Geek My Ride : Build the Ultimate Tech Rod (ExtremeTech)

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4EVX---*SYRHEXMSR4VSNIGXW                          'LETXIV &YMPHMRKE7MRKPI7SYVGI%:7]WXIQ                       'LETXIV -RXIKVEXMRKE+EQI'SRWSPI                           'LETXIV %HHMRKE+IRIVEP4YVTSWI4'                          'LETXIV -RWXEPPMRKE1IHME'IRXIV4'                          'LETXIV -RWXEPPMRKE+EQMRK4'                             

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'SRXIRXW *SVI[SVH                                    \M\ %GORS[PIHKQIRXW                               \\MMM -RXVSHYGXMSR                                  \\Z

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

4EVX---*SYRHEXMSR4VSNIGXW 'LETXIV&YMPHMRKE7MRKPI7SYVGI%:7]WXIQ               ;LEX=SY2IIH                                     4PERRMRK;LEXXS-RWXEPP                                'LSSWIXLI7]WXIQXS-RWXEPP                           'LSSWIXLI(MWTPE]                                'LSSWIER%YHMS7SPYXMSR                           

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'LETXIV-RXIKVEXMRKE+EQI'SRWSPI                   ;LEX=SY2IIH                                     4PERRMRK;LEXXS-RWXEPP                                'LSSWIXLI7]WXIQXS-RWXEPP                           'LSSWIXLI(MWTPE]                                'LSSWIER%YHMS7SPYXMSR                            (IXIVQMRI;LIVIXS-RWXEPPXLI7]WXIQ                     (S=SY2IIHXS'SRJMKYVIER%:7[MXGL#                   -RWXEPPMRKXLI+EQI'SRWSPI                              7XIT 'SRJMKYVIXLI7XIVISXS6IGIMZI%YHMS                  7XIT 6YRXLI%:'EFPIW                           7XIT %TTP]:IPGVS                               7XIT -RWXEPPXLI7]WXIQ                             7YQQEV]                                       

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'SRXIRXW 'LETXIV-RWXEPPMRKE1IHME'IRXIV4'                  'LSSWMRKER3TIVEXMRK7]WXIQ                             7SJX[EVI+IEVIHJSV'EV4'W                              'LSSWMRK1IHME'SQTSRIRXWXS-RWXEPP                        ;EXGL=SYV4S[IVF]'SRWSPMHEXMRK                      'LSSWMRKXLI4S[IV7YTTP]                           (SR¬X3ZIVHSXLI4VSGIWWSVERH6%1                     &Y]MRKE4VIFYMPX7]WXIQ                             %HHMRKE(:(4PE]IV                              %HHMRK8IPIZMWMSR%GGIWW                             %HHMRKER%1*16EHMS                            %HHMRKE(MKMXEP4LSXS6IEHIV                          %HHMRKE4''EVH(VMZI                             %HHMRK*MVI;MVIŒ                                 'SQTSRIRXWERH8SSPW2IIHIH                             4VITEVMRK=SYV4'JSV'EV-RWXEPPEXMSR                         7XIT &YMPHMRKXLI4'                             7XIT -RWXEPPERH%GXMZEXIXLI3TIVEXMRK7]WXIQ                7XIT -RWXEPP2IGIWWEV](VMZIVWERH7SJX[EVI                  7XIT -RWXEPP+EQIWERH'SQQSR%TTPMGEXMSRW                7XIT 8YVRSR,MFIVREXMSR7YTTSVX                      7XIT 9THEXI=SYV7SJX[EVI                          3XLIV2IEX%TTPMGEXMSRWXS8V]                             -RWXEPPMRKXLI4'MR=SYV'EV                              7XIT 7[ET4S[IV7YTTPMIW                           7XIT -RWXEPPXLI(MWTPE]                            7XIT 4PEGIXLI'SQTYXIV                            7XIT 'SRRIGXXLI(MWTPE]ERH4IVMTLIVEPW                   7XIT 8YVR-X3R                                7YQQEV]                                       

'LETXIV-RWXEPPMRKE+EQMRK4'                      'LSSWMRKER%TTVSTVMEXI4VSGIWWSV                           6IXVSJMXXMRKE0ETXST-RWXIEHSJ&YMPHMRKE'SQTYXIV             (SR¬X-RWXEPP7YTIV,MKL4IVJSVQERGI4'W                   /IIT-XMRXLI8VYRO                               'SQTSRIRXWERH8SSPW2IIHIH                             4VITEVMRK=SYV4'JSV'EV-RWXEPPEXMSR                         7XIT &YMPHMRKXLI4'                             7XIT -RWXEPPERH%GXMZEXIXLI3TIVEXMRK7]WXIQ                7XIT -RWXEPP2IGIWWEV](VMZIVWERH7SJX[EVI                  7XIT -RWXEPP+EQIWERH'SQQSR%TTPMGEXMSRW                7XIT 8YVRSR,MFIVREXMSR7YTTSVX                      7XIT 9THEXI=SYV7SJX[EVI                          3XLIV2IEX%TTPMGEXMSRWXS8V]                            

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'SRXIRXW -RWXEPPMRKXLI4'MR=SYV'EV                              7XIT 7[ET4S[IV7YTTPMIW                           7XIT -RWXEPPXLI(MWTPE]                            7XIT 4PEGIXLI'SQTYXIV                            7XIT 'SRRIGXXLI(MWTPE]ERH4IVMTLIVEPW                   7XIT 8YVR-X3R                                7YQQEV]                                       

4EVX-:%HZERGIH4VSNIGXW 'LETXIV%HHMRK-RXIVRIX%GGIWW                      'SQTSRIRXWERH8SSPW2IIHIH                             'LSSWMRKXLI'SRRIGXMSR1IXLSH                           'IPP4LSRI-RXIVRIX%GGIWW                            'SRRIGXMRKZMEE'IPP4LSRI                           ;M*MERHE F ERHK                           'LSSWMRKE;M*M%HETXIVJSV=SYV'EV                     &PYIXSSXL'ETEFPI4LSRIW                            7EXIPPMXI-RXIVRIX7]WXIQW 2SX;SVXLXLI1SRI] =IX             *YXYVI8IGLRSPSKMIW ;M1E\ERH*0%7,3*(1               +IXXMRK'SRRIGXIH                                   'SRRIGXMRKZME'IPP4LSRI                            'SRRIGXMRKZME;M*M                              %HHMRKE97&,YFXS=SYV(EWL                            4VITEVIXLI%WLXVE]                                (VMPPXLI1IXEP                                  'YXXLI4PEWXMG                                  -RWXEPPXLI,YF                                  6YRXLI'EFPIXS=SYV'EV'SQTYXIV                      8IWX=SYV,YF                                  7IGYVI=SYV'SRRIGXMSR                                 7YQQEV]                                       

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*-+96)  6MRKERHWTEHIGSRRIGXSVW

8LMWTVSNIGXVIUYMVIWEWQEPPEQSYRXSJWSPHIVMRK[SVOFIGEYWI]SY[MPPRIIHXSI\XIRHWSQI [MVIW

-J]SYHIGMHIRSXXSPIXXLIMKRMXMSRW[MXGLHIGMHI[LIXLIVTS[IVGERFIWYTTPMIH ]SYQE]VYR MRXSWSQIMWWYIW[MXLHVEMRMRK]SYVFEXXIV] *SVI\EQTPI MJ]SYGSRXMRYSYWP]TVSZMHITS[IVXS ]SYVHIZMGIWERH]SYJSVKIXXSXYVRXLIQSJJ[LIR]SYPIEZI]SYVGEV ]SYGSYPHGSQIFEGOXSE HIEHFEXXIV] %R%'MRZIVXIVYWYEPP]KIXWEVSYRHXLMWTVSFPIQFIGEYWIQER]MRZIVXIVWGER WIRWI[LIREFEXXIV]MWGPSWIXSFIMRKJYPP]HVEMRIHERHWXSTHVE[MRKTS[IV ;LIRGSRRIGXIH HMVIGXP]XSXLIFEXXIV] ]SYHSR¬XLEZIWYGLEPY\YV]ERHQE]RSXFIEFPIXSWXEVX]SYVGEV ;EVRMRK

-XMWMQTIVEXMZI XLEX]SYOIITXLIFEXXIV]HMWGSRRIGXIHXLIIRXMVIXMQI]SYHSXLMWTVSNIGX-HSR¬X [ERX]SYKIXXMRKWLSGOIHSVMRNYVIHJVSQTPE]MRK[MXLPMZI[MVIW8LISRP]XMQI]SYVFEXXIV] WLSYPHFIGSRRIGXIHMW[LIR]SYKSXSXIWXXLEXTS[IVMWWYGGIWWJYPP]VYRRMRKXSXLIFEXXIV]XIV QMREPGSQTYXIVSVHIZMGI-J]SYEVIRSXGSQJSVXEFPI[SVOMRK[MXLTS[IVW]WXIQWERHGEFPMRK ]SYWLSYPHEWOETVSJIWWMSREPMRWXEPPIVXSHSXLMWTEVXJSV]SY3RGI]SYLEZIHMWGSRRIGXIHXLI QEMR YWYEPP]VIH TSWMXMZIFEXXIV]GEFPIMXMWFIWXXSOIITMXMRETPEWXMGFEK[IPPE[E]JVSQXLI FEXXIV]XIVQMREPYRXMP]SYRIIHXSVIGSRRIGXMX





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

/RS[=SYV'EV¬W;MVMRK(MEKVEQW8LSVSYKLP] -XTE]WXSFITVITEVIH FSXLMRXIVQWSJWEJIX]ERHMRWEZMRKXMQIWTIRXJM\MRKXLMRKW LSTIJYPP] RSRIMWRIGIWWEV]  &IJSVI]SYGSRRIGXER]HIZMGIHMVIGXP]XS]SYVGEV¬WTS[IVW]WXIQ ]SYLEH FIXXIVORS[[LEX]SY¬VIGSRRIGXMRKXS &]JEVXLIIEWMIWX[E]XSHSXLMWMWF]WXYH]MRK]SYVGEV¬W [MVMRKHMEKVEQ ;MVMRKHMEKVEQWWLS[]SYIZIV]IPIGXVMGEPW]WXIQMR]SYVGEV LS[XLIIPIGXVM GEPW]WXIQMWGSRRIGXIHXSSXLIVW]WXIQW WYGLEWXLIGEV¬WFEXXIV]ERHEPXIVREXSV  EW[IPPEWEPP [MVIGSPSVW JYWIW ERHSXLIVMQTSVXERX[MVMRKHIXEMPW ;MVMRKHMEKVEQWEVISJXIREZEMPEFPIMRFSSOSVPSSWIPIEJJSVQJVSQ]SYVGEVHIEPIVMJ]SYVGEV MWR¬XXSSSPH XLIWIVZMGIHITEVXQIRXGERPMOIP]KIXQERYEPWJVSQEXPIEWX]IEVWEKS  SRPMRI JVSQQERYJEGXYVIVWERHEYGXMSRWMXIW XLMVHTEVX]WYTTPMIVW ERHEYXSIRXLYWMEWXGPYFWJSV]SYV TEVXMGYPEVZILMGPI 1]1E^HEHIEPIV[EWOMRHIRSYKLXSPIXQIKSXSEPSGEPWXSVIERHTLSXS GST]XLIMVW EXQ]I\TIRWI SJGSYVWI  -J]SYVS[RHIEPIV[SR¬XLIPT]SYEWOERSXLIVSRISVEWOERIRXLYWMEWXKVSYTJSVXLIHMEKVEQW SRPMRI%YXSQERYJEGXYVIVWEVIXV]MRKXSKIXE[E]JVSQTVMRXIHQEMRXIRERGITYFPMGEXMSRWWS ]SYVHIEPIVQE]FIEFPIXSKIX]SYERIPIGXVSRMGZIVWMSR SJXIRXMQIWE4(* SJXLI[MVMRKHME KVEQ¨NYWXGLIGO[MXLXLIQJSVHIXEMPW=SYGEREPWSGLIGO[MXL]SYVEYXSQERYJEGXYVIVHMVIGXP] 6IJIV XS %TTIRHM\ ' ©%HHMXMSREP 6IWSYVGIWª JSV XLI SRPMRI WIVZMGI XIGLRMGMER ;IF WMXIW JSV QER]EYXSQERYJEGXYVIVW

0SSOMRKXLVSYKLXLI[MVMRKHMEKVEQ Q]JVMIRHERH-HIGMHIHXLIFIWXGSYVWISJEGXMSR[EWXS LSSOMRXSXLI[MRHWLMIPH[MTIVW]WXIQ¬WTS[IV 8LMWMWERSRGVMXMGEPW]WXIQ EXPIEWX[LIVIPMZI  WSMJ[IFPI[XLIJYWI[LMPIXIWXMRKTS[IVSVVYRRMRKXLIGSQTYXIV MX¬WRSXEFMKHIEP 3XLIVSTXMSRWQE]FIJYWIWJSV]SYVVEHMSSVHSQIPMKLXW =SYHSR¬X[ERXXSGSRRIGXXSER] GVMXMGEPW]WXIQW WYGLEW767 EMVFEK SVXYVRWMKREPW¨XLMWWLSYPHEPPFI[IPPHIJMRIHMR]SYV GEV¬W[MVMRKHMEKVEQ

4VI[MVMRKXLI(IZMGI &IJSVI]SYIZIRWXITRIEVXLIGEV ]SYQYWXHIGMHI[LIVI]SYEVIKSMRKXSXETMRXSXLIGEV¬W TS[IVW]WXIQ %WQIRXMSRIHMRXLITVIGIHMRKWIGXMSR JSVXLMWTVSNIGX -GLSWIXLI[MRHWLMIPH [MTIVW]WXIQ =SYWLSYPHEPWSTVITEVIXLIGSQTYXIVTS[IVWYTTP]JSVGSRRIGXMSRXSXLIFEXXIV]XIVQMREPWXVMT ]SYEVIEFSYXXSMRWXEPP -XMWSFZMSYWP]FIWXXSHSXLMWMRHSSVWSVMRE[SVOWLSTEVIEWMRGIEGEV MWRSXERMHIEPPSGEXMSRJSVWSPHIVMRK =SYGERWOMTXS©4VITEVMRKXLI'EVª MJ]SY¬VIRSXMRWXEPPMRK EHIZMGIWMQMPEVXS[LEXQ]JVMIRHERH-HMH

'LETXIV ¨ +MZMRK=SYV'VIEXMSR0MJI4S[IV'SRWMHIVEXMSRW 8LMWWXITMWZIV]IEW] IWTIGMEPP]MJ]SYORS[LS[XSWSPHIV7MQTP]WSPHIVXLIIRHWSJXLI KYEKI[MVIXSXLIIRHWSJXLIGSQTYXIVTS[IVWYTTP][MVIWWS]SYGERVYRER]PIRKXLSJ[MVI RIIHIHXSXLIFEXXIV]XIVQMREPWXVMTSRGIMXMWMRWXEPPIH 8LIJSPPS[MRKWXITWGSZIVLS[XSTVITEVIXLI[MVMRKJSV]SYVHIZMGIW  +MZI]SYVWIPJWSQIWPEGOERHWXVMTXLI[MVIWWS]SYGERWSPHIVXLIGSRRIGXSVWXSKIXLIV EW WLS[RMR*MKYVI

*-+96)  8LI[MVMRKERHXLIIRHWSJXLIGSQTYXIVTS[IVGEFPIW]SYEVIEFSYXXS GSRRIGXMXXS

 ;VETXLIWLVMROXYFMRKEVSYRHXLI[MVIWEJXIV]SYWSPHIVXLIQ EWWLS[RMR*MKYVI





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

*-+96)  4YXXLIWLVMROXYFMRKSZIVXLI[MVIW

 7SPHIVXLI[MVIWXSKIXLIV -RXLMWGEWI IZIRXLSYKLXLMWFSSOMWFPEGOERH[LMXI YWIVIH JSVMKRMXMSR KVIIRJSVTS[IV ERHFPEGOJSVKVSYRH 2IZIVJIEV JSVXLSWI/SHEGLVSQIΠPSZIVWSYXXLIVI -[MPPQEOIXLIWIMQEKIWEZEMPEFPIMRGSPSVSRXLI+IIO1]6MHI ;IF WMXI*MVWXWXVEMKLXIRSYXXLIWXVERHIH[MVIERHXLIRX[MWXXLI[MVIWXSKIXLIVLIPMGEPP] SRIEVSYRHXLISXLIV ERHXLIRWSPHIVXLIQXSKIXLIVEWMPPYWXVEXIHMR*MKYVI 8LMWMW GEPPIHWTPE]MRKXLI[MVI

'LETXIV ¨ +MZMRK=SYV'VIEXMSR0MJI4S[IV'SRWMHIVEXMSRW

*-+96)  7SPHIVXLI[MVIWXSKIXLIV

1EOIWYVI]SYLIEXXLI[MVI[MXLXLIWSPHIVMRKMVSRERHETTP]XLIWSPHIVXSXLI[MVIRSXXSXLI WSPHIVMRKMVSR;LIRXLI[MVIXEOIWXLIWSPHIV]SYORS[MX¬WLSXIRSYKLXSXEOISXLIV[MWI]SY KIX[LEX¬WGEPPIHEGSPHWSPHIVNSMRX'SPHWSPHIVNSMRXW[MPPJEMPYRHIVLMKLGYVVIRXFIGEYWISRP]E JI[WXVERHWSJGSTTIVEVIEGXYEPP]GEVV]MRKXLIGYVVIRXRSXEPPXLIWXVERHW [LMGLMW]SYVKSEP 

 2S[XLEXXLI[MVIWEVIWSPHIVIHXSKIXLIV ]SYGERWLVMROXLIWLVMROXYFMRKEWMPPYWXVEXIH MR*MKYVI ERH]SY¬VIHSRITVITEVMRKXLIHIZMGI -J]SYGER¬XJMRH[LEX]SYRIIHJSVXLIWLVMROXYFMRK]SYGSYPHYWIXMKLXP][SYRHIPIGXVMGEP XETIFYX-VIGSQQIRHWLVMROXYFMRKFSXLJSVMXWIJJIGXMZIRIWWERHKSSHPSSOW





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

*-+96)  9WIELIEXIVXSWLVMROXLIXYFMRKEVSYRHXLI[MVIWWSMXHSIWR¬XGSQIPSSWI

2S[]SYGERWIIXLIJMRMWLIHTVSHYGX VIEH]JSVMRWXEPPEXMSRXSXLIFEXXIV]XIVQMREPWXVMT WII *MKYVI 

'LETXIV ¨ +MZMRK=SYV'VIEXMSR0MJI4S[IV'SRWMHIVEXMSRW

*-+96)  8LIJMRMWLIHTVSHYGX[MXLWLVMROXYFMRKMRTPEGIERHVIEH]JSVI\XIRHMRK [MVIWEWPSRKEW]SYRIIHXLIQ

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





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

*-+96)  *YPP]MRWYPEXIHUYMGO HMWGSRRIGXGSRRIGXSVW

4VITEVMRKXLI'EV 2S[XLEX]SYLEZIXLIHIZMGIVIEH] ]SYRIIHXSTVITEVIXLIGEVJSVMRWXEPPMRKXLIFEXXIV]FEV VMIVXIVQMREPWXVMT VIJIVXS*MKYVI  8LIJMVWXXLMRK]SYRIIHXSHSMWTPERXLIJSPPS[MRK ;LIVIXLIFEXXIV]MW YRHIVXLILSSH WXSVIHMRXLIXVYRO PSGEXIHYRHIVEGEVWIEX ;LIVIXLITS[IVGEFPIRIIHWXSFIVYR ;LIVIXLIFEVVMIVXIVQMREXSVWXVMT[MPPFITPEGIH

'LETXIV ¨ +MZMRK=SYV'VIEXMSR0MJI4S[IV'SRWMHIVEXMSRW 0SGEXI=SYV&EXXIV] 7MRGI]SY¬VIKSMRKXSGSRRIGXXSXLIGEV¬WFEXXIV]JSVTS[IV MX¬WSFZMSYWP]FIWXXSORS[[LIVI XLIFEXXIV]MW =SYWLSYPHR¬XLEZIER]XVSYFPIJMRHMRKMX SJGSYVWI 4E]EXXIRXMSRXSLS[JEV E[E]XLIFEXXIV]MWJVSQXLIGEV¬WJMVI[EPPERH[LMGLWMHISJXLIGEVMX¬WSR %PWSTE]EXXIRXMSRXS [LIXLIVXLIVIEVIJERWSVFIPXWRIEVF]ERHXSLS[GPSWIXLIFEXXIV]MWXSXLIIRKMRIERHLSX WYVJEGIW =SYHSR¬X[ERXXLITS[IVGEFPI]SYVYRXSKIXGEYKLXMRXLIJERWSVQIPXFIGEYWIMX¬W SREWYTIVLSXWYVJEGI 0YGOMP]JSVQI MRQ]1E^HE4VSXrKrXLIFEXXIV]MWSRXLIHVMZIV¬WWMHIERHRIEVXLIGEV¬W JMVI[EPP 8LMWQEHIXLI[MVIIEW]XSVYR EVSYRHXLIWMHI ERHJSVEZIV]WLSVXHMWXERGI  -JXLI FEXXIV]MWJEVJVSQXLIGEV¬WJMVI[EPP ]SYNYWXRIIHXSVYRQSVIGEFPI [LMGL[MPPVYREPSRKXLI WMHISJXLIGEV EKEMR E[E]JVSQER]FIPXWSVJERW  ERHXLIRGERGVSWWSZIVXSXLIFEXXIV]

(IXIVQMRI;LIVIXS6YRXLI4S[IV'EFPI 3RGI]SYORS[[LIVI]SYVFEXXIV]MW ]SYRIIHXSJMRH[LIVI]SYGERWEJIP]VYRXLITS[IV GEFPIJVSQ]SYVFEXXIV]ERHXLVSYKLXLIJMVI[EPP MR]SYVGEV 8LIJMVI[EPPMWXLITSVXMSRWITEVEX MRKXLITEWWIRKIVGSQTEVXQIRXJVSQXLIIRKMRIGSQTEVXQIRX (SR¬X[SVV] ]SY¬VIRSXKSMRKXS RIIHXSHVMPPXLVSYKL]SYVGEV¬WQIXEPJVEQI -RWXIEH ]SY¬PPFIVYRRMRKXLVSYKLLSPIWEPVIEH] TSOIHXLVSYKL]SYVJMVI[EPPJSV]SYVGEV¬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¬WS[RIVWQERYEPWLSYPHXIPP]SY[LIVIXLIJYWIFS\IWEVI PSGEXIHYRHIVXLILSSHERHMRWMHI]SYVGEV ;LIR]SYHIXIVQMRI[LIVIXLIJYWIFS\MWMRWMHIXLIGEV ]SYGERHIGMHILS[XSVYRXLITS[IV GEFPIXLVSYKLXLIEVIEMRXLIJMVI[EPP[LIVIXLIGEFPIWPIEHMRKXSMXEVIVYRRMRK -R*MKYVI ]SYGERWII[LIVIXLIFEXXIV]MWMRQ]GEV ERHMR*MKYVI]SYGERWII[LIVIXLI[MVIW PIEHMRKJVSQXLIJYWIFS\VYRXLVSYKLXLIJMVI[EPPMRXSXLITEWWIRKIVGSQTEVXQIRX





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

*-+96)  8LIFEXXIV] GIRXIV ERHXLIJMVI[EPP FEGO[LMXIYRHIVXLI[MRHWLMIPH 

(IXIVQMRI;LIVI=SY;MPP-RWXEPPXLI&EXXIV]8IVQMREP 2S[XLEX]SYORS[[LIVI]SYEVIKSMRKXSGSRRIGXXLITS[IVGEFPIERHVYRXLVSYKLXLIJMVI [EPP ]SYRIIHXSHIXIVQMRI[LIVIXSTPEGIXLIFEXXIV]FEVVMIVXIVQMREPWXVMTMRXLITEWWIRKIV GSQTEVXQIRX %W-QIRXMSRIHIEVPMIV MJ]SYGERTYXMXMRXLIJYWIFS\ ]SY¬PPOIIT]SYVTS[IV GIRXVEPM^IH -RXLMWTVSNIGX ]SY[MPPHSI\EGXP]XLEX -JXLIFEVVMIVXIVQMREPWXVMTHSIWR¬XJMXMR XLIJYWIFS\SVSRXLIMRWMHISJMXWGEWMRK EPXLSYKLMXYWYEPP][MPPJMXNYWXJMRI  EXXEGLXLIFEV VMIVXIVQMREPWXVMTXSRIEVF]TPEWXMG E[E]JVSQPIKWSVSXLIV[MVIW -JXLIWXVMTMWI\TSWIHXSXLI STIREMVSJ]SYVZILMGPI JMRHETMIGISJTPEWXMGERHEPEXGLJVSQELEVH[EVIWXSVIERHQEOIE HVSTHS[RGSZIVXSTVSXIGXMXJVSQI\TSWYVIXSSXLIV[MVIWMRMXWTVS\MQMX]

'LETXIV ¨ +MZMRK=SYV'VIEXMSR0MJI4S[IV'SRWMHIVEXMSRW

*-+96)  8LIEVIE[LIVIXLIJPEWLPMKLXTSMRXWMW[LIVIXLI[MVIWTEWWXLVSYKLXLIJMVI[EPP MRXSXLITEWWIRKIVGSQTEVXQIRX

6YRRMRKXLI4S[IV'EFPI 2S[XLEX]SYORS[[LIVIIZIV]XLMRKMW MX¬WXMQIXSKIXWXEVXIH  *MVWX (MWGSRRIGXXLIFEXXIV]GEFPIJVSQXLITSWMXMZIXIVQMREPSRXLIFEXXIV] WII *MKYVI  0MOI-WEMHIEVPMIV TVSXIGXXLIVIQSZIHGEFPIMRETPEWXMGFEK ;EVRMRK

;LMPI]SYHSXLMWHSRSXXSYGLER]QIXEPSRXLIGEV[MXL]SYVFEVIWOMRERHRIZIV FVMHKIXLI TSWMXMZIERHRIKEXMZIXIVQMREPWSV]SYGSYPHFIWIVMSYWP]MRNYVIHSVIZIROMPPIH-HSR¬X[ERX]SY XSKIXLYVX7IGSRHXLMRKQEOIWYVIXLIIRKMRIGSQTEVXQIRXMWGSSP8LIVIMWRSVIEWSRXSKIX FYVRIH;LMPI]SYHSXLMW]SYWLSYPHEPWSLEZITPIRX]SJPMKLXFYXXLEXWLSYPHFIEKMZIR





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

*-+96)  (MWGSRRIGXXLITS[IVGEFPIJVSQXLITSWMXMZIXIVQMREPSRXLIFEXXIV]

 3RGIXLIFEXXIV]MWHMWGSRRIGXIH ]SYRIIHXSJIIHXLITS[IV[MVIXLVSYKLXLIJMVI[EPP JVSQXLITEWWIRKIVGSQTEVXQIRXXSXLIIRKMRIGSQTEVXQIRX *MRHXLITPEGI[LIVIXLI[MVIWEVIGSQMRKXLVSYKLXLIJMVI[EPPJMVWX 8SHSXLMW YR[MRH XLIGSEXLERKIVWSMX¬WWXVEMKLXIRIHSYXERHVYRSRIIRHSJMXXLVSYKLYRXMP]SYGERWIIMX MRXLIVYFFIVWIEP =SYGERTSOIXLVSYKLXLIVYFFIVWIEP FYXFIGEVIJYPRSXXSTSOIXLVSYKL ER][MVIW3RGI]SYGERWIIXLIGSEXLERKIVMRXLIIRKMRIGSQTEVXQIRX XLMWMW[LIVI LEZMRKEJVMIRHGSQIWMRZIV]LERH]  TYPPMXYTEFMXERHXEOIXLIPSRKFPYI7XVIIX;MVIW QEMRTS[IVGEFPI MXXIRHWXSFIXLMGOERHFPYI VIJIVXS*MKYVI ERHXETIXLI[MVI IRHXSXLISXLIVIRHSJXLIGSEXLERKIVEWWLS[RMR*MKYVI -J]SYGER¬XTSOIXLVSYKLXLIWIEP]SYGERKSEVSYRHMXFYX]SYQE]MRZMXI[EXIVERHSXLIV IPIQIRXWMRXS]SYVZILMGPI-WYKKIWX]SYVIWIEPEJXIV]SY¬ZIVYRXLIVMKLXPIRKXLSJ[MVIXSOIIT ]SYVZILMGPI ERHXLII\TSWIH[MVIW TVSXIGXIH7MPMGSRIVYFFIV[MPPIRWYVIEKSSH[EXIVTVSSJ ERHLIEXVIWMWXERXWIEP,S[IZIVSRGIYWIH]SYV[MVIW[MPPRSPSRKIVWPMTXLVSYKLIEWMP]¨XLI WMPMGSRIVYFFIVFIEHGSRXEGXEVIE[SYPHRIIHXSFIWPMGIHE[E]JMVWX

'LETXIV ¨ +MZMRK=SYV'VIEXMSR0MJI4S[IV'SRWMHIVEXMSRW

*-+96)  ;VETIPIGXVMGEPXETIEVSYRHXLITS[IV[MVIERHGSEXLERKIV

;EVRMRK

3RP]YWIUYEPMX]IPIGXVMGEPXETI[LIRVYRRMRKXLIWI[MVIW(SRSXYWIQEWOMRKXETIHYGXXETI WGSXGLXETISVWMQMPEVFIGEYWIXLI]EVIRSXQEHIJSVIPIGXVMGEPETTPMGEXMSRW

 2S[TYPPXLIGSEXLERKIV[MXLXLI[MVIEXXEGLIHXLVSYKLXLILSPIMRXLIWIEPMRXSXLI TEWWIRKIVGSQTEVXQIRX EWWLS[RMR*MKYVIWXLVSYKL  (SR¬XYWIXLIWLSVX 7XVIIX;MVIWGEFPI MX[MPPFIYWIHXSGSRRIGXJVSQXLIJYWIXSXLIFEXXIV]





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

*-+96)  6YRXLIEXXEGLIHTS[IVGEFPIXLVSYKLXLIJMVI[EPP

2SXIXLI[MVI]SY¬VIVYRRMRKLIVIMWRIEVXLIJYIPPMRI [LMGLWLSYPHR¬XKIXLSX %PWS ]SY¬VIVYRRMRKZIV] [IPPMRWYPEXIH[MVI WS]SYWLSYPHFIWEJIJVSQLIEXERHWTEVOW 8LI TMTIWRIEV[LIVI]SYVYRXLIGEFPIMR]SYVGEVQE] SJGSYVWI ZEV]

'LETXIV ¨ +MZMRK=SYV'VIEXMSR0MJI4S[IV'SRWMHIVEXMSRW

*-+96)  8LITS[IVGEFPI GIRXIV VYRWXLVSYKLXLIJMVI[EPP

;EVRMRK

-J]SYV[MVMRKRIIHWXSVYRRIEVSVEGVSWWER]JYIPPMRIWSVTSPPYXMSRGSRXVSPTPYQFMRKSV[MVMRK ]SYQE][ERXXSMRGVIEWIXLI[MVI¬WMRWYPEXMSRXLMGORIWWEXXLSWITSMRXWYWMRKJMFIVKPEWWIPIGXVMGEP XETIVMFFIHXYFMRKSVMRWYPEXMRKWTEGIV%PXLSYKLXLIVI[EWPMXXPIGLSMGILIVIMXMWFIWXXSWXE] E[E]JVSQJYIPPMRIWERHSXLIVGSQFYWXMFPIPMRIWMJE[MVIWLSVXWERHQIPXW ;LIRIZIVERH[LIVIZIVTSWWMFPIPEFIP]SYV[MVIW [MXLIMXLIVWPMTSR[VMXEFPIXEKWSVQEVOIVW =SY]SYVWIVZMGIGIRXIVERHXLIRI\XGEVS[RIV[MPPETTVIGMEXIXLIWI[MVIWFIMRKPEFIPIH





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

*-+96)  8LITS[IVGEFPIGSRRIGXIHXSXLILERKIVTEWWMRKMRXSXLIIRKMRI GSQTEVXQIRX

'SRRIGXMRKXLI)\XIVREP*YWI 2S[XLEX]SY¬ZIVYRXLITS[IVGEFPI ]SYRIIHXSGSRRIGXMXXSMXWJYWIERHQSYRXMXWSMXHSIWR¬X QSZI[LMPIXLIGEVMWQSZMRK  ;LIRQ]JVMIRHERH-[SVOIHSRQ]GEV [IHIGMHIHXSQSYRXXLIJYWISRXLIJYWIFS\ GSZIVFIGEYWIMX[EWGPSWIXSXLIFEXXIV]ERH[EWETPEWXMGWYVJEGI[IGSYPHIEWMP]WGVI[MX SRXS 8LI7XVIIX;MVIWWIXGEQI[MXLEQSYRXEFPIJYWI FYX[ILEHXSKIXSYVS[R WGVI[W 8LIX]TISJWGVI[]SYYWIQE]ZEV] HITIRHMRKSR[LEXTVSHYGX]SYYWI SJ GSYVWI

'LETXIV ¨ +MZMRK=SYV'VIEXMSR0MJI4S[IV'SRWMHIVEXMSRW 8LIJYWIVEXMRKWLSYPHFIRSQSVI XLERXLIQE\MQYQGYVVIRXRIIHIHXSVYR]SYVIUYMTQIRX TPYWEREHHMXMSREP 7SMJ]SYVW]WXIQHVE[WEQTWYWMRKEEQTJYWIMWJMRILS[IZIV YWMRKEEQTJYWIQE]FIXSSQYGL

 -R*MKYVI ]SYGERWII[LIVI[IVERXLITS[IVGEFPIEPSRKXLIWMHISJXLIIRKMRI GSQTEVXQIRXERHSZIVXSXLIFEXXIV] 8LIR EWWLS[RMR*MKYVI [IQSYRXIHXLI JYWIXSXLIJYWIFS\F]WGVI[MRKMXXSXLITPEWXMGGEWI 1EOIWYVI]SYYWIXLIVYFFIV [EWLIVWYRHIVXLIWGVI[WWS]SYGEROIIT[EXIVSYX%WWXEXIHIEVPMIV EXLMRFIEHSJWMPM GSRIVYFFIVGERLIPTIRWYVIEKSSH[EXIVXMKLXWIEP

*-+96)  8LITS[IVGEFPIVYRWEPSRKXLIWMHISJXLIZILMGPI VMKLX 





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

*-+96)  8LIQSYRXIHJYWISRXLIWMHISJXLIJYWIFS\

 2S[XEOIXLIGEV¬WFEXXIV]GEFPIERHYRWGVI[MXERHEXXEGLXLIVMRKXIVQMREPJVSQXLI 7XVIIX;MVIWWLSVXFPYITS[IVGEFPIXSXLIFEXXIV]GSRRIGXSV EWWLS[RMR*MKYVI  8LMWEPPS[W]SYXSVYRXLITS[IVJVSQXLIFEXXIV]¨LS[IEW]9WIXLIGEFPIXMIWXLEX GSQI[MXLXLI7XVIIX;MVIWOMXXSFMRHXLIFEXXIV]TS[IVGEFPIERHXLI7XVIIX;MVIW GEFPIXSKIXLIVWSXLI]HSR¬XQSZIEVSYRH XLMWEPWSLIPTWOIITIZIV]XLMRKSVKERM^IH  %JXIV]SYHMWGSRRIGXXLIFEXXIV]ERHWXVMTXMIMXXSXLI7XVIIX;MVIWGEFPI TVSXIGXXLI IRHSJXLIFEXXIV]GEFPIF]TPEGMRKMXMRETPEWXMGFEKWSMXHSIWR¬XXSYGLER]XLMRKIPWIMR XLIIRKMRIGSQTEVXQIRX ERHIWTIGMEPP]OIITMXE[E]JVSQXLITSWMXMZIFEXXIV]XIVQMREP WS]SYHSR¬XWLSGO]SYVWIPJ[LMPI[SVOMRKSRXLMWTVSNIGX

'LETXIV ¨ +MZMRK=SYV'VIEXMSR0MJI4S[IV'SRWMHIVEXMSRW

*-+96)  9RWGVI[XLIFEXXIV]GEFPIERHEXXEGLXLI7XVIIX;MVIWVMRKGSRRIGXSV

;EVRMRK

1EOIWYVIXLI[MVIWHSRSX VYRRIEVQSZMRKWYVJEGIW XLVSXXPISVGLSOIGEFPIWLSSHVIPIEWI IXG ERHHSRSXGSQIXSSGPSWIXSLSXWYVJEGIW

*MKYVIWLS[WLS[XLITVSHYGX[MPPPSSO[LIR]SYJMREPP]VIGSRRIGXXLIFEXXIV] (SR¬XGSRRIGXXLIFEXXIV]]IX¨XLMWMWNYWXERI\EQTPI





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

*-+96)  8LIFEXXIV]GEFPIERHXLITS[IVGEFPIVYRXSXLIFEXXIV]

4VITEVMRKXLI&EVVMIV8IVQMREP7XVMT 2S[XLEXXLITS[IVGEFPILEWFIIRVYR ]SYRIIHXSTVITEVIXLIFEVVMIVXIVQMREPWXVMTJSV I\TERWMSR (SMRKXLMWIREFPIW]SYXSEHHEWQER]EWJSYVHIZMGIWXS]SYVRI[TS[IVWSYVGI JVSQXLIMRWMHISJXLIGEV SVQSVI MJ]SYTYVGLEWIHEFEVVMIVXIVQMREPWXVMT[MXLQSVIXLER IMKLXGSRRIGXSVW  8EOIXLIWXVMTERHFVMHKIXLIJSYVWGVI[WSRSRIIRH[MXL[MVI EWWLS[RMR*MKYVI

'LETXIV ¨ +MZMRK=SYV'VIEXMSR0MJI4S[IV'SRWMHIVEXMSRW

*-+96)  8LIFVMHKIHFEVVMIVWXVMTXIVQMREPW

'SRRIGXMRKXLI&EXXIV]&EVVMIV8IVQMREP7XVMT 2S[XLEXXLIWXVMTMWFVMHKIH ]SYEVIVIEH]XSJMREPP]EXXEGLXLITS[IVGEFPIXSMX  (IXIVQMRILS[QYGLSJXLI7XVIIX;MVIWTS[IVGEFPI]SYWXMPPRIIHERHKMZI]SYVWIPJ EFSYXERI\XVEJSSXSJWPEGO  'YXERHWXVMTXLI[MVIXSI\TSWIXLIWXVERHIH[MVI 'SRRIGXEVMRKGSRRIGXSVXSXLI I\TSWIH[MVI  2S[ MRWIVXXLI[MVIMRXSEVMRKGSRRIGXSVERHGVMQTXLIX[SXSKIXLIV[LIRMX¬WMRXLIVI KSSHERHXMKLX WSMX[SR¬XFYHKI 8IWXXLIGSRRIGXMSRF]XV]MRKXSTYPPXLI[MVISYX -X WLSYPHRSXFYHKI





4EVX- ¨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

*-+96)  8LII\TSWIHWXVMTTIHIRHSJXLITS[IVGEFPI

'LETXIV ¨ +MZMRK=SYV'VIEXMSR0MJI4S[IV'SRWMHIVEXMSRW

*-+96)  8LITS[IVGEFPI[MXLEXXEGLIHVMRKGSRRIGXSVERHXLIFVMHKIHFEVVMIVXIVQMREP WXVMTMXGSRRIGXWXS

1SYRXMRKXLI&EVVMIV8IVQMREP7XVMT 2S[XLEX[ILEZIXLIGEFPIWGSRRIGXIH MX¬WXMQIXSQSYRXXLIXIVQMREPWXVMT )EVPMIV-QIR XMSRIHXLEXQ]JVMIRHERH-HIGMHIHXSQSYRXXLIWXVMTMRWMHIXLITEWWIRKIVGSQTEVXQIRXJYWI FS\GSZIV 9WMRKEVE^SVFPEHI [IWPMGIHSJJWSQISJXLITPEWXMGXSQEOIVSSQJSVXLIWXVMTERH QSYRXIHXLIWXVMTMRXLIWEQI[E][IHMHXLIJYWIMRXLIIRKMRIGSQTEVXQIRXEWWLS[RMR *MKYVI





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

*-+96)  8LIFEVVMIVXIVQMREPWXVMTGSRRIGXIHXSXLIJYWIFS\GSZIV

'SRRIGXMRKXLI'SQTYXIV4S[IV'EFPIW 2S[XLEX]SYLEZIXLIFEXXIV]TS[IVTVITEVIH ]SYRIIHXSXMIXLIGSQTYXIVTS[IVXSEKVSYRH XLIRI[FEVVMIVWXVMT ERHXLIMKRMXMSRW[MXGL 8LITS[IVWXITTMRKQSHYPIMRXLIMRWXEPPIHGSQ TYXIV¬WTS[IVWYTTP]OIITWXLIGSQTYXIVSRJSVEJI[QSQIRXWEJXIVXLIW[MXGLLEWFIIRXYVRIH SJJXSKMZIXLIGSQTYXIVXMQIXSTVSTIVP]WLYXHS[R GSQTYXIVTS[IVWXITTMRKYRMXWEVIHMWGYWWIH MR'LETXIV ©%HHMRKE+IRIVEP4YVTSWI4'ª  -XKIXWXLMWTS[IVJVSQXLIFEVVMIVWXVMT ,S[IZIV MXSRP]ORS[W[LIRXSXYVRSRERHSJJ[LIRXLIMKRMXMSRW[MXGLMWXYVRIH WS[IQYWXGSRRIGXXS XLEXEW[IPP 8LIKVSYRHMWSFZMSYW¨]SYRIIHXSKVSYRHXLITS[IVWYTTP]MRXLIGSQTYXIV %P[E]W GSRRIGXXLIKVSYRHJMVWX 8LMWTVSXIGXW]SYERH]SYVIUYMTQIRX IWTIGMEPP]JVSQXLITIVWTIGXMZI SJWXEXMGIPIGXVMGMX] ;EVRMRK

-XMWZIV]HERKIVSYWXSLEZIXLIFEVVMIVXIVQMREPWXVMTI\TSWIH/IITMXQSYRXIHERHLMHHIR¨HS RSX PIX MX JPSEX EVSYRH MR XLI STIR [LMGL MW ZIV] HERKIVSYW %JXIV EPP MX¬W PMOI E PMZI TS[IV WSGOIX -J]SYEVIRSXKSMRKXSYWIXLIGSQTYXIVJSVEPSRKXMQIWYGLEW[LIR]SYKSSRZEGEXMSRMXMW EKSSHMHIEXSXIQTSVEVMP]HMWGSRRIGXMXJVSQXLIFEVVMIVXIVQMREPWXVMT)ZIR[LIRXLIGEVERH GSQTYXIVEVISJJXLI479 TS[IVWXITTMRKYRMX WXMPPYWIWERSQMREPEQSYRXSJTS[IV*SVHE] XSHE]YWILS[IZIV]SYRIIHRSX[SVV])EVPMIV-QIRXMSRIHUYMGOHMWGSRRIGX[MVIGSRRIG XSVW¨XLMWMWSRIWMXYEXMSR[LIVIXLSWIGSQIMRLERH]

'LETXIV ¨ +MZMRK=SYV'VIEXMSR0MJI4S[IV'SRWMHIVEXMSRW 'SRRIGXMRK'SQTYXIV4S[IVXSXLI-KRMXMSR &EWIHSRXLI[MVMRKHMEKVEQ Q]JVMIRHERH-JSYRHXLEXXLIMKRMXMSR[MVI[EWEFPEGOERHVIH [MVIFILMRHXLIJYWIFS\ =SYRIIHXSGSRRIGXSYVGSQTYXIV¬WMKRMXMSRQSRMXSVMRK[MVIXSXLMW GEFPI ERHJSVXLEX]SYWMQTP]YWIEWTIGMEPGVMQT 'SRWMHIVYWMRKE:PEQT EZEMPEFPIJVSQ EPQSWXER]LEVH[EVIWXSVI TSWWMFP]IZIR;EPQEVX FIX[IIRKVSYRHERHXLIWYWTIGXIHMKRMXMSR [MVIXSIRWYVI]SYLEZIPSGEXIHXLIVMKLXGSRRIGXMSR -RQ]GEWI -LEHXSGSRRIGXXLI7XVIIX ;MVIWMKRMXMSRGEFPI MRXLMWGEWIMX[EWVIH XSXLIFPEGOERHVIHGEFPIERHGVMQTXLIQ XSKIXLIV 8LIGSPSVSJ]SYVGEV¬WGEFPIW[MPPPMOIP]ZEV] WSQEOIWYVI]SYVIEHERHYRHIVWXERH ]SYV[MVMRKHMEKVEQ[IPPFIJSVI]SYGVMQT +VSYRHMRKXLI'SQTYXIV4S[IV 'SRRIGXMRKXLIKVSYRHJSVXLIGSQTYXIV¬WTS[IVWYTTP]MWEWIEW]EWJMRHMRKEWGVI[QSYRXIH XSXLIGEV¬WJVEQI -J]SYEVIMRWXEPPMRKEKVSYRHWGVI[JSVXLIJMVWXXMQI IRWYVIMXMWEKSSH KVSYRHF]XIWXMRKMX[MXLEPEQTSVZSPXQIXIVXSXLIMKRMXMSRW[MXGL©LSXª WMHI -RQ]GEV¬WGEWI XLIVI[EWEPVIEH]E©KVSYRHMRKª WGVI[MRXLIJYWIFS\ 8SGSRRIGXXSMX[IEHHIHEVMRKGSRRIG XSVXSXLIIRHSJSYVGSQTYXIVTS[IVWYTTP]¬WKVSYRH[MVI YRWGVI[IHXLIKVSYRHMRKWGVI[ TYXSYVVMRKGSRRIGXSVYRHIVMX ERHWGVI[IHMXFEGOMR 7II*MKYVIJSV[LEXXLIJMRMWLIH TVSHYGXPSSOWPMOI 0SSOEXXLEX ERSXLIVIEW]WXIT

*-+96)  'SRRIGXXLIKVSYRHXSXLIKVSYRHMRKWGVI[RI\XXSXLIJYWIFS\





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO %XXEGLMRKXLI'SQTYXIV4S[IV7YTTP] 2S[XLEX]SYLEZIXLIJYWIFS\GSRRIGXIH ]SYGERGSRRIGXXLITS[IVXSXLIGSQTYXIV  1EOIWYVI]SYORS[[LIVI]SY[ERXXSPSGEXIXLIGSQTYXIV -HIEPP]]SYWLSYPHTPEGI ]SYVGSQTYXIVMREPSGEXMSRE[E]JVSQLIEXWSYVGIWERHWSPEVI\TSWYVIERH[LIVI]SYV RSVQEPPYKKEKIQSZIQIRXW[MPPRSXFIMQTIHIHSVFPSGOIH  %PWS QEOIWYVIXLIGSQTYXIV¬WQIHMEWPSXWEVIRSXFPSGOIH WYGLEWXLI'(SV(:( HVMZIW 97&TSVXW ERHWSSR SV]SY[SR¬XFIEFPIXSTPYKXLMRKWMRSVGLERKIQIHME  3RGI]SYORS[[LIVI]SY[ERXMX VYRXLITS[IVGEFPIWXS[LIVIXLIFEVVMIVWXVMTMW KMZ MRK]SYVWIPJEFSYXSVJIIXSJWPEGO NYWXMRGEWI]SYRIIHXSQSZIXLIGSQTYXIVPEXIV 7II*MKYVIJSV[LEXXLIJMRMWLIHTVSHYGXPSSOWPMOI 8LEX¬WMX

*-+96)  8LITS[IVGEFPIJVSQXLIGSQTYXIVGSRRIGXMRKXSXLIFEVVMIVXIVQMREP WXVMT2SXIXLIVMRKGSRRIGXSVMWYWIHXSOIITXLIGSRRIGXMSRGPIERERHIEW]XSFSXL HMWGSRRIGXERHVIGSRRIGX

'LETXIV ¨ +MZMRK=SYV'VIEXMSR0MJI4S[IV'SRWMHIVEXMSRW 6IGSRRIGXMRKXLI&EXXIV] 2S[XLEX]SY¬ZILSSOIHYTXLIGSQTYXIV ]SYRIIHXSXIWXXSQEOIWYVIXLIGSQTYXIVTS[IVW SR 6IGSRRIGXXLIFEXXIV]GEVIJYPP] QEOMRKWYVIXLI7XVIIX;MVIWGEFPIMWWRYKP]GSRRIGXIH FIJSVI]SYWGVI[MXFEGOSRXSXLIFEXXIV]XIVQMREP (SR¬XXSYGLXLIQIXEPSJXLIGEV[LMPI VIGSRRIGXMRKXLIFEXXIV]SV]SYQE]KIXWLSGOIH ;EVRMRK

9WIEWMRKPILERHXSGSRRIGXXLI[MVI[LIVIZIVTSWWMFPI¨XV]RSXXSXSYGLKVSYRHERHLSX[MVIW EXER]XMQI%PWSRIZIVPIXXLIWEQITMIGISJQIXEPXSYGLFSXLXLITSWMXMZIERHRIKEXMZIXIVQM REPWSJXLIFEXXIV]SV]SYGSYPHFIWIVMSYWP]MRNYVIHSVIZIROMPPIH

*MKYVIWLS[W[LEXXLIXIVQMREP[MPPPSSOPMOIMJTVSTIVP]GSRRIGXIH 2SXI]SYWLSYPH OIITXLITSWMXMZIFEXXIV]XIVQMREPGSZIVIHEXEPPXMQIW WYGLEW[MXLETPEWXMGFEKEWWYKKIWXIH IEVPMIV

8IWXMRK 8LMWTEVXMWWMQTPI 3RGIXLIFEXXIV]MWVIGSRRIGXIH XYVRXLIMKRMXMSRW[MXGLERHWII[LIXLIV XLIGSQTYXIVGSQIWYT -JEPP[EWHSRIVMKLX MXWLSYPH3YVW[SVOIHSRXLIJMVWXXV] ERHMJ]SY JSPPS[IHXLIMRWXVYGXMSRWLIVI ERH]SYVGSQTYXIV[EWFYMPXTVSTIVP] ]SYVWWLSYPH XSS

8VSYFPIWLSSXMRK -JXLIGSQTYXIVMWR¬XTS[IVMRKYT QEOIWYVIEPPSJ]SYVGSRRIGXMSRWEVIWSPMH %PWS QEOIWYVI RS[MVIWLEZIGSQIPSSWI[MXLEPPSJXLI[MVMRK]SYLEZIFIIR[SVOMRK[MXL -J]SYEVIKSMRKXS [SVO[MXLXLITS[IVGEFPIWEKEMR QEOIWYVIXSHMWGSRRIGXXLIFEXXIV]JMVWX EWHIWGVMFIHIEVPMIV MRXLMWGLETXIV  -J]SYWXMPPGER¬XKIXTS[IV GLIGO]SYVJYWIW ZIVMJ]XLITS[IVWYTTP]SRXLI GSQTYXIVMWWXMPPKSSH ERHVIZMWMX]SYVZILMGPI[MVMRKHMEKVEQXSQEOIWYVI]SYTPYKKIHMRXS XLIVMKLX[MVIW %ZSPXQIXIV :XIWXPEQT ERH[MVMRKLEVRIWWHMEKVEQSVWGLIQEXMG[MPPFISJ XVIQIRHSYWLIPTMRJMRHMRKXLITVSFPIQ

7YQQEV] 8LMWGLETXIV[IRXSZIVXLIZEVMSYW[E]WXSTS[IVXLITVSNIGXWTVSTSWIHMRPEXIVGLETXIVW ERH JSVSXLIVTVSNIGXW]SYQE]GVIEXISR]SYVS[R  =SYGERYWYEPP]W[MXGLFIX[IIRXLISTXMSRWMR XLMWGLETXIVEW]SYGLSSWI WYGLEWQSZMRKJVSQER%'MRZIVXIVXSXLIHMVIGXTS[IVWSPYXMSR ERHTSWWMFP]FEGOMJ]SYWLEVI]SYVIUYMTQIRXEGVSWWQSVIXLERSRIGEV 8V]XSWXMGOXS]SYV HIGMWMSRSRGI]SY¬ZIQEHIMX[LIRMXGSQIWXSTS[IV EWW[MXGLMRKLS[]SY[MPPTS[IVEHIZMGI QMHTVSNIGXGERGEYWIGSQTPMGEXMSRWWYGLEWWXEVXMRKXLI[LSPITVSNIGXSZIVSVPIEZMRKEFYRGL SJ[MVIWP]MRKEVSYRH[LMPI]SYVITPER [LMGLMWFEHMJ]SYLEZISRP]SRIZILMGPI



-X¬W7S,SXMR,IVI (IEPMRK[MXL,IEX

GLETXIV

8

LMWMWELSXXSTMG WSVV]  ;LIXLIVMRXLIWIEVMRKLIEXSJWYQQIVSV XLIGLMPPMRKGSPHSJ[MRXIV XIQTIVEXYVI[MPPEJJIGX]SYVGEVIPIGXVSR MGW %W-WXEXIHMR'LETXIV ©4PERRMRK=SYV4VSNIGXWª XLIIPIGXVSRMGW XLEX]SYOIITEXLSQIEVIMREGPMQEXIGSRXVSPPIHIRZMVSRQIRX [LIVIEW ]SYVGEVMWWYFNIGXIHRSXSRP]XSXLILEVWLIWXIPIQIRXWSRXLISYXWMHI MX I\TIVMIRGIWZEWXHMJJIVIRGIWMRXIQTIVEXYVIWSRXLIMRWMHI -RXLI[MRXIV ]SYVGEVGERIEWMP]I\TIVMIRGIXIQTIVEXYVIWSJ§…* §…'  ERHSZIV …* …' MRWYQQIV 8LMWMWIWTIGMEPP]XVYIMJ]SYLEZIEFPEGOSV HEVOGSPSVIHGEV FIGEYWIXLI©GSPSVª FPEGO ]IEL -ORS[MX¬WRSXVIEPP]E GSPSV EFWSVFWEPPPMKLXIRIVK] XVERWJSVQMRKOMPS[EXXWSJWSPEVPMKLXIRIVK] XSOMPS[EXXWSJLIEX 'EV[MRHS[WXIRHXSPIXEPPX]TIWSJPMKLXMRFYXHSR¬XPIXMRJVEVIH PMKLXSYX-RJVEVIHEGGSQTERMIWLIEXQEOMRKGEVWTIVJIGXWSPEV SZIRW ERHXLYW QEOMRK MXZIV] LSXMR ]SYV GEVHYVMRK WYQQIV ERHIZIR[EVQSRE[MRXIVHE]8IGLRMGEPP]WTIEOMRKXLILIEX IRIVK] MW JVSQ FPEGO FSH] VEHMEXMSR 8LMW MW GEPPIH XLI KVIIR LSYWIIJJIGXREQIHJSV[MRHS[WFIMRKYWIHMRKVIIRLSYWIWXS OIIT WYGL GSRZIVXIH MRJVEVIH PMKLX IRIVK] MR XS OIIT TPERXW [EVQ4PEGMRKEXMRXSR]SYVZILMGPIXLEXLEPZIWZMWMFPIWSPEVVE]W GERGSRWMHIVEFP]PS[IVXLILIEXFYMPHYTMR]SYVZILMGPI

'SPSVEHS%MR¬X*PSVMHE%MR¬X%PEWOE ;LIVI]SYMRXIRHXSHVMZI]SYVZILMGPIEJXIV]SY¬ZIEHHIHXLIZEVMSYWTVSNIGXW MRXLMWFSSO SVIPWI[LIVI LEWEKVIEXHIEPSJMRJPYIRGISR[LEXMXIQW]SY QYWXXEOIMRXSGSRWMHIVEXMSRJSVSVHYVMRKTPEGIQIRXMR]SYVZILMGPI *SV I\EQTPI MJ]SYPMZIMR4EPQ7TVMRKW [LIVIMX¬W…* …' XS…* …' QSWXSJXLI]IEV ]SY[MPPLEZIXSHIEP[MXLLIEXMWWYIWQSVISJXIR -R %PEWOE [LIVIXLIXIQTIVEXYVIWGERKIXXSQSVIXLER…*HIKVIIWFIPS[ ^IVS §…'  QER]GSQTYXIVGSQTSRIRXWQE]RSXIZIRWXEVXYT ERHGER IZIRFITIVQERIRXP]HEQEKIHF]I\XVIQIGSPH[IEXLIV -J]SYXLSYKLX [IEXLIV[EW]SYVSRP]TVSFPIQ GSRWMHIV'SPSVEHS [MXLWSQIEVIEWWTSVX MRKEPXMXYHIWSJSZIVJIIXEFSZIWIEPIZIP 7SQIGSQTYXIVLEVHHVMZI EMVWIEPWQE]RSX[SVO[IPPEFSZIJIIX EPXLSYKLJSVXLIQSWXTEVX XLIVI¬WZIV]PMXXPI]SYGERHSEFSYXXLEX 

MRXLMWGLETXIV )UYMTQIRXLIEX WTIGMJMGEXMSRW 'SRWMHIVMRKGPMQEXI ERHWYRPMKLX 'LSSWMRKXLIVMKLX GEWI /IITMRK]SYVGEV GSSP 'LSSWMRKXLIVMKLX TPEGIJSVIUYMTQIRX



