P2p Journal (archived Vesion)

44.SYVREP.YP]

.YP]-WWYI 4EKI

44.SYVREP.YP]

'SRXIRXWJSV.YP] 

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44.SYVREP.YP]

8S44SV448SS%HMWGYWWMSRSJ4IIVXS4IIVERH6IPEXIH 8IGLRSPSKMIW &]6E]QSRH+ES 4IIVXS4IIV 44 XIGLRSPSK]LEWFIIRVIGIMZMRK QYGLTYFPMGMX]SZIVXLIPEWXXLVII]IEVWXLSYKL XLIMHIEFILMRH44[IRXJEVFEGO-VIQIQFIV KIXXMRKMRXVSHYGIHXSqXEPOrGSQQERHSR9RM\ERH GLEXXMRK[MXLJVMIRHWSZIV:%<XIVQMREPW%RH [LIR-[EWMRGSPPIKI-LEHYWIHE1EGMRXSWL TVSKVEQGEPPIH.'6IQSXIXSWLEVIHSGYQIRXWERH JMPIWSZIVXLI%TTPI8EPORIX[SVO -RJEGXXLITVIWIRXHE][IFFEWIHGSQTYXMRK QSHIPERH44XIGLRSPSK]WLEVIQER]WMQMPEVMXMIW &SXLEVITVSKIRMIWJVSQXLIWEQITEVIRXWSJXLI HMWXVMFYXIHGSQTYXMRKERHRIX[SVOMRKXIGLRSPSK] -REFVSEHIVWIRWIXLIHSQEMRREQIW]WXIQ (27 QSHIP[LMGLMWIQTPS]IHXSVIWSPZI HSQEMRREQIWERH-4EHHVIWWIWSRXLI[IF FILEZIWWMQMPEVXSEJM\IHVIRHI^ZSYWTIIVMRXLI 44JVEQI[SVO

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

44.SYVREP.YP]

ERHEWIVZIVERHXSLEZIHMVIGXEGGIWWXSMXW GSYRXIVTEVXW

*VIIRIX+VSSZI2IX[SVOW1MGVSWSJX;MRHS[W<4 447(/ERHQER]QSVI 4VSNIGX .<8% 4VSNIGX.<8%MWEWIXSJSTIRTVSXSGSPWXLEXEPPS[ ER]GSRRIGXIHHIZMGISRXLIRIX[SVOVERKMRKJVSQ GIPPTLSRIWERH[MVIPIWW4(%WXS4'WERHWIVZIVWXS GSQQYRMGEXIERHGSPPEFSVEXIMRE4IIVXS4IIV 44  QERRIV-XMWETVSKVEQQMRKTPEXJSVQJSV44 GSQTYXMRKQYGLPMOI.EZEXIGLRSPSK]MWJSV;IF HIZIPSTQIRX4VSNIGX.<8%HIJMRIWEGSQQSRWIXSJ TVSXSGSPHIJMRMXMSRWERH%4-PMWXW[LMGLEPPS[ HIZIPSTIVWERHGSQTERMIWXSFYMPXMRXIVSTIVEFPI ETTPMGEXMSRSVWIVZMGI[MXLSYXVITPMGEXMRKVIHYRHERX IJJSVXSVVIP]MRKSRTVSTVMIXEV]XIGLRSPSKMIW

*MKYVI7IVZIV'IRXVMG1SHIP

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

*MKYVI441SHIP 8EFPIWLS[WEGSQTEVMWSRSJX[SQSHIPW

(MJJIVIRX44QSHIPWERHXLIMV MQTPIQIRXEXMSRW 7SJX[EVIHIWMKRIVIEGLLEWLMWLIVMHIEWERH QEOIWHMJJIVIRXEWWYQTXMSRW(MJJIVIRXHIWMKR GSRWMHIVEXMSRWVIWYPXMRHMJJIVIRXEVGLMXIGXYVISV WSJX[EVIQSHIPW8LIVIEVIRYQIVSYW44 TPEXJSVQWERHTVSXSGSPW'YVVIRXP]PIEHMRK44 TPEXJSVQWMRGPYHIW4VSNIGX.<8%.EFFIV+RYXIPPE

8LIXSTPE]IVMWXLIETTPMGEXMSRPE]IV7EQTPI44 ETTPMGEXMSRWMRGPYHIMRWXERXQIWWEKMRK GSPPEFSVEXMSRVIWSYVGIWLEVMRK YWMRKGSQTYXI G]GPIWSRYRHIVYXMPM^IHQEGLMRIW ERHGSRXIRX WLEVMRK4VSNIGX.<8%MWEXLMRERHPMKLX[IMKLXPE]IV SRXSTSJ[LMGLWIVZMGIWERHETTPMGEXMSRWEVIFYMPX -RXVSHYGIHF]7YR1MGVSW]WXIQW4VSNIGX.<8%MW HIZIPSTIHYRHIVXLISTIRWSYVGIQSHIPQIERMRK XLIWSYVGIGSHIJSVXLITPEXJSVQXIGLRSPSK]MWJVIIP] EZEMPEFPIXSIZIV]SRI8LIVIEVISZIV QIQFIVWSJ4VSNIGX.<8%WGSQQYRMX]QER]SJ XLIQEVIYWMRKERHGSRXMRYEPP]MQTVSZMRKXLI XIGLRSPSK] 4VSNIGX.<8%MWWLSVXJSV.Y\XETSWIEWMRWMHIF] 4EKI

44.SYVREP.YP]

7IVZIVFEWIHQSHIP -RJSVQEXMSR3[RIVWLMT

44QSHIP

'SRXIRXMWSVKERM^IH

7IVZIVFEWIHEWMRKPIWIVZIVSVE TVIHIXIVQMRIWIXSJWIVZIVW &]HSQEMR

4IIVFEWIHH]REQMGEPP]EHNYWXIH FEWIHSRGSRXIRXEZEMPEFMPMX] &]TIIVKVSYTSVXSTMG

'SRXIRXMWFEGOIHYT3R

7IGSRHEV]SVQMVVSVWMXI

4VMQEV])RHTSMRXFILEZMSV

%WEGPMIRX

-RJSVQEXMSR6IXVMIZIH

*VSQXLIWIVZIV

4SXIRXMEPP]IZIV]TIIVGEREGXEWE QMVVSV %WEGPMIRXEWIVZIVSVEWYTIVTIIV VIRHI^ZSYWSVVSYXIVTIIV *SVGPSWIWXIHKITIIV

%HHVIWWVIWSPYXMSR HMWGSZIV] QIGLERMWQJSVJMRHMRKELSWX

:MEXLIUYIV]VIWTSRWIJVSQXLI VIRHI^ZSYWTIIVSVYWMRKTIIV HMWGSZIV]TVSXSGSPW

8VEJJMG6SYXMRK

:MEREQIWIVZIVWFEWIHSR(27 IRXV](,'4MWTSWWMFPI[MXL RIX[SVOEHHVIWWXVERWPEXMSR 2%8  WIVZMGI 8LIGIRXVEPWIVZIVERHKIXWTYWLIH XSXLIIHKI :MEVSYXIV

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%GIRXVEPWIVZIV

'SQQYRMGEXMSREQSRKGPMIRXW 7GEPEFMPMX]

'IRXVEPP]GSSVHMREXIHF]EGIRXVEP WIVZIV 0MQMXIHF]XLIWIVZIV

%TIIVKVSYTEXSTMGSVEWMRKPI TIIV 7IPJVIKYPEXIHF]TIIVWXLIQWIPZIW

;LIVIXSEHHRI[GSRXIRX

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0MQMXIHF]XLIRIX[SVO 3RER]TIIV

)JJIGXSJEHHMRKRI[GPMIRXW

-RGVIEWIVIWSYVGIHIQERHPSEHSR -RGVIEWIXLIRYQFIVSJEZEMPEFPI XLIWIVZIV HEXEWSYVGIW *EMPSZIV-RXIVVYTXMSR 6IWYQI*EMPSZIVXSFEGOYTWMXI[LIREPP *EMPSZIVXSWIGSRHEV]TIIV 7IVZMGI FEGOYTWMXIWEVII\LEYWXIHXLIWMXI MW HS[R 6EHMEXIJVSQXLIWIVZIVFVSEHGEWXIH 4VSTEKEXIWFEWIHSREHLSG 1IWWEKITVSTEKEXMSR4EXXIVR JVSQEGIRXVEPWSYVGI GSRRIGXMSRWFIX[IIRXLITIIVW UYIVMIW VIWTSRWIW (IRMEPSJWIVZMGI (37 EXXEGO &VMRKXLIQEMRWMXIHS[R &VMRKWEWMRKPITIIVSVTIIVKVSYT HS[R &SXXPIRIGO 8LIWIVZIVSVXLIRIX[SVO 8LIRIX[SVO 'SWXIJJIGXMZIWIGYVMX] 3RXLIWIVZIV MQTPIQIRXEXMSR 'SRXIRXQEREKIQIRX QIWWEKI 3RXLIWIVZIVGIRXVEPM^IH JMPXIVMRK

3RIEGLTIIVTIIVKVSYTSVWYTIV TIIV )EGLTIIVQEOIWMXWS[RHIGMWMSR FEWIHSRUYIV]VIWTSRWIWERH GSQTEVEXMZIWGSVIWSJQYPXMTPI VIWYPXW

8EFPI%GSQTEVMWSRSJ44ERH7IVZIVFEWIH1SHIP 4EKI

44.SYVREP.YP]

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44.SYVREP.YP]

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44.SYVREP.YP]

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44.SYVREP.YP]                        

              

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44.SYVREP.YP]

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44.SYVREP.YP]

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44.SYVREP.YP]

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44.SYVREP.YP]

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44.SYVREP.YP]

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44.SYVREP.YP]

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44.SYVREP.YP]

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44.SYVREP.YP]

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;I RS[ HIWGVMFI LS[ '94 [SVOW YWMRK XLI I\EQTPI SJ QEMRXEMRMRK GEGLIW SJ MRHI\ IRXVMIW '94 MW RSX XMIH XS ER] TEVXMGYPEV WIEVGL QIGLERMWQ ERH XLIVIJSVI GER FI ETTPMIH MR FSXL RIX[SVOW XLEX TIVJSVQ WXVYGXYVIH WIEVGL EW [IPP EW RIX[SVOW XLEX TIVJSVQ YRWXVYGXYVIH WIEVGL -R XLMW TETIV [I [MPP HIWGVMFI LS[ '94 [SVOW JSV WXVYGXYVIH TIIVXSTIIV RIX[SVOW -R WXVYGXYVIH WIEVGL YIVMIW JSPPS[ E [IPPHIJMRIH TEXL JVSQ XLI YIV]MRK RSHI XS ER EYXLSVMX] RSHI XLEX LSPHW XLI MRHI\ IRXVMIW TIVXEMRMRK XS XLI YIV] 6   6(  1/   >/.  8LI FEWMG MHIE SJ '94 MW XLEX IZIV] RSHI MR XLI TIIVXSTIIV RIX[SVO QEMRXEMRW X[S PSKMGEP GLERRIPW TIV RIMKLFSV E YIV] GLERRIP ERH ER YTHEXI GLERRIP 8LI YIV] GLERRIP MW YWIH XS JSV[EVH PSSOYT YIVMIW JSV GSRXIRX SJ MRXIVIWX XS XLI RIMKLFSV XLEX MW GPSWIWX XS XLI EYXLSVMX] RSHI [LMGL LSPHW XLI IRXVMIW JSV XLEX GSRXIRX 8LI YTHEXI GLERRIP MW YWIH XS JSV[EVH YIV] VIWTSRWIW EW]RGLVSRSYWP] XS E RIMKLFSV 8LIWI YIV] VIWTSRWIW GSRXEMR WIXW SJ MRHI\ IRXVMIW XLEX TSMRX XS RSHIW LSPHMRK XLI GSRXIRX MR YIWXMSR 8LI YTHEXI GLERRIP MW EPWS YWIH XS YTHEXI MRHI\ IRXVMIW XLEX EVI GEGLIH EX XLI RIMKLFSV MKYVI WLS[W E WRETWLSX SJ '94 MR TVSKVIWW MR E RIX[SVO SJ WIZIR RSHIW 8LI JSYV PSKMGEP GLERRIPW EVI WLS[R FIX[IIR IEGL TEMV SJ RSHIW 8LI PIJX LEPJ SJ IEGL RSHI WLS[W XLI WIX SJ GSRXIRX MXIQW JSV [LMGL XLI RSHI MW XLI EYXLSVMX] 8LI VMKLX LEPJ WLS[W XLI WIX SJ GSRXIRX MXIQW JSV [LMGL XLI RSHI LEW GEGLIH MRHI\ IRXVMIW EW E VIWYPX SJ LERHPMRK PSSOYT YIVMIW SV I\EQTPI RSHI % MW XLI EYXLSVMX] RSHI JSV GSRXIRX / ERH RSHIW ' ( )  ERH + LEZI GEGLIH MRHI\ IRXVMIW JSV GSRXIRX / 8LI TVSGIWW SJ YIV]MRK ERH YTHEXMRK MRHI\ IRXVMIW JSV E TEVXMGYPEV GSRXIRX / JSVQW E '94 XVII [LSWI VSSX MW XLI EYXLSVMX] RSHI JSV GSRXIRX /8LI FVERGLIW SJ XLI XVII EVI JSVQIH F] XLI TEXLW XVEZIPIH F] PSSOYT YIVMIW JVSQ SXLIV RSHIW MR XLI RIX[SVO SV I\EQTPI MR MKYVI  RSHI % MW XLI VSSX SJ XLI '94 XVII JSV /ERH FVERGL _  ( ' %a LEW KVS[R EW E VIWYPX SJ E PSSOYT YIV] JSV / EX RSHI 

MK  '94 8VIIW

2SHI % MW XLI EYXLSVMX] JSV GSRXIRX / -X ORS[W XLI PSGEXMSR SJ EPP GSRXIRXVITPMGERSHIWXLEX WIVZI GSRXIRX / 6ITPMGE RSHIW JMVWX WIRH FMVXL QIWWEKIW XS EYXLSVMX] % XS MRHMGEXI XLI] EVI WIVZMRK GSRXIRX / 8LI] QE] EPWS WIRH TIVMSHMG VIJVIWLIW SV MRZEPMHEXMSR QIWWEKIW XS % XS MRHMGEXI XLEX XLI] EVI WXMPP WIVZMRK SV RS PSRKIV WIVZMRK XLI GSRXIRX % XLIR JSV[EVHW SR ER] FMVXL VIJVIWL SV MRZEPMHEXMSR QIWWEKIW MX VIGIMZIW [LMGL EVI TVSTEKEXIH HS[R XLI '94 XVII XS EPP MRXIVIWXIH RSHIW MR XLI RIX[SVO SV I\EQTPI MR MKYVI ER] YTHEXI QIWWEKIW JSV MRHI\ IRXVMIW EWWSGMEXIH [MXL GSRXIRX / XLEX EVVMZI EX % JVSQ VITPMGE RSHIW EVI JSV[EVHIH HS[R XLI / '94 XVII XS ' EX PIZIP  ( ERH ) EX PIZIP  ERH ERH + EX PIZIP  8LI GEWGEHIH TVSTEKEXMSR SJ YTHEXIW JVSQ EYXLSVMX] RSHIW HS[R XLI VIZIVWI TEXLW SJ WIEVGL YIVMIW LEW QER] EHZERXEKIW MVWX YTHEXIW I\XIRH XLI PMJIXMQI SJ GEGLIH IRXVMIW EPPS[MRK MRXIVQIHMEXI RSHIW XS GSRXMRYI WIVZMRK YIVMIW JVSQ XLIMV GEGLIW [MXLSYX VIMWWYMRK RI[ YIVMIW -X LEW FIIR WLS[R XLEX YT XS JMJX] TIVGIRX SJ GSRXIRX LMXW EX [IF GEGLIW EVI JVIWLRIWW QMWWIW  MI MRWXERGIW [LIVI XLI GSRXIRX MW ZEPMH FYX WXEPI ERH XLIVIJSVI GERRSX FI YWIH [MXLSYX JMVWX FIMRK VIZEPMHEXIH '/  IGSRH E RSHI XLEX TVSEGXMZIP] TYWLIW YTHEXIW XS MRXIVIWXIH RIMKLFSVW VIHYGIW MXW PSEH SJ YIVMIW KIRIVEXIH F] XLSWI RIMKLFSVW 8LMVH XLI JYVXLIV HS[R ER YTHEXI KIXW TYWLIH XLI WLSVXIV XLI HMWXERGI WYFWI YIRX YIVMIW RIIH XS XVEZIP XS VIEGL E JVIWL GEGLIH ERW[IV %W E VIWYPX YIV] VIWTSRWI PEXIRG] MW VIHYGIH %4STYPEVMX](VMZIR-RGIRXMZIW -R '94 RSHIW EVI JVII XS YWI XLIMV S[R MRGIRXMZIFEWIH TSPMGMIW XS HIXIVQMRI [LIR XS 

