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'JMPTPG`BEFMBNFOUF

'JMPTPG`BEFMBNFOUF
-B GJMPTPG`B EF MB NFOUF TF PDVQB EF MB
OBUVSBMF[B EF MPT FTUBEPT NFOUBMFT  EF TVT
FGFDUPT Z TVT DBVTBT -B DVFTUJaO EFM
DPNQPSUBNJFOUP EF MPT FTUBEPT NFOUBMFT Z
G`TJDPTPDVQBBRV`VOMVHBSDFOUSBM"EFNbT
EF MBT DVFTUJPOFT POUPMaHJDBT BDFSDB EF MB
OBUVSBMF[B EF MPT FTUBEPT NFOUBMFT  MB
GJMPTPG`B EF MB NFOUF FTUVEJB DVFTUJPOFT
FQJTUFNPMaHJDBT
FO
UPSOP
B
MB
DPHOPTDJCJMJEBEEFMBNFOUF

&MQSPCMFNBNFOUFDVFSQP
&M QVOUP DFOUSBM EF MB GJMPTPG`B EF MB NFOUF
FT FM QSPCMFNB NFOUFDVFSQP &O TV PSJHFO
FTUb MB QSFHVOUB cDVbM FT MB SFMBDJaO FOUSF
MPT FTUBEPT NFOUBMFT P MB DPODJFODJB  MP
QT`RVJDP FMBMNB
DPOMPTFTUBEPTG`TJDPT P
FMDFSFCSP MPNBUFSJBM FMDVFSQP
c4FUSBUB
EF EPT TVTUBODJBT EJGFSFOUFT  c0 TPO MP
NFOUBM Z MP G`TJDP VOB TPMB DPTB  &TUBT TPO
MBT QSFHVOUBT GVOEBNFOUBMFT EF MB GJMPTPG`B
3FQSFTFOUBDJaOGSFOPMaHJDBEFMBTbSFBTDFSFCSBMFTFODPSSFTQPOEFODJBDPOMBT
EF MB NFOUF /P PCTUBOUF  MBT SFTQVFTUBT
GVODJPOFTNFOUBMFT-BGSFOPMPH`BGVFVOPEFMPTQSJNFSPTJOUFOUPTEFSFMBDJPOBS
TVTDJUBOVOTJOG`OEFOVFWBTQSFHVOUBTc4PO
GVODJPOFTNFOUBMFTDPOQBSUFTFTQFD`GJDBTEFMDFSFCSP
MJCSFT OVFTUSP QFOTBNJFOUP Z OVFTUSB
WPMVOUBE  c1PES`BO MBT DPNQVUBEPSBT QPTFFS VOB NFOUF  c1VFEF FYJTUJS MB NFOUF TJO FM DVFSQP  -B GJMPTPG`B EF MB
NFOUFFTQPSUBOUPVOFTUVEJPDPOSBNJGJDBDJPOFTNVZEJWFSTBT
-BQSJNFSBGPSNVMBDJaODMbTJDBEFMQSPCMFNBNFOUFDVFSQPTFEFCFB3FOd%FTDBSUFT<> 1FSPMBSFGMFYJaOBDFSDBEF
MBSFMBDJaOFOUSFMBNFOUFZFMDVFSQPTFSFNPOUBIBTUBMBBOUJHeFEBE1MBUaOEFGJFOEFVOEVBMJTNPFYQM`DJUP RVFTF
QPOFEFNBOJGJFTUPFOTVBSHVNFOUBDJaOFOGBWPSEFMBUSBOTNJHSBDJaOEFMBMNB4JFMBMNBTPCSFWJWFBMBNVFSUFEFM
DVFSQP  IB EF TFS BMHP EJGFSFOUF EF FTUF<> &O "SJTUaUFMFT FTUP FT EJGFSFOUF "SJTUaUFMFT QPTUVMB VO QOFVNB  RVF
DPNP QSJODJQJP EF MB WJEB  TF FODVFOUSB FO UPEP TFS WJWP  QFSP RVF OP FT BMHP DPOUSBQVFTUP BM NVOEP NBUFSJBM Z
DPSQPSBM&OMB&EBENFEJBDSJTUJBOB FTDPMbTUJDB
MBEJTUJODJaOFOUSFFMDVFSQPZFMBMNBJONBUFSJBMFTQJFESBBOHVMBS
EFMGJMPTPGBS-BJOGMVFODJBEFMBGJMPTPG`BNFEJFWBMFTFWJEFOUFFOMBGPSNVMBDJaODBSUFTJBOBEFMEVBMJTNP
-BNBZPS`BEFMBTQFSTPOBTQFSDJCFOJOUVJUJWBNFOUFVOBCJTNPFOUSFMPTGFOaNFOPTNFOUBMFTZMPTG`TJDPT&TUPIB
MMFWBEPBRVFEVSBOUFMBSHPUJFNQPMPTQVOUPTEFWJTUBEVBMJTUBTGVFSBOMPTQSFEPNJOBOUFTFOMBGJMPTPG`BEFMBNFOUF
)PZ FO E`B MB NBZPS`B EF MPT GJMaTPGPT EFGJFOEF QPTJDJPOFT NBUFSJBMJTUBT 4PCSF FTUB CBTF EFCF OP PCTUBOUF EBSTF
SFTQVFTUBBMBDVFTUJaOEFDaNPTFFYQMJDBMBDPODJFODJBEFTEFFMQVOUPEFWJTUBNBUFSJBMJTUB

