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4VIJEGI
&VERHtWUYIWXMSRXS+VIKSV]&EXIWSREFSYXXLIGSPSVSJEGLEQIPISRSREQMVVSVXSMRXVSHYGI XLIGSRGITXSJW]WXIQWSJMRXIVEGXMSR 'LETXIV %FFSXXERH'SWXIPPStWq;LStWSR*MVWX#r VSYXMRIXSMRXVSHYGIPMWXIRMRK 'LETXIV SV8LSVIEYtWJEQSYWXIPPMRKSJXLIERXWt FEXXPIMR ;EPHIR XSMRXVSHYGIGSRJPMGXQEREKIQIRX 'LETXIV XLIZMKRIXXIWUYSXEXMSRWERHSXLIV I\EQTPIWMRXVSHYGIXLIGLETXIVWt GSRGITXWERHTVSZMHIIRXV]TSMRXWJSVHMWGYWWMSR%XXLI IRHSJIEGLGLETXIVI\IVGMWIWWYGLEWqXLIRI[XVYGOrI\IVGMWIXLEX[SVOW[MXLKVSYTRSVQW ERHVSPIW 'LETXIV XLIqHMZIVWMX]ERHPMZMRKXSKIXLIVrI\IVGMWIXLEXI\EQMRIWHMZIVWMX]SJ PMZMRKLEFMXW 'LETXIV ERHXLIqXSGEXGLEWT]rI\IVGMWIXLEXPSSOWEXZIVFEPERHRSRZIVFEP GSQQYRMGEXMSR 'LETXIV EVIHIWMKRIHXSQSZIFI]SRHXLIVIEHMRKMRERIRNS]EFPIERH IRKEKMRK[E]MRXSERETTPMGEXMSRERHI\TIVMIRGISJXLIGSRGITXWTVIWIRXIH
'LETXIV3ZIVZMI[ 'LETXIVWXEVXW[MXL8LI6SPPMRK7XSRIWt i QMPPMSR:SSHSSPSYRKIXSYVXS MRXVSHYGIXLIGSRGITXWSJXLITS[IVSJKVSYTWhW]QFSPMGFILEZMSVWLEVIHQIERMRKMRXIV TIVWSREP EXXVEGXMSR EXXMXYHI WMQMPEVMX] RIIH GSQTPIQIRXEVMX] RIIH JSV EJJMPMEXMSR ERH GSQQMXQIRXXSKVSYTKSEPWERHEGXMZMXMIW8LIGLETXIVPSSOWEXXLIJSYRHMRKSJXLI7SR] 'SVTSVEXMSR ERH SJ ,I[PIXX4EGOEVH 'SVTSVEXMSR ERH IRHW [MXL I\IVGMWIW MRGPYHMRK ER I\EQTPISJXLIMRZIRXMSRSJXLIPMKLXFYPFXSWXMQYPEXIEHMWGYWWMSRSJ[LEXGSRWXMXYXIWE KVSYTERHLS[QER]TISTPItW[SVOKSIWMRXSEWMRKPIMRZIRXMSRSVGVIEXMSR 'LETXIV FIKMRW[MXL7XI[EVX&VERHtWTSWMRKSJEVMHHPIXS+VIKSV]&EXIWSREFSYX XLIGSPSVSJEGLEQIPISRTPEGIHSREQMVVSV-XYWIWXLMWI\EQTPIXSMRXVSHYGIXLIGSRGITXW SJW]WXIQWSJMRXIVEGXMSRSJKIRIVEPW]WXIQWXLISV]t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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
4VIJEGI
\MMM
'LETXIV WXEVXW[MXLENSOIERHMRZIWXMKEXIWXLIZIVFEPERHRSRZIVFEPEWTIGXWSJGSQ QYRMGEXMSR;LEXQEOIWXLMRKWJYRR]#;LEXKMZIWQIERMRKXSGSQQYRMGEXMSRERHXSMXW MRXIVTVIXEXMSR#-XIRHW[MXLKVSYTI\IVGMWIWMRGPYHMRKqXSGEXGLEWT]rMR[LMGLTEVXMGMTERXW QEOINYHKQIRXWEFSYXSXLIVWFEWIHSRXLIMVZIVFEPERHRSRZIVFEPGSQQYRMGEXMSRMRE[E] XLEXEPPGERWIIXLIEGGYVEG]ERHMREGGYVEG]SJXLSWITVIHMGXMSRWEW[IPPEWXLIEWTIGXWSJ XLEXGSQQYRMGEXMSRXLEXEVIMRXIVTVIXIHMRE[E]XLEXPIEHWXSXLSWITVIHMGXMSRW 'LETXIV MRXVSHYGIW PMWXIRMRK ERH JIIHFEGO [MXL XLI%FFSXX ERH 'SWXIPPS VSYXMRI q;LStWSR*MVWX#rXLIRQSZIWSRXSXSTMGWSJEGXMZIPMWXIRMRKXLIFEVVMIVWXSEGXMZIPMWXIR MRKERH[E]WSJTVSZMHMRKGSRWXVYGXMZIJIIHFEGO-XIRHW[MXLWIZIVEPI\IVGMWIWMRGPYHMRKE qRSRHIFEXIrI\IVGMWIMR[LMGLTEVXMGMTERXWGLSSWISRIWMHISJERMWWYIERHHIZIPSTXLIMV EVKYQIRXFYXXLIRQYWXPMWXIRGEVIJYPP]ERHTEVETLVEWIXLISXLIVWMHISJXLEXMWWYI 'LETXIV HIWGVMFIWXLIIZSPYXMSRSJKVSYTWMRXSXIEQW-XFIKMRW[MXLXLIGSRGITXSJ q(VIEQ8IEQWr ERH 3P]QTMG XIEQ I\EQTPIW8LMW GLETXIV HIWGVMFIW XLI MQTSVXERGI SJ XIEQWXLIMVUYEPMXMIWXLIPMQMXEXMSRWXSUYEPMX]GMVGPIWERHXLIHIZIPSTQIRXSJWIPJQEREK MRK[SVOXIEQW-XIRHW[MXLI\IVGMWIWSRKVSYTIZSPYXMSR 'LETXIV FIKMRW[MXLEWMQTPIHIGMWMSRXSHVMROEGYTSJ*VIRGLZERMPPEGSJJII[MXLE JP]MRMXERHQSZIWXLVSYKLXLIWXEKIWSJHIGMWMSRQEOMRKERHTVSFPIQWSPZMRKI\EQMRMRK FVEMRWXSVQMRK KVSYT TVSGIWW ERH GSRGYVVIRGI WIIOMRK -X IRHW [MXL WIZIVEP I\IVGMWIW HIWMKRIHXS[SVOXLVSYKLXLIGVMXMGEPERHGVIEXMZIWXEKIWSJHIGMWMSRQEOMRK 'LETXIV MRZIWXMKEXIW GVIEXMZMX] FIKMRRMRK [MXL ER MRXIVIWXMRK WXSV] JVSQ 0I[MW 8LSQEWtW0MZIWSJE'IPP EFSYXEQIXLSHMGEPFYXRSRGVIEXMZI[EWT-XHIJMRIWGVIEXMZMX]ERH MXWMQTSVXERGIMR WQEPPKVSYT HMWGYWWMSR HIGMWMSR QEOMRK ERH TVSFPIQ WSPZMRK-XHMW GYWWIW XLI FEVVMIVW ERH JEGMPMXEXSVW SJ GVIEXMZI TVSGIWWIW ERH IRHW [MXL ER I\IVGMWI HIWMKRIHXSI\TPSVI[E]WMR[LMGLKVSYTWGERHIZIPSTXLIMVGVIEXMZIMRXIVEGXMSRW)\IVGMWIW ETTP]MRKXLIWIGSRGITXWGSRGPYHIXLIGLETXIV 'LETXIV MRXVSHYGIW KVSYT TVSGIWW ERH TVIWIRXEXMSREP XIGLRMUYIW 7XEVXMRK [MXL 6SH7IVPMRKtWWXSV]EFSYXXLIWIPPMRKSJE7LIVQERXEROMXQSZIWXLVSYKLFVEMRWXSVQMRK GVIEXMZIHIGMWMSRQEOMRKXIGLRMUYIW JSGYWKVSYTWRSQMREPKVSYTXIGLRMUYIHIPTLMXIGL RMUYIW]RIGXMGWFY^^WIWWMSRWMHIE[VMXMRKERHPMWXIRMRKXIEQW TVSFPIQWSPZMRKXSSPW JPS[GLEVXWJMWLFSRIHMEKVEQW4EVIXSt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tWUYMTEFSYXE977IREXSVTVSTSWMRKXSIRHXLI:MIXREQ;EV F]LEZMRKXLIEVQ]qHIGPEVIEZMGXSV]ERHGSQILSQIrXSMRXVSHYGIXLIRIIHJSVSFWIVZMRK ERH IZEPYEXMRK WQEPP KVSYT GSQQYRMGEXMSR ERH TVSGIWW -X IRHW [MXL WEQTPI IZEPYEXMSR JSVQWERHERI\IVGMWIJSVYWMRKXLIQ
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
\MZ
4VIJEGI
'LETXIV GSRRIGXWXLIWQEPPKVSYTTVSGIWW[MXLGSQTYXIVQIHMEXIHKVSYTGSQQY RMGEXMSR '1' -XI\TPEMRWXLIOI]'1'YWIWERHXLIFIRIJMXWERHPMQMXEXMSRW8LIGLETXIV IRHW[MXLI\IVGMWIWXLEXEWWMWXMRYRHIVWXERHMRK'1' )EGLGLETXIVMRXLMWFSSOMWHIWMKRIHXSJSGYWSRSRIEWTIGXSJGSQQYRMGEXMSRMR WQEPPKVSYTWMRE[E]XLEXFYMPHWSRERHMWMRXIKVEXIH[MXLXLISXLIVGLETXIVW ;IGSYPHRSXLEZITVSHYGIHXLITVIWIRXFSSOEPSRIERH[ItHPMOIXSXLEROXLITISTPI [LSLEZIQEHIMXTSWWMFPI;IXLEROSYVWTSYWIW7LIPME,EVVMWERH0M^7LIVFPSQ[LS LEZITVSZMHIHWSGMEPERHIQSXMSREPWYTTSVXPMWXIRMRKIEVWERH[LSLIPTIH[MXLMQTSVXERX HIGMWMSRQEOMRK WYKKIWXMSRW XLVSYKLSYX XLI TVSGIWW 8LI] [IVI IRKEKIH MR WIIQMRKP] IRHPIWWVIEHMRKERHIHMXMRKERHXLI]IZIRGSRXVMFYXIHXSTEVXWSJXLIFSSO%RH[IXLERO XLIVIZMI[IVW .ERIX;'SPZMR9XEL:EPPI]7XEXI'SPPIKIERH%RKIPE4VIPMT1IVGIH'SP PIKI%PPQEHILIPTJYPGSQQIRXWERHWYKKIWXMSRWJSVXLIHMVIGXMSRERHHIZIPSTQIRXSJXLI JSYVXLIHMXMSRSJXLMWFSSO3YVKSEPLEWFIIRXS[VMXIERMRXIVIWXMRKERHMRJSVQEXMZI EW [IPPEWMRWXVYGXMSREP FSSOXLEXMWJYRXSYWI[MXLWQEPPKVSYTW;ILSTIXLEX]SYIRNS]MX
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
7QEPP+VSYTW 4S[IV (IJMRMXMSR ERH%XXVEGXMSR ',%48)63980-2) 8LI4S[IVSJ+VSYTW (IJMRMRK7QEPP+VSYT'SQQYRMGEXMSR 8VERWEGXMSREP4VSGIWW 7]QFSPMG&ILEZMSV 7LEVIH1IERMRK ;L];I.SMR+VSYTW -RXIVTIVWSREP%XXVEGXMSR 4IVWSREP2IIHJSV%JJMPMEXMSR 'SQQMXQIRXXS+VSYT+SEPWERH%GXMZMXMIW %WWMKRQIRXF]7SQISRI)PWI )XLMGWERH+VSYTW 'LEVEGXIVMWXMGWSJ7QEPP+VSYTW -RXIVHITIRHIRGIERH-RXIVEGXMZMX] )\TSRIRXMEP2YQFIVSJ-RXIVEGXMSRW 7]RIVK]
'LEVEGXIVMWXMGWSJ7QEPP+VSYT'SQQYRMGEXMSR 'SQTPI\8VERWEGXMSRW -RXIVEGXMZI'SQTPI\MXMIW 8]TIWSJ7QEPP+VSYTW +VSYTWMR3VKERM^EXMSRW 3VKERM^EXMSREP)\EQTPIW 1IIXMRKW 7YQQEV] (MWGYWWMSR5YIWXMSRW )\IVGMWIW 6IJIVIRGIW
',%48)63&.)'8-:)7 9RHIVWXERHXLITS[IVSJKVSYTW 9RHIVWXERHXLIVIEWSRWJSVNSMRMRKKVSYTW )\TPEMRXLIFEWMWJSVMRXIVTIVWSREPEXXVEGXMSR 3YXPMRIXLIIWWIRXMEPGLEVEGXIVMWXMGWSJWQEPPKVSYTW )\TPEMRW]RIVK] 1ETXLIWQEPPKVSYTGSQQYRMGEXMSRTVSGIWW -RXVSHYGIXLIX]TIWSJKVSYTW (IQSRWXVEXIXLIVSPISJWQEPPKVSYTWMRSVKERM^EXMSRW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
7QEPP+VSYTW 4S[IV(IJMRMXMSRERH%XXVEGXMSR
/ )=8 )6 17 %XXMXYHIWMQMPEVMX] 'SQQYRMGEXMSR 'SQTPI\GSQQYRMGEXMSR GLEVEGXIVMWXMGW 'SRJIVIRGIKVSYTW (IGMWMSRQEOMRKKVSYTW )HYGEXMSREPSVPIEVRMRKKVSYTW )XLMGW )\TSRIRXMEPMRXIVEGXMSRW -RXIVEGXMZMX] -RXIVHITIRHIRGI -RXIVTIVWSREPEXXVEGXMSR
1IHMEXIHGSQQYRMGEXMSR KVSYTW 1IIXMRKW 2IIHGSQTPIQIRXEVMX] 3VKERM^EXMSREPKVSYTW 4L]WMGEPTVS\MQMX] 4VMQEV]KVSYTW 4VSFPIQWSPZMRKKVSYTW 7IPJQEREKMRK[SVOKVSYTW 7LEVIHQIERMRK 7MQYPXERISYWWIRHMRKERH VIGIMZMRK
7QEPPKVSYT 7QEPPKVSYTGSQQYRMGEXMSR 7SGMEPERHGEWYEPKVSYTW 7YFWXERGITEXXIVRERHTVSGIWW 7]QFSPMGFILEZMSV 7]RIVK] 8LIVETIYXMGKVSYTW 8VERWEGXMSREPTVSGIWW ;SVOKVSYTW
8
LI i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tW[SVO[SVPH
+VSYT [SVO GER FI I\GMXMRK IKSIRLERGMRK ERH GVIEXMZI -X GER EPWS FI FSVMRK HIQIERMRK ERH I\XVIQIP] JVYWXVEXMRK 8LI OI] XS WYGGIWWJYP WEXMWJ]MRK KVSYTW MW IJJIGXMZIGSQQYRMGEXMSR8LMWFSSOMWEFSYXHIZIPSTMRKGSQQYRMGEXMSRWXVEXIKMIWXLEX LIPTQEOIKVSYT[SVOQSVIWEXMWJ]MRKIJJIGXMZIERHWYGGIWWJYPhWXVEXIKMIWXLEXLIPT TVSHYGIKVSYTWXLEXEVIJYRXS[SVOMRERHXLEXKIRIVEXIYWIJYPWSQIXMQIWIZIRSYX WXERHMRKVIWYPXW 8LI MRJSVQEXMSR ]SY [MPP PIEVR [MPP ETTP] IUYEPP] [IPP XS XIEQW [LMGL LEZI FIGSQIEGSVRIVWXSRIJSVQER]SVKERM^EXMSRW q%X1MRVIXIO7]WXIQWE*EPPW'LYVGL :%RSRTVSJMXSVKERM^EXMSRXLEXGSRHYGXWWGMIRXMJMGVIWIEVGLMRWYGL[IMKLX]EVIEWEW GSYRXIVXIVVSVMWQGVMQMREPNYWXMGIERHXLIIRZMVSRQIRXXETTMRKXLIGSPPIGXMZIMRWMKLXW SJ IQTPS]IIW XLVSYKL IJJIGXMZI XIEQ[SVO MW E OI] TEVX SJ XLI FYWMRIWWr 4SQIVS] T 9WMRKHMZIVWIKVSYTWXSQEOIHIGMWMSRW[MWIP]XEOIWEHZERXEKISJXLI MQTSVXERGI SJ HMJJIVIRX STMRMSRW TIVWTIGXMZIW ERH MRWMKLXW%PXLSYKL [I EVI QSVI PMOIP]XSFIIQSXMSREPP]GSQJSVXEFPI[MXLELSQSKIRSYWSVWMQMPEVKVSYTSVXIEQE
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
8LI4S[IVSJ+VSYTW
LIXIVSKIRISYWSVHMZIVWI KVSYT SV XIEQMQTVSZIWTIVJSVQERGI MRXIVQW SJHIGMWMSR UYEPMX] .EGOWSR1E] ;LMXRI] %PWSq8LIMQTSVXERGISJXIEQFYMPHMRKMW [IPPIWXEFPMWLIHERHMXWLMKLYWIMWI\TIGXIHXSGSRXMRYIMRXLIGSQMRK]IEVWr 'YQ QMRKW ;SVPI]T 8LIQSVI[IJYRGXMSRMRHMZIVWIKVSYTWXLIKVIEXIVXLIPMOIPMLSSH[I[MPPPIEVR XSTVSJMXJVSQI\TERHIHTIVWTIGXMZIW3VKERM^EXMSRWZMI[EHMZIVWI[SVOJSVGIEWFSXL XLI VMKLX XLMRK XS HS ERH E GSQTIXMXMZI EHZERXEKI MR XIVQW SJ TVSFPIQ WSPZMRK ERH EXXVEGXMRK IQTPS]IIW 1ILXE (MZIVWMX] SR E XIEQ MW JYRHEQIRXEP XS WYGGIWW -PKIRIXEP 1G+VIKSV 7YVS[MIGOM *I[SJYW[MPPIRKEKIMRSGGYTEXMSRWEWGLEPPIRKMRKEW*SVQYPE3RIEYXSQSFMPI VEGMRK*VERO;MPPMEQWLIEHSJSRISJXLIQSWXWYGGIWWJYP*SVQYPE6EGIXIEQWSJEPP XMQIWGSRGPYHIWXLEXq8IEQ[SVOMWERIWWIRXMEPMRKVIHMIRXSRERHSJJXLIVEGIXVEGOr q8LIXIEQr T &VYWLMRKEWMHIERIEVJEXEPGEVEGGMHIRXMR XLEXPIJXLMQ GSRJMRIHXSE[LIIPGLEMV;MPPMEQWERHLMWGVI[LEZISYXTIVJSVQIHXLISXLIVMRXIV REXMSREPXIEQWXLEXGSQTIXIMRXLIETTVS\MQEXIP]*SVQYPE3RIVEGIWLIPHKPSFEPP] ,MW JMVWX TVMSVMX] MW ER qIQTLEWMW SR GSQQYRMGEXMSRr [MXL IZIV] XIEQ QIQFIV%X 7YFYVFER,SWTMXEPMR&IXLIWHE1EV]PERHXIEQWEVIGVIHMXIHq[MXLVIHYGMRKIVVSVW WLSVXIRMRKXLIEQSYRXSJXMQITEXMIRXWWTIRHMRMXWFIH-'9 MRXIRWMZIGEVIYRMX ERH MQTVSZMRK GSQQYRMGEXMSR FIX[IIR JEQMPMIW ERH QIHMGEP WXEJJ r %TTPIF]
(EZMWT& %TTPIF]ERH(EZMW EHHqSRIVIEWSRXLEXXIEQ[SVOMWWS ZMXEP MR QSHIVR QIHMGMRI MW XLI WTIIH EX [LMGL EHZERGIW EVI FIMRK QEHIr T & 8IEQW OIIT XLI QIQFIVWYTXSHEXI q-RLMKLTVIWWYVI[SVOTPEGIW WYGL EW RYGPIEV TPERXWEMVGVEJXGSGOTMXWSVXLIQMPMXEV]XIEQ[SVOMWIWWIRXMEPXSWYVZMZEPr %TTPIF]
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X[SSJ]SY[EPOXS[EVHXLIGPEWWVSSQFYMPHMRK]SYRSXMGIEPSXSJWXEVIWERH]SYFIKMRXS [SRHIVMJ]SYVIEPP]HMHXLIVMKLXXLMRKhXSSIEW]TIVLETW=SYXYVREVSYRHERHGEXGLYT [MXLXLIJSVQIVS[RIVSJXLILSVWI=SYI\TPEMRXLEX]SYLEZIGLERKIH]SYVQMRHERHXLI JSVQIVS[RIVXIPPW]SYMXMW3/FIGEYWIXLIVI[IVIX[SSXLIVFY]IVW&IMRKEqLSVWIXVEHIVr ]SYVWIPJ]SYWE] q+VIEX-tPPPIX]SYLEZIMXJSVr8LIJSVQIVS[RIVEKVIIWERH]SY [EPOE[E][MXLERHRSLSVWI %TTVSEGLMRKXLIFYMPHMRK]SYVMRWXVYGXSVWXSTW]SYERHEWOWMJ]SYEVIGEVV]MRKSYX ]SYVTVSQMWI=SYWQMPIQIIOP]ERHLEWXMP]TYVWYIXLILSVWIERHS[RIV7MRGIMXMWE LSVWIGEXGLMRKYT[MXLXLIX[SMWRSXHMJJMGYPX=SYI\TPEMR]SYVTVSFPIQXSXLIS[RIV[LS VIQIQFIVW XLEX ]SYSZIVGLEVKIH HYVMRK XLIPEWXRIKSXMEXMSR *SVXYREXIP]XLI S[RIV EKVIIWXSWIPPXLILSVWIh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qMRZIRXIHr XLI PMKLX FYPF LI [EW LEVHP] EPSRI ,I HITIRHIHSR XLI MRTYX SJ RYQIVSYW MRHMZMHYEPW [SVOMRK SR XLI WEQI KIRIVEP TVSFPIQ4ISTPIEGXMRKMRGSRGIVX[MXLSXLIVWERH[SVOMRKSJJXLIW]RIVK]SJWLEVIHMHIEW GERTVSHYGIVIWYPXWJEVFI]SRHXLSWIER]SRIMRHMZMHYEPEGXMRKEPSRIGSYPHTVSHYGI)ZIR )MRWXIMR[SVOIH[MXLEQEXLIQEXMGMERJVMIRHXSVIWSPZILMWXLISV]SJVIPEXMZMX]
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
6IJIVIRGIW
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
6)*)6)2')7 %RHIVWSR.% )RKPILEVHX)) 8LISVKERM^E XMSREP WIPJ ERH IXLMGEP GSRHYGX 2I[ =SVO ,EV GSYVX %TTPIF]. (EZMW6 1EVGL 8IEQ[SVOYWIH XSFIEQSRI]WEZIVRS[MXtWEPMJIWEZIV97%8SHE] TT&i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i( ,EVVMW8 ) %TTPMIH SVKERM^EXMSREP GSQQYRMGE XMSR 4VMRGMTPIWERHTVEKQEXMGWJSVJYXYVITVEGXMGI RHIH 1EL[E]2. 0E[VIRGI)VPFEYQ
,SJ 6 ( *VSQ HMRSWEYV XS KE^IPPI &YWMRIWW ;IIO6IMRZIRXMRK%QIVMGE T -PPKIR(6,SPPIRFIGO.6.SLRWSR1 .YRHX( 8IEQW MR SVKERM^EXMSRW *VSQ MRTYX TVSGIWWSYXTYX QSHIPW XS -13- QSHIPW %RRYEP 6IZMI[SJ4W]GLSPSK] i .EGOWSR7)1E]/) ;LMXRI]/ 9RHIV WXERHMRKXLIH]REQMGWSJHMZIVWMX]MRHIGMWMSRQEO MRKXIEQW-R6%+Y^^S)7EPEW %WWSGMEXIW )HW 8IEQIJJIGXMZIRIWW ERH HIGMWMSR QEOMRK MR SVKERM^EXMSRW TT i 7ER *VERGMWGS .SWWI]&EWW 1E\7 %TVMP 7IEKEXItWQSVEPIEXLSR&YWMRIWW ;IIO TTi 1G+VIKSV. %TVMP 8LI[SVPHtWQSWXMRRSZEXMZI GSQTERMIW&YWMRIWW;IIO TTi 1G7LERI7 :SR+PMRS[1% 3VKERM^EXMSREP FILEZMSV &SWXSR -V[MR1G+VE[,MPP 1G7LERI70 :SR+PMRS[1% 3VKERM^E XMSREP FILEZMSV )QIVKMRK VIEPMXMIW JSV XLI [SVO TPEGI VIZSPYXMSR RH IH &SWXSR 1G+VE[ ,MPP 1ILXE 7 2 .YP] ;LEX QMRSVMX] IQTPS]IIW VIEPP][ERX*SVXYRI TT i 1MPPIV + 6 -RXIVTIVWSREP GSQQYRMGEXMSR -R + 0(ELROI +;'PEXXIVFYGO )HW ,YQER GSQQYRMGEXMSRXLISV]ERHVIWIEVGL TT i &IPQSRX'% ;EHW[SVXL 1MPPIV / 3VKERM^EXMSREP GSQQYRMGEXMSR %T TVSEGLIW ERH TVSGIWWIW XL IH &IPQSRX '% ;EHW[SVXL -RHYWXV] 6ITSVX 3GXSFIV 8VEMRMRK 1EKE ^MRI T 4EVOIV:0 .YP] q8IEQFEWIHrQEREKIQIRX KEMRMRK TSTYPEVMX] 8LI8YWGEPSSWE 2I[W TT ( ( 4SQIVS]% .YP] +VIEXTPEGIW MRWTMVIH IQTPS] IIW,61EKE^MRI TTi
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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7QEPP+VSYTW 4S[IV(IJMRMXMSRERH%XXVEGXMSR
6SFIVXWSR'.'VMXXIRHIR;*&VEH]1/ ,SJJ QER.. 7MXYEXMSREPIXLMGWEGVSWWFSVHIVW .SYVREPSJ&YWMRIWW)XLMGW i 7GLIMR), 3VKERM^EXMSREPGYPXYVIERHPIEHIV WLMT RHIH 7ER*VERGMWGS .SWWI]&EWW 7YVS[MIGOM. 8LI[MWHSQSJGVS[HW 2I[=SVO (SYFPIHE] 8LIXIEQEWWYTIVWXEV 3YXPSSO TTi
;EX^PE[MGO 4 &IEZMR . .EGOWSR ( 4VEKQEXMGW SJ LYQER GSQQYRMGEXMSR 2I[=SVO ;;2SVXSR ;SSH.8 6IPEXMSREPGSQQYRMGEXMSR 'SRXMRYMX] ERH GLERKI MR TIVWSREP VIPEXMSRWLMTW RH IH &IPQSRX'% ;EHW[SVXL =ERK . 0 .YRI 8LI TS[IV SJ RYQFIV *SVXYRI T
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
+VSYTWEW7]WXIQWSJ-RXIVEGXMSR
',%48)63980-2) 9RHIVWXERHMRK7QEPP+VSYT7YGGIWW 'SQQYRMGEXMSRMR7QEPP+VSYTW %7]WXIQW%TTVSEGLXS7QEPP+VSYT 'SQQYRMGEXMSR 7]WXIQW8LISV] 3TIR7]WXIQW 'SQTPI\7]WXIQW
7YQQEV] (MWGYWWMSR5YIWXMSRW )\IVGMWIW 6IJIVIRGIW
',%48)63&.)'8-:)7 9RHIVWXERHKVSYTWEWW]WXIQWSJMRXIVEGXMSR (MWXMRKYMWLXLIJSYVX]TIWSJTVSFPIQWSPZMRKKVSYTW 4VSZMHIEXLISV]JSVWQEPPKVSYTGSQQYRMGEXMSR )\TPEMREW]WXIQWETTVSEGLXSWQEPPKVSYTGSQQYRMGEXMSR 'SQTVILIRHXLIMQTSVXERGISJW]WXIQTVSTIVXMIWMRGPYHMRK[LSPIRIWWW]RIVK]STIRRIWW XVERWJSVQEXMSRMRXIVHITIRHIRGIJIIHFEGOIRXVST]IUYMJMREPMX]ERHXLIIRZMVSRQIRX )\TPEMRGSQTPI\W]WXIQWGLERKIERHPIEVRMRK %TTP]XLIGSRGITXWSJWXVERKIEXXVEGXSVWTLEWIWTEGIFMJYVGEXMSRTSMRXWERHMVVIZIVWMFMPMX]
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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+VSYTWEW7]WXIQWSJ-RXIVEGXMSR
/ )=8 )6 17 &MJYVGEXMSRTSMRXW 'SQTPI\W]WXIQW (SYFPIPSSTPIEVRMRK )RXVST] )RZMVSRQIRX )UYMJMREPMX] *IIHFEGO *MVWXSVHIVGLERKI
-RMXMEPGSRHMXMSRW -RTYX -RXIVHITIRHIRGI -VVIZIVWMFMPMX] 3TIRRIWW 3YXTYX 4LEWIWTEGI 5YERXYQGLERKI
7IGSRHSVHIVGLERKI 7MRKPIPSSTPIEVRMRK 7XVERKIEXXVEGXSVW 7]RIVK] 7]WXIQWETTVSEGL 7]WXIQWXLISV] 8VERWJSVQEXMSR ;LSPIRIWW
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LEXGSPSVMWEGLEQIPISRTPEGIHSRXLIQMVVSV#7XI[EVX&VERHTSWIHXLEXVMHHPI XS+VIKSV]&EXIWSRMRXLIIEVP] W&VERH[VMXIW q+VIKSV]EWWIVXIHXLEXXLI GVIEXYVI[SYPHWIXXPIEXEQMHHPIZEPYIMRMXWGSPSVVERKI-MRWMWXIHXLEXXLITSSV FIEWXXV]MRKXSHMWETTIEVMREYRMZIVWISJMXWIPJ[SYPHIRHPIWWP]G]GPIXLVSYKLE RYQFIVSJMXWHMWKYMWIWr8LIMQTSVXERXTSMRXEFSYXXLIGLEQIPISRMRXLIQMVVSV VMHHPIMWXLEXXLIPM^EVHERHKPEWWFIGSQISRIW]WXIQq0M^EVHRIWWrERH qQMVVSVRIWWrEVIIRGSQTEWWIHMRXSEPEVKIVIWWIRGIhEqPM^EVHKPEWWrhXLEXEGXW HMJJIVIRXP]XLERIMXLIVEGLEQIPISRSVEQMVVSV /IPP] TT i
3JXIRKVSYTFILEZMSVWTVSGIWWIWERHHIGMWMSRWLEZITVSTIVXMIWXLEXGERRSXFIWMQTP] EXXVMFYXIHXSER]TEVXMGYPEVKVSYTQIQFIV8LI]QE]LEZIELMWXSV]ERHEVIEWSRSV QE]FIEGSRWIUYIRGISJWSQIXLMRKEKVIIHYTSRMRXLITEWX
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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
9RHIVWXERHMRK7QEPP+VSYT7YGGIWW
7YGGIWWJYPERH9RWYGGIWWJYP4VSFPIQ7SPZMRK+VSYTW
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9RWYGGIWWJYP
7YGGIWWJYP
9RHIVWXERHW
+VSYT 9RWYGGIWWJYPFYX YRHIVWXERHW[L] 0MOIP]XSFIEFPIXS 0IEVRJVSQXLIMVJEMPYVI 2SXQEOIXLIWEQI QMWXEOIEKEMR %TTP]ORS[PIHKIERH EGLMIZIWYGGIWWRI\XXMQI
+VSYT 7YGGIWWJYPERH YRHIVWXERHW[L] 0MOIP]XSFIEFPIXS 6ITIEXWYGGIWWRI\XXMQI %GLMIZIEHHMXMSREP ORS[PIHKI[MXLIEGL RI[WYGGIWW
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+VSYT 9RWYGGIWWJYPFYXHSIWRSX YRHIVWXERH[L] 0MOIP]XSFIYRWYGGIWWJYP RI\XXMQI
+VSYT 7YGGIWWJYPFYXHSIWRSX YRHIVWXERH[L] 0MOIP]XSFIYRWYGGIWWJYP RI\XXMQI 0YGO]XLMWXMQI FYXqGPYIPIWWr
MWIJJIGXMZIRIWWKYEVERXIIHF]EHHMRKSRISJXLIWXVEXIKMIWYWIHF]IJJIGXMZIKVSYTW WYGLEWGLSSWMRKEPIEHIVSVJSPPS[MRKEREKIRHE3RP]F]YRHIVWXERHMRKXLITVSGIWW XLVSYKL[LMGLKVSYTWHIZIPSTERHGSQQYRMGEXIXLIMVGSQQSRP]LIPHKSEPWGERWM\ TISTPIXVERWJSVQXLIQWIPZIWMRXSERIJJIGXMZIWQEPPKVSYT -JXLIWIWM\TISTPIEVIHIHMGEXIHERHWYGGIWWJYPMRJSVQMRKEKVSYTERHEGLMIZMRK XLIMVKVSYTTYVTSWIXLI]QE]QIIXEKEMRERHI\TIGXXSVITPMGEXIXLIMVIEVPMIVWYGGIWW ;MXLEXLISVIXMGEPFEWIXSKYMHIXLIQXLI]GEREREP]^IXLIMVWYGGIWWERHWXVMZIXSVITIEX XLSWIWXVEXIKMIWXLEX[SVOIH;MXLSYXWYGLEXLISV]XLI]QYWXLSTIJSVXLIFIWXERHXVYWX XLEXXLMRKW[MPP[SVOSYX-JXLIKVSYTQIQFIVWLEZIEPSRKLMWXSV]SJ[SVOMRKXSKIXLIV WYGGIWWJYPP]XLI]TVSFEFP]LEZIWSQIGSQQSRMRXYMXMZIYRHIVWXERHMRKSJXLIMVGSQQY RMGEXMSRI\TIGXEXMSRW,S[IZIVIZIR[LIRTISTPIORS[IEGLSXLIVEWMRHMZMHYEPWXLI] JVIUYIRXP]JMRHXLIKVSYTTVSGIWWQSVIGLEPPIRKMRKXLERXLI]ERXMGMTEXIH%XLISVIXMGEP TIVWTIGXMZIERHE[EVIRIWWSJXLIGSQTPI\GSQQYRMGEXMSRRIX[SVOMRWQEPPKVSYTWGER LIPTKVSYTQIQFIVWWIITMXJEPPWFIJSVIXLI]JEPPXSSHIITP]MRXSXLIQ %PXLSYKLMXMWXLISVIXMGEPP]TSWWMFPIXSGEPGYPEXIXLIqTIVWSREPMX]rSJEKVSYTF] EREP]^MRKEPPXLITSWWMFPIVIPEXMSRWLMTWERHMRXIVEGXMSRWFIX[IIRIEGLERHIZIV]KVSYT QIQFIVMXMWSJXIRRSXTVEGXMGEPXSHSWSERHETIVWTIGXMZIXLEXPSSOWEXEKVSYTEWE [LSPIMWQSVITVEGXMGEP%XVERWEGXMSREPQSHIPSJGSQQYRMGEXMSRMR[LMGLqXLITVST IVXMIWSJXLIKVSYTEVIMVVIHYGMFPIXSXLITVSTIVXMIWSJMXWMRHMZMHYEPQIQFIVWr 0EW^PS T WYKKIWXWE W]WXIQWSVMIRXEXMSR XLEXYRHIVWGSVIWXLIH]REQMGGSQTPI\ SRKSMRK TVSGIWW REXYVI SJ WQEPP KVSYTW EW MRJPYIRGIH F] TEWX TVIWIRX ERH JYXYVI IZIRXWMRXIVEGXMSRWWMXYEXMSRWERHGSRXI\XW8VIEXMRKWQEPPKVSYTWEWW]WXIQWSJMRXIV EGXMSR[MXLYRMUYIGLEVEGXIVMWXMGWTVSZMHIWERETTVIGMEXMSRSJEKVSYTtWGSQTPI\MX]ERH EPPS[WYWXSFIXXIVI\EQMRIERHYRHIVWXERHWQEPPKVSYTGSQQYRMGEXMSR
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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+VSYTWEW7]WXIQWSJ-RXIVEGXMSR
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'LEVEGXIVMWXMGWSJ'SQTPI\7]WXIQW
;LSPIRIWW 7]RIVK] 3TIRRIWW 8VERWJSVQEXMSR -RXIVHITIRHIRGI *IIHFEGO )RXVST] )UYMJMREPMX]
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+VSYTWEW7]WXIQWSJ-RXIVEGXMSR
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qWLEVIHI\TIVMIRGIrhTPE]MRKXMQI XSKIXLIVSVPS[XYVRSZIVh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tW6YPIWSJ3VHIV 6SFIVX XSQEMRXEMRWXVMGXGSRXVSPSZIVE WQEPPKVSYTHMWGYWWMSR-QE]FIIRKEKMRKMRRIKEXMZIJIIHFEGO;LIR-GEPPXLIUYIW XMSR SV VYPI WSQISRI SYX SJ SVHIV - LEZI HIGMHIH XLEX LI SV WLI LEW ZMSPEXIH XLI I\TIGXIH HMVIGXMSR SJ XLI HMWGYWWMSR SV LEW ZIIVIH SJJ GSYVWI 8LMW OMRH SJ WXVMGX
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
%7]WXIQW%TTVSEGLXS7QEPP+VSYT'SQQYRMGEXMSR
8IEQ[SVOERHW]RIVK]
EHLIVIRGI XS VYPIW MW PMOIP] XS WXMJPI GVIEXMZMX] -R QSWX SVKERM^EXMSRW TYWLMRK JSV GLERKIWXLEXEGXYEPP]GVIEXIMQTVSZIQIRXMRTVSHYGXSVTIVJSVQERGIVIUYMVIWTSWMXMZI JIIHFEGOMRSVHIVXSQSZITISTPIE[E]JVSQXLIMVLEFMXYEPTVEGXMGIW%JXIVEPPMJXLI qSPHr[E]W [IVI[SVOMRKXLIVI [SYPHFI RSTVSFPIQW XSEHHVIWW'SRWMHIVEXMSRSJ EPXIVREXMZITSMRXWSJZMI[MWEVIGSKRMXMSRSJXLIVSPISJTSWMXMZIJIIHFEGOMRLIPTMRKXS QEOIXLIFIWXHIGMWMSRW8LIGSRWXVYGXMZIYWISJJIIHFEGOEPWSLIPTWTVIZIRXIRXVST] )RXVST] 0MZMRK W]WXIQW XIRH XS[EVH IRXVST]h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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
+VSYTWEW7]WXIQWSJ-RXIVEGXMSR
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
6S[I ;LIRTISTPIEVIEWOIHXLIFIRIJMXWSJPMZMRKERH[SVOMRKMREQYPXMGYPXYVEP IRZMVSRQIRXXLI]EPQSWXEP[E]WQIRXMSRHMJJIVIRXERHI\SXMGJSSHW %X E PYRGLEXE QEREKIQIRX QIIXMRK XLI IRXVÍI MWUYMGLI PSVVEMRIQEHI [MXL LEQ8[SQEREKIVWRIZIVXSYGLXLIMVTPEXIW;L]#8LIVIGSYPHFIWIZIVEPVIEWSRWFYX EPMOIP]SRI[SYPHFIVIPMKMSYWTVSLMFMXMSRWEKEMRWXGIVXEMRJSSHW/SWLIVJSSHPE[W EHLIVIHXSF]WSQI.I[WTVSLMFMXXLIIEXMRKSJTSVOERHWLIPPJMWL(IZSYX1YWPMQW EPWSVIJYWITSVOERHEPGSLSPMGFIZIVEKIW,MRHYVIPMKMSYWFIPMIJWTVSLMFMXXLIIEXMRKSJ QIEXSJER]OMRH-REHHMXMSRQER]MRHMZMHYEPWGLSSWIXSIEXEZIKIXEVMERHMIX8LIWI WYFW]WXIQWTVIZEMPMRWTMXISJXLITSWWMFPIGPEWL[MXLSXLIVWYFW]WXIQWFIGEYWISJXLI HITXLSJMRHMZMHYEPWt FIPMIJW 0MOI[MWI XMQI GSRWGMSYWRIWWSRXLITEVX SJ%QIVMGERWSJXIRGPEWLIW [MXLXLI QEÕEREEXXMXYHIMR1I\MGSERHXLI-RWLEPPEL SJXLI%VEF[SVPH;LMPIXMQIMWQSRI]MR XLI9RMXIH7XEXIWXMQIMWGSRWMHIVIHQSVIIPEWXMGERHVIPIZERXMRXIVQWSJQEÕERESV WSQIXMQIMRXLIJYXYVIERHSJ-RWLEPPEL [LMGLQE]QIER[LIRIZIVMXGSQIWXSTEWW *SVWSQI%QIVMGERWEGGITXMRKXLEXFSXLZMI[WEVIPIKMXMQEXITIVWTIGXMZIWLEWTVSZIH HMJJMGYPXERHMVSRMGEPP]XMQIGSRWYQMRK 8LI QEWWMZI MRGVIEWIWMR-RXVERIXERH-RXIVRIX GSRRIGXMSRWLEZI I\TERHIHXLI WQEPPKVSYTtWYRMZIVWI2SXSRP]MWXLIVIEKVIEXHIEPQSVIMRJSVQEXMSREZEMPEFPIFYX STTSVXYRMXMIW XS GSRRIGX HMKMXEPP] VEXLIV XLER MR JEGIXSJEGI KVSYT QIIXMRKW LEZI
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
%7]WXIQW%TTVSEGLXS7QEPP+VSYT'SQQYRMGEXMSR
MRGVIEWIHEPPS[MRKMRHMZMHYEPWJVSQEVSYRHXLIKPSFIXSTEVXMGMTEXIMRVIEPXMQIHIGM WMSRW +EXIW ,SJ -RJSVQEXMSR EPFIMX RSX EP[E]W EGGYVEXI MW [MHIP] EZEMPEFPI%W SJ q QMPPMSR%QIVMGERW LEZI GSRXVMFYXIH QEXIVMEP XS XLI 2IX JVSQ TVSHYGX VIZMI[W XS I&E]VEXMRKW EGGSVHMRK XLI 4I[ -RXIVRIX %QIVMGER 0MJI 4VSNIGXr ,SJT 8LIMQTPMGEXMSRWSJXLIWIXVIRHWEVIHMWGYWWIHXLVSYKLSYX XLMWXI\XFSSO
'SQTPI\7]WXIQW -REHHMXMSRXSFIMRKSTIRW]WXIQWWQEPPKVSYTWEVIEPWSGSQTPI\W]WXIQW 8LIMVGSQ QYRMGEXMSR TVSGIWWIW EVI SJXIR HMWSVHIVP] GLESXMG ETTEVIRXP] HMWGSRXMRYSYW ERH XVERWJSVQEXMSREP%W GSQTPI\ W]WXIQW XLI] LEZI EHHMXMSREP GLEVEGXIVMWXMGW EW [IPP &IMRKE[EVISJXLIWIGLEVEGXIVMWXMGWEPPS[WTEVXMGMTERXWXSQSVIJYPP]ETTVIGMEXIXLI GSQQYRMGEXMSRTVSGIWWIWXLEXEVISGGYVVMRKERHXSQEOIIJJIGXMZIYWISJXLIQMRXLIMV KVSYTt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qTS[IVTPE]rIREGXIHMRSVHIVXSGSRXVSPXLIKVSYTHMWGYWWMSREVSYRHE TEVXMGYPEVMWWYI%WGSTMRKXIGLRMUYIWRSRISJXLIWIVIWTSRWIWMRZSPZIWEXVERWJSVQE XMSREPGLERKIJSVXLIKVSYT-JLS[IZIVXLIKVSYTYWIWXLISYXFYVWXEWERSTTSVXYRMX] XSVIJPIGX SR MXWKVSYTTVSGIWWERHXSIWXEFPMWLRI[ TEXXIVRWSJMRXIVEGXMSRXLIR XLI KVSYTMXWIPJLEWYRHIVKSRIEXVERWJSVQEXMSR;LIRXLIXVERWJSVQEXMSRMWTSWMXMZIERH GSRWXVYGXMZI XLMW WIGSRHSVHIV GLERKI QE] VIWYPX MR RI[ PIZIPW SJ XVYWX WMRGIVMX] ERH STIRRIWW EQSRK KVSYT QIQFIVW EW ER I\XIRWMSR SJ XLIMV I\TERHIH [E]W SJ
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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+VSYTWEW7]WXIQWSJ-RXIVEGXMSR
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qGSQQSR WIRWIr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tWTIVGITXMSRWSJXLITIVWSRHSMRKXLIFILEZMRK%PXLSYKLEPPSJXLIGSRWI UYIRGIWSJJMVWXMQTVIWWMSRWQE]RSXFIGSQIETTEVIRXJSVWSQIXMQIIZIRMRq^IVS LMWXSV]r SV RI[P] JSVQIH KVSYTW VITYXEXMSRW ETTIEVERGI ERH TIVWSREP WX]PI SJXIR TVIGIHI YW ERH TVSZMHI MRJSVQEXMSR XLEX QE] MRJPYIRGI XLI KVSYT TVSGIWW MR WSQI YRI\TIGXIH[E]*MVWXMQTVIWWMSRWGVIEXIEFEWIPMRISR[LMGLWYFWIUYIRXMRXIVEGXMSRW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
%7]WXIQW%TTVSEGLXS7QEPP+VSYT'SQQYRMGEXMSR
EVIFYMPX-REHHMXMSR[ILEZIEPPTVSFEFP]JIPXXLIETTVSTVMEXIRIWWSVMRETTVSTVMEXIRIWW SJETEVXMGYPEVFILEZMSVMREKMZIRWMXYEXMSR;LIVIEWSRITIVWSRQE]KIXE[E][MXLE GVYHIGSQQIRXMREQIIXMRKERHIZIRFIXLSYKLXJYRR]ERSXLIVQE]FIGSRWMHIVIH VYHISVIQFEVVEWWMRK,S[IZIVHITIRHMRKSRSXLIVJEGXSVWMJIMXLIVSJXLIWITISTPI LEHGLSWIREHMJJIVIRXXMQIXSQEOIXLIGSQQIRXXLIMVVIGITXMSRWQMKLXLEZIFIIRHMJ JIVIRX-RHMZMHYEPGLEVEGXIVMWXMGWERHMRXIVTIVWSREPVIPEXMSRWLMTW[MXLMRKVSYTWEW[IPP EWXMQMRKERHGMVGYQWXERGIWHIXIVQMRI[LSGERWE][LEX[LIR *MVWXMQTVIWWMSRWMRXIVEGX[MXLKVSYTVIPEXMSRWLMTWERHI\TIGXEXMSRWXSIWXEFPMWL TEXXIVRWSJVIWTSRWI*SVI\EQTPIMJ-EQQMRYXIWPEXIJSVXLIJMVWXKVSYTQIIXMRK Q]FIMRKIZIRX[SQMRYXIWPEXIJSVXLIWIGSRHSRIQE]GEYWISXLIVKVSYTQIQFIVWXS GSQQIRXSRQ]qEP[E]WFIMRKPEXIr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tW QSZIQIRXW XLVSYKL XMQI TEVXMGYPEVP]EW XLI]EVIEJJIGXIHF]MXWWIRWMXMZMX]XSMRMXMEPGSRHMXMSRWERHWXVERKIEXXVEGXSVW-RWQEPP KVSYTWXLIGSQQYRMGEXMSRMXWIPJGLERKIWEWXLIKVSYTQSZIWXLVSYKLHMJJIVIRXTLEWIW *SYVVIPEXMZIP]PEVKIHIWGVMTXMZITLEWIWGSQQSRMRKVSYTHIZIPSTQIRXKVS[XLERH GLERKIEVIXLIG]GPIWSJMRXVSHYGXMSR JSVQMRK GSRJPMGX WXSVQMRK IQIVKIRGI RSVQ MRK ERHTVSHYGXMSR TIVJSVQMRK 8LIREXYVISJXLIWITLEWIWMWHIWGVMFIHMRKVIEXIV HIXEMPMREPEXIVGLETXIV WII'LETXIV ERHMWQIRXMSRIHLIVISRP]EWERI\EQTPISJXLI
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
+VSYTWEW7]WXIQWSJ-RXIVEGXMSR
ETTPMGEXMSRSJXLIGSRGITXSJTLEWIWTEGIXSWQEPPKVSYTW4LEWIWTEGIGSRGITXYEPM^IW XLIWI HIWGVMTXMZI TLEWIW EW G]GPIW XLEX EVI MXIVEXMZI ERH H]REQMG 8LI] EVI MXIVEXMZI FIGEYWIXLI]VITIEXIHP]WXVIXGLERHJSPHSRIMRXSERSXLIV VEXLIVXLERFYMPHMRKSRIEGL SXLIVMREWXVEMKLXJSV[EVHPMRIEVVIPEXMSRWLMT =IXXLI]EVIH]REQMGMRXLIMVGLERKMRK WTMVEPMRKERHKVS[XL8LI]WTMVEPERHFYMPHSRIEGLSXLIVVEXLIVXLERVIXYVRXSXLIMV SVMKMREPWXEVXMRKTPEGIW%YXLIRXMGKVSYTHMWGYWWMSRERHGSRJPMGXVIUYMVIXLEXEKVSYTLEW JSVQIHERHQIQFIVWLEZIKSXXIRXSORS[IEGLSXLIV3YXSJXLIORS[PIHKISJXLIMVHMJ JIVIRXTIVWTIGXMZIWGSRJPMGXSJXIRIQIVKIWERHGERPIEHXSEKVIEXIVYRHIVWXERHMRKSR [LMGL XLI KVSYT GER TVIHMGEXI MXW TVSHYGXMZI HIGMWMSRQEOMRK ERH TVSFPIQWSPZMRK TVSGIWWIW=IX[MXLMRXLEXTVSHYGXMSRTLEWIXLIEHHMXMSREPKVIEXIVYRHIVWXERHMRKQE] WXMQYPEXIEHHMXMSREPGSRJPMGXERHIZIRXLIJSVQEXMSRSJWYFKVSYTGSEPMXMSRW8LIWIGSEPM XMSRWQE]XLIQWIPZIWXEOIHMJJIVIRXWLETIWEWGSRJPMGXWEVIVIWSPZIHERHRI[GSRJPMGXW EVMWI=IXXLIKVSYTRIZIVXVYP]VIXYVRWXSIEVPMIVTLEWIWFYXFYMPHWSRXLIQMR[E]WXLEX QEOIXLIWIPEXIVTLEWIWUYEPMXEXMZIP]HMJJIVIRXMRXLIMVMRXIVEGXMSR &MJYVGEXMSR4SMRXW %PPQSQIRXWSVTSMRXWMREKVSYTt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h[LIXLIVMRERKIVJVYWXVEXMSRIRXLYWMEWQSVI\GMXIQIRXhMX GERRSXFIXEOIRFEGOERH[MPPLEZIWSQIMQTEGXSRXLITEVXMGMTERXWERHPEXIVKVSYT HMWGYWWMSR;LEXMWWEMHQE]GSRXVMFYXIXSXLIIJJIGXMZIRIWWSVXLIHIXIVMSVEXMSRSJXLI KVSYTTVSGIWW3YVKVSYTWQE]FIEFPIXSQSZIFI]SRHMXMRGSVTSVEXMRKMXMRXSSYV TVSGIWW ERH EHHMRK XS SYV XVERWJSVQEXMSREP KVS[XL FYX [I GERRSX XVYP] WXEVX SZIV
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
(MWGYWWMSR5YIWXMSRW
)EGLRI[FIKMRRMRK[MPPFIMRJPYIRGIHF]XLITEWXGSQQYRMGEXMSR+VSYTGSQQYRM GEXMSRLETTIRW[MXLMRXMQIERHLEWMRXLEXWIRWIXLIUYEPMX]SJMVVIZIVWMFMPMX] 8LMWHMWGYWWMSRSJGSQTPI\W]WXIQWQMKLXWIIQh[IPPGSQTPI\,S[IZIV[I EPPLEZIMRRYQIVEFPII\EQTPIWSJXLIMRJPYIRGISJGSQTPI\W]WXIQW%RI\EQTPIMWSYV JMVWX ]IEV SJ LMKLIV IHYGEXMSR [MXL EPP XLI WIGSRHSVHIV GLERKIW IK WXYH] LEFMXW QEREKMRKXMQI HSYFPIPSSTPIEVRMRK QEOMRKRI[JVMIRHWKEMRMRKWOMPPW WIRWMXMZMX] SJMRMXMEPGSRHMXMSRW IKJMVWX[IIOSRGEQTYW WXVERKIEXXVEGXSVW IKGLSSWMRKE QENSV TLEWIWTEGI IKNSMRMRKKVSYTWSVKERM^EXMSRW FMJYVGEXMSRTSMRXW IKGPEWW HMWGYWWMSRKVSYTPIEHIVWLMT ERHMVVIZIVWMFMPMX] IKGLSSWMRKXLIGSPPIKI
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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
+VSYTWEW7]WXIQWSJ-RXIVEGXMSR
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2SVQW
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hWYGL EW TSSV WSGMEP IXMUYIXXI SGGEWMSREP FEH QERRIVW SV QMPHP] MRETTVSTVMEXI FILEZMSVhQEOIW YW YRGSQJSVXEFPI 2SVQWGEREPWSFII\TPMGMXP]WXEXIHSVMQTPMGMXP]YRHIVWXSSH[MXLMRXLIKVSYT%R I\TPMGMXRSVQ MWSYXPMRIHMRIMXLIV[VMXXIRSVSVEPJSVQEWETSPMG]SVKVSYTWERGXMSRIH TVSGIHYVI JSVI\EQTPIVIUYMVIHEXXIRHERGIHVIWWWXERHEVHWSVHYIHEXIWEVISJXIR GPIEVP]WXEXIH%RMQTPMGMXRSVQ MWERYRWXEXIHTVIJIVIRGISJXLIKVSYTWYGLEWFIMRK GSYVXISYWFVMRKMRKWREGOWSVHSMRKEKSSHNSFFYXGERRSXYWYEPP]FIGPIEVP]MHIRXM JMIHF]PSSOMRKEXXLIKVSYTtW[VMXXIRKYMHIPMRIWSVJSVQEPSTIVEXMRKTVSGIHYVIW
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2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO
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
