Academia.eduAcademia.edu

Aci 546r

Profile image of Ashkan TorabiAshkan Torabi
visibility

…

description

53 pages

link

1 file

Related papers

Removal of pharmaceuticals in biologically treated wastewater by chlorine dioxide or peracetic acid
Henrik R Andersen
View PDFchevron_right
Effect Formazan of Benzaldehyde as Corrosion Inhibitor on Preventing the Mild Steel Corrosion in Acidic Medium
ANAND BALU

The enhancement of the inhibitor efficiency of formazan derivative like Formazan derivative of p-dimethyl amino benzaldehyde (FD) and Formazan of benzaldehyde (FB) on the corrosion of mild steel in acidic media of 1M H2SO4 have been investigated using weight loss measurements, electrochemical impedance spectroscopy, potentiodynamic polarization and FT-IR spectroscopic techniques. Potentiodynamic polarization studies have shown that compound FD and FB suppress both the anodic and cathodic process and they behave as mixed-type inhibitors. Changes in impedance parameters are indicative of the adsorption of these compounds on the metal surface and the inhibition efficiency was found to mainly depend on the nature of the investigated compounds. It was found from the experimental evidences that the adsorption on the mild steel surface follows the Langmuir isotherm model in all acidic media. These studies have also shown that Formazan of p-dimethyl amino benzaldehyde and Formazan of benzal...

View PDFchevron_right
ACI MATERIALS JOURNAL TECHNICAL PAPER
Barzin Mobasher

2011

The impact response of unidirectional continuous sisal fiber reinforced cement composites was investigated. An impact test setup based on a free fall drop of an instrumented hammer on a three point bending configuration test was used. The effect of impact energy on the composite response was investigated by using three different drop heights. Mechanical properties obtained under impact loading were compared with static three point bending tests.

View PDFchevron_right
The L2 motivational self system, L2 anxiety, and motivated behavior: A structural equation modeling approach
Mostafa Papi

%YXLSVWTIVWSREPGST] 8LI 0 QSXMZEXMSREP WIPJ W]WXIQ 0 ER\MIX] ERH QSXMZEXIH FILEZMSV % WXVYGXYVEP IUYEXMSR QSHIPMRK ETTVSEGL 1SWXEJE 4ETM 8LI (ITEVXQIRX SJ *SVIMKR 0ERKYEKIW -VER 9RMZIVWMX] SJ 7GMIRGI 8IGLRSPSK] 2EEVQEO 8ILVER -VER 6IGIMZIH 2SZIQFIV VIZMWIH 1E] EGGITXIH .YRI %FWXVEGX 8LI TVIWIRX WXYH] XEOIW XLI MRMXMEXMZI XS XIWX E XLISVIXMGEP QSHIP XLEX WYFWYQIW XLI MHIEP 0 WIPJ XLI SYKLXXS 0 WIPJ ERH XLI 0 PIEVRMRK I\TIVMIRGI MR (S VR]IMv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vW GPEWWMG GSRGITX SJ XLI MRXIKVEXMZI QSXMZI +EVHRIV ERH 0EQFIVX +EVHRIV XLIVI LEW RSX FIIR QYGL WTEGI XS MRXIKVEXI ZEVMSYW JEGIXW SJ 0 QSXMZEXMSR ERH SXLIV EJJIGXMZI ZEVMEFPIW WYGL EW 0 ER\MIX] MRXS E GSLIVIRX JVEQI[SVO 8LI 0 QSXM ZEXMSREP WIPJ W]WXIQ E VIGIRX XLISV] SJ 0 QSXMZEXMSR TVSTSWIH F] (S VR]IM TVSZMHIW E KSSH STTSVXYRMX] XS I\TPSVI XLMW YRHIVVIWIEVGLIH XIVVMXSV] 8LMW FVSEH JVEQI[SVO [EW MRXIRHIH XS FYMPH SR TVIZMSYW GSRGITXYEPM^EXMSRW SJ 0 QSXMZEXMSR [LMPI EHHVIWWMRK EX XLI WEQI XMQI WSQI SJ XLI TVSFPIQEXMG EWTIGXW SJ TVIZMSYW GSRWXVYGXW %W WLS[R F] WIZIVEP VIGIRX WXYHMIW XLI 0 QSXMZEXMSREP WIPJ W]WXIQ MW [MHIP] ETTPMGEFPI EGVSWW HMJJIVIRX PMRKYMWXMG ERH GYPXYVEP WIXXMRKW IK %P7LILVM 'WM^I V ERH /SVQSW 6]ER 8EKYGLM IX EP EKI SJ KPSFEPM^EXMSR ERH MR XLI PMKLX SJ IQIVKMRK GSRGITXYEPM^EXMSRW SJ MHIRXMX] IK 0EQF 7IKEPS[MX^IX EP *E\ â )QEMP EHHVIWW 1C4ETM$]ELSSGSQ < WII JVSRX QEXXIV )PWIZMIV 0XH %PP VMKLXW VIWIVZIH HSMNW]WXIQ [[[IPWIZMIVGSQPSGEXIW]WXIQ %ZEMPEFPISRPMRIEX[[[WGMIRGIHMVIGXGSQ 7]WXIQ I

View PDFchevron_right
ESTIMATING BREATHING MOTION FROM CONE-BEAM PROJECTIONS USING A PRIOR PATIENT MODEL
Jan Kybic

Radiotherapy and Oncology, 2009

View PDFchevron_right
Salutogenic design: The neural basis for health promoting environments
Jan A Golembiewski

Objectives: The theory of salutogenics has a basis in the empirical testing and ideas of Antonovsky, which state that health outcomes improve when a sense of coherence is fostered. A sense of coherence in turn, depends on the net resources that support meaning, comprehensibility or manageability. The reason that manageability is important for health is obvious, but why abstractions like meaning and comprehensibility are important is more difficult to understand. Methods: Current neurological models are explained with a focus on salutogenic abstractions with a view to locate the neural mechanisms that underpin the salutogenic effect. Results: Meaningfullness, comprehensibility and manageability functionally correlate with triune brain theory: meaning is managed by the neomammalian frontal cortex, comprehensibility by the paleomammalian limbic region and the association cortices, and manageability by the reptilian brain: the mesencephalon and primary perceptual cortices. In general, the slower, but more evolved functions take precedence. But when unexpected events occur, the hippocampus and amygdalae (limbic organs that moderate narrative and modulate affect) assess the comprehensibility of the situation. If the events appear to be normatively positive, the neomammalian processes are allowed to continue, but if things ‘look bad,’ instincts regulated by the reptilian brain take over, resulting in a range of automatic behaviours and the release of hormones that bypass existing somatic regulatory mechanisms. The modulation of the expectedness of stimuli (salience) is a dopaminergic process. Neurons that are rich in D1 receptors slow the brain to allow attention and deep consideration of meaning. But striatal if signals from the hippocampus and amygdala indicate that there’s no time for consideration, the activation of independent D2 receptors trigger fight and flight instincts. Conclusions: There are a number of architectural interventions that can arrest the anti-evolutionary spiral. These are the cornerstones of salutogenic design. They include support for meaning, comprehensibility and manageability. Acknowledgements: This work was supported by the Schizophrenia Research Institute, utilizing infrastructure funding from NSW Department of Health. Keywords: Salutogenics; neurological evidence; aesthetics

View PDFchevron_right
PRINCIPLES OF DIVERSITY,EQUALITY AND INCLUSION IN ADULT SOCIAL CARE SETTINGS
Bybyku Byby
View PDFchevron_right
Claiming Her Dignity: Female Resistance in the Old Testament , written by L. Juliana M. Claassens
Juliana Claassens

Horizons in Biblical Theology, 2017

View PDFchevron_right
FOURTH EDITION, REVISED AND ENLARGED VOLUME I. MONOGRAPHS ON ESSENTIAL OILS WITH FIFTY.TWO ILLUSTRATIONS
Bich Tram

the chemistry of essential oils and artificial perfumes

View PDFchevron_right
Pedagogia da Primeira Infância Oprimida: descolonizando a Educação Infantil com Paulo Freire
Otavio Henrique Ferreira da Silva

Praxis Educativa

Este artigo é um ensaio teórico que pretende analisar como a obra de Paulo Freire pode contribuir com uma pedagogia da infância voltada para a emancipação humana desde a Educação Infantil, apontando para a construção de uma Pedagogia da Primeira Infância Oprimida. Mesmo que não tenha acumulado produções teóricas e empíricas especificamente com crianças, a obra de Paulo Freire demonstra ser um território fértil para projetar a construção de uma Educação Infantil em diálogo com o emergente debate de descolonização do trabalho pedagógico com crianças de 0 a 5 anos. A Pedagogia da Primeira Infância Oprimida é analisada em termos estruturais, no autoritarismo pedagógico com crianças, na relação entre autoridade e liberdade e no caminhar da curiosidade infantil. Entende-se, assim, que educar crianças só pode ser compreendido como um ato de amor se o potencial revolucionário delas for cultivado para que o mundo seja mais humanizado.

