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3GOGGPUG
FO$XYKT
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EOP]OMOTM HUZ\[KWUWJKTOTM MKSKKTYK 7XYKT -+ UQYUHKW ,*+1 +1(+*(*0
9K WGGJ [GT JK MKSKKTYK 7XYKT5
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MKRKY UV GWYOQKR 2& KKWXYK ROJ& [GT JK EUTOTM\KY5
MKNUUWJ NKY GJ[OKX [GT JK IUSSOXXOK BZOSYK [GT +* UQYUHKW ,*+15
HKXRZOY5
[GXY YK XYKRRKT JK [URMKTJK \OP]OMOTM [GT JK 8UZ\[KWUWJKTOTM MKSKKTYK 7XYKT(
7RJZX [GXYMKXYKRJ OT JK UVKTHGWK [KWMGJKWOTM [GT JK WGGJ [GT JK MKSKKTYK 7XYKT [GT -+ UQYUHKW ,*+1(
9K WGGJ [UUWTUKSJ&
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[UUW]OYYKW&
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3GOGGPUGN
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ATJKW\KWV4 8OPRGMK"T#4 DKWMGJKWOTM
[GT4
7MKTJG' TZSSKW4
V(N(4
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,*+1 +1(+*(*0 ><
JK WGGJ
[GT JK MKSKKTYK 7XYKT
=COGPWCUUKPI
9K ?UJKR 8UZ\[KWUWJKTOTM OX UV KKT VGGW QRKOTK VZTYKT GGTMKVGXY( <KY MGGY NOKWHOP UTJKW SKKW US JK [KW\KWQOTM [GT TOKZ\K @:@'TUWSKT( DKWJKW ]OPT KTQKRK [KW\OP]OTMKT TGGW JK BKMKROTM USMK[OTMXWKINY GGTMKVGXY(
/GTNKTRVPUGP
EOP XYKRRKT Z [UUW US4
+( 9K [URMKTJK \OP]OMOTM [GT JK HUZ\[KWUWJKTOTM MKSKKTYK 7XYKT [GXY YK XYKRRKT(
5PNGKFKPI
9K ?UJKR 8UZ\[KWUWJKTOTM OX UV KKT VGGW QRKOTK VZTYKT GGTMKVGXY( 9K GWYOQKRKT U[KW NKY
HUJKSUTJKW]UKQ OT JK 8UZ\[KWUWJKTOTM MKSKKTYK 7XYKT& \GGWUTJKW GWYOQKR ,(+(/& NKHHKT YUY JUKR YK HK[UWJKWKT JGY TOKY \UWJY MKHUZ\J UV [KWUTYWKOTOMJK MWUTJ( 9K @:@'TUWSKT \GGW OT GWYOQKR ,(+(/ TGGW [KW\K]KT \KWJ ]OPT OTSOJJKRX MWUYKTJKKRX [KW[GTMKT JUUW TOKZ\K @:@'TUWSKT( 9K [KW\OP]OTMKT ]OPT JOKTU[KWKKTQUSXYOM GGTMKVGXY( DKWJKW OX NKY GWYOQKR WKJGIYOUTKKR [KWHKYKWJ KT ]OPT KTQKRK [KW\OP]OTMKT TGGW JK BKMKROTM USMK[OTMXWKINY MKGIYZGROXKKWJ(
<OKWUTJKW \UWJKT JK \OP]OMOTMKT \KKWMKMK[KT( =T JK HKXYGGTJK YKQXY ]OPT JK \UUWJKT KT RKKXYKQKTX \GGWGGT OKYX [KWGTJKWY& IZWXOKL MK]KY( =T JK TOKZ\K YKQXY ]OPT JK TOKZ\K \UUWJKT KT RKKXYKQKTX [KY MKJWZQY(
7WYOQKR =
7WYOQKR ,(+(/ [GT JK 8UZ\[KWUWJKTOTM MKSKKTYK 7XYKT \UWJY GRX [URMY MK\OP]OMJ4
/GTUCCPFG UGMTU :KGVXG UGMTU
.SUKMGN )%(%* /QFGOQPFGSZQGM
%# 09G CB89ELC9? 69GE9::9B89 89
6C89A;9FG9@8<9=8 5@F 698C9@8 =B 5EG=?9@ +!
