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FJOTFUPT0TQJTPTEFWFSPTFSUPUBMNFOUFTFMBEPTFSF
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JOUFSOPTEFWFSPTFSNJOJNJ[BEBTFGBDJMNFOUFTFMBEBT
QBSBGBDJMJUBSBEFTDPOUBNJOBP0TJTUFNBEFESFOBHFN

3%/)))
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SFFOUSODJBTRVFEFWFSPTFSJNQFSNFWFJTHVBFSF
TJTUFOUFTBPDBMPSNPEFSBEPFBPTTPMWFOUFTPSHOJDPT
DJEPT MDBMJTFTPMWFOUFTRVNJDPTVUJMJ[BEPTOBEFTDPOUB
NJOBPEBTTVQFSGDJFTEFUSBCBMIPFEPTFRVJQBNFOUPT
0TNWFJTEPMBCPSBUSJPEFWFSPUFSVNBDPOTUSVP
TJNQMFTFTVQPSUBSDBSHBTFVTPTQSFWJTUPT0FTQBBNFO
UPFOUSFCBODBEBT DBCJOFT BSNSJPTFFRVJQBNFOUPT
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CPSBUSJPEFWFSPTFSDPCFSUPTQPSVNNBUFSJBMRVFOP
TFKBUFDJEPFRVFQPTTBTFSGBDJMNFOUFEFTDPOUBNJOBEP
1JBTDPNBDJPOBNFOUPBVUPNUJDPPVRVFTFKBNBDJPOB
EBTTFNVTPEBTNPTEFWFSPTFSDPOTUSVEBTQSYJNBT
QPSUBEBTBMBEBDBCJOFFQFSUPEPTWFTUJSJPTJOUFSOPTF
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4FFYJTUJSVNTJTUFNBDFOUSBMEFWDVP FTUFOPEFWFS
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BQFSNJUJSBEFTDPOUBNJOBPFBTVCTUJUVJPMPDBMEPT
NFTNPT0VUSBTMJOIBTVUJMJUSJBT DPNPBEFHTFMRVJ
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4FIPVWFSCFCFEPVSPTEFHVB FMFTEFWFSPTFSBDJPOB
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TFSWJPEFBCBTUFDJNFOUPEBHVBEPTCFCFEPVSPTEFWFS
TFSJTPMBEPEPTJTUFNBEFEJTUSJCVJPFBCBTUFDJNFOUPEF
HVBEBTSFBTMBCPSBUPSJBJTFEFWFSTFSFRVJQBEPDPN
VNEJTQPTJUJWPRVFQSFWJOBPSFUPSOPEPnVYP
3%/)))
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5PEPTPTMBCPSBUSJPTEFWFSPQPTTVJSBVUPDMBWFTEFEVBT
QPSUBTQBSBBEFTDPOUBNJOBPEFNBUFSJBJTRVFQBTTFN
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FYUFSOBEBBVUPDMBWFTPNFOUFQPTTBTFSBCFSUBEFQPJTRVF
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5PEPTPTMBCPSBUSJPTEFWFSPQPTTVJSUBORVFTEFJNFS
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NUPEPT FRVJWBMFOUFT EF EFTDPOUBNJOBP EF GPSNB
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***FEBTTBMBTDPNBTDBCJOFT
&nVFOUFTMRVJEPTWJOEPTEBQBSUFTVKBEPTWFTUJSJPTJO
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TPTTBOJUSJPTMJNQPTEFWFSPTFSKPHBEPTOPFTHPUPTFN
BOUFTQBTTBSQPSVNUSBUBNFOUP0QSPDFTTPVTBEPQBSB
BEFTDPOUBNJOBPEFEFKFUPTMRVJEPTEFWFSTFSWBMJEB
EPmTJDBNFOUFFCJPMPHJDBNFOUF
5PEPTPTMBCPSBUSJPTEFWFSPQPTTVJSVNTJTUFNBEF
WFOUJMBPTFNVNBSFDJSDVMBP0TDPNQPOFOUFTEF
BCBTUFDJNFOUPFEFMJCFSBPEPTJTUFNBEFWFSPFTUBS
FRVJMJCSBEPTQBSBBTTFHVSBSVNnVYPEFBSEJSFDJPOBEP
EBSFBEFNFOPTSJTDPQBSBSFB T
EFNBJPSSJTDPQPUFO
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3%/)))
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0QSPKFUPFPTQSPDFEJNFOUPTPQFSBDJPOBJTEFVNMPDBM
EFOWFMEFCJPTTFHVSBOBEFWFSPTFSEPDVNFOUBEPT
0MPDBMEFWFSTFSUFTUBEPFNGVOPEPQSPKFUPFEPT
QBSNFUSPTPQFSBDJPOBJTQBSBTFSWFSJmDBEPTFFTUFTSFBM
NFOUFBUFOEFNBUPEPTPTDSJUSJPT BOUFTRVFDPNFDFN

