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*** 3FDPSSFSMBDJFODJBFOFMBVMB

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FMSFTVMUBEP MPTEBUPTTPOMPTEBUPT ZOPQVFEFOEBSiNBMw
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OFVSPDJFODJBTDPHOJUJWBT4JCJFOSFTPMWFSVOQSPCMFNBFTMPRVFIBDFNPTBEJBSJP JODMVTP
DVBOEPOPTBCFNPTRVIBDFS QBSBFMDFSFCSPDPOTUJUVZFVOEFTBGPGFOPNFOBM BVOFO
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NFOUFDPNQMFKB RVFTPMPBUSBWTEFTVDFTJWBTJUFSBDJPOFTZSFGJOBNJFOUPTBMDBO[BSVO
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MBBDUVBMJEBE DPNPEFDBNPT FTUFFTVODBNQPEFJOUFOTBTFYQFSJNFOUBDJPOFT CBTBEBT
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Z BQMJDBEPBMBVMB NFSFDFTFTVEBTJOWFTUJHBDJPOFTFODBEBEJTDJQMJOBDJFOUGJDB
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NFOUFTFMMBNBCBBQSFOEJ[BKFOPGPSNBMBUPEBBDUJWJEBERVFPDVSSBGVFSBEFMBFTDVFMB
oMBGBNPTBTBMJEBRVFJOWPMVDSBCBVOBTFSJFEFQBTPTZBVUPSJ[BDJPOFTCVSPDSUJDBT WJB
KFTFONJDSPTZEVEPTPTSFTVMUBEPTQFEBHHJDPTo"TJNJTNP TPMBTFSDPOTJEFSBEPVOB
FTQFDJFEFEJWFSUJNFOUP DPOSFMBUJWBNFOUFQPDBWBMPSBDJO5BMWF[QBSBMBDJFODJBFTUBT
TBMJEBTTFBOGVOEBNFOUBMFT BVODVBOEPTFSFBMJDFOFOVONCJUPSFEVDJEPFMQBUJPEF
MBFTDVFMB MBQMB[B MBTJOWFTUJHBDJPOFTIPHBSFBT1PSTVQVFTUP MBTTBMJEBTBNCJUPTEF
QSPEVDDJOPFYIJCJDJOEFBDUJWJEBEFTDJFOUGJDBT DPNPMBCPSBUPSJPTPNVTFPT
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DPOVOBHVBQSPWFOJFOUFEFMBFTDVFMB DPOMPTEPDVNFOUBMFTEFUFMFWJTJO /PWBMFMB
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USBOTGPSNBDJOEFMPTNVTFPTEFDJFODJB QBSUJFOEPEFNCJUPTWFOFSBCMFTQBSBMBTDP
MFDDJPOFTEFFTQFDNFOFTEFCPUOJDB [PPMPHBPNJOFSBMPHB FOMVHBSFTFOMPTRVFFM
WJTJUBOUFQVFEFQBSUJDJQBSEFFYQFSJFODJBTRVFNPEJGJDBOFOGPSNBBDUJWBTVQFSDFQDJO
ZDPOPDJNJFOUPEFMNVOEP1PSGPSUVOB MBTJOWFTUJHBDJPOFTSFBMJ[BEBTFOFTUPTNVTFPT
BDFSDBEFMBTEJWFSTBTWBSJBCMFTZMBTSFTQVFTUBTEFMPTWJTJUBOUFTGVFSPOSQJEBNFOUFFYUSB
QPMBEBTBFOUFOEFSFMQSPDFTPEFBQSFOEJ[BKFRVFTFSFBMJ[BCBFOTVTTBMBT ZFTUPQVFEF
TFSBNQMJBNFOUFBQSPWFDIBEPFOMBFOTFBO[BEFMBTDJFODJBT5BMWF[EFMBNBOPDPO


7FS QPSFKFNQMP (PPE 3Z4NJUI .i)PX%P8F.BLF4UVEFOUT#FUUFS1SPCMFN4PMWFST w 5IF4DJFODF
5FBDIFS 
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*** 3FDPSSFSMBDJFODJBFOFMBVMB