ITXIQFIV  44 .SYVREP

TVSTEKEXI ERH [LIR XS VIGIMZI YTHEXIW 8LI MRGIRXMZI HITIRHW SR XLI ETTPMGEXMSR KSEPW ERH XLI QIXEHEXE FIMRK YTHEXIH -R XLI GEWI SJ YTHEXMRK MRHI\ IRXVMIW [I LEZI I\XIRWMZIP] WXYHMIH TSPMGMIW YWMRK TSTYPEVMX]FEWIH MRGIRXMZIW 6&  8LIWI EVI TSPMGMIW [LIVI XLI MRGIRXMZI XS VIGIMZI MRHI\ YTHEXIW JSV E TEVXMGYPEV GSRXIRX MXIQ HITIRHW SR XLI JVI YIRG] SJ YIVMIW JSV XLEX MXIQ 8LI LMKLIV XLI JVI YIRG] XLI KVIEXIV XLI MRGIRXMZI XS VIGIMZI YTHEXIW JSV XLEX MXIQ 8LIVIJSVI F] TYWLMRK TSTYPEV MRHI\ YTHEXIW XS RIMKLFSVW XLI RSHI WEZIW MXWIPJ JVSQ KIXXMRK YIVMIW JVSQ XLSWI RIMKLFSVW 4STYPEVMX]FEWIH TVSTEKEXMSR TSPMGMIW EMQ XS QSHIVEXI XLI YTHEXI SZIVLIEH MI XLI RYQFIV SJ RIX[SVO LSTW XVEZIPIH F] YTHEXIW ;I FVMIJP] HI WGVMFI XLI GSWX QSHIP [I YWI [LIR EREP] MRK XLI TIVJSVQERGI SJ '94 YRHIV XLIWI TSPMGMIW ERH [I TVIWIRX WSQI I\TIVMQIRXEP IZMHIRGI XLEX WYGL TSPM GMIW KVIEXP] VIHYGI XLI EZIVEKI WIEVGL YIV] PEXIRG] [LMPI EX XLI WEQI XMQI VIGSZIVMRK TVSTEKEXMSR SZIV LIEH 'SRWMHIV E RSHI % XLEX MW XLI EYXLSVMX] JSV GSRXIRX / ERH GSRWMHIV XLI XVII KIRIVEXIH F] MWWYMRK E YIV] JSV / JVSQ IZIV] RSHI MR XLI TIIVXSTIIV RIX[SVO 8LI VIWYPXMRK XVII VSSXIH EX % MW XLI WTERRMRK XVII JSV / % /  8LMW XVII GSRXEMRW EPP TSWWMFPI YIV] TEXLW JSV / ;I HIJMRI GSWX MR XIVQW SJ RIX[SVO LSTW XVEZIPIH VSQ E RSHI 2W TIVWTIGXMZI XLI GSWX SJ E YIV] JSV / XLEX MRGYVW E GEGLI QMWW EX 2 MW X[S LSTW SRI LST XS TYWL XLI YIV] YT XS 2W TEVIRX ERH SRI LST XS TYWL XLI ERW[IV HS[R XS 2 8LI GSWX SJ ER YTHEXI JSV / MW SRI LST XS VIGIMZI XLI YTHEXI JVSQ 2W TEVIRX 8LI TVSTEKEXMSR SJ ER YTHEXI JSV / XS E RSHI 2 MW NYWXMJMIH MJ MXW GSWX MW VIGSZIVIH F] E WYFWI YIRX YIV] EVVMZMRK MR XLI WTERRMRK WYFXVII FIPS[ 2 SV IEGL LST E NYWXMJMIH YTHEXI Y MW TYWLIH HS[R XS XLI VSSX 2 SJ WYFXVII 2 /  I\EGXP] SRI LST MW WEZIH WMRGI [MXLSYX Y W TVSTEKEXMSR IRXVMIW MR EPP RSHIW SJ 2 / [MPP I\TMVI WMQYPXERISYWP] ERH XLI JMVWX WYF WI YIRX YIV] PERHMRK EX E RSHI 2M MR 2/ [MXLMR YW I\TMVEXMSR [MPP GEYWI X[S LSTW JVSQ 2 XS MXW TEVIRX ERH FEGO 8LMW LEPZIW XLI RYQFIV SJ LSTW XVEZIPIH FIX[IIR 2 ERH MXW TEVIRX [LMGL MR XYVR VIHYGIW YIV] PEXIRG] -R JEGX EPP WYFWI YIRX YIVMIW TSWXIH WSQI[LIVI MR 2 / FIJSVI YW I\TMVEXMSR [MPP FIR IJMX JVSQ 2 VIGIMZMRK Y 8LYW XLI FIRIJMX SJ E ;I EWWYQI YIV] VIWTSRWIW JPS[ HS[R ERH EVI GEGLIH EPSRK XLI VIZIVWI YIV] TEXL 8LI GSWX QSHIP GLERKIW WPMKLXP] MJ YIV] VIWTSRWIW JPS[ HMVIGXP] JVSQ XLI EYXLSVMX] RSHI XS XLI SVMKMREP YIV]MRK RSHI

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

ITXIQFIV  44 .SYVREP

MK  -RZIWXQIRX VIXYVR ZW RIX WM I 0SKWGEPI E\IW

EQSRK XLI WIX SJ MRHI\ IRXVMIW VIXYVRIH F] E WIEVGL YIV] XS JSV[EVH GPMIRX VI YIWXW 8LMW GLSMGI MW MQ TSVXERX FIGEYWI TIIV RSHIW XIRH XS FI LIXIVSKIRISYW ++ ERH WSQI VITPMGE RSHIW [MPP XIRH XS LEZI QSVI GETEGMX] XS WEXMWJ] VI YIWXW JSV GSRXIRX XLER SXLIVW -J RSHIW GLSSWI JVSQ XLI VIXYVRIH MRHI\ IR XVMIW GEVIJYPP] XLI W]WXIQ GER WIVZI GSRXIRX MR E QSVI XMQIP] JEWLMSR F] HMVIGXMRK GSRXIRX VI YIWXW XS QSVI GETEFPI VITPMGE RSHIW 4VIZMSYW PSEHFEPERGMRK XIGLRM YIW MR XLI PMX IVEXYVI FEWI XLIMV HIGMWMSRW SR TIVMSHMG SV GSR XMRYSYW YTHEXIW GSRXEMRMRK MRJSVQEXMSR SR PSEH IK +'  1MX SV EZEMPEFPI GETEGMX] IK > >  ;I LEZI PIZIVEKIH XLI '94 TVSXSGSP XS HIPMZIV PSEHFEPERGMRK QIXEHEXE XS WII XLI IJJMGEG] SJ XLIWI EPKSVMXLQW [LIR ETTPMIH MR E TIIVXSTIIV GSRXI\X 8LI MRGIRXMZI JSV E RSHI 2 XS VIGIMZI E PSEHFEPERGMRK YTHEXI MW HVMZIR F] X[S JEGXSVW XLI TSTYPEVMX] SJ XLI TEVXMGYPEV YTHEXI EX XLI WYFXVII FIPS[ 2 ERH LS[ [IPP XLI YTHEXI GSRXVMFYXIW XS FEPERGMRK XLI HIQERH JSV GSRXIRX EGVSWW XLI WIX SJ VITPMGE RSHIW &] VIGIMZMRK E PSEHFEPERGMRK YTHEXI JSV E TSTYPEV MXIQ 2 RSX SRP] FIRIJMXW XLI VITPMGE RSHIW WIVZMRK XLI GSRXIRX FYX FIRIJMXW MXWIPJ EW [IPP 8LMW MW FIGEYWI [MXLSYX EGGYVEXI PSEHFEPERGMRK MRJSVQEXMSR 2 QMKLX TSMRX GPMIRXW XS ER SZIVPSEHIH VITPMGE %JXIV JEMPMRK XS SFXEMR XLI HIWMVIH GSRXIRX JVSQ XLI VITPMGE GPMIRXW [SYPH XLIR YIV] 2 EKEMR JSV E HMJJIVIRX VITPMGE 2 GSYPH XLYW WEZI MXWIPJ JVSQ KIXXMRK WYGL VIXV] YIVMIW MJ MX VIGIMZIW XLI ETTVSTVMEXI PSEHFEPERGMRK YTHEXIW ;LIR ETTPMIH MR E TIIVXSTIIV GSRXI\X IEGL YT HEXI TVSTEKEXIH F] TVIZMSYWP] TVSTSWIH EPKSVMXLQW LIEZMP] HITIRHW SR TVIGIHMRK YTHEXIW TVSTEKEXIH

SV I\EQTPI MJ WSQI VITPMGEW VITSVX E LMKL EZEMPEFPI GETEGMX] XLMW QE] GEYWI TIIV RSHIW XS JSV[EVH ER YRTVIHMGXEFPI RYQFIV SJ VI YIWXW XS XLIWI VITPMGEW GEYWMRK XLIQ XS SZIVPSEH 8LI WLMJX SJ XLI [SVOPSEH XS XLIWI VITPMGEW MRGVIEWIW XLI EZEMPEFPI GETEGMXMIW SJ SXLIV VITPMGEW [LS VITSVX LMKLIV EZEMPEFMPMX] EX XLI RI\X TVSTEKEXMSR GEYWMRK VI YIWXW XS JPSGO XS XLIQ MRWXIEH 8LMW PSEH SWGMPPEXMSR GER SGGYV IZIR [LIR XLI [SVOPSEH VI YIWX VEXI MW EW PS[ EW  SJ XLI XSXEP GETEGMXMIW SJ XLI VITPMGEW 8S EZSMH SWGMPPEXMSR [I HIZIPSTIH E RI[ PSEHFEPERGMRK EPKSVMXLQ 1E\'ET XLEX QEOIW HIGMWMSRW FEWIH SR XLI MRLIVIRX QE\MQYQ GETEGMXMIW SJ XLI VITPMGE RSHIW ;I HIJMRI QE\MQYQ GETEGMX] EW XLI QE\MQYQ RYQFIV SJ GSRXIRX VI YIWXW TIV XMQI YRMX XLEX E VITPMGE GPEMQW MX GER LERHPI 8LI QE\MQYQ GETEGMX] MW PMOI E GSRXVEGX F] [LMGL XLI VITPMGE EKVIIW XS EFMHI -J XLI VITPMGE GERRSX WYWXEMR MXW EHZIVXMWIH VEXI XLIR MX QE] GLSSWI XS EHZIVXMWI E RI[ QE\MQYQ GETEGMX] [LMGL MW TVSTEKEXIH HS[R XLI '94 XVII 1E\'ET HSIW RSX WYJJIV JVSQ PSEH SWGMPPEXMSRW EW TVIZMSYW XIGLRM YIW HS FIGEYWI XLI PSEHFEPERGMRK YTHEXIW MX WIRHW EVI MRHITIRHIRX SJ IEGL SXLIV 1SVISZIV I\TIVMQIRXW WLS[ XLEX 1E\'ET MRGYVW PIWW TVSTEKEXMSR SZIVLIEH XLER TVIZMSYW EPKSVMXLQW WMRGI PSEHFEPERGMRK YTHEXIW EVI SRP] TVSTEKEXIH [LIR VITPMGEW GLSSWI XS GLERKI XLIMV GSRXVEGXW SV [LIR VITPMGEW IRXIV SV PIEZI XLI RIX[SVO 6SY  ;I GMXI SYV PSEHFEPERGMRK [SVO [MXL '94 EW QSVI IZMHIRGI XLEX TVSTEKEXMSR SJ QIXEHEXE YTHEXIW GER FI FIRIJMGMEP MR XLEX MX TVSZMHIW XLI STTSVXYRMX] XS EGLMIZI FIXXIV ETTPMGEXMSR TIVJSVQERGI MR E TIIVXSTIIV RIX[SVO -R XLMW GEWI FIXXIV ETTPMGEXMSR TIVJSVQERGI QIERW JEWXIV GSRXIRX XVERWJIV S[IZIV XLMW [SVO MW EPWS ER I\EQTPI SJ LS[ GSRXVSPPIH TVSTEKEXMSR SJ YTHEXIW MW RIGIWWEV] 4VSTEKEXMRK EPP PSEHFEPERGMRK YTHEXIW EW HSRI F] TVIZMSYWP] TVSTSWIH EPKSVMXLQW [LMGL EVI FEWIH SR EZEMPEFPI GETEGMX] HSIW RSX KYEVERXII KSSH PSEHFEPERGMRK TIVJSVQERGI MR E TIIVXSTIIV RIX[SVO 1E\'ET TVSTEKEXIW PSEHFEPERGMRK QIXEHEXE YTHEXIW MR QSHIVEXMSR ERH MX MW XLMW QSHIVEXMSR [I EHZSGEXI LIVI ---

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2SHIW QE] RSX EP[E]W FI EFPI XS TVSTEKEXI EPP YT HEXIW XS EPP MRXIVIWXIH RIMKLFSVW ;LIR E RSHIW SYX

ITXIQFIV  44 .SYVREP

KSMRK GETEGMX] MW PMQMXIH XLI MRGIRXMZI XS TVSTEKEXI MW GETEGMX]HVMZIR -R XLMW GEWI XLI GSWX QSHIP [I MRXVSHYGIH MR IGXMSR --% MW I\XIRHIH XS MRGPYHI XLI RSHIW TVSTEKEXMSR GETEGMX] SV I\EQTPI WYTTSWI E RSHI 2 VIGIMZIW ER YTHEXI XS FI TVSTEKEXIH XS IEGL SJ MXW GLMPH RIMKLFSVW FYX 2 SRP] LEW GETEGMX] XS TVST EKEXI XS SRI SJ XLI GLMPHVIR 8LI GLMPH ' QSWX NYWXM JMIH MR VIGIMZMRK XLMW YTHEXI MW XLI SRI [LSWI WYFXVII ' / [MPP VIET XLI PEVKIWX MRZIWXQIRX VIXYVR JVSQ VIGIMZMRK XLI YTHEXI 8LIVI EVI QER] SXLIV I\EQTPIW SJ TSWWMFPI GETEGMX]HVMZIR TVSTEKEXMSR FILEZMSV % RSHI QE] JEZSV TYWLMRK YTHEXIW XS RIMKLFSVW XLEX LEZI LMKLIV GSRRIGXMZMX] SZIV RIMKLFSVW [MXL PS[IV GSRRIGXMZMX] % RSHI QE] JEZSV RIMKLFSVW XLEX LEZI FIIR E KSSH WSYVGI SJ NYWXMJMIH YTHEXIW SZIV RIMKLFSVW XLEX EVI PIWW VIPMEFPI SV PIWW GSSTIVEXMZI V WXMPP E RSHI QE] XVIEX EPP RIMKLFSVW I YEPP] FYX GLSSWI XS VISVHIV YT HEXIW WYGL XLEX YTHEXIW XLEX TVSZMHI LMKLIV FIRIJMXW EVI TYWLIH SYX JMVWX SV I\EQTPI E RSHI QE] TYWL SYX SPHIV YTHEXIW ELIEH SJ SXLIVW XLEX LEZI QSVI XMQI PIJX FIJSVI XLI] I\TMVI