View PDFchevron_right
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{-RXVSHYGXMSRT6 {9WISJXLMWHSGYQIRX {(IJMRMXMSRW {6ITEMVQIXLSHSPSK] {(IWMKRGSRWMHIVEXMSRW {*SVQEXERHSVKERM^EXMSR 'LETXIV{'SRGVIXIVIQSZEPTVITEVEXMSRERH VITEMVXIGLRMUYIWT6 {-RXVSHYGXMSRERHKIRIVEPGSRWMHIVEXMSRW {'SRGVIXIVIQSZEP {7YVJEGITVITEVEXMSR {6IMRJSVGIQIRXVITEMV {%RGLSVEKIQIXLSHWERHQEXIVMEPW {1EXIVMEPWTPEGIQIRXJSVZEVMSYWVITEMVXIGLRMUYIW {&SRHMRKQIXLSHW 'LETXIV{6ITEMVQEXIVMEPWT6 {-RXVSHYGXMSR {'IQIRXMXMSYWQEXIVMEPW {4SP]QIVQEXIVMEPW {&SRHMRKQEXIVMEPW {'SEXMRKWSRVIMRJSVGIQIRX {6IMRJSVGIQIRX {1EXIVMEPWIPIGXMSR %'-6WYTIVWIHIW%'-6ERHFIGEQIIJJIGXMZI 7ITXIQFIV 'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI %PPVMKLXWVIWIVZIHMRGPYHMRK VMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF] ER] QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRK JSVWSYRHSVZMWYEPVITVSHYG XMSRSVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQ SVHIZMGIYRPIWWTIVQMWWMSRMR [VMXMRKMWSFXEMRIHJVSQ XLIGST]VMKLXTVSTVMIXSVW 6 6 %'-'311-88))6)4368 'LETXIV{4VSXIGXMZIW]WXIQWT6 {-RXVSHYGXMSRERHWIPIGXMSRJEGXSVW {'SRGVIXI WYVJEGI TVITEVEXMSR ERH MRWXEPPEXMSR VIUYMVIQIRXW {8]TMGEPWIPIGXMSRTVSFPIQW {7]WXIQWGSRGITX {7YVJEGIXVIEXQIRXW {.SMRXWIEPERXW {'EXLSHMGTVSXIGXMSR {'LPSVMHII\XVEGXMSR {6IEPOEPM^EXMSR 'LETXIV{7XVIRKXLIRMRKXIGLRMUYIWT6 {+IRIVEP {-RXIVREP WXVYGXYVEP VITEMV VIWXSVEXMSR XS SVMKMREP QIQFIVWXVIRKXL {-RXIVMSVVIMRJSVGIQIRX {)\XIVMSVVIMRJSVGIQIRX IRGEWIHERHI\TSWIH {)\XIVMSVTSWXXIRWMSRMRK {.EGOIXWERHGSPPEVW {7YTTPIQIRXEPQIQFIVW {6ITEMVSJGSRGVIXIGSPYQRW {'SPYQRVITEMVTEVEQIXIVW 'LETXIV{6IJIVIRGIWT6 {6IJIVIRGIHWXERHEVHWERHVITSVXW {'MXIHVIJIVIRGIW ',%48)6{-2863(9'8-32 {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{(IJMRMXMSRW GSVVSWMSR{HIWXVYGXMSR SJ QIXEP F] GLIQMGEP IPIGXVS GLIQMGEPSVIPIGXVSP]XMGVIEGXMSR[MXLMRMXWIRZMVSRQIRX HEQTTVSSJMRK{XVIEXQIRXSJGSRGVIXISVQSVXEVXSVIXEVH XLITEWWEKISVEFWSVTXMSRSJ[EXIVSV[EXIVZETSVIMXLIVF] ETTPMGEXMSRSJEWYMXEFPIEHQM\XYVISVXVIEXIHGIQIRXSVF] YWISJTVIJSVQIHJMPQWYGLEWTSP]IXL]PIRIWLIIXWTPEGIH SRKVEHIFIJSVITPEGMRKEWPEF I\GEZEXMSR{WXITWXEOIRXSVIQSZIHIXIVMSVEXIHGSRGVIXI WSYRHGSRGVIXISVFSXLHIWMKREXIHJSVVIQSZEP RSRWXVYGXYVEP VITEMV{E VITEMV XLEX EHHVIWWIW PSGEP HIXIVMSVEXMSRERHMWRSXMRXIRHIHXSEJJIGXXLIWXVYGXYVEP GETEGMX] SJEQIQFIV TVSXIGXMSR{XLITVSGIHYVISJWLMIPHMRKXLIGSRGVIXIWXVYG XYVIJVSQIRZMVSRQIRXEPERHSXLIVHEQEKIJSVXLITYVTSWISJ TVIWIVZMRKXLIWXVYGXYVISVTVSPSRKMRKMXWYWIJYPPMJI VITEMV{XS VITPEGI SV GSVVIGX HIXIVMSVEXIH HEQEKIH SV JEYPX]QEXIVMEPWGSQTSRIRXWSVIPIQIRXWSJEWXVYGXYVI VITEMV W]WXIQW{XLI GSQFMREXMSR SJ QEXIVMEPW ERH XIGLRMUYIWYWIHMRXLIVITEMVSJEWXVYGXYVI WXVIRKXLIRMRK{XLI TVSGIWW SJ VIWXSVMRK XLI GETEGMX] SJ HEQEKIH GSQTSRIRXW SJ WXVYGXYVEP GSRGVIXI XS MXW SVMKMREP HIWMKR GETEGMX] SV MRGVIEWMRK XLI WXVIRKXL SJ WXVYGXYVEP GSRGVIXI WXVYGXYVEP VITEMV{E VITEMV XLEX VIIWXEFPMWLIW SV IRLERGIWXLIWXVYGXYVEPGETEGMX]SJEQIQFIV WYVJEGI TVITEVEXMSR{WXITW XEOIR EJXIV VIQSZEP SJ HIXIVMSVEXIHGSRGVIXIMRGPYHMRKGSRHMXMSRMRKSJXLIWYVJEGISJ WYFWXVEXIEXFSRHPMRIERHXLIGPIERMRKSJI\MWXMRKVIMRJSVGMRK WXIIP [EXIVTVSSJMRK{TVIZIRXMSR SJ XLI TEWWEKI SJ [EXIV MR PMUYMHJSVQYRHIVL]HVSWXEXMGTVIWWYVI {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{8LI JMVWX WXIT MR GSRGVIXI VITEMV MW XS IZEPYEXI XLI GYVVIRX GSRHMXMSR SJ XLI GSRGVIXI WXVYGXYVI8LMWIZEPYEXMSRQE]MRGPYHIEVIZMI[SJEZEMPEFPI HIWMKRERHGSRWXVYGXMSRHSGYQIRXWWXVYGXYVEPEREP]WMWSJXLI WXVYGXYVIMRMXWHIXIVMSVEXIHGSRHMXMSREVIZMI[SJEZEMPEFPI XIWXHEXEEVIZMI[SJVIGSVHWSJER]TVIZMSYWVITEMV[SVO VIZMI[ SJ QEMRXIRERGI VIGSVHW E ZMWYEP MRWTIGXMSR SJ XLI WXVYGXYVIERIZEPYEXMSRSJGSVVSWMSREGXMZMX]HIWXVYGXMZIERH RSRHIWXVYGXMZIXIWXMRKERHVIZMI[SJPEFSVEXSV]VIWYPXWJVSQ GLIQMGEP ERH TIXVSKVETLMG EREP]WMW SJ GSRGVIXI WEQTPIW 9TSR GSQTPIXMSR SJ XLMW IZEPYEXMSR WXIT XLI TIVWSRRIP VIWTSRWMFPIJSVXLIIZEPYEXMSRWLSYPHLEZIEXLSVSYKLYRHIV WXERHMRK SJ XLI GSRHMXMSR SJ XLI GSRGVIXI WXVYGXYVI ERH FI EFPI XS TVSZMHI MRWMKLXW MRXS XLI GEYWIW SJ XLI SFWIVZIH HIXIVMSVEXMSR SV HMWXVIWW %HHMXMSREP MRJSVQEXMSR SR GSRHYGXMRK WYVZI]W GER FI JSYRH MR %'- 6 6 666ERH6  (IXIVQMREXMSR SJ GEYWIW SJ HIXIVMSVEXMSR SV HMWXVIWW{%JXIV XLI GSRHMXMSR IZEPYEXMSR SJ E WXVYGXYVI LEW FIIRGSQTPIXIHXLIHIXIVMSVEXMSRQIGLERMWQXLEXGEYWIHXLI '32'6)8)6)4%-6+9-() 6 *MK{6ITEMVTVSGIWW HIJMGMIRG]WLSYPHFIHIXIVQMRIH&IGEYWIQER]HIJMGMIRGMIW EVI GEYWIH F] QSVI XLER SRI QIGLERMWQ E FEWMG YRHIV WXERHMRKSJXLIGEYWIWSJGSRGVIXIHIXIVMSVEXMSRMWIWWIRXMEPXS HIXIVQMRI[LEXLEWEGXYEPP]LETTIRIHXSETEVXMGYPEVGSRGVIXI WXVYGXYVIERH[L]3RP]EJXIVXLIIZEPYEXMSRMWGSQTPIXIGERE WYMXEFPIVIQIHMEPEGXMSRTPER FIHIZIPSTIH VITEMVQEXIVMEPW WIPIGXIHERHHVE[MRKWERHWTIGMJMGEXMSRWTVITEVIH 7IPIGXMRKVITEMVQIXLSHWERHQEXIVMEPW{%JXIVXLI GEYWI SV GEYWIW SJ XLI HEQEKI SV HIXIVMSVEXMSR LEZI FIIR HIXIVQMRIHETTVSTVMEXIVITEMVQEXIVMEPWERHQIXLSHWGERFI WIPIGXIHGSRWMHIVMRKXLIJSPPS[MRKVIGSQQIRHEXMSRW {8LI IRKMRIIV GER MRGSVTSVEXI EHNYWXQIRXW SV VIUYMVIHQSHMJMGEXMSRWXSVIQIH]XLIGEYWISJXLIHIXIVMSVEXMSR WYGL EW GLERKMRK XLI [EXIV HVEMREKI TEXXIVR IPMQMREXMRK WSYVGIW SJ GEZMXEXMSR HEQEKI TVSZMHMRK JSV HMJJIVIRXMEP QSZIQIRXWSVIPMQMREXMRKI\TSWYVIXSHIPIXIVMSYWWYFWXERGIW 8LIIRKMRIIVWLSYPHLEZIEXLSVSYKLYRHIVWXERHMRKSJJEGXSVW EJJIGXMRKXLIHYVEFMPMX]SJGSRGVIXIERHXLIGEYWIWSJHMJJIVIRX X]TIWSJGVEGOMRK %'-6%'-6ERH%'-6  -XMWRSXEP[E]WTSWWMFPIXSGSVVIGXGEYWIWSJHIXIVMSVEXMSRJSV I\EQTPI MXQE] RSXFI TSWWMFPI XSGLERKI XLI IRZMVSRQIRX [MXL [LMGL XLI GSRGVIXI MW I\TSWIH -R WYGL GEWIW IZIV] VIEWSREFPIIJJSVXWLSYPHFIQEHIXSQMXMKEXIXLITVSFPIQ {8LIIRKMRIIVWLSYPHGSRWMHIVSYXWMHIGSRWXVEMRXW WYGLEWPMQMXIHEGGIWWXSXLIWXVYGXYVIXLISTIVEXMRKWGLIHYPI SJXLIWXVYGXYVIER]PMQMXEXMSRWMQTSWIHF]XLIS[RIVSJXLI WXVYGXYVI MRGPYHMRK XLI GSWX XLI VIUYMVIH YWIJYP PMJI SJ XLI VITEMVIHWXVYGXYVIERHXLI[IEXLIVMQTPMGEXMSRW {-RLIVIRX TVSFPIQW XLEX GERRSX FI GSVVIGXIH WYGLEWGSRXMRYIHI\TSWYVIXSGLPSVMHIWMRHIMGMRKWEPXWSV WEPX[EXIVERHGSRXMRYIHI\TSWYVIXSHIPIXIVMSYWGLIQMGEPW WLSYPH EPWS FI GSRWMHIVIH -R XLIWI GEWIW XLI VITEMV ERH TVSXIGXMSRW]WXIQI\XIRHWXLIPMJISJXLIWXVYGXYVIFYXHSIW RSXIPMQMREXIXLIGEYWIWSJHIXIVMSVEXMSR {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{8LIIRKMRIIVWLSYPHFIE[EVISJEHZERXEKIWERH HMWEHZERXEKIWSJQEOMRKTIVQERIRXZIVWYWXIQTSVEV]VITEMVW ERHWIPIGXXLIQEXIVMEPWERHQIXLSHWXLEXQEXGLXLIMRXIRHIH PMJISJXLIVITEMVIHWXVYGXYVI3GGEWMSREPP]XLIVIQE]FI WMXYEXMSRW [LIVI MX MW QSVI ETTVSTVMEXI XS EHHVIWW XLI W]QTXSQWERHRSXXLIGEYWIWSJXLITVSFPIQJSVI\EQTPIMX QE]FIQSVIGSWXIJJIGXMZIXSXIQTSVEVMP]WLSVIXLIWXVYGXYVI {7XVYGXYVEP WEJIX] FIJSVI HYVMRK ERH EJXIV XLI VITEMVWLSYPHFIGSRWMHIVIH6ITEMV[SVOSJXIRMRZSPZIWXLI VIQSZEP SJ GSRGVIXI ERH VIMRJSVGMRK WXIIP XLEX VIHYGIW XLI 6 %'-'311-88))6)4368 WLIEV FIRHMRK XIRWMPI ERH GSQTVIWWMSR GETEGMXMIW SV WXEFMPMX] SJ XLI WXVYGXYVI 7XVYGXYVEP EREP]WMW MJ RIGIWWEV] WLSYPHFITIVJSVQIHJSVPMZIERHHIEHPSEHWERHXLIIJJIGXWSJ ZSPYQIGLERKIWVIWYPXMRKJVSQXIQTIVEXYVIGLERKIW%VIEWSJ WTIGMEPGSRGIVRMRGPYHIRIKEXMZIQSQIRXEVIEWMRWPEFWERH FIEQWGERXMPIZIVFIEQWNSMRXERHGSRRIGXMSRHIXEMPWTVIGEWX WTERHVIP FIEQW GSPYQRW ERH PMZIPSEHW MQTSWIH F] VITEMV IUYMTQIRX ERH QEXIVMEP WXSVEKI%PWSER] VIUYMVIQIRXWJSV XIQTSVEV] WYTTSVXW WLSVMRK ERH WXVIRKXLIRMRK WLSYPH FI HIXIVQMRIH {%ZEMPEFMPMX] SJ VITEMV QEXIVMEPW ERH QIXLSHW GSWXIJJIGXMZIRIWWERHXLIXIGLRMGEPJIEWMFMPMX]SJYWMRKXLIQ WLSYPHFIGSRWMHIVIH1ERYJEGXYVIVWSVWYTTPMIVWGERTVSZMHI EWWMWXERGIMRXLIWIPIGXMSRSJVITEMVQEXIVMEPWERHETTPMGEXMSR XIGLRMUYIW ;LIR WIPIGXMRK XLI ETTVSTVMEXI VITEMV QEXIVMEP SRIWLSYPHOIITMRQMRHXLEXXLIXIGLRMGEPHEXETVIWIRXIHMR QERYJEGXYVIVvW PMXIVEXYVI QE] RSX FI WYJJMGMIRX FIGEYWI XLI XIWXW TIVJSVQIHQE]RSX FI VITVIWIRXEXMZI SJXLIYWI SJ XLI QEXIVMEPMRETEVXMGYPEVETTPMGEXMSR {8LIIRKMRIIVWLSYPHXV]XSHIXIVQMRIXLII\XIRX SJ VIMRJSVGIQIRX HIXIVMSVEXMSR ERH MJ XLIVI MW E RIIH JSV XIQTSVEV] WLSVMRK -J XLI WXIIP VIMRJSVGIQIRX FIGSQIW TEVXMEPP]SVXSXEPP]MRIJJIGXMZILEWGSVVSHIHSVLEWFIIRGYX HYVMRK GSRGVIXI VIQSZEP EX GVMXMGEP PSGEXMSRW WYGL EW MR GSPYQRW EX XLI IRHW SJ FIEQW SV SR XLI XIRWMSR WMHIW SJ FIEQW XLI VIHMWXVMFYXMSR SJ PSEHMRK WXVIWW MR XLI IPIQIRXvW GVSWWWIGXMSRXEOIWTPEGI-RQSWXGEWIWYRPIWWXLIHIEHERH PMZIPSEHWEVIVIQSZIHFIJSVIVITEMV[SVOXLIVITEMVIHTSVXMSR SJXLIIPIQIRXMWRSXIJJIGXMZIMRWYTTSVXMRKI\MWXMRKPSEHW-R WLSVX XLI VITEMV MW RSRWXVYGXYVEP -R XLSWI GEWIW [LIVI VIWXSVEXMSR SJ PSEHGEVV]MRK GETEGMX] MW E TVMQEV] GSRGIVR I\MWXMRKPSEHWRIIHXSFIVIQSZIHERHQIQFIVWRIIHXSFI NEGOIHYTERHWLSVIHXSWYTTSVXHIEHPSEHW {8LI GETEFMPMXMIW SJ TSXIRXMEP GSRXVEGXSVW XSYWI WTIGMEPM^IHVITEMVQEXIVMEPWERHXIGLRMUYIWERHXSWYGGIWWJYPP] I\IGYXI VITEMV TVSGIHYVIW WLSYPH FI IZEPYEXIH GSRWMHIVMRK FSXLMRMXMEPERHPSRKXIVQGSWXW'SRXVEGXSVWWLSYPHFIGETEFPI SJHIQSRWXVEXMRKXLIMVI\TIVXMWIMRXLMWX]TISJGSRWXVYGXMSR  4VITEVEXMSR SJ HVE[MRKW ERH WTIGMJMGEXMSRW{8LI RI\XWXITMRXLIVITEMVTVSGIWWMWXLITVITEVEXMSRSJTVSNIGX HVE[MRKWWTIGMJMGEXMSRWSVFSXL&IGEYWIXLIJYPPI\XIRXSJ GSRGVIXI HEQEKI QE] RSX FI GSQTPIXIP] ORS[R YRXMP GSRGVIXI VIQSZEP FIKMRW HVE[MRKW ERH WTIGMJMGEXMSRW JSV VITEMVTVSNIGXWWLSYPHFITVITEVIH[MXLEWQYGLJPI\MFMPMX]EW TSWWMFPI VIKEVHMRK [SVO MXIQW WYGL EW GSRGVIXI VIQSZEP WYVJEGITVITEVEXMSRVIMRJSVGIQIRXVITPEGIQIRXERHUYERXMXMIW SJ VITEMV QEXIVMEPW % GSQTVILIRWMZI GSRHMXMSR WYVZI] TIVJSVQIHEWGPSWIEWTSWWMFPIXSXLIXMQIXLEXXLIVITEMV[SVO MW I\IGYXIH QE] LIPT XS QMRMQM^I ZEVMEXMSRW MR IWXMQEXIH UYERXMXMIWSJEGXYEPVITEMV[SVO GSRGVIXI VIQSZEP MW ERXMGMTEXIH TVSZMWMSRW JSV XIQTSVEV] 4VSXIGXMSRSJXLIVITEMVWMXIERHEHNEGIRXEVIEWQE]TVIWIRX YRMUYI TVSFPIQW HYVMRK XLI I\IGYXMSR SJ E VITEMV TVSNIGX 7TIGMEPEXXIRXMSRWLSYPHFIKMZIRXSWLSVMRKERHFVEGMRKSJ WXVYGXYVEP GSQTSRIRXW YRHIV VITEMV ERH EHNEGIRX JVEQMRK 7LSVMRK QE] FI TEVXMGYPEVP] RIGIWWEV] JSV WPEF ERH FIEQ VITEMVWERHMRWSQIGEWIWJSVGSPYQRVITEMVW6IHMWXVMFYXMSR SJ PSEHMRK HYVMRK VITEMV MW MQTSVXERX JSV GSRXMRYSYW WPEFW FIEQW SV KMVHIV W]WXIQW ERH MW IWTIGMEPP] GVMXMGEP JSV YRFSRHIH TVIWXVIWWIH WXVYGXYVIW 'SRXMRKIRG] TVSZMWMSRW WLSYPH FI MRGPYHIH MR XLI HVE[MRKW ERH WTIGMJMGEXMSRW JSV EHHVIWWMRKTSXIRXMEPMRGVIEWIWMRXLIWGSTISJ[SVO )JJIGXMZIVITEMVWTIGMJMGEXMSRWWLSYPHFIGPIEVERHGSRGMWI 6ITEMV WTIGMJMGEXMSRW WLSYPH MRGPYHI XLI UYERXMXMIW SJ XLI VITEMV YRMXW XLI WGSTI SJ XLI [SVO XLI QEXIVMEPW VIUYMVI QIRXW WYVJEGI TVITEVEXMSR XLI ETTPMGEXMSR GSRWMHIVEXMSRW ERH XLI TIVJSVQERGI XIWXMRK WXERHEVHW [MXL VIJIVIRGI XS WTIGMJMG VIUYMVIQIRXW WYGL EW XIRWMPI WXVIRKXL WYVJEGI TVSJMPMRKGSQTVIWWMZI WXVIRKXL FSRH WXVIRKXL ERH VIPEXIH WYTTSVXHSGYQIRXW(IXEMPWSJXLIGSRGVIXIVITEMVWLSYPHFI TVSZMHIHTEVEQIXIVWJSVGSRGVIXIVIQSZEPWLSYPHFIHIJMRIH ERHMJTSWWMFPIFSYRHEVMIWSJGSRGVIXIVIQSZEPERHVITPEGI QIRXWLSYPHFIMHIRXMJMIHEPSRK[MXLER]WTIGMEPJIEXYVIWSJ VITEMVW]WXIQMRWXEPPEXMSRXLEXEVIRIGIWWEV]7TIGMEPEXXIR XMSR XS XLI HIXEMPW SJ VIMRJSVGIQIRX VITEMV SV VITPEGIQIRX EVIEWERHXLITVITEVEXMSRSJI\MWXMRKGSRGVIXIFIJSVIWYVJEGI TVSXIGXMSRW]WXIQETTPMGEXMSRMWVIUYMVIH8LIGSRXVEGXHSGY QIRXWWLSYPHTVSZMHIWYJJMGMIRXMRJSVQEXMSRXSXLITVSWTIG XMZIGSRXVEGXSVWSRGSRGVIXIGSRHMXMSRXLEX[IVIJSYRHHYVMRK XLIMRZIWXMKEXMSRWXEKI  &MHERHRIKSXMEXMSRTVSGIWW  7IPIGXMSR SJ E GSRXVEGXSV{3RI SJ XLI QSWX MQTSVXERX EWTIGXW SJ E VITEMV TVSNIGX MW XLI WIPIGXMSR SJ E UYEPMJMIHGSRXVEGXSVSVXLITVITEVEXMSRSJEPMWXSJUYEPMJMIH FMHHIVW2SVITEMVGSRXVEGXSVWEVITVSJMGMIRXMREPPTLEWIWSJ EPPX]TIWSJVITEMV[SVO-JTSWWMFPIWIPIGXGSRXVEGXSVW[LS LEZIWLS[RIZMHIRGISJI\TIVXMWIERHWYGGIWWJYPGSQTPIXMSR MRIEGLX]TISJVITEMV[SVOMRGPYHIHMRXLITVSNIGX  4VIFMHGSRJIVIRGI{&IJSVIFMHWEVIWYFQMXXIH XLIIRKMRIIVS[RIVERHTSXIRXMEPGSRXVEGXSVWWLSYPHLEZIE TVIFMH GSRJIVIRGI XS ERW[IV ER] UYIWXMSRW VIKEVHMRK XLI TVSNIGX HSGYQIRXW EW [IPP EW HIJMRMRK XLI MRXIRX SJ XLI HSGYQIRXI\TIGXEXMSRW SJ XLI S[RIV SV FSXL -J TSWWMFPI XLMW QIIXMRK WLSYPH MRGPYHI E ZMWMX XS XLI VITEMV WMXI 8LMW QIIXMRKGERKSEPSRK[E]XS[EVHIPMQMREXMRKHMWTYXIWERH GPEMQWHYVMRKXLIGSRWXVYGXMSRTVSGIWW  4VIGSRWXVYGXMSR GSRJIVIRGI{&IJSVI WXEVXMRK E TVSNIGXMXMWMQTSVXERXXSLEZIXLIS[RIVERHIRKMRIIVQIIX XLITVSNIGXQEREKIVERHWYTIVMRXIRHIRX%XXLMWQIIXMRKXLI GSRXVEGXSV WLSYPH FI TVITEVIH XS TVIWIRX XLI WGLIHYPI XS HIXIVQMRI MXW EGGITXEFMPMX] XS XLI S[RIV ERH HIXIVQMRI MJ XLIVIEVIKSMRKXSFIER]GSRJPMGXW[MXLHEMP]STIVEXMSRWXLEX WLSYPH FI VIWSPZIH (IJMRMRK XLI JVIUYIRG] ERH X]TIW SJ VITSVXWLIPTWEPPTEVXMIWGSRGIVRIH[MXLIRWYVMRKXLIQIERW ERH QIXLSHW XLEX EVI YWIH XS GSQQYRMGEXI TVSKVIWW HMWGSZIVIHMXIQWERHGSRWXVYGXMSRTVSFPIQW )\IGYXMSRSJXLI[SVO{6ITEMV[SVOMWI\IGYXIHMR EGGSVHERGI [MXL TVSNIGX HVE[MRKW ERH WTIGMJMGEXMSRW 8LI VITEMVTVSGIWWKIRIVEPP]GSRWMWXWSJHIXIVMSVEXIHSVHEQEKIH GSRGVIXI VIQSZEP WYVJEGI TVITEVEXMSR XLI MRWXEPPEXMSR SJ VITEMVQEXIVMEPWERHXLIMQTPIQIRXEXMSRSJWTIGMJMIHVITEMV XIGLRMUYIW 4VSXIGXMSR QE] EPWS FI MRGSVTSVEXIH MRXS XLI VITEMVTVSGIWW '32'6)8)6)4%-6+9-() +IRIVEP{)\TIVMIRGIWLS[WXLEXGSRGVIXIVITEMV [SVO VIUYMVIW QYGL KVIEXIV EXXIRXMSR XS HIXEMPW ERH KSSH TVEGXMGIXLERRI[GSRWXVYGXMSR8LIGSRXVEGXSVWLSYPHJSPPS[ WTIGMJMGEXMSRW ERH YWI TVSTIV TVSGIHYVIW ERH XIGLRMUYIW XS EGLMIZIXLIHIWMVIHVIWYPXW3RER]VITEMVTVSNIGXYRI\TIGXIH SVGSRGIEPIHGSRHMXMSRWQE]FIVIZIEPIHEW[SVOTVSKVIWWIW  7LSVMRK[SVO WIUYIRGIW{8LI VITEMV TVSGIWW MRGPYHMRKGSRGVIXIVIQSZEPERHVIMRJSVGMRKVITEMVQE]EPXIV XLIJSVGIERHPSEHHMWXVMFYXMSR[MXLMRERHFIX[IIRVIMRJSVGIH GSRGVIXI QIQFIVW -X MW IWWIRXMEP XLEX XLI GSRXVEGXSV MR GSRNYRGXMSR [MXL XLI IRKMRIIV HIXIVQMRI XLI I\XIRX ERH WIUYIRGISJWLSVMRKERHVITEMVXLEXWEXMWJMIWWXVYGXYVEPWEJIX] ERHJSVGIHMWXVMFYXMSR 'SRGVIXIVIQSZEP{8LIVIQSZEPSJHIXIVMSVEXIH HEQEKIHSVHIJIGXMZI GSRGVIXI VIUYMVIW WTIGMEP EXXIRXMSR XS XLIMHIRXMJMGEXMSRERHI\XIRXSJYRWSYRHERHWSYRHGSRGVIXIXS FIVIQSZIHXLIX]TISJVIQSZEPXIGLRMUYIWERHXLITVSXIGXMSR SJI\MWXMRKVIMRJSVGMRKHYVMRKVIQSZEP8LIWIJEGXSVWWLSYPH FIEHHVIWWIHXSQEMRXEMRWXVYGXYVEPMRXIKVMX]ERHEZSMHHEQEKI XSXLIWXVYGXYVI[LMPIMQTPIQIRXMRKXLIVITEMVW 7YVJEGITVITEVEXMSR{8LIWYGGIWWSJXLIVITEMVMW LMKLP]HITIRHIRXSREHIUYEXIWYVJEGITVITEVEXMSRFIJSVIVITEMV QEXIVMEPMRWXEPPEXMSR8LIWYVJEGITVITEVEXMSRVIUYMVIHHITIRHW SR XLI GSRGVIXI VIQSZEP XIGLRMUYI ERH XLI X]TI SJ VITEMV FIMRK YRHIVXEOIR 7YVJEGI TVITEVEXMSR MRGPYHIW XLI VITEMV VITPEGIQIRXERHMRWXEPPEXMSRSJWYTTPIQIRXEPVIMRJSVGIQIRX 6ITEMVXIGLRMUYIWERHQEXIVMEPMRWXEPPEXMSR{8LI TVSTIVVITEMVXIGLRMUYIWERHQEXIVMEPWIPIGXMSRERHMRWXEPPEXMSR EVI IWWIRXMEP JSV E WYGGIWWJYP TVSNIGX XLEX MW GETEFPI SJ TVSZMHMRKXLIWIVZMGIEFMPMX]ERHHYVEFMPMX]SJER]VITEMV 4VSXIGXMZIW]WXIQW{4VSXIGXMZIW]WXIQWWYGLEW GSEXMRKWWIEPIVWERHQIQFVERIWQE]FIMRGSVTSVEXIHMRXS XLIVITEMVTVSGIWWXSI\XIRHXLIWIVZMGIPMJISJXLIVITEMVWERH VIHYGI ERH QMRMQM^I JYVXLIV HIXIVMSVEXMSR MR XLI WXVYGXYVI 4VSXIGXMZIW]WXIQWTVSZMHIZEV]MRKX]TIWSJTVSXIGXMSRXSXLI VITEMVERHWXVYGXYVIERHWLSYPHFIWIPIGXIHXSWEXMWJ]TVSNIGX WIVZMGIEFMPMX]VIUYMVIQIRXW 5YEPMX]GSRXVSP{%PPSJXLIFIWXIJJSVXWMRHIWMKRMRK EVITEMVERHWTIGMJ]MRKXLISTXMQYQQEXIVMEPWEVIEXVMWOMJ XLI MQTPIQIRXEXMSR PEGOW XLI ETTVSTVMEXI UYEPMX] GSRXVSP QIEWYVIW XS IRWYVI E WYGGIWWJYP MRWXEPPEXMSR %'- 6 TVSZMHIW KYMHERGI SR WIXYT SJ UYEPMX] GSRXVSP MRWTIGXMSR ERH XIWXMRK TVSGIHYVIW % [VMXXIR UYEPMX] TPER WLSYPH FI TVITEVIH ERH TVIWIRXIH XS XLI IRKMRIIV JSV ETTVSZEP %'6 74  ERH %'- 6 TVSZMHI KYMHERGI SR MRWTIGXMSRERHXIWXMRK 4IVJSVQERGISFNIGXMZIW{%GPIEVYRHIVWXERHMRK JSVQWXLIFEWMWJSVEWYGGIWWJYPVITEMV8LIVITEMVHSGYQIRXW WLSYPH HIJMRI XLI WXVYGXYVEP IRZMVSRQIRXEP EIWXLIXMG ERH TVSXIGXMSR SFNIGXMZIW XS FI EGLMIZIH 1SGOYTW EVI VIGSQ QIRHIH[LIVIETTVSTVMEXIWYGLEWMRXLSWIMRWXERGIW[LIVI XLIGSPSVSVXI\XYVIQYWXQIIXXLIWYVVSYRHMRKGSRGVIXI %'66ERH6   5YEPMX]GSRXVSPTVSGIHYVIWHYVMRKXLIVITEMV{ 8LI WYGGIWWJYP GSQTPIXMSR SJ XLI VITEMV TVSGIHYVI GER FI ZIVMJMIHF]GSRXMRYMRK UYEPMX]GSRXVSP QIEWYVIWHYVMRKXLI GSYVWISJXLI[SVO c 7YGLQIEWYVIWMRGPYHIXLIETTVSTVMEXIWEJIX]QIEWYVIW c c c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c  F] XLI IRKMRIIV [IEXLIV GSRHMXMSRW GLERKIW XS XLI IRKMRIIVMRKHSGYQIRXWERHTIVMSHMGTVSKVIWWVITSVXW  8IWXMRKSVMRWTIGXMSREKIRG]UYEPMJMGEXMSRW{8LMW EKIRG] WLSYPH QIIX XLI VIUYMVIQIRXW SJ %781 )  4IVWSRRIPWLSYPHFI%'-GIVXMJMIHEWXIGLRMGMERWSVMRWTIGXSVW EWETTVSTVMEXI 1EMRXIRERGIEJXIV GSQTPIXMSR SJ VITEMVW{0EGO SJ EHIUYEXIQEMRXIRERGIQE]VIWYPXMRTVIQEXYVIJEMPYVISJXLI VITEMVSVWYVVSYRHMRKEVIEW8LIVIJSVIETTVSTVMEXIQEMR XIRERGI TVSGIHYVIW EJXIV GSQTPIXMSR SJ E GSRGVIXI VITEMV TVSNIGXMWVIGSQQIRHIHMRGPYHMRKXLIJSPPS[MRK c ;EVVERX] HSGYQIRXEXMSR WLSYPH FI SFXEMRIH [LIR ETTPMGEFPIYTSRGSQTPIXMSRSJXLIVITEMVTVSNIGX c ;EVVERX]GSRHMXMSRWWLSYPHFIEHLIVIHXSIRWYVI[EVVERX] GSZIVEKIMWQEMRXEMRIHWYGLEWTIVMSHMGMRWTIGXMSRWSV VIGSEXMRKSJQIQFVERIWSVWIEPIVW c %PP TPER ERH WTIGMJMGEXMSR HSGYQIRXW JVSQ XLI VITEMV TVSNIGX EPSRK [MXL XLI SVMKMREP FYMPHMRK TPERW ERH WTIGMJMGEXMSRW [LIREZEMPEFPI WLSYPHFIQEMRXEMRIH c 4IVJSVQERGISJVITEMVWWLSYPHFIQSRMXSVIHF]HSGY QIRXMRKWYFWIUYIRXGLERKIWSJXLIGSRGVIXIVITEMVWSV WYVJEGIETTPMIHW]WXIQW c 4VSEGXMZI QSRMXSVMRK W]WXIQW WYGL EW EGSYWXMG QSRM XSVMRKJSVTSWXXIRWMSRIHWXVYGXYVIWWLSYPHFIEGXMZEXIH ERHQEMRXEMRIH[LIVIETTPMGEFPIERH c 'SRXMRYIH IZEPYEXMSR SJ XLI WXVYGXYVI F] TIVMSHMG IRKMRIIVMRKVIZMI[WWLSYPHFITVSKVEQQIH {(IWMKRGSRWMHIVEXMSRW %PXLSYKLXLIGSRXVEGXSVMWJYPP]VIWTSRWMFPIJSVGSRWXVYGXMSR WEJIX] [LIR HIWMKRMRK E GSRGVIXI VITEMV WXVIRKXLIRMRK W]WXIQSVFSXLXLIIRKMRIIVWLSYPHGSRWMHIVXLIWEJIX]ERH WIVZMGIEFMPMX]SJXLIWXVYGXYVIHYVMRKXLIGSRWXVYGXMSRERHXLI WXERHEVHWMJER EVIE KVIEXIV XLER WSQI TIVGIRXEKI SJ XLI XSXEP MW FIMRK SJ WXVYGXYVEPQIGLERMGW ERH LEZIER YRHIVWXERHMRKSJ QEXIVMEP 6 %'-'311-88))6)4368 FILEZMSVXSIZEPYEXIERHHIWMKREWXVYGXYVEPVITEMVWXVIRKXL IRMRKTVSGIHYVISVFSXL7SQIHIWMKRGSRWMHIVEXMSRWJSPPS[ ERHEVIHMWGYWWIHXLVSYKLSYXXLMWKYMHI 'YVVIRXPSEHHMWXVMFYXMSR{-REHIXIVMSVEXIHWXEXIE WXVYGXYVEPQIQFIVSVW]WXIQHMWXVMFYXIWHIEHERHPMZIPSEHW HMJJIVIRXP]XLERJMVWXEWWYQIH[LIRXLIWXVYGXYVI[EWRI[ 'VEGOMRKHIXIVMSVEXIHGSRGVIXI ERHGSVVSHIHVIMRJSVGIQIRX EPXIV XLI WXMJJRIWW SJ QIQFIVW [LMGL PIEHW XS GLERKIW MR WLIEVQSQIRXERHE\MEPPSEH HMWXVMFYXMSR%WGSRGVIXIERH VIMRJSVGIQIRX EVI VIQSZIH ERH VITPEGIH HYVMRK XLI VITEMV STIVEXMSRXLIWIVIHMWXVMFYXIHJSVGIWEVIJYVXLIVQSHMJMIH8S YRHIVWXERH XLI JMREP FILEZMSV SJ XLI WXVYGXYVEP W]WXIQ XLI XLER[SYPHFIEWWYQIHMRXLISVMKMREPSVERI[WXVYGXYVI  'SQTEXMFMPMX] SJ QEXIVMEPW{-J E VITEMV ERH XLI QIQFIVLEZIXLIWEQIWXMJJRIWW{JSVI\EQTPIQSHYPYWSJ IPEWXMGMX]{XLIEREP]WMWSJXLIVITEMVIHQIQFIVQE]FIXLI WEQIEWERI[WIGXMSR-JXLIWXMJJRIWWZEVMIWLS[IZIVXLIR XLI GSQTSWMXI REXYVI SJ XLI VITEMVIH W]WXIQ WLSYPH FI GSRWMHIVIH % QMWQEXGL SJ SXLIV QEXIVMEP GLEVEGXIVMWXMGW JYVXLIV I\EGIVFEXIW XLI IJJIGXW SJ XLIVQEP GLERKIW ZMFVE XMSRWERHPSRKXIVQGVIITERH WLVMROEKIIJJIGXW(MJJIVIRX GSIJJMGMIRXWSJXLIVQEPI\TERWMSRSJXLIVITEMVERHSVMKMREP QEXIVMEPVIWYPXWMRHMJJIVIRXHMQIRWMSREPGLERKIW8LIIRKMRIIV WLSYPH HIWMKR JSV XLI HMJJIVIRX QSZIQIRXW SV XLI VITEMV W]WXIQ WLSYPH FI WMQMPEV XS XLI XLIVQEP ERH HMQIRWMSREP GLEVEGXIVMWXMGWSJXLISVMKMREPQEXIVMEP  'VIIT WLVMROEKI SV FSXL{6IHYGXMSR MR PIRKXL EVIESVZSPYQISJFSXLXLIVITEMVERHSVMKMREPQEXIVMEPWHYI XS GVIIT WLVMROEKI SV FSXL EJJIGX XLI WXVYGXYVIW WIVZMGI EFMPMX] ERH HYVEFMPMX] %W ER I\EQTPI GSQTEVIH [MXL XLI SVMKMREPQEXIVMEPLMKLGVIITSVWLVMROEKISJVITEMVQEXIVMEPW VIWYPXWMRPSWWSJWXMJJRIWWSJ XLIVITEMVVIHMWXVMFYXIHJSVGIW ERH MRGVIEWIH HIJSVQEXMSRW 8LI IRKMRIIV WLSYPH GSRWMHIV XLIWIIJJIGXWMRXLIHIWMKR :MFVEXMSR{;LIRXLIMRWXEPPIHVITEMVQEXIVMEPMWMRE TPEWXMGWXEXISVYRXMPEHIUYEXIWXVIRKXLLEWFIIRHIZIPSTIH ZMFVEXMSRSJEWXVYGXYVIGERVIWYPXMRVIHYGIHFSRHMRKSJXLI VITEMV QEXIVMEP -WSPEXMRK XLI VITEMVW SV IPMQMREXMRK XLI ZMFVEXMSRQE]FIEHIWMKRGSRWMHIVEXMSR  ;EXIVERHZETSVQMKVEXMSR{;EXIVSVZETSV QMKVEXMSR XLVSYKL E GSRGVIXI WXVYGXYVI GER HIKVEHI E VITEMV 9RHIV WXERHMRKXLIGEYWISJXLIQMKVEXMSRERHGSRXVSPPMRKMXWLSYPH FITEVXSJEVITEMVHIWMKRGSRWMHIVEXMSR  7EJIX]{ 8LIGSRXVEGXSVMWVIWTSRWMFPIJSVGSRWXVYGXMSR WEJIX] 2IZIVXLIPIWW EW XLI IRKMRIIV GSRWMHIVW E VITEMV HIWMKR [LMGL QE] MRZSPZI WYFWXERXMEP GSRGVIXI VIQSZEP WXIIPVIMRJSVGMRKGYXXMRKSVFSXLLISVWLIWLSYPHRSXMJ]XLI GSRXVEGXSVSJXLIRIIHERHI\XIRXSJWLSVMRKERHFVEGMRK8LI PSGEP VITEMV SJ SRI WQEPP WIGXMSR GER EJJIGX E QYGL PEVKIV EVIESJ[LMGLXLIGSRXVEGXSVQE]RSXFIE[EVI  1EXIVMEP FILEZMSV GLEVEGXIVMWXMGW{;LIR RI[ ERH MRRSZEXMZI QEXIVMEPW ERH W]WXIQW EVI YWIH JSV VITEMV ERH WXVIRKXLIRMRKXLIWXVYGXYVEPFILEZMSVSJXLIVITEMVIHWIGXMSR GER HMJJIV WYFWXERXMEPP] JVSQ XLI FILEZMSV SJ XLI SVMKMREP WIGXMSR *SV I\EQTPI MJ E FIEQvW WXIIP VIMRJSVGIQIRX LEW GSVVSHIH I\XIRWMZIP] ERH PSWX TEVX SJ MXW PSEHGEVV]MRK GETEGMX]XLIWXIIPVIMRJSVGIQIRXQE]FIVITPEGIHF]GEVFSR JMFIVVIMRJSVGIH TSP]QIV '*64  ETTPMIH XS XLI I\XIVREP FSXXSQJEGISJXLIFIEQ8LISVMKMREP]MIPHMRKFILEZMSVSJXLI WXIIPFEVMWVITPEGIHF]*64XLEXMWWXVSRKIVFYXLEWEQSVI IPEWXMG ERH FVMXXPI FILEZMSV 8LI FILEZMSV EWWYQTXMSRW SJ GSHIWPMOI%'-EVIRSPSRKIVZEPMH8LIIRKMRIIVWLSYPH GSRWMHIV XLI FILEZMSV ERH TIVJSVQERGI SJ XLI RI[ VITEMV YRHIV XLI EGXYEP WIVZMGI ERH YPXMQEXI PSEH ERH HIWMKR XLI VITEMVXSTVSZMHIEXPIEWXERIUYMZEPIRXPIZIPSJWEJIX]XSXLI SVMKMREPHIWMKR7YGLEHIWMKRMWSYXWMHIXLIWGSTISJ%'- {*SVQEXERHSVKERM^EXMSR 'LETXIV  HMWGYWWIW VIQSZEP SJ HIXIVMSVEXIH GSRGVIXI TVITEVEXMSRSJWYVJEGIWXSVIGIMZIVITEMVQEXIVMEPWKIRIVEP QIXLSHW JSV GSRGVIXI VITEMV ERH VITEMV XIGLRMUYIW JSV VIMRJSVGMRK ERH TVIWXVIWWMRK WXIIP 'LETXIV  HMWGYWWIW ZEVMSYW X]TIW SJ VITEMV QEXIVMEPW XLEX QE] FI YWIH 8LI VIEHIV MW YVKIH XS YWI 'LETXIVW  ERH  MR GSQFMREXMSR [LIRWIPIGXMRKXLIVITEMVQEXIVMEPERHQIXLSHJSVEKMZIR WMXYEXMSR 'LETXIV  HIWGVMFIW QEXIVMEPW ERH W]WXIQW XLEX QE] FI YWIH XS TVSXIGX VITEMVIH SV YRVITEMVIH GSRGVIXI JVSQ HIXIVMSVEXMSR 'LETXIV  TVSZMHIW QIXLSHW JSV WXVIRKXLIRMRKERI\MWXMRKWXVYGXYVI[LIRVITEMVMRKHIJMGMIRGMIW MQTVSZMRK PSEHGEVV]MRK GETEFMPMXMIW SV FSXL 'LETXIV  TVSZMHIW VIJIVIRGIW MRGPYHMRK SXLIV ETTVSTVMEXI %'HSGYQIRXWERHMRHYWXV]VIWSYVGIW ',%48)6{'32'6)8)6)13:%0 46)4%6%8-32%2(6)4%-68)',2-59)7 {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v PSEHGEVV]MRK GETEGMX] ERH QE] GEYWIXLI[MVI W XSVYTXYVI[LMGLQE]PIEHXSWXVERHJEMPYVI {'SRGVIXIVIQSZEP %VITEMVTVSNIGXYWYEPP]MRZSPZIWVIQSZEPSJHIXIVMSVEXIH HEQEKIH SV HIJIGXMZI GSRGVIXI -R QSWX GSRGVIXI VITEMV TVSNIGXWXLI^SRIWSJHEQEKIHGSRGVIXIEVIRSX[IPPHIJMRIH 1SWXVIJIVIRGIWWXEXIXLEXEPPHEQEKIHSVHIXIVMSVEXIHQEXIVMEP WLSYPH FI VIQSZIH FYX MX MW RSX EP[E]WIEW]XSHIXIVQMRI [LIREPPWYGLQEXIVMEPLEWFIIRVIQSZIHSV[LIRXSSQYGL KSSHQEXIVMEP LEWFIIRVIQSZIH%GSQQSRVIGSQQIRHEXMSR MWXSVIQSZIWSYRHGSRGVIXIJSVEHIJMRIHHMWXERGIFI]SRH XLIHIPEQMREXIHEVIEXLIVIF]I\TSWMRKXLIVIMRJSVGMRKWXIIP FI]SRHXLITSMRXSJGSVVSHIHWXIIP '32'6)8)6)4%-6+9-() 6IQSZEPSJGSRGVIXIYWMRKI\TPSWMZIWSVSXLIVEKKVIWWMZI QIXLSHWGERHEQEKIXLIGSRGVIXIXLEXMWMRXIRHIHXSVIQEMR MRTPEGI*SVI\EQTPIFPEWXMRK [MXLI\TPSWMZIWSVXLIYWISJ WSQIMQTEGXXSSPWLIEZMIVXLER OK PF GERVIWYPXMR EHHMXMSREPHIPEQMREXMSRSVGVEGOMRK(IPEQMREXIHEVIEWGER FIMHIRXMJMIHF]YWMRKELEQQIVXSXEOIWSYRHMRKW -RQSWX GEWIWWYGLHIPEQMREXMSRWWLSYPHFIVIQSZIHFIJSVIVITEMV QEXIVMEPWEVITPEGIH 6IQSZEP SJ GSRGVIXI YWMRK MQTEGX XSSPW QE] VIWYPX MR WQEPPWGEPIQMGVSGVEGOMRKHEQEKI XIVQIHFVYMWMRK XSXLI WYVJEGI SJ XLI GSRGVIXI PIJX MR TPEGI 9RPIWW XLMW HEQEKIH PE]IVMWVIQSZIHE[IEOIRIH TPERIQE]SGGYVMRXLITEVIRX GSRGVIXIFIPS[XLIVITEMVQEXIVMEPFSRHPMRI8LMWGSRHMXMSR GERVIWYPXMREPS[XIRWMPIVYTXYVI FSRH WXVIRKXLFIX[IIR XLI TEVIRX GSRGVIXI ERH VITEMV QEXIVMEP 8LYW E TIVJIGXP] WSYRHERHEGGITXEFPIVITPEGIQIRXQEXIVMEPQE]JEMPHYIXS MQTVSTIVWYVJEGITVITEVEXMSR%PPHEQEKIHSVHIPEQMREXIH GSRGVIXIMRGPYHMRKFVYMWMRKEX XLIMRXIVJEGISJXLIVITEMVERH XLI TEVIRX GSRGVIXI WLSYPH FI VIQSZIH FIJSVI TPEGMRK XLI VITEMV QEXIVMEP 8LMW QE] VIUYMVI SRI X]TI SJ EKKVIWWMZI VIQSZEP JSV KVSWW VIQSZEP JSPPS[IH F] ERSXLIV X]TI SJ VIQSZEPJSVFVYMWMRK -REPPGEWIWMR[LMGLGSRGVIXILEWFIIRVIQSZIHJVSQ E WXVYGXYVI F]TVMQEV]QIERW WYGL EW FPEWXMRK SV EKKVIWWMZI MQTEGXQIXLSHWXLIGSRGVIXIPIJXMRTPEGIWLSYPHFITVITEVIH F] YWMRK E WIGSRHEV] QIXLSH WYGL EW GLMTTMRK EFVEWMZI FPEWXMRK SV LMKLTVIWWYVI [EXIV NIXXMRK XS VIQSZI ER] VIQEMRMRKHEQEKIHWYVJEGIQEXIVMEP'EVIJYPZMWYEPMRWTIGXMSRW SJXLITVITEVIHWYVJEGIWWLSYPH FIGSRHYGXIHFIJSVITPEGMRK VITEMVQEXIVMEPW;IXXMRKXLIWYVJEGIQE]LIPTXSMHIRXMJ]XLI TVIWIRGISJGVEGOMRK(IXIVQMREXMSRSJXLIXIRWMPIWXVIRKXL %'-6%TTIRHM\% F]TYPPSJJXIWXMRKMWEHZMWEFPISR TVITEVIHWYVJEGIWXSHIXIVQMRIXLIWYMXEFMPMX]SJXLIWYVJEGI XSVIGIMZIVITEMVQEXIVMEP 6IQSZEP SJ PMQMXIH EVIEW SJ GSRGVIXI MR EWPEF [EPP SV GSPYQR WYVJEGI VIUYMVIW WE[GYXXMRK XLI TIVMQIXIV SJ XLI VIQSZEPEVIETVSZMHMRKEREHIUYEXIQMRMQYQXLMGORIWWSJ VITEMVQEXIVMEPEXXLIIHKISJXLIVITEMVIHEVIEERHQMXMKEXMRK XLIEHZERGIQIRXSJYRHIXIGXIH MRGMTMIRXGVEGOMRK*IEXLIVMRK SJVITEMVQEXIVMEPWKIRIVEPP]WLSYPHFIEZSMHIH8LITVIT EVEXMSR JSV WLSXGVIXMRK MW ER I\GITXMSR %'- 6 VIGSQ QIRHWXETIVIHIHKIWEVSYRHXLITIVMQIXIVSJWYGLTEXGLIW 7E[GYXXMRKGEREPWSMQTVSZIXLIETTIEVERGISJXLIVITEMVIH EVIE8LIKIRIVEP WLETISJXLIVITEMVIHEVIEWWLSYPHFIEW W]QQIXVMGEP EW TSWWMFPI -'6-   6IIRXVERX GSVRIVW WLSYPHFIEZSMHIH0EVKIZEVMEXMSRWMRXLIHITXLSJVIQSZEP MRWLSVXHMWXERGIWWLSYPHEPWSFIEZSMHIH8LIXI\XYVISJXLI TVITEVIH WYVJEGI WLSYPH FI ETTVSTVMEXI JSV XLI MRXIRHIH VITEMVQEXIVMEP -'6-  )ZIV]TVIGEYXMSRWLSYPHFIQEHIXSEZSMHGYXXMRKYRHIV P]MRKVIMRJSVGIQIRX6IZMI[MRKHIWMKRHVE[MRKWERHYWMRKE GSZIVQIXIVSVWMQMPEVHIZMGITVSZMHIWHEXEEWXSXLIPSGEXMSR ERHHITXLSJVIMRJSVGIQIRX-R EHHMXMSRXLIVIQSZEPSJWQEPP EVIEWSJGSRGVIXIMWGSQQSRP]YWIHXSGSRJMVQXLIPSGEXMSR ERHHITXLSJFEVWFIJSVIWE[GYXXMRK 7IGXMSRWXLVSYKL  TVIWIRXHIWGVMTXMSRWSJQER] SJXLIGSQQSRP]YWIH GSRGVIXIVIQSZEPXIGLRMUYIWXSLIPT MRXLIWIPIGXMSRTVSGIWW 6  +IRIVEP GSRWMHIVEXMSRW{'SRGVIXI VIQSZEP EHHVIWWIWHIXIVMSVEXIH ERH HEQEKIH QEXIVMEP 7SQIWSYRH GSRGVIXI LS[IZIV QE] FI VIQSZIH XS TIVQMX WXVYGXYVEP QSHMJMGEXMSRW ERH XS IRWYVI XLEX EPP YRWSYRH QEXIVMEP MW VIQSZIH 8LI IJJIGXMZIRIWW SJ ZEVMSYWVIQSZEPXIGLRMUYIW GERHMJJIVJSVHIXIVMSVEXIHERHWSYRHGSRGVIXI7SQIXIGLRMUYIW QE]FIQSVIIJJIGXMZIMRWSYRHGSRGVIXI[LMPISXLIVWQE] [SVOFIXXIVJSVHIXIVMSVEXIHGSRGVIXI 'SRGVIXIVIQSZEPXIGLRMUYIWWIPIGXIHWLSYPHFIIJJIGXMZI WEJI IGSRSQMGEP IRZMVSRQIRXEPP] JVMIRHP] ERH QMRMQM^I HEQEKIXSXLIGSRGVIXIPIJXMRTPEGI8LIVIQSZEPXIGLRMUYI GLSWIRQE]LEZIEWMKRMJMGERXIJJIGXSRXLIPIRKXLSJXMQI XLEX E WXVYGXYVI [MPP FI SYX SJ WIVZMGI 7SQI XIGLRMUYIW TIVQMXEWMKRMJMGERXTSVXMSRSJXLI[SVOXSFIEGGSQTPMWLIH [MXLSYX VIQSZMRK XLI WXVYGXYVI JVSQ WIVZMGI 8LI WEQI VIQSZEP XIGLRMUYI LS[IZIV QE] RSX FI WYMXEFPI JSV EPP TSVXMSRWSJEKMZIRWXVYGXYVI-RWSQIMRWXERGIWEGSQFMREXMSR SJ VIQSZEP XIGLRMUYIW QE] FI QSVI ETTVSTVMEXI XS WTIIH VIQSZEPERHPMQMXHEQEKIXSXLIVIQEMRMRKWSYRHGSRGVIXI 8VMEP JMIPH XIWXMRK ZEVMSYW VIQSZEP XIGLRMUYIW GER LIPT GSRJMVQXLIFIWXTVSGIHYVIW -RKIRIVEPXLIIRKMRIIVVIWTSRWMFPIJSVXLIHIWMKRSJXLI VITEMV WLSYPH WTIGMJ] XLI SFNIGXMZIW XS FI EGLMIZIH F] XLI GSRGVIXI VIQSZEP ERH XLI VITEMV GSRXVEGXSV WLSYPH FI EPPS[IH XS WIPIGX XLI QSWX IGSRSQMGEP VIQSZEP QIXLSH WYFNIGX XS XLI IRKMRIIVv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{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{-RQSWXVITEMV TVSNIGXW EPP HEQEKIH SV HIXIVMSVEXIH GSRGVIXI WLSYPH FI VIQSZIHLS[IZIVXLIUYERXMX] SJGSRGVIXIXSFIVIQSZIHMW HMVIGXP]VIPEXIHXSXLIIPETWIHXMQIFIX[IIRTVITEVEXMSRSJ XLI IWXMQEXI ERH EGXYEP VIQSZEP 7YFWXERXMEP SZIVVYRW EVI GSQQSR )WXMQEXMRK MREGGYVEGMIW GER FI QMRMQM^IH F] E XLSVSYKLGSRHMXMSRWYVZI]EWGPSWIEWTSWWMFPIXSXLIXMQIXLI VITEMV[SVOMWI\IGYXIH4SXIRXMEPUYERXMX]SZIVVYRWFEWIH SRJMIPHQIEWYVIHUYERXMXMIWWLSYPHFIXEOIRMRXSEGGSYRX ;LIR F] RIGIWWMX] XLI GSRHMXMSR WYVZI] MW HSRI JEV MR EHZERGISJXLIVITEMV[SVOXLIIWXMQEXIHUYERXMXMIWWLSYPH FIMRGVIEWIHXSEGGSYRXJSVGSRXMRYIHHIXIVMSVEXMSR&IGEYWI QSWXGSRGVIXIVITEMVTVSNIGXW EVIFEWIHSRYRMXTVMGIWVITEMV EVIEW WLSYPH FI EGGYVEXIP] QIEWYVIH FIJSVI JSVQW EVI MRWXEPPIH8LMWMWYWYEPP]HSRI NSMRXP]F]XLIIRKMRIIVERHXLI GSRXVEGXSV -X MW RSX YRGSQQSR JSV IWXMQEXIH UYERXMXMIW XS MRGVIEWIWMKRMJMGERXP]FIX[IIRXLIHIXIGXEFPIUYERXMXMIWERH XLIEGXYEPUYERXMX]VIQSZIH-'6-TVSZMHIWKYMHIPMRIW JSVQIXLSHWSJQIEWYVIQIRXJSVGSRGVIXIVITEMV[SVO  'PEWWMJMGEXMSR SJ GSRGVIXI VIQSZEP QIXLSHW{ 6IQSZEPERHI\GEZEXMSRQIXLSHW GERFIGEXIKSVM^IHF]XLI [E]MR[LMGLXLITVSGIWWEGXWSR XLIGSRGVIXI8LIWIGEXIKSVMIW EVI FPEWXMRK GYXXMRK MQTEGXMRK QMPPMRK L]HVSHIQSPMXMSR TVIWTPMXXMRK ERH EFVEHMRK 8EFPI  TVSZMHIW E KIRIVEP HIWGVMTXMSR SJ XLIWI GEXIKSVMIW PMWXW XLI WTIGMJMG VIQSZEP XIGLRMUYIW[MXLMRIEGLGEXIKSV]ERHTVSZMHIWEWYQQEV]SJ MRJSVQEXMSRSRIEGLXIGLRMUYI8LIXIGLRMUYIWEVIHMWGYWWIH MRHIXEMPMRXLIJSPPS[MRKWIGXMSRW  &PEWXMRK QIXLSHW{&PEWXMRK QIXLSHW KIRIVEPP] IQTPS] VETMHP] I\TERHMRK KEW GSRJMRIH [MXLMR E WIVMIW SJ FSVILSPIWXSTVSHYGIGSRXVSPPIHJVEGXYVIERHVIQSZEPSJXLI GSRGVIXI8LISRP]FPEWXMRKQIXLSHEHHVIWWIHMRXLMWVITSVX MWI\TPSWMZIFPEWXMRK )\TPSWMZIFPEWXMRKMWXLIQSWXGSWXIJJIGXMZIERHI\TIHMIRX QIERW JSV VIQSZMRK PEVKI UYERXMXMIW SJ GSRGVIXI{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{'YXXMRK QIXLSHW KIRIVEPP] IQTPS] QIGLERMGEP WE[MRK MRXIRWI LIEX SV LMKLTVIWWYVI [EXIVNIXWXSGYXEVSYRHXLITIVMQIXIVSJGSRGVIXIWIGXMSRWXS TIVQMXXLIMVVIQSZEP8LIWM^ISJ XLIWIGXMSRWXLEXEVIGYXJVII MW KSZIVRIH F] XLI EZEMPEFPI PMJXMRK ERH XVERWTSVXMRK IUYMTQIRX 8LI GYXXMRK QIXLSHW MRGPYHI LMKLTVIWWYVI [EXIV NIXW WE[ GYXXMRK HMEQSRH [MVI GYXXMRK QIGLERMGEP WLIEVMRKWXMXGLHVMPPMRKERHXLIVQEPGYXXMRK E ,MKLTVIWWYVI[EXIVNIX [MXLSYXEFVEWMZIW {%LMKL TVIWWYVI [EXIVNIX YWIW E WQEPP NIX SJ [EXIV HVMZIR EXLMKL ZIPSGMXMIWGSQQSRP]TVSHYGMRK