSRKhMW VEVIP] IRSYKL %PPS[ ]SYVWIPJ EX
PIEWXEGSYTPISJHE]WTVIJIVEFP]QSVIXSKEMRGSQQERHSJXLIWTIIGLERH
MXWTVIWIRXEXMSR
%RW[IVMRK%YHMIRGI5YIWXMSRW
-J]SY LEZIIZIV[EXGLIHETVIWWGSRJIVIRGISVLIEVHEWTIEOIVERW[IVUYIW
XMSRWEJXIVEXEPO]SYORS[XLIUYIWXMSRERHERW[IVWIWWMSRGERQEOISVFVIEO
E TVIWIRXEXMSR % WTIEOIV [LS LERHPIW UYIWXMSRW [IPP GER WXVIRKXLIR XLI
MQTEGX SJ LMWSVLIV WTIIGL 3RXLISXLIV LERHEWTIEOIV [LSIZEHIW UYIW
XMSRWSVWLS[WERRS]ERGI[MPPEPQSWXGIVXEMRP]GVIEXIXLISTTSWMXIIJJIGX
8LI UYIWXMSRERHERW[IV WIWWMSR MW E GSQQSR TEVX SJ TYFPMG WTIEOMRK
[LIXLIVXLISGGEWMSRMWETVIWWGSRJIVIRGIFYWMRIWWTVIWIRXEXMSRTYFPMGLIEV
MRKSVGPEWWVSSQEWWMKRQIRX%RERW[IVXSEUYIWXMSRMWSJXIRXLIJMREP[SVH
EREYHMIRGILIEVWERHMWPMOIP]XSPIEZIEPEWXMRKMQTVIWWMSR
8LI JMVWX WXIT XS HSMRK [IPP MR E UYIWXMSRERHERW[IV WIWWMSR MW XS XEOI MX EW
WIVMSYWP]EWXLIWTIIGLMXWIPJ8LIX[SQENSVWXITWMRTVITEVMRKEVI[SVOMRKSYX
ERW[IVWXSTSWWMFPIUYIWXMSRWERHTVEGXMGMRKXLIHIPMZIV]SJXLSWIERW[IVW
%RW[IVMRK%YHMIRGI5YIWXMSRW
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP
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*SVQYPEXI%RW[IVWXS4SWWMFPI5YIWXMSRW
3RGI ]SY ORS[ ]SYV TVIWIRXEXMSR [MPP MRGPYHI UYIWXMSRW JVSQ XLI EYHMIRGI
]SYWLSYPHFIXLMROMRKEFSYXTSWWMFPIUYIWXMSRWIZIREW]SYEVI[VMXMRK]SYV
WTIIGL-J]SYTVEGXMGI]SYVWTIIGLMRJVSRXSJJVMIRHWJEQMP]SVGS[SVOIVWEWO
XLIQXSNSXHS[RUYIWXMSRW/IITXVEGOSJEPPXLIUYIWXMSRWERHJSVQYPEXIERW
[IVW;VMXI]SYVERW[IVWMRJYPPXSQEOIWYVI]SYLEZIXLSYKLXXLIQXLVSYKL
GSQTPIXIP]
-J]SYEVIKMZMRKETIVWYEWMZIWTIIGLFIWYVIXS[SVOSYXERW[IVWXSSFNIG
XMSRWXLIEYHMIRGIQE]LEZIXS]SYVTVSTSWEP2SQEXXIVLS[GEVIJYP]SYEVI
XSHIEP[MXLXLSWISFNIGXMSRWMR]SYVWTIIGL]SYGERFIWYVIXLI][MPPGSQI
YTMRXLIUYIWXMSRERHERW[IVWIWWMSR
-J]SY EVIWTIEOMRK SREXSTMG[MXLXIGLRMGEPEWTIGXWFIVIEH]XSERW[IV
WTIGMEPM^IHMRUYMVMIWEFSYXXLIQEW[IPPEWUYIWXMSRWXLEXWIIOGPEVMJMGEXMSRMR
RSRXIGLRMGEPXIVQW=SYQMKLXIZIRTVITEVIELERHSYXXLEX]SYGERHMWXVMFYXI
EJXIV[EVHJSVTISTPI[LS[ERXQSVIMRJSVQEXMSR
4VEGXMGIXLI(IPMZIV]SJ=SYV%RW[IVW
=SY[SYPHRSXTVIWIRXEWTIIGLXSEVSSQJYPPSJTISTPI[MXLSYXVILIEVWMRK
2IMXLIVWLSYPH]SYKSMRXSEUYIWXMSRERHERW[IVWIWWMSR[MXLSYXTVEGXMGMRK
XLIHIPMZIV]SJ]SYVERW[IVW
3RITSWWMFMPMX]MWXSLEZIEJVMIRHSVGSPPIEKYIPMWXIRXS]SYVTVIWIRXEXMSR
EWOUYIWXMSRWERHGVMXMUYI]SYVERW[IVW8LMWQIXLSHMWYWIHF]TSPMXMGEPGER
HMHEXIWERHFYWMRIWWPIEHIVWFIJSVIHIFEXIWSVTVIWWGSRJIVIRGIW%RSXLIVTSW
WMFMPMX]MWXSVIGSVH]SYVERW[IVWXSERXMGMTEXIHUYIWXMSRWTPE]XLIQFEGOERH
VIZMWIXLIQYRXMPXLI]EVINYWXVMKLX
%W ]SY VILIEVWI [SVO SR QEOMRK ]SYV ERW[IVW FVMIJ ERH XS XLI TSMRX
1ER]WMQTPIUYIWXMSRWGERFIERW[IVIHMRWIGSRHWERHIZIRGSQTPI\SRIW
WLSYPH FI ERW[IVIH MR E QMRYXI SV X[S -J ]SY TVEGXMGI ERW[IVMRK UYIWXMSRW
FIJSVILERH]SY[MPPJMRHMXQYGLIEWMIVXSOIITXSXLIWIXMQIPMQMXW
3JGSYVWIXLIVIMWRS[E]XSTVIHMGXIZIV]UYIWXMSR]SY[MPPVIGIMZI&YXMJ
]SY KS MRXS XLI UYIWXMSRERHERW[IV TIVMSH JYPP] TVITEVIH ]SY [MPP JMRH MX
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]SY ORS[ XLIVI MW ER EVX XS QEREKMRK E UYIWXMSRERHERW[IV WIWWMSR )RXMVI
FSSOW LEZI FIIR [VMXXIR SR XLMW WYFNIGX FYX XLI JSPPS[MRK WYKKIWXMSRW [MPP
LIPTKIX]SYWXEVXIHSRXLIVMKLXJSSX
%TTVSEGL5YIWXMSRW[MXLE4SWMXMZI%XXMXYHI
%TSWMXMZIEXXMXYHI[MPPLIPT]SYERW[IVUYIWXMSRWKVEGMSYWP]ERHVIWTIGXJYPP]
8V] XS ZMI[ UYIWXMSRW JVSQ XLI EYHMIRGI EW WMKRW SJ KIRYMRI MRXIVIWX ERH E
HIWMVI XS PIEVR QSVI EFSYX ]SYV WYFNIGX -J WSQISRI EWOW EFSYX E TSMRX XLEX
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SJQ]XEPOrSVq8LIERW[IVWIIQWSFZMSYWr-RWXIEHYWIQSQIRXWPMOIXLIWI
XSVIMXIVEXISVI\TERHYTSR]SYVMHIEW
',%48)6 ()0-:)6=
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP
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1ER]WTIIGLIWEVIJSPPS[IH
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WIWWMSR,IVI1SHIWXS
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;EWHIRVIWTSRHWXSUYIWXMSRW
JVSQXLITVIWWEJXIVQEOMRK
TVITEVIHVIQEVOWSREGVMQI
MRZIWXMKEXMSR
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[MPPEPMIREXIQER]TISTPIMRXLIEYHMIRGI)ZIRMJ]SYEVIEWOIHELSWXMPIUYIW
XMSROIIT]SYVGSSP%ZSMHXLIXIQTXEXMSRXSERW[IVHIJIRWMZIP]WEVGEWXMGEPP]
SVEVKYQIRXEXMZIP]1SWXTISTPIMRXLIEYHMIRGI[MPPVIWTIGX]SYJSVXV]MRKXS
EZSMHEUYEVVIP
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UYIWXMSRIV]SYVJYPPEXXIRXMSR;LIRJEGIH[MXLERYRGPIEVSVYR[MIPH]UYIWXMSR
XV]XS VITLVEWIMX F]WE]MRK WSQIXLMRK PMOI q-J - YRHIVWXERH ]SYV UYIWXMSR MX
WIIQWXSQIXLEX]SYEVIEWOMRKr%RSXLIVSTXMSRMWWMQTP]XSEWOXLIEYHM
IRGIQIQFIVXSVITIEXXLIUYIWXMSR1SWXTISTPI[MPPVIWXEXIMXQSVIWYGGMRGXP]
ERHGPIEVP]
(MVIGX%RW[IVWXSXLI)RXMVI%YHMIRGI
;LIR ]SY EVI FIMRK EWOIH E UYIWXMSR PSSO EX XLI UYIWXMSRIV (MVIGX ]SYV
ERW[IVLS[IZIVXSXLIIRXMVIEYHMIRGI1EOISGGEWMSREPI]IGSRXEGX[MXL
XLI UYIWXMSRIV EW ]SY ERW[IV FYX WTIEO TVMQEVMP] XS XLI EYHMIRGI EW E
[LSPI -J ]SY WTIEO NYWX XS XLI UYIWXMSRIV XLI VIWX SJ ]SYV EYHMIRGI QE]
HVMJXSJJ
%RW[IVMRK%YHMIRGI5YIWXMSRW
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP
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;LIR WTIEOMRK XS E PEVKI EYHMIRGI VITIEX SV TEVETLVEWI IEGL UYIWXMSR
