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8LI%VXSJ 4YFPMG7TIEOMRK 8)28,)(-8-32
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hMRXLIGPEWWVSSQERHFI]SRH
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MXXLVSYKLJSYVIHMXMSRW0IWPMI3FIVLYFIVMWMRLIVXLMVHIHMXMSREWXLIFSSOt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i0E 'VSWWI .IRRMJIV6IIQ 2SZE7SYXLIEWXIVR9RMZIVWMX]
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8LI%VXSJ 4YFPMG7TIEOMRK
0EWX,,IEH
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIEOMRKMR4YFPMG 8LI4S[IVSJ4YFPMG7TIEOMRK 8LI8VEHMXMSRSJ4YFPMG7TIEOMRK 7MQMPEVMXMIW&IX[IIR4YFPMG7TIEOMRKERH 'SRZIVWEXMSR (MJJIVIRGIW&IX[IIR4YFPMG7TIEOMRKERH 'SRZIVWEXMSR (IZIPSTMRK'SRJMHIRGI =SYV7TIIGL'PEWW 2IVZSYWRIWW-W2SVQEP (IEPMRK[MXL2IVZSYWRIWW
4YFPMG7TIEOMRKERH'VMXMGEP8LMROMRK 8LI7TIIGL'SQQYRMGEXMSR4VSGIWW 7TIEOIV 1IWWEKI 'LERRIP 0MWXIRIV *IIHFEGO -RXIVJIVIRGI 7MXYEXMSR 8LI7TIIGL'SQQYRMGEXMSR4VSGIWW )\EQTPI[MXL'SQQIRXEV]
4YFPMG7TIEOMRKMRE1YPXMGYPXYVEP;SVPH 'YPXYVEP(MZIVWMX]MRXLI1SHIVR;SVPH 'YPXYVEP(MZIVWMX]ERH4YFPMG7TIEOMRK %ZSMHMRK)XLRSGIRXVMWQ
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
VS[MRK YT MR VYVEP 8IRRIWWII :ER .SRIW LEH RS MRXIRXMSR SJ FIGSQMRK E TYFPMG WTIEOIV7XYH]MRKNSYVREPMWQEXXLI9RMZIVWMX]SJ8IRRIWWIIEX1EVXMRLILSTIHSRI HE]XSVITSVXXLIRI[WRSXXSQEOIMX2IZIVXLIPIWWLIWSSRJSYRHLMQWIPJHVE[R XSGEQTYWTSPMXMGWERHLIFIGEQIEZSGEPQIQFIVSJXLIWXYHIRXFSH] %JXIVEXXIRHMRKPE[WGLSSP.SRIWNSMRIHXLI7ER*VERGMWGSiFEWIH0E[]IVW'SQQMXXII JSV,YQER6MKLXW XS[SVO SRTVSFPIQWGSRJVSRXMRKMRRIVGMX]GSQQYRMXMIW% JI[]IEVW PEXIV LI IWXEFPMWLIH XLI )PPE &EOIV 'IRXIV JSV ,YQER 6MKLXW E RSRTVSJMX SVKERM^EXMSR HIHMGEXIHXSTVSQSXMRKSTTSVXYRMX]MRYVFER%QIVMGE &YX.SRIWHMHRt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qSRI SJ XLI QSWX TS[IVJYP ERH MRWTMVMRK TVSTLIXMG ZSMGIW SJ SYV XMQIr %YHMIRGIW EVI QSZIHqF]LMWLIEVXMRWTMVIHF]LMWGSQQMXQIRXERHVSGOIHF]LMWIPSUYIRGIr
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8LI4S[IVSJ4YFPMG7TIEOMRK
GSRRIGXPYGEWGSQ :MI[.SLR*/IRRIH] 1EVXMR0YXLIV/MRK6SREPH 6IEKER&EVFEVE.SVHERERH SXLIVWTIEOIVWMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
8LVSYKLSYXLMWXSV]TISTPILEZIYWIHTYFPMGWTIEOMRKEWEZMXEPQIERWSJGSQ QYRMGEXMSR;LEXXLI+VIIOPIEHIV4IVMGPIWWEMHQSVIXLER]IEVWEKSMW WXMPPXVYIXSHE] q3RI[LSJSVQWENYHKQIRXSRER]TSMRXFYXGERRSXI\TPEMRr MX GPIEVP] qQMKLX EW [IPP RIZIV LEZI XLSYKLX EX EPP SR XLI WYFNIGXr 4YFPMG WTIEOMRKEWMXWREQIMQTPMIWMWE[E]SJQEOMRK]SYVMHIEWTYFPMGh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q8LEXtW JMRI+SSH JSVXLIQ&YX[LEXHSIWXLEXLEZIXSHS[MXLQI#-HSRtXTPERXSFIETVIWM HIRX SV E TVIEGLIV SV E GVYWEHIV JSV ER] GEYWIr 2IZIVXLIPIWW XLI RIIH JSV TYFPMGWTIEOMRK[MPPEPQSWXGIVXEMRP]XSYGL]SYWSQIXMQIMR]SYVPMJIhQE]FI XSQSVVS[QE]FIRSXJSVJMZI]IEVW'ER]SYMQEKMRI]SYVWIPJMRER]SJXLIWI WMXYEXMSRW#
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
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8LI1G+VE[n,MPP 'SQTERMIW
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hETIVJIGXXVMFYXIXS]SYVFSWW%JXIVXLIWTIIGLIZIV]SRIETTPEYHWIRXLYWMEWXMGEPP] ERHEJI[TISTPILEZIXIEVWMRXLIMVI]IW8LIJSPPS[MRK[IIO]SYEVIREQIHFVERGLQEREKIV
GSRRIGXPYGEWGSQ 8SVIEHXLI[SVHWSJJEQSYW WTIEOIVWPSKSRXSXLI8ST %QIVMGER7TIIGLIWSJ XLIXL'IRXYV]MRXLI SRPMRI6IWIEVGL0MFVEV]
*ERXEWMIW# 2SX VIEPP] %R] SJ XLIWI WMXYEXMSRW GSYPH SGGYV -R E WYVZI] SJ GSQTERMIW ERH TYFPMG SVKERM^EXMSRW GSQQYRMGEXMSR WOMPPWhMRGPYHMRK TYFPMG WTIEOMRKh[IVI VEROIH JMVWX EQSRK XLI TIVWSREP UYEPMXMIW SJ GSPPIKI KVEHYEXIW WSYKLX F] IQTPS]IVW -R ERSXLIV WYVZI] GSPPIKI KVEHYEXIW MR XLI [SVOJSVGI[IVIEWOIHXSVEROXLIWOMPPWQSWXIWWIRXMEPXSXLIMVGEVIIVHIZIPST QIRX;LEX[EWEXXLIXSTSJXLIMVPMWX#3VEPGSQQYRMGEXMSR 8LIMQTSVXERGISJWYGLWOMPPMWXVYIEGVSWWXLIFSEVHh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q8LIVIEVI QSVIEZIRYIWXSVIEGLTISTPIXLERIZIVFIJSVIFYXXLIVItWRSWYFWXMXYXIJSVJEGI XSJEGIGSQQYRMGEXMSRr8SFIWYGGIWWJYPWE]WFYWMRIWWPIEHIV1MHKI'SWXER^E ]SYQYWXLEZIqXLIEFMPMX]XSWXERHSR]SYVJIIXIMXLIVSRESRIXSSRIFEWMWSV FIJSVIEKVSYTERHQEOIETVIWIRXEXMSRXLEXMWGSRZMRGMRKERHFIPMIZEFPIr 8LIWEQIMWXVYIMRGSQQYRMX]PMJI4YFPMGWTIEOMRKMWEZMXEPQIERWSJGMZMG IRKEKIQIRX-XMWE[E]XSI\TVIWW]SYVMHIEWERHXSLEZIERMQTEGXSRMWWYIW XLEX QEXXIV MR WSGMIX] %W E JSVQ SJ IQTS[IVQIRX MX GERhERHSJXIR HSIWh QEOIEHMJJIVIRGIMRXLMRKWTISTPIGEVIEFSYXZIV]QYGL8LIOI]TLVEWILIVI MWqQEOIEHMJJIVIRGIr8LMWMW[LEXQSWXSJYW[ERXXSHSMRPMJIhXSQEOIE HMJJIVIRGIXSGLERKIXLI[SVPHMRWSQIWQEPP[E]4YFPMGWTIEOMRKSJJIVW]SY ERSTTSVXYRMX]XSQEOIEHMJJIVIRGIMRWSQIXLMRK]SYGEVIEFSYXZIV]QYGL
8LI8VEHMXMSRSJ4YFPMG7TIEOMRK
+MZIR XLI MQTSVXERGI SJ TYFPMG WTIEOMRK MXtW RSX WYVTVMWMRK XLEX MX LEW FIIR XEYKLXERHWXYHMIHEVSYRHXLIKPSFIJSVXLSYWERHWSJ]IEVW%PQSWXEPPGYPXYVIW LEZI ER IUYMZEPIRX SJ XLI )RKPMWL [SVH qSVEXSVr XS HIWMKREXI WSQISRI [MXL
8LI8VEHMXMSRSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WTIGMEP WOMPPW MR TYFPMG WTIEOMRK 8LI SPHIWX ORS[R LERHFSSO SR IJJIGXMZI WTIIGL[EW[VMXXIRSRTET]VYWMR)K]TXWSQI]IEVWEKS)PSUYIRGI[EW LMKLP]TVM^IHMRERGMIRX-RHME%JVMGEERH'LMREEW[IPPEWEQSRKXLI%^XIGW ERHSXLIVTVI)YVSTIERGYPXYVIWSJ2SVXLERH7SYXL%QIVMGE -RGPEWWMGEP+VIIGIERH6SQITYFPMGWTIEOMRKTPE]IHEGIRXVEPVSPIMRIHY GEXMSRERHGMZMGPMJI -X[EWEPWSWXYHMIHI\XIRWMZIP]%VMWXSXPItW6LIXSVMGGSQ TSWIH HYVMRK XLI XLMVH GIRXYV] &') MW WXMPP GSRWMHIVIH XLI QSWX MQTSVXERX [SVOSRMXWWYFNIGXERHQER]SJMXWTVMRGMTPIWEVIJSPPS[IHF]WTIEOIVW ERH [VMXIVW XSHE]8LIKVIEX6SQERPIEHIV'MGIVSYWIHLMWWTIIGLIWXSHIJIRHPMF IVX]ERH[VSXIWIZIVEP[SVOWEFSYXSVEXSV]MRKIRIVEP 3ZIVXLIGIRXYVMIWQER]SXLIVRSXEFPIXLMROIVWLEZIHIEPX[MXLMWWYIWSJ VLIXSVMGWTIIGLERHPERKYEKIh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hERH XLI QSVI IJJIGXMZI ]SY [MPP FI MR PMWXIRMRK XS XLI WTIIGLIW SJ SXLIVTISTPI
7MQMPEVMXMIW&IX[IIR4YFPMG7TIEOMRKERH'SRZIVWEXMSR ,S[QYGLXMQIHS]SYWTIRHIEGLHE]XEPOMRK XSSXLIVTISTPI#8LIEZIVEKI EHYPXWTIRHWEFSYXTIVGIRXSJLIVSVLMW[EOMRKLSYVWMRGSRZIVWEXMSR&] XLIXMQI]SYVIEHXLMWFSSO]SY[MPPLEZIWTIRXQYGLSJ]SYVPMJITIVJIGXMRK XLIEVXSJGSRZIVWEXMSR=SYQE]RSXVIEPM^IMXFYX]SYEPVIEH]IQTPS]E[MHI VERKISJWOMPPW[LIRXEPOMRKXSTISTPI8LIWIWOMPPWMRGPYHIXLIJSPPS[MRK 3VKERM^MRK ]SYV XLSYKLXW PSKMGEPP] 7YTTSWI ]SY [IVI KMZMRK WSQISRI HMVIGXMSRWXSKIXXS]SYVLSYWI=SY[SYPHRtXHSMXXLMW[E] ;LIR]SYXYVRSJJXLILMKL[E]]SYtPPWIIEFMKHMRIVSRXLIPIJX&YXFIJSVIXLEXWXE] SRXLILMKL[E]XS)\MX9WYEPP]EGSYTPISJXLIRIMKLFSVWtHSKWEVIMRXLIWXVIIXWS KSWPS[EJXIV]SYXYVREXXLIFPMROMRKPMKLX'SQMRKJVSQ]SYVLSYWI]SYKIXSRXLI LMKL[E]XLVSYKL1ETPI7XVIIX-J]SYTEWWXLIXEGSWXERH]SYtZIKSRIXSSJEV8LI LSYWIMWFPYI
-RWXIEH]SY[SYPHXEOI]SYVPMWXIRIVW]WXIQEXMGEPP]WXITF]WXITJVSQLMWSV LIVLSYWIXS]SYVLSYWI=SY[SYPHSVKERM^I]SYVQIWWEKI 8EMPSVMRK ]SYV QIWWEKI XS ]SYV EYHMIRGI =SY EVI E KISPSK] QENSV 8[S TISTPIEWO]SYLS[TIEVPWEVIJSVQIH3RIMW]SYVVSSQQEXI XLISXLIVMW]SYV RMRI]IEVSPHRMIGI=SYERW[IVEWJSPPS[W 8S]SYVVSSQQEXI q;LIRER]MVVMXERXWE]EKVEMRSJWERHKIXWMRWMHIXLIS]WXIVtWWLIPP XLIS]WXIVEYXSQEXMGEPP]WIGVIXIWEWYFWXERGIGEPPIHREGVI[LMGLMWTVMRGMTEPP]GEPGMYQ
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1ER]WOMPPWYWIHMRGSRZIVWE XMSREPWSETTP]MRTYFPMG WTIEOMRK%W]SYPIEVRXS WTIEOQSVIIJJIGXMZIP]]SY QE]EPWSPIEVRXSGSQQYRMGEXI QSVIIJJIGXMZIP]MRSXLIV WMXYEXMSRW
GEVFSREXIERHMWXLIWEQIQEXIVMEPXLEXPMRIWXLIS]WXIVtWWLIPP8LIREGVIEGGYQYPEXIWMR PE]IVWEVSYRHXLIMVVMXERXGSVIXSJSVQXLITIEVPr 8S]SYVRMIGI q-QEKMRI]SYtVIERS]WXIVSRXLISGIERJPSSV%KVEMRSJWERHKIXWMRWMHI ]SYVWLIPPERHQEOIW]SYYRGSQJSVXEFPI7S]SYHIGMHIXSGSZIVMXYT=SYGSZIVMX[MXL EQEXIVMEPGEPPIHQSXLIVSJTIEVP8LIGSZIVMRKFYMPHWYTEVSYRHXLIKVEMRSJWERHXS QEOIETIEVPr
8 IPPMRK E WXSV] JSV QE\MQYQ MQTEGX 7YTTSWI ]SY EVI XIPPMRK E JVMIRH EFSYXEJYRR]MRGMHIRXEXPEWX[IIOtWJSSXFEPPKEQI=SYHSRtXFIKMR[MXLXLI TYRGL PMRI q/IMWLE JIPPSYXSJXLIWXERHWVMKLXSRXSXLIJMIPH ,IVItWLS[MX WXEVXIHr -RWXIEH]SYGEVIJYPP]FYMPHYT]SYVWXSV]EHNYWXMRK]SYV[SVHW ERHXSRISJZSMGIXSKIXXLIFIWXIJJIGX % HETXMRKXSPMWXIRIVJIIHFEGO;LIRIZIV]SYXEPO[MXLWSQISRI]SYEVI E[EVISJXLEXTIVWSRtWZIVFEPJEGMEPERHTL]WMGEPVIEGXMSRW*SVI\EQTPI =SYEVII\TPEMRMRKERMRXIVIWXMRKTSMRXXLEXGEQIYTMRFMSPSK]GPEWW=SYVPMWXIRIVFIKMRW XSPSSOGSRJYWIHTYXWYTELERHEWXLSYKLXSWXST]SYERHWE]Wq,YL#r=SYKSFEGO ERHI\TPEMRQSVIGPIEVP] %JVMIRHLEWEWOIH]SYXSPMWXIR[LMPIWLITVEGXMGIWEWTIIGL%XXLIIRH]SYXIPPLIV q8LIVItWNYWXSRITEVX-VIEPP]HSRtXPMOIhXLEXUYSXEXMSRJVSQXLIEXXSVRI]KIRIVEPr=SYV JVMIRHPSSOWZIV]LYVXERHWE]Wq8LEX[EWQ]JEZSVMXITEVXr7S]SYWE]q&YXMJ]SYNYWX [SVOIHXLIUYSXEXMSRMREPMXXPIHMJJIVIRXP]MX[SYPHFI[SRHIVJYPr
)EGL HE] MR GEWYEP GSRZIVWEXMSR ]SY HS EPP XLIWI XLMRKW QER] XMQIW [MXLSYX XLMROMRK EFSYX XLIQ =SY EPVIEH] TSWWIWW XLIWI GSQQYRMGEXMSR WOMPPW%RHXLIWIEVIEQSRKXLIQSWXMQTSVXERXWOMPPW]SY[MPPRIIHJSVTYFPMG WTIEOMRK
7MQMPEVMXMIW&IX[IIR4YFPMG7TIEOMRKERH'SRZIVWEXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8SMPPYWXVEXIPIXtWVIXYVRFVMIJP]XSSRISJXLIL]TSXLIXMGEPWMXYEXMSRWEXXLI FIKMRRMRKSJXLMWGLETXIV;LIREHHVIWWMRKXLIWGLSSPFSEVHEFSYXXLIRIIH JSVEWTIGMEPXIEGLIV =SY S VKERM^I ]SYV MHIEW XS TVIWIRX XLIQ MR XLI QSWX TIVWYEWMZI QERRIV =SYWXIEHMP]FYMPHYTEGSQTIPPMRKGEWIEFSYXLS[XLIXIEGLIVFIRIJMXWXLI WGLSSP =SY X EMPSV ]SYV QIWWEKI XS ]SYV EYHMIRGI 8LMW MW RS XMQI XS PEYRGL ER MQTEWWMSRIHHIJIRWI SJ WTIGMEP IHYGEXMSRMR XLI 9RMXIH7XEXIW =SYQYWX WLS[LS[XLIMWWYIMWMQTSVXERXXSXLITISTPIMRXLEXZIV]VSSQh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
(MJJIVIRGIW&IX[IIR4YFPMG7TIEOMRKERH'SRZIVWEXMSR (IWTMXI XLIMV WMQMPEVMXMIW TYFPMG WTIEOMRK ERH IZIV]HE] GSRZIVWEXMSR EVI RSX MHIRXMGEP-QEKMRIXLEX]SYEVIXIPPMRKEWXSV]XSEJVMIRH8LIRMQEKMRI]SYVWIPJ XIPPMRKXLIWXSV]XSEKVSYTSJWIZIRSVIMKLXJVMIRHW2S[MQEKMRIXIPPMRKXLI WEQIWXSV]XSSVTISTPI%WXLIWM^ISJ]SYVEYHMIRGIKVS[W]SY[MPPJMRH ]SYVWIPJEHETXMRKXSXLVIIQENSVHMJJIVIRGIWFIX[IIRGSRZIVWEXMSRERHTYFPMG WTIEOMRK 4YFPMG WTIEOMRK MW QSVI LMKLP] WXVYGXYVIH -X YWYEPP] MQTSWIW WXVMGX XMQI PMQMXEXMSRWSRXLIWTIEOIV-RQSWXGEWIWXLIWMXYEXMSRHSIWRSXEPPS[PMWXIRIVW XSMRXIVVYTX[MXLUYIWXMSRWSVGSQQIRXEV]8LIWTIEOIVQYWXEGGSQTPMWLLIV SVLMWTYVTSWIMRXLIWTIIGLMXWIPJ-RTVITEVMRKXLIWTIIGLXLIWTIEOIVQYWX ERXMGMTEXI UYIWXMSRW XLEX QMKLX EVMWI MR XLI QMRHW SJ PMWXIRIVW ERH ERW[IV XLIQ'SRWIUYIRXP]TYFPMGWTIEOMRKHIQERHWQYGLQSVIHIXEMPIHTPERRMRK ERHTVITEVEXMSRXLERSVHMREV]GSRZIVWEXMSR 4 YFPMG WTIEOMRK VIUYMVIW QSVI JSVQEP PERKYEKI 7PERK NEVKSR ERH FEH KVEQQEVLEZIPMXXPITPEGIMRTYFPMGWTIIGLIW%WERKV]EWLIMWEFSYXMRHYWXVMEP TSPPYXMSR [LIR :ER .SRIW WTIEOW XS E GSRKVIWWMSREP GSQQMXXII LI HSIWRtX WE]q;ItZIHEQR[IPPKSXXSWXSTXLIKVIIH]GVIITW[LSTSPPYXIPS[MRGSQI GSQQYRMXMIWNYWXXSQEOIEJI[QSVIFYGOWr0MWXIRIVWYWYEPP]VIEGXRIKEXMZIP] XSWTIEOIVW[LSHSRSXIPIZEXIERHTSPMWLXLIMVPERKYEKI[LIREHHVIWWMRKER EYHMIRGI%WTIIGLWLSYPHFIqWTIGMEPr
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4 YFPMG WTIEOMRK VIUYMVIW E HMJJIVIRX QIXLSH SJ HIPMZIV] ;LIR GSRZIVWMRK MRJSVQEPP]QSWXTISTPIXEPOUYMIXP]MRXIVNIGXWXSGOTLVEWIWWYGLEWqPMOIrERH q]SYORS[rEHSTXEGEWYEPTSWXYVIERHYWI[LEXEVIGEPPIHZSGEPM^IHTEYWIW qYLrqIVrqYQr )JJIGXMZITYFPMGWTIEOIVWLS[IZIVEHNYWXXLIMVZSMGIWXSFI LIEVH GPIEVP] XLVSYKLSYX XLI EYHMIRGI 8LI] EWWYQI E QSVI IVIGX TSWXYVI 8LI]EZSMHHMWXVEGXMRKQERRIVMWQWERHZIVFEPLEFMXW ;MXLWXYH]ERHTVEGXMGI]SY[MPPFIEFPIXSQEWXIVXLIWIHMJJIVIRGIWERH I\TERH ]SYV GSRZIVWEXMSREP WOMPPW MRXS WTIIGLQEOMRK =SYV WTIIGL GPEWW [MPP TVSZMHIXLISTTSVXYRMX]JSVXLMWWXYH]ERHTVEGXMGI
(IZIPSTMRK'SRJMHIRGI =SYV7TIIGL'PEWW
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
WXEKIJVMKLX %R\MIX]SZIVXLITVSWTIGXSJ KMZMRKEWTIIGLMRJVSRXSJER EYHMIRGI
4IVGIRX2EQMRK
%TEVX][MXLWXVERKIVW
+MZMRKEWTIIGL
%WOIHTIVWSREPUYIWXMSRWMRTYFPMG
1IIXMRKEHEXItWTEVIRXW
*MVWXHE]SRERI[NSF
:MGXMQSJETVEGXMGEPNSOI
8EPOMRK[MXLWSQISRIMREYXLSVMX]
.SFMRXIVZMI[
%KEMRWTIIGLQEOMRKVEROWRIEVXLIXSTMRTVSZSOMRKER\MIX]
2)6:3972)77-72361%0 -J ]SY JIIP RIVZSYW EFSYX KMZMRK EWTIIGL ]SY EVI MR ZIV] KSSH GSQTER] 7SQI SJ XLI KVIEXIWX TYFPMG WTIEOIVW MR LMWXSV] LEZI WYJJIVIH JVSQ WXEKI JVMKLXMRGPYHMRK%FVELEQ0MRGSPR1EVKEVIX7ERKIVERH;MRWXSR'LYVGLMPP 8LIJEQSYW6SQERSVEXSV'MGIVSWEMH q-XYVRTEPIEXXLISYXWIXSJEWTIIGL ERHUYEOIMRIZIV]PMQFERHMRQ]WSYPr 3TVEL;MRJVI]'SRER3t&VMIR
(IZIPSTMRK'SRJMHIRGI =SYV7TIIGL'PEWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
EHVIREPMRI %LSVQSRIVIPIEWIHMRXSXLI FPSSHWXVIEQMRVIWTSRWIXS TL]WMGEPSVQIRXEPWXVIWW
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
ERH.E]0IRSEPPVITSVXFIMRKER\MSYWEFSYXWTIEOMRKMRTYFPMG)EVP]MRLMW GEVIIV 0ISREVHS (M'ETVMS [EW WS RIVZSYW EFSYX KMZMRK ER EGGITXERGI WTIIGLXLEXLILSTIHLI[SYPHRSX[MRXLI%GEHIQ]%[EVHJSV[LMGLLI LEHFIIRRSQMREXIH)MKLX]SRITIVGIRXSJFYWMRIWWI\IGYXMZIW WE]TYFPMG WTIEOMRKMWXLIQSWXRIVZI[VEGOMRKI\TIVMIRGIXLI]JEGI ;LEXGSQIHMER .IVV]7IMRJIPHWEMHMRNIWXWSQIXMQIWWIIQWPMXIVEPP]XVYI q+MZIREGLSMGIEX EJYRIVEPQSWXSJYW[SYPHVEXLIVFIXLISRIMRXLIGSJJMRXLERXLISRIKMZ MRKXLIIYPSK]r %GXYEPP]QSWXTISTPIXIRHXSFIER\MSYWFIJSVIHSMRKWSQIXLMRKMQTSV XERXMRTYFPMG%GXSVWEVIRIVZSYWFIJSVIETPE]TSPMXMGMERWEVIRIVZSYWFIJSVI EGEQTEMKRWTIIGLEXLPIXIWEVIRIVZSYWFIJSVIEFMKKEQI8LISRIW[LSWYG GIIH LEZI PIEVRIH XS YWI XLIMV RIVZSYWRIWW XS XLIMV EHZERXEKI 0MWXIR XS %QIVMGERK]QREWX7LE[R.SLRWSRWTIEOMRKEJXIVLIVFEPERGIFIEQVSYXMRIMR XLI[SQIRtWETTEVEXYWJMREPWEXXLI 3P]QTMG+EQIWMR&IMNMRK q-[EWWS RIVZSYW-GSYPHRtXKIXER]XLMRKVMKLXMR[EVQYTW&YX-[ERXIHXSHSQ]FIWX ERHIRHSREKSSHRSXIr4YXXMRKLIVFYXXIVJPMIWXSKSSHYWI.SLRWSRIRHIH SREKSSHRSXIMRHIIHF]WGSVMRKTSMRXWXS[MRXLIKSPHQIHEP 1YGLXLIWEQIXLMRKLETTIRWMRWTIIGLQEOMRK1SWXI\TIVMIRGIHWTIEO IVWLEZIWXEKIJVMKLXFIJSVIXEOMRKXLIJPSSVFYXXLIMVRIVZSYWRIWWMWELIEPXL] WMKRXLEXXLI]EVIKIXXMRKqTW]GLIHYTrJSVEKSSHIJJSVX2SZIPMWXERHPIGXYVIV -%6;]PMII\TPEMRWq2S[EJXIVQER]]IEVWSJTVEGXMGI-EQ-WYTTSWIVIEPP] E sTVEGXMGIHWTIEOIVt&YX -VEVIP]VMWIXSQ] JIIX [MXLSYXEXLVSEXGSRWXVMGXIH [MXLXIVVSVERHEJYVMSYWP]XLYQTMRKLIEVX;LIRJSVWSQIVIEWSR-EQGSSP ERHWIPJEWWYVIHXLIWTIIGLMWEP[E]WEJEMPYVIr -RSXLIV[SVHWMXMWTIVJIGXP]RSVQEPhIZIRHIWMVEFPIhXSFIRIVZSYWEXXLI WXEVX SJ E WTIIGL =SYV FSH] MW VIWTSRHMRK EW MX [SYPH XS ER] WXVIWWJYP WMXYEXMSRhF] TVSHYGMRK I\XVE EHVIREPMRI 8LMW WYHHIR WLSX SJ EHVIREPMRI MW [LEX QEOIW ]SYV LIEVX VEGI ]SYV LERHW WLEOI ]SYV ORIIW ORSGO ERH ]SYV WOMR TIVWTMVI )ZIV] TYFPMG WTIEOIV I\TIVMIRGIW EPP XLIWI VIEGXMSRW XS WSQI I\XIRX 8LI UYIWXMSR MW ,S[ GER ]SY GSRXVSP ]SYV RIVZSYWRIWW ERH QEOI MX [SVOJSV]SYVEXLIVXLEREKEMRWX]SY#
()%0-2+;-8,2)6:3972)77
TSWMXMZIRIVZSYWRIWW 'SRXVSPPIHRIVZSYWRIWWXLEX LIPTWIRIVKM^IEWTIEOIVJSVLIV SVLMWTVIWIRXEXMSR
6EXLIVXLERXV]MRKXSIPMQMREXIIZIV]XVEGISJWXEKIJVMKLX]SYWLSYPHEMQEXXVERW JSVQMRKMXJVSQERIKEXMZIJSVGIMRXS[LEXSRII\TIVXGEPPWTSWMXMZIRIVZSYWRIWWhqE ^IWX]IRXLYWMEWXMGPMZIP]JIIPMRK[MXLEWPMKLXIHKIXSMX-XtWWXMPPRIVZSYWRIWW FYXMXJIIPWHMJJIVIRX=SYtVIRSPSRKIVZMGXMQM^IHF]MX MRWXIEH]SYtVIZMXEPM^IH F]MX=SYtVIMRGSRXVSPSJMXr (SRtXXLMROSJ]SYVWIPJEWLEZMRKWXEKIJVMKLX-RWXIEHXLMROSJMXEWqWXEKI I\GMXIQIRXr SV qWXEKI IRXLYWMEWQr -X GER LIPT ]SY KIX JSGYWIH ERH IRIV KM^IHMRXLIWEQI[E]XLEXMXLIPTWEXLPIXIWQYWMGMERWERHSXLIVWKIXTVMQIH JSV E KEQI SV E GSRGIVX 8LMRO SJ MX EW E RSVQEP TEVX SJ KMZMRK E WYGGIWWJYP WTIIGL ,IVIEVIWM\XMQIXIWXIH[E]W]SYGERXYVR]SYVRIVZSYWRIWWJVSQERIKE XMZIJSVGIMRXSETSWMXMZISRI
%GUYMVI7TIEOMRK)\TIVMIRGI =SY LEZI EPVIEH] XEOIR XLI JMVWX WXIT =SY EVI IRVSPPIH MR E TYFPMG WTIEOMRK GSYVWI [LIVI ]SY [MPP PIEVR EFSYX WTIIGLQEOMRK ERH KEMR WTIEOMRK I\TIVM IRGI8LMROFEGOXS]SYVJMVWXHE]EXOMRHIVKEVXIR]SYVJMVWXHEXI]SYVJMVWXHE]
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIRIIHJSVTYFPMGWTIEOMRK EVMWIWMRQER]WMXYEXMSRW,IVI (V.MQ8LSQEWI\TPEMRWXLI WYVKMGEPTVSGIHYVIWYWIHMRE TMSRIIVMRKSTIVEXMSREX 'LMPHVIRtW1IHMGEP'IRXIVMR (EPPEW8I\EW
EXERI[NSF=SY[IVITVSFEFP] RIVZSYWMRIEGLWMXYEXMSRFIGEYWI]SY[IVI JEGMRK WSQIXLMRK RI[ ERH YRORS[R 3RGI ]SY FIGEQI EGGYWXSQIH XS XLI WMXYEXMSRMX[EWRSPSRKIVXLVIEXIRMRK7SMXMW[MXLTYFPMGWTIEOMRK*SVQSWX WXYHIRXWXLIFMKKIWXTEVXSJWXEKIJVMKLXMWJIEVSJXLIYRORS[R8LIQSVI]SY PIEVREFSYXTYFPMGWTIEOMRKERHXLIQSVIWTIIGLIW]SYKMZIXLIPIWWXLVIEXIR MRKWTIIGLQEOMRK[MPPFIGSQI 3J GSYVWI XLI VSEH XS GSRJMHIRGI [MPP WSQIXMQIW FI FYQT] 0IEVRMRK XS KMZIEWTIIGLMWRSXQYGLHMJJIVIRXJVSQPIEVRMRKER]SXLIVWOMPPhMXTVSGIIHW F]XVMEPERHIVVSV8LITYVTSWISJ]SYVWTIIGLGPEWWMWXSWLSVXIRXLITVSGIWWXS QMRMQM^IXLIIVVSVWXSKMZI]SYERSRXLVIEXIRMRKEVIREhEWSVXSJPEFSVEXSV]h MR[LMGLXSYRHIVXEOIXLIqXVMEPr =SYV XIEGLIV VIGSKRM^IW XLEX ]SY EVI E RSZMGI ERH MW XVEMRIH XS KMZI XLI OMRHSJKYMHERGI]SYRIIHXSKIXWXEVXIH-R]SYVJIPPS[WXYHIRXW]SYLEZIE LMKLP]W]QTEXLIXMGEYHMIRGI[LS[MPPTVSZMHIZEPYEFPIJIIHFEGOXSLIPT]SY MQTVSZI ]SYV WTIEOMRK WOMPPW %W XLI GPEWW KSIW SR ]SYV JIEVW EFSYX TYFPMG WTIEOMRK [MPP KVEHYEPP] VIGIHI YRXMP XLI] EVI VITPEGIH F] SRP] E LIEPXL] RIV ZSYWRIWWFIJSVI]SYVMWIXSWTIEO
4VITEVI4VITEVI4VITEVI %RSXLIV OI] XS KEMRMRK GSRJMHIRGI MW XS TMGO WTIIGL XSTMGW ]SY XVYP] GEVI EFSYXhERHXLIRXSTVITEVI]SYVWTIIGLIWWSXLSVSYKLP]XLEX]SYGERRSXLIPT FYXFIWYGGIWWJYP,IVItWLS[SRIWXYHIRXGSQFMRIHIRXLYWMEWQJSVLMWXSTMG [MXLXLSVSYKLTVITEVEXMSRXSWGSVIEXVMYQTLMRWTIIGLGPEWW .IWWI=SYRK[EWGSRGIVRIHEFSYXXEOMRKEWTIIGLGPEWW2SXLEZMRKER]I\TIVMIRGI EWETYFPMGWTIEOIVLIKSXFYXXIVJPMIWMRLMWWXSQEGLNYWXXLMROMRKEFSYXXEPOMRKMRJVSRXSJ EREYHMIRGI&YX[LIRXLIXMQIGEQIJSV.IWWItWJMVWXWTIIGLLI[EWHIXIVQMRIHXSQEOI MXEWYGGIWW .IWWIGLSWI,EFMXEXJSV,YQERMX]EWXLIXSTMGJSVLMWWTIIGL,ILEHFIIREZSPYRXIIV JSVXLITEWXXLVII]IEVWERHLIFIPMIZIHHIITP]MRXLISVKERM^EXMSRERHMXWQMWWMSR8LI
(IZIPSTMRK'SRJMHIRGI =SYV7TIIGL'PEWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
TYVTSWISJLMWWTIIGL[EWXSI\TPEMRXLISVMKMRWTLMPSWSTL]ERHEGXMZMXMIWSJ,EFMXEXJSV ,YQERMX] %W.IWWIWTSOIMXFIGEQIGPIEVXLEXLI[EWIRXLYWMEWXMGEFSYXLMWWYFNIGXERHKIRY MRIP][ERXIHLMWGPEWWQEXIWXSWLEVILMWIRXLYWMEWQ&IGEYWILI[EWMRXIRXSRGSQQYRM GEXMRK[MXLLMWEYHMIRGILIJSVKSXXSFIRIVZSYW,IWTSOIGPIEVP]JPYIRXP]ERHH]REQM GEPP]7SSRXLIIRXMVIGPEWW[EWIRKVSWWIHMRLMWWTIIGL %JXIV[EVH.IWWIEHQMXXIH XLEX LILEH WYVTVMWIH IZIR LMQWIPJq-X[EW EQE^MRKrLI WEMHq3RGI-TEWWIHXLIJMVWXQMRYXISVWSEPP-XLSYKLXEFSYX[IVIXLSWITISTPISYXXLIVI PMWXIRMRK-GSYPHXIPPXLEX-[EWVIEPP]KIXXMRKXLVSYKLXSXLIQr
,S[QYGLXMQIWLSYPH]SYHIZSXIXSTVITEVMRK]SYVWTIIGLIW#%WXERHEVH VYPISJXLYQFMWXLEXIEGLQMRYXISJWTIEOMRKXMQIVIUYMVIWSRIXSX[SLSYVW SJ TVITEVEXMSR XMQIhTIVLETW QSVI HITIRHMRK SR XLI EQSYRX SJ VIWIEVGL RIIHIH JSVXLI WTIIGL 8LMW QE] WIIQ PMOI EPSX SJ XMQI FYX XLI VI[EVHW EVI [IPP[SVXLMX3RITVSJIWWMSREPWTIIGLGSRWYPXERXIWXMQEXIWXLEXTVSTIVTVITE VEXMSRGERVIHYGIWXEKIJVMKLXF]YTXSTIVGIRX -J]SYJSPPS[XLIXIGLRMUYIWWYKKIWXIHF]]SYVXIEGLIVERHMRXLIVIWXSJ XLMWFSSO]SY[MPPWXERHYTJSVIZIV]WTIIGLJYPP]TVITEVIH-QEKMRIXLEXXLI HE] JSV ]SYV JMVWX WTIIGL LEW EVVMZIH =SY LEZI WXYHMIH ]SYV EYHMIRGI ERH WIPIGXIHEXSTMG]SYORS[[MPPMRXIVIWXXLIQ=SYLEZIVIWIEVGLIHXLIWTIIGL XLSVSYKLP]ERHTVEGXMGIHMXWIZIVEPXMQIWYRXMPMXJIIPWEFWSPYXIP]GSQJSVXEFPI =SY LEZI IZIR XVMIH MX SYX FIJSVI X[S SV XLVII XVYWXIH JVMIRHW ,S[ GER ]SY LIPTFYXFIGSRJMHIRXSJWYGGIWW#
8LMRO4SWMXMZIP] 'SRJMHIRGI MW QSWXP] XLI [IPPORS[R TS[IV SJ TSWMXMZI XLMROMRK -J ]SY XLMRO]SYGERHSMX]SYYWYEPP]GER3RXLISXLIVLERHMJ]SYTVIHMGXHMWEW XIVERHHSSQXLEXMWEPQSWXEP[E]W[LEX]SY[MPPKIX8LMWMWIWTIGMEPP]XVYI [LIR MX GSQIW XS TYFPMG WTIEOMRK 7TIEOIVW [LS XLMRO RIKEXMZIP] EFSYX XLIQWIPZIWERHXLIWTIIGLI\TIVMIRGIEVIQYGLQSVIPMOIP]XSFISZIVGSQI F]WXEKIJVMKLXXLEREVIWTIEOIVW[LSXLMROTSWMXMZIP],IVIEVIWSQI[E]W ]SYGERXVERWJSVQRIKEXMZIXLSYKLXWMRXSTSWMXMZISRIWEW]SY[SVOSR]SYV WTIIGLIW 2IKEXMZI8LSYKLX
4SWMXMZI8LSYKLX
-[MWL-HMHRtXLEZIXSKMZI XLMWWTIIGL
8LMWWTIIGLMWEGLERGIJSVQIXS WLEVIQ]MHIEWERHKEMRI\TIVMIRGI EWEWTIEOIV
-tQRSXEKVIEXTYFPMGWTIEOIV
2SSRItWTIVJIGXFYX-tQKIXXMRK FIXXIV[MXLIEGLWTIIGL-KMZI
-tQEP[E]WRIVZSYW[LIR-KMZI EWTIIGL
)ZIV]SRItWRIVZSYW-JSXLIVTISTPI GERLERHPIMX-GERXSS
2SSRI[MPPFIMRXIVIWXIHMR [LEX-LEZIXSWE]
-LEZIEKSSHXSTMGERH-tQJYPP] TVITEVIH3JGSYVWIXLI]tPPFI MRXIVIWXIH
1ER]TW]GLSPSKMWXWFIPMIZIXLEXXLIVEXMSSJTSWMXMZIXSRIKEXMZIXLSYKLXW MRVIKEVHXSWXVIWWJYPEGXMZMXMIWWYGLEWWTIIGLQEOMRKWLSYPHFIEXPIEWXJMZIXS SRI8LEXMWJSVIEGLRIKEXMZIXLSYKLX]SYWLSYPHGSYRXIV[MXLEQMRMQYQ SJJMZITSWMXMZISRIW(SMRKWS[MPPRSXQEOI]SYVRIVZIWKSE[E]GSQTPIXIP]
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
FYXMX[MPPLIPTOIITXLIQYRHIVGSRXVSPWS]SYGERGSRGIRXVEXISRGSQQY RMGEXMRK]SYVMHIEWVEXLIVXLERSRFVSSHMRKEFSYX]SYVJIEVWERHER\MIXMIW
9WIXLI4S[IVSJ:MWYEPM^EXMSR ZMWYEPM^EXMSR 1IRXEPMQEKMRKMR[LMGLE WTIEOIVZMZMHP]TMGXYVIWLMQWIPJ SVLIVWIPJKMZMRKEWYGGIWWJYP 6MKLXFIJSVIEFMKVEGI-tPPTMGXYVIQ]WIPJVYRRMRKERH-[MPPXV]ERHTYXEPPSJXLISXLIV TVIWIRXEXMSR
:MWYEPM^EXMSRMWGPSWIP]VIPEXIHXSTSWMXMZIXLMROMRK-XMWYWIHF]EXLPIXIWQYWM GMERW EGXSVW WTIEOIVW ERH SXLIVW XS IRLERGI XLIMV TIVJSVQERGI MR WXVIWWJYP WMXYEXMSRW,S[HSIWMX[SVO#0MWXIRXSPSRKHMWXERGIVYRRIV:MGOM,YFIV
GSQTIXMXSVWMRXLIVEGIMRXSQ]QMRH8LIR-[MPPXV]ERHMQEKMRIIZIV]TSWWMFPIWMXYEXMSR- QMKLXJMRHQ]WIPJMRFILMRHWSQISRIFIMRKFS\IHMRTYWLIHWLSZIHSVGENSPIHHMJ JIVIRX TSWMXMSRW SR XLI XVEGO PETW XS KS ERH SJ GSYVWI XLI JMREP WXVIXGL %RH - EP[E]W TMGXYVIQ]WIPJ[MRRMRKXLIVEGIRSQEXXIV[LEXLETTIRWHYVMRKXLIIZIRX
3JGSYVWI,YFIVHSIWRtX[MRIZIV]VEGIWLIVYRWFYXVIWIEVGLLEWWLS[R XLEX XLI OMRH SJ QIRXEP MQEKMRKWLI HIWGVMFIW GERWMKRMJMGERXP] MRGVIEWI EXL PIXMG TIVJSVQERGI -X LEW EPWS WLS[R XLEX ZMWYEPM^EXMSR GER LIPT WTIEOIVW GSRXVSPXLIMVWXEKIJVMKLX 8LIOI]XSZMWYEPM^EXMSRMWGVIEXMRKEZMZMHQIRXEPFPYITVMRXMR[LMGL]SY WII ]SYVWIPJ WYGGIIHMRK MR ]SYV WTIIGL 4MGXYVI ]SYVWIPJ MR ]SYV GPEWWVSSQ VMWMRKXSWTIEO7II]SYVWIPJEXXLIPIGXIVRTSMWIHERHWIPJEWWYVIHQEOMRKI]I GSRXEGX[MXL ]SYVEYHMIRGI ERH HIPMZIVMRK]SYV MRXVSHYGXMSR MREJMVQ GPIEV ZSMGI *IIP ]SYV GSRJMHIRGI KVS[MRK EW ]SYV PMWXIRIVW KIX QSVI ERH QSVI GEYKLXYTMR[LEX]SYEVIWE]MRK-QEKMRI]SYVWIRWISJEGLMIZIQIRXEW]SY GSRGPYHIXLIWTIIGLORS[MRK]SYLEZIHSRI]SYVZIV]FIWX %W]SYGVIEXIXLIWIMQEKIWMR]SYVQMRHtWI]IFIVIEPMWXMGFYXWXE]JSGYWIH SRXLITSWMXMZIEWTIGXWSJ]SYVWTIIGL(SRtXEPPS[RIKEXMZIMQEKIWXSIGPMTWI XLI TSWMXMZI SRIW %GORS[PIHKI ]SYV RIVZSYWRIWW FYX TMGXYVI ]SYVWIPJ SZIV GSQMRK MX XSKMZI EZMFVERX EVXMGYPEXI TVIWIRXEXMSR -JSRITEVXSJ XLI WTIIGL EP[E]WWIIQWXSKMZI]SYXVSYFPIZMWYEPM^I]SYVWIPJKIXXMRKXLVSYKLMX[MXLSYX ER] LMXGLIW %RH FIWTIGMJMG8LI QSVI PYGMH]SYV QIRXEPTMGXYVIWXLI QSVI WYGGIWWJYP]SYEVIPMOIP]XSFI %W[MXL]SYVTL]WMGEPVILIEVWEPSJXLIWTIIGLXLMWOMRHSJQIRXEPVILIEVWEP SJXLIWTIIGLWLSYPHFIVITIEXIHWIZIVEPXMQIWMRXLIHE]WFIJSVI]SYWTIEO-X HSIWRtXKYEVERXIIXLEXIZIV]WTIIGL[MPPXYVRSYXI\EGXP]XLI[E]]SYIRZMWMSR MXhERHMXGIVXEMRP]MWRSWYFWXMXYXIJSVXLSVSYKLTVITEVEXMSR&YXYWIHMRGSR NYRGXMSR[MXLXLISXLIVQIXLSHWSJGSQFEXMRKWXEKIJVMKLXMXMWETVSZIR[E] XSLIPTGSRXVSP]SYVRIVZIWERHXSGVEJXEWYGGIWWJYPTVIWIRXEXMSR
/RS[8LEX1SWX2IVZSYWRIWW-W2SX:MWMFPI 1ER]RSZMGIWTIEOIVWEVI[SVVMIHEFSYXETTIEVMRKRIVZSYWXSXLIEYHMIRGI-XtW LEVHXSWTIEO[MXLTSMWIERHEWWYVERGIMJ]SYXLMRO]SYPSSOXIRWIERHMRWI GYVI3RISJXLIQSWXZEPYEFPIPIWWSRW]SY[MPPPIEVREW]SYVWTIIGLGPEWWTVS GIIHW MW XLEX SRP] E JVEGXMSR SJ XLI XYVQSMP ]SY JIIP MRWMHI MW ZMWMFPI SR XLI SYXWMHIq=SYVRIVZSYWW]WXIQQE]FIKMZMRK]SYEXLSYWERHWLSGOWrWE]WSRI I\TIVMIRGIHWTIEOIVqFYXXLIZMI[IVGERWIISRP]EJI[SJXLIQr )ZIRXLSYKL]SYVTEPQWEVIW[IEXMRKERH]SYVLIEVXMWTSYRHMRK]SYV PMWXIRIVW TVSFEFP] [SRtX VIEPM^I LS[ XIRWI ]SY EVIhIWTIGMEPP] MJ ]SY HS ]SYVFIWXXSEGXGSSPERHGSRJMHIRXSRXLISYXWMHI1SWXSJXLIXMQI[LIR WXYHIRXWGSRJIWWEJXIVEWTIIGLq-[EWWSRIVZSYW-XLSYKLX-[EWKSMRKXS
(IZIPSTMRK'SRJMHIRGI =SYV7TIIGL'PEWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
HMIr XLIMV GPEWWQEXIW EVI WYVTVMWIH 8S XLIQ XLI WTIEOIV PSSOIH GEPQ ERH EWWYVIH /RS[MRKXLMWWLSYPHQEOIMXIEWMIVJSV]SYXSJEGI]SYVPMWXIRIVW[MXLGSR JMHIRGI%WSRIWXYHIRXWXEXIHEJXIV[EXGLMRKEZMHISXETISJLIVJMVWXGPEWWVSSQ WTIIGLq-[EWEQE^IHEXLS[GEPQ-PSSOIH-EWWYQIHIZIV]SRI[SYPHFIEFPI XSWIILS[WGEVIH-[EWFYXRS[XLEX-ORS[XLI]GERtX-[SRtXFIRIEVP]WS RIVZSYW MR XLI JYXYVI -X VIEPP] LIPTW XS ORS[ XLEX ]SY PSSO MR GSRXVSP IZIR XLSYKL]SYQE]RSXJIIPXLEX[E]r
(SRtX)\TIGX4IVJIGXMSR -XQE]EPWSLIPTXSORS[ XLEXXLIVIMWRSWYGLXLMRKEW ETIVJIGXWTIIGL%X WSQITSMRXMRIZIV]TVIWIRXEXMSRIZIV]WTIEOIVWE]WSVHSIWWSQIXLMRKXLEX HSIW RSX GSQI EGVSWW I\EGXP] EW LI SV WLI LEH TPERRIH *SVXYREXIP] WYGL QSQIRXWEVIYWYEPP]RSXIZMHIRXXSXLIEYHMIRGI;L]#&IGEYWIXLIEYHMIRGI HSIWRSXORS[[LEXXLIWTIEOIVTPERWXSWE]-XLIEVWSRP][LEXXLIWTIEOIV HSIW WE] -J ]SY QSQIRXEVMP] PSWI ]SYV TPEGI VIZIVWI XLI SVHIV SJ E GSYTPI WXEXIQIRXW SV JSVKIX XS TEYWI EX E GIVXEMR WTSX RS SRI RIIH FI XLI [MWIV ;LIRWYGLQSQIRXWSGGYVNYWXTVSGIIHEWMJRSXLMRKLETTIRIH 3RISJXLIFMKKIWXVIEWSRWTISTPIEVIGSRGIVRIHEFSYXQEOMRKEQMWXEOI MREWTIIGLMWXLEXXLI]ZMI[WTIIGLQEOMRKEWETIVJSVQERGIVEXLIVXLERER EGXSJGSQQYRMGEXMSR8LI]JIIPXLIEYHMIRGIMWNYHKMRKXLIQEKEMRWXEWGEPI SJ EFWSPYXI TIVJIGXMSR MR [LMGL IZIV] QMWWXEXIH [SVH SV E[O[EVH KIWXYVI [MPPGSYRXEKEMRWXXLIQ&YXWTIIGLEYHMIRGIWEVIRSXPMOINYHKIWMREZMSPMR VIGMXEPSVERMGIWOEXMRKGSRXIWX8LI]EVIRSXPSSOMRKJSVEZMVXYSWSTIVJSV QERGIFYXJSVE[IPPXLSYKLXSYXEHHVIWWXLEXGSQQYRMGEXIWXLIWTIEOIVtW MHIEWGPIEVP]ERHHMVIGXP]7SQIXMQIWERIVVSVSVX[SGEREGXYEPP]IRLERGIE WTIEOIVtWETTIEPF]QEOMRKLIVSVLMQWIIQQSVILYQER %W]SY[SVOSR]SYVWTIIGLIWQEOIWYVI]SYTVITEVIXLSVSYKLP]ERHHS EPP]SYGERXSKIX]SYVQIWWEKIEGVSWWXS]SYVPMWXIRIVW&YXHSRtXTERMGEFSYX FIMRKTIVJIGXSVEFSYX[LEX[MPPLETTIRMJ]SYQEOIEQMWXEOI3RGI]SYJVII ]SYV QMRH SJ XLIWI FYVHIRW ]SY [MPP JMRH MX QYGL IEWMIV XS ETTVSEGL ]SYV WTIIGLIW[MXLGSRJMHIRGIERHIZIR[MXLIRXLYWMEWQ &IWMHIWWXVIWWMRKXLIWM\TSMRXWNYWXHMWGYWWIH]SYVXIEGLIV[MPPTVSFEFP]KMZI ]SYWIZIVEPXMTWJSVHIEPMRK[MXLRIVZSYWRIWWMR]SYVJMVWXWTIIGLIW8LI]QE] MRGPYHI &IEX]SYVFIWXTL]WMGEPP]ERHQIRXEPP]-XtWRSXEKSSHMHIEXSWXE]YTYRXMP %1 TEVX]MRK[MXLJVMIRHWSVGVEQQMRKJSVERI\EQXLIRMKLXFIJSVI ]SYVWTIIGL%KSSHRMKLXtWWPIIT[MPPWIVZI]SYFIXXIV %W]SYEVI[EMXMRKXSWTIEOUYMIXP]XMKLXIRERHVIPE\]SYVPIKQYWGPIWSV WUYII^I ]SYV LERHW XSKIXLIV ERH XLIR VIPIEWI XLIQ 7YGL EGXMSRW LIPT VIHYGIXIRWMSRF]TVSZMHMRKERSYXPIXJSV]SYVI\XVEEHVIREPMRI 8EOI E GSYTPI WPS[ HIIT FVIEXLW FIJSVI ]SY WXEVX XS WTIEO 1SWX TISTPI [LIR XLI] EVI XIRWI XEOI WLSVX WLEPPS[ FVIEXLW [LMGL SRP] VIMRJSVGIW XLIMVER\MIX](IITFVIEXLMRKFVIEOWXLMWG]GPISJXIRWMSRERHLIPTWGEPQ ]SYVRIVZIW ;SVO IWTIGMEPP] LEVH SR ]SYV MRXVSHYGXMSR 6IWIEVGL LEW WLS[R XLEX E WTIEOIVtWER\MIX]PIZIPFIKMRWXSHVSTWMKRMJMGERXP]EJXIVXLIJMVWXXS
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8IVVMJMIHIEVP]MRLMWGEVIIVF] XLITVSWTIGXSJKMZMRKETYF PMGWTIIGLXSHE]0ISREVHS (M'ETVMSMWEREGGSQTPMWLIH WTIEOIV[LSGSRJMHIRXP] EHHVIWWIWEYHMIRGIWEVSYRH XLIKPSFI
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tQKPEHRS[XLEX-WXYGO[MXLMX-XtWEWQEPPGPEWWERH-KSXXSORS[EPSXSJXLI WXYHIRXW&IWMHIWXLMWMWSRIGPEWWMR[LMGL-KSXXSI\TVIWWQ]MHIEWMRWXIEHSJWTIRHMRK XLI[LSPIXMQIPMWXIRMRKXSXLIXIEGLIVXEPO-IZIRGEQIXSIRNS]KMZMRKXLIWTIIGLIW- GSYPHXIPPEXXMQIWXLEXXLIEYHMIRGI[EWVIEPP][MXLQIERHXLEXtWEKVIEXJIIPMRK