I=9E89 @=8! I5B 89 4CB=B;J9G 69FG55G H=G, 5# 89 E9FH@G5G9B I5B 99B E979BG
A=@=9H<K;=MB=F7< 6C89ACB89ELC9?
I9EE=7<G IC@;9BF 2/2 )*($! H=G7>5I9
.SUKMGN )%(%* /QFGOQPFGSZQGM
(% 4GU QPFGSZQGM DGUSGHHGPFG FG
DQFGOIGTUGNFJGKF CKT DGFQGNF KP CSUKMGN ,#
WKGSFG NKF# WCP FG AQPKPIXGU DGTUCCU KP KGFGS IGWCN VKU FG SGTVNUCUGP WCP GGP SGEGPU OKNKGVJYIK[PKTEJ DQFGOQPFGSZQGM WGSSKEJU WQNIGPT :2:
,**3& OT U[KWKKTXYKSSOTM SKY NKY UTJKW]UKQXVWUYUIUO JGY [UOMY ZOY LOMZZW +(
6# I9EI5@@9B #
7# 1B8=9B CD 65F=F I5B <9G ICCECB89ELC9?
55B@9=8=B; 69FG55G G9 I9ECB89EFG9@@9B 85G 5F69FG! 855ECB89E A989 69;E9D9B
5F69FGI9L9@F! "899@G>9F C: "FGC:! =B 89 6C89A 55BJ9L=; =F! I=B8G <9G CB89ELC9?
A989 D@55GF CD 89 J=>L9 5@F ICCEL=9B =B 2/2 )*$*! H=G;5I9 &$$'#
&# .9 D@=7<G GCG <9G =B8=9B9B I5B 99B CB89ELC9?FE5DDCEG 5@F 698C9@8 =B 5EG=?9@
&#(! CB89E 8 I5B 89 39;9@=B;
CA;9I=B;FE97<G ;9@8G B=9G =B8=9B <9G 6CHJ9B 69GE9??=B; <99:G CD 99B
6CHJJ9E? 85G B55E 55E8 9B CAI5B; ;9@=>?
=F 55B 99B 6CHJJ9E? 5@F ;9BC9A8 =B <9G -9F@H=G CA;9I=B;FE97<G! 5EG=?9@9B & 9B ' I5B 6=>@5;9 11# .9L9 I9EJ=>L=B; ;9@8G B=9G ICCE 89 <CC;G969D5@=B;9B =B <9G -9F@H=G CA;9I=B;FE97<G! 5EG=?9@9B & 9B ' I5B 6=>@5;9 11#
-( <KY HK[UKMJ MK]GM XYGGY KKT MKNKKR UL MKJKKRYKROPQ GL\OPQKT [GT JK VROINY YUY NKY OTJOKTKT [GT KKT UTJKW]UKQXWGVVUWY HKJUKRJ OT GWYOQKR ,(.& UTJKW J& [GT JK BKMKROTM USMK[OTMXWKINY YUK& OTJOKT [UUW YUKVGXXOTM [GT GWYOQKR ,(.(+ HOP NKY
HK[UKMJ MK]GM WKKJX HWZOQHGWK WKIKTYK UTJKW]UKQXWKXZRYGYKT HKXINOQHGGW ]OPT(
.( <KY HK[UKMJ MK]GM QGT KKT MKJKKRYKROPQ GL\OPQKT [GT JK VROINY YUY NKY OTJOKTKT [GT KKT UTJKW]UKQXWGVVUWY GRX HKJUKRJ OT GWYOQKR ,(.& UTJKW J [GT JK BKMKROTM USMK[OTMXWKINY YUKXYGGT [UUW KKT HUZ\\KWQ SKY KKT HKVKWQYK
OTXYGTJNUZJOTMYKWSOPT& GRX HKJUKRJ OT GWYOQKR ,(,- EKY GRMKSKTK HKVGROTMKT USMK[OTMXWKINY KT GWYOQKR /(+0 [GT NKY 8KXRZOY USMK[OTMXWKINY& OTJOKT ZOY NKY OT
@:@ /1,/& ZOYMG[K ,**3& HKJUKRJK