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-J ]SY HSRtX ORS[ XLI ERW[IV XS E UYIWXMSR WE] WS (SRtX ETSPSKM^I HSRtX
IZEHIERHQSWXMQTSVXERXHSRtXXV]XSFPYJJ(SLS[IZIVPIXXLIUYIWXMSRIV
ORS[XLEX]SYXEOIXLIUYIWXMSRWIVMSYWP]3JJIVXSGLIGOMRXSXLIERW[IVEW
WSSREWTSWWMFPIEJXIVXLIWTIIGL-JEQSVIORS[PIHKIEFPITIVWSRMWEXLERH
EWOMJWLISVLIORS[WXLIERW[IV
7XE]SR8VEGO
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WIWWMSR 9RPIWW XLIVI MW E QSHIVEXSV XLI WTIEOIV MW VIWTSRWMFPI JSV OIITMRK
XLMRKWSRXVEGO%PPS[SRIJSPPS[YTUYIWXMSRJVSQIEGLTIVWSRERHHSRtXPIX
]SYVWIPJ FI HVEKKIH MRXS E TIVWSREP HIFEXI [MXL ER] UYIWXMSRIV -J WSQISRI
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WE]MRK q8LMWMWER MRXIVIWXMRKPMRISJ UYIWXMSRMRK FYX[IRIIHXS KMZISXLIV
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1908-1)(-%46)7)28%8-327
QYPXMQIHMETVIWIRXEXMSR
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SYXSJXLIGPEWWVSSQEXEFYWMRIWWQIIXMRKSVETSPMXMGEPJSVYQXSEREYHMIRGI
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FIGEYWIMXMWIWWIRXMEPJSVGSQQYRMGEXMRKXLIMVQIWWEKI=SYWLSYPHRIZIVEHH
MQEKIWSJER]WSVXXSE4S[IV4SMRXWPMHIYRPIWWXLI]EVIXVYP]RIIHIH8LIVIMWE
KVIEX HIEP SJ VIWIEVGL WLS[MRK XLEX I\XVERISYW MQEKIW HMWXVEGX PMWXIRIVW ERH
VIHYGIGSQTVILIRWMSRSJXLIWTIEOIVtWTSMRX
-R EHHMXMSR XS OIITMRK ]SYV WPMHIW JVII SJ I\XVERISYW MQEKIW OIIT XLIWI
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d 'LSSWILMKLVIWSPYXMSRMQEKIWXLEX[MPPTVSNIGX[MXLSYXFPYVVMRK
d /IITKVETLWERHGLEVXWGPIEVERHWMQTPI
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74%')
2SQEXXIV[LEXIPIQIRXW ]SYMRGPYHISR ]SYVWPMHIW]SYWLSYPHWXVMZIJSVE
TPIEWMRKWIRWISJZMWYEPFEPERGI'SRWMHIVJSVI\EQTPI*MKYVI%TEKI
[LMGL WLS[W E WPMHI JVSQ E WTIIGL EFSYX )PIERSV 6SSWIZIPX 2SXMGI LS[ XLI
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XMXPI MW HMWTPE]IH MR E WMRKPI PMRI EX XLI XST SJ XLI WPMHI XLI TLSXSKVETL JMPPW
QSWXSJXLIPIJXWMHIERHXLIXI\XSGGYTMIWIRSYKLWTEGISRXLIVMKLXXSGSQ
TIRWEXIJSVXLIWM^ISJXLITLSXSKVETL
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8LI WIGSRH WPMHI
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8LI XMXPI MW PSGEXIH SZIV XLI TLSXSKVETL [LIVI MX XEOIW YT X[S PMRIW VEXLIV
XLERSRI 8SGSQTIRWEXIXLITLSXSKVETLSJ 6SSWIZIPXLEWFIIRVIHYGIHMR
WM^IWSMXLEWPIWWZMWYEPMQTEGX8LITLSXSKVETLMWEPWSXSSGPSWIXSXLIFSX
XSQSJXLIWPMHIXLIVIF]WITEVEXMRKMXJVSQXLIXMXPI*MREPP]XLIXI\XSRXLI
VMKLXMWXSSGPSWIXSXLITLSXSKVETLERHMWTPEGIHXSSLMKLXSTVSZMHIEKSSH
WIRWISJZMWYEPFEPERGI
d*-+96)%
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9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP
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-J]SYWXMGO[MXL4S[IV4SMRXtWHIJEYPXPE]SYXW]SYWLSYPHLEZIPMXXPIXVSY
FPIGVIEXMRKWPMHIWXLEXEVIZMWYEPP]FEPERGIH&IWYVIXLSYKLXSPIEZIEPMXXPI
I\XVEVSSQEXXLIIHKIWSJ]SYVWPMHIWFIGEYWI[LEXMWTVSNIGXIHSRXLIZMI[MRK
WGVIIRMWWSQIXMQIWWQEPPIVXLER[LEX]SYWIISR]SYVGSQTYXIV
%2-1%8-32
;LIR]SYVIEHXLI[SVHqERMQEXMSRr]SYQMKLXXLMROSJGEVXSSRGLEVEGXIVW
ERH;EPX(MWRI]QSZMIW-R4S[IV4SMRXLS[IZIVERMQEXMSRVIJIVWXSXLI[E]
SFNIGXWIRXIVSVI\MXEWPMHI;MXLSYXERMQEXMSREPPXLIMXIQWSREWPMHIETTIEV
EXXLIWEQIXMQI[LIRXLIWPMHIMWHMWTPE]IH;MXLERMQEXMSR]SYGERGSRXVSP
[LIR [SVHW TMGXYVIW IZIR TEVXW SJ KVETLW WLS[ YT SR WGVIIR ;LIR YWIH
TVSTIVP]MXtWEXIVVMJMG[E]XSWTVYGIYT]SYVWPMHIW
0SSO JSV I\EQTPI EX XLI WTIIGL SR XLI +VIEX ;EPP SJ 'LMRE XLEX MW
VITVMRXIH EX XLI IRH SJ XLMW ETTIRHM\ *SV XLI QSWX TEVX XLI WTIEOIV EZSMHW
WTIGMEP ERMQEXMSR IJJIGXW FIGEYWIXLI] EVI RSXRIGIWWEV] XS GSQQYRMGEXI LMW
MHIEW,S[IZIV[LIRI\TPEMRMRKXLIEVGLMXIGXYVEPGLERKIWQEHIXSXLI;EPP
HYVMRKXLI1MRKH]REWX]LIYWIWERMQEXMSRXSQEOIWYVIXLIETTVSTVMEXIXI\X
ETTIEVW SR WGVIIR NYWX EW LI FIKMRW XS HMWGYWW IEGL TSMRX &] HSMRK WS LI
JSGYWIWXLIEYHMIRGItWEXXIRXMSRERHVIMRJSVGIWLMWMHIEWEXXLIWEQIXMQI
;LIR[SVOMRKSR]SYVWTIIGLIWXLMROEFSYX[E]W]SYGERYWIERMQEXMSR
XS LIPT GSQQYRMGEXI ]SYV QIWWEKI &I [EV] LS[IZIV SJ ERMQEXMSR IJJIGXW
XLEX QMKLX HMWXVEGX XLI EXXIRXMSR SJ PMWXIRIVW 7XMGO [MXL E PMQMXIH RYQFIV SJ
ERMQEXMSRIJJIGXWERHYWIXLIQGSRWMWXIRXP]JVSQWPMHIXSWPMHI
ERMQEXMSR
8LI[E]SFNIGXWIRXIVSV
I\MXE4S[IV4SMRXWPMHI
GSRRIGXPYGEWGSQ
:MI[XLMWI\GIVTXJVSQq8LI
+VIEX;EPPSJ'LMRErMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW
ETTIRHM\:MHIS'PMT%
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3RGI ]SY LEZI GVIEXIH ]SYV WPMHIW MXtW XMQI XS [SVO SR XLI HIPMZIV] SJ ]SYV
WTIIGL %W [MXL SXLIV EWTIGXW SJ 4S[IV4SMRX XLMW VIUYMVIW GEVIJYP TPERRMRK
)ZIRXLIQSWXTVSJIWWMSREPPSSOMRKWPMHIW[MPPHSPMXXPIKSSHMJ]SYGERtXKIXXLI
GSQTYXIV ERH TVSNIGXSV XS [SVO TVSTIVP] MJ XLI WPMHIW GERtX FI WIIR GPIEVP]
FIGEYWISJTSSVPMKLXMRKSVMJ]SYJSVKIXXSHMWTPE]XLIQEXXLIVMKLXQSQIRX
8LIKYMHIPMRIWTVIWIRXIHMR'LETXIVJSVHIPMZIVMRKWTIIGLIW[MXLSXLIV
X]TIW SJ ZMWYEP EMHW EPWS ETTP] XS WTIIGLIW [MXL 4S[IV4SMRX ,IVI [I JSGYW
SREWTIGXWSJHIPMZIV] XLEXEVIIWTIGMEPP]MQTSVXERXJSVWTIEOIVW[LSIQTPS]
4S[IV4SMRX
6)',)'/=39670-()7