2SVQWERH(MZIVWMX] 8LIMQTSVXERGISJYRHIVWXERHMRKRSVQWMWYRHIVWGSVIH[LIR[II\EQMRIXLIVETMHP] GLERKMRKQEOIYTSJWSGMIX]MRGPYHMRKHVEQEXMGGLERKIWMRHIQSKVETLMGWQYPXMGYP XYVEP FEGOKVSYRHW ERH MRXIVIWXW ,EVVMW 2EWWIV &] XLI ]IEV qEFSYXLEPJSJEPP%QIVMGERW[MPPFIPSRKXS[LEXEVIRS[GSRWMHIVIHQMRSVMX]KVSYTWr EGGSVHMRKXSXLI97(ITEVXQIRXSJ0EFSVtW VITSVX %WWSGMEXIH4VIWW T & -R EPQSWX IZIV] EWTIGX SJ PMJI [I LEZI MRGVIEWMRK STTSVXYRMXMIW XS [SVO [MXL HMZIVWIKVSYTWSJMRHMZMHYEPW'LETXIV HMWGYWWIWXLIMQTSVXERGISJHMZIVWMX] XLMWHMW GYWWMSRJSGYWIWSRRSVQW%WWSGMIX]GLERKIWWSHSKVSYTERHXIEQRSVQW -RSVKERM^EXMSRWXLITVIHSQMRERXqTEPIQEPIrQEREKIQIRXGYPXYVISJXLITEWXMW FIMRK VITPEGIH -R JEGX XLIVIMW qE QSZIE[E] JVSQ E HSQMRERGI F]XLI )YVSTIER %QIVMGERQEPIXS[EVHERMRGVIEWMRKP]HMZIVWIERHWIKQIRXIHTSTYPEXMSR?MRGPYHMRKA EKI IXLRMG SVMKMRW GYPXYVIW ERH TIVWSREP WX]PIr ;IRXPMRK 4EPQE6MZEW T %WYVZI]SJXLI*SVXYRIGSQTERMIWVITSVXWXLEXq SJXLIVIWTSRHIRXW WE]XLIMVHMZIVWMX]MRMXMEXMZIWLIPTXLIMVSVKERM^EXMSRXSOIITEGSQTIXMXMZIEHZERXEKIr 7YVZI]WE]WT ;IRIIHXSFIE[EVISJXLIMQTEGXSJGLERKMRKRSVQW;MXLSYXERYRHIVWXERHMRK XLI qMRGVIEWMRK HMZIVWMX] ERH XIEQFEWIH [SVO WXVYGXYVIW GER WTEVO SJJMGI GSRJPMGXr 4MVMWM T 3YVEKIFEGOKVSYRHWIXLRMGMX]VIPMKMSRKIRHIVIHYGEXMSRERH [SVOI\TIVMIRGIWGERPIEHYWXSWIIHMJJIVIRGIEWHIZMERXFILEZMSV8SHE]tWSVKERM^E XMSRW EVI qE[EWL [MXL XLI GSRJPMGXMRKZSMGIW ERH ZMI[W SJXLI QSWX EKI ERH ZEPYI HMZIVWI [SVOJSVGI XLMW GSYRX] LEW ORS[R WMRGI SYV KVIEXKVIEXKVERHTEVIRXW EFERHSRIHJMIPHERHJEVQJSVJEGXSV]ERHSJJMGIr >IQOI6EMRIW *MPMTG^EO T )ZIRMJ[IJSGYWSRP]SRXLIHMJJIVIRXKIRIVEXMSRWEX[SVOVIWIEVGLIVWLEZI FIIREFPIXSHVE[GVMXMGEPHMWXMRGXMSRWEQSRKZIXIVERW FSVRFIX[IIR i QMPPMSRTISTPI FEF]FSSQIVW FSVRFIX[IIR i QMPPMSRTISTPI +IR IVEXMSRIQOI6EMRIW *MPMTG^EO
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6SPIW
FIVW'SRZIVWIP]MJMXMWESRIXMQIWSGMEPKEXLIVMRK MJ[IHSRSXGEVIEFSYXXLIKVSYT SVMXWKSEPW SVMJ[IJIIP[ILEZIQSVIEYXLSVMX]TS[IVSVTSWMXMSRXLERSXLIVKVSYT QIQFIVW[IQMKLXRSXJIIPGSQTIPPIHXSEFMHIF]XLIRSVQW ;LIR KVSYT RSVQW EVI ZMSPEXIH XLI KVSYT [MPP YWYEPP] MQTSWI WSQI X]TI SJ WSGMEPWERGXMSRSVTYRMWLQIRX8LMWQE]FIEPMKLXTYRMWLQIRXXLEXXLIRMRGVIEWIWMR MRXIRWMX]MJXLIRSVQMWZMSPEXIHEWIGSRHSVXLMVHXMQI%JMVWXZMSPEXMSRQE]QIERXLEX -EQWMQTP]EZSMHIHSVMKRSVIHJSVE[LMPIHYVMRKXLIKVSYTTVSGIWW*SVI\EQTPIMJEQXIRQMRYXIWPEXIJSVEQIIXMRKXLIKVSYTQE]RSXWE]ER]XLMRKXLIJMVWXXMQIFYX EPWSQE]RSXMRGPYHIQIMRXLIHMWGYWWMSRJSVE[LMPI-J-EQPEXIEWIGSRHXMQI[LIR -EVVMZIKVSYTQIQFIVWQE]FIGSQIQSVISYXWTSOIRERHI\TVIWWXLIMVMVVMXEXMSRQSVI HMVIGXP]XLVSYKLGSQQIRXWEFSYXQ]XEVHMRIWWSVXLI]QE]FIKMRXSNSOIEFSYXQ] EXXIRHERGI-J-EQPEXIEXLMVHXMQIXLI]QE]I\TVIWWERKIVEFSYXQ]LEFMXYEPPEXIRIWW ERHVIQMRHQIXLEXMXMRXIVJIVIW[MXLXLIKVSYTtWEFMPMX]XSEGGSQTPMWLMXWXEWO-RIEGL GEWIXLIKVSYTMWEWOMRKQIXSGSRJSVQXSXLIRSVQ8LIWERGXMSRMQTSWIH[MPPEPWSFI GSRXMRKIRXSRXLITIVGITXMSRSJQ]SXLIVGSRXVMFYXMSRWXSXLIKVSYTERHEGGSQTPMWL QIRXSJMXWXEWO-J-EQTIVGIMZIHEWLEZMRKGSRXVMFYXIHEKVIEXHIEPXSXLIKVSYTERH XLIEGLMIZIQIRXSJMXWKSEPWQ]PEXIRIWWXSEQIIXMRKQE]FITIVGIMZIHEWXVMZMEPERHE WERGXMSREWYRRIGIWWEV]SVMRETTVSTVMEXI-J-EQTIVGIMZIHEWRSXLEZMRKGSRXVMFYXIH Q]WLEVIXSXLIKVSYT[SVOSZIVEPPXLIRQ]PEXIRIWWXSXLIQIIXMRKQE]FIGSQIE JSGEPTSMRXJSVXLIKVSYTt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tWWERGXMSRXLEXQEOIWEVYPIERSVQ%X[SVOXLIWIRSVQWEVIMRGVIEWMRKP]HMJJM GYPXXSQEMRXEMR[MXLSYXGLEPPIRKISVWGVYXMR]F]SXLIVW(MZIVWMX]FVMRKWRI[MRWMKLXW VIKEVHMRKXVEHMXMSREPRSVQWERHKVSYTWRIIHXSFIGSRXMRYSYWP]QSRMXSVMRKRSVQWXS QEOIGIVXEMRXLI]EVIMRGPYWMZISJXLIHMZIVWIKVSYTQIQFIVW (I2MWM +VMJJMR
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2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO
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;LMPIRSVQWHMVIGXXLIFILEZMSVSJXLIKVSYTVSPIWETTP]XSETEVXMGYPEVMRHMZMH YEPtWFILEZMSV q6SPIWEVIsTEGOEKIWt SJRSVQWXLEXETTP]XSTEVXMGYPEVKVSYTQIQFIVWr .SLRW T *SV I\EQTPI [I QMKLX I\TIGX WSQISRI XS XEOI RSXIW EX SYV QIIXMRKWERHHMWXVMFYXIXLIQXSIZIV]QIQFIV8LIKVSYTRSVQSJRSXIXEOMRKWYK KIWXWEWTIGMJMGVSPIJSVSRIQIQFIVIZIRMJXLIQIQFIVXEOMRKRSXIWGLERKIW[MXL IEGLQIIXMRK
8]TIWSJ6SPIW ,MWXSVMGEPP]WGLSPEVWLEZIHMZMHIHVSPIWMRXSX[SKIRIVEPGEXIKSVMIWhXLSWIXLEXXEOI MRXSGSRWMHIVEXMSRXLIMQTSVXERGISJXLIKVSYTt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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
6SPIW
GSRXVMFYXMRK MR TSWMXMZI [E]W XS XLI KVSYT HMWGYWWMSR ERH EGLMIZIQIRX 8EFPI HIWGVMFIWXLIWIVSPIW 8LIYWIJYPRIWWSJXLIWIHIWGVMTXMSRWMWXLIMVIQTLEWMWSRXLIQER]VSPIWER]SRI TEVXMGMTERXQMKLXTPE]MREWQEPPKVSYT)JJIGXMZIKVSYTQIQFIVWJVIUYIRXP]XEOISRE ZEVMIX]SJVSPIW +VSYTWSJXIRTVIWIRXHMJJMGYPXWMXYEXMSRW[MXLQYPXMTPII\TIGXEXMSRWSJVSPIWJSV QIQFIVWWSXLEX[LEXMWI\TIGXIHSJYWMRKVSYTWMWRSXEP[E]WGPIEV ,EVI 7SQIXMQIWVSPIWGSRJPMGXSVGSPPMHISVQE]FIGSRJYWIHF]EQFMKYSYWSVMRGSQTEXMFPI WIXW SJ I\TIGXEXMSRW=SY QMKLX FI EWOIH JSV I\EQTPI XS FI E KVSYT PIEHIV [LIR FIGEYWISJSXLIVSFPMKEXMSRWXSXLIKVSYT]SYHSRSXLEZIXLIXMQIERHIRIVK]RIIHIH XS YRHIVXEOI XLI NSF =SY QMKLX XLIR I\TIVMIRGI VSPI GSRJPMGX +VMJJMR %X ERSXLIVXMQI]SYQE]RSXFIGIVXEMR[LEXVSPIXSTPE]SV]SYQE]I\TIVMIRGIQYPXMTPI ERH GSRXVEHMGXSV]VSPI HIQERHW JVSQ XLI KVSYTPIEHMRKXS VSPI EQFMKYMX] +VMJJMR =SYI\TIVMIRGIVSPIGSRJPMGX[LIR]SYEVII\TIGXIHXSEGXMREQERRIVHMJJIVIRX JVSQ[LEX]SYTIVGIMZIXSFI]SYVHIWMVIHVSPIERHVSPIEQFMKYMX][LIRXLIVSPI]SY EVII\TIGXIHXSXEOISRMWYRGPIEV%RI\EQTPISJVSPIGSRJPMGX MWFIMRKTYXMRGLEVKISJ EKVSYT[LIR]SYHSRSX[ERXXSXEOIXLIVIWTSRWMFMPMX])ZIV]SRIMRXLIKVSYTWE]W ]SYEVIEREXYVEPFSVRPIEHIV=SY[ERXRSTEVXSJXLMWVSPIFYXEGGITXMXFIGEYWISJXLI KVSYTTVIWWYVI%RI\EQTPISJVSPIEQFMKYMX] SGGYVW[LIREKVSYT[ERXW]SYVMRTYX ERHPIEHIVWLMTFYXHSIWRSXTVSZMHIER]KYMHIPMRIWJSV[LEXMWRIIHIHERHMRTVEGXMGI ETTIEVWRSXXS[ERX]SYVMRTYXSV]SYVPIEHIVWLMT6SPIGSRJPMGXERHVSPIEQFMKYMX]GER FIHMJJMGYPXTVSFPIQWJSVKVSYTWXSHIEP[MXLERHQE]VIUYMVIIMXLIVVSPIEREP]WMWXS HIXIVQMRI[LEXMWI\TIGXIHSJETEVXMGYPEVVSPISVVSPIRIKSXMEXMSRXSIRWYVIEGSQQSR YRHIVWXERHMRKSJXLIVSPIEQSRKEPPKVSYTQIQFIVW
8LI*YRGXMSRSJ6SPIW -REHHMXMSRXSXLIWIMWWYIW&EPIW MHIRXMJMIHJSYVJYRGXMSREPGLEVEGXIVMWXMGWSJ VSPIWXLEXGERGVIEXITVSFPIQWJSVKVSYTW'IVXEMRVSPIWGERGVIEXITVMZMPIKIHTSWMXMSRW XLEXEPPS[ E KVIEXIVEGGIWWXSVIWSYVGIW F QSVIHMVIGXMSRSJERHGSRXVSPSZIVSXLIV TIVWSRW G MRGVIEWIHWXEXYWhEWIRWISJMQTSVXERGIERHTVIWXMKI[MXLMRXLIKVSYTERH H EKVIEXIVWIRWISJMRZSPZIQIRXMRERHMHIRXMJMGEXMSR[MXLXLIKVSYT2IKSXMEXMRK VIWSYVGIWHMVIGXMSRWXEXYWERHMRZSPZIQIRXGEREXXMQIWFIHMJJMGYPXJSVEKVSYTERH GERGVIEXIXIRWMSRWEQSRKKVSYTQIQFIVW &IGEYWIEWQEPPKVSYTMWEGSPPIGXMSRSJMRHMZMHYEPWFSYRHXSKIXLIV[MXLWSQI GSQQSRTYVTSWIXLIQIQFIVWIEGLLEZIERMRXIVIWXMRTPE]MRKXLIMVVIWTIGXMZIVSPIW XSEGLMIZIXLEXTYVTSWI-RKIRIVEPKVSYTQIQFIVW[SVOXSJSWXIVJEZSVEFPIMQTVIW WMSRWSJXLIQWIPZIW XSSVKERM^IXLIMVQYPXMTPIVIPEXMSRWLMTW[MXLSXLIVKVSYTQIQ FIVW XSHIZIPSTEGSQQSRYRHIVWXERHMRKWLEVIHEQSRKKVSYTQIQFIVWSJXLIKVSYTtW KSEPWEQFMXMSRWTVIJIVVIHWX]PISJQIIXMRKGSQQYRMGEXMRKERHEGGSQTPMWLMRKXEWOW ERHXSI\TVIWWXLIMVJIIPMRKWERHXLSYKLXW[LMPIRSXI\TSWMRKXLIMVTIVWSREPZYPRIVEFMP MXMIWXSXSSKVIEXERI\XIRX%PSRKXLIWIPMRIW&SGLRIV HIZIPSTIHEX]TSPSK]SJ JMZIGSQQYRMGEXMSRVSPIJYRGXMSRWXLEXETTP]XSGSQQYRMGEXMSRMRWQEPPKVSYTW8LIWI JYRGXMSRWhq XSJSWXIVJEZSVEFPIMQTVIWWMSRW XSSVKERM^IXLIVIPEXMSRWLMT XS GSRWXVYGXERHZEPMHEXIEGSRNSMRX[SVPHZMI[ XSI\TVIWWJIIPMRKWERHXLSYKLXW ERH
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
8%&0)
+VSYT6SPI&ILEZMSV
2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO
+VSYT8EWO6SPIW
+VSYT1EMRXIRERGI6SPIW
7IPJ3VMIRXIH&ILEZMSVW
-RMXMEXMRK 4VSTSWMRKRI[MHIEW TVSTSWMRKKSEPWTPERWSJEGXMSR SVEGXMZMXMIW SVMIRXMRK TVSHHMRK XLIKVSYTXSKVIEXIVEGXMZMX] HIJMRMRKXLITSWMXMSRSJXLI KVSYTMRVIPEXMSRXSERI\XIVREP WXVYGXYVISVKSEP SJJIVMRK WYKKIWXMSRWERHETTVSEGLIW
)RGSYVEKMRK 4VEMWMRK I\TVIWWMRK[EVQXLWYTTSVX ERHETTVIGMEXMSR VIGSKRM^MRK XLIZEPYISJSXLIVWt GSRXVMFYXMSRW MRHMGEXMRK TSWMXMZIJIIPMRKXS[EVHKVSYT QIQFIVW VIMRJSVGMRKKVSYT YRMX]ERHGSLIWMZIRIWW
)PEFSVEXMRK 'PEVMJ]MRKMHIEWSV WYKKIWXMSRW I\TERHMRKMHIEWSV WYKKIWXMSRW HIZIPSTMRKE TVIZMSYWP]I\TVIWWIHMHIE TVSZMHMRKI\EQTPIW MPPYWXVEXMSRWERHI\TPEREXMSRW
7YTTSVXMRK %KVIIMRKSV I\TVIWWMRKWYTTSVXJSVERSXLIVtW FIPMIJSVTVSTSWEP JSPPS[MRK XLIPIEHSJERSXLIVQIQFIV EGGITXMRKERSXLIVtWWYKKIWXMSRW ERHGSRXVMFYXMSRW
&PSGOMRK 4VIZIRXMRKTVSKVIWW XS[EVHKVSYTKSEPWF]GSRWXERXP] VEMWMRKSFNIGXMSRWVITIEXIHP] FVMRKMRKYTXLIWEQIXSTMGSV MWWYIEJXIVXLIKVSYTLEW GSRWMHIVIHERHVINIGXIHMX TVIZIRXMRKXLIKVSYTJVSQ VIEGLMRKGSRWIRWYW VIJYWMRKXS KSEPSRKEGGITXSVWYTTSVXE KVSYTHIGMWMSR
'SSVHMREXMRK -RXIKVEXMRK TYXXMRKXSKIXLIVTEVXWSJZEVMSYW MHIEW SVKERM^MRKXLIKVSYTtW [SVO TVSQSXMRKXIEQ[SVOERH GSSTIVEXMSR
,EVQSRM^MRK ,IPTMRKXS VIPMIZIXIRWMSR QIHMEXMRK HMJJIVIRGIW VIHYGMRKWIGSRH EV]XIRWMSRF]VIGSRGMPMRK HMWEKVIIQIRX WYKKIWXMRKE GSQTVSQMWISVERI[EGGITXEFPI EPXIVREXMZI [SVOMRKXSVIGSRGMPI ERKV]QIQFIVW
7YQQEVM^MRK 4YPPMRK[SVOERH MHIEWXSKIXLIV SVMIRXMRKXLI KVSYT VIZMI[MRKTVIZMSYW WXEXIQIRXW VIQMRHMRKXLIKVSYT SJMXIQWTVIZMSYWP]QIRXMSRIHSV HMWGYWWIH 6IGSVHMRK /IITMRKXVEGOSJXLI KVSYTtW[SVO OIITMRKKVSYT VIGSVHWTVITEVMRKVITSVXWERH QMRYXIW WIVZMRKEWKVSYT WIGVIXEV]SVLMWXSVMER )ZEPYEXMRK 'VMXMUYMRKMHIEWSV WYKKIWXMSRW I\TVIWWMRK NYHKQIRXWSRXLIQIVMXWSJ MRJSVQEXMSRSVMHIEW TVSTSWMRK SVETTP]MRKGVMXIVMEJSV IZEPYEXMRKMRJSVQEXMSR
+EXIOIITMRK /IITMRK GSQQYRMGEXMSRGLERRIPW STIR LIPTMRKqUYMIXr QIQFIVWKIXXLIJPSSVERHFI LIEVH WYKKIWXMRKXYVRXEOMRKSV EWTIEOMRKSVHIV EWOMRK WSQISRIXSSJJIVEHMJJIVIRX STMRMSR 4VSGIWW3FWIVZMRK 1EOMRK GSQQIRXWSRLS[XLIKVSYTMW [SVOMRKLS[XLIQIQFIVWEVI GSSVHMREXMRKERH[SVOMRK XSKIXLIV
&IMRK%KKVIWWMZI 'VMXMGM^MRK XLVIEXIRMRKSXLIVKVSYT QIQFIVW FIMRKEqRSFPI JMKLXIVrTVIZIRXMRKGSPPEFSVEXMSR ;MXLHVE[MRK 6IQEMRMRK MRHMJJIVIRX VIJYWMRKXS GSRXVMFYXI EZSMHMRKMQTSVXERX HMJJIVIRGIW VIJYWMRKXSGSTI [MXLGSRJPMGXW VIJYWMRKXSXEOIE WXERH GSZIVMRKYTJIIPMRKW KMZMRKRSVIWTSRWIXSGSQQIRXW (SQMREXMRK -RXIVVYTXMRK VIJYWMRKXSEGGITXSXLIVWt GSRGPYWMSRWEWFIMRKEWZEPMHEW SRItWS[RJSVGMRKEPIEHIVWLMT VSPI 7XEXYWSV6IGSKRMXMSR7IIOMRK 7XEKILSKKMRKFSEWXMRKERH GEPPMRKEXXIRXMSRXSSRItW I\TIVXMWISVI\TIVMIRGI[LIRRSX RIGIWWEV]XSGVIHMFMPMX]SV VIPIZERXXSKVSYTtWXEWO KEQI TPE]MRKXSIPMGMXW]QTEXL] W[MXGLMRKWYFNIGXXSEVIESJ TIVWSREPI\TIVXMWI
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
6SPIW 8%&0)
'SRXMRYIH
+VSYT8EWO6SPIW
+VSYT1EMRXIRERGI6SPIW
7IPJ3VMIRXIH&ILEZMSVW
+MZMRKSV7IIOMRK -RJSVQEXMSR 4VIWIRXMRKHEXE SJJIVMRKJEGXWERHMRJSVQEXMSR IZMHIRGISVTIVWSREPI\TIVMIRGI VIPIZERXXSXLIKVSYTtWXEWO EWOMRKSXLIVWJSVJEGXWERH MRJSVQEXMSRIZMHIRGISV VIPIZERXTIVWSREPI\TIVMIRGI EWOMRKUYIWXMSRWEFSYX MRJSVQEXMSRTVSZMHIHF]SXLIVW VIUYIWXMRKIZEPYEXMSRW EWOMRKMJ XLIKVSYTMWVIEGLMRKGSRWIRWYW
7IXXMRK7XERHEVHW ,IPTMRKXS WIXKSEPWERHWXERHEVHWJSVXLI KVSYT EWWMWXMRKMRWIXXMRKRSVQW SVQEOMRKRSVQWI\TPMGMX WYKKIWXMRKVYPIWSJFILEZMSV JSVQIQFIVW GLEPPIRKMRK YRTVSHYGXMZI[E]WSJFILEZMRK KMZMRKERIKEXMZIVIWTSRWI [LIRERSXLIVZMSPEXIWEVYPISV RSVQ
7TIGMEP-RXIVIWX4PIEHIV (IQERHMRKKVSYTXMQIERH VIWSYVGIWJSVWTIGMEPMRXIVIWX TPIEHMRK GSRWXERXP]EHZSGEXMRK JSVSRItWWYFKVSYTSVWTIGMEP MRXIVIWX RSXEPPS[MRKKVSYT MRJPYIRGISZIVSRItWTIVGIMZIH WIPJMRXIVIWXW
3TMRMSR+MZMRK 7XEXMRKFIPMIJW ZEPYIWMRXIVTVIXEXMSRW NYHKQIRXW HVE[MRKGSRGPYWMSRW JVSQJEGXWERHMRJSVQEXMSR 'PEVMJ]MRK -RXIVTVIXMRKMWWYIW QEOMRKEQFMKYSYWWXEXIQIRXW QSVIGPIEV EWOMRKJSVI\EQTPIW SVJYVXLIVGPEVMJMGEXMSR 'SRWIRWYW8IWXMRK %WOMRKMJER ETTEVIRXKVSYTHIGMWMSRMW EGGITXEFPIXSEPP WYKKIWXMRKXLEX EREKVIIQIRXQE]LEZIFIIR VIEGLIHERHEWOMRKJSV ZIVMJMGEXMSRSJXLEX
8IRWMSR6IPMIZMRK 9WMRK LYQSVSVNSOMRKSVSXLIV[MWI VIPMIZMRKXIRWMSR LIPTMRKRI[ QIQFIVWJIIPEXIEWI VIHYGMRK WXEXYWHMJJIVIRGIW IRGSYVEKMRK MRJSVQEPMX] WXVIWWMRKGSQQSR MRXIVIWXWERHI\TIVMIRGIW[MXLMR XLIKVSYT HIZIPSTMRKKVSYT REVVEXMZIWXLIQIWERHJERXEWMIW XSFYMPHEGSQQSRWTMVMXERH FSRHSVXSXIWXEXIRXEXMZIZEPYI SVRSVQ
4VSTSWMRK4VSGIHYVI 7YKKIWXMRKEREKIRHESJMWWYIW SVEHIGMWMSRQEOMRKQIXLSH TVSTSWMRKETVSGIHYVIXSJSPPS[
XSTVSXIGXZYPRIVEFMPMXMIWr T h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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO
GVIEXMZMX]ERHHIZMEXMSRJVSQERIWXEFPMWLIHWSGMEPRSVQGIVXEMRFILEZMSVWERHI\TIG XEXMSRWEVIJEMVP]WXERHEVH JSVI\EQTPIXEOMRKGEVISJGLMPHVIR *SVQEPSVEWWMKRIH VSPIW I\MWX MR QSWX WQEPP KVSYTW ERH MRGPYHI RSXI XEOMRK WGLIHYPMRK SV GLEMVMRK )QIVKIRXVSPIW EVI[SVOIHSYXEQSRKXLIQIQFIVWSJXLIKVSYT8LIWIVSPIWEVIRIKS XMEXIHEWXLIKVSYTEGXMZMX]TVSGIIHWERHVIWYPXJVSQXLIMRXIVEGXMSRSJXLIKVSYTQIQ FIVW*SVI\EQTPIWSQISRIQMKLXFIEWWMKRIHXLIVSPISJGLEMVTIVWSRSRP]XSJMRHSYX XLEXEGSPPIEKYILEWXLII\TIVXMWIERHI\TIVMIRGIXSHIEP[MXLETEVXMGYPEVMWWYI*SVE [LMPIXLEXTIVWSR[MPP IQIVKIEWXLIKVSYTPIEHIVIZIR XLSYKL ERSXLIVTIVWSR[EW I\TPMGMXP]EWWMKRIHXLEXVSPI %W W]WXIQW XLMROMRK [SYPHTVIHMGX IEGL KVSYT [MPPHIZIPST EHMJJIVIRX WIXSJ VSPIWJSVMXWTEVXMGMTERXW-RSRIKVSYT[IQMKLXFIXLIPIEHIVMRERSXLIVXLIHIZMPtW EHZSGEXI%XSXLIVXMQIW[IQMKLXFIERI[GSQIVSVHIGMHIXSFIEWMPIRXSFWIVZIV;I EGGITXXLIWIVSPIWXLVSYKLXLITVSGIWWSJVSPIEWWYQTXMSRhXV]MRKXSEGXMREGGSVHERGI [MXLXLII\TIGXIHFILEZMSVWERXMGMTEXIHF]XLIKVSYTERH[MXLXLIRSVQWEWWSGMEXIH [MXLXLEXVSPI%PXLSYKLXLITEVXMGYPEVVSPIQE]WIIQWMQTPI[LIRMXMWHIWGVMFIHXLI EGXYEPEGGITXERGIERHEGXMRKSYXSJXLIVSPIGERTVSZIXSFIHMJJMGYPX
'SLIWMZIRIWW 'SLIWMZIRIWW qMWXLII\XIRXXS[LMGLQIQFIVWEVIPS]EPERHGSQQMXXIHXSXLIKVSYTr +VMJJMRT GVIEXMRKEqJSVGIXLEXFMRHWKVSYTQIQFIVWXSKIXLIVr /I]XSR
7TVMRKWXSR T ;LMPIXLIKVSYTXEWOERHWXVYGXYVIXIRHXSFIWIXGSLIWMZI RIWWMWEVIWYPXSJLS[[IPPKVSYTQIQFIVWMRXIVEGX+VSYTWEVIRSXHSSQIHXSJEMPYVIMJ XLIQIQFIVWHSRSXKIXEPSRKFYXGSLIWMZIKVSYTWJYPJMPPMQTSVXERXRIIHWJSVXLIKVSYT QIQFIVWMRGVIEWMRKXLIMV[MPPMRKRIWWXSGSRXVMFYXIXSXLIKVSYTERHGSLIWMZIKVSYTW LEZIFIIRWLS[RXSFIQSVIIJJIGXMZIMRXEWOTIVJSVQERGI )ZERW (MSR 'SLIWMZIRIWWHIWGVMFIWEWIXSJMRJPYIRGIWERHVIEWSRWXLEXOIITQIQFIVWMRE KVSYTERHOIITXLIQQSXMZEXIHERH[MPPMRKXSGSRXVMFYXII\XVEXMQIERHIJJSVXXSLIPT XLIKVSYTGSQTPIXIMXWNSF ;MXXIQER -RQSVIGSLIWMZIKVSYTWQIQFIVWGSR ZIVWIJVIIP]EVIQSVIMRXIVIWXIHMRXLIEGLMIZIQIRXWSJXLIKVSYTEXXIRHERHEGXMZIP] TEVXMGMTEXIMRKVSYTJYRGXMSRWEVIMRXIVIWXIHMRXLIEGXMZMXMIWSJSXLIVQIQFIVW[MPP MRKP] EWWMWX IEGL SXLIV MR EGLMIZMRK XLI KVSYTtW XEWOW ERH MHIRXMJ] [MXL XLI KVSYT XLVSYKLXLIMVYWISJPERKYEKIMRWTIEOMRKSJq[IrERHVIJIVVMRKXSRSRKVSYTQIQFIVW EWqXLI]r'SLIWMSRMWJVIUYIRXP]GMXIHEWMQTSVXERXXSEKVSYTtWWYGGIWW +VMJJMR 7XSGOXSR6SLHI ,EYKLI]
-RJPYIRGIWSR'SLIWMZIRIWW ;MHQI]IVERH;MPPMEQW MHIRXMJ]ERYQFIVSJMRJPYIRGIWSRXLIHIZIPSTQIRXSJ KVSYTGSLIWMSR8LIWM^ISJXLIKVSYTXLIFEGOKVSYRHWMQMPEVMX]SJKVSYTQIQFIVW XLIQIQFIVWt WEXMWJEGXMSR[MXLXLIXEWOMR[LMGLXLI]EVIIRKEKIHERH[MXLXLIWSGMEP EWTIGXW SJ XLI KVSYT ERH XLI WYGGIWW SJ TVMSV KVSYT TIVJSVQERGI EPP GSRXVMFYXI XS KVIEXIVKVSYTGSLIWMSR0EVKIVKVSYTWJSVMRWXERGIQE]JMRHWSGMEPERHXEWOGSLIWMZI RIWWQSVIHMJJMGYPXEWWSQIQIQFIVWQE]JMRHMXIEWMIVXSIRKEKIMRqWSGMEPPSEJMRKr
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
'SLIWMZIRIWW
ERH qKSMRK EPSRKJSVXLIVMHIr [MXLSYXMRZIWXMRKXLIQWIPZIW LIEZMP]SV GSRXVMFYXMRK JYPP]XSXLIKVSYTtW[SVO 'SLIWMZIRIWWHIZIPSTWMRKVSYTWXLVSYKLKVIEXIVGSQQYRMGEXMSREQSRKKVSYT QIQFIVWERH[MXLMRGVIEWIHTVIWWYVIJSVGSRJSVQMX]XSKVSYTRSVQW)\TPMGMXP]GPEVM J]MRKKVSYTKSEPWMHIRXMJ]MRKQIQFIVVSPIWERHIRGSYVEKMRKQIQFIVMRZSPZIQIRXMR XLIHIGMWMSRQEOMRKTVSGIWWEPPGSRXVMFYXIXSKVIEXIVGSLIWMZIRIWW3XLIVMRJPYIRGIW WYGLEWWSPMGMXMRKJYPPQIQFIVMRZSPZIQIRXMRXLIHIGMWMSRQEOMRKTVSGIWWMRZSPZMRK QIQFIVWMRGPEVMJ]MRKKVSYTKSEPWERHQIQFIVVSPIWERHVIGSKRM^MRKQIQFIVWt GSR XVMFYXMSRWWIVZIXSHIZIPSTGSLIWMZIRIWWEW[IPP*MREPP]WYGGIWWJYPP]EGGSQTPMWLMRK XEWOW FIMRKTVSHYGXMZIERHFIMRK VIGSKRM^IH EWE WYGGIWWJYPKVSYTEPWSWXVIRKXLIR ERHIRGSYVEKIKVSYTGSLIWMSR
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
8IEQWTYVWYIGSQQSRTYVTSWIWFEWIHSRJSVGIWXLEXFMRHXLIQXSKIXLIV
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO
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(IGMWMSR 3YXGSQIW dqJMEWGSIWr dKVSWWQMWGEPGYPEXMSRW dIVVSVWMRHIGMWMSR QEOMRK dTSSVKVSYT TIVJSVQERGI
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2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO
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*SVQMRK ,IPPS3VMIRXEXMSRERH-RGPYWMSR
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*SVQMRKh/I])PIQIRXWXS*EGMPMXEXI+SSH'SQQYRMGEXMSR
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6IEPMWXMG
6SPIWh;LEXQIQFIVWEVII\TIGXIHXSHS WII'LETXIV
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*SYV4LEWIWSJ+VSYT(IZIPSTQIRX
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7XSVQMRK 'SRJPMGXMR+VSYTW 8LI WXSVQMRK TLEWI MW XLI QSWX GSQTPI\ TLEWI MR E KVSYTtW TVSGIWW 'SRJPMGX JVI UYIRXP] IVYTXW SZIV MWWYIW SJ TS[IV EYXLSVMX] ERH GSQTIXMXMSR [MXLMR XLI KVSYT ;LIIPER 1G/IEKI ;ILEZIKSXXIRXSORS[IEGLSXLIV[IPPIRSYKLXS[SVO XLVSYKLSYVMRMXMEPTSPMXISVqRMGIRIWWr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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
7XSVQMRK 'SRJPMGXMR+VSYTW
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7XSVQMRKh'SQQYRMGEXMSR'SRGIVRW
(MWVYTXMZIFILEZMSV -RXIVTIVWSREPGSRJPMGX 0EGOSJMRXIVTIVWSREPWOMPPWMRPMWXIRMRK -REHIUYEXIJIIHFEGO 0EGOSJWYTTSVX
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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*SYV4LEWIWSJ+VSYT(IZIPSTQIRX
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tWGSQQYRMGEXMSR WX]PI8LIWIMWWYIWERHGSRGIVRWRIIHXSFIHIEPX[MXLSTIRP]MRXLIKVSYT -REHHMXMSR QIQFIVWXEOIVMWOW ERH JIIPZYPRIVEFPI[LIRXLI]STIRYT XSXLI KVSYT7SQIQFIVWQE]RSXIEWMP]I\TVIWWXLIQWIPZIWQE]JIIPMRLMFMXIHSVQE]PEGO XLIRIGIWWEV]WSGMEPWOMPPWVIWYPXMRKIMXLIVMRWMPIRGISVMREGXMRKSYXEKEMRWXSXLIVW %WKVSYTQIQFIVW [IRIIH XSJIIP XLEX[I EVIFIMRKLIEVH 2S SRI QIQFIV WLSYPH HSQMREXI XLI HMWGYWWMSR 7IZIVEP XIGLRMUYIW GER FI YWIH XS JEGMPMXEXI KVSYT QIQFIVTEVXMGMTEXMSR*SVI\EQTPIXLIqKVSYTVSYRHr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t TVMSVMXMIW*MREPP]IEVP]QIIXMRKWQE]FIKYMHIHF] EPIEHIV[LSMWVIWTSRWMFPIJSVTVSQSXMRKHMWGYWWMSRERHMRXIVEGXMSREQSRKQIQFIVW FEWIHSRSTIRGSQQYRMGEXMSRERHRSRNYHKQIRXEPIQTEXLMGPMWXIRMRK %PWS WSQI QIQFIVW QE] JIIP XLVIEXIRIH F] SXLIVW ERH MX QE] XEOI XMQI JSV XLIQ XS HIZIPST E FEWMG XVYWX8LI RSVQEP VIWMWXERGI XS WIPJHMWGPSWYVI GER QEOI E PIEHIVtWXEWOQSVIHMJJMGYPXMRXLIWIIEVP]WIWWMSRW%WXLIKVSYTFIGSQIWQSVIGSLI WMZIQIQFIVWGERWLEVIQSVIPIEHIVWLMTVIWTSRWMFMPMX]ERHLEZIQSVIMRTYXMRXSXLI GSRXIRX SJ XLI WIWWMSRW -R E WYTTSVXMZI KVSYT ZYPRIVEFMPMX] MW WIRWIH F] XLI SXLIV QIQFIVWERHIJJSVXWEVIQEHIXSLIPTXLIMRHMZMHYEPJIIPEGGITXIH-XMWMQTSVXERXJSV
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
2SVQMRK )QIVKIRGIEWE+VSYT
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t YRHIVWXERHMRKERHEKVIIQIRXETTEVIRXWEXMWJEGXMSRERH[MPP MRKRIWW XS XVYWX SRI ERSXLIVtW KSSH [MPP ERH XS GSQQYRMGEXI IQTEXL] JSV HMZIVWI TIVWTIGXMZIW 8LIWIEXXMXYHIWLIPTKVSYTQIQFIVWVIWSPZIGSRJPMGXMRXLMWTLEWI-JXLIGSRJPMGXW EVIRSXJYPP]VIWSPZIHLS[IZIVXLMWTLEWIQE]FIVIZMWMXIHTIVLETWIZIRVITIEXIHP]EW XLIKVSYTQSZIWXSTLEWIXLVII-J[IHSRSXYRHIVWXERHJIIPWEXMWJMIHSVXVYWX[ILEZI HMJJMGYPX]FIGSQMRKEGSLIWMZIIQIVKIRXKVSYTGETEFPISJQEOMRKEHIGMWMSRSVWSPZ MRKETVSFPIQ
2SVQMRK )QIVKIRGIEWE+VSYT %XXLMWTSMRXMREKVSYTt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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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*SYV4LEWIWSJ+VSYT(IZIPSTQIRX
%KVSYTMWPMOIP]XSLMXTIVMSHWSJWMPIRGIJVSQXMQIXSXMQI8LMWWMPIRGIQE]FI QEVOIHF]XIRWMSREWSRIXVMIWXSXLMROSJ[LEXXSWE]RI\XSVEQIQFIVQE][MXLHVE[ JVSQXLIKVSYTMJLISVWLIJIIPWTVIWWYVIHXSWTIEOYT[LIRRSXVIEH]XSHSWS7MPIRGI GEREPWSFIEXMQIJSVMRXVSWTIGXMSRPSSOMRKMRWMHISRIWIPJJSVERW[IVWSVVIJPIGXMRKSR [LEXLEWNYWXFIIRWLEVIH%KVSYTJEGMPMXEXSVQYWXNYHKI[LEXX]TISJWMPIRGIMWSGGYV VMRKMRSVHIVXSLIPTXLIKVSYTTVSKVIWW 2SVQMRKHIWGVMFIWXLIKVSYTtW[MPPMRKRIWWXSWIXXPISRWTIGMJMGVYPIWJSVLS[HMW GYWWMSRW[MPPXEOITPEGIERHHIGMWMSRW[MPPFIQEHI-XMWERMQTSVXERXTLEWIMRXLI KVSYTTVSGIWWERHWIXWXLIWXEKIJSVXLIKVSYTtWTIVJSVQERGI
4IVJSVQMRK 1EOMRK(IGMWMSRWERH7SPZMRK4VSFPIQW 4IVJSVQMRK MHIRXMJMIW XLI VIEP [SVO TLEWI SJ XLI KVSYT -X MW GLEVEGXIVM^IH F] ER MRGVIEWIMRXEWOSVMIRXEXMSRERHF]STIRI\GLERKIERHJIIHFEGO8LIKVSYTtWWSGMEP XIRWMSR YWYEPP] HIGVIEWIW EW E WIRWI SJ VIPMIJ SGGYVW ERH XLI KVSYT FIKMRW QSZMRK XS[EVHWSQIX]TISJWSPYXMSRI\EQMRIWXLEXWSPYXMSRERHFIKMRWXSEWWIWWXLIMQTEGXMX [MPPLEZISRXLITVSFPIQ %TVSFPIQWSPZMRKTVSGIWWGSRWMWXMRKSJJSYVSVJMZIHMWXMRGXWXITWGERLIPTXLI KVSYTJYRGXMSRQSVIIJJIGXMZIP]HYVMRKXLMWTLEWI)EGLSJXLIWIWXITWMWHMWXMRGXERH GEPPWJSVHMJJIVIRXGSQQYRMGEXMSRFILEZMSVJVSQXLIPIEHIVERHKVSYTQIQFIVW[SVO MRK XLVSYKL XLI TVSFPIQWSPZMRK TVSGIWW 8EFPI WLS[W WSQI SJ XLI q(3Wr ERH q(32t8WrJSVKVSYTQIQFIVWMRXLMWTVSFPIQWSPZMRKTVSGIWW 8%&0)
+VSYT1IQFIVWt 6IWTSRWMFMPMXMIWJSV*EGMPMXEXMRK4VSFPIQ7SPZMRKMRXLI4IVJSVQMRK4LEWI
7XIT (IJMRMRKXLI4VSFPIQ
(3W
(32t8W
(STVSZMHIXLITIVXMRIRXHEXEXLEX]SY TSWWIWW (STVSZMHIXLIFEGOKVSYRHGSRXI\XJSVXLI TVSFPIQ (SI\TPEMRLS[XLMWTVSFPIQVIPEXIWXSSXLIVW (SEWOSXLIVKVSYTQIQFIVWJSV[LEXIZIV JEGXWERHHEXEXLI]TSWWIWW (SQEOIWYVIXLEXIZIV]SRIYRHIVWXERHWEPP XLIJEGXWERHHEXE (SVIWXEXIXLIHIJMRMXMSRSJXLITVSFPIQXS IRWYVIXLEXEPPQIQFIVWEVIE[EVISJ[LEX ]SY[ERX
(SRtXHMWGYWWWSPYXMSRW (SRtXFPEQISVEWWIWWJEYPXVIKEVHMRKXLI TVSFPIQ (SRtXQSZISRMRXLITVSGIWWYRXMPIZIV]SRIMW GPIEVEFSYXXLIHIJMRMXMSRSJXLITVSFPIQ (SRtXWYTTP]EPSXSJMVVIPIZERXMRJSVQEXMSR (SRtXEGXEWXLSYKL]SYLEZIEPVIEH]HIGMHIHSRE WSPYXMSRERHEVIMRZSPZMRKSXLIVQIQFIVWSJXLI XIEQEWQIVIP]EJSVQEPMX]
7XIT +IRIVEXMRK4SWWMFPI7SPYXMSRW
(3W
(32t8W
(SIRGSYVEKIqSJJXLI[EPPrGSQQIRXW (SGLEPPIRKIXLIKVSYTXSTYWLJSVEWQER] TSWWMFPIWSPYXMSRWEWMXGERXLMROSJ
(SRtXEPPS[IHMXMRKIZEPYEXMRKSVGVMXMGM^MRKSJ MHIEW (SRtXWIXXPISRXLIJMVWXqKSSHrMHIEXLEXWYVJEGIW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
4IVJSVQMRK 1EOMRK(IGMWMSRWERH7SPZMRK4VSFPIQW
(3W (SqTVMQIXLITYQTr[MXL]SYVS[RMHIEW IWTIGMEPP]MJXLIKVSYTMWWXYGO (SWIXEXMQIPMQMX (SMRZMXIIZIV]SRIXSTEVXMGMTEXIIZIRMJ ]SYLEZIXSEWOWSQIQIQFIVWI\TPMGMXP] (SEWOSTIRIRHIHUYIWXMSRWXSWTEVOXLI XIEQtWXLMROMRK (S[VMXIHS[REPPMHIEWKIRIVEXIH (SEWWYVIXLIXIEQXLEXEPPMHIEWEVI [IPGSQIERHXLEXRSMHIEMWWMPP] (STMKK]FEGOSJJSRIERSXLIVtWMHIEW
(32t8W (SRtXTYRMWLSXLIVQIQFIVW[LSGVMXMGM^I MHIEWhNYWXVIQMRHXLIQSJXLIKVSYRHVYPIW (SRtXWTIRHQYGLXMQIEHZSGEXMRK]SYVMHIEW (SRtXWTIRHQYGLXMQISRER]SRITIVWSRSVSRI KSSHMHIE (SRtXKSFI]SRHXLIXMQIPMQMXWIXYRPIWWXLIXIEQ I\TPMGMXP][ERXWXS (SRtXUYMXYRXMPXLIXMQIPMQMXMWYT
7XIT )ZEPYEXMRK7SPYXMSRW
(3W (SVIZMI[EPPXLIMXIQWSRXLIPMWXSJ TSWWMFPIWSPYXMSRWERHIPMQMREXIXLSWI[MXL RSWYTTSVX (SOIITER]MXIQSRXLIPMWXXLEXER]SRIMW [MPPMRKXSHMWGYWW (SJSGYWSRPSSOMRKEXXLITSWMXMZIERH RIKEXMZIEWTIGXWSJIEGLWSPYXMSR (SERXMGMTEXIXLIGSRWIUYIRGIWSJIEGL WSPYXMSR (SQEOIWYVIXLEXIEGLQIQFIVLEWEQTPI STTSVXYRMX]XSTVSZMHIMRTYX (SMRZMXIQIQFIVWXSGSQFMRIWSPYXMSRW (SIRWYVIGSRWIRWYWF]KIXXMRKIZIV]SRItW MRTYX (SJVIUYIRXP]VIWXEXI[LEX]SYLIEVXS GPEVMJ]XLIQIERMRK
(32t8W (SRtXEPPS[XLIXIEQXSNYHKISRIERSXLIVEWXLI] NYHKIXLIMHIEW (SRtXKIXFSKKIHHS[RHMWGYWWMRKXLITVSWERH GSRW EWWIWWZEPYIUYMGOP] (SRtXUYMXYRXMP]SYLEZIGPIEVGSRWIRWYW
7XIT 'VIEXMRKER%GXMSR4PER
(3W (SKIRIVEXIEPXIVREXMZILS[XSWJSVMQTPI QIRXEXMSRFIJSVIGLSSWMRKEREGXMSRTPER (SQEOIWYVIXLEXWTIGMJMGXEWOWEVIEWWMKRIH (SQEOIWYVIXLEXXMQIJVEQIWEVIWIX (SIQTS[IVXLIQIQFIVW[MXLXLI EYXLSVMX]XSGSQTPIXIXLIMVXEWOW (SEVVERKIEQIXLSHSJJSPPS[MRKYTXS IRWYVIGSQTPIXMSRSJXLIXEWOW (SMRGPYHI]SYVWIPJEWETIVWSRVIWTSRWMFPI JSVEXEWO (SVIWXEXIIEGLQIQFIVtWVSPIXSGPEVMJ]ERH IRWYVIGSQQMXQIRX
(32t8W (SRtXWXEXIVSPIWERHXEWOWMRKIRIVEP YRQIEWYVEFPIXIVQW (SRtXEWWYQIXLEXFVMPPMERXWSPYXMSRWTVSHYGI FVMPPMERXEGXMSRTPERW FIGVIEXMZIMR]SYV TPERRMRK (SRtXJSVKIXXSJSPPS[YT
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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*SYV4LEWIWSJ+VSYT(IZIPSTQIRX
8IVQMREXMRK q+VSYTWXLEXLEZIEHMWXMRGXIRHMRKTSMRXI\TIVMIRGIEJMJXLTLEWIr :IVHM ;LIIPER T 8LMWJMREPTLEWIMREKVSYTtWTVSGIWWMWXIVQMREXMSR -RXLISVMKMREPJSVQMRK WXSVQMRKRSVQMRKERHTIVJSVQMRKQSHIPXLMWTLEWI[EWGEPPIHEHNSYVRMRK)ZIRSRKS MRKKVSYTWQE]VIEGLEXIVQMREXMSRTSMRXXLVSYKLQIQFIVWLMTEXXVMXMSRSVGLERKMRKKVSYT RIIHW 0SWW SJ MRHMZMHYEP KVSYT QIQFIVW GER EPWS GVIEXI WQEPP TSMRXW SJ XIVQMREXMSR [MXLMRXLIKVSYT*MREPP]QER]XEWOKVSYTWGSQTPIXIXLIMVXEWOERHXLI]WXSTQIIXMRK -JXLIKVSYTLEWVIEPP]FIGSQIMRXIVHITIRHIRXMRMXW[SVOMRKXSKIXLIVhQIQFIVW IRNS] XEPOMRK [MXL SRI ERSXLIV ERH XLI VIKYPEVMX] SJ QIIXMRKW ZEPYI XLI JSVYQ JSV I\TVIWWMSRSJXLIQWIPZIWEVIGSLIWMZIMRXLIMVVIPEXMSRWLMTWIRNS]XLIMRXIVEGXMSRWEW [IPPEWXLIXEWOWhXLIRXLIXIVQMREXMSRTLEWIGERFIERE[O[EVHERHWXVIWWJYPXMQIJSV KVSYTQIQFIVW /I]XSR -QTIRHMRKXIVQMREXMSRQE]GEYWIHMWVYTXMSRXSXLI KVSYTtWTVSGIWWIWERHGSRJPMGXEQSRKXLIKVSYTQIQFIVW :IVHM ;LIIPER 1ER]TISTPIJMRHMXHMJJMGYPXXSXIVQMREXIVIPEXMSRWLMTWERH[SYPHWMQTP]VEXLIVEZSMH WE]MRKKSSHF]I8LIVIQE]EPWSFIERYR[MPPMRKRIWWXSHIEP[MXLXLIIQSXMSRWXMIHXS IRHMRKXLIKVSYT/I]XSR SFWIVZIWXLEXXLIXIVQMREXMSRTLEWIQE]FIGLEVEGXIV M^IHF]ER\MIX]EFSYXWITEVEXMSRERHGSRGPYWMSREHIKVIISJWEHRIWWERHWSQIWIPJ VIJPIGXMZIIZEPYEXMSREW[IPPEWTSWMXMZIJIIPMRKWXS[EVHXLIKVSYTERHMXWTVSNIGX %KVSYTtWXIVQMREXMSRQE]JSVQETMZSXEPTSMRXMRERMRHMZMHYEPtWPMJIERHEGXMZMXMIW ERHQIQFIVWSJKVSYTWGERFIRIJMXF]VIJPIGXMRKSRGSQMRKXSXIVQW[MXLERHXEPOMRK EFSYXXLIXIVQMREXMSRSJXLIKVSYT4ISTPIWE]KSSHF]IMRHMJJIVIRX[E]WFYXEWTIGMEP IZIRXXLEXQEVOWXLIIRHSJXLIKVSYTQE]LIPTQIQFIVWI\TIVMIRGIEWIRWISJGPSWYVI /I]XSR WYKKIWXWXLEXRSXEGORS[PIHKMRKXLIXIVQMREXMSRSJEKVSYTQE] QIERJSVQER]TISTPIRSXLEZMRKXSEHQMXXLIIRHSJEKSSHKVSYTI\TIVMIRGISVXLI TVIWIRGISJFEHSRIW=IXWLIEVKYIWXLMWMWERMQTSVXERXTLEWIMRXLIKVSYTTVSGIWW ,S[[IXIVQMREXISYVKVSYTEGXMZMXMIWEJJIGXWLS[[I[MPPMRXIVTVIXMRVIXVSWTIGX[LEX [I LEZI EGGSQTPMWLIH ERH I\TIVMIRGIH EW E KVSYT ERH [LEX [I I\TIGX SJ JYXYVI KVSYTW+SSHF]IWERHXLIMVWIRWISJGPSWYVIJIIPMRKWSJXEWOEGGSQTPMWLQIRXERH TSWMXMZIVIPEXMSREPI\TVIWWMSREVIERMQTSVXERXEWTIGXSJWQEPPKVSYTTVSGIWW
9WIJYPRIWWSJXLI4LEWI1SHIP 8LI TLEWI QSHIP MW ER ETTVSEGL XS YRHIVWXERHMRK KVSYT TVSGIWW XLEX WYKKIWXW XLI MQTSVXERGISJ[EMXMRKXSWSPZIETVSFPIQYRXMPEPPXLIMWWYIWWYVVSYRHMRKMXLEZIFIIR HMWGYWWIH4ISTPIMR;IWXIVRWSGMIXMIWERHMRXLI9RMXIH7XEXIWMRTEVXMGYPEVXIRHXSFI qGERHSrMRHMZMHYEPW &IEQIV :EVRIV ;LIR[IEVIJEGIH[MXLETVSFPIQ[I TVIJIV QEOMRK E HIGMWMSR ERH EGXMRK SR MX VEXLIV XLER KSMRK XLVSYKL XLI XMQI ERH IRIVK]GSRWYQMRKWXITWSJEREP]WMW-REGXMRKUYMGOP]LS[IZIV[IXIRHXSQMWWWSQI GVMXMGEPMWWYIWMRXLITVSGIWW8LITLEWIETTVSEGLSYXPMRIW[LEXWLSYPHFIHSRIERH STIVEXIWEWEJYRGXMSREPGLIGOPMWXJSVEKVSYT
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
9WIJYPRIWWSJXLI4LEWI1SHIP
1SHMJMGEXMSRW 2SX EPP KVSYTW JSPPS[ XLMW TLEWI QSHIP MR E WXVMGXP] PMRIEV TVSGIWW 4SSPI ERH 6SXL WXYHMIHKVSYTWERHJSYRHXLEXXLI]JVIUYIRXP]KSXLVSYKLTIVMSHWSJHMWSVKERM^E XMSR8LMWHMWSVKERM^EXMSRGVIEXIWG]GPIWMRXLIMVTVSGIWWQIERMRKXLIKVSYTGERVITIEX WSQISJXLITLEWIWWIZIVEPXMQIW%KVSYTQMKLXJSVI\EQTPIWMQYPXERISYWP]STIVEXI [MXLSRIJSSXMRTLEWIX[SERHSRIJSSXMRTLEWIXLVIIMRERIJJSVXXSQSZIJSV[EVH8LMW MWEGGITXEFPIERHQE]IZIRFIIJJIGXMZIJSVXLIKVSYT+VSYTTVSGIWWGERFIQIWW] 8LIX]TIWSJGSQQYRMGEXMSRXLEXSGGYVMREKVSYTEPWSWLMJXERHGLERKIJVSQSRI TLEWIXSXLIRI\X:IVHMERH;LIIPER HIWGVMFIWIZIRGEXIKSVMIWSJWXEXIQIRXW -R XLI JSVQMRK TLEWI qHITIRHIRG]r WXEXIQIRXW EVI GSQQSR8LIWI WIIO HMVIGXMSR WLS[ ER MRGPMREXMSR XS GSRJSVQ XS XLI HSQMRERX QSSH SJ XLI KVSYT ERH I\TVIWW E HIWMVIXSJSPPS[XLIKIRIVEPHMVIGXMSRSJXLIWYKKIWXMSRWQEHI-RXLIWXSVQMRKTLEWI qGSYRXIVHITIRHIRG]rWXEXIQIRXWXLEXEWWIVXMRHITIRHIRGIERHVINIGXSXLIVQIQFIVWt EXXIQTXWEXPIEHIVWLMTERHEYXLSVMX]FIGSQIQSVITVSQMRIRXq*MKLXrWXEXIQIRXWXLEX MQTP]TEVXMGMTEXMSRMRWXVYKKPIXLVSYKLEVKYQIRXEXMZIRIWWGVMXMGMWQERHEKKVIWWMSR EPWS FIGSQIQSVI GSQQSR8LIWIEVI JSPPS[IHMR XLIRSVQMRK TLEWI [MXLqJPMKLXr WXEXIQIRXWMRHMGEXMZISJEZSMHERGISJGSRJVSRXEXMSRERHTIVLETWSJXEWO8LIqGSYRXIV TEMVMRKrWXEXIQIRXWSJXLMWTLEWII\TVIWWMRKEREZSMHERGISJMRXMQEG]ERHSJGSLIWMSR ERHEHIWMVIXSOIITXLIHMWGYWWMSRHMWXERXERHMRXIPPIGXYEPKVEHYEPP]KMZI[E]XSER IQIVKIRGI SJ qTEMVMRKr WXEXIQIRXW XLEX I\TVIWW E [EVQXL SJ JVMIRHWLMT WYTTSVX KVIEXIVMRXMQEG]ERHEKIRIVEPTSWMXMZIVIKEVHJSVSXLIVKVSYTQIQFIVW*MREPP]MRXLI TIVJSVQMRKTLEWIq[SVOr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
3VKERM^EXMSREP8IEQW 8LMWTLEWIQSHIPEPWSMHIRXMJMIWXLIQENSVTSMRXWMRSVKERM^EXMSREPXIEQW ERHSJXLI PIEHIVWLMTVSPIWRIGIWWEV]MRXLSWIXIEQW-RWXEKISRITVMQEV]SVKERM^EXMSREPXIEQ MWWYIWEVIXLSWISJMRGPYWMSRERHEGGITXERGI%XXLMWTSMRXXLIXIEQQIQFIVWKIXXS ORS[SRIERSXLIVERHKEXLIVMRJSVQEXMSRVIKEVHMRKXLINSFEXLERH3RIQENSVHMJJIV IRGIFIX[IIREHIGMWMSRQEOMRKKVSYTSYXWMHIERSVKERM^EXMSRERHERSVKERM^EXMSREP XIEQMWXLIEWWMKRQIRXSJEPIEHIV-RERSVKERM^EXMSREPIEHIVMWRSVQEPP]EWWMKRIH ERHXLIPIEHIVtWNSFMWXSTVSZMHIWXVYGXYVIERHHMVIGXMSRJSVXLISVKERM^EXMSREPXIEQ QIQFIVW-RSXLIVHIGMWMSRQEOMRKKVSYTWEPIEHIVMWQSVIPMOIP]XSIQIVKIHYVMRK XLIKVSYTTVSGIWWERHXLIKVSYTQIQFIVW[MPPLEZIQSVIMRJPYIRGISRHIXIVQMRMRK XLIVSPISJXLIPIEHIV