3%/)))
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MBEPTFOUSFPMBCPSBUSJPFPFYUFSJPS QPSFYFNQMP GBY
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#
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BS BMBSNFTFUBORVFTEFBSEFSFGPSPEFFNFSHODJB"
FOUSBEBOFTUBSFBEFWFSTFSGFJUBBUSBWTEFVNBDNB
SBEFDPNQSFTTPBEBQUBEBDPNQPSUBTIFSNUJDBT6N
DIVWFJSPRVNJDPQBSBEFTDPOUBNJOBPEBTVQFSGDJFEB
SPVQB BOUFTRVFPUSBCBMIBEPSTBJBEBSFB EFWFSTFS
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FNDBTPTEFFNFSHODJB TFSJOTUBMBEPQBSBFWJUBSRVF
PTTJTUFNBTEFTVQPSUFEFWJEB PTBMBSNFT BJMVNJOBP
PTDPOUSPMFTEFFOUSBEBFTBEBFBTDBCJOFTEFTFHVSBO
BQBSFNEFGVODJPOBS"QSFTTPEPBSEFOUSPEBSPVQB
EFWFSTFSQPTJUJWBFNSFMBPSFBBPSFEPSEPMBCPSB

3%/)))
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EPDPNPTQBSNFUSPTPQFSBDJPOBJT
6NBBVUPDMBWFDPNEVBTQPSUBTEFWFSTFSJOTUBMBEBOB
CBSSFJSBEFDPOUFOPQBSBEFTDPOUBNJOBPEPTEFKFUPT
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EFWFSTFSDPMPDBEPOPMPDBMQBSBQFSNJUJSBQBTTBHFNEF
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TJTUFNBEFESFOBHFNEPQJTPEFWFSDPOUFSTJGFTDIFJPT
EFEFTJOGFUBOUFRVNJDPEFFmDDJBDPNQSPWBEBDPOUSBP
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3%/)))
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TFSDPCFSUPTQPSVNNBUFSJBMRVFOPTFKBUFDJEPFRVF
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NBTSFBFNDPOKVOUPDPNBSPVQBEFQSPUFP"DPOT
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5PEPTPTMBCPSBUSJPTEFWFSPQPTTVJSVNTJTUFNBEF
WFOUJMBPTFNSFDJSDVMBP0TDPNQPOFOUFTEFJOTVnB
PFFYBVTUPEFBSEPTJTUFNBEFWFSPFTUBSFRVJMJCSB
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NFOPTSJTDPQBSBSFB T
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BTSFBTBEKBDFOUFTEFWFSTFSNPOJUPSBEPFEFWFSDPO
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NBOFJSBBQSPQSJBEB RVFJOEJRVFFDPOmSNFPEJGFSFODJBM
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EJTUBOUFEPTFTQBPTPDVQBEPTFEBTFOUSBEBTEFBS0 T

mMUSP T
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TFDPNQBSBEPBPOEJDFEFNFOPTEFEBQP
QVMBPFNHFSBM
$PCBJBTPVDBNVOEPOHPTFYQFSJNFOUBMNFOUF
JOGFDUBEPTOPPGFSFDFNPNFTNPSJTDP VNBWF[RVFODMFPTFN
QFSEJHPUPTOPTPQSPEV[JEPTQFMBUPTTFOFTTBTFTQDJFT1PSN