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ITXIQFIV  44 .SYVREP

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ITXIQFIV  44 .SYVREP

6E]QSRH +ES QEMPXSVE]KES$GSQGEWXRIX

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GER I\TPSMX XLMW [IEORIWW XS WIIH XLI RIX[SVO [MXL QEPMGMSYW GSRXIRXW &IGEYWI MX MW ZMVXYEPP] MQTSWWMFPI XS WIX YT E YRMJSVQ WIGYVMX] TSPMG] SV QSHIP JSV XLI IRXMVI 44 RIX[SVO MWSPEXMRK SV YEVERXMRMRK ZMVYW MRJIGXMSRW EVI VEXLIV GLEPPIRKMRK GLSVIW %RH TSXIRXMEPW JSV MRJIGXMSR ERH VITIEXMRJIGXMSRW EVI LMKL 9RGLIGOIH ZMVYWIW ERH SV 8VSNER LSVWIW GER WTVIEH YMGOP] XS FIGSQI ITMHIQMGW PMOI [MPHJMVIW &YK i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i )ZIV] RIX[SVO LEW E TL]WMGEP XVERWQMWWMSR PMQMX &ERH[MHXL GPSKKMRK QE]FI E WXVEXIK] YWIH F] WPIE ] MRHMZMHYEPW SV QE] SGGYV REXYVEPP] -X EJJIGXW RIX[SVO TIVJSVQERGI F] QEOMRK W]WXIQ VIWTSRWI WPYKKMWL 6YRRMRK GPSWI XS XLI RIX[SVO XVERWQMWWMSR GETEGMX] SV I\GIIHMRK MX [MPP HIKVEHI VIWTSRWI XMQI (IRMEP SJ IVZMGI ( EXXEGO i ( EXXEGO MW GSQQSR MR XLI [IFGIRXVMG QSHIP MI [IF FVS[WIV ERH WIVZIV % [IFWMXI SV -4 EHHVIWW GER FI SZIV[LIPQIH F] JPSSHMRK VI YIWXW SV I\EQTPI ELSS WYJJIVIH E ( EXXEGO SRI ]IEV EKS JVSQ GSSVHMREXIH LEGOIV KVSYTW -X MW ER MRLIVMXIH JPE[ MR XLI HSQEMR REQI WIVZIV (2 EVGLMXIGXYVI SV E 44 RIX[SVO ( QE]FI HMVIGXIH XS[EVH E OI] VIRHI ZSYW WIVZIV SV TVMQEV] VIPE] WIVZIVW 4V]MRK )]IW i SQIXMQIW HEXE MW XVERWQMXXIH [MXLSYX IRGV]TXMSR SR XLI STIR

ITXIQFIV  44 .SYVREP

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44 .SYVREP 2SZIQFIV 

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g  4EVEQIXIV (MWXVMFYXMSRW 8LI VIWYPXW TVSHYGIH F] QSWX WMQYPEXSVW [MPP FI WXVSRKP] EJJIGXIH F] XLIMV WXEVXMRK TEVEQIXIV HMWXVMFYXMSRW TIGMJMG XS 44 WMQYPEXMSRW EVI XLMRKW PMOI XLI WXEVXMRK XSTSPSK] GSRXIRX UYIV] HMWXVMFYXMSRW ERH GLYVR VEXIW *SV I\EQTPI TSWWMFPI RIX[SVO XSTSPSKMIW MRGPYHI VMRK VERHSQ TS[IVPE[ 4SMWWSR I\TSRIRXMEP ERH EVFMXVEVMP] WTIGMJMIH HIKVII RIX[SVOW 2I[QER IX EP  ERH

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

44 .SYVREP 2SZIQFIV 

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

44 .SYVREP 2SZIQFIV 

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

KSEP MX MW XLI EYXLSVtW JMVQ FIPMIJ XLEX XLI ETTPMGEXMSR SJ E VMKSVSYW YRMXXIWXMRK JVEQI[SVO >LY IX EP

MW XLI FIWX [E] XS IRWYVI XLEX XLI WMQYPEXMSR MW HSMRK [LEX XLI TVSKVEQQIV MRXIRHW SJ MX 4EVXMGYPEVP] MR XLI GEWI SJ ER I\XIRWMFPI WMQYPEXSV [LIVI EHHMXMSREP JYRGXMSREPMX] MW FIMRK EHHIH MX QEOIW TEVXMGYPEV WIRWI XS IQTPS] E YRMX XIWXMRK JVEQI[SVO XLEX EPPS[W FYPO GLIGOMRK SJ XLI W]WXIQ JYRGXMSREPMX] XS FI EYXSQEXIH )\MWXMRK7MQYPEXSVW   YIV]']GPI MQYPEXSV GLPSWWIV IX EP  TVIWIRX XLI YIV]']GPI WMQYPEXSV MR [LMGL GSRXIRX HMWXVMFYXMSR MW FEWIH SR XLI GSRGITX XLEX JMPIW FIPSRK XS SRI SJ E RYQFIV SJ GEXIKSVMIW ERH XLEX IEGL JMPI MW YRMUYIP] HIJMRIH [MXLMR E GEXIKSV] F] MXW TSTYPEVMX] [LMGL MR XLMW GSRXI\X QIERW XLI I\XIRX XS [LMGL MX MW WLEVIH [MXLMR XLI RIX[SVO ERH UYIVMIH JSV 8LMW WGLIQI QE] QEOI WIRWI JSV E +RYXIPPE PMOI RIX[SVO EPXLSYKL MX HSIW RSX EPPS[ VSSQ JSV JMPIW XS JEPP MRXS QSVI XLER SRI GEXIKSV] SV JSV YWIVW XS HMWEKVII EFSYX XLI GEXIKSV] SJ E JMPI 8LI YIV]']GPI MQYPEXSV MXWIPJ STIVEXIW MR G]GPIW [MXLMR [LMGL IEGL TIIV QEOIW E UYIV] ERH XLIR WIPIGXW ER ETTVSTVMEXI HS[RPSEH 8LI QEMR MQYPEXMSR GPEWW QEMRXEMRW E WMRKPI QIWWEKI UYIYI ERH ER] QIWWEKI XLEX MW KIRIVEXIH MW TEWWIH MRXS XLMW UYIYI ERH XLIR LERHPIH SR E *-*3 FEWMW 8LI YIV]']GPI TEVEQIXIVW EVI WTPMX MRXS 'SRXIRX TEVEQIXIVW WTIGMJMG XS XLI GSRXIRX QSHIP QIRXMSRIH EFSZI 4IIV &ILEZMSYV ERH 2IX[SVO TEVEQIXIVW 4IIV &ILEZMSYV TEVEQIXIVW MRGPYHI YTXMQI UYIV] JVIUYIRG]

X]TI ERH HS[RPSEH WIPIGXMSRW 2IX[SVO TEVEQIXIVW MRGPYHI XSTSPSK] ERH EZEMPEFPI FERH[MHXL 8LI EYXLSVW VIGSKRM I LS[ VIEPMWXMG TEVEQIXIV HMWXVMFYXMSRW EJJIGX WMQYPEXMSR VIWYPXW ERH WS EW QER] SJ XLIWI TEVEQIXIVW EW TSWWMFPI EVI HIVMZIH JVSQ VIEP

44 .SYVREP 2SZIQFIV 

HEXE XEOIR JVSQ WXYHMIW SJ XLI +RYXIPPE RIX[SVO EVSMY IX EP    2EVWIW MQYPEXSV 2EVWIW MW E JPS[FEWIH RIX[SVO WMQYPEXSV &EOIV +MYPM  HIWMKRIH XS EZSMH XLI SZIVLIEH SJ TEGOIX PIZIP WMQYPEXSVW PMOI XLI RW WMQYPEXSV &EOIV +MYPM GMXI XLI [SVO SJ %LR (ER MK

XS MRHMGEXI XLEX XLI WM I SJ XLI IZIRX UYIYI MR TEGOIX PIZIP WMQYPEXSVW GER LEZI E WIVMSYW MQTEGX SR XLI TIVJSVQERGI SJ XLI WMQYPEXSV 2EVWIW YWIW E JPS[FEWIH WMQYPEXMSR XS EZSMH WMQYPEXMSR SJ PS[IV PIZIP HIXEMPW ERH SJJIVW E VERKI SJ QSHIPW XLEX XVEHI FIX[IIR JEWX VYRXMQIW ERH EGGYVEG] 2EVWIW MW XLIVIJSVI WSQI[LIVI FIX[IIR TEGOIX PIZIP WMQYPEXSVW ERH EREP]XMGEP QSHIPW 2EVWIWt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tW 44 RIX[SVOW EVI GSRWMHIVIH MR XIVQW SJ E XLVIIXMIV QSHIP

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

ERH E GYWXSQ HIWMKRIH SZIVPE] RIX[SVO WMQYPEXSV 8LI MHIE MW XS TVSZMHI E GSRJMKYVEXMSR WIVZMGI XLEX EPPS[W HMJJIVIRX GSQTSRIRXW SJ XLI WMQYPEXMSR XS FI EHHIH ERH VIQSZIH 8LI &- 32 TVSNIGX LEW HIZIPSTIH JVSQ [SVO SR XLI %RXLMPP TVSNIGX &EFESKPY IX EP   E 44 WMQYPEXSV HIWMKRIH [MXL WSGMEP MRWIGX QSHIPMRK MR QMRH %RXLMPP [EW FYMPX SR XST SJ .<8% ERH YWIW XLI WEQI MQTPIQIRXEXMSR JSV FSXL WMQYPEXMSR ERH VYRXMQI IRZMVSRQIRXW &- 32 MW WXMPP MR IEVP] HIZIPSTQIRX ERH WS HIXEMPW EVI WSQI[LEX WGEVGI

44 .SYVREP 2SZIQFIV 

  0

MQYPEXSV

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

4IIVXS4IIV

4044

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

44 .SYVREP 2SZIQFIV 

JSV XLI +RYXIPPE RIX[SVO [LMPI 'LSVH XSMGE IX EP  ERH 4EWXV] (VYWGLIP

6S[WXVSR  EPWS LEZI XLIMV S[R WMQYPEXSVW 3GIER XSVI8ETIWXV] >LES IX EP  MW ER I\GITXMSR MR XLEX WSQI WYTTSVXMRK WMQYPEXMSRW LEZI FIIR VYR SR XLI RW WMQYPEXSV

(SGYQIRXW FIMRK I\XIRHIH XS IQEMPW JMPIW IXG ERH /I][SVHW FIMRK XLMRKW PMOI LEWL OI]W MR XLI *VIIRIX WMQYPEXMSR ERH -4 EHHVIWWIW MR E (2 WMQYPEXMSR % GSQTPIXI PMWX SJ XLI EFWXVEGX GPEWWIW TVSZMHIH F] XLI 2IYVS+VMH WMQYPEXSV MW EW JSPPS[W

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

44 .SYVREP 2SZIQFIV 

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

EFWXVEGX 2SHI GPEWW VIJPIGXW XLI SVMKMRW SJ XLMW WSJX[EVI MR WYTTSVXMRK XLI WMQYPEXMSR SJ +RYXIPPEPMOI RIX[SVOW 8LYW XLI HIJEYPX RSHI MW EWWYQIH XS LEZI WSQI GSRXIRXW XLI EFMPMX] XS WGVIIR SYX TVIZMSYWP] WIIR QIWWEKIW ERH WS JSVXL

/I][SVH-( ,EWLXEFPI

(SG-( ,EWLXEFPI

/I][SVH

(SGYQIRX

7MQTPI/I][SVH

7MQTPI(SGYQIRX

1IWWEKI-( ,EWLXEFPI

2SHI-( ,EWLXEFPI

1IWWEKI

2SHI

'SRXIRX1IWWEKI

+RYXIPPE2SHI

7MQTPI'SRXIRX1IWWEKI

*MK7SQISJXLIFEWI7MQYPEXSVEFWXVEGXGPEWWIW ERHXLIMVI\XIRWMSRWXSWYTTSVX+RYXIPPEWMQYPEXMSR

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

44 .SYVREP 2SZIQFIV 

GSRRIGXMSR LERHPMRK ERH XLI ORS[PIHKI FEWI GSYPH EPP FI WITEVEXIH SYX XS WSQI I\XIRX EPPS[MRK E IZIR QSVI JPI\MFPI QM\ ERH QEXGL SJ HMJJIVIRX JYRGXMSREPMXMIW S MR SVHIV XS GVIEXI RSHIW XLEX [MPP HMWTPE] +RYXIPPEPMOI JYRGXMSREPMX] XLI +RYXIPPE2SHI GPEWW I\XIRHW XLI EFWXVEGX 2SHI GPEWW EHHW WSQI VITVIWIRXEXMSREP MQTPIQIRXEXMSR ERH WIPIGXW E +RYXIPPE1IWWEKI ERHPIV 8LI MQTSVXERX 1IWWEKI ERHPIV MRXIVJEGI QIXLSHW EVI EW JSPPS[W

TYFPMG FSSPIER LERHPI1IWWEKI 'SRXIRX1IWWEKI QIWWEKI 2SHI RSHI XLVS[W )\GITXMSR _   9THEXI WXEXW VI QIWWEKI XVERWJIV 2IX[SVOSCQIWWEKICXVERWJIVW   'LIGO [LIXLIV QIWWEKI LEW FIIR WIIR MJ WIIR1IWWEKI QIWWEKI RSHI !! XVYI _ VIXYVR JEPWI a   9THEXI RSHI EGXMZMX] WXEXW RSHIWIX%GXMZI 

TYFPMG FSSPIER LERHPI1IWWEKI 1IWWEKI QIWWEKI 2SHI RSHI XLVS[W )\GITXMSR

  VIQSZI QIWWEKI JVSQ RSHIW MRFS\ RSHIVIQSZI*VSQ-RFS\ QIWWEKI    GLIGO JSV E PSGEP QEXGL GLIGO0SGEP1EXGL QIWWEKI RSHI 

TYFPMG FSSPIER MRNIGX1IWWEKI 1IWWEKI QIWWEKI 2SHI RSHI XLVS[W )\GITXMSR

  GLIGO QIWWEKI 880 MJ GLIGO1IWWEKI880 QIWWEKI RSHI !! JEPWI _ VIXYVR JEPWI a

'SHI1IWWEKI,ERHPIVMRXIVJEGI

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

  EHH QIWWEKI XS EPP GSRRIGXIH RSHIW  I\GITX XLI SRI [I VIGIMZIH JVSQ VIXYVR JSV[EVH1IWWEKI QIWWEKI RSHI  a 'SHI+RYXIPPE1IWWEKI,ERHPIVMQTPIQIRXEXMSR

%W [I GER WII JVSQ XLI EFSZI GSHI MX MW XLI LERHPI1IWWEKI QIXLSH XLEX MQTPIQIRXW XLI +RYXIPPEWX]PI VSYXMRK ERH XLYW GLERKMRK XLI STIVEXMSR SJ XLI RIX[SVO MW EW WMQTPI EW IHMXMRK SV SZIVVMHMRK XLMW QIXLSH ERH GVIEXMRK RSHIW [MXL XLI VIPIZERX 1IWWEKI ERHPIVW -RGSQMRK GEPPW XS E 2SHIW LERHPI1IWWEKI QIXLSH EVI JSV[EVHIH XS XLI 1IWWEKI ERHPIVWt LERHPI1IWWEKI QIXLSH [LMGL XLIR GEPPW ZEVMSYW QIXLSHW WTIGMJMG XS XLI 1IWWEKI ERHPIV MR UYIWXMSR EW [IPP EW GEPPMRK STIVEXMSRW SR XLI RSHI XLEX XLMW 1IWWEKI ERHPIV MW EWWSGMEXIH [MXL

44 .SYVREP 2SZIQFIV 

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

         

%GXMSR

)\IGYXMSRGEYWIW X[SEGXMSRWXSFI MRWIVXIHEXXMQIWXIT 

         

%GXMSR

%GXMSR %GXMSR

)\IGYXMSRGEYWIWSRI EGXMSRWXSFIMRWIVXIHEX XMQIWXITERSXLIVEX XMQIWXIT )\IGYXMSRGEYWIWX[S QSVIEGXMSRWXSFI MRWIVXIHEXXMQIWXIT

         

%GXMSR

%GXMSR %GXMSR

%GXMSR

%GXMSR %GXMSR %GXMSR

*MK)ZIRXXEFPIWLS[MRK%GXMSRWEWWSGMEXIH[MXL HMJJIVIRXXMQIWXITW WIIXI\XJSVHIXEMPW 

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

44 .SYVREP 2SZIQFIV 

G]GPI 8LYW QIWWEKIW GER TEWW XLVSYKL XLI RIX[SVO MRHITIRHIRXP] SJ XLIMV 880 ERH XLI WMQYPEXMSR GER FI IEWMP] I\XIRHIH XS LERHPI SXLIV X]TIW SJ EGXMSRW WYGL EW RSHI ERH GSRRIGXMSR EHHMXMSRWJEMPYVIW *MKYVI  WLS[W ER MPPYWXVEXMSR SJ XLI )ZIRX XEFPI [MXL %GXMSRW EWWSGMEXIH [MXL HMJJIVIRX XMQIWXITW %W XLI %GXMSRW EVI I\IGYXIH XLI] GEYWI RI[ %GXMSRW XS FI MRWIVXIH EX WYFWIUYIRX XMQIWXITW MR XLI IZIRX XEFPI ERH EW XLI IZIRX PSST MXIVEXIW XLVSYKL XLI XEFPI XLI] [MPP IZIRXYEPP] FI VIEGLIH ERH I\IGYXIH XLIQWIPZIW 

