Lepra
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8LI TVITSRHIVERGI SJ STMRMSR WYTTSVXWXLIXVEHMXMSREPZMI[XLEX1]GSFEGXIVMYQPITVEIMWXVERWQMXXIHJVSQLYQERXSLYQERFYX1PITVEIGEYWIWPITVSQEXSYWPMOIMPPRIWWMR[MPHEVQEHMPPSWIZMHIRGISJEVQEHMPPSI\TSWYVIMWEVMWOJEGXSVJSVPITVSW] MRTISTPIERHXLITVIWIRGISJER 1PITVEIiPMOISVKERMWQSRWTLEKRYQQSWW WYKKIWX XLEX RSRLYQER WSYVGIWJSV 1 PITVEI QE] FI MQTSVXERX 8LIVSYXI SJ MRJIGXMSR MW YRTVSZIR FYX GYVVIRX IZMHIRGI JEZSVW VIWTMVEXSV] XVERWQMWWMSR IZMHIRGI JSV GSRKIRMXEP ERHTIVGYXERISYWXVERWQMWWMSRLEWFIIRTVIWIRXIH FYX I\EQTPIW EVI VEVI -R PITVSW]IRHIQMGEVIEWWYFGPMRMGEPMRJIGXMSRMWGSQQSREWNYHKIHF]WIVSPSKMGWXYHMIWMHIRXMJ]MRK1PITVEIiWTIGMwGERXMFSHMIW
FYX XLI MRGMHIRGI SJ SZIVX HMWIEWI MW F]GSQTEVMWSR ZIV] WQEPP[MXLQSWX MRHMZMHYEPWQSYRXMRKEGYVEXMZIMQQYRSPSKMGVIWTSRWI
)8-303+=%2(4%8,3+)2)7-7
1PITVEIXLIGEYWISJPITVSW]MWERSRGYPXMZEFPI+VEQTSWMXMZISFPMKEXIMRXVE
GIPPYPEVEGMHJEWXFEGMPPYW8LIKIRSQISJ1 PITVEI QIKEFEWIW MW RSXEFP]WLSVXIV XLER XLEXSJ1 XYFIVGYPSWMW QIKEFEWIW8LI1PITVEIKIRSQIGSHIWJSVSRP]KIRIW1XYFIVGYPSWMWGSHIWJSV 8LI X[S WTIGMIW WLEVI KIRIWMRGSQQSR-R1PITVEISRP]SRILEPJ SJ MXW KIRSQI MW GSHMRK WIUYIRGIXLMW IZMHIRX KIRI HIPIXMSR ERH HIGE]PIEZIW 1PITVEI[MXLJI[VIWTMVEXSV]IR^]QIW[LMGLI\TPEMRWXLIJEMPYVIXSGYPXMZEXIXLISVKERMWQERHMXWSFPMKEXSV]MRXVEGIPPYPEVIRZMVSRQIRX-RXMWWYIWSVWQIEVW1PITVEIMWUYER
XMwIH F] XLI FMSTW] MRHI\ &- E PSKEVMXLQMGWGEPIEWXSXLIRYQFIVWSJFEGMPPMTIVSMPMQQIVWMSRwIPH3-*E&-SJMWSVQSVIFEGMPPM3-*E&-SJMWXS3-*E&-SJMWXS3-*E&-SJMWXS3-*E&-SJMWFEGMPPYWXS3-*WE&-SJMWFEGMPPYWXS3-*WERHE&-SJMWRSFEGMPPMMR3-*W&IGEYWIE&-SJMRHMGEXIW
FEGMPPM TIV KVEQ SJ KVERYPSQE XMWWYI[MXLE&-SJQE]LEZIEWQER]EW
SVKERMWQWTIVKVEQ%TEXMIRX MW GSRWMHIVIH XSFIqTEYGM
FEGMPPEV]rMJRSEGMHJEWXFEGMPPMEVIJSYRHMRXMWWYISVWQIEVWERHXSFIqQYPXMFEGMPPEV]rMJSRISVQSVIEGMHJEWXFEGMPPMEVIJSYRH
1 PITVEI PMOI8VITSRIQE TEPPMHYQ MWRSX XS\MG XLIGPMRMGEPQERMJIWXEXMSRWSJPITVSW]FIMRKTVSHYGIHF]XLILSWXtWVIWTSRWIW XS XLI 1 PITVEI SV EPXIVREXMZIP]F]XLIEGGYQYPEXMSRSJIRSVQSYWRYQFIVW SJ FEGXIVME EW MR WMKRW SJ HMJJYWIMRwPXVEXMSR8LI GIPP[EPPiEWWSGMEXIH PMTSTVS
XIMRW PMKERHW JSV XLI 8SPPPMOI VIGITXSV LIXIVSHMQIV TVSFEFP] MRMXMEXIW XLILSWXtWwVWX VIWTSRWIXS MRZEHMRK1PITVEI[LMGLMWXLIMRREXIMQQYRIVIWTSRWI8LMW VIWTSRWI MW TIVLETW MQTSVXERX MRHIXIVQMRMRK XLI IZIRXYEP SYXGSQI SJXLILSWXTEVEWMXI MRXIVEGXMSR4LIRSPMGKP]GSPMTMH - MW E QENSV WTIGMIWWTIGMwGERH MQQYRSKIRMG GSRWXMXYIRX SJ XLILMKLP]RSRTSPEVSYXIVPE]IVSJXLIFEGMPPYW)RXV]MRXSRIVZIWMWQIHMEXIHF]XLIFMRHMRKSJXLIWTIGMIWWTIGMwGXVMWEGGLEVMHIMRTLIRSPMGKP]GSPMTMH-XSPEQMRMRMR XLI FEWEP PEQMRE SJ 7GL[ERR GIPPE\SR YRMXW TVSZMHMRK E VEXMSREPI JSV[L] 1 PITVEI MW XLI SRP] FEGXIVMYQORS[RXSMRZEHITIVMTLIVEPRIVZIW% X[MR WXYH] LEW TVSZMHIH GSQTIP
PMRKIZMHIRGIXLEXFSXLKIRIXMGERHIRZMVSRQIRXEPJEGXSVWEVIMQTSVXERXMRHIXIVQMRMRK HMWIEWI WYWGITXMFMPMX] ERHHMWIEWII\TVIWWMSR% VIKMSRSRGLVSQSWSQI T MRGPYHMRK XLI 4%6/ERH 4%'6+ PSGM JSV WYWGITXMFMPMX] XS4EVOMRWSR HMWIEWI LEW FIIR JSYRH XS
EPWSGSRXEMREVMWOJEGXSVJSVWYWGITXMFMPMX] XS PITVSW] 8LMW MRGPYHIW FSXL XYFIVGYPSMH ERH PITVSQEXSYW JSVQW ERHLEWFIIRMHIRXMwIHMRWIZIVEPFYXRSXMREPP KIRIXMGEPP] HMZIVWI KVSYTW 1ENSVLMWXSGSQTEXMFMPMX]GSQTPI\GPEWW--ERXMKIRWMRxYIRGIXYFIVGYPSMHZIVWYWPITVSQEXSYWHMWIEWII\TVIWWMSRFYXRSXHMWIEWIWYWGITXMFMPMX]
'-2-'%0*-2(-2+7
,MWXSV]
*SVTL]WMGMERWTVEGXMGMRKMRRSRIRHIQMGEVIEW PIEVRMRK XLEX XLITEXMIRXLEW VMWOJEGXSVW JSV PITVSW] MI FMVXL SV VIWMHIRGIMRERIRHIQMGEVIESVEFPSSHVIPEXMZI[MXLPITVSW]QE]PIEHXSEGSVVIGXHMEKRSWMWSJPITVSW],MWXSVMGHEXESVW]QTXSQWXLEXWLSYPH
IPMGMXJYVXLIVWYWTMGMSRSJPITVSW]MRGPYHIGSQTPEMRXW VIJIVEFPI XS TIVMTLIVEP RIYVSTEXL]TIVWMWXIRXREWEP WXYJwRIWW SGYPEVW]QTXSQWERHMR]SYRKQIRPSWWSJWI\YEPHVMZISVMRJIVXMPMX]
'YXERISYWERH2IYVEP0IWMSRWMRXLI+VERYPSQEXSYW7TIGXVYQ
8,)+6%29031%839774)'8691 8LI MRHITXLHIWGVMTXMSRSJXLIKVERYPSQEXSYWWTIGXVYQSJPITVSW][EWF]6MHPI]ERHLMWEWWSGMEXIWFEWIHSRGPMRMGEPERHLMWXSPSKMGGLERKIW6MHPI]tWGSRWXVYGXMWE WM\QIQFIV WTIGXVYQ VERKMRK JVSQLMKLXSPS[VIWMWXERGI88TSPEVXYFIVGYPSMH&8 FSVHIVPMRI XYFIVGYPSMH&&FSVHIVPMRI &0 FSVHIVPMRI PITVSQEXSYW 00W WYFTSPEV PITVSQEXSYW ERHwREPP]00TTSPEVPITVSQEXSYW
'SRGITXYEPP] 88 ERH 00T EVI GPMRMGEPP]WXEFPIFYXFIX[IIRXLITSPIWXLILSWXtW KVERYPSQEXSYW TSWXYVI QE]GLERKIEWMRHMGEXIHF]XLIEVVS[WYTKVEHMRK SV VIZIVWMRK XS E TSWXYVI SJLMKLIV VIWMWXERGI SJXIR [MXL HIZEWXEXMRK MRxEQQEXMSRSVHS[RKVEHMRK XSETSWXYVI SJ PS[IV VIWMWXERGI YWYEPP] WMPIRX FYX SGGEWMSREPP] MRxEQQEXSV] &8TEXMIRXW QE] YTKVEHI XS 88 XLYW FIGSQMRK WXEFPI FYX 00W TEXMIRXW HS RSXHS[RKVEHI XS00TRSVHS00TTEXMIRXWYTKVEHI ;LIR XLI XIVQ00 MWYWIH MXMRGPYHIW FSXL 00W ERH 00T TEXMIRXW8LITEXLSKIRIWMWSJXLIKVERYPSQEXSYWWTIGXVYQ MW [MHIP] EGGITXIH EW FIMRKQIHMEXIHF]EX]TI-:MQQYRSPSKMGVIEGXMSR GIPPQIHMEXIH MQQYRMX] '1-SVHIPE]IHX]TIL]TIVWIRWMXMZMX](8,
