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#PPWCN4GRQTV $CPI1NWHUGP)TQWR
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&GCT$CPI1NWHUGPUJCTGJQNFGT
%QTRQTCVGKPHQTOCVKQPGVE
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&'#4$#0)1.7(5'05*#4'*1.&'4
6JGHKPCPEKCN[GCTYCUVJG[GCTYJGPVJG
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OCFGKVRQUUKDNGVQOCKPVCKPVJGRTGXKQWUN[KPKVKCVGF
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6JGUJCTGRTKEGKPETGCUGFD[RGTEGPVFWTKPIVJG
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1RGTCVKQPU,QJP$GPPGVV6JGTMKNFUGPCPF'ZGEWVKXG8KEG2TGUKFGPV5CNGU/CTMGVKPI%JTKUVKCP9KPVJGT
*GPPKPI$GLGT$GEMYCUCRRQKPVGF%JKGH(KPCPEKCN
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6JG[GCToUUCNGUVTGPFUYJKEJYGTGWPEJCPIGFQP
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6JGRQUKVKXGUCNGUVTGPFKPVJGUGEQPFJCNH[GCTKUCFKTGEVTGUWNVQHVJGKPETGCUGFPWODGTQHRTQFWEV
NCWPEJGUYKVJRGTEGPVQH$CPI1NWHUGPoU
UCNGUYKVJKPVJGCWFKQCPFXKFGQUGIOGPVCTKUKPI
HTQOPGYRTQFWEVUKGRTQFWEVUUQNFKPVJGHKTUV
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VJTQWIJKPVGITCVGFUVGTGQURGCMGTUCPFCFKIKVCNUWTTQWPFUQWPFOQFWNG#UCTGUWNVQH$GQ8KUKQP
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YQQHGT$GQ.CDYJKEJEQODKPGUGZEGNNGPVDCUUHCUEKPCVKPIFGUKIPCPFWPWUWCNRNCEGOGPVQRVKQPU
9KVJKPVJG#WVQOQVKXGCTGC$CPI1NWHUGP
JCUTGEQTFGFJKIJN[UCVKUHCEVQT[UCNGUITQYVJHQT
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$CPI1NWHUGPCU2GVGT$CPIU8GL5VTWGT&GPOCTM
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CYCTGPGUUVQNFVJTQWIJVJGFGXGNQROGPVRTQFWEVKQPWUGCPFFKURQUCNQHCURGEKERTQFWEV
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$#0)1.7(5'0#$4+'(*+5614;
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'WTQRGCPTCFKQCPF68HCEVQTKGUVQENQUG$CPI
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5KPEGVJGP$CPI1NWHUGPUJQRU$5JQRUJCXGCEEQWPVGFHQTCPKPETGCUKPIUJCTGQHQXGTCNNUCNGU
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VQ$CPI1NWHUGPoURTQFWEVUVTCVGI[#PGZCORNG
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RCTVPGTKPVJGJKIJGPFUGIOGPVEQPEGTPKPIVJG
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EQNQWTF[GKPICPQFKUCVKQPRTQEGUUKPICPFUWTHCEG
VTGCVOGPVQHCNWOKPKWO
6JGKPFKXKFWCNRTQFWEVUCTGCUUGODNGFCPFOQWPVGF
CV$CPI1NWHUGPoUQYPRTQFWEVKQPHCEKNKVKGUKP
5VTWGT&GPOCTMCPF-QRTKXPKEG%\GEJ4GRWDNKE
+PCFFKVKQPVQVJGRJ[UKECNEQORQPGPVU$CPI
1NWHUGPoURTQRTKGVCT[UQHVYCTGCPFVGEJPQNQI[
HQTORCTVQHVJGRTQFWEVU6JGUGHGCVWTGUGPCDNGVQFKHHGTGPVKCVGVJGRTQFWEVUKPVGTOUQHWUGT
HTKGPFNKPGUUCPFQVJGTHCEVQTUUWEJCUUQWPFCPF
RKEVWTGRTQEGUUKPI
/QUVQH$CPI1NWHUGPoURTQFWEVUCTGOCPWHCEVWTGF
KPCNCTIGPWODGTQHXCTKGVKGUFGRGPFKPIQPVJG
EWUVQOGToUURGEKHKETGSWKTGOGPVU
2TQFWEVFGXGNQROGPV
+PIGPGTCNRTQFWEVFGXGNQROGPVQHCWFKQCPF
XKFGQRTQFWEVUCPF%CT(KRTQFWEVUVCMGURNCEGKP
5VTWGT&GPOCTM6JGEQORCP[CNUQJCUCUOCNN
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$GQ.CD#UVQP/CTVKP&$52CTM*[CVV*CODWTI$GQ5QWPF#/)5RGCMGTKP#WFK#$GQ8KUKQPCPF$GQ.CD
UQHVYCTGKPPQXCVKQPCPFFGXGNQROGPVWPKVKP
#CTJWU&GPOCTM6JGTGCTGCNUQFGXGNQROGPV
FGRCTVOGPVUCVVJG-QRTKXPKEGHCEVQT[CPFCVVJG
'UVQPKCPEQORCP[1$15QHVKPYJKEJ$CPI
1NWHUGPJCUCRGTEGPVUVCMG
$CPI1NWHUGPJCUCYGNNGUVCDNKUJGFKPPQXCVKQP
EWNVWTGYJKEJJCUGXQNXGFQXGTCPWODGTQH[GCTU
+PMGGRKPIYKVJVJG2QNG2QUKVKQP5VTCVGI[RNCPVJG
EWNVWTGQHKPPQXCVKQPJCUDGGPHWTVJGTFGXGNQRGFVQ
JCPFNGVJGGXGTKPETGCUKPIVGEJPQNQIKECNEQPVGPVQH
VJGEQORCP[oURTQFWEVU6JKUGPUWTGUVJGOCZKOWOTGCRRNKECVKQPQHVGEJPQNQI[KPKPFKXKFWCNRTQFWEVU
YKVJQWVCHHGEVKPI$CPI1NWHUGPoUTGPQYPGF
FKHHGTGPVKCVKQP
%QORCTGFYKVJQVJGTOCPWHCEVWTGTUQH
EQPUWOGTGNGEVTQPKEU$CPI1NWHUGPVCMGUCP
WPEQPXGPVKQPCNCRRTQCEJVQRTQFWEVFGXGNQROGPV
CPFFGUKIPFTKXGPKPPQXCVKQP1PGKORQTVCPVCTGC
YJGTG$CPI1NWHUGPoUCRRTQCEJUVCPFUQWVKUVJG
GCTN[EQPEGRVFGXGNQROGPVUVCIGFWTKPIYJKEJVJG
EQORCP[FGXQVGUEQPUKFGTCDNGTGUQWTEGUKPETGCVKPI
KPPQXCVKXGCPFNQPINCUVKPIEQPEGRVUCPFFGUKIPU
0QPDTCPFGFDWUKPGUU
#NQPIUKFGVJGDTCPFGFDWUKPGUU$CPI1NWHUGPKU
GPICIGFKPPQPDTCPFGFCEVKXKVKGUYKVJTGICTFVQ
VJGFGXGNQROGPVRTQFWEVKQPCPFUCNGUQHEQORCEV
FKIKVCNCORNKHKGTWPKVU6JGUWDUKFKCT[$CPI
1NWHUGP+%'RQYGTCUKUTGURQPUKDNGHQTVJGRCVGPVGF
+%'RQYGTVGEJPQNQI[sCVGEJPQNQI[VJCVGPCDNGU
UOCNNFKIKVCNCORNKHKGTUVQRTQXKFGGZVTGOGN[JKIJ
RGTHQTOCPEGYKVJRCTVKEWNCTN[NQYJGCVQWVRWVCPF
VJWUYKVJTGFWEGFGPGTI[EQPUWORVKQP
#UCTGUWNVQHVJGEQORCEVFGUKIPTGNKCDKNKV[GPGTI[UCXKPIUCPFUQWPFSWCNKV[$CPI1NWHUGP
+%'RQYGToUFKIKVCNCORNKHKGTOQFWNGUCTGKPFGOCPF
HQTWUGKPHQTKPUVCPEGJKIJGPFCWFKQXKFGQ
RTQFWEVUCPFOQDKNGRJQPGU6JKUVGEJPQNQI[ECPDG
HQWPFKPCYKFGTCPIGQHOQFGNUHTQO5COUWPI6JG
+%'RQYGTVGEJPQNQI[KUCNUQCMG[HGCVWTGQH$CPI
1NWHUGPoUCEVKXGURGCMGTUCPFUQWPFU[UVGOUHQTECTU
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&--OKNNKQP
&--OKNNKQP
1RGTCVKPIRTQHKV &--OKNNKQP
%CUJHNQY
4GUWNVDGHQTGVCZ 4GVWTPQPGSWKV[
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(+8';'#457//#4;/#+0#0&-';(+)74'5
$CPI1NWHUGPCU)TQWR&--OKNNKQP
2TQHKVCPFNQUUCEEQWPV 0GVVWTPQXGT
1HYJKEJHTQOHQTGKIPOCTMGVU