2IYVS+VMH WMQYPEXSV EW XLI FEWI JSV XLIMV WXYHMIW   (2

MQYPEXMSR

8LI PEVKIP] LMIVEVGLMGEP (SQEMR 2EQI ]WXIQ (2 W]WXIQ MW RSX ER I\EQTPI SJ E 44 W]WXIQ FYX XLI FEWMW JSV XLMW TVSNIGX [EW XS WII LS[ XLI (2 W]WXIQ QMKLX FI QSHMJMIH XS FIWX WYTTSVX E 'SRXIRX (MWXVMFYXMSR 2IX[SVO '(2  -R XLMW GSRXI\X MX HIQSRWXVEXIW LS[ XLI 2IYVS+VMH FEWI GPEWWIW GER FI I\XIRHIH XS WYTTSVX EVFMXVEV] RIX[SVO WMQYPEXMSRW

MQYPEXMSR XEXMWXMGW

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

*MK  (27 STIVEXMSRW WYTTSVXMRK '(2 RIX[SVO QSVIHIXEMPWMRXI\X 

8LI KIRIVEP WGIREVMS JSV XLI WMQYPEXMSR MW WLS[R MR JMKYVI  ERH HIWGVMFIH EW JSPPS[W 8LI MRXIVEGXMSR WXEVXW EX XLI GPMIRX QIVPSXGMWYHIPIHY  -X EWOW MXW PSGEP (2 2EQI WIVZIV XS VIWSPZI E HSQEMR REQI -J XLI PSGEP (2 WIVZIV HSIWRtX ORS[ XLI VMKLX FMRHMRK HSQEMRREQI-4%HHVIWW MX LEW XS EWO XS XLI '(2 (2 WIVZIV %OEQEM (2 MW XLI VIHMVIGXMSR WIVZIV JSV XLEX 'SRXIRX HIPMZIV] 2IX[SVO MXW XEWO MW XS HIGMHI [LMGL WYVVSKEXI MW XLI QSWX ETTVSTVMEXI JSV XLEX WTIGMJMG GPMIRX MR XLEX WYFRIX[SVO 8LI QIWWEKI GSRXEMRMRK XLI FMRHMRK MW XLIR VIXYVRIH XVERWTEVIRXP] XS XLI GPMIRX -R XLI IRH XLI GPMIRX GER WXEVX MXW WIWWMSR [MXL XLI VMKLX WYVVSKEXI XS KIX XLI HIWMVIH MRJSVQEXMSR WYGL EW LXXT TEKIW JMPIW WXVIEQMRK ZMHIS IXG

44 .SYVREP 2SZIQFIV 

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

*MK+VETLWLS[MRKLS[YWIVREQIWFIGSQIPSWX EW RSHIW JEMP [LIR YWIVREQIW EVI VITPMGEXIH XS XLVIIRSHIW QSVIHIXEMPWMRXI\X 

3RI SJ XLI OI] MWWYIW JSV E HMWXVMFYXIH IQEMP W]WXIQ MW XS TVSZMHI YRMUYI YWIVREQIW 

44 .SYVREP 2SZIQFIV 

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

 VERHSQ RSHI JEMPYVI [MXL SV [MXLSYX I\TPMGMX VITEMV QIXLSHW 8LI VIWYPXW EPWS WLS[ XLI W]WXIQ MW QYGL PIWW VIWMPMIRX MR XLI JEGI SJ GSRWIGYXMZI RSHI JEMPYVI 8LIWI VIWYPXW EVI TVIWIRXIH QEMRP] XS WLS[ XLI OMRHW SJ KVETLW XLEX GER FI IEWMP] KIRIVEXIH JVSQ XLI 2IYVS+VMH WMQYPEXSV MR GSQFMREXMSR [MXL XLI .*VII'LEVX TEGOEKIW 8LI VIWYPXW XLIQWIPZIW EVI WSQI[LEX PMQMXIH EW SRI QMKLX I\TIGX KMZIR XLI GSRWXVEMRXW SJ E 1EWXIVW TVSNIGX *SV XLIWI VIWYPXW XS FI WIIR EW ZEPMH WMQYPEXMSR VIWYPXW XLI WEQI WMQYPEXMSRW [SYPH RIIH XS FI VIVYR E RYQFIV SJ XMQIW XS SFXEMR E GSRJMHIRGI MRXIVZEP ERH XLYW XEOI EGGSYRX SJ ZEVMEXMSRW MR XLI WXEVXMRK HMWXVMFYXMSR S[IZIV XLMW OMRH SJ EREP]WMW GSYPH RS[ IEWMP] FI TIVJSVQIH KMZIR XLI FEWI TVSZMHIH F] XLI 2IYVS+VMH WMQYPEXSV (MWGYWWMSR

*MK+VETLWLS[MRKLS[YWIVREQIWFIGSQIPSWX EW RSHIW JEMP [LIR YWIVREQIW EVI VITPMGEXIH XS WM\XIIRRSHIW QSVIHIXEMPWMRXI\X 

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

44 .SYVREP 2SZIQFIV 

[SYPH FIRIJMX JVSQ E WXERHEVHM IH 2IX[SVO 1EVOYT 0ERKYEKI 210 FEWIH SR XLI [MHIP] YWIH <10 WXERHEVH VEXLIV XLER E WTIGMEPM IH QEVOYT JVEQI[SVO 8LI QEMR HMJJIVIRGI FIX[IIR 44 W]WXIQW ERH XLI PS[IV PIZIP RIX[SVO W]WXIQW MW XLI EXXIQTX XS XEOI XLI REXYVI SJ XLI W]WXIQ GSRXIRX MRXS EGGSYRX VEXLIV XLER NYWX FPMRHP] VSYXMRK QIWWEKIW JVSQ % XS & 1YGL SJ XLI TVSQMWI MR 44 W]WXIQW WIIQW XS GSQI JSVQ XLI MHIE XLEX XLI] QMKLX FI EFPI XS XEOI XLI TVIJIVIRGIW SJ MRHMZMHYEP YWIVW MRXS EGGSYRX -J XLMW MW XS FI FEGOIH YT MR WMQYPEXMSR XLIVI MW E RIIH JSV E WSTLMWXMGEXIH ERH GSRWMWXIRX YWIVGSRXIRX QSHIPMRK ETTVSEGL 8LMW TETIV LEW QIVIP] XSYGLIH SR WSQI SJ XLIWI MWWYIW ERH [I LSTI XS I\TERH SR XLIQ MR JYXYVI TETIVW ERH MR XLI 44 WMQYPEXMSR FPSK LXXT[[[TTWMQYPEXSVSVK %GORS[PIHKIQIRXW 1ER] XLEROW XS (EZMH EVQER SJ 0ERGEWXIV 9RMZIVWMX] ERH 4ESPS +SFFS SJ 8YVMR 9RMZIVWMX] JSV QEOMRK XLI QEXIVMEP JVSQ XLIMV 1 G TVSNIGXW EZEMPEFPI JSV XLMW TETIV 8LEROW EPWS XS .SR EVVMW SJ 'EVPIXSR 9RMZIVWMX] JSV HIXEMPIH JIIHFEGO SR XLI HVEJXW SJ XLMW TETIV 6IJIVIRGIW

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

960  LXXT[[[MWMIHYRWREQRW 960 LXXT[[[EMWIIGSQ

/ERX /  %R %REP]XMG 1SHIP JSV 4IIV XS 4IIV *MPI LEVMRK 2IX[SVOW 4VSG SJ -RXIVREXMSREP 'SQQYRMGEXMSRW 'SRJIVIRGI

%LR . (ER MK  4

TIIHYT ZW MQYPEXMSR +VERYPEVMX] -)))%'1 8VERWEGXMSRW SR 2IX[SVOMRK   

0E[ % /IPXSR ;  MQYPEXMSR 1SHIPMRK ERH %REP]WMW 1G+VE[ MPP -RXIVREXMSREP IVMIW

&EFESKPY 3 1IPMRK  ERH 1SRXVIWSV %  %RXLMPP E *VEQI[SVO JSV XLI (IZIPSTQIRX SJ %KIRX &EWIH 4IIVXS4IIV ]WXIQW MR TVSGIIHMRKW SJ RH -RXIVREXMSREP 'SRJIVIRGI SR (MWXVMFYXIH 'SQTYXMRK ]WXIQW -'('  &EOIV 1 +MYPM 8  2EVWIW % GEPEFPI *PS[&EWIH 2IX[SVO MQYPEXSV XERJSVH 9RMZIVWMX] 8IGLRMGEP 6ITSVX LXXTEV\MZSVKEFWGW4* 

1IHMRE % 1EXXE - &]IVW .  3R XLI SVMKMR SJ TS[IV PE[W MR MRXIVRIX XSTSPSKMIW &SWXSR 9RMZIVWMX] 8IGLRMGEP 6ITSVX 1SRXVIWSV % &EFESKPY 3  &MSPSK] -RWTMVIH %TTVSEGLIW XS 4IIVXS4IIV 'SQTYXMRK MR &- 32 -R 4VSG SJ XLI VH -RXIVREXMSREP 'SRJIVIRGI SR -RXIPPMKIRX ]WXIQ (IWMKR ERH %TTPMGEXMSRW 1SRXVIWSV % (M 'EVS + IIKEEVH 4  %VGLMXIGXYVI SJ XLI MQYPEXMSR )RZMVSRQIRX

44 .SYVREP 2SZIQFIV 

8IGLRMGEP 6ITSVX (  &- 32 TVSNIGX 9RMZIVWMX] SJ &SPSKRE 2I[QER 1 XVSKEX   ;EXXW (  6ERHSQ KVETLW [MXL EVFMXVEV] HIKVII HMWXVMFYXMSRW ERH XLIMV ETTPMGEXMSRW 4L]W 6IZ )    EVSMY  +YQQEHM 4 +VMFFPI   % QIEWYVIQIRX WXYH] SJ TIIVXSTIIV JMPI WLEVMRK W]WXIQW -R 4VSG 11'2t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

SJX[EVI YRMX XIWX GSZIVEKI ERH EHIUYEG] %'1 'SQTYXMRK YVZI]W      >LIRK < &EKVSHME 6 +IVPE 1

+PS1S MQ E 0MFVEV] JSV 4EVEPPIP MQYPEXMSR SJ 0EVKIWGEPI ;MVIPIWW 2IX[SVOW -R 4VSG SJ XLI XL ;SVOWLST SR 4EVEPPIP ERH (MWXVMFYXIH MQYPEXMSRW  4%( 

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

44 .SYVREP 2SZIQFIV 

4VSFEFMPMWXMG /RS[PIHKI (MWGSZIV] ERH 1EREKIQIRX JSV 44 2IX[SVOW (MQMXVMSW 8WSYQEOSW

2MGO 6SYWWSTSYPSW

(ITEVXQIRX SJ 'SQTYXIV GMIRGI 9RMZIVWMX] SJ 1EV]PERH 'SPPIKI 4EVO HXWSYQE$GWYQHIHY

(ITEVXQIRX SJ 'SQTYXIV GMIRGI 9RMZIVWMX] SJ 1EV]PERH 'SPPIKI 4EVO RMGO$GWYQHIHY

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8SHE] XLI QSWX TSTYPEV 44 ETTPMGEXMSRW STIVEXI SR YRWXVYGXYVIH RIX[SVOW 8LI FEWMG GLEVEGXIVMWXMGW SJ XLIWI RIX[SVOW EVI XLI PEGO SJ W]WXIQ GSRXVSP SZIV SFNIGX TPEGIQIRX ERH  KYEVERXIIW EFSYX WIEVGL GSQTPI\MX] ERH WYGGIWW ;I WLSYPH EPWS RSXI XLEX MR WYGL W]WXIQW TIIVW EVVMZI ERH HITEVX EX [MPP GSRRIGXMRK MR ER EHLSG JEWLMSR -R  [I HIWGVMFIH XLI TVSFPIQ SJ VIWSYVGI HMWGSZIV] MR YRWXVYGXYVIH 44 RIX[SVOW EW [IPP EW QER] TVSTSWIH WSPYXMSRW 8LI WLSVXGSQMRKW SJ QSWX GYVVIRX QIXLSHW VIPEXI XS IMXLIV I\GIWWMZI QIWWEKI GSRWYQTXMSR HYVMRK SFNIGX PSGEXMSR SV - -2863(9'8-32 MRHI\ YTHEXIW SV MREFMPMX] XS EHETX XS H]REQMG [SVOPSEHW ERH IRZMVSRQIRXW 4IIVXS4IIV LIRGI 44 RIX[SVOMRK LEW FIIR -R SYV [SVO [MXL %47  [I TVSTSWIH E RI[ KVS[MRK VETMHP] MR XLI PEWX JI[ ]IEVW -XW WYGGIWW WIEVGL EPKSVMXLQ XLEX EGLMIZIW LMKL TIVJSVQERGI SVMKMREPP] FSSWXIH F] WSQI TSTYPEV JMPIWLEVMRK EX PS[ GSWX -R %47 E RSHI HITPS]W O [EPOIVW JSV ETTPMGEXMSRW IK

 PIH XS XLI IQIVKIRGI SJ SFNIGX HMWGSZIV] FYX XLI JSV[EVHMRK TVSGIWW MW RYQIVSYW W]WXIQW XLEX YXMPM I 44 XIGLRSPSK] TVSFEFMPMWXMG MRWXIEH SJ VERHSQ 4IIVW IJJIGXMZIP] IK  i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

44 .SYVREP 2SZIQFIV 

*MK  IEVGL JSV ER SFNIGX YWMRK %47 8LI XEFPI HITMGXW XLI GLERKI MR MRHI\ ZEPYIW [LIVI < < JSV RIMKLFSV VIPEXMZI XS XLI VIUYIWXIH SFNIGX

EHZERGIH JIEXYVIW MRWXIEH SJ E WMRKPI SRI ;I MHIRXMJ] WSQI TSWWMFPI GEWIW ERH TVIWIRX QSHMJMGEXMSRW XS %47 MR SVHIV XS QIIX XLIWI KSEPW -- 8,) %47 1)8,3( % %PKSVMXLQ(IWGVMTXMSR -R %47 IEGL RSHI OIITW E PSGEP MRHI\ GSRWMWXMRK SJ SRI IRXV] JSV IEGL SFNIGX MX LEW VIUYIWXIH SV JSV[EVHIH E VIUYIWX JSV TIV RIMKLFSV 8LI ZEPYI SJ IEGL IRXV] VIJPIGXW XLI VIPEXMZI TVSFEFMPMX]SJ XLMWRSHItW RIMKLFSV XS FI GLSWIREWXLIRI\XLSTMREJYXYVIVIUYIWXJSVXLI WTIGMJMGSFNIGX 7IEVGLMRK MW FEWIH SR XLI WMQYPXERISYW HITPS]QIRX SJ O [EPOIVW ERH TVSFEFMPMWXMG JSV[EVHMRK 8LI VIUYIWXIV GLSSWIW O SYXSJMXW2 RIMKLFSVW MJ O 2 XLI UYIV] MW WIRX XS EPP RIMKLFSVW  XS JSV[EVH XLI VIUYIWX XS )EGL SJ XLIWI RSHIW IZEPYEXIW XLI UYIV] EKEMRWX MXW PSGEP VITSWMXSV] ERH MJ E LMX SGGYVW XLI [EPOIV XIVQMREXIW WYGGIWWJYPP] 3R E QMWW XLI UYIV] MW JSV[EVHIH XS SRI SJ XLI RSHItW RIMKLFSVW 8LMW TVSGIHYVI GSRXMRYIW YRXMP EPP O [EPOIVW LEZI XIVQMREXIHIMXLIV[MXLEWYGGIWWSVEJEMPYVI7S [LMPIXLIVIUYIWXMRKRSHIJSV[EVHWXLIUYIV]XSO RIMKLFSVWXLIVIWXSJXLIRSHIWJSV[EVHMXXSSRP] SRI-RXLIJSV[EVHMRKTVSGIWWERSHIGLSSWIWMXW RI\XLSTRIMKLFSV W RSXVERHSQP]FYXYWMRKXLI TVSFEFMPMXMIW KMZIR F] MXW MRHI\ ZEPYIW %X IEGL JSV[EVHMRKWXITRSHIWETTIRHXLIMVMHIRXMJMIVWMR XLIWIEVGLQIWWEKIERHOIITEWSJXWXEXIEFSYXXLI WIEVGL XLI] LEZI TVSGIWWIH -J X[S [EPOIVW JVSQ XLIWEQIVIUYIWXGVSWWTEXLW MIERSHIVIGIMZIW