&IJSVIVILIEVWMRK]SYVWTIIGLXEOIXMQIXSHSYFPIGLIGO]SYVWPMHIWXSWIIMJ
ER]XLMRKMWQMWWMRKQMWTPEGIHSVQMWWTIPPIH=SYGERVIZMI[EPP]SYVWPMHIWEX
EKPERGIMR7PMHI7SVXIVZMI[WII*MKYVI%T
-XtWEPWSEKSSHMHIEXSVYR
XLVSYKL]SYVWPMHIWMR7PMHI7LS[ZMI[[LMGLHMWTPE]WXLIWPMHIWEWXLI][MPP
ETTIEV SR WGVIIR HYVMRK ]SYV WTIIGL &I WYVI XS WEZI ER] GSVVIGXMSRW ERH
GLERKIWEW]SYKSEPSRK
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WPMHIXSWPMHIEW[IPPEWEQSRKERMQEXMSRIJJIGXWSRMRHMZMHYEPWPMHIW8SHSWS
(IPMZIVMRK=SYV7TIIGL[MXL4S[IV4SMRX
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
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d*-+96)%
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4S[IV4SMRX
]SY LEZI XS ORS[ XLIGSQTYXIV GSQQERHW JSV XLIWISTIVEXMSRW *MKYVI %
FIPS[WLS[WWSQISJXLIQSWXYWIHGSQQERHW
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RSX YWIH 4S[IV4SMRX FIJSVI TVEGXMGI [MXL XLI ZEVMSYW STXMSRW ERH HIGMHI
[LMGL]SY[ERXXSYWI8LIRWXMGO[MXLXLIQXLVSYKLSYX]SYVTVIWIRXEXMSR
%W]SYKEMRQSVII\TIVMIRGI[MXL4S[IV4SMRXMXWGSQQERHW[MPPFIGSQI
WIGSRH REXYVI ,S[IZIV NYWX MR GEWI ]SY JSVKIX WSQIXLMRK HYVMRK ]SYV
WTIIGL ]SYQE][ERXXS JSPPS[XLI PIEHSJ I\TIVMIRGIHWTIEOIVWERH[VMXI
XLI QSWX MQTSVXERX GSQQERHW SR E WLIIX SJ TETIV XLEX ]SY GER VIJIV XS MJ
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WGVIIRERHWIPIGX*VSQ&IKMRRMRKJVSQXLI
VMFFSRSVGPMGOXLI:MI[XEFERHWIPIGX7PMHI
7LS[JVSQXLIVMFFSR
7LS[XLIRI\XWPMHI
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EVVS[FYXXSRSVTVIWWXLIq2rOI]
7LS[XLITVIZMSYWWPMHI
4VIWW&EGOWTEGITVIWWXLIPIJXEVVS[FYXXSR
SVTVIWWXLIq4rOI]
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4VIWW)WG
d*-+96)%
%44)2(-< 97-2+43;)643-28
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
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46%'8-')=39674))',;-8,43;)643-28
%W[IWE[MR'LETXIV]SYWLSYPHEP[E]WTVEGXMGIEWTIIGL[MXL]SYVZMWYEP
EMHW8LMWMWIWTIGMEPP]MQTSVXERX[LIRYWMRK4S[IV4SMRX;LIR]SYTVEGXMGI
HSRtXNYWXGPMGOXLIQSYWIGEWYEPP]SVVYWLUYMGOP]SZIV]SYV[SVHW+SXLVSYKL
IZIV]TEVXSJXLIWTIIGLERHQEOIWYVI]SYORS[I\EGXP][LIR]SY[ERXIEGL
WPMHIXSETTIEVERHHMWETTIEVERH[LEX]SY[MPPWE][LMPIIEGLMWSRWGVIIR
1EVO]SYVWTIEOMRKRSXIW[MXLGYIWXLEX[MPPVIQMRH]SY[LIRXSHMWTPE]IEGL
WPMHISVERMQEXMSRERH[LIRXSVIQSZIMX
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MPPYWXVEXIW*SVEKSSHI\EQTPIPSSOEXXLIXMQMRKSJXLIWPMHIWMR:MHIS'PMT%
MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW ETTIRHM\ 8LI WTIEOIV MW I\TPEMRMRK XLI
MQTSVXERGISJYWMRKEWIGYVIGSRRIGXMSR[LIRXVERWQMXXMRKWIRWMXMZIHEXESZIV
XLI-RXIVRIX,ITVIWIRXWIEGLWPMHIEXNYWXXLIVMKLXQSQIRXERHQEOIWWYVIMX
MWSRWGVIIRSRP][LMPILIMWHMWGYWWMRKMX
-R EHHMXMSR XS GSSVHMREXMRK ]SYV WPMHIW [MXL ]SYV [SVHW TE] EXXIRXMSR
[LIR]SYTVEGXMGIXSQEOMRKI]IGSRXEGX[MXLXLIEYHMIRGI8LMWMWIWTIGMEPP]
GLEPPIRKMRK [LIR ]SY YWI 4S[IV4SMRX FIGEYWI SJ EPP XLI IUYMTQIRX ]SY EVI
STIVEXMRKHYVMRKXLIWTIIGL6ILIEVWI[MXLXLIQSYWIERHOI]FSEVHYRXMP]SY
GERYWIFSXL[MXLSYXPSSOMRKHS[RJSVQSVIXLERERMRWXERX[LIREHZERGMRK
]SYVWPMHIW
%PWS GSRGIRXVEXI SR TVIWIRXMRK XLI WTIIGL [MXLSYX PSSOMRK FEGO EX XLI
WGVIIRXSWII[LEXMWFIMRKTVSNIGXIHSRMX=SYGERGLIGO[LEXMWSRWGVIIRF]
KPERGMRK EX XLI GSQTYXIV IEGL XMQI ]SY EHZERGI E WPMHI 8LIVI MW RSXLMRK
[VSRK[MXLPSSOMRKEXXLIWGVIIRRS[ERHEKEMREW]SYI\TPEMR]SYVWPMHIWFYX
VIQIQFIVXSEHHVIWW]SYVVIQEVOWXSXLIEYHMIRGIRSXXSXLIWGVIIR
+MZIREPPXLIXLMRKW]SYLEZIXS[SVOSR[LIRTVEGXMGMRKEWTIIGL[MXL
4S[IV4SMRX ]SY RIIHXS EPPS[ I\XVE XMQI JSVVILIEVWEP 7SKIXER IEVP] WXEVX
ERHKMZI]SYVWIPJTPIRX]SJXMQIXSIRWYVIXLEX]SYVHIPMZIV]MWEWMQTVIWWMZI
EW]SYVWPMHIW
GSRRIGXPYGEWGSQ
:MI[XLMWI\GIVTXJVSQ
q7IGYVMRK=SYVWIPJ3RPMRIr
MRXLISRPMRI1IHME0MFVEV]
JSVXLMWETTIRHM\:MHIS
'PMT%
(-740%=70-()7320=;,-0)(-7'977-2+8,)1
%W[MXLSXLIVX]TIWSJZMWYEPEMHW]SY[ERX]SYV4S[IV4SMRXWPMHIWXSFIZMWMFPI
SRP][LIR]SYEVIHMWGYWWMRKXLIQ=SYGEREGLMIZIXLMWKSEPF]EHHMRKFPERO
WPMHIWEWRIIHIH2SXMGIJSVI\EQTPILS[XLIWTIEOIVMRXLI+VIEX;EPPTVI
WIRXEXMSRYWIWFPEROWPMHIWEXZEVMSYWTEVXWSJXLIWTIIGL&]HSMRKWSLIOIITW
LMWPMWXIRIVWJSGYWIHSR[LEXLIMWWE]MRKEXXLIQSQIRXVEXLIVXLERLEZMRK
XLIMVEXXIRXMSRHMZIVXIHF]XLITVIZMSYWWPMHI
-XtWEPWSEKSSHMHIEXSEHHEFPEROWPMHIEXXLIIRHSJ]SYVTVIWIRXEXMSRWS
]SYVPEWXGSRXIRXWPMHI[MPPRSXGSRXMRYIXSFII\TSWIHEJXIV]SYLEZIJMRMWLIH
HMWGYWWMRKMX
',)'/8,)6331%2()59-41)28
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[LIVI]SY[MPPTVIWIRX]SYVWTIIGL[MXLXLIWEQIGSQTYXIVQSYWIERHTVSNIG
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XLIVSSQWIZIVEPHE]WFIJSVILERHERH[SVO[MXLXLIIUYMTQIRX-J]SYGERtXKIX
XSXLIVSSQFIJSVIXLIHE]SJXLIWTIIGLEVVMZIERLSYVSVWSELIEHSJXMQIXS
JEQMPMEVM^I]SYVWIPJ[MXLXLIIUYMTQIRXERHXSQEOIWYVIMXtW[SVOMRKTVSTIVP]
(IPMZIVMRK=SYV7TIIGL[MXL4S[IV4SMRX
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP
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4S[IV4SMRXMWQSWXIJJIGXMZI
[LIRMXMWYWIHWIPIGXMZIP]
[LIRWPMHIWEVIWOMPPJYPP]
MRXIKVEXIH[MXLXLIVIWXSJ
XLIWTIIGLERH[LIRXLI
WTIEOIVGSQQYRMGEXIW
HMVIGXP][MXLXLIEYHMIRGI
8LIVI MW [MHI ZEVMEXMSR EQSRK GSQTYXIVW ERH TVSNIGXSVW EW [IPP EW