3%/6))
2%,!/$/3!'%.4%3
PEFKFUPEFBOJNBJTJOGFDUBEPTQPEFTFUPSOBSDPOUBNJOBEPFTFS
WJSDPNPVNBGPOUFEFBFSPTTJTJOGFDDJPTPT
3-0TCBDJMPTEBUVCFSDVMPTFQPEFN
TFSFODPOUSBEPTOPFTDBSSP OPTMRVJEPTEFMBWBHFNHTUSJDB OP
MRVJEPDFSFCSPFTQJOIBM OBVSJOBFOBTMFTFTFNWSJPTUFDJEPT
"FYQPTJPBPTBFSPTTJTQSPEV[JEPTFNMBCPSBUSJPPSJTDP
NBJTJNQPSUBOUFFODPOUSBEP0TCBDJMPTEBUVCFSDVMPTFQPEFN
TPCSFWJWFSFNFTGSFHBPTmYBEPTDPNPDBMPSFTFSOFCVMJ[BEPT
OBQSFQBSBPEFTFDFTDPOHFMBEBTFEVSBOUFBNBOJQVMBPEF
DVMUVSBTMRVJEBT%FWJEPCBJYBEPTFJOGFDDJPTBEB.UVCFSDVMPTJT
QBSBIPNFOT JF %*CBDJMPT
F FNBMHVOTMBCPSBUSJPT VN
BMUPOEJDFEFJTPMBNFOUPEFPSHBOJTNPTSFTJTUFOUFTBPDJEPPSJ
HJOBEPEFBNPTUSBTDMOJDBT
PFTDBSSPFPVUSBTBNPTUSBT
DMOJDBTEFDBTPTEFUVCFSDVMPTFTVTQFJUPTPVKDPNQSPWBEPTEF
WFNTFSDPOTJEFSBEPTQPUFODJBMNFOUFJOGFDDJPTPTFNBOJQVMBEPT
DPNPTBEFRVBEPTDVJEBEPT
EJDBEPTQBSBBTNBOJQVMBFTEFNBUFSJBJTDMOJDPTRVFOPQSPEV
[BNBFSPTTJT DPNPBQSFQBSBPEFFTGSFHBPTDJEPSFTJTUFOUFT
5PEBTBTBUJWJEBEFTRVFGPSNFNBFSPTTJTEFWFSPTFSDPOEV[JEBT
FNDBCJOFTEFTFHVSBOBCJPMHJDBTDMBTTF*PV**3FDPNFOEBTFP
VTPEFVNBCBOEFKBQBSBBRVFDFSBMNJOBBPJOWTEFTFDMBFN
VNCJDPEF#VOTFO"MJRVJEJmDBPPVBDPODFOUSBPEPFTDBSSP
QBSBBDPMPSBPDJEPSFTJTUFOUFQPEFUBNCNTFSDPOEV[JEBEF
GPSNBTFHVSBFNVNBCBODBEBBCFSUB USBUBOEP QSJNFJSBNFOUF B
BNPTUSB FNVNBDBCJOFEFTFHVSBOBDMBTTF*PV**
DPNVNJHVBM
WPMVNFEFTPMVPEFIJQPDMPSJUPEFTEJPB CSBORVFBNFOUP
EPNTUJDPOPEJMVEP
F EFQPJT FTQFSBOEPNJOVUPTBOUFTEB
DFOUSJGVHBP
"TQSUJDBT PTFRVJQBNFOUPTEFDPOUFOPFBTJOTUBMBFTEP
OWFMEFCJPTTFHVSBOBTPJOEJDBEPTQBSBBUJWJEBEFTMBCPSBUP
SJBJTOBQSPQBHBPFOBNBOJQVMBPEFDVMUVSBTEF.UVCFSDVMP
TJTPV.CPWJTFQBSBFTUVEPTBOJNBJTRVFVUJMJ[FNQSJNBUBTOP
IVNBOPTOBUVSBMNFOUFPVFYQFSJNFOUBMNFOUFJOGFDUBEPTDPNB
.UVCFSDVMPTJTPVB.CPWJT&TUVEPTBOJNBJTVUJMJ[BOEPDPCBJBT