1RGTCVKPIRTQHKVNQUU
(KPCPEKCNKVGOUPGV
4GUWNVDGHQTGVCZ
4GUWNVHQTVJG[GCT
4GUWNVHQTVJG[GCTUJCTGJQNFGTUQHVJGRCTGPVEQORCP[
$CNCPEGUJGGV
6QVCNCUUGVUGPFQH[GCT
5JCTGECRKVCN
'SWKV[GPFQH[GCT 'SWKV[CVVTKDWVCDNGVQUJCTGJQNFGTUQH
VJGRCTGPVEQORCP[GPFQH[GCT
/KPQTKV[KPVGTGUVU
%CUJHNQYUHQTVJG[GCT
1HYJKEJECUJHNQYUHTQO
1RGTCVKPICEVKXKVKGU
+PXGUVOGPVCEVKXKVKGU
QHYJKEJKPXGUVOGPVKPVCPIKDNGPQPEWTTGPVCUUGVU
QHYJKEJKPXGUVOGPVKPKPVCPIKDNGPQPEWTTGPVCUUGVU
QHYJKEJKPXGUVOGPVKPGSWKV[KPVGTGUVU
(KPCPEKPICEVKXKVKGU
'ORNQ[OGPV
0WODGTQHGORNQ[GGUGPFQH[GCT
2CTCPVJGUGUFGPQVGPGICVKXGHKIWTGU
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(+8';'#457//#4;/#+0#0&-';(+)74'5%106+07'&
$CPI1NWHUGPCU)TQWR&--OKNNKQP
-G[HKIWTGU '$+6
'$+6OCTIKP
2TQHKVTCVKQ
4GVWTPQPCUUGVU
4GVWTPQPKPXGUVGFECRKVCNGZENIQQFYKNN
4GVWTPQPGSWKV[
%WTTGPVTCVKQ
'SWKV[TCVKQ
(KPCPEKCNIGCTKPI
0GVKPVGTGUVDGCTKPIFGDV
0GVVWTPQXGT+PXGUVGFECRKVCNGZENIQQFYKNN
'CTPKPIURGTUJCTGPQO&--&--
&KNWVGFGCTPKPIURGTUJCTGPQO&--&--
+PVTKPUKEXCNWGRGTUJCTGPQO&--&--
3WQVCVKQPCUCV/C[
2TKEGGCTPKPIU
2TKEGGCTPKPIUFKNWVGF
3WQVCVKQPKPVTKPUKEXCNWGRGTUJCTG
&KXKFGPFRCKFRTQRQUGFRGTUJCTGPQO&--&--
0WODGTQHUJCTGUGPFQH[GCT
0WODGTQHQYPUJCTGUGPFQH[GCT
#XGTCIGPWODGTQHUJCTGUKPEKTEWNCVKQP
#XGTCIGFKNWVKXGGHHGEVQHQWVUVCPFKPIUJCTGQRVKQPU
#XGTCIGPWODGTQHUJCTGU KPEKTEWNCV KQPFKNWVGF
/CKPCPFMG[HKIWTGUCTGRTGRCTGFKPCEEQTFCPEGYKVJ+(45CPFp4GEQOOGPFCVKQPUCPF-G[(KIWTGUqHTQO6JG&CPKUJ#UUQEKCVKQPQH
(KPCPEKCN#PCN[UVUGZEGRVHTQOVJQUGVJCVCTGPQVFGHKPGFKPVJGTG%QORCTKUQPHKIWTGUCTGCFLWUVGF
6JGCOQWPVUHQTCTGCFLWUVGFFWGVQVJGFKNWVKQPTGUWNVKPIHTQOVJGDQPWUGNGOGPVTGNCVGFVQVJGTKIJVUKUUWGKPVJG
URTKPIQHKPCEEQTFCPEGYKVJ+#5
6JGMG[HKIWTGUHQTCTGCFLWUVGFFWGVQVJGEJCPIGKPCEEQWPVKPIRTKPEKRNGUCRRNKGF
2CTCPVJGUGUFGPQVGPGICVKXGHKIWTGU
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6JGMG[HKIWTGUCTGFGHKPGFCUHQNNQYU
'$+6GUWNVDGHQTGKPVGTGUVUVCZFGRTGEKCVKQPCOQTVKUCVKQPKORCKTOGPV
NQUUGUCPFTGUWNVQHKPXGUVOGPVUKPCUUQEKCVGUCHVGTVCZ
'$+6OCTIKP
'$+6Z
0GVVWTPQXGT
2TQHKVTCVKQ
1RGTCVKPIRTQHKVNQUUZ
0GVVWTPQXGT
4GVWTPQPCUUGVU1RGTCVKPIRTQHKVNQUUZ
#XGTCIGQRGTCVKQPCNCUUGVU
'$+6#
4GUWNVDGHQTGKPVGTGUVUVCZCOQTVKUCVKQPKORCKTOGPVNQUUGUQP
KPVCPIKDNGCUUGVUCPFTGUWNVQHKPXGUVOGPVUKPCUUQEKCVGUCHVGTVCZ
4GVWTPQPKPXGUVGFECRKVCNGZENIQQFYKNN
'$+6#Z
#XGTCIGKPXGUVGFECRKVCNGZENIQQFYKNN
4GVWTPQPGSWKV[4GUWNVHQTVJG[GCTGZENOKPQTKV[KPVGTGUVUZ
#XGTCIGGSWKV[GZENOKPQTKV[KPVGTGUVU
%WTTGPVTCVKQ
%WTTGPVCUUGVU
%WTTGPVNKCDKNKVKGU
'SWKV[TCVKQ'SWKV[GPFQH[GCTGZENOKPQTKV[KPVGTGUVUZ
6QVCNGSWKV[CPFNKCDKNKVKGUGPFQH[GCT
(KPCPEKCNIGCTKPI
+PVGTGUVDGCTKPIFGDVPGVGPFQH[GCT
'SWKV[GPFQH[GCT
0GVVWTPQXGTKPXGUVGFECRKVCNGZENIQQFYKNN
0GVVWTPQXGT
#XGTCIGKPXGUVGFECRKVCNGZENIQQFYKNN
'CTPKPIURGTUJCTGPQO&--&--4GUWNVHQTVJG[GCTGZENOKPQTKV[KPVGTGUVU
#XGTCIGPWODGTQHUJCTGUKPEKTEWNCVKQP
&KNWVGFGCTPKPIURGTUJCTGPQO&--&--
4GUWNVHQTVJG[GCTGZENOKPQTKV[KPVGTGUVU
#XGTCIGPWODGTQHUJCTGUKPEKTEWNCVKQPFKNWVGF
+PVTKPUKEXCNWGRGTUJCTGPQO&--&--
'SWKV[GPFQH[GCTGZENOKPQTKV[KPVGTGUVU
0WODGTQHUJCTGUGPFQH[GCT
2TKEGGCTPKPIU3WQVCVKQP
'CTPKPIURGTUJCTGPQO&--
2TKEGGCTPKPIUFKNWVGF
3WQVCVKQP
&KNWVGFGCTPKPIURGTUJCTGPQO&--
+PVJGECNEWNCVKQPQHVJGCDQXGMG[HKIWTGUHQTVJGPWODGTQHUJCTGUCPFVJGSWQVCVKQPCTGCFLWUVGFHQT
VJGFKNWVKQPTGUWNVKPIHTQOVJGDQPWUGNGOGPVTGNCVGFVQVJGTKIJVUKUUWGKPVJGURTKPIQHKPCEEQTFCPEGYKVJ+#5
#FLWUVGFPWODGTQHUJCTGU
1TKIKPCNPWODGTQHUJCTGUDGHQTGVJGTKIJVUKUUWG
#FLWUVOGPVHCEVQTHQTVJGFKNWVKQPTGNCVGFVQVJGTKIJVUKUUWG
#FLWUVGFSWQVCVKQP
3WQVCVKQPDGHQTGVJGTKIJVUKUUWGZCFLWUVOGPVHCEVQTHQTVJGFKNWVKQPTGNCVGFVQVJGTKIJVUKUUWG
#FLWUVOGPVHCEVQTHQTVJGFKNWVKQPTGNCVGFVQVJGTKIJVUKUUWG
6JGQTGVKECNSWQVCVKQPCHVGTVJGTKIJVUKUUWG
3WQVCVKQPKOOGFKCVGN[DGHQTGVJGTKIJVUKUUWG
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&+4'%61454'2146$#0)1.7(5'0#5)4172
6JG)TQWRoUVWTPQXGTHQTVJGHKPCPEKCN[GCT
VQVCNNGF&--OKNNKQPCICKPUV&--OKNNKQP
NCUV[GCT6WTPQXGTHQTVJGHQWTVJSWCTVGTYCU&--OKNNKQPCICKPUV&--OKNNKQPHQTVJGUCOG
RGTKQFNCUV[GCT6JKUEQTTGURQPFUVQCPKPETGCUGQH
RGTEGPV
6JGTGUWNVDGHQTGVCZHQTVJGHKPCPEKCN[GCT
YCUPGICVKXGCV&--OKNNKQPCICKPUVCPGICVKXG
TGUWNVQH&--OKNNKQPNCUV[GCT6JGTGUWNVDGHQTG
VCZHQTVJGHQWTVJSWCTVGTYCURQUKVKXGCV&--
OKNNKQPCICKPUVCPGICVKXGTGUWNVQH&--OKNNKQP
HQTVJGHQWTVJSWCTVGTQH
6JG)TQWRJCUTGFWEGFKVUECRCEKV[EQUVUD[&--OKNNKQPHTQO&--OKNNKQPNCUV[GCTVQ&--
OKNNKQP6JG)TQWRJCUJQYGXGTOCKPVCKPGF
CJKIJCEVKXKV[NGXGNKPVJGFGXGNQROGPVFGRCTVOGPV
KPQTFGTVQUGEWTGITQYVJIQKPIHQTYCTF
6JG)TQWRoUITQUUOCTIKPHQTVJGHKPCPEKCN
[GCTYCURGTEGPVYJKEJKUQPCRCTYKVJNCUV
[GCToUITQUUOCTIKP
5CNGUITQYVJKPVJGUGEQPFJCNH[GCTYCURTKOCTKN[
FTKXGPD[CPWODGTQHKORQTVCPVRTQFWEVNCWPEJGU
RGTEGPVQHVJG)TQWRoUUCNGUYKVJKPVJGCWFKQCPFXKFGQDWUKPGUUVJGTGHQTGFGTKXGFHTQOPGY
RTQFWEVUYKVJpPGYqFGHKPGFCUUCNGUKPVJGHKTUV
OQPVJUCHVGTVJGNCWPEJ
6JGOCLQTKV[QHVJG)TQWRoUOCTMGVUUJQYGF
RTQITGUUKPVJGHQWTVJSWCTVGTCPFVJG)TQWRoUVYQ
NCTIGUVOCTMGVU)GTOCP[CPF&GPOCTMTGRQTVGFVWTPQXGTITQYVJQH&--OKNNKQPGSWCVKPIVQ
RGTEGPV
#WVQOQVKXGUJQYGFEQPVKPWGFITQYVJKPVJG
HKPCPEKCN[GCTKGCVWTPQXGTQH&--