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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3ZIVVMHMRK-RJPYIRGIW
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q7TIGMEPMWXWHSRtXNYWXZMWMXETEXMIRX XLI]W[EVQXLITEXMIRX[MXLERMRXIKVEXIH XIEQ HMEKRSWMRK E GSQTPI\ TVSFPIQ TVSTSWMRK XVIEXQIRXhERH SJXIR WPSXXMRK XLI TEXMIRXJSVWYVKIV][MXLMRLSYVWSJHMEKRSWMWr 6SFIVXW T 7XEVXMRKEWER MRJSVQEPEVVERKIQIRXXIEQ[SVOMWRS[qFYMPXMRXSXLIXVIEXQIRXSJTEXMIRXWERHMXtW MRXIKVEXIHMRXSXLIGPMRMGtWJEFVMGSJKSZIVRERGIr 6SFIVXW T
8EWOERH7SGMEP(]REQMGW 8EWO ERH WSGMEP H]REQMGW EVI MRXIVHITIRHIRX MWWYIW XLEX GSRXMRYEPP] MRXIVEGX MR XLI KVSYTW]WXIQ8EWOH]REQMGW HIEP[MXLEKVSYTtWTYVTSWIWXVYGXYVIVYPIWTVSGIHYVIW ERH MRHMZMHYEP XEWOSVMIRXIH EWWMKRQIRXW8LIKSEPW ERH SFNIGXMZIW SJXLIKVSYT SV KIXXMRKXLINSFHSRIGERFIZMI[IHEWXLISZIVVMHMRKKVSYTTYVTSWI9WMRKXLIW]WXIQW EREPSK] SYV QENSV GSRGIVR [MXL XEWO H]REQMGW MW XLI KVSYTtW SYXTYX EGGSQTPMWL QIRXWSVTVSHYGXMZMX] 7SGMEP H]REQMGW HIWGVMFIW XLI EFMPMX] SJ MRHMZMHYEPW XS [SVO XSKIXLIV EW E KVSYT 8LI W]RIVK] GVIEXIH F] FVMRKMRK XSKIXLIV MRHMZMHYEPW [LS TSWWIWW HMJJIVIRX FEGOKVSYRHW EPWS QIERW XLEX XLIVI EVI WMKRMJMGERX MWWYIW VIKEVHMRK QIQFIVWLMT
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7SGMEP0SEJMRKh%8LVIEXXS+VSYTERH8IEQ7YGGIWW ;It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
4VMQEV]ERH7IGSRHEV]8IRWMSRW ;LIRXLII\TIGXIHMRMXMEPTIVMSHSJYRIEWMRIWWE[O[EVHRIWWERHYRGIVXEMRX][MXLMR XLIKVSYTXLEXMWMRHMGEXMZISJTVMQEV]XIRWMSR PEWXWXSSPSRKMXGERRIKEXMZIP]MQTEGX XLI RSVQEP HIZIPSTQIRXSJ E KVSYTtW H]REQMGW ERH TVSGIWW8LI KVSYTtW TEXXIVR SJ GSQQYRMGEXMSRERHMRXIVEGXMSR MXWHIZIPSTQIRXSJRSVQWVSPIWERHSTIVEXMRKTVSGI HYVIW ERHMXW QIQFIVWt GSRGIVRW JSVMRGPYWMSREGGITXERGI MRXIVTIVWSREP XVYWX ERH WYTTSVX QE] EPP FI EHZIVWIP] EJJIGXIH;LIR E TIVMSH SJ I\XIRHIH TVMQEV] XIRWMSR SGGYVWEKVSYTQE]JMRHMXHMJJMGYPXXSEVVMZIEXEGSRWIRWYWMRHIJMRMRKMXWTYVTSWI IWXEFPMWLMRKEREKIRHEHIZIPSTMRK[SVOMRKVYPIWERHFIKMRRMRKMXW[SVO0MOI[MWI EREZSMHERGISJWIGSRHEV]XIRWMSR XLVSYKLXLIWYTTVIWWMSRSJGSRJPMGXQE]WXMJPIXLI HIZIPSTQIRXSJKVSYTGSLIWMSRERHSJIJJIGXMZIKVSYTHIGMWMSRQEOMRKERHTVSFPIQ WSPZMRK+VSYTGSLIWMSRHITIRHWSRXLIGSRWIRWYEPHIZIPSTQIRXSJGPIEVKVSYTKSEPW QIQFIV GSSTIVEXMSR ERH MRXIVHITIRHIRGI ERH MRHMZMHYEPWt JIIPMRK ZEPYIH ERH EGGITXIH%GLMIZMRK XLIWI JIIPMRKWSJ GSSTIVEXMSR MRXIVHITIRHIRGI ERHEGGITXERGI
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
)\IVGMWIW
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7YQQEV] +VSYTWTVSGIIHXLVSYKLWTIGMJMGTLEWIWHYVMRKXLIMVHIZIPSTQIRX8LISVMIRXEXMSRSV JSVQMRK TLEWI MW LS[ XLIKVSYTWIXW MXWIPJ YT8LMW qJMVWX MQTVIWWMSRW QEOI PEWXMRK MQTVIWWMSRWr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* 3 6 1 - 2 + 0 % 7 8 2 - + , 8 h 0 ) % 6 2 - 2 + % & 3 9 8 38,)6+63941)1&)67 -RWXVYGXMSRW ;VMXISRETMIGISJTETIVWSQIXLMRKXLEX]SYHMHPEWXRMKLX(SRSX[VMXIWSQIXLMRK ]SYLEZIEPVIEH]XSPHSXLIVGPEWWQIQFIVW8YVRXLITMIGISJTETIVMRXSXLIMRWXVYGXSV
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& 0 9 * * - 2 + % 2 ( ( - 7 ' 0 3 7 - 2 + h * 3 6 1 - 2 + 7 8% + ) (MVIGXMSRW )EGLXIEQQIQFIVWLSYPH[VMXIJSYVWXEXIQIRXWEFSYXLIVWIPJSVLMQWIPJ8LVII SJXLIWXEXIQIRXWQYWXFIXVYIERHSRIQYWXFIJEPWI )EGLXIEQQIQFIVWLSYPHVIEH XLIJSYVWXEXIQIRXWERHXLISXLIVXIEQQIQFIVWWLSYPHXV]ERHHIXIVQMRI[LMGLWXEXIQIRX MWJEPWI (ITIRHMRKSRXLIXIEQtWTVSKVIWWXS[EVHMRZIWXMKEXMRKEWTIGMJMGMWWYISVXSTMG EREPXIVREXMZI[SYPHFIXS[VMXIJSYVWXEXIQIRXWEFSYX[LEX]SYLEZIHSRIXSJYVXLIVXLI XIEQtWTVSKVIWWSVJSYRHSYXEFSYXXLIMWWYIhXLVIIXVYIERHSRIJEPWI 3RGI]SYLEZI WLEVIHEVI]SYWYVTVMWIH[MXLXLIHMZIVWMX]SJI\TIVMIRGIW#,S[[MPPXLMWMQTEGXXLIEFMPMX] SJXLMWXIEQXS[SVOXSKIXLIV#;LEXWXITWGERFIXEOIRXSMRGVIEWISYVYRHIVWXERHMRKSJ SXLIVKVSYTQIQFIVW#
&0->>%6( 8LI7MXYEXMSR =SYVKVSYTLEWKSRISRELMOMRKXVMTMRXLIRSVXLIVR97FEGOGSYRXV]hE[MPHIVRIWW EVIE7MRGIMX[EWERMGIPSSOMRKHE]IZIV]SRIHVIWWIHMRGSQJSVXEFPIGPSXLIW[MXLWSQI [IEVMRKLMOMRKWLSIWSXLIVWWRIEOIVWERHSRIETEMVSJWTSVXWERHEPW&YXI\TIGXMRKERMGI HE]RSSRIHVIWWIHJSVETSXIRXMEPTVSFPIQ3RXLI[E]MRXSXLILMPPWXLI[IEXLIV[EWJMRI ERHIZIV]SRI[EWIRNS]MRKXLIHE]7PS[P]MXFIKERXSVEMRFYXXLIKVSYT[ERXIHXSXVEZIP NYWX E PMXXPI JEVXLIV WMRGI MX [EWWXMPP IEVP]%JXIV EFSYXER LSYV XLI FPM^^EVH LMX -R [LEX WIIQIH QMRYXIW ER MRGL SJ WRS[ LEH GSZIVIH XLI KVSYRH +YWXW SJ [MRH FVSYKLX ER MRGVIEWMRK EQSYRX SJ WRS[ ERH MX[EW WSSR YT XS ]SYVORIIW +IXXMRK FEGO XS ]SYVGEV WIIQWMQTSWWMFPI=SYVGIPPTLSRIWERHSXLIVIPIGXVSRMGIUYMTQIRXEVIMRSTIVEFPI;SYPH ]SYORS[LS[XSWYVZMZI#
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
)\IVGMWIW
7XIT %RW[IV XLI JSPPS[MRK UYIWXMSRW MRHMZMHYEPP] [MXLSYX GSRWYPXMRK XLI SXLIV QIQFIVWSJXLIKVSYT =SYtVIXLSVSYKLP]PSWXWS]SYWLSYPHWMXHS[RERH[EMXJSVWSQISRIXSJMRH]SY8VYI SVJEPWI#)\TPEMRCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC ;LEXtWQSVIMQTSVXERXMREWYVZMZEPWMXYEXMSR JSSHSV[EXIV#CCCCCCCCCCCCCCCCCCC ,S[QYGL[EXIVWLSYPH]SYHVMROIZIV]HE]MRXLMWWMXYEXMSR#CCCCCCCCCCCCCCCCCCC -J]SYtVIWXVERHIH[MXLSYXJSSHIEXMRKER]XLMRKMWFIXXIVXLERIEXMRKRSXLMRK8VYISV JEPWI#CCCCCCCCCC =SYtVISYXSJ[EXIV;LEXWLSYPH]SYHSXSTVIZIRXHIL]HVEXMSR# E (VMROWIE[EXIV F (VMROEPGSLSPIWTIGMEPP]MR[MRXIVFIGEYWIMXtPPOIIT]SY[EVQ G (VMRO]SYVS[RYVMRI H 2SRISJXLIWI 'LIGOXLIXLVIIMXIQW]SYWLSYPHEP[E]WGEVV][MXL]SYMRXLIFEGOGSYRXV] CCCCC1ET CCCCC'LSGSPEXIFEV CCCCC0SEHIHTMWXSP CCCCC+EVFEKIFEK CCCCC'SQTEWW
CCCCC/RMJI CCCCC:MXEQMRW CCCCC'LERKISJWSGOW CCCCC7YRKPEWWIW CCCCC'MKEVIXXIPMKLXIV
4W]GLSPSKMWXWWE]XLIVIEVIJSYVXVEMXWGSQQSRXSWYVZMZSVW4MGOXLIJSYVJVSQXLI JSPPS[MRKPMWX CCCCC7XYFFSVR CCCCC,YQSVSYW CCCCC7XSMG CCCCC'SQTEWWMSREXI CCCCC-RXVSZIVXIH
CCCCC,EZMRKE[MPPXSWYVZMZI CCCCC3TXMQMWXMG CCCCC*PI\MFPI CCCCC*MIV] CCCCC%FPIXSXSPIVEXIFM^EVVII\TIVMIRGIW
6ERO XLIJSPPS[MRKMRXIVQWSJWYVZMZEPMQTSVXERGI E 'SQQSRWIRWI F 4VSTIVIUYMTQIRX G 4L]WMGEPXSYKLRIWW
CCCCC CCCCC CCCCC
;LEXMWXLIQSWXGSQQSRGEYWISJHIEXLMRXLIFEGOGSYRXV]# 7XIT %WWIQFPI]SYVWQEPPKVSYTERHGSQTEVIERW[IVW6IEGLGSRWIRWYWVIKEVH MRKXLIFIWXERW[IVW 7XIT =SYVMRWXVYGXSV[MPPTVSZMHIXLIGSVVIGXERW[IVWEGGSVHMRKXSWYVZMZEPI\TIVXW *SVIEGLGSVVIGXERW[IV E KMZI]SYVWIPJTSMRXWERH F KMZIXLIKVSYTTSMRXW%HHYT XLITSMRXWERHGSQTEVI]SYVMRHMZMHYEPGLERGIWJSVWYVZMZEP[MXLXLIKVSYTtWGLERGIW 7XIT (MHXLIKVSYTTVSKVIWWXLVSYKLXLIJSYVTLEWIW#7TIGMJMGEPP][EWXLIVIVMKSV SYWHMWGYWWMSR WXSVQMRK FIJSVIER]HIGMWMSRW[IVIQEHI#;EWXLIJMVWXqPSKMGEPrERW[IV
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*SYV4LEWIWSJ+VSYT(IZIPSTQIRX
EGGITXIHVEXLIV XLEREGEVIJYPI\EQMREXMSRSJEPPSTMRMSRW#(MHXLI PSYHIWXZSMGISVXLI ZSMGIXLEXGPEMQIHI\TIVXMWI[MRSYXIZIR[LIRWSQIKVSYTQIQFIVW[IVIRSXGIVXEMR#(MH ER]SJXLIKVSYTQIQFIVWLEZIMQTSVXERXMRWMKLXWXLEXXLI]GLSWIRSXXSWLEVI#;L]#-JXLI KVSYTLEHXLI[VSRKERW[IVW[SYPHEQSVIGEVIJYPHMWGYWWMSRSJXLITSWWMFPIVIWTSRWIW FIIRLIPTJYP#
) < 4 ) ' 8%8 - 3 2 % 2 ( 8 6 ) 4 - (%8 - 3 2 8LIKVSYTTVSGIWWLEWTVSQMWIERHTSWWMFPIPMQMXEXMSRW8SGPEVMJ]]SYVS[RJIIPMRKW[LIR ]SYIRXIVEKVSYTVIWTSRHXSXLIJSPPS[MRKX[SMWWYIW ;LEXEVI]SYVI\TIGXEXMSRWEFSYX[SVOMRKMRKVSYTWERHXIEQW#;LEXTSWMXMZIFIRI JMXWHS]SYJSVIWII#6EROXLIWIMRXIVQWSJLS[MQTSVXERXXLI]EVIXS]SYMRHMZMHY EPP]!SJTVMQEV]MQTSVXERGI!QSHIVEXIP]MQTSVXERX!WSQI[LEXMQTSVXERX !RMGIXSLEZI![MPPTVSFEFP]SGGYVFYXRSXXSSMQTSVXERX )\TIGXEXMSRW
6EROMRK
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCC
;LEXEVI]SYVGSRGIVRWEFSYX[SVOMRKMRKVSYTWERHXIEQW#;LEXPMQMXEXMSRWHS]SY JSVIWII#6EROXLIWIMRXIVQWSJLS[MQTSVXERX XLI]EVIXS ]SYTIVWSREPP] !SJ TVMQEV]MQTSVXERGI!QSHIVEXIP]MQTSVXERX!WSQI[LEXMQTSVXERX!RMGIXS LEZI![MPPTVSFEFP]SGGYVFYXRSXXSSMQTSVXERX 8VITMHEXMSRW
6EROMRK
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCC
%REP]WMW -R]SYVWQEPPKVSYTGSQTMPIEPMWXSJI\TIGXEXMSRWERHXVITMHEXMSRWJSVWQEPPKVSYT ERHXIEQ[SVO;LEXEVIXLIWMQMPEVMXMIW#;LEXEVIXLIHMJJIVIRGIW#,S[GERXLITSWMXMZIW FIQE\MQM^IHERHXLIGSRGIVRWQMRMQM^IH#
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
)\IVGMWIW
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qQMWWrER] XLMRKMQTSVXERX#(MH]SYVYWLXSJMRHMRKXLIWSPYXMSR[MXLSYXEPPS[MRKJSVWXSVQMRKERH RSVQMRKXSLEZIERMQTEGX# %PXIVREXMZIXSTMGW -JGLIEXMRKMWRSXSJMRXIVIWXXSXLIKVSYTSVTVSZMHMRKHMJJIVIRXXSTMGWJSVIEGLKVSYT [SYPHTVSZIQSVIMRXIVIWXMRKGSRWMHIVSRISJXLIJSPPS[MRK (IEPMRK[MXLMRGVIEWIHGVMQISR]SYVGEQTYW (IGMHMRKXLIXLIQIJSVERYTGSQMRKGEQTYWTEVX]SVHERGI )\EQMRMRKXLIVSPISJWTSVXWMRLMKLIVIHYGEXMSR 6IHYGMRKXLIHMKMXEPHMZMHI )JJIGXMZIP]HIEPMRK[MXLHMWGVMQMREXMSR 6EMWMRKXLIHVMROMRKEKIXS 6IUYMVMRKTISTPIXSZSXI
4 ) 6 * 3 6 1 - 2 + 7 8%+ ) h &% 7 - ' 5 9 ) 7 8 - 3 2 7 1SZMRKJVSQKSSHMRXIRXMSRWXSEGXMSRWGERFIGSQTPMGEXIH%WEKVSYTTMGOETVSFPIQ XLEXWIIQWXSLEZIEVIPEXMZIP]WXVEMKLXJSV[EVHWSPYXMSR8SFIXXIVKYEVERXIITIVJSVQERGI ETTP]XLIJSPPS[MRKJSVQEX 7XIT ;LEXQYWXFIHSRI# 7XIT ;L]QYWXMXFIHSRI# 7XIT ;LIVIWLSYPHMXFIHSRI# 7XIT ;LIRWLSYPHMXFIHSRI# 7XIT ;LSWLSYPHHSMX# 7XIT ,S[WLSYPHMXFIHSRI#
8 , ) ' 3 2 7 9 08 - 2 + * - 6 1 =SYVKVSYTMWEWQEPPMRHITIRHIRXGSQQYRMGEXMSRGSRWYPXMRKJMVQXLEXLEWJSVQIHXSTVS ZMHI WIVZMGIW XS EVIE FYWMRIWWIW -R E XSiQMRYXI HMWGYWWMSR HIZIPST WSQI MRMXMEP
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
8%&0)
'SQTER]2EQI 0SKS ERH7PSKER)ZEPYEXMSR*SVQ
*SYV4LEWIWSJ+VSYT(IZIPSTQIRX
'SQTER]2EQI )\TVIWWMZIERHMRJSVQEXMZI
(YPPYRMRJSVQEXMZI
0SKS )\TVIWWMZIERHMRJSVQEXMZI
(YPPRSXI\TVIWWMZI
7PSKER )\TVIWWMZIERHMRJSVQEXMZI
(YPPYRMRWTMVIH
3ZIVEPP-RXIKVEXMSRSJ%PP8LVII )\TVIWWMZIERHMRJSVQEXMZI
0SSWIRSXEHIUYEXIP]MRXIKVEXIH
8LI&)78TEVXSJXLITVIWIRXEXMSR# 7YKKIWXMSRWJSVMQTVSZIQIRXW
MHIEWERHVIEWSRWJSVEGSQTER]REQIPSKS W]QFSP ERHWPSKER GEXGL]TLVEWI 8LIKSEP MWXSGPIEVP]MHIRXMJ]XLIGLEVEGXIVSJ]SYVJMVQERHXLIX]TIWSJGSQQYRMGEXMSRWIVZMGIW ]SYGERTVSZMHIXSFYWMRIWWIWXSLIPTXLIQMQTVSZIXLIMVIQTPS]IIGSQQYRMGEXMSRERH VIPEXMSRWXLIMVGSQQYRMX]VIPEXMSRWERHXLIMVTYFPMGVIPEXMSRW=SYVKVSYTt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
6)*)6)2')7 %VVS[, 1G+VEXL.) 1IQFIVWLMTQEXXIVW 7QEPP+VSYT6IWIEVGL i &IEQIV0 :EVRIV- -RXIVGYPXYVEPGSQQYRMGEXMSR MREKPSFEP[SVOTPEGI &SWXSR 1G+VE[,MPP-V[MR 'SLIR % 6 *MRO 7 0 +EHSR , ;MPPMXW 6 ( )JJIGXMZIFILEZMSVMRSVKERM^EXMSRW 'EWIW GSRGITXW ERH WXYHIRX I\TIVMIRGIW XL IH 2I[ =SVO 1G+VE[,MPP
*MWLIV&% (IGMWMSRIQIVKIRGI 4LEWIWMRKVSYT HIGMWMSRQEOMRK7TIIGL1SRSKVETLW i ,EQMPXSR' 'SQQYRMGEXMRKJSVVIWYPXW XLIH 97 8LSQWSR ;EHW[SVXL ,MVSOE[E6 6SWX/ )JJIGXMZIKVSYTHIGMWMSR QEOMRK MR SVKERM^EXMSRW 1EREKIQIRX 'SQQYRM GEXMSR5YEVXIVP] i
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
6IJIVIRGIW /I]XSR . +VSYT XIVQMREXMSR 'SQTPIXMRK XLI WXYH] SJ KVSYT HIZIPSTQIRX 7QEPP +VSYT 6IWIEVGL i 1SRXIFIPPS % 6 ;SVO XIEQW XLEX [SVO 1MR RIETSPMW &IWX7IPPIVW 4SSPI17 6SXL. (IGMWMSRHIZIPSTQIRXMR WQEPP KVSYTW : 8IWX SJ E GSRXMRKIRG] QSHIP ,YQER'SQQYRMGEXMSR6IWIEVGL i 6SFIVXW 4 %TVMP 8SXEP XIEQ[SVO 8LI 1E]S GPMRMG*EWX'SQTER] TT i 7[IIRI]4( 1G*EVPMR(& 3VKERM^EXMSREP FILEZMSV 7SPYXMSRW JSV QEREKIQIRX &SWXSR 1G+VE[,MPP-V[MR 8YGOQER&; (IZIPSTQIRXEPWIUYIRGIWMRWQEPP KVSYTW4W]GLSPSKMGEP&YPPIXMR i
8YGOQER & ; 7XEKIW MR WQEPP KVSYT HIZIPST QIRXVIZMWMXIH+VSYTERH3VKERM^EXMSREP7XYHMIW i :IVHM%* ;LIIPER7% (IZIPSTQIRXEPTEX XIVRW MR WEQIWI\ ERH QM\IHWI\ KVSYTW 7QEPP +VSYT6IWIEVGL i ;IPPMRKW 6 7 &]LEQ; ' ;MPWSR . 1 )QTS[IVIH XIEQW 'VIEXMRK WIPJHMVIGXIH [SVO KVSYTWXLEXMQTVSZIUYEPMX]TVSHYGXMZMX]ERHTEV XMGMTEXMSR 7ER*VERGMWGS .SWWI]&EWW ;LIIPER7% 1G/IEKI60 (IZIPSTQIRXEP TEXXIVRW MR WQEPP ERH PEVKI KVSYTW 7QEPP +VSYT 6IWIEVGL i
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
(MZIVWMX]MR+VSYTW 8LI7XVIRKXLSJ (MJJIVIRX4IVWTIGXMZIW ',%48)63980-2) (IJMRMRK(MZIVWMX]ERH-XW4PEGIMR7QEPP+VSYTW %WWYQTXMSRWERH7XIVISX]TMRK 'SQQYRMGEXMSR'SRXI\XW 0ERKYEKI9WI 2SRZIVFEP'SQQYRMGEXMSR (MZIVWMX]MR7QEPP+VSYTWERH8IEQW +VSYT'SQQMXQIRXERH'SRWIRWYW 7XVIRKXLMR(MZIVWMX]
,MIVEVGLMIWSJ4S[IV 4VIWWYVIWJSV'SRJSVQMX] )XLMGEP&ILEZMSV 7YQQEV] (MWGYWWMSR5YIWXMSRW )\IVGMWIW 6IJIVIRGIW
1EOMRK(MZIVWI+VSYTW;SVO 'SRJPMGX1EREKIQIRX
',%48)63&.)'8-:)7 (IJMRIHMZIVWMX]ERHMXWVSPIMRWQEPPKVSYTW 9RHIVWXERHXLIMQTEGXSJWXIVISX]TIW (MWGYWWXLIGSRGITXSJGSQQYRMGEXMSRGSRXI\XW )\TPEMRXLIMQTEGXSJPERKYEKIYWISRHMZIVWMX] )PYGMHEXIXLIMQTEGXSJRSRZIVFEPGSQQYRMGEXMSRSRHMZIVWMX] 3YXPMRIXLIMQTEGXSJHMZIVWMX]SRKVSYTGSQQMXQIRXERHGSRWIRWYW 4VIWIRXXLIWXVIRKXLSFXEMRIHXLVSYKLHMZIVWMX] 7YKKIWX[E]WXSQEOIHMZIVWIKVSYTW[SVO
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
(IJMRMRK(MZIVWMX]ERH-XW4PEGIMR7QEPP+VSYTW
/ )=8 )6 17 'SQQMXQIRXERHGSRWIRWYW 'SQQYRMGEXMSRGSRXI\XW 'SRJPMGXQEREKIQIRX (MZIVWMX] )XLMGEPFILEZMSV
,MIVEVGLMIWSJTS[IV ,MKLGSRXI\XIRZMVSRQIRX -RWMHIVSYXWMHIVEPPIKMERGIW 0ERKYEKIYWI 0S[GSRXI\XIRZMVSRQIRX
2SRZIVFEPGSQQYRMGEXMSR 4S[IV 4VIWWYVIJSVGSRJSVQMX] 7XIVISX]TMRK
2SSRIGERTPE]EKEQIEPSRI3RIGERRSXFILYQERF]SRIWIPJ8LIVIMWRS
WIPJLSSH[LIVIXLIVIMWRSGSQQYRMX];IHSRSXVIPEXIXSSXLIVWEWXLITIVWSRW[I EVI [IEVIMRVIPEXMRKXSSXLIVW 'EVWI T ;IGERVIKEVHWXVERKIVWSV MRHMZMHYEPW[LSEVIHMJJIVIRX[MXLLSWXMPMX]SV[IGERXVIEXXLIQEWTSXIRXMEPJVMIRHW ERHMQTSVXERXKVSYTQIQFIVW8LSWI[LSEVIHMJJIVIRXQE]TVSZIXSFIMRXIVIWXMRK ERHXSLEZIWSQIXLMRKZEPYEFPIXSGSRXVMFYXIXSSYVKVSYTWHMWGYWWMSRERHXSSYV I\TIVMIRGIWSJGSQQYRMX] 0YWXMK /SIWXIV
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
;SLPIVX ,S[IZIVMRSVHIVXSGETMXEPM^ISRXLIGSRXVMFYXMSRWSJEPPQIQFIVWSJ SYVWSGMEPTSPMXMGEPSVKERM^EXMSREPERHKVSYTIRZMVSRQIRXW[IQYWXJMVWXGSQIXS YRHIVWXERHHMZIVWMX]EW TVIGMWIP] [LEX XLI XIVQ QIERWhHMJJIVIRGI8LMW GSRGITX SJ HMJJIVIRGIMQTPMIWRSXELMIVEVGL]SJZEPYIFYXVEXLIVEGSRGITXMSRSJHMJJIVIRXTIV WTIGXMZIWSRKMZIRMWWYIWFEWIHSRHMJJIVIRXPMJII\TIVMIRGIWEWSYXPMRIHMR8EFPI %WEGSRGITXHMZIVWMX]SJXIRVIJIVWXSXLIqSXLIVrhTISTPI[LSPSSOWTIEOSV FILEZIHMJJIVIRXP]JVSQ[LEX[II\TIGXERHEGGITXMRXLSWI[MXL[LSQ[IEVIJEQMPMEV +VMJJMR -RERSVKERM^EXMSREPGSRXI\XHMZIVWMX]SJXIRVIJIVWXSTISTPISXLIVXLER
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
8%&0)
(MZIVWMX]MR+VSYTW 8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW
(MZIVWMX]ERH(MJJIVIRGIWh7SQI'EXIKSVMIW +IRHIV
6EGI
)XLRMG,IVMXEKI 7SGMEPERH)GSRSQMG'PEWW 7I\YEP3VMIRXEXMSR *EQMP]7XEXYW
%KI
6IPMKMSR
+ISKVETLMG0SGEXMSR %GGIWWXS)HYGEXMSR
4L]WMGEP%FMPMX]
(MJJIVIRX'SQQYRMGEXMSR'SRXI\XW
4L]WMGEP%XXVEGXMZIRIWW
*MVWX0ERKYEKI
[LMXI QEPIW SJ ;IWXIVR )YVSTIER HIWGIRX [LS LEZI HMJJIVIRX WSGMEPM^EXMSR I\TIVM IRGIWHMJJIVIRXEGGIWWXSXLIHSQMRERXIGSRSQMGWXVYGXYVIERHTSWWMFP]EJMVWXPER KYEKI SXLIV XLER )RKPMWL &I]SRH KIRHIV VEGI ERH IXLRMG LIVMXEKI HMZIVWMX] EPWS VIPEXIWXSHMJJIVIRGIWMRWSGMEPERHIGSRSQMGGPEWWEGGIWWXSIHYGEXMSRTL]WMGEPEXXVEG XMZIRIWW ERH EFMPMX] ERH WI\YEP SVMIRXEXMSR8LYW HMZIVWMX] QIERW XLEX [I QE] RSX WLEVI E GSQQSR WIX SJ I\TIVMIRGIW SV EWWYQTXMSRW MR GIVXEMR MQTSVXERX [E]W [MXL XLSWI [MXL [LSQ [I [SVO ERH GSQQYRMGEXI 'SQQYRMGEXMSR MR XIVQW SJ WLEVIH QIERMRKXLIVIJSVIGERRSXFIXEOIRJSVKVERXIHFYXQYWXFIEGXMZIP]TYVWYIH &IEQIV
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
%WWYQTXMSRWERH7XIVISX]TMRK -RSVHIVXSYRHIVWXERHLS[[ILEZIGSQIXSLEZIWYGLHMJJIVIRXPMJII\TIVMIRGIW[I RIIHXSYRHIVWXERHXLIMRXIVREPQEXVM\hXLITEXXIVRhXLEXGYPXYVIGVIEXIWMRSYVPMZIW %WLYQERFIMRKWSYVVIPEXMSRWLMTW[MXLMRWSGMEPKVSYTWFIKMREXFMVXL;IHITIRHSR SRIERSXLIVJSVSYVTL]WMGEPERHTW]GLSPSKMGEP[IPPFIMRKEW[IPPEWJSVSYVWYVZMZEP XLVSYKLSYX SYV PMZIW ;I PIEVR SYV EYXSQEXMG ERH TIVGITXYEP VIWTSRWIW XS SYV WYV VSYRHMRKWJVSQXLSWI[LSRYVXYVIERHGEVIJSVYW;IPIEVRLS[XSFILEZIERH[LEX GYIWXSPSSOJSVMRER]RYQFIVSJGSQTPI\MRXIVEGXMSRWXLEX[MPPPIEHXSSYVWYVZMZEPEW [IPP EW XS SYV EGGITXERGI ERH GSRXMRYIH RYVXYVI 8LYW SYV ZEPYIW ERH W]WXIQW SJ HIJMRMRK ERH YRHIVWXERHMRK XLI I\XIVREP [SVPH EVI MRGYPGEXIH MR YW JVSQ XLI ZIV]
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t GSQQMXQIRX XSXLIXIEQtWKSEPW ,MGOQER 'VIMKLXSR>SPPEV 6IIGI &VERHX &IMRK MRWIRWMXMZI XS XLIWI HMZIVWI TIVWTIGXMZIW GER PIEH XS RIKEXMZI JIIPMRKW -RHIIHXLIVIWYPXSJWYGLMRWIRWMXMZMX]LEWPIHXSERMRGVIEWMRKRYQFIVSJGLEVKIWSJ WI\MWQERHVEGMWQEW[IPPEWGSQTPEMRXWSJWI\YEPLEVEWWQIRXERHqKE]FEWLMRKrWMRGI 2ILIV ;LEXWSQISJYWQE]XEOIEWENSOISVELYQSVSYWVIQEVOMRE WQEPPKVSYTSVXIEQGERQEOISXLIVWJIIPYRGSQJSVXEFPIYR[IPGSQIHMWGSYRXIHSV MRWYPXIHhIZIRMJXLEX[EWRSXSYVMRXIRX -R EHHMXMSR [LIR [I WSPMGMX ERH TE] EXXIRXMSR SRP] XS XLSWI GSRXVMFYXMSRW [I I\TIGXJVSQETEVXMGMTERXFEWIHSRLIVSVLMWQIQFIVWLMTMREVIGSKRM^EFPIWXIVISX]TIH KVSYT[IQMWWSYXSRXLIXVYIZEPYISJXLEXTIVWSRtWTIVWTIGXMZIW*SVI\EQTPIMJ[I I\TIGXE[SQERXSEGXSRP]EWXLIKVSYTRYVXYVIVSVqWSGMEPWTIGMEPMWXr[MXLMRXLIKVSYT VEXLIVXLEREWEGSRXVMFYXSVXSXLIXEWOSVMIRXIHKSEPEXLERH[ISZIVPSSOLIVZEPYEFPI I\TIVMIRGIERHI\TIVXMWI 4S[IPP -J[IPSSOXSEQERSRP]JSVWSPYXMSRWXSXLI
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tW]IEVWSJTVSHYGXMSRWYGGIWWVIWYPXMRKMREQMPPMSRI\TERWMSRE HSYFPMRKSJXLITPERXtWTVSHYGXMSRGETEGMX]XSZILMGPIWE]IEVERHXLIHSYFPMRKSJXLI TPERXtW[SVOJSVGIXSXIEQQIQFIVW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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(MZIVWMX]MR+VSYTW 8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW
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
7XVIRKXLMR(MZIVWMX] (MZIVWMX]MREWQEPPKVSYTMWZEPYEFPIFIGEYWIMXEHHWZMXEPTIVWTIGXMZIWERHMRWMKLXW [LIRWSPZMRKHMJJMGYPXSVGSQTPI\TVSFPIQW-XEHHWTIVWTIGXMZIWXSXLIKVSYTXLEXSXL IV[MWI [SYPHFI EFWIRX ERH MXPIWWIRW WSQI SJ XLI HIWXVYGXMZIXIRHIRGMIW SJ KVSYT HIGMWMSRQEOMRKWYGLEWKVSYTXLMRO*SWXIVMRKHMZIVWMX]GERFIQSVIMQTSVXERXXLERE TEVXMGYPEV KVSYTtW MRXIPPMKIRGI q1EOMRKE KVSYT QSVI HMZIVWIEPQSWX EYXSQEXMGEPP] QEOIWMXFIXXIVEXTVSFPIQWSPZMRK ?3ARXLIKVSYTPIZIPMRXIPPMKIRGIEPSRIMWRSX IRSYKLFIGEYWIMRXIPPMKIRGIEPSRIGERRSXKYEVERXII]SYHMJJIVIRXTIVWTIGXMZIWSRE TVSFPIQr 7YVS[MIGOMT 8LI WXVIRKXL SJ HMZIVWMX] MW MR XLI GVIEXMZI TVSFPIQ WSPZMRK XLEX GSQIW JVSQ MRGPYHMRK HMJJIVIRX TIVWTIGXMZIWhTIVWTIGXMZIW RSX JSVQIH F] XLI WEQI FEGOKVSYRH ERHGSRXI\X%LSQSKIRISYWKVSYT[MXLEWLEVIHWIXSJEWWYQTXMSRWMWPIWWPMOIP]XS GSQIYT[MXLERMRRSZEXMZIWSPYXMSRXSEHMJJMGYPXTVSFPIQ%HMZIVWIKVSYTLEWXLI EHZERXEKISJFVMRKMRKEZEVMIX]SJTSMRXWSJZMI[ 3VKERM^EXMSRW JSV I\EQTPI LEZI JSYRH XLEX HMZIVWMX] MRMXMEXMZIW WMKRMJMGERXP] MQTVSZIXLIMVFSXXSQPMRI%WYVZI]F]XLI7SGMIX]JSV,YQER6IWSYVGI1EREKIQIRX ERH *SVXYRI QEKE^MRI JSYRH XLEX q SJ VIWTSRHIRXW WE] XLIMV HMZIVWMX] MRMXMEXMZI LIPTWXLIMVSVKERM^EXMSROIITEGSQTIXMXMZIIHKIr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hXLEXMW XLEXXLIVIEVIHMJJIVIRX[E]WXSWSPZIETVSFPIQSVEGLMIZIXLISZIVEPPKSEPW;LIR[I WXEVX[MXLEREWWYQTXMSRXLEXXLIVIMWQSVIXLERSRIVMKLX[E]XSWSPZIETVSFPIQERH QSVIXLERSRIVMKLXERW[IV[ISTIRSYVWIPZIWXSLIEVMRKERHYRHIVWXERHMRKMQTSVXERX
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
1EOMRK(MZIVWI+VSYTW;SVO
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qXLI]EGLMIZIE GSQTIXMXMZIEHZERXEKIEKEMRWXSVKERM^EXMSRWXLEXEVIIMXLIVGYPXYVEPP]LSQSKIRSYWSV JEMPXSWYGGIWWJYPP]YXMPM^IXLIMVHMZIVWMX]r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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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(MZIVWMX]MR+VSYTW 8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW
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tW[MXL HVE[EPJVSQTEVXMGMTEXMSRMRXLIKVSYTTVSGIWWMXQE]PIEHXSRIKEXMZIMQTEGXWSRXLI KVSYTERHSRXLIXEWOEXLERH;LIRGSRJPMGXMWXEOIREWERIGIWWEV]ERHMRIZMXEFPITEVX SJXLIGVIEXMZITVSGIWWETEVXJVSQTIVWSREPMXMIWLS[IZIVMXGERFIGSRWXVYGXMZI 2ILIV ERH PIEH XS QSVI FEPERGIH MRZSPZIQIRX F] QMRSVMX] EW [IPP EW RSRQMRSVMX] QIQFIVW /MVGLQI]IV 'SRJPMGXQEREKIQIRXMWHIEPX[MXLEXPIRKXLMR'LETXIV FYXMXMWMQTSVXERXXSGSRWMHIVMX[MXLMRXLIGSRXI\XSJQEREKMRKXLIGSQQYRMGEXMSR TVSGIWWMRKVSYTWSJHMZIVWITISTPI
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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
1EOMRK(MZIVWI+VSYTW;SVO
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t JVEQIWSJVIJIV IRGI XLIVIF] I\TERHMRK SYV S[R YRHIVWXERHMRK SJ XLI MWWYIW [I WLEVI EW E KVSYT ,EVVMW 4S[IV MW E WLEVIH VIWTSRWMFMPMX] ;I IEGL TEVXMGMTEXI MR MXW YWI ERH EFYWI %PXLSYKLXLISVIXMGEPP][IGERRSXFISZIVTS[IVIHYRPIWW[IEGUYMIWGIEXWSQIPIZIPMX MWGIVXEMRP]XLIGEWIXLEXXLIQIERWXSIGSRSQMGERHWSGMEPWIGYVMX]GERFIIJJIGXMZIP] FPSGOIHF]XLSWI[LS[MIPHQSVITS[IV-XMWXLIVIJSVIXLIVIWTSRWMFMPMX]SJIEGLSJYW EW QIQFIVW SJ KVSYTW ERH WSGMIX] MR KIRIVEP XS TPE] SYV TEVX MR EWWYVMRK XLEX EPP ZSMGIWMRGPYHMRKSYVS[REVILIEVHERHJYPP]GSRWMHIVIH ;]EXX
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qHIZMERXr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qIUYEPWr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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
*-+96)
(MZIVWMX]MR+VSYTW 8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW
)XLMGEP&ILEZMSVJSV;SVOMRKMR(MZIVWI+VSYTW
2IKEXMZI 9RIXLMGEP&ILEZMSVWMRGPYHI 8LIJX 7XIEPMRKSXLIVWt MHIEWWXIEPMRKSV[EWXMRKXLIMVXMQI 6IPEXMSRWLMTQERMTYPEXMSR 'SIVGMSRYWMRKWXEXYWERHEVQX[MWXMRK -RXIVTIVWSREPHIGITXMSR 0]MRKQMWPIEHMRKF][SVHWSVHIIHWQEOMRKJEPWITVSQMWIW (MWGVMQMREXMSR 6EGMWXSVWI\MWXGSQQIRXWSVHIGMWMSRW 7IGYVMX]ZMSPEXMSRW -KRSVMRKKVSYTTSPMGMIWSVTVSGIHYVIW 0SWWSJMQTYPWIGSRXVSP 0SWMRKSRItWXIQTIVZIVFEPSVTL]WMGEPZMSPIRGIXS[EVHSXLIVW 7I\YEPLEVEWWQIRX 9WMRKTSWMXMSRSVVI[EVHTS[IVXSGSQTIPTIVWSREPSVWI\YEPVIPEXMSRWLMT &EGOWXEFFMRK :IVFEPP]EXXEGOMRKWSQISRIFILMRHLMWSVLIVFEGO[MXLSYXXLITIVWSR ORS[MRK )ZEWMZIRIWW 7MHIWXITTMRKVIWTSRWMFMPMX]TEWWMRKXLIFYGOVIJYWMRKEGGSYRXEFMPMX]
4SWMXMZI&ILEZMSVMW %PXVYMWXMGHIZMERGI :MSPEXMRKKVSYTRSVQWSVWSGMEPVYPIWJSVXLIKSSHSJXLIKVSYT 7SYVGI ,SPP[MX^ERH4E[PS[WOM
)XLMGEP&ILEZMSV %TVSEGXMZIETTVSEGLXSHMZIVWMX]VIUYMVIWEGEVIJYPEHLIVIRGIXSIXLMGEPFILEZMSVWXLEX KYMHISYVNYHKQIRXWEFSYXq[LIXLIVEGXMSRWEVIVMKLXSV[VSRKERHSYXGSQIWEVIKSSH SVFEHr 1G7LERI :SR+PMRS[T 8LIWIFILEZMSVWERHHMQIRWMSRWEVI TVIWIRXIHMR*MKYVI XSKYMHI]SYEW]SYTEVXMGMTEXIMRKVSYTERHXIEQEGXMZMXMIW
7YQQEV] 'LERKIWMR97HIQSKVETLMGWERH[SVOJSVGIGSQTSWMXMSRLEZIQEHIXLII\EQMREXMSR SJHMZIVWMX]SJKVSYTWIZIRQSVIMQTSVXERX 2EWWIV -RXLI9RMXIH7XEXIW'EY GEWMERWSJ;IWXIVR )YVSTIERERGIWXV] EVIRS[ SYXRYQFIVIH F] EPP%QIVMGERWJVSQ %WMER %JVMGER %VEFMG ,MWTERMG 1MHHPI )EWXIVR ERH )EWXIVR )YVSTIER ERGIWXV] 2EWWIV 6IIGI &VERHX 0IKEPERHQSVEPMWWYIWLEZIFIIREHHIHXSXLI FEWMGMWWYISJIQTPS]IIEZEMPEFMPMX]MRGPYHMRKXLIMQTSVXERGISJSVKERM^EXMSRtWEGGSQ QSHEXMRK ZEV]MRK X]TIW SJ HMWEFMPMXMIW ERH HMZIVWI JEQMP] TEXXIVRW ,EVVMW 1G7LERI :SR+PMRS[ 8LIMQTSVXERGISJVIGSKRM^MRKEGGITXMRKERHIJJIGXMZIP]YXMPM^MRKHMJJIVIRGIWSJ IXLRMGMX]GYPXYVEPLIVMXEKIKIRHIVEKITL]WMGEPGLEPPIRKIERHSXLIVGMVGYQWXERGIW LEWFIIR[MHIP] VIGSKRM^IHERHYXMPM^IH F] PIEHMRKSVKERM^EXMSRW 6IIGI &VERHX %WXLIJMVWXHIGEHISJXLIRI[QMPPIRRMYQGSQIWXSEGPSWIQSWXRI[IRXVERXW MRXSXLI[SVOJSVGI[MPPFI[SQIRERHTISTPIJVSQGYPXYVEPQMRSVMXMIW 3ZIVGSQMRK SYV GSQTPI\ ERH HIITP] MRKVEMRIH FMEWIW ERH TVINYHMGIW EKEMRWX TISTPIHMJJIVIRXJVSQSYVWIPZIWGERTVSZIEHMJJMGYPXWXYQFPMRKFPSGOMRXLITEXLSJSYV
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
(MWGYWWMSR5YIWXMSRW
EFMPMX]XSQEOIXLIFIWXYWISJXLIHMZIVWITIVWTIGXMZIWSJJIVIHMRQER]SJSYVWQEPP KVSYTERHSVKERM^EXMSREPWIXXMRKW3YVJMVWXMRWXMRGXMWXSEWWYQIXLEX[LEX[IORS[ ERHI\TIGXMWVMKLX &EVRE &IGEYWI[IEPPI\TIVMIRGIXLIRIIHXSVIHYGIXLI YRGIVXEMRX]SJMRXIVEGXMSR[MXLWXVERKIVW[IJSVQMHIEWSJ[LEXXSI\TIGXJVSQXLIQ FEWIHSRGIVXEMRGEXIKSVMIWSVWXIVISX]TIWXLEXSYVWSGMEPM^EXMSRTVSGIWWLEWHIIQIH MQTSVXERX&EWIHSRXLMWGEXIKSVMGEPMRJSVQEXMSR[IXLIRqORS[rLS[XSFILEZI[MXL XLSWI WXVERKIVW%PXLSYKL XLMW MW qREXYVEPr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q[LEXOIITWSYVWSGMIX]XSKIXLIVMWXSPIVERGIJSVGYPXYVEPVIPMKMSYWWSGMEPTSPMXMGEP ERH IZIRPMRKYMWXMG HMJJIVIRGI [LEX QEOIWYW E YRMUYIH]REQMG ERH I\XVESVHMREV] REXMSREVIXLITS[IVERHGVIEXMZMX]SJSYVHMZIVWMX]r&I]SRHXSPIVERGIMXMWXLI[MPPMRK RIWWXSWIIOSYXPMWXIRXSERHETTVIGMEXIHMJJIVIRGIXLEX[MPPFISYVKVIEXIWXEWWIXEW[I TEVXMGMTEXIMRHMZIVWIWQEPPKVSYTW (-7'977-3259)78-327 (IJMRI HMZIVWMX] (SIW ]SYV HIJMRMXMSR XEOI MRXS EGGSYRX XLI QIQFIVW SJ ]SYV WQEPP KVSYTGPEWW#-WMXMRGPYWMZISJ]SYVIHYGEXMSREPWIXXMRK#-WMXXSSFVSEHXSFIMQQIHMEXIP] YWIJYP# (SIWZEPYMRKHMZIVWMX]GSQIIEWMP]#;L]SV[L]RSX#'ER]SYQEOIWSQIWYKKIWXMSRWXS IRLERGI]SYVKVSYTt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q[LMXIQIRSJTVMZMPIKIr(S]SYEKVII[MXLXLIGSRGITX#;L]SV[L]RSX# ,S[HSIWXLITVIWWYVIJSVGSRJSVQMX][SVOEKEMRWXXLIZEPYMRKSJHMZIVWMX]#
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
(MZIVWMX]MR+VSYTW 8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW
)<)6'-7)7 (MZIVWMX]ERHPMZMRKXSKIXLIV;SVHWERHKIRHIV7XIVISX]TIW8V]VIZIVWMRKXLI FMKSXV]SJPERKYEKI;LEXLEZI]SYI\TIVMIRGIH#
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qXLERO]SYr# % 7E]MRKqXLERO]SYrMRTIVWSREXXLIXMQISJVIGIMTXMWETTVSTVMEXIERHEHIUYEXI & 7E]MRKqXLERO]SYrSZIVXLITLSRIMWETTVSTVMEXIERHEHIUYEXI ' 7E]MRKqXLERO]SYrZMEIPIGXVSRMGQEMP IQEMP RSXIMWETTVSTVMEXIERHEHIUYEXI ( 7E]MRKqXLERO]SYr[MXLEJSVQEPLERH[VMXXIRJSPPS[YTRSXIMWETTVSTVMEXIERH EHIUYEXI 8LI WXERHEVH 97 LSQI XSMPIX GSRWMWXW SJ E FEWIYRMX MR [LMGL XLIVIMWE FEWMR SJ JPYWLEFPI[EXIV3RXSTSJXLMWFEWIMWEVMRKGEPPIHEXSMPIXWIEXERHSRXSTSJXLMWWIEX MWEGSZIVVIJIVVIHXSEWEXSMPIXWIEXGSZIV&SXLXLIWIEXERHXLIGSZIVEVIKIRIVEPP] HIWMKRIHXSFIVEMWIHXSEZIVXMGEPTSWMXMSRSVPS[IVIHXSELSVM^SRXEPTSWMXMSR%JXIV YWI[LEXTSWMXMSRWLSYPHXLIXSMPIXWIEXGSZIV FIPIJXMR# % XLIHS[RLSVM^SRXEPTSWMXMSR & XLIYTZIVXMGEPTSWMXMSR ' -XHSIWRtXQEXXIV IMXLIVTSWMXMSRMWJMRIERHETTVSTVMEXI %JXIVYWI[LEXTSWMXMSRWLSYPHXLIXSMPIXWIEXVMRK FIPIJXMR# % XLIHS[RLSVM^SRXEPTSWMXMSR & XLIYTZIVXMGEPTSWMXMSR ' -XHSIWRtXQEXXIV IMXLIVTSWMXMSRMWJMRIERHETTVSTVMEXI
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
)\IVGMWIW
%JXIV VIWTSRHMRK MRHMZMHYEPP] ERH MR [VMXMRK HMWGYWW ]SYV VIWTSRWIW MR XLI KVSYT ;LEXEVIXLIHMJJIVIRXTIVWTIGXMZIWI\TVIWWIHF]KVSYTQIQFIVW#,S[HMZIVWIEVIXLIWITIV WTIGXMZIW#;LEXMRJSVQWXLIHMZIVWMX]SJXLIWITIVWTIGXMZIW JYRGXMSREPYWILEFMXWZEPYIW WYGLEWGSRZIRMIRGISVETTIEVERGISXLIVX]TIWSJMRJPYIRGIW #%TTP]XLITVSFPIQWSPZMRK WIUYIRGIHIWGVMFIHMR8EFPITTiXSVIWSPZIER]MWWYIWVEMWIHF]XLIWIUYIWXMSRW
; 3 6 ( 7 % 2 ( + ) 2 ( ) 6 (MVIGXMSRW 'IVXEMR [SVHWXIRHXS FI TIVGIMZIH EW JIQEPI SVQEPI%WWYQI XLEX XLIJSPPS[MRK [SVHWVIJIVIMXLIVXSEQEPISVJIQEPI'MVGPI*MJ]SYXLMROXLI[SVHMWQSVIPMOIP]XS VIJIVXSEJIQEPI1MJEQEPI)ZIRXLSYKLXLI[SVHWGSYPHVIJIVXSIMXLIVKIRHIVMJ ]SYLEHXSGLSSWIQEPISVJIQEPI[LMGL[SYPHMXFI# * * * * * * * *
1 1 1 1 1 1 1 1
;IEPXL] %KKVIWWMZI :YPRIVEFPI 3YXWTSOIR 'EVIW 'SRJMHIRX 2YVXYVMRK 4ISTPISVMIRXIH
* * * * * * * *
1 1 1 1 1 1 1 1
8VMIW 1EVVMIW ,MVIW 7YTTSVXMZI 7IPJMWL ;SVOW -RHITIRHIRX -RHMZMHYEPMWX
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
78)6)38=4)7 (MVIGXMSRW 7XIT;ILIEVRYQIVSYWWXEXIQIRXWEFSYXSXLIVKVSYTWERHGYPXYVIW9TSRI\EQM REXMSR[IGERHMWGSZIVXLEXXLIWIWXEXIQIRXWEVI[IEOP]WYTTSVXIHSVYRJSYRHIH8V]XLI JSPPS[MRKI\IVGMWI*SVIEGLWXEXIQIRXTPEGIEGLIGOQEVOMJ]SYLEZILIEVHXLIWXEXIQIRX EFSYXSXLIVKVSYTW8LIR[VMXIMRXLIKVSYT MJER] XLEXGSQIWXSQMRH*MREPP][VMXIMRER I\EQTPIXLEXHMWTVSZIWXLIKIRIVEPM^EXMSR
CCCCC %VIFMKSXIHTVINYHMGIH ERHFMEWIH CCCCC %VIWQEVXERH[SVOLEVH
+VSYT
(MWTVSZIW
CCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCC
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
(MZIVWMX]MR+VSYTW 8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW
CCCCC %VIEKKVIWWMZIERHTYWL] CCCCC %VIEWWSGMEXIH[MXL SVKERM^IHGVMQI CCCCC %VIPE^]ERHYRVIPMEFPI CCCCC 0EYKLERHWQMPIEPSX CCCCC %VIZIV]KSSHEXWTSVXW CCCCC %VIRYVXYVMRKERHWYTTSVXMZI CCCCC %VIGSRGIMXIH CCCCC (VMROERHTEVX]XSSQYGL
CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCC CCCCCCCCCCCCCCC CCCCCCCCCCCCCCC CCCCCCCCCCCCCCC CCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
7XIT %WE KVSYTSVGPEWWWLEVI]SYV VIWTSRWIW%VIXLIVIWMQMPEVMXMIWSV HMJJIV IRGIW#,S[GSRJMHIRXGER[IFIMRER]WXIVISX]TIW#;L]HS[IYWIWXIVISX]TIW#%VIXLIVI SXLIVI\EQTPIWSR]SYVGEQTYWSJWXIVISX]TIW#8V]XSPMWXJMZIQSVI
8 6= 6 ) : ) 6 7 - 2 + 8 , ) & - + 38 6= 3 * 0 % 2 + 9%+ ) 8LITVINYHMGIEKEMRWXXLIGSPSVFPEGOERHJSVXLIGSPSV[LMXITIVQIEXIWSYVPERKYEKI% JI[I\EQTPIW FPEGOLIEVXIH FPEGOXLSYKLXW &PEGO(IEXL TPEKYI
;LMXI'LVMWXQEW 7RS[;LMXI [LMXIQEKMG
%WEXIWXSJXLIWXVIRKXLSJXLMWTLIRSQIRSRXV]XSXLMROSJ[SVHWSVTLVEWIWXLEXYWI E XLIGSPSVFPEGOMRETSWMXMZI [E]SV F XLIGSPSV[LMXIMRERIKEXMZI [E];ItPPKIX ]SYWXEVXIH[MXLqMRXLIFPEGOrERHq[LMXIEWEKLSWXr1EOIX[SGSPYQRWSREFPERO WLIIXSJTETIV0EFIPXLIJMVWXGSPYQR437-8-:)&0%'/ERHXLIWIGSRHGSPYQR 2)+%8-:);,-8)8V]XSPMWX[SVHWSVTLVEWIWMRIEGLGSPYQR *SVWQEPPKVSYTWGSQFMRIPMWXWFVEMRWXSVQEHHMXMSREPI\EQTPIWERHXV]XSPMWX [SVHWSVTLVEWIWMRIEGLGSPYQR (IFVMIJMRK ;EWXLMWI\IVGMWIHMJJMGYPX#;LEXHSIWMXXIPPYWEFSYXXLIEFMPMX]SJ[SVHW XSPMQMXSYVTIVGITXMSR#(MHWSQISJXLII\EQTPIWTVSZMHIHF]]SYVMRWXVYGXSVWYV TVMWI]SY#;L]HMH]SYRSXVIQIQFIVXLIQ#
