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.MRFCP?LECMDNCPACNRG@JCQMSLBGQ@?QCBGLRFCP?LECMDFSK?LFC?PGLE-?LWMRFCPMPE?LGQKQNCPACGTCCGRFCPGLDP?QMSLBMPSJRP?QMSLB
#(!04%2Y0(93)#3/&(%!2).'
.@HF5GCIB8
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!LWQMSLBUGRF?DPCOSCLAW?@MTC(XMPI(XuRF?RGQ?@MTCRFCFGEFCQR?SBG@JCDPCOSCLAWuGQBCDGLCBRM@CSJRP?QMSLB)LNP?ARGACGRGQ
NMQQG@JCRMAPC?RCSJRP?QMSLBDPCOSCLAGCQSNRMKMPCRF?L?EGE?FCPRX(GEFCPDPCOSCLAGCQ?PCBGDDGASJRRMAPC?RCDSPRFCPKMPCRFCWNPMN?E?RCNMMPJW
@CA?SQCRFCW?PCTCPWQRPMLEJW?@QMP@CB5JRP?QMSLBF?Q?RPCKCLBMSQLSK@CPMD?NNJGA?RGMLQUFGAFP?LECDPMK@SPEJ?P?J?PKQRMSQCGLAJC?LGLE
BCJGA?RCM@HCARQRMRFCESGB?LACQWQRCKQMD@?RQ7C@CEGLMSPBGQASQQGMLMDSJRP?QMSLBUGRFQMKCMDGRQ?NNJGA?RGMLQGLKCBGAGLCGLUFGAFGRGQSQCB
CVRCLQGTCJW@MRFDMPBG?ELMQGQ?LBDMPRFCP?NW
#F?P?ARCPGQRGAQMD5JRP?QMSLB
4FCAF?P?ARCPGQRGAQMDSJRP?QMSLBQSAF?QDPCOSCLAW?LBGLRCLQGRW?PCU?TCNPMNCPRGCQAMKKMLRM?JJRWNCQMDU?TCQ5JRP?QMSLB?JQMF?Q?
U?TCJCLERFRF?RJGKGRQRFCDGLCLCQQMDBCR?GJGRA?LBCRCAR4FGQAF?P?ARCPGQRGAGQRPSCMD?JJU?TCQ7CA?LLCTCPM@QCPTCBCR?GJQQGELGDGA?LRJW
QK?JJCPRF?LRFCU?TCJCLERFMDMSPNPM@CDMPCV?KNJCUCUGJJLCTCPQCCGLBGTGBS?J?RMKQUGRFTGQG@JCJGEFR@CA?SQCRFC?RMKQ?PCQMQK?JJ
AMKN?PCBUGRFRFCU?TCJCLERFMDJGEFR
5JRP?QMSLBGL-CBGA?J4FCP?NW
5JRP?QMSLBJGIC?LWU?TCA?PPGCQCLCPEWRF?RA?L@C?@QMP@CB@WRFCKCBGSKA?PPWGLEGRNPMBSAGLECDDCARQRF?RT?PWUGRFGLRCLQGRW7FCLDMASQCBRM
GLRCLQGRGCQMD RM 8N SJRP?QMSLBA?L@CSQCBRMQF?RRCPE?JJQRMLCQMPNSJTCPGXCA?LACPMSQRGQQSCGLQSPEGA?JNPMACBSPCQ3CC =;IF9
)LRCLQGRGCQRFGQEPC?RA?LB?K?ECGLBGTGBS?JACJJQT?PGMSQJWA?SQGLERFCGPNPMRMNJ?QKRMQRPC?KGLQGBCRFCK?JRCPGLERFCGPNCPKC?@GJGRWMP
PSNRSPGLERFCGPU?JJQRFPMSEF 64I<G4G<BA#?TGR?RGMLGQRFCAPC?RGMLMDT?NMPA?TGRGCQGL?DJSGBuRFCJMLEGRSBGL?JTG@P?RGMLQGLSJRP?QMSLB?JRCPL?RGTCJW
AMKNPCQQ?LBCVN?LBRFCKCBGSK?LB?RQSDDGAGCLR?KNJGRSBCQRFCCVN?LQGMLQCN?P?RCQKMJCASJCQ-MQRA?TGR?RGMLB?K?ECGQBMLCUFCLRFC