OKNNKQPCICKPUV&--OKNNKQPNCUV[GCT+PVJG
HQWTVJSWCTVGT#WVQOQVKXGCEJKGXGFCVWTPQXGT
QH&--OKNNKQPCICKPUV&--OKNNKQPHQTVJG
UCOGRGTKQFNCUV[GCT
$CUGFQPCEQPVKPWKPIJKIJCEVKXKV[NGXGNYKVJKP
RTQFWEVFGXGNQROGPVCPFCPKPETGCUGFOCTMGVKPIGHHQTV$CPI1NWHUGPGZRGEVUVJCVVJG
HKPCPEKCN[GCTCUCYJQNGYKNNTGUWNVKPCRQUKVKXG
FGXGNQROGPVKPVJGVWTPQXGTCPFCRQUKVKXGTGUWNV
DGHQTGVCZDCUGFQPCITQUUOCTIKPPQVFGXKCVKPI
UKIPKHKECPVN[HTQOVJGNGXGNCEJKGXGFKPVJG
HKPCPEKCN[GCT
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%QOOGPVUQPFGXGNQROGPVU
6JG)TQWRoUVQVCNVWTPQXGTHQTVJGHKPCPEKCN[GCTYCU&--OKNNKQPCICKPUV&--OKNNKQPNCUV[GCTYJKEJKUKPNKPGYKVJVJGRTGXKQWUN[CPPQWPEGF
0GVVWTPQXGTCEEQTFKPIVQDWUKPGUUCTGC
&--OKNNKQP
$TCPFGFDWUKPGUU
0QPDTCPFGFDWUKPGUU
+PVTC)TQWRVWTPQXGT
0GVVWTPQXGTKPVQVCN
9JKNGVJGHKTUVJCNH[GCTEQPVKPWGFVQDGEJCTCEVGTKUGFD[CIGPGTCNFQYPVWTPKPUCNGUVJGUGEQPFJCNH[GCT
YCUEJCTCEVGTKUGFD[CPKPETGCUGKPVWTPQXGT#MG[TGCUQPHQTVJGRQUKVKXGFGXGNQROGPVKPUCNGUKPVJGUGEQPF
JCNH[GCTYCUVJCVNCWPEJQHPGYRTQFWEVUOGVUCNGUGZRGEVCVKQPUCPFUCNGUTGSWKTGOGPVUHQTPGYRTQFWEVU
#UCTGUWNVRGTEGPVQH$CPI1NWHUGPoUUCNGUYKVJKPVJGCWFKQCPFXKFGQDWUKPGUUFGTKXGFHTQOPGY
RTQFWEVUFGHKPGFCUUCNGUKPVJGOQPVJUCHVGTVJGNCWPEJ#WVQOQVKXGCNUQEQPVKPWGFVQFGXGNQRRQUKVKXGN[
$TCPFGFDWUKPGUUsVWTPQXGTCEEQTFKPIVQRTQFWEVECVGIQTKGU
&--OKNNKQP
8KFGQ
.QWFURGCMGTU
#WFKQ
6GNGRJQPGU
5RCTGRCTVUCEEGUUQTKGUGVE
#WVQOQVKXG
6QVCNVWTPQXGT
(QTVJGHKPCPEKCN[GCTVJG)TQWRoUITQUUOCTIKPYCURGTEGPVYJKEJKUQPCRCTYKVJ
6JGTGUWNVDGHQTGVCZYCUPGICVKXGCV&--OKNNKQPCICKPUVCPGICVKXGTGUWNVQH&--OKNNKQP6JGTGUWNV
KUKPNKPGYKVJVJGRTGXKQWUN[CPPQWPEGF
6JG)TQWRJCUTGFWEGFKVUECRCEKV[EQUVUD[&--OKNNKQPHTQO&--OKNNKQPHQTVJGUCOGRGTKQFNCUV
[GCTVQ&--OKNNKQP
&KUVTKDWVKQPCPFOCTMGVKPIEQUVUYGTGTGFWEGFD[&--OKNNKQPFWTKPIVJGHKPCPEKCN[GCTHTQO&--
OKNNKQPVQ&--OKNNKQP.QUUGUCPFEJCPIGUKPRTQXKUKQPHQTDCFFGDVUCPFFGCNGTNQCPUFWTKPIVJG
HKPCPEKCN[GCTYGTGGZRGPUGFCV&--OKNNKQPCICKPUV&--OKNNKQPNCUV[GCT#FOKPKUVTCVKQPGZRGPUGUGVEFGENKPGFD[&--OKNNKQPHTQO&--OKNNKQPVQ&--OKNNKQPFWTKPIVJG
HKPCPEKCN[GCT
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6JG)TQWRKPEWTTGFFGXGNQROGPVEQUVUQH&--
OKNNKQPCICKPUV&--OKNNKQPKP
6JGPGVGHHGEVQHECRKVCNKUCVKQPKPYCU
RQUKVKXGCV&--OKNNKQPQHYJKEJ&--
OKNNKQPYCUUWDUGSWGPVN[TGHWPFGFD[#WVQOQVKXG
EWUVQOGTU+PVJGPGVGHHGEVQH
ECRKVCNKUCVKQPYCURQUKVKXGCV&--OKNNKQP
6JG)TQWRoUECUJHNQYUHTQOQRGTCVKPICEVKXKVKGU
YGTG&--OKNNKQPCICKPUV&--OKNNKQP
NCUV[GCT6JGKORTQXGOGPVKUKPRCTVQYKPIVQ
VJGKORTQXGFTGUWNVCPFKPRCTVVQVJGEQPVKPWGF
KORTQXGOGPVKPYQTMKPIECRKVCNYJKEJKORTQXGF
D[&--OKNNKQPEQORCTGFVQNCUV[GCT+PVGTGUVDGCTKPIFGDVPGVYCUTGFWEGFHTQO&--
OKNNKQPVQ&--OKNNKQPHQTVJGUCOGRGTKQF
%QOOGPVUVQFGXGNQROGPVUKPVJGHQWTVJ
SWCTVGTQHVJGHKPCPEKCN[GCTWPCWFKVGF
(QTVJGHQWTVJSWCTVGTQHVWTPQXGTHQT
VJG$CPI1NWHUGPCUITQWRCUCYJQNGYCU&--
OKNNKQPCICKPUV&--OKNNKQPNCUV[GCTKG
CPKPETGCUGQH&--OKNNKQPQTRGTEGPV6JG
KPETGCUGKPVWTPQXGTECPDGNCTIGN[CVVTKDWVGFVQVJGPGYRTQFWEVUYJKEJJCXGKPIGPGTCNOGVVJGUCNGU
GZRGEVCVKQPU
6JGOCLQTKV[QHVJG)TQWRoUOCTMGVUUJQYGF
CFXCPEGUKPVJGHQWTVJSWCTVGTCPFVJG)TQWRoUVYQ
NCTIGUVOCTMGVU)GTOCP[CPF&GPOCTMTGEQTFGF
VWTPQXGTITQYVJQH&--OKNNKQPEQTTGURQPFKPIVQ
RGTEGPV
+PVJGHQWTVJSWCTVGTVWTPQXGTHQTVJGDTCPFGF
DWUKPGUUKPETGCUGFD[&--OKNNKQPHTQO&--
OKNNKQPNCUV[GCTVQ&--OKNNKQPVJKU[GCTEQTTGURQPFKPIVQRGTEGPV
)TQUURTQHKVKPETGCUGFD[&--OKNNKQPHTQO&--
OKNNKQPVQ&--OKNNKQP
6JG)TQWRoUITQUUOCTIKPHQTVJGSWCTVGTYCU
RGTEGPVCICKPUVRGTEGPVHQTVJGUCOGSWCTVGT
NCUV[GCTYJKEJKUNCTIGN[FWGVQVJGKPETGCUGF
VWTPQXGT
6JG)TQWRoUFGXGNQROGPVEQUVUHQTVJGSWCTVGTYGTG
&--OKNNKQPCICKPUV&--OKNNKQPKP&KUVTKDWVKQPCPFOCTMGVKPIEQUVUFGENKPGFFWTKPIVJG
SWCTVGTD[&--OKNNKQPHTQO&--OKNNKQPKP
VJGHKPCPEKCN[GCTVQ&--OKNNKQPKPVJG
HKPCPEKCN[GCTCUCTGUWNVQHVJGTGUVTWEVWTKPI
CPFVJGHQEWUKPIQHVJGUCNGUCPFOCTMGVKPIQTICPKUCVKQP(KPCNN[CFOKPKUVTCVKQPEQUVUKPETGCUGF
HTQO&--OKNNKQPVQ&--OKNNKQP
6JGTGUWNVDGHQTGVCZHQTVJGHQWTVJSWCTVGTYCU
RQUKVKXGCV&--OKNNKQPCICKPUVCPGICVKXGTGUWNV
QH&--OKNNKQPHQTVJGUCOGRGTKQFNCUV[GCT
#HVGTVCZVJGTGUWNVHQTVJGSWCTVGTYCURQUKVKXGCV
&--OKNNKQPCICKPUVCPGICVKXGTGUWNVQH&--
OKNNKQPNCUV[GCT
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&GXGNQROGPVUKPVJGOCTMGVU
9JKNGVJG)TQWRUCYCFGENKPGKPVWTPQXGTKPOQUVOCTMGVUFWTKPIVJGHKTUVJCNHQHVJGHKPCPEKCN
[GCTVJGUGEQPFJCNHQHVJGHKPCPEKCN[GCTUJQYGF
CUKIPKHKECPVKORTQXGOGPVKPOQUVOCTMGVUYJKEJ
ECPNCTIGN[DGCVVTKDWVGFVQVJGUWEEGUUHWNRTQFWEV
NCWPEJGU
&GPOCTM5YKV\GTNCPF+VCN[CPFVJG#UKCPOCTMGVU
UJQYGFCFXCPEGUQPNCUV[GCTYJKNGQPGQHVJG
)TQWRoUOCKPOCTMGVU7-GZRGTKGPEGFCFGENKPGKP
UCNGUQHRGTEGPVOGCUWTGFKPNQECNEWTTGPE[
2TQFWEVNCWPEJGU
$CPI1NWHUGPJCUHQEWUGFQPRTQFWEV
FGXGNQROGPVYKVJVJGQDLGEVKXGQHNCWPEJKPIUGXGTCN
PGYRTQFWEVU6JGTGUWNVUQHVJKUGHHQTVOCVGTKCNKUGF
KPVJGHKPCPEKCN[GCTYJGTGCPWODGTQH
KORQTVCPVPGYRTQFWEVUYGTGNCWPEJGF
$GQ8KUKQP
+P1EVQDGT$CPI1NWHUGPNCWPEJGFVJGHKTUV
OGODGTQHCPGY68HCOKN[YJKEJKUEJCTCEVGTKUGF
D[CPGYWPKSWGFGUKIPGZRTGUUKQP$GQ8KUKQPKUC(WNN*&.%&68YKVJ.'&DCEMNKIJVDCUGF
QPCUNKO*\RCPGN&GURKVGKVUUNKOFGUKIP
VJGPGY68QHHGTUGZEGNNGPVUQWPFSWCNKV[VJTQWIJ
KPVGITCVGFUVGTGQURGCMGTUCPFCFKIKVCNUWTTQWPF