3ZIVXLI]IEVWXLSYWERHWSJWXYHIRXWLEZIHIZIPSTIHGSRJMHIRGIMRXLIMV WTIIGLQEOMRK EFMPMXMIW %W ]SYV GSRJMHIRGI KVS[W ]SY [MPP FI FIXXIV EFPI XS WXERHFIJSVISXLIVTISTPIERHXIPPXLIQ[LEX]SYXLMROERHJIIPERHORS[h ERHXSQEOIXLIQXLMROERHJIIPERHORS[XLSWIWEQIXLMRKW8LIFIWXTEVX EFSYXGSRJMHIRGIMWXLEXMXRYVXYVIWMXWIPJ %JXIV]SYWGSVI]SYVJMVWXXVMYQTL ]SY [MPP FI XLEX QYGL QSVI GSRJMHIRX XLI RI\X XMQI %RH EW ]SY FIGSQI E QSVIGSRJMHIRXTYFPMGWTIEOIV]SY[MPPPMOIP]FIGSQIQSVIGSRJMHIRXMRSXLIV EVIEWSJ]SYVPMJIEW[IPP
(IZIPSTMRK'SRJMHIRGI =SYV7TIIGL'PEWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIEOMRK[MXL'SRJMHIRGI
23
%Q-IRXLYWMEWXMGEFSYXQ]WTIIGLXSTMG# ,EZI-XLSVSYKLP]HIZIPSTIHXLIGSRXIRXSJQ]WTIIGL# ,EZI-[SVOIHSRXLIMRXVSHYGXMSRWSQ]WTIIGL[MPPKIX SJJXSEKSSHWXEVX# ,EZI-[SVOIHSR XLIGSRGPYWMSRWSQ]WTIIGL [MPPIRH SREWXVSRKRSXI#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7TIIGL8SSPWJSV XLMWGLETXIV
,EZI - VILIEVWIH Q] WTIIGL SVEPP] YRXMP - EQ GSRJMHIRX EFSYXMXWHIPMZIV]# ,EZI - [SVOIH SR XYVRMRK RIKEXMZI XLSYKLXW EFSYX Q] WTIIGLMRXSTSWMXMZISRIW# (S - VIEPM^I XLEX RIVZSYWRIWW MW RSVQEP IZIR EQSRK I\TIVMIRGIHWTIEOIVW# (S-YRHIVWXERH XLEX QSWX RIVZSYWRIWW MW RSXZMWMFPI XS XLIEYHMIRGI# %Q - JSGYWIH SR GSQQYRMGEXMRK [MXL Q] EYHMIRGI VEXLIVXLERSR[SVV]MRKEFSYXQ]RIVZIW# ,EZI-ZMWYEPM^IHQ]WIPJWTIEOMRKGSRJMHIRXP]ERHKIXXMRK ETSWMXMZIVIWTSRWIJVSQXLIEYHMIRGI#
4YFPMG7TIEOMRKERH'VMXMGEP8LMROMRK 8LEXKY]EXXLITEVX]PEWXRMKLXVIEPP]S[RIHQI[LIR[I[IVIXEPOMRKEFSYXXLI IGSRSQ]-ORS[Q]MRJSVQEXMSRMWVMKLXERH-tQWYVILMWEVKYQIRXHMHRtXQEOIWIRWI FYX-GERtXTYXQ]JMRKIVSRXLITVSFPIQ -[SVOIHVIEPP]LEVHSRQ]XIVQTETIVFYXMXtWNYWXRSXVMKLX-XHSIWRtXWIIQXSLERK XSKIXLIVERH-GERtXJMKYVISYX[LEXtW[VSRK 4SPMXMGEPWTIIGLIWEVIWSSRIWMHIH8LIGERHMHEXIWWSYRHKSSHFYXXLI]EPPXEPOMRWPSKERW ERHKIRIVEPMXMIW-XtWVIEPP]LEVHXSHIGMHI[LSLEWXLIFIWXWXERHWSRXLIMWWYIW
GVMXMGEPXLMROMRK *SGYWIHSVKERM^IHXLMROMRK EFSYXWYGLXLMRKWEWXLIPSKMGEP VIPEXMSRWLMTWEQSRKMHIEWXLI WSYRHRIWWSJIZMHIRGIERHXLI HMJJIVIRGIWFIX[IIRJEGXERH STMRMSR
,EZI]SYIZIVJSYRH]SYVWIPJMRWMQMPEVWMXYEXMSRW#-JWS]SYQE]JMRHLIPT MR]SYVWTIIGLGPEWW&IWMHIWFYMPHMRKGSRJMHIRGIEGSYVWIMRTYFPMGWTIEOMRK GERHIZIPST]SYVWOMPPWEWEGVMXMGEPXLMROIV8LSWIWOMPPWGERQEOIXLIHMJJIVIRGI FIX[IIRXLIEVXMGYPEXIHIFEXIVERHXLITYWLSZIVXLI%WXYHIRXERHXLI'WXY HIRXXLIXLSYKLXJYPZSXIVERHXLIGSMRXSWWIV ;LEXMWGVMXMGEPXLMROMRK#8SWSQII\XIRXMXtWEQEXXIVSJPSKMGhSJFIMRK EFPIXSWTSX[IEORIWWIWMRSXLIVTISTPItWEVKYQIRXWERHXSEZSMHXLIQMR]SYV S[R -X EPWS MRZSPZIW VIPEXIH WOMPPW WYGL EW HMWXMRKYMWLMRK JEGX JVSQ STMRMSR NYHKMRKXLIGVIHMFMPMX]SJWXEXIQIRXWERHEWWIWWMRKXLIWSYRHRIWWSJIZMHIRGI -RXLIFVSEHIWXWIRWIGVMXMGEPXLMROMRKMWJSGYWIHSVKERM^IHXLMROMRKhXLIEFMP MX]XSWIIGPIEVP]XLIVIPEXMSRWLMTWEQSRKMHIEW
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-J]SYEVI[SRHIVMRK[LEXXLMWLEWXSHS[MXL]SYVTYFPMGWTIEOMRKGPEWW XLIERW[IVMWUYMXIEPSX%WXLIGPEWWTVSGIIHW]SY[MPPTVSFEFP]WTIRHEKSSH HIEP SJ XMQI SVKERM^MRK ]SYV WTIIGLIW ;LMPI XLMW QE] WIIQ PMOI E TYVIP] QIGLERMGEPI\IVGMWIMXMWGPSWIP]MRXIV[SZIR[MXLGVMXMGEPXLMROMRK-JXLIWXVYG XYVISJ]SYVWTIIGLMWHMWNSMRXIHERHGSRJYWIHSHHWEVIXLEX]SYVXLMROMRKMW EPWSHMWNSMRXIHERHGSRJYWIH-JSRXLISXLIVLERHXLIWXVYGXYVIMWGPIEVERH GSLIWMZIXLIVIMWEKSSHGLERGI]SYVXLMROMRKMWXSS3VKERM^MRKEWTIIGLMW RSXNYWXEQEXXIVSJEVVERKMRKXLIMHIEW]SYEPVIEH]LEZI6EXLIVMXMWERMQTSV XERXTEVXSJWLETMRKXLIMHIEWXLIQWIPZIW ;LEXMWXVYISJSVKERM^EXMSRMWXVYISJQER]EWTIGXWSJTYFPMGWTIEOMRK8LI WOMPPW ]SY PIEVR MR ]SYV WTIIGL GPEWW GER LIPT ]SY FIGSQI E QSVI IJJIGXMZI XLMROIVMRERYQFIV SJ[E]W %W]SY [SVOSRI\TVIWWMRK]SYVMHIEWMRGPIEV EGGYVEXI PERKYEKI ]SY [MPP IRLERGI ]SYV EFMPMX] XS XLMRO GPIEVP] ERH EGGY VEXIP]%W]SYWXYH]XLIVSPISJIZMHIRGIERHVIEWSRMRKMRWTIIGLQEOMRK]SY [MPPWIILS[XLI]GERFIYWIHMRSXLIVJSVQWSJGSQQYRMGEXMSREW[IPP%W]SY PIEVRXSPMWXIRGVMXMGEPP]XSWTIIGLIWMRGPEWW]SY[MPPFIFIXXIVEFPIXSEWWIWWXLI MHIEWSJWTIEOIVW ERH[VMXIVW MREZEVMIX]SJWMXYEXMSRW 8SVIXYVRXSXLII\EQTPIWEXXLIFIKMRRMRKSJXLMWWIGXMSR 8LIKY]EXXLITEVX]PEWXRMKLXh[SYPH[IPPLSRIHGVMXMGEPXLMROMRKWOMPPWLIPT]SYJMRH XLILSPIWMRLMWEVKYQIRX# 8LIXIVQTETIVh[SYPHFIXXIVSVKERM^EXMSRERHEGPIEVSYXPMRILIPTTYPPMXXSKIXLIV# 4SPMXMGEPWTIIGLIWhSRGI]SYKIXTEWXXLIWPSKERWEVIXLIGERHMHEXIWHVE[MRKZEPMH GSRGPYWMSRWJVSQWSYRHIZMHIRGI#
-J]SYXEOIJYPPEHZERXEKISJ]SYVWTIIGLGPEWW]SY[MPPFIEFPIXSIRLERGI ]SYVWOMPPWEWEGVMXMGEPXLMROIVMRQER]GMVGYQWXERGIW8LMWMWSRIVIEWSRTYF PMG WTIEOMRK LEW FIIR VIKEVHIH EW E ZMXEP TEVX SJ IHYGEXMSR WMRGI XLI HE]W SJ ERGMIRX+VIIGI
8LI7TIIGL'SQQYRMGEXMSR4VSGIWW
%W]SYFIKMR]SYVJMVWXWTIIGLIW]SYQE]JMRHMXLIPTJYPXSYRHIVWXERH[LEX KSIW SR [LIR SRI TIVWSR XEPOW XS ERSXLIV 6IKEVHPIWW SJ XLI OMRH SJ WTIIGL GSQQYRMGEXMSR MRZSPZIH XLIVI EVI WIZIR IPIQIRXWhWTIEOIV QIWWEKI GLER RIPPMWXIRIVJIIHFEGOMRXIVJIVIRGIERHWMXYEXMSR,IVI[IWLEPPJSGYWSRLS[ XLIWIIPIQIRXWMRXIVEGX[LIRETYFPMGWTIEOIVEHHVIWWIWEREYHMIRGI
74)%/)6 7TIIGLGSQQYRMGEXMSRFIKMRW[MXLEWTIEOIV-J]SYTMGOYTXLIXIPITLSRIERH WTIEOIV GEPPEJVMIRH]SYEVIEGXMRKEWEWTIEOIV 3JGSYVWI]SY[MPPEPWSEGXEWEPMW 8LITIVWSR[LSMWTVIWIRXMRK XIRIV[LIR]SYVJVMIRHMWXEPOMRK -RTYFPMGWTIEOMRK]SY[MPPYWYEPP]TVIWIRX ERSVEPQIWWEKIXSEPMWXIRIV ]SYVIRXMVIWTIIGL[MXLSYXMRXIVVYTXMSR =SYV WYGGIWW EW E WTIEOIV HITIRHW SR ]SYhSR ]SYV TIVWSREP GVIHMFMPMX] ]SYVORS[PIHKISJXLIWYFNIGX]SYVTVITEVEXMSRSJXLIWTIIGL]SYVQERRIVSJ WTIEOMRK ]SYV WIRWMXMZMX] XS XLI EYHMIRGI ERH XLI SGGEWMSR &YX WYGGIWWJYP WTIEOMRKEPWSVIUYMVIWIRXLYWMEWQ=SYGERtXI\TIGXTISTPIXSFIMRXIVIWXIHMR [LEX]SYWE]YRPIWW]SYEVIMRXIVIWXIH]SYVWIPJ-J]SYEVIXVYP]I\GMXIHEFSYX
8LI7TIIGL'SQQYRMGEXMSR4VSGIWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
]SYVWYFNIGX]SYVEYHMIRGIMWEPQSWXWYVIXSKIXI\GMXIHEPSRK[MXL]SY=SY GERPIEVREPPXLIXIGLRMUYIWSJIJJIGXMZIWTIIGLQEOMRKFYXFIJSVIXLI]GERFI SJ QYGL YWI ]SY QYWX JMVWX LEZI WSQIXLMRK XS WE]hWSQIXLMRK XLEX WTEVOW ]SYVS[RIRXLYWMEWQ
1)77%+) QIWWEKI ;LEXIZIVEWTIEOIV GSQQYRMGEXIWXSWSQISRIIPWI
8LIQIWWEKIMW[LEXIZIVEWTIEOIVGSQQYRMGEXIWXSWSQISRIIPWI-J]SYEVI GEPPMRK E JVMIRH ]SY QMKLX WE] q-tPP FI E PMXXPI PEXI TMGOMRK ]SY YT XSRMKLXr 8LEX MW XLI QIWWEKI &YX MX QE] RSX FI XLI SRP] QIWWEKI 4IVLETW XLIVI MW E GIVXEMRXSRIMR]SYVZSMGIXLEXWYKKIWXWVIPYGXERGILIWMXEXMSR8LIYRHIVP]MRK QIWWEKIQMKLXFIq-VIEPP]HSRtX[ERXXSKSXSXLEXTEVX]=SYXEPOIHQIMRXS MXFYX-tQKSMRKXSTYXMXSJJEWPSRKEW-GERr =SYVKSEPMRTYFPMGWTIEOMRKMWXSLEZI]SYVMRXIRHIHQIWWEKIFIXLIQIW WEKIXLEXMWEGXYEPP]GSQQYRMGEXIH%GLMIZMRKXLMWHITIRHWFSXLSR[LEX]SY WE] XLIZIVFEPQIWWEKI ERHSRLS[]SYWE]MX XLIRSRZIVFEPQIWWEKI +IXXMRKXLIZIVFEPQIWWEKINYWXVMKLXVIUYMVIW[SVO=SYQYWXREVVS[]SYV XSTMGHS[RXSWSQIXLMRK]SYGERHMWGYWWEHIUYEXIP]MRXLIXMQIEPPS[IHJSV XLIWTIIGL=SYQYWXHSVIWIEVGLERHGLSSWIWYTTSVXMRKHIXEMPWXSQEOI]SYV MHIEWGPIEVERHGSRZMRGMRK=SYQYWXSVKERM^I]SYVMHIEWWSPMWXIRIVWGERJSP PS[XLIQ[MXLSYXKIXXMRKPSWX%RH]SYQYWXI\TVIWW]SYVQIWWEKIMR[SVHW XLEXEVIEGGYVEXIGPIEVZMZMHERHETTVSTVMEXI &IWMHIWXLIQIWWEKI]SYWIRH[MXL[SVHW]SYWIRHEQIWWEKI[MXL]SYV XSRISJZSMGIETTIEVERGIKIWXYVIWJEGMEPI\TVIWWMSRERHI]IGSRXEGX-QEKMRI XLEXSRISJ]SYVGPEWWQEXIWKIXWYTXSWTIEOEFSYXWXYHIRXPSERW8LVSYKLSYX LIVWTIIGLWLIWPYQTWFILMRHXLIPIGXIVRXEOIWPSRKTEYWIWXSVIQIQFIV[LEX WLI [ERXW XS WE] WXEVIW EX XLI GIMPMRK ERH JYQFPIW [MXL LIV ZMWYEP EMHW ,IV MRXIRHIHQIWWEKIMWq;IQYWXQEOIQSVIQSRI]EZEMPEFPIJSVWXYHIRXPSERWr &YXXLIQIWWEKIWLIEGXYEPP]GSQQYRMGEXIWMWq-LEZIRtXTVITEVIHZIV][IPPJSV XLMWWTIIGLr3RISJ]SYVNSFWEWEWTIEOIVMWXSQEOIWYVI]SYVRSRZIVFEPQIW WEKIHSIWRSXHMWXVEGXJVSQ]SYVZIVFEPQIWWEKI
',%22)0
GLERRIP 8LIQIERWF][LMGLEQIWWEKI MWGSQQYRMGEXIH
8LI GLERRIP MW XLI QIERW F] [LMGL E QIWWEKI MW GSQQYRMGEXIH ;LIR ]SY TMGOYTXLITLSRIXSGEPPEJVMIRHXLIXIPITLSRIMWXLIGLERRIP4YFPMGWTIEOIVW QE]YWISRISVQSVISJWIZIVEPGLERRIPWIEGLSJ[LMGL[MPPEJJIGXXLIQIWWEKI VIGIMZIHF]XLIEYHMIRGI 'SRWMHIVEWTIIGLXS'SRKVIWWF]XLI4VIWMHIRXSJXLI9RMXIH7XEXIW8LI WTIIGLMWGEVVMIHXSXLIREXMSRF]XLIGLERRIPWSJVEHMSERHXIPIZMWMSR*SVXLI VEHMSEYHMIRGIXLIQIWWEKIMWGSRZI]IHIRXMVIP]F]XLI4VIWMHIRXtWZSMGI*SV XLIXIPIZMWMSREYHMIRGIXLIQIWWEKIMWGSRZI]IHF]FSXLXLI4VIWMHIRXtWZSMGI ERHXLIXIPIZMWIHMQEKI8LITISTPIMR'SRKVIWWLEZIEQSVIHMVIGXGLERRIP 8LI]RSXSRP]LIEVXLI4VIWMHIRXtWZSMGIEWEQTPMJMIHXLVSYKLEQMGVSTLSRI FYXXLI]EPWSWIILMQERHXLIWIXXMRKJMVWXLERH -RETYFPMGWTIEOMRKGPEWW]SYVGLERRIPMWXLIQSWXHMVIGXSJEPP=SYVGPEWW QEXIW[MPPWII]SYERHLIEV]SY[MXLSYXER]IPIGXVSRMGMRXIVZIRXMSR
0-78)2)6 PMWXIRIV 8LITIVWSR[LSVIGIMZIWXLI WTIEOIVtWQIWWEKI
8LIPMWXIRIVMWXLITIVWSR[LSVIGIMZIWXLIGSQQYRMGEXIHQIWWEKI;MXLSYXE PMWXIRIVXLIVIMWRSGSQQYRMGEXMSR;LIR]SYXEPOXSEJVMIRHSRXLITLSRI ]SYLEZISRIPMWXIRIV-RTYFPMGWTIEOMRK]SY[MPPLEZIQER]PMWXIRIVW
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIGVMXMGEPXLMROMRKWOMPPW]SY HIZIPSTMRVIWIEVGLMRKERH SVKERM^MRK]SYVWTIIGLIWGER FIETTPMIHMRQER]JSVQWSJ GSQQYRMGEXMSRMRGPYHMRK QIIXMRKWERHKVSYTTVSNIGXW
)ZIV]XLMRKEWTIEOIVWE]WMWJMPXIVIHXLVSYKLEPMWXIRIVtWJVEQISJVIJIVIRGIh XLI XSXEP SJ LMW SV LIV ORS[PIHKI I\TIVMIRGI KSEPW ZEPYIW ERH EXXMXYHIW &IGEYWI E WTIEOIV ERH E PMWXIRIV EVI HMJJIVIRX TISTPI XLI] GER RIZIV LEZI I\EGXP]XLIWEQIJVEQISJVIJIVIRGI%RHFIGEYWIEPMWXIRIVtWJVEQISJVIJIVIRGI GER RIZIV FI I\EGXP] XLI WEQI EW E WTIEOIVtW XLI QIERMRK SJ E QIWWEKI [MPP RIZIVFII\EGXP]XLIWEQIXSEPMWXIRIVEWXSEWTIEOIV =SYGERIEWMP]XIWXXLIMQTEGXSJHMJJIVIRXJVEQIWSJVIJIVIRGI%WOIEGLSJ ]SYVGPEWWQEXIWXSHIWGVMFIEGLEMV-J]SYLEZIGPEWWQEXIW]SYtPPTVSFEFP] KIX HMJJIVIRX HIWGVMTXMSRW 3RI WXYHIRX QMKLX TMGXYVI E PEVKI SZIVWXYJJIH IEW] GLEMV ERSXLIV ER IPIKERX WXVEMKLXFEGOIH GLEMV ]IX ERSXLIV ER SJJMGI GLEMV E JSYVXL E VSGOMRK GLEMV ERH WS SR )ZIR MJ X[S SV QSVI IRZMWMSR XLI WEQI KIRIVEP X]TIhWE] E VSGOMRK GLEMVhXLIMV QIRXEP MQEKIW SJ XLI GLEMV GSYPH WXMPP FI HMJJIVIRX 3RI QMKLX FI XLMROMRK SJ ER IEVP] %QIVMGER VSGOIV ERSXLIVSJEQSHIVR7GERHMREZMERVSGOIVhXLITSWWMFMPMXMIWEVIYRPMQMXIH%RH qGLEMVrMWEJEMVP]WMQTPIGSRGITX;LEXEFSYXqTEXVMSXMWQrSVqJVIIHSQr# &IGEYWI TISTPI LEZI HMJJIVIRX JVEQIW SJ VIJIVIRGI E TYFPMG WTIEOIV QYWX XEOIKVIEXGEVIXSEHETXXLIQIWWEKIXSXLITEVXMGYPEVEYHMIRGIFIMRKEHHVIWWIH 8SFIERIJJIGXMZIWTIEOIV]SYQYWXFIEYHMIRGIGIRXIVIH=SY[MPPUYMGOP]PSWI ]SYVPMWXIRIVWtEXXIRXMSRMJ]SYVTVIWIRXEXMSRMWIMXLIVXSSFEWMGSVXSSWSTLMWXM GEXIH=SY[MPPEPWSPSWI]SYVEYHMIRGIMJ]SYHSRSXVIPEXIXSXLIMVI\TIVMIRGI MRXIVIWXWORS[PIHKIERHZEPYIW;LIR]SYQEOIEWTIIGLXLEXGEYWIWPMWXIRIVW XSWE]q8LEXMWMQTSVXERXXSQIr]SY[MPPEPQSWXEP[E]WFIWYGGIWWJYP
JVEQISJVIJIVIRGI 8LIWYQSJETIVWSRtW ORS[PIHKII\TIVMIRGIKSEPW ZEPYIWERHEXXMXYHIW2SX[S TISTPIGERLEZII\EGXP]XLI WEQIJVEQISJVIJIVIRGI
*))(&%'/ ;LIRXLI4VIWMHIRXEHHVIWWIWXLIREXMSRSRXIPIZMWMSRLIMWIRKEKIHMRSRI [E]GSQQYRMGEXMSR=SYGERXEPOFEGOXSXLIXIPIZMWMSRWIXFYXXLI4VIWMHIRX [SRtX LIEV ]SY 1SWX WMXYEXMSRW LS[IZIV MRZSPZI X[S[E] GSQQYRMGEXMSR =SYV PMWXIRIVW HSRtX WMQTP] EFWSVF ]SYV QIWWEKI PMOI LYQER WTSRKIW 8LI] WIRHFEGOQIWWEKIWSJXLIMVS[R8LIWIQIWWEKIWEVIGEPPIHJIIHFEGO
JIIHFEGO 8LIQIWWEKIWYWYEPP] RSRZIVFEPWIRXJVSQEPMWXIRIV XSEWTIEOIV
8LI7TIIGL'SQQYRMGEXMSR4VSGIWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-R TYFPMGWTIEOMRK XLIVIMWTPIRX] SJJIIHFEGOXSPIX]SYORS[LS[ ]SYV QIWWEKI MW FIMRK VIGIMZIH (S ]SYV PMWXIRIVW PIER JSV[EVH MR XLIMV WIEXW EW MJ TE]MRKGPSWIEXXIRXMSR#(SXLI] ETTPEYHMRETTVSZEP#(SXLI]PEYKL EX]SYV NSOIW#(SXLI]LEZIUYM^^MGEPPSSOWSRXLIMVJEGIW#(SXLI]WLYJJPIXLIMVJIIX ERHKE^IEXXLIGPSGO#8LIQIWWEKIWIRXF]XLIWIVIEGXMSRWGSYPHFIq-EQJEW GMREXIHr q- EQ FSVIHr q- EKVII [MXL ]SYr q- HSRtX EKVII [MXL ]SYr SV ER] RYQFIV SJ SXLIVW %W E WTIEOIV ]SY RIIH XS FI EPIVX XS XLIWI VIEGXMSRW ERH EHNYWX]SYVQIWWEKIEGGSVHMRKP] 0MOIER]OMRHSJGSQQYRMGEXMSRJIIHFEGOMWEJJIGXIHF]SRItWJVEQISJ VIJIVIRGI ,S[ [SYPH ]SY JIIP MJ MQQIHMEXIP] EJXIV ]SYV WTIIGL EPP ]SYV GPEWWQEXIWWXEVXIHXSVETXLIMVORYGOPIWSRXLIHIWOW#;SYPH]SYVYRSYXSJ XLIVSSQMRHIWTEMV#2SXMJ]SY[IVIMRE)YVSTIERYRMZIVWMX]-RQER]TEVXW SJ)YVSTIWXYHIRXWVETXLIMVORYGOPIWSRXLIMVHIWOWXSWLS[EHQMVEXMSRJSV E GPEWWVSSQ PIGXYVI =SY QYWX YRHIVWXERH XLI JIIHFEGO XS FI EFPI XS HIEP [MXLMX
-28)6*)6)2')
MRXIVJIVIRGI %R]XLMRKXLEXMQTIHIWXLI GSQQYRMGEXMSRSJEQIWWEKI -RXIVJIVIRGIGERFII\XIVREPSV MRXIVREPXSPMWXIRIVW
-RXIVJIVIRGI MW ER]XLMRK XLEX MQTIHIW XLI GSQQYRMGEXMSR SJ E QIWWEKI ;LIR ]SY XEPO SR XLI XIPITLSRI WSQIXMQIW XLIVI MW WXEXMG SV [MVIW KIX GVSWWIH WS XLEX X[S HMJJIVIRX GSRZIVWEXMSRW EVI KSMRK SR EX SRGI 8LEX MW E OMRHSJMRXIVJIVIRGI -RTYFPMGWTIEOMRKXLIVIEVIX[SOMRHWSJMRXIVJIVIRGI3RIPMOIXLIWXEXMG SV GVSWWIH [MVIW MR E TLSRI GSRZIVWEXMSR MW I\XIVREP XS XLI EYHMIRGI 1ER] GPEWWVSSQW EVI WYFNIGX XS XLMW OMRH SJ MRXIVJIVIRGIhJVSQ XVEJJMG SYXWMHI XLI FYMPHMRKXLIGPEXXIVSJEVEHMEXSVWXYHIRXWGSRZIVWMRKMRXLILEPPEVSSQXLEX MWWXMJPMRKLSXSVJVII^MRKGSPH%R]SJXLIWIGERHMWXVEGXPMWXIRIVWJVSQ[LEX]SY EVIWE]MRK %WIGSRHOMRHSJMRXIVJIVIRGIMWMRXIVREPERHGSQIWJVSQ[MXLMR]SYVEYHM IRGI4IVLETWSRISJ]SYVPMWXIRIVWLEWEXSSXLEGLI7LIQE]FIWSHMWXVEGXIH F] XLI TEMR XLEX WLI HSIWRtX TE] EXXIRXMSR XS ]SYV WTIIGL %RSXLIV PMWXIRIV GSYPHFI[SVV]MRKEFSYXEXIWXMRXLIRI\XGPEWWTIVMSH=IXERSXLIVGSYPHFI FVSSHMRKEFSYXEREVKYQIRX[MXLLMWKMVPJVMIRH %W EWTIEOIV ]SYQYWXXV]XSLSPH]SYV PMWXIRIVWt EXXIRXMSR HIWTMXIXLIWI ZEVMSYWOMRHWSJMRXIVJIVIRGI-RXLIGLETXIVW XLEXJSPPS[]SY[MPPJMRHQER] [E]WXSHSXLMW
7-89%8-32 WMXYEXMSR 8LIXMQIERHTPEGIMR[LMGL WTIIGLGSQQYRMGEXMSRSGGYVW
8LI WMXYEXMSR MW XLI XMQI ERH TPEGI MR [LMGL WTIIGL GSQQYRMGEXMSR SGGYVW 'SRZIVWEXMSREP[E]WXEOIWTPEGIMREGIVXEMRWMXYEXMSR7SQIXMQIWXLIWMXYEXMSR LIPTWhEW [LIR ]SY TVSTSWI QEVVMEKI SZIV ER MRXMQEXI GERHPIPMKLX HMRRIV 3XLIVXMQIWMXQE]LYVXhEW[LIR]SYXV]XSWTIEO[SVHWSJPSZIMRGSQTIXM XMSR[MXLEFPEVMRKWXIVIS;LIR]SYLEZIXSXEPO[MXLWSQISRIEFSYXEXSYGL] MWWYI]SYYWYEPP][EMXYRXMPXLIWMXYEXMSRMWNYWXVMKLX 4YFPMG WTIEOIVW QYWX EPWS FI EPIVX XS XLI WMXYEXMSR 'IVXEMR SGGEWMSRWh JYRIVEPW GLYVGL WIVZMGIW KVEHYEXMSR GIVIQSRMIWhVIUYMVI GIVXEMR OMRHW SJ WTIIGLIW4L]WMGEPWIXXMRKMWEPWSMQTSVXERX-XQEOIWEKVIEXHIEPSJHMJJIVIRGI [LIXLIVEWTIIGLMWTVIWIRXIHMRHSSVWSVSYXMREWQEPPGPEWWVSSQSVMREK]Q REWMYQ XS E HIRWIP] TEGOIH GVS[H SV XS E LERHJYP SJ WGEXXIVIH WSYPW ;LIR ]SYEHNYWXXSXLIWMXYEXMSRSJETYFPMGWTIIGL]SYEVISRP]HSMRKSREPEVKIV WGEPI[LEX]SYHSIZIV]HE]MRGSRZIVWEXMSR
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
d*-+96)
7MXYEXMSR
',%2
2)0
-RXIVJIVIRGI 7MXYEXMSR
2S[PIXYWPSSOEXEGSQTPIXIQSHIPSJXLIWTIIGLGSQQYRMGEXMSRTVSGIWW EWWLS[RMR*MKYVI EFSZI
8,)74))','31192-'%8-32463')77 )<%140);-8,'311)28%6= 8LIJSPPS[MRKI\EQTPIWLS[WLS[XLIZEVMSYWGSQTSRIRXWSJXLIWTIIGLGSQ QYRMGEXMSRTVSGIWWMRXIVEGX 7MXYEXMSR
-X[EW 41ERHXLIJEPPWEPIWGSRJIVIRGISJ3QRM&VERHW-RGLEH FIIRKSMRKSREPPHE]%WIVMIWSJRI[TVSHYGXTVIWIRXEXMSRWXSFY]IVW JVSQXLIGSQTER]tWPEVKIWXGYWXSQIVWLEHXEOIRQYGLPSRKIVXLER I\TIGXIH 7TIEOIV %P]WSR/EYJQER[EW[SVVMIH%WEQEVOIXMRKQEREKIVJSVJVEKVERGIWWLI [EWXLIPEWXWTIEOIVSJXLIHE];LIR%P]WSRVSWIXSEHHVIWWXLIEYHM IRGIWLIORI[WLIJEGIHEHMJJMGYPXWMXYEXMSR7LILEHFIIREPPSXXIH QMRYXIWXSMRXVSHYGILIVTVSHYGXWERHXLIQIIXMRK[EWWGLIHYPIHXSIRH MRQMRYXIW;LEXtWQSVILSPMHE]WEPIWSJLIVIRXMVITVSHYGXPMRI HITIRHIHMRPEVKITEVXSRXLMWTVIWIRXEXMSR 'LERRIP %P]WSRWXITTIHXSXLIQMGVSTLSRIERHFIKERXSWTIEO7LIGSYPHWII -RXIVJIVIRGI QIQFIVWSJXLIEYHMIRGIPSSOMRKEXXLIMV[EXGLIWERHWLIORI[XLI] [IVIIEKIVXSKIXXSHMRRIVEJXIVEPSRKHE]SJTVIWIRXEXMSRW %HETXMRKXS q+SSHEJXIVRSSRr%P]WSRWEMHqERHXLEROWJSV]SYVEXXIRXMSR-ORS[ -RXIVJIVIRGI IZIV]SRIMWVIEH]JSVHMRRIVh-GIVXEMRP]EQ-[EWKMZIRQMRYXIWJSVQ] TVIWIRXEXMSRhSOE]IZIV]FSH]KVSERhFYX[MXL]SYVOMRHGSSTIVEXMSR-tPP HSQ]FIWXXSJMRMWLMRYRHIVLEPJERLSYV-XLMRO]SYtPPJMRHXLIXMQI[IPP [SVXL]SYV[LMPIFIGEYWIXLITVSHYGXW-EQKSMRKXSXIPP]SYEFSYX[MPP WIVMSYWP]FSSWX]SYVLSPMHE]WEPIWr%P]WSR[EWVIPMIZIHXSWIIWIZIVEPTIS TPIWQMPMRKEWXLI]WIXXPIHFEGOMRXLIMVWIEXW 1IWWEKI 2S[XLEXWLILEHXLIEYHMIRGItWEXXIRXMSR%P]WSRTVIWIRXIHIEGLRI[ TVSHYGXEWFVMIJP]EWWLIGSYPH7LIWXVIEQPMRIHLIVTPERRIHTVIWIRXEXMSR XSIQTLEWM^IXLIJIEXYVIWXLEX[SYPHFIQSWXETTIEPMRKXSXLIFY]IVWERH XLISRIWXLI][SYPHFIQSWXPMOIP]XSVIQIQFIV7LIIRHIHF]LERHMRK SYXWEQTPIWSJXLITVSHYGXWERHTVSQMWMRKXSGSRXEGXER]SRI[LSRIIHIH QSVIMRJSVQEXMSR7LIUYMGOP]EHHIHLIVIQEMPEHHVIWWXSLIV4S[IV4SMRX WPMHIWERH[EWIRGSYVEKIHXSWIITISTPI[VMXMRKMXHS[R
8LI7TIIGL'SQQYRMGEXMSR4VSGIWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
*IIHFEGO
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%WTVSQMWIH%P]WSRJMRMWLIHMRYRHIVLEPJERLSYVq%RHXLEX[VETWMX YTrWLIGSRGPYHIHq0IXtWIEXr0EXIVXLIQEVOIXMRKHMVIGXSVGSQTPM QIRXIH%P]WSRSRHIEPMRKWS[IPP[MXLEXSYKLWMXYEXMSRq=SYHMHEKVIEX NSFrXLIQEVOIXMRKHMVIGXSVWEMHq2I\X]IEV[ItPPXV]XSQEOIEPPXLI TVIWIRXEXMSRWEWGSRGMWIERHIJJMGMIRXEW]SYVWr
4YFPMG7TIEOMRKMRE1YPXMGYPXYVEP;SVPH '90896%0(-:)67-8=-28,)13()62;360( 8LI9RMXIH7XEXIWLEWEP[E]WFIIREHMZIVWIWSGMIX]-REZMWMXSVXS[LEX MWRS[2I[ =SVO'MX][EWEWXSRMWLIHXSJMRHXLEX PERKYEKIW[IVIWTSOIR EQSRK XLI GMX]tW MRLEFMXERXW &] XLI QMHHPI SJ XLI XL GIRXYV] WS QER]TISTPIJVSQWSQER]PERHWLEHGSQIXSXLI9RMXIH7XEXIWXLEXRSZIPMWX ,IVQER1IPZMPPII\GPEMQIHq=SYGERRSXWTMPPEHVSTSJ%QIVMGERFPSSH[MXL SYXWTMPPMRKXLIFPSSHSJXLI[LSPI[SVPHr 3RIGERSRP]MQEKMRI[LEX1IPZMPPI [SYPHWE]XSHE]8LI9RMXIH7XEXIW LEWFIGSQIXLIQSWXHMZIVWIWSGMIX]SRIEVXL*SVQSVIXLEREGIRXYV]QSWX MQQMKVERXW XS XLI 97 [IVI )YVSTIERWh-VMWL +IVQERW )RKPMWL 7GERHMRE ZMERW +VIIOW 4SPIW -XEPMERW ERH SXLIVW 8SKIXLIV [MXL %JVMGER %QIVMGERW XLI]QEHI%QIVMGEXLIqQIPXMRKTSXrSJXLI[SVPH8SHE]ERSXLIVKVIEX[EZI SJ MQQMKVEXMSRhQSWXP] JVSQ %WME ERH 0EXMR %QIVMGEhLEW XVERWJSVQIH XLI 9RMXIH7XEXIWMRXS[LEXSRI[VMXIVGEPPWqXLIJMVWXYRMZIVWEPREXMSRrEQYPXMGYP XYVEPWSGMIX]SJYRQEXGLIHHMZIVWMX] 8LIHMZIVWMX] SJPMJIMRXLI9RMXIH7XEXIWGERFIWIIR MRGMXMIWERHXS[RW WGLSSPW ERH FYWMRIWWIW GSQQYRMX]KVSYTWERHLSYWIW SJ[SVWLMTEPP EGVSWW XLIPERH'SRWMHIVXLIJSPPS[MRK 8LIVIEVI REXMSRW MRXLI[SVPHERHIZIV]SRISJXLIQLEWWSQISRI PMZMRKMRXLI9RMXIH7XEXIW ,SYWXSRLEWX[SVEHMSWXEXMSRWXLEXFVSEHGEWXWSPIP]MR:MIXREQIWIERHE HEMP]RI[WTETIVXLEXTVMRXWMR'LMRIWI 2IEVP] TIVGIRX SJ XLI TISTPI MR 1MEQM [IVI FSVR SYXWMHI XLI 9RMXIH 7XEXIW 1SVIXLERQMPPMSRTISTPIMRXLI97WTIEOEPERKYEKISXLIVXLER)R KPMWLEXLSQI 8LIWIOMRHWSJHIZIPSTQIRXWEVIRSXPMQMXIHXSXLI9RMXIH7XEXIW;IPMZI MR ER EKI SJ MRXIVREXMSREP QYPXMGYPXYVEPMWQ 8LI -RXIVRIX EPPS[W JSV MRWXERX GSQQYRMGEXMSRIZIV][LIVIEVSYRHXLI[SVPH'22MWFVSEHGEWXXSQSVIXLER FMPPMSRTISTPIKPSFEPP]-RXIVREXMSREPEMVXVEZIPLEWQEHIREXMSREPFSYRHEVMIW EPQSWXQIERMRKPIWW%PPREXMSRWEVIFIGSQMRKTEVXSJEZEWXKPSFEPZMPPEKI*SV I\EQTPI 8LIVI EVI XVERWREXMSREP GSVTSVEXMSRW EVSYRH XLI [SVPH ERH XLI] EGGSYRXJSVQSVIXLERTIVGIRXSJXLI[SVPHtWIGSRSQMGSYXTYX 1G(SREPHtWWIPPWX[MGIEWQER]LEQFYVKIVWERH*VIRGLJVMIWEFVSEHXLERMX HSIWMRXLI9RMXIH7XEXIW 2MOIQEOIWTIVGIRXSJMXWWEPIWXLVSYKLI\TSVXW
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
*VERGI LEW EW QER] 1YWPMQW EW TVEGXMGMRK 'EXLSPMGW VEHMS ',-2 MR 8SVSRXS'EREHEFVSEHGEWXWMRPERKYEKIW -R+IRIZE7[MX^IVPERHXLIVIEVIWSQER]TISTPIJVSQEVSYRHXLI[SVPH XLEXRIEVP]TIVGIRXSJXLIWGLSSPTSTYPEXMSRMWRSR7[MWW
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q[IGSQQYRMGEXIXLI[E][IHS FIGEYWI[IEVIVEMWIHMRETEVXMGYPEVGYPXYVIERHPIEVRMXWPERKYEKIVYPIWERH RSVQWr 8LIQIERMRKWEXXEGLIHXSKIWXYVIWJEGMEPI\TVIWWMSRWERHSXLIVRSRZIVFEP WMKREPWEPWSZEV]JVSQGYPXYVIXSGYPXYVI)ZIRXLIKIWXYVIWJSVWYGLFEWMGQIW WEKIW EW qLIPPSr ERH qKSSHF]Ir EVI GYPXYVEPP] FEWIH 8LI 2SVXL %QIVMGER qKSSHF]Ir[EZIMWMRXIVTVIXIHMRQER]TEVXWSJ)YVSTIERH7SYXL%QIVMGEEW XLIQSXMSRJSVqRSr[LMPIXLI-XEPMERERH+VIIOKIWXYVIJSVqKSSHF]IrMWXLI WEQIEWXLI97WMKREPJSVqGSQILIVIr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tWXYVRXSWTIEOLITVEMWIWXLI&VE^MPMER JMVQ JSV MXW QER] EGLMIZIQIRXW ERH XEPOW IPSUYIRXP] SJ LMW VIWTIGX JSV MXW TVIWMHIRX ERH SXLIVI\IGYXMZIW8LI[SVHWEVITIVJIGXERHXLIWEPIWQEREKIVGERWIILMWEYHMIRGIWQMP MRKMRETTVSZEP %RHXLIRhHMWEWXIV %WXLIWEPIWQEREKIVGPSWIWLMWWTIIGLLI VEMWIWLMWLERH ERH JPEWLIWXLIGPEWWMG97q3/rWMKRXSWMKREPLMWTPIEWYVIEXXLITVSKVIWWSJXLIRIKSXMEXMSRW -RWXERXP]XLIJIWXMZIQSSHMWVITPEGIH[MXLWXSR]WMPIRGI WQMPIWXYVRXSMG]WXEVIW8LIWEPIW QEREKIVLEWKMZIRLMW&VE^MPMEREYHMIRGIEKIWXYVI[MXLVSYKLP]XLIWEQIQIERMRKEWER I\XIRHIHQMHHPIJMRKIVMRXLI9RMXIH7XEXIW 8LI RI\X HE] XLI &VE^MPMER JMVQ ERRSYRGIW MX [MPP FY] MXW GSQTYXIVW JVSQ ERSXLIV GSQTER]
%WXLMWWXSV]MPPYWXVEXIWTYFPMGWTIEOIVWGERMPPEJJSVHXSSZIVPSSOXLIMVPMW XIRIVWtGYPXYVEPZEPYIWERHGYWXSQW8LIQIXLSHWSJIJJIGXMZIWTIIGLI\TPEMRIH XLVSYKLSYX XLMWFSSO[MPPFILIPTJYP XS]SY MR WTIEOMRK XSGYPXYVEPP] HMZIVWI EYHMIRGIW,IVI[IRIIHXSWXVIWWXLIMQTSVXERGISJEZSMHMRKXLIIXLRSGIRXVMWQ
4YFPMG7TIEOMRKMRE1YPXMGYPXYVEP;SVPH
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4YFPMGWTIEOMRKMWEZMXEPQSHI SJGSQQYRMGEXMSRMRQSWXGYP XYVIWEVSYRHXLI[SVPH,IVI *VIRGLJMRERGIQMRMWXIV 'LVMWXMRI0EKEVHIEHHVIWWIW XLI;SVPH)GSRSQMG*SVYQMR (EZSW7[MX^IVPERH
XLEX SJXIR FPSGOW GSQQYRMGEXMSR FIX[IIR WTIEOIVW ERH PMWXIRIVW SJ HMJJIVIRX GYPXYVEPFEGOKVSYRHW
%:3-(-2+)8,23')286-71 IXLRSGIRXVMWQ 8LIFIPMIJXLEXSRItWS[RKVSYT SVGYPXYVIMWWYTIVMSVXSEPPSXLIV KVSYTWSVGYPXYVIW
)XLRSGIRXVMWQ MW XLI FIPMIJ XLEX SYV S[R KVSYT SV GYPXYVIh[LEXIZIV MX QE] FIhMW WYTIVMSV XS EPP SXLIV KVSYTW SV GYPXYVIW &IGEYWI SJ IXLRSGIRXVMWQ [I MHIRXMJ] [MXL SYV KVSYT SV GYPXYVI ERH WII MXW ZEPYIW FIPMIJW ERH GYWXSQW EW qVMKLXrSVqREXYVEPrhMRGSQTEVMWSRXSXLIZEPYIWFIPMIJWERHGYWXSQWSJSXLIV KVSYTWSVGYPXYVIW[LMGL[IXIRHXSXLMROSJEWq[VSRKrSVqYRREXYVEPr )XLRSGIRXVMWQ MW TEVX SJ IZIV] GYPXYVI ERH MX GER TPE] E TSWMXMZI VSPI MR GVIEXMRKKVSYTTVMHIERHPS]EPX]&YXMXGEREPWSPIEHXSTVINYHMGIERHLSWXMPMX] XS[EVH HMJJIVIRX VEGMEP IXLRMG SV GYPXYVEP KVSYTW 8S FI ER IJJIGXMZI TYFPMG WTIEOIVMREQYPXMGYPXYVEP[SVPH]SYRIIHXSOIITMRQMRHXLEXEPPTISTPILEZI XLIMVWTIGMEPFIPMIJWERHGYWXSQW %ZSMHMRK IXLRSGIRXVMWQ HSIW RSX QIER ]SY QYWX EKVII [MXL XLI ZEPYIW ERH TVEGXMGIW SJ EPP KVSYTW ERH GYPXYVIW %X XMQIW ]SY QMKLX XV] XS GSRZMRGI TISTPISJHMJJIVIRXGYPXYVIWXSGLERKIXLIMVXVEHMXMSREP[E]WSJHSMRKXLMRKWhEW WTIEOIVWJVSQXLI9RMXIH2EXMSRWWIIOXSTIVWYEHIJEVQIVWMR%JVMGEXSEHSTX QSVI TVSHYGXMZI QIXLSHW SJ EKVMGYPXYVI SV EW HIPIKEXIW JVSQ XLI 97 ERH 'LMREEXXIQTXXSMRJPYIRGIXLISXLIVGSYRXV]t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
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
%W[IWLEPPWIIXLVSYKLSYXXLMWFSSOXLIVIEVIQER]-RXIVRIXVIWSYVGIWJSVTYFPMG WTIEOIVW3RISJXLSWIVIWSYVGIWMWERI\XIRWMZIGSPPIGXMSRSJWTIIGLIWJVSQ[SVPH LMWXSV] [LMGL ]SY GER EGGIWW EX XLI ,MWXSV] 4PEGI +VIEX 7TIIGLIW 'SPPIGXMSR [[[LMWXSV]TPEGIGSQWTIIGLIWTVIZMSYWLXQ 8LSYWERHWSJTISTPIMRXLI9RMXIH7XEXIWIEVRXLIMVPMZMRKEWTVSJIWWMSREPTYFPMG WTIEOIVW=SYGERPIEVREFSYXXLIMVEGXMZMXMIWEXXLI2EXMSREP7TIEOIVW%WWSGMEXMSR ;IFWMXI [[[RWEWTIEOIVSVK
8LI1G+VE[n,MPP 'SQTERMIW
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
3RGI]SYORS[EFSYXER]GYPXYVEPJEGXSVWXLEXQMKLXEJJIGX]SYVPMWXIRIVWt VIWTSRWIXV]XSTYX]SYVWIPJMRXLIMVTPEGIERHXSLIEV]SYVQIWWEKIXLVSYKL XLIMVIEVW-JXLIVIMWEPERKYEKIHMJJIVIRGIEZSMH[SVHWSVTLVEWIWXLEXQMKLX GEYWI QMWYRHIVWXERHMRK ;LIR VIWIEVGLMRK XLI WTIIGL OIIT ER I]I SYX JSV WYTTSVXMRKQEXIVMEPWXLEX[MPPVIPEXIXSE[MHIVERKISJPMWXIRIVW%PWSGSRWMHIV YWMRKZMWYEPEMHW%W[IWLEPPWIIMR'LETXIVXLI]GERFIIWTIGMEPP]LIPTJYP MRFVMHKMRKEKETMRPERKYEKISVGYPXYVEPFEGOKVSYRH ;LIRHIPMZIVMRK]SYVWTIIGLFIEPIVXXSJIIHFEGOXLEXQMKLXMRHMGEXIXLI EYHMIRGIMWLEZMRKXVSYFPIKVEWTMRK]SYVMHIEW-J]SYWIITY^^PIHI\TVIWWMSRW VIWXEXI]SYVTSMRXXSQEOIWYVIMXMWYRHIVWXSSH;MXLWSQIEYHMIRGIW]SYGER IRGSYVEKIJIIHFEGOF]EWOMRKq%Q-QEOMRKQ]WIPJGPIEV#rSVq(MH-I\TPEMR XLMWTSMRXJYPP]IRSYKL#r -J]SYTSWIWYGLUYIWXMSRWLS[IZIVFIE[EVIXLEXPMWXIRIVWJVSQHMJJIVIRX GYPXYVIW QE] VIWTSRH UYMXI HMJJIVIRXP] 1SWX %VEFW 2SVXL %QIVMGERW ERH )YVSTIERW[MPPKMZI]SYJEMVP]HMVIGXJIIHFEGOMJ]SYEWOJSVMX0MWXIRIVWJVSQ %WMER ERH 'EVMFFIER GSYRXVMIW SR XLI SXLIV LERH QE] RSX VIWTSRH SYX SJ GSRGIVRXLEXHSMRKWS[MPPWLS[HMWVIWTIGXJSVXLIWTIEOIV 7II'LETXIVJSV EJYPPHMWGYWWMSRSJEYHMIRGIEREP]WMWERHEHETXEXMSR *MREPP][IWLSYPHRSXIXLIMQTSVXERGISJEZSMHMRKIXLRSGIRXVMWQ [LIR PMWXIRMRK XS WTIIGLIW %W [I WLEPP WII MR 'LETXIVW ERH WTIIGL EYHMIRGIW LEZIEVIWTSRWMFMPMX]XSPMWXIRGSYVXISYWP]ERHEXXIRXMZIP];LIR]SYPMWXIRXS EWTIEOIVJVSQEHMJJIVIRXGYPXYVEPFEGOKVSYRHFISRKYEVHEKEMRWXXLIXIQTXE XMSRXSNYHKIXLIWTIEOIVSRXLIFEWMWSJLMWSVLIVETTIEVERGISVQERRIVSJ HIPMZIV] 8SS SJXIR [I JSVQ STMRMSRW EFSYX TISTPI F] XLI [E] XLI] PSSO SV WTIEOVEXLIVXLERF][LEXXLI]WE]2SQEXXIV[LEXXLIGYPXYVEPFEGOKVSYRH SJXLIWTIEOIV]SYWLSYPHPMWXIRXSLIVSVLMQEWEXXIRXMZIP]EW]SY[SYPH[ERX ]SYVEYHMIRGIXSPMWXIRXS]SY
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
7YQQEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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tWVIEWSRMRKERHEZSMHXLIQMR]SYVS[R 8LIWTIIGLGSQQYRMGEXMSRTVSGIWWMRGPYHIWWIZIRIPIQIRXWh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hTIVLETWQSWXhSJXLIEYHMIRGIW ]SYEHHVIWW[MPPMRGPYHITISTPISJHMJJIVIRXGYPXYVEPFEGOKVSYRHW;LIR]SY[SVOSR ]SYVWTIIGLIWFIEPIVXXSLS[WYGLJEGXSVWQMKLXEJJIGXXLIVIWTSRWIWSJ]SYVPMWXIR IVWERHEHETX]SYVQIWWEKIEGGSVHMRKP]%FSZIEPPEZSMHXLIIXLRSGIRXVMGFIPMIJXLEX ]SYVS[RGYPXYVISVKVSYTMWWYTIVMSVXSEPPSXLIVW%PWSOIITMRQMRHXLIMQTSVXERGI SJ EZSMHMRK IXLRSGIRXVMWQ [LIR PMWXIRMRK XS WTIIGLIW %GGSVH IZIV] WTIEOIV XLI WEQIGSYVXIW]ERHEXXIRXMZIRIWW]SY[SYPH[ERXJVSQ]SYVPMWXIRIVW
/)=8)617 WXEKIJVMKLX
GLERRIP
EHVIREPMRI
PMWXIRIV
TSWMXMZIRIVZSYWRIWW
JVEQISJVIJIVIRGI
ZMWYEPM^EXMSR
JIIHFEGO
GVMXMGEPXLMROMRK
MRXIVJIVIRGI
WTIEOIV
WMXYEXMSR
QIWWEKI
IXLRSGIRXVMWQ
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW -R[LEX[E]WMWTYFPMGWTIEOMRKPMOIP]XSQEOIEHMJJIVIRGIMR]SYVPMJI# ,S[MWTYFPMGWTIEOMRKWMQMPEVXSIZIV]HE]GSRZIVWEXMSR# ,S[MWTYFPMGWTIEOMRKHMJJIVIRXJVSQIZIV]HE]GSRZIVWEXMSR# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;L]MWMXRSVQEPhIZIRHIWMVEFPIhXSFIRIVZSYWEXXLIWXEVXSJEWTIIGL# ,S[ GER ]SY GSRXVSP ]SYV RIVZSYWRIWW ERH QEOI MX [SVO JSV ]SY MR ]SYV WTIIGLIW#
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LEX EVI XLI WIZIR IPIQIRXW SJ XLI WTIIGL GSQQYRMGEXMSR TVSGIWW# ,S[ HS XLI]MRXIVEGXXSHIXIVQMRIXLIWYGGIWWSVJEMPYVISJEWTIIGL# ;LEX MW IXLRSGIRXVMWQ# ;L] HS TYFPMG WTIEOIVW RIIH XS EZSMH IXLRSGIRXVMWQ [LIREHHVIWWMRKEYHMIRGIW[MXLHMZIVWIGYPXYVEPVEGMEPSVIXLRMGFEGOKVSYRHW#
)<)6'-7)7*36'6-8-'%08,-2/-2+
8LMRO FEGO SR ER MQTSVXERX GSRZIVWEXMSR ]SY LEH VIGIRXP] MR [LMGL ]SY [ERXIH XS EGLMIZI E TEVXMGYPEV VIWYPX )\EQTPIW %WOMRK ]SYV IQTPS]IV XS GLERKI]SYV[SVOWGLIHYPI I\TPEMRMRKXSEJVMIRHLS[XSGLERKIXLISMPERH JMPXIVMREGEV EXXIQTXMRKXSXEPO]SYVWTSYWISVTEVXRIVMRXSFY]MRKXLIGSQ TYXIV]SYPMOIVEXLIVXLERXLISRILISVWLITVIJIVW ;SVOYTEFVMIJEREP]WMW SJXLIGSRZIVWEXMSR -R]SYVEREP]WMWI\TPEMRXLIJSPPS[MRK ]SYVTYVTSWIMRXLIGSRZIVWEXMSR ERH XLI QIWWEKI WXVEXIK] ]SY GLSWI XS EGLMIZI ]SYV TYVTSWI XLI GSQQYRMGEXMSRGLERRIPWYWIHHYVMRKXLIGSRZIVWEXMSRERHLS[XLI]EJJIGXIH XLI SYXGSQI XLI MRXIVJIVIRGIhMRXIVREP SV I\XIVREPh]SY IRGSYRXIVIH HYVMRK XLI GSRZIVWEXMSR XLI WXITW ]SY XSSO XS EHNYWX XS JIIHFEGO XLI WXVEXIKMG GLERKIW ]SY [SYPH QEOI MR TVITEVMRK JSV ERH GEVV]MRK SYX XLI GSRZIVWEXMSRMJ]SYLEHMXXSHSSZIVEKEMR (MZMHIEWLIIXSJTETIVMRXSX[SGSPYQRW0EFIPSRIGSPYQRq'LEVEGXIVMWXMGWSJ ER)JJIGXMZI4YFPMG7TIEOIVr0EFIPXLISXLIVGSPYQRq'LEVEGXIVMWXMGWSJER-RIJ JIGXMZI4YFPMG7TIEOIVr-RXLIGSPYQRWPMWXERHFVMIJP]I\TPEMR[LEX]SYFIPMIZI XSFIXLIJMZIQSWXMQTSVXERXGLEVEGXIVMWXMGWSJIJJIGXMZIERHMRIJJIGXMZIWTIEO IVW&ITVITEVIHXSHMWGYWW]SYVMHIEWMRGPEWW 3R XLI FEWMW SJ XLI PMWXW ]SY HIZIPSTIH JSV )\IVGMWI GERHMHP] IZEPYEXI ]SYV S[RWXVIRKXLWERH[IEORIWWIWEWEWTIEOIV-HIRXMJ]XLIXLVIITVMQEV]EWTIGXWSJ WTIIGLQEOMRK]SYQSWX[ERXXSMQTVSZI