; , %8 , %: ) =3 9 ) < 4 ) 6 - ) 2 ' ) ( # 1ER]SJYWLEZIXVEZIPIHXSHMJJIVIRXTEVXWSJXLI9RMXIH7XEXIWSVEFVSEH'SRWMHIVWSQI SJXLIVIKMSREPSVMRXIVREXMSREPHMJJIVIRGIW]SYLEZIIRGSYRXIVIHSV]SYORS[EFSYX 'SRGITX
)\EQTPIWSJHMJJIVIRGIW
% 0ERKYEKI
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
& (MWXERGI
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
' %WWIVXMZIRIWW
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
( 'PSXLMRK
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
6IJIVIRGIW
) 8SYGL
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
* 1ERRIVWERHSVIEXMRKLEFMXW
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
+ 6IPEXMSRWLMTW[MXLJEQMP]
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
, 8MQIGSRWGMSYWRIWW
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
-R ]SYV WQEPP KVSYT WLEVI ]SYV I\EQTPIW ;SVO XS HIZIPST EHHMXMSREP I\EQTPIW FEWIHSRXLIKVSYTHMWGYWWMSR;LEXEVIWSQISJXLIHMJJIVIRGIWMR]SYVKVSYT# 'SRWMHIVMRK]SYVGEQTYWSV]SYVTSWWMFPI[SVOIRZMVSRQIRXLS[HSIWXLIKVSYT XLMROXLIWIHMJJIVIRGIW[MPPMQTEGXEKVSYTSVXIEQtWIJJIGXMZIRIWW# (IZMWIEWXVEXIK]XSSZIVGSQIXLIWIHMJJIVIRGIWERHFITVITEVIHXSTVIWIRXMXXSXLIGPEWW
6)*)6)2')7 %VQSYV7 1E] 6ITSVXWSJ[SVOTPEGIFMEWWXMPP SRVMWIWMRGI7ITX97%8SHE] T& &EVRE 0 1 7XYQFPMRK FPSGOW MR MRXIVGYPXYVEP GSQQYRMGEXMSR -R 0% 7EQSZEV 6 ) 4SVXIV )HW -RXIVGYPXYVEPGSQQYRMGEXMSR %VIEHIV TT i &IPQSRX'% ;EHW[SVXL &IEQIV0 :EVRIV- -RXIVGYPXYVEPGSQQYRMGE XMSR MR XLI KPSFEP [SVOTPEGI RH IH &SWXSR 1G+VE[,MPP-V[MR &IGOIV'& 6IEWSRWJSVXLIPEGOSJEVKYQIRXE XMSRERHHIFEXIMRXLI*EV)EWX-R0%7EQSZEV
6)4SVXIV )HW -RXIVGYPXYVEPGSQQYRMGEXMSR % VIEHIV TTi &IPQSRX'% ;EHW[SVXL 'EPPS[E]8LSQEW 'SSTIV 4 . &PEOI ' -RXIVGYPXYVEP GSQQYRMGEXMSR 6SSXW ERH VSYXIW &SWXSR %PP]R &EGSR 'EVWI . 4 *MRMXI ERH MRJMRMXI KEQIW 2I[=SVO &EPPERXMRI&SSOW 'EWSR6) ;VMXMRKJSVXLIFYWMRIWW[SVPH 9TTIV 7EHHPI6MZIV2. 4VIRXMGI,EPP )MWIRFIVK ) 1 +SSHLEPP , 0 .V 3VKERM^EXMSREPGSQQYRMGEXMSR &EPERGMRKGVIEXMZ MX]ERHGSRWXVEMRX &SWXSR &IHJSVH7X1EVXMRtW +EVHIRW[EVX^0 6S[I% 1EREKMRKHMZIVWMX] 8LIGSQTPIXIHIWOVIJIVIRGI 7ER(MIKS 4LIMJJIV +EVHIRW[EVX^0 6S[I% .YP] ;L]HMZIVWMX] QEXXIVW,6*SGYW TTi +IQQMPP+ 7GLEMFPI0> 8LITW]GLSH]REQ MGWSJJIQEPIQEPIVSPIHMJJIVIRXMEXMSR[MXLMRWQEPP KVSYTW7QEPP+VSYT6IWIEVGL i +IRXMPI1 1EREKIVMEPI\GIPPIRGIXLVSYKLHMZIV WMX] 4VSWTIGX,IMKLXW-0 ;EZIPERH +VMJJMR 6 ; 1EREKIQIRX XL IH &SWXSR ,SYKLXSR1MJJPMR ,EPP2. %QSRKGYPXYVIW 8LIGLEPPIRKISJGSQ QYRMGEXMSR 97 8LSQWSR
,EVEPWSR( 0I[MW% %TVMP 9RJEMVXVIEX QIRXMRXLI[SVOTPEGI97%8SHE] T& ,EVVMW8 ) %TTPMIH SVKERM^EXMSREP GSQQYRMGE XMSR 4VMRGMTPIWERHTVEKQEXMGWJSVJYXYVITVEGXMGI RHIH 1EL[EL2. 0E[VIRGI)VPFEYQ ,IRV] ; % %TVMP &I]SRH XLI QIPXMRK TSX 8MQI TT i ,MGOQER + 6 'VIMKLXSR>SPPEV 7 (MZIVWI WIPJHMVIGXIH[SVOXIEQW (IZIPSTMRKWXVEXIKMGMRM XMEXMZIW JSV WX GIRXYV] SVKERM^EXMSRW &YWMRIWW 7SYVGI)PMXI i ,SMNIV , 8LI 7ETMV;LSVJ L]TSXLIWMW -R 0% 7EQSZEV 6)4SVXIV )HW -RXIVGYPXYVEPGSQ QYRMGEXMSR %VIEHIV TTi &IPQSRX'% ;EHW[SVXL ,SPP[MX^.' 4E[PS[WOM(6 8LIHIZIPST QIRXSJEWXVYGXYVIHIXLMGEPMRXIKVMX]MRXIVZMI[JSV TVIIQTPS]QIRX WGVIIRMRK 8LI .SYVREP SJ &YWM RIWW'SQQYRMGEXMSR i ,YHWSR-RWXMXYXI ,EPJ[E]SYXXLIHSSV -RHMERETS PMW-2 ;EPOIV-RJSVQEXMSR .EGOWSR7)1E]/) ;LMXRI]/ 9RHIV WXERHMRKXLIH]REQMGWSJHMZIVWMX]MRHIGMWMSRQEO MRKXIEQW-R6%+Y^^S)7EPEW %WWSGMEXIW )HW 8IEQIJJIGXMZIRIWW ERH HIGMWMSR QEOMRK MR SVKERM^EXMSRW TT i 7ER *VERGMWGS .SWWI]&EWW /MVGLQI]IV ' 1YPXMGYPXYVEP XEWO KVSYTW %R EGGSYRXSJXLIPS[GSRXVMFYXMSRPIZIPSJQMRSVMXMIW 7QEPP+VSYT6IWIEVGL i /P]YOERSZ - ) 4VMRGMTPIW SJ MRXIVGYPXYVEP GSQ QYRMGEXMSR &SWXSR 4IEVWSR 0YWXMK1; /SIWXIV. -RXIVGYPXYVEPGSQTI XIRGI -RXIVTIVWSREP GSQQYRMGEXMSR EGVSWW GYP XYVIW XLIH &SWXSR %PP]R &EGSR
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
(MZIVWMX]MR+VSYTW 8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW
1EHVMH% (MZIVWMX]ERHMXWHMWGSRXIRXW-R0% 7EQSZEV 6)4SVXIV )HW -RXIVGYPXYVEPGSQ QYRMGEXMSR %VIEHIV TTi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i 7GLVIMFIV). 1YHHPIWERHLYHHPIW *EGMPMXEXMRKE QYPXMGYPXYVEP[SVOJSVGIXLVSYKLXIEQQEREKIQIRX XLISV] 8LI .SYVREP SJ &YWMRIWW 'SQQYRMGEXMSR i
7LYXIV6 8LI,QSRKSJ0ESW 3VEPMX]GSQQYRM GEXMSRERHEGGYPXYVEXMSR-R0%7EQSZEV 6) 4SVXIV )HW -RXIVGYPXYVEP GSQQYRMGEXMSR % VIEHIV TTi &IPQSRX'% ;EHW[SVXL 7XI[EVX04'SSTIV4.7XI[EVX%( *VMIHPI]7 % 'SQQYRMGEXMSR ERH KIRHIV XL IH &SWXSR %PP]R &EGSR 7YVS[MIGOM. 8LI[MWHSQSJGVS[HW 2I[=SVO (SYFPIHE] 7YVZI]WE]WHMZIVWMX]MQTVSZIWFSXXSQPMRIWERHGSQTIXM XMSR .YP] ,6*SGYW T :MGXSV (% -RXIVREXMSREP FYWMRIWW GSQQYRMGE XMSR 2I[=SVO ,EVTIV'SPPMRW ;IFIV 7 2 8LI RIIH XS FI 8LI WSGMSGYPXYVEP WMKRMJMGERGISJFPEGOPERKYEKI-R0%7EQSZEV
6)4SVXIV )HW -RXIVGYPXYVEPGSQQYRMGEXMSR % VIEHIV TTi &IPQSRX'% ;EHW[SVXL ;MXLIVWTSSR4( ;SLPIVX/0 %RETTVSEGL XS HIZIPSTMRK GSQQYRMGEXMSR WXVEXIKMIW JSV IRLERGMRKSVKERM^EXMSREPHMZIVWMX]8LI.SYVREPSJ &YWMRIWW'SQQYRMGEXMSR i ;]EXX 2 3VKERM^MRK ERH VIPEXMRK *IQMRMWX GVM XMUYISJWQEPPKVSYTGSQQYRMGEXMSR-R74&S[IR
2;]EXX )HW 8VERWJSVQMRKZMWMSRW *IQMRMWX GVMXMUYIW MR GSQQYRMGEXMSR WXYHMIW TT i 'VIWWOMPP2. ,EQTXSR >IQOI 6 6EMRIW ' *MPMTG^EO & +IRIVEXMSRWEX[SVO 1EREKMRKXLIGPEWLSJZIXIV ERWFSSQIVW\IVWERHRI\XIVWMR]SYV[SVOTPEGI 2I[=SVO %1%'31
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
:IVFEPERH2SRZIVFEP 'SQQYRMGEXMSR ',%48)63980-2) *YRGXMSRWSJ:IVFEP'SQQYRMGEXMSR 8EWO3VHIVMRK 4VSGIWW3VMIRXEXMSR 2EVVEXMZIWERH+VSYT*ERXEWMIW
2SRZIVFEP'SQQYRMGEXMSR 4VMRGMTPIWSJ2SRZIVFEP'SQQYRMGEXMSR 8]TIWSJ2SRZIVFEP'SQQYRMGEXMSR 4S[IVPIWW7XIVISX]TIW
7XVYGXYVIWSJ1IERMRKMR:IVFEP'SQQYRMGEXMSR (IRSXEXMZIERH'SRRSXEXMZI1IERMRK 7IQERXMGW +VSYT8EPO ,YQSV
7YQQEV] (MWGYWWMSR5YIWXMSRW )\IVGMWIW 6IJIVIRGIW
',%48)63&.)'8-:)7 (MWGYWWXLIJYRGXMSRWSJZIVFEPGSQQYRMGEXMSR )\TPEMRKVSYTJERXEWMIWQIXETLSVWERHREVVEXMZIW -HIRXMJ]XLIWXVYGXYVIWSJQIERMRKMRZIVFEPGSQQYRMGEXMSR 3YXPMRIXLIX]TIWERHJYRGXMSRWSJKVSYTXEPO )\TPEMRXLITVMRGMTPIWSJRSRZIVFEPGSQQYRMGEXMSR -PPYWXVEXIXLIX]TIWSJRSRZIVFEPGSQQYRMGEXMSR
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
:IVFEPERH2SRZIVFEP'SQQYRMGEXMSR
/ )=8 )6 17 &SH]PERKYEKI 'LVSRIQMGW 'SRRSXEXMZIQIERMRK 'SRWGMSYWRIWWVEMWMRKXEPO (IRSXEXMZIQIERMRK )RGSYRXIVXEPO )XLRSGIRXVMWQ )]IGSRXEGX *EGMEPHMWTPE] *ERXEW] +VSYTJERXEWMIW +VSYTXEPO
,SQSTLMP] ,YQSV -RJIVIRGIW .YHKQIRXW /MRIWMGW 1IXETLSV 2EVVEXMZI 2SRZIVFEPGSQQYRMGEXMSR 3FWIVZEXMSRW 4EVEPERKYEKI 4VSGIWWSVMIRXEXMSR
4VSFPIQWSPZMRKXEPO 4VSHYGXMZMX] 4VS\IQMGW 6SPIEWWYQTXMSRXEPO 7IQERXMGW 7I\VSPIWXIVISX]TMRK 7MPIRGI 7]QFSPMG 7]RGLVSR] 8EWOSVHIVMRK :IVFEPGSQQYRMGEXMSR
8LIVIMWENSOIEFSYXEQER[LSZMWMXIHEVIXMVIQIRXLSQIERH[EWFIMRKWLS[R
EVSYRHF]XLIQEREKIV8LI]GEQISYXSRXSEPEVKITSVGLSZIVPSSOMRKXLIPE[RW ERHKEVHIRWYTSR[LMGLERYQFIVSJXLIGYVVIRXVIWMHIRXW[IVIWMXXMRK%WXLI] WXSSHXLIVISRISJXLIVIWMHIRXWWYHHIRP]GEPPIHSYXqrERHXLIVIWXSJXLIKVSYT FVSOIMRXSPEYKLXIV%JXIVEJI[QMRYXIWSJWMPIRGIERSXLIVVIWMHIRXWEMHqrERH EKEMRXLI]EPPPEYKLIH%XXLMWTSMRXXLIQERXYVRIHXSXLIQEREKIVERHWEMHq;LEX MWKSMRKSR#;L]EVIXLI]PEYKLMRK#;LEXMWWSJYRR]#r8LIQEREKIVVITPMIHXLEX XLIWIVIWMHIRXWLEHFIIRXLIVIXSKIXLIVEWEKVSYTJSVWSPSRKXLEXXLI]LEHPIEVRIH IEGLSXLIVtWNSOIWERHLEHHIGMHIHXSRYQFIVXLINSOIWWSXLEX[LIRIZIVWSQISRI [ERXIHXSXIPPSRIXLI]GSYPHNYWXGEPPSYXXLIRYQFIVERHXLIVIWXSJXLIQ[SYPH VIQIQFIVXLINSOIERHPEYKL8LIQEREWOIHMJLIGSYPHXV]8LIQEREKIVWEMH q7YVIrERHXLIQERGEPPIHSYXqr8LIVIWMHIRXWPSSOIHTY^^PIHFYXVIQEMRIH WMPIRX;LIRXLIQEREWOIHXLIQEREKIV[L]RSSRILEHPEYKLIHXLIQEREKIV WMQTP]VITPMIHq;IPPWSQITISTPINYWXHSRtXORS[LS[XSXIPPNSOIWr
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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
*YRGXMSRWSJ:IVFEP'SQQYRMGEXMSR
RSRZIVFEPGSQQYRMGEXMSR;IFIKMR [MXLZIVFEPGSQQYRMGEXMSRERHGSRGPYHI[MXL RSRZIVFEPGSQQYRMGEXMSR%PXLSYKL[IGSRWMHIVXLIQWITEVEXIP]MRXLMWGLETXIVXLI] SGGYVWMQYPXERISYWP]ERH[SVOXSKIXLIVGSQTPIQIRXMRKSVGSRXVEHMGXMRKIEGLSXLIV
*YRGXMSRWSJ:IVFEP'SQQYRMGEXMSR -RHMWGYWWMRKXLIVSPISJZIVFEPGSQQYRMGEXMSR MRKVSYTW[I[MPPJMVWXI\EQMRIXLVII JYRGXMSRW SJZIVFEPGSQQYRMGEXMSRhXEWOSVHIVMRKTVSGIWWSVMIRXEXMSRERHREVVEXMZI
8EWO3VHIVMRK 8EWOSVHIVMRK MRZSPZIWGSKRMXMZIQIERMRKXLEXJSGYWIWSRIMXLIVSVGLSMGIWERHGVIEXIW ER YRHIVWXERHMRK EFSYX XLI KVSYTtW TYVTSWIW ERH TVSGIWWIW 7TIGMJMGEPP] PERKYEKI HVE[WEXXIRXMSRXSTEVXMGYPEVMXIQWERHTVSZMHIWXLIFEGOFSRI SJXLIKVSYTMRXIVEGXMSR 7QEPP KVSYTW EVI YWYEPP] JSVQIH XS EGLMIZI WSQI KSEPW8S HS WS XLI] QYWX SVHIVXLIMVEGXMZMXMIWMRXSWSQIWIUYIRGIXLEXGERFIJSPPS[IH*SVI\EQTPIMJ[IEVI EWOIHXSWIVZISREXEWOJSVGISRISJXLIJMVWXUYIWXMSRW[IQMKLXEWOMWq;LEXEVI[I XV]MRK XS EGGSQTPMWL#r;I EVI EPWS MRXIVIWXIH MR XLI XMQI GSRWXVEMRXW XLI VIWSYVGIW EZEMPEFPIERHSXLIVTIVXMRIRXHEXE3RISJSYVKSEPWMWTVSHYGXMZMX]h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tW TYVTSWIWSVTVSGIWWIWXLIVIWYPXWJVIUYIRXP]EVIWYFWXERHEVH;IEVIHIEPMRK[MXLXLI MWWYI[MXLSYXHIXIVQMRMRKLS[XSSVHIVXEWOW
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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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:IVFEPERH2SRZIVFEP'SQQYRMGEXMSR
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7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
2SRZIVFEP'SQQYRMGEXMSR
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q-J'SPYQFYWLEHEREHZMWSV]GSQQMXXIILITVSFEFP][SYPHWXMPPFIEXXLI HSGOr1MPXSR&IVPIXLIGSQIHMERHIWGVMFIHEGSQQMXXIIEWqEKVSYT[LSOIITQMR YXIW ERH[EWXILSYVWr%PXLSYKL XLMW MW RSX E GEPP JSVELSYWI GSQIHMERSVE qGPEWW GPS[RrLYQSVMWEYWIJYPXSSPJSVOIITMRKXLIKVSYTGSLIWMZIERHSRXEWO
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tWQIERMRKMWRSRZIVFEP;INYHKIXLIWXVIRKXL ERHZEPMHMX]SJQIWWEKIWHIEPMRK[MXLEJJMPMEXMSRTSWMXMZIVIKEVHTS[IVMRXIVIWXHSQ MRERGIGVIHMFMPMX]WXEXYWEXXMXYHIWERHGSQTIXIRGITVMQEVMP]XLVSYKLRSRZIVFEPGSQ QYRMGEXMSR %RHIVWIR -R E KVSYT HMWGYWWMSR [LIXLIV ER MHIE MW EGGITXIH ZEPYIHERHXS[LEXHIKVIIMXtWEHHIHMRXSXLIQM\JVIUYIRXP]LEWEWQYGLXSHS[MXLXLI TVIWIRXIVERHXLIQERRIVSJTVIWIRXEXMSREW[MXLXLIPMXIVEPQIERMRKSJXLI[SVHWYWIH XSI\TVIWWMX
4VMRGMTPIWSJ2SRZIVFEP'SQQYRMGEXMSR *SVTYVTSWIWSJSYVHMWGYWWMSRSJRSRZIVFEPGSQQYRMGEXMSR[IEWWYQIXLITVIWIRGI SJIMKLXKYMHMRKTVMRGMTPIWMRWQEPPKVSYTWERHMRGSQQYRMGEXMSRKIRIVEPP][LMGLEVI WYQQEVM^IHMR8EFPI
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
8%&0)
:IVFEPERH2SRZIVFEP'SQQYRMGEXMSR
2SRZIVFEP'SQQYRMGEXMSRh4VMRGMTPIWERH-QTEGX
-XMQTEGXWXLIUYEPMX]SJVIPEXMSRWLMTW -XMWQSVIPMOIP]XSFIFIPMIZIHXLERZIVFEPGSQQYRMGEXMSR 3RISVFSXLTEVXMIWGEREWWMKRQIERMRK &ILEZMSVWEVIKYMHIHF]GSRXI\XERHTS[IVVIPEXMSRWLMTW 'YPXYVEPRSVQWERHI\TIGXEXMSRWKYMHIXLIKVSYT 8LMRKW[IRSXMGIPIEHXSQIERMRK ;SQIREVIQSVIWIRWMXMZIXLERQIRXSRSRZIVFEPGYIW ;IWLSYPHGSRGIRXVEXISRMQTVSZMRKSYVS[REGXMSRW
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q=SYGERtXXEPO]SYV[E]SYXSJWSQIXLMRK]SYFILEZIH]SYV[E]MRXSr-J[LEX[IHS GSRXVEHMGXW[LEX[IWE]TISTPIYWYEPP]FIPMIZI[LEX[IHS-XMWRSXIRSYKLXSWE]E KVSYTMWMQTSVXERXXSYW [IQYWXTEVXMGMTEXIMRXLIKVSYTtWEGXMZMXMIWXSHIQSRWXVEXI XLEXMQTSVXERGI 8LMVHRSRZIVFEPGSQQYRMGEXMSRFIGSQIWQIERMRKJYP[LIRSRISVQSVITEVXMIW EWWMKR QIERMRKXS MX 8LI MQTSVXERGI SJXLMWMW HIQSRWXVEXIH[LIR WSQISRI MR SYV KVSYTEWWMKRWQIERMRKXSSYVEGXMSRWIZIR[LIR[IHMHRSXMRXIRHXSGSQQYRMGEXI XLEXQIERMRK8LYWRSRZIVFEPGSQQYRMGEXMSRGERFIEWWMKRIHQIERMRKIZIRMJSRP] SRISJXLITEVXMIWHIGMHIWXSTE]EXXIRXMSRXSMX *SYVXLSYVMRXIVTVIXEXMSRWSJTEVXMGMTERXWt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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
2SRZIVFEP'SQQYRMGEXMSR 8%&0)
6IPEXMSREP7XEXIQIRXW
4ISTPI[IPMOI
4ISTPI[IHSRSXPMOI
%VIEWWIVXMZI %VIKSSHSRHIXEMP ;SVO[IPPYRHIVTVIWWYVI %VIGSRJMHIRX %VIXEWOSVMIRXIH %VIIRXLYWMEWXMG *SPPS[XLVSYKL 7XERHJMVQ ,EZIWSYRHNYHKQIRX %VISTIRWTIEOXLIMVQMRHW %VIUYMIXWL]
%VITYWL] %VITMGO] 'ERtXWXERHXLILIEX %VIGSRGIMXIH %VIMQTSWWMFPIXS[SVO[MXLVIEPLEVHRSWIH %VIIQSXMSREP (SRtXORS[[LIRXSUYMX %VIFYPPLIEHIH ,EZIWXVSRKTVINYHMGIW %VIQSYXL] %VIWIGVIXMZI
SVHIV MW GPSGOXMQI FEWIH QE] RSXMGI WSQISRIt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t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
8]TIWSJ2SRZIVFEP'SQQYRMGEXMSR 3XLIVW MRXIVTVIX SYV MRZSPZIQIRX XLVSYKL SYV RSRZIVFEP GSQQYRMGEXMSR [LMGL MW GPSWIP] PMROIH XS SYV TEVXMGMTEXMSR MR E GSRZIVWEXMSR SV KVSYT 'SOIV ERH &YVKSSR T JSYRHXLEX qXLIFILEZMSVWXLEXQSWXWXVSRKP]HMWGVMQMREXIHLMKLJVSQPS[MRZSPZIQIRX[IVIKIRIVEP OMRIWMGTVS\IQMGEXXIRXMZIRIWW JSV[EVHPIERVIPE\IHPEYKLXIV GSSVHMREXIH WTIIGLJI[IV
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
:IVFEPERH2SRZIVFEP'SQQYRMGEXMSR
WMPIRGIWERHPEXIRGMIWERHJI[IVSFNIGXQERMTYPEXMSRW&ILEZMSVWQSWXTVIHMGXMZISJQEKRM XYHISJMRZSPZIQIRXGLERKI[IVIJEGMEPERMQEXMSRZSGEP[EVQXLMRXIVIWXHIITIVTMXGLPIWW VERHSQQSZIQIRXERHQSVIZSGEPEXXIRXMZIRIWWr
-RXLIHMWGYWWMSR[IJSGYWSRJMZIMWWYIWMRTEVXMGYPEV JEGMEPHMWTPE]TEVEPERKYEKI FSH]PERKYEKITVS\IQMGWERHGLVSRIQMGW *EGMEP(MWTPE] ;INYHKIETIVWSRtW[MPPMRKRIWWXSMRXIVEGXF]LMWSVLIVJEGMEPHMW TPE] 6IQPERH 6IWXVMGXMRK SYV JEGMEP GSQQYRMGEXMSR WYKKIWXW E PEGO SJ MRZSPZIQIRXERHMRXIVIWX7QMPMRKSRXLISXLIVLERHMWGSRWMHIVIHETSWMXMZIGSQQY RMGEXMSRFILEZMSVXLEXMRHMGEXIWXSSXLIVWXLEX[IEVILSRIWXMRXIPPMKIRXERH[SVXLNSMR MRKMRWSQIZIRXYVI ,EVVMW )]IGSRXEGX MWEPWSGVMXMGEPXSERHMRHMGEXMZISJIJJIGXMZIWQEPPKVSYTERHMRXIVTIV WSREPGSQQYRMGEXMSRFYXMWJYPPSJGSQTPI\QIERMRKWERHGSRXI\XFEWIHEWWYQTXMSRW ;LMPISXLIVGYPXYVIWQEOIHMJJIVIRXEWWYQTXMSRWMRXLI9RMXIH7XEXIW[IKIRIVEPP] MRXIVTVIXHMVIGXI]IGSRXEGXEWERMRHMGEXMSRSJGVIHMFMPMX]LSRIWX]ERHTS[IV %RHIV WIR -REHHMXMSR[IXIRHXSPSSOEXTISTPI[MXLKVIEXIVTS[IVQSVISJXIRXLEREX TISTPI[IGSRWMHIVXSLEZIPIWWTS[IV3RXLISXLIVLERHWLS[MRKHIJIVIRGIXSTS[IV MW EGGSQTPMWLIH XLVSYKL HMQMRMWLIH I]I GSRXEGX F] WYFSVHMREXIW% WTIEOIV MW TIV GIMZIHEWQSVIGSRJMHIRXMJWLISVLIQEMRXEMRWI]IGSRXEGX %RHIVWIR -RWQEPPKVSYTGSQQYRMGEXMSRI]IGSRXEGXGERFIYWIHXSMRGVIEWISVHIGVIEWI XLIEQSYRXSJMRXIVEGXMSRMRXLIKVSYT8LSWIKVSYTQIQFIVW[LSEVIPSSOIHEXQSWX JVIUYIRXP]XIRHXSJIIPQSVIIQTS[IVIHERHMRZSPZIH8LI]QE]FIQSVIPMOIP]XSGSR XVMFYXIXSXLIKVSYTXLERXLSWI[LSEVIRSXPSSOIHEX3RXLISXLIVLERHMJ[ISYVWIPZIW VIJYWIXSPSSOEXXLISXLIVKVSYTQIQFIVW[I[MPPFIPIJXSYXSJXLIGSRZIVWEXMSR ;LIR[ILEZIXSGSRZI]FEHRI[W[IXIRHXSHIGVIEWISYVI]IGSRXEGX3RXLI SXLIVLERHMREPIEHIVPIWWTIVJSVQERGIKVSYTWYGLEWWSQIFERHWSVEHERGIGSQTE RMIWI]IGSRXEGXQE]FIXLITVMRGMTEPQIERWSJGSQQYRMGEXMSRFIX[IIRQIQFIVWXS EWWYVIXLEXIZIV]SRI[SVOWXSKIXLIV 6SWI 8SFIERIJJIGXMZIKVSYTQIQFIV XLIVIJSVI[IRIIHXSFIE[EVISJERHYWIIJJIGXMZII]IGSRXEGXERHSXLIVJEGMEPI\TVIW WMSRW8LMWQIERW[IRIIHXSFIE[EVISJHMJJIVIRXGYPXYVEPTIVWSREPERHVSPIVIPEXIH I\TIGXEXMSRWERHMRXIVTVIXEXMSRWWYVVSYRHMRKI]IGSRXEGX 4EVEPERKYEKI 4EVEPERKYEKI MWXLIQIERMRKXLEXMWTIVGIMZIHEPSRK[MXLXLIEGXYEP [SVHWYWIHXSHIPMZIVEQIWWEKI-XMWLS[ [IWE]WSQIXLMRK8LMWMWEFVSEHGEXIKSV] XLEXMRGPYHIWHMEPIGXWEGGIRXWTMXGLVEXIZSGEPUYEPMXMIWTEYWIWERHWMPIRGIW%TPIEW MRKZSMGIJSVI\EQTPI[MPPQEOITISTPIQSVIPMOIP]XSPMWXIRXSYWERHEQSHYPEXIH ZSMGIMWWIIREWQSVIEXXVEGXMZIERHEWMRHMGEXMRKEFIXXIVIHYGEXMSRERHLMKLIVWSGMSIGS RSQMGTSWMXMSRXLERMWEH]REQMGZSMGI %RHIVWIR 4EVXMGYPEVEGGIRXWERHHMEPIGXW GEVV] EWWSGMEXMSRW XLEX IRLERGI SV YRHIVQMRI SYV TS[IV ERH GVIHMFMPMX] MR E KVSYT 6IWTSRWIWXSGIVXEMRZSGEPGYIWZEV]EGGSVHMRKXSGSQQYRMGEXSVERHGSRXI\X &YPPIV
%YRI &YPPIV &YVKSSR 3RERSXLIVPIZIPLS[IZIVSYVIQSXMSRWEVIGPEV MJMIHXLVSYKLSYVTMXGLXSRIVEXIERHSXLIVZSGEPFILEZMSVWXLEXEHHXSXLI[SVHW 4EVEPERKYEKI GER FIYWIH XSVIKYPEXI XLI WQEPPKVSYTHMWGYWWMSR3YV XSRISJ ZSMGIGERPIXXLISXLIVKVSYTQIQFIVWORS[MJ[IEVIETTVSZMRKYRGIVXEMRSVHMW EKVIIMRK[MXL XLIMV GSRXVMFYXMSRWERH SJXIR MR E KVSYT qMXtW RSX [LEX]SY WEMH XLEX FSXLIVIHQIFYXLS[]SYWEMHMXr
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
2SRZIVFEP'SQQYRMGEXMSR
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q6L]XLQ WIIQWXSFIXLIJYRHEQIRXEPKPYIF][LMGLGSLIWMZIHMWGSYVWIMWQEMRXEMRIHr )VMGO WSR &IMRKMRW]RG[MXLSXLIVQIQFIVWSJ]SYVKVSYTQIERW]SYEPPqQEVGLXS XLI WEQI FEWMG XYRIr %RHIVWSR RSXIH XLEX RYQIVSYW WXYHMIW MRHMGEXI XLEX LMKLIVWXEXYWMRHMZMHYEPWLEZIKVIEXIVQSZIQIRX ERH QSVI VIPE\IH TSWXYVI%W[MXL QSWXRSRZIVFEPGSQQYRMGEXMSRMXMWHMJJMGYPXXSKIRIVEPM^IXSEPPWMXYEXMSRW,S[IZIV XLIGYIW[IKIXJVSQFSH]QSZIQIRXWKMZIYWXLIWIRWISJ[LIXLIVSVRSXWSQISRIIPWI MWqSRXLIWEQI[EZIPIRKXLrXLIVIF]IRGSYVEKMRKYWXSFISVHMWGSYVEKMRKYWJVSQ FIMRKSTIRJSVXLGSQMRKERHHIZIPSTMRKEKVSYTWTMVMX;LIRMRHMZMHYEPWHSRSXSTIR YTSXLIVKVSYTQIQFIVWXIRHXSZMI[XLSWIQIQFIVWEWNYHKQIRXEPYRGSSTIVEXMZI ERHRSRVIWTSRWMZI 6IQPERH ,S[[IGPSXLISYVWIPZIWERHSYVKIRIVEPETTIEVERGIEPWSLEZIERMQTEGX8LMWMW QEHI I\TPMGMX [LIR[IEVIXSPH XS HVIWW JSVXLISGGEWMSR SVXS qPSSO XLI TEVXr8LI YRHIVP]MRKMWWYIMW[LEXMWWMKRMJMGERX-JSXLIVKVSYTQIQFIVWHSRSXXLMRO[IETTIEV XSJMXXLIKVSYTRSVQWXLI][MPPRSXEWWMKRYWGVIHMFMPMX];MXLSYXGVIHMFMPMX][I[MPP LEZIPMXXPIMJER]MRJPYIRGI7SSRIVSVPEXIV[I[MPPPSWIMRXIVIWXMRXLIKVSYTERH[MPP FIGSQIMRIJJIGXMZI 8LI[E][IQSZIEPWSLEWERMQTEGX-J[IWMXWUYEVIP]JEGMRKXLIKVSYT[I[MPP QSWXPMOIP]FITIVGIMZIHEWSTIRERHJSVXLGSQMRKERHEWMRXIVIWXIHMRXLIKVSYTJYRG XMSRW-J[IWMX[MXLSYVEVQWGVSWWIHPSSOMRKE[E]JVSQXLIKVSYTSVEVIVIPE\MRKMR SYVGLEMVXLIQIWWEKI[IEVIKMZMRKMWSRISJHMWMRXIVIWX3XLIVKVSYTQIQFIVWMRXIV TVIXSYVEGXMSRWEWMRHMGEXMSRWXLEX[IHSSVHSRSX[ERXXSFIETEVXSJXLIKVSYT8EFPI WYQQEVM^IWGVMXMGEPRSRZIVFEPEGXMSRW ;IEVINYHKIHF]SYVFILEZMSVRSXSYV[SVHW-J[LEX[IHSHSIWRSXJMX[MXL [LEX[IWE]KVSYTQIQFIVWXIRHXSFIPMIZI[LEX[IHS8LIVIJSVITSWMXMZIRSRZIVFEP EGXMSRWEWSYXPMRIHMR8EFPI EVIZMXEPXSSYVWYGGIWWMREKVSYT 4VS\IQMGW 8LI [E]W [I WXVYGXYVI ERH YWI ERH EVI EJJIGXIH F] WTEGI GSRWXMXYXIW TVS\IQMX] 2IYPMIT ,EPP MHIRXMJMIHXLIWXYH]SJXLIWXVYGXYVMRKSJTIV WSREPWTEGIhXLIMRZMWMFPIFSYRHEV]MRHMZMHYEPWHVE[EVSYRHXLIQWIPZIWEWTVS\IQMGW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
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:IVFEPERH2SRZIVFEP'SQQYRMGEXMSR
'VMXMGEP2SRZIVFEP%GXMSRW
*EGMEP(MWTPE] *EGMEPI\TVIWWMSR )]IGSRXEGX
&SH]0ERKYEKI 1SZIQIRXW +IWXYVIW
OMRIWMGW
4EVEPERKYEKI LS[[IWE]WSQIXLMRK
'PSXLMRKERH+IRIVEP%TTIEVERGI
7MPIRGI
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t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
4SWMXMZI2SRZIVFEP&ILEZMSVW
8MQI
(SRtXOIITTISTPI[EMXMRK +MZIEHIUYEXIXMQIXSSXLIVW
7IXXMRK
%ZSMHJYVRMXYVIEWEFEVVMIV 'VIEXITPIEWERXWYVVSYRHMRKW
4L]WMGEP4VS\MQMX]
'PSWIRIWWVIHYGIWWXEXYWHMJJIVIRGIW 'PSWIRIWWTVSQSXIW[EVQXL
+IWXYVIW ,IEH1SZIQIRXW
1EOIJVIUYIRXYWISJSTIRTEPQKIWXYVIW 9WILIEHRSHW 8MPXIHLIEHMRHMGEXIWWYWTMGMSR
*EGMEP)\TVIWWMSR
7QMPIJVIUYIRXP]
)]IW :SMGI
1EOIJVIUYIRXHMVIGXI]IGSRXEGX 'SQQYRMGEXI[EVQXL %ZSMHWSYRHMRKFSVIHSVHMWMRXIVIWXIH
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
2SRZIVFEP'SQQYRMGEXMSR *-+96)
7IEXMRK%VVERKIQIRXW
'SQTIXMXMZI
'S%GXMZI
'SSTIVEXMZI 'SRZIVWEXMSR
1SHMJMIH 'SSTIVEXMZI
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tWXMQIQE]FITSSVP]TIVGIMZIH ERHLMWSVLIVGSRXVMFYXMSRWHMWGSYRXIH3RXLISXLIVLERHETIVWSRMRERMRJPYIRXMEP TSWMXMSRQE]FIKVERXIHQSVIPII[E]MRFIRHMRKXLII\TIGXEXMSRWJSVXLIYWISJXMQI %WMREPPEVIEWSJRSRZIVFEPGSQQYRMGEXMSRMRSVHIVXSFIIJJIGXMZIWQEPPKVSYTQIQ FIVWQYWXFIWIRWMXMZIXSXLIXMQISVMIRXEXMSRSJXLIKVSYT
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
8%&0)
*YRGXMSRWSJ2SRZIVFEP'SQQYRMGEXMSR
:IVFEPERH2SRZIVFEP'SQQYRMGEXMSR
*YRGXMSR
)\TPEREXMSR
6ITIXMXMSR
6IMRJSVGMRKZIVFEPQIWWEKIW[MXLRSRZIVFEPFILEZMSVW)\EQTPIW %WYTIVZMWSV QSZMRKLMWSVLIVEVQW[LMPIKMZMRKMRWXVYGXMSRW8IPPMRKERHWLS[MRKWSQISRILS[XS HSENSF+MZMRKER3/WMKREPSVETEXSRXLIFEGOEPSRK[MXLZIVFEPTVEMWI8LIZIVFEP ERHRSRZIVFEPEVIXLIWEQIERH[SVOXSKIXLIVXSGEVV]XLIQIWWEKI
'SQTPIQIRX
9WMRKRSRZIVFEPQIWWEKIWXSWYTTPIQIRXI\TERHQSHMJ]SVTVSZMHIHIXEMPWXSEZIVFEP QIWWEKI)\EQTPIW 0SSOMRKGSRJMHIRX[LMPIGSRHYGXMRKEFVMIJMRKIRLERGIWXLI UYEPMX]SJXLITVIWIRXEXMSR7TIEOMRKWSJXP][LMPIHMWGYWWMRKHIPMGEXIMRJSVQEXMSR8LI RSRZIVFEPEHHWXSERHJEGMPMXEXIWXLIZIVFEPQIWWEKI
%GGIRXYEXMSR
9WMRKRSRZIVFEPGSQQYRMGEXMSRXSTVSZMHIIQTLEWMW)\EQTPIW 8LIPSYHRIWWSJE TIVWSRtWZSMGISJXIRGSRZI]WXLIXVYIWXVIRKXLSJXLIQIWWEKI%WIGVIXGERFIJSVIGEWX F]E[LMWTIV%[MROSVEJYVVS[IHFVS[GEREHHXSXLIMQTEGXSJXLIZIVFEPQIWWEKI (MWXERGIGERMRHMGEXIWIVMSYWRIWW8LIRSRZIVFEPEGGIRXYEXIWERHMRGVIEWIWXLITS[IV SVIJJIGXMZIRIWWSJXLIZIVFEPQIWWEKI
7YFWXMXYXMSR
9WMRKERSRZIVFEPFILEZMSVMRTPEGISJEZIVFEPSRI)\EQTPIW %LIEHRSHXSMRHMGEXI ]IWETEXSRXLIFEGOEqORS[MRKKPERGIrSVEqXLYQFWYTrJSVWYGGIWW%W]QFSPMG EGXMSRMWGEPPIHERIQFPIQ
'SRXVEHMGXMSR
1EOMRKXLIRSRZIVFEPERHZIVFEPQIWWEKIWMRGSRKVYIRX)\EQTPIW %GSPPIEKYItWJEGMEP I\TVIWWMSRSVZSGEPMRJPIGXMSRKMZIWEQIWWEKISTTSWMXIXSXLIZIVFEPSRI7EVGEWQMW SRISJXLIFIWXI\EQTPIWWMRGIXLIXSRISJZSMGITVSZMHIWEQIERMRKXLEXMWUYMXI HMJJIVIRXJVSQXLIWXEXIHSRI1EOMRKWSQISRI[EMXERHXLIRWE]MRKXLEXLISVWLIMW MQTSVXERXGERFIERI\EQTPI7SQISRItWEWOMRK]SY[LEXMW[VSRKFIGEYWISJ]SYV ETTIEVERGIERH]SYVWE]MRKHIJIRWMZIP]qRSXLMRKrMWERSXLIVI\EQTPI
6IKYPEXMSR
9WMRKRSRZIVFEPFILEZMSVWXSMRMXMEXIGSRXMRYIMRXIVVYTXSVXIVQMREXIMRXIVEGXMSRW )\EQTPIW )]IGSRXEGXKIWXYVIWRSHWLIEHQSXMSRWERHRYQIVSYWSXLIVFILEZMSVW MRHMGEXILS[XLIMRXIVEGXMSRWLSYPHTVSKVIWW
4S[IVPIWW7XIVISX]TIW &IGEYWI [I NYHKI SXLIVW FEWIH MR TEVX SR XLIMV RSRZIVFEP EGXMSRW [I GER EPWS FI KYMPX]SJHVE[MRKMRZEPMHGSRGPYWMSRWVIKEVHMRKXLIQ&IGEYWI[ILEZIGIVXEMRGYPXYV EPP]FEWIHI\TIGXEXMSRW[IEVITVSRIXSQMWNYHKISXLIVWXLIVIF]VIHYGMRKSYVKVSYTtW IJJIGXMZIRIWW 7I\VSPI WXIVISX]TMRK GSRXMRYIW MR QER] KVSYTW ERH SVKERM^EXMSRW JSWXIVMRK I\TIGXEXMSRWXLEXQIR[MPPEGXPMOIPIEHIVWERH[SQIR[MPPEGXPMOIWYFSVHMREXIW 6IQ PERH 'SRWMHIVLS[XLMWWXIVISX]TMRKEHZIVWIP]MQTEGXWSYVKVSYTIJJIGXMZIRIWW 8[SGVMXMGEPEWWIXWRIIHIHF]EKVSYThGSQQYRMGEXMSRIJJIGXMZIRIWWERHPIEHIVWLMTh QMKLX FI HIRMIH FIGEYWI SJ WXIVISX]TMRK *MVWX qRYQIVSYW WXYHMIW LEZI WLS[R XLEX [SQIRXLVSYKLSYXXLI[SVPHEVIQSVIEGGYVEXIWIRWMXMZIVIGIMZIVWSJRSRZIVFEPGSQ QYRMGEXMSRXLERQIRr %RHIVWIR T 7IGSRHXLMWWXIVISX]TMRKVIHYGIWXLI TSWWMFPIWYGGIWWSJEKVSYT7XYHMIWMRHMGEXIXLEX[SQIREVIQSVIIJJIGXMZIXLERQIR
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
(MWGYWWMSR5YIWXMSRW
EWQEREKIVWERHPIEHIVWMRXLIEVIEWSJQSXMZEXMRKSXLIVWJSWXIVMRKGSQQYRMGEXMSR TVSHYGMRKLMKLUYEPMX][SVOERHPMWXIRMRKXSSXLIVW 7LEVTI %GGSVHMRKXSXLI WEQIWXYHMIWQEPIQEREKIVWXMIJIQEPIQEREKIVWMRXLIEVIEWSJWXVEXIKMGTPERRMRKERH EREP]^MRKMWWYIWqFYX[SQIRSJXIRJMRHXLIQWIPZIWTIREPM^IHRSQEXXIV[LEXXLI] HSr 6IQPERHT )XLRSGIRXVMWQ GEREPWSHMQMRMWLEKVSYTt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hFSXLFIGEYWIMXMWXLIVMKLXXLMRKXSHSERH FIGEYWIMX[MPPIRLERGIXLIKVSYTTVSGIWW
7YQQEV] 3RGI[IKEXLIVEKVSYTSJMRXIVIWXIHMRHMZMHYEPWXS[SVOSRERMWWYIXLIQSWXWMKRMJM GERXEVIEMRHIXIVQMRMRKSYVWYGGIWWSVJEMPYVI[MPPFIXLIUYEPMX]SJXLIZIVFEPERHRSR ZIVFEP GSQQYRMGEXMSR -X MW XLVSYKL XLIWI MRXIVEGXMSRW XLEX KVSYT ERH TIVWSREP QIERMRKWEVIIWXEFPMWLIH :IVFEPGSQQYRMGEXMSREPPS[WKVSYTQIQFIVWXSSVHIVXLIXEWOWYRHIVWXERHXLI TVSGIWWERHHIZIPSTW]QFSPMGQIERMRKXLVSYKLEKVSYTREVVEXMZI8VEHMXMSREPP]QMW YRHIVWXERHMRKW LEZI FIIR FPEQIH SR XLI [E] PERKYEKI [EW YWIH XS IWXEFPMWL XLI KVSYTtW qNSFr ;LMPI XLI XEWO MW MQTSVXERX XLI TS[IV SJ PERKYEKI GSQIW JVSQ MXW WIQERXMGERHW]QFSPMGGETEGMXMIW-REHHMXMSR[LIRKVSYTWYWILYQSVERHIRKEKIMR WTIGMJMGX]TIWSJKVSYTXEPOXLI]SJXIRMRGVIEWIXLIMVGLERGIWJSVWYGGIWW 2SRZIVFEPGSQQYRMGEXMSRMRGPYHIWEPPFILEZMSVWSXLIVXLERZIVFEPGSQQYRMGE XMSR XLEXEVI EWWMKRIHQIERMRK F]SRISVQSVISJXLI TEVXMGMTEXMRK TEVXMIW%QSRK SXLIVXLMRKWMXMRGPYHIWJEGMEPHMWTPE]TEVEPERKYEKIFSH]PERKYEKITVS\IQMGWERH GLVSRIQMGW)JJIGXMZIKVSYTQIQFIVWYRHIVWXERHXLIMQTSVXERGISJFSXLZIVFEPERH RSRZIVFEPGSQQYRMGEXMSR (-7'977-3259)78-327 (MWXMRKYMWLEQSRKXLIXEWOSVHIVMRKTVSGIWWSVMIRXEXMSRERHREVVEXMZIJYRGXMSRWSJZIVFEP GSQQYRMGEXMSR ;L] EVI XLIWI MQTSVXERX XS XLI WQEPP KVSYT ERH XIEQ GSQQYRMGEXMSR TVSGIWW#
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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:IVFEPERH2SRZIVFEP'SQQYRMGEXMSR
q;ItVI2YQFIV3RIr MW E TSTYPEV GLEVEGXIVM^EXMSR JSV E KVSYTWGLSSP SV SVKERM^EXMSR -HIRXMJ]XLVIIWMQMPEVTLVEWIWYWIH[MXLKVSYTW]SYLEZIFIIREWWSGMEXIH[MXL;IVIXLIWI QIXETLSVWSVJERXEWMIWSVFSXL#)\TPEMR -HIRXMJ]JMZI[SVHW]SYEVIGIVXEMR[MPPGEVV]XLIWEQIQIERMRKhHIRSXIXLIWEQIXLMRKh JSV XLVII SXLIV TISTPI 6II\EQMRI XLI PMWX ERH WII MJ ]SY GER TVSZMHI WSQI GSRRSXEXMZI QIERMRKWJSVXLI[SVHW7LEVI]SYVPMWX[MXLWIZIVEPSXLIVTISTPIERHWIIMJ]SYVHIRSXEXMZI [SVHWLEZIXLIWEQIQIERMRKJSVXLISXLIVKVSYTQIQFIVW (MWXMRKYMWL EQSRK TVSFPIQWSPZMRK VSPIEWWYQTXMSR GSRWGMSYWRIWWVEMWMRK ERH IRGSYRXIVXEPO*VSQ]SYVS[RI\TIVMIRGIWTVSZMHIERI\EQTPISJIEGL 8LMROSJENSOIEFSYX]SYVGSPPIKISVYRMZIVWMX]hSVTIVLETW]SYVGSPPIKISVYRMZIVWMX]tW GLMIJVMZEP,S[HSIWXLIXIPPMRKSJXLINSOISVLYQSVJYRGXMSRMREKVSYT# 6IXYVRXSXLIIMKLXTVMRGMTPIWSJRSRZIVFEPGSQQYRMGEXMSR4MGOX[STVMRGMTPIWERHTVSZMHI RI[I\EQTPIWSJLS[XLI]STIVEXIMREKVSYTSVXIEQ ,S[GER]SYYWII]IGSRXEGXXSMRGVIEWI]SYVWQEPPKVSYTSVXIEQIJJIGXMZIRIWW# ;LEXMWW]RGLVSR]#,S[HSIWMXJYRGXMSRMRWQEPPKVSYTWSVXIEQW# )\TPEMRTVS\IQMGWERHGLVSRIQMGW%VIXLIVIYRMZIVWEPVYPIWJSVEPPGYPXYVIWVIKEVHMRKXLIWI GSRGITXW#)\TPEMR
)<)6'-7)7 *MRHEQIXETLSV%WPSKERSVREQIJSV]SYVKVSYT,YQSVh8IPPENSOI2SRZIV FEPSFWIVZEXMSR3ZIVGSQMRKHMWGVMQMREXMSR7MPIRXJMPQWZMHISWSV8:WLS[W8S GEXGLEWT]
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
% 7 0 3 + % 2 3 6 2 % 1 ) * 3 6 =3 9 6 + 6 3 9 4 4IVGITXMSRMWKYMHIHERHWSQIXMQIWGSRXVSPPIHF]XLIREQIW[IYWIJSVEGXMZMXMIW-R XLI WWQEPPXVYGOJVEQIW[MXLTEWWIRKIVFSHMIW[IVIGEPPIH79:WERHERIRXMVI MRHYWXV][EWGVIEXIH'YWXSQIVWIVZMGIGSRWYPXERXWEVKYIXLEXEGYWXSQIVGSQTPEMRX
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
)\IVGMWIW
MWVIEPP]ERSTTSVXYRMX]JSVMQTVSZIQIRXXYVRIHYTWMHIHS[R%HSSVGERFIGSQIE TEWWEKI[E]ETVSFPIQGERFIEGLEPPIRKIERHWSSR ;LEXREQIGER]SYGVIEXIJSV]SYVKVSYTSVXIEQXLEXGETXYVIWXLIIWWIRGISJKVSYT [SVO[MXLSYXWMQTP]GEPPMRKMXEKVSYT#7LEVI]SYVERW[IV[MXL]SYVKVSYTERHEHSTX EWPSKERSVREQIXLEXVIJPIGXWXLIKVSYTtWSVXIEQtWYRHIVWXERHMRKERHEWTMVEXMSRW
, 9 1 3 6 h 8 ) 0 0 % . 3 / ) 7SQINSOIWEVIKIRIVMG7TSVXWVIPEXIHNSOIWGERFIXSPHF]ER]GSPPIKISVYRMZIVWMX] EFSYX ER] VMZEPhNYWX WYFWXMXYXI XLI WGLSSP REQI ,S[ HS ]SY KIX E R CCCCCCCC KVEHYEXI SJJ SJ ]SYV JVSRX TSVGL# ,S[ QER] CCCCCCCC JVIWLQIR HSIW MX XEOI XS GLERKIEPMKLXFYPF#;LEXEVI XLIPSRKIWXXLVII]IEVWSJECCCCCCCC REQIWTSVX TPE]IVtWPMJI#%RW[IVW 4E]JSVXLITM^^E RSRIXLEXtWEWSTLSQSVIGSYVWI JMVWX]IEV 'SVR]FYXXLI]YWYEPP]FVMRKEWQMPI 8S FI IJJIGXMZI LYQSV WLSYPH RSX FI HMVIGXIH EXSXLIV KVSYTW WMRGI XLI NSOIMW EX WSQISRI IPWItW I\TIRWI 7S EZSMH VEGMWX WI\MWX EKIVIPEXIH HMWEFMPMX]VIPEXIH SV SXLIV JSVQW SJ RIKEXMZI LYQSV ;LMPI XLI WTSVXWVIPEXIH NSOIW QMKLX WIIQ KVSYT HMVIGXIHXLI]EVIQYGLXSSWLEPPS[XSGVIEXIER]LEVQ ;LEXLYQSVSYWMRGMHIRXLEWLETTIRIHMR]SYVWQEPPKVSYTGPEWWXLMWWIQIWXIV#;L] MWMXJYRR]#7LEVI]SYVI\EQTPI[MXLEWQEPPKVSYT -R]SYVKVSYTI\EQMRIXLIYWISJLYQSVERHJYREWEQIERWJSVGVIEXMRKEFIXXIV [SVOMRKVIPEXMSRWLMT6IQIQFIV[IHSRSXLEZIXSFIJYRR]FYX[IHSRIIHXSLEZI EWIRWISJLYQSV
2 3 2 : ) 6 & % 0 3 & 7 ) 6 :% 8 - 3 2 7TIRH ER LSYV EX ]SYV WXYHIRX YRMSR PSGEP IEXIV] PMFVEV] SV SXLIV TYFPMG TPEGI SFWIVZMRKRSRZIVFEPGSQQYRMGEXMSREGXMZMXMIW&ITVITEVIHXSVITSVX]SYVJMRHMRKW ;LEXX]TIWSJRSRZIVFEPGSQQYRMGEXMSR[IVIQSWXTVIZEPIRX#;LEXWYVTVMWIH]SY VIKEVHMRKRSRZIVFEPGSQQYRMGEXMSR#;LEXX]TIWSJRSRZIVFEPGSQQYRMGEXMSR[SYPH ]SYWYKKIWXYWMRKQSVI#;LEXX]TIWWIIQXSFIMRIJJIGXMZISVWLSYPHFIEZSMHIH# 2SXMGIXLIRSRZIVFEPGSQQYRMGEXMSRFIX[IIRWYTIVMSVWERHWYFSVHMREXIW,S[HSIW MXHMJJIVJVSQXLIRSRZIVFEPGSQQYRMGEXMSRFIX[IIRETTEVIRXIUYEPW# %W[IHMWGYWWIHMRXLIGLETXIVVIWIEVGLVITSVXWHMJJIVIRGIWMRLS[QIRERH[SQIR YWIRSRZIVFEPGSQQYRMGEXMSR(S]SYSFWIVZIHMJJIVIRGIWMRLS[XSYGLWTEGII]I GSRXEGXEXXIRXMSRERHHSQMRERGIEVISGGYVVMRK#;LEXEVIXLI]# %PXIVREXI4VSGIHYVI 3FWIVZIEKVSYTSJTISTPILSPHMRKEQIIXMRK3FWIVZIXLIRSRZIVFEPGLEVEGXIVMWXMGW ;LIVIHSTISTPIWMX#(SXLI]PIERJSV[EVHSVPIERFEGOPSSOXIRWISVVIPE\IHPSSOMRXIV IWXIHSVFSVIH#%VIXLIMVQSXMSRWW]RGLVSRSYW XLEXMW[LIRSRITIVWSRPIERWJSV[EVHHSIW ERSXLIVTIVWSRPIERJSV[EVHSVFEGOMRVIWTSRWI#(STISTPIPSSOEXXLIWTIEOIVXEOIRSXIW SVIEXHYVMRKXLIHMWGYWWMSR#;LEXMW]SYVMQTVIWWMSRSJXLISZIVEPPXSRIIRIVK]PIZIPGSP PEFSVEXMZIRIWWERHTEVXMGMTEXMSRSJXLIKVSYTQIQFIVW#3FWIVZIXLIZIVFEPGLEVEGXIVMWXMGW SJEKVSYTHMWGYWWMSR;LSWTIEOWJMVWX[LSXEPOWERHLS[QYGL[LSKIXWMRXIVVYTXIHERH
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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:IVFEPERH2SRZIVFEP'SQQYRMGEXMSR
F][LSQ#-WXLIVIETEXXIVRSVWIUYIRGMRKXSXLIXEPOMRK#(STISTPIXEOIXYVRWMRERSVHIVP] JEWLMSR ERH HS WSQI TISTPI KIRIVEPP] WTIEO EJXIV XLI WEQI TIVWSR MR E VITIEXMRK WIUYIRGI#(SQIQFIVWSJXLIKVSYTIRKEKIMRTVMZEXIGSRZIVWEXMSRWEWMHIJVSQXLIKIRIVEP KVSYTHMWGYWWMSR#
3: ) 6 ' 3 1 - 2 + ( - 7 ' 6 - 1 - 2 %8 - 3 2 3ZIVZMI[ 1SVIXLERLEPJ XLI97 TSTYPEXMSRMWRS[GSRWMHIVIHSZIV[IMKLXERHRIEVP] SFIWISVEFSYXTSYRHWSVQSVISZIV[IMKLX%WIEVP]EWRYVWIV]WGLSSPGLMPHVIRTVIJIV HVE[MRKWSJTIIVWMR[LIIPGLEMVWSV[MXLJEGMEPHMWJMKYVEXMSRWSZIVXLSWISJJEXGLMPHVIR% 2EXMSREP)HYGEXMSR%WWSGMEXMSRTSWMXMSRTETIVWE]WXLEXqJSVJEXWXYHIRXWXLIWGLSSPI\TI VMIRGIMWSRISJSRKSMRKTVINYHMGIYRRSXMGIHHMWGVMQMREXMSRERHEPQSWXGSRWXERXLEVEWW QIRXr +SPHFIVK T % 8LMW HMWGVMQMREXMSR FEWIH SR TIVWSRWt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tWRSR ZIVFEPTVIWIRGI#;LEXNYHKQIRXWLEZI]SYQEHIXLEXQMKLXFISTIRXSUYIWXMSR# %WEKVSYTHIXIVQMRIMJ]SYEKVIIXLEXSFIWIMRHMZMHYEPWEVIWYFNIGXXSHMWGVMQMREXMSR 0MWXXLIOMRHWSJWXIVISX]TIWETTPMIHXSXLMWTEVXMGYPEVKVSYT(IGMHI[LEXMRJSVQEXMSR ]SYVKVSYTLEWXSWYTTSVXXLIWIWXIVISX]TIW-RXIVQWSJZIVFEPGSQQYRMGEXMSREX[LEX PIZIPSJEFWXVEGXMSREVIXLIWIWXIVISX]TIW#,S[ZEPMHEVIXLIKIRIVEPM^EXMSRW# -WMXIXLMGEPXSHMWGVMQMREXIFEWIHSRFSH]WLETI#;LEXHS[IPSWIF]QEVKMREPM^MRKE WTIGMJMGKVSYTSJMRHMZMHYEPWFEWIHSRXLIMVRSRZIVFEPEGXMSRW# (IZMWIETPERSJEGXMSRXSVIHYGISZIV[IMKLXFEWIHPERKYEKIERHRSRZIVFEPTIVGIT XMSRW-WXLMWHMJJMGYPX#;LEXHSIWXLMWXIPPYWEFSYXXLITS[IVSJZIVFEPERHRSRZIVFEP GSQQYRMGEXMSRXSWLETISYVTIVGITXMSRWEXXMXYHIWERHEGXMSRW#
7 - 0 ) 2 8 * - 0 1 7 : - ( ) 3 7 3 6 8 : 7 , 3; 7 ;EXGLEZMHISJMPQSV8:WLS[[MXLSYXER]WSYRH -RHMZMHYEPP]HIGMHIXLIJSPPS[MRK ;LEXRSRZIVFEPEGXMZMXMIWEVISGGYVVMRK#;LMGL SRIW[SYPH]SYRSXLEZIRSXMGIHMJXLIVILEHFIIRWSYRH#;LMGLSRIWQEOIPMXXPI WIRWI[MXLSYXWSYRH#;LMGLSRIWqWTIEOrXS]SY IZIRXLSYKLXLIVIMWRS WSYRH# (SIWXLMWWYTTSVXXLIRSXMSRXLEXEGXMSRWWTIEOPSYHIVXLER[SVHW# %WEREPXIVREXMZI[EXGLXLIZMHISJMPQSV8:WLS[[MXLSXLIVWERHXLIRGSQTEVI RSXIW;LMGLRSRZIVFEPEGXMSRWHMHEPPXLIKVSYTQIQFIVWRSXMGI#;LMGLWIIQMRKP]
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
6IJIVIRGIW
MQTSVXERX RSRZIVFEP GYIW HMH WSQI XEOI RSXI SJ ERH SXLIVW QMWW# ;LEX TSWWMFPI I\TPEREXMSRWGER]SYHIZIPSTJSVXLMWHMWTEVMX]#
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
6)*)6)2')7 %RHIVWIR4% 2SRZIVFEPGSQQYRMGEXMSR *SVQW ERHJYRGXMSRW 1SYRXEMR:MI['% 1E]JMIPH %WLIV ( 1E].YRI (MWGVMQMREXMSR % [IMKLX] QEXXIV4W]GLSPSK]8SHE] T &IEQIV0 :EVRIV- -RXIVGYPXYVEPGSQQYRMGE XMSR MR E KPSFEP [SVOTPEGI &SWXSR 1G+VE[,MPP -V[MR &MVH[LMWXIPP 6 0 /MRIWMGW ERH GSRXI\X )WWE]W SRFSH]QSXMSRGSQQYRMGEXMSR 4LMPEHIPTLME 9RM ZIVWMX]SJ4IRRW]PZERME4VIWW &SPQER0+ (IEP8) 6IJVEQMRKSVKERM^E XMSRW %VXMWXV]GLSMGIERHPIEHIVWLMT VHIH 7ER *VERGMWGS .SWWI]&EWW
&SVQERR)+ &SVQERR2' )JJIGXMZIWQEPP KVSYTGSQQYRMGEXMSR XLIH )HMRE12 &YVKIWW &YPPIV(& %YRI6/ 8LIIJJIGXWSJZSGEPMGW ERHRSRZIVFEPWIRWMXMZMX]SRGSQTPMERGI %WTIIGL EGGSQQSHEXMSR XLISV] I\TPEREXMSR ,YQER 'SQ QYRMGEXMSR6IWIEVGL i &YPPIV ( & &YVKSSR . / 8LI IJJIGXW SJ ZSGEPMGW ERH RSRZIVFEP WIRWMXMZMX] SR GSQTPMERGI % VITPMGEXMSR ERH I\XIRWMSR ,YQER 'SQQYRMGE XMSR6IWIEVGL i &YVKSSR . / &YPPIV ( & ;SSHEPP ; + 2SRZIVFEPGSQQYRMGEXMSR 8LIYRWTSOIRHMEPSKYI 2I[=SVO 1G+VE[,MPP
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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:IVFEPERH2SRZIVFEP'SQQYRMGEXMSR
&YVKSSR./ 7EMRI8 8LIYRWTSOIRHMEPSKYI (EPPEW ,SYKLXSR1MJJPMR 'PERG].. 8LIMRZMWMFPITS[IVW 8LIPERKYEKISJ FYWMRIWW 0I\MRKXSR1% 0I\MRKXSR&SSOW 'SOIV(% &YVKSSR./ 8LIREXYVISJGSR ZIVWEXMSREP MRZSPZIQIRX ERH RSRZIVFEP IRGSHMRK TEXXIVRW,YQER'SQQYRMGEXMSR6IWIEVGL i 'SSTIV/ 2SRZIVFEPGSQQYRMGEXMSRJSVFYWMRIWW WYGGIWW 2I[=SVO %1%'31 (SFOMR &% 4EGI 6' 'SQQYRMGEXMRK MR E GLERKMRK [SVPH %R MRXVSHYGXMSR XS XLISV] ERH TVEGXMGI2I[=SVO 1G+VE[,MPP (Y&VMR%. %TTP]MRKTW]GLSPSK] -RHMZMHYEPERH SVKERM^EXMSREP IJJIGXMZIRIWW XL IH 9TTIV 7EH HPI6MZIV2. 4VIRXMGI,EPP (YRGER;. *IMWEP.4 2SPEYKLMRKQEXXIV 4EXXIVRWSJLYQSVMRXLI[SVOTPEGI3VKERM^EXMSREP (]REQMGW i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i ,EQMPXSR' 'SQQYRMGEXMRKJSVVIWYPXW %KYMHI JSV FYWMRIWW ERH TVSJIWWMSREPW 97 8LSQWSR ;EHW[SVXL ,EVVMW8 ) %TTPMIH SVKERM^EXMSREP GSQQYRMGE XMSR 4VMRGMTPIWERHTVEKQEXMGWJSVJYXYVIWYGGIWW 1EL[EL2. 0E[VIRGI)VPFEYQ
/SVHME1 7]QFSPWSJTS[IV-R4.*VSWX;* 1MXGLIPP ;62SVH )HW 3VKERM^EXMSREPVIEP MX] 6ITSVXWJVSQXLIJMVMRKPMRI VHIHTTi +PIRZMI[-0 7GSXX*SVIWQER 0IHIVIV 6 .YP] i 7SQI LIEHPMRIW WE] JEV QSVIXLERXLI]QIERXS8LI4EXVMSX0IHKIV T 1ILVEFMER% 7MPIRXQIWWEKIW -QTPMGMXGSQQYRM GEXMSR SJ IQSXMSRW ERH EXXMXYHIW RH IH &IP QSRX'% ;EHW[SVXL 1ILXE 7 2 .YP] ;LEX QMRSVMX] IQTPS]IIW VIEPP][ERX*SVXYRI TT i 2IYPMIT.; -RXIVGYPXYVEPGSQQYRMGEXMSR %GSR XI\XYEPETTVSEGL &SWXSR ,SYKLXSR1MJJPMR 2I[XSR(% &YVKSSR./ 8LIYWIERHGSR WIUYIRGIW SJ ZIVFEP MRJPYIRGI WXVEXIKMIW HYVMRK MRXIVTIVWSREP HMWEKVIIQIRXW ,YQER 'SQQYRMGE XMSR6IWIEVGL i 3VFIV14 ,EVVMW81 -RXIVVEGMEPGSQQYRM GEXMSR 8LISV]MRXSTVEGXMGI &IPQSRX'% ;EHW [SVXL8LSQWSR0IEVRMRK 4PYRK ( 0 1SRXKSQIV]8 8 4VSJIWWMSREP GSQQYRMGEXMSR 8LIGSVTSVEXIMRWMHIVtWETTVSEGL 97 8LSQWSR7SYXL;IWXIVR 6IQPERH 1 7 2SRZIVFEP GSQQYRMGEXMSR MR IZIV]HE]PMJI &SWXSR ,SYKLXSR1MJJPMR 6SWI. 'SQQYRMGEXMSRGLEPPIRKIWERHVSPIJYRG XMSRWSJTIVJSVQMRKKVSYTW7QEPP+VSYT6IWIEVGL i 7LEVTI6 2SZIQFIV %WPIEHIVW[SQIRVYPI &YWMRIWW;IIO TTi 7QMXL ( 6 ;MPPMEQWSR 0 / -RXIVTIVWSREP GSQQYRMGEXMSR 6SPIWVYPIWWXVEXIKMIWERHKEQIW VHIH (YFYUYI-% &VS[R 7SQQIV6 4IVWSREPWTEGI 8LIFILEZMSVEPFEWMW SJHIWMKR )RKPI[SSH'PMJJW2. 4VIRXMGI,EPP ;MXLIVWTSSR4( 'SQQYRMGEXMRKPIEHIVWLMT %R SVKERM^EXMSREP TIVWTIGXMZI 2IIHLEQ ,IMKLXW 1% %PP]R &EGSR
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
0MWXIRMRKERH*IIHFEGO 8LI3XLIV,EPJ SJ'SQQYRMGEXMSR ',%48)63980-2) 1SXMZEXMSR 8LI*SYV'SQTSRIRXWSJ0MWXIRMRK 7IRWMRK ,IEVMRKXLI1IWWEKI -RXIVTVIXMRKXLI1IWWEKI )ZEPYEXMRKXLI1IWWEKI'SRXIRX 1IQSV] 6IXEMRMRKERH6IWTSRHMRKXSXLI 1IWWEKI %GXMZI0MWXIRMRK &EVVMIVWXS%GXMZI0MWXIRMRK %GXMZI0MWXIRMRK6IWTSRWI1IXLSHW
*IIHFEGO 6IWTSRHMRKXSXLI1IWWEKI 4VSZMHMRK'SRWXVYGXMZI*IIHFEGO 6IGIMZMRK*IIHFEGO 7YQQEV] (MWGYWWMSR5YIWXMSRW )\IVGMWIW 6IJIVIRGIW
',%48)63&.)'8-:)7 )\TPEMRXLIMQTSVXERGISJPMWXIRMRK -HIRXMJ]XLIVSPITPE]IHF]QSXMZEXMSRMRIJJIGXMZIPMWXIRMRK 3YXPMRIXLIJSYVGSQTSRIRXWSJPMWXIRMRK -HIRXMJ]XLIFEVVMIVWXSIJJIGXMZIPMWXIRMRK (IJMRIEGXMZIPMWXIRMRK 'PEVMJ]XLIFEVVMIVWXSEGXMZIPMWXIRMRK )PYGMHEXIXLIJSYVVIWTSRWIQIXLSHWSJEGXMZIPMWXIRIVW (MWGYWWXLIIMKLXKYMHIPMRIWJSVJIIHFEGO (IWGVMFIGSRWXVYGXMZIJIIHFEGOXIGLRMUYIW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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0MWXIRMRKERH*IIHFEGO 8LI3XLIV,EPJSJ'SQQYRMGEXMSR
/ )=8 )6 17 %GXMZIPMWXIRMRK %VVSKERGI 'SRWXVYGXMZIJIIHFEGO (MWVIWTIGX (MWXVEGXMRKHIPMZIV] )ZEPYEXMSR )\TVIWWMRKYRHIVWXERHMRK )\XIVREPRSMWI *IIHFEGO
-RXIVREPRSMWI -RXIVTVIXMRK 0EGOSJMRXIVIWX 0SRKXIVQQIQSV] 1IQSV] 2SMWI 4EVETLVEWMRK 4VITVSKVEQQIHIQSXMSREP VIWTSRWIW
6IGIMZMRKJIIHFEGO 5YIWXMSRW 7IPIGXMZIEXXIRXMSR 7IRWMRK 7LSVXXIVQQIQSV] 8LSYKLXWTIIH ;LEXtWMRMXJSVQI
;LStWSR*MVWX#
%FFSXX 8LI]KMZIFEPPTPE]IVWRS[EHE]WZIV]TIGYPMEVREQIW 'SWXIPPS *YRR]REQIW# %FFSXX 2MGOREQIW4IXREQIW2S[SRXLI7X0SYMWXIEQ[ILEZI;LStWSR JMVWX;LEXtWSRWIGSRH-(SRtX/RS[MWSRXLMVH 'SWXIPPS 8LEXtW[LEX-[ERXXSJMRHSYX-[ERX]SYXSXIPPQIXLIREQIWSJXLI JIPPS[WSRXLI7X0SYMWXIEQ %FFSXX -tQXIPPMRK]SY ;LStWSRJMVWX;LEXtWSRWIGSRH-(SRtX/RS[MWSRXLMVH 'SWXIPPS =SYORS[XLIJIPPS[Wt REQIW# %FFSXX =IW 'SWXIPPS ;IPPXLIR[LStWTPE]MRt JMVWX# %FFSXX =IW 'SWXIPPS -QIERXLIJIPPS[tWREQISRJMVWXFEWI %FFSXX ;LS 'SWXIPPS 8LIJIPPS[TPE]MRt JMVWXFEWIJSV7X0SYMW %FFSXX ;LS 'SWXIPPS 8LIKY]SRJMVWXFEWI %FFSXX ;LSMWSRJMVWX 'SWXIPPS ;IPP[LEXEVI]SYEWOMRt QIJSV# JVSQ8LI2EYKLX]2MRIXMIW EWUYSXIHMR*YVQERIO 4EPYQFS
-RER]LYQERGSQQYRMGEXMSR TVSGIWWIJJIGXMZI PMWXIRMRKMW IUYEPP]EW MQTSVXERXEW GPIEVEVXMGYPEXIWTIEOMRK7IRWMXMZIEVXMGYPEXII\TVIWWMSRSJMHIEWMWSRILEPJSJGSQ QYRMGEXMSR GEVIJYPIJJIGXMZIPMWXIRMRKMWXLISXLIV6IGIMZMRKXLIQIWWEKIFIMRKWIRX F]XLISXLIVTIVWSRERHEGGYVEXIP]EWWMKRMRKQIERMRKWXSXLEXQIWWEKIEVIVIUYMVIHJSV YRHIVWXERHMRK ERH JSV ER] VIEP GSQQYRMGEXMSR XS XEOI TPEGI%FFSXX ERH 'SWXIPPStW q;LStWSR*MVWX#rQMWYRHIVWXERHMRKGERFVMRKEWQMPIXS]SYVJEGIFYXWQEPPKVSYT QMWYRHIVWXERHMRKWEVIRSXYWYEPP]EWJYRR]
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
0MWXIRMRKERH*IIHFEGO 8LI3XLIV,EPJSJ'SQQYRMGEXMSR
7QEPPKVSYTWEVIIJJIGXMZIFIGEYWISJXLIKVSYTW]RIVK]XLEXHIZIPSTWXLVSYKLE GSQQSRKVSYTYRHIVWXERHMRK8LMWGSQQSRYRHIVWXERHMRKERHW]RIVK]EVIQEHITSW WMFPIF]IJJIGXMZIPMWXIRMRKJSPPS[IHF]MRGSVTSVEXMRKXLIMRHMZMHYEPMHIEWMRRI[[E]W ERHMRXSRI[JSVQW-RSVHIVXSXEOIEHZERXEKISJIZIV]SRItWMRTYX[IQYWXFIKSSHPMW XIRIVW;MXLSYXGEVIJYPPMWXIRMRKXLIKVSYTMWWMQTP]QEHIYTSJMRHMZMHYEPW[MXLMRHI TIRHIRX ERH SJXIR GSQTIXMRK SV GSRJPMGXMRK MHIEW 8LI KSEP SJ WQEPP KVSYT GSQQYRMGEXMSRMWXSGVIEXIERHHIZIPSTMHIEWXSKIXLIV 7XI[EVX 8LSQEW 0MW XIRMRKTPE]WEOI]VSPIMREGLMIZMRKXLEXKSEPERHMJRSSRIMWPMWXIRMRKIJJIGXMZIP]XLI KVSYTJEMPWXSEGLMIZIXLIPEVKIVYRMX]JSV[LMGLMX[EWGSRZIRIH-RSVKERM^EXMSRWXLI LMKLTIVJSVQERGI ERH WYGGIWWJYP XIEQW LEZI qER STIR GSQQYRMGEXMSR WXVYGXYVI XLEX EPPS[WEPPQIQFIVWXSTEVXMGMTEXI-RHMZMHYEPWEVIPMWXIRIHXSVIKEVHPIWWSJXLIMVEKIXMXPI WI\VEGIIXLRMGMX]TVSJIWWMSRSVSXLIVWXEXYWGLEVEGXIVMWXMGWr ;LIIPER T 6IWIEVGLMRHMGEXIWLS[IZIVXLEXIZIRXLSYKLEFSYXLEPJSJSYVGSQQYRMGEXMSR XMQIMWWTIRXPMWXIRMRK (Y&VMR .SLRWSR QSWXSJYWEVIRSXZIV]KSSHPMW XIRIVW %PIWWERHVE ,YRWEOIV 1ER]TL]WMGMERWHSRSXPMWXIRGEVIJYPP]IRSYKL XS XLIMV TEXMIRXWt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q2STEVIRX[EMXWIEKIVP]JSVEGLMPHXSPIEVRXSPMWXIR6EXLIV XLIIQTLEWMWMWSRPIEVRMRKXSXEPOr;IXIRHXSFIPMIZIXLEXXEPOMRKMWXLIWEQIXLMRKEW GSQQYRMGEXMRK=IXEWXLII\TVIWWMSRKSIWq+SHKEZI]SYX[SIEVWERHSRIQSYXLr ;IMRGSVVIGXP]MHIRXMJ]XEPOMRK[MXLPIEHMRKERHJSPPS[MRK[MXLPMWXIRMRK3JXIR PMWXIRMRKMWXLIQSVIMQTSVXERXWOMPP 6E] %XVERWGVMTXJVSQEREGXYEPVEHMSGSR ZIVWEXMSRSJE972EZ]WLMT[MXL'EREHMEREYXLSVMXMIWSJJXLIGSEWXSJ2I[JSYRHPERH MR3GXSFIV hVIPIEWIHF]XLI'LMIJSJ2EZEP3TIVEXMSRWSR3GXSFIV h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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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0MWXIRMRKERH*IIHFEGO 8LI3XLIV,EPJSJ'SQQYRMGEXMSR
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q7IIOJMVWXXSYRHIVWXERHXLIRXSFIYRHIVWXSSH T r-RIJJIGXMZI TISTPILII\TPEMRWEVIIEKIVXSFILIEVHFYXSJXIRHSRSXXEOIXLIXMQIXSYRHIVWXERH XLI SXLIV TIVWSRtW TIVWTIGXMZI FIJSVI WTIEOMRK ,MKLP] IJJIGXMZI TISTPI TPEGI YRHIV WXERHMRKXLISXLIVTIVWSRJMVWXERHXLEXYRHIVWXERHMRKGSQIWSRP]XLVSYKLPMWXIRMRK
1SXMZEXMSR 2SSRIFIGSQIWEFIXXIVPMWXIRIV[MXLSYXXLIQSXMZEXMSRXSHSWS)WWIRXMEPP][IEPP EWOq;LEXtWMRMXJSVQI#r -RWQEPPKVSYTWXLITE]SJJMWGPIEV)JJIGXMZIPMWXIRMRK[MXL XLIGSRWIUYIRXW]RIVK]SJWLEVIHMHIEWEPPS[WJSVWYGGIWWJYPWSPYXMSRWXSTVSFPIQW XLIEGLMIZIQIRXSJKSEPWERHXLITIVWSREPWEXMWJEGXMSRSJENSF[IPPHSRI 0MWXIRMRKLEWFIIRWLS[RXSFIEZMXEPWOMPPJSVWYGGIWWJYPQEREKIVWWYTIVZMWSVW ERH TVSJIWWMSREP IQTPS]IIW XEOMRK QSVI XLER SJ XLIMV EZIVEKI HE] SR XLI NSF 4IXIVW ,S[IZIVqSRP]EFSYXSRIXLMVHSJIQTPS]IIWWE]XLEXXLIMVQEREKIVW PMWXIRXSXLIQr 7[IIRI] 1G*EVPMRT 8LIVI[EVHWSJIJJIGXMZIPMWXIRMRKMRGPYHIQER]PMJIIRLERGMRKI\TIVMIRGIWWYGL EWPIEVRMRKFYMPHMRKVIPEXMSRWLMTWFIMRKIRXIVXEMRIHQEOMRKMRXIPPMKIRXHIGMWMSRWWEZ MRKXMQIIRNS]MRKGSRZIVWEXMSRWWIXXPMRKHMWEKVIIQIRXWKIXXMRKXLIFIWXZEPYITVIZIRX MRKEGGMHIRXWERHQMWXEOIWEWOMRKMRXIPPMKIRXUYIWXMSRWERHQEOMRKEGGYVEXIIZEPYEXMSRW (Y&EMR 6IGGI &VERHX *MREPP]KSSHPMWXIRIVWKIXEKVIEXHIEPQSVISYX SJWQEPPKVSYTQIQFIVWLMTERHEVIQSVIETTVIGMEXIHF]XLIMVJIPPS[QIQFIVW +SSH PMWXIRMRK MW LS[IZIV E ZIV] GSQTPI\ TVSGIWW ERH XLIVI EVI RYQIVSYW [E]WXSTEVWIMXMRXSMXWGSQTSRIRXTEVXW-RXLMWGLETXIV[ITVIWIRXWIZIVEP[E]WSJ PSSOMRKEXXLIPMWXIRMRKTVSGIWW*MVWX[II\EQMRIXLIJSYVGSQTSRIRXWSJPMWXIRMRK LIEVMRKMRXIVTVIXMRKIZEPYEXMRKERHVIWTSRHMRK8LIR[II\EQMRIEGXMZIZIVWYWTEW WMZIPMWXIRMRK
8LI*SYV'SQTSRIRXWSJ0MWXIRMRK 0MWXIRMRKMRZSPZIW JSYVWIUYIRXMEP GSQTSRIRXW I\TIVMIRGIH MR VETMH WYGGIWWMSR;I QYWXWIRWISVLIEVXLIQIWWEKIMRXIVTVIXSVTVSZMHIQIERMRKXSXLIQIWWEKIIZEPYEXI XLIGSRXIRXSJXLIQIWWEKIERHVIXEMRERHVIWTSRHXSXLIQIWWEKIMRXLIGSRXI\XSJER
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
8LI*SYV'SQTSRIRXWSJ0MWXIRMRK
SRKSMRK GSQQYRMGEXMSR IZIRX )EGL SJ XLIWI GSQTSRIRXW MW MR MXWIPJ E GSQTPI\ TVSGIWW*SVXLMWVIEWSREQSVIHIXEMPIHI\EQMREXMSRSJIEGLJSPPS[W
7IRWMRK ,IEVMRKXLI1IWWEKI ,IEVMRKXLIWSYRHWERHIZIRFIMRKEFPIXSVITIEXXLI[SVHWMWRSXXLIWEQIXLMRKEW WIRWMRK SVLIEVMRKXLIQIWWEKI,IEVMRKMWXLIMRZSPYRXEV]qTL]WMSPSKMGEPTVSGIWWSJ VIGIMZMRKEYVEPWXMQYPMr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qTVITVSKVEQQIHrMQTSVXERGI JSVYW-J-EQEREZMHJSSXFEPPJER-[MPPFIHVE[RXS[EVHJSSXFEPPVIPEXIHQIWWEKIW-J -t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
6IEWSRWJSV7IPIGXMZI%XXIRXMSR
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8LI*SYV'SQTSRIRXWSJ0MWXIRMRK
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7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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0MWXIRMRKERH*IIHFEGO 8LI3XLIV,EPJSJ'SQQYRMGEXMSR
7YGGIWWJYPKVSYTHIGMWMSRQEOMRKVIUYMVIWSYXWXERHMRKXIEQ[SVOERHGSQQSRKSEPW
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%GXMZI0MWXIRMRK
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0MWXIRMRKERH*IIHFEGO 8LI3XLIV,EPJSJ'SQQYRMGEXMSR
(EZMPPE ;IRIIHXSVIQIQFIVLS[IZIVXLEXMXQE]FIXLIPIEWXPMOIP]TIVWSR [LSSJJIVWXLIKVIEXIWXMRWMKLXSRETEVXMGYPEVMWWYI%PPXSSSJXIR[IQMWWXLEX[LIR [IEPPS[SYVWIPZIWXSFIHMWXVEGXIHF]WYTIVJMGMEPEWTIGXWSJETIVWSRtWTVIWIRXEXMSR WX]PI;IRIIHXSVIQMRHSYVWIPZIWXSNYHKIGSRXIRXRSXHIPMZIV]ERH[IRIIHXSI\IV GMWITEXMIRGI EPPS[MRKXLISXLIVTIVWSR XS HIZIPSTLIVSV LMWMHIEW FIJSVIVINIGXMRK XLIQFEWIHSRMVVIPIZERXGVMXIVME )\XIVREPERH-RXIVREP2SMWI -RPMRI[MXLHMWXVEGXMRKHIPMZIV]MWXLIXLMVHFEVVMIVh I\XIVREPERHMRXIVREPRSMWI%W[IHMWGYWWIHIEVPMIVYRHIVq2SMWIrXLMWGERTVIZIRXYW JVSQLIEVMRKXLIQIWWEKIWGSRZI]IHHYVMRKEWQEPPKVSYTWIWWMSR(YVMRKER]GSRZIV WEXMSRETLSRIVMRKMRKEPE[RQS[IVVYRRMRKSVWSQISRILEQQIVMRKRIEVF]MWEHMW XVEGXMSR;LIXLIVXLIRSMWIMWI\XIVREPSVMRXIVREPMXMWYTXSIEGLSJYWXSQEOIER IJJSVXXSLIEVTEWXMXh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q]SYEP[E]WrSVq]SYRIZIVrQE]GVIEXILSWXMPMX]MRYW-J[I EVIEXXEGOIHTIVWSREPP]SVXVIEXIH[MXLHMWVIWTIGX[IEVIPIWWPMOIP]XSPMWXIRGEVIJYPP]XS [LEXMWFIMRKWEMH8LMWFILEZMSVQE]FIHMJJMGYPXJSVMRHMZMHYEPKVSYTQIQFIVWXSHIEP [MXLIJJIGXMZIP]FYXEWXVSRKKVSYTPIEHIVWLSYPHFIEFPIXSQSHIVEXIXLEXOMRHSJFILEZ MSVMRXLIMRXIVIWXSJXLIKVSYTEWE[LSPI-RXLIGEWISJFILEZMSVWXLEXEVIWMQTP]ERRS] MRK IEGLSJYWEWKVSYT QIQFIVW QYWXXV] XS SZIVPSSOXLIQERH XSWIIXLVSYKL XLI FILEZMSVWXSXLIGSRXVMFYXMSRWXLIMRHMZMHYEPMWQEOMRKXSXLIKVSYTTVSGIWW 4VITVSKVEQQIH )QSXMSREP 6IWTSRWIW % JMJXL FEVVMIV XS IJJIGXMZI PMWXIRMRK TVITVSKVEQQIHIQSXMSREPVIWTSRWIW SGGYV[LIREKVSYTQIQFIVXSYGLIWSRERMWWYI XS[LMGL[ILEZIEWXVSRKIQSXMSREPVIEGXMSR+VSYTQIQFIVQE]VIJYWIXSQEMRXEMRE VIPE\MRKERHEKVIIEFPIIRZMVSRQIRXJSVXLIWTIEOIVSVVIJYWIXSVIPEXIXSERHFIRIJMX JVSQXLIWTIEOIVtWMHIEWQE]HMWEKVIISVEVKYISYX[EVHP]SVMR[EVHP][MXLXLIWTIEOIV SVFIGSQIIQSXMSREPERHI\GMXIH[LIRXLIWTIEOIVtWZMI[WHMJJIVJVSQXLIMVS[RERH XLIHMWGYWWMSRGERUYMGOP]HIKIRIVEXIMRXSEREVKYQIRXSJEPVIEH]IWXEFPMWLIHFMEWIW VEXLIVXLEREMVMRKHMJJIVIRXTSMRXWSJZMI[*VIUYIRXP]XLIQSVIMQTSVXERXXLIXSTMGXLI QSVIPMOIP]KVSYTQIQFIVWEVIXSVIWTSRHJVSQETVITVSKVEQQIHTSMRXSJZMI[XLER JVSQEVEXMSREPVIWTSRWIXSXLIMWWYIEXLERH;LIRXLMWLETTIRW[IEVIFIWXEHZMWIHXS WMXFEGOVIPE\ERHLIEVXLISXLIVTIVWSRSYX-J[ILEZIVIEPP]PMWXIRIHGEVIJYPP][I QE]JMRHTSMRXWSR[LMGL[IGEREKVII-JRSX[ILEZIWXMPPLIEVHXLIWTIEOIVERHGER QEOIEVIPIZERXVITP]FEWIHSR[LEX[EWVIEPP]WEMHVEXLIVXLERSRSYVTVITVSKVEQQIH IQSXMSREPVIEGXMSR %QFYWLMRK 8LMWWM\XLFEVVMIVSJXIRGSQIWLERHMRLERH[MXLXLIJMJXLSRI;IHMW EKVII [MXL XLI MRHMZMHYEP ERH WMQTP] [EMX JSV E GLERGI XS MRXIVVYTX SV HIFEXI ;I
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
%GXMZI0MWXIRMRK
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tWTSMRXRSX NYWXJVSQHIZIPSTMRKEGEXEPSKSJXLIJEGXWTVIWIRXIH8LYWIJJIGXMZIPMWXIRMRKPSSOWJSV XLISZIVEPPXLIQIWXLEXIRGSQTEWWXLIJEGXWERHXLIVIEWSRMRKFILMRHXLIQ *EOMRK%XXIRXMSRh4WIYHSPMWXIRMRK 8LIIMKLXLFEVVMIVXSIJJIGXMZIPMWXIRMRKhJEO MRK EXXIRXMSRhQE] EPWS LEZI MXW KIRIWMW MR SYV WGLSSP XVEMRMRK 9WYEPP] WSQI XMQI EVSYRHWIGSRHSVXLMVHKVEHI[IEVIWMRKPIHSYXF]EXIEGLIV[LSEHQSRMWLIWYWXS q4E]EXXIRXMSRr%JXIVXLEX[IFIGSQIUYMXIEHITXEXJEOMRKEXXIRXMSRERHFIJSVIPSRK [IJEOIQSVIXLER[IPMWXIR8LISRP]WSPYXMSRXSXLMWTVSFPIQMWXSVIGSKRM^IMXERH [SVOEXVIEPP]PMWXIRMRK 8LSYKLX7TIIH 8LSYKLXWTIIH MWXLIRMRXLFEVVMIVXSGEVIJYPPMWXIRMRK&IGEYWI[I GERXLMROXLVIIXSJSYVXMQIWJEWXIVXLERER]SRIGERXEPOSYVXIQTXEXMSRMWXSQEOIYWI SJXLIqJVIIrXMQIF]EPPS[MRKSYVWIPZIWXS[ERHIVEVSYRHQIRXEPP];IQE]JSVQYPEXI SYVVIWTSRWIWXS[LEX[IXLMROMWFIMRKWEMH [IQE]FIXVMKKIVIHMRXSXLSYKLXWSR XSXEPP]YRVIPEXIHWYFNIGXW SV[IQE]WMQTP]JIIPFSVIHERHWXSTPMWXIRMRKEPXSKIXLIV ;IGERLS[IZIVXVEMRSYVWIPZIWXSYWISYVXLSYKLXIRIVK]XSGSRGIRXVEXIQSVIJYPP] SR[LEXMWFIMRKWEMHERHMRXIRHIHhPMWXIRMRKGEVIJYPP]XSXLITLVEWMRKSJXLIQIWWEKI SFWIVZMRK XLI QERRIV SJ TVIWIRXEXMSR ERH PSSOMRK JSV ER] SXLIV GPYIW XLEX QE] FI ETTEVIRX MR XLI HIPMZIV] SJ XLI QIWWEKI 8LMW GSRGIRXVEXMSR MW E GPIEV GSQTIXMXMZI EHZERXEKIIJJIGXMZIPMWXIRIVWGERYWI 3XLIV &EVVMIVW 3XLIV FEVVMIVW XS EGXMZI PMWXIRMRK MRGPYHI PE^MRIWW SV XMVIHRIWW EZSMHMRKEWYFNIGXFIGEYWIMXMWGSQTPI\SVHMJJMGYPXSVFIGEYWIMXXEOIWXSSQYGLXMQI ERHMRWMRGIVMX] EZSMHMRKI]IGSRXEGX[LMPIPMWXIRMRKERHTE]MRKEXXIRXMSRSRP]XSXLI WTIEOIVtW[SVHWVEXLIVXLERXSXLIWTIEOIVtWQIERMRK
%GXMZI0MWXIRMRK6IWTSRWI1IXLSHW %GXMZIPMWXIRIVWXEOIEHZERXEKISJXLISTTSVXYRMX]XSPMWXIRGEVIJYPP]ERHYRHIVWXERH IEGLTIVWSRHYVMRKEKVSYTHMWGYWWMSR8LMWIREFPIWXLIQXSTEVXMGMTEXIQSVIIJJIG XMZIP]ERHSJJIVGSRWXVYGXMZIJIIHFEGOHYVMRKXLITVSGIWW*SYVVIWTSRWIQIXLSHWXLEX EGXMZIPMWXIRIVWYWIEVITEVETLVEWMRKI\TVIWWMRKYRHIVWXERHMRKEWOMRKUYIWXMSRWERH YWMRKRSRZIVFEPGSQQYRMGEXMSR 4EVETLVEWMRK 'SRWMHIVIHSRISJXLIWIGVIXWSJIJJIGXMZIPMWXIRIVWTEVETLVEWMRK MW WXEXMRKMRSYVS[R[SVHW[LEX[IXLMROXLIWTIEOIVMRXIRHIHXSWE]8LIHIWGVMTXMSR
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
',%48)6
0MWXIRMRKERH*IIHFEGO 8LI3XLIV,EPJSJ'SQQYRMGEXMSR
WLSYPHFISFNIGXMZI)WWIRXMEPP][IEVIVIWTSRHMRKXSXLIZIVFEPERHRSRZIVFEPWMKREPW KMZIRF]XLIWTIEOIV %QSRKSXLIVXLMRKWTEVETLVEWMRKMWERI\GIPPIRX[E]XSJMKLXHE]HVIEQMRK-J [I EVI GSRGIRXVEXMRK SR HIZIPSTMRK ER MRXIVREP WYQQEV] SJ ERSXLIV MRHMZMHYEPtW XLSYKLXWERHMHIEW[IHSRSXLEZIXMQIXSHE]HVIEQ (SFOMR 4EGI ;IGER TEVETLVEWIZIVFEPP]XSXLIWTIEOIVSVWMQTP]TEVETLVEWIMRXIVREPP]F]QIRXEPP]WYQQE VM^MRKXLISXLIVTIVWSRtWTSMRXW -REHHMXMSRMRKVSYTQIIXMRKWXLIVIMWEXIRHIRG]JSVXLIHMWGYWWMSRXSKSSJJSR XERKIRXW8LYWEWIGSRHZEPYISJTEVETLVEWMRKPMIWMRMXWEFMPMX]XSFVMRKXLIHMWGYWWMSR FEGOXSXLITSMRXWFIMRKQEHIEXXLEXXMQIERHXSTYXKVSYTQIQFIVWFEGOSRXLIWEQI XVEGO%WMQTPIGSQQIRXWYGLEWq7S-YRHIVWXERHXLEX[LEX]SYEVIGSRGIVRIHEFSYX MWrEPPS[WEGPIEVVIWTSRWIF]XLIWTIEOIV;LIXLIVWLISVLIWE]W]IWSVRSIZIV] SRIMWFEGOXEPOMRKEFSYXXLIWEQIMWWYI9WIHMRXLMWGSRXI\XTEVETLVEWMRKMWERSPSWI XIGLRMUYIERHMXLIPTWXLIKVSYTWXE]JSGYWIH *MREPP]TEVETLVEWMRKGERQSZIIQSXMSREPMWWYIWJVSQXLITIVWSREPFEGOXSXLI SFNIGXMZI-JSRISJXLIKVSYTQIQFIVWLEWFIIRGSQTPEMRMRKXLEXq=SYRIZIVPMWXIRXS Q]GSQQIRXWEFSYXrEGEVIJYPVIWXEXIQIRXWYGLEWq3/[LEX-LIEV]SYWE]MRKMW rGEREPPS[XLISXLIVKVSYTQIQFIVWXSJSGYWSRXLIGVY\SJXLITVSFPIQ8LIGSQ TPEMRMRKQIQFIVMWXVIEXIH[MXLVIWTIGXERHXLIHMWGYWWMSRMWXYVRIHXS[EVHWSQIXLMRK XLEXMRZSPZIWGSRXIRXRSXIQSXMSR )\TVIWWMRK9RHIVWXERHMRK %XXMQIWMXQE]WIIQQSVIETTVSTVMEXIXSJSGYWSRXLI JIIPMRKWSJXLIWTIEOIVVEXLIVXLERXSVIWXEXIXLIGSRXIRXSJXLIQIWWEKI8LMWX]TISJ WXEXIQIRXI\TVIWWMRKYRHIVWXERHMRK EPPS[WXLIKVSYTXSEWWIWWQSVIEGGYVEXIP]LS[ [IPPXLIWTIEOIVtWJIIPMRKWLEZIFIIRTIVGIMZIHERHYRHIVWXSSHERHXLMWQE]TIVQMX XLIWTIEOIVXSZMI[LIVSVLMWS[RJIIPMRKWQSVIEGGYVEXIP]EW[IPPq=SYWSYRHLSTI JYPEFSYXrEPPS[WXLIWTIEOIVXSGPEVMJ]SVQSHMJ]LMWSVLIVQIERMRKERHXLIKVSYT XSFIXXIVYRHIVWXERHXLIXSXEPMX]SJXLIQIWWEKI-RSVHIVXSIRLERGIGPEVMX][IWLSYPH RSXIXLIRSRZIVFEPGSQQYRMGEXMSRSJXLIWTIEOIVEW[IPPEWXLIEGXYEPWXEXIQIRXW8LMW MWQSVIXLERWE]MRKq-ORS[LS[]SYJIIPr %WOMRK5YIWXMSRW 4EVXSJTEVETLVEWMRKERHI\TVIWWMRKYRHIVWXERHMRKMWXLIIJJIG XMZIYWISJUYIWXMSRW 8LMWMWEWOMPPVEVIP]XEYKLXERHJVIUYIRXP]YWIHMR[E]WXLEXHMW GSYVEKIVEXLIVXLERIRLERGIHMWGYWWMSR5YIWXMSRWGERFIWIIREWGLEPPIRKIWXSSYV LSRIWX]SVTSWMXMSRSRERMWWYISVXLI]GERFIWIIREWQERMTYPEXMZI%UYIWXMSRWYGLEW q=SYHSRtXVIEPP]FIPMIZIXLSWITISTPIHS]SY#rHSIWRSXMRZMXIERSTIRHMWGYWWMSRSJ XLIVIWTSRHIRXtWTSMRXSJZMI[-REWQEPPKVSYTXLIKSEPSJUYIWXMSRMRKWLSYPHFIXS GPEVMJ]XLISXLIVTIVWSRtWTIVWTIGXMZISTIRYTXLIHMWGYWWMSRSVJSPPS[YTSRETVIZM SYWMHIE-XWLSYPHRSXFIYWIHEWEXLMRP]ZIMPIHEXXIQTXEXTYXXMRKXLIVIWTSRHIRXSR XLIWTSX'SQFMRIH[MXLTEVETLVEWMRKERHI\TVIWWIHYRHIVWXERHMRKUYIWXMSRWEPPS[ XLI PMWXIRIV XS FSXL MRHMGEXI ER MRXIVIWX ERH GPEVMJ] XLI QIWWEKI% WMQTPI q(S ]SY QIER#rQE]GPIEVYTER]TSWWMFPIQMWYRHIVWXERHMRKW 9WMRK2SRZIVFEP'SQQYRMGEXMSR 7MRGIQSVIXLER SJEPPQIERMRKMWGSQQY RMGEXIHRSRZIVFEPP] IJJIGXMZIPMWXIRIVW QEOIYWI SJ RSRZIVFEP KIWXYVIW 1EOMRK I]I
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
*IIHFEGO 6IWTSRHMRKXSXLI1IWWEKI
GSRXEGXRSHHMRKSYVLIEHWERHWMXXMRKMREREXXIRXMZIQERRIVEPPMRHMGEXIXLEX[IEVI MRXIVIWXIHERHPMWXIRMRKERHXLI]IRGSYVEKIXLIWTIEOIVXSGSRXMRYIXEPOMRK*MHKIXMRK JVS[RMRKPSSOMRKEXSYV[EXGLIWVIEHMRKSYVS[RRSXIWSVFILEZMRKMRSXLIVHMWXVEGX MRK[E]WKMZIWXLISTTSWMXIQIWWEKI
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tW FILEZMSV MX WLSYPH FI TEVX SJ XLI [LSPI KVSYTtWGYPXYVI-XLEWX[STYVTSWIW3RIMWXSWYTTSVXXLISXLIVKVSYTQIQFIVWZIV FEPP]ERHRSRZIVFEPP]8LISXLIVMWXSJSGYWSRXLIGSRXIRXSJXLIMVQIWWEKIWVEXLIV XLERSRXLIMVEXXMXYHIWSVEXXVMFYXIW8SFIIJJIGXMZIJIIHFEGOWLSYPHFIYWIHXSJYVXLIV XLIUYEPMX]SJXLIHMWGYWWMSR
4VSZMHMRK'SRWXVYGXMZI*IIHFEGO 3JJIVGSRWXVYGXMZIJIIHFEGO XLEXYWIWHIWGVMTXMZIWXEXIQIRXW[MXLSYXNYHKQIRXI\EK KIVEXMSRPEFIPMRKSVEXXVMFYXMSRSJQSXMZIW7XEXIXLIJEGXWEWWTIGMJMGEPP]EWTSWWMFPI 8IPPLS[XLIFILEZMSVEJJIGXW]SY7E][L]]SYEVIEJJIGXIHXLEX[E]ERHHIWGVMFIXLI GSRRIGXMSR FIX[IIR XLI JEGXW ]SY SFWIVZIH ERH ]SYV JIIPMRKW 0IX XLI SXLIV TIVWSR VIWTSRH(IWGVMFIXLIGLERKI]SY[ERXXLISXLIVTIVWSRXSGSRWMHIV(IWGVMFI[L]]SY XLMROXLIGLERKI[MPPEPPIZMEXIXLITVSFPIQ0MWXIRXSXLISXLIVTIVWSRtWVIWTSRWI&I TVITEVIHXSHMWGYWWSTXMSRWERHXSGSQTVSQMWIXSEVVMZIEXEWSPYXMSRVEXLIVXLEREVKYI WTIGMJMGTSMRXW*SVI\EQTPIq;LIR]SYEVIPEXIJSVQIIXMRKW-KIXERKV]FIGEYWIEQEFYW]TIVWSRERHHMWPMOI[EWXMRKXMQIWMXXMRKERH[EMXMRKJSV]SYXSEVVMZI-WXLIVI ERSXLIVXMQIXLEX[IGSYPHWGLIHYPISYVQIIXMRKWWSXLEX]SYGSYPHKIXLIVISRXMQI#r [MPPTVSFEFP]FIQSVIIJJIGXMZIXLERq=SYEVIEP[E]WPEXIJSVQIIXMRKW-tQXMVIHSJ]SY FIMRKWS MVVIWTSRWMFPI ERH [EWXMRKQ]XMQI PMOI XLEX;LIR [MPP ]SY IZIVKVS[YT PIEVR XS XEOI ]SYV GSQQMXQIRXW WIVMSYWP] ERH XEOI WSQI VIWTSRWMFMPMX] JSV FIMRK TPEGIWSRXMQI#r 8EPOJMVWXEFSYX]SYVWIPJ RSXXLISXLIVTIVWSR9WIq-rRSXq]SYrEWXLIWYFNIGXSJ ]SYVJIIHFEGOWXEXIQIRX7TIEOJSV]SYVWIPJ&IGEVIJYPEFSYXWXEXIQIRXWWYGLEWq8LI KVSYTJIIPWrSVq8LIKVSYTHSIWRtXPMOIr)RGSYVEKISXLIVWXSWXEXIXLIMVS[RGSQTPEMRXW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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0MWXIRMRKERH*IIHFEGO 8LI3XLIV,EPJSJ'SQQYRMGEXMSR
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7OMPPW7IPIGXMSR*SVQ 7IPIGXSRISJXLIJSPPS[MRKWOMPPW VEROEWOMPPEWXSMRHMGEXI]SYV&)78WOMPP 6EROSVHIVXLIVIWXSJXLIWOMPPW !RI\XFIWX!PIEWXWOMPPJYP CCCCC % 7TIEOMRKMRTYFPMG CCCCC & *EGMPMXEXMRKWQEPPKVSYTQIIXMRKWHIZIPSTMRKEKIRHEW CCCCC ' 6IWIEVGLMRKEWYFNIGXMRXLIPMFVEV] CCCCC ( 'SRHYGXMRKWYVZI]WSVMRJSVQEXMSREPMRXIVZMI[W CCCCC ) 8]TMRKSV[SVHTVSGIWWMRK CCCCC * ;VMXMRKGPIEVXIGLRMGEPVITSVXW CCCCC + )\TIVMIRGI[MXLZMHISIUYMTQIRX CCCCC , )\TIVMIRGI[MXLGSQTYXIVKVETLMGWERHHIWOXSTTYFPMWLMRK CCCCC - %VXMWXMGHVE[MRKWOIXGLMRKTEMRXMRKGVIEXMZIEFMPMXMIW CCCCC . 4SWXIVFSEVHSVWMKRPIXXIVMRKERHPE]SYX CCCCC / 9WMRKGSQTYXIVTVIWIRXEXMSRWSJX[EVII\TIVMIRGI CCCCC 0 6IWIEVGLMRKMRJSVQEXMSRSRXLI;SVPH;MHI;IF 'PEMQMRKEWOMPPHSIW238QIER]SY[MPPFIWSPIP]VIWTSRWMFPIJSVMXMRXLIKVSYT +VSYTW[MPPHMZMHIYTXEWOWSRGIJSVQIH
)\IVGMWIJSVXLIVIWIEVGLXIEQ 'LSSWIEWMKRMJMGERXERHMQTSVXERXXSTMGXSVIWIEVGL 8LMWXSTMGQE]FIEGYVVIRXPSGEPREXMSREPSVMRXIVREXMSREPWSGMEPMWWYI WYGLEWPSGEP LSYWMRK GSRHMXMSRW REXMSREP LSQIPIWWRIWW SV [SVPH JEQMRI *SVQ E KVSYT [MXL QIQFIVWXEOMRKSRWTIGMJMGVSPIW(MZMHIXLIXEWOWSJVIWIEVGLMRKXLIXSTMGF]XLIWI VSPIW ERH XLIR QEOI E KVSYT TVIWIRXEXMSR SJ XLI VIWYPXW SJ XLEX VIWIEVGL -W XLI VIWIEVGLMRKXEWOQEHIIEWMIVF]HMZMHMRKMXEPSRKWTIGMEPM^IHVSPIW#,S[QYGLWTI GMEPM^EXMSR SJ XEWO MW ETTVSTVMEXI XS E XIEQ# (SIW MX LIPT XS LEZI WSQI SZIVPET MR KVSYT QIQFIV VSPIW SV HSIW MRHMZMHYEP VIWTSRWMFMPMX] [SVO FIWX# 'ER E KVSYT FIGSQIEXIEQMJXLIMRHMZMHYEPVSPIWEVILMKLP]WTIGMEPM^IH#;LEXLETTIRWMJWSQI SJXLIVSPIWEVIRSXJMPPIHJSVETEVXMGYPEVKVSYTSVMJEVSPIMWTEVXMGYPEVP][IPPHSRI#
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8VEHMXMSREP
0IEHIVWLMT
0IEHIVTIVJSVQWWTIGMEP HYXMIW4PERWHMVIGXWLEW SZIVWMKLX0IEHIVKIXW WTIGMEPVIGSKRMXMSR
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%WWMKRIHXSXLIPIEHIV
6IWIEVGL 1IQFIV IZEPYEXMSR 0IRKXLSJ QIQFIVWLMT
7TIGYPEXMSRh7IPJ(MVIGXIH
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8LI2MRI(SX4Y^^PI
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4)68 4VSKVEQ)ZEPYEXMSRERH6IZMI[8IGLRMUYI
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4)68 4VSKVEQ)ZEPYEXMSRERH6IZMI[8IGLRMUYI 3RGI XLI WSPYXMSR LEW FIIR MHIRXMJMIH XLI EGXYEP MQTPIQIRXEXMSR VIQEMRW 4VSKVEQ IZEPYEXMSR ERH VIZMI[ XIGLRMUYI 4)68 MW E W]WXIQEXMG ETTVSEGL JSV HIWMKRMRK XLI WSPYXMSRWXITW8LMWTPERRMRKW]WXIQMRZSPZIWIMKLXWXITW -HIRXMJ] XLI JMREP KSEP SJ XLI HIGMWMSRQEOMRK TVSGIWW ,S[ [MPP XLI WSPYXMSR
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8LI4ERIP %TERIP MWETYFPMGJSVQEXMR[LMGLEKVSYTSJJSYVXSIMKLXI\TIVXWHMWGYWWIWETVSFPIQ SVHIGMWMSRMRJVSRXSJEREYHMIRGI8LMWHMWGYWWMSRSJXIRJSPPS[WXLITVSFPIQWSPZMRK JSVQEX FYX YWIW ER MRJSVQEP WSQIXMQIW LYQSVSYW WX]PI SJ MRXIVEGXMSR XS OIIT XLI EYHMIRGItW EXXIRXMSR ERH XS IJJIGXMZIP] WLEVI MRJSVQEXMSR XLEX QE] FI XIGLRMGEP MR REXYVI8LIQSHIVEXSVWXEVXWXLIQIIXMRK I\TPEMRWXLIJSVQEXXSXLIEYHMIRGI SVMIRXW XLIEYHMIRGIXSXLIXSTMGSVTVSFPIQXSFIHMWGYWWIH MRXVSHYGIWXLIWTIEOIVWTIVLETW QIRXMSRMRKXLIMVI\TIVXMWIERHTIVWTIGXMZI JSVI\EQTPIMJXLI]VITVIWIRXETEVXMGYPEV KVSYTGEYWISVGSQTER] OIITWXMQI ERHWSQIXMQIWWYQQEVM^IWXLIWTIEOIVWt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4VSHYGXMZI'SRJPMGX1EREKIQIRX
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4EXXIVRWSJ'SRJPMGX1EREKIQIRX
'SPPEFSVEXMZIGSQQYRMGEXMSRIRXEMPWXLITEVXMGMTEXMSRSJEPPQIQFIVW[MXLIEGL WXEXMRKLMWSVLIVTSMRXSJZMI[EWGPIEVP]ERHGSRGMWIP]EWTSWWMFPI[LMPIPMWXIRMRKEXXIR XMZIP]XSXLSWISJSXLIVW3RGIEPPMRMXMEPTIVWTIGXMZIWLEZIFIIRTVIWIRXIHERHYRHIV WXSSH XLI GSRJPMGXMRK ZMI[TSMRXWEVI IRKEKIH [MXL IEGL WMHI TVIWIRXMRK XLI VEXMSREP FEWMWSJMXWTSMRXSJZMI[)EGLTEVX]VIQEMRWSTIRXSFIMRKGSRZMRGIHF]XLIQSVIGSQ TIPPMRKEWTIGXWSJERSXLIVt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qVIHYGITVINYHMGIMRGVIEWIEGGITXERGISJSXLIVWERHLIMKLXIRQSVEPIr 8NSWZSPH T ;LMPIGSQTIXMXMSRLEWFIIREWWYQIHXSMRGVIEWITVSHYGXMZMX]GSPPEFSVE XMSRPIEHWXSqLMKLIVEGLMIZIQIRXERHTVSHYGXMZMX]IWTIGMEPP]SRQSVIGSQTPI\XEWOW ERHTVSFPIQWXLEXFIRIJMXJVSQXLIWLEVMRKSJMRJSVQEXMSRERHMHIEWr 8NSWZSPH T 'SPPEFSVEXMSRMWRSXPMOIP]XSVIWYPXMRHIWXVYGXMZIGSRJPMGX[LIRMXMWHSRIJEMVP] ERH [LIR EPP QIQFIVW JIIP IQTS[IVIH XLVSYKL XLI TVSGIWW FYX GSPPEFSVEXMSR QE] MRZSPZIWSQIRIKSXMEXMSREWHIWGVMFIHMRXLIRI\XWIGXMSR
2IKSXMEXMSR 2IKSXMEXMSR EW E GSRJPMGX VIWSPYXMSR WXVEXIK] MRZSPZIW JSVKMRK E VIWSPYXMSR FIX[IIR STTSWMRK TSMRXW SJ ZMI[ EWWYVMRK XLEX IEGL WMHI q[MRWr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tWS[RTEVXMGYPEVTSMRXSJZMI[ MRGPYHMRKETTVSTVMEXIHSGYQIRXEXMSR EPMWXSJXLSWITEVXWSJXLIMWWYIXLEXGERFIGSR GIHIH[MXLSYXLEVQMRKXLIIWWIRGISJSRItWHIWMVIHFIRIJMX EKSSHYRHIVWXERHMRKSJ XLISXLIVtWTSMRXSJZMI[LS[XLI]EVIPMOIP]XSEVKYIMXERH[LEXXLI]QMKLXFI[MPPMRK XSGSRGIHI[MXLSYXPSWMRKXLIIWWIRGISJXLIMVFIRIJMX ERHEVIWTIGXJSVXLISXLIVTEVX]
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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4VSHYGXMZI'SRJPMGX1EREKIQIRX
7EJIX]MWWSQYGLETEVXSJXLIGYPXYVIEX 2YGSV7XIIP8YWGEPSSWEXLEXMXMWTYX FIJSVIUYEPMX]GSWXTVSHYGXMZMX]ERHTVSJMX 8LMWMWFEGOIHYT[MXLXLI;IIOP]'IRXVEP 7EJIX]'SQQMXXIIGSQTVMWMRKEPPQEREKIVW ERHEGVSWWWIGXMSRSJWYTIVZMWSVWERH LSYVP]XIEQQIQFIVW[LIVIXLITLMPSWS TL]SJq2SXLMRKMWQSVIMQTSVXERXXLER WEJIX]2SXLMRKrMWGSRWMWXIRXP] VIMRJSVGIH