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MBTFYIJCJDJPOFT&OMBFYQFSJFODJBJOUFSBDUJWB FMBQSFOEJ[BKFFTDPNQMFKPZUJFOFRVFWFS
DPOMPRVFVOPUSBFDPNPJOEJWJEVP DPOFMBNCJFOUFGTJDPFOFMDVBMTFMFQSFTFOUBOMBT
FYIJCJDJPOFTZ QPSMUJNP DPOMBNFEJBDJOTPDJBMFOMBRVFTFJOTFSUBMBFYQFSJFODJB JO
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1PSTVQVFTUPRVFFTUFUJQP
EFBDUJWJEBE BMJHVBMRVFDVBMRVJFSPUSBTBMJEB TPMPFTBQSPWFDIBEBFOMBNFEJEBFORVF
TFQSFQBSBQSFWJBNFOUFFOFMBVMB ZTFDPOUJOBMBFYQFSJFODJBFODMBTFTTVCTJHVJFOUFT
&OFMDBTPEFMBTWJTJUBTBMBCPSBUPSJPTPDFOUSPTEFDPOPDJNJFOUPDJFOUGJDP FTGVOEBNFO
UBMBQSPWFDIBSMBTBMJEBBMNYJNPUFOJFOEPFODVFOUBDSJUFSJPTi$54w DJFODJB UFDOPMPHB
ZTPDJFEBE
BMBIPSBEFEJTFBSMBTBDUJWJEBEFTBSFBMJ[BSOPTPMPTFUSBUBEFSFDJCJSJOGPS
NBDJOEFMBNBOPEFFYQFSUPT TJOPRVFUBNCJOMPTBMVNOPTQVFEFOJSQSFQBSBEPTDPO
BHFOEBQSPQJB NVOJEPTEFQSFHVOUBTFTQFDGJDBTBDFSDBEFMBIJTUPSJBEFMBTJOWFTUJHBDJP
OFT ZEFMPTJOWFTUJHBEPSFT
FMDPOUFYUPFOFMRVFTFJOTFSUBO MBTBNCJDJPOFTQFSTPOBMFT 
MBJNBHJOBDJOZDSFBUJWJEBERVFTVCZBDFFOMPTFTUVEJPT FUD5BMWF[FOFTFNCJUPTF
QVFEBSPNQFSDPOFMBSRVFUJQPEFDJFOUGJDPBJTMBEPEFMNVOEP DPOTVJOGBMUBCMFEFMBOUBM
CMBODPZNPTDBTBMSFEFEPSEFTVDBCF[B&YJTUFOOVNFSPTPTFKFNQMPTBEJDJPOBMFTFOMPT
RVFTFQSPDVSBVOBBUNTGFSBBEFDVBEBQBSBMBFOTFBO[BEFMBTDJFODJBTGVFSBEFMBVMB
oFOUSFMPTDVBMFTDBCFNFODJPOBSMPTDBNQBNFOUPTDJFOUGJDPTZMPTDMVCFTEFDJFODJBo 
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6OQSPCMFNBPCWJPFTFMEFDNPMMFWBSBMBVMBMBWJTJOEFMBDJFODJBDPNPBTVOUPTPDJBM
TJODBFSFOVOSFMBUJWJTNPRVFBGJSNFRVFUPEPDPOPDJNJFOUPFTJHVBMNFOUFWMJEP OJFO
TJNQMJGJDBDJPOFTDPOSFTQFDUPBMTJHOJGJDBEPEFMPTEBUPTFNQSJDPT"T MBDPOTUSVDDJO
DPOTFOTVBEBEFDPOPDJNJFOUPFTVODPNQPOFOUFFTFODJBMEFMBDJFODJBiQSPGFTJPOBMwZ 
DPNPUBM OPQVFEFFTUBSBKFOBBMBDJFODJBiFTDPMBSw6OBQPTJCJMJEBEFTSFUPSOBSBMWJFKP
TJTUFNBEFEJMPHPTHVJBEPT PUSBFTMBEFBQSPQJBSTFEFKVFHPTEFSPMUBMFTDPNPKVJDJPT