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
-XtWFIIRXLVII]IEVWWMRGI]SYKVEHYEXIHJVSQGSPPIKI%JXIVKEMRMRKI\TIVMIRGIEW EREHQMRMWXVEXMZIEWWMWXERXEXEQENSVSJJMGIIUYMTQIRXQERYJEGXYVIV]SYtZINYWX FIIR TVSQSXIH XS QEVOIXMRK QEREKIV JSV SJJMGI GSTMIVW 8LSYKL ]SY LEZI SGGE WMSREPP]KMZIRFVMIJVITSVXWXSSXLIVQIQFIVWSJ]SYV[SVOXIEQ]SYtVIRS[JEGMRK ]SYVJMVWXWTIIGLXSEPEVKIEYHMIRGI%X]SYVGSQTER]tWERRYEPWEPIWQIIXMRK]SY [MPPEHHVIWWXLIWEPIWJSVGIEFSYXXLIGSQTER]tWRI[QYPXMJYRGXMSRTVMRXIVGSTMIVW ERHLS[XSWIPPXLIQXSHIEPIVWWYGLEW3JJMGI(ITSXERH3JJMGI1E\ =SYtVITPIEWIHXSLEZIXLMWSTTSVXYRMX]ERH]SYORS[MXWLS[WXLIGSQTER]tW JEMXLMR]SYVEFMPMXMIW=IXXLIGPSWIV]SYKIXXSXLIHE]SJXLIWTIIGLXLILEVHIVMXMW XSGSRXVSPXLIFYXXIVJPMIWMR]SYVWXSQEGL8LIVI[MPPFITISTPIMR]SYVEYHMIRGI MRGPYHMRKEPPXLIWEPIWQEREKIVWERHVIKMSREPQEREKIVWMREHHMXMSRXSXLIWEPIWJSVGI %PP I]IW [MPP FI SR ]SY -XtW MQTSVXERX XLEX ]SY GSQI EGVSWW EW GSRJMHIRX ERH [IPP MRJSVQIH FYX ]SYtVI EJVEMH ]SYV WXEKI JVMKLX [MPP WIRHXLI STTSWMXI QIWWEKI ;LEX WXVEXIKMIW[MPP]SYYWIXSGSRXVSP]SYVRIVZIWERHQEOIXLIQ[SVOJSV]SY#
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)XLMGWERH4YFPMG 7TIEOMRK 8LI-QTSVXERGISJ)XLMGW +YMHIPMRIWJSV)XLMGEP7TIEOMRK 1EOI7YVI=SYV+SEPW%VI)XLMGEPP]7SYRH &I*YPP]4VITEVIHJSV)EGL7TIIGL &I,SRIWXMR;LEX=SY7E] %ZSMH2EQI'EPPMRKERH3XLIV*SVQWSJ%FYWMZI 0ERKYEKI 4YX)XLMGEP4VMRGMTPIWMRXS4VEGXMGI
4PEKMEVMWQ +PSFEP4PEKMEVMWQ 4EXGL[SVO4PEKMEVMWQ -RGVIQIRXEP4PEKMEVMWQ 4PEKMEVMWQERHXLI-RXIVRIX
+YMHIPMRIWJSV)XLMGEP0MWXIRMRK &I'SYVXISYWERH%XXIRXMZI %ZSMH4VINYHKMRKXLI7TIEOIV 1EMRXEMRXLI*VIIERH3TIR)\TVIWWMSRSJ-HIEW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
LIR XLIVYQSVWWXEVXIH 7Y^ERRI7QEVX GLMIJJMRERGMEPSJJMGIV JSV 4LEVQEXVSRMG -RGGEPPIHETVIWWGSRJIVIRGI(S^IRWSJTVMRXERH8:VITSVXIVWWLS[IHYT7QEVX PSSOIHHMVIGXP]MRXSXLIGEQIVEWERHWEMHq-GEREWWYVI]SYXLEXRSSRIEX4LEV QEXVSRMGLEWYWIHMRWMHIVMRJSVQEXMSRXSQEOIQSRI]JSVXLIQWIPZIWSVXSQERMTYPEXIXLI GSQTER]tWWXSGOTVMGI-REHHMXMSRXSFIMRKMPPIKEPMRWMHIVXVEHMRKMWEWIVMSYWFVIEGLSJXVYWX ERH-[SYPHRIZIVPIXMXLETTIREXQ]GSQTER]r 7Y^ERRItW TVIWIRXEXMSR [EW LMKLP] GSRZMRGMRK ERH JSV E XMQI MX UYMIXIH XLI VYQSVW EFSYXJMRERGMEPMQTVSTVMIXMIW9RJSVXYREXIP]LS[IZIVLIVWXEXIQIRXW[IVIJEPWIERHSRP] XLVII[IIOWPEXIVWLI[EWMRHMGXIHF]XLIJIHIVEPKSZIVRQIRXJSVMRWMHIVXVEHMRK %XXLIXVMEPMXFIGEQIGPIEVXLEX7Y^ERRI[EWKYMPX]SJQERMTYPEXMRKXLIGSQTER]tW WXSGOTVMGIXSFIRIJMXLIVWIPJEXXLII\TIRWISJSXLIVMRZIWXSVW-RJEGXSRXLIZIV]HE]XLEX 7QEVXLEHJEGIHXLI8:GEQIVEWXSHIR]ER][VSRKHSMRKWLILEHWIGVIXP]WSPHSZIV WLEVIW SJ 4LEVQEXVSRMG WXSGO FEWIH SR MRJSVQEXMSR EFSYX XLI GSQTER]tW JEMPYVI XS [MR ETTVSZEPJSVERI[ERXMGERGIVHVYK%WEVIWYPXWLIQEHILYRHVIHWSJXLSYWERHWSJHSP PEVW[LMPISVHMREV]MRZIWXSVWWYJJIVIHLYKIPSWWIW ;LIRXLINYHKIWIRXIRGIH7QEVXXSEWXMJJTVMWSRWIRXIRGILIQEHIGPIEVXLEXLI[EW MRJPYIRGIH TEVXP] F]LIVFVE^IR PMIWEX XLI TVIWW GSRJIVIRGI ,EH WLI XSPH XLI XVYXL LIV TPIEWJSVPIRMIRG]QMKLXLEZIFIIRFIXXIVVIGIMZIH
;
8LMWMWRSXELETT]WXSV]FYXMXWLS[W[L]TYFPMGWTIEOMRKRIIHWXSFIKYMHIH F]EWXVSRKWIRWISJMRXIKVMX]7Y^ERRI7QEVX[EWTIVWYEWMZI[LIRWTIEOMRKXS XLI TVIWW FYX WLI [EW YRIXLMGEP MR P]MRK XS GSZIV LIV MPPIKEP EGXMZMXMIW %W E VIWYPXWLIMRNYVIHXLSYWERHWSJMRZIWXSVWHIWXVS]IHLIVVITYXEXMSRERHIRHIH YT[MXLEPSRKNEMPWIRXIRGI4IVLETWMJWLILEHGSRJIWWIHFIJSVIXLIGEQIVEW XLEXHE]WLI[SYPHLEZIVIGIMZIHEJMRIERHEVITVMQERHMRWXIEHSJXLILEVWL IWXNEMPWIRXIRGIXLINYHKIGSYPHMQTSWI 8LIKSEPSJTYFPMGWTIEOMRKMWXSKEMREHIWMVIHVIWTSRWIJVSQPMWXIRIVWh FYX RSX EX ER] GSWX 7TIIGLQEOMRK MW E JSVQ SJ TS[IV ERH XLIVIJSVI GEVVMIW [MXL MX LIEZ] IXLMGEP VIWTSRWMFMPMXMIW %W XLI 6SQER VLIXSVMGMER 5YMRXMPMER WXEXIH]IEVWEKSXLIMHIEPSJWTIIGLQEOMRKMWXLIKSSHTIVWSRWTIEOMRK [IPP -R XLMW GLETXIV [I I\TPSVI XLEX MHIEP F] PSSOMRK EX XLI MQTSVXERGI SJ IXLMGWMRTYFPMGWTIEOMRKXLIIXLMGEPSFPMKEXMSRWSJWTIEOIVWERHPMWXIRIVWERH XLITVEGXMGEPTVSFPIQSJTPEKMEVMWQERHLS[XSEZSMHMX
8LI-QTSVXERGISJ)XLMGW
IXLMGW 8LIFVERGLSJTLMPSWSTL]XLEX HIEPW[MXLMWWYIWSJVMKLXERH [VSRKMRLYQEREJJEMVW
)XLMGWMWXLIFVERGLSJTLMPSWSTL]XLEXHIEPW[MXLMWWYIWSJVMKLXERH[VSRKMR LYQEREJJEMVW5YIWXMSRWSJIXLMGWEVMWI[LIRIZIV[IEWO[LIXLIVEGSYVWISJ EGXMSRMWQSVEPSVMQQSVEPJEMVSVYRJEMVNYWXSVYRNYWXLSRIWXSVHMWLSRIWX ;IJEGIWYGLUYIWXMSRWHEMP]MREPQSWXIZIV]TEVXSJSYVPMZIW8LITEVIRX QYWXHIGMHILS[XSHIEP[MXLEGLMPH[LSLEWFIIRWIRXLSQIJVSQWGLSSPJSV YRVYP]FILEZMSV8LIVIWIEVGLIVQYWXHIGMHI[LIXLIVXSWLEHILIVHEXEqNYWXE FMXr MR SVHIV XS KEMR GVIHMX JSV ER MQTSVXERX WGMIRXMJMG FVIEOXLVSYKL 8LI WLSTTIVQYWXHIGMHI[LEXXSHS[MXLXLII\XVEGLERKIQMWXEOIRP]KMZIRF] XLIGPIVOEXXLIKVSGIV]WXSVI8LIWXYHIRXQYWXHIGMHI[LIXLIVXSWE]ER]XLMRK EFSYXEJVMIRHLILEWWIIRGLIEXMRKSREJMREPI\EQ 5YIWXMSRWSJIXLMGWEPWSGSQIMRXSTPE][LIRIZIVETYFPMGWTIEOIVJEGIWER EYHMIRGI-RERMHIEP [SVPH EW XLI +VIIO TLMPSWSTLIV4PEXSRSXIH EPP TYFPMG WTIEOIVW[SYPHFIXVYXLJYPERHHIZSXIHXSXLIKSSHSJWSGMIX]=IXLMWXSV]XIPPW YWXLEXXLITS[IVSJWTIIGLMWSJXIREFYWIHhWSQIXMQIW[MXLHMWEWXVSYWVIWYPXW
',%48)6 )8,-'7%2(49&0-'74)%/-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%HSPJ ,MXPIV [EW YRUYIWXMSREFP] E TIVWYEWMZI WTIEOIV ,MW SVEXSV] KEPZERM^IH XLI+IVQERTISTPIFYXLMWEMQW[IVILSVVMJ]MRKERHLMWXEGXMGWHIWTMGEFPI,I VIQEMRWXSXLMWHE]XLIYPXMQEXII\EQTPISJ[L]XLITS[IVSJXLIWTSOIR[SVH RIIHWXSFIKYMHIHF]EWXVSRKWIRWISJIXLMGEPMRXIKVMX] %W E TYFPMG WTIEOIV ]SY [MPP JEGI IXLMGEP MWWYIW EX IZIV] WXEKI SJ XLI WTIIGLQEOMRK TVSGIWWh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hPMOI EPP GMXM^IRW LI LEW XLI VMKLX XS FI TVIWYQIH MRRSGIRXYRXMPTVSZIRSXLIV[MWI 7XMPPRI[WSJXLIMRHMGXQIRXGSYPHFIIRSYKLXSXLVS[XLIIPIGXMSR*IPMGMEtW[E]ERH LIV EHZMWIVW YVKI LIV XS QEOI MX ER MWWYI MR LIV VIQEMRMRK GEQTEMKR WTIIGLIW 7LSYPH *IPMGMEJSPPS[XLIMVEHZMGI#
8LIVI EVI GVIHMXEFPI EVKYQIRXW XS FI QEHI SR FSXL WMHIW SJ XLI IXLMGEP HMPIQQEJEGIHF]*IPMGME6SFMRWSR7LILEWXVMIHXSVYRERLSRIWXGEQTEMKR ERH WLI MW XVSYFPIH F] XLI TSWWMFMPMX] SJ YRJEMVP] EXXEGOMRK LIV STTSRIRXh HIWTMXIXLIJEGXXLEXLILEWWLS[RRSWYGLWGVYTPIWLMQWIPJ=IXWLIORS[WXLEX XLIMQTIRHMRKMRHMGXQIRXQE]FILIVPEWXGLERGIXS[MRXLIIPIGXMSRERHWLI MW GSRZMRGIH XLEX E ZMGXSV] JSV LIV STTSRIRX [MPP WTIPP HMWEWXIV JSV XLI GMX]tW WGLSSP W]WXIQ 8SVR FIX[IIR LIV GSQQMXQIRX XS JEMV TPE] LIV HIWMVI XS FI IPIGXIHERHLIVGSRGIVRJSVXLIKSSHSJXLIGSQQYRMX]WLIJEGIWXLIEKISPH IXLMGEPHMPIQQESJ[LIXLIVXLIIRHWNYWXMJ]XLIQIERW q7Sr]SYQE]FIEWOMRK]SYVWIPJq[LEXMWXLIERW[IVXS*IPMGME6SFMRWSRtW HMPIQQE#r&YXMRGSQTPI\GEWIWWYGLEWLIVWXLIVIEVIRSGYXERHHVMIHERW[IVW %W XLI PIEHMRK FSSO SR GSQQYRMGEXMSR IXLMGW WXEXIW q;I WLSYPH JSVQYPEXI QIERMRKJYPIXLMGEPKYMHIPMRIWRSXMRJPI\MFPIVYPIWr=SYVIXLMGEPHIGMWMSRW[MPP FIKYMHIHF]]SYVZEPYIW]SYVGSRWGMIRGI]SYVWIRWISJVMKLXERH[VSRK &YX XLMW HSIW RSX QIER WYGL HIGMWMSRW EVI WMQTP] E QEXXIV SJ TIVWSREP [LMQSVJERG]7SYRHIXLMGEPHIGMWMSRWMRZSPZI[IMKLMRKETSXIRXMEPGSYVWISJ EGXMSREKEMRWXEWIXSJIXLMGEPWXERHEVHWSVKYMHIPMRIW.YWXEWXLIVIEVIKYMHIPMRIW JSV IXLMGEP FILEZMSV MR SXLIV EVIEW SJ PMJI WS EVI XLIVI KYMHIPMRIW JSV IXLMGEP GSRHYGXMRTYFPMGWTIEOMRK8LIWIKYMHIPMRIW[MPPRSXEYXSQEXMGEPP]WSPZIIZIV] IXLMGEP UYERHEV] ]SY JEGI EW E WTIEOIV FYX ORS[MRK XLIQ [MPP TVSZMHI E VIPMEFPIGSQTEWWXSLIPT]SYJMRH]SYV[E]
IXLMGEPHIGMWMSRW 7SYRHIXLMGEPHIGMWMSRWMRZSPZI [IMKLMRKETSXIRXMEPGSYVWISJ EGXMSREKEMRWXEWIXSJIXLMGEP WXERHEVHWSVKYMHIPMRIW
+YMHIPMRIWJSV)XLMGEP7TIEOMRK
1%/)796)=396+3%07%6))8,-'%00=7392( 2SXPSRKEKS-WTSOI[MXLEJSVQIVWXYHIRXh[ItPPGEPPLIV1IPMWWEh[LSLEH XYVRIH HS[R E NSF MR XLI TYFPMG VIPEXMSRW HITEVXQIRX SJ XLI %QIVMGER 8SFEGGS-RWXMXYXI;L]#&IGEYWIXLINSF[SYPHLEZIVIUYMVIHLIVXSPSFF]SR
+YMHIPMRIWJSV)XLMGEP7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
FILEPJ SJ XLI GMKEVIXXI MRHYWXV] 1IPMWWE HMH RSX FIPMIZI WLI GSYPH IXLMGEPP] TVSQSXI E TVSHYGX XLEX WLIWE[ EWVIWTSRWMFPI JSVXLSYWERHWSJ HIEXLWERH MPPRIWWIWIEGL]IEV +MZIR1IPMWWEtWZMI[SJXLIHERKIVWSJGMKEVIXXIWQSOMRKXLIVIGERFIRS HSYFXXLEXWLIQEHIERIXLMGEPP]MRJSVQIHHIGMWMSR3RXLISXLIVWMHISJXLI GSMR WSQISRI [MXL E HMJJIVIRX ZMI[ SJ GMKEVIXXI WQSOMRK GSYPH QEOI ER IXLMGEPP]MRJSVQIHHIGMWMSRXSXEOIXLINSF8LITSMRXSJXLMWI\EQTPIMWRSX XS NYHKI XLI VMKLXRIWW SV [VSRKRIWW SJ 1IPMWWEtW HIGMWMSR SV SJ GMKEVIXXI WQSOMRK FYX XS MPPYWXVEXI LS[ IXLMGEP GSRWMHIVEXMSRW GER EJJIGX E WTIEOIVtW GLSMGISJKSEPW =SYV JMVWX VIWTSRWMFMPMX] EW E WTIEOIV MW XS EWO [LIXLIV ]SYV KSEPW EVI IXLMGEPP] WSYRH (YVMRK ;SVPH ;EV -- ,MXPIV WXMVVIH XLI +IVQER TISTPI XS GSRHSRI[EVMRZEWMSRERHKIRSGMHI1SVIVIGIRXP][ILEZIWIIRTSPMXMGMERW [LS FIXVE] XLI TYFPMG XVYWX JSV TIVWSREP KEMR FYWMRIWW PIEHIVW [LS HIJVEYH MRZIWXSVW SJ QMPPMSRW SJ HSPPEVW TVIEGLIVW [LS PIEH PEZMWL PMJIWX]PIW EX XLI I\TIRWI SJ XLIMV VIPMKMSYW HYXMIW 8LIVI GER FI RS HSYFX XLEX XLIWI EVI RSX [SVXL]KSEPW &YXXLMRO FEGOJSV E QSQIRX XS XLI I\EQTPIW SJ WTIIGLQEOMRK KMZIRMR 'LETXIV ;LEX HS XLI WTIEOIVW LSTI XS EGGSQTPMWL# 6ITSVX SR E FYWMRIWW TVSNIGX -QTVSZI XLI UYEPMX] SJ IHYGEXMSR 4E] XVMFYXI XS E JIPPS[ [SVOIV 4VSXIGXGSQQYRMXMIWEKEMRWXMRHYWXVMEPTSPPYXMSR7YTTSVX,EFMXEXJSV,YQERMX] *I[TISTPI[SYPHUYIWXMSRXLEXXLIWIKSEPWEVIIXLMGEPP]WSYRH %W [MXL SXLIV IXLMGEP MWWYIW XLIVI GER FI KVE] EVIEW [LIR MX GSQIW XS EWWIWWMRKEWTIEOIVtWKSEPWhEVIEWMR[LMGLVIEWSREFPITISTPI[MXL[IPPHIJMRIH WXERHEVHWSJVMKLXERH[VSRKGERPIKMXMQEXIP]HMWEKVII&YXXLMWMWRSXEVIEWSR XSEZSMHEWOMRKIXLMGEPUYIWXMSRW-J]SYEVIXSFIEVIWTSRWMFPITYFPMGWTIEOIV ]SYGERRSXIWGETIEWWIWWMRKXLIIXLMGEPWSYRHRIWWSJ]SYVKSEPW
&)*900=46)4%6)(*36)%',74))', q%WTIIGLrEW.IROMR0PS]H.SRIWWXEXIWqMWEWSPIQRVIWTSRWMFMPMX]r=SYLEZI ER SFPMKEXMSRhXS ]SYVWIPJ ERH XS ]SYV PMWXIRIVWhXS TVITEVI JYPP] IZIV] XMQI ]SYWXERHMRJVSRXSJEREYHMIRGI8LISFPMKEXMSRXS]SYVWIPJMWSFZMSYW 8LI FIXXIV]SYTVITEVIXLIFIXXIV]SYVWTIIGL[MPPFI&YXXLISFPMKEXMSRXS]SYV PMWXIRIVWMWRSPIWWMQTSVXERX8LMROSJMXXLMW[E] 8LITIVWSR[LSQEOIWEFEH QMRYXIWTIIGLXSEREYHMIRGISJTISTPI[EWXIWSRP]ELEPJLSYVSJLIV SV LMW S[R XMQI &YX XLEX WEQI WTIEOIV [EWXIW LSYVW SJ XLI EYHMIRGItW XMQIhQSVIXLERJSYVJYPPHE]W8LMW.SRIWI\GPEMQIHqWLSYPHFIELERKMRK SJJIRWIr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
',%48)6 )8,-'7%2(49&0-'74)%/-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%QSRKGYVVIRXTYFPMGWTIEO IVW2SFIP4IEGI4VM^I[MRRIV ERHLYQERVMKLXWEGXMZMWX)PMI ;MIWIPMWLMKLP]VIKEVHIHJSV LMWIXLMGEPP]WSYRHKSEPWERH TS[IVJYPTIVWYEWMZIETTIEP
:MGXSVME2YÕ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hERHWLIKEZIERI\GIPPIRXTVI WIRXEXMSR 3RP]EJI[HE]WPEXIV SRISJ:MGXSVMEtWGPEWWQEXIW 4EYP2MGLSPWLEHEGSRZIVWEXMSR [MXL LMW VSSQQEXI XLEX VEMWIH E [EVRMRK JPEK EFSYX [LIXLIV XLI VSSQQEXI QMKLX FI HITVIWWIH ERH MR HERKIV SJ WYMGMHI &EWIH SR XLI MRJSVQEXMSR MR :MGXSVMEtW WTIIGL 4EYP WTSOI XS LMW VSSQQEXI KSX LMQ XS XEPO EFSYX LMW [SVVMIW ERH GSRZMRGIH LMQ XS WIIO GSYRWIPMRK4EYPQMKLXLEZIWEZIHLMWVSSQQEXItWPMJIXLEROWXS:MGXSVMEtWWTIIGL
8LMWMWERIWTIGMEPP]HVEQEXMGGEWIFYXMXHIQSRWXVEXIWLS[]SYVWTIIGLIW GERLEZIEKIRYMRIMQTEGXSR]SYVPMWXIRIVW%WEWTIEOIV]SYLEZIERIXLMGEP VIWTSRWMFMPMX]XSGSRWMHIVXLEXMQTEGXERHXSQEOIWYVI]SYTVITEVIJYPP]WSEW RSX XS GSQQYRMGEXI IVVSRISYW MRJSVQEXMSR SV QMWPIEHMRK EHZMGI -J :MGXSVME LEH RSX HSRI WYGL E XLSVSYKL NSF VIWIEVGLMRK LIV WTIIGL WLI QMKLX LEZI KMZIR LIV GPEWWQEXIW JEYPX] MRJSVQEXMSRhMRJSVQEXMSR XLEX QMKLX LEZI LEH XVEKMGVIWYPXW 2S QEXXIV [LEX XLI XSTMG RS QEXXIV [LS XLI EYHMIRGI ]SY RIIH XS I\TPSVI ]SYV WTIIGL XSTMG EW XLSVSYKLP] EW TSWWMFPI -RZIWXMKEXI XLI [LSPI WXSV] PIEVREFSYXEPPWMHIWSJERMWWYI WIIOSYXGSQTIXMRKZMI[TSMRXW KIXXLI JEGXWVMKLX2SXSRP][MPP]SYKMZIEFIXXIVWTIIGL]SY[MPPEPWSJYPJMPPSRISJ ]SYVQENSVIXLMGEPSFPMKEXMSRW
+YMHIPMRIWJSV)XLMGEP7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
&),32)78-2;,%8=397%= 2SXLMRK MW QSVI MQTSVXERX XS IXLMGEP WTIIGLQEOMRK XLER LSRIWX] 4YFPMG WTIEOMRK VIWXW SR XLI YRWTSOIR EWWYQTXMSR XLEX q[SVHW GER FI XVYWXIH ERH TISTPI [MPP FI XVYXLJYPr ;MXLSYX XLMW EWWYQTXMSR XLIVI MW RS FEWMW JSV GSQQYRMGEXMSR RS VIEWSR JSV SRI TIVWSR XS FIPMIZI ER]XLMRK XLEX ERSXLIV TIVWSRWE]W (SIWXLMWQIERIZIV]WTIEOIVQYWXEP[E]WXIPPqXLIXVYXLXLI[LSPIXVYXL ERH RSXLMRK FYX XLI XVYXLr# ;I GER EPP XLMRO SJ WMXYEXMSRW MR [LMGL XLMW MW MQTSWWMFPI FIGEYWI[IHSRSXORS[XLI[LSPIXVYXL SVMREHZMWEFPI FIGEYWI MX[SYPHFIXEGXPIWWSVMQTVYHIRX 'SRWMHIVETEVIRX[LSXIPPWLMWX[S]IEVSPH HEYKLXIVXLEXLIVWGVIIGLMRKZMSPMRWSPSMWqFIEYXMJYPr3VEWTIEOIV[LSXIPPWE JEPWILSSH MR GMVGYQWXERGIW [LIR HMWGPSWMRK XLI XVYXL QMKLX XSYGL SJJ QSF ZMSPIRGI*I[TISTPI[SYPHJMRHXLIWIEGXMSRWYRIXLMGEP -R GSRXVEWX XLMRO FEGO XS XLI GEWI SJ 7Y^ERRI 7QEVX EX XLI WXEVX SJ XLMW GLETXIV7Y^ERRIORI[WLILEHYWIHMRWMHIVMRJSVQEXMSRXSTVSJMXJVSQXLIWEPI SJLIVGSQTER]tWWXSGO=IXWLIHIRMIHXLEXWLILEHHSRIWSERHWLITVSJMXIH EXXLII\TIRWISJSXLIVMRZIWXSVW8LIVIMWRS[E]XSI\GYWI7Y^ERRIt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tWHYX]XSFIEGGYVEXIERHJEMVMRTVIWIRXMRKMRJSVQEXMSR ;LMPISRXLIWYFNIGXSJLSRIWX]MRWTIIGLQEOMRK[IWLSYPHEPWSRSXIXLEX IXLMGEPP]VIWTSRWMFPIWTIEOIVWHSRSXTVIWIRXSXLIVTISTPItW[SVHWEWXLIMVS[R 8LI] HS RSX TPEKMEVM^I XLIMV WTIIGLIW 8LMW WYFNIGX MW WS MQTSVXERX XLEX [I HIZSXIEWITEVEXIWIGXMSRXSMXPEXIVMRXLMWGLETXIV
3*%&97-:)0%2+9%+) q7XMGOW ERH WXSRIW GER FVIEO Q] FSRIW FYX [SVHW GER RIZIV LYVX QIr 8LMW TSTYPEV GLMPHVIRtW GLERX GSYPH RSX FI QSVI [VSRK ;SVHW QE] RSX PMXIVEPP] FVIEOTISTPItWFSRIWFYXXLI]GERPIEZITW]GLSPSKMGEPWGEVWEWWYVIP]EWWXMGOW ERH WXSRIW GER PIEZI TL]WMGEP WGEVW %W SRI [VMXIV I\TPEMRW q3YV MHIRXMXMIW [LSERH[LEX[IEVILS[SXLIVWWIIYWEVIKVIEXP]EJJIGXIHF]XLIREQIW[I EVIGEPPIHERHXLI[SVHW[MXL[LMGL[IEVIPEFIPIHr8LMWMW[L] EPQSWXEPP GSQQYRMGEXMSRIXLMGMWXW[EVRTYFPMGWTIEOIVWXSEZSMHREQIGEPPMRKERHSXLIV JSVQWSJEFYWMZIPERKYEKI
2EQI'EPPMRKERH4IVWSREP(MKRMX] REQIGEPPMRK 8LIYWISJPERKYEKIXSHIJEQI HIQIERSVHIKVEHIMRHMZMHYEPW SVKVSYTW
2EQIGEPPMRKMWXLIYWISJPERKYEKIXSHIJEQIHIQIERSVHIKVEHIMRHMZMHYEPW SVKVSYTW;LIRETTPMIHXSZEVMSYWKVSYTWMR%QIVMGEMXMRGPYHIWWYGLITMXLIXW EWqJEKrqOMOIrqRMKKIVrqLSROI]rq[STrqNETrqGLMROrERHqWTMGr7YGL XIVQW LEZI FIIR YWIH XS HIFEWI TISTPI FIGEYWI SJ XLIMV WI\YEP SVMIRXEXMSR VIPMKMSYW FIPMIJW SV IXLRMG FEGOKVSYRH 8LIWI [SVHW HILYQERM^I XLI KVSYTW XLI]EVIHMVIGXIHEKEMRWXERHMQTP]XLEXXLI]HSRSXHIWIVZIXSFIXVIEXIH[MXL HMKRMX]ERHVIWTIGX
',%48)6 )8,-'7%2(49&0-'74)%/-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8SLIPTJSWXIVVIWTSRWMFPIGSQQYRMGEXMSRXLI2EXMSREP'SQQYRMGEXMSR%WWSGME XMSRLEWHIZIPSTIHE'VIHSJSV)XLMGEP'SQQYRMGEXMSR=SYGEREGGIWWMXEX[[[ REXGSQSVKRGE8IQTPEXIEWT#FMH! =SYGERPIEVREKVIEXHIEPEFSYXJVIIWTIIGLMWWYIWSRXLI-RXIVRIX3RIWSYVGIMW XLI %QIVMGER 'MZMP 0MFIVXMIW 9RMSR *VII 7TIIGL ;IF WMXI EX [[[EGPYSVK JVIIWTIIGL %RSXLIV MW XLI *VIIHSQ *SVYQtW *MVWX %QIRHQIRX WMXI EX [[[ JMVWXEQIRHQIRXGIRXIVSVK
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
-R'LETXIV[I[MPPPSSOEX[E]W]SYGEREZSMHFMEWIHPERKYEKIMR]SYV WTIIGLIW *SV RS[ XLI TSMRX XS VIQIQFIV MW XLEX GSRXVEV] XS [LEX WSQI TISTPIGPEMQEZSMHMRKVEGMWXWI\MWXERHSXLIVOMRHWSJEFYWMZIPERKYEKIMWRSX WMQTP] E QEXXIV SJ TSPMXMGEP GSVVIGXRIWW 7YGL PERKYEKI MW IXLMGEPP] WYWTIGX FIGEYWIMXHIZEPYIWERHWXIVISX]TIWXLITISTPIMRUYIWXMSR 7YGLPERKYEKIMWEPWSEHIWXVYGXMZIWSGMEPJSVGI;LIRYWIHVITIEXIHP]ERH W]WXIQEXMGEPP]SZIVXMQIMXLIPTWVIMRJSVGIEXXMXYHIWXLEXIRGSYVEKITVINYHMGI LEXIGVMQIWERHGMZMPVMKLXWZMSPEXMSRW8LIMWWYIMWRSXSRISJTSPMXMGWFYXSJ VIWTIGXMRKXLIHMKRMX]SJXLIHMZIVWIKVSYTWMRGSRXIQTSVEV]WSGMIX]
2EQI'EPPMRKERH*VII7TIIGL 2EQIGEPPMRKERHEFYWMZIPERKYEKIEPWSTSWIIXLMGEPTVSFPIQWMRTYFPMGWTIEO MRK [LIR XLI] EVI YWIH XS WMPIRGI STTSWMRK ZSMGIW % HIQSGVEXMG WSGMIX] HITIRHWYTSRXLIJVIIERHSTIRI\TVIWWMSRSJMHIEW-RXLI9RMXIH7XEXIWEPP GMXM^IRWLEZIXLIVMKLXXSNSMRMRXLIRIZIVIRHMRKHMEPSKYISJHIQSGVEG]%WE TYFPMG WTIEOIV ]SY LEZI ER IXLMGEP SFPMKEXMSR XS LIPT TVIWIVZI XLEX VMKLX F] EZSMHMRKXEGXMGWWYGLEWREQIGEPPMRKXLEXMRLIVIRXP]MQTYKRXLIEGGYVEG]SV VIWTIGXEFMPMX] SJ TYFPMG WXEXIQIRXW QEHI F] KVSYTW SV MRHMZMHYEPW [LS ZSMGI STMRMSRWHMJJIVIRXJVSQ]SYVW 8LMWSFPMKEXMSR MWXLIWEQIVIKEVHPIWWSJ[LIXLIV]SYEVIFPEGOSV[LMXI 'LVMWXMERSV1YWPMQQEPISVJIQEPIKE]SVWXVEMKLXPMFIVEPSVGSRWIVZEXMZI% TVSIRZMVSRQIRXEPMWX SJJMGI WIIOIV [LS GEWXMKEXIH IZIV]SRI STTSWIH XS LIV MHIEWEWERqIRIQ]SJ[MPHPMJIr[SYPHFISREWXLMRMGIIXLMGEPP]EWETSPMXMGMER [LSPEFIPIHEPPLMWEHZIVWEVMIWqXE\ERHWTIRHPMFIVEPWr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hSR SV SJJ GEQTYWhXS EZSMH REQIGEPPMRK ERHSXLIVOMRHWSJEFYWMZIPERKYEKI0IKEPMX]ERHIXLMGWXLSYKLVIPEXIHEVI RSXMHIRXMGEP8LIVI MW RSXLMRK MPPIKEP EFSYX JEPWMJ]MRK WXEXMWXMGW MR EWTIIGL FYXXLIVIMWRSHSYFXXLEXMXMWYRIXLMGEP8LIWEQIMWXVYISJREQIGEPPMRK-X
+YMHIPMRIWJSV)XLMGEP7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
QE] RSX FI MPPIKEP XS GEWX VEGMEP WI\YEP SV VIPM KMSYW WPYVW EX TISTPI MR E WTIIGL FYX MX MW WXMPP YRIXLMGEP2SXSRP]HSIWMXHIQIERXLIHMKRMX]SJ XLI KVSYTW SV MRHMZMHYEPW FIMRK EXXEGOIH FYX MX YRHIVQMRIWXLIVMKLXSJEPPKVSYTWMRXLI97XS FIJEMVP]LIEVH
498)8,-'%046-2'-40)7 -28346%'8-') -X MW IEW] XS TE] PMT WIVZMGI XS XLI MQTSVXERGI SJ IXLMGW-XMWQYGLLEVHIVXSEGXIXLMGEPP]=IXXLEXMW NYWX[LEXXLIVIWTSRWMFPITYFPMGWTIEOIVQYWXHS %WSRITSTYPEVFSSOSRIXLMGWWXEXIWq&IMRKIXLM GEPQIERWFILEZMRKIXLMGEPP]EPPXLIXMQIhRSXSRP] [LIRMXtWGSRZIRMIRXr %W ]SY [SVO SR ]SYV WTIIGLIW ]SY [MPP EWO ]SYVWIPJ WYGL UYIWXMSRW EW q-W Q] GLSMGI SJ XSTMG WYMXEFPI JSV XLI EYHMIRGI#r q%VI Q] WYTTSVXMRK QEXIVMEPW GPIEV ERH GSRZMRGMRK#r q,S[ GER - TLVEWIQ]MHIEWXSKMZIXLIQQSVITYRGL#r8LIWI EVI W XVEXIKMG UYIWXMSRW %W ]SY ERW[IV XLIQ ]SY [MPP XV] XS QEOI ]SYV WTIIGL EW MRJSVQEXMZI EW TIVWYEWMZISVEWIRXIVXEMRMRKEWTSWWMFPI &YX ]SY [MPP EPWS JEGI QSQIRXW SJ IXLMGEP 5YIWXMSRWSJIXLMGWEVMWI[LIRIZIVEWTIEOIVJEGIWEREYHM IRGI3JEPPXLIIXLMGEPSFPMKEXMSRWJEGMRKWTIEOIVWRSRIMW HIGMWMSRhWMQMPEV TIVLETW XS XLSWI JEGIH F] QSVIMQTSVXERXXLERLSRIWX]MRSVHIVXSQEMRXEMRXLIFSRH 7Y^ERRI 7QEVX *IPMGME 6SFMRWSR ERH XLI SXLIV SJXVYWX[MXLPMWXIRIVW WTIEOIVW MR XLMW GLETXIV ;LIR XLSWI QSQIRXW EVVMZI HSRtX WMQTP] FVYWL XLIQ EWMHI ERH KS SR ]SYV[E]/IITMRQMRHXLIKYMHIPMRIWJSVIXLMGEPWTIIGLQEOMRK[ILEZIHMW GYWWIHERHHS]SYVFIWXXSJSPPS[XLIQXLVSYKLXLMGOERHXLMR1EOIWYVI]SY GERERW[IV]IWXSEPPXLIUYIWXMSRWSRXLI'LIGOPMWXJSV)XLMGEP4YFPMG7TIEOMRK *MKYVIT
4PEKMEVMWQ TPEKMEVMWQ 4VIWIRXMRKERSXLIVTIVWSRtW PERKYEKISVMHIEWEWSRItWS[R
q4PEKMEVMWQrGSQIWJVSQTPEKMEVMYWXLI0EXMR[SVHJSVOMHRETTIV8STPEKMEVM^I QIERWXSTVIWIRXERSXLIVTIVWSRtWPERKYEKISVMHIEWEW]SYVS[RhXSKMZIXLI MQTVIWWMSR ]SY LEZI [VMXXIR SV XLSYKLX WSQIXLMRK ]SYVWIPJ [LIR ]SY LEZI EGXYEPP]XEOIRMXJVSQWSQISRIIPWI ;ISJXIRXLMROSJTPEKMEVMWQEWERIXLMGEP MWWYIMRXLIGPEWWVSSQFYXMXGERLEZIVITIVGYWWMSRWMRSXLIVWMXYEXMSRW .SERRI'EPEFVS[EWMRLIVWIGSRH]IEVEWWGLSSPWYTIVMRXIRHIRXMRXLIRSVXLIVR2I[ .IVWI] XS[R SJ *SVX 0II -R 1E] WLI WTSOI EX E GIVIQSR] JSV WXYHIRXW FIMRK MR HYGXIHMRXSXLI2EXMSREP,SRSV7SGMIX]-X[EWEFVMIJWTIIGLhSRP]WM\QMRYXIWhFYXXLI VITIVGYWWMSRW[SYPHPEWXQYGLQYGLPSRKIV 3RISJXLIWXYHIRXWEXXLIGIVIQSR]VIGSKRM^IHWSQISJ'EPEFVStWTEWWEKIWERHHIGMHIH XSGLIGOXLIQSRPMRI,IHMWGSZIVIHXLEXWLILEHPMJXIHXLIIRXMVIWTIIGLJVSQEWEQTPIMRHYG XMSREHHVIWWTSWXIHSR%FSYXGSQ*YVXLIVIZMHIRGIGEQIJVSQEZMHISXETISJ'EPEFVSHIPMZIV MRKXLIWTIIGL
',%48)6 )8,-'7%2(49&0-'74)%/-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)XLMGEP4YFPMG7TIEOMRK ' L I G O P M W X =)7
23
,EZI-I\EQMRIHQ]KSEPWXSQEOIWYVIXLI]EVIIXLMGEPP] WSYRH# E 'ER-HIJIRHQ]KSEPWSRIXLMGEPKVSYRHWMJXLI]EVI UYIWXMSRIHSVGLEPPIRKIH# F ;SYPH-[ERXSXLIVTISTPIXSORS[Q]XVYIQSXMZIW MRTVIWIRXMRKXLMWWTIIGL# ,EZI - JYPJMPPIHQ]IXLMGEPSFPMKEXMSRXSTVITEVIJYPP]JSV XLIWTIIGL# E ,EZI - HSRI E XLSVSYKL NSF SJ WXYH]MRK ERH VIWIEVGLMRKXLIXSTMG# F ,EZI-TVITEVIHHMPMKIRXP]WSEWRSXXSGSQQYRMGEXI IVVSRISYW SV QMWPIEHMRK MRJSVQEXMSR XS Q] PMWXIRIVW#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7TIIGL8SSPWJSV XLMWGLETXIV
-WXLIWTIIGLJVIISJTPEKMEVMWQ# E 'ER-ZSYGLXLEXXLIWTIIGLVITVIWIRXWQ]S[R[SVO Q]S[RXLMROMRKQ]S[RPERKYEKI# F (S - GMXI XLI WSYVGIW SJ EPP UYSXEXMSRW ERH TEVETLVEWIW# %Q-LSRIWXMR[LEX-WE]MRXLIWTIIGL# E -WXLIWTIIGLJVIISJER]JEPWISVHIPMFIVEXIP]HIGITXMZI WXEXIQIRXW# F (SIW XLI WTIIGL TVIWIRX WXEXMWXMGW XIWXMQSR] ERH SXLIVOMRHWSJIZMHIRGIJEMVP]ERHEGGYVEXIP]# G (SIWXLIWTIIGLGSRXEMRZEPMHVIEWSRMRK# H -J XLI WTIIGL MRGPYHIW ZMWYEP EMHW HS XLI] TVIWIRX JEGXWLSRIWXP]ERHVIPMEFP]# (S-YWIXLITS[IVSJPERKYEKIIXLMGEPP]# E (S - EZSMH REQIGEPPMRK ERH SXLIV JSVQW SJ EFYWMZI PERKYEKI# F (SIWQ]PERKYEKIWLS[VIWTIGXJSVXLIVMKLXSJJVII WTIIGLERHI\TVIWWMSR# %PP MR EPP LEZI - QEHI E GSRWGMSYW IJJSVX XS TYX IXLMGEP TVMRGMTPIWMRXSTVEGXMGIMRTVITEVMRKQ]WTIIGL# d*-+96)
;LIR GSRJVSRXIH [MXL XLI JEGXW 'EPEFVS EHQMXXIH XS ER IVVSV MR NYHKQIRX FYX MRWMWXIHWLILEHHSRIRSXLMRKMPPIKEP-RJEGXXLIWTIIGLSR%FSYXGSQ[EWTVSXIGXIHF] GST]VMKLXPE[ERH'EPEFVSQMKLXLEZIFIIRPMEFPIXSPIKEPEGXMSRLEHXLI;IFJMVQFIIR WS MRGPMRIH ;LEX WLI GSYPH RSX IWGETI [IVI XLI IXLMGEP GSRWIUYIRGIW *EGMRK WIZIVI GVMXMGMWQ[MXLMRXLIWGLSSPHMWXVMGXERHJVSQXLITVIWWWLILEHPMXXPIGLSMGIFYXXS VIWMKR LIVTSWXEWWYTIVMRXIRHIRX
%W XLMW WXSV] WLS[W TPEKMEVMWQ MW E WIVMSYW QEXXIV -J ]SY EVI GEYKLX TPEKMEVM^MRKEWTIIGLMRGPEWWXLITYRMWLQIRXGERVERKIJVSQEJEMPMRKKVEHI
4PEKMEVMWQ
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
XSI\TYPWMSRJVSQWGLSSP-J]SYEVIGEYKLXTPEKMEVM^MRKSYXWMHIXLIGPEWWVSSQ ]SYWXERHXSJSVJIMX]SYVKSSHREQIXSHEQEKI]SYVGEVIIVSVMJ]SYEVIWYIH XSPSWIEPEVKIEQSYRXSJQSRI]-XMW[SVXL]SYV[LMPIXLIRXSQEOIWYVI]SY ORS[[LEXTPEKMEVMWQMWERHLS[XSEZSMHMX
+03&%040%+-%6-71 KPSFEPTPEKMEVMWQ 7XIEPMRKEWTIIGLIRXMVIP]JVSQ EWMRKPIWSYVGIERHTEWWMRKMX SJJEWSRItWS[R
+PSFEP TPEKMEVMWQ MW WXIEPMRK ]SYV WTIIGL IRXMVIP] JVSQ ERSXLIV WSYVGI ERH TEWWMRK MX SJJ EW ]SYV S[R 8LI QSWX FPEXERXhERH YRJSVKMZEFPIh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hEWTIIGLSJ]SYV S[R -J JSV WSQI VIEWSR ]SY JEMP XS KIX ]SYV WTIIGL VIEH] SR XMQI HS RSX WYGGYQFXSXLIPYVISJTPEKMEVMWQ;LEXIZIVTIREPX]]SYWYJJIVJVSQFIMRKPEXI [MPPTEPIMRGSQTEVMWSR[MXLXLIGSRWIUYIRGIWMJ]SYEVIGEYKLXTPEKMEVM^MRK
4%8',;36/40%+-%6-71 TEXGL[SVOTPEKMEVMWQ 7XIEPMRKMHIEWSVPERKYEKIJVSQ X[SSVXLVIIWSYVGIWERH TEWWMRKXLIQSJJEWSRItWS[R
9RPMOI KPSFEP TPEKMEVMWQ MR [LMGL E WTIEOIV TMVEXIW ER IRXMVI WTIIGL JVSQ E WMRKPIWSYVGITEXGL[SVOTPEKMEVMWQSGGYVW[LIREWTIEOIVTMPJIVWJVSQX[SSV XLVIIWSYVGIW,IVItWERI\EQTPI (ERMIP*MRIGLSWIq6IGIRX(MWGSZIVMIW%FSYX(MRSWEYVWrEWXLIXSTMGJSVLMWMRJSVQEXMZI WTIIGL -R LMW VIWIEVGL (ERMIP JSYRH XLVII IWTIGMEPP] LIPTJYP WSYVGIW 8LI JMVWX [EW E TVMRXIHKYMHIXSEVIGIRXQYWIYQI\LMFMXMSREFSYXRI[HMRSWEYVHMWGSZIVMIWMR2SVXLERH 7SYXL%QIVMGE8LIWIGSRH[EW;MOMTIHMEERHXLIXLMVH[EW1SRXERE7XEXI9RMZIVWMX]tW ;IFWMXIEFSYXMXWHMRSWEYVVIWIEVGLTVSKVEQ 9RJSVXYREXIP]MRWXIEHSJ YWMRKXLIWI QEXIVMEPWGVIEXMZIP]XS[VMXI EWTIIGL MR LMWS[R [SVHW(ERMIPPMJXIHPSRKTEWWEKIWJVSQXLIQYWIYQKYMHI;MOMTIHMEERHXLIYRMZIVWMX];IF WMXIERHTEXGLIHXLIQXSKIXLIV[MXLEJI[XVERWMXMSRW;LIRLI[EWJMRMWLIHLILEHEWTIIGL XLEXWSYRHIH[SRHIVJYPhFYXMX[EWGSQTSWIHEPQSWXIRXMVIP]SJSXLIVTISTPItW[SVHW %WMXXYVRIHSYX(ERMIPtWXIEGLIVLEHFIIRXSXLIWEQII\LMFMXERHXLSYKLXTEVXWSJ XLIWTIIGLWSYRHIHJEQMPMEV%JXIVGLIGOMRKLIVGST]SJXLIQYWIYQKYMHILIVWYWTMGMSRW [IVI GSRJMVQIH *IEVJYPXLEX (ERMIP QMKLX LEZIJMPGLIH JVSQ QSVIXLER SRI WSYVGIWLI PSSOIHJSV;IFWMXIW[MXLMRJSVQEXMSREFSYXHMRSWEYVW7LIUYMGOP]JSYRHFSXLSJXLIWMXIW (ERMIPLEHYWIH,I[EWGEYKLXVIHLERHIH
8LMWWXSV]MPPYWXVEXIWERMQTSVXERXTSMRXEFSYXTPEKMEVMWQ(ERMIPHMHRSX XEOILMWWTIIGLJVSQEWMRKPIWSYVGI,IIZIRHMHEPMXXPIVIWIEVGL&YXGST]MRK JVSQEJI[WSYVGIWMWRSPIWWTPEKMEVMWQXLERMWGST]MRKJVSQEWMRKPIWSYVGI ;LIR]SYKMZIEWTIIGL]SYHIGPEVIXLEXMXMW]SYV[SVOhXLEXMXMWXLITVSHYGX SJ]SYVXLMROMRK]SYVFIPMIJW]SYVPERKYEKI(ERMIPtWWTIIGLHMHRSXGSRXEMR ER]SJXLIWI-RWXIEHMX[EWGYXERHTEWXIH[LSPP]JVSQSXLIVTISTPItWMHIEW SXLIVTISTPItW[SVHW q&YXr ]SY QE] FI XLMROMRK qRSX QER] WXYHIRXW EVI I\TIVXW SR XLIMV WTIIGLXSTMGW;L]WLSYPHXLI]FII\TIGXIHXSGSQIYT[MXLRI[MHIEWXLEX
',%48)6 )8,-'7%2(49&0-'74)%/-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIEOIVW[LSFIKMR[SVOSR XLIMVWTIIGLIWIEVP]ERHGSR WYPXE[MHIVERKISJWSYVGIW EVIPIWWPMOIP]XSJEPPMRXSXLI XVETSJTPEKMEVMWQXLEREVI WTIEOIVW[LSTVSGVEWXMREXI ERHVIP]SREPMQMXIHRYQFIV SJWSYVGIW
IZIRXLII\TIVXWLEZIRtXXLSYKLXSJ#r8LIERW[IVMWXLI]EVIRt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
-2'6)1)28%040%+-%6-71 -R KPSFEP TPEKMEVMWQ ERH TEXGL[SVO TPEKMEVMWQ XLI IRXMVI WTIIGL MW GVMFFIH QSVISVPIWWZIVFEXMQJVSQEWMRKPIWSYVGISVEJI[WSYVGIW&YXTPEKMEVMWQGER I\MWXIZIR[LIRXLIWTIIGLEWE[LSPIMWRSXTMVEXIH8LMWMWGEPPIHMRGVIQIRXEP TPEKMEVMWQ-XSGGYVW[LIRXLIWTIEOIVJEMPWXSKMZIGVIHMXJSVTEVXMGYPEVTEVXWh MRGVIQIRXWhSJ XLI WTIIGL XLEX EVI FSVVS[IH JVSQ SXLIV TISTPI 8LI QSWX MQTSVXERXSJXLIWIMRGVIQIRXWEVIUYSXEXMSRWERHTEVETLVEWIW
MRGVIQIRXEPTPEKMEVMWQ *EMPMRKXSKMZIGVIHMXJSV TEVXMGYPEVTEVXWSJEWTIIGLXLEX 5YSXEXMSRW EVIFSVVS[IHJVSQSXLIV ;LIRIZIV]SYUYSXIWSQISRIHMVIGXP]]SYQYWXEXXVMFYXIXLI[SVHWXSXLEX TISTPI TIVWSR7YTTSWI ]SY EVI KMZMRK EWTIIGL SR1EPGSPQ < XLI JEQSYW%JVMGER %QIVMGERPIEHIVSJXLI W;LMPIHSMRK]SYVVIWIEVGL]SYVYREGVSWWXLI JSPPS[MRKTEWWEKIJVSQ&VYGI4IVV]tWEGGPEMQIHFMSKVETL]1EPGSPQ 8LI0MJISJ XLI1ER;LS'LERKIH&PEGO%QIVMGE 1EPGSPQ<JEXLIVIHRSPIKMWPEXMSR,IIRKMRIIVIHRSWXYRRMRK7YTVIQI'SYVXZMGXS VMIWSVTSPMXMGEPGEQTEMKRW,IWGSVIHRSQENSVIPIGXSVEPXVMYQTLW=IXFIGEYWISJXLI[E]
4PEKMEVMWQ
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
LIEVXMGYPEXIHLMWJSPPS[IVWtKVMIZERGIWERHERKIVXLIMQTEGXLILEHYTSRXLIFSH]TSPMXMG [EWIRSVQSYW
8LMW MW E JMRI UYSXEXMSR XLEX WYQQEVM^IW XLI REXYVI ERH MQTSVXERGI SJ 1EPGSPQtW MQTEGX SR %QIVMGER TSPMXMGW -X [SYPH QEOI E WXVSRK EHHMXMSR XS ]SYVWTIIGLhEWPSRKEW]SYEGORS[PIHKI4IVV]EWXLIEYXLSV8LI[E]XSEZSMH TPEKMEVMWQ MR XLMW MRWXERGI MW XS MRXVSHYGI 4IVV]tW WXEXIQIRX F] WE]MRK WSQI XLMRKPMOI -R1EPGSPQ 8LI0MJISJXLI1ER;LS'LERKIH&PEGO%QIVMGELMWXSVMER&VYGI4IVV] WE]WXLIJSPPS[MRKEFSYX1EPGSPQtWMQTEGXSR%QIVMGERTSPMXMGW
3V %GGSVHMRK XS LMWXSVMER &VYGI 4IVV] MR LMW FSSO 1EPGSPQ 8LI 0MJI SJ XLI 1ER ;LS 'LERKIH&PEGO%QIVMGE
2S[]SYLEZIGPIEVP]MHIRXMJMIH4IVV]ERHKMZIRLMQGVIHMXJSVLMW[SVHW VEXLIVXLERTVIWIRXMRKXLIQEW]SYVS[R
4EVETLVEWIW TEVETLVEWI 8SVIWXEXISVWYQQEVM^IER EYXLSVtWMHIEWMRSRItWS[R [SVHW
;LIR]SYTEVETLVEWIEREYXLSV]SYVIWXEXISVWYQQEVM^ILIVSVLMWMHIEWMR ]SYVS[R[SVHW7YTTSWISRGIEKEMRXLEX]SYVXSTMGMW1EPGSPQ<&YXXLMW XMQI ]SY HIGMHI XS TEVETLVEWI XLI WXEXIQIRX JVSQ &VYGI 4IVV]tW FMSKVETL] VEXLIVXLERUYSXMRKMX=SYQMKLXWE] 1EPGSPQ<[EWRSXETSPMXMGMER,IHMHRSXTEWWER]PE[WSV[MRER]7YTVIQI'SYVX ZMGXSVMIW SV KIX IPIGXIH XS ER] SJJMGI &YX LI WXEXIH XLI KVMIZERGIW ERH ERKIV SJ LMW JSPPS[IVWWSTS[IVJYPP]XLEXXLI[LSPIREXMSRXSSORSXMGI