3%/6))
2%,!/$/3!'%.4%3
PVDBNVOEPOHPTQPEFNTFSDPOEV[JEPTFNVNOWFMEFCJPTTFHV
SBOBBOJNBM
00UFTUFDVUOFPDPNVNBQSPUFOBQVSJmDBEB
EFSJWBEB 11%
EFQFTTPBTRVFUSBCBMIBNFNMBCPSBUSJPTFBQSF
TFOUFNVNUFTUFDVUOFPOFHBUJWPQPEFTFSVTBEPDPNPVNQSP
DFEJNFOUPEFWJHJMODJB6NBWBDJOBEFWSVTWJWPBUFOVBEP #$(

FODPOUSBTFEJTQPTJP NBTOPVTBEBOPT&TUBEPT6OJEPT
QBSBFRVJQFTEFMBCPSBUSJP0MFJUPSEFWFDPOTVMUBSBTSFDPNFO
EBFTBUVBJTEP"EWJTPSZ$PNNJUUFFPO*NNVOJ[BUJPO1SBDUJDFT
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QVCMJDBEBTOP$%$.PSCJEJUZBOE.PSUBMJUZ8FFLMZ3FQPSU
..83
QBSBBTSFDPNFOEBFTBUVBJTEFWBDJOBP
JNQPSUBPEPBHFOUFDPOTFHVJEBOP$%$+BMJDFOBQBSBJN
QPSUBPFUSBOTQPSUFEPNTUJDPEB.CPWJTEFWFTFSPCUJEBKVOUP
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"HFOUF/FJTTFSJBHPOPSSIPFBF
"TJOGFDFTHPOPDDJDBTBTTPDJBEBTBMBCPSBUSJPUNTJEPSF
MBUBEBTOPT&TUBEPT6OJEPT
3-&TTFBHFOUFQPEFTFSFODPOUSBEPFN
FYTVEBUPTDFSWJDBJT VSFUSBJTFDPOKVOUJWBJT OPMRVJEPTJOPWJBM OB
VSJOB OBTGF[FTFOPMRVJEPDFSFCSPFTQJOIBM"JOPDVMBPQBSFO
UFSBMBDJEFOUBMFPDPOUBUPEJSFUPPVJOEJSFUPEBNFNCSBOBNVDPTB
DPNNBUFSJBJTJOGFDDJPTPTTPPTSJTDPTQSJNSJPTMBCPSBUPSJBJTDP
OIFDJEPT"JNQPSUODJBEPTBFSPTTJTOPGPJBJOEBEFUFSNJOBEB
EJDBEPTQBSBUPEBTBTBUJWJEBEFTRVFFOWPMWBNPVTPPVBNBOJ
QVMBPEFNBUFSJBJTDMOJDPTPVEFDVMUVSBT3FDPNFOEBTFPVTP
EFMVWBTBPNBOJQVMBSBOJNBJTMBCPSBUPSJBJTJOGFDUBEPTFRVBOEP
IPVWFSBQPTTJCJMJEBEFEPDPOUBUPEJSFUPEBQFMFDPNPTNBUFSJBJT
JOGFDDJPTPT$VJEBEPTEFDPOUFOPQSJNSJBPVQFTTPBM DPNPBT
EFTDSJUBTQBSBPOWFMEFCJPTTFHVSBOB QPEFNTFSJOEJDBEPT
QBSBBQSPEVPEFQFSEJHPUPTPVBFSPTTJTFQBSBBTBUJWJEBEFT
FOWPMWFOEPRVBOUJEBEFTEFQSPEVPPVDPODFOUSBFTEFNBUF
SJBJTJOGFDDJPTPT"TWBDJOBT BUVBMNFOUF OPFTUPEJTQPOWFJT
QBSBVTPFNIVNBOPT