'JMPTPG`BEFMBNFOUF

3FTQVFTUBTEVBMJTUBTBMQSPCMFNBNFOUFDVFSQP
&M EVBMJTNP SFTQPOEF BM BCJTNP JOUVJUJWP FOUSF MB WJEB NFOUBM JOUFSJPS Z MB SFBMJEBE G`TJDB EF MB TJHVJFOUF NBOFSB
"GJSNB RVF BRV` OPT FODPOUSBNPT BOUF EPT FOUJEBEFT GVOEBNFOUBMNFOUF EJGFSFOUFT FOUJEBEFT NFOUBMFT Z G`TJDBT
%FQFOEJFOEPEFMBVMUFSJPSDBSBDUFSJ[BDJaOEFEJDIBTFOUJEBEFTZEFDaNPTFFYQMJRVFMBSFMBDJaOFOUSFMBTFOUJEBEFT
NFOUBMFTZG`TJDBT TFMMFHBSbBGPSNBTNVZEJWFSTBTEFEVBMJTNP4FQVFEFTFSEVBMJTUBEFNVDIBTNBOFSBTQPSRVF
CbTJDBNFOUF  FM EVBMJTNP FT MB IJQaUFTJT JOJDJBM P FM QVOUP EF QBSUJEB FO FTUB DMBTF EF EJTDVTJPOFT Z CBTUB RVF OP
TBUJTGBHBO MPT BSHVNFOUPT NPOJTUBT QBSB QPEFS TFS DPOTJEFSBEP  EF VOP V PUSP NPEP  EVBMJTUB &O SFBMJEBE  FM
EVBMJTNP QVFEF TFS WJTUP DPNP VO QSPCMFNB BOUFT RVF DPNP VOB TPMVDJaO %F IFDIP  TJ IBDFNPT JOWFTUJHBDJaO
DJFOU`GJDBQBSBFOUFOEFSDaNPTFSFMBDJPOBOVFTUSPTJTUFNBOFSWJPTPDPOOVFTUSPDPNQPSUBNJFOUPDPOTDJFOUFFTUBNPT
TJFOEP EFBMHfONPEP EVBMJTUBTMPTNPOJTUBTOPUFOES`BO FOSFBMJEBE OBEBRVFJOWFTUJHBS
"SHVNFOUPTFOGBWPSEFMEVBMJTNP
c4F CBTB FM EVBMJTNP fOJDBNFOUF FO FM BCJTNP JOUVJUJWP FOUSF MP NFOUBM Z MP NBUFSJBM  c0 FYJTUFO BSHVNFOUPT
DPODSFUPT FO GBWPS EFM EVBMJTNP  &M BSHVNFOUP NbT DPOPDJEP FT FM EFTBSSPMMBEP QPS 3FOd %FTDBSUFT FO MBT
.FEJUBDJPOFT &O SFTVNFO  FT FM TJHVJFOUF 1VFEP JNBHJOBSNF DMBSB Z EJTUJOUBNFOUF RVF FM FTQ`SJUV FYJTUB TJO MB
NBUFSJB-PRVFVOPQVFEFJNBHJOBSDMBSBZEJTUJOUBNFOUFFTBMNFOPT QPSQSJODJQJP QPTJCMF"T` QVFT FTBMNFOPT
QPTJCMFRVFFMFTQ`SJUVFYJTUBTJOMBNBUFSJB4JFTQPTJCMFRVFFMFTQ`SJUVFYJTUBTJOMBNBUFSJB FTQ`SJUVZNBUFSJBIBO
EF TFS FOUJEBEFT EJGFSFOUFT 1VFTUP RVF FTQ`SJUV Z NBUFSJB IBO EF TFS FOUJEBEFT EJGFSFOUFT  FO DPOTFDVFODJB FM
EVBMJTNPFTDJFSUP
-BTQSFNJTBTEFMBSHVNFOUPQVFEFOQPOFSTFFOEVEBc1PSRVd QPSFKFNQMP IBCS`BEFTFSBMHPQPTJCMFTaMPQPSRVF