EQSRK VSSQW IUYMTTIH [MXL QYPXMQIHME GSRRIGXMSRW WS IZIR MJ ]SY LEZI
YWIH4S[IV4SMRXSRTVIZMSYWSGGEWMSRW]SYRIIHXSGLIGOXLIWIXYTMRXLI
VSSQ [LIVI]SY[MPPFIWTIEOMRK1SWXI\TIVMIRGIHWTIEOIVWEVVERKIELIEH
SJXMQIXSLEZIEXIGLRMGMERTVIWIRX[LIRXLI]EVVMZIWSWLISVLIGERXEOI
GEVISJER]TVSFPIQW
4E]EXXIRXMSRXSXLIPMKLXMRKEW[IPP'LIGO[LIXLIVXLITVSNIGXSVMWFVMKLX
IRSYKLXSSZIVTS[IVXLIVSSQPMKLXWERHGVIEXIEWLEVTMQEKI-JMXMWRtXWII
MJ]SYGERHMQXLIPMKLXWRIEVXLIWGVIIR
8LMWQE]EPPWIIQPMOIEPSXSJJYWWERHFSXLIVFYXER]SRI[LSLEWKMZIR
WTIIGLIW[MXL4S[IV4SMRX[MPPXIPP]SYMXtWEFWSPYXIP]IWWIRXMEP
():)034%&%'/9440%2
(IWTMXIEPP]SYVTVITEVEXMSRERHTVEGXMGIMXtWTSWWMFPIXLEXXIGLRSPSK][MPPJEMP
]SY1SVI XLER SRI WTIEOIVLEWEVVMZIH [MXL 4S[IV4SMRX MR XS[SRP]XSHMW
GSZIVXLEXXLIGSQTYXIVMWEGXMRKYTXLITVSNIGXSV[MPPRSX[SVOSVXLIVSSQtW
TS[IVGSRRIGXMSRWEVIRSXGSQTEXMFPI[MXLXLIWTIEOIVtWGSQTYXIV
;LEXHS]SYHSMJXLMWLETTIRW#=SYGERtXNYWXGERGIPXLIWTIIGL8LMW
MW [L] ]SY EP[E]W RIIH E FEGOYT TPERhIWTIGMEPP] JSV WTIIGLIW SYXWMHI XLI
GPEWWVSSQ
3RISTXMSRMWXSGST]]SYVWPMHIWXSEJPEWLHVMZIWS]SYGERTVSNIGXXLIQ
SRERSXLIVGSQTYXIVMJWSQIXLMRKLETTIRWXS]SYVW1ER]I\TIVMIRGIHWTIEO
IVWEPWSIQEMPXLIQWIPZIWXLIMVWPMHIWEWERI\XVETVIGEYXMSR
%RSXLIV STXMSR MW XS TVMRX E LEVH GST] SJ ]SYV WPMHIW XS GEVV] [MXL ]SY
(ITIRHMRKSRXLIWM^ISJ]SYVEYHMIRGI]SYQE]FIEFPIXSHMWXVMFYXIGSTMIW
EWEREPXIVREXMZIXSTVSNIGXMRKXLIWPMHIWhXLSYKLXLIVIQE]FIGMVGYQWXERGIW
MR [LMGL IZIR XLEX MW MQTSWWMFPI 8LI MQTSVXERX XLMRK MW XS XLMRO XLVSYKL
%44)2(-< 97-2+43;)643-28
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP
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TSXIRXMEPGSQTPMGEXMSRWMREHZERGIERHLEZIEFEGOYTTPERVIEH]NYWXMRGEWI
]SYRIIHMX
'ST]VMKLXERH*EMV9WI
;I LEZI QIRXMSRIH WIZIVEP XMQIW XLI IEWI [MXL [LMGL TLSXSKVETLW GLEVXW
KVETLW EYHMS ERH ZMHIS GER FI HS[RPSEHIH JVSQ XLI -RXIVRIX JSV YWI [MXL
4S[IV4SMRX-XtWMQTSVXERX[LIRYWMRKWYGLQEXIVMEPWXSFIE[EVISJERHXS
SFWIVZIGST]VMKLXPE[W
9RHIV GST]VMKLX PE[ WSQISRI [LS [MWLIW XS YWI XLI SVMKMREP [SVO SJ
ERSXLIVTIVWSRQYWXSFXEMRTIVQMWWMSRJVSQXLEXTIVWSRSV[LSIZIVS[RWXLI
QEXIVMEP
ERHSJXIRQYWXTE] EYWEKIJII(IWTMXIXLIWIVIWXVMGXMSRW XLI qJEMV
YWIrTVSZMWMSRSJXLIPE[TIVQMXWWXYHIRXWERHIHYGEXSVWXSIQTPS]TSVXMSRW
SJ GST]VMKLXIH QEXIVMEPWhMRGPYHMRK MQEKIW ERH WSYRHW HS[RPSEHIH PIKEPP]
JVSQ XLI -RXIVRIXhJSV IHYGEXMSREP TYVTSWIW 8LI PE[ MW GSQTPI\ ERH SJXIR
EQFMKYSYW FYXMRKIRIVEPMX EPPS[W]SYXS YWIGST]VMKLXIH QEXIVMEP MRGPEWW
VSSQWTIIGLIWEGGSVHMRKXSXLIWIKYMHIPMRIW
JEMVYWI
%TVSZMWMSRSJGST]VMKLXPE[
XLEXTIVQMXWWXYHIRXWERH
XIEGLIVWXSYWITSVXMSRWSJ
GST]VMKLXIHQEXIVMEPWJSV
IHYGEXMSREPTYVTSWIW
d =SYQE]YWIGST]VMKLXIHQEXIVMEPWJSVE4S[IV4SMRXTVIWIRXEXMSRXLEX]SY
GVIEXI JSV E WTIGMJMG GPEWW -J ]SY MRGPYHI XLI TVIWIRXEXMSR MR ER IQTPS]
QIRXTSVXJSPMS]SYQE]GSRXMRYIXSYWIGST]VMKLXIHQEXIVMEPWMRMX
d =SYQE]RSXYWIQEXIVMEPW]SYSFXEMRIHMPPIKEPP]IKGST]VMKLXIHQEXIVMEP
JVSQEJMPIWLEVMRKRIX[SVO
d =SY QE] RSX TSWX GST]VMKLX QEXIVMEPW FEGO XS XLI ;IF [MXLSYX [VMXXIR
TIVQMWWMSRJVSQXLIGST]VMKLXS[RIV
d =SY QYWX GVIHMX ]SYV WSYVGIW ERH HMWTPE] XLI GST]VMKLX W]QFSPhh[LIR
YWMRK GST]VMKLXIH QEXIVMEP 1EOI WYVI XS QIRXMSR XLI EYXLSVGVIEXSV XMXPI
ERHHEXISJTYFPMGEXMSR8LIYWYEPTVEGXMGIMWXSX]TIXLIGVIHMXPMRIMRTSMRX
JSRXERHXSTPEGIMXFIPS[XLIMXIQJSV[LMGLGVIHMXMWFIMRKKMZIR
/IIT XLIWI KYMHIPMRIW MR QMRH [LIR ]SY WIEVGL JSV MQEKIW ZMHIS ERH
EYHMSSRXLI-RXIVRIXEW[IPPEWMRFSSOWQEKE^MRIWERHSXLIVTVMRXWSYVGIW
6IQIQFIV XS [VMXI HS[R GVIHMX ERH GST]VMKLX MRJSVQEXMSR EW ]SY KS EPSRK
SXLIV[MWI]SYQE]LEZIXSWTIRHI\XVEXMQIPSSOMRKJSVMXPEXIV
7EQTPI7TIIGL[MXL'SQQIRXEV]
GSRRIGXPYGEWGSQ
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0MFVEV]JSVXLMWGLETXIV
:MHIS'PMT%
7EQTPI7TIIGL[MXL'SQQIRXEV]
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LIJSYVXLIPIQIRXSJE.ETERIWIKEVHIRMWTPERXW[LMGL
W]QFSPM^IPMJIERHXLIGLERKMRKWIEWSRW
2SQEXXIV[LMGLSJXLIWISVKERM^EXMSREPQIXLSHW]SYYWIhGLVSRSPSKMGEP
WTEXMEP SV XSTMGEPhFI WYVI XS JSPPS[ XLI KYMHIPMRIW HMWGYWWIH MR 'LETXIV
PMQMX ]SYV WTIIGL XS FIX[IIR X[S ERH JMZI QEMR TSMRXW
OIIT QEMR
TSMRXWWITEVEXI
XV]XSYWIXLIWEQITEXXIVRSJ[SVHMRKJSVEPPQEMRTSMRXW
FEPERGIXLIEQSYRXSJXMQIHIZSXIHXSIEGLQEMRTSMRX
74))',)7%&398463')77)7
TVSGIWW
%W]WXIQEXMGWIVMIWSJEGXMSRW
XLEXPIEHWXSEWTIGMJMGVIWYPX
SVTVSHYGX
%TVSGIWWMWEW]WXIQEXMGWIVMIWSJEGXMSRWXLEXPIEHWXSEWTIGMJMGVIWYPXSVTVSH
YGX7TIIGLIWEFSYXTVSGIWWIWI\TPEMRLS[WSQIXLMRKMWQEHILS[WSQIXLMRK
MWHSRISVLS[WSQIXLMRK[SVOW,IVIEVII\EQTPIWSJKSSHWTIGMJMGTYVTSWI
WXEXIQIRXWJSVWTIIGLIWEFSYXTVSGIWWIW
8SMRJSVQQ]EYHMIRGILS[LYVVMGERIWHIZIPST
8SMRJSVQQ]EYHMIRGILS[XS[VMXIERIJJIGXMZINSFVIWYQ
8SMRJSVQQ]EYHMIRGILS[XSGLSSWIEWXYH]EFVSEHTVSKVEQ
8SMRJSVQQ]EYHMIRGILS[97GYVVIRG]MWQEHI
',%48)6 74)%/-2+83-2*361
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
-RJSVQEXMZIWTIIGLIWEFSYX
SFNIGXWSJXIRGEPPJSVZMWYEP
EMHW,IVI6]ER1G0IRHSRE
GLIQMGEPIRKMRIIVMRKQENSV
JVSQ;IWX:MVKMRME9RMZIVWMX]
I\TPEMRWEQSHIPGEVXLEX
VYRWSRFEOMRKWSHEERHZMR
IKEV8LIGEV[EWIRXIVIHMRE
GSRXIWXWTSRWSVIHF]XLI