0)4637=%8%+0%2')
(IwRMXMSR%GLVSRMGKVERYPSQEXSYWMRJIGXMSRERHMXWWIUYIPEIGEYWIHF]1]GSFEGXIVMYQPITVEI
-RZSPZIQIRX4VMQEVMP]WOMRERHRIVZIWFYXEPWSSXLIVSVKERWSVW]WXIQWMRGPYHMRKI]IWVIWTMVEXSV]XVEGXP]QTLRSHIWXIWXMGPIWERHNSMRXW
(MEKRSWMW6IUYMVIWHIQSRWXVEXMSRSJEGMHJEWXFEGMPPMMRXMWWYISVEGLEVEGXIVMWXMGTIVMTLIVEPRIVZIEFRSVQEPMX]
-RGMHIRGI%TTVS\MQEXIP]RI[GEWIW]IEVP][SVPH[MHI
0SRKXIVQQSVFMHMX](IWTMXIGYVEXMZIERXMFEGXIVMEPXVIEXQIRXSRIJSYVXLXSSRIXLMVHSJTEXMIRXW[MPPLEZIEHIFMPMXEXMRKERHTIVQERIRXRIYVSPSKMGHIwGMX
%GPMRMGEPGLEPPIRKI(MZIVWIQERMJIWXEXMSRWVIWYPXJVSQEKVERYPSQEXSYWWTIGXVYQERHEVIJYVXLIVMRGVIEWIHF]WYTIVMQTSWIHVIEGXMSREPWXEXIW
%RMQQYRSPSKMGSTTSVXYRMX]0ITVSW]MWERI\IQTPEV]QSHIPJSVXLIYRHIVWXERHMRKSJGIPPQIHMEXIHMQQYRMX]MRLYQERW
88 &8 && &0 00W00T
-
8LIGPEWWMwGEXMSRMWHIXIVQMRIHTVMQEVMP] F] GPMRMGEP ERH LMWXSPSKMG GLERKIWFEGMPPEV] RYQFIVW FIMRK E WIGSRHEV]GSRWMHIVEXMSR-RGSQTEVMWSRSJTVI6MHPI]ERH6MH
PI] XIVQMRSPSK] qXYFIVGYPSMHr GSVVIWTSRHW XS 88 ERH &8 qFSVHIVPMRIr SVqHMQSVTLMGr XS&& ERH &0 ERH qPITVSQEXSYWrXS00WERH00T-RZMVXYEPP]EPP88TEXMIRXWERHMRQSWX&8GEWIWEGMHJEWXFEGMPPMGERRSXFIJSYRH[LIVIEWMR&&&000WERH00TFEGMPPMEVIHIQSRWXVEFPI [MXL IEWI 6MHPI]tW GSRWXVYGX MWYWIJYP MRGPEWWMJ]MRKTEXMIRXWIWTIGMEPP]JSVMQQYRMX]
4)6-4,)6%02)6:)',%2+)7 *MZI X]TIWSJ TIVMTLIVEP RIVZI EFRSVQEPMXMIW EVIGSQQSRMRPITVSW]
2IVZIIRPEVKIQIRXYWYEPP]TIVGIMZIHEW EW]QQIXV] TEVXMGYPEVP] MR XLSWIGPSWI XS XLI WOMR WYGL EW XLI KVIEXEYVMGYPEV YPREV VEHMEP GYXERISYWWYTIVwGMEP TIVSRIEP WYVEP ERHTSWXIVMSVXMFMEP
7IRWSV]MQTEMVQIRXMRWOMRPIWMSRW 2IVZIXVYROTEPWMIWIMXLIV[MXLWMKRW
ERH W]QTXSQW SJ MRxEQQEXMSR SV[MXLSYX WYGL SZIVX QERMJIWXEXMSRWXLEX MW WMPIRX RIYVSTEXL] SJXIR[MXL FSXL WIRWSV] ERH QSXSV PSWW[IEORIWW ERHSV EXVSTL] ERH MJPSRKWXERHMRKEPWS[MXLGSRXVEGXYVI
7XSGOMRKKPSZI TEXXIVR SJ WIRWSV]MQTEMVQIRX 7+47- E [MXLIVMRKE[E] WS XS WTIEO SJ XLI X]TI 'wFIVW MRZSPZMRK LIEX ERH GSPH HMWGVMQMREXMSR FIJSVI PSWW SJ TEMR SVPMKLX XSYGL FIKMRRMRK MR EGVEP EVIEWERH SZIV XMQI I\XIRHMRK GIRXVEPP]FYX WTEVMRK XLITEPQW EX PIEWX JSV E[LMPIERH
%RLMHVSWMWSRTEPQWSVWSPIWWYKKIWXMRKW]QTEXLIXMGRIVZIMRZSPZIQIRX
4SPEV8YFIVGYPSMH0ITVSW] -R 88 PITVSW]MQQYRMX] MW WXVSRK EW QERMJIWXIH F]WTSRXERISYW GYVI ERH XLI EFWIRGI SJHS[RKVEHMRKXSETSWXYVISJPIWWLSWXVIWMWXERGI8LITVMQEV]WOMR PIWMSRSJ88MW E TPEUYI SJXIR EWWYQMRK ER ERRYPEVGSRwKYVEXMSR WIGSRHEV] XS TIVMTLIVEPTVSTEKEXMSR ERH GIRXVEP GPIEVMRK *MK8LIFSVHIVSJXLITPEUYISVFSXLFSVHIVWSJXLIERRYPYWEVIWLEVTP]QEVKMREXIH8]TMGEPP]XLIPIWMSRMWwVQP]MRHYVEXIH IPIZEXIH IV]XLIQEXSYW WGEP]HV] LEMVPIWW ERH L]TSTMKQIRXIH FYXGSRWMHIVEFPI ZEVMEXMSR MW IRGSYRXIVIHWII I*MKWERHMRSRPMRIIHMXMSR% RIEVF] WIRWSV] RIVZIQE] SV QE]
RSX FI IRPEVKIH FYX XLI PIWMSR MXWIPJ MWGLEVEGXIVMWXMGEPP] L]TIWXLIXMG ERH ER
LMHVSXMG[MXLERYTTIVPMQMXSJGQMRPIWMSRHMEQIXIV7OMRPIWMSRWEVISJXIRWSPMXEV] TEVXMGYPEVP] MR XLSWI TEXMIRXW [LSEVI 88 HI RSZS EW GSRXVEWXIH XS XLSWI[LSYTKVEHIXS88JVSQ&8[LIVIQYPXMTPIPIWMSRWYWYEPP]RSQSVIXLERXLVIIQE]FIJSYRH-RFSXLKVSYTWMQQYRMX]MW WYJwGMIRX XS EJJIGX GYVIFYX ERXMFMSXMGXLIVET]MWVIGSQQIRHIH,MWXSPSKMGEPP]XLIHIRSZSPIWMSRWEVI
WQEPP XYFIVGPIW[MXL PEVKI P]QTLSG]XMGQERXPIW 8LI YTKVEHMRK PIWMSRW LEZIEFYRHERX0ERKLERWKMERXGIPPWERHI\SG]XSWMWMRXSXLIITMHIVQMWMREHHMXMSRXSP]QTLSG]XMGQERXPIW
&SVHIVPMRI8YFIVGYPSMH0ITVSW] -R&8HMWIEWI MQQYRSPSKMG VIWMWXERGI MW WXVSRKIRSYKL XS VIWXVEMR XLI MRJIGXMSR MR XLEXXLI HMWIEWI MW PMQMXIH ERH FEGMPPEV]KVS[XLVIXEVHIHFYXXLILSWXVIWTSRWIMWMRWYJwGMIRXXSWIPJGYVIWIII*MKWXLVSYKL MR SRPMRI IHMXMSR8LIWITEXMIRXWEVIWSQI[LEXYRWXEFPIhVIWMWXERGI QE] MRGVIEWI YTKVEHMRK XS88SVHIGVIEWIHS[RKVEHMRKXS&08LI TVMQEV] WOMR PIWMSRW SJ &8 EVI
TPEUYIWERHTETYPIW%WMR88ERERRYPEV GSRwKYVEXMSR MW GSQQSR ERH FSXLFSVHIVWEVIWLEVTP]QEVKMREXIHFYXER
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
EVI PIWW [IPP HIZIPSTIH 0ERKLERW GIPPWEVIPIWWGSQQSRSVEFWIRXERHER]I\SG]XSWMW MW JSGEP %GMHJEWX FEGMPPM ERHTPEWQE GIPPW EVI VEVI MJ TVIWIRX E(8,VIEGXMSR ?WII(IPE]IH8]TI,]TIVWIRWMXMZMX]6IEGXMSR.STPMRKtW8]TI-6IEGXMSR9TKVEHMRK 6IZIVWEP SV (S[RKVEHMRK6IEGXMSRWAWLSYPHFIWYWTIGXIH
*-+96) % WSPMXEV] ERIWXLIXMG ERH ERRYPEV PIWMSR SJ TSPEV XYFIVGYPSMH PITVSW] [LMGL LEH
FIIRTVIWIRXJSVQSRXLW-XWWLEVTQEVKMRWIV]XLIQEERHWGEPIEVIQSVIIZMHIRXXLERMXWIPIZEXMSR
8LIGIRXVEPVIHHSXWEVIXLIWIUYIPEISVqJSSXTVMRXWrSJXIWXMRKJSVTMRTVMGOTIVGITXMSR[LIRMXMWEFWIRX
-JTVIWIRXXLITEXMIRX[MXLHVE[WTVIZIRXMRKSZIVXP]TYVTYVMGGSRWIUYIRGIW
*-+96) 3RI SJ WIZIVEP PI
