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8LIRXLI036( WEMHXS1SWIWw7II-LEZIQEHI]SY XLI LSYWIW SJ ]SYV SJJMGMEPW ERH SR ]SYV TISTPI ERH
PMOI+SHXS4LEVESLERH]SYVFVSXLIV%EVSR[MPPFI MRXS]SYVSZIRWERHORIEHMRKXVSYKLW 8LIJVSKW[MPPKS
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]SYERH]SYVFVSXLIV%EVSRMWXSXIPP4LEVESLXSPIXXLI  8LIRXLI036( WEMHXS1SWIWw8IPP%EVSRu7XVIXGL
-WVEIPMXIWKSSYXSJLMWGSYRXV] &YX-[MPPLEVHIR4LEV SYX]SYVLERH[MXL]SYVWXEJJSZIVXLIWXVIEQWERHGE
ESLvWLIEVXERHXLSYKL-QYPXMTP]Q]QMVEGYPSYWWMKRW REPWERHTSRHWERHQEOIJVSKWGSQIYTSRXLIPERHSJ
ERH[SRHIVWMR)K]TX LI[MPPRSXPMWXIRXS]SY8LIR- )K]TXv x
[MPPPE]Q]LERHSR)K]TXERH[MXLQMKLX]EGXWSJNYHK  7S%EVSRWXVIXGLIHSYXLMWLERHSZIVXLI[EXIVWSJ
QIRX-[MPPFVMRKSYXQ]HMZMWMSRWQ]TISTPIXLI-WVEIP )K]TX ERH XLI JVSKW GEQI YT ERH GSZIVIH XLI PERH
MXIW  %RH XLI )K]TXMERW[MPPORS[XLEX-EQ XLI036(  &YXXLIQEKMGMERWHMHXLIWEQIXLMRKWF]XLIMVWIGVIX
[LIR-WXVIXGLSYXQ]LERHEKEMRWX)K]TXERHFVMRKXLI EVXW XLI] EPWS QEHI JVSKW GSQI YT SR XLI PERH SJ
-WVEIPMXIWSYXSJ MXx )K]TX
 1SWIWERH%EVSRHMHNYWXEWXLI036( GSQQERHIH  4LEVESL WYQQSRIH 1SWIW ERH %EVSR ERH WEMH
XLIQ  1SWIW [EW IMKLX]]IEVW SPHERH %EVSR IMKLX] w4VE]XSXLI036( XSXEOIXLIJVSKWE[E]JVSQQIERHQ]
XLVII[LIRXLI]WTSOIXS4LEVESL TISTPIERH-[MPPPIX]SYVTISTPIKSXSSJJIVWEGVMJMGIWXS
XLI036(x
 1SWIWWEMHXS4LEVESLw-PIEZIXS]SYXLILSRSVSJ
 8LI036( WEMHXS1SWIWERH%EVSR  w;LIR4LEV
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XLIJVSKWI\GITXJSVXLSWIXLEXVIQEMRMRXLI2MPIx
MX[MPPFIGSQIEWREOIx  w8SQSVVS[x4LEVESLWEMH
 7S1SWIWERH%EVSR[IRXXS4LEVESLERHHMHNYWX
1SWIWVITPMIHw-X[MPPFIEW]SYWE]WSXLEX]SYQE]
EWXLI036( GSQQERHIH%EVSRXLVI[LMWWXEJJHS[RMR
JVSRX SJ 4LEVESL ERH LMW SJJMGMEPW ERH MX FIGEQI E ORS[XLIVIMWRSSRIPMOIXLI036( SYV+SH 8LIJVSKW
[MPPPIEZI]SYERH]SYVLSYWIW]SYVSJJMGMEPWERH]SYV
WREOI  4LEVESL XLIR WYQQSRIH [MWIQIR ERH WSV
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GIVIVW ERH XLI )K]TXMER QEKMGMERW EPWS HMH XLIWEQI  %JXIV1SWIWERH %EVSRPIJX 4LEVESL 1SWIWGVMIH
XLMRKWF]XLIMV WIGVIXEVXW  )EGLSRIXLVI[HS[RLMW
SYXXSXLI036( EFSYXXLIJVSKWLILEHFVSYKLXSR4LEV
WXEJJERHMXFIGEQIEWREOI&YX%EVSRvWWXEJJW[EPPS[IH
ESL  %RHXLI 036( HMH [LEX 1SWIWEWOIH8LI JVSKW
YTXLIMVWXEJJW =IX4LEVESLvWLIEVXFIGEQILEVHERHLI
HMIHMRXLILSYWIWMRXLIGSYVX]EVHWERHMRXLIJMIPHW
[SYPHRSXPMWXIRXSXLIQNYWXEWXLI036( LEHWEMH  8LI] [IVI TMPIH MRXS LIETW ERH XLI PERH VIIOIH SJ
XLIQ &YX[LIR4LEVESLWE[XLEXXLIVI[EWVIPMIJLI
 8LIR XLI 036( WEMHXS1SWIWw4LEVESLvWLIEVXMW LEVHIRIHLMWLIEVXERH[SYPHRSXPMWXIRXS1SWIWERH
YR]MIPHMRKLIVIJYWIWXSPIXXLITISTPIKS +SXS4LEV %EVSRNYWXEWXLI036( LEHWEMH
ESLMRXLIQSVRMRKEWLIKSIWSYXXSXLI[EXIV;EMXSR
XLIFEROSJXLI2MPIXSQIIXLMQERHXEOIMR]SYVLERH  8LIRXLI036( WEMHXS1SWIWw8IPP%EVSRu7XVIXGL
XLIWXEJJ XLEX[EWGLERKIHMRXSEWREOI  8LIRWE]XS SYX ]SYV WXEJJERHWXVMOIXLI HYWX SJ XLI KVSYRHv ERH
LMQu8LI036( XLI+SHSJXLI,IFVI[WLEWWIRXQIXS XLVSYKLSYX XLI PERH SJ )K]TX XLI HYWX [MPP FIGSQI
WE]XS]SY0IXQ]TISTPIKSWSXLEXXLI]QE][SVWLMT KREXWx 8LI]HMHXLMWERH[LIR%EVSRWXVIXGLIHSYX
QIMRXLIHIWIVX&YXYRXMPRS[]SYLEZIRSXPMWXIRIH LMW LERH [MXL XLI WXEJJ ERH WXVYGO XLI HYWX SJ XLI
 8LMWMW[LEXXLI036( WE]W&]XLMW]SY[MPPORS[XLEX-
KVSYRH KREXW GEQI YTSR QIR ERH ERMQEPW %PP XLI
EQ XLI 0 36( ;MXL XLI WXEJJ XLEX MW MR Q] LERH - [MPP HYWXXLVSYKLSYXXLIPERHSJ)K]TXFIGEQIKREXW  &YX
WXVMOIXLI[EXIVSJXLI2MPIERHMX[MPPFIGLERKIHMRXS [LIRXLIQEKMGMERWXVMIHXSTVSHYGIKREXWF]XLIMVWI
FPSSH  8LIJMWLMRXLI2MPI[MPPHMIERHXLIVMZIV[MPP GVIX EVXW XLI]GSYPHRSX %RH XLI KREXW[IVI SRQIR
WXMROXLI)K]TXMERW[MPPRSXFIEFPIXSHVMROMXW[EXIVv x ERHERMQEPW
 8LI 0 36( WEMH XS 1SWIW w8IPP %EVSRu8EOI ]SYV
 8LIQEKMGMERWWEMHXS4LEVESLw8LMWMWXLIJMRKIV
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)K]TX{SZIV XLI WXVIEQW ERH GEREPW SZIV XLI TSRHW PMWXIRNYWXEWXLI036( LEHWEMH
ERH EPP XLI VIWIVZSMVWv{ERH XLI] [MPP XYVR XS FPSSH
&PSSH[MPPFIIZIV][LIVIMR)K]TXIZIRMRXLI[SSHIR
FYGOIXWERHWXSRINEVWx  8LIRXLI0 36( WEMHXS1SWIWw+IXYTIEVP]MRXLI
 1SWIW ERH %EVSR HMH NYWX EW XLI 036( LEHGSQ QSVRMRKERHGSRJVSRX4LEVESLEWLIKSIWXSXLI[EXIV
QERHIH,IVEMWIHLMWWXEJJMRXLITVIWIRGISJ4LEVESL ERHWE]XSLMQu8LMWMW[LEXXLI036( WE]W0IXQ]TIS
ERHLMWSJJMGMEPWERHWXVYGOXLI[EXIVSJXLI2MPIERHEPP TPIKSWSXLEXXLI]QE][SVWLMTQI -J]SYHSRSXPIX
XLI[EXIV[EWGLERKIHMRXSFPSSH 8LIJMWLMRXLI2MPI Q] TISTPI KS -[MPPWIRH W[EVQW SJ JPMIWSR ]SY ERH
HMIH ERH XLIVMZIV WQIPPIH WS FEHXLEX XLI )K]TXMERW ]SYVSJJMGMEPWSR]SYVTISTPIERHMRXS]SYVLSYWIW8LI
GSYPH RSX HVMRO MXW [EXIV &PSSH [EW IZIV][LIVI MR LSYWIWSJXLI)K]TXMERW[MPPFIJYPPSJJPMIWERHIZIRXLI
)K]TX KVSYRH[LIVIXLI]EVI
 &YXXLI)K]TXMERQEKMGMERWHMHXLIWEQIXLMRKWF]  w u&YX SR XLEX HE] -[MPP HIEPHMJJIVIRXP] [MXL XLI
PERH SJ+SWLIR [LIVI Q]TISTPI PMZI RS W[EVQWSJ F]RS[-GSYPHLEZIWXVIXGLIHSYXQ]LERHERHWXVYGO
JPMIW[MPPFIXLIVIWSXLEX]SY[MPPORS[XLEX-XLI036( ]SY ERH ]SYV TISTPI [MXL E TPEKYI XLEX [SYPH LEZI
EQMRXLMWPERH -[MPPQEOIEHMWXMRGXMSR E FIX[IIRQ] [MTIH]SYSJJXLIIEVXL  &YX-LEZIVEMWIH]SYYT F JSV
TISTPIERH]SYVTISTPI8LMWQMVEGYPSYWWMKR[MPPSGGYV XLMWZIV]TYVTSWIXLEX-QMKLXWLS[]SYQ]TS[IVERH
XSQSVVS[v x XLEX Q] REQI QMKLX FI TVSGPEMQIH MR EPP XLI IEVXL
 %RH XLI 036( HMH XLMW (IRWI W[EVQW SJ JPMIW  =SY WXMPP WIX ]SYVWIPJEKEMRWX Q] TISTPIERH [MPP RSX

TSYVIHMRXS4LEVESLvWTEPEGIERHMRXSXLILSYWIWSJLMW PIX XLIQ KS  8LIVIJSVI EX XLMW XMQI XSQSVVS[ - [MPP
SJJMGMEPWERHXLVSYKLSYX)K]TXXLIPERH[EWVYMRIHF] WIRHXLI[SVWXLEMPWXSVQXLEXLEWIZIVJEPPIRSR)K]TX
XLIJPMIW JVSQXLI HE] MX[EW JSYRHIHXMPPRS[  +MZI ER SVHIV
 8LIR 4LEVESLWYQQSRIH 1SWIW ERH%EVSR ERH RS[XSFVMRK]SYVPMZIWXSGOERHIZIV]XLMRK]SYLEZIMR
WEMHw+SWEGVMJMGIXS]SYV+SHLIVIMRXLIPERHx XLIJMIPHXSETPEGISJWLIPXIVFIGEYWIXLILEMP[MPPJEPPSR
 &YX1SWIWWEMHw8LEX[SYPHRSXFIVMKLX8LIWEG IZIV]QERERHERMQEPXLEXLEWRSXFIIRFVSYKLXMRERH
VMJMGIW[ISJJIVXLI036( SYV+SH[SYPHFIHIXIWXEFPIXS MWWXMPPSYXMRXLIJMIPHERHXLI][MPPHMIv x
 8LSWISJJMGMEPWSJ4LEVESL[LSJIEVIHXLI[SVHSJ
XLI)K]TXMERW%RHMJ[ISJJIVWEGVMJMGIWXLEXEVIHIXIWX
EFPIMRXLIMVI]IW[MPPXLI]RSXWXSRIYW# ;IQYWXXEOI XLI036( LYVVMIHXSFVMRKXLIMVWPEZIWERHXLIMVPMZIWXSGO
EXLVIIHE]NSYVRI]MRXSXLIHIWIVXXSSJJIVWEGVMJMGIWXS MRWMHI  &YX XLSWI [LS MKRSVIH XLI [SVH SJ XLI 036(
XLI036( SYV+SHEWLIGSQQERHW YWx PIJXXLIMVWPEZIWERHPMZIWXSGOMRXLIJMIPH
 4LEVESLWEMHw-[MPPPIX]SYKSXSSJJIVWEGVMJMGIWXS  8LIR XLI 0 36( WEMH XS 1SWIW w7XVIXGL SYX ]SYV

XLI036( ]SYV+SHMRXLIHIWIVXFYX]SYQYWXRSXKS LERHXS[EVHXLIWO]WSXLEXLEMP[MPPJEPPEPPSZIV)K]TX{


ZIV]JEV2S[TVE]JSV QIx SRQIRERHERMQEPWERHSRIZIV]XLMRKKVS[MRKMRXLI
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XSXLI036( ERHXSQSVVS[XLIJPMIW[MPPPIEZI4LEVESL [EVHXLIWO]XLI036( WIRXXLYRHIVERHLEMPERHPMKLX
ERHLMWSJJMGMEPWERHLMWTISTPI3RP]FIWYVIXLEX4LEV RMRK JPEWLIH HS[R XS XLI KVSYRH 7S XLI 036( VEMRIH
ESL HSIW RSX EGX HIGIMXJYPP] EKEMR F] RSX PIXXMRK XLI LEMPSRXLIPERHSJ)K]TXLEMPJIPPERHPMKLXRMRKJPEWLIH
TISTPIKSXSSJJIVWEGVMJMGIWXSXLI036(x FEGOERHJSVXL-X[EWXLI[SVWXWXSVQMREPPXLIPERHSJ
 8LIR1SWIWPIJX4LEVESLERHTVE]IHXSXLI0 36( )K]TXWMRGIMXLEHFIGSQIEREXMSR8LVSYKLSYX)K]TX
 ERH XLI 0 36( HMH [LEX 1SWIW EWOIH 8LI JPMIW PIJX LEMPWXVYGOIZIV]XLMRKMRXLIJMIPHW{FSXLQIRERHERM
4LEVESLERH LMWSJJMGMEPW ERH LMW TISTPI RSXEJP] VI QEPWMXFIEXHS[RIZIV]XLMRKKVS[MRKMRXLIJMIPHWERH
QEMRIH  &YX XLMW XMQI EPWS 4LEVESL LEVHIRIH LMW WXVMTTIHIZIV]XVII 8LISRP]TPEGIMXHMHRSXLEMP[EW
LIEVXERH[SYPHRSXPIXXLITISTPI KS XLIPERHSJ+SWLIR[LIVIXLI-WVEIPMXIW[IVI
 8LIR4LEVESLWYQQSRIH1SWIWERH%EVSRw8LMW
XMQI-LEZIWMRRIHxLIWEMHXSXLIQw8LI036( MWMRXLI
8LIRXLI 036( WEMH XS1SWIWw+SXS 4LEVESL ERH VMKLXERH-ERHQ]TISTPIEVIMRXLI[VSRK  4VE]XS
WE] XS LMQu8LMWMW [LEX XLI 036( XLI +SH SJXLI XLI036( JSV [ILEZILEHIRSYKLXLYRHIV ERHLEMP-
,IFVI[W WE]W w0IX Q] TISTPI KS WS XLEX XLI] QE] [MPPPIX]SYKS]SYHSRvXLEZIXSWXE]ER]PSRKIVx
[SVWLMTQIx -J]SYVIJYWIXSPIXXLIQKSERHGSRXMRYI  1SWIWVITPMIHw;LIR-LEZIKSRISYXSJXLIGMX]-
XSLSPHXLIQFEGO  XLILERHSJXLI036( [MPPFVMRK E [MPP WTVIEH SYX Q] LERHW MR TVE]IV XS XLI 036( 8LI
XIVVMFPITPEKYISR]SYVPMZIWXSGOMRXLIJMIPH{SR]SYV XLYRHIV[MPPWXSTERHXLIVI[MPPFIRSQSVILEMPWS]SY
LSVWIWERHHSROI]WERHGEQIPWERHSR]SYVGEXXPIERH QE]ORS[XLEXXLIIEVXLMWXLI036(vW&YX-ORS[XLEX
WLIITERHKSEXW &YXXLI0 36( [MPPQEOIEHMWXMRGXMSR ]SYERH]SYVSJJMGMEPWWXMPPHSRSXJIEVXLI036( +SHx
FIX[IIRXLIPMZIWXSGOSJ-WVEIPERHXLEXSJ)K]TXWSXLEX  8LIJPE\ERHFEVPI][IVIHIWXVS]IHWMRGIXLIFEV

RSERMQEPFIPSRKMRKXSXLI-WVEIPMXIW[MPPHMIv x PI]LEHLIEHIHERHXLIJPE\[EWMRFPSSQ 8LI[LIEX


 8LI036( WIXEXMQIERHWEMHw8SQSVVS[XLI036( ERH WTIPX LS[IZIV [IVI RSXHIWXVS]IH FIGEYWIXLI]
[MPPHSXLMWMRXLIPERHx %RHXLIRI\XHE]XLI036( HMH VMTIRPEXIV
MX%PPXLIPMZIWXSGOSJXLI)K]TXMERWHMIHFYXRSXSRIER  8LIR1SWIWPIJX4LEVESLERH[IRXSYXSJXLIGMX]

MQEP FIPSRKMRK XS XLI -WVEIPMXIW HMIH  4LEVESL WIRX ,IWTVIEHSYXLMWLERHWXS[EVHXLI036( XLIXLYRHIV
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ERMQEPWSJXLI-WVEIPMXIWLEHHMIH=IXLMWLIEVX[EWYR SRXLIPERH ;LIR4LEVESLWE[XLEXXLIVEMRERHLEMP
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LEVHERHLI[SYPHRSXPIXXLI-WVEIPMXIWKSNYWXEWXLI
 8LIRXLI036( WEMHXS1SWIWERH%EVSRw8EOILERH
036( LEHWEMHXLVSYKL1SWIW
JYPWSJWSSXJVSQEJYVREGIERHLEZI1SWIWXSWWMXMRXSXLI
EMVMRXLITVIWIRGISJ4LEVESL -X[MPPFIGSQIJMRIHYWX
SZIV XLI [LSPI PERH SJ )K]TX ERH JIWXIVMRK FSMPW [MPP 8LIRXLI036( WEMHXS1SWIWw+SXS4LEVESLJSV-
FVIEOSYXSRQIRERHERMQEPWXLVSYKLSYXXLIPERHx LEZILEVHIRIHLMWLIEVXERHXLILIEVXWSJLMWSJJM
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4LEVESL1SWIWXSWWIHMXMRXSXLIEMVERHJIWXIVMRKFSMPW QMRIEQSRKXLIQ XLEX]SYQE]XIPP]SYVGLMPHVIRERH
FVSOISYXSRQIRERHERMQEPW  8LIQEKMGMERWGSYPH KVERHGLMPHVIRLS[ - HIEPX LEVWLP] [MXL XLI )K]TXMERW
RSXWXERHFIJSVI1SWIWFIGEYWISJXLIFSMPWXLEX[IVI ERHLS[-TIVJSVQIHQ]WMKRWEQSRKXLIQERHXLEX
SRXLIQERHSREPPXLI)K]TXMERW  &YXXLI036( LEVH ]SYQE]ORS[XLEX-EQXLI036(x
 7S 1SWIW ERH%EVSR[IRXXS4LEVESLERH WEMHXS
IRIH4LEVESLvWLIEVXERHLI[SYPHRSXPMWXIRXS1SWIW
ERH%EVSRNYWXEWXLI036( LEHWEMHXS1SWIW LMQw8LMW MW [LEXXLI036( XLI+SH SJXLI ,IFVI[W
WE]Wu,S[PSRK[MPP]SYVIJYWIXSLYQFPI]SYVWIPJFI
JSVI QI# 0IXQ] TISTPI KS WSXLEX XLI] QE] [SVWLMT
 8LIRXLI036( WEMHXS1SWIWw+IXYTIEVP]MRXLI QI -J]SYVIJYWIXSPIXXLIQKS-[MPPFVMRKPSGYWXWMRXS
QSVRMRK GSRJVSRX 4LEVESL ERH WE] XS LMQ u8LMW MW ]SYVGSYRXV]XSQSVVS[ 8LI][MPPGSZIVXLIJEGISJXLI
[LEX XLI036( XLI +SHSJXLI ,IFVI[W WE]W 0IXQ] KVSYRHWSXLEXMXGERRSXFIWIIR8LI][MPPHIZSYV[LEX
TISTPIKSWSXLEXXLI]QE][SVWLMTQI SVXLMWXMQI- PMXXPI]SY LEZI PIJXEJXIV XLI LEMP MRGPYHMRK IZIV] XVII
[MPPWIRHXLIJYPPJSVGI SJQ]TPEKYIWEKEMRWX]SYERH XLEXMWKVS[MRKMR]SYVJMIPHW 8LI][MPPJMPP]SYVLSYWIW
EKEMRWX ]SYV SJJMGMEPW ERH ]SYV TISTPI WS ]SY QE] ERH XLSWI SJ EPP]SYV SJJMGMEPW ERH EPP XLI)K]TXMERW{
ORS[XLEXXLIVIMWRSSRIPMOIQIMREPPXLIIEVXL  *SV WSQIXLMRK RIMXLIV ]SYV JEXLIVW RSV ]SYV JSVIJEXLIVW
E  7ITXYEKMRXERH:YPKEXI,IFVI[[MPPTYXEHIPMZIVERGI F  3VLEZIWTEVIH]SY
LEZIIZIVWIIRJVSQXLIHE]XLI]WIXXPIHMRXLMWPERHXMPP
RS[v x8LIR1SWIWXYVRIHERHPIJX4LEVESL 2S[XLI036( LEHWEMHXS1SWIWw-[MPPFVMRKSRI
 4LEVESLvWSJJMGMEPWWEMHXSLMQw,S[PSRK[MPPXLMW QSVITPEKYISR4LEVESLERHSR)K]TX%JXIVXLEX
QERFI E WREVI XS YW#0IX XLI TISTPIKSWS XLEX XLI] LI[MPPPIX]SYKSJVSQLIVIERH[LIRLIHSIWLI[MPP
QE][SVWLMTXLI036( XLIMV+SH(S]SYRSX]IXVIEPM^I HVMZI]SYSYXGSQTPIXIP] 8IPPXLITISTPIXLEXQIRERH
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 8LIR1SWIWERH%EVSR[IVIFVSYKLXFEGOXS4LEV WMPZIVERHKSPHx 8LI036( QEHIXLI)K]TXMERWJEZSV
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[LS[MPPFIKSMRK#x [EWLMKLP]VIKEVHIHMR)K]TXF]4LEVESLvWSJJMGMEPWERH
 1SWIWERW[IVIHw;I[MPPKS[MXL SYV ]SYRK ERH F]XLITISTPI
 7S1SWIW WEMHw8LMWMW[LEX XLI 036( WE]Wu%FSYX
SPH[MXLSYVWSRW ERH HEYKLXIVWERH [MXLSYVJPSGOW
ERHLIVHWFIGEYWI[IEVIXSGIPIFVEXIEJIWXMZEPXSXLI QMHRMKLX-[MPPKSXLVSYKLSYX)K]TX )ZIV]JMVWXFSVRWSR
036(x MR)K]TX[MPPHMIJVSQXLIJMVWXFSVRWSRSJ4LEVESL[LS
 4LEVESLWEMHw8LI0 36( FI[MXL]SY{MJ-PIX]SY WMXWSRXLIXLVSRIXSXLIJMVWXFSVRWSRSJXLIWPEZIKMVP
KS EPSRK [MXL ]SYV [SQIR ERH GLMPHVIR 'PIEVP]]SY [LSMWEXLIVLERHQMPPERHEPPXLIJMVWXFSVRSJXLIGEXXPI
EVIFIRXSRIZMP E 2S,EZISRP]XLIQIRKSERH[SV EW[IPP 8LIVI[MPPFIPSYH[EMPMRKXLVSYKLSYX)K]TX{
WLMTXLI 036( WMRGIXLEXvW[LEX]SYLEZIFIIREWOMRK [SVWIXLERXLIVILEWIZIVFIIRSVIZIV[MPPFIEKEMR &YX
JSVx8LIR 1SWIWERH %EVSR[IVI HVMZIR SYXSJ4LEV EQSRKXLI-WVEIPMXIWRSXEHSK[MPPFEVOEXER]QERSVER
ESLvWTVIWIRGI MQEPv8LIR]SY[MPPORS[XLEXXLI036( QEOIWEHMWXMRG
 %RH XLI 0 36( WEMH XS 1SWIW w7XVIXGL SYX ]SYV XMSRFIX[IIR)K]TXERH-WVEIP%PPXLIWISJJMGMEPWSJ]SYVW
[MPP GSQIXS QI FS[MRK HS[RFIJSVIQI ERHWE]MRK
LERH SZIV )K]TX WS XLEX PSGYWXW [MPP W[EVQ SZIV XLI u+S]SYERHEPPXLITISTPI[LSJSPPS[]SYv%JXIVXLEX-
PERHERH HIZSYV IZIV]XLMRKKVS[MRK MR XLI JMIPHWIZ [MPPPIEZIx8LIR1SWIWLSX[MXLERKIVPIJX4LEVESL
IV]XLMRKPIJXF]XLILEMPx  8LI0 36( LEHWEMHXS1SWIWw4LEVESL[MPPVIJYWIXS
 7S1SWIW WXVIXGLIH SYX LMW WXEJJ SZIV )K]TX ERH
PMWXIRXS]SY{WSXLEXQ][SRHIVWQE]FIQYPXMTPMIHMR
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JMZITSWXW[MXLLSSOWJSVXLIQ8LI]SZIVPEMHXLIXSTW X[S KSPH VMRKW FIPS[ XLI QSPHMRK{X[S SR STTSWMXI
E  8LEXMWEFSYXJIIX EFSYXQIXIVW PSRKERHJIIX EFSYXQIXIVW [MHI F  8LEXMWEFSYXJIIX EFSYXQIXIVW PSRK

ERHJIIX EFSYXQIXIVW [MHI G  8LEXMWHYKSRKW H  8LEXMWEFSYXJIIX EFSYXQIXIVW PSRKERH JIIX EFSYX


QIXIV [MHI I  8LEXMWEFSYX JIIX EFSYXQIXIVW PSRKERH JIIX EFSYXQIXIV [MHIERHLMKL J  8LEXMWEFSYX
 JIIX EFSYXQIXIVW PSRKERH JIIX EFSYXQIXIV [MHI K  3V,IEPWSMRZIVWIWz L  8LEXMWEFSYXJIIX
EFSYXQIXIV PSRK JIIX EFSYXQIXIV [MHIERH JIIX EFSYXQIXIV LMKL M  8LEXMWEFSYXMRGLIW EFSYX
GIRXMQIXIVW N  8LEXMWEFSYXTSYRHW EFSYXOMPSKVEQW O  8LEXMWEFSYX JIIX EFSYXQIXIV PSRKERH[MHIERH
EFSYXJIIX EFSYXQIXIV LMKL
WMHIW{XSLSPHXLITSPIWYWIHXSGEVV]MX  8LI]QEHI EPPXLI[SVO SR XLI WERGXYEV] [EW  XEPIRXW ERH 
XLITSPIWSJEGEGME[SSHERHSZIVPEMHXLIQ[MXLKSPH WLIOIPW M EGGSVHMRKXSXLIWERGXYEV]WLIOIP
 8LI] EPWS QEHI XLI WEGVIHERSMRXMRK SMPERHXLI  8LIWMPZIVSFXEMRIHJVSQXLSWISJXLIGSQQYRMX]

