'LETXIV

%TTPMGEXMSR SJ
%27=7 XS 8LIVQS
1IGLERMGW
'LETXIV SYXPMRI







+IRIVEP GLEVEGXIVMWXMG SJ LIEX XVERWJIV TVSFPIQW

,IEX XVERWJIV XLVSYKL X[S [EPPW
7XIEH]WXEXI XLIVQEP EREP]WMW SJ E TMTI MRXIVWIGXMSR
,IEX HMWWMTEXMSR XLVSYKL VMFFIH WYVJEGI






+IRIVEP GLEVEGXIVMWXMG SJ LIEX

XVERWJIV TVSFPIQW

LI XVERWJIV SJ LIEX MW RSVQEPP] JVSQ E LMKLXIQTIVEXYVI SFNIGX XS E PS[IV

XIQTIVEXYVI SFNIGX ,IEX XVERWJIV GLERKIW XLI MRXIVREP IRIVK] SJ FSXL W]WXIQW
MRZSPZIH EGGSVHMRK XS XLI VWX PE[ SJ XLIVQSH]REQMGW
,IEX QE] FI HIRIH EW IRIVK] MR XVERWMX %R SFNIGX HSIW RSX TSWWIWW LIEX
XLI ETTVSTVMEXI XIVQ JSV XLI QMGVSWGSTMG IRIVK] MR ER SFNIGX MW MRXIVREP IRIVK]
8LI MRXIVREP IRIVK] QE] FI MRGVIEWIH F] XVERWJIVVMRK IRIVK] XS XLI SFNIGX JVSQ E
LMKLIVXIQTIVEXYVI LSXXIV SFNIGX XLMW MW GEPPIH LIEXMRK
% GSRZIRMIRX HIRMXMSR SJ XIQTIVEXYVI MW XLEX MX MW E QIEWYVI SJ XLI EZIVEKI XVERW
PEXMSR OMRIXMG IRIVK] EWWSGMEXIH [MXL XLI HMWSVHIVIH QMGVSWGSTMG QSXMSR SJ EXSQW
ERH QSPIGYPIW 8LI S[ SJ LIEX MW JVSQ E LMKLXIQTIVEXYVI VIKMSR XS[EVH E PS[IV
XIQTIVEXYVI VIKMSR 8LI HIXEMPW SJ XLI VIPEXMSRWLMT XS QSPIGYPEV QSXMSR EVI HIEPX
[MXL F] XLI OMRIXMG XLISV] 8LI XIQTIVEXYVI HIRIH JVSQ OMRIXMG XLISV] MW GEPPIH