UQWPFOQFWNG#UVJGYCNNDTCEMGVHQTVJG$GQ8KUKQP
KUCPKPVGITCNRCTVQHVJGRTQFWEVKVQPN[CFFU
OOGZVTCFGRVJVQVJG68YJGPYCNNOQWPVGF
6JG68CNUQQHHGTUCWPKSWGVWTPKPIQRVKQPGPCDNKPI
VJGUETGGPVQDGXKGYGFKPVJGRTGHGTTGFXKGYKPI
RQUKVKQP
$GQ8KUKQP$GQ8KUKQPKUDCUGFQPVJGUCOGEJCUUKUCU
VJGqXGTUKQPDWVFKHHGTGPVKCVGUKVUGNHXKUWCNN[D[
JCXKPICRGTEGPVNCTIGTUETGGPCPFCYJKVGTGCT
EQXGTYJKEJIKXGUVJG68CPGXGPNKIJVGTGZRTGUUKQP
CPFUWRRQTVUVJGEQPEGRVQHC68VJCVDNGPFUKPVQ
VJGYCNN$GQ8KUKQPJCUCP.'&DCUGF.%&
UETGGPYKVJ(WNN*&CPFCHTCOGTCVGWRFCVKPIURGGF
QH*\6JGEQPEGRVJCUKPVGITCVGFUWTTQWPF
UQWPFCPF&8$*&OQFWNGUGNGEVTQPKEEWTVCKPUCPF
CPGZVGPFGFEQPPGEVKQPRCPGNCNNQYKPIVJGWUGT
VQCFFCVQVCNUWTTQWPFUQWPFUGVWRYKVJWRVQ
HKXGGZVTCNQWFURGCMGTUCUYGNNCUCYKFGTCPIGQHGZVGTPCNWPKVU
$GQ8KUKQP
$CPI1NWHUGPJCUCNUQNCWPEJGFCPGYOQFGNHQT
VJG$GQ8KUKQPHCOKN[KPVJGHQTOQHCKPEJ(WNN*&.%&68YKVJFKTGEVV[RG.'&DCEMNKIJVYKVJNQECN
FKOOKPIYJKEJDTGCMUPGYITQWPFKPVGTOUQH
KPETGCUGFEQPVTCUVNGXGNHQT.%&68VGEJPQNQI[6JG
PGY68QHHGTUUWDNKOGUQWPFSWCNKV[XKC$GQ.CD
CFGFKECVGFOQPQURGCMGTHQTUWTTQWPFUQWPFQTXKC
$GQ.CDYJKEJKUCFGFKECVGFUVGTGQNQWFURGCMGT
+PCFFKVKQPVJG68QHHGTUCPKPVGITCVGFFKIKVCN
UWTTQWPFUQWPFOQFWNGCPFCPKPVGITCVGF$NWTC[
RNC[GTCUCPQRVKQP
$GQ%QO
+P0QXGODGT$CPI1NWHUGPNCWPEJGFCEQTFNGUUVGNGRJQPGYKVJCPKPVGITCVGFURGCMGTHQTJCPFUHTGG
VGNGRJQP[CPFEQPHGTGPEGECNNU6JGEQODKPCVKQP
QHJCPFUHTGGVGNGRJQP[CPFVJGKPVGITCVGFURGCMGT
QHHGTUPGYEQPXGTUCVKQPQRVKQPUKPVJGJQOG
$GQ%QOCNUQRTQXKFGUHQTVYQUGRCTCVGVGNGRJQPG
NKPGUUQWUGTUECPEQODKPGCEQPXGPVKQPCNHKZGF
PGVYQTMNKPGCPF+2VGNGRJQP[QTWUGQPGNKPG
HQTRTKXCVGECNNUCPFVJGQVJGTNKPGHQTDWUKPGUU
ECNNUKHVJGWUGTYQTMUHTQOJQOG$GQ%QOKU
EJCTCEVGTKUGFD[UWRGTNCVKXGUQWPFSWCNKV[YKVJVJG
KPVGITCVGFURGCMGTDCUGFQPVJGUCOGCEQWUVKE
EQORGVGPEKGUVJCV$CPI1NWHUGPWUGUKPVTCFKVKQPCNNQWFURGCMGTUYJKEJIKXGUCPCVWTCNCPFENGCTUQWPF
RGTHQTOCPEG
$GQ6KOG
$CPI1NWHUGPJCUNCWPEJGFVJGWPKSWG$GQ6KOG
YJKEJEQODKPGUCPCNCTOENQEMYKVJCTGOQVG
EQPVTQN$GQ6KOGCNNQYUVJGWUGTVQEJQQUGVQ
YCMGWRVQVJGUQWPFQHCIGPVNGCNCTOENQEMCPF
VJGUQWPFQHC68RTQITCOOGCTCFKQUVCVKQPQT
OWUKEHTQOVJG$CPI1NWHUGPU[UVGO+PCFFKVKQP
$GQ6KOGJCUCDWKNVKPUNGGRVKOGTYJKEJGPCDNGUVJG
WUGTVQHCNNCUNGGRVQVJGWUGToURTGHGTTGFOWUKEQT68RTQITCOOGKPVJCV$GQ6KOGUJWVUFQYPVJGU[UVGO
CVCRTGUGVVKOG5KPEG0QXGODGT$GQ6KOGJCU
QHHGTGFKPETGCUGFU[UVGOHWPEVKQPCNKV[KPVJCVJQOG
CWVQOCVKQPUQWTEGUUWEJCUNKIJVEWTVCKPUGVEECP
PQYDGCEVKXCVGFKPEQODKPCVKQPYKVJ/CUVGT.KPM
)CVGYC[
#FCRVKXG5QWPF6GEJPQNQI[#56
#FCRVKXG5QWPF6GEJPQNQI[#56KUCPGYRCVGPVGF
VGEJPQNQI[YJKEJGPCDNGUVJGNKUVGPGTVQQRVKOKUG
VJGUQWPFHTQOFKHHGTGPVNQECVKQPUKPVJGJQOG
KTTGURGEVKXGQHVJGRQUKVKQPQHVJGNQWFURGCMGTU+PCPQTOCNUVGTGQQTUWTTQWPFUQWPFUGVWRHQT
$4#0&'&$75+0'55
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0WODGTQHUJQRURGTUGIOGPV 6WTPQXGTUJCTGRGTUGIOGPV
CEVKXGUJQRUCVVJGGPFQHGCEJ[GCT
&GHKPKVKQPUQHUJQRUGIOGPVU
$ 5JQRUYJKEJOCKPN[UGNN$CPI1NWHUGPRTQFWEVU
5+5 5JQRKP5JQRYKVJCUCNGUCTGCFGFKECVGFHQT$CPI1NWHUGPRTQFWEVU
$ 5+5 1VJGT $ 5+5 1VJGT
0WODGT
QHUJQRU
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$CPI1NWHUGP'PVGTRTKUG
$CPI1NWHUGP'PVGTRTKUGKUYGNNGUVCDNKUJGFCUVJGOQUVGZENWUKXGDTCPFCOQPIUQOGQHVJGYQTNFoU
NGCFKPIRTQRGTV[FGXGNQRGTUKPVGTKQTFGUKIPGTUCPF
JQVGNU6JGDWUKPGUUCTGCYJKEJEQORTKUGUVJG
)TQWRoUUCNGUVQNWZWT[JQVGNUCETQUUVJGYQTNFCU
YGNNCUVQEQPUVTWEVKQPRTQLGEVUKPCOQPIUVQVJGTU
VJG/KFFNG'CUVCPF#UKCRQUVGFCVWTPQXGTQH&--
OKNNKQPKPVJGHQWTVJSWCTVGTQHVJG
HKPCPEKCN[GCTCICKPUV&--OKNNKQPNCUV[GCT#UC
TGUWNVVWTPQXGTHQTVJGHKPCPEKCN[GCTYCU
&--OKNNKQPCICKPUV&--OKNNKQPNCUV[GCT
6JGOCTMGVEQPVKPWGUVQDGEJCTCEVGTKUGFD[FGNC[UVQRTQLGEVUCPFRQUVRQPGFFGEKUKQPUTGNCVKPIVQ
PGYCWFKQXKFGQGSWKROGPVHQTVJGUGIOGPVUKP
YJKEJ'PVGTRTKUGKUCEVKXG6JGDWUKPGUUCTGCJCU
DGGPRCTVKEWNCTN[JKVD[RQUVRQPGOGPVUQHCNTGCF[
EQPHKTOGFQTFGTUHQTEQPUVTWEVKQPRTQLGEVUKPVJG
/KFFNG'CUV
$CPI1NWHUGP#WVQOQVKXG
(QTVJGHKPCPEKCN[GCT$CPI1NWHUGP
#WVQOQVKXGCEJKGXGFCVWTPQXGTQH&--OKNNKQPCICKPUV&--OKNNKQPNCUV[GCT+PVJGHQWTVJ
SWCTVGTVWTPQXGTVQVCNNGF&--OKNNKQPCICKPUV
&--OKNNKQPHQTVJGHKPCPEKCN[GCT6JG
UCVKUHCEVQT[ITQYVJKURCTVN[QYKPIVQCIGPGTCN
KPETGCUGKPUCNGUQHECTUCPFRCTVN[VQVJGNCWPEJQH
PGYUQWPFU[UVGOUQXGTVJGRGTKQF
&WTKPIVJGHKPCPEKCN[GCTVJGRCTVPGTUJKR
YKVJ#WFKYCUGZVGPFGFVJTQWIJVJGNCWPEJQH$CPI
1NWHUGP#FXCPEGF5QWPF5[UVGOHQTVJGPGY
#WFK#CPF#WFK#.QPICUYGNNCUKPVJGTGEGPVN[
NCWPEJGF#WFK#6JGEQQRGTCVKQPYKVJ#UVQP/CTVKPJCUCNUQFGXGNQRGFRQUKVKXGN[KPVJCVCNN#UVQP
/CTVKPOQFGNUQPVJGOCTMGVCTGPQYCXCKNCDNG
YKVJ$CPI1NWHUGPUQWPFU[UVGOUCPF#UVQP
/CTVKPJCUGXGPEJQUGPVQKPUVCNN$CPI1NWHUGP
CUVJGUVCPFCTFU[UVGOKPDQVJ#UVQP/CTVKP&$5
CPF#UVQP/CTVKP4CRKFGKPQTFGTVQRTQXKFGVJGKT
EWUVQOGTUYKVJVJGWNVKOCVGUQWPFGZRGTKGPEG
$CPI1NWHUGPoURCTVPGTUJKRYKVJ/GTEGFGU
#/)TGCEJGFCPKORQTVCPVOKNGUVQPGFWTKPIVJG
HKPCPEKCN[GCTYJGPKPVJGCWVWOPVJG
HKTUVEQPETGVGTGUWNVQHVJGEQQRGTCVKQPDGECOGGXKFGPVC$CPI1NWHUGPUQWPFU[UVGOEWUVQOKUGF
HQT/GTEGFGU$GP\5.5#/)$QVJECTCPFUQWPF
U[UVGOJCXGDGGPYGNNTGEGKXGFD[VJGOCTMGV#V
VJGUCOGVKOGVJGRCTVPGTUJKRYKVJ/GTEGFGU#/)
JCUTGUWNVGFKPCJKIJNGXGNQHCEVKXKV[HQNNQYKPIVJGFGXGNQROGPVQHPQHGYGTVJCPHKXGHWTVJGTUQWPF