TYVIJVEKVERXMRGIRWI{XLI[SVOSJETIVJYQIV [LS [IVI GSYRXIH MR XLI GIRWYW [EW XEPIRXW ERH
 WLIOIPW N EGGSVHMRK XS XLI WERGXYEV] WLIOIP{
 SRIFIOETIVTIVWSRXLEXMWLEPJEWLIOIP O EGGSVHMRK
8LI] E FYMPX XLI EPXEV SJ FYVRX SJJIVMRKSJEGEGME XS XLI WERGXYEV] WLIOIP JVSQ IZIV]SRI [LS LEH
[SSHXLVIIGYFMXW F LMKLMX[EWWUYEVIJMZIGYFMXW GVSWWIH SZIV XS XLSWI GSYRXIH X[IRX] ]IEVW SPH SV
PSRKERHJMZIGYFMXW[MHI G  8LI]QEHIELSVREXIEGLSJ QSVIEXSXEPSJQIR 8LIXEPIRXW P SJWMPZIV
XLIJSYVGSVRIVWWSXLEXXLILSVRWERHXLIEPXEV[IVISJ [IVIYWIH XS GEWXXLI FEWIW JSV XLIWERGXYEV] ERHJSV
SRI TMIGI ERH XLI] SZIVPEMH XLI EPXEV [MXL FVSR^I XLIGYVXEMR{FEWIWJVSQXLIXEPIRXWSRIXEPIRX
 8LI]QEHIEPPMXWYXIRWMPWSJFVSR^I{MXWTSXWWLSZIPW
JSVIEGLFEWI  8LI]YWIHXLIWLIOIPW Q XSQEOI
WTVMROPMRKFS[PWQIEXJSVOWERHJMVITERW8LI]QEHIE XLILSSOWJSVXLITSWXWXSSZIVPE]XLIXSTWSJXLITSWXW
KVEXMRKJSVXLIEPXEVEFVSR^IRIX[SVOXSFIYRHIVMXW ERHXSQEOIXLIMVFERHW
PIHKILEPJ[E]YTXLIEPXEV  8LI]GEWXFVSR^IVMRKWXS  8LIFVSR^IJVSQXLI[EZISJJIVMRK[EWXEPIRXW
LSPHXLITSPIWJSVXLIJSYVGSVRIVWSJXLIFVSR^IKVEXMRK ERHWLIOIPW R  8LI]YWIHMXXSQEOIXLIFEWIWJSV
 8LI] QEHI XLI TSPIW SJ EGEGME [SSH ERH SZIVPEMH
XLIIRXVERGI XS XLI8IRX SJ1IIXMRK XLI FVSR^IEPXEV
XLIQ [MXL FVSR^I  8LI] MRWIVXIH XLI TSPIW MRXS XLI [MXLMXWFVSR^IKVEXMRKERHEPPMXWYXIRWMPW XLIFEWIWJSV
VMRKWWSXLI][SYPHFISRXLIWMHIWSJXLIEPXEVJSVGEVV] XLI WYVVSYRHMRK GSYVX]EVH ERH XLSWIJSV MXWIRXVERGI
MRKMX8LI]QEHIMXLSPPS[SYXSJFSEVHW ERH EPPXLIXIRXTIKW JSVXLI XEFIVREGPIERH XLSWIJSV
XLIWYVVSYRHMRKGSYVX]EVH
 8LI]QEHIXLIFVSR^IFEWMRERHMXWFVSR^IWXERH
JVSQXLIQMVVSVWSJXLI[SQIR[LSWIVZIHEXXLIIR *VSQXLIFPYITYVTPIERHWGEVPIX]EVRXLI]QEHI
XVERGIXSXLI8IRXSJ1IIXMRK [SZIRKEVQIRXWJSVQMRMWXIVMRKMRXLIWERGXYEV]
8LI]EPWSQEHIWEGVIHKEVQIRXWJSV%EVSREWXLI036(
 2I\XXLI]QEHIXLIGSYVX]EVH8LIWSYXLWMHI[EWE
GSQQERHIH1SWIW
LYRHVIHGYFMXW H PSRKERHLEHGYVXEMRWSJJMRIP]X[MWXIH
PMRIR  [MXL X[IRX] TSWXW ERH X[IRX] FVSR^I FEWIW  8LI] S QEHIXLIITLSHSJKSPHERHSJFPYITYVTPI
ERH [MXL WMPZIV LSSOW ERH FERHW SR XLI TSWXW  8LI ERH WGEVPIX ]EVR ERH SJ JMRIP] X[MWXIH PMRIR  8LI]
RSVXL WMHI [EW EPWS E LYRHVIH GYFMXW PSRK ERH LEH LEQQIVIHSYXXLMRWLIIXWSJKSPHERHGYXWXVERHWXSFI
X[IRX] TSWXW ERH X[IRX] FVSR^I FEWIW [MXL WMPZIV [SVOIHMRXSXLIFPYITYVTPIERHWGEVPIX]EVRERHJMRI
LSSOWERHFERHWSRXLITSWXW PMRIR{XLI [SVO SJ E WOMPPIH GVEJXWQER  8LI] QEHI
 8LI[IWXIRH[EWJMJX]GYFMXW I [MHIERHLEHGYV
WLSYPHIVTMIGIWJSVXLIITLSH[LMGL[IVIEXXEGLIHXS
XEMRW [MXLXIR TSWXW ERH XIR FEWIW [MXL WMPZIV LSSOW X[SSJMXWGSVRIVWWSMXGSYPHFIJEWXIRIH  -XWWOMPPJYPP]
ERHFERHWSRXLITSWXW 8LIIEWXIRHXS[EVHXLIWYR [SZIR [EMWXFERH [EW PMOI MX{SJ SRI TMIGI [MXL XLI
VMWI[EWEPWSJMJX]GYFMXW[MHI 'YVXEMRWJMJXIIRGYFMXW J ITLSHERHQEHI[MXLKSPHERH[MXLFPYITYVTPIERH
PSRK[IVISRSRIWMHISJXLIIRXVERGI[MXLXLVIITSWXW WGEVPIX]EVRERH[MXLJMRIP]X[MWXIHPMRIREWXLI036(
ERHXLVIIFEWIW ERHGYVXEMRWJMJXIIRGYFMXWPSRK[IVI GSQQERHIH1SWIW
SRXLISXLIVWMHISJXLIIRXVERGIXSXLIGSYVX]EVH[MXL  8LI]QSYRXIHXLISR]\WXSRIWMRKSPHJMPMKVIIWIX
XLVII TSWXW ERH XLVII FEWIW  %PPXLIGYVXEMRW EVSYRH XMRKWERHIRKVEZIHXLIQPMOIEWIEP[MXLXLIREQIWSJ
XLIGSYVX]EVH[IVISJJMRIP]X[MWXIHPMRIR  8LIFEWIW XLI WSRW SJ -WVEIP  8LIR XLI] JEWXIRIH XLIQ SR XLI
JSVXLITSWXW[IVIFVSR^I8LILSSOWERHFERHWSRXLI WLSYPHIV TMIGIW SJXLIITLSH EW QIQSVMEP WXSRIWJSV
TSWXW[IVIWMPZIVERHXLIMVXSTW[IVISZIVPEMH[MXLWMP XLIWSRWSJ-WVEIPEWXLI036( GSQQERHIH1SWIW
ZIVWSEPPXLITSWXWSJXLIGSYVX]EVHLEHWMPZIVFERHW
 8LIGYVXEMRJSVXLIIRXVERGIXSXLIGSYVX]EVH[EW
 8LI] JEWLMSRIH XLI FVIEWXTMIGI{XLI [SVO SJ E
SJFPYITYVTPIERHWGEVPIX]EVRERHJMRIP]X[MWXIHPMR
IR{XLI[SVOSJERIQFVSMHIVIV-X[EWX[IRX]GYFMXW K WOMPPIHGVEJXWQER8LI]QEHIMXPMOIXLIITLSHSJKSPH
PSRKERHPMOIXLIGYVXEMRWSJXLIGSYVX]EVHJMZIGYFMXW L ERHSJFPYITYVTPIERHWGEVPIX]EVRERHSJJMRIP]X[MWX
LMKL  [MXL JSYV TSWXW ERH JSYV FVSR^I FEWIW 8LIMV IH PMRIR  -X [EW WUYEVI{E WTER T PSRK ERH E WTER
LSSOWERHFERHW[IVIWMPZIVERHXLIMVXSTW[IVISZIV [MHI{ERH JSPHIH HSYFPI  8LIR XLI] QSYRXIH JSYV
PEMH[MXLWMPZIV%PPXLIXIRXTIKWSJXLIXEFIVREGPIERH VS[WSJTVIGMSYWWXSRIWSRMX-RXLIJMVWXVS[XLIVI[EWE
SJXLIWYVVSYRHMRKGSYVX]EVH[IVIFVSR^I VYF] E XSTE^ ERH E FIV]P  MR XLI WIGSRH VS[ E XYV
UYSMWIEWETTLMVI U ERHERIQIVEPH MRXLIXLMVHVS[E
NEGMRXLEREKEXIERHEREQIXL]WX MRXLIJSYVXLVS[E
 8LIWI EVI XLI EQSYRXW SJ XLI QEXIVMEPW YWIH JSV GLV]WSPMXIERSR]\ERHENEWTIV V 8LI][IVIQSYRXIHMR
XLIXEFIVREGPIXLIXEFIVREGPISJXLI8IWXMQSR][LMGL KSPH JMPMKVII WIXXMRKW  8LIVI [IVI X[IPZI WXSRIWSRI
[IVIVIGSVHIHEX1SWIWvGSQQERHF]XLI0IZMXIWYRHIV JSV IEGL SJ XLI REQIW SJ XLI WSRW SJ -WVEIP IEGL IR
XLI HMVIGXMSR SJ -XLEQEV WSR SJ %EVSR XLI TVMIWX KVEZIHPMOIE WIEP[MXLXLI REQISJSRI SJXLI X[IPZI
 &I^EPIPWSRSJ9VMXLIWSRSJ,YVSJXLIXVMFISJ.Y XVMFIW
HEL QEHI IZIV]XLMRK XLI 036( GSQQERHIH 1SWIW  *SV XLIFVIEWXTMIGI XLI] QEHI FVEMHIHGLEMRW SJ
[MXLLMQ[EW3LSPMEFWSRSJ%LMWEQEGLSJXLIXVMFI TYVIKSPHPMOIEVSTI 8LI]QEHIX[SKSPHJMPMKVIIWIX
SJ(ER{EGVEJXWQERERHHIWMKRIVERHERIQFVSMHIVIV XMRKWERHX[SKSPHVMRKWERHJEWXIRIHXLIVMRKWXSX[S
MRFPYITYVTPIERHWGEVPIX]EVRERHJMRIPMRIR   8LI SJ XLI GSVRIVW SJ XLI FVIEWXTMIGI  8LI] JEWXIRIH XLI
XSXEPEQSYRXSJXLIKSPHJVSQXLI[EZISJJIVMRKYWIHJSV X[SKSPHGLEMRWXSXLIVMRKWEXXLIGSVRIVWSJXLIFVIEWX
E  3V,IEPWSMRZIVWIWz F  8LEXMWEFSYX JIIX EFSYXQIXIVW G  8LEXMWEFSYX JIIX EFSYXQIXIVW PSRKERH

[MHI H  8LEXMWEFSYXJIIX EFSYXQIXIVW I  8LEXMWEFSYXJIIX EFSYXQIXIVW J  8LEXMWEFSYX JIIX


EFSYXQIXIVW K  8LEXMWEFSYXJIIX EFSYXQIXIVW L  8LEXMWEFSYX JIIX EFSYXQIXIVW M  8LI[IMKLXSJ
XLIKSPH[EWEPMXXPISZIVSRIXSR EFSYXQIXVMGXSR  N  8LI[IMKLXSJXLIWMPZIV[EWEPMXXPISZIV  XSRW EFSYXQIXVMGXSRW 
O  8LEXMWEFSYXSYRGI EFSYXKVEQW P  8LEXMWEFSYX XSRW EFSYXQIXVMGXSRW Q  8LEXMWEFSYX TSYRHW

EFSYXOMPSKVEQW R  8LI[IMKLXSJXLIFVSR^I[EWEFSYX XSRW EFSYXQIXVMGXSRW  S  3V,IEPWSMRZIVWIWERH


T  8LEXMWEFSYXMRGLIW EFSYXGIRXMQIXIVW U  3VPETMWPE^YPM V  8LITVIGMWIMHIRXMJMGEXMSRSJWSQISJXLIWITVIGMSYWWXSRIW

MWYRGIVXEMR
TMIGI ERHXLISXLIVIRHWSJXLIGLEMRWXSXLIX[SWIX JVSRXSJXLIEVOSJXLI8IWXMQSR]ERHTYXXLIGYVXEMREX
XMRKW EXXEGLMRK XLIQ XS XLI WLSYPHIV TMIGIW SJ XLI XLIIRXVERGIXSXLIXEFIVREGPI
ITLSHEXXLIJVSRX  8LI]QEHIX[SKSPHVMRKWERHEX  w4PEGIXLIEPXEVSJFYVRXSJJIVMRKMRJVSRXSJXLIIR

XEGLIHXLIQXSXLISXLIVX[SGSVRIVWSJXLIFVIEWXTMIGI XVERGIXSXLIXEFIVREGPIXLI8IRXSJ1IIXMRKTPEGIXLI
SRXLIMRWMHIIHKIRI\XXSXLIITLSH 8LIRXLI]QEHI FEWMR FIX[IIR XLI8IRX SJ 1IIXMRKERH XLI EPXEV ERH
X[SQSVIKSPHVMRKWERHEXXEGLIHXLIQXSXLIFSXXSQSJ TYX[EXIVMRMX 7IXYTXLIGSYVX]EVHEVSYRHMXERHTYX
XLIWLSYPHIVTMIGIWSRXLIJVSRXSJXLIITLSHGPSWIXS XLIGYVXEMREXXLIIRXVERGIXSXLIGSYVX]EVH
XLIWIEQNYWXEFSZIXLI[EMWXFERHSJXLIITLSH 8LI]  w8EOIXLI ERSMRXMRK SMPERHERSMRXXLIXEFIVREGPI

XMIH XLI VMRKW SJ XLI FVIEWXTMIGI XS XLI VMRKW SJ XLI ERH IZIV]XLMRK MRMX GSRWIGVEXIMX ERH EPP MXW JYVRMWL
ITLSH[MXLFPYIGSVHGSRRIGXMRKMXXSXLI[EMWXFERHWS MRKWERHMX[MPPFILSP] 8LIRERSMRXXLIEPXEVSJFYVRX
XLEX XLI FVIEWXTMIGI [SYPH RSX W[MRK SYX JVSQ XLI SJJIVMRKERHEPPMXWYXIRWMPWGSRWIGVEXIXLIEPXEVERHMX
ITLSH{EWXLI036( GSQQERHIH1SWIW [MPPFIQSWXLSP] %RSMRXXLIFEWMRERHMXWWXERHERH
GSRWIGVEXIXLIQ
 w&VMRK%EVSR ERH LMW WSRWXSXLIIRXVERGIXS XLI
 8LI]QEHIXLIVSFISJXLIITLSHIRXMVIP]SJFPYI
8IRX SJ 1IIXMRK ERH [EWL XLIQ [MXL [EXIV  8LIR
GPSXL{XLI[SVOSJE[IEZIV{ [MXLERSTIRMRKMRXLI HVIWW %EVSR MR XLI WEGVIH KEVQIRXW ERSMRX LMQ ERH
GIRXIVSJXLIVSFI PMOIXLI STIRMRK SJE GSPPEV E ERH E GSRWIGVEXI LMQ WSLI QE]WIVZI QI EW TVMIWX  &VMRK
FERH EVSYRH XLMW STIRMRK WS XLEX MX [SYPH RSX XIEV LMWWSRWERHHVIWWXLIQMRXYRMGW%RSMRXXLIQNYWXEW
 8LI]QEHITSQIKVEREXIWSJFPYITYVTPIERHWGEVPIX
]SY ERSMRXIH XLIMV JEXLIV WS XLI] QE] WIVZI QI EW
]EVR ERH JMRIP] X[MWXIH PMRIR EVSYRH XLI LIQ SJ XLI TVMIWXW8LIMVERSMRXMRK[MPPFIXSETVMIWXLSSHXLEX[MPP
VSFI  %RHXLI]QEHIFIPPWSJTYVIKSPHERHEXXEGLIH GSRXMRYIJSVEPPKIRIVEXMSRWXSGSQIx  1SWIWHMHIZ
XLIQ EVSYRH XLI LIQ FIX[IIR XLI TSQIKVEREXIW IV]XLMRKNYWXEWXLI036( GSQQERHIHLMQ
 8LI FIPPW ERH TSQIKVEREXIW EPXIVREXIH EVSYRH XLI  7SXLIXEFIVREGPI[EWWIXYTSRXLIJMVWXHE]SJXLI
LIQSJXLIVSFIXSFI[SVRJSVQMRMWXIVMRKEWXLI036( JMVWXQSRXLMRXLIWIGSRH]IEV ;LIR1SWIWWIXYTXLI
GSQQERHIH1SWIW XEFIVREGPI LI TYX XLI FEWIW MR TPEGI IVIGXIH XLI
 *SV%EVSRERHLMWWSRWXLI] QEHIXYRMGWSJJMRI
JVEQIW MRWIVXIH XLI GVSWWFEVW ERH WIX YT XLI TSWXW
PMRIR{XLI[SVOSJE[IEZIV{ ERHXLIXYVFERSJJMRI  8LIRLIWTVIEHXLIXIRXSZIVXLIXEFIVREGPIERHTYX
PMRIRXLIPMRIRLIEHFERHWERHXLIYRHIVKEVQIRXWSJ XLIGSZIVMRKSZIVXLIXIRXEWXLI036( GSQQERHIHLMQ
JMRIP]X[MWXIHPMRIR 8LIWEWL[EWSJJMRIP]X[MWXIHPMR  ,IXSSOXLI8IWXMQSR]ERHTPEGIHMXMRXLIEVOEX
IRERHFPYI TYVTPI ERH WGEVPIX]EVR{XLI[SVOSJ ER XEGLIHXLITSPIWXSXLIEVOERHTYXXLIEXSRIQIRXGSZ
IQFVSMHIVIV{EWXLI036( GSQQERHIH1SWIW IVSZIVMX 8LIRLIFVSYKLXXLIEVOMRXSXLIXEFIVREGPI
 8LI] QEHI XLI TPEXI XLI WEGVIH HMEHIQ SYX SJ ERHLYRKXLIWLMIPHMRKGYVXEMRERHWLMIPHIHXLIEVOSJ
TYVI KSPHERHIRKVEZIHSRMXPMOIERMRWGVMTXMSRSRE XLI8IWXMQSR]EWXLI036( GSQQERHIHLMQ
WIEP,30= 83 8,) 036(  8LIRXLI]JEWXIRIHEFPYIGSVH  1SWIWTPEGIHXLIXEFPIMRXLI8IRXSJ1IIXMRKSR
XSMXXSEXXEGLMXXSXLIXYVFEREWXLI036( GSQQERHIH XLI RSVXL WMHI SJ XLI XEFIVREGPI SYXWMHI XLI GYVXEMR
1SWIW  ERH WIX SYX XLI FVIEH SR MX FIJSVI XLI 0 36( EW XLI
036( GSQQERHIHLMQ
 ,ITPEGIH XLI PEQTWXERH MR XLI8IRX SJ 1IIXMRK
 7SEPPXLI[SVOSRXLIXEFIVREGPIXLI8IRXSJ1IIX
STTSWMXIXLIXEFPISRXLIWSYXLWMHISJXLIXEFIVREGPI
MRK [EW GSQTPIXIH8LI -WVEIPMXIWHMH IZIV]XLMRK NYWX  ERH WIX YT XLI PEQTW FIJSVI XLI 0 36( EW XLI 0 36(
EWXLI 036( GSQQERHIH1SWIW  8LIR XLI]FVSYKLX GSQQERHIHLMQ
XLIXEFIVREGPIXS1SWIWXLIXIRXERHEPPMXWJYVRMWLMRKW  1SWIWTPEGIHXLIKSPHEPXEVMRXLI8IRXSJ1IIXMRK
MXWGPEWTWJVEQIWGVSWWFEVWTSWXWERHFEWIWXLIGSZ MRJVSRXSJXLIGYVXEMR ERHFYVRIHJVEKVERXMRGIRWISR
IVMRKSJVEQWOMRWH]IHVIHXLIGSZIVMRKSJLMHIWSJWIE MXEWXLI036( GSQQERHIHLMQ  8LIRLITYXYTXLI
GS[W F ERHXLIWLMIPHMRKGYVXEMR  XLIEVOSJXLI8IWXM GYVXEMREXXLIIRXVERGIXSXLIXEFIVREGPI
QSR][MXLMXWTSPIWERHXLIEXSRIQIRXGSZIVXLIXE  ,IWIXXLIEPXEVSJFYVRXSJJIVMRKRIEVXLIIRXVERGI
FPI [MXL EPP MXW EVXMGPIWERH XLI FVIEHSJ XLI4VIWIRGI XSXLIXEFIVREGPIXLI8IRXSJ1IIXMRKERHSJJIVIHSRMX
 XLITYVIKSPHPEQTWXERH[MXLMXWVS[SJPEQTWERHEPP
FYVRX SJJIVMRKW ERH KVEMR SJJIVMRKW EW XLI 036( GSQ
MXWEGGIWWSVMIWERHXLISMPJSVXLIPMKLXXLIKSPHEPXEV QERHIHLMQ
XLIERSMRXMRKSMPXLIJVEKVERXMRGIRWIERHXLIGYVXEMR  ,ITPEGIHXLIFEWMRFIX[IIRXLI8IRXSJ1IIXMRK
JSVXLIIRXVERGIXSXLIXIRX  XLIFVSR^IEPXEV[MXLMXW ERHXLIEPXEVERHTYX[EXIVMRMXJSV[EWLMRK ERH1S
FVSR^IKVEXMRKMXWTSPIW ERH EPPMXW YXIRWMPW XLIFEWMR WIWERH%EVSRERHLMWWSRWYWIHMXXS[EWLXLIMVLERHW
[MXLMXW WXERH  XLI GYVXEMRWSJXLI GSYVX]EVH [MXL MXW ERH JIIX  8LI] [EWLIH [LIRIZIV XLI] IRXIVIH XLI
TSWXWERHFEWIWERHXLIGYVXEMRJSVXLIIRXVERGIXSXLI 8IRX SJ 1IIXMRK SV ETTVSEGLIH XLI EPXEVEW XLI0 36(
GSYVX]EVHXLIVSTIWERHXIRXTIKWJSVXLIGSYVX]EVHEPP GSQQERHIH1SWIW
XLIJYVRMWLMRKWJSVXLIXEFIVREGPIXLI8IRXSJ1IIXMRK  8LIR1SWIWWIXYTXLIGSYVX]EVHEVSYRHXLIXEFIV
 ERHXLI[SZIRKEVQIRXW[SVRJSVQMRMWXIVMRKMRXLI
REGPIERHEPXEVERHTYXYTXLIGYVXEMREXXLIIRXVERGIXS
WERGXYEV] FSXL XLI WEGVIH KEVQIRXW JSV %EVSR XLI XLIGSYVX]EVH%RHWS1SWIWJMRMWLIHXLI[SVO
TVMIWXERH XLI KEVQIRXW JSV LMWWSRW [LIR WIVZMRK EW
TVMIWXW
 8LI -WVEIPMXIW LEH HSRI EPP XLI [SVO NYWX EW XLI  8LIRXLIGPSYHGSZIVIHXLI8IRXSJ1IIXMRKERH

036( LEH GSQQERHIH 1SWIW  1SWIW MRWTIGXIH XLI XLI KPSV] SJ XLI 036( JMPPIH XLI XEFIVREGPI  1SWIW
[SVOERHWE[XLEXXLI]LEHHSRIMXNYWXEWXLI036( LEH GSYPHRSXIRXIVXLI8IRXSJ1IIXMRKFIGEYWIXLIGPSYH
GSQQERHIH7S1SWIWFPIWWIHXLIQ LEHWIXXPIHYTSRMXERHXLIKPSV]SJXLI036( JMPPIHXLI
XEFIVREGPI
 -R EPP XLI XVEZIPW SJ XLI -WVEIPMXIW [LIRIZIV XLI
8LIRXLI036( WEMHXS1SWIW  w7IXYTXLIXEFIV GPSYHPMJXIHJVSQEFSZIXLIXEFIVREGPIXLI][SYPHWIX
REGPIXLI8IRXSJ1IIXMRKSRXLIJMVWXHE]SJXLI SYX FYXMJXLIGPSYHHMHRSXPMJXXLI]HMHRSXWIXSYX{
JMVWXQSRXL  4PEGI XLI EVO SJ XLI8IWXMQSR] MR MX ERH YRXMP XLI HE] MXPMJXIH  7SXLIGPSYH SJ XLI 036( [EW
WLMIPHXLIEVO[MXLXLIGYVXEMR  &VMRKMRXLIXEFPIERH SZIVXLIXEFIVREGPIF]HE]ERHJMVI[EWMRXLIGPSYHF]
WIXSYX[LEXFIPSRKWSRMX8LIRFVMRKMRXLIPEQTWXERH RMKLX MR XLI WMKLXSJ EPP XLI LSYWI SJ -WVEIP HYVMRK EPP
ERHWIXYTMXWPEQTW 4PEGIXLIKSPHEPXEVSJMRGIRWIMR XLIMVXVEZIPW
E  8LIQIERMRKSJXLI,IFVI[JSVXLMW[SVHMWYRGIVXEMR F  8LEXMWHYKSRKW
KVMHHPIMXMWXSFIQEHISJJMRIJPSYVQM\IH[MXLSMPERH
8LI036( GEPPIHXS1SWIWERHWTSOIXSLMQJVSQXLI [MXLSYX ]IEWX  'VYQFPI MX ERH TSYV SMP SR MX MX MW E
8IRX SJ 1IIXMRK ,I WEMH  w7TIEO XS XLI -WVEIPMXIW KVEMRSJJIVMRK -J]SYVKVEMRSJJIVMRKMWGSSOIHMRETER
ERHWE]XSXLIQu;LIRER]SJ]SYFVMRKWERSJJIVMRKXS MXMWXSFIQEHISJJMRIJPSYVERHSMP &VMRKXLIKVEMRSJ
XLI036( FVMRKEW]SYVSJJIVMRKERERMQEPJVSQIMXLIV JIVMRK QEHISJ XLIWI XLMRKW XS XLI 036( TVIWIRX MX XS
XLILIVHSVXLIJPSGO XLITVMIWX[LSWLEPPXEOIMXXSXLIEPXEV  ,IWLEPPXEOI
 w u-JXLISJJIVMRKMWEFYVRXSJJIVMRKJVSQXLILIVHLI SYXXLIQIQSVMEPTSVXMSR JVSQ XLIKVEMR SJJIVMRKERH
MWXSSJJIVEQEPI[MXLSYXHIJIGX,IQYWXTVIWIRXMXEX FYVRMXSRXLIEPXEVEWERSJJIVMRKQEHIF]JMVIEREVSQE
XLIIRXVERGIXSXLI8IRXSJ1IIXMRKWSXLEXMX E [MPPFIEG TPIEWMRKXSXLI036(  8LIVIWXSJXLIKVEMRSJJIVMRKFI
GITXEFPIXSXLI036(  ,IMWXSPE]LMWLERHSRXLILIEH PSRKWXS%EVSRERHLMWWSRWMXMWEQSWXLSP]TEVXSJXLI
SJXLIFYVRXSJJIVMRKERHMX[MPPFIEGGITXIHSRLMWFI SJJIVMRKWQEHIXSXLI036( F]JMVI
LEPJXSQEOIEXSRIQIRXJSVLMQ ,IMWXSWPEYKLXIVXLI  w u)ZIV]KVEMRSJJIVMRK]SYFVMRKXSXLI0 36( QYWX

]SYRKFYPPFIJSVIXLI036( ERHXLIR%EVSRvWWSRWXLI FI QEHI [MXLSYX ]IEWX JSV ]SY EVI RSX XS FYVR ER]
TVMIWXWWLEPPFVMRKXLIFPSSHERHWTVMROPIMXEKEMRWXXLI ]IEWXSVLSRI]MRERSJJIVMRKQEHIXSXLI036( F]JMVI
EPXEVSREPPWMHIWEXXLIIRXVERGIXSXLI8IRXSJ1IIXMRK  =SYQE]FVMRKXLIQXSXLI036( EWERSJJIVMRKSJXLI
 ,IMWXSWOMRXLIFYVRXSJJIVMRKERHGYXMXMRXSTMIGIW JMVWXJVYMXWFYXXLI]EVIRSXXSFISJJIVIHSRXLIEPXEVEWE
 8LIWSRWSJ%EVSRXLITVMIWXEVIXSTYXJMVISRXLIEPXEV TPIEWMRK EVSQE  7IEWSREPP ]SYVKVEMR SJJIVMRKW[MXL
ERH EVVERKI[SSH SR XLIJMVI  8LIR %EVSRvWWSRW XLI WEPX(SRSXPIEZIXLIWEPXSJXLIGSZIRERXSJ]SYV+SH
TVMIWXWWLEPPEVVERKIXLITMIGIWMRGPYHMRKXLILIEHERH SYXSJ]SYVKVEMRSJJIVMRKWEHHWEPXXSEPP]SYVSJJIVMRKW
XLIJEXSRXLIFYVRMRK[SSHXLEXMWSRXLIEPXEV  ,IMW  w u-J]SY FVMRKEKVEMRSJJIVMRK SJJMVWXJVYMXWXSXLI