3%/6))
2%,!/$/3!'%.4%3
5""PCUFOPFBMJDFOBQBSBJN
QPSUBPEPBHFOUFEFWFSPTFSGFJUBTKVOUPBP$%$
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EFPDPSSFSDPNUSBCBMIBEPSFTEFMBCPSBUSJP
3-0BHFOUFQPEFTFSFODPOUSBEPFN
FYTVEBUPTGBSJOHOFPT OPMRVJEPDFSFCSPFTQJOIBM OPTBOHVFFOB
TBMJWB"JOPDVMBPQBSFOUFSBM BFYQPTJPEBNFNCSBOBNVDPTB
BQFSEJHPUPTFBJOHFTUPTPPTSJTDPTQSJNSJPTQBSBBFRVJQFEP
MBCPSBUSJP
EJDBEPTQBSBUPEBTBTBUJWJEBEFTRVFVUJMJ[FNMRVJEPTDPSQSFPT
UFDJEPTFDVMUVSBTDPOIFDJEBNFOUFPVQPUFODJBMNFOUFJOGFDDJP
TBT1SFDBVFTQFTTPBJTFEFDPOUFOPQSJNSJBBEJDJPOBM DPNP
BTEFTDSJUBTQBSBPOWFMEFCJPTTFHVSBOB QPEFNTFSJOEJDBEBT
QBSBBUJWJEBEFTDPNVNBMUPSJTDPQPUFODJBMQBSBGPSNBPEFQFS
EJHPUPTPVBFSPTTJTFQBSBBTBUJWJEBEFTRVFFOWPMWBNRVBOUJEB
EFTEFQSPEVPPVDPODFOUSBFTEFNBUFSJBJTJOGFDDJPTPT
0"TWBDJOBTQBSBB/NFOJOHJUJEJTFTUPEJTQPO
WFJTFEFWFNTFSJOEJDBEBTQBSBBTQFTTPBTRVFUSBCBMIBNSFHVMBS
NFOUFDPNNBUFSJBJTJOGFDDJPTPT0MFJUPSEFWFDPOTVMUBSBTBUVBJT
SFDPNFOEBFTEP"EWJTPSZ$PNNJUUFFPO*NNVOJ[BUJPO1SBDUJDFT
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JNQPSUBPEPBHFOUFEFWFTFSGFJUBKVOUPBP$%$
"HFOUF4BMNPOFMMBoUPEPTPTTPSPUJQPT DPNFYDFPEPUZQIJ
"TBMNPOFMPTFVNSJTDPEPDVNFOUBEPQBSBBTQFTTPBTRVF
USBCBMIBNFNMBCPSBUSJPT 0TIPTQFEFJSPT SFTFSWBUSJPT
QSJNSJPT DPNQSFFOEFNVNBNQMPFTQFDUSPEFBOJNBJTEPNT
UJDPTFTFMWBHFOT JODMVJOEPQTTBSPT NBNGFSPTFSQUFJT TFOEP
RVFUPEPTQPEFNTFSWJSDPNPVNBGPOUFEFJOGFDPQBSBBFRVJQF
MBCPSBUPSJBM

3%/6))
2%,!/$/3!'%.4%3
GF[FT OPTBOHVF OBVSJOBFFNBMJNFOUPT SBFTFNBUFSJBJTQSP
WFOJFOUFTEPNFJPBNCJFOUF"JOHFTUPPVBJOPDVMBPQBSFOUF
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FYQPTJPBPTBFSPTTJTBJOEBEFTDPOIFDJEB"OJNBJTOBUVSBM
NFOUFPVFYQFSJNFOUBMNFOUFJOGFDUBEPTTPVNBGPOUFQPUFODJBM
EFJOGFDPQBSBGVODJPOSJPTEPMBCPSBUSJPFQBSBPTRVFUSBUBN
EPTBOJNBJT BMNEFQFSJHPTPTQBSBPVUSPTBOJNBJTUBNCN
DBEPTQBSBBTBUJWJEBEFTDPNNBUFSJBJTDMOJDPTFDVMUVSBTDPOIF
DJEBTQPSQPTTVSFNPVQPUFODJBMNFOUFDPOUFSFNPTBHFOUFT"T
QSUJDBT PTFRVJQBNFOUPTEFDPOUFOPFBTJOTUBMBFTEPOWFM
EFCJPTTFHVSBOBBOJNBMTPSFDPNFOEBEPTQBSBBUJWJEBEFTDPN
BOJNBJTOBUVSBMNFOUFPVFYQFSJNFOUBMNFOUFJOGFDUBEPT"TWBDJ
OBTBJOEBOPTFFODPOUSBNEJTQPTJPEBQPQVMBP
BHFOUFEFWFTFSPCUJEBKVOUPBP$%$
"HFOUF4BMNPOFMMBUZQIJ
"GFCSFUJGJEFVNSJTDPDPNQSPWBEPQBSBQFTTPBTRVFUSBCB
MIBNFNMBCPSBUSJP
GF[FT OPTBOHVF OBWFTDVMBCJMJBS CJMF
FOBVSJOB0TFSIVNBOP
POJDPSFTFSWBUSJPDPOIFDJEPEBJOGFDP"JOHFTUPFBJOPDVMB
PQBSFOUFSBMEPBHFOUFSFQSFTFOUBNPSJTDPQSJNSJPFNMBCPSBU
SJP/PTFDPOIFDFBJOEBBJNQPSUODJBEBFYQPTJPBPTBFSPTTJT
EJDBEPTQBSBUPEBTBTBUJWJEBEFTRVFVUJMJ[FNNBUFSJBJTDMOJDPTF
DVMUVSBTTBCJEBNFOUFPVQPUFODJBMNFOUFJOGFDDJPTBT"TQSUJDBT
EPOWFMEFCJPTTFHVSBOBTPJOEJDBEBTQBSBBUJWJEBEFTRVFQPT
TJWFMNFOUFQSPWPRVFNBGPSNBPEFBFSPTTJTPVEFBUJWJEBEFT
RVFFOWPMWBNRVBOUJEBEFTEFQSPEVPEFNJDSPPSHBOJTNPT
"TWBDJOBTQBSBB4UZQIJFTUPEJTQPOWFJTOPNFSDBEPFEF
WFNTFSJOEJDBEBTQBSBBTQFTTPBTRVFUSBCBMIBNSFHVMBSNFOUF

