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4%6/ 0%2) 1E]JEMV ; 8LMW FVMKLX ERH WTEGMSYW SRI FIHVSSQ ETEVXQIRX MW MR E TVIWXMKMSYW FYMPHMRK EHNEGIRX XS XLI (SVGLIWXIV ,SXIP ERH STTSWMXI ,]HI 4EVO 8LI ETEVXQIRX EPWS FIRI½XW JVSQ LSYV WIGYVMX] ERH HIHMGEXIH GSRGMIVKI ERH QEMH WIVZMGIW ERH MW E VEVI STTSVXYRMX] XS SJJIV XLI HMWGIVRMRK FY]IV XLI I\TIVMIRGI SJ 0SRHSR PMZMRK EX MXW ½RIWX %GGSQQSHEXMSR GSQTVMWIW IRXVERGI LEPP VIGITXMSR HMRMRK VSSQ QSHIVR STIR TPER OMXGLIR WTEGMSYW FIHVSSQ ERH FEXLVSSQ 0IEWILSPH ]IEVW 4VMGI VSFIVX GS\$LEVVSHWIWXEXIW GSQ
4%6/ 0%2) 1E]JEMV ; 4EVO 0ERI VIQEMRW SRI SJ 0SRHSR´W QSWX WSYKLX EJXIV EHHVIWWIW ERH [I EVI TVSYH XS SJJIV XLMW XLVII FIHVSSQ XLVII FEXLVSSQ
EPP IR WYMXI ETEVXQIRX [MXL IRXVERGI LEPP VIGITXMSR VSSQ HMRMRK VSSQ WXYH] ERH KYIWX GPSEOVSSQ 8LI ETEVXQIRX EPWS FIRI½XW JVSQ LSYV WIGYVMX] HIHMGEXIH GSRGMIVKI ERH QEMH WIVZMGIW 0IEWILSPH ]IEVW 4VMGI VSFIVX GS\$LEVVSHWIWXEXIW GSQ
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%77)8 )78%8) 1%2%+)1)28
%77)8 )78%8) 1%2%+)1)28 0IZZWL[ Q[ _WZTL ZMVW_VML NWZ \PM Y]ITQ\a WN \PM XZWL]K\[ IVL [MZ^QKM[ Q\ XZW^QLM[ IVL 0IZZWL[ -[\I\M[ )[[M\ 5IVIOMUMV\ Q[ VW M`KMX\QWV 8LI TVSJIWWMSREPW EX ,EVVSHW )WXEXIW %WWIX 1EREKIQIRX TVSZMHI ER YRVMZEPPIH TVSTIVX] ERH IWXEXI QEREKIQIRX WIVZMGI SR FILEPJ SJ HIZIPSTIVW PERHPSVHW ERH VIWMHIRX QEREKIQIRX GSQTERMIW ;I SJJIV ER MQTVIWWMZI LMKL TVS½PI ERH E[EVH [MRRMRK TSVXJSPMS YRHIV QEREKIQIRX EGVSWW 0SRHSR 23 8%7/ -7 833 71%00 23 6)59)78 833 )<86 %36(-2%6= -R XLI [SVPH SJ LMKL TVSJMPI PY\YV] HIZIPSTQIRXW E LSXIP WX]PI GSRGMIVKI WIVZMGI MW RS[ VIKEVHIH EW IWWIRXMEP ,EVVSHW )WXEXIW %WWIX 1EREKIQIRX GSRGMIVKIW EVI LMKLP] XVEMRIH TVSJIWWMSREP HMWGVIIX ERH XVYWX[SVXL] 2EXYVEPP]
XLI] [MPP FI LETT] XS YRHIVXEOI IZIV]HE] XEWOW WYGL EW VIGIMZMRK HIPMZIVMIW ERH KVIIXMRK XVEHIWTISTPI WGVIIRMRK ERH IWGSVXMRK ZMWMXSVW QEOMRK VIWXEYVERX VIGSQQIRHEXMSRW ERH VIWIVZEXMSRW EVVERKMRK QEMH WIVZMGIW FSSOMRK XVEZIP SV WMQTP] LEMPMRK E XE\M *YVXLIVQSVI SYV GSRGMIVKIW GER GEPP YTSR EPP XLI VIWSYVGIW SJ ,EVVSHW XS IRWYVI XLEX ]SYV ³JVSRX HIWO´ MW VYR XS MQTIGGEFPI WXERHEVHW *PS[IVW JSSH KMJXW ERH TIVWSREP MXIQW GER FI HIPMZIVIH EX WLSVX RSXMGI [LMPI ]SYV GSRGMIVKI [MPP FI EFPI XS EVVERKI IZIV]XLMRK JVSQ E GLEYJJIYVIH PMQSYWMRI XS E TVMZEXI LIPMGSTXIV 2S XEWO MW XSS WQEPP RS VIUYIWX XSS I\XVESVHMREV] *SV QSVI MRJSVQEXMSR TPIEWI GSRXEGX YW SR