WMSRWSJ FSVHIVPMRI XYFIVGYPSMH PITVSW]
[LMGLLEHERMRGSQTPIXIP]ERRYPEVGSR
wKYVEXMSR [MXL WEXIPPMXI TETYPIW 'SQ
TEVIH XS XLI TSPEV XYFIVGYPSMH PIWMSR MR
*MK XLIVI MW PIWW IV]XLIQE RS
IZMHIRX WGEPIW FYX WLEVTQEVKMREXMSR
ERH XLI JSSXTVMRXW SJ EFWIRX TMRTVMGO
TIVGITXMSREVIEPWSWIIR
-
&SVHIVPMRI0ITVSW] && MW XLI MQQYRSPSKMGQMHTSMRXSVQMH^SRISJXLIKVERYPSQEXSYWWTIGXVYQFIMRKMXWQSWXYRWXEFPI EVIE [MXL TEXMIRXW UYMGOP] YT SVHS[RKVEHMRK XS EQSVI WXEFPI KVERYPSQEXSYWTSWXYVI[MXLSV[MXLSYXEGPMRMGEP VIEGXMSR'LEVEGXIVMWXMG WOMR GLERKIWEVIERRYPEVPIWMSRW[MXLWLEVTP]QEVKMREXIH MRXIVMSV ERHI\XIVMSVQEVKMRW PEVKITPEUYIW[MXLMWPERHWSJGPMRMGEPP]RSVQEPWOMR[MXLMR XLI TPEUYI KMZMRK E q7[MWWGLIIWIrETTIEVERGISVXLIGPEWWMGHMQSVTLMGPIWMSR&IGEYWISJMRWXEFMPMX]XLI&&TSWXYVI MW WLSVXPMZIHERHWYGLTEXMIRXWEVIVEVIP]WIIRJSVI\EQTPI[ILEZI]IXXS WII E RSRVIEGXMSREP TEXMIRX QIIXMRKFSXLGPMRMGEPERHLMWXSPSKMGGVMXIVME
&SVHIVPMRI0ITVSQEXSYW0ITVSW] -R&0HMWIEWI VIWMWXERGI MW XSS PS[ XS WMKRMwGERXP]VIWXVEMRFEGMPPEV]TVSPMJIVEXMSRFYXWXMPPWYJwGMIRXXSMRHYGIXMWWYIHIWXVYGXMZI
MRxEQQEXMSR IWTIGMEPP] MR RIVZIW8LYWTEXMIRXW[MXL&0LEZI XLI[SVWXSJFSXL[SVPHW8LI&0GEXIKSV]MWLMKLP]ZEVMEFPIMRMXW
GPMRMGEP I\TVIWWMSR *MK WII I*MKW XLVSYKL MR SRPMRI IHMXMSR%PXLSYKLWIIR MRSRP]SRIXLMVHSJ&0 TEXMIRXW XLI GPEWWMG HMQSVTLMG PIWMSRSRI LEZMRK FSXL QSVTLSPSKMIW MW XLIQSWXGLEVEGXIVMWXMGLEZMRKERERRYPEVGSRwKYVEXMSR[MXLETSSVP]QEVKMREXIHSYXIVFSVHIV PITVSQEXSYWPMOI FYX E WLEVTP]QEVKMREXIHMRRIVSRIXYFIVGYPSMHPMOIWII*MK 4SSVP] SV WLEVTP]QEVKMREXIHTPEUYIW [MXL qTYRGLIH SYXr SV q7[MWWGLIIWIr WLEVTP]QEVKMREXIH EVIEW SJ RSVQEPWOMRMRXLIMRXIVMSVSJXLITPEUYIEVIEPWS GLEVEGXIVMWXMG %RRYPEV PIWMSRW [MXLWLEVTP] QEVKMREXIH I\XIVMSV ERH MRXIVMSVFSVHIVWEVIRSXYRGSQQSR-JXLI]SGGYVPITVSQEXSYWPMOI TSSVP] HIwRIH TETYPIWERH RSHYPIW QE] FI RYQIVSYW FYX EVIYWYEPP] EGGSQTERMIH F] WSQI WLEVTP]QEVKMREXIHPIWMSRWIPWI[LIVI*MK0IWMSRWVERKIMRRYQFIVJVSQWSPMXEV]
WSQIXLMRKLETTIRWwVWXXLIXMTSJERMR
ETTEVIRXMGIFIVKXSRYQIVSYWERH[MHIWTVIEH +IRIVEPP] WTIEOMRK XLI ERRYPEVERHTPEUYI PIWMSRWLS[IZIV RYQIVSYWEVIEW]QQIXVMGFYXXLIPITVSQEXSYWPMOIRSHYPIW MJ RYQIVSYW EVI W]QQIXVMG2IVZI XVYRO TEPWMIW LEZI XLIMV LMKLIWXTVIZEPIRGIMR&0HMWIEWIFYXEVIZEVMEFPIMRRYQFIVVERKMRKJVSQRSRIXSWIVMSYWHIwGMXW FSXL QSXSV ERH WIRWSV] MR EPPJSYV I\XVIQMXMIW -RZSPZIQIRX SJ FSXLQIHMERERHYPREVRIVZIWSJXIRW]QQIXVMGEPMWGLEVEGXIVMWXMG-JHMWIEWIMWI\XIRWMZI&0TEXMIRXWQE]LEZI7+47- ,MWXSPSKMGEPP]SRIGPEWWMGVIWTSRWIMWE
HIRWI P]QTLSG]XMG MRwPXVEXI GSRwRIH XSXLIWTEGISGGYTMIHF] XLIQEGVSTLEKIWWII I*MKMRSRPMRIIHMXMSR%RSXLIV GPEWWMG VIWTSRWI MW PEQMREXMSR SJXLITIVMRIYVMYQ[MXLE P]QTLSG]XMG MRwPXVEXI 8LI TEXXIVR QE] FI XLEX SJGLVSRMGMRxEQQEXMSR1EGVSTLEKIWQE]FI JSEQ] SV YRHMJJIVIRXMEXIH %GMHJEWXFEGMPPMEVIIEWMP]JSYRH
0ITVSQEXSYW0ITVSW] -R 00 HMWIEWI XLIPEGOSJ'1-XS[EVH1PITVEITIVQMXWYRVIWXVMGXIHFEGMPPEV]VITPMGEXMSRERH[MHIP]HMWWIQMREXIHQYPXMSVKERHMWIEWI(MJJYWIHIVQEPMRwPXVEXMSRMWEP[E]WTVIWIRXWYFGPMRMGEPP]ERHMRHMJJYWIRSRRSHYPEV00QE] FI SZIVXP] QERMJIWXIH F] IRPEVKIQIRXSJIEVPSFIW[MHIRMRKSJXLIREWEPVSSXERHJYWMJSVQW[IPPMRKSJXLIwRKIVWXLIPEXXIVQMQMGOMRKEVLIYQEXMGMPPRIWW4SSVP] HIwRIH RSHYPIW EVI XLI QSWXGSQQSR PIWMSRW YWYEPP] YT XS GQ MRHMEQIXIVERHEVI W]QQIXVMGEPP]HMWXVMFYXIH*MKWIII*MKMRSRPMRI IHMXMSR 8LI WOMR QE] FI XLVS[RMRXSJSPHWTVSHYGMRKPISRMRIJEGMIWSJXIRMRGSRNYRGXMSR[MXLRSHYPEVPIWMSRW(IVQEXSwFVSQEPMOI LMWXSMH PIWMSRW YWY
*-+96) %GLEVEGXIVMWXMGFSVHIVPMRISV
HMQSVTLMGPIWMSR[LMGLMWERMRHYVEXIHERHIPI
ZEXIHERRYPEVTPEUYIXLEXLEWE[IPPHIwRIHqXY
FIVGYPSMHr MRXIVMSV QEVKMR FYX E TSSVP] HIwRIH
qPITVSQEXSYWrI\XIVMSVQEVKMR,EZMRKFSXLQSV
TLSPSKMIWMXMWXIVQIHqHMQSVTLMGr*VSQ(IQMW
(. 'PMRMGEP (IVQEXSPSK] VH VIZMWMSR ZSP
YRMX i T 9WIH[MXL TIVQMWWMSR
JVSQ0MTTMRGSXX;MPPMEQW;MPOMRW
*-+96) 1YPXMTPI PIWMSRW
MRETEXMIRX[MXLFSVHIVPMRIPITVSQE
XSYW PITVSW] 8LI ERRYPEV PIWMSRW
ZEV] MR WM^I ERH EVI EW]QQIXVMGEPP]
HMWXVMFYXIH -R GSRXVEWX XLI TSSVP]
HIwRIHTETYPEVERHRSHYPEV PIWMSRW
EVI VSYKLP] W]QQIXVMG -QTEMVQIRX
SJ WIRWEXMSR [EW TVIWIRX MR QSWX
PIWMSRW
*-+96) 8[SHMJJIVIRXLSWXVIEGXMSRTEXXIVRWMRPITVSQEXSYWPITVSW]HMWIEWIEWWLS[RMRX[S
IEVW-RXLIIEVSRXLIPIJXXLIHMJJYWIMRwPXVEXMSRLEWFIGSQIWSI\XIRWMZIXLEXXLIWOMRSJXLIIEVLEW
FIIRXLVS[RMRXSJSPHWFYX[MXLRSRSHYPIJSVQEXMSR*VSQ(IQMW(.'PMRMGEP(IVQEXSPSK]VHVIZM
WMSRZSPYRMXTEKI9WIH[MXLTIVQMWWMSRJVSQ0MTTMRGSXX;MPPMEQW;MPOMRW3RXLI
LIPM\SJXLIIEVSRXLIVMKLXEVIJSYVRSHYPEVPITVSQEXSYWPITVSW]PIWMSRWEVVERKIHGLVSRSPSKMGEPP]WSXS
WTIEO[MXLXLIQSWXVIGIRXSRISRXSTERHXLISPHIWXRIEVXLIFSXXSQ8LIX[SXSTRSHYPIWLEZIQSVI
TSSVP]HIwRIHRSHYPIWXLERHSXLIX[SSPHIVPIWMSRWEXXLIFSXXSQ8LIWOMRFIX[IIRXLIRSHYPIWMWEPWS
HMJJYWIP]MRwPXVEXIHFYXLEWTVSHYGIHRSGPMRMGEPP]IZMHIRXGLERKIW