QVFEFJNBHJOBSTFDMBSBZEJTUJOUBNFOUF "QFTBSEFQSPCMFNBTEFFTUFUJQP BfOIPZFOE`BTFTJHVFOEFGFOEJFOEP
WBSJBOUFTEFMBSHVNFOUPDBSUFTJBOP QPSFKFNQMP 4BVM,SJQLF<> -BTQPTJDJPOFTEVBMJTUBTTFWVFMWFONbTQMBVTJCMFT
QPSMPTQSPCMFNBTRVFQMBOUFBFMNBUFSJBMJTNPRVFQPSTVTQSPQJPTBSHVNFOUPTQPTJUJWPT
-PT BSHVNFOUPT FO GBWPS EFM EVBMJTNP TPO CbTJDBNFOUF EF DBSbDUFS FQJTUdNJDP  BVORVF FM EVBMJTNP FODVFOUSF
UBNCJdO BDPHJEB QPS NPUJWPT NPSBMFT P SFMJHJPTPT FO SFBMJEBE  NVDIPT BUSBRVFT BM EVBMJTNP QVEJFSBO FTUBS
JOTQJSBEPTNbTFOFTUBDMBTFEFNPUJWPTRVFFOMPTQSJNFSPT
&M QSJNFS BQPZP JOUVJUJWP BM EVBMJTNP QSPWJFOF EFM IFDIP EF RVF UFOHBNPT BMHVOB DMBTF EF BDDFTP QSJWJMFHJBEP B
OVFTUSBQSPQJBDPODJFODJBBT` QPSFKFNQMP TJQPSQPUFOUFRVFGVFTFMBUFDOPMPH`BFNQMFBEB FTUBNPTJNBHJOBOEPVO
FYQFSJNFOUPNFOUBM
OPTFQVEJFTFDPOPDFSMPRVFQFOTBNPTDVBOEPTFFYBNJOBTFBGPOEPOVFTUSPDFSFCSP IBCS`B
RVFDPODMVJSRVFMPRVFMMBNBNPTOVFTUSBDPODJFODJBOPTFFODVFOUSBFOUFSBNFOUFFOFMNVOEPG`TJDP QPSNVDIPRVF
HVBSEFPCWJBTSFMBDJPOFTDPOdM&MIFDIPEFRVFQPEBNPTTFOUJSVOEPMPS QPSFKFNQMP TJORVFIBZBNVFTUSBTG`TJDBT
FWJEFOUFT EF FMMP  P FM RVF QPEBNPT NFOUJS  TPO FKFNQMPT NVZ DPNVOFT EF FTB DVBMJEBE  FKFNQMPT RVF
JNQSFTJPOBCBO HSBOEFNFOUF B VO GJMaTPGP UBO QPDP QSPQJDJP BM EVBMJTNP DPNP #FSUSBOE 3VTTFMM &M BSHVNFOUP
DBSUFTJBOP RVF DPODMVZF DPO FM DPHJUP  TVN TF BQPZB FO FTUB DMBTF EF SB[POFT  BVORVF DVMNJOB DPO VOB GPSNB
MaHJDBFOMBRVFJOGMVZFUBNCJdOVOBDPOTJEFSBDJaOEFEJTUJOUPUJQP BTBCFSFMIFDIPEFRVFTJIFEFBUFOEFSBNJT
SB[POFTIFEFTFSVOTVKFUPJOEFQFOEJFOUFEFUPEBJOGMVFODJBFYUFSOBQBSBUFOFSBMHVOBDSFEJCJMJEBE&QJDVSPGPSNVMa
EFNBOFSBJNQSFTJPOBOUFZDPODJTBFTUBGPSNBEFBSHVNFOUBS&MRVFEJDFRVFUPEPBDPOUFDFQPSOFDFTJEBEOBEB
QVFEFPCKFUBSBMRVFOJFHBRVFUPEPBDPOUFDFQPSOFDFTJEBE QVFTFTUPNJTNPBGJSNBRVFBDPOUFDFQPSOFDFTJEBE
&YIPSUBDJPOFTEF&QJDVSP (OPNPMPHJP7BUJDBOP 