U[UVGOU6JGHKTUVQHVJGUG$GQ5QWPF#/)HQT
/GTEGFGU$GP\5%NCUUJCULWUVDGGPKPVTQFWEGF
VQVJGYQTNFoUOGFKCCPFYKNNDGCXCKNCDNGCUCP
QRVKQPKPCNOQUVCNN/GTEGFGU$GP\5%NCUUXGTUKQPU
KPENWFKPI#/)XGTUKQPU
9KVJVJGEQPVKPWGFGZRCPUKQPQHVJGRQTVHQNKQKP
RCTVPGTUJKRYKVJCPWODGTQHJKIJRTQHKNGRCTVPGTU
#WVQOQVKXGKUGZRGEVGFVQEQPVKPWGVJGITQYVJQXGT
VJGEQOKPI[GCTU
$CPI1NWHUGP+%'RQYGTCU
6WTPQXGTHQT$CPI1NWHUGP+%'RQYGTCUVQVCNNGF
&--OKNNKQPHQTVJGHKPCPEKCN[GCT
CICKPUV&--OKNNKQPNCUV[GCT
$CPI1NWHUGP+%'RQYGTCUUWRRNKGURCVGPVGF
CORNKHKGTVGEJPQNQI[YJKEJEQODKPGUJKIJGHHKEKGPE[
YKVJNQYGPGTI[EQPUWORVKQPCPFUWRGTDUQWPF
SWCNKV[#UVJG+%'RQYGTCORNKHKGTJCUXGT[JKIJ
GPGTI[GHHKEKGPE[KVCNNQYUHQTOQTGEQORCEVEQPUVTWEVKQPUYJKEJKPVWTPQHHGTITGCVGTFGUKIP
HTGGFQO+PCFFKVKQPVJGTGFWEGFJGCVIGPGTCVKQP
OGCPUVJCVVJGNKHGE[ENGQHVJGGNGEVTQPKE
EQORQPGPVUKUKPETGCUGF
#UKIPKHKECPVRCTVQHVJGVWTPQXGTEQPVKPWGUVQ
FGTKXGHTQOUCNGUQHUVCPFCTFCORNKHKGTOQFWNGUCPF
EWUVQOKUGFUQNWVKQPUHQTSWCNKV[OCPWHCEVWTGTUKPVJG
INQDCNCWFKQOCTMGV+PCFFKVKQP$CPI1NWHUGP
+%'RQYGTCUTGEGKXGUTQ[CNVKGUHTQOVJGUCNGQH
CORNKHKGTVGEJPQNQI[CPFCEQWUVKEUQNWVKQPUHQTOCLQT
1'/RCTVPGTU
$75+0'5561$75+0'55#4'#5
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2TQFWEVRQTVHQNKQ
6JG)TQWRoUQDLGEVKXGHQTVJGHKPCPEKCN[GCTKUVQUWRRQTVVJGITQYVJCODKVKQPUYKVJKPVJG
DTCPFGFDWUKPGUUVJTQWIJCEQPVKPWGFJKIJCEVKXKV[
NGXGNYKVJKPRTQFWEVFGXGNQROGPV6JG)TQWR
VJGTGHQTGGZRGEVUVJCVCRRTQZKOCVGN[RGTEGPV
QHVJG)TQWRoUVWTPQXGTHTQOVJGCWFKQCPFXKFGQ
DWUKPGUUYKNNDGFGTKXGFHTQOPGYRTQFWEVUYKVJ
pPGYqFGHKPGFCUUCNGUKPVJGHKTUVOQPVJUCHVGT
VJGNCWPEJ
&KUVTKDWVKQPFGXGNQROGPV
$CUGFQPVJGTGEGPVRQUKVKXGVWTPQXGTFGXGNQROGPV
KPVJGOCVWTGUJQRUVJG)TQWRRNCPUVQKPVGPUKH[
VJGGHHQTVUVQTGETWKVPGYQWVNGVU6JG)TQWRGZRGEVU
VJCVVJGVQVCNPWODGTQH$5JQRUYKNNPQVDG
UKIPKHKECPVN[FKHHGTGPVCVVJGGPFQHVJG
HKPCPEKCN[GCTEQORCTGFVQVJGGPFQHVJG
HKPCPEKCN[GCT
'ZRGEVCVKQPUHQTVJG)TQWRTGUWNVHQT
$CUGFQPCEQPVKPWKPIJKIJCEVKXKV[NGXGNYKVJKPRTQFWEVFGXGNQROGPVCPFCPKPETGCUGFOCTMGVKPI
GHHQTV$CPI1NWHUGPGZRGEVUVJCVVJG
HKPCPEKCN[GCTCUCYJQNGYKNNTGUWNVKPCRQUKVKXG
FGXGNQROGPVKPVJGVWTPQXGTCPFCRQUKVKXGTGUWNV
DGHQTGVCZDCUGFQPCITQUUOCTIKPPQVFGXKCVKPI
UKIPKHKECPVN[HTQOVJGNGXGNCEJKGXGFKPVJG
HKPCPEKCN[GCT
6JGITQWRGZRGEVUVJCVVJGVWTPQXGTKPVJGHKTUV
SWCTVGTQHVJGHKPCPEKCN[GCTYKNNDGCVVJG
UCOGNGXGNCUVJGRTGXKQWU[GCT
4KUMHCEVQTU
6JGTGRQTVEQPVCKPUUVCVGOGPVUTGNCVKPIVQGZRGEVCVKQPUHQTHWVWTGFGXGNQROGPVUKPENWFKPI
HWVWTGVWTPQXGTCPFQRGTCVKPITGUWNVUCUYGNNCU
GZRGEVGFDWUKPGUUTGNCVGFGXGPVU5WEJUVCVGOGPVU
CTGWPEGTVCKPCPFECTT[CPGNGOGPVQHTKUM
UKPEGOCP[HCEVQTUQHYJKEJUQOGCTGDG[QPF
$CPI1NWHUGPoUEQPVTQNECPOGCPVJCVCEVWCN
FGXGNQROGPVUYKNNFGXKCVGUKIPKHKECPVN[HTQOVJG
GZRGEVCVKQPUGZRTGUUGFKPVJGTGRQTV9KVJQWVDGKPI
GZJCWUVKXGUWEJHCEVQTUKPENWFGCOQPIQVJGTU
IGPGTCNGEQPQOKECPFEQOOGTEKCNHCEVQTUKPENWFKPI
OCTMGVCPFEQORGVKVKXGOCVVGTUUWRRNKGTKUUWGUCPF
HKPCPEKCNKUUWGUKPVJGHQTOQHHQTGKIPGZEJCPIGKPVGTGUVTCVGUETGFKVCPFNKSWKFKV[TKUMU
':2'%6#6+105(146*' (+0#0%+#.;'#4
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-019.'&)'4'5174%'5
$CPI1NWHUGPoUXKUKQPKUVQEQPUVCPVN[SWGUVKQPVJG
QTFKPCT[KPUGCTEJQHUWTRTKUKPINQPINCUVKPI
GZRGTKGPEGUCXKUKQPVJCVFGOCPFUCXGT[JKIJNGXGNQHKPPQXCVKQPKPRTQFWEVFGXGNQROGPVCUYGNNCUKP
FC[VQFC[QRGTCVKQPUKGRTQFWEVKQPCPF
FKUVTKDWVKQP$CPI1NWHUGPVJGTGHQTGHQEWUGU
UVTQPIN[QPOCKPVCKPKPICPFFGXGNQRKPIVJGUMKNNUVJCV
HQTOVJGEQTGQHVJGEQORCP[oUKPPQXCVKXGCDKNKVKGU+P
RTCEVKEGVJKUOGCPUVJCVYKVJKPVJGUGCTGCU
$CPI1NWHUGPEQPUVCPVN[VGUVUVJGNKOKVUQHVJG
RQUUKDNG
2TQFWEVFGXGNQROGPV
5KPEGVJGEQORCP[oUHQWPFCVKQPKP
$CPI1NWHUGPoURTQFWEVFGXGNQROGPVJCUDGGP
EGPVTGFCV5VTWGTKP&GPOCTM+PTGEGPV[GCTU
JQYGXGTVJGEQORCP[JCUHQEWUGFQPRTQFWEV
FGXGNQROGPVKPCINQDCNEQPVGZVKPQTFGTVQGZRNQKV
VJGVGEJPKECNEQORGVGPEGCPFEQUVDGPGVUVJCVCTG
CXCKNCDNGKPQVJGTEQWPVTKGU
#URCTVQHVJKUCFGXGNQROGPVFGRCTVOGPVJCUDGGP
GUVCDNKUJGFCV$CPI1NWHUGPoUHCEVQT[KP-QRTKXPKEG
KPVJG%\GEJ4GRWDNKEYKVJVJGPGEGUUCT[UMKNNUVQ
WPFGTVCMGCHWNNEQPUVTWEVKQPRTQEGUU#UCTGUWNVVJG%\GEJFGXGNQROGPVFGRCTVOGPVKUTGURQPUKDNGHQTVJG
KORNGOGPVCVKQPQHVJGCEQWUVKECWFKQCPFUVCPF
RTQLGEVUQPEGVJGURGEKECVKQPUJCXGDGGP
FGVGTOKPGFD[VJGFGXGNQROGPVFGRCTVOGPVKP
&GPOCTM
$CPI1NWHUGPCNUQFTCYUQPVJGGORNQ[GGUKPVJG
'UVQPKCPEQORCP[1$15QHVYJKEJKURGTEGPV
QYPGFD[VJGEQORCP[+PCFFKVKQPVJGTGKUCNUQC
UOCNNUQHVYCTGKPPQXCVKQPCPFFGXGNQROGPVWPKVKP
#CTJWU&GPOCTMYJKEJYQTMUENQUGN[VQIGVJGTYKVJ
#CTJWU7PKXGTUKV[
2TQFWEVCPFVGEJPQNQI[UVTCVGI[
2TQFWEVFGXGNQROGPVCV$CPI1NWHUGPKUOCPCIGF
D[CEQPVKPWCNN[FGXGNQRKPIRTQFWEVCPFVGEJPQNQI[
UVTCVGI[DCUGFQPIGPGTCNOCTMGVFGXGNQROGPVU
KPRWVHTQOOCTMGVUCPFEWUVQOGTUCPFKORNGOGPVGF
VGEJPQNQI[RTQLGEVUCUYGNNCUVJGEQORCP[oU
UQECNNGFVGEJPQNQI[TCFCT6JKUEQPUKUVUQH
KPHQTOCVKQPCDQWVCPFCPQXGTXKGYQHGZRGEVGF
HWVWTGVGEJPQNQIKGU
$CPI1NWHUGPoURTQFWEVCPFVGEJPQNQI[UVTCVGI[CKOUCVGPUWTKPIVJGCXCKNCDKNKV[QHVJGPGEGUUCT[
VGEJPQNQIKECNGZRGTVKUGCPFUMKNNU6JGUVTCVGI[CNUQ
VCTIGVUCJKIJNGXGNQHGHHGEVKXGPGUUKPRTQFWEV
FGXGNQROGPVVJTQWIJCU[UVGOCVKETGCRRNKECVKQPQH
TGNGXCPVVGEJPQNQIKGUCETQUU$CPI1NWHUGPoU
RTQFWEVRQTVHQNKQ6JGUVTCVGI[KUDCUGFQPVJGEQORCP[oUEQTGEQORGVGPEKGUEQWRNGFYKVJC