A?TGRGCQAMJJ?NQCNPMBSAGLECTCLEPC?RCPQFMAINPCQQSPCQ
=;IF9 4FCRGNMDRFGQQK?JJNPM@CMQAGJJ?RCQ?RI(XUGRFQSAF?J?PEC?KNJGRSBCRF?RGRNSJTCPGXCQRGQQSCMLAMLR?AR4FCBC@PGQGQRFCL?QNGP?RCB4FCQNCCBMDRFCRGN
K?WCVACCBRFCQNCCBMDQMSLBGLRGQQSCRFSQAPC?RGLEQFMAIU?TCQ?LBA?TGR?RGMLP?RFCPRF?L?QKMMRFQGKNJCF?PKMLGAMQAGJJ?RMPtRWNCU?TC
-MQRMDRFCCLCPEWA?PPGCB@WFGEFGLRCLQGRWSJRP?QMSLBGLRGQQSCGQAMLTCPRCBRMRFCPK?JCLCPEW)LD?ARGLRCLQGRGCQMD RM 8N ?PC
AMKKMLJWSQCBDMPBCCNFC?RRPC?RKCLRQA?JJCBSJRP?QMSLBBG?RFCPKW&PCOSCLAGCQMDRM-(X?PCRWNGA?J)L@MRF?RFJCRGAQ?LBNFWQGA?JRFCP?NW
SJRP?QMSLBBG?RFCPKWGQKMQRMDRCL?NNJGCBRMGLHSPCBMPMTCPUMPICBKSQAJCQRMPCJGCTCN?GL?LBGKNPMTCDJCVG@GJGRW3IGJJGQLCCBCB@WRFCRFCP?NGQRRM
?TMGBx@MLC@SPLQy?LBMRFCPRGQQSCB?K?ECA?SQCB@WMTCPFC?RGLE?LBA?TGR?RGMLQMKCRGKCQK?BCUMPQC@WPCDJCARGML?LBDMASQGLEMDRFC
SJRP?QMSLB@WHMGLR?LB@MLCRGQQSC
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MRFCP@GMJMEGA?JRGQQSCQ7CQF?JJLMRSQCRFCQA?JCFCPC@SRGRGQLMR?@JCRF?RLSK@CPQDMPQMSLBNPCQQSPCJCTCJQP?LECRMB"FGEFCPRF?LWMS
UMSJBOSMRCDMP Ȁ RFCQMSLBGLRCLQGRWJCTCJSQCBGLRFGQRCVR3FMSJBWMSCLAMSLRCP?QMSLBNPCQQSPCJCTCJMDBCAG@CJQRFCLGRGQLMR?L
?QRPMLMKGA?JJWFGEFGLRCLQGRW@SRCOSGT?JCLRRM?@MSRB"uFGEFCLMSEFRMBCQRPMWRGQQSC@SRLMR?QSLPC?QML?@JWFGEF?QGRKGEFRQCCK?RDGPQR
5JRP?QMSLBGL-CBGA?J$G?ELMQRGAQ
7FCLSQCBDMPGK?EGLESJRP?QMLGAU?TCQ?PCCKGRRCBDPMK?RP?LQBSACP?APWQR?JCVFG@GRGLERFCNGCXMCJCARPGACDDCARRFCCVN?LQGML?LBAMLRP?ARGMLMD
?QS@QR?LACUFCL?TMJR?ECGQ?NNJGCB?APMQQGRA?SQGLE?TG@P?RGMLMDRFCAPWQR?J4FCQCFGEFDPCOSCLAWTG@P?RGMLQ?PCRP?LQKGRRCBGLRM?LWRGQQSCGL
AMLR?ARUGRFRFCRP?LQBSACP3GKGJ?PJWGD?NPCQQSPCGQ?NNJGCBRMRFCAPWQR?JGLRFCDMPKMD?U?TCPCDJCARCBMDDRGQQSCJ?WCPQ?TMJR?ECGQNPMBSACB
UFGAFA?L@CPCAMPBCB4FCAPWQR?JRFCPCDMPC?ARQ?Q@MRF?RP?LQKGRRCP?LB?PCACGTCPMDQMSLB5JRP?QMSLBGQ?JQMN?PRG?JJW?@QMP@CB@WRGQQSCMLGRQ
4FGQAMLRCLRGQ?T?GJ?@JCDMPDPCC?RFRRNALVMPEAMLRCLRAMJ
#(!04%2Y0(93)#3/&(%!2).'