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7YQQEV] 8LMWGLETXIVHMWGYWWIHXLILIEXGSRGIVRWJSV]SYVZILMGPI /RS[MRK]SYVGPMQEXIGSRHMXMSRW TPERRMRKXLITPEGIQIRXSJ]SYVGSQTSRIRXWVIPEXIHXSLIEX ERHQEOMRKWYVIWYRPMKLXMWGSR XVSPPIH[MPPLIPT]SYIRNS]ERHWEJIP]YWIXLITVSNIGXW]SYFYMPHXLVSYKLSYXXLMWFSSO 8EGOPMRK XLIWIMWWYIWFIJSVI]SYWXEVX]SYVTVSNIGXW[MPPLIPT]SYOIIT]SYVIUYMTQIRXWEJIJVSQTSWWMFPI HEQEKI LIPTMRKMXPEWXEWPSRKEWMXGER

;SVOMRK[MXL 'EFPIW

GLETXIV

-

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4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

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3XLIV'EFPI'SRWMHIVEXMSRW 8LIVIEVIWSQIMQTSVXERXJEGXSVWXSGSRWMHIV[LIR]SY¬VIXEPOMRKEFSYXMRWXEPPMRKGEFPIWMR ]SYVGEVJSVRI[HIZMGIW 8LIRI\XJI[WIGXMSRWGSZIVWSQISJXLIWIGSRWMHIVEXMSRW¨FIJSVI]SY EGXYEPP]WXEVXMRWXEPPMRKERHVYRRMRKXLIGEFPIW

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%P[E]W1EXGL+EYKI ;LIRIZIV]SYEVIKSMRKXSWTPMGI[MVIWSVWSPHIVXLIQXSKIXLIV QEOIWYVI]SYYWIXLIWEQI KYEKISJ[MVIJVSQXLISVMKMREPXSXLII\XIRWMSR (MJJIVIRXKEYKIWGEREJJIGXGSRHYGXMZMX] ERH XLIVIMWYWYEPP]EZIV]KSSHVIEWSRXLISVMKMREPGEFPIQERYJEGXYVIVHIGMHIHXSYWIXLIGEFPI HIWMKRXLI]HMH

(SR¬X6YR;MVIWSZIVXLI)RKMRI&PSGO,MKL,IEX%VIEW *ERWERH3XLIV,MKL6MWO%VIEW &IGEVIJYP[LIVI]SYVYR]SYVGEFPIW[LIRVYRRMRKGEFPIWYRHIVXLILSSH /IITGEFPIWE[E] JVSQI\XVIQIP]LSXEVIEWERHLMKLVMWOEVIEW %RIPIGXVMGEPGEFPIQIPXMRKRIEVEGSQFYWXMSR W]WXIQGSYPHGEYWIERI\TPSWMSRSVSXLIVHERKIVSYWGSRHMXMSR 8LIWEQIKSIWJSVJERW¨EGEFPI KIXXMRKMRXSEJERGSYPHGEYWIWIVMSYW ERHI\TIRWMZI HEQEKIXS]SYVGEVERHXS]SY 3XLIV LMKLVMWOEVIEWMRGPYHIGEFPIWVYRRMRKRIEVXLIKEWTIHEP GPYXGL SVFVEOIW ]SYHSR¬X[ERXE GEFPITVIZIRXMRK]SYJVSQLMXXMRKER]SJXLSWITIHEPW  KIEVWLMJXIV SVIQIVKIRG]FVEOI -XMW MQTIVEXMZIXLEX]SYOIITGEFPIWWIGYVIHZMEETTVSTVMEXIP]LIEXXIQTIVIHGSRHYMX GEFPIJEWXIR IVW ERHF]SXLIVETTVSTVMEXIQIERW]SYQE]GSRNYVI FIGEYWIHVMZMRK]SYVGEVMWWYVIXSPSSWIR YTGEFPITPEGIQIRX QSZIGEFPIW ERHWSJSVXL

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4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

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'LSSWIXLI6MKLX'SRRIGXSVW ;LIRGLSSWMRKEGEFPI QEOIWYVIMX¬WSRIXLEX[MPPRSXGSQIPSSWI ERHQEOIWYVIMXGSQIW [MXLZIV]VMKMHGSRRIGXSVW *SVI\EQTPI E97&OI]FSEVHSVQSYWIGEFPI[MPPQSWXPMOIP]RSX GSQIPSSWIJVSQE97&TSVXERHPMOIP][MPPRSXWRETYRHIVWPMKLXTVIWWYVI ,S[IZIV 47X]TI GSRRIGXSVWGERIEWMP]GSQIYRTPYKKIHFIGEYWIXLI][IVIRSXFYMPXXSFIVMKMHGSRRIGXMSRW RSV [IVIXLI]QEHIJSVQSFMPIIRZMVSRQIRXW 2SXIEPWSXLEX47GSRRIGXSVTMRWEVIZIV]XLMRERH XIRHXSFITVIXX]GLIET WSXLI]GERFVIEOIEWMP] -JE47GEFPITMRFVIEOWSJJMR]SYVGSQ TYXIV¬W47 TSVXMX[MPPFIEPQSWXMQTSWWMFPIXSKIXSYX ERHXLIRXLITSVXMWYRWYEFPI/IIT XLMWMRQMRH[LIRHIGMHMRK[LMGLX]TIWSJGEFPIWXSYWI 2SXIXLEX[MVIPIWWMRTYXHIZMGIWEVI RSXRIGIWWEVMP]XLIWSPYXMSRXSXLIGSRRIGXSVTVSFPIQ¨XLI]GERLIPT]SYKIXEVSYRHXLIMWWYI SRP]XSXLII\XIRXXLEXXLIMVGSRRIGXSVW XSS EVIVMKMHEWWXEXIHTVIZMSYWP] 3JGSYVWI &PYIXSSXLIREFPIHMRTYXHIZMGIWVYRRMRKMRXERHIQ[MXLE&PYIXSSXLIREFPIHGSQTYXIV WYGLEWEJIEXYVISJXLIQSXLIVFSEVHSVEWE4'GEVH  EVIEKSSHWSPYXMSREWPSRKEWXLI4'¬W&-37 WYTTSVXWYWMRKXLIQEWEOI]FSEVHSVQSYWI[LIRRSHVMZIVWLEZIFIIRPSEHIHJSVXLIQ

'LETXIV ¨ ;SVOMRK[MXL'EFPIW

/IIT-X'PIER¨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¬XWIIER]SJ]SYVGEV¬W[MVMRKMR XLITEWWIRKIVEVIE =SYRIIHXSOIITXLEXQSXMJ[MXL]SYVGSQTYXIV¬WGEFPMRK GSQFMRMRKPSSWI GEFPIW[LIVITSWWMFPIMRVIEHMP]EZEMPEFPITPEWXMGWLIEXLMRKERHRIEXP]LMHMRKXLIQE[E]XSOIIT XLMRKWGPIERERHWEJI -R*MKYVI]SYGERWIILS[QIWW]Q]GEVGEFPMRK[EWFIJSVI-WXEVXIHTYXXMRKXLMRKWE[E] =SYGERWIIXLI%'MRZIVXIVNYWXWMXXMRKMRXLIQMHHPISJXLIGEVTIXRIEVXLITEWWIRKIVWIEX 8LI GEFPIWEVIR¬XTYXE[E] ERHMX¬WIEW]JSV[EXIVXSHEQEKIXLIMRZIVXIVERHJSVTEWWIRKIVWXSWXIT SREPPXLIIUYMTQIRX

'MKEVIXXI0MKLXIV)\XIRHIV *-+96)  2SXEKSSHTPEGIJSVXLI%'MRZIVXIV

%'-RZIVXIV





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO -R*MKYVI]SYGERWIIXLITS[IVGEFPIWJVSQQ]FEVVMIVW[MXGLLERKMRKJVSQYRHIVQ] WXIIVMRKGSPYQR TSXIRXMEPP]HVSTTMRKHS[RERHTVIZIRXMRKQIJVSQLMXXMRKXLIFVEOIW[LMPI HVMZMRK

*-+96)  8LILERKMRKTS[IVGEFPIWJVSQXLIFEVVMIVW[MXGLEVIEWEJIX]LE^EVH

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'LETXIV ¨ ;SVOMRK[MXL'EFPIW

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4EVX- ¨ 0E]MRKXLI+VSYRH[SVO ;LIRVYRRMRKGEFPIWJVSQEHIZMGIMR]SYVHEWLXSEGSQTYXIVYRHIVEWIEXSVMRXLIFEGO OIITMRQMRHXLEXXLIEVIEFILMRHXLIHEWLYWYEPP]LEWWSQISTIRWTEGI %PXLSYKLMXGSYPHFI GVEQTIH MXWLSYPHR¬XFIXSSLEVHXSVYREXPIEWXEJI[I\XVEGEFPIW -RXLMWGEWI[I¬PPVYRXLI GEFPIWJVSQXLIFEGOSJQ]GSQTYXIVHMWTPE]XSXLIGSQTYXIVF]VYRRMRKFILMRHXLIKPSZI GSQTEVXQIRX MRXSXLIWMHIQSPHMRKSJXLIGEV ERHJMREPP]XSXLIGSQTYXIV ;EVRMRK

8LIJMVWXXLMRKXSHSMWQEOIWYVIXLIGEVMWSJJ&IXXIV]IXHMWGSRRIGXXLIQEMRTSWMXMZIFEXXIV] PIEHXSPIWWIRXLIGLERGISJWLSVXMRKSYXWSQIGMVGYMX¨SVFPS[MRKEJYWI¨FILMRHXLIHEWL FSEVH=SYHSR¬X[ERXER]TS[IVKSMRKXSER]XLMRK-J]SYRIIHXS[SVORIEVER%'MRZIVXIV HMWGSRRIGXMXJVSQXLIGEVJMVWXERHQSZIMXERHER]XLMRKIPWIMRXLIKPSZIGSQTEVXQIRXERH VIPEXIHEVIEWSYXSJXLI[E]WS]SYGER[SVO[MXLSYXFIMRKMRLMFMXIHF]SFWXEGPIW ;LIRVYRRMRKGEFPIWQEOIWYVIXLI]HSR¬XKIXMRXLI[E]SJER]QIGLERMGEPHIZMGIWMR]SYVGEV =SYHSR¬X[ERXEGEFPITVIZIRXMRK]SYVIQIVKIRG]FVEOIJVSQ[SVOMRKSVKIXXMRKMRXLI[E]SJ XLIQIGLERMGEPKIEVWGSRRIGXIHXSXLIGPMQEXIGSRXVSPORSFWMR]SYVGSRWSPI%P[E]WEP[E]WFI E[EVISJ[LIVI]SY¬VIVYRRMRKGEFPIWERHWIGYVIXLIQ[IPPEKEMRWXXLIZMFVEXMSRWERHQSZI QIRXMR]SYVGEVXSTVIZIRXHERKIVSYWWMXYEXMSRW

8SKEMREGGIWWXSXLIFEGOSJQ]GIRXIVGSRWSPI-VIQSZIHXLIKPSZIGSQTEVXQIRXHSSV WII *MKYVI  =SYVGEVQE]FIHMJJIVIRX WS]SYQE]LEZIXSVIQSZI]SYVGIRXIVGSRWSPITERIPW 'LIGO[MXL]SYVGEVHIEPIVSVEPSGEPIRXLYWMEWXKVSYTSRLS[XSKEMREGGIWWXSXLIFEGOSJ ]SYVGIRXIVGSRWSPI[MXLSYXHEQEKMRKER]XLMRK

*-+96)  &ILMRHXLIKPSZIGSQTEVXQIRX

'LETXIV ¨ ;SVOMRK[MXL'EFPIW =SYHSR¬X[ERXXSXV]TYPPMRKTPEWXMGSVVIQSZMRKTERIPWXLEXQE]FII\TIRWMZIXSVITPEGI7SQI GEVQERYJEGXYVIVWIZIRLEZITERIPWXLEXEVITYVTSWIJYPP]QEHIXSFIVITPEGIHMJVIQSZIHWS [EXGLSYX7IIXLIXMT[LIVI-WEMHXSQEOIWYVI]SYORS[[LEX]SY¬VIXIEVMRKSYXFIJSVI]SY WXEVXXIEVMRKXLMRKWETEVX

2S[XLEX-LEZIXLIEGGIWW-RIIH -GERTPEGIQ]GEFPIWFILMRHXLIGSRWSPI[MXLWSQITPEWXMG GSRHYMXXLEX-GER:IPGVSXSXLIJEFVMGFILMRHXLIGSRWSPISVKPYISVWGVI[XSWSQIGSQTSRIRX WYVJEGIW 1EOIWYVIXLEXMJ]SYHIGMHIXSWGVI[ER]XLMRKMRXS]SYVGEV]SYGSZIVER]WGVI[XMTWXLEXEVI TSTTMRKSYXSXLIV[MWITEWWIRKIVW MRGPYHMRK]SY GSYPHFIMRNYVIH

9WMRKE'EFPI3VKERM^IVSV'SRHYMX 8LIGSRHYMX-VER[EWEFSYXJIIX[MHIERHJPEX [MXLGEFPIKYMHIW¨]SYVW[MPPZEV]FEWIHSR XLIWM^ISJXLIEVIEMR[LMGL]SYEVITPEGMRKMX =SYGERFY]Q]OMRHSJGSRHYMX WSQIXMQIW GEPPIHEGEFPISVKERM^IV JVSQER]GSQTYXIVWXSVI WYGLEW'SQT97%SV6EHMS7LEGO 6IKYPEV TPEWXMG[MVMRKGSRHYMXXLEXPSSOWPMOIETPEWXMGXYFIGEREPWSFIYWIHERHGERFITYVGLEWIHEX ER]LEVH[EVIWXSVI 8LIQEMRFIRIJMXSJXLIGSRHYMX WII*MKYVI MWXLEXMXWITEVEXIW]SYVGEFPIWJVSQXLSWI EPVIEH]MR]SYVGEV EPWS MX¬WZIV]IEW]XS[SVO[MXLXSOIITXLMRKWSVKERM^IH -J]SYHSR¬XLEZI JEFVMGWYGLEWGEVTIXXSTPEGIMXSR WE] MRE,YQQIVSV,SRHE)PIQIRX [LIVIXLIVI¬WEPSXSJ QIXEPMRWXIEHSJGEVTIXMRKMRQER]EVIEW  ]SYGERKPYISVWGVI[XLITPEWXMGGSRHYMXMRTPEGI &IJSVIEJJM\MRKXLIGSRHYMX QEOIWYVI]SYGERWXMPPGPSWISVTYXHS[R]SYVKPSZIFS\ HSSVW ERH WIEXW[MXLMXWIGYVIP]MRTPEGI -WXVSRKP]EHZMWIEKEMRWXWGVI[MRKXLIGSRHYMXMRXS]SYVGEV FIGEYWIMXQE]MRZMXIVYWX GEYWIQSMWXYVISVPIEOMRKMWWYIW ERHEJJIGX[MVIWSRXLISXLIVWMHISJ XLIQIXEP -J]SYHIGMHIXSKPYISVWGVI[QEOIWYVI]SYHSR¬XTPEGIXLIGSRHYMXSRER]XLMRK XLEXKIXWI\XVESVHMREVMP]LSXSVGSPHFIGEYWIMXGSYPHQIPXERHHEQEKIIUYMTQIRX I\TSWI]SY XSEHERKIVSYWWMXYEXMSR EW]WXIQGSYPHWXST[SVOMRK  SVGEYWIMRNYV] %PWSXV]XSEZSMHER] PSSTWXLEXQMKLXXVETQSMWXYVISVGSRHIRWEXMSRMRXLIEVIESJXLIGSRHYMX -RXLMWGEWI-HIGMHIHXSKPYIXLI:IPGVSXSEGEFPISVKERM^IVYRHIVXLIGEVTIXFILMRHXLIKPSZI FS\ 8LIGEVTIXKSIWLMKLIRSYKLXLEX-GEROIITXLISVKERM^IVLMKLYTERHE[E]JVSQXLI TEWIRKIV¬WJIIX ERH-GERTYXXLIJPSSXQEXSZIVMX[LIR-¬QHSRIXSOIITXLMRKWLMHHIRERH TVSXIGXIH &IJSVI:IPGVSMRK -TPEGIHEPPSJXLIGEFPIW-RIIHIHMRXSXLIGSRHYMX EWWLS[RMR*MKYVI XLIRVERXLIGEFPIWXS[EVHXLIWMHISJQ]GEV RIEVXLIQSPHMRK WS-GSYPHXYGOXLIQYRHIVXLI QSPHMRK[MXLQMRMQEP MJER] ZMWMFMPMX]F]TEWWIRKIVW





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

*-+96)  8LIGEFPIWTPEGIHMRXLI[MVMRKGSRHYMX

/IITMRKXLISTIRIRHYTEPWSPIXWQIWXEGOGEFPIWSRXSTSJIEGLSXLIV[MXLSYXEP[E]WLEZMRK XSFIRIEXEFSYXMX SJGSYVWI-¬PPGPIERMXYTPEXIV -W[IEV 

8EOMRK%HZERXEKISJXLI'EV¬W1SPHMRK 3RGIXLIGEFPIWLEZIFIIRVYRXS[EVHXLIQSPHMRK -PMJXIHYTXLIQSPHMRKIRSYKLXSQSZI XLIGEFPIWYRHIVMX =SYVGEVWLSYPHFIZIV]WMQMPEVFIGEYWIQSWXGEVQSPHMRKMWQIERXXSFI VIQSZIH %PXLSYKL]SYGER TYPPXLIQSPHMRKYTERHSJJIRXMVIP] MRQSWXGEWIW ]SYHSR¬XRIIH XSHSWS ERHTVSFEFP]WLSYPHR¬X¨MXGSYPHFVIEOWSQITPEWXMGSVFILEVHXSTYXFEGOSR [LMGL MW[E]XSSQYGLXVSYFPI ERHGERFII\TIRWMZIXSVITPEGI  .YWXRIEXP]XYGOXLIGEFPIWYRHIV XLIVI SRIF]SRI LSVM^SRXEPXSXLIQSPHMRKEWWLS[RMR*MKYVI 8YGOXLII\TSWIHGEFPIYRHIVXLIQSPHMRKJSVXLIPIRKXLMXXEOIWXSKIXXS]SYVGSQTYXIV =SY QE]LEZIXSI\TSWIWSQIGEFPIMJ]SY¬VITEWWMRKWSQIHSSVTERIPW =SYGERGLSSWIXSGYXE WQEPPLSPIERHVYRYRHIVXLIGEVTIX YRHIVSXLIVQSPHMRK SVNYWXOIITXLIGEFPIWI\TSWIHJSVE JI[MRGLIW 3RGI]SYVIEGL]SYVGSQTYXIV TYPPXLIGEFPIEPMXXPIFMXXSQEOIWYVIMX¬WWXVEMKLX IRIHSYXYRHIVXLIQSPHMRKERHWS]SYLEZIEPP]SYVI\GIWWGEFPIEZEMPEFPIXS]SY

'LETXIV ¨ ;SVOMRK[MXL'EFPIW

*-+96)  8YGOXLIGEFPIWYRHIVXLIQSPHMRK

2S[ MJ]SY¬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¬WVSSQ 2S[]SYWLSYPHFIEFPIXSGSRRIGXEPPSJXLIGEFPIWERHEPPSJ]SYV[MVIWEVISYXSJWMKLXERH SYXSJHERKIV EWWLS[RMR*MKYVIWERH





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

*-+96)  0SSOQERS[MVIW

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¬WTS[IVWYTTP] 8LIVI[IVISRP]XLVII[MVIW WS-XYGOIHXLITS[IVGEFPIWYRHIVQ]HEWLERHYWIHIPIGXVMGEPXETIXSOIITXLIQVYRRMRK EPSRKXLIMRWMHITPEWXMG 2SXIXLEXQ]TS[IVGEFPIWEVITVIXX]XLMR WS-HMHR¬XLEZIXSVYRGSR HYMXSVYWIEWXVSRKIVXETI =SYVQMPIEKIQE]ZEV]HITIRHMRKSR[LEX]SYHIGMHIXSYWIJSV TS[IVERH[LEXGEFPIW]SYIRHYTVYRRMRK

'LETXIV ¨ ;SVOMRK[MXL'EFPIW

*-+96)  8LIGPIERIHYTGSQTYXIVEVIE

1EOIWYVI[LIRXETMRKXLEXXLIWYVJEGI]SY[MPPFIETTP]MRKXLIXETIXSMWGPIER¨JVIISJSMPW ERHHYWX=SYHSR¬X[ERXXLIXETIXSGSQIPSSWIFIGEYWISJKVMQIXLEXTVIZIRXWMXJVSQWXMGOMRK %KSSH[E]XSKIXVMHSJXLMWMWXSYWIEGSXXSRW[EFERHWSQI VYFFMRKEPGSLSP4YXWSQI VYFFMRKEPGSLSPSRXLIW[EFERH[MTIXLIEVIEGPIERERHXLIRYWIETETIVXS[IP RSXSRI[MXL PSXMSRSVQSMWXYVM^IVWSJGSYVWI ERHQEOIWYVIXLIWYVJEGIMWGPIEV=SYGEREPWSWGSVIXLIWYV JEGIMREGVMWWGVSWWTEXXIVRXSLIPTXLIXETIWXMGOFIXXIV

%JXIVXETMRKXLITS[IVGEFPIWXSXLIFSXXSQSJXLIHEWL -VERXLIQHS[RXSXLIQSPHMRKERH GEVIJYPP]XYGOIHXLIGEFPIWYRHIVXLIQSPHMRKWS-[SYPHR¬XOMROXLI[MVI -XLIRVERXLIGEFPI XSXLIGSQTYXIVYRHIVXLIWIEXWSJSSXXVEJJMG[SYPHRSXEJJIGXQ]GEFPIW 8LEX[EWMX¨RIEX ERHGPIERERHWEJIP]SYXSJXLI[E]

/IITMRKXLI-RZIVXIV%ZEMPEFPIERH ,MHHIR -J]SYLEZIXSYWIER%'MRZIVXIVXSTS[IVHIZMGIW MXMWFIWXXSOIITMXSYXSJWMKLX]IXWXMPP EGGIWWMFPI 8LITVSFPIQ[MXLTEWWIRKIVWMWXLEXXLI]GEROMGOXLIEHETXIV XYVRMXSRSVSJJ SV KIXWLSGOIHMJXLI]KIXXLIEHETXIV[IX





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO 8LISXLIVTVSFPIQMWXLEXQER]%'MRZIVXIVWQE]SRP]TPYKMRXSXLIGMKEVIXXIPMKLXIVEHETXIV WSQIXMQIWGEPPIHXLI4S[IV4PYKMRRI[IV QSVITSPMXMGEPP]GSVVIGXGEVW ERHLEZIEWLSVX GEFPI 8LMWETTIEVWXSPMQMX]SYXSTPEGMRKMXSYXSJXLI[E]SJXLITEWWIRKIV FYXMX¬WWXMPPXLIVI MRXLITEWWIRKIVEVIE 8SQMXMKEXIXLMWXLVIEX ]SYRIIHXSJMRHE[E]XSTSWMXMSRXLIEHETXIVMREREGGIWWMFPIPSGEXMSR FYXSYXSJXLI[E]SJJIIXERH[LIVIMXGERIRNS]EWQYGLJVIIEMVGMVGYPEXMSREWTSWWMFPI XS QMRMQM^ILIEXFYMPHYT 8LIIEWMIWXERHQSWXGSRZIRMIRXTPEGIXSTYXMXMRQSWXGEVWMWYRHIV XLIWIEXSRXLIWMHISJXLIGIRXIVGSRWSPIXLIGMKEVIXXIPMKLXIVMWSR 8LMWPIXW]SYVSYXIXLI GEFPIHS[RERHFEGO[MXLSYXKIXXMRKMRXLI[E]SJXLIWLMJXIVSVTEWWIRKIVW¬ JIIX =SYWLSYPH EPWSFIEFPIXSVYRXLIMRZIVXIV¬WGEFPIYRHIVXLIQSPHMRKSVYRHIVXLIGIRXIVGSRWSPI[MXLSYX ER]MWWYIWERHOIITIZIV]XLMRKPSSOMRKGPIER -RQER]GEWIWXLIGIRXIVGSRWSPIMWVIQSZIHWMQTP]F]VIQSZMRKXLIGYTLSPHIVWERHXLIR TYPPMRKYTXLIGSRWSPI SVJMVWXYRWGVI[MRKEJI[WGVI[WERHXLIRTYPPMRKYTXLIGSRWSPI 'LIGO [MXL]SYVHIEPIVSVERIRXLYWMEWXKVSYTSVQIGLERMGWKYMHISRXLIWTIGMJMGWTIVXEMRMRKXS]SYV ZILMGPI -R*MKYVI]SYGERWII[LIVIXLIGIRXIVGSRWSPILEWFIIRVIQSZIH

*-+96)  8LIGIRXIVGSRWSPIMWVIQSZIH

'LETXIV ¨ ;SVOMRK[MXL'EFPIW %RSXLIVSTXMSRXSOIITXLIMRZIVXIVGEFPIGPIERP]SYXSJXLI[E]MWXSVSYXIMXWGMKEVIXXIPMKLXIV EHETXIVGEFPIIRXMVIP]YRHIVXLIGIRXIVGSRWSPI QIERMRKXLEX MRWXIEHSJOIITMRKXLITPYKVYR RMRKMRXLISTIR ]SY[SYPHVYRMXIRXMVIP]YRHIVXLIGIRXIVGSRWSPIERHPIEZINYWXIRSYKLSYX XSTPYKMXMRXSXLIGMKEVIXXIPMKLXIVWSGOIX -RXLMWGEWI]SY[SYPHLEZIXSVIQSZIXLIXSTSJ ]SYVGIRXIVGSRWSPIEVIE [LIVIXLIWLMJXIV TEVOMRKFVEOI ERHWSJSVXLEVI WS]SYGERVYRXLI GEFPI 'LIGO[MXL]SYVHIEPIVSVERIRXLYWMEWXKVSYTVIKEVHMRKLS[XSHSXLMW FIGEYWIXLI VSYXMRI[MPPZEV]FEWIHSRZILMGPI *MKYVIWLS[W[LIVI-VERXLITS[IVGEFPIYRHIVXLIGIRXIVGSRWSPIQSPHMRKXSOIITMX GPIERP]SYXSJXLI[E] -LEHXSGYXEZIV]WQEPPWUYEVIKVSSZI[MXLEVE^SVFPEHIWSXLIGEFPI GSYPHGSQIXLVSYKL[MXLSYXFPSGOMRKXLIGYTLSPHIV¬WGSZIVMRKJPET =SYQE]LEZIXSHSWSQI XLMRKWMQMPEVWSXLEXXLISVMKMREPYRMXWEPPWRETMRTPEGITVSTIVP] /IITMRQMRH [LIRQSHMJ] MRKGEVW]SYLEZIXSFIGVIEXMZIXSKIXEVSYRHGIVXEMRSFWXEGPIW[LIRXLI]GSQIYT

*-+96)  6YRRMRKXLITS[IVGEFPIYRHIVXLIGIRXIVGSRWSPI

=SYWLSYPHFIEFPIXSIEWMP]TYPPTS[IVGEFPIWXLVSYKLXLIGIRXIVGSRWSPITPEWXMGQSPHMRKERH HS[RYRHIVXLIWIEX EWMPPYWXVEXIHMR*MKYVI FYX]SYVI\TIVMIRGIQE]EKEMRZEV]HITIRH MRKSRXLIX]TISJZILMGPI]SYLEZI¨PMOI-WEMHFIJSVI FIGVIEXMZI IZIV]GEVMWHMJJIVIRX 





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

*-+96)  8YGOMRKXLITS[IVGEFPIWYRHIVXLIGIRXIVGSRWSPIQSPHMRK

-R*MKYVI]SYGERWII[LIVIXLIGEFPIGSQIWJVSQYRHIVXLIGIRXIVGSRWSPIERHXSXLI MRZIVXIV 8LIVIEWSR]SYOIITXLIMRZIVXIVEGGIWWMFPIMWXSLEZIEGGIWWXSMXWTS[IVW[MXGL -J]SYVGEV OIITWTVSZMHMRKTS[IVXSXLIGMKEVIXXIPMKLXIVEHETXIV[LIRXLIOI]MWSYXSJXLIMKRMXMSR XLIR ]SYV%'MRZIVXIVGSYPHOIITHVE[MRKTS[IVERHTS[IVMRK]SYVHIZMGIW TSXIRXMEPP]HVEMRMRK ]SYVFEXXIV][LMPI]SY¬VIE[E] 1ER]%'MRZIVXIVW[MPPEYXSQEXMGEPP]WXSTHVE[MRKTS[IV[LIR XLI]WIRWIXLIFEXXIV]TS[IVMWXSSPS[ FYX]SYWLSYPHR¬XXEOIXLIVMWOSJXVYWXMRKXLIMRZIVXIV¬W WIRWSVERHIRHYTRSXFIMRKEFPIXSWXEVX]SYVGEV -J]SYGER¬XQSZIXLIMRZIVXIVYRHIVXLIWIEX WIIMJ]SYGER:IPGVSMXYRHIVXLIKPSZIGSQTEVX QIRX SVSRGEVTIXXSXLIWMHISJXLITEWWIRKIV 8LITSWMXMSRMR]SYVGEV[MPPZEV] FYX]SY[ERX XSJMRHXLIFIWXTSWMXMSRJSVXLIHIZMGI [LIVIJIIX[MPPRSXXSYGLMX

'LETXIV ¨ ;SVOMRK[MXL'EFPIW

*-+96)  8LI%'MRZIVXIVGEFPIMWFEVIP]WIIRYRHIVXLITEWWIRKIVWIEX

-J]SYRIIHQSVIXLERSRIGMKEVIXXIPMKLXIVWSGOIXXLIVIEVITVSHYGXW]SYGERFY]XLEXKMZI]SY QSVIXLERSRIWSGOIX-TYVGLEWIHXLI7XVIIX0MKLXWEHETXIV[LMGLTVSZMHIHQIJSYVWSGOIXWERH MXPMKLXWYTVIH[LIRTS[IVMWJPS[MRK 8SSGSSP

-J]SYVMRZIVXIVLEWFEXXIV]XIVQMREPWJSVGSRRIGXMRKHMVIGXP]XSXLIFEXXIV] ]SYGERVYRXLI TS[IVHMVIGXP]XS]SYVFEXXIV]F]JSPPS[MRKXLIMRWXVYGXMSRWMR'LETXIV ©+MZMRK=SYV 'VIEXMSR0MJI 4S[IV'SRWMHIVEXMSRWª ,S[IZIV XLMWHSIWR¬XRIKEXIXLIJEGXXLEX]SYGSYPH OIITHVE[MRKTS[IV[LIRXLIGEVMWXYVRIHSJJ /IITMRQMRHXLEX]SYGSYPHGSRRIGXXLI MRZIVXIV¬WTSWMXMZIXIVQMREPXSXLIFEVVMIVXIVQMREPW[MXGLMRWXEPPIHMR'LETXIVERHGSRRIGXXLI KVSYRHGEFPIXSXLIKVSYRHGSRRIGXSVMPPYWXVEXIHXLIVIMREW[IPP





4EVX- ¨ 0E]MRKXLI+VSYRH[SVO

7YQQEV] 8LMWGLETXIVHMWGYWWIHLS[]SYGERLMHIXLIGEFPIWMR]SYVGEVERHTVSXIGX]SYVIUYMTQIRX JVSQKIXXMRKXVEQTPIHSRF]TEWWIRKIVW -XEPWSHMWGYWWIHLS[XSVYRGEFPIWYRHIVQSPHMRKERH YRHIV]SYVGIRXIVGSRWSPIEW[IPPEWLS[XSXEOIEHZERXEKISJTPEWXMGGSRHYMXXSOIITGEFPIW SVKERM^IHERHWEJI &IGEYWI[MVIWEVIWSHIPMGEXI]IXWSMQTSVXERX ]SYQYWXEP[E]WOIITXLIQ SYXSJXLI[E]SJ]SYVTEWWIRKIVWERH]SYVWIPJ 'EFPIWXLEXKIXMRXLI[E][LMPI]SYHVMZIGER GEYWIEGGMHIRXW ERHTS[IVGEFPIWWXITTIHSRF]TEWWIRKIVWGSYPHGEYWIWLSGOWSVJMVIW 8LMWMW [L]]SYVGEV¬W[MVMRKW]WXIQWEVILMHHIRJVSQ]SY

4L]WMGW1ER 4L]WMGW4VITEVMRK ,SQI)PIGXVSRMGW JSVXLI6SEH

GLETXIV

MRXLMWGLETXIV

%

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%JXIVVIEHMRKXLMWGLETXIV ]SYWLSYPHYRHIVWXERH

1SYRXMRKGSQTYXIV GSQTSRIRXWXS EGGSYRXJSVTL]WMGW

HHMRKGSQTYXIVXIGLRSPSK]XS]SYVGEVLEWERYQFIVSJKSXGLEW =SYQE]RSXLEZIPMOIHTL]WMGWMRLMKLWGLSSP FYXMXHIJMRMXIP] GSQIWMRXSTPE]LIVI (SR¬X[SVV] [I¬VIRSXKSMRKXSKSSZIVKVEZM XEXMSREPJSVQYPEWERHHMJJIVIRXMEPIUYEXMSRW ,S[IZIV -HS[ERXXSKMZI]SY ELIEHWYTSR[LEXIUYMTQIRX]SYWLSYPHWIPIGXXSEGGSQQSHEXIEREYXS QSFMPIIRZMVSRQIRXERHKMZI]SYWSQIMRJSVQEXMSRSR[LEXEPPSJXLSWI KM^QSWMR]SYVGEVLEZIXSKSXLVSYKL[LMPIXLI]VYR

,S[XSGLSSWIEWXSVEKIHIZMGIJSVEGSQTYXIVMR]SYVGEV ,S[XSQSYRXIPIGXVSRMGWMR]SYVGEVXSEGGSQQSHEXIJSVWLSGO ERHZMFVEXMSR ;LEX+JSVGIVEXMRKWEVIERHLS[XLI]EJJIGXLEVHHVMZIWERHSTXM GEPHVMZIW ;L]STXMGEPHMWGWWOMTERHLS[XSQMXMKEXIXLEXTVSFPIQMRKEQI GSRWSPIW GSQTYXIVSTXMGEPHMWGHVMZIW '(631W (:(631W IXG  ERHSXLIVHMWGEYHMSZMHIS %: IUYMTQIRX (:(TPE]IVW ERH:'6W 

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'LETXIV ¨ 'LSSWMRKE(MWTPE](IZMGI

8MTWJSV&Y]MRKE9WIH0'((MWTPE]SV,IEH9RMX 1EVKMRWEVIWSLMKLSRGEV0'(HMWTPE]W ERHIWTIGMEPP]LIEHYRMXW XLEXFY]MRKXLIQYWIHMW SJXIRFIXXIVERHKMZIW]SYXLIWEQIUYEPMX]EWERI[TVSHYGX &IE[EVIXLEXXLIX[SQSWX I\TIRWMZIJM\IWJSVER0'(HMWTPE]EVIEGVEGOIHWGVIIR NYWXKSKIXERI[SRI ERHEJEMPIH FEGOPMKLX ,IVIEVIWSQIXMTW[LIRWLSTTMRKJSVEYWIHHMWTPE]SVLIEHYRMX ;EXGLSYXJSVHIEHTM\IPW 8LIWIYWYEPP]PSSOPMOIFVMKLXSVHEVO HIEHWTSXWSRXLIHMW TPE] 7LS[E[LMXIMQEKISRXLIHMWTPE]XSWIIMJER]HEVOWTSXWGERFIWIIR XLIRWLS[E FPEGOSVHEVOMQEKIERHPSSOJSVEFVMKLX[LMXITM\IP *SVQER]QERYJEGXYVIVW QSVI XLERXLVIISJXLIWIGSRWXMXYXIEHIJIGXGSZIVIHF][EVVERX] SJGSYVWI XLMWWXERHEVHQE] GLERKI  %HIEHTM\IPHSIWR¬XQIERXLIHMWTPE]MWKSMRKFEH VEXLIV MXMWEWMKRSJEHIJIGX HYVMRKXLIQERYJEGXYVMRKTVSGIWW ;LIRTYVGLEWMRKELIEHYRMX QEOIWYVIXLIVIMWEQSYRXMRKLEVRIWWFVEGOIXJSV]SYV ZILMGPIERHXLEXER]EHETXIVW]SY[MPPRIIHEVIEZEMPEFPI 7MRGI]SYQE]RSXFIEFPIXS VIXYVREYWIHMXIQ MXMWEKSSHMHIEXSORS[[LIXLIVMXMWEGXYEPP]GSQTEXMFPI[MXL]SYVGEV :IVMJ]XLEXEPPRIGIWWEV]GEFPIW TEVXW ERHEHETXIVWGSQI[MXLXLIYRMX -JXLIYRMXMWR¬X XSSSPH TSWWMFP]FEGOE]IEVSVX[S  WIIMJPSGEPWXSVIWGEVV]MXERHGLIGOERI[W]WXIQ¬W FS\XSJMRHSYX[LEXXLIGSRXIRXWWLSYPH FIERHZIVMJ][LEX]SYRIIH 7SQISJXLIWI TEVXWGERFII\TIRWMZIMJ]SYGER¬XJMRHXLIQYWIHERHLEZIXSKIXXLIQJVSQXLIQERY JEGXYVIV %PWS QEOIWYVIXLEXEPPGEFPIWERH[MVIWLEZIRSFIRXTMRW OMROW LEVHFIRHW  SVJVE]WMRXLI[MVIW (IXIVQMRI[LIXLIVXLISVMKMREPQERYJEGXYVIV¬W[EVVERX]MWWXMPPZEPMHSRXLIYRMX -JXLI S[RIVLEWERI\XIRHIHWIVZMGITPER QEOIWYVIXLI]XVERWJIVMXXS]SY 1SWXI\XIRHIH WIVZMGITPERWEVIXVERWJIVEFPIXSRI[S[RIVW ERHXLITVSGIWWMWYWYEPP]EWWMQTPIEWJMPPMRK MREJSVQSRXLIFEGOSJXLIMVI\XIRHIH[EVVERX]GEVHSVQEOMRKETLSRIGEPP

'SQTYXIV(MWTPE]WJSV'EVW %HHMRKEGSQTYXIVXS]SYVGEVMWEHMJJIVIRXFIEWXEPPXSKIXLIV[LIRGSQTEVIHXSWMQTP]EHHMRK E(:(TPE]IVSVKEQIGSRWSPI 'SQTYXIVHMWTPE]WLEZIEHIQERHJSVLMKLIVVIWSPYXMSR ERH XLISTIVEXMRKW]WXIQWHITIRHSRXLEXVIWSPYXMSRFIMRKEZEMPEFPI 7YVI ]SYGERQEOIJSRXWM^IW FMKKIVERH[MRHS[FSVHIVWPEVKIV FYX]SYWXMPPVYRMRXSXLIWEQIUYERHEV]¨XLILMKLVIWSPY XMSRHMKMXEPQSRMXSVWEVII\TIRWMZI;I¬VIXEPOMRKEVSYRHJSVQERYJEGXYVIV¬WWYKKIWXIH VIXEMPTVMGI 1764  ERHSVWSSRI&E] -WYKKIWXEGSYTPIGSYVWIWSJEGXMSR -J]SY¬VISRP]KSMRKXSYWIXLIGSQTYXIVJSVTPE]MRKFEGOEYHMSERHZMHISJMPIW NYWXKIX EREREPSKHMWTPE] 8LIWIWSPYXMSRWEVIGLIETIVXSFIKMR[MXL ERHJEMVP]MRI\TIRWMZIXS I\TERH -J]SY¬VIKSMRKXSYWIXLIGSQTYXIVJSVEGXYEPGSQTYXMRK WYGLEWEGGIWWMRKIQEMPERH XLI-RXIVRIX TPE]MRKKEQIW YWMRK+47 ERHWSJSVXL XLIRFY]EHMKMXEPHMWTPE] =SYGSYPH KIXF][MXLEREREPSKHMWTPE]ERH7:MHIS FYXMJ]SYVIEPP][ERXXSIRNS]EGEVGSQTYXMRK I\TIVMIRGI XLIHMKMXEPHMWTPE]WEVIVIEPP]XLISRP][E]XSKS





4EVX-- ¨ 8LI9WIV-RXIVJEGI

'LSSWMRKERH4SWMXMSRMRK(MWTPE]WJSV&SXL'SQTYXIVW ERH7XERHEVH:MHIS(IZMGIW 8LIVIEVIEJI[[E]WXSETTVSEGLGLSSWMRKEHMWTPE]JSVXLIHIZMGIMR]SYVGEV =SYGERQSYRX XLIHMWTPE]SRXLIHEWL MRXLIHEWL YWMRKGYWXSQ[SVO  FY]ERMRHEWLHMWTPE] SVLEZIHMW TPE]WMRXLIWIEXW QSVISRXLEXTEVXMGYPEVXSTMGPEXIVMRXLMWGLETXIV  3JGSYVWI MJ]SYSTXJSV EREPPMRSRIYRMX ]SY¬VITVIXX]QYGLPMQMXIHXS]SYVHEWL

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
/IITMRQMRHXLEXMRWXEPPMRKXLIHMWTPE]HMVIGXP]SR]SYVHEWLGERIEWMP]MRXIVJIVI[MXL]SYVZMWM FMPMX][LIRHVMZMRK%MRGLHMWTPE]GERFIUYMXIEPEVKISFWXEGPIXSPSSOTEWXIWTIGMEPP][LIR XLIHMWTPE]MWJPEWLMRKXI\XERHKVETLMGW

-RWXEPPMRKE*PMT(S[R(MWTPE] 3JXIRWIIRMRQMRMZERWJEGMRKXLITEWWIRKIVWIEXMRKEVIE JPMTHS[RHMWTPE]WEVIGSRZIRMIRX ZMHISHMWTPE]WMJTISTPIMR]SYVFEGOWIEXRIIHEGPSWIYTPSSOEXEHMWTPE] WYGLEWJSV[LIR [EXGLMRKE(:( 8LMWWEZIWXLIGSWXSJMRWXEPPMRKEZMHISHMWTPE]MRXLIFEGOSJIZIV]WIEX ERH ]SYGERWXMPPLEZIEHMWTPE]YTJVSRXYWMRKEWMQTPIZMHISW[MXGL -XQE]FIFIWXXSLEZIETVS JIWWMSREPMRWXEPPIVTYXSRISJXLIWIMR ,S[IZIV MJ]SY[ERXXSHSMX]SYVWIPJ XLIMRWXVYGXMSRW EVIJEMVP]WXVEMKLXJSV[EVH *MKYVIWLS[WEJPMTHS[RHMWTPE]YWMRKER%YHMSZS\SZIVLIEH YRMX

'LETXIV ¨ 'LSSWMRKE(MWTPE](IZMGI

*-+96)  %HEWLQSYRXIHHMWTPE]

-RWXEPPMRKER-R(EWL'SQTYXIV(MWTPE] -LEZIFIIREFPIXSJMRHSRP]X[S:+%GETEFPIGSQTYXIVHMWTPE]WJSVGEVW ERHSRISJXLSWI [EWR¬XWLMTTMRKEXXLIXMQI-[EW[VMXMRKXLMWFSSO 8LISXLIV[EWELERHQEHIYRMXJVSQ (MKMXEP;SVPH[MHI [[[HMKMXEP[[GSQ  -HIGMHIHXSMRWXEPPXLMWYRMXMRXSQ]ZILMGPI FIGEYWIMXMWEXSYGLWGVIIR WS-GERNYWXXETQYWMG-[ERXXSLIEV ERHGERXMPXXS[EVHXLI HVMZIVSVTEWWIRKIV -XLEWEFSYXEWIZIRHE]PIEHXMQIJSVXLIQXSFYMPHMXJSV]SY FYXMX¬W [SVXLXLITEXMIRGI





4EVX-- ¨ 8LI9WIV-RXIVJEGI

*-+96)  %JPMTHS[RHMWTPE]

-RWXEPPMRK(MWTPE]WMR'EV7IEXW -J]SYEVIKSMRKXSLEZIQYPXMTPIHMWTPE]WIQFIHHIHMR]SYVGEVWIEXW ]SYEGXYEPP]LEZIERYQ FIVSJSTXMSRW 8LIVIEVIQER]HSMX]SYVWIPJOMXW]SYGERTYVGLEWIEXVIXEMPERHWTIGMEPX] WXSVIW 1]PSGEP&IWX&Y]LEHEZIV]RMGIWIPIGXMSRSJWGVIIRW ERHSRISJXLIQ[EWEGXYEPP]EVITPEGI QIRXJSVXLILIEHVIWXW¨NYWXXEOISYX]SYVSPHSRIERHTYXXLIRI[SRI [MXLXLIFYMPXMRHMW TPE] MR EWWLS[RMR*MKYVI8LMW[EWEQYGLQSVII\TIRWMZISTXMSR SRXLISVHIVSJ  EPXLSYKLQER]QERYJEGXYVIVWEVIWXEVXMRKXSERRSYRGIWMQMPEVVITPEGIQIRXLIEHVIWX HMWTPE]W 8LMWGSQTIXMXMSR[MPPFVMRKTVMGIWHS[RXSEQYGLQSVIGSQJSVXEFPIPIZIPMR ERHFI]SRH

'LETXIV ¨ 'LSSWMRKE(MWTPE](IZMGI

*-+96)  %VITPEGIQIRXLIEHVIWXHMWTPE]

-RWXEPPMRKEHMWTPE]MRXS]SYVLIEHVIWX]SYVWIPJMWR¬XHMJJMGYPXERHQE]SRP]FIEGSYTPILYRHVIH HSPPEVWTIVHMWTPE] 1ER]QSFMPIHMWTPE]WGSQI[MXLQSYRXMRKFVEGOIXWWS]SYGERNYWXPEXGLSR XSXLIWYTTSVXFEVW WSQIXMQIWGEPPIHEHNYWXQIRXFEVW YRHIV]SYVLIEHVIWX WII*MKYVI  -RXLIGEWI[LIVI]SY[ERXXSMRWXEPPXLIHMWTPE]HMVIGXP]MRXS]SYVLIEHVIWX XLIOI]WEVITPER RMRKLS[XSGYXMRXSXLILIEHVIWX SVXLIWIEXMRXLIGEWIXLEX]SYLEZIRSWITEVEXIVIEHVIWX ERHTVSTIVP]TPEGMRKXLIQSYRX 1SWXHMWTPE]W[MPPLEZIMRWXVYGXMSRWJSVFSXLX]TIWSJQSYRX MRK 8LIVIEVIWSQER]LIEHVIWXWERH[E]WXSQSYRXXLEX-GER¬XGSZIVXLIQEPPLIVI 7YJJMGIMX XSWE] MJ]SYLEZIEHNYWXEFPILIEHVIWXW MX¬WJEVIEWMIVXSNYWXYWIXLIMRGPYHIHFVEGOIXWJSVXLI HMWTPE] W ]SYFY]ERHEXXEGLXLIQXSXLSWIWYTTSVXFEVW 9WMRKQYPXMTPIZMHISWSYVGIWMW I\TPEMRIHMRQSVIHIXEMPPEXIVMRXLMWGLETXIV





4EVX-- ¨ 8LI9WIV-RXIVJEGI

*-+96)  %HMWTPE]EXXEGLIHXSXLIWYTTSVXFEVWSRELIEHVIWX

1ER]QSFMPIZMHISHMWTPE]WGERFIJSYRHSRI&E]JSVPIWWXLERERHSJXIRX[SJSVYRHIV %PXLSYKLXLIWIHMWTPE]WEVIRSX:+%VIWSPYXMSRXLI]EVIMHIEPJSVLEZMRKQYPXMTPIHMWTPE]W JSVKEQMRKERH(:(TPE]FEGOMR]SYVGEV

1ER]HMWTPE]WLEZIXLIEFMPMX]EPWSXSJIIHEYHMSSZIVMRJVEVIHXSMRJVEVIHFEWIHLIEHTLSRIW JSVOIITMRKTIEGIERHUYMIXMRXLIGEV[LIR]SY¬VIHVMZMRKERH]SYVTEWWIRKIVWEVIHIQERHMRK IRXIVXEMRQIRX 'LSSWMRKXLMWSTXMSRGERIREFPI]SYVTEWWIRKIVWXSTPE]KEQIW[LMPI]SYPMWXIR XSXLIVEHMS 8LMWX]TISJWIXYT[SYPHVIUYMVI]SYXSHMVIGXP]JIIHEYHMSJVSQEREYHMSW[MXGL XSEREY\MPPMEV]MRTYXSR]SYVHMWTPE]WWSXLI]GERW[MXGLXSXLIWITEVEXIEYHMS ERHTSWWMFP] ZMHIS WSYVGI[LMPI]SYPMWXIRXS]SYVW 1SVII\TIRWMZILIEHYRMXWGERWYTTSVXQYPXMTPIHMW TPE]WERHQYPXMTPIEYHMSERHZMHISWSYVGIWXLIQWIPZIW FYXXLIWIEVIQYGLQSVII\TIRWMZI 3RI[E]XSKIXEVSYRHTYVGLEWMRKERI\TIRWMZIQYPXMWSYVGILIEHYRMXMWXSTYVGLEWIFSXLER %: EYHMSZMHIS W[MXGL b ERHER%YHMS:MHIS(MWXVMFYXMSR%QTPMJMIV b WII *MKYVI JVSQ6EHMS7LEGO 9WIXLIW[MXGLXSHIXIVQMRIXLIMRTYXWSYVGI ERHXLIHMWXVM FYXMSREQTPMJMIVXSJIIHXLIEYHMSERHZMHISJIIHWXSXLIZEVMSYWHMWTPE]WMR]SYVGEV 8SW[MXGL EQSRKXLIHMJJIVIRX%:WSYVGIW WMQTP]GLERKIXLIMRTYXWIXXMRKSRXLIW[MXGL ERHMX[MPP WIRHXLIGSVVIGXJIIHXSXLIHMWXVMFYXMSREQTPMJMIV [LMGL[MPPXLIRWIRHXLIEQTPMJMIHJIIHWXS XLIHMWTPE]W

'LETXIV ¨ 'LSSWMRKE(MWTPE](IZMGI

*-+96)  %R%YHMS:MHIS(MWXVMFYXMSR%QTPMJMIV

'SRWMHIVWSQIHMWTPE]WWYTTSVXQYPXMTPI%:MRTYXWWS]SYGSYPHLEZIQSVIXLERSRIW[MXGL ERHHMWXVMFYXMSREQTPMJMIVERHJIIHIEGLEQT¬WSYXTYXXSXLIQYPXMTPI%:MRTYXWSRIEGLHMWTPE] 8LMW[SYPHEPPS[TEWWIRKIVWXSW[MXGLFIX[IIRHMJJIVIRXZMHISWSYVGIWIEWMP]WYGLEWXLIKEQI GSRWSPIERHE(:(

&YMPHMRK=SYV3[R(MWTPE]W 8LIVIEVIQER]TVIFYMPXHMWTPE]W]SYGERTYVGLEWI FYXWSQIXMQIW]SYRIIHXSGSQIYT[MXLE GYWXSQWSPYXMSR *SVI\EQTPI ]SYQEHIRIIHEPEVKIVWGVIIRXLERMWX]TMGEPP]EZEMPEFPIJSVGEVW SVEQSXSVM^IHMRHEWLIRGPSWYVI 7SQIXMQIW]SYQE]NYWX[ERXXSFYMPHIZIV]XLMRK]SYVWIPJ PMOIEPPXLIGSQTYXIVW]SYWTIGERHHIWMKRJSV]SYVS[RYWI -J]SYHIGMHIXSFYMPH]SYVS[R HMWTPE] QEOIWYVIXLIHMWTPE]XEOIWXLIJSPPS[MRKMXIQWMRXSEGGSYRX ,IEX¨6IJIVXS'LETXIV ©-X¬W7S,SXMR,IVI (IEPMRK[MXL,IEXª 4L]WMGW¨6IJIVXS'LETXIV ©4L]WMGW1ER 4L]WMGW 4VITEVMRK,SQI)PIGXVSRMGWJSV XLI6SEHª (YVEFMPMX]¨1EOIWYVIFYQTWERHZMFVEXMSRWHSR¬XQEOIXLIWGVIIRGSQIPSSWISVJEPP SYXSJTPEGI





4EVX-- ¨ 8LI9WIV-RXIVJEGI :MWMFMPMX]¨1EOIWYVIXLIWGVIIRMWZMWMFPIMRFVSEHHE]PMKLXEW[IPPEWEXRMKLX 4VEGXMGEPMX]JSVGEVYWI¨%MRGL0'(QE]FIGSSP FYX[LEX¬WMXWTYVTSWIMREGEV [LIRMX¬WWSGPSWIXS]SYVJEGI#&IGEVIJYPFIGSQMRKERSTIRMRZMXEXMSRXSXLMIZIW 4S[IVYWEKI¨=SYKIRIVEPP][SR¬XTYXTPEWQEHMWTPE]WMR]SYVGEV FIGEYWISJXLIWLIIV EQSYRXSJTS[IVXLI]VIUYMVI

-RWXEPPMRK1YPXMTPI(MWTPE]W -J]SYEVIMRWXEPPMRKEGSQTYXIVSVZMHISIRXIVXEMRQIRXW]WXIQMRXS]SYVGEV ]SYQE]IRHYT VIUYMVMRKQYPXMTPIHMWTPE]WJSVEPPSJ]SYVTEWWIRKIVWXS[EXGLEQSZMI 7LEVMRKEWMRKPIZMHIS WSYVGIMWKIRIVEPP]ERIEW]XLMRKXSHSERHVIUYMVIWSRP]EZMHISWTPMXXIVMJ]SYSRP]LEZISRI ZMHISWSYVGI ERHEZMHISW[MXGLIVERHWTPMXXIVMJ]SY¬VIYWMRKQSVIXLERSRIZMHISWSYVGI ,EZMRKQYPXMTPIHMWTPE]WYWYEPP]QIERWSRIMRXLIFEGOSJIEGLTEWWIRKIVWIEXERHTSWWMFP]SRI MRXLIJVSRXWIEX 9WMRKEHMWXVMFYXMSREQTPMJMIV EFSYX ERHWTPMXXIV [IGERJIIHXLIWMKREP XSYTXSJSYVWGVIIRWMR]SYVZILMGPI %QTPMJMIVWGETEFPISJ[SVOMRK[MXLQSVIXLERJSYV WSYVGIWEVIEZEMPEFPI WSJIIPJVIIXSPSSOJSVXLSWIMJ]SYRIIHXLIQ 2S[XLMWYWYEPP]VIUYMVIW WSQIWTIGMEPTS[IVVMKKMRK WSVIJIVXS'LETXIV ©+MZMRK=SYV'VIEXMSR0MJI 4S[IV 'SRWMHIVEXMSRWª XSPIEVREFSYXXLIQER]WSPYXMSRW]SYLEZIEZEMPEFPIJSVTS[IVMRKHIZMGIWMR ]SYVZILMGPI

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
'LETXIV ¨ 'LSSWMRKE(MWTPE](IZMGI

*-+96)  1YPXMTPIHMWTPE]MRTYXGSRRIGXSVW

=SYGERTMGOYTXLIEREPSKW[MXGLIWEXER]WXSVIXLEXWIPPW8:W WYGLEW6EHMS7LEGO &IWX&Y] 'SQT97% +SSH+Y]W ERHSXLIVWMQMPEVWXSVIW ,S[IZIV XLITVSJIWWMSREPZMHISW[MXGLIWKIR IVEPP]EVISRP]JSYRHEXLMKLIVIRHWXSVIW -LEZIJSYRHEWLSVXGYXXSKIXXMRKXLILMKLIRHW[MXGL GETEFMPMXMIWJSVPIWW 8LIVIEVIKEQIW]WXIQW[MXGLIWXLEXWYTTSVXQSWXHMKMXEPJSVQEXWXLEXVYRMR XLIVERKI WYGLEWXLI7]WXIQ7IPIGXSV4VSJVSQ4IPMGER [[[TIPMGEREGGGSQ  -X¬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





4EVX-- ¨ 8LI9WIV-RXIVJEGI

*-+96)  8LI4IPMGER7]WXIQ7IPIGXSV4VSLEWIMKLX%:TSVXWSRXLIFEGO[MXLE FYMPXMRSTXMGEPEYHMSW[MXGLIVEW[IPP

*-+96)  %REREPSKZMHIS§EREPSKW[MXGL]SYGERTMGOYTJVSQTVEGXMGEPP] ER]WXSVI

%PXLSYKLQSWXTISTPI[MPPRSXYWIELMKLIVIRHHIZMGIWYGLEWXLI4IPMGER7]WXIQ7IPIGXSV4VS MRXLIMVGEVW XLSWIFYMPHMRKWLS[GEVWQE][ERXEW]WXIQPMOIXLMWXSVIEPP]WLS[SJJE[IWSQI HMWTPE]W