HIRSXIW XLI MRHI\ ZEPYI WXSVIH EX RSHI

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tW TEXL QYWX FI GSVVIGXIH 9WMRK MRJSVQEXMSR EZEMPEFPI MRWMHI XLI WIEVGL QIWWEKI XLI PEWX RSHI MR XLI TEXL WIRHW ER qYTHEXIr QIWWEKI XS XLI TVIGIHMRK RSHI 8LMW RSHI EJXIV VIGIMZMRKXLIYTHEXIQIWWEKIHIGVIEWIW MXWMRHI\ ZEPYI JSV XLI PEWX RSHI XS VIJPIGX XLIJEMPYVI 8LI YTHEXITVSGIHYVIGSRXMRYIWEPSRKXLIVIZIVWITEXL XS[EVHW XLI VIUYIWXIV [MXL MRXIVQIHMEXI RSHIW HIGVIEWMRKXLIMVPSGEPMRHI\ZEPYIWVIPEXMZIXSXLI RI\X LSTW JSV XLEX [EPOIV *MREPP] XLI VIUYIWXIV HIGVIEWIW MXW MRHI\ ZEPYI XLEX VIPEXIW XS MXW RIMKLFSV JSV XLEX [EPOIV -J [I IQTPS] XLI TIWWMQMWXMG ETTVSEGLXLMWYTHEXITVSGIHYVIXEOIW TPEGI EJXIV E [EPOIV WYGGIIHW LEZMRK RSHIW MRGVIEWIXLIMRHI\ZEPYIWEPSRKXLI[EPOIVtWTEXL 8LIVIMWRSXLMRKXSFIHSRI[LIRE[EPOIVJEMPW *MKYVI  WLS[W ER I\EQTPI SJ LS[ XLI WIEVGL TVSGIWW [SVOW 2SHI % MRMXMEXIW E VIUYIWX JSV ER SFNIGX WXSVIH EX RSHI * YWMRK X[S [EPOIVW %WWYQI XLEX EPP MRHI\ ZEPYIW VIPEXMZI XS XLMW

44.SYVREP2SZIQFIV

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t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

*MK  (MVIGX GSQTEVMWSR SJ W%47 [MXL ZEVMSYW QIXLSHW LEZMRK E WMQMPEVQIWWEKIWSV F WMQMPEVLMXW

JIEXYVI SJ SYV QIXLSH [MXL MRHMGIW FIMRK GSRWXERXP] YTHEXIH YWMRK WIEVGL VIWYPXW ERH RSX EJXIV SFNIGX YTHEXIW 8LIVIJSVI E RSHI XLEX LEW RIZIV FIJSVI VIUYIWXIH ER SFNIGX FYX MW qRIEVr TIIVW XLEX LEZI HSRI WS MRLIVMXW XLMW ORS[PIHKI F]TVS\MQMX] %47 VIUYMVIW RS QIWWEKI I\GLERKI SR ER] H]REQMG STIVEXMSR WYGL EW RSHI EVVMZEPW SV HITEVXYVIWERHSFNIGXMRWIVXMSRWSVHIPIXMSRW8LI REXYVISJXLIMRHMGIWQEOIWXLILERHPMRKSJXLIWI STIVEXMSRWWMQTPI-JERSHIHIXIGXWXLIEVVMZEPSJ E RI[ RIMKLFSV MX [MPP EWWSGMEXI WSQI MRMXMEP MRHI\ZEPYI[MXLXLEXRIMKLFSV[LIREWIEVGL[MPP XEOI TPEGI -J E RIMKLFSV HMWGSRRIGXW JVSQ XLI RIX[SVO XLI RSHI WMQTP] VIQSZIW EPP VIPEXMZI IRXVMIW JVSQ MXW QIQSV] 2S EGXMSR MW VIUYMVIH EJXIVSFNIGXYTHEXIWWMRGI MRHMGIWEVIRSXVIPEXIH XS JMPI GSRXIRX 8LI W%47 MQTVSZIQIRX JYVXLIV 

44.SYVREP2SZIQFIV

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i?A -R *MKYVI  E [IWLS[XLIWYGGIWWVEXIERHLMXWTIVUYIV] JSVEPPEPKSVMXLQW[LIRXLI]HMWTPE]ZIV]WMQMPEV QIWWEKIGSRWYQTXMSR;I[SYPHPMOISYVWIEVGL WGLIQIW XS FI PSGEXIH EVSYRH XLI YTTIVVMKLX GSVRIVSJXLMWJMIPH-R*MKYVI F [IHMWTPE]XLI WYGGIWW VEXI ERH QIWWEKIW TIV UYIV] JSV XLI EPKSVMXLQW [LIR XLI] HMWGSZIV E WMQMPEV EQSYRX SJSFNIGXW-RXLMWGEWI[I[SYPHPMOIEWGLIQIXS FI PSGEXIH EVSYRH XLI PS[IVVMKLX GSVRIV SJ XLI KVETL;IGPIEVP]RSXMGIXLEXW%47 TVSZIWEQSWX VIPMEFPIWSPYXMSRGSQTEVIHXSXLIWIQIXLSHW --- )<8)2(-2+8338,)61)86-'7 8LI %47 EPKSVMXLQEWHIWGVMFIHEFSZIYXMPM^IW E WMRKPI WSYVGI SJ ORS[PIHKI WTIGMJMGEPP] TEXL WYGGIWW SV JEMPYVI JSV VIUYIWXIH SFNIGXW ;I WLS[IH XLEX XEOMRK EHZERXEKI SJ XLMW TVSTIVX] VIWYPXW MR KSSH TIVJSVQERGI JSV XLI KIRIVEP VIWSYVGI PSGEXMSR TVSFPIQ 8LI WTIGMJMG GLEVEGXIVMWXMGW SJ XLI MRHI\MRK WGLIQI XLEX [I [SYPH PMOI XS GETMXEPM^I VIPEXI XS XLI HMWXVMFYXIH GSQTYXEXMSR SJ ORS[PIHKI ORS[PIHKI GER FI WLEVIH ERH VIMRJSVGIH F] QYPXMTPI TIIVW  WQEPP QIQSV] ERH FERH[MHXL VIUYMVIQIRXW ERH XLI EFMPMX] JSV FSXL PIEVRMRK ERH YRPIEVRMRK %R MRXIVIWXMRK UYIWXMSR RS[ MW LS[ GSYPH XLMW MRHI\MRK WGLIQI FI ETTPMIH WS XLEX QSVI MRJSVQEXMSR GER FI YXMPM^IH ERH QSVI GSQTPI\ VIUYMVIQIRXWFIQIX 3RII\EQTPI[LIVI%47 GERFIVIEHMP]ETTPMIH VIPEXIW XS XLI TVSFPIQ SJ PSEH FEPERGMRK 8LMW

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qHMVIGXr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

44.SYVREP2SZIQFIV

WSQI SJ XLI JSPPS[MRK TEVEQIXIVW GSYPH FI GSRWMHIVIH HITIRHMRK SR XLI ETTPMGEXMSR  8LI GETEGMX]SJSZIVPE]PMROWXLIqXVYWX[SVXLMRIWWr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

6)*)6)2')7 ?Aq2ETWXIV[IFWMXILXXT[[[RETWXIVGSQr ?A q7)8-$LSQI [IF WMXI LXXTWIXMEXLSQIWWPFIVOIPI]IHYr ?A - 'PEVOI 3 7ERHFIVK & ;MPI] ERH 8 ,SRK q*VIIRIX % (MWXVMFYXIH %RSR]QSYW -RJSVQEXMSR 7XSVEKI ERH6IXVMIZEP7]WXIQr0IGXYVI2SXIWMR'SQTYXIV7GMIRGI  ?A * (EFIO 1 /EEWLSIO ( /EVKIV 6 1SVVMW ERH - 7XSMGEq;MHIEVIEGSSTIVEXMZIWXSVEKI[MXL'*7rMR7374  ?A6(MRKPIHMRI1*VIIHQERERH(1SPREVq8LI*VII ,EZIR 4VSNIGX (MWXVMFYXIH %RSR]QSYW 7XSVEKI 7IVZMGIr 0IGXYVI2SXIWMR'SQTYXIV7GMIRGI ?A q8LI MQTEGX SJ JMPI WLEVMRK SR WIVZMGI TVSZMHIV RIX[SVOW%R-RHYWXV];LMXI4ETIV7ERHZMRI-RGr ?A ( 8WSYQEOSW ERH 2 6SYWWSTSYPSW q%HETXMZI 4VSFEFMPMWXMG 7IEVGL JSV 4IIVXS4IIV 2IX[SVOWr MR 44 ?A . 'LY / 0EFSRXI ERH & 0IZMRI q%ZEMPEFMPMX] ERH PSGEPMX] QIEWYVIQIRXW SJ TIIVXSTIIV JMPI W]WXIQWr MR 74-) ?A(8WSYQEOSWERH26SYWWSTSYPSWq%'SQTEVMWSRSJ 4IIVXS4IIV7IEVGL1IXLSHWrMR;IF(& ?A : /EPSKIVEOM ( +YRSTYPSW ERH ( >IMREPMTSYV =E^XM q% PSGEP WIEVGL QIGLERMWQ JSV TIIVXSTIIV RIX[SVOWrMR'-/1 ?A7(EW[ERMERH%*MWOq+RYXIPPE9(4I\XIRWMSRJSV WGEPEFPIWIEVGLIW +9)77 Zr ?A17XSOIWq+RYXIPPEWTIGMJMGEXMSRWTEVXSRIr ?A ' 0Z 4 'ES ) 'SLIR / 0M ERH 7 7LIROIV q7IEVGL ERH VITPMGEXMSR MR YRWXVYGXYVIH TIIVXSTIIV RIX[SVOWrMR-'7 ?A ( 1IREWG˜I ERH 0 /ERGLERETEPPM q4VSFEFMPMWXMG 7GEPEFPI 44 6IWSYVGI 0SGEXMSR 7IVZMGIWr 7-+1)86-'7 4IVJ)ZEP6IZMI[

(MQMXVMSW 8WSYQEOSW MW E KVEHYEXI WXYHIRX MR XLI 'SQTYXIV 7GMIRGI (ITEVXQIRX SJ XLI 9RMZIVWMX] SJ 1EV]PERH JVSQ [LIVI LI VIGIMZIH LMW 1EWXIVW MR 'SQTYXIV 7GMIRGI MR  ,I VIGIMZIH LMW &EGLIPSVW ERH 1EWXIVW HIKVIIW MR )PIGXVMGEP ERH 'SQTYXIV )RKMRIIVMRKJVSQXLI2EXMSREP 8IGLRMGEP 9RMZIVWMX] SJ %XLIRW 289%  [SVOMRK [MXL (V 8 7IPPMW ,I [SVOW [MXL (V 2 6SYWWSTSYPSW ERH LI MW MRXIVIWXIH MR HMWXVMFYXIH W]WXIQW ERH EPKSVMXLQW JSV 44 RIX[SVOWERHXLI-RXIVRIX ,MW960MWLXXT[[[GWYQHIHYbHXWSYQE



44.SYVREP2SZIQFIV

)HMXSVtW2SXI ;MXLEFPMROSJERI]I2SZIQFIVLEWEVVMZIH-WXEVXIHXLIJEPPF]WTIRHMRKE[IIOERHLEPJMR 7IEXXPI%WMHIJVSQ[SVOMRKSRTVSNIGXW-XLSYKLXEFSYX[LEXXS[VMXIJSVXLI2SZIQFIVMWWYI 8IGLRMGEPP]XLMWIHMXSVtWRSXI[EWGSRGITXYEPM^IHSRXLIEMVTPERI %X [SVO - LEZI FIIR FYW] EVGLMXIGXMRK WIZIVEP [SVOJPS[ ERH FYWMRIWW TVSGIWW QEREKIQIRX &41  ETTPMGEXMSRW % UYIWXMSR WYHHIRP] LMX QI (SIW 44 RIX[SVO LEZI XVEJJMG JPS[ TEXXIVR# %RHGER44ETTPMGEXMSRWFISTXMQM^IHXSXEOIEHZERXEKISJWYGLHIWMKRW#-J]IWEVIXLIVIXSSPW XS LIPT QSHIP E 44 RIX[SVO ERH EWWMWX XLI HIWMKR TVSGIWW# *SVXYREXIP] - VIGIMZIH ER EVXMGPI EFSYX 44 WMQYPEXMSR TVSNIGXW ERH XSSPW 7II q%R )\XIRHMFPI 3TIR 7SYVGI 44 7MQYPEXSVr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qIEXMRK ]SYVS[RJSSHrQE]FIXLIFIWXHIQSRWXVEXMSRJSV44XIGLRSPSK]%PWSFYMPHMRKE44XSSPXLEX [SVOW[MXL':7SV6'7[MPPFIEZIV]MRXIVIWXMRKTVSNIGX4IVLETWWSQISRISYXXLIVIGER[SVO SRXLMW %HHMXMSREPP]-WE[ER%(JSVXLIRI[2ETWXIV[LIR-[EWGLIGOMRKQ][IFIQEMP'SYPH XLMWQIERXLEX44LEWJMREPP]FIGSQIGSQQIVGMEPP]ZMEFPIJSVXLIQEWWIW#0IXtWLSTI[IGERTYX PMXMKEXMSR ERH GST]VMKLX MRJVMRKIQIRX FILMRH YW ERH KIX WSQIXLMRK GSRWXVYGXMZI SYX SJ XLI XIGLRSPSK] *MREPP]EGSYTPIHE]WEKS-KSXE,4M4%5 <WGEPI1L^TVSGIWWSV EXEGSRJIVIRGI 7S-LEZIWXEVXIHTPE]MRK[MXLXLMWRI[XS]%WE44IRXLYWMEWX-LEZIFIIRPSSOMRKEVSYRHXS QEOIMX[SVO[MXL.<8%ERH.<1)2EXYVEPP]MXVIUYMVIWJMRHMRKE/:1JSVQ]TSGOIX4'7S -FVS[WIHXLI[IFERHWE[E/:1PMWXMRK[IFTEKI7IIFIPS[ T[[[GSQTPERGWEGYOGSQTYXMRKYWIVWJMXXSRHTTGNEZELXQP &YX-[EWYREFPIXSJMRHEJVII.1)/:1JSV4SGOIX4';MRHS[WTPEXJSVQ-JER]SRI ORS[WSRITPIEWIPIXQIORS[ 8LI TIRHMRK I\TPSWMSR SJ WQEVX TLSRIW ERH MRXIKVEXIH 4(%WIQEMP HIZMGIW QE] TVSZMHI 44 XIGLRSPSK][MXLQER]RI[VIGITXMZIEYHMIRGIW&PYI8SSXLERHFKRIX[SVOEPPS[HIZMGIW XSLEZI[MVIPIWWGSRRIGXMZMX]ERHH]REQMGHMWGSZIV]44SZIVPE]RIX[SVOERHTVSXSGSPQE]FI YWIJYP EW XLI] IRLERGI HIZMGIWt EFMPMX] XS MRXIVEGX HMVIGXP] ZIVWYW FIMRK HITIRHIRX SR E GIRXVEP WIVZIV*YVXLIVQSVI44 RIX[SVOWEVIHIWMKRIHXSEHHVIWWXLIJPYGXYEXMRKWXEXISJVIPEXMSRWLMTW TEVXMGYPEVP]ETTPMGEFPIMR[MVIPIWWRIX[SVOW[LIVIHIZMGIWVSYXMRIP]GSQIERHKS 

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

,ETT] 2I[ = IEV &S R :S ]EK I JS V  

.ERYEV]  

'SRXIRXWJSV.ERYEV] 

8LI(EVO7MHI%RH8LI*SVGI3J8LI4IIVXS4IIV 'SQTYXMRK7EKE F]0YGE'EZMKPMSRI 8LMWEVXMGPIWXEPOWEFSYX44GSQTYXMRKERHOI]MWWYIWJVSQFSXLXLI-74WERHXLI YWIVWTIVWTIGXMZIW