, %6 6 3 (7)78 %8 )7 '3 1
;I EVI XSXEPP] GSQQMXXIH XS TVSZMHMRK ER STXMQYQ WIVZMGI XS SYV GPMIRXW ERH [I SJJIV E VERKI SJ WIVZMGIW MRGPYHMRK FYX RSX PMQMXIH XS 7IVZMGI GLEVKI EHQMRMWXVEXMSR +VSYRH VIRX GSPPIGXMSR 7YTIVZMWMSR SJ SR WMXI WXEJJ 7YTIVZMWMSR SJ QEMRXIRERGI VITEMVW MRGPYHMRK QENSV [SVOW 'SRGMIVKI WIVZMGIW %GXMRK EW GSQTER] WIGVIXEV] JSV VIWMHIRX QEREKIQIRX GSQTERMIW
4634)68= 1%2%+)1)28
4634)68= 1%2%+)1)28 0IZZWL[ -[\I\M[ 8ZWXMZ\a 5IVIOMUMV\ [MZ^QKM Q[ LM[QOVML \W UMM\ aW]Z QVLQ^QL]IT ZMY]QZMUMV\[ IVL XZW^QLM \PM XMZ[WVIT \W]KP -R EHHMXMSR XS SYV 7EPIW ERH %WWIX 1EREKIQIRX WIVZMGIW ,EVVSHW )WXEXIW MW TPIEWIH XS TVSZMHI E ½ZI WXEV XSXEP 4VSTIVX] 1EREKIQIRX WIVZMGI ;LIXLIV ]SY WTIRH E WMKRM½GERX EQSYRX SJ XMQI EFVSEH ¯ QIERMRK ]SYV TVSTIVX] MW JVIUYIRXP] YRSGGYTMIH ¯ SV ]SY EVI PSSOMRK JSV E RI[ S[RIV SV XIRERX [I GER TVSZMHI E TVSTIVX] QEREKIQIRX WIVZMGI XEMPSVIH XS QIIX ]SYV MRHMZMHYEP VIUYMVIQIRXW 4)6732%0 73098-327 *-678 '0 %77 7)6:-') %W ]SY [SYPH I\TIGX JVSQ ,EVVSHW [I KS SRI WXIT JYVXLIV MR SVHIV XS TVSZMHI FIWTSOI WSPYXMSRW ERH E ½VWX GPEWW WIVZMGI ;I TE] TEVXMGYPEV EXXIRXMSR XS MHIRXMJ]MRK ERH
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,EVVSHW )WXEXIW QEREKIW E FVSEH VERKI SJ TVSTIVXMIW [MXL IZIV]XLMRK JVSQ WXYHMSW XS PEVKI JEQMP] LSYWIW GEXIVIH JSV 7IVZMGIW MRGPYHI 1EMRXIRERGI [SVO WYGL EW TPYQFMRK TEMRXMRK ERH HIGSVEXMRK 7SVXMRK TSWX 0EYRHV] ;IIOP] MRWTIGXMSRW 4PERX GEVI 'PIERMRK -VSRMRK 4VSZMWMSR SJ FEWMG KVSGIVMIW
0)88-2+7
/2-+,87&6-(+) %2( 1%=*%-6 0)88-2+7
)%832 759%6) &IPKVEZME 7; ; 6EVIP] EZEMPEFPI XLMW +VEHI -- PMWXIH QERWMSR HI½RIH F] )RKPMWL ,IVMXEKI EW E TEVXMGYPEVP] MQTSVXERX FYMPHMRK GSQTVMWIW XLI QEMR LSYWI [LMGL JEGIW HMVIGXP] SRXS XLI )EXSR 7UYEVI KEVHIRW TPYW XLI EHNSMRMRK QI[W LSYWI [LMGL LEW WITEVEXI EGGIWW JVSQ )GGPIWXSR 1I[W EX XLI VIEV 8LI I\XIRWMZI JEQMP] EGGSQQSHEXMSR MW EVVERKIH SZIV WM\ ¾SSVW [MXL JSYV TIVWSR TEWWIRKIV PMJX MR XLI QEMR LSYWI
WU Q WU JX ERH SZIV X[S ¾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½KYVI SR ETTPMGEXMSR OEVIR FSPERH$LEVVSHWIWXEXIW GSQ