3%/6))
2%,!/$/3!'%.4%3
DPNNBUFSJBJTQPUFODJBMNFOUFJOGFDDJPTPT0MFJUPSEFWFDPOTVMUBS
BTSFDPNFOEBFTBUVBJTEP"EWJTPSZ$PNNJUUFFPO*NNVOJ[B
UJPO1SBDUJDFT "$*1
QVCMJDBEBTQFMP$%$.PSCJEJUZBOE.PSUB
MJUZ8FFLMZ3FQPSU ..83
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TFSDPOTFHVJEBKVOUPBP$%$
"HFOUF4IJHVFMMBTQQ
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CPSBUSJP DPNE[JBTEFDBTPTSFMBUBEPTTOPT&TUBEPT6OJEPTF
OB(S#SFUBOIB &NCPSBTVSUPTUFOIBNPDPSSJEPFNQSJ
NBUBTOPIVNBOPTFNDBUJWFJSP TPNFOUFPTFSIVNBOPDPOTJ
EFSBEPVNSFTFSWBUSJPTJHOJmDBUJWPEBJOGFDP1PSN DPCBJBT
PVUSPTSPFEPSFTFQSJNBUBTOPIVNBOPTFYQFSJNFOUBMNFOUFJO
GFDUBEPTUBNCNTPGPOUFTDPNQSPWBEBTEFJOGFDP
GF[FTFSBSBNFOUFOPTBOHVFEFBOJNBJTFIVNBOPTJOGFDUBEPT
"JOHFTUPFBJOPDVMBPQBSFOUFSBMEPBHFOUFTPPTSJTDPTQSJ
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EPBHFOUFEB4nFYOFSJQBSBIVNBOPTEFBQSPYJNBEBNFOUF
NJDSPPSHBOJTNPT"JOEBOPTFTBCFBJNQPSUODJBEBFYQPTJP
BPTBFSPTTJTEPBHFOUF
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DVMUVSBTTBCJEBNFOUFPVQPUFODJBMNFOUFJOGFDDJPTBT+BTQSUJ
DBTFBTJOTUBMBFTEPOWFMEFCJPTTFHVSBOBBOJNBMTPJOEJ
DBEBTQBSBBUJWJEBEFTDPNBOJNBJTJOGFDUBEPTFYQFSJNFOUBMNFOUF
PVOBUVSBMNFOUF"TWBDJOBTOPTFFODPOUSBNEJTQPTJPOP
NFSDBEPQBSBVTPIVNBOP
5""MJDFOBQBSBBFYQPSUBPEP
BHFOUFEFWFSTFSPCUJEBOP%FQBSUNFOUPG$PNNFSDF
"HFOUF5SFQPOFNBQBMMJEVN
"TmMJTVNSJTDPDPNQSPWBEPQBSBBTQFTTPBTEFMBCPSBUSJP
RVFNBOJQVMBNPVDPMFUBNNBUFSJBJTDMOJDPTEFMFTFTDVUOFBT