)ZIRXLSYKL]SYHSRSXUYSXI4IVV]HMVIGXP]]SYWXMPPETTVSTVMEXIXLIWXVYGXYVI SJLMWMHIEWERHEJEMVEQSYRXSJLMWPERKYEKI8LYW]SYWXMPPRIIHXSKMZILMQ GVIHMXhNYWXEWMJ]SY[IVIVITIEXMRKLMW[SVHWZIVFEXMQ -XMWIWTIGMEPP]MQTSVXERXMRXLMWGEWIXSEGORS[PIHKI4IVV]FIGEYWI]SYEVI FSVVS[MRK LMW STMRMSRhLMW NYHKQIRXhEFSYX 1EPGSPQ < -J ]SY WMQTP] VIGSYRX FEWMG JEGXW EFSYX 1EPGSPQtW PMJIhLI [EW FSVR MR 3QELE 2IFVEWOE GSRZIVXIHXSXLI2EXMSRSJ-WPEQ[LMPIMRTVMWSRXVEZIPIHXS1IGGEXS[EVHXLI IRHSJLMWPMJI[EWEWWEWWMREXIHMR*IFVYEV] h]SYHSRSXLEZIXSVITSVX XLIWSYVGISJ]SYVMRJSVQEXMSR8LIWIJEGXWEVI[IPPORS[RERHGERFIJSYRH MRER]WXERHEVHVIJIVIRGI[SVO 3RXLISXLIVLERHXLIVIMWWXMPPGSRWMHIVEFPIHIFEXIEFSYX1EPGSPQtWZMI[W SJ SXLIV %JVMGER%QIVMGER PIEHIVW XLI GMVGYQWXERGIW WYVVSYRHMRK LMW HIEXL ERH[LEXLIQMKLXLEZIHSRILEHLIPMZIH-J]SY[IVIXSGMXI4IVV]tWZMI[WSR ER]SJXLIWIQEXXIVWhVIKEVHPIWWSJ[LIXLIV]SYUYSXIHSVTEVETLVEWIHh]SY [SYPHRIIHXSEGORS[PIHKILMQEW]SYVWSYVGI %WQSVIXLERSRIWTIEOIV ERH[VMXIV LEWHMWGSZIVIHMXMWTSWWMFPIXSGSQQMX MRGVIQIRXEPTPEKMEVMWQUYMXIF]EGGMHIRX8LMWMWPIWWSJJIRWMZIXLERHIPMFIVEXI TPEKMEVMWQFYXMXMWTPEKMEVMWQRSRIXLIPIWW8LIVIEVIX[S[E]WXSKYEVHEKEMRWX MRGVIQIRXEPTPEKMEVMWQ8LIJMVWXMWXSFIGEVIJYP[LIRXEOMRKVIWIEVGLRSXIWXS HMWXMRKYMWL EQSRK HMVIGX UYSXEXMSRW TEVETLVEWIH QEXIVMEP ERH ]SYV S[R GSQQIRXW 7II 'LETXIV JSV E JYPP HMWGYWWMSR SJ VIWIEVGL QIXLSHW 8LI
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WIGSRH[E]XSEZSMHMRGVIQIRXEPTPEKMEVMWQMWXSIVVSRXLIWMHISJGEYXMSR-R SXLIV[SVHW[LIRMRHSYFXGMXI]SYVWSYVGI
40%+-%6-71%2(8,)-28)62)8 ;LIR MX GSQIW XS TPEKMEVMWQ RS WYFNIGX TSWIW QSVI GSRJYWMSRhSV QSVI XIQTXEXMSRhXLERXLI-RXIVRIX&IGEYWIMXtWWSIEW]XSGST]MRJSVQEXMSRJVSQ XLI;IFQER]TISTPIEVIRSXE[EVISJXLIRIIHXSGMXIWSYVGIW[LIRXLI]YWI -RXIVRIXQEXIVMEPWMRXLIMVWTIIGLIW-J]SYHSRt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tWRSXIRSYKLXSWE]q%W-JSYRHSRXLI;IFrSVq%GGSVHMRKXSXLI -RXIVRIXr=SYRIIHXSWTIGMJ]XLIEYXLSVERHXLI;IFWMXI-R'LETXIV[ItPP PSSOQSVIGPSWIP]EXLS[XSGMXI-RXIVRIXHSGYQIRXW*SVRS[OIITMRQMRH XLEX TVSZMHMRK WYGL GMXEXMSRW MW ERSXLIV SJ ]SYV IXLMGEP VIWTSRWMFMPMXMIW EW E TYFPMGWTIEOIV %RSXLIVTVSFPIQ[MXLVIKEVHXSXLI-RXIVRIXMWXLIPEVKIRYQFIVSJ;IF WMXIWXLEXWIPPIRXMVIWTIIGLIWSVTETIVW-REHHMXMSRXSFIMRKLMKLP]YRIXLMGEP YWMRKQEXIVMEPJVSQSRISJXLIWIWMXIWMWI\XVIQIP]VMWO]8LIWEQIXIGLRSPSK] XLEX QEOIW MX IEW] XS TPEKMEVM^I JVSQ XLI ;IF QEOIW MX IEW] JSV XIEGLIVW XS PSGEXI QEXIVMEP XLEX LEW FIIR TPEKMEVM^IH ERH XLI I\EGX WSYVGIJVSQ [LMGL MX LEWFIIRXEOIR =SYWLSYPHEPWSORS[XLEXEPQSWXEPPXLIWTIIGLIW ERHTETIVW SJJIVIHJSV WEPISRXLI;IFEVISJZIV]PS[UYEPMX]-J]SYEVIIZIVXIQTXIHXSTYVGLEWISRI OIITMRQMRHXLIVIMWEKSSHGLERGI]SY[MPP[EWXI]SYVQSRI]ERHKIXGEYKLX MRXLITVSGIWW,IVIEWMRSXLIVEWTIGXWSJPMJILSRIWX]MWXLIFIWXTSPMG]
+YMHIPMRIWJSV)XLMGEP0MWXIRMRK
7SJEVMRXLMWGLETXIV[ILEZIJSGYWIHSRXLIIXLMGEPHYXMIWSJTYFPMGWTIEOIVW &YX WTIIGLQEOMRK MW RSX E SRI[E] WXVIIX 0MWXIRIVW EPWS LEZI IXLMGEP SFPMKE XMSRW8LI]EVI XSPMWXIRGSYVXISYWP]ERHEXXIRXMZIP] XSEZSMHTVINYHKMRK XLIWTIEOIV ERH XSQEMRXEMRXLIJVIIERHSTIRI\TVIWWMSRSJMHIEW0IXYW PSSOEXIEGL
&)'3968)397%2(%88)28-:) -QEKMRIXLEX]SYEVIKMZMRK]SYVJMVWXGPEWWVSSQWTIIGL=SYLEZITYXEKVIEXHIEPSJXMQI MRXS[VMXMRKXLIWTIIGLERH]SYLEZITVEGXMGIH]SYVHIPMZIV]YRXMP]SYEVIGSRJMHIRX]SY GERHS[IPPhIWTIGMEPP]SRGI]SYKIXSZIVXLIMRMXMEPVYWLSJWXEKIJVMKLX =SYLEZI[SVOIHLEVHSR]SYVMRXVSHYGXMSRERH]SYVWTIIGLKIXWSJJXSEJMRIWXEVX1SWX SJ ]SYV GPEWWQEXIW EVI TE]MRK GPSWI EXXIRXMSR FYX WSQI EVI RSX 3RI ETTIEVW XS FI HSMRK LSQI[SVOJSVERSXLIVGPEWW%RSXLIVOIITWWRIEOMRKKPERGIWEXXLIWGLSSPRI[WTETIV8[SSV XLVIIEVIKE^MRKSYXXLI[MRHS[ERHSRIMWPIERMRKFEGOMRLMWGLEMV[MXLLMWI]IWWLYX
+YMHIPMRIWJSV)XLMGEP0MWXIRMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
=SYXV]XSFPSGOXLIQSYXSJ]SYVQMRHhIWTIGMEPP]WMRGIXLIVIWXSJXLIGPEWWWIIQW MRXIVIWXIH MR [LEX ]SY EVI WE]MRKhFYX XLI PSRKIV ]SY WTIEO XLI QSVI GSRGIVRIH ]SY FIGSQIq;LEXEQ-HSMRK[VSRK#r]SY[SRHIVXS]SYVWIPJq,S[GER-KIXXLIWITISTPI XSTE]EXXIRXMSR#r8LIQSVI]SYXLMROEFSYXXLMWXLIQSVI]SYVGSRJMHIRGIERHGSRGIR XVEXMSR[EZIV ;LIR ]SY QSQIRXEVMP] PSWI ]SYV TPEGI LEPJ[E] XLVSYKL XLI WTIIGL ]SY WXEVX XS TERMG=SYVRIVZIW[LMGL]SYLEZILIPHMRGLIGOWSJEVXEOIXLIYTTIVLERH=SYVQENSV XLSYKLX RS[ FIGSQIW q,S[ GER - KIX XLMW SZIV EW JEWX EWTSWWMFPI#r *PYWXIVIH ERH HMW XVEGXIH]SYVYWLXLVSYKLXLIVIWXSJ]SYVWTIIGLERHWMXHS[R
.YWXEWTYFPMGWTIEOIVWLEZIERIXLMGEPSFPMKEXMSRXSTVITEVIJYPP]JSVIEGL WTIIGLWSPMWXIRIVWLEZIEVIWTSRWMFMPMX]XSFIGSYVXISYWERHEXXIRXMZIHYVMRK XLI WTIIGL 8LMW VIWTSRWMFMPMX]h[LMGL MW E QEXXIV SJ GMZMPMX] MR ER] GMVGYQ WXERGIhMWIWTIGMEPP]MQTSVXERXMRWTIIGLGPEWW=SYERH]SYVGPEWWQEXIWEVIMR EPIEVRMRKWMXYEXMSRMR[LMGL]SYRIIHXSWYTTSVXSRIERSXLIV ;LIR]SYPMWXIRXSWTIIGLIWMRGPEWWKMZI]SYVJIPPS[WXYHIRXWXLIWEQI GSYVXIW]ERHEXXIRXMSR]SY[ERXJVSQXLIQ'SQIXSGPEWWTVITEVIHXSPMWXIR XShERHXSPIEVRJVSQh]SYVGPEWWQEXIWtWTIIGLIW%W]SYPMWXIRFIGSRWGMSYW SJXLIJIIHFEGO]SYEVIWIRHMRKXLIWTIEOIV7MXYTMR]SYVGLEMVVEXLIVXLER WPSYGLMRK QEMRXEMRI]IGSRXEGX[MXLXLIWTIEOIV WLS[WYTTSVXERHIRGSYV EKIQIRXMR]SYVJEGMEPI\TVIWWMSRW/IITMRQMRHXLITS[IV]SYLEZIEWEPMW XIRIV SZIV XLI WTIEOIVtW GSRJMHIRGI ERH GSQTSWYVI ERH I\IVGMWI XLEX TS[IV [MXLEWXVSRKWIRWISJIXLMGEPVIWTSRWMFMPMX]
%:3-(46).9(+-2+8,)74)%/)6 ;ILEZIEPPLIEVHXLEX]SYGERtXNYHKIEFSSOF]MXWGSZIV8LIWEQIMWXVYI SJWTIIGLIW=SYGERtXNYHKIEWTIIGLF]XLIREQIVEGIPMJIWX]PIETTIEVERGI SV VITYXEXMSR SJ XLI WTIEOIV %W XLI 2EXMSREP 'SQQYRMGEXMSR %WWSGMEXMSR WXEXIW MR MXW 'VIHS JSV )XLMGEP 'SQQYRMGEXMSR PMWXIRIVW WLSYPH qWXVMZI XS YRHIVWXERHERHVIWTIGXrWTIEOIVWqFIJSVIIZEPYEXMRKERHVIWTSRHMRKXSXLIMV QIWWEKIWr 8LMWHSIWRSXQIER]SYQYWXEKVII[MXLIZIV]WTIEOIV]SYLIEV=SYVEMQ MWXSPMWXIRGEVIJYPP]XSXLIWTIEOIVtWMHIEWXSEWWIWWXLIIZMHIRGIERHVIEWSRMRK SJJIVIHMRWYTTSVXSJXLSWIMHIEWERHXSVIEGLERMRXIPPMKIRXNYHKQIRXEFSYX XLIWTIIGL-R'LETXIV[I[MPPHMWGYWWWTIGMJMGWXITW]SYGERXEOIXSMQTVSZI ]SYV PMWXIRMRK WOMPPW *SV RS[ MX MW IRSYKL XS ORS[ XLEX MJ ]SY TVINYHKI E WTIEOIVhIMXLIV TSWMXMZIP] SV RIKEXMZIP]h]SY [MPP JEMP MR SRI SJ ]SYV IXLMGEP VIWTSRWMFMPMXMIWEWEPMWXIRIV
1%-28%-28,)*6))%2(34)2)<46)77-323*-()%7 %W[IWE[IEVPMIVMRXLMWGLETXIVEHIQSGVEXMGWSGMIX]HITIRHWSRXLIJVIIERH STIRI\TVIWWMSRSJMHIEW8LIVMKLXSJJVIII\TVIWWMSRMWWSMQTSVXERXXLEXMXMW TVSXIGXIHF]XLI*MVWX%QIRHQIRXXSXLI97'SRWXMXYXMSR[LMGLHIGPEVIWMR TEVXXLEXq'SRKVIWWWLEPPQEOIRSPE[EFVMHKMRKXLIJVIIHSQSJWTIIGLr .YWXEW TYFPMGWTIEOIVWRIIH XSEZSMHREQIGEPPMRKERHSXLIVXEGXMGW XLEXGER YRHIVQMRIJVIIWTIIGLWSPMWXIRIVWLEZIERSFPMKEXMSRXSQEMRXEMRXLIVMKLXSJ WTIEOIVWXSFILIEVH %W[MXLSXLIVIXLMGEPMWWYIWXLII\XIRXSJXLMWSFPMKEXMSRMWSTIRXSHIFEXI (MWTYXIW SZIV XLI QIERMRK ERH WGSTI SJ XLI *MVWX %QIRHQIRX EVMWI EPQSWX HEMP] MR GSRRIGXMSR [MXL MWWYIW WYGL EW XIVVSVMWQ TSVRSKVETL] ERH LEXI
',%48)6 )8,-'7%2(49&0-'74)%/-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-XMWZMXEPJSVEHIQSGVEXMG WSGMIX]XSQEMRXEMRXLIJVII ERHSTIRI\TVIWWMSRSJMHIEW ,IVI977IREXSV(ERMIP %OEOEI\TPEMRWXLIHERKIVW XLEXLEXIWTIIGLTSWIWXS HIQSGVEXMGMHIEPW
WTIIGL8LIUYIWXMSRYRHIVP]MRKWYGLHMWTYXIWMW[LIXLIVEPPWTIEOIVWLEZIE VMKLXXSFILIEVH 8LIVI EVI WSQI OMRHW SJ WTIIGL XLEX EVI RSX TVSXIGXIH YRHIV XLI *MVWX %QIRHQIRXhMRGPYHMRKHIJEQEXSV]JEPWILSSHWXLEXHIWXVS]ETIVWSRtWVITYXE XMSRXLVIEXWEKEMRWXXLIPMJISJXLI4VIWMHIRXERHMRGMXMRKEREYHMIRGIXSMPPIKEP EGXMSR MR GMVGYQWXERGIW [LIVI XLI EYHMIRGI MW PMOIP] XS GEVV] SYX XLI EGXMSR 3XLIV[MWIXLI7YTVIQI'SYVXLEWLIPHhERHQSWXI\TIVXWMRGSQQYRMGEXMSR IXLMGWLEZIEKVIIHhXLEXTYFPMGWTIEOIVWLEZIEREPQSWXYRPMQMXIHVMKLXSJJVII I\TVIWWMSR -RGSRXVEWXXSXLMWZMI[MXLEWFIIREVKYIHXLEXWSQIMHIEWEVIWSHERKIV SYWWSQMWKYMHIHSVWSSJJIRWMZIXLEXWSGMIX]LEWEHYX]XSWYTTVIWWXLIQ&YX [LSMWXSHIXIVQMRI[LMGLMHIEWEVIXSSHERKIVSYWQMWKYMHIHSVSJJIRWMZIXS FIYXXIVIH#;LSMWXSHIGMHI[LMGLWTIEOIVWEVIXSFILIEVHERH[LMGLEVIXS FIWMPIRGIH#%W)H[EVH/IRRIH]I\TPEMRIHMRLMWEGGPEMQIHWTIIGLq8SPIVERGI ERH8VYXLMR%QIVMGErSRGI[IWYGGYQFXSXLIXIQTXEXMSRSJGIRWSVMRKMHIEW [MXL[LMGL[IHMWEKVIIq[IWXITSRXSEWPMTTIV]WPSTI[LIVIIZIV]SRItWJVII HSQMWEXVMWOr 2SQEXXIVLS[[IPPMRXIRXMSRIHXLI]QE]FIIJJSVXWXSqTVSXIGXrWSGMIX] F] VIWXVMGXMRK JVII WTIIGL YWYEPP] IRH YT VITVIWWMRK QMRSVMX] ZMI[TSMRXW ERH YRTSTYPEVSTMRMSRW-R97LMWXSV]WYGLIJJSVXW[IVIYWIHXSOIIT[SQIRSJJ XLITYFPMGTPEXJSVQYRXMPXLI WXSWXSTEFSPMXMSRMWXSVEXSVWJVSQI\TSWMRK XLIIZMPWSJWPEZIV]FIJSVIXLI'MZMP;EVXSQY^^PIPEFSVSVKERM^IVWHYVMRKXLI WERHXSMQTIHIGMZMPVMKLXWPIEHIVWMRXLI W-QEKMRI[LEX%QIVMGER WSGMIX]QMKLXFIPMOIMJXLIWIWTIEOIVWLEHFIIRWMPIRGIH -XMWMQTSVXERXXSOIITMRQMRHXLEXIRWYVMRKETIVWSRtWJVIIHSQXSI\TVIWW LIVSVLMWMHIEWHSIWRSXMQTP]EKVIIQIRX[MXLXLSWIMHIEW=SYGERHMWEKVII IRXMVIP][MXLXLIQIWWEKIFYXWXMPPWYTTSVXXLIWTIEOIVtWVMKLXXSI\TVIWWMX%W XLI2EXMSREP'SQQYRMGEXMSR%WWSGMEXMSRWXEXIWMRMXW'VIHSJSV)XLMGEP'SQ QYRMGEXMSRqJVIIHSQSJI\TVIWWMSRHMZIVWMX]SJTIVWTIGXMZIERHXSPIVERGISJ HMWWIRXr EVI ZMXEP XS qXLI MRJSVQIH HIGMWMSR QEOMRK JYRHEQIRXEP XS E GMZMP WSGMIX]r
+YMHIPMRIWJSV)XLMGEP0MWXIRMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7911%6= &IGEYWITYFPMGWTIEOMRKMWEJSVQSJTS[IVMXGEVVMIW[MXLMXLIEZ]IXLMGEPVIWTSR WMFMPMXMIW8SHE]EWJSVXLITEWX]IEVWXLIKSSHTIVWSRWTIEOMRK[IPPVIQEMRW XLIMHIEPSJGSQQIRHEFPIWTIIGLQEOMRK 8LIVIEVIJMZIFEWMGKYMHIPMRIWJSVIXLMGEPTYFPMGWTIEOMRK8LIJMVWXMWXSQEOI WYVI]SYVKSEPWEVIIXLMGEPP]WSYRHh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
/)=8)617 IXLMGW
KPSFEPTPEKMEVMWQ
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REQIGEPPMRK
MRGVIQIRXEPTPEKMEVMWQ
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6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEX MW IXLMGW# ;L] MW EWXVSRK WIRWI SJ IXLMGEP VIWTSRWMFMPMX] ZMXEP JSV TYFPMG WTIEOIVW# ;LEXEVIXLIJMZIKYMHIPMRIWJSVIXLMGEPWTIIGLQEOMRKHMWGYWWIHMRXLMWGLETXIV#
GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;LEX MW XLI HMJJIVIRGI FIX[IIR KPSFEP TPEKMEVMWQ ERH TEXGL[SVO TPEKMEVMWQ# ;LEXEVIXLIFIWX[E]WXSEZSMHXLIWIX[SOMRHWSJTPEKMEVMWQ# ;LEXMWMRGVIQIRXEPTPEKMEVMWQ#,S[GER]SYWXIIVGPIEVSJMX[LIRHIEPMRK[MXL UYSXEXMSRWERHTEVETLVEWIW# ;LEX EVI XLI XLVII FEWMG KYMHIPMRIW JSV IXLMGEP PMWXIRMRK HMWGYWWIH MR XLMW GLETXIV#
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)<)6'-7)7*36'6-8-'%08,-2/-2+
0SSOFEGOEXXLIWXSV]SJ*IPMGME6SFMRWSRSRTEKI)ZEPYEXILIVHMPIQQE MRPMKLXSJXLIKYMHIPMRIWJSVIXLMGEPWTIIGLQEOMRKTVIWIRXIHMRXLMWGLETXIV )\TPEMR [LEX ]SY FIPMIZI [SYPH FI XLI QSWX IXLMGEP GSYVWI SJ EGXMSR MR LIV GEWI 8LI MWWYI SJ MRWYPXMRK ERH EFYWMZI WTIIGLhIWTIGMEPP] WPYVW HMVIGXIH EKEMRWX TISTPISRXLIFEWMWSJVEGIVIPMKMSRKIRHIVSVWI\YEPSVMIRXEXMSRh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
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
,EZMRKKVEHYEXIH[MXLEHIKVIIMRTYFPMGEHQMRMWXVEXMSRERHLSTMRKXSTYVWYIE GEVIIVMRTSPMXMGW]SYLEZIFIIRJSVXYREXIXSVIGIMZIEWXEJJTSWMXMSR[MXLSRISJXLI PIEHMRKWIREXSVWMR]SYVWXEXIPIKMWPEXYVI7MRGI]SYVEVVMZEPX[SQSRXLW EKS]SY LEZIERW[IVIHTLSRIWSVHIVIHPYRGLQEHIGSTMIWWXETPIHQEMPMRKWERHWXYJJIH IRZIPSTIW *MREPP] ]SY LEZI FIIR EWOIH XS PSSO SZIV E WTIIGL XLI WIREXSV [MPP HIPMZIVEX]SYVEPQEQEXIV7YVIP]]SYXLMROXLMW[MPPFIXLIJMVWXSJQER]MQTSV XERXEWWMKRQIRXWSRGI]SYVZEPYIMWVIGSKRM^IH %JXIV VIEHMRK XLI WTIIGL LS[IZIV ]SYV IRXLYWMEWQ MW HEQTIRIH =SYEKVII [LSPILIEVXIHP][MXLMXWWYTTSVXSJEFMPPXSJYRHWGLSPEVWLMTWJSVPS[MRGSQIWXY HIRXWFYX]SYtVIHMWQE]IHF]MXWEXXEGOSRSTTSRIRXWSJXLIFMPPEWqIPMXMWXFMKSXW [LS[SYPHHIR]EGSPPIKIIHYGEXMSRXSXLSWI[LSRIIHMXQSWXr=SYLEZIRtXFIIR EWOIH XS GSQQIRX SR XLI IXLMGW SJ XLI WTIIGL ERH ]SY GIVXEMRP] HSRtX [ERX XS NISTEVHM^I]SYVTSWMXMSRSRXLIWIREXSVtWWXEJJ%XXLIWEQIXMQI]SYXLMROLMWYWI SJ REQIGEPPMRK QE] EGXYEPP] EVSYWI W]QTEXL] JSV XLI STTSWMXMSR 8LI WIREXSV [SYPHPMOI]SYVGSQQIRXWMRX[SLSYVW;LEX[MPP]SYXIPPLMQ#
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0MWXIRMRK
0MWXIRMRK-W-QTSVXERX 0MWXIRMRKERH'VMXMGEP8LMROMRK *SYV'EYWIWSJ4SSV0MWXIRMRK 2SX'SRGIRXVEXMRK 0MWXIRMRK8SS,EVH .YQTMRKXS'SRGPYWMSRW *SGYWMRKSR(IPMZIV]ERH4IVWSREP%TTIEVERGI
,S[XS&IGSQIE&IXXIV0MWXIRIV 8EOI0MWXIRMRK7IVMSYWP] &IER%GXMZI0MWXIRIV 6IWMWX(MWXVEGXMSRW (SRtX&I(MZIVXIHF]%TTIEVERGISV(IPMZIV] 7YWTIRH.YHKQIRX *SGYW=SYV0MWXIRMRK (IZIPST2SXI8EOMRK7OMPPW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
X[EWELSXEJXIVRSSRMR1E]8LITVSJIWWSVSJERGMIRXLMWXSV][EWPIGXYVMRKSRXLIJEPP SJXLI6SQER)QTMVI7LIFIKER q=IWXIVHE][IHMWGYWWIHXLITSPMXMGEPERHWSGMEPGSR HMXMSRWXLEX[IEOIRIHXLIIQTMVIJVSQ[MXLMR8SHE][I[MPPXEPOEFSYXXLIMRZEWMSRW XLEXEXXEGOIHXLIIQTMVIJVSQXLISYXWMHIhXLI:MWMKSXLWJVSQXLIRSVXL[IWXXLI3WXVS KSXLWJVSQXLIRSVXLIEWXXLI:ERHEPWJVSQXLIWSYXLXLI,YRWJVSQXLI[IWXERH,SQIV 7MQTWSRJVSQXLIWSYXLIEWXr 2SFSH]FEXXIHERI]I2SFSH]PSSOIHYT8LIGPEWWVSSQ[EWUYMIXI\GITXJSVXLI WGVEXGLSJTIRWEWXLIWXYHIRXWXSSORSXIWhTVIWYQEFP]VIGSVHMRK,SQIV7MQTWSREWER MRZEHIVSJXLI6SQER)QTMVI
LIEVMRK 8LIZMFVEXMSRSJWSYRH[EZIWSR XLIIEVHVYQWERHXLIJMVMRKSJ IPIGXVSGLIQMGEPMQTYPWIWMRXLI FVEMR PMWXIRMRK 4E]MRKGPSWIEXXIRXMSRXSERH QEOMRKWIRWISJ[LEX[ILIEV
8LMWWXSV]MPPYWXVEXIW[LEXSRIVIWIEVGLWXYH]EJXIVERSXLIVLEWVIZIEPIHhQSWX TISTPIEVIWLSGOMRKP] TSSVPMWXIRIVW;IJEOITE]MRKEXXIRXMSR;IGER PSSO VMKLX EX WSQISRI ETTIEV MRXIVIWXIH MR [LEX XLEX TIVWSR WE]W IZIR RSH SYV LIEHSVWQMPIEXXLIETTVSTVMEXIQSQIRXWhEPP[MXLSYXVIEPP]PMWXIRMRK 2SXPMWXIRMRKHSIWRtXQIER[IHSRtXLIEV,IEVMRKMWETL]WMSPSKMGEPTVS GIWWMRZSPZMRKXLIZMFVEXMSRSJWSYRH[EZIWSRSYVIEVHVYQWERHXLIJMVMRK SJIPIGXVSGLIQMGEPMQTYPWIWJVSQXLIMRRIVIEVXSXLIGIRXVEPEYHMXSV]W]WXIQ SJ XLI FVEMR &YX PMWXIRMRK MRZSPZIW TE]MRK GPSWI EXXIRXMSR XS ERH QEOMRK WIRWI SJ [LEX [I LIEV )ZIR [LIR [I XLMRO [I EVI PMWXIRMRK GEVIJYPP] [I YWYEPP]KVEWTSRP]TIVGIRXSJ[LEX[ILIEV%JXIVLSYVW[IGERVIQIQ FIVSRP]TIVGIRXSJXLISVMKMREPQIWWEKI-XtWPMXXPI[SRHIVXLEXPMWXIRMRK LEWFIIRGEPPIHEPSWXEVX
0MWXIRMRK-W-QTSVXERX %PXLSYKLQSWXTISTPIPMWXIRTSSVP]XLIVIEVII\GITXMSRW8STJPMKLXFYWMRIWW I\IGYXMZIW WYGGIWWJYP TSPMXMGMERW FVMPPMERX XIEGLIVWhRIEVP] EPP EVI I\GIPPIRX PMWXIRIVW7SQYGLSJ[LEXXLI]HSHITIRHWSREFWSVFMRKMRJSVQEXMSRXLEXMW KMZIR ZIVFEPP]hERHEFWSVFMRKMXUYMGOP]ERHEGGYVEXIP]-J ]SYLEHERMRXIV ZMI[ [MXL XLI TVIWMHIRX SJ E QENSV GSVTSVEXMSR ]SY QMKLX FI WLSGOIH ERH JPEXXIVIH XSWIILS[GPSWIP]XLEXTIVWSRPMWXIRIHXS]SYV[SVHW -R SYV GSQQYRMGEXMSRSVMIRXIH EKI PMWXIRMRK MW QSVI MQTSVXERX XLER IZIV8LMWMW[L]MRQSWXGSQTERMIWIJJIGXMZIPMWXIRIVWLSPHLMKLIVTSWMXMSRW ERHEVITVSQSXIHQSVISJXIRXLERMRIJJIGXMZIPMWXIRIVW;LIRFYWMRIWWQER EKIVW EVI EWOIHXS VEROSVHIV XLIGSQQYRMGEXMSR WOMPPW QSWXGVYGMEP XS XLIMV NSFWXLI]YWYEPP]VEROPMWXIRMRKRYQFIVSRI0MWXIRMRKMWWSMQTSVXERXXLEX MRSRIWYVZI]SJ%QIVMGEtW*SVXYRIGSQTERMIWEPQSWXTIVGIRXSJXLI VIWTSRHIRXW WEMH XLI] TVSZMHI WSQI OMRH SJ PMWXIRMRK XVEMRMRK JSV XLIMV IQTPS]IIW )ZIRMJ]SYHSRtXTPERXSFIEGSVTSVEXII\IGYXMZIXLIEVXSJPMWXIRMRKGER FILIPTJYPMREPQSWXIZIV]TEVXSJ]SYVPMJI8LMWMWRSXWYVTVMWMRK[LIR]SYVIEP M^IXLEXTISTPIWTIRHQSVIXMQIPMWXIRMRKXLERHSMRKER]SXLIVGSQQYRMGEXMZI EGXMZMX]hQSVIXLERVIEHMRKQSVIXLER[VMXMRKQSVIIZIRXLERWTIEOMRK 8LMRO JSV E QSQIRX EFSYX ]SYV S[R PMJI EW E GSPPIKI WXYHIRX 'PSWI XS TIVGIRXSJGPEWWXMQI MR 97 GSPPIKIWERH YRMZIVWMXMIW MWWTIRXPMWXIRMRK XS HMWGYWWMSRWERHPIGXYVIW%RYQFIVSJWXYHMIWLEZIWLS[REWXVSRKGSVVIPEXMSR FIX[IIRPMWXIRMRKERHEGEHIQMGWYGGIWW7XYHIRXW[MXLXLILMKLIWXKVEHIWEVI YWYEPP] XLSWI [MXL XLI WXVSRKIWX PMWXIRMRK WOMPPW 8LI VIZIVWI MW EPWS XVYIh WXYHIRXW [MXL XLI PS[IWX KVEHIW EVI YWYEPP] XLSWI [MXL XLI [IEOIWX PMWXIRMRK WOMPPW
',%48)6 0-78)2-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIVIMWTPIRX]SJVIEWSRXLIRXSXEOIPMWXIRMRKWIVMSYWP])QTPS]IVWERH IQTPS]IIW TEVIRXW ERH GLMPHVIR [MZIW ERH LYWFERHW HSGXSVW ERH TEXMIRXW WXYHIRXWERHXIEGLIVWhEPPHITIRHSRXLIETTEVIRXP]WMQTPIWOMPPSJPMWXIRMRK 6IKEVHPIWWSJ]SYVTVSJIWWMSRSV[EPOSJPMJI]SYRIZIVIWGETIXLIRIIHJSVE [IPPXVEMRIHIEV 0MWXIRMRKMWEPWSMQTSVXERXXS]SYEWEWTIEOIV-XMWTVSFEFP]XLI[E]]SY KIXQSWXSJ]SYVMHIEWERHMRJSVQEXMSRhJVSQXIPIZMWMSRVEHMSGSRZIVWEXMSR ERHPIGXYVIW-J]SYHSRSXPMWXIR[IPP]SY[MPPRSXYRHIVWXERH[LEX]SYLIEV ERHQE]TEWWEPSRK]SYVQMWYRHIVWXERHMRKXSSXLIVW &IWMHIW MR GPEWWhEW MR PMJIh]SY [MPP PMWXIR XS QER] QSVI WTIIGLIW XLER ]SYKMZI-XMWSRP]JEMVXSTE]GPSWIEXXIRXMSRXS]SYVGPEWWQEXIWtWTIIGLIW EJXIV EPP ]SY [ERX XLIQ XS PMWXIR GEVIJYPP] XS ]SYV WTIIGLIW %R I\GIPPIRX [E] XS MQTVSZI ]SYV S[R WTIIGLIW MW XS PMWXIR EXXIRXMZIP] XS XLI WTIIGLIW SJ SXLIV TISTPI3ZIVERHSZIVXIEGLIVWJMRHXLEXXLIFIWXWTIEOIVWEVIYWYEPP]XLIFIWX PMWXIRIVW %WMHIFIRIJMXSJ]SYVWTIIGLGPEWWMWXLEXMXSJJIVWERMHIEPSTTSVXYRMX]XS [SVOSRXLIEVXSJPMWXIRMRK(YVMRKXLI TIVGIRXSJXLIXMQI[LIR]SYEVI RSX WTIEOMRK ]SY LEZI RSXLMRK IPWI XS HS FYX PMWXIR ERH PIEVR =SY GER WMX XLIVIPMOIEWXSRIhSV]SYGERYWIXLIXMQITVSJMXEFP]XSQEWXIVEWOMPPXLEX[MPP WIVZI]SYMREXLSYWERH[E]W
0MWXIRMRKERH'VMXMGEP8LMROMRK
3RISJXLI[E]WPMWXIRMRKGERWIVZI]SYMWF]IRLERGMRK]SYVWOMPPWEWEGVMXMGEP XLMROIV;IGERMHIRXMJ]JSYVOMRHWSJPMWXIRMRK %TTVIGMEXMZIPMWXIRMRKhPMWXIRMRKJSVTPIEWYVISVIRNS]QIRXEW[LIR[IPMW XIRXSQYWMGXSEGSQIH]VSYXMRISVXSERIRXIVXEMRMRKWTIIGL
ETTVIGMEXMZIPMWXIRMRK 0MWXIRMRKJSVTPIEWYVISV IRNS]QIRX
)QTEXLMGPMWXIRMRKhPMWXIRMRKXSTVSZMHIIQSXMSREPWYTTSVXJSVXLIWTIEOIV EW[LIRETW]GLMEXVMWXPMWXIRWXSETEXMIRXSV[LIR[IPIRHEW]QTEXLIXMG IQTEXLMGPMWXIRMRK 0MWXIRMRKXSTVSZMHIIQSXMSREP IEVXSEJVMIRHMRHMWXVIWW
WYTTSVXJSVEWTIEOIV
'SQTVILIRWMZIPMWXIRMRKhPMWXIRMRKXSYRHIVWXERHXLIQIWWEKISJEWTIEOIV EW[LIR[IEXXIRHEGPEWWVSSQPIGXYVISVPMWXIRXSHMVIGXMSRWJSVJMRHMRKE GSQTVILIRWMZI JVMIRHtWLSYWI PMWXIRMRK 'VMXMGEPPMWXIRMRKhPMWXIRMRKXSIZEPYEXIEQIWWEKIJSVTYVTSWIWSJEGGITXMRK SVVINIGXMRKMXEW[LIR[IPMWXIRXSXLIWEPIWTMXGLSJEYWIHGEVHIEPIVSV XLIGEQTEMKRWTIIGLSJETSPMXMGEPGERHMHEXI
0MWXIRMRKXSYRHIVWXERHXLI QIWWEKISJEWTIEOIV
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hWYQQEVM^MRKMRJSVQEXMSRVIGEPPMRKJEGXWHMWXMRKYMWLMRKQEMR TSMRXWJVSQQMRSVTSMRXWhEVIGIRXVEPXSGSQTVILIRWMZIPMWXIRMRK3XLIVWOMPPW
0MWXIRMRKERH'VMXMGEP8LMROMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
SJGVMXMGEPXLMROMRKhWITEVEXMRKJEGXJVSQSTMRMSRWTSXXMRK[IEORIWWIWMRVIE WSRMRKNYHKMRKXLIWSYRHRIWWSJIZMHIRGIhEVIIWTIGMEPP]MQTSVXERXMRGVMXMGEP PMWXIRMRK ;LIR ]SY IRKEKI MR GSQTVILIRWMZI PMWXIRMRK SV GVMXMGEP PMWXIRMRK ]SYQYWXYWI]SYVQMRHEW[IPPEW]SYVIEVW;LIR]SYVQMRHMWRSXEGXMZIP] MRZSPZIH]SYQE]FILIEVMRKFYX]SYEVIRSXPMWXIRMRK-RJEGXPMWXIRMRKERH GVMXMGEPXLMROMRKEVIWSGPSWIP]EPPMIHXLEXXVEMRMRKMRPMWXIRMRKMWEPWSXVEMRMRK MRLS[XSXLMRO %XXLIIRHSJXLMWGLETXIV[ItPPHMWGYWWWXITW]SYGERXEOIXSMQTVSZI]SYV WOMPPW MR GSQTVILIRWMZI ERH GVMXMGEP PMWXIRMRK -J ]SY JSPPS[ XLIWI WXITW ]SY QE]EPWSFIGSQIEFIXXIVGVMXMGEPXLMROIV
*SYV'EYWIWSJ4SSV0MWXIRMRK 238'32')286%8-2+ WTEVIqFVEMRXMQIr 8LIHMJJIVIRGIFIX[IIRXLIVEXI EX[LMGLQSWXTISTPIXEPO XS[SVHWEQMRYXI ERHXLI VEXIEX[LMGLXLIFVEMRGER TVSGIWWPERKYEKI XS [SVHWEQMRYXI
8LIFVEMRMWMRGVIHMFP]IJJMGMIRX%PXLSYKL[IXEPOEXEVEXISJXS[SVHW EQMRYXIXLIFVEMRGERTVSGIWWXS [SVHWEQMRYXI8LMW[SYPHWIIQ XSQEOIPMWXIRMRKZIV]IEW]FYXEGXYEPP]MXLEWXLISTTSWMXIIJJIGX&IGEYWI[I GERTVSGIWWEWTIEOIVtW[SVHWERHWXMPPLEZITPIRX]SJWTEVIqFVEMRXMQIr[IEVI XIQTXIHXSMRXIVVYTXSYVPMWXIRMRKF]XLMROMRKEFSYXSXLIVXLMRKW,IVItW[LEX LETTIRW )PIRE /MQ [SVOW MR XLI TYFPMG GSQQYRMGEXMSRW HITEVXQIRX SJ E PEVKI JMRERGMEP WIV ZMGIWGSQTER]7LIEXXIRHWVIKYPEVWXEJJQIIXMRKW[MXLXLIGSQQYRMGEXMSRWHMVIGXSV8LI QIIXMRKWTVSZMHIRIGIWWEV]MRJSVQEXMSRFYXWSQIXMQIWXLI]WIIQXSKSSRJSVIZIV 8LMWQSVRMRKXLIHMVIGXSVMWXEPOMRKEFSYXXE\I\IQTXGSPPIKIWEZMRKWEGGSYRXWERHLS[XS TYFPMGM^I XLIQ QSVI IJJIGXMZIP] q;ItZI WYGGIIHIH MR VIEGLMRK TEVIRXW WS SYV RI\X XEVKIX QEVOIXMWKVERHTEVIRXW[LS[ERXXSTYXE[E]QSRI]JSVXLIMVKVERHGLMPHVIRtWIHYGEXMSRr q+VERHTEVIRXWr )PIRE XLMROW q-X [EW EP[E]W KVIEX XS WII Q] KVERHTEVIRXW [LIR - [EW KVS[MRK YT ;LIR - WTSOI XS XLIQSZIV XLI [IIOIRH +VERHQE HMHRtX WSYRH ZIV] KSSH-LEZIXSGEPPXLIQQSVISJXIRr )PIREWRETWLIVWIPJFEGOXSXLIQIIXMRK8LIHMVIGXSVMWXEPOMRKEFSYXXLIGSQTER]tWRI[ I\IGYXMZIZMGITVIWMHIRX[LSLEWNYWXQSZIHXSLIEHUYEVXIVWJVSQEVIKMSREPJMVQMR*PSVMHE q1V*IVRERHI^LEWRIZIV[SVOIHMREGSQTER]XLMWWM^IFYXLMWI\TIVMIRGIMR*PSVMHEr q*PSVMHEr)PIREHVIEQWq7YRIRHPIWWFIEGLIWERHXLIGPYFWGIRIMR7SYXL&IEGL 1E]FI-GERWREXGLEJI[HE]WtZEGEXMSRMR.ERYEV]r 7XIVRP])PIRETYPPWLIVEXXIRXMSRFEGOXSXLIQIIXMRK8LIGSQQYRMGEXMSRWHMVIGXSVMW RS[HMWGYWWMRKXLIGSQTER]tWPEXIWXTPERJSV TYFPMGWIVZMGIERRSYRGIQIRXW )PIREMWRSX MRZSPZIHMRXLITPERERHLIVEXXIRXMSR[ERHIVWSRGIQSVI 8LEX QSVRMRK WLI LEH ERSXLIV EVKYQIRX [MXL LIV VSSQQEXI EFSYX GPIERMRK XLI OMXGLIR ERH XEOMRK SYX XLI KEVFEKI 1E]FI MXtW XMQI XS HIGMHI MJ WLI GER EJJSVH XS PMZI [MXLSYXEVSSQQEXI-XWYVI[SYPHQEOIJSVJI[IVLEWWPIW q EREVIE)PIRE LEWVIWIEVGLIHI\XIRWMZIP]r XLIHMVIGXSVMWWE]MRK 9LSL;LEX EVIEHSIWXLIHMVIGXSVQIER#)ZIV]SRIPSSOWEX)PIREEWWLIJVERXMGEPP]XVMIWXSVIGEPPXLI PEWX[SVHWWEMHEXXLIQIIXMRK
-XtWRSXXLEX)PIREQIERXXSPSWIXVEGOSJXLIHMWGYWWMSR&YXXLIVIGSQIWE TSMRXEX[LMGLMXtWWSIEW]XSPIX]SYVXLSYKLXW[ERHIVVEXLIVXLERXSGSRGIR XVEXISR[LEXMWFIMRKWEMH%JXIVEPPGSRGIRXVEXMRKMWLEVH[SVO0SYMW2M^IV XLIJEQSYWXVMEPPE[]IVWE]Wq7SGSQTPIXIMWXLMWGSRGIRXVEXMSRXLEXEXXLIIRH
',%48)6 0-78)2-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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;LEXEVIXLIJSYVQEMRGEYWIWSJTSSVPMWXIRMRK# ;LEXEVIWIZIR[E]WXSFIGSQIEFIXXIVPMWXIRIV#
)<)6'-7)7*36'6-8-'%08,-2/-2+ ;LMGLSJXLIJSYVGEYWIWSJTSSVPMWXIRMRKHS]SYGSRWMHIVXLIQSWXMQTSVXERX# 'LSSWIE WTIGMJMG GEWI SJTSSVPMWXIRMRK MR [LMGL ]SY [IVIMRZSPZIH )\TPEMR [LEX[IRX[VSRK 9WMRKXLI0MWXIRMRK7IPJ)ZEPYEXMSR;SVOWLIIXSRTEKIYRHIVXEOIEGERHMH IZEPYEXMSRSJ]SYVQENSVWXVIRKXLWERH[IEORIWWIWEWEPMWXIRIV)\TPEMR[LEX WXITW]SYRIIHXSXEOIXSFIGSQIEFIXXIVPMWXIRIV ;EXGLXLIPIEHWXSV]XLMW[IIOSR1MRYXIWSVERSXLIVRI[WQEKE^MRI TVSKVEQ9WMRKXLIOI][SVHSYXPMRIQIXLSHSJRSXIXEOMRKVIGSVHXLIQEMR MHIEWSJXLIWXSV] 'LSSWI EPIGXYVIMRSRISJ ]SYV SXLIVGPEWWIW %REP]^I[LEXXLIPIGXYVIVHSIW QSWXIJJIGXMZIP]-HIRXMJ]XLVIIXLMRKWXLIPIGXYVIVGSYPHHSFIXXIVXSLIPTWXY HIRXWOIITXVEGOSJXLIPIGXYVI
)\IVGMWIWJSV'VMXMGEP8LMROMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK 1IQFIVW SJ ]SYV TYFPMG WTIEOMRK GPEWW LEZI FIKYR QEOMRK XLIMV MRXVSHYGXSV] WTIIGLIW =SYtZI EPVIEH] KMZIR ]SYVW ERH GER RS[ VIPE\ ERH [EXGL ]SYV JIPPS[ WXYHIRXW8LIJMVWXWTIEOIVXLMWQSVRMRKMW2EHMVEEGPEWWQEXI]SYHSRtX]IXORS[ 7LIWXITWGSRJMHIRXP]XSXLIJVSRXSJXLIVSSQ[IEVMRK LIV ,MNEFXLIXVEHMXMSREP 1YWPMQLIEHWGEVJ q8SHE]r2EHMVEFIKMRWq-[SYPHPMOIXSXIPP]SYEFSYXXLITEXLXLEXXSSOQ] JEQMP]JVSQ)K]TXXS%QIVMGEERHQIXSWGLSSPEXXLMWYRMZIVWMX]r7SSR]SY VIEPM^IXLEX]SYtZIFIIRXLMROMRKEFSYX2EHMVEtWGPSXLMRKVEXLIVXLERJSGYWMRKSR [LEXWLIMWWE]MRK=SYTYPP]SYVEXXIRXMSRFEGOKVEF]SYVTIRGMPERHXV]XSTMGO YT[LEXWLIMWWE]MRK;LEXIPWIGER]SYHSXSIRWYVIXLEX]SYPMWXIRIJJIGXMZIP]XS XLIVIWXSJLIVTVIWIRXEXMSR#
',%48)6 0-78)2-2+ ',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
+MZMRK=SYV *MVWX7TIIGL %TTIRHM\
4VITEVMRK=SYV7TIIGL (IZIPSTMRKXLI7TIIGL 3VKERM^MRKXLI7TIIGL
(IPMZIVMRK=SYV7TIIGL 7TIEOMRK)\XIQTSVERISYWP] 6ILIEVWMRKXLI7TIIGL 4VIWIRXMRKXLI7TIIGL
7EQTPI7TIIGLIW[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
SYQE]FIWYVTVMWIHXSPIEVRXLEXSRISJ]SYVJMVWXEWWMKRQIRXWMWXSKMZIE WTIIGL=SYWE]XS]SYVWIPJq;LEXEQ-KSMRKXSHS#-LEZIFEVIP]WXEVXIH XLMWGSYVWI]IX-tQWYTTSWIHXSWXERHYTMRJVSRXSJXLI[LSPIGPEWWERH KMZI E WTIIGL -tZI SRP] VIEH E JI[ TEKIW MR XLI XI\XFSSO ERH - HSRtX ORS[ QYGLEFSYXTYFPMGWTIEOMRK;LIVIHS-FIKMR#r -JXLIWIEVI]SYVXLSYKLXW]SYEVIRtXEPSRI1SWXFIKMRRMRKWTIIGLWXY HIRXWLEZIEWMQMPEVVIEGXMSR*SVXYREXIP]KMZMRK]SYVJMVWXWTIIGLWSYRHWEPSX LEVHIVXLERMXMW8LITYVTSWISJXLMWETTIRHM\MWXSLIPT]SYKIXWXEVXIHSR TVITEVMRKERHHIPMZIVMRK]SYVWTIIGL
=
4VITEVMRK=SYV7TIIGL 9WYEPP]EFVMIJWMQTPITVIWIRXEXMSRXLIJMVWXEWWMKRQIRXMWSJXIRGEPPIHERMGI FVIEOIVWTIIGLFIGEYWIMXMWHIWMKRIHXSqFVIEOXLIMGIrF]KIXXMRKWXYHIRXWYT MR JVSRX SJ XLI GPEWW EW WSSR EW TSWWMFPI 8LMW MW ER MQTSVXERX WXIT FIGEYWI QYGL SJ XLI ER\MIX] EWWSGMEXIH [MXL TYFPMG WTIEOMRK GSQIW JVSQ PEGO SJ I\TIVMIRGIKMZMRKWTIIGLIW3RGI]SYLEZIFVSOIRXLIMGIF]KMZMRKEWTIIGL ]SY [MPP JIIP PIWW ER\MSYW ERH [MPP LEZI XEOIR XLI JMVWX WXIT SR XLI VSEH XS GSRJMHIRGI
():)034-2+8,)74))', 8LIVIEVIERYQFIVSJTSWWMFPIEWWMKRQIRXWJSVXLIJMVWXWTIIGL3RIMWEWTIIGL SJ WIPJMRXVSHYGXMSR XLEX TVSZMHIW MRWMKLX MRXS XLI WTIEOIVtW FEGOKVSYRH TIVWSREPMX]FIPMIJWSVKSEPW-RSXLIVGEWIWWXYHIRXWEVIEWOIHXSMRXVSHYGIE GPEWWQEXIVEXLIVXLERXLIQWIPZIW7SQIMRWXVYGXSVWVIUYMVI]IXEHMJJIVIRXOMRH SJWTIIGL2SQEXXIV[LMGL]SYEVIEWWMKRIHFIWYVIXSJSGYW]SYVTVIWIRXEXMSR WLEVTP] WS MX GSRJSVQW XS XLI EWWMKRIH XMQI PMQMX 3RI SJ XLI QSWX GSQQSR QMWXEOIW WXYHIRXW QEOI SR XLIMV JMVWX WTIIGL MW XV]MRK XS GSZIV XSS QYGL QEXIVMEP =SY WLSYPH WIPIGX E PMQMXIH RYQFIV SJ TSMRXW ERH MPPYWXVEXI XLIQ GPIEVP] -X[SYPHFIMQTSWWMFPIJSVI\EQTPIXSXIPP]SYVEYHMIRGIIZIV]XLMRKEFSYX ]SYVPMJIMREX[SSVXLVIIQMRYXIWTIIGL%FIXXIVETTVSEGL[SYPHFIXSJSGYW SRSRISVX[SIZIRXWXLEXLEZILIPTIHHIJMRI[LS]SYEVIh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tWKIR HIV TL]WMGEP GLEVEGXIVMWXMGW WTIGMEP XEPIRXW ERH XLI PMOI FYX OIIT XLI REQI WIGVIXYRXMPXLIPEWXQSQIRX
%44)2(-< +-:-2+=396*-67874))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
8LIWTIEOIVGSYPHLEZIWEMHq%PI\EMWEXIVVMJMGFEPPVSSQHERGIVERHJMRHW MXUYMXII\GMXMRKr-RWXIEHXLIWTIEOIVTEMRXIHE[SVHTMGXYVIWSPMWXIRIVWGSYPH ZMWYEPM^IXLIHERGIJPSSVXLIVL]XLQSJXLIQYWMGXLIFVMPPMERXGSPSVWSJXLI GSWXYQIW XLI I\GMXIQIRX SJ XLI GSQTIXMXMSR EW %PI\E ERH LIV TEVXRIV TIV JSVQIH MR TIVJIGX W]QQIXV] 'SPSVJYP ERH GSRGVIXI MPPYWXVEXMSRW PMOI XLMW EVI EP[E]WQSVIMRXIVIWXMRKXLERHYPPPERKYEKIERHEFWXVEGXKIRIVEPM^EXMSRW =SYQMKLX[SRHIV[LIXLIV]SYWLSYPHYWILYQSVXSQEOI]SYVJMVWXWTIIGL IRXIVXEMRMRK%YHMIRGIWPSZI[MXX]VIQEVOWNSOIWERHJYRR]WMXYEXMSRWFYXPMOI ER]XLMRKIPWILYQSVMWIJJIGXMZISRP][LIRHSRI[IPP-XWLSYPHJPS[REXYVEPP] SYXSJXLIWTIIGLGSRXIRXVEXLIVXLERFIMRKGSRXVMZIH-J]SYEVIRSXRSVQEPP]E JYRR]TIVWSR]SYEVIFIXXIVSJJKMZMRKEWMRGIVIIRXLYWMEWXMGWTIIGLERHPIEZMRK SYX XLI NSOIW -R RS GEWI WLSYPH ]SY MRGPYHI LYQSV XLEX MRZSPZIW SFWGIRMX] IQFEVVEWWIW MRHMZMHYEPW SV RIKEXMZIP] WXIVISX]TIW KVSYTW SJ TISTPI 8LI FIWX OMRHSJLYQSVKIRXP]TSOIWJYREXSYVWIPZIWSVEXYRMZIVWEPLYQERJSMFPIW
GSRRIGXPYGEWGSQ :MI[XLIMRXVSHYGXMSRJVSQ q+SXXE(ERGIrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMT%
36+%2->-2+8,)74))', 6IKEVHPIWWSJ]SYVXSTMG]SYVWTIIGL[MPPLEZIXLVIIQEMRTEVXWhERMRXVSHYG XMSREFSH]ERHEGSRGPYWMSR=SYVJMVWXNSFMRXLIMRXVSHYGXMSRMWXSKIXXLI EXXIRXMSRERHMRXIVIWXSJXLIEYHMIRGI=SYGERHSXLMWF]TSWMRKEUYIWXMSR XIPPMRKEWXSV]QEOMRKEWXEVXPMRKWXEXIQIRXSVSTIRMRK[MXLEUYSXEXMSR8LI TYVTSWISJEPPXLIWIQIXLSHWMWXSGVIEXIEHVEQEXMGGSPSVJYPSTIRMRKXLEX[MPP QEOI]SYVEYHMIRGI[ERXXSLIEVQSVI *SVERI\GIPPIRXI\EQTPIPSSOEXXLIWTIIGLI\GIVTXSR:MHIS'PMT%MRXLI SRPMRI1IHME0MFVEV]JSVXLMW%TTIRHM\8LIWTIEOIVtWEWWMKRQIRX[EWXSTVIWIRX EREVVEXMZIEFSYXEWMKRMJMGERXI\TIVMIRGIMRLIVPMJI8LMWMWLS[WLIFIKER ,IVREQI[EW/M]SQM7LI[EWEQ]WXIVMSYW.ETERIWIHERGIV0EWXEYXYQR-KSXXSQIIX LIV,S[]SYEWO;IPPEGXYEPP]WLI[EWEGLEVEGXIVMRETPE]-QIXLIVXLIHE]-FIGEQI LIV8LEXHE][EWSRISJXLILETTMIWXHE]WSJQ]PMJI-[ERXIHXLEXTEVXWSHIWTIVEXIP]MX[EW EPP-GSYPHXLMROEFSYX&IMRK/M]SQM[EWSRISJXLIQSWXQIQSVEFPII\TIVMIRGIWSJQ]PMJI
GSRRIGXPYGEWGSQ :MI[XLIFIKMRRMRKSJ q/M]SQMERH1IrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMT%
%JXIVXLMWMRXVSHYGXMSRXLIWTIEOIVtWGPEWWQEXIW[IVIIEKIVXSLIEVQSVIEFSYX /M]SQMERHLIVVSPIMRXLIWTIEOIVtWPMJI
4VITEVMRK=SYV7TIIGL