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F]6E]QSRH+ES

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)HMXSVMR'LMIJ 7MQYPEXMSR)HMXSV .<8%8VEGO)HMXSV 'SRXVMFYXMRK)HMXSVW

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44.SYVREPMWGYVVIRXP]EGGITXMRKEVXMGPIWJSV1EVGL-WWYI 'ST]VMKLX 

9RPIWW[MXLI\TPMGMX[VMXXIRTIVQMWWMSRJVSQ44.SYVREPRSTEVXSJXLMWNSYVREP QE]FIVIG]GPIHSVVITVSHYGIHMR[LSPISVTEVXW

44.SYVREP.ERYEV]

8LIqHEVOWMHIrERHXLIqJSVGIrSJXLITIIVXSTIIVGSQTYXMRKWEKE 0YGE'EZMKPMSRI 9RMZIVWMX]SJ+IRSEi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g /I][SVHWTTJMPIWLEVMRKXVEJJMGFPSGOMRK -

-RXVSHYGXMSR

9RXMP VIGIRXP] X]TMGEP -RXIVRIX YWIVW [ERXIH XS SFXEMR E RYQFIV SJ WIVZMGIW JVSQ E GIRXVEP WIVZIVIKRI[WVIEHMRKZMHISWXVIEQMRK*MPI 8VERWJIV 4VSXSGSP *84  ERH ;;; FVS[WMRK 6IGIRXP] RI[ YWIV FILEZMSVW LEZI ETTIEVIH [MXL QER] YWIVW SJJIVMRK FERH[MHXL JSV WYGL XLMRKW EW LSWXMRK SRPMRI KEQIW FYMPHMRK KEQMRK PIEKYIW WXVIEQMRK QYWMG ERH SVKERM^MRK I\GLERKI GSQQYRMXMIW FEWIH YTSR GSQQSR MRXIVIWX  *YVXLIVQSVI XLI YWIV MRXIVEGXMSR[MXLXLIRIX[SVOMWFIGSQMRKQSVI

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



44.SYVREP.ERYEV]

1SWX-74WSJJIV%W]QQIXVMG(MKMXEP7YFWGVMFIV 0MRI %(70  GSRRIGXMZMX] JSV IRH YWIVW SR E TE] TIV XVEJJMG SV SR ER EP[E]WSR JPEX VEXI FEWMW &SXL %(70 ERH XLI RIX[SVO MRJVEWXVYGXYVI EVI IRKMRIIVIH YRHIV XLI EWWYQTXMSR XLEX YWIVW EGX SR E GPMIRX FEWMW ,S[IZIVTTETTPMGEXMSRW WYGLEWJMPIWLEVMRK TVSKVEQW YWIFSXLEZEMPEFPIWXVIEQW%GXYEPP] TT XIGLRSPSK] MW MRGVIEWMRK MR TSTYPEVMX] EQSRKWXLSQIYWIVW?A3RIQMKLXWE]XLEXXLI TT QSHIP MW XLI ERXMXLIWMW SJ XLI GPMIRXWIVZIV GSQQYRMGEXMSR TEVEHMKQ 8LI GPMIRXWIVZIV TEVEHMKQ MW TSTYPEV IJJMGMIRX ERH LEW WIVZIH [IPP WMRGI XLI FMVXL SJ GSQTYXIV RIX[SVOW ERH WIVZMGI TVSZMHMRK JVEQI[SVOW EPXLSYKL SRI GER EPWS EVKYI XLEX 44 GSQTYXMRK [EW LIVI WMRGIXLIFIKMRRMRKXLIJMVWXGSQMRKSJTTMW VIPEXIH XS XLI FMVXL SJ XLI -RXIVRIX ERH MXW OI] XIGLRSPSKMIW 3J GSYVWI XLIVI EVI WSQI QENSV TVSFPIQW MR YWMRK E GIRXVEPM^IH EVGLMXIGXYVI XLIVIMWEWMRKPITSMRXSJJEMPYVIERHQEPMGMSYW EGXMSRW GER TEVEP]^I XLI RSVQEP WIVZMGI TVSZMHMRKEGXMZMXMIW-RWSQIGEWIWTIVJSVQERGI ERH XLVSYKLTYXFSXXPIRIGOW GER FI VIWSPZIH F] HITPS]MRK E GPYWXIV SJ QEGLMRIW MRWXIEH SJ E WMRKPI GIRXVEP WIVZIV -R TVMRGMTPI XLI TT ETTVSEGLWYTTSVXWEJEYPXXSPIVERXRIX[SVO[MXL QYPXMTPI VIHYRHERG]  ,S[IZIV TT RIX[SVOW WXMPPTVIWIRX WSQI LE^EVHWE TYVI TTRIX[SVO GERFIJVEKQIRXIHHYIXSQYPXMTPIPS[GETEGMX] PMROWIKXLI+RYXIPPEGVEWLSJQIHMEXIH TTRIX[SVOWGERWYJJIV[LIRWYTIVRSHIWJEMP 1SVISZIVL]FVMHEVGLMXIGXYVIWWYGLEW2ETWXIV [MPP PSWI JYRGXMSREPMX] MJ GIRXVEPM^IH GSQTSRIRXWEVIVIQSZIH

HSIW RSX SJJIV XLMW OMRH SJ STTSVXYRMX] 8LI MRXVSHYGXMSRSJTTXIGLRSPSKMIWMWIREFPMRKXLI TSWWMFMPMX] SJ GVIEXMRK E NY\XETSWIH RIX[SVO SZIVXLITL]WMGEPSRI?A8LIMRXVMRWMGZEPYISJ TTXIGLRSPSKMIWGERRS[FIJSYRHF]PSSOMRK EX XLIMV WIGSRH GSQMRK TT XIGLRSPSKMIW [IVI[MHIP]EHSTXIHMRJMPIWLEVMRKETTPMGEXMSRW EW E GSYRXIVQIEWYVI EKEMRWX EGXMSRW EMQIH EX WXSTTMRKJMPII\GLERKITVEGXMGI3[MRKXSXLIMV qLEVHXSOMPPr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

8LIVI EVI WIZIVEP TT ETTPMGEXMSRW EZEMPEFPI XSHE] [LMGL [I KVSYT MRXS JMZI QEMR GEXIKSVMIW

--

44ETTPMGEXMSRWJSVLSQIYWI

*MPI WLEVMRK SVMIRXIH WSJX[EVI XLMW WSJX[EVI EPPS[W HEXE I\GLERKI FIX[IIR VIQSXI YWIVW )EGLYWIVWLEVIWSRISVQSVIJMPIJSPHIVWJVSQ XLIMV PSGEP JMPI W]WXIQ 'SQTMPMRK E GSQTPIXI PMWX [SYPH FI E HIQERHMRK XEWO HMJJIVIRX WSJX[EVIETTPMGEXMSRWEVIVIPIEWIHQSRXLP]ERH XLI]VYRYRHIVEZEVMIX]SJHMJJIVIRXTPEXJSVQW %TTPI 1EGMRXSWL ;MRHS[W FEWIH 4'W ERH 9RM\0MRY\&7( FS\IW 8LI] EVI HIZIPSTIH 

44.SYVREP.ERYEV]

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qPSGEPr VIWSYVGIW MI '49 XMQI ERH WXSVEKI VIWSYVGIW  ERH XLI] EVI RSX EW [MHIWTVIEH ERH HS RSX MRXVSHYGI WYGL E LIEZ] RIX[SVO YWEKI 8]TMGEPP] -74W LEZI QSHIPIH LSQI YWIVW EW qWMROWr GSRWYQIVW SJ RIX[SVO VIWSYVGIW IK WXVIEQMRK GSRXIRXW  VEXLIV XLER TVSHYGIVW SJ LIEZ] RIX[SVO PSEHW 8LYW 44 W]WXIQW MRXVSHYGI KVIEXIV W]QQIXV] MR XLI IRH YWIVW XVEJJMG XLEX FVIEOW XLI EWWYQTXMSRW EHSTXIH F] -74W4VSFEFP]XLMWMWXLIOI]TVSFPIQXLEXHSIW RSX EPPS[ E TIEGIJYP PMJI FIX[IIR XLI X[S TEVXMIW ---

8LI-744IVWTIGXMZI

1MPPMSR SJ YWIVW YWI XLI -RXIVRIX IZIV]HE] XS WLEVI HMKMXEP QEXIVMEPW MR E XSXEPP] MRHITIRHIRX [E] ERH XLMW MW GVIEXMRK E VERKI SJ TVIWWMRK MWWYIW JSV -74W  8LI QSWX MQTSVXERX SRI MW [LIXLIVI\GLERKMRKGST]VMKLXIHQEXIVMEPMWXLI PIKEP VIWTSRWMFMPMX] SJ XLI WIVZMGI TVSZMHIV 

44.SYVREP.ERYEV]

%RSXLIVEWTIGXMWVIPEXIHXSXLIVIWYPXMRKXVEJJMG TEXXIVRWWMRGIJMPIWLEVMRKETTPMGEXMSRWTVSHYGI YRTVIHMGXEFPI XVEJJMG EVSYRH XLI RIX[SVO -R EHHMXMSR JMPIWLEVMRK WSJX[EVI MRXIVEGXW ERH SVKERM^IW MXWIPJ [MXLSYX ER] VIWTIGX JSV XLI YRHIVP]MRK RIX[SVO MRJVEWXVYGXYVI 9WYEPP] TIIVW MRXIVGSRRIGXMSRW EVI IWXEFPMWLIH YTSR ER qMRXIVIWX FEWIHr QIGLERMWQ VEXLIV XLER WSQI VEXMSREPQERRIV-JERMRXIVIWXMRKJMPIMWPSGEXIH MRXLIGSQTYXIVSJEYWIVERMRXIVGSRRIGXMSRMW HMVIGXP] IWXEFPMWLIH 8LMW JEGX [MPP TVSHYGI WSQILIEZ]XVEJJMGTEXXIVRWSRMRXIVGSRXMRIRXEP SV MRXIVREXMSREP PMROW XLEX EVI FSXL I\TIRWMZI ERH HMJJMGYPX XS YTKVEHI %GGSVHMRK XS 8LI 6IKMWXIVTTJMPIWLEVMRKEGXMZMXMIWEGGSYRXWYT XSTIVGIRXSJXLISZIVEPPXVEJJMGXLEXJPS[WSR ER]-74W RIX[SVOW?A-RETTRIX[SVOXLI GSQTPI\MX] MW WLMJXIH XS XLI FSVHIV SJ XLI RIX[SVO %W TVIZMSYWP] WXEXIH IRH W]WXIQW SV IRH YWIVW EGX FSXL EW E GPMIRX ERH EW E WIVZIV XLMW JEGX MW [IPP HIJMRIH F] XLI +RYXIPPE HIZIPSTIVW [LSGEPP IEGL TIIV SJ XLI+RYXIPPE RIX[SVOWIVZIRXW EWEGSRXVEGXMSRSJGPMIRXERH WIVZIV -WXLMWWLMJXSJGSQTPI\MX]EVIEPFIRIJMX JSV XLI RIX[SVO# 9WYEPP] EPP XLI VSYXMRK MWWYIW EVI TIVJSVQIH EX XLI -4 PE]IV IEGL VSYXIV QEREKIW -4HEXEKVEQWHIPMZIVMRKXLIQXSXLIMV HIWXMREXMSR YWMRK TVSTIV VSYXMRK EPKSVMXLQW ,S[IZIVMRWIPJSVKERM^IHRIX[SVOWPMOIXLSWI GVIEXIH F] TT RIX[SVOW XLIVI MW ERSXLIV VSYXMRK LMIVEVGL] XLI VSYXI MW FEWIH SR ETTPMGEXMSRPIZIPVSYXMRK8LITL]WMGEPRIX[SVO XSTSPSK] MW GSQTPIXIP] LMHHIR WS XLI TIIVW SVKERM^IXLIQWIPZIWF]YWMRKSRP] MRJSVQEXMSR EZEMPEFPIEXXLIETTPMGEXMSRPIZIP'SRWIUYIRXP] XLIVIEVIX[SHMJJIVIRXRIX[SVOWSZIVPETTIHXLI VIEP RIX[SVO ERH ER qETTPMGEXMSR PIZIPr RIX[SVOGEPPIHERq3ZIVPE]2IX[SVOrF]QER] EGEHIQMGW 8LMW WMXYEXMSR TVSHYGIW YRI\TIGXIH SV YRFEPERGIH XVEJJMG 8LIWI OMRHW SJ ETTPMGEXMSRW XEOI HIGMWMSRW [MXLSYX ER] GSRWMHIVEXMSR SJ XLI YRHIVP]MRK RIX[SVO MRJVEWXVYGXYVI*VIUYIRXP]ER-74YWIVGSRRIGXW [MXL E TIIV SV E LYF JVSQ ERSXLIV GSYRXV] VEXLIVXLERXLIRIEVIWXSRISVERSXLIVEGXMZIMR MXWWEQIRIX[SVO8LMWTWIYHSVERHSQFILEZMSV MWVIJPIGXIHMRELMKLP]GLESXMGXVEJJMG

8LI SVKERM^EXMSR SJ E TT RIX[SVOW XIRHW XS JSPPS[ E TS[IV PE[ WGLIQI ?A 8LMW MW EPWS MQTSVXERX JSV XVEJJMG FILEZMSV -J E PEVKI LYF JEMPW XLISVTLERTIIVW [MPPWIEVGL ERHVIVSYXI XLIQWIPZIWXSSXLIVLYFWXSVIJSVQEGSRRIGXIH XSTSPSK] 8LYW XLIVI [MPP FI E XVERWMIRX WXEXI [LIVIELYKIRYQFIVSJTIIVW[MPPWIEVGLJSVE RI[ RIX[SVO IRXV] TSMRX 8LIWI OMRHW SJ YRI\TIGXIH TIEOW EVI RSX E KSSH XLMRK MR E XIPIGSQQYRMGEXMSRWRIX[SVO-RXLITEWXX]TMGEP IRHYWIVW[ERXIHXSSFXEMRWSQIOMRHSJWIVZMGI JVSQ E WIVZIV VIEHMRK RI[W [EXGLMRK ZMHIS *84 ERH ;;; FVS[WMRK 2I[ YWIV FILEZMSV EWWSGMEXIH [MXL SZIVPE] RIX[SVOW GVIEXIW XLI VMWO XLEX VSYXMRK HIGMWMSRW XEOIR F] E PEVKI RYQFIVSJTIIVW[MPPTVSHYGIEQEWWMZIXVEJJMG XVERWMXMSRFIX[IIRX[SRIX[SVOFSYRHEV]EVIEW 8LIWI XVERWMXMSRW GER PIEH XS YRFEPERGIH ERH YRTVIHMGXEFPI XVEJJMG MR XLI RIX[SVO MRJVEWXVYGXYVI?A 7SQI -74W SJJIV %W]QQIXVMG (MKMXEP 7YFWGVMFIV 0MRI %(70  GSRRIGXMZMX] JSV IRH YWIVW ,S[IZIV %(70 ERH XLI RIX[SVO MRJVEWXVYGXYVI EVI IRKMRIIVIH YRHIV XLI EWWYQTXMSR SJ YWIVW EGXMRK SR E GPMIRX FEWMW MR GSRXVEWX XS TT ETTPMGEXMSRW WYGL EW JMPI WLEVMRK TVSKVEQW  XLEX YWI FSXL EZEMPEFPI WXVIEQWJSVYTPSEHMRKERHHS[RPSEHMRKJMPIW -: 8LI TIVWTIGXMZI

RIX[SVO

EHQMRMWXVEXSV

*VSQ XLI TIVWTIGXMZI SJ qXEQMRK FERH[MHXL LSKETTPMGEXMSRWrMXMWTVIJIVEFPIXSUYIYI[MXL EKKVIWWMZIVEXIPMQMXWHYVMRKTIVMSHWSJRIX[SVO GSRKIWXMSR XLER TSPMGMRK MR XLI ;%2r ?A 3XLIV XIGLRMUYIW EHSTXIH MR 'EQTYW RIX[SVOW SVMRGSVTSVEXIRIX[SVOWGSRGIVR%GXMZI5YIYI 1EREKIQIRX %51  XIGLRMUYIW SV HITPS]MRK FS\IWEPPS[MRKXVEJJMGWLETMRKERHWGLIHYPMRK 8LIVIEVIQER]QIXLSHWXSTVIZIRXYWIVWJVSQ HS[RPSEHMRKTTWSJX[EVIVEXLIVXLERFPSGOMRK MX HYVMRK MXW RSVQEP PMJI G]GPI QER] EHQMRMWXVEXSVW TIVJSVQ 960 FPSGOMRK TVIZIRXMRK XLI HS[RPSEH SJ TT GPMIRXW 8LI TT GSQQYRMX] ERW[IV [EW UYMGO ERH WMQTPI XLI TT WSJX[EVI MW WLEVIH EW E RSVQEP JMPI SR 