PWODGTQHUVTCVGIKERCTVPGTUJKRUUQCUVQOCZKOKUG
$CPI1NWHUGPoUQYPUVTGPIVJUYKVJKPVJQUG
VGEJPQNQI[CTGCUYJGTG$CPI1NWHUGPoURTQFWEVU
FKHHGTGPVKCVGVJGOUGNXGU1VJGTVGEJPQNQI[CTGCUCTG
NCTIGN[EQXGTGFD[UWDEQPVTCEVQTU
2TQFWEVKPVGITCVKQPKUCPCVWTCNGNGOGPVKPVJG
RTQFWEVCPFVGEJPQNQI[UVTCVGI[CPFKUCPCTGC
YJGTGVJGEQORCP[JCUCEEWOWNCVGFEQPUKFGTCDNG
GZRGTVKUG$CPI1NWHUGPEQPUKFGTUOCP[FKHHGTGPV
CURGEVUQHKPVGITCVKQP(KTUVKVOGCPUKPVGITCVKPIOQTGVJCPQPGUQWTEGQHGPVGTVCKPOGPVKPCUKPING
RTQFWEV6JGPVJGTGKUVJGEQPEGRVQHNKPMKPI
FKHHGTGPVRTQFWEVUVQGCEJQVJGTGXGPKHVJG[CTG
UKVWCVGFKPFKHHGTGPVTQQOUXKCVJG$GQ.KPMU[UVGO
(KPCNN[$CPI1NWHUGPCNUQKPVGITCVGUPGYRTQFWEVU
KPVQGZKUVKPIQPGUCPF$CPI1NWHUGPRTQFWEVUECP
CNUQVQUQOGGZVGPVDGKPVGITCVGFKPVQRTQFWEVUQH
QVJGTDTCPFUUQVJCVVJGGPVKTGKPUVCNNCVKQPECPDG
JCPFNGFVJTQWIJ$CPI1NWHUGPoUUKORNGQRGTCVKPI
EQPEGRV
6GEJPQNQI[RNCVHQTOU+PMGGRKPIYKVJVJG2QNG2QUKVKQPUVTCVGI[RNCP
$CPI1NWHUGPoUYGNNGUVCDNKUJGFKPPQXCVKQPEWNVWTG
JCUDGGPHWTVJGTFGXGNQRGFVQJCPFNGVJGKPETGCUGF
VGEJPQNQIKECNEQPVGPVQHVJGEQORCP[oURTQFWEVUKPC
DGVVGTYC[6JKUGPUWTGUVJGOCZKOWOTGCRRNKECVKQP
QHVGEJPQNQI[KPKPFKXKFWCNRTQFWEVUYKVJQWV
CHHGEVKPI$CPI1NWHUGPoUTGPQYPGFFKHHGTGPVKCVKQP
9JGPFGXGNQRGFVYQFKIKVCNVGEJPQNQI[RNCVHQTOU
sQPGHQTCWFKQRTQFWEVUCPFQPGHQTXKFGQRTQFWEVU
sYKNNHQTOVJGDCUKUQHHWVWTGRTQFWEVU#UC
EQPUGSWGPEGXCNWCDNGVKOGECPDGUCXGFQPVJGFGXGNQROGPVOCKPVGPCPEGCPFWRFCVKPIQH
VGEJPQNQIKGUCPFKPVJGPCNCPCN[UKUTGUWNVUKP
HCUVGTCPFOQTGGHEKGPVRTQFWEVFGXGNQROGPV
%QPEGRVFGXGNQROGPV
$CPI1NWHUGPKPXGUVUEQPUKFGTCDNGGHHQTVKPVQ
ETGCVKPIKPPQXCVKXGCPFGPFWTKPIEQPEGRVUCPF
FGUKIPUKPQTFGTVQFKUVKPIWKUJKVUGNHHTQOQVJGT
OCPWHCEVWTGTUQHEQPUWOGTGNGEVTQPKEU'CTN[EQPEGRV
FGXGNQROGPVKUVJGTGHQTGETWEKCN
4GURQPUKDKNKV[HQTVJGGCTN[UVCIGUQHEQPEGRVFGXGNQROGPVYJGTGVJGEQPEGRVKUDQTPNKGUYKVJ
VJG2TQFWEV+PPQXCVKQP&GRCTVOGPVMPQYPCUVJG
+FGC(CEVQT[6JKUKUYJGTGVJGEQORCP[oUEQPEGRV
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$GQ%KPGOC #NWOKPKWOUWTHCEGHQT$GQ%GPVGT #UUGODN[(CEVQT[KP5VTWGT
6JG(CTOJGCFSWCTVGTUKP5VTWGT /GEJCPKEU(CEVQT[KP5VTWGT #PQFKUCVKQP
6JGHCEVQT[KP-QRTKXPKEG 6JG%\GEJ4GRWDNKE
4QDQV(CEVQT[KP5VTWGT $GQ%QORTQFWEVKQP - QRTKXPKEG
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FGXGNQRGTUCTGDCUGF9KVJCTCPIGQHFKHHGTGPVUMKNNU
KPEQPEGRVCPFUVTCVGI[FGXGNQROGPVQRGTCVKQPCPF
RTQVQV[RKPIVJGFGXGNQRGTUYQTMYKVJUGNGEVGFGZVGTPCNFGUKIPGTU+PIGPGTCNVJG+FGC(CEVQT[oU
GORNQ[GGURTGUGPVVJGFGUKIPGTUYKVJVGEJPQNQI[
CPFOCTMGVKPRWV6JGFGUKIPGTUUWDUGSWGPVN[EQOG
WRYKVJCFGUKIPRTQRQUCNKPCRTQEGUUYJGTGVJG[
JCXGEQPUKFGTCDNGKPFGRGPFGPEGCPFKPWGPEG6JKU
JGNRUVQGPUWTGQRVKOWOKPVGTCEVKQPDGVYGGP
CGUVJGVKEUWUGTHTKGPFNKPGUUCPFVGEJPQNQI[
%QPEGRVYQTMKUEQPENWFGFYKVJCEQPEGRVTGRQTV
YJKEJOCTMUVJGHQTOCNVTCPUKVKQPVQVJGRTQFWEV
FGXGNQROGPVRJCUG
6JGRTQFWEVFGXGNQROGPVRJCUG
6JGEQPEGRVoUQXGTCNNURGEKECVKQPUCTGFGVGTOKPGF
FWTKPIVJGRTQFWEVFGXGNQROGPVRJCUG6JG
KPVGITCVGFRTQFWEVFGXGNQROGPVRTQEGUUDGVYGGP
VJG+FGC(CEVQT[VJGFGXGNQROGPVFGRCTVOGPV
RTQFWEVKQPCPFTGNGXCPVMG[UWRRNKGTUKUKPVGPUKGF
CPFGORNQ[GGUHTQOVJG+FGC(CEVQT[CPFVJG
FGXGNQROGPVFGRCTVOGPVKPVGTCEVYKVJVJG
RTQFWEVKQPVGCO6JKUKUCPKORQTVCPVHCEVQTKP
GPUWTKPIVJCVVJGPKUJGFRTQFWEVUJCXGVJG
KPVGPFGFRTQRGTVKGUCPFOGGVVJGUVKRWNCVGFSWCNKV[
TGSWKTGOGPVU#UCTGUWNVVJGRTQFWEVURGEKECVKQPUCTGHWTVJGTTGPGFCPFFGPGFKPFGVCKNKPVJGPCN
FGUKIPDCUKU
6JGHWNN[KPVGITCVGFRTQEGUUVJGPEQPVKPWGUYKVJVJG
KPXQNXGOGPVQHGZVGTPCNCPFKPVGTPCNUWRRNKGTUWPVKN
VJGRTQFWEVTGCEJGUKVUPCNHQTO+PCPWODGTQH
CTGCUYJGTGVJGEQORCP[FQGUPQVJCXGVJG
PGEGUUCT[MPQYNGFIGCPFUMKNNU$CPI1NWHUGP
YQTMUENQUGN[YKVJNGCFKPIUWRRNKGTUUGNGEVGFKP
MGGRKPIYKVJVJGVGEJPQNQI[UVTCVGI[RNCP6JGUG
RCTVPGTUPQVQPN[UWRRN[EQORQPGPVUHQT$CPI
1NWHUGPoURTQFWEVKQPVJG[CNUQFGNKXGTVJGMPQYNGFIGCPFUMKNNUHQTFGXGNQRKPIVJGRTQFWEVU6JKUCRRNKGU
HQTKPUVCPEGVQVJG.%&RCPGNUURGCMGTWPKVUQRVKECN
FTKXGUUWEJCU$NWTC[FKIKVCNXKFGQDTQCFECUVKPI
&8$YKTGNGUUGVJGTPGVCPFCPWODGTQHUQHVYCTG
EQORQPGPVUCUWUGFKPFKHHGTGPVCRRNKECVKQPU
(TQOJGTGVJGRTQLGEVGPVGTUKPVQCOQTGUVTWEVWTGF
RTQEGUUCKOGFCVPCNKUKPIVJGRTQFWEVoUFGUKIPCPF
RTQFWEVKQPDCUG#PGUVKOCVGHQTVJGRTQFWEVoU
GZRGEVGFRTQFWEVKQPUVCTVCPFNCWPEJFCVGKUCNUQ
FGVGTOKPGF
%QTGEQORGVGPEKGU
$CPI1NWHUGPTGEQIPKUGUVJGKORQTVCPEGQHKFGPVKH[KPIEWNVKXCVKPICPFWVKNKUKPIKVUQYPGZRGTVKUG
CPFJCUQXGTVJG[GCTUDWKNVWRCPWODGTQHCTGCU
QHGZRGTVKUGVJTQWIJGZRGTKGPEGRTCEVKEG
FGXGNQROGPVCPFEQQRGTCVKQPYKVJMPQYNGFIG
EGPVTGUKPENWFKPIWPKXGTUKVKGUKP'WTQRGCPF0QTVJ
#OGTKEC1HVJGUGCTGCUUQOGJCXGDGGPKFGPVKGF
CUVJGEQORCP[oUEQTGCTGCUQHGZRGTVKUGKPENWFKPI
RKEVWTGUQWPFQRGTCVKQPOGEJCPKEUCPFFGUKIP
2KEVWTG
$CPI1NWHUGPoURKEVWTGEQORGVGPEKGUCTGDCUGFQP
CEQODKPCVKQPQHDCUKEMPQYNGFIGCDQWVVJGYC[KPYJKEJYGRGTEGKXGRKEVWTGSWCNKV[XKFGQUKIPCN
RTQEGUUKPIWUGQHVJG68UETGGPCPFQRVKOKUCVKQPQH
VJGGPVKTGQRVKECNU[UVGO(QTGXCNWCVKPIRKEVWTG
SWCNKV[VJGEQORCP[WUGUCVTCKPGFXKGYKPIRCPGN
6QGPUWTGQRVKOWORKEVWTGSWCNKV[QPN[VJGJKIJGUV
SWCNKV[.%&CPFRNCUOCUETGGPUCTGWUGFHQT
$CPI1NWHUGPoU68U$CPI1NWHUGPoUNQPI
UVCPFKPIFGXGNQROGPVYQTMYKVJKPVJGGNFQH
RKEVWTGSWCNKV[sCPFYKVJKVCYKFGTCPIGQH
VGEJPQNQIKGUOCP[QHYJKEJCTGRCVGPVRTQVGEVGFs