%QIVMGER-RWXMXYXISJ'LIQM
GEP)RKMRIIVW
%W XLIWI I\EQTPIW WYKKIWX XLIVI EVI X[S OMRHW SJ MRJSVQEXMZI WTIIGLIW
EFSYXTVSGIWWIW3RIOMRHI\TPEMRWETVSGIWWWSXLEXXLEXPMWXIRIVW[MPP YRHIV
WXERHMXFIXXIV=SYVKSEPMWXSLEZI]SYVEYHMIRGIORS[XLIWXITWSJXLITVSGIWW
ERHLS[XLI]VIPEXIXSSRIERSXLIV-J]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ]
EYHMIRGI LS[ YRHIV[EXIVVSFSXW [SVOr ]SY [MPP I\TPEMR XLI FEWMG XEWOW ERH
QIGLERMWQWSJYRHIV[EXIVVSFSXW=SY[MPPRSXMRWXVYGX]SYVPMWXIRIVWSRLS[
XLI]GERSTIVEXIERYRHIV[EXIVVSFSX
%WIGSRHOMRHSJWTIIGLI\TPEMRWETVSGIWWWSPMWXIRIVW[MPPFIFIXXIVEFPIXS
TIVJSVQ XLITVSGIWW XLIQWIPZIW =SYV KSEP MR XLMW OMRH SJWTIIGL MW XS LEZIXLI
EYHMIRGIPIEVREWOMPP7YTTSWI]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ]EYHMIRGI
LS[XSXEOITMGXYVIWPMOIETVSJIWWMSREPTLSXSKVETLIVr=SY[MPPTVIWIRXTLSXS
KVETLMGXIGLRMUYIWERHWLS[]SYVPMWXIRIVWLS[XLI]GERYXMPM^IXLIQ=SY[ERX
XLIEYHMIRGIXSFIEFPIXSYWIXLIXIGLRMUYIWEWEVIWYPXSJ]SYVWTIIGL
&SXLOMRHWSJWTIIGLIWEFSYXTVSGIWWIWQE]VIUYMVIZMWYEPEMHW%XXLIZIV]
PIEWX]SYWLSYPHTVITEVIEGLEVXSYXPMRMRKXLIWXITWSVXIGLRMUYIWSJ]SYVTVS
GIWW -R WSQI GEWIW ]SY [MPP RIIH XS HIQSRWXVEXI XLI WXITW SV XIGLRMUYIW F]
TIVJSVQMRK XLIQ MR JVSRX SJ ]SYV EYHMIRGI 3RI WXYHIRX HMH WPIMKLXSJLERH
QEKMGXVMGOWXSWLS[XLIXIGLRMUYIWFILMRHXLIQ%RSXLIVI\IGYXIHIPIQIR
XEV]XEMGLMQERIYZIVW-RIEGLGEWIXLIHIQSRWXVEXMSRRSXSRP]GPEVMJMIHXLI
WTIEOIVtWTVSGIWWFYXGETXMZEXIHXLIEYHMIRGIEW[IPP-J]SYEVIYWMRKZMWYEP
EMHWSJER]OMRHFIWYVIXSVIZMI['LETXIV
;LIRMRJSVQMRKEFSYXETVSGIWW]SY[MPPYWYEPP]EVVERKI]SYVWTIIGLMR
GLVSRSPSKMGEPSVHIVI\TPEMRMRKXLITVSGIWWWXITF]WXITJVSQFIKMRRMRKXSIRH
*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVVMXYEPWSJEXVEHM
XMSREP&IRKEPM[IHHMRKMR-RHME
8]TIWSJ-RJSVQEXMZI7TIIGLIW%REP]WMWERH3VKERM^EXMSR
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
'IRXVEP-HIE
%XVEHMXMSREP&IRKEPM[IHHMRKGSRWMWXWSJEWIVMIWSJVMXYEPWXLEX
XEOITPEGIFIJSVIHYVMRKERHEJXIVXLI[IHHMRKGIVIQSR]
1EMR4SMRXW
- 4VI[IHHMRKVMXYEPWMRGPYHIKMZMRKKMJXWXSXLIFVMHIERH
KVSSQERHHVIWWMRKXLIFVMHIMRXVEHMXMSREPJEWLMSR
-- 6
MXYEPWHYVMRKXLI[IHHMRKGIVIQSR]MRGPYHIERI\GLERKI
SJKEVPERHWFIX[IIRXLIFVMHIERHKVSSQXLIGLERXMRKSJ
QERXVEWERHXLIKMZMRKE[E]SJXLIFVMHIF]LIVYRGPI
--- 4SWX[IHHMRKVMXYEPWMRGPYHIEGIPIFVEXMSREXXLILSQISJ
XLIFVMHItWJEQMP]EVIGITXMSREXXLILSQISJXLIKVSSQtW
JEQMP]ERHXLIJSVQEPI\MXSJXLIFVMHIERHKVSSQ
7SQIXMQIW VEXLIV XLER QSZMRK XLVSYKL E TVSGIWW WXIT F] WXIT ]SY [MPP
JSGYW SR XLI QENSV TVMRGMTPIW SV XIGLRMUYIWMRZSPZIHMR TIVJSVQMRK XLITVS
GIWW8LIR]SY[MPPSVKERM^I]SYVWTIIGLMRXSTMGEPSVHIV)EGLQEMRTSMRX[MPP
HIEP[MXLEWITEVEXITVMRGMTPISVXIGLRMUYI*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIGSQQSRQIXLSHWYWIHF]
WXEKIQEKMGMERWXSTIVJSVQXLIMVXVMGOW
'IRXVEP-HIE
7XEKIQEKMGMERWYWIX[SGSQQSRQIXLSHWXSTIVJSVQXLIMV
XVMGOWhQIGLERMGEPHIZMGIWERHWPIMKLXSJLERH
1EMR4SMRXW
- 1ER]QEKMGXVMGOWVIP]SRQIGLERMGEPHIZMGIWXLEXQE]
VIUYMVIPMXXPIWOMPPF]XLIQEKMGMER
-- 3
XLIVQEKMGXVMGOWHITIRHSRXLIQEKMGMERtWWOMPPMR
JSSPMRKTISTPIF]WPIMKLXSJLERHQERMTYPEXMSR
'SRGMWISVKERM^EXMSRMWIWTIGMEPP]MQTSVXERXMRWTIIGLIWEFSYXTVSGIWWIW
=SYQYWXQEOIWYVIIEGLWXITMWGPIEVERHIEW]XSJSPPS[-J]SYVTVSGIWWLEW
QSVIXLERJSYVSVJMZIWXITWKVSYTXLIWXITWMRXSYRMXWXSPMQMXXLIRYQFIVSJ
QEMR TSMRXW *SV I\EQTPI MR E WTIIGL I\TPEMRMRK LS[ XS WIX YT E LSQI
EUYEVMYQEWXYHIRXTVIWIRXIHXLIJSPPS[MRKQEMRTSMRXW
- *MVWX]SYQYWXGLSSWIXLIWM^ISJ]SYVXERO
-- 8LIR]SYQYWXHIXIVQMRIXLIWLETISJ]SYVXERO
--- =SYQYWXEPWSHIGMHILS[QYGL]SYGEREJJSVHXSTE]JSVEXERO
-: 3RGI]SYLEZIXLIXERO]SYRIIHEJMPXIVW]WXIQ
: %LIEXIVMWEPWSEFWSPYXIP]RIGIWWEV]
:- =SYQYWXEPWSKIXEREMVTYQT
:-- 3RGIXLMWMWHSRI]SYRIIHXSGLSSWIKVEZIPJSVXLIXERO
:--- =SY[MPPEPWSRIIHTPERXW
-< 3XLIVHIGSVEXMSRW[MPPVSYRHSYXXLIIJJIGXWSJ]SYVEUYEVMYQ
< 2S[]SYEVIVIEH]XSEHHXLIJMWL
<- *VIWL[EXIVJMWLEVIXLIQSWXGSQQSR
<-- 7EPX[EXIVJMWLEVIQSVII\TIRWMZIERHVIUYMVIWTIGMEPGEVI
2SXWYVTVMWMRKP]XLMW[EWXSSQYGLJSVXLIEYHMIRGIXSJSPPS[8LIWTIEOIV
WLSYPHLEZISVKERM^IHXLITSMRXWWSQIXLMRKPMOIXLMW
- 8LIJMVWXWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWGLSSWMRKEXERO
%8LIWM^ISJXLIXEROMWMQTSVXERX
&8LIWLETISJXLIXEROMWMQTSVXERX
'8LIGSWXSJXLIXEROMWMQTSVXERX
',%48)6 74)%/-2+83-2*361
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
-- 8LIWIGSRHWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWIUYMTTMRKXLIXERO
%=SY[MPPRIIHEJMPXIVW]WXIQ
&=SY[MPPRIIHELIEXIV
'=SY[MPPRIIHEREMVTYQT
(=SY[MPPRIIHKVEZIP
)=SY[MPPRIIHTPERXW
*=SYQE]EPWS[ERXSXLIVHIGSVEXMSRW
--- 8LIXLMVHWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWEHHMRKXLIJMWL
%*VIWL[EXIVJMWLEVIXLIQSWXGSQQSRJSVLSQIEUYEVMYQW
&7EPX[EXIVJMWLEVIQSVII\TIRWMZIERHVIUYMVIWTIGMEPGEVI
8LIWYFTSMRXWGSZIVXLIWEQIXIVVMXSV]EWXLISVMKMREPX[IPZITSMRXWFYXXLVII
QEMRTSMRXWEVIQYGLIEWMIVXSYRHIVWXERHERHVIQIQFIV
74))',)7%&398):)287
8LI6ERHSQ,SYWI(MGXMSREV]HIJMRIWERIZIRXEWqER]XLMRKXLEXLETTIRWSVMW
VIKEVHIHEWLETTIRMRKr&]XLMWHIJMRMXMSRXLIJSPPS[MRKEVII\EQTPIWSJWYMX
EFPIWYFNIGXWJSVMRJSVQEXMZIWTIIGLIWEFSYXIZIRXW
IZIRX
,SPSGEYWX
QSYRXEMRGPMQFMRK
GMZMPVMKLXWQSZIQIRX
NSFMRXIVZMI[W
'MRGSHI1E]S
XWYREQMW