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PCDJCARGMLQDPMKT?PGMSQ@MSLB?PGCQ@CRUCCLKCBG??PCPCACGTCB?QUCJJ?Q?KC?QSPCMDRFCGLRCLQGRWJMQQMDRFCQGEL?JRFCL?RSPC?LBNMQGRGMLMD
C?AF@MSLB?PW@CRUCCLRGQQSCQ?LBMPE?LQK?W@CBCBSACB
2CDJCARGMLQ?R@MSLB?PGCQ@CRUCCLRUMBGDDCPCLRKCBG?MAASP@CA?SQCMDBGDDCPCLACQGL?AF?P?ARCPGQRGAILMUL?QRFC 57CIGH=7=AD985B79
C?AFQS@QR?LAC)KNCB?LACGQBCDGLCB?Q
; MD
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LHN w T
-56@9 QFMUQRFCBCLQGRW?LBQNCCBMDQMSLBRFPMSEFT?PGMSQKCBG?GLAJSBGLET?PGMSQQMDRRGQQSCQ?LBRFC?QQMAG?RCB?AMSQRGAGKNCB?LACQ
.MRCRF?RRFC?AMSQRGAGKNCB?LACQDMPQMDRRGQQSCBMLMRT?PWKSAF@SRRF?RRFCPCGQ?@GEBGDDCPCLAC@CRUCCLRFC?AMSQRGAGKNCB?LACMDQMDRRGQQSC
?LB?GP?LB?JQM@CRUCCLQMDRRGQQSC?LB@MLC
4?@JC 4FC5JRP?QMSLB0PMNCPRGCQMD6?PGMSQ-CBG?)LAJSBGLE3MDR4GQQSC&MSLBGLRFC"MBW
&98=IA
9BG=HM?;A
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7CIGH=7"AD985B79 LHN
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7?RCP
— "JMMB
— &?R
— -SQAJC?TCP?EC
— "MLCT?PGCQ
t
— RM — — "?PGSKRGR?L?RCRP?LQBSACPK?RCPG?J T
!RRFC@MSLB?PW@CRUCCLKCBG?MDBGDDCPCLR?AMSQRGAGKNCB?LACQQMKCMDRFCU?TCCLCPEWGQPCDJCARCB?LBQMKCGQRP?LQKGRRCB4FCEPC?RCPRFC
7<998E8A68 GL?AMSQRGAGKNCB?LAC@CRUCCLRFCRUMKCBG?RFCEPC?RCPRFCPCDJCARGML?LBRFCQK?JJCPRFCRP?LQKGQQGML
4FC =BH9BG=HMF9:@97H=CB7C9::=7=9BH B GQBCDGLCB?QRFCP?RGMMDRFCGLRCLQGRWMDRFCPCDJCARCBU?TCPCJ?RGTCRMRFCGLAGBCLRRP?LQKGRRCBU?TC4FGQ
QR?RCKCLRA?L@CUPGRRCLK?RFCK?RGA?JJW?Q
B
UFCPC
; Ч ; 46 ; ; 46 1
3
1
3
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RP?LQKGQQGML?LBLMPCDJCARGMLMAASPQUFCLRFC?AMSQRGAGKNCB?LACQMDRFCRUMKCBG??PCRFCQ?KC!LGKNCB?LACxK?RAFyLMPCDJCARGMLNPMTGBCQ
?LCDDGAGCLRAMSNJGLEMDQMSLBCLCPEWDPMKMLCKCBGSKRM?LMRFCP4FCGK?ECDMPKCBGL?LSJRP?QMSLBGQK?BC@WRP?AIGLEPCDJCARGMLQ?QQFMULGL