XS[EWLXLIMRRIVTEVXWERHXLIPIKW[MXL[EXIVERHXLI 036( SJJIV GVYWLIH LIEHWSJRI[KVEMR VSEWXIHMR XLI


TVMIWXMWXSFYVREPPSJMXSRXLIEPXEV-XMWEFYVRXSJJIVMRK JMVI  4YX SMP ERH MRGIRWI SR MX MX MW E KVEMR SJJIVMRK
ERSJJIVMRKQEHIF]JMVIEREVSQETPIEWMRKXSXLI036(  8LI TVMIWX WLEPP FYVR XLI QIQSVMEP TSVXMSR SJ XLI
 w u-JXLISJJIVMRKMWEFYVRXSJJIVMRKJVSQXLIJPSGO GVYWLIHKVEMRERHXLISMPXSKIXLIV[MXLEPPXLIMRGIRWI
JVSQIMXLIVXLIWLIITSVXLIKSEXWLIMWXSSJJIVEQEPI EWERSJJIVMRKQEHIXSXLI036( F]JMVI
[MXLSYXHIJIGX ,IMWXSWPEYKLXIVMXEXXLIRSVXLWMHISJ
XLIEPXEVFIJSVIXLI036( ERH%EVSRvWWSRWXLITVMIWXW
WLEPP WTVMROPI MXW FPSSH EKEMRWX XLI EPXEV SR EPP WMHIW w u-JWSQISRIvWSJJIVMRKMWEJIPPS[WLMTSJJIVMRK H ERH
 ,IMWXSGYXMXMRXSTMIGIWERHXLITVMIWXWLEPPEVVERKI LISJJIVWERERMQEPJVSQXLILIVH[LIXLIVQEPISV
XLIQMRGPYHMRK XLI LIEHERH XLI JEX SR XLIFYVRMRK JIQEPILIMWXSTVIWIRXFIJSVIXLI036( ERERMQEP[MXL
[SSHXLEXMWSRXLIEPXEV ,IMWXS[EWLXLIMRRIVTEVXW SYXHIJIGX  ,IMWXSPE]LMWLERHSRXLILIEHSJLMWSJ
ERHXLIPIKW[MXL[EXIVERHXLITVMIWXMWXSFVMRKEPPSJMX JIVMRK ERH WPEYKLXIV MX EX XLI IRXVERGI XS XLI8IRX SJ
ERHFYVRMXSRXLIEPXEV-XMWEFYVRXSJJIVMRKERSJJIVMRK 1IIXMRK 8LIR %EVSRvW WSRW XLI TVMIWXW WLEPP WTVMROPI
QEHIF]JMVIEREVSQETPIEWMRKXSXLI036( XLIFPSSHEKEMRWXXLIEPXEVSREPPWMHIW*VSQXLIJIPPS[
 w u-JXLISJJIVMRKXSXLI0 36( MWEFYVRXSJJIVMRKSJ WLMTSJJIVMRKLIMWXSFVMRKEWEGVMJMGIQEHIXSXLI036(
FMVHW LI MW XS SJJIV E HSZI SV E ]SYRK TMKISR  8LI F]JMVIEPPXLIJEXXLEXGSZIVWXLIMRRIVTEVXWSVMWGSR
TVMIWXWLEPPFVMRKMXXSXLIEPXEV[VMRKSJJXLILIEHERH RIGXIH XS XLIQ  FSXL OMHRI]W [MXL XLI JEX SR XLIQ
FYVRMXSRXLIEPXEVMXWFPSSHWLEPPFIHVEMRIHSYXSRXLI RIEVXLIPSMRW ERHXLIGSZIVMRK SJXLI PMZIV[LMGLLI
WMHISJXLIEPXEV ,IMWXSVIQSZIXLIGVST[MXLMXWGSR [MPPVIQSZI[MXLXLIOMHRI]W8LIR%EVSRvWWSRWEVIXS
XIRXW F ERHXLVS[MXXSXLIIEWXWMHISJXLIEPXEV[LIVIXLI FYVRMXSRXLIEPXEVSRXSTSJXLIFYVRXSJJIVMRKXLEXMWSR
EWLIWEVI ,IWLEPPXIEVMXSTIRF]XLI[MRKWRSXWIZIV XLIFYVRMRK[SSHEWERSJJIVMRKQEHIF]JMVIEREVSQE
MRKMXGSQTPIXIP]ERHXLIRXLITVMIWXWLEPPFYVRMXSRXLI TPIEWMRKXSXLI036(
 w u-JLISJJIVWERERMQEPJVSQXLIJPSGOEWEJIPPS[
[SSHXLEXMWSRXLIJMVISRXLIEPXEV-XMWEFYVRXSJJIVMRK
ERSJJIVMRKQEHIF]JMVIEREVSQETPIEWMRKXSXLI036( WLMTSJJIVMRKXSXLI036( LIMWXSSJJIVEQEPISVJIQEPI
[MXLSYXHIJIGX -JLISJJIVWEPEQFLIMWXSTVIWIRXMXFI
JSVIXLI036(  ,IMWXSPE]LMWLERHSRXLILIEHSJLMW
w u;LIR WSQISRI FVMRKW E KVEMR SJJIVMRK XS XLI SJJIVMRKERHWPEYKLXIVMXMRJVSRXSJXLI8IRXSJ1IIXMRK
036( LMWSJJIVMRKMWXSFISJJMRIJPSYV,IMWXSTSYV 8LIR %EVSRvW WSRW WLEPP WTVMROPIMXWFPSSH EKEMRWX XLI
SMPSRMXTYXMRGIRWISRMX  ERHXEOIMXXS%EVSRvWWSRW EPXEVSREPPWMHIW  *VSQXLIJIPPS[WLMTSJJIVMRKLIMWXS
XLI TVMIWXW8LI TVMIWX WLEPPXEOI E LERHJYP SJXLI JMRI FVMRKEWEGVMJMGIQEHIXSXLI036( F]JMVIMXWJEXXLIIR
JPSYV ERH SMP XSKIXLIV [MXLEPP XLIMRGIRWIERH FYVR XMVIJEXXEMPGYXSJJGPSWIXSXLIFEGOFSRIEPPXLIJEXXLEX
XLMW EW E QIQSVMEP TSVXMSR SR XLI EPXEV ER SJJIVMRK GSZIVWXLIMRRIVTEVXWSVMWGSRRIGXIHXSXLIQ  FSXL
QEHIF]JMVIEREVSQETPIEWMRKXSXLI036(  8LIVIWXSJ OMHRI]W [MXL XLI JEX SR XLIQ RIEV XLI PSMRW ERH XLI
XLIKVEMRSJJIVMRKFIPSRKWXS%EVSRERHLMWWSRWMXMWE GSZIVMRKSJXLIPMZIV[LMGLLI[MPPVIQSZI[MXLXLIOMH
QSWXLSP]TEVXSJXLISJJIVMRKWQEHIXSXLI036( F]JMVI RI]W 8LITVMIWXWLEPPFYVRXLIQSRXLIEPXEVEWJSSH
 w u-J]SYFVMRKEKVEMRSJJIVMRKFEOIHMRERSZIRMXMW ERSJJIVMRKQEHIXSXLI036( F]JMVI
XSGSRWMWXSJJMRIJPSYVGEOIWQEHI[MXLSYX]IEWXERH  w u-JLMWSJJIVMRKMWEKSEXLIMWXSTVIWIRXMXFIJSVI
QM\IH [MXL SMP SV G [EJIVW QEHI [MXLSYX ]IEWX ERH XLI036(  ,IMWXSPE]LMWLERHSRMXWLIEHERHWPEYKL
WTVIEH[MXLSMP  -J]SYVKVEMRSJJIVMRKMWTVITEVIHSRE XIVMXMRJVSRXSJXLI8IRXSJ1IIXMRK8LIR%EVSRvWWSRW
E 3VLI F  3VGVSTERHXLIJIEXLIVWXLIQIERMRKSJXLI,IFVI[JSVXLMW[SVHMWYRGIVXEMR G 3VERH H 8VEHMXMSREPP]TIEGI
SJJIVMRKEPWSMRZIVWIWERH
WLEPP WTVMROPI MXW FPSSH EKEMRWX XLI EPXEV SR EPP WMHIW [MXLSYX HIJIGX  ,I MW XS PE] LMW LERH SR XLI KSEXvW
 *VSQ[LEXLISJJIVWLIMWXSQEOIXLMWSJJIVMRKXSXLI LIEHERHWPEYKLXIVMXEXXLITPEGI[LIVIXLIFYVRXSJJIV
036( F]JMVIEPPXLIJEXXLEXGSZIVWXLIMRRIVTEVXWSVMW MRKMW WPEYKLXIVIH FIJSVIXLI036( -X MW EWMR SJJIVMRK
GSRRIGXIHXSXLIQ FSXLOMHRI]W[MXLXLIJEXSRXLIQ  8LIRXLITVMIWXWLEPPXEOIWSQISJXLIFPSSHSJXLIWMR
RIEVXLIPSMRW ERHXLIGSZIVMRKSJXLI PMZIV [LMGLLI SJJIVMRK[MXLLMWJMRKIVERHTYXMXSRXLILSVRWSJXLIEP
[MPP VIQSZI [MXL XLI OMHRI]W  8LI TVMIWX WLEPP FYVR XEVSJFYVRXSJJIVMRKERHTSYVSYXXLIVIWXSJXLIFPSSHEX
XLIQ SR XLI EPXEVEW JSSH ER SJJIVMRK QEHI F] JMVI E XLIFEWISJXLIEPXEV ,IWLEPPFYVREPPXLIJEXSRXLIEP
TPIEWMRKEVSQE%PPXLIJEXMWXLI036(vW XEVEW LI FYVRIHXLI JEX SJ XLI JIPPS[WLMT SJJIVMRK -R
 w u8LMWMWEPEWXMRKSVHMRERGIJSVXLIKIRIVEXMSRWXS XLMW[E]XLITVMIWX[MPPQEOIEXSRIQIRXJSVXLIQERvW
GSQI[LIVIZIV ]SY PMZI=SY QYWX RSX IEXER]JEX SV WMRERHLI[MPPFIJSVKMZIR
ER]FPSSHv x  w u-J E QIQFIV SJ XLI GSQQYRMX] WMRW YRMRXIR
XMSREPP]ERHHSIW[LEXMWJSVFMHHIRMRER]SJXLI036(vW
8LI 036( WEMH XS 1SWIW  w7E]
XS XLI -WVEIPMXIW GSQQERHWLIMWKYMPX] ;LIRLIMWQEHIE[EVISJXLI
u;LIRER]SRIWMRWYRMRXIRXMSREPP]ERHHSIW[LEXMW WMRLIGSQQMXXIHLIQYWXFVMRKEWLMWSJJIVMRKJSVXLI
JSVFMHHIRMRER]SJXLI036(vWGSQQERHW{ WMRLIGSQQMXXIHEJIQEPIKSEX[MXLSYXHIJIGX  ,IMW
 w u-JXLIERSMRXIHTVMIWXWMRWFVMRKMRKKYMPXSRXLI
XS PE] LMW LERH SR XLI LIEH SJ XLI WMR SJJIVMRK ERH
WPEYKLXIV MXEX XLITPEGI SJ XLIFYVRX SJJIVMRK  8LIR
TISTPILIQYWXFVMRKXSXLI036( E]SYRKFYPP[MXLSYX XLITVMIWXMWXS XEOI WSQI SJ XLIFPSSH [MXLLMWJMRKIV
HIJIGX EWE WMR SJJIVMRK JSV XLI WMRLILEW GSQQMXXIH ERHTYXMXSRXLILSVRWSJXLIEPXEVSJFYVRXSJJIVMRKERH
 ,IMWXSTVIWIRXXLIFYPPEXXLIIRXVERGIXSXLI8IRXSJ
TSYVSYXXLI VIWXSJXLIFPSSHEXXLI FEWISJXLIEPXEV
1IIXMRK FIJSVI XLI 036( ,I MW XS PE] LMW LERH SR MXW  ,IWLEPPVIQSZIEPPXLIJEXNYWXEWXLIJEXMWVIQSZIH
LIEH ERH WPEYKLXIV MX FIJSVI XLI 0 36(  8LIR XLI JVSQXLIJIPPS[WLMTSJJIVMRKERHXLITVMIWXWLEPPFYVRMX
ERSMRXIHTVMIWXWLEPPXEOIWSQISJXLIFYPPvWFPSSHERH SR XLIEPXEV EW ER EVSQE TPIEWMRK XSXLI 036( -R XLMW
GEVV]MXMRXSXLI8IRXSJ1IIXMRK ,IMWXSHMTLMWJMRKIV [E]XLITVMIWX[MPPQEOIEXSRIQIRXJSVLMQERHLI[MPP
MRXSXLIFPSSHERHWTVMROPIWSQISJMXWIZIRXMQIWFI FIJSVKMZIR
JSVIXLI 036( MRJVSRXSJXLIGYVXEMR SJXLI WERGXYEV]  w u-J LI FVMRKW E PEQFEWLMW WMR SJJIVMRK LI MW XS
 8LI TVMIWX WLEPP XLIR TYX WSQI SJ XLI FPSSH SR XLI
FVMRKEJIQEPI[MXLSYXHIJIGX ,IMWXSPE]LMWLERHSR
LSVRWSJXLIEPXEVSJJVEKVERXMRGIRWIXLEXMWFIJSVIXLI MXWLIEHERHWPEYKLXIVMXJSVEWMRSJJIVMRKEXXLITPEGI
036( MRXLI8IRXSJ1IIXMRK8LIVIWXSJXLIFYPPvWFPSSH [LIVI XLI FYVRX SJJIVMRK MW WPEYKLXIVIH  8LIR XLI
LIWLEPPTSYVSYXEXXLIFEWISJXLIEPXEVSJFYVRXSJJIV TVMIWX WLEPPXEOI WSQISJ XLI FPSSH SJXLIWMR SJJIVMRK
MRKEXXLIIRXVERGIXSXLI8IRXSJ1IIXMRK ,IWLEPPVI [MXL LMW JMRKIV ERH TYX MX SRXLI LSVRW SJ XLIEPXEV SJ
QSZIEPPXLIJEXJVSQXLIFYPPSJXLIWMRSJJIVMRK{XLIJEX FYVRXSJJIVMRKERHTSYVSYXXLIVIWXSJXLIFPSSHEXXLI
XLEX GSZIVW XLI MRRIV TEVXW SV MW GSRRIGXIH XS XLIQ FEWISJXLIEPXEV ,IWLEPPVIQSZIEPPXLIJEXNYWXEWXLI
 FSXLOMHRI]W[MXLXLIJEXSRXLIQRIEVXLIPSMRWERH
JEXMWVIQSZIHJVSQXLIPEQFSJXLIJIPPS[WLMTSJJIVMRK
XLIGSZIVMRKSJXLIPMZIV[LMGLLI[MPPVIQSZI[MXLXLI ERHXLITVMIWXWLEPPFYVRMXSRXLIEPXEVSRXSTSJXLISJ
OMHRI]W{ NYWXEWXLIJEXMWVIQSZIHJVSQXLIS\ E WEG JIVMRKWQEHIXSXLI036( F]JMVI-RXLMW[E]XLITVMIWX
VMJMGIH EW E JIPPS[WLMT SJJIVMRK F 8LIR XLITVMIWXWLEPP [MPPQEOIEXSRIQIRXJSVLMQJSVXLIWMRLILEWGSQQMX
FYVRXLIQSRXLIEPXEVSJFYVRXSJJIVMRK&YXXLILMHI XIHERHLI[MPPFIJSVKMZIR
SJXLIFYPPERHEPPMXWJPIWLEW[IPPEWXLILIEHERHPIKW
XLI MRRIV TEVXWERHSJJEP{  XLEXMWEPPXLI VIWX SJXLI w u-J E TIVWSR WMRW FIGEYWI LI HSIW RSX WTIEO YT
FYPP{LIQYWX XEOI SYXWMHIXLI GEQT XS ETPEGI GIVI [LIRLILIEVWETYFPMGGLEVKI XS XIWXMJ]VIKEVHMRK
QSRMEPP]GPIER[LIVIXLIEWLIWEVIXLVS[RERHFYVRMX WSQIXLMRKLILEWWIIRSVPIEVRIHEFSYXLI[MPPFILIPH
MRE[SSHJMVISRXLIEWLLIET VIWTSRWMFPI
 w u3VMJETIVWSRXSYGLIWER]XLMRKGIVIQSRMEPP]YR
 w u-JXLI[LSPI -WVEIPMXI GSQQYRMX] WMRW YRMRXIR
GPIER{[LIXLIVXLIGEVGEWWIWSJYRGPIER[MPHERMQEPW
XMSREPP]ERHHSIW[LEXMWJSVFMHHIRMRER]SJXLI036(vW SV SJ YRGPIER PMZIWXSGO SV SJ YRGPIER GVIEXYVIW XLEX
GSQQERHWIZIRXLSYKLXLIGSQQYRMX]MWYRE[EVISJ QSZIEPSRKXLIKVSYRH{IZIRXLSYKLLIMWYRE[EVISJ
XLIQEXXIVXLI]EVIKYMPX]  ;LIRXLI]FIGSQIE[EVI MXLILEWFIGSQIYRGPIERERHMWKYMPX]
SJXLIWMRXLI]GSQQMXXIHXLIEWWIQFP]QYWXFVMRKE  w u3VMJLIXSYGLIWLYQERYRGPIERRIWW{ER]XLMRK
]SYRKFYPP EW E WMR SJJIVMRK ERH TVIWIRX MX FIJSVI XLI XLEX[SYPHQEOILMQYRGPIER{IZIRXLSYKLLIMWYR
8IRXSJ1IIXMRK  8LIIPHIVWSJXLIGSQQYRMX]EVIXS E[EVISJMX[LIRLIPIEVRWSJMXLI[MPPFIKYMPX]
PE]XLIMVLERHWSRXLIFYPPvWLIEHFIJSVIXLI036( ERH  w u3VMJETIVWSRXLSYKLXPIWWP]XEOIWERSEXLXSHS
XLI FYPP WLEPP FI WPEYKLXIVIH FIJSVI XLI 036(  8LIR ER]XLMRK [LIXLIV KSSH SV IZMP{MR ER] QEXXIV SRI
XLIERSMRXIHTVMIWXMWXSXEOIWSQISJ XLIFYPPvWFPSSH QMKLX GEVIPIWWP] W[IEV EFSYX{IZIR XLSYKLLI MW YR
MRXSXLI8IRXSJ1IIXMRK  ,IWLEPPHMTLMW JMRKIVMRXS E[EVISJMXMRER]GEWI[LIRLIPIEVRWSJMXLI[MPPFI
XLIFPSSHERHWTVMROPIMXFIJSVIXLI036( WIZIRXMQIWMR KYMPX]
JVSRXSJXLIGYVXEMR ,IMWXSTYXWSQISJXLIFPSSHSR  w u;LIRER]SRIMW KYMPX]MR ER] SJ XLIWI[E]WLI
XLILSVRWSJXLIEPXEVXLEXMWFIJSVIXLI036( MRXLI8IRX QYWXGSRJIWWMR[LEX[E]LILEWWMRRIHERHEWETIR
SJ1IIXMRK8LIVIWXSJXLIFPSSHLIWLEPPTSYVSYXEXXLI EPX]JSVXLIWMRLILEWGSQQMXXIHLIQYWXFVMRKXSXLI
FEWISJXLIEPXEVSJFYVRXSJJIVMRKEXXLIIRXVERGIXSXLI 036( EJIQEPIPEQFSVKSEXJVSQXLIJPSGOEWEWMRSJJIV
8IRX SJ 1IIXMRK  ,I WLEPP VIQSZI EPP XLI JEX JVSQ MX
MRKERHXLITVMIWXWLEPPQEOIEXSRIQIRXJSVLMQJSVLMW
ERHFYVRMXSRXLIEPXEV ERHHS[MXLXLMWFYPPNYWXEWLI WMR
HMH [MXL XLI FYPP JSV XLI WMR SJJIVMRK -R XLMW [E] XLI  w u-J LI GERRSX EJJSVH E PEQF LI MW XS FVMRK X[S
TVMIWX[MPPQEOIEXSRIQIRXJSVXLIQERHXLI][MPPFI
HSZIWSVX[S]SYRKTMKISRWXSXLI036( EWETIREPX]JSV
JSVKMZIR 8LIRLIWLEPPXEOIXLIFYPPSYXWMHIXLIGEQT
LMWWMR{SRIJSVEWMRSJJIVMRKERHXLISXLIVJSVEFYVRX
ERHFYVRMXEWLIFYVRIHXLIJMVWXFYPP8LMWMWXLIWMRSJ
SJJIVMRK  ,I MW XS FVMRK XLIQ XSXLI TVMIWX [LS WLEPP
JIVMRKJSVXLIGSQQYRMX]
JMVWXSJJIVXLISRIJSVXLIWMRSJJIVMRK,IMWXS[VMRKMXW
 w u;LIR E PIEHIV WMRW YRMRXIRXMSREPP] ERH HSIW LIEHJVSQMXWRIGORSXWIZIVMRKMXGSQTPIXIP] ERHMWXS
[LEXMWJSVFMHHIRMRER]SJXLIGSQQERHWSJXLI036( WTVMROPI WSQI SJ XLI FPSSHSJ XLI WMRSJJIVMRK EKEMRWX
LMW+SHLIMWKYMPX] ;LIRLIMWQEHIE[EVISJXLIWMR XLI WMHI SJ XLI EPXEV XLI VIWX SJ XLI FPSSH QYWX FI
LIGSQQMXXIHLIQYWXFVMRKEWLMWSJJIVMRKEQEPIKSEX HVEMRIHSYXEXXLIFEWISJXLIEPXEV-XMWEWMRSJJIVMRK
E  8LI,IFVI[[SVHGERMRGPYHIFSXLQEPIERHJIQEPI F  8VEHMXMSREPP]TIEGISJJIVMRKEPWSMRZIVWIWERH
 8LITVMIWXWLEPPXLIRSJJIVXLISXLIVEWEFYVRXSJJIVMRK XLIJIPPS[WLMTSJJIVMRKW H SRMX  8LIJMVIQYWXFIOITX
MRXLITVIWGVMFIH[E]ERHQEOIEXSRIQIRXJSVLMQJSV FYVRMRKSRXLIEPXEVGSRXMRYSYWP]MXQYWXRSXKSSYX
XLIWMRLILEWGSQQMXXIHERHLI[MPPFIJSVKMZIR
 w u-JLS[IZIV LIGERRSX EJJSVH X[S HSZIW SV X[S
 w u8LIWIEVIXLIVIKYPEXMSRWJSVXLIKVEMRSJJIVMRK
]SYRKTMKISRWLIMWXSFVMRKEWERSJJIVMRKJSVLMWWMRE
XIRXL SJ ER ITLEL E SJ JMRI JPSYVJSV EWMRSJJIVMRK ,I %EVSRvWWSRWEVIXSFVMRKMXFIJSVIXLI036( MRJVSRXSJ
QYWXRSXTYXSMPSVMRGIRWISRMXFIGEYWIMXMWEWMRSJJIV XLIEPXEV  8LITVMIWXMWXSXEOIELERHJYPSJJMRIJPSYV
MRK  ,I MW XS FVMRK MX XS XLI TVMIWX [LS WLEPP XEOI E ERHSMPXSKIXLIV[MXLEPPXLIMRGIRWISRXLIKVEMRSJJIV
LERHJYPSJMXEWEQIQSVMEPTSVXMSRERHFYVRMXSRXLI MRKERHFYVRXLIQIQSVMEPTSVXMSRSRXLIEPXEVEWER
EPXEVSRXSTSJXLISJJIVMRKWQEHIXSXLI036( F]JMVI-X EVSQETPIEWMRKXSXLI036(  %EVSRERHLMWWSRWWLEPP
MWEWMRSJJIVMRK-RXLMW[E]XLITVMIWX[MPPQEOIEXSRI IEXXLIVIWXSJMXFYXMXMWXSFIIEXIR[MXLSYX]IEWXMRE
QIRXJSVLMQJSVER]SJXLIWIWMRWLILEWGSQQMXXIH LSP]TPEGIXLI]EVIXSIEXMXMRXLIGSYVX]EVHSJXLI8IRX
ERHLI[MPPFIJSVKMZIR8LIVIWXSJXLISJJIVMRK[MPPFI SJ1IIXMRK  -X QYWX RSX FI FEOIH[MXL ]IEWX - LEZI
PSRKXSXLITVMIWXEWMRXLIGEWISJXLIKVEMRSJJIVMRKv x KMZIRMXEWXLIMVWLEVISJXLISJJIVMRKWQEHIXSQIF]JMVI
0MOI XLI WMR SJJIVMRK ERH XLI KYMPX SJJIVMRK MX MW QSWX
LSP] %R]QEPIHIWGIRHERXSJ%EVSRQE]IEXMX-XMWLMW
 8LI 0 36( WEMH XS1SWIW  w;LIR E TIVWSR GSQ VIKYPEVWLEVISJXLISJJIVMRKWQEHIXSXLI036( F]JMVI
QMXWEZMSPEXMSR ERH WMRW YRMRXIRXMSREPP] MR VIKEVH XS JSV XLI KIRIVEXMSRW XS GSQI;LEXIZIV XSYGLIW XLIQ
ER]SJXLI036(vWLSP]XLMRKWLIMWXSFVMRKXSXLI036( [MPPFIGSQILSP] Iv x
EW ETIREPX]E VEQ JVSQXLIJPSGO SRI [MXLSYXHIJIGX  8LI036( EPWSWEMHXS1SWIW w8LMWMWXLISJJIVMRK
ERHSJXLITVSTIVZEPYIMRWMPZIVEGGSVHMRKXSXLIWERG %EVSRERHLMWWSRWEVIXSFVMRKXSXLI036( SRXLIHE]
XYEV]WLIOIP F -XMWEKYMPXSJJIVMRK ,IQYWXQEOIVIW LI MWERSMRXIHEXIRXLSJERITLEL E SJJMRIJPSYVEWE
J
XMXYXMSRJSV[LEXLILEWJEMPIHXSHSMRVIKEVHXSXLILSP] VIKYPEVKVEMRSJJIVMRKLEPJSJMXMRXLIQSVRMRKERHLEPJ
XLMRKWEHHEJMJXLSJXLIZEPYIXSXLEXERHKMZIMXEPPXS MRXLIIZIRMRK4VITEVIMX[MXLSMPSREKVMHHPIFVMRKMX
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ORS[MXLIMWKYMPX]ERH[MPPFILIPHVIWTSRWMFPI ,IMW  )ZIV]KVEMRSJJIVMRKSJETVMIWXWLEPPFIFYVRIHGSQ
XSFVMRKXSXLITVMIWXEWEKYMPXSJJIVMRKEVEQJVSQXLI TPIXIP]MXQYWXRSXFIIEXIRx
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 8LITVMIWX[LSSJJIVWMXWLEPPIEXMXMXMWXSFIIEXIRMR
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PSWX TVSTIVX] LI JSYRH  SV [LEXIZIV MX [EW LI W[SVI XIV  %R]QEPIMRETVMIWXvWJEQMP]QE]IEXMXMXMWQSWX
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EXSRIQIRXJSVLMQFIJSVIXLI036( ERHLI[MPPFIJSV [LMGL MW QSWX LSP]  8LI KYMPX SJJIVMRK MW XS FI
KMZIR JSV ER] SJ XLIWI XLMRKW LI HMH XLEX QEHI LMQ WPEYKLXIVIH MR XLI TPEGI [LIVI XLI FYVRX SJJIVMRK MW
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 w;LIR EQER LEWPSWXLMW LEMV ERH MW FEPH LI MW
LIWLEPP TVSRSYRGI XLEXTIVWSR GPIER 7MRGI MX LEW EPP
XYVRIH[LMXILIMWGPIER &YX[LIRIZIVVE[JPIWLET GPIER -JLILEWPSWXLMWLEMVJVSQXLIJVSRXSJLMWWGEPT
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WIIW XLI VE[ JPIWL LI WLEPP TVSRSYRGI LMQ YRGPIER VIHHMWL[LMXI WSVI SR LMW FEPHLIEH SV JSVILIEH MX MW
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 7LSYPHXLIVE[JPIWLGLERKIERHXYVR[LMXILIQYWX LIEH 8LITVMIWXMWXSI\EQMRILMQERHMJXLIW[SPPIR