EXXIRXMSRHIJMGMXHMWSVHIV
&EXXPISJ0MXXPI&MK,SVR
%R]XLMRKXLEXLETTIRWSVMW
VIKEVHIHEWLETTIRMRK
%WYWYEP]SY[MPPRIIHXSREVVS[ ]SYVJSGYW ERHTMGOEWTIGMJMGTYVTSWI
]SYGEREGGSQTPMWLMREWLSVXWTIIGL,IVIEVII\EQTPIWSJKSSHWTIGMJMGTYV
TSWIWXEXIQIRXWJSVMRJSVQEXMZIWTIIGLIWEFSYXIZIRXW
8SMRJSVQQ]EYHMIRGISJXLIJIWXMZMXMIWEX1I\MGStW'MRGSHI1E]SGIPIFVEXMSR
8SMRJSVQQ]EYHMIRGIEFSYX[LEXLETTIRIHEXXLI&EXXPISJ0MXXPI&MK,SVR
8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVX]TIWSJXLIVETIYXMGQEWWEKI
8LIVI EVI QER] [E]W XS HMWGYWW IZIRXW -J ]SYV WTIGMJMG TYVTSWI MW XS
VIGSYRXXLILMWXSV]SJERIZIRX]SY[MPPSVKERM^I]SYVWTIIGLMRGLVSRSPSKMGEP
SVHIVVIPEXMRKXLIMRGMHIRXWSRIEJXIVERSXLIVMRXLISVHIVXLI]SGGYVVIH*SV
I\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLILMWXSV]SJXLI4EVEP]QTMGW
'IRXVEP-HIE
3P]QTMGWX]PIKEQIWJSVEXLPIXIW[MXLTL]WMGEPHMWEFMPMXMIW
LEZIQEHIKVIEXWXVMHIWWMRGIXLIJMVWXGSQTIXMXMSRQSVI
XLER]IEVWEKS
1EMR4SMRXW
- ;
LEX[SYPHIZIRXYEPP]FIGSQIXLI4EVEP]QTMGWFIKER
MR[MXLEWTSVXWGSQTIXMXMSRMR+VIEX&VMXEMRMRZSPZ
MRK;SVPH;EV--ZIXIVERW[MXLWTMREPGSVHMRNYVMIW
-- - RXLIIZIRXI\TERHIH[LIREXLPIXIWJVSQXLI
2IXLIVPERHWXSSOTEVX
--- 8LIJMVWXSJJMGMEP4EVEP]QTMG+EQIWJSVMRXIVREXMSREP
EXLPIXIWXSSOTPEGIMR6SQIMR
8]TIWSJ-RJSVQEXMZI7TIIGLIW%REP]WMWERH3VKERM^EXMSR
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
(S]SYRIIHUYMGOEGGIWWXSJEGXWEFSYX]SYVMRJSVQEXMZIWTIIGLXSTMG#0SKSR
XS XLI -RXIVRIX 4YFPMG 0MFVEV]tW 7YFNIGX 'SPPIGXMSR [[[MTPSVKHMZWYFNIGX
[LMGLSJJIVWPMROWXSE[MHIVERKISJLMKLUYEPMX]VIWSYVGIWGLSWIRJSVXLIMVEGGY
VEXIERHVIPMEFPIMRJSVQEXMSR
-J]SYEVIKMZMRKERMRJSVQEXMZIWTIIGLSREXSTMG[MXLQYPXMGYPXYVEPHMQIRWMSRW
]SYQE]JMRHXLIJSPPS[MRK;IFWMXIWYWIJYP
=ELSS6IKMSREPLXXTHMV]ELSSGSQ6IKMSREP
;;;:MVXYEP0MFVEV]%QIVMGER-RHMERW[[[LEROWZMPPISVK2%VIWSYVGIW
4VMRGIXSR 9RMZIVWMX] 0MFVEV] %WMER%QIVMGER7XYHMIW LXXTJMVIWXSRITVMRGIXSR
IHYEWMEREQIVMGER
-RXIVRIX
'SRRIGXMSR
0EXMRS,MWTERMG6IWSYVGIW[[[VGJYWGIHYbGQQV0EXMRSLXQP
%JVMGER%QIVMGER;IF'SRRIGXMSR[[[EE[GGSQ
[[[GSRRIGXPYGEWGSQ
-: - REREKVIIQIRX[EWWMKRIHSJJMGMEPP]LSPHMRKXLI
4EVEP]QTMG+EQIWEPSRKWMHIXLIWYQQIVERH[MRXIV
3P]QTMG+EQIW
=SYGERETTVSEGLERIZIRXJVSQEPQSWXER]ERKPISVGSQFMREXMSRSJERKPIWh
JIEXYVIWSVMKMRWMQTPMGEXMSRWFIRIJMXWJYXYVIHIZIPSTQIRXWERHWSJSVXL-RWYGL
GEWIW]SY[MPPTYX]SYVWTIIGLXSKIXLIVMRXSTMGEPSVHIV%RH]SYWLSYPHQEOIWYVI
]SYVQEMRTSMRXWWYFHMZMHIXLIWYFNIGXPSKMGEPP]ERHGSRWMWXIRXP]*SVMRWXERGI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLVIIEWTIGXWSJXLI1EVHM
+VEWGIPIFVEXMSRMR2I[3VPIERW
'IRXVEP-HIE
8LI1EVHM+VEWGIPIFVEXMSRMR2I[3VPIERWMWVIRS[RIHJSV
MXWTEVEHIWGSWXYQIWERHJSSH
1EMR4SMRXW
- 8LITEVEHIWEVIPEZMWLIZIRXWXLEXXEOITPEGISZIVXLI
GSYVWISJWIZIVEP[IIOW
-- 8
LIGSWXYQIWMRGPYHIHMWKYMWIWQIHEPPMSRWERHXLISJJM
GMEP1EVHM+VEWGSPSVWSJTYVTPIKVIIRERHKSPH
--- 8LIJSSHJIEXYVIW'ENYRERH'VISPIHMWLIWGSQQSRXS
WSYXLIVR0SYMWMERE
74))',)7%&398'32')487
'SRGITXWMRGPYHIFIPMIJWXLISVMIWMHIEWTVMRGMTPIWERHXLIPMOI8LI]EVIQSVI
EFWXVEGXXLERSFNIGXWTVSGIWWIWSVIZIRXW8LIJSPPS[MRKEVII\EQTPIWSJWYF
NIGXWJSVWTIIGLIWEFSYXGSRGITXW
'SRJYGMERMWQ
WXVMRKXLISV]
TLMPSWSTLMIWSJIHYGEXMSR
TVMRGMTPIWSJJIQMRMWQ
SVMKMREPMRXIRXHSGXVMRI
I\MWXIRXMEPMWQ
RYQIVSPSK]
LYQERVMKLXW
',%48)6 74)%/-2+83-2*361
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
-RJSVQEXMZIWTIIGLIWXEOI
TPEGIMRE[MHIVERKISJWMXY
EXMSRW,IVI'LMRIWIWGMIRXMWX
<Y<MRKWTIEOWXSERMRXIVRE
XMSREPEYHMIRGIMR&IMNMRK
EFSYXXLIHMWGSZIV]SJXLI
[SVPHtWPEVKIWXFMVHPMOI
HMRSWEYV
8EOMRK E JI[ SJ XLIWI KIRIVEP WYFNIGXW LIVI EVI WSQI WTIGMJMG TYVTSWI GSRGITX
WXEXIQIRXWJSVWTIIGLIWEFSYXGSRGITXW
%FIPMIJXLISV]MHIERSXMSR
TVMRGMTPISVXLIPMOI
8SMRJSVQQ]EYHMIRGIEFSYXXLIFEWMGTVMRGMTPIWSJ'SRJYGMERMWQ
8SMRJSVQQ]EYHMIRGIEFSYXXLIHSGXVMRISJSVMKMREPMRXIRXMRGSRWXMXYXMSREP
MRXIVTVIXEXMSR
8SMRJSVQQ]EYHMIRGIEFSYXXLIHMJJIVIRXTLMPSWSTLMIWSJIHYGEXMSRMR)YVSTIERH
XLI9RMXIH7XEXIW
7TIIGLIWEFSYXGSRGITXWEVIYWYEPP]SVKERM^IHMRXSTMGEPSVHIVERHJSGYWSR
XLIQEMRJIEXYVIWSVEWTIGXWSJ]SYVGSRGITX*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIFEWMGTVMRGMTPIWSJRSRZM
SPIRXVIWMWXERGI
'IRXVEP-HIE
8LIFEWMGTVMRGMTPIWSJRSRZMSPIRXVIWMWXERGIWXVIWWYWMRK
QSVEPQIERWXSEGLMIZIWSGMEPGLERKIVIJYWMRKXSMRJPMGX
ZMSPIRGISRSRItWIRIQMIWERHYWMRKWYJJIVMRKEWEWSGMEP
JSVGI
1EMR4SMRXW
- 8
LIJMVWXQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMWXLEX
WSGMEPGLERKIQYWXFIEGLMIZIHF]QSVEPQIERW
-- 8
LIWIGSRHQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMW
XLEXSRIWLSYPHRSXMRJPMGXZMSPIRGISRSRItWIRIQMIW
--- 8
LIXLMVHQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMWXLEX
WYJJIVMRKGERFIETS[IVJYPWSGMEPJSVGI
8]TIWSJ-RJSVQEXMZI7TIIGLIW%REP]WMWERH3VKERM^EXMSR
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
%RSXLIVETTVSEGLMWXSHIJMRIXLIGSRGITX]SYEVIHIEPMRK[MXLMHIRXMJ]
MXW QENSV IPIQIRXW ERH MPPYWXVEXI MX [MXL WTIGMJMG I\EQTPIW %R I\GIPPIRX
MRWXERGISJXLMWGEQIMREWXYHIRXWTIIGLEFSYX-WPEQ
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIFEWMGTVMRGMTPIWSJ-WPEQ
'IRXVEP-HIE
8LIFIPMIJWSJ-WPEQGERFIXVEGIHXSXLITVSTLIX1YLEQ
QEHEVI[VMXXIRMRXLI/SVERERHLEZITVSHYGIHERYQFIV
