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K CVTCME[LPGIQ Y[INȤFW 'MUMNW\[YPC K GNGICPEMC HQTOC VGL DCNWUVTCF[ FQFCLG PCYGV PCLRTQUVU\[O
UEJQFQO PQYQE\GUPQɮEK K CVTCME[LPGIQ Y[INȤFW
$CNWUVTCFC 6#(.# 5<-.#0#
$CNWUVTCFC .CUGT 0 1 9 1 ɭ ȥ
$CNWUVTCFC[RW 6CHNC 5\MNCPC VYQT\[ RKȶMPȤ K GMUMNW\[YPȤ QRTCYȶ UEJQFȕY
$CNWUVTCFC V
2TȶE\G K DCNWUVTCF[ .CUGT VQ PQYQE\GUPQɮȦ K VGEJPQNQIKC Y LGFP[O 9[MQPCPG
2Q 5RTCYKC ʑG YPȶVT\G Y[FCLG UKȶ DCTF\KGL PQYQE\GUPG RT\GUVTQPPG K LCUPG &Q
UȤ \ DNCEJ[ Q ITWDQɮEK OO OCNQYCPGL RTQU\MQYQ /QʑPC UVQUQYCȦ FQ PKEJ RTQFWMELK VGL DCNWUVTCF[ UVQUWLG UKȶ TȕʑPG TQF\CLG U\MC DG\DCTYPG MNCU[E\PG
RQEJY[V Q RT\GMTQLW Z OO /QPVWLG UKȶ LG FQ DQMW UVQRPK NWD FQ E\QC
UVTQRW 5Ȥ KFGCNP[O TQ\YKȤ\CPKGO Y OKPKOCNKUV[E\P[EJ K PKGVW\KPMQY[EJ QRVKYJKVG QTC\ MQNQTQYG 9 EGNW \CRGYPKGPC DG\RKGE\GɛUVYC Wʑ[VMQYCPKC
U\MQ LGUV MNGLQPG FYWYCTUVYQYQ \ \CUVQUQYCPKGO HQNKQYGIQ NCOKPCVW QTC\
YPȶVT\CEJ 6GEJPQNQIKC Y[EKPCPKC NCUGTQYGIQ FCLG PKGQITCPKE\QPG OQʑNKYQɮEK JCTVQYCPG
Y KEJ RTQLGMVQYCPKW \IQFPKG \G Y\QTGO K WRQFQDCPKCOK MNKGPVC
$CNWUVTCFC /7.6+$.#&'
$CNWUVTCFC 9'.& 0 1 9 1 ɭ ȥ
/WNVKDNCFG V
/WNVKDNCFGQ PQYQE\GUP[ HWVWT[UV[E\P[ OQFGN DCNWUVTCF Y[MQPCP[ \G UVCNK
9GNF VQ OKPKOCNKUV[E\PC K RTQUVC Y HQTOKG DCNWUVTCFC UVCPQYKȤEC PQYQɮȦ Y \YKGɛE\QP[ UVCNQY[O NWD FTGYPKCP[O RQEJY[VGO 2KQPQYG VTCNMK Q
QHGTEKG 4KPVCN $CNWUVTCFC VC Y[MQP[YCPC LGUV \ RTQƒNK \COMPKȶV[EJ IGQOGVT[E\PGL NWD \CQDNQPGL HQTOKG UVCPQYKȤ RQFUVCYȶ OQEQYCPKC
RTQUVQMȤVP[EJ URCYCP[EJ C PCUVȶRPKG OCNQYCP[EJ RTQU\MQYQ #NVGTPCV[PKG RQ\KQO[EJ UVCNQY[EJ TWTGM 9KGNG YCTKCPVȕY MQNQT[UV[E\P[EJ DCNWUVTCF
KUVPKGLG OQʑNKYQɮȦ \CUVQUQYCPKC FTGYPKCPGIQ RQEJY[VW QTC\ Y[RGPKGPKC \ /WNVKDNCFG URTCYKC ʑG Y RQȤE\GPKW \ NKE\P[OK RCUWLȤE[OK FQ PKEJ OQFGNCOK