TVIWWYVIWSJXS14E XSTWM %RYQFIVSJHMJJIVIRXX]TIWSJ[EXIV NIXW EVI GYVVIRXP] FIMRK YWIH 8LI QSWX TVSQMWMRK EVI XLI YPXVELMKLTVIWWYVINIXERHXLIGEZMXEXMRKNIX7IGXMSR HIWGVMFIW YWMRK E [EXIV NIX EW E TVMQEV] VIQSZEP QIXLSH ;EXIV NIXW YWIH [MXL EFVEWMZIW EVI HIWGVMFIH MR 7IGXMSR  F 7E[GYXXMRK{(MEQSRHSVGEVFMHIWE[WEVIEZEMPEFPIMR WM^IW VERKMRK JVSQ WQEPP GETEFPI SJ FIMRK LERHLIPH  XS PEVKI GETEFPISJGYXXMRKHITXLWSJYTXSQ?MRA  G  (MEQSRH [MVI GYXXMRK{(MEQSRH [MVI GYXXMRK MW EGGSQTPMWLIH [MXL E [MVI GSRXEMRMRK RSHYPIWMQTVIKREXIH [MXL HMEQSRHW 8LI [MVI MW [VETTIH EVSYRH XLI GSRGVIXI QEWWXSFIGYXERHVIGSRRIGXIH[MXLXLITS[IVTEGOXSJSVQ EGSRXMRYSYWPSST8LIPSSTMWWTYRMRXLITPERISJXLIGYX [LMPI FIMRK HVE[R XLVSYKL XLI GSRGVIXI QIQFIV 8LMW W]WXIQGERFIYWIHXSGYXEWXVYGXYVISJER]WM^IEWPSRKEW XLI[MVIGERFI[VETTIHEVSYRHXLIGSRGVIXI8LIPMQMXWSJ XLITS[IVWSYVGIHIXIVQMRIWXLIWM^ISJXLIGSRGVIXIWXVYGXYVI XLEXGERFIGYX8LMWW]WXIQTVSZMHIWERIJJMGMIRXQIXLSHJSV GYXXMRKYTERHHMWQERXPMRKPEVKISVWQEPPGSRGVIXIWXVYGXYVIW H 1IGLERMGEPWLIEVMRK{8LIQIGLERMGEPWLIEVMRKQIXLSH IQTPS]W L]HVEYPMGEPP] TS[IVIH NE[W XS GYX GSRGVIXI ERH VIMRJSVGMRK WXIIP 8LMW QIXLSH MW ETTPMGEFPI JSV QEOMRK GYXSYXW XLVSYKL WPEFW HIGOW ERH SXLIV XLMR GSRGVIXI '32'6)8)6)4%-6+9-() 6 8EFPI{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{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{8LMW QIXLSH VIUYMVIW TS[HIV XSVGL XLIVQEPPERGIERHTS[HIVPERGI[LMGLHIZIPSTMRXIRWILIEX KIRIVEXIH F] XLI VIEGXMSR FIX[IIR S\]KIR ERH TS[HIVIH QIXEPWXSQIPXEWPSXMRXSGSRGVIXI8LIXLIVQEPHIZMGIvWEFMPMX] JSVVIQSZMRKGSRGVIXIJVSQWXVYGXYVIWQEMRP]HITIRHWSRXLI VEXIEX[LMGLXLIVIWYPXMRKWPEKGERJPS[JVSQXLIWPSX8LIWI HIZMGIWYWIMRXIRWILIEXERHEVIIWTIGMEPP]IJJIGXMZIJSVGYXXMRK VIMRJSVGIH GSRGVIXILS[IZIV XLI]EVI GSRWMHIVIH WPS[ VIPEXMZIP]I\TIRWMZIERHEVIRSX[MHIP]YWIH 6 %'-'311-88))6)4368 8EFPI GSRX {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{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{8LILERHLIPHFVIEOIVSVGLMTTMRK LEQQIVMWTVSFEFP]XLIFIWXORS[RSJEPPGSRGVIXIVIQSZEP HIZMGIW ,ERHLIPH FVIEOIVW EVI EZEMPEFPI MR ZEVMSYW WM^IW [MXL HMJJIVIRX PIZIPW SJ IRIVK]ERHIJJMGMIRG] 8LIWI XSSPW EVIKIRIVEPP]HIJMRIHF][IMKLXERHZEV]MRWM^IJVSQXS OK XSPF  2SXIXLIPEVKIVXLILEQQIVWYGLEWOK ? PFA ERH PEVKIV XLI KVIEXIV XLI TSXIRXMEP JSV QMGVSG VEGOMRK 8LIWQEPPIVLERHLIPHFVIEOIVWWYGLEWOK PF ERHWQEPPIVEVIYWIHMRTEVXMEPVIQSZEPSJYRWSYRHGSRGVIXI SV GSRGVIXI EVSYRH VIMRJSVGMRK WXIIP FIGEYWI XLI] HS PMXXPI HEQEKI XS WYVVSYRHMRK GSRGVIXI0EVKIV FVIEOIVW EVI YWIH JSVGSQTPIXIVIQSZEPSJPEVKIZSPYQIWSJGSRGVIXISVHIPEQ MREXMSRW'EVIWLSYPHFII\IVGMWIH[LIRWIPIGXMRKXLIWM^ISJ '32'6)8)6)4%-6+9-() 6 8EFPI GSRX {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{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{7GEFFPIVWEVIFIWXORS[RJSVXLIMVEFMPMX]XS VIQSZIWLEPPS[HITXLWSJGSRGVIXIJVSQEWYVJEGI8LIWGEFFPIV LIEHWEVISJZEVMSYWWM^IWERHKISQIXVMGEPWLETIWERHZEV]MRK RYQFIVW QE]FIQSYRXIHSR XLI G]PMRHIVW 8LIWM^ISJ XLI IUYMTQIRXHITIRHWSRXLIRYQFIVSJG]PMRHIVW8LIIUYMTQIRX MW RSVQEPP] STIVEXIH F] GSQTVIWWIH EMV 8LI WGEFFPIV MW HIWMKRIH XS VIQSZI HIXIVMSVEXIH SV WSYRH GSRGVIXI JVSQ E WYVJEGIXSE TVIHIXIVQMRIH HITXL 7GEFFPIVWYWYEPP] PIEZI E WYVJEGI [MXL QMGVSGVEGOMRK (IXIVQMREXMSR SJ XLI XIRWMPI VYTXYVI WXVIRKXL F] TYPPSJJ XIWXMRK MW VIGSQQIRHIH SR WYVJEGIWTVITEVIHF]WGEFFPIVWXSHIXIVQMRIXLIWYMXEFMPMX]SJ XLIWYVJEGIXSVIGIMZIVITEMVQEXIVMEPW  1MPPMRKQIXLSHW{1MPPMRKQIXLSHWVIQSZIEWTIGMJMIH EQSYRXSJGSRGVIXIJVSQPEVKIEVIEWSJLSVM^SRXEPSVZIVXMGEP WYVJEGIW 8LIVIQSZEP HITXL GER ZEV]JVSQ  XS QQ 6 %'-'311-88))6)4368  XS  MR  1MPPMRK STIVEXMSRW YWYEPP] PIEZI E WSYRH WYVJEGI [MXL PIWW QMGVSJVEGXYVIW XLER MQTEGX QIXLSHW :MVKMRME8VERWTSVXEXMSR6IWIEVGL'SYRGMP   7GEVMJMIV{%WGEVMJMIVMWEGSRGVIXIGYXXMRKXSSPXLEX IQTPS]WXLIVSXEV]EGXMSRERHQEWWSJMXWGYXXIVFMXWXSVSYX GYXW MRXS GSRGVIXI WYVJEGIW -X VIQSZIW PSSWI GSRGVIXI JVEKQIRXW WGEPI JVSQJVIWLP]FPEWXIHWYVJEGIWERHVIQSZIW GSRGVIXI XLEX MW GVEGOIH ERH [IEOIRIH F] ER I\TERWMZI EKIRX-XEPWS MWXLIWSPIQIXLSHSJVIQSZMRKHIXIVMSVEXIHERH WSYRHGSRGVIXIMR[LMGLWSQISJXLIGSRGVIXIGSRXEMRWJSVQ XMIW ERH [MVI QIWL 7GEVMJMIVW EVI EZEMPEFPI MR E VERKI SJ WM^IW8LIWGEVMJMIVMWERIJJIGXMZIXSSPJSVVIQSZMRKHIXIVMSVEXIH GSRGVIXISRZIVXMGEPERHLSVM^SRXEPWYVJEGIW3XLIVEHZERXEKIW MRGPYHI [IPPHIJMRIH PMQMXW SJ GSRGVIXI VIQSZEP VIPEXMZIP] WQEPPERHIEWMP]LERHPIHGSRGVIXIHIFVMWERHWMQTPMGMX] SJSTIVEXMSR  ,]HVSHIQSPMXMSR{,MKLTVIWWYVI [EXIV NIXXMRK L]HVSHIQSPMXMSR  GER FI YWIH XS VIQSZI GSRGVIXI XS TVIWIVZIERHGPIERXLIWXIIPVIMRJSVGIQIRXJSVVIYWIERHXS QMRMQM^IQMGVSGVEGOMRKXSXLIVIQEMRMRKMRTPEGIGSRGVIXI 8LI QIXLSH EPWS LEW E LMKL IJJMGMIRG] ,]HVSHIQSPMXMSR HMWMRXIKVEXIWGSRGVIXIVIXYVRMRKMXXSWERHERHKVEZIPWM^IH TMIGIW8LMWTVSGIWW[SVOWSRWSYRHSVHIXIVMSVEXIHGSRGVIXI ERHPIEZIWEVSYKLTVSJMPI,]HVSHIQSPMXMSRTYRGLIWXLVSYKL XLI JYPP HITXL SJ WPEFW MR WQEPP EVIEW [LIR XLI GSRGVIXIMW YRWSYRHSV[LIRJYPPHITXLTEXGLIWEVIMREHIUYEXIP]FSRHIH XS XLI WMHI [EPPW ,]HVSHIQSPMXMSR WLSYPH RSX FI YWIH MR WXVYGXYVIW [MXL YRFSRHIH XIRHSRW I\GITX YRHIV XLI HMVIGX WYTIVZMWMSRSJEWXVYGXYVEPIRKMRIIV ,MKLTVIWWYVI[EXIVNIXWMRXLI14E TWM VERKI VIUYMVIXS0QMR XSKEPQMR %WXLITVIWWYVI MRGVIEWIWXSXS14E XSTWM XLI[EXIV HIQERH ZEVMIW JVSQ  XS  0QMR  XS  KEPQMR 2MXXIRKIV   8LI IUYMTQIRX QERYJEGXYVIV WLSYPH FI GSRWYPXIHXSGSRJMVQXLI[EXIVHIQERH9PXVELMKLTVIWWYVI IUYMTQIRXSTIVEXMRKEXXS14E XSTWM LEWXLIGETEFMPMX]SJQMPPMRKGSRGVIXIXSHITXLWSJXSQQ XSMR 'SRXEMRQIRXERHWYFWIUYIRX HMWTSWEPSJXLI [EXIV EVI VIUYMVIQIRXW SJ XLI L]HVSHIQSPMXMSR TVSGIWW 1ER] PSGEPMXMIW VIUYMVI XLMW [EXIV XS FI JMPXIVIH ERH XLIR XVIEXIH XS VIHYGI XLI EPOEPMRMX] ERH TEVXMGYPEXIW FIJSVI XLI [EXIVGERFIVIPIEWIHMRXSEWXSVQSV[EWXI[EXIVW]WXIQ ;EXIVNIXPERGIWSTIVEXMRKEXTVIWWYVIWSJXS14E XSTWM ERHLEZMRKE[EXIVHIQERHSJXS 0QMR XSKEPQMR EVIEZEMPEFPI8LI]EVIGETEFPI SJ GYXXMRK WIGXMSRW SJ GSRGVIXI SV WIPIGXMZIP] VIQSZMRK WYVJEGIGSRGVIXIMREVIEWXLEXEVIHMJJMGYPXXSVIEGL[MXLPEVKIV IUYMTQIRX -'6-   4VIWTPMXXMRK QIXLSHW{4VIWTPMXXMRK QIXLSHW YWI L]HVEYPMGWTPMXXIVW[EXIVTVIWWYVITYPWIWSVI\TERWMZIGLIQ MGEPWYWIHMRFSVILSPIWHVMPPIHEXTSMRXWEPSRKETVIHIXIVQMRIH PMRIXSMRHYGIEGVEGOTPERIJSVXLIVIQSZEPSJGSRGVIXI8LI TEXXIVR WTEGMRK ERH HITXL SJ XLI FSVILSPIW EJJIGX XLI HMVIGXMSR ERH I\XIRX SJ XLI GVEGO TPERIW XLEX TVSTEKEXI 4VIWTPMXXMRKMWKIRIVEPP]YWIHMRQEWWGSRGVIXIWXVYGXYVIWSV YRVIMRJSVGIHGSRGVIXI E ,]HVEYPMGWTPMXXIV{8LIL]HVEYPMGWTPMXXIVMWE[IHKMRK HIZMGIXLEXMWYWIHMRTVIHVMPPIHFSVILSPIWXSWTPMXGSRGVIXI MRXSWIGXMSRW8LMWQIXLSHLEWTSXIRXMEPEWETVMQEV]QIERW JSVVIQSZEPSJPEVKIZSPYQIWSJQEXIVMEPJVSQQEWWGSRGVIXI WXVYGXYVIW7IGSRHEV]QIERWSJWITEVEXMRKERHLERHPMRKXLI GSRGVIXILS[IZIVQE]FIVIUYMVIH[LIVIVIMRJSVGMRKWXIIP MWMRZSPZIH F ;EXIVTYPWIWTPMXXIV{8LI[EXIVTVIWWYVITYPWIQIXLSH VIUYMVIWXLEXXLIFSVILSPIWFIJMPPIH[MXL[EXIV%HIZMGISV HIZMGIWGSRXEMRMRKEZIV]WQEPPI\TPSWMZIGLEVKIMWTPEGIH MRXSSRISVQSVILSPIWERHXLII\TPSWMZIMWHIXSREXIH8LI I\TPSWMSR GVIEXIW E LMKLTVIWWYVI TYPWI XLEX MW XVERWQMXXIH XLVSYKL XLI [EXIV XS XLI WXVYGXYVI GVEGOMRK XLI GSRGVIXI 7IGSRHEV]QIERWQE]FIVIUYMVIHXSGSQTPIXIXLIVIQSZEP SJ VIMRJSVGIH GSRGVIXI 8LMW QIXLSH HSIW RSX [SVO MJ XLI GSRGVIXIMWWSFEHP]GVEGOIHSVHIXIVMSVEXIHXLEXMXHSIWRSX LSPH[EXIVMRXLIHVMPPLSPIW G )\TERWMZI TVSHYGX EKIRXW{'SQQIVGMEPP] EZEMPEFPI GIQIRXMXMSYW I\TERWMZI TVSHYGX EKIRXW WYGL EW XLSWI GSRXEMRMRK EPYQMRYQ TS[HIV [LIR GSVVIGXP] QM\IH [MXL [EXIVI\LMFMXEPEVKIMRGVIEWIMRZSPYQISZIVEWLSVXTIVMSH SJXMQI&]TPEGMRKXLII\TERWMZIEKIRXMRFSVILSPIWPSGEXIH MR E TVIHIXIVQMRIH TEXXIVR [MXLMR E GSRGVIXI WXVYGXYVI XLI GSRGVIXI GER FI WTPMX MR E GSRXVSPPIH QERRIV JSV VIQSZEP 8LMWXIGLRMUYILEWTSXIRXMEPEWETVMQEV]QIERWSJVIQSZMRK PEVKI ZSPYQIW SJ QEXIVMEP JVSQ GSRGVIXI WXVYGXYVIW ERH MW FIWXWYMXIHJSVYWIMRLSPIWSJWMKRMJMGERXHITXL7IGSRHEV] QIERW QE] FI VIUYMVIH XS GSQTPIXI XLI WITEVEXMSR ERH VIQSZEPSJGSRGVIXIJVSQXLIVIMRJSVGIQIRX%OI]EHZERXEKI XS XLI YWI SJ I\TERWMZI EKIRXW MW XLI VIPEXMZIP] RSRZMSPIRX REXYVISJXLITVSGIWWERHXLIVIHYGIHXIRHIRG]XSHMWXYVFXLI EHNEGIRXGSRGVIXI  %FVEHMRK FPEWXMRK{%FVEHMRK FPEWXMRK VIQSZIW GSRGVIXIF]TVSTIPPMRKEREFVEWMZIQIHMYQEXLMKLZIPSGMX] EKEMRWXXLIGSRGVIXIWYVJEGIXSEFVEHIMX%FVEWMZIFPEWXMRKMW X]TMGEPP]YWIHXSVIQSZIWYVJEGIGSRXEQMRERXWERHEWEJMREP WYVJEGITVITEVEXMSR'SQQSRP]YWIHQIXLSHWMRGPYHIWERH FPEWXMRKWLSXFPEWXMRKERHLMKLTVIWWYVI[EXIVFPEWXMRK 7ERHFPEWXMRK{7ERHFPEWXMRKMWXLIQSWXGSQQSRP] YWIHQIXLSHSJGPIERMRKGSRGVIXIERHVIMRJSVGMRKWXIIPMRXLI GSRWXVYGXMSR MRHYWXV] 8LI TVSGIWW YWIW GSQQSR WERHW WMPMGEWERHWSVQIXEPPMGWERHWEWXLITVMQEV]EFVEHMRKXSSP 8LITVSGIWWQE]FII\IGYXIHMRSRISJXLVIIQIXLSHW  (V] WERHFPEWXMRK{7ERHW EVI TVSNIGXIH EX XLI GSRGVIXISVWXIIPMREWXVIEQSJLMKLTVIWWYVIEMVMRXLISTIR EXQSWTLIVI8LIWERHTEVXMGPIWEVIYWYEPP]ERKYPEVERHQE] VERKIMRWM^IJVSQTEWWMRKEXSEQQ 2SXSE 2S WMIZI8LIVSYKLIVXLIVIUYMVIHWYVJEGIGSRHMXMSRXLI PEVKIVXLIWERHTEVXMGPIWM^I 8LIWERHTEVXMGPIWEVITVSTIPPIHEXXLIWYVJEGIMREWXVIEQ '32'6)8)6)4%-6+9-() %FVEWMZI[EXIVFPEWXMRKPIEZIW XLIGSRGVIXIWYVJEGIGPIER ERHJVIISJHYWX8LIWYVJEGIMWTVITEVIHXSVIGIMZIXLIRI\X STIVEXMSRWYGLEWWIEPIVGSEXMRKSVSZIVPE] {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{7YVJEGITVITEVEXMSRGSRWMWXWSJ XLIJMREPWXITWRIGIWWEV]XSTVITEVIXLIGSRGVIXIWYVJEGIXS VIGIMZIXLIVITEMVQEXIVMEPW 8LIETTVSTVMEXITVITEVEXMSRSJ XLI GSRGVIXI WYVJEGI HITIRHW SR TVIGIHMRK STIVEXMSRW XS VIQSZIGSRGVIXIERHSRXLI X]TISJVITEMVYRHIVXEOIR 1SWXSJXLIQIXLSHWHIWGVMFIHMR7IGXMSREPWSGERFI YWIHJSVWYVJEGITVITEVEXMSR%RIJJIGXMZIQIXLSHJSVGSRGVIXI VIQSZEPLS[IZIVQE]RSXFIIJJIGXMZISVETTVSTVMEXIJSV E WTIGMJMG WYVJEGI TVITEVEXMSR *SV I\EQTPI WSQI GSRGVIXI VIQSZEPQIXLSHWPIEZIXLIGSRGVIXIWYVJEGIXSSWQSSXLXSS VSYKL SV XSS MVVIKYPEV JSV XLI WYFWIUYIRX VITEMV -R XLIWI GEWIWVIQSZEPQIXLSHWSVQIXLSHWWTIGMJMGEPP]MRXIRHIHJSV XLIJMREPWYVJEGITVITEVEXMSRQE]FIRIIHIH7SQIGSRGVIXI VIQSZEPQIXLSHWHEQEKISV[IEOIRXLIVIQEMRMRKGSRGVIXI WYVJEGI 8LMW QE] FI GVMXMGEP MJ WXVYGXYVEP FSRHMRK SJ E WYFWIUYIRXVITEMVMWMQTSVXERX*SVI\EQTPIQMGVSGVEGOMRK SJXLIVIWYPXERXWYVJEGIGERSGGYV[LIRMQTEGXQIXLSHWEVI YWIH TVSZMHMRK E [IEOIRIH TPERI MR XLI TEVIRX GSRGVIXI FIPS[XLIVITEMVQEXIVMEPFSRHPMRI-RXLMWGEWIEPIWWMRZEWMZI ERHPIWWEKKVIWWMZIQIXLSHSJ JMREPWYVJEGITVITEVEXMSRWYGL EWWERHSV[EXIVEFVEWMSR QE]FIFIXXIV -RQER]VITEMVWMXYEXMSRWXLITVSTSWIHVITEMVVIUYMVIWSRP] WYVJEGI VSYKLIRMRK I\TSWYVI SJ GSEVWI SV JMRI EKKVIKEXI VIQSZEPSJEXLMRPE]IVSJHEQEKIHGSRGVIXISVGPIERMRKSJ XLI GSRGVIXI WYVJEGI ;MXLMR XLI PMQMXW HIWGVMFIH MR XLI TVIZMSYW TEVEKVETL WIZIVEP SJ XLI VIQSZEP QIXLSHW HIWGVMFIHMR7IGXMSRGERFIYWIHJSVXLMWX]TISJWYVJEGI TVITEVEXMSR8LIVIJIVIRGIHQIXLSHWSJJIVE[MHIVERKISJ TSWWMFPIWYVJEGIGLEVEGXIVMWXMGWERHVIWYPXW*SVI\EQTPIXLI JMRMWLIH WYVJEGI QE] ZEV] JVSQ E PMKLX EFVEWMZI GPIERMRK WYMXEFPIJSVXLIETTPMGEXMSRSJEGSEXMRKXSEHIITIVVSYKL IRMRKRIIHIHJSVWXVSRKFSRHERHVIPMEFPITIVJSVQERGISJE GVMXMGEPWXVYGXYVEPVITEMV8LIGLSMGISJWYMXEFPIQIXLSHWMW I\XVIQIP] MQTSVXERX FIGEYWI MX LEW E WXVSRK MRJPYIRGI SR FSXLXLIGSWXERHXLITIVJSVQERGISJXLIVITEMV  1IXLSHW SJ WYVJEGI TVITEVEXMSR{8]TMGEP QIXLSHW SJWYVJEGITVITEVEXMSREVI E 'LIQMGEPGPIERMRK{-RQSWXGEWIWGLIQMGEPGPIERMRK QIXLSHWSJWYVJEGI TVITEVEXMSREVIRSXETTVSTVMEXIJSVYWI [MXLXLIGSRGVIXIVITEMVQEXIVMEPWERHQIXLSHWTVIWIRXIHMR XLMW KYMHI ;MXL GIVXEMR GSEXMRKW YRHIV GIVXEMR GSRHMXMSRW LS[IZIV MX QE] FI TSWWMFPI XS YWI HIXIVKIRXW XVMWSHMYQ TLSWTLEXI ERH ZEVMSYW TVSTVMIXEV] GSRGVIXI GPIERIVW %PP XVEGIW SJ XLI GPIERMRK EKIRX WLSYPH FI VIQSZIH EJXIV XLI GSRXEQMREXMRK QEXIVMEP MW VIQSZIH 7SPZIRXW WLSYPH RSX FI YWIHXSGPIERGSRGVIXIFIGEYWIXLI]HMWWSPZIXLIGSRXEQMRERX ERHGEVV]MXHIITIVMRXSXLIGSRGVIXI F  %GMH IXGLMRK{%GMH IXGLMRK SJ GSRGVIXI WYVJEGIW LEW PSRKFIIRYWIHXSVIQSZIPEMXERGI8LIEGMHVIQSZIWIRSYKL 6 %'-'311-88))6)4368 GIQIRXTEWXIXSTVSZMHIEVSYKLIRIHWYVJEGIXLEXMQTVSZIW XLIFSRHMRKWYVJEGIJSVGSEXMRKW%'-6VIGSQQIRHW XLEXEGMHFIYWIHSRP][LIRRSEPXIVREXMZIQIERWSJWYVJEGI TVITEVEXMSRGERFIYWIHERH %'-6HSIWRSXVIGSQQIRH XLI YWI SJ EGMH IXGLMRK %GMHW QE] TIRIXVEXI XLI GSRGVIXI WYVJEGIXLVSYKLGVEGOWERHTVSQSXIGSVVSWMSRSJYRHIVP]MRK VIMRJSVGMRKWXIIPMRWXVYGXYVEPGSRGVIXI8LIEGMHW[IEOIRXLI VIQEMRMRKTEWXITLEWISRXLIGSRGVIXIWYVJEGI G 1IGLERMGEP TVITEVEXMSR{8LMW XIGLRMUYI GSRWMWXW SJ QIGLERMGEPP]VIQSZMRKXLMRPE]IVWSJWYVJEGIGSRGVIXIYWMRK IUYMTQIRXWYGLEWMQTEGXMRKXSSPW FVIEOIVWERHWGEFFPIVW  KVMRHIVWERHWGEVMJMIVW(ITIRHMRKSRXLIIUYMTQIRXYWIHE ZEVMIX]SJWYVJEGIWQE]FISFXEMRIH8LIWIQIXLSHWWLSYPHFI YWIHGEVIJYPP]SVXLI]GSYPHVIWYPXMRI\GIWWMZIQMGVSGVEGOMRK EWHMWGYWWIHMR7IGXMSR H %FVEWMZI TVITEVEXMSR{8LMW XIGLRMUYI VIQSZIW XLMR PE]IVWSJWYVJEGIGSRGVIXIYWMRKEFVEWMZIIUYMTQIRXWYGLEW WERHFPEWXIVWWLSXFPEWXIVWSVLMKLTVIWWYVI[EXIVFPEWXIVW 9TSR GSQTPIXMSR SJ XLI WYVJEGI TVITEVEXMSR EPP VIWMHYI PIJX F] XLI TVSGIWW WLSYPH FI VIQSZIH 8LMW QE] VIUYMVI JYVXLIV[EXIVSVEMVFPEWXMRKZEGYYQMRKSVSXLIVXIGLRMUYIW -'6-TVSZMHIWETVSJMPIRYQFIVW]WXIQJSVHIXIVQMRMRK WYVJEGIVSYKLRIWWRIGIWWEV]JSVZEVMSYWSZIVPE]ETTPMGEXMSRW 7YVJEGI VSYKLRIWW HIJMRIH F] WERHTETIV KVMX WM^I MW EPWS GSQQSRP]YWIHXSGLEVEGXIVM^IWYVJEGIVSYKLRIWW {6IMRJSVGIQIRXVITEMV 8LIQSWXJVIUYIRXGEYWISJHEQEKIXSVIMRJSVGMRKWXIIPMW GSVVSWMSR 3XLIV TSWWMFPI GEYWIW SJ HEQEKI EVI JMVI GLIQMGEPEXXEGOERHEGGMHIRXEPGYXXMRK8LIJSPPS[MRKFEWMG TVITEVEXMSR ERH VITEMV TVSGIHYVIW QE] FI YWIH JSV EPP SJ XLIWIGEYWIWSJHEQEKI %JXIVXLIGEYWISJXLIHEQEKILEWFIIRHIXIVQMRIHMXMW RIGIWWEV] XS I\TSWI XLI WXIIP IZEPYEXI MXW GSRHMXMSR ERH TVITEVIXLIVIMRJSVGIQIRXJSV XLIVITEMVXIGLRMUYIW4VSTIV WXITW XS TVITEVI XLI VIMRJSVGIQIRX LIPTW IRWYVI XLEX XLI VITEMV QIXLSH QIIXWXLI VIUYMVIQIRXW JSVXLI PSRKIZMX] SJ XLIVITEMVWSPYXMSR %R MRI\TIRWMZI SR E WLSVXXIVQ FEWMW  ERH GSQQSR ETTVSEGLXSVITEMVSJVIMRJSVGIQIRXGSVVSWMSRMWXSVITPEGI GSRGVIXISRP][LIVIWTEPPWSVHIPEQMREXMSRWLEZISGGYVVIH +IRIVEPP]XLMWETTVSEGLPIEZIWGLPSVMHIGSRXEQMREXIH GSRGVIXI WYVVSYRHMRK XLI VITEMVIH EVIE XLEX MW LMKLP] GSRHYGMZI XS GSRXMRYIH GSVVSWMSR 8LI VITEMVW QE] EGXYEPP] EKKVEZEXI GSVVSWMSRMRXLIEVIEEHNEGIRXXSXLIQ 8LMWMWORS[REWXLI LEPS SVERSHMGIJJIGX ERHMWHMWGYWWIHQSVI I\XIRWMZIP] MR 7IGXMSR  6IQSZEP SJ GSRGVIXI WYVVSYRHMRK WXIIP{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{%PP [IEO HEQEKIH ERH IEWMP] VIQSZEFPIGSRGVIXIWLSYPHFIGLMTTIHE[E]-JXLIVIMRJSVGMRK FEVWEVISRP]TEVXMEPP]I\TSWIHEJXIVEPPYRWSYRHGSRGVIXIMW VIQSZIH MX QE] RSX FI RIGIWWEV] XS VIQSZI EHHMXMSREP GSRGVIXIXSI\TSWIXLIJYPPGMVGYQJIVIRGISJXLIVIMRJSVGIQIRX ;LIRXLII\TSWIHVIMRJSVGMRKWXIIPLEWPSSWIVYWXGSVVSWMSR TVSHYGXWSVMWRSX[IPPFSRHIHXSXLIWYVVSYRHMRKGSRGVIXI XLIGSRGVIXIVIQSZEPWLSYPHGSRXMRYIXSGVIEXIEGPIEVWTEGI FILMRH XLI VIMRJSVGMRK WXIIP SJ  QQ  MR  TPYW XLI HMQIRWMSR SJ XLI QE\MQYQ WM^I EKKVIKEXI SJ XLI VITEMV QEXIVMEP -'6-  F  -RWTIGXMSR SJ VIMRJSVGMRK WXIIP{%JXIV EPP HIXIVMSVEXIH ERHWSQIWSYRHGSRGVIXILEZIFIIRVIQSZIHVIMRJSVGMRKWXIIP WLSYPH FI GPIERIH ERH GEVIJYPP] MRWTIGXIH 8LI MRWTIGXMSR WLSYPHHIXIVQMRI[LIXLIVXLIVIMRJSVGMRKWXIIPMWGETEFPI SJ TIVJSVQMRK EW MRXIRHIH F] XLI HIWMKRIV (EQEKIH VIMRJSVGIQIRX QE] LEZI XS FI VITPEGIH SV WYTTPIQIRXIH ERH XLI VIWTSRWMFPI IRKMRIIV WLSYPH FI GSRWYPXIH 4VSNIGX WTIGMJMGEXMSRW WLSYPH MRGPYHI GVMXIVME [LIVIF] HIGMWMSRW GSRGIVRMRK VITEMV SV VITPEGIQIRX GER FI QEHI HYVMRK XLI TVSNIGX EW VIMRJSVGIQIRX MW I\TSWIH WYGL EW PET XEFPIW XS IWXEFPMWL WTPMGI PIRKXLW EPXIVREXI QIGLERMGEP WTPMGI TEVEQIXIVWSVFSXLSRXLITVSNIGXHVE[MRKW G 'PIERMRKVIMRJSVGMRKWXIIP{%PPI\TSWIHWYVJEGIWSJXLI WIPIGXIH *SVPMQMXIHEVIEW[MVI FVYWLMRKSVSXLIVLERHQIXLSHWSJ GPIERMRKQE]FIEGGITXEFPI+IRIVEPP]WERHFPEWXMRKMWXLI TVIJIVVIH QIXLSH ;LIR GPIERMRK XLI WXIIP ERH FPS[MRK PSSWITEVXMGPIWSYXSJXLIVITEMVEVIEEJXIVGPIERMRKRIMXLIV XLI VIMRJSVGMRK WXIIP RSV XLI GSRGVIXI WYFWXVEXI WLSYPH FI GSRXEQMREXIH [MXL SMP JVSQ XLI EMV GSQTVIWWSV *SV XLMW '32'6)8)6)4%-6+9-() VIEWSRIMXLIVERSMPJVIIGSQTVIWWSVSVSRIXLEXLEWEKSSH SMPXVETMWVIGSQQIRHIH *VIWLP] GPIERIH VIMRJSVGMRK WXIIP QE] VYWX FIX[IIR XLI XMQIMXMWGPIERIHERHXLIXMQIGSRGVIXIMWTPEGIH-JXLIVYWX XLEXJSVQWMWXMKLXP]FSRHIHXSXLIWXIIPWYGLXLEXMXGERRSXFI VIQSZIHF][MVIFVYWLMRKRSEGXMSRMWVIUYMVIH-JXLIVYWX MWPSSWIP]FSRHIHWSEWXSMRLMFMXFSRHFIX[IIRXLIWXIIPERH XLI GSRGVIXI XLI VIMRJSVGMRK FEVW WLSYPH FI GPIERIH EKEMR FIJSVIVITEMVQEXIVMEPMWTPEGIH%TVSXIGXMZIGSEXMRKQE]FI ETTPMIH XS XLI VIMRJSVGIQIRX EJXIV XLI MRMXMEP GPIERMRK LEW FIIRGSQTPIXIH  6ITEMVSJVIMRJSVGIQIRX{1MPHVIMRJSVGMRKWXIIPERH TVIWXVIWWMRK WXIIP EVI YWIH MR GSRGVIXI WXVYGXYVIW ERH X[S HMJJIVIRXVITEMVTVSGIHYVIWEVIRIGIWWEV](ITIRHMRKSRXLI GSRHMXMSR SJ XLI I\TSWIH VIMRJSVGIQIRX E HIGMWMSR JSV E VITEMVEPXIVREXMZIGERFIQEHI  1MPHVIMRJSVGMRKWXIIP{*SVVIMRJSVGMRKWXIIPSRI SVX[SVITEMVEPXIVREXMZIWQE]FIRIGIWWEV]VITPEGIQIRXSJ EWIHSRXLITYVTSWISJXLIVIMRJSVGIQIRXERHXLIVIUYMVIH WXVYGXYVEPGETEGMX]JSVXLIVIMRJSVGIHQIQFIV E 6ITPEGIQIRX{3RIQIXLSHSJVITPEGMRKVIMRJSVGIQIRX MWXSGYXSYXXLIHEQEKIHEVIEERHWTPMGIMRVITPEGIQIRXFEVW 8LIPIRKXLSJXLIPETWLSYPH GSRJSVQXSXLIVIUYMVIQIRXWSJ %'-  -J [IPHIH WTPMGIW EVI YWIH [IPHMRK WLSYPH FI TIVJSVQIH MR EGGSVHERGI [MXL %'-  ERH %QIVMGER ;IPHMRK 7SGMIX] %;7  ( %PP [IPHMRK ERH GYXXMRK WLSYPH FI TIVJSVQIH F] E [IPHIV %;7 GIVXMJMIH XS XLI VIUYMVIQIRXWSJ%;7(&YXX[IPHMRKWLSYPHFIEZSMHIH HYI XS XLI LMKL HIKVII SJ WOMPP VIUYMVIH XS TIVJSVQ E JYPP TIRIXVEXMSR[IPHFIGEYWIXLIFEGOWMHISJEFEVMWRSXYWYEPP] EGGIWWMFPI ;IPHIH WTPMGIW JSV FEVW PEVKIV XLER  QQ 2S  QMKLXTVIWIRXTVSFPIQWFIGEYWIXLIIQFIHHIHFEVW QE] KIX LSX IRSYKL XS I\TERH ERH GVEGO XLI WYVVSYRHMRK GSRGVIXI 7TIGMEP TVIGEYXMSRW EVI RIGIWWEV] [LIR [IPHMRK EHNEGIRXXSYRFSRHIHSVFSRHIHTVIWXVIWWMRKWXIIP6IMRJSVGMRK WXIIP WTPMGMRK GER FI YWIH XS QIGLERMGEPP] FYXX WTPMGI XLI IRHWSJVIMRJSVGIQIRX %RSXLIV QIXLSH SJ WTPMGMRK FEVW MW XS YWI QIGLERMGEP GSRRIGXMSRW%'-6HIWGVMFIWGSQQIVGMEPP]EZEMPEFPI TVSTVMIXEV] QIGLERMGEP GSRRIGXMSR HIZMGIW 1IGLERMGEP GSRRIGXMSRWWLSYPHQIIXXLIVIUYMVIQIRXWSJ%'- F 7YTTPIQIRXEP VIMRJSVGIQIRX{8LMW EPXIVREXMZI MW WIPIGXIH [LIRXLIVIMRJSVGIQIRXLEWPSWXGVSWWWIGXMSRXLI SVMKMREP VIMRJSVGIQIRX [EW MREHIUYEXI SV XLI I\MWXMRK QIQFIV RIIHW XS FI WXVIRKXLIRIH 8LI EPPS[EFPI PSWW SJ GVSWWWIGXMSREPEVIESJXLII\MWXMRKVIMRJSVGMRKWXIIPERHXLI HIGMWMSRXSEHHWYTTPIQIRXEPVIMRJSVGIQIRXWLSYPHFIIZEP YEXIHSREGEWIF]GEWIFEWMWERHMWXLIVIWTSRWMFMPMX]SJXLI IRKMRIIV8LIHEQEKIHVIMRJSVGMRKFEVWLSYPHFIGPIERIHMR EGGSVHERGI [MXL XLI KYMHERGI MR 7IGXMSR G 8LI GSRGVIXIWLSYPHFIGLMTTIHE[E]XSEPPS[TPEGIQIRXSJXLI WYTTPIQIRXEP FEV FIWMHI XLI SPH FEV 8LI PIRKXL SJ XLI WYTTPIQIRXEPFEVWLSYPHFIIUYEPXSXLIPIRKXLSJXLIHIXIVM SVEXIHWIKQIRXSJXLII\MWXMRKFEVTPYWEPETWTPMGIPIRKXLSR IEGL IRH IUYEP XS XLI PETWTPMGI VIUYMVIQIRXW JSV XLI WQEPPIV FEV HMEQIXIV EW WTIGMJMIH MR %'-  8LI WYTTPI 6 QIRXEP FEV QE] EPWS FI PET [IPHIH XS XLI SVMKMREP FEV MR EGGSVHERGI[MXL%;7(;LIRWYTTPIQIRXEPVIMRJSVGI QIRXMWTPEGIHXSWXVIRKXLIREWIGXMSR XIGLRMUYIW HMWGYWWIH MR 'LETXIVWLSYPHFIGSRWMHIVIH 7YTTPIQIRXEP VIMRJSVGI QIRXQE]FIYWIHMRWSQIWMXYEXMSRWXSTVSZMHIEHHMXMSREP ERGLSVEKI SJ XLI GSRGVIXI VITEMV QEXIVMEPW F] TVSZMHMRK QIGLERMGEPERGLSVEKIMJEFSRHJEMPYVIWLSYPHSGGYV8LMW QIGLERMGEP ERGLSVEKI MW MQTSVXERX SR VITEMVW XS FYMPHMRK JEËEHIWSVSZIVLIEHVITEMVW G 'SEXMRK SJ VIMRJSVGIQIRX{2I[ ERH I\MWXMRK FEVW XLEX LEZI FIIR GPIERIH QE] FI GSEXIH [MXL ITS\] TSP]QIV GIQIRX WPYVV]SVE^MRGVMGLGSEXMRK JSVTVSXIGXMSREKEMRWX GSVVSWMSR 8LI GSEXMRK WLSYPH FI ETTPMIH EX E XLMGORIWW PIWW XLER  QQ QMPW  XS QMRMQM^IPSWWSJ FSRHHIZIPST QIRX EX XLI HIJSVQEXMSRW 6IMRJSVGMRK FEVW XLEX LEZI PSWX XLIMV SVMKMREP HIJSVQEXMSRW EW E VIWYPX SJ GSVVSWMSR ERH GPIERMRKLEZIPIWWFSRH[MXLQSWXVITEMVQEXIVMEPW'SEXMRK SJXLIWIFEVWJYVXLIVVIHYGIW XLIFSRH[MXLVITEMVQEXIVMEPW 'EVI WLSYPH FI XEOIR HYVMRK XLI GSEXMRK TVSGIWW XS EZSMH WTMPPEKI SR XLI TEVIRX GSRGVIXI 7SQI QEXIVMEPW WYGL EW ITS\] SV ^MRGVMGL GSEXMRKW GSYPH EGX EW E FSRH FVIEOIV FIX[IIRXLIRI[VITEMVQEXIVMEP ERHXLISVMKMREPGSRGVIXI 3XLIVGSEXMRKQEXIVMEPWWYGLEWTSP]QIVGIQIRXGSEXMRKW QE]GSRXEMRGSVVSWMSRMRLMFMXSVW JSVXLIVIMRJSVGMRKWXIIPERH FSRHMRKEKIRXWJSVXLIRI[XSSPHGSRGVIXI  4VIWXVIWWMRKWXIIP{4VIWXVIWWMRKWXIIPMRWXVYGXYVEP QIQFIVW MW SJ X[S FEWMG X]TIW FSRHIH ERH YRFSRHIH (IXIVMSVEXMSR SV HEQEKI XS XLI WXVERHW SV FEVW GER VIWYPX JVSQMQTEGXHIWMKRIVVSVSZIVPSEHGSVVSWMSRSVJMVI*MVI QE]ERRIEPGSPH[SVOIHLMKLWXVIRKXLTVIWXVIWWMRKWXIIP *PI\MFMPMX]MRVITEMVSJIMXLIVX]TIMWPMQMXIH9RPMOIQMPH WXIIP VIMRJSVGMRK FEVW XLI YRFSRHIH LMKLWXVIRKXL WXVERHW QE] RIIH XS FI HIXIRWMSRIH FIJSVI VITEMV ERH VIXIRWMSRIH EJXIV VITEMV XS VIWXSVI XLI MRMXMEP WXVYGXYVEP MRXIKVMX] SJ XLI QIQFIV 6ITEMV STXMSRW JSV FSRHIH WXVERHW EVI HMJJIVIRX JVSQXLSWIJSVXLIYRFSRHIHWXVERHW E &SRHIH WXVERHW{&IGEYWI XLI TVIWXVIWWIH WXVERH MW FSRHIHSRP]XLII\TSWIHERHHEQEKIHWIGXMSRMWVIWXVIWWIH JSPPS[MRK VITEMVW 8LI VITEMV TVSGIHYVI VIUYMVIW VITPEGMRK XLI HEQEKIH WIGXMSR [MXL XLI RI[ WIGXMSR SJ WXVERH GSRRIGXIH XS XLI I\MWXMRK IRHW SJ XLI YRHEQEKIH WXVERHW 8LI RI[ WXVERH WIGXMSR ERH XLI I\TSWIH PIRKXLW SJ XLI I\MWXMRKWXVERHWLSYPHFITSWXXIRWMSRIHXSQEXGLXLIWXVIWW PIZIPSJXLIFSRHIHWXVERH*SV SXLIVX]TIWSJVITEMVVIJIVXS 'LETXIV F  9RFSRHIH XIRHSRW{9RFSRHIH WXVERHW EVI MRWXEPPIH MRWMHI WLIEXLMRKW GSRHYMXW  IQFIHHIH MR XLI GSRGVIXI QIQFIV8LIWXVERHWEVITVSXIGXIHEKEMRWXGSVVSWMSRF]XLI WLIEXLMRKGSVVSWMSRMRLMFMXMRKQEXIVMEP GSQQSRP]KVIEWI  SVFSXL&IGEYWIXLIWXVERHWEVIRSXWXVIWWIHYRXMPEJXIVXLI GSRGVIXILEWFIIRTPEGIHERERRYPEVWTEGIMWGVIEXIH[MXLMR XLIWLIEXLMRKJSPPS[MRKXLIWXVIWWMRKSTIVEXMSR'SVVSWMSRSJ XLI IRH GSRRIGXMSRW ERH XLI WXVERHLEZI FIIR XLITVMQEV] GEYWISJJEMPYVISJYRFSRHIHXIRHSRW7XVERHJEMPYVIHYIXS GSVVSWMSR EX XLI IRH ERGLSVEKIW ERH MR XLI WXVERHW MW E TVSFPIQXLEXMRGVIEWIW[MXLXMQI 9RFSRHIHXIRHSRWGERFIXIWXIHXSZIVMJ]XLIMVEFMPMX]XS GEVV]XLIHIWMKRPSEH8LMWGERFIHSRIF]EXXEGLMRKEGLYGO 6 %'-'311-88))6)4368 ERHGSYTPIVXSXLII\TSWIHIRHSJXLIWXVERHERHTIVJSVQMRK EPMJXSJJXIWX8LMWYWYEPP]VIUYMVIWEXPIEWXQQ MR SJ JVII WXVERH FI]SRH XLI FYPOLIEH -J XLIVI MW I\GIWWMZI GSVVSWMSRMRXLIWXVERHJEMPYVISGGYVWERHXLIWXVERHWLSYPH FIVITPEGIHSV WTPMGIH7LSVMRK SJ XLI WTER FIMRK VITEMVIH ERHEHNEGIRXWTERWYTXSWIZIVEPFE]WE[E]QE]FIVIUYMVIH FIJSVI VIQSZMRK SV VIXIRWMSRMRK YRFSRHIH TVIWXVIWWIH WXVERHW-'6-TVSZMHIWWSQIKYMHERGIJSVIZEPYEXMSR SJYRFSRHIHTSWXXIRWMSRIHGSRGVIXIWXVYGXYVIW % HIXIVMSVEXIH TSVXMSR SJ E WXVERH GER FI I\TSWIH F] I\GEZEXMRK XLI GSRGVIXI ERH GYXXMRK XLI WLIEXLMRK 8LI WXVERHMW XLIRGYX SR FSXLWMHIW SJ XLI HIXIVMSVEXMSR [LIVI WSYRH WXVERH MW IZMHIRX 'EYXMSR WLSYPH FI I\IVGMWIH [LIR GYXXMRKXIRWMSRIHWXVERHW8LIVIQSZIHTSVXMSRSJXLIWXVERHMW VITPEGIH[MXLERI[WIGXMSRXLEXMWWTPMGIHXSXLII\MWXMRKWXVERH EXXLIPSGEXMSRSJXLIGYXW8LIVITEMVIHWXVERHMWXLIRVIWXVIWWIH 6IQSZEP SJ ER YRFSRHIH WXVERH JVSQ XLI WLIEXLMRK MW TSWWMFPI FYX MW WSQIXMQIW HMJJMGYPX -X MW EPWS HMJJMGYPX XS MRWXEPPEVITPEGIQIRXWXVERHSJXLIWEQIHMEQIXIV;LIRXLI MRXIRXMSRMWXSVITPEGIEWXVERHMXQE]FITVIJIVEFPIXSMRWIVX E WQEPPIVHMEQIXIV WXVERH SJ LMKLIVWXVIRKXL QEXIVMEP XLEX [SYPHFIGETEFPISJTVSZMHMRKEWXVIWWMRKJSVGIGSQTEVEFPI XSXLEXMRXLISVMKMREPWXVERH 'EVFSR JMFIV SV IUYMZEPIRX W]WXIQW EVI EZEMPEFPI XS WYTTPIQIRX XLI VIMRJSVGIQIRX MR TVIWXVIWWIH TSWX XIRWMSRIHERHQMPHWXIIPVIMRJSVGIHWXVYGXYVIW8LMWW]WXIQ MW RSVQEPP] KPYIH SRXS XLI I\XIVMSV WYVJEGI 9RPIWW XLI GSQTSRIRX FIMRK VIMRJSVGIH MW YRPSEHIH LS[IZIV MX SRP] TVSZMHIWVIMRJSVGIQIRXJSVJYXYVIPSEHMRKW*MFIV[VETTMRK MW GSQQSRP] YWIH JSV VIMRJSVGMRK GSPYQRW IWTIGMEPP] MR IEVXLUYEOI^SRIW 4VSXIGXMZI QEXIVMEPW GSQQSRP] HV] ERH PIEZI XLI YRFSRHIH WXVERH YRTVSXIGXIH ERH ZYPRIVEFPI XS GSVVSWMSR 8LIVI EVI W]WXIQW EZEMPEFPI XLEX VIIWXEFPMWL XLI TVSXIGXMZI FEVVMIV[MXLMRXLIWLIEXLMRK3RIW]WXIQJMPPWXLIZSMH[MXLE X[SGSQTSRIRXYVIXLERIERHXLISXLIVW]WXIQJMPPWXLIZSMH [MXLEKVIEWI8LIWITVSGIHYVIWTVSZMHII\XIRHIHTVSXIGXMSR EKEMRWXGSVVSWMSRSJXLIWXVERH {%RGLSVEKIQIXLSHWERHQEXIVMEPW %RGLSVWEVISJXIRYWIHMRGSRNYRGXMSR[MXLWYTTPIQIRXEP VIMRJSVGIQIRXXSTVIZIRXRI[VITEMVWJVSQHMWPSHKMRKJVSQ TEVIRX GSRGVIXI MR XLI IZIRX SJ E FSRH JEMPYVI 8LI] EVI GSQQSRP]YWIHSRXLIVITEMVWSJZIVXMGEPWYVJEGIWWYGLEW JEËEHIWXS IRWYVI XLEX XLIJEËEHI VITEMVHSIW RSXHMWPSHKI JVSQXLIWXVYGXYVI2SRGSVVSWMZIERGLSVWWYGLEWWXEMRPIWW 8LIVI EVI X[S KIRIVEP GEXIKSVMIW SJ ERGLSVMRK W]WXIQW TSWXMRWXEPPIHERHGEWXMRTPEGI %'-6   4SWXMRWXEPPIH ERGLSVW{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{'EWXMRTPEGI ERGLSV W]WXIQWMRGPYHIIQFIHHIHRSREHNYWXEFPIERGLSVWSJZEVMSYW X]TIWERHWLETIWFSPXIHGSRRIGXMSRWERHEHNYWXEFPIERGLSVW XLEXEVIWIXMRTPEGIFIJSVITPEGMRKGSRGVIXI  %RGLSV WXVIRKXL{%RGLSV WXVIRKXL ERH PSRKXIVQ TIVJSVQERGIEVIHITIRHIRXSREZEVMIX]SJJEGXSVWXLEXWLSYPH FI IZEPYEXIH JSV XLI ERGLSV XS FI YWIH 7SQI JEGXSVW XS FI GSRWMHIVIHMRGPYHIQEXIVMEPWXVIRKXL ]MIPHERHYPXMQEXI LSPI HMEQIXIV ERH HVMPPMRK W]WXIQ YWIH IQFIHQIRX PIRKXL ERRYPEVKETFIX[IIRXLIERGLSVERHXLIHVMPPIHLSPIJSVTSWX MRWXEPPIHERGLSVWGSRGVIXIWXVIRKXLERHGSRHMXMSRX]TIERH HMVIGXMSRSJPSEHETTPMGEXMSR WXEXMGH]REQMGXIRWMSRWLIEV FIRHMRKSVGSQFMRIHPSEHMRK WTEGMRKXSSXLIVERGLSVWERH IHKIW XIQTIVEXYVI JSV GLIQMGEP ERGLSVW  LSPI GPIERMRK QSHI SJ JEMPYVI SJ XLI ERGLSV W]WXIQ GSRGVIXI FVIEOEKI WXIIP FVIEOEKI WPMT SV TYPPSYX  IRZMVSRQIRXEP GSRHMXMSRW JSVQSMWXYVIERHGSVVSWMSRVIWMWXERGIERHGVIIT 7MXIXIWXMRKJSVZIVMJMGEXMSRSJTIVJSVQERGIMWVIGSQQIRHIH JSVGVMXMGEPETTPMGEXMSRW*SVGLIQMGEPERGLSVWXIWXWWLSYPH FITIVJSVQIHXSHIXIVQMRIXLIPSRKXIVQGVIITTIVJSVQERGI EXXLILMKLIWXI\TIGXIHWIVZMGIPSEHERHXIQTIVEXYVI*SVEPP ERGLSVW]WXIQWMRWXEPPEXMSRMRWXVYGXMSRWWLSYPHFIJSPPS[IH XSIRWYVITVSTIVERGLSVTIVJSVQERGI {1EXIVMEPWTPEGIQIRXJSVZEVMSYWVITEMV XIGLRMUYIW 1ER]XIGLRMUYIWEVIEZEMPEFPIXSTPEGIXLIVITEMVQEXIVMEPW ERH HITIRH SR XLI GSRWXVEMRXW ERH PMQMXEXMSRW SJ E TVSNIGX )QQSRW   -R EHHMXMSR XLI TEWX I\TIVMIRGI SJ XLI GSRXVEGXSVXSWYGGIWWJYPP]TIVJSVQXLITPEGIQIRXXIGLRMUYI MW EPWS MQTSVXERX -'6-  TVSZMHIW KYMHERGI JSV WIPIGXMRKETTPMGEXMSRXIGLRMUYIWJSVVITEMV  'EWXMRTPEGI GSRGVIXI QSHMJMIH GSRGVIXI ERH TVSTVMIXEV] GSRGVIXI SV QSVXEVW{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{7LSXGVIXI MW GSRGVIXI SV QSVXEV XLEX MW TRIYQEXMGEPP]GSRZI]IHEXLMKLZIPSGMX]XLVSYKLELSWISRXS E WYVJEGI 8LI LMKL ZIPSGMX] SJ XLI QEXIVMEP WXVMOMRK XLI WYVJEGITVSZMHIWXLIGSQTEGXMZIIJJSVXRIGIWWEV]XSGSRWSPM HEXIXLIQEXIVMEPERHHIZIPSTEFSRHXSXLIWYFWXVEXIWYVJEGI 8LIWLSXGVIXITVSGIWWMWGETEFPISJTPEGMRKVITEMVQEXIVMEPW MR ZIVXMGEP ERH SZIVLIEH ETTPMGEXMSRW [MXLSYX XLI YWI SJ JSVQW ERH MX GER VSYXMRIP] TPEGI QEXIVMEP WIZIVEP LYRHVIH JIIXJVSQXLITSMRXSJHIPMZIV] 8LIVI EVI X[S FEWMG WLSXGVIXI TVSGIWWIW -R [IXQM\ WLSXGVIXI GIQIRX EKKVIKEXI ERH [EXIV EVI QM\IH ERH TYQTIH XLVSYKL E LSWI XS E RS^^PI [LIVI EMV MW EHHIH XS TVSTIP XLI QEXIVMEP SRXS XLI WYVJEGI (V]QM\ WLSXGVIXMRK YWIW GIQIRX ERH EKKVIKEXI XLEXEVI TVIQM\IH ERHTRIY QEXMGEPP]TYQTIHXLVSYKLELSWI XLIR[EXIVMWEHHIHEXXLI RS^^PI EW XLI QEXIVMEP MW TVSNIGXIH EX LMKL ZIPSGMX] SRXS E WYVJEGI )MXLIVQIXLSHTPEGIWWYMXEFPIVITEMVQEXIVMEPWJSVRSVQEP GSRWXVYGXMSR VIUYMVIQIRXW %'- 6 TVSZMHIW HIXEMPIH MRJSVQEXMSRSRXLIX[SWLSXGVIXITVSGIWWIWERHXLIMVTVSTIV ETTPMGEXMSR -REHHMXMSRXSTPEGMRKGSRZIRXMSREP4''ERHQSVXEVXLI WLSXGVIXI TVSGIWW MW EPWS YWIH JSV TPEGMRK TSP]QIVGIQIRX GSRGVIXI JMFIVVIMRJSVGIH GSRGVIXI YWMRK FSXL WXIIP ERH W]RXLIXMG JMFIVW ERH GSRGVIXI GSRXEMRMRK WMPMGE JYQI ERH SXLIVTS^^SPERW 8LI ETTPMGEXMSR SJ VITEMV QEXIVMEPW F] XLI WLSXGVIXI TVSGIWWWLSYPHFIGSRWMHIVIH[LIVIZIVEGGIWWXSXLIWMXIMW HMJJMGYPX XLI IPMQMREXMSR SJ JSVQ[SVO TVSZMHIW IGSRSQ] ERH WMKRMJMGERX EVIEW SJ SZIVLIEH SV ZIVXMGEP VITEMVW I\MWX 7LSXGVIXI MW JVIUYIRXP] YWIH JSV VITEMVMRK HIXIVMSVEXIH GSRGVIXISVQEWSRV]SRFVMHKIWYFWXVYGXYVIWTMIVWWI[IVW HEQWERHFYMPHMRKWXVYGXYVIW-XMWEPWSYWIHJSVVIMRJSVGMRK WXVYGXYVIWF]IRGEWMRKEHHMXMSREPVIMRJSVGMRKWXIIPEHHIHXS FIEQWTPEGMRKFSRHIHWXVYGXYVEPPMRMRKWSRQEWSRV][EPPW ERHTPEGMRKEHHMXMSREP GSRGVIXIGSZIVSRI\MWXMRKGSRGVIXI WXVYGXYVIW VIJIVXS'LETXIV  8LI WLSXGVIXI RS^^PI STIVEXSVvW WOMPP HIXIVQMRIW XLI MRTPEGIUYEPMX]SJXLIVITEMVQEXIVMEP%'-6TVSZMHIW EFEWMWJSVHIXIVQMRMRKXLIUYEPMJMGEXMSRWSJERS^^PISTIVEXSV 8LIRS^^PISTIVEXSVWLSYPHFIGIVXMJMIHF]%'-%'- TVSZMHIW E FEWMG WTIGMJMGEXMSR JSV XLI ETTPMGEXMSR ERH MRWTIGXMSRSJWLSXGVIXI 6  4VITPEGIHEKKVIKEXI GSRGVIXI{4VITPEGIHEKKVIKEXI GSRGVIXIMWTVSHYGIHF]JMPPMRKXLIVITEMVEVIE[MXLKETKVEHIH GSEVWIEKKVIKEXIXLIRJMPPMRKXLIZSMHWMRXLIEKKVIKEXIF] TYQTMRKMREGIQIRXMXMSYWSVVIWMRSYWKVSYX%WXLIKVSYXMW TYQTIH MRXS XLI JSVQW MX JMPPW XLI ZSMHW HMWTPEGMRK ER] [EXIVXLEXMWTVIWIRX ERHJSVQWEGSRGVIXIQEWW8LI[SVOIV WLSYPHEZSMHXLIIRXVETQIRXSJEMVXLEXVIWYPXMRZSMHW8LMW QIXLSHMWYWIHJSVTEVXMEPHITXL VITEMVWSVJSVVITPEGIQIRXSJ [LSPI QIQFIVW 8LMW QIXLSH VIHYGIW HV]MRK WLVMROEKI FIGEYWIXLIEKKVIKEXITEVXMGPIWEVIMRTSMRXXSTSMRXGSRXEGX FIJSVIERHEJXIVKVSYXMRK +IRIVEPP] XLI WEQI VIUYMVIQIRXW JSV QEXIVMEPW ERH TVSGIHYVIW XLEX ETTP] XS TVITPEGIHEKKVIKEXI GSRGVIXI MR RI[GSRWXVYGXMSREPWSETTP]XSVITEMV4VITPEGIHEKKVIKEXI GSRGVIXIMWGSZIVIHMRHIXEMPMR%'-6ERH%'-6  *SVQIHERHTYQTIHGSRGVIXIERHQSVXEV{*SVQIH ERH TYQTIH VITEMV MW E QIXLSH SJ VITPEGMRK HEQEKIH HIXIVMSVEXIHGSRGVIXIF]JMPPMRKEJSVQIHGEZMX][MXLEVITEMV QSVXEVSVGSRGVIXIYRHIVTYQTTVIWWYVI8LMWQIXLSHGERFI YWIHJSVZIVXMGEPERHSZIVLIEHVITEMVW*SVQ[SVOWLSYPHFI GSRWXVYGXIH XS E WXVIRKXL WYJJMGMIRX XS LERHPI XLI TVIWWYVI MRHYGIH F] L]HVSWXEXMG TVIWWYVI ERH XLI EHHMXMSREP TYQT TVIWWYVI VIUYMVIH XS GSRWSPMHEXI XLI VITEMV QEXIVMEP 8LI GEZMX]ERHJSVQ[SVOHIWMKRWLSYPHTVSZMHIJSVZIRXMRKXLI EMV:IRXMRKGERFIEGGSQTPMWLIHF]XLIVIQSZEPTVSJMPISJ XLI TVITEVIH GSRGVIXI ZIRX XYFIW SV HVMPPIH LSPIW MR XLI I\MWXMRKGSRGVIXI4YQTMRKXLIGEZMX]MWWXEVXIHEXXLIPS[IWX TSMRX MR ZIVXMGEP VITEMVW SV EX ER I\XVIQMX] MR SZIVLIEH VITEMVW4YQTMRKGSRXMRYIWYRXMPXLIQEXIVMEPJPS[WJVSQER EHNEGIRXTSVXMRXLIJSVQ[SVO4YQTMRKGSRXMRYIWYRXMPXLI GEZMX]MWGSQTPIXIP]JYPP )QQSRW (YVMRKXLIJMREP TVIWWYVM^EXMSRXLIVITEMVQEXIVMEPMWGSRWSPMHEXIHEVSYRHXLI VIMRJSVGMRKWXIIPERHHVMZIRMRXSXLIGVIZMGIWSJXLITVITEVIH WYFWXVEXIXSMQTVSZIFSRH  8VS[IPMRKERHHV]TEGOMRK{ E 8VS[IPMRK{6ITEMVWETTPMIHF]LERHXVS[IPMRKGERFI YWIHJSVWLEPPS[SVPMQMXIHEVIEWSJVITEMV8LIWIVITEMVWGER FIQEHIYWMRKTSVXPERHGIQIRXQSVXEVWTVSTVMIXEV]TVSHYGXW WYGLEW GIQIRXMXMSYWTVITEGOEKIHQEXIVMEPWTSP]QIVGIQIRX KVSYXW TSP]QIV KVSYXW ERH QSVXEVW 8VS[IPETTPMIH W]WXIQW EVI RSX VIGSQQIRHIH [LIR VIMRJSVGMRK WXIIP MW I\TSWIHERHYRHIVGYXHYIXSXLIHMJJMGYPX]SJGSRWSPMHEXMSR SJVITEMVQEXIVMEPEVSYRHERHFILMRHXLIVIMRJSVGMRKWXIIP 8LI TEWXI SJ XLI VITEMV QEXIVMEP WLSYPH FI YWIH EW XLI FSRHMRKQIHMYQ8LIVITEMVQEXIVMEPWLSYPHFIETTPMIHXS XLI KVSYXIH WYVJEGI FIJSVI XLI KVSYX SV TEWXI WIXW ;LIVI QYPXMTPIPE]IVWEVIRIIHIHXSFYMPHYTXLIXSXEPXLMGORIWWSJ XLI VITEMV XLI WYVJEGIW WLSYPH FI VSYKLIRIH XS LIPT FSRH WYFWIUYIRXPE]IVW*SVQSWXETTPMGEXMSRWXLIWYVJEGISJXLI GEZMX] WLSYPH FI WEXYVEXIH ERH WYVJEGI HV] EX XLI XMQI SJ ETTPMGEXMSRSJXLIQEXIVMEP 8LIVIEVIE[MHIZEVMIX]SJTVSTVMIXEV]VITEMVQSVXEVWERH GSRGVIXIW XLEX LEZI FIIR QSHMJMIH [MXL GLIQMGEPW ERH XLM\SXVSTMGEKIRXW8LITPEGIQIRXXIGLRMUYIWVIGSQQIRHIH F] XLI QERYJEGXYVIVW HS RSX EP[E]W GSRJSVQ XS EGGITXIH TPEGIQIRX XIGLRMUYIW JSV TSVXPERHGIQIRX QSVXEV ERH GSRGVIXI8LMWMWTEVXMGYPEVP]XVYIJSVXLMRWIGXMSRWWYGLEW QQ MR ERHZIVXMGEPERHSZIVLIEHETTPMGEXMSRW8LI 6 %'-'311-88))6)4368 EHHMXMSR SJ GLIQMGEPW ERH XLM\SXVSTMG EKIRXW XLEX TIVQMX HIZMEXMSRWMRTPEGIQIRXXIGLRMUYIWQE]GSQTVSQMWIWSQI SJ XLI TIVJSVQERGI TVSTIVXMIW )\EQTPIW SJ WSQI SJ XLI TVSTIVXMIWXLEXQE]FIEJJIGXIH EVIWLVMROEKIFSRHWXVIRKXL ERH GSIJJMGMIRX SJ XLIVQEP I\TERWMSR 8LI WTIGMJMIV ERH GSRXVEGXSV WLSYPH GSRWYPX [MXL XLI QERYJEGXYVIV ERH QEOI WYVIXLEXXLIQEXIVMEPWTIVJSVQERGIGETEFMPMX]ERHPMQMXEXMSRW QIIXWXLITVSNIGXGVMXIVMEFIJSVIYWMRKXLIWIQEXIVMEPW6IJIVXS 'LETXIV 7YGGIWWJYPYWISJXVS[IPETTPMIHVITEMVWMWHITIRHIRXSRXLI WYVJEGITVITEVEXMSRERHXLIWOMPPSJXLIQEWSR1EWSRWWLSYPH FI I\TIVMIRGIH ERH GPSWI JMIPH SFWIVZEXMSR SJ XLI [SVO WLSYPHFIQEHI4VSTIVXVS[IPMRKXIGLRMUYIWLSYPHFIYWIH XSTVIZIRXXLIIRXVETQIRXSJEMVEXXLIFSRHMRKWYVJEGI[LMGL GERGEYWIVIHYGIHFSRHWXVIRKXL4VSTIVGYVMRKSJTSVXPERH GIQIRX QSVXEV WS XLEX TEXGL QEXIVMEP HSIW RSX HV] FIJSVI L]HVEXMSRMWGSQTPIXIMWMQTSVXERX7TIGMEPGYVMRKTVSZMWMSRW QE] FI EHZMWEFPI JSV WSQI TVSTVMIXEV] VITEMV QEXIVMEPW SV [LIVIEGGIWWMFMPMX]MWHMJJMGYPX %'-6ERH  F (V]TEGOMRK{(V]TEGOMRKMWXLILERHTPEGIQIRXSJE PS[[EXIV TSVXPERHGIQIRX QSVXEV ERH XLI WYFWIUYIRX XEQTMRKSVVEQQMRKSJXLIQSVXEVMRXSTPEGI&IGEYWISJXLI PS[[EXIVGIQIRXMXMSYWQEXIVMEPVEXMS [GQ XLIWIVITEMVW [LIR GSQTEGXIH TVSTIVP] LEZI KSSH WXVIRKXL HYVEFMPMX] ERH[EXIVXMKLXRIWW (V]TEGOMRKGERFIYWIHJSVVITEMVSJJSVQXMIWGSRIFSPXW ERHSXLIVLSPIWERHWQEPPEVIEW[MXLVIPEXMZIP]LMKLHITXLXS WYVJEGIEVIEWVEXMSW&IGEYWISJXLIPEFSVMRXIRWMZIREXYVISJ XLMWXIGLRMUYIMXMWRSXSJXIRYWIHJSVPEVKIVITEMVW  -RNIGXMSRKVSYXMRK{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{'IQIRXKVSYXMWEQM\XYVISJ GIQIRXMXMSYWQEXIVMEPRSVQEPP]TSVXPERHGIQIRXSVQMGVSJMRI GIQIRX ERH [EXIV [MXL SV [MXLSYX JMRI EKKVIKEXI SV EHQM\XYVIWTVSTSVXMSRIHXSTVSHYGIETYQTEFPIGSRWMWXIRG] [MXLSYXI\GIWWMZIWIKVIKEXMSRSJGSRWXMXYIRXW+VSYXGERFI MRNIGXIHMRXSERSTIRMRKJVSQXLIWYVJEGISJEWXVYGXYVISV XLVSYKLLSPIWHVMPPIHXSMRXIVWIGXXLISTIRMRKMRXLIMRXIVMSV E  +VSYXMRK JVSQ XLI WYVJEGI{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{+VSYXMRKSJGVEGOWNSMRXWERHZSMHW JVSQ XLI MRXIVMSV MW HSRI XLVSYKL  QQ  MR  SV PEVKIV HMEQIXIVLSPIWHVMPPIHEXERERKPIXSMRXIVWIGXXLISTIRMRKEX HIWMVIHHITXLJVSQXLIWYVJEGISVEWRIEVEWTSWWMFPIXSXLI FSXXSQSJXLIZSMH (VMPPMRK MW HSRI [MXL HMEQSRH GSVI FMXW VSXEV] GEVFMHI FMXW SV TIVGYWWMSR HVMPPW (MEQSRH SV VSXEV] FMX HVMPPMRK MW TVIJIVVIH IWTIGMEPP] [LIR XLI STIRMRKW XS FI KVSYXIH EVI VIPEXMZIP]REVVS[XSQMRMQM^IXLIHIFVMWXLEX[SYPHGLSOI XLI GVEGO %TTP]MRK E ZEGYYQ XS XLI HVMPP WXIQ JYVXLIV VIHYGIWXLITSWWMFMPMX]SJHVMPPGYXXMRKWKIXXMRKMRXSXLIGVEGO *SV [MHIV STIRMRKW{JSV I\EQTPI  QQ  MR  SV QSVI{HVMPPGYXXMRKWEVIPIWWSJETVSFPIQFYXMRER]IZIRX EPPLSPIWWLSYPHFIXLSVSYKLP][EWLIHERH[EXIVGMVGYPEXIH XLVSYKLXLIW]WXIQFIJSVIKVSYXMRK  'LIQMGEPKVSYXMRK{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{5YIWXMSRWXLEXQE]FI GSRWMHIVIH [LIR XLI X]TI SJ KVSYX MW XS FI WIPIGXIH JSV E KMZIRVITEMVMRGPYHI -WMXRIGIWWEV]XSXVERWQMXGSQTVIWWMSRXIRWMSRWLIEV SVEGSQFMREXMSREGVSWWXLIGVEGO# -WXLIGVEGOEGXMZI QSZMRK ERHWYFNIGXXSJYXYVIXIRWMPI JSVGIWXLEXQE]I\GIIH XLI XIRWMPISVWLIEVWXVIRKXLSJXLI GSRGVIXIMRXLIZMGMRMX]SJXLIVITEMVIHGVEGOSVI\GIIHXLI IPSRKEXMSRERHGVIITGLEVEGXIVMWXMGWSJXLIKVSYX# -WTVIZIRXMRK[EXIVSVEMVQSZIQIRXXLVSYKLXLIGVEGO EPPSVTEVXSJXLIVIUYMVIQIRX# -WXLIGVEGO[MHXLWYJJMGMIRXXSEGGITXXLIX]TISJKVSYX WIPIGXIH#  (SIW XLI VIUYMVIH MRXIVREP KVSYX TVIWWYVI I\GIIH XLI VIWMWXERGISJXLIWXVYGXYVISVSJXLIWYVJEGIWIEPIV# -WXLIVEXISJKVSYXWXMJJIRMRKWPS[IRSYKLXSTIVQMXXLI KVSYX XS VIEGL MXWHIWXMREXMSR ERH JEWX IRSYKLXS QMRMQM^I PIEOEKIJVSQXLIFPMRHWMHI#  -W XLI I\SXLIVQEP LIEX PMFIVEXMSR SJ WSQI GLIQMGEP KVSYXWIWTIGMEPP]ITS\]X]TIWI\GIWWMZI#  -W XLI KVSYX GSWX IJJIGXMZI MR VIPEXMSR XS HIWMVIH SV VIUYMVIHVIWYPXW# %VIXLIWLVMROEKIGVIITERHQSMWXYVIEFWSVTXMSRGLEVEG XIVMWXMGWSJXLIKVSYXGSQTEXMFPI[MXLXLITVSNIGXGSRHMXMSRW#  -W XLI ZMWGSWMX] PS[ IRSYKL ERH XLI TSX PMJI PSRK IRSYKLXSIRWYVIJYPPTIRIXVEXMSRSJXLIGVEGOTEVXMGYPEVP] WQEPPGVEGOWMREPEVKIGSRGVIXIQEWW# %VIXLI[IXEFMPMX]GLEVEGXIVMWXMGWSJXLIVIWMRGETEFPI SJIRWYVMRKEREGGITXEFPIFSRH# ;MPPXLIITS\]EHLIWMZIGYVIMRXLITVIWIRGISJQSMWXYVI [MXLSYXEFWSVFMRKQSMWXYVIERHGSQTVSQMWMRKXLIFSRH# 4EVEQIXIVWSJGIQIRXERHGLIQMGEPKVSYXW{ E  'IQIRX KVSYXW{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{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{4PEGMRK GSRGVIXI HMVIGXP] YRHIV[EXIV F] QIERW SJ E XVIQMI SV TYQT MW E JVIUYIRXP] YWIH VITEMV QIXLSH -R KIRIVEP XLI WEQI VIUYMVIQIRXW JSV QEXIVMEPERHTVSGIHYVIWXLEXETTP]XSRI[GSRWXVYGXMSREPWS ETTP]XSVITEMVTPEGIQIRXWYRHIV[EXIV9RHIV[EXIVVITEMVW EVITVIWIRXIHMR%'-6 4PEGMRKGSRGVIXIYRHIV[EXIV F]XVIQMIERHF]TYQTMWGSZIVIHMRHIXEMPMR%'-6 4VITPEGIHEKKVIKEXIGSRGVIXIMWJVIUYIRXP]YWIHSRYRHIV [EXIVVITEMVTVSNIGXW8LIGSRGVIXIQSVXEVMWTYQTIHJVSQ XLIFSXXSQSJXLITPEGIQIRXHMWTPEGMRKXLI[EXIVEWMXVMWIW 8LIYWISJTVITPEGIHEKKVIKEXIGSRGVIXIMWGSZIVIHMR%'6ERH%'-6 {&SRHMRKQIXLSHW 6ITEMV QEXIVMEPW QE] SV QE] RSX VIUYMVI E WITEVEXI FSRHMRK EKIRX -R IMXLIV GEWI XLI WYGGIWW SJ XLI VITEMV HITIRHW SR EGLMIZMRK MRXMQEXI ERH GSRXMRYSYW GSRXEGX FIX[IIR XLI VITEMV QEXIVMEP ERH XLI WYFWXVEXI -RXMQEXI GSRXEGXGERFIEGLMIZIHF]ZMFVEXMSRTRIYQEXMGETTPMGEXMSR 6 %'-'311-88))6)4368 LMKL JPYMHMX] ERH XVS[IPMRK TVIWWYVI MR GSRNYRGXMSR [MXL EXXEMRMRKERSTXMQYQWYVJEGITVSJMPI -R GEWIW [LIVI E WITEVEXI FSRHMRK EKIRX MW XS FI YWIH ETTPMGEXMSR SJ XLI FSRHMRK EKIRX XS XLI TVITEVIH WYFWXVEXI WLSYPHFIHSRI[MXLGEVIERHWLSYPHFIXMQIHXSXLITPEGIQIRX SJXLIVITEMVQEXIVMEP&SRHMRKEKIRXWETTPMIHXSWYFWXVEXIW QE] FIKMR WIXXMRK SV GYVMRK TVIQEXYVIP] GVIEXMRK E FSRH FVIEOIV[MXLXLIRI[VITEMVQEXIVMEP'IQIRXFEWIHFSRHMRK EKIRXWEVIWTVE]IHSVFVSSQIH[LIVIEWITS\]ERHPEXI\ FEWIHW]WXIQWEVIVSPPIHFVSSQIHSVWTVE]IH ;LIXLIVXLIVITEMVQEXIVMEPMWWIPJFSRHMRKSVEWITEVEXI FSRHMRKEKIRXMWYWIHXIWXWWLSYPHFIGSRHYGXIHXSIRWYVI XLEXFSRHMRKMWXEOMRKTPEGI-RTPEGIXIRWMPITYPPSJJXIWXWEVI VIGSQQIRHIHXSIZEPYEXIXLEXFSRHMRKSJVITEMVQEXIVMEPWMW EHIUYEXI 8LMW XIWXMRK TVSZMHIW JSV XLI IZEPYEXMSR SJ XLI EHIUYEG] SJ WYVJEGI TVITEVEXMSR TVSZMHIW E XLMGORIWW ERH GSRWSPMHEXMSR EWWIWWQIRX IZEPYEXIW XLI XIRWMPI FSRH WXVIRKXLERHEWWIWWIWXLIJEMPYVIQSHI7YGLMRTPEGIXIWXMRK WLSYPHYWIXLIQIXLSHHIWGVMFIHMR%'-6%TTIRHM\% ',%48)6{6)4%-61%8)6-%07 {-RXVSHYGXMSR 8LMWGLETXIVGSRXEMRWHIWGVMTXMSRWSJXLIZEVMSYWGEXIKSVMIW SJQEXIVMEPWXLEXEVIEZEMPEFPIJSVVITEMVSVVILEFMPMXEXMSR SJ GSRGVIXI WXVYGXYVIW 8]TMGEP TVSTIVXMIW EHZERXEKIW HMWEHZERXEKIW SV PMQMXEXMSRW X]TMGEP ETTPMGEXMSRW ERH ETTPMGEFPIWXERHEVHWERHVIJIVIRGIWEVIHMWGYWWIHJSVIEGL VITEMV QEXIVMEP %PWS KIRIVEP KYMHERGI SR WIPIGXMSR SJ VITEMVQEXIVMEPWMWTVSZMHIH {'IQIRXMXMSYWQEXIVMEPW 8SQEXGLXLITVSTIVXMIWSJXLIGSRGVIXIFIMRKVITEMVIHEW GPSWIP]EWTSWWMFPI 4'' ERHQSVXEVSVSXLIVGIQIRXMXMSYW GSQTSWMXMSRWYWMRKWMQMPEVTVSTSVXMSRWSJMRKVIHMIRXWEVIXLI FIWX GLSMGIW JSV VITEMV QEXIVMEPW 8LI RI[ GIQIRXMXMSYW VITEMV QEXIVMEP WLSYPH FI GSQTEXMFPI [MXL XLI I\MWXMRK GSRGVIXIWYFWXVEXI  'SRZIRXMSREP GSRGVIXI{'SRZIRXMSREP GSRGVIXI GSQTSWIHSJTSVXPERHGIQIRXEKKVIKEXIWERH[EXIVMWSJXIR YWIHEWEVITEMVQEXIVMEP%HQM\XYVIWEVIYWIHXSIRXVEMREMV EGGIPIVEXISVVIXEVHL]HVEXMSRMQTVSZI[SVOEFMPMX]VIHYGI QM\MRK[EXIVVIUYMVIQIRXWMRGVIEWIWXVIRKXLSVEPXIVSXLIV TVSTIVXMIWSJXLIGSRGVIXI4S^^SPERMGQEXIVMEPWWYGLEWJP] EWLSVWMPMGEJYQIQE]FIYWIHMRGSRNYRGXMSR[MXLTSVXPERH GIQIRXJSVIGSRSQ]SVXSTVSZMHIWTIGMJMGTVSTIVXMIWWYGL EW VIHYGIH IEVP] LIEX SJ L]HVEXMSR MQTVSZIH PEXIVEKI WXVIRKXL HIZIPSTQIRX VIHYGIH TIVQIEFMPMX] SV MRGVIEWIH VIWMWXERGIXSEPOEPMEKKVIKEXIVIEGXMSRERHWYPJEXIEXXEGO 'SRGVIXITVSTSVXMSRWWLSYPHTVSZMHI[SVOEFMPMX]HIRWMX] WXVIRKXLERHHYVEFMPMX]RIGIWWEV]JSVXLITEVXMGYPEVETTPMGEXMSR %'-   8S QMRMQM^I WLVMROEKI GVEGOMRK XLI VITEMV GSRGVIXIWLSYPHLEZIE[GQ EWPS[EWTSWWMFPIERHEGSEVWI EKKVIKEXI GSRXIRX EW LMKL EW TSWWMFPI %GGSVHMRK XS %'6JVSWXVIWMWXERXRSVQEP[IMKLXGSRGVIXIWLSYPHLEZIE [GRSXXSI\GIIHJSVXLMRWIGXMSRWWYGLEWXSQQ XSMR ERHJSVEPPSXLIVWXVYGXYVIW1M\MRKXVERW TSVXMRKERHTPEGMRKSJGSRZIRXMSREPGSRGVIXIWLSYPHJSPPS[ XLIKYMHERGIKMZIRMR%'-6%'-6%'-6 %'-6ERH%'-6 E %HZERXEKIW{'SRZIRXMSREPGSRGVIXIMWVIEHMP]EZEMPEFPI [IPP YRHIVWXSSH IGSRSQMGEP LEW WMQMPEV TVSTIVXMIW XS XLI TEVIRX GSRGVIXI ERH MW VIPEXMZIP] IEW] XS TVSHYGI TPEGI JMRMWLERHGYVI+IRIVEPP]GSRGVIXIQM\XYVIWGERFITVSTSV XMSRIH XS QEXGL XLI TVSTIVXMIW SJ XLI YRHIVP]MRK GSRGVIXI XLIVIJSVI GSRZIRXMSREP GSRGVIXI MW ETTPMGEFPI XS E [MHI VERKISJVITEMVW 'SRZIRXMSREP GSRGVIXI GER FI IEWMP]TPEGIH YRHIV [EXIV YWMRKERYQFIVSJ[IPPVIGSKRM^IHXIGLRMUYIWERHTVIGEYXMSRW XS IRWYVI XLI MRXIKVMX] SJ XLI GSRGVIXI EJXIV TPEGIQIRX %'- 6 ERH 6  'SRGVIXI MW X]TMGEPP] TPEGIH YRHIV [EXIVYWMRKEXVIQMISVETYQT F 0MQMXEXMSRW{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{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{%781'GSZIVWVIEH]QM\IHGSRGVIXI QERYJEGXYVIHERHHIPMZIVIHXSETYVGLEWIVMREJVIWLP]QM\IH ERHYRLEVHIRIHWXEXI4VSTIVXMIWWYGLEWWLVMROEKIERHFSRH EVI RSX MRGPYHIH MR XLMW WTIGMJMGEXMSR ERH XLI] WLSYPH FI WTIGMJMIHWITEVEXIP]MJXLI]QIVMXWTIGMEPGSRWMHIVEXMSRMRE KMZIRVITEMV  'SRZIRXMSREP QSVXEV{'SRZIRXMSREP QSVXEV MW E QM\XYVI SJ TSVXPERH GIQIRX JMRI EKKVIKEXI ERH [EXIV ;EXIVVIHYGMRKEHQM\XYVIWI\TERWMZI EKIRXW ERHSXLIV '32'6)8)6)4%-6+9-() QSHMJMIVW EVI SJXIR YWIH [MXL GSRZIRXMSREP QSVXEV XS QMRMQM^IWLVMROEKI E  %HZERXEKIW{8LI EHZERXEKIW SJ GSRZIRXMSREP QSVXEV EVI WMQMPEV XS XLSWI SJ GSRZIRXMSREP GSRGVIXI -R EHHMXMSR QSVXEVGERFITPEGIHMRXLMRRIVWIGXMSRW%[MHIZEVMIX]SJ TVITEGOEKIH QSVXEVW MW EZEMPEFPI 8LI] EVI TEVXMGYPEVP] ETTVSTVMEXIJSVWQEPPVITEMVW F  0MQMXEXMSRW{1SVXEVW KIRIVEPP] I\LMFMX MRGVIEWIH HV]MRK WLVMROEKI GSQTEVIH XS GSRGVIXI FIGEYWI SJ XLIMV LMKLIV [EXIV ZSPYQI LMKLIV YRMX GIQIRX GSRXIRX LMKLIV TEWXIEKKVIKEXIVEXMSERHXLIEFWIRGISJGSEVWIEKKVIKEXI ,MKLEMVGSRXIRXWEVISJXIRVIUYMVIHXSTVSZMHIEHIUYEXI VIWMWXERGI XS JVII^MRK ERH XLE[MRK ERH WGEPI VIWMWXERGI LS[IZIVLMKLEMVGSRXIRXHSIWVIHYGIWXVIRKXL G  %TTPMGEXMSRW{'SRZIRXMSREP QSVXEV GER FI YWIH [LIVIZIVXLMRVITEMVWIGXMSRWEVIVIUYMVIH8LIWIETTPMGEXMSRW WLSYPHFIVIZMI[IH[LIRMRWXEPPIHMRXLITEXLSJZILMGYPEV XVEJJMG XLEX MW WYFNIGX XS VITIXMXMZI PSEHMRK 8IWXMRK YRHIV EGXYEP JMIPH GSRHMXMSRW MW VIGSQQIRHIH XS IRWYVI XLI WEXMWJEGXSV]TIVJSVQERGISJXLIQEXIVMEPERHMRWXEPPEXMSR H  7XERHEVHW{%781 '  GSZIVW XLI TVSHYGXMSR TVSTIVXMIWTEGOEKMRKERHXIWXMRKSJTEGOEKIHHV]GSQFMRIH QEXIVMEPWJSVGSRGVIXIERHQSVXEV7TIGMEPGSRWMHIVEXMSRWLSYPH FIKMZIRXSTVSTIVXMIWRSXGSZIVIHMRXLMWWTIGMJMGEXMSRWYGL EWWLVMROEKIERHHYVEFMPMX]  (V]TEGOQSVXEV{(V]TEGOQSVXEVGSRWMWXWSJSRI TEVX GIQIRX X[S ERH SRILEPJ XS XLVII TEVXW WERH SV TVITEGOEKIHTVSTVMIXEV]QEXIVMEPWERHSRP]IRSYKL[EXIV WS XLI QSVXEV WXMGOW XSKIXLIV [LIR QSPHIH MRXS E FEPP F] WPMKLX TVIWWYVI SJ XLI LERHW ERH HSIW RSXI\YHI[EXIV FYX PIEZIXLILERHWHEQT'YVMRKMWGVMXMGEPFIGEYWISJXLIPS[ MRMXMEP[EXIVGSRXIRXSJHV]TEGOQSVXEV E %HZERXEKIW{&IGEYWISJMXWPS[[GHV]TEGOI\LMFMXW ZIV]PMXXPIWLVMROEKI8LIVIJSVIXLIVITEMVVIQEMRWXMKLXERH MWSJ KSSH UYEPMX] [MXL VIWTIGX XS HYVEFMPMX] WXVIRKXL ERH [EXIVXMKLXRIWW-JXLITEXGLWLSYPHQEXGLXLIGSPSVSJXLI WYVVSYRHMRK GSRGVIXI E FPIRH SJ KVE] ERH [LMXI TSVXPERH GIQIRXQE]FIYWIH2SVQEPP]EFSYX[LMXIGIQIRXMW EHIUYEXIFYXXLITVIGMWITVSTSVXMSRWGERSRP]FIHIXIVQMRIH F]XVMEP F 0MQMXEXMSRW{(V]TEGOMWRSX[IPPWYMXIHJSVTEXGLMRK WLEPPS[ HITVIWWMSRW SV JSV TEXGLMRK EVIEW VIUYMVMRK JMPPMRK FILMRH I\TSWIH VIMRJSVGIQIRX SV JSV TEXGLMRK LSPIW I\XIRHMRK IRXMVIP] XLVSYKL GSRGVIXI WIGXMSRW ;MXLSYX EHIUYEXIGYVMRKHV]TEGOVITEMVWEVIWYFNIGXXSJEMPYVI G %TTPMGEXMSRW{(V]TEGOGERFIYWIHJSVJMPPMRKPEVKISV WQEPPGEZMXMIWJSVQXMILSPIWSVER]GEZMX]XLEXEPPS[WJSV EHIUYEXIGSQTEGXMSR7YGLVITEMVWGERFIEGGSQTPMWLIHSR ZIVXMGEPERHSZIVLIEHWYVJEGIW[MXLSYXJSVQW(V]TEGOGER EPWS FI YWIH JSV JMPPMRK REVVS[ WPSXW GYX JSV XLI VITEMV SJ HSVQERXGVEGOWLS[IZIVMXMWRSXVIGSQQIRHIHJSVJMPPMRK SV VITEMVMRK EGXMZI GVEGOW (V] TEGO MW GSQQSRP] YWIH EX PSEHXVERWJIVTSMRXWERHGSRXEGXEVIEW H 7XERHEVHW{'YVVIRXP]XLIVIEVIRSWXERHEVHWJSVHV] TEGOQSVXEV  4VSTVMIXEV] VITEMV QSVXEVW{4VSTVMIXEV] VITEMV QSVXEVWEVITVITEGOEKIHQSVXEVWXLEXEVIEFPIRHSJTSVXPERH GIQIRXSVWTIGMEPX]GIQIRXEHQM\XYVIWTPEWXMGM^IVWI\TERWMZI 6 EKIRXWHIRWMJMIVWEGGIPIVEXSVWTSP]QIVWXLM\SXVSTMGEKIRXWSV JMRIEKKVIKEXI E  %HZERXEKIW{8LI EHZERXEKIW SJ TVSTVMIXEV] VITEMV QEXIVMEPW EVI XLIMV GSRZIRMIRGI SJ YWI MR XLI JMIPH ERH XLI FVSEHVERKISJTVSHYGXW[MXLHMJJIVIRXTL]WMGEPERHQIGLERMGEP TVSTIVXMIW XS QIIX XLI HMJJIVIRX JMIPH GSRHMXMSRW WYGL EW TEVXMEPHITXL VITEMVW SR ZIVXMGEP ERH SZIVLIEH WYVJEGIW [MXLSYX XLI RIIH SJ JSVQW 8LI] GER LEZI JEWXIV XMQIW SJ WIXXMRKERHWLSVXIVGYVIXMQIW F 0MQMXEXMSRW{4VSTVMIXEV]VITEMVQSVXEVWLEZIHMJJIVIRX QIGLERMGEP TVSTIVXMIW XLER XLI GSRGVIXI FIMRK VITEMVIH &IGEYWIXLI]QE]FIGIQIRXVMGLERHI\XIRHIH[MXLER]SRI SVQSVIQSHMJMIVWWYFWIUYIRXP]XLI]GERLEZIETVSTIRWMX] JSV LMKL WLVMROEKI GSQTEVIH [MXL GSRZIRXMSREP GSRGVIXI 8LIVI EVI RS WXERHEVHW EHHVIWWMRK FSRH WXVIRKXL SJ XLIWI QSVXEVW[LIRETTPMIHXSZIVXMGEPSVSZIVLIEHETTPMGEXMSRW G  %TTPMGEXMSRW{7SQI TVSTVMIXEV] QSVXEVW EVI VIGSQ QIRHIHJSVVITEMVWEWXLMREWQQ MR 8LIWIETTPMGE H  7XERHEVHW{8LI I\MWXMRK WXERHEVH %781 '  EPPS[W XLI MRGPYWMSR SJ   GEPGMYQ GLPSVMHI F] [IMKLX SJ GIQIRX[MXLSYXEHZMWMRKXLIWTIGMJMIVSVXLIGSRXVEGXSV8LI EPPS[EFPIWLVMROEKIMWLMKLERHQE]GSQTVSQMWIXLIMRXIKVMX] SJXLIVITEMV8LMWWXERHEVHMWRSXEPPMRGPYWMZIERHGSQTPMERGI XS%781'MWRSEWWYVERGISJXLIHIWMVIHUYEPMX]  *IVVSGIQIRX{*IVVSGIQIRXMWEJSVQSJVIMRJSVGIH GSRGVIXI XLEX HMJJIVW JVSQ GSRZIRXMSREP VIMRJSVGIH SV TVIWXVIWWIHGSRGVIXITVMQEVMP]F] XLI QERRIVMR[LMGLXLI VIMRJSVGMRK IPIQIRXW EVI HMWTIVWIH ERH EVVERKIH %'6 *IVVSGIQIRXMWGSQQSRP]GSRWXVYGXIHSJL]HVEYPMG GIQIRX QSVXEV VIMRJSVGIH [MXL GPSWIP] WTEGIH PE]IVW SJ GSRXMRYSYW ERH VIPEXMZIP] WQEPPHMEQIXIV [MVI QIWL 8LI [MVIQIWLQE]FIQEHISJWXIIPWXEMRPIWWWXIIPSVSXLIVWYMX EFPIQEXIVMEPW E %HZERXEKIW{*IVVSGIQIRXLEWELMKLXIRWMPIWXVIRKXLXS [IMKLX VEXMS MRGVIEWIH HYVEFMPMX] ERH WYTIVMSV GVEGOMRK FILEZMSVMRGSQTEVMWSRXSVIMRJSVGIHGSRGVIXI F 0MQMXEXMSRW{8LIYWISJJIVVSGIQIRXMREVITEMVWMXYEXMSR MWPMQMXIHF]XLIREXYVISJXLIVITEMVERHXLIGSWX G %TTPMGEXMSRW{&IGEYWIRSJSVQ[SVOMWVIUYMVIHJIVVS GIQIRX MW IWTIGMEPP] WYMXEFPI JSV VITEMV SJ WXVYGXYVIW [MXL GYVZIHWYVJEGIWWYGLEWWLIPPWERHSXLIV JVIIJSVQWLETIW H 7XERHEVHW{8LIVIEVIGYVVIRXP]RSWXERHEVHWJSVJIVVS GIQIRX %HHMXMSREP MRJSVQEXMSR MW EZEMPEFPI MR %'- 6 ERH6  *MFIVVIMRJSVGIHGSRGVIXI{*MFIVVIMRJSVGIHGSRGVIXI MW GSRZIRXMSREP GSRGVIXI [MXL IMXLIV QIXEPPMG SV TSP]QIVMG JMFIVWEHHIHXSEGLMIZIKVIEXIVVIWMWXERGIXSTPEWXMGWLVMROEKI HV]MRK WLVMROEKI ERH WIVZMGIVIPEXIH GVEGOMRK -R QSWX ETTPMGEXMSRWJMFIVVIMRJSVGIQIRXMWRSXMRXIRHIHEWTVMQEV] VIMRJSVGIQIRX*MFIVWGERFIWXIIPKPEWWW]RXLIXMGSVREXYVEP %'-6 *MFIVVIMRJSVGIHGSRGVIXILEWFIIRYWIHJSV VITEMVWYWMRKGSRZIRXMSREPERHWLSXGVIXITPEGIQIRXQIXLSHW -RJSVQEXMSR SR JMFIVVIMRJSVGIHGSRGVIXI SV WLSXGVIXI GER FI SFXEMRIHJVSQ%'-6%'-6ERH%'-6 6 %'-'311-88))6)4368 E  %HZERXEKIW{8LI JMFIVW EVI EHHIH HYVMRK GSRGVIXI TVSHYGXMSRERHEVIMRXLIGSRGVIXI[LIRMXMWTPEGIH8LIWI JMFIVWGERFIYWIHXSTVSZMHIVIMRJSVGIQIRXMRXLMRSZIVPE]W XLEX EVI RSX XLMGO IRSYKL XS MRGPYHI VIMRJSVGMRK FEVW 8LI EHHMXMSRSJJMFIVWGERMRGVIEWIHYVEFMPMX]ERHVIHYGITPEWXMG WLVMROEKI GVEGOMRK SJ VITEMV QEXIVMEPW %VIEW WYFNIGX XS WLSGOSVZMFVEXMSRPSEHMRK[LIVITPEWXMGWLVMROEKIGVEGOMRK MW E TVSFPIQ SV [LIVI FPEWX VIWMWXERGI MW VIUYMVIH GSYPH FIRIJMXJVSQXLIEHHMXMSRSJJMFIVVIMRJSVGIQIRX F 0MQMXEXMSRW{8LIEHHMXMSRSJJMFIVWVIHYGIWXLIWPYQT ERH GER GEYWI [SVOEFMPMX] TVSFPIQW JSV MRI\TIVMIRGIH [SVOIVW 6YWX WXEMRW QE] SGGYV EX XLI WYVJEGI SJ WXIIP JMFIVVIMRJSVGIH GSRGVIXI HYI XS GSVVSWMSR SJ JMFIVW EX XLI WYVJEGI G %TTPMGEXMSRW{*MFIVVIMRJSVGIHGSRGVIXILEWFIIRYWIH JSVWPEFWSRKVSYRHSZIVPE]WSJGSRGVIXITEZIQIRXWWPSTI WXEFMPM^EXMSRERHVIMRJSVGIQIRXSJWXVYGXYVIWWYGLEWEVGLIW SVHSQIW6IMRJSVGIHGSRGVIXIWXVYGXYVIWLEZIFIIRVITEMVIH [MXLJMFIVVIMRJSVGIHWLSXGVIXI H 7XERHEVHW{%781'GSZIVWXLIQEXIVMEPWTVSTSV XMSRW FEXGLMRK HIPMZIV] ERH XIWXMRK SJ JMFIVVIMRJSVGIH GSRGVIXIERHWLSXGVIXI  +VSYXW{+VSYXWETTVSTVMEXIJSVGSRGVIXIVITEMVEVI GEXIKSVM^IHEWIMXLIVL]HVEYPMGGIQIRXSVGLIQMGEP  'IQIRXKVSYXW{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{'IQIRX KVSYXW EVI IGSRSQMGEP VIEHMP] EZEMPEFPI IEW] XS MRWXEPP ERH JEMVP] GSQTEXMFPI [MXL GSRGVIXI %HQM\XYVIW GER QSHMJ] GIQIRX KVSYXW XS QIIX WTIGMJMG NSF VIUYMVIQIRXW %HQM\XYVIW XS QMRMQM^I WLVMROEKIEVIEZEMPEFPISRXLIQEVOIX F 0MQMXEXMSRW{'IQIRXKVSYXWGERFIYWIHJSVVITEMVWF] MRNIGXMSRSRP][LIVIXLI[MHXLSJXLISTIRMRKMWWYJJMGMIRXXS EGGITXXLIWSPMHTEVXMGPIWWYWTIRHIHMRXLIKVSYX2SVQEPP] XLIQMRMQYQGVEGO[MHXLEXXLITSMRXSJMRXVSHYGXMSRWLSYPH FIETTVS\MQEXIP]QQ MR  G  %TTPMGEXMSRW{8]TMGEP ETTPMGEXMSRW SJ L]HVEYPMGGIQIRX KVSYXQE]ZEV]JVSQKVSYXWPYVVMIWJSVFSRHMRKSPHGSRGVIXI XS RI[ GSRGVIXI XS JMPPMRK SJ PEVKI HSVQERX GVEGOW SV XS JMPPMRKSJZSMHWEVSYRHSVYRHIVEGSRGVIXIWXVYGXYVI2SRWLVMRO GIQIRXKVSYXWGERFIYWIHXSVITEMVWTEPPIHSVLSRI]GSQFIH GSRGVIXISVXSMRWXEPPERGLSVFSPXWMRLEVHIRIHGSRGVIXI H 7XERHEVHW{%781'GSZIVWXLVIIKVEHIWSJTEGO EKIHHV]L]HVEYPMGGIQIRXKVSYXW RSRWLVMROEFPI MRXIRHIH JSVYWIYRHIVETTPMIHPSEHWYGLEWXSWYTTSVXEWXVYGXYVISVE QEGLMRI[LIVIGLERKIMRXLMGORIWWFIPS[MRMXMEPTPEGIQIRX XLMGORIWWMWXSFIQMRMQM^IH  'LIQMGEP KVSYXW{'LIQMGEP KVSYXW GSRWMWX SJ WSPYXMSRWSJGLIQMGEPWXLEXVIEGXXSJSVQIMXLIVEKIP JSEQ SVEWSPMHTVIGMTMXEXIEWSTTSWIHXSGIQIRXKVSYXWXLEXGSRWMWX SJWYWTIRWMSRWSJWSPMHTEVXMGPIWMREJPYMH8LIVIEGXMSRMRXLI WSPYXMSRQE]MRZSPZISRP]XLIGSRWXMXYIRXWSJXLIWSPYXMSRSV MX QE] MRGPYHI XLI MRXIVEGXMSR SJ XLI GSRWXMXYIRXW SJ XLI WSPYXMSR[MXLSXLIVWYFWXERGIWWYGLEW[EXIVIRGSYRXIVIHMR XLI YWI SJ XLI KVSYX 8LI VIEGXMSR GEYWIW E HIGVIEWI MR JPYMHMX] ERH E XIRHIRG] XS WSPMHMJ] ERH JMPP ZSMHW MR XLI QEXIVMEPMRXS[LMGLXLIKVSYXLEWFIIRMRNIGXIH E  %HZERXEKIW{8LI EHZERXEKIW SJ GLIQMGEP KVSYXW MRGPYHIXLIMVETTPMGEFMPMX]MRQSMWXIRZMVSRQIRXWXLIMV[MHI VERKIW SJ KIP SV WIXXMRK XMQI ERH XLIMV [MHI VERKI SJ ZMWGSWMXMIW 'VEGOW MR GSRGVIXI EW REVVS[ EW  QQ MR LEZIFIIRJMPPIH[MXLGLIQMGEPKVSYX 6MKMHGLIQMGEPKVSYXWWYGLEWITS\MIWI\LMFMXI\GIPPIRX FSRHXSGPIERHV]WYFWXVEXIWERHWSQIFSRHXS[IXGSRGVIXI 8LIWI KVSYXW GER VIWXSVI XLI JYPP WXVIRKXL SJ E GVEGOIH GSRGVIXIQIQFIV +IPX]TISVJSEQGLIQMGEPKVSYXWWYGLEWWSHMYQWMPMGEXI EGV]PEXIW EGV]PEQMHIW ERH TSP]YVIXLERIW EVI TEVXMGYPEVP] WYMXIHJSV YWIMRGSRXVSP SJ[EXIVJPS[XLVSYKL GVEGOW ERH NSMRXW7SQIKIPKVSYXWGERFIJSVQYPEXIHEXZMWGSWMXMIWRIEV XLEXSJ[EXIVWSXLI]GERFIMRNIGXIHMRXSEPQSWXER]STIRMRK XLEX[EXIVJPS[WXLVSYKL F 0MQMXEXMSRW{'LIQMGEPKVSYXWLEZIHMJJIVIRXQIGLERMGEP TVSTIVXMIWERHEVIQSVII\TIRWMZIXLERGIQIRXKVSYX%PWS E LMKL HIKVII SJ WOMPP MW RIIHIH JSV WEXMWJEGXSV] YWI SJ GLIQMGEPKVSYXW7SQIITS\]W]WXIQWHSRSXFSRHMRXLI TVIWIRGISJQSMWXYVI +IPSVJSEQKVSYXWWLSYPHRSXFIYWIHXSVIWXSVIWXVIRKXL XSEWXVYGXYVEPQIQFIV1SWXKIPSVJSEQKVSYXWEVI[EXIV WSPYXMSRWERHI\LMFMXWLVMROEKIMJEPPS[IHXSHV]MRWIVZMGI G %TTPMGEXMSRW{6ITEMVSJ JMRI GVEGOW IMXLIV XSTVIZIRX QSMWXYVIQMKVEXMSREPSRKXLIGVEGOSVXSVIWXSVIXLIMRXIKVMX] SJEWXVYGXYVEPQIQFIVEVIX[SSJXLIQSWXJVIUYIRXETTPMGE XMSRWSJGLIQMGEPKVSYX H  7XERHEVHW{%781 '  GSZIVW X[SGSQTSRIRX  0S[WPYQT HIRWI GSRGVIXI{0S[WPYQT HIRWI GSRGVIXI 07(' MWEWTIGMEPJSVQSJGSRZIRXMSREPGSRGVIXI -XLEWEQSHIVEXIXSLMKLGIQIRXJEGXSVE[GPIWWXLER ERHI\LMFMXW[SVOMRKWPYQTWSJQQ MR SVPIWW07(' KEMRWWXVIRKXLVETMHP]ERHMWHMWXMRGXMZIFIGEYWISJMXWLMKL HIRWMX]ERHVIHYGIHTIVQIEFMPMX] E %HZERXEKIW{3ZIVPE]WSJ07('[MXLEQMRMQYQXLMGO RIWWSJSRP]QQ MR LEZITVSZMHIHYTXS]IEVWSJ WIVZMGI[LIRTVSTIVP]MRWXEPPIH07('GERFITPEGIHYWMRK GSRZIRXMSREP IUYMTQIRX [MXL WPMKLX QSHMJMGEXMSRW 'SQTEVIH XS WXVYGXYVEP KVEHI GSRGVIXI 07(' TVSZMHIW MRGVIEWIHVIWMWXERGIXSGLPSVMHIMSRTIRIXVEXMSR[LIRXIWXIH EGGSVHMRKXS%781' 3^]MPHMVMQ  F  0MQMXEXMSRW{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{07('MWJVIUYIRXP]YWIHEWERSZIVPE]SV JMREP[IEVMRKGSYVWIMREGSQTSWMXIVITEMVXSSFXEMREUYEPMX] EFVEWMSRVIWMWXERX TVSXIGXMZIPE]IV[MXLE HYVEFPI GSRGVIXI WYVJEGI H 7XERHEVHW{8LI WEQI WXERHEVHW ETTP] XS 07(' EW ETTP]XSGSRZIRXMSREPGSRGVIXI  1EKRIWMYQ TLSWTLEXI GSRGVIXI ERH QSVXEV{ 1EKRIWMYQTLSWTLEXIGSRGVIXIERHQSVXEV 14' MWFEWIH SREL]HVEYPMGGIQIRXW]WXIQXLEXMWHMJJIVIRXJVSQTSVXPERH GIQIRX 9RPMOI TSVXPERH ERH WSQI TSP]QIVGIQIRX GSRGVIXI[LMGLVIUYMVIQSMWXGYVMRKJSVSTXMQYQTVSTIVX] HIZIPSTQIRX XLIWI W]WXIQW TVSHYGI XLIMV FIWX TVSTIVXMIW YTSR EMV GYVMRK WMQMPEV XS ITS\] GSRGVIXI 6ETMH WXVIRKXL HIZIPSTQIRX ERH LIEX EVI TVSHYGIH EPXLSYKL VIXEVHIH ZIVWMSRWEVIEZEMPEFPIXLEXTVSHYGIPIWWLIEX8LIWIQEXIVMEPW LEZIFIIRYWIHMRVITEMVWXSGSRGVIXIWMRGIXLIQMHW E %HZERXEKIW{7IXXMRKXMQIWSJXSQMREVIX]TMGEPP] IRGSYRXIVIHEXVSSQXIQTIVEXYVIWERHIEVP]WXVIRKXLHIZIP STQIRX SJ  14E  TWM  [MXLMR  L MW VIKYPEVP] SFXEMRIH6IXEVHIHZIVWMSRW[MXLI\XIRHIHWIXXMRKXMQIWSJ XSQMREXVSSQXIQTIVEXYVIEVIEPWSEZEMPEFPI7GEPI VIWMWXERGIMWWMQMPEVXSEMVIRXVEMRIHTSVXPERHGIQIRXFEWIH GSRGVIXIQEXIVMEPW;LIRI\XIRHIH[MXLEKKVIKEXIWEFVEWMSR VIWMWXERGI SJ 14' MW WMQMPEV XS GSRZIRXMSREP GSRGVIXI SJ WMQMPEVWXVIRKXL[LIRXIWXIHMREGGSVHERGI[MXL%781' 2IEX QEKRIWMYQ TLSWTLEXI GIQIRX REXYVEPP] LEW PS[IV EFVEWMSR VIWMWXERGI WMQMPEV XS TSVXPERHGIQIRX QSVXEV SJ IUYEPWXVIRKXL 1EKRIWMYQTLSWTLEXIQSVXEVERHGSRGVIXIGERFITPEGIH EXXIQTIVEXYVIWEWPS[EW”' ”* SVPS[IVMJXLIQM\MRK [EXIV ERH QEXIVMEP EVI LIEXIH 1EKRIWMYQ TLSWTLEXI QSVXEVWX]TMGEPP]EGLMIZIW14E TWM GSQTVIWWMZI WXVIRKXL[MXLMRLERHHSIWRSXMRGVIEWIZIV]QYGLFI]SRH XLEXPIZIP8LIQEXIVMEPLEWKSSHFSRHWXVIRKXLXSTSVXPERH GIQIRXERHPS[TIVQIEFMPMX]8LMRTEXGLIW[MXLQEKRIWMYQ TLSWTLEXI QSVXEV TIVJSVQ FIXXIV XLER TSVXPERH GIQIRX TEXGLIWFIGEYWIXLI]HSRSXVIUYMVIEQSMWXGYVI F  0MQMXEXMSRW{14' WLSYPH FI I\XIRHIH SRP] [MXL RSRGEPGEVISYWEKKVIKEXIWWYGLEWWMPMGEFEWEPXKVERMXIXVET VSGOERHSXLIVLEVHVSGOW6IEGXMSRSJGEVFSREXIHWYVJEGIW [MXL XLI IEVP]JSVQMRK TLSWTLSVMG EGMH TVSHYGIW GEVFSR HMS\MHI '3  ERH [IEOIRW XLI TEWXI EKKVIKEXI FSRH &IGEYWISJMXWEGMHFEWIVIEGXMSR14'WLSYPHFIYWIHSRP] SR [IPPTVITEVIH GSRGVIXI WYFWXVEXIW XLEX LEZI LEH XLI GEVFSREXMSR PE]IV VIQSZIH F] QIGLERMGEP SV GLIQMGEP QIERW14'VIEGXWGLIQMGEPP][MXLXLIHYWXSJXLIJVEGXYVI 6 SV GEVFSREXIH ^SRI ERH GER GEYWI E VIHYGXMSR MR FSRH WXVIRKXLEXXLIFSRHMRXIVJEGI 'EVIJYPEXXIRXMSRWLSYPHFITEMHXSWYVJEGITVITEVEXMSRERH HV]MRKXMQIWSJ14'MJMQTIVQIEFPIQIQFVERIWEVIETTPMIH SZIVMX8LI14'ERHQIQFVERIQERYJEGXYVIVWWLSYPHFI GSRXEGXIHJSVHIXEMPIHVIGSQQIRHEXMSRW &IGEYWI SJ XLI WQEPP MRXIVZEP FIX[IIR MRMXMEP ERH JMREP WIXXMRKXMQIW14'KIRIVEPP]MWRSXLEVHXVS[IPIH 8LI JMIPH XIGLRMGMER HSIW RSX LEZI XLI JPI\MFMPMX] SJ ZEV]MRK XLI [EXIV GSRXIRX ERH XLIVIJSVI 14' GERRSX FI TPEGIHMREHV]TEGOGSRWMWXIRG]8LIQM\MRK[EXIVX]TMGEPP] LEW E XSPIVERGI SJ SRP] •  %R] ZEVMEXMSR SJ XLI [EXIV GSRXIRXJVSQXLEXWTIGMJMIHF]XLIQERYJEGXYVIVVIHYGIWFSXL XLIWXVIRKXLERHXLIHYVEFMPMX]SJXLI14'QSVXEV 8LI RIEX SV I\XIRHIH QEKRIWMYQ TLSWTLEXI QSVXEV HIZIPSTWEZIV]VETMHI\SXLIVQMGVIEGXMSRXLEXGERTVSHYGI VIPEXMZIP] LMKL XIQTIVEXYVIW 8LI QSVXEV WLSYPH RSX FI TPEGIHEXXIQTIVEXYVIWEFSZI”' ”* SVMRXLIWYRPMKLX [MXLMRXLIXIQTIVEXYVIVERKIWSJXS”' XS”*  ,SX[IEXLIVJSVQYPEWEVIEZEMPEFPIJSVYWIMR[EVQEQFMIRX GSRHMXMSRW 8LI QERYJEGXYVIV WLSYPH FI GSRWYPXIH [LIR TPEGMRKXLIQEXIVMEPMRXLMGORIWWKVIEXIVXLERQQ MR SV MR MRWYPEXIH GEZMXMIW [LIVI XLI LIEX KIRIVEXIH GERRSX IWGETI)\XIRHMRKXLIQM\XYVI[MXLEKKVIKEXIWSVGSSP[EXIV GERWPS[HS[RXLII\SXLIVQMGVIEGXMSR -RELEVHIRIHWXEXI14'UYMGOP]TVSHYGIWLMKLWXVIRKXL ERHLMKLQSHYPYWSJIPEWXMGMX]8LIVIJSVIMXMWRSXJPI\MFPI ERHHSIWRSXLEZIXLIXSYKLRIWWXLEXMWX]TMGEPP]JSYRH[MXL SVKERMGQSHMJMIH QSVXEVW ERH MW WYWGITXMFPI XS JVEGXYVMRK JVSQMQTEGXPSEHW ;MXLXLIRSVQEPWIXXMRKJSVQYPEXMSRWSJ14'LMKLLIEX TIEOWEVIIRGSYRXIVIH;MXLWYWXEMRIHI\TSWYVIXSXIQTIVEXYVIW MRI\GIWWSJ”' ”* MRWIVZMGIWXVIRKXLVIHYGXMSRW GERHIZIPSTFYXMXWGSQTVIWWMZIWXVIRKXLGERFII\TIGXIHXS I\GIIHXLEXSJRSVQEPGSRGVIXI G  %TTPMGEXMSRW{4EXGLMRK ETTPMGEXMSRW EVI XLI QSWX GSQQSRYWISJ14'ERHEVIGSWXIJJIGXMZIJSVVETMHVITEMVW [LIVIEWLSVXHS[RXMQIMWMQTSVXERX'SQQSRYWIWEVIMR LMKL[E]FVMHKIHIGOEMVTSVXXYRRIPERHMRHYWXVMEPVITEMVW 6ITEMVW MR E GSPH[IEXLIV IRZMVSRQIRX EVI MQTSVXERX ETTPMGEXMSRW(YIXSXLII\SXLIVQMGREXYVISJXLIVIEGXMSR LIEXMRK XLI QEXIVMEPW ERH XLI WYFWXVEXIW MW RSX YWYEPP] RIGIWWEV]YRPIWWXLIXIQTIVEXYVIMWFIPS[JVII^MRK14'MW YWIJYPJSVGSPH[IEXLIVIQFIHQIRXWERHERGLSVMRKFIGEYWI SJMXWLMKLFSRHWXVIRKXLERHPS[WLVMROEKIVEXI H 7XERHEVHW{'YVVIRXP]RSWXERHEVHWEVIEZEMPEFPIJSV14'  GVIXIMWTVSHYGIHF]TPEGMRKGSEVWIEKKVIKEXIMREJSVQ ERH PEXIV MRNIGXMRK E TSVXPERH GIQIRXWERH KVSYX YWYEPP] [MXL EHQM\XYVIW SV E VIWMRSYW QEXIVMEP XS JMPP XLI ZSMHW 4VITPEGIHEKKVIKEXI GSRGVIXI HMJJIVW JVSQ GSRZIRXMSREP GSRGVIXI MR XLEX MX GSRXEMRW E LMKLIV TIVGIRXEKI SJ GSEVWI EKKVIKEXI %'- 6 ERH %'- 6 KMZIW KYMHERGI SR QM\MRKERHTPEGMRKTVITPEGIHEKKVIKEXIGSRGVIXI E  %HZERXEKIW{ XLEXSJGSRZIRXMSREPGSRGVIXI &IGEYWI XLI EKKVIKEXI MW TVITPEGIH ERH XLI KVSYX TYQTIH 6 %'-'311-88))6)4368 YRHIVTVIWWYVIWIKVIKEXMSRMWRSXETVSFPIQERHZMVXYEPP]EPP WYFWXVEXIZSMHWEVIJMPPIH[MXLQSVXEV8LIEFMPMX]SJXLIKVSYX XSHMWTPEGI[EXIVJVSQXLIZSMHWFIX[IIREKKVIKEXITEVXMGPIW HYVMRKMRNIGXMSRQEOIWXLMWQEXIVMEPTEVXMGYPEVP]WYMXEFPIJSV YRHIV[EXIVVITEMVW %'-6%'-6ERH%'-6  -RYRHIV[EXIVGSRWXVYGXMSRLMKLIVTPEGMRKVEXIWEXPS[IV GSWXLEZIFIIREGLMIZIH[MXLTVITPEGIHEKKVIKEXIGSRGVIXI GSQTEVIHXSGSRZIRXMSREPTPEGMRKQIXLSHW %'-6ERH %'-6  ITS\]GSRGVIXIFEWIHSRJMIPHI\TIVMIRGITIVJSVQWMR EQERRIVWMQMPEVXS4''YRHIVPSEH F %TTPMGEXMSRW{4VITPEGIHEKKVIKEXIGSRGVIXIMWYWIHSR PEVKIVITEMVTVSNIGXWTEVXMGYPEVP][LIVIYRHIV[EXIVGSRGVIXI TPEGIQIRX MW VIUYMVIH SV [LIR GSRZIRXMSREP TPEGMRK SJ GSRGVIXI[SYPHFIHMJJMGYPX8LIWIJEGXSVWQEOITVITPEGIH EKKVIKEXIGSRGVIXIERMHIEPQEXIVMEPJSVETTPMGEXMSRW[LIVI GSRWMHIVEFPIGSRKIWXMSRSJVIMRJSVGIQIRXSVSXLIVIQFIHQIRXW I\MWXW SV [LIVI EGGIWW MW HMJJMGYPX 4VITPEGIHEKKVIKEXI GSRGVIXITVSZMHIWEWSPYXMSRJSVWXVYGXYVEPVITEMVWVIUYMVMRK MQQIHMEXI PSEH XVERWJIV GETEFMPMX] FIGEYWI SJ MXW PS[ WLVMROEKI 8]TMGEPETTPMGEXMSRWMRGPYHIYRHIV[EXIVVITEMVSJ WXMPPMRK FEWMRW HEQW FVMHKIW EFYXQIRXW [EPPW FIEQW GSPYQRW ERH JSSXMRKW 4VITPEGIHEKKVIKEXI GSRGVIXI LEW EPWS FIIR YWIH XS VITEMV FIEQW ERH GSPYQRW MR MRHYWXVMEP TPERXW [EXIV XEROW ERH SXLIV WMQMPEV JEGMPMXMIW EW [IPP EW GEMWWSRWJSVYRHIVTMRRMRKI\MWXMRKWXVYGXYVIW G 0MQMXEXMSRW{*SVQ[SVOGSWXWJSVTVITPEGIHEKKVIKEXI GSRGVIXI EVI ETTVS\MQEXIP] XLI WEQI EW JSV GSRZIRXMSREP GSRGVIXILS[IZIVEHHMXMSREP[SVOQE]FIVIUYMVIHMRXLI MRWXEPPEXMSRSJJSVQMRKFIGEYWISJXLIRIIHXSTVITPEGIXLI EKKVIKEXIERHTVIZIRXPIEOW&IGEYWISJXLIVIPEXMZIP]LMKL [EXIVGSRXIRXGSQQSRP]YWIHXS]MIPHTYQTEFPIGIQIRXMXMSYW QSVXEVWXLITIVQIEFMPMX]XSKEWSVZETSVSJXLIQSVXEVJVEGXMSR SJ TVITPEGIHEKKVIKEXI GSRGVIXI GER FI WSQI[LEX KVIEXIV XLERXLEXSJRSVQEPGSRGVIXI[LMGLMWERMQTSVXERXJEGXSVXS GSRWMHIV [LIVI MX MW XS FI YWIH MR I\XVIQI IRZMVSRQIRXW -RGPYWMSRSJWMPMGEJYQIMRXLIKVSYXQE]QMXMKEXIXLMWPMQMXEXMSR ;EXWSR  &IGEYWI TVITPEGIHEKKVIKEXI GSRGVIXI GSRWXVYGXMSR MW WTIGMEPM^IH VITEMVW YWMRK XLMW TVSGIHYVI WLSYPH FI GSRHYGXIHF]UYEPMJMIHTIVWSRRIPI\TIVMIRGIHMRXLMWQIXLSH SJGSRWXVYGXMSR H 7XERHEVHW{%781 '  GSZIVW JPYMHMJMIV JSV KVSYX YWIHJSVTVITPEGIHEKKVIKEXIGSRGVIXI %781'HIWGVMFIWXLITVEGXMGIJSVWIPIGXMRKTVSTSVXMSRW JSV KVSYX QM\XYVIW VIUYMVIH MR XLI TVSHYGXMSR SJ TVITPEGIH EKKVIKEXIGSRGVIXI  6ETMHWIXXMRKGIQIRXW{6ETMHWIXXMRKGIQIRXMXMSYW QEXIVMEPWEVIGLEVEGXIVM^IHF]WLSVXWIXXMRKXMQIW7SQIQE] I\LMFMX VETMH WXVIRKXL HIZIPSTQIRX [MXL GSQTVIWWMZI WXVIRKXLWMRI\GIWWSJ14E TWM [MXLMRL8]TI--TSVXPERHGIQIRXLEWFIIRYWIHJSVXLITEXGLMRKSJGSRGVIXI JSV EPSRKXMQI ERH LEWFIIRQSVI [MHIP]YWIHXLERQSWX SXLIV QEXIVMEPW MR JYPPHITXL WIGXMSRW 8VERWTSVXEXMSR 6IWIEVGL&SEVH  E %HZERXEKIW{6ETMHWIXXMRKGIQIRXWTVSZMHIEGGIPIVEXIH WXVIRKXLHIZIPSTQIRXXLEXEPPS[WXLIVITEMVXSFITPEGIHMRXS WIVZMGIQSVIUYMGOP]XLERGSRZIRXMSREPVITEMVQEXIVMEPW8LMW EHZERXEKIMWMQTSVXERXMRVITEMVMRKLMKL[E]WFVMHKIWEMVTSVX