KUICVJGTGFWPFGTVJG8KUKQP%NGCTEQPEGRVYJKEJGPJCPEGURKEVWTGSWCNKV[HQTCNNVJGEQORCP[oUXKFGQ
RTQFWEVU
5QWPF
5QWPFKUCEQTGEQORGVGPEGHQT$CPICPF1NWHUGP
6JGUGEQORGVGPEKGUEQODKPGUGXGTCNMPQYNGFIG
CTGCUKPENWFKPIDCUKECEQWUVKEUGNGEVTQCEQWUVKEU
UKIPCNRTQEGUUKPIJKIJN[GHHGEVKXGCORNKGTUCPF
RU[EJQCEQWUVKEU6JGFGXGNQROGPVFGRCTVOGPVJCU
JKIJSWCNKV[OGCUWTKPIHCEKNKVKGUCVKVUFKURQUCNYJKEJ
KPENWFGCNCTIGOGCUWTKPITQQOHQTCEQWUVKEHTGGGNF
OGCUWTGOGPVUUGXGTCNUQWPFUVWFKQUCPFURGEKCNHCEKNKVKGUHQTVJGFGXGNQROGPVQHKPECTUQWPF#
VTCKPGFCPFEQORGVGPVNKUVGPKPIRCPGNETKVKECNN[
CUUGUUGUVJGUQWPFSWCNKV[QHCNN$CPI1NWHUGPoU
RTQFWEVU
6JGOQUVTGEGPVOCLQTVGEJPQNQIKECNFGXGNQROGPVKU
VJGCWVQOCVKECFLWUVOGPVQHNQYGTHTGSWGPEKGUHTQO
VJGNQWFURGCMGTVQVJGTQQOCPFVJGRCVGPVGF
CEQWUVKENGPUU[UVGOETGCVGFKPRCTVPGTUJKRYKVJ
5CWUCNKVQ#WFKQ9QTMU6JGCEQWUVKENGPUU[UVGOKU
WUGFKPUGXGTCNNQWFURGCMGTUCPFKP%CT(K/QTGQXGT
FWTKPIVJG[GCTWPFGTTGXKGY$CPI1NWHUGPNCWPEJGFCPQVJGTRCVGPVGFVGEJPQNQI[#FCRVKXG
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#PQVJGTKORQTVCPVGNGOGPVKUVJGGNGCTPKPIRQTVCN
$'1%#&G/;YJKEJVJTQWIJKPVGTPGVDCUGFEQWTUGU
CPFHQNNQYWRQPENCUUVGCEJKPIMGGRUUGNNGTUCPFVGEJPKEKCPUWRFCVGFQPRTQFWEVMPQYNGFIGCPF
UCNGU#UYGNNCUOCMKPIEQWTUGUCXCKNCDNGHQTVJG
EQORCP[oUQYPGORNQ[GGU$CPI1NWHUGPGCEJ
[GCTVTCKPUCUWDUVCPVKCNPWODGTQHUCNGURGTUQPU
VGEJPKEKCPUCPFKPUVCNNCVKQPUVCHHVJTQWIJ
$'1%#&G/;
+PCFFKVKQP$CPI1NWHUGPJCUUQWIJVVQUGEWTG
OQTGGHHGEVKXGUWRRQTVHQTCPFFGXGNQROGPVQHVJG
FGCNGTPGVYQTMD[UGVVKPIWRQPGQXGTCNNINQDCNUCNGU
QTICPKUCVKQP6JKUJCUTGUWNVGFKPVJGGUVCDNKUJOGPV
QHC5JCTGF5GTXKEG%GPVTGYJKEJGPUWTGUVJGRTQHGUUKQPCNCPFGHEKGPVUGTXKEKPIQHVJGFGCNGTU#V
VJGUCOGVKOG5JCTGF5GTXKEG%GPVTGRTQXKFGU$CPI
1NWHUGPYKVJXCNWCDNGHGGFDCEMHTQOVJGOCTMGVU
UQVJCVRQVGPVKCNRTQDNGOUECPDGSWKEMN[CFFTGUUGF
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%14214#6'51%+#.4'52105+$+.+6;
6JG$CPI1NWHUGPNQIQKUCIWCTCPVGGQHSWCNKV[s
CPFJCUDGGPUKPEGKVUETGCVKQPKP6JKUPQVQPN[
CRRNKGUVQ$CPI1NWHUGPoUSWCNKV[RTQFWEVUDWVCNUQVQKVUUVTQPICPFGPFWTKPITGNCVKQPUJKRUYKVJEWUVQOGTU
CPFUWRRNKGTU5KOKNCTN[KVKUKORQTVCPVHQT$CPI
1NWHUGPVQJCXGEQOOKVVGFGORNQ[GGUCPFVQ
FGOQPUVTCVGTGURGEVHQTVJGGPXKTQPOGPVDQVJHQTVJG
EQORCP[oUKOOGFKCVGUWTTQWPFKPIUPGCTVJGHCEVQTKGU
CPFCRTQFWEVoUHQQVRTKPVFWTKPIKVUNKHGE[ENG+VJCU
VJGTGHQTGCNYC[UDGGPKORQTVCPVHQT$CPI1NWHUGP
VQVCMGTGURQPUKDKNKV[HQTUWUVCKPCDKNKV[CETQUUVJGGPVKTG
DWUKPGUU
$CPI1NWHUGPFGXGNQRUNQPINCUVKPIJKIJSWCNKV[
RTQFWEVU5KPEGVJGFGUKIPKUVKOGNGUU[GCTQNF$CPI1NWHUGPRTQFWEVUYJKEJUVKNNYQTMKORGEECDN[
CTGHQWPFKPOCP[JQOGU#$CPI1NWHUGPRTQFWEV
JCUCPCXGTCIGNKHGURCPQH[GCTUYKVJQWVCP[
FGVGTKQTCVKQPKPVJGRKEVWTGQTUQWPFSWCNKV[6QGPUWTG
UWEJJKIJSWCNKV[VJTQWIJQWVVJGNKHGVKOGQHCRTQFWEV
KVKUVGUVGFDGHQTGDGKPINCWPEJGFKPVJGOCTMGV6JKU
GPUWTGUVJCVVJGRTQFWEVECPYKVJUVCPFEQNFJGCV
DWORUUWPNKIJVFWUVGVE6JGJKIJSWCNKV[CPFNQPI
NKHGJCXGCRQUKVKXGGHHGEVQPVJGGPXKTQPOGPV
'PXKTQPOGPVCNRQNKE[
$CPI1NWHUGPVCMGUCJQNKUVKECRRTQCEJVQVJGGPXKTQPOGPVCNKORCEVQHKVURTQFWEVKQPCPFRTQFWEVU
QPGORNQ[GGUEWUVQOGTUCPFUWTTQWPFKPIU6JKU
OGCPUVJCVCUHCTCU$CPI1NWHUGPKUEQPEGTPGFVJG
pGPXKTQPOGPVqEQXGTUVJGYQTMKPIGPXKTQPOGPV
RTQFWEVGPXKTQPOGPVCPFGZVGTPCNGPXKTQPOGPV
#UCPGPXKTQPOGPVCNN[TGURQPUKDNGEQORCP[$CPI
1NWHUGPYKUJGUVQETGCVGUWUVCKPCDNGRTQFWEVU#UC
TGUWNVEQPEGTPHQTRTQFWEVRGTHQTOCPEGFGUKIPCPF
NKHGVKOGOWUVDGKPOWVWCNDCNCPEGYKVJVJGEQORCP[oU
KORCEVQPVJGUWTTQWPFKPIYQTNF
+PRCTVKEWNCTVJKUOGCPUVJCV$CPI1NWHUGPYKNN
&GXGNQRCPFRTQFWEGRTQFWEVUWPFGTEQPFKVKQPUVJCV
OGGVVJGTGSWKTGOGPVUQH+51CPF1*5#5
UVCPFCTFU
%QPVKPWCNN[RTGXGPVQTKORTQXG
6JGYQTMKPIGPXKTQPOGPVHQTVJGDGPGVQHKVU
GORNQ[GGUoJGCNVJCPFUCHGV[
+PFWUVTKCNCEEKFGPVUCPFYQTMTGNCVGFKNNPGUUGU
'PXKTQPOGPVCNKORCEVQPKVUUWTTQWPFKPIUECWUGF
D[CEVKXKVKGUQTRTQFWEVU
%QOOWPKECVGQRGPN[CDQWVGPXKTQPOGPVCNKUUWGU
RGTVCKPKPIVQVJGEQORCP[/CKPVCKPCJKIJNGXGNQHKPHQTOCVKQPHQTGORNQ[GGU
UQVJCVVJGYQTMKPIGPXKTQPOGPVDGEQOGUC
VTCPURCTGPVCPFPCVWTCNRCTVQHFCKN[YQTM
'PUWTGVJCVKPFKXKFWCNUYJQYQTMHQTCPFQPDGJCNH
QH$CPI1NWHUGPJCXGVJGPGEGUUCT[MPQYNGFIG
CDQWVVJGGPXKTQPOGPVVQGPCDNGVJGOVQRGTHQTO
VJGKTYQTMKPCTGURQPUKDNGOCPPGT
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9QTMKPIGPXKTQPOGPV
$CPI1NWHUGPRNCEGUITGCVGORJCUKUQPVJGGORNQ[GGUoYQTMKPIGPXKTQPOGPV6JGCKOKUVQETGCVG
CUCHGCPFJGCNVJ[YQTMKPIGPXKTQPOGPVYKVJHQEWUQP
DQVJVJGRJ[UKECNCPFRU[EJQNQIKECNYQTMKPI
GPXKTQPOGPV$CPI1NWHUGPQTICPKUGUYQTMUVCVKQPU
VQCEEQOOQFCVGGORNQ[GGUsPQVVJGQVJGTYC[
TQWPF6JGYQTMKPIGPXKTQPOGPVVJGTGHQTGHQTOUCP
KPVGITCNRCTVQHVJGRTQFWEVTKIJVHTQOVJGFGUKIPCPF
FGXGNQROGPVRJCUGUDGECWUGVJGEJQKEGUOCFGD[
RTQFWEVFGXGNQRGTUQHVGPJCXGCOCLQTKORCEVQPVJG
YQTMKPIGPXKTQPOGPVFWTKPIVJGRTQFWEVKQPRJCUG
sGIEJQKEGQHOCVGTKCNULQKPKPIOGVJQFUCPFEJQKEG
QHUWTHCEGVTGCVOGPV
'ORNQ[GGTGNCVKQPU
&WTKPIVJGPCPEKCN[GCTDQVJOCPCIGTUCPF
GORNQ[GGUCV$CPI1NWHUGPGZRGTKGPEGFUKIPKECPV
EJCPIGU#UEQUVCPFUVTWEVWTCNCFLWUVOGPVUYGTG
KORNGOGPVGFVQIGCTVJGEQORCP[HQTVJGHWVWTG
TGITGVVCDN[CPWODGTQHGORNQ[GGUJCFVQDGOCFG
TGFWPFCPV
+PQTFGTVQGPUWTGJKIJSWCNKV[RTQEGFWTGUVJTQWIJQWV
VJGFKHEWNVTGFWPFCPE[KPVGTXKGYU$CPI1NWHUGP