WSVISRLMWLIEHSVJSVILIEHMWVIHHMWL[LMXIPMOIERMR
KSXSXLITVMIWX  8LITVMIWXMWXSI\EQMRILMQERHMJ
JIGXMSYWWOMRHMWIEWI  XLIQERMWHMWIEWIHERHMWYR
XLIWSVIWLEZIXYVRIH[LMXIXLITVMIWXWLEPPTVSRSYRGI
GPIER8LITVMIWXWLEPPTVSRSYRGILMQYRGPIERFIGEYWI
XLIMRJIGXIHTIVWSRGPIERXLIRLI[MPPFIGPIER SJXLIWSVISRLMWLIEH
 w;LIRWSQISRILEWEFSMPSRLMWWOMRERHMXLIEPW
 w8LITIVWSR[MXLWYGLERMRJIGXMSYWHMWIEWIQYWX
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XSXLITVMIWX  8LITVMIWXMWXSI\EQMRIMXERHMJMXET  %WPSRKEWLILEWXLIMRJIGXMSRLIVIQEMRWYRGPIER,I
TIEVWXSFIQSVIXLERWOMRHIITERHXLILEMVMRMXLEW QYWXPMZIEPSRILIQYWXPMZISYXWMHIXLIGEQT
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MWRS[LMXILEMVMRMXERHMXMWRSXQSVIXLERWOMRHIIT ER] [SSPIR SV PMRIRGPSXLMRK  ER] [SZIR SVORMXXIH
ERHLEWJEHIHXLIRXLITVMIWXMWXSTYXLMQMRMWSPEXMSR QEXIVMEPSJPMRIRSV[SSPER]PIEXLIVSVER]XLMRKQEHI
JSVWIZIRHE]W -JMXMWWTVIEHMRKMRXLIWOMRXLITVMIWX SJPIEXLIV{ERHMJXLIGSRXEQMREXMSRMRXLIGPSXLMRK
WLEPP TVSRSYRGI LMQ YRGPIER MX MWMRJIGXMSYW  &YX MJ SVPIEXLIVSV[SZIRSVORMXXIHQEXIVMEPSVER]PIEXLIV
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MXMW EHIWXVYGXMZI QMPHI[ XLI EVXMGPIMW YRGPIER  ,I XLI VMKLXIEVSJXLISRIXSFIGPIERWIHSRXLIXLYQFSJ
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XLIEVXMGPIQYWXFIFYVRIH YT XLISMPMRLMWTEPQERH[MXLLMWJMRKIVWTVMROPIWSQISJ
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LEWRSXWTVIEHMRXLIGPSXLMRKSVXLI[SZIRSVORMXXIH WSQISJXLISMPVIQEMRMRKMRLMWTEPQSRXLIPSFISJXLI
QEXIVMEPSVXLIPIEXLIVEVXMGPI LIWLEPPSVHIVXLEXXLI VMKLXIEVSJXLISRIXSFIGPIERWIHSRXLIXLYQFSJLMW
GSRXEQMREXIHEVXMGPIFI[EWLIH8LIRLIMWXSMWSPEXIMX VMKLXLERHERHSRXLIFMKXSISJLMWVMKLXJSSXSRXSTSJ
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LEWRSXWTVIEHMXMWYRGPIER&YVRMX[MXLJMVI[LIXLIV  w8LIRXLITVMIWXMWXSWEGVMJMGIXLIWMRSJJIVMRKERH
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XLIEVXMGPILEWFIIR[EWLIHLIMWXSXIEVXLIGSRXEQM FYVRXSJJIVMRK  ERHSJJIVMXSRXLIEPXEVXSKIXLIV[MXL
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XLI QMPHI[QYWXFIFYVRIH[MXLJMVI 8LIGPSXLMRKSV [EZIH XS QEOI EXSRIQIRX JSV LMQ XSKIXLIV [MXL E
XLI [SZIR SV ORMXXIH QEXIVMEP SV ER] PIEXLIV EVXMGPI XIRXL SJ ER ITLEL H SJ JMRI JPSYV QM\IH [MXL SMP JSV E
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JEGISJXLIPERH (SRSXXIWXXLI036( ]SYV+SHEW]SY [MPP FI FPIWWIH QSVI XLER ER] SXLIV TISTPI RSRI SJ
HMHEX1EWWEL  &IWYVIXSOIITXLIGSQQERHWSJXLI ]SYVQIRSV[SQIR[MPPFIGLMPHPIWWRSVER]SJ]SYV
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LSPH  &YXLIFVSYKLXYWSYXJVSQXLIVIXSFVMRKYWMR EVQ[MXL [LMGL XLI036( ]SYV +SH FVSYKLX ]SY SYX
ERH KMZIYWXLI PERH XLEX LITVSQMWIH SR SEXLXSSYV 8LI036( ]SYV+SH[MPPHSXLIWEQIXSEPPXLITISTPIW
JSVIJEXLIVW8LI036( GSQQERHIHYWXSSFI]EPPXLIWI ]SYRS[JIEV  1SVISZIVXLI036( ]SYV+SH[MPPWIRH
E 3V8LI036( SYV+SHMWSRI036(SV8LI036( MWSYV+SH XLI036( MWSRISV8LI036( MWSYV+SH XLI036( EPSRI F  8LI,IFVI[XIVQ
VIJIVWXSXLIMVVIZSGEFPIKMZMRKSZIVSJXLMRKWSVTIVWSRWXSXLI036( SJXIRF]XSXEPP]HIWXVS]MRKXLIQEPWSMRZIVWI G  8LEXMW
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XLIQ JSV XLI036( ]SYV +SH [LS MW EQSRK ]SY MW E XSKSMRERHHMWTSWWIWWREXMSRWKVIEXIVERHWXVSRKIV
KVIEXERHE[IWSQI+SH 8LI036( ]SYV+SH[MPPHVMZI XLER]SY[MXLPEVKIGMXMIWXLEXLEZI[EPPWYTXSXLIWO]
SYXXLSWIREXMSRWFIJSVI]SYPMXXPIF]PMXXPI=SY[MPPRSX  8LI TISTPI EVI WXVSRK ERH XEPP{%REOMXIW=SY ORS[
FIEPPS[IHXSIPMQMREXIXLIQEPPEXSRGISVXLI[MPHER EFSYXXLIQERHLEZILIEVHMXWEMHw;LSGERWXERHYT
MQEPW[MPPQYPXMTP]EVSYRH]SY &YXXLI036( ]SYV+SH EKEMRWX XLI %REOMXIW#x  &YX FI EWWYVIH XSHE] XLEX XLI
[MPPHIPMZIVXLIQSZIVXS]SYXLVS[MRKXLIQMRXSKVIEX 036( ]SYV+SHMWXLISRI[LSKSIWEGVSWWELIEHSJ]SY
GSRJYWMSR YRXMPXLI]EVIHIWXVS]IH  ,I[MPPKMZIXLIMV PMOIEHIZSYVMRKJMVI,I[MPPHIWXVS]XLIQLI[MPPWYF
OMRKWMRXS]SYVLERHERH]SY[MPP[MTISYXXLIMVREQIW HYIXLIQFIJSVI]SY%RH]SY[MPPHVMZIXLIQSYXERH
JVSQ YRHIV LIEZIR 2S SRI [MPP FI EFPI XS WXERH YT ERRMLMPEXIXLIQUYMGOP]EWXLI036( LEWTVSQMWIH]SY
EKEMRWX]SY]SY[MPPHIWXVS]XLIQ8LIMQEKIWSJXLIMV  %JXIV XLI 036( ]SYV +SH LEW HVMZIRXLIQSYX FI
KSHW]SYEVIXSFYVRMRXLIJMVI(SRSXGSZIXXLIWMPZIV JSVI]SYHSRSXWE]XS]SYVWIPJw8LI036( LEWFVSYKLX
ERHKSPHSRXLIQERHHSRSXXEOIMXJSV]SYVWIPZIWSV QILIVIXSXEOITSWWIWWMSRSJXLMWPERHFIGEYWISJQ]
]SY[MPPFIIRWREVIHF]MXJSVMXMWHIXIWXEFPIXSXLI036( VMKLXISYWRIWWx2SMXMWSREGGSYRXSJXLI[MGOIHRIWWSJ
]SYV +SH  (S RSXFVMRKEHIXIWXEFPI XLMRK MRXS]SYV XLIWIREXMSRWXLEXXLI036( MWKSMRKXSHVMZIXLIQSYX
LSYWISV]SYPMOIMX[MPPFIWIXETEVXJSVHIWXVYGXMSR9X FIJSVI]SY  -XMWRSXFIGEYWISJ]SYVVMKLXISYWRIWWSV
XIVP]EFLSVERHHIXIWXMXJSVMXMWWIXETEVXJSVHIWXVYGXMSR ]SYVMRXIKVMX]XLEX]SYEVIKSMRKMRXSXEOITSWWIWWMSRSJ
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SEXL XS ]SYV JSVIJEXLIVW  6IQIQFIV LS[ XLI 036( +SHMWKMZMRK]SYXLMWKSSHPERHXSTSWWIWWJSV]SYEVI
]SYV +SH PIH]SYEPP XLI [E]MRXLIHIWIVXXLIWIJSVX] EWXMJJRIGOIHTISTPI
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KIV ERH XLIRJIIHMRK]SY[MXL QERRE[LMGL RIMXLIV XLI036( ]SYV+SHXSERKIVMRXLIHIWIVX*VSQXLIHE]
]SYRSV]SYVJEXLIVWLEHORS[RXSXIEGL]SYXLEXQER ]SYPIJX)K]TXYRXMP]SYEVVMZIHLIVI]SYLEZIFIIRVI
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GSQIW JVSQXLI QSYXL SJ XLI 036(  =SYVGPSXLIW HMH 036(vW [VEXL WS XLEX LI [EW ERKV] IRSYKL XS HIWXVS]
RSX[IEVSYXERH]SYVJIIXHMHRSXW[IPPHYVMRKXLIWI ]SY ;LIR-[IRXYTSRXLIQSYRXEMRXSVIGIMZIXLI
JSVX]]IEVW /RS[XLIRMR]SYVLIEVXXLEXEWEQERHMW XEFPIXW SJ WXSRI XLI XEFPIXW SJ XLI GSZIRERX XLEX XLI
GMTPMRIWLMWWSRWSXLI036( ]SYV+SHHMWGMTPMRIW]SY 036( LEHQEHI[MXL]SY-WXE]IHSRXLIQSYRXEMRJSV
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[EPOMRK MR LMW [E]W ERH VIZIVMRK LMQ  *SV XLI 036( XIV  8LI036( KEZIQIX[SWXSRIXEFPIXWMRWGVMFIHF]
]SYV+SHMWFVMRKMRK]SYMRXSEKSSHPERH{EPERH[MXL XLI JMRKIV SJ +SH 3R XLIQ [IVI EPP XLI GSQQERH
WXVIEQWERHTSSPWSJ[EXIV[MXLWTVMRKWJPS[MRKMRXLI QIRXWXLI036( TVSGPEMQIHXS]SYSRXLIQSYRXEMRSYX
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ERH JMK XVIIW TSQIKVEREXIW SPMZI SMP ERH LSRI]  E  %XXLI IRH SJ XLI JSVX]HE]W ERH JSVX]RMKLXW XLI
PERH[LIVI FVIEH[MPPRSX FI WGEVGIERH]SY[MPP PEGO 036( KEZI QIXLIX[SWXSRIXEFPIXW XLIXEFPIXWSJXLI
RSXLMRKEPERH[LIVIXLIVSGOWEVIMVSRERH]SYGERHMK GSZIRERX  8LIR XLI 036( XSPH QI w+S HS[R JVSQ
GSTTIVSYXSJXLILMPPW LIVIEXSRGIFIGEYWI]SYVTISTPI[LSQ]SYFVSYKLX
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036( ]SYV+SHJSVXLIKSSHPERHLILEWKMZIR]SY &I E[E]UYMGOP]JVSQ[LEX-GSQQERHIHXLIQERHLEZI
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EVI WEXMWJMIH [LIR ]SY FYMPH JMRI LSYWIW ERH WIXXPI EPSRI WS XLEX - QE] HIWXVS] XLIQ ERH FPSX SYX XLIMV
HS[R ERH[LIR]SYVLIVHWERHJPSGOWKVS[PEVKIERH REQI JVSQYRHIV LIEZIR%RH-[MPPQEOI]SY MRXSE
]SYVWMPZIVERHKSPHMRGVIEWIERHEPP]SYLEZIMWQYPXM REXMSRWXVSRKIVERHQSVIRYQIVSYWXLERXLI]x
TPMIH XLIR]SYVLIEVX[MPPFIGSQITVSYHERH]SY[MPP  7S - XYVRIH ERH [IRX HS[R JVSQ XLI QSYRXEMR
JSVKIX XLI 036( ]SYV +SH [LS FVSYKLX ]SY SYX SJ [LMPIMX[EWEFPE^I[MXLJMVI%RHXLIX[SXEFPIXWSJXLI
)K]TXSYXSJXLIPERHSJWPEZIV]  ,IPIH]SYXLVSYKL GSZIRERX [IVI MR Q] LERHW E  ;LIR- PSSOIH - WE[
XLIZEWXERHHVIEHJYPHIWIVXXLEXXLMVWX]ERH[EXIVPIWW XLEX ]SY LEH WMRRIH EKEMRWX XLI 036( ]SYV +SH ]SY
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FVSYKLX]SY[EXIVSYXSJLEVHVSGO ,IKEZI]SYQER GEPJ=SYLEHXYVRIHEWMHIUYMGOP]JVSQXLI[E]XLEXXLI
REXSIEXMRXLIHIWIVXWSQIXLMRK]SYVJEXLIVWLEHRIZ 036( LEHGSQQERHIH]SY 7S-XSSOXLIX[SXEFPIXW
IVORS[RXSLYQFPIERHXSXIWX]SYWSXLEXMRXLIIRHMX ERH XLVI[ XLIQ SYX SJ Q] LERHW FVIEOMRK XLIQ XS
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XLMW[IEPXLJSVQIx &YXVIQIQFIVXLI036( ]SYV+SH JSVX]HE]WERHJSVX]RMKLXW-EXIRSFVIEHERHHVERORS
JSVMXMWLI[LSKMZIW]SYXLIEFMPMX]XSTVSHYGI[IEPXL [EXIVFIGEYWISJEPPXLIWMR]SYLEHGSQQMXXIHHSMRK
ERHWSGSRJMVQWLMWGSZIRERX[LMGLLIW[SVIXS]SYV [LEX[EWIZMPMRXLI036(vWWMKLXERHWSTVSZSOMRKLMQ
JSVIJEXLIVWEWMXMWXSHE] XSERKIV -JIEVIHXLIERKIVERH[VEXLSJXLI036(JSV
 -J ]SY IZIV JSVKIX XLI 036( ]SYV +SH ERH JSPPS[ LI[EWERKV]IRSYKL[MXL]SYXSHIWXVS]]SY&YXEKEMR
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J]EKEMRWX]SYXSHE]XLEX]SY[MPPWYVIP]FIHIWXVS]IH IRSYKL[MXL %EVSR XS HIWXVS] LMQ FYXEX XLEX XMQI-
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+SH 8LIR - GVYWLIHMX ERH KVSYRH MXXSTS[HIV EW JMRI EW
E  3V%RH-LEHXLIX[SXEFPIXWSJXLIGSZIRERX[MXLQI SRIMRIEGLLERH
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XLIQSYRXEMR XLIVIJSVIERHHSRSXFIWXMJJRIGOIHER]PSRKIV  *SV
=SYEPWSQEHIXLI0 36( ERKV]EX8EFIVELEX1EW XLI036( ]SYV+SHMW+SHSJKSHWERH0SVHSJPSVHWXLI
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LEZIKMZIR]SYx&YX]SYVIFIPPIHEKEMRWXXLIGSQQERH LMQJSSHERHGPSXLMRK %RH]SYEVIXSPSZIXLSWI[LS
SJ XLI 036( ]SYV +SH=SY HMH RSX XVYWX LMQ SV SFI] EVI EPMIRW JSV ]SY ]SYVWIPZIW [IVI EPMIRW MR )K]TX
LMQ  =SYLEZIFIIRVIFIPPMSYWEKEMRWXXLI036( IZIV  *IEV XLI0 36( ]SYV +SH ERH WIVZI LMQ,SPH JEWX XS
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XLEX ]SY VIHIIQIH F] ]SYV KVIEX TS[IV ERH FVSYKLX QEHI]SYEWRYQIVSYWEWXLIWXEVWMRXLIWO]
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FSVRRIWWSJXLMWTISTPIXLIMV[MGOIHRIWWERHXLIMVWMR 0SZI XLI 036( ]SYV +SH ERH OIIT LMW VIUYMVI
 3XLIV[MWI XLI GSYRXV] JVSQ [LMGL ]SY FVSYKLX YW QIRXWLMWHIGVIIWLMWPE[WERHLMWGSQQERHWEP
[MPP WE]u&IGEYWI XLI 036( [EW RSX EFPIXS XEOI XLIQ [E]W 6IQIQFIVXSHE]XLEX]SYVGLMPHVIR[IVIRSXXLI
MRXSXLI PERHLI LEH TVSQMWIH XLIQERH FIGEYWI LI SRIW [LS WE[ ERH I\TIVMIRGIH XLI HMWGMTPMRI SJ XLI
LEXIHXLIQLIFVSYKLXXLIQSYXXSTYXXLIQXSHIEXL 036( ]SYV+SHLMW QENIWX]LMWQMKLX]LERHLMWSYX
MRXLIHIWIVXv  &YXXLI]EVI]SYVTISTPI]SYVMRLIVM WXVIXGLIHEVQ  XLIWMKRWLITIVJSVQIHERHXLIXLMRKW
XERGI XLEX ]SY FVSYKLX SYX F] ]SYV KVIEX TS[IV ERH LI HMH MRXLI LIEVX SJ )K]TXFSXL XS 4LEVESLOMRK SJ
]SYVSYXWXVIXGLIHEVQx )K]TX ERH XS LMW [LSPI GSYRXV]  [LEX LI HMH XS XLI
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%XXLEXXMQIXLI036( WEMHXSQIw'LMWIPSYXX[S [IVITYVWYMRK ]SY ERHLS[XLI036( FVSYKLXPEWXMRK
WXSRIXEFPIXWPMOIXLIJMVWXSRIWERHGSQIYTXSQI VYMRSRXLIQ  -X[EWRSX]SYVGLMPHVIR[LSWE[[LEX
SRXLI QSYRXEMR %PWS QEOI E [SSHIR GLIWX E  - [MPP LI HMH JSV ]SY MR XLI HIWIVX YRXMP ]SY EVVMZIH EX XLMW
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 8LI036( [VSXISRXLIWIXEFPIXW[LEXLILEH[VMXXIR
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FIJSVIXLI8IR'SQQERHQIRXWLILEHTVSGPEMQIHXS ]SYXSHE] WS XLEX]SY QE]LEZIXLIWXVIRKXL XSKS MR
]SYSRXLIQSYRXEMRSYXSJXLIJMVISRXLIHE]SJXLI ERHXEOISZIVXLIPERHXLEX]SYEVIGVSWWMRKXLI.SVHER
EWWIQFP]%RHXLI036( KEZIXLIQXSQI 8LIR-GEQI XSTSWWIWW  ERHWSXLEX]SYQE]PMZIPSRKMRXLI PERH
FEGOHS[RXLIQSYRXEMRERHTYXXLIXEFPIXWMRXLIEVO XLEXXLI036( W[SVIXS]SYVJSVIJEXLIVWXSKMZIXSXLIQ
-LEHQEHIEWXLI036( GSQQERHIHQIERHXLI]EVI ERH XLIMV HIWGIRHERXW E PERH JPS[MRK [MXL QMPO ERH
XLIVIRS[ LSRI]  8LIPERH ]SYEVIIRXIVMRK XS XEOISZIVMW RSX
 8LI -WVEIPMXIW XVEZIPIH JVSQ XLI [IPPW SJ XLI .EE
PMOI XLI PERH SJ )K]TX JVSQ [LMGL ]SY LEZI GSQI
OERMXIWXS1SWIVEL8LIVI%EVSRHMIHERH[EWFYVMIH [LIVI]SYTPERXIH]SYVWIIHERHMVVMKEXIHMXF]JSSXEW
ERH )PIE^EV LMW WSR WYGGIIHIH LMQ EW TVMIWX  *VSQ MRE ZIKIXEFPIKEVHIR  &YXXLI PERH]SYEVI GVSWWMRK
XLIVIXLI]XVEZIPIHXS+YHKSHELERHSRXS.SXFEXLELE
XLI.SVHERXSXEOITSWWIWWMSRSJMWEPERHSJQSYRXEMRW
PERH[MXLWXVIEQWSJ[EXIV  %XXLEXXMQIXLI036( WIX ERHZEPPI]WXLEXHVMROWVEMRJVSQLIEZIR  -XMWEPERH
ETEVXXLIXVMFISJ0IZMXSGEVV]XLIEVOSJXLIGSZIRERXSJ
XLI036( ]SYV+SHGEVIWJSVXLII]IWSJXLI036( ]SYV
XLI 036( XSWXERHFIJSVI XLI 036( XSQMRMWXIV ERH XS
+SHEVIGSRXMRYEPP]SRMXJVSQXLIFIKMRRMRKSJXLI]IEV
TVSRSYRGIFPIWWMRKWMRLMWREQIEWXLI]WXMPPHSXSHE]
 8LEX MW[L] XLI0IZMXIW LEZI RS WLEVISV MRLIVMXERGI XSMXWIRH
 7SMJ]SYJEMXLJYPP]SFI]XLIGSQQERHW-EQKMZMRK
EQSRKXLIMVFVSXLIVWXLI036( MWXLIMVMRLIVMXERGIEW
XLI036( ]SYV+SHXSPHXLIQ ]SYXSHE]{XSPSZIXLI036( ]SYV+SHERHXSWIVZILMQ
 2S[-LEHWXE]IHSRXLIQSYRXEMRJSVX]HE]WERH [MXLEPP]SYVLIEVXERH[MXLEPP]SYVWSYP{ XLIR-[MPP
RMKLXWEW-HMHXLIJMVWXXMQIERHXLI036( PMWXIRIHXS WIRHVEMRSR]SYVPERHMRMXWWIEWSRFSXLEYXYQRERH
QIEXXLMWXMQIEPWS-X[EWRSXLMW[MPPXSHIWXVS]]SY WTVMRKVEMRWWSXLEX]SYQE]KEXLIVMR]SYVKVEMRRI[
 w+Sx XLI 0 36( WEMH XS QIwERH PIEH XLI TISTPI SR [MRIERHSMP -[MPPTVSZMHIKVEWWMRXLIJMIPHWJSV]SYV
XLIMV[E]WSXLEXXLI]QE]IRXIVERHTSWWIWWXLIPERH GEXXPIERH]SY[MPPIEXERHFIWEXMWJMIH
 &IGEVIJYPSV]SY[MPPFIIRXMGIHXSXYVRE[E]ERH
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[SVWLMTSXLIVKSHWERHFS[HS[RXSXLIQ 8LIRXLI
036(vWERKIV[MPPFYVREKEMRWX]SYERHLI[MPPWLYXXLI
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EWOSJ]SYFYXXSJIEVXLI036( ]SYV+SHXS[EPOMREPP RS TVSHYGI ERH ]SY [MPP WSSR TIVMWL JVSQ XLI KSSH
LMW[E]WXSPSZILMQXSWIVZIXLI036( ]SYV+SH[MXLEPP PERHXLI036( MWKMZMRK]SY *M\XLIWI[SVHWSJQMRIMR
]SYVLIEVXERH[MXLEPP]SYVWSYP  ERHXSSFWIVZIXLI ]SYV LIEVXW ERH QMRHW XMI XLIQ EW W]QFSPW SR ]SYV
036(vWGSQQERHWERHHIGVIIWXLEX-EQKMZMRK]SYXS LERHWERHFMRHXLIQSR]SYVJSVILIEHW  8IEGLXLIQ
HE]JSV]SYVS[RKSSH# XS ]SYV GLMPHVIR XEPOMRK EFSYX XLIQ [LIR ]SY WMX EX
 8S XLI 0 36( ]SYV +SH FIPSRK XLI LIEZIRW IZIR LSQIERH[LIR]SY[EPOEPSRKXLIVSEH[LIR]SYPMI
XLILMKLIWXLIEZIRWXLIIEVXLERHIZIV]XLMRKMRMX=IX HS[RERH[LIR]SYKIXYT  ;VMXIXLIQSRXLIHSSV
XLI036( WIXLMWEJJIGXMSRSR]SYVJSVIJEXLIVWERHPSZIH JVEQIWSJ]SYVLSYWIWERHSR]SYVKEXIW WSXLEX]SYV
XLIQ ERHLIGLSWI ]SY XLIMV HIWGIRHERXW EFSZI EPP HE]WERHXLIHE]WSJ]SYVGLMPHVIRQE]FIQER]MRXLI
E 8LEXMWEREVO F ,IFVI[=EQ7YTLXLEXMW7IESJ6IIHW
PERH XLEX XLI 036( W[SVI XS KMZI ]SYV JSVIJEXLIVW EW 036( [MPPGLSSWI MR SRISJ ]SYV XVMFIWERHXLIVI SF
QER]EWXLIHE]WXLEXXLILIEZIRWEVIEFSZIXLIIEVXL WIVZIIZIV]XLMRK-GSQQERH]SY
 -J]SYGEVIJYPP]SFWIVZIEPPXLIWIGSQQERHW-EQ  2IZIVXLIPIWW]SY QE] WPEYKLXIV]SYVERMQEPW MR