3%/6))
2%,!/$/3!'%.4%3
1JLFSFMBDJPOPVDBTPTEFTTBJOGFDPBTTPDJBEBBMBCPSBUSJP
0TFSIVNBOPPOJDPSFTFSWBUSJPDPOIFDJEPEFTTFBHFOUF6N
FYFNQMPPDBTPEFVNBHFOUFRVFGPJUSBOTNJUJEPBVNJOEJWEVP
EBFRVJQFEFVNMBCPSBUSJPRVFUSBCBMIBWBDPNVNBTVTQFOTP
DPODFOUSBEBEP5QBMMJEVNPCUJEPEFVNDPFMIPDPNPSRVJUFFY
QFSJNFOUBM"USBOTGFSODJBIFNBUPHOJDBEBTmMJTUFNPDPSSJEP
QPSNFJPEBUSBOTGVTPEFVNBVOJEBEFEFTBOHVFGSFTDPPCUJEB
EFVNQBDJFOUFDPNTmMJTTFDVOESJB05QBMMJEVNTFFODPOUSB
QSFTFOUFOBDJSDVMBPEVSBOUFBTmMJTQSJNSJBFBTFDVOESJB0
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JODJPEBTmMJT QPSN BJOEBOPGPJEFUFSNJOBEB
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SFMBUBEPBUPNPNFOUP1PSN DFQBTEP5QBMMJEVN /JDIPMTF
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EFOUBM PDPOUBUPEBTNFNCSBOBTNVDPTBTFEFQFMFMFTBEBDPNPT
NBUFSJBJTJOGFDDJPTPTFQPTTJWFMNFOUFDPNBFSPTTJTJOGFDDJPTPTTP
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EJDBEPTQBSBUPEBTBTBUJWJEBEFTRVFFOWPMWBNPVTPPVBNBOJ
QVMBPEFTBOHVFPVNBUFSJBMEFMFTFTEFIPNFOTPVEFDPF
MIPTJOGFDUBEPT3FDPNFOEBTFPVTPEFMVWBTRVBOEPIPVWFSB
QPTTJCJMJEBEFEPDPOUBUPEJSFUPEBQFMFDPNPTNBUFSJBJTEBMFTP
0NPOJUPSBNFOUPTPSPMHJDPQFSJEJDPEFWFTFSDPOTJEFSBEPQBSB
QFTTPBTRVFUSBCBMIBNDPNNBUFSJBJTJOGFDDJPTPT"TWBDJOBT BUV
BMNFOUF OPTFFODPOUSBNEJTQPOWFJTQBSBPVTPFNIVNBOPT