 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

XLI OMRIXMG XIQTIVEXYVI 8IQTIVEXYVI MW RSX HMVIGXP] TVSTSVXMSREP XS MRXIVREP IRIVK]
WMRGI XIQTIVEXYVI QIEWYVIW SRP] XLI OMRIXMG IRIVK] TEVX SJ XLI MRXIVREP IRIVK] WS
X[S SFNIGXW [MXL XLI WEQI XIQTIVEXYVI HS RSX MR KIRIVEP LEZI XLI WEQI MRXIVREP
IRIVK]
-RXIVREP IRIVK] MW HIRIH EW XLI IRIVK] EWWSGMEXIH [MXL XLI VERHSQ HMWSVHIVIH
QSXMSR SJ QSPIGYPIW -X MW WITEVEXIH MR WGEPI JVSQ XLI QEGVSWGSTMG SVHIVIH IRIVK]
EWWSGMEXIH [MXL QSZMRK SFNIGXW -X EPWS VIJIVW XS XLI MRZMWMFPI QMGVSWGSTMG IRIVK]
SR XLI EXSQMG ERH QSPIGYPEV WGEPI *SV ER MHIEP QSRSEXSQMG KEW XLMW MW NYWX XLI
XVERWPEXMSREP OMRIXMG IRIVK] SJ XLI PMRIEV QSXMSR SJ XLI LEVH WTLIVI X]TI EXSQW
ERH XLI FILEZMSV SJ XLI W]WXIQ MW [IPP HIWGVMFIH F] XLI OMRIXMG XLISV] ,S[IZIV JSV
TSP]EXSQMG KEWIW XLIVI MW VSXEXMSREP ERH ZMFVEXMSREP OMRIXMG IRIVK] EW [IPP 8LIR MR
PMUYMHW ERH WSPMHW XLIVI MW TSXIRXMEP IRIVK] EWWSGMEXIH [MXL XLI MRXIVQSPIGYPEV EXX
VEGXMZI JSVGIW
,IEX XVERWJIV F] QIERW SJ QSPIGYPEV EKMXEXMSR [MXLMR E QEXIVMEP [MXLSYX ER]
QSXMSR SJ XLI QEXIVMEP EW E [LSPI MW GEPPIH GSRHYGXMSR -J SRI IRH SJ E QIXEP VSH MW EX
E LMKLIV XIQTIVEXYVI XLIR IRIVK] [MPP FI XVERWJIVVIH HS[R XLI VSH XS[EVH XLI GSPHIV
IRH FIGEYWI XLI LMKLIV WTIIH TEVXMGPIW [MPP GSPPMHI [MXL XLI WPS[IV SRIW [MXL E RIX
XVERWJIV SJ IRIVK] XS XLI WPS[IV SRIW *SV LIEX XVERWJIV FIX[IIR X[S TPERI WYVJEGIW
WYGL EW LIEX PSWW XLVSYKL XLI [EPP SJ E LSYWI XLI VEXI SJ GSRHYGXMSR GSYPH FI IWXMQEXIH
JVSQ
%8LSX n 8GSPH
5
!
X
H
[LIVI XLI PIJXLERH WMHI GSRGIVRW VEXI SJ GSRHYGXMSR LIEX XVERWJIV MW XLI XLIVQEP
GSRHYGXMZMX] SJ XLI FEVVMIV % MW XLI EVIE XLVSYKL [LMGL LIEX XVERWJIV XEOIW TPEGI 8 MW
XLI XIQTIVEXYVI ERH H MW XLI XLMGORIWW SJ FEVVMIV
%RSXLIV QIGLERMWQ JSV LIEX XVERWJIV MW GSRZIGXMSR ,IEX XVERWJIV F] QEWW QSXMSR
SJ E YMH WYGL EW EMV SV [EXIV [LIR XLI LIEXIH YMH MW GEYWIH XS QSZI E[E] JVSQ XLI
WSYVGI SJ LIEX GEVV]MRK IRIVK] [MXL MX MW GEPPIH GSRZIGXMSR 'SRZIGXMSR EFSZI E LSX
WYVJEGI SGGYVW FIGEYWI LSX EMV I\TERHW FIGSQIW PIWW HIRWI ERH VMWIW 'SRZIGXMSR GER
EPWS PIEH XS GMVGYPEXMSR MR E PMUYMH EW MR XLI LIEXMRK SJ E TSX SJ [EXIV SZIV E EQI
,IEXIH [EXIV I\TERHW ERH FIGSQIW QSVI FYS]ERX 'SSPIV QSVI HIRWI [EXIV RIEV
XLI WYVJEGI HIWGIRHW ERH TEXXIVRW SJ GMVGYPEXMSR GER FI JSVQIH
6EHMEXMSR MW LIEX XVERWJIV F] XLI IQMWWMSR SJ IPIGXVSQEKRIXMG [EZIW [LMGL
GEVV] IRIVK] E[E] JVSQ XLI IQMXXMRK SFNIGX *SV SVHMREV] XIQTIVEXYVIW PIWW
XLER VIH LSX  XLI VEHMEXMSR MW MR XLI MRJVEVIH VIKMSR SJ XLI IPIGXVSQEKRIXMG
WTIGXVYQ 8LI VIPEXMSRWLMT KSZIVRMRK VEHMEXMSR JVSQ LSX SFNIGXW MW GEPPIH XLI
7XIJER&SPX^QERR PE[
4 ! I %8  n 8G
[LIVI 4 MW XLI RIX VEHMEXIH TS[IV % MW XLI VEHMEXMRK EVIE MW XLI 7XIJERW GSRWXERX I
MW XLI IQMWWMZMX] GSIJGMIRX 8 MW XLI XIQTIVEXYVI SJ VEHMEXSV 8G MW XLI XIQTIVEXYVI SJ
WYVVSYRHMRKW

 ,IEX XVERWJIV XLVSYKL X[S [EPPW






,IEX XVERWJIV XLVSYKL X[S [EPPW

4VSFPIQ HIWGVMTXMSR
% JYVREGI [MXL HMQIRWMSRW SJ MXW GVSWWWIGXMSR WTIGMIH MR *MKYVI  MW GSRWXVYGXIH
JVSQ X[S QEXIVMEPW 8LI MRRIV [EPP MW QEHI SJ GSRGVIXI [MXL E XLIVQEP GSRHYG
XMZMX] OG !  ;Q / 8LI SYXIV [EPP MW GSRWXVYGXIH JVSQ FVMGOW [MXL E XLIVQEP
GSRHYGXMZMX] OF !  ;Q / 8LI XIQTIVEXYVI [MXLMR XLI JYVREGI MW  / ERH
XLI GSRZIGXMSR LIEX XVERWJIV GSIJGMIRX O !  ;Q / 8LI SYXWMHI [EPP SJ XLI
JYVREGI MW I\TSWIH XS XLI WYVVSYRHMRK EMV [LMGL MW EX  / ERH XLI GSVVIWTSRHMRK
GSRZIGXMSR LIEX XVERWJIV GSIJGMIRX O !  ;Q /