KMZMRK]SYXSJSPPS[{XSPSZIXLI036( ]SYV+SHXS[EPO ER]SJ]SYVXS[RWERHIEXEWQYGLSJXLIQIEXEW]SY


MREPPLMW[E]WERHXSLSPHJEWXXSLMQ{ XLIRXLI036( [ERX EW MJ MX [IVI KE^IPPI SV HIIV EGGSVHMRK XS XLI
[MPPHVMZISYXEPPXLIWIREXMSRWFIJSVI]SYERH]SY[MPP FPIWWMRKXLI036( ]SYV+SHKMZIW]SY&SXLXLIGIVIQS
HMWTSWWIWWREXMSRWPEVKIVERHWXVSRKIVXLER]SY )ZIV] RMEPP]YRGPIERERHXLIGPIERQE]IEXMX &YX]SYQYWX
TPEGI[LIVI]SYWIX]SYVJSSX[MPPFI]SYVW=SYVXIVVMXS RSXIEXXLIFPSSHTSYVMXSYXSRXLIKVSYRHPMOI[EXIV
 =SYQYWXRSXIEXMR]SYVS[RXS[RWXLIXMXLISJ]SYV
V][MPPI\XIRHJVSQXLIHIWIVXXS0IFERSRERHJVSQXLI
)YTLVEXIW6MZIVXSXLI[IWXIVRWIE E  2SQER[MPPFI KVEMR ERH RI[ [MRI ERH SMP SV XLI JMVWXFSVR SJ ]SYV
EFPI XS WXERH EKEMRWX ]SY 8LI 036( ]SYV +SH EW LI LIVHWERHJPSGOWSV[LEXIZIV]SYLEZIZS[IHXSKMZISV
TVSQMWIH]SY[MPPTYXXLIXIVVSVERHJIEVSJ]SYSRXLI ]SYVJVII[MPPSJJIVMRKWSVWTIGMEPKMJXW -RWXIEH]SYEVI
[LSPIPERH[LIVIZIV]SY KS XSIEXXLIQMRXLITVIWIRGISJXLI036( ]SYV+SHEXXLI
 7II-EQWIXXMRKFIJSVI]SYXSHE]EFPIWWMRKERHE TPEGI XLI036( ]SYV+SH [MPP GLSSWI{]SY ]SYV WSRW
GYVWI{ XLIFPIWWMRKMJ]SYSFI]XLIGSQQERHWSJXLI ERH HEYKLXIVW ]SYV QIRWIVZERXW ERH QEMHWIVZERXW
036( ]SYV+SHXLEX-EQKMZMRK]SYXSHE] XLIGYVWIMJ ERH XLI 0IZMXIW JVSQ ]SYVXS[RW{ERH ]SY EVI XS VI
]SYHMWSFI]XLIGSQQERHWSJXLI036( ]SYV+SHERH NSMGIFIJSVI XLI036( ]SYV +SH MR IZIV]XLMRK]SYTYX
XYVRJVSQXLI[E]XLEX-GSQQERH]SYXSHE]F]JSPPS[ ]SYVLERHXS  &IGEVIJYPRSXXSRIKPIGXXLI0IZMXIWEW
MRKSXLIVKSHW[LMGL]SYLEZIRSXORS[R;LIRXLI PSRKEW]SYPMZIMR]SYVPERH
 ;LIRXLI036( ]SYV+SHLEWIRPEVKIH]SYVXIVVMXS
036( ]SYV+SHLEWFVSYKLX ]SYMRXSXLIPERH]SY EVI
IRXIVMRKXSTSWWIWW]SYEVIXSTVSGPEMQSR1SYRX+IVM V]EWLITVSQMWIH]SYERH]SYGVEZIQIEXERHWE]w-
^MQXLIFPIWWMRKWERHSR1SYRX)FEPXLIGYVWIW  %W [SYPHPMOIWSQIQIEXxXLIR]SYQE]IEXEWQYGLSJMX
]SYORS[XLIWIQSYRXEMRWEVIEGVSWWXLI.SVHER[IWX EW ]SY [ERX  -J XLI TPEGI [LIVI XLI 036( ]SYV +SH
SJXLIVSEH F XS[EVHXLIWIXXMRKWYRRIEVXLIKVIEXXVIIW GLSSWIWXSTYXLMW2EQIMWXSSJEVE[E]JVSQ]SY]SY
SJ1SVILMRXLIXIVVMXSV]SJXLSWI'EREERMXIWPMZMRKMR QE] WPEYKLXIV ERMQEPWJVSQXLILIVHW ERH JPSGOW XLI
XLI%VEFELMRXLIZMGMRMX]SJ+MPKEP  =SYEVIEFSYXXS 036( LEWKMZIR]SYEW-LEZIGSQQERHIH]SYERHMR
GVSWW XLI .SVHER XS IRXIV ERH XEOI TSWWIWWMSR SJ XLI ]SYVS[RXS[RW]SYQE]IEXEWQYGLSJXLIQEW]SY
PERHXLI036( ]SYV+SHMWKMZMRK]SY;LIR ]SYLEZI [ERX )EXXLIQEW]SY[SYPHKE^IPPISVHIIV&SXLXLI
XEOIR MX SZIV ERH EVI PMZMRK XLIVI  FI WYVI XLEX ]SY GIVIQSRMEPP]YRGPIERERHXLIGPIERQE]IEX  &YXFI
SFI]EPPXLIHIGVIIWERHPE[W-EQWIXXMRKFIJSVI]SYXS WYVI]SYHSRSXIEXXLIFPSSHFIGEYWIXLIFPSSHMWXLI
HE] PMJIERH]SYQYWXRSXIEXXLIPMJI[MXLXLIQIEX  =SY
QYWXRSXIEXXLIFPSSHTSYVMXSYXSRXLIKVSYRHPMOI
[EXIV (SRSXIEXMXWSXLEXMXQE]KS[IPP[MXL]SYERH
8LIWIEVIXLIHIGVIIWERHPE[W]SYQYWXFIGEVI ]SYVGLMPHVIREJXIV]SYFIGEYWI]SY[MPPFIHSMRK[LEX
JYPXSJSPPS[MRXLIPERHXLEXXLI036(XLI+SHSJ MWVMKLXMRXLII]IWSJXLI036(
 &YX XEOI ]SYV GSRWIGVEXIH XLMRKW ERH [LEXIZIV
]SYVJEXLIVWLEWKMZIR]SYXSTSWWIWW{EWPSRKEW]SY
PMZIMRXLI PERH  (IWXVS]GSQTPIXIP]EPP XLITPEGIWSR ]SYLEZIZS[IHXSKMZIERHKSXSXLITPEGIXLI036( [MPP
XLI LMKLQSYRXEMRW ERH SR XLI LMPPWERH YRHIV IZIV] GLSSWI  4VIWIRX ]SYV FYVRXSJJIVMRKW SR XLI EPXEV SJ
WTVIEHMRKXVII[LIVIXLIREXMSRW]SYEVIHMWTSWWIWWMRK XLI036( ]SYV+SHFSXLXLIQIEXERHXLIFPSSH8LI
[SVWLMT XLIMV KSHW  &VIEO HS[R XLIMV EPXEVW WQEWL FPSSHSJ]SYVWEGVMJMGIWQYWXFITSYVIHFIWMHIXLIEPXEV
XLIMVWEGVIHWXSRIWERHFYVRXLIMV%WLIVELTSPIWMRXLI SJXLI036( ]SYV+SHFYX]SYQE]IEXXLIQIEX  &I
JMVIGYXHS[RXLIMHSPWSJXLIMVKSHWERH[MTISYXXLIMV GEVIJYPXSSFI]EPPXLIWIVIKYPEXMSRW-EQKMZMRK]SYWS
REQIWJVSQXLSWITPEGIW XLEXMXQE]EP[E]WKS[IPP[MXL]SYERH]SYVGLMPHVIREJ
 =SYQYWXRSX[SVWLMT XLI036( ]SYV +SH MRXLIMV XIV ]SY FIGEYWI ]SY [MPP FI HSMRK [LEX MW KSSH ERH
[E]  &YX]SYEVIXSWIIOXLITPEGIXLI036( ]SYV+SH VMKLXMRXLII]IWSJXLI036( ]SYV+SH
 8LI036( ]SYV+SH[MPPGYXSJJFIJSVI]SYXLIRE
[MPPGLSSWIJVSQEQSRKEPP]SYVXVMFIWXSTYXLMW2EQI
XLIVIJSVLMWH[IPPMRK8SXLEXTPEGI]SYQYWXKS XLIVI XMSRW]SYEVIEFSYXXSMRZEHIERHHMWTSWWIWW&YX[LIR
FVMRK ]SYV FYVRX SJJIVMRKW ERH WEGVMJMGIW ]SYV XMXLIW ]SY LEZI HVMZIR XLIQ SYX ERH WIXXPIH MR XLIMV PERH
 ERH EJXIV XLI] LEZI FIIR HIWXVS]IH FIJSVI ]SY FI
ERHWTIGMEPKMJXW[LEX]SYLEZIZS[IHXSKMZIERH]SYV
JVII[MPP SJJIVMRKWERH XLI JMVWXFSVR SJ ]SYVLIVHWERH GEVIJYP RSX XS FI IRWREVIH F] MRUYMVMRK EFSYX XLIMV
JPSGOW  8LIVI MR XLI TVIWIRGI SJ XLI036( ]SYV +SH KSHW WE]MRKw,S[HS XLIWI REXMSRW WIVZIXLIMVKSHW#
]SYERH]SYVJEQMPMIWWLEPPIEXERHWLEPPVINSMGIMRIZ ;I[MPPHSXLIWEQIx =SYQYWXRSX[SVWLMTXLI036(
IV]XLMRK]SYLEZITYX]SYVLERHXSFIGEYWIXLI036( ]SYV +SH MR XLIMV [E] FIGEYWI MR [SVWLMTMRK XLIMV
]SYV+SHLEWFPIWWIH]SY KSHW XLI] HS EPP OMRHW SJ HIXIWXEFPI XLMRKW XLI 0 36(
 =SYEVIRSXXSHSEW[IHSLIVIXSHE]IZIV]SRIEW LEXIW8LI]IZIRFYVRXLIMVWSRWERHHEYKLXIVWMRXLI
JMVIEWWEGVMJMGIWXSXLIMVKSHW
LIWIIWJMX  WMRGI]SYLEZIRSX]IXVIEGLIHXLIVIWXMRK  7IIXLEX]SYHSEPP-GSQQERH]SYHSRSXEHHXSMX
TPEGIERHXLIMRLIVMXERGIXLI036( ]SYV+SHMWKMZMRK
SVXEOIE[E]JVSQ MX
]SY  &YX ]SY [MPP GVSWW XLI .SVHER ERH WIXXPI MR XLI
PERHXLI036( ]SYV+SHMWKMZMRK]SYEWERMRLIVMXERGI
ERHLI[MPPKMZI]SYVIWXJVSQEPP]SYVIRIQMIWEVSYRH -JETVSTLIXSVSRI[LSJSVIXIPPWF]HVIEQWET
]SY WSXLEX ]SY [MPP PMZI MR WEJIX]  8LIR XS XLI TPEGI TIEVWEQSRK]SYERHERRSYRGIWXS]SYEQMVEGY
XLI 036( ]SYV +SH [MPP GLSSWI EW E H[IPPMRK JSV LMW PSYWWMKRSV[SRHIV ERHMJXLIWMKRSV[SRHIVSJ[LMGL
2EQI{XLIVI]SY EVI XS FVMRKIZIV]XLMRK - GSQQERH LILEWWTSOIRXEOIWTPEGIERHLIWE]Ww0IXYWJSPPS[
]SY]SYVFYVRXSJJIVMRKWERHWEGVMJMGIW]SYVXMXLIWERH SXLIVKSHWx KSHW]SYLEZIRSXORS[R wERHPIXYW[SV
WTIGMEP KMJXW ERH EPP XLIGLSMGI TSWWIWWMSRW ]SY LEZI WLMT XLIQx ]SYQYWXRSX PMWXIR XSXLI[SVHW SJ XLEX
ZS[IHXSXLI036(  %RHXLIVIVINSMGIFIJSVIXLI036( TVSTLIXSVHVIEQIV8LI036( ]SYV+SHMWXIWXMRK]SYXS
]SYV+SH]SY]SYVWSRWERHHEYKLXIVW]SYVQIRWIV JMRHSYX[LIXLIV]SYPSZILMQ[MXLEPP]SYVLIEVXERH
ZERXW ERH QEMHWIVZERXW ERH XLI 0IZMXIW JVSQ ]SYV [MXLEPP]SYVWSYP -XMWXLI036( ]SYV+SH]SYQYWXJSP
XS[RW [LS LEZI RS EPPSXQIRX SV MRLIVMXERGI SJ XLIMV PS[ERHLMQ]SYQYWXVIZIVI/IITLMWGSQQERHWERH
S[R  &I GEVIJYP RSX XSWEGVMJMGI]SYV FYVRX SJJIVMRKW SFI]LMQWIVZILMQERHLSPHJEWXXSLMQ 8LEXTVSTL
ER][LIVI]SYTPIEWI 3JJIVXLIQSRP]EXXLITPEGIXLI IX SV HVIEQIV QYWX FI TYX XS HIEXL FIGEYWI LI
E  8LEXMWXLI1IHMXIVVERIER F  3V.SVHER [IWX[EVH
TVIEGLIH VIFIPPMSR EKEMRWX XLI 036( ]SYV +SH [LS HSRSXIEXXLIQ &YXER][MRKIHGVIEXYVIXLEXMWGPIER
FVSYKLX]SYSYXSJ)K]TXERHVIHIIQIH]SYJVSQXLI ]SYQE]IEX
PERHSJWPEZIV]LILEWXVMIHXSXYVR]SYJVSQXLI[E]XLI  (S RSX IEX ER]XLMRK ]SY JMRH EPVIEH] HIEH=SY
036( ]SYV +SH GSQQERHIH ]SY XS JSPPS[=SY QYWX QE]KMZIMXXSEREPMIRPMZMRKMRER]SJ]SYVXS[RWERH
TYVKIXLIIZMPJVSQEQSRK]SY LIQE]IEXMXSV]SYQE]WIPPMXXSEJSVIMKRIV&YX]SY
 -J]SYVZIV]S[RFVSXLIVSV]SYVWSRSVHEYKLXIVSV EVIETISTPILSP]XSXLI036( ]SYV+SH
XLI[MJI]SYPSZISV]SYVGPSWIWXJVMIRHWIGVIXP]IRXMGIW (SRSXGSSOE]SYRKKSEXMRMXWQSXLIVvWQMPO
]SYWE]MRKw0IXYWKSERH[SVWLMTSXLIVKSHWx KSHW
XLEXRIMXLIV]SYRSV]SYVJEXLIVWLEZIORS[R KSHWSJ
 &IWYVIXSWIXEWMHIEXIRXLSJEPPXLEX]SYV JMIPHW
XLITISTPIWEVSYRH]SY[LIXLIVRIEVSVJEVJVSQSRI
IRHSJXLIPERHXSXLISXLIV HSRSX]MIPHXSLMQSVPMW TVSHYGI IEGL]IEV  )EX XLI XMXLI SJ ]SYV KVEMR RI[
XIR XS LMQ 7LS[ LMQ RS TMX] (S RSX WTEVI LMQ SV [MRIERHSMPERHXLIJMVWXFSVRSJ]SYVLIVHWERHJPSGOW
WLMIPHLMQ  =SYQYWXGIVXEMRP]TYXLMQXSHIEXL=SYV MR XLI TVIWIRGI SJ XLI 036( ]SYV +SH EX XLI TPEGI LI
LERHQYWXFIXLIJMVWXMRTYXXMRKLMQXSHIEXLERHXLIR [MPPGLSSWIEWEH[IPPMRKJSVLMW2EQIWSXLEX]SYQE]
XLILERHW SJ EPPXLITISTPI  7XSRI LMQXS HIEXLFI PIEVRXSVIZIVIXLI036( ]SYV+SHEP[E]W  &YXMJXLEX
GEYWI LI XVMIH XS XYVR ]SY E[E] JVSQ XLI 036( ]SYV TPEGIMWXSSHMWXERXERH]SYLEZIFIIR FPIWWIHF]XLI
+SH[LSFVSYKLX]SYSYXSJ)K]TXSYXSJXLIPERHSJ 036( ]SYV +SH ERH GERRSX GEVV] ]SYV XMXLI FIGEYWI
WPEZIV] 8LIREPP-WVEIP[MPPLIEVERHFIEJVEMHERHRS XLITPEGI[LIVIXLI036( [MPPGLSSWIXSTYXLMW2EQIMW
SRIEQSRK]SY[MPPHSWYGLERIZMPXLMRKEKEMR WSJEVE[E]   XLIRI\GLERKI]SYVXMXLIJSVWMPZIVERH
 -J]SYLIEVMXWEMHEFSYXSRISJXLIXS[RWXLI036( XEOI XLI WMPZIV [MXL ]SY ERH KS XS XLITPEGI XLI 036(
]SYV+SHMWKMZMRK]SYXSPMZIMR XLEX[MGOIHQIRLEZI ]SYV+SH[MPPGLSSWI  9WIXLIWMPZIVXSFY][LEXIZIV
EVMWIREQSRK]SYERHLEZIPIHXLITISTPISJXLIMVXS[R ]SYPMOIGEXXPIWLIIT[MRISVSXLIVJIVQIRXIHHVMROSV
EWXVE]WE]MRKw0IXYWKSERH[SVWLMTSXLIVKSHWx KSHW ER]XLMRK]SY[MWL8LIR]SYERH]SYVLSYWILSPHWLEPP
]SY LEZIRSXORS[R   XLIR]SYQYWX MRUYMVI TVSFI IEXXLIVIMRXLITVIWIRGISJXLI036( ]SYV+SHERHVI
ERHMRZIWXMKEXIMXXLSVSYKLP]%RHMJMXMWXVYIERHMXLEW NSMGI  %RH HS RSX RIKPIGX XLI 0IZMXIW PMZMRK MR ]SYV
FIIR TVSZIH XLEXXLMWHIXIWXEFPI XLMRK LEWFIIRHSRI XS[RW JSV XLI] LEZI RS EPPSXQIRX SV MRLIVMXERGI SJ
EQSRK]SY ]SY QYWX GIVXEMRP] TYXXS XLI W[SVH EPP XLIMVS[R
[LSPMZIMRXLEXXS[R(IWXVS]MXGSQTPIXIP] E FSXLMXW  %XXLIIRHSJIZIV]XLVII]IEVWFVMRKEPPXLIXMXLIW

TISTPIERHMXWPMZIWXSGO  +EXLIVEPPXLITPYRHIVSJXLI SJXLEX]IEVvW TVSHYGIERHWXSVI MX MR]SYV XS[RW  WS


XS[R MRXS XLI QMHHPI SJ XLI TYFPMG WUYEVI ERH GSQ XLEXXLI0IZMXIW [LSLEZIRSEPPSXQIRXSVMRLIVMXERGI
TPIXIP] FYVR XLI XS[R ERH EPP MXW TPYRHIV EW E [LSPI SJXLIMVS[R ERHXLIEPMIRWXLIJEXLIVPIWWERHXLI[MH
FYVRX SJJIVMRK XSXLI 036( ]SYV+SH -XMW XSVIQEMR E S[W[LSPMZIMR]SYVXS[RWQE]GSQIERHIEXERHFI
VYMRJSVIZIVRIZIV XSFI VIFYMPX  2SRI SJ XLSWI GSR WEXMWJMIHERHWSXLEXXLI036( ]SYV+SHQE]FPIWW]SY
HIQRIHXLMRKW E WLEPPFIJSYRHMR]SYVLERHWWSXLEX MREPPXLI[SVOSJ]SYVLERHW
XLI 036( [MPPXYVR JVSQ LMW JMIVGI ERKIV LI [MPP WLS[
]SYQIVG]LEZIGSQTEWWMSRSR]SYERHMRGVIEWI]SYV
RYQFIVW EWLITVSQMWIHSR SEXLXS]SYVJSVIJEXLIVW %X XLIIRHSJIZIV]WIZIR]IEVW ]SY QYWX GERGIP
 FIGEYWI]SYSFI]XLI036( ]SYV+SHOIITMRKEPPLMW HIFXW 8LMWMWLS[MXMWXSFIHSRI)ZIV]GVIHMXSV
GSQQERHWXLEX-EQKMZMRK]SYXSHE]ERHHSMRK[LEXMW WLEPPGERGIPXLIPSERLILEWQEHIXSLMWJIPPS[-WVEIPMXI
VMKLXMRLMWI]IW ,IWLEPPRSXVIUYMVITE]QIRXJVSQLMWJIPPS[-WVEIPMXISV
FVSXLIV FIGEYWI XLI 036(vW XMQI JSV GERGIPMRK HIFXW
LEWFIIRTVSGPEMQIH =SYQE]VIUYMVITE]QIRXJVSQE
=SYEVIXLIGLMPHVIRSJXLI036( ]SYV+SH(SRSX JSVIMKRIV FYX]SY QYWX GERGIP ER]HIFX ]SYV FVSXLIV
GYX]SYVWIPZIWSVWLEZIXLIJVSRXSJ]SYVLIEHWJSV S[IW ]SY  ,S[IZIV XLIVI WLSYPH FI RS TSSVEQSRK
XLI HIEH  JSV ]SYEVI ETISTPI LSP]XSXLI 036( ]SYV ]SYJSVMRXLIPERHXLI036( ]SYV+SHMWKMZMRK]SYXS
+SH3YXSJEPPXLITISTPIWSRXLIJEGISJXLIIEVXLXLI TSWWIWWEW]SYVMRLIVMXERGILI[MPPVMGLP]FPIWW]SY MJ
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 8LMW MWXLI WLEVIHYI XLI TVMIWXW JVSQ XLITISTPI
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XLIWLIEVMRKSJ]SYVWLIIT  JSVXLI036( ]SYV+SHLEW XLSYKLX  8LMWMW[L]-GSQQERH]SYXS WIXEWMHIJSV
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SJ XLIWI HIXIWXEFPI TVEGXMGIW XLI 036( ]SYV +SH [MPP YTF]]SYVTVIHIGIWWSVWMRXLIMRLIVMXERGI]SYVIGIMZI
HVMZI SYX XLSWI REXMSRW FIJSVI ]SY  =SY QYWX FI MRXLIPERHXLI036( ]SYV+SHMWKMZMRK]SYXSTSWWIWW
FPEQIPIWWFIJSVIXLI036( ]SYV+SH
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LEZIWIX YTx FPIWWIH