3%/6))
2%,!/$/3!'%.4%3
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QBSBIBFNPMZUJDVTVNBEPFOBEPDVNFOUBEBBTTPDJBEBBMBCPSB
USJP NBTSBSB0TBOJNBJTOBUVSBMNFOUFPVFYQFSJNFOUBMNFO
UFJOGFDUBEPTTPVNBGPOUFQPUFODJBMEFJOGFDP
3-0TWJCSJFTQBUPHOJDPTQPEFN
TFSFODPOUSBEPTOBTGF[FT"JOHFTUPEP7DIPMFSBFFBJOHFTUP
PVJOPDVMBPQBSFOUFSBMEFPVUSPTWJCSJFTDPOTUJUVFNPTSJTDPT
QSJNSJPTMBCPSBUPSJBJT"EPTFJOGFDDJPTBPSBMIVNBOBEFBQSP
YJNBEBNFOUFPSHBOJTNPT"JNQPSUODJBEBFYQPTJPBPT
BFSPTTJTBJOEBEFTDPOIFDJEB0SJTDPEFJOGFDPBQTVNBFY
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DBEPTQBSBBUJWJEBEFTDPNDVMUVSBTPVNBUFSJBJTDMOJDPTQPUFODJBM
NFOUFJOGFDDJPTPT+BTQSUJDBT PTFRVJQBNFOUPTEFDPOUFOP
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JOGFDUBEPT&NCPSBFYJTUBNWBDJOBTDPOUSBBDMFSB OPTFSFDP
NFOEBPVTPSPUJOFJSPQFMBFRVJQFMBCPSBUPSJBM0MFJUPSEFWFDPO
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8FFLMZ3FQPSU ..83
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OPMRVJEPCVMCBS OPTBOHVF OPFTDBSSP OPMRVJEPDFSFCSPFTQJ
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3%/6))
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EFUFDJEPTJOGFDUBEPT/BOFDSPQTJBEFSPFEPSFT PSJTDPQSJNSJP
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EJDBEPTQBSBUPEBTBTBUJWJEBEFTRVFFOWPMWBNPNBOVTFJPEFNB
UFSJBJTDMOJDPTFDVMUVSBTQPUFODJBMNFOUFJOGFDDJPTBT%FWFTFUP
NBSVNDVJEBEPFTQFDJBMQBSBFWJUBSBQSPEVPEFBFSPTTJTEF
NBUFSJBJTJOGFDDJPTPTFEVSBOUFBOFDSPQTJBEFSPFEPSFTOBUVSBM
NFOUFPVFYQFSJNFOUBMNFOUFJOGFDUBEPT3FDPNFOEBTFPVTPEF
MVWBTBPNBOVTFBSSPFEPSFTEFMBCPSBUSJPDPMFUBEPTOPDBNQPPV
JOGFDUBEPTFRVBOEPIPVWFSBQPTTJCJMJEBEFEPDPOUBUPEJSFUPEB
QFMFDPNPTNBUFSJBJTJOGFDDJPTPT"OFDSPQTJBEFSPFEPSFTJEF
BMNFOUFDPOEV[JEBFNVNBDBCJOFEFTFHVSBOBCJPMHJDB1SF
DBVFTJOEJWJEVBJTFEFDPOUFOPQSJNSJBBEJDJPOBM DPNPBT
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BUJWJEBEFTDPNVNBMUPQPUFODJBMQBSBGPSNBPEFQFSEJHPUPTPV
BFSPTTJT QBSBPUSBCBMIPDPNDFQBTSFTJTUFOUFTBBOUJCJUJDPTF
QBSBBTBUJWJEBEFTFOWPMWFOEPRVBOUJEBEFTPVDPODFOUSBFTEF
QSPEVPEFNBUFSJBJTJOGFDDJPTPT
0"WBDJOBQBSBP:QFTUJTFTUEJTQPTJPQBSB
VTPFNIVNBOPTFEFWFTFSVTBEBQFMBFRVJQFEPMBCPSBUSJPRVF
USBCBMIBDPNNBUFSJBJTJOGFDDJPTPTPVSPFEPSFTJOGFDUBEPT0MFJ
UPSEFWFDPOTVMUBSBTSFDPNFOEBFTBUVBJTEP"EWJTPSZ$PNNJU
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BOE.PSUBMJUZ8FFLMZ3FQPSU ..83
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BHFOUFEFWFSTFSPCUJEBOP$%$+BMJDFOBQBSBFYQPSUBP
EFWFTFSDPOTFHVJEBQPSJOUFSNEJPEP%FQBSUNFOUPG$PNNFS
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3%/6))
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GFDUBEBTDPOUFOEPGPSNBTEB#EFSNBUJUJEJTTFNFMIBOUFTMFWF
EVSB *OGFDFTQVMNPOBSFTPDPSSFSBNEFQPJTEFVNB
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2%,!/$/3!'%.4%3
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JOEJDBEBT SFTQFDUJWBNFOUF QBSBBUJWJEBEFTDPNNBUFSJBJTDMOJ
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JOEJDBEBQBSBBDVMUVSBEPFTUBEPQFSGFJUPPVTFYVBMEPBHFOUF
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SFNDPNCPSSJGPTEPNBUFSJBMEFVNBDVMUVSBEFOUSPEPPMIP
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3%/6))
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'JHVSBE $BCJOFEFTFHVSBOBCJPMHJDBDMBTTF** UJQP#

OBEPT"URVFTFKBNEFTDPOUBNJOBEBT BDPJGB BDBCJOF

.ZDPCBDUFSJVN

/WFMEF#JPTTFHVSBOB"OJNBM

5VCFSDVMPTF