'LETXIV ¨ 'LSSWMRKE(MWTPE](IZMGI

&YMPHMRKE7GVIIR7SGO -RQ]JMVWXGEVKSMRKMRXSXLMWFSSO E1E^HE4VSXrKr -LEHVIQSZEFPILIEHVIWXW ERH-GSYPH MRWXEPPVITPEGIQIRXLIEHVIWXHMWTPE]W QSYRXWTIEOIVWSRXSXLILIEHVIWXWYTTSVXFEVW SVGYX MRXSQ]WIEXW ERHIEWMP]JMRHVITPEGIQIRXW  -RQ]RI[GEV E(SHKI768 XLIWIEXWEVIEPP SRIYRMX [MXLRSEHNYWXEFPILIEHVIWX -HMHR¬X[ERXXSGYXMRXSQ]FVERHRI[GEV¬WWIEXW ERH XLI][SYPHFII\TIRWMZIXSVITPEGIMJ-QIWWIHYT FYX-WXMPP[ERXIHXSLEZIWGVIIRWSRXLIQ 7S-GEQIYT[MXLERMHIE WGVIIRWSGOW &]YWMRKJEFVMG-GSYPHFY]EXER]JEFVMGWXSVIERHE PMXXPIWI[MRK XLEROWXSQ]WXITQSXLIVJSVHSMRKXLMW  -FYMPXE©WSGOª XLEXKSIWSZIVXLIXST SJQ]WIEX ERHXLIWGVIIRMWEXXEGLIHXSXLIWSGO 9WMRKIPEWXMGERHXLI[IMKLXSJXLIWGVIIRXS OIITXLIWGVIIRQSYRXIH -GSYPHVYRER]GEFPIW-[ERXIH -RXLIJSPPS[MRKWYFWIGXMSR -[MPP XIPP]SYLS[-HMHMX HSRSXHSXLMWTVSNIGX[LMPIMR]SYVGEV TPIEWI¨HSMXEXLSQISVMRE [SVOWLST[MXLEXEFPIERHERIRZMVSRQIRX]SYHSR¬XQMRHQIWWMRKYTEFMX  -JSYRHMXMWQYGLIEWMIVXSLERHWI[XLIWSGOWXLERXSYWIEWI[MRKQEGLMRI=SYVQMPIEKI QE]ZEV]

1]WGVIIRWSGOMHIEMWEPWSYWIJYPJSVQSZMRK]SYVWGVIIRWMRXSXLIXVYROMRSVHIVXSTVIZIRX FVIEOMRW

;LEX=SY2IIH 8SFYMPHXLIWGVIIRWSGO ]SY[MPPRIIHXLIJSPPS[MRKGSQTSRIRXW )PEWXMGWXVMTWSJETTVSTVMEXIPIRKXL WII*MKYVI :MR]PSVSXLIVJEFVMG VITPEGIXLI[SVHZMR]P [MXL[LEXIZIVQEXIVMEP]SYYWI¨FPEGOZMR]P [IRXFIWX[MXLQ]GEV¬WWIEXW  [MXLGPSXLFEGOMRKJSVJVMGXMSR WII*MKYVI 7GMWWSVW WI[MRKOMX XLVIEH RIIHPI 6YPIV 8ETIQIEWYVISVXEMPSV¬WJPI\MFPIQIEWYVI 6E^SV +PYIKYR[MXLWYTIVKPYI WSQIXMQIWGEPPIH©LIEZ]HYX]ª KPYI  SVETTVSTVMEXIP]WM^IH WGVI[W HITIRHMRKSRLS[]SY[ERXXSETTVSEGLEXXEGLMRKXLIWGVIIR XLMW[MPPHITIRH SR]SYVJEFVMG¨MJMX¬WXLMGO WGVI[WEVISOE] [LIVIEW[MXLXLMRRIVJEFVMGW [LMPI]SYWXMPP [ERXWSQIXLMRKVSFYWX ]SY[MPPPMOIP]LEZIXSYWIEWYTIVKPYI TVIJIVEFP][MXLELSX KPYIKYR





4EVX-- ¨ 8LI9WIV-RXIVJEGI

*-+96)  %TTVSTVMEXIPIRKXLWSJJEFVMG WII7XITMRXLIRI\XWYFWIGXMSRSRLS[XS QIEWYVIXLIWITVSTIVP] 

1EOMRKXLI7SGO 7XIT1IEWYVI:MR]PERH)PEWXMG 1IEWYVIETMIGISJZMR]PPEVKIIRSYKLXSKSJVSQXLIJVSRXSJ]SYVWIEX¬WLIEHVIWXTMIGIXSMXW FEGOTPYWEJI[MRGLIWJSVXLIWGVIIR ERH[MHIIRSYKLXSGSZIVXLI[MHIWXEVIESJXLILIEHVIWX TSVXMSR EWWLS[RMR*MKYVI 8LIR GYXETMIGISJIPEWXMGXLIHITXLSJXLILIEHVIWXTSVXMSR SJXLIWIEX EWWLS[RMR*MKYVI 6IQIQFIV 1IEWYVIX[MGI GYXSRGI

'LETXIV ¨ 'LSSWMRKE(MWTPE](IZMGI

*-+96)  1IEWYVMRKJVSQXLIJVSRXXSXLIFEGOSJXLILIEHVIWXTSVXMSRSJXLIWIEX

7XIT'YX:MR]PERH)PEWXMG 'YXXLIZMR]PERHIPEWXMGFEWIHSRXLIQIEWYVIQIRXW]SYQEHIMR7XIT





4EVX-- ¨ 8LI9WIV-RXIVJEGI

*-+96)  1IEWYVMRKXLIHITXLSJXLIWIEX

7XIT7I[XLI)PEWXMGXSXLI:MR]P 2S[JSPHXLITMIGISJJEFVMGSZIV]SYVWIEX ERHXLIVIWLSYPHFIEPMXXPISJJWIXFIX[IIR[LIVI XLIJEFVMGFIKMRWEXXLIJVSRXSJXLIWIEXXS[LIVIMXIRHW 8LIIPEWXMGRIIHWXSVYRWXVEMKLX EGVSWWJVSQ[LIVIXLIJEFVMGMWFIKMRRMRKSRXLIJVSRXXS[LIVIXLEXPMRIWYTSRXLIFEGO WS QEOIEQEVOWSXLEXXLIIPEWXMGPMRIWYTTVSTIVP][LIR]SYJMRMWLXLIWSGO XLIRWI[XLIIPEWXMG MRXSXLIZMR]P EWWLS[RMR*MKYVI

'LETXIV ¨ 'LSSWMRKE(MWTPE](IZMGI

7I[MRKWXEVXWLIVIRSX EXIRHSJJEFVMG )RHMRJVSRX

)RHMRFEGO

*-+96)  2SXIXLISJJWIXSJXLIIPEWXMGSRXLIJEFVMGERHQEOIETTVSTVMEXIQEVOMRKW FIJSVIWI[MRK

&IJSVIEXXEGLMRKXLIWGVIIRQEOIWYVI]SYKIXEPPXLIMRJSVQEXMSR]SYRIIHSJJXLIFEGOSJMX ERHWXSVIMXMRETPEGI]SYGERVIQIQFIV -XIQWWYGLEWQSHIPRYQFIVERHWIVMEPRYQFIVEW [IPPEWQERYJEGXYVIVERHER]TLSRIRYQFIVWWLSYPHFIVIXVMIZIHFIJSVIEXXEGLMRKXLIFEGOXS XLIWSGOSXLIV[MWI]SYQE]LEZIXSXIEVXLIWGVIIRSJJXSKIXXLSWIRYQFIVWEKEMR





4EVX-- ¨ 8LI9WIV-RXIVJEGI

*-+96)  8LIJMRMWLIHWSGOWERWHMWTPE]

%XXEGLMRKXLI(MWTPE] 2S[XLEX]SY¬ZIQEHIXLIWSGO WIIXLIJMRMWLIHZIVWMSRMR*MKYVI  ]SYRIIHXSEXXEGL XLIHMWTPE]XSXLIZMR]P ,S[]SYQSYRXXLIHMWTPE][MPPHITIRHSRXLIHMWTPE]]SYTYVGLEWIH WS]SYQE]LEZIXSMQTVSZMWIQ]WXITWLIVI 8LIYPXMQEXIKSEPMW]SYHSR¬X[ERXXLIHMWTPE]XS GSQIPSSWIJVSQXLIJEFVMG

7XIT7GSVIXLI&EGOSJXLI(MWTPE] ;MXLXLIVE^SV WGSVIXLIFEGOSJXLIHMWTPE]EPSRKXLIWMHIWERHER]JPEXEVIEWXLEXTVSXVYHI SYX[EVH EWWLS[RMR*MKYVI 7GSVMRKXLITPEWXMGLIPTWXLIKPYIFMRHXSWYVJEGIWQSVI IJJIGXMZIP] 6IQIQFIVXLMWJVSQQMHHPIWGLSSP#

'LETXIV ¨ 'LSSWMRKE(MWTPE](IZMGI

7GSVIHWIGXMSRW

*-+96)  7GSVMRKXLIFEGOSJXLIHMWTPE]ERHXLIJEFVMG

7XIT7GSVIXLI7EQI%VIESRXLI*EFVMG 2S[ JSVXLIWEQITIVMQIXIVEVIESRXLIJEFVMG[LIVIXLIHMWTPE][MPPVIWX WGSVIXLEXEVIE PMKLXP][MXLXLIVE^SV¨HSR¬XGYXEPPXLI[E]XLVSYKLXLITPEWXMG EWWLS[RMR*MKYVI .YWX PMKLXP]WGVETIXSTVITEVIXLIWYVJEGI 8LILSXKPYI[MPPQIPXXLIZMR]PWYVJEGIEPMXXPI KMZMRKER IZIRWXVSRKIVLSPH[MXLXLIWGSVMRKMRTPEGI -J]SYGYXXLVSYKLXLIZMR]P FIGEVIJYP[LIRKPY MRK WSXLIKPYIHSIWR¬XWIITXLVSYKLERHWXMGOXSXLISXLIVWMHISJXLIWSGO &IJSVIKPYMRKQEOIWYVI]SYLEZIJYPPEGGIWWXSXLITS[IVERHZMHISTSVXWSR]SYVHMWTPE]-J ]SYRIIHXSVYREGEFPIJVSQXLIFEGOHSWSFIJSVI]SYKPYISV]SYQE]RSXFIEFPIXSKIX TS[IVSVZMHISXSXLIHMWTPE]

7XIT%TTP]XLI+PYIXSXLI(MWTPE] 4PYKMRXLIKPYIKYRERHMRWIVXXLIWYTIVKPYIWXMGO *SPPS[XLIMRWXVYGXMSRWSJXLIKPYIKYRWS ]SYORS[[LIR]SYGERETTP]XLIKPYI &IGEVIJYP MX¬WLSX%PWS FIGEVIJYPRSXXSKIXXLIKPYI MRXSER]ZIRXW TS[IVWSGOIXW HMWTPE]GSRRIGXSVW SVSRXLIWGVIIRMXWIPJ MJ]SYHSKIXKPYISR XLIWGVIIR KIXMXSJJUYMGOP] FIJSVIMXLEVHIRW  2S[ ETTP]XLIKPYIXSXLIHMWTPE]SRXLIEVIEW ]SYWGSVIH OIITMRKMRQMRHXLI[EVRMRKWNYWXHMWGYWWIH -QQIHMEXIP]TVSGIIHXS7XIT





4EVX-- ¨ 8LI9WIV-RXIVJEGI %PXIVREXMZIP]]SYGSYPHYWIVMZIXWSVERSXLIVWSPYXMSRXSQSYRXXLIHMWTPE]XSXLIJEFVMG8LI KPYIMWNYWXSRISJQER][E]WXSHSXLMW

7XIT%XXEGLXLI(MWTPE]XSXLI*EFVMG -QQIHMEXIP]EJXIV]SYETTP]XLILSXKPYI EXXEGLXLIHMWTPE]SRXLIWGSVIHWYVJEGISJXLIWSGO 4YWLHS[REPMXXPI FYXRSXLEVH XSQEOIWYVIXLIKPYIFSRHWTVSTIVP] 0IXXLIHMWTPE]WMXXLIVI JSVEXPIEWXEQMRYXI

7XIT+PYIMRXLI7TSXWEVSYRHXLI(MWTPE] %JXIVXLIMRMXMEPKPYILEWFIIRETTPMIH JMPPMRXLIIHKIWYRHIVXLIHMWTPE][MXLXLILSXWYTIV KPYI EWWLS[RMR*MKYVI 8LMWLIPTWOIITXLIHMWTPE]WXEFPI +ETWKIXJMPPIHMR[MXLKPYI

*-+96)  *MPPMRKMRXLIKETWEPSRKXLIIHKIWSJXLIHMWTPE][MXLKPYI

7XIT;EMXJSVXLI+PYIXS,EVHIR 2S[XLEX]SYLEZIETTPMIHXLIKPYI [EMXEXPIEWXX[SLSYVWJSVMXXSLEVHIR (SRSXQSZIXLI HMWTPE]SVWSGO[LMPIXLIKPYIMWLEVHIRMRK

'LETXIV ¨ 'LSSWMRKE(MWTPE](IZMGI 7XIT8IWX(VMZI ;LIRXLIKPYILEWLEVHIRIH ETTP]XLIWSGOXSXLIGEVWIEX EXXEGLMXETTVSTVMEXIP]MR]SYVGEV XSTS[IVERHZMHISWSYVGIW ERHXEOIMXJSVEXIWXHVMZI *MKYVIWLS[WXLIWGVIIRWSGO EXXEGLIHXSXLIWIEXMRQ]GEV (VMZISRFYQT]VSEHWERHXV]UYMGOWXSTW [MXLRSFSH]EVSYRH ]SY SJGSYVWI  XSQEOIWYVIXLIWSGOWXE]WMRTPEGIERHXLEXXLIHMWTPE]VIQEMRWJM\IHXSXLI WSGO

*-+96)  8LIJMRMWLIHWGVIIRWSGOWYGGIWWJYPP]ETTPMIHXSXLIWIEX

7YQQEV] 8LMWGLETXIVHMWGYWWIHXLIZEVMSYWX]TIWSJEREPSKERHHMKMXEPGSRRIGXSVW XLIHMJJIVIRXHMWTPE]W ERHHMWTPE]TSWMXMSRMRKSTXMSRW]SYLEZI ERHLS[XSW[MXGLFIX[IIRQYPXMTPIZMHISWSYVGIW (MWTPE]MRKZMHISMR]SYVGEVGERQEOISVFVIEOEPSRKVSEHXVMT IWTIGMEPP][LIRRSFSH]MW XIPPMRKKSSHNSOIW  WS-IRGSYVEKI]SYXSMRWXEPPZMHISWSPYXMSRWMR]SYVGEVJSVTEWWIRKIVIRXIV XEMRQIRX



'LSSWMRKER -RTYX(IZMGI

GLETXIV

8

LIMRTYXHIZMGIW]SYYWIMR]SYVGEVJSVGSQTYXIVW ZMHISW SVKEQI HIZMGIWRIIHXSFISTXMQM^IHJSVEGEV¬WIRZMVSRQIRX -RXLMWGLETXIVHMWGYWWXLIHMJJIVIRXX]TIWSJMRTYXHIZMGIW]SYQE]LEZIMR]SYVGEV MWWYIW[MXLIEGL ERHXLIXIGLRSPSKMIWXLEXQEOIXLIQGSRZIRMIRXJSV QSFMPIYWI

/I]FSEVHW1MGIERH4VSKVEQQEFPI &YXXSRW 8LIQENSVMX]SJXLIXMQI MRXIVEGXMRK[MXLEGSQTYXIVMREZILMGPIMWWTIRX TIVJSVQMRKWMQTPIKIWXYVIW¨TVIWWMRKXLI4PE]FYXXSR XETTMRKEWSRKMRE PMWX W[MXGLMRKZMHISWSYVGIW :IV]PMXXPIXMQIMWWTIRXF]XLIHVMZIVHSMRKER] EGXYEPX]TMRK 4EWWIRKIVW SRXLISXLIVLERH QE]KIXQSVIMRXIVEGXMZI WYGL EWIRXIVMRKXLIEHHVIWWSJE;IFWMXIMRXSE;IFFVS[WIV ,S[IZIV SRGI XLITEKIPSEHW XLI]¬VIFEGOXSXLIWMQTPIKIWXYVIWSJGPMGOMRKERHHVEKKMRK

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¬WXVERWGIMZIVSYXSJXLI[E] ERHMRJVEVIH HIZMGIWRIIHXLIXVERWGIMZIVZMWMFPIMRSVHIVXS[SVO -J]SYHIGMHIXSKS [MXLE[MVIHWSPYXMSR TE]GPSWIEXXIRXMSRXS'LETXIV ©;SVOMRK[MXL 'EFPIWª XSQEOIWYVI]SYVGEFPIPIRKXLWEVI[MXLMRWTIGERHXLEX]SYLMHI ERHVSYXIXLIQETTVSTVMEXIP]

MRXLMWGLETXIV 'LSSWMRKERMRTYX HIZMGI ;MVIHERH[MVIPIWW WSPYXMSRW %HHMRKKEQI GSRXVSPPIVW %HHMRKGYWXSQOI] TERIPWERH EPXIVREXMZIMRTYX HIZMGIW



4EVX-- ¨ 8LI9WIV-RXIVJEGI 6IJIVXS'LETXIV©7]RGMRK4SVXEFPI1YWMG4PE]IVWªJSVETVSNIGXHIXEMPMRKLS[XSEHHE 97&LYFXS]SYVGEV¬WGIRXIVGSRWSPI

;EVRMRK

&IGEVIJYPLS[QER]97&HIZMGIW]SYEXXEGLXS]SYVQEGLMRIIWTIGMEPP]MJ]SYIRHYTEHHMRKE LYF1ER] GEVGSQTYXIVW[MPP FI FYMPX [MXL QMRMQEP TS[IVWYTTPMIWWS EHHMRKJSYVSVQSVI HIZMGIWXS]SYVQEGLMRIQE]WXVEMRXLITS[IVWYTTP]-XMWFIWXXLEXFIJSVI]SYMRWXEPPXLIHIZMGI JSVPSRKXIVQYWI]SYXIWXMXERHJMRHSYX[LIXLIV]SYGERYWIMX[MXLEPPSJ]SYVSXLIVHIZMGIW 1SHIVRSTIVEXMRKW]WXIQWWYGLEW;MRHS[W;MRHS[W<4ERH1EG37<[MPPXIPP]SYMJ ]SYHSR¬XLEZIIRSYKLTS[IVJSVXLIHIZMGI]SYEVIGSRRIGXMRK8LMWWLSYPHR¬XHEQEKIGSQ TSRIRXWMJ]SYNYWXVIEPM^IXLEX]SYGER¬XYWIEHIZMGI[LIRHIZMGIWWYGLEWEVIQSZEFPILEVH HVMZIERHEHMKMXEPGEQIVEERHEQIQSV]WXMGOERHE97&LYFEVIEPPTPYKKIHMREXXLIWEQIXMQI ,S[IZIV]SYGSYPHPSWIHEXEMJ]SY¬VIQSZMRKHEXEFEGOERHJSVXLJVSQEWXSVEKIHIZMGIERH XLITS[IVPIZIPJPYGXYEXIW

'LSSWMRKE1SYWI 7MQTPIMRXIVEGXMZIEGXMZMXMIWXIRHXSFITIVJSVQIHF]EQSYWI XSYGLTEH SVXVEGOFEPP[LIR]SY EVIEXLSQISVSREPETXST 8LIWIEVIYWYEPP]HIWOFEWIHHIZMGIW SVEXPIEWXQYWXFIOITXSRE WSPMHWYVJEGIWYGLEWEXVE]MRXLIFEGOSJEREMVTPERIWIEX =IEVWEKS%TTPI'SQTYXIVVIEPM^IHLS[MQTSVXERXWMQTPIKIWXYVIW[IVIXSEYWIVI\TIVMIRGI ERHXLI1EGMRXSWL[EWFSVR8LI1EGMRXSWLSTIVEXMRKW]WXIQ[EWEGXYEPP]FYMPXWS]SYGSYPH YWIXLIIRXMVIGSQTYXIV[MXLRSXLMRKFYXEQSYWI8LI1EGMRXSWL¬WQSYWIFEWIHMRXIVJEGI[EW XS WSQI I\XIRX QMQMGOIH EJXIV W]WXIQW WIIR F] %TTPI IRKMRIIVW EX
'EVWHSR¬XYWYEPP]LEZIXLIPY\YV]SJHIWOWTEGI /I]FSEVHWERHQMGIGER¬XNYWXWMXEVSYRHSR XLIHEWLSVXLI]¬PPWPMHIEVSYRH[LIR]SYXEOIXYVRWSVLMXFYQTW =SYRIIHETPEGIXSOIITEPP SJXLIWIHIZMGIWWSXLI]EVIFSXLEGGIWWMFPIERHIEW]XSTYXE[E] )RXIV[MVIPIWW ;MVIPIWWQMGIVYRYWMRKVEHMSJVIUYIRG]XSGSQQYRMGEXI -XWIIQWXLIVIEVIQER]HMJJIVIRX QMGI]SYGERGLSSWIJVSQ FYXXLITVSFPIQWXMPPVIQEMRWXLEXQSWXQSYWIWSPYXMSRWEVIQEHIXS WMXSREHIWO %GSQTER]GEPPIH+]VEXMSRVIGSKRM^IHXLMWERHHIWMKRIHEQSYWI WII*MKYVI  XLEXEGXYEPP]YWIWEK]VSWGSTIXS[SVOFEWIHSRKIWXYVIW]SYQEOIMRXLIEMV[MXL]SYV LERH *SVI\EQTPI XSQSZIXLIQSYWIPIJX ]SYNYWXQSZI]SYVLERHPIJX [LMPILSPHMRKXLI +]VEXMSRQSYWI SJGSYVWI 

'LETXIV ¨ 'LSSWMRKER-RTYX(IZMGI

*-+96)  8LI+]VEXMSRQSYWI[LMGLIEWMP]WXS[WMRXLIGIRXIVGSRWSPISVKPSZI GSQTEVXQIRX

8LMWTVSZIWMRGVIHMFP]GSRZIRMIRX ERHXLIQSYWIGERFIIEWMP]TPEGIHFEGOMRXS]SYVGIRXIV GSRWSPIERHYWIHPEXIV +]VEXMSRIZIREPPS[W]SYXSTVSKVEQKIWXYVIWSRXLIQSYWIXSVYRTVS KVEQWERHEGXMZMXMIWSREGEVGSQTYXIV WYGLEWPEYRGLMRKEQIHMETPE]IVSVE;IFFVS[WIV LEZIR¬XJSYRHER]SXLIVTVSHYGXWXLEXHS[LEXXLI+]VEXMSRYRMXHSIW 8LI+]VEXMSRTVSHYGX GSQIW[MXLFSXLETVSKVEQQEFPI[MVIPIWWOI]FSEVH WII*MKYVI ERHQSYWIJSVYRHIV  QEOMRKMXEKSSHTPEGIXSWXEVXMJ]SY¬VITYXXMRKEGSQTYXIVMR]SYVGEV

'ER-9WI8SYGLTEHWERH8VEGOFEPPW# 8VYIIRSYKL XSYGLTEHWERHXVEGOFEPPWGER[SVOZIVXMGEPP]ERHGERFIQSYRXIHSR]SYVWXIIV MRK[LIIP XLIHEWL ERHSXLIVTPEGIW 8LIMRGSRZIRMIRGILIVIMWXLIVI[IVIR¬X PEWX-GLIGOIH ER][MVIPIWWZIVWMSRWSJXVEGOFEPPWSVXSYGLTEHW -J]SYGERJMRHSRI LS[IZIV MX¬WEPWSEKSSH WSPYXMSR





4EVX-- ¨ 8LI9WIV-RXIVJEGI

*-+96)  8LI+]VEXMSROI]FSEVHIEWMP]WXS[WMREGEV¬WWMHITSGOIX

(MWTPE]W[MXL8SYGL7GVIIRW -XGERFIGYQFIVWSQIXSYWIEQSYWI[LMPIXLIGEVMWMRQSXMSR IZIR[MXLXLI+]VEXMSRTVSH YGXQIRXMSRIHEFSZI 8SXLMWIRH [LIR]SYHIGMHISR]SYVHMWTPE]HIZMGI ]SYGERTYVGLEWI SRI[MXLEXSYGLWGVIIRFYMPXMR 8LMWMWXLIMHIEPWSPYXMSRJSVEGEV WMRGI]SYGERNYWXYWIEJMR KIVSRXLIWGVIIRXSXETXSGPMGO HSYFPIXETXSHSYFPIGPMGO HVEK ERHQSVI EPP[MXLSYXYWMRKE QSYWI ERHQEOMRKJEWXIVWIPIGXMSRW OIITMRK]SYVI]IWSRXLIVSEH  :+%XSYGLWGVIIRWSPY XMSRWEVIVIEHMP]EZEMPEFPIJVSQGSQTERMIWWYGLEW
'LSSWMRKE/I]FSEVH %PXLSYKLGLSMGIWJSVQMGIEVIPMQMXIHHYIXSXLIREXYVISJ[LIVIQMGIEVIYWYEPP]STIVEXIH MI SREHIWOSVSXLIVLSVM^SRXEPJPEXWTEGI  OI]FSEVHWGERFIYWIHER][LIVI[MXLSYXGLERK MRKXLIMVJSVQJEGXSV %[MVIHOI]FSEVHWXMPPHSIWR¬XQEOIQYGLWIRWIWMRGIOI]FSEVHWEVIKIR IVEPP]PEVKIERHRIIHXSFIWXS[IHE[E][LIRRSXFIMRKYWIHMREGEVIRZMVSRQIRX =SYGER¬X EP[E]WNYWXYRTPYKXLIOI]FSEVH SVSXLIVHIZMGIW MJXLIGSQTYXIVMWQSYRXIHMR]SYVHEWL ERHJMRHMRKEPSRKIRSYKLOI]FSEVHGEFPI SVVYRRMRKERI\XIRHIV MWJVEYKLX[MXLXVSYFPI WYGL

'LETXIV ¨ 'LSSWMRKER-RTYX(IZMGI EW[LIRXLII\XIRHIVFIGSQIWYRTPYKKIHSVXLIGSRRIGXSVKIXWXERKPIH -X¬WXSSQYGL[SVOXS YWIE[MVIHOI]FSEVH ERHFEWMGEPP]ER][MVIHMRTYXHIZMGISREGSQTYXIVJSVXLEXQEXXIV MRE GEVIRZMVSRQIRX ,IRGI [MVIPIWWMWVIEPP]]SYVSRP]STXMSRLIVI ;MVIPIWWOI]FSEVHWSPYXMSRWEFSYRH ERHWSHSXLIXIGLRSPSKMIWXLI]YWI 'LSSWIEOI]FSEVH ]SYEVIGSQJSVXEFPI[MXL FYXQEOIWYVIMXGERFIIEWMP]WXS[IHE[E][LIRRSXMRYWI %JYPP WM^IOI]FSEVHQE]FIXSSFMKXSWXS[MREWMHITSGOIX )ZIRXLSYKLMXQE]WPMHIYRHIVEWIEX [MXLRSTVSFPIQW TISTPIWXITTMRKSRXLIOI]FSEVHQE]HEQEKIMX 8LI+]VEXMSRTVSHYGXQIRXMSRIHIEVPMIV[SVOWZIV][IPP 8LIVIEVIQER]QMRMOI]FSEVHWXSGLSSWIJVSQ EZIV] HYVEFPISRIFIMRKXLI1MRM:MVXYEPP]-RHIWXVYGXMFPI/I]FSEVHJVSQ+VERH8IG97% [LMGLGER IZIRFIVSPPIHYTERHMWMQTIVZMSYWXSPMUYMHWTMPPW -J]SYHIGMHIRSXXSYWIXLI+]VEXMSR [LMGLYWIWETVSTVMIXEV]VEHMSJVIUYIRG] TE]EXXIRXMSR XS[LEXXIGLRSPSK]]SYVOI]FSEVHYWIWXSXVERWQMXMXWWMKREP 'SQQSRWSPYXMSRWEVI &PYIXSSXLŒ MRJVEVIH SJXIRGEPPIH-V(%  ERHTVSTVMIXEV]WSPYXMSRW 6MKLXSJJXLIFEX-¬HPMOIXS WYKKIWXWXE]MRKE[E]JVSQMRJVEVIH [LMGLYWIWPMKLXXSXVERWQMXXLIHIZMGIWMKREPWXSEVIGIMZIV EWHMWGYWWIHIEVPMIV 8LISHHERKPIWEX[LMGLTEWWIRKIVWQE]LSPHXLIOI]FSEVH MRGPYHMRK YWMRKEOI]FSEVHFILMRHEWIEX [MPPQEOIERMRJVEVIHHIZMGIEPQSWX[SVXLPIWWJSVYWIEVSYRH XLIIRXMVIGEV %R]VEHMSJVIUYIRG] 6* FEWIHXIGLRSPSK] LS[IZIV WYGLEWTVSTVMIXEV]SRIW YWIHF]XLI+]VEXMSRERHSXLIVW ERH&PYIXSSXL [LMGLMWNYWXEWXERHEVHM^IHWLSVXVERKI6* XIGLRSPSK]VYRRMRKMRXLIYRPMGIRWIH+,^FERH GERTEWWXLVSYKLQEXIVMEP WYGLEWWIEXW ERHFIYWIHER][LIVIMRXLIGEV EPQSWXVIKEVHPIWWSJ[LIVIXLIWMKREPXVERWGIMZIVMWPSGEXIH *SVXLSWISJ]SY[SRHIVMRK[LIVIXLIJYRO]REQI&PYIXSSXL GEQIJVSQMXWXIQWJVSQXLIKVIEX MRJPYIRGI&EPXMGVIKMSRGSQTERMIWLEZILEHSRXLI&PYIXSSXLWXERHEVH,EVSPH&PYIXSSXL[EW XLIOMRKSJ(IRQEVOMRXLIXIRXLGIRXYV]')%(

'LSSWMRKE&PYIXSSXLOI]FSEVHSZIVETVSTVMIXEV]HIZMGI[MPPTVSFEFP]RSXQEOIEHMJJIVIRGI EPXLSYKL]SYVSTIVEXMRKW]WXIQQE]LEZIFIXXIVWYTTSVXJSVXLI&PYIXSSXLHIZMGI -J]SYHIGMHI XSFYMPHE1EGMRXSWLŒSV0MRY\GSQTYXIVMRXS]SYVZILMGPI JSVMRWXERGI XLIVIMWTVSFEFP]E WLSVXEKISJHVMZIVWJSVQER]SJXLI[MVIPIWWHIZMGIWXLEXEVIEZEMPEFPI [LMGLYWYEPP]SRP]GSQI [MXLHVMZIVWJSV1MGVSWSJXŒ;MRHS[WŒ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





4EVX-- ¨ 8LI9WIV-RXIVJEGI

9WMRKERH4VSKVEQQMRK'YWXSQ&YXXSR4ERIPW %PXLSYKLEOI]FSEVHERHQSYWIQE]FIXLIQSWXGSQQSRQIXLSHWSJMRXIVEGXMRK[MXLEGSQ TYXIV ]SYGEREPWSTYVGLEWITVSKVEQQEFPIFYXXSRTERIPWERHEWWMKREGXMSRWXSXLIQ *SV I\EQTPI QE]FI]SY[ERXEJI[FYXXSRWSR]SYVHEWLJSVVEHMS +47 '( (:( ;IFFVS[WIV IQEMPGPMIRX ERHEJI[OI]WLSVXGYXW WYGLEWXVEJJMGVITSVXW JEZSVMXIWSRKTPE]PMWXW ERHRI[W 9WMRKETVSKVEQQEFPIOI]TEHQSYRXIHSR]SYVHEWL ]SYGSYPHLEZIWMQTPISRIFYXXSR EGGIWWXSEPPSJXLIWIJIEXYVIW[MXLSYXYWMRKEQSYWISVPSXWSJOI]FSEVHGSQQERHW -[MPPWLS[ QSVISRLS[XSMRWXEPPXLIWIMRXLITVSNIGXGLETXIVWEW-YWIXLIQJSVWSQITVSNIGXW -J]SY [ERXXSWXEVXWLSTTMRKEVSYRH HSEWIEVGLJSV©TVSKVEQQEFPIOI]TEHª SRXLI-RXIVRIX SVXV]E GSQTER]PMOI/MRIWMWEX[[[OMRIWMWIVKSGSQ XSKIXEJIIPJSV[LEX]SYGERHS %RSXLIVMRXIVIWXMRKWSPYXMSR-GEQIEGVSWW[EWE©ORSFª JVSQ+VMJJMR8IGLRSPSK] [[[KVMJJMRXIGLRSPSK]GSQ GEPPIHXLI4S[IV1EXIXLEXPSSOWPMOISRISJXLIHMEPWSRE LMKLIRHWXIVISW]WXIQ 8LI4S[IV1EXIPIXW]SYTVSKVEQXLIHIZMGIXSIREFPI©HMEPMRKª QYWMG SVYWMRKXLIHIZMGIJSVZMHISIHMXMRK ERHTYWLMRKXLIHMEPMRJSVWIPIGXMRKMXIQW -X¬WZIV]GSSP¨ GLIGOMXSYXSRXLIMV;IFWMXIEWEWSPYXMSRJSVIEWMP]WIPIGXMRKQYWMGERHXLIRTYWLMRKXLIHMEP XSQEOIMXTPE] -J]SYLEZIER]TVSKVEQQMRKWOMPPWMXMWTVIXX]IEW]XS[VMXIGYWXSQETTPMGEXMSRWXLEXPIX]SYGSR XVSPXLIZEVMSYWGSQTSRIRXWSJEGEVGSQTYXIVERHGYWXSQM^I]SYVMRXIVJEGIXSWYMX]SYVRIIHW 1MGVSWSJX¬W:MWYEP&EWMG LXXTQWHRQMGVSWSJXGSQZFEWMG QEOIWXLMWEPQSWXXSS IEW]QEOMRKMXTSWWMFPIXSMRXIVEGX[MXLWIVMEPHEXEGSQMRKJVSQ]SYVIRKMRIMRXSEWIVMEPTSVXSR ]SYVGSQTYXIVEGGIWWERHTPE]QYWMGERHZMHISJMPIWERHTIVJSVQSXLIVWMQMPEVXEWOWEPPMRER ETTPMGEXMSR]SYHIWMKR8LIVIEVIWSQER]GSQTSRIRXWEZEMPEFPIJSV:MWYEP&EWMG ERHEPWSXLI IRXMVI2)8JVEQI[SVO[LMGLMRGPYHIW'.ERH' XLEXEPQSWXER]SRI[MXLTVSKVEQQMRK WOMPPWGERXEOIQSWXSJXLITVSNIGXW-TVIWIRXERHQEOIXLIQWQEVXIVERHGSSPIV

'LSSWMRKE+EQI'SRXVSPPIV =SYLEZIE[MHIVERKISJSTXMSRW[LIRMXGSQIWXSGSRXVSPPIVWJSVKEQIGSRWSPIW 7MRGIXLI GSRXVSPPIVWEVIJEMVP]WXERHEVHM^IH¨QIERMRKXLI]GER¬XYWIQSVITS[IVXLERXLIGSRWSPIMW [MPPMRKXSKMZIXLIQERHRIIHXSJSPPS[GIVXEMRWTIGMJMGEXMSRWJSVMRXIVSTIVEFMPMX][MXLKEQIW SXLIVGSRXVSPPIVW ERHXLIKEQIW]WXIQMXWIPJ¨]SY[MPPJMRHQER]WSPYXMSRWXLEXHSR¬XVIUYMVI ER]EHHMXMSREPTS[IVSXLIVXLERGLEVKIHFEXXIVMIWXSVYR 8LMWQEOIW[MVIPIWWKEQIGSRXVSPPIVW ZIV]GSRZIRMIRX ERHWMRGI]SYHSR¬XRIIHERSXLIV%' EPXIVREXMRKGYVVIRX SYXPIXJSVXLIQ XLI]EVIFEWMGEPP]EWWMQTPIXSMRWXEPPEW[MVIHGSRXVSPPIVW ;MXLKEQIGSRXVSPPIVW PMOISXLIV[MVIPIWWHIZMGIW ]SYRIIHXS[EXGL[LEXXIGLRSPSK]MWFIMRK YWIH *SV[MVIHGSRXVSPPIVWMXSFZMSYWP]HSIWR¬XQEXXIV ;MXL[MVIPIWW LS[IZIV QER]KEQI GSRXVSPPIVWYWIHMRJVEVIHXSXVERWQMXXLIKEQMRKWMKREPXSEVIGIMZIV -XMWFIXXIVXSYWIER6* XIGLRSPSK]XLEXHSIWR¬XYXMPM^IMRJVEVIH FIGEYWIXLIKEQIGSRWSPI[MPPYWYEPP]FIIMXLIVSYXSJ WMKLXSVEXETSSVERKPIJSVMRJVEVIHPMKLXXSVIEGLXLIGSRWSPI¬WVIGIMZIV 8LIXIGLRSPSK]YWIH WLSYPHFITVMRXIHGPIEVP]SRXLIGSRXVSPPIV¬WTEGOEKMRK ERHER]WXSVIVITVIWIRXEXMZIWLSYPHFI EFPIXSXIPP]SY[LEX¬WYWIHTVMSVXS]SYVQEOMRKETYVGLEWI

'LETXIV ¨ 'LSSWMRKER-RTYX(IZMGI

'ER-7XMPP9WI;MVIH(IZMGIW# -R]SYVMRMXMEPGSRJMKYVEXMSRSJEGEVGSQTYXIVERH MRXLIGEWIXLEX]SYEVINYWXHITPS]MRKE KEQIGSRWSPI[MVIHMRTYXHIZMGIWQE][SVOSYXNYWXJMRI*SVI\EQTPIKEQIGSRXVSPPIVWGERFI HMWGSRRIGXIHERHRIEXP]XYGOIHYRHIVEWIEXSVTYXMRXLIXVYRO[LIVIXLI][SR¬XKIXHEQEKIH ;MVIPIWWHSIWR¬XVIEPP]EJJIGXXLIQ7SMJ]SY[ERXXSOIITYWMRK[MVIHHIZMGIW-[SYPHWYKKIWX SRP]YWMRKXLIQJSVRSRGSQTYXIVETTPMGEXMSRW

=SYGERTMGOYTKEQIGSRXVSPPIVW FSXL[MVIHERH[MVIPIWW EXTVEGXMGEPP]ER]WXSVIXLEXWIPPW KEQIGSRWSPIW .YWXJMRHSRIXLEX¬WGSQJSVXEFPI 6IEPM^IXLEX]SYGERQSZIXLIKEQIGSRXVSPPIVW ERHWYVIIRSYKL XLIGSRWSPI FEGOERHJSVXLJVSQ]SYVGEVXS]SYVLSQI VIKEVHPIWWSJ[LMGL X]TI]SYFY] -RJVEVIHHIZMGIWQE]LEZIXVSYFPIMREZILMGPIMRFVMKLXWYRPMKLXWMXYEXMSRW/IITXLMWMRQMRHMJE HIZMGI¬WVIQSXIGSRXVSPMWRSX[SVOMRK-XMWFIWXXSTYXXLIHIZMGIMREHEVOIVPSGEXMSRER][E] FIGEYWISJLIEXGSRGIVRWFYXMXQE]LIPTSYX[MXLXLIFVMKLXPMKLXGSRHMXMSRMWWYIEW[IPP*SVE HMJJIVIRXEREPSK]]SYGER¬XTPE]PEWIVXEKSYXWMHISREWYRR]HE]FIGEYWIXLIMRJVEVIHXVERWQMX XIVWSRXLIKYRW[SYPHR¬XFIEFPIXSXVERWQMXPMKLXXSXLISXLIVTPE]IVW¬VIGIMZIVW XLIWYR[SYPH SZIVTS[IVXLIPMKLXFIMRKIQMXXIHJVSQXLIKYRW -RJVEVIHXVERWQMXXIVWSRVIQSXIWEVIR¬XER] QSVITS[IVJYPIMXLIV+IRIVEPP]MREGEVIRZMVSRQIRX]SYWLSYPHR¬XLEZIER]VIEPXVSYFPIFYX WYRVSSJWPEGOSJXMRXERHGSRZIVXMFPIWGSYPHZIV][IPPGEYWIMWWYIW0MOI-WEMHIEVPMIV¨WXMGOXS6* WSPYXMSRW[LIVIZIVTSWWMFPI

4IVJSVQMRK-RTYX[MXL7TIIGL6IGSKMXMSR 8LIQSWXSFZMSYWUYIWXMSRLIVIWLSYPHFI©,S[[IPPHSIWWTIIGLVIGSKRMXMSR[SVOMREGEV#ª ;MXLEPPSJXLIEQFMIRXRSMWIERHXLIWXIVISVYRRMRK XLITVSWTIGXSJEGGYVEXIWTIIGLVIGSKRM XMSRMWYWYEPP]PS[ 8LMWHSIWR¬XQIER]SYGER¬XHSMX ERHQER]LMKLIVIRHGEVWXSHE]EGXYEPP] YWIRSMWIGERGIPPEXMSRWSYRH[EZIWXSVIHYGIXLIEQSYRXSJRSMWIMREZILMGPI [LMGLEGGPM QEXIWXLIIRZMVSRQIRXJSVQSVIIJJIGXMZIWTIIGLVIGSKRMXMSR -J]SYEVIR¬XYWMRK]SYVWXIVISEPP XLIXMQI MX¬WIRXMVIP]JIEWMFPIXSEXXIQTXHMGXEXMSR ZSMGIGSQQERHW ERHWSJSVXL 4VSKVEQW WYGLEW1MGVSWSJX3JJMGI -&1¬W:ME:SMGI ERH(VEKSR7]WXIQWWSJX[EVIEPPHSERI\GIPPIRX NSF -J]SYEPVIEH]LEZI1MGVSWSJX3JJMGI<4SVEFSZI MXGSQIW[MXLWTIIGLVIGSKRMXMSRFYMPXMR QSWXTISTPI-XIPPXLMWXSRIZIVORI[  ERHMX[SVOWTVIXX][IPP =SYGERIZIRTVSKVEQZSMGI GSQQERHWXSTIVJSVQQER]SJXLISTIVEXMSRW-WYKKIWXIHIEVPMIVJSVTVSKVEQQEFPIOI]TEHW JEZSVMXIWSRKPMWXW RI[W +47 ERHWSJSVXL  1MGVSTLSRITPEGIQIRXMRVIPEXMSRXSXLIWSYRHWSYVGIMWOI][MXLWTIIGLVIGSKRMXMSR /IITMX GPSWIXSXLIYWIV¬WQSYXLSV[LIVIXLIMVZSMGI[MPPFITVSNIGXIH -HSR¬XORS[SJER][MVIPIWW QMGVSTLSRIWXLEX[SYPHFIGSRWMHIVIHFYHKIXMXIQW FYX]SYGERJMRH[MVIPIWWQMGWEXER] EYHMSWTIGMEPMX]WXSVIXLEXQE][SVO[IPP 8LIVIEVIEPWS[MVIPIWWLIEHWIXWXLEXWLSYPH[SVO JMRI [MXLWSQILEZMRKFYMPXMRRSMWIGERGIPPEXMSRJIEXYVIWJSVRSMW]IRZMVSRQIRXW ERHXLEXGER





4EVX-- ¨ 8LI9WIV-RXIVJEGI FIQSZIHJVSQTEWWIRKIVXSTEWWIRKIVJSVXLIMVS[RYWI =SYGERYWYEPP]TMGOYTXLIWILIEH WIXWEXER]TPEGIXLEXWIPPWGIPPTLSRIW EW[IPPEWQER]VIXEMPGSQTYXIVWXSVIWPMOI&IWX&Y]ERH 'SQT97% -R1MGVSWSJXWLS[IHSJJXLI%YXS4'TPEXJSVQE;MRHS[W')§FEWIHW]WXIQJSVZILMGPIW XLEX[SYPHMRXIVEGX[MXLMXW4SGOIX4' ERHSRGIGEPPIH4EPQ4' TVSHYGXW=SYGSYPHW]RG]SYV GEPIRHEVERHGSRXEGXWERHXLIRFIXSPHZMEXI\XXSWTIIGLXIGLRSPSK]EFSYXYTGSQMRKETTSMRX QIRXW9WMRKWTIIGLVIGSKRMXMSR]SYGSYPHXIPPXLIWXIVISXSGLERKIEYHMSXVEGOWERHW[MXGLXS XLIVEHMS8LIXIGLRSPSK]MXWIPJRIZIVVIEPP]WSPH[IPPHMHR¬XLEZIQYGLHIZIPSTIVWYTTSVXERH JSVE[LMPI'PEVMSR[EWIZIRWIPPMRKER%YXS4'TVSHYGX JSVEFSYX[MXLSYXIZIR(:( WYTTSVX ERHLEWWMRGITVIXX]QYGLJEHIHMRXSLMWXSV]PMOI1MGVSWSJX&SFŒ2S[XLEXGSQTYX IVWMRZILMGPIWEVIEKEMRKIXXMRKI\TSWYVIMRXLITVIWW[IQE]WIIEVIOMRHPMRKSJXLI%YXS4' TPEXJSVQJVSQ1MGVSWSJX[MXLEVMGLIVHIZIPSTIVXSSPWIXERHWYTTSVXJSVXLIMVPEXIWXXIGLRSPSKMIW [LMGL[SYPHWYVIP]QEOIXLITVSHYGXQSVITEPEXEFPIJSVHIZIPSTIVWERHTSWWMFP]JSVEYXSQER YJEGXYVIVWEW[IPP ;EVRMRK

(SRSXTSWMXMSRER]HIZMGIVIKEVHPIWWLS[WQEPPSREWYVJEGI[LIVIEREMVFEKQE]HITPS]*SV I\EQTPIMJ]SYQSYRXEOI]FSEVHSR]SYVWXIIVMRK[LIIPERHXLIEMVFEKHITPS]W]SYERHTSW WMFP]]SYVTEWWIRKIVWGSYPHFIWIVMSYWP]MRNYVIHSVIZIROMPPIHF]XLIFPS[)ZIRMJ]SYHSR¬XLEZI EREMVFEKXV]XSOIITXLMRKWXLEXGSYPHJP]EVSYRHMREREGGMHIRXE[E]JVSQ]SYVJEGIERHLIEH 8LIVIMWR¬XER]VIEPP]KSSHVIEWSRXSQSYRXEOI]FSEVHSR]SYVWXIIVMRK[LIIPWMRGI]SYWLSYPH R¬X FI X]TMRK [LMPI ]SY HVMZI % XSYGLTEH SV XVEGOTEH WLSYPHR¬X FI XSS QYGL SJ E TVSFPIQ FIGEYWI]SYGERQSYRXXLSWI[MXLSYXQYGLMJER]MRXIVJIVIRGI[LMPI]SYXYVRXLI[LIIPFYXMJ WSQIXLMRKMWKSMRKXSKIXMRXLI[E]SJ]SYVHVMZMRKHYXMIWMX¬WFIWXXSJMRHERSXLIVWSPYXMSR

7YQQEV] 8LMWGLETXIVHMWGYWWIHMRTYXHIZMGIWERHLS[XSGLSSWIXLIVMKLXWSPYXMSRWJSV]SYVGEV -R EHHMXMSR [I[IRXSZIVWSQIWEJIX]TVIGEYXMSRWERHLS[XSHIXIVQMRI[LIRMXMWSOE]XSYWI [MVIHMRTYXHIZMGIWMRPMIYSJ[MVIPIWW -RWXEPPEXMSRERHTSWMXMSRMRKSJXLIWIHIZMGIWWLSYPHFI SFZMSYWMRQSWXGEWIW ERHQSWXMRTYXHIZMGIW[MPP[SVO[MXLQSVIXLERSRITVSNIGXMRXLMW FSSO WYGLEWQMGIERHOI]FSEVHW [LIVIEWKEQMRKGSRXVSPPIVWXIRHXS[SVOSRP][MXLXLIW]W XIQXLI]EVIHIWMKRIHJSV

*SYRHEXMSR 4VSNIGXW

TEVX

MRXLMWTEVX 'LETXIV &YMPHMRKE7MRKPI7SYVGI %:7]WXIQ 'LETXIV -RXIKVEXMRKE+EQI'SRWSPI 'LETXIV %HHMRKE +IRIVEP4YVTSWI4' 'LETXIV -RWXEPPMRKE1IHME'IRXIV4' 'LETXIV -RWXEPPMRKE+EQMRK4'

&YMPHMRKE 7MRKPI7SYVGI %:7]WXIQ

GLETXIV

%TTVS\MQEXITVSNIGXGSWX [MXLHMWTPE] [MXLSYXHMWTPE]

-

RGEV(:(TPE]IVWEVISRISJXLIQSWXTSTYPEVEJXIVQEVOIX EHHSRW 8LITVSFPIQMWXLEX]SYEVIYWYEPP]PMQMXIHXSNYWX XLEX¨(:(TPE]IVW ERHWSQIXMQIW:,7TPE]IVW  ;LEXMXEPP FSMPWHS[RXSMWMRWXEPPMRKWGVIIRWERHGSRRIGXMRKXLIQXSER %: EYHMSZMHIS HIZMGI -RXLMWGLETXIV]SY[MPPMRWXEPPEWMRKPI WSYVGI%:W]WXIQMRXS]SYVGEV -RXLMWGEWI MX[MPPFIEWPMQPMRI ZIV]WQEPPERHXLMR (:(TPE]IV FYXMXGSYPHNYWXEWIEWMP]FIE :,7HIGO GEQGSVHIV HMKMXEPGEQIVEZMHISSYXTYX SVER]ZMHIS KEQIW]WXIQ¨XLIPMWXKSIWSR &IJSVIQSZMRKJSV[EVH[MXLXLI TVSNIGXMRXLMWGLETXIV -VIGSQQIRH]SYVIEH'LETXIV ©+MZMRK =SYV'VIEXMSR0MJI 4S[IV'SRWMHIVEXMSRWª [LMGLGSZIVWTS[IV VIUYMVIQIRXW 'LETXIV ©'LSSWMRKE(MWTPE](IZMGIª [LMGL GSZIVWSTXMSRWJSVHMWTPE]W ERH'LETXIV ©;SVOMRK[MXL 'EFPIWª [LMGLGSZIVWMRWXEPPMRKGEFPMRKMR]SYVZILMGPI ;EVRMRK

,EZMRKEZMHISW]WXIQ MR]SYVGEVQIERWTEW WIRKIVW¨RSX XLI HVMZIV¨WLSYPH [EXGL XLI QSZMIW8LIHVMZIVRIIHWXSOIITLMWSVLIVI]IW SRXLIVIEPVSEHRSXGEVGLEWIWGIRIW

MRXLMWGLETXIV -RWXEPPMRKE(:( TPE]IV %HHMRKEY\MPMEV] %:NEGOW



4EVX--- ¨ *SYRHEXMSR4VSNIGXW

;LEX=SY2IIH ,IVIEVIXLIMXIQW]SY[MPPRIIHXSHSXLMWTVSNIGX 7PMQPMRI(:(4PE]IV ETTVS\MQEXIP]  EWWLS[RMR*MKYVI

*-+96)  7PMQPMRI(:(TPE]IV

(MWTPE]XSWIIXLI(:(TPE]IV¬WSYXTYX ZEVMIWSR[LEX]SYHIGMHIXSMRWXEPP WII 'LETXIV ©'LSSWMRKE(MWTPE](IZMGIª 0IJXERHVMKLX1SRWXIVGEFPIWXIVISEYHMSGEFPIWERHGSQTSWMXIZMHISGEFPIEWWLS[RMR *MKYVI XLIWIYWYEPP]GSQI[MXL(:(TPE]IVWERHSXLIV%:HIZMGIW SXLIV[MWI JSVEPPJVSQER]PSGEPWXSVIXLEXWIPPW%:IUYMTQIRX

'LETXIV ¨ &YMPHMRKE7MRKPI7SYVGI%:7]WXIQ

*-+96)  1SRWXIV7XERHEVHWLMIPHIH%:'EFPIW

%:W[MXGLXSW[MXGLFIX[IIRGSQTYXIVERHZMHISEYHMS STXMSREP  [EXX%' EPXIVREXMRKGYVVIRX MRZIVXIVXSTS[IVZMHISW]WXIQERHHMWTPE]  7M\XSIMKLXJSSXPSRK:IPGVSŒWXVMTW EWWLS[RMR*MKYVI LEPJLSSOWMHIWERHLEPJ JY^^]WMHIW XLEX¬WLS[XLI]YWYEPP]GSQIER][E] TMGOXLIQYTEXER]LEVH[EVISVLSQI MQTVSZIQIRXWXSVI 





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  :IPGVSWXVMTW

7GMWWSVWERHEVYPIVSVQIEWYVMRKXETI JVIIJVSQ]SYSV]SYVRIMKLFSV2IH :MHISHMWXVMFYXMSREQTPMJMIVMJ]SYRIIHXSJIIHZMHISXSQYPXMTPIHMWTPE]W EVSYRH (:(WJSV]SYVTEWWIRKIV¬WZMI[MRKTPIEWYVI ]SYGSYPHVIEPP]WLS[SJJ[MXLEGST]SJXLI /RMKLX6MHIVŒWIVMIW

4PERRMRK;LEXXS-RWXEPP 8LVSYKLSYXXLMWFSSO-LEZIIQTLEWM^IHXLIMQTSVXERGISJTPERRMRK WSXLIJMVWXWXITMWXS QEOIWSQIHIGMWMSRWEFSYX[LEX]SY¬VIKSMRKXSMRWXEPPERH[L]ERHLS[]SY¬VIKSMRKXSMRWXEPP MX   PIX¬WHSXLEXRS[

'LSSWIXLI7]WXIQXS-RWXEPP =SYPMOIP]EPVIEH]ORS[[LEXW]WXIQ]SY[ERXXSMRWXEPP -[MPPEWWYQI]SY[ERXXSMRWXEPPE (:(TPE]IVJSVXLMWI\EQTPI EPXLSYKLER]VIEWSREFPI%:HIZMGI[MPPHS =SY[MPP[ERXXS JMRHEHIZMGIQEHIJSVQSFMPIIRZMVSRQIRXW ERH MRXLMWGEWI ETSVXEFPI(:(TPE]IV[MPPHS

'LETXIV ¨ &YMPHMRKE7MRKPI7SYVGI%:7]WXIQ =SYGERYWYEPP]TMGOXLIWIYTRI[JSVRSQSVIXLER ERHQER]XMQIWJSVPIWWSRI&E] 8LIVIEVIX[SX]TIW]SYGERFY]¨XLSWI[MXLEFYMPXMRWGVIIRERHXLSWI[MXLSYX 8LISRIW [MXLSYXEWGVIIR[MPPFIQSWXYWEFPIJSV]SYVGEV ERH]SYPMOIP][SR¬XRIIHXLIWGVIIRMJ]SY EPVIEH]LEZISRI ,S[IZIV MJ]SY[ERXXSVIQSZIXLIHIZMGIERHYWIMXEWETSVXEFPI(:( TPE]IVIPWI[LIVI SRETPERI JSVI\EQTPI  XLISRIW[MXLWGVIIRWEVISJXIRRSXQYGLQSVI I\TIRWMZI TSWWMFP]SRXLISVHIVSJI\XVE =SYQE]EPWSFIEFPIXSWEZIWSQIQSRI]F]XEO MRKEYRMX[MXLEWGVIIRETEVXERHVIXVSJMXXMRKXLEXXS]SYVGEVEWXLIHMWTPE]HIZMGI FYXXLEX GSYPHKIXYKP]ERH]SYPMOIP][MPPWXMPPLEZIXSTYVGLEWIERI[WGVIIRIRGPSWYVI

'LSSWIXLI(MWTPE] 7II'LETXIV ©'LSSWMRKE(MWTPE](IZMGIª XSPIEVREFSYXXLIHMJJIVIRXX]TIWSJHMWTPE]W]SY GERMRWXEPP 8LIHMWTPE]YWIHMRXLIKIRIVEPTYVTSWI4'TVSNIGXMR'LETXIV [LMGLWYTTSVXW FSXL:+%ERHGSQTSWMXIEREPSKMRTYXWMWMHIEPMJ]SY[MPPFIMRWXEPPMRKFSXLEGSQTYXIVERHE KEQIW]WXIQMR]SYVGEV -J]SY[SR¬XFIMRWXEPPMRKEGSQTYXIV GLSSWIEHIGIRXMRHEWLSVSR HEWLEREPSKHMWTPE] [LMGLYWYEPP]VYRWYRHIVSRI&E][MXLXLIQSYRXMRKOMX -TMGOIHYT X[SUYEPMX]HMWTPE]WJSVTPYWWLMTTMRK¨GLIGOMXSYXMR*MKYVI