'BML +%Z%JFSLJOH -%5IFNVTFVNFYQFSJFODF8BTIJOHUPO 8IBMFTCBDL#PPLT 


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ZFMSPMZQPTJDJODVN
QMJEPTQPSMBDJFODJBZMPTDJFOUGJDPTFOFMMBT

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FJOUFSDBNCJFOJEFBT TPCSFMBCBTFEFRVFFMDPOPDJNJFOUPFODJFODJBTOBUVSBMFTQSPWJF
OFEFGVFOUFTQVSBNFOUFFNQSJDBT QFSPFTJNQSFTDJOEJCMFJOUFSQSFUBS BOBMJ[BSZIBTUB
QFMFBSTFQPSFMTJHOJGJDBEPEFMBTJOWFTUJHBDJPOFT
-BDPOTUSVDDJOEFMDPOPDJNJFOUPDJFOUGJDPEFNBOFSBDPOTFOTVBEBFOFMBVMBQFSNJUF
QSFTFOUBSBMBDJFODJBDPNPVOUJQPNVZFTQFDJBMEFEFCBUF FOFMDVBMMPTPCTFSWBEPSFT
EF GFONFOPT EFCFO QPOFSTF EF BDVFSEP TPCSF MP RVF TVDFEF Z QPS RV TVDFEF "M
BERVJSJSVOSPMBDUJWPFOMBUBSFB MPTBMVNOPTWBOSFBMJ[BOEPVOBTFSJFEFPQFSBDJPOFT
NFOUBMFTMHJDBTRVFNFKPSBOMBDPIFSFODJBJOUFSOBEFMEJTDVSTPBNFEJEBRVFTFDVFT
UJPOBOMPTSB[POBNJFOUPT
&YJTUFOEJWFSTPTFKFNQMPTFOMPTRVFFMEPDFOUFNPEFMBQBSBMPTBMVNOPTFMEJMPHPTPDS
UJDP CVTDBOEPFYUSBFSEFMJOUFSMPDVUPS BUSBWTEFQSFHVOUBTZSFQSFHVOUBT MBTQSFNJTBT
RVFMFQFSNJUBODPOTUSVJSVOEJTDVSTPMHJDPZDPIFSFOUFBDFSDBEFVOUFNBFOQBSUJDVMBS
&MEJMPHPQVFEFTFSDPNQMFNFOUBEPQPSFYQFSJNFOUPT BVORVFFTUPOPFTFTUSJDUBNFOUF
OFDFTBSJP%FDVBMRVJFSNBOFSB MBEJTDVTJOTFDPNQMFNFOUBFOGPSNBQFSNBOFOUFDPO
iFYQFSJNFOUPTNFOUBMFTw UIPVHIUFYQFSJNFOUT
EFMUJQPEFiTJSFBMJ[BSBUBMFYQFSJNFO
UPPBOMJTJTZIBMMBSBUBMSFTVMUBEP FOUPODFTMMFHBSBBFTUBDPODMVTJOw
6OFKFNQMPGVFQSPQVFTUPQPS(SFHPSZ#BUFTPOFOTVMJCSP&TQSJUVZOBUVSBMF[B  SFUP
NBEPFO#POBQBSUF 
DVBOEPOBSSBTVQBSUJDVMBSFOGPRVFQBSBFODPOUSBSSFHMBTFOMB
OBUVSBMF[B#BUFTPODVFOUBEFFTUBNBOFSBTVBDFSDBNJFOUPBMPTFTUVEJBOUFTEFFOUPODFT
&OMBEDBEBEFFSBJOTUSVDUPSEFKWFOFTEF$BMJGPSOJB 4BO'SBODJTDP&SB
VOBQFRVFBDMBTFEFBFTUVEJBOUFT ZZPTBCBRVFJCBBJOHSFTBSBVOBBU
NTGFSBEFFTDFQUJDJTNPSBZBOPFOMBIPTUJMJEBE$VBOEPFOUS QFSDJCDMBSBNFO
UFRVFTVQPOBORVFZPFSBVOBFODBSOBDJOEFMEFNPOJP RVFWFOBBJODSFQBSMFT
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FTUPTUJFNQPT {ZUPEBWBIPZ
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1PSTVQVFTUP FTUBFTMBNJTNBFYQFSJFODJBRVFTVFMFOTFOUJSMPTQSPGFTPSFTDVBOEPFOUSBO
BTVDMBTFEFDJFODJBT#BUFTPOQSFQBSBFMFTDFOBSJPDVJEBEPTBNFOUF ZHVBBTVTBMVN
OPTBUSBWTEFVOQSPCMFNBTFODJMMP


#BUFTPO (SFHPSZ&TQSJUVZOBUVSBMF[B#VFOPT"JSFT "NPSSPSUV&EJUPSFT #POBQBSUF 1BCMP3-BNJSBEB


EFMNBSDJBOP&OTBZPTQBSBDPOPDFSMPDPOPDJEP#VFOPT"JSFT &6%&#" 