TWTGM NWD RCUMQYPKMȕY UEJQFȕY \CTȕYPQ \CDKGIQY[OK LCM K MTȶEQP[OK UVYQT\Ȥ YKGNG YCTKCPVȕY
YK\WCNP[EJ K HQTO Y[MQɛE\GPKC YPȶVT\
$CNWUVTCFC (+.1
$CNWUVTCFC %.#55+%
(KNQQ UVCNQYC DCNWUVTCFC Q RTQUVGL PQYQE\GUPGL K GNGICPEMKGL NKPKK 9[MQPCPG
(KNQ V
%NCUUKE 4WTMK 6Q MNCU[E\PC DCNWUVTCFC MVȕTC YK\WCNPKG MQORQPWLG UKȶ \ \ OGVCNW RKQPQYG VTCNMK UVCPQYKȤ \CTC\GO HWPMELQPCNPG LCM K FGMQTCE[LPG
MCʑF[O OQFGNGO UEJQFȕY 4KPVCN ,GUV VQ RQTȶE\ UMCFCLȤEC UKȶ \G UWRMȕY TWU\VQYCPKG FNC RQ\KQO[EJ UVCNQY[EJ TWTGM $CNWUVTCFC VC \YKGɛE\QPC LGUV
MYCFTCVQY[EJ NWD QMTȤI[EJ RQEJY[VW FTGYPKCPGIQ NWD OGVCNQYGIQ RQEJY[VGO OGVCNQY[O NWD FTGYPKCP[O 2QTȶE\ OQʑPC \COQPVQYCȦ \CTȕYPQ
Y[RGPKQPC Y YCTKCPEKG UVCPFCTFQY[O E\VGTGOC TWTMCOK \G UVCNK PKGTF\GYPGL FQ IȕTPGL RQYKGT\EJPK UVQRPKC LCM K DQMW NWD URQFW UVQRPKC Y \CNGʑPQɮEK QF
MQPUVTWMELK UEJQFȕY
$CNWUVTCF[ K RQTȶE\G
$CNWUVTCFC <'0+6*
$CNWUVTCF[ K RQTȶE\G 4KPVCN EGEJWLG DQICEVYQ Y\QTȕY OCVGTKCȕY K MU\VCVȕY ,GUV VQ Q\FQDP[ K LGFPQE\GɮPKG <GPKVJ VQ OGVCNQYG GNGICPEMKG DCNWUVTCF[ K RQTȶE\G &QUMQPCNG URTCYF\CLȤ
IYCTCPVWLȤE[ DG\RKGE\GɛUVYQ GNGOGPV UEJQFȕY &\KȶMK VGOW ƒTOC QHGTWLG UYQKO MNKGPVQO U\GTQMK Y[DȕT K UKȶ Y RQȤE\GPKW \G UEJQFCOK Q MNCU[E\PGL LCM K PQYQE\GUPGL E\[
OQʑNKYQɮȦ PCFCPKC KPF[YKFWCNPGIQ EJCTCMVGTW UEJQFQO /QʑNKYG UȤ TȕʑPG TQF\CLG QDTȕDMK RQYKGT\EJPK OCNQYCPKG OKPKOCNKUV[E\PGL HQTOKG /CTKCʑ FTGYPC UEJQFȕY K OGVCNW VQ GNGICPELC K
RTQU\MQYG EJTQOQYCPKG RQNGTQYCPKG U\NKHQYCPKG C VCMʑG ȤE\GPKG V[EJʑG GNGOGPVȕY \ KPP[OK OCVGTKCCOK PR LCMQɮȦ Y LGFP[O $CNWUVTCF[ VG OQPVWLG UKȶ PC UVQRKGɛ NWD FQ DQMW UVQRPKC
FTGYPGO QTC\ U\MGO