:MHISWSYVGIWIPIGXSV

:MHISMRTYXWERH

*-+96)  (MWTPE]-YWIHMRQ]GEVERHXLIEWWSGMEXIH%:MRTYXWEXXEGLIHXSMX





4EVX--- ¨ *SYRHEXMSR4VSNIGXW %PP(:(TPE]IVWGSQI[MXLEGSQTSWMXIZMHISSYXTYXTSVXERHFSXLPIJXERHVMKLXWXIVISEYHMS SYXTYXTSVXW 7SQIEPWSGSQI[MXL7:MHISERHGSQTSRIRX =4V4F SYXTYXW -RTVEGXMGEPP]EPP %:GSRJMKYVEXMSRWMR]SYVGEV ]SY[MPPSRP]FIEFPIXSYWIXLIGSQTSWMXIZMHISWMKREP EPXLSYKLWSQILMKLIVIRHHMWTPE]W VIEH©ZIV]I\TIRWMZIª QE]EPPS[7:MHISERHGSQTSRIRX 'SQTSWMXIWLSYPHFIJMRIMRTVEGXMGEPP]EPPWGIREVMSW LS[IZIV FIGEYWIXLIWGVIIRWEVIWSWQEPP ]SY[SR¬XWIIQYGLSJEHMJJIVIRGI ERHMX¬WELIGOSJEPSXGLIETIVXSFY]ERHMQTPIQIRXGSQ TSWMXIGEFPIWSPYXMSRW -RVIKEVHWXSEYHMS ]SY[MPPPMOIP]EP[E]WYWIXLIPIJXERHVMKLXEYHMS6'%X]TINEGOWERHGSR RIGXXLIQEWHMWGYWWIHPEXIVMRXLMWGLETXIV -J]SY[ERXWSQIXLMRKQSVIXLERX[SGLERRIP WXIVISEYHMS]SY[MPPLEZIXSFY]ETVSGIWWSVJSVWYGLWSYRHERHELMKLIVIRHLIEHYRMX 3JXIRXMQIWXLI(SPF]Œ(MKMXEPTVSGIWWSVWERHHMKMXEPEYHMSGSRRIGXMSRW]SYGERTYXMREGEV EVISZIVOMPPHYIXSXLIVSEHRSMWIERHGSQTEGXWM^ISJQSWXGEVW WSYRPIWW]SYLEZIEPSXSJ QSRI]XSWTIRH MX¬WXSYKLXSNYWXMJ]QSVIXLERX[SGLERRIPWSJWSYRH -RHIIH MRZIWXMRKXLSWI JYRHWMRXSLMKLIVUYEPMX]WTIEOIVWERHLMKLIRHLIEHYRMXWGERKVIEXP]MQTVSZIXLIWSYRH JMHIPMX]MR]SYVGEV [LMPIWXMPPGSWXMRKPIWWXLERQYPXMGLERRIPWSYRHMQTPIQIRXEXMSRWERHKMZMRK ]SYQSVIIRNS]QIRXFERKJSV]SYVLEVHIEVRIHFYGOW

'LSSWIER%YHMS7SPYXMSR =SY[MPPPMOIP][ERXXLIEFMPMX]XSLIEVXLIWSYRHJVSQXLIW]WXIQ]SYEVIMRWXEPPMRK -RSVHIVXS HSXLMW]SY[MPPRIIHERI[LIEHYRMXXLEXLEWEY\MPMEV]EYHMSMRTYXGETEFMPMX]YRPIWW]SYVGYV VIRXLIEHYRMXEPVIEH]LEWEREY\MPMEV]MRTYX SVER*1VEHMSEYHMSXVERWQMXXIV WLS[RMR *MKYVI  [LMGLJIIHWXLIEYHMSJVSQ]SYV%:HIZMGIXSER*1GLERRIP]SYGERXYRIMRSR ]SYVGYVVIRXWXIVIS =SYVHIGMWMSRSR[LMGLXSMRWXEPP[MPPHITIRHSR[LIXLIV]SY[ERXXS VITPEGI]SYVI\MWXMRKWXIVIS MJ]SYGER WSQIGEVWQEOIXLMWHMJJMGYPX  SV[ERXXSWEZIQSRI]F] NYWXKIXXMRKXLIXVERWQMXXIV =SYVEYHMSJMHIPMX][MPPFIQYGLLMKLIV[MXLXLIEY\MPMEV]EYHMS MRTYXW 1SWXGEVWERHLIEHYRMXWSRP]WYTTSVXX[SGLERRIPWXIVISEYHMS767Œ ;3;Œ IJJIGXWEVIYWY EPP]QIERXXSIRLERGIX[SGLERRIPWSYRH(SR¬X[SVV]MJ]SYLEZIE(SPF](MKMXEPSV(87(:( TPE]MRK¨]SYV(:(TPE]IV[MPPHS[RQM\XLIEYHMS MIQIVKIXLIGLERRIPW JSV]SYEYXSQEXM GEPP]

(IXIVQMRI;LIVIXS-RWXEPPXLI7]WXIQ *MRHERETTVSTVMEXITPEGIXSTYXXLI(:(TPE]IV[LIVIXLIYRMXMWEGGIWWMFPIERHGEFPIW[SR¬X KIXMRXLI[E] %RMHIEPPSGEXMSRJSVXSTPSEHMRKW]WXIQWMWXLIE\PILYQTMRXLIFEGOWIEXSJ QER]GEVW *SVWMHIWPSXSVXVE]PSEHMRKW]WXIQW YRHIVXLIHVMZIVSVTEWWIRKIVWIEXMWTVIJIVVIH EWWLS[RMR*MKYVI -JTSWMXMSRMRKXLIW]WXIQYRHIVEWIEX TYXMXJEVIRSYKLFEGOXLEX [LIRXLIXVE]MWJYPP]I\XIRHIHMXVIEGLIWRSQSVIXLERLEPJ[E]TEWXXLIWIEX¬WIHKI ERHTVIJIV EFP] RSXEXEPP  8LMWTVIZIRXWTEWWIRKIVWJVSQOMGOMRKXLIYRMXSVWXITTMRKSRXLIXVE][LMPI PSEHMRKE(:( %R]TPEGI]SYTYXXLI(:(TPE]IV ]SYGERYWYEPP]:IPGVSMXXLIVIWSMX[SR¬X QSZI ERH]SYVTEWWIRKIVWGERGLERKI(:(WZIV]IEWMP]

'LETXIV ¨ &YMPHMRKE7MRKPI7SYVGI%:7]WXIQ

*-+96)  %R*1VEHMSEYHMSXVERWQMXXIVGERFIUYMXIGSRZIRMIRXMJ]SYHSR¬X[ERX XSWTIRHQSRI]SRERI[LIEHYRMX

/IITMRKE(:(TPE]IVSVSXLIVZMHISHIZMGIMRXLIXVYROMWR¬XEKSSHMHIEFIGEYWI]SY¬PPPSWIXLI EFMPMX]XSGSRXVSPXLIYRMX[MXLXLIVIQSXIGSRXVSP [LMGLYWYEPP]YWIWMRJVEVIH ERH]SY¬PPLEZI XSTYPPSZIVXSGLERKIXLI(:(SVSXLIVQIHME -J]SYTPEGIXLI(:(TPE]IVYRHIVXLIWIEXQEOIWYVI]SYMRJSVQ]SYVTEWWIRKIVWXLEXMX¬WXLIVI WSXLI]HSR¬XOMGOXLIYRMX

(S=SY2IIHXS'SRJMKYVIER%:7[MXGL# -J]SYEVIMRWXEPPMRKQSVIXLERSRI%:HIZMGI WYGLEWXLI(:(TPE]IVERHE+EQI'YFI ]SY [MPPPMOIP]RIIHER%:7[MXGLWS]SYGERW[MXGLXLIHMJJIVIRXEYHMSWSYVGIW[MXL]SYVWXIVIS¬W EY\MPMEV]EYHMSMRTYX *MKYVIWLS[WERMRWXEPPIH%:W[MXGLSRXLIJVSRXGSRWSPISJQ]GEV





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  8LI(:(TPE]IVPSGEXIHYRHIVXLIHVMZIV¬WWIEX

7S[L]YWIER%:W[MXGL[LIR]SY¬VISRP]W[MXGLMRKEYHMS#8LI%:W[MXGL[MPPEPPS[]SYXS YWI]SYVHMWTPE][MXLQYPXMTPIKEQMRKW]WXIQWMJ]SYHIGMHIXSEHHXLIQ EW[IPPEWW[MXGL FIX[IIR]SYVEYHMSJVSQ]SYVGSQTYXIVERH]SYVKEQIW 8LI%:W[MXGLGEREPWSPIX]SYPMW XIRXSQYWMGJVSQ]SYVGSQTYXIV[LMPI]SYVZMHISMWJIHXSZMHISHMWTPE]WMRXLIFEGOWIEX WII *MKYVI  [LMGLYWYEPP][MPPLEZIXLIMVS[R%:W[MXGLFYMPXMR

'LETXIV ¨ &YMPHMRKE7MRKPI7SYVGI%:7]WXIQ

*-+96)  8LIMRWXEPPIH%:W[MXGL

-J]SY¬VIKSMRKXSFIHVMZMRKZMHISXSQSVIXLERNYWXEWMRKPIHMWTPE]MRXLIJVSRX ]SY¬PPRIIHXS MRWXEPPER%:HMWXVMFYXMSREQTPMJMIVWSXLIEYHMSERHZMHISWMKREPWGERFIIJJIGXMZIP]XVERWQMX XIHXSIEGLHMWTPE] EW[IPPEWXLILIEHYRMX SVEYHMSXVERWQMXXIV MJ]SYKSXLEXVSYXI  ;IEO ZMHISWMKREPW[MPPVIWYPXMRTSSVZMHISUYEPMX] ERH]SY[ERXXSHSMXVMKLXXLIJMVWXXMQI =SY¬PP PMOIP]RSXRIIHER]XLMRKQSVIXLEREJSYV[E]EQTPMJMIV [LMGLGERHVMZIYTXSJSYVWGVIIRW XLIWIGERFITMGOIHYTEXER]6EHMS7LEGOSVWMQMPEV%:IPIGXVSRMGWWXSVI /IITMRQMRHXLEX EQTPMJMIVWVIUYMVITS[IV WS]SY[ERXXSQSYRXXLIHIZMGIRIEV]SYV%'MRZIVXIV





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  8LIWIEXFEGOHMWTPE]WPIXTEWWIRKIVWTPE]KEQIWSV[EXGLQSZMIW[LMPI ]SYYWI]SYV+47MRXLIJVSRX

-RWXEPPMRKXLI(:(9RMX 2S[XLEX]SYLEZIXLIMRJSVQEXMSR]SYRIIH PIX¬WEHHVIWWMRWXEPPMRKXLI(:(TPE]IV XLIWI WXITW[MPPPMOIP]FIXLIWEQIJSVER]%:HIZMGI]SYHIGMHIXSMRWXEPP 

7XIT'SRJMKYVIXLI7XIVISXS6IGIMZI%YHMS 0MOI-WEMHIEVPMIV ]SYTVSFEFP][ERXXSLIEV]SYV(:(W[LMPI]SY[EXGLXLIQ EWETEWWIR KIV SJGSYVWI  -RXLMWGEWI]SYLEZIEGSYTPISJSTXMSRW 9WIXLIFYMPXMREY\MPMEV]MRTYXSJ]SYVLIEHYRMX 9WIER*1EYHMSXVERWQMXXIVMJ]SYHSR¬XLEZIXLIPY\YV]SJEREY\MPMEV]TSVX

'LETXIV ¨ &YMPHMRKE7MRKPI7SYVGI%:7]WXIQ 8LIPSGEXMSRSJXLIEY\MPMEV]EYHMSTSVX[MPPZEV]JVSQLIEHYRMXXSLIEHYRMX WS-GER¬XGSZIV EPPQSHIPWLIVI *SPPS[XLIMRWXVYGXMSRWMR]SYVVIWTIGXMZIQERYEPXSTPYKXLIEYHMSMRTYXW JVSQIMXLIV]SYVZMHISW[MXGLSV]SYV(:(TPE]IVMRXSXLSWIVIWTIGXMZITSVXW 7SQIJEGXSV] LIEHYRMXWLEZIETSVXFYMPXMRXSXLIKPSZIGSQTEVXQIRXSVGIRXIVGSRWSPI WII*MKYVI  [LMPIQER]XLMVHTEVX]LIEHYRMXWLEZI6'%X]TIWXIVISNEGOWGSQMRKJVSQXLIMVFEGOWMHIW WII*MKYVI  -J]SYHSR¬XLEZIEREY\MPMEV]NEGO ]SYGERIEWMP]FYMPHSRI[MXLEJEGITPEGI ERHEHVIQIP EWHIWGVMFIHMRXLIRI\XWIGXMSR ©-RWXEPPMRK%Y\MPMEV]%:.EGOWª

*-+96)  8LIEY\MPMEV]EYHMSMRTYXJVSQEXLMVHTEVX]LIEHYRMX





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  8LIEY\MPMEV]EYHMSMRTYXMREQMRMZER

;EVRMRK

=SYVGEVSVEYHMSMRTYXHIZMGIEY\MPMEV]EYHMSMRTYXTSVXQE]SRP]FIETLSRSNEGOMRWXIEHSJ WITEVEXIVMKLXERHPIJX6'%NEGOWEWWLS[RMR*MKYVI-RXLEXGEWI]SY[MPPRIIHEWXIVIS = EHETXIV[LMGLYWYEPP]VYRWJSVYRHIV1EOIWYVI]SYFY]EWXIVISWSPYXMSRSV]SY[MPPSRP] VIGIMZIQSREYVEPWSYRH 7SQILIEHYRMXWVIUYMVI]SYXSIREFPIXLIEY\MPMEV]MRTYXFIJSVI]SYGERYWIMX-J]SYLEZIE JEGXSV]LIEHYRMX SRIWYGLQERYJEGXYVIVVIUYMVMRKXLMWMW7EEF¨[LEXE7EEFWXSV] ]SYQE] RIIHXSTE]]SYVHIEPIVXSIREFPIXLIEY\MPMEV]JIEXYVI

-J]SYEVIYWMRKER*1XVERWQMXXIV TPYK]SYV%:HIZMGIMRXSMX WIXXLIJVIUYIRG] ERHGSR XMRYIXSXLIRI\XWXIT [I¬PPXIWXEYHMSPEXIV 

-RWXEPPMRK%Y\MPMEV]%:.EGOW 7SQIXMQIW]SYQE][ERXXLIEFMPMX]XSXIQTSVEVMP]TPYKMRXSER]%:HIZMGIERHYWIMXMR]SYV GEV *SVI\EQTPI QE]FI]SY¬VISRXLI[E]XSXLIK]QERH]SY[ERXXSPMWXIRXS]SYVM4SHŒMR XLIGEVERHXLIRHMWGSRRIGXMXERHPMWXIRXSMX[LMPI]SY[SVOSYX 1E]FI]SY[ERXXSUYMGOP] GSRRIGX]SYVHMKMXEPGEQIVEWSTEWWIRKIVWGERWXEVXKSMRKXLVSYKLXLITLSXSWXLI]NYWXXSSOSR EFMKKIVWGVIIR %HHMRKEY\MPMEV]%:NEGOWMR]SYVGEVIREFPIW]SYXSHSNYWXXLEX %RSXLIV

'LETXIV ¨ &YMPHMRKE7MRKPI7SYVGI%:7]WXIQ FIRIJMXXSEY\MPMEV]%:NEGOWMW]SYGERFYMPHERIEWMP]EGGIWWMFPIPSGEXMSRMR]SYVGEVJSVGSR RIGXMRK%:HIZMGIW MRWXIEHSJLEZMRKXSXEOIETEVX]SYVHEWLIZIV]XMQI]SYRIIHXSGSRRIGX SVHMWGSRRIGXEHIZMGI 0IX¬WKSSZIVLS[XSEHHEWIXXS]SYVGEV

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

*-+96)  4LSRSGSYTPIV

(VIQIPXSSP[MXLQYPXMTYVTSWIFMXXSGYXTPEWXMG EVSYRHMJ]SYHSR¬XEPVIEH] S[RSRI WII*MKYVI  +PYIKYR[MXLLIEZ]HYX]SVWYTIVKPYIWXMGO EVSYRHJSVKPYIKYR YWYEPP]GSQIW [MXLXLIWXMGOW 





4EVX--- ¨ *SYRHEXMSR4VSNIGXW 1SRWXIVŒWXIVISEYHMSERHGSQTSWMXIZMHIS6'%GEFPIW SVWMQMPEV[IPPWLMIPHIHGEFPI WSPYXMSR EVSYRH  :MGIKVMTSVWMQMPEVHIZMGIXSLSPHXLISFNIGX]SY¬VIGYXXMRKMRXS

*-+96)  (VIQIPHVMPPMRKFMX

-RWXEPPMRKXLI.EGOW 2S[XLEX]SYLEZI[LEX]SYRIIH PIX¬WGYXMRXSXLIGSQTEVXQIRX

7XIT4VITEVIXLI+PSZIFS\ 6IQSZIXLIGSQTEVXQIRXXVE]JVSQ]SYVGEV SV[LEXIZIV]SYHIGMHIHXSMRWXEPPXLIGSYTPIV MRXS ERHXEOIMXXS]SYV[SVOWTEGI (SRSXXV]XSHSXLMWTVSNIGXMR]SYVGEV¨]SYRIIHVSSQ XS[SVO -R*MKYVI]SYGERWIIXLIVIQSZIHGSQTEVXQIRXXVE]

'LETXIV ¨ &YMPHMRKE7MRKPI7SYVGI%:7]WXIQ

*-+96)  8LIVIQSZIHGSQTEVXQIRXXVE]

7XIT1IEWYVIERH'YXXLI+PSZIFS\ 9WIETIRGMPERHVYPIVXSQIEWYVIERHHVE[EVIGXERKPIXLI[MHXLERHLIMKLXSJXLIGSYTPIVSR XLITPEWXMG[LIVI]SY[ERXXSMRWIVXXLIGSYTPIV 8LMWMW[LIVI]SY[MPPFIGYXXMRKXSQEOI VSSQJSVXLIGSYTPIV -HMHXLMWGPSWIXSXLIXSTSJXLIGSQTEVXQIRXFYXJEVIRSYKLE[E]JVSQ XLIWPSXJSVXLIPSGOMRKQIGLERMWQ EWWLS[RMR*MKYVI *MPPMR WLEHI XLIVIGXERKPI[MXL XLITIRGMPWS]SYGERGPIEVP]WII[LIVI]SYRIIHXSGYX[LMPI]SYEVIGYXXMRK -J]SYNYWXHSE WMRKPIPMRI ]SYGERPSWIWMKLXSJ[LIVI]SYRIIHXSFI ERHMX¬WNYWXTPEMRIEWMIVJMPPIHMR





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  9WIETIRGMPXSQEVOSYX[LIVIXLIGSYTPIV[MPPVIWMHIMRXLITPEWXMG

;EVRMRK

&IJSVIGYXXMRKQEOIWYVI]SYLEZITVSXIGXMZII]I[IEVERHXLEX]SYEVIGSQJSVXEFPIERHIHY GEXIHMRYWMRKE(VIQIPXSSP=SYGERWIVMSYWP]MRNYVI]SYVWIPJMJ]SYEVIR¬XJEQMPMEV[MXLXLMWX]TI SJXSSPERH-HSR¬X[ERX]SYXSKIXLYVX

3RGI]SY¬ZIQIEWYVIHXLILSPI TPEGIXLIGSQTEVXQIRXMRXLIKVMTERHYWIXLI(VIQIPERHXLI HVMPPMRKFMXXSGYXSYXXLIWUYEVI 8LIIEWMIWX[E]XSHSXLMWMWXSHVMPPLSPIWMRXLIJSYVGSVRIVW SJXLIVIGXERKPI ERHXLIR MREWMHI[E]WQSXMSR GYXSYXXLIWMHIWSJXLIVIGXERKPI EWWLS[RMR *MKYVI

'LETXIV ¨ &YMPHMRKE7MRKPI7SYVGI%:7]WXIQ

*-+96)  'YXXMRKXLITPEWXMG

7XIT1SYRXXLI'SYTPIV 3RGI]SY¬ZIGYXSYXXLIVIGXERKPI TPEGIXLIGSYTPIVMRXSXLISTIRMRKWSXLIQIXEPNEGOWERH WSQISJXLIGSYTPIV¬WTPEWXMGEVIZMWMFPIJVSQXLIFEGOWMHISJXLIGSQTEVXQIRX 8LMWMW[LIVI XLIGEFPIWVYRRMRKXS]SYVLIEHYRMXERHHMWTPE][MPPXIVQMREXI 8LISXLIVWMHI WLS[MRKMRXLI GSQTEVXQIRX MW[LIVI]SYVEY\MPMEV]HIZMGIW WYGLEWERM4SHSVTSVXEFPI(:(TPE]IV [MPP GSRRIGXXS EWWLS[RMR*MKYVI





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  8LIGSYTPIVTVSTIVP]MRWIVXIH

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

'LETXIV ¨ &YMPHMRKE7MRKPI7SYVGI%:7]WXIQ

*-+96)  %TTP]MRKXLIKPYI

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





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  8LIJMRMWLIHTVSHYGX

7XIT6YRXLI%:'EFPIW 2S[XLEX]SY¬VIWIXYTXSLIEVXLIEYHMS ]SYRIIHXSVYRXLIEYHMSERHZMHISGEFPIW -J]SYEVI YWMRKER%:W[MXGL VYRXLIEYHMSERHZMHISGEFPIWJVSQXLI(:(TPE]IVXS]SYVW[MXGL 3RGIXLSWIGEFPIWEVIJMVQP]GSRRIGXIH VYRXLIEYHMSGEFPIWJVSQ]SYVW[MXGLXS]SYVWXIVIS¬W EY\MPMEV]MRTYXSVEYHMSXVERWQMXXIVERHXLIZMHISGEFPIWXS]SYVHMWTPE] *SPPS[XLIMRWXVYGXMSRW MR'LETXIV ©;SVOMRK[MXL'EFPIWª SRLS[XSTVSTIVP]VYRGEFPIWMR]SYVGEV -J]SYEVIRSXYWMRKEW[MXGL VYRXLIEYHMSGEFPIWJVSQXLI(:(TPE]IVHMVIGXP]XS]SYVWXIVIS¬W EY\MPMEV]MRTYXSVEYHMSXVERWQMXXIVERHXLIZMHISGEFPIWHMVIGXP]XS]SYVHMWTPE] %KEMR JSPPS[ XLIMRWXVYGXMSRWMR'LETXIVSRLS[XSTVSTIVP]VYRGEFPIWMR]SYVGEV

'LETXIV ¨ &YMPHMRKE7MRKPI7SYVGI%:7]WXIQ

7XIT%TTP]:IPGVS &IJSVIMRWXEPPMRKXLIW]WXIQ]SYRIIHXSQEOIWYVIMX[SR¬XQSZI -J]SYEVIYWMRKEHMJJIVIRX QIXLSHXLER:IPGVSXSWIGYVIXLIW]WXIQJVSQQSZMRK ]SYGERWOMTXLMWWXIT 1IEWYVIERHGYXSYXLSSOWMHI RSXJY^^]WMHI WXVMTWJSVXLIX[SWMHIWSJXLIFSXXSQSJXLI (:(TPE]IV SVTSWWMFP]EPPJSYVJSV]SYVWTIGMJMGW]WXIQ  EWWLS[RMR*MKYVI 1EOIWYVI ]SYHSR¬XGSZIVYTER]HSSVWSVPEXGLIW]SYRIIHXSVIEGL

*-+96)  1IEWYVMRKERHGYXXMRKXLI:IPGVS

;MXLEVE^SVFPEHISVWGMWWSVW WGSVIXLITPEWXMGFSXXSQIHKIWSJXLI(:(TPE]IVMREGVMWW GVSWWTEXXIVRWSXLI:IPGVSWXMGOW[IPP VIQIQFIVXLMWJVSQQMHHPIWGLSSP#  EWWLS[RMR *MKYVI





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  7GSVMRKXLIFSXXSQIHKISJXLI(:(TPE]IV

%TTP]XLI:IPGVSEWGPSWIXSXLIIHKIWEWTSWWMFPI EWWLS[RMR*MKYVI

7XIT-RWXEPPXLI7]WXIQ 2S[XLEXXLI:IPGVSLEWFIIRETTPMIH TPEGIXLIW]WXIQYRHIVXLITEWWIRKIV¬WWIEX SVXLIPSGE XMSR]SYHIGMHIHXSMRWXEPPMX EWWLS[RIEVPMIVMR*MKYVI 1EOIWYVIXLIHMWGWPSXMWYRSF WXVYGXIHERHIEW]XSVIEGLJSV]SYVTEWWIRKIVW 8LMWMWIWTIGMEPP]MQTSVXERX[MXL(:(TPE]IVW [MXLEWPMHISYXXVE]¨]SYHSR¬X[ERXXSTSWMXMSRXLIQ[LIVIXLIXVE]GER¬XJYPP]INIGX

'LETXIV ¨ &YMPHMRKE7MRKPI7SYVGI%:7]WXIQ

*-+96)  8LI:IPGVSETTPMIHXSXLI(:(YRMX

7XIT4PE] 2S[XLEXIZIV]XLMRK¬WGSRRIGXIH XYVRSR]SYVGEVERHTPE]E(:( ;EVRMRK

=SYWLSYPHKIRIVEPP]LEZI]SYVGEVVYRRMRK[LMPI]SYTPE]E(:(SVYWIER]RSRWXSGOTS[IVIH HIZMGI-J]SYVGEVMWR¬XVYRRMRK]SYV%:W]WXIQGERFIUYMXIEHVEMRSR]SYVFEXXIV]ERH]SYV %'MRZIVXIVQE]ZIV][IPPPIX]SYORS[F][LMRMRKPSYHP]EFSYXXLITS[IVGSRWYQTXMSR-X¬W SOE]XSWLS[SJJXLI(:(TPE]IV[MXLSYXXLIGEVVYRRMRKFYXNYWXVIQIQFIV]SY¬ZIXYVRIH]SYV GEVMRXSEKEWTS[IVIHRSXEFEXXIV]TS[IVIHZMHISTPE]IV

;EVRMRK

(SRSXWMXMRERMHPIGEVERH[EXGLEQSZMI[LMPIXLIIRKMRIMWVYRRMRK)\XIRHIHTIVMSHWMRWMHI ERMHPIGEV[LMPIMXMWVYRRMRKGERI\TSWI]SYXSGEVFSRQSRS\MHIWYJJMGMIRXEQSYRXWSJ[LMGL GEROMPP]SY





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

7YQQEV] -RXLMWGLETXIV]SYMRWXEPPIHE(:(TPE]IVERHGSRJMKYVIHXLIETTVSTVMEXI%:GSQTSRIRXW JSVYWIMR]SYVGEV (:(TPE]IVWEVIERE[IWSQIIRXIVXEMRQIRXEHHMXMSRXSER]GEVERH[MPP TVSZMHILSYVWSJIRXIVXEMRQIRXJSV]SYVTEWWIRKIVW/IITMRQMRH SJGSYVWI XLEX]SYGER MRWXIEHMRWXEPPEKEQIW]WXIQWYGLEWE4PE]WXEXMSRŒSVE1MGVSWSJX
-RXIKVEXMRKE +EQI 'SRWSPI

GLETXIV

%TTVS\MQEXITVSNIGXGSWX [MXLHMWTPE] [MXLSYXHMWTPE]

+

EQMRKW]WXIQWEVISRISJXLIQSWXIRNS]EFPIEHHSRW]SY GERLEZIMR]SYVGEV *VSQIRXIVXEMRMRK]SYVTEWWIRKIVWXS OIITMRKXLIOMHWUYMIXXSTPE]MRK(:(W KEQIGSRWSPIW XSHE]LEZIEPSXSJGETEFMPMXMIWXLEXGSQTPIQIRXXLIIRXIVXEMRQIRX W]WXIQWMREGEV

;EVRMRK

MRXLMWGLETXIV

-RXLMWGLETXIV]SY[MPPMRWXEPPEKEQIW]WXIQMRXS]SYVGEV =SY GERGLSSWIER]KEQIW]WXIQ]SYPMOI FYXXLII\EQTPIYWIHMR XLMWGLETXIV[MPPFIXLI2MRXIRHS+EQI'YFIΠ3RGI]SYLEZI XLI%: EYHMSZMHIS WMHISJXLMWTVSNIGXMRWXEPPIH SJGSYVWI ]SY GERTYXMRER]KEQIW]WXIQ]SYPMOI SJXIREWIEWMP]EWYRTPYKKMRK XLIJMVWXW]WXIQJVSQXLI%' EPXIVREXMRKGYVVIRX MRZIVXIV VIQSZMRKXLII\TSWIHKEQIW]WXIQ ERHVITPEGMRKMX[MXLERSXLIV

-RWXEPPMRKEKEQI GSRWSPI

%RSXLIVTIVOXSQSHIVRKEQIW]WXIQWMWXLIMVLMKLIRHQYPXMQI HMEGETEFMPMXMIW 7SR]¬W4PE]WXEXMSRŒGSQIW[MXLFYMPXMR(:( TPE]FEGO ERH1MGVSWSJX¬W
*IIHMRKKEQIZMHIS XSQYPXMTPIHMWTPE]W

,EZMRKEKEQIW]WXIQMR]SYVGEVQIERW]SYVTEWWIRKIVWWLSYPH TPE]MXRSXXLIHVMZIV8LIHVMZIVRIIHWXSOIITLMWSVLIVI]IWSR XLIVIEPVSEHRSXXLISRIMR1EVMS/EVX

;LEX=SY2IIH 2MRXIRHS+EQI'YFISVSXLIVKEQIW]WXIQ EVSYRH 0IJXERHVMKLX6'%GEFPIWERHGSQTSWMXIZMHISGEFPI XLIWIGSQI[MXLXLI+EQI'YFI SXLIV[MWIJSVEPP JVSQER]PSGEPWXSVIXLEXWIPPW%:IUYMTQIRXEWWLS[RMR *MKYVI

9WMRKKEQI GSRWSPIWEWQIHME GIRXIVW



4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  1SRWXIV7XERHEVHWLMIPHIH%:GEFPIW

%:W[MXGLXSW[MXGLFIX[IIRGSQTYXIVERHKEQIEYHMS STXMSREP EVSYRH [EXX%'MRZIVXIVXSTS[IVKEQMRKW]WXIQERHHMWTPE]  (MWTPE]XSWIIXLIKEQIW]WXIQ¬WSYXTYX ZEVMIWSR[LEX]SYHIGMHIXSMRWXEPP WII 'LETXIV ©'LSSWMRKE(MWTPE](IZMGIª ;MVIPIWWKEQIGSRXVSPPIVW EVSYRHIEGL 7GMWWSVWERHEVYPIVSVQIEWYVMRKXETI JVIIJVSQ]SYSV]SYVRIMKLFSV2IH 7M\XSIMKLXJSSXPSRK:IPGVSŒ WXVMTWEWWLS[RMR*MKYVI LEPJLSSOWMHIWERHLEPJ JY^^]WMHIW XLEX¬WLS[XLI]YWYEPP]GSQIER][E] EVSYRH :MHISHMWXVMFYXMSREQTPMJMIVMJ]SYRIIHXSJIIHZMHISXSQYPXMTPIHMWTPE]W EVSYRH +EQIW WYGLEW1EVMS/EVX(SYFPI(EWL

'LETXIV ¨ -RXIKVEXMRKE+EQI 'SRWSPI

*-+96)  :IPGVSWXVMTW

4PERRMRK;LEXXS-RWXEPP 8LVSYKLSYXXLMWFSSO-LEZIIQTLEWM^IHXLIMQTSVXERGISJTPERRMRK WSXLIJMVWXWXITMWXS QEOIWSQIHIGMWMSRWEFSYX[LEX]SY¬VIKSMRKXSMRWXEPPERH[L]ERHLS[]SY¬VIKSMRKXSMRWXEPP MX   PIX¬WHSXLEXRS[

'LSSWIXLI7]WXIQXS-RWXEPP =SYPMOIP]EPVIEH]ORS[[LEXW]WXIQ]SY[ERXXSMRWXEPP -RXLMWTVSNIGX-[MPPEWWYQIE 2MRXIRHSŒ+EQI'YFIŒMWFIMRKMRWXEPPIH EPXLSYKLTVEGXMGEPP]ER]KEQIW]WXIQGERFIWYF WXMXYXIHMRXLIWXITWYWIHMRXLMWGLETXIV 7S[L]HMH-GLSSWIE+EQI'YFISZIVSXLIVW]WXIQW#8LI+EQI'YFIMWGSQTEGX MXWWTMRHPI MWIEWMP]EGGIWWMFPIZMEEXSTPSEHMRKQIGLERMWQ WS-HSR¬XLEZIXS[SVV]EFSYX[LIVIXLIXVE] [MPPIRHYT  ERHMXYWIWZIV]PMXXPITS[IVGSQTEVIHXSXLIQSRWXVSYWTS[IVLYRKV]TVSGIWWSVW MRXLI




4EVX--- ¨ *SYRHEXMSR4VSNIGXW KSMRKXSYWIERSPHIVGEVXVMHKIFEWIHW]WXIQ QSWXSJXLITS[IVGSRGIVRWWLSYPHR¬XFIEFMK HIEP -J]SYLEZIR¬XEPVIEH] WII'LETXIV ©+MZMRK=SYV'VIEXMSR0MJI 4S[IV 'SRWMHIVEXMSRWª

'LSSWIXLI(MWTPE] 7II'LETXIV ©'LSSWMRKE(MWTPE](IZMGIª XSPIEVREFSYXXLIZEVMSYWX]TIWSJHMWTPE]W]SY GERMRWXEPP 8LIHMWTPE]YWIHMRXLIKIRIVEPTYVTSWI4'TVSNIGXMR'LETXIV [LMGLWYTTSVXW FSXL:+%ERHGSQTSWMXIEREPSKMRTYXWMWMHIEPMJ]SY[MPPFIMRWXEPPMRKFSXLEGSQTYXIVERHE KEQIW]WXIQMR]SYVGEV -J]SY[SR¬XFIMRWXEPPMRKEGSQTYXIV GLSSWIEHIGIRXMRHEWLSVSR HEWLEREPSKHMWTPE] [LMGLYWYEPP]VYRWYRHIVSRI&E] MRGPYHMRKXLIQSYRXMRKOMX WII *MKYVI  %PPKEQMRKW]WXIQWJSVEXPIEWXXLITEWX]IEVWLEZIGSQIWXERHEVH[MXLGSQ TSWMXISYXTYXGETEFMPMXMIW 8LMWMWJMRIJSVEGEVIRZMVSRQIRX 8LIVIMWRSVIEWSRXSWTIRHXLI I\XVEQSRI]JSVXLI7:MHISSVGSQTSRIRXZMHISEHHSRW IZIRMJ]SY[ERXXSEHH(:( XLI WGVIIRW]SY[MPPPMOIP]YWIMREGEVEVIYWYEPP]RSPEVKIVXLERMRGLIWMRWM^I ERH]SY[SR¬XFI EFPIXSXIPPQYGLSJEHMJJIVIRGI[LIRTPE]MRKKEQIW SV(:(W XSS MRXLIGEWISJ
:MHISWSYVGIWIPIGXSV

:MHISMRTYXWERH

*-+96)  8LIHMWTPE]-YWIHMRQ]GEVERHXLIEWWSGMEXIH%:MRTYXWEXXEGLIHXSMX

'LETXIV ¨ -RXIKVEXMRKE+EQI 'SRWSPI

'LSSWIER%YHMS7SPYXMSR =SY[MPPPMOIP][ERXXLIEFMPMX]XSLIEVWSYRHJVSQXLIW]WXIQ]SYEVIMRWXEPPMRK 8SHSXLMW ]SY [MPPRIIHERI[LIEHYRMXXLEXLEWEREY\MPMEV]EYHMSMRTYXGETEFMPMX] YRPIWW]SYVGYVVIRXLIEH YRMXEPVIEH]LEWEREY\MPMEV]MRTYXSVER*1VEHMSXVERWQMXXIV [LMGLJIIHWXLIEYHMSJVSQ]SYV %:HIZMGIXSERI\MWXMRK*1GLERRIP]SYGERXYRIMRSR]SYVGYVVIRXWXIVIS ERI\EQTPISJ [LMGLMWWLS[RMR*MKYVI =SYVHIGMWMSRSR[LMGLXSMRWXEPP[MPPHITIRHSR[LIXLIV]SY[ERXXSVITPEGI]SYVI\MWXMRK WXIVISSVWEZIQSRI]F]NYWXKIXXMRKXLIXVERWQMXXIV 7SQIXMQIW]SYHSR¬XLEZIXLISTXMSRXS MRWXEPPERI[LIEHYRMX PMOIP]FIGEYWIXLILIEHYRMXMR]SYVGEVMWHMJJMGYPXXSVITPEGI SV]SYV GEVQE]RSXLEZIEVIQSZEFPILIEHYRMX MI NYWXE©GSQQERHGSRWSPIª XLEXGSRXVSPWIZIV]XLMRK JVSQEMVGSRHMXMSRMRKXSXLIYWISJXLIGEVWXIVIS  %YHMSJMHIPMX][MPPFIQYGLLMKLIVJIIHMRK XLVSYKLXLIEY\MPMEV]EYHMSMRTYXW

*-+96)  %R*1VEHMSEYHMSXVERWQMXXIVGERFIUYMXIGSRZIRMIRXMJ]SYHSR¬X[ERXXS WTIRH QSRI]SRERI[LIEHYRMX





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

(IXIVQMRI;LIVIXS-RWXEPPXLI7]WXIQ *MRHERETTVSTVMEXITPEGIXSTYXXLI+EQI'YFI[LIVIXLIYRMXMWEGGIWWMFPIERHGEFPIW[SR¬X KIXMRXLI[E] %RMHIEPPSGEXMSRMWXLIE\PILYQTMRXLIFEGOWIEXSJQER]GEVW EWWLS[RMR *MKYVI -J]SYTPEGIXLI+EQI'YFISRXLIE\PILYQT]SYGERYWYEPP]:IPGVSMXXLIVIWSMX [SR¬XQSZI ERH]SYVTEWWIRKIVWGERIEWMP]GLERKIKEQIW

*-+96)  +EQI'YFIPSGEXIHSRXLIE\PILYQTMRXLIFEGOWIEX

(S=SY2IIHXS'SRJMKYVIER%:7[MXGL# -J]SYEVIMRWXEPPMRKQSVIXLERSRI%:HIZMGI WYGLEWEGSQTYXIVERHE+EQI'YFI ]SY[MPP PMOIP]RIIHER%:W[MXGLWS]SYGERW[MXGLXLIHMJJIVIRXEYHMSWSYVGIW[MXL]SYVWXIVIS¬WEY\ MPMEV]EYHMSMRTYX WII*MKYVI 

'LETXIV ¨ -RXIKVEXMRKE+EQI 'SRWSPI

*-+96)  -RWXEPPIH%:W[MXGL

7S[L]YWIER%:W[MXGL[LIR]SY¬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





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  7IEXFEGOHMWTPE]WPIXTEWWIRKIVWTPE]KEQIWSV[EXGLQSZMIW[LMPI]SY YWI ]SYV +47MRXLIJVSRX

-RWXEPPMRKXLI+EQI'SRWSPI 2S[XLEX]SYLEZIXLIMRJSVQEXMSR]SYRIIH PIX¬WEHHVIWWMRWXEPPMRKXLIKEQIGSRWSPI

7XIT'SRJMKYVIXLI7XIVISXS6IGIMZI%YHMS =SYTVSFEFP][ERXXSLIEV]SYVKEQIW[LMPI]SYTPE]XLIQ MRXLITEWWIRKIVWIEX SJGSYVWI  -RXLMWGEWI]SYLEZIEGSYTPISJSTXMSRW =SYGERYWIXLIFYMPXMREY\MPMEV]MRTYXSJ]SYVLIEH YRMX WYGLEWXLIWIXSJGEFPIWGSQMRKJVSQXLIFEGOSJXLISRIMR*MKYVI  SV]SYGERYWI ER*1EYHMSXVERWQMXXIVMJ]SYHSR¬XLEZIXLIPY\YV]SJEREY\MPMEV]TSVX EWHMWGYWWIHMRXLI TPERRMRKWIGXMSRIEVPMIVYRHIV©'LSSWIER%YHMS7SPYXMSRª

'LETXIV ¨ -RXIKVEXMRKE+EQI 'SRWSPI

*-+96)  %Y\MPMEV]EYHMSMRTYXJVSQEXLMVHTEVX]LIEHYRMX

8LIPSGEXMSRSJXLIEY\MPMEV]EYHMSTSVX[MPPZEV]JVSQLIEHYRMXXSLIEHYRMX WS-GER¬XGSZIV EPPQSHIPWLIVI *SPPS[XLIMRWXVYGXMSRWMR]SYVVIWTIGXMZIQERYEPXSTPYKXLIEYHMSMRTYXW JVSQIMXLIV]SYVZMHISW[MXGLSV]SYVKEQIW]WXIQMRXSXLSWIVIWTIGXMZITSVXW 7SQIJEGXSV] LIEHYRMXWLEZIETSVXFYMPXMRXSXLIKPSZIGSQTEVXQIRXSVGIRXIVGSRWSPI XLINEGOWJVSQE QMRMZEREVIWLS[RMR*MKYVI  [LMPIQER]XLMVHTEVX]LIEHYRMXWLEZI6'%X]TIWXIVIS NEGOWGSQMRKJVSQXLIMVFEGOWMHIW -J]SYHSR¬XLEZIEREY\MPMEV]NEGOFYMPXMRXS]SYVGEV ]SY GERIEWMP]FYMPHSRI[MXLEJEGITPEGIERHEHVIQIP EWHIWGVMFIHMRXLIWIGXMSR©-RWXEPPMRK %Y\MPMEV]%:.EGOWª MR'LETXIV ©&YMPHMRKE7MRKPI7SYVGI%:7]WXIQª





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  %Y\MPMEV]EYHMSMRTYXMREQMRMZER

;EVRMRK

=SYVGEVSVEYHMSMRTYXHIZMGIEY\MPMEV]EYHMSMRTYXTSVXQE]SRP]FIETLSRSNEGOMRWXIEHSJ WITEVEXIVMKLXERHPIJX6'%NEGOWEWWLS[RMR*MKYVI-RXLEXGEWI]SY[MPPRIIHEWXIVIS =EHETXIV WII *MKYVI   [LMGL YWYEPP] VYRW JSV YRHIV  1EOI WYVI ]SY FY] E WXIVIS WSPYXMSRSV]SY[MPPVIGIMZISRP]QSREYVEPWSYRH XLMW[MPPFIGPIEVP]QEVOIHSRXLIEHETXIV¬W TEGOEKMRK  7SQILIEHYRMXWVIUYMVI]SYXSJMVWXIREFPIXLIEY\MPMEV]MRTYXFIJSVI]SYGERYWIMX-J]SYLEZI EJEGXSV]LIEHYRMX SRIWYGLQERYJEGXYVIVVIUYMVMRKXLMWMW7EEF¨[LEXE7EEFWXSV] ]SYQE] RIIHXSTE]]SYVHIEPIVXSIREFPIXLIEY\MPMEV]JIEXYVI

-J]SYEVIYWMRKER*1EYHMSXVERWQMXXIVXSJIIHEYHMSXS]SYVLIEHYRMX TPYK]SYV%:HIZMGI MRXSMX WIXXLIJVIUYIRG] ERHGSRXMRYIXSXLIRI\XWXIT [I¬PPXIWXEYHMSPEXIV 

'LETXIV ¨ -RXIKVEXMRKE+EQI 'SRWSPI

8[SFPEGOPMRIW HIRSXIWXIVIS

*-+96)  7XIVIS=EHETXIVGEFPI2SXIXLEXXLII\XVE PMRIHIRSXMRKXLIEHETXIVMWWXIVISMRWXIEHSJQSRS

7XIT6YRXLI%:'EFPIW 2S[XLEX]SY¬VIWIXYTXSLIEVXLIEYHMS ]SYRIIHXSVYRXLIEYHMSERHZMHISGEFPIW -J]SYEVI YWMRKER%:W[MXGL VYRXLIEYHMSERHZMHISGEFPIWJVSQ]SYVKEQIW]WXIQXS]SYVW[MXGL 3RGIXLSWIGEFPIWEVIJMVQP]GSRRIGXIH VYRXLIEYHMSGEFPIWJVSQ]SYVW[MXGLXS]SYVWXIVIS¬W EY\MPMEV]MRTYXSVEYHMSXVERWQMXXIVERHXLIZMHISGEFPIWXS]SYVHMWTPE] *SPPS[XLIMRWXVYGXMSRW MR'LETXIV ©;SVOMRK[MXL'EFPIWª SRLS[XSTVSTIVP]VYRGEFPIWMR]SYVGEV -J]SYEVIRSXYWMRKEW[MXGL VYRXLIEYHMSGEFPIWJVSQ]SYVKEQIW]WXIQHMVIGXP]XS]SYV WXIVIS¬WEY\MPMEV]MRTYXSVEYHMSXVERWQMXXIVERHXLIZMHISGEFPIWHMVIGXP]XS]SYVHMWTPE] %KEMR JSPPS[XLIMRWXVYGXMSRWMR'LETXIVSRLS[XSTVSTIVP]VYRGEFPIWMR]SYVGEV





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

7XIT%TTP]:IPGVS &IJSVIMRWXEPPMRKXLIW]WXIQ]SYRIIHXSQEOIWYVIMX[SR¬XQSZI -J]SYEVIYWMRKEHMJJIVIRX QIXLSHXLER:IPGVSXSWIGYVIXLIW]WXIQJVSQQSZMRK ]SYGERWOMTXLMWWXIT 1IEWYVIERHGYXSYXLSSOWMHI RSXJY^^]WMHI WXVMTWJSVXLIX[SWMHIWSJXLIFSXXSQSJXLI +EQI'YFI SVTSWWMFP]EPPJSYVJSV]SYVWTIGMJMGW]WXIQ  EWWLS[RMR*MKYVI 1EOIWYVI ]SYHSR¬XGSZIVYTER]HSSVWSVPEXGLIW]SYRIIHXSVIEGL

*-+96)  1IEWYVMRKERHGYXXMRKXLI:IPGVS

;MXLEVE^SVFPEHISVWGMWWSVW WGSVIXLITPEWXMGFSXXSQIHKIWSJXLI+EQI'YFIMREGVMWWGVSWW TEXXIVRWSXLI:IPGVSWXMGOW[IPP VIQIQFIVXLMWJVSQQMHHPIWGLSSP#  EWWLS[RMR*MKYVI 

'LETXIV ¨ -RXIKVEXMRKE+EQI 'SRWSPI

*-+96)  7GSVMRKXLIFSXXSQIHKISJXLI+EQI'YFI

%TTP]XLI:IPGVSEWGPSWIXSXLIIHKIWEWTSWWMFPI EWWLS[RMR*MKYVI





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  :IPGVSETTPMIHXSXLI+EQI'YFI

7XIT-RWXEPPXLI7]WXIQ 2S[XLEXXLI:IPGVSMWETTPMIH TPEGIXLIW]WXIQSRXLIE\PILYQTMRXLIFEGOWIEXSJ]SYVGEV SVXLIPSGEXMSR]SYHIGMHIHXSMRWXEPPMX EWWLS[RMR*MKYVI 1EOIWYVIXLIGEVXVMHKISV HMWGWPSXMWYRSFWXVYGXIHERHIEW]XSVIEGLJSV]SYVTEWWIRKIVW 8LMWMWIWTIGMEPP]MQTSVXERX[MXL KEQIW]WXIQW[MXLEWPMHISYXXVE] WYGLEWXLI
'LETXIV ¨ -RXIKVEXMRKE+EQI 'SRWSPI

*-+96)  -RWXEPPIH+EQI'YFI

-RWXEPPXLI+EQI'SRXVSPPIVW 3TXMSREP 8LMWTEVXMWWMQTPI¨TPYKMRXLIKEQIGSRXVSPPIV W  -WXVSRKP]WYKKIWX]SYYWI[MVIPIWWKEQI GSRXVSPPIVWFIGEYWIXLI]HSR¬XLEZIER]GEFPIGPYXXIVERHMX¬WIEW]XSTEWWXLIQEVSYRHXLIGEV [MXLSYXFYKKMRKXLIHVMZIV -J]SYLEZIR¬XEPVIEH] WII'LETXIV ©'LSSWMRKER-RTYX(IZMGIª [LMGLHMWGYWWIW[MVIPIWWHIZMGIW 1EOIWYVI]SYFY]XLI6*[MVIPIWWGSRXVSPPIVW WII*MKYVI   WMRGIMRJVEVIHWSPYXMSRW[SR¬X[SVOZIV][IPPMREGEVIRZMVSRQIRX =SYEPWSRIIHXS QEOIWYVIXLIGLERRIPYWIHF]IEGLGSRXVSPPIV]SYEHHMWYRMUYI¨EPPSJ[LMGLWLSYPHFI I\TPEMRIH[IPPMRXLIQERYEPXLEXGSQIW[MXLKEQIGSRXVSPPIVW





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

6*+EQI'SRXVSPPIV

6*6IGIMZIV

*-+96)  ;MVIPIWWKEQIGSRXVSPPIVMRWXEPPIH

8IWXERH4PE] 2S[XLEXIZIV]XLMRK¬WGSRRIGXIH XYVRSR]SYVGEVERHTPE] +IRIVEPP]]SYWLSYPHLEZI]SYVGEVVYRRMRK[LMPI]SYTPE]]SYVKEQI-J]SYVGEVMWR¬XVYRRMRK ]SYVKEQIW]WXIQGERFIUYMXIEHVEMRSR]SYVFEXXIV]ERH]SYV%'MRZIVXIVQE]ZIV][IPPPIX ]SYORS[F][LMRMRKPSYHP]EFSYXXLITS[IVGSRWYQTXMSR-X¬WSOE]XSWLS[SJJXLIKEQIW]W XIQ[MXLSYXXLIGEVVYRRMRKFYXNYWXVIQIQFIV]SY¬ZIXYVRIH]SYVGEVMRXSEKEWTS[IVIHRSX EFEXXIV]TS[IVIH+EQI&S]Œ

7YQQEV] -RXLMWGLETXIV]SYMRWXEPPIHEKEQIW]WXIQERHGSRJMKYVIHXLIETTVSTVMEXI%:GSQTSRIRXW JSVYWIMR]SYVGEV =SYEPWSGSRWMHIVIHYWMRKEKEQIW]WXIQEWEQIHMEGIRXIVJSV]SYVGEV WMRGIXLIRI[IVW]WXIQWWYTTSVXQER]HMJJIVIRXQIHMEX]TIW EYHMS ZMHIS KEQMRK ERHWSQI XMQIWQSVI  +EQIW]WXIQWEVIERE[IWSQIIRXIVXEMRQIRXEHHMXMSRXSER]GEVERH[MPPTVSZMHI LSYVWSJJYRJSV]SYVTEWWIRKIVW

%HHMRKE+IRIVEP 4YVTSWI4'

GLETXIV

%TTVS\MQEXITVSNIGXGSWX [MXLWGVIIR [MXLSYXWGVIIR

,

EZMRKE4'MR]SYVGEVMWSRISJXLIGSSPIWX KIIOMIWXXS]W ]SYGERWLS[SJJ -RXLMWGLETXIV]SY[MPPFYMPHERHMRWXEPP E'EV4' YWMRKXLIWOMPPWERHMRJSVQEXMSRKEXLIVIHJVSQ XLIJMVWXIMKLXGLETXIVW 7MRGIXLMWMWXLI)\XVIQI8IGLWIVMIW EWWYQI]SYORS[LS[XSTYXE4'XSKIXLIV -J]SYHSR¬X JMRHE TVSJIWWMSREPXSFYMPHXLI4'JSV]SY WS]SYLEZIWSQISRIXS FPEQIMJMXHSIWR¬X[SVO SVTMGOYTEFSSOXSPIEVRLS[XSHSMX WYGLEW&YMPHMRKE4'*SV(YQQMIW XL)HMXMSR -7&2  8LIGSQTYXIV]SYFYMPHMRXLMWGLETXIV[MPPFIEKIRIVEPTYVTSWI 4' %KIRIVEPTYVTSWI4'MWKSSH EPPEVSYRH JSVER]XLMRK]SY [MPPPMOIP][ERXXSHSMR]SYVGEV -XYWIWPMXXPITS[IV LEWTPIRX] SJ WXSVEKIWTEGI TPE]W(:(W ERHPIXW]SYTPE]KEQIW %PXLSYKL MX¬WRSXKIEVIHJSVLMKLIRHKEQMRK XLIKIRIVEPTYVTSWI4' WLSYPHFITPIRX]JSVQSWXTISTPI¨LIGO -¬QEWYTIVKIIOERHMX¬W [LEX-YWI

&Y]MRKE'EV4'ZIVWYW &YMPHMRK =SYV3[R =SYGER SJGSYVWI GSQTPIXIP]WOMTXLIWXITSJFYMPHMRKEGSQ TYXIVERHNYWXFY]SRITVIQEHIJSV]SYVGEV 1ER]QERYJEGXYV IVWSJ'EV4'TEVXWEPWSWIPPVIEH]QEHIW]WXIQW 2SVQEPP]XLIWI TVIFYMPXW]WXIQWGSQI[MXL;MRHS[W<4ERHEKMKEF]XI LEVHHVMZIFYXPEGOXLIYRRIGIWWEV]EQIRMXMIWLSQI4'WSJXIR WLMT[MXL WYGLEWIRG]GPSTIHMEWERHTVSHYGXMZMX]WSJX[EVI -X¬W EPWSGSRZIRMIRXMJ]SYEVIR¬XGSQJSVXEFPIFYMPHMRKEGSQTYXIV WMRGI]SY¬PPKIXE[EVVERX]ERHWSQISRIXSXYVRXSMJ]SYLEZI XVSYFPIMRWXEPPMRKXLI4'MR]SYVGEV TEVXWQMWWMRK TS[IVMWWYIW ERHWSJSVXL 

MRXLMWGLETXIV &Y]MRKSVFYMPHMRK ]SYVS[R4' %HHMRKE'EV4' 3XLIVGSSP ETTPMGEXMSRW -RWXEPPMRKXLI4'MR ]SYVGEV



4EVX--- ¨ *SYRHEXMSR4VSNIGXW

7S=SY;ERXXS&YMPH=SYV3[R# 3JGSYVWIQ]WSPYXMSRJSVXLIQSXLIVFSEVHERHTVSGIWWSVMWR¬XXLISRP]SRI-IRGSYVEKI]SY XSXV]SXLIVWSPYXMSRWXSJMX]SYVRIIHW*SVI\EQTPI]SYQE][ERXER%1(%XLPSR<4 MR]SYVGEV ERH E HMJJIVIRXQSXLIVFSEVH,S[IZIVWLSYPH ]SY HIGMHIXSKS[MXLEHMJJIVIRX QSXLIVFSEVHTVSGIWWSVGSQFMREXMSRTPIEWIQEOIWYVI]SYXEOIMRXSEGGSYRXLIEXMWWYIWERH TS[IVMWWYIW 7II'LETXIV©-X¬W7S,SXMR,IVI(IEPMRK[MXL,IEXªJSVHIXEMPWSRLS[XS FIEXXLILIEXERH'LETXIV©+MZMRK=SYV'VIEXMSR0MJI4S[IV'SRWMHIVEXMSRWªXSKIXEKVEWT SRTS[IVMWWYIW -J]SYHIGMHIXSKSSYXSR]SYVS[RLIVIEVIEJI[XMTWXSOIITMRQMRH 9WIQSFMPIZIVWMSRWSJXLIHIWOXSTTVSGIWWSVW]SY[ERXXSYWI *SV%1(XLIWIEVIGEPPIH 1SFMPI%XLPSRWŒERH-RXIPLEWXLIMV4IRXMYQ1 1MWJSV1SFMPI -RXIPEPWSLEWERIRXMVI PMRISJTVSGIWWSVWGEPPIHXLI4IRXMYQŒ 1WIVMIWSJXIRFYRHPIH[MXLXLIMV'IRXVMRSŒ GLMTWIX [LMGLMRGPYHIW[MVIPIWWRIX[SVOMRKGETEFMPMXMIW ;EXGLXLITS[IVGSRWYQTXMSR =SYKIRIVEPP]WLSYPHR¬XTYXER%XLPSRKMKEF]XIWSJ 6%1ERHEXIVEF]XI6%-(EVVE]MR]SYVGEV8LMW[MPPVIUYMVIXSSQYGLTS[IVERHKIRIVEXI XSSQYGLLIEX7II'LETXIVJSVTS[IVMWWYIWVIPEXIHXSXLIIUYMTQIRX]SYMRWXEPPMR]SYV GEV2SXIEPWSXLEXNYWXFIGEYWI]SYGER MRWXEPPWSQIXLMRKHSIWR¬XEP[E]WQIER]SYWLSYPH 'LSSWIWSPYXMSRWFEWIHSR[LEX]SYRIIH -JEPP]SY¬VIKSMRKXSHSMW(:(TPE]FEGO -RXIVRIXWYVJMRK[EVHVMZMRKERHTSWWMFP]WSQIKEQIWXLIVI¬WRSVIEWSRXSKSSZIVFSEVH SRXLITVSGIWWSVQIQSV]WXSVEKIERHWSSR8LIGSQTYXIV[IFYMPHMRXLMWGLETXIV[MPPFI GETEFPISJHSMRKIZIV]XLMRK]SYPMOI[ERXXSHS[MXLEGEVGSQTYXIVERHQSVI 6IQIQFIVXLMWMWE4'VIWMHMRKMR]SYVGEV =SYEVIR¬XFYMPHMRKEHIWOXST4'JSV]SYV LSQIWSOIITXLMWMRQMRHEW]SYHIGMHIXSTYVGLEWIGIVXEMRTEVXWERHEGGIWWSVMIW7IIXLI JMVWXIMKLXGLETXIVWSJXLMWFSSOJSVHIXEMPWSR[LEXIUYMTQIRX]SYWLSYPHGSRWMHIV[LIR TYVGLEWMRKJSV]SYVGEV