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-REHHMXMSRXSKEMRMRKEXXIRXMSRERHMRXIVIWXXLIMRXVSHYGXMSRWLSYPHSVM IRX ]SYV PMWXIRIVW XS[EVH XLI WYFNIGX QEXXIV SJ ]SYV WTIIGL -R XLI PSRKIV WTIIGLIW ]SY [MPPKMZIPEXIVMRXLI XIVQ ]SY [MPP YWYEPP] RIIH XS TVSZMHI ER I\TPMGMXTVIZMI[WXEXIQIRXXLEXMHIRXMJMIWXLIQEMRTSMRXWXSFIHMWGYWWIHMRXLI FSH]SJ]SYVWTIIGL *SVI\EQTPIq8SHE]-[MPPMRJSVQ]SYEFSYXXLIW]QT XSQWGEYWIWERHXVIEXQIRXSJLITEXMXMW'r &IGEYWI]SYVMRXVSHYGXSV]WTIIGLMWWSWLSVX]SYQE]RSXRIIHEHIXEMPIH TVIZMI[ WXEXIQIRX &YX ]SY WXMPP RIIH XS KMZI ]SYV EYHMIRGI E GPIEV WIRWI SJ ]SYV XSTMG ERH TYVTSWI 0SSO FEGO JSV E QSQIRX EX XLI MRXVSHYGXMSR EFSYX /M]SQMUYSXIHIEVPMIV2SXMGILS[MXQSZIWJVSQEVSYWMRKGYVMSWMX]XSPIXXMRK XLIEYHMIRGIORS[[LEXXLIVIWXSJXLIWTIIGL[MPPJSGYWSR&]XLIIRHSJXLI MRXVSHYGXMSRXLIVIMWRSHSYFXEFSYXXLIXSTMGSJXLIWTIIGL &IWYVIXSGLIGO [MXL]SYVMRWXVYGXSVXSWII[LEXOMRHSJTVIZMI[WXEXIQIRXLISVWLITVIJIVWJSV XLIMRXVSHYGXSV]WTIIGL %JXIV KIXXMRK XLI EYHMIRGItW EXXIRXMSR ERH VIZIEPMRK ]SYV XSTMG ]SY EVI VIEH]XSQSZIMRXSXLIFSH]SJ]SYVWTIIGL-RWSQIWTIIGLIWXLIFSH]WIIQW XSSVKERM^IMXWIPJ-J]SYLEZIFIIREWWMKRIHXSXIPPEWXSV]EFSYXEWMKRMJMGERX I\TIVMIRGIMR]SYVPMJI]SY[MPPVIPEXIXLIIZIRXWGLVSRSPSKMGEPP]MRXLISVHIV XLI]SGGYVVIH &YXRSXEPPWTIIGLIWJSPPS[WYGLEJSVQEX7YTTSWI]SYLEZIFIIREWOIHXS KMZI E TVIWIRXEXMSR MRXVSHYGMRK E GPEWWQEXI =SY GSYPH SVKERM^I XLI QSWX MQTSVXERX FMSKVETLMGEP JEGXW EFSYX ]SYV WYFNIGX MR GLVSRSPSKMGEP SVHIV FYX XLMWQMKLXVIWYPXMREHYPPWYTIVJMGMEPWTIIGL q-R %PMGME[EWFSVRMR'PIZI PERHEXXIRHIH/MRK)PIQIRXEV]7GLSSPJVSQ XSERHKVEHYEXIHJVSQ 7SYXL,MKL7GLSSPMR r %FIXXIV[E]SJWXVYGXYVMRK]SYVVIQEVOWQMKLXFIXSHMWGYWWXLVIISJXLI QSWXMQTSVXERXEWTIGXWSJ%PMGMEtWPMJIWYGLEWLSFFMIWGEVIIVKSEPWERHJEQ MP] 8LMW MW GEPPIH XLI XSTMGEP QIXLSH SJ SVKERM^EXMSR [LMGL WYFHMZMHIW XLI WTIIGLXSTMGMRXSMXWREXYVEPPSKMGEPSVGSRZIRXMSREPTEVXW%PXLSYKLXLIVIEVI QER]SXLIV[E]WXSSVKERM^IEWTIIGL]SYVJMVWXTVIWIRXEXMSR[MPPTVSFEFP]YWI IMXLIVGLVSRSPSKMGEPSVXSTMGEPSVHIV 6IKEVHPIWWSJXLIQIXLSHSJSVKERM^EXMSR]SYYWIVIQIQFIVXSPMQMXXLI RYQFIVSJQEMRTSMRXWMRXLIFSH]SJ]SYVWTIIGL-REX[SQMRYXITVIWIRXE XMSR]SY[SRtXLEZIXMQIXSHIZIPSTQSVIXLERX[SSVXLVIIQEMRTSMRXW 3RGI ]SY LEZI WIPIGXIH XLSWI TSMRXW QEOI WYVI IEGL SRI JSGYWIW SR E WMRKPIEWTIGXSJXLIXSTMG*SVI\EQTPIMJ]SYVJMVWXTSMRXGSRGIVRW]SYVGPEWW QEXItW LSQIXS[R HSRtX MRXVSHYGI MVVIPIZERX MRJSVQEXMSR EFSYX LIV NSF SV JEZSVMXIQYWMG7EZIXLMWQEXIVMEPJSVEWITEVEXITSMRXSVGYXMX 8V]XSQEOI]SYVQEMRTSMRXWWXERHSYXF]MRXVSHYGMRKIEGL[MXLEXVERWM XMSRWXEXIQIRX-REWTIIGLMRXVSHYGMRKEGPEWWQEXI]SYQMKLXFIKMRXLIJMVWX QEMRTSMRXF]WE]MRK
6MGStWJEQMP]QSZIHEKVIEXHIEPXLVSYKLSYXLMWGLMPHLSSH
;LIR]SYVIEGLXLIWIGSRHTSMRX]SYQMKLXMRXVSHYGIMXPMOIXLMW 1SZMRKEPSXPIHXS6MGStWSYXKSMRKREXYVIERHGSRJMHIRGIMRQEOMRKJVMIRHW-RJEGX LILEWJVMIRHWEPPEVSYRHXLI[SVPH[MXL[LSQLIGSVVIWTSRHWVIKYPEVP]SZIVIQEMP
=SYLEZIRS[PIX]SYVEYHMIRGIORS[XLEXXLIJMVWXQEMRTSMRXMWSZIVERHXLEX ]SY EVI WXEVXMRK XLI WIGSRH SRI 8LI XLMVH QEMR TSMRX QMKLX FIKMR EW JSPPS[W
%44)2(-< +-:-2+=396*-67874))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
'SVVIWTSRHMRK[MXLTISTPIEPPSZIVXLI[SVPHMWQSVIXLERNYWXELSFF]JSV6MGSWMRGI LIMWQENSVMRKMRMRXIVREXMSREPVIPEXMSRW
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tQRSXXLIQSWXKVEGIJYPSVJIQMRMRITIVWSR#7S [LEXMJ-HSRtXTSWWIWWEPPXLI[SRHIVJYPGLEVEGXIVMWXMGWSJ/M]SQM#-EQWXMPPQIhRSXEGLEV EGXIVMRETPE]=IXF]TPE]MRKXLEXGLEVEGXIV-PIEVRIHSRISJXLIQSWXMQTSVXERXPIWWSRWSJ Q]PMJI-PIEVRIHXLEXF]FIGSQMRKE[SQER[LSRIZIV[EW-FIGEQITVSYHSJ[LS-EQ
GSRRIGXPYGEWGSQ :MI[XLIIRHMRKSJq/M]SQM ERH1IrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWETTIRHM\ :MHIS'PMT%
8LI JMREP PMRIW FVMRK XLI WTIIGL XS E HVEQEXMG GPSWI ERH YRHIVWGSVI [L] XLI I\TIVMIRGISJTPE]MRK/M]SQM[EWWSMQTSVXERXXSXLIWTIEOIV
(IPMZIVMRK=SYV7TIIGL
3RGI ]SY LEZI WIPIGXIH E WYFNIGX ERH SVKERM^IH XLI GSRXIRX MRXS E GPIEV WXVYGXYVIMXMWXMQIXS[SVOSRXLIHIPMZIV]SJ]SYVWTIIGL&IGEYWIXLMWMW]SYV JMVWXWTIIGLSJXLIXIVQRSSRII\TIGXW]SYXSKMZIETIVJIGXP]TSPMWLIHTVIWIR XEXMSR=SYVEMQMWXSHSEW[IPPEWTSWWMFPI[LMPIEPWSPE]MRKEJSYRHEXMSR]SY GER FYMPH YTSR MR PEXIV WTIIGLIW ;MXL XLMW MWQMRH[ItPP PSSO FVMIJP]EX XLI I\XIQTSVERISYWQIXLSHSJWTIIGLHIPMZIV]XLIMQTSVXERGISJVILIEVWMRK]SYV WTIIGLERHWSQISJXLIQENSVJEGXSVWXSGSRWMHIV[LIRWTIIGLHE]EVVMZIW
74)%/-2+)<8)1436%2)3970= =SY QMKLX FI MRGPMRIH EW EVI QER] FIKMRRMRK WTIEOIVW XS [VMXI SYX ]SYV WTIIGL PMOI ER IWWE] ERH VIEH MX [SVH JSV [SVH XS ]SYV PMWXIRIVW 8LI SXLIV I\XVIQIMWXSTVITEVIZIV]PMXXPIJSVXLIWTIIGLhXS[MRKMXF]XVYWXMRKXS]SYV [MXWERHXLIMRWTMVEXMSRSJXLIQSQIRX2IMXLIVETTVSEGLMWETTVSTVMEXI 1SWX I\TIVXW VIGSQQIRH WTIEOMRK I\XIQTSVERISYWP] [LMGL GSQFMRIW XLI GEVIJYP TVITEVEXMSR ERH WXVYGXYVI SJ E QERYWGVMTX TVIWIRXEXMSR [MXL XLI WTSRXERIMX] ERH IRXLYWMEWQ SJ ER YRVILIEVWIH XEPO =SYV EMQ MR ER I\XIQTSVERISYWWTIIGLMWXSTPER]SYVQENSVTSMRXWERHWYTTSVXMRKQEXIVMEP [MXLSYXXV]MRKXSQIQSVM^IXLITVIGMWIPERKYEKI]SY[MPPYWISRXLIHE]SJXLI WTIIGL 8LI I\XIQTSVERISYW QIXLSH VIUYMVIW ]SY XS ORS[ XLI GSRXIRX SJ ]SYV WTIIGLUYMXI[IPP-RJEGX[LIR]SYYWIXLMWQIXLSHTVSTIVP]]SYFIGSQIWS JEQMPMEV[MXLXLIWYFWXERGISJ]SYVXEPOXLEX]SYRIIHSRP]EJI[FVMIJRSXIWXS VIQMRH]SYSJXLITSMRXW]SYMRXIRHXSGSZIV8LIRSXIWWLSYPHGSRWMWXSJOI]
(IPMZIVMRK=SYV7TIIGL
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq%,IEVX ;SVRSR1],ERHrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMT%
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
[SVHW SV TLVEWIW VEXLIV XLER GSQTPIXI WIRXIRGIW ERH TEVEKVETLW 8LMW [E] [LIR]SYEVIMRJVSRXSJXLIEYHMIRGI]SY[MPPXIPPXLIQ[LEX]SYORS[EFSYX XLIXSTMGMR]SYVS[R[SVHW 4VITEVI]SYVRSXIWF][VMXMRKSVTVMRXMRKOI]XIVQWERHTLVEWIWSRMRHI\ GEVHWSVWLIIXWSJTETIV7SQIMRWXVYGXSVWVIUYMVIWXYHIRXWXSYWIMRHI\GEVHW FIGEYWIXLI]EVIWQEPPERHYRSFXVYWMZIHSRtXVYWXPISVJPSTSZIVERHGERFI LIPH MR SRI LERH [LMGL EPPS[W XLI WTIEOIV XS KIWXYVI QSVI IEWMP] 3XLIV XIEGLIVWVIGSQQIRHWLIIXWSJTETIVFIGEYWI]SYGERKIXQSVIMRJSVQEXMSRSR XLIQERHFIGEYWIMXMWIEWMIVXSTVMRXSYXGSQTYXIVJMPIWSRTETIV-J]SYEVI YRWYVI[LEX]SYVMRWXVYGXSVTVIJIVWEWO[IPPFIJSVI]SYVWTIIGLMWHYI ;LIXLIV]SYYWIMRHI\GEVHWSVWLIIXWSJTETIV]SYVRSXIWWLSYPHFIPEVKI IRSYKLXSVIEHGPIEVP]EXEVQtWPIRKXL1ER]I\TIVMIRGIHWTIEOIVWHSYFPISV XVMTPIWTEGIXLIMVRSXIWFIGEYWIXLMWQEOIWXLIQIEWMIVXSWIIEXEKPERGI;VMXI SVTVMRXSRSRP]SRIWMHISJXLIMRHI\GEVHSVTETIVERHYWIXLIJI[IWXRSXIW ]SYGERQEREKIERHWXMPPTVIWIRXXLIWTIIGLJPYIRXP]ERHGSRJMHIRXP] =SYGERWIIERI\EQTPISJI\XIQTSVERISYWHIPMZIV]SR:MHIS'PMT%MR XLISRPMRI1IHME0MFVEV]JSVXLMWETTIRHM\8LIWXYHIRXMWKMZMRKEWTIIGLSJ WIPJMRXVSHYGXMSR YWMRK E TIVWSREP SFNIGXhMR XLMW GEWI E WSJXFEPP KPSZIhXS I\TPEMR WSQIXLMRK MQTSVXERX EFSYX LIVWIPJ %W ]SY ZMI[ XLI I\GIVTX RSXMGI XLEX IZIR XLSYKL XLI WTIEOIVtW TSMRXW EVI [IPP TPERRIH WLI MW RSX XMIH XS E QERYWGVMTX;LIRXEPOMRKEFSYXLIVKPSZIWLIWIXWHS[RLIVRSXIWERHTSMRXW XSXLMRKWSRXLIKPSZIXLEXVIJPIGXHMJJIVIRXEWTIGXWSJLIVPMJI%PPXLI[LMPIWLI WTIEOWHMVIGXP]XSLIVGPEWWQEXIWERHQEOIWWXVSRKI]IGSRXEGX[MXLXLIQ %X JMVWX MX QE] WIIQ ZIV] HIQERHMRK XS HIPMZIV E WTIIGL I\XIQTSVERI SYWP] -R JEGX XLSYKL ]SY YWI XLI I\XIQTSVERISYW QIXLSH MR IZIV]HE] GSRZIVWEXMSR (S ]SY VIEH JVSQ E QERYWGVMTX [LIR ]SY XIPP ]SYVJVMIRHW ER EQYWMRKWXSV]#3JGSYVWIRSX=SYVIGEPPXLIIWWIRXMEPHIXEMPWSJ]SYVWXSV]ERH XIPP XLI XEPI XS HMJJIVIRX JVMIRHW SR HMJJIVIRX SGGEWMSRW YWMRK WSQI[LEX HMJJIVIRXPERKYEKIIEGLXMQI=SYJIIPVIPE\IHERHGSRJMHIRX[MXL]SYVJVMIRHW WS]SYNYWXXIPPXLIQ[LEXMWSR]SYVQMRHMREGSRZIVWEXMSREPXSRI8V]XSHS XLIWEQIXLMRKMR]SYVWTIIGL
6),)%67-2+8,)74))', ;LIR]SY[EXGLEXVYP]IJJIGXMZII\XIQTSVERISYWWTIEOIVXLIWTIIGLGSQIW SYXWSWQSSXLP]XLEXMXWIIQWEPQSWXIJJSVXPIWW-RJEGXXLEXWQSSXLHIPMZIV]MW XLIVIWYPXSJEKVIEXHIEPSJTVEGXMGI%W]SYVWTIIGLGSYVWITVSKVIWWIW]SY[MPP KEMR QSVI I\TIVMIRGI ERH [MPP FIGSQI QSVI GSQJSVXEFPI HIPMZIVMRK ]SYV WTIIGLIWI\XIQTSVERISYWP] 8LI JMVWX XMQI ]SY VILIEVWI ]SYV MRXVSHYGXSV] WTIIGL LS[IZIV ]SY [MPP TVSFEFP] WXVYKKPI ;SVHW QE] RSX GSQI IEWMP] ERH ]SY QE] JSVKIX WSQI XLMRKW ]SY TPERRIH XSWE] (SRtX FIGSQIHMWGSYVEKIH/IIT KSMRK ERH GSQ TPIXIXLIWTIIGLEW[IPPEW]SYGER'SRGIRXVEXISRKEMRMRKGSRXVSPSJXLIMHIEW VEXLIV XLER SR XV]MRK XS PIEVR XLI WTIIGL [SVH JSV [SVH =SY [MPP MQTVSZI IZIV]XMQI]SYTVEGXMGI *SVXLMWETTVSEGLXS[SVO]SYQYWXVILIEVWIXLIWTIIGLSYXPSYH0SSOMRK WMPIRXP]SZIV]SYVRSXIWMWRSXIRSYKL7TIEOMRKXLI[SVHWEPSYH[MPPLIPT]SY QEWXIV XLI GSRXIRX SJ ]SYV XEPO 3RGI ]SY LEZI E JEMVP] KSSH KVEWT SJ XLI WTIIGLEWOJVMIRHWSVJEQMP]QIQFIVWXSPMWXIRERHXSKMZIGSRWXVYGXMZIJIIH FEGO(SRtXFIWL]EFSYXEWOMRK1SWXTISTPIPSZIXSKMZIXLIMVSTMRMSREFSYX WSQIXLMRKERHMXtWGVYGMEPXLEX]SYVILIEVWI[MXLEPMZIEYHMIRGIFIJSVITVI WIRXMRKXLIWTIIGLMRGPEWW
%44)2(-< +-:-2+=396*-67874))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%W]SYTVEGXMGIXMQI]SYVWTIIGLXSQEOIWYVIMXMWRIMXLIVXSSPSRKRSV XSSWLSVX &IGEYWISJRIVZIWQSWX TISTPIXEPOJEWXIVHYVMRKXLIMV JMVWXWTIIGL XLER [LIR XLI] TVEGXMGI MX ;LIR ]SY VILIEVWI EX LSQI QEOI GIVXEMR ]SYV WTIIGL VYRW WPMKLXP] PSRKIV XLER XLI QMRMQYQ XMQI PMQMX 8LEX [E] MJ ]SYV WTIEOMRKVEXIMRGVIEWIW[LIR]SYKIXMRJVSRXSJ]SYVGPEWWQEXIW]SYVWTIIGL [SRtXIRHYTFIMRKXSSWLSVX
46)7)28-2+8,)74))', ;LIR MX MW ]SYV XYVR XS WTIEO QSZI XS XLI JVSRX SJ XLI VSSQ ERH JEGI XLI EYHMIRGI%WWYQIEVIPE\IHFYXYTVMKLXTSWXYVI4PERX]SYVJIIXEFMXPIWWXLER WLSYPHIV[MHXLETEVXERHEPPS[]SYVEVQWXSLERKPSSWIP]F]]SYVWMHI%VVERKI ]SYVRSXIW FIJSVI ]SY WXEVX XSWTIEO 8LIRXEOIEQSQIRX XS PSSOSZIV]SYV EYHMIRGIERHXSWQMPI8LMW[MPPLIPT]SYIWXEFPMWLVETTSVX[MXL]SYVGPEWWQEXIW JVSQXLIWXEVX 3RGI]SYEVIMRXSXLIWTIIGLJIIPJVIIXSYWI]SYVLERHWXSKIWXYVIFYX HSRtXXV]XSTPEREPP]SYVKIWXYVIWELIEHSJXMQI-J]SYHSRtXRSVQEPP]YWI]SYV LERHWI\TVIWWMZIP]HYVMRKMRJSVQEPGSRZIVWEXMSRXLIR]SYWLSYPHRtXJIIPGSQ TIPPIHXSKIWXYVIEPSXHYVMRK]SYVWTIIGL;LEXIZIVKIWXYVIW]SYHSYWIWLSYPH JPS[REXYVEPP]JVSQ]SYVJIIPMRKW %FSZIEPPHSRtXPIX]SYVKIWXYVIWSVFSHMP]EGXMSRWHMWXVEGXPMWXIRIVWJVSQ ]SYVQIWWEKI(S]SYVFIWXXSEZSMHRIVZSYWQERRIVMWQWWYGLEWX[MWXMRK]SYV LEMV [VMRKMRK ]SYV LERHW WLMJXMRK ]SYV [IMKLX JVSQ SRI JSSX XS XLI SXLIV VSGOMRKFEGOERHJSVXLSVXETTMRK]SYVJMRKIVWSRXLIPIGXIVR2SQEXXIVLS[ RIVZSYW]SYJIIPXV]XSETTIEVGEPQERHVIPE\IH (YVMRK]SYVXEPOPSSOEX]SYVGPEWWQEXIWEWSJXIREW]SYGER3RISJXLI QENSVVIEWSRWJSVWTIEOMRKI\XIQTSVERISYWP]MWXSQEMRXEMRI]IGSRXEGX[MXL ]SYVEYHMIRGI-R]SYVS[RI\TIVMIRGI]SYORS[LS[QYGLQSVIMQTVIWWMZI EWTIEOIVMW[LIRWLISVLIPSSOWEXXLIEYHMIRGI[LMPIWTIEOMRK -J ]SY LEZI TVEGXMGIH XLI I\XIQTSVERISYW QIXLSH SJ HIPMZIV] ERH TVI TEVIH ]SYV RSXIW TVSTIVP] ]SY WLSYPH FI EFPI XS QEMRXEMR I]I GSRXEGX [MXL ]SYV EYHMIRGI QSWX SJ XLI XMQI &I WYVI XS PSSO XS XLI PIJX ERH VMKLX SJ XLI VSSQEW[IPPEWXLIGIRXIVERHEZSMHXLIXIQTXEXMSRXSWTIEOI\GPYWMZIP]XS SRI SV X[S W]QTEXLIXMG MRHMZMHYEPW ;LIR ]SY EVI JMRMWLIH WTIEOMRK ]SYV GPEWWQEXIWWLSYPHLEZIXLIMQTVIWWMSRXLEX]SYIWXEFPMWLIHETIVWSREPGSRRIG XMSR[MXLIEGLSJXLIQ 8V]XSYWI]SYVZSMGIEWI\TVIWWMZIP]EW]SY[SYPHMRRSVQEPGSRZIVWEXMSR 'SRGIRXVEXISRTVSNIGXMRKXSXLIFEGOSJXLIVSSQ ERH HIWTMXI]SYVRIVZIW JMKLX XLI XIQTXEXMSR XS VEGI XLVSYKL ]SYV WTIIGL -J ]SY QEOI E GSRWGMSYW IJJSVXXSWTIEOYTWPS[HS[RERHTVSNIGXGPIEVP]]SY[MPPFISRXLIVMKLXXVEGO XSERIJJIGXMZITVIWIRXEXMSR 0SSOJSVI\EQTPIEX:MHIS'PMT%MRXLISRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\ [LMGL TVIWIRXW I\GIVTXW JVSQ X[S MGI FVIEOIV WTIIGLIW 2IMXLIV WTIEOIVLEHXEOIRETYFPMGWTIEOMRKGPEWWFIJSVI]IXFSXLVSWIXSXLISGGEWMSR F] JSGYWMRKSR XLIFEWMG IPIQIRXWSJ HIPMZIV][ILEZINYWXHMWGYWWIH%W ]SY [EXGLXLIZMHISRSXMGILS[FSXLhHIWTMXIXLIMVRIVZSYWRIWWhGSRZI]EWIRWI SJTSMWIERHGSRJMHIRGIIWXEFPMWLWXVSRKI]IGSRXEGX[MXLXLIMVGPEWWQEXIWERH YWIXLII\XIQTSVERISYWQIXLSHSJHIPMZIV];SVOSRHSMRKXLIWEQIMR]SYV JMVWXWTIIGL *MREPP]EW[IWE[MR'LETXIVVIQIQFIVXLEXMXtWRSVQEPXSFIRIVZSYW FIJSVI HIPMZIVMRK E WTIIGL =SY GER HIEP [MXL ]SYV RIVZIW F] TVITEVMRK XLSVSYKLP] XLMROMRK TSWMXMZIP] ERH ZMWYEPM^MRK ]SYVWIPJ KMZMRK E WYGGIWWJYP
GSRRIGXPYGEWGSQ :MI[I\GIVTXWJVSQq6L]QIW [MXL3VERKIrERHq1]0MJI JVSQ8SIXS,IEHrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMT%
(IPMZIVMRK=SYV7TIIGL
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
7EQTPI7TIIGLIW[MXL'SQQIRXEV]
GSRRIGXPYGEWGSQ :MI[q4SX7SMP;EXIVrERH q&VSSOP]R6SEHWrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMTW% ERH%
8LI JSPPS[MRK TVIWIRXEXMSRW [IVI TVITEVIH F] WXYHIRXW MR FIKMRRMRK WTIIGL GPEWWIWEXXLI9RMZIVWMX]SJ;MWGSRWMR8LIJMVWXMWEWTIIGLSJWIPJMRXVSHYGXMSR XLI WIGSRH MW E WTIIGL MRXVSHYGMRK E GPEWWQEXI %W ]SY VIEH XLI WTIIGLIW RSXMGILS[GPIEVP]XLI]EVISVKERM^IHERHLS[GVIEXMZIP]XLI]EVIHIZIPSTIH =SYGER[EXGLXLIHIPMZIV]SJFSXLWTIIGLIWMRXLISRPMRI1IHME0MFVEV]JSV XLMWETTIRHM\
4SX7SMP;EXIV
'311)28%6=
74))',
8LI MRXVSHYGXMSR GETXYVIW EXXIRXMSR ERH VIZIEPWXLIXSTMG&]VIJIVVMRKXSELSYWITPERX ERH XLI IPIQIRXW MX RIIHW XS KVS[ XLI WTIEOIV TVSZMHIW E GVIEXMZI XSYGL XLEX VYRW XLVSYKL XLI IRXMVI WTIIGL 7LI IRHW XLI MRXVSHYGXMSRF]PMROMRKXLITPERXtWTSXWSMP ERH [EXIV XS LIV JEQMP] JVMIRHW ERH MRXIV IWXWXLIXLVIIQEMRTSMRXWWLI[MPPHMWGYWWMR XLIFSH]
8LSWISJ]SY[MXLEKVIIRXLYQFORS[XLEXELIEPXL]LSYWI TPERXPMOIXLMWSRIRIIHWERYQFIVSJXLMRKWXSKVS[MRGPYHMRK EKSSHTSXVMGLWSMPERHEHIUYEXI[EXIV8LITSXMWXLITPERXtW LSQIXLIGSQJSVXMRKTPEGI[LIVIMXKVS[WYT8LIWSMPKMZIW XLI TPERX RYXVMIRXW ERH LIPTW MXW VSSXW I\TERH ;EXIV MW XLI FEWMWSJEPPPMJIERHEPPS[WXLITPERXXSXLVMZI0MOIXLMWTPERXERH XLITSXWSMPERH[EXIVMXVIUYMVIWXSKVS[]SYGERKIXEWIRWI SJ Q] KVS[XL F] PSSOMRK EX Q] JEQMP] Q] JVMIRHW ERH Q] MRXIVIWXW
%44)2(-< +-:-2+=396*-67874))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)EGLQEMRTSMRXMRXLIFSH]MWGPIEVP]WXEXIH ERH HMWGYWWIH %W ]SY GER WII JVSQ XLI SRPMRIZMHISXLIWTIEOIVGSQQYRMGEXIWWMR GIVIP]ERH[MXLI\GIPPIRXI]IGSRXEGX
8LI TSX VITVIWIRXW Q] JEQMP] % TSX LSPHW XLI TPERX XSKIXLIVNYWXPMOIQ]JEQMP]LSPHWQIXSKIXLIV1]QSQERH HEHRSXSRP]KEZIQIPMJIFYXEPSZMRKLSQIXSKVS[YTMR-J -IZIVLEHEFEHHE]XLI]OITXQIJVSQJEPPMRKETEVX%WXLI TPERXTVSXIGXWXLIVSSXWERHXLIWSMPQ]JEQMP]TVSXIGXIHQI EW-KVI[XLVSYKLQ]GLMPHLSSH
8LIEWWMKRQIRXJSVXLMWWTIIGLVIUYMVIHWXY HIRXWXSYWIERSFNIGXXSMRXVSHYGIXLIQWIPZIW XS XLI GPEWW %W XLI WTIIGL TVSGIIHW RSXMGI LS[XLIWTIEOIVHSIWRSXJSGYWSRHIWGVMFMRK XLISFNIGXhMRXLMWGEWILIVLSYWITPERXhFYX SR LS[ XLI TPERX TVSZMHIW MRWMKLX MRXS XLI WTIEOIVLIVWIPJ
8LIWSMPVITVIWIRXWQ]JVMIRHW[LSLEZIWYTTSVXIHQIEW - FVERGLIH SYX MRXS RI[ I\TIVMIRGIW ,IVI SR GEQTYW Q] XLVIIFIWXJVMIRHWLEZILIPTIHQIEHNYWXXSGSPPIKIF]WLS[MRK QIEVSYRHF]MRXVSHYGMRKQIXSRI[TISTPIERHF]LIPTMRK QI [MXL Q] EWWMKRQIRXW 8LI] IRGSYVEKI QI XS JSPPS[ Q] HVIEQWERHEVIEP[E]W[MPPMRKXSSJJIVEHZMGI%WXLIRYXVMIRXW JVSQXLIWSMPJIIHXLITPERXQ]JVMIRHWLEZILIPTIHQIKVS[ ERHHIZIPST
8LIWTIEOIVGSQTPIXIWXLIFSH]F]QIRXMSR MRKWSQISJLIVMRXIVIWXW8LMWOMRHSJMRJSV QEXMSR MW EPQSWX EP[E]W TEVX SJ E WTIIGL SJ WIPJMRXVSHYGXMSR-XMWIJJIGXMZILIVIFIGEYWI SJ XLI MRZIRXMZI [E] MX MW [SZIR MRXS XLI SZIVEPPXLIQISJXLIWTIIGL
8LI [EXIV VITVIWIRXW Q] MRXIVIWXW ;MXLSYX [EXIV XLMW TPERX[SYPHXYVRFVS[RERHHYPPFYX[MXL[EXIVXLITPERXMW FVMKLX ERH JYPP SJ PMJI 0MOI [EXIV JSV XLMW TPERX Q] MRXIVIWXW LIPTQIJPSYVMWLVEXLIVXLER[MPX-LEZIEFVSEHVERKISJMRXIV IWXW MRGPYHMRK QYWMG EVX W[MQQMRK ERH [EXGLMRK QSZMIW 1]MRXIVIWXWQEOIQ]TIVWSREPGSPSVWQSVIZMFVERXERHEPPS[ QIXSFPSSQ
8LIWTIEOIVWYQQEVM^IWXLIQEMRTSMRXWSJ LIV WTIIGL ERH GSQTPIXIW XLI GSQTEVMWSR [MXLLIVLSYWITPERXF]WXEXMRKXLEXWLIMWRSX JMRMWLIH KVS[MRK 8LI JMREP WIRXIRGI XMIW IZIV]XLMRKXSKIXLIVERHIRHWXLIWTIIGLSR ETSWMXMZIRSXI
- [SYPHRtX FI [LS - EQ XSHE] [MXLSYX Q] JEQMP] Q] JVMIRHWERHQ]MRXIVIWXW&YXPMOIXLMWTPERX-WXMPPLEZIWSQI KVS[MRKXSHShQSVIXLMRKWXSPIEVRERHQSVIXLMRKWXSI\TI VMIRGI 0YGOMP] FIGEYWI SJ Q] S[R TSX WSMP ERH [EXIV -tQ GSRJMHIRX-[MPPFPSSQMRXSXLITIVWSR-[ERXXSFI
&VSSOP]R6SEHW
'311)28%6=
74))',
8LMWTEVEKVETLWIVZIWEWXLIWTIEOIVtWMRXVS HYGXMSR8LISTIRMRKUYSXEXMSRKEMRWEXXIR XMSR[LMPIXLIWIGSRHWIRXIRGIMHIRXMJMIWXLI GIRXVEPMHIEXLEX[MPPFIHIZIPSTIHMRXLIVIWX SJXLIWTIIGL
%W XLI TSIX ) ) 'YQQMRKW SRGI WEMH q8S FI RSFSH] FYX ]SYVWIPJ MR E [SVPH [LMGL MW HSMRK MXW FIWX HE] ERH RMKLX XS QEOI ]SY IZIV]FSH] IPWI QIERW XS JMKLX XLI LEVHIWX FEXXPI [LMGLER]LYQERFIMRKGERJMKLXr%WE]SYRKFS]]SYVGPEWW QEXI(ERR]QEHIETVSQMWIXSLMQWIPJXSJMKLXJSVLMWMRHMZMHY EPMX]ERHXSXLMWHE]LILEWRSXKMZIRYTSRXLEXTVSQMWI
8LIFSH]SJXLMWWTIIGLGSRXEMRWXLVIIQEMR TSMRXWIEGLSJ[LMGLHIEPW[MXLEREWTIGXSJ (ERR]tW MRHMZMHYEPMX] 8LI JMVWX JSGYWIW SR LMW FEGOKVSYRH ERH IEVP] IHYGEXMSR GYPQM REXMRK [MXL LMW HIWMVI XS FI XLI JMVWX MR LMW JEQMP]XSEXXIRHGSPPIKI
+VS[MRKYTMRETSZIVX]WXVMGOIR&VSSOP]RRIMKLFSVLSSH (ERR]LEHLSTIWSJQEOMRKLMWMRHMZMHYEPQEVOMRXLI[SVPH ,IWE[XLIWXVYKKPIWLMWTEVIRXWIRHYVIHFIGEYWIXLI]HMHRtX LEZI XLIWEQISTTSVXYRMXMIWEWOMHW XSHE] ;MXL LMWTEVIRXWt WYTTSVX LI ZIRXYVIH SYXWMHI &VSSOP]RXS 1ERLEXXER [LIVI LI EXXIRHIH KVEQQEVWGLSSPERH LMKLWGLSSP ;LMPIMR LMKL WGLSSP (ERR] HIGMHIH XLEX LI [ERXIH XS EXXIRH GSPPIKI WSQIXLMRKXLEXRIMXLIVSJLMWTEVIRXWLEHXLIGLERGIXSHS
7EQTPI7TIIGLIW[MXL'SQQIRXEV]
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8I\X
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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%PSRK [MXL GLSSWMRK E XSTMG ]SY RIIH XS HIXIVQMRI XLI KIRIVEP TYVTSWI SJ ]SYV WTIIGL 9WYEPP] MX [MPP JEPP MRXS SRI SJ X[S SZIVPETTMRK GEXIKSVMIWhXS MRJSVQSVXSTIVWYEHI ;LIR]SYVKIRIVEPTYVTSWIMWXSMRJSVQ ]SYEGXEWEXIEGLIVSVPIGXYVIV KIRIVEPTYVTSWI =SYVKSEPMWXSGSRZI]MRJSVQEXMSRGPIEVP]EGGYVEXIP]ERHMRXIVIWXMRKP]-J]SY 8LIFVSEHKSEPSJEWTIIGL HIWGVMFILS[XSPMJX[IMKLXWREVVEXIXLIQENSVIZIRXWSJXLIPEXIWX1MHHPI)EWX GVMWMW SV VITSVX SR ]SYV WSVSVMX]tW JMRERGMEP TSWMXMSR ]SY EVI WTIEOMRK XS MRJSVQ=SYVEMQMWXSIRLERGIXLIORS[PIHKIERHYRHIVWXERHMRKSJ]SYVPMW XIRIVWh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hXSKIXXLIQXSFIPMIZIWSQIXLMRKSVHSWSQIXLMRKEWEVIWYPXSJ]SYV WTIIGL -RWTIIGLGPEWWIWXLIKIRIVEPTYVTSWIMWYWYEPP]WTIGMJMIHEWTEVXSJXLI WTIIGLEWWMKRQIRX*SVWTIIGLIWSYXWMHIXLIGPEWWVSSQLS[IZIV]SYLEZI XSQEOIWYVISJ]SYVKIRIVEPTYVTSWI]SYVWIPJ9WYEPP]XLMWMWIEW]XSHS%VI ]SYKSMRKXSI\TPEMRVITSVXSVHIQSRWXVEXIWSQIXLMRK#8LIR]SYVKIRIVEP TYVTSWIMWXSMRJSVQ%VI]SYKSMRKXSWIPPEHZSGEXISVHIJIRHWSQIXLMRK# 8LIR]SYVKIRIVEPTYVTSWIMWXSTIVWYEHI&YXRSQEXXIV[LEXXLIWMXYEXMSR ]SYQYWXFIGIVXEMRSJI\EGXP][LEX]SYLSTIXSEGLMIZIF]WTIEOMRK
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tW I\TIVMIRGI LEH KMZIR
WTIGMJMGTYVTSWI %WMRKPIMRJMRMXMZITLVEWIXLEX WXEXIWTVIGMWIP][LEXEWTIEOIV LSTIWXSEGGSQTPMWLMRLMWSV LIVWTIIGL
(IXIVQMRMRKXLI7TIGMJMG4YVTSWI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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8-47*36*36190%8-2+8,)74)'-*-'496437)78%8)1)28 *SVQYPEXMRKEWTIGMJMGTYVTSWIMWXLIQSWXMQTSVXERXIEVP]WXITMRHIZIPSTMRK EWYGGIWWJYPWTIIGL;LIR[VMXMRK]SYVTYVTSWIWXEXIQIRXJSPPS[XLIKIRIVEP TVMRGMTPIWSYXPMRIHSRXLIJSPPS[MRKTEKIW
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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7IPIGXMRKE8STMGERHE 4YVTSWI
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8LI1G+VE[n,MPP 'SQTERMIW
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7IPIGXMRKE8STMGERHE 4YVTSWI
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
/)=8)617
XSTMG
WTIGMJMGTYVTSWI
FVEMRWXSVQMRK
GIRXVEPMHIE
KIRIVEPTYVTSWI
VIWMHYEPQIWWEKI
/I]8IVQW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEX JSYV FVEMRWXSVQMRK QIXLSHW GER ]SY JSPPS[ MJ ]SY EVI LEZMRK XVSYFPI GLSSWMRKEXSTMGJSV]SYVWTIIGL# ;LEX EVIXLI X[SKIRIVEP TYVTSWIW SJ QSWX GPEWWVSSQ WTIIGLIW#,S[HSXLI] HMJJIV# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;L]MWHIXIVQMRMRKXLIWTIGMJMGTYVTSWIWYGLERMQTSVXERXIEVP]WXITMRWTIIGL TVITEVEXMSR#;L]MWMXMQTSVXERXXSMRGPYHIXLIEYHMIRGIMRXLIWTIGMJMGTYVTSWI WXEXIQIRX# ;LEXEVIJMZIXMTWJSVJSVQYPEXMRK]SYVWTIGMJMGTYVTSWI# ;LEXEVIJMZIUYIWXMSRWXSEWOEFSYX]SYVWTIGMJMGTYVTSWI# ;LEX MW XLI HMJJIVIRGI FIX[IIR XLI WTIGMJMG TYVTSWI ERH XLI GIRXVEP MHIE SJ E WTIIGL#;LEXEVIJSYVKYMHIPMRIWJSVERIJJIGXMZIGIRXVEPMHIE#
)<)6'-7)7*36'6-8-'%08,-2/-2+ 9WMRK SRISJ XLI JSYV FVEMRWXSVQMRK QIXLSHW HIWGVMFIHMRXLMW GLETXIV GSQI YT[MXLXLVIIXSTMGW]SYQMKLXPMOIXSHIEP[MXLMR]SYVRI\XGPEWWVSSQWTIIGL *SVIEGLXSTMGHIZMWIX[STSWWMFPIWTIGMJMGTYVTSWIWXEXIQIRXWWYMXEFPIJSVXLI WTIIGLEWWMKRQIRX1EOIWYVIXLIWTIGMJMGTYVTSWIWXEXIQIRXWJMXXLIKYMHIPMRIW HMWGYWWIHMRXLIGLETXIV &IPS[MWEPMWXSJRMRIXSTMGW'LSSWIXLVIIERHJSVIEGLSJXLIXLVIIGSQTSWI X[S WTIGMJMG TYVTSWI WXEXIQIRXWhSRI WYMXEFPI JSV ER MRJSVQEXMZI WTIIGL ERH SRIWYMXEFPIJSVETIVWYEWMZIWTIIGL )\EQTPI 8STMG -RJSVQEXMZI
7GLSSPFYWIW
4IVWYEWMZI
8STIVWYEHIQ]EYHMIRGIXLEXXLIJIHIVEPKSZIVRQIRXWLSYPHMQTSWI WXVSRKIVWEJIX]WXERHEVHWJSVWGLSSPFYWIWMRXLI9RMXIH7XEXIW
IHYGEXMSR
8SMRJSVQQ]EYHMIRGISJXLIHERKIVSYWGSRHMXMSRWSJQER]WGLSSP FYWIWMRXLI9RMXIH7XEXIW
XIGLRSPSK]
GVMQI
WTSVXW
TSPMXMGW
TVINYHMGI
WGMIRGI
QYWMG
LIEPXL
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
',%48)6 7)0)'8-2+%834-'%2(%496437)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
&IPS[EVIXLVIIWIXWSJQEMRTSMRXWJSVWTIIGLIW*SVIEGLWIXWYTTP]XLIKIRIVEP TYVTSWIWTIGMJMGTYVTSWIERHGIRXVEPMHIE +IRIVEP4YVTSWI 7TIGMJMG4YVTSWI 'IRXVEP-HIE 1EMR4SMRXW
- =SYWLSYPHWXYH]EFVSEHFIGEYWIMX[MPPIRLERGI]SYV TIVWSREPHIZIPSTQIRX -- = SYWLSYPHWXYH]EFVSEHFIGEYWIMX[MPPIRLERGI]SYV EGEHIQMGHIZIPSTQIRX --- =SYWLSYPHWXYH]EFVSEHFIGEYWIMX[MPPIRLERGI]SYVGEVIIV HIZIPSTQIRX
+IRIVEP4YVTSWI 7TIGMJMG4YVTSWI 'IRXVEP-HIE 1EMR4SMRXW
- 8LIJMVWXWXITMRKIXXMRKEXEXXSSMWWLEZMRKERHWXIVMPM^MRK XLIWOMR -- 8 LIWIGSRHWXITMRKIXXMRKEXEXXSSMWSYXPMRMRKXLIHIWMKR --- 8LIXLMVHWXITMRKIXXMRKEXEXXSSMWETTP]MRKTMKQIRXWXSXLI HIWMKR -: 8LIJSYVXLWXITMRKIXXMRKEXEXXSSMWWXIVMPM^MRKERHFERHEK MRKXLIXEXXSS
+IRIVEP4YVTSWI 7TIGMJMG4YVTSWI 'IRXVEP-HIE 1EMR4SMRXW
- %WE[VMXIV8LSQEW.IJJIVWSRTIRRIHXLI(IGPEVEXMSRSJ -RHITIRHIRGIERH2SXIWSRXLI7XEXISJ:MVKMRME -- %W4VIWMHIRX8LSQEW.IJJIVWSRRIKSXMEXIHXLI0SYMWMERE 4YVGLEWIERHETTVSZIHXLI0I[MWERH'PEVOI\TIHMXMSR --- %WEREVGLMXIGX8LSQEW.IJJIVWSRHIWMKRIH1SRXMGIPPSERH XLI9RMZIVWMX]SJ:MVKMRME
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
=SYV GSQQYRMGEXMSR HIKVII LEW LIPTIH ]SY PERH E NSF EW WTSOIWTIVWSR JSV XLI QE]SVSJEQIHMYQWM^IHGMX]SRXLI;IWX'SEWX%]IEVEJXIVWXEVXMRKXLINSF]SY EVIWIPIGXIHXSSVKERM^IERMRJSVQEXMSRGEQTEMKRI\TPEMRMRKXLIFIRIJMXWSJERI[ ]SYXLGIRXIVTVSTSWIHF]XLIQE]SV 8SPEYRGLXLMWGEQTEMKR]SYtZIHIGMHIHXSLSPHERI[WFVMIJMRKEXXLIIRHSJ XLI [IIO 8SSTIR XLI FVMIJMRK]SY[MPP TVIWIRXE WLSVX WIX SJ GSQQIRXW SR XLI QE]SVtWMRMXMEXMZI=SYHIGMHIXSJSGYWSRJSYVFIRIJMXWSJXLI]SYXLGIRXIV -X [MPP SJJIV E VERKI SJ EGXMZMXMIWhJVSQ WTSVXW XS XLI EVXWhMR E WEJI IRZMVSRQIRX -X[MPPTVSZMHIWSGMEPRIX[SVOWJSV]SYXLWJVSQEPP[EPOWSJPMJI -X[MPPSTIVEXI QSWXLSYVWSJXLIHE]ERHRMKLX -X[MPPFIJVIIERHSTIRXSIZIV]SRI *SPPS[MRK XLIJSVQEX YWIH MR XLMW GLETXIV WXEXIXLIKIRIVEP TYVTSWI WTIGMJMG TYVTSWIGIRXVEPMHIEERHQEMRTSMRXWSJ]SYVGSQQIRXW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
%REP]^MRKXLI%YHMIRGI %YHMIRGI'IRXIVIHRIWW =SYV'PEWWQEXIWEWER%YHMIRGI 8LI4W]GLSPSK]SJ%YHMIRGIW (IQSKVETLMG%YHMIRGI%REP]WMW %KI +IRHIV 7I\YEP3VMIRXEXMSR 6EGMEP)XLRMGERH'YPXYVEP&EGOKVSYRH 6IPMKMSR +VSYT1IQFIVWLMT
7MXYEXMSREP%YHMIRGI%REP]WMW 7M^I 4L]WMGEP7IXXMRK (MWTSWMXMSR8S[EVHXLI8STMG (MWTSWMXMSR8S[EVHXLI7TIEOIV (MWTSWMXMSR8S[EVHXLI3GGEWMSR
+IXXMRK-RJSVQEXMSR%FSYXXLI%YHMIRGI %HETXMRKXSXLI%YHMIRGI %YHMIRGI%HETXEXMSR&IJSVIXLI7TIIGL %YHMIRGI%HETXEXMSR(YVMRKXLI7TIIGL
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
R XLI QMHWX SJ XLI LIEXIH GEQTEMKR JSV XLI (IQSGVEXMG TVIWMHIRXMEP RSQMREXMSR &EVEGO3FEQEJEGIHSRISJXLIFMKKIWXGLEPPIRKIWSJLMWTSPMXMGEPGEVIIV,MWJSVQIVQMR MWXIV.IVIQMEL;VMKLXLEHQEHIGSRXVSZIVWMEPVEGMEPP]GLEVKIHGSQQIRXWXLEXGMVGYPEXIH [MHIP]MRXLIREXMSREPQIHME7YHHIRP]3FEQE[EWJSVGIHXSHIEP[MXL;VMKLXt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qQSZI FI]SRH WSQISJSYVSPHVEGMEP[SYRHWERHGSRXMRYISRXLITEXLSJEQSVITIVJIGXYRMSRr 8LIWTIIGLKEVRIVIHEPQSWXYRMZIVWEPTVEMWIEGVSWWXLITSPMXMGEPWTIGXVYQ3FEQE[EW LEMPIHJSVLMWGETEGMX]XSqPIEHTYFPMGSTMRMSRrF]I\TPEMRMRKMWWYIWqWSFSXLWMHIWGERWII IEGL SXLIVtW TSMRX SJ ZMI[r ,I TYWLIH XLI REXMSR qXS QSZI FI]SRH VEGI ERH KIRHIV FI]SRH(IQSGVEXERH6ITYFPMGERFI]SRHTSPMXMGWERHMRXSVIZMZMRKXLIWTMVMXSJXLIREXMSR MXWIPJr-X[EWF]ER]QIEWYVIEWXVMOMRKEGLMIZIQIRX
-
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ&EVEGO 3FEQEtWq%1SVI4IVJIGX 9RMSRrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS 'PMT
%YHMIRGI'IRXIVIHRIWW EYHMIRGIGIRXIVIHRIWW /IITMRKXLIEYHMIRGIJSVIQSWX MRQMRHEXIZIV]WXITSJWTIIGL TVITEVEXMSRERHTVIWIRXEXMSR
3FEQEtWWTIIGLTSMRXWYTERMQTSVXERXJEGX +SSHTYFPMGWTIEOIVWEVIEYHMIRGI GIRXIVIH8LI]ORS[XLITVMQEV]TYVTSWISJWTIIGLQEOMRKMWRSXXSFVS[FIEX XLIEYHMIRGISVXSFPS[SJJWXIEQ6EXLIVMXMWXSKEMREHIWMVIHVIWTSRWIJVSQ PMWXIRIVW &EVEGO 3FEQEtW TYVTSWI MR LMW WTIIGL [EW XS KEMR E JEZSVEFPI VIWTSRWI JVSQ XLI QENSV KVSYTW MR LMW EYHMIRGI ,I HMH XLEX F] TVIWIRXMRK LMQWIPJERHLMWMHIEWMR[E]WXLEXGSRRIGXIH[MXLXLIEYHMIRGIt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hWIPIGXMRK E XSTMG HIXIVQMRMRK E WTIGMJMG TYVTSWI WIXXPMRK SR ]SYV QEMR TSMRXW ERH WYTTSVXMRK QEXIVMEPW SVKERM^MRK XLI QIWWEKI ERH JMREPP] HIPMZIVMRKXLIWTIIGL -RQER][E]WEHETXMRKXSEREYHMIRGIHYVMRKETYFPMGWTIIGLMWRSXQYGL HMJJIVIRX JVSQ [LEX ]SY HS MR ]SYV HEMP] WSGMEP GSRXEGXW *I[ TISTPI [SYPH [EPO MRXS E TEVX] ERH ERRSYRGI q=SY ORS[ XLSWI TISTPI TVSXIWXMRK EX XLI EHQMRMWXVEXMSRFYMPHMRKEVI[E]SZIVXLIIHKIr 4ISTPIYWYEPP]TVIJIVXSSTIRGSRXVSZIVWMEPXSTMGW[MXLEJEMVP]RSRGSQQMX XEPTSWMXMSR=SYQMKLXWE]q;LEXtWKSMRKSREXXLIEHQMRMWXVEXMSRFYMPHMRK#r
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIR[LIR]SYLEZILIEVHERHTVSGIWWIH]SYVGSQTERMSRtWVIWTSRWI]SYGER TVIWIRX]SYVTSWMXMSREGGSVHMRKP] =SYHSRtXLEZIXSEKVII[MXLEZMI[TSMRX HMJJIVIRXJVSQ]SYVS[RFYXRIMXLIVHS]SYLEZIXSLMX]SYVPMWXIRIVWSZIVXLI LIEH[MXL]SYVS[RSTMRMSR )JJIGXMZIWTIEOIVWWIIOXSGVIEXIEFSRH[MXLXLIMVPMWXIRIVWF]IQTLEWM^MRK GSQQSR ZEPYIW KSEPW ERH I\TIVMIRGIW 'SQQYRMGEXMSR WGLSPEVW GEPP XLMW TVSGIWWMHIRXMJMGEXMSR&EVEGO3FEQEGVIEXIHMHIRXMJMGEXMSR[MXLLMWEYHMIRGIF] WLS[MRKLS[LMWTIVWSREPI\TIVMIRGIVIJPIGXIHFSXL%QIVMGEtWXVSYFPIHVEGMEP LMWXSV]ERHXLITVSQMWISJEFVMKLXIVXSQSVVS[q;IQE]RSXPSSOXLIWEQI ERH[IQE]RSXLEZIGSQIJVSQXLIWEQITPEGIrLIWXEXIHqFYX[IEPP[ERX XS QSZI MR XLI WEQI HMVIGXMSRhXS[EVHW E FIXXIV JYXYVI JSV SYV GLMPHVIR ERH SYVKVERHGLMPHVIRr ;LIR]SYQEOIEWTIIGLIMXLIVMRGPEWWSVMRWSQISXLIVJSVYQOIITMR QMRHXLIRIIHXSFIEYHMIRGIGIRXIVIH8LMROMREHZERGIEFSYX]SYVPMWXIRIVWt FEGOKVSYRHERHMRXIVIWXWEFSYXXLIMVPIZIPSJORS[PIHKIVIKEVHMRKXLIWTIIGL XSTMG ERH EFSYX XLIMV EXXMXYHIW VIKEVHMRK ]SYV WXERGI SR XLI XSTMG %W ]SY HIZIPSTXLIWTIIGL[SVOSRI\TPEMRMRK]SYVMHIEWWSXLI][MPPFIGPIEVMRXIV IWXMRKERHTIVWYEWMZIXSXLIEYHMIRGI %X XLMW TSMRX ]SY QE] FI RSHHMRK ]SYV LIEH ERH WE]MRK q3J GSYVWI IZIV]SRI ORS[W XLEX -XtW SRP] GSQQSR WIRWIr &YX ORS[MRK E TVIGITX ERH TYXXMRKMXMRXSTVEGXMGIEVIX[SHMJJIVIRXQEXXIVW8LIEMQSJXLMWGLETXIVMWXS MRXVSHYGI XLI FEWMG TVMRGMTPIW SJ EYHMIRGI EREP]WMW ERH EHETXMSR 'LETXIVW i[MPPHIEP[MXLXLSWIJIEXYVIWSJEYHMIRGIEREP]WMWYRMUYIXSMRJSVQEXMZI ERHTIVWYEWMZIWTIEOMRK
MHIRXMJMGEXMSR %TVSGIWWMR[LMGLWTIEOIVW WIIOXSGVIEXIEFSRH[MXLXLI EYHMIRGIF]IQTLEWM^MRK GSQQSRZEPYIWKSEPWERH I\TIVMIRGIW
=SYV'PEWWQEXIWEWER%YHMIRGI