5\MQ \G UWRMKGO FTGYPKCP[O 0 1 9 1 ɭ ȥ $CNWUVTCFC <'0+6* 5<-.#0#
5\MNCPG DCNWUVTCF[ <GPKVJ VQ \CUVȤRKGPKG OGVCNQY[EJ TWTGM UVCPQYKȤE[EJ
+FGCNPG TQ\YKȤ\CPKG Y OKPKOCNKUV[E\P[EJ K PKGVW\KPMQY[EJ 5\MNCPG
YPȶVT\CEJ 6Q OKPKOCNKUV[E\PC K RTQUVC Y HQTOKG DCNWUVTCFC Y[RGPKGPKG Y MNCU[E\P[O OQFGNW <GPKVJ VCHNȤ U\MNCPȤ 2TQUVC HQTOC
UVCPQYKȤEC PQYQɮȦ Y QHGTEKG 4KPVCN 'MUMNW\[YPC K GNGICPEMC HQTOC DCNWUVTCF[ URTCYKC ʑG OQʑG D[Ȧ QPC \CUVQUQYCPC \ MCʑF[O V[RGO UEJQFȕY
VGL DCNWUVTCF[ FQFCLG PCYGV PCLRTQUVU\[O UEJQFQO PQYQE\GUPQɮEK PC MQPUVTWMELK FTGYPKCPGL K OGVCNQYGL MNCU[E\P[EJ K PQYQE\GUP[EJ
K CVTCME[LPGIQ Y[INȤFW 'MUMNW\[YPC K GNGICPEMC HQTOC VGL DCNWUVTCF[ FQFCLG PCYGV PCLRTQUVU\[O
UEJQFQO PQYQE\GUPQɮEK K CVTCME[LPGIQ Y[INȤFW
$CNWUVTCFC 6#(.# 5<-.#0#
$CNWUVTCFC .CUGT 0 1 9 1 ɭ ȥ
$CNWUVTCFC[RW 6CHNC 5\MNCPC VYQT\[ RKȶMPȤ K GMUMNW\[YPȤ QRTCYȶ UEJQFȕY
$CNWUVTCFC V
2TȶE\G K DCNWUVTCF[ .CUGT VQ PQYQE\GUPQɮȦ K VGEJPQNQIKC Y LGFP[O 9[MQPCPG
2Q 5RTCYKC ʑG YPȶVT\G Y[FCLG UKȶ DCTF\KGL PQYQE\GUPG RT\GUVTQPPG K LCUPG &Q
UȤ \ DNCEJ[ Q ITWDQɮEK OO OCNQYCPGL RTQU\MQYQ /QʑPC UVQUQYCȦ FQ PKEJ RTQFWMELK VGL DCNWUVTCF[ UVQUWLG UKȶ TȕʑPG TQF\CLG U\MC DG\DCTYPG MNCU[E\PG
RQEJY[V Q RT\GMTQLW Z OO /QPVWLG UKȶ LG FQ DQMW UVQRPK NWD FQ E\QC
UVTQRW 5Ȥ KFGCNP[O TQ\YKȤ\CPKGO Y OKPKOCNKUV[E\P[EJ K PKGVW\KPMQY[EJ QRVKYJKVG QTC\ MQNQTQYG 9 EGNW \CRGYPKGPC DG\RKGE\GɛUVYC Wʑ[VMQYCPKC
U\MQ LGUV MNGLQPG FYWYCTUVYQYQ \ \CUVQUQYCPKGO HQNKQYGIQ NCOKPCVW QTC\
YPȶVT\CEJ 6GEJPQNQIKC Y[EKPCPKC NCUGTQYGIQ FCLG PKGQITCPKE\QPG OQʑNKYQɮEK JCTVQYCPG
Y KEJ RTQLGMVQYCPKW \IQFPKG \G Y\QTGO K WRQFQDCPKCOK MNKGPVC
$CNWUVTCFC /7.6+$.#&'
$CNWUVTCFC 9'.& 0 1 9 1 ɭ ȥ
/WNVKDNCFG V
/WNVKDNCFGQ PQYQE\GUP[ HWVWT[UV[E\P[ OQFGN DCNWUVTCF Y[MQPCP[ \G UVCNK