-
EPP] QYPXMTPI EVI WLEVTP] QEVKMREXIHIV]XLIQEXSYWTETYPIWSVRSHYPIWWSQIXMQIWGSRxYIRXMRXSTPEUYIWwVWXMHIRXMwIHMRVIPETWMRKTEXMIRXWEWqLMWXSMHrPITVSW]XLIWIEVIRSXYRYWYEPEWTVIWIRXMRKPIWMSRW MR SYV TEXMIRXW *MK WIII*MK MR SRPMRI IHMXMSR 0IWWGSQQSRTVIWIRXMRKWOMR PIWMSRW MRGPYHIHMKMXEXIFEVIP]MRHYVEXIHTEXGLIWSJIV]XLIQE *MK [LMGL MR PMKLXWOMRRIH TEXMIRXW EVI WSQIXMQIW JSPPS[IHF] EQMPH L]TIVTMKQIRXEXMSR MRHEVOWOMRRIHTEXMIRXWQYPXMTPIL]TSTMKQIRXIH QEGYPIW QE] EVMWI MR WYGL PIWMSRW [MXLQIPERMRGSRGIEPMRKXLIIV]XLIQE%PWSHIVQEPMRwPXVEXIQE]QMQMGEWLEKVIIRTEXGLWIII*MKMRSRPMRIIHMXMSR ,EMV PSWW MW GSQQSR SR XLI I]I
FVS[W[LIVI MXQE] TVSKVIWW PEXIVEPP]XSQIHMEPP] SV FI TEXGL] FYX EPWS EJJIGXWXLII]IPEWLIWERHI\XVIQMXMIWWIII*MK MR SRPMRI IHMXMSR 7GEPTMRZSPZIQIRX MW VEVI PMOIP] FIGEYWI SJXLI LMKLIV WOMR XIQTIVEXYVI 7+47- MWGSQQSR ERH QE] FI WS WIZIVI EW XSPIEH XS HIFMPMXEXMRK XVSTLMG GLERKIW SJXLILERHWSVJIIX,MWXSPSKMGEPP] 00W ERH 00T LEZI
QER]JIEXYVIWMRGSQQSR
2SHYPEVPIWMSRWLEZIEFYRHERXHIVQEPQEGVSTLEKIW JSEQ] SV YRHMJJIVIRXMEXIHEWTVMROPMRKSJP]QTLSG]XIWERHEXLMRITMHIVQMWEFSZIEKVIR^^SRI
'PMRMGEPP] RSVQEP WOMR MR YWYEPP]MRwPXVEXIH MJ WGERX MR E TIVMZEWGYPEVHMWXVMFYXMSR
(IRWI qTWIYHSJSPPMGYPEVr EKKVIKEXIWSJP]QTLSG]XIWQE]FI&GIPPW
)RHSXLIPMEP ERH 7GL[ERR GIPP EGMHJEWXFEGMPPMEVIGSQQSR
4PEWQEGIPPWERHQEWXGIPPWEVIMRGSRWXERXP]MRGVIEWIH
*SVIMKRFSH] KMERX GIPPW QE] FIJSYRH MR SPH PIWMSRW -R 00W XLITIVMRIYVMYQ MR PEQMREXIH FYX RSXMRwPXVEXIH-R00TXLITIVMRIYVMYQMWYRHMWXYVFIH
-RHIXIVQMREXI0ITVSW] -RHIXIVQMREXI PITVSW] MW E XIVQ [MXL RIEVP] EW QER]QIERMRKWEWMXLEWYWIVW;ITVIJIVXLIHIwRMXMSRSJ/LERSPOEVHIWMKREXMRKERIEVP] PIWMSR ETTIEVMRK FIJSVI XLI LSWXQEOIW E HIwRMXMZI MQQYRSPSKMG GSQQMXQIRXXSGYVISVXSERSZIVXKVERYPSQEXSYWVIWTSRWI'PMRMGEPP]XLIMRHIXIVQMREXI PIWMSR MW E L]TSTMKQIRXIHQEGYPISVTEXGL[MXLSV[MXLSYXEREWWSGMEXIH WIRWSV] HIwGMX MR SV RIEVF]ERH EGMHJEWX FEGMPPM MJ JSYRH EVITVIWIRXMRZIV]WQEPPRYQFIVW7YGLPIWMSRWEVIVEVI MRSYVGPMRMG8LIXIVQMWMRETTVSTVMEXIP]YWIHXSHIWGVMFIPIWMSRWVMGLMRFEGMPPMFYXLEZMRKRIMXLIVX]TMGEPXYFIVGYPSMH SV PITVSQEXSYWLMWXSPSKMGEPTEXXIVRWYWYEPP]&0SV00
6IPEXIH4L]WMGEP*MRHMRKW
-RWIRWMXMZMX]SJXLIGSVRIEMWGSQQSRMREPP JSVQW SJ PITVSW] -R &0 ERH 00 HMWIEWI RYQIVSYW GLERKIW MR XLI GSVRIEERHERXIVMSVGLEQFIVEVITSWWMFPIMVMXMWFIMRKEGSQQSRWIVMSYWGLERKISGGYVVMRKHIRSZSSVMREWWSGMEXMSR[MXLVIEGXMSRW%PWSMR00FIEHMRKSJXLIGSVRIEP
RIVZIWMWGSQQSRERHQE]FIELIPTJYPHMEKRSWXMGWMKR-R EPP 00 TEXMIRXW ERH MR &0 TEXMIRXW
[MXL I\XIRWMZI HMWIEWI[MHI HMWWIQMREXMSRSJXLIMRJIGXMSRMWXLIVYPI-RXLIYTTIVVIWTMVEXSV]XVEGXMRZSPZIQIRXMWJVSQXLI XMT SJ XLI RSWI XLVSYKL XLI ZSGEPGSVHWQERMJIWXMRKEWVLMRMXMW WITXEPTIVJSVEXMSR REWEP GSPPETWI ERH LSEVWIRIWWJVSQZSGEPGSVHRSHYPIW%WNYHKIHF]IPIZEXIH JSPPMGPIWXMQYPEXMRK LSVQSRI ERHPYXIMRM^MRKLSVQSRI PIZIPW XIWXMGYPEV MRZSPZIQIRXMWGSQQSRMR00QIRPIWWWSMR&0QIRERHMWGPMRMGEPP]QERMJIWXIHF]GSQTPEMRXW SJ MQTSXIRGI ERH MRJIVXMPMX]ERHF]EXVSTL]SRI\EQMREXMSR-RZSPZIQIRX SJ PMZIV WTPIIR TIVMTLIVEP P]QTLRSHIWERHFSRIQEVVS[MWGSQQSRFYXGPMRMGEPP]IZMHIRXMRNYV]MWVEVI
46)+2%2'=%2(43784%6891 4VIKRERG]MWWEMHXSFIETVIGMTMXEXMRKJEGXSVJSVPITVSW]MRTIVGIRX XSTIVGIRXSJ[SQIRTEXMIRXWTVIWYQEFP]FIGEYWISJEPXIVIHMQQYRMX];LIRTVIKRERX00ERH&0TEXMIRXWEVITVIHMWTSWIHXSHIZIPSTIV]XLIQERSHSWYQPITVSWYQ)20WII)V]XLIQE2SHSWYQ0ITVSWYQFYXTSWXTEVXYQXLI]EVITVIHMWTSWIHXSHIZIPST(8,VIEGXMSRW?WII(IPE]IH8]TI,]TIVWIRWMXMZMX]6IEGXMSR.STPMRKtW8]TI-6IEGXMSR9TKVEHMRK6IZIVWEPSV(S[RKVEHMRK6IEGXMSRWATYXEXMZIP]HYIXSVIHYGIHMQQYRMX]MRXLIJSVQIVERHVIWXSVIHMQQYRMX]MRXLIPEXXIV9RXVIEXIHPEGXEXMRK&0ERH00TEXMIRXWLEZIZMEFPIFEGMPPMMRXLIMVQMPOFYXRSVMWOLEWFIIRMHIRXMwIHMRMRJERXWMRKIWXMRKWYGLFEGMPPM
(ETWSRIMRQSXLIVtWQMPOQE]TVSHYGILIQSP]WMWMRXLIFEF]
%'59-6)( -11923()*-'-)2'= 7=2(631)-REGUYMVIHMQQYRSHIwGMIRG]W]RHVSQISV LYQER MQQYRSHIwGMIRG] ZMVYW TE
*-+96) 1YPXMTPIHIVQEXSwFVSQEPMOILMWXSMH PIWMSRW[LMGLEVIWSPMXEV]ERHGSRxYIRXMRE
TEXMIRX[MXLWYFTSPEVPITVSQEXSYWPITVSW]8LIMVYRMJSVQP]WLEVTQEVKMRWERHIV]XLIQEEVIMRGSRXVEWXXS
QSWXSJXLIPIWMSRWMR*MK
*-+96) 8LIWIQYPXMTPIFEVIP]TEPTEFPIIV]XLIQEXSYWERHEW]QTXSQEXMGPIWMSRWLEHFIIR
IVYTXMRKSZIVXLITVIZMSYWQSRXLWMREWYFTSPEVPITVSQEXSYWTEXMIRX;MXLXVIEXQIRXEWPIWMSRWVIQMX
XIHXLI]FIGEQIQMPHP]L]TIVTMKQIRXIH,IVIXLIEGGIRXYEXMSRSJXLIRSVQEPWOMRQEVOMRKWEVIMRGSR
XVEWXXSXLIMVIJJEGIQIRXMRXLIPIWMSRWMR*MK
-
XMIRXWPITVSW]LEWRSXFIIRVIKEVHIHEWERSTTSVXYRMWXMGMRJIGXMSR*SVI\EQTPIMR SRI WXYH] EGUYMVIH MQQYRSHIwGMIRG]W]RHVSQISVLYQERMQQYRSHIwGMIRG] ZMVYW HMH RSX ETTIEV XS MRxYIRGIHMWIEWII\TVIWWMSRXYFIVGYPSMHZWPITVSQEXSYW FYX[EW EWWSGMEXIH[MXLVIGYVVIRX(8, VIEGXMSRW ?WII(IPE]IH8]TI,]TIVWIRWMXMZMX]6IEGXMSR.STPMRKtW8]TI - 6IEGXMSR 9TKVEHMRK 6IZIVWEPSV(S[RKVEHMRK 6IEGXMSRWA WII I*MKMRSRPMRIIHMXMSR,S[IZIVVIGIRX VITSVXW SJ PITVSW] FIMRK HMEKRSWIH EW(8, VIEGXMSRW MR XLI WIXXMRKSJ LMKLP] EGXMZI ERXMVIXVSZMVEP XLIVET]WYKKIWXW XLEX GYVVIRX ZMI[WQE] RIIHVIZMWMSR