8LIVI MW E XIRHIRG]hEQSRK WXYHIRXW ERH XIEGLIVW EPMOIhXS ZMI[ XLI GPEWW VSSQEW EREVXMJMGMEPWTIEOMRKWMXYEXMSR-RE[E]MXMW =SYVWTIIGLGPEWWMWE XIWXMRKKVSYRH[LIVI]SYGERHIZIPST]SYVGSQQYRMGEXMSRWOMPPWFIJSVIETTP] MRKXLIQSYXWMHIXLIGPEWWVSSQ8LIQSWXWIVMSYWQIEWYVISJWYGGIWWSVJEMPYVI MW]SYVKVEHIERHXLEXMWHIXIVQMRIHYPXMQEXIP]F]]SYVXIEGLIV &IGEYWISJXLMWMXMWIEW]XSPSWIWMKLXSJ]SYVJIPPS[WXYHIRXWEWEREYXLIR XMGEYHMIRGI&YXIEGLSJ]SYVGPEWWQEXIWMWEVIEPTIVWSR[MXLVIEPMHIEWEXXM XYHIW ERH JIIPMRKW =SYV WTIIGL GPEWW SJJIVW ER IRSVQSYW STTSVXYRMX] XS MRJSVQ ERH TIVWYEHI SXLIV TISTPI %W SRI WXYHIRX [VSXI SR LIV IZEPYEXMSR JSVQ EX XLI IRH SJ LIV WTIIGL GPEWW q- XLSYKLX XLI WTIIGLIW [SYPH EPP FI TLSR] FYX XLI] [IVIRtX -tZI RSX SRP] PIEVRIH E PSX EFSYX WTIEOMRKh-tZI PIEVRIHEPSXEFSYXSXLIVXLMRKWJVSQPMWXIRMRKXSXLIWTIIGLIWMRGPEWWr 8LIFIWXGPEWWVSSQWTIIGLIWEVIXLSWIXLEXXEOIXLIGPEWWVSSQEYHMIRGIEW WIVMSYWP]EWEPE[]IVETSPMXMGMEREQMRMWXIVSVEREHZIVXMWIVXEOIWEREYHMIRGI =SYWLSYPHGSRWMHIVIZIV]EYHMIRGIhMRWMHIXLIGPEWWVSSQERHSYXhEW[SVXL] SJ ]SYV FIWX IJJSVXW XS GSQQYRMGEXI ]SYV ORS[PIHKI SV GSRZMGXMSRW %X XLI PIEWX ]SY WLS[ VIWTIGX JSV ]SYV PMWXIRIVW %X XLI QSWX ]SY GSYPH QEOI E VIEP HMJJIVIRGIMRXLIMVPMZIW8LIJSPPS[MRKWXSV]HIQSRWXVEXIWXLIPEXXIV 'V]WXEP ;EXOMRW KEZI ER MRJSVQEXMZI WTIIGL SR XLI WYFNIGX SJ WQEPP GPEMQW GSYVX [LIVISVHMREV]TISTPIGERTVIWWPE[WYMXWMRZSPZMRKYTXS[MXLSYXPE[]IVW4EVXSJ LIVWTIIGL[IRXPMOIXLMW q-XtWX[S[IIOWEJXIV]SYLEZIQSZIHMRXSERI[ETEVXQIRX% PIXXIVEVVMZIWJVSQ]SYVSPHPERHPSVH)\TIGXMRKXSKIXFEGO]SYVWIGYVMX]HITSWMX]SY
=SYV'PEWWQEXIWEWER%YHMIRGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
NS]JYPP] XIEV STIR XLI IRZIPSTI -RWMHI MW E JSVQ PIXXIV I\TPEMRMRK [L] ]SYV WIGYVMX] HI TSWMXMWRSXFIMRKVIJYRHIH;LEXGER]SYHSEFSYXMX#2SXLMRKVMKLX#;VSRK=SYGER JMPIEGPEMQMRWQEPPGPEMQWGSYVXr 0II'EPPE[E]SRISJ'V]WXEPtWGPEWWQEXIWTEMHGPSWIEXXIRXMSR%XXLIIRHSJXLITVI ZMSYW XIVQ LI LEH VYR MRXS E WMXYEXMSR NYWX PMOI XLI SRI 'V]WXEP HIWGVMFIH 2SX LEZMRK QSRI]XSLMVIEPE[]IVLIEWWYQIHLI[SYPHLEZIXSJSVJIMXLMWWIGYVMX]HITSWMX&YXRS[ EWLIPMWXIRIHXS'V]WXEPtWWTIIGL0IIHIGMHIHLI[SYPHXV]XSKIXLMWQSRI]FEGOMRWQEPP GPEMQWGSYVX,I JMPIHWYMXXLIRI\X[IIOERH[MXLMREQSRXLLI LEHLMW QSRI]FEGOh XLEROWMRTEVXXSLMWGPEWWQEXItWWTIIGL
1SWXSJ]SYVGPEWWVSSQWTIIGLIW[SRtXLEZIXLMWQYGLMQQIHMEXIMQTEGX 2IZIVXLIPIWW ER] XSTMG XLEX ]SY LERHPI GSRWGMIRXMSYWP] GER MRJPYIRGI ]SYV PMWXIRIVWhGER IRVMGL XLIMV I\TIVMIRGI FVSEHIR XLIMV ORS[PIHKI TIVLETW GLERKIXLIMVZMI[WEFSYXWSQIXLMRKMQTSVXERX
8LI4W]GLSPSK]SJ%YHMIRGIW
IKSGIRXVMWQ 8LIXIRHIRG]SJTISTPIXSFI GSRGIVRIHEFSZIEPP[MXLXLIMV S[RZEPYIWFIPMIJWERH[IPP FIMRK
;LEXHS]SYHS[LIR]SYPMWXIRXSEWTIIGL#7SQIXMQIW]SYTE]GPSWIEXXIR XMSR EXSXLIVXMQIW]SYPIX]SYVXLSYKLXW[ERHIV4ISTPIQE]FIGSQTIPPIHXS EXXIRHEWTIIGLFYXRSSRIGERQEOIXLIQPMWXIR8LIWTIEOIVQYWXQEOIXLI EYHMIRGIGLSSWIXSTE]EXXIRXMSR )ZIR[LIRTISTPIHSTE]EXXIRXMSRXLI]HSRtXTVSGIWWEWTIEOIVtWQIW WEKI I\EGXP] EW XLI WTIEOIV MRXIRHW %YHMXSV] TIVGITXMSR MW EP[E]W WIPIGXMZI )ZIV] WTIIGL GSRXEMRW X[S QIWWEKIWhXLI SRI WIRX F] XLI WTIEOIV ERH XLI SRIVIGIMZIHF]XLIPMWXIRIV%W[IWE[MR'LETXIV[LEXEWTIEOIVWE]WMW JMPXIVIHXLVSYKLEPMWXIRIVtWJVEQISJVIJIVIRGIhXLIWYQSJLIVSVLMWRIIHW MRXIVIWXWI\TIGXEXMSRWORS[PIHKIERHI\TIVMIRGI%WEVIWYPX[IPMWXIRERH VIWTSRHXSWTIIGLIWRSXEWXLI]EVIFYXEW[IEVI3VXSFSVVS[JVSQ4EYP 7MQSRtW GPEWWMG WSRK q8LI &S\IVr TISTPI LIEV [LEX XLI] [ERX XS LIEV ERH HMWVIKEVHXLIVIWX ;LEX HS TISTPI [ERX XS LIEV# :IV] WMQTP] XLI] YWYEPP] [ERX XS LIEV EFSYXXLMRKWXLEXEVIQIERMRKJYPXSXLIQ4ISTPIEVIIKSGIRXVMG8LI]TE]GPSW IWXEXXIRXMSRXSQIWWEKIWXLEXEJJIGXXLIMVS[RZEPYIWFIPMIJWERH[IPPFIMRK 0MWXIRIVW ETTVSEGL WTIIGLIW [MXL SRI UYIWXMSR YTTIVQSWX MR QMRH q;L] MW XLMW MQTSVXERX XS QI#r %W ,EVV] )QIVWSR *SWHMGO XLI KVIEX TVIEGLIV SRGI WEMH q8LIVIMWRSXLMRKXLEXTISTPIEVIWSMRXIVIWXIHMREWXLIQWIPZIWXLIMVS[R TVSFPIQWERHXLI[E]XSWSPZIXLIQ8LEXJEGXMWXLITVMQEV]WXEVXMRKTSMRX SJEPPWYGGIWWJYPTYFPMGWTIEOMRKr ;LEX HS XLIWI TW]GLSPSKMGEP TVMRGMTPIW QIER XS ]SY EW E WTIEOIV# *MVWX XLI]QIER]SYVPMWXIRIVW[MPPLIEVERHNYHKI[LEX]SYWE]SRXLIFEWMWSJ[LEX XLI]EPVIEH]ORS[ERHFIPMIZI7IGSRHXLI]QIER]SYQYWXVIPEXI]SYVQIW WEKIXS]SYVPMWXIRIVWhWLS[LS[MXTIVXEMRWXSXLIQI\TPEMR[L]XLI]WLSYPH GEVIEFSYXMXEWQYGLEW]SYHS,IVItWERI\EQTPI % VIGIRX KVEHYEXI SJE PEVKI WXEXI YRMZIVWMX] 2ESQM 7TVMRKIV MW RS[ ER EHQMWWMSRW GSYRWIPSVJSVXLIWEQIWGLSSP4EVXSJLIVNSFMWXSXVEZIPXSLMKLWGLSSPWEVSYRHXLIWXEXI ERHIRGSYVEKIWXYHIRXWXSETTP]XSXLIYRMZIVWMX] 6IGIRXP] 2ESQMEHHVIWWIHEKVSYTSJTSXIRXMEPWXYHIRXWERH XLIMV TEVIRXW EX;IWX 6SGO ,MKL 7GLSSP QMPIW RSVXL SJ GEQTYW %W YWYEP WLI I\TPEMRIH XLI YRMZIVWMX]tW
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
+SSHWTIEOIVWEVIEYHMIRGI GIRXIVIH;LIXLIVWTIEOMRK JSVQEPP]SVMRJSVQEPP]XLI] PSSOJSVGVIEXMZI[E]WXSGSQ QYRMGEXIXLIMVMHIEWERHOIIT XLIMVEYHMIRGItWEXXIRXMSR
[SVPHGPEWW GSQTYXIV JEGMPMXMIW TVIWXMKMSYW JEGYPX] ERH [IPPJYRHIH PMFVEVMIW ,IV EYHM IRGILS[IZIVWIIQIHVIWXPIWWERHPIWWEXXIRXMZIXLERYWYEP;LIRWLISTIRIHXLIJPSSV JSV UYIWXMSRW MQQIHMEXIP] SRI SJ XLI TEVIRXW VEMWIH LMW LERH q=SYV JEGMPMXMIW EPP WIIQ MQTVIWWMZIrLIWEMHqFYX[LEXEVI]SYHSMRKXSOIITSYVOMHWLIEPXL]#r 2ESQMORI[[LEXXLITEVIRX[EWXEPOMRKEFSYX% QSRXL IEVPMIV XLVII WXYHIRXWMR XLIHSVQWLEHGSRXVEGXIHFEGXIVMEPQIRMRKMXMW8LIMPPRIWWIWVIGIMZIHREXMSREPQIHMEEXXIR XMSR ERH WTEVOIH HIFEXI SZIV WXYHIRX LIEPXL ERH XLI YRMZIVWMX]tW VIWTSRWMFMPMXMIW 2ESQM EWWYVIHLIVEYHMIRGIXLEXXLIYRMZIVWMX][EWXEOMRKEPPETTVSTVMEXIQIEWYVIWXSHIEP[MXL XLIWMXYEXMSRFYXWLIORI[WLI[SYPHRIIHXSQEOIWSQIGLERKIWFIJSVILIVRI\XTVI WIRXEXMSR % [IIO PEXIV EX ERSXLIV LMKL WGLSSP 2ESQM FIKER LIV WTIIGL F] XEGOPMRK XLI WXYHIRXLIEPXLMWWYILIEHSR q*SVRS[rWLIWEMHq-tQKSMRKXSVYWLTEWXSYV[SVPH GPEWW GSQTYXIV JEGMPMXMIW TVIWXMKMSYW JEGYPX] ERH WIGSRHXSRSRI PMFVEVMIW ERH KIX VMKLX XS[LEX -ORS[ MW SR EPP SJ ]SYV QMRHW 0IX QI FIKMR F] HIWGVMFMRK [LEX LET TIRIHPEWXQSRXLERHXLIR-tPPI\TPEMR[LEX[ItVIHSMRKXSOIITWXYHIRXWLIEPXL]ERH WEJIr-R EJI[QSQIRXWWLILEHIZIV]SRItWEXXIRXMSRERHLIV WTIIGL[EWSJJXSE KVIEXWXEVX
%W2ESQMtWI\TIVMIRGIWLS[W]SYRIIHWSQIKVEWTSJ[LEX]SYVPMWXIRIVW ORS[ FIPMIZI ERH GEVI EFSYX %W 7EYP %PMROW] XLI RSXIH GSQQYRMX] SVKE RM^IV EHZMWIW q4ISTPI SRP] YRHIVWXERH XLMRKW MR XIVQW SJ XLIMV I\TIVMIRGIr [LMGLQIERWXLEXXSGSQQYRMGEXI[MXLXLIQq]SYQYWXKIXMRWMHIXLIMVI\TI VMIRGIr 3JGSYVWI]SYGERtXEGXYEPP]KIXMRWMHIERSXLIVTIVWSRtWI\TIVMIRGI&YX ]SYGERPIEVRIRSYKLEFSYX]SYVEYHMIRGIXSORS[[LEX]SYWLSYPHHSXS QEOI ]SYV MHIEW GPIEV ERH QIERMRKJYP ,S[ ]SY GER HS XLMW MW SYV RI\X XSTMG
8LI4W]GLSPSK]SJ%YHMIRGIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
(IQSKVETLMG%YHMIRGI%REP]WMW
HIQSKVETLMGEYHMIRGI EREP]WMW %YHMIRGIEREP]WMWXLEXJSGYWIW SRHIQSKVETLMGJEGXSVWWYGLEW EKIKIRHIVVIPMKMSRWI\YEP SVMIRXEXMSRKVSYTQIQFIVWLMT ERHVEGMEPIXLRMGSVGYPXYVEP FEGOKVSYRH
WXIVISX]TMRK 'VIEXMRKERSZIVWMQTPMJMIH MQEKISJETEVXMGYPEVKVSYTSJ TISTPIYWYEPP]F]EWWYQMRK XLEXEPPQIQFIVWSJXLIKVSYT EVIEPMOI
3RISJXLI[E]WWTIEOIVWEREP]^IEYHMIRGIWMWF]PSSOMRKEXHIQSKVETLMGXVEMXW WYGL EW EKI KIRHIV WI\YEP SVMIRXEXMSR VIPMKMSR KVSYT QIQFIVWLMT VEGMEP IXLRMGSVGYPXYVEPFEGOKVSYRH ERHXLIPMOI8LMWMWGEPPIHHIQSKVETLMGEYHMIRGI EREP]WMW-XGSRWMWXWSJX[SWXITW MHIRXMJ]MRKXLIKIRIVEPHIQSKVETLMGJIE XYVIWSJ]SYVEYHMIRGIERH KEYKMRKXLIMQTSVXERGISJXLSWIJIEXYVIWXSE TEVXMGYPEVWTIEOMRKWMXYEXMSR ;LMPIHIQSKVETLMGEYHMIRGIEREP]WMWGERFIEYWIJYPXSSPMRYRHIVWXERH MRK ]SYV EYHMIRGI PMOI EPP XSSPW MX GER FI YWIH MQTVSTIVP] ;LIR EREP]^MRK HIQSKVETLMG MRJSVQEXMSR EFSYX ]SYV EYHMIRGI MX MW IWWIRXMEP XLEX ]SY EZSMH WXIVISX]TMRK7XIVISX]TMRKMRZSPZIWGVIEXMRKERSZIVWMQTPMJMIHMQEKISJETEV XMGYPEVKVSYTSJTISTPIYWYEPP]F]EWWYQMRKXLEXEPPQIQFIVWSJXLIKVSYTEVI EPMOI)\EQTPIWSJWXIVISX]TMRKMRGPYHIXLIIVVSRISYWRSXMSRWXLEXEPP%JVMGER %QIVMGERW EVI EXLPIXMG SV XLEX EPP %WMERW I\GIP MR WGMIRGI 0SSOMRK EX HIQS KVETLMGJEGXSVWGERTVSZMHIMQTSVXERXGPYIWEFSYX]SYVEYHMIRGIFYX]SYQYWX YWIXLSWIJEGXSVWTVYHIRXP]ERHVIWTSRWMFP] -REHHMXMSREW[IWLEPPWIIPEXIVMRXLMWGLETXIV]SYWLSYPHEP[E]WGSQ FMRI ]SYV HIQSKVETLMG EYHMIRGI EREP]WMW [MXL WMXYEXMSREP EYHMIRGI EREP]WMW 8LI MQTSVXERGI SJ ER] KMZIR HIQSKVETLMG JEGXSV [MPP ZEV] JVSQ EYHMIRGI XS EYHMIRGIHITIRHMRKSRXLISGGEWMSRERHXLIWTIIGLXSTMG-J]SYOIITXLMWMR QMRHHIQSKVETLMGEREP]WMWGERFIEZEPYEFPIWXEVXMRKTSMRXMRKEYKMRK]SYV EYHMIRGItW FEGOKVSYRH MRXIVIWXW ZEPYIW ERH FIPMIJW ,IVI EVI E JI[ SJ XLI QENSVHIQSKVETLMGJEGXSVW]SYWLSYPHGSRWMHIV
%+) %VI]SYEQIQFIVSJ+IRIVEXMSR<#+IRIVEXMSR=#+IRIVEXMSR/#%VI]SY X[IRX]WSQIXLMRKSVXLMVX]WSQIXLMRK#8SWSQII\XIRXSJGSYVWIXLIWIEVI QIVIP] PEFIPW 8LIVI MW RS KIRIVEXMSR MR [LMGL IZIV]SRI XLMROW EPMOI FY]W XLIWEQITVSHYGXWSVZSXIWJSVXLIWEQITSPMXMGEPGERHMHEXIW=IXEW%VMWXSXPI RSXIHEPQSWX]IEVWEKSERHEWVIWIEVGLIVWLEZIGSRJMVQIHQER]XMQIW WMRGI JI[ XLMRKW EJJIGX E TIVWSRtW SYXPSSO QSVI XLER LMW SV LIV EKI )EGL KIRIVEXMSRLEWQSVISVPIWWGSQQSRZEPYIWERHI\TIVMIRGIWXLEXWIXMXETEVX JVSQ SXLIV KIRIVEXMSRW ;LEXIZIV ]SYV EKI ]SY EVI E TVSHYGX SJ ]SYV [SVPH =SYGERWII[LEXXLMWQIERWJSV]SYVWTIIGLIW7YTTSWI]SYEHHVIWWER EYHMIRGISJSPHIVTISTPI-J]SYVIJIVXS/E]RI;IWX0MP;E]RISV6MLERRE ]SYVEYHMIRGIQE]LEZIRSMHIE[LS]SYQIER7MQMPEVP]MJ]SYWTIEOXSER EYHMIRGISJ]SYRKEHYPXWERHGEWYEPP]QIRXMSRXLI8IXSJJIRWMZI ERMQTSV XERXGEQTEMKRSJXLI:MIXREQ;EV XLI]QE]RSXORS[[LEX]SYEVIXEPOMRK EFSYX)ZIRMJ]SYRKIVPMWXIRIVWHSVIGSKRM^IXLIREQIMX[MPPRSXTVSHYGIXLI WEQI IQSXMSREP EWWSGMEXMSRW EW MR TISTPI [LS PMZIH XLVSYKL XLI [EV MR :MIXREQ (ITIRHMRKSRXLIGSQTSWMXMSRSJ]SYVWTIIGLGPEWW]SYQE]JEGIEREYHM IRGIXLEXMWQSWXP]MRXLIMVPEXIXIIRWERHIEVP]X[IRXMIW-JWS]SYGEREWWYQI EGSQQSR PIZIPSJ EKII\TIVMIRGI 3RXLISXLIVLERHTIVGIRXSJ GSPPIKI WXYHIRXWXSHE]EVIEKISVSPHIVERHQER]GPEWWVSSQWMRGPYHIWXYHIRXWMR XLIMVXLMVXMIWJSVXMIWJMJXMIWERHFI]SRH=SYQE]XLIRLEZIXSXEGOPIX[SSV XLVII KIRIVEXMSRW 8LMW [MPP KMZI ]SY KSSH TVEGXMGI JSV WTIIGLIW SYXWMHI XLI GPEWWVSSQ[LIVIEKIMWYWYEPP]EQENSVJEGXSVMREYHMIRGIEREP]WMW
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
+)2()6 &IR%TTPIF][EWWYVILILEHHSRI[IPPMRLMWMRXIVZMI[WJSVETSWMXMSREWEWEPIWVITVIWIR XEXMZI[MXLEQENSVTLEVQEGIYXMGEPGSQTER]8LILMVMRKGSQQMXXIIXLSYKLXWSXSSERH XLI]MRZMXIHLMQFEGOJSVEJMREPMRXIVZMI[[LIVILI[SYPHTVIWIRXEXLVIIQMRYXIWTIIGL I\TPEMRMRK[L]LI[EWXLIFIWXTIVWSRJSVXLINSF-J&IR[EWKSMRKXSWIPPXLIGSQTER]tW TVSHYGXWXLIGSQQMXXIIORI[LI[SYPHRIIHWXVSRKTVIWIRXEXMSRWOMPPW (YVMRK LMW WTIIGL &IR XEPOIH EFSYX LMW UYEPMJMGEXMSRW LMW [SVO IXLMG ERH [L] LI [SYPHFIEZEPYEFPIEHHMXMSRXSXLIGSQTER]-RGSRGPYHMRKLIWEMH q1]EMQ[MPPFIXS QEOI WYVI TL]WMGMERW EVI XLSVSYKLP] MRJSVQIH EFSYX XLI FIRIJMXW SJ SYV TVSHYGXW 8LI HSGXSV[MPPLEZIEPPXLIMRJSVQEXMSRLIRIIHWXSQEOIWYVILMWTEXMIRXWKIXXLIFIWXQIHM GEXMSRWEZEMPEFPI-X[SYPHFIERLSRSVXS[SVOJSVXLMWGSQTER]ERHXSORS[-EQQEOMRK EWQEPPGSRXVMFYXMSRXSLIPTMRKXLIHSGXSVHSXLIFIWXLIGERJSVLMWTEXMIRXWr ;LIR LI JMRMWLIH XLI GSQQMXXII ETTPEYHIH FYX E GSYTPI QIQFIVW WIIQIH PIWW IRXLYWMEWXMGXLER&IRLEHLSTIH8LIJSPPS[MRK[IIOLIJSYRHSYX[L]8LIGLEMVSJXLI GSQQMXXIIGEPPIHXSXIPPLMQXLEXLIKSXXLINSF&YXWLIEHHIHE[SVHSJGEYXMSR q;I PSZIH]SYVTVIWIRXEXMSRFYX[I[ERXXSVIQMRH]SYXSFIGEVIJYPEFSYXLS[]SYVIJIVXS SYVGYWXSQIVW1SVIXLERTIVGIRXSJEPPHSGXSVWEVI[SQIRERHMRJMIPHWWYGLEWTIHM EXVMGWXLIRYQFIVMWSZIVTIVGIRX8LIJIQEPIHSGXSVW]SYtPPFIGEPPMRKSR[SYPHFIZIV] WYVTVMWIHXSFIVIJIVVIHXSEWLIr
%W &IR VIEPM^IH LI [EW JSVXYREXI XLEX XLI LMVMRK GSQQMXXII XLSYKLX IRSYKLSJLMQXSKMZILMQXLINSFHIWTMXILMWKEJJI:SGEXMSREPHMWXMRGXMSRW FIX[IIRXLIWI\IWLEZIFIIRIVSHMRKJSVQER]]IEVW;SQIR[SVOEWHSG XSVW VYR GSVTSVEXMSRW IRPMWX MR XLI EVQIH JSVGIW ERH WIVZI EW GSPPIKI EXL PIXMG HMVIGXSVW 1IR [SVO EW VIGITXMSRMWXW RYVWIW JPMKLX EXXIRHERXW ERH HE]GEVIEXXIRHERXW-REHHMXMSRXLIqX]TMGEPrGSQTSWMXMSRSJEYHMIRGIWLEW GLERKIH %X SRI XMQI GMZMG KVSYTW WYGL EW /M[ERMW ERH 6SXEV] GPYFW [IVI EPPQEPI 8SHE] QSWX LEZI WM^EFPI GSRXMRKIRXW SJ [SQIR 4EVIRX EWWSGME XMSRW [LMGL [IVI SRGI GSQTSWIH EPQSWX WSPIP] SJ [SQIR RS[ MRGPYHI TPIRX]SJMRXIVIWXIHJEXLIVW7TIEOIVW[LSJEMPXSXEOIEGGSYRXSJWYGLJEGXSVW EVIEPQSWXGIVXEMRXSTVSZSOIRIKEXMZIVIEGXMSRWEQSRKWSQIPMWXIRIVWQEPI ERHJIQEPIEPMOI %XXLIWEQIXMQIMXMWMQTSVXERXXSVIGSKRM^IXLEXQIRERH[SQIREVI RSX EPMOI MR EPP XLIMV ZEPYIW ERH FIPMIJW ;LIR MX GSQIW XS TSPMXMGW JSV MRWXERGI%QIVMGER[SQIRXIRHXSFIQSVIGSRGIVRIHEFSYXMWWYIWWYGLEW IHYGEXMSR LIEPXL GEVI ERH WSGMEP NYWXMGI [LIVIEW QIR XIRH XS WXVIWW IGS RSQMGW ERH REXMSREP WIGYVMX] &YX OIIT MR QMRH XLEX XLIWI EVI KIRIVEPM^E XMSRW8LIVIEVIPSXWSJ[SQIR[LSFIPMIZIXLEXREXMSREPWIGYVMX]GSQIWJMVWX NYWXEWXLIVIEVITPIRX]SJQIR [LSKMZITVMSVMX]XSWSGMEPMWWYIW%REWXYXI WTIEOIV[MPPFIIUYEPP]EXXYRIHXSXLIHMJJIVIRGIWERHXLIWMQMPEVMXMIWFIX[IIR XLIWI\IW
7)<9%036-)28%8-32 4LMPMT;EVHTVIWMHIRXSJEQENSVIRKMRIIVMRKJMVQ[EWLSWXMRKLMWERRYEPE[EVHWFERUYIX XSVIGSKRM^ISYXWXERHMRKIQTPS]IIW%JXIVTVIWIRXMRKEPPXLITPEUYIWERHGLIGOWLIWEMH q2S[XLEX[ILEZILSRSVIHXLIWIJMRITISTPIJSVXLIMVGEVIIVERHGSQQYRMX]EGGSQTPMWL QIRXW - [SYPHPMOI XS XEOI E QSQIRX XS VIGSKRM^I XLI WTSYWIW ERH TEVXRIVW [LS LEZI WYTTSVXIHXLIMVI\GITXMSREPIJJSVXWr8LIVSSQJMPPIH[MXLETTPEYWI %JXIVXLIGIVIQSR];EVHQEHILMW[E]EVSYRHXLIVSSQWLEOMRKLERHWERHGLEXXMRK [MXL E[EVH [MRRIVW q- [ERX XS GSRKVEXYPEXI ]SY EKEMR SR ]SYV WYTIVMSV HIWMKR JSV XLI ,SYWXSR[EXIVTVSNIGXrLIWEMHXS.SERRI*MX^TEXVMGO
(IQSKVETLMG%YHMIRGI%REP]WMW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LI-RXIVRIXMWVMGLMRVIWSYVGIWXLEXGERLIPTWTIEOIVW[MXLHIQSKVETLMGEYHMIRGI EREP]WMW % KSSH WXEVXMRK TSMRX JSV EGGIWWMRK XLSWI VIWSYVGIW MW =ELSS 6IKMSREP LXXT HMV]ELSSGSQ6IKMSREP'SYRXVMIW [LMGL TVSZMHIW PMROW XS GSYRXVMIW EVSYRHXLI[SVPH*SVVIPMKMSYWMRJSVQEXMSRGLIGOXLI4I[*SVYQSR6IPMKMSRERH 4YFPMG0MJI [[[TI[JSVYQSVK
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
=SYGERPIEVREKVIEXHIEPF]WIIMRKLS[I\TIVMIRGIHTYFPMGWTIEOIVWHIEP[MXL EYHMIRGI EREP]WMW ERH EHETXEXMSR % XIVVMJMG ;IF WMXI JSV XLMW TYVTSWI MW +MJXW SJ 7TIIGL ;SQIRtW7TIIGLIWJVSQ%VSYRHXLI;SVPH LXXT KSWWFGIHY [LIVI ]SY[MPPJMRHQSVIXLERWTIIGLIWF]MRJPYIRXMEPGSRXIQTSVEV][SQIR
q8LERO]SYJSVXLIE[EVHr.SERRIVITPMIHq%RH-EPWS[ERXXSXLERO]SYJSVFIMRK WIRWMXMZIXSXLIJEGXXLEXQER]SJYW EVIWYTTSVXIH F]TEVXRIVWEW [IPPEWF]WTSYWIW-X VIEPP]QIERXEPSXXS.YPMIERHQIXSJIIPVIGSKRM^IHERHMRGPYHIHr
%W ER I\TIVMIRGIH WTIEOIV ERH WYGGIWWJYP FYWMRIWWTIVWSR 4LMPMT ;EVH MW [IPPE[EVISJXLIRIIHMRGSRXIQTSVEV]WSGMIX]XSEHETXXSLMWEYHMIRGISRXLI FEWMWSJWI\YEPSVMIRXEXMSR&]QIRXMSRMRKqTEVXRIVWrEW[IPPEWqWTSYWIWrLI XSSOERMRGPYWMZIWXERGIEGORS[PIHKMRKXLIJEGXXLEXGSYTPIWGERFIWEQIWI\ SVSTTSWMXIWI\QEVVMIHSVYRQEVVMIH2SQEXXIV[LEXSRItWEXXMXYHIXS[EVH KE]W PIWFMERW SV LIXIVSWI\YEPW EYHMIRGIGIRXIVIH WTIEOIVW EVI EPIVX XS LS[ XLIMVQIWWEKIW[MPPFIVIGIMZIHF]TISTPISJZEVMSYWWI\YEPSVMIRXEXMSRW ;LIR]SY[SVOSR]SYVWTIIGLIWOIITERI]ISYXJSVPERKYEKII\EQTPIW ERHSXLIVIPIQIRXWXLEXQE]YRMRXIRXMSREPP]I\GPYHIPMWXIRIVW[MXLWEQIWI\ TEVXRIVW*SVI\EQTPIMREWTIIGLEFSYXJMRERGMEPTPERRMRKVEXLIVXLERWE]MRK qQSWXSJYWLSTIXSKVEHYEXIJMRHEKSSHNSFERHKIXQEVVMIHr]SYGSYPHWE] qQSWXSJYWLSTIXSKVEHYEXIKIXEKSSHNSFERHJMRHEPMJITEVXRIVr =SY WLSYPH EPWS FI EPIVX XS WYFXPIYWIW SJ PERKYEKI [MXLVIKEVH XS WI\YEP SVMIRXEXMSR8LIPEFIPqLSQSWI\YEPrJSVI\EQTPIMWGSRWMHIVIHHIVSKEXSV]F] PIWFMERW ERH KE] QIR 7S EVI VIJIVIRGIW XS E KE] SV PIWFMER qPMJIWX]PIr 7YGL VIJIVIRGIWEVIEPWSMREGGYVEXIFIGEYWIXLI]MQTP]XLEXEPPKE]WERHPIWFMERWPMZI XLIWEQI[E].YWXEWXLIVIMWRSWMRKPILIXIVSWI\YEPPMJIWX]PIXLIVIMWRSWMRKPI PIWFMERSVKE]PMJIWX]PI =SYQE]FIMRGPMRIHXSHMWQMWWXLIWIWYKKIWXMSRWEWQIVIP]ERSXLIVJSVQ SJTSPMXMGEPGSVVIGXRIWW FYX NYWX EWEYHMIRGIWSJXIRMRGPYHITISTPISJ ZEV]MRK EKIW VEGIW ERH VIPMKMSRW WS XSS HS XLI] GSRXEMR TISTPI SJ HMJJIVIRX WI\YEP SVMIRXEXMSRW)JJIGXMZITYFPMGWTIEOIVWXEOIEPPXLIWIHIQSKVETLMGJEGXSVWMRXS EGGSYRX[LIRTVITEVMRKXLIMVVIQEVOW
6%'-%0)8,2-'%2('90896%0&%'/+6392( %W[IWE[MR'LETXIVXLI9RMXIH7XEXIWLEWPSRKFIIREQYPXMGYPXYVEPWSGMIX] 4STYPEXIH SVMKMREPP] F] 2EXMZI %QIVMGERW ERH XLIR F] MQQMKVERXW JVSQ EPP SZIV XLI [SVPH MX MW XSHE] E QYPXMVEGMEP QYPXMIXLRMG GSYRXV] SJ YRQEXGLIH HMZIVWMX]8LIQENSVMX]SJ%QIVMGERWWYTTSVXXLMWHMZIVWMX]EWETSWMXMZIHIZIP STQIRX MR XSHE]tW KPSFEPM^IH [SVPH %XXMXYHIW EFSYX VEGI ERH IXLRMGMX] EVI UYMXIHMJJIVIRXJVSQ[LEXXLI][IVIIZIREJI[HIGEHIWEKS 9RHIVWXERHMRK XLSWI EXXMXYHIW MW GVYGMEP JSV WTIEOIVW [LIXLIV XLI] EVI EHHVIWWMRK E QM\IHVEGI EYHMIRGI SV SRI [MXL PMXXPI ETTEVIRX VEGMEP HMZIVWMX]
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
(IQSKVETLMGEYHMIRGIEREP] WMWMWZMXEPXSWYGGIWWJYPTYFPMG WTIEOMRKMRER]WMXYEXMSR,IVI 977IGVIXEV]SJXLI8VIEWYV] ,IRV]14EYPWSR.VEHHVIWWIW EFYWMRIWWEYHMIRGIMRXLI 9RMXIH%VEF)QMVEXIW
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tWJMRERGIGSQQMXXIIHYVMRKLIVGEQTEMKR EKEMRWX&EVEGO3FEQEJSVXLI(IQSGVEXMGTVIWMHIRXMEPRSQMREXMSR-R1EVGLSJXLEX]IEV *IVVEVSQEHIEWTIIGLEXEGYPXYVEPGIRXIVMR8SVVERGI'EPMJSVRME%JXIV[EVHWLIKVERXIH ERMRXIVZMI[XSEVITSVXIVJVSQEPSGEPRI[WTETIVMR[LMGLWLIGSQQIRXIH q-J3FEQE [EWE[LMXIQERLI[SYPHRSXFIMRXLMWTSWMXMSR%RHMJLI[EWE[SQERSJER]GSPSV LI[SYPHRSXFIMRXLMWTSWMXMSR,ILETTIRWXSFIZIV]PYGO]XSFI[LSLIMWr ;MXLMR HE]W XLI REXMSREP TVIWW LEH TMGOIH YT XLI WXSV] 3FEQE GEPPIH *IVVEVStW VIQEVOWqHMZMWMZIrERH'PMRXSRWEMHMX[EWqVIKVIXXEFPIXLEXER]SJSYVWYTTSVXIVWWE] XLMRKWXLEXOMRHSJZIIVSJJMRXSXLITIVWSREPr*IVVEVS[EWYRETSPSKIXMGGPEMQMRKXLEXLIV VIQEVOW[IVIEWMQTPIWXEXIQIRXSJJEGX8LI][IVIMRXIVTVIXIHLS[IZIVEWQIERMRKXLEX 3FEQE[EW [MRRMRKXLIGEQTEMKRRSXFIGEYWISJLMW EGLMIZIQIRXWFYXFIGEYWISJLMW VEGI 2SX[MXLWXERHMRK *IVVEVStW PSRK VIGSVH EW E WYTTSVXIV SJ IUYEP VMKLXW JSV %JVMGER %QIVMGERWWLI[EWJSVGIHXSVIWMKRLIVVSPIMRXLI'PMRXSRGEQTEMKR
*IVVEVStWJEXIMPPYWXVEXIWLS[MQTSVXERXMXMWJSVWTIEOIVWXSFIWIRWMXMZIXS MWWYIWSJVEGIIXLRMGMX]ERHGYPXYVEPFEGOKVSYRH;LEXIZIV*IVVEVSQIERXF] LIV VIQEVOW XLI] HEQEKIH LIV VITYXEXMSR ERH WXVYGO WSQI SFWIVZIVW EW qE G]RMGEPIJJSVXXSQEOI3FEQEtWVEGIERMWWYIrMRXLIGEQTEMKR -REHHMXMSRXSOIITMRKMRQMRHKIRIVEPEXXMXYHIWEFSYXVEGIERHIXLRMGMX] TYFPMG WTIEOIVW RIIH XS GSRWMHIV LS[ VEGMEP IXLRMG ERH GYPXYVEP HMJJIVIRGIW EQSRK EYHMIRGI QIQFIVW QMKLX EJJIGX XLIMV VIEGXMSRW XS E WTIIGL (IWTMXI XLIMV WMQMPEVMXMIW EW %QIVMGERW TISTPI SJ )YVSTIER HIWGIRX FPEGOW 0EXMRSW
(IQSKVETLMG%YHMIRGI%REP]WMW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%WMERW ERH QER] SXLIVW LEZI HMJJIVIRX GYWXSQW ERH FIPMIJW XLEX QE] FIEV YTSR ]SYVWTIIGLXSTMG &IGEYWI[IPMZIMREREKISJKPSFEPM^EXMSR ]SYQE] EPWSJMRH]SYVWIPJEHHVIWWMRKPMWXIRIVWJVSQGSYRXVMIWSXLIVXLER]SYVS[R 8LIJMVWXWXITXSFIMRKWYGGIWWJYPMRWYGLWMXYEXMSRWMWXSVIGSKRM^IXLEXWSQI SJ ]SYV PMWXIRIVW QE] MRHIIH LEZI VEGMEP IXLRMG SV GYPXYVEP TIVWTIGXMZIW XLEX [MPPEJJIGXXLIMVEXXMXYHIWXS[EVH]SYVWTIIGLXSTMG8LIWIGSRHWXITMWXSXV]XS HIXIVQMRI [LEX XLSWI TIVWTIGXMZIW EVI ERH LS[ XLI] EVI PMOIP] XS EJJIGX XLI EYHMIRGItWVIWTSRWIXS]SYVQIWWEKI8LIXLMVHWXITMWXSEHNYWX]SYVWTIIGLWS MX [MPP FI EW GPIEV WYMXEFPI ERH GSRZMRGMRK EW TSWWMFPI 2S QEXXIV [LS XLI WTIEOIVRSQEXXIV[LEXXLISGGEWMSREHETXMRKXSTISTPISJHMZIVWIVEGMEPIXL RMGERHGYPXYVEPFEGOKVSYRHWMWEZMXEPEWTIGXSJXLIEVXSJTYFPMGWTIEOMRK
6)0-+-32 6YWWIPP1MHHPIXSRXLIHMVIGXSVSJXLIXS[RtWTYFPMGPMFVEV][EWHIPMKLXIHXSFIMRZMXIHXS EHHVIWWLMWPSGEPGMZMGEWWSGMEXMSR,IRIIHIHZSPYRXIIVWXSLIPTTEMRXXLIVIEHMRKVSSQW ERHLIJIPXWYVILIGSYPHVIGVYMXWSQIJVSQXLIEWWSGMEXMSR 3RXLIIZIRMRKSJLMWWTIIGL6YWWIPPI\TPEMRIHXLITEMRXMRKTVSNIGXQEOMRKWTIGMEP QIRXMSRSJXLIJEGXXLEXER]SRI[LSZSPYRXIIVIH[SYPHLIPTXLIPMFVEV]WEZIQSRI]JSV QSVIFSSOWERHFIXXIVTVSKVEQWq1SWXSJSYV[SVO[MPPFISR7EXYVHE]WrLIWEMHq;I QMKLXEPWS [SVOMR XLI IZIRMRKSV QE]FISR E7YRHE]EJXIVRSSR &YXHSRtX[SVV] ;I [SRtX[SVOSR7YRHE]QSVRMRKFIGEYWIXLEXtW[LIRIZIV]SRI[MPPFIEXGLYVGLr,IJMR MWLIHF]EWOMRKZSPYRXIIVWXSWMKRYTSREGPMTFSEVHRIEVXLIHSSV %XXLIIRHSJXLIIZIRMRK6YWWIPP[EWTPIEWIHXSWIITPIRX]SJREQIWSRLMWGPMTFSEVH FYX LI EPWS JSYRH XLI JSPPS[MRK RSXI q1V 1MHHPIXSRr MX FIKER q]SYV TVSNIGX WIIQW I\GIPPIRX ERH - [MPP FITPIEWIH XS LIPT &YX- XLMRO]SY WLSYPH VIQIQFIVXLEX XLIVI EVI TISTPIMRXLMWGSQQYRMX][LSHSRSXKSXSGLYVGLSV[SVWLMTSR7YRHE]QSVRMRK-EQ 1YWPMQERHWSQISJXLITISTPIWMXXMRKRIEVQIEVI.I[MWL*SVXYREXIP]-LEHEGLERGIXS LIEVEFSYX]SYVTVSNIGXFIJSVIXLIGSQQIRXEFSYXEXXIRHMRKGLYVGLSR7YRHE]-J-LEHRtX -QMKLXLEZIGSRGPYHIHXLEX]SY[IVIRSXMRXIVIWXIHMRQ]LIPT4PIEWIKMZIQIEGEPP[LIR ]SYEVIVIEH]XSWXEVXXLITEMRXMRK,EQMH7LEOMVr
%WXLMWWXSV] MPPYWXVEXIW ]SYGERRSX EWWYQI XLEX ]SYV ZMI[WSR VIPMKMSRh [LEXIZIVXLI]QE]FIh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qXLIQSWXVIPMKMSYWP]HMZIVWIREXMSRMR XLI [SVPHr 8LIVIMWEPWSKVIEXHMZIVWMX][MXLMRHMJJIVIRXJEMXLW=SYGERRSXEWWYQIXLEX EPP 'EXLSPMGW WYTTSVX XLI SJJMGMEP ZMI[ SJ XLIMV GLYVGL SR FMVXL GSRXVSP SV [SQIR MR XLI TVMIWXLSSH XLEX EPP &ETXMWXW EVI FIMRK FSVREKEMR SV XLEX EPP 1YWPMQW JEZSV E WYFWIVZMIRX WXEXYW JSV [SQIR -R QEXXIVW SJ VIPMKMSR XLI 9RMXIH7XEXIWMWXVYP]EREXMSRSJQER]JEMXLWQER]ZSMGIWQER]ZMI[W ;LIRIZIV]SYWTIEOSREXSTMG[MXLVIPMKMSYWHMQIRWMSRWXLIRFIWYVIXS GSRWMHIV XLI VIPMKMSYW SVMIRXEXMSRW SJ ]SYV PMWXIRIVW (SMRK WS GER LIPT ]SY EZSMHTSXIRXMEPP]IQFEVVEWWMRKTMXJEPPW MRWSQIGEWIWMXQE]QEOIXLIHMJJIV IRGIFIX[IIRERYRWYGGIWWJYPWTIIGLERHEWYGGIWWJYPSRI
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
+63941)1&)67,-4 q8IPPQIXL]GSQTER]rWE]W(SR5YM\SXIqERH-tPPXIPPXLII[LEXXLSYEVXr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tMRXIVIWXWERHEXXMXYHIW %KI KIRHIV WI\YEPSVMIRXEXMSR VIPMKMSR VEGMEPIXLRMGERHGYPXYVEPFEGOKVSYRH KVSYT QIQFIVWLMThXLIWIEVI NYWX E JI[ SJXLIZEVMEFPIW XSGSRWMHIVMR HIQS KVETLMGEYHMIRGIEREP]WMW3XLIVWMRGPYHISGGYTEXMSRIGSRSQMGTSWMXMSRWSGMEP WXERHMRKIHYGEXMSRMRXIPPMKIRGIERHTPEGISJVIWMHIRGI-RHIIHER]XLMRKGLEV EGXIVMWXMG SJ E KMZIR EYHMIRGI MW TSXIRXMEPP] MQTSVXERX XS E WTIEOIV EHHVIWWMRK XLEXEYHMIRGI*SV]SYVGPEWWVSSQWTIIGLIW]SYQE][ERXXSPIEVREFSYX]SYV GPEWWQEXIWt EGEHIQMG QENSVW ]IEVW MR WGLSSP I\XVEGYVVMGYPEV EGXMZMXMIW PMZMRK EVVERKIQIRXWERHNSFEWTMVEXMSRW 4IVLETW XLI QSWX MQTSVXERX XLMRK XS OIIT MR QMRH EFSYX HIQSKVETLMG EYHMIRGIEREP]WMWMWXLEXMXMWRSXERIRHMRMXWIPJ=SYVEMQMWRSXNYWXXSPMWXXLI QENSVXVEMXWSJ]SYVPMWXIRIVWFYXXSJMRHMRXLSWIXVEMXWGPYIWEFSYXLS[]SYV PMWXIRIVW[MPPVIWTSRHXS]SYVWTIIGL3RGI]SYLEZIHSRIXLEX]SYEVIVIEH] XSQSZISRXSXLIRI\XWXEKISJEYHMIRGIEREP]WMW
7MXYEXMSREP%YHMIRGI%REP]WMW
7MXYEXMSREPEYHMIRGIEREP]WMWYWYEPP]FYMPHWSRHIQSKVETLMGEREP]WMW-XMHIRXM JMIWXVEMXWSJXLIEYHMIRGIYRMUYIXSXLIWTIEOMRKWMXYEXMSREXLERH8LIWIXVEMXW MRGPYHIXLIWM^ISJXLIEYHMIRGIXLITL]WMGEPWIXXMRKERHXLIHMWTSWMXMSRSJXLI EYHMIRGIXS[EVHXLIWYFNIGXXLIWTIEOIVERHXLISGGEWMSR
7->) 3YXWMHIXLIGPEWWVSSQXLIWM^ISJEREYHMIRGIGER[MXLXLIEMHSJXIPIZMWMSR ERH VEHMS VERKI MR XLI QMPPMSRW 1SWX WTIIGL GPEWWIW LS[IZIV GSRWMWX SJ FIX[IIRERHTISTPIhEWQEPPXSQIHMYQWM^IHEYHMIRGI8LMWMWEKSSH WM^I JSV FIKMRRMRK WTIEOIVW QSWX SJ [LSQ EVI XIVVMJMIH EX XLI TVSWTIGX SJ EHHVIWWMRKELYKIGVS[H%W]SYKEMRQSVII\TIVMIRGIXLSYKL]SYQE][IP GSQIXLIGLEPPIRKISJWTIEOMRKXSPEVKIVKVSYTW7SQIWTIEOIVWEGXYEPP]TVIJIV EPEVKIEYHMIRGIXSEWQEPPSRI 2SQEXXIV[LEXWM^IKVSYT]SYEVIEHHVIWWMRKFIEVMRQMRHSRIFEWMGTVMR GMTPI 8LI PEVKIV XLI EYHMIRGI XLI QSVI JSVQEP ]SYV TVIWIRXEXMSR QYWX FI %YHMIRGI WM^I QE] EPWS EJJIGX ]SYV PERKYEKI GLSMGI SJ ETTIEPW ERH YWI SJ ZMWYEPEMHW
WMXYEXMSREPEYHMIRGI EREP]WMW %YHMIRGIEREP]WMWXLEXJSGYWIW SRWMXYEXMSREPJEGXSVWWYGLEW XLIWM^ISJXLIEYHMIRGIXLI TL]WMGEPWIXXMRKJSVXLIWTIIGL ERHXLIHMWTSWMXMSRSJXLI EYHMIRGIXS[EVHXLIXSTMGXLI WTIEOIVERHXLISGGEWMSR
7MXYEXMSREP%YHMIRGI%REP]WMW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4,=7-'%07)88-2+ ;LMGLSJXLIJSPPS[MRK[SYPH]SYVEXLIVEHHVIWW# %REYHMIRGIEWWIQFPIHMQQIHMEXIP]EJXIVPYRGLGVEQQIHMRXSER SZIVLIEXIHVSSQ[MXLMREHIUYEXIWIEXMRK %REYHMIRGIEWWIQFPIHEX MRXLIQSVRMRKGSQJSVXEFP]WIEXIHMR EREMV][IPPPMKLXIHVSSQ 9RHSYFXIHP] ]SY GLSWI XLI WIGSRH STXMSR %R] SJ XLI EHZIVWI GSRHMXMSRW PMWXIHMRXLIJMVWXGSYPHWIVMSYWP]MQTEMV]SYVEYHMIRGItW[MPPMRKRIWWXSEGGITX ]SYVMHIEWSVIZIRPMWXIRXS]SYEXEPP ;LIR]SYJEGIER]WTIEOMRKWMXYEXMSRMXMWMQTSVXERXXSORS[MREHZERGI MJ XLIVI [MPP FI ER] HMJJMGYPXMIW [MXL XLI TL]WMGEP WIXXMRK *SV GPEWWVSSQ WTIIGLIWSJGSYVWI]SYEPVIEH]HSORS[&YXWTIIGLIWSYXWMHIXLIGPEWWVSSQ GERTVIWIRXYRTPIEWERXWYVTVMWIWYRPIWW]SYHS]SYVLSQI[SVOFIJSVILERH ;LIR]SYEVIMRZMXIHXSWTIEOHSRtXFIWL]EFSYXEWOMRKUYIWXMSRWSJXLI TIVWSR[LSEVVERKIHXLIWTIIGL-JTSWWMFPIPSSOSZIVXLIVSSQEJI[HE]WMR EHZERGISVIPWIEVVMZIIEVP]SRXLIHE]SJ]SYVWTIIGLXSMRWTIGXXLIVSSQ-J MXMWXSS[EVQSVXSSGSPHWIIEFSYXEHNYWXMRKXLIXLIVQSWXEX'LIGOXLIWIEX MRKEVVERKIQIRXWERHXLIPSGEXMSRSJXLIPIGXIVRXSFIWYVI]SYVEYHMIRGIGER WII]SY-RWLSVXHSIZIV]XLMRK]SYGERXSGSRXVSPXLIMRJPYIRGISJTL]WMGEP WIXXMRKSR]SYVEYHMIRGI ;LEX EFSYX GMVGYQWXERGIW ]SY GERtX GSRXVSP# =SYV WTIIGL MW WGLIHYPIH HMVIGXP]EJXIVPYRGLSVHMRRIV8LIVSSQMWXSSWQEPPJSVXLIEYHMIRGII\TIGXIH 8LI LIEX G ERRSX FI VIKYPEXIH 8LIR ]SY EVI WMQTP] KSMRK XS LEZI XS [SVO LEVHIVXSEHETXXSXLIWIEWTIGXWSJ]SYVPMWXIRIVWtHMWGSQJSVX;LIRJEGIH[MXL EREYHMIRGIXLEXMWTSXIRXMEPP]LSXWPIIT]ERHGVSWWHS]SYVFIWXXSQEOIXLI WTIIGLEWMRXIVIWXMRKERHPMZIP]EW]SYGER%FSZIEPPHSRtXFIMRJPYIRGIH]SYV WIPJF]XLITSSVTL]WMGEPWIXXMRK-J]SYVEYHMIRGIWIIWXLEX]SYEVIIRIVKIXMG EPIVXERHMRZSPZIH[MXL]SYVXSTMGGLERGIWEVIXLI][MPPJSVKIXXLIMVHMWGSQ JSVXERHGSQIVMKLXEPSRK[MXL]SY
(-7437-8-3283;%6(8,)834-' %W[IWE[MR'LETXIV]SYWLSYPHOIIT]SYVEYHMIRGIMRQMRH[LIRGLSSW MRKEXSTMG-HIEPP]]SY[MPPTMGOEXSTMGXLEXWYMXWXLIQEW[IPPEWMXWYMXW]SY 3RGI ]SY LEZI ]SYV XSTMG LS[IZIV ]SY QYWX GSRWMHIV MR QSVI HIXEMP XLIMV MRXIVIWXMRXLIXSTMGORS[PIHKIEFSYXMXERHEXXMXYHIWXS[EVHMX
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q7YTTSWIEXSXEPWXVERKIV[EWVIWTSRWMFPIJSVQEOMRKPMJISVHIEXLHIGMWMSRWEFSYX
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
]SYV PMJI =SYtH [ERX XS LEZI E WE] MR [LS XLEX TIVWSR [EW [SYPHRtX ]SY# ;IPP XSXEP WXVERKIVW HS QEOI HIGMWMSRW XLEX EJJIGX ]SY IZIV] WMRKPI HE]hXLSWI XSXEP WXVERKIVW EVI GEPPIH QIQFIVW SJ 'SRKVIWW 7IREXSVW ERH XLI 4VIWMHIRX %RH ]SY GER LIPT GLSSWI EPP XLSWITISTPIF]HSMRKSRIWMQTPIXLMRKhZSXMRKSRIPIGXMSRHE]r
-R XLI GLETXIVW XLEX JSPPS[ [ItPP PSSO GPSWIP] EX EPP XLI [E]W ]SY GER HIZIPSTMRXIVIWXMR]SYVXSTMGhF]EREVVIWXMRKMRXVSHYGXMSRTVSZSGEXMZIWYT TSVXMRKQEXIVMEPWZMZMHPERKYEKIH]REQMGHIPMZIV]ZMWYEPEMHWERHWSJSVXL
/RS[PIHKI 8LIVIMWSJXIREWXVSRKGSVVIPEXMSRFIX[IIRMRXIVIWXMREXSTMGERHORS[PIHKI EFSYXMX4ISTPIXIRHXSFIMRXIVIWXIHMR[LEXXLI]ORS[EFSYX0MOI[MWIXLI] EVIMRGPMRIHXSPIEVREFSYXWYFNIGXWXLEXMRXIVIWXXLIQ&YXXLIVIEVII\GITXMSRW *I[WXYHIRXWORS[QYGLEFSYXLERH[VMXMRKEREP]WMW]IXQSWX[SYPHJMRHMXER EFWSVFMRKXSTMG3RXLISXLIVLERHEPQSWXEPPORS[EPSXEFSYXGLIGOMRKFSSOW SYXSJXLIPMFVEV]FYXJI[[SYPHJMRHMXEJEWGMREXMRKWYFNIGXJSVEWTIIGL =SYVPMWXIRIVWtORS[PIHKIEFSYX]SYVXSTMG[MPPXSEPEVKII\XIRXHIXIVQMRI [LEX ]SY GER WE] MR ]SYV WTIIGL -J ]SYV PMWXIRIVW ORS[ PMXXPI EFSYX ]SYV XSTMGh[LIXLIVSVRSXXLI]JMRHMXMRXIVIWXMRKh]SY[MPPLEZIXSXEPOEXEQSVI IPIQIRXEV] PIZIP -J XLI] EVI VIEWSREFP] [IPP MRJSVQIH ]SY GER XEOI E QSVI XIGLRMGEPERHHIXEMPIHETTVSEGL
GSRRIGXPYGEWGSQ :MI[XLIFIKMRRMRKSJq1EOI =SYV:SMGI,IEVH +IX3YXERH :SXIrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS 'PMT