*** 3FDPSSFSMBDJFODJBFOFMBVMB

-MFWDPONJHPEPTCPMTBTEFQBQFMEFVOBEFFMMBTTBRVVODBOHSFKPSFDJODPDJ
OBEPZMPQVTFTPCSFFMFTDSJUPSJP EJDJOEPMFTNTPNFOPTFTUPiRVJFSPRVFNF
EFO BSHVNFOUPT RVF NF DPOWFO[BO EF RVF FTUF PCKFUP FT FM SFTUP EF VOB DPTB
WJWJFOUF4JRVJFSFOQVFEFOJNBHJOBSRVFTPONBSDJBOPTZRVFFO.BSUFFTUOIBCJ
UVBEPTBWFSDPTBTWJWJFOUFT TJFOEPVTUFEFTNJTNPTTFSFTWJWPTQFSP EFTEFMVFHP 
OVODBIBOWJTUPDBOHSFKPTPMBOHPTUBT)BTUBBMMMMFHBSPO UBMWF[MMFWBEPTQPSVO
NFUFPSJUP VODJFSUPONFSPEFPCKFUPTDPNPFTUF%FCFOFYBNJOBSMPTZMMFHBSBMB
DPODMVTJOEFRVFTPOSFTUPTEFDPTBTWJWBT{$NPMMFHBSBOBFTBDPODMVTJO
"MQPOFSSFHMBTFOFMSFMBUP #BUFTPOFTUHVJBOEPBMPTFTUVEJBOUFTBMUJQPEFSB[POB
NJFOUPTPDSUJDPRVFEFTFBSFBMJ[BS&GFDUJWBNFOUF DPOMBDPOTJHOBEFRVFiTPONBS
DJBOPTw  MPT PCMJHB B FWJUBS UPEB FYQMJDBDJO DPOPDJEB RVF TF CBTF FO MB DPNQBSBDJO 
EFMUJQPiFTPFTUWJWPQPSRVFFTVODBOHSFKP ZZPTRVFFTUOWJWPTw-PTSFTVMUBEPT
PCTFSWBEPTTPONVZJOUFSFTBOUFT
-PQSJNFSPRVFPCTFSWBSPOGVFRVFFTTJNUSJDP PTFB RVFTVMBEPEFSFDIPTFQB
SFDFBMJ[RVJFSEP-VFHPPCTFSWBSPORVFVOBEFTVTUFOB[BTFSBNTHSBOEFRVFMB
PUSB"TRVFOPFSBTJNUSJDP"MHVJFOEJKPiT VOBUFOB[BFTNTHSBOEFRVF
MBPUSB QFSPBNCBTFTUOGPSNBEBTQPSMBTNJTNBTQBSUFTw`"I RVOPCMFZ
IFSNPTPQFOTBNJFOUP`$NPBSSPKFTFFTUVEJBOUFBMUBDIPEFMBCBTVSB DPO
UPEBDPSUFTB MBJEFBEFRVFFMUBNBPQPESBUFOFSVOBJNQPSUBODJBQSJNPSEJBM
PQSPGVOEB ZGVFFODBNCJPUSBTMBQBVUBRVFDPOFDUB`%FTDBSUVOBTJNFUSBB
GBWPSEFMUBNBPBGBWPSEFVOBTJNFUSBNTIPOEBFOMBTSFMBDJPOFTGPSNBMFT
&MSPMEF#BUFTPO PEFMEPDFOUF FTFMEFGBDJMJUBEPSOPQSPWFFEBUPTTJOPRVFHVBMBEJT
DVTJOFOFMTFOUJEPEFTFBEP TJOJOWBMJEBSOJOHVOBEFMBTPQJOJPOFTRVFTFWBZBOEBOEP 
TJOPCSJOEBOEPFMNBSDPQBSBTVEJTDVTJOZ FOUPEPDBTP FYQPOJFOEPMBTGBMFODJBTMHJDBT
EFMPTBSHVNFOUPT P NFKPSBVO MPHSBOEPRVFFOUSFMPTNJTNPTFTUVEJBOUFTTFDPOTJEFSFO
EJDIBTGBMFODJBT
BUSBWTEFMBQSFHVOUBPFMDPNFOUBSJPNOJNPRVFFODBVDFFMEJMPHP
&OFTUFFKFNQMPFOQBSUJDVMBS MBEFTDSJQDJOEFMiPCKFUPDBOHSFKPwMMFWBOBUVSBMNFOUFB
IBCMBSEFDPODFQUPTOPTPMPEFTJNFUSBTJOPUBNCJOEFIPNPMPHBBOBMPHB
&OMBNPEBMJEBEEFEJMPHPTPDSUJDPEFCFRVFEBSDMBSPRVFBWFDFTMBQSFHVOUBQMBOUFB
EBOPFYJHFVOBSFTQVFTUBOJDBPOFDFTBSJBNFOUFBDFQUBEBMPJOUFSFTBOUFFTFMQSPDFTP
QBSBMMFHBSBMBTQPTJCMFTFYQMJDBDJPOFT&MSPMEFMEPDFOUFFT VOBWF[QMBOUFBEBTDMBSB
NFOUFMBTDPOTJHOBTEFMDBTP FTUJNVMBSMBEJTDVTJOFOZFOUSFMPTHSVQPTEFUSBCBKPZ