6)0%47-2+0)4637= 1YPXMFEGMPPEV] TEXMIRXW[LSEVIRSRGSQTPMERXSV[LSWIHMWIEWIHIZIPSTWHVYKVIWMWXERGIEVITVSRIXSVIPETWI7YGLMRHMZMHYEPWTVIWIRXMRWIZIVEP[E]W MRGPYHMRK EVITVMWISJ XLIMVMRMXMEP TVIWIRXEXMSR xSVMH HIVQEXSwFVSQEPMOI PIWMSRW LMWXSMH PIWMSRW EVIEGXMSREP WXEXI ERH E TSWXYVI SJLMKLIV VIWMWXERGI XLER XLIMV MRMXMEP TVIWIRXEXMSR JSV I\EQTPI ER MRMXMEPP] 00WTEXMIRXLEZMRK&0SVIZIR&8HMWIEWI
6IEGXMSREP7XEXIW
+IRIVMGEPP]XLIVIEGXMSREPWXEXIWSJPITVSW] EVI HMWXMRGXMZI XMWWYI HIWXVYGXMZIMRxEQQEXSV] TVSGIWWIW TYXEXMZIP] MQQYRSPSKMGEPP] HVMZIR XLEX KVIEXP] MRGVIEWIXLIQSVFMHMX]SJXLIHMWIEWIERHFIGEYWI SJ XLI I\TIVMIRGI VIUYMVIH JSVSTXMQEPTEXMIRXGEVINYWXMJ]PITVSPSK]EWEGPMRMGEPWYFWTIGMEPX];LIRTVIWIRXEVIEGXMSREP WXEXI MW WYTIVMQTSWIH YTSRXLIYRHIVP]MRKKVERYPSQEFYXXLIVIEGXMSREPWXEXIYWYEPP]HSQMREXIWXLIGPMRMGEPTMGXYVI;LIRXLI MQQYRIVIEGXMSRMRXIRWMwIWXMWWYIMRNYV]QE]IRWYI8SSSJXIRXLIVIEGXMSREPWXEXIWEVIHMWQMWWIHEWGSQTPMGEXMSRWSJXVIEXQIRXFYXXLI]QE]SGGYVFIJSVIXVIEXQIRX MW MRMXMEXIHSVEJXIVMXLEWFIIRGSQTPIXIH
()0%=)(8=4),=4)67)27-8-:-8=6)%'8-32.340-2+t7 8=4) - 6)%'8-32 94+6%(-2+6):)67%0 36 (3;2+6%(-2+ 6)%'8-327(8,VIEGXMSRWEVITEVXMGYPEVP]GSQQSRMR&0 TEXMIRXW FYX EVI RSX VEVI MR 00W&&SV&8TEXMIRXW4EXMIRXWQE]YTKVEHIXSEQSVIVIWMWXERXKVERYPSQEXSYWTSWXYVI VIQEMR YRGLERKIH SV HS[RKVEHIXSEPIWWVIWMWXERXTSWXYVI'PMRMGEPP] (8, VIEGXMSRW EVI GLEVEG
XIVM^IHF]XLIEFVYTXGSRZIVWMSRSJTVIZMSYWP] XSVTMHTPEUYIW XS XYQMH PIWMSRWERHF]RI[XYQMHPIWMSRWEVMWMRKMRGPMRMGEPP] RSVQEP WOMR [MXL SV [MXLSYX ER
EFVYTXSRWIXSJRIYVMXMW%TYVTPMWLGSPSVMW GLEVEGXIVMWXMGFYXQE]FI WYFXPI *MK -VMXMWERH P]QTLIHIQE IPITLERXMEWMW KVEIGSVYQ QE] FI GSRGSQMXERXGLERKIW1SVTLSPSKMGZEVMERXW MRGPYHIERRYPEV GSRGIRXVMG ERH IG^IQESYWGLERKIWWIII*MKERHI*MKW XLVSYKL MR SRPMRI IHMXMSR6EVIP]PIWMSRWEVIWSPMXEV]EWGERLETTIRMR &8 YTKVEHMRK XS 88 ERH EVI SJXIRQYPXMTPISVSGGEWMSREPP]Q]VMEHEWMR&0SV00W YTKVEHMRK XS&82IYVMXMW VERKIWJVSQ QMPH XS WIZIVI ERH GER FI HMWEWXVSYW MJ QYPXMTPI RIVZIW EVI MRZSPZIH(8,VIEGXMSRWEVISJXIREQSHISJTVIWIRXEXMSR ERH(8, VIEGXMSRW SGGYVVMRKWSSR EJXIV TVIWIRXEXMSR QE] [IPP LEZIFIIR(8,VIEGXMSRWJVSQXLIFIKMRRMRK1SWXGSQQSRMR XLIwVWX]IEVSJ XVIEXQIRX(8,VIEGXMSRWQE]SGGYVYTXS]IEVWSV PSRKIVEJXIVWXEVXMRKXLIVET]SV[IPPEJXIVXVIEXQIRXLEWWXSTTIH8LIHMEKRSWMW SJ E (8, VIEGXMSR MW TVMQEVMP]GPMRMGEP FYX LMWXSPSKMG GSRwVQEXMSR MJEZEMPEFPI WLSYPH FI WSYKLX [LIVI XLIQSWX GSQQSR wRHMRK MW IHIQE 3XLIVQMGVSWGSTMG GLERKIW MRGPYHI ITMXLIPMSMHHMJJIVIRXMEXMSR SJ QEGVSTLEKIW E QM\XYVISJ0ERKLERWERHJSVIMKRFSH]X]TIWSJKMERXGIPPWERHEXLMGOIRIHITMHIVQMW
)6=8,)1%23(37910)463791.340-2+t78=4)--6)%'8-32 )20 SGGYVW QSWX SJXIR MR00 MRYT XSTIVGIRXSJGEWIWFYX MWRSXVEVI MR&0TEXMIRXW -X MW MQTSVXERXXSETTVIGMEXIXLEX)20MWRSXIV
]XLIQE RSHSWYQ SGGYVVMRK MR PITVSW]MX MW E PITVSW]WTIGMwG VIWTSRWI [LMGLLEWWSQIJIEXYVIWMRGSQQSR[MXLIV]XLIQERSHSWYQWII'LET -XQE]SGGYVFIJSVIHYVMRKSVEJXIVGLIQSXLIVET]8LIQIHMERXMQISJSRWIXMWEPQSWX ]IEV EJXIV SRWIX SJ XVIEXQIRX 'PMRMGEPP] XLMW VIEGXMSR MW GLEVEGXIVM^IH F]GVSTWSJTEMRJYPERHXIRHIVFVMKLXTMROHIVQEP ERH WYFGYXERISYW RSHYPIW EVMWMRK MRGPMRMGEPP]RSVQEPWOMR MREWWSGMEXMSR [MXL JIZIV ERSVI\ME ERH QEPEMWI*MK WII I*MKW XLVSYKLMRSRPMRIIHMXMSR0IWMSRWQE]FI XEVKIXSMH ZIWMGYPEV TYWXYPEV YPGIVEXMZISVRIGVSXMG3JXLISXLIVSVKERWMRZSPZIHEVXLVEPKMEWERHEVXLVMXMWEVIQSVIGSQQSRMR)20XLEREVIRIYVMXMWEHIRMXMW SVGLMXMWITMHMH]QMXMW SV MVMXMW FYXIEGLQE] VEVIP]FI XLI MRMXMEPTVIWIRXEXMSR -RZSPZIQIRX SJ FSXL YTTIV ERHPS[IV I\XVIQMXMIW MW XLI VYPI ERH JEGMEPPIWMSRWSGGYVMRSRILEPJSJXLITEXMIRXW% RIYXVSTLMPMG PIYOSG]XSWMW MW SJXIRTVIWIRX SGGEWMSREPP] PIYOIQSMH MR HIKVII 7IZIVI ITMWSHIW GERFI EWWSGMEXIH[MXLEREFVYTXJEPPMRLIQEXSGVMXYTXSKH0 IEWMP] QMWXEOIR JSV HETWSRIMRHYGIH LIQSP]WMW 8LI MQTVSZIQIRX MRVIWTSRWI XS XLEPMHSQMHI MW HVEQEXMG MRKVIEXIVXLERTIVGIRXSJTEXMIRXWTIVLETWUYEPMJ]MRKEWEHMEKRSWXMGGVMXIVMSR;LIR )20 MW XLI TVIWIRXMRK QSHI SJPITVSW] XLIVI QE] FI PMXXPI SV RS WXMKQEXE SJ XLI YRHIVP]MRK QYPXMFEGMPPEV]HMWIEWI )20 QE] FI TVIGMTMXEXIH F]TVIKRERG]SVT]SKIRMGMRJIGXMSRW%PXLSYKLITMWSHIWSJ)20QE]FISG
GEWMSREP SV WTSVEHMG MR XLI QSVI WIZIVIP] MRZSPZIH TEXMIRXW ITMWSHIW GERFI JVIUYIRX XSZMVXYEPP]YRVIQMXXMRK -RXLIPEXXIVFVE[R]MRHYVEXMSRSJXLIERXIVMSV XLMKLW ERH PEXIVEP TSVXMSR SJ XLIEVQW MWGLEVEGXIVMWXMGTIVLETWEVIZIVWMFPIwFVSWMW8LIGSYVWISJ)20QE]FI
*-+96) 7SQISJ XLI MRMXMEPTVIWIRXMRK
PIWMSRWMRETEXMIRX[MXLEHIPE]IHX]TIL]TIVWIR