%XXMXYHI 8LIEXXMXYHISJ]SYVPMWXIRIVWXS[EVH]SYVXSTMGGERFII\XVIQIP]MQTSVXERXMR HIXIVQMRMRKLS[]SYLERHPIXLIQEXIVMEP-J]SYORS[MREHZERGIXLITVIZEMP MRKEXXMXYHIEQSRKQIQFIVWSJ]SYVEYHMIRGI]SYGEREHNYWX]SYVWTIIGLXS EHHVIWWXLIMVGSRGIVRWSVXSERW[IVXLIMVSFNIGXMSRW'SRWMHIVXLII\TIVMIRGIW SJXLIJSPPS[MRKX[SWXYHIRXWhSRI[LSHMHRSXEGGSYRXJSVPMWXIRIVEXXMXYHI ERHSRI[LSHMH
EXXMXYHI %JVEQISJQMRHMRJEZSVSJSV STTSWIHXSETIVWSRTSPMG] FIPMIJMRWXMXYXMSRIXG
.IR 7EPIVRSWTSOI EFSYXJEQMP]PIEZITSPMGMIW MR XLI [SVOTPEGI3RXLIFEWMW SJ LIV VIWIEVGLWLIFIPMIZIHXLIVI[EWIZMHIRGIXLEXWYGLTSPMGMIWYRJEMVP]FIRIJMXIHEJI[TEV IRXWEXXLII\TIRWISJSXLIVIQTPS]IIWWYGLEWWMRKPITISTPIERHGLMPHPIWWGSYTPIW9RJSV XYREXIP] VEXLIV XLER GMXMRK LIV WSYVGIW ERH EGORS[PIHKMRK XLEX LIV TSMRX SJ ZMI[ [EW GSRXVSZIVWMEP.IRTVIWIRXIHLIVQEXIVMEPEWXLSYKLMX[IVIKIRIVEPORS[PIHKI 8LIWTIIGL[EWRSX[IPPVIGIMZIH%WSRIWXYHIRXGSQQIRXIHq=SYQE]FIVMKLXMR [LEX ]SY WE] FYX - LEZI XVSYFPI FIPMIZMRK MX ;ItZI LIEVH WS QYGL EFSYX XLI RIIH JSV FYWMRIWWIWXSFIJEQMP]JVMIRHP]hGERMXEPPFI[VSRK#-XLMRO]SY[SYPHLEZIFIIRQSVI TIVWYEWMZIMJ]SYLEHPSSOIHEXFSXLWMHIWSJXLIMWWYIVEXLIVXLERNYWX]SYVS[Rr
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
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq/IIT MRK7XIVSMHW3YXSJ,MKL 7GLSSP7TSVXWrMRXLISRPMRI 1IHME0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
7MXYEXMSREP%YHMIRGI%REP]WMW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%PXLSYKL4IXIVHMWEKVIIH[MXLXLSWIFIPMIJWLIVIEPM^IHLIGSYPHRIMXLIVMKRSVIXLIQ RSVMRWYPXLMWGPEWWQEXIWJSVLSPHMRKXLIQ,IORI[LI[SYPHLEZIXSHMWGYWWXLIWITSMRXW PSKMGEPP]ERH[MXLLEVHIZMHIRGIMJLI[IVIXSLEZIER]GLERGISJTIVWYEHMRKLMWEYHMIRGI
%WMXXYVRIHSYX4IXIVHMHGSRZMRGIWSQIQIQFIVWSJXLIGPEWWXSVIGSRWMHIV XLIMVFIPMIJW,IGSYPHRSXLEZIHSRIWS[MXLSYXJMVWXMRZIWXMKEXMRK[LEXXLSWI FIPMIJW[IVIERHXLIREHETXMRKLMWQIWWEKIXSXLIQ
(-7437-8-3283;%6(8,)74)%/)6 0IXtWVIXYVRJSVEQSQIRXXS.IRtWWTIIGLEFSYXJEQMP]PIEZI.IR[EWEJMVWX ]IEVWXYHIRX[MXLRSWTIGMEPFEGOKVSYRHMR[SVOTPEGIMWWYIW-XtWRSXWYVTVMW MRK XLEX LIV GPEWWQEXIW XSSO LIV WXEXIQIRXW [MXL E PEVKI KVEMR SJ WEPX &YX WYTTSWI.IRLEHFIIREVIGSKRM^IHI\TIVX[LSLEHGSRHYGXIHVIWIEVGLSRXLI MQTEGXSJJEQMP]PIEZISRIQTPS]IIEXXMXYHIWERHFYWMRIWWTVSHYGXMZMX]8LIR LIVPMWXIRIVW[SYPHLEZIJSYRHLIVQYGLQSVIFIPMIZEFPI;L]#&IGEYWIER EYHMIRGItWVIWTSRWIXSEQIWWEKIMWMRZEVMEFP]GSPSVIHF]XLIMVTIVGITXMSRSJ XLIWTIEOIV 8LIQSVIGSQTIXIRXPMWXIRIVWFIPMIZIEWTIEOIVXSFIXLIQSVIPMOIP]XLI] EVI XS EGGITX [LEX LI SV WLI WE]W 0MOI[MWI XLI QSVI PMWXIRIVW FIPMIZI XLEX E WTIEOIV LEW XLIMV FIWX MRXIVIWXW EX LIEVX XLI QSVI PMOIP] XLI] EVI XS VIWTSRH TSWMXMZIP]XSXLIWTIEOIVtWQIWWEKI ;I[MPPGSQIFEGOXSXLMWWYFNIGXMRHIXEMP[LIR[IHIEP[MXLWXVEXIKMIWJSV TIVWYEWMZIWTIEOMRKMR'LETXIV*SVRS[OIITMRQMRHXLEX]SYVPMWXIRIVW [MPPEP[E]WLEZIWSQIWIXSJEXXMXYHIWXS[EVH]SYEWEWTIEOIV)WXMQEXMRK[LEX XLSWI EXXMXYHIW EVI ERH LS[ XLI] [MPP EJJIGX ]SYV WTIIGL MW E GVYGMEP TEVX SJ WMXYEXMSREPEYHMIRGIEREP]WMW
(-7437-8-3283;%6(8,)3''%7-32 -X [EW 'SQQIRGIQIRX (E] EX (SW 4YIFPSW ,MKL 7GLSSP 8LI QSSH [EW JIWXMZI EW XLI ZEPIHMGXSVMERWTSOIIPSUYIRXP]EFSYXXLIWTIGMEPQIQSVMIWSJXLIKVEHYEXMRKGPEWW8LIVI [EWPEYKLXIV[LIRXLITVMRGMTEPVIGSYRXIHE[IPPORS[RTVEROJVSQXLIGPEWWTMGRMG 8LIR8MQ,EVVMRKXSRXLIQE]SVVSWIXSWE]EJI[[SVHWq;LEXETPIEWYVIMXMWXSFI LIVIrLIWEMHq-tQWSTVSYHSJ]SYXLIKVEHYEXIWERH]SYXLITEVIRXW[LSVEMWIHWYGL E XIVVMJMG KVSYT SJ OMHWr ,I GSRXMRYIH MR XLMW ZIMR JSV E GSYTPI QMRYXIW MRXIVVYTXIH F] ETTPEYWIEWLILIETIHTVEMWISRXLIWXYHIRXWXLIMVTEVIRXWXLIMVXIEGLIVWERHXLIMVGSQ QYRMX] 8LIPMWXIRIVWtIRXLYWMEWQJEHIHEW,EVVMRKXSRFIKERXEPOMRKEFSYXXLIXS[RtWKVS[XL MRVIGIRX]IEVW,IWTSOIKPS[MRKP]EFSYXXLIGSRHSQMRMYQWWLSTTMRKGIRXIVWERHSJJMGI FYMPHMRKWXLEXLEHVMWIRSRJSVQIVP]YRYWIHPERH,IMQTPMIHXLEXGMXM^IRW[LS[ERXIHXS WPS[XLITEGISJKVS[XL[IVIWLSVXWMKLXIHERHFEGO[EVHPSSOMRK;LIRLIGSRGPYHIH LI[EWQIX[MXLKVYHKMRKETTPEYWIERHUYMXIEJI[LSWXMPIKPEVIW
3RSXLIVSGGEWMSRW,EVVMRKXSRtWVIQEVOW[SYPHRSXLEZIXSYGLIHSJJWYGL ERIKEXMZIVIWTSRWI&YXKVEHYEXMSRHE][EWYRHIVWXSSHF]XLIEYHMIRGIXSFI E GIPIFVEXSV] SGGEWMSR XLEX JSGYWIH SR XLI WXYHIRXW ERH XLIMV EGLMIZIQIRXW 8LIPEWXXLMRKER]SRII\TIGXIHXSLIEV[EWETSPMXMGEPWTIIGL;LEXERKIVIH XLIEYHMIRGI[EWRSX[LEXXLIQE]SVWEMHFYXXLEXLII\TPSMXIHXLISGGEWMSR JSVLMWS[RTYVTSWIW 2SQEXXIV[LEXXLIWMXYEXMSRPMWXIRIVWLEZIJEMVP]HIJMRMXIMHIEWEFSYXXLI WTIIGLIW XLI] GSRWMHIV ETTVSTVMEXI 7TIEOIVW [LS WIVMSYWP] ZMSPEXI XLSWI I\TIGXEXMSRWGEREPQSWXEP[E]WGSYRXSRMRJYVMEXMRKXLIEYHMIRGI
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7MXYEXMSREPEYHMIRGIEREP]WMW TVSZMHIWGVYGMEPMRJSVQEXMSR XLEXEWTIEOIVGERYWI[LIR TVITEVMRKXLIWTIIGLERH [LIREHETXMRKXSHIZIPST QIRXWHYVMRKXLIWTIIGL
4IVLETW QSWX MQTSVXERX XLI SGGEWMSR [MPP HMGXEXI LS[ PSRK E WTIIGL WLSYPH FI ;LIR ]SY EVI MRZMXIH XS WTIEO XLI GLEMVTIVWSR [MPP YWYEPP] WE] LS[QYGLXMQI]SYLEZIJSV]SYVXEPO-JRSXFIWYVIXSEWO%RHSRGI]SY ORS[TEVIHS[R]SYVWTIIGLWSMXJMXWIEWMP][MXLMRXLIEPPSXXIHXMQI(SRSX I\GIIHXLEXXMQIYRHIVER]GMVGYQWXERGIWJSV]SYEVIPMOIP]XSWII]SYVEYHM IRGI H[MRHPI EW ]SY HVSRI SR 8LMW MWSRIVIEWSR [L] QSWX XIEGLIVW MRWMWX XLEXGPEWWVSSQWTIIGLIWFIOITX[MXLMRXLIHIWMKREXIHXMQIPMQMX-XTVSZMHIW GVYGMEPXVEMRMRKJSVWTIIGLIW]SY[MPPKMZISYXWMHIXLIGPEWWVSSQ 8LIVIEVISXLIVEYHMIRGII\TIGXEXMSRWXLEXETTP]XS]SYVGPEWWVSSQWMXYE XMSR 3RI MW XLEX WTIIGLIW [MPP GSRJSVQ XS XLI EWWMKRQIRX %RSXLIV MW XLEX WTIEOIVW [MPP SFWIVZI ETTVSTVMEXI WXERHEVHW SJ XEWXI ERH HIGSVYQ *EMPYVI XS EHLIVIXSXLIWII\TIGXEXMSRWQE]HMWXYVF]SYVGPEWWQEXIWERH[MPPEPQSWXGIV XEMRP]HEQEKI]SYVKVEHI
+IXXMRK-RJSVQEXMSR%FSYXXLI%YHMIRGI
2S[XLEX]SYORS[[LEXXSPIEVREFSYXEREYHMIRGIXLIRI\XUYIWXMSRMWLS[HS ]SYPIEVRMX#%TIVWSRVYRRMRKJSVLMKLTSPMXMGEPSJJMGIGERVIP]SRLMVIHTVSJIW WMSREPTSPPWXIVW-JEWMWQSVIPMOIP]]SYEVIMRZMXIHWSQIXMQIXSEHHVIWWETEVXMGY PEVKVSYThWE]EQIIXMRKSJXLIPSGEP6SXEV]GPYFhXLITIVWSR[LSMRZMXIW]SYGER YWYEPP]TVSZMHIEKSSHWOIXGLSJXLIEYHMIRGI%WO]SYVGSRXEGX[LIVI]SYGER JMRH SYX QSVI EFSYX XLI KVSYTtW LMWXSV] ERH TYVTSWI &IWX SJ EPP MJ ]SY ORS[ WSQISRI[LSLEWWTSOIRXSXLIWEQIKVSYTFIWYVIXSWSYRHSYXXLEXTIVWSR ;LEX EFSYX ]SYV GPEWWQEXIW EW ER EYHMIRGI# =SY GER PIEVR E PSX EFSYX XLIQ NYWX F] SFWIVZEXMSR ERH GSRZIVWEXMSR 7XMPP ]SY TVSFEFP] [MPP RIIH XS
+IXXMRK-RJSVQEXMSR%FSYXXLI%YHMIRGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
JM\IHEPXIVREXMZI UYIWXMSRW 5YIWXMSRWXLEXSJJIVEJM\IH GLSMGIFIX[IIRX[SSVQSVI EPXIVREXMZIW
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
WGEPIUYIWXMSRW 5YIWXMSRWXLEXVIUYMVI VIWTSRWIWEXJM\IHMRXIVZEPW EPSRKEWGEPISJERW[IVW
&]PMQMXMRKXLITSWWMFPIVIWTSRWIWWYGLUYIWXMSRWTVSHYGIGPIEVYREQFMKYSYW ERW[IVW 8LI] EPWS XIRH XS ]MIPH WYTIVJMGMEP ERW[IVW 3XLIV XIGLRMUYIW EVI RIIHIHXSKIXFIRIEXLXLIWYVJEGI 7GEPI UYIWXMSRW VIWIQFPI JM\IHEPXIVREXMZI UYIWXMSRW FYX XLI] EPPS[ QSVI PII[E]MRVIWTSRHMRK*SVI\EQTPI ,S[SJXIRHS]SYFIPMIZIXLIMRWERMX]TPIEMWYWIHMR97GSYVXGEWIW# :IV]WIPHSQ
STIRIRHIHUYIWXMSRW 5YIWXMSRWXLEXEPPS[ VIWTSRHIRXWXSERW[IVLS[IZIV XLI][ERX
:IV]SJXIR
5YIWXMSRWPMOIXLIWIEVIIWTIGMEPP]YWIJYPJSVKIXXMRKEXXLIWXVIRKXLSJEVIWTSR HIRXtWEXXMXYHIW 3TIRIRHIHUYIWXMSRWKMZIQE\MQYQPII[E]MRVIWTSRHMRK*SVI\EQTPI ;LEXMW]SYVSTMRMSREFSYXXLIMRWERMX]TPIEMR97GSYVXGEWIW# 9RHIV[LEXGMVGYQWXERGIWHS]SYXLMROXLIMRWERMX]TPIEMWPIKMXMQEXIMREGVMQMREPXVMEP#
%PXLSYKLSTIRIRHIHUYIWXMSRWMRZMXIQSVIHIXEMPIHVIWTSRWIWXLERXLISXLIV X[SX]TIWSJUYIWXMSRWXLI]EPWSMRGVIEWIXLIPMOIPMLSSHSJKIXXMRKERW[IVWXLEX HSRSXKMZIXLIOMRHSJMRJSVQEXMSR]SYRIIH &IGEYWIIEGLX]TISJUYIWXMSRLEWMXWEHZERXEKIWERHHMWEHZERXEKIWQER] UYIWXMSRREMVIWGSRXEMREPPXLVIIX]TIW*MKYVI TEKI WLS[WEUYIWXMSR REMVIXLEX[EWHMWXVMFYXIHFIJSVIEGPEWWVSSQWTIIGLSRZSPYRXIIVMRK&]YWMRK EPPXLVIIX]TIWSJUYIWXMSRWXLIWTIEOIVHMHX[SXLMRKWhIPMGMXIHWTIGMJMGMRJSV QEXMSREFSYXXLIEYHMIRGIERHTVSFIHQSVIHIITP]MRXSXLIMVEXXMXYHIWXS[EVH XLIWTIIGLXSTMG8LIVIWYPXWFVSOIHS[REWJSPPS[W 6SYKLP]LEPJSJXLIGPEWWLEHTEVXMGMTEXIHEWEZSPYRXIIV8LIVIJSVIXLI WTIEOIVORI[WLI[SYPHLEZIXSI\TPEMRGPIEVP][LEX[EWMRZSPZIHMRXLMWOMRH SJ[SVO *MZI WXYHIRXW ORI[ WSQISRI GPSWI XS XLIQ [LS LEH FIRIJMXIH JVSQ ZSPYRXIIV [SVO F] E GSQQYRMX] VIPMKMSYW SV GLEVMXEFPI SVKERM^EXMSR QSWX WEMHXLI][IVIRSXWYVI8LYWXLIWTIEOIVGSYPHRSXHITIRHSRELMKLHIKVII SJTIVWSREPMRZSPZIQIRXEQSRKXLIEYHMIRGI
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
UYIWXMSRWIWXEFPMWL XLIPMWXIRIVWtPIZIPSJ ORS[PIHKIEFSYXERH HIKVIISJMRZSPZIQIRX [MXLXLIXSTMG
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
,EZI]SYIZIVIRKEKIHMRZSPYRXIIV[SVOJSVE GSQQYRMX]VIPMKMSYWSVGLEVMXEFPISVKERM^EXMSR# =IW 2S
JVSQXLIZSPYRXIIV[SVOSJEGSQQYRMX] VIPMKMSYWSVGLEVMXEFPISVKERM^EXMSR#
8LMWWGEPIUYIWXMSRMW HIWMKRIHXSWLS[XLI EXXMXYHIWSJPMWXIRIVW [LSLEZITEVXMGMTEXIH MRZSPYRXIIV[SVO
%RSXLIVWGEPIUYIWXMSR KEYKIWXLIPMWXIRIVWt WIRWISJWSGMEP SFPMKEXMSR
8[SSTIRIRHIH UYIWXMSRWLIPT KEYKIXLIPMWXIRIVWt HMWTSWMXMSRXS[EVH ZSPYRXIIV[SVO 8LIPEWXUYIWXMSRMW IWTIGMEPP]MQTSVXERX MWWYIWXLIWTIEOIV RIIHWXSEHHVIWWJSV PMWXIRIVW[LSLEZI RSXIRKEKIHMR ZSPYRXIIV[SVO
=IW 2S 2SXWYVI -J]SYLEZIIRKEKIHMRZSPYRXIIV[SVOLS[ [SYPH]SYVEXIXLII\TIVMIRGI# :IV]VI[EVHMRK 7SQI[LEXVI[EVHMRK 2IYXVEP 7SQI[LEXYRVI[EVHMRK :IV]YRVI[EVHMRK (S]SYEKVIISVHMWEKVII[MXLXLIJSPPS[MRK WXEXIQIRX#8SXLII\XIRXTSWWMFPITISTPILEZI ERSFPMKEXMSRXSLIPTXLSWIMRPIWWJSVXYREXI GMVGYQWXERGIW 7XVSRKP]EKVII 1MPHP]EKVII 9RHIGMHIH 1MPHP]HMWEKVII 7XVSRKP]HMWEKVII -J]SYLEZI[SVOIHEWEZSPYRXIIVHS]SYTPER XSHSWSEKEMR#;L]SV[L]RSX# -J]SYLEZIRSX[SVOIHEWEZSPYRXIIV[LEXMW ]SYVQENSVVIEWSRJSVRSXHSMRKWS#4PIEWI I\TPEMR
d*-+96) 7EQTPI5YIWXMSRREMVI
% PP FYX SRI SJ XLI WXYHIRXW [LS LEH IRKEKIH MR ZSPYRXIIV [SVO VEXIH MX qZIV]VI[EVHMRKrSVqWSQI[LEXVI[EVHMRKr2SXSRP][SYPHXLMWTSVXMSRSJXLI EYHMIRGIFIMRGPMRIHXSWYTTSVXXLIWTIEOIVtWTSWMXMSRFYXXLIWTIEOIVGSYPHTSMRX XSXLIMVEXXMXYHIEWTVSSJXLEX[SVOEWEZSPYRXIIVMWEVI[EVHMRKI\TIVMIRGI 2 IEVP]TIVGIRXSJXLIVIWTSRHIRXWIMXLIVqWXVSRKP]EKVIIHrSVqQMPHP] EKVIIHrXLEXTISTPILEZIERSFPMKEXMSRXSLIPTXLSWIMRPIWWJSVXYREXIGMVGYQ WXERGIW8LIWTIEOIVGSYPHXLIVIJSVIHITIRHSREREYHMIRGIJEZSVEFP]MRGPMRIH XSXLIFEWMGTVIQMWIYRHIVP]MRKZSPYRXIIV[SVO % RW[IVWXSXLIJMJXLUYIWXMSRhq-J]SYLEZI[SVOIHEWEZSPYRXIIVHS ]SYTPERXSHSWSEKEMR#;L]SV[L]RSX#rh[IVIMRXIVIWXMRK%PPXLIVIWTSR HIRXWMRHMGEXIHXLEXXLI]TPERRIHXSIRKEKIMRZSPYRXIIV[SVOEKEMRFYXQSWX
+IXXMRK-RJSVQEXMSR%FSYXXLI%YHMIRGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WEMHXLI][IVIRSXPMOIP]XSHSWS[LMPIMRGSPPIKIFIGEYWIXLI][IVIXSSFYW] [MXLSXLIVEGXMZMXMIW 2IEVP] TIVGIRXSJXLIWXYHIRXW[LSLEHRSXIRKEKIHMRZSPYRXIIV[SVO WXEXIHXLEXXLIMVQENSVVIEWSRJSVRSXHSMRKWS[EWEPEGOSJXMQI-RGSQFMREXMSR [MXLXLIERW[IVWXSUYIWXMSRXLIWIVIWTSRWIWWLS[IHXLEXXLIWTIEOIV[SYPH LEZIXSHIEPTIVWYEWMZIP][MXLXLIXMQIMWWYIMJWLI[IVIXSFIWYGGIWWJYPMRGSR ZMRGMRKTISTPIXSZSPYRXIIV[LMPIXLI][IVIIRVSPPIHMRWGLSSP
GSRRIGXPYGEWGSQ =SYGERGVIEXI]SYVS[RGPEWW WYVZI]F]YWMRKXLI5YIWXMSR REMVI1EOIVMRXLISRPMRI 7TIIGL8SSPWJSVXLMWGLETXIV
8LMW UYIWXMSRREMVI VIZIEPIH E KVIEX HIEP EFSYX XLI PMWXIRIVWt ORS[PIHKI EXXMXYHIWERHGSRGIVRW-RTYXXMRKXSKIXLIV]SYVS[RUYIWXMSRREMVIOIITXLI JSPPS[MRKTVMRGMTPIWMRQMRH 4PER XLI UYIWXMSRREMVI GEVIJYPP] XS IPMGMX TVIGMWIP] XLI MRJSVQEXMSR ]SY RIIH 9WIEPPXLVIIX]TIWSJUYIWXMSRWhJM\IHEPXIVREXMZIWGEPIERHSTIRIRHIH 1EOIWYVIXLIUYIWXMSRWEVIGPIEVERHYREQFMKYSYW /IITXLIUYIWXMSRREMVIVIPEXMZIP]FVMIJ
%HETXMRKXSXLI%YHMIRGI 3RGI]SYLEZIGSQTPIXIHXLIEYHMIRGIEREP]WMW]SYWLSYPHLEZIETVIXX]GPIEV TMGXYVISJ]SYVPMWXIRIVW&YXXLMWHSIWRSXKYEVERXIIEWYGGIWWJYPWTIIGL8LI OI] MW LS[ [IPP ]SY YWI [LEX ]SY ORS[ MR TVITEVMRK ERH TVIWIRXMRK XLI WTIIGL 8LMW TSMRX HIWIVZIW WTIGMEP EXXIRXMSR FIGEYWI MX TSWIW SRI SJ XLI LEVHIWX XEWOWJEGMRKRSZMGIWTIEOIVW1SWXTISTPIGERMHIRXMJ]XLIQENSVGLEVEGXIVMWXMGW SJXLIMVEYHMIRGIFYXQER]LEZIXVSYFPIEHETXMRKXLIMVMHIEWXSXLIEYHMIRGI 8LIVI EVI X[S QENSV WXEKIW MR XLI TVSGIWW SJ EYHMIRGI EHETXEXMSR 8LI JMVWX SGGYVWFIJSVIXLIWTIIGLEWTEVXSJ]SYVTVITEVEXMSRERHVILIEVWEP8LIWIGSRH SGGYVWHYVMRKXLITVIWIRXEXMSRSJXLIWTIIGLMXWIPJ
%9(-)2')%(%48%8-32&)*36)8,)74))', GSRRIGXPYGEWGSQ :MI[LS[XLIWTIEOIVWMR :MHIS'PMTWERHYWIH EYHMIRGIEREP]WMWUYIWXMSR REMVIWMRXLIMVWTIIGLIW :MHIS 'PMTMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV
%W[ILEZIWIIR]SYQYWXOIIT]SYVEYHMIRGIMRQMRHEXIZIV]WXEKISJWTIIGL TVITEVEXMSR8LMWMRZSPZIWQSVIXLERWMQTP]VIQIQFIVMRK[LS]SYVPMWXIRIVW [MPPFI%FSZIEPPMXQIERWX[SXLMRKW EWWIWWMRKLS[]SYVEYHMIRGIMWPMOIP] XSVIWTSRHXS[LEX]SYWE]MR]SYVWTIIGLERH EHNYWXMRK[LEX]SYWE]XS QEOIMXEWGPIEVETTVSTVMEXIERHGSRZMRGMRKEWTSWWMFPI 8LMWMWRSXEP[E]WIEW]XSHS;IEVIEPPWS[VETTIHYTMRSYVS[RMHIEWERH GSRGIVRWXLEX[ILEZIXVSYFPIWIIMRKXLMRKWJVSQSXLIVTISTPItWTIVWTIGXMZIh IWTIGMEPP]MJXLIMVTIVWTIGXMZIMWUYMXIHMJJIVIRXJVSQSYVW8SWXIT SYXWMHI]SYV S[RJVEQISJVIJIVIRGIERHWIIXLMRKWJVSQERSXLIVTIVWSRtWTSMRXSJZMI[MWE VIEPEGLMIZIQIRX =IXXLMWMW[LEXEWYGGIWWJYPWTIEOIVIZIRXYEPP]PIEVRWXSHS=SYQYWXWYF QIVKI]SYVS[RZMI[WWSGSQTPIXIP]XLEX]SYGEREHSTXXIQTSVEVMP]XLSWISJ ]SYVPMWXIRIVW;LIR]SYHSXLMW]SY[MPPFIKMRXSLIEV]SYVWTIIGLXLVSYKL XLIIEVWSJ]SYVEYHMIRGIERHXSEHNYWXMXEGGSVHMRKP]8V]XSMQEKMRI[LEXXLI]
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-RTSPMXMGEPGEQTEMKRWTSPP XEOMRKLIPTWXLIGERHMHEXIW OIITXVEGOSJTYFPMGSTMRMSR *SVGPEWWVSSQWTIIGLIW]SY GERYWIEREYHMIRGIEREP]WMW UYIWXMSRREMVIXSKEYKIXLI ORS[PIHKIERHSTMRMSRWSJ ]SYVPMWXIRIVW
[MPP PMOI [LEX XLI] [MPP HMWPMOI [LIVI XLI] [MPP LEZI HSYFXW SV UYIWXMSRW [LIXLIV XLI] [MPP RIIH QSVI HIXEMPW LIVI SV JI[IV XLIVI [LEX [MPP MRXIVIWX XLIQERH[LEX[MPPRSX %XIZIV]TSMRX]SYQYWXERXMGMTEXILS[]SYVEYHMIRGI[MPPVIWTSRH,S[ [MPP XLI] VIEGX XS ]SYV MRXVSHYGXMSR ERH GSRGPYWMSR# ;MPP XLI] JMRH ]SYV I\EQTPIW GPIEV ERH GSRZMRGMRK# ;MPP ]SYV ZMWYEP EMHW LIPT XLIQ KVEWT ]SYV MHIEW#,S[[MPPXLI]VIWTSRHXS]SYVPERKYEKIERHQERRIVSJHIPMZIV]#%W]SY ERW[IVXLIWIUYIWXMSRWGSRWGMSYWP]MHIRXMJ][MXL]SYVPMWXIRIVW4YX]SYVWIPJMR XLIMVTPEGIERHVIWTSRHXS]SYVWTIIGLEWXLI][SYPH ,IVIMWLS[SRIWXYHIRX[SVOIHSYXLMWTVSFPIQWSJEYHMIRGIEHETXEXMSR .YER6YM^ENYRMSVKISPSK]QENSVHIGMHIHXSKMZIERMRJSVQEXMZIWTIIGLEFSYXLS[ IEVXLUYEOIWSGGYV*VSQLMWEYHMIRGIEREP]WMWLIPIEVRIHXLEXSRP]X[SSVXLVIISJLMWGPEWW QEXIWORI[QYGLSJER]XLMRKEFSYXKISPSK]8SQSWXSJXLIQEXIGXSRMGTPEXI[SYPHFI JSYRHSREHMRRIVXEFPIVEXLIVXLERFIPS[XLIWYVJEGISJXLIIEVXL.YERVIEPM^IHXLIRXLEX LIQYWXTVIWIRX LMWWTIIGL EXERIPIQIRXEV]PIZIPERH[MXL E QMRMQYQ SJWGMIRXMJMGPER KYEKI %WLITVITEVIHXLIWTIIGL.YEROITXEWOMRKLMQWIPJq,S[GER-QEOIXLMWGPIEVERH QIERMRKJYPXSWSQISRI[LSORS[WRSXLMRKEFSYXIEVXLUYEOIWSVKISPSKMGEPTVMRGMTPIW#r 7MRGILI[EWWTIEOMRKMRXLI1MH[IWXLIHIGMHIHXSFIKMRF]RSXMRKXLEXXLIQSWXWIZIVI IEVXLUYEOIMR%QIVMGERLMWXSV]XSSOTPEGIRSXMR'EPMJSVRMESV%PEWOEFYXEX2I[1EHVMH 1MWWSYVMMR -JWYGLERIEVXLUYEOILETTIRIHXSHE]MX[SYPHFIJIPXJVSQXLI6SGO] 1SYRXEMRW XS XLI %XPERXMG 3GIER ERH [SYPH JPEXXIR QSWX SJ XLI GMXMIW MR XLI 1MWWMWWMTTM :EPPI]8LEXLIJMKYVIHWLSYPHKIXLMWGPEWWQEXIWtEXXIRXMSR 8LVSYKLSYX XLI FSH] SJ XLI WTIIGL .YER HIEPX SRP] [MXL XLI FEWMG QIGLERMGW SJ IEVXLUYEOIWERHGEVIJYPP]EZSMHIHXIGLRMGEPXIVQWWYGLEWqEWXLIRSWTLIVIrqPMXLSWTLIVIr ERHqWYFHYGXMSR^SRIWr,IEPWSTVITEVIHZMWYEPEMHWHMEKVEQQMRKJEYPXPMRIWWSLMWGPEWW QEXIW[SYPHRtXKIXGSRJYWIH
%HETXMRKXSXLI%YHMIRGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8SFIEFWSPYXIP]WEJI.YEREWOIHLMWVSSQQEXIh[LS[EWRSXEKISPSK]QENSVhXS PMWXIRXSXLIWTIIGLq7XSTQIrLIWEMHqER]XMQI-WE]WSQIXLMRK]SYHSRtXYRHIVWXERHr .YERtWVSSQQEXIWXSTTIHLMQJSYVXMQIWERHEXIEGLWTSX.YER[SVOIHSYXE[E]XSQEOI LMWTSMRXQSVIGPIEVP]*MREPP]LILEH EWTIIGLXLEX[EWMRXIVIWXMRKERHTIVJIGXP]YRHIV WXERHEFPIXSLMWEYHMIRGI
%W ]SY [SVO SR ]SYV WTIIGLIW XV] XS OIIT ]SYV PMWXIRIVW GSRWXERXP] MR QMRH%RXMGMTEXILS[XLI][MPPVIWTSRHXS]SYVMHIEW&IGVIEXMZIMRXLMROMRK EFSYX [E]W XS EHETX ]SYV QIWWEKI XS XLIQ 0MOI .YER ]SY [MPP KMZI E QYGL FIXXIVWTIIGL
%9(-)2')%(%48%8-32(96-2+8,)74))', 2SQEXXIVLS[LEVH]SYTVITEVIELIEHSJXMQIXLMRKWQE]RSXKSI\EGXP]EW TPERRIHSRXLIHE]SJ]SYVWTIIGL*SVWTIIGLIWMRXLIGPEWWVSSQ]SYQE]JMRH XLEXXLITVSNIGXSVJSV]SYVZMWYEPEMHWMWRSXEZEMPEFPISVXLEXERSXLIVWXYHIRX LEWXLIWEQIXSTMGEW]SY*SVWTIIGLIWSYXWMHIXLIGPEWWVSSQ]SYQMKLXPIEVR XLEX XLI VSSQ JSV ]SYV WTIIGL LEW FIIR GLERKIH XLEX XLI EYHMIRGI [MPP FI QYGLPEVKIV SVWQEPPIV XLER]SYLEHERXMGMTEXIHSVIZIRXLEXXLIEQSYRXSJ XMQIEZEMPEFPIJSV]SYVWTIIGLLEWFIIRGYXMRLEPJFIGEYWIETVIZMSYWWTIEOIV LEWHVSRIHSRJSVXSSPSRK -JWSQIXLMRKPMOIXLMWLETTIRWXS]SYHSRtXTERMG*MRHERSXLIV[E]XS TVIWIRX ]SYV ZMWYEP EMHW 1SHMJ] ]SYV MRXVSHYGXMSR XS QIRXMSR XLI SXLIV WXYHIRXt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qIGSRSQMGWMQFIGMPIr 3R XLIHE]SJ 1]PEtW WTIIGL IZIV]XLMRK[IRX[IPPYRXMPWLI KSXXSLIVWIGSRH QEMR TSMRX[LIRWLIRSXMGIHXLEXWIZIVEPSJLIVGPEWWQEXIWWIIQIHTY^^PIHF]XLIVIPEXMSRWLMT FIX[IIRMRXIVREXMSREPXVEHIHIJMGMXWERHXLI97GSWXSJPMZMRK/RS[MRKXLI][SYPHFIPSWX JSVXLIVIWXSJXLIWTIIGLMJXLI]HMHRtXYRHIVWXERHXLEXVIPEXMSRWLMT1]PETEYWIHERHWEMH q-GERWIIWSQISJ]SYEVIGSRJYWIHF]Q]I\TPEREXMSR0IXQIXV]MXEKEMRJVSQEHMJJIVIRX ERKPIr %W1]PE[IRXXLVSYKLXLIQEXIVMEPEKEMRWLIGSYPHWIILIVGPEWWQEXIWRSHHMRKXLIMV LIEHWMRYRHIVWXERHMRK7LIGSYPHRS[KSSR[MXLLIVWTIIGLGSRJMHIRXXLEXLIVEYHM IRGI[EWVIEH]XSKS[MXLLIV
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%HETXMRKXS]SYVEYHMIRGIMWSRISJXLIQSWXMQTSVXERXOI]WXSWYGGIWWJYP TYFPMGWTIEOMRK0MOISXLIVEWTIGXWSJWTIIGLQEOMRKMXMWWSQIXMQIWIEWMIVWEMH XLER HSRI &YX SRGI ]SY QEWXIV MX ]SYtPP WII XLEX MX TE]W HMZMHIRHW MR QSVI TIVWSREPJEGIXWSJ]SYVPMJIh[LIR]SYEHETXXSEREYHMIRGISJSRI
7911%6=
+SSHWTIEOIVWEVIEYHMIRGIGIRXIVIH8LI]ORS[XLEXXLIEMQSJWTIIGLQEOMRKMW XS KEMR E HIWMVIH VIWTSRWI JVSQ PMWXIRIVW ;LIR [SVOMRK SR ]SYV WTIIGLIW OIIT XLVIIUYIWXMSRWMRQMRH 8S[LSQEQ-WTIEOMRK#;LEXHS-[ERXXLIQXSORS[ FIPMIZISVHSEWEVIWYPXSJQ]WTIIGL#;LEXMWXLIQSWXIJJIGXMZI[E]SJGSQTSWMRK ERHTVIWIRXMRKQ]WTIIGLXSEGGSQTPMWLXLEXEMQ# 8SFIERIJJIGXMZIWTIEOIV]SYWLSYPHORS[WSQIXLMRKEFSYXXLITW]GLSPSK]SJ EYHMIRGIW 4ISTPI EVI IKSGIRXVMG 8LI] X]TMGEPP] ETTVSEGL WTIIGLIW [MXL SRI UYIW XMSR YTTIVQSWX MR QMRH q;L] MW XLMW MQTSVXERX XS QI#r 8LIVIJSVI ]SY RIIH XS WXYH]]SYVEYHMIRGIERHEHETX]SYVWTIIGLHMVIGXP]XSXLIMVFIPMIJWERHMRXIVIWXW 8LIJMVWXWXEKIMRPIEVRMRKEFSYX]SYVEYHMIRGIMWXSMHIRXMJ]HIQSKVETLMGXVEMXW WYGL EW EKI KIRHIV WI\YEP SVMIRXEXMSR VIPMKMSR KVSYT QIQFIVWLMT ERH VEGMEP IXLRMG SV GYPXYVEP FEGOKVSYRH 8LI WIGSRH WXEKI MW MHIRXMJ]MRK XVEMXWSJ XLI EYHM IRGIYRMUYIXSXLIWTIEOMRKWMXYEXMSR8LIWIXVEMXWMRGPYHIXLIWM^ISJXLIEYHMIRGI EXXMXYHIWMRJPYIRGIHF]XLITL]WMGEPWIXXMRKERH]SYVPMWXIRIVWtHMWTSWMXMSRXS[EVH XLIXSTMGXS[EVH]SYEWEWTIEOIVERHXS[EVHXLISGGEWMSR *SV WTIIGLIW SYXWMHI XLI GPEWWVSSQ ]SY GER FIWX KIX MRJSVQEXMSR EFSYX XLI EYHMIRGIF]EWOMRKXLITIVWSR[LSMRZMXIW]SYXSWTIEO *SVGPEWWVSSQWTIIGLIW ]SYGERPIEVREFSYX]SYVEYHMIRGIF]SFWIVZEXMSRERHGSRZIVWEXMSR=SYEPWSGER GMVGYPEXIEREYHMIRGIEREP]WMWUYIWXMSRREMVI 3RGI ]SY GSQTPIXI XLI EYHMIRGI EREP]WMW ]SY QYWX EHETX ]SYV WTIIGL WS MX [MPPFIGPIEVERHGSRZMRGMRKXS]SYVPMWXIRIVW4YX]SYVWIPJMRXLIMVTPEGI8V]XSLIEV XLI WTIIGL EW XLI] [MPP %RXMGMTEXI UYIWXMSRW ERH SFNIGXMSRW ERH XV] XS ERW[IV XLIQ MR EHZERGI ;LIR ]SY HIPMZIV ]SYV WTIIGL OIIT ER I]I SYX JSV EYHMIRGI JIIHFEGOERHEHNYWX]SYVVIQEVOWMRVIWTSRWI
/)=8)617
EYHMIRGIGIRXIVIHRIWW
WMXYEXMSREPEYHMIRGIEREP]WMW
MHIRXMJMGEXMSR
EXXMXYHI
IKSGIRXVMWQ
JM\IHEPXIVREXMZIUYIWXMSRW
HIQSKVETLMGEYHMIRGIEREP]WMW
WGEPIUYIWXMSRW
WXIVISX]TMRK
STIRIRHIHUYIWXMSRW
6):-);59)78-327
%JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;L]QYWXETYFPMGWTIEOIVFIEYHMIRGIGIRXIVIH# ;LEX HSIW MXQIER XS WE] XLEX TISTPIEVIIKSGIRXVMG# ;LEX MQTPMGEXMSRW HSIW XLIIKSGIRXVMWQSJEYHMIRGIWLSPHJSV]SYEWETYFPMGWTIEOIV#
6IZMI[5YIWXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LEXEVIXLIWM\HIQSKVETLMGXVEMXWSJEYHMIRGIWHMWGYWWIHMRXLMWGLETXIV#;L] MWIEGLMQTSVXERXXSEYHMIRGIEREP]WMW# ;LEXMWWMXYEXMSREPEYHMIRGIEREP]WMW#;LEXJEGXSVWHS]SYRIIHXSGSRWMHIVMR WMXYEXMSREPEYHMIRGIEREP]WMW# ,S[GER]SYKIXMRJSVQEXMSREFSYXEREYHMIRGI# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;LEXEVIXLIXLVIIOMRHWSJUYIWXMSRWYWIHMRUYIWXMSRREMVIW#;L]MWMXEKSSH MHIEXSYWIEPPXLVIIMREYHMIRGIEREP]WMW# ;LEX QIXLSHW GER ]SY YWIXS EHETX ]SYV WTIIGL XS]SYVEYHMIRGIFIJSVI XLI WTIIGL#(YVMRKXLIWTIIGL#
)<)6'-7)7*36'6-8-'%08,-2/-2+ %HZIVXMWIVW EVI YWYEPP] ZIV] GSRWGMSYW SJ XLIMV EYHMIRGI 'LSSWI ER MWWYI SJ E TSTYPEVQEKE^MRIWYGLEW8MQI2I[W[IIO7TSVXW-PPYWXVEXIH'SWQSTSPMXERSVXLI PMOI*VSQXLEXMWWYIWIPIGXJMZIEHZIVXMWIQIRXWXSEREP]^I8V]XSHIXIVQMRIXLI EYHMIRGIFIMRKETTIEPIHXSMRIEGLEHZIVXMWIQIRXERHEREP]^IXLIETTIEPW ZIV FEPERHZMWYEP YWIHXSTIVWYEHIFY]IVW,S[QMKLXXLIETTIEPWHMJJIVMJXLIEHW [IVIHIWMKRIHXSTIVWYEHIEHMJJIVIRXEYHMIRGI# &IPS[EVIXLVIIKIRIVEPWTIIGLXSTMGWERHJSVIEGLX[SL]TSXLIXMGEPEYHMIRGIW XS [LMGL E WTIIGL QMKLX FI HIPMZIVIH *SV IEGL XSTMG [VMXI E FVMIJ TEVEKVETL I\TPEMRMRKLS[]SYQMKLXEHNYWX]SYVWTIGMJMGTYVTSWIERHQIWWEKIEGGSVHMRK XSXLIHIQSKVETLMGGLEVEGXIVMWXMGWSJXLIEYHMIRGI
E 8STMG
q(EXE)RGV]TXMSRr
%YHMIRGI GSQTYXIVWGMIRGIQENSVW TL]WMGWQENSVW JMRIEVXWQENSVW
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F 8STMG
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G 8STMG
q8LI*EPPSJXLI&IVPMR;EPPr
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8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8LI1G+VE[n,MPP 'SQTERMIW
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8LI1G+VE[n,MPP 'SQTERMIW
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8LI1G+VE[n,MPP 'SQTERMIW
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-REHHMXMSRXSKIRIVEPIRG]GPSTIHMEWXLIVIEVIWTIGMEPIRG]GPSTIHMEWXLEX GSZIVXLIMVJMIPHWMRQYGLQSVIHITXLXLERHSKIRIVEPIRG]GPSTIHMEW7SQISJ XLIQSWXJVIUYIRXP]YWIHWTIGMEPIRG]GPSTIHMEWEVI %JVMGER%QIVMGER)RG]GPSTIHME %WMER%QIVMGER)RG]GPSTIHME (MGXMSREV]SJ%VX )RG]GPSTIHMESJ6IPMKMSR 0EXMRS)RG]GPSTIHME 1G+VE[,MPP)RG]GPSTIHMESJ7GMIRGIERH8IGLRSPSK]
=IEVFSS W ]IEVFSS %VIJIVIRGI[SVOTYFPMWLIH ERRYEPP]XLEXGSRXEMRW MRJSVQEXMSREFSYXXLITVIZMSYW ]IEV
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
5YSXEXMSR&SS W 8LIFIWXORS[RGSPPIGXMSRSJUYSXEXMSRWMW&EVXPIXXtW*EQMPMEV5YSXEXMSRW;MXL QSVIXLERUYSXEXMSRWJVSQLMWXSVMGEPERHGSRXIQTSVEV]JMKYVIWMXLEW PSRK FIIR VIKEVHIH EW ER MRHMWTIRWEFPI WSYVGI JSV WTIEOIVW ERH [VMXIVW EPMOI 3XLIVI\GIPPIRXUYSXEXMSRFSSOWMRGPYHI 3\JSVH(MGXMSREV]SJ5YSXEXMSRW 8LI2I[5YSXEFPI;SQER 1]7SYP0SSOW&EGOt0IWW-*SVKIX %'SPPIGXMSRSJ5YSXEXMSRWF]4ISTPISJ'SPSV %RGMIRX)GLSIW 2EXMZI%QIVMGER;SVHWSJ;MWHSQ *MVIMR3YV7SYPW 5YSXEXMSRWSJ;MWHSQERH-RWTMVEXMSRF]0EXMRS%QIVMGERW %8VIEWYV]SJ.I[MWL5YSXEXMSRW
&MSKVET MGEP%MHW FMSKVET MGEPEMH %VIJIVIRGI[SVOXLEXTVSZMHIW MRJSVQEXMSREFSYXTISTPI
;LIR]SYRIIHMRJSVQEXMSREFSYXTISTPIMRXLIRI[W]SYGERXYVRXSSRISJ XLIQER]VIJIVIRGI[SVOWXLEXGSRXEMRFVMIJPMJIERHGEVIIVJEGXWEFSYXGSRXIQ TSVEV]QIRERH[SQIR8LI]MRGPYHI -RXIVREXMSREP;LStW;LS ;LStW;LSMR%QIVMGE
',%48)6 +%8,)6-2+1%8)6-%07
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LStW;LSSJ%QIVMGER;SQIR 'SRXIQTSVEV]&PEGO&MSKVETL] (MGXMSREV]SJ,MWTERMG&MSKVETL] ;LStW;LS%QSRK%WMER%QIVMGERW
IEVGLMRK LI R IVRI 8LI-RXIVRIXLEWFIIRGEPPIHXLI[SVPHtWFMKKIWXPMFVEV]9RPMOIEPMFVEV]LS[ IZIVXLI-RXIVRIXLEWRSGIRXVEPMRJSVQEXMSRHIWORSPMFVEVMERWRSGEXEPSKYI ERHRSVIJIVIRGIWIGXMSR2SVHSIWMXLEZIETIVWSRSVHITEVXQIRXMRGLEVKISJ HIXIVQMRMRK [LIXLIV QEXIVMEPW EVI SJ LMKL UYEPMX] =SY GER YRIEVXL E KVIEX HIEPSJMRJSVQEXMSRSRXLI-RXIVRIXFYX]SYGERRSXEP[E]WJMRHXLIWEQIVERKI ERH HITXL EW MR E KSSH PMFVEV] 8LMW MW [L] I\TIVXW EHZMWI XLEX ]SY YWI XLI -RXIVRIXXSWYTTPIQIRXRSXXSVITPEGIPMFVEV]VIWIEVGL -RXLMWWIGXMSR[I[MPPPSSOEX[E]W]SYGERKSFI]SRHFVS[WMRKXLI;IF ERH XYVR MX MRXS E TS[IVJYP VIWIEVGL XSSP JSV ]SYV WTIIGLIW %JXIV HMWGYWWMRK WIEVGLIRKMRIWERHSXLIVVIWSYVGIWJSVGSRHYGXMRKIJJMGMIRXJSGYWIHMRUYMVMIW [ItPP I\TPEMR LS[ XS IZEPYEXI XLI VIPMEFMPMX] ERH SFNIGXMZMX] SJ XLI VIWIEVGL QEXIVMEPW]SYJMRHSRXLI;IF
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hQSVI XLER QMPPMSR MR EPP 7SQI [MPP HIEP [MXLWTSVXWMRNYVMIWEQSRKGSPPIKIGLIIVPIEHIVWFYXXLIZEWXQENSVMX][MPPRSX 7GERRMRK XLVSYKL IZIV]XLMRK XS JMRH [LEX ]SY RIIH [SYPH FI E HEYRXMRK XEWO ,S[HS]SYPMQMX]SYVWIEVGLXSKIXQSVIQEREKIEFPIVIWYPXW#-J]SYX]TI GSPPIKI GLIIVPIEHMRK MR +SSKPItW WIEVGL FS\ ]SY [MPP WXMPP GSQI YT [MXL QSVI XLEREQMPPMSRGMXEXMSRW,S[IZIVMJ]SYX]TIqGSPPIKIGLIIVPIEHMRKrMRUYSXE XMSRQEVOW]SY[MPPKIXSRP]HSGYQIRXWXLEXGSRXEMRXLII\EGXTLVEWIqGSPPIKI GLIIVPIEHMRKrhMREPP 8LMWMWQYGLFIXXIVFYXMXtWWXMPPJEVXSSQER]XSKSXLVSYKLSRIF]SRI 7S]SYREVVS[]SYVWIEVGLWXMPPJYVXLIV8LMWXMQI]SYX]TIXLIJSPPS[MRKIRXV] MRXS+SSKPItWWIEVGLFS\ qGSPPIKIGLIIVPIEHMRKr qWTSVXWMRNYV]r 8LI WMKRPMQMXWXLIWIEVGLXSMXIQWXLEXGSRXEMRFSXLWIXWSJOI][SVHWqGSPPIKI GLIIVPIEHMRKrERHqWTSVXWMRNYV]r8LMWXMQI]SYKIXEPMWXSJHSGYQIRXWEPP SJ[LMGLHIEPWTIGMJMGEPP][MXLWTSVXWMRNYVMIWEQSRKGSPPIKIGLIIVPIEHIVW
7IEVGLMRKXLI-RXIVRIX
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-J]SY[IVIYWMRKEWIEVGLIRKMRISXLIVXLER+SSKPI]SYQMKLXIRXIVHMJ JIVIRXGSQQERHW&YXXLIFEWMGTVMRGMTPIWJSVHSMRKTVIGMWITMRTSMRXIHWIEVGLIW EVIWMQMPEVJVSQWIEVGLIRKMRIXSWIEVGLIRKMRI-J]SYYRHIVWXERHXLSWITVMR GMTPIW]SY[MPPKVIEXP]MRGVIEWI]SYVSHHWSJJMRHMRKI\EGXP][LEX]SYRIIHJSV ]SYVWTIIGLIW
74)'-%0->)(6)7)%6',6)7396')7 7IEVGLEMHWEVII\XVIQIP]LIPTJYPFYXXLI]EVIRSXXLISRP]ZILMGPIWJSVJMRHMRK MRJSVQEXMSRSRPMRI&IGEYWIXLI-RXIVRIXMWWSZEWXMXMWLIPTJYPXSLEZIEPMWXSJ TVIQMYQ ;IF WMXIW XLEX ]SY GER XYVR XS [MXL GSRJMHIRGI -R GSQTMPMRK XLI JSPPS[MRKPMWX-LEZIGSRGIRXVEXIHSRWMXIWXLEXEVIQSWXPMOIP]XSFILIPTJYPXS ]SYEW]SY[SVOSR]SYVWTIIGLIW
MVXYEP0MFVEVMIW MVXYEPPMFVEV] %WIEVGLIRKMRIXLEXGSQFMRIW -RXIVRIXXIGLRSPSK][MXL XVEHMXMSREPPMFVEV]QIXLSHWSJ GEXEPSKYMRKERHEWWIWWMRKHEXE
7IEVGLIRKMRIWLIPT]SYJMRH[LEXtWSRXLI-RXIVRIXFYXXLI]HSRtXIZEPYEXI XLIUYEPMX]SJXLIWSYVGIWXLI]VIXVMIZI0MFVEVMERWERHSXLIVMRJSVQEXMSRWTI GMEPMWXW EVI [SVOMRK XS QEOI MX IEWMIV XS PSGEXI VIPMEFPI LMKLUYEPMX] ;IF VIWSYVGIW 3RI VIWYPX SJ XLIMV IJJSVXW MW ZMVXYEP PMFVEVMIWhWIEVGL IRKMRIW XLEX GSQFMRI -RXIVRIX XIGLRSPSK] [MXL XVEHMXMSREP PMFVEV] QIXLSHW SJ EWWIWWMRK HEXE,IVIEVIX[SSJXLIFIWX 0MFVEVMERWt-RXIVRIX-RHI\ [[[PMMSVK 'SRXEMRWQSVIXLERIRXVMIW SVKERM^IHMRXSQEMRXSTMGWMRGPYHMRKEVXWERHLYQERMXMIWLIEPXLPE[ FYWMRIWWQIHMEWGMIRGIERHVIGVIEXMSR -RXIVRIX4YFPMG0MFVEV] [[[MTPSVK -REHHMXMSRXSWYFNIGXGSPPIGXMSRWXLEX VERKI JVSQ FYWMRIWW XS WSGMEP WGMIRGI MX LEW PMROW XS E PEVKI RYQFIV SJ VIJIVIRGIWSYVGIWEW[IPPEWXSE[MHIVERKISJGSRWXERXP]IZSPZMRKWTIGMEP GSPPIGXMSRW
+S IVRQIRX6IWSYVGIW 3RI SJ XLI KVIEX WXVIRKXLW SJ XLI -RXIVRIX EW E VIWIEVGL XSSP MW XLI EGGIWW MX TVSZMHIW XS KSZIVRQIRX HSGYQIRXW ERH TYFPMGEXMSRW ;LIXLIV ]SY EVI PSSOMRKJSVMRJSVQEXMSRJVSQXLIJIHIVEPKSZIVRQIRXSVJVSQEWXEXISVPSGEP EKIRG] GLERGIW EVI ]SY GER JMRH MX F] WXEVXMRK ]SYV WIEVGL EXSRI SJ XLIWI ;IFWMXIW 97%KSZ [[[YWEKSZ 3RIWXST WLSTTMRK JSV EPP 97 KSZIVRQIRX MRJSVQEXMSRSRXLI-RXIVRIX4VSZMHIWPMROWXSQSVIXLERQMPPMSR;IF TEKIWJVSQJIHIVEPWXEXIPSGEPERHXVMFEPKSZIVRQIRXW 7XEXMWXMGEP %FWXVEGX [[[GIRWYWKSZGSQTIRHMEWXEXEF 8LI WXERHEVH VIJIVIRGI WSYVGI JSV RYQIVMGEP MRJSVQEXMSR SR WSGMEP TSPMXMGEP ERH IGSRSQMG EWTIGXW SJ %QIVMGER PMJI 'SQTMPIH F] XLI 'IRWYW &YVIEY MXW MRGVIHMFPIEVVE]SJJEGXWEVISVKERM^IHMRXEFPIJSVQ ;SVPH *EGXFSSO [[[GMEKSZPMFVEV]TYFPMGEXMSRWXLI[SVPHJEGXFSSO 4YFPMWLIHERRYEPP]F]XLI'IRXVEP-RXIPPMKIRGI%KIRG]XLI;SVPH*EGXFSSO MWEVMGLGSQTIRHMYQSJMRJSVQEXMSRSRIZIV]GSYRXV]MRXLI[SVPH8STMGW MRGPYHI TISTPI KSZIVRQIRX IGSRSQ] GSQQYRMGEXMSR XVERWTSVXEXMSR ERHXVERWREXMSREPMWWYIW