, %6 6 3 (7)78 %8 )7 '3 1
0)88-2+7
)%832 759%6) &IPKVEZME 7; ; 8LMW ½VWX ¾SSV PEXIVEP ETEVXQIRX SZIVPSSOW )EXSR 7UYEVI KEVHIRW JVSQ XLI JVSRX ERH TVIXX] TVMZEXI KEVHIRW XS XLI VIEV -QQEGYPEXIP] TVIWIRXIH XLI EGGSQQSHEXMSR SJ ETTVS\MQEXIP] WU JX WU Q GSQTVMWIW E HVE[MRK VSSQ [MXL EGGIWW XS XLI JVSRX XIVVEGI E OMXGLIR E HMRMRK VSSQ [MXL EGGIWW XS XLI VIEV XIVVEGI E QEWXIV FIHVSSQ [MXL E HVIWWMRK EVIE ERH IR WYMXI FEXLVSSQ ERH E WIGSRH HSYFPI FIHVSSQ [MXL IR WYMXI FEXLVSSQ %ZEMPEFPI MQQIHMEXIP] SR E JYVRMWLIH FEWMW 4VMGI T[ JYVRMWLIH OEVIR FSPERH$LEVVSHWIWXEXIW GSQ
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0)88-2+7
)1&%2/1)28 +%6()27 'LIPWIE 7; 8LMW FIEYXMJYPP] TVIWIRXIH RI[P] VIJYVFMWLIH ETEVXQIRX MW WMXYEXIH SZIV X[S ¾SSVW SJ E TIVMSH FYMPHMRK ERH LEW E TVMZEXI TEXMS KEVHIR %GGSQQSHEXMSR GSQTVMWIW E VIGITXMSR VSSQ E HMRMRK VSSQ [MXL EGGIWW XS TEXMS KEVHIR E OMXGLIR E QEWXIV FIHVSSQ [MXL IR WYMXI WLS[IV VSSQ E WIGSRH HSYFPI FIHVSSQ [MXL IR WYMXI WLS[IV VSSQ E XLMVH HSYFPI FIHVSSQ E FEXLVSSQ ERH E YXMPMX] VSSQ 4VIWIRXIH XS ER MQQEGYPEXI WXERHEVH XLI TVSTIVX] MW JYVRMWLIH ERH MW EZEMPEFPI MQQIHMEXIP] 4VMGI T[ JSV WLSVX XIVQ PIXW T[ JSV PSRK XIVQ PIXW VIIQ HSYKVEQENM$LEVVSHWIWXEXIW GSQ
, %6 6 3 (7)78 %8 )7 '3 1
0)88-2+7
%((-732 63%( ,SPPERH 4EVO ; 8LMW RI[P] VIHIGSVEXIH JEQMP] LSYWI SJJIVW I\GIPPIRX IRXIVXEMRMRK WTEGI KEVHIRW ERH SJJ WXVIIX TEVOMRK %GGSQQSHEXMSR SJ WU JX GSQTVMWIW SR XLI KVSYRH ¾SSV E HSYFPI VIGITXMSR VSSQ [MXL EGGIWW XS XLI PE[RIH KEVHIR E PEVKI IEX MR OMXGLIR PIEHMRK XS XLI GSRWIVZEXSV] ERH KEVHIR ERH E HMRMRK VSSQ 8LI PEVKI FEWIQIRX GSQTVMWIW E WXEJJ VSSQ YXMPMX] EVIE E PEVKI WXSVEKI EVIE ERH E FEXLVSSQ %RH SR XLI YTTIV ¾SSVW XLIVI MW E QEWXIV FIHVSSQ WYMXI [MXL E PEVKI HVIWWMRK VSSQ ERH IR WYMXI FEXLVSSQ E HSYFPI FIHVSSQ [MXL ER IR WYMXI FEXLVSSQ X[S JYVXLIV HSYFPI FIHVSSQW ERH E WLS[IV VSSQ %ZEMPEFPI MQQIHMEXIP] SR ER YRJYVRMWLIH FEWMW 4VMGI T[ YRJYVRMWLIH OEXEVMRE VLSHIW$LEVVSHWIWXEXIW GSQ
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0)88-2+7