WMXMZMX] VIEGXMSR [LS LEH FSVHIVPMRI PITVSQEXSYW
PITVSW] 8LI XYQMHMX] TYVTPMWL LYIW ERH WLEVT
QEVKMREXMSR WXVSRKP] WYKKIWX E VIZIVWEP VIEGXMSR
8LI PIWMSRW [IVI RIMXLIV TEMRJYP RSV XIRHIV 8LI
HMJJIVIRGIW FIX[IIR XLIWI PIWMSRW ERH XLSWI
WLS[R MR*MKWERHIQTLEWM^IXLEX
XLIHIPE]IHX]TIL]TIVWIRWMXMZMX]VIEGXMSRRSXXLI
YRHIVP]MRKFSVHIVPMRI PITVSQEXSYWHMWIEWIHSQM
REXIWXLIGPMRMGEPTMGXYVI8LITEXMIRXEPWSLEHER
MVVIZIVWMFPIJSSXHVSTSJVIGIRXSRWIX
*-+96) 0IWMSRWSJIV]XLIQERSHSWYQ
PITVSWYQ MR E TEXMIRX [MXL PITVSQEXSYW PITVSW]
8LI FVMKLXTMRO GSPSV MW GLEVEGXIVMWXMG 8LIWI PI
WMSRW EVI IHIQEXSYW ERH TYWXYPI JSVQEXMSR MW
WYKKIWXIH8LIPIWMSRWEVITEMRJYPERHXIRHIV
-
TVSPSRKIHERHXLIQIHMERVIUYMVIHHYVEXMSRSJERXMMRxEQQEXSV]XVIEXQIRXMWETTVS\MQEXIP]]IEVW8LI HMEKRSWMW SJ )20 MJ GSRWMHIVIH
MWYWYEPP]RSXHMJwGYPXEWXLIGPMRMGEPERHLMWXSPSKMGJIEXYVIWEVIGLEVEGXIVMWXMGERHXLI VIWTSRWI XS XLEPMHSQMHI MW SJXIRHVEQEXMG,MWXSTEXLSPSKMGEPP] XLI WMKREXYVI GIPP
SJ)20MW XLIRIYXVSTLMP[LMGLQE]FIEFYRHERX WGERX SV EFWIRX MJ ER SPH PIWMSR MW WEQTPIH WII I*MKW XLVSYKL MRSRPMRIIHMXMSR3XLIVGSQQSR JIEXYVIW MRGPYHI ER MRGVIEWI MRP]QTLSG]XIWEXLMGOIRIHITMHIVQMWERHEPSFYPEVTERRMGYPMXMW:EWGYPMXMWMWYRGSQQSR 8LI YWYEP LMWXSPSKMG TEXXIVR MW EqFSXXSQ LIEZ]r MRwPXVEXI TVIJIVVMRK XLIHIITHIVQMWERHWYFGYXMW
09'-34,)231)232 1SWX TVIZEPIRX MR1I\MGSERHXLI'EVMFFIERVIKMSR0YGMSTLIRSQIRSR MW VIWXVMGXIH XS TEXMIRXW[MXL WSGEPPIH 0EXETM PITVSQEXSWMW 0YGMSPITVSW]XLEXGSRWMWXWSJHMJJYWIGYXERISYWMRwPXVEXMSREW[IPPEWETYVTPMWLWYJJYWMSRSJXLILERHWERHJIIXXIPERKMIGXEXMGQEXWSV IVYTXMZI XIPERKMIGXEWMEW REWEP WITXYQTIVJSVEXMSR XSXEP EPSTIGME SJ I]IFVS[WERHI]IPEWLIWERHSJXIR7+47-*MVQWYFGYXERISYW RSHYPIW EVI TEPTEFPI FYXRSXZMWMFPI3GYPEVWTEVMRKMWXLIVYPI0YGMS TLIRSQIRSR YWYEPP] SGGYVW MR
[IPPHIZIPSTIHYRXVIEXIH0EXETMPITVSQEXSWMW,IQSVVLEKMG MRJEVGXW EVMWI MR GVSTWERHLEZIXLIWIVVEXIHQEVKMRWGLEVEGXIVMWXMGSJWITXMGMRJEVGXW*MKWIII*MKWERH MRSRPMRIIHMXMSR0IWMSRWEVITEMRJYPFYXRSXXIRHIVXSTEPTEXMSR 0IWMSRW YWYEPP] GVYWX ERHQE] LIEP[MXL WXIPPEXI WGEVMRK 9PGIVEXMSR MW GSQQSRIWTIGMEPP]FIPS[XLIORIIW0IWMSRWZEV]MRWM^IERHI\XIRXVERKMRKJVSQEJI[WQEPPPIWMSRWSRXLIEROPIWXSQER]PEVKIPIWMSRWTPEGMRKPMJIMRTIVMP;MXLHETWSRIEPSRIPIWMSRWQE][SVWIRFYXMRSYVI\TIVMIRGI[MXLSRII\GITXMSRRI[PIWMSRWGIEWIH [MXLMR [IIO SJ FIKMRRMRKVMJEQTMR 1MGVSWGSTMG GLERKIW MRGPYHIMWGLIQMG RIGVSWMW SJ XLI ITMHIVQMW HIITHIVQEP ZIWWIP SGGPYWMSR F] IRHSXLIPMEPTVSPMJIVEXMSR ERH LIEZ] TEVEWMXM^EXMSR SJIRHSXLIPMEP GIPPW F] EGMHJEWX FEGMPPM WIII*MKMRSRPMRIIHMXMSR
,-7834%8,303+=
0%&36%836=8)787
-QQYRSTEXLSPSK]ERH-QQYRSPSK]
-RZIWXMKEXMSR MRXS XLI MQQYRSPSK] SJPITVSW]SJJIVWXLVIITVSQMWIWEFIX
XIVYRHIVWXERHMRKSJXLIHMWIEWIMXWIPJMRTEVXMGYPEV XLI MQQYRSTEXLSKIRIWMW SJXLIKVERYPSQEXSYWWTIGXVYQERHXLIVIEGXMSREPWXEXIWIVEHMGEXMSRSVGSRXVSPSJXLIHMWIEWIF]ZEGGMREXMSRERHETVSFISJ'1-MRLYQERWXLEX[LIRYRHIVWXSSHMRXLIQSHIPSJPITVSW][MPPMPPYQMREXISXLIVHMWIEWITVSGIWWIW
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MRKQMGVSFMGMHEP XVIEXQIRX SV EKMRKSJ XLI PIWMSR 0IWMSRW EVITEMRJYP FYXRSX XIRHIV8LI TEXMIRX LEW
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RSTEXLSKIRIWMWSJXLI0YGMSVIEGXMSR)\XERX IZMHIRGI JEZSVW MQQYRI GSQTPI\QIHMEXMSR8LIEFYRHERXEGMHJEWXFEGMPPMMRIRHSXLIPMEPGIPPWGSYPHFIXLISTXMQYQPSGEXMSRJSVTVIWIRXEXMSRSJERXMKIRXSERXMFSH] -XWQIGLERMWQHSIWETTIEVXSHMJJIVJVSQXLEXSJ)20MRXLEXXLIVIMWPMXXPI ITMHIVQEP I\TVIWWMSR SJ ,0%(6JVEQI[SVOERXMKIR
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4VMQEV]0IWMSRW
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d 4ETYPEVXSRSHYPEVPIWMSRW-RXLIHIVQMW PITVSW]QE]QMQMGSVFIQMQMGOIH F] HIVQEXSwFVSQEW IVYTXMZILMWXMSG]XSQEWP]QTLSQEWWEVGSMHSWMW ERH SXLIV KVERYPSQEW )VYTXMZIERH VIGYVVIRX MRxEQQEXSV] WYFGYXERISYWRSHYPIWQE]FI)20IV]XLIQERSHSWYQ IV]XLIQE MRHYVEXYQ ZEWGYPMXMW IXG 4EPTEFPI FYX RSX ZMWMFPIWYFGYXERISYWRSHYPIWMR0EXETM PITVSQEXSWMWQE]QMQMGPMTSQEW
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QIRXIH TPEUYIW QE] QMQMG TETYPSWUYEQSYW IVYTXMSRW -WPERHW SJRSVQEP WOMR [MXLMR E TPEUYI QE]WYKKIWXTWSVMEWMW
d 4SP]QSVTLSYWZIWMGYPSFYPPSYWIVYTXMSRW 0IWMSRW QMQMGOMRK EYXSMQQYRIFPMWXIVMRKHMWIEWIQE]SGGYVMR)209TXSTIVGIRXSJ00TEXMIRXWLEZIERERXMFSH]HMVIGXIHXSHIWQSKPIMR -QQYRSKPSFYPMR 1 MW RSXYRGSQQSR EX XLI ITMHIVQEP FEWIQIRXQIQFVERIMR00
d %RRYPEVPIWMSRW0ITVSW]QE]QMQMGSV FI QMQMGOIH F] ERRYPEV IV]XLIQEWWEVGSMHSWMWW]TLMPMWSVXMRIE
7IGSRHEV]0IWMSRW
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I\XVIQIP] LIPTJYP MR WYKKIWXMRK SV GSVVSFSVEXMRK E HMEKRSWMW SJ PITVSW] FYXI\GITXMRK XLI TVIWIRGI SJ ITMXLIPMSMHGIPP KVERYPSQEW[MXLMR RIVZIW EVI RSXEFWSPYXIP]HMEKRSWXMG
*EPWI2IKEXMZIW