-PTGJMaTPGPTFTQJSJUVBMJTUBT FTQFDJBMNFOUF#FSLFMFZ <> Z#FSHTPO <> IBOTVCSBZBEPMBJNQPSUBODJBEFFTBDMBTFEF
BQPZPT JOUVJUJWPT QBSB SFMBUJWJ[BS MB JNQPSUBODJB EF MB OPDJaO EF NBUFSJB &OUSF MPT QFOTBEPSFT SFDJFOUFT  FM G`TJDP
&SXJO4DISgEJOHFSIBJOTJTUJEPFOMBJNQPSUBODJBEFFTUBDMBTFEFDVFTUJPOFTQBSBSFMBUJWJ[BSMBQSFUFOEJEBQSJPSJEBE
POUPMaHJDBEFMBNBUFSJBTPCSFMBDPODJFODJB

'JMPTPG`BEFMBNFOUF

%VBMJTNPJOUFSBDDJPOJTUB
-B GPSNB DMbTJDB EFM EVBMJTNP FT FM EVBMJTNP JOUFSBDDJPOJTUB -B
QSJNFSBGPSNVMBDJaOQSFDJTBTFMBEFCFNPTB3FOd%FTDBSUFT

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ZBfO

IPZ FO E`B TJHVF UFOJFOEP QBSUJEBSJPT ,BSM 1PQQFS Z +PIO &DDMFT IBO
TJEP MPT EVBMJTUBT JOUFSBDDJPOJTUBT NbT DdMFCSFT EFM TJHMP 99<> -BT
JEFBT GVOEBNFOUBMFT TPO MBT TJHVJFOUFT .FOUF Z NBUFSJB TPO
TVCTUBODJBTEJGFSFOUFTFJOUFSBDUfBOFOUSFT`4JNFQJODIPVOEFEPDPO
VOB BHVKB  EF dM QBSUFO TFhBMFT IBDJB FM DFSFCSP Z BMM` IB EF IBCFS VO
MVHBSEPOEFFMDFSFCSPBDUfFTPCSFMBNFOUFJONBUFSJBM%FMBNJTNB
NBOFSB GVODJPOB FO TFOUJEP JOWFSTP DVBOEP TJFOUP EPMPS MB NFOUF
JONBUFSJBMBDUfBTPCSFFMDFSFCSP&TUFFOW`BTFhBMFTB QPSFKFNQMP MB
NBOP ZMBSFUJSP
6O EVBMJTNP EF FTUF UJQP UJFOF RVF FOGSFOUBSTF B TFSJPT QSPCMFNBT
FTQFDJBMNFOUFQPSMPTDJFOU`GJDPTFNQ`SJDPTDPOUFNQPSbOFPT4JFYJTUF
VO MVHBS EPOEF TF QSPEVDF MB JOUFSBDDJaO FOUSF MB NFOUF Z FM DFSFCSP
3FOd%FTDBSUFTFOVOSFUSBUPEF'SBOT)BMT
FTUFMVHBSEFCFS`BTFSMPDBMJ[BCMF BVORVFFTUbOFRVJWPDBEPTZBRVFMP


JONBUFSJBM OP PDVQB MVHBS OJ FT WJTJCMF QBSB FM PKP IVNBOP 4JO
FNCBSHP MBTFTQFDVMBDJPOFTEF%FTDBSUFT dMQFOTaRVFFMMVHBSEFMBJOUFSBDDJaOTFFODPOUSBCBFOMBFQ`GJTJT
GVFSPO
QSPOUP SFGVUBEBT TBMWP QPS FM &TQJSJUJTNP LBSEFDJBOP  RVF BTFHVSB RVF MB HMbOEVMB QJOFBM FT FM OfDMFP EF MB
NFEJVNOJEBE MB QVFSUB FOUSF FM NVOEP G`TJDP Z FM FTQJSJUVBM P FYUSBG`TJDP 5BNQPDP TF IBMMa FO FM DFSFCSP OJOHfO
PUSP MVHBS WJTJCMF FO FM RVF FM DPNQPSUBNJFOUP EF MBT OFVSPOBT TaMP GVFSB FYQMJDBCMF QPS MB BDDJaO EF VO FTQ`SJUV
JONBUFSJBM %FKBOEP B VO MBEP RVF FO FM DFSFCSP OP QBSFDF IBCFS OJOHfO MVHBS FO FM RVF TF QSPEV[DB VOB
JOUFSBDDJaO  MB DVFTUJaO EFM UJQP EF BDDJaO SFD`QSPDB FOUSF NFOUF Z DFSFCSP QFSNBOFDF BCJFSUB "MHVOPT GJMaTPGPT
TVQPOFORVFEJDIBJOUFSBDDJaOTFQSPEVDFQPSNFEJPEFFGFDUPTDVbOUJDPT QFSPMPTSFUSBTUPSFTBFTUBIJQaUFTJTJOEJDBO
RVFIBZFOFMMPMBNJTNBDPOUSBEJDDJaOMPTOJWFMFTDVbOUJDPTTPOOJWFMFTEFNBUFSJB QPSMPRVFOPDSFFORVFEFCFS`B
TFSMBDBVTBEFMBJOUFMJHFODJBVPUSBTNBOJGFTUBDJPOFTEFdTUB
0USPTEVBMJTNPT
&YJTUFOUBNCJdOPUSBTGPSNBTEFEVBMJTNP FOUSFMBTRVFNFODJPOBSFNPTMBTDVBUSPNbTJNQPSUBOUFT