=;IF9?LBK?NNGLERFCGLRCLQGRWMDRFCPCDJCARCBQMSLBU?TCQGL?RUMBGKCLQGML?JNJ?LC
L5AD@9 5@7I@5H97CIGH=7"AD985B795B8"BH9BG=HM+9:@97H=CBC9::=7=9BH.@HF5GCIB85B85H-=GGI9
?5QGLERFCT?JSCQDMPBCLQGRW?LBRFCQNCCBMDSJRP?QMSLBEGTCLGL -56@9QFMURF?RRFC?AMSQRGAGKNCB?LACMDD?RRGQQSCGQGLBCCB
— LHN wT
@#?JASJ?RCRFCGLRCLQGRWPCDJCARGMLAMCDDGAGCLRMDSJRP?QMSLBUFCLEMGLEDPMKD?RRMKSQAJCRGQQSC
,HF5H9;M:CF5
4FC?AMSQRGAGKNCB?LACA?L@CA?JASJ?RCBSQGLE
; ȏW ?LBRFCT?JSCQDMP ȏ ?LB W DMSLBGL -56@9
,C@IH=CB:CF5
3S@QRGRSRCILMULT?JSCQDPMK -56@9 GLRM
; ȏW ; ȏW 13LHN 46NT
#?JASJ?RCRMDGLBRFC?AMSQRGAGKNCB?LACMDD?RRGQQSC
— LHN wT
4FGQT?JSCGQRFCQ?KC?QRFCT?JSCEGTCLDMPRFC?AMSQRGAGKNCB?LACMDD?RRGQQSC
,HF5H9;M:CF6
#(!04%2Y0(93)#3/&(%!2).'
4FCGLRCLQGRWPCDJCARGMLAMCDDGAGCLRDMP?LW@MSLB?PW@CRUCCLRUMKCBG?GQEGTCL@W
B
; Ч ; 46 ?LBRFC?AMSQRGAGKNCB?LACMDKSQAJCGQ
1
4
3; ; 6
1
3
EGTCLGL -56@9
,C@IH=CB:CF6
3S@QRGRSRCILMULT?JSCQGLRM
B
; Ч ; 46 RMDGLBRFCGLRCLQGRWPCDJCARGMLAMCDDGAGCLR
1
4
3; ; 6
1
3
1
4
; Ч ; 46 3— LHN wT
Ч — LHN wT
6
B1 4
1
4
3; ; 6
—
LHN
wT
—
LHN
wT
3
6
1
3
=G7IGG=CB
4FGQPCQSJRKC?LQRF?RMLJWMDRFCGLAGBCLRGLRCLQGRWGQPCDJCARCBUGRFRFCPCK?GLGLE@CGLERP?LQKGRRCB
4FC?NNJGA?RGMLQMDSJRP?QMSLBGLKCBGA?JBG?ELMQRGAQF?TCNPMBSACBSLRMJB@CLCDGRQUGRFLMILMULPGQIQ$G?ELMQRGAGLRCLQGRGCQ?PCRMMJMU?@MSR
Ч 8N RMA?SQCRFCPK?JB?K?EC-MPCQGELGDGA?LRJWSJRP?QMSLBF?Q@CCLGLSQCDMPQCTCP?JBCA?BCQ?LBBCR?GJCBDMJJMUSNQRSBGCQBMLMR
QFMUCTGBCLACMDGJJCDDCARQOSGRCSLJGICRFCA?QCDMPVP?WQ
=;IF9 ?!LSJRP?QMSLBQNC?ICPBMS@JCQ?Q?KGAPMNFMLC"PGCD@JCCNQ?PC@PM?BA?QR?LBCAFMCQ?PCPCAMPBCBDPMKT?PGMSQBCNRFQ@'P?NFMDCAFMGLRCLQGRW
TCPQSQRGKC4FCRGKCDMPCAFMCQRMPCRSPLGQBGPCARJWNPMNMPRGML?JRMRFCBGQR?LACMDRFCPCDJCARMPWGCJBGLERFGQGLDMPK?RGMLLMLGLT?QGTCJW