VYR[E]WERHMRHYWXVMEPTPERXWFIGEYWISJXLIVIHYGIHTVSXIG XMSRXMQIWPS[IVXVEJJMGGSRXVSPGSWXWERHMQTVSZIHWEJIX] F 0MQMXEXMSRW{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{6ETMHWIXXMRK GIQIRXW EVI IWTIGMEPP] YWIJYPMRVITEMVWMXYEXMSRW[LIVIERIEVP]VIXYVRXSXVEJJMGMW VIUYMVIHWYGLEWVITEMVSJTEZIQIRXWFVMHKIHIGOWEMVTSVX VYR[E]WERHMRHYWXVMEPTPERXW H  7XERHEVHW{%781 '  GSZIVW TEGOEKIH HV] GIQIRXMXMSYWQSVXEVSVGSRGVIXIQEXIVMEPWJSVVETMHVITEMVW XS LEVHIRIH L]HVEYPMGGIQIRX GSRGVIXI TEZIQIRXW ERH WXVYGXYVIW%781'HSIWRSXTVSZMHIFSRHWXVIRKXLSV JVII^MRKERHXLE[MRKVIWMWXERGIVIUYMVIQIRXW8LIWTIGM JMGEXMSRTIVQMXWYTXS GEPGMYQGLPSVMHI[MXLSYXEGORS[P IHKIQIRXXS XLI WTIGMJMIVSV YWIV%PWSEGYVVIRX JSSXRSXI GEYXMSRW XLI YWIV XSGLIGO SR I\TSWYVI GSRHMXMSRW WYPJEXI I\TSWYVI ERH EPOEPM VIEGXMZMX]  XLEX EVI RSX GSZIVIH MR XLI WTIGMJMGEXMSR 8LIVIJSVI EHHMXMSREP XIWXMRK WLSYPH FI TIVJSVQIHEXERXMGMTEXIHETTPMGEXMSRXIQTIVEXYVIWXSZIVMJ]MJ TVSTIVXMIWRSXGSZIVIHMRXLIWTIGMJMGEXMSREVIMQTSVXERXJSV EKMZIRTVSNIGX7YFWXERXMEPEHZERGIWMRXLIGSQTSYRHMRKSJ VETMHWIXXMRKGIQIRXWLEZIXEOIRTPEGIMRVIGIRX]IEVW  7LSXGVIXI{7LSXGVIXI MW E QM\XYVI SJ TSVXPERH GIQIRX WERH ERH [EXIV XLEX MW TVSNIGXIH MRXS TPEGI F] GSQTVIWWIHEMV-REHHMXMSRXSXLIWIQEXIVMEPWWLSXGVIXIGER EPWS GSRXEMR GSEVWI EKKVIKEXI JMFIVW ERH EHQM\XYVIW 4VSTIVP] ETTPMIH WLSXGVIXI MW E WXVYGXYVEPP] EHIUYEXI ERH HYVEFPIVITEMVQEXIVMEPXLEXMWGETEFPISJI\GIPPIRXFSRH[MXL I\MWXMRKGSRGVIXISVSXLIVGSRWXVYGXMSRQEXIVMEPW E %HZERXEKIW{-RVITEMVTVSNIGXW[LIVIXLMRWIGXMSRWPIWW XLERQQ MR MRHITXLERHPEVKISVWQEPPWYVJEGIEVIEW [MXLMVVIKYPEVGSRXSYVWSVWLETIWEVIMRZSPZIHWLSXGVIXIQE] FIQSVIIGSRSQMGEPXLERGSRZIRXMSREPGSRGVIXIFIGEYWISJ XLIWEZMRKWMRJSVQMRKGSWXW 7LSXGVIXI GER FIETTPMIHSZIVLIEHMRRSVQEP ETTPMGEXMSRW ERHQEXIVMEPWGERFIQM\IHERHXVERWTSVXIHWIZIVEPLYRHVIH JIIXXSXLIRS^^PISTIVEXSVEXTVSNIGXWMXIW[MXLVIWXVMGXIHEGGIWW 1IGLERMGEPIUYMTQIRXMWEPWSEZEMPEFPIJSVVIQSXITPEGIQIRX SJWLSXGVIXI*SVWLSXGVIXIHV]QM\VIJIVXS%'-6 F 0MQMXEXMSRW{8LIWYGGIWWJYPETTPMGEXMSRSJWLSXGVIXIMW HITIRHIRXSRXLIXVEMRMRKWOMPPERHI\TIVMIRGISJXLIRS^^PI STIVEXSV8LIRS^^PISTIVEXSVWLSYPHHIQSRWXVEXILMWSVLIV WOMPPF]TPEGMRKEXIWXTERIPXLEXVIJPIGXWXLIWMXIGSRHMXMSRW '32'6)8)6)4%-6+9-() 8LIRS^^PISTIVEXSVvWTIVJSVQERGIWLSYPHFIIZEPYEXIHERH ETTVSZIHFIJSVILISVWLIMWEPPS[IHSRXLINSF8LIRS^^PI STIVEXSVWLSYPHFI%'-GIVXMJMIHEWERS^^PISTIVEXSV (YWX ERH VIFSYRH VIUYMVI WTIGMEP EXXIRXMSR MR MRHSSV ETTPMGEXMSRW G %TTPMGEXMSRW{7LSXGVIXILEWFIIRYWIHXSVITEMVHIXI VMSVEXIHGSRGVIXIFVMHKIWFYMPHMRKWTEVOMRKWXVYGXYVIW PSGO [EPPW HEQW ERH XYRRIPW 8LI TIVJSVQERGI SJ WLSXGVIXI VITEMV LEW KIRIVEPP] FIIR KSSH LS[IZIV XLIVI EVI WSQI MRWXERGIW SJ TSSV TIVJSVQERGI 1ENSV GEYWIW SJ TSSV TIVJSVQERGIEVIMREHIUYEXITVITEVEXMSRSJXLISPHWYVJEGI TSSV [SVOQERWLMT ERH RSX EGGSYRXMRK JSV XLI VIPEXMZIP] MQTIVQIEFPI REXYVI SJ WLSXGVIXI 8LIVI LEZI FIIR WSQI VITEMV JEMPYVIW [LIVI WLSXGVIXI [EW YWIH XS VIWYVJEGI SPH L]HVEYPMG WXVYGXYVIW 8LI VIPEXMZIP] MQTIVQIEFPI WLSXGVIXI XVETW QSMWXYVI QMKVEXMRK XLVSYKL XLI GSRGVIXI WYFWXVEXI GEYWMRK XLI RSREMVIRXVEMRIH GSRGVIXI RIEV XLI VITEMV MRXIVJEGIXSFIGSQIGVMXMGEPP]WEXYVEXIH7YFWIUYIRXG]GPIW SJJVII^MRKERHXLE[MRKVIWYPXIHMRJEMPYVISJXLIVITEMV 97 %VQ]'SVTWSJ)RKMRIIVW 7EXMWJEGXSV]WLSXGVIXIVITEMVMW GSRXMRKIRXYTSRTVSTIVWYVJEGIXVIEXQIRXSJSPHWYVJEGIWXS [LMGL XLI WLSXGVIXI MW FIMRK ETTPMIH ERH XLI WOMPP SJ XLI RS^^PISTIVEXSV H 7XERHEVHW{%'-6ERH%'-TVSZMHIKYMHIW ERH WTIGMJMGEXMSRW JSV WLSXGVIXI GSRWXVYGXMSR ERH GIVXMJMGE XMSRVIUYMVIQIRXWJSVXLIRS^^PISTIVEXSV  I\TERWMZIGIQIRX GSRGVIXIXLEX QMRMQM^IW GVEGOMRK GEYWIH F] HV]MRK WLVMROEKI 8LI FEWMG QEXIVMEPWERHQIXLSHWEVIWMQMPEVXSXLSWIRIGIWWEV]XSTVSHYGI LMKLUYEPMX] 4'' 'SRWIUYIRXP] XLI GLEVEGXIVMWXMGW SJ WLVMROEKIGSQTIRWEXMRK GSRGVIXI EVI MR QSWX VIWTIGXW WMQMPEV XS XLSWI SJ TSVXPERHGIQIRX GSRGVIXI 4VSTVMIXEV] TVITEGOEKIHQSVXEVXLEXYWIWWSQIJSVQSJWLVMROEKIGSQTIR WEXMRKGIQIRXXSGSYRXIVTSXIRXMEPWLVMROEKIMWEZEMPEFPIERH LEW FIIR YWIH WYGGIWWJYPP] JSV ]IEVW *SV HIJMRMXMSRW SJ I\TERWMZIGIQIRXGIQIRXX]TIW/1ERH7VIJIVXS%'- E  %HZERXEKIW{;LIR TVSTIVP] VIWXVEMRIH F] VIMRJSVGI QIRXSVI\XIVREPVIWXVEMRXWLVMROEKIGSQTIRWEXMRKGSRGVIXI XVMIWXSI\TERHEREQSYRXIUYEPXSSVWPMKLXP]KVIEXIVXLERXLI ERXMGMTEXIH HV]MRK WLVMROEKI FYX FIGEYWI I\TERWMSR MW PMQMXIH F] VIWXVEMRX VIMRJSVGIQIRX SV FSXL XLI GSRGVIXI MRMXMEPP] HIZIPSTW GSQTVIWWMZI WXVIWWIW 7YFWIUYIRX HV]MRK WLVMROEKI VIHYGIW XLIWI I\TERWMZI WXVEMRW GSQTVIWWMZI WXVIWWIWSVFSXLFYXMHIEPP]EVIWMHYEPI\TERWMSRVIQEMRWMR XLI GSRGVIXI XLIVIF] VIHYGMRK WLVMROEKI GVEGOMRK 8LI NSMRXWYWIHXSGSRXVSPWLVMROEKIGVEGOMRKGERFIVIHYGIHSV IPMQMREXIHEPSRK[MXLXLIRSVQEPTVSZMWMSRWJSV[EXIVWXSTW ERHPSEHXVERWJIVQIGLERMWQW;LIVIE[EXIVXMKLXGSRHMXMSR MW IWWIRXMEP LS[IZIV XLI IPMQMREXMSR SJ [EXIVWXSTW MW RSX VIGSQQIRHIH F 0MQMXEXMSRW{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{7LVMROEKIGSQTIRWEXMRK GSRGVIXI QMRMQM^IW GVEGOMRK GEYWIH F] HV]MRK WLVMROEKI MR GSRGVIXI WPEFW TEZIQIRXW FVMHKI HIGOW ERH WXVYGXYVIW %HHMXMSREPP] WLVMROEKIGSQTIRWEXMRKGERVIHYGI[EVTMRKXIRHIRGMIW[LIVI GSRGVIXI MW I\TSWIH XS WMRKPI JEGI HV]MRK ERH GEVFSREXMSR WLVMROEKI H  7XERHEVHW{%781 '  TVSZMHIW WXERHEVHW JSV I\TERWMZI L]HVEYPMG GIQIRXERHPMQMXWMRGPYHMRK WXVIRKXL WIXXMRK XMQI ERH I\TERWMSR SJ XLI GIQIRX 1SVXEV ERH GSRGVIXI I\TERWMSRW EVI YWYEPP] HIXIVQMRIH MR EGGSVHERGI [MXL %781 '  ERH '  VIWTIGXMZIP] %HIUYEG] SJ GSRGVIXIWLSYPHFIGLIGOIHERHYWIHEWSYXPMRIHMR%'-  7MPMGEJYQIGSRGVIXI{7MPMGEJYQIEF]TVSHYGXMR XLI QERYJEGXYVI SJ WMPMGSR ERH JIVVSWMPMGSR EPPS]W MW ER IJJMGMIRX TS^^SPERMG QEXIVMEP %HHMRK WMPMGE JYQI ERH E ,6;6% XS E GSRGVIXI QM\XYVI WMKRMJMGERXP] MRGVIEWIW GSQTVIWWMZI WXVIRKXL HIGVIEWIW TIVQIEFMPMX] ERH XLYW MQTVSZIW HYVEFMPMX] %'- 6  7MPMGE JYQI MW RSVQEPP] EHHIH XS GSRGVIXI MR UYERXMXMIW SJ  XS   F] QEWW SJ GIQIRX'SQTVIWWMZIWXVIRKXLWSJXS14E XS TWM GERFIEXXEMRIH[MXLWMPMGEJYQIGSRGVIXI E  %HZERXEKIW{8LI MRMXMEP GSQQIVGMEP MRXIVIWX MR WMPMGE JYQI [EW JSV MRGVIEWIH GLIQMGEP VIWMWXERGI SJ GSRGVIXI LS[IZIVMXMWFIMRKEHHIHXSGSRGVIXIXSHE]XSMRGVIEWIHIRWMX] ERHWXVIRKXLERHMRWSQIGEWIWEWEGIQIRXVITPEGIQIRXSV TVSTIVX]IRLERGMRKQEXIVMEPXSMQTVSZIUYEPMX]ERHTIVJSV QERGIMRE[MHIVERKISJETTPMGEXMSRW IVMRK SJ WMPMGE JYQI QSHMJMIH GSRGVIXIWLSYPHFIHSRI[MXLE,6;6%VEXLIVXLER[MXL[EXIV F 0MQMXEXMSRW{8]TMGEPP]EWWMPMGEJYQIHSWEKIMRGVIEWIW XLIGSRGVIXIFIGSQIWQSVIGSLIWMZIMWQSVIWYWGITXMFPIXS TPEWXMGWLVMROEKIGVEGOMRKERHEHHWWMKRMJMGERXGSWXXSXLI VITEMVQEXIVMEP4PEGMRKERHJMRMWLMRKGVI[WLS[IZIVLEZI FIIR EFPI XS SZIVGSQI XLIWI HMJJIVIRGIW [MXLSYX ER] WMKRMJMGERXHMJJMGYPXMIW ,SPPERH 7MPMGEJYQIGSRGVIXI LEW PMXXPI SV RS FPIIH [EXIV [LMGL QEOIW MX HMJJMGYPX XS TVSZMHIEWXIIPXVS[IPJMRMWL 8LIQMRMQYQGYVMRKXIQTIVEXYVIWLSYPHFI”' ”*  %PWS[IXGYVMRKWLSYPHWXEVXMQQIHMEXIP]JSVEVIGSQQIRHIH QMRMQYQSJHE]W G %TTPMGEXMSRW{8LI JMVWX QENSV ETTPMGEXMSRW SJ WMPMGEJYQIGSRGVIXIMRXLI9RMXIH7XEXIW[IVIJSVVITEMVSJ 6 %'-'311-88))6)4368 L]HVEYPMG WXVYGXYVIW WYFNIGXIH XS EFVEWMSRIVSWMSR HEQEKI ,SPPERH ERH +YXWGLS[   8LI LMKL WXVIRKXL SJ WMPMGEJYQI GSRGVIXI ERH XLI VIWYPXMRK EFVEWMSRIVSWMSR VIWMWXERGISJJIVERIGSRSQMGEPWSPYXMSRXSEFVEWMSRIVSWMSR TVSFPIQW TEVXMGYPEVP] MR EVIEW [LIVI PSGEPP] EZEMPEFPI EKKVIKEXIQE]SXLIV[MWIVIWYPXMRYREGGITXEFPIGSRGVIXIJSV EFVEWMSRIVSWMSRVIWMWXERGI 7MPMGEJYQIGSRGVIXILEWFIIRYWIHI\XIRWMZIP]MRSZIVPE]W SRTEVOMRKWXVYGXYVIWERHFVMHKIHIGOWXSVIHYGIXLIMRXVYWMSR SJGLPSVMHIMSRWMRXSXLIGSRGVIXI H 7XERHEVHW{%781'MWXLIWTIGMJMGEXMSRGSZIVMRK WMPMGEJYQI {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{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{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{4''WLSYPHFITPEGIHERHGYVIHEXXS”'  XS  ”*  [MXL WTIGMEP TVIGEYXMSRW XEOIR [LIR IMXLIV I\XVIQIMWVIEGLIH %'-6ERH%'-  1SFMPI GSRXMRYSYW QM\IVW JMXXIH [MXL ER EHHMXMSREP WXSVEKIXEROJSVXLIPEXI\WLSYPHFIYWIHJSVPEVKIETTPMGE XMSRW SJ 41' ;LIR WQEPP FEXGLIW EVI QM\IH MR HVYQ SV QSVXEVQM\IVWXLIQM\MRKXMQIWLSYPHFIPMQMXIHXSQMR 0SRKIV QM\MRK XMQIW VIWYPX MR ER MRGVIEWI MR XLI XSXEP EMV GSRXIRX[MXLWYFWIUYIRXVIHYGXMSRWMRGSQTVIWWMZIWXVIRKXL 41'LEWEXIRHIRG]JSVTPEWXMGWLVMROEKIGVEGOMRKHYVMRK JMIPHTPEGIQIRX7TIGMEPTVIGEYXMSRWEVIRIGIWWEV][LIRXLI IZETSVEXMSR VEXI I\GIIHW  OKQL  PFJXL  %'6ERH%'-  8LIQSHYPYWSJIPEWXMGMX]MWKIRIVEPP]PS[IVGSQTEVIHXS GSRZIRXMSREPGSRGVIXIXLIVIJSVIMXWYWIMRZIVXMGEPSVE\MEPP] PSEHIHQIQFIVW WLSYPHFI GEVIJYPP]IZEPYEXIH /YLPQERR   4SP]ZMR]PEGIXEXIWLSYPHRSXFIYWIHMRETTPMGEXMSRWXLEX QE]FII\TSWIHXSQSMWXYVI )TS\]IQYPWMSRWEVI QSVII\TIRWMZI XLER QSWXPEXI\IW ERHWSQIEVIWYWGITXMFPIXSGSPSVGLERKIERHHIXIVMSVEXMSR JVSQI\TSWYVIXSWYRPMKLX G  %TTPMGEXMSRW{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{%781'GSZIVWGSRGVIXIQEHIJVSQ QEXIVMEPW GSRXMRYSYWP] FEXGLIH F]ZSPYQI ERH QM\IH MR E GSRXMRYSYWQM\IV8IWXW ERHGVMXIVME JSVFEXGLMRK EGGYVEG] ERHQM\MRK IJJMGMIRG] EVI WTIGMJMIH%'-GSZIVW XLI TPEGIQIRX SJ WX]VIRIFYXEHMIRI 01' SZIVPE]W JSV FVMHKI HIGOW %781 '  MW XLI WTIGMJMGEXMSR JSV PEXI\ ERH VIHMWTIVWMFPITSP]QIVTS[HIVQSHMJMIVWERH%781' GSZIVWXIWXQIXLSHWJSV4''  4SP]QIV GSRGVIXI{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{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{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”' ”* ERHGERWMKRMJMGERXP] WSJXIREXPS[IVXIQTIVEXYVIW9WIVWSJ4'WLSYPHGSRWMHIVMXW PEGOSJJMVIVIWMWXERGI 'SRZIRXMSREP GSRGVIXIKIRIVEPP] HSIW RSXFSRH XSGYVIH 4'YRPIWWXLIEKKVIKEXIMWI\TSWIHERHJVIISJER]TSP]QIV G %TTPMGEXMSRW{4' TEXGLMRKQEXIVMEPWEVIHIWMKRIHJSV XLIVITEMVSJEFVSEHZEVMIX]SJGSRHMXMSRWXLEXEPPS[GPSWMRK SJEVITEMVEVIEJSVSRP]EJI[LSYVW4'WEVIRSXPMQMXIHXS XLEXYWILS[IZIVERHGERFIJSVQYPEXIHJSVE[MHIZEVMIX] SJETTPMGEXMSRW 4' MW YWIH MR WIZIVEP X]TIW SJ ETTPMGEXMSRW JEWXGYVMRK LMKLWXVIRKXL TEXGLMRK SJ WXVYGXYVIW ERH XLMR  XS  QQ XSMR XLMGOSZIVPE]WJSVJPSSVWERHFVMHKIHIGOW 4SP]QIV QSVXEVW LEZI FIIR YWIH MR E ZEVMIX] SJ VITEMVW [LIVISRP]XLMRWIGXMSRW TEXGLIWERHSZIVPE]W EVIVIUYMVIH 4SP]QIVW[MXLLMKLIPSRKEXMSRERHPS[QSHYPYWSJIPEWXMGMX] EVITEVXMGYPEVP]WYMXIHJSVFVMHKISZIVPE]W 4' SZIVPE]W EVI IWTIGMEPP] [IPP WYMXIH JSV YWI MR EVIEW [LIVIGSRGVIXIMWWYFNIGXXSGLIQMGEPEXXEGO 6 %'-'311-88))6)4368 *SVI\XIVMSVETTPMGEXMSRW4'WYWMRKETVITPEGIHEKKVI KEXITVSGIHYVILEZIFIIRWYGGIWWJYPP]YWIHMRPEVKIZSPYQIW [MXL GVSWW WIGXMSRW KVIEXIVXLER  Q  JX ERHKVIEXIV XLERQ JX MRPIRKXL 1YVVE]IXEP  H 7XERHEVHW{%'- MWEWTIGMJMGEXMSRJSVVITEMVSJ HIJIGXWMRLEVHIRIH4''[MXLEWERHJMPPIHQSVXEVYWMRKER EHLIWMZI FMRHIV EW HIJMRIH MR %781 '  -X MRGPYHIW VIUYMVIQIRXW JSV EHLIWMZI PEFIPMRK WXSVEKI LERHPMRK QM\MRKERHETTPMGEXMSRWYVJEGIIZEPYEXMSRERHTVITEVEXMSR ERHMRWTIGXMSRERHUYEPMX]GSRXVSP %781 '  GSZIVW X[SGSQTSRIRX ITS\]VIWMR FSRHMRKW]WXIQWJSVETTPMGEXMSRXS4''[LMGLEVIEFPIXS GYVIYRHIVLYQMHGSRHMXMSRWERHFSRHXSHEQTWYVJEGIW {&SRHMRKQEXIVMEPW &SRHMRKQEXIVMEPWGERFIYWIHXSFSRHRI[VITEMVQEXIVMEPW XSERI\MWXMRKTVITEVIHGSRGVIXIWYFWXVEXI&SRHMRKQEXIVMEPW EVISJXLVIIX]TIWITS\]FEWIHPEXI\FEWIHERHGIQIRXFEWIH E )TS\]{)TS\]W]WXIQWEVIGSZIVIHMR%781' 'EVI WLSYPH FI XEOIR [LIR YWMRK XLIWI QEXIVMEPW MR LSX [IEXLIV,MKLXIQTIVEXYVIWQE]GEYWITVIQEXYVIGYVMRKERH GVIEXMSR SJ E FSRH FVIEOIV 1SWX ITS\]VIWMR FSRHMRK QEXIVMEPW GVIEXI E QSMWXYVI FEVVMIV FIX[IIR XLI I\MWXMRK WYFWXVEXIERHXLIVITEMVQEXIVMEP9RHIVGIVXEMRGSRHMXMSRWE QSMWXYVI FEVVMIV GSYPH VIWYPX MR JEMPYVI SJ XLI VITEMV [LIR QSMWXYVI MW XVETTIH MR XLI GSRGVIXI HMVIGXP] FILMRH XLI QSMWXYVIFEVVMIVERHJVII^MRKSGGYVWMRXLMW^SRI F 0EXI\{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{'IQIRXFEWIHW]WXIQWLEZIFIIRWYGGIWWJYPP] YWIH JSV QER] ]IEVW 'IQIRX FSRHMRK W]WXIQW YWI RIEX TSVXPERH GIQIRX SV E FPIRH SJ TSVXPERH GIQIRX ERH JMRI EKKVIKEXIJMPPIVTVSTSVXMSRIHSRIXSSRIF]QEWW;EXIVMW EHHIH XS TVSZMHI E YRMJSVQP] GVIEQ] GSRWMWXIRG] 'IQIRXMXMSYWWPYVVMIWEVIGSQQSRP]YWIH[MXL4'' {'SEXMRKWSRVIMRJSVGIQIRX 7SQI ITS\] ^MRGVMGL ERH PEXI\GIQIRX GSEXMRKW LEZI FIIRTVSZIRMRPEFSVEXSV]IRZMVSRQIRXWFYXXLIMVTIVJSVQERGI GETEFMPMX]HYIXSLSPMHE]WMRXLIGSEXMRK[LIRJMIPHETTPMIH LEZI FIIR WIVMSYWP]GLEPPIRKIH -R EHHMXMSRSRGIXLI]EVI ETTPMIHGSVVSWMSREGXMZMX]GERRSPSRKIVFIHIXIVQMRIHF] WXERHEVHXIWXMRKTVSGIHYVIW %XLSVSYKLPMXIVEXYVIWIEVGLHMWGYWWMRKXLITVSWERHGSRW SJ XLIWI QEXIVMEPW ERH GSRWYPXEXMSR [MXL XLI QERYJEGXYVIV WLSYPHFIGSRHYGXIHFIJSVIYWMRKXLIWIQEXIVMEPW {6IMRJSVGIQIRX 7XVYGXYVEP GSRGVIXI QIQFIVW X]TMGEPP] VIUYMVI VIMRJSVGI QIRX[LIRWYFNIGXXSXIRWMPIWXVIWWIWHYIXSJPI\YVIWLIEVERH E\MEP PSEHW ;LIR XLI VITEMV HIWMKR VIUYMVIW VIMRJSVGIQIRX WIZIVEPSTXMSRWEVIEZEMPEFPI[LMGLMRGPYHIZEVMSYWGSVVSWMSR VIWMWXERXQEXIVMEPWERHGSRZIRXMSREPVIMRJSVGMRKWXIIP  9RGSEXIH WXIIP VIMRJSVGIQIRX{%'-  WTIGMJMIW WXIIP VIMRJSVGIQIRX EW HIJSVQIH FEVW WTMVEP FEVW ERH [IPHIH[MVIJEFVMG[MXLKVEHIWGSRJSVQMRKXS%781% %%SV%JSVFEVW%781%JSVTPEMR[MVI JEFVMGERH%781%JSVHIJSVQIH[MVIJEFVMG VIGSQQIRHIH [GERHSXLIVKYMHIPMRIWXSMQTVSZIGSRGVIXI TIVJSVQERGI EPP SJ [LMGL GSRXVMFYXI XS QMRMQM^MRK XLI TSXIRXMEPJSVGSVVSWMSRSJGSRZIRXMSREPVIMRJSVGMRKQEXIVMEPW  *YWMSRFSRHIH ITS\] GSEXMRK JSV WXIIP VIMRJSVGI QIRX{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{,SXHMTTIH KEPZERM^IH VIMRJSVGMRKWXIIPMWEPWSEZEMPEFPIEWEQIXLSHJSVVIHYGMRK GSVVSWMSRMRVIMRJSVGIHGSRGVIXI%781%WTIGMJMIWXLI VIUYMVIQIRXW JSV ^MRGGSEXIH KEPZERM^IH  VIMRJSVGMRK FEVW [MXL VITEMV TVSGIHYVIW MHIRXMJMIH F] %781 %  8LI KEPZERM^MRKTVSGIWWMWFEWIHSRXLI^MRG GSEXMRKTVSZMHMRKE WEGVMJMGMEPGSVVSWMSRPE]IVEVSYRHXLIVIMRJSVGMRKWXIIPFEVW  7XEMRPIWW WXIIP VIMRJSVGIQIRX{7SPMH WXEMRPIWW WXIIP VIMRJSVGIQIRXMWZIV]VIWMWXERXXSGSVVSWMSRMRGSRGVIXI[MXL +VEHIWERHFIMRKXLIQSWXGSQQSRP]YWIH+VEHI  LS[IZIV MW VITSVXIH XS FI WPMKLXP] QSVI VIWMWXERX XS GLPSVMHI IRZMVSRQIRXW ERH YREJJIGXIH F] GVEGOMRK MR XLI ZMGMRMX] SJ E GSQQSR VIMRJSVGMRK FEV [LMGL EGXW EW E GEXLSHI7XEMRPIWWWXIIPVIMRJSVGIQIRXGEREPWSFIJMIPHJEFVM GEXIHERHMWVIWMWXERXXSWYVJEGIHEQEKIHYVMRKLERHPMRKERH GSRGVIXI TPEGIQIRX 'SWX MW XLI TVMQEV] HMWEHZERXEKI VIWXVMGXMRKMXWYWI 7XEMRPIWWWXIIPGPEHVIMRJSVGIQIRX{7XEMRPIWWWXIIP GPEHHIH VIMRJSVGIQIRX SJJIVW WMQMPEV EHZERXEKIW EW WSPMH WXEMRPIWWWXIIPFEVWFYXEXWYFWXERXMEPP]VIHYGIHGSWXW*MIPH JEFVMGEXMSR MRGPYHMRK GYXXMRK FIRHMRK ERH [IPHMRK MW TVEGXMGEP6ITEMVWEXGYXIRHWLS[IZIVEVIYWYEPP]WTIGMJMIH XSFIGSEXIH {'SQTSWMXIRSRQIXEPPMGVIMRJSVGIQIRX  *MFIVVIMRJSVGIHTSP]QIVW{*64WEVIGSQTSWMXI W]WXIQWGSQTVMWIHSJLMKLWXVIRKXLJMFIVWERHEVIWMRQEXVM\ 8LI] KIRIVEPP] YWI ER ITS\] VIWMR EPXLSYKL SXLIV VIWMR W]WXIQW I\MWX WYGL EW ZMR]P IWXIVW ERH TSP]IWXIVW 8LI X]TMGEP JMFIVW EVI GEVFSR KPEWW SV EVEQMH [MXL QEXIVMEP TVSTIVXMIWHYVEFMPMX]ERHGSWXZEV]MRKJSVIEGL '32'6)8)6)4%-6+9-() E %HZERXEKIW{*64W]WXIQWSJJIVELMKLWXVIRKXL[IMKLX VEXMS EPPS[MRK WMQTPI MRWXEPPEXMSR 8LI W]WXIQW GER FI HIWMKRIH XS TIVJSVQ WMQMPEVP] XS GSRZIRXMSREP VITEMV WGLIQIWWYGLEWWXIIPTPEXMRKERHWLSXGVIXMRK*64QEXIVMEPW EVI RSX WYFNIGX XS GSVVSWMSR ERH EVI VIWMWXERX XS GLIQMGEP IRZMVSRQIRXW 7]WXIQW GER FI MRWXEPPIH MRHSSVW [MXL PMXXPI QIWW ERH MQTEGXXSSGGYTERXW1MRMQEP IUYMTQIRXEGGIWWPIEHXMQI ERHGYVIXMQIEVIVIUYMVIHJSVTVSTIVTIVJSVQERGISJ*64 W]WXIQW F 0MQMXEXMSRW{8IQTIVEXYVI ERH [IEXLIV GER MRJPYIRGI XLIEFMPMX]XSMRWXEPP*64W]WXIQW)\XVIQIXIQTIVEXYVIWERH QSMWXYVIWLSYPHFI EZSMHIHHYVMRKXLIMRWXEPPEXMSRSJWYGL QEXIVMEPW8]TMGEPP]WIVZMGIXIQTIVEXYVIWLSYPHWXE]FIPS[  ”'  ”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{*64W]WXIQWLEZIFIIRXIWXIHERHYWIHJSV RYQIVSYWVITEMVERHWXVIRKXLIRMRKTVSNIGXW'SPYQRWFIEQW WPEFW ERH [EPPW GER FI WXVIRKXLIRIH JSV MRGVIEWIH WIMWQMG TIVJSVQERGIEHHMXMSREPPSEH GETEGMX]SVHEQEKIVITEMV *64W]WXIQWLEZIWYGGIWWJYPP]TIVJSVQIHXLVSYKLIEVXL UYEOIW ERH LEZI KIRIVEPP] TIVJSVQIH EW HIWMKRIH MR JMIPH ETTPMGEXMSRW*SVFSRHIHETTPMGEXMSRW FIEQWWPEFW[EPPW  XLIGSRGVIXIWLSYPHFIWSYRHERHTVSTIVWYVJEGITVITEVEXMSR SJXLIGSRGVIXIWYFWXVEXIVIUYMVIWERHWLSYPHJSPPS[TVSZMWMSRW EWWIXMR7IGXMSR H 7XERHEVHW{%781 %'- 6 GSZIVW XLI HIXIV QMREXMSR SJ QEXIVMEP TVSTIVXMIW JSV MRHMZMHYEP QEXIVMEP W]WXIQW-'&3%'HIJMRIWEGGITXERGIGVMXIVMEJSVXLIYWI SJ *64 W]WXIQW MRGPYHMRK ZEPMHEXMSR XIWXMRK VIUYMVIQIRXW HIWMKR QIXLSHW HYVEFMPMX] XIWXW ERH MRWXEPPEXMSR UYEPMX] GSRXVSP%QERYJEGXYVIVvWW]WXIQWLSYPHQIIXXLIVIUYMVIQIRXW EWWIX[MXLMRXLMWHSGYQIRX {1EXIVMEPWIPIGXMSR -XMWETTEVIRX JVSQ XLI TVIGIHMRK HMWGYWWMSR XLEX E [MHI ZEVMIX]SJGSRZIRXMSREPERHWTIGMEPX]QEXIVMEPWEVIEZEMPEFPI JSVVITEMVMRKGSRGVIXI;LMPIXLMWPEVKIWIPIGXMSRTVSZMHIWE KVIEXIV STTSVXYRMX] XS QEXGL QEXIVMEP TVSTIVXMIW [MXL WTIGMJMGTVSNIGXVIUYMVIQIRXWMXEPWSMRGVIEWIWXLITSXIRXMEP JSV WIPIGXMSR SJ ER MRETTVSTVMEXI QEXIVMEP &SRH ERH GSQTVIWWMZI WXVIRKXLW EVI SFZMSYWP] MQTSVXERX QEXIVMEP 6  'SIJJMGMIRXSJXLIVQEPI\TERWMSR{-XMWMQTSVXERXXS YWIEVITEMVQEXIVMEP[MXLEGSIJJMGMIRXSJI\TERWMSRWMQMPEV XS XLEX SJ XLI I\MWXMRK GSRGVIXI 8LIVQEP GSQTEXMFMPMX] MW TEVXMGYPEVP]MQTSVXERXMRVITEMVWWYFNIGXIHXS[MHIZEVMEXMSRW MRXIQTIVEXYVIPEVKIVITEMVWERHSZIVPE]W8LIVQEPMRGSQTEX MFMPMX]GSYPHGEYWIJEMPYVIIMXLIVEXXLIMRXIVJEGISV[MXLMR XLIQEXIVMEPSJPS[IVWXVIRKXL  (V]MRKWLVMROEKI{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{+SSHUYEPMX] GSRGVIXI MW VIPEXMZIP] MQTIVQIEFPIXSPMUYMHWFYX[LIRQSMWXYVIIZETSVEXIWEXE WYVJEGIVITPEGIQIRXPMUYMHMWTYPPIHXS[EVHXLIHV]WYVJEGI F] GETMPPEV] EGXMSR -J MQTIVQIEFPI QEXIVMEPW EVI YWIH JSV PEVKI TEXGLIW SZIVPE]W SV GSEXMRKWQSMWXYVI XLEX VMWIW YT XLIFEWI GSRGVIXI ERH GEYWI JEMPYVI MR JVII^MRK ERH XLE[MRK MJ XLI GSRGVIXIWYFWXVEXIHSIWRSXGSRXEMRETVSTIVP]IRXVEMRIHEMV ZSMHW]WXIQ ,IEHUYEVXIVW   1SHYPYW SJ IPEWXMGMX]{*SV VITEMVIH EVIEW XLEX EVI WYFNIGXIHXSPSEHMRKXLIQSHYPYWSJIPEWXMGMX]SJXLIVITEMV QEXIVMEPWLSYPHFIWMQMPEVXSXLEXSJXLII\MWXMRKGSRGVIXI-R RSRWXVYGXYVEPSVTVSXIGXMZIVITEMVWEPS[IVQSHYPYWVITEMV   'LIQMGEP TVSTIVXMIW{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{8LI VIWMWXMZMX] SV IPIGXVMGEP WXEFMPMX]SJEVITEMVQEXIVMEP GEREPWSEJJIGXXLITIVJSVQERGI 6 %'-'311-88))6)4368 SJ GSVVSWMSRHEQEKIH GSRGVIXI JSPPS[MRK VITEMV 1EXIVMEPW XLEXLEZILMKLVIWMWXERGIXIRH XSMWSPEXIVITEMVIHEVIEWJVSQ EHNEGIRXYRHEQEKIHEVIEW(MJJIVIRXMEPWMRIPIGXVMGEPTSXIRXMEP VIWYPXMRKJVSQZEVMEXMSRWSJTIVQIEFMPMX]SVGLPSVMHIGSRXIRX FIX[IIRXLIVITEMVQEXIVMEPERHXLISVMKMREPGSRGVIXIGSYPH MRGVIEWIGSVVSWMSREGXMZMX]EVSYRH XLITIVMQIXIVSJXLIVITEMV EVIE VIWYPXMRK MR TVIQEXYVI JEMPYVI 8LMW MW GSQQSRP] VIJIVVIH XS EW XLI ERSHMG VMRK SV LEPS IJJIGX 6IJIV XS 7IGXMSR JSVJYVXLIVHMWGYWWMSR 8LIGSRHMXMSRWYRHIV[LMGLXLIVITEMVQEXIVMEPEVIETTPMIH ERH MXW ERXMGMTEXIH WIVZMGI GSRHMXMSRW EVI EPWS MQTSVXERX GSRWMHIVEXMSRW MR QEXIVMEP WIPIGXMSR %PQSWX IZIV] VITEMV TVSNIGX LEW YRMUYI GSRHMXMSRW ERH WTIGMEP VIUYMVIQIRXW ERH SRP]EJXIVXLIWILEZIFIIRXLSVSYKLP]I\EQMRIHGERXLIJMREP VITEMVGVMXIVMEFIIWXEFPMWLIH3RGIXLIGVMXIVMEEVIORS[RSJXIR QSVIXLERSRIQEXIVMEPGERFIYWIH[MXLIUYEPP]KSSHVIWYPXW *MREP WIPIGXMSR SJ XLI QEXIVMEP SV GSQFMREXMSR SJ QEXIVMEPW WLSYPHXLIRXEOIMRXSGSRWMHIVEXMSRXLIIEWISJETTPMGEXMSRGSWX ERH EZEMPEFPI PEFSV WOMPPW ERH IUYMTQIRX ;EVRIV   -R EVIEW[LIVIJEMPYVISJEVITEMVGSYPHGVIEXIEWEJIX]LE^EVHWYGL EWVITEMVWSRE[EPPEFSZIETYFPMGEVIEXLIVITEMVWLSYPHFI HIWMKRIH[MXLEHIUYEXIQIGLERMGEPERGLSVEKI  'SPSVERHXI\XYVITVSTIVXMIW{*SVVITEMVSJEVGLM XIGXYVEP GSRGVIXI WYVJEGIW GSPSV ERH XI\XYVI SJ XLI VITEMV QEXIVMEP WLSYPH RSX HMJJIV ETTVIGMEFP] JVSQ XLI EHNEGIRX WYVJEGI8VMEPWWLSYPHFIQEHISRENSFWMXIQSGOYTFIJSVI FIKMRRMRKEGXYEPTVSHYGXMSR[SVO ',%48)6{4638)'8-:)7=78)17 4VSXIGXMZIW]WXIQWGSRWMWXSJQEXIVMEPWERHQIXLSHWXLEX VIHYGI GSVVSWMSR SJ QIXEPW IQFIHHIH MR GSRGVIXI [LMGL VIHYGIWXLIHIXIVMSVEXMSRSJXLIGSRGVIXI4VSXIGXMZIW]WXIQW PMQMX XLI MRXVYWMSR SJ QSMWXYVI GLPSVMHI MSRW ERH SXLIV GSRXEQMRERXWMRXSXLIGSRGVIXIF]YWMRKWYVJEGIXVIEXQIRXW ETTP]MRKIPIGXVMGEPGLIQMGEPTVMRGMTPIWSVF]QSHMJ]MRKXLI 4''SZIVPE]4VSXIGXMZIW]WXIQWEPWSMRGPYHIQEXIVMEPWERH QIXLSHWXLEXMRGVIEWIWYVJEGIEFVEWMSRSVMQTEGXVIWMWXERGI SVMQTVSZIXLIVIWMWXERGIXSSXLIVHIPIXIVMSYWMRJPYIRGIW {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{0MJIG]GPI GSWXW WLSYPH FI IZEPYEXIH JSVXLI ZEVMSYWTVSXIGXMSR W]WXIQW XLEX EVIFIMRK GSRWMHIVIH8LITVSXIGXMSRW]WXIQ[MXLXLIPS[IWXMRMXMEPGSWX QE]EGXYEPP]FIXLIQSWXI\TIRWMZI[LIRXLIGSWXWSJJYXYVI VITEMVWEVIIZEPYEXIHSZIVXLITVSNIGXIHPMJISJXLIWXVYGXYVI  7IVZMGIVIGSVH{7IZIVEPRI[W]WXIQWEVIEZEMPEFPI RS[SVQE]WSSRFIFVSYKLXMRXSXLIQEVOIXXLEXLEZIEPQSWX RSWIVZMGIVIGSVH%PXLSYKLXIWXVIWYPXWQMKLXFIIRGSYVEKMRK QSWXIRKMRIIVWERHS[RIVWQMKLXFIVIPYGXERXXSMRGSVTSVEXI WYGLW]WXIQWSRXLIMVTVSNIGXW-JERYRTVSZIRW]WXIQMWYWIH XLIS[RIVWLSYPHFIQEHIJYPP]E[EVISJXLIVMWOWIWTIGMEPP] ER]PMQMXEXMSRWERHTSXIRXMEPTVSFPIQW 4EYP   %TTIEVERGI{3[RIVWRIIHXSORS[LS[ETVSXIGXMSR W]WXIQ[MPPPSSOFIJSVIMRWXEPPMRKMX%TTIEVERGIGSYPHFIER MQTSVXERXJEGXSVMRHIXIVQMRMRKXLIWIPIGXMSRSJEW]WXIQ 'SRWXVYGXMSRSFWIVZEXMSR{%RETTVSTVMEXIMRWTIGXMSR TVSKVEQWLSYPHFIIWXEFPMWLIHERHMQTPIQIRXIHHYVMRKXLI MRWXEPPEXMSRSJXLITVSXIGXMSRW]WXIQ%'-6XLSVSYKLP] HMWGYWWIWXLMWXSTMG )RZMVSRQIRXEPGSRWMHIVEXMSRW{8LI)RZMVSRQIRXEP 4VSXIGXMSR%KIRG] )4% SVSXLIVVIKYPEXSV]EKIRGMIWQE] LEZIGIVXEMR:3'VIUYMVIQIRXWEW[IPPEWSXLIVWXLEXWLSYPH FIGSRWMHIVIH[LIRWIPIGXMRKWSQIW]WXIQW-REHHMXMSRXLI LERHPMRKYWIERHHMWTSWEPSJLE^EVHSYWGLIQMGEPWGERFIE JEGXSV[LIRIZEPYEXMRKTSXIRXMEPTVSXIGXMSRW]WXIQW2SMWI ERHHYWXPIZIPWGEREPWSFIWIPIGXMSRJEGXSVW  'SQTEXMFMPMX] ERH FSRH{8LI WYVJEGI GSRHMXMSRW WLSYPH FI VIZMI[IH [LIR WIPIGXMRK E TVSXIGXMZI W]WXIQ  'SRWMHIVEXMSR WLSYPH EPWS FI KMZIR XS XLI FSRH SJ ER] VIQEMRMRK I\MWXMRK GSEXMRKW XS XLI YRHIVP]MRK WYFWXVEXI 6IQSZEPSJI\MWXMRK GSEXMRKWSVWIEPIVW QE] MRJPYIRGIXLI  (YVEFMPMX] ERH TIVJSVQERGI{8LI ERXMGMTEXIH PMJI G]GPI SJ E W]WXIQ GSYTPIH [MXL XLI S[RIVvW VIUYMVIQIRXW WLSYPHFIIZEPYEXIHFIJSVIWIPIGXMRKEQEXIVMEP%QSRKXLI JEGXSVW XS GSRWMHIV EVI IRZMVSRQIRXEP GSRGIVRW WYGL EW I\TSWYVI XS [MRHHVMZIR VEMR GEVFSR HMS\MHI I\TSWYVI YPXVEZMSPIXI\TSWYVIXIQTIVEXYVIZEVMEXMSRWEGMHVEMREFVE WMSRSVER]SXLIVTSXIRXMEPP]HIWXVYGXMZIGSRHMXMSRW  7EJIX] VIUYMVIQIRXW{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{'SRGVIXIWYVJEGITVITEVEXMSRERH MRWXEPPEXMSRVIUYMVIQIRXW 'IVXEMR FEWMG GSRHMXMSRW WLSYPH FI QIX FIJSVI WIPIGXMRK ERHMRWXEPPMRKETVSXIGXMSRW]WXIQ7YVJEGITVITEVEXMSRMWSRI SJXLIQSWXMQTSVXERX  'SQTPIXMSR SJ GSRGVIXI VITEMVW{'SRGVIXI VITEMVW FIJSVIETTPMGEXMSRSJTVSXIGXMZIW]WXIQWLSYPHFIGSQTPIXIH ERHGYVIH YWYEPP]HE]W  2SXI1ERYJEGXYVIVWSJWSQI TVSHYGXWGPEMQXLI]GERFIMRWXEPPIHSRQSMWXWYVJEGIWERHMR GSRWMHIVEFP]PIWWXMQIXLERHE]W8LIWIGPEMQWWLSYPHFI WYFWXERXMEXIHF]XIWXHEXEFIJSVIEGGITXERGIF]XLIWTIGMJMIV SVGSRXVEGXSV 7YVJEGITVITEVEXMSR{8LIWYVJEGIWLSYPHFIHV]ERH WSYRHERHXLITVITEVEXMSRMQTPIQIRXIHMREGGSVHERGI[MXL XLI QERYJEGXYVIVvW VIGSQQIRHEXMSRW ERH XLI IRKMRIIVvW VIUYMVIQIRXW%PPWYVJEGIGSRXEQMREXMSRMRGPYHMRKI\MWXMRK GSEXMRKWXLEXGSYPHVIWYPXMRTSSVEHLIWMSRSJEGSEXMRKSV XLEXQE]PMQMXXLITIRIXVEXMSRSJWIEPIVWWLSYPHFIVIQSZIH %GGITXIH XIGLRMUYIW MRGPYHI WGEVMJMGEXMSR FVYWLMRK SV KVMRHMRKEFVEWMZIFPEWXMRKWLSXFPEWXMRKERHJPEQIGPIERMRK (YWXERHHIFVMWVIWYPXMRKJVSQWYVJEGITVITEVEXMSRWLSYPHFI VIQSZIH FIJSVI ETTP]MRK XLI WYVJEGI XVIEXQIRX 'EH] ;I]IVW ERH ;MPWSR   +EYP   1YVVE]   ERH;]QERERH+YQMRE  HMWGYWWWYVJEGITVITEVEXMSR VIUYMVIQIRXW ERH QIXLSHW %'- 6 ERH -'6-  TVSZMHIKYMHIPMRIWJSVXLITVITEVEXMSRSJGSRGVIXIWYFWXVEXIW XLEXGSYPHFIYWIHXSHIJMRIEWXERHEVHSJEGGITXEFMPMX]JSV WSQITVSXIGXMSRW]WXIQW  7YVJEGI JSV PMUYMHETTPMIH QIQFVERIW ERH SXLIV GSEXMRKW{7YVJEGIWWLSYPHFIVIPEXMZIP]WQSSXLYWYEPP]MR XLIVERKISJGSRGVIXIWYVJEGITVSJMPIXS -'6- JSV ETTP]MRKQSWXPMUYMHETTPMIHQIQFVERIWERHQSWXSXLIVXLMR GSEXMRKW 1SWX PMUYMHETTPMIH TVSHYGXW EVI RSX MRXIRHIH XS PIZIP SJJ SV LMHI MQTIVJIGXMSRW EPXLSYKL XVS[IP KVEHI QEXIVMEPWGERWSQIXMQIWFIYWIHJSVXLMWTYVTSWI8LMWGSYPH FI ER MWWYI JSV I\TSWIH QIQFVERIW SV GSEXMRKW [LIVI EIWXLIXMGW MW E GSRGIVR 4VSTIV WYVJEGI TVITEVEXMSR EW HIJMRIH F] XLI QERYJEGXYVIV WLSYPH FI MQTPIQIRXIH MRGPYHMRK XLI VITEMVW SJ WLEPPS[ HIPEQMREXMSRW WYVJEGI WGEPMRKEKKVIKEXITSTSYXWXLIKVMRHMRKSJVSYKLWYVJEGIW SVXLIXVIEXQIRXSJER]SXLIVWYVJEGIHIJIGXWEWVIUYMVIHXS EGLMIZIXLITVSTIVTIVJSVQERGISJXLITVSHYGX 'PIERPMRIWWERHUYEPMX]SJWYVJEGI{8LIUYEPMX] SJXLIGSRGVIXIWYVJEGIWLSYPHFIIZEPYEXIHFIJSVIMRWXEPPMRK XLIPMUYMHETTPMIHQIQFVERI2SXSRP]WLSYPHXLIWYVJEGIFI JVIISJGSRXEQMRERXWXLEXGSYPHEJJIGXXLITIVJSVQERGISJXLI TVSXIGXMSR W]WXIQ MX WLSYPH LEZI EHIUYEXI WXVIRKXL E T, XLEXMWGSQTEXMFPI[MXLXLITVSHYGXXSFIMRWXEPPIHERHXLI TVSTIVXMIWVIUYMVIHJSVXLITVSXIGXMSRW]WXIQ6IJIVXS%'6JSVERSZIVZMI[SJXLIXIWXW GSQQSRP]YWIHXSGLIGO XLIWYVJEGIUYEPMX] 6 8LI QIQFVERI QERYJEGXYVIV WLSYPH FI GSRWYPXIH XS IWXEFPMWLGVMXIVMEJSVEGGITXEFMPMX]SJXLITVITEVIHWYVJEGI8S EZSMHER][EVVERX]MWWYIWETTVSZEPSJWYVJEGITVITEVEXMSR WLSYPHFITVSZMHIHMR[VMXMRKF]XLIQERYJEGXYVIVXLVSYKL LMWSVLIVVITVIWIRXEXMZIFIJSVIETTPMGEXMSR  :IRXMPEXMSR VIUYMVIQIRXW{:IRXMPEXMSR GSRHMXMSRW ERHLYQMHMX]WLSYPHFIGSRWMHIVIH[LIRWIPIGXMRKTVSHYGXW WSXLEXTVSTIVETTPMGEXMSRERHGYVMRKGERSGGYVWEJIP]ERHMR EGGSVHERGI[MXLQERYJEGXYVIVvWVIUYMVIQIRXW  8IQTIVEXYVI PMQMXEXMSRW{1SWX TVSHYGXW LEZI {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{8LI TIVJSVQERGISJER]GSRGVIXIWXVYGXYVIMWMRTEVXEJYRGXMSRSJ XLI UYEPMX] ERH GSZIV SJ GSRGVIXI MR XLEX WXVYGXYVI +SSH UYEPMX]HYVEFPITVSTIVP]GSRWSPMHEXIHGSRGVIXI[MXLEHIUYEXI GSZIV TPEGIH [MXL QMRMQEP LSRI]GSQFMRK ERH GVEGOW TVSZMHIWERIRZMVSRQIRXXLEXWLSYPHTVSXIGXXLIIQFIHHIH VIMRJSVGMRK WXIIP JSV ]IEVW [MXLSYX ER] TVSXIGXMSR W]WXIQ FIJSVIVITEMVWMJIZIVEVIVIUYMVIH'SRZIVWIP]TSSVUYEPMX] GSRGVIXI[MXLHIJMGMIRGMIWWYGLEWI\GIWWMZIMRXIVREPGVEGOMRK MRXIVREP ZSMHWPEGOSJ GSRWSPMHEXMSR MREHIUYEXIIRXVEMRIH EMVZSMH W]WXIQ SV SXLIV[MWI WYFWXERHEVH GSRHMXMSRW GSRXVMFYXIXSXLIGSVVSWMSRSJXLIVIMRJSVGMRKWXIIPEW[IPPEW XSSXLIVJSVQWSJHIXIVMSVEXMSRSJXLIWXVYGXYVI-XMWFIWXXS VIQSZIER]HIJMGMIRXGSRGVIXIEWTEVXSJEVITEMVTVSKVEQ [LIR ERH [LIVI TSWWMFPI % TVSTIVP] WIPIGXIH TVSXIGXMSR W]WXIQGERMQTVSZIXLIPSRKXIVQHYVEFMPMX]SJTSSVUYEPMX] GSRGVIXI IRLERGI XLI TIVJSVQERGI SJ KSSH GSRGVIXI ERH I\XIRHXLIPMJISJER]VITEMV 1MWTPEGIHVIMRJSVGMRKWXIIP{1MWTPEGIHVIMRJSVGMRK WXIIP MW E QENSV GSRXVMFYXMRK JEGXSV XS GSVVSWMSR 8LMW GSQQSRP] SGGYVWEX VIZIEPWSR [EPPWSV GSPYQRW MR WPEFW [MXLZEVMEFPIXLMGORIWWEXXLIIHKIFEVWEPSRKI\TSWIHWPEFW ERHEXLSSOIHFEVWTIVTIRHMGYPEVXSI\TSWIHGSRGVIXIWPEF IHKIWMJTPEGIHXSSGPSWIXSXLIWYVJEGI8LIVITEMVTVSKVEQ WLSYPHTVSZMHIJSVXLIPEGOSJGSZIVSRXLIVIMRJSVGIQIRX 8LMWGERFIEGGSQTPMWLIH[MXLFYMPHSYXW[LIVIETTVSTVMEXI 6 %'-'311-88))6)4368  ;EXIV TIRIXVEXMSR{;EXIV QE] TIRIXVEXI MRXS GSRGVIXI F] L]HVSWXEXMG TVIWWYVI QSMWXYVI ZETSV TVIWWYVI GETMPPEV] EGXMSR [MRHHVMZIR VEMR SV ER] GSQFMREXMSR SJ XLIWI 'VEGOW GSRGVIXI HIRWMX] TSVSYW GSRGVIXI PEGO SJ IRXVEMRIHEMVWXVYGXYVEPHIJIGXWSVMQTVSTIVP]HIWMKRIHSV JYRGXMSRMRKNSMRXWEPPGSRXVMFYXIXSXLIQSZIQIRXSJQSMWXYVI ;EXIVTIRIXVEXMSRMRXSGSRGVIXIGSRXVMFYXIWXSGSVVSWMSRSJ VIMRJSVGIQIRX JVII^MRKERHXLE[MRK HEQEKI PIEOEKI MRXS XLIMRXIVMSVSJXLIWXVYGXYVISV SGGYTMIHPIZIPWFIRIEXLHIGOW ERHTSWWMFPIWXVYGXYVEPHEQEKI%TVSTIVP]HIWMKRIHTVSXIGXMSR W]WXIQWLSYPHEHHVIWWER]SVEPPSJXLIWIMWWYIW  'EVFSREXMSR{'EVFSREXMSR MW XLI VIHYGXMSR SJ XLI TVSXIGXMZIEPOEPMRMX]SJGSRGVIXIGEYWIHF]XLIEFWSVTXMSRSJ GEVFSRHMS\MHIERHQSMWXYVI-RRSVQEPGSRGVIXIXLIVIMRJSVGMRK WXIIP MW TVSXIGXIH F] XLI REXYVEPP] LMKL EPOEPMRMX] SJ XLI GSRGVIXIEVSYRHXLIVIMRJSVGIQIRXYWYEPP]ET,EFSZI% TEWWMZEXMRK S\MHI PE]IV MW JSVQIH EVSYRH XLI VIMRJSVGMRK WXIIP XLEX EGXW EW E TVSXIGXMZI GSEXMRK 8LI S\MHI GSEXMRK LIPTWTVIZIRXXLIVIMRJSVGMRKWXIIPJVSQGSVVSHMRKEWPSRKEW XLILMKLEPOEPMRMX]MWQEMRXEMRIH;LIRGEVFSREXMSRSGGYVW XLIEPOEPMRMX]JEPPWERHSRGI MXKSIWFIPS[ET,SJXLI IQFIHHIHVIMRJSVGMRKWXIIPMW WYFNIGXXSGSVVSWMSR&IGEYWI GEVFSREXMSR SGGYVW JVSQ XLI JEGI SJ XLI GSRGVIXI MR[EVHW ER]FEVWGPSWIXSXLII\XIVMSVWYVJEGIEVIWYFNIGXXSXLIIJJIGXW SJ GEVFSREXMSR ERH EVI RSX TVSXIGXIH EKEMRWX GSVVSWMSR &EVVMIV GSEXMRKW QE] TVSZMHI TVSXIGXMSR EKEMRWX JYXYVI GEVFSREXMSR[LIVIGSRGVIXIGSZIVEKIMW MRWYJJMGMIRX1ER] SJXLIWIFEVVMIVGSEXMRKWEVI VIPEXMZIP]RI[ERHHSRSXLEZI ER]JMIPHTIVJSVQERGIHEXE%R]FEVVMIV GSEXMRKWLSYPH FI GEVIJYPP] IZEPYEXIH FIJSVI YWI 8LI S[RIV WLSYPH FI MRJSVQIHSJXLIWIPMQMXEXMSRWERH[VMXXIRGSRWIRXWLSYPHFI SFXEMRIHFIJSVIYWI3XLIVW]WXIQWEZEMPEFPIXSVIIWXEFPMWL XLITVSXIGXMSRSJXLIVIMRJSVGMRKWXIIPMRGEVFSREXIHGSRGVIXI MRGPYHIXLIYWISJEGEXLSHMGTVSXIGXMSRW]WXIQSVXLIVIEPOE PM^EXMSRSJGSRGVIXI %RSHMGVMRK LEPSIJJIGX {3RQER]GSRGVIXIVITEMV TVSNIGXW WMXYEXMSRW EVMWI [LIVI I\MWXMRK VIMRJSVGIQIRX I\XIRHWJVSQXLITEVIRXGSRGVIXIMRXSEVITEMVQSVXEVSVRI[ GSRGVIXI5YMXIJVIUYIRXP]JEMPYVIWSGGYVHYIXSEGGIPIVEXIH GSVVSWMSR SJ XLI VIMRJSVGIQIRX MR XLI TEVIRX GSRGVIXI NYWX FI]SRHXLIIHKISJXLIVITEMV-X MWGSQQSRXSWIIHIPEQMREXMSR SJ GSRGVIXI EVSYRH XLI TIVMQIXIV SJ RI[ VITEMV TEXGLIW MR WTMXISJXLIJEGXXLEXKSSHUYEPMX]QEXIVMEPW[SVOQERWLMT ERHQIXLSHW[IVIYWIH 8LMW MW GSQQSRP] VIJIVVIH XS EW ER ERSHMG VMRK SV LEPS IJJIGX -X SGGYVW FIGEYWI XLI WEQI FEV I\XIRHW MRXS X[S HMWXMRGXP]HMJJIVIRXIRZMVSRQIRXWWIXXMRKYTGSRHMXMSRWXLEX GSYPH VIWYPX MR ER MRGVIEWI SJ XLI HMJJIVIRGIW MR IPIGXVMGEP TSXIRXMEP EXXLI FSRH PMRI FIX[IIR XLIRI[ ERH XLITEVIRX GSRGVIXI'SVVSWMSRSGGYVWEXXLIERSHIYWYEPP]MRXLITEVIRX GSRGVIXIEWIPIGXVSRWEVIEXXVEGXIHXSXLIGEXLSHMGTSVXMSRSJ XLIVIMRJSVGIQIRXMRXLIYRGSRXEQMREXIHVITEMVQEXIVMEP8LI FYMPHYTSJVYWXVIWYPXWMRWTEPPMRKSJGSRGVIXIHYIXSXLIPEVKI MRXIVREPJSVGIWHIZIPSTIHEXXLIWYVJEGISJXLIVIMRJSVGIQIRX 8LITVIWIRGISJGLPSVMHIW EGGIPIVEXIWXLMWTVSGIWW 8LMWMW EHMJJMGYPX TVSFPIQ XS WSPZI7IEPIVWSV FEVVMIV GSEXMRKWLIPTXSWSQII\XIRXXSWPS[HS[RXLITVSGIWWFYX