1BSBMFMJTNPQTJDPG`TJDP&MQBSBMFMJTNPGVFEFTBSSPMMBEPQPS(PUUGSJFE8JMIFMN-FJCOJ[<>-BTUFTJTDFOUSBMFTTPO
 &TQ`SJUVZNBUFSJBTPOEPTTVTUBODJBTEJGFSFOUFT
 %JDIBTTVTUBODJBTOPJOUFSBDUfBOFOUSFT`
 4JOPRVFBDUfBOFOQBSBMFMP QFSPEFNPEPTJODSPOJ[BEP
%FFTUFNPEPTFTVQFSBS`BOMPTQSPCMFNBTEFMEVBMJTNPJOUFSBDDJPOJTUB QVFTZBOPIBCS`BRVFCVTDBSVOMVHBSFOFM
DFSFCSPEPOEFTFQSPEVKFSBMBJOUFSBDDJaO4JOFNCBSHP FTUFQMBOUFBNJFOUPBSSPKBOVFWBTQSFHVOUBT4JRVJFSPJSBM
GSJHPS`GJDP QSPDFTP NFOUBM
 OPSNBMNFOUF WPZ BM GSJHPS`GJDP QSPDFTP G`TJDP
 c$aNP QVFEF TFS RVF FOUSF NFOUF Z
NBUFSJBOPTFQSPEV[DBOFGFDUPTSFD`QSPDPT &MQBSBMFMJTNPSFTQPOEFBFTUPRVFMPTTVDFTPTNFOUBMFTZNBUFSJBMFT
DPSSFOEFGPSNBQBSBMFMB BMJHVBMRVFSFMPKFTTJODSPOJ[BEPT*OUVJUJWBNFOUF QBSFDFS`BVOBDBTVBMJEBEJODSF`CMFRVFFO
UPEPTMPTTFSFTRVFFYQFSJNFOUBOGFOaNFOPTNFOUBMFTMBNBRVJOBSJBG`TJDBDPSSJFSBFYBDUBNFOUFEFGPSNBQBSBMFMBB
EJDIPTGFOaNFOPT QFSP-FJCOJ[BUSJCVZaMBSB[aOEFFTFQBSBMFMJTNPBMBBDDJaOEF%JPT

'JMPTPG`BEFMBNFOUF

0DBTJPOBMJTNP&MPDBTJPOBMJTNPIBTJEPEFGFOEJEP FOUSFPUSPT QPS
/JDPMBT .BMFCSBODIF -B JEFB FT MB TJHVJFOUF $VBOEP RVJFSP IBDFS
BMHP TF FTUb QSPEVDJFOEP VO TVDFTP JONBUFSJBM FO NJ FTQ`SJUV %JPT
DPOPDFFTFIFDIPZIBDFRVFFMDVFSQPTFQPOHBFONPWJNJFOUP

&QJGFOPNFOBMJTNP&MFQJGFOPNFOBMJTNPFOUJFOEFMBDPOFYJaOFOUSF
NFOUFZNBUFSJBDPNPVOBSFMBDJaOEFVOTPMPTFOUJEPMBNBUFSJBBDUfB
TPCSF MB NFOUF JONBUFSJBM  QFSP OP B MB JOWFSTB 4JO FNCBSHP  FM
FQJGFOPNFOBMJTNP QMBOUFB QSPCMFNBT TJNJMBSFT B MPT EFM EVBMJTNP
JOUFSBDDJPOJTUB c&O RVd MVHBS TF QSPEVDF FM FGFDUP TPCSF MB NFOUF
c$aNP TF QSPEVDF EJDIP FGFDUP  5PEBW`B IPZ IBZ EFGFOTPSFT EFM
FQJGFOPNFOBMJTNP6OPEFFMMPTFSB IBTUBIBDFQPDP 'SBOL+BDLTPO<>

 %VBMJTNP EF QSPQJFEBEFT &M EVBMJTNP EF QSPQJFEBEFT IB
FYQFSJNFOUBEPVOSFOBDJNJFOUPFOMPTfMUJNPTBhPTEFCJEPBVOMJCSP
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EF %BWJE $IBMNFST &M EVBMJTNP EF QSPQJFEBEFT QVFEF JODMVJSTF
(PUUGSJFE8JMIFMN-FJCOJ[FOVOSFUSBUPEF
FOUSF MPT EVBMJTNPT TaMP DPO DJFSUBT SFTFSWBT "M DPOUSBSJP RVF MPT
#FSOIBSE$ISJTUPQI'SBODLF BMSFEFEPSEF