SJWIGXW
1EMR4SMRXW
- -WPEQ[EWJSYRHIHF]XLITVSTLIX1YLEQQEHMRXLI
IEVP]W
-- 8
LIXIEGLMRKWSJ-WPEQEVI[VMXXIRMRXLI/SVERXLILSP]
FSSOSJ-WPEQ
--- 8SHE]-WPEQMWHMZMHIHMRXSERYQFIVSJWIGXWXLIPEVKIWX
SJ[LMGLEVIXLI7YRRMWERHXLI7LMMXIW
7TIIGLIWEFSYXGSRGITXWEVISJXIRQSVIGSQTPI\XLERSXLIVOMRHWSJMRJSV
QEXMZIWTIIGLIW;LIRHIEPMRK[MXLGSRGITXWTE]WTIGMEPEXXIRXMSRXSEZSMH
MRKXIGLRMGEPPERKYEKIXS HIJMRMRK XIVQWGPIEVP]ERHXS YWMRK I\EQTPIW ERH
GSQTEVMWSRWXSMPPYWXVEXIXLIGSRGITXW
0SSOJSVI\EQTPIEX:MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV[LMGLTVIWIRXWERI\GIVTXJVSQ EWXYHIRXWTIIGLEFSYXXLI'LMRIWI
TLMPSWSTL] SJ 'SRJYGMERMWQ 2SXMGI LS[ XLI WXYHIRX HIJMRIW 'SRJYGMERMWQ
ERH XLIR I\TPEMRW MXW YRMJ]MRK TVMRGMTPI SJ NIR -J ]SY KMZI ER MRJSVQEXMZI
WTIIGLEFSYXEGSRGITXKMZIWTIGMEPXLSYKLXXSLS[]SYGERQEOIXLEXGSR
GITXGPIEVERHGSQTVILIRWMFPIXS]SYVPMWXIRIVW
GSRRIGXPYGEWGSQ
:MI[ERI\GIVTXJVSQq'SRJY
GMERMWQrMRXLISRPMRI1IHME
0MFVEV]JSVXLMWGLETXIV
:MHIS'PMT
8LIPMRIWHMZMHMRKWTIIGLIWEFSYXSFNIGXWTVSGIWWIWIZIRXWERHGSRGITXWEVI
RSXEFWSPYXI7SQIWYFNIGXWGSYPHJMXMRXSQSVIXLERSRIGEXIKSV]HITIRH
MRK SR LS[ ]SY HIZIPST XLI WTIIGL *SV I\EQTPI E WTIIGL EFSYX XLI
HIWXVYGXMSR SJ ERGMIRX 4SQTIMM F] XLI IVYTXMSR SJ 1SYRX :IWYZMYW [SYPH
TVSFEFP]HIEP[MXLMXWWYFNIGXEWERIZIRXFYXEWTIIGLSR[LEXGEYWIWZSP
GERSIWXSIVYTX[SYPHQSWXPMOIP]XVIEXMXWWYFNIGXEWETVSGIWW8LIMQTSV
XERX WXIT MW XS HIGMHI [LIXLIV ]SY [MPP LERHPI ]SYV WYFNIGX EW ER SFNIGX E
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PMWXIRIVWtFEWMGEXXMXYHIWZEPYIWERHFIPMIJW8LMWQE]MRGVIEWIXLIMVVIWMWXERGI
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GSRWYQIVWEPMOI
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MWEWIVMSYWTVSFPIQ
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GLIQMGEPWMRLSYWILSPHTVSHYGXWEVIGSRXVMFYXMRKXS
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0YGEW8LI%VXSJ4YFPMG
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KSZIVRQIRXERHGSRWYQIVEGXMSR
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VIKYPEXMSRWGSRXVSPPMRKXLIYWISJERXMFEGXIVMEP
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]SYQMKLXEVKYIXLEXXLIVIMWRSXERIIHJSVGLERKI-RXLIWIGSRHQEMRTSMRX]SY
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RSVTVEGXMGEP
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% 9RHIVXLIGYVVIRXW]WXIQXLITSPMGIHITEVXQIRXLEW
HIZIPSTIHEVITYXEXMSRJSVI\GIPPIRGIXLEXLEWQEHI
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HSMRKMXWNSFUYMGOP]ERHIJJMGMIRXP]
-- &
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HITEVXQIRXWMWLMKLP]MQTVEGXMGEP
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HITEVXQIRXW[SYPHMRGVIEWIGSWXW
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JVSQSYVTSPMGIJSVGIERHJMVIJMKLXIVW
4VSFPIQ'EYWI7SPYXMSR3VHIV
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7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIEKIJSVJYPPQSXSVZILMGPI
HVMZMRKTVMZMPIKIWWLSYPHFIVEMWIHXS
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8LIRYQFIVSJEGGMHIRXWERHHIEXLWMRZSPZMRKXIIREKI
HVMZIVWMWEWIVMSYWTVSFPIQXLEXGERFIGSRXVSPPIHF]VEMWMRK
XLIEKIJSVJYPPHVMZMRKTVMZMPIKIWXS
1EMR4SMRXW
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LIRYQFIVSJEGGMHIRXWERHHIEXLWMRZSPZMRKXIIREKI
HVMZIVWMWEWIVMSYWREXMSREPTVSFPIQ
',%48)6 74)%/-2+834)679%()
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& 8LIVMWOWSJFIMRKMRZSPZIHMREJEXEPEGGMHIRXEVI
LMKLIWXJSVERH]IEVSPHHVMZIVW
-- 8LIVIEVIJSYVQEMRGEYWIWSJXLITVSFPIQ
% =SYRKIVHVMZIVWLEZIRtXLEHIRSYKLI\TIVMIRGIXS
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SJSXLIVXIIREKIVWMRXLIGEV
--- ;
IGERLIPTWSPZIXLIWITVSFPIQWF]VEMWMRKXLIEKIJSV
JYPPHVMZMRKTVMZMPIKIW
% %PXLSYKLERH]IEVSPHWWLSYPHLEZIPMQMXIH
HVMZMRKTVMZMPIKIWXLI]WLSYPHRSXVIGIMZIER
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& 8LMW[MPPEPPS[]SYRKIVHVMZIVWXMQIXSKEMRQEXYVMX]ERH
I\TIVMIRGIFIJSVIVIGIMZMRKYRPMQMXIHHVMZMRKTVMZMPIKIW
GSRRIGXPYGEWGSQ
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8IIREKI(VMZMRKrMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV:MHIS'PMT
7SQI XIEGLIVW TVIJIV XLMW QIXLSH SJ SVKERM^EXMSR FIGEYWI MX VIUYMVIW E
WTIEOIVXS MHIRXMJ] XLIGEYWIWSJ XLITVSFPIQ 8LMWMRXYVRQEOIW MXIEWMIVXS
GLIGO[LIXLIVXLITVSTSWIHWSPYXMSR[MPPKIXEXXLIGEYWIWSJXLITVSFPIQ
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;LIR]SYVEYHMIRGIEPVIEH]EKVIIWXLEXETVSFPIQI\MWXW]SYGERHIZSXI]SYV
WTIIGLXSGSQTEVMRKXLIEHZERXEKIWERHHMWEHZERXEKIWSJGSQTIXMRKWSPYXMSRW
-R WYGL E WMXYEXMSR ]SY QMKLX TYX ]SYV WTIIGL MR GSQTEVEXMZI EHZERXEKIW
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0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
GSQTEVEXMZI
EHZERXEKIWSVHIV
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MWTVIJIVEFPIXSSXLIVTVSTSWIH
WSPYXMSRW
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8I\X
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7YTTSWI]SY[ERXXSGSRZMRGI]SYVEYHMIRGIXLEXEYXSQEOIVWWLSYPHTYX