*MKYVI 

'VSWWWIGXMSR SJ XLI JYVREGI

(IXIVQMRI XLI XIQTIVEXYVI HMWXVMFYXMSR [MXLMR XLI GSRGVIXI ERH FVMGO [EPPW YRHIV
WXIEH]WXEXI GSRHMXMSRW %PWS HIXIVQMRI XLI LIEX Y\IW XLVSYKL IEGL [EPP
8LMW MW E X[SHMQIRWMSREP ( TVSFPIQ ERH [MPP FI QSHIPIH YWMRK KVETLMGEP YWIV
MRXIVJEGI +9- JEGMPMXMIW



'SRWXVYGXMSR SJ XLI QSHIP

*VSQ %27=7 1EMR 1IRY WIPIGX 4VIJIVIRGIW 8LMW JVEQI MW WLS[R MR *MKYVI 

 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

*MKYVI 

4VIJIVIRGIW 8LIVQEP

*MKYVI 

)PIQIRX 8]TIW WIPIGXMSR

(ITIRHMRK SR XLI REXYVI SJ EREP]WMW XS FI EXXIQTXIH ER ETTVSTVMEXI EREP]WMW X]TI

WLSYPH FI WIPIGXIH -R XLI TVSFPIQ GSRWMHIVIH LIVI ?%A 8LIVQEP [EW WIPIGXIH EW
WLS[R MR *MKYVI 
*VSQ %27=7 1EMR 1IRY WIPIGX 4VITVSGIWWSV
)PIQIRX 8]TI
%HH)HMX
(IPIXI 8LI JVEQI WLS[R MR *MKYVI  ETTIEVW

 ,IEX XVERWJIV XLVSYKL X[S [EPPW



'PMGOMRK ?%A %HH FYXXSR EGXMZEXIW E RI[ WIX SJ STXMSRW [LMGL EVI WLS[R MR
*MKYVI 

&
%

*MKYVI 

0MFVEV] SJ )PIQIRX 8]TIW

*MKYVI  WLS[W XLEX JSV XLI TVSFPIQ GSRWMHIVIH XLI JSPPS[MRK [IVI WIPIGXIH ?%A
8LIVQEP 1EWW
7SPMH ERH ?&A RSHI  8LMW IPIQIRX MW VIJIVVIH XS EW 8]TI 
40%2)
*VSQ %27=7 1EMR 1IRY WIPIGX 4VITVSGIWWSV
1EXIVMEP 4VSTW
1EXIVMEP
1SHIPW *MKYVI  WLS[W XLI VIWYPXMRK JVEQI

*MKYVI 

(IRI 1EXIVMEP 1SHIP &ILEZMSV

*VSQ XLI VMKLXLERH GSPYQR WIPIGX ?%A 8LIVQEP

'SRHYGXMZMX]
-WSXVSTMG
%W E VIWYPX XLI JVEQI WLS[R MR *MKYVI  ETTIEVW 8LIVQEP GSRHYGXMZMX] ?%A
/<< !  ;Q / [EW WIPIGXIH EW WLS[R MR *MKYVI 

 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

&

*MKYVI 

'SRHYGXMZMX] JSV 1EXIVMEP 2YQFIV 

'PMGOMRK ?&A 3/ FYXXSR IRHW MRTYX MRXS 1EXIVMEP 2YQFIV  -R XLI JVEQI WLS[R
MR *MKYVI  WIPIGX JVSQ XLI XST QIRY ?%A 1EXIVMEP
2I[ 1SHIP (EXEFEWI JSV
1EXIVMEP 2YQFIV  MW GVIEXIH

&

*MKYVI 

(IRI 1EXIVMEP 1SHIP &ILEZMSV

%W MR XLI GEWI SJ 1EXIVMEP 2YQFIV  WIPIGX ?&A 8LIVQEP

'SRHYGXMZMX]
-WSXVSTMG 8LI JVEQI WLS[R MR *MKYVI  ETTIEVW )RXIV ?%A /<< !  ;Q /
ERH GPMGO ?&A 3/ FYXXSR EW WLS[R MR *MKYVI 
-R SVHIV XS LEZI GVIEXIH TVMQMXMZIW RYQFIVIH JVSQ %27=7 9XMPMX] 1IRY WIPIGX
4PSX'XVPW 2YQFIVMRK ERH GLIGO XLI FS\ EVIE RYQFIVW
1SHIPPMRK
'VIEXI
*VSQ %27=7 1EMR 1IRY WIPIGX 4VITVSGIWWSV
%VIEW 6IGXERKPI &] (MQIRWMSRW *MKYVI  WLS[W XLI VIWYPXMRK JVEQI

 ,IEX XVERWJIV XLVSYKL X[S [EPPW



&

*MKYVI 

*MKYVI 

'SRHYGXMZMX] JSV 1EXIVMEP 2YQFIV 

&

'