EFNbT  DPO SFTQFDUP B MB TVTUBODJB FT VO NPOJTNP FT JODMVTP
DPNQBUJCMF DPO MB UFTJT EF RVF UPEP TF DPNQPOF EF QFRVFhBT QBSU`DVMBT G`TJDBT 4PTUJFOF  OP PCTUBOUF  RVF IBZ
QSPQJFEBEFT OP NBUFSJBMFT $IBMNFST DBMJGJDB B MB QSPQJFEBE EF TFS FYQFSJNFOUBEP EF EFUFSNJOBEB NBOFSB MPT
RVBMJB
EFQSPQJFEBEOPNBUFSJBM4VTSFGMFYJPOFTTFBQPZBOFOFMDPODFQUPEFTVQFSWFOJFODJBZFOMBMaHJDBEFMBT
FYQMJDBDJPOFTSFEVDUJWBT

3FTQVFTUBTNPOJTUBTBMQSPCMFNBNFOUFDVFSQP
&MNPOJTNP FODPOUSBQPTJDJaOBMEVBMJTNP BGJSNBRVFTaMPIBZVOBTVCTUBODJB)PZFOE`BDBTJUPEPTMPTNPOJTNPT
TPONBUFSJBMJTUBT"T` QVFT BGJSNBORVFMBfOJDBTVCTUBODJBFYJTUFOUFFTMBNBUFSJB/PPCTUBOUF TPOQPTJCMFTPUSBT
GPSNVMBDJPOFTQPES`BUBNCJdOBGJSNBSTFRVFOPIBZNBUFSJB TJOPTaMPFTQ`SJUV5BMNPOJTNPJEFBMJTUBUJFOFQPDPT
EFGFOTPSFT FO MB BDUVBMJEBE 6OB UFSDFSB QPTJCJMJEBE DPOTJTUF FO TVQPOFS VOB TVCTUBODJB RVF OP FT OJ NBUFSJB OJ
FTQ`SJUV-PNFOUBMZMPG`TJDPTFS`BOQSPQJFEBEFTEFFTBfOJDBTVCTUBODJB&TUBQPTJDJaOGVFEFGFOEJEBQPS#BSVDI
4QJOP[BZQPQVMBSJ[BEBQPS&SOTU)BFDLFMFOFMTJHMP9*9&TUFNPOJTNPTFBTFNFKBBMEVBMJTNPEFQSPQJFEBEFT 7
NbTBSSJCB
&OMPRVFTJHVFOPTPDVQBSFNPTfOJDBNFOUFEFMPTNPOJTNPTNBUFSJBMJTUBTDMbTJDPT
$POEVDUJTNP
&MDPOEVDUJTNPIBTJEPMBDPSSJFOUFEPNJOBOUFFOMBGJMPTPG`BEFMBNFOUFEVSBOUFMBQSJNFSBNJUBEEFMTJHMP99&O