ERHMXWZMI[TSMRX%WYGGIWWJYPSYXGSQI[MPPPIEZIEPPTEVXMIWWEXMWJMIHXLEXXLI]KSX [LEXXLI]QSWXRIIHIHSV[ERXIHERHXLEXXLIVIWSPYXMSRMWJEMVXSXLIQEPP 2IKSXMEXMSR LS[IZIV GER EPWS FI LERHPIH HIWXVYGXMZIP] [LIR QIQFIVW YWI QERMTYPEXMZIWXVEXIKMIWWYGLEWWXEVXMRKJVSQXLII\XVIQIIRHSJSRItWS[RGSRJPMGX GSRXMRYYQ HIRMKVEXMRKXLISXLIVtWTIVWTIGXMZI VIJYWMRKXSPMWXIRGEVIJYPP] I\EKKIVEX MRKXLIZEPYISJSRItWS[RGSRGIWWMSRW[LMPIQMRMQM^MRKXLSWISJXLISXLIV GSRGIEP MRK TIVXMRIRX MRJSVQEXMSR EVKYMRK JSVGIJYPP] VMKLX SV [VSRK ERH WXSRI[EPPMRK SV FIMRK[MPPMRKXSXEOIEWPSRKEWRIGIWWEV]XS[MR ,SGOIV ;MPQSX %HSTXMRKEWXVEXIK]SJRIKSXMEXMSRVITVIWIRXWERI[PIZIPSJWIVMSYWRIWWMRXLIHMW GYWWMSR8LIMQTSVXERXTEVXSJRIKSXMEXMSREW[MXLEPPEWTIGXWSJGSRWXVYGXMZIGSRJPMGX QEREKIQIRXMWXSEGLMIZI[LEXMWFIWXJSVXLISZIVEPPKVSYTIJJSVX[MXLSYXWEGVMJMGMRK XLITIVWSREPVIPEXMSRWLMTWXLEXFMRHXLIKVSYTXSKIXLIV *MWLIV9V] 4EXXSR
%GGSQQSHEXMSR %GGSQQSHEXMSR EWEWXVEXIK]MQTPMIWKMZMRKYTEPPSVQSWXSJSRItWS[RTSWMXMSR SV FIRIJMX JSVXLIWEOISJSXLIVW-XMRZSPZIWETVMQEVMP]SRIWMHIHGSRGIWWMSRERHMWQSWX GSRWXVYGXMZIP] YWIH [MXLMR EGSRXI\X SJ GSPPEFSVEXMZI GSRJPMGXQEREKIQIRX[MXL XLI MRXIRXMSRFIMRKXSVIHYGIMRXIVTIVWSREPXIRWMSRERHGSRJPMGXJSVXLIWEOISJXLISZIVEPP XEWO ERH XLIKVSYTTVSGIWW;LIR YWIH XS QSZIFI]SRH MRWMKRMJMGERXSV WYTIVJMGMEP GSRJPMGXWXSWEZIIRIVK]ERHKVSYTLEVQSR]JSVXLIQSVIMQTSVXERXMWWYIWEGGSQQS HEXMSRLEWETSWMXMZIIJJIGXERHGERFIGSRWMHIVIHGSRWXVYGXMZI*SVI\EQTPIMJQSWX QIQFIVWSJXLIKVSYT[ERXXSQIIXMRXLIIZIRMRKERHSRIQIQFIVTVIJIVWHE]WXLEX QIQFIVQMKLXFI[MPPMRKXSKSEPSRK[MXLXLIIZIRMRKXMQIMJWLISVLITSWWMFP]GER MRSVHIVRSXXSHIVEMPXLIKVSYTTVSGIWWSZIVEVIPEXMZIP]QMRSVTSMRX-JLS[IZIVXLMW QIQFIVKMZIWMRSRQSWXSJXLIMQTSVXERXMWWYIWXLEXMRZSPZIGSRJPMGXMRKTSMRXWSJZMI[ NYWXJSVXLIWEOISJKVSYTLEVQSR]XLEXQIQFIVQE]IZIRXYEPP]IRHYTJIIPMRKVIWIRX JYPERHERKV]ERHQE][MXLHVE[EPXSKIXLIVJVSQXLIKVSYTHMWGYWWMSRTVSGIWW-RXLEX GEWIXLIKVSYTPSWIWXLIZEPYISJXLEXQIQFIVtWYRMUYITIVWTIGXMZI
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4VSHYGXMZI'SRJPMGX1EREKIQIRX
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6IJIVIRGIW
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4VSHYGXMZI'SRJPMGX1EREKIQIRX
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0IEHIVWLMTMR7QEPP+VSYTW
',%48)63980-2) 6IGSKRM^MRK0IEHIVW 0IEHIVWLMTEWE*YRGXMSRMRE7]WXIQ 8LISVMIWSJ0IEHIVWLMT 1EREKIVMEP0IEHIVWLMT+VMH8LISV] 8VERWEGXMSREPERH8VERWJSVQEXMSREP8LISVMIW 0IEHIVWLMTF]%HETXEXMSR 0IEHIVPIWW+VSYTW 8LVII'LEVEGXIVMWXMGWSJ0IEHIVW :MWMSR 'VIHMFMPMX] 'SQQYRMGEXMSR'SQTIXIRGI 'LSSWMRKE0IEHIV %TTSMRXIH0IEHIVW )PIGXIH0IEHIVW )QIVKIRX0IEHIVW 7LEVIH *EGMPMXEXMZI 0IEHIVWLMT
8EWOWSJ+VSYT0IEHIVW *EGMPMXEXMRK1IIXMRKW )QTS[IVMRK+VSYT1IQFIVW 1EREKMRK'SRJPMGX -RJPYIRGIWSR+VSYT0IEHIVWLMT )\XIVREP'SRXI\X 2EXYVISJ8EWO -RXIVHITIRHIRGISJ+VSYT1IQFIVW 0IEHIVWLMT7X]PIW 0IEHIVEW8IGLRMGMER 0IEHIVEW'SRHYGXSV 0IEHIVEW'SEGL 7YQQEV] (MWGYWWMSR5YIWXMSRW )\IVGMWIW 6IJIVIRGIW
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0IEHIVWLMTMR7QEPP+VSYTW
)\TPEMRXLIXLVIIGLEVEGXIVMWXMGWSJPIEHIVW 7TIPPSYXXLIHMJJIVIRXTVSGIWWIWJSVFIGSQMRKEPIEHIV -PPYWXVEXIXLIXEWOWSJKVSYTPIEHIVW (MWGYWWXLIMRJPYIRGIWSJPIEHIVWSRKVSYTWXVYGXYVI -HIRXMJ]PIEHIVWLMTPMQMXEXMSRW
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*EGMPMXEXMRKQIIXMRKW -QTSZIVMWLIHQEREKIQIRX -RXIVHITIRHIRGI 0EMWWI^JEMVIW]WXIQ 0IEHIVEWGSEGL 0IEHIVEWGSRHYGXSV 0IEHIVEWXIGLRMGMER 0IEHIVWMREW]WXIQ 1EREKIVMEP+VMH 1MHHPISJXLIVSEH 2EXYVISJXLIXEWO 3FNIGXQIHMEXMSR
3TTSVXYRMWQ 4EXIVREPMWQQEXIVREPMWQ 7LEVIHSVJEGMPMXEXMZIPIEHIVWLMT 7MXYEXMSREPXLISVMIW 7X]PIXLISVMIW 8IEQQEREKIQIRX 8VEMXXLISVMIW 8VERWJSVQEXMSREPPIEHIVW 8VERWEGXMSREPPIEHIVW 9RMZIVWEPXLISVMIW :MWMSR
-RXLIPIKIRHEV]G]GPIWSJXLI&PEGOJSSX-RHMERWXLIVIMWEREGGSYRXSJXLIIEVP]
TISTPI[LS[IVITSSVERHREOIHERHHMHRSXORS[LS[XSPMZI3PH1ERXLIMV QEOIVWEMH q+SXSWPIITERHKIXTS[IV;LEXIZIVERMQEPWETTIEVMR]SYVHVIEQ TVE]ERHPMWXIRr%RHXLIWXSV]GSRGPYHIWXLEX[EWLS[XLIJMVWXTISTPIKSXXLVSYKL XLI[SVPHF]XLITS[IVSJXLIMVHVIEQW )MWIPI] T
0IEHIVWLMT[LIXLIVI\TVIWWIHF]ERMRHMZMHYEPSVIRKEKIHMRGSPPIGXMZIP]F]XLIQIQ FIVWSJEKVSYTMWEFSYXHIZIPSTMRKHVIEQWZMWMSRWKSEPWERHSFNIGXMZIWXLEXLIPT JSGYWEKVSYTtWIRIVK]XSIRKEKIMRMXWXEWOERHEGGSQTPMWLMXWQMWWMSR0IEHIVWLMTMW SJXIREWWSGMEXIH[MXLXLIW]QFSPWWTIIGLIWERHMRWMKLXWTVIWIRXIHEXGVMXMGEPXYVRMRK TSMRXWMRXLIXLMROMRKSJEKVSYTQSZIQIRXSVPEVKIVGSQQYRMX]ERHXLEXQEOIXLIMV KSEPWERHSFNIGXMZIWVIEPERHEGLMIZEFPI FYXXLIIWWIRGISJPIEHIVWLMTMXWIPJMWXLIGSR GITXMSRERHEVXMGYPEXMSRSJXLIKVSYTtWZMWMSR 2SVXLLSYWI
6IGSKRM^MRK0IEHIVW %KSSHPIEHIVWIVZIWEWEGEXEP]WXJSVXLIKVSYTTVSGIWW 2SVXLLSYWI )JJIGXMZI PIEHIVWPMWXIR[IPPERHEVIWIRWMXMZIXSXLIHMZIVWIERHWYFXPIMRJPYIRGIWSREKVSYTtW EFMPMX]XS[SVOTVSHYGXMZIP] &IRRMW 2ERYW %RIJJIGXMZIPIEHIVQE]FIXLI SRI[LSLIPTWJSGYWERHKMZIWLETIXSXLIHMWGYWWMSR[LSMWEFPIXSQEOIWIRWISJ
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
0IEHIVWLMTEWE*YRGXMSRMRE7]WXIQ
ETTEVIRXP]HMWTEVEXIMHIEWSV[LSIRGSYVEKIWKVSYTQIQFIVWXSI\TVIWWXLIMVGSRXVE HMGXSV]ZMI[TSMRXWXSWXMQYPEXIXLIFIRIJMXWSJGSRJPMGXEQSRKHMZIVWITIVWTIGXMZIW%R IJJIGXMZIPIEHIVIREFPIWERHQSXMZEXIWXLIKVSYTXSWXE]SRXVEGOXSVIQEMRIRIVKM^IH ERHIQTS[IVIHXSVIWSPZIGSRJPMGXWGSRWXVYGXMZIP]ERHXSQEOIGVIEXMZIHIGMWMSRWMR SVHIVXSVIEGLHIWMVEFPISYXGSQIW*MREPP]EPIEHIVMWXLITIVWSRSVTIVWSRWXLIKVSYT PSSOWXS[LIRMXLEWVIEGLIHERMQTEWWIRIIHWKYMHERGIMRWIXXMRKERI[HMVIGXMSRSV WXE]MRK SR GSYVWI SV RIIHW SVHIV VIWXSVIH XS ER YRVYP]KVSYT TVSGIWW%R IJJIGXMZI PIEHIVQE]FIEYXSGVEXMGSVHIQSGVEXMGERHGSPPEFSVEXMZIMRQEOMRKHIGMWMSRWFYXWLI SVLIIPMGMXWVIWTIGXJVSQKVSYTQIQFIVWERHMRXYVRKMZIWVIWTIGXXSXLSWIQIQFIVW 1MPPIV %PIEHIVQE]FIXLIGSEGL[LSPIEHWXLIHIFEXIXIEQXSEWYGGIWWJYPSYXGSQI XLIGETXEMRSJE[MRRMRKWTSVXWXIEQXLITIVWSR[LSOIITWEKVSYTSJWXVERHIHLMOIVW JVSQTERMGOMRKERHLMOMRKEVSYRHMRGMVGPIWSVXLITIVWSR[LSLSPHWEWQEPPKVSYT XSKIXLIVYRXMPMXLEWGSQTPIXIHXLIXEWOJSV[LMGLMX[EWGSRZIRIH q%PIEHIVtWIJJIG XMZIRIWWMWSJXIRQIEWYVIHF]XLITIVJSVQERGISJLMWSVLIVXIEQr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q0IEHIVWHIWIVZIXSFIWSGEPPIHSRP][LIRXLI]LEZIFIIR OI] TPE]IVW MREGXW SJ PIEHIVWLMTr 'PEVO 'PEVO T 7MRGIPIEHIVWLMTMW HIJMRIHMRXLIGSRXI\XMR[LMGLMXMWIREGXIHMXMWMRXLIHSMRKSJPIEHIVWLMTXLEXEPIEHIV MWVIGSKRM^IHVEXLIVXLERMRER]TEVXMGYPEVEFWXVEGXHIJMRMXMSR
0IEHIVWLMTEWE*YRGXMSRMRE7]WXIQ 0IEHIVWTPE]OI]VSPIWMRXLIW]WXIQWMR[LMGLXLI]TEVXMGMTEXI8LIMVIJJIGXSRXLITEX XIVRWSJMRXIVEGXMSR[MXLMRXLIMVKVSYTWERHFIX[IIRXLIMVKVSYTWERHXLII\XIVREPIRZM VSRQIRXWMR[LMGLXLI]EVIPSGEXIHEVISJXIRMRJPYIRXMEPMRHIXIVQMRMRKXLISYXGSQISJ XLIKVSYTTVSGIWW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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0IEHIVWLMTMR7QEPP+VSYTW
%W[ILEZIRSXIHMR'LETXIV KVSYTWEWW]WXIQWEVIEWWYGGIWWJYPEWXLIMVEFMP MX]XSFVMRKMRERHTVSGIWWRI[MRJSVQEXMSRERHRI[[E]WSJETTVSEGLMRKTVSFPIQWh XLIMV EFMPMX] XS FI QSVTLSKIRMG XEOI MR TVSGIWW ERH XVERWJSVQ MRJSVQEXMSR ERH TVSGIHYVIW VEXLIV XLER QSVTLSWXEXMG VIWMWXMRK GLERKI ERH QEMRXEMRMRK XLI WXEXYW UYS 8LMW IRXEMPW VIWTSRHMRK XS XLI WYFWXERGI SJ XLI MRXIVREP ERH I\XIVREP IRZMVSR QIRXW[MXLMR[LMGLXLIKVSYTSTIVEXIWXLIJEGXWERHMWWYIWEVSYRHERH[MXLMR[LMGL XLIKVSYTMWGSRZIRIHERHXLIGSQTPI\MRXIVEGXMSRWFIX[IIRXLITISTPIXLIMWWYIWXLI QYPXMTPIIRZMVSRQIRXWERHXLIKVSYTtWS[RH]REQMGW 0IEHIVW EGX EW EVFMXIVW SJ XLIWI MRXIVJEGIW WIVZMRK EW GSQQYRMGEXMSR PMROW FIX[IIRXLIKVSYTERHMXWI\XIVREPIRZMVSRQIRXERHFIX[IIRKVSYTQIQFIVWERHXLI TVSGIWWMR[LMGLXLI]EVIIRKEKIH8LIPIEHIVQYWXLEZIXLIWOMPPWERHORS[PIHKIXS KEXLIVJVSQXLIIRZMVSRQIRXERHHIGSHIXLSWIJEGXSVWXLEXEVILIPTJYPERHVIPIZERXXS XLIKVSYTTVSGIWWEW[IPPEWXLIEFMPMX]XSXVERWPEXIERHIRGSHIXLEXMRJSVQEXMSRMRXS JSVQW XLEX EVI YWIJYPXSXLIKVSYT )JJIGXMZIPIEHIVW QYWX QIHMEXI FSXL SFNIGXW ERH EGXMSRW-RSFNIGXQIHMEXMSR XLIPIEHIVqQYWXGSPPIGXERHJSVQHIXEMPIHMQTVIWWMSRW EFSYXXLIIRZMVSRQIRXr &EVKI T ERHMREGXMSRQIHMEXMSR XLIPIEHIVQYWX VIQSZI IRZMVSRQIRXEP SFWXEGPIW XLVSYKL ETTVSTVMEXI FILEZMSVW &EVKI 8LI [MPHIVRIWW PIEHIVQIHMEXIWFIX[IIR XLI[MPHIVRIWWERHXLI KVSYT XLEX MWYRJEQMPMEV [MXLMX7LISVLIEWWIWWIWXLIWMXYEXMSR SFNIGXQIHMEXMSR ERHHIZIPSTWWXVEXIKMIWJSV EQIPMSVEXMRKXLITSWWMFPIRIKEXMZIIJJIGXWSRXLIKVSYTLIPTMRKKVSYTQIQFIVWYRHIV WXERHXLIWMXYEXMSRERHFILEZIMRETTVSTVMEXI[E]W EGXMSRQIHMEXMSR *SVXLIPIEHIVXS FIIJJIGXMZIMRXLMWVSPILS[IZIVLISVWLIHITIRHWSRXLIKVSYTtWGSSTIVEXMSRERH XVYWXMRLMWSVLIVEFMPMX]+SSHPIEHIVWLMTMRERMRXIVEGXMZIW]WXIQVIUYMVIWEqVIGMTVS GEPVIPEXMSRWLMTFIX[IIRPIEHIVWERHJSPPS[IVWr &EVKI T
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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
8LISVMIWSJ0IEHIVWLMT
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iGSQTPMERGI QMHHPI SJ XLI VSEH GSYRXV] GPYF QEREKIQIRXERHMQTSZIVMWLIHQEREKIQIRXEGGSVHMRKXSXLITSMRXEPSRKIEGLSJXLI E\IW EX[LMGLE PIEHIVtW FILEZMSVJEPPW &PEOI 1G'ERWI &PEOI 1SYXSR 8LIWIHMQIRWMSRWEPWSGSVVIWTSRHXSXLIGSRJPMGXQEREKIQIRXWX]PIWWLS[RMR TEVIRXLIWIWMRXLIPMWXXLEXJSPPS[W&PEOI1SYXSRERH%PPIR EHHIHX[SEHHM XMSREP PIEHIVWLMT WX]PIWhTEXIVREPMWQQEXIVREPMWQ ERH STTSVXYRMWQ )EGL SJ XLIWI WIZIR PIEHIVWLMT WX]PIW MW PSGEXIH SR XLI KVMH ERH EWWMKRIH E ZEPYI SJ PIEWX XS
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
0IEHIVWLMTMR7QEPP+VSYTW
QSWX SRIEGLSJXLIX[SE\IWSJGSRGIVRJSVTISTPIERHGSRGIVRJSVXEWOEWMRHM GEXIHSR*MKYVI 8IEQ 1EREKIQIRX 'SPPEFSVEXMSR 8LI PIEHIV HIQSRWXVEXIW E LMKL HIKVIISJGSRGIVRJSVFSXLTISTPI ERHXEWO 8LIKVSYTQIQFIVW[SVOXSKIXLIV [MXLQYXYEPVIWTIGXERHEWXVSRKKSEPSVMIRXEXMSR8LIKVSYTLEWEKSSHGLERGIJSVE WYGGIWWJYPSYXGSQI8LMWSVMIRXEXMSRXEOIWXMQIERHGSQQMXQIRXJVSQFSXLXLIPIEHIV ERHXLIKVSYTQIQFIVWFYX[LIRXMQIERHIRIVK]TIVQMXMXMWGPIEVP]EWYTIVMSVKVSYT HIGMWMSRQEOMRKQSHI %YXLSVMX]i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qVIXMVIHSRXLINSFr8LMWWX]PI MWRSXLIPTJYPXSXLIKVSYTtWMRXIVTIVWSREPVIPEXMSRWLMTWSVKSEPEGGSQTPMWLQIRXW 4EXIVREPMWQ1EXIVREPMWQ %WMRXLIXIEQQEREKIQIRXWX]PIXLIPIEHIV WLS[WELMKLPIZIPSJGSRGIVRJSVFSXLTISTPI ERHXEWO ,S[IZIVVEXLIVXLER EWWYQMRK XLI KVSYT LEW MXW S[R WXEOI MR XLI SYXGSQI ERH MW [SVOMRK JSV MRXVMRWMG VI[EVHWXLIPIEHIVEWWYQIWXLIKVSYTMWFYVHIRIHF]XLIXEWOERHVIUYMVIWI\XVMRWMG VI[EVHW-RXLMWGEWIXLIPIEHIVTYWLIWXLIKVSYTXSKIXXLINSFHSRIERHXLIRVI[EVHW XLIQIQFIVWMR[E]W WLISVLILEWEZEMPEFPIXLVSYKLWEPEVMIWFIRIJMXWSV [SVOMRK GSRHMXMSRWMJXLI]EVIIQTPS]IIW SVXLVSYKLWSQISXLIVFIRIJMXMJLISVWLILEWEHMJ JIVIRX VIPEXMSRWLMT [MXL XLI KVSYT (VE[FEGOW EVI XLEX KVSYT QIQFIVW QE] WMQTP] [SVOJSVETVMGIERHRIZIVHIZIPSTPS]EPX]SVGSQQMXQIRXERHTVMHIMRXLITVSNIGX 3TTSVXYRMWQ 7IZIVEPWX]PIWEVIYWIHWMQYPXERISYWP]HITIRHMRKSRXLITIS TPIMRZSPZIH8LIPIEHIVLEWEWX]PIXS[EVHXLSWIKVSYTQIQFIVWWIIREWIUYEPWE WX]PI XS[EVH XLSWI WIIR EW PIWW MQTSVXERX ERH E FILEZMSV XS[EVH XLSWI MR
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
8LISVMIWSJ0IEHIVWLMT *-+96)
1EREKIVMEP0IEHIVWLMT+VMH
,MKL
'SYRXV]'PYF1EREKIQIRX 8LSYKLXJYPEXXIRXMSRXSXLIRIIHW SJXLITISTPIJSVWEXMWJ]MRK VIPEXMSRWLMTWPIEHWXSEGSQJSVXEFPI JVMIRHP]SVKERM^EXMSREXQSWTLIVI ERH[SVOXIQTS
8IEQ1EREKIQIRX ;SVOEGGSQTPMWLQIRXMWJVSQ GSQQMXXIHTISTPI MRXIVHITIRHIRGI XLVSYKLEqGSQQSRWXEOIrMR SVKERM^EXMSRTYVTSWIPIEHWXS VIPEXMSRWLMTWSJXVYWXERHVIWTIGX
1MHHPISJXLI6SEH1EREKIQIRX
%HIUYEXISVKERM^EXMSRTIVJSVQERGIMW TSWWMFPIXLVSYKLFEPERGMRKXLIRIGIWWMX] XSKIX[SVOSYX[LMPIQEMRXEMRMRKQSVEPI SJTISTPIEXEWEXMWJEGXSV]PIZIP
%YXLSVMX]i'SQTPMERGI1EREKIQIRX -QTSZIVMWLIH1EREKIQIRX )JJMGMIRG]MRSTIVEXMSRWVIWYPXW )\IVXMSRSJQMRMQYQIJJSVXXSKIX JVSQEVVERKMRKGSRHMXMSRWSJ[SVO VIUYMVIH[SVOHSRIMWETTVSTVMEXI MRWYGLE[E]XLEXLYQERIPIQIRXW XSWYWXEMRSVKERM^EXMSRQIQFIVWLMT MRXIVJIVIXSEQMRMQYQHIKVII
0S[ 0S[
'SRGIVRJSV4VSHYGXMSR
4ISTPIEHETXERHWLMJXXSER]+VMHWX]PIRIIHIHXSKEMR XLIQE\MQYQEHZERXEKI4IVJSVQERGISGGYVWEGGSVHMRK XSWIPJMWLKEMR)JJSVXMWKMZIRJSVEHZERXEKISVTIVWSREP KEMR
,MKL
4EXIVREPMWQ1EXIVREPMWQ 6I[EVHERHETTVSZEPKEMRPS]EPX] ERHSFIHMIRGIXS[SVOVIUYMVIQIRX *EMPYVIPIEHWXSTYRMWLQIRX
7SYVGI 8LI0IEHIVWLMT+VMH JMKYVI4EXIVREPMWQ*MKYVIERH3TTSVXYRMWQJVSQ0IEHIVWLMT(MPIQQEWh+VMH 7SPYXMSRW F]6SFIVX6&PEOIERH%RRI%HEQW1G'ERWI *SVQIVP]XLI1EREKIVMEP+VMHF]6SFIVX6&PEOIERH .ERI71SYXSR ,SYWXSR +YPJ4YFPMWLMRK'SQTER] +VMH*MKYVI 4 4EXIVREPMWQ*MKYVI T3TTSV XYRMWQ*MKYVI T 'ST]VMKLX F]7GMIRXMJMG1IXLSHW-RG6ITVSHYGIHF]TIVQMWWMSRSJXLIS[RIVW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
0IEHIVWLMTMR7QEPP+VSYTW
EYXLSVMX]8LMWMWWIIREWWIPJWIVZMRK[MXLRSSZIVEPPGSRGIVRJSVXLIKSSHSJXLIKVSYT ERHMXWIJJSVXW 8LI1EREKIVMEP0IEHIVWLMT+VMHLEWEWYFXPIFMEWXS[EVHqSRIFIWX[E]rSJVYR RMRKEKVSYTSVXIEQEWE 8IEQ1EREKIQIRXSJGSPPEFSVEXMSRERHSRIGVMXMGMWQSJ XLMWXLISV]MWXLEXMXMWXSSWMQTPMWXMGMRMXWEWWYQTXMSRSJYRMZIVWEPMX] ,YKLIW+MRRIXX
'YVTL] ,S[IZIVMXMWEZEPYEFPIWXEVXMRKTSMRXMRYRHIVWXERHMRKHMJJIVIRX PIEHIVWLMTWX]PIWERHQE]FIYWIJYPEWEKYMHIXSXLMROMRKEFSYX[LIVIERH[LIRIEGL GERFIYWIHETTVSTVMEXIP]8LIZEVMSYWWX]PIWXLIKVMHQIRXMSRWLEZIETTPMGEXMSRXSHMJ JIVIRXKVSYTWERHXSXLIWEQIKVSYTWEXHMJJIVIRXXMQIWHITIRHMRKSRXLIXEWOERHXLI GSRWXVEMRXWSJXMQIERHIRIVK]
8VERWEGXMSREPERH8VERWJSVQEXMSREP8LISVMIW -REHHMXMSRXSXLIXVEMXERHWX]PIXLISVMIWVIWIEVGLIVWLEZIHIZIPSTIHXVERWEGXMSREPERH XVERWJSVQEXMSREP XLISVMIW XS EGGSYRX JSV XLI VIPEXMSRWLMTW FIX[IIR PIEHIVW ERH XLI KVSYTWXLI]PIEH1SZMRKFI]SRHXVEMXWERHWX]PIWXLI]JSGYWSRXLITEXXIVRWSJMRXIV EGXMSR 8VERWEGXMSREP PIEHIVW EVI XEWOSVMIRXIH ERH EFPI XS HMVIGX XLIMV KVSYTW MR JSGYWIH ERH WTIGMJMG [E]W XS EGGSQTPMWL JMRMXI KSEPW 8LI] [SVO EX KEMRMRK XLIMV KVSYTtWGSQTPMERGIXLVSYKLZEVMSYWETTVSEGLIW SJJIVMRKVI[EVHWXLVIEXIRMRKTYRMWL QIRX ETTIEPMRKXSKVSYTQIQFIVWt WIRWISJ EPXVYMWQ SV ETTIEPMRKXS XLIMVVEXMSREP NYHKQIRX &EVKI 8VERWEGXMSREP PIEHIVW MRXIVZIRI MR XLI TVSGIWW SRP] [LIR KVSYT QIQFIVW KIX SJJ XLI XVEGO 3XLIV[MWI XLI] LEZI PMXXPI MRZSPZIQIRX [MXL XLI KVSYT8LIWIPIEHIVWEVIWMQMPEVXSXLI EYXLSVMX]i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qJSPPS[XLIQER][LIVIr8LIWIPIEHIVWEVIEFPIXSQSXMZEXIXLIMVJSPPS[ IVWXLVSYKLXLIMVGLEVMWQEXMGTS[IVhXLIMVMRWTMVEXMSREPZMWMSRXLIMVEFMPMX]XSI\TVIWW GSQTPI\MHIEWMRIEWMP]YRHIVWXSSH[E]WERHXLIMVMRHMZMHYEPM^IHEXXIRXMSRXSJSPPS[ IVW8LIWIPIEHIVWVIP]SRXLIMVEFMPMX]XSWLETIKVSYTQIQFIVWt TIVGITXMSRWSJXLIXEWO SV QMWWMSR ERH XS QSXMZEXI XLIQ XS EWTMVI XS E WIX SJ KSEPW VEXLIV XLER VIP]MRK SR I\TPMGMXMRWXVYGXMSRWSVI\XVMRWMGVI[EVHWERHTYRMWLQIRXW &EVKI ,EGOQER
.SLRWSR -RGSRXVEWX[MXLXLSWIPIEHIVW[LSWMQTP]QEREKIEKVSYTTVSGIWWF] EHQMRMWXIVMRK HITIRHMRK SR W]WXIQW ERH JSPPS[MRK XLI VYPIW XLI XVERWJSVQEXMSREP PIEHIVIQTS[IVWXLIKVSYTXSEGGSQTPMWLXLIXEWOWXLVSYKLTVSEGXMZIGSQQYRMGEXMSR ERHQYXYEPXVYWX &IRRMW 8VERWJSVQEXMSREPPIEHIVWMRGPYHIWSQITSPMXMGEPERH VIPMKMSYWPIEHIVWEW[IPPEWWSQI[LSPIEHH]REQMGSVKERM^EXMSRW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
8LISVMIWSJ0IEHIVWLMT
(V1EVXMR0YXLIV/MRK.VEXVERWJSVQEXMSREPPIEHIVEXXLIJVSRXSJEZSXMRKVMKLXWQEVGLJVSQ 7IPQE%PEFEQEXSXLIWXEXIGETMXEPMR1SRXKSQIV]
0IEHIVWLMTF]%HETXEXMSR (IWTMXIXLIETTIEPSJQER]XLISVMIWSJPIEHIVWLMTHIJMRMRKPIEHIVWLMTMRE[E]XLEX IRGSQTEWWIWEPPWMXYEXMSRWVIQEMRWIPYWMZI q-QTPMGMX[MXLMREPPPIEHIVWLMTXLISVMIWMW XLIRSXMSRXLEXPIEHIVWEVIQSWXIJJIGXMZI[LIRXLI]GERHMWWIGXXLIHIQERHWERHGSR WXVEMRXWSJEWMXYEXMSRERHTIVJSVQXLIVIUYMVIHEGXMSRWXSXEOIEHZERXEKISJEWMXYEXMSRtW STTSVXYRMXMIWERHSZIVGSQIMXWGSRWXVEMRXWr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qHERGIrXLIPIEHIVIRKEKIWMRXSQEMRXEMRXLI KVSYTH]REQMG q)JJIGXMZIPIEHIVWLMTVIWIEVGLWYKKIWXWMWVIQEVOEFP]GLEQIPISRPMOI ?MXAMWEJYRGXMSRSJXLIWMXYEXMSRMR[LMGLMXMWJSYRHr /SXXIV T 8LIVIMW RSqWMRKPIGSQTVILIRWMZIPMWXSJPIEHIVWLMTUYEPMXMIWERHRSWMRKPITEXLXSPIEHIV WLMTrFYXEHETXEFMPMX]MWEOI]GLEVEGXIVMWXMGSJIJJIGXMZIPIEHIVWLMT 'PEVO 'PEVO T 8LYWHIWTMXIXLITPIXLSVESJXLISVMIWSRPIEHIVWLMTMXWEGXYEPQERMJIWXE XMSRMWJVIUYIRXP]LEVHXSTVIHMGXFYXLMKLP]IZMHIRX[LIR[II\TIVMIRGIMX-XLETTIRW [MXLMRXLIGSRXI\XSJXLIKVSYTERHMWHITIRHIRXSRXLIKVSYTtWVIWTSRWIWXSMX
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
0IEHIVWLMTMR7QEPP+VSYTW
%0IEHIV 0ES8WYMWGVIHMXIH[MXLXLIWE]MRK 8LI[MGOIHPIEHIVMWLI[LSQXLITISTPIHIWTMWI 8LIKSSHPIEHIVMWLI[LSQXLITISTPIVIZIVI 8LIKVIEXPIEHIVMWLIEFSYX[LSQXLITISTPIWE]q;IHMHMXSYVWIPZIWr
0IEHIVPIWW+VSYTW 0IEHIVPIWWKVSYTWHIJMRIHEWqKVSYTWXLEXHSRSXLEZIEHIWMKREXIHTIVWSR[MXLGSR XMRYMRK EYXLSVMX] SZIV XLI SXLIV QIQFIVW ERH VIWTSRWMFMPMX] JSV QEMRXEMRMRK XLI KVSYTr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t FILEZMSVWWYGLEWPEXIRIWWXSQIIXMRKWEFWIRGIWERHXLI I\TVIWWMSRSJLSWXMPIJIIPMRKWGSYTPIH[MXLXLIVIJYWEPF]SRISVX[SKVSYTQIQFIVW XSHMWGYWWKVSYTH]REQMGWLEZIKSRIYRGLIGOIH 'SYRWIPQER 8LMWMWRSXXS WE]XLEXPIEHIVPIWWKVSYTWGERRSX[SVO8SFIIJJIGXMZILS[IZIVQIQFIVWQYWXGSST IVEXMZIP]XEOI SR XLI PIEHIVWLMT JYRGXMSRWSJ GSRXMRYMRK XSVIEJJMVQXLI KVSYTtW XEWOTVSGIWWERHZMWMSR VITIEXIHP]IQTLEWM^MRKXLIRIIHJSVEWEJIKVSYTGPM QEXIMR [LMGLXSIRKEKIMRXLIMV[SVO ERH QEMRXEMRMRKXLIKVSYTtWRSVQWERH FSYRHEVMIW FIX[IIR TIVQMWWMFPI ERH MQTIVQMWWMFPI FILEZMSVW;LIXLIV SRI TIVWSR JYPJMPPWXLIQSVXLIKVSYTEWE[LSPIWLEVIWXLIQPIEHIVWLMTJYRGXMSRWEVIRIGIWWEV] XSIJJIGXMZIKVSYTTVSGIWWIW
8LVII'LEVEGXIVMWXMGWSJ0IEHIVW 6IKEVHPIWWSJ XLI TEVXMGYPEVWSJ ER] SRI XLISV]SJPIEHIVWLMT XLIVIEVIKIRIVEPP]EX PIEWXXLVIIGLEVEGXIVMWXMGW[II\TIGXPIEHIVWXSQERMJIWX8LIWIEVIZMWMSRGVIHMFMPMX] ERHGSQQYRMGEXMSRGSQTIXIRGI:MWMSR TVSZMHIWXLIHMVIGXMSRJSVXLIKVSYTTVSGIWW GVIHMFMPMX] XLIVIEWSRJSVXLIKVSYTXSJSPPS[XLEXHMVIGXMSR ERHGSQQYRMGEXMSRGSQ TIXIRGI XLIQIERWJSVGSQQYRMGEXMRKXLEXHMVIGXMSRXSXLIKVSYT)EGLSJXLIWIGSR XVMFYXIWXSXLIEFMPMX]SJEPIEHIVXSMRJPYIRGIXLIKVSYTTVSGIWW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
8LVII'LEVEGXIVMWXMGWSJ0IEHIVW
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tW QSVEPI /IITMRKXLI KSEPMR WMKLX[LMPIOIITMRKXLIKVSYTSRXVEGOXS[EVHEGGSQTPMWLMRKMXMWEGSQTPI\XEWO
'VIHMFMPMX] )JJIGXMZIPIEHIVWLMTHITIRHWSRXLIKVSYTtW[MPPMRKRIWWXSJSPPS[8LMW[MPPMRKRIWWMW KIRIVEPP] FEWIH SR XLI KVSYTtW TIVGITXMSR SJ XLI PIEHIVtW EFMPMXMIW ERH GVIHMFMPMX] ,EGOQER .SLRWSR ;MXLSYX XLI KVSYTtW XVYWX ERH GSRJMHIRGI XLI QSWX ZMWMSREV]PIEHIVMWTEVEP]^IHMRLIVSVLMWEXXIQTXWXSHMVIGXXLIKVSYTXS[EVHXLIWXEXIH KSEPWERHZMWMSRW8LI[MPHIVRIWWPIEHIV[SYPHFITS[IVPIWWXSLIPTXLIKVSYTMJQIQ FIVWHMHRSXTEVXMGMTEXIMRXLITVSGIWW-JXLI]HSRSXFIPMIZIMRXLIPIEHIVtWEFMPMX]XS LIPTXLIQJMRHXLI[E]XSWEJIX]SVMJXLI]HSRSXXVYWXLMQSVLIVXSOIITXLIKVSYTt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
'SQQYRMGEXMSR'SQTIXIRGI %RSXLIVMQTSVXERXTMIGISJKVSYTPIEHIVWLMTMWGSQQYRMGEXMSRGSQTIXIRGI (VYGOIV *SVEPIEHIVXSFIIJJIGXMZIWLISVLIQYWXFIEFPIXSXVERWPEXILIVSVLMWVIPIZERX ORS[PIHKIWOMPPWERHWMXYEXMSREPP]ETTVSTVMEXIFILEZMSVXSKVSYTQIQFIVWMR[E]W XLI] GER YRHIVWXERH ERH XVYWX 'SQQYRMGEXMSR GSQTIXIRGI MRGPYHIW XLI EFMPMX] XS HIGSHI ERH YRHIVWXERH QIWWEKIW GSQMRK JVSQ XLI IRZMVSRQIRXhFSXL [MXLMR XLI KVSYTERHJVSQSYXWMHIMXhERHXSIRGSHIERHMRXIVTVIXXLEXMRJSVQEXMSRJSVXLIKVSYT
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
0IEHIVWLMTMR7QEPP+VSYTW
QIQFIVWSVJSVXLSWIVIPIZERXSXLIVWSYXWMHIXLIKVSYT%PIEHIVQYWXFIEFPIXSGSQ QYRMGEXIMRE[E]XLEXqYTLSPHWERHsJMXWMRXSt XLII\MWXMRKGYPXYVEPZEPYIW]WXIQSV XVERWGIRHW XLEX W]WXIQ F] EVXMGYPEXMRK ER EPXIVREXMZI ZEPYI W]WXIQr &EVKI T %WWYGLPIEHIVWQYWXFIEFPIXSYRHIVWXERHXLIMVIRZMVSRQIRXERHMRXIVTVIXMX MRE[E]XLEXQEOIWWIRWIXSKVSYTQIQFIVW &YGOMRKLEQ 'SJJQER &IJSVIKSMRKSRE[LMXI[EXIVVEJXMRKXVMTXLIVMZIVKYMHII\TPEMRWXSXLIVEJXIVW [LEXXSI\TIGXERHLS[XSVIWTSRHXSEKMZIRWIXSJGSQQERHWXLEXXLIKYMHI[MPPMWWYI [LIRXLI]VIEGLXLI[LMXI[EXIV&IJSVIXLI]KIXMRXLIVEJXERHJSPPS[XLIMRWXVYGXMSRW XLSYKLXLI]RIIHXSFIPMIZIXLEXXLIKYMHIORS[WXLIVMZIVERHLS[XSMRXIVTVIXXLIGYV VIRXWIHHMIWERHJEPPW XLEXWLISVLIMWEFPIXSQERIYZIVXLIVEJXWEJIP]XLVSYKLSV EVSYRHXLI VETMHWGEVIWEFSYXXLIVEJXIVWt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qVIEHr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
'LSSWMRKE0IEHIV &IGEYWIWQEPPKVSYTWEVIGSRZIRIHJSVEZEVMIX]SJTYVTSWIW[MXLMRHMZIVWIGSRXI\XW ERH[MXLEZEVMIX]SJTISTPIXEPIRXWXMQIIRIVK]ERHXEWOWQER]JEGXSVWMRJPYIRGIXLI UYEPMX]ERHX]TISJPIEHIVWLMTRIIHIHJSVERIJJIGXMZIKVSYTTVSGIWW7SQIWQEPPKVSYTW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
'LSSWMRKE0IEHIV
EVIJSVQIHJSVEPMQMXIHTYVTSWIJSVEPMQMXIHTIVMSHSJXMQI[MXLPMQMXIHVIWSYVGIW ERHI\TIGXMRKPMQMXIHGSQQMXQIRXJVSQQIQFIVW7YGLEKVSYTQE]WMQTP]RIIHE PIEHIV[LSGEROIITXLITVSGIWWSRXVEGO-XQE][ERXXSPIEZIQSWXSJXLIHIGMWMSRQEO MRKXSSRITIVWSR[MXLSRP]ERSHSJETTVSZEPJVSQXLISXLIVQIQFIVW3XLIVKVSYTW LEZIFVSEHIVXEWOWERHQSVIGSQTPI\KSEPW8LSWIQE]FIRIJMXJVSQEQSVIGSPPEFSVE XMZIPIEHIVWLMTWX]PI0IEHIVWQE]FIETTSMRXIHSVIPIGXIHSVXLI]QE]IQIVKIHYVMRK XLIKVSYTTVSGIWW0IEHIVWLMTQE]EPWSFIWLEVIHEQSRKKVSYTQIQFIVW
%TTSMRXIH0IEHIVW *SVQER]KVSYTWJSVQIH[MXLMRERSVKERM^EXMSREPGSRXI\XXLIPIEHIVMWETTSMRXIHF]E QEREKIVMRXLIPEVKIVSVKERM^EXMSR%RETTSMRXIHKVSYTPIEHIV QE]WIXYTXLIKVSYT GEPPXLIJMVWXQIIXMRKWIXXLIEKIRHEIWXEFPMWLKVSYTRSVQWERHI\TIGXEXMSRWIWXEFPMWL VIPEXMSRWLMTW[MXLSYXWMHIWSYVGIWSJTS[IVERHEGXEWEREVFMXIVSJXLIKVSYTTVSGIWW 8LMWQE]FIWSQISRI[MXLTSWMXMSRSVVIJIVIRXTS[IVMRERSVKERM^EXMSRSVWSQISRI [MXLTEVXMGYPEVI\TIVXMWIMRXLIEVIEYRHIVMRZIWXMKEXMSR%RETTSMRXIHPIEHIV[MXLE VIWTIGXIH FEWI SJ TS[IV GER FI FIRIJMGMEP MR WIXXMRK E TSWMXMZI XSRI JSV XLI KVSYT TVSGIWW-REHHMXMSRE[IPPGSRRIGXIHPIEHIV[MXLMRXIVTIVWSREPPMROEKIWSVTSWMXMSREP TS[IVQE]QEOIMXIEWMIVJSVXLIKVSYTXSSFXEMRMRJSVQEXMSRERHVIWSYVGIWRIIHIHJSV XLIXEWO ,EVVMW %PIEHIV[LSGSQQERHWVIWTIGXFEWIHSRXLIKVSYTtWTIVGIT XMSRWSJLIVSVLMWTS[IVQE]FIEFPIXSIQTS[IVKVSYTQIQFIVWERHQEREKIGSRJPMGX QSVIIJJIGXMZIP]XLERWSQISRIRSXEW[IPPTIVGIMZIH 3RIHVE[FEGOXSERETTSMRXIHPIEHIVMWXLIXIRHIRG]WYGLPIEHIVWQE]LEZIXS I\IVX XLIMV TS[IV ERH SZIVGSRXVSP XLI KVSYT TVSGIWW XLYW HMQMRMWLMRK XLI TSXIRXMEP GSRXVMFYXMSRWSJSXLIVQIQFIVW;LIRQIQFIVWJIIPFEVVIHJVSQTEVXMGMTEXMRKJYPP] XLI]QE]YWIXLIMVS[REZSMHERGITS[IV[MXLXLIEHZIVWIMQTEGXEWWSGMEXIH[MXLE PSWWSJXLIMVMRTYX)ZIR[LIREPIEHIVMWFIRIZSPIRXERHGEVMRKMRLMWSVLIVEWWIVXMSR SJ TS[IV ERH GSRXVSP XLI KVSYT QE] JIIP HMWIQTS[IVIH ERH PSWI QSXMZEXMSR ERH E WIRWISJWLEVIHVIWTSRWMFMPMX]JSVXLISYXGSQI'SRXVSPSJKVSYTTVSGIWWMWEHMJJMGYPX FEPERGIXSLSPH%R]PIEHIVQE]FIXIQTXIHXSI\IVXQSVIGSRXVSPXLERMW[EVVERXIH FYXXLSWI[LSEVIETTSMRXIHQE]FIQSVIMRGPMRIHXSQSZIMRXLEXHMVIGXMSRXLERXLSWI [LSEVIQSVIHIQSGVEXMGEPP]GLSWIR
)PIGXIH0IEHIVW %RIPIGXIHKVSYTPIEHIV MWSRIXLIKVSYTGLSSWIWXLVSYKLMXWS[RJSVQEPTVSGIWWIW 8LIKVSYTQE]GLSSWIXLIQFEWIHSRXLIMVI\TIVXMWI[MXLXLIXEWOEXLERHSRXLIMV ORS[REFMPMX]XSPIEHEKVSYTTVSGIWWSVFIGEYWISJXLIMVTIVGIMZIHTS[IVMRWSQI SXLIVEVIE)PIGXIHPIEHIVWWLEVIWSQIGLEVEGXIVMWXMGW[MXLETTSMRXIHPIEHIVWMRXLEX XLIMVTSWMXMSR[MXLMRXLIKVSYTMWJSVQEPM^IHERHXLIMVVIPEXMSRWLMTXSSXLIVQIQFIVWMW EWXLIqJMVWXEQSRKIUYEPWr)ZIR[LIRPIEHIVWEVIGLSWIRWMQTP]JSVXLIGSRZIRMIRGI SJLEZMRKWSQISRIGEPPXLIQIIXMRKWERHWIXXLIEKIRHE[MXLRSSXLIVJSVQEPTS[IVMR XLIKVSYTXLITSWMXMSRMXWIPJJVIUYIRXP]IRLERGIWXLITIVGIMZIHTS[IVSJXLITIVWSR [LSMWGLSWIR%RIPIGXIHPIEHIVMWMRLIVIRXP]QSVIEGGSYRXEFPIXSXLIKVSYTQIQFIVW XLERMWERETTSMRXIHSRIERHQE]FIPIWWPMOIP]XSEFYWIXLEXTS[IVFYXQSWXSJYWGER TVSFEFP]GMXIMRWXERGIWMR[LMGLHIQSGVEXMGEPP]IPIGXIHPIEHIVWLEZIXEOIRMRETTVSTVM EXIPMFIVXMIW[MXLXLII\IVGMWISJTS[IV
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
0IEHIVWLMTMR7QEPP+VSYTW
)QIVKIRX0IEHIVW %RIQIVKIRXKVSYTPIEHIV MWSRI[LSqWXEVXWSYXEWER]SXLIVQIQFIVSJEKVSYTSJ TIIVWFYXKVEHYEPP]IQIVKIWEWPIEHIVMRXLITIVGITXMSRWSJXLISXLIVQIQFIVWF] TVSZMHMRKPIEHIVWLMTWIVZMGIWr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q8LI1MRRIWSXE 7XYHMIWWLS[XLEXPIEHIVWIQIVKIXLVSYKLEQIXLSHSJVIWMHYIWMR[LMGLKVSYTQIQ FIVWEVIVINIGXIHYRXMPSRP]SRIVIQEMRWr &IIFI 1EWXIVWSR T 3RXLISXLIVLERHMREKVSYT[MXLERETTSMRXIHSVIPIGXIHPIEHIVEQIQFIV[MXL I\TIVXMWIMRXLITEVXMGYPEVEVIEYRHIVGSRWMHIVEXMSRQE]IQIVKIEWLIVSVLMWWOMPPWEVI MRGVIEWMRKP]GEPPIHSRHYVMRKXLIKVSYTTVSGIWW-JEWQEPPKVSYTLEWFIIRGSRZIRIHXS HIZIPST E QEVOIXMRK WXVEXIK] JSV IPIGXVSRMG TEVXW ER I\IGYXMZI JVSQ XLI QEVOIXMRK KVSYTQMKLXFIETTSMRXIHXLIMRMXMEPKVSYTPIEHIV%WXLIHMWGYWWMSRHIZIPSTWERSXLIV MRHMZMHYEPQE]IQIVKIEWIWTIGMEPP]ORS[PIHKIEFPIEFSYXXLIQEVOIXRMGLIJSVXLIWI TEVXMGYPEVGSQTSRIRXTEVXW-JXLEXTIVWSRKEMRWXLIVIWTIGXERHXVYWXSJXLIKVSYTXLI QIQFIVWQE]XYVRMRGVIEWMRKP]XSLIVSVLMQXSXEOISZIVXLIKVSYTTVSGIWW 'YQ QMRKW ;SVPI] 8LMWPEXXIVX]TISJIQIVKIRXPIEHIVWLMTMWWMQMPEVXSXLIX]TI EWWSGMEXIH[MXLWLEVIHSVJEGMPMXEXMZIPIEHIVWLMT
7LEVIH *EGMPMXEXMZI 0IEHIVWLMT %W MXW REQI MQTPMIW WLEVIH SV JEGMPMXEXMZI PIEHIVWLMT MW FEWIH SR E GSPPEFSVEXMZI KVSYTIJJSVX[MXLQIQFIVWWLEVMRKTS[IVEWXLIXEWOHMGXEXIW%WXLIKVSYTQIQFIVW FIGSQIMRGVIEWMRKP]IQTS[IVIHPIEHIVWFIGSQIJEGMPMXEXSVWVEXLIVXLERHMVIGXSVWSV QEREKIVW -RGVIEWMRK RYQFIVW SJ SVKERM^EXMSRW LEZI XYVRIH XS WIPJQEREKMRK [SVO XIEQWERHTVSFPIQWSPZMRKKVSYTW ,EVVMW i -RXLIWIGEWIWEXIEQMWTYX XSKIXLIV[MXLXLIIQTS[IVQIRXSJKVSYTQIQFIVWEWETVMQEV]KSEP 'YQQMRKW
;SVPI] %WXLIKVSYTTVSKVIWWIWXS[EVHKVIEXIVIQTS[IVQIRXXLIPIEHIVtWVSPI WLMJXW JVSQ HMVIGX XS MRHMVIGX MRZSPZIQIRX 6EXLIV XLER FIMRK MR GLEVKI XLI PIEHIV FIGSQIWEJEGMPMXEXSV[LSIQTS[IVWSXLIVQIQFIVWXSGEVV]SYXXLIVIWTSRWMFMPMXMIW ERH JYRGXMSRW8LI JEGMPMXEXMZI PIEHIVVIKEVHWTS[IV EW WSQIXLMRK XSFI WLEVIH [MXL KVSYTQIQFIVW8LMWIQTS[IVQIRXSJKVSYTQIQFIVWSJXIRPIEHWXSFIXXIVPSRKXIVQ VIWYPXW6EXLIVXLERXLIPIEHIVtWIPMGMXMRKVIWTSRWIWJVSQKVSYTQIQFIVWSVXV]MRKXS MRWXMPPQSXMZEXMSRMRIEGLTIVWSRMRHMZMHYEPWGSRXVMFYXIJVIIP]FIGEYWIIEGLTIVWSRLEW WSQIS[RIVWLMTMRXLIKVSYTTVSGIWW %W8EFPI MRHMGEXIWXLIVIEVIEHZERXEKIWERHHMWEHZERXEKIWXSXLMWX]TISJ KVSYTPIEHIVWLMT8SXLII\XIRXXLEXKVSYTQIQFIVWEVIGSQQMXXIHXSXLITVSGIWWERH
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
8EWOWSJ+VSYT0IEHIVW 8%&0)
%HZERXEKIWERH(MWEHZERXEKIWSJ7LEVIH SV*EGMPMXEXMZI 0IEHIVWLMT
%HZERXEKIW
(MWEHZERXEKIW
4VSZMHIWEFVSEHIVVERKISJMRJSVQEXMSRSR XLITVSFPIQEPXIVREXMZIWERHVIGSQQIRHIH WSPYXMSR 0IRHWEQSVIGVIEXMZIETTVSEGLXSTVSFPIQ WSPZMRK YWIWI\TIVXMWIMRJSVQEXMSRERHQIQFIV ORS[PIHKI +MZIWQIQFIVWERMRGVIEWMRKE[EVIRIWW SJPIEHIVtWTVSFPIQWERHLYVHPIW -RGVIEWIWGSQQMXQIRXXSMWWYIWERHWSPYXMSR )RLERGIWQSVEPI
0IWWTIVWSREPEGGSYRXEFMPMX]JSVKVSYTtW HIGMWMSR EFEHKVSYTHIGMWMSRMWWXMPPEFEH HIGMWMSR 8EOIWKVSYTtWIRIVK]ERHJSGYWE[E]JVSQXEWO MJKIXXMRKXLINSFHSRIMWXLISRP]MWWYIRSX[SVXL XLIXMQI -RGVIEWIWSTTSVXYRMX]JSVHMWEKVIIQIRXSZIV MWWYIW 8EOIWQSVIXMQI %PPS[WWXVSRKZSMGIWXSHSQMREXI
WLEVIMRXLIVIWTSRWMFMPMX]EW[IPPEWMRXLITS[IVXLITVSGIWWMW[IPPWIVZIH8[STVMR GMTEPHMWEHZERXEKIWXSXLMWX]TISJPIEHIVWLMTEVIXLEXGSRJPMGXWQE]FIQSVIHMJJMGYPX ERHXMQIGSRWYQMRKXSVIWSPZIMJRSSRIQIQFIVMWIQTS[IVIHXSQIHMEXIXLIQERH XLEXGLESWQMKLXIRWYIMJXLIVIMWRSSRITIVWSRSZIVWIIMRKXLIEGGSQTPMWLQIRXSJWTI GMJMGXEWOWERHGSSVHMREXMRKSZIVEPPVIWYPXW,S[IZIV[MXLEGSLIWMZIKVSYTERHE[IPP HIJMRIHXEWOERHWIXSJKSEPWXLMWX]TISJPIEHIVWLMTQE][SVO[IPP
8EWOWSJ+VSYT0IEHIVW -REWQEPPKVSYTWSQISRIRIIHWXSJEGMPMXEXIXLIGEPPMRKERHTPERRMRKSJXLIQIIXMRKW -REHHMXMSREXPIEWXXLVIIXEWOWYWYEPP]JEPPXSKVSYTPIEHIVW JEGMPMXEXMRKXLIQIIXMRKW IQTS[IVMRKQIQFIVWXSIRWYVIJYPPTEVXMGMTEXMSRERHQEREKMRKGSRJPMGXW
*EGMPMXEXMRK1IIXMRKW ;LMPIELMKLP]QSXMZEXIHXIEQSVKVSYTQMKLXFIEFPIXSTVSGIIHIJJIGXMZIP]XS[EVHMXW KSEPWHYVMRKQIIXMRKWSRITIVWSRYWYEPP]RIIHWXSEGGITXXLITVMQEV]VIWTSRWMFMPMX] JSV JEGMPMXEXMRK QIIXMRKWhJSV QEOMRK GIVXEMR XLI FEPP KIXW VSPPMRK XLEX MWWYIW EVI IRKEKIHERHVIWSPZIHMRWEXMWJEGXSV][E]WERHXLEXXLIPEVKIVKSEPWEVIOITXMRZMI[ (YVMRKPMZIP]HMWGYWWMSRMXQE]JEPPXSEPIEHIVXSOIITXLIKVSYTSRXEWO;LMPIXLI PIEHIVQE][ERXXSWIIXLIKVSYTI\TPSVIEWQER]VIPIZERXWMHIMWWYIWEWTSWWMFPIMR WTIGMJMGEVIEWMXMWMQTSVXERXXSFEPERGIXLIXMQIERHIRIVK]XLIKVSYTWTIRHWSRMRHM ZMHYEPHMWGYWWMSRTSMRXWEKEMRWXXLIEZEMPEFPIXMQIERHVIWSYVGIWXLIKVSYTLEWEXMXW HMWTSWEP7SQIMWWYIW[MPP[EVVERXEPEVKIVWLEVISJXLIKVSYTtWVIWSYVGIWXLERSXLIVW ERHMXFIGSQIWXLIPIEHIVtWXEWOXSQEOIWYVIXLEXXMQIERHIRIVK]EVIETTVSTVMEXIP] EPPSGEXIH 8S MRGVIEWI ]SYV IJJIGXMZIRIWW MR JEGMPMXEXMRK QIIXMRKW ]SY [MPP [ERX XS VIZMI[XLIq+YMHIXS1IIXMRK)JJIGXMZIRIWWr *MKYVI TVIWIRXIHMR'LETXIV
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
0IEHIVWLMTMR7QEPP+VSYTW
)QTS[IVMRK+VSYT1IQFIVW -R GSQTPI\ TVSFPIQWSPZMRK XEWOW PIEHIVW TPE] GVYGMEP VSPIW MR IQTS[IVMRK KVSYT QIQFIVW ERHIRGSYVEKMRKJYPPTEVXMGMTEXMSRERHGSRWMHIVEXMSRSJEPPTSMRXWSJZMI[-R SXLIV[SVHWXLI]TPE]OI]VSPIWMRHIZIPSTMRKXLIW]RIVK]RIIHIHJSVGVIEXMZITVSFPIQ WSPZMRK-RER]KVSYTXLIVIEVIYWYEPP]XLSWI[LSJIIPIRXMXPIHXSI\TVIWWMRKXLIMVSTMR MSRWERHGSRXVMFYXMRKXLIMVTIVWTIGXMZIWERHXLSWI[LSLERKFEGOERHJIIPXLIMVZMI[ TSMRXWQE]RSXFIEWZEPYEFPIEWXLSWISJSXLIVW*SVEKVSYTXSKEMRXLIFIRIJMXSJIEGL QIQFIVtWYRMUYIGSRXVMFYXMSRMXQE]FIMRGYQFIRXSRXLIPIEHIVXSIRGSYVEKIXLSWI [LSJIIPHMWIQTS[IVIHERHIWXVERKIHJVSQXLITVSGIWWXSFIGSQIMRZSPZIH)RKEKMRK XLIQ[LMPIEZSMHMRKQEOMRKXLIQSVSXLIVWYRGSQJSVXEFPIMWXLILEPPQEVOSJEWOMPP JYPPIEHIV