KVIEXIVIQTLEWMWSRHIZIPSTMRKL]HVSKIRJYIPGIPPGEVWXLERKEWIPIGXVMGL]FVMH
GEVW9WMRKGSQTEVEXMZIEHZERXEKIWSVHIV]SY[SYPHGSQTEVIL]HVSKIRGEVW
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WTIGMJMGTYVTSWIGIRXVEPMHIEERHQEMRTSMRXWQMKLXPSSOPMOIXLMW
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEYXSQEOIVWWLSYPHTYX
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1EMR4SMRXW
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RPMOIL]FVMHGEVWL]HVSKIRGEVWVYRIRXMVIP][MXLSYX
KEWSPMRI
-- 9
RPMOIL]FVMHGEVWL]HVSKIRGEVWHSRSXIQMXER]EMV
TSPPYXMRKI\LEYWX
1SRVSItW1SXMZEXIH7IUYIRGI
1SRVSItWQSXMZEXIH
WIUYIRGI
%QIXLSHSJSVKERM^MRK
TIVWYEWMZIWTIIGLIWXLEXWIIO
MQQIHMEXIEGXMSR8LIJMZI
WXITWSJXLIQSXMZEXIHWIUYIRGI
EVIEXXIRXMSRRIIHWEXMWJEGXMSR
ZMWYEPM^EXMSRERHEGXMSR
(IZIPSTIHMRXLIWF]%PER1SRVSIETVSJIWWSVSJWTIIGLEX4YVHYI9RMZIV
WMX]XLIQSXMZEXIHWIUYIRGIMWXEMPSVQEHIJSVTSPMG]WTIIGLIWXLEXWIIOMQQIHM
EXIEGXMSR8LIWIUYIRGILEWJMZIWXITWXLEXJSPPS[XLITW]GLSPSK]SJTIVWYEWMSR
%XXIRXMSR*MVWX]SYKEMRXLIEXXIRXMSRSJ]SYVEYHMIRGIF]YWMRKSRISVQSVI
SJXLIQIXLSHWHIWGVMFIHMR'LETXIVVIPEXMRKXSXLIEYHMIRGIWLS[MRKXLI
MQTSVXERGISJXLIXSTMGQEOMRKEWXEVXPMRKWXEXIQIRXEVSYWMRKGYVMSWMX]SV
WYWTIRWITSWMRKEUYIWXMSRXIPPMRKEHVEQEXMGWXSV]SVYWMRKZMWYEPEMHW
2
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IRHSJXLMWWXITPMWXIRIVWWLSYPHFIWSGSRGIVRIHEFSYXXLITVSFPIQXLEX
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7 EXMWJEGXMSR ,EZMRK EVSYWIH E WIRWI SJ RIIH ]SY WEXMWJ] MX F] TVSZMHMRK
E WSPYXMSR XS XLI TVSFPIQ =SY TVIWIRX ]SYV TPER ERH WLS[ LS[ MX [MPP
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YRHIVWXERHMRKSJMX
:
MWYEPM^EXMSR,EZMRKKMZIR]SYVTPER]SYMRXIRWMJ]HIWMVIJSVMXF]ZMWYEP
M^MRKMXWFIRIJMXW8LIOI]XSXLMWWXITMWYWMRKZMZMHMQEKIV]XSWLS[]SYV
PMWXIRIVWLS[XLI][MPPTVSJMXJVSQ]SYVTSPMG]1EOIXLIQWIILS[QYGL
FIXXIVGSRHMXMSRW[MPPFISRGI]SYVTPERMWEHSTXIH
%
GXMSR 3RGI XLI EYHMIRGI MW GSRZMRGIH ]SYV TSPMG] MW FIRIJMGMEP ]SY EVI
VIEH]XSGEPPJSVEGXMSR7E]I\EGXP][LEX]SY[ERXXLIEYHMIRGIXSHShERH
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XLIMVGSQQMXQIRXXSEGX
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XLER TVSFPIQWSPYXMSR SVHIV -X JSPPS[W XLI TVSGIWW SJ LYQER XLMROMRK ERH
PIEHWXLIPMWXIRIVWXITF]WXITXSXLIHIWMVIHEGXMSR3RIMRHMGEXMSRSJMXWIJJIG
XMZIRIWWMWXLEXMXMW[MHIP]YWIHF]TISTPI[LSQEOIXLIMVPMZMRKF]TIVWYEWMSRh
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XS XLI GSQQIVGMEPW =SY [MPP JMRH XLEX QER] SJ XLIQ JSPPS[ XLI QSXMZEXIH
WIUYIRGIEWMRXLMWI\EQTPI
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VEPEHHVIWWXLIFEWOIXFEPPGSEGLKMZIWEWTIIGLLSRSVMRKXLIXIEQtWQSWXZEPY
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WTIIGLIWLIPTKMZIXLISGGEWMSRMXWqWTIGMEPRIWWr8LI]EVITEVXSJXLIGIVIQS
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EWTIGMEPSGGEWMSR-RXLMWGLETXIV[IPSSOEXXLIQSWXGSQQSRWTIGMEPSGGE
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7
7TIIGLIWSJ-RXVSHYGXMSR
WTIIGLSJMRXVSHYGXMSR
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WMXYEXMSRMR[LMGL]SYLEZIXSMRXVSHYGIXLI4VIWMHIRX]SY[MPPRIIHRSQSVI
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8I\X
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7TIIGLIWSJ-RXVSHYGXMSR
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP
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4VIWMHIRXMEPMREYKYVEPEHHVIWWIWEVIEQENSVOMRHSJWTIGMEPSGGEWMSRWTIIGL=SY
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MQEKMREXMSRSJGLMPHVIRhERHQSVIXLEREJI[EHYPXWhEVSYRHXLIKPSFI
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4SXXIVGEQISREXVEMRVMHIJVSQ1ERGLIWXIVXS0SRHSRMR3ZIVXLIRI\XJI[]IEVW
WLIGSQTMPIHRSXIWEWXLIWXSV]XSSOWLETIMRLIVQMRH8LIFYPOSJXLI[VMXMRKXSSOTPEGI
[LIRWLI[EWEWMRKPIQSXLIVSRTYFPMGEWWMWXERGIMR)HMRFYVKL7LI[EWXIEGLMRK*VIRGL
XSXIIREKIVWMRXLIQMHW[LIRWLILIEVHXLEXXLIJMVWX,EVV]4SXXIVFSSOLEHFIIR
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7LI[MPPFIXIPPMRKYWXLMWEJXIVRSSRQSVIEFSYX[LEXMRWTMVIHLIVJEWGMREXMRKWXSV]SJ
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',%48)6 74)%/-2+3274)'-%03''%7-327
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP
3GGEWMSRW
8I\X
8LI1G+VE[n,MPP
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7TIIGLIWJSVWTIGMEPSGGEWMSRW
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HMJJIVIRGIWJSVXLIIPIZEXMSRSJ[LEXMWFIWXEFSYXYWEPP
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XEPPIWWSRSJEPPhXLEXMRXLIIRHETEVXLIMH[EWEHIJIEXSJXLILIEVXXLIQMRHXLI
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HS[RIZIV]PEWXZIWXMKISJETEVXLIMHMRSYVS[RLIEVXWhIZIV]XLMRKXLEXHMZMHIWYW
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XS GSRXMRYI LMW QMWWMSR ERH XS PMZI F] XLI TS[IV SJ LMW TVSJSYRH ERH [SRHIVJYP
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7TIIGLIWSJ%GGITXERGI
EGGITXERGIWTIIGL
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JSVEKMJXERE[EVHSV
WSQISXLIVJSVQSJTYFPMG
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