'VIEXI 6IGXERKPI F] (MQIRWMSRW

-RTYXW ?%A < ! n ?&A < !  ?'A = ! n ERH ?(A = !  XS GVIEXI SYXIV
[EPP TIVMQIXIV EVI WLS[R MR *MKYVI  2I\X XLI TIVMQIXIV SJ MRRIV [EPP MW GVIEXIH MR
XLI WEQI [E] *MKYVI  WLS[W XLI JVEQI [MXL ETTVSTVMEXI IRXVMIW

*MKYVI 

'VIEXI 6IGXERKPI F] (MQIRWMSRW

&

'

 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

-R SVHIV XS KIRIVEXI XLI FVMGO [EPP EVIE SJ XLI GLMQRI] WYFXVEGX XLI X[S EVIEW
[LMGL LEZI FIIR GVIEXIH *VSQ %27=7 1EMR 1IRY WIPIGX 4VITVSGIWWSV 1SHIPPMRK
3TIVEXI
&SSPIERW
7YFXVEGX
%VIEW *MKYVI  WLS[W XLI VIWYPXMRK
JVEQI

*MKYVI 

7YFXVEGX %VIEW

*MKYVI 

&VMGO [EPP SYXPMRI

*MVWX WIPIGX XLI PEVKIV EVIE SYXIV FVMGO [EPP ERH GPMGO ?%A 3/ FYXXSR MR XLI JVEQI
SJ *MKYVI  2I\X WIPIGX XLI WQEPPIV EVIE MRRIV GSRGVIXI [EPP ERH GPMGO ?%A 3/
FYXXSR 8LI WQEPPIV EVIE MW WYFXVEGXIH JVSQ XLI PEVKIV EVIE ERH XLI SYXIV FVMGO [EPP MW
TVSHYGIH -X MW WLS[R MR *MKYVI 
9WMRK E WMQMPEV ETTVSEGL XLI MRRIV GSRGVIXI [EPP MW GSRWXVYGXIH *VSQ %27=7
1EMR 1IRY WIPIGX 4VITVSGIWWSV
1SHIPPMRK
'VIEXI
%VIEW
6IGXERKPI
&] (MQIRWMSRW *MKYVI  WLS[W XLI VIWYPXMRK JVEQI [MXL MRTYXW ?%A < ! n ?&A
< !  ?'A = ! n ERH ?(A = !  4VIWWMRK ?)A 3/ FYXXSR GVIEXIW XLI VIGXERKYPEV
EVIE %
%KEMR JVSQ %27=7 1EMR 1IRY WIPIGX 4VITVSGIWWSV 1SHIPPMRK 'VIEXI
%VIEW 6IGXERKPI &] (MQIRWMSRW *VEQI [MXL MRTYXW ?%A < ! n ?&A < ! 
?'A = ! n ERH ?(A = !  MW WLS[R MR *MKYVI 
'PMGOMRK ?)A 3/ FYXXSR GVIEXIW XLI VIGXERKYPEV EVIE % %W FIJSVI XS GVIEXI XLI
GSRGVIXI EVIE SJ XLI JYVREGI WYFXVEGX EVIE % JVSQ EVIE % *VSQ %27=7 1EMR 1IRY



 ,IEX XVERWJIV XLVSYKL X[S [EPPW

&

'

&

'

*MKYVI 

'VIEXI 6IGXERKPI F] (MQIRWMSRW

*MKYVI 

'VIEXI 6IGXERKPI F] (MQIRWMSRW

1SHIPPMRK
3TIVEXI
&SSPIERW
7YFXVEGX
%VIEW
WIPIGX 4VITVSGIWWSV
8LI JVEQI WLS[R MR *MKYVI  ETTIEVW 7IPIGX EVIE % VWX ERH GPMGO ?%A 3/ FYXXSR
2I\X WIPIGX EVIE % ERH GPMGO ?%A 3/ FYXXSR %W E VIWYPX XLI MRRIV GSRGVIXI [EPP MW
GVIEXIH 8LMW MW WLS[R MR *MKYVI 

*MKYVI 

3YXPMRI SJ FVMGO ERH GSRGVIXI [EPPW

 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

1IWLMRK
7M^I 'RXVPW
*VSQ %27=7 1EMR 1IRY WIPIGX 4VITVSGIWWSV
1ERYEP7M^I
+PSFEP
7M^I %W E VIWYPX SJ XLMW WIPIGXMSR XLI JVEQI WLS[R MR
*MKYVI  ETTIEVW