QHHGTGFCNNOCPCIGTUVJGQRRQTVWPKV[VQRCTVKEKRCVGKPCOCPCIGTVTCKPKPIRTQITCOOGYJKEJKPENWFGF
VTCKPKPIKPJQYVQFGCNYKVJVJGTGOCKPKPIGORNQ[GGU
6JGEQORCP[CNUQUWRRQTVGFGORNQ[GGUYJQJCF
DGGPOCFGTGFWPFCPVD[HQTKPUVCPEGRTQXKFKPI
KPHQTOCVKQPQPVTCKPKPIRTQITCOOGUCPFQPLQD
UGCTEJRTQITCOOGU1VJGTCUUKUVCPEGYCUCNUQ
RTQXKFGFYKVJTGICTFVQECTGGTCFXKEGCPFJWOCP
TGNCVKQPU
4GUWNVU
9KVJTGICTFVQVJGYQTMKPIGPXKTQPOGPV$CPI
1NWHUGPKUEQOOKVVGFVQQPIQKPIKORTQXGOGPVUCPFVQTGFWEKPIVJGPWODGTQHKPFWUVTKCNCEEKFGPVUD[
RGTEGPVRGT[GCTUVCTVKPIHTQO#EVKQPRNCPU
CTGVJGTGHQTGKPRNCEGVQGPUWTGVJCVCNNPGY
GORNQ[GGUCPFEQNNGCIWGUYJQJCXGEJCPIGFLQDU
YKVJKPVJGQTICPKUCVKQPCTGKPHQTOGFCDQWVUCHGV[CPF
VJGGPXKTQPOGPV+PCFFKVKQPVJGUCHGV[CPF
GPXKTQPOGPVCNITQWRKUKPXQNXGFKPVJGCESWKUKVKQPQH
PGYOCEJKPGT[CPFKPCP[KORQTVCPVEJCPIGU#TKUM
CUUGUUOGPVKUCNUQECTTKGFQWV(KPCNN[TGEQTFKPI
qPGCTOKUUGUqJGNRUVQRTGXGPVKPFWUVTKCNCEEKFGPVU
#UUJQYPKPIQPGOQTGKPFWUVTKCNCEEKFGPVQEEWTTGFFWTKPIVJGPCPEKCN[GCTVJCPKPVJG
RTGXKQWU[GCT*QYGXGTVJGCEEKFGPVHTGSWGPE[UVKNNNKGU
DGNQYVJGVCTIGVQHCRGTEGPVCPPWCNTGFWEVKQPKP
VJGPWODGTQHKPFWUVTKCNCEEKFGPVUHTQO
$CPI1NWHUGPYKNNEQPVKPWGVQHQEWUQPVJKUCTGCCPF
EQPVKPWCNN[FGXGNQRUPGYVQQNUCPFKPKVKCVKXGUKP
UWRRQTVQHVJGEQORCP[oUQDLGEVKXGU
'ZVGTPCNGPXKTQPOGPV
2TQFWEVGPXKTQPOGPV
9QTMKPIGPXKTQPOGPV
0WODGTCHCEEKFGPVU
(TGSWGPE[VCTIGV
(KI
6JGEJCTVUJQYUVJGVTGPFKPVJGPWODGTQH
CEEKFGPVUKGHTGSWGPE[6JGTGFWEVKQPVCTIGVKU
RGTEGPVOGCUWTGFCEEQTFKPIVQHTGSWGPE[KGVJG
PWODGTQHCEEKFGPVURGTOKNNKQPYQTMKPIJQWTU
6JKUKUKPFGRGPFGPVQHVJGPWODGTQHGORNQ[GGU
$NWGEQNNCTYQTMGTU
9JKVGEQNNCTYQTMGTU
(TGSWGPE[
6CTIGV
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2TQFWEVGPXKTQPOGPV
$CPI1NWHUGPEQPUKFGTUVJGGPXKTQPOGPVCUGCTN[CURQUUKDNGKPVJGRTQFWEVNKHGE[ENG%QPUGSWGPVN[VJG
EQORCP[JCUUGVQWVEQORTGJGPUKXGGPXKTQPOGPVCN
TGSWKTGOGPVUHQTKVURTQFWEVUFWTKPIVJGRTQFWEV
FGXGNQROGPVRJCUG-PQYPCUEQORWNUQT[HGCVWTGU
VJGUGGPXKTQPOGPVCNTGSWKTGOGPVUKPENWFGCRCTVHTQO
VJGRWTGN[NGIKUNCVKXGTGSWKTGOGPVUKPVGTPCNFGOCPFU
VJCVGZVGPFDG[QPFVJGNGICNTGSWKTGOGPVU
6JGWUGQHEQORWNUQT[HGCVWTGUEQORNKGUYKVJ'7
FKTGEVKXGUCPFQVJGTKPVGTPCVKQPCNNGIKUNCVKQP+PVJKU
YC[$CPI1NWHUGPECPDGEQPFGPVVJCVKVURTQFWEVU
CTGKPCEEQTFCPEGYKVJNQECNNGIKUNCVKQPKPGXGT[OCTMGVYJGTG$CPI1NWHUGPKUCEVKXG6JGEQORWNUQT[
HGCVWTGUCNUQEQORN[YKVJ4Q*59'''VJGRCEMCIKPI
FKTGEVKXGCPFXCTKQWUNCDGNNKPIUEJGOGU
1VJGTEQORWNUQT[HGCVWTGUGZVGPFDG[QPFNGIKUNCVKXG
TGSWKTGOGPVU6JKUKUVJGECUGHQTKPUVCPEGYKVJCDCP
QPCPWODGTQHEJGOKECNEQORQWPFUUWEJCU
DTQOKPCVGFCOGTGVCTFCPVUCPFTGSWKTGOGPVUHQTVJG
OCTMKPIQHRNCUVKERCTVU
$CPI1NWHUGP+%'RQYGT
$CPI1NWHUGPRTQFWEVURTKOCTKN[WUGGPGTI[GHEKGPVCORNKGTUHTQO$CPI1NWHUGP+%'RQYGT+P
EQPXGPVKQPCNCORNKGTUQPN[CTQWPFRGTEGPVQHVJG
KPRWVRQYGTKUEQPXGTVGFVQQWVRWVRQYGT6JG
TGOCKPKPICRRTQZRGTEGPVKUEQPXGTVGFVQJGCV
#UCTGUWNVCORNKGTUCTGPQTOCNN[GSWKRRGFYKVJNCTIG
EQQNKPIRNCVGUVQEQPFWEVVJGJGCVCYC[HTQOVJG
CORNKGT7PFGTPQTOCNEQPFKVKQPU$CPI1NWHUGP
+%'RQYGTRTQXKFGUVGPHQNFITGCVGTGHEKGPE[YJKEJ
OGCPUVJCVRQYGTEQPUWORVKQPKUTGFWEGFD[RGT
EGPV+PCFFKVKQPVQVJGHCEVVJCV$CPI1NWHUGP+%'
RQYGTCORNKGTUTGFWEGRQYGTEQPUWORVKQPYJGPVJG
CRRNKCPEGKUUYKVEJGFQPTGUQWTEGEQPUWORVKQPKUCNUQNQYGTDGECWUGPQOCVGTKCNUCTGPGGFGFHQTNCTIG
EQQNKPIRNCVGU
5VCPFD[EQPUWORVKQP
.KHGE[ENGCPCN[UKUQH$CPI1NWHUGPRTQFWEVUUJQY
VJCVVJGITGCVGUVGPXKTQPOGPVCNKORCEVFGTKXGUHTQO
GPGTI[EQPUWORVKQPKPVJGEWUVQOGToUJQOG+VYCU
VJGTGHQTGPCVWTCNHQT$CPI1NWHUGPVQHQEWUKVU
GPXKTQPOGPVCNGHHQTVUQPTGFWEKPIUVCPFD[
EQPUWORVKQP
7PFGTPGY'7TGIWNCVKQPUKVKUPQNQPIGTRGTOKVVGFVQ
KORQTVQTRTQFWEGGNGEVTQPKEFGXKEGUYKVJUVCPFD[
EQPUWORVKQPGZEGGFKPIQPGYCVV$CPI1NWHUGPQHEQWTUGEQORNKGUYKVJVJGPGY'7TGIWNCVKQPUCPFYKNN
EQPVKPWGVQHQEWUQPTGFWEKPIKVURTQFWEVUoUVCPFD[
EQPUWORVKQP
4GUWNVU
6JGCXGTCIGUVCPFD[EQPUWORVKQPKPETGCUGFUNKIJVN[
EQORCTGFVQQYKPIVQCEJCPIGFUCNGUOKZ
KG$CPI1NWHUGPJCUUQNFOQTGRTQFWEVUCVVJG
JGCX[GPFQHVJGRTQFWEVRQTVHQNKQKPVGTOUQHUVCPFD[
EQPUWORVKQP
&WTKPIVJG[GCTWPFGTTGXKGYVJGEQORCP[EQPVKPWGF
VQOQPKVQTKPVGTPCVKQPCNGPXKTQPOGPVCNNGIKUNCVKQPVJCV
EQWNFCHHGEVVJGEQORCP[oURTQFWEVUCPFUCNGU
5KOKNCTN[VJGEQORCP[MGGRUWRFCVGFQPCP[PGY
TGSWKTGOGPVUVJCVOC[KORCEVQPKVURTQFWEVUCPFYKNN
CNUQEQPVKPWGVQHQEWUQPTGFWEKPIGPGTI[
EQPUWORVKQPQXGTVJGNKHGE[ENGQHKVURTQFWEVUs
KPENWFKPIVQCPKPETGCUKPIGZVGPVYQTMQPTGFWEKPI
VJGRTQFWEVUoEQPUWORVKQPYJGPUYKVEJGFQP
(KI
6JGCXGTCIGUVCPFD[EQPUWORVKQPHQTCNN$CPI1NWHUGP68UURGCMGTUCPFCWFKQRTQFWEVUUQNFKP
KPFKXKFWCNPCPEKCN[GCTU6JGECNEWNCVKQPKUUCNGU
YGKIJVGFCPFVJWUGZRTGUUGU$CPI1NWHUGPoU
GPXKTQPOGPVCNKORCEVQPVJGOCTMGV
9CVV
'ZVGTPCNGPXKTQPOGPV
9QTMKPIGPXKTQPOGPV
2TQFWEVGPXKTQPOGPV
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$#6KUCPGPXKTQPOGPVCNVGTOq$GUV#XCKNCDNG6GEJPQNQI[q
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GNGEVKQPGCEJ[GCT+PIGPGTCNUKZVQGKIJVDQCTFOGGVKPIUCTGJGNFCPPWCNN[VQIGVJGTYKVJCFJQE
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TGICTFKPIRTQHGUUKQPCNSWCNKECVKQPUKPVGTPCVKQPCN
GZRGTKGPEGGFWECVKQPCNDCEMITQWPFCPFVJGNKMG
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5*#4'*1.&'4+0(14/#6+10
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