4328 786))8 &IPKVEZME 7; < 8LMW MQQEGYPEXIP] TVIWIRXIH X[S HSYFPI FIHVSSQ ETEVXQIRX LEW FIIR VIHIGSVEXIH XS E ZIV] LMKL WXERHEVH -X MW MR E [IPP VYR FYMPHMRK [MXL E VIWMHIRX GEVIXEOIV %GGSQQSHEXMSR GSQTVMWIW E VIGITXMSR VSSQ E HMRMRK VSSQ E QEWXIV FIHVSSQ [MXL IR WYMXI FEXLVSSQ E WIGSRH HSYFPI FIHVSSQ E WLS[IV VSSQ ERH E OMXGLIR %ZEMPEFPI MQQIHMEXIP] SR E JYVRMWLIH FEWMW JSV PSRK XIVQ PIXW SJ X[S ]IEVW QMRMQYQ 4VMGI T[ JYVRMWLIH OEXEVMRE VLSHIW$LEVVSHWIWXEXIW GSQ
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0)88-2+7
,%663(7 '3968 &6314832 40%') 7; 8LMW MRXIVMSV HIWMKRIH ETEVXQIRX MW MR ER I\GPYWMZI KEXIH /RMKLXWFVMHKI HIZIPSTQIRX QSQIRXW JVSQ ,EVVSHW ERH XLI EQIRMXMIW SJ XLI &VSQTXSR 6SEH %GGSQQSHEXMSR SJ ETTVS\MQEXIP] WU JX GSQTVMWIW E QEWXIV FIHVSSQ [MXL HVIWWMRK EVIE ERH IR WYMXI FEXLVSSQ E WIGSRH HSYFPI FIHVSSQ [MXL IR WYMXI FEXLVSSQ E VIGITXMSR HMRMRK VSSQ E PEVKI OMXGLIR E KYIWX GPSEOVSSQ ERH E PEVKI XIVVEGI 8LIVI MW E LSYV GSRGMIVKI WIVZMGI ERH ER YRHIVKVSYRH TEVOMRK WTEGI [MXL ZEPIX TEVOMRK HYVMRK XLI HE] %ZEMPEFPI MQQIHMEXIP] JSV PSRK XIVQ PIX 4VMGI T[ JYVRMWLIH OEXEVMRE VLSHIW$LEVVSHWIWXEXIW GSQ
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0)88-2+7
/-2+ 786))8 7X .EQIW´W 7; = 8LMW +VEHI -- PMWXIH VIWMHIRGI MW WMXYEXIH MR XLI LIEVX SJ 7X .EQIW´W I\XIRHW XS WSQI WU JX ERH FIRI½XW JVSQ MXW S[R WXVIIX EGGIWW 8LI TVSTIVX] LEW FIIR QIXMGYPSYWP] VIJYVFMWLIH ERH GSQFMRIW TIVMSH ERH GSRXIQTSVEV] WX]PIW -X LEW ER IPIKERX HVE[MRK VSSQ [MXL WSPMH SEO ¾SSVMRK E HMRMRK VSSQ E OMXGLIR FVIEOJEWX VSSQ E WXYH] PMFVEV] E QEWXIV FIHVSSQ WYMXI [MXL ¾SEXMRK FEXL ERH X[S JYVXLIV HSYFPI FIHVSSQ WYMXIW 8LI TVSTIVX] EPWS FIRI½XW JVSQ EMV GSRHMXMSRMRK ERH XLI LMKLIWX WTIGM½GEXMSR SJ EYHMSZMWYEP XIGLRSPSK] 4VMGI T[ YRJYVRMWLIH T[ JYVRMWLIH VSFMR FSKLLIRVMOWWIR$LEVVSHWIWXEXIW GSQ
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0)88-2+7
'322%9+,8 759%6) &E]W[EXIV ; 8LMW MQQEGYPEXIP] TVIWIRXIH XLVII FIHVSSQ HYTPI\ ETEVXQIRX SZIVPSSOW XLI KEVHIR WUYEVI MR XLMW UYMIX EVIE SJ 'SRREYKLX :MPPEKI QMRYXIW JVSQ 1EVFPI %VGL %GGSQQSHEXMSR SJ ETTVS\MQEXIP] WU JX GSQTVMWIW E PEVKI OMXGLIR HMRMRK VSSQ E VIGITXMSR VSSQ E QEWXIV WYMXI [MXL HVIWWMRK VSSQ ERH IR WYMXI FEXLVSSQ E HSYFPI FIHVSSQ E XLMVH WQEPP HSYFPI FIHVSSQ WXYH] E FEXLVSSQ ERH E XIVVEGI GSQTPIXI [MXL E TVSNIGXSV WGVIIR JSV WYQQIV ZMI[MRK 8LI ETEVXQIRX MW EZEMPEFPI MQQIHMEXIP] SR E JYVRMWLIH FEWMW JSV PIXW SJ SRI XS WM\ QSRXLW 4VMGI T[ JYVRMWLIH VSFMR FSKLLIRVMOWWIR$LEVVSHWIWXEXIW GSQ