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3GGYPEV(MWEFMPMX]
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(MWEFMPMX]SJ,ERHWERH*IIX
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IRHSXLIPMEP MRZSPZIQIRX SJ HIIT ZIMRZEPZIWPIEHWXSWXEWMWHIVQEXMXMWERHPIKYPGIVW1EREKIQIRX ERH TVIZIRXMSR SJ XLI
TVSFPIQW EVMWMRK JVSQ RIVZI MRNYV] VIUYMVI XLI WOMPPWSJSVXLSTIHMG WYVKISRWSTLXLEPQSPSKMWXW TSHMEXVMWXW TPEWXMGWYVKISRW TL]WMGEP XLIVETMWXW SVXLSXMWXWERHSGGYTEXMSREPXLIVETMWXW
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XMZMX]FYX7+47-QE]TVSKVIWW4IVMTLIVEP RIYVMXMW SJ VIGIRX SRWIX QE] MQTVSZI [MXL GSVXMGSWXIVSMH XVIEXQIRX0MOIXLITSWXTSPMSW]RHVSQIPEXIEVMWMRK WIRWSV] MQTEMVQIRX MW WSQIXMQIWIIR ERH MW HMJwGYPX XS YRHIVWXERH ERHXSQEREKI
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1IHMGEPQEREKIQIRX MWHMVIGXIHEX XLIMRJIGXMSRMXWIPJERHMJTVIWIRXEXEVIEGXMSREPWXEXI&S\IWERH%WQIRXMSRIH MR )XMSPSK] ERH 4EXLSKIRIWMWETEXMIRXMWGSRWMHIVIHXSFIqTEYGMFEGMPPEV]rMJRSEGMHJEWXFEGMPPMEVIJSYRHMRXMWWYISVWQIEVWERHXSFIqQYPXMFEGMPPEV]r MJ SRI SV QSVI EGMHJEWX FEGMPPMEVIJSYRH4PIEWIWII&S\JSV XLIHMJJIVIRXVIKMQIRWVIGSQQIRHIHF]XLI;SVPH ,IEPXL 3VKERM^EXMSR ;,3
ERH XLI 9 7 4YFPMG ,IEPXL 7IVZMGI974,7
8LI VEXMSREPI JSV VIGSQQIRHMRKXLVII HVYK VIKMQIRW MW XLEX VMJEQTMRFEGXIVMGMHEP[MPPOMPP EPP WYWGITXMFPISVKERMWQW MRGPYHMRK XLSWI VIWMWXERX XSHETWSRI FEGXIVMSWXEXMG ERH HETWSRI[MPPIZIRXYEPP]IPMQMREXIEPPWYWGITXMFPISVKERMWQW MRGPYHMRK XLSWI VIWMWXERX XSVMJEQTMR 'PSJE^MQMRI [IEOP] FEGXIVMGMHEPQEMRP]FEGXIVMSWXEXMG MWEHHIHXSSFZMEXIXLIVMWOSJTVMQEV]HETWSRIVIWMWXERGI8LIEFWIRGISJVSYXMRIJSPPS[YT MR XLI;,3VIGSQQIRHEXMSRWTIV
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LETW VIxIGXW I\TIGXEXMSRW SJ E PS[ VIPETWIVEXIEW[IPPEWEPS[VEXISJTSWXXVIEXQIRX VIEGXMSREP WXEXIW 8LI TVIWIRGISJWIQMERRYEPJSPPS[YTZMWMXWJSVYTXS]IEVWMRXLI974,7VIGSQQIRHEXMSRW TIVLETW VIxIGXW E HMJJIVMRKSTMRMSR EW XS XLI JVIUYIRG] SJ RSRGSQTPMERGIFEGXIVMEPVIPETWIERHTSWXXVIEXQIRXVIEGXMSREPWXEXIW8LI VEXI SJ VIPETWI EJXIV GSQTPIXMSR
SJEXVMTPIHVYKVIKMQIRMWGSRXVSZIVWMEP1SWXSFWIVZIVWGSRGYV[MXLXLI;,3
XLEXVIPETWIMWVEVI%WQEPPFYXKVS[MRKQMRSVMX] LEZI TVIWIRXIH IZMHIRGI XLEXVIPETWI MWE WIVMSYWTVSFPIQETTVSEGLMRK TIVGIRX ]IEVW EJXIV WXSTTMRKXVIEXQIRX MR TEXMIRXW[MXL E&-SJ SVQSVIi 7LIXX] IX EPLEZI VITSVXIHSRVIPETWIWLEZIVIZMI[IHXLISXLIVVITSVXWERHLEZISJJIVIH VIEWSRW JSV XLIGSRXVSZIVW] 3RI KVSYT VITSVXIH VIPETWIW FIKMRRMRK ]IEVW EJXIV GSQTPIXMSRSJ]IEVWSJ XVMTPIHVYK XLIVET]
8[SKVSYTWVITSVXIHVIPETWIEJXIVWQIEV
RIKEXMZMX] LEH SGGYVVIH %PWS E ]IEV GSYVWI SJ XVIEXQIRX LEH E LMKLIVVIPETWI VEXI XLERHMH E ]IEV GSYVWI
8LI VITSVXIH VIPETWIW EVI RSX GSRWMHIVIH XS FI VIMRJIGXMSR 3TMRMSR ZEVMIWEW XS LS[ XS GSTI[MXL XLMW TVSFPIQ8LI;,3 TPER HITIRHW YTSR XLI TEXMIRXtW WIPJVIJIVVEP 8LI974,7 VIGSQQIRHEXMSRW[SYPHEPPS[VIWYQTXMSRSJXVIEXQIRX FEWIH YTSR E TL]WMGMERtWIZEPYEXMSR%RSXLIVETTVSEGLMWXSGSRXMRYI HETWSRI EPSRI MRHIwRMXIP] EJXIVGSQTPIXMRKQYPXMTPIHVYKXLIVET]-R EHHMXMSR XS VMJEQTMR ERYQFIVSJ
ERXMFMSXMGW LEZI TSXIRX FEGXIVMGMHEP EGXMZMX] MRGPYHMRK QMRSG]GPMRI GPEVMXLVSQ]GMRERHXLIxYSVSUYMRSPSRIWSxS\EGMR ERH PIZSxS\EGMR 8EOMRK E WMRKPIHSWISJXLVIIHVYKWVMJEQTMRSxS\EGMRERH QMRSG]GPMRI MW FIMRK WXYHMIH EWXVIEXQIRXJSVTEYGMFEGMPPEV]HMWIEWIFYXXLI VIPETWI VEXI LEW RSX FIIR HIXIVQMRIH &IGEYWI SJ XLIMV I\TIRWI XLIYWISJXLIEFSZIEKIRXWSREHEMP]FEWMW
MWTVSLMFMXMZIMRXLIEVIEW[LIVIPITVSW]MWGSQQSRERHLIEPXLGEVIJYRHWWGEVGI%PWSMXMWRSXORS[RMJWSQIGSQFMREXMSRW SJ XLIWI TSXIRX QMGVSFMGMHEPEKIRXWEREXXVEGXMZIMHIEETVMSVMERHF]EREPSK]XSXYFIVGYPSWMW[SYPHLEZIER]EHZERXEKI SZIV XLI ;,3 ERH 974,7VIGSQQIRHEXMSRW FYX XLI] [IVI [IPPXSPIVEXIHMREWQEPPXVMEP
&IGEYWIXLIMRGMHIRGISJTVMQEV]HETWSRIVIWMWXERGIMWPS[MRSYVQYPXMFEGMPPEV]TEXMIRX TSTYPEXMSR[ISJXIR YWIXLI GSQFMREXMSR SJ VMJEQTMR QKHEMP]ERHHETWSRIQKHEMP] JSVXS]IEVW8LIRXLIGLSMGISJGSRXMRYMRK HETWSRI MRHIwRMXIP] SV GSRJVSRXMRKER YRGIVXEMR VIPETWI VEXI MW HMWGYWWIH[MXLXLITEXMIRX-R VIZIVWEP VIEGXMSRW WII&S\
FIGEYWISJ XLIVMWOSJTIVQERIRXRIVZIHEQEKI TVSQTX MRWXMXYXMSR SJ TVIHRMWSRI XLIVET] XS QKOKHE] MWVIGSQQIRHIH8LIHSWISJTVIHRMWSRIMW XMXVEXIH EKEMRWX SZIVX RIVZI XIRHIV
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8SVIXYVRTVR1& QKQS QKHE] QKHE] ]V 2SQERHEXIHJSPPS[YT
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1& QKHE] QKHE] QKHE] ]V %XQSMRXIVZEPWJSV]V
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1&!QYPXMFEGMPPEV]SVSVQSVIEGMHJEWXFEGMPPMJSYRHSRWQIEVSJFMSTW]4&!TEYGMFEGMPPEV]SVRSEGMHJEWXFEGMPPMJSYRHSRWQIEVSVFMSTW]
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8,%0-(31-()46)(2-732)3646)(2-73032) (96%8-32