9GNF VQ OKPKOCNKUV[E\PC K RTQUVC Y HQTOKG DCNWUVTCFC UVCPQYKȤEC PQYQɮȦ Y \YKGɛE\QP[ UVCNQY[O NWD FTGYPKCP[O RQEJY[VGO 2KQPQYG VTCNMK Q
QHGTEKG 4KPVCN $CNWUVTCFC VC Y[MQP[YCPC LGUV \ RTQƒNK \COMPKȶV[EJ IGQOGVT[E\PGL NWD \CQDNQPGL HQTOKG UVCPQYKȤ RQFUVCYȶ OQEQYCPKC
RTQUVQMȤVP[EJ URCYCP[EJ C PCUVȶRPKG OCNQYCP[EJ RTQU\MQYQ #NVGTPCV[PKG RQ\KQO[EJ UVCNQY[EJ TWTGM 9KGNG YCTKCPVȕY MQNQT[UV[E\P[EJ DCNWUVTCF
KUVPKGLG OQʑNKYQɮȦ \CUVQUQYCPKC FTGYPKCPGIQ RQEJY[VW QTC\ Y[RGPKGPKC \ /WNVKDNCFG URTCYKC ʑG Y RQȤE\GPKW \ NKE\P[OK RCUWLȤE[OK FQ PKEJ OQFGNCOK
TWTGM NWD RCUMQYPKMȕY UEJQFȕY \CTȕYPQ \CDKGIQY[OK LCM K MTȶEQP[OK UVYQT\Ȥ YKGNG YCTKCPVȕY
YK\WCNP[EJ K HQTO Y[MQɛE\GPKC YPȶVT\
$CNWUVTCFC (+.1
$CNWUVTCFC %.#55+%
(KNQQ UVCNQYC DCNWUVTCFC Q RTQUVGL PQYQE\GUPGL K GNGICPEMKGL NKPKK 9[MQPCPG
(KNQ V
%NCUUKE 4WTMK 6Q MNCU[E\PC DCNWUVTCFC MVȕTC YK\WCNPKG MQORQPWLG UKȶ \ \ OGVCNW RKQPQYG VTCNMK UVCPQYKȤ \CTC\GO HWPMELQPCNPG LCM K FGMQTCE[LPG
MCʑF[O OQFGNGO UEJQFȕY 4KPVCN ,GUV VQ RQTȶE\ UMCFCLȤEC UKȶ \G UWRMȕY TWU\VQYCPKG FNC RQ\KQO[EJ UVCNQY[EJ TWTGM $CNWUVTCFC VC \YKGɛE\QPC LGUV
MYCFTCVQY[EJ NWD QMTȤI[EJ RQEJY[VW FTGYPKCPGIQ NWD OGVCNQYGIQ RQEJY[VGO OGVCNQY[O NWD FTGYPKCP[O 2QTȶE\ OQʑPC \COQPVQYCȦ \CTȕYPQ
Y[RGPKQPC Y YCTKCPEKG UVCPFCTFQY[O E\VGTGOC TWTMCOK \G UVCNK PKGTF\GYPGL FQ IȕTPGL RQYKGT\EJPK UVQRPKC LCM K DQMW NWD URQFW UVQRPKC Y \CNGʑPQɮEK QF
MQPUVTWMELK UEJQFȕY
5CNQP[ URT\GFCʑ[
)FCɛUM 5\CFȕMK 9CTU\CYC -CVQYKEG
WN 2T\[YKF\MC WN $CTV[EMC DWF[PGM # WN 4QʏF\KGɛUMKGIQ
IFCPUM"TKPVCN RN DQZ MCVQYKEG"TKPVCN RN
YCTU\CYC"TKPVCN RN
)QF\KP[ QVYCTEKC )QF\KP[ QVYCTEKC
RQP RV QQ QQ )QF\KP[ QVYCTEKC RQP RV QQ QQ
UQDQVC QQ QQ RQP RV QQ QQ UQDQVC QQ QQ