PGSFDFSBMHVOBTQBVUBTBEJDJPOBMFTNJFOUSBTFMFKFSDJDJPTFWBEFTBSSPMMBOEP&TUBBDUJWJEBE
UJFOFWBSJPTPCKFUJWPTQVOUVBMFT1PSVOBQBSUF QSPNVFWFRVFMPTFTUVEJBOUFTEJTDVUBO
BDFSDB EF VO QVOUP QBSUJDVMBSNFOUF QPMNJDP P EF GSPOUFSB EFOUSP EF MPT DPOUFOJEPT
DJFOUGJDPT EF MBT NBUFSJBT "TJNJTNP  BQVOUB B FTUJNVMBS MB DPOTUSVDDJO EF EJTDVSTPT
MHJDPTDPOGVFSUFDPIFSFODJBJOUFSOB MBEJTDVTJOHSVQBMZFMUSBCBKPFOFRVJQP
6OBWBSJBOUFEFFTUFUJQPEFBDUJWJEBEFTFTMBSFBMJ[BDJOEFKVJDJPTDJFOUGJDPT FTUPFT B
DPODFQUPTPQFSTPOBKFTEFMBDJFODJB
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QBDJEBEEFUPNBSEFDJTJPOFTGVOEBNFOUBEBTFTOFDFTBSJPRVFMPTFTUVEJBOUFTBQSFOEBO
BEJTDVUJSDPOCBTFTTMJEBTMBTJNQMJDBODJBTUJDBTZTPDJBMFTEFMPTBWBODFTEFMBDJFODJB 
DPNQSFOEJFOEPTVTBMDBODFTZTVJNQBDUPTPCSFEJGFSFOUFTBTQFDUPTEFOVFTUSBWJEBZMB
EFMSFTUPEFMPTIBCJUBOUFTEFMQMBOFUB4FUSBUBEFEFMJNJUBSDMBSBNFOUFVOQSPCMFNB Z
FTGVOEBNFOUBMFMQMBOUFBNJFOUPDMBSPUBOUPEFMiKVFHPwDPNPEFMBTQSFNJTBTZIFDIPT
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QFMDVMBw FTUPFT DPOGJTDBMFTZEFGFOTPSFT DBEBVOPEFMPTDVBMFTQSFTFOUBSQSVFCBTZ
UFTUJHPT JOUFSSPHBSZSFBMJ[BSBMFHBUPTUBNCJOTFSFRVJFSFMBQFSTPOJGJDBDJOEFUBMFT
UFTUJHPTZEFVOKVSBEPRVFGJOBMNFOUFEJTDVUJSMBTFWJEFODJBTQSFTFOUBEBT
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MBIPSBEFBSHVNFOUBSZDPOUSBBSHVNFOUBS EFTBSSPMMBOEPTVDBQBDJEBEEFEFUFDUBSIVF
DPTMHJDPTFOBSHVNFOUPTQSPQJPTZBKFOPT&OFTUFTFOUJEP MBTJNVMBDJOEFVOKVJDJP
FOMBDMBTFBZVEBBHFOFSBSIFSSBNJFOUBTRVFUBNCJOTPOUJMFTQBSBMPTEFCBUFTZMB
DPOTUSVDDJODPOKVOUB QPSQBSUFEFMPTBMVNOPT EFJEFBTDJFOUGJDBTP NTFOHFOFSBM 
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