MBQTJDPMPH`BTVSHJaDPNPSFBDDJaOBMQSPCMFNBEFMBJOUSPTQFDDJaODVBOEPNFEJBOUFMBJOUSPTQFDDJaOBMHVJFOIBCMB
EF TV NVOEP NFOUBM JOUFSJPS  OP IBZ NBOFSB P OP MB IBC`B FOUPODFT
 EF DPNQSPCBS MB WFSBDJEBE EF TVT
EFDMBSBDJPOFT 1FSP TJO QPTJCJMJEBE EF WFSJGJDBDJaO  EJDFO MPT DPOEVDUJTUBT  OP IBZ DJFODJB QPTJCMF c$VbM FT MB
TPMVDJaOQBSBMBQTJDPMPH`B %FCFS`BSFOVODJBSBPDVQBSTFEFMBWJEB`OUJNBNFOUBMZMBJOUSPTQFDDJaOZ FOWF[EF
FTP DPODFOUSBSTFFOFMDPNQPSUBNJFOUPPCTFSWBCMF
1BSBMFMBNFOUFBFTUPTEFTBSSPMMPTEFMBQTJDPMPH`BGVFTVSHJFOEPVODPOEVDUJTNPGJMPTaGJDP&TUFTFDBSBDUFSJ[BQPSVO
WFSJGJDBDJPOJTNPRVFDPOTJEFSBDBSFOUFTEFTFOUJEPMBTEFDMBSBDJPOFTTPCSFMBWJEB`OUJNBNFOUBMRVFOPQVFEFOTFS
DPNQSPCBEBT4JOFNCBSHP RVdTPOMPTFTUBEPTNFOUBMFTTJOPDPOGPSNBOVOBWJEB`OUJNBNFOUBMEFMBRVFTFQVFEB
EBS DVFOUB NFEJBOUF MB JOUSPTQFDDJaO  -PT DPOEVDUJTUBT SFTQPOEFO MPT FTUBEPT NFOUBMFT TPO EFTDSJQDJPOFT EF MB
DPOEVDUBPEJTQPTJDJPOFT
&MDPOEVDUJTNPGJMPTaGJDPIBTVGSJEPVOBEFDB`EBEFTEFMBfMUJNBNJUBEEFMTJHMPWFJOUF DPODJEJFOEPDPOFMBTDFOTP
EFM DPHOPTDJUJWJTNP -PT DPHOPTDJUJWJTUBT SFDIB[BO FM DPOEVDUJTNP EFCJEP B WBSJPT QSPCMFNBT RVF DPOTJEFSBO
JOTPTUFOJCMFT 1PS FKFNQMP  TF QVFEF QFOTBS RVF FM DPOEVDUJTNP FT DPOUSBJOUVJUJWP BM BGJSNBS RVF DVBOEP BMHVJFO
IBCMBEFTVTQVO[BOUFTEPMPSFTEFDBCF[BFTUdIBCMBOEPEFTVDPOEVDUB