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 8LI0 36( [MPPGEYWI]SYXSFIHIJIEXIHFIJSVI]SYV XMP]SYEVIVYMRIH  8LI][MPPPE]WMIKIXSEPPXLIGMXMIW
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JPIIJVSQXLIQMRWIZIRERH]SY[MPPFIGSQIEXLMRKSJ [LMGL]SYXVYWXJEPPHS[R8LI][MPPFIWMIKIEPPXLIGMXMIW
LSVVSV XS EPP XLI OMRKHSQW SRIEVXL  =SYVGEVGEWWIW XLVSYKLSYXXLIPERHXLI036( ]SYV+SHMWKMZMRK]SY
 &IGEYWISJXLIWYJJIVMRKXLEX]SYVIRIQ][MPPMR
[MPPFIJSSHJSVEPPXLIFMVHWSJXLIEMVERHXLIFIEWXWSJ
XLI IEVXL ERH XLIVI [MPP FI RS SRI XS JVMKLXIR XLIQ JPMGXSR]SYHYVMRKXLIWMIKI]SY[MPPIEXXLIJVYMXSJXLI
E[E]  8LI036( [MPPEJJPMGX]SY[MXLXLIFSMPWSJ)K]TX [SQF XLI JPIWL SJ XLI WSRW ERH HEYKLXIVW XLI 036(
]SYV +SH LEW KMZIR ]SY  )ZIR XLI QSWX KIRXPI ERH
ERH [MXL XYQSVW JIWXIVMRK WSVIW ERH XLI MXGL JVSQ
WIRWMXMZIQEREQSRK]SY[MPPLEZIRSGSQTEWWMSRSR
[LMGL]SYGERRSXFIGYVIH  8LI036( [MPPEJJPMGX]SY
LMW S[R FVSXLIV SV XLI [MJI LI PSZIW SV LMW WYVZMZMRK
[MXLQEHRIWW FPMRHRIWW ERH GSRJYWMSR SJQMRH %X
GLMPHVIR ERHLI[MPPRSXKMZIXSSRISJXLIQER]SJXLI
QMHHE] ]SY [MPP KVSTI EFSYX PMOI E FPMRH QER MR XLI
JPIWLSJLMWGLMPHVIRXLEXLIMWIEXMRK-X[MPPFIEPPLILEW
HEVO=SY[MPPFIYRWYGGIWWJYPMRIZIV]XLMRK]SYHSHE] PIJXFIGEYWISJXLIWYJJIVMRK]SYVIRIQ][MPPMRJPMGXSR
EJXIV HE] ]SY [MPP FI STTVIWWIH ERH VSFFIH [MXL RS ]SYHYVMRKXLIWMIKISJEPP]SYVGMXMIW 8LIQSWXKIRXPI
SRIXSVIWGYI]SY ERH WIRWMXMZI [SQER EQSRK ]SY{WS WIRWMXMZI ERH
=SY[MPPFITPIHKIHXSFIQEVVMIHXSE[SQERFYX
KIRXPIXLEXWLI[SYPHRSXZIRXYVIXSXSYGLXLIKVSYRH
ERSXLIV [MPP XEOI LIV ERH VEZMWL LIV=SY [MPP FYMPH E [MXL XLI WSPI SJLIVJSSX{[MPP FIKVYHKI XLI LYWFERH
LSYWIFYX]SY[MPPRSXPMZIMRMX=SY[MPPTPERXEZMRI WLIPSZIWERHLIVS[RWSRSVHEYKLXIV  XLIEJXIVFMVXL
]EVH FYX ]SY [MPP RSX IZIR FIKMR XS IRNS] MXW JVYMX JVSQLIV[SQFERHXLIGLMPHVIRWLIFIEVW*SVWLIMR
 =SYVS\[MPPFIWPEYKLXIVIHFIJSVI]SYVI]IWFYX]SY
XIRHWXSIEXXLIQWIGVIXP]HYVMRKXLIWMIKIERHMRXLI
[MPP IEX RSRISJ MX=SYV HSROI] [MPPFI JSVGMFP] XEOIR HMWXVIWWXLEX]SYVIRIQ][MPPMRJPMGXSR]SYMR]SYVGMXMIW
JVSQ]SYERH[MPPRSXFIVIXYVRIH=SYVWLIIT[MPP FI  -J]SYHSRSXGEVIJYPP]JSPPS[EPPXLI[SVHWSJXLMW
KMZIR XS ]SYV IRIQMIW ERH RS SRI [MPP VIWGYI XLIQ PE[[LMGLEVI[VMXXIRMRXLMWFSSOERHHSRSXVIZIVI
 =SYVWSRWERHHEYKLXIVW[MPPFIKMZIRXSERSXLIVRE
XLMW KPSVMSYW ERH E[IWSQI REQI{XLI 0 36( ]SYV
XMSRERH]SY[MPP[IEVSYX]SYVI]IW[EXGLMRKJSVXLIQ +SH{  XLI036( [MPPWIRHJIEVJYPTPEKYIWSR]SYERH
HE]EJXIVHE]TS[IVPIWWXSPMJXELERH %TISTPIXLEX ]SYVHIWGIRHERXWLEVWLERHTVSPSRKIHHMWEWXIVWERH
]SYHSRSXORS[[MPPIEX[LEX]SYVPERHERHPEFSVTVS WIZIVIERHPMRKIVMRKMPPRIWWIW ,I[MPPFVMRKYTSR]SY
HYGIERH]SY[MPPLEZIRSXLMRKFYXGVYIPSTTVIWWMSREPP EPPXLIHMWIEWIWSJ)K]TXXLEX]SYHVIEHIHERHXLI][MPP
]SYV HE]W  8LI WMKLXW ]SY WII [MPP HVMZI ]SY QEH GPMRK XS ]SY  8LI 036( [MPP EPWS FVMRK SR ]SY IZIV]
 8LI0 36( [MPPEJJPMGX]SYVORIIWERHPIKW[MXLTEMRJYP
OMRHSJWMGORIWWERHHMWEWXIVRSXVIGSVHIHMRXLMW&SSO
FSMPWXLEXGERRSXFIGYVIHWTVIEHMRKJVSQXLIWSPIWSJ SJXLI0E[YRXMP]SYEVIHIWXVS]IH  =SY[LS[IVIEW
]SYVJIIXXSXLIXSTSJ]SYVLIEH RYQIVSYWEWXLIWXEVWMRXLIWO][MPPFIPIJXFYXJI[MR
 8LI0 36( [MPPHVMZI]SYERHXLIOMRK]SYWIXSZIV
RYQFIVFIGEYWI]SYHMHRSXSFI]XLI036( ]SYV+SH
]SYXSEREXMSRYRORS[RXS]SYSV]SYVJEXLIVW8LIVI  .YWXEWMXTPIEWIHXLI036( XSQEOI]SYTVSWTIVERHMR
]SY[MPP[SVWLMTSXLIV KSHWKSHWSJ[SSHERHWXSRI GVIEWIMRRYQFIVWSMX[MPPTPIEWILMQXSVYMRERHHI
 =SY [MPP FIGSQI E XLMRK SJ LSVVSV ERH ERSFNIGX SJ
WXVS]]SY=SY[MPPFIYTVSSXIH JVSQXLIPERH]SYEVI
WGSVRERHVMHMGYPIXSEPPXLIREXMSRW[LIVIXLI036( [MPP IRXIVMRKXSTSWWIWW
HVMZI]SY  8LIRXLI0 36( [MPPWGEXXIV]SYEQSRKEPPREXMSRW
 =SY [MPPWS[QYGLWIIH MRXLI JMIPHFYX ]SY[MPP
JVSQSRIIRHSJXLIIEVXLXSXLISXLIV8LIVI]SY[MPP
LEVZIWXPMXXPIFIGEYWIPSGYWXW[MPPHIZSYVMX  =SY[MPP [SVWLMT SXLIV KSHW{KSHW SJ [SSH ERH WXSRI [LMGL
TPERX ZMRI]EVHW ERH GYPXMZEXI XLIQ FYX ]SY [MPP RSX RIMXLIV ]SY RSV ]SYV JEXLIVW LEZI ORS[R  %QSRK
HVMROXLI[MRISVKEXLIVXLIKVETIWFIGEYWI[SVQW[MPP XLSWIREXMSRW]SY[MPPJMRHRSVITSWIRSVIWXMRKTPEGI
IEX XLIQ  =SY [MPP LEZISPMZI XVIIW XLVSYKLSYX ]SYV JSVXLIWSPISJ]SYVJSSX8LIVIXLI036( [MPPKMZI]SYER
GSYRXV]FYX]SY[MPPRSXYWIXLISMPFIGEYWIXLISPMZIW ER\MSYWQMRHI]IW[IEV][MXLPSRKMRKERHEHIWTEMV
[MPP HVST SJJ  =SY [MPP LEZI WSRW ERH HEYKLXIVW FYX MRK LIEVX  =SY [MPP PMZI MR GSRWXERX WYWTIRWI JMPPIH
]SY[MPPRSXOIITXLIQFIGEYWIXLI][MPPKSMRXSGETXMZ [MXLHVIEHFSXLRMKLXERHHE]RIZIVWYVISJ]SYVPMJI
E  ,IFVI[QI
 -RXLIQSVRMRK]SY[MPPWE]w-JSRP]MX[IVIIZIRMRKx PERH[MPPFIEFYVRMRK[EWXISJWEPXERHWYPJYV{RSXLMRK
ERHMRXLIIZIRMRKw-JSRP]MX[IVIQSVRMRKx{FIGEYWI TPERXIHRSXLMRKWTVSYXMRKRSZIKIXEXMSRKVS[MRKSRMX
SJXLIXIVVSVXLEX[MPPJMPP]SYVLIEVXWERHXLIWMKLXWXLEX -X[MPPFIPMOIXLIHIWXVYGXMSRSJ7SHSQERH+SQSVVEL
]SYV I]IW [MPP WII  8LI 036( [MPP WIRH ]SY FEGO MR %HQEL ERH >IFSMMQ [LMGL XLI 036( SZIVXLVI[ MR
WLMTW XS )K]TX SR E NSYVRI] - WEMH ]SY WLSYPH RIZIV JMIVGI ERKIV  %PP XLI REXMSRW [MPP EWO w;L] LEW XLI
QEOIEKEMR8LIVI]SY[MPPSJJIV]SYVWIPZIWJSVWEPIXS 036( HSRIXLMWXSXLMWPERH#;L]XLMWJMIVGIFYVRMRKER
]SYV IRIQMIW EW QEPI ERH JIQEPI WPEZIW FYX RS SRI KIV#x
[MPPFY]]SY  %RHXLIERW[IV[MPPFIw-XMWFIGEYWIXLMWTISTPI
EFERHSRIHXLIGSZIRERXSJXLI036( XLI+SHSJXLIMV
JEXLIVW XLI GSZIRERX LI QEHI [MXL XLIQ [LIR LI
8LIWI EVI XLI XIVQW SJ XLI GSZIRERX XLI 036( FVSYKLXXLIQSYX SJ )K]TX  8LI] [IRX SJJ ERH[SV
GSQQERHIH1SWIWXSQEOI[MXLXLI-WVEIPMXIWMR WLMTIHSXLIVKSHWERHFS[IHHS[RXSXLIQKSHWXLI]
1SEF MREHHMXMSR XSXLI GSZIRERXLI LEHQEHI [MXL HMHRSXORS[KSHWLILEHRSXKMZIRXLIQ 8LIVIJSVI
XLIQEX,SVIF XLI0 36(vW ERKIVFYVRIH EKEMRWX XLMW PERH WS XLEX LI
 1SWIW WYQQSRIH EPP XLI -WVEIPMXIW ERH WEMH XS
FVSYKLXSRMXEPPXLIGYVWIW[VMXXIRMRXLMWFSSO -RJY
XLIQ VMSYWERKIVERHMRKVIEX[VEXLXLI036( YTVSSXIHXLIQ
=SYVI]IWLEZIWIIREPPXLEXXLI036( HMHMR)K]TXXS JVSQXLIMVPERHERHXLVYWXXLIQMRXSERSXLIVPERHEWMX
4LEVESL XS EPP LMW SJJMGMEPW ERH XS EPP LMW PERH  ;MXL MWRS[x
 8LIWIGVIXXLMRKWFIPSRKXSXLI0 36( SYV+SHFYX
]SYVS[RI]IW]SYWE[XLSWIKVIEXXVMEPWXLSWIQMVEGY
PSYWWMKRWERHKVIEX[SRHIVW  &YXXSXLMWHE]XLI036( XLIXLMRKWVIZIEPIHFIPSRKXSYWERHXSSYVGLMPHVIRJSV
LEWRSXKMZIR]SYEQMRHXLEXYRHIVWXERHWSVI]IWXLEX IZIVXLEX[IQE]JSPPS[EPPXLI[SVHWSJXLMWPE[
WIISVIEVWXLEXLIEV  (YVMRKXLIJSVX]]IEVWXLEX-PIH
]SYXLVSYKLXLIHIWIVX]SYVGPSXLIWHMHRSX[IEVSYX ;LIR EPP XLIWI FPIWWMRKW ERH GYVWIW - LEZI WIX
RSVHMHXLIWERHEPWSR]SYVJIIX =SYEXIRSFVIEHERH FIJSVI]SYGSQIYTSR]SYERH]SYXEOIXLIQXS
HVERORS[MRISVSXLIV JIVQIRXIHHVMRO-HMH XLMW WS LIEVX [LIVIZIV XLI 036( ]SYV +SH HMWTIVWIW ]SY
XLEX]SYQMKLXORS[XLEX-EQXLI036( ]SYV+SH EQSRKXLIREXMSRW  ERH[LIR]SYERH]SYVGLMPHVIR
 ;LIR]SYVIEGLIHXLMWTPEGI7MLSROMRKSJ,IWL
VIXYVRXSXLI036( ]SYV+SHERHSFI]LMQ[MXLEPP]SYV
FSRERH 3KOMRKSJ&EWLER GEQI SYX XS JMKLX EKEMRWX LIEVXERH[MXLEPP]SYVWSYPEGGSVHMRKXSIZIV]XLMRK-
YWFYX[IHIJIEXIHXLIQ ;IXSSOXLIMVPERHERHKEZI GSQQERH]SYXSHE]  XLIRXLI036( ]SYV+SH[MPPVI
MXEWERMRLIVMXERGIXSXLI6IYFIRMXIWXLI+EHMXIWERH WXSVI]SYVJSVXYRIW F ERHLEZIGSQTEWWMSRSR]SYERH
XLILEPJXVMFISJ1EREWWIL KEXLIV ]SYEKEMR JVSQ EPP XLI REXMSRW[LIVI LI WGEX
 'EVIJYPP]JSPPS[XLIXIVQWSJXLMWGSZIRERXWSXLEX
XIVIH]SY )ZIRMJ]SYLEZIFIIRFERMWLIHXSXLIQSWX
]SYQE]TVSWTIVMRIZIV]XLMRK]SYHS  %PPSJ]SYEVI HMWXERX PERH YRHIV XLI LIEZIRWJVSQ XLIVI XLI 036(
WXERHMRKXSHE]MRXLITVIWIRGISJXLI036( ]SYV+SH{ ]SYV+SH[MPPKEXLIV]SYERHFVMRK]SYFEGO  ,I[MPP
]SYV PIEHIVWERHGLMIJ QIR]SYV IPHIVW ERH SJJMGMEPW FVMRK ]SY XS XLI PERH XLEX FIPSRKIH XS ]SYV JEXLIVW
ERH EPP XLI SXLIV QIR SJ -WVEIP  XSKIXLIV [MXL ]SYV ERH ]SY [MPP XEOI TSWWIWWMSR SJ MX ,I [MPP QEOI ]SY
GLMPHVIR ERH ]SYV[MZIW ERH XLI EPMIRW PMZMRK MR ]SYV QSVI TVSWTIVSYW ERH RYQIVSYW XLER ]SYV JEXLIVW
GEQTW [LS GLST ]SYV [SSH ERH GEVV] ]SYV [EXIV  8LI0 36( ]SYV +SH [MPP GMVGYQGMWI]SYV LIEVXW ERH
 =SY EVI WXERHMRK LIVI MR SVHIV XS IRXIV MRXS E GSZ
XLILIEVXW SJ ]SYVHIWGIRHERXW WSXLEX]SYQE] PSZI
IRERX[MXLXLI036( ]SYV+SHEGSZIRERXXLI036( MW LMQ[MXLEPP]SYVLIEVXERH[MXLEPP]SYVWSYPERHPMZI
QEOMRK[MXL]SYXLMWHE]ERHWIEPMRK[MXLERSEXL XS  8LI0 36( ]SYV+SH [MPPTYXEPP XLIWIGYVWIW SR]SYV
GSRJMVQ]SYXLMWHE]EWLMWTISTPIXLEXLIQE]FI]SYV IRIQMIW[LSLEXIERHTIVWIGYXI]SY  =SY[MPPEKEMR
+SH EW LI TVSQMWIH ]SY ERH EWLI W[SVI XS ]SYV JE SFI]XLI036( ERHJSPPS[EPPLMWGSQQERHW-EQKMZMRK
XLIVW %FVELEQ -WEEG ERH .EGSF  - EQ QEOMRK XLMW ]SY XSHE]  8LIR XLI 036( ]SYV +SH [MPP QEOI ]SY
GSZIRERX [MXL MXW SEXL RSX SRP] [MXL ]SY  [LS EVI QSWXTVSWTIVSYWMREPPXLI[SVOSJ]SYVLERHWERHMR
WXERHMRKLIVI[MXLYWXSHE]MRXLITVIWIRGISJXLI036( XLIJVYMXSJ]SYV[SQFXLI]SYRKSJ]SYVPMZIWXSGOERH
SYV+SHFYXEPWS[MXLXLSWI[LSEVIRSXLIVIXSHE] XLIGVSTWSJ]SYVPERH8LI036( [MPPEKEMR HIPMKLXMR
 =SY ]SYVWIPZIW ORS[ LS[ [I PMZIH MR )K]TX ERH
]SYERHQEOI]SYTVSWTIVSYWNYWXEWLIHIPMKLXIHMR
LS[[ITEWWIHXLVSYKLXLIGSYRXVMIWSRXLI[E]LIVI ]SYVJEXLIVW MJ]SYSFI]XLI0 36( ]SYV+SHERHOIIT
 =SY WE[ EQSRK XLIQ XLIMV HIXIWXEFPI MQEKIW ERH
LMW GSQQERHW ERH HIGVIIW XLEX EVI [VMXXIR MR XLMW
MHSPWSJ[SSHERHWXSRISJWMPZIVERHKSPH 1EOIWYVI &SSOSJXLI0E[ERHXYVRXSXLI036( ]SYV+SH[MXLEPP
XLIVIMWRSQERSV[SQERGPERSVXVMFIEQSRK]SYXS ]SYVLIEVXERH[MXLEPP]SYVWSYP
HE][LSWILIEVXXYVRWE[E]JVSQXLI036( SYV+SHXS
KSERH [SVWLMT XLIKSHW SJ XLSWI REXMSRWQEOI WYVI
XLIVI MW RS VSSX EQSRK ]SY XLEX TVSHYGIW WYGL FMXXIV  2S[[LEX-EQGSQQERHMRK]SYXSHE]MWRSXXSS
TSMWSR HMJJMGYPXJSV]SYSVFI]SRH]SYVVIEGL  -XMWRSXYTMR
 ;LIRWYGLETIVWSRLIEVWXLI[SVHWSJXLMWSEXL LIEZIRWSXLEX]SYLEZIXSEWOw;LS[MPPEWGIRHMRXS
LIMRZSOIWEFPIWWMRKSRLMQWIPJERHXLIVIJSVIXLMROWw- LIEZIRXSKIXMXERHTVSGPEMQMXXSYWWS[IQE]SFI]
[MPP FI WEJI IZIR XLSYKL - TIVWMWX MR KSMRK Q] S[R MX#x  2SVMWMXFI]SRHXLIWIEWSXLEX]SYLEZIXSEWO
[E]x 8LMW [MPP FVMRK HMWEWXIV SR XLI [EXIVIH PERH EW w;LS[MPPGVSWWXLIWIEXSKIXMXERHTVSGPEMQMXXSYWWS
[IPPEWXLIHV] E  8LI036( [MPPRIZIVFI[MPPMRKXSJSV [IQE]SFI]MX#x 2SXLI[SVHMWZIV]RIEV]SYMXMWMR
KMZILMQLMW[VEXLERH^IEP[MPPFYVREKEMRWXXLEXQER ]SYVQSYXLERHMR]SYVLIEVXWS]SYQE]SFI] MX
%PPXLI GYVWIW [VMXXIR MR XLMW FSSO [MPPJEPPYTSR LMQ  7II - WIX FIJSVI ]SY XSHE] PMJI ERH TVSWTIVMX]
ERHXLI036( [MPPFPSXSYXLMWREQIJVSQYRHIVLIEZIR HIEXLERHHIWXVYGXMSR  *SV-GSQQERH]SYXSHE]XS
 8LI036( [MPPWMRKPILMQSYXJVSQEPPXLIXVMFIWSJ-WVE PSZIXLI036( ]SYV+SHXS[EPOMRLMW[E]WERHXSOIIT
IP JSV HMWEWXIV EGGSVHMRK XS EPP XLI GYVWIW SJ XLI GSZ LMWGSQQERHWHIGVIIWERHPE[WXLIR]SY[MPPPMZIERH
IRERX[VMXXIRMRXLMW&SSOSJXLI0E[ MRGVIEWI ERH XLI036( ]SYV +SH [MPP FPIWW]SY MR XLI
=SYVGLMPHVIR[LSJSPPS[]SYMRPEXIVKIRIVEXMSRW PERH]SYEVIIRXIVMRKXSTSWWIWW
ERH JSVIMKRIVW [LS GSQI JVSQ HMWXERX PERHW [MPP WII  &YXMJ]SYVLIEVXXYVRWE[E]ERH]SYEVIRSXSFIHM
XLIGEPEQMXMIWXLEXLEZIJEPPIRSRXLIPERHERHXLIHMW IRX ERHMJ ]SYEVIHVE[R E[E]XS FS[HS[R XSSXLIV
IEWIW[MXL[LMGLXLI036( LEWEJJPMGXIHMX  8LI[LSPI KSHWERH[SVWLMTXLIQ -HIGPEVIXS]SYXLMWHE]XLEX
E  3V[E] MRSVHIVXSEHHHVYROIRRIWWXSXLMVWXx F 3V[MPPFVMRK]SYFEGOJVSQGETXMZMX]
]SY[MPPGIVXEMRP]FIHIWXVS]IH=SY[MPPRSXPMZIPSRKMR  w2S[ [VMXI HS[R JSV ]SYVWIPZIW XLMW WSRK ERH
XLIPERH]SYEVIGVSWWMRKXLI.SVHERXSIRXIVERHTSW XIEGLMXXSXLI-WVEIPMXIWERHLEZIXLIQWMRKMXWSXLEXMX
WIWW QE]FIE[MXRIWWJSVQIEKEMRWXXLIQ  ;LIR-LEZI
 8LMWHE]-GEPPLIEZIRERHIEVXLEW[MXRIWWIWEKEMRWX FVSYKLXXLIQMRXSXLIPERHJPS[MRK[MXLQMPOERHLSR
]SY XLEX - LEZIWIX FIJSVI ]SY PMJIERHHIEXLFPIWWMRKW I]XLIPERH-TVSQMWIHSRSEXLXSXLIMVJSVIJEXLIVWERH
ERHGYVWIW2S[GLSSWIPMJIWSXLEX]SYERH]SYVGLMPHVIR [LIRXLI]IEXXLIMVJMPPERHXLVMZIXLI][MPPXYVRXSSXL
QE]PMZIERHXLEX]SYQE]PSZIXLI036( ]SYV+SHPMWXIR IVKSHWERH[SVWLMTXLIQVINIGXMRKQIERHFVIEOMRK
XSLMWZSMGIERHLSPHJEWXXSLMQ*SVXLI036( MW]SYVPMJI Q]GSZIRERX  %RH[LIRQER]HMWEWXIVWERHHMJJMGYP
ERHLI[MPPKMZI]SYQER]]IEVWMRXLIPERHLIW[SVIXS XMIW GSQI YTSR XLIQ XLMW WSRK [MPP XIWXMJ] EKEMRWX
KMZIXS]SYVJEXLIVW%FVELEQ-WEEGERH.EGSF XLIQFIGEYWIMX[MPPRSXFIJSVKSXXIRF]XLIMVHIWGIR
HERXW-ORS[[LEXXLI]EVIHMWTSWIHXSHSIZIRFIJSVI
- FVMRKXLIQMRXSXLI PERH- TVSQMWIHXLIQSRSEXLx
8LIR1SWIW[IRXSYXERHWTSOIXLIWI[SVHWXSEPP  7S1SWIW[VSXIHS[RXLMWWSRKXLEXHE]ERHXEYKLXMX
-WVEIP w-EQRS[ELYRHVIHERHX[IRX]]IEVWSPH XSXLI-WVEIPMXIW
ERH-EQRSPSRKIVEFPIXSPIEH]SY8LI036( LEWWEMHXS  8LI 0 36( KEZI XLMW GSQQERH XS .SWLYE WSR SJ
QIu=SYWLEPPRSXGVSWWXLI.SVHERv8LI036( ]SYV+SH 2YRw&IWXVSRKERHGSYVEKISYWJSV]SY[MPPFVMRKXLI
LMQWIPJ [MPP GVSWW SZIV ELIEH SJ ]SY ,I [MPP HIWXVS] -WVEIPMXIWMRXSXLIPERH-TVSQMWIHXLIQSRSEXLERH-
XLIWIREXMSRWFIJSVI]SYERH]SY[MPPXEOITSWWIWWMSRSJ Q]WIPJ[MPPFI[MXL]SYx
XLIMV PERH.SWLYEEPWS[MPP GVSWWSZIV ELIEHSJ ]SYEW  %JXIV1SWIWJMRMWLIH[VMXMRKMREFSSOXLI[SVHWSJ
XLI036( WEMH%RHXLI036( [MPPHSXSXLIQ[LEXLIHMH XLMW PE[ JVSQ FIKMRRMRK XS IRH  LI KEZI XLMW GSQ
XS7MLSRERH3KXLIOMRKWSJXLI%QSVMXIW[LSQLIHI QERHXSXLI0IZMXIW[LSGEVVMIHXLIEVOSJXLIGSZIRERX
WXVS]IH EPSRK [MXL XLIMV PERH  8LI 036( [MPP HIPMZIV SJXLI036(w8EOIXLMW&SSOSJXLI0E[ERHTPEGIMXFI
XLIQ XS ]SYERH]SY QYWXHS XS XLIQ EPPXLEX- LEZI WMHIXLIEVOSJXLIGSZIRERXSJXLI036( ]SYV+SH8LIVI
GSQQERHIH]SY&IWXVSRKERHGSYVEKISYW(SRSXFI MX[MPPVIQEMREWE[MXRIWWEKEMRWX]SY *SV-ORS[LS[
EJVEMHSVXIVVMJMIHFIGEYWISJXLIQJSVXLI036( ]SYV+SH VIFIPPMSYWERHWXMJJRIGOIH]SYEVI-J]SYLEZIFIIRVI
KSIW[MXL]SYLI[MPPRIZIVPIEZI]SYRSVJSVWEOI]SYx FIPPMSYWEKEMRWXXLI036( [LMPI-EQWXMPPEPMZIERH[MXL
 8LIR1SWIWWYQQSRIH.SWLYEERHWEMHXSLMQMR ]SYLS[QYGLQSVI[MPP]SYVIFIPEJXIV-HMI %WWIQ
XLI TVIWIRGI SJ EPP -WVEIPw&I WXVSRK ERH GSYVEKISYW FPIFIJSVIQIEPPXLIIPHIVWSJ]SYVXVMFIWERHEPP]SYVSJ
JSV]SYQYWXKS[MXLXLMWTISTPIMRXSXLIPERHXLEXXLI JMGMEPWWSXLEX-GERWTIEOXLIWI[SVHWMRXLIMVLIEVMRK
036( W[SVI XS XLIMVJSVIJEXLIVW XS KMZI XLIQERH]SY ERHGEPPLIEZIRERHIEVXLXSXIWXMJ]EKEMRWXXLIQ *SV
QYWX HMZMHIMX EQSRK XLIQ EWXLIMV MRLIVMXERGI  8LI -ORS[XLEXEJXIVQ]HIEXL]SYEVIWYVIXSFIGSQIYXXIV
036( LMQWIPJKSIWFIJSVI]SYERH[MPPFI[MXL]SYLI P]GSVVYTXERHXSXYVRJVSQXLI[E]-LEZIGSQQERHIH
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ERHEPPXLIGMXMIWJSVLMWGLEVMSXWERHJSVLMWLSVWIW F{ XSQEMRXEMRNYWXMGIERHVMKLXISYWRIWWx
[LEXIZIVLIHIWMVIHXSFYMPHMR.IVYWEPIQMR0IFERSR  8LIRWLI KEZIXLI OMRKXEPIRXW I SJKSPHPEVKI
ERHXLVSYKLSYXEPPXLIXIVVMXSV]LIVYPIH UYERXMXMIW SJ WTMGIW ERH TVIGMSYW WXSRIW 8LIVI LEH
 %PPXLITISTPIPIJXJVSQXLI,MXXMXIW%QSVMXIW4IVM^
RIZIV FIIR WYGL WTMGIW EW XLSWI XLI UYIIR SJ 7LIFE
^MXIW,MZMXIWERH.IFYWMXIW XLIWITISTPIW[IVIRSX-WVE KEZIXS/MRK7SPSQSR
IPMXIW  XLEXMWXLIMVHIWGIRHERXWVIQEMRMRKMRXLIPERH  8LI QIR SJ ,MVEQ ERH XLI QIR SJ 7SPSQSR
[LSQXLI-WVEIPMXIWLEHRSXHIWXVS]IH{XLIWI7SPSQSR FVSYKLXKSPHJVSQ3TLMVXLI]EPWSFVSYKLXEPKYQ[SSH J
GSRWGVMTXIHJSVLMWWPEZIPEFSVJSVGIEWMXMWXSXLMWHE] ERHTVIGMSYWWXSRIW 8LIOMRKYWIHXLIEPKYQ[SSHXS
 &YX7SPSQSRHMHRSXQEOIWPEZIWSJXLI-WVEIPMXIWJSVLMW
QEOIWXITWJSVXLIXIQTPISJXLI036( ERHJSVXLIVS]EP
[SVO XLI][IVI LMW JMKLXMRKQIR GSQQERHIVW SJ LMW TEPEGIERHXSQEOILEVTWERHP]VIWJSVXLIQYWMGMERW
GETXEMRWERHGSQQERHIVWSJLMWGLEVMSXWERHGLEVMS 2SXLMRKPMOIXLIQLEHIZIVFIIRWIIRMR.YHEL
XIIVW  8LI][IVIEPWS/MRK7SPSQSRvWGLMIJSJJMGMEPW{  /MRK7SPSQSRKEZIXLIUYIIRSJ7LIFEEPPWLIHI
X[SLYRHVIHERHJMJX]SJJMGMEPWWYTIVZMWMRKXLIQIR WMVIH ERH EWOIH JSV LI KEZI LIV QSVI XLER WLI LEH
 7SPSQSRFVSYKLX4LEVESLvWHEYKLXIVYTJVSQXLI
FVSYKLXXSLMQ8LIRWLIPIJXERHVIXYVRIH[MXLLIVVIX
'MX]SJ(EZMHXSXLITEPEGILILEHFYMPXJSVLIVJSVLI MRYIXSLIVS[RGSYRXV]
WEMHw1][MJIQYWXRSXPMZIMRXLITEPEGISJ(EZMHOMRK
SJ-WVEIPFIGEYWIXLITPEGIWXLIEVOSJXLI036( LEWIR
XIVIHEVILSP]x  8LI [IMKLX SJ XLI KSPH XLEX 7SPSQSR VIGIMZIH
 3RXLIEPXEVSJXLI0 36( XLEXLILEHFYMPXMRJVSRXSJ ]IEVP] [EW  XEPIRXW K  RSX MRGPYHMRK XLI VIZIRYIW
XLI TSVXMGS 7SPSQSR WEGVMJMGIH FYVRX SJJIVMRKW XS XLI FVSYKLXMRF]QIVGLERXWERHXVEHIVW%PWSEPPXLIOMRKW
036(  EGGSVHMRKXSXLIHEMP]VIUYMVIQIRXJSVSJJIVMRKW SJ%VEFME ERHXLI KSZIVRSVW SJ XLIPERH FVSYKLX KSPH
GSQQERHIHF]1SWIWJSV7EFFEXLW2I[1SSRWERHXLI ERHWMPZIVXS7SPSQSR
XLVIIERRYEPJIEWXW{XLI*IEWXSJ9RPIEZIRIH&VIEHXLI  /MRK7SPSQSRQEHIX[SLYRHVIHPEVKIWLMIPHWSJ
*IEWXSJ;IIOWERHXLI*IEWXSJ8EFIVREGPIW -ROIITMRK LEQQIVIHKSPHWM\LYRHVIHFIOEW L SJLEQQIVIHKSPH
[MXLXLISVHMRERGISJLMWJEXLIV(EZMHLIETTSMRXIHXLI [IRX MRXS IEGL WLMIPH  ,IEPWS QEHI XLVII LYRHVIH
HMZMWMSRWSJXLITVMIWXWJSVXLIMVHYXMIWERHXLI0IZMXIWXS WQEPP WLMIPHW SJ LEQQIVIH KSPH [MXL XLVII LYRHVIH
PIEHXLITVEMWIERHXSEWWMWXXLITVMIWXWEGGSVHMRKXSIEGL FIOEW M SJKSPHMRIEGLWLMIPH8LIOMRKTYXXLIQMRXLI
HE]vWVIUYMVIQIRX,IEPWSETTSMRXIHXLIKEXIOIITIVWF] 4EPEGISJXLI*SVIWXSJ0IFERSR
HMZMWMSRW JSV XLI ZEVMSYW KEXIW FIGEYWI XLMW [EW [LEX  8LIRXLIOMRKQEHIEKVIEXXLVSRIMRPEMH[MXLMZS
(EZMHXLIQERSJ+SHLEHSVHIVIH 8LI]HMHRSXHIZM V] ERH SZIVPEMH [MXL TYVI KSPH  8LI XLVSRI LEH WM\
EXIJVSQXLIOMRKvWGSQQERHWXSXLITVMIWXWSVXSXLI0I WXITW ERH E JSSXWXSSP SJ KSPH [EW EXXEGLIH XS MX 3R
ZMXIWMRER]QEXXIVMRGPYHMRKXLEXSJXLIXVIEWYVMIW FSXLWMHIWSJXLIWIEX[IVIEVQVIWXW[MXLEPMSRWXERH
 %PP7SPSQSRvW[SVO[EWGEVVMIHSYXJVSQXLIHE]
MRKFIWMHIIEGLSJXLIQ 8[IPZIPMSRWWXSSHSRXLIWM\
XLIJSYRHEXMSRSJXLIXIQTPISJXLI036( [EWPEMHYRXMP WXITWSRIEXIMXLIVIRHSJIEGLWXIT2SXLMRKPMOIMXLEH
MXWGSQTPIXMSR7SXLIXIQTPISJXLI036( [EWJMRMWLIH IZIVFIIRQEHIJSVER]SXLIVOMRKHSQ %PP/MRK7SPS
 8LIR7SPSQSR[IRXXS)^MSR+IFIVERH)PEXLSR
QSRvWKSFPIXW[IVIKSPHERHEPPXLILSYWILSPHEVXMGPIW
XLI GSEWX SJ)HSQ  %RH,MVEQ WIRX LMQWLMTW GSQ MRXLI4EPEGISJXLI*SVIWXSJ0IFERSR[IVITYVIKSPH
QERHIH F] LMWS[R SJJMGIVW QIR [LS ORI[ XLI WIE 2SXLMRK[EWQEHISJWMPZIVFIGEYWIWMPZIV[EWGSRWMH
8LIWI [MXL 7SPSQSRvW QIR WEMPIH XS 3TLMV ERH IVIH SJ PMXXPIZEPYIMR 7SPSQSRvW HE]  8LIOMRK LEH E
FVSYKLX FEGO JSYV LYRHVIH ERH JMJX]XEPIRXW G SJKSPH JPIIXSJXVEHMRKWLMTW N QERRIHF],MVEQvW O QIR3RGI
[LMGLXLI]HIPMZIVIHXS/MRK7SPSQSR IZIV]XLVII]IEVWMXVIXYVRIHGEVV]MRKKSPHWMPZIVERH
MZSV]ERHETIWERHFEFSSRW
 /MRK 7SPSQSR [EW KVIEXIV MR VMGLIW ERH [MWHSQ
;LIRXLIUYIIRSJ7LIFELIEVHSJ7SPSQSRvWJEQI
WLIGEQIXS.IVYWEPIQXSXIWXLMQ[MXLLEVHUYIW XLEREPPXLI SXLIV OMRKW SJXLI IEVXL  %PP XLIOMRKW SJ
XMSRW%VVMZMRK[MXLEZIV]KVIEXGEVEZER{[MXLGEQIPW XLI IEVXL WSYKLX EYHMIRGI [MXL 7SPSQSR XS LIEV XLI
GEVV]MRK WTMGIW PEVKIUYERXMXMIWSJ KSPH ERH TVIGMSYW [MWHSQ+SHLEHTYXMRLMWLIEVX =IEVEJXIV]IEVIZIV]
WXSRIW{WLI GEQI XS 7SPSQSR ERH XEPOIH [MXL LMQ SRI[LSGEQIFVSYKLXEKMJX{EVXMGPIWSJWMPZIVERHKSPH
EFSYXEPPWLILEHSRLIVQMRH  7SPSQSRERW[IVIHEPP ERHVSFIW[IETSRWERHWTMGIWERHLSVWIWERHQYPIW
 7SPSQSRLEHJSYVXLSYWERHWXEPPWJSVLSVWIWERH
LIVUYIWXMSRWRSXLMRK[EWXSSLEVHJSVLMQXSI\TPEMR
XSLIV  ;LIRXLIUYIIRSJ 7LIFE WE[XLI [MWHSQSJ GLEVMSXWERHX[IPZIXLSYWERHLSVWIW F [LMGLLIOITXMR
7SPSQSREW[IPPEWXLITEPEGILILEHFYMPX XLIJSSHSR XLIGLEVMSXGMXMIWERHEPWS[MXLLMQMR.IVYWEPIQ  ,I
LMWXEFPIXLIWIEXMRKSJLMWSJJMGMEPWXLIEXXIRHMRKWIV VYPIH SZIV EPP XLIOMRKW JVSQXLI 6MZIV P XSXLIPERH SJ
ZERXWMRXLIMVVSFIWXLIGYTFIEVIVWMRXLIMVVSFIWERH XLI4LMPMWXMRIWEWJEVEWXLIFSVHIVSJ)K]TX 8LIOMRK
XLIFYVRXSJJIVMRKWLIQEHIEX H XLIXIQTPISJXLI036( QEHIWMPZIVEWGSQQSRMR.IVYWEPIQEWWXSRIWERHGI
WLI[EWSZIV[LIPQIH HEV EW TPIRXMJYPEWW]GEQSVIJMK XVIIW MR XLI JSSXLMPPW
 7LIWEMHXSXLIOMRKw8LIVITSVX-LIEVHMRQ]S[R  7SPSQSRvW LSVWIW [IVI MQTSVXIH JVSQ )K]TX Q ERH
GSYRXV]EFSYX]SYVEGLMIZIQIRXWERH]SYV[MWHSQMW JVSQEPPSXLIVGSYRXVMIW
E ,IFVI[,YVEQ EZEVMERXSJ,MVEQEPWSMRZIVWI F  3VGLEVMSXIIVW G  8LEXMWEFSYXXSRW EFSYXQIXVMGXSRW
H 3VXLIEWGIRXF][LMGLLI[IRXYTXS I  8LEXMWEFSYX XSRW EFSYXQIXVMGXSRW J  4VSFEFP]EZEVMERXSJEPQYK[SSH
K  8LEXMWEFSYXXSRW EFSYXQIXVMGXSRW L  8LEXMWEFSYX TSYRHW EFSYXOMPSKVEQW M  8LEXMWEFSYX 
TSYRHW EFSYXOMPSKVEQW N  ,IFVI[SJWLMTWXLEXGSYPHKSXS8EVWLMWL O  ,IFVI[,YVEQ EZEVMERXSJ,MVEQ P  8LEXMW
XLI)YTLVEXIW Q  3VTSWWMFP]1Y^YV EVIKMSRMR'MPMGME
EKEMRWX -WVEIP ERH XS VIKEMR XLI OMRKHSQ JSV 6ILS
 %W JSV XLI SXLIVIZIRXWSJ 7SPSQSRvW VIMKR JVSQ FSEQ
 &YX XLMW [SVH SJ XLI 036( GEQI XS 7LIQEMEL XLI
FIKMRRMRKXSIRHEVIXLI]RSX[VMXXIRMRXLIVIGSVHWSJ
2EXLERXLITVSTLIXMRXLITVSTLIG]SJ%LMNELXLI7LM QERSJ+SH w7E]XS6ILSFSEQWSRSJ7SPSQSROMRKSJ
PSRMXI ERH MR XLI ZMWMSRW SJ-HHSXLI WIIV GSRGIVRMRK .YHELERHXS EPPXLI-WVEIPMXIWMR.YHELERH&IRNEQMR
 u8LMW MW [LEX XLI 036( WE]W (S RSX KS YT XS JMKLX
.IVSFSEQWSRSJ2IFEX#  7SPSQSRVIMKRIHMR .IVYWE
PIQSZIVEPP-WVEIPJSVX]]IEVW 8LIRLIVIWXIH[MXLLMW EKEMRWX]SYVFVSXLIVW+SLSQIIZIV]SRISJ]SYJSV
JEXLIVWERH[EWFYVMIH MRXLIGMX] SJ(EZMHLMWJEXLIV XLMW MW Q] HSMRKv x 7S XLI] SFI]IH XLI [SVHW SJ XLI
%RH6ILSFSEQLMWWSRWYGGIIHIHLMQEWOMRK 036( ERHXYVRIHFEGOJVSQQEVGLMRKEKEMRWX.IVSFSEQ