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t QEVOIX QMKLX XEOI TPEGI [MXLMR E PEMWWI^JEMVI W]WXIQ [LIVIEQYRMGMTEPMX]WIXWEWMHIEKMZIREVIESRGIVXEMRHE]WSJXLI[IIOJSVJEVQIVWXS GSQIERHWIPPXLIMVTVSHYGI8LIJEVQIVWQE]RSXLEZIER]JSVQEPVIPEXMSRWLMTXSXLI W]WXIQSVXSSRIERSXLIVEWMHIJVSQGSQMRK[LIRXLI]LEZIWSQIXLMRKXSWIPP%WQEPP KVSYTJSVQIHXSHIGMHI[LIVIGIVXEMRFSSXLWWLSYPHFIWIXYTQMKLXLEZIZIV]PMXXPI
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
-RJPYIRGIWSR+VSYT0IEHIVWLMT
WXVYGXYVIJSVSVKERM^MRKMXWHIGMWMSRQEOMRKERHPIEHIVWLMTTVSGIWWIW]IXMXQE]FI IJJMGMIRXMRMXWHIGMWMSRQEOMRK
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tWHIGMWMSR QEOMRKJSVQEX%RI\EQTPISJXLMWGERFIWIIRMRQER]97MRHYWXVMIWt EXXIQTXWXS MRGVIEWI UYEPMX] MR XLI TVSHYGXMSR TVSGIWW 'EVSWIPPM 8VEHMXMSREPP] MRHYWXV] QEREKIQIRXLEWHMGXEXIHLS[UYEPMX]MWXSFISFXEMRIHERHLEWXSPHIQTPS]IIW[LEX XLI]QYWXHSXSEGLMIZIXLIKSEP .EFPSRWOM 1MWWMRKJVSQXLMWJSVQYPELEWFIIR XLIMRZSPZIQIRXSJXLIIQTPS]IIW[LSHSXLIEGXYEP[SVO*SVQER]IQTPS]IIWXLIWI UYEPMX] QERHEXIW LEZI FIIR RS HMJJIVIRX JVSQ ER] SXLIV QEREKIQIRX I\LSVXEXMSRW WYGLEWGSWXGYXXMRKVISVKERM^MRKWEJIX]VYPIWERHWYQQIVWGLIHYPIW,S[IZIVSRGI SVKERM^EXMSRW FIKER MRZSPZMRK IQTPS]IIW MR HIGMHMRK LS[ FIWX XS VIWSPZI UYEPMX] MWWYIWPMWXIRMRKXSXLIIQTPS]IIWERHXEOMRKMRXSEGGSYRXXLIMVI\TIVMIRGIORS[PIHKI ERHTIVGITXMSRWXLVSYKLKVSYTQIIXMRKWXLI]I\TIVMIRGIHERMQQIHMEXIMRGVIEWIMR UYEPMX];LIRIQTPS]IIWt MRTYX[EWWSYKLXERHMRGSVTSVEXIHMRXSXLIHIZIPSTQIRXSJE UYEPMX]MQTVSZIQIRXWXVEXIK]XLI]JIPXEWIRWISJS[RIVWLMTERHEVIWYPXMRKGSQQMX QIRXXSMQTPIQIRXXLIMVWSPYXMSRW /IEVRW
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q0IEHIVWLMT FIGSQIW QSVI VIPIZERX ERH MQTSVXERXXSTISTPIMRXMQIWSJTIVGIMZIHGVMWMWERHXYVQSMPrXLEREXXMQIW[LIRXLMRKW EVIKSMRKVIPEXMZIP]WQSSXLP]-REHHMXMSR[MXLMRER]KVSYTGIVXEMRXEWOWQE]VIUYMVI UYMGOERHHIGMWMZIEXXIRXMSR[LMPISXLIVW[EVVERXPSRKIVXMQIJSVXLSYKLXJYPGSRWMHIV EXMSR%R IJJIGXMZI KVSYT PIEHIV LIPTW XLI KVSYT QEOI XLSWI HMWXMRGXMSRW ERH WEZIW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
0IEHIVWLMTMR7QEPP+VSYTW
ZEPYEFPIXMQIERHIRIVK]JSVXLIMQTSVXERXKVSYTMWWYIW-RKIRIVEPXLIPIEHIVtWXEWOMW XSGSSVHMREXIERHGSQQYRMGEXI8LMWMRZSPZIWPMWXIRMRKERHVIWTSRHMRKEPPS[MRKJSV GVIEXMZIHMWGYWWMSRERHGSRJPMGXOIITMRKXLIKVSYTSRXVEGOERHQEMRXEMRMRKGMZMPMX] XLVSYKLSYXXLITVSGIWW
0IEHIVWLMT7X]PIW %WMRER]LYQERIRHIEZSVQEMRXEMRMRKFEPERGI[MXLMREH]REQMGQSVTLSKIRMGIRZM VSRQIRXMWEGLEPPIRKIRSXEP[E]WWYGGIWWJYPP]QIX%PXLSYKLWQEPPKVSYTWEVISJXIR FIWXWIVZIHF]ZEVMSYWTEVXMGMTEXSV]WX]PIWSJPIEHIVWLMTVIWIEVGLMRHMGEXIWXLEX%QIV MGERPIEHIVWSJXIRXIRHXSFIEGVSWWFIX[IIR.SLR;E]RIERHXLI0SRI6ERKIV &VEH JSVH 'SLIR ,EVVMW %QIVMGERWJVIUYIRXP]XIRHXSXEOIEWEPIEHIVWLMT QSHIPXLEXSJXLILIVSMGEYXSGVEXMGPIEHIVMRELMIVEVGLMGW]WXIQ;ISJXIRPSSOXSXLI PIEHIVXSWSPZITVSFPIQWSVXSSZIVWIIKVSYTIJJSVXW8LIPIEHIVFIGSQIWXLIGIRXIVSJ EXXIRXMSRERHMWI\TIGXIHXSVYRXLIWLS[8[SWTIGMJMGX]TIWSJLIVSMGEYXSGVEXMGPIEH IVWLMTFILEZMSVWSJXIRTVIZEMPhXLIPIEHIVEWXIGLRMGMERERHPIEHIVEWGSRHYGXSV%R EPXIVREXMZIMWXLIPIEHIVEWGSEGLETTVSEGL
0IEHIVEW8IGLRMGMER -REKVSYTWIXYTXSWSPZIETVSFPIQ[MXLXIGLRMGEPMWWYIWYRHIVP]MRKMXSV[MXLVIUYMVI QIRXWJSVWTIGMEPM^IHORS[PIHKISVI\TIVMIRGI[IEVIETXXSPSSOXSWSQISRI[MXL I\TIVXMWIMRXLEXEVIEXSPIEHXLITVSGIWWhXLIPIEHIVEWXIGLRMGMER -XFIGSQIWXLIXIR HIRG]SJXLIKVSYTXSHIJIVXSXLEXTIVWSR[LIRIZIVEHMJJMGYPXHIGMWMSRGSQIWXSXLI JSVI-JJSVI\EQTPIEKVSYTMWGSRZIRIH XSI\EQMRIEPXIVREXMZIWXSXVEHMXMSREP ERH I\TIRWMZILIEPXLGEVISTXMSRWJSVERSVKERM^EXMSRtWIQTPS]IIWXLIKVSYTQE]PSSOXSE LIEPXLGEVITVSZMHIVXSPIEHXLIHMWGYWWMSR;LIRXLIXSTMGWYRHIVGSRWMHIVEXMSRQSZI XS[EVHEHMWGYWWMSRSJXLIQIVMXWSJZEVMSYWSTXMSRWJSVXVIEXQIRXSJWTIGMJMGX]TIWSJ TL]WMGEP SV TW]GLSPSKMGEP MQTEMVQIRX KVSYT QIQFIVW QE] XYVR XS XLMW PIEHIV JSV MRWMKLXERHHMVIGXMSR7SSRMXFIGSQIWETTEVIRXXLEXMXMWIEWMIVERHQSVIIJJMGMIRXXS WMQTP]EWOXLIPIEHIVXSHIXIVQMRIXLIFIWXGSYVWISJXVIEXQIRXJSVZEVMSYWERXMGMTEXIH MPPW%W[ILEZIHMWGYWWIHMRIEVPMIVWIGXMSRWXLMWQE]FIIJJMGMIRXJSVXIGLRMGEPGSR GIVRWSVJSVMWWYIWLEZMRKPMXXPIGSRWIUYIRGIFYX[LIRXLIMWWYIWMRZSPZIHEVIFVSEH VERKMRKERHSJVIPEXMZIP]LMKLMQTSVXERGIXSERYQFIVSJTISTPIXLIPEVKIVPIWWWTIGMJ MGEPP]XIGLRMGEPEWTIGXWSJXLIWIMWWYIWRIIHXSFIGSRWMHIVIH -X QYWX FI VIQIQFIVIH XLEX XLSWI [MXL XIGLRMGEP I\TIVXMWI VIKEVHPIWW SJ LS[ HIITSVFVSEHEVIPMOIP]XSFIFMEWIHXS[EVHETEVXMGYPEVTSMRXSJZMI[-XMWIEW]XSJSV KIXXLEXQSWXKVSYTQIQFIVWTVSFEFP]LEZIWSQILIEPXLI\TIVMIRGISJXLIMVS[RERH QE]FIEFPIXSSJJIVMRWMKLXWJVSQXLITIVWTIGXMZISJEGSRWYQIVXLEXXLILIEPXLGEVI TVSZMHIVMWETXXSSZIVPSSO,S[IZIV[LIRKVSYTQIQFIVWXLMROXLI]HSRSXLEZITEV XMGYPEVORS[PIHKISJXLIMQQIHMEXIMWWYIWYRHIVHMWGYWWMSRXLI]QE]JIIPHMWIQTS[ IVIHERHFIGSQIMRGVIEWMRKP]HMWIRKEKIHJVSQXLITVSGIWW-XMWIEW]XSWIILS[XLI qI\TIVXr EW PIEHIV SJ XLMW HMWGYWWMSR GSYPH XEOI XLI EGORS[PIHKQIRX SJ LIV SV LMW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
0IEHIVWLMT7X]PIW
I\TIVXMWIEWEGYIXSGSRXVSPXLIHMWGYWWMSRERHXLIIZIRXYEPSYXGSQISJXLIHIGMWMSR QEOMRK TVSGIWW%W MR ER] KVSYT TVSGIWW XLI VIWTSRWMFMPMX] JSV PIEHIVWLMT ERH XLI VIWYPXWSJHIGMWMSRQEOMRKEVIWLEVIHF]KVSYTQIQFIVW[LIXLIVSVRSXXLI]EGORS[P IHKIXLIMVTEVXMRMX)EGLQIQFIVLEWXLITS[IVERHVIWTSRWMFMPMX]XSTEVXMGMTEXIMRXLI PIEHIVWLMTSJXLIKVSYT
0IEHIVEW'SRHYGXSV %W TEVX SJ XLI ;IWXIVR SVMIRXEXMSR XS[EVH LMIVEVGLMG PIEHIVWLMT QSHIPW [I SJXIR EWWYQI XLEX XLI PIEHIV WLSYPH SVGLIWXVEXI XLI IRXMVI KVSYT TVSGIWWh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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
0IEHIVWLMTMR7QEPP+VSYTW
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t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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
)\IVGMWIW
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7,%6)(0)%()67,-4630)7 7LEVIHPIEHIVWLMTGERGSQIJVSQQIQFIVWSJEKVSYTXEOMRKSRWTIGMJMGVSPIWERHGSR XVMFYXMRKXSXLISZIVEPPKVSYTTVSGIWWMR[E]WXLEXEPPS[EKVSYTGSRWIRWYWERHWSPYXMSRXS IQIVKI8LIJSPPS[MRKI\IVGMWIMWEQSHMJMGEXMSRSJSRIHIZIPSTIHF]6EMRFS[,E[OERH ;MRH)EKPISJXLI)LEQE-RWXMXYXI q1EREKMRK%QIVMGERr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qREQI XEKrXSWMXMRJVSRXSJLMQSVLIVXLEXMHIRXMJMIWXLIEWWMKRIHTIVWTIGXMZI JSVI\EQTPIqTVI WIRXGSRHMXMSRrqLMWXSV]SJTVSFPIQrqRIIHJSVGLERKIr ERHWLSYPHGSRXVMFYXIGSQQIRXW XSXLIHMWGYWWMSRSRP]JVSQXLEXSRITIVWTIGXMZI,S[HSIWPIEHIVWLMTMR XLIHMWGYWWMSR IZSPZI#,S[MWXLEXPIEHIVWLMTWLEVIHERHMRJPYIRGIHF]XLIVSPIWTISTPIXEOISR#(SE WSPYXMSRERHEKVSYTGSRWIRWYWIQIVKI#
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) * * ) ' 8 - : ) 0 ) % ( ) 6 7 % 2 % 2 % 0= 7 - 7 ;IEPPLEZII\EQTPIWSJIJJIGXMZIPIEHIVW;IPPORS[RPIEHIVWWYGLEW1SXLIV8IVIWESV JSVQIV7IGVIXEV]SJ7XEXI'SPMR4S[IPPEVISJXIRVIJIVIRGIH[LIRWSQISRIEWOW[LS[I XLMROMWERIJJIGXMZIPIEHIV*SVXLMWI\IVGMWIREQIEXPIEWXX[SMRHMZMHYEPW]SYFIPMIZIEVI IJJIGXMZIPIEHIVWMRIHYGEXMSRKSZIVRQIRXVIPMKMSRERHFYWMRIWW8LIWIHSRSXLEZIXSFI PIEHIVWIZIV]SRI[MPPVIGSKRM^IhXLI]QIVIP]RIIHXSFIPIEHIVW]SYFIPMIZIEVIIJJIGXMZI ;VMXIHS[RXLIXVEMXWERHEGXMSRWXLEX]SYFIPMIZIQEOI]SYVPIEHIVWIJJIGXMZI
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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0IEHIVWLMTMR7QEPP+VSYTW
8VEMXW
%GXMSRW
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
CCCCCCCCCCCCCC
)HYGEXMSR0IEHIVW
+SZIVRQIRX0IEHIVW
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0 ) % ( ) 6 7 , - 4 5 9 3 8 ) 7 % 7 + 9 - ( ) 7 %WEKVSYTHIXIVQMRIXLIYRHIVP]MRKHMVIGXMSRWYKKIWXIHMRIEGLSJXLIJSPPS[MRKUYSXIW 3JXLIFIWXPIEHIVW[LIRXLIMVXEWOMWEGGSQTPMWLIHXLIMV[SVOHSRIXLITISTPI[MPP VIQEVOq;ILEZIHSRIMXSYVWIPZIWrh0ES8^Y 0IEHIVWLMTMWPMFIVEXMRKTISTPIXSHS[LEXMWVIUYMVIHSJXLIQMRXLIQSWXIJJIGXMZI ERHQSWXLYQER[E]TSWWMFPIh1E\(I4VII %KSSHPIEHIVXEOIWEPMXXPIQSVISJLMWSVLIVWLEVISJXLIFPEQIEPMXXPIPIWWSJLMWSV LIVWLEVISJXLIGVIHMXh%VRSPH+PEWS[ 8LILSVWIRIZIVORS[W-tQXLIVIYRXMPLIRIIHWQIh;MPPMI7LSIQEOIV ;LSIZIV[MWLIWXSFIKVIEXEQSRK]SYQYWXFI]SYVWIVZERXERH[LSIZIV[MWLIWXS FIJMVWXEQSRK]SYQYWXFIWPEZIXSEPPh.IWYW'LVMWX ;LEXGSQQSRXLIQIWIQIVKIJVSQXLIWISFWIVZEXMSRW#,S[WLSYPH[IJYRGXMSREW XIEQPIEHIVWhEWEXIGLRMGMERGSRHYGXSVSVGSEGL#
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)\IVGMWIW
=3 9 6 4 ) 6 7 3 2 % 0 0 ) % ( ) 6 7 , - 4 5 9% 0 - 8 - ) 7 q0IEHIVWEVIRtXFSVRhEXPIEWXRSXJYPPFPS[R2IMXLIVEVIXLI]QEHIPMOIMRWXERXGSJJII -RWXIEHXLI]EVIWPS[FVI[IHr &S]IXX &S]IXX T 8SIRLERGI]SYVTIVWSREP HIZIPSTQIRXEWEPIEHIVMXMWYWIJYPXSVIXYVRXSXLIFEWMGWOMPPW]SYFVMRKXSEPIEHIVWLMTWMX YEXMSR=SYGERTVSGIIHJVSQXEOMRKXLMWTIVWSREPMRZIRXSV]XSHIZIPSTMRKETIVWSREPEGXMSR TPERJSVJYVXLIVHIZIPSTQIRX
;LEXIEVP]GLMPHLSSHI\TIVMIRGIWHMH]SYLEZIXLEXIRGSYVEKIH]SYXSWXERHMRJVSRX SJGPEWWFIXLIXIEQPIEHIVSVTIVJSVQ# ;LEXIHYGEXMSRI\TIVMIRGIWLEZI]SYLEHXLEXEHHIHXS]SYVPIEHIVWLMTEFMPMXMIW# ;LEXZSPYRXIIVSVI\XVEGYVVMGYPEVEGXMZMXMIWLEZI]SYFIIRMRZSPZIHMRXLEXHIZIPSTIH ]SYVPIEHIVWLMTEFMPMXMIW# ;LEXEHHMXMSREPPIEHIVWLMTXVEMRMRKLEZI]SYLEH# ;LIRLEZI]SYJEMPIHEWEPIEHIV# ;LIRLEZI]SYWYGGIIHIHEWEPIEHIV# ,EZI]SYZEVMIH]SYVPIEHIVWLMTETTVSEGLIWHITIRHMRKSRXLIWMXYEXMSR# &EWIHSRXLMWMRZIRXSV][LEXMWWYIWMRXLMWGLETXIVHIWIVZIEVII\EQMREXMSR#
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qTVMZMPIKMRKSJQEPII\TIVMIRGIERHXLIsSXLIVM^MRKt SJJIQEPII\TIVMIRGI XLEXMWQEPIWERHQEPII\TIVMIRGIEVIXVIEXIHEWERIYXVEPWXERHEVHRSVQJSVXLIGYPXYVI ERH JIQEPIW ERH JIQEPI I\TIVMIRGI EVI XVIEXIH EW E WI\WTIGMJMG HIZMEXMSR JVSQ XLEX EPPIKIHP]YRMZIVWEPWXERHEVHr &IQ T *SPPS[YT5YIWXMSRW (MH]SYVKVSYTXIRHXS[EVHYXMPM^MRKERHVSGIRXVMWQ#;LEXEVIXLIMQTPMGEXMSRW [LIR[II\GPYHISVHMQMRMWLXLIMRTYXSJGIVXEMRKVSYTQIQFIVWSVSZIVIRHSVWIXLIMRTYX JVSQSXLIVQIQFIVW#;LEXWXITWGERFIXEOIRXSGLERKIXLIMQTEGXSJERHVSGIRXVMWQ# -J]SYVKVSYTHMHRSXTVEGXMGIERHVSGIRXVMWQHIXIVQMRI[LEXFEGOKVSYRHWSVI\TIVM IRGIWMRJPYIRGIHXLIKVSYTERHFITVITEVIHXSVITSVXXLIWIXSXLIVIWXSJXLIGPEWW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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0IEHIVWLMTMR7QEPP+VSYTW
6)*)6)2')7 &EVKI . / 0IEHIVWLMT 2I[=SVO 7X 1EVXMRtW 4VIWW &IIFI7% 1EWXIVWSR.8 'SQQYRMGEXMRKMR WQEPP KVSYTW 4VMRGMTPIW ERH TVEGXMGIW RH IH +PIRZMI[-0 7GSXX*SVIWQER &IQ70 8LIPIRWIWSJKIRHIV 2I[,EZIR =EPI 9RMZIVWMX]4VIWW &IRRMW; 2ERYW+ 8S[EVHXLIRI[QMPPIR RMYQ-R+6,MGLQER )H 0IEHMRKSVKERM^E XMSRW 4IVWTIGXMZIW JSV E RI[ IVE TT i 8LSYWERH3EOW'% 7EKI &PEOI66 1G'ERWI%% 0IEHIVWLMTHMPIQ QEWh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
&IRGLQEVO &YGOMRKLEQ 1 'SJJQER ' *MVWX FVIEO EPP XLI VYPIW ;LEX XLI [SVPHtW KVIEXIWX QEREKIVW HS HMJJIVIRXP] 2I[=SVO 7MQSR 7GLYWXIV 'EVSWIPPM1 5YEPMX]HVMZIRHIWMKRW 7ER(MIKS 4JIMJJIV 'PEVO/) 'PEVO1& 1IEWYVIWSJPIEHIVWLMT ;IWX3VERKI2. 0IEHIVWLMT0MFVEV]SJ%QIVMGE 'SYRWIPQER)* 0IEHIVWLMTMREPSRKXIVQPIEH IVPIWW [SQIRtW KVSYT 7QEPP +VSYT 6IWIEVGL i 'YQQMRKW8+ ;SVPI]'+ 3VKERM^EXMSREP HIZIPSTQIRX ERH GLERKI XL IH 9RMXIH 7XEXIW 7SYXL;IWXIVR (VYGOIV4* 4IXIV(VYGOIVSRXLITVSJIWWMSRSJQER EKIQIRX &SWXSR ,EVZEVH&YWMRIWW7GLSSP4VIWW
)MWIPI] 0 8LI YRI\TIGXIH YRMZIVWI 2I[=SVO ,EVGSYVX&VEGI.SZERSZMGL )PPMW6. 'VSRWLE[7* 7IPJQSRMXSVMRKERH PIEHIV IQIVKIRGI 7QEPP +VSYT 6IWIEVGL i +EWXMP. %QIXEEREP]XMGVIZMI[SJXLITVSHYGXMZ MX] ERH WEXMWJEGXMSR SJ HIQSGVEXMG ERH EYXSGVEXMG PIEHIVWLMT7QEPP+VSYT6IWIEVGL i +IMIV.' %XVEMXETTVSEGLXSXLIWXYH]SJPIEHIV WLMT MR WQEPP KVSYTW .SYVREP SJ 'SQQYRMGEXMSR i ,EGOQER1> .SLRWSR') 0IEHIVWLMT % GSQQYRMGEXMSR TIVWTIGXMZI VH IH 4VSWTIGX ,IMKLXW-0 ;EZIPERH ,EVVMW 8 ) i 8S[EVH IJJIGXMZI IQTPS]II MRZSPZIQIRX %REREP]WMWSJTEVEPPIPERHWIPJQER EKMRK XIEQW 8LI .SYVREP SJ %TTPMIH &YWMRIWW 6IWIEVGL i ,EVVMW8 ) %TTPMIH SVKERM^EXMSREP GSQQYRMGE XMSR 4VMRGMTPIWERHTVEKQEXMGWJSVJYXYVIWYGGIWW 1EL[EL2. 0E[VIRGI)VPFEYQ ,YKLIW60+MRRIXX6' 'YVTL]+. 'SR XMRKIRG]XLISVMIWSJPIEHIVWLMT-R+6,MGLQER )H 0IEHMRK SVKERM^EXMSRW 4IVWTIGXMZIW JSV E RI[IVE TTi 8LSYWERH3EOW'% 7EKI /IEVRW ( 8 0IEHIVWLMT XLVSYKL UYEPMX] 8LI %GEHIQ]SJ1EREKIQIRX)\IGYXMZI i /SPF .% % GSQTEVMWSR SJ PIEHIVWLMT FILEZMSVW ERHGSQTIXIRGMIWMRLMKLERHEZIVEKITIVJSVQERGI XIEQW'SQQYRMGEXMSR6ITSVXW i /SXXIV.4 8LIPIEHIVWLMTJEGXSV 2I[=SVO *VII 4VIWW 1EREKMRK %QIVMGER -RHMERiWX]PI 3GXSFIV *SVXYRI T 1MPPIV ; %YKYWX 0IEHIVWLMTtW GSQQSR HIRSQMREXSV-RHYWXV];IIO TT i 2SVXLLSYWI4+ 0IEHIVWLMTXLISV]ERHTVEGXMGI VHIH 8LSYWERH3EOW'% 7EKI 4IXIVW8 %YWXMR8 %TEWWMSRJSVI\GIPPIRGI 8LI PIEHIVWLMTHMJJIVIRGI 2I[=SVO 6ERHSQ,SYWI =EPSQ - 8LI XLISV] ERH TVEGXMGI SJ KVSYT TW] GLSXLIVET] 2I[=SVO &EWMG&SSOW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
3FWIVZMRKERH)ZEPYEXMRK E7QEPP+VSYT ',%48)63980-2) 7]WXIQEXMG*IIHFEGO
:IVFEP-RXIVEGXMSRERH'SRXIRX%REP]WIW 3XLIV1IXLSHWSJ6IJPIGXMSR
7YGGIWWERH*EMPYVI 3FWIVZIVi1IQFIVW7GEPIW 6EXMRK7GEPIW 4SWXQIIXMRK6IEGXMSR*SVQW
7YQQEV] (MWGYWWMSR5YIWXMSRW )\IVGMWIW 6IJIVIRGIW
3FWIVZIV*IIHFEGO+YMHIPMRIW -RHMZMHYEP6SPI&ILEZMSV
',%48)63&.)'8-:)7 )\TPEMRXLIJSYV[E]WSJPIEVRMRKLS[XSQEOIWQEPPKVSYTWWYGGIWWJYP (MWGYWWXLIHIWMKRX]TIWERHYWIWSJVEXMRKWGEPIW 3YXPMRIXLITSWXQIIXMRKVIEGXMSRJSVQETTVSEGL )\TPEMRXLIOI]UYIWXMSRVIKEVHMRKMRJSVQEXMSRYWIJYPRIWW (IWGVMFIXLISFWIVZIVJIIHFEGOKYMHIPMRIW )PYGMHEXIXLIIZEPYEXMSRSJZIVFEPMRXIVEGXMSRWERHGSRXIRXEREP]WMW
/ )=8 )6 17 &EVRPYRH,EMQER0IEHIVWLMT VEXMRKWGEPI &VMPLEVXtW4SWXQIIXMRK6IEGXMSR 5YIWXMSRREMVI 'SRXIRXEREP]WMWTVSGIHYVIW )WTSYWIHIXLMGW )XLMGWMRYWI
*SVQEXMZIIZEPYEXMSRW -RJSVQEPVSPIW 0MOIVXWGEPI 1EMRXIRERGISVMIRXIHVSPIW 3FWIVZIVJIIHFEGO 4SWXQIIXMRKVIEGXMSRJSVQW
6EXMRKWGEPIW 7IPJGIRXIVIHVSPIW 7YQQEXMZIIZEPYEXMSRW 7]WXIQEXMGJIIHFEGO 8EWOSVMIRXIHVSPIW :IVFEPMRXIVEGXMSREREP]WMW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
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3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT
q7YGGIWWrERHq*EMPYVIrEVIEPWSTEVXP]WSGMEPGSRWXVYGXMSRW0EXIMRXLILMWXSV]SJXLI MRZSPZIQIRXSJXLI9RMXIH7XEXIWMRXLI:MIXREQ;EVSRI977IREXSVTVSTSWIHXLEX XLIEVQ]qHIGPEVIEZMGXSV]ERHGSQILSQIr8LIVIWTSRWIXSXLITVSTSWEPHIQSR WXVEXIHXLEXXLIVIEVIPMQMXWXSEVFMXVEV]YRMPEXIVEPIZEPYEXMSRWSJSYXGSQIWFYXqWYG GIWWrERHqJEMPYVIrEVIRSXYRMUYIP]HIJMRIHF]XLISYXGSQIW 1EVGL T
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q[IRXTVIXX][IPPr %JMREPWSYVGISJJIIHFEGOMWSYVS[RVIJPIGXMSRERHEREP]WMW-RWSQIGEWIWXLI WXVEMKLXIWXVSYXIXSJMRHMRKSYXLS[[IPPEKVSYTHMHMWXSEWOXLIQIQFIVW8LIKVSYT MWMRXLIFIWXTSWMXMSRXSORS[MJKSEPWERHSFNIGXMZIWLEZIFIIRGSQTPIXIH%WEKVSYT QIQFIV[IGERKMZIERHVIGIMZIW]WXIQEXMGJIIHFEGO XSERHJVSQSXLIVKVSYTTEVXMGM TERXW%GSQFMREXMSRSJEPPXLIWIXIGLRMUYIWGERTVSZMHIXLIQSWXGSQTVILIRWMZIZMI[ JSVXLIIZEPYEXMSR
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
3FWIVZIVi1IQFIVW7GEPIW
7YGGIWWERH*EMPYVI ;LMPIFIMRKPIWWXLERTIVJIGXMWJEMPYVIXSWSQIMRHMZMHYEPWERHRSXqKIXXMRKF]r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
3FWIVZIVi1IQFIVW7GEPIW +VSYTQIQFIVWGEREGXEWTEVXMGMTERXSFWIVZIVWSVSYXWMHISFWIVZIVWGERFIYWIH-R KIRIVEPQIQFIVWWLSYPHRSXIZEPYEXIEQIIXMRKSRIERSXLIVSVXLIQWIPZIW[LMPITEV XMGMTEXMRK-J]SYEVIHMVIGXP]MRZSPZIHMRXLI[SVO]SY[MPPTVSFEFP]RSXFIEHMWTEW WMSREXISFWIVZIVERH]SYQE]RSXFIEFPIXSGSRGIRXVEXISRXLIXIEQtW[SVO8[SZIV] HMJJIVIRXWOMPPWEVIMRZSPZIHLIVIhTEVXMGMTEXMSRERHIZEPYEXMSR2SXSRP]MWMXHMJJMGYPXXS GSRGIRXVEXISRXLIKVSYTTVSGIWW[LMPI[IEVIIZEPYEXMRK MXMWHMJJMGYPXXSHSX[SXLMRKW [IPPEXSRGI FYX[LMPIIZEPYEXMRK[IQE]KMZISJJRSRZIVFEPWMKREPWXLEXPIEHSXLIV QIQFIVWXSXLMRO[IEVIRSXMRXIVIWXIHSVEVIGVMXMGEPSJXLIQXLIKVSYTSVXLITVSGIWW ;LIR ETTVSTVMEXI GSRWYPXERX SFWIVZIVW RSX HMVIGXP] MRZSPZIH [MXL XLI KVSYT [SVOGERTVSZMHII\GIPPIRXMRWMKLXW6IGSKRM^MRKXLMWEWERMQTSVXERXWSYVGISJKVS[XL ERH HIZIPSTQIRX GSVTSVEXMSRW W]WXIQEXMGEPP] SJJIV IZEPYEXMSRW SJ E WTIGMJMG XIEQtW TVSGIWWF]SYXWMHISFWIVZIVWMRSVHIVXSLIPTXLIXIEQHIZIPST ;LIR SYXWMHI SFWIVZIVW EVI RSX EZEMPEFPI QER] XIEQ HIZIPSTQIRX TVSKVEQW WYKKIWX ETTSMRXMRK E KVSYT QIQFIV XS FI ER SFWIVZIV8LMW XEWO MW LERHIH EVSYRH EQSRKXLIKVSYTQIQFIVW;IPIEVREFSYXETVSGIWW[LIR[IEVIEWOIHXSIZEPYEXIMX WSXLIKVSYTSVXIEQGERFIRIJMXERHIEGLQIQFIVFIGSQIWQSVIMRWMKLXJYP 0SRKWXERHMRKKVSYTWGEREPWSWIXEWMHIWTIGMJMGXMQIWXSTIVMSHMGEPP]EREP]^I XLIMVKVSYTTVSGIWW-RGVIEWMRKP]TVSJIWWMSREPXIEQWIEVQEVOXLIPEWXXIRQMRYXIWSJ ER]XIEQQIIXMRKJSVVIJPIGXMRKXMQIKMZMRKXLIKVSYTEGLERGIXSVIZMI[MXWTVSGIWW 8LMWSRKSMRKXIEQHIZIPSTQIRXJEGMPMXEXIWGSRXMRYIHKVS[XL 8LIUYEPMX]SJER]SJXLIWIETTVSEGLIWXSIZEPYEXMSR[MPPFIIRLERGIH[MXLWTI GMJMGXSSPWERHXLIPMWXSJMXIQWXLEXGERFIEREP]^IHMWPMQMXIHSRP]F]XLIXMQIEZEMPEFPI
6EXMRK7GEPIW ;LIR[IEWOqLS[[IPPHMH[IHS#r[IEVIWIXXMRKXLIWXEKIJSVXLIIJJIGXMZIYWISJ VEXMRKWGEPIW ;MXLSYVWQEPPKVSYT[IGEREWOUYIWXMSRWVERKMRKJVSQq,S[[IPPHMH
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT
XLIKVSYTEREP]^IXLIXSTMG#rXSq,S[JYPP]HMHEPPQIQFIVWTEVXMGMTEXI#r6IWTSRWIW QE]FIqZIV][IPPrqEHIUYEXIP]rSVqTSSVP]r(ITIRHMRKSRXLIHIKVIISJWTIGMJMGMX] HIWMVIH]SYGERQEOIXLIWGEPIQSVITVIGMWIWYGLEWYWMRKE0MOIVXWGEPI [MXLESRI XSJMZI SV E SRIXSWIZIR VEXMRK IUYEXMRK XLI RYQFIVW [MXL XIVQW WYGL EW ZIV] EHIUYEXI QSHIVEXIP] EHIUYEXI YRWYVI QSHIVEXIP] MREHIUYEXI ERH MREHIUYEXI 0MOIVXWGEPIWEVITSTYPEVERHIEW]XSYWI
0MOIVX7GEPI)\EQTPI q8LIKVSYT[SVOIH[IPPXSKIXLIVr GLIGOSRI 7XVSRKP]EKVII 1SHIVEXIP]EKVII %KVIIWSQI[LEX 9RWYVI (MWEKVIIWSQI[LEX 1SHIVEXIP]HMWEKVII 7XVSRKP]HMWEKVII
CCCCC CCCCC CCCCC CCCCC CCCCC CCCCC CCCCC
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i WLS[WMRJPY IRGIMRTVSGIHYVIGVIEXMZIERHGVMXMGEPXLMROMRKERHMRXIVTIVWSREPVIPEXMSRWEVIGSRWMH IVIHSREWGEPISJ XS[MXL QIERMRKXLIKVSYTRIIHIHQSVISJWSQIFILEZMSV ERHQIERMRKXLIKVSYTRIIHIHPIWWSJWSQIFILEZMSV;MXLXLMWWGEPIMWXLIFIWX WGSVI8LIPIEHIVtWqMRJPYIRGIMRTVSGIHYVIrMWIZEPYEXIHF]I\EQMRMRKJMZIHMQIRWMSRW MIMRMXMEXMRKHMWGYWWMSRSVKERM^MRKKVSYTXLMROMRKGPEVMJ]MRKGSQQYRMGEXMSRWYQ QEVM^MRKERHZIVFEPM^MRKEKVIIQIRXWERHVIWSPZMRKGSRJPMGXW 8LMWWGEPMRKHIZMGIPIXW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
3FWIVZIVi1IQFIVW7GEPIW 8%&0)
6EXMRK7GEPI8STMGWh4SWWMFPI%VIEWSJ'SRGIVR
%QSYRXSJTEVXMGMTEXMSRF]XLIQIQFIVW 6SPIEGGITXERGIF]QIQFIVWh(SQIQFIVWHS[LEXRIIHWXSFIHSRI# 0IEHIVWLMTUYEPMXMIWERHPIEHIVWt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
EPIEHIVERHEKVSYTORS[MJXLI]EVIHSMRKXSSPMXXPISVXSSQYGLSJETEVXMGYPEVEGXMZ MX]8LMWVEXMRKWGEPIGEREPWSFIYWIH[MXLPIEHIVPIWWKVSYTW 6EXMRKWGEPIWYWIHF]XLIKVSYTQIQFIVWSVSYXWMHISFWIVZIVWSJJIVEW]WXIQEXMG JIIHFEGO QIGLERMWQ8LI ZEPYI SJ VEXMRKW PMIWMRXLI WTIGMJMGMX] SJ XLI MRJSVQEXMSR XLI]TVSZMHI6EXLIVXLERNYWXWE]MRKWSQIXLMRK[EWKSSHSVFEHEWGEPMRKHIZMGITVS ZMHIW E VIPEXMZI GSQTEVMWSR ;LIR [I GSQFMRI WIZIVEP JSVQW XSKIXLIV [I LEZI E FVSEHFEWIHWIXSJMRJSVQEXMSR
4SWXQIIXMRK6IEGXMSR*SVQW 4SWXQIIXMRKVIEGXMSRJSVQW EVIUYIWXMSRREMVIWXLEXWIIOWTIGMJMGJIIHFEGOJVSQTEVXMGM TERXWEFSYXETEVXMGYPEVEGXMZMX]SVQIIXMRK8LMWJIIHFEGOMWMRXIRHIHJSVMRXIVREPKVSYT GSRWYQTXMSREWERIJJSVXXSMQTVSZIXLIUYEPMX]SJXLIKVSYTTVSGIWW6EXLIVXLERJMRH MRKSYXEXXLIIRHSJXLITVSGIWWXLEXRSSRIXLSYKLXXLIQIIXMRKW[IVIYWIJYPXLIVIEG XMSRJSVQWSJJIVMQQIHMEXISTTSVXYRMXMIWXSMQTVSZI7TIGMJMGMWWYIWWYGLEWPIEHIVWLMT PMWXIRMRKRSRZIVFEPMRXIVEGXMSRWQIQFIVTEVXMGMTEXMSRERHGPMQEXIGERFIEREP]^IH 8LIQSWXMQTSVXERXGLEVEGXIVMWXMGMWXLEXXLIJSVQWEVIGSQTPIXIHERSR]QSYWP] F]QIQFIVW8LIVIWYPXWEVIXEPPMIHERHVITSVXIHXSXLIKVSYTEWWSSREWTSWWMFPI%W [MXLXLIMRHMZMHYEPVEXMRKWGEPIWXLITSWXQIIXMRKVIEGXMSRJSVQWWLSYPHFIXEMPSVQEHI XSXLIKVSYTtWRIIHW%KVSYTQMKLXWTIRHEKVIEXHIEPSJXMQISRIQEMP-RXLEXGEWI XLIKVSYTJSVQWGSYPHMRGPYHIUYIWXMSRWVIKEVHMRKXLIJSVQEXSJXLIIQEMPWYGLEW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
*-+96)
3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT
&EVRPYRH,EMQER0IEHIVWLMT7GEPI
-RWXVYGXMSRW 8LMWVEXMRKWGEPIQE]FIYWIHXSIZEPYEXIPIEHIVWLMTMRKVSYTW[MXLSV[MXLSYXSJJMGMEPPIEHIVW-R XLIPEXXIVGEWI XLIPIEHIVPIWWKVSYT YWITEVX%SJIEGLMXIQSRP];LIRIZEPYEXMRKXLIEGXMSRWSJERSJJMGMEP PIEHIVYWITEVXW%ERH&SJIEGLMXIQSRXLIWGEPI -RJPYIRGIMR4VSGIHYVI -RMXMEXMRK(MWGYWWMSR %
+VSYTRIIHIHQSVI LIPTMRKIXXMRKWXEVXIH &
+VSYTKSXVMKLX EQSYRXSJLIPT
+VSYTRIIHIHPIWW LIPTMRKIXXMRKWXEVXIH
8LIUYEPMX]SJXLIMRXVSHYGXSV]VIQEVOW[EW )\GIPPIRX
+SSH
%HIUYEXI
*EMV
4SSV
3VKERM^MRK+VSYT8LMROMRK %
+VSYTRIIHIHQSVI HMVIGXMSRMRXLMROMRK &
+VSYTKSXVMKLX EQSYRXSJLIPT
+VSYTRIIHIHPIWW HMVIGXMSRMRXLMROMRK
-JERH[LIREXXIQTXW[IVIQEHIXSSVKERM^IKVSYTXLMROMRKXLI][IVI )\GIPPIRX
+SSH
%HIUYEXI
*EMV
4SSV
'PEVMJ]MRK'SQQYRMGEXMSR %
+VSYTRIIHIHQSVILIPT MRGPEVMJ]MRK GSQQYRMGEXMSR &
+VSYTKSXVMKLX EQSYRXSJLIPT
+VSYTRIIHIHPIWW LIPTMRGPEVMJ]MRK GSQQYRMGEXMSR
-JERH[LIREXXIQTXW[IVIQEHIXSGPEVMJ]GSQQYRMGEXMSRXLI][IVI )\GIPPIRX
+SSH
%HIUYEXI
*EMV
4SSV
7YQQEVM^MRKERH:IVFEPM^MRK%KVIIQIRXW %
+VSYTRIIHIHQSVI LIPTMRWYQQEVM^MRK ERHZIVFEPM^MRK EKVIIQIRXW &
+VSYTKSXVMKLX EQSYRXSJLIPT
+VSYTRIIHIHPIWW LIPTMRWYQQEVM^MRK ERHZIVFEPM^MRK EKVIIQIRXW
-JERH[LIREXXIQTXW[IVIQEHIXSWYQQEVM^IERHZIVFEPM^IXLI][IVI )\GIPPIRX
+SSH
%HIUYEXI
*EMV
4SSV
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
3FWIVZIVi1IQFIVW7GEPIW *-+96)
'SRXMRYIH
6IWSPZMRK'SRJPMGX %
+VSYTRIIHIHQSVI LIPTMRVIWSPZMRK GSRJPMGX &
+VSYTKSXVMKLX EQSYRXSJLIPT
+VSYTRIIHIHPIWW LIPTMRVIWSPZMRK GSRJPMGX
-JERH[LIREXXIQTXW[IVIQEHIXSVIWSPZIGSRJPMGXXLI][IVI )\GIPPIRX
+SSH
%HIUYEXI
*EMV
4SSV
-RJPYIRGIMR'VIEXMZIERH'VMXMGEP8LMROMRK 7XMQYPEXMRK'VMXMGEP8LMROMRK %
+VSYTRIIHIHQSVI WXMQYPEXMSRMRGVIEXMZI XLMROMRK &
+VSYTKSXVMKLX EQSYRXSJLIPT
+VSYTRIIHIHPIWW WXMQYPEXMSRMRGVIEXMZI XLMROMRK
-JERH[LIREXXIQTXW[IVIQEHIXSWXMQYPEXIMHIEWXLI][IVI )\GIPPIRX
+SSH
%HIUYEXI
*EMV
4SSV
)RGSYVEKMRK'VMXMGMWQ %
+VSYTRIIHIHQSVI IRGSYVEKIQIRXXSFI GVMXMGEP &
+VSYTKSXVMKLX EQSYRXSJLIPT
+VSYTRIIHIHPIWW IRGSYVEKIQIRXXSFI GVMXMGEP
-JERH[LIREXXIQTXW[IVIQEHIXSIRGSYVEKIGVMXMGMWQXLI][IVI )\GIPPIRX
+SSH
%HIUYEXI
*EMV
4SSV
&EPERGMRK%FWXVEGXERH'SRGVIXI8LSYKLX %
+VSYTRIIHIHXSFI QSVIGSRGVIXI &
+VSYTEGLMIZIH TVSTIVFEPERGI
+VSYTRIIHIHXSFI QSVIEFWXVEGX
-JERH[LIREXXIQTXW[IVIQEHIXSFEPERGIEFWXVEGXERHGSRGVIXIXLI][IVI )\GIPPIRX
+SSH
%HIUYEXI
*EMV
4SSV GSRXMRYIH
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
*-+96)
3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT
'SRXMRYIH -RJPYIRGIMR-RXIVTIVWSREP6IPEXMSRW
'PMQEXI1EOMRK %
+VSYTRIIHIHQSVI LIPTMRWIGYVMRKE TIVQMWWMZIEXQSWTLIVI &
+VSYTKSXVMKLX EQSYRXSJLIPT
+VSYTRIIHIHPIWW LIPTMRWIGYVMRKE TIVQMWWMZIEXQSWTLIVI
-JERH[LIREXXIQTXW[IVIQEHIXSIWXEFPMWLETIVQMWWMZIEXQSWTLIVIXLI][IVI )\GIPPIRX
+SSH
%HIUYEXI
*EMV
4SSV
6IKYPEXMRK4EVXMGMTEXMSR %
+VSYTRIIHIHQSVI VIKYPEXMSRSJ TEVXMGMTEXMSR &
+VSYTKSXVMKLX EQSYRXSJLIPT
+VSYTRIIHIHPIWW VIKYPEXMSRSJ TEVXMGMTEXMSR
-JERH[LIREXXIQTXW[IVIQEHIXSVIKYPEXITEVXMGMTEXMSRXLI][IVI )\GIPPIRX
+SSH
%HIUYEXI
*EMV
4SSV
3ZIVEPP0IEHIVWLMT %
+VSYTRIIHIHQSVI GSRXVSP &
+VSYTKSXVMKLX EQSYRXSJGSRXVSP
+VSYTRIIHIHPIWW GSRXVSP
-JERH[LIREXXIQTXW[IVIQEHIXSGSRXVSPXLIKVSYTXLI][IVI )\GIPPIRX
+SSH
%HIUYEXI
*EMV
4SSV
7SYVGI &EVRPYRH,EMQER0IEHIVWLMT6EXMRK7GEPIJVSQ(IER'&EVRPYRHERH*VEROP]R7,EMQER8LI(]REQMGWSJ(MWGYW WMSR &SWXSR ,SYKLXSR1MJJPMR'S i
q;EWXLIVIXMQIP]VIWTSRWIF]SXLIVQIQFIVW#rSVq;IVIQIWWEKIWGPIEV#r8[SSXLIV I\EQTPIWSJUYIWXMSRWEVITVSZMHIHMRXLIJMVWXFS\SRXLIJEGMRKTEKI 8LIVIEVIJI[PMQMXWXSXLIX]TIWSJUYIWXMSRWXLEXGERFIEWOIH=SYVKSEPMWXS TVSZMHI E WGEPI XLEX EPPS[W XEFYPEXMSR -J EPP FYX X[S KVSYT QIQFIVW qJIPX PIJX SYX IRXMVIP]rYWMRKIQEMP]SYLEZIHMWGSZIVIHZEPYEFPIMRJSVQEXMSR=SYGERHIGMHIRSX XSYWIIQEMPEKEMRSVGERJYVXLIVMRZIWXMKEXIXLIVIEWSRWJSVXLIJIIPMRKWSJI\GPYWMSR %QSVIKIRIVEPTVSGIWW[SYPHFIXSYWIETSWXQIIXMRKVIEGXMSRJSVQ[MXLZIV] KIRIVEPSVUYMXIWTIGMJMGUYIWXMSRW7IIXLIWIGSRHFS\SRXLIJEGMRKTEKI
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
3FWIVZIVi1IQFIVW7GEPIW
+VSYT6IWTSRWI5YIWXMSR)\EQTPI 'LIGOSRIVIWTSRWIJSVIEGLUYIWXMSRVIKEVHMRKIQEMP
(MH]SYJIIP]SY[IVITEVXSJXLITVSGIWW# CCCCC6IEPP]ETEVX CCCCC-RGPYHIHQSWXSJXLIXMQI CCCCC-RGPYHIHSGGEWMSREPP] CCCCC(MHRSXJIIPMRGPYHIH CCCCC*IPXPIJXSYXIRXMVIP] CCCCC2SXVIEPP]EWGIVXEMRIH
;SYPH]SYYWIIQEMPEKEMRFEWIHSRXLMWI\TIVMIRGI# CCCCC;SYPHKPEHP]TEVXMGMTEXI CCCCC;SYPHFI[MPPMRK CCCCC1EOIWRSHMJJIVIRGI CCCCC2SXWYVI CCCCC2S
4SWXQIIXMRK6IEGXMSR*SVQ
,S[[SYPH]SYVEXIXLIKVSYTtWJMREPHIGMWMSR# )\GIPPIRXCCCCC +SSHCCCCC 3/CCCCC %HIUYEXICCCCC 4SSVCCCCC
;LEXEVIXLILMKLPMKLXWSJXLIHIGMWMSR# ;LEXEVIXLI[IEORIWWIW#
;LEXGLERKIWGSYPHFIQEHIMRXLITVSGIWW#
(SRSXWMKR]SYVREQI
2YQIVSYWMWWYIWGERFII\EQMRIHMRGPYHMRKXLIVIWYPXWKSEPWSJXLIKVSYTGPM QEXIPIEHIVWLMTTEVXMGMTEXMSRORS[PIHKIERHTVITEVEXMSRGPEVMX]GSLIWMZIRIWWERH WEXMWJEGXMSR[MXLXLIKVSYTMXWIPJ8LIKVSYTHIGMWMSRQEOMRKTVSGIWWGERFIIZEPYEXIH F]EWOMRKWTIGMJMGUYIWXMSRWYWMRKEWGEPIJVSQXS[MXLFIMRKRSXEXEPPERH FIMRKEKVIEXHIEP7EQTPIUYIWXMSRWJSPPS[
,S[GPIEVP]HMHXLIKVSYTEREP]^IXLITVSFPIQ# ,S[[IPPHMHXLIKVSYTEREP]^IMXWKSEPSVSFNIGXMZI# ,S[GPIEVP][EWXLITVSFPIQEVXMGYPEXIH# ;EWGVIEXMZMX]IRGSYVEKIH# (MHXLIKVSYTXEOIXMQIXSPIXXLIEREP]WMWHIZIPST#
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT
(MHXLIKVSYTGSRWMHIVEPPTSWWMFPIWSPYXMSRW# ;IVIXLITSWMXMZIGSRWIUYIRGIWSYXPMRIH# ;IVIXLIRIKEXMZIGSRWIUYIRGIWSYXPMRIH# ;EWWYJJMGMIRXMRJSVQEXMSRYWIHMRXLITVSGIWW#
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
7EQTPI*IIHFEGO*SVQ
8IEQCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC(EXICCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC 8LMWMWEJIIHFEGOMRWXVYQIRXHIWMKRIHXSLIPT]SYVXIEQ'MVGPISRISJXLIRYQFIVWJVSQXSJSVIEGLSJ XLIRMRIEVIEWSJGSRGIVR -RWXVYGXMSRW -RHMGEXI]SYVEWWIWWQIRXSJ]SYVXIEQ +SEPWERH3FNIGXMZIW 8LIVIMWEPEGOSJGSQQSRP] YRHIVWXSSHKSEPWERHSFNIGXMZIW
8IEQQIQFIVWYRHIVWXERHERHEKVIISR KSEPWERHSFNIGXMZIW
9XMPM^EXMSRSJ6IWSYVGIW %PPQIQFIVVIWSYVGIWEVIRSXVIGSKRM^IH ERHSVYXMPM^IH
8LIVIMWELMKLHIKVIISJXVYWXEQSRK QIQFIVWERHGSRJPMGXMWHIEPX[MXLSTIRP] ERH[SVOIHXLVSYKL
0IEHIVWLMT 3RITIVWSRHSQMREXIW ERHPIEHIVWLMTVSPIWEVIRSX GEVVMIHSYXSVWLEVIH
1IQFIVVIWSYVGIWEVIJYPP]VIGSKRM^IH ERHYXMPM^IH
8VYWXERH'SRJPMGX 8LIVIMWPMXXPIXVYWXEQSRK QIQFIVWERHGSRJPMGXMWIZMHIRX
8LIVIMWJYPPTEVXMGMTEXMSRMRPIEHIVWLMT PIEHIVWLMTVSPIWEVIWLEVIHF]QIQFIVW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
3FWIVZIVi1IQFIVW7GEPIW *-+96)
'SRXMRYIH
'SRXVSPERH4VSGIHYVIW 8LIVIMWPMXXPIGSRXVSPERH XLIVIMWEPEGOSJTVSGIHYVIW XSKYMHIXIEQJYRGXMSRMRK
8LIVIEVIIJJIGXMZITVSGIHYVIWXSKYMHI XIEQJYRGXMSRMRK XIEQQIQFIVWWYTTSVX XLIWITVSGIHYVIW
-RXIVTIVWSREP'SQQYRMGEXMSR 'SQQYRMGEXMSREQSRK QIQFIVWMWSTIRERHTEVXMGMTEXMZI
)ZEPYEXMSR 8LIKVSYTRIZIVIZEPYEXIWMXW JYRGXMSRMRKSVTVSGIWW
8LIXIEQLEW[IPPIWXEFPMWLIHERHEKVIIH SRETTVSEGLIWXSTVSFPIQWSPZMRKERH HIGMWMSRQEOMRK
)\TIVMQIRXEXMSR'VIEXMZMX] 8LIXIEQMWVMKMHERHHSIWRSX I\TIVMQIRX[MXLLS[XLMRKWEVIHSRI
'SQQYRMGEXMSREQSRKQIQFIVWMW KYEVHIHERHGPSWIH
4VSFPIQ7SPZMRK(IGMWMSR1EOMRK 8LIXIEQLEWRSEKVIIHSR ETTVSEGLIWXSTVSFPIQWSPZMRK ERHHIGMWMSRQEOMRK
8LIXIEQI\TIVMQIRXW[MXLHMJJIVIRX[E]W SJHSMRKXLMRKWERHMWGVIEXMZIMRMXW ETTVSEGL
8LIKVSYTSJXIRIZEPYEXIWMXWJYRGXMSRMRK ERHTVSGIWW
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'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR
GSQQYRMGEXMSR-KRSVMRKXLIYRHIVGYVVIRXWSJXLIQIHMYQQE]QIERXLEX[IJMRHSYV WIPZIWEXPIEWXQIXETLSVMGEPP]SYXXSWIE