4FCKMQRAMKKMLSJRP?QMSLB?NNJGA?RGMLQNPMBSAC?LGK?ECJGICRF?RQFMULGL =;IF94FCQNC?ICPKGAPMNFMLC@PM?BA?QRQ?BGPCARGML?J
@C?KQUCCNGLERFC@C?K?APMQQRFC?PC?MDGLRCPCQR4FGQGQ?AAMKNJGQFCB@WF?TGLEKSJRGNJCSJRP?QMSLBQMSPACQGLRFCNPM@CwQFC?BUFGAF?PC
NF?QCBRMGLRCPDCPCAMLQRPSARGTCJWGL?EGTCL?BHSQR?@JCBGPCARGML%AFMCQ?PCKC?QSPCB?Q?DSLARGMLMDNMQGRGML?QUCJJ?QBCNRF!AMKNSRCP
AMLQRPSARQ?LGK?ECRF?RPCTC?JQRFCQF?NC?LBBCLQGRWMDGLRCPL?JQRPSARSPCQ
4FGQAMLRCLRGQ?T?GJ?@JCDMPDPCC?RFRRNALVMPEAMLRCLRAMJ
#(!04%2Y0(93)#3/&(%!2).'
=;IF9 ?!LSJRP?QMLGAGK?ECGQNPMBSACB@WQUCCNGLERFCSJRP?QMLGA@C?K?APMQQRFC?PC?MDGLRCPCQRGLRFGQA?QCRFCUMK?LwQ?@BMKCL$?R??PCPCAMPBCB?LB
?L?JWXCBGL?AMKNSRCPNPMTGBGLE?RUMBGKCLQGML?JGK?EC@5JRP?QMSLBGK?ECMDUCCIMJBDCRSQAPCBGR-?PE?PCR7#?PPSRFCPQ&JGAIP
(MUKSAFBCR?GJA?LSJRP?QMSLBPCTC?J4FCGK?ECGL =;IF9 GQRWNGA?JMDJMUAMQRQWQRCKQ@SRRF?RGL =;IF9 QFMUQRFCPCK?PI?@JC
BCR?GJNMQQG@JCUGRFKMPC?BT?LACBQWQRCKQGLAJSBGLE$GK?EGLE5JRP?QMSLBRMB?WGQAMKKMLJWSQCBGLNPCL?R?JA?PC3SAFGK?EGLEA?L@CSQCB
RMQCCGDRFCDCRSQGQBCTCJMNGLE?R?LMPK?JP?RC?LBFCJNGLRFCBCRCPKGL?RGMLMDQCPGMSQNPM@JCKQC?PJWGLRFCNPCEL?LAW5JRP?QMSLBGQ?JQMGLUGBC
SQCRMGK?ECRFCAF?K@CPQMDRFCFC?PR?LBRFCDJMUMD@JMMBUGRFGLRFC@C?RGLEFC?PRSQGLERFC$MNNJCPCDDCARCAFMA?PBGMJMEW
7FCLCTCP?U?TCGQSQCB?Q?NPM@CGRGQTCPWBGDDGASJRRMBCRCARBCR?GJQQK?JJCPRF?LGRQU?TCJCLERF ȉ )LBCCBASPPCLRRCAFLMJMEWA?LLMRBMOSGRC
RFGQUCJJ!@BMKGL?JQA?LQK?WSQC?-(XDPCOSCLAW?LBRFCQNCCBMDQMSLBGLRGQQSCGQ?@MSRKQuQMRFCU?TCJCLERFJGKGRRMBCR?GJUMSJB
W
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G
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UMSJB?JJMUEPC?RCPBCR?GJ@SRGRBMCQLMRNCLCRP?RC?QUCJJ?QJMUCPDPCOSCLAGCQBM4FC?AACNRCBPSJCMDRFSK@GQRF?RWMSA?LCDDCARGTCJWQA?LRM?