*SPPS[MRKMWEPMWXSJWSQIQERYJEGXYVIVWJVSQ[LSQ]SYGERFY]TVIFYMPX'EV4'WERHQER] VIPEXIH'EV4'TEVXW *SVEHHMXMSREPVIWSYVGIWJSVTEVXW WSJX[EVI ERHQSVIJSV'EV4'W GLIGO SYX%TTIRHM\' ©%HHMXMSREP6IWSYVGIWª
'LETXIV ¨ %HHMRKE+IRIVEP4YVTSWI4'

*-+96)  'EWI8VSRMG8VEZPEGSQTYXIVMRWXEPPIHMRQ]GEV

&YMPHMRK=SYV'EV4' -RXLMWFSSO-EWWYQIXLEX]SYORS[LS[XSTYXEGSQTYXIVXSKIXLIV -J]SYHSR¬X XLIVIEVI TPIRX]SJFSSOWSYXXLIVIXLEX[MPPWLS[]SY¨JSVXLIQSWXTEVX MX¬WNYWXTYXXMRKXLITMIGIW XSKIXLIV MX¬WRSXPMOIXLISPHHE]W [LIR]SYEGXYEPP]LEHXSTE]EXXIRXMSRXS[LEX]SY[IVI TPYKKMRKXLMRKWMRXS  %PPSJXLMWTVSNIGXWLSYPHFIHSRIMRHSSVW 8LIVIMWRSVIEWSRXSHSER]XLMRKSYXWMHISJ]SYV LSQIFYXMRWXEPPMRKXLIGSQTYXIVMRXS]SYVGEV 8LMW[E]]SYGERLEZIIEW]EGGIWWXSEPPSJXLI GSQTYXIV¬WTSVXW EPPSJ]SYVWSJX[EVI TPIRX]SJ[SVOMRKVSSQ ERH-RXIVRIXEGGIWWXSQEOIWYVI IZIV]XLMRK¬WYTXSHEXI

(IXIVQMRMRKE'EV4'*SVQ*EGXSV 8LIVIEVIX[SX]TIWSJ'EV4'W]SYGERFYMPH¨XVYROFEWIH ERHWPMQPMRI 8LIJMVWXMWXLIQSWX GSQQSR¨YWMRKWXERHEVH4'GEWIWXLEXEVIWSQI[LEXPEVKIERHGERXEOIJYPPWM^I4'TEVXW 8LIWIX]TIWXIRHXSFITPEGIHMRXLIXVYROWMRGIXLI]KIRIVEPP][SR¬XJMXYRHIVEWIEX ERHIZIR MJXLI]HMHJMXXLI]¬HFIMR]SYVTEWWIRKIVW¬ [E]  8LIWIGSRHX]TIMWXLIWPMQPMRIJSVQJEGXSV [LIVI]SYYWIEQYGLWQEPPIVGEWIXLEXGERIEWMP] JMXYRHIVQSWXGEVWIEXW ERHWSQIXMQIWMR]SYVGIRXIVGSRWSPIEFSZISVFIPS[]SYVWXIVISLIEH





4EVX--- ¨ *SYRHEXMSR4VSNIGXW YRMX  8LIWPMQPMRIJSVQJEGXSVMWGSRZIRMIRXWMRGI]SYHSR¬XLEZIXSKIXMRERHSYXSJXLIGEVXS [SVO[MXLMX WYGLEW[LIR]SYRIIHXSW[ET(:(W 8LIHVE[FEGOXSXLIWPMQPMRI XLSYKL MW MXGER¬XXEOIJYPPWM^I4'GSQTSRIRXW WSXLIHIZMGIW]SYMRWXEPP[MPPXIRHXSFIQSVII\TIRWMZI PETXSTTEVXW WYGLEWMRGLLEVHHVMZIWJSVWXSVEKIERH4'GEVHWERHI\XIVREP97&HIZMGIW JSVI\XIRHIHJYRGXMSREPMX]MRWXIEHSJFIMRKEFPIXSEHHMRXIVREP4'-GEVHW -J]SY[ERXXSLEZIEQTPII\TERWMSRSTTSVXYRMXMIWERHEVIWEXMWJMIH[MXLLEZMRK]SYV'EV4' MR]SYVXVYRO XLIXVYROFEWIHJSVQJEGXSVMWXLI[E]XSKS -X¬WEPWSXLISRP]ZMEFPISTXMSRJSV YWMRKLMKLIVWTIIHTVSGIWWSVWERHQSVIEHZERGIHGSSPMRKW]WXIQW EPXLSYKLXLITVSGIWWSV[I [MPPYWIJSVXLIKIRIVEPTYVTSWI4'MRXLMWGLETXIVMWHIWMKRIHJSVQSFMPIWGIREVMSWERH[MPP VYRZIV]GSSP  -J]SY¬VIPSSOMRKJSVEGSQTEGX GLMG YRHIVXLIWIEXSVMRHEWLWSPYXMSR]SY¬PP JMRHMXMRXLIWPMQPMRI 7PMQPMRIW EW-QIRXMSRIHIEVPMIV EVIZIV]WMQMPEVXSPETXSTW¨RSXZIV] I\TERHEFPIFYXZIV]GSRZIRMIRX ERHXLI]LEZIIZIV]XLMRK]SYWLSYPHRIIH

6IUYMVIQIRXWJSVE8VYRO&EWIH'EV4' ;LEX]SY[MPPRIIH ©4M^^EFS\ª GSQTYXIVGEWIXLEXGERJMXGSRZIRMIRXP]MRXLIXVYRO WYGLEWXLI'SSPIV 1EWXIV b WII*MKYVI  :ME)4-%1--1MRM-8<QEMRFSEVH EOE QSXLIVFSEVH  +,^:ME'TVSGIWWSV LIEXWMRO ERHJER bJVSQ1MRM&S\GSQ WLS[RMR*MKYVI 

*-+96)  'SSPIV1EWXIVGEWIJSVEXVYROFEWIH4'

'LETXIV ¨ %HHMRKE+IRIVEP4YVTSWI4'

*-+96)  :ME)4-%1--QEMRFSEVH

QIKEF]XIWSJ6%1 b ]SYGERTYXQIKEF]XIWMJ]SYPMOI FYXRSXLMRKQSVI WLSYPHFIRIGIWWEV]  +&PETXSTLEVHHVMZI b SVLMKLIVGETEGMX] EW]SYHIWMVI  =SYGERSTXXSYWIGLIETIVLMKLIVGETEGMX]HIWOXSTX]TIMRGLLEVHHVMZIWMJ]SYGLSSWI ,S[IZIVSRP]XLIPETXSTHVMZIW[IVIHIWMKRIHXS[MXLWXERHXLIWLSGOWERHLIEX]SYVGSQTYXIV [MPPPMOIP]FII\TSWIHXSMREGEV[LIVIEWLSQIFSYRHHIWOXSTHVMZIWKIRIVEPP]EVIRSX

-()(:(631'(6;GSQFSHVMZI b WLS[RMR*MKYVI [MXL1MRM-() XSTMR-()GSRZIVXIV b  ;MRHS[W<4,SQI)HMXMSR b 4VSJIWWMSREPMWTVIJIVVIHMJ]SY¬VIKSMRKXSFI MQTPIQIRXMRKXLIQYWMGW]RGTVSNIGXMR'LETXIV ©7]RGMRK1YWMG0MFVEV][MXL=SYV )\MWXMRK,SQI2IX[SVOª b  =SYGERYWI0MRY\SVER]SXLIVSTIVEXMRKW]WXIQ SJ GSYVWI FYXMRXLMWFSSO-[MPPFIJSGYWMRKSR;MRHS[WFEWIHWSPYXMSRWWMRGIXLI]EVIXLI QSWXTSTYPEVERHLEZIXLIQSWXI\XIRWMZIGSQQIVGMEPWSJX[EVIERHHVMZIVEZEMPEFMPMX]





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  7PMQPMRI'(631HVMZI

%47OI]FSEVHERHQSYWI SV97&MJ]SYHIWMVI  7II'LETXIV ©'LSSWMRKER-RTYX (IZMGIª JSVHIXEMPWSRGLSSWMRKEOI]FSEVHERHQSYWIJSVXLIGEV -RXLMWTVSNIGX[I [MPP YWIXLI+]VEXMSR[MVIPIWWTVSHYGX-VIGSQQIRHMRXLEXGLETXIV ;MRHS[W<4EYXS QEXMGEPP]MRWXEPPWXLIHVMZIVWJSVXLI+]VEXMSR WSMXWLSYPH[SVOSRGI;MRHS[WGSQIW YT b  %:+%HMWTPE]HIZMGI WYGLEWXLI(MKMXEP;SVPH[MHI [[[HMKMXEP[[GSQ  8;;:+8 b  XLI(MKMXEP;SVPH[MHIJYPP]QSXSVM^IH MRHEWLHMWTPE] (;;1 b  SVXLI
'LETXIV ¨ %HHMRKE+IRIVEP4YVTSWI4' 8LI1MRM&S\4;1[EXX('('TS[IVWYTTP] JSV[LIRXLIGSQTYXIVMWMR ]SYVGEV b XLI[EXXWSJTS[IVQE]WIIQPMOISZIVOMPP FYXMWEKSSHMHIEXS MRWXEPPRS[JSVJYXYVII\TERWMSR WLS[RMR*MKYVI 

*-+96)  1MRM&S\4;1TS[IVWYTTP]

8LI1MRM&S\-847EYXSTS[IVWIUYIRGIVERHPS[HVSTSYXVIKYPEXSV JSVIREFPMRK]SYV 'EV4'XSXYVRSRERHSJJTVSTIVP][LIRXLIGEV¬WMKRMXMSRMWW[MXGLIH b WLS[RMR *MKYVI 

*-+96) 1MRM&S\-847EYXSTS[IVWIUYIRGIVERHPS[HVSTSYXVIKYPEXSV





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

6IUYMVIQIRXWJSVE7PMQPMRI9RHIVXLI7IEX4' ;LEX]SY[MPPRIIH 7QEPPGSQTYXIVGEWIXLEXGERJMXYRHIVEWIEX WII*MKYVI  WYGLEWXLI8VEZPE' b SVXLIWPMKLXP]PEVKIV]IXQSVITVEGXMGEP ERHIEWMIVXSMRWXEPPWXYJJMR 8VEZPE ' b WLS[RMR*MKYVI 

*-+96)  8VEZPE'GEWIJSVXLIWPMQPMRI4' GVEQTIHFYXGSYPHJMXMRXLIHEWL 

:ME)4-%1--1MRM-8<QEMRFSEVH EOE QSXLIVFSEVH  +,^:ME'TVSGIWWSV LIEXWMRO ERHJER bJVSQ1MRM&S\GSQ WLS[RMR*MKYVI  QIKEF]XIWSJ6%1 ]SYGERTYXMJ]SYPMOI FYXRSXLMRKQSVIWLSYPHFIRIGIW WEV] b  +&PETXSTLEVHHVMZI SVLMKLIVGETEGMX] EW]SYHIWMVI b  -()PETXSTWPMQPMRI(:(631'(6;GSQFSHVMZI b WLS[RMR*MKYVI [MXL1MRM-()XSTMR-()GSRZIVXIV b 

'LETXIV ¨ %HHMRKE+IRIVEP4YVTSWI4'

*-+96)  7PMKLXP]PEVKIV]IXWXMPPGSQTEGX8VEZPE'GEWIJSVXLIWPMQPMRI4'

;MRHS[W<4,SQI)HMXMSR b 4VSJIWWMSREPMWTVIJIVVIHMJ]SY¬VIKSMRKXSFIMQTPI QIRXMRKXLIQYWMGW]RGTVSNIGXMR'LETXIV ©7]RGMRK1YWMG0MFVEV][MXL=SYV )\MWXMRK,SQI2IX[SVOª b  =SYGERYWI0MRY\SVER]SXLIVSTIVEXMRKW]WXIQ SJ GSYVWI FYXMRXLMWFSSO-[MPPFIJSGYWMRKSR;MRHS[WFEWIHWSPYXMSRWWMRGIXLI]EVIXLI QSWXTSTYPEV %47OI]FSEVHERHQSYWI SV97&MJ]SYHIWMVI  7II'LETXIV ©'LSSWMRKER-RTYX (IZMGIª JSVHIXEMPWSRGLSSWMRKEOI]FSEVHERHQSYWIJSVXLIGEV -RXLMWTVSNIGX[I[MPP YWIXLI+]VEXMSR[MVIPIWWTVSHYGX-VIGSQQIRHMRXLEXGLETXIV ;MRHS[W<4EYXSQEXM GEPP]MRWXEPPWXLIHVMZIVWJSVXLI+]VEXMSR WSMXWLSYPH[SVOSRGI;MRHS[WGSQIWYT b  %PS[TS[IV §[EXX %' EPXIVREXMRKGYVVIRX TS[IVWYTTP] JSV[SVOMRKSRXLI GSQTYXIVEXLSQI 8LI1MRM&S\4;1[EXX%'TS[IVWYTTP] b XLI[EXXWSJTS[IVQE] WIIQPMOISZIVOMPP FYXMWEKSSHMHIEXSMRWXEPPRS[JSVJYXYVII\TERWMSR  JSV[LIRXLI GSQTYXIVMWMR]SYVGEV EWWLS[RMR*MKYVI





4EVX--- ¨ *SYRHEXMSR4VSNIGXW 8LI1MRM&S\-847EYXSTS[IVWIUYIRGIVERHPS[HVSTSYXVIKYPEXSV JSVIREFPMRK]SYV 'EV4'XSXYVRSRERHSJJTVSTIVP][LIRXLIGEV¬WMKRMXMSRMWW[MXGLIH WLS[RMR*MKYVI  b  %:+%HMWTPE]HIZMGI WYGLEWXLI(MKMXEP;SVPH[MHI [[[HMKMXEP[[GSQ 8;; :+8 b  XLI(MKMXEP;SVPH[MHIJYPP]QSXSVM^IH MRHEWLHMWTPE](;;1 b  SVXLI
'LSSWMRKXLI4S[IV7YTTP] 8LIGSQTYXIV]SYMRWXEPPMR]SYVGEVRIIHWXSGSQIYT[LIR]SYWXEVX]SYVGEVERHEYXSQEXM GEPP]WLYXHS[R[LIR]SYXYVR]SYVGEVSJJ 8SHSXLMWTVSTIVP]]SY[MPPRIIHE('('TS[IV WYTTP]JSV]SYVGEVERHETS[IVWXITTMRKYRMX 479 TPYWPS[ZSPXEKIVIKYPEXSV -847 XSTVS ZMHIXLMWJYRGXMSREPMX] )\EQTPIWSJXLIWITVSHYGXWEVIWLS[RMR*MKYVIWERH 1ER] 'EV4'QERYJEGXYVIVWERHTEVXWVIWIPPIVWSJJIVXLIWIX]TIWSJ'EV4'TS[IVWYTTPMIW WSQI XMQIWFYMPXMRXSEWMRKPIYRMX %PMWXSJXLIWITVSZMHIVWMWMR%TTIRHM\' ©%HHMXMSREP 6IWSYVGIWª 8LIWSPYXMSRYWIHMRXLMWGLETXIVMWJVSQ1MRM&S\ [[[QMRMFS\GSQ  FYX XLIVIEVIQER]WSPYXMSRWEZEMPEFPIERHEPPSJXLIQLEZIXLIMVTVSWERHGSRW -X¬WEKSSHMHIE FIJSVI]SYMRWXEPPEWSPYXMSRXSGLIGO[MXL[LEXSXLIVTISTPILEZIYWIH FIGEYWIXLIWSPYXMSR ]SYMRWXEPPMR]SYVGEVQE]ZEV]JVSQ[LEX¬WHMWGYWWIHMRXLMWGLETXIV %PMWXSJSRPMRIJSVYQWMW EPWSTVSZMHIHMR%TTIRHM\' =SYHSR¬X[ERXXSTS[IVEGSQTYXIVJVSQER%'MRZIVXIV -RWXIEH ]SY[ERXXSTS[IVMX HMVIGXP]JVSQ]SYVTS[IVW]WXIQ XLIFEXXIV]ERHEPXIVREXSV  8SPIEVRLS[XSTVSZMHITS[IV HMVIGXP]XS]SYVGSQTYXIVJVSQ]SYVGEV¬WTS[IVW]WXIQ VIJIVXS'LETXIV [LMGLLEWETVSNIGX GSZIVMRKI\EGXP]LS[XSHSXLEX

'LETXIV ¨ %HHMRKE+IRIVEP4YVTSWI4'

4VITEVMRK=SYV4'JSV'EV-RWXEPPEXMSR &YMPHMRKE'EV4'MWWMQMPEVXSFYMPHMRKER]4' I\GITX]SY[MPPFIYWMRKEPETXSTLEVHHVMZI ERH[MPPFIMRWXEPPMRKXLIWXERHEVH%'TS[IVWYTTP]ERHW[ETTMRKMXSYXPEXIVJSVXLIGEVVIEH] TS[IVWYTTP] )ZIV]XLMRKIPWI[MPPFINYWXPMOIFYMPHMRKEVIKYPEV4'

7XIT-RWXEPPERH%GXMZEXIXLI3TIVEXMRK7]WXIQ -RWXEPP;MRHS[W<4EGGSVHMRKXSXLIMRWXVYGXMSRWXLEXWLMTTIH[MXLMX ;LIR]SY¬VIEWOIHXS REQIXLIGSQTYXIV ]SYGERREQIXLIGSQTYXIVER]XLMRK]SY[ERX¨-REQIHQMRI'%64' 8LMWTEVXGERXEOIYTXSERLSYV -J;MRHS[W<4LEWEPVIEH]FIIRMRWXEPPIH MRXLIGEWIXLMW[EWERI\MWXMRKGSQTYXIVSV]SYNYWX SYXVMKLXTYVGLEWIHMX JSPPS[XLITVSQTXWMJ]SYEVIVIUYMVIHXSVIKMWXIVERHQEOIWYVI]SYEGXM ZEXI;MRHS[W MX[MPPERRS]MRKP]OIITEWOMRK]SYXSHSWSYRXMP]SYHS 

;LIR;MRHS[WJMREPP]GSQIWYT QEOIWYVI]SYEGXMZEXIMX SV]SYVSTIVEXMRKW]WXIQ[MPPVYR JSVSRP]HE]W %PWS SRGI;MRHS[WMWEGXMZEXIH STIRXLI(MWTPE]GSRXVSPTERIPERHWIX]SYVVIWSPYXMSRXS  »  SV» MJXLEXMWEPP]SYVHMWTPE][MPPWYTTSVX =SYGERYWIELMKLIVVIWSPYXMSR FYXLMKLIVVIWSPYXMSRWXIRHXSFIHMJJMGYPXXSVIEH[LMPIHVMZMRK -J]SYEVIMRWXEPPMRKEGSQTSWMXIHMWTPE]MRWXIEHSJE:+% ZMHISKVETLMGWEVVE]EHETXIV HMWTPE] XV]RSXXSYWIER]VIWSPYXMSRLMKLIVXLER»  :+%GSRZIVXIHXSGSQTSWMXINYWXHSIWR¬X PSSOZIV]KSSH  %WLSVXGYXEVSYRHREZMKEXMRKXSXLI'SRXVSP4ERIPXSGLERKIHMWTPE]WIXXMRKWMWXSWMQTP]VMKLX GPMGOXLIHIWOXSTERHWIPIGX7IXXMRKW[LMGL[MPPFVMRKYTXLI(MWTPE]GSRXVSPTERIP

7XIT-RWXEPP2IGIWWEV](VMZIVWERH7SJX[EVI 3RGIXLISTIVEXMRKW]WXIQLEWFIIRGSRJMKYVIH ]SYQYWXMRWXEPPXLIHVMZIVWJSVEPPXLIHIZMGIW ]SY[ERXXSYWI[MXL]SYVGSQTYXIV -RWXEPPIEGLHIZMGIEGGSVHMRKXSXLIQERYJEGXYVIV¬W MRWXVYGXMSRW ERHQEOIWYVIMX[SVOW -JXLIVIEVIWTIGMEPGSRJMKYVEXMSRWIXXMRKW]SY[SYPHPMOI XSQEOI PMOIWTIGMJMGLSXOI]EGXMSRW KEQIGSRXVSPPIVWIXXMRKW QSRMXSVVIWSPYXMSRW IXGIXIVE ]SY WLSYPHWIXXLSWIRS[ERHXIWXXLIQ %R]XLMRK]SYWIXYTRS[WLSYPH[SVOJMRISRGI]SYKIXMX MRXSXLIGEV XLISRP]XLMRKXLEXGLERKIWMWXLITS[IVWYTTP] 





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

%PXIVREXMZI3TIVEXMRK7]WXIQW 7S]SYHSR¬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¬XWYTTSVXTS[IVQEREKIQIRXSVLMFIVREXMSR]SY QE]JMRH]SYVWIPJLEZMRKMWWYIWXYVRMRKXLIGSQTYXIVSRERHSJJMR]SYVGEVERH[EMXMRKJSV XLIGSQTYXIVXSWXEVXYTIZIV]XMQI]SYWXEVXXLIGEV%PWSOIITMRQMRHXLEXMJ]SYVGSQ TYXIVNYWXWLYXWSJJIZIV]XMQI]SYOMPPXLIMKRMXMSRW[MXGLSR]SYVGEV[MXLSYXJSPPS[MRKE TVSTIVWLYXHS[RTVSGIHYVI]SYQE]WXEVXLEZMRKTVSFPIQW[MXL]SYVJMPIW]WXIQVIRHIV MRK]SYVGSQTYXIVYRYWEFPIYRXMP]SYVYREHMWOYXMPMX] -J]SYHSR¬XLEZILMFIVREXMSRWYTTSVXQEOIWYVI]SYWLYXHS[R]SYVSTIVEXMRKW]WXIQ IZIV]XMQI¨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¬X[SVO[MXL]SYVSTIVEXMRKW]WXIQGSRWMHIVEHMJJIVIRXWSJX[EVITEGO EKISVEHMJJIVIRXSTIVEXMRKW]WXIQEPXSKIXLIV %RSXISRLEZMRKQYPXMTPISTIVEXMRKW]WXIQWERHHYEPFSSXMRK GLSSWMRK[LMGLSTIVEXMRK W]WXIQXSWXEVX[LIRXLIGSQTYXIVXYVRWSR *SVEPPTVEGXMGEPTYVTSWIWXLMWWLSYPHFI EZSMHIH7MRGI]SYLEZIXSGLSSWIERSTIVEXMRKW]WXIQ[LIR]SYWXEVXXLIGSQTYXIV]SY QE]JMRH]SYVWIPJYREFPIXSQEOIXLIWIPIGXMSRERHXLIVIJSVIRSXWXEVXXLISTIVEXMRKW]W XIQ0MOI-WEMHMRXLIJMVWXFYPPIXTSMRX¨MX¬WFIXXIVXSLEZISRISTIVEXMRKW]WXIQ[MXLLMFIV REXMSRQSHIWYTTSVXWS]SYGERUYMGOP]VIWYQI]SYVGSQTYXIVXSMXWHIWOXSTVEXLIVXLER [EMXMRKJSVMXXSFSSXIZIV]XMQI=SY[ERXXSQMRMQM^IRSRIWWIRXMEPMRXIVEGXMSR[MXLXLI GSQTYXIV[LMPIHVMZMRK

'LETXIV ¨ %HHMRKE+IRIVEP4YVTSWI4'

7XIT-RWXEPP'SQQSR%TTPMGEXMSRW 2S[XLEX]SYVHVMZIVWEVIMRWXEPPIH MRWXEPPEPPSJXLIETTPMGEXMSRW]SYEVIPMOIP]XSYWI -XMW MQTSVXERXXLEX]SYLEZIERXMZMVYWSR]SYVGEVGSQTYXIV ERHEJMVI[EPP IWTIGMEPP]MJ]SYEVI KSMRKXSGSRRIGXMXXSXLI-RXIVRIX ,IVIEVIWSQIGSQQSRETTPMGEXMSRW]SY[MPPQSWXPMOIP] RIIHXSMRWXEPP %RXMZMVYWWSJX[EVI EJVIIERXMZMVYWTVSHYGXMWEZEMPEFPIJVSQ%ZEWXEX[[[EZEWXGSQ MRXLIMV%ZEWX%RXM:MVYWTVSHYGX (:(TPE]FEGOWSJX[EVI WLSYPHGSQI[MXLXLIGSQTYXIVSV(:(631HVMZI  WYGLEW 4S[IV(:(ŽSV;MR(:(Ž 1YWMGTPE]MRKWSJX[EVI WYGLEW'EV8YRIWŽ M8YRIWŒ 1YWMG1EXGLŒ.YOIFS\ ERHWS JSVXL ;IFFVS[WIV -RXIVRIX)\TPSVIVGSQIW[MXL;MRHS[W FYX]SYQE][ERXXSMRWXEPP 1S^MPPEŒSV*MVI*S\Œ IWTIGMEPP]FIGEYWISJXLIMVXEFFIHFVS[WMRKEFMPMXMIW

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





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  7IPIGXXLI,MFIVREXIXEF

*-+96)  7IPIGXXLI%HZERGIHXEF

'LETXIV ¨ %HHMRKE+IRIVEP4YVTSWI4'

7XIT9THEXI=SYV7SJX[EVI 2S[XLEXIZIV]XLMRK¬WWIXYT MX¬WMQTSVXERXXSQEOIWYVI]SYLEZIXLIPEXIWXWSJX[EVISR]SYV GSQTYXIV 7MRGI]SYEVIR¬XEP[E]WGSRRIGXIHXSXLI-RXIVRIX QEOIWYVI]SYYTHEXIIZIV]XLMRK FIJSVI]SYTYXXLIGSQTYXIVMR]SYVGEV MRGPYHMRK ;MRHS[WERHVIPEXIHHVMZIVWZME;MRHS[W9THEXIEX[[[[MRHS[WYTHEXIGSQ %RXMZMVYWZME]SYVERXMZMVYWWSJX[EVI¬WYTHEXIJIEXYVI 3JJMGIWSJX[EVIZME3JJMGI9THEXIEXLXXTSJJMGIYTHEXIQMGVSWSJXGSQ MJ ]SYMRWXEPPIH1MGVSWSJX3JJMGI %R]SXLIVWSJX[EVI]SYMRWXEPP

3XLIV2IEX%TTPMGEXMSRWXS8V] &IJSVI]SYTYX]SYVRI[GSQTYXIVMRXS]SYVGEV LIVI¬WEPMWXSJWSQIYRRIGIWWEV]]IXZIV]YWI JYPWSJX[EVI]SYQE][ERXXSMRWXEPP 'EV8YRIW LXXTGEVXYRIW[W ¨%QIHMETPE]IV-[VSXIWTIGMJMGEPP]JSV'EV4'W /SRJEFYPEXSV LXXTOSRJEFYPEXSVGSQ ¨0IXW]SYGYWXSQM^I]SYVGSQTYXIV HIWOXST[MXLWTIGMEPSFNIGXWGEPPIH[MHKIXW 8LIVIEVIEPSX SJ[MHKIXW]SYGERHS[RPSEH JVSQ[IEXLIVJSVIGEWX[MHKIXWXSGPSGOWXSQIHMETPE]IVW¨ERH]SYGERIZIRGVIEXI]SYV S[R 3VMKMREPP] XLMWJIEXYVI[EWSRP]JSV1EGMRXSWL FYXRS[MX¬WJSV;MRHS[WEW[IPP

-RWXEPPMRKXLI4'MR=SYV'EV -J]SYEVIYWMRKXLITS[IVWIUYIRGIV]SYQYWXWXEVX]SYVIRKMRIEPPXLI[E]XSOIITXLIGSQ TYXIV[SVOMRKTVSTIVP]-J]SYNYWXXYVR]SYVOI]XSXLI32TSWMXMSRERHXLIREJI[WIGSRHWPEXIV XSXLI7XEVXTSWMXMSRXLITS[IVWIUYIRGIVSJXIRMRGSVVIGXP][MPPXIPPXLIGSQTYXIVXSXYVRSJJEWMJ XLIMKRMXMSRLEHFIIRW[MXGLIHXS3**-JXLMWLETTIRWXYVR]SYVGEVSJJJSVX[SQMRYXIWERH XLIRWXEVXMXERHEPPWLSYPH[SVOJMRIEKEMR7SQIRI[IVZIVWMSRWSJGEVTS[IVWYTTPMIWEXXIQTX XSTVIZIRXXLMWMWWYIFYXOIITXLMWMRQMRHMJ]SYVGSQTYXIVMWR¬XXYVRMRKSREJXIV]SYWXEVX]SYV GEV ERHMXLEHFIIR[SVOMRKJMRIFIJSVI 

2S[XLEXIZIV]XLMRK¬WGSRJMKYVIH [I¬VIVIEH]XSTPEGIXLIGSQTYXIVMRXLIGEV





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

%HHMRKE+472EZMKEXMSR7]WXIQ

=SY¬ZI TVSFEFP] WIIR XLSWI VIEPP] GSSP +47 REZMKEXMSR W]WXIQW MR LMKLIRH GEVW PMOI 0I\YW 1IVGIHIW&1;ERHQER]79:W8LSWIW]WXIQWYWYEPP]GSWXSZIVXSLEZIMRWXEPPIH ;IPPEPPXLI]EVIMWI\TIRWMZIWMRKPITYVTSWIGSQTYXIVW;MXLXLI4']SYFYMPXMRXLMWGLETXIV ]SYGEREHH+47JSV1MGVSWSJX¬W7XVIIXW 8VMTW[MXL+476IGIMZIV GSQIW[MXLXLI +47VIGIMZIV MXTPYKWMRXSER]EZEMPEFPI97&TSVX ERHE(:(JYPPSJHIXEMPIHQETW WIIXLIJSP PS[MRKJMKYVI 2SXSRP]GER]SYWII[LIVI]SY¬VIHVMZMRK]SYGERKIXHMVIGXMSRWERHWIIPERH QEVOWPSHKMRKERHVIWXEYVERXW[LMPI]SYHVMZI&IXXIV]IX[MXLER-RXIVRIXGSRRIGXMSR7XVIIXW

8VMTW[MPPYTHEXIMXWQETWERHKMZI]SYXVEJJMGYTHEXIW)ZIRXLII\TIRWMZIWSPYXMSRWFYMPXMRXS XLSWILMKLIRHGEVWGER¬XHSXLEX (I0SVQI [[[HIPSVQIGSQ  EPWS SJJIVW ER I\GIPPIRX +47 TVSHYGX )EVXLQEXI +47 JSV XLI WEQITVMGIEW1MGVSWSJX¬WWSPYXMSR(I0SVQI¬WWSPYXMSREPWSMRGPYHIWE97&+47VIGIMZIV [LMGL PMOI 1MGVSWSJX¬W WSPYXMSR GER FI GSRZIVXIH XS [SVO ZME &PYIXSSXL  ERH IZIR JIEXYVIW ZSMGI TVSQTXWERHWTIIGLVIGSKRMXMSREW[IPPEWGSQTEXMFMPMX][MXL(I0SVQI¬WSXLIVQETTMRKTVSH YGXWWYGLEW8STS97%ERH7XVIIX%XPEW [LMGLMWMRGPYHIH[MXLXLITEGOEKI  =SYGERJMRHXLI7XVIIXW 8VMTWERH)EVXLQEXI+47TVSHYGXWEX&IWX&Y]'SQT97%ERHQER] TPEGIWXLEXWIPPGSQTYXIVWSJX[EVI3JGSYVWI]SYGEREPWSYWIER]SXLIV+47WSJX[EVIERH+47 VIGIMZIVTEGOEKIXLEXVYRWSR4'WSRGI]SYLEZIE4'MR]SYVGEVERHXLI+47YRMXWMRGPYHIH [MXLXLIWSJX[EVITEGOEKIWQIRXMSRIHEVISJXIRGSQTEXMFPI[MXLSXLIV+47WSPYXMSRW

'LETXIV ¨ %HHMRKE+IRIVEP4YVTSWI4'

7XIT7[ET4S[IV7YTTPMIW 6ITPEGIXLIWXERHEVHGSQTYXIVTS[IVWYTTP][MXLXLI1MRM&S\WSPYXMSRTIVXLIMRWXVYGXMSRW JVSQ1MRM&S\ 7MQTP]QSYRXXLITS[IVWYTTP]MR]SYVGEWIEPSRK[MXLXLITS[IVVIKYPEXSVERH XLEX¬WMX 8STS[IV]SYVGSQTYXIV ERHFIJSVI]SYKSXS7XIT JSPPS[XLITVSNIGXWXITWMR'LETXIV -J]SY¬VIYWMRKETS[IVWSPYXMSRJVSQEHMJJIVIRXQERYJEGXYVIVXLEX¬WSOE]2S[MWXLIXMQIXS W[ETSYXXLI%'TS[IVWYTTP]JSVXLIWSPYXMSR]SY[MPPFIYWMRKMR]SYVGEV

7XIT-RWXEPPXLI(MWTPE] %JXIV]SYLEZIVITPEGIHXLITS[IVWYTTP] MRWXEPPXLIHMWTPE]]SYGLSWITIVXLIMRWXVYGXMSRW JVSQXLIQERYJEGXYVIV 7II'LETXIVJSVMRJSVQEXMSRSRGLSSWMRKEHMWTPE] -VIGSQQIRH XLI (MKMXEP;SVPH[MHI [[[HMKMXEP[[GSQ (;;:+8 b MRHEWLXSYGLWGVIIR HMWTPE]SVXLIMVQSXSVM^IH(;;1WSPYXMSR b MJ]SYVGIRXIVGSRWSPIGERWYTTSVX ERMRHEWLYRMXXLIWM^ISJEGEVWXIVIS QSWXGEVWGER  [LMGLMWWSQIXMQIWGEPPIHEHMRSV 9 WM^IWPSX -J]SYVGEVHSIWR¬XLEZIEREZEMPEFPIWPSXJSVXLIHMWTPE] ]SYGERNYWXEWIEWMP] QSYRXEHMWTPE]SR]SYVHEWL WYGLEWXLI
*-+96)  -RHEWLHMWTPE]JVSQ(MKMXEP;SVPH[MHI





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  8LISRHEWLHMWTPE]JVSQ
7XIT4PEGIXLI'SQTYXIV 2S[XLEX]SYLEZI]SYVHMWTPE]MRWXEPPIH ]SYGERTPEGIXLIGSQTYXIV[LIVI]SY[ERXXSOIIT MX *SVXLIWPMQPMRI4' EKSSHTPEGIMWYRHIVXLITEWWIRKIVWIEX *SVXLIXVYROFEWIH4' [IPP XLIXVYRO[MPPHSNYWXRMGIP] *MVWX XEOIWSQI:IPGVSERHVYRXLILSSO RSRJY^^] WMHISJMXEPSRKXLIFSXXSQWMHIWSJXLI 4'GEWI EWWLS[RMR*MKYVI 8LMW[MPPTVIZIRXXLIGSQTYXIVJVSQWPMHMRKEVSYRH ]IXMX [MPPVIQEMRIEW]XSVIQSZI 1SYRXXLI4'SRXLIGEVTIX JEVIRSYKLE[E]JVSQJIIXFYXSTIRIRSYKLWS]SYGERSTIRXLI (:('(631HVMZIERHEGGIWWXLITSVXW[MXLRSXVSYFPI EWWLS[RMR*MKYVIJSVXLI WPMQPMRI4'ERHMR*MKYVIJSVXLIXVYROFEWIH4' =SYQE]LEZIXSVYRERIUYEPPIRKXLSJXLIXLIJY^^]WMHISJXLI:IPGVSEPSRK]SYVGEVTIXXS LSPHXLIGSQTYXIVMJXLILSSOWMHI]SYMRWXEPPIHSRXLIGSQTYXIV¬WFSXXSQHSIWR¬XLSSO[IPP SR]SYVGEV¬WGEVTIX

'LETXIV ¨ %HHMRKE+IRIVEP4YVTSWI4'

*-+96)  :IPGVSTVSTIVP]EXXEGLIHXSXLIFSXXSQSJXLIGSQTYXIVGEWI

*-+96)  7PMQPMRI4'QSYRXIHYRHIVXLIWIEX[MXLTPIRX]SJVSSQ





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  8VYROFEWIH4'MRXLIXVYRO[MXLTPIRX]SJVSSQ

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-J]SY¬VIKSMRKXSEHHER%1*1XYRIVMXWLSYPHFIXYRIHF]]SYVTEWWIRKIVW8LIMRXIVJEGIJSV XLI4'XYRIVW[EWRIZIVQEHIJSVGEVIRZMVSRQIRXWERH[MPP XEOI]SYVI]IWSJJXLIVSEH-KIR IVEPP] VIGSQQIRH ]SY YWI ]SYV GEV WXIVIS JSV XLI %1*1 XYRIV [LIR HVMZMRK EPXLSYKL MX¬W TVIXX]GSSPXSFVEKXLEX]SYLEZIFSXL

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4EVX--- ¨ *SYRHEXMSR4VSNIGXW 4'GEVHHVMZIWEVIRSXIEWMP]JSYRHMRWXSVIW XLI]NYWXEVIR¬XETSTYPEVEHHSR  FYXXLI]EVI IEWMP]TYVGLEWIHJVSQSRPMRIVIWIPPIVW WYGLEW'(; 'SQTYXIV(MWGSYRX;EVILSYWI [[[GH[GSQ  ,IVIEVIX[STVSHYGXWXSGSRWMHIV 0MROW]W(IWOXST4'1'-%WSPYXMSR 1SHIP4'16(;6 b %GXMSRXIG-RXIVREP(YEP4'-7PSX4''EVH6IEHIV 1SHIP%( b

*-+96)  4'GEVHVIEHIVMRWXEPPIHMRQ]GEV4'[MXLQ]7TVMRX4'7:MWMSRGIPPTLSRI -RXIVRIX GEVHMRWXEPPIH

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'LETXIV ¨ -RWXEPPMRKE1IHME'IRXIV4' IEVPMIV 2SXIXLEXMRXIVJEGIGEVHW[MPPGSQI[MXLIMXLIVQMRMEXYVI JSYVTMR SVJYPPWM^I WM\TMR WSGOIXW 8LIWM\TMRWSGOIXTVSZMHIW('TS[IVXSQER]I\XIVREPHIZMGIW WYGLEWLEVH HVMZIW WSXLI]HSR¬XVIUYMVIERI\XIVREPTS[IVWYTTP]  [LMPIXLIJSYVTMRHSIWRSX 1EOIWYVI ]SYLEZIEWSGOIXXLEXQEXGLIWXLIOMRHSJWSGOIX]SYLEZISR]SYVS[R*MVI[MVIHIZMGI ;LIRMRHSYFX VIXEMPIVWWYGLEW6EHMS7LEGOSJJIVJSYVTMRXSWM\TMRERHWM\TMRXSJSYVTMR -)))EHETXIVW

'SQTSRIRXWERH8SSPW2IIHIH ;LEX]SY[MPPRIIH *PEXTM^^EFS\WM^IHGSQTYXIVGEWIXLEXGERJMXGSRZIRMIRXP]MRXLIXVYRO WYGLEWXLI 'SSPIV1EWXIV%8'7 WII*MKYVI  8LIJPEXGEWIWEVIIEW]XSTPEGIMRXLIXVYRO IEW] XSQSYRXERHWIGYVI ERHEVIIEWMP]I\TERHEFPI[MXLXLITIVMTLIVEPW]SY[MPPPMOIP][ERX XSYWIMREQIHMEGIRXIV4' b 

*-+96)  'SSPIV1EWXIV%8'7GEWI





4EVX--- ¨ *SYRHEXMSR4VSNIGXW %RETTVSTVMEXIQSXLIVFSEVH EOE QEMRFSEVH JSVXLITVSGIWWSV]SYLEZIGLSWIR XS MQTPIQIRX EPSRK[MXLXLEXTVSGIWWSV ETTVSTVMEXILIEXWMROW ERHJERW TVMGIZEVMIW HITIRHMRKSR[LEX]SYHIGMHIXSMQTPIQIRXERH[LMGLTVSGIWWSV]SYGLSSWI b§  QIKEF]XIWSJ6%1 ]SYGERTYXQIKEF]XIWMJ]SYPMOI FYXRSXLMRKQSVI WLSYPHFIRIGIWWEV] b  1SWXWXSVIFSYKLX1IHME'IRXIV4'WWLMT[MXL QIKEF]XIWWXERHEVH KMKEF]IJYPPWM^ISVPETXSTLEVHHVMZI SVLMKLIVGETEGMX] EW]SYHIWMVI b  ;LIR GLSSWMRKXLIHVMZI TE]GPSWIEXXIRXMSRXSXLI+JSVGIWLSGOVEXMRK ERHWXE]E[E]JVSQ LMKLTIVJSVQERGI MI /641ERHLMKLIV HVMZIWFIGEYWIXLI]KIRIVEXIQSVILIEX ERHVIUYMVIQSVITS[IV 7II'LETXIV ©4L]WMGW1ER 4L]WMGW 4VITEVMRK,SQI )PIGXVSRMGWJSVXLI6SEHª JSVQSVIMRJSVQEXMSRSRXLITL]WMGWSJGLSSWMRKELEVHHVMZI -()(:(631'(6;GSQFSHVMZI RSXWPSXPSEHMRK b  ;MRHS[W<4,SQI)HMXMSR  4VSJIWWMSREPMWTVIJIVVIHMJ]SY¬VIKSMRKXSFIYWMRK XLIQYWMGW]RGTVSNIGXMR'LETXIV   =SYGERYWI0MRY\SVER]SXLIVSTIVEXMRK W]WXIQ SJGSYVWI FYXMRXLMWFSSO-[MPPFIJSGYWMRKSR;MRHS[WFEWIHWSPYXMSRW WMRGI XLI]EVIXLIQSWXTSTYPEV %47OI]FSEVHERHQSYWI b SV97&MJ]SYHIWMVI  7II'LETXIV ©'LSSWMRKER -RTYX(IZMGIª JSVHIXEMPWSRGLSSWMRKEOI]FSEVHERHQSYWIJSVXLIGEV -RXLMWTVSNIGX [I[MPPYWIXLI+]VEXMSR[MVIPIWWTVSHYGX-VIGSQQIRHMRXLEXGLETXIV ;MRHS[W<4 EYXSQEXMGEPP]MRWXEPPWXLIHVMZIVWJSVXLI+]VEXMSR WSMXWLSYPH[SVOSRGI;MRHS[W GSQIWYT %:+% ZMHISKVETLMGWEVVE]EHETXIV HMWTPE]HIZMGI WYGLEWXLI(MKMXEP;SVPH[MHI [[[HMKMXEP[[GSQ 8;;:+8 b  XLI(MKMXEP;SVPH[MHIJYPP]QSXSV M^IHMRHEWLHMWTPE](;;1 b  SVXLI
'LETXIV ¨ -RWXEPPMRKE1IHME'IRXIV4'

*-+96)  1MRM&S\TS[IVWYTTP]

8LI1MRM&S\-847EYXSTS[IVWIUYIRGIVERHPS[HVSTSYXVIKYPEXSV JSVIREFPMRK]SYV'EV 4'XSXYVRSRERHSJJTVSTIVP][LIRXLIGEV¬WMKRMXMSRMWW[MXGLIH b WII*MKYVI  1EOIWYVI]SYTYVGLEWIXLISRIETTVSTVMEXIQSHIPJSV]SYVTVSGIWWSVERHQSXLIVFSEVHX]TI WII[[[QMRMFS\GSQ JSVHIXEMPW 

*-+96)  1MRM&S\-847EYXSTS[IVWIUYIRGIVERHPS[HVSTSYXVIKYPEXSV





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

4VITEVMRK=SYV4'JSV'EV-RWXEPPEXMSR 2S[XLEX]SYLEZIIZIV]XLMRK]SYRIIHJSV]SYVQIHMEGIRXIV4' MRGPYHMRKER]4'-GEVHW ERH97&HIZMGIW]SY[ERXXSMRWXEPP MX¬WXMQIJSV]SYXSTYXMXEPPXSKIXLIV

7XIT&YMPHMRKXLI4' &YMPHMRKE'EV4'MWWMQMPEVXSFYMPHMRKER]4' I\GITX]SY[MPPFIYWMRKEPETXSTLEVHHVMZI ERH[MPPFIMRWXEPPMRKXLIWXERHEVH%'TS[IVWYTTP]ERHW[ETTMRKMXSYXPEXIVJSVXLIGEVVIEH] TS[IVWYTTP] )ZIV]XLMRKIPWI[MPPFINYWXPMOIFYMPHMRKEVIKYPEV4' -J]SYEVIR¬XJEQMPMEV[MXL FYMPHMRK4'W-WYKKIWX]SYIMXLIVLEZIETVSJIWWMSREPFYMPHXLI4'JSV]SY EPPXLITEVXWXLI] RIIHEVIPMWXIHEFSZI  SVPIEVRLS[XSHSMX]SYVWIPJ[MXLEFSSOWYGLEW&YMPHMRKE4'JSV (YQQMIW -7&2 3RGI]SYLEZIFYMPXXLI4'ERHMRWXEPPIHEPPXLI4'-GEVHW QIQSV] LEVHHVMZI ERHSXLIVHIZMGIW GSRXMRYIXS7XIT

7XIT-RWXEPPERH%GXMZEXIXLI3TIVEXMRK7]WXIQ -RWXEPP;MRHS[W<4EGGSVHMRKXSXLIMRWXVYGXMSRWXLEXWLMTTIH[MXLMX ;LIR]SY¬VIEWOIHXS REQIXLIGSQTYXIV ]SYGERREQIXLIGSQTYXIVER]XLMRK]SY[ERX¨-REQIHQMRI'%64' 8LMWTEVXGERXEOIYTXSERLSYV -J;MRHS[W<4LEWEPVIEH]FIIRMRWXEPPIH MRXLIGEWIXLMW[EWERI\MWXMRKGSQTYXIVSV]SYNYWX SYXVMKLXTYVGLEWIHMX JSPPS[XLITVSQTXWMJ]SYEVIVIUYMVIHXSVIKMWXIVERHQEOIWYVI]SYEGXM ZEXI;MRHS[W MX[MPPERRS]MRKP]OIITEWOMRK]SYXSHSWSYRXMP]SYHS 

;LIR;MRHS[WJMREPP]GSQIWYT QEOIWYVI]SYEGXMZEXIMX SV]SYVSTIVEXMRKW]WXIQ[MPPVYR JSVSRP]HE]W %PWS SRGI;MRHS[WMWEGXMZEXIH STIRXLI(MWTPE]GSRXVSPTERIPERHWIX]SYVVIWSPYXMSRXS  »  SV» MJXLEXMWEPP]SYVHMWTPE][MPPWYTTSVX =SYGERYWIELMKLIVVIWSPYXMSR FYXLMKLIVVIWSPYXMSRWXIRHXSFIHMJJMGYPXXSVIEH[LMPIHVMZMRK -J]SYEVIMRWXEPPMRKEGSQTSWMXIHMWTPE]MRWXIEHSJE:+%HMWTPE]XV]RSXXSYWIER]VIWSPYXMSR LMKLIVXLER»  :+%GSRZIVXIHXSGSQTSWMXINYWXHSIWR¬XPSSOZIV]KSSH 

%WLSVXGYXEVSYRHREZMKEXMRKXSXLI'SRXVSP4ERIPXSGLERKIHMWTPE]WIXXMRKWMWXSWMQTP]VMKLX GPMGOXLIHIWOXSTERHWIPIGX7IXXMRKW[LMGL[MPPFVMRKYTXLI(MWTPE]GSRXVSPTERIP

'LETXIV ¨ -RWXEPPMRKE1IHME'IRXIV4'

7XIT-RWXEPP2IGIWWEV](VMZIVWERH7SJX[EVI 3RGIXLISTIVEXMRKW]WXIQLEWFIIRFYMPX ]SYQYWXMRWXEPPXLIHVMZIVWJSVEPPXLIHIZMGIW]SY [ERXXSYWI[MXL]SYVGSQTYXIV -RWXEPPIEGLHIZMGIEGGSVHMRKXSXLIQERYJEGXYVIV¬WMRWXVYG XMSRWERHQEOIWYVIXLI][SVO -JXLIVIEVIWTIGMEPGSRJMKYVEXMSRWIXXMRKW]SY[SYPHPMOIXS QEOI WYGLEWWTIGMJMGLSXOI]EGXMSRW KEQIGSRXVSPPIVWIXXMRKW QSRMXSVVIWSPYXMSRW ERHWSSR ]SYWLSYPHWIXXLSWIRS[ERHXIWXXLIQ %R]XLMRK]SYWIXYTRS[WLSYPH[SVOJMRISRGI]SY KIXMXMRXSXLIGEV

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Ž M8YRIWŒ 6IEP4PE]IV ;MRHS[W1IHME  1YWMG1EXGLŒ.YOIFS\ ERHWSJSVXL ;IFFVS[WIV -RXIVRIX)\TPSVIVGSQIW[MXL;MRHS[W FYX]SYQE][ERXXSMRWXEPP 1S^MPPEŒSV*MVI*S\Œ 'EV4'§WTIGMJMGWSJX[EVI WYGLEW1IHME'EV SVER]SJXLIQER]SXLIVWPMWXIHMRXLI ©7SJX[EVI+IEVIHJSV'EV4'Wª WIGXMSRIEVPMIVMRXLITVITEVEXMSRWIGXMSRSJXLMWGLETXIV 2S[MWEPWSXLIVMKLXXMQIXSMRWXEPP]SYVKEQIW -RWXEPP]SYVKEQIWMR©JYPPª QSHIWSEPPXLI JMPIW]SYRIIHWLSYPHFISR]SYVGSQTYXIV &IWYVIXSEGXMZEXIER]ETTPMGEXMSRWXLEXVIUYMVI SRPMRIEGXMZEXMSRSVVIKMWXVEXMSRFIJSVI ]SYTYXXLIQMREGEV[LIVI-RXIVRIXEGGIWW[MPPPMOIP] FI PMQMXIH

/IITMRK'(W%ZEMPEFPIERH(IEPMRK[MXL'ST]4VSXIGXMSR 7SQIKEQIWERHWSJX[EVIETTPMGEXMSRWVIUYMVIXLISVMKMREP'(WSVHEXEHMWGWXSFIMRXLI'( SV(:(HVMZIFIJSVI]SYGERVYRXLITVSKVEQ 3FZMSYWP]]SYHSR¬X[ERXXSOIIT]SYVSVMKMREP '(WSV(:(GSPPIGXMSRMR]SYVGEVEPPHE]ERHRMKLX ,IEXGER[EVTXLIHMWGW TEWWIRKIVWGER WGVEXGLXLIQ XLMIZIWQE]FVIEOMRXSGEVW[MXLHMWGWMRXLISTIR ERHXLIVIEVI SJGSYVWI SXLIV MWWYIW[MXLLEZMRKPSXWSJI\TIRWMZIHMWGWMR]SYVGEV





4EVX--- ¨ *SYRHEXMSR4VSNIGXW 8LIGSQQSRWSPYXMSRMWXSYWIEHMWGMQEKMRKETTPMGEXMSRXSQSZIXLI'(SV(:(HMVIGXP]XS XLILEVHHVMZIERHQSYRXXLEXHMWGSREZMVXYEP'(SV(:(HVMZI 3RISJXLIQSWXTSTYPEV ETTPMGEXMSRWMW%PGSLSP JVSQ%PGSLSP7SJX[EVI [[[EPGSLSPWSJXGSQ JSVEFSYX  %PGSLSP MWGETEFPISJVIEHMRKERHMQEKMRKQER]HMJJIVIRXGST]TVSXIGXIH'(WERH [SVOWZIV][IPP -XIZIRHSYFPIWEWE'(FYVRMRKETTPMGEXMSR 3RGIE'(SV(:(MWMQEKIH ]SYGERQSYRXMXSREZMVXYEP'(SV(:(HVMZI ERH]SYVETTPMGEXMSRWWLSYPHFIXVMGOIHMRXS XLMROMRKMXWSVMKMREP'(MWEZEMPEFPI3JGSYVWI MX¬WTSWWMFPIXLEXWSQIKEQIW[MPP[SVOEVSYRH XLMW FYXXLEXPIEZIWVSSQJSV%PGSLSP7SJX[EVIXSVIPIEWIYTHEXIW %WMQMPEVETTPMGEXMSRXS %PGSLSP MW(VMZI-QEKIJVSQ4S[IV5YIWX [[[TS[IVUYIWXGSQ  [LMGLWIPPWJSV EFSYX (MJJIVIRXETTPMGEXMSRWYWIHMJJIVIRXGST]TVSXIGXMSRQIXLSHW ERH%PGSLSP WYTTSVXWQSWX SJXLIQZME©TVSJMPIWª [LMGLHIJMRILS[XSVIEHGST]TVSXIGXIHHMWGW EW[IPPEWLS[XS[VMXI XLIQFEGOXSE'( WYGLEW[LIR]SYRIIHEFEGOYTGST]  -LEZIJSYRHXLEXQER]HMWGWGER FIYWIHMJMQEKIH[MXLXLI©7EJI(MWGª TVSJMPI FYX]SYQE]LEZIXSX[IEOXLIHMWGVIEH WIXXMRKWXSKIXEKSSHVIEH 0SSOMRKSRPMRIGERLIPT]SYJMRHXLIVMKLXTVSJMPIXSYWIJSVGST] MRK]SYVHMWGXSERMQEKI 3RITSTYPEVWMXIJSVJMRHMRKWYGLMRJSVQEXMSRMW[[[KEQIGST] [SVPHGSQ /IITMRQMRH XLIKEQIQERYJEGXYVIVWORS[XLIWIHMWGMQEKMRKTVSHYGXWI\MWXERHEVIJMRHMRK [E]WXSGMVGYQZIRXXLIQ 9RJSVXYREXIP] [MXLWSJX[EVITMVEG]FIMRKWYGLEPEVKITVSFPIQ IWXMQEXIWWE]QSVIXLERFMPPMSRTIV]IEVMWPSWXMRXLIKEQIWSJX[EVIMRHYWXV]HYIXSTMVEG]  XLI]GER¬XNYWXMWWYIGST]TVSXIGXMSRXLEXOIITWLSRIWXTISTPILSRIWX ,IRGI ]SYQE]RIIHXS QEOITL]WMGEPFEGOYTGSTMIWSJ]SYVHMWGWXSOIITMR]SYVGEV %PGSLSPWLSYPHLIPT]SYTVST IVP]MQEKIEHMWGERHXLIR[VMXIMXFEGOXSE'(SV(:(ERHYWIMXMR]SYVGEV 8LMWXEGXMG WLSYPHLIPTKIX]SYEVSYRHXLIKEQI¬WPEGOSJWYTTSVXJSVZMVXYEPHVMZIWERHJVSQOIITMRKXLI SVMKMREPHMWGMR]SYVGEV =SYVPEWXVIWSVXQE]FIXSGSRXEGXXLIQERYJEGXYVIVJSVERSXLIVGST] SJXLIHMWGXLIKEQIVIUYMVIWXSVYR TSWWMFP]MRGYVVMRKERSQMREPJII  - HSR¬X GSRHSRI TMVEG]¨RIMXLIV WLSYPH ]SY -J ]SY YWI ER ETTPMGEXMSR PMOI %PGSLSP   XS MQEKIEHMWGTPIEWIHSR¬XHMWXVMFYXIXLIMQEKIJMPI7SJX[EVIHIZIPSTIVW[SVOZIV]LEVHXSFVMRK ]SYXLITVSKVEQW]SYIRNS]ERH]SY ERHSXLIVW WLSYPHTE]JSVXLIGSQQIVGMEPERHWLEVI[EVI TVSKVEQW]SYYWI

7XIT8YVRSR,MFIVREXMSR7YTTSVX ,MFIVREXMSRIREFPIW]SYVGSQTYXIVXSWEZIMXWWXEXI[LIR]SYOMPPXLIMKRMXMSR ;LIR]SYRI\X XYVRXLIGEVSR XLIGSQTYXIV[MPPWXEVXYTJVSQ[LIVIMX[EW[LIR]SYPEWXXYVRIHXLIGEVSJJ WEZMRK]SYJVSQIRHYVMRKXLIFSSXTVSGIWWSVLEZMRKXSVIPEYRGLETTPMGEXMSRWIZIV]XMQI]SY WXEVX]SYVGEV

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*-+96)  7IPIGXXLI,MFIVREXIXEF

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4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  7IPIGXXLI%HZERGIHXEF