'SQTYXIV1IHMEXIH'SQQYRMGEXMSR '1' 'SQTYXIVQIHMEXIHGSQQYRMGEXMSR '1' HIWGVMFIWGSQQYRMGEXMSRXLEXXEOIWTPEGI XLVSYKLEZEVMIX]SJQIHMEERHTVSZMHIWHMWXVMFYXIHKVSYTQIQFIVW[MXLZMHISEYHMS ERHXI\XFEWIHQIWWEKMRKGETEFMPMXMIW +VEIX^IXEP 8LIWIJEGMPMXMIWMRGPYHI GSQTYXIV EYHMS ERH ZMHIS GSRJIVIRGMRK W]WXIQW FPSKW MRWXERX QIWWEKMRK GSQ TYXIVGLEXVSSQW IPIGXVSRMGQEMP FYPPIXMRFSEVHW PMWXWIVZW ERHRI[WKVSYTW ,YERK 1ER] SJ XLIWI '1' W]WXIQW LEZI WSJX[EVI WSQIXMQIW GEPPIH KVSYT[EVI WTIGMJMGEPP]HIWMKRIHXSLIPTKVSYTWHMWGYWWMWWYIWQEOIHIGMWMSRWERHGSQQYRM GEXIIJJIGXMZIP] %PXLSYKLWSQIIEVP]EYXLSVWPMQMXIHXLIYWISJ'1'XSSRP]XI\XFEWIHGSQ TYXIVQIHMEXIHQIWWEKIW]WXIQW JSVI\EQTPI;EPXLIV [IMRGPYHIEYHMSERH ZMHISGSRJIVIRGMRK W]WXIQW MR SYV HMWGYWWMSR SJ '1' FIGEYWI XLIWI W]WXIQW EVI FIGSQMRK MRGVIEWMRKP] EZEMPEFPI ERH YWIJYP XS KVSYTW MR XLIMV HIGMWMSRQEOMRK ERH TVSFPIQWSPZMRKGSQQYRMGEXMSRERHFIGEYWIXLI]EVIMRGVIEWMRKP]YWIHMRGSQFMRE XMSR[MXLXI\XFEWIHW]WXIQW '1' [LIXLIV XI\XFEWIH EYHMSPMROIH SV ZMHISMRXIVEGXMZI KIRIVEXIW WSQI GSQQSR MRJPYIRXMEP YRHIVGYVVIRXW [MXLMR XLI KVSYT GSQQYRMGEXMSR '1' KVSYT QIQFIVWXIRHXSJSGYWQSVISRXLIXEWOERHMRWXVYQIRXEPEWTIGXWSJXLITVSGIWWXLER SRXLITIVWSREPERHWSGMEPEWTIGXWSJXLIKVSYT8LYWXLI]XIRHXSFIQSVIGSRXIRXSVM IRXIHERHPIWWWSGMEPIQSXMSREPMRXLIMVGSQQYRMGEXMSRWX]PIXLERJEGIXSJEGIKVSYTW EVI ;EPXLIV -RHMZMHYEPWMR'1'KVSYTWXIRHXSJIIPQSVIERSR]QSYWMRXLIMV TEVXMGMTEXMSR ERH XS HIXIGX PIWW MRHMZMHYEP TIVWSREPMX] MR XLI SXLIV KVSYT QIQFIVW 8LI] JVIUYIRXP] TEVXMGMTEXI QSVI IUYEPP] ERH PS[WXEXYW QIQFIVW SJXIR GSRXVMFYXI QSVIJVIIP]8LI]EPWSGSQQYRMGEXIQSVIYRMRLMFMXIHP]WSQIXMQIWKIRIVEXMRKQSVI RIKEXMZIQIWWEKIWERHI\TIVMIRGMRKQSVIHMJJMGYPX] MR EXXEMRMRKEKVSYTGSRWIRWYW ;LMPI'1'KVSYTWWSQIXMQIWLEZIELMKLIVPIZIPSJGSRJPMGXXLI]GEREPWSHMWTPE] TSWMXMZIEJJIGXERHJVIUYIRXP]IRKEKIMRPIWWEVKYQIRXEXMSR8LI]EVIPIWWPMOIP]XSLEZI ER IQIVKIRX PIEHIV ERHEVI QSVI PMOIP]XS LEZI E HIGIRXVEPM^IH ERH PIWWTIVQERIRX PIEHIVWLMT'1'KVSYTWEPWSXIRHXSHIIQTLEWM^ITIVWSREPVIPEXMSRWLMTWERHI\TIVM IRGIPIWWMRXIVTIVWSREPEXXVEGXMSR 'SRVEH 4SSPI 1G+VEXL ,SPPMRKWLIEH ,S[IZIVXLI]GERHIZIPSTMRXIVTIVWSREPP]TSWMXMZIVIPEXMSRWLMTW[LIRKVSYTW GSRXMRYIXSQIIXSZIVXMQI 'SRVEH 4SSPI 6EMRW 1IX^KIVERH*PEREKER VITSVXXLEXTISTPIMRKIRIVEPEVIQSVIEGXMZIMR XLIMVYWI SJ '1' XLER XLI] EVI [LIR YWMRK QSVI XVEHMXMSREP GSQQYRMGEXMSRQIHME WYGLEWFSSOWQEKE^MRIWRI[WTETIVWXIPITLSRIWERHXIPIZMWMSR4ISTPIVITSVXXLIMV GSQTYXIVQIHMEXIHGSQQYRMGEXMSRXSFIQSVIKSEPHMVIGXIHERHMRXIRXMSREP8LI]YWI '1'XSTYVTSWIP]WIIOSYXWTIGMJMGX]TIWSJMRJSVQEXMSRERHIRXIVXEMRQIRXVEXLIVXLER XSGEWYEPP]FVS[WISVqWYVJXLI;IFrNYWXXSTEWWXLIXMQI 'EM VITSVXWXLEXGSQTYXIVYWIWIVZIWHMJJIVIRXJYRGXMSRWXLERQSVIXVEHM XMSREPQIHME,MWVIWIEVGLWLS[IHXLEXZSPYRXIIVW[LSKEZIYTXLIYWISJXLIGSQTYXIV JSVEHE]HMHRSXMRGVIEWIXLIEQSYRXSJXMQIXLI][EXGLIHXIPIZMWMSRSVYWIHSXLIV
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
9RHIVWXERHMRKXLI8IGLRSPSK]ERH-XW-RJPYIRGIWSR7QEPP+VSYT'SQQYRMGEXMSR
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
4IVJSVQERGI3YXGSQIWSJ'1'+VSYTW '1'KVSYTWXEOIPSRKIVXSVIEGLGSRWIRWYWIZIRXLSYKLXLI]KIRIVEXIQSVIYRMUYI MHIEWXLERJEGIXSJEGI *8* KVSYTW 3PERMVER 8LMWMWFIGEYWI'1'ETTIEVW XSVIHYGIKVSYTQIQFIVWt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
)PIGXVSRMG1IIXMRK7]WXIQW 7SQIXVEHMXMSREP'1'WSJX[EVIW]WXIQW KVSYT[EVI LEZIFIIRWTIGMJMGEPP]HIWMKRIH XSJEGMPMXEXIWQEPPKVSYTGSQQYRMGEXMSRERHQIIXMRKTVSGIWWIW8LIWIW]WXIQWGEPPIH IPIGXVSRMGQIIXMRKW]WXIQW )17 IRLERGIXLIKVSYTtWHIGMWMSRQEOMRKEFMPMXMIWERH JEGMPMXEXIWXLIGSQQYRMGEXMSRXLVSYKLXLIGSQTYXIVQIHMYQ)PIGXVSRMGQIIXMRKW]W XIQWXLEXTVSZMHIIPIGXVSRMGWYTTSVXJSVKVSYTQIIXMRKERHHIGMWMSRQEOMRKTVSGIWWIW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR
'SQTYXIV1IHMEXIH'SQQYRMGEXMSR '1' 'SQTEVIH[MXL*EGIXS*EGI *8* +VSYTW &SVHME 8%&0)
'1'KVSYTWXEOIPSRKIVXSGSQTPIXIEXEWO -REKMZIRXMQITIVMSH'1'KVSYTWTVSHYGIJI[IVVIQEVOWXLER*8*KVSYTW '1'KVSYTWTIVJSVQFIXXIVXLER*8*KVSYTWSRMHIEKIRIVEXMSRXEWOW 8LIVIMWKVIEXIVIUYEPMX]SJTEVXMGMTEXMSRMR'1'KVSYTW ;LIRXMQIMWPMQMXIH'1'KVSYTWTIVJSVQFIXXIVXLER*8*KVSYTWSRXEWOWXLEXEVIPIWWMRZSPZMRK ;LIRXMQIMWPMQMXIH'1'KVSYTWTIVJSVQ[SVWISRXEWOWVIUYMVMRKQSVIWSGMEPIQSXMSREPMRXIVEGXMSR FYXKMZIRIRSYKLXMQI'1'KVSYTWTIVJSVQEW[IPPEW*8*KVSYTW 8LIVIMWVIHYGIHRSVQEXMZIWSGMEPTVIWWYVIMR'1'KVSYTW 4IVGITXMSR YRHIVWXERHMRK SJSXLIVTEVXMGMTERXWERHXEWOMWTSSVIVMR'1'KVSYTW -R'1'[LIRXMQIMWPMQMXIHXLIGSQQYRMGEXMSRTEVXRIVMWTIVGIMZIHPIWWGLEVMXEFP] '1'KVSYTWLEZIELMKLIVMRGMHIRGISJYRMRLMFMXIHFILEZMSVGSQMRKJVSQEWIRWISJERSR]QSYW HIMRHMZMHYEXMSR '1'KVSYTQIQFIVWIZMHIRGIPIWWEXXMXYHIGLERKI
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tWEFMPMX]XSWXVYGXYVIERHQEREKIMXW[SVO[LMPITVSQSXMRK ZMKMPERX KVSYT MRJSVQEXMSR TVSGIWWMRK IJJMGMIRX KVSYT HIGMWMSRQEOMRK TVSGIHYVIW ERHEGSQQMXQIRXXSJYPPTEVXMGMTEXMSRERHGSRWMHIVEXMSRSJHMZIVWIZMI[W[MXLMRXLI
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
9RHIVWXERHMRKXLI8IGLRSPSK]ERH-XW-RJPYIRGIWSR7QEPP+VSYT'SQQYRMGEXMSR
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tWEFMPMX]XSTVSZMHI TEVXMGMTERXERSR]QMX]%RSR]QSYWKVSYTQIQFIVWTEVXMGMTEXIQSVIERHEVIQSVIZIV FSWIMRXLIMVI\TVIWWMSRWXLEREVIQIQFIVWMRRSRERSR]QSYWKVSYTW8LI]EPWSTVS HYGI QSVI GVMXMGEP GSQQIRXW XLER KVSYTW MR [LMGL XLI TEVXMGMTERXWt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t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tW 2IX1IIXMRK ERH ;LMXI 4MRItW '9 7II1IEW[IPPEWRI[IVZMHISWSJX[EVIWYGLEW1MGVSWSJX;MRHS[W1IHME)RGSHIV EPPS[YWIVWSJGSQTYXIVW[MXLEXXEGLIHQMGVSTLSRIWWTIEOIVWERHZMHISGEQIVEWXS GSQQYRMGEXIZIVFEPP]XLVSYKLEREYHMSGSRRIGXMSRTEVXMGMTEXIRSRZIVFEPP]XLVSYKL XVERWQMXXIHZMHISMQEKIWSJXLITEVXMGMTERXWERHI\GLERKIXI\XERHKVETLMGMRJSVQE XMSREPHSGYQIRXW 8LIUYEPMX]SJXLIEYHMSMWMQTSVXERX4SSVEYHMSUYEPMX][LIXLIVHYIXSEPEGOSJ ZSGEP MRXIPPMKMFMPMX] EYHMS HIPE] SV EYHMS GPMTTMRK MW HMWXVEGXMRK XS TEVXMGMTERXW ERH
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR
TVSFPIQEXMGXSLSPHMRKERIJJIGXMZIKVSYTQIIXMRK7SQIW]WXIQWGERQEOIWTIEOIV MRXIPPMKMFMPMX]HMJJMGYPXMJEPPTEVXMGMTERXWEVIRSXIUYEPP][IPPLIEVHJVSQHMJJIVIRXTEVXW SJXLIVSSQ7SQIWTIEOIVWt ZSMGIWQE]FIXSSWSJXXSFIEHIUYEXIP]GEVVMIHF]XLIW]W XIQSVQE]FIGSQIKEVFPIHFIGEYWISJXLIMVHMWXERGIJVSQXLIW]WXIQt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tWQMGVSTLSRIJEMPWXSTMGOYTXLIFIKMRRMRKSJERYXXIVERGISVHVSTWXLIIRHSJXLI YXXIVERGI8LMWGERLETTIRMRW]WXIQWYWMRKZSMGIEGXMZEXIHQMGVSTLSRIWXLEXXYVRSR ERHSJJ[MXLXLITVIWIRGISJWSYRH-RXLIWIW]WXIQWWMRKPI[SVHVIWTSRWIWQE]FI PSWX4EVXMGMTERXW[LSMRXIVVYTXSRIERSXLIVXEPOSZIVSRIERSXLIVGSYKLQSZIGLEMVW SV IZIR EXXIQTX XS TVSZMHI ZSGEPM^IH WYTTSVX JSV ER MHIE SV GSQQIRX QE] QEOI MX MQTSWWMFPIXSLIEVEWTIEOIVtWGSQTPIXIYXXIVERGI)EGLSJXLIWIEYHMSTVSFPIQWGER GVIEXIEGLEPPIRKIXSLSPHMRK E TVSHYGXMZI'1'QIIXMRKEWXLI]HMWXVEGXTEVXMGMTERX EXXIRXMSRERHQEOIGSRGIRXVEXMSRSRXLIQIIXMRKXSTMGHMJJMGYPX -REHHMXMSRXSTSSVEYHMSUYEPMX]ZMHISMQEKIMWEGSQQYRMGEXMSRGLEPPIRKIJSV ZMHISGSRJIVIRGMRK8LIZMHISTMGXYVISJTEVXMGMTERXWt JEGIWQE]RSXFIPEVKIIRSYKL VIJMRIHIRSYKLSVYTHEXIHF]XLIXIGLRSPSK]UYMGOP]IRSYKLXSEGGYVEXIP]TVSZMHIXLI WYFXPIJEGMEPGYIWTEVXMGMTERXWRIIHJSVWQSSXLXYVRXEOMRK%PEGOSJGPEVMX]MRXLMWRSR ZIVFEPGSQQYRMGEXMSRGERQEOIZMHISGSRJIVIRGMRKWYWGITXMFPIXSTVEKQEXMGGSRZIVWE XMSREPHMJJMGYPXMIWWYGLEWHIXIVQMRMRKEWTIEOMRKSVHIVSVMHIRXMJ]MRK[LSMWWTIEOMRK [LIRWSQISRIMWEPQSWXJMRMWLIHWTIEOMRK[LSMW[EMXMRKXSWTIEOSV[LS[SYPHPMOI XSWTIEORI\X*VYWXVEXMSR[MXLXLIWIGSRZIVWEXMSREPTVEKQEXMGWGERPIEHTEVXMGMTERXWXS FIGSQIPIWWMRZSPZIHMRXLIKVSYTHMWGYWWMSRSVXSWXSTTEVXMGMTEXMRKEPXSKIXLIVIZIR XLSYKL XLI] VIQEMR TL]WMGEPP] GSRRIGXIH XLVSYKL XLI QIHMYQ -R EHHMXMSR XS FIMRK PEVKIIRSYKLXSFIWIIREPPTEVXMGMTERXWQYWXFIZMWMFPISRXLIWGVIIRHYVMRKXLIHMWGYW WMSR)ZIRXLIREWTEXMEPVIPEXMSRWLMTEQSRKTEVXMGMTERXWQE]FIQMWWMRKI]IGSRXEGX QE]FIHMJJMGYPXXSEGLMIZIERHJEGMEPI\TVIWWMSRWGERFILEVHXSMRXIVTVIX -JXLIVIEVIEYHMSHIPE]ERHZMWYEPWTEXMEPVIPEXMSRWLMTHMJJMGYPXMIWKVSYTWWSQI XMQIWJMRHXLIRSRZIVFEPGSQQYRMGEXMSRVIKYPEXSVWhWYGLEWFEGOGLERRIPYXXIVERGIW qYLLYLrq]IELrq-WIIr WYFXPIJEGMEPI\TVIWWMSRWERHSXLIVRSRZIVFEPGYIWh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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
-RJPYIRGIWSJXLI1IHMYQSR'SQQYRMGEXMSR
IPEFSVEXI HMWGYWWMSRW MRGYV JI[IV GSRZIVWEXMSREP HMKVIWWMSRW ERH I\TIVMIRGI E VIHYGIHEQSYRXSJW]RIVK]MRXLIKVSYTt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
-RJPYIRGIWSJXLI1IHMYQSR'SQQYRMGEXMSR 7SGMEP4VIWIRGI -R 'LETXIV [IHIJMRIH WQEPPKVSYT GSQQYRMGEXMSREW EqXVERWEGXMSREP TVSGIWW SJ YWMRK W]QFSPMG FILEZMSV XS EGLMIZI WLEVIH QIERMRK EQSRK KVSYT QIQFIVW SZIV E TIVMSHSJXMQIr7SQIHIKVIISJH]REQMGEPP]WLEVIHJIIHFEGOERHGSGSRWXVYGXIHGSQ QYRMGEXMSRMWRIGIWWEV]XSEGLMIZIXLMWWIRWISJWLEVIHQIERMRKEQSRKKVSYTQIQ FIVW 7SGMEP TVIWIRGI MW XLI TIVGITXMSR EQSRK TEVXMGMTERXW XLEX XLI GSQQYRMGEXMSR QIHMYQJEGMPMXEXIWXLIHIZIPSTQIRXSJWSGMEPIQSXMSREPVIPEXMSREPGSQQYRMGEXMSRERH WLEVIHQIERMRKEQSRKKVSYTQIQFIVW7SGMEPTVIWIRGIMWEWWSGMEXIH[MXLXLIEQSYRX ERH HMZIVWMX] SJ XEWO ERH WSGMEP GSQQYRMGEXMSR XLEX MW JEGMPMXEXIH F] E QIHMYQ ERH HIWGVMFIWETEVXMGMTERXtWJIIPMRKXLEXSXLIVLYQERTEVXMGMTERXWEVIVIEPP]MRZSPZIHMRXLI KVSYTGSQQYRMGEXMSR 7LSVX;MPPMEQW 'LVMWXMI %VMGLGSQQYRMGEXMSRQIHMYQXLVSYKL[LMGLTEVXMGMTERXWGERIRKEKIMRQYPXM TPIWMQYPXERISYWGSQQYRMGEXMSR[MXLZIVFEPERHRSRZIVFEPGYIWW]RGLVSRSYWJIIH FEGOEZEVMIX]SJPERKYEKIERHMRJPIGXMSRERHETIVWSREPJSGYWXLEXGSRZI]WJIIPMRKW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR
ERHIQSXMSREPSRK[MXLXLIMRJSVQEXMSREPGSRXIRXTVSHYGIWEKVIEXIVWIRWISJWSGMEP TVIWIRGI 8VIZMRS(EJX 0IRKIP -REJEGIXSJEGI *8* QIIXMRKTEVXMGMTERXW WMQYPXERISYWP] I\GLERKI QSVI X]TIW SJ MRJSVQEXMSRhIQSXMSREP EXXMXYHMREP VIPE XMSREPERHGSRXI\XYEPh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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
-RJPYIRGIWSJXLI1IHMYQSR'SQQYRMGEXMSR
EW]RGLVSRSYWJSVQSJEYHMSGSQQYRMGEXMSR'SQTYXIVGSRJIVIRGMRKW]WXIQWMRWXERX QIWWEKMRKERHGLEXVSSQWEVIW]RGLVSRSYW[LMPIIQEMPPMWXWIVZIVWFYPPIXMRFSEVHW ERHRI[WKVSYTWTVSZMHIEW]RGLVSRSYWGSQQYRMGEXMSR =IXIZIRMREW]RGLVSRSYWSVVIPEXMZIP]qMRWXERXERISYWP]EW]RGLVSRSYWrXI\X FEWIH'1'QIHMYQWYGLEWMRWXERXQIWWEKMRKSVIPIGXVSRMGGLEX[IGSQTPIXISYV [LSPIYXXIVERGIERHTYWLXLIIRXIVOI]FIJSVIVIGIMZMRKEVIWTSRWIXSER]TEVXSJXLEX YXXIVERGI-R[LSPP]EW]RGLVSRSYWXI\XFEWIH'1'WYGLEWFPSKWIQEMPERHFYPPIXMR FSEVH QIWWEKIW [I KIRIVEPP] GSQTPIXI ER IRXMVI QIWWEKI GSRXEMRMRK WIZIVEP YXXIV ERGIWSVWIRXIRGIWFIJSVI[IVIGIMZI]SYVVIWTSRWI7S[LMPIWSQIJSVQWSJGSQQY RMGEXMSR [MXLMR IEGLQIHMYQEVI XIVQIH W]RGLVSRSYWERH SXLIVWEVIEW]RGLVSRSYW XLIVIMWVIEPP]EHIKVIISJW]RGLVSRMGMX]EZEMPEFPIXLVSYKLXLIGSQQYRMGEXMSRMRIEGL QIHMYQ8LIWIZEV]MRKHIKVIIWSJW]RGLVSRMGMX]MRJPYIRGIEKVSYTt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tWOI] IQSXMSREPVIPEXMSREP GSQQYRMGEXMSR HMQIRWMSRW [EW VIGITXMZMX] MQQIHMEG] ERH MRJSVQEPMX]4EVXMGMTERXWMRHMGEXIHXLEXEFIRIJMXXSERSRPMRIWYTTSVXKVSYTGSQTEVIH XSEJEGIXSJEGIKVSYTMWXLIEFMPMX]SJXLIKVSYTXSMKRSVIXYVRXEOMRKFILEZMSVWERH XSKIXRYQIVSYWWMQYPXERISYWVIWTSRWIWXSEUYIWXMSRSVERMWWYI1EOMRKHIGMWMSRW EFSYXEWSYVGIt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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR
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q,%,%,%rEGGIRXWMR XLIQIWWEKI2SRZIVFEPIQSXMGSRWWYGLEWq 7QMPI rqFPYWLrqKVMRrERHqKMKKPIr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t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h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
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
-RJPYIRGIWSJXLI1IHMYQSR'SQQYRMGEXMSR
7SGMEP4VIWIRGI 1IHME6MGLRIWW ERH7]RGLVSRMGMX]
8%&0)
'SQQYRMGEXMSR 1IHMYQ
'SQQYRMGEXMSR :IVFEPERH 2SRZIVFEP
7SGMEP 4VIWIRGI 1IHME 6MGLRIWW
7]RGLVSRSYW )\EQTPIW WEQI XMQI MRXIVEGXMZI
%W]RGLVSRSYW )\EQTPIW RSXEX XLIWEQIXMQI VIWTSRHPEXIV
*EGIXS*EGI
*EGIXSJEGI 7MQYPXERISYW ZIVFEPGSRXIRX ZSGEPXSRIERH MRJPIGXMSRJEGMEP I\TVIWWMSRWLERH KIWXYVIWFSHMP] TSWXYVIERHERKPI
6MGLQIHME %PP RSRZIVFEP QSHEPMXMIW EZEMPEFPI
*EGIXSJEGIKVSYT QIIXMRK
2SQMREPKVSYT XIGLRMUYI
:MHISVIGSVHMRK :MHISGSRJIVIRGMRK
:MWYEP -RXIVEGXMZI ZIVFEPGSRXIRX RSRZIVFEPW ZSGEP XSRIERHMRJPIGXMSR JEGMEPI\TVIWWMSRW LERHKIWXYVIWFSHMP] TSWXYVIERHPIER QE]FITVIWIRXFYX SFWGYVI
:MWYEPERH ZSGEP RSRZIVFEPW EZEMPEFPI
:MHISGSRJIVIRGMRK
:MHISVIGSVHMRKW :MI[IHPEXIV
%YHMSGSRJIVIRGMRK
%YHMS -RXIVEGXMZI ZIVFEPGSRXIRX RSRZIVFEPW ZSGEP XSRIERHMRJPIGXMSR TVIWIRX
3RP]ZSGEP RSRZIVFEPW EZEMPEFPI
8IPITLSRI GSRJIVIRGIW
:SMGIQEMP
8I\X&EWIH 'SQTYXIV7]WXIQW
8I\XFEWIH 8I\X KVETLMGW RSRZIVFEP qIQSXMGSRWrYWIH
0IERQIHME 9WIVWGVIEXI XI\XFEWIH RSRZIVFEP I\TVIWWMSRW
-RWXERXQIWWEKMRK -RXIVEGXMZIGSQTYXIV GLEXW+77
)QEMPFPSKW FYPPIXMRFSEVHW PMWXWIVZW
-REHHMXMSR&YR^ERH'EQTFIPP JMRHXLEXTEVXMGMTERXWEGGSQQSHEXIERH VIWTSRHXSXLIZIVFEPTSPMXIRIWWGYIWIQFIHHIHMRXLIFSH]SJIQEMPQIWWEKIW1IW WEKIWWXVYGXYVIH[MXLEKVIIXMRKSVWEPYXEXMSRVIGIMZIQSVITSPMXIVIWTSRWIWXLERQIW WEKIWXLEXPEGOXLIWIJSVQEPTSPMXIRIWWGYIW
7SQI)JJIGXWSJ'1'9RHIVGYVVIRXWSR+VSYT4VSGIWWIW 8LI-RXIVEGXMSRSJ'1'[MXL+VSYT7M^I (MZIVWMX] ERH4VS\MQMX] +VSYTGLEVEG XIVMWXMGWWYGLEWWM^IHMZIVWMX]ERHTL]WMGEPTVS\MQMX]SJKVSYTQIQFIVW[LIRXLI]
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
' , % 4 8 ) 6
'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR
QIIX MRXIVEGX [MXL XLI GSQQYRMGEXMSR XIGLRSPSK] XS JYVXLIV MRJPYIRGI E KVSYTtW HIGMWMSRQEOMRKTVSGIWW0EVKI'1'KVSYTWETTIEVXSFIRIJMXXLIQSWXJVSQYWMRK '1'EWXLI]KIRIVEXIQSVIMHIEWTIVQIQFIVXLERHSWQEPPIV'1'KVSYTW 1G+VEXL
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t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tWI\TIGXEXMSRWERHRSVQWXLERHSQIQFIVWSJHMWXVMFYXIHKVSYTW +IRHIV7[ETTMRK 4EWXVIWIEVGLLEWIWXMQEXIHXLEXEWQER]EW XS SJ-RXIV RIXYWIVWqKIRHIVW[ETr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
'LSSWMRKE1IHMYQJSVXLI)JJIGXMZI9WISJ'1' 8LIGLEPPIRKIJSVEKVSYTMWLS[XSYXMPM^IERYRHIVWXERHMRKSJ'1'ERHMXWMRJPYIRGISR KVSYTGSQQYRMGEXMSRTEXXIVRWERHTIVJSVQERGIXSIRLERGIEKVSYTtWHIGMWMSRQEOMRK TVSFPIQWSPZMRKERHGSQQYRMGEXMSRTVSGIWWIW8LIJMVWXWXITMRXLMWTVSGIWWMRZSPZIW TPERRMRK JSVXLI YWISJ '1' F] XLIKVSYT8LIVI EVI WIZIVEP ETTVSEGLIW XS XLMROMRK
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
'LSSWMRKE1IHMYQJSVXLI)JJIGXMZI9WISJ'1' *-+96)
8LI8IR'SQQERHQIRXWSJ'SQTYXIV)XLMGW
%WIXSJ 8IR'SQQERHQIRXW[EWGVIEXIHF]XLI'SQTYXIV)XLMGW-RWXMXYXIJSVHMWXVMFYXMSREQSRKERHKYMHERGI SJGSQTYXIVWYWIVW-XW8IR'SQQERHQIRXWTVSZMHIEKSSHETTPMGEXMSRXSGSQTYXIVQIHMEXIHGSQQYRMGEXMSR 8LSY7LEPX2SXYWIEGSQTYXIVXSLEVQSXLIVTISTPI 8LSY7LEPX2SXMRXIVJIVI[MXLSXLIVTISTPItWGSQTYXIV[SVO 8LSY7LEPX2SXWRSSTEVSYRHMRSXLIVTISTPItWGSQTYXIVJMPIW 8LSY7LEPX2SXYWIEGSQTYXIVXSWXIEP 8LSY7LEPX2SXYWIEGSQTYXIVXSFIEVJEPWI[MXRIWW SVXIPPPMIWEFSYXWSQISRI 8LSY7LEPX2SXGST]SVYWITVSTVMIXEV]WSJX[EVIJSV[LMGL]SYLEZIRSXTEMH 8LSY7LEPX2SXYWISXLIVTISTPItWGSQTYXIVVIWSYVGIW[MXLSYXEYXLSVM^EXMSRSVTVSTIVGSQTIRWEXMSR 8LSY7LEPX2SXETTVSTVMEXISXLIVTISTPItWMRXIPPIGXYEPSYXTYX 8LSY7LEPXXLMROEFSYXXLIWSGMEPGSRWIUYIRGIWSJXLITVSKVEQSVW]WXIQ]SYEVIGVIEXMRKSVYWMRK 8LSY7LEPX%P[E]WYWIEGSQTYXIVMR[E]WXLEXMRWYVIGSRWMHIVEXMSRERHVIWTIGXJSV]SYVJIPPS[LYQERW 7SYVGI 'VIEXIHF]XLI'SQTYXIV)XLMGW-RWXMXYXIEXXLI&VSSOMRKW-RWXMXYXMSR;EWLMRKXSR('ERHZMI[EFPISRPMRIEX [[[FVSSOMRKWIHYMXWGIMSZIVZMI[QEMRLXQ8LI8IR'SQQERHQIRXWSJ'SQTYXIV)XLMGW[IVIJMVWXTVIWIRXIHMR(V6EQSR '&EVUYMRtWTETIVq-R4YVWYMXSJEs8IR'SQQERHQIRXWt JSV'SQTYXIV)XLMGWr8SVIUYIWXXLI8IR'SQQERHQIRXWSJ'SQ TYXIV)XLMGWMR4(*JSVQEXIQEMP]SYVVIUYIWX[MXL]SYVREQIIQEMPEHHVIWWERHEJJMPMEXMSRXSGIM$FVSSOMRKWIHY
EFSYXXLIETTVSTVMEXIRIWWSJEQIHMYQJSVWQEPPKVSYTGSQQYRMGEXMSR8LIJMVWXMWXS GLSSWIEQIHMYQFEWIHSRXLIQIHMEVMGLRIWWERHGSQTPI\MX]SJXLIGSQQYRMGEXMSR XEWO8LIWIGSRHMWXSXLMROEFSYXXLIPERKYEKIGLEVEGXIVMWXMGWSJXLIMRJSVQEXMSRXSFI GSQQYRMGEXIH8LIXLMVHMWXSGSRWMHIVXLIGSQQYRMGEXMSRJYRGXMSRWXSFIYWIH
'LSSWMRKE1IHMYQJSVXLI'SQQYRMGEXMSR8EWO )JJIGXMZIP] JEGMPMXEXMRKEKVSYTt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tWTVSGIWWF]GLSSWMRKEQIHMYQXLEXMWXSSPIERXS IJJIGXMZIP]EGGSQTPMWLXLIGSQQYRMGEXMSRXEWO8LMROEFSYXXLIGSQQYRMGEXMSRTYV TSWIERHIZEPYEXIXLITSXIRXMEPYWISJERI[GSQQYRMGEXMSRXIGLRSPSK][MXLMRXLIWTIG XVYQ SJ EZEMPEFPI QIHME GLSMGIW 8EFPI PMWXW XLIWI VIGSQQIRHEXMSRW JSV QIHME WIPIGXMSR 0IRKIP (EJX
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
8%&0)
' , % 4 8 ) 6
'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR
'LSSWMRKE'SQQYRMGEXMSR1IHMYQ 0IRKIP (EJX
*SVWMQTPIVSYXMRIGSQQYRMGEXMSRGLSSWIEPIERQIHMYQ 1SVIHMJJMGYPXERHRSRVSYXMRIGSQQYRMGEXMSRHIQERHWEVMGLIVGSQQYRMGEXMSRQIHMYQ 9WIVMGLQIHMEXSHIZIPSTWSGMEPTVIWIRGIERHTIVWSREPVIPEXMSRWLMTW 9WIVMGLQIHMEJSVMQTPIQIRXMRKRI[TPERWERHWXVEXIKMIW (SRSXPIXEPEGOSJQIHMEVMGLRIWWVIWXVMGXXLIMRJSVQEXMSRWLEVIHSVGIRWSVHMWGYWWMSRSJGVMXMGEPMWWYIW )ZEPYEXIXLITSXIRXMEPYWISJERI[GSQQYRMGEXMSRXIGLRSPSK][MXLMRXLIWTIGXVYQSJEZEMPEFPIQIHME GLSMGIW
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7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
-RHI\ PIEHMRKKVSYTQIIXMRKWi TIVJSVQERGISYXGSQIWSJKVSYTWERH XI\XFEWIH 'SRGYVVIRGIWIIOMRK 'SRJIVIRGIKVSYTW 'SRJPMGX EZSMHERGITS[IVi GLEVMWQEXMGSVTIVWSREPTS[IV GSQQYRMGEXMSRERH i HIWXVYGXMZI I\TIVXTS[IV MRKVSYTW i SVMIRXEXMSRXSGYPXYVIERH TSWMXMSREP PIKMXMQEXI TS[IV TS[IVERHi TS[IVMRi VIJIVIRXTS[IV WXSVQMRKERH i WYFWXERGISJ i MRW]WXIQW i 'SRJPMGXQEREKIQIRX i GSRWXVYGXMZI HIJMRMRK[MXLMREGSQQYRMGEXMSRGSRXI\X i GSRJPMGX[MXLMRWQEPPKVSYTW GSRJPMGX[MXLMRW]WXIQW i WYFWXERGISJGSRJPMGX i HMZIVWMX]ERH i IXLMGWMRTVSHYGXMZI PIEHIVWLMTMR QM\IHQSXMZI 2EXMZI%QIVMGERWERH i TEXXIVRWSJi EGGSQQSHEXMSRi EZSMHERGI GSPPEFSVEXMSR ERHGSRWIRWYW i GSQTIXMXMSRi GSQTVSQMWI RIKSXMEXMSRi TS[IVMRGSRXI\X TS[IVMRKVSYTGSRJPMGXERHi EZSMHERGITS[IVi GLEVMWQEXMGSVTIVWSREPTS[IV I\TIVXTS[IV MRXIVTIVWSREPPMROEKITS[IV TSWMXMSREP PIKMXMQEXI TS[IV VIJIVIRXTS[IV VI[EVHERHTYRMWLTS[IV i TVSHYGXMZIi WX]PIi
'SRJSVQMX]TVIWWYVIJSV 'SRRSXEXMZIQIERMRK i 'SRWGMSYWRIWWVEMWMRKXEPO 'SRWIRWYW GSPPEFSVEXMSRERHi KVSYTGSQQMXQIRXERH i TVSGIWWSJ XIWXMRK KVSYTXEWOVSPI 'SRWXVYGXMZIJIIHFEGO i 'SRXIRXEREP]WMW i TVSGIHYVIW 'SRXI\XMRJPYIRGIWSRHIGMWMSRQEOMRKi KVSYTGSQTSWMXMSR KVSYTTVSGIWWi 'SRXI\XMRJPYIRGIWSRTVSFPIQWSPZMRKi KVSYTGSQTSWMXMSR KVSYTTVSGIWWi 'SRXMRYSYWMQTVSZIQIRXXIEQW 'SRXVSPZW TVSFPIQSVMIRXEXMSR 'SSO7GSXX 'SSTIVEXMSR MRWIEXMRKEVVERKIQIRXW WXSVQMRKTLEWIERH 'SSVHMREXMRK KVSYTXEWOVSPI q'SYRXIVHITIRHIRG]rWXEXIQIRXW 'SYRXV]GPYFQEREKIQIRX 'SZI]76 'VIEXMZIEFVEWMSR 'VIEXMZIIRGSYVEKIQIRXXIGLRMUYIWJSV i EREPSK] i EWWSGMEXMSRERHQIXETLSVW MHIERIIHPIVW i QERMTYPEXMZIZIVFW i 'VIEXMZMX] i7IIEPWS (IGMWMSRQEOMRKXIGL RMUYIW GSQQSRFPSGOWERHGVIEXMZIVIWTSRWIW HIJMRIH i IUYMJMREPMX]ERH KVSYTGPMQEXIERH i LIYVMWXMGWZW EPKSVMXLQWERH i MRTISTPIEXXVMFYXIWSJ TVSFPIQWSPZMRK MRTVSFPIQWSPZMRK XLMROMRK 'VIEXMZMX]FEVVMIVWXS i GYPXYVEP i IQSXMSREP i TIVGITXYEP i
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
-RHI\
'VIHMFMPMX] MRPIEHIVWLMT 'VYGMEPRSVQ 'YFER1MWWMPI'VMWMW 'YPXYVI W FEVVMIVWXSGVIEXMZMX] i GSPPIGXMZMWX GSQQSRTVIHMGXEFMPMX]SJ GSQQYRMGEXMSRGPEWLSJ MRHMZMHYEPMWX MRXIVREPQEXVM\GVIEXIHF] i RSRZIVFEPGSQQYRMGEXMSRERH RSVQWERHI\TIGXEXMSRWSJ i SVMIRXEXMSRXSGSRJPMGXERH WXIVISX]TIWERH i '97II1I ;LMXI4MRI ']FIVWPEGOMRK ()'-()QSHIPSJHIGMWMSRQEOMRKERHTVSFPIQ WSPZMRKi GSRWMHIVXLIEPXIVREXMZIWi HIJMRIXLIKSEPYRHIVWXERHXLITVSFPIQi HIZIPSTEHIGMWMSRTPERi IZEPYEXIXLIVIWYPXWERHGSRWIUYIRGIWSJi I\EQMRIXLIGSRWXVEMRXWi MRMXMEXIEHIGMWMSR i (IGMWMSRQEOMRKi 7IIEPWS ()'-()QSHIP SJHIGMWMSRQEOMRKERHTVSFPIQWSPZMRK GSRXI\XMRJPYIRGIWSRi IXLMGEPFILEZMSVWMR i MRKVSYTTVSGIWWERHTVIWIRXEXMSRXIGLRMUYIW i MRMXMEXIEHIGMWMSRMR i QIHMEVMGLRIWWERHQEXGLMRK[MXL ZW TVSFPIQWSPZMRK (IGMWMSRQEOMRKKVSYTW HMZIVWMX]ERH ZW MRHMZMHYEPi (IGMWMSRQEOMRKXIGLRMUYIWi %'&MHIEWSVXMRKQIXLSH FY^^WIWWMSRWi (IPTLMXIGLRMUYIi i JSGYWKVSYTWi MHIE[VMXMRK PMWXIRMRKXIEQWi RSQMREPKVSYTXIGLRMUYIi VSPITPE]MRK W]RIGXMGW i (IGMWMSRTPERHIZIPSTMRKi
(IHYGXMSRW (IPTLMXIGLRMUYIi i FEWMGWXITW (IPXE%MV0MRIW (IQSGVEXMGW]WXIQ (IRSXEXMZIQIERMRK i q(ITIRHIRG]rWXEXIQIRXW (IWGVMTXMSRZWIZEPYEXMSR i (IWXVYGXMZIGSQTIXMXMSR (IWXVYGXMZIGSRJPMGXW (IXIVQMRMWXMGVSPIWi (IYO XIEQ (MWGPSWMRK (MWRI] (MWVIWTIGX (MWXVEGXMRKHIPMZIV]i (MZIVWIFEGOKVSYRHW (MZIVWIKVSYTW i GSRJPMGXQEREKIQIRXMR i GSRJSVQMX]MRTVIWWYVIWJSV TS[IVMRLMIVEVGLMIWSJ i (MZIVWMX] i EWWYQTXMSRWERHWXIVISX]TMRK i GSQQYRMGEXMSRGSRXI\XW i HIJMRIH HMJJIVIRGIWERHGEXIKSVMIWSJ IXLMGEPFILEZMSVERH MRXIVEGXMSRSJ'1'[MXLi RSVQWERH MRSVKERM^EXMSREPGSRXI\X i MRWQEPPKVSYTWERHXIEQW i i (SQMREXMRK WIPJSVMIRXIHFILEZMSV (SYFPIPSSTPIEVRMRK (S['LIQMGEP'SQTER] (VIEQ8IEQ )&E] )GS7IEKEXI )HMWSR8LSQEW )HYGEXMSREPKVSYTW )MRWXIMR%PFIVX )PEFSVEXMRK KVSYTXEWOVSPI )PIGXIHKVSYTPIEHIV )PIGXVSRMGQIIXMRKW]WXIQW )17 i EYHMSGSRJIVIRGMRKERHZMHISGSRJIVIRGMRK i KVSYTWYTTSVXW]WXIQW +77 i )QFPIQ )QIVKIRGIEWEKVSYTi )QIVKIRXKVSYTPIEHIVW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
-RHI\ )QIVKIRXVSPIW )QSXMGSRWRSRZIVFEP )QSXMSREPFEVVMIVWXSGVIEXMZMX] i )QSXMSREPVIWTSRWIWTVITVSKVEQQIH )QSXMSREPWYTTSVXSRPMRI )QTEXL]ZW RIYXVEPMX] i )QTS[IVMRKKVSYTQIQFIVW )RGSYRXIVXEPO )RGSYVEKMRK KVSYTQEMRXIRERGIVSPI )RPMKLXIRQIRXKVSYTW )RXVST] )RZMVSRQIRX STIRRIWWXS XEOMRKEGGSYRXSJPEVKIVMRSTIRW]WXIQWi )UYEPMX]ZW WYTIVMSVMX] )UYMJMREPMX] )VZMR8VMTT71 )WTSYWIHIXLMGW )WXIIQWYTTSVXSRPMRI )XLMGEPFILEZMSV MRHIGMWMSRQEOMRK i MRHMZIVWIKVSYTW i MRTVSFPIQWSPZMRK )XLMGW GSQTYXIV JSVGSRJPMGXQEREKIQIRXTVSHYGXMZI MRHIGMWMSRQEOMRKFILEZMSVW i HIJMRIH IWTSYWIH IXLMGWMRYWI KVSYT TLSXSWYFWXMXYXMSRWERH i W]WXIQWERH JSVXIEQ[SVOTPEGI )XLMGWMRYWI )XLMGW6IWSYVGI'IRXIV )XLRSGIRXVMWQ )ZEPYEXMRKEWQEPPKVSYT7II 3FWIVZMRKERHIZEPYEX MRKEWQEPPKVSYT )ZEPYEXMSR ZW HIWGVMTXMSR i EWKVSYTXEWOVSPI SJVIWYPXWERHGSRWIUYIRGIWMRHIGMWMSRQEOMRK ERHTVSFPIQWSPZMRKi WXEKISJPMWXIRMRK )[MRK4EXVMGO )\EQMRIXLIGSRWXVEMRXWMRHIGMWMSRQEOMRKERH TVSFPIQWSPZMRKi )\TIGXEXMSR
)\TIVXTS[IV )\TPMGMXRSVQ )\TSRIRXMEPMRXIVEGXMSRWi )\TVIWWMRKYRHIVWXERHMRK )\XIVREPGSRWXVEMRXW )\XIVREPGSRXI\XMRPIEHIVWLMTi )\XIVREPRSMWI )\XVE7XVIRKXL8]PIRSP )]IGSRXEGX *EGIXSJEGI *8* KVSYTW i EYHMSERHZMHISGSRJIVIRGMRKERH ZW '1'KVSYTW GSQTYXIVIXLMGWERH ZW +77KVSYTW QIHMEVMGLRIWWERH WSGMEPTVIWIRGIERH W]RGLVSRSYWEW]RGLVSRSYWGSQQYRMGEXMSRERH *EGMEPHMWTPE] *EGMPMXEXMRKQIIXMRKWi *EGXWPMWXIRMRKJSV *EGXYEPSGGYVVIRGIWi *EMPYVIJIIHFEGOERH *EOMRKEXXIRXMSR *ERXEW] i *IHIVEP)\TVIWW *IIHFEGOi MREYHMSERHZMHISGSRJIVIRGMRK GSRWXVYGXMZITVSZMHMRK i IJJIGXMZITVSZMHMRK JEMPYVIERH SFWIVZIVKYMHIPMRIWJSV VIGIMZMRKi VIWTSRHMRKXSXLIQIWWEKI i WYGGIWWERH MRW]RGLVSRSYWEW]RGLVSRSYWGSQQYRMGEXMSR i W]WXIQEXMG *IIHFEGOPSST q*MKLXrWXEXIQIRXW *MVWXMQTVIWWMSRWi *MVWXSVHIVGLERKI *MWLFSRIHMEKVEQW *MZI;WERHXLI, *PEWLTSMRX *PS[GLEVXWi *SGYWKVSYTWi WIZIROI]WXITW
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
-RHI\
*SVGMRK GSQTIXMXMSR i *SVH,IRV] i *SVH1SXSV'SQTER]i *SVQEPKVSYTi *SVQEPVSPIW *SVQEXMZIIZEPYEXMSRW *SVQMRKWXEKISJKVSYTHIZIPSTQIRXi *SVQYPE3RIEYXSQSFMPIVEGMRK *SVXYRI QEKE^MRI *SVYQ i *VEROPMR&IR *VSWX6SFIVX *YRGXMSREPKVSYTW +EXIOIITMRK KVSYTQEMRXIRERGIVSPI q+E]FEWLMRKr +IRHIV PERKYEKIYWIERH RSRZIVFEPGYIWERHWIRWMXMZMX]XS WI\VSPIWXIVISX]TMRKERHi q+IRHIVW[ETr +IRIVEP)PIGXVMG4S[IV7]WXIQW +IRIVEXMSR2I\XIVW +IRIVEXMSR
+VSYTJERXEWMIW i +VSYTJERXEW]GLEMRMRK +VSYTQIQFIVW i i GSRJPMGXERHGSQQYRMGEXMSRFILEZMSVW i IQTS[IVMRK JEGMPMXEXMZIVIWTSRWMFMPMXMIWSJi TEVXMGMTEXMSRSJJEGMPMXEXMRK WIPJHMWGPSWYVI VIWMWXERGIXSi WSGMEPPSEJMRK +VSYTRSVQWi +VSYTTIVJSVQERGIWYTTSVXW]WXIQW +477 +VSYTTVSGIWWi IJJIGXWSJ'1'YRHIVGYVVIRXWERHi SZIVGSRXVSPF]ETTSMRXIHPIEHIV +VSYTTVSGIWWERHTVIWIRXEXMSRXIGLRMUYIWi 7IIEPWS (IGMWMSRQEOMRKXIGLRMUYIW 4)68 4VSKVEQ)ZEPYEXMSRERH6IZMI[8IGL RMUYI i TVIWIRXEXMSREPJSVQEXWWQEPPKVSYT i TVSFPIQWSPZMRKXSSPWi 6-7/TVSGIHYVI YWMRK i +VSYT W 7IIEPWS 7QEPPKVSYT W EHZERXEKISJ[SVOMRKMR GSRGITXWSJ i GSRJPMGXMRWXSVQMRKERH i HIGMWMSRQEOMRKMRZW MRHMZMHYEPi EWH]REQMGMRXIVEGXMZIW]WXIQW IJJIGXMZIPIEVRMRKEFSYX IQIVKIRGIEW RSVQMRK i IXLMGWERH JYRGXMSREP MRZIRXMSRWJVSQi NSMRMRKVIEWSRWJSVi PIEHIVPIWW QIQFIVW 7II +VSYTQIQFIVW MRSVKERM^EXMSRWi TIVJSVQMRKEWi TS[IVSJi WIPJQEREKMRK[SVO ZEPYISJi +VSYTWM^I GSLIWMZIRIWWERHi MRXIVEGXMSRSJ'1'[MXLi +VSYTWYTTSVXW]WXIQW +77 i +VSYTXEPOi
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
-RHI\ +VSYTXLMROi GLEVEGXIVMWXMGWSJ HIJMRIH +VSYT[EVI ,EPPQEVO ,EVPI](EZMHWSR ,EVQSRM^MRK KVSYTQEMRXIRERGIVSPI ,IPQMGO([MKLX3q7TMOIr ,IYVMWXMGW i ,I[PIXX&MPP ,I[PIXX4EGOEVH'SVTSVEXMSR ,MIVEVGLMIWSJTS[IV i ,MKLGSRXI\XIRZMVSRQIRXGSQQYRMGEXMSRMR ,SQSTLMP] ,SRHE ,YFFEVH)PFIVX ,YFFPIWTEGIGVEJX ,YQSV NSOIW SRPMRI -FYOE1EWEVY -HIERIIHPIVW i -HIE[VMXMRK -QTPMGMXRSVQ -QTSZIVMWLIHQEREKIQIRX -RHITIRHIRGISJKVSYTQIQFIVWi -RHMZMHYEPMWXGYPXYVI -RHMZMHYEPVI[EVHW -RHMZMHYEPVSPIFILEZMSV -RJIVIRGIW -RJSVQEPKVSYTi -RJSVQEPVSPIW -RJSVQEXMSR KEXLIVMRKi KMZMRKSVWIIOMRK KVSYTXEWOVSPI TVEGXMGI TVIWIRXEXMSRSJSVKERM^MRKi TVSGIWWMRK i XSTMGGLSSWMRK -RMXMEPGSRHMXMSRW WIRWMXMZMX]XSi -RMXMEXMRK KVSYTXEWOVSPI -RTYXi -RWLEPPEL -RWMHIVSYXWMHIVEPPIKMERGIW -RXIRHIHGSRWIUYIRGIW -RXIVEGXMSRWI\TSRIRXMEPi
-RXIVEGXMZMX] -RXIVHITIRHIRGI -RXIVREPGSRWXVEMRXW -RXIVREPQEXVM\ i -RXIVREPRSMWI -RXIVRIXi -RXIVTIVWSREPEXXVEGXMSRSJNSMRMRKKVSYTWi EXXMXYHIWMQMPEVMX]i RIIHGSQTPMQIRXEVMX] TL]WMGEPTVS\MQMX] -RXIVTIVWSREPPMROEKITS[IV -RXIVTVIXEXMSRWXEKISJPMWXIRMRK -RXVERIXi -RZIRXMSRWJVSQKVSYTWi -4SHW -VVIZIVWMFMPMX] i -WLMOE[E/ESVY -WLMOE[EHMEKVEQW .EGOWSR.IWWI .EKKIV1MGO .ERMW- .SLRW,STOMRW,SWTMXEP .SLRWSR1EKMG .SLRWSR .SLRWSR .SMRMRKKVSYTWVIEWSRWJSVi EJJMPMEXMSRTIVWSREPRIIHJSV i EWWMKRQIRXF]WSQISRIIPWI GSQQMXQIRXXSKSEPWERHEGXMZMXMIWSJ MRXIVTIVWSREPEXXVEGXMSRi .SVHER1MGLEIP .YHKQIRXW /IRRIH].SLR* /MRIWMGW /MRK1EVXMR0YXLIV.V /YLR8LSQEW 0EGOSJMRXIVIWX 0EMWWI^JEMVIW]WXIQ 0ERIRRIG6IRI 0ERKYEKI ETTVSTVMEXIYWISJEWWYQTXMSRWEFSYX i FSH] GSRRSXEXMZIQIERMRKERH KIRHIVERH PERKYEKIHIQERHXIGLRSPSK]JMXJMRHMRK TEVEPERKYEKIi WIQERXMGWERHi
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
-RHI\
0ERKYEKI GSRX W]QFSPMGREXYVISJ MRXEWOSVHIVMRK YWISJ i 0ERKYEKIHIQERHiXIGLRSPSK]JMX 0E^MRIWW 0IEHIVEWGSEGL 0IEHIVEWGSRHYGXSV 0IEHIVEWXIGLRMGMER i 0IEHIVW IQIVKIRX PIEHMRKZW QEREKMRKi VIGSKRM^MRKi XVERWEGXMSREP XVERWJSVQEXMSREP 0IEHIVWGLEVEGXIVMWXMGWSJi GSQQYRMGEXMSRGSQTIXIRGIi GVIHMFMPMX] ZMWMSR 0IEHIVWGLSSWMRKi ETTSMRXIHPIEHIVW IPIGXIHPIEHIVW IQIVKIRXPIEHIVW WLEVIH JEGMPMXEXMZI PIEHIVWLMTi 0IEHIVWXEWOWSJi IQTS[IVMRKKVSYTQIQFIVW JEGMPMXEXMRKQIIXMRKW QEREKMRKGSRJPMGX 0IEHIVWLMTi GLSSWMRKEPIEHIVi IJJIGXMZIi EWEJYRGXMSRMREW]WXIQi VIGSKRM^MRKPIEHIVWi WX]PIWSJ i XEWOWSJKVSYTPIEHIVWi XLISVMIWSJi 0IEHIVWLMTMRJPYIRGIWSRi I\XIVREPGSRXI\Xi MRHITIRHIRGISJKVSYTQIQFIVWi REXYVISJXEWO 0IEHMRKZW QEREKMRKi 0IEVRMRKKVSYTW 0IHIVIV6MGLEVH 0MOIVXWGEPI 0MWXIRMRKi IJJIGXMZIVI[EVHWSJ JSVJEGXW JIIHFEGOVIWTSRHMRKXSXLIQIWWEKI i
QEREKIVWERH 972EZ]WLMTGSRZIVWEXMSR[MXL'EREHMER EYXLSVMXMIW i ;LStWSR*MVWX#r i 0MWXIRMRKGSQTSRIRXWSJi IZEPYEXMRKXLIQIWWEKIGSRXIRX MRXIVTVIXMRKXLIQIWWEKI QIQSV]VIXEMRMRKERHVIWTSRHMRKXSXLIQIWWEKI i WIRWMRK LIEVMRKXLIQIWWEKI i 0MWXIRMRKXIEQWi 0SRI6ERKIV 0SRKXIVQQIQSV] 0S[GSRXI\XIRZMVSRQIRXGSQQYRMGEXMSRMR 1EMRXIRERGISVMIRXIHVSPIWi 1EOIW1I;ERRE,SPPIV 1G'EPP 1EREKIQIRXWX]PIWMRETTVSTVMEXIi 1EREKIVMEP+VMHi 1EREKMRKZW PIEHMRKi 1ERMTYPEXMZIZIVFW i 1EVVMSXX 1EVXMRI^6MGEVHS 1EV\+VSYGLS 1E]S'PMRMG 1G'EPP2EXLER 1G'E['VEMK 1G'E['IPPYPEV'SQQYRMGEXMSRW'SVT 1G(SREPHtW 1G0YLER1EVWLEPP 1IERMRKMRGSQQYRMGEXMSR 1IHMEVMGLRIWW 1IHMEXIHGSQQYRMGEXMSRKVSYTW 1IHMEXSVW 1IIXMRKW IJJIGXMZIRIWWSJKYMHIXS JEGIXSJEGI i JEGMPMXEXMSRSJF]KVSYTPIEHIVi MRSVKERM^EXMSREPKVSYTW TSWXQIIXMRKVIEGXMSRJSVQW i VIEWSRWJSV qXSRKYIMRGLIIOrGSQQIRXWMR 1IQSV]WXEKISJPMWXIRMRKi PSRKXIVQ WLSVXXIVQi 1IRGOIR,0 1IVGO 1IWWEKIWYTTSVXSRPMRI
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
-RHI\ 1IXETLSVW MRGVIEXMZMX] YWISJMRREVVEXMZIWERHKVSYTJERXEWMIW 1MGVSWSJX 2IX1IIXMRK ;MRHS[W1IHME)RGSHIV 1MHHPISJXLIVSEH 1M\IHQSXMZIGSRJPMGXQEREKIQIRX 1SHMJMIHGSSTIVEXMZIWIEXMRKEVVERKIQIRXW 1SVTLSKIRMGW]WXIQW 1SVTLSWXEXMGW]WXIQW i 1SXS6E^V:YPXVEXLMRGIPPTLSRI 1SXSVSPE 1YWOMI)HQYRH 1YXYEPMRJPYIRGI 1]750 2EVVEXMZI i 2%7% 2EXMSREP,MKL[E]8VEJJMG7EJIX]%HQMRMWXVEXMSR 2,87% 2EXMSREP4VIWW'PYF 2EXMZI%QIVMGERWGSRJPMGXQEREKIQIRXERH i 2EXYVISJXLIXEWO 2IIHGSQTPIQIRXEVMX] 2IKSXMEXMSRi 2IKSXMEXSVW 2IX[SVOMRKWYTTSVXSRPMRI 2IYXVEPMX]ZW IQTEXL] i 2-, RSXMRZIRXIHLIVI 2SMWIi I\XIVREP MRXIVREP 2SQMREPKVSYTXIGLRMUYIi 2SRZIVFEPGSQQYRMGEXMSR i JYRGXMSRWSJ PMWXIRMRKERHIJJIGXMZI i TS[IVPIWWWXIVISX]TIWERHi TVMRGMTEPWSJi X]TIWSJi FSH]PERKYEKI GLVSRIQMGW JEGMEPHMWTPE] TEVEPERKYEKIi TVS\IQMGWi 2SVHWXVSQ 2SVQMRKWXEKISJKVSYTHIZIPSTQIRXii
2SVQWi EWWYQMRK GYPXYVEPi HMZIVWMX]ERH VIEWSRWJSVi VSPIWERHF]KIRIVEXMSR X]TIWSJi ZMSPEXMRK i 2SXMRZIRXIHLIVI 2-, 2YGSV7XIIPi 2YQIVMGW]QFSPM^EXMSR 3FNIGXQIHMEXMSR 3FWIVZEXMSRWi 3FWIVZIVJIIHFEGOKYMHIPMRIWJSV 3FWIVZIVQIQFIVWWGEPIWi TSWXQIIXMRKVIEGXMSRJSVQW i VEXMRKWGEPIWi 3FWIVZMRKERHIZEPYEXMRKEWQEPPKVSYTi MRHMZMHYEPVSPIFILEZMSV SFWIVZIVJIIHFEGOKYMHIPMRIWJSV WYGGIWWERHJEMPYVI W]WXIQMGJIIHFEGO ZIVFEPMRXIVEGXMSRERHGSRXIRXEREP]WMW i 3LMS7XEXI9RMZIVWMX] 3P]QTMGFEWOIXFEPPXIEQ97 3RPMRIWYTTSVXKVSYT 3TIRRIWW MRGVIEXMZIKVSYTGPMQEXI i 3TIRW]WXIQWGLEVEGXIVMWXMGWSJi IRXVST] IUYMJMREPMX] JIIHFEGOi MRXIVHITIRHIRGI STIRRIWW W]RIVK] XEOMRKEGGSYRXSJXLIPEVKIVIRZMVSRQIRXi XVERWJSVQEXMSRi [LSPIRIWWi 3TMRMSRKMZMRK KVSYTXEWOVSPI 3TMRMSRWNYHKQIRXWEW 3TTSVXYRMWQi 3VKERM^EXMSREPKVSYTWi I\EQTPIWSJi QIIXMRKWMR 3VKERM^EXMSREP-QTVSZIQIRX+VSYT 3-+ 3VKERM^EXMSREPXIEQWi i 3YXTYX
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX F]4IEVWSR)HYGEXMSR-RG
-RHI\
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