PKGF\KGNC QQ QQ
UQDQVC QQ QQ
UQDQVC QQ QQ PKGF\KGNC QQ QQ
&QTCFEC VGEJPKE\P[
&QTCFEC VGEJPKE\P[
4QDGTV 5CF\C &QTCFEC VGEJPKE\P[ &QTCFEC VGEJPKE\P[
VGN 4QDGTV 5VCPKU\GYUMK $CTVQU\ )T\GUKQM
T UCF\C"TKPVCN RN VGN VGN
T UVCPKU\GYUMK"TKPVCN RN D IT\GUKQM"TKPVCN RN
$[FIQU\E\ 5\E\GEKP 2Q\PCɛ
WN (QTFQɛUMC WN #PFT\GLC 5VTWIC WN 1DQTPKEMC
D[FIQU\E\"TKPVCN RN U\E\GEKP"TKPVCN RN RQ\PCP"TKPVCN RN
)QF\KP[ QVYCTEKC )QF\KP[ QVYCTEKC )QF\KP[ QVYCTEKC
RQP RV QQ QQ RQP RV QQ QQ RQP RV QQ QQ
UQDQVC QQ QQ UQDQVC QQ QQ UQDQVC QQ QQ
&QTCFEC VGEJPKE\P[
&QTCFEC VGEJPKE\P[
&QTCFEC VGEJPKE\P[
&QTCFEC VGEJPKE\P[ &QTCFEC VGEJPKE\P[ &QTCFEC VGEJPKE\P[
/CTKWU\ $KQU\GYUMK /KEJC 0Kʑ[ɛUMK /KEJC 'TRGN
VGN VGN VGN
O DKNQU\GYUMK"TKPVCN RN O PK\[PUMK"TKPVCN RN O GTRGN"TKPVCN RN
ȕFʏ -TCMȕY 9TQECY
WN 9TȕDNGYUMKGIQ WN <CMQRKCɛUMC WN $TCPKDQTUMC
NQF\"TKPVCN RN MTCMQY"TKPVCN RN YTQENCY"TKPVCN RN
)QF\KP[ QVYCTEKC )QF\KP[ QVYCTEKC )QF\KP[ QVYCTEKC
RQP RV QQ QQ RQP RV QQ QQ 2QP 2V QQ QQ
UQDQVC QQ QQ UQDQVC QQ QQ 5QD QQ QQ
&QTCFEC VGEJPKE\P[
&QTCFE[ VGEJPKE\PK
&QTCFE[ VGEJPKE\PK
&QTCFE[ VGEJPKE\PK &QTCFEC VGEJPKE\P[ &QTCFE[ VGEJPKE\PK
/CTKWU\ -CTQNCM ,CPWU\ /KMQCLE\CM 4QDGTV 0KGVT\GDC
VGN VGN VGN
O MCTQNCM"TKPVCN RN L OKMQNCLE\CM"TKPVCN RN T PKGVT\GDC"TKPVCN RN
.WDNKP 1NU\V[P
WN 4WUCMC NQM WN .WDGNUMC
NWDNKP"TKPVCN RN QNU\V[P"TKPVCN RN
)QF\KP[ QVYCTEKC )QF\KP[ QVYCTEKC
RQP RV QQ QQ RQP RV QQ QQ
UQDQVC QQ QQ
&QTCFEC VGEJPKE\P[
&QTCFEC VGEJPKE\P[
&QTCFEC VGEJPKE\P[ #PFT\GL -TCUPQFȶDUMK
#PFT
0QTDGTV -WVPKM VGN
VGN C MTCUPQFGDUMK"TKPVCN RN
P MWVPKM"TKPVCN RN YYY TKPVCN RN
HCEGDQQM EQO TKPVCN UEJQF[
/19; 21/+#4 0# 6'4'0+' %#')1 -4#,7
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