HSRSXWXSTMX&EVVMIVGSEXMRKW SRXLIVIMRJSVGMRKWXIIPWYGL EWITS\MIWPEXI\WPYVVMIWSV^MRGVMGLGSEXMRKWGERMRLMFMX XLI GSVVSWMSR EGXMZMX] LS[IZIV XLIVI EVI JMIPHETTPMGEXMSR TVSFPIQW XLEX GER WMKRMJMGERXP] VIHYGI XLIMV IJJIGXMZIRIWW 'EXLSHMGTVSXIGXMSRERHGLPSVMHII\XVEGXMSREVIEPXIVREXMZIW XLEX WLSYPH FI GSRWMHIVIH [LIVI IGSRSQMGEPP] JIEWMFPI 6IGIRXP]WIZIVEPLMKL[E]HITEVXQIRXWLEZIYWIHKEPZERMG ERSHIW XS VIHYGI GSVVSWMSR MR ERH EVSYRH TEXGLIW ERH MR GSRGVIXISZIVPE]W 7IGXMSR  'VEGOW{%PPGSRGVIXIVITEMVTVSKVEQWERHTVSXIGXMSR W]WXIQW WLSYPH EHHVIWW XLI TVSTIV XVIEXQIRX SV VITEMV SJ GVEGOW-RXVYWMSRSJ[EXIVMRXSGVEGOWGERVIWYPXMRGSVVSWMSR ERHJVII^MRKERHXLE[MRKTVSFPIQWMRGSPHGPMQEXIW 3RP]EJXIVHIXIVQMRMRKXLIVIEWSRJSVXLISGGYVVIRGISJE GVEGOGERETVSTIVVITEMVXIGLRMUYIFIHIZIPSTIH7XVYGXYVEP GVEGOW VIUYMVMRK VITEMV WLSYPH FI EFPI XS VIIWXEFPMWL PSEH XVERWJIV EGVSWW XLI GVEGO YWYEPP] GSYTPIH [MXL ITS\] MRNIGXMSRXSIRWYVIETSWMXMZIVITEMV %GXMZIGVEGOWIWTIGMEPP]XLSWIHYIXSXLIVQEPGLERKIWSR I\XIVMSV I\TSWYVIW WLSYPH FI VITEMVIH XS EPPS[ JSV JYXYVI QSZIQIRXW 8IGLRMUYIW MRZSPZMRK GEYPOMRK GLIQMGEP KVSYXW IPEWXSQIVMG GSEXMRKW ERH LMKL IPSRKEXMSR ITS\MIW LEZITVSZIRXSFIYWIJYPMREHHVIWWMRKQSZMRKGVEGOW 8LIVITEMVSJEGXMZIGVEGOWSRI\XIVMSVI\TSWYVIWGERFI HMJJMGYPX 1SWX SJ XLI QEXIVMEPW YWIH JSV GVEGO VITEMV EVI XIQTIVEXYVIWIRWMXMZIERHGERRSXFIMRWXEPPIHQYGLFIPS[ ”'  ”* -XMWQSWXGSQQSRXSVITEMVGVEGOWEXXIQTIVEXYVIW EFSZIXLIQERYJEGXYVIVvWVIGSQQIRHIHQMRMQYQ%PXLSYKL XLMWJEGMPMXEXIWXLIMRWXEPPEXMSRSJXLIVITEMVQEXIVMEPEGXMZI GVEGOWHYIXSXIQTIVEXYVIZEVMEXMSRWXIRHXSGPSWIMR[EVQ [IEXLIV 'VEGOW XLEX STIR MR XLI [MRXIV EVI GPSWIH MR XLI WYQQIV &SXL XLI GSRXVEGXSV ERH XLI IRKMRIIV WLSYPH FI E[EVISJXLMWFIJSVIGSQQIRGMRK[MXLXLIVITEMVTVSGIWW-J JIEWMFPIERMRWTIGXMSRSJXLIWXVYGXYVIWLSYPHFIGSRHYGXIH MR GSPH [IEXLIV XS HSGYQIRX XLI PSGEXMSR SJ XLI GVEGOW VIUYMVMRKVITEMV %'-6 -XMWEPWSHIWMVEFPIXSGSRHYGX VITEMVW[LIRXLIGVEGOMWRIEVMXWQE\MQYQ[MHXLFIGEYWI QSWX JPI\MFPI QEXIVMEPW YWIH MR VITEMV SJ EGXMZI GVEGOW TIVJSVQ FIXXIV MR GSQTVIWWMSR XLER MR XIRWMSR )QQSRW %'-6  'LPSVMHIGLIQMGEPEXXEGO{4IRIXVEXMSRSJGLIQMGEP SVWEPXWSPYXMSRWXLVSYKLGSRGVIXIGSRXVMFYXIXSXLIGSVVSWMSR SJ XLI IQFIHHIH WXIIP -R EHHMXMSR GLIQMGEP EXXEGO MRGPYHMRKEGMHWEPOEPMWERHWYPJEXIWQE]LEZIEHIXVMQIRXEP IJJIGXSRXLIGSRGVIXIMXWIPJ&EVVMIVTVSXIGXMSRW]WXIQWEVI GSQQSRP]YWIHXSQMRMQM^IXLIMRXVYWMSRSJGLIQMGEPWMRXS GSRGVIXI8LMWMWXLSVSYKLP]HMWGYWWIHMR%'-6ERHMX TVSZMHIWEWYQQEV]SJXLIIJJIGXWSJEZEVMIX]SJQEXIVMEPWSR GSRGVIXI 6IJIV EPWS XS 4SVXPERH 'IQIRX %WWSGMEXMSRvW 4YFPMGEXMSR-7   7YVJEGIIVSWMSR{)VSWMSRSJGSRGVIXIEXXLIWYVJEGI MWEQENSVGSRGIVRSRHEQWWTMPP[E]WERHSXLIV[EXIVJVSRX WXVYGXYVIWEW[IPPEWSRFVMHKIHIGOWVEQTWTEVOMRKHIGOW MRHYWXVMEPJPSSVWERHSXLIVXVEJJMGFIEVMRKWXVYGXYVIW9WYEPP] XS E PIWWIV I\XIRX MX GER EPWS FI E GSRGIVR SR FYMPHMRKW I\TSWIHXSEGMHVEMRERHWIZIVI[IEXLIVGSRHMXMSRW'SRGVIXI '32'6)8)6)4%-6+9-() SZIVPE]WWYVJEGILEVHIRIVWWIEPIVWSVSXLIVXVIEXQIRXWEVI SJXIRYWIHXSTVSXIGXXLIWIWYVJEGIWEJXIVXLIGSQTPIXMSRSJ ER]VIUYMVIHVITEMVW %'-6ERH6  {7]WXIQWGSRGITX ;LIRWIPIGXMRKETVSXIGXMSRW]WXIQEPPJEGXSVWEJJIGXMRK XLITIVJSVQERGISJXLEXW]WXIQSRXLIWXVYGXYVIRIIHXSFI GSRWMHIVIH MR XLIMV IRXMVIX] ERH RSX NYWX XLI MRHMZMHYEP GSQTSRIRXW 8LMW ETTVSEGL MW HIJMRIH EW E W]WXIQW GSRGITXMR%'-67SQISJ XLIJEGXSVWXLEXWLSYPHFI GSRWMHIVIHMRGPYHI c 4VSXIGXMZIQEXIVMEPW c -RXIVJEGISJTVSXIGXMZIQEXIVMEPWXSGSRGVIXIWYVJEGI c 'SRGVIXIXSEHITXLSJQQ MR  WYVJEGIGSRGVIXI  c 'SRGVIXIXSEHITXLKVIEXIVXLIRQQ MR  c 7XVYGXYVEPGSRWMHIVEXMSRW c %WFYMPX GSRWXVYGXMSR GSRWMHIVEXMSRW TPEGIQIRX SJ VIMRJSVGIQIRX  c )\TSWYVISJGSRGVIXIXSIPIQIRXW c 7XEFMPMX]SJKVSYRHWYTTSVXMRKGSRGVIXI MJETTPMGEFPI  c +VSYRH[EXIVTVIWWYVIW MJETTPMGEFPI  c 'LIQMGEP I\TSWYVIW MJETTPMGEFPI ERH c )\TSWYVIXSEFVEWMSRIVSWMSRERHGEZMXEXMSR {7YVJEGIXVIEXQIRXW 7YVJEGI XVIEXQIRXW MRGPYHI ER] QEXIVMEP ETTPMIH XS XLI WYVJEGI SJ GSRGVIXI XLEX MW MRXIRHIH XS TVSZMHI TVSXIGXMSR 8LI QEXIVMEPW ERH TVSGIHYVIWHMWGYWWIHMRXLMW WIGXMSR EVI MQTSVXERXGSQTSRIRXWSJETVSXIGXMSRW]WXIQFYXEVIRSXXLI SRP] GSQTSRIRXW XLEX WLSYPH FI IZEPYEXIH XS EGLMIZI ER EHIUYEXITVSXIGXMSRW]WXIQJSVEVITEMVTVSKVEQ%PPSJXLI JEGXSVW HMWGYWWIH MR 7IGXMSR  WLSYPH FI IZEPYEXIH ERH HIEPX[MXLMREQERRIVETTVSTVMEXIJSVXLIETTPMGEXMSR1SWX SJXLITVSXIGXMSRW]WXIQWJSVVITEMVIHGSRGVIXIVIUYMVIEXPIEWX SRISVMRWSQIGEWIWWIZIVEPSJXLIWYVJEGIXVIEXQIRXGPEWWM JMGEXMSRWHMWGYWWIHMR7IGXMSRWERHXS  9WIW{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{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{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{1SWXWYVJEGIXVIEXQIRXW WLSYPH FI ETTPMIH XS E GPIER HV] ERH WSYRH WYFWXVEXI EX QSHIVEXI XIQTIVEXYVI ERH LYQMHMX] GSRHMXMSRW MR E [IPP ZIRXMPEXIHWTEGI%VIPEXMZIP]WQSSXLWYVJEGIMWRIIHIHJSV PMUYMHETTPMIHQIQFVERIW&IGEYWIXLIWIGSRHMXMSRWHSRSX EP[E]W TVIZEMP XLI HMJJMGYPX] ERH GSWX MR EGLMIZMRK XLI ETTVSTVMEXIMRWXEPPEXMSRGSRHMXMSRWQE]MRJPYIRGIXLIGLSMGI SJEW]WXIQ &IJSVI ETTP]MRK QSWX WYVJEGI XVIEXQIRXW EPP GSRGVIXI (IXEMPW SJ XIVQMREXMSRW EX I\TERWMSR ERH GSRXVSP NSMRXW HSSV ERH [MRHS[ STIRMRKW HVEMRW ERH GYVFW WLSYPH FI VIZMI[IHERHMRWXEPPIHTVSTIVP]1SMWXYVIMRXLIWPEFEXXMQI SJ ETTPMGEXMSRXIQTIVEXYVITVIWIRGI SJGSRXEQMRERXWERH SXLIVJEGXSVWEJJIGXXLIWYGGIWWMRETTP]MRKEW]WXIQ -X MW MQTIVEXMZI XS ZIRXMPEXI ER] JPEQQEFPI ERH RS\MSYW JYQIWXLEXQE]FITVSHYGIH1ERYJEGXYVIVvWWTIGMJMGEXMSRW WLSYPH MRGPYHI MRWXEPPEXMSR VIUYMVIQIRXW %PP KSZIVRMRK :3'VIKYPEXMSRWJSVEPPTVSHYGXWYWIHSRXLITVSNIGXWLSYPH FIQIX  4IVJSVQERGI GLEVEGXIVMWXMGW{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{7YQQEV]SJWYVJEGIXVIEXQIRXW 8]TIW 7IEPIVW 'SEXMRKW 3ZIVPE]W +IRIVMGGPEWWMJMGEXMSR W &SMPIHPMRWIIHSMP 7TVE]IH %TTVS\MQEXIP]”* ”' SVEFSZI -RWXEPPEXMSRVIUYMVIQIRXW 'PIERHV]ERHWSYRHWYVJEGI %PO]PEPOS\]WMPERI 7MPS\ERIW 7YVJEGIJVIISJTVIXVIEXQIRXW 7TVE]IHFVYWLIHSVVSPPIH :IRXMPEXMSRVIUYMVIH ,MKLQSPIGYPEV[IMKLXQIXLEGV]PEXI 'PIERHV]ERHWSYRHWYVJEGI 7TVE]IHFVYWLIHVSPPIHSVWUYIIKIIH )TS\] 9VIXLERISVRISTVIRIQIQFVERI ITS\]XSTGSEXW]WXIQ 6YFFIVM^IHEWTLEPXMGXSTGSEXW]WXIQ 9VIXLERI 1IQFVERIYVIXLERIXSTGSEXW]WXIQ 'SRGVIXI 4SP]QIVGSRGVIXI 4SP]QIVQSHMJMIHGSRGVIXI 'PIERHV]ERHWSYRHWYVJEGI 7TVE]IHFVYWLIHVSPPIHSVWUYIIKIIH %TTVS\MQEXIP]”* ”' SVEFSZI :IRXMPEXMSRVIUYMVIH 0IZIPWYVJEGIX]TMGEPP]VIUYMVIH 4SSVVIWMWXERGIXS9:VEHMEXMSR 'PIERWSYRHERHVSYKLIRIHWYVJEGI ,ERHSVQEGLMRIETTPMIH +IRIVEPP]EFSZIJVII^MRK :IRXMPEXMSRQE]FIVIUYMVIH (YVEFMPMX]GLEVEGXIVMWXMGW -QTVSZIW VIWMWXERGI XS JVII^MRK ERH XLE[MRK *VIUYIRXETTPMGEXMSRWVIUYMVIH 4IVJSVQERGIGLEVEGXIVMWXMGW (EVOIRWGSRGVIXIWPMKLXP] (SIWRSXFVMHKIGVEGOW -QTVSZIW VIWMWXERGI XS JVII^MRK ERH XLE[MRK 6IHYGIWWEPXTIRIXVEXMSR 6IHYGIWVEXISJGSVVSWMSR :EVMEFPI9:VEHMEXMSRVIWMWXERGI 4VIZIRXW QSMWXYVI JVSQ TIRIXVEXMRK GVEGOW +IRIVEPP]MQTVSZIWVIWMWXERGIXSJVII^MRK ERHXLE[MRK *EMVXSKSSHEFVEWMSRVIWMWXERGI :EVMEFPI9:VEHMEXMSRVIWMWXERGI -QTVSZIH VIWMWXERGI XS [EXIV EFWSVT XMSRERHVIMRJSVGIQIRXGSVVSWMSR (SIWRSXFVMHKIGVEGOW 7IEPWGVEGOW +IRIVEPP]KSSHVIWMWXERGIXS[EXIVEF WSVTXMSR 9RORS[R VIWMWXERGI XS VIMRJSVGIQIRX GSVVSWMSR &VMHKIWWQEPPGVEGOW -QTVSZIW VIWMWXERGI XS JVII^MRK ERH 1E]EHH[IMKLX XLE[MRK %VGLMXIGXYVEPJMRMWLMWTSWWMFPI )\GIPPIRXEFVEWMSRVIWMWXERGI 4VSXIGXWWXVYGXYVEPGSRGVIXIERH VIMRJSVGIQIRX 1E]MQTVSZIWXVYGXYVEPGETEGMX] E ;EXIVTIVQIEFMPMX]{6IWMWXERGIXS[EXIVEFWSVTXMSRMW EGVMXMGEPJEGXSVMRTVSXIGXMZIW]WXIQW;EXIVTIVQIEFMPMX]MW EQIEWYVIQIRXSJXLIUYERXMX]SJ [EXIVXLEXGERTEWWXLVSYKL EWYVJEGIXVIEXQIRXSZIVETIVMSHSJXMQI F :ETSVTIVQIEFMPMX]{;LMPIWYVJEGIXVIEXQIRXWWLSYPH VIWMWX[EXIVXLI]WLSYPHEPPS[ GSRGVIXIXSHV]TEVXMGYPEVP]MJ TPEGIH SZIV RI[ GSRGVIXI VITEMVW SV SR XLI MRWMHI JEGI SJ JSYRHEXMSR [EPPW SV SR WPEFWSRKVSYRH 1SMWXYVI ZETSV XVERWQMWWMSR MW XLI UYERXMX] SJ [EXIV ZETSV XLEX GER TEWW XLVSYKLETVSXIGXMZIW]WXIQSZIVETIVMSHSJXMQI G 6IWMWXERGIXSVIMRJSVGIQIRXGSVVSWMSR{8LI[EXIVERH H 'VEGOFVMHKMRK{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{4IRIXVEXMRK WIEPIVW EVI QEXIVMEPW XLEX EJXIV ETTPMGEXMSR EVI KIRIVEPP] [MXLMR XLI WYFWXVEXI SJ XLI GSRGVIXI(ITXLSJTIRIXVEXMSR ZEVMIWF]XLITVSHYGXERH[MXL XLITVSTIVXMIWSJXLIGSRGVIXISR[LMGLXLIWIEPIVMWETTPMIH '32'6)8)6)4%-6+9-() 6 8EFPI{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{8IRWMSR %781( 8IWX1IXLSHWJSV1ERHVIP&IRH8IWXSJ%XXEGLIH3VKERMG 'SEXMRKW %781( 8IWX1IXLSHJSV8IRWMPI4VSTIVXMIWSJ3VKERMG'SEXMRKW %781( 8IWX1IXLSHWJSV1ERHVIP&IRH8IWXSJ%XXEGLIH3VKERMG 'SEXMRKW %781( 8IWX1IXLSHJSV6YFFIV4VSTIVX]{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{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{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{4IRIXVEXMRKWIEPIVWQE] FI ETTPMIH F] VSPPIV WUYIIKII SV WTVE] XS XLI GSRGVIXI WYFWXVEXI 4VSTIV WYVJEGI TVITEVEXMSR MW MQTSVXERX JSV WYGGIWWJYP ETTPMGEXMSR HYIXSXLI WIRWMXMZMX] SJ TIRIXVEXMRK WIEPIVWXSGSRXEQMRERXWERHTVIZMSYWP]ETTPMIHWIEPIVWMRXLI WYFWXVEXI 9: [IEV ERH EFVEWMSR VIWMWXERGI EVI KIRIVEPP] KSSH [LIRGSQTEVIH [MXL GSEXMRKW SV QIQFVERI W]WXIQW 'EVXIV  4IRIXVEXMRKWIEPIVWHSRSXFVMHKIRI[SVI\MWXMRKGVEGOW 7SQI SJ XLIWI TVSHYGXW EVI WSPZIRXFEWIH ERH SXLIVW EVI [EXIVFEWIH%WWYGLXLIWSPZIRXFEWIHTVSHYGXWQE]LEZI TVSFPIQWQIIXMRKWSQI:3'VIKYPEXMSRW  7YVJEGIETTPMIH GSVVSWMSR MRLMFMXSVW{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{ E (IWGVMTXMSR{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{8LITVSHYGXWMRXLMWGPEWWMJMGEXMSRLEZIXLIGETE FMPMX]XSVIHYGIXLIMRXVYWMSRSJ[EXIVGLPSVMHIWERHMRWSQI GEWIWQMPHGLIQMGEPW8LI]EPWSQE]SVQE]RSXTIVQMXXLI XVERWQMWWMSRSJ[EXIVZETSV G  %TTPMGEXMSR ERH PMQMXEXMSRW{8LI QEXIVMEPW QE] FI ETTPMIH[MXLFVYWLVSPPIVWUYIIKIISVWTVE]8LIGLIQMGEP GEVVMIVW[MXLMRWSQISJXLITVSHYGXWQE]GEYWIETTPMGEXMSR PMQMXEXMSRW 8LI QERYJEGXYVIVvW WEJIX] VIGSQQIRHEXMSRW WLSYPHFIJSPPS[IH7YVJEGIWIEPIVWMRKIRIVEPVIHYGIWOMH VIWMWXERGI8LI]HSRSXFVMHKIQSZMRKGVEGOWFYXQE]FI IJJIGXMZIMRJMPPMRK RSXFVMHKMRK WQEPPRSRQSZMRKGVEGOW 1ER]SJXLIWITVSHYGXWEVIEJJIGXIHF]9:ERH[IEVYRHIV WYVJEGIEFVEWMSR 7SQISJXLIWITVSHYGXWHITIRHSRWSPZIRXWXS[SVOERH QE] LEZI TVSFPIQW QIIXMRK :3' VIKYPEXMSRW 2I[IV JSVQYPEXMSRWXLEXQIIX:3'VIKYPEXMSRWHSRSXLEZIQER] ]IEVWSJMRWIVZMGIYWEKI  ,MKLFYMPHGSEXMRKW{ E (IWGVMTXMSR{,MKLFYMPHGSEXMRKWEVIQEXIVMEPW[MXLE HV]XLMGORIWWKVIEXIVXLERQQ QMPW ERHPIWWXLER  QQ  QMPW  ETTPMIH XS XLI WYVJEGI SJ XLI GSRGVIXI ,MKLFYMPHGSEXMRKWEPXIVXLIETTIEVERGISJXLIWYVJEGIQE] FITMKQIRXIHERHTEVXMEPP]QEWOFPIQMWLIWMRXLIGSRGVIXI WYVJEGI 8LIFEWITSP]QIVWSJWYGLTVSHYGXWMRGPYHIFYXEVIRSX PMQMXIH XS EGV]PMGW EPO]HW WX]VIRI FYXEHMIRI GSTSP]QIVW ZMR]PIWXIVWGLPSVMREXIHVYFFIVWYVIXLERIWWMPMGSRIWTSP] IWXIVWTSP]YVIXLERIWTSP]YVIEERHITS\MIW F 9WIW{8LIWITVSHYGXWEVIKIRIVEPP]YWIHJSVHIGSVEXMZISV TVSXIGXMZIFEVVMIVW]WXIQW7SQITVSHYGXWMRXLMWGPEWWMJMGE XMSRQE]FIWYMXEFPIJSVYWIEKEMRWX[MRHHVMZIRVEMRWEPXW ERHQMPHGLIQMGEPW G %TTPMGEXMSRW ERHPMQMXEXMSRW{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{ E (IWGVMTXMSR{1IQFVERIW]WXIQWEVIWYVJEGIXVIEXQIRXW [MXLXLMGORIWWIWKVIEXIVXLERQQ QMPW ERHPIWWXLER QQ QMPW ETTPMIHXSXLIWYVJEGISJXLIGSRGVIXI8LI] QE] FI FSRHIH TEVXMEPP] FSRHIH SV YRFSRHIH XS XLI GSRGVIXI WYVJEGI 8LIWI TVSHYGXW WMKRMJMGERXP] EPXIV XLI ETTIEVERGI ERH QEWO FPIQMWLIW MR XLI GSRGVIXI WYVJEGI )PEWXSQIVMGQIQFVERIWEVIMRGPYHIHMR XLMWKVSYTEW[IPPEW WSQILMKLFYMPHGSEXMRKW )PEWXSQIVMGQIQFVERIW]WXIQWKIRIVEPP]LEZIWYJJMGMIRX XLMGORIWWERHJPI\MFMPMX]XSFVMHKIREVVS[RSRQSZMRKGVEGOW SJZEVMSYW[MHXLWIZIRMJXLIGVEGO[MHXLJPYGXYEXIW7SQI W]WXIQWVIUYMVIXLEXGVEGOW[MHIVXLERXSQQ  XSQMPW WLSYPHFIVSYXIHERHWIEPIHFIJSVIETTPMGEXMSRSJ XLIQIQFVERI)PEWXSQIVMGQIQFVERIWEVIYWYEPP]KVE]SV FPEGO FYX WSQI QERYJEGXYVIVW SJJIV WIZIVEP SXLIV GSPSVW [LMGLQE]LEZIEXIRHIRG]XSJEHIIWTIGMEPP][LIRI\TSWIH XS9:6IJIVXS%'-66ERH6 7YGLTVSHYGXWMRGPYHIFYXEVIRSXPMQMXIHXSYVIXLERIW EGV]PMGWITS\MIWRISTVIRIWGIQIRXTSP]QIVGSRGVIXIERH EWTLEPXMGTVSHYGXW F 9WIW{8LITVSHYGXWMRXLMWGPEWWMJMGEXMSREVIKIRIVEPP] YWIH EW TVSXIGXMZI [EXIVTVSSJMRK SV XVEJJMG SV TIHIWXVMER W]WXIQW7SQIJSVQYPEXMSRWEVIETTVSTVMEXIJSVYWIMRHEQT TVSSJMRKW]WXIQW G  %TTPMGEXMSR ERH PMQMXEXMSRW{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{ E (IWGVMTXMSR{3ZIVPE]WEVITVSHYGXWSJQQ QMPW SV KVIEXIVMRXLMGORIWWXLEXGERFIFSRHIH TEVXMEPP]FSRHIHSV YRFSRHIH XS XLI WYVJEGI SJ XLI GSRGVIXI 7YGL TVSHYGXW MRGPYHIFYXEVIRSXPMQMXIHXSTSP]QIVGSRGVIXITSVXPERH GIQIRXGSRGVIXIITS\MIWTSP]IWXIVWERHTSP]QIVQSHMJMIH GSRGVIXI 3ZIVPE]W GLERKI XLI ETTIEVERGI XI\XYVI ERH IPIZEXMSRSJXLISVMKMREPGSRGVIXIWYVJEGI8LIXLMGORIWWSJ ERSZIVPE]GERFIYWIHXSMQTVSZIXLIHVEMREKIGLEVEGXIVMW XMGW SJ XLI XST WYVJEGI SJ E GSRGVIXI WPEF 3ZIVPE]W QE] FVMHKI RSRQSZMRK GVEGOW LS[IZIV QSZMRK GVEGOW QE] QMVVSV XLVSYKL XLI SZIVPE] YRPIWW TVSTIVP] HIXEMPIH %R SZIVPE]SJJIVWEGLSMGISJHMJJIVIRXGSPSVWERHJMRMWLIW F 9WIW{3ZIVPE]WEVIYWIHEWE[IEVMRKGSYVWIERHKIRIVEPP] TVSZMHITVSXIGXMSREKEMRWXXLIMRXVYWMSRSJ[EXIVERHGLPSVMHI MSRW3ZIVPE]WEPWSTVSZMHIEFVEWMSRVIWMWXERGIERHQE]FI HIGSVEXMZI %'-666ERH6  G %TTPMGEXMSRERHPMQMXEXMSRW{3ZIVPE]WQE]FITPEGIH XVS[IPIHWGVIIHIHWTVE]IHSVWIIHIHMRSRISVQSVIPE]IVW SRXS XLI GSRGVIXI WYVJEGI 8LI SZIVPE] EHHW QEWW TVSTSV XMSREP XS MXW XLMGORIWW 8LIVIJSVI XLI EHHMXMSREP HIEH PSEH WLSYPHFIGSRWMHIVIHMRXLIEREP]WMWSJERI\MWXMRKWXVYGXYVI 3ZIVPE]W GER FI MRWXEPPIH XS EGX GSQTSWMXIP] [MXL XLI I\MWXMRKWXVYGXYVI%HHMXMSREPVIMRJSVGIQIRXQE]FIEHHIH WYGLEW[IPHIH[MVIJEFVMGERHVIMRJSVGMRKWXIIPSVJMFIVW *SVERSZIVPE]XSTIVJSVQTVSTIVP]XLIWYVJEGIXS[LMGLMX MW FSRHIH WLSYPH FI GPIER WSYRH ERH ETTVSTVMEXIP] VSYKLIRIH 0EMXERGIHYWXERHHIFVMWXLEXVIWYPXJVSQXLI WYVJEGITVITEVEXMSRSTIVEXMSRWWLSYPHFIVIQSZIH 'VEGOMRK LEW FIIR E TVSFPIQ MR WSQI FSRHIH SZIVPE]W )\MWXMRKGVEGOWGERVIJPIGXXLVSYKLXLMRSZIVPE]WXLIVIJSVI FSRHIHSZIVPE]WWLSYPHRSXFIYWIHMRWMXYEXMSRWMR[LMGL XLIVIMWEGXMZIGVEGOMRKSVWXVYGXYVEPQSZIQIRXFIGEYWIXLI I\MWXMRKGVEGOWVIJPIGXXLVSYKLXLISZIVPE]4EVXMEPP]FSRHIH SVYRFSRHIHSZIVPE]WWLSYPHFIYWIHMRXLIWIWMXYEXMSRW 7PEFWSRKVSYRHMRJVII^MRKGPMQEXIWWLSYPHRIZIVVIGIMZI ERSZIVPE]SVGSEXMRKXLEXMWEZETSVFEVVMIV%RMQTIVZMSYW FEVVMIVGEYWIWQSMWXYVITEWWMRKJVSQXLIWYFKVEHISVFEGOJMPP XSEGGYQYPEXIYRHIVSVFILMRHXLIFEVVMIVPIEHMRKXSGVMXMGEP WEXYVEXMSRERHVETMHHIXIVMSVEXMSRSJXLIGSRGVIXIF]G]GPIW SJJVII^MRKERHXLE[MRK 8LMR GIQIRXMXMSYW SZIVPE]W EVI WYWGITXMFPI XS TPEWXMG WLVMROEKI GVEGOMRK FIGEYWI XLIMV LMKL WYVJEGIXSZSPYQI VEXMS TVSQSXIW VETMH IZETSVEXMSR YRHIV HV]MRK GSRHMXMSRW WYGLEWPS[VIPEXMZILYQMHMX]ERH[MRH%PWSFIGEYWIXLIWI GSRGVIXIWYWYEPP]LEZIPS[[GXLIVIMWPMXXPIFPIIH[EXIVXS VITPEGI IZETSVEXIH [EXIV )RZMVSRQIRXEP GSRHMXMSRW XS FI I\TIGXIH[LIRTPEGMRKSZIVPE]WWLSYPHFIHIXIVQMRIHERH IEVP]QSVRMRKSVRMKLXXMQITPEGIQIRXWWLSYPHFIGSRWMHIVIH XSEZSMHHV]MRKGSRHMXMSRW 'VEGOMRK MR FSRHIH SZIVPE]W LEW EX PIEWX SRI SJ JSYV GEYWIWXIEVMRKXLIWYVJEGIHYIXSPEXIJMRMWLMRKSTIVEXMSRW TPEWXMGWLVMROEKIJVSQI\GIWWMZIHV]MRKHMJJIVIRXMEPQSZI QIRXFIX[IIRXLIHIGOERHXLISZIVPE]HYIXSXIQTIVEXYVI HMJJIVIRGIWSVHV]MRKWLVMROEKISVI\MWXMRKGVEGOWVIJPIGXIH 6 %'-'311-88))6)4368 XLVSYKLXLISZIVPE]6IJIVXS %'-6JSVMRJSVQEXMSRSR GVEGOMRK 8IWXMRKSJXLIMRTPEGIGSRGVIXIWLSYPHFIHSRIFIJSVIERH EJXIVWYVJEGITVITEVEXMSRXSHIXIVQMRIXLIQSHYPYWSJVYTXYVI SJ XLI GSRGVIXIERHEJXIVXLISZIVPE]LEWFIIRGSQTPIXIHXS HIXIVQMRIFSRHWXVIRKXL8LIHMVIGX XIRWMPIXIWXEWHIWGVMFIHMR %'-6%TTIRHM\%WLSYPHFIWTIGMJMIH  'SQQSRSZIVPE]W]WXIQW{  9RFSRHIH SV TEVXMEPP] FSRHIH{ 9RFSRHIHSVTEVXMEPP]FSRHIHSZIVPE]WEVIYWIHXSTVSZMHI [IEVMRK GSYVWIW ERH JSV GVIEXMRK WPSTIW JSV HVEMREKI SZIV [EXIVTVSSJMRKQIQFVERIW8LI]EPWSGERTVSZMHIEVGLMXIGXYVEP XVIEXQIRXWJSVI\TSWIHHIGOWSVHVMZI[E]W%WTLEPXEWTLEPX GSRGVIXI SV GSRGVIXI EVI KIRIVEPP] YWIH JSV XLMW TYVTSWI %'-6  %WTLEPXERHEWTLEPXMGGSRGVIXISZIVPE]WEVITSVSYWERHF] XLIQWIPZIWHSRSXTVSZMHI[EXIVTVSSJMRK8LIEFWIRGISJER IJJIGXMZI [EXIVTVSSJMRK W]WXIQ FIPS[ ER EWTLEPXMG SV GSRGVIXI YRFSRHIH W]WXIQ GER EGXYEPP] TVSQSXI HIGO HIXIVMSVEXMSRHYIXSJVII^MRKERHXLE[MRK 8LIWI W]WXIQW EVI YWIH SR FVMHKI HIGOW TPE^E HIGOW TEVOMRKKEVEKIWSZIVSJJMGIWTEGIWERHSZIV[EXIVTVSSJMRK  &SRHIH 4'' SZIVPE]{&SRHIH 4'' SZIVPE]W EVI WMQTP] PE]IVW SJ YWYEPP] LSVM^SRXEP GSRGVIXI TPEGIHSRETVSTIVP] TVITEVIH I\MWXMRK GSRGVIXI WYVJEGIXS VIWXSVI E WTEPPIH SV HMWMRXIKVEXIH WYVJEGI SV XS TVSZMHI E TVSXIGXMZIFEVVMIV4SVXPERH GIQIRXSZIVPE]WEVIWSQIXMQIW JSVXMJMIH[MXLJMFIVWERHSXLIVEHHMXMZIW 7IGXMSRWERH   0S[WPYQT GSRGVIXI SZIVPE]W EVI MRGPYHIH MR XLMW KVSYT 7IGXMSR   &SRHIH TSVXPERHGIQIRXGSRGVIXI SZIVPE]W TVSZMHI E TVSXIGXMZI FEVVMIV XS HIMGMRK WEPXW ERH WSQIXMQIWMRGVIEWIXLIPSEHGEVV]MRKGETEGMX]SJXLIYRHIV P]MRKGSRGVIXI8LIXLMGORIWWSJERSZIVPE]QE]VERKIJVSQ QQ MR XSEPQSWXER] VIEWSREFPIXLMGORIWW HITIRHMRK SRXLITYVTSWIMXMWMRXIRHIHXSWIVZI % TSVXPERHGIQIRXFEWIH SZIVPE] QE] FI WYMXEFPI JSV E [MHIZEVMIX]SJETTPMGEXMSRWWYGLEWVIWYVJEGMRKWTEPPIHSV GVEGOIH GSRGVIXI WYVJEGIW SR FVMHKI HIGOW SV MR TEVOMRK WXVYGXYVIW MRGVIEWMRK GSZIV SZIV VIMRJSVGMRK WXIIP EHHMRK WPMTVIWMWXERGI SVPIZIPMRKJPSSVW3XLIVETTPMGEXMSRWSJSZIV PE]W MRGPYHI VITEMV SJ GSRGVIXI WYVJEGIW HEQEKIH F] EFVE WMSR JVII^MRK SV JMVI ERH XLI VITEMV SJ HIXIVMSVEXIH TEZIQIRXW 0S[WPYQTGSRGVIXISZIVPE]WEVI4''SZIVPE]WXLEXLEZI E QSHMJMIH QM\XYVI TVSTSVXMSR XS TVSHYGI E HIRWIV QSVI HYVEFPIGSRGVIXI8LI]LEZIKSSHFSRHGLEVEGXIVMWXMGWXSE TVSTIVP]TVITEVIHWYFWXVEXI ERHMRGVIEWIHHYVEFMPMX]FIGEYWI SJPS[IV [G8LIWIW]WXIQWEVIPIWWI\TIRWMZIXLERQSHMJMIH GSRGVIXIW]WXIQW 8LITIVJSVQERGI SJ PS[WPYQT GSRGVIXI HITIRHW SR XLI [SVOQERWLMTERH YWI SJ GSRZIRXMSREP QEXIVMEPW KIRIVEPP] XLI TIVJSVQERGI LEW FIIR KSSH 0SGEP FSRH JEMPYVIW LEZI FIIRVITSVXIHFYXXLIWILEZIYWYEPP]FIIREXXVMFYXIHXSMREH IUYEXIWYVJEGITVITEVEXMSRSVGSRWXVYGXMSRHIJMGMIRGMIW VIJIV XS %'- 6 6 ERH 4'% -7 4SVXPERH 'IQIRX %WWSGMEXMSR  0S[WPYQTGSRGVIXISZIVPE]W ERHSXLIVTSVXPERHGIQIRX SZIVPE]WEVIWYWGITXMFPIXSGVEGOMRKIWTIGMEPP]SRGSRXMRYSYW WTERWXVYGXYVIW 4SVXPERHGIQIRXFEWIHSZIVPE]WWLSYPHRSX FIYWIHMRER]ETTPMGEXMSRMR [LMGLXLISVMKMREPHEQEKI[EW GEYWIHF]GLIQMGEPEXXEGOXLEX[SYPHGSRXMRYIXSEXXEGOXLI TSVXPERHGIQIRXMRXLISZIVPE] %'-6  4SVXPERHGIQIRXSZIVPE]WEVIYWIHEWE[IEVMRKGSYVWISR TEVOMRKKEVEKIERHTPE^EHIGOWXSIWXEFPMWLTVSTIVHVEMREKI MRHEQTTVSSJMRKSVHIGSVEXMZIW]WXIQW8LI]QE]EPWSFI YWIH MR GSRNYRGXMSR [MXL XVEJJMG SV TIHIWXVMER IPEWXSQIVMG QIQFVERIW]WXIQW  0EXI\QSHMJMIHGSRGVIXI 01' SZIVPE]W{ 01' MW WMQMPEV XS GSRZIRXMSREP GSRGVIXI I\GITX XLEX MX GSRXEMRWEPEXI\ERHPIWW[EXIV 8LIVEXISJ PEXI\WSPMHW XSTSVXPERHGIQIRXF]QEWWLEWFIIRQSWXGSQQSRP]YWIH MRFVMHKIERHTEVOMRKHIGOSZIVPE]W8LI[EXIVMRXLIPEXI\ GSRWXMXYXIWTEVXSJXLI[EXIVVIUYMVIHXSL]HVEXIXLIGIQIRX ERHXLIPEXI\TVSZMHIWWYTTPIQIRXEV]FMRHMRKTVSTIVXMIWXS TVSHYGI E GSRGVIXI [MXL E PS[ [G KSSH HYVEFMPMX] KSSH FSRHMRK GLEVEGXIVMWXMGWERH E LMKL HIKVIISJ VIWMWXERGI XS TIRIXVEXMSRF]GLPSVMHIMSRW 8LIVILEZIFIIRTVSFPIQWEWWSGMEXIH[MXLJMRMWLMRKPEXI\ GSRGVIXISZIVPE]W,SX[IEXLIVERH[MRHGEYWIVETMHHV]MRK [LMGL QEOIW JMRMWLMRK HMJJMGYPX ERH TVSQSXIW WLVMROEKI GVEGOMRK 1M\MRK TPEGMRK ERH JMRMWLMRK WLSYPH FI GSQTPIXIH [MXLMR  QMR SV PIWW XS EGGSQQSHEXI XLI GSEPIWGMRKSJXLIPEXI\*EMPYVI XSHSWSQE]PIEHXSXIEVMRK SJXLIPEXI\JMPQXLEXMWJSVQMRK[MXLMRXLIGSRGVIXI1M\MRK XLI01'WLSYPHFIHSRIMREQSFMPIQM\IV'SRGVIXIQM\IH MREGSRGVIXIXVYGOSVHVYQX]TIQM\IVWLSYPHFIPMQMXIHXS  QMR SJ QM\MRK EJXIV XLI PEXI\ LEW FIIR EHHIH 0SRKIV TIVMSHWSJQM\MRKIRXVETEMVERHWYFWIUYIRXP]MRGVIEWIXLI XSXEPEMVGSRXIRX8LIVIWYPXGERFIWMKRMJMGERXVIHYGXMSRWMR GSQTVIWWMZIWXVIRKXLERHEFVEWMSRVIWMWXERGI4PEGIQIRXEX RMKLXGERLIPTQMRMQM^IXLIWITVSFPIQW%RSXLIVTVSFPIQMW 01' SZIVPE]W EVI KIRIVEPP] YWIH EW [IEVMRK ERH TVSXIGXMZI FEVVMIVW SR FVMHKI ERH TEVOMRK KEVEKI HIGOW ERH MR HEQTTVSSJMRK SV HIGSVEXMZI W]WXIQW SR TPE^E HIGOWERHTEVOMRKKEVEKIW  4SP]QIV GSRGVIXI SZIVPE]W{4SP]QIV GSRGVIXI MW E GPEWW SJ GSQTSWMXI QEXIVMEPW XLEX MRGPYHIW E [MHI KVSYT SJ QSVXEV ERH GSRGVIXI 8LI TSP]QIV JEQMPMIW QSWX GSQQSRP] YWIH MR TSP]QIV GSRGVIXI SZIVPE]W EVI ITS\MIW TSP]IWXIVW ERH ZMR]P IWXIVW 8LI GSQTSWMXMSRW SJ IEGLSJXLIWITSP]QIVFMRHIVWEVIHMJJIVIRX;LMPIQSVIXLER SRIQE]FIYWIHJSVQSWXETTPMGEXMSRWWSQIEVIQSVIWYMXEFPI JSVWTIGMJMGWMXYEXMSRW6IJIVXS%'-6ERH7IGXMSR 3ZIVPE]W SJ TSP]QIV GSRGVIXI EVI X]TMGEPP] FSRHIH XS E TVITEVIHWYFWXVEXIERHTVSZMHIEHYVEFPIERH[IEVVIWMWXERX WYVJEGI8LI]QE]FIJSVQYPEXIHXSTVSZMHIPS[TIVQIEFMPMX] XS [EXIV GLIQMGEPW ERH GLPSVMHI MSRW 8LMW LIPTW TVIZIRX HIXIVMSVEXMSR SJ XLI GSRGVIXI HYI XS JVII^MRKERHXLE[MRK G]GPIW ERH GLIQMGEP EXXEGO 8LIWI QEXIVMEPW LEZI KSSH FSRHMRKGLEVEGXIVMWXMGWXSTVSTIVP]TVITEVIHWYFWXVEXIW8LI FSRHMRXIRWMSRERHWLIEVSJXLITVSHYGXWIPIGXIHWLSYPHFI EX PIEWX IUYEP XS XLI XIRWMPI ERH WLIEV WXVIRKXL SJ XLI '32'6)8)6)4%-6+9-() WYFWXVEXI8LIWYVJEGIXI\XYVIGERFIQEHIXSTVSZMHIWOMH VIWMWXERX ERH L]HVSTPERMRKVIWMWXERX WYVJEGI GLEVEGXIVMWXMGW XLEXEVI[MXLMREGGITXEFPI PMQMXW %'-6ERH6  %RMQTSVXERXEHZERXEKISJTSP]QIVGSRGVIXIEWGSQTEVIH XSSXLIVSZIVPE]W]WXIQWMWMXWVETMHGYVIGLEVEGXIVMWXMGW8LMW GERQMRMQM^IHMWVYTXMSRWERHXVEJJMGGSRXVSPGSWXWERHMQTVSZI XLI WGLIHYPMRK SJ VITEMVW -R EHHMXMSR TSP]QIV GSRGVIXI SZIVPE]WGERFIMRWXEPPIH[MXLSYXI\TIRWMZIIUYMTQIRX % HMWEHZERXEKI MW XLEX XLI] WLSYPH FI ETTPMIH XS HV] WYVJEGIW8LI[SVOEFMPMX]ERHGYVMRKVEXIEVIHITIRHIRXSR ETTPMGEXMSRXIQTIVEXYVIW %'-6ERH%'-6  4SP]QIVGSRGVIXISZIVPE]WEVIKIRIVEPP]YWIHEWE[IEVMRK GSYVWIMRHEQTVSSJMRKSVHIGSVEXMZIW]WXIQW  7MPMGEJYQI SZIVPE]W{7MPMGEJYQI GSRGVIXIMWERSVQEPTSVXPERHGIQIRXGSRGVIXIXLEXLEWFIIR QSHMJMIH[MXLEWMPMGEJYQI7MPMGEJYQIGSRGVIXIMWYWIHEW EREPXIVREXMZIXS 01' SV PS[WPYQT GSRGVIXI 7MPMGEJYQI GSRGVIXI SZIVPE]W VIXEVH XLI MRXVYWMSR SJ GLPSVMHIW F] TVSZMHMRKEHIRWIVPIWWTIVQIEFPIQEXVM\-REHHMXMSRXLIWI SZIVPE]W EVI QSVI EFVEWMSRVIWMWXERX LEZI MRGVIEWIH IEVP] ERH YPXMQEXI WXVIRKXL ERH MQTVSZIH FSRH XS XLI WYFWXVEXI 7IGXMSR  7MPMGEJYQI SZIVPE]W EVI YWIH EW E [IEVMRK GSYVWI SR FVMHKIERHTEVOMRKKEVEKIHIGOWERHEWETVSXIGXMZIFEVVMIV XSWXVYGXYVEPGSRGVIXIMREKKVIWWMZIGLIQMGEPIRZMVSRQIRXW 7MPMGEJYQI GSRGVIXI MW WYWGITXMFPI XS GVEGOMRK JVSQ HV]MRKERHTPEWXMGWLVMROEKI-JXLIWMPMGEJYQIMWEHHIHXSXLI GSRGVIXIQM\XYVIEXXLIIRHSJXLIFEXGLG]GPIMXQE]EGXEW E VIXEVHMRK EHQM\XYVI 8LI EHHMXMSR SJ WMPMGE JYQI XS XLI QM\XYVI QEOIW MX WXMGO] ERH XLYW QSVI HMJJMGYPX XS JMRMWL 7MPMGEJYQI GSRGVIXI SZIVPE]W EVI WYFNIGX XS VIJPIGXMZI GVEGOMRKJVSQXLIWYFWXVEXI {.SMRXWIEPERXW .SMRXWIEPERXWMRGSRGVIXIQMRMQM^IXLIMRXVYWMSRSJPMUYMHW WSPMHWSVKEWIWERHTVSXIGXXLIGSRGVIXIEKEMRWXHEQEKI-R GIVXEMRETTPMGEXMSRWWIGSRHEV]JYRGXMSRWMQTVSZIXLIVQEPERH EGSYWXMGEPMRWYPEXMSRHEQTIRZMFVEXMSRSVTVIZIRXYR[ERXIH QEXXIVGSPPIGXMRKMRGVIZMGIW %'-6  4VSXIGXMSR W]WXIQW SJ NSMRXW MRGPYHI XLI WIEPMRK SJ GVEGOWGSRXVEGXMSR GSRXVSP NSMRXWI\TERWMSRNSMRXWERH GSRWXVYGXMSRNSMRXW  8]TIWSJNSMRXW{ E 'VEGOW{8LI VIEWSRW XLEX GVEGOW SGGYV MR GSRGVIXI MRGPYHIWLVMROEKIXLIVQEPGLERKIWWXVYGXYVEPVIPEXIH WXVIWWIW ERHPSRKXIVQWXVEMRWLSVXIRMRK&IJSVIWIPIGXMRKEWIEPERX XLIVIEWSRJSV XLIGVEGOMRKWLSYPHFIHIXIVQMRIH1SZMRK GVEGOW WLSYPH FI MHIRXMJMIH -R WSQI MRWXERGIW WXVYGXYVEP FSRHMRKSJEGVEGOQE]FIVIUYMVIH[LIVIEWMRSXLIVWMXYEXMSRW VIWXVEMRXEGVSWWXLIGVEGOWLSYPHFIEZSMHIH F 'SRXVEGXMSR GSRXVSP  NSMRXW{'SRXVEGXMSR NSMRXW EVI TYVTSWIP]MRWXEPPIHNSMRXWHIWMKRIHXSVIKYPEXIGVEGOMRKXLEX QMKLX SXLIV[MWI SGGYV HYI XS XLI GSRXVEGXMSR SJ GSRGVIXI %'-6 3JXIRGEPPIHGSRXVSPNSMRXWXLI]EVIMRXIRHIH XSGSRXVSPGVEGOPSGEXMSRW8LIRIGIWWEV]TPERISJ[IEORIWW QE] FI JSVQIH F] VIHYGMRK XLI GSRGVIXI GVSWW WIGXMSR F] XSSPMRKSVWE[GYXXMRKENSMRXYWYEPP][MXLMRL 6 G )\TERWMSR MWSPEXMSR NSMRXW{)\TERWMSRNSMRXWTVIZIRX GVYWLMRK ERH HMWXSVXMSR MRGPYHMRK HMWTPEGIQIRX FYGOPMRK ERH[EVTMRK SJEFYXXMRKGSRGVIXIWXVYGXYVEPYRMXWXLEXQMKLX SXLIV[MWISGGYV7YGLGVYWLMRK ERHHMWXSVXMSRGERFIHYIXS XLIXVERWQMWWMSRSJGSQTVIWWMZIJSVGIWXLEXQE]FIHIZIPSTIH F]I\TERWMSRETTPMIHPSEHWSVHMJJIVIRXMEPQSZIQIRXWEVMWMRK JVSQ XLI GSRJMKYVEXMSR SJ XLI WXVYGXYVI SV MXW WIXXPIQIRX %'- 6 )\TERWMSRNSMRXWEVIQEHIF]TVSZMHMRKEWTEGI SZIVXLIIRXMVIGVSWWWIGXMSRFIX[IIREFYXXMRKWXVYGXYVEPYRMXW H  'SRWXVYGXMSR NSMRXW{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{1IXLSHW XS WIEP NSMRXW MRGPYHI MRNIGXMSR XIGLRMUYIW VSYXMRK ERH GEYPOMRK FSRHMRK MRWXEPPMRKTVIQSPHIHWIEPWSVMRWXEPPMRKETTVSTVMEXIWYVJEGI TVSXIGXMSRW]WXIQW WYGLEWIPEWXSQIVMGQIQFVERIW HMWGYWWIH MR 7IGXMSR %'-6HMWGYWWIWHMJJIVIRXXIGLRMUYIWERHQEXIVMEPWXS WIEPNSMRXWERH%'-HMWGYWWIWITS\]QEXIVMEPW {'EXLSHMGTVSXIGXMSR (IWGVMTXMSR{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wPIWW RSFPIx SV QSVI TVSRI XS GSVVSWMSR XLER XLI WXIIP{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{'EXLSHMG TVSXIGXMSR GER FI YWIH XS TVSXIGX EPQSWX ER] X]TI SJ VIMRJSVGIH GSRGVIXI WXVYGXYVI MRGPYHMRK E ,SVM^SRXEPWPEFW{4EVOMRKKEVEKIHIGOWFVMHKIHIGOW JPSSVWVSSJWERHFEPGSRMIW F :IVXMGEPQIQFIVW{;EPPWIGXMSRWXS[IVWERHWMQMPEV WXVYGXYVIW G  7XVYGXYVEP QIQFIVW{&IEQW GSPYQRW JSYRHEXMSRW ERHFVMHKIWYFWXVYGXYVIW  0MQMXEXMSR{'EXLSHMGTVSXIGXMSRW]WXIQWGERQMXMKEXI GSVVSWMSRSRQER]X]TIWSJWXVYGXYVIWLS[IZIVXLIJSPPS[MRK WLSYPHFISFWIVZIH c 'EXLSHMGTVSXIGXMSRHSIWRSXVITPEGIGSVVSHIHWXIIP c %XXLITVIWIRXXMQIGEXLSHMGTVSXIGXMSRYWMRK SGGYV 4SWXXIRWMSRIHWXVYGXYVIWQE]FIGEXLSHMGEPP]TVSXIGXIH YWMRKTEWWMZIWEGVMJMGMEPW]WXIQWEJXIVEREREP]WMWF]E GSVVSWMSRIRKMRIIV c 8LIVIMRJSVGMRK WXIIP RIIHW XS FIIPIGXVMGEPP] GSRXMRYSYW JSVGEXLSHMGTVSXIGXMSRXSJYRGXMSR)PIGXVMGEPGSRXMRYMX] SJ XLI VIMRJSVGMRK WXIIP WLSYPH FI GSRJMVQIH HYVMRK W]WXIQMRWXEPPEXMSR-RWXVYGXYVIW[LIVIXLIVIMRJSVGIQIRX MW GSZIVIH [MXL ER MRSVKERMG GSEXMRK WYGL EW ITS\] IPIGXVMGEPGSRXMRYMX]SJXLIVIMRJSVGIQIRXMWPMOIP]XSFI TVSFPIQEXMGERHWLSYPHFIGSRJMVQIHFIJSVIGSRWMHIVMRK XLIYWISJGEXLSHMGTVSXIGXMSR 8LISTIVEXMSRSJEGEXLSHMGTVSXIGXMSRW]WXIQVIUYMVIWXLI GSRGVIXIXS[SVOEWERMSRMGEPP]GSRHYGXMZIQIHME%WWYGL XLI GSRGVIXI QYWX LEZI WYMXEFPI VIWMWXMZMX] ERH QSMWXYVI GSRXIRXXSFIWYJJMGMIRXP]GSRHYGXMZI  8]TIWSJWEGVMJMGMEPTEWWMZIGEXLSHMGW]WXIQW{ E  >MRG L]HVSKIP ERSHI{>MRG WLIIX ERSHIW TVIGSEXIH [MXL E GSRHYGXMZI L]HVSKIP EHLIWMZI EVI ETTPMIH XS XLI WYVJEGI SJ XLI GSRGVIXI :EVMSYW TEMRXW SV GSEXMRKW GER FI ETTPMIHSZIVXLIERSHIJSVEIWXLIXMGW F 7TVE]IH^MRGSV^MRGEPPS]W{7TVE]IH^MRGSV^MRGEPPS]W EVIETTPMIHXSXLIGSRGVIXIYWMRKQIXEPPM^MRKIUYMTQIRXWYGL EW EVG WTVE] SV JPEQI WTVE] +IRIVEPP] IRGPSWYVI HYVMRK WTVE]MRKMWHIWMVIHJSVXS\MGMX]ERHIRZMVSRQIRXEPGSRGIVRW G  )QFIHHIH KEPZERMG ERSHIW{)QFIHHIH KEPZERMG ERSHIW TVSZMHI PSGEPM^IH KEPZERMG TVSXIGXMSR 8LI] EVI EXXEGLIHXSXLIVIMRJSVGMRKWXIIPERHEVIIQFIHHIH[MXLMRXLI VITEMVGSRGVIXI8LIERSHIWEVITVMQEVMP]MRWXEPPIHEPSRKXLI TIVMQIXIVSJGSRGVIXITEXGLVITEMVWXSTVSXIGXEHNEGIRXEVIEW JVSQGSVVSWMSRHYIXSXLIERSHMGVMRKIJJIGX8LIERSHIWGER EPWS FIMRWXEPPIH SR EKVMH TEXXIVR XSTVSZMHI QSVI SZIVEPP c TVSXIGXMSR 8LMW QIXLSH MW RI[ ERH HSIW RSX LEZI E PSRK XVEGOVIGSVH%PXLSYKLMRMXMEPVIWYPXWEVIIRGSYVEKMRKQSVI WIVZMGI HEXE RIIH XS FI HSGYQIRXIH XS HIXIVQMRI XLI IJJIGXMZIRIWWSJXLMWQIXLSH ;LMXQSVI   8]TIW SJ MQTVIWWIH GYVVIRX GEXLSHMG TVSXIGXMSR W]WXIQW{%PPMQTVIWWIHGYVVIRXGEXLSHMGTVSXIGXMSRW]WXIQW GSRXEMRERERSHIE('TS[IVWSYVGIERHGSRRIGXMRKGEFPIW -REHHMXMSRXSXLIFEWMGGSQTSRIRXWXLIVIQE]FIVIJIVIRGI IPIGXVSHIWSVSXLIVQSRMXSVMRKERHQIEWYVMRKHIZMGIW8LI TVMQEV]HMJJIVIRGIFIX[IIRXLIX]TIWSJW]WXIQWMWXLIERSHI MRWXEPPEXMSRERHMXWETTPMGEXMSR ;LMXQSVI  E  7YVJEGIQSYRXIH ERSHIW [MXLSYX SZIVPE]W{8LIWI ERSHIWEVIQSYRXIHSRXLIWYVJEGISJXLIGSRGVIXIERHHSRSX VIUYMVIEGIQIRXMXMSYWSZIVPE]8LIWIERSHIW]WXIQWEVIRSX YWYEPP]YWIHMRLMKL[IEVETTPMGEXMSRW F 'SRHYGXMZIQEWXMGERSHIW{8LIWIGSRWMWXSJEGSRHYGXMZI GSEXMRK[MXLIQFIHHIHERSHIWSRXLIWYVJEGISJXLIGSRGVIXI 8LI]EVIYWIHSRZIVXMGEPWYVJEGIWGIMPMRKWERHGSPYQRW G  4PEXIX]TI ERSHIW{8LIWI GSRWMWX SJ QERYJEGXYVIH ERSHITPEXIWKPYIHXSXLIGSRGVIXIWYVJEGI H 7YVJEGIQSYRXIHERSHIW[MXLSZIVPE]W{8LIWIERSHIW EVI KIRIVEPP] YWIH SR LSVM^SRXEP WYVJEGIW ERH VIUYMVI E GIQIRXMXMSYWSZIVPE]SJQQ MR QMRMQYQXLMGORIWW I  1IWLX]TI RSFPI QIXEP ERSHIW{% QIWL SJ E RSFPI QIXEPERSHIMWJM\IHXSGSRGVIXI[MXLEQYPXMTPMGMX]SJTMRW ERHXLIRGSZIVIH[MXLEGIQIRXMXMSYWQEXIVMEP J  'SRHYGXMZI TSP]QIV GSRGVIXI WXVMTW{% WIVMIW SJ GSRHYGXMZITSP]QIVGSRGVIXIWXVMTWGSRXEMRMRKERSFPIQIXEP ERSHI MW JM\IH XS XLI GSRGVIXI WYVJEGI ERH GSZIVIH [MXL E GIQIRXMXMSYWSZIVPE] K )QFIHHIHERSHIW{8LIERSHIW]WXIQMWIQFIHHIHMR XLIWYVJEGISJXLIGSRGVIXISVEXXLIPIZIPSJXLIVIMRJSVGIQIRX MRRI[GSRWXVYGXMSR L 7E[WPSXERSHIW{%WIVMIWSJWQEPPHITXLERH[MHXLWE[ WPSXWMWQEHIMRXLIGSRGVIXIWYVJEGI8LIWPSXWEVIJMPPIH[MXL ERSFPIQIXEPERSHIERHEGSRHYGXMZITSP]QIVGSRGVIXI M 2I[GSRWXVYGXMSR{%RSHIWGERFITPEGIHEXXLIPIZIPSJ XLI VIMRJSVGIQIRX HYVMRK RI[ GSRWXVYGXMSR LS[IZIV GEVI WLSYPHFIXEOIRXSTVIZIRXGSRXEGXFIX[IIRXLIERSHIERHXLI VIMRJSVGMRKWXIIP {'LPSVMHII\XVEGXMSR 'LPSVMHI I\XVEGXMSR GER FI EGGSQTPMWLIH F] ER IPIGXVS GLIQMGEPGLPSVMHII\XVEGXMSRTVSGIWW  (IWGVMTXMSR{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{8S VIQSZI GLPSVMHIW JVSQ E VIMRJSVGIH GSRGVIXI WXVYGXYVI ER ERSHI IQFIHHIH MR ER IPIGXVSP]XIQIHMEMWETTPMIHXSXLIWYVJEGISJXLIGSRGVIXI 8LIERSHIERHVIMRJSVGMRKWXIIP MRXLIGSRGVIXIEVIGSRRIGXIH XS XLI X[S XIVQMREPW SJ E (' TS[IV WYTTP] WYGL XLEX XLI ERSHI MW TSWMXMZIP] GLEVKIH ERH XLI VIMRJSVGMRK FEV MW RIKEXMZI'LPSVMHIMSRWFIMRKRIKEXMZIP]GLEVKIHQMKVEXI XS[EVHXLIERSHI[LMGLMWXLITSWMXMZIIPIGXVSHI&IGEYWI XLMW MWI\XIVREPXSXLIGSRGVIXIXLI GLPSVMHIMSRW PIEZIXLI GSRGVIXIERHEGGYQYPEXIMRXLIIPIGXVSP]XIQIHMEEVSYRHXLI ERSHI8LYWXLIGLPSVMHIGSRXIRXSJXLIGSRGVIXIMWVIHYGIH TEVXMGYPEVP]SRERHEVSYRHXLIRIKEXMZIP]GLEVKIHVIMRJSVGMRK WXIIP%XXLIIRHSJXLIXVIEXQIRXTIVMSHXLIERSHIERHXLI IPIGXVSP]XI QIHME XLEX GSRXEMRW XLI GLPSVMHIW EVI