 6ILSFSEQ PMZIHMR .IVYWEPIQERHFYMPX YTXS[RW


6ILSFSEQ[IRXXS7LIGLIQJSVEPPXLI-WVEIPMXIW
LEHKSRIXLIVIXSQEOILMQOMRK ;LIR.IVSFS JSV HIJIRWI MR.YHEL  &IXLPILIQ )XEQ8IOSE  &IXL
EQWSRSJ2IFEXLIEVHXLMW LI[EWMR)K]TX[LIVILI >YV7SGS%HYPPEQ  +EXL1EVIWLEL>MTL  %HSVEMQ
LEHJPIHJVSQ/MRK7SPSQSR LIVIXYVRIHJVSQ)K]TX 0EGLMWL %^IOEL  >SVEL %MNEPSRERH ,IFVSR8LIWI
 7SXLI]WIRXJSV.IVSFSEQERHLIERHEPP-WVEIP[IRXXS [IVI JSVXMJMIH GMXMIW MR .YHEL ERH &IRNEQMR  ,I
6ILSFSEQERHWEMHXSLMQ  w=SYVJEXLIVTYXELIEZ] WXVIRKXLIRIH XLIMV HIJIRWIW ERH TYX GSQQERHIVW MR
]SOI SR YW FYX RS[ PMKLXIR XLI LEVWL PEFSV ERH XLI XLIQ[MXLWYTTPMIWSJJSSHSPMZISMPERH[MRI ,ITYX
LIEZ]]SOILITYXSRYWERH[I[MPPWIVZI]SYx WLMIPHWERHWTIEVWMREPPXLIGMXMIWERHQEHIXLIQZIV]
 6ILSFSEQ ERW[IVIHw'SQIFEGO XS QI MRXLVII WXVSRK7S.YHELERH&IRNEQMR[IVILMW
 8LI TVMIWXW ERH 0IZMXIW JVSQ EPP XLIMV HMWXVMGXW
HE]Wx7SXLITISTPI[IRXE[E]
 8LIR /MRK 6ILSFSEQ GSRWYPXIH XLI IPHIVW [LS XLVSYKLSYX -WVEIP WMHIH [MXL LMQ  8LI 0IZMXIW IZIR
LEH WIVZIH LMW JEXLIV 7SPSQSR HYVMRK LMW PMJIXMQI EFERHSRIHXLIMVTEWXYVIPERHWERHTVSTIVX]ERHGEQI
w,S[ [SYPH ]SYEHZMWI QI XS ERW[IV XLIWI TISTPI#x XS.YHELERH.IVYWEPIQFIGEYWI.IVSFSEQERHLMWWSRW
LIEWOIH LEHVINIGXIHXLIQEWTVMIWXWSJXLI036(  %RHLIET
 8LI]VITPMIHw-J ]SY [MPP FI OMRHXS XLIWI TISTPI TSMRXIHLMWS[RTVMIWXWJSVXLILMKLTPEGIWERHJSVXLI
ERH TPIEWI XLIQ ERH KMZI XLIQ E JEZSVEFPI ERW[IV KSEX ERH GEPJ MHSPW LI LEH QEHI  8LSWI JVSQ IZIV]
XLI][MPPEP[E]WFI]SYVWIVZERXWx XVMFISJ-WVEIP[LSWIXXLIMVLIEVXWSRWIIOMRKXLI036(
 &YX6ILSFSEQVINIGXIHXLIEHZMGIXLIIPHIVWKEZI XLI+SHSJ-WVEIPJSPPS[IHXLI0IZMXIWXS.IVYWEPIQXS
LMQERHGSRWYPXIHXLI]SYRKQIR[LSLEHKVS[RYT SJJIV WEGVMJMGIW XS XLI 036( XLI +SH SJ XLIMV JEXLIVW
 8LI] WXVIRKXLIRIH XLI OMRKHSQ SJ .YHEL ERH WYT
[MXLLMQERH[IVIWIVZMRKLMQ ,IEWOIHXLIQw;LEX
MW ]SYV EHZMGI# ,S[ WLSYPH [I ERW[IV XLIWI TISTPI TSVXIH6ILSFSEQWSRSJ7SPSQSRXLVII]IEVW[EPOMRK
[LS WE] XS QI u0MKLXIR XLI ]SOI ]SYV JEXLIV TYX MRXLI[E]WSJ(EZMHERH7SPSQSRHYVMRKXLMWXMQI
SR YWv#x
 8LI]SYRK QIR [LSLEHKVS[RYT[MXLLMQ VI
 6ILSFSEQ QEVVMIH 1ELEPEXL [LS [EW XLI
TPMIHw8IPPXLITISTPI[LSLEZIWEMHXS]SYu=SYVJEXLIV HEYKLXIV SJ (EZMHvW WSR .IVMQSXL ERH SJ %FMLEMP XLI
TYX E LIEZ]]SOI SR YWFYX QEOI SYV ]SOI PMKLXIVv{ HEYKLXIVSJ.IWWIvWWSR)PMEF 7LIFSVILMQWSRW.IYWL
XIPP XLIQ u1] PMXXPI JMRKIV MW XLMGOIV XLER Q] JEXLIVvW 7LIQEVMEL ERH >ELEQ  8LIR LI QEVVMIH 1EEGEL
[EMWX 1]JEXLIVPEMHSR]SYELIEZ]]SOI-[MPPQEOI HEYKLXIVSJ%FWEPSQ[LSFSVILMQ%FMNEL%XXEM>M^E
MXIZIR LIEZMIV 1]JEXLIVWGSYVKIH ]SY [MXL [LMTW- ERH7LIPSQMXL 6ILSFSEQPSZIH1EEGELHEYKLXIVSJ
[MPPWGSYVKI]SY[MXLWGSVTMSRWv x %FWEPSQQSVIXLERER]SJLMWSXLIV[MZIWERHGSRGY
 8LVIIHE]W PEXIV .IVSFSEQ ERH EPPXLI TISTPI VI
FMRIW -R EPP LI LEH IMKLXIIR [MZIW ERH WM\X] GSRGY
XYVRIHXS6ILSFSEQEWXLIOMRKLEHWEMHw'SQIFEGO FMRIWX[IRX]IMKLXWSRWERHWM\X]HEYKLXIVW
XSQIMRXLVIIHE]Wx 8LIOMRKERW[IVIHXLIQLEVWLP]  6ILSFSEQETTSMRXIH%FMNELWSRSJ1EEGELXSFI
6INIGXMRKXLIEHZMGISJXLIIPHIVW LIJSPPS[IHXLIEH XLIGLMIJTVMRGIEQSRKLMWFVSXLIVWMRSVHIVXSQEOI
ZMGISJXLI]SYRKQIRERHWEMHw1]JEXLIVQEHI]SYV LMQOMRK ,IEGXIH[MWIP]HMWTIVWMRKWSQISJLMWWSRW
]SOI LIEZ] - [MPP QEOI MX IZIR LIEZMIV 1] JEXLIV XLVSYKLSYXXLIHMWXVMGXWSJ.YHELERH&IRNEQMRERHXS
WGSYVKIH]SY[MXL[LMTW-[MPPWGSYVKI]SY[MXLWGSVTM EPPXLI JSVXMJMIH GMXMIW ,I KEZI XLIQ EFYRHERX TVSZM
SRWx  7SXLIOMRKHMHRSXPMWXIRXSXLITISTPIJSVXLMW WMSRWERHXSSOQER][MZIWJSVXLIQ
XYVRSJIZIRXW[EWJVSQ+SHXSJYPJMPPXLI[SVHXLI036(
LEHWTSOIRXS.IVSFSEQWSRSJ2IFEXXLVSYKL%LMNEL
XLI7LMPSRMXI %JXIV6ILSFSEQvWTSWMXMSREWOMRK[EWIWXEFPMWLIH
 ;LIREPP-WVEIPWE[XLEXXLIOMRKVIJYWIHXSPMWXIRXS
ERHLILEHFIGSQIWXVSRKLIERHEPP-WVEIP F [MXL
XLIQXLI]ERW[IVIHXLIOMRK LMQEFERHSRIHXLIPE[SJXLI036(  &IGEYWIXLI]LEH
w;LEXWLEVIHS[ILEZIMR(EZMH FIIRYRJEMXLJYPXSXLI036( 7LMWLEOOMRKSJ)K]TXEX
[LEXTEVXMR.IWWIvWWSR# XEGOIH.IVYWEPIQ MRXLI JMJXL ]IEVSJ /MRK6ILSFSEQ
 ;MXL X[IPZI LYRHVIH GLEVMSXW ERH WM\X] XLSYWERH
8S]SYVXIRXW3 -WVEIP
0SSOEJXIV]SYVS[RLSYWI3 (EZMHx LSVWIQIRERHXLIMRRYQIVEFPIXVSSTWSJ0MF]ERW7YO
OMXIWERH'YWLMXIW G XLEXGEQI[MXLLMQJVSQ)K]TX LI
7SEPPXLI-WVEIPMXIW[IRXLSQI &YXEWJSVXLI-WVEIPMXIW GETXYVIHXLIJSVXMJMIHGMXMIWSJ.YHELERHGEQIEWJEVEW
[LS[IVIPMZMRKMRXLIXS[RWSJ.YHEL6ILSFSEQWXMPP .IVYWEPIQ
VYPIHSZIVXLIQ  8LIR XLI TVSTLIX 7LIQEMEL GEQI XS 6ILSFSEQ
 /MRK6ILSFSEQWIRXSYX%HSRMVEQ E [LS[EWMR ERHXSXLIPIEHIVWSJ.YHEL[LSLEHEWWIQFPIHMR.IVY
GLEVKISJJSVGIHPEFSVFYXXLI-WVEIPMXIWWXSRIHLMQXS WEPIQJSVJIEVSJ7LMWLEOERHLIWEMHXSXLIQw8LMWMW
HIEXL/MRK6ILSFSEQLS[IZIVQEREKIHXSKIXMRXS [LEXXLI 036( WE]Wu=SY LEZI EFERHSRIHQI XLIVI
LMW GLEVMSX ERH IWGETI XS .IVYWEPIQ  7S -WVEIP LEW JSVI-RS[EFERHSR]SYXS7LMWLEOv x
FIIRMRVIFIPPMSREKEMRWXXLILSYWISJ(EZMHXSXLMWHE]  8LIPIEHIVWSJ-WVEIPERHXLIOMRKLYQFPIHXLIQ
;LIR 6ILSFSEQ EVVMZIH MR .IVYWEPIQ LI QYW WIPZIWERHWEMHw8LI036( MWNYWXx
XIVIHXLILSYWISJ .YHELERH&IRNEQMR{ELYR  ;LIRXLI036( WE[XLEXXLI]LYQFPIHXLIQWIPZIW
HVIHERHIMKLX]XLSYWERHJMKLXMRKQIR{XSQEOI[EV XLMW [SVHSJXLI 036( GEQI XS7LIQEMELw7MRGI XLI]
E  ,IFVI[,EHSVEQ EZEVMERXSJ%HSRMVEQ F 8LEXMW.YHELEWJVIUYIRXP]MR 'LVSRMGPIW G 8LEXMWTISTPIJVSQXLIYTTIV2MPI
VIKMSR
LEZILYQFPIHXLIQWIPZIW-[MPPRSXHIWXVS]XLIQFYX PEQTWXERHIZIV]IZIRMRK;IEVISFWIVZMRKXLIVIUYMVI
[MPPWSSRKMZIXLIQHIPMZIVERGI1][VEXL[MPPRSX FI QIRXWSJXLI036( SYV+SH&YX]SYLEZIJSVWEOIRLMQ
TSYVIHSYXSR.IVYWEPIQXLVSYKL7LMWLEO 8LI][MPP  +SHMW[MXLYWLIMWSYVPIEHIV,MWTVMIWXW[MXLXLIMV
LS[IZIVFIGSQIWYFNIGXXSLMQWSXLEXXLI]QE]PIEVR XVYQTIXW[MPPWSYRHXLIFEXXPIGV]EKEMRWX]SY1IRSJ
XLI HMJJIVIRGI FIX[IIR WIVZMRK QI ERH WIVZMRK XLI -WVEIPHSRSXJMKLXEKEMRWXXLI036( XLI+SHSJ]SYVJE
OMRKWSJSXLIVPERHWx XLIVWJSV]SY[MPPRSXWYGGIIHx
 ;LIR7LMWLEOOMRKSJ)K]TXEXXEGOIH.IVYWEPIQLI  2S[.IVSFSEQLEHWIRXXVSSTWEVSYRHXSXLIVIEV
GEVVMIHSJJXLIXVIEWYVIWSJXLIXIQTPISJXLI036( ERH WSXLEX[LMPILI[EWMRJVSRXSJ.YHELXLIEQFYWL[EW
XLIXVIEWYVIWSJXLIVS]EPTEPEGI,IXSSOIZIV]XLMRKMR FILMRH XLIQ  .YHEL XYVRIH ERH WE[ XLEXXLI] [IVI
GPYHMRKXLIKSPHWLMIPHW7SPSQSRLEHQEHI 7S/MRK FIMRKEXXEGOIHEXFSXLJVSRXERHVIEV8LIRXLI]GVMIH
6ILSFSEQ QEHI FVSR^I WLMIPHW XS VITPEGIXLIQ ERH SYXXSXLI036( 8LITVMIWXWFPI[XLIMVXVYQTIXW  ERH
EWWMKRIHXLIWIXSXLIGSQQERHIVWSJXLIKYEVHSRHYX] XLIQIRSJ.YHELVEMWIHXLIFEXXPIGV]%XXLIWSYRHSJ
EXXLIIRXVERGIXSXLIVS]EPTEPEGI ;LIRIZIVXLIOMRK XLIMVFEXXPIGV]+SHVSYXIH.IVSFSEQERHEPP-WVEIPFI
[IRX XS XLI 036(vWXIQTPI XLI KYEVHW[IRX [MXLLMQ JSVI %FMNEL ERH .YHEL  8LI-WVEIPMXIW JPIH FIJSVI.Y
FIEVMRKXLIWLMIPHWERHEJXIV[EVHXLI]VIXYVRIHXLIQ HELERH+SHHIPMZIVIHXLIQMRXSXLIMVLERHW %FMNEL
XSXLIKYEVHVSSQ ERH LMW QIR MRJPMGXIH LIEZ] PSWWIW SR XLIQ WS XLEX
 &IGEYWI6ILSFSEQ LYQFPIHLMQWIPJ XLI036(vW XLIVI[IVIJMZILYRHVIHXLSYWERHGEWYEPXMIWEQSRK-W
ERKIV XYVRIH JVSQ LMQ ERH LI [EW RSX XSXEPP] HI VEIPvWEFPI QIR  8LI QIR SJ-WVEIP [IVIWYFHYIHSR
WXVS]IH-RHIIHXLIVI[EWWSQIKSSHMR.YHEL XLEX SGGEWMSR ERH XLI QIR SJ .YHEL [IVI ZMGXSVMSYW
 /MRK 6ILSFSEQ IWXEFPMWLIHLMQWIPJJMVQP] MR .I FIGEYWI XLI] VIPMIH SR XLI 036( XLI +SH SJ XLIMV JE
VYWEPIQERHGSRXMRYIHEWOMRK,I[EWJSVX]SRI]IEVW XLIVW
SPH [LIR LI FIGEQI OMRKERH LI VIMKRIH WIZIRXIIR  %FMNELTYVWYIH.IVSFSEQERHXSSOJVSQLMQXLI
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XLI.SVHERXYVRIHFEGO
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8SLMQFIPSRKWIXIVREPTVEMWI ]SYLMPPWPMOIPEQFW#
 8VIQFPI3IEVXLEXXLITVIWIRGISJXLI0SVH
4WEPQ G
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4WEPQ
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ERHLMWVMKLXISYWRIWWIRHYVIWJSVIZIV FIGEYWISJ]SYVPSZIERHJEMXLJYPRIWW
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JSVXLIKVEGMSYWERHGSQTEWWMSREXIERH w;LIVIMWXLIMV+SH#x
VMKLXISYWQER I  3YV+SHMWMRLIEZIR
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EVMKLXISYWQER[MPPFIVIQIQFIVIHJSVIZIV I]IWFYXXLI]GERRSXWII
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LMWLIEVXMWWXIEHJEWXXVYWXMRKMRXLI036( RSWIWFYXXLI]GERRSXWQIPP
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LIMWXLIMVLIPTERHWLMIPH
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 1E]XLIEVVSKERXFITYXXSWLEQIJSV[VSRKMRKQI  8LI[MGOIHLEZIWIXEWREVIJSV QI
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7EQIOL
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 8LSYKL-EQPMOIE[MRIWOMRMRXLIWQSOI XLEX-QE]OIITXLIGSQQERHWSJQ]+SH
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 8LIEVVSKERXHMKTMXJEPPWJSVQI  9TLSPHQIERH-[MPPFIHIPMZIVIH
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%]MR 6IWL
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PIXRSXXLIEVVSKERXSTTVIWWQI TVIWIVZIQ]PMJIEGGSVHMRKXS]SYVTVSQMWI
 1]I]IWJEMPPSSOMRKJSV]SYVWEPZEXMSR  7EPZEXMSRMWJEVJVSQXLI[MGOIH
PSSOMRKJSV]SYVVMKLXISYWTVSQMWI JSVXLI]HSRSXWIIOSYX]SYVHIGVIIW
 (IEP[MXL]SYVWIVZERXEGGSVHMRKXS]SYVPSZI  =SYVGSQTEWWMSRMWKVIEX3 0 36(
ERHXIEGLQI]SYVHIGVIIW TVIWIVZIQ]PMJIEGGSVHMRKXS]SYVPE[W
 -EQ]SYVWIVZERXKMZIQIHMWGIVRQIRX  1ER]EVIXLIJSIW[LSTIVWIGYXI QI
XLEX-QE]YRHIVWXERH]SYVWXEXYXIW FYX-LEZIRSXXYVRIHJVSQ]SYVWXEXYXIW
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 &IGEYWI-PSZI]SYVGSQQERHW  7IILS[-PSZI]SYVTVIGITXW
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 ERHFIGEYWI-GSRWMHIVEPP]SYVTVIGITXWVMKLX  %PP]SYV[SVHWEVIXVYI
-LEXIIZIV][VSRKTEXL EPP]SYVVMKLXISYWPE[WEVIIXIVREP
4I 7MRERH7LMR
 =SYVWXEXYXIWEVI[SRHIVJYP  6YPIVWTIVWIGYXIQI[MXLSYXGEYWI
XLIVIJSVI-SFI]XLIQ FYXQ]LIEVXXVIQFPIWEX]SYV[SVH
 8LIYRJSPHMRKSJ]SYV[SVHWKMZIWPMKLX  -VINSMGIMR]SYVTVSQMWI
MXKMZIWYRHIVWXERHMRKXSXLIWMQTPI PMOISRI[LSJMRHWKVIEXWTSMP
 -STIRQ]QSYXLERHTERX  -LEXIERHEFLSVJEPWILSSH
PSRKMRKJSV]SYVGSQQERHW FYX-PSZI]SYVPE[
 8YVRXSQIERHLEZIQIVG]SR QI  7IZIRXMQIWEHE]-TVEMWI]SY
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 (MVIGXQ]JSSXWXITWEGGSVHMRKXS]SYV[SVH  +VIEXTIEGILEZIXLI][LSPSZI]SYVPE[
PIXRSWMRVYPISZIVQI ERHRSXLMRKGERQEOIXLIQWXYQFPI
 6IHIIQQIJVSQXLISTTVIWWMSRSJQIR  -[EMXJSV]SYVWEPZEXMSR3
036(
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 1EOI]SYVJEGIWLMRIYTSR]SYVWIVZERX  -SFI]]SYVWXEXYXIW
ERHXIEGLQI]SYVHIGVIIW JSV-PSZIXLIQKVIEXP]
 7XVIEQWSJXIEVWJPS[JVSQQ]I]IW  -SFI]]SYVTVIGITXWERH]SYVWXEXYXIW
JSV]SYVPE[MWRSXSFI]IH JSVEPPQ][E]WEVIORS[RXS]SY
8WEHLI 8E[
 6MKLXISYWEVI]SY3 036(  1E]Q]GV]GSQIFIJSVI]SY3036(
ERH]SYVPE[WEVIVMKLX KMZIQIYRHIVWXERHMRKEGGSVHMRKXS]SYV[SVH
 8LIWXEXYXIW]SYLEZIPEMHHS[REVIVMKLXISYW  1E]Q]WYTTPMGEXMSRGSQIFIJSVI]SY
XLI]EVIJYPP]XVYWX[SVXL] HIPMZIVQIEGGSVHMRKXS]SYVTVSQMWI
 1]^IEP[IEVWQISYX  1E]Q]PMTWSZIVJPS[[MXLTVEMWI
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 =SYVTVSQMWIWLEZIFIIRXLSVSYKLP]XIWXIH  1E]Q]XSRKYIWMRKSJ]SYV[SVH
ERH]SYVWIVZERXPSZIWXLIQ JSVEPP]SYVGSQQERHWEVIVMKLXISYW
 8LSYKL-EQPS[P]ERHHIWTMWIH  1E]]SYVLERHFIVIEH]XSLIPT QI
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 8VSYFPIERHHMWXVIWWLEZIGSQIYTSR QI  0IXQIPMZIXLEX-QE]TVEMWI]SY

FYX]SYVGSQQERHWEVIQ]HIPMKLX ERHQE]]SYVPE[WWYWXEMRQI
 =SYVWXEXYXIWEVIJSVIZIVVMKLX  -LEZIWXVE]IHPMOIEPSWXWLIIT

KMZIQIYRHIVWXERHMRKXLEX-QE]PMZI 7IIO]SYVWIVZERX
JSV-LEZIRSXJSVKSXXIR]SYVGSQQERHW
5STL
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ERH-[MPPSFI]]SYVHIGVIIW
 -GEPPSYXXS]SYWEZIQI %WSRKSJEWGIRXW
ERH-[MPPOIIT]SYVWXEXYXIW  -GEPPSRXLI036( MRQ]HMWXVIWW
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 1]I]IWWXE]STIRXLVSYKLXLI[EXGLIWSJXLI ERHJVSQHIGIMXJYPXSRKYIW
RMKLX  ;LEX[MPPLIHSXS]SY
XLEX-QE]QIHMXEXISR]SYVTVSQMWIW
 ,IEVQ]ZSMGIMREGGSVHERGI[MXL]SYVPSZI ERH[LEXQSVIFIWMHIW3 HIGIMXJYPXSRKYI#
 ,I[MPPTYRMWL]SY[MXLE[EVVMSVvWWLEVTEVVS[W
TVIWIVZIQ]PMJI3 036( EGGSVHMRKXS]SYVPE[W
 8LSWI[LSHIZMWI[MGOIHWGLIQIWEVIRIEV [MXLFYVRMRKGSEPWSJXLIFVSSQXVII
FYXXLI]EVIJEVJVSQ]SYVPE[  ;SIXSQIXLEX-H[IPPMR1IWLIGL
 =IX]SYEVIRIEV3 036( XLEX-PMZIEQSRKXLIXIRXWSJ/IHEV
ERHEPP]SYVGSQQERHWEVIXVYI  8SSPSRKLEZI-PMZIH
EQSRKXLSWI[LSLEXITIEGI  MJXLI0 36( LEHRSXFIIRSRSYVWMHI
 -EQEQERSJTIEGI [LIRQIREXXEGOIHYW
FYX[LIR-WTIEOXLI]EVIJSV[EV  [LIRXLIMVERKIVJPEVIHEKEMRWXYW
XLI][SYPHLEZIW[EPPS[IHYWEPMZI
4WEPQ  XLIJPSSH[SYPHLEZIIRKYPJIHYW
XLIXSVVIRX[SYPHLEZIW[ITXSZIVYW
%WSRKSJEWGIRXW  XLIVEKMRK[EXIVW
 -PMJXYTQ]I]IWXSXLILMPPW{ [SYPHLEZIW[ITXYWE[E]
[LIVIHSIWQ]LIPTGSQIJVSQ#  4VEMWIFIXSXLI036(
 1]LIPTGSQIWJVSQXLI0 36(
[LSLEWRSXPIXYWFIXSVRF]XLIMVXIIXL
XLI1EOIVSJLIEZIRERHIEVXL  ;ILEZIIWGETIHPMOIEFMVH
 ,I[MPPRSXPIX]SYVJSSXWPMT{ SYXSJXLIJS[PIVvWWREVI
LI[LS[EXGLIWSZIV]SY[MPPRSXWPYQFIV XLIWREVILEWFIIRFVSOIR
 MRHIIHLI[LS[EXGLIWSZIV-WVEIP ERH[ILEZIIWGETIH
[MPPRIMXLIVWPYQFIVRSVWPIIT  3YVLIPTMWMRXLIREQISJXLI036(

 8LI036( [EXGLIWSZIV]SY{ XLI1EOIVSJLIEZIRERHIEVXL


XLI036( MW]SYVWLEHIEX]SYVVMKLXLERH
 XLIWYR[MPPRSXLEVQ]SYF]HE] 4WEPQ
RSVXLIQSSRF]RMKLX %WSRKSJEWGIRXW
 8LI036( [MPPOIIT]SYJVSQEPPLEVQ{  8LSWI[LSXVYWXMRXLI036(
EVIPMOI1SYRX>MSR
LI[MPP[EXGLSZIV]SYVPMJI [LMGLGERRSXFIWLEOIRFYXIRHYVIWJSVIZIV
 XLI0 36( [MPP[EXGLSZIV]SYVGSQMRKERHKSMRK  %WXLIQSYRXEMRWWYVVSYRH.IVYWEPIQ
FSXLRS[ERHJSVIZIVQSVI WSXLI036( WYVVSYRHWLMWTISTPI
FSXLRS[ERHJSVIZIVQSVI
4WEPQ  8LIWGITXIVSJXLI[MGOIH[MPPRSXVIQEMR
%WSRKSJEWGIRXW3J(EZMH SZIVXLIPERHEPPSXXIHXSXLIVMKLXISYW
 -VINSMGIH[MXLXLSWI[LSWEMHXSQI JSVXLIRXLIVMKLXISYWQMKLXYWI
XLIMVLERHWXSHSIZMP
w0IXYWKSXSXLILSYWISJXLI036(x
 3YVJIIXEVIWXERHMRK  (SKSSH3 036( XSXLSWI[LSEVIKSSH
MR]SYVKEXIW3 .IVYWEPIQ XSXLSWI[LSEVIYTVMKLXMRLIEVX
 &YXXLSWI[LSXYVRXSGVSSOIH[E]W
 .IVYWEPIQMWFYMPXPMOIEGMX]
XLI036( [MPPFERMWL[MXLXLIIZMPHSIVW
XLEXMWGPSWIP]GSQTEGXIHXSKIXLIV
 8LEXMW[LIVIXLIXVMFIWKSYT 4IEGIFIYTSR-WVEIP
XLIXVMFIWSJXLI036(
XSTVEMWIXLIREQISJXLI036( 4WEPQ
EGGSVHMRKXSXLIWXEXYXIKMZIRXS-WVEIP
 8LIVIXLIXLVSRIWJSVNYHKQIRXWXERH %WSRKSJEWGIRXW
XLIXLVSRIWSJXLILSYWISJ(EZMH  ;LIRXLI036( FVSYKLXFEGOXLIGETXMZIWXS E >MSR
 4VE]JSVXLITIEGISJ.IVYWEPIQ [I[IVIPMOIQIR[LSHVIEQIH F
 3YVQSYXLW[IVIJMPPIH[MXLPEYKLXIV
w1E]XLSWI[LSPSZI]SYFIWIGYVI
 1E]XLIVIFITIEGI[MXLMR]SYV[EPPW SYVXSRKYIW[MXLWSRKWSJNS]
8LIRMX[EWWEMHEQSRKXLIREXMSRW
ERHWIGYVMX][MXLMR]SYVGMXEHIPWx
 *SVXLIWEOISJQ]FVSXLIVWERHJVMIRHW w8LI036( LEWHSRIKVIEXXLMRKWJSVXLIQx
 8LI0 36( LEWHSRIKVIEXXLMRKWJSVYW
-[MPPWE]w4IEGIFI[MXLMR]SYx
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-[MPPWIIO]SYVTVSWTIVMX]  6IWXSVISYVJSVXYRIW G3 036(
PMOIWXVIEQWMRXLI2IKIZ
4WEPQ  8LSWI[LSWS[MRXIEVW
[MPPVIET[MXLWSRKWSJNS]
%WSRKSJEWGIRXW  ,I[LSKSIWSYX[IITMRK
 -PMJXYTQ]I]IWXS]SY GEVV]MRKWIIHXSWS[
XS]SY[LSWIXLVSRIMWMRLIEZIR [MPPVIXYVR[MXLWSRKWSJNS]
 %WXLII]IWSJWPEZIWPSSOXSXLILERHSJXLIMVQEWXIV GEVV]MRKWLIEZIW[MXLLMQ
EWXLII]IWSJEQEMHPSSOXSXLILERHSJLIV
QMWXVIWW 4WEPQ
WSSYVI]IWPSSOXSXLI036( SYV+SH
%WSRKSJEWGIRXW3J7SPSQSR
XMPPLIWLS[WYWLMWQIVG]
 9RPIWWXLI036( FYMPHWXLILSYWI
 ,EZIQIVG]SRYW3 036( LEZIQIVG]SRYW
JSV[ILEZIIRHYVIHQYGLGSRXIQTX MXWFYMPHIVWPEFSVMRZEMR
 ;ILEZIIRHYVIHQYGLVMHMGYPIJVSQXLITVSYH 9RPIWWXLI036( [EXGLIWSZIVXLIGMX]
QYGLGSRXIQTXJVSQXLIEVVSKERX XLI[EXGLQIRWXERHKYEVHMRZEMR
 -RZEMR]SYVMWIIEVP]