BCNRFMD?@MSR ȉ GLRMRGQQSC&MP-(XRFGQNCLCRP?RGMLJGKGRGQ —NN UFGAFGQK(GEFCPDPCOSCLAGCQK?W@CCKNJMWCBGL
QK?JJCPMPE?LQQSAF?QRFCCWC@SR?PCLMRNP?ARGA?JDMPJMMIGLEBCCNGLRMRFC@MBW
=;IF9 !$SJRP?QMSLBGK?ECMD?DCRSQ!QUCJJ?QDMPRFCBCRCARGMLMD?LW?@LMPK?JGRGCQQSAFQA?LQF?TC?JQM@CCLQFMULRM@CSQCDSJDMPQRPCLERFCLGLERFC
CKMRGML?J@MLBGLE@CRUCCLN?PCLRQ?LBRFCGPSL@MPLAFGJBAPCBGR*CLLGC#S7GIGKCBG?#MKKMLQ
)L?BBGRGMLRMQF?NCGLDMPK?RGMLSJRP?QMLGAQA?LQA?LNPMBSACBCLQGRWGLDMPK?RGMLQSNCPGMPRMRF?RDMSLBGL8P?WQ@CA?SQCRFCGLRCLQGRWMD?PCDJCARCB
QMSLBGQPCJ?RCBRMAF?LECQGLBCLQGRW3MSLBGQKMQRQRPMLEJWPCDJCARCB?RNJ?ACQUFCPCBCLQGRWAF?LECQ?PCEPC?RCQR
!LMRFCPK?HMPSQCMDSJRP?QMSLBGLKCBGA?JBG?ELMQRGAQGQRMBCRCARKMRGML?LBBCRCPKGLCTCJMAGRWRFPMSEFRFC$MNNJCPQFGDRMD?LCAFMILMUL?Q
CDD@9F
G<=:H98I@HF5GCIB84FGQRCAFLGOSCGQSQCBRMKMLGRMPDCR?JFC?PR@C?RKC?QSPC@JMMBTCJMAGRW?LBBCRCARMAAJSQGMLQGL@JMMBTCQQCJQDMP
CV?KNJC3CC =;IF94FCK?ELGRSBCMDRFC$MNNJCPQFGDRGL?LCAFMGQBGPCARJWNPMNMPRGML?JRMRFCTCJMAGRWMDUF?RCTCPPCDJCARQRFCQMSLB
#(!04%2Y0(93)#3/&(%!2).'
"CA?SQC?LCAFMGQGLTMJTCBRFCPCGQ?ARS?JJW?BMS@JCQFGDR4FCDGPQRMAASPQ@CA?SQCRFCPCDJCARMPQ?W?DCR?JFC?PRGQ?KMTGLEM@QCPTCP?LB
PCACGTCQ?$MNNJCPQFGDRCBDPCOSCLAW4FCPCDJCARMPRFCL?ARQ?Q?KMTGLEQMSPACNPMBSAGLE?QCAMLB$MNNJCPQFGDR
=;IF9 4FGQ$MNNJCPQFGDRCBSJRP?QMLGAGK?ECMD?N?PRG?JJWMAAJSBCB?PRCPWSQCQAMJMPRMGLBGA?RCTCJMAGRW4FCFGEFCQRTCJMAGRGCQ?PCGLPCBUFGJCRFCJMUCQR?PC@JSC4FC
@JMMBKSQRKMTCD?QRCPRFPMSEFRFCAMLQRPGARGMLRMA?PPWRFCQ?KCDJMUAPCBGR!PLGLE#'PXWQI?57GIGKCBG?#MKKMLQ
!AJCTCPRCAFLGOSCGQSQCBRMKC?QSPCRFC$MNNJCPQFGDRGL?LCAFM4FCDPCOSCLAWMDRFCCAFMCBQMSLBGQQSNCPGKNMQCBMLRFC@PM?BA?QRDPCOSCLAW
NPMBSAGLE@C?RQ4FC@C?RDPCOSCLAWGQ ' # и G Ч G и ?LBQMGRGQBGPCARJWNPMNMPRGML?JRMRFC$MNNJCPQFGDR G Ч G ?LBFCLACRFC
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UMSJB@CLCCBCBRMKC?QSPCRFCQFGDRBGPCARJW"SRKC?QSPGLERFC@C?RDPCOSCLAWGQC?QW?LBGRGQLMR?DDCARCBGDRFC@PM?BA?QRDPCOSCLAWT?PGCQ