7XIT9THEXI=SYV7SJX[EVI 2S[XLEXIZIV]XLMRK¬WWIXYT MX¬WMQTSVXERXXSQEOIWYVI]SYLEZIXLIPEXIWXWSJX[EVISR]SYV GSQTYXIV 7MRGI]SYEVIR¬XEP[E]WGSRRIGXIHXSXLI-RXIVRIX QEOIWYVI]SYYTHEXIIZIV]XLMRK FIJSVI]SYTYXXLIGSQTYXIVMR]SYVGEV MRGPYHMRK ;MRHS[WERHVIPEXIHHVMZIVWZME;MRHS[W9THEXIEX[[[[MRHS[WYTHEXIGSQ %RXMZMVYWZME]SYVERXMZMVYWWSJX[EVI¬WYTHEXIJIEXYVI +EQIW 3JJMGIWSJX[EVIZME3JJMGI9THEXIEXLXXTSJJMGIYTHEXIQMGVSWSJXGSQ %R]SXLIVWSJX[EVI]SYMRWXEPP

'LETXIV ¨ -RWXEPPMRKE1IHME'IRXIV4'

3XLIV2IEX%TTPMGEXMSRWXS8V] &IJSVI]SYTYX]SYVRI[GSQTYXIVMRXS]SYVGEV LIVI¬WEPMWXSJWSQIYRRIGIWWEV]]IXZIV] YWIJYPWSJX[EVI]SYQE][ERXXSMRWXEPP 'EV8YRIW LXXTGEVXYRIW[W ¨%QIHMETPE]IV-EYXLSVIHWTIGMJMGEPP]JSV 'EV 4'W /SRJEFYPEXSV LXXTOSRJEFYPEXSVGSQ ¨0IXW]SYGYWXSQM^I]SYVGSQTYXIV HIWOXST[MXLWTIGMEPSFNIGXWGEPPIH[MHKIXW 8LIVI¬VIEPSX SJ[MHKIXW]SYGERHS[RPSEH JVSQ[IEXLIVJSVIGEWX[MHKIXWXSGPSGOWXSQIHMETPE]IVW¨ERH]SYGERIZIRGVIEXI]SYV S[R 3VMKMREPP] XLITVSHYGX[EWSRP]JSV1EGMRXSWL FYXRS[MX[SVOW[MXL;MRHS[W EW [IPP

-RWXEPPMRKXLI4'MR=SYV'EV -J]SYEVIYWMRKXLITS[IVWIUYIRGIV]SYQYWXWXEVX]SYVIRKMRIEPPXLI[E]XSOIITXLIGSQ TYXIV[SVOMRKTVSTIVP]-J]SYNYWXXYVR]SYVOI]XSXLI32TSWMXMSRERHXLIREJI[WIGSRHWPEXIV XSXLI7XEVXTSWMXMSRXLITS[IVWIUYIRGIVSJXIRMRGSVVIGXP][MPPXIPPXLIGSQTYXIVXSXYVRSJJEWMJ XLIMKRMXMSRLEHFIIRW[MXGLIHXS3**-JXLMWLETTIRWXYVR]SYVGEVSJJJSVX[SQMRYXIWERH XLIRWXEVXMXERHEPPWLSYPH[SVOJMRIEKEMR7SQIRI[IVZIVWMSRWSJGEVTS[IVWYTTPMIWEXXIQTX XSTVIZIRXXLMWMWWYIFYXOIITXLMWMRQMRHMJ]SYVGSQTYXIVMWR¬XXYVRMRKSREJXIV]SYWXEVX]SYV GEV ERHMXLEHFIIR[SVOMRKJMRIFIJSVI 

2S[XLEXIZIV]XLMRK¬WGSRJMKYVIH [I¬VIVIEH]XSTPEGIXLIGSQTYXIVMRXLIGEV

7XIT7[ET4S[IV7YTTPMIW 6ITPEGIXLIWXERHEVHGSQTYXIVTS[IVWYTTP][MXLXLI1MRM&S\WSPYXMSRTIVXLIMRWXVYGXMSRW JVSQ1MRM&S\ 7MQTP]QSYRXXLITS[IVWYTTP]MR]SYVGEWIEPSRK[MXLXLITS[IVVIKYPEXSV ERHXLEX¬WMX 8STS[IV]SYVGSQTYXIV ERHFIJSVI]SYKSXS7XIT JSPPS[XLITVSNIGXWXITWMR 'LETXIV -J]SY¬VIYWMRKETS[IVWSPYXMSRJVSQEHMJJIVIRXQERYJEGXYVIVXLEX¬WSOE]2S[MWXLIXMQIXS W[ETSYXXLI%'TS[IVWYTTP]JSVXLIWSPYXMSR]SY[MPPFIYWMRKMR]SYVGEV





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

7XIT-RWXEPPXLI(MWTPE] %JXIV]SYLEZIVITPEGIHXLITS[IVWYTTP] MRWXEPPXLIHMWTPE]]SYGLSWITIVXLIMRWXVYGXMSRW JVSQXLIQERYJEGXYVIV 7II'LETXIVJSVMRJSVQEXMSRSRGLSSWMRKEHMWTPE] -VIGSQQIRH XLI (MKMXEP;SVPH[MHI [[[HMKMXEP[[GSQ (;;:+8 b MRHEWLXSYGLWGVIIR HMWTPE]SVXLIMVQSXSVM^IH(;;1WSPYXMSR b MJ]SYVGIRXIVGSRWSPIGERWYTTSVX ERMRHEWLYRMXXLIWM^ISJEGEVWXIVIS QSWXGEVWGER  [LMGLMWWSQIXMQIWGEPPIHEHMRSV 9 WM^IWPSX -J]SYVGEVHSIWR¬XLEZIEREZEMPEFPIWPSXJSVXLIHMWTPE] ]SYGERNYWXEWIEWMP] QSYRXEHMWTPE]SR]SYVHEWL WYGLEWXLI
*-+96)  -RHEWLHMWTPE]JVSQ(MKMXEP;SVPH[MHI

'LETXIV ¨ -RWXEPPMRKE1IHME'IRXIV4'

*-+96)  3RHEWLHMWTPE]JVSQ
7XIT4PEGIXLI'SQTYXIV 2S[XLEX]SYLEZI]SYVHMWTPE]MRWXEPPIH ]SYGERTPEGIXLIGSQTYXIV[LIVI]SY[ERXXSOIIT MX -J]SY¬VIMRWXEPPMRKEWPMQPMRIGEWI EKSSHTPEGIMWYRHIVXLITEWWIRKIVWIEX *SVEPEVKIV JSVQJEGXSV4' WYGLEWXLI'SSPIV1EWXIV%8'7TM^^EFS\WX]PIGEWIMR*MKYVIERH WTIGMJMIHJSVXLMWTVSNIGX XLIXVYRO[MPPHSNYWXJMRI *MVWX XEOIWSQI:IPGVSERHVYRXLILSSO MI RSRJY^^] WMHISJMXEPSRKXLIFSXXSQWMHIWSJ XLI4'GEWI EWWLS[RMR*MKYVI 8LMW[MPPTVIZIRXXLIGSQTYXIVJVSQWPMHMRKEVSYRH ]IX MX[MPPVIQEMRIEW]XSVIQSZI





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  :IPGVSTVSTIVP]EXXEGLIHXSXLIFSXXSQSJXLIGSQTYXIVGEWI

1SYRXXLI4'SRXLIGEVTIX JEVIRSYKLE[E]JVSQJIIXFYX[MXLIRSYKLVSSQWSXLEX]SYGER STIRXLI(:('(631HVMZIERHEGGIWWXLIJVSRXTSVXWERHFYXXSRW[MXLRSXVSYFPI EW WLS[RMR*MKYVI

7XIT'SRRIGXXLI(MWTPE]ERH4IVMTLIVEPW 2S[XLEXXLIGSQTYXIVMWQSYRXIH ]SYRIIHXSVYRXLIGEFPIWXSXLI4' *SPPS[XLIMRWXVYG XMSRWMR'LETXIV ©;SVOMRK[MXL'EFPIWª XSTVSTIVP]VYRXLIGEFPIW ;EVRMRK

&IGEVIJYPRSXXSPIXER][MVIWGVSWWXLITEXLSJXLIWIEXWSV]SYQE]OMROSVXIEVXLI[MVIW[LMGL GSYPHGEYWIEJMVISVWLSGOLE^EVHMJ]SYGYXXLVSYKLETS[IVGEFPI

7XIT8YVR-X3R 2S[XLEXIZIV]XLMRKMWGSRRIGXIH ]SYWLSYPHFIEFPIXSXYVR]SYVGSQTYXIVSRERHWXEVX YWMRK MX

'LETXIV ¨ -RWXEPPMRKE1IHME'IRXIV4'

*-+96)  4'MRXLIXVYRO[MXLTPIRX]SJVSSQ

7YQQEV] -RXLMWGLETXIV]SYMRWXEPPIHEQIHMEGIRXIV4' KMZMRK]SYXLIEFMPMX]XSLEZIEJYPPIRXIVXEMR QIRXW]WXIQMR]SYVGEVJSVEPP]SYVTEWWIRKIVWXSIRNS] 9WMRKFSXLJVIIERHGSQQIVGMEPWSJX [EVIERHSRP]EGSYTPII\XVEHIZMGIW EXYRIVERHZMHISVIGIMZIVMREHHMXMSRXSE(:(631  ]SYGERPMWXIR [EXGL ERHTPE]YWMRK]SYVRI[P]MRWXEPPIH'EV4'



-RWXEPPMRKE +EQMRK 4'

GLETXIV

%TTVS\MQEXITVSNIGXGSWX 

8

LIKVIEXIWXGSRZIRMIRGISJGSQTYXIVWFIMRKWSYFMUYMXSYW MWXLIMVEFMPMX]XSFIIEWMP]YTKVEHIH 7LSYPH]SYFYMPHE KIRIVEPTYVTSWI4' MXGERFITVIXX]IEW]XSMQTVSZIXLI KVETLMGWTIVJSVQERGI[MXLER%+4SV4'-KVETLMGWGEVHERH TSWWMFP]ELMKLIVTIVJSVQERGIWSYRHGEVH -X¬WNYWXEWIEW] ERH JEMVP]GLIET XSFYMPH]SYVS[RTIVJSVQERGIKEQMRKW]WXIQ XSS ,S[IZIV MREZILMGPIIRZMVSRQIRX]SYEVIVIWXVMGXIHF]XLI EQSYRXSJTS[IV XLIWM^ISJXLIWGVIIR ERHLIEXERHVEHMSJVI UYIRG]MRXIVJIVIRGIMWWYIW

8LMWGLETXIV[MPPHMWGYWWMRWXEPPMRKEKEQMRK4'MRXS]SYVGEV ;I[MPPRSXKSSZIVLS[XSFYMPHXLI4' EW-EWWYQI]SYEPVIEH] LEZIXLIORS[PIHKIXSFYMPHE4'MJ]SYTYVGLEWIHEFSSO[MXL XLI[SVH+IIO MRXLIXMXPI-J]SYHSRSXJIIPGSQJSVXEFPIFYMPHMRK E4' TPIEWILEZIETVSJIWWMSREPFYMPHSRIJSV]SY JSPPS[MRKXLI WTIGMJMGEXMSRWMRXLMWGLETXIVERHFEWIHSR[LEX]SYPIEVRIHMR 4EVXW-ERH--SJXLMWFSSO

6IKEVHMRK KEQMRK 4' TS[IV VIUYMVIQIRXW QMRMQM^I TS[IV VIUYMVIQIRXWF]KIXXMRKEPS[IVIRHTVSGIWWSV[MXLELMKLIVIRH KVETLMGWGEVH7SQIXMQIWFY]MRKEPETXSTERHVIXVSJMXXMRKMXXS E QSFMPI IRZMVSRQIRX GER FI NYWX EW IJJIGXMZI JSV MRGEV KEQMRK SZIVFYMPHMRK ]SYV S[RHIWOXST JSVQJEGXSVW]WXIQ IWTIGMEPP] WMRGIPETXSTWEVIEPVIEH]STXMQM^IHJSVXLIMVVIWTIGXMZIEHZIVXMWIH TIVJSVQERGIPIZIP MIKEQMRKPETXSTFYWMRIWWPETXSTTIVWSREP PETXST ERH WS JSVXL  MR QSFMPI IRZMVSRQIRXW 7II XLI WMHIFEV ©,MKL4IVJSVQERGI0S[4S[IV4VSGIWWSVWERH1SXLIVFSEVHWª JSVQSVIHIXEMPW

MRXLMWGLETXIV &EPERGMRK TIVJSVQERGIERH TS[IV (MWOMQEKIWERH ZMVXYEPHVMZIW 6IXVSJMXXMRKEPETXST JSVGEVYWI



4EVX--- ¨ *SYRHEXMSR4VSNIGXW

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¬XRSXMGIEWQYGLHIXEMP EPPS[MRK]SYXSYWIKEQIWIXXMRKWJSVPIWWHIXEMP 7MRGI ]SY[SR¬XRIIHEWQYGLI\XVETVSGIWWSVERHKVETLMGWTS[IV ]SYGERKIXPS[IVTS[IV ERH SJXIRPIWWI\TIRWMZI TVSGIWWSVW WYGLEWXLI4IRXMYQ1 4IRXMYQ--- SVXLIQSFMPI4IRXMYQ SV1SFMPI%XLPSRTVSGIWWSVW[MXLXLIMVWM^EFPIGEGLIWFYXPS[IVTS[IVGSRWYQTXMSRXLER HIWOXSTZIVWMSRW =SYGEREPWSKIXPS[IVTS[IV ERHGLIETIV KVETLMGWFSEVHWERHMRWXEPPXLIQ 0MOI[MWI ]SYGERTYVGLEWIWPS[IVLEVHHVMZIWSVPETXSTLEVHHVMZIW ERHTSWWMFP]IZIRJPEWL QIQSV]HMWOW 1ER]GSRWYQIVWGSRJYWI-RXIP¬W'IRXVMRSŒTVSHYGXSJJIVMRK[MXLXLI4IRXMYQ1TVSGIWWSV8LI 'IRXVMRSMWNYWXEGLMTWIXGSRWMWXMRKSJER-RXIP QSXLIVFSEVH4IRXMYQ1TVSGIWWSVERH -RXIP [MVIPIWWRIX[SVOMRKXIGLRSPSK];LIREWOMRKJSVNYWXXLITVSGIWWSVQEOIWYVI]SYEWOJSVXLI 4IRXMYQ1

6IXVSJMXXMRKE0ETXST-RWXIEHSJ&YMPHMRKE'SQTYXIV %RSXLIVSTXMSR]SYQMKLX[ERXXSGSRWMHIVMWFY]MRKEYWIHPETXST[MXLEGGITXEFPIKVETLMGW ERHKEQMRKTIVJSVQERGI 8LMW[E]]SY¬PPLEZIEPPXLITEVXW]SYRIIH[MXLEREPVIEH]TS[IV STXMQM^IHW]WXIQ 3JXIRXMQIW]SYGERJMRHXLIWIW]WXIQWSRI&E][MXLHIEHWGVIIRW [LMGL ]SY[SR¬XRIIHER][E]MJ]SYEPVIEH]LEZIEWGVIIRTMGOIHSYX -J]SYKSXLIPETXSTVSYXI ERH ]SYRIIHEREREPSKSYXTYXJSV]SYVHMWTPE] GSRWMHIVXLI%:IV1MGVS5YMGO4PE]97& [[[EZIVQMGVSGSQ WSPYXMSR [LMGLIREFPIW]SYXSWIRH:+% ZMHISKVETLMGW EVVE]EHETXIV WMKREPWSZIVEREPSK GSQTSWMXI 7:MHIS SVGSQTSRIRX  [MXLRSGSRJMKYVEXMSR NYWXF]TPYKKMRKMXMRXS]SYV97&ERH:+%GEFPI 1ER]PETXSTFSEVHWGERFIVIXVSJMXXIHXSEWQEPPSVWPMQPMRI4'GEWIERHTPEGIHYRHIVXLIWIEX =SYGEREPWSNYWXOIITXLIPETXSTMRMXWSVMKMREPGEWI )MXLIV[E] ]SY[MPPLEZIXSHSYFPIGLIGO XLIPETXST¬W&-37WIXXMRKWXSQEOIWYVIZMHISQMVVSVMRKMWEP[E]WSR WMRGI]SY[MPPFIYWMRK

'LETXIV ¨ -RWXEPPMRKE+EQMRK 4' ]SYVS[RWGVIIRWZMEXLIPETXST¬WEY\MPMEV]:+%SYXTYXMRWXIEHSJXLIFYMPXMRHMWTPE] YRPIWW SJ GSYVWI]SYHIGMHIXSGSRZIVXXLEXXSEWGVIIREW[IPP  7SQIPETXSTWQE]RSXEPPS[]SYXS TIVQERIRXP]XYVRSRXLII\XIVREPZMHISZMEXLI&-37 FYXXLIVIQE]WXMPPFIERSTXMSRXSHS WS¨GLIGO[MXLXLIQERYJEGXYVIVSVWIEVGLSRPMRI /IITMRQMRHXLEXMJ]SYGER¬XJMRHE[E]XSOIITZMHISQMVVSVMRKSR ERH]SYGER¬XVIXVSJMXXLI PETXST¬WTVMQEV]HMWTPE]XS[SVOMR]SYVZILMGPI ]SYQE]JMRH]SYVWIPJYTXLIGVIIO¨WSQEOI WYVIXLII\XIVREPZMHIS[SVOWFIJSVI ]SYMRWXEPPXLIGSQTYXIVMR]SYVGEV %KSSH[E]XSJSVGI ]SYVWIPJXSXIWXXLIZMHISGETEFMPMXMIWMWXSHSEPPPETXSTGSRJMKYVEXMSR WSJX[EVIMRWXEPPW ERHWS JSVXL ZMEXLII\XIVREPHMWTPE] RSXNYWXSRXLIPETXST¬WFYMPXMRSRI  *YVXLIVQSVI GSRWMHIVXLEX XLI*YRGXMSROI]GSQFMREXMSRXLEXYWYEPP]XSKKPIWZMHISSRPETXSTWQE]RSX[SVO[MXLXLI I\XIVREPOI]FSEVH]SYYWI TVIZIRXMRK]SYJVSQNYWXXSKKPMRKXLIW[MXGL

(SR¬X-RWXEPP7YTIV,MKL4IVJSVQERGI4'W 4PIEWIOIITXLIWYTIVLMKLTIVJSVQERGI4'SYXSJ]SYVGEV %PXLSYKLXLI]WSYRHGSSP XLI]¬VI PMOIP]KSMRKXSFIQSVIXVSYFPIXLERXLI]¬VI[SVXL 8LIPMUYMHGSSPMRKW]WXIQW LMKL641LEVH HVMZIW TS[IVLYRKV]TVSGIWWSVW ERHTIVJSVQERGI6%1 6%-(EVVE]W ERHQYPXMTVSGIWWSVKVETLMGW FSEVHW[IVIRIZIVQIERXXSXVEZIPEXER]XLMRKFYX^IVSQMPIWTIVLSYV ,MKLTIVJSVQERGI4'W [MXLEPPXLII\XVEWGEREPWSI\LMFMXVEHMSMRXIVJIVIRGI YRWEJIFEXXIV]HVEMR ERHEVIFEWMGEPP]RSX TVEGXMGEPJSVGEVW 8LIVI¬WXLIGSSPRIWWJEGXSV FYXXLIRXLIVI¬WGSQQSRWIRWI

/IIT-XMRXLI8VYRO (ITIRHMRKSR[LEXGEWI]SYGLSSWI XLI4']SY[MPPFIMRWXEPPMRKMRXLMWGLETXIVQE]PMOIP]FI MRWXEPPIHMRXLIXVYRO [LIVIMXGERWXE]JEMVP]GSSP YRPIWW]SYLEZITPIRX]SJVSSQMR]SYVGEV JSVEJYPPWM^IGEWI 7II'LETXIV ©%HHMRKE+IRIVEP4YVTSWI4'ª JSVHIXEMPWSRWPMQPMRI 4'W [LMGLGERJMXYRHIVEWIEX 7SQILMKLIVTIVJSVQERGIQSXLIVFSEVHWSPYXMSRW[SR¬XJMXMR XLIWPMQPMRIGEWIW IZIRMJ]SYYWI4'-VMWIVW GEVHWXLEXPIX]SYQSYRXEGEVHLSVM^SRXEPP] MRWXIEHSJZIVXMGEPP]  HYIXSXLIMVWM^IERHJERVIUYMVIQIRXW =SYPMOIP][SR¬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¬WFIXXIVXS LEZI XLI WMQTPIV EPPMRSRI WSPYXMSR XLER QER] I\TERWMSR FSEVHW ERH XLI EWWSGMEXIH TS[IV QEREKIQIRXMWWYIWXLEXGSQI[MXLXLIQ





4EVX--- ¨ *SYRHEXMSR4VSNIGXW

'SQTSRIRXWERH8SSPW2IIHIH ;LEX]SY[MPPRIIH *PEXTM^^EFS\GSQTYXIVGEWIXLEXGERJMXGSRZIRMIRXP]MRXLIXVYRO WYGLEWXLI'SSPIV 1EWXIV%8'7 b WII*MKYVI  8LIJPEXGEWIWEVIIEW]XSTPEGIMRXLIXVYRO IEW] XSQSYRXERHWIGYVI ERHEVIIEWMP]I\TERHEFPI[MXLXLITIVMTLIVEPW]SY[MPPPMOIP][ERX XSYWIMREKEQMRK4'

*-+96)  'SSPIV1EWXIV%8'7GEWI

%RETTVSTVMEXIQSXLIVFSEVH EOE QEMRFSEVH JSVXLITVSGIWWSV]SYLEZIGLSWIRXS MQTPIQIRX EPSRK[MXLXLEXTVSGIWWSV ETTVSTVMEXILIEXWMROW ERHJERW TVMGIZEVMIWSR [LEX]SYHIGMHIXSMQTPIQIRX b§ 

'LETXIV ¨ -RWXEPPMRKE+EQMRK 4' 1&SJ6%1 ]SYGERTYXKMKEF]XIMJ]SYPMOI FYXRSXLMRKQSVIWLSYPHFIRIGIW WEV] b  +&JYPPWM^ISVPETXSTLEVHHVMZI b SVLMKLIVGETEGMX] EW]SYHIWMVI  ;LIR GLSSWMRKXLIHVMZI TE]GPSWIEXXIRXMSRXSXLI+JSVGIWLSGOVEXMRK ERHWXE]E[E]JVSQ LMKLTIVJSVQERGI MI /641ERHLMKLIV HVMZIWFIGEYWIXLI]KIRIVEXIQSVILIEX ERHVIUYMVIQSVITS[IV 7II'LETXIV ©4L]WMGW1ER 4L]WMGW 4VITEVMRK,SQI )PIGXVSRMGWJSVXLI6SEHª JSVQSVIMRJSVQEXMSRSRXLITL]WMGWSJGLSSWMRKELEVHHVMZI -()(:(631'(6;GSQFSHVMZI RSXWPSXPSEHMRK b  ;MRHS[W<4,SQI)HMXMSR  4VSJIWWMSREPMWTVIJIVVIHMJ]SY¬VIKSMRKXSFIYWMRK XLIQYWMGW]RGTVSNIGXMR'LETXIV ©7]RGMRK4SVXEFPI1YWMG4PE]IVWª   =SYGER YWI0MRY\SVER]SXLIVSTIVEXMRKW]WXIQ SJGSYVWI FYXMRXLMWFSSO-[MPPFIJSGYWMRKSR ;MRHS[WFEWIHWSPYXMSRWWMRGIXLI]EVIXLIQSWXTSTYPEV %47OI]FSEVHERHQSYWI b SV97&MJ]SYHIWMVI  7II'LETXIV ©'LSSWMRKER -RTYX(IZMGIª JSVHIXEMPWSRGLSSWMRKEOI]FSEVHERHQSYWIJSVXLIGEV -RXLMWTVSNIGX [I[MPPYWIXLI+]VEXMSR[MVIPIWWTVSHYGX-VIGSQQIRHMRXLEXGLETXIV ;MRHS[W<4 EYXSQEXMGEPP]MRWXEPPWXLIHVMZIVWJSVXLI+]VEXMSR WSMXWLSYPH[SVOSRGI;MRHS[W GSQIWYT %:+%HMWTPE]HIZMGI WYGLEWXLI(MKMXEP;SVPH[MHI [[[HMKMXEP[[GSQ 8;; :+8 b  XLI(MKMXEP;SVPH[MHIJYPP]QSXSVM^IHMRHEWLHMWTPE](;;1 b  SVXLI




4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  1MRM&S\TS[IVWYTTP]

*-+96)  1MRM&S\-847EYXSTS[IVWIUYIRGIVERHPS[HVSTSYXVIKYPEXSV

4VITEVMRK=SYV4'JSV'EV-RWXEPPEXMSR 2S[XLEX]SYLEZIIZIV]XLMRK]SYRIIHJSV]SYVKEQMRK4' MRGPYHMRKER]4'-GEVHW%+4 KVETLMGWFSEVHW ERH97&HIZMGIW]SY[ERXXSMRWXEPP MX¬WXMQIJSV]SYXSTYXMXEPPXSKIXLIV

7XIT&YMPHMRKXLI4' &YMPHMRKE'EV4'MWWMQMPEVXSFYMPHMRKER]4'I\GITX]SY[MPPFIYWMRKEPETXSTLEVHHVMZI ERH[MPPFIMRWXEPPMRKXLIWXERHEVH%'TS[IVWYTTP]ERHW[ETTMRKMXSYXPEXIVJSVXLIGEVVIEH]

'LETXIV ¨ -RWXEPPMRKE+EQMRK 4' TS[IVWYTTP] )ZIV]XLMRKIPWI[MPPFINYWXPMOIFYMPHMRKEVIKYPEV4' -J]SYEVIR¬XJEQMPMEV[MXL FYMPHMRK4'W -WYKKIWX]SYIMXLIVLEZIETVSJIWWMSREPFYMPHXLI4'JSV]SY EPPXLITEVXWXLI] RIIHEVIPMWXIHEFSZI  SVPIEVRLS[XSHSMX]SYVWIPJ[MXLEFSSOWYGLEW&YMPHMRKE4'*SV (YQQMIW ;MPI]  -7&2

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4EVX--- ¨ *SYRHEXMSR4VSNIGXW SRPMRIEGXMZEXMSRSVVIKMWXVEXMSRFIJSVI ]SYTYXXLIQMREGEV[LIVI-RXIVRIXEGGIWW[MPPPMOIP]FI PMQMXIH 8LITEVEKVETLWXLEXJSPPS[[MPPKSSZIVLS[XSKIXEVSYRHOIITMRKEPP]SYVKEQI'(W MR]SYVGEV

/IITMRK'(W%ZEMPEFPIERH(IEPMRK[MXL'ST]4VSXIGXMSR 7SQIKEQIWERHWSJX[EVIETTPMGEXMSRWVIUYMVIXLISVMKMREP'(WSVHEXEHMWGWXSFIMRXLI'( SV(:(HVMZIFIJSVI]SYGERVYRXLITVSKVEQ 3FZMSYWP]]SYHSR¬X[ERXXSOIIT]SYVSVMKMREP '(WSV(:(GSPPIGXMSRMR]SYVGEVEPPHE]ERHRMKLX ,IEXGER[EVTXLIHMWGW TEWWIRKIVWGER WGVEXGLXLIQ XLMIZIWQE]FVIEOMRXSGEVW[MXLHMWGWMRXLISTIR ERHXLIVIEVISJGSYVWISXLIV MWWYIW[MXLLEZMRKPSXWSJI\TIRWMZIHMWGWMR]SYVGEV 8LIGSQQSRWSPYXMSRMWXSYWIEHMWGMQEKMRKETTPMGEXMSRXSQSZIXLI'(SV(:(HMVIGXP]XS XLILEVHHVMZIERHQSYRXXLEXHMWGSREZMVXYEP'(SV(:(HVMZI 3RISJXLIQSWXTSTYPEV ETTPMGEXMSRWMW%PGSLSP JVSQ%PGSLSP7SJX[EVI [[[EPGSLSPWSJXGSQ JSVEFSYX  %PGSLSP MWGETEFPISJVIEHMRKERHMQEKMRKQER]HMJJIVIRXGST]TVSXIGXIH'(WERH [SVOWZIV][IPP -XIZIRHSYFPIWEWE'(FYVRMRKETTPMGEXMSR 3RGIE'(SV(:(MWMQEKIH ]SYGERQSYRXMXSREZMVXYEP'(SV(:(HVMZI ERH]SYVETTPMGEXMSRWWLSYPHFIXVMGOIHMRXS XLMROMRKMXWSVMKMREP'(MWEZEMPEFPI3JGSYVWI MX¬WTSWWMFPIXLEXWSQIKEQIW[MPP[SVOEVSYRH XLMW FYXXLEXPIEZIWVSSQJSV%PGSLSP7SJX[EVIXSVIPIEWIYTHEXIW %WMQMPEVETTPMGEXMSRXS %PGSLSP MW(VMZI-QEKIJVSQ4S[IV5YIWX [[[TS[IVUYIWXGSQ  [LMGLWIPPWJSV EFSYX (MJJIVIRXETTPMGEXMSRWYWIHMJJIVIRXGST]TVSXIGXMSRQIXLSHWERH%PGSLSP WYTTSVXW QSWX SJXLIQZME©TVSJMPIWª [LMGLHIJMRILS[XSVIEHGST]TVSXIGXIHHMWGW EW[IPPEWLS[XS [VMXIXLIQFEGOXSE'( WYGLEW[LIR]SYRIIHEFEGOYTGST]  -LEZIJSYRHQER]HMWGW GER FIYWIHMJMQEKIH[MXLXLI©7EJI(MWGª TVSJMPI FYX]SYQE]LEZIXSX[IEOXLIHMWGVIEH WIXXMRKWXSKIXEKSSHVIEH 0SSOMRKSRPMRIGERLIPT]SYJMRHXLIVMKLXTVSJMPIXSYWIJSVGST] MRK]SYVHMWGXSERMQEKI 3RITSTYPEVWMXIJSVJMRHMRKWYGLMRJSVQEXMSRMW[[[KEQIGST] [SVPHGSQ /IITMRQMRHXLEXXLIKEQIQERYJEGXYVIVWORS[XLIWIHMWGMQEKMRKTVSHYGXWI\MWXERHEVI JMRHMRK[E]WXSGMVGYQZIRXXLIQ 9RJSVXYREXIP] [MXLWSJX[EVITMVEG]FIMRKWYGLEPEVKITVSF PIQ IWXMQEXIWWE]QSVIXLERFMPPMSRTIV]IEVMWPSWXMRXLIKEQIWSJX[EVIMRHYWXV]HYIXS TMVEG]  XLI]GER¬XNYWXMWWYIGST]TVSXIGXMSRXLEXOIITWLSRIWXTISTPILSRIWX ,IRGI ]SYQE] RIIHXSQEOITL]WMGEPFEGOYTGSTMIWSJ]SYVHMWGWXSOIITMR]SYVGEV %PGSLSPWLSYPHLIPT]SY TVSTIVP]MQEKIEHMWGERHXLIR[VMXIMXFEGOXSE'(SV(:(ERHYWIMXMR]SYVGEV 8LMWXEGXMG WLSYPHLIPTKIX]SYEVSYRHXLIKEQI¬WPEGOSJWYTTSVXJSVZMVXYEPHVMZIWERHJVSQOIITMRKXLI SVMKMREPHMWGMR]SYVGEV =SYVPEWXVIWSVXQE]FIXSGSRXEGXXLIQERYJEGXYVIVJSVERSXLIVGST] SJXLIHMWGXLIKEQIVIUYMVIWXSVYR TSWWMFP]MRGYVVMRKERSQMREPJII  -HSR¬XGSRHSRITMVEG]-J]SYYWIERETTPMGEXMSRPMOI%PGSLSP XSMQEKIEHMWGTPIEWIHSR¬X HMWXVMFYXIXLIMQEKIJMPI%TTPMGEXMSRWSJX[EVIHIZIPSTIVW[SVOZIV]LEVHXSFVMRK]SYXLITVS KVEQW]SYIRNS]ERH]SY ERHSXLIVW WLSYPHTE]JSVXLIGSQQIVGMEPERHWLEVI[EVITVSKVEQW ]SYYWI

'LETXIV ¨ -RWXEPPMRKE+EQMRK 4'

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4EVX--- ¨ *SYRHEXMSR4VSNIGXW 8SIREFPILMFIVREXMSRMR;MRHS[W<4  'PMGO7XEVX XLIR7IXXMRKW  'PMGO'SRXVSP4ERIP  'PMGO4S[IV3TXMSRW  'PMGOXLI,MFIVREXIXEF  'LIGOXLI)REFPILMFIVREXMSRFS\ WII*MKYVI 

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4EVX--- ¨ *SYRHEXMSR4VSNIGXW

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4EVX--- ¨ *SYRHEXMSR4VSNIGXW

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4EVX--- ¨ *SYRHEXMSR4VSNIGXW

*-+96)  8LI4'MRXLIXVYRO[MXLTPIRX]SJVSSQ

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(SRSXWYVJXLI-RXIVRIXERHHVMZIEXXLIWEQI XMQI)MXLIVTYPPSZIVXSXLIWMHISJXLIVSEHERH TEVOXSWYVJXLI-RXIVRIX MJMX¬WPIKEPXSTYPPSZIV  SVPIX]SYVTEWWIRKIVWPSSOMXIQWYTJSV]SY-XMW ZIV]HERKIVSYWXSWYVJERHHVMZI

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4EVX-: ¨ %HZERGIH4VSNIGXW

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4EVX-: ¨ %HZERGIH4VSNIGXW

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'SRRIGXMRKZME;M*M %PXLSYKL]SYTVSFEFP][SR¬XFIYWMRK;M*MXSSSJXIRMR]SYVGEV XLIRMGIXLMRKXSORS[MWXLEX MX¬WIEW]XSWIXYT ;MXLXLIYFMUYMX]SJ;M*MGSQTEXMFPIHIZMGIWERHXLIJIVZSVJSVMRLIVIRX STIVEXMRKW]WXIQWYTTSVXJSVXLIXIGLRSPSK] ]SYFEWMGEPP]NYWXLEZIXSTPYKMRE;M*MEHETXIV TSWWMFP]PSEHEJI[HVMZIVW WIPIGXERIX[SVOXSGSRRIGXXS MJSRIMWEZEMPEFPI  ERHGSRRIGX ;MRHS[W<4ERH1EG37<FSXLLEZIWMQTPI[MVIPIWWRIX[SVOWIXYTGETEFMPMXMIW -[MPPEWWYQIXLEX]SYEPVIEH]ORS[LS[XSGSRRIGXERHYWIE[MVIPIWWRIX[SVOERH[MPPRSXKS MRXSXVIQIRHSYWHIXEMPWVIKEVHMRKXLSWIWXITW 8LIJSPPS[MRKMWFVMIJVIGETSJLS[XSGSRRIGXXS [MVIPIWWRIX[SVOWMR;MRHS[W<4ERHMR1EG37< -J]SYRIIHEQSVIMRZSPZIHKYMHI TMGO YTEGST]SJ4'1EKE^MRI¬W ,SQI2IX[SVOMRK+YMHI

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4EVX-: ¨ %HZERGIH4VSNIGXW

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(IWTMXI[EVRMRKWXSXLIGSRXVEV]QER]TISTPI[MPPMRWXEPPE[MVIPIWWRIX[SVOERHRIZIVIREFPI XLIIRGV]TXMSRXLIVSYXIVWYTTSVXW8LMWQIERW]SYGERSJXIRGSRRIGXXSEGGIWWTSMRXWF]WMQ TP]TEVOMRK]SYVWIPJMRERIMKLFSVLSSH]SYGERYWIXLIMV-RXIVRIXGSRRIGXMSRERHTSWWMFP]IZIR FVS[WIXLIMVRIX[SVO2SXIXLEXMXMWPMOIP]MPPIKEPXSHSXLMWFIMRKXLIIUYMZEPIRXSJXVIWTEWWMRK MRWSQIWXEXIWERHXLIVIQE]FISXLIVPIKMWPEXMSR3JGSYVWIXLIVIEVIPIKMXMQEXIRIX[SVOW]SY QE]FIEFPIXSWRMJJSYXWYGLEWXLSWIEXPSGEPGSJJIIWLSTWERHYRMZIVWMXMIW MJ]SY¬VIEWXYHIRX SJGSYVWI 

'LETXIV ¨ %HHMRK-RXIVRIX%GGIWW

3RGI ]SY¬VI GSRRIGXIH ]SY GER WYVJ XLI ;IF GLEX [MXL ]SYV TVIJIVVIH MRWXERX QIWWEKMRK ETTPMGEXMSRTSWWMFP]YWIER-RXIVRIXTLSRIWYGLEWXLSWIJVSQ:SREKIŒERHIZIRYTHEXI]SYV GEVGSQTYXIV¬WWSJX[EVIERHERXMZMVYWHIJMRMXMSRW 7SQIRIX[SVOWQE]EPWSFIIRGV]TXIH8LIVIEVIQER]XSSPW]SYGERYWIXSGVEGOXLI;)4OI]W MRXLIWIRIX[SVOW[LMGL-[SR¬XWLS[]SYLS[XSHS-J]SY¬VIGYVMSYWEWXSLS[WYGLYXMPMXMIW [SVOSV]SY[ERXXS ELIQ PIEVRLS[TEGOIXWXVEZIPMRE[MVIPIWWRIX[SVOXV]SYX%MV7RSVX &7(%MV8SSPWERH;)4'VEGO8LIWIYXMPMXMIWGERFIJSYRHF]]SYVJEZSVMXIWIEVGLIRKMRIFYX OIITMRQMRHXLI]GERFIPIWWXLERLSRIWXXSSPWERHQE]GSQTVSQMWI]SYVGSQTYXIVWSMX¬W ]SYVTVSFPIQMJ]SYKIXMRXVSYFPIYWMRKXLSWIETTPMGEXMSRW

(SR¬XGSRRIGXXSRIX[SVOWXLEXEVIRSX]SYVW2SXSRP]MWXLIVIETSWWMFMPMX]XLEX]SY¬VIFVIEOMRK XLIPE[]SYGSYPHKIXGEYKLXERHFIJMRIHSVMQTVMWSRIH-HSR¬XWYKKIWXWRSSTMRKEVSYRH[MVI PIWWP]9RPIWW]SY¬VIEWIGYVMX]I\TIVX]SYTVSFEFP]HSR¬XVIEPM^ILS[QER]FVIEHGVYQFW]SY¬VI PIEZMRK WYGLEW]SYV2)8&-37-(SV1%'EHHVIWW %PWSOIITMRQMRHXLEXRIX[SVOW]SYHSRSX GSRXVSP ERHXLIVIJSVIWLSYPHRSXXVYWX QE]FIGSQTVSQMWIHERHSVQSRMXSVIHF]YRWGVYTYPSYW TISTPI(SR¬XKSGLIGOMRK]SYVFEROWXEXIQIRXQEOMRKGVIHMXGEVHTE]QIRXWERHSXLIVTVMZEXI XVERWEGXMSRWNYWXFIGEYWI]SYJSYRHERSTIRRIX[SVO

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4EVX-: ¨ %HZERGIH4VSNIGXW

*-+96)  %(VIQIPΠXSSP[MXLERETTVSTVMEXIGYXXMRKFMX

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'LETXIV ¨ %HHMRK-RXIVRIX%GGIWW ORS[LS[XSYWIE(VIQIP SV]SYEVIR¬XGSQJSVXEFPI[MXLYWMRKEGYXXMRKXSSP EWOETVSJIW WMSREPXSHSMXJSV]SY 1SYRXXLIEWLXVE]MREZMGIKVMTWSMXHSIWR¬XQSZISVJP]EVSYRHERHMRNYVI]SY MRNYVIWSQISRI IPWI SVFVIEOER]XLMRK 1EOIWYVI]SYHSR¬XFIRHER]QIXEPMRXLIEWLXVE] FIGEYWI]SY[ERXMX XSJMXGPIERP]FEGOMRXSXLIHEWL[LIR]SY¬VIHSRI[MXLXLMWTVSNIGX 'LSSWIXLIETTVSTVMEXIFMXFEWIHSRXLI(VIQIPSVWMQMPEVXSSP]SY¬ZITYVGLEWIH 8LMW[MPPZEV] SRXLIQERYJEGXYVIVFYXWLSYPHFIGPIEVP]SYXPMRIHMRXLIQERYEPJSVEFMXXLEXGYXWQIXEPW 2S[ GYXELSPIMRXLIJVSRXSJXLIEWLXVE]WS]SYGERWPMHIXLILYFMR %JXIV]SY¬ZIHSRIXLMW GYXEMRGLF]MRGLLSPIMRXLIFEGOSJXLIEWLXVE]XSVYRXLI97&GEFPIXLVSYKL %JXIVGYXXMRKXLIQIXEP YWIEWERHMRKFMX WII*MKYVI  MJ]SYLEZISRI XSWQSSXLSYXXLI IHKIWSJXLINYWXGYXQIXEP 8LIQIXEPWLSYPHR¬XFII\GITXMSREPP]LSXEJXIVGYXXMRKSVWERHMRK FYX-WXMPP[SYPHR¬XXSYGLMXJSVEJI[QMRYXIW

*-+96)  %WERHMRKFMXJSVXLI(VIQIPXSSP

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4EVX-: ¨ %HZERGIH4VSNIGXW

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*-+96)  8LILYFEJXIVFIMRKMRWIVXIHMRXLIEWLXVE]

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'LETXIV ¨ %HHMRK-RXIVRIX%GGIWW FEGOIRHSJXLILYFERHGSRRIGXXLIX[S 8MKLXP][VETWSQIIPIGXVMGEPXETIEVSYRHXLIX[S SRGIXLI]EVIGSRRIGXIHWSETEWWIRKIVHSIWR¬XEGGMHIRXEPP]WXITSREGEFPIXSGEYWIMXXSGSQI PSSWI 6YRXLISXLIVIRHSJXLI97&GEFPIFILMRH]SYVHEWL SVYRHIV]SYVGIRXIVGSRWSPI HITIRHMRKSR[LIVI]SYVEWLXVE]MWPSGEXIH ERHXS]SYVGEVGSQTYXIVERHTPYKMXMR TVIJIVEFP] XSE97&TSVX FYXE97&TSVX[MPPHS

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*-+96)  8LIJMRMWLIHTVSHYGX

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4EVX-: ¨ %HZERGIH4VSNIGXW GSQTYXIV ERHMJ]SYTIVJSVQEHZERGIHXEWOW WYGLEWQSRMXSVMRKSVTVSKVEQQMRK]SYVGEV¬W GSQTYXIV XLIPEWXXLMRK]SYRIIHMWELEGOIVGSQTVSQMWMRK]SYVGSQTYXIVW]WXIQ 8LIPEWX XLMRK]SY[ERXMWELEGOIVLMNEGOMRK]SYVGSQTYXIVSZIVXLI-RXIVRIX ;LMPIEWIIQMRKP] VIQSXIWGIREVMSRS[ MXMWTSWWMFPIJSVXLILEGOIVXSXEOIGSRXVSPSJ]SYVQEGLMRIERHTSWWMFP] GSRXVSP]SYVIRKMRIGSQTYXIVERHWSJSVXL[LMPI]SYHVMZI ;MRHS[W<4GSQIW[MXLEFYMPXMRJMVI[EPPERHWSHSQER]JPEZSVWSJ0MRY\ -J]SYEVIR¬X VYRRMRK;MRHS[W<4SV0MRY\ XLIVIEVIQER]JVIIEPXIVREXMZIWSYXXLIVI WYGLEW>SRI%PEVQ ERH0%27YMXI 8LIVIEVIEPWSQER]GSQQIVGMEPJMVI[EPPTEGOEKIW WYGLEW8VIRH1MGVS -RXIVRIX7IGYVMX] 2SVXSR-RXIVRIX7IGYVMX] ERHQER]SXLIVWEZEMPEFPISRPMRIERHEX]SYVPSGEP GSQTYXIVWXSVI

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2IX[SVOMRKERH 7LEVMRKER-RXIVRIX 'SRRIGXMSR

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MRXLMWGLETXIV 2IX[SVOMRK GSQTYXIVWERH HIZMGIWMR]SYVGEV 7LEVMRK]SYV -RXIVRIXGSRRIGXMSR



4EVX-: ¨ %HZERGIH4VSNIGXW

*-+96)  %QMRM)XLIVRIXW[MXGLMWGSQTEGXERHIEW]XSTPEGIMR]SYVGEV

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'LETXIV ¨ 2IX[SVOMRKERH7LEVMRKER-RXIVRIX'SRRIGXMSR

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4EVX-: ¨ %HZERGIH4VSNIGXW

'LSSWMRKE1YWMG4PE]IV 3FZMSYWP]]SYLEZIEPSXSJGLSMGIWJSVQYWMGTPE]IVWMR]SYVGEV 8LITVSFPIQMWXLEXQSWXSJ XLIQYWIWQEPPXI\XSVEVIQEHIJSVERMRXIVJEGI[MXLEQSYWI %PWS QER]SJXLIQ[SR¬XIEWMP] W]RGLVSRM^IEPPSJ]SYVQYWMG 7MRGIEQSYWIMWR¬XJIEWMFPIJSVYWI[LMPIHVMZMRK ERHWQEPPXI\X HSIWR¬XLIPTQIQYGL ERHFIGEYWI-LEZIEXSYGLWGVIIRMRXLIGEV -[VSXIQ]S[RQYWMG TPE]IV 'EV8YRIWŽ WII*MKYVI  =SYGERYWIER]WSJX[EVI]SY[ERX FYX-[VSXI 'EV8YRIWJSVIEW]W]RGLVSRM^EXMSR[MXLEPPSJXLIQYWMGMRQ]GEVERH[MXLERIEW]MRXIVJEGI QEHIWTIGMJMGEPP]JSVXSYGLWGVIIRW *SVI\EQTPI MXLEWFMKFYXXSRWERHFMKXI\XERHWSQIYWI JYPJIEXYVIWRSRISJXLISXLIVQIHMETPE]IVWLEZI 'EV8YRIWMWEZEMPEFPIJSVHS[RPSEHJVSQXLI 'EV8YRIW;IFWMXIEX[[[GEVXYRIW[W

*-+96)  8LIXSYGLWGVIIRSVMIRXIHQYWMGTPE]IV-[VSXI'EV8YRIW

'LETXIV ¨ 7]RGMRK1YWMG0MFVEV][MXL=SYV,SQI2IX[SVO

%HHMRKE/RSFXS=SYV'EV4' %GSSPPMXXPIKM^QS-JSYRHJSVQ]GEV[EWXLI+VMJJMR4S[IV1EXI8LMWPMXXPIHIZMGIPSSOWPMOIE ORSFJVSQEKSSHPSSOMRKWXIVISERHGERFITVSKVEQQIHXS[SVO[MXLER]ETTPMGEXMSR-XWYT TSVXWGPMGOMRKF]TYWLMRKMRERHVSXEXMRK8LISFZMSYWYWIJSVXLMW[SYPHFIMREQYWMGTVSKVEQ [LIVI]SYGSYPHWIPIGXQYWMGF]WGVSPPMRKXLVSYKLERHXLIRTYWLMRKMRXSWIPIGXXLIQYWMG-TVS KVEQQIHMXXS[SVO[MXLQ]'EV8YRIWQYWMGTPE]IVFYXMXGEREPWSFIYWIHMRER]ETTPMGEXMSR MRGPYHMRKWGVSPPMRK;IFWMXIWHSGYQIRXWQETWERHWSJSVXL-X¬WZIV]GSSPERHMWYRHIVQSYRXIH MX RIEV Q] WXIIVMRK [LIIP WS - GSYPH HMEPMR QYWMG [LMPI HVMZMRK 8LI 4S[IV1EXI WLS[RMRXLIJMKYVIFIPS[MWEZEMPEFPIJVSQQER]GSQTYXIVWXSVIWMRGPYHMRK'SQT97%ERH EZEMPEFPIJVSQ+VMJJMR8IGLRSPSK]¬W;IFWMXIEX[[[KVMJJMRXIGLRSPSK]GSQ

8LI+VMJJMR8IGLRSPSK]4S[IV1EXI97&HMEP





4EVX-: ¨ %HZERGIH4VSNIGXW

8LI8IWX 2S[XLEX[ILEZIIZIV]XLMRKW]RGLVSRM^IH XLISRP]XIWXMWXSWII[LIXLIV[IGEREGGIWWXLI QYWMG *MVIYT]SYVQYWMGTPE]IVERHEHHXLIQYWMG]SYNYWXW]RGLVSRM^IHXSXLITPE]IV 7S [LIVIHS]SYJMRHXLIQYWMG#-X¬WIEW]¨KSXS1]'SQTYXIVERHWIPIGXXLIJMPIW]SY[ERXJVSQ XLIQETTIHHVMZIW 8LI]WLSYPH[SVO[LIXLIVSVRSX]SY¬VIGSRRIGXIHXSXLIRIX[SVOERH WLSYPH[SVONYWXPMOIVIKYPEVHVMZIW 8LIJSPHIVWWLSYPHEPWSWXE]MRW]RGF]EYXSQEXMGEPP]W]R GLVSRM^MRKIZIV]XMQI]SYVLSQI[MVIPIWWSV[MVIHRIX[SVOFIGSQIWEZEMPEFPI

%HHMXMSREP6IWSYVGIW 8EFPIPMWXWWSJX[EVITEGOEKIW]SYGERYWIJSVJMPIW]RGLVSRM^EXMSR

8EFPI 7SJX[EVIJSV*MPI7]RGLVSRM^EXMSR 7SJX[EVI4EGOEKI

4VMGI

4PEXJSVQ

;IF7MXI

*MPI7]RG

*VII

;MRHS[W

[[[KIRIZESRPMRIGSQbWGSXX

0ETPMRO*MPI1SZIV



;MRHS[W

[[[PETPMROGSQTVSHYGXW JMPIQSZIV

;MRHS[W*MPI 7]RGLVSRM^EXMSR

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;MRHS[W <4

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1EG37<

[[[ZIVWMSRXVEGOIVGSQH]R QSVIMRJSQEGSW\

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0MRY\

LXXTOMVCWQMVRSZXVMTSH GSQO&EK

7YQQEV] 8LMWGLETXIVHMWGYWWIHLS[XSWIXYTWLEVMRKSRLSQIGSQTYXIVWJSVKEMRMRKEGGIWWXSSYV QYWMGGSPPIGXMSREXLSQIJVSQXLIGEV /IITMRKEPPSJ]SYVQYWMGMRSRIPSGEXMSRQEOIWMXIEW] JSV]SYXSEGGIWW]SYVQYWMGJVSQER]GSQTYXIVMR]SYVLSQIERHIRNS]ER]QYWMG]SY[ERX [LMPISRXLIVSEH

7]RGMRK4SVXEFPI 1YWMG4PE]IVW

GLETXIV

%TTVS\MQEXITVSNIGXGSWX 

4

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%*I[2SXIWEFSYX7]RGMRK 8LIVIEVIEJI[MXIQW]SYRIIHXSXEOIMRXSGSRWMHIVEXMSR FIJSVIMRWXEPPMRKE97&LYFMR]SYVGEV

/IIT'EFPI0IRKXLWMR1MRH ;LIRVYRRMRKXLI97&GEFPIXS]SYVGEVGSQTYXIVMXMWMQTSVXERXXLEXMX RSXFISZIVJIIXMRPIRKXL 8LI97&WTIGMJMGEXMSRHSIWRSXTIVQMXEGEFPI XSFIPSRKIVXLERJIIX ERH]SYQE]PSWIHEXEMJ]SYYWISRIPSRKIV

7]RGMRK8EOIW4S[IV 2SVQEPP]]SY[SR¬XLEZI]SYVTSVXEFPIQYWMGTPE]IVTPYKKIHMRXSE TS[IVWYTTP][LMPI]SYHVMZI 9RJSVXYREXIP] [LMPI]SYYWI]SYVQYWMG TPE]IV]SYEVIEPWSHVEMRMRKXLIFEXXIV] 3RPSRKVSEHXVMTWXLMWQE] FIGSQIETVSFPIQ ,MKLIVIRHQSHIVRHMKMXEPQYWMGTPE]IVWEVIGETEFPISJGLEVKMRK XLIQWIPZIWF]YWMRKXLITS[IVTVSZMHIHSZIVXLI*MVI[MVISV

MRXLMWGLETXIV -RWXEPPE97&LYF MRXS]SYVHEWL 4PE]]SYVQYWMG ER][LIVI &Y]QYWMGPIKEPP]MR ]SYVGEV 'LEVKI]SYVQIHME TPE]IV[LMPIHVMZMRK



4EVX-: ¨ %HZERGIH4VSNIGXW 97&TSVXXLI]EVIGSRRIGXIHXS -J]SYVGEVGSQTYXIVHSIWRSXLEZIE*MVI[MVISV97& TSVXERH]SYVHMKMXEPQYWMGTPE]IVWYTTSVXWIMXLIVJSVGLEVKMRK -VIGSQQIRHTYVGLEWMRKER I\TERWMSRGEVHXLEXIREFPIW]SYXSXEOIEHZERXEKISJXLIGLEVKMRKGETEFMPMX] 8LMW[MPPPIX]SY IRNS]]SYVQYWMGERH LEZIEGLEVKIHYTQYWMGTPE]IV[LIR]SYVIEGL]SYVHIWXMREXMSR -J ]SY [ERX XS GLEVKI ]SYV QYWMG TPE]IV YWMRK *MVI[MVI QEOI WYVI ]SY EVI YWMRK E WM\TMR *MVI[MVITSVXEWWLS[RMR*MKYVIWERH8LIJSYVTMRSV©QMRMª*MVI[MVITSVXWHSRSX TVSZMHIER]TS[IVJSVGLEVKMRKHIZMGIW 97&ERH97&GEFPIWERHTSVXWPSSOMHIRXMGEP'LIGO[MXL]SYVGSQTYXIVQERYJEGXYVIVXS WIIMJ]SYLEZIE97&TSVXSR]SYVGSQTYXIV7SQIXMQIWXLIVI[MPPFIEWXMGOIVSRXLIJVSRX SJXLIGSQTYXIVGEWIXLEXWE]W©,M7TIIH97&ªHIRSXMRK]SYLEZI97&TSVXWFYMPXMRXS]SYV GSQTYXIV%RSXLIV[E]XSXIPPMWF]TPYKKMRKE97&HIZMGIMRXSE97&TSVXSR]SYVGSQTYXIV -JEFEPPSSRTSTWYTWE]MRK©8LMWHIZMGIGERTIVJSVQJEWXIVªXLIR]SYLEZITPYKKIHXLIHIZMGI MRXSE97&TSVX *MVI[MVIMWEGXYEPP]EFVERHREQIJSVXLI-))) WXERHEVH%TTPI'SQTYXIVXLIQERYJEGXYVIV SJM4SHQYWMGTPE]IVWERH1EGMRXSWLGSQTYXIVWGEQIYT[MXLXLIREQI7SR]ERH4LMPMTWLEZI XLIMVS[RREQIJSV-)))¨MX¬WGEPPIHM0MRO

*-+96)  7M\TMR*MVI[MVITSVXERHMXWGSRRIGXSV

'LETXIV ¨ 7]RGMRK4SVXEFPI1YWMG4PE]IVW

*-+96)  *SYVTMR*MVI[MVITSVXERHMXWGSRRIGXSV

7SQI(IZMGIW6IUYMVI97& 7SQIHIZMGIW]SYTYVGLEWI[MPPVIUYMVI97& XLILMKLWTIIHZIVWMSRSJXLITSTYPEVTIVMTL IVEPGSRRIGXMSRXIGLRSPSK] 97&WYTTSVXWWTIIHWSJYTXSQIKEFMXWTIVWIGSRH 1FTW  [LIVIEW97&SRP]WYTTSVXWYTXS1FTW 97&GEREPWSTVSZMHIQSVITS[IV SZIVMXWFYWXLER97& QEOMRKMXGETEFPISJGLEVKMRKGIVXEMRHIZMGIW WYGLEW%TTPI¬WM4SH [MXLSYXEWITEVEXITS[IVEHETXIV

;LEX-J=SY2IIH*MVI[MVI# -J]SYRIIH*MVI[MVIJSV]SYVQIHMETPE]IVMRWXIEHSJ97& ]SYGERMRWXEPPERMRXIVREP4'-SV 4'1'-%GEVHXSKIXWYGLJYRGXMSREPMX] -J]SYEVIKSMRKXSLEZIQSVIXLERSRI*MVI[MVI HIZMGI WYGLEWEVIQSZEFPILEVHHVMZI MREHHMXMSRXS]SYVQYWMGTPE]IV ]SYGERJMRHE*MVI[MVI LYFJVSQQER]VITYXEFPITVSZMHIVW WYGLEW&IPOMRERH3VERKI1MGVS -J]SYEVIPSSOMRKJSVE 97&*MVI[MVIGSQFSLYF -JSYRHEJI[F]WIEVGLMRKJSV97&'SQFS,YF SR*VSSKPI +SSKPI¬WWLSTTMRKWIEVGLWMXI [[[JVSSKPIGSQ  8LIJMVWXXLEXGEYKLXQ]I]I[EWXLI GSQTEGX(0MRO(*&,JSVEFSYX