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7%:3= %4%681)287 ;' 8LMW RI[P] HIGSVEXIH WU JX 2I[ =SVO WX]PI XLVII FIHVSSQ ¾EX EHNSMRW XLI VIJYVFMWLIH 7EZS] ,SXIP 8LI ETEVXQIRX JIEXYVIW E PEVKI VIGITXMSR VSSQ [MXL E WITEVEXI HMRMRK EVIE XLEX WIEXW XLVII HSYFPI IR WYMXI FIHVSSQW E WXYH] E RI[P] IUYMTTIH OMXGLIR E KYIWX GPSEOVSSQ EMV GSRHMXMSRMRK E WXSVEKI EVIE ERH LSYV TSVXIVEKI 8LI WIVZMGIW SJ XLI ½ZI WXEV LSXIP ¯ MRGPYHMRK GSRGMIVKI VSSQ WIVZMGI WTE K]Q W[MQQMRK TSSP ERH [SVPH GPEWW VIWXEYVERXW ¯ EVI EZEMPEFPI JSV E WITEVEXI JII %ZEMPEFPI MQQIHMEXIP] 4VMGI T[ JYVRMWLIH VSFMR FSKLLIRVMOWWIR$LEVVSHWIWXEXIW GSQ
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6)7-()28-%0 ():)0341)287 7%0)7
46-1) 03'%8-327 46)1-91 ()7-+2
8,) 83;)6 3RI 7X +ISVKI ;LEVJ 7; 8LI 8S[IV 3RI 7X +ISVKI ;LEVJ SR XLI FEROW SJ XLI 8LEQIW [MPP LEZI TERSVEQMG ZMI[W SJ XLI GETMXEP ERH [MPP FI SRI SJ XLI XEPPIWX VIWMHIRXMEP XS[IVW MR 0SRHSR 6IWMHIRXW [MPP IRNS] E TVMZEXI WTE ERH ER MR½RMX] W[MQQMRK TSSP [LMPI LSYV GSRGMIVKI WIGYVMX] ERH E ZEPIX WIVZMGI [MPP FI TVSZMHIH F] XLI MRXIVREXMSREPP] VIRS[RIH ,EVVSHW )WXEXIW %WWIX 1EREKIQIRX 8LI 8S[IV MW FIMRK HIZIPSTIH F] E[EVH [MRRMRK HIZIPSTIV 7X +ISVKI 4PG ERH LEW E GSQTPIXMSR HEXI SJ % WIPIGXMSR SJ SRI X[S ERH XLVII FIHVSSQ ETEVXQIRXW MW EZEMPEFPI 4VMGI SR ETTPMGEXMSR WLMVPI] LYQTLVI]$LEVVSHWIWXEXIW GSQ
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6)7-()28-%0 ():)0341)28 6)7-()28-%0 ():)0341)287
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6)7-()28-%0 ():)0341)287
+36(32 ,397) 6MGLQSRH 8; 8LMW +VEHI -- PMWXIH LSYWI MW WIX [MXLMR EGVIW SJ PERHWGETIH KVSYRHW SZIVPSSOMRK XLI 8LEQIW ERH MW [MXLMR [EPOMRK HMWXERGI SJ 6MGLQSRH XS[R GIRXVI 8LMW WYFWXERXMEP VIWMHIRGI [MXL TIVMSH EVGLMXIGXYVEP HIXEMPMRK ERH WIGYVI FEWIQIRX KEVEKMRK JSV WIZIR GEVW LEW FIIR VIJYVFMWLIH XS XLI LMKLIWX WXERHEVHW F] 3GXEKSR SRI SJ XLI 9/´W JSVIQSWX PY\YV] HIZIPSTIVW 8LI TVSTIVX] MRGSVTSVEXIW SZIV WU JX WU Q SJ EGGSQQSHEXMSR MRGPYHMRK E GLETIP ERH ER ERRI\I 4VMGI WLMVPI] LYQTLVI]$LEVVSHWIWXEXIW GSQ
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