QMKCUF?R&SPRFCPKMPCRFC@C?RDPCOSCLAWGQGLRFC?SBG@JCP?LEC?LBA?L@C?KNJGDGCBDMP?SBGMDCCB@?AIRMRFCKCBGA?JM@QCPTCP
5QCQDMP$MNNJCP3FGDRCB2?B?P
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?QDMP$MNNJCPQFGDRCBSJRP?QMSLB4FCPCGQCTGBCLACRF?R@?RQ?LBBMJNFGLQK?W?JQMQCLQCRFCTCJMAGRWMD?LM@HCARQSAF?QNPCWPCDJCARGLE
RFCGPSJRP?QMSLBQGEL?JQ@WM@QCPTGLEGRQ$MNNJCPQFGDR
L5AD@9 5@7I@5H9/9@C7=HMC:@CC8CDD@9F
,<=:H98.@HF5GCIB8
5JRP?QMSLBRF?RF?Q?DPCOSCLAWMD-(XGQQCLRRMU?PB@JMMBGL?L?PRCPWRF?RGQKMTGLERMU?PBRFCQMSPAC?RAKQ?QGJJSQRP?RCBGL
=;IF95QCRFCQNCCBMDQMSLBGLFSK?LRGQQSC?QKQ!QQSKCRF?RRFCDPCOSCLAWMD-(XGQ?AASP?RCRMQCTCLQGELGDGA?LR
DGESPCQ
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A 7F?R@C?RDPCOSCLAWGQNPMBSACBGDRFCQMSPAC?LBPCRSPLGLEDPCOSCLAGCQ?PCKGVCB
=;IF9 5JRP?QMSLBGQN?PRJWPCDJCARCB@W@JMMBACJJQ?LBNJ?QK?@?AIRMU?PBRFCQNC?ICPKGAPMNFMLC"CA?SQCRFCACJJQ?PCKMTGLERUM$MNNJCPQFGDRQ?PC
NPMBSACBuMLCDMP@JMMB?Q?KMTGLEM@QCPTCP?LBRFCMRFCPDMPRFCPCDJCARCBQMSLBAMKGLEDPMK?KMTGLEQMSPAC4FCK?ELGRSBCMDRFCQFGDRGQBGPCARJWNPMNMPRGML?JRM
@JMMBTCJMAGRW
,HF5H9;M
4FGQAMLRCLRGQ?T?GJ?@JCDMPDPCC?RFRRNALVMPEAMLRCLRAMJ
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PCDJCARGMLAMCDDGAGCLR@CRUCCLRP?LQBSACPK?RCPG?J?LBECJ?QQSKGLEDMP
RFGQNPM@JCKRF?RGRQ?AMSQRGAGKNCB?LACGQGBCLRGA?JRMRF?RMDU?RCPA
"?QCBMLRFCPCQSJRQMDWMSPA?JASJ?RGMLQCVNJ?GLUFWRFCECJGQSQCB
?#?JASJ?RCRFCKGLGKSKDPCOSCLAWMDSJRP?QMSLBRF?RUGJJ?JJMUWMS
RMQCCBCR?GJQ?QQK?JJ?QKKGLFSK?LRGQQSC@7F?RGQRFC
CDDCARGTCBCNRFRMUFGAFRFGQQMSLBGQCDDCARGTC?Q?BG?ELMQRGANPM@C
?&GLBRFCQGXCMDRFCQK?JJCQRBCR?GJM@QCPT?@JCGLFSK?LRGQQSC
UGRF-(XSJRP?QMSLB@)QGRQCDDCARGTCNCLCRP?RGMLBCNRFEPC?R
CLMSEFRMCV?KGLCRFCCLRGPCCWC?@MSRAKGQLCCBCBA7F?RGQ
RFCU?TCJCLERFMDQSAFSJRP?QMSLBGL z$ ?GP