-RWXEPPMRKE97&,YFMR=SYV(EWL -[EWKIXXMRKXMVIHSJLEZMRKXSVYR97&GEFPIWXSQ]GSQTYXIVYRHIVXLIWIEX ,EZMRKE97& LYFSRXLIJPSSVHMHR¬XWIIQPMOIEKSSHMHIEIMXLIV -HIGMHIH-GSYPHXEOIQ]EWLXVE]ERHE QMGVS97&LYFERHEHHXLILYFHMVIGXP]XSQ]GEV¬WHEWL 8LMWQEHIMXIEW]JSVQIXSGSR RIGXQ]M4SH VIQSZEFPIWXSVEKIHIZMGIW KEQIGSRXVSPPIVW ERHQSVIXSQ]GEV[MXLSYXHIEPMRK [MXLEPSXSJQIWW]GEFPIW ,IVI¬WLS[-HMHMX





4EVX-: ¨ %HZERGIH4VSNIGXW -J]SYHSR¬XLEZIEVIQSZEFPIEWLXVE]SV]SYHSR¬XLEZISRIXLEXGERJMXELYF]SYGERWXMPPEHH ELYFXS]SYVGEV1SYRXMRKXLILYFMRWMHI]SYVGIRXIVGSRWSPISVMR]SYVKPSZIFS\SVIZIRGYX XMRKMRXS]SYVHEWLERHQSYRXMRKMXXLIVIGERFINYWXEWIJJIGXMZI-J]SYHIGMHIXSGYXMRXS]SYV GEVXSQEOIELSPIJSVXLILYFQEOIWYVI]SYORS[[LIVI]SY¬VIGYXXMRK=SYHSR¬X[ERXXSGYX XLVSYKLER]GVMXMGEP[MVIWSVKIXERIPIGXVMGWLSGO

;LEX=SY;MPP2IIH %REWLXVE]XLEX]SYHSR¬XGEVIEFSYXQIWWMRKYT SVWMQMPEVVIQSZEFPIMXIQXLEX]SYGER VITPEGIMJ]SYWIPPXLIGEVSVQIWWYT  1EOIWYVIXLILYF]SYFY]GEREGXYEPP]JMXMRXSXLI EWLXVE] b*VIIXSXSVITPEGI %X[SSVJSYVTSVXQMGVS97&LYF b§ XLIWIEVIXLIWQEPP97&LYFW EPWS GEPPIHXLYQF97&LYFW  -GLSWIEJSYVTSVXJSVGSRZIRMIRGI WII*MKYVI  -EPWS VIGSQQIRHXLEXXLILYFFI97&MRWXIEHSJ FIGEYWIELYFWYTTSVXWQYGL JEWXIVHIZMGIWERHGEREPWSWYTTSVX97&HIZMGIW 1EOIWYVIXLILYFHSIWR¬XVIUYMVI E TS[IVEHETXIVFYXGERYXMPM^IERI\XIVREPTS[IVWYTTP]MJRIIHIH WSQIIZIRGSQI[MXL XLII\XIVREPTS[IVEHETXIV 

*-+96)  8LI&IPOMR1MGVS97&LYF

'LETXIV ¨ 7]RGMRK4SVXEFPI1YWMG4PE]IVW %97&I\XIRWMSRGEFPI SJETTVSTVMEXIPIRKXLXSVIEGL]SYVGEVGSQTYXIV b§  %(VIQIPŒXSSP SVWMQMPEVVSXEV]GYXXMRKXSSPSVSXLIVXSSPGETEFPISJGYXXMRKQIXEP [MXLEQIXEPGYXXMRKFMXERHEWERHMRKFMX WII*MKYVI  EZEMPEFPIJVSQQSWXLEVH [EVIWXSVIW b 

*-+96)  (VIQIPΠXSSP[MXLERETTVSTVMEXIGYXXMRKFMX

%LSXKPYIKYRERHXLIWYTIVKPYIWXMGOWXSQSYRXXLILYFMRXLIEWLXVE]ERHXSQEOI WYVIMXHSIWR¬XQSZI b  1EOIWYVIXLEXMJ]SY¬VIMRE[EVQGPMQEXI]SYGLIGOXLI XIQTIVEXYVIVERKIJSVXLIKPYIFIGEYWIWSQIKPYIWGSYPHQIPXMRXLIHIKVII SVLSX XIV GEVMRXIVMSVXIQTIVEXYVIWTSWWMFPIMRETEVOIHGEVHYVMRKWYQQIVMRXLIHIWIVXWSYXL [IWX  )PIGXVMGEPXETI b  %REZEMPEFPI97&SV97&TSVXSR]SYVGEVGSQTYXIV

7XIT4VITEVIXLI%WLXVE] 8LIJMVWXXLMRKXSHSMWHIXIVQMRI[LIVIERH[LEX]SY[ERXXSHVMPP 6IQSZIXLIEWLXVE] SV [LEXIZIV]SYGLSWIXSMRWXEPPXLMWMRXS JVSQ]SYVGEV (SRSXHSXLMWTVSNIGXMR]SYVGEV¨MXMWXSS HERKIVSYW1IEWYVIXLILYF¬WTIVMQIXIVWS]SYORS[LS[FMKSJELSPIXSQEOI ERHSYXPMRI XLEXMRTIRGMP[LIVI]SYEVIKSMRKXSHVMPP -JSYRHXLEXQ]EWLXVE]EPPS[IHQIXSYRWGVI[XLI TPEWXMGTMIGIWS-GSYPHHVMPPXLIQIXEPWITEVEXIJVSQXLITPEWXMG 1EOIWYVIXLEXFIJSVI]SYHVMPP]SYVIQSZIER]TPEWXMGSVVYFFIVTMIGIW MJTSWWMFPI 8LMW[MPP TVIZIRX]SYJVSQQEOMRKQIPXIHEVIEWMRXLITPEWXMG[LMPI]SYGYX





4EVX-: ¨ %HZERGIH4VSNIGXW

7XIT(VMPPXLI1IXEP 8LMWMW[LIVIXLI(VIQIPGSQIWMR 1EOIWYVI]SYHSXLMWMRE[IPPZIRXMPEXIHEVIEERH[IEV LERH I]I ERHQSYXLTVSXIGXMSR =SYHSR¬X[ERXXSFVIEXLIMRXLIQIXEPHYWX ]SYHSR¬X[ERXXS KIXFMXWMR]SYVI]I ERH]SYHSR¬X[ERXXSGYXSJJJMRKIVWSVGYX]SYVWIPJ -J]SYHSR¬XORS[LS[ XSYWIE(VIQIP SV]SYEVIR¬XGSQJSVXEFPI[MXLYWMRKEGYXXMRKXSSP EWOETVSJIWWMSREPXSHSMX JSV]SY 1SYRXXLIEWLXVE]MREZMGIKVMTWSMXHSIWR¬XQSZISVJP]EVSYRHERHMRNYVI]SY MRNYVIWSQISRI IPWI SVFVIEOER]XLMRK 1EOIWYVI]SYHSR¬XFIRHER]QIXEPMRXLIEWLXVE] FIGEYWI]SY[ERXMX XSJMXGPIERP]FEGOMRXSXLIHEWL[LIR]SY¬VIHSRI[MXLXLMWTVSNIGX 'LSSWIXLIETTVSTVMEXIVSXEV]FMXFEWIHSRXLI(VIQIPSVWMQMPEVXSSP]SY¬ZITYVGLEWIH 8LMW [MPPZEV]SRXLIQERYJEGXYVIVFYXWLSYPHFIGPIEVP]SYXPMRIHMRXLIQERYEPJSVEFMXXLEXGYXW QIXEPW 2S[ GYXELSPIMRXLIJVSRXSJXLIEWLXVE]WS]SYGERWPMHIXLILYFMR %JXIV]SY¬ZIHSRIXLMW GYXEMRGLF]MRGLLSPIMRXLIFEGOSJXLIEWLXVE]XSVYRXLI97&GEFPIXLVSYKL %JXIVGYXXMRKXLIQIXEP YWIEWERHMRKFMXEWWLS[RMR*MKYVI MJ]SYLEZISRI XSWQSSXL SYXXLIIHKIWSJXLINYWXGYXQIXEP 8LIQIXEPWLSYPHR¬XFII\GITXMSREPP]LSXEJXIVGYXXMRKSV WERHMRK FYX-WXMPP[SYPHR¬XXSYGLMXJSVEJI[QMRYXIW

*-+96)  7ERHMRKFMXJSVXLI(VIQIPXSSP

'LETXIV ¨ 7]RGMRK4SVXEFPI1YWMG4PE]IVW

7XIT'YXXLI4PEWXMG 9WMRKXLI(VIQIP SVSXLIVGYXXMRKHIZMGI GYXSYXXLIEVIEMRXLITPEWXMG]SY[MPPFIMRWIVXMRK XLILYFMRXS =SYLEZIXSFITVIXX]TVIGMWIEFSYXXLMW FIGEYWIMJ]SYQEOIXLIKETFIX[IIRXLI LYFERHXLITPEWXMGXSS[MHI MX[MPPFIQSVIHMJJMGYPXXSJMPPMRXLIKET[MXLXLIWYTIVKPYI ERH XLYWXLILYFQE]GSQIPSSWI 8V]XSYWIEPS[IV641WIXXMRKMJYWMRKEZEVMEFPIQSXSVWTIIH (VIQIP FIGEYWILMKL641WQE]UYMGOP]QIPXXLITPEWXMGERHQEOIXLMRKWEXEHYKP]

7XIT-RWXEPPXLI,YF 2S[XLEX]SY¬ZIGYXIZIV]XLMRK VIEXXEGLER]TPEWXMG]SYLEZIVIQSZIHERHWPMHIXLILYFMRXS XLILSPI 1EOIWYVIMXMWIEW]XSEGGIWWXLIFEGOSJXLILYFWS]SYGERVYRXLII\XIRWMSRGEFPI ERHQEOIWYVIXLIGSRRIGXSVSRXLIFEGOSJXLILYFMWRSXXSYGLMRKER]QIXEPMRXLIEWLXVE] ;EVQYTXLILSXKPYIKYR[MXLXLIWYTIVKPYIWXMGO 3RGI]SYLEZIIZIV]XLMRKMRTPEGI YWI XLILSXKPYIKYRXSTYXWYTIVKPYISREPPWMHIWSJXLILYF ERHLSPHXLILYFERHXLIEWLXVE] XSKIXLIVJSVEXPIEWXEQMRYXI EPPS[MRKXLIKPYIXSGSSPEFMX 7IXXLILYFERHEWLXVE]HS[RMRE TSWMXMSR[LIVIXLIVI¬WRSXIRWMSRSVJSVGISRXLILYF EPPS[MRKMXXSWXE]MRXLIHIWMVIHJMREP TSWMXMSRYRXMPXLIKPYIGSSPW WII*MKYVI  -[SYPH[EMXEFSYXERLSYVLIVI¨KS[EXGLE QSZMISVWSQIXLMRK

*-+96)  8LILYFEJXIVFIMRKMRWIVXIHMRXLIEWLXVE]





4EVX-: ¨ %HZERGIH4VSNIGXW

7XIT6YRXLI'EFPIXS=SYV'EV'SQTYXIV 2S[XLEXXLILYFMWMRXLIEWLXVE] [IRIIHXSXIWXXLEXMXHSIWR¬XFYHKI (SXLMWF]TPYKKMRKMR EGSYTPISJ97&HIZMGIWSVGEFPIWERHXLIRYRTPYKKMRKXLIQ (SR¬XXV]XSSLEVHSV]SY[MPP FVIEOXLIEHLIWMZI¨NYWXYWIXLIJSVGI]SY[SYPHRSVQEPP]YWIJSVEHHMRKERHVIQSZMRKE HIZMGIJVSQELYF -JXLILYFGSQIWPSSWI ]SY[MPPRIIHXSVIKPYIMX TSWWMFP][MXLEWXVSRKIV KPYI -JMXMWWXEFPI VYRXLII\XIRWMSRGEFPIXLVSYKLXLILSPIMRXLIFEGOSJXLIEWLXVE]XSXLI FEGOIRHSJXLILYFERHGSRRIGXXLIX[S 8MKLXP][VETWSQIIPIGXVMGEPXETIEVSYRHXLIX[S SRGIXLI]EVIGSRRIGXIHWSETEWWIRKIVHSIWR¬XEGGMHIRXEPP]WXITSREGEFPIXSGEYWIMXXSGSQI PSSWI 6YRXLISXLIVIRHSJXLI97&GEFPIFILMRH]SYVHEWL SVYRHIV]SYVGIRXIVGSRWSPI HITIRHMRKSR[LIVI]SYVEWLXVE]MWPSGEXIH ERHXS]SYVGEVGSQTYXIVERHTPYKMXMR TVIJIVEFP] XSE97&TSVX FYXE97&TSVX[MPPHS

7XIT8IWXXLI,YF 8LMWMWTVIXX]IEW]¨XYVRSRXLIGSQTYXIVERHTPYKMREHIZMGI EWWLS[RMR*MKYVI -JMX WLS[WYT MX[SVOW8V]TPYKKMRKEHMKMXEPQYWMGTPE]IVERHW]RGLVSRM^MRK]SYVGEVGSQTYXIV [MXLMXWQYWMGGSPPIGXMSRJSVYWISRXLIVSEH ;LIR]SYPIEZI]SYVGEV WMQTP]YRTPYK]SYV QYWMGTPE]IVJVSQXLIHEWLERHXEOIMX[MXL]SY,S[GSSP

*-+96)  8LIJMRMWLIHTVSHYGX

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'LSSWMRKXLI'EQIVE %WQIRXMSRIHIEVPMIV XLIGEQIVEMWSRISJX[SOI]GSQTSRIRXWMRXLMWTVSNIGX -RXLIGEV ]SY MHIEPP][ERXE[MVIPIWWZMHISGEQIVEWS]SYGERTPEGIXLIYRMXER][LIVI[MXLSYXEPSXSJLEWWPI 7IGSRH ]SY[ERXMXXSFIFEXXIV]TS[IVIHWS]SYHSR¬XLEZIXS[SVV]EFSYXVYRRMRKER]TS[IV GEFPIWEPPEVSYRHXLIGEV [LMGLKSIWLERHMRLERH[MXLXLIHIWMVIJSVE[MVIPIWWWSPYXMSR  JSYRHEGSYTPIWSPYXMSRWXLEXEVIFSXLEJJSVHEFPIERH[SVXL[LMPI 8LI2I[;E]8IGLRSPSK][MVIPIWWZMHISGEQIVE b WLS[RMR*MKYVI  8LMW GEQIVEMWTVEGXMGEPP]MQTSWWMFPIXSJMRHJSVWEPIMRWXSVIW FYX]SYGERJMRHMXIEWMP]SR I&E]F]WIEVGLMRKJSV©[MVIPIWWZMHISGEQIVEª 1EOIWYVIXLEX[LIR]SYFY]MXSRI&E] ]SYKIXSRIXLEXGSQIW[MXLXLIZSPXEHETXIVWS]SYGERYWIEFEXXIV]TEGOXSTS[IV FSXLXLIGEQIVEERHXLIZMHISVIGIMZIV

*-+96)  8LI2I[;E]8IGLRSPSK][MVIPIWWZMHISGEQIVEERHVIGIMZIV

8LI<W]WXIQW<'EQ[MVIPIWWZMHISWSPYXMSR b [[[\GSQ WLS[RMR *MKYVI  *SVYRHIVMXGSQIW[MXLE[MVIPIWWGEQIVE [MVIPIWWZMHISVIGIMZIV :'6GSQQERHIV JSVXIPPMRKE:'6[LIRXSVIGSVH  QSXMSRHIXIGXSV VIQSXIGSRXVSP ERHXVMTSH¨RSXFEHEXEPP

'LETXIV ¨ &IMRK&MK&VSXLIV%HHMRK:MHIS7YVZIMPPERGI

*-+96)  8LI<<'EQ[MVIPIWWZMHISGEQIVEERHVIGIMZIV

=SYQE]VIGEPP<EWXLIJSPOW[LSFVSYKLX]SYXLSWITSTYTWSRIZIV];IFWMXIJSVEPQSWXE ]IEVJIEXYVMRKXLIMVPMXXPIZMHISGEQIVE

(IXIVQMRI;LIVIXS4PEGIXLI'EQIVE (IXIVQMRK[LIVIXSTPEGIXLIGEQIVEHITIRHWSR[LEX]SY[ERXXSQSRMXSV -WYKKIWXTYXXMRK MXSRXLIVSSJSJXLITEWWIRKIVGSQTEVXQIRX RIEVXLIJVSRXSJXLIGEVJEGMRKFEGO SVSRXLI HEWLSJXLIGEVJEGMRKFEGO 8LMWWLSYPHKMZI]SYIRSYKLSJERERKPIXS[EXGLJSVGEVWFYQTMRK MRXS]SY HSSVWLMXXMRK]SYVWMHIW ERHSXLIVW[EPOMRKEVSYRH]SYVGEV 3JGSYVWI LEZMRKXLI GEQIVEMRTPEMRWMKLXQE]RSXFIXLIFIWXMHIE WSLEZMRKMX:IPGVSIHXSXLIVSSJSJXLITEWWIR KIVGSQTEVXQIRXMWPMOIP]XLIFIWXTPEGI 7MRGIXLIYRMXMW[MVIPIWW ]SYGEREP[E]WVIQSZIMX [LIRMXMWRSXMRYWI OIITMRKMXMRXLIKPSZIGSQTEVXQIRX GIRXIVGSRWSPI SVXVYROJSV[LIR ]SYRIIHMX WII*MKYVI 





4EVX-: ¨ %HZERGIH4VSNIGXW

*-+96)  8LI2I[;E]8IGLRSPSK]GEQIVE:IPGVSIHXSXLIVSSJSJXLITEWWIRKIV GSQTEVXQIRX

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¬WWRETGSRRIGXSVEXXEGLIWXSEREHETXIVXLEXTPYKWMRXSXLIHIZMGI EWWLS[RMR*MKYVI  8LIWISJJIVJVSQXSXMQIWQSVIFEXXIV]STIVEXMRKXMQIXLERWXERHEVHZSPXFEXXIV MIW %PWS JSVWLSVXIVSTIVEXMRKXMQIW VIGLEVKIEFPIZSPXFEXXIVMIWSVWTIGMEPPSRKPMJI0MXLMYQ ZSPXFEXXIVMIW HIWMKRIHJSVWQSOIHIXIGXSVW GERFIYWIH

'LETXIV ¨ &IMRK&MK&VSXLIV%HHMRK:MHIS7YVZIMPPERGI

(IZMGITS[IVTPYKEHETXIV

&EXXIV]LSPHIV

7RETGSRRIGXSVGSRRIGXWXSFEXXIV]TEGO 7RETGSRRIGXSVJSVEHETXIV

*-+96)  &EXXIV]TEGO[MXLEHETXIV

*YVXLIVQSVI F]YWMRKVIGLEVKIEFPIFEXXIVMIWMR]SYVFEXXIV]TEGOW ]SYGERWEZIQSRI]ERHKIX QSVIFEXXIV]PMJIMRXLIGEWISJ2MGOIP1IXEP,]HVMHI 2M1, ERH0MXLMYQ-SR 0M-SR VIGLEVEKIEFPIW 6E]SZEG (YVEGIPP ERHSXLIVFEXXIV]QERYJEGXYVIVWWIPPVIGLEVKIEFPIFEXXIVMIW XLEXGLEVKIMRQMRYXIWSVPIWW

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





4EVX-: ¨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¬ FEXXIV]TS[IVIH:'6W#'ER¬X]SYYWIXLSWI#;IPP MX¬WRSXXLEXKSSHSJ ERMHIE XSFILSRIWX -J]SYXV]XSVIGSVHXSXETIMRXLIQMHHPISJELSXWYQQIV XLEXXETI GSYPH[EVT QIPX NEQ ERHWSJSVXL ,EVHHVMZIW IWTIGMEPP]XLIPETXSTX]TIHVMZIWXLEXEVIFYMPX MRXSXLMWRI[KIRIVEXMSRSJTIVWSREPZMHISVIGSVHIVW EW[IPPEWQIQSV]GEVHW GERXEOIUYMXIE FMXQSVILIEXXLERXLMR JPI\MFPIXETIGER[MXLWXERHMRMXWLSQIYWITPEWXMGLSYWMRK 8LMWMW IWTIGMEPP]XVYI[MXL1MRM(:XETIFEWIHGEQIVEW¨XLIPEWXXLMRK]SY[ERXXSHSMWPIEZI]SYV (:GEQIVEVIGSVHMRKMR]SYVGEV ERH(:XETIGERYWYEPP]KIXEXQSWXQMRYXIWSJ VIGSVHMRKXMQI ERHWXMPPHSIWR¬XLSPHYT[IPPXSLIEX  8LI14)+ZMHISVIGSVHIVGEREPWSHSYFPIEWEQYWMGERHZMHISNYOIFS\JSVLEZMRK]SYVQYWMG GSPPIGXMSRMR]SYVGEVEW[IPPEWWXVIEQMRKZMHISXSXLIZEVMSYWWGVIIRWMR]SYVGEV

(IXIVQMRI;LIVIXS4PEGIXLI6IGSVHIV 8LIMHIEPTPEGIXSQSYRXXLIVIGSVHIVMWRI\XXS]SYV'EV4' 8LIKSEPLIVIMWXLEX EJXIV]SY LEZIGETXYVIHZMHIS ]SYGERVIZMI[MXSRIMXLIVXLIVIGSVHIV SVWMQTP]ZME]SYV'EV4' WMRGI XLI%VGLSWZMHISVIGSVHIVGSRRIGXWXSER]4'SZIV97& &]YWMRK:IPGVSXSOIITXLIVIGSVHIV JVSQQSZMRK ]SYGEROIITMXWEJIP]LMHHIRYRHIV]SYVWIEX ERH[LIR]SY[ERXXSXEOIMX[MXL ]SY NYWXYRTPYKXLITS[IVERHZMHISERHXEOIMXXSXLIK]Q LSQI SV[LIVIZIV

;LEX=SY2IIH 8LIJSPPS[MRKMWEPMWXSJMXIQW]SYRIIHJSVXLMWTVSNIGX ;MVIPIWWZMHISGEQIVEERHVIGIMZIVSVWMQMPEV[MVIHSV[MVIPIWWZMHISGEQIVEERHZMHIS VIGIMZIV b WIIXLI©'LSSWMRKXLI'EQIVEª WIGXMSRIEVPMIVMRXLIGLETXIV %VGLSW14)+%:KMKEF]XI4SGOIX:MHIS6IGSVHIV b WII*MKYVI :IPGVSWXVMTW  WII*MKYVI %'MRZIVXIVXSOIITXLI%VGLSWGLEVKIH[LIR]SYVGEVMWVYRRMRK § HITIRHMRK SR[LIXLIV]SY[MPPFIEHHMRKEGSQTYXIVPEXIVSR¨WS [EXXW[MXLRSGSQTYXIVSV [EXXW[MXLSRI YRPIWW]SYEPVIEH]LEZISRIMRWXEPPIH

'LETXIV ¨ &IMRK&MK&VSXLIV%HHMRK:MHIS7YVZIMPPERGI

*-+96)  8LI%VGLSW%:4SGOIX:MHIS6IGSVHIV

6IKYPEV:IPGVSJSV QSYRXMRKMXIQWSRJPSSV *-+96)  :IPGVSWXVMTW

-RHYWXVMEPWXVIRKXL:IPGVSJSV EPPSXLIVQSYRXMRKPSGEXMSRW





4EVX-: ¨ %HZERGIH4VSNIGXW

7XIT1IEWYVIERH%TTP]:IPGVSXS:MHIS6IGSVHIVERH :MHIS6IGIMZIV 1IEWYVIXLIFSXXSQSJXLI%VGLSWZMHISVIGSVHIVERH[MVIPIWWZMHISVIGIMZIVERHGYXX[S LSSOWMHI:IPGVSWXVMTWXSGSZIVX[STEVEPPIPWMHIWSJXLIVIGSVHIV ERHXLIWEQIJSVXLI[MVIPIWW ZMHISVIGIMZIV EWWLS[RMR*MKYVIW  ERH =SY[ERXXSLEZIXLILSSOWMHIJEGMRK XLIGEVTIX 8LIVIEWSR]SYYWIXLILSSOWMHIMWXLEXMXYWYEPP]LSSOWZIV][IPPMRXSGEVTIXSR GEVW -J]SYVGEVHSIWRSXLEZIGEVTIX SVXLILSSOWMHISJXLI:IPGVSHSIWR¬XWXMGO[IPPXS]SYV GEVTIX ]SY[MPP[ERXEPWSXSETTP]EWEQIWM^IWXVMTSJ:IPGVSXSXLIJPSSVSJ]SYVGEV[LIVI]SY [MPPFITPEGMRKXLIVIGSVHIV

*-+96)  8LI[MVIPIWWZMHISVIGIMZIV

'LETXIV ¨ &IMRK&MK&VSXLIV%HHMRK:MHIS7YVZIMPPERGI

(SRXGYX:IPGVS[MHIV XLERXLIFEXXIV]

*-+96)  8LI:IPGVSETTPMIHXSXLIZMHISVIGSVHIV

*-+96)  8LI:IPGVSETTPMIHXSXLI[MVIPIWWZMHISVIGIMZIV





4EVX-: ¨ %HZERGIH4VSNIGXW 3RGIXLI:IPGVSMWETTPMIH QSYRXXLIVIGSVHIVERHZMHISVIGIMZIVRI\XXSXLI'EV4' EW WLS[RMR*MKYVI -J]SYHSR¬XLEZIE'EV4' QEOIWYVIXLIVIGSVHIVERHZMHISVIGIMZIV EVIQSYRXIHYRHIVXLIWIEX

*-+96)  8LIZMHISVIGSVHIVERH[MVIPIWWZMHISVIGIMZIVTPEGIHYRHIVXLIWIEX RI\XXSXLI'EV4'

/IITXLIZMHISVIGSVHIVIEWMP]EGGIWWMFPIWS]SYGERVIQSZIMXEXER]XMQI *SVI\EQTPI [LIR ]SYEVIE[E]SRPSRKXVMTW ]SYQE][ERXXSXEOIXLIZMHISVIGSVHIV[MXL]SY IWTIGMEPP]MJMX HSYFPIWEWEQIHMETPE]IV -EQYWMRKXLIXIVQZMHISVIGSVHIV LIVIMRTPEGISJXLI%VGLSWWMRGI]SYQE]GLSSWIEHMJJIV IRXZMHISVIGSVHIV

-RLSX[IEXLIV-WYKKIWXXLEXER]ZMHISVIGSVHIV[MXLEFYMPXMR0'(WGVIIIRFIOITXMREWGSSP EREVIEEWTSWWMFPI8LIWIWGVIIRWEVIRSXEWVIWMWXERXXSLIEXI\XVIQIWEWPEVKIV0'(IRXIVXEMR QIRXWGVIIRWERHQMKLXFIHEQEKIH YWYEPP]HEVOIRIH F]LMKLLIEX

7XIT1SYRXXLI:MHIS'EQIVE 1SYRXXLIZMHISGEQIVEEWHMWGYWWIHYRHIV©(IXIVQMRI;LIVIXS4PEGIXLI'EQIVEª *YPP MRWXVYGXMSRWYWYEPP]GSQI[MXL[MVIPIWWZMHISGEQIVEWSRLS[XSQSYRXXLIQ WSJSPPS[XLSWI

'LETXIV ¨ &IMRK&MK&VSXLIV%HHMRK:MHIS7YVZIMPPERGI MRWXVYGXMSRW MRGPYHMRKLS[XSTVSTIVP]MRWIVXXLIFEXXIV] /IITMRQMRHXLEX]SYWLSYPHOIIT XLIFEXXIV]GSQTEVXQIRXIEWMP]EGGIWWMFPIWS]SYGERVITPEGIMX[MXLSYXER]JYWW &IQMRHJYP XLEXMRXIVREPFEXXIVMIWXIRHXSWYTTP]TS[IVJSVVIGSVHMRKJSVNYWXEJI[LSYVWEXQSWX

7XIT'SRJMKYVIXLI:MHIS'EQIVEERH;MVIPIWW:MHIS 6IGIMZIV 'SRJMKYVIXLI[MVIPIWWZMHISGEQIVEERH[MVIPIWWZMHISVIGIMZIVTIVXLIMRWXVYGXMSRWXLEXGEQI [MXLXLIHIZMGIW =SY[MPP[ERXXSQEOIWYVIXLIHIZMGIWXEPOSRXLIWEQIGLERRIPWERHXLEX XLI]EVIRSXVIGIMZMRKZMHISJIIHWSVMRXIVJIVIRGIJVSQRIEVF]WSYVGIW 8LI<'EQQIRXMSRIH IEVPMIVMR©'LSSWMRKXLI'EQIVEª ERHWSQISXLIV[MVIPIWWZMHISGEQIVEW YWIWXLIYRPMGIRWIH KMKELIVX^JVIUYIRG] [LMGLQIERWHIZMGIQERYJEGXYVIVWHSR¬XLEZIXSTE]XSFVSEHGEWXSZIV XLEXJVIUYIRG]  1ER]SXLIVHIZMGIW WYGLEW[MVIPIWWEGGIWWTSMRXWERH&PYIXSSXLHIZMGIW QE] FIYWMRKXLIWEQIJVIUYIRGMIWRIEV]SY WSQEOIWYVI]SYGSRJMKYVIERHXIWXEGGSVHMRKP]

7XIT'SRRIGX:MHIS'SRRIGXMSRWJVSQ;MVIPIWW:MHIS 6IGIMZIVXS:MHIS6IGSVHIV 'SRRIGXXLIZMHISSYXTYXJVSQXLI[MVIPIWWZMHISVIGIMZIVXSXLIZMHISVIGSVHIVF]YWMRKXLI WYTTPMIH%: EYHMSZMHIS GEFPIW EWWLS[RMR*MKYVI

*-+96)  8LIZMHISGSRRIGXMSRWXSXLIZMHISVIGSVHIVJVSQXLI2I[;E] 8IGLRSPSK]GEQIVE¬W[MVIPIWWZMHISVIGIMZIV





4EVX-: ¨ %HZERGIH4VSNIGXW

7XIT'SRRIGX97&JVSQ:MHIS6IGSVHIVXS'SQTYXIV 'SRRIGXXLI97&JVSQXLIZMHISVIGSVHIVXS]SYV'EV4' MJ]SYLEZISRI 8LMW[MPPFIYWIJYP JSVVIZMI[MRK]SYVZMHIS[MXLSYXQIWWMRKEVSYRH[MXLXLIZMHISVIGSVHIV %97&GEFPIYWYEPP] GSQIWTEGOIHMRXLIFS\[MXLTSGOIXZMHISVIGSVHIVW -J]SYHMHR¬XKIXSRI NYWXVYRXS]SYV PSGEP'SQT97%SV&IWX&Y]SVER]SXLIVVIXEMPIVXLEXWIPPWGSQTYXIVIUYMTQIRXERHTMGOSRI YT¨XLI]¬VITVIXX]WXERHEVH

7XIT6YR4S[IVJVSQ:MHIS6IGSVHIVXS%'-RZIVXIV /IIT -X'LEVKIHFIX[IIR6MHIW 7MRGI]SY[MPPFIVYRRMRKXLIZMHISVIGSVHIVYREXXIRHIHERHMRFEXXIV]QSHI ]SY[MPP[ERXXS OIITMXWFEXXIV]GLEVKIHFIX[IIRVIGSVHMRKWIWWMSRW 4PYKXLI%'EHETXIVXLEXGEQI[MXLXLI ZMHISVIGSVHIVMRXSXLI%'MRZIVXIVWS]SYGERGLEVKIXLIFEXXIV][LMPI]SYHVMZI %RSXLIV STXMSRMWXSXEOIXLIZMHISVIGSVHIVSYXSJ]SYVGEVXIQTSVEVMP]ERHGLEVKIMXMRHSSVW &IGEYWI MX¬WNYWX:IPGVSIHMR ]SYWLSYPHFIEFPIXSNYWXYRTPYKXLIZMHIS 97& ERHTS[IVGEFPIW HIXEGL MXJVSQXLIGEVTIXERHXEOIMXSYXSJXLIGEV =SYQE]RSXLEZIIRSYKLWSGOIXWPIJXSR]SYV%'MRZIVXIVXSTPYKXLIZMHISVIGSVHIVMR-RXLMW GEWIFY]MRKEWQEPPTS[IVWXVMT[MPP[SVONYWXJMRI¨]SYGERJMRHXLIQEXER]PSGEPLEVH[EVI WXSVIYWYEPP][MXLSRP]XLVIITPYKW8LILSYWILSPHETTPMERGII\XIRWMSRGSVHWEVISRP]EFSYX ERHEVIEPWSZIV]YWIJYPFIGEYWIXLI]EVIZIV]GSQTEGXERHGERXEOIEJI[XVERWJSVQIVW[MXLSYX XEOMRKYTEPSXSJWTEGI-J]SYHSTYVGLEWIETS[IVWXVMTXLSYKLQEOIWYVI]SYFY]SYXPIX TPYKWXSGSZIVXLIYRYWIHWSGOIXWXSOIITWTMPPIHHVMROWERHSXLIVIPIQIRXWSYXSJXLITS[IV WSGOIXW XLI]VYREFSYXEFYGOJSVEWQEPPFS\  ;EVRMRK

;LIRTPEGMRKETS[IVWXVMTMR]SYVGEV]SYWLSYPHQSYRXMXYTWMHIHS[R JVSQXLIWIEXJSV I\EQTPI SVWMHI[E]WXSQMRMQM^I[EXIVTSSPMRKIPIGXVSGYXMSRSVWLSGO

7XIT7XEVX6IGSVHMRK 2S[XLEXIZIV]XLMRKMWTPYKKIHMRERHGSRJMKYVIH ]SYGERNYWXTEVO]SYVGEV XYVRSRXLIZMHIS GEQIVEERHZMHISVIGSVHIV ERHWXEVXVIGSVHMRK(SR¬XJSVKIXXSXYVREPPXLIHIZMGIWSJJ[LIR ]SYEVIHSRIYWMRKXLIQ¨MJXLIMVFEXXIV]MWHIEH XLI]¬VIRSYWIXS]SY

7YQQEV] 8LMWGLETXIVHMWGYWWIHZMHISWYVZIMPPERGIERHLS[XSMRWXEPPMXMR]SYVGEVYWMRK[MVIPIWWXIGL RSPSKMIWERHEHZERGIHZMHISVIGSVHIVWXLEXGERVIGSVHQER]LSYVWSJZMHIS 9WMRKZMHIS WYVZIMPPERGIGERLIPT]SYWIIMJTISTPIEVII]IMRK]SYVGEV LSTMRKXSFVIEOMRXSMX SVHIXIVQMRI FPEQIMJWSQISRIWPEQWXLIMVHSSVMRXS]SYVGEV -X¬WEPWSJYRXSYWIXLMWWIXYTXSVIGSVHVSEH XVMTWERHWLEVIXLIQ[MXL]SYVJVMIRHW[MXLSYXOIITMRKXLIGEQGSVHIVSYX ,EZIJYR

8EPOMRKXS=SYV 'EV¬W'SQTYXIV

GLETXIV

%TTVS\MQEXITVSNIGXGSWX 

*

SVXSSQER]]IEVW[IKIIOWLEZILEHXSFVMRKSYVGEVWMRXS XLIHIEPIVWLMTXSJMRHSYX[LEX¬W[VSRK ;I[IVIWSQI[LEX FIJYHHPIHF]SYVGSQTYXIVWFIMRKTVEGXMGEPP]MRGETEFPISJ JMKYVMRKSYXXLITVSFPIQ *IEVRSPSRKIV(YIXSWXERHEVHWEGVSWW XLIEYXSQSXMZIMRHYWXV] RSXSRP]GER[IHMEKRSWIQER]SJSYV S[RTVSFPIQWJSVPIWWXLERXLIGSWXSJEJI[SMPGLERKIW FYX[I GEREPWSQSHMJ]QER]SJSYVIRKMRIERHSXLIVGEVW]WXIQWIXXMRKW JVSQXLIGSQJSVXSJSYVKVETLMGEPYWIVMRXIVJEGIW

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TPEGMRKMRWMHIGEV  § VIEH]FYMPX § WPMQPMRI GSQTSRIRXW § W[ETTMRKTS[IVWYTTPMIW  W]RGLVSRM^MRKQYWMGJMPIW § XIPIZMWMSRVIGIMZIVMRWXEPPEXMSR § XIPIZMWMSRXYRMRKWSJX[EVI  XVYROFEWIH § X]TIWSJ § § 97&ORSFWERHHMEPW  ZMHISWYVZIMPPERGIW]WXIQGSRRIGXMSRW  GEVTVSFPIQWERHVITEMVW '%2XIGLRSPSK]  GEVWTIGMJMGYWIVKVSYTW  GEVWTIGMJMG[MVMRK  HMEKRSWMRK § HSMX]SYVWIPJ;IFWMXIW § IPIGXVSRMGWMR WTIGMEPRIIHW § +JSVGIERHZMFVEXMSR  3&(--MRXIVJEGIWXERHEVHW § GEVVEHMSW XVERWQMXXMRKM4SHQYWMGXS  GEVWIEXHMWTPE]W  7IIEPWS HMWTPE]W WGVIIRWSGOW 'EV7XYJJ;IFWMXI  GEV[MRHS[WERHKVIIRLSYWIIJJIGX § GEV[MVMRKHMEKVEQ  'EVH&YWIW  GEVW[MXL3&(--MRXIVJEGIW PMWXMRKSJ § 'EV8YRIWQIHMETPE]IV EYHMSSYXTYX  HMWTPE]WJSV  JIEXYVIWERHYWIW   YWIWJSV  'EWI8VSRMG'EV4'W   ''% GSPHGVEROMRKEQTW FEXXIV]VEXMRK  '(WERHSTXMGEPHMWGW JMPIWM^I JSVQYPEJSV  WXSVMRKERHLERHPMRKWEJIP] § GIPPTLSRIW GSRRIGXMSRTVSGIWW  -RXIVRIXEGGIWWYWMRK   -RXIVRIXWIVZMGITVSZMHIW  PE[WEFSYXYWMRKMRGEVW § GIPPYPEV+467+4'7-RXIVRIXGSRRIGXMSRGEVHW  'IRXVEP*YWIQYPXMQIHMEWSJX[EVI   GLERRIPW PSGEP  GLMTWIXW 7IIEPWS TVSGIWWSVW ERH&8<XIGLRSPSK]  -RXIP'IRXVMRS    ERHQSXLIVFSEVHWIPIGXMSR  MR3&(--W]WXIQW  JSV7GER8SSPRIXW]WXIQW  [MVIPIWW 





-RHI\ '

GMKEVIXXIPMKLXIVTSVX EHHMRK  YRYWIH TPYKKMRKXMKLXP]  YWIWJSV  GMVGYMXFVIEOIVW  GPIERPMRIWW  §   GPMIRXGSQTYXIVW GSRJMKYVMRKJSV)XLIVRIX GSRRIGXMSRW § GPMQEXI ERHI\XIRHIHXIQTIVEXYVIIPIGXVMGEPXETI  LIEXTVSFPIQW  [IX[IEXLIV § GSEXLERKIV EW[MVMRKXSSP  GSE\MEPERXIRREGEFPMRK § GSPHWSPHIVNSMRXW  GSPHGVEROMRKEQTW ''% FEXXIV]VEXMRK  'SPPMIV 1EVWLE I&E]*SV(YQQMIW   'SPSVEHS HMWXVEGXIHHVMZMRKPE[W  'SQTEGX*PEWLEHETXIVW   GSQTSRIRXZMHISGEFPIW EREPSKZMHISGSRRIGXMSRW § HIWGVMFIH  GSQTSRIRXW %: EYHMSZMHIS W]WXIQW WMRKPIWSYVGI § '(WERHSTXMGEPHMWGW § 8LI(EOSXE4VSNIGX  8LI(EWL[IVOW0MRY\FEWIH'EV4'4VSNIGX  KEQMRK4'W § § LEVHHVMZIWERHSTXMGEPHVMZIW § LEVHIRMRK  LIEXWIRWMXMZMX]  LSQIZIVWYWGEVYWI § § MHIRXMJ]MRKTS[IVRIIHW § OI]FSEVHW § QIHMEGIRXIV4'W § QSFMPIWEXIPPMXIW  QSRI]WEZMRKXMTW   QSYWI § STIVEXMRKWTIGMJMGEXMSRW  TVSKVEQQEFPIFYXXSRTERIPW  TYVGLEWMRKSRI&E] § VIQSZEFPIHIZMGIW  JSVWGVIIRWSGOW  WXSVEKIHIZMGIW § JSVW]RGLMRKQYWMGPMFVEVMIW[MXLLSQIRIX[SVOW  JSVXIPIZMWMSRXYRIVWVIGIMZIVMRWXEPPEXMSRW § XIPIZMWMSRXYRIVWVIGIMZIVW § XMTWJSVGSSPMRK § XSYGLWGVIIRHMWTPE]W  XVYROFEWIH'EV4'W § YTKVEHMRKI\MWXMRKZIVWYWFY]MRKRI[  JSVZMHISGSRJIVIRGMRK § § ;IFGEQW §

GSQTSWMXIZMHIS 6'% GEFPIW   GSQTSWMXIEREPSKHMWTPE]HIZMGIW  GSQTYXIVGEWIW TPEGIQIRXGSRWMHIVEXMSRW  JSVWPMQPMRI'EV4'W  GSQTYXIVTS[IVWYTTP] FEVVMIVXIVQMREPWXVMTGSRRIGXMSRW  GEVMKRMXMSRGSRRIGXMSRW  HMWTPE]SVWGVIIRGSRRIGXMSR § KVSYRHMRKXSGEVJVEQI  TIVMTLIVEPGSRRIGXMSRW  UYMGOHMWGSRRIGXGSRRIGXSVW § WSPHIVMRKKEYKI[MVIXS § 'SQTYXIV6IREMWWERGITEVXWWYTTPMIV  GSQTYXIVW 7IIEPWS 'EV4'W KEQMRK4'W QIHME GIRXIV 4'W QMGVSTVSGIWWSVW § TS[IVRIIHW § ZMHISMRTYXGSRRIGXSVW  GSRHYMXJSVGEFPI § 'SRRIGXMGYX HMWXVEGXIHHVMZMRKPE[W  GSRRIGXMRKXSXLI-RXIVRIX TVSGIWWJSV § GSRRIGXSVW JSVGEFPMRK  JSV*MVI;MVITSVXW § JSVQYPXMTPIHMWTPE]MRTYXW § UYMGOHMWGSRRIGXGSRRIGXSVW §  X]TIWSJ SZIVZMI[ § GSRWYQIVQSFMPIWEXIPPMXIW  'SRXVSP4ERIP WLSVXGYXXS  'SRXVSPPIV%VIE2IX[SVO '%2 XIGLRSPSK]  GSRXVSPPIVW KEQI MRWXEPPMRK § 'SSPIV1EWXIVGSQTYXIVGEWI  GSSPMRKGEVMRXIVMSVW JERW  FIJSVIWXEVXMRKIPIGXVSRMGW  [MRHS[PSYZIVW  GST]TVSXIGXMSR   § GSWXW %'MRZIVXIVW  %8-TVSHYGXW[MXLXIPIZMWMSRVIGIMZIVW § EYHMSJIIHW  FEXXIV]FEVVMIVXIVQMREPWXVMT  'EV4'W VIEH]QEHI  GSQTYXIVZMHISMRTYXGSRRIGXSVW  HMWXVMFYXMSREQTPMJMIVW  (:(ZMHISTPE]FEGOWSJX[EVI  (:-GEFPI  (:6W  JMPIW]RGLVSRM^EXMSRWSJX[EVI  *MVI;MVI-)))M0MROHIZMGIW § KEQIW]WXIQMRWXEPPEXMSR  KEQMRK4'GSQTSRIRXWERHXSSPW §

-RHI\ '§(

+47REZMKEXMSRW]WXIQW   +]VEXMSRQSYWI  LIEHVIWXHMWTPE]W  LMKLVIWSPYXMSRGSQTYXIVHMWTPE]W  -RXIVRIXEGGIWW  -RXIVRIXGSRRIGXMSRWLEVMRKMR;MRHS[W § .YRI*EFVMGW4HE2IXWSJX[EVI  0)(QIWWEKIHMWTPE]W  § QIHMEGIRXIV4'HMWTPE]W  1SRWXIVGEFPIW  QSXLIVFSEVHW   RIX[SVOWIXYT § 3&(--VIEHIVW § 4'GEVHHVMZIW  TVIMRWXEPPIH+47REZMKEXMSRW]WXIQW  VERKII\XIRHIVW  VYFFIV[EWLIVW  WGVI[WJSVFEVVMIVXIVQMREPWXVMTGSRRIGXMSRW  WLVMROXYFMRK  WMRKPIWSYVGI%:W]WXIQW   WPMQPMRIGSQTYXIVGSQTSRIRXW  WPMQPMRI(:(TPE]IVW  WSGOIX[VIRGLERHWGVI[HVMZIVWIXW  WSPHIVMRKMVSRWERH[MVI  7XVIIX;MVIW4S[IV(IPMZIV]/MX&EXXIV]'EFPI  W[MXGLMRKHIZMGIWJSVZMHISMRTYXW § JSVW]RGLMRKQYWMGPMFVEVMIW[MXLLSQI RIX[SVOW § XIPIZMWMSRXYRIVWVIGIMZIVMRWXEPPEXMSR § 8VMTPI4LSRS4PYK'SYTPIVMRWXEPPEXMSR § XVYROFEWIH'EV4'W § 8:ERH,(8:VIGIMZIVW § X[IRX]X[S  KEYKIWXVERHIH[MVI  97&LYFMRWXEPPEXMSR § ZMHISWYVZIMPPERGIIUYMTQIRX §  ZMHISGSRJIVIRGMRKGSQTSRIRXWERHXSSPW § [MVIGVMQTIVWERHGVMQTMRKXSSPW  [MVIPIWWEHETXIVW  [MVIPIWWLIEHTLSRIW § § GSYTPIVW JSV%:W]WXIQW MRWXEPPMRK § VYRRMRKGEFPIJSV § GVMQTMRKXSSPW § GVSWWXEPOJVSQZMHISGEFPIW 

( 8LI(EOSXE4VSNIGX 7LSIQEOI  § HEVOGSPSVGEVW    (EWLFSEVH0MRY\(EWL4'WSJX[EVI  (EWLFSEVH1SROI];IFWMXI  HEWLFSEVHW EHHMRK97&LYFW § MRWXEPPMRKHMWTPE]WMR 

QSYRXMRKWXSVEKIHIZMGIWXS § STIRWTEGIFILMRH  8LI(EWL[IVOW0MRY\&EWIH'EV4'TVSNIGX &IVKIVSR  § HEXEPSWW  (EXE7XSVQWEXIPPMXIWIVZMGITVSZMHIV  ('TS[IVW]WXIQW § HIEPIVW MRWXEPPEXMSRSJGSQTSRIRXWF]  SFXEMRMRK[MVMRKHMEKVEQWJVSQ  HIJVEKQIRXMRKLEVHHVMZIW  (IPE[EVI HMWXVEGXIHHVMZMRKPE[W  (I0SVQI)EVXLQEXI+47  HIWOXSTGSQTYXIVW +7LSGOVEXMRKW  (MKM1SXSJSV;MRHS[W3&(--WSJX[EVI  HMKMXEPQIHMETPE]IVW  HMKMXEPTLSXSVIEHIVW  HMKMXEPXIPIZMWMSR (8:   HMKMXEPZMHIS 7IIEPWS (:(TPE]IVW GEFPIW GEFPMRK  GSRRIGXSVWJSV § VIGSVHIVWJSV § HMKMXEPZMHISMRXIVJEGI (:- GEFPI    (MKMXEP;SVPH[MHIMRHEWLGSQTYXIVHMWTPE] EHETXIVW   'EV8YRIWTVSKVEQ[MXL  JSVGIRXVEPGSRWSPIW   QSHIPWERHGSWXW    XSYGLWGVIIRJIEXYVI  ;IFWMXIW  HMWGFEWIHKEQIGSRWSPIW  HMWGSRRIGXMRKGSQTYXIVW  HMWGSYRXW WSYVGIWJSV   (MWO4VSTIVXMIWHMEPSKFS\ ;MRHS[W<4  XSSPWXEF  HMWOMQEKMRKETTPMGEXMSRW   HMWTPE]W EYHMSJIIHW  FERRMRKSJ  FYMPH]SYVS[R § GEFPMRKVIUYMVIQIRXW  JSV'EV4'W   § GEVWIEXHMWTPE]W  JSVGSQTYXIVW  HMKMXEPHIZMGIW  JPMTHS[R  JSVKEQMRK4'W § JSV+47W]WXIQW  LIEHYRMXW  MRHEWLHMWTPE]W  MRWXEPPMRK  PIKEPVIWXVMGXMSRWSR  JSVQIHMEGIRXIV4'W    'SRXMRYIH





-RHI\ (§)

HMWTPE]W GSRXMRYIH QIHMETPE]IVW  QYPXMTPI:+%HMWTPE]W  § SRHEWLHMWTPE]W  TS[IVRIIHW § VIGSVHMRKMHIRXMJMIVMRJSVQEXMSR  WGVIIRWSGOW § JSVWMRKPIWSYVGI%:W]WXIQW § WM^I  JSVXIPIZMWMSRXYRIVWVIGIMZIVW  § XSYGLWGVIIRW  X]TIWSJ § YWIH XMTWJSVFY]MRK  ZIRHSV;IFWMXIW  HMWXVEGXIHHVMZMRK HMWXVEGXMSRW 7IIEPWS PIKEPMWWYIW PIKMWPEXMSR WEJIX]TVEGXMGIW +47REZMKEXMSRW]WXIQW  PE[WEMQIHEX  § VIWSYVGIWERHVITSVXWSR §  WGVIIRTPEGIQIRX   ZMHISHMWTPE]W  ZMWMFMPMX]MWWYIW   HMWXVMFYXMSREQTPMJMIVW JSVEYHMSZMHISJIIHW § JSVQYPXMTPIHMWTPE]W   JSV[MVIPIWWLIEHTLSRIW   (MWXVMGXSJ'SPYQFME (' HMWXVEGXIH HVMZMRKPE[W § (0MRO2IX)EWX(696*1XYRIV  HSGYQIRXWERHJMPIW WIGYVMX]TVIGEYXMSRW  (SPF](MKMXEPTVSGIWWSVW  HS[RPSEHMRKQYWMG GST]TVSXIGXMSRWGLIQIW § HS[RQM\MRK  (VIQIPXSSP (VIQIPHVMPPMRKFMX § WEJIX]XMTW  WERHMRKFMX   JSV97&LYFMRWXEPPEXMSR § HVMZIVMRWXEPPEXMSR 'EV4'W   KEQMRK4'W  QIHMEGIRXIV4'W  (8: HMKMXEPXIPIZMWMSR   HYEPFSSXMRK  (:(TPE]IVW EHHMRKXSGSQTYXIVW]WXIQ  MRWXEPPMRK § WGVIIRWM^IPMQMXW  WPMQPMRI   § 7:MHISGSRRIGXMSRW   ZILMGPILEVHIRIH  (:(ZMHISTPE]FEGOWSJX[EVI 

(:- HMKMXEPZMHISMRXIVJEGI GEFPI    (:6W HMKMXEPZMHISVIGSVHIVW  §

) IEVP]EHSTXIVW  )EVXLQEXI+47 (I0SVQI   I&E] FY]MRKSR GEYXMSRW § I&E]*SV(YQQMIW 'SPPMIV   )'-1YPXM*SVYQ  )'9W IRKMRIGSRXVSPYRMXW   )(+) )RLERGIH(EXE6EXIWJSV+71)ZSPYXMSR XIGLRSPSK]  )(8: IRLERGIHHMKMXEPXIPIZMWMSR   E F ERHSVK ;M*M -RXIVRIXEGGIWW GSQTSRIRXWJSV  MRWXEPPMRK § IPIGXVMGEPXETI GPIERMRKWYVJEGIWFIJSVIETTP]MRK  GSWXWERHYWIW § I\XIRHIHXIQTIVEXYVIGETEFMPMXMIW  JSVI\XIRWMSRGSVHW  JMFIVKPEWW  JSVTVIZIRXMRKEGGMHIRXW   JSVTVIZIRXMRKHMWGSRRIGXMSRW § JSVTVSXIGXMRKTS[IVGEFPIW  JSVWIGYVMRK1SRWXIVGEFPIW  EWWLVMROXYFMRK  JSV[VETTMRKTS[IV[MVIW  IPIGXVSRMGIUYMTQIRX %: EYHMSZMHIS W]WXIQW WMRKPIWSYVGI § '(WERHSTXMGEPHMWGW § 8LI(EOSXE4VSNIGX  8LI(EWL[IVOW0MRY\FEWIH'EV4'4VSNIGX  KEQMRK4'W § § LEVHHVMZIWERHSTXMGEPHVMZIW § LEVHIRMRK  LIEXWIRWMXMZMX]  LSQIZIVWYWGEVYWI § § MHIRXMJ]MRKTS[IVRIIHW § OI]FSEVHW § QIHMEGIRXIV4'W § QSFMPIWEXIPPMXIW  QSRI]WEZMRKXMTW   QSYWI § STIVEXMRKWTIGMJMGEXMSRW  TVSKVEQQEFPIFYXXSRTERIPW  TYVGLEWMRKSRI&E] § VIQSZEFPIHIZMGIW  JSVWGVIIRWSGOW  WXSVEKIHIZMGIW § JSVW]RGLMRKQYWMGPMFVEVMIW[MXLLSQIRIX[SVOW  XIPIZMWMSRXYRIVWVIGIMZIVW § §

-RHI\ )§+

XMTWJSVGSSPMRK § XSYGLWGVIIRHMWTPE]W  XVYROFEWIH'EV4'W § YTKVEHMRKI\MWXMRKZIVWYWFY]MRKRI[  JSVZMHISGSRJIVIRGMRK § § ;IFGEQW § )PQ)PIGXVSRMGWGLMTWIXW   § IQEMP EGGIWWMRKYWMRKGYWXSQFYXXSRTERIPW  HMWTPE]WJSV  WIRHMRKERHVIGIMZMRK  IRKMRIGSQTEVXQIRX FEVVMIVXIVQMREPWXVMTTPEGIQIRX § IRKMRIGSRXVSPYRMXW  TS[IVGEFPITPEGIQIRX § VYRRMRKGEFPIMR §  IRKMRIGSRXVSPYRMXW )'9W   )RLERGIH(EXE6EXIWJSV+71)ZSPYXMSR )(+)  HIJMRIH  IRLERGIHHMKMXEPXIPIZMWMSR )(8:   IRXLYWMEWXGPYFW HMWGSYRXWJVSQ  SFXEMRMRK[MVMRKHMEKVEQWJVSQ  ;IFWMXIW  )4-%1--1MRM-8<QEMRFSEVH :ME  §  IUYMTQIRX 7IIIPIGXVSRMGIUYMTQIRX )UYMTQIRXERH8SSP-RWXMXYXI )8- ;IFWMXI   )XLIVRIXGSRRIGXMSRW GPMIRXGSQTYXIVW GSRJMKYVMRK § GSWXWEZMRKWYWMRK  IUYMTQIRXERHXSSPRIIHW §  MRWXEPPMRKERHGSRJMKYVMRK § TSVXJSV  W[MXGLIW  )8- )UYMTQIRXERH8SSP-RWXMXYXI ;IFWMXI  I\TERWMSR FYMPHMRKJSV §  I\XIRHIHHIWOXSTHMWTPE]W  I\XIRHIHKVETLMGWEVVE]EHETXIV <+%   I\XIRWMSRGEFPIW § I\XIRWMSRGSVHW LSYWILSPH   JSV97&HIZMGIW  )\XVIQI4'+IEV *1XYRIVW 

* JERW JSV%'MRZIVXIVW  ERHGEFPISV[MVITPEGIQIRX  GEVFEXXIV]  JSVGSQTYXIVTVSGIWWSVW   GSSPMRK EXLMKLEPXMXYHIW  WSPEVTS[IVIH  JIIWJSVWIVZMGIW 