&

*MKYVI 

+PSFEP )PIQIRX 7M^IW

*MKYVI 

+PYI %VIEW

*MKYVI  %VIE %XXVMFYXIW

 ,IEX XVERWJIV XLVSYKL X[S [EPPW

*MKYVI 



%VIE %XXVMFYXIW GSRGVIXI [EPP 

-RTYX JSV XLI IPIQIRX IHKI PIRKXL ?%A 7->) !  ERH GPMGO ?&A 3/ FYXXSR
&IGEYWI XLI SYXIV FVMGO [EPP ERH XLI MRRIV GSRGVIXI [EPP [IVI GVIEXIH EW WITEVEXI
IRXMXMIW XLIVIJSVI MX MW RIGIWWEV] XS KPYI XLIQ XSKIXLIV WS XLEX XLI] WLEVI PMRIW
EPSRK XLIMV GSQQSR FSYRHEVMIW *VSQ %27=7 1EMR 1IRY WIPIGX 4VITVSGIWWSV
1SHIPPMRK 3TIVEXI &SSPIER +PYI %VIEW 8LI JVEQI WLS[R MR *MKYVI 
ETTIEVW
7IPIGX ?%A 4MGO %PP STXMSR MR XLI JVEQI SJ *MKYVI  XS KPYI XLI SYXIV ERH MRRIV
[EPP EVIEW &IJSVI QIWLMRK MW HSRI MX MW RIGIWWEV] XS WTIGMJ] QEXIVMEP RYQFIVW JSV XLI
GSRGVIXI ERH XLI FVMGO [EPPW
*VSQ %27=7 1EMR 1IRY WIPIGX 4VITVSGIWWSV 1IWLMRK 1IWL
%XXVMFYXIW 4MGOIH %VIEW 8LI JVEQI WLS[R MR *MKYVI  MW GVIEXIH
7IPIGX VWX XLI GSRGVIXI [EPP EVIE ERH GPMGO ?%A 3/ FYXXSR MR XLI JVEQI SJ
*MKYVI  % RI[ JVEQI MW TVSHYGIH EW WLS[R MR *MKYVI 
1EXIVMEP 2YQFIV  MW EWWMKRIH XS XLI GSRGVIXI MRRIV [EPP EW WLS[R MR *MKYVI 
2I\X EWWMKR 1EXIVMEP 2YQFIV  XS XLI FVMGO SYXIV [EPP JSPPS[MRK XLI TVSGI
HYVI SYXPMRIH EFSZI XLEX MW VIGEPP JVEQI SJ *MKYVI  ERH WIPIGX FVMGO SYXIV [EPP
*MKYVI  WLS[W XLI JVEQI [MXL ETTVSTVMEXI IRXV]
2S[ QIWLMRK SJ FSXL EVIEW GER FI GEVVMIH SYX *VSQ %27=7 1EMR 1IRY WIPIGX
4VITVSGIWWSV 1IWLMRK 1IWL %VIEW *VII 8LI JVEQI WLS[R MR *MKYVI 
ETTIEVW
7IPIGX ?%A 4MGO %PP STXMSR WLS[R MR *MKYVI  XS QIWL FSXL EVIEW
-R SVHIV XS WII FSXL EVIEW QIWLIH JVSQ 9XMPMX] 1IRY WIPIGX 4PSX'XVPW
2YQ
FIVMRK -R XLI ETTIEVMRK JVEQI WLS[R MR *MKYVI  WIPIGX ?%A 1EXIVMEP RYQFIVW
ERH GPMGO ?&A 3/ FYXXSR
%W E VIWYPX SJ XLEX FSXL [EPPW [MXL QIWL EVI HMWTPE]IH WII *MKYVI  

 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

*MKYVI 

%VIE %XXVMFYXIW

*MKYVI 

1IWL %VIEW

 ,IEX XVERWJIV XLVSYKL X[S [EPPW

&

*MKYVI 

4PSX 2YQFIVMRK 'SRXVSPW

*MKYVI 

3YXIV ERH MRRIV [EPPW SJ XLI JYVREGI QIWLIH



 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW



7SPYXMSR
&IJSVI E WSPYXMSR GER FI VYR FSYRHEV] GSRHMXMSRW LEZI XS FI ETTPMIH *VSQ %27=7
1EMR 1IRY WIPIGX 7SPYXMSR
(IRI 0SEHW
%TTP]
8LIVQEP
'SRZIGXMSR
3R 0MRIW 8LMW WIPIGXMSR TVSHYGIW XLI JVEQI WLS[R MR *MKYVI 