?%AFMRGKCQ?PCKC?QSPCB@WBG?ELMQRGASJRP?QMSLBQA?LLCPQRM
BCRCPKGLCBGQR?LACQRMPCDJCARGLEQSPD?ACQGL?N?RGCLR7F?RGQRFC
BGDDCPCLACGLCAFMRGKCQDMPRGQQSCQRF?R?PC?LBAK@CLC?RF
RFCQSPD?AC4FGQBGDDCPCLACGQRFCKGLGKSKPCQMJTGLERGKCDMPRFC
QA?LLCPRMQCCBCR?GJQ?QQK?JJ?QAKMPKK$GQAPGKGL?RGML
MDQK?JJCPRGKCBGDDCPCLACQGQLCCBCBRMQCCQK?JJCPBCR?GJQ@$GQASQQ
UFCRFCPRFCNCPGMB 5 MDRFGQSJRP?QMSLBKSQR@CQK?JJCPRF?LRFC
KGLGKSKRGKCPCQMJSRGML)DQMUF?RGQRFCKGLGKSKDPCOSCLAWMDRFC
SJRP?QMSLB?LBGQRF?RMSRMDRFCLMPK?JP?LECDMPBG?ELMQRGASJRP?QMSLB
?(MUD?P?N?PR?PCRUMJ?WCPQMDRGQQSCRF?RNPMBSACCAFMCQF?TGLE
PMSLBRPGNRGKCQSQCBRMKC?QSPCBGQR?LACQRF?RBGDDCP@W uT @7F?RKGLGKSKDPCOSCLAWKSQRRFCSJRP?QMSLBF?TCRMQCCBCR?GJRFGQ
QK?JJ
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BCRCARCAFMCQKQ?N?PRUF?RKGLGKSKBGQR?LAC@CRUCCLM@HCARQ
A?LGRBCRCAR@#MSJBRFGQBGQR?LACCVNJ?GLRFCBGDDGASJRWRF?R@?RQF?TC
DGLBGLE?LMNCLBMMPUFCLRFCW?AAGBCLR?JJWECRGLRM?FMSQC
!BMJNFGLGQ?@JCRMRCJJGLRFCB?PIRF?RRFCSJRP?QMSLBCAFMCQ
PCACGTCBDPMKRUMQF?PIQAMKCDPMKRUMBGDDCPCLRM@HCARQMLJWGDRFC
QF?PIQ?PCQCN?P?RCB@WKMLC@CGLERF?RKSAFD?PRFCP?U?WRF?L
RFCMRFCP?)DRFCSJRP?QMSLBF?Q?DPCOSCLAWMDI(XQFMURFGQ
?@GJGRWGQLMRJGKGRCB@WGRQU?TCJCLERF@)DRFGQ?@GJGRWGQBSCRMRFC
BMJNFGLwQ?@GJGRWRMBCRCARRFC?PPGT?JRGKCQMDCAFMCQUF?RGQRFCKGLGKSK
RGKCBGDDCPCLACRFCBMJNFGLA?LNCPACGTC
!BG?ELMQRGASJRP?QMSLBCAFMGQPCDJCARCBDPMKKMTGLE@JMMB?LB
PCRSPLQUGRF?DPCOSCLAW(XFGEFCPRF?LGRQMPGEGL?J-(X7F?R
GQRFCTCJMAGRWMDRFC@JMMB!QQSKCRF?RRFCDPCOSCLAWMD-(XGQ
?AASP?RCRMQCTCLQGELGDGA?LRDGESPCQ?LB(XGQ?AASP?RCRMRFPCC
QGELGDGA?LRDGESPCQ
5JRP?QMSLBPCDJCARCBDPMK?LMLAMKGLE@JMMBQRPC?KRF?RGQKMTGLE?R
AKQGQKGVCBUGRFRFCMPGEGL?JDPCOSCLAWMD-(XRMNPMBSAC
@C?RQ7F?RGQRFC@C?RDPCOSCLAW!QQSKCRF?RRFCDPCOSCLAWMD
-(XGQ?AASP?RCRMQCTCLQGELGDGA?LRDGESPCQ
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4FGQAMLRCLRGQ?T?GJ?@JCDMPDPCC?RFRRNALVMPEAMLRCLRAMJ