4WEPQ ERHWXE]YTPEXI
XSMPMRKJSVJSSHXSIEX{
%WSRKSJEWGIRXW3J(EZMH JSVLIKVERXWWPIITXS H XLSWILIPSZIW
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PIX-WVEIPWE]{ GLMPHVIREVI[EVHJVSQLMQ
E 3V036( VIWXSVIHXLIJSVXYRIWSJ F 3VQIRVIWXSVIHXSLIEPXL G 3V&VMRKFEGOSYVGETXMZIW H 3VIEX{JSV[LMPIXLI]WPIITLI
TVSZMHIWJSV
 0MOIEVVS[WMRXLILERHWSJE[EVVMSV  ,ILMQWIPJ[MPPVIHIIQ-WVEIP
EVIWSRWFSVRMRSRIvW]SYXL JVSQEPPXLIMVWMRW
 &PIWWIHMWXLIQER
[LSWIUYMZIVMWJYPPSJXLIQ 4WEPQ
8LI][MPPRSXFITYXXSWLEQI %WSRKSJEWGIRXW3J(EZMH
[LIRXLI]GSRXIRH[MXLXLIMVIRIQMIWMRXLI
KEXI  1]LIEVXMWRSXTVSYH3 036(
Q]I]IWEVIRSXLEYKLX]
4WEPQ -HSRSXGSRGIVRQ]WIPJ[MXLKVIEXQEXXIVW
SVXLMRKWXSS[SRHIVJYPJSVQI
%WSRKSJEWGIRXW  &YX-LEZIWXMPPIHERHUYMIXIHQ]WSYP
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 =SY[MPPIEXXLIJVYMXSJ]SYVPEFSV
 3-WVEIPTYX]SYVLSTIMRXLI0 36(
FPIWWMRKWERHTVSWTIVMX][MPPFI]SYVW FSXLRS[ERHJSVIZIVQSVI
 =SYV[MJI[MPPFIPMOIEJVYMXJYPZMRI
[MXLMR]SYVLSYWI 4WEPQ
]SYVWSRW[MPPFIPMOISPMZIWLSSXW
EVSYRH]SYVXEFPI %WSRKSJEWGIRXW
 8LYWMWXLIQERFPIWWIH
3 036( VIQIQFIV(EZMH
[LSJIEVWXLI036( ERHEPPXLILEVHWLMTWLIIRHYVIH
 1E]XLI0 36( FPIWW]SYJVSQ>MSR
 ,IW[SVIERSEXLXSXLI036(
EPPXLIHE]WSJ]SYVPMJI ERHQEHIEZS[XSXLI1MKLX]3RISJ.EGSF
QE]]SYWIIXLITVSWTIVMX]SJ.IVYWEPIQ  w-[MPPRSXIRXIVQ]LSYWI
 ERHQE]]SYPMZIXSWII]SYVGLMPHVIRvWGLMPHVIR SVKSXSQ]FIH{
 -[MPPEPPS[RSWPIITXSQ]I]IW
4IEGIFIYTSR-WVEIP
RSWPYQFIVXSQ]I]IPMHW
 XMPP-JMRHETPEGIJSVXLI036(
4WEPQ
EH[IPPMRKJSVXLI1MKLX]3RISJ.EGSFx
%WSRKSJEWGIRXW
 ;ILIEVHMXMR)TLVEXLEL
 8LI]LEZIKVIEXP]STTVIWWIHQIJVSQQ]]SYXL{
[IGEQIYTSRMXMRXLIJMIPHWSJ.EEV E F
PIX-WVEIPWE]{  w0IXYWKSXSLMWH[IPPMRKTPEGI
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PIXYW[SVWLMTEXLMWJSSXWXSSP{
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036( ERHGSQIXS]SYVVIWXMRKTPEGI
 4PS[QIRLEZITPS[IHQ]FEGO
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LILEWGYXQIJVIIJVSQXLIGSVHWSJXLI[MGOIH
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 1E]EPP[LSLEXI>MSR
HSRSXVINIGX]SYVERSMRXIHSRI
FIXYVRIHFEGOMRWLEQI
 1E]XLI]FIPMOIKVEWWSRXLIVSSJ  8LI0 36( W[SVIERSEXLXS(EZMH

[LMGL[MXLIVWFIJSVIMXGERKVS[ EWYVISEXLXLEXLI[MPPRSXVIZSOI
 [MXLMXXLIVIETIVGERRSXJMPPLMWLERHW w3RISJ]SYVS[RHIWGIRHERXW
RSVXLISRI[LSKEXLIVWJMPPLMWEVQW -[MPPTPEGISR]SYVXLVSRI{
 1E]XLSWI[LSTEWWF]RSXWE]  MJ]SYVWSRWOIITQ]GSZIRERX

w8LIFPIWWMRKSJXLI036( FIYTSR]SY ERHXLIWXEXYXIW-XIEGLXLIQ


[IFPIWW]SYMRXLIREQISJXLI036(x XLIRXLIMVWSRW[MPPWMX
SR]SYVXLVSRIJSVIZIVERHIZIVx
4WEPQ  *SVXLI0 36(
LEWGLSWIR>MSR
%WSRKSJEWGIRXW LILEWHIWMVIHMXJSVLMWH[IPPMRK
 w8LMWMWQ]VIWXMRKTPEGIJSVIZIVERHIZIV
 3YXSJXLIHITXLW-GV]XS]SY3 036( LIVI-[MPPWMXIRXLVSRIHJSV-LEZIHIWMVIHMX{
 3 0SVHLIEVQ]ZSMGI  -[MPPFPIWWLIV[MXLEFYRHERXTVSZMWMSRW
0IX]SYVIEVWFIEXXIRXMZI LIVTSSV[MPP-WEXMWJ][MXLJSSH
XSQ]GV]JSVQIVG]  -[MPPGPSXLILIVTVMIWXW[MXLWEPZEXMSR

 -J]SY3 036( OITXEVIGSVHSJWMRW ERHLIVWEMRXW[MPPIZIVWMRKJSVNS]


3 0SVH[LSGSYPHWXERH#  w,IVI-[MPPQEOIELSVR G
KVS[JSV(EZMH
 &YX[MXL]SYXLIVIMWJSVKMZIRIWW
ERHWIXYTEPEQTJSVQ]ERSMRXIHSRI
XLIVIJSVI]SYEVIJIEVIH  -[MPPGPSXLILMWIRIQMIW[MXLWLEQI

 -[EMXJSVXLI0 36(
Q]WSYP[EMXW FYXXLIGVS[RSRLMWLIEH[MPPFIVIWTPIRHIRXx
ERHMRLMW[SVH-TYXQ]LSTI
 1]WSYP[EMXWJSVXLI0SVH 4WEPQ
QSVIXLER[EXGLQIR[EMXJSVXLIQSVRMRK %WSRKSJEWGIRXW3J(EZMH
QSVIXLER[EXGLQIR[EMXJSVXLIQSVRMRK  ,S[KSSHERHTPIEWERXMXMW
 3-WVEIPTYX]SYVLSTIMRXLI0 36( [LIRFVSXLIVWPMZIXSKIXLIVMRYRMX]
JSV[MXLXLI036( MWYRJEMPMRKPSZI  -XMWPMOITVIGMSYWSMPTSYVIHSRXLILIEH
ERH[MXLLMQMWJYPPVIHIQTXMSR VYRRMRKHS[RSRXLIFIEVH
E 8LEXMW/MVMEXL.IEVMQ F  3VLIEVHSJMXMR)TLVEXLEL [IJSYRHMXMRXLIJMIPHWSJ.EEV %RHRSUYSXIWEVSYRHZIVWIWz
G  ,SVR LIVIW]QFSPM^IWWXVSRKSRIXLEXMWOMRK
VYRRMRKHS[RSR%EVSRvWFIEVH 4WEPQ
HS[RYTSRXLIGSPPEVSJLMWVSFIW  +MZIXLEROWXSXLI0 36(
 -XMWEWMJXLIHI[SJ,IVQSR JSVLIMWKSSH
,MWPSZIIRHYVIWJSVIZIV
[IVIJEPPMRKSR1SYRX>MSR  +MZIXLEROWXSXLI+SHSJKSHW
*SVXLIVIXLI036( FIWXS[WLMWFPIWWMRK
,MWPSZIIRHYVIWJSVIZIV
IZIRPMJIJSVIZIVQSVI  +MZIXLEROWXSXLI0SVHSJPSVHW
,MWPSZIIRHYVIWJSVIZIV
4WEPQ
 XSLMQ[LSEPSRIHSIWKVIEX[SRHIVW
%WSRKSJEWGIRXW
,MWPSZIIRHYVIWJSVIZIV
 4VEMWIXLI036( EPP]SYWIVZERXWSJXLI036(  [LSF]LMWYRHIVWXERHMRKQEHIXLILIEZIRW
[LSQMRMWXIVF]RMKLXMRXLILSYWISJXLI036( ,MWPSZIIRHYVIWJSVIZIV
 0MJXYT]SYVLERHWMRXLIWERGXYEV]  [LSWTVIEHSYXXLIIEVXLYTSRXLI[EXIVW
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 [LSQEHIXLIKVIEXPMKLXW{
 1E]XLI0 36( XLI1EOIVSJLIEZIRERHIEVXL ,MWPSZIIRHYVIWJSVIZIV
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4WEPQ  XLIQSSRERHWXEVWXSKSZIVRXLIRMKLX
 4VEMWIXLI036( E ,MWPSZIIRHYVIWJSVIZIV
4VEMWIXLIREQISJXLI036(  XSLMQ[LSWXVYGOHS[RXLIJMVWXFSVRSJ)K]TX

TVEMWILMQ]SYWIVZERXWSJXLI036( ,MWPSZIIRHYVIWJSVIZIV
 ]SY[LSQMRMWXIVMRXLILSYWISJXLI036(  ERHFVSYKLX-WVEIPSYXJVSQEQSRKXLIQ

MRXLIGSYVXWSJXLILSYWISJSYV+SH ,MWPSZIIRHYVIWJSVIZIV
 [MXLEQMKLX]LERHERHSYXWXVIXGLIHEVQ
 4VEMWIXLI036( JSVXLI036( MWKSSH ,MWPSZIIRHYVIWJSVIZIV
WMRKTVEMWIXSLMWREQIJSVXLEXMWTPIEWERX
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 ERHFVSYKLX-WVEIPXLVSYKLXLIQMHWXSJMX
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,MWPSZIIRHYVIWJSVIZIV
XLEXSYV0SVHMWKVIEXIVXLEREPPKSHW  FYXW[ITX4LEVESLERHLMWEVQ]MRXSXLI6IH7IE
 8LI036( HSIW[LEXIZIVTPIEWIWLMQ
,MWPSZIIRHYVIWJSVIZIV
MRXLILIEZIRWERHSRXLIIEVXL
 XSLMQ[LSPIHLMWTISTPIXLVSYKLXLIHIWIVX
MRXLIWIEWERHEPPXLIMVHITXLW
 ,IQEOIWGPSYHWVMWIJVSQXLIIRHWSJXLIIEVXL ,MWPSZIIRHYVIWJSVIZIV
 [LSWXVYGOHS[RKVIEXOMRKW
LIWIRHWPMKLXRMRK[MXLXLIVEMR
ERHFVMRKWSYXXLI[MRHJVSQLMWWXSVILSYWIW ,MWPSZIIRHYVIWJSVIZIV
 ERHOMPPIHQMKLX]OMRKW{
 ,IWXVYGOHS[RXLIJMVWXFSVRSJ)K]TX
,MWPSZIIRHYVIWJSVIZIV
XLIJMVWXFSVRSJQIRERHERMQEPW  7MLSROMRKSJXLI%QSVMXIW
 ,IWIRXLMWWMKRWERH[SRHIVWMRXS]SYVQMHWX
,MWPSZIIRHYVIWJSVIZIV
3 )K]TX  ERH3KOMRKSJ&EWLER{
EKEMRWX4LEVESLERHEPPLMWWIVZERXW ,MWPSZIIRHYVIWJSVIZIV
 ,IWXVYGOHS[RQER]REXMSRW  ERHKEZIXLIMVPERHEWERMRLIVMXERGI
ERHOMPPIHQMKLX]OMRKW{ ,MWPSZIIRHYVIWJSVIZIV
 7MLSROMRKSJXLI%QSVMXIW  ERMRLIVMXERGIXSLMWWIVZERX-WVEIP
3KOMRKSJ&EWLER ,MWPSZIIRHYVIWJSVIZIV
ERHEPPXLIOMRKWSJ'EREER{  XSXLI3RI[LSVIQIQFIVIHYWMRSYVPS[IWXEXI
 ERHLIKEZIXLIMVPERHEWERMRLIVMXERGI
ERMRLIVMXERGIXSLMWTISTPI-WVEIP ,MWPSZIIRHYVIWJSVIZIV
 ERHJVIIHYWJVSQSYVIRIQMIW
 =SYVREQI3 036( IRHYVIWJSVIZIV ,MWPSZIIRHYVIWJSVIZIV
]SYVVIRS[R3 036( XLVSYKLEPPKIRIVEXMSRW  ERH[LSKMZIWJSSHXSIZIV]GVIEXYVI
 *SVXLI036( [MPPZMRHMGEXILMWTISTPI
,MWPSZIIRHYVIWJSVIZIV
ERHLEZIGSQTEWWMSRSRLMWWIVZERXW  +MZIXLEROWXSXLI+SHSJLIEZIR
 8LIMHSPWSJXLIREXMSRWEVIWMPZIVERHKSPH
,MWPSZIIRHYVIWJSVIZIV
QEHIF]XLILERHWSJQIR
 8LI]LEZIQSYXLWFYXGERRSXWTIEO
4WEPQ
I]IWFYXXLI]GERRSXWII  &]XLIVMZIVWSJ&EF]PSR[IWEXERH[ITX
 XLI]LEZIIEVWFYXGERRSXLIEV
RSVMWXLIVIFVIEXLMRXLIMVQSYXLW [LIR[IVIQIQFIVIH>MSR
 8LIVISRXLITSTPEVW
 8LSWI[LSQEOIXLIQ[MPPFIPMOIXLIQ
ERHWS[MPPEPP[LSXVYWXMRXLIQ [ILYRKSYVLEVTW
 JSVXLIVISYVGETXSVWEWOIHYWJSVWSRKW
 3LSYWISJ-WVEIPTVEMWIXLI0 36( SYVXSVQIRXSVWHIQERHIHWSRKWSJNS]
3LSYWISJ%EVSRTVEMWIXLI036( XLI]WEMHw7MRKYWSRISJXLIWSRKWSJ>MSRx
 3LSYWISJ0IZMTVEMWIXLI036(
 ,S[GER[IWMRKXLIWSRKWSJXLI0 36(
]SY[LSJIEVLMQTVEMWIXLI036(
 4VEMWIFIXSXLI036( JVSQ>MSR [LMPIMREJSVIMKRPERH#
 -J-JSVKIX]SY3.IVYWEPIQ
XSLMQ[LSH[IPPWMR.IVYWEPIQ
QE]Q]VMKLXLERHJSVKIX MXWWOMPP 
4VEMWIXLI036(  1E]Q]XSRKYIGPMRKXSXLIVSSJSJQ]QSYXL

E ,IFVI[,EPPIPY=ELEPWSMRZIVWIWERH F  ,IFVI[=EQ7YTLXLEXMW7IESJ6IIHWEPWSMRZIVWI
MJ-HSRSXVIQIQFIV]SY  *SV]SYGVIEXIHQ]MRQSWXFIMRK
MJ-HSRSXGSRWMHIV.IVYWEPIQ ]SYORMXQIXSKIXLIVMRQ]QSXLIVvW[SQF
Q]LMKLIWXNS]  -TVEMWI]SYFIGEYWI-EQJIEVJYPP]ERH[SRHIVJYPP]

 6IQIQFIV3 QEHI
036( [LEXXLI)HSQMXIWHMH
]SYV[SVOWEVI[SRHIVJYP
SRXLIHE].IVYWEPIQJIPP
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w8IEVMXHS[RxXLI]GVMIH  1]JVEQI[EWRSXLMHHIRJVSQ]SY
wXIEVMXHS[RXSMXWJSYRHEXMSRWx
[LIR-[EWQEHIMRXLIWIGVIXTPEGI
 3(EYKLXIVSJ&EF]PSRHSSQIHXSHIWXVYGXMSR ;LIR-[EW[SZIRXSKIXLIVMRXLIHITXLWSJXLI
LETT]MWLI[LSVITE]W]SY IEVXL
JSV[LEX]SYLEZIHSRIXSYW{  ]SYVI]IWWE[Q]YRJSVQIHFSH]
 LI[LSWIM^IW]SYVMRJERXW %PPXLIHE]WSVHEMRIHJSVQI
ERHHEWLIWXLIQEKEMRWXXLIVSGOW [IVI[VMXXIRMR]SYVFSSO
FIJSVISRISJXLIQGEQIXSFI
4WEPQ  ,S[TVIGMSYWXS F QIEVI]SYVXLSYKLXW3 +SH
3J(EZMH ,S[ZEWXMWXLIWYQSJXLIQ
 ;IVI-XSGSYRXXLIQ
 -[MPPTVEMWI]SY3036( [MXLEPPQ]LIEVX
XLI][SYPHSYXRYQFIVXLIKVEMRWSJWERH
FIJSVIXLIwKSHWx-[MPPWMRK]SYVTVEMWI
 -[MPPFS[HS[RXS[EVH]SYVLSP]XIQTPI ;LIR-E[EOI
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ERH[MPPTVEMWI]SYVREQI
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+SH
JSV]SYLEZII\EPXIHEFSZIEPPXLMRKW %[E]JVSQQI]SYFPSSHXLMVWX]QIR
]SYVREQIERH]SYV[SVH  8LI]WTIEOSJ]SY[MXLIZMPMRXIRX
 ;LIR-GEPPIH]SYERW[IVIHQI ]SYVEHZIVWEVMIWQMWYWI]SYVREQI
]SYQEHIQIFSPHERHWXSYXLIEVXIH  (S-RSXLEXIXLSWI[LSLEXI]SY3 036(
 1E]EPPXLIOMRKWSJXLIIEVXLTVEMWI]SY3 ERHEFLSVXLSWI[LSVMWIYTEKEMRWX]SY#
036(  -LEZIRSXLMRKFYXLEXVIHJSVXLIQ
[LIRXLI]LIEVXLI[SVHWSJ]SYVQSYXL
 1E]XLI]WMRKSJXLI[E]WSJXLI0 36( -GSYRXXLIQQ]IRIQMIW
JSVXLIKPSV]SJXLI036( MWKVIEX  7IEVGLQI3+SHERHORS[Q]LIEVX

 8LSYKLXLI036( MWSRLMKLLIPSSOWYTSRXLIPS[P] XIWXQIERHORS[Q]ER\MSYWXLSYKLXW


 7IIMJXLIVIMWER]SJJIRWMZI[E]MRQI
FYXXLITVSYHLIORS[WJVSQEJEV
 8LSYKL-[EPOMRXLIQMHWXSJXVSYFPI ERHPIEHQIMRXLI[E]IZIVPEWXMRK
]SYTVIWIVZIQ]PMJI
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4WEPQ
JSIW *SVXLIHMVIGXSVSJQYWMG% TWEPQSJ (EZMH
[MXL]SYVVMKLXLERH]SYWEZIQI  6IWGYIQI3
 8LI036( [MPPJYPJMPP LMWTYVTSWI JSVQI 036( JVSQIZMPQIR
TVSXIGXQIJVSQQIRSJZMSPIRGI
]SYVPSZI3 036( IRHYVIWJSVIZIV{  [LSHIZMWIIZMPTPERWMRXLIMVLIEVXW
HSRSXEFERHSRXLI[SVOWSJ]SYVLERHW
ERHWXMVYT[EVIZIV]HE]
 8LI]QEOIXLIMVXSRKYIWEWWLEVTEWEWIVTIRXvW
4WEPQ XLITSMWSRSJZMTIVWMWSRXLIMVPMTW 7IPEL
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3 036( ]SYLEZIWIEVGLIHQI [MGOIH
ERH]SYORS[QI TVSXIGXQIJVSQQIRSJZMSPIRGI
 =SYORS[[LIR-WMXERH[LIR-VMWI [LSTPERXSXVMTQ]JIIX
]SYTIVGIMZIQ]XLSYKLXWJVSQEJEV  4VSYHQIRLEZILMHHIREWREVIJSVQI
 =SYHMWGIVRQ]KSMRKSYXERHQ]P]MRKHS[R XLI]LEZIWTVIEHSYXXLIGSVHWSJXLIMVRIX
]SYEVIJEQMPMEV[MXLEPPQ][E]W ERHLEZIWIXXVETWJSVQIEPSRKQ]TEXL 7IPEL
 &IJSVIE[SVHMWSRQ]XSRKYI
3 036( -WE]XS]SYw=SYEVIQ]+SHx
]SYORS[MXGSQTPIXIP]3 036(
,IEV3 036( Q]GV]JSVQIVG]
 =SYLIQQIMR{FILMRHERHFIJSVI  37SZIVIMKR0 36( Q]WXVSRKHIPMZIVIV
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 7YGLORS[PIHKIMWXSS[SRHIVJYPJSVQI  HSRSXKVERXXLI[MGOIHXLIMVHIWMVIW3 036(
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MJ-QEOIQ]FIHMRXLIHITXLW E ]SYEVIXLIVI GEYWIH
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MJ-WIXXPISRXLIJEVWMHISJXLIWIE QE]XLI]FIXLVS[RMRXSXLIJMVI
 IZIRXLIVI]SYVLERH[MPPKYMHIQI MRXSQMV]TMXWRIZIVXSVMWI
]SYVVMKLXLERH[MPPLSPHQIJEWX  0IXWPERHIVIVWRSXFIIWXEFPMWLIHMRXLIPERH

 -J-WE]w7YVIP]XLIHEVORIWW[MPPLMHIQI QE]HMWEWXIVLYRXHS[RQIRSJZMSPIRGI
ERHXLIPMKLXFIGSQIRMKLXEVSYRHQIx  -ORS[XLEXXLI0 36( WIGYVIWNYWXMGIJSVXLITSSV
 IZIRXLIHEVORIWW[MPPRSXFIHEVOXS]SY ERHYTLSPHWXLIGEYWISJXLIRIIH]
XLIRMKLX[MPPWLMRIPMOIXLIHE]  7YVIP]XLIVMKLXISYW[MPPTVEMWI]SYVREQI
JSVHEVORIWWMWEWPMKLXXS]SY ERHXLIYTVMKLX[MPPPMZIFIJSVI]SY
E ,IFVI[7LISP F  3VGSRGIVRMRK
4WEPQ  (SRSXFVMRK]SYVWIVZERXMRXSNYHKQIRX
JSVRSSRIPMZMRKMWVMKLXISYWFIJSVI]SY
%TWEPQSJ(EZMH
 8LIIRIQ]TYVWYIWQI
3 036( -GEPPXS]SYGSQIUYMGOP]XSQI LIGVYWLIWQIXSXLIKVSYRH
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 1E]Q]TVE]IVFIWIXFIJSVI]SYPMOIMRGIRWI
PMOIXLSWIPSRKHIEH
QE]XLIPMJXMRKYTSJQ]LERHWFIPMOIXLI  7SQ]WTMVMXKVS[WJEMRX[MXLMRQI
IZIRMRKWEGVMJMGI Q]LIEVX[MXLMRQIMWHMWQE]IH
 7IXEKYEVHSZIVQ]QSYXL3 036(  -VIQIQFIVXLIHE]WSJPSRKEKS
OIIT[EXGLSZIVXLIHSSVSJQ]PMTW -QIHMXEXISREPP]SYV[SVOW
 0IXRSXQ]LIEVXFIHVE[RXS[LEXMWIZMP
ERHGSRWMHIV[LEX]SYVLERHWLEZIHSRI
XSXEOITEVXMR[MGOIHHIIHW  -WTVIEHSYXQ]LERHWXS]SY
[MXLQIR[LSEVIIZMPHSIVW Q]WSYPXLMVWXWJSV]SYPMOIETEVGLIHPERH 7IPEL
PIXQIRSXIEXSJXLIMVHIPMGEGMIW
 %RW[IVQIUYMGOP]3 036(
 0IXEVMKLXISYWQER E WXVMOIQI{MXMWEOMRHRIWW Q]WTMVMXJEMPW
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 0IXXLIQSVRMRKFVMRKQI[SVHSJ]SYVYRJEMPMRK
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 XLIMVVYPIVW[MPPFIXLVS[RHS[RJVSQXLIGPMJJW PSZI
ERHXLI[MGOIH[MPPPIEVRXLEXQ][SVHW[IVI[IPP JSV-LEZITYXQ]XVYWXMR]SY
WTSOIR 7LS[QIXLI[E]-WLSYPHKS
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 6IWGYIQIJVSQQ]IRIQMIW3 036(
IEVXL
WSSYVFSRIWLEZIFIIRWGEXXIVIHEXXLIQSYXLSJ JSV-LMHIQ]WIPJMR]SY
 8IEGLQIXSHS]SYV[MPP
XLIKVEZI Fx
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JSV]SYEVIQ]+SH
7SZIVIMKR036( QE]]SYVKSSH7TMVMX
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HIEXL
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 0IXXLI[MGOIHJEPPMRXSXLIMVS[RRIXW  -R]SYVYRJEMPMRKPSZIWMPIRGIQ]IRIQMIW

[LMPI-TEWWF]MRWEJIX] HIWXVS]EPPQ]JSIW
JSV-EQ]SYVWIVZERX
4WEPQ
4WEPQ
%QEWOMP G SJ(EZMH;LIRLI[EWMRXLIGEZI% TVE]IV
 -GV]EPSYHXSXLI036(
3J(EZMH
 4VEMWIFIXSXLI036( Q]6SGO
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FIJSVILMQ-XIPPQ]XVSYFPI Q]JMRKIVWJSVFEXXPI
 ,IMWQ]PSZMRK+SHERHQ]JSVXVIWW
 ;LIRQ]WTMVMXKVS[WJEMRX[MXLMRQI
Q]WXVSRKLSPHERHQ]HIPMZIVIV
MXMW]SY[LSORS[Q][E] Q]WLMIPHMR[LSQ-XEOIVIJYKI
-RXLITEXL[LIVI-[EPO [LSWYFHYIWTISTPIW H YRHIVQI
QIRLEZILMHHIREWREVIJSVQI
 0SSOXSQ]VMKLXERHWII  3 036( [LEXMWQERXLEX]SYGEVIJSVLMQ

RSSRIMWGSRGIVRIHJSVQI XLIWSRSJQERXLEX]SYXLMROSJLMQ#
 1ERMWPMOIEFVIEXL
-LEZIRSVIJYKI
RSSRIGEVIWJSVQ]PMJI LMWHE]WEVIPMOIEJPIIXMRKWLEHS[
 4EVX]SYVLIEZIRW3 036( ERHGSQIHS[R
 -GV]XS]SY3 036(
-WE]w=SYEVIQ]VIJYKI XSYGLXLIQSYRXEMRWWSXLEXXLI]WQSOI
 7IRHJSVXLPMKLXRMRKERHWGEXXIV XLIIRIQMIW 
Q]TSVXMSRMRXLIPERHSJXLIPMZMRKx
 0MWXIRXSQ]GV] WLSSX]SYVEVVS[WERHVSYXXLIQ
 6IEGLHS[R]SYVLERHJVSQSRLMKL
JSV-EQMRHIWTIVEXIRIIH
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 7IXQIJVIIJVSQQ]TVMWSR JVSQXLILERHWSJJSVIMKRIVW
 [LSWIQSYXLWEVIJYPPSJPMIW
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[LSWIVMKLXLERHWEVIHIGIMXJYP
8LIRXLIVMKLXISYW[MPPKEXLIVEFSYXQI  -[MPPWMRKERI[WSRKXS]SY3 +SH
FIGEYWISJ]SYVKSSHRIWWXSQI
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 XSXLI3RI[LSKMZIWZMGXSV]XSOMRKW
4WEPQ
[LSHIPMZIVWLMWWIVZERX(EZMHJVSQXLIHIEHP]
%TWEPQSJ(EZMH W[SVH
3 036( LIEVQ]TVE]IV  (IPMZIVQIERHVIWGYIQI
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E 3V0IXXLI6MKLXISYW3RI F  ,IFVI[7LISP G 8MXPI4VSFEFP]EPMXIVEV]SVQYWMGEPXIVQ H  1ER]QERYWGVMTXWSJXLI1EWSVIXMG
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 8LIRSYVWSRWMRXLIMV]SYXL 4WEPQ
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ERHSYVHEYKLXIVW[MPPFIPMOITMPPEVW
GEVZIHXSEHSVRETEPEGI 4VEMWIXLI036( 3 Q]WSYP
 3YVFEVRW[MPPFIJMPPIH  -[MPPTVEMWIXLI036( EPPQ]PMJI
[MXLIZIV]OMRHSJTVSZMWMSR -[MPPWMRKTVEMWIXSQ]+SHEWPSRKEW-PMZI
3YVWLIIT[MPPMRGVIEWIF]XLSYWERHW  (SRSXTYX]SYVXVYWXMRTVMRGIW
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 SYVS\IR[MPPHVE[LIEZ]PSEHW E MRQSVXEPQIR[LSGERRSXWEZI
 ;LIRXLIMVWTMVMXHITEVXWXLI]VIXYVRXSXLIKVSYRH
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 &PIWWIHEVIXLITISTPISJ[LSQXLMWMWXVYI [LSWILSTIMWMRXLI036( LMW+SH


 XLI1EOIVSJLIEZIRERHIEVXL
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4WEPQ F XLI036( [LSVIQEMRWJEMXLJYPJSVIZIV
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 8LI0 36( [EXGLIWSZIVXLIEPMIR
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ERHWYWXEMRWXLIJEXLIVPIWWERHXLI[MHS[
LMWKVIEXRIWWRSSRIGERJEXLSQ FYXLIJVYWXVEXIWXLI[E]WSJXLI[MGOIH
 3RIKIRIVEXMSR[MPPGSQQIRH]SYV[SVOWXSERSXLIV
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ERH-[MPPQIHMXEXISR]SYV[SRHIVJYP[SVOW G
 8LI][MPPXIPPSJXLITS[IVSJ]SYVE[IWSQI[SVOW
4WEPQ
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 8LI036( MWKVEGMSYWERHGSQTEWWMSREXI LS[TPIEWERXERHJMXXMRKXSTVEMWILMQ
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 8LI036( MWKSSHXSEPP
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