VIQSZIH JVSQ XLI WYVJEGI SJ XLI GSRGVIXI ;LMPI XLI GLPSVMHIW EVI FIMRKVIQSZIHXLIIPIGXVSP]XMGTVSHYGXMSRSJL]HVS\]PMSRW EXXLIVIMRJSVGMRKWXIIPWYVJEGI VIWYPXWMRELMKLT,EVSYRHXLI WXIIP 8LIVIJSVI [LIR XLI TVSGIWW MW XIVQMREXIH ERH XLI MRWXEPPEXMSRMWVIQSZIHXLIVIMRJSVGMRKWXIIPMWWMXYEXIHMRE GLPSVMHIJVII LMKLP] EPOEPMRI GSRGVIXI IRZMVSRQIRX 8LI VIWYPXMWEWXVSRKVITEWWMZEXMSRSJXLIIQFIHHIHVIMRJSVGMRK WXIIP'SVVSWMSRSRXLIVIMRJSVGMRKWXIIPWLSYPHGIEWI )')KIRIVEPP]XEOIWFIX[IIR XS [IIOW XSGSQTPIXI 8LIXVIEXQIRX HYVEXMSR MWEJJIGXIHF] ERYQFIVSJJEGXSVW MRGPYHMRK XVIEXQIRX HIRWMX] UYERXMX] ERH HMWXVMFYXMSR SJ GLPSVMHIMSRWVIMRJSVGMRKWXIIPUYERXMX]ERHGSRGVIXITVSTIVXMIW WYGLEWTIVQIEFMPMX]ERHIPIGXVMGEPVIWMWXMZMX]%PPVIUYMVIH WXVYGXYVEP VITEMVW RIIH XS FI MQTPIQIRXIH IMXLIV FIJSVI SV EJXIVXLIGSQTPIXMSRSJXLITVSGIWW 7,64  0MQMXEXMSRW{)')GERFIYWIHXSQMXMKEXIGSVVSWMSR SRQER]X]TIWSJWXVYGXYVIWLS[IZIVXLIJSPPS[MRKWLSYPH FISFWIVZIH c )')HSIWRSXVITPEGIGSVVSHIHWXIIP c )')MWRSXVIGSQQIRHIHJSVYWEKISRTVIWXVIWWIHSV TSWX XIRWMSRIHGSRGVIXIIPIQIRXW,]HVSKIRIQFVMXXPIQIRX SJ XLILMKLWXVIRKXLWXIIPWQE]SGGYV c 8LIVIMRJSVGMRKWXIIPWLSYPHFIIPIGXVMGEPP]GSRXMRYSYW JSV)')XSJYRGXMSR c 8LIGLSMGISJEWYMXEFPITS[IVMWMQTSVXERXERH c 8LI IJJIGX SJ XLI VIQSZEP QE] FI HMJJIVIRX MR EVIEW GPSWIXSVIMRJSVGMRKWXIIPERHFIX[IIRMX {6IEPOEPM^EXMSR 6IEPOEPM^EXMSR MW E TVSGIWW YWIH XS MRGVIEWI XLI T, SJ GEVFSREXIHGSRGVIXI  (IWGVMTXMSR{6IEPOEPM^EXMSR MW ER IPIGXVSGLIQMGEP XVIEXQIRXTVSGIWW[LIVIF]XLIT,SJGEVFSREXIHGSRGVIXIMW MRGVIEWIH %X XLI XIVQMREXMSR SJ XLI XVIEXQIRX TVSGIWW XLI IRXMVIW]WXIQMWVIQSZIHJVSQXLIWXVYGXYVI 8LIFIRIJMXW SJ VIEPOEPM^EXMSR MRGPYHIVIHYGIH GSVVSWMSR EGXMZMX]I\XIRHIHWIVZMGIPMJIERHIPMQMREXMSRSJXLIRIIHXS VIQSZIERHVITPEGIGEVFSREXIHGSRGVIXI6IEPOEPM^EXMSRGER FIETTPMIHXSFSXLZIVXMGEPERHLSVM^SRXEPGSRGVIXIWYVJEGIW 6IJIVXS%'-6JSVEHHMXMSREPMRJSVQEXMSRSRXLMWWYFNIGX XMEPP] WMQMPEVXS)')[MXLX[SHMJJIVIRGIW c 8LI XVIEXQIRX XMQI JSV VIEPOEPM^EXMSR MW QYGL WLSVXIV XLER)')X]TMGEPP]XSHE]WERH 6 c 6IEPOEPM^EXMSRMWGSQTPIXIH YWMRKEREPOEPMRIIPIGXVSP]XI WSPYXMSR  0MQMXEXMSRW{0MQMXEXMSRW JSV VIEPOEPM^EXMSR EVI WMQMPEVXSXLSWIJSV)') ',%48)6{786)2+8,)2-2+8)',2-59)7 {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{-RXIVREPWXVYGXYVEPVITEMV VIWXSVEXMSRXS SVMKMREPQIQFIVWXVIRKXL  (IWGVMTXMSR VITEMVSJGVEGOW {*SVGEWIWVIUYMVMRK VITEMV [MXLSYX MRGVIEWMRK XLI QIQFIVvW WXVYGXYVEP WXVIRKXL GETEGMX] ITS\] MRNIGXMSR MW GSQQSRP] YWIH XS VIWXSVI XLI QIQFIV)TS\]MRNIGXIHMRXSXLIGVEGOVIWXSVIWXLIGSRGVIXI WIGXMSRXSMXWTVIGVEGOGSRHMXMSR8LIITS\]XIRWMPIFSRHXS XLIGSRGVIXIWYFWXVEXIMWWXVSRKIVXLERXLIGSRGVIXIvWXIRWMPI WXVIRKXLERHWYFWIUYIRXPSEHWETTPMIHXSXLIGSRGVIXI QIXLSH XLEX VIWXSVIW XLI WIGXMSR XS MXW SVMKMREP QIQFIV WXVIRKXL6IJIVXS%'-6ERH-'6- EGVSWWXLIJEMPYVITPERIMRGSQFMREXMSR[MXLXLI QIRXMW MRWXEPPIH MR GSQFMREXMSR [MXL XLI ITS\] MRNIGXMSR JSV WXVIRKXLIRMRKERHVIWXSVEXMSR %HZERXEKIWERHX]TMGEPYWI{'VEGOMRNIGXMSRGERFI WYGGIWWJYPP] TIVJSVQIH SR GVEGOW EW REVVS[ EW  QQ MR MR[MHXL[MXLKIRIVEPP]EGGITXIHITS\]MRNIGXMSR VIWMRW'VEGOW[MXLPIWW[MHXLGERFIMRNIGXIH[MXLITS\]SV SXLIV TSP]QIV W]WXIQW LEZMRK E PS[ ZMWGSWMX] SJ  GTW %'-6ERH6   (MWEHZERXEKIW{7TIGMEP GSRWMHIVEXMSRW WLSYPH FI QEHIJSVFSRHWXVIRKXLJSVIPIZEXIHXIQTIVEXYVIW)TS\MIW ERH SXLIV VIWMRW PSWI WXVIRKXL [LIR I\TSWIH XS JMVI SV 6 %'-'311-88))6)4368 *MK {-RXIVMSV VIMRJSVGIQIRX TVSZMHIW MRGVIEWIH XIRWMPI VIWMWXERGIXSERI\MWXMRKGVEGO[LIRFSRHIHMRETVIHVMPPIH LSPISVKVSSZIGYXTIVTIRHMGYPEVXSXLIGVEGO *MK{-RGVIEWMRKJPI\YVEPVIWMWXERGI[MXLXLIEHHMXMSRSJ MRXIVMSVVIMRJSVGIQIRXFSRHIHMRXSTVIHVMPPIHLSPI *MK{-RXIVMSVVIMRJSVGIQIRXJSVWLIEVWXVIRKXLIRMRK WYWXEMRIH IPIZEXIHXIQTIVEXYVIW*MVITVSSJMRKTVSXIGXMSRMW VIUYMVIHJSVWXVYGXYVEPVITEMVWYWMRKITS\MIW )TS\MIW XLEX EVI PEFIPIH [EXIVMRWIRWMXMZI HYVMRK GYVMRK HEQT GVEGOW :IVMJMGEXMSR XLEX XLI ITS\] MW GSQTPIXIP] [EXIVMRWIRWMXMZIWLSYPHFIQEHI F]MRNIGXMRKXLIXIWXITS\] MRXSTVI[IXXIHGVEGOWXLIRIZEPYEXMRKXLIGSVIHWEQTPISJ XLIGYVIHITS\]MRNIGXIHMRXSXLIGVEGO  6ITEMV I\EQTPI{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{-RXIVMSVVIMRJSVGIQIRX (IWGVMTXMSR VITEMVSJGVEGOW {%GSQQSRQIXLSH SJTVSZMHMRKEHHMXMSREPVIMRJSVGIQIRXEGVSWWGVEGOIHWYVJEGIW MWXSMRWXEPPRI[HS[IPWMRXSLSPIWHVMPPIHTIVTIRHMGYPEVXS XLIGVEGOWYVJEGIW8LIIRXMVIPIRKXLSJXLIHS[IPMWJM\IHXS XLIGSRGVIXIF]XLIYWISJEFSRHMRKQEXVM\*MKYVIXS WLS[XLMWVITEMVQIXLSH 8LIWXVYGXYVIWLSYPHFIWLSVIHERHNEGOIHMJMXMWHIWMVIH XSVIPMIZI XLIQIQFIVv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{-RXIVREPVIMRJSVGIQIRX GER WXVIRKXLIR GSRGVIXI GVEGOIH F] JPI\YVEP ERH WLIEV WXVIWWIWERHVIWXVEMRIHZSPYQIGLERKIW8LIVITEMVTVSGIHYVI MW WMQTPIERHYWIWGSQQSRP]EZEMPEFPIIUYMTQIRX  0MQMXEXMSRW{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{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v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{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{6IMRJSVGIH GSRGVIXI KMVHIV SJ E /ERWEW FVMHKI VITEMVIH ERH WXVIRKXLIRIH YWMRK VIMRJSVGMRK FEVW ITS\] FSRHIHMRXSHVMPPIHLSPIW 7XVEXXSR%PI\ERHIVERH2SPXMRK   3RIMR QQ HMEQIXIVLSPIWWTEGIHETTVS\MQEXIP]  MR  QQ ETEVX EPSRKXLI PIRKXLSJXLI KMVHIV [IVI HVMPPIHEXEHIKVIIERKPISRXLIGIRXIVPMRISJIEGLKMVHIV [MXLEZEGYYQHVMPP[SVOMRKJVSQEFSZI  )TS\] [EW TVIWWYVIMRNIGXIH MRXSXLI LSPIW XS JMPP XLI HMEKSREPGVEGOWERHXSRIEVP]JMPPIEGLLSPIERH %QQHMEQIXIV 2S HIJSVQIHFEV[EWMRWIVXIH MRXS XLI LSPI 8LI FEV [EW ETTVS\MQEXIP]  QQ  MR WLSVXIVXLERXLIJYPPHITXLSJXLILSPIWSXLEXXLIXSTSJXLI FEVHMHRSXTVSXVYHISYXSJXLIXSTSJXLILSPI -RXLMWVIMRJSVGMRKTVSGIHYVI XLIFSRHFIX[IIRXLIWXIIP VIMRJSVGIQIRXERHXLIGSRGVIXI[EWTVSZMHIHF]XLIITS\] FSRH SJ XLI FEV XS XLI WYVVSYRHMRK GSRGVIXI EJXIV JMVWX VITEMVMRKXLIGSRGVIXIYWMRKITS\]MRNIGXMSR 7MQMPEV VITEMV TVSGIHYVIW [IVI YWIH SR ERSXLIV TVSNIGX [LIVIEFSYXGSRGVIXIVSSJNSMWXWHMHRSXLEZIEHIUYEXI WLIEVGETEGMX]8LIWXVYGXYVI[EWFIPS[KVEHIGSZIVIH[MXL FEGOJMPP ERH LEH ER IPEWXSQIVMG [EXIVTVSSJMRK QIQFVERI ERHGSRGVIXITVSXIGXMSRWPEFSR XSTSJXLIVSSJWPEF(VMPPMRK JVSQ XLI XST [EW RSX JIEWMFPI ERH XLI JSPPS[MRK VITEMV TVSGIHYVI[EWYWIH 'VEGOW[IVIMRNIGXIH[MXLERITS\]EHLIWMZI ,SPIW[IVIHVMPPIHJVSQXLIFSXXSQSJXLINSMWXWYT[EVH EXEHIKVIIERKPI %JXIVGPIERMRKEX[SGSQTSRIRXJEWXWIXXMRKEHLIWMZI VIWMRMRETVIQIEWYVIHGEVXVMHKI[EWMRWIVXIHMRXSXLILSPI  % VIMRJSVGMRK FEV [MXL E WTIGMEPP] HIWMKRIH XLVIEHIH GSYTPIV [EW MRWIVXIH MR XLI LSPI [LMPI FIMRK VSXEXIH F] E HVMPP8LIVSXEXMRKFEVFVSOIETEVXXLIGEVXVMHKIERHQM\IHXLI X[SGSQTSRIRX VIWMR 8LI WTIGMEPP] HIWMKRIH GSYTPIV TVIZIRXIHXLIVIWMRJVSQVYRRMRK SYXSJXLILSPIERHLIPHXLI FEVMRTPEGIYRXMPXLIEHLIWMZILEVHIRIHMREJI[QMRYXIWERH 8LIXLVIEHIHGSYTPIV[EWVIQSZIHERHXLIVIQEMRMRK WLEPPS[LSPI[EWTEXGLIH {)\XIVMSVVIMRJSVGIQIRX IRGEWIHERHI\TSWIH  (IWGVMTXMSR{)\XIVMSVVIMRJSVGIQIRXQE]GSRWMWXSJ WXIIP FVEGOIXW WXIIP TPEXIW VIMRJSVGIH GSRGVIXI WLVSYHMRK ERHGSQTSWMXIQEXIVMEPWWYGLEW'*64+*64SVIUYMZEPIRX QEXIVMEPW TPEGIH SR XLI I\XIVMSV SJ ER I\MWXMRK GSRGVIXI QIQFIV 8LI RI[ VIMRJSVGIQIRX QE] FI IRGEWIH [MXL GSRGVIXI WLSXGVIXI QSVXEV TPEWXIV [EXIVTVSSJMRK JMVI TVSSJMRK SV SXLIV TVSHYGX SV MX QE] FI PIJX I\TSWIH ERH 6 %'-'311-88))6)4368 *MK {%TTPMGEXMSR SJ WXIIP WXVETTMRK XS VITEMV SJ  JX  Q  PSRK KMVHIVW 7XVEXXSR %PI\ERHIV ERH 2SPXMRK   TVSXIGXIHJVSQGSVVSWMSR[MXLEGSEXMRK8LIVIMRJSVGIQIRX QE]FIHIJSVQIHFEVW[IPHIH[MVIJEFVMGWXIIPTPEXIWXIIP VSPPIH WIGXMSRW WXIIP WXVETTMRK GSQTSWMXI QEXIVMEPW SV WTIGMEPP]JEFVMGEXIHFVEGOIXW*SVQIQFIVWHEQEKIHF]SZIV PSEHIVSWMSREFVEWMSRSVGLIQMGEPEXXEGOXLIHIXIVMSVEXIHSV GVEGOIH GSRGVIXI GER FI VIQSZIH ERH RI[ VIMRJSVGIQIRX MRWXEPPIHEVSYRHERHEHNEGIRXXSXLIVIQEMRMRKGSRGVIXI8LI RI[ VIMRJSVGIQIRX MW IRGEWIH MR GSRZIRXMSREPP] TPEGIH GSRGVIXI SV MR WLSXGVIXI ;LIVI XLI I\MWXMRK GSRGVIXIMWMR KSSH GSRHMXMSR XLI RI[ VIMRJSVGIQIRX QE] FI FSRHIH HMVIGXP]XSXLII\MWXMRKGSRGVIXIWYVJEGIEJXIVTVITEVMRKXLI WYVJEGIEWHIWGVMFIHMR'LETXIV)TS\]ERHSXLIVGLIQMGEP EHLIWMZIWERHTSVXPERHGIQIRXGSRGVIXIGERFIYWIHXSFSRH XLI RI[ VIMRJSVGIQIRX XS XLI WYFWXVEXI SV MX QE] FI QIGLERMGEPP]JEWXIRIHXSXLII\MWXMRKGSRGVIXI  %HZERXEKIWERHX]TMGEPYWIW{4PEGIQIRXSJI\XIVMSV VIMRJSVGIQIRXQE]FIXLIQSWX GSRZIRMIRXQIXLSHJSVVITEMV ERHWXVIRKXLIRMRK[LIVISFWXVYGXMSRWPMQMXEGGIWWSJIUYMTQIRX RIIHIH JSV TPEGIQIRX SJ MRXIVMSV VIMRJSVGIQIRX -J WYVJEGI VITEMV ERH TPEGIQIRX SJ WYVJEGI ITS\] QSVXEV TPEWXIV SV WLSXGVIXIMWVIUYMVIHJSVGSRGVIXIVILEFMPMXEXMSRTPEGIQIRXSJ I\XIVREP VIMRJSVGIQIRX JSV WXVIRKXLIRMRK QE] FI EGGSQ TPMWLIHMRXLIWEQIGSRWXVYGXMSRTVSGIWW )\XIVREP JPI\YVEP WLIEV ERH XSVWMSR VIMRJSVGIQIRX JSV FIEQWERH KMVHIVW QE] FI TVSZMHIH F] FSRHMRK HIJSVQIH VIMRJSVGMRKFEVWSVTPEXIWXS XLIWYVJEGISJGSRGVIXIKMVHIVW [MXLWLSXGVIXIGEWXMRTPEGI GSRGVIXISVITS\]ERHTSP]QIV GSRGVIXI /ENJEW^  8SIQWQI]IV  ,SPQER ERH 'SSO/ELR8S[RWIRHERH/EPHNMER %RGLSVW 7XIIPTPEXIWGERFIEXXEGLIHXSI\MWXMRKKMVHIVWYWMRKFSPXW EWMPPYWXVEXIHMR*MK9WMRKEWXVYGXYVEPEHLIWMZIVIUYMVIW EHIUYEXI WYVJEGI TVITEVEXMSR SJ FSXL XLI WXIIP ERH XLI GSRGVIXIERHWIPIGXMSRSJXLI ETTVSTVMEXIEHLIWMZIXSFSRH WXIIP XS GSRGVIXI 7ERHFPEWXMRK SJ FSXL XLI WXIIP TPEXI ERH GSRGVIXI WYVJEGI MW XLI FIWX QIXLSH SJ TVITEVEXMSR FYX WYVJEGI GPIERMRK [MXL QIGLERMGEP QIERW SV LMKLTVIWWYVI [EXIVFPEWXMRKQE]FIEHIUYEXIJSVQER]GEWIW &ERHMRKKMVHIVWERHGSPYQRW[MXLWXIIPWXVETWEWWLS[R MR *MKMWIJJIGXMZIMR MRGVIEWMRKWLIEVVIWMWXERGI 0YRSI ERH;MPPMW/ELR 8LIXSQQ XSMR [MHIWXIIPTEGOEKMRKFERHWEVIRSXFSRHIHXSXLIQIQFIV FYX XLIMV FERHMRK TVIWXVIWW IJJIGXMZIP] ERGLSVW IEGL WXVET 7XIIPGPEQTWFSPXIHEVSYRHER I\MWXMRKVIMRJSVGIHGSRGVIXI QIQFIVEVIEPWSIJJIGXMZI /ELR  &IEQWKMVHIVWGSPYQRWERH[EPPWGER FI WXVIRKXLIRIH F]TPEGIQIRXSJPSRKMXYHMREPVIMRJSVGMRKFEVWERHWXMVVYTWSV XMIW EVSYRH XLI QIQFIVW ERH XLIR IRGEWMRK XLI QIQFIVW [MXLWLSXGVIXISVGEWXMRTPEGIGSRGVIXI *VEXX (EZMW 7XVERH 8LIWLSXGVIXIFSRHWXLIRI[VIMRJSVGIQIRX XSXLII\MWXMRKQIQFIV8LIEHHIHWLSXGVIXIEPWSMRGVIEWIW XLI WM^I SJ XLI QIQFIV ERH EHHW WXVIRKXL ERH WXMJJRIWW 'SRWMHIVEXMSRWLSYPHFIKMZIR XSXLIEHHMXMSREPHIEH[IMKLX SJXLIQIQFIVVIWYPXMRKJVSQWYGLEHHMXMSRW &SXLQEWSRV]ERHVIMRJSVGIHGSRGVIXI[EPPWLEZIFIIR WXVIRKXLIRIHF]EHHMRKWYVJEGIPE]IVWSJVIMRJSVGMRKFEVW SV[IPHIH[MVIJEFVMGERHF]ETTP]MRKWLSXGVIXI 7XVERH  *VEXX  /ELR   8LI WLSXGVIXI FSRHW XLI RI[ VIMRJSVGIQIRX XS XLI [EPP 3JXIR RI[ HS[IPW EVI IQFIHHIHMRLSPIWHVMPPIHMRXS TIVMQIXIVGSPYQRWERHFIEQW JSV E GSRRIGXMSR FIX[IIR XLI JVEQI QIQFIVW ERH XLI WXVIRKXLIRIHMRJMPPIHWLSXGVIXI[EPP &IEQW GSPYQRW ERH [EPP WIGXMSRW LEZI VIGIRXP] FIIR WXVIRKXLIRIH F] GEVFSR JMFIV '*64 KPEWW JMFIV +*64 SV IUYMZEPIRXGSQTSWMXIQEXIVMEPWMRWXEPPIH[MXLFSRHMRKVIWMR 0EFSVEXSV]XIWXWTIVJSVQIHF] XLIQERYJEGXYVIVW TVSZMHI HIWMKRGVMXIVMEJSVXLIYWISJXLIMVTVSTVMIXEV]W]WXIQW)ZEP YEXMSRSJPSRKXIVQWXVIRKXLMRJMIPHGSRHMXMSRWEVIRSXEZEMP EFPIMRXLI9RMXIH7XEXIWLS[IZIVXLMWQIXLSH LEW FIIR YWIH JSVWIZIVEP]IEVWMR)YVSTI&ERHMRKERH WXVIRKXLIRMRK [MXL GEVFSRSVKPEWWWLIIXWSVWXVMTWERHIUYMZEPIRXGSQTSWMXIQEXI VMEPW MW E GSWXIJJIGXMZI WXVIRKXLIRMRK QIXLSH YWIH XS YTKVEHI WXVYGXYVEP QIQFIVW VIUYMVMRK WIMWQMG GSHI YTKVEHI QSHMJMGEXMSRW 8LMW QIXLSH MW WYMXEFPI JSV YWI [LIVI WIVZMGI PSEHW LEZI FIIR MRGVIEWIH EW PSRK EW HYGXMPMX] MW GSRWMHIVIH EPSRK [MXL TVSTIV TVSZMWMSRW JSV JMVITVSSJMRKERH[EXIVTVSSJMRK  0MQMXEXMSRW{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”' ”* ;LIVIVIUYMVIHETTVSTVMEXIJMVITVSXIGXMSR WLSYPH FI TVSZMHIH 4VSTIV HIXEMPMRK ERH TVSXIGXMSR MW '32'6)8)6)4%-6+9-() IWTIGMEPP] GVMXMGEP [LIR YWMRK GSQTSWMXI QEXIVMEPW JSV WXVIRKXLIRMRKFIGEYWIXLI]EVIKIRIVEPP]EHLIVIHXSWYFWXVEXIW [MXL ITS\MIW 1SWX EHLIWMZIW EVI [EXIVWIRWMXMZI ERH [LIR ETTPMIHXSHEQTSVQSMWXWYVJEGIWHSRSXTVSTIVP]FSRH  )\EQTPIW{8LIWLIEVVIWMWXERGISJPEVKIVIMRJSVGIH GSRGVIXIKMVHIVW[EWMRGVIEWIH [MXLWXIIPWXVETWWYVVSYRHMRK XLIKMVHIVW 0YRSIERH;MPPMW 8LIQQ[MHIF]  QQ XLMGO  F]  MR WXVETW EVI MHIRXMGEP XS XLSWI YWIH MRQEXIVMEPLERHPMRKERHTEGOEKMRKETTPMGEXMSRW8LIGSVRIVW SJXLIKMVHIVW[IVITVSXIGXIH[MXLFIRXQQXLMGO  KEYKI WXIIP TPEXIW 8LI WXVETW [IVI XIRWMSRIH XS E WXVIWW SJ ETTVS\MQEXIP]14E TWM X[SWIEPW[IVI GVMQTIH MRTPEGIXSWIGYVIXLIWXVETW8IWXWEXXLI4SVXPERH'IQIRX %WWSGMEXMSR 4'%  )PWXRIVERH,SKRIWXEH MRHMGEXIH XLEXXLIWLIEVVIWMWXERGITVSZMHIHF]XLIWXVETVIMRJSVGIQIRX GSYPH FI TVIHMGXIH MR XLI WEQI QERRIV EW XLI WXVIRKXL TVSZMHIHF]IQFIHHIHWXMVVYTW8LI4'%XIWXWMRHMGEXIHXLEX ETVIWXVIWWSJEFSYX14E TWM [EWRIGIWWEV]XS IRWYVIJYPPIJJMGMIRG]SJXLIFERHMRKWXVETW 8LI WLIEV WXVIRKXL SJ VIMRJSVGIH GSRGVIXI KMVHIVW MR E TEVOMRK KEVEKI [EW MRGVIEWIH F] EHHMRK I\XIVREP WXMVVYTW IRGEWIHMRWLSXGVIXI8LIVITEMVTVSGIHYVI[EWEWJSPPS[W 7MHIERHFSXXSQWYVJEGIWSJFIEQW[IVIWERHFPEWXIHXS TVSZMHIGPIERERHVSYKLWYVJEGIW 2I[I\XIVREPWXMVVYTWGSRWMWXMRKSJTEMVWSJ9WLETIH FEVWPETTIHXSKIXLIV[IVITPEGIHEVSYRHXLII\MWXMRKFIEQ 8LILSVM^SRXEPWIGXMSRSJXLI YTTIV9FEV[EWTPEGIHMREWPSX GYX MRXS XLI XST SJ XLI KMVHIV ERH ZIVXMGEP PIKW I\XIRHIH XLVSYKLLSPIWGYXMRXLIWPEF 8LIRI[WXMVVYTW[IVIIRGEWIHMRWLSXGVIXIERH  7LSXGVIXIIRGEWIQIRXW[IVIWSYRHIHXSHIXIGXYRFSRHIH EVIEW9RFSRHIHEVIEW[IVIVIQSZIHERHVITPEGIH 'EVFSR JMFIVVIMRJSVGIQIRXWLSYPHFIMRWXEPPIHSZIVETVST IVP] TVITEVIH GSRGVIXI WYVJEGI 7ERHFPEWXMRK SV QIGLERMGEP GPIERMRK GSRGVIXI MW VIGSQQIRHIH XS TVITEVI XLI GSRGVIXI WYVJEGI%FSRHEHLIWMZI MWETTPMIHSZIVXLIGSRGVIXIWYVJEGI ERH XLIR XLI TVIQERYJEGXYVIH GEVFSR JMFIV QIWL MW MRWXEPPIH SZIV XLI QIQFIV WYVJEGI % JMREP TVSXIGXMZI GSZIV WLSYPH FI ETTPMIHXSTVSXIGXXLIVITEMVJVSQXLIIPIQIRXWERHJMVI%QYPXM WXSV]TEVOMRKWXVYGXYVI 1MGLSPWERH:MRGIRX ERHQER] FVMHKIWMR)YVSTI.ETERXLI 9RMXIH7XEXIWERH'EREHELEZI FIIRWXVIRKXLIRIHYWMRKXLMW XIGLRMUYI 'VYMGOWLERO  {)\XIVMSVTSWXXIRWMSRMRK  (IWGVMTXMSR{+MVHIVWERHWPEFWQE]FIWXVIRKXLIRIH MRFSXLJPI\YVIERHWLIEVF]XLIEHHMXMSRSJI\XIVREPXIRHSRW VSHWSVFSPXWXLEXEVITVIWXVIWWIH*MKYVIMPPYWXVEXIWXLMW 6  0MQMXEXMSRW{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{)\XIVMSV TSWXXIRWMSRMRK [EW YWIH XS VIWXSVI WXVIRKXL ERH WIVZMGIEFMPMX] SJ FIEQW MR E TEVOMRK KEVEKI PSGEXIH MR 7ER *VERGMWGS %EPEQM ERH 7[ERWSR  8[SQYPXMWXVERHXIRHSRWTIVFIEQ[IVIEHHIHSRI SR IEGL WMHI 2I[ XIRHSRW [IVI HIJPIGXIH HS[R XS XLI FSXXSQ SJ XLI FIEQ EX QMHWTER YWMRK WTIGMEPP] HIWMKRIH LEVH[EVI8LIGSVVSWMSRTVSXIGXMSRERHJMVITVSSJMRKW]WXIQ EVSYRHXLIRI[XIRHSRWGSRWMWXIHSJEQQ MR HMEQIXIV GSVVYKEXIH4:'TMTIIRGEWIHMREQQ MR WUYEVI TVIGEWXGSRGVIXIXYFI8LIMRRSZEXMZIVITEMVHIWMKREPPS[IH XLIKEVEKIXSVIQEMRJYPP]STIVEXMSREPHYVMRKMRWXEPPEXMSRSJ XLIRI[XIRHSRW *SVGSRHMXMSRW[LIVIXLISVMKMREPWXVYGXYVIMWYRHIVHIWMKRIH XLI EGXYEP MQTSWIH WIVZMGI PSEHW WLSYPH FI VIHYGIH SV WLSVMRK TVSZMHIH YRXMP XLI WXVIRKXLIRMRK MW GSQTPIXIH 9RPSEHMRKSJXLI WXVYGXYVEP IPIQIRXW WLSYPH FI VIUYMVIHMJ XLIRI[VIMRJSVGIQIRXMWXSWYTTSVXXLII\MWXMRKPSEHW  (IWGVMTXMSR{.EGOIXMRK MW XLI TVSGIWW [LIVIF] E WIGXMSRSJERI\MWXMRKWXVYGXYVEPQIQFIVMWVIWXSVIHXSSVMKMREP HMQIRWMSRWSVMRGVIEWIHMRWM^IF]IRGEWIQIRXF]EZEVMIX]SJ QEXIVMEPW % WXIIP VIMRJSVGIQIRX GEKI SV GSQTSWMXI QEXIVMEP [VET GER FI GSRWXVYGXIH EVSYRH XLI HEQEKIH WIGXMSR SRXS [LMGLWLSXGVIXISVGEWXMRTPEGIGSRGVIXIMWTPEGIH 6 %'-'311-88))6)4368 *MK {'SPPEV WXVIRKXLIRMRK SJ E GSPYQR /PIMR ERH +SY[IRW  *MK {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{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{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{8LIJSVQMRKXIGLRMUYIWERHXLI HIGMWMSRXSYWITIVQERIRXSV XIQTSVEV]JSVQWEVIMQTSVXERX HIXEMPWMRNEGOIXMRK8MQFIVSV GEVHFSEVHJSVQWQE]FIYWIH EWXIQTSVEV]SVTIVQERIRXJSVQW'SVVYKEXIHWXIIPJSVQWEVI IEW]XSEWWIQFPIERHEVIEHIUYEXIXIQTSVEV]SVTIVQERIRX JSVQW4IVQERIRXJMFIVKPEWW VYFFIVERHJEFVMGJSVQWLEZI KEMRIH[MHIEGGITXERGIERHWSQIQE]TVSZMHIVIWMWXERGIXS GLIQMGEPEXXEGOEJXIVXLIVITEMVMWGSQTPIXI '32'6)8)6)4%-6+9-() {7YTTPIQIRXEPQIQFIVW  (IWGVMTXMSR{7YTTPIQIRXEP QIQFIVW EVI RI[ GSPYQRWFIEQWFVEGIWSVMRJMPPIH[EPPWXLEXEVIMRWXEPPIHXS WYTTSVXHEQEKIHWXVYGXYVEPQIQFIVWEWMPPYWXVEXIHMR*MK 8LI WYTTPIQIRXEP QIQFIVW EVI X]TMGEPP] TPEGIH FIPS[ XLI JEMPYVISVHIJPIGXIHEVIEWXSWXEFMPM^IXLIWXVYGXYVEPJVEQMRK  %HZERXEKIW ERH X]TMGEP YWIW{8LMW VITEMV QIXLSH GERFIYWIHMJRSRISJXLI SXLIVWXVIRKXLIRMRKXIGLRMUYIWMW EHIUYEXI JSV VITEMV SV MJ XLI WXVYGXYVEP GSRJMKYVEXMSR TVIGPYHIW YWI SJ SXLIV XIGLRMUYIW 7YTTPIQIRXEP QIQFIVW EVIUYMGOP]MRWXEPPIHERHXLIVIJSVIEVIWYMXEFPIXIQTSVEV] IQIVKIRG] VITEMV WSPYXMSRW 8]TMGEPP] RI[ QIQFIVW EVI MRWXEPPIHXSWYTTSVXWIVMSYWP]GVEGOIHERHHIJPIGXIHJPI\YVEP QIQFIVW3JXIRXLIYWISJWYTTPIQIRXEPQIQFIVWQE]FI XLIQSWXIGSRSQMGEPEPXIVREXMZI  0MQMXEXMSRW{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{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{7YTTPIQIRXEPQIQFIVW  )\EQTPI{% VIMRJSVGIH GSRGVIXI QYPXMWXSV] GSRHSQMRMYQWYJJIVIHWIZIVIWLIEVERHJPI\YVEPGVEGOMRKMR XLIWIGSRHWXSV]KMVHIVW8LIKMVHIVWWYTTSVXIHEPSFF]EVIE SZIVETEVOMRKPIZIP&IGEYWITEVOMRKEGGIWW[SYPHRSXFI EHZIVWIP]EJJIGXIHWXIIPGSPYQRW[IVIWLMQQIHMRXSTSWM XMSRFIRIEXLQER]KMVHIVW7QEPPVIMRJSVGIHGSRGVIXIWTVIEH JSSXMRKW[IVIPSGEXIHFIRIEXLXLIRI[GSPYQRW {6ITEMVSJGSRGVIXIGSPYQRW 6ITEMVTVSGIHYVIWJSVGSRGVIXIGSPYQRWWLSYPHGSRWMHIV XLIGSQTVIWWMZIPSEHWSRXLIGSPYQRWXSFIVITEMVIH7XVYGXYVEP GSPYQRWF]XLIMVREXYVIEVIHIWMKRIHXSGEVV]ZIVXMGEPERH WSQIXMQIW PEXIVEP PSEHW ERH QSQIRXMRHYGIH PSEHW 7TIGMJMGEPP]XLIHIEHPSEH[IMKLXSJXLIWXVYGXYVITPYWXLI PMZIPSEHWWLSYPHFIXEOIRMRXSGSRWMHIVEXMSR  'SRGVIXI GSPYQR VITEMV GEXIKSVMIW{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{'SPYQRVITEMVWXVEXIKMIW ZEV][MXLXLIGSRHMXMSRTEVEQIXIVWFYXMRGPYHI c c c c c c c c 'EXLSHMGTVSXIGXMSRXSWXSTVIMRJSVGMRKWXIIPGSVVSWMSR 6IEPOEPM^EXMSRSJXLIVIMRJSVGMRKWXIIPXSWXSTGSVVSWMSR 'LPSVMHI I\XVEGXMSR XS VIXEVH XLI VIMRJSVGMRK WXIIP GSVVSWMSR 'SRJMRIQIRX YWMRK WXIIP TPEXI GEVFSR SV KPEWW JMFIV QEXIVMEPW %HHMXMSRSJWLIEVGSPPEVWXS MRGVIEWIXLIWLIEVGETEGMX] SJMRXIVQIHMEXIJPSSVW %HHMXMSRSJEWXIIPTPEXIEWWIQFP]XSMRGVIEWIQSQIRX GETEGMX] 7YTTPIQIRXEPGSPYQRWERH 8LIETTPMGEXMSRSJETVSXIGXMSRW]WXIQXSTVIZIRXJYXYVI GSVVSWMSR {'SPYQRVITEMVTEVEQIXIVW 9RPSEHMRKGSPYQRW{ 9RPIWWXLIGSPYQRMWYRPSEHIH F]XVERWJIVVMRKXLIZIVXMGEPPSEH EFSZIXLIVITEMVXSEHNEGIRX WLSVMRKFIJSVITIVJSVQMRKXLIGSPYQRVITEMVMXMWYRPMOIP] XLEX XLI RI[ VITEMV [MPP GEVV] ER] PSEH TEVXMGYPEVP] MJ XLI VITEMVI\LMFMXWER]HV]MRKWLVMROEKI9RJSVXYREXIP]MXGERFI HMJJMGYPX ERH I\TIRWMZI XS YRPSEH GSPYQRW IWTIGMEPP] MR LMKLVMWIFYMPHMRKW  6IHMWXVMFYXMSR SJ XLI PSEH{6IHMWXVMFYXMSR SJ XLI ZIVXMGEP PSEH LEW EPVIEH] SGGYVVIH MR XLI ZMGMRMX] SJ XLI GSVVSHIHVIMRJSVGMRKWXIIPERHVIWYPXMRKHIPEQMREXMSRFIJSVI MQTPIQIRXMRKER]VITEMVW8LIHIWMKRIVWLSYPHFIE[EVISJ XLMW ERH GEVIJYPP] IZEPYEXI XLI VIQEMRMRK GVSWW WIGXMSR XS H  7YTTPIQIRXEPZIVXMGEPVIMRJSVGMRKWXIIP{7YTTPIQIRXEP ZIVXMGEPGSPYQRFEVWWLSYPHMHIEPP]FITPEGIH[MXLMRXLIGSPYQR XMIWWYGLEWXLIGEKILS[IZIV XLMWMWHMJJMGYPXXSEGGSQTPMWL [MXLSYXGYXXMRKGSPYQRXMIW%GSRXVEGXSVWLSYPHRSXGYXGSPYQR XMIWJSVJIEVSJFYGOPMRKPSEHIHZIVXMGEPVIMRJSVGMRKWXIIPFEVW 8LYWMXMWYWYEPP]TVYHIRXXSTPEGIEHHMXMSREPVIMRJSVGMRKWXIIP FEVWSYXWMHIXLIGEKI 7IGXMSR  'SRGVIXIVIQSZEP{8LIVIQSZEPSJGSRGVIXI[MXLMR E GSPYQR GEKI IWTIGMEPP] EPSRK XLI PIRKXL SJ XLI ZIVXMGEP VIMRJSVGMRK FEVW MW E QENSV GSRGIVR ;LIR XSS QYGL GSRGVIXIMWVIQSZIHJVSQMRWMHIXLIGEKIXLIZIVXMGEPFEVW GSYPHWXEVXXSFYGOPIIZIRMJXLIGSPYQRXMIWEVIPIJXMRXEGX -REHHMXMSRXLIVIQSZEPSJER]GSRGVIXIMREPSEHIHGSPYQR HYVMRKXLI VITEMVTVSGIWWVIWYPXWMRXLIVIQEMRMRK GSRGVIXI ERHVIMRJSVGMRKFEVWXV]MRKXSGEVV]XLIZIVXMGEPPSEH-JMXMW RSXHSRIGEVIJYPP]ZIVXMGEPFEVWGSYPHFYGOPIVIWYPXMRKMRE GSQTVIWWMSRJEMPYVISJXLIGSPYQR  'SVVSHIH VIMRJSVGMRK WXIIP{-X MW RSX RIGIWWEV] XS VIQSZI XLI GSVVSHIH VIMRJSVGMRK FEV [MXL VIHYGIH GVSWW WIGXMSREP EVIE MJ XLI PSWW MW WYTTPIQIRXIH [MXL EHHMXMSREP VIMRJSVGMRKFEVW8LIPETPIRKXL SJWYGLEWTPMGIWLSYPHXLIR FITVSZMHIHXSJYPPGVSWWWIGXMSREPEVIEWXSIMXLIVWMHISJXLI GSVVSHIHTSVXMSRSJXLIVIMRJSVGMRKFEVXLEXMWWYTTPIQIRXIH 8LIWYTTPIQIRXEPFEV W [SYPHXLIRI\XIRHSJJXLIHIXIVMS VEXIH TSVXMSR SJ XLI GSVVSHIH VIMRJSVGIQIRX XS VITPEGI XLI PSWXGVSWWWIGXMSREPEVIEERH FIPETTIHFI]SRH%R]GSVVSHIH VIMRJSVGMRKXLEXMWPIJXMRTPEGIWLSYPHFIXLSVSYKLP]GPIERIH F]WERHFPEWXMRKXSFEVIQIXEPMJTSWWMFPI  7YTTPIQIRXEP VIMRJSVGMRK WXIIP{;LIR XLI WYTTPIQIRXEPFEVWEVITPEGIHSYXWMHIXLIXMIFEVWXLIGSPYQR HMQIRWMSRW WLSYPH FI MRGVIEWIH XS TVSZMHI EHIUYEXI GSZIV ,EMVTMRXMIWEVISJXIREHHIHYWYEPP]WXEMRPIWWWXIIPXSPEXIVEPP] WYTTSVXXLIWYTTPIQIRXEPFEVW  'SVVSHIH XMIW{-J GSPYQR VITEMVW HYI XS GSVVSHIH XMIWEVIVIUYMVIHMXMWMQTSVXERXXLEXEPXIVREXMZIQIXLSHWFI TVSZMHIHXSPEXIVEPP]WYTTSVXXLIZIVXMGEPFEVW8LMW GERFI EGGSQTPMWLIHF]EHHMRKWXEMRPIWWWXIIPLEMVTMRXMIWXLEXEVI ERGLSVIHMRXSXLIGSRGVIXI-XMWSJXIRRIGIWWEV]XSFYMPHSYX GSPYQRW XS TVSZMHI EHIUYEXI GSZIV SZIV XLI WYTTPIQIRXEP XMIW4SXIRXMEPFYGOPMRKTVSFPIQWMRXLIZIVXMGEPFEVWQE]FI EZSMHIH[MXLXLMWXIGLRMUYI 0S[WXVIRKXLGSRGVIXI{;LIVIXLIGSRGVIXIWXVIRKXL MW PS[ VIWYPXMRK MR MRWYJJMGMIRX PSEHGEVV]MRK GETEGMX] WIZIVEPEPXIVREXMZIWEVIEZEMPEFPI c 7LSVIXLIGSPYQRERHVIQSZIERHVITPEGIXLIMRTPEGI GSRGVIXI c 7LSVIXLIGSPYQRERHMRGVIEWIXLIWM^ISJXLIGSPYQRXS VIHYGIXLIFIRHMRKWXVIWWIWXLIVIF]WXMJJIRMRKMXWSXLEX XLIE\MEPPSEHGEVV]MRKGETEGMX]MWMRGVIEWIH c ;VETXLIGSPYQR[MXLGEVFSRSVKPEWWVIMRJSVGIHTPEWXMG ERH c -RWXEPPEWYTTPIQIRXEPGSPYQR ',%48)6{6)*)6)2')7 {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v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{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{,IEPXL )JJIGXW %QIVMGER%WWSGMEXMSRSJ7XEXI,MKL[E]ERH8VERWTSVXEXMSR 3JJMGMEPW %%7,83 2SVXL'ETMXSP7XVIIX2;7YMXI ;EWLMRKXSR(' %QIVMGER'SRGVIXI-RWXMXYXI %'43&S\ *EVQMRKXSR,MPPW1- %781-RXIVREXMSREP &EVV,EVFSV(VMZI ;IWX'SRWLSLSGOIR4% %QIVMGER;IPHMRK7SGMIX] %;7 43&S\ 1MEQM*0 -RXIVREXMSREP'SRGVIXI6ITEMV-RWXMXYXI -'67SYXL6MZIV6SEH7YMXI (IW4PEMRIW-0 6 2%')-RXIVREXMSREP 2%') 7SYXL'VIIO(VMZI ,SYWXSR8< 27*-RXIVREXMSREP 27* 43&S\ %RR%VFSV1- {'MXIHVIJIVIRGIW %EPEQM & 3 ERH 7[ERWSR ( 8  w-RRSZEXMZI 6ILEFMPMXEXMSR SJ E 4EVOMRK 7XVYGXYVIx 'SRGVIXI -RXIVRE XMSREP:2S*IFTT &EFEIM/ERH,E[OMRW2w)ZEPYEXMSRSJ&VMHKI (IGO4VSXIGXMZI7XVEXIKMIWx'SRGVIXI-RXIVREXMSREP: 2S(IGTT &IVOI27(EPPEMVI14;I]IVW6),IRV]1 4IXIVWSR . ) ERH 4S[IPP &  w-QTVIKREXMSR SJ 'SRGVIXI'SVVSWMSR-RLMFMXSVW'SVVSWMSR*SVQWERH'SRXVSP JSV-RJVEWXVYGXYVIx%781784:'LEOIVIH%781 -RXIVREXMSREP;IWX'SRWLELSGOIR4ETT &VS[R1&V]ERX.ERH;I]IVW6)w)ZEPYE XMSRSJE4SWX8VIEXQIRX7]WXIQx%QIVMGER'SRGVIXI-RWXM XYXI7TVMRK'SRZIRXMSR8IGLRMGEP7IWWMSR'LMGEKS-PP 'EH]4;I]IVW6)ERH;MPWSR(8w(YVEFMPMX] ERH 'SQTEXMFMPMX] SJ 3ZIVPE]W ERH &VMHKI (IGO 7YFWXVEXI 8VIEXQIRXWx 'SRGVIXI -RXIVREXMSREP :  2S  .YRI TT 'EVXIV 4 (  w)ZEPYEXMSR SJ (EQTTVSSJMRK 4IVJSV QERGI ERH )JJIGXMZI 4IRIXVEXMSR (ITXL SJ 7MPERI 7IEPIVW MR 'SRGVIXIx 'SRGVIXI &VMHKIW MR %KKVIWWMZI )RZMVSRQIRXW 4LMPMT('EH]7]QTSWMYQ746);I]IVWIH%QIV MGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT 'VYMGOWLERO7w-RRSZEXMZI%TTVSEGLJSV6IWXSVE XMSR SJ ,MWXSVMG &VMHKIx 'SRGVIXI 6ITEMV &YPPIXMR .YP] %YKTT (EZMW,%w8LI'IRXIVJSV)HYGEXMSREP(IZIPST QIRX{%1IHMYQ7GEPI7IMWQMG9TKVEHMRKx4VSGIIHMRKW 2SVXL %QIVMGER 1EWSRV] 'SRJIVIRGI 4ETIV 2S  &SYPHIV'SPS )PWRIV &  w'SVVSWMSR -RLMFMXSVW JSV 7XIIP MR 'SRGVIXIx -RXIVREXMSREP'SRKVIWWSR%HZERGIH1EXIVMEPW /I]RSXI0IGXYVI1EXIVMEPW;IIO1YRMGL+IVQER] )PWRIV&&YGLPIV17XEHPIV*ERH&SLRM, w1MKVEXMRK 'SVVSWMSR -RLMFMXSV &PIRH JSV 6IMRJSVGIH 'SRGVIXIx 'SVVSWMSR2%'):2S )PWRIV&&YGLPIV1ERH&SLRM,w'SVVSWMSR -RLMFMXSVWJSV7XIIPMR'SRGVIXIx4VSGIIHMRKWSJ)YVSGSVV 8VSRHLIMQ2SV[E] )PWXRIV 6 ' ERH ,SKRIWXEH )  w0EFSVEXSV] -RZIWXMKEXMSR SJ 6MKMH *VEQI *EMPYVIx %'- .3962%0 4VSGIIHMRKW:TT )QQSRW4,'SRGVIXI6ITEMVERH1EMRXIRERGI -PPYWXVEXIH4VSFPIQ%REP]WMW6ITEMV7XVEXIK]8IGLRMUYIW 671IERW'S/MRKWXSR1EWWTT *IHIVEP 7TIGMJMGEXMSR 88'& w'SEXMRK 8I\XYVIH JSV-RXIVMSVERH)\XIVMSV1EWSRV]7YVJEGIW x 6 %'-'311-88))6)4368 *IHIVEP 7TIGMJMGEXMSR 884% w4EMRX 'STSP]QIV 6IWMRW 'IQIRXMXMSYW JSV ;EXIVTVSSJMRK 'SRGVIXI ERH 1EWSRV];EPPW x *VEXX . 1  w7XVYGXYVEP 6ITEMV SJ )EVXLUYEOI (EQEKIH &YMPHMRKWx %7') 7XVYGXYVEP )RKMRIIVMRK 1IIXMRK 2S7ER*VERGMWGS'EPMJ +EYP6;w4VITEVMRK'SRGVIXI7YVJEGIWJSV'SEX MRKWx 'SRGVIXI-RXIVREXMSREP:2S.YP]TTP 97 %VQ] 'SVTW SJ )RKMRIIVW  w)ZEPYEXMSR ERH 6ITEMV SJ 'SRGVIXI 7XVYGXYVIWx )RKMRIIV 1ERYEP  ;EWLMRKXSR('TT ,SPPERH 8 '  w;SVOMRK [MXL 7MPMGE*YQI 'SRGVIXIx 'SRGVIXI 'SRWXVYGXMSR :  2S  TT  ,SPPERH 8 ' ERH +YXWGLS[ 6 %  w)VSWMSR 6IWMWXERGI [MXL 7MPMGE*YQI 'SRGVIXIx 'SRGVIXI -RXIVRE XMSREP:2S1EVTT ,SPQER . ; ERH 'SSO . 4  w7XIIP 4PEXIW JSV 8SVWMSR6ITEMVSJ'SRGVIXI&IEQWx.SYVREPSJ7XVYGXYVEP )RKMRIIVMRK%7'):2STT -WWEG7ERH;LMXI(w7IMWQMG9TKVEHISJ- &VMHKI MR 7EPX 0EOI 'MX] 9WMRK 'EVFSR *MFIV 6IMRJSVGIH 4SP]QIVWx 'SRGVIXI6ITEMV&YPPIXMR1EV%TVTT .SRIW+0EQFIVX4ERH;SSH-w4VIZIRXMRKER %GLMPPIW,IIPx'SRGVIXI)RKMRIIVMRK-RXIVREXMSREP /ELR0*w7XVIRKXLIRMRK)\MWXMRK6''SPYQRW JSV )EVXLUYEOI 6IWMWXERGIx 4VSGIIHMRKW :  7IZIRXL ;SVPH 'SRJIVIRGI SR )EVXLUYEOI )RKMRIIVMRK -WXERFYP 8YVOI]TT /ELR0*w7LSXGVIXI7XVIRKXLIRMRKSJ1EWSRV] ;EPPWx 'SRGVIXI-RXIVREXMSREP:2S.YP]TT /ELR 0 * 8S[RWIRH ; , ERH /EPHNMER 1  w*IVVSGIQIRX 7XIIP4PEXI 'SQTSWMXI &IEQWx %'.3962%04VSGIIHMRKW:2S1EVTT /ENJEW^ 7  w'SRGVIXI &IEQW [MXL )\XIVREP 6IMRJSVGIQIRX&SRHIHF]+PYMRK4VIPMQMREV]-RZIWXMKEXMSRx 6-0)1-RXIVREXMSREP7]QTSWMYQ4EVMW /PIMR + . ERH +SY[IRW % .  w6ITEMV SJ 'SPYQRW 9WMRK 'SPPEVW [MXL 'MVGYPEV 6IMRJSVGIQIRXx 'SRGVIXI-RXIVREXMSREP:2S.YP]TT /YLPQERR0%8LI)JJIGXSJ'YVI8MQISR'LPSVMHI 4IVQIEFMPMX] SJ 0EXI\1SHMJMIH 'SRGVIXI (S[ 'LIQMGEP 'S1MHPERH1MGL /YLPQERR0%w8IWX1IXLSHJSV1IEWYVMRKXLI &SRH7XVIRKXLSJ0EXI\1SHMJMIH'SRGVIXIERH1SVXEVx%'1EXIVMEPW.SYVREP:2S.YP]%YKTT 0YRSI66ERH;MPPMW+%w%TTPMGEXMSRSJ7XIIP 7XVET6IMRJSVGIQIRXXS+MVHIVWSJ6MKMH*VEQIW7TIGMEP%1' ;EVILSYWIWx%'-.3962%04VSGIIHMRKW:TT 1G(SREPH . )  w6ILEFMPMXEXMSR SJ 2EZMKEXMSR 0SGO ;EPPW 'EWI ,MWXSVMIWx 8IGLRMGEP 6ITSVX 6)16'797%VQ])RKMRIIV;EXIV[E]W)\TIVMQIRX 7XEXMSR:MGOWFYVK1MWW 1G(SREPH . ) :E]WFYVK % 1 )QQSRW 4 , 4SWXSR6;ERH/IWRIV/)w7IPIGXMRK(YVEFPI 6ITEMV 1EXIVMEPW 4IVJSVQERGI 'VMXIVME{7YQQEV]x 'SRGVIXI-RXIVREXMSREP:2S.ERTT 1MGLSPW / % ERH :MRGIRX . *  w6IMRJSVGIH 3ZIVPE] ERH 7LSXGVIXI 6IWXSVI -RXIKVMX] XS E 1YPXMWXSV] 4EVOMRK 7XVYGXYVIx 'SRGVIXI -RXIVREXMSREP :  2S  7ITXTT 1MIX^.)PWRIV&ERH4SPHIV6w'SVVSWMSRSJ 6IMRJSVGIQIRX MR 'SRGVIXI{1SRMXSVMRK 4VIZIRXMSR ERH 6ILEFMPMXEXMSRx 4YFPMGEXMSR 2S )YVSTIER*IHIVEXMSRSJ 'SVVSWMSR )YVSGSVV  1YVVE] 1 %  w(EQEKIH &VMHKI +MVHIVW 6IWXSVIHx 'SRGVIXI6ITEMV&YPPIXMR.YP]%YKTT 2',647]RXLIWMW;EWLMRKXSR('TT 2E[] ) +  w9RFSRHIH 4SWX8IRWMSRMRK MR &YMPHMRK'SRWXVYGXMSRx'SRGVIXI'SRWXVYGXMSR)RKMRIIVMRK ,ERHFSSO'6'4VIWW&SGE6EXSR*PETT 2MXXIRKIV &  w9RMZIVWMX] SJ 1MGLMKER 4YXW ,]HVSHIQSPMXMSRXSXLI8IWXx'SRGVIXI6ITEMV&YPPIXMR :2S1EV%TVTT 3^]MPHMVMQ'w%*MIPH-RZIWXMKEXMSRSJE'SRGVIXI 3ZIVPE]'SRXEMRMRK7MPMGE*YQISR6SYXISZIV3TIUYSR 'VIIOx *MREP 6ITSVX :MVKMRME 8VERWTSVXEXMSR 6IWIEVGL 'SYRGMP'LEVPSXXIZMPPI:E.YRITT 4EYP . ,  x)\XIRHMRK XLI 0MJI SJ 'SRGVIXI 6ITEMVWx 'SRGVIXI-RXIVREXMSREP:2S1EVT 4JIMJIV ( ; 0ERHKVIR . 6 ERH >SSF %  w4VSXIGXMZI7]WXIQW JSV2I[4VIWXVIWWIH ERH7YFWXVYGXYVI 'SRGVIXIx 6ITSVX 2S *,;%6(*IHIVEP,MKL[E] %HQMRMWXVEXMSR;EWLMRKXSR('TT 4JIMJIV(;ERH7GEPM1.w'SRGVIXI7IEPIVW JSV 4VSXIGXMSR SJ &VMHKI 7XVYGXYVIWx 2',64 6ITSVX  8VERWTSVXEXMSR6IWIEVGL&SEVH;EWLMRKXSR('TT 4SVXPERH'IQIRX%WWSGMEXMSRw4EMRXMRK'SRGVIXIx 4'%-77OSOMI-PPTT 4SVXPERH 'IQIRX %WWSGMEXMSR  w6IWYVJEGMRK 'SRGVIXI*PSSVWx4'%-77OSOMI-PPTT 4SVXPERH 'IQIRX %WWSGMEXMSR  w)JJIGXW SJ 7YFWXERGIW SR 'SRGVIXI ERH +YMHI XS 4VSXIGXMZI 8VIEX QIRXWx4'%-77OSOMI-PPTT 7,64 4VSNIGX   w+YMHIPMRI JSV 4IVJSVQMRK )PIGXVSGLIQMGEP'LPSVMHI)\XVEGXMSRXS'SRGVIXI7XVYGXYVIWx %%7,83*,;%1EV 7XVERH 6  w)EVXLUYEOI 6ITEMVW /EMWIV ,SWTMXEP 4ERSVEQE 'MX] 'EPMJSVRMEx %7') 2EXMSREP 7XVYGXYVEP )RKMRIIVMRK1IIXMRK7ER*VERGMWGS4VITVMRX2S 7XVEXXSR * ; %PI\ERHIV 6 ERH 2SPXMRK ;  w'VEGOIH7XVYGXYVEP'SRGVIXI6ITEMV8LVSYKL)TS\]-RNIGXMSR ERH6IFEV-RWIVXMSRx6ITSVX *,;%/76(/ERWEW (ITEVXQIRXSJ8VERWTSVXEXMSR8STIOE/ERWTT 7XVEXXSR * ; %PI\ERHIV 6 ERH 2SPXMRK ;  w(IZIPSTQIRX ERH -QTPIQIRXEXMSR SJ 'SRGVIXI +MVHIV 6ITEMV F] 4SWX6IMRJSVGIQIRXx 6ITSVX *,;%/7 /ERWEW(ITEVXQIRXSJ8VERWTSVXEXMSR8STIOE/ERW 7XVEXXSR * ; ERH 'VYQTXSR ' *  w/ERWEW &VMHKI6IRSZEXIHF]4SWX6IMRJSVGIQIRXERH8LMR&SRHIH 'SRGVIXI3ZIVPE]x'SRGVIXI'SRWXVYGXMSR:2S TT '32'6)8)6)4%-6+9-() 8SIQWQI]IV1.w8LI6ITEMVSJ(IXIVMSVEXIH 'SRGVIXI &IEQW F] )\XIVREPP] &SRHIH 8SVWMSR 6IMR JSVGIQIRXx 8VERWTSVXEXMSR 6IWIEVGL 6IGSVH 2S 8VERWTSVXEXMSR6IWIEVGL&SEVH;EWLMRKXSR(' 8VERWTSVXEXMSR 6IWIEVGL &SEVH  w6ETMH7IXXMRK 1EXIVMEPWJSV4EXGLMRKSJ'SRGVIXIx 8VERWTSVXEXMSR 6IWIEVGL &SEVH  w)ZEPYEXMSR SJ 4IRIXVEXMRK 'SVVSWMSR -RLMFMXSV 7]WXIQx 2MRXL 1EMRXI RERGI 1EREKIQIRX 'SRJIVIRGI 'SRJIVIRGI 4VSGIIHMRKW TK 8VS\IPP+)6ETLEIP.1ERH(EZMW6)w0SRK 8MQI 'VIIT ERH 7LVMROEKI 8IWXW SJ 4PEMR ERH 6IMRJSVGIH 'SRGVIXIx %7814VSGIIHMRKW:TT :MVKMRME 8VERWTSVXEXMSR 6IWIEVGL 'SYRGMP  w)ZEPYEXMSR SJ ,MKL 4IVJSVQERGI 'SRGVIXI 3ZIVPE]W 6 4PEGIHSR&VMHKIWERH4EZIQIRXWMR:MVKMRMEx:86' 666& ;EVRIV.w7IPIGXMRK6ITEMV1EXIVMEPWx'SRGVIXI 'SRWXVYGXMSR:2STT ;EXWSR 4  w4VITPEGIH %KKVIKEXI 'SRGVIXIx 'SRGVIXI6ITEMV(MKIWX:2STT ;LMXQSVI(;w-QTVIWWIH'YVVIRXERH+EPZERMG (MWGVIXI%RSHI'EXLSHMG4VSXIGXMSRJSV'SVVSWMSR4VSXIGXMSR SJ'SRGVIXI7XVYGXYVIWx2%')4ETIV2S'SVVSWMSR ;LMXQSVI(;w2I[(IZIPSTQIRXWMRXLI+EPZERMG 'EXLSHMG4VSXIGXMSR SJ'SRGVIXI7XVYGXYVIWx2%')4ETIV 2S'SVVSWMSR2I[3VPIERW0E1EV ;]QER 1 6 ERH +YQMRE 8 :  x'SRGVIXI 6IQSZEPERH 7YVJEGI 4VITEVEXMSRJSV3ZIVPE]W ERH4EVXMEP (ITXL6ITEMVWx'SRGVIXI6ITEMV&YPPIXMR.ER*IF