*IWXMZEPXI\XXSWTIIGLWSJX[EVI  JMFIVKPEWWIPIGXVMGEPXETI  JMFIVSTXMGGEFPI    JMPIJSVQEXW JSVQYWMGHS[RPSEHW  JMPIWLEVMRK GSRJMKYVMRKRIX[SVOWJSV § JMPIWM^IW EYHMS'(WZIVWYW14W  JMPIW]RGLVSRM^EXMSRWSJX[EVI  JMPIW VIQSZMRKJVSQGEV  *MPI7]RGJMPIW]RGLVSRM^EXMSRWSJX[EVI  JMVI[EPPWMRGEV JIIHMRKTS[IVGEFPIXLVSYKL  ERHTS[IVGEFPITPEGIQIRX § JMVI[EPPW -RXIVRIX MRWXEPPMRKERHQEMRXEMRMRK § XVSYFPIWLSSXMRKWIVZIVGSRRIGXMSRW  *MVI;MVIHIZMGIW EHHMRKXSGSQTYXIVW]WXIQ § QE\MQYQGEFPIPIRKXL  QYWMGTPE]IVW  ;W]WXIQW  JM\MX]SYVWIPJ;IFWMXIW § *0%7,3*(1 3VXLSKSREP*VIUYIRG](MZMWMSR 1YPXMTPI\MRK XIGLRSPSK]  JPMTHS[RHMWTPE]W  *PSVMHE HMWXVEGXIHHVMZMRKPE[W § *1VEHMSEYHMSXVERWQMXXIVW GSRJMKYVMRKJSVKEQIGSRWSPIW § JSVKEQIW]WXIQMRWXEPPEXMSRW  MRWMRKPIWSYVGI%:W]WXIQW § YWIWJSV  *16EHMS1SYWI  *SPHIVW7]RGLVSRM^IV<JMPIW]RGLVSRM^EXMSRWSJX[EVI  EWTIGXVEXMSR JYPPJVEQI   *VII(MEK3&(--MRXIVJEGIWSJX[EVI  *VSHS4PE]IVQYPXMQIHMEWSJX[EVI   *VSSKPIGSQ +SSKPI ;IFWMXI  JYIPGSRWYQTXMSRERHTS[IVRIIHW  JYPPJVEQI  EWTIGXVEXMS  JYWIFS\IW I\XVEJYWIWJSV  MRWXEPPMRKERHGSRRIGXMRK § ERHTS[IVGEFPITPEGIQIRX §

+ KEQIGSRWSPIW HMWGFEWIH QSHMJ]MRKJSVGEVW  MRWXEPPMRKERHGSRJMKYVMRK § WIGYVMRKXMKLXP] § KEQIGSRXVSPPIVW EWMRTYXHIZMGI § MRWXEPPMRK § QSRI]WEZMRKXMTW 





-RHI\ +§,

+EQI'YFI 2MRXIRHS  7IIEPWS KEQMRK4'W %'MRZIVXIVW  EHZERXEKIWSJYWMRKMRGEVW § MRWXEPPMRKSRE\PILYQT  QSHMJ]MRKJSVGEVW  TS[IVRIIHW § WIGYVMRKXMKLXP] § KEQIW TPE]MRKSRQIHMEGIRXIV4'W  KEQMRK4'W EHHSRWSJX[EVI  FYMPHMRKXLIGSQTYXIV § GSWXW  HMWTPE]ERHTIVMTLIVEPGSRRIGXMSRW   HVMZIVERHWSJX[EVIMRWXEPPEXMSR  IREFPMRKLMFIVREXMSR § IUYMTQIRXERHXSSPRIIHW § KEQIETTPMGEXMSRMRWXEPPEXMSR § MRWXEPPMRKXLIGSQTYXIV § QMGVSTVSGIWWSVW § STIVEXMRKW]WXIQMRWXEPPEXMSR  WXSVMRKWEJIP]  W[ETTMRKTS[IVWYTTPMIW  YTHEXMRKWSJX[EVI  KEQMRKW]WXIQW TVIFYMPX %'MRZIVXIVW  EYHMSSYXTYXSTXMSRW § %:W[MXGLIW § GLSSWMRKEW]WXIQJSV § GSRWSPIMRWXEPPEXMSR § GSRXVSPPIVMRWXEPPEXMSR § GSWXW  HMWTPE]WERHWGVIIRW  IUYMTQIRXERHXSSPRIIHW § LIEXWTIGMJMGEXMSRW  PSGEXMRKMRWMHIGEV  QYPXMTPIKEQIW]WXIQW  VYRRMRKGEFPI  WIGYVMRKGSRWSPI § W[MXGLIW  +IIO1]6MHI ;IFWMXI  +IRIVEP4EGOIX6EHMS7IVZMGI +467 XIGLRSPSK]  KIRIVEXSVW HVEMRSR  +JSVGI MQTEGXSR'(W  MQTEGXSRWXSVEKIHIZMGIW § QIEWYVMRK XSSPWJSV  +*SVGI6EXMRK  KPSZIGSQTEVXQIRX LMHMRKGEFPIWFILMRH  MRWXEPPMRKGSYTPIVMR § QSXLIVFSEVHMRWXEPPEXMSR  +QW +JSVGITIVQMPPMWIGSRH HIJMRIH  HIWOXSTZIVWYWPETXSTLEVHHVMZIW 

+SSKPIGSQ *VSSKPI;IFWMXI  +467 +IRIVEP4EGOIX6EHMS7IVZMGI  HIJMRIH  +47REZMKEXMSRW]WXIQW EHHMRKXS'EV4'  ERXIRREW   GSWXWERHJIIW    HMWTPE]WJSV  EWHVMZMRKHMWXVEGXMSR  MRTYXFYXXSRWERHOI]W §  MRXIKVEXMRK WSJX[EVIJSV  PE[WKSZIVRMRK   QSRXLP]JIIW  TS[IVRIIHW   ZIRHSVWJSV  KVIEWIVIQSZEP   KVIIRLSYWIIJJIGX MRGEVMRXIVMSVW § § +VMJJMR8IGLRSPSK]TVSHYGXW M8VMT;IFWMXI  4S[IV1EXI   KVSYRHMRKGSQTYXIVTS[IVWYTTP]  +7LSGOVEXMRKW LEVHHVMZIW  +YVWOMN ;PEHQMV 7GER1EWXIV   +]VEXMSRTVSHYGXW OI]FSEVHW   QSYWI §

, ,ERHWTVMRK8VIS-RXIVRIXEGGIWW  LERKMRK[MVIWERHGEFPIW § LEVHHVMZIW JSVQIHMETPE]IVW  QSRI]WEZMRKXMTW  WLSGOVIWMWXERX § JSVWPMQPMRI'EV4'W  JSVXVYROFEWIH'EV4'W  YTKVEHMRKGETEGMX]  LEVHIRMRKIUYMTQIRX  ,EYTTEYKI;MR8:TVSHYGXW %1*1XYRMRKGETEFMPMX]  JSVGEV[MXL'EV4'W  8:WMKREPEGGIWW § ,(8: ,MKL(IJMRMXMSR8IPIZMWMSR GSQTSRIRXZMHISGEFPIW   HIJMRIH  (:-GEFPIJSV  VIGIMZIVWJSV  LIEHYRMXW EHHMRK(:(TPE]IVWXS § EPXIVREXMZIWXSFY]MRK  EYHMSJIIHW  GSRJMKYVMRKJSVKEQIGSRWSPIW  JSVKEQIW]WXIQMRWXEPPEXMSRW  TVSWERHGSRW  YWIH XMTWJSVFY]MRK 

-RHI\ ,§-

LIEHTLSRIW [MVIPIWW EYHMSXVERWQMXXIVWJSV § GSQTSRIRXERHXSSPRIIHW § GSRJMKYVMRK  GSRRIGXMRKEYHMSWSYVGIW  MRWXEPPMRKXVERWQMXXIV § TPEGMRKXVERWQMXXIV § TS[IVRIIHW  VYRRMRKGEFPI  X]TIWERHJIEXYVIW § ZIRHSVWJSV  LIEHVIWXHMWTPE]W §  LIEXTVSFPIQW %'MRZIVXIVW  ERHFEXXIV]PSGEXMSR  ERH&8<XIGLRSPSK]  ERHGSQTSRIRXTPEGIQIRX  ERHGSQTYXIVGEWIW  ERHGYWXSQFYMPXHMWTPE]W  MRHEVOGSPSVZIVWYWPMKLXGSPSVGEVW   TPERRMRKJSV  [MVIPIWWHIZMGIW  LIEXXSPIVERGIWTIGMJMGEXMSRW  LIEXMRKIPIQIRXW § LIEZ]HVE[IPIGXVMGEPTS[IVW]WXIQW  LIEZ]HYX]EPXIVREXSVW § ,IPQ4YFPMGEXMSRW;IFWMXI  LMFIVREXMSRWYTTSVX § § § LMHMRKERHTVSXIGXMRKGEFPI § ,MKL(IJMRMXMSR8IPIZMWMSR ,(8: GSQTSRIRXZMHISGEFPIW   HIJMRIH  (:-GEFPIJSV  VIGIMZIVWJSV  LMKLTIVJSVQERGITVSGIWWSVW   LMKLWTIIH97& 97&  7IIEPWS 97&LYFW EHZERXEKIWSJ  FEGO[EVHWGSQTEXMFMPMX]  MHIRXMJ]MRK  JSVQYWMGW]RGLVSRM^EXMSR § WTIIHERHGEVV]MRKGETEGMX]   YWIWJSV  ,MXEGLM8VEZIP7XEVTVSHYGXW § ,SQI2IX[SVOMRK+YMHI 4'1EKE^MRI   LSSOYT[MVI  LSWX4'  ,48YRIVW;IFWMXI  ,884 ;IF ERH,8847 WIGYVI;IF WIVZMGIW  LYFW 97& EHHMRKXSHEWLFSEVH § GEFPIW GEFPMRK §  

GSQTSRIRXWERHXSSPWJSV § § GSRRIGXMRK § HVMPPMRKERHGYXXMRKLSPIWJSV § § MRWIVXMRK   TVITEVMRKEWLXVE]  X]TIWERHTS[IVRIIHW § ,]TIV8IVQMREPTVSKVEQ ;MRHS[W  

-&1PETXSTW § -HELS HMWXVEGXIHHVMZMRKPE[W § -()(:(631'(6;GSQFSHVMZI JSVWPMQPMRI'EV4'W  JSVXVYROFEWIH'EV4'W  -)))HIZMGIW  -)))HIZMGIW § MKRMXMSR GSRRIGXMRKGSQTYXIVTS[IVXS  M0MROHIZMGIW § -PPMRSMW HMWXVEGXIHHVMZMRKPE[W § MRHEWLGSQTYXIVHMWTPE]W   -RHMERE HMWXVEGXIHHVMZMRKPE[W  -RHYWXVMEP7GMIRXMJMGERH1IHMGEP -71 FERH  MRJVEVIH -6 HIZMGIW MQTEGXSJWYRPMKLX  MRJVEVIHFPSGOEKI § OI]FSEVHW  TVSFPIQWEWWSGMEXIH[MXL   VIQSXIGSRXVSPW  [MVIPIWWLIEHTLSRIW §  MRTYXHIZMGIW %:JIIHW §  FYXXSRTERIPW  KEQIGSRXVSPPIVW § OI]FSEVHW § QSYWI § TPEGIQIRXSJ GEYXMSRW  WTIIGLVIGSKRMXMSRWSJX[EVI § XSYGLWGVIIRHMWTPE]W  XSYGLTEHWERHXVEGOFEPPW § X]TIWSJ SZIVZMI[ § MRWYVERGIERHEPEVQW]WXIQW  -RXIP 'IRXVMRS    4IRXMYQ1   [MVIPIWWRIX[SVOMRKXIGLRSPSK]  -RXIPPMKIRX8VERWTSVXEXMSR7SGMIX]SJ%QIVMGE ;IFWMXI  MRXIVJEGIW 3&(-- § MRXIVJIVIRGI JVSQ[MVIPIWWHIZMGIW  MRXIVMSVW XIQTIVEXYVIVERKI  -RXIVQIHME8LVY'EQWSJX[EVI 





-RHI\ -§0

-RXIVRIXEGGIWW MRWXEPPMRK GIPPTLSRIEGGIWW  GSQTSRIRXWERHXSSPW  GSWXWERHSZIVZMI[ § 97&LYFW § JSVZMHISGSRJIVIRGMRK  -RXIVRIXEGGIWWXSSPW &PYIXSSXLW]WXIQW § GIPPTLSRIGSRRIGXMSRW  ,ERHWTVMRK8VISWIVMIW  WEXIPPMXIW]WXIQW § ;M*MW]WXIQW § ;M1E\ERH*0%7,3*(1XIGLRSPSKMIW  -RXIVRIXGSRRIGXMSRWLEVMRK &PYIXSSXLW]WXIQW  GSQTSRIRXWERHXSSPW § § GSQTYXIVZIVWYWHIZMGIFEWIH § WIXXMRKYTMR;MRHS[W § WSJX[EVIJSV § 8'4ERH9(4TSVXRYQFIVW  -RXIVRIX'SRRIGXMSR7LEVMRK%HZERGIH7IXXMRKWHMEPSK FS\ ;MRHS[W<4  § -RXIVRIXGSRRIGXMSRW ERH[MVIPIWWMRTYXHIZMGIW  -RXIVZMHIS;MR(:(  MRZIVXIVW LMHMRKMREREGGIWWMFPIEVIE § VIWIVZITS[IVJSV  -4EHHVIWWMRKJSVZMHISGSRJIVIRGMRK § M4SH %TTPI EGGIWWMRKJVSQ1]'SQTYXIV § GSRXVSPHSGOZIRHSVW  LIEXWIRWMXMZMX]  -6 MRJVEVIH HIZMGIW MQTEGXSJWYRPMKLX  MRJVEVIHFPSGOEKI § OI]FSEVHW  TVSFPIQWEWWSGMEXIH[MXL   VIQSXIGSRXVSPW  [MVIPIWWLIEHTLSRIW §  -V(E MRJVEVIH OI]FSEVHW  -71 -RHYWXVMEP7GMIRXMJMGERH1IHMGEP FERH  -847 PS[ZSPXEKIVIKYPEXSVW JSV'EV4'W  JSVQIHMEGIRXIV4'W 

. .YRI*EFVMGW4HE2IXWSJX[EVI 

/ O&EKJMPIW]RGLVSRM^EXMSRWSJX[EVI  /IRXYGO] HMWXVEGXIHHVMZMRKPE[W 

/IR[SSHTVSHYGXW %PPMR3RIYRMXW  LIEHYRMXW TS[IVRIIHW § OI]FSEVHW QE\MQYQGEFPIPIRKXL  QSRI]WEZMRKXMTW  JSVWPMQPMRI'EV4'W  JSVXVYROFEWIH'EV4'W  X]TIWSJ § [MVIPIWW    OI]TEHW  /MRIWMWTVSKVEQQEFPIOI]TEHW  /MWQIXWSJX[EVI  /SRJEFYPEXSVHIWOXST[MHKIXW   

0 0%2 PSGEPEVIERIX[SVO WIXYT § 7IIEPWS RIX[SVOWIXYT 0ETPMRO*MPI1SZIVJMPIW]RGLVSRM^EXMSRWSJX[EVI  PETXSTGSQTYXIVW HMEKRSWMRKGEVTVSFPIQWYWMRK § VIXVSJMXXMRKJSVKEQMRK § WLSGOVIWMWXERGI § JSVXVYROFEWIH'EV4'W  0FVEGOIXQSYRXMRKFVEGOIXW § 0'(HMWTPE]W (:-GEFPIJSV  WXSVMRKWEJIP]  YWIH XMTWJSVFY]MRK  0'(TVSGWSJX[EVI  PIEHEGMHFEXXIVMIW  0)(QIWWEKIHMWTPE]W GEYXMSRW  GLSSWMRKEPSGEXMSRJSV   GSQTSRIRXERHXSSPRIIHW § GSRRIGXMRKXSTS[IVWYTTP]  MRWXEPPMRKXLIHMWTPE]  WIGYVMRKXMKLXP]  WIXXMRKQIWWEKI  X]TIWSJHMWTPE]W  ZILMGPIERHPIKEPMWWYIW  PIKEPMWWYIW PIKMWPEXMSR GSRWYQIVQSFMPIWEXIPPMXIW  HVMZMRKWEJIX] § JSVPMQMXMRKHMWXVEGXMSRW  § QSFMPIWEXIPPMXIXVERWQMWWMSRW  QSXMSRZMHISHMWTPE]W  TMVEG]   XSTVIZIRXHVMZMRKHMWXVEGXMSRW  WEXIPPMXIXIPIZMWMSRW]WXIQW  WGVIIRTPEGIQIRX 

-RHI\ 0§1

WXEXIPE[W § XMRXIH[MRHS[W  ZMHISVIGSVHMRK WYVZIMPPERGI § [EVHVMZMRK § PMKLXGSRXVSPJMPQW § PMKLXGSPSVGEVW  PMKLXGSPSVGSQTYXIVGEWIW  0MROW]W(IWOXST4'1'-%WSPYXMSR  0MRY\JVSQ7GVEXGLWSJX[EVI  0MRY\STIVEXMRKW]WXIQ GLSSWMRK GVMXIVMEJSV  8LI(EWL[IVOW0MRY\&EWIH'EV4'TVSNIGX § JMPIW]RGLVSRM^EXMSRWSJX[EVI  JMVI[EPPW  [MXLKEQMRK4'MRWXEPPEXMSRW  JSV-RXIVRIXGSRRIGXMSRWLEVMRK § [MXLQIHMEGIRXIV4'MRWXEPPEXMSRW   QIHMEHEWLFSEVHWSJX[EVI  RIX[SVOMRK  3&(--MRXIVJEGIWSJX[EVI  [MVIPIWWHVMZIVW  0-6' ¨ 0MRY\-RJVE6IQSXI'SRXVSPWSJX[EVI  PSGEPEVIERIX[SVO 0%2 WIXYT § 7IIEPWS RIX[SVOWIXYT PSGEPGLERRIPW WGERRMRKERHMRWXEPPMRK  PSGOMRKQIGLERMWQWJSV3(&--W]WXIQW   PSSOELIEHGEGLIW  0SYMWMERE HMWXVEGXIHHVMZMRKPE[W  PSYZIVW [MRHS[  PS[TS[IVTVSGIWWSVW JSVKEQMRKW]WXIQW  PS[ZSPXEKIVIKYPEXSVW -847 JSV'EV4'W  JSVQIHMEGIRXIV4'W 

1 1 HVMZI  1EGMRXSWLGSQTYXIVW %TTPI &PYIXSSXLWYTTSVX   JMPIW]RGLVSRM^EXMSRWSJX[EVI  -RXIVRIXGSRRIGXMSRWLEVMRK  QSYWIFEWIHMRXIVJEGI  3&(--WSJX[EVI  :MVXYEP4'  [MHKIXW    [MVIPIWWGSRRIGXMSRW § 1EH'EX^9PXVE7]WXIQ7IPIGXSV  1EH7GMSVK;IFWMXI LIEXKEMRMRFPEGOZIVWYW[LMXIGEVW  LIEXMRWQEPPZIVWYWPEVKIGEV  1EMRI HMWXVEGXIHHVMZMRKPE[W  QEMRXIRERGIJVII GEPGMYQFEWIH FEXXIVMIW 

1EOI%ZEMPEFPI3JJPMRISTXMSR ;MRHS[W<4    QERYEP GEV¬W MHIRXMJ]MRKI\MWXMRKIUYMTQIRX § QERYJEGXYVIV¬WWYKKIWXIHVIXEMPTVMGI 1764   1%4 QMRMQYQEHZIVXMWIHTVMGI   1ET2IX[SVO(VMZIHMEPSKFS\ ;MRHS[W<4  § QEVMRIFEXXIVMIW  1E\XSVLEVHHVMZIW  QIHMEGIRXIV4'W %1*1XYRMRKGETEFMPMX] § FYMPHMRKXLI4'  HMKMXEPTLSXSVIEHIVW  HVMZIVERHWSJX[EVIMRWXEPPEXMSR  (:(TPE]IVW  IUYMTQIRXERHXSSPRIIHW § *MVI;MVI-)))M0MROHIZMGIW § KEQIWERHETTPMGEXMSRW  LMFIVREXMSRWYTTSVX § MRWXEPPMRK § STIVEXMRKW]WXIQW §  4'GEVHHVMZIW  TS[IVGSRWSPMHEXMSR  TS[IVWYTTP]STXMSRW  TVIFYMPXW]WXIQW  WIGYVMRKXMKLXP] § WSJX[EVIJSV  XIPIZMWMSREGGIWW § QIHMEJSVQEXW  1IHME4PE]IV 1MGVSWSJX   QIHMETPE]IVW FY]MRKQYWMGYWMRK § GEYXMSRWYWMRK  QIHMEVIEHIVWZIVWYW4'GEVHHVMZIW  1IHME'EVQYPXMQIHMEWSJX[EVI   1IHME4SVXEPQYPXMQIHMEWSJX[EVI    QIQSV] JSVQIHMEGIRXIV4'W  QSRI]WEZMRKXMTW  JSVWPMQPMRI'EV4'W  JSVXVYROFEWIH'EV4'W  QIXEPGEWIW LIEXKEMR  QMGVSTLSRIWJSVWTIIGLVIGSKRMXMSRWSJX[EVI  QMGVSTVSGIWWSVW 7IIEPWS QSXLIVFSEVHW GSQQSR WTIIHERH[EXXEKI § JSVKEQMRK4'W  ZIRHSVWJSV  1MGVSWSJX%YXS4'TPEXJSVQ  1MGVSWSJX2IX1IIXMRKWSJX[EVI  1MGVSWSJX4PE]JSV7YVIMRMXMEXMZI  1MGVSWSJX7XVIIXW 8VMTW  1MGVSWSJX:MWYEP&EWMG 





-RHI\ 1§2

1MGVSWSJX;MRHS[W<4 GSRJMKYVMRKJSVQYWMGW]RGLVSRM^EXMSR § IREFPMRKLMFIVREXMSRWYTTSVX § JMPIW]RGLVSRM^EXMSRWSJX[EVI  JMVI[EPP  ,]TIV8IVQMREPTVSKVEQ  -RXIVRIXGSRRIGXMSRWLEVMRK § 1IHME'IRXIVIHMXMSR § 1IHME4PE]IV  RIX[SVOWIXYT § JSVWPMQPMRI'EV4'W  WTIIGLVIGSKRMXMSRWSJX[EVI  JSVXVYROFEWIH'EV4'W  1MGVSWSJX
QSXLIVFSEVHW FYMPH]SYVS[R  GLMTWIXWSR  GSWXW   (:(ZMHISTPE]FEGOWSJX[EVI[MXL  JSVKEQMRK4'W  JSVKEQMRKW]WXIQW  KPSZIGSQTEVXQIRXMRWXEPPEXMSR  PS[TS[IV   JSVQIHMEGIRXIV4'W  JSVXVYROFEWIH'EV4'W  ZIRHSVWJSV  ;IFWMXIWJSV  QSXMSRZMHISHMWTPE]W PIKEPVIWXVMGXMSRW  QSXSV HVEMRSR JVSQIPIGXVSRMGW  QSYRXEMREPXMXYHIW JERIJJMGMIRG]  QSYWI QE\MQYQGEFPIPIRKXL  QSRI]WEZMRKXMTW  TYVGLEWIHIGMWMSRW § JSVWPMQPMRI'EV4'W  JSVXVYROFEWIH'EV4'W  QSZIQIRX GEV MQTEGXWSJ  14'EV;IFWMXI  14W § 14)+ZMHISVIGSVHIVW  1764 QERYJEGXYVIV¬WWYKKIWXIHVIXEMPTVMGI   QYPXMTPI%:MRTYXW  QYPXMTPIKEQIW]WXIQW  QYPXMTPIZMHISWSYVGIW W[MXGLMRKFIX[IIR § QYPXMTPI:+%HMWTPE]W GEFPMRKVIUYMVIQIRXW  JIIHWXS  MRWXEPPMRKMRGEVWIEXW  QYWMG FY]MRKYWMRKQIHMETPE]IVW § QYWMGJMPIW W]RGLVSRM^MRK GSQTSRIRXERHXSSPRIIHW § QYWMGTPE]IVW  RIX[SVOGSRRIGXMSRWIXYT § WSJX[EVIJSV  W]RGLVSRM^EXMSRTVSGIWW § QYWMGTPE]IVW GLEVKMRK  TS[IVRIIHW § X]TIWSJ  1]'SQTYXIV ;MRHS[W  EGGIWWMRK %TTPI¬WM4SH §

2 2EXMSREP'SRJIVIRGISJ7XEXI0IKMWPEXYVIW 2'70 VITSVXEFSYXHMWXVEGXIHHVMZMRK  ;IFWMXI 

-RHI\ 2§4

2EXMSREP,MKL[E]ERH8VEJJMG7EJIX]%HQMRMWXVEXMSR 2,87% VITSVXEFSYXHMWXVEGXIHHVMZMRK  § ;IFWMXI  2EXMSREP8IPIZMWMSR7XERHEVHW'SQQMXXII 287' XIPIZMWMSR  RIEXRIWW §  2IXKIEVVSYXIV ZMHISGSRJIVIRGMRKYWMRK § 2IX1IIXMRKWSJX[EVI 1MGVSWSJX   2IX[SVO'SRRIGXMSRW[MRHS[ ;MRHS[W<4   RIX[SVOWIXYT EHLSGRIX[SVOGSRJMKYVEXMSR § GSQTSRIRXWERHXSSPW § QETTMRKRIX[SVOWXS'EV4'W § QYWMGW]RGLVSRM^EXMSR § W]RGLMRKQSZMIPMFVEVMIW[MXLLSQIRIX[SVOW § ZMHISGSRJIVIRGMRK  2IX[SVO7XYQFPIVWSJX[EVI  2I[.IVWI] HMWXVEGXIHHVMZMRKPE[W  2I[;E]8IGLRSPSK]ZMHISGEQIVEERHVIGIMZIV § 2I[=SVO HMWXVEGXIHHVMZMRKPE[W  2,87% 2EXMSREP,MKL[E]ERH8VEJJMG7EJIX] %HQMRMWXVEXMSR VITSVXEFSYXHMWXVEGXIHHVMZMRK  § ;IFWMXI  RMKLXHVMZMRKERHXMRXIH[MRHS[W  2MRXIRHS+EQI'YFI 7IIEPWS KEQMRK4'W %'MRZIVXIVWJSV  JSVGEVYWI EHZERXEKIW § MRWXEPPMRKSRE\PILYQT  QSHMJ]MRKJSVGEVYWI  TS[IVRIIHW § WIGYVMRKXMKLXP] § RSRGVMXMGEPIPIGXVMGEPW]WXIQW  287' 2EXMSREP8IPIZMWMSR7XERHEVHW'SQQMXXII XIPIZMWMSR 

3 3&('SHIW;IFWMXI  3&(--MRXIVJEGIVIEHIVW FYMPH]SYVS[R  GSQQYRMGEXMRK[MXLYWMRK)01'SQQERH4VSQTX § GSQQYRMGEXMRK[MXLYWMRK,]TIV8IVQMREP § GSQTSRIRXERHXSSPRIIHW § GSRRIGXMRKXLIMRXIVJEGI  PMWXMRKSJZILMGPIW[MXL § SZIVZMI[ § WSJX[EVI § YWMRK § 3&(--XIGLRSPSK]

JIEXYVIWERHYWIW § MRXIVJEGIWJSV  ZIRHSVWJSV  3&(--GSQ;IFJSVYQ  3)0 SVKERMGIPIGXVSPYQMRIWGIRX HMWTPE]  3*(1 3VXLSKSREP*VIUYIRG](MZMWMSR1YPXMTPI\MRK XIGLRSPSK]  SJJPMRIJMPIW   3JJPMRI*MPIWW]RGLVSRM^EXMSRWSJX[EVI 1MGVSWSJX EHHMRKRI[YWIVW  GSRJMKYVMRKWIVZIV § WIXXMRKYTRIX[SVOWLEVMRK § W]RGLVSRM^EXMSRTVSGIWW § 3OPELSQE HMWXVEGXIHHVMZMRKPE[W  3R%MV97&,(8:VIGIMZIV 7EWIQ   3R&SEVH(MEKRSWXMGW:IVWMSR 7II 3&(--XIGLRSPSK] EQTGMVGYMXFVIEOIVW  ;W]WXIQW  \688XIGLRSPSK] 5YEPGSQQ   SRPMRIWXSVIW FY]MRKQYWMGJVSQ  3TIR(MEK=ELSS+VSYT;IFWMXI  STIVEXMRKW]WXIQW EPXIVREXMZIW]WXIQW  JSV'EV4'W  JSVKEQMRK4'W  JSVQIHMEGIRXIV4'W §  STXMGEPGEFPI    STXMGEPHVMZIW QSRI]WEZMRKXMTW  WLSGOVIWMWXERX § 3VIKSR HMWXVEGXIHHVMZMRKPE[W  SVKERMGIPIGXVSPYQMRIWGIRX 3)0 HMWTPE]  SVKERM^IVW GEFPI § 3VXLSKSREP*VIUYIRG](MZMWMSR1YPXMTPI\MRK 3*(1 XIGLRSPSK]  3YXQIWKYMRI 1MOI ;M*M8S]W  

4 TEMRXERHLIEXEFWSVTXMSR  4EPQ3RI8VISWIVMIW -RXIVRIXEGGIWW  TERIPMRK GEYXMSRWEFSYXVIQSZMRK   TEVXW GSQTYXIV VIYWMRK § 4E]4EP;IFWMXI  4'GEVHHVMZIW EHHMRKXSGSQTYXIVW]WXIQ § 4'1EKE^MRI ,SQI2IX[SVOMRK+YMHI   4'FEWIHXIPIZMWMSRXYRIVW WIPIGXMRKEPSGEXMSRJSV  4'-I\TERWMSRGEVHW JSVEHHMRKXIPIZMWMSREGGIWW  JSV[MVIPIWWHIZMGIW 





-RHI\ 4§6

4'1'-%GEVHW EHHMRKXSGSQTYXIVW]WXIQ  JSV-RXIVRIXEGGIWW  4'W 7II 'EV4'W GSQTYXIVW KEQMRK4'W QIHMEGIRXIV 4'W 4'7 4IVWSREP'SQQYRMGEXMSRW7IVZMGI  HIJMRIH  4HE2IX-RXIVRIXEGGIWWWSJX[EVI  4IPMGER7]WXIQ7IPIGXSV4VS § 4IRXMYQ1TVSGIWWSV -RXIP    TIVJSVQERGI SJGEV XSSPWJSVQSRMXSVMRK § TIVJSVQERGI SJIPIGXVMGEPW]WXIQW JEGXSVWXLEXEJJIGX § TIVMTLIVEPGEVHW QSYRXMRKTVSTIVP] § TIVMTLIVEPW GSRRIGXMRKXSQIHMEGIRXIV4'  4IVWSREP'SQQYRMGEXMSRW7IVZMGI 4'7  HIJMRIH  TIVWSREPGSQTYXIVW 7II 'EV4'W GSQTYXIVW KEQMRK 4'W QIHMEGIRXIV4'W TIVWSREPZMHISVIGSVHIVW 4:6W  STIVEXMRKW]WXIQWJSV  TLSRSNEGOW GSRZIVXMRKXSWXIVIS   TMVEG]   ©TM^^EFS\ª GSQTYXIVGEWIW  TPERRMRKTVSNIGXW 7IIEPWS WTIGMJMGTVSNIGXW GLSSWMRKIUYMTQIRX § I\TERHMRKERHEHHMRKSR  LIEXMWWYIW  TS[IVRIIHW   WEJIX]MWWYIW § WIGYVMX]RIIHW § [EVVERX]MWWYIW  TPEWXMGGSQTYXIVGEWIW  4PE]JSV7YVIMRMXMEXMZI 1MGVSWSJX   4PE]WXEXMSR 7SR]  QSHMJ]MRKJSVGEVYWI  434 IQEMPVIGIMZMRKTVSKVEQ   TSVXRYQFIVW JSV-RXIVRIXGSRRIGXMSRWLEVMRK  TS[IVGEFPIW EXXEGLMRKXSFEXXIV]FEVVMIVXIVQMREPWXVMT § LMHMRKERHTVSXIGXMRK § § MRWXEPPMRKJYWIFS\IWJSV § TPEGMRKMRIRKMRIGSQTEVXQIRX § VYRRMRKXSFEXXIV] § JSVXIPIZMWMSRERXIRREW  TS[IVRIIHW ERH%'MRZIVXIVUYEPMX]  EQTPMJMIVW  GYWXSQFYMPXHMWTPE]W  IWXMQEXMRK  § KEQMRK4'W  PS[TS[IVTVSGIWWSVWERHQSXLIVFSEVHW  QIHMEGIRXIV4'W  § ERHTL]WMGWSJWSYRH § TS[IVVIUYMVIQIRXW[SVOWLIIX  97&LYFW § ZMHISWYVZIMPPERGIIUYMTQIRX § [MVIPIWWLIEHTLSRIW  TS[IVSYXPIXTSVX 

TS[IVWSYVGI GSRRIGXMRKXSEYHMSXVERWQMXXIVW  TS[IVWXVMTW QSYRXMRKXMTW  TS[IVWYTTPMIW GSQTYXIV JSV'EV4'W  GSRRIGXMRKXS0)(HMWTPE]  GSRRIGXMRKXSZMHISVIGSVHIV  JSVQIHMEGIRXIV4'W   ERHRYQFIVSJ97&HIZMGIW  UYMGOHMWGSRRIGXGSRRIGXSVW § JSVWPMQPMRI'EV4'W  WSPHIVMRKKEYKI[MVIXS § W[ETTMRKJSVGEVTS[IVWYTTP]  JSVXVYROFEWIH'EV4'W § ZIRHSVWJSV  TS[IVW]WXIQ GEV  7IIEPWS FEXXIV] GEV  GSRRIGXMRKXS %'MRZIVXIVW § GETEGMX]  HMVIGXFEXXIV]GSRRIGXMSRW § HVEMRWSR   PSGEXMRKFEXXIV]  QYPXMTPIFEXXIVMIW § [MVMRKHMEKVEQWJSV  4S[IV1EXI +VMJJMR8IGLRSPSK]   4S[IV5YIWXWSJX[EVI   TS[IVWXITTMRKYRMXW 479 JSV'EV4'W  JSVQIHMEGIRXIV4'W  4VMGI4''EV4'4VSNIGXW;IFWMXI  TVSGIWWSVW 7IIEPWS QSXLIVFSEVHW GSQQSR WTIIHERH[EXXEKI § JSVKEQMRK4'W  ZIRHSVWJSV  TVSKVEQQMRK  47GSRRIGXSVW   47OI]FSEVHGEFPIPIRKXL  479W TS[IVWXITTMRKYRMXW JSV'EV4'W  JSVQIHMEGIRXIV4'W  4:6W TIVWSREPZMHISVIGSVHIVW  STIVEXMRK W]WXIQWJSV 

5 5YEPGSQQ\688XIGLRSPSK]  UYMGOHMWGSRRIGXGSRRIGXSVW § 

6 VEHMSJVIUYIRG] 6* HIZMGIW EHZERXEKIWJSVGEVYWI  § KEQIGSRXVSPPIVW § QSYWI  VIQSXIGSRXVSPW  YPXVE[MHIFERH  [MVIPIWWLIEHTLSRIW §  

-RHI\ 6§7

6%1 VERHSQEGGIWWQIQSV] JSVQIHMEGIRXIV4'W  JSVWPMQPMRI'EV4'W  JSVXVYROFEWIH'EV4'W  VERKII\XIRHIVW   6'% GSQTSWMXIZMHIS GEFPI    VIKYPEXMSRX]TI EPXIVREXSVW   VIQSXIGSRXVSPW  VIQSZEFPIHIZMGIW NEGOWJSV § VIWIEPMRKLSPIW   VIWIVZIXMQIFEXXIV]VEXMRK  VIXEMPTYVGLEWIW QSRI]WEZMRKXMTW  VIXVSJMXXMRKPETXST4'W § VIYWMRKGSQTSRIRXW § 6* VEHMSJVIUYIRG] HIZMGIW EHZERXEKIWJSVGEVYWI  § KEQIGSRXVSPPIVW § QSYWI  VIQSXIGSRXVSPW  YPXVE[MHIFERH  [MVIPIWWLIEHTLSRIW §   6LSHI-WPERH HMWXVEGXIHHVMZMRKPE[W  VMRKGSRRIGXSVW § § VSYXIVW § § 6W]RG<JMPIW]RGLVSRM^EXMSRWSJX[EVI  VYFFIVQSYRXW § VYFFIV[EWLIVW § VYFFMRKEPGSLSP   VYRRMRKGEFPI JMRHMRKELMHMRKTPEGI § TS[IVGEFPIWERHMRZIVXIVW § XYGOMRKYRHIVQSPHMRK § YWMRKGSRHYMXWERHSVKERM^IVW §

7 7%) 7SGMIX]SJ%YXSQSXMZI)RKMRIIVW ;IFWMXI  WEJIX]TVEGXMGIW 7IIEPWS HMWXVEGXIHHVMZMRK HMWXVEGXMSRW EMVFEKW  %1*1VEHMSGSRXVSPW  FEXXIV]GSRRIGXMSRW   GEFPIW GEFPMRK §  § HMWTPE]W WGVIIRW  (VIQIPXSSPW  IPIGXVSRMGIUYMTQIRXYWI § MRGEV%:W]WXIQW  QSYRXMRKTS[IVWXVMTW  RIEXRIWWERHGPIERPMRIWW §  TSVXEFPIFEXXIVMIW I\TPSHMRK  YWMRKQIHMETPE]IVW  [MVMRK  7EWIQ3R%MV97&,(8:VIGIMZIV 

WEXIPPMXI-RXIVRIXW]WXIQW TVSWERHGSRW § TVSZMHIV;IFWMXIW  ZIRHSVWJSV  WEXIPPMXIXIPIZMWMSRW]WXIQW JIEXYVIWERHVIWXVMGXMSRW  JIEXYVIWERHYWIW § ZIRHSVWJSV  7GERHMWOYXMPMX]  7GER8SSPRIXW]WXIQ GLMTWIXW  ;IFJSVYQ  7''% 7TSVXW'EV'PYFSJ%QIVMGE   WGVIIRWSGOW EXXEGLMRKHMWTPE]W § GSRWXVYGXMRKXLIWSGO § IUYMTQIRXERHXSSPRIIHW  WGVIIRWERHQSRMXSVW EYHMSJIIHW  FERRMRKSJ  FYMPH]SYVS[R § GEFPMRKVIUYMVIQIRXW  JSV'EV4'W   § GEVWIEXHMWTPE]W  JSVGSQTYXIVW  HMKMXEPHIZMGIW  JPMTHS[R  JSVKEQMRK4'W § JSV+47W]WXIQW  LIEHYRMXW  MRHEWLHMWTPE]W  MRWXEPPMRK  PIKEPVIWXVMGXMSRWSR  JSVQIHMEGIRXIV4'W    QIHMETPE]IVW  QYPXMTPI:+%HMWTPE]W  § SRHEWLHMWTPE]W  TS[IVRIIHW § VIGSVHMRKMHIRXMJMIVMRJSVQEXMSR  WGVIIRWSGOW § JSVWMRKPIWSYVGI%:W]WXIQW § WM^I  JSVXIPIZMWMSRXYRIVWVIGIMZIVW  § XSYGLWGVIIRW  X]TIWSJ § YWIH XMTWJSVFY]MRK  ZIRHSV;IFWMXIW  WGVI[HVMZIVWIXW § WGVI[HVMZIVW FEXXIV]TS[IVIH  WGVI[W JSVFEVVMIVXIVQMREPWXVMTGSRRIGXMSRW  7(-3-RXIVRIXEGGIWWEHETXIVW 





-RHI\ 7

7(8: WXERHEVHHIJMRMXMSRHMKMXEPXIPIZMWMSR   7IEKEXILEVHHVMZIWERHYXMPMXMIW  WIEXFEGOHMWTPE]W TS[IVRIIHW § WIGYVI;IF ,8847 WIVZMGIW IREFPMRK  WIGYVMX] TPERRMRKJSV § VIQSZMRKHEXEERHJMPIWJVSQGEV  7ITEVEXI:MHIS 7:MHIS GEFPI  WIVZIVW GLSSWMRKRIX[SVO § GSRJMKYVMRKWSJX[EVI § 87:SRHEWLXSYGLWGVIIRHMWTPE]
7SGMIX]JSV-RJSVQEXMSR(MWTPE];IFWMXI  7SGMIX]SJ%YXSQSXMZI)RKMRIIVW 7%) ;IFWMXI  WSGOIX[VIRGLWIX § WSGOIXW %'  WSJX[EVI WSJX[EVIMRWXEPPEXMSR '%2ERH3&(--MRXIVJEGIW  § 'EV4'W   § 8LI(EWL[IVOW0MRY\FEWIH'EV4'4VSNIGX  (:(ZMHISTPE]FEGO  JMPIW]RGLVSRM^EXMSR  JMPIXVERWJIVW  KEQMRK4'W  -RXIVRIXGSRRIGXMSRWLEVMRK § QIHMEGIRXIV4'W  QYWMGW]RGLVSRM^EXMSR § XIPIZMWMSRXYRIVWVIGIMZIVW § YTHEXMRK    ZMHISGSRJIVIRGMRK   7SPEV6IJPIGXERGI-RHI\ 76-   WSPHIVMRK TVSGIWW § XSSPWJSV § 7SR]4PE]WXEXMSR QSHMJ]MRKJSVGEVYWI  WSYRHPIZIPW ERHTS[IVRIIHW  WTEVIXMVIGSQTEVXQIRX TPEGMRKGSQTSRIRXWMR   WTIIGLVIGSKRMXMSRWSJX[EVI § WTPE]MRK[MVIW  7TSVXW'EV'PYFSJ%QIVMGE 7''%    76- 7SPEV6IJPIGXERGI-RHI\   767;3;IJJIGXW  77-(W [MVIPIWWRIX[SVOW   WXERHEVHHIJMRMXMSRHMKMXEPXIPIZMWMSR 7(8:   WXIVISMRWXEPPEXMSR  WXIVIS=EHETXIVW    WXSVEKIHIZMGIW QSYRXMRKERHERKPMRK § WXSVEKIWTEGI JSVSJJPMRIJMPIW   WXSVMRK '(WERHSTXMGEPHMWGW § KEQMRK4'W  0'(HMWTPE]W  [MVIPIWWOI]FSEVHW  7XVIIX;MVIW4S[IV(IPMZIV]/MX&EXXIV]'EFPI  7XVIIX;MVIWTVSHYGXW FMRHMRKXSFEXXIV]GEFPI  QEMRTS[IVGEFPI  7XVIIX0MKLXWEHETXIV  7XVIIXW 8VMSW 1MGVSWSJX   WYRVSSJWERHLIEXKEMR  7YRHIIR 1EXX %PSRKJSVXLI6MHI 6IHYGMRK(VMZIV (MWXVEGXMSRW   WYRPMKLX ERHLIEXKEMR WTIIHSJ  WYRPMKLX HMVIGX EZSMHMRK  

-RHI\ 7§9

WYVZIMPPERGIW]WXIQW 7II ZMHISWYVZIMPPERGIW]WXIQW 7:+% WYTIVZMHISKVETLMGWEVVE]EHETXIV   7:,7 7YTIV:,7 GEFPI  7:MHIS 7ITEVEXI:MHISSV7YTIV:MHIS GEFPI   W[MXGLIW EREPSKZMHISEREPSK  EYHMSZMHIS § § §  )XLIVRIXGSRRIGXMSRW  KEQMRKW]WXIQW TVIFYMPX  § WMRKPIWSYVGI%:W]WXIQW § 7]WXIQ7IPIGXSV4VSKEQIW]WXIQ § XIPIZMWMSRXYRIVWVIGIMZIVW § ZMHISMRTYXW § [MVIPIWWEYHMSXVERWQMXXIVW  7]QERXIG2SVXSR+LSWX  W]RGLVSRM^MRKQYWMGJMPIW GSQTSRIRXERHXSSPRIIHW § QYWMGTPE]IVW  RIX[SVOGSRRIGXMSRWIXYT § WSJX[EVIJSV  W]RGLVSRM^EXMSRTVSGIWW § W]RGLVSRM^MRKQYWMGTPE]IVW § 7]WXIQ7IPIGXSV4VSKEQIW]WXIQW[MXGL §

8 XETI IPIGXVMGEP GPIERMRKWYVJEGIWFIJSVIETTP]MRK  GSWXWERHYWIW § I\XIRHIHXIQTIVEXYVIGETEFMPMXMIW  JSVI\XIRWMSRGSVHW  JMFIVKPEWW  JSVTVIZIRXMRKEGGMHIRXW   JSVTVIZIRXMRKHMWGSRRIGXMSRW § JSVTVSXIGXMRKTS[IVGEFPIW  JSVWIGYVMRK1SRWXIVGEFPIW  EWWLVMROXYFMRK  JSV[VETTMRKTS[IV[MVIW  8'4ER9(4TSVXRYQFIVW  8IPIQEXMGW :ME ;IFWMXI  XIPIZMWMSREGGIWW EHHMRKXSGSQTYXIVW]WXIQ § GEVZIVWYWLSQI § 287'ZIVWYW,(8:  WEXIPPMXIW]WXIQW  XIPIZMWMSRXYRIVWVIGIMZIVW ERXIRREW  § § FERRMRKSJ  [MXL'EV4' § GSQTSRIRXWERHXSSPWJSVMRWXEPPMRK § GSRRIGXMRKHMWTPE]WERHEYHMSSYXTYX § MRWXEPPMRKPSGEPGLERRIPW  MRWXEPPMRKVIGIMZIVWERHWSJX[EVI §

WIPIGXMRKEPSGEXMSRJSV  [MXLSYX'EV4' § 8IRRIWWII HMWXVEGXIHHVMZMRKPE[W  + 8LMVH+IRIVEXMSR;MVIPIWW  HIJMRIH  8LMW7XVMJI'EV'SQTYXIV;IFWMXI  ;%4'%'MRZIVXIV  8LVY'EQWSJX[EVI -RXIVQIHME   XMRXMRK[MRHS[W  § 8SSPWXEF ;MRHS[W<4(MWO4VSTIVXMIW   8SWPMROGEFPI    XSYGLTEHW § XSYGLWGVIIR:+%HMWTPE]W 7IIEPWS HMWTPE]W X]TIWSJ    YWIWJSV § XVEGOFEPPW § XVERWJIVWSJX[EVI  8VEZIP7XEVTVSHYGXPMRI § 8VEZIP7[MJXLEVHHVMZIW § 8VMTPI4LSRS4PYK'SYTPIV MRWXEPPMRKMRKPSZIGSQTEVXQIRX § VYRRMRKGEFPIXS § XVSYFPIWLSSXMRKFEXXIV]GSRRIGXMSRW  XVYROSJGEV (:(TPE]IVWMR GEYXMSRW  TPEGMRKGSQTSRIRXWMR   XVYROFEWIH'EV4'W § XYRIVW VEHMS EHHMRKXSGSQTYXIVW]WXIQ § 8:;SRHIV4'-GEVH %8-    § X[IRX]X[S  KEYKIWXVERHIH[MVI  X[SGLERRIPWXIVISEYHMS  +,^FERH 

9 YRHIVWIEXHIZMGIWXSVEKI    YRQETTMRKRIX[SVOHVMZIW  9R;MVIH8IGLRSPSK]TVSHYGXW [MVIPIWWEYHMSXVERWQMXXIV  [MVIPIWWLIEHTLSRIW  YTHEXMRKWSJX[EVI  YTKVEHMRKIUYMTQIRX  97&HIZMGIW EHZERXEKIWSJYWMRK  GEFPIW GEFPMRK   QIHMEVIEHIVW  RYQFIVSJ GEYXMSRW  TS[IVRIIHW  XIPIZMWMSREGGIWWYWMRK  XYRIVW VEHMSVIGIMZIVW  97&HMEPW  97& LMKLWTIIH  7IIEPWS 97&LYFW EHZERXEKIW   FEGO[EVHWGSQTEXMFMPMX]  'SRXMRYIH





-RHI\ 9§;

97& LMKLWTIIH  GSRXMRYIH MHIRXMJ]MRK  QE\MQYQGEFPIPIRKXL  JSVQYWMGW]RGLVSRM^EXMSR § WTIIHERHGEVV]MRKGETEGMX]   97&LYFW EHHMRKXSHEWLFSEVH § GEFPIW GEFPMRK §   GSQTSRIRXWERHXSSPWJSV § § HVMPPMRKERHGYXXMRKLSPIWJSV § § MRWIVXMRK   TVITEVMRKEWLXVE]  X]TIWERHTS[IVRIIHW § 97&TSVXW  YWIVKVSYTHMWGSYRXW 

: : ZSPXEKI  VIPEXMSRWLMTXSEQTIVEKIERH[EXXEKI  ZILMGPILEVHIRIH:'6WERH(:(W  ZILMGPIX]TIW[MXL3&(--MRXIVJEGIW PMWXMRKSJ § :IPGVSWXVMTW JSVEXXEGLMRKGEFPIGSRHYMX  MRHYWXVMEPWXVIRKXL  JSVQSYRXMRKGSQTYXIVW § JSVWIGYVMRK%:W]WXIQW  JSVWIGYVMRKKEQIGSRWSPIW § JSVWIGYVMRKQIHMEGIRXIV4'W § JSVWIGYVMRKZMHISWYVZIMPPERGIIUYMTQIRX § YWMRK MRWMRKPIWSYVGI%:W]WXIQW § :IWTVIQM (EZMH 'EV,EGOWERH1SHW*SV(YQQMIW   :+% ZMHISKVETLMGWEVVE]EHETXIV HIZMGIW GEFPIW GEFPMRK   § HIJMRIH  QYPXMTPIHMWTPE]W  :+%XSGSQTSWMXIEHETXIVW  :METVSHYGXW %VIRE;IFWMXI  'QMGVSTVSGIWWSVW  )4-%1--1MRM-8<QEMRFSEVH §  1MRM-8<'EV4'4VSNIGXW7MXI  8IPIQEXMGW;IFWMXI  ZMFVEXMSR MQTEGXSRFEVVMIVXIVQMREPWXVMT  MQTEGXSR'(W  MQTEGXSRHMWGFEWIHKEQIGSRWSPIW  MQTEGXSRLEVHHVMZIW § ERHWIGYVMRKGEFPIW  ZMHISGEQIVEW GSRJMKYVMRKJSVZMHISWYVZIMPPERGI  QSYRXMRKERHWIGYVMRK § ZMHISHMWTPE]W 7IIEPWS HMWTPE]W EWHVMZMRKHMWXVEGXMSR  QSRI]WEZMRKXMTW 

ZMHISKVETLMGWEVVE]EHETXIV :+% HIZMGIW GEFPIW GEFPMRK   § HIJMRIH  QYPXMTPIHMWTPE]W  :+%XSGSQTSWMXIEHETXIVW  ZMHISMRTYXW FYMPXMR GLIGOMRKJSV § ZMHISVIGSVHIVWERHVIGIMZIVW GSRJMKYVMRKGEQIVEWERHZMHISVIGIMZIVW  WIGYVMRKXMKLXP] § ZMHISWXERHEVHW  ZMHISWYVZIMPPERGIW]WXIQW EXXEGLMRKZMHISVIGSVHIVERHVIGIMZIV § GEQIVETPEGIQIRX § GSQTSRIRXERHXSSPRIIHW § GSRRIGXMRKXS'EV4'  GSRRIGXMRKXSTS[IVWYTTP]  GSRRIGXMRKZMHISVIGIMZIVERHVIGSVHIV  IUYMTQIRXRIIHW § PIKEPMWWYIW § QSYRXMRKGEQIVE § TS[IVWYTTPMIW § ZIRHSVW  ZMHISGSRJIVIRGMRK EHLSGRIX[SVOGSRJMKYVEXMSR § GSQTSRIRXERHXSSPRIIHW § GSRJMKYVMRKIEGL[MVIPIWWEHETXIV  GSRRIGXMSRSTXMSRW  -4EHHVIWWMRKJSV § QSYRXMRKGEQIVE § ;IFGEQWJSV § [MVIPIWWEHETXIVW § :MVKMRMEHMWXVEGXIHHVMZMRKPE[W  ZMVXYEP'(W § :MVXYEP4' 1EGMRXSWL   ZMWMFMPMX] ERHGYWXSQFYMPXHMWTPE]W  ERHHEWLFSEVHMRWXEPPIHHMWTPE]W  :MWYEP&EWMG 1MGVSWSJX   ZSMHMRK[EVVERXMIW  ZSPXEKI :  VIPEXMSRWLMTXSEQTIVEKIERH[EXXEKI 

; ; [EXXEKI HIWOXSTERHQSFMPITVSGIWWSVW § VIPEXMSRWLMTXSEQTIVEKIERHZSPXEKI  [EVHVMZMRK  § [EVVERXMIW   [EWLIVW VYFFIV  ;EWLMRKXSR (' HMWXVEGXIHHVMZMRKPE[W § [EXXEKI ; HIWOXSTERHQSFMPITVSGIWWSVW § VIPEXMSRWLMTXSEQTIVEKIERHZSPXEKI 

-RHI\ ;

;IFGEQW %:GSRRIGXMSRW § HMWXERGIRIIHW  QSYRXMRKERHMRWXEPPMRK § TYVGLEWIHIGMWMSRW § ;IF ,884 WIVZMGIW IREFPMRK  ;IFWMXIW %HZERGIH8IPIZMWMSRW7]WXIQW'SQQMXXII  %WWSGMEXMSRSJ4IVWSREP'SQTYXIV9WIV+VSYTW  %YHMSJSVKI  &IPXVSRMGW  '%2WTIGMJMGEXMSR  'EV4'IRXLYWMEWXW § 'EV4'LEVH[EVIERHWSJX[EVIZIRHSVW  § 'EV8YRIWQIHMETPE]IV   'SQTYXIV6IREMWWERGI  8LI(EOSXE4VSNIGX   8LI(EWL[IVOW0MRY\FEWIH'EV4'4VSNIGX  (EXE7XSVQWEXIPPMXIWIVZMGI  HMWOMQEKMRKETTPMGEXMSRW   HMWTPE]W WGVIIRW     )01)PIGXVSRMGW   JMPIW]RGLVSRM^EXMSRWSJX[EVI  JM\MX]SYVWIPJMRJSVQEXMSR § *1XYRIVW  KSZIVRQIRXEKIRGMIW  +47REZMKEXMSRW]WXIQW  +VMJJMRM8VMT  LEVHHVMZIXVERWJIVWSJX[EVI  ,(8:VIGIMZIVW  -RXIVRIXGSRRIGXMSRWLEVMRKWSJX[EVI  .YRI*EFVMGW4HE2IXWSJX[EVI  /SRJEFYPEXSVHIWOXST[MHKIXW  0MRY\'EV4'WSJX[EVI  1EH'EX^TVSHYGXW  1EH7GMSVK  QIHMETPE]IVW  QSFMPIGIPPYPEV-RXIVRIXWIVZMGITVSZMHIVW  QSXLIVFSEVHW  QYPXMQIHMEMRWXEPPEXMSRW  QYPXMQIHMEWSJX[EVI  2EXMSREP,MKL[E]7EJIX]%HQMRMWXVEXMSR  2IX[SVO7XYQFPIVWSJX[EVI  3&(--MRXIVJEGIWSJX[EVI § 4E]4EP  4IPMGER  TVSKVEQQEFPIFYXXSRWERHHMEPW  VIEH]QEHI'EV4'W  VIWSYVGIWERHVITSVXWSRHMWXVEGXIHHVMZMRK § WEXIPPMXIXIPIZMWMSRERH-RXIVRIXTVSZMHIVW   7XVIIX;MVIW  XIPIZMWMSRXYRIVWSJX[EVI  XSYGLWGVIIRHMWTPE]W 

8:ERH,(8:VIGIMZIVW § 9R;MVIH8IGLRSPSK][MVIPIWWLIEHTLSRIW  JSVYTHEXMRKWSJX[EVI  :+%XSGSQTSWMXIEHETXIVW  ;M*M-RXIVRIXWIVZMGITVSZMHIVW 




-RHI\ ;§<

[MVIPIWWHIZMGIW FEXXIVMIW LIEXWIRWMXMZMX]  GSRRIGXSVW  LIEHTLSRIW § JSVMRTYX EHZERXEKIW  -RXIVRIXGSRRIGXMSRW § JSVQYWMGW]RGLVSRM^EXMSR  WYVZIMPPERGIGEQIVEWERHVIGIMZIVW  [EVHVMZMRK § [MHIFERH6*XVERWQMWWMSR  [MVIPIWWLIEHTLSRIW EYHMSXVERWQMXXIVWJSV § GSQTSRIRXERHXSSPRIIHW § GSRJMKYVMRK  GSRRIGXMRKEYHMSWSYVGIW  MRWXEPPMRKXVERWQMXXIV § TPEGMRKXVERWQMXXIV § TS[IVRIIHW  VYRRMRKGEFPI  X]TIWERHJIEXYVIW § ZIRHSVWJSV  [MVIPIWW-RXIVRIX WIVZMGITVSZMHIVW  ERH[MVIPIWWMRTYXHIZMGIW 

[MVIPIWWOI]FSEVHW JSV-RXIVRIXEGGIWW  WXSVMRKWEJIP]  ZIVWYW[MVIHOI]FSEVH  [MVMRK 7IIEPWS GEFPIW GEFPMRK GEVWTIGMJMG  GMVGYMXFVIEOIVW  LMHMRKERHTVSXIGXMRK § PEFIPMRK[MVIW  PEVKIKEYKI  QEXGLMRKKEYKIW  XLMGORIWW  X[IRX]X[SKEYKIWXVERHIH[MVI  [MVMRKHMEKVEQ JSVGEV  [SVOWLIIX TS[IVVIUYMVIQIRXW 

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