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6IZIVWEPVIEGXMSRWX]TIVIEGXMSRW
3JRSZEPYI iQKOK 9WYEPP]RIIHIHJSVQSi]V1E]FIPSRKIVSVWLSVXIV
2SRWXIVSMHEPERXMMRxEQQEXSV]EKIRXW6MJEQTMRQE]MRGVIEWI
XLIMVGEXEFSPMWQ8ETIVWPS[P]%PXIVREXIHE]XVIEXQIRXQE]FI[IPPXSPIVEXIH
)V]XLIQERSHSWYQPITVSWYQX]TI--VIEGXMSRW
8LIQSWXIJwGEGMSYWHVYKMJEZEMPEFPIERHRSXGSRXVEMRHMGEXIH
-JXLEPMHSQMHIRSXEZEMPEFPIiQKOKHE]
1IHMERHYVEXMSRSJXVIEXQIRXMWETTVS\MQEXIP]]V'ERTIVWMWXJSV]V
4IRXS\MJ]PPMRI
-RMXMEPP]HSWISJiQKUHLW
1EMRXEMREFPIHSWIVERKIQKIZIV]SXLIVHE]XSQKHEMP]
0YGMSTLIRSQIRSRYWYEPP]GIEWIW[MXLYWISJEQMGVSFMGMHEPEKIRX
3JRSZEPYI 1E]FILIPTJYP h 4PEWQETLIVIWMWVITSVXIHEWLIPTJYPMRYRVIQMXXMRKTEXMIRXW
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RIWWXLITEXMIRXtWW]QTXSQWERHGEVIJYPWIRWSV]IZEPYEXMSRSJLERHWERHJIIXJSV I\EQTPI [MXL KVEHIH 7IQQIW;IMRWXIMRwPEQIRXW8LIVET]WLSYPHFIXETIVIH WPS[P] ERH XLI TEXMIRX GEYXMSRIHXLEXQSRXLWSVQSVISJTVIHRMWSRIQE]FIRIIHIH-JXLIVIWTSRWISJERIYVMXMW XSTVIHRMWSRI MW RSXTVSQTXXLIRVIWXIRJSVGIH[MXLWTPMRXMRKSJEJJIGXIHI\XVIQMXMIWMWEHZMWIH-R )20 WII &S\ XLEPMHSQMHI
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xEQQEXSV]EKIRXWGPSJE^MQMRISVTIRXS\MJ]PPMRILEWFIIR JSYRH YWIJYP F] WSQI FYX LEZIFIIRHMWETTSMRXMRKMRSYVLERHW
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%HZIVWIVIEGXMSRWXSHETWSRIWII'LET MR XLIWLSVX XIVQMRGPYHIXLIHETWSRIW]RHVSQIEVEVITSXIRXMEPP]JEXEPMRJIGXMSYW QSRSRYGPISWMWPMOI GSRHMXMSRERHXLVIIOMRHWSJLIQSP]XMGERIQME EPQSWX YRMZIVWEPP] JVSQ E HMVIGXQIQFVERI IJJIGX YRGSQQSRP] JVSQ EKPYGSWITLSWTLEXI HIwGMIRG] ERHVEVIP]JVSQERMHMSW]RGVEXMGVIWTSRWI-R
XLI PSRK XIVQ HETWSRI MW EWWSGMEXIH[MXL TIVMTLIVEP RIYVSTEXL] YWYEPP]QSXSV[MXLE WIRWSV]GSQTSRIRXERHVEVIP]FSRIQEVVS[WYTTVIWWMSRIWTIGMEPP]EKVERYPSG]XSWMW8LIWIVMSYWTVSFPIQ[MXLVMJEQTMRMW
LITEXSXS\MGMX] 6IH YVMRI MW EPEVQMRKFYX FEREP %W E 4 MRHYGIV VMJEQTMRQE]PIWWIRXLIIJJIGXSJSXLIVHVYKWJSVI\EQTPI SVEP GSRXVEGITXMZIW ERH GSVXMGSWXIVSMHW 3RGIQSRXLP] YWI MW VEVIP]EWWSGMEXIH [MXL WIZIVI LIQSP]WMW SVEGYXIVIREPJEMPYVI'PSJE^MQMRITVSHYGIWWOMRHEVOIRMRK
JVSQ XLI GPSJE^MQMRI MXWIPJ MR XLIRIEVXIVQ ERH JVSQ E GIVSMHPMTSJYWGMR TMKQIRXMRXLIPSRKXIVQWIII*MKMR SRPMRI IHMXMSR %X YWYEP HSWIW SJXSQKEHE]KEWXVSMRXIWXMREPMRXSPIVERGIHV]WOMRERHEGUYMVIHMGLXL]SWMWEVIGSQQSR4VSPSRKIHEHQMRMWXVEXMSRSJPEVKIHSWIWQE]TVSHYGIERSZIPIRXIVSTEXL] WIGSRHEV] XSQYGSWEP ERHIRXIVMG P]QTLRSHIHVYKEGGYQYPEXMSR%GGYQYPEXMSRMRXLIWTPIIRQE]TVIHMWTSWIXSVYTXYVI8LEPMHSQMHI WII 'LET MRJE
QSYW JSV XIVEXSKIRMGMX] QE] TVSHYGIGSRWXMTEXMSR ERH HM^^MRIWW 2IYVMXMW EGSQQSR WMHI IJJIGX MR RSRPITVSW] TEXMIRXW ETTIEVW XS FI VEVI MR )20 TEXMIRXW %R MHMSW]RGVEXMG MRXSPIVERGI MWYRGSQQSR0SRKXIVQYWISJQMRSG]GPMRIQE]FI
PMQMXIH F] L]TIVTMKQIRXEXMSR QSVIGSQQSR MR PITVSW] XLER MR EGRI TIVLETW VIPEXIH XS XLI PEVKI EGGYQYPEXMSRSJ QEGVSTLEKIW MR PITVSW] ;I LEZIWIIR FSXL HMJJYWI L]TIVTMKQIRXEXMSRERH MRXIRWI L]TIVTMKQIRXEXMSR EX XLIWMXISJPIWMSRWYWYEPP]SRXLIPIKWSVJIIXWII I*MKMRSRPMRIIHMXMSR'SVXMGSWXIVSMHW MR EHHMXMSR XS XLIMV
[IPPORS[RWMHIIJJIGXWQE]EPWSI\EGIVFEXIGSI\MWXMRKHMWIEWIWJSVI\EQTPIXYFIVGYPSWMWLITEXMXMW&ERHWSQITEVEWMXMGGSRHMXMSRW
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4VSXSGSPW IRHIEZSVMRK XS GSRXVSP PITVSW]F] ZEGGMREXMSR YWYEPP] GSRWMWX SJ FEGMPPI'EPQIXXI+YVMREPSRIZMEFPIFEGMPPI'EPQIXXI+YVMR MRGSQFMREXMSR[MXLOMPPIH1PITVEISVOMPPIH1PITVEIEPSRI1SWXWXYHMIWWYTTSVXEVIHYGXMSRMRPITVSW]MRGMHIRGI VSYKLP]SRIXLMVH MRXYFIVGYPSMHGEWIW GSRWMHIVEFP] PIWW MR PITVSQEXSYW8LI VIGIRX SFWIVZEXMSR XLEX PMTMH ERH PMTSKP]GERERXMKIRWEVITVIWIRXIHXS8GIPPW'(i'(i'(F]'(GIPPWSTIRWXLIHSSVXSIRXMVIP]RI[ZEGGMREXMSRTVSXSGSPW3XLIVTVIZIRXMZIQIEWYVIWWYGLEWMWSPEXMSRSJTEXMIRXWSVXVIEXQIRXSJTEXMIRX GSRXEGXW [MXL ERXMQMGVSFMEPW LEZIFIIRHMWETTSMRXMRK
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8LIJYPPVIJIVIRGIPMWXJSVEPPGLETXIVWMWEZEMPEFPIEX[[[HMKQGSQ
'SPI78IXEP1EWWMZIKIRIHIGE]MRXLIPITVSW]FEGMPPYW2EXYVI
8VYQER60ITVSW] MR[MPHEVQEHMPPSW0ITV6IZ
/VYX^MO76IXEP806EGXMZEXMSRXVMKKIVWXLI VETMH HMJJIVIRXMEXMSR SJ QSRSG]XIWMRXS QEGVSTLEKIW ERH HIRHVMXMG GIPPW2EXYVI1IH
1MVE8IXEP7YWGITXMFMPMX]XSPITVSW]MWEWWSGMEXIH [MXL 4%6/ ERH 4%'6+2EXYVI
8VMRHEHI1%IXEP0ITVSW]ERH,-:GSMRJIGXMSR 0ITV6IZ
7GSPPEVH(1IXEP8LIGSRXMRYMRKGLEPPIRKIW SJ PITVSW] 'PMR 1MGVSFMSP 6IZ
6IE8,0IZER2)0YGMStWTLIRSQIRSRERH HMJJYWI RSRRSHYPEV PITVSQEXSYWPITVSW]%VGL(IVQEXSP
1SWGLIPPE70%RYTHEXISRXLIHMEKRSWMWERHXVIEXQIRXSJPITVSW].%Q%GEH(IVQEXSP
;SVPH ,IEPXL 3VKERM^EXMSR ,IEPXL8STMGWLXXT[[[[LSMRXXSTMGWIR
7LIXX] :( IX EP 'PMRMGEP LMWXSPSKMGEPERHFEGXIVMSPSKMGEP WXYH]SJ VIJIVVEP1&GEWIWVIPETWMRKEJXIV1(80IT6IZ