Related papers

The evolution of tourist product as expression of experience-based innovation
Valentina Della Corte

Advance in Tourism Studies in Memory of Clara S. Petrillo, 2012

View PDFchevron_right
Dyslexia: A struggling reader's journey towards literacy
Cynthia Spence

2008

View PDFchevron_right
FUNDAMENTOS DE LA INVESTIGACIÓN
jose lozano lopez
View PDFchevron_right
O direito fundamental de não produzir prova contra si e o iura novit curia versus o princípio candor toward the Court: duty to disclose adverse authority no sistema brasileiro de padrões decisórios: limites e possibilidades
Darci Guimarães Ribeiro

Revista de Processo, 2023

View PDFchevron_right
PROCESOS DE IMPORTACION Y EXPORTACION
Mayra Villa
View PDFchevron_right
Non solo razionalità economica. Stato e morale nel pensiero neoliberale
Alessandro Somma
View PDFchevron_right
What's Love Got to Do With It?
Susan Bandes

William & Mary Journal of Race, Gender, and Social Justice, 2001

View PDFchevron_right
Sanal Gerçeklikten Fiziksel Gerçekliğe Yeni İlişki Tarzları
Galip Bayezit

Sosyolojik bağlam dergisi, 2023

View PDFchevron_right
2017 - Effets des justices distributive et procédurale sur la satisfaction de vie, le désengagement psychologique et les intentions de quitter : le rôle médiateur de l'engagement organisationnel affectif
DOSE Eric, Christine JEOFFRION

Canadian Journal of Behavioural Science, 2017

View PDFchevron_right
Problemy efektywności zarządzania zasobami ludzkimi
Maciej Ławrynowicz

2013

View PDFchevron_right
Śivatāṇḍava, Cosmic Dancer tradition of Ālankāṭu (Tamilnadu) traced to Sarasvati-Sindhu Civilization, ca.2500 BCE
Srini Kalyanaraman
View PDFchevron_right
Porter trans. into Greek of "Nietzsche's Untimely Antiquity," in Athens Review of Books 2020 from The New Cambridge Companion to Nietzsche, ed. Tom Sterns, CUP 2019
James I. Porter
View PDFchevron_right
Religie van alledag. Harmonie en conflict in Egypte en Syrië in de derde en vierde eeuw AD
Lucinda Dirven

2022

View PDFchevron_right
The Birth of the Parliamentary Democracy in Japan: An Historical Approach
Csaba Gergely Tamas

Zeitschrift für Japanisches Recht, 2012

View PDFchevron_right
Apprentissage de la lecture : propositions de démarches et d’outils adaptés
Roland Goigoux

Carrefours de l'éducation

View PDFchevron_right
To Study the Handle Properties & Crease Recovery of Some Functional Fabrics
IJERA Journal
View PDFchevron_right
La palabra como gesto o la crítica al lenguaje como representación
leonardo sanchez gamboa

Enunciación

View PDFchevron_right
Bilateral ovarian metastases from pulmonary neuroendocrine tumor. A case report and literature review
Valentin Varlas

Romanian Medical Journal

View PDFchevron_right
Análise da linha de cuidado para pacientes com diabetes mellitus e hipertensão arterial: a experiência de um município de pequeno porte no Brasil
nayara julião

Revista Brasileira de Estudos de População

View PDFchevron_right
Control Social Del Tráfico y Empoderamiento Social. Grupos De Riesgo: Jóvenes y Mayores
laura stephanie villamil martinez

Revista Barataria, 2013

View PDFchevron_right
Estimated Yield Potential of Robusta Coffee (<i>Coffea canephora</i> Pierre ex A. Froehner) at Bogor District
ade astri Muliasari

E3S web of conferences, 2022

View PDFchevron_right
Books in Review / Comptes rendus
Dorothy Thunder

2010

View PDFchevron_right
Cross-track Infrared Sounder (CRIS) Instrument In-flight Performance
Deron Scott

2012

View PDFchevron_right
Actividad 1 yo soy, yo quiero, yo deseo
juan de jesus castillo lobato
View PDFchevron_right
Escherichia coli O157:H7 SURVIVAL IN TRADITIONAL AND LOW LACTOSE YOGURT DURING FERMENTATION AND COOLING PERIODS
camila cutrim

Ciência Animal Brasileira

View PDFchevron_right
Sensing-Throughput Tradeoff in Cognitive Radio With Random Arrivals and Departures of Multiple Primary Users
Anh Nguyen Hoang

IEEE Communications Letters, 2015

View PDFchevron_right