44.SYVREP.ERYEV]

XLI SZIVPE] RIX[SVO SV QYPXMTPI QMVVSVW EVI IWXEFPMWLIH % TVSFPIQ SJ WSJX[EVI QERMTYPEXMSR EVMWIW MR QSWX GEWIW XLI EYXLSV RS PSRKIV TVSZMHIW XLI WSJX[EVI ERH XLIVI MW E VMWO SJ QSHMJMGEXMSR IK 8VSNER LSVWIW %W MW SJXIR XLI GEWI XLI WSPYXMSR MW TVIWIRX MR XLI I\MWXMRK qXIGLRSPSK] TSSPr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

2%8W

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qXVEZIVWEPr WSPYXMSRWXLEX[MPP[SVO[MXLSYXGLERKMRK2%8 MQTPIQIRXEXMSRW FYX EGXMRK SR XLI TT GPMIRX WSJX[EVI 8LI] EPWS TVIWIRX XLVII HMJJIVIRX

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qWYTIVRSHIr SV EW E qTVMQEV] GSRRIGXMSRTSMRXrXSVSYXIXVEJJMGERHUYIVMIWXS RSHIWLMHHIRF]E2%8SVJMVI[EPPWSXLEXYWIV MRXIVZIRXMSRMWVIHYGIHXSEQMRMQYQ :-

;SVOMRKEVSYRH2%8

-X MW EPWS XVYI XLEX FVSEHFERH EGGIWW MW RS[EHE]W [MHIP] VIUYIWXIH F] LSQI YWIVW JSV XLITYVTSWIWSJYWMRKJMPIWLEVMRKW]WXIQW-XMW E VIGYVWMZI WMXYEXMSR [LIVI YWIVW [ERX XS I\GLERKIELYKIEQSYRXSJHEXEMREVIEWSREFPI XMQI ERH GSRWIUYIRXP] HIQERH E FVSEHFERH GSRRIGXMSR 8LMW JEGX MRXVSHYGIW E qZMVXYSYW GMVGPIrWS-74WEVI EFPI XS JPEXXIR GSWXW HYIXS TSTYPEV HIQERH MX JSPPS[W XLEX -74W EVI FSXL ZMGXMQW ERH GEYWIW SJ XLIMV FYWMRIWW QSHIP ,SQI YWIVW VIUYMVI FVSEHFERH EGGIWW JSV HS[RPSEHMRK JVSQ TT RIX[SVOW WMRGI RSVQEP [IFFVS[WMRK -1SVIQEMPMW[IPP WIVZIHF] REVVS[FERH-RXIVRIXEGGIWW



44.SYVREP.ERYEV]

,S[IZIVXLMWWGIREVMSMWUYMXIMRXIVIWXMRK%WE qXVYIWXSV]r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

EFSYX XLI GPMIRXWIVZIV VSYXI ERH qFYMPHr E XIQTSVEV] GLERRIP FIX[IIR XLI WIVZIV ERH XLI VIUYIWXMRK GPMIRX 8LIVIJSVI XLI *84 GPMIRX MW VIEGLEFPI SYXWMHI XLI 2%84%8 RIX[SVO 8LIVIJSVIMJWSQISRI[MXLETYFPMG-4EHHVIWW FYMPHW ER *84 WIVZIV F] YWMRK XLMW WMQTPI TVSKVEQYWIVWqLMHHIRrF]E2%84%8[MPPFI EFPIXSSJJIVWIVZMGIW *EWX;IF YWIVW VITSVX MR QER] JSVYQW XLEX F] STIRMRK  8'4 GSRRIGXMSRW EKEMRWX  *84 WIVZIVW ERH MWWYMRK  4368 GSQQERHW TIV WIGSRHW XLI] GER IWXEFPMWL  MRGSQMRK GSRRIGXMSRTIVWIGSRHW  7SQILEZI VIEGLIH E TIEO SJ  IWXEFPMWLIH GSRRIGXMSRW VIEGLMRK E XLVSYKLTYXSJOFMXW 'SHI  HITMGXW GSHI VIPIEWIH YRHIV +40 LXXT[[[KRYSVKPMGIRWIWKTPLXQP ETSVXMSR SJ XLI QS^^EVIPPE GSHI WTIGMJMGEPP] XLI QEMR *84 LERHPIV PSST -R XLI GSHI XLIVI EVI QER] JYRGXMSRW XS LERHPI JXT TVSGIHYVIW WYGL EW JXTCGSRRIGX JXTCPSKMR ERH JXTCTSVX VIWTIGXMZIP] JSV '322)'8 03+-2 ERH 4368GSQQERHW  &EWMGEPP]XLIqGSVIrMWGSRJMRIHMRXLI'SHI WRMTTIX XLIVI EVI EPWS I\GITX QEMR    WSQI JYRGXMSRW XS TEVWI TEVEQIXIVW JVSQ XLI GSQQERHPMRI IKXEVKIXLSWXERHTSVX ERHE FMX SJ PSKMG XS JSVO   QS^^EVIPPE EYKQIRXMRK XLIq4368XLVSYKLTYXr

X]TMGEP-XEPMERGLIIWIYWIHEWERMRKVIHMIRXJSVTM^^E



44.SYVREP.ERYEV]

MRXGLMPHQEMR GLEVLSWXMRXJXTTSVXGLEVYWIVGLEVTEWW MRXPSGEPCMTMRXTSVXMRXTTW  _ MRXGH!E [LMPI  _ MJ G!JXTCGSRRIGX LSWXJXTTSVX



H  I\MX   IPWI[LMPI G  _ G!JXTCGSRRIGX LSWXJXTTSVX  WPIIT   a JTVMRXJ WXHIVV'SRRIGXIH@R  HYT G  HYT G  MJ E!JXTCPSKMR YWIVTEWW



H _ WLYXHS[R G  GPSWI G  I\MX   aIPWI[LMPI E  _ E!JXTCPSKMR YWIVTEWW  WPIIT   a JTVMRXJ WXHIVV0SKKIHMR@R  H [LMPI   _ JTVMRXJ WXHIVV7IRHMRK@R  YWPIIT 32)7)'TTW  MJ JXTCTSVX PSGEPCMTTSVX  _ WLYXHS[R G  GPSWI G  FVIEO a a a a

'SHI&EWMG*84GSRRIGXMSRLERHPIVPSST



44.SYVREP.ERYEV]

8LIVI EVI X[S GPEWWIW SJ YWIVW JSV XLMW XIGLRSPSK] qVIWTIGXJYPr YWIVW [LS YXMPM^I ER EHLSG *84 WIVZIV JSV XLMW XIGLRMUYI FYX PSGEXIH SYXWMHI XLI TVMZEXI HSQEMR  SV E PIWW VIWTIGXJYP KVSYT XLEX YWIW VERHSQP] WIPIGXIH *84WIVZIVW-J]SYEVIXLIEHQMRMWXVEXSVSJSRI SVQSVI*84WIVZIVWERH]SYEVII\TIVMIRGMRKE PEVKI EQSYRX SJ WMQYPXERISYW *84 VIUYIWXW QE]FI]SYVWIVZIVMWXLIHIWMKRIHXEVKIXJSVXLMW OMRH SJ XIGLRMUYI 2S[EHE]W QER] *84 WIVZIVWHIR]EGGIWWXS*EWX;IFYWIVW :-- 4SVX&PSGOMRK 4SVX &PSGOMRK MW SRI SJ XLI QSWX [MHIP] YWIH XIGLRMUYIW EMQIH EX VIHYGMRK JMPIWLEVMRK KIRIVEXIHXVEJJMG1ER]EZEMPEFPITVSKVEQWYWI EWIXSJq[IPPORS[Rr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qHYQFr XVEJJMG MW FPSGOIH SRP] F] I\TPSMXMRK E WXEXMGEPP] X]TIH TSVX VEXLIV XLER TIVJSVQMRK E H]REQMG VYRXMQI FEWIH EGXMSR EKEMRWX YRHIWMVIH XVEJJMG 3RI SJ XLI QSWX MRXIVIWXMRKTVSNIGXWMWTT;EPP?A8LIEMQSJ XLMW WSJX[EVI MW XS WYTTSVX XLI FPSGOMRK SJ XVEJJMG KIRIVEXIH F] QER] TT WSJX[EVI ETTPMGEXMSRW WYGL EW *EWX8VEGO ERH ;MR1< 3RI SJ XLI OI] TVSFPIQW IRGSYRXIVIH [LIR XV]MRKXSVIKYPEXIEGGIWWXSXLITYFPMG-RXIVRIXMW XLEX QER] JMPI WLEVMRK GPMIRXW IWXEFPMWL ER qSYXFSYRHr GSRRIGXMSR XLEX [MPP FI YWIH XS EGGITX qMRFSYRHr GSRRIGXMSRW XLVSYKL XLI STIRIH WSGOIX  8LMW TVSFPIQ MW VIPIZERX

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

4STYPEV'SYRXIVQIEWYVIW

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6ERHSQ4SVX,STTMRK

6ERHSQ TSVX LSTTMRK MW E WMQTPI FYX TSTYPEV XIGLRMUYI%JXIVEGSRRIGXMSRMWIWXEFPMWLIHXLI HEXE JPS[ MW TIVMSHMGEPP] QSZIH JVSQ XLI GYVVIRXTSVXXSERSXLIV-REHHMXMSR[LIRETIIV EXXIQTXWXSGSRRIGXXSXLIRIX[SVOMXJMVWXXVMIW ETSVXERHMJXLIGSRRIGXMSREXXIQTXJEMPWMXXVMIW ERSXLIVSRIVERHSQP]WIPIGXIHJVSQETVIJM\IH TSVX TSSP 2EXYVEPP] ORS[MRK XLI TSVX VERKI YXMPM^IHEPPS[WXLMWETTVSEGLXSFIGSQTIRWEXIH JSV FYX WSQIXMQIW E PEVKI WIX SJ TSVXW MW EHSTXIH  -R EHHMXMSR WSQIXMQIW [IPPORS[R 

44.SYVREP.ERYEV]

TSVXWEVIYWIHGSRWIUYIRXP]PIKEPWIVZMGIWQE] EPWSFIFPSGOIH F

(EXE)RGV]TXMSR

1SWX TT WSJX[EVI EZEMPEFPI YWI ER LXQPPMOI W]WXIQ XS I\GLERKI MRJSVQEXMSR WYGL EW LERHWLEOMRK [MXL SXLIV TIIVW SV WYTIVRSHIW WIEVGL UYIVMIW SV HS[RPSEH VIUYIWXW 8LMW XVEJJMG GER FI EREP]^IH MR SVHIV XS IWXEFPMWL E qTVSXSGSP JMRKIVTVMRXr MR SVHIV XS FPSGO XVEJJMG SVTVIZIRXTTYWEKI3RISJXLIQSWXTSTYPEV GSYRXIVQIEWYVIW MW SRI XLEX GMTLIVW XLI XVEJJMG JPS[MRSVHIVXSTVIZIRXTEXXIVRVIGSKRMXMSRERH XVEJJMG WTSSJMRK XS JSVGI TIIVW XS PIEZI XLI RIX SVQMWFILEZI G

,XXTXYRRIPMRK

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(]REQMG(27&MRHMRKW

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8LI4SMWSRIH(27

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44.SYVREP.ERYEV]

RIGIWWEV]%RSXLIVTSWWMFPIW]WXIQMWXSF]TEWW XLI (27 WIVZMGI ERH FYMPH E HMWXVMFYXIH ERH MRHITIRHIRX REQI WIVZMGI IK -'5 [EW XLI JMVWX TVSKVEQ XLEX MR WSQI [E]W F]TEWWIH XLI GPEWWMGEP (27 WIVZMGI  XLMW MW GSQTPI\ ERH VIWSYVGI MRXIRWMZI 2S[EHE]W QER] TT WIVZMGIW VIP] SR qWIVZIV PMWXWr XS JMRH ER IRXV] TSMRX XS XLI TT RIX[SVO MJ EPP XLI WIVZIVW ETTIEV HIEH SRP] E HS[RPSEH SJ E JI[ OMPSF]XIW MW RIIHIH 8LI HS[RPSEH GER FI TIVJSVQIH EX LSQI SV MR XLI SJJMGI SV YRMZIVWMX] MJXLIRIX[SVOMWYRHIVGSRXVSP <

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?A

7SQI7TIGMJMG4VSNIGXWMR'SPPEFSVEXMZI 'SQTYXMRK LXXTHWSRPMRIGSQTYXIVSVKGSPPEFSVEXM ZITVSNIGXWTVSNIGXWLXQP

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4IIVXSTIIV ,EVRIWWMRK XLI 4S[IV SJ (MWVYTXMZI 8IGLRSPSKMIW IHMXIH F] %RH]3VEQ3 6IMPP]1EVGL

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8LI*VIIRIXTVSNIGX LXXTJVIIRIXWSYVGIJSVKIRIX

?A

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?A

7IXM$LSQIWXEXWEZEMPEFPISRPMRI LXXTWIXMEXLSQIWWPFIVOIPI]IHYXSXEPW LXQP

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8S 1V * JSV LMW TEXMIRGI ERH ZEPYEFPI WYKKIWXMSRW

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44.SYVREP.ERYEV]

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?A

44;EPP  -48EFPIW FPSGOMRK SJ 44 XVEJJMGLXXT[[[PS[XLGSQTT[EPP

?A

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44.SYVREP.ERYEV]

4VSNIGX%RRSYRGIQIRX

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QIXLSHW HS [SVO FYX ]SY EVI FSYRH XS PSWI TVIGMSYWXMQI

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

;SYPHR X MX FI KVIEX MJ XLIVI [IVI E TPEGI ORS[R ERH EZEMPEFPI XS IZIV]SRI QEMRXEMRIH F] HIZIPSTIVW JSV HIZIPSTIVW ERH GSRXEMRMRK NYWX [LEX ]SY [ERX  TYVI WSYVGI GSHI ERH PMFVEVMIW#

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44.SYVREP.ERYEV]

-RXVSHYGMRKETTSTIRWSYVGIGSHII\GLERKI RIX[SVOMWEKVIEX[E]XSTSTYPEVM^IXLISTIR WSYVGI QSZIQIRX ERH TVSQSXI .EZE EW TVSKVEQQMRK PERKYEKI +MZIR XLI PEVKI RYQFIVSJFSXLGSVTSVEXIERHMRHMZMHYEP.EZE HIZIPSTQIRX GIRXIVW WTVIEH EVSYRH XLI KPSFI XLIVI[SYPHEP[E]WFIIRSYKLTIIVWXSWEXMWJ] WIEVGLIW  -RGVIHMFPI TSTYPEVMX] SJ TT QIHME I\GLERKIWMWEKSSHTVSSJSJGSRGITX -- .37) .EZE3TIR7SYVGI )\GLERKI .37) MW IRZMWMSRIH XS FIGSQI E KPSFEP TIIV XSTIIVRIX[SVOXLEX[MPPEPPS[MXWTEVXMGMTERXW XS WIEVGL ZMI[ ERH HS[RPSEH WSYVGI GSHI JMPIWERHWYTTSVXMRKVIWSYVGIW %TIIVMR.37)[MPPSTXMSREPP]I\TSWIEPSGEP HMVIGXSV] WXVYGXYVI GSRXEMRMRK .EZE WSYVGI GSHI JMPIW NEV PMFVEVMIW HSGYQIRXEXMSR ERH GSRJMKYVEXMSR JMPIW ERH WS SR 3RI SJ XLI JYRGXMSREP VIUYMVIQIRXW JSV .37) GPMIRX MQTPIQIRXEXMSR MW XS EPPS[ E TIIV XS GLSSWI [LEX WLSYPH FI STIR JSV EGGIWW ERH [LEX WLSYPH FI OITX TVMZEXI  8LI HIGMWMSR [SYPH PEVKIP]HITIRHSRIRZMVSRQIRXMR[LMGL.37) GPMIRXMWWIXYTMR-8HITEVXQIRXSJJMRERGMEP GSVTSVEXMSR ER STIR WSYVGI HIZIPSTQIRX GSQTER]SVEREGEHIQMGSVKERM^EXMSR 8LI HVEJX ZIVWMSR SJ .37) WTIGMJMGEXMSR TVSTSWIW XLI JSPPS[MRK X]TIW SJ WIEVGLIW EKEMRWXXLII\TSWIHGSHIFEWI 4EGOEKIERHX]TIREQIWIEVGL WIEVGLF] JYPPSVTEVXMEPREQISJETEGOEKIGPEWWSV MRXIVJEGIREQI  *YPPXI\XWSYVGIGSHIWIEVGL *YPPXI\X.EZEHSGWIEVGL 0MFVEV] .%6 REQIERHZIVWMSRWIEVGL 3RGIWIEVGLVIWYPXWEVIVIXYVRIHETIIV[SYPH FI EFPI XS FVS[WI ZMI[ ERH HS[RPSEH JMPIW TVSZMHIH F] SXLIV TIIVW 8LI JSPPS[MRK X]TIW SJHS[RPSEHW[SYPHFISJJIVIH