*MKYVI 

%TTP] '32: SR 0MRIW

*MVWX TMGO XLI GSRZIGXMZI PMRIW JEGMRK MRWMHI XLI JYVREGI SJ XLI GSRGVIXI [EPP ERH
TVIWW ?%A 3/ FYXXSR 8LI JVEQI WLS[R MR *MKYVI  MW GVIEXIH
%W WIIR MR *MKYVI  XLI JSPPS[MRK WIPIGXMSRW [IVI QEHI ?%A *MPQ GSIJ
GMIRX !  ;Q / ERH ?&A &YPO XIQTIVEXYVI !  / EW WTIGMIH JSV XLI
GSRGVIXI [EPP MR XLI TVSFPIQ JSVQYPEXMSR
%KEMR JVSQ %27=7 1EMR 1IRY WIPIGX 7SPYXMSR
(IRI 0SEHW
%TTP]
8LIVQEP 'SRZIGXMSR 3R 0MRIW 8LI JVEQI WLS[R MR *MKYVI  ETTIEVW 8LMW
XMQI TMGO XLI I\XIVMSV PMRIW SJ XLI FVMGO [EPP ERH TVIWW ?%A 3/ FYXXSR 8LI JVEQI
WLS[R MR *MKYVI  ETTIEVW
*SV XLI SYXIV FVMGO [EPP XLI JSPPS[MRK WIPIGXMSRW [IVI QEHI WII XLI JVEQI
MR *MKYVI   ?%A *MPQ GSIJGMIRX !  ;Q / ERH ?&A &YPO XIQTIVE
XYVI !  / EW WTIGMIH JSV XLI FVMGO [EPP MR XLI TVSFPIQ JSVQYPEXMSR

 ,IEX XVERWJIV XLVSYKL X[S [EPPW

&

*MKYVI 

%TTP] '32: SR PMRIW XLI MRRIV [EPP 

&

*MKYVI 

%TTP] '32: SR PMRIW XLI SYXIV [EPP 



 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

*MREPP] XS WII XLI ETTPMIH GSRZIGXMZI FSYRHEV] GSRHMXMSRW JVSQ 9XMPMX] 1IRY
7]QFSPW 8LI JVEQI WLS[R MR *MKYVI  ETTIEVW
WIPIGX 4PSX'XVPW
-R XLI JVEQI WLS[R MR *MKYVI  WIPIGX ?%A 7LS[ TVIW ERH GSRZIGX EW ! %VVS[W
ERH GPMGO ?&A 3/ FYXXSR

&

*MKYVI 

7]QFSPW

 ,IEX XVERWJIV XLVSYKL X[S [EPPW

*VSQ 9XMPMX] 1IRY WIPIGX 4PSX

*MKYVI 



0MRIW XS TVSHYGI ER MQEKI WLS[R MR *MKYVI 

%TTPMIH GSRZIGXMZI FSYRHEV] GSRHMXMSRW

8S WSPZI XLI TVSFPIQ WIPIGX JVSQ %27=7 1EMR 1IRY 7SPYXMSR 7SPZI 'YV
VIRX 07 8[S JVEQIW ETTIEV 3RI KMZIW WYQQEV] SJ WSPYXMSR STXMSRW %JXIV GLIGOMRK
GSVVIGXRIWW SJ XLI STXMSRW MX WLSYPH FI GPSWIH YWMRK XLI QIRY EX XLI XST SJ XLI JVEQI
8LI SXLIV JVEQI MW WLS[R MR *MKYVI  'PMGOMRK ?%A 3/ FYXXSR MRMXMEXIW WSPYXMSR
TVSGIWW

*MKYVI 

7SPZI 'YVVIRX 0SEH 7XIT

 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW



4SWXTVSGIWWMRK
8LI IRH SJ E WYGGIWWJYP WSPYXMSR TVSGIWW MW HIRSXIH F] XLI QIWWEKI WSPYXMSR MW HSRI
8LI TSWXTVSGIWWMRK TLEWI GER FI WXEVXIH *MVWX MX MW RIGIWWEV] XS SFXEMR MRJSVQEXMSR
EFSYX XIQTIVEXYVIW ERH LIEX Y\IW EGVSWW XLI JYVREGIW [EPPW
*VSQ %27=7 1EMR 1IRY WIPIGX +IRIVEP 4SWXTVSG
4PSX 6IWYPXW
'SRXSYV
4PSX
2SHEP 7SPY 8LI JVEQI WLS[R MR *MKYVI  ETTIEVW

*MKYVI 

'SRXSYV 2SHEP 7SPYXMSR (EXE

7IPIGXMSRW QEHI EVI WLS[R MR *MKYVI  'PMGOMRK ?%A 3/ FYXXSR VIWYPXW MR XLI
KVETL WLS[R MR *MKYVI 
-R SVHIV XS SFWIVZI XLI LIEX S[ EGVSWW XLI [EPPW XLI JSPPS[MRK GSQQERH WLSYPH
FI MWWYIH +IRIVEP 4SWXTVSG
4PSX 6IWYPXW
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 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

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 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

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:EVMEXMSRW SJ XIQTIVEXYVI KVEHMIRXW EPSRK TEXL %&

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 7XIEH]WXEXI XLIVQEP EREP]WMW SJ E TMTI MRXIVWIGXMSR



QEXIVMEP TVSTIVX] 8LI SFNIGXMZI MW XS HIXIVQMRI XLI XIQTIVEXYVI HMWXVMFYXMSR EX XLI

TMTIXERO NYRGXMSR
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 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW



4VITEVEXMSR JSV QSHIP FYMPHMRK

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 7XIEH]WXEXI XLIVQEP EREP]WMW SJ E TMTI MRXIVWIGXMSR



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 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

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 7XIEH]WXEXI XLIVQEP EREP]WMW SJ E TMTI MRXIVWIGXMSR

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 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

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 7XIEH]WXEXI XLIVQEP EREP]WMW SJ E TMTI MRXIVWIGXMSR



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 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

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 7XIEH]WXEXI XLIVQEP EREP]WMW SJ E TMTI MRXIVWIGXMSR

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 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

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*MKYVI  ;LIR XLI WYFWIX SJ RSHIW SR MRRIV WYVJEGI SJ XLI XERO MW WIPIGXIH XLIR
XLI GSRZIGXMSR PSEH EX EPP RSHIW LEW XS FI ETTPMIH *VSQ %27=7 1EMR 1IRY WIPIGX
(IRI 0SEH
%TTP]
8LIVQEP
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3R RSHIW 8LI
7SPYXMSR
VIWYPXMRK JVEQI MW WLS[R MR *MKYVI 
4VIWW ?%A 4MGO %PP MR SVHIV XS GEPP YT ERSXLIV JVEQI WLS[R MR *MKYVI 
-RTYXW MRXS XLI JVEQI SJ *MKYVI  EVI WLS[R EW ?%A *MPQ GSIJGMIRX ! 
ERH ?&A &YPO XIQTIVEXYVI !  &SXL UYERXMXMIW EVI XEOIR JVSQ 8EFPI 
*VSQ 9XMPMX] 1IRY WIPIGX 7IPIGX
)RXMXMIW MR SVHIV XS WIPIGX E WYFWIX SJ RSHIW
PSGEXIH EX XLI JEV IHKI SJ XLI XERO 8LI JVEQI WLS[R MR *MKYVI  ETTIEVW
*VSQ XLI VWX TYPP HS[R QIRY WIPIGX ?%A 2SHIW JVSQ XLI WIGSRH TYPP HS[R
QIRY WIPIGX ?&A &] 0SGEXMSR %PWS EGXMZEXI ?'A > GSSVHMREXIW FYXXSR ERH ?(A IRXIV
1MR1E\ !  XLI PIRKXL SJ XLI XERO MR >HMVIGXMSR  %PP XLI JSYV VIUYMVIH WXITW EVI

 7XIEH]WXEXI XLIVQEP EREP]WMW SJ E TMTI MRXIVWIGXMSR

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7IPIGX )RXMXMIW

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7IPIGX %PP 2SHIW



 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

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7IPIGX )RXMXMIW

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WLS[R MR *MKYVI  2I\X GSRWXVEMRXW EX RSHIW PSGEXIH EX XLI JEV IHKI SJ XLI XERO
EHHMXMSREP WYFWIX SJ RSHIW NYWX WIPIGXIH LEZI XS FI ETTPMIH *VSQ %27=7 1EMR
1IRY WIPIGX 7SPYXMSR
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8LIVQEP
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3R 2SHIW 8LI JVEQI WLS[R MR *MKYVI  ETTIEVW
'PMGO ?%A 4MGO %PP EW WLS[R MR *MKYVI  8LMW EGXMSR FVMRKW ERSXLIV JVEQI
WLS[R MR *MKYVI 
%GXMZEXI FSXL ?%A %PP (3* ERH 8)14 ERH MRTYX ?&A 8)14 ZEPYI !  ' EW
WLS[R MR *MKYVI  *MREPP] GPMGO ?'A 3/ XS ETTP] XIQTIVEXYVI GSRWXVEMRXW SR
RSHIW EX XLI JEV IHKI SJ XLI XERO 8LI WXITW SYXPMRIH EFSZI WLSYPH FI JSPPS[IH XS
ETTP] GSRWXVEMRXW EX RSHIW PSGEXIH EX XLI FSXXSQ SJ XLI XERO *VSQ 9XMPMX] 1IRY
WIPIGX 7IPIGX
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*VSQ XLI VWX TYPP HS[R QIRY WIPIGX ?%A 2SHIW JVSQ XLI WIGSRH TYPP HS[R
QIRY WIPIGX ?&A &] 0SGEXMSR %PWS EGXMZEXI ?'A = GSSVHMREXIW FYXXSR ERH ?(A IRXIV
1MR1E\ !  PSGEXMSR SJ XLI FSXXSQ SJ XLI XERO MR =HMVIGXMSR  %PP XLI JSYV VIUYMVIH
WXITW EVI WLS[R MR *MKYVI  2I\X GSRWXVEMRXW EX RSHIW PSGEXIH EX XLI FSXXSQ
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 7XIEH]WXEXI XLIVQEP EREP]WMW SJ E TMTI MRXIVWIGXMSR