[UUWUTJKW]UKQ TGGW NKY NOXYUWOXIN MKHWZOQ KT TGGWJK HUJKSMKXYKRJNKOJ HROPQY& JGY JK RUIGYOK UT[KWJGINY OX JGT \K JK MKWK]KT [KWJKTQOTMKT KKT [URRKJOM
[KRJUTJKW]UKQ [URMKTX @:@ /1.*& ZOYMG[K ,**3 TOKY WKINY[GGWJOMKT(
/1.*4,**3%7R4,*+0 TR& OT QWGSGGPTUGOOKPI OGU JGU
QPFGSZQGMTRSQUQEQN FCU WQNIU VKU HKIVVS (%
.NT QR DCTKT WCP JGU QPFGSZQGM CCPNGKFKPI DGTUCCU UG WGSQPFGSTUGNNGP FCU CTDGTU#
FCCSQPFGS OGFG DGISGRGP CTDGTUWGZGNT# $ FGGNULGT QH $TUQH# KP FG DQFGO CCPXGZKI KT# WKPFU JGU QPFGSZQGM OGFG RNCCUT QR FG XKLZG CNT WQQSZKGP KP :2: *+'+-)'(* PN%
,( 9K VROINY YUY NKY OTJOKTKT [GT KKT UTJKW]UKQXWGVVUWY& HKJUKRJ OT GWYOQKR ,(. [GT JK BKMKROTM USMK[OTMXWKINY&
MKRJY TOKY GRX NKY HUZ\KT HKYWKQQOTM NKKLY UV KKT HUZ\\KWQ JGY TGGW GGWJ KT
US[GTM MKROPQ OX GGT KKT HUZ\\KWQ GRX MKTUKSJ OT JK GWYOQKRKT , UL - [GT HOPRGMK == [GT NKY 8KXRZOY
USMK[OTMXWKINY( 9K]K [KW\OP]OTM MKRJY TOKY [UUW JK NUUMYKHKVGROTMKT OT JK GWYOQKRKT , KT - [GT HOPRGMK == [GT NKY 8KXRZOY USMK[OTMXWKINY(
-( <KY HK[UKMJ MK]GM XYGGY KKT MKNKKR UL MKJKKRYKROPQ GL\OPQKT [GT JK VROINY YUY NKY OTJOKTKT [GT KKT UTJKW]UKQXWGVVUWY&
HKJUKRJ OT GWYOQKR ,(. [GT JK BKMKROTM USMK[OTMXWKINY& YUK GRX [UUW YUKVGXXOTM [GT GWYOQKR ,(.(+ HOP NKY HK[UKMJ MK]GM
WKKJX HWZOQHGWK WKIKTYK
UTJKW]UKQXWKXZRYGYKT HKXINOQHGGW ]OPT(
.( <KY HK[UKMJ MK]GM QGT KKT MKJKKRYKROPQ GL\OPQKT [GT JK VROINY YUY NKY OTJOKTKT [GT KKT UTJKW]UKQXWGVVUWY& HKJUKRJ OT GWYOQKR ,(. [GT JK BKMKROTM USMK[OTMXWKINY&
YUKXYGGT [UUW KKT HUZ\\KWQ SKY KKT HKVKWQYK OTXYGTJNUZJOTMYKWSOPT GRX HKJUKRJ OT GWYOQKR ,(,- [GT JK EKY GRMKSKTK HKVGROTMKT USMK[OTMXWKINY KT GWYOQKR /(+0 [GT NKY 8KXRZOY
USMK[OTMXWKINY GRX ZOY NKY OT @:@ /1,/&
ZOYMG[K ,**3& HKJUKRJK [UUWUTJKW]UKQ TGGW NKY NOXYUWOXIN MKHWZOQ KT JK HUJKSMKXYKRJNKOJ HROPQY JGY JK RUIGYOK UT[KWJGINY OX UL JGY JK MKWK]KT
[KWJKTQOTMKT KKT [URRKJOM [KRJUTJKW]UKQ [URMKTX @:@ /1.*4,**3%7R4,*+0 TR TOKY WKINY[GGWJOMKT(