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



44.SYVREP.ERYEV]

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44.SYVREP.ERYEV]

FIRS MWWYIW[MXLTIIVWKSMRKSRERH SJJ PMRIEX[MPP -- 2S GPMIRX WMHI WSJX[EVI VIUYMVIH  I\TSWMRK XLI WIEVGL JYRGXMSREPMX] ZME LXXT MRXIVJEGI [SYPH PIX ER]SRI IUYMTTIH [MXL ER -RXIVRIX FVS[WIV EGGIWW XLI GIRXVEP VITSWMXSV],S[IZIVXLMWGSYPHFIPSSOIH EX JVSQ E HMJJIVIRX ERKPI IWTIGMEPP] F] XLSWI [LS[ERX XS WIEVGL VMKLX JVSQ XLIMV -()W 'SRW - ,EZMRK XS QEMRXEMR XLI WLEVIEFPI GSHI MR XLI GIRXVEP VITSWMXSV]  XLMW QIERWXLEXER]SRIFIMXERMRHMZMHYEPSVE GSQTER][LS[ERXWXSWLEVIWSYVGIGSHI [SYPH LEZI XS XEOI GEVI SJ YTPSEHMRK XLI GSHIXSXLIGIRXVEPWIVZIVERHOIITMRKMXYT XS HEXI *SV I\EQTPI  MJ SRI HIGMHIW XS WXST WLEVMRK E TSVXMSR SJ XLI GSHI LI SV WLI[SYPHLEZIXSEGGIWWXLIGIRXVEPWIVZIV ERH TL]WMGEPP] VIQSZI XLI GSHI JVSQ XLI VITSWMXSV] -R SXLIV [SVHW MR EHHMXMSR XS OIITMRK XLI WSYVGI GSHI MR PSGEP ZIVWMSR GSRXVSP W]WXIQ PMOI ':7  HIZIPSTIVW [SYPHRS[LEZIXSEPWSQEMRXEMRXLIGSHI MRXLIVITSWMXSV]SRXLIGIRXVEPWIVZIV -R XLI TT ETTVSEGL EPP SRI LEW XS HS MW TSMRXXLI.37)GPMIRXXSXLIWLEVIEFPIGSHI FEWI-JXLIGSHIGLERKIWSVKIXWVIQSZIH XLIGPMIRXQSHYPI[MPPEYXSQEXMGEPP]ORS[ EFSYXXLMWERHRSI\XVEWXITWSRYWIV WTEVX [MPPFIVIUYMVIH -- 1EMRXIRERGI ERH S[RIVWLMT SJ GIRXVEP WIVZIV W   YWMRK GIRXVEPM^IH WSPYXMSRMQTPMIWXLEXWSQISRI[SYPHLEZI XS EGGITX XLI VIWTSRWMFMPMX] JSV S[RIVWLMT ERHWYTTSVXSJEGIRXVEPWIVZIVEW]WXIQSJ QMVVSVW EHHVIWW PSEH FEPERGMRK ERH JEMP SZIVGETEFMPMXMIW

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(YVMRKXLITEWXX[SQSRXLW-LEZISFWIVZIHQER]MRXIVIWXMRKIZIRXWXEOMRKTPEGIMRXLI44WTEGI 8LIVI[IVIWIZIVEPRI[44ETTPMGEXMSRWERHFIXEWVIPIEWIH8LI]MRGPYHIH7O]TI LXXTWO]TIGSQ  /ETTMI LXXTOETTMIGSQ  .<8% +S LXXTKSN\XESVK  ”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q(:(.SRrFIMRKJSYRHMRRSGIRX(:(.SRMWXLI2SV[IKMER]SYXL[LS[EW XEOIRXSGSYVXJSVVIPIEWMRKE(:(HIGV]TXMSREPKSVMXLQ 3R E QSVI XIGLRMGEP EWTIGX - QEREKIH XS FVS[WI XLVSYKL WIZIVEP MRXIVIWXMRK TETIVW EFSYX 44 QSHIPMRK ERH WMQYPEXMSR *VSQ [LEX - VIEH 44 RIX[SVOW ERH ETTPMGEXMSRW GER FI QSHIPIH YWMRK IMXLIV E QEXLIQEXMGEP ETTVSEGL SV HSGYQIRXIH YWMRK WSQI OMRH SJ QEVOYT PERKYEKI MI 910 JSV MRWXERGI*SVI\EQTPITIIVWGERFIGPEWWMJMIHMRXSXLIJSPPS[MRKGEXIKSVMIW S S S S S

7MQTPI TIIV %TIIV[MXLXLIFEWMGJYRGXMSREPMX]SJEWIVZIVERHEGPMIRXXLEXMWHIWMKRIHXSVITVIWIRXE WMRKPIIRHYWIV 7YTIVTIIV 6IRHI^ZSYWTIIV %QSVIGETEFPITIIV QSVI'49TS[IVKVIEXIVFERH[MHXLWXSVEKIWTEGI IXG XLEXMWHIWMKRIHXSFIXLIQIIXMRKTSMRXJSVSXLIVTIIVW 1MGVS TIIV  % TIIV XLEX MW HIWMKRIH XS STIVEXI SR ER IQFIHHIH HIZMGI SJXIR [MXL XVMQQIH HS[R GETEFMPMXMIWSVXVERWMIRXRIX[SVOGSRRIGXMSRW 6SYXMRK TIIV % TIIV XLEX MWHIWMKRIHXSEGXEW E VSYXIV JSV 44 XVEJJMGVEXLIV XLER FIMRK E TVSZMHIV SV GSRWYQIVSJGSRXIRX *PI\TIIV %TIIV[LSWIJYRGXMSRGERFIEHNYWXIHSRXLIJP]EGGSVHMRKXSZEV]MRKRIIHW*SVI\EQTPIE VSYXMRKTIIVGERFIQSHMJMIHXSEGXEWEVIRHI^ZSYWTIIVSVEQMGVSTIIVXLEXGERXIQTSVEVMP]EGXEWEVSYXIV MREWQEPP&PYI8SSXLRIX[SVO

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44.SYVREP.ERYEV]

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44.SYVREP.ERYEV]

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EFSZIETTVSEGLIW FSXLVIKYPEXIHQEVOIXTVMGIW ERH RSRTVMGI FEWIH WGLIQIW  7MRGI IEGL ETTVSEGL MW PMOIP] XS FI WYMXEFPI JSV E VERKI SJ 44 ETTPMGEXMSRW [I WSYKLX XS HIZIPST E KIRIVMG 44 QMHHPI[EVI XLEX XSSO ER MRGPYWMZI ETTVSEGL 3YV JMVWX SFWIVZEXMSR [EW XLEX XLI TVIZMSYWP] HIWGVMFIH X[S GLEPPIRKIW SJ HMWXVMFYXIH VIKYPEXMSR ERH HMWXVMFYXIH IRJSVGIQIRX SJ GSRWXVEMRXW EVIMRJEGXIUYMZEPIRXiERHEVIFSXL JSVQWSJHMWXVMFYXIHWSGMEPGSRXVSP3YVGSQQSR WSPYXMSR[EWXLIRXSYWIWSGMEPGSRXVSPJVSQEPP XLI TIIVW MR XLI VIPIZERX TIIV GSQQYRMX] XS IMXLIVGSRXVSPTVMGIWSVXSETTP]XLIGSRWXVEMRXW 7TIGMJMGEPP]XLMWVIUYMVIWXLIGSRGITXWSJ  'SQQYRMX] 6YPIW  XS IRGETWYPEXI WSGMEP GSRXVSPERHXSHIJMRIXLIWXVYGXYVISJXLIQEVOIX [MXLMRXLEXGSQQYRMX]8LIWIGERFIYWIHIMXLIV XS VIKYPEXI TVMGIW SV XS HMVIGXP] GSRXVSP TEVXMGMTEXMSRMRXLIGSQQYRMX]  % +VSYT SJ 4IIVW s4IIV +VSYTt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



1EVGL44.SYVREP EVXMGPI XEOIW YT ERH [LMPWX ]SY PIEZI ]SYV QEGLMRI SR

'SRWYQIV

=SYV RI\X WYFWGVMTXMSR TE]QIRX [MPP FI VIHYGIH F]   MJ SZIV XLI TVIGIHMRK QSRXL ]SYV EZIVEKI HMWO WTEGIGSRXVMFYXMSRI\GIIHIH1F

7SGMEP'SRXVSP ZME6YPIW

=SYV RYQFIV SJ YTPSEHW QYWX EP[E]W I\GIIH ]SYV RYQFIVSJHS[RPSEHWQMRYW

%GGSYRXMRK ERH (MWXVMFYXMSR

=SYV TSWXMRKW XS E KVSYT WLSYPH RSX MRGPYHI FEH PERKYEKIMJEQENSVMX]SJTIIVWJIIP]SYLEZIFVSOIR XLMWVYPI]SY[MPPFII\TIPPIHJVSQXLIKVSYT

4VSZMHIV

3XLIV 4IIVW

%KKVIKEXIH -RJSVQEXMSR

8SOIRW 4IIV'SRXVSP

7IVZMGI9WEKI

4IIV'SRXVSP XSOIR

WIVZMGI

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

11%447)GSRSQMG%VGLMXIGXYVI

*SPPS[MRK XLI HIZIPSTQIRX SJ SYV QEVOIX QEREKIQIRX ETTVSEGL XLI TVSNIGX GSRGIMZIH ERH EHSTXIH XLI )GSRSQMG %VGLMXIGXYVI WLS[R MR*MKYVI ERHJYVXLIVHIWGVMFIHMR ?A 8LI EVGLMXIGXYVI HIGSQTSWIW XLI HMWXVMFYXIH QIGLERMWQW XLEX GSRXVSP GSRWYQTXMSR ERH GSRXVMFYXMSRMRXSXLVIIGSRGITXYEPPE]IVW

*MKYVI11%447)GSRSQMG%VGLMXIGXYVI

8LIJMKYVIWLS[WXLIXLVIIPE]IVWMRWXERXMEXIHSR XLVII VITVIWIRXEXMZI TIIVW E GSRWYQIV SJ E WIVZMGI XLI TVSZMHIV SJ XLEX WIVZMGI ERH SXLIV XLMVHTEVX] TIIVW 8LI JMKYVI WLS[W [LEX LETTIRW [MXLMR XLI W]WXIQ [LIR XLI JMVWX X[S TIIVW MRXIVEGX SRI TVSZMHMRK E WIVZMGI XS XLI SXLIV 8LI XLMVH TIIV XLIR VITVIWIRXW SRI SXLIV TIIV SV MR KIRIVEP E KVSYT SJ SXLIV TIIVW  XLEX QE]KIXMRZSPZIHMRQSRMXSVMRKXLITVSZMHIVERH GSRWYQIV 8LI FS\IW XLIR VITVIWIRX XLI FILEZMSYVSJETIIVIREFPIHF]XLIQMHHPI[EVI ERH XLI EVVS[W VITVIWIRX XLI JPS[ SJ MRJSVQEXMSR 8LI 7IVZMGI 9WEKI PE]IV SJ XLI EVGLMXIGXYVI WLS[W E GSRWYQIV TIIV YWMRK XLI WIVZMGIW SJ E TVSZMHIV TIIV 8LMW JYRHEQIRXEP YWI SJ XLI WIVZMGI MW EGGSQTERMIH F] XLI JPS[ SJ XSOIRW JVSQ GSRWYQIV XS TVSZMHIV XS EGGSYRX JSV LMW GSRWYQTXMSR -RJSVQEXMSR EFSYX XLI WIVZMGI YWEKI ERH ER] XSOIR XVERWJIVW XLIR JPS[W MRXS XLIRI\XPE]IVYT -R XLI %GGSYRXMRK ERH (MWXVMFYXMSR PE]IV HMWXVMFYXIH QIGLERMWQW OIIT XVEGO SJ XLI WIVZMGI TVSZMWMSR MRJSVQEXMSR F] JSV I\EQTPI TEWWMRK MX XS SXLIV TIIVW XS LSPH 8LIWI QIGLERMWQW XLIR TVSZMHI EKKVIKEXIH MRJSVQEXMSR XS XLI XST PIZIP % ZEVMIX] SJ WYGL QIGLERMWQW GER FI YWIH MRXIVGLERKIEFP] EGGSVHMRK XS XVEHISJJW FIX[IIR IJJMGMIRG] WIGYVMX]VIWMPMIRGIERHWSSR



1EVGL44.SYVREP 8LI 7SGMEP 'SRXVSP PE]IV LSPHW XLI GSQQYRMX] VYPIW -R XLMW PE]IV TIIVW GLIGO XLI HEXE TVSZMHIH F] XLI PE]IV FIPS[ ERH XLIR TIVJSVQ EGXMSRW WYGL EWVI[EVH ERHTYRMWLQIRX  FEWIH SRGSQQYRMX]VYPIW 8LIPE]IVWEVIHIWGVMFIHMRQSVIHIXEMPFIPS[ 8LI7IVZMGI9WEKIPE]IV

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

8LI%GGSYRXMRKERH(MWXVMFYXMSRPE]IVTVSZMHIW QIGLERMWQW JSV VIGSVHMRK ERH EKKVIKEXMRK MRJSVQEXMSR EFSYX XLI WIVZMGI YWEKI F] TIIVW ERH JSV HMWXVMFYXMRK XLMW MRJSVQEXMSR ETTVSTVMEXIP] 8LI JPS[W SJ EGGSYRXMRK MRJSVQEXMSRJVSQTIIVXSTIIVGERFIEKKVIKEXIH ERH HIPMZIVIH XS XLSWI TIIVW [LS RIIH MX JSV WSGMEP GSRXVSP TYVTSWIW [LMPI TVIZIRXMRK MRHMZMHYEPTIIVWJVSQJEPWMJ]MRKXLEXMRJSVQEXMSR IKXSSFXEMRYRIEVRIHGVIHMX  -J XSOIRW EVI YWIH XLEX GER FI HMVIGXP] VIHIIQEFPI EX E FERO XLIR EGGSYRXMRK GER FI

ZIV] WMQTPI XLI TVSZMHIV [MPP WMQTP] WXSVI XSOIRW YRXMP XLI] GER FI IJJMGMIRXP] VIHIIQIH ,S[IZIV MX MW I\TIGXIH XLEX IZIR LIVI MX [MPP FIMQTSVXERXXSTVSZMHIMRJSVQEXMSREFSYXXLIWI I\GLERKIW XS XLI WSGMEP GSRXVSP PE]IV XS IREFPI TIIV KVSYT SZIVWMKLX TEVXMGYPEVP] JSV TVMGI VIKYPEXMSRFYXEPWSJSVXLIIRJSVGIQIRXSJSXLIV VYPIW 8LYW MX MW I\TIGXIH XLEX XLI EGGSYRXMRK W]WXIQ [MPP SFXEMR XSOIRW JSV IEGL I\GLERKI SJ ZEPYI -XWNSFRS[MWXSQEMRXEMRXLIWIVIGSVHWWSXLEXMX GER TVSZMHI MRJSVQEXMSR XS TIIVW WS XLEX XLI] GER HIHYGI LS[ XS EGX -X MW LIVI XLEX XLI 11%447 TVSNIGX SJJIVW E qXSSPFS\r SJ QIGLERMWQW XLEX EGLMIZI XVYWX[SVXL] EGGSYRXMRK ERH HMWXVMFYXMSR SJ XLIWI VIGSVHW 8LI QIGLERMWQ YWIH MR XLMW PE]IV RIIHW XS QEXGL XLI REXYVI SJ XLI XSOIR I\GLERKI XS WYTTSVX MX ERH XS TVSZMHI ETTVSTVMEXI MRJSVQEXMSRXSXLIPE]IVEFSZI 8LI7SGMEP'SRXVSPPE]IV

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i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