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 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

*MKYVI  GPMGO ?%A 4MGO %PP MR SVHIV XS FVMRK XLI JVEQI WLS[R MR *MKYVI  %W
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2S[ MX MW RIGIWWEV] XS VSXEXI XLI ;4 XS XLI TMTI E\MW *VSQ 9XMPMX] 1IRY WIPIGX
;SVO4PERI 3JJWIX ;4 F] -RGVIQIRXW *MKYVI  WLS[W XLI VIWYPXMRK JVEQI

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3JJWIX ;4 F] -RGVIQIRXW

 7XIEH]WXEXI XLIVQEP EREP]WMW SJ E TMTI MRXIVWIGXMSR



-R HIKVIIW FS\ MRTYX ?%A <= !  ERH => ! n EW WLS[R ,EZMRK ;4 VSXEXIH
XS XLI TMTI E\MW E PSGEP G]PMRHVMGEP GSSVHMREXI W]WXIQ LEW XS FI HIRIH EX XLI SVMKMR
0SGEP 'SSVHMREXI 7]WXIQW
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QIRX XLI WIPIGXMSR 8LI EREP]WMW MRZSPZIW RSHIW
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MRGPYHI XLMW WYFWIX SJ RSHIW JVSQ 9XMPMX] 1IRY
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VIWYPXMRK JVEQI
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HMREXIW FYXXSR ERH ?(A IRXIV 1MR1E\ ! 
MRWMHI VEHMYW SJ XLI TMTI  %PP XLI JSYV VIUYMVIH
WXITW EVI WLS[R MR *MKYVI  *VSQ %27=7
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-R XLI VIWYPXMRK JVEQI WLS[R MR *MKYVI  
TVIWW ?%A 4MGO %PP ERH XLI RI\X JVEQI WLS[R MR
*MKYVI  ETTIEVW
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4VIWWMRK ?'A 3/ FYXXSR MQTPIQIRXW XLI WIPIG
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8EFPI  8LI REP EGXMSR MW XS WIPIGX EPP IRXM
XMIW MRZSPZIH [MXL E WMRKPI GSQQERH 8LIVIJSVI
JVSQ 9XMPMX] 1IRY WIPIGX 7IPIGX
)ZIV]XLMRK
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WYVJEGIW MR XLI JSVQ SJ EVVS[W JVSQ 9XMPMX] 1IRY

 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

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%TTP] '32: SR 2SHIW

7]QFSPW 8LI JVEQI MR *MKYVI  WLS[W XLI VIUYMVIH WIPIGXMSR

WIPIGX 4PSX'XVPW
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ERW[IV UYIWXMSRW TSWIH F] XLI JSVQYPEXMSR SJ XLI TVSFPIQ

 7XIEH]WXEXI XLIVQEP EREP]WMW SJ E TMTI MRXIVWIGXMSR

*MKYVI 

7]QFSPW



 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

*MKYVI 

'SRZIGXMSR WYVJEGI PSEHW HMWTPE]IH EW EVVS[W

*MKYVI 

'LERKI %GXMZI '7 XS 7TIGMIH '7

*VSQ 9XMPMX] 1IRY WIPIGX 4PSX'XVPW 7X]PI )HKI 3TXMSRW *MKYVI  WLS[W
XLI VIWYPXMRK JVEQI
7IPIGX ?%A %PP)HKI SRP] ERH ?&A TVIWW 3/ FYXXSR XS MQTPIQIRX XLI WIPIGXMSR
[LMGL [MPP VIWYPX MR XLI HMWTPE] SJ XLI IHKI SJ XLI SFNIGX SRP] 2I\X KVETLMG GSRXVSPW
SYKLX XS FI VIXYVRIH XS HIJEYPX WIXXMRK 8LMW MW HSRI F] WIPIGXMRK JVSQ 9XMPMX] 1IRY
4PSX'XVPW
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HIJEYPX WIXXMRKW

 7XIEH]WXEXI XLIVQEP EREP]WMW SJ E TMTI MRXIVWIGXMSR



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 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

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 7XIEH]WXEXI XLIVQEP EREP]WMW SJ E TMTI MRXIVWIGXMSR

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 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

8LI RI\X HMWTPE] SJ VIWYPXW GSRGIVRW XLIVQEP Y\ EX XLI MRXIVWIGXMSR FIX[IIR
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,IEX HMWWMTEXMSR XLVSYKL VMFFIH WYVJEGI

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 ,IEX HMWWMTEXMSR XLVSYKL VMFFIH WYVJEGI

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 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

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 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

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 'LETXIV  %TTPMGEXMSR SJ %27=7 XS XLIVQS QIGLERMGW

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 ,IEX HMWWMTEXMSR XLVSYKL VMFFIH WYVJEGI

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