'JMPTPG`BEFMBNFOUF

5FPS`BEFMBJEFOUJEBE
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EFTBSSPMMBEBQPS+PIO4NBSUZ6MMJO51MBDF GVFMBSFBDDJaOBMGSBDBTPEFMDPOEVDUJTNP
-BUFPS`BEFMBJEFOUJEBE
4JMPTFTUBEPTNFOUBMFTTPOBMHPNBUFSJBM QFSPOPDPOEVDUB IBCSbRVFTVQPOFSRVFTPOJEdOUJDPTBMPTFTUBEPTG`TJDPT
JOUFSOPT %F FTUP TF TJHVF JONFEJBUBNFOUF RVF VO FTUBEP NFOUBM . OP FT PUSB DPTB RVF VO FTUBEP DFSFCSBM $ &M
FTUBEPNFOUBMEFTFPEFVODBGdOPTFS`BPUSBDPTBRVFMBBDUJWBDJaOEFEFUFSNJOBEBTOFVSPOBTEFEFUFSNJOBEBT
SFHJPOFTDFSFCSBMFT
1FTFBVOBDJFSUBQMBVTJCJMJEBEJOJDJBM MBUFPS`BEFMBJEFOUJEBEUJFOFRVF
FOGSFOUBSTFDPOBMNFOPTVOTFSJPQSPCMFNB MBSFBMJ[BDJaONfMUJQMF UBM
DPNPMBGPSNVMa)JMBSZ1VUOBN<> 1BSFDFDMBSPRVFOPTaMPMPTTFSFT
IVNBOPT  TJOP UBNCJdO QPS FKFNQMP MPT BOGJCJPT  P MPT BMJFO`HFOBT TJ
MPTIVCJFSB QVFEFOQBEFDFSEPMPSFT1FSPQBSFDFJNQSPCBCMFRVFUPEPT
MPT TFSFT DPO MPT NJTNPT EPMPSFT TF FODVFOUSFO FO FM NJTNP FTUBEP
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