',%48)6 +%8,)6-2+1%8)6-%07
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IWIEVGLKMZIWWTIEOIVWJEGXW ERHJMKYVIWXSWYTTSVXXLIMV MHIEW,IVI)YVSTIER9RMSR SJJMGMEP1EVXMR4EVV]VITSVXWEX ERMRXIVKSZIVRQIRXEPQIIX MRKSRKPSFEPGPMQEXIGLERKI
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bGQQV0EXMRSLXQP 1EMRXEMRIH F] XLI 9RMZIVWMX] SJ 7SYXLIVR 'EPMJSVRMEtW 'IRXIV JSV 1YPXMPMRKYEP 1YPXM GYPXYVEP6IWIEVGLXLMWSYXWXERHMRKWMXITVSZMHIWPMROWXSEXVIEWYVIXVSZISJ VIWSYVGIWHIZSXIHXS0EXMRSERH0EXMREVIPEXIHMWWYIW
GSRRIGXPYGEWGSQ =SYGERPMROXSXLI;IFWMXIW MHIRXMJMIHSRTTi XLVSYKLXLISRPMRI6IWIEVGL 0MFVEV]JSVXLMWGLETXIV
%JVMGER %QIVMGER ;IF 'SRRIGXMSR [[[EE[GGSQ %[EVH[MRRMRK ;IF WMXIXLEXHIEPW[MXLEPPEWTIGXWSJ%JVMGER%QIVMGERPMJI%PWSTVSZMHIWPMROW XS SVKERM^EXMSRW WYGL EW XLI 2EXMSREP 9VFER 0IEKYI XLI 'SRKVIWWMSREP &PEGO'EYGYWERHXLI2%%'4 3JGSYVWIXLIVIEVIXLSYWERHWSJSXLIVYWIJYP;IFWMXIW&YXXLISRIWHMW GYWWIHEFSZIMRGSRNYRGXMSR[MXLEKSSHWIEVGLIRKMRIWLSYPHLIPTKIX]SYV VIWIEVGLSJJXSEKSSHWXEVX
) %09%8-2+-28)62)8(3'91)287 ;LIR]SYHSVIWIEVGLMREPMFVEV]IZIV]XLMRK]SYJMRHLEWFIIRIZEPYEXIHMR SRI[E]SVERSXLIVFIJSVIMXKIXWXS]SY&SSOWQEKE^MRIWERHNSYVREPWLEZI
7IEVGLMRKXLI-RXIVRIX
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
'LIGOPMWX =)7
8LI1G+VE[n,MPP 'SQTERMIW
) EPYE MRK R IVRI (SGY IR W
23
W LIEY LSVSJ LIHSGY IR GPIEVP]MHIR MJMIH# J LI EY LSV MW MHIR MJMIH MW LI SV WLI ER I\TIV SR LI STMG#
J LIEY LSVMWRS ERI\TIV GERLMWSVLIVSTMRMSRWFI EGGIT IHEWSFNIG M IERHYRFMEWIH# J LI EY LSV MW RS MHIR MJMIH GER LI WTSRWSVMRK SVKERM E MSRFIHI IV MRIH# W LIWTSRWSVMRKSVKERM E MSREKS IVR IR EKIRG] ER IHYGE MSREPMRW M Y MSR SVERSRTVSJM KVSYT#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMP EFPIMRXLISRPMRI7XYH] 8SSPWJSVXLMWGLETXIV
(SIW LI WTSRWSVMRK SVKERM E MSR LE IEVITY E MSR JSV I\TIV MWIERHSFNIG M M ]# (SIW LIHSGY IR MRGPYHIEGST]VMKL HE I TYFPMGE MSR HE I SVHE ISJPEW VI MWMSR# J E HE I MW MRGPYHIH MW LI HSGY IR VIGIR IRSYKL S GM IMR ]WTIIGL#
IHMXSVMEPTVSGIHYVIWXSHIXIVQMRI[LIXLIVEKMZIR[SVOWLSYPHSVWLSYPHRSX FITYFPMWLIH3RGIE[SVOMWTYFPMWLIHMXLEWXSFIETTVSZIHF]XLIEGUYMWM XMSRWWXEJJJSVMRGPYWMSRMRXLIPMFVEV] 8LI-RXIVRIXSJGSYVWIMWEZIV]HMJJIVIRXWXSV]8LIQSWXXVYWXIHVIWSYVGIW SRXLI;IFEVIXLSWIHIVMZIHJVSQTVMRXIH[SVOWhKSZIVRQIRXVIGSVHWRI[W TETIV EVXMGPIW VIWIEVGL VITSVXW ERH XLI PMOI &YX QSWX ;IF HSGYQIRXW I\MWX SRP]MRIPIGXVSRMGJSVQ3JXLIWIJI[LEZIKSRIXLVSYKLXLIOMRHSJIHMXSVMEP VIZMI[ XLEX MW HIWMKRIH XS IRWYVIE FEWMG PIZIP SJ VIPMEFMPMX] MR TVMRXIH [SVOW %R]SRI[MXLEGSQTYXIVERHEGGIWWXSXLI-RXIVRIXGERWLEVILMWSVLIVSTMR MSRW[MXLEHMWGYWWMSRKVSYTTYFPMWLERIPIGXVSRMGRI[WPIXXIVSVGVIEXIETIV WSREP;IFTEKI2IZIVLEWXLIEHEKIFIIRQSVIXVYIXLER[LIRETTPMIHXSXLI -RXIVRIX q(SRtXFIPMIZIIZIV]XLMRK]SYVIEHr -R 'LETXIV [I [MPP HMWGYWW LS[ XS NYHKI XLI WSYRHRIWW SJ WYTTSVXMRK QEXIVMEPWMRKIRIVEP,IVI[IPSSOEXXLVIIGVMXIVME]SYGERYWIXSLIPTHMWXMR KYMWLFIX[IIRXLINI[IPWERHXLINYROSRXLI-RXIVRIX
%YX SVW MT -WXLIEYXLSVSJXLI;IFHSGYQIRX]SYEVIEWWIWWMRKGPIEVP]MHIRXMJMIH#-JWS [LEXEVILMWSVLIVUYEPMJMGEXMSRW#-WXLIEYXLSVERI\TIVXSRXLIXSTMG#'ER LIVSVLMWHEXEERHSTMRMSRWFIEGGITXIHEWSFNIGXMZIERHYRFMEWIH#.YWXEW]SY WLSYPHRSXGMXIEFSSOSVQEKE^MRIEVXMGPI[MXLSYXMHIRXMJ]MRKXLIEYXLSVERH LMWSVLIVGVIHIRXMEPWWS]SYWLSYPHRSXGMXIERIPIGXVSRMG[SVOMRXLIEFWIRGI SJXLMWMRJSVQEXMSR -R E FSSO SV QEKE^MRI EVXMGPI MRJSVQEXMSR EFSYX XLI EYXLSV MW YWYEPP] JEMVP]IEW]XSJMRH8SSSJXIRLS[IZIVXLMWMWRSXXVYISRXLI-RXIVRIX-J]SY GERtX JMRH MRJSVQEXMSR EFSYX XLI EYXLSV MR XLI HSGYQIRX MXWIPJ PSSO JSV E
',%48)6 +%8,)6-2+1%8)6-%07
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
PMRO XS XLI EYXLSVtW LSQITEKI SV XS ERSXLIV WMXI XLEX I\TPEMRW XLI EYXLSVtW GVIHIRXMEPW 3JXIR ]SY GER PIEVR EFSYX ER EYXLSV F] X]TMRK LIV SV LMW REQI MR XLI +SSKPIWIEVGLFS\-JXLIEYXLSVMWEREGGITXIHEYXLSVMX]SRXLIWYFNIGXXLIVItW EKSSHGLERGI+SSKPI[MPPXYVRYTMRJSVQEXMSREFSYXGVIHIRXMEPWTYFPMGEXMSRW ERHEJJMPMEXMSR-JXLEXHSIWRtX[SVOXV]GLIGOMRKSRISJXLIFMSKVETLMGEPEMHW PMWXIHIEVPMIVMRXLMWGLETXIV TEKIWi
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q%FSYXr PMRO SR XLI WTSRWSVMRK SVKERM^EXMSRtW LSQITEKI3JXIRXLIVIWYPXMRKWGVIIR[MPPMHIRXMJ]XLIWMXItWJSYRHIVWTYVTSWI SVTLMPSWSTL]-JXLILSQITEKIHSIWRSXGSRXEMRERq%FSYXrPMROXLMWQE]FI E WMKR XLEX XLI WTSRWSVMRK SVKERM^EXMSR MW PIWW XLER JSVXLVMKLX ERH HSIW RSX QIIXXLIRIGIWWEV]WXERHEVHWSJSFNIGXMZMX]ERHI\TIVXMWI ;LEXMJ]SYGERtXZIVMJ]XLIGVIHIRXMEPWSJEREYXLSVSVMHIRXMJ]EGVIHMFPI WTSRWSVMRKSVKERM^EXMSRJSVER-RXIVRIXHSGYQIRX#8LIERW[IVMWIEW] (SRtX YWIXLIHSGYQIRXMR]SYVWTIIGL
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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10%
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7MKRIHQEKE^MRI EVXMGPI
7MKRIHRI[WTETIV EVXMGPI
8LI1G+VE[n,MPP 'SQTERMIW
10% %4%
10%
EVV
MGLSPEW q W+SSKPI E MRK9W YTMH# LE LI R IVRI W(SMRK S3YV VEMRW q%XPERXMG .YP]i YK i 4VMR
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%4%
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10%
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6STTSPS /
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10%
6SHVMUYI .E IW 4IVWSREPMR IV MI[ 3G
%4%
. 6SHVMUYI TIVWSREPGS
10%
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7MKRIHEVXMGPIMR VI IVIRGI[SV
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7TIIG SVPIGXYVI
%4%
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%4%
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10%
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%4%
E MSREP RW M Y ISJ IR EP IEP L TVMP 4ERMGHMWSVHIV 6I VMI IHJVS L T [[[ RM L RML KS LIEP L STMGWMRHI\ WL P
10%
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%4%
(EPI] E] S EWKVIIREW LI]GPEM JVS L T [[[ FSW SR GS
10%
6MTPI] ERHE q S[ S YV M IE(MWEW IVr8MQI E] .YRI
%4%
6MTPI] E] L T [[[ M I GS
3RPMRIKS IVRQIRX TYFPMGEXMSR
3RPMRIQEKE^MRI EVXMGPI
10% 8IPI MWMSRTVSKVEQ
3RPMRIRI[WTETIV EVXMGPI
YRMGE MSR 3G SFIV
MPP0] ER *VSRXPMRI4
+
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E]
SFI &SWXSR+PSFI 6I VMI IH
8MQIGSQ
IF
S[ SWYV M IEHMWEW IV 8MQI 6I VMI IHJVS
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8MTWJSV(SMRK6IWIEVGL
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
JSYV HE]WE[E]7LIHYKSYXLIVRSXIWFYX[LEX HMHXLI]QIER#3RIWEMHq1IHJSVHh MQTSVXERXr&YX[LSSV[LEX[EW1IHJSVH#%WMELEHXLSYKLXWLItHVIQIQFIVEPPEFSYX XLI &MPPMI ,SPMHE] FSSO FYX [MXLSYX RSXIW MX [EW QSWXP] E FPYV F] RS[ ;MXL E WIRWI SJ HSSQWLIJEGIHYTXSXLIJEGXXLEXWLI[SYPHLEZIXSWXEVXSZIVhERHJMRMWLMRJSYVHE]W
7SYRHJEQMPMEV#8LMWLEWLETTIRIHXSEPQSWXIZIV]SRIEXPIEWXSRGI&YX SRGIMWIRSYKL8LIVIMWEFIXXIV[E]XSXEOIVIWIEVGLRSXIW,IVIMWEQIXLSH XLEXLEW[SVOIH[IPPJSVQER]WXYHIRXW
8E I4PIRX]S 2SXIW *I[XLMRKWEVIQSVIEKKVEZEXMRKXLERXV]MRKXSVIGEPPWSQIFMXSJMRJSVQEXMSR ]SY VER EGVSWW MR ]SYV VIWIEVGL FYX RIKPIGXIH XS VIGSVH 8LI QSVEP SJ %WME 1EVWLEPPtWWXSV]MWGPIEV -JXLIVIMWIZIRERSYXWMHIGLERGIXLEX]SYQE]RIIH ETMIGISJMRJSVQEXMSRQEOIERSXISJMX8LMW[MPPXEOIEPMXXPII\XVEXMQIMRXLI WLSVXVYRFYXMRXLIPSRKVYRMXGERWEZI]SYQYGLKVMIJ
6IGSVH2SXIWMRE'SRWMWXIRX*SVQEX =SYWLSYPHYWIXLIWEQIJSVQEXJSVEPP]SYVVIWIEVGLRSXIW[LIXLIVXLI]GSQI JVSQ-RXIVRIXWSYVGIWPMFVEV]HSGYQIRXWSVTIVWSREPMRXIVZMI[W-RIEGLGEWI VIGSVHXLIRSXIXLIWSYVGISJXLIRSXIERHELIEHMRKMRHMGEXMRKXLIWYFNIGXSJ XLIRSXI WII*MKYVI FIPS[ 8LIMQTSVXERGISJXLIWYFNIGXLIEHMRKGERRSXFISZIVIQTLEWM^IH-XMWXLI JMVWX WXIT XS QSVI IJJMGMIRX RSXI XEOMRK &] XIPPMRK ]SY EX E KPERGI [LEX IEGL RSXI MWEFSYX MX [MPPKVIEXP] WMQTPMJ]XLIXEWOSJSVKERM^MRK]SYVRSXIW [LIR ]SYWXEVXXSGSQTSWIXLIWTIIGL3RGI]SYWXEVXYWMRKWYFNIGXLIEHMRKW]SYtPP WIILS[LIPTJYPXLI]GERFI
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7YFNIGX IEHMRK
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8 MWRSXIMWXE IREW EHMVIGXUYSXEXMSR
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8I\X
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8MTWJSV(SMRK6IWIEVGL
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8I\X
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9
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08
/ +
9WMRK SRI SJ XLI TIVMSHMGEP HEXEFEWIW HMWGYWWIH SR TEKIW i JMRH XLVII QEKE^MRI SV NSYVREP EVXMGPIW SR XLI XSTMG SJ ]SYV RI\X WTIIGL 4VITEVI E TVI PMQMREV]FMFPMSKVETL]IRXV]JSVIEGLEVXMGPI6IEHXLIJYPPXI\XSJXLIEVXMGPIWERH EWWIWWXLIMVZEPYIJSV]SYVWTIIGL 9WMRK SRI SJ XLI WTIGMEPM^IH -RXIVRIXVIWSYVGIW HMWGYWWIH SRTEKIW i JMRH XLVIIHSGYQIRXWSRXLIXSTMGSJ]SYVRI\XWTIIGL4VITEVIETVIPMQMREV]FMFPMSKVE TL]IRXV]JSVIEGLEVXMGPI6IEHXLIJYPPXI\XSJXLIHSGYQIRXWERHEWWIWWXLIQMR PMKLXSJXLIGVMXIVMEHMWGYWWIHSRTEKIWiJSVIZEPYEXMRK-RXIVRIXHSGYQIRXW 4PERXSGSRHYGXERMRXIVZMI[JSVSRISJ]SYVGPEWWVSSQWTIIGLIW&IWYVIXSJSP PS[ XLI KYMHIPMRIW TVIWIRXIH MR XLMW GLETXIV JSV IJJIGXMZI MRXIVZMI[MRK %JXIV [EVHIZEPYEXIXLIMRXIVZMI[(MH]SYTVITEVIJSVMXEHIUYEXIP]#(MH]SYKIXXLI MRJSVQEXMSR]SYRIIHIH#;LEX[SYPH]SYHSHMJJIVIRXP]MJ]SYGSYPHGSRHYGX XLIMRXIVZMI[EKEMR#
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
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
7YTTSVXMRK=SYV-HIEW
)\EQTPIW &VMIJ)\EQTPIW )\XIRHIH)\EQTPIW ,]TSXLIXMGEP)\EQTPIW 8MTWJSV9WMRK)\EQTPIW
7XEXMWXMGW 9RHIVWXERHMRK7XEXMWXMGW 8MTWJSV9WMRK7XEXMWXMGW
8IWXMQSR] )\TIVX8IWXMQSR] 4IIV8IWXMQSR] 5YSXMRK:IVWYW4EVETLVEWMRK 8MTWJSV9WMRK8IWXMQSR]
'MXMRK7SYVGIW3VEPP]
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
GSRJMVQIH FIPMIZIV MR LSPMWXMG QIHMGMRI (ERMIPPI %WLQER HIGMHIH XS KMZI LIV JMVWX GPEWWVSSQWTIIGLSRXLIYWIWERHFIRIJMXWSJEVSQEXLIVET]4EVXSJLIVWTIIGLVER PMOIXLMW %PPSJYWWYJJIVJVSQXLMRKWPMOIGSPHWLIEHEGLIWREYWIEERHWXVIWW,S[[SYPH]SY PMOIXSGYVIXLIWITVSFPIQW [MXLSYXI\TIRWMZITMPPWSV ZMWMXWXSXLIHSGXSV#;IPP]SYGER [MXLEVSQEXLIVET]%VSQEXLIVET]LEWFIIRTVSZIRXSXVIEXQER]GSQQSREMPQIRXWERH MX[SVOWKVIEXJSVQI1SVIXLERER]TMPP]SYGERFY]EVSQEXLIVET]NYWX[SVOW=SYWLSYPH XV]MXr %JXIV XLI WTIIGL (ERMIPPItW GPEWWQEXIW [IVI TSPMXI FYX WOITXMGEP %W SRI VIQEVOIH q(ERMIPPIQEHIWSQIMRXIVIWXMRKTSMRXWFYXWLItWRSHSGXSV-tHFIQSVIGSRZMRGIHMJWLI LEHWSQIQIHMGEPIZMHIRGIXSFEGOYTLIVSTMRMSRr
%
+SSH WTIIGLIW EVI RSX GSQTSWIH SJ LSX EMV ERH KIRIVEPM^EXMSRW 8LI] RIIH WXVSRKWYTTSVXMRKQEXIVMEPWXSFSPWXIVXLIWTIEOIVtWTSMRXSJZMI[-R(ERMIPPItW GEWIXLIVIMWIZMHIRGIXLEXEVSQEXLIVET]QE]LIPTMRXVIEXMRKWSQIEMPQIRXW FYX QSWX SJ XLI GPEMQW EFSYX MXW LIEPXL FIRIJMXW LEZI ]IX XS FI ZIVMJMIH F] VIWIEVGL 7S (ERMIPPItW PMWXIRIVW [IVI VMKLX XS FI WOITXMGEP EFSYX LIV ZEKYI YRWYTTSVXIHKIRIVEPM^EXMSRW 8LITVSFPIQ[MXLKIRIVEPM^EXMSRWMWXLEXXLI]HSRtXERW[IVXLIXLVIIUYIW XMSRWPMWXIRIVWEP[E]WEWOSJEWTIEOIV q;LEXHS]SYQIER#rq;L]WLSYPH- FIPMIZI]SY#rq7S[LEX#r'SRWMHIVJSVI\EQTPIXLIJSPPS[MRKWXEXIQIRXW
WYTTSVXMRKQEXIVMEPW 8LIQEXIVMEPWYWIHXSWYTTSVXE WTIEOIVtWMHIEW8LIXLVIIQENSV OMRHWSJWYTTSVXMRKQEXIVMEPW EVII\EQTPIWWXEXMWXMGWERH XIWXMQSR]
+IRIVEP
0IWW+IRIVEP
7TIGMJMG
'LMPHLSSHSFIWMX] MWEWIVMSYWTVSFPIQ MRXLI9RMXIH7XEXIW
8LIMRGMHIRGISJ GLMPHLSSHSFIWMX]MW RS[WSLMKLEWXS IRHERKIVXLILIEPXL SJE[LSPIKIRIVE XMSRSJ%QIVMGERW
%XPIEWXTIVGIRXSJ %QIVMGERGLMPHVIREVI SFIWIhQSVIXLERX[MGI XLITIVGIRXEKISRP] ]IEVWEKS8LI(ITEVXQIRX SJ,IEPXLERH7SGMEP 7IVZMGIWIWXMQEXIWXLEX MRXLIGSQMRKHIGEHIW SFIWMX][MPPHIGVIEWIPMJI I\TIGXERG]MRXLI97 F]X[SXSJMZI]IEVW
;LMGLWXEXIQIRXHS]SYJMRHQSWXMRXIVIWXMRK#1SWXGSRZMRGMRK#'LERGIWEVI ]SY TVIJIV XLEX MR XLI VMKLXLERH GSPYQR -X MW WLEVT ERH WTIGMJMG GPIEV ERH GVIHMFPIhNYWX[LEXEWTIIGLRIIHWXSGSQIEPMZI 8LI WOMPPJYP YWI SJ WYTTSVXMRK QEXIVMEPW SJXIR QEOIW XLI HMJJIVIRGI FIX[IIRETSSVWTIIGLERHEKSSHSRI-R'LETXIVWERH[I[MPPPSSOEX WTIGMEPYWIWSJWYTTSVXMRKQEXIVMEPWMRMRJSVQEXMZIERHTIVWYEWMZIWTIIGLIW-R XLMWGLETXIV[IJSGYWSRXLIFEWMGOMRHWSJWYTTSVXMRKQEXIVMEPWhI\EQTPIW WXEXMWXMGWERHXIWXMQSR]hERHSRKIRIVEPTVMRGMTPIWJSVYWMRKXLIQIJJIGXMZIP] ERHVIWTSRWMFP]
)\EQTPIW 8LI EXXEGO GEQI EJXIV HE]FVIEO 8LI (IPXE 6ERKIV E GEVKS WLMT GEVV]MRK FEY\MXI [EW WXIEQMRKXLVSYKLXLIMROFPYI-RHMER3GIEREFSYXQMPIWSJJ7SQEPMEtWGSEWX%GVI[ QERSRXLIFVMHKIWTMIHX[SWTIIHFSEXW^SSQMRKWXVEMKLXEXXLITSVXWMHISJLMWZIWWIP
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1SQIRXWPEXIVFYPPIXWXSVIMRXSXLIFVMHKIERHZETSVXVEMPWJVSQVSGOIXTVSTIPPIHKVIREHIW WXVIEOIHEGVSWWXLIFS[hTMVEXIW
8LIWIPMRIWEVIJVSQXLISTIRMRKSJEREVXMGPIMR7QMXLWSRMERQEKE^MRIEFSYX QSHIVRHE]TMVEXIWXLEXTVI]SRMRXIVREXMSREPWLMTTMRK-XMPPYWXVEXIWEHIZMGI[IPP ORS[RXSQEKE^MRI[VMXIVWhERHTYFPMGWTIEOIVW +IXXLIEYHMIRGIMRZSPZIH 7IILS[WOMPPJYPP]XLMWI\EQTPIEGGSQTPMWLIWXLIKSEP-XKMZIWYWEWTIGMJMG MRGMHIRX XS JSGYW SR XLI EXXEGO SR XLI (IPXE 6ERKIV -X WIXW XLI WXEKI [MXL HIXEMPW SJ XMQI TPEGI GSPSV ERH EGXMSR ;I GER EPQSWX WII SYVWIPZIW SR XLI FVMHKISJXLI(IPXE6ERKIV[EXGLMRKXLITMVEXIWtWTIIHFSEXWERHLIEVMRKXLIMV FYPPIXWXIEVMRXSXLIWLMT;I[SYPHRSXFIRIEVP]EWMRZSPZIHMJXLIEVXMGPILEH QIVIP]WEMHq4MVEXIWEVIEKVS[MRKQIREGIXSMRXIVREXMSREPWLMTTMRKr 6IWIEVGLLEWWLS[RXLEXZMZMHGSRGVIXII\EQTPIWLEZIWXVSRKMQTEGXSR PMWXIRIVWt FIPMIJW ERH EGXMSRW ;MXLSYX I\EQTPIW MHIEW SJXIR WIIQ ZEKYI MQTIVWSREPERHPMJIPIWW;MXLI\EQTPIWMHIEWFIGSQIWTIGMJMGTIVWSREPERH PMZIP]8LMWMWRS[LIVIFIXXIVMPPYWXVEXIHXLERMRXLI&MFPIERHXLI/SVERFSXL SJ [LMGL YWI EPP QERRIV SJ WXSVMIW TEVEFPIW ERH ERIGHSXIW XS QEOI EFWXVEGX TVMRGMTPIWGPIEVERHGSQTIPPMRK8LIVIEVIWIZIVEPOMRHWSJI\EQTPIW]SYQE] [ERXXSXV]MR]SYVWTIIGLIW
I\EQTPI %WTIGMJMGGEWIYWIHXSMPPYWXVEXI SVXSVITVIWIRXEKVSYTSJ TISTPIMHIEWGSRHMXMSRW I\TIVMIRGIWSVXLIPMOI
&6-)*)<%140)7 &VMIJI\EQTPIWhEPWSGEPPIHWTIGMJMGMRWXERGIWhQE]FIVIJIVVIHXSMRTEWWMRKXS MPPYWXVEXIETSMRX8LIJSPPS[MRKI\GIVTXYWIW E FVMIJI\EQTPIXSMPPYWXVEXIXLI QMVEGYPSYW REXYVI SJ VIGIRX EHZERGIW MR GVIEXMRK EVXMJMGMEP PMQFW JSV EGGMHIRX ZMGXMQW
FVMIJI\EQTPI %WTIGMJMGGEWIVIJIVVIHXSMR TEWWMRKXSMPPYWXVEXIETSMRX
'LERKIWMRXIGLRSPSK]LEZIQEHIMXTSWWMFPIJSVHSGXSVWXS[SVO[SRHIVWXLEXSRGI WIIQIHMQTSWWMFPI6SKIV'LEVXIVJSVI\EQTPIPSWXFSXLLMWJIIX[LIRXLI][IVIGVYWLIH MREXVYGOEGGMHIRX2S[LILEWRI[JIIXhQEHISJEWTVMRK]TPEWXMGEPPS]XLEXHYTPMGEXIW ERSVQEPEVGL2SXSRP]GER6SKIV[EPORSVQEPP]FYXLIGERVYRERHTPE]WTSVXWEKEMR
%RSXLIV[E]XSYWIFVMIJI\EQTPIWMWXSTMPIXLIQSRIYTSRXLISXLIVYRXMP ]SYGVIEXIXLIHIWMVIHMQTVIWWMSR,IVIMWLS[XLIXIGLRMUYIQMKLXFIYWIHXS VIMRJSVGIXLITSMRXXLEX1I\MGER%QIVMGERWLEZIQEHIQER]ZEPYEFPIGSRXVM FYXMSRWXS97PMJIERHGYPXYVI 1ER]SJYWEVIJEQMPMEV[MXLTVSQMRIRX1I\MGER%QIVMGERWWYGLEWEGXVIWW)ZE0SR KSVMEFS\IV3WGEV(I0E,S]EERHKYMXEVMWX'EVPSW7ERXERE&YX]SYQE]FIPIWWJEQMPMEV [MXLSXLIV%QIVMGERWSJ1I\MGERSVMKMR[LSLEZIQEHIMQTSVXERXGSRXVMFYXMSRWXS97 WSGMIX]2ERG]0STI^TPE]IHEGVYGMEPVSPIMRTSTYPEVM^MRK[SQIRtWTVSJIWWMSREPKSPJERH [SR XSYVGLEQTMSRWLMTW(V)PPIR3GLSEMWEREWXVSREYX[LSLEWPSKKIHQSVIXLER LSYVWMRWTEGIERHLEWMRZIRXIHWIZIVEPSTXMGEPQIXLSHWXLEXEMHWTEGII\TPSVEXMSR (V1EVMS1SPMRE[SRXLI 2SFIP4VM^IMR'LIQMWXV]JSVLMWVIWIEVGLSRXLIJSVQEXMSR ERHHIGSQTSWMXMSRSJXLIS^SRIPE]IV
)<8)2()()<%140)7 )\XIRHIH I\EQTPIW EVI SJXIR GEPPIH REVVEXMZIW MPPYWXVEXMSRW SV ERIGHSXIW &] XIPPMRKEWXSV]ZMZMHP]ERHHVEQEXMGEPP]XLI]TYPPPMWXIRIVWMRXSXLIWTIIGL,IVI MWWYGLERI\EQTPIJVSQEWTIIGLF]7YR=EREWXYHIRXEX*YHER9RMZIVWMX] MR7LERKLEM'LMRE4EVXMGMTEXMRKMR'LMREtWREXMSREP)RKPMWLPERKYEKIWTIIGL GSQTIXMXMSR7YR=ERYWIHERI\XIRHIHI\EQTPIXSMPPYWXVEXIXLIWTMVMXSJXLI 3P]QTMG+EQIW
\XIRHIHI\EQTPI I %WXSV]REVVEXMZISVERIGHSXI HIZIPSTIHEXWSQIPIRKXLXS MPPYWXVEXIETSMRX
)\EQTPIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq8LI 3P]QTMG7TMVMXrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-R XLI LMWXSV] SJ XLI 3P]QTMG +EQIW XLIVI LEZI FIIR QER] WLMRMRK WXEVW %QSRK XLIQ[EWE)YVSTIERKMVP;MXLXLIPETWISJXMQILIVREQILEWJEHIHJVSQQIQSV]]IX LIVYRFIRHMRKWTMVMXWLEPPRIZIVTIVMWL-X[EWWLI[LSLMKLPMKLXIHXLI3P]QTMG'VIIH -R XLIPIEH XLSYKLWLILEH FIIR WLI WXYQFPIH RIEVXLI XIVQMRYWERH LIVPIK[EW MRNYVIH'SQTIXMXSVWTEWWIHLIVJVSQFILMRHMRWYGGIWWMSRYRXMPJMREPP]SRP]LIV[IEOERH PSRIP]JMKYVIVIQEMRIHSRXLIXVEGO(SGXSVWGEQIERHSJJIVIHXSXEOILIVE[E]=IXWLI VIJYWIH;MXLXLISRP]WXVIRKXLPIJXMRLIVWLIQEREKIHXSKIXYTERHWLYJJPIHJIIFP]XS XLIIRHTSMRX[MXLHVSTWSJFPSSHEPSRKLIVXVEMP &YX GLIIVW FVSOI SYX 8LSYKL WLI JEMPIH MR XLI VEGI XLI KMVP [SR ETTPEYWI JVSQ TISTPIEPPSZIVXLI[SVPH-X[EWWLI[LSIPYGMHEXIHXLI3P]QTMGGVIIHSJTEVXMGMTEXMSR-X [EWWLI[LSMRWXMPPIHTIVWIZIVERGIMRSYVQMRHW
8LMWPSRKI\EQTPIGETXYVIWZMZMHP]XLIGSYVEKISJXLI3P]QTMGVYRRIVERHLIV TIVWSRMJMGEXMSR SJ XLI 3P]QTMG WTMVMX 8LI WTIEOIV GSYPH QIVIP] LEZI WEMH q3P]QTMGEXLPIXIWSJXIRHMWTPE]KVIEXJSVXMXYHIrFYXXLIWXSV]QEOIWXLITSMRX JEVQSVIZMZMHP]
,=438,)8-'%0)<%140)7 L]TSXLIXMGEPI\EQTPI %RI\EQTPIXLEXHIWGVMFIW ERMQEKMREV]SVJMGXMXMSYW WMXYEXMSR
%PP XLI I\EQTPIW TVIWIRXIH YT XS RS[ LEZI FIIR JEGXYEP XLI MRGMHIRXW XLI] VIJIVXSVIEPP]LETTIRIH7SQIXMQIWLS[IZIVWTIEOIVW[MPPYWIEL]TSXLIXMGEP I\EQTPIhSRI XLEX HIWGVMFIW ER MQEKMREV] WMXYEXMSR 9WYEPP] WYGL I\EQTPIW EVIFVMIJWXSVMIWXLEXVIPEXIEKIRIVEPTVMRGMTPI ,IVIMWLS[SRIWXYHIRXYWIHEL]TSXLIXMGEPI\EQTPIXSMPPYWXVEXIXLIYWI SJLSRSVGSHIWXSVIHYGIGLIEXMRK -QEKMRIXLMW =SYtVIXEOMRK]SYVTW]GLSPSK]I\EQ[LIR]SYRSXMGIXLIWXYHIRXWMXXMRK RI\XXS]SYMWWXEVMRKEX]SYVERW[IVW=SYEPWSWIILMWSTIRRSXIFSSOYRHIVLMWHIWO=SY JIIP]SYVGLIIOWVIHHIREW]SYFIGSQIERKV]XLEXLIQE]KIXELMKLWGSVIF]GLIEXMRK [LMPI ]SYt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
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ q'SPPIKI'LIEXMRK % 2EXMSREP)TMHIQMGrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
8LMWL]TSXLIXMGEPI\EQTPIMWIWTIGMEPP]IJJIGXMZI8LIWTIEOIVGVIEXIWEVIEPMWXMG WGIREVMSVIPEXIWMXHMVIGXP]XSLIVPMWXIRIVWERHKIXWXLIQMRZSPZIHMRXLIWTIIGL -REHHMXMSRWLIYWIWJMKYVIWJVSQXLITVIWMHIRXSJXLI'IRXIVJSV%GEHIQMG-RXIK VMX]XSWLS[XLEXLSRSVGSHIWHSLIPTVIHYGIXLIMRGMHIRGISJGLIEXMRKSRGSPPIKI GEQTYWIW;LIRIZIV]SYYWIEL]TSXLIXMGEPI\EQTPIMXMWEKSSHMHIEXSJSPPS[ MX[MXLWXEXMWXMGWSVXIWXMQSR]XSWLS[XLEXXLII\EQTPIMWRSXJEVJIXGLIH
8-47*3697-2+)<%140)7 9WI)\EQTPIWXS'PEVMJ]=SYV-HIEW =SYTVSFEFP]YWIGPEVMJ]MRKI\EQTPIWEPPXLIXMQIMRIZIV]HE]GSRZIVWEXMSR-J ]SY [IVI I\TPEMRMRK XS E JVMIRH EFSYX HMJJIVIRX FSH] X]TIW ]SY QMKLX WE] q0SSO EX 4VSJIWWSV 7LEROEV ,ItW E X]TMGEP IGXSQSVTLhXEPP XLMR ERH FSR]r
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)\EQTPIWEVIERI\GIPPIRX[E]XSGPEVMJ]YRJEQMPMEV SVGSQTPI\MHIEW8LI]TYXEFWXVEGXMHIEWMRXSGSR GVIXIXIVQWXLEXPMWXIRIVWGERIEWMP]YRHIVWXERH 8LMW TVMRGMTPI [SVOW I\GITXMSREPP] [IPP MR WTIIGLIW7YTTSWI]SYEVIXEPOMRKEFSYXWYWTIRWMSR FVMHKIW=SYGSYPHKMZIEXIGLRMGEPHIWGVMTXMSR 8LI WYWTIRWMSR FVMHKI LEW E VSEH[E] WYWTIRHIH F] ZIVXMGEPGEFPIWEXXEGLIHXSX[SSVQSVIQEMRGEFPIW8LI QEMRGEFPIWEVILYRKSRX[SXS[IVWERHLEZIXLIMVIRHW ERGLSVIHMRGSRGVIXISVFIHVSGO
-J]SYVEYHMIRGI [IVIQEHIYT SJTISTPIJEQMPMEV [MXLWXVYGXYVEPW]WXIQWXLI]QMKLXFIEFPIXSZMWY EPM^I [LEX E WYWTIRWMSR FVMHKI PSSOW PMOI &YX JSV PMWXIRIVWPEGOMRKXLMWFEGOKVSYRH]SYQMKLX[ERX XSEHHEWMQTPII\EQTPI 8[S [IPPORS[R WYWTIRWMSR FVMHKIW EVI XLI +SPHIR +EXI &VMHKI MR 7ER *VERGMWGS ERH XLI &VSSOP]R &VMHKI MR 2I[=SVO
2SQEXXIV[LEXXLISGGEWMSRTIVWSREPI\EQTPIWEVIERI\GIP PIRX[E]XSGPEVMJ]MHIEWERHXSFYMPHEYHMIRGIMRXIVIWX8SFI QSWXIJJIGXMZIXLI]WLSYPHFIHIPMZIVIHWMRGIVIP]ERH[MXL WXVSRKI]IGSRXEGX
&IGEYWIEPQSWXIZIV]SRILEWEXPIEWXWIIRETMGXYVI SJXLI+SPHIR+EXI&VMHKISVXLI&VSSOP]R&VMHKI YWMRKXLIQEWI\EQTPIWGPEVMJMIW]SYVQIERMRKUYMGOP]ERHIJJIGXMZIP]
9WI)\EQTPIWXS6IMRJSVGI=SYV-HIEW -REWTIIGLXMXPIHq'SQMRK,SQI 8LI3XLIV7MHISJ;EVrSRIWXYHIRXJSGYWIH SRXLIMRGMHIRGISJTSWXXVEYQEXMGWXVIWWHMWSVHIVEQSRKWSPHMIVWVIXYVRMRKJVSQ -VEU ,I GMXIH JMKYVIW JVSQ XLI (ITEVXQIRX SJ :IXIVERW %JJEMVW RSXMRK XLEX TIVGIRXSJ%QIVMGERWSPHMIVWMR-VEUI\TIVMIRGITSWXXVEYQEXMGWXVIWWHMWSVHIV ,I EPWS I\TPEMRIH XLIMV QSWX GSQQSR W]QTXSQW MRGPYHMRK JPEWLFEGOW RMKLX QEVIWHITVIWWMSRER\MIX]EPGSLSPSVHVYKEFYWIERHEWIRWISJWSGMEPMWSPEXMSR 8SVIMRJSVGILMWMHIEWXLIWTIEOIVGMXIHXLII\EQTPISJ6SFIVX)&VS[RE 1EVMRIJVSQ4IVY-RHMERE[LS[EWTEVXSJXLIJMVWX[EZISJXVSSTWHITPS]IH XS-VEU,IXEPOIHSJLS[&VS[RPSWXLMW[MJIERHFIKERHVMROMRKLIEZMP]EJXIV VIXYVRMRK LSQI ,S[ LI VIGSMPIH JVSQ PSYH RSMWIW ERH WLYRRIH IZIR LMW JVMIRHWERHJEQMP],S[LMWHVIEQW[IVIJMPPIHq[MXLKLEWXP]QIQSVMIWXLEXPIJX LMQEWLEHS[SJXLIWXVSRKGSRJMHIRXQERLILEHSRGIFIIRr 8LMW I\EQTPI [EW IWTIGMEPP] IJJIGXMZI -X TYX XLI QIHMGEP JEGXW EFSYX TSWX XVEYQEXMGWXVIWWHMWSVHIVMRZMZMHLYQERXIVQWXLEXIZIV]SRIGSYPHYRHIVWXERH ;LIR]SYYWIWYGLERI\EQTPIQEOIWYVIMXMWVITVIWIRXEXMZIhXLEXMXHSIWRSX HIEP[MXLVEVISVI\GITXMSREPGEWIW=SYVPMWXIRIVWEVIPMOIP]XSJIIPFIXVE]IHMJXLI] WYWTIGX]SYLEZIGLSWIREREX]TMGEPI\EQTPIXSTVSZIEKIRIVEPTSMRX
GSRRIGXPYGEWGSQ :MI[XLMWTSVXMSRSJq'SQMRK ,SQI 8LI3XLIV7MHISJ ;EVrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
9WI)\EQTPIWXS4IVWSREPM^I=SYV-HIEW 4ISTPIEVIMRXIVIWXIHMRTISTPI%WWSGMEPTW]GLSPSKMWX)PPMSX%VSRWSRI\TPEMRW q1SWXTISTPIEVIQSVIHIITP]MRJPYIRGIHF]SRIGPIEVZMZMHTIVWSREPI\EQTPI XLER F] ER EFYRHERGI SJ WXEXMWXMGEP HEXEr ;LIRIZIV ]SY XEPO XS E KIRIVEP EYHMIRGI WYGLEW]SYVWTIIGLGPEWW ]SYGERMRGPYHII\EQTPIWXLEX[MPPEHH LYQERMRXIVIWXXS]SYVWTIIGL7SJEVMRXLMWWIGXMSR[ILEZIWIIRERYQFIVSJ
)\EQTPIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WYGL I\EQTPIWhXLI LIVSMG 3P]QTMG VYRRIV EGGMHIRX ZMGXMQ 6SKIV 'LEVXIV ERHWSSR8LIEFWXVEGXFIGSQIWQSVIQIERMRKJYP[LIRETTPMIHXSETIVWSR ;LMGLSJXLIJSPPS[MRK[SYPH]SYFIQSVIPMOIP]XSVIWTSRHXS# 8LIVI EVI QER] LYRKV] JEQMPMIW MR SYV GSQQYRMX] [LS GSYPH FIRIJMX JVSQ JSSH HSREXMSRW
3V 0IXQIXIPP]SYEFSYX%VXYVS%VXYVSMWJSYV]IEVWSPH,ILEWFMKFVS[RI]IWERHE QSTSJFPEGOLEMVERHERIQTX]FIPP]-REPPLMWJSYV]IEVWSRXLMWIEVXL%VXYVSLEWRIZIV SRGIIRNS]IHXLVIIWUYEVIQIEPWMREWMRKPIHE]
8V] YWMRK I\EQTPIW [MXL LYQER MRXIVIWX MR ]SYV WTIIGLIW =SY [MPP WSSR HMWGSZIV [L] EGGSQTPMWLIH WTIEOIVW GSRWMHIV XLIQ qXLI ZIV] PMJI SJ XLI WTIIGLr
1EOI=SYV)\EQTPIW:MZMHERH6MGLP]8I\XYVIH 8LIVMGLP]XI\XYVIHI\EQTPIWYTTPMIWIZIV]HE]HIXEMPWXLEXFVMRKXLII\EQTPI XS PMJI 6IGEPP XLI I\EQTPI SR TEKI SJ XLI 3P]QTMG VYRRIV 8LI WTIEOIV TVSZMHIHYW[MXLQER]HIXEMPWEFSYXXLIVYRRIVtWFVEZIV]MRXLIJEGISJEHZIVWI GSRHMXMSRW8LIVYRRIVWXYQFPIWERHMRNYVIWLIVPIKRIEVXLIIRHSJXLIVEGI 7LIMWTEWWIHF]SXLIVGSQTIXMXSVWYRXMPWLIEPSRIMWPIJXSRXLIXVEGO(SGXSVW SJJIVXSLIPTFYXWLIVIJYWIWXLIMVEWWMWXERGIERHWLYJJPIWXSXLIJMRMWLPMRI[MXL HVSTWSJFPSSHEPSRKLIVXVEMP ,S[ QYGL PIWW GSQTIPPMRK XLI I\EQTPI [SYPH LEZI FIIR MJ XLI WTIEOIV LEHQIVIP]WEMH 3RI 3P]QTMG VYRRIV GSYVEKISYWP] GSQTPIXIH LIV VEGI HIWTMXI FIMRK MRNYVIH ERH I\LEYWXIH
-RWXIEH XLI HIXEMPW PIX YW WII XLI VYRRIV EW WLI FEXXPIW XLVSYKL LIVTEMR ERH QMWJSVXYRI7LIMWQYGLQSVIPMOIP]XSWXE]MRSYVQMRHWXLEREqFVEZIVYRRIV [LSGSQTPIXIHLIVVEGIr8LIQSVIZMZMH]SYVI\EQTPIWXLIQSVIMQTEGXXLI] EVIPMOIP]XSLEZISR]SYVEYHMIRGI
4VEGXMGI(IPMZIV]XS)RLERGI=SYV)\XIRHIH)\EQTPIW %RI\XIRHIHI\EQTPIMWNYWXPMOIEWXSV]SVREVVEXMZI-XWMQTEGXHITIRHWEWQYGL SR HIPMZIV] EW SR GSRXIRX 1ER] WXYHIRXW LEZI HMWGSZIVIH XLMW XLI LEVH [E] %JXIVWTIRHMRKQYGLXMQIERHIRIVK]HIZIPSTMRKEWTPIRHMHI\EQTPIXLI]LEZI WIIRMXJEPPJPEXFIGEYWIXLI]HMHRSXQEOIMXZMZMHERHKVMTTMRKJSVPMWXIRIVW 0SSOEKEMREXXLIWTIEOIVMR:MHIS'PMT2SXMGILS[WLIYWIWLIVZSMGI XSMRGVIEWIXLIMQTEGXSJLIVWXSV]EFSYXXLI3P]QTMGVYRRIV0MOIXLEXWTIEOIV ]SYWLSYPHXLMROSJ]SYVWIPJEWEWXSV]XIPPIV(SRtXVYWLXLVSYKL]SYVI\EQTPIW EW XLSYKL ]SY [IVI VIEHMRK XLI RI[WTETIV 9WI ]SYV ZSMGI XS KIX PMWXIRIVW MRZSPZIH 7TIEO JEWXIV LIVI XS GVIEXI E WIRWI SJ EGXMSR WPS[IV XLIVI XS FYMPH WYWTIRWI6EMWI]SYVZSMGIMRWSQITPEGIW PS[IVMXMRSXLIVW4EYWISGGEWMSREPP] JSVHVEQEXMGIJJIGX 1SWXMQTSVXERXQEMRXEMRI]IGSRXEGX[MXL]SYVEYHMIRGI8LIIEWMIWX[E] XSVYMREJMRII\EQTPIMWXSVIEHMXHYPP]JVSQ]SYVRSXIW%W]SYTVEGXMGIXLI WTIIGLqXEPOXLVSYKLr]SYVI\XIRHIHI\EQTPIW[MXLSYXVIP]MRKSR]SYVRSXIW
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
9WMRK)\EQTPIW ' L I G O P M W X =)7
23
(S-YWII\EQTPIWXSGPEVMJ]Q]MHIEW# (S-YWII\EQTPIWXSVIMRJSVGIQ]MHIEW# (S-YWII\EQTPIWXSTIVWSREPM^IQ]MHIEW# %VI Q] I\EQTPIW VITVIWIRXEXMZI SJ [LEX XLI] EVI WYTTSWIHXSMPPYWXVEXISVTVSZI# (S-VIMRJSVGIQ]I\EQTPIW[MXLWXEXMWXMGWSVXIWXMQSR]# %VIQ]I\XIRHIHI\EQTPIWZMZMHERHVMGLP]XI\XYVIH#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWS EZEMPEFPIMRXLISRPMRI 7XYH]8SSPWJSVXLMWGLETXIV
,EZI-TVEGXMGIHXLIHIPMZIV]SJQ]I\XIRHIHI\EQTPIWXS KMZIXLIQHVEQEXMGIJJIGX#
&] XLI HE] SJ ]SYV WTIIGL ]SY WLSYPH FI EFPI XS HIPMZIV ]SYV I\XIRHIH I\EQTPIWEWREXYVEPP]EWMJ]SY[IVIXIPPMRKEWXSV]XSEKVSYTSJJVMIRHW
7XEXMWXMGW
;IPMZI MREREKISJ WXEXMWXMGW (E] MRERHHE]SYX[IEVIFSQFEVHIH[MXLE WXEKKIVMRK EVVE] SJ RYQFIVW 9 LEW WSPH QSVI XLER QMPPMSR EPFYQW TIVGIRXSJ97 XIIREKI KMVPW LEZIWSQI JSVQSJ WI\YEPP] XVERWQMXXIH HMWIEWI 'SPSQFMETVSHYGIW QMPPMSRFEVVIPWSJSMPERRYEPP] 'LMREYWIWFMPPMSR TEMVWSJHMWTSWEFPIGLSTWXMGOWIEGL]IEV ;LEXHSEPPXLIWIRYQFIVWQIER#1SWXSJYW[SYPHFILEVHTVIWWIHXSWE] WXEXMWXMGW =IX[IJIIPQSVIWIGYVIMRSYVORS[PIHKI[LIR[IGERI\TVIWWMXRYQIVMGEPP] 2YQIVMGEPHEXE %GGSVHMRKXS0SVH/IPZMRXLI XLGIRXYV]TL]WMGMWXq;LIR]SYGERQIEWYVI [LEX]SYEVIWTIEOMRKEFSYXERHI\TVIWWMXMRRYQFIVW]SYORS[WSQIXLMRK EFSYX MX &YX [LIR ]SY GERRSX QIEWYVI MX [LIR ]SY GERRSX I\TVIWW MX MR RYQFIVW]SYVORS[PIHKIMWQIEKIVERHYRWEXMWJEGXSV]r-XMWXLMW[MHIP] WLEVIHFIPMIJXLEXQEOIWWXEXMWXMGW[LIRYWIHTVSTIVP]WYGLERIJJIGXMZI[E] XSGPEVMJ]ERHWYTTSVXMHIEW 0MOI FVMIJ I\EQTPIW WXEXMWXMGW EVI SJXIR GMXIH MR TEWWMRK XS GPEVMJ] SV WXVIRKXLIREWTIEOIVtWTSMRXW8LIJSPPS[MRKI\EQTPIWWLS[LS[X[SWXYHIRXW YWIHWXEXMWXMGWMRXLIMVWTIIGLIW 8SHSGYQIRXXLIVSPISJGSQQYRMX]GSPPIKIWMRXLI97IHYGEXMSREPW]WXIQ q%GGSVH MRK XS XLI 'LVSRMGPI SJ ,MKLIV )HYGEXMSR TIVGIRX SJ EPP YRHIVKVEHYEXIW MR %QIVMGE WXYH]EXEGSQQYRMX]GSPPIKIr 8SMPPYWXVEXIXLIKVS[MRKTSTYPEVMX]SJSVKERMGJSSHW q%GGSVHMRKXS172&'2I[WWEPIW SJSVKERMGGVSTWRS[I\GIIHFMPPMSRE]IEVERHEVIMRGVIEWMRKTIVGIRXERRYEPP]r
7XEXMWXMGW GER EPWS FI YWIH MR GSQFMREXMSR XS WLS[ XLI QEKRMXYHI SV WIVMSYWRIWWSJERMWWYI;IJMRHEKSSHMRWXERGISJXLMWXIGLRMUYIMREWXYHIRX TVIWIRXEXMSRSRXLIIGSRSQMGFIRIJMXWSJSTIRMRKGEWMRSWSR2EXMZI%QIVMGER XVMFEPPERH8SHIQSRWXVEXILMWTSMRXXLEXXLIWIFYWMRIWWIWTVSZMHIIGSRSQMG
7XEXMWXMGW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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q8LI)GSRSQMGWSJ2EXMZI %QIVMGER'EWMRSWrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
8LMWMWE[IPPWYTTSVXIHEVKYQIRX&YX[LEXMJXLIWTIEOIVLEHQIVIP]WEMH
'EWMRSWMRGVIEWIIQTPS]QIRXEQSRK2EXMZI%QIVMGERW
8LMWWXEXIQIRXMWRIMXLIVEWGPIEVRSVEWGSRZMRGMRKEWXLISRIGSRXEMRMRKWXE XMWXMGW3JGSYVWIXLIEYHMIRGIHMHRtXVIQIQFIVEPPXLIRYQFIVWFYXXLITYV TSWISJTVIWIRXMRKEWIVMIWSJJMKYVIWMWXSGVIEXIERSZIVEPPMQTEGXSRPMWXIRIVW ;LEXXLIEYHMIRGIHMHVIGEPPMWXLEXERMQTVIWWMZIEVVE]SJWXEXMWXMGWWYTTSVXIH XLIWTIEOIVtWTSWMXMSR
92()678%2(-2+78%8-78-'7 -RLMWGPEWWMGFSSO,S[XS0MI[MXL7XEXMWXMGW(EVVIPP,YJJI\TPSHIHXLIRSXMSR XLEXRYQFIVWHSRtXPMI 7XVMGXP]WTIEOMRKXLI]HSRtX&YXXLI]GERFIIEWMP] QERMTYPEXIHERHHMWXSVXIH*SVI\EQTPI[LMGLSJ XLIJSPPS[MRKWXEXIQIRXW MWXVYI# E )RVMGLIH[LMXIFVIEHMWQSVIRYXVMXMSYWXLER[LSPI[LIEXFVIEHFIGEYWIMXGSRXEMRW EWQYGLSVQSVITVSXIMRGEPGMYQRMEGMRXLMEQMRIERHVMFSJPEZMR F ; LSPI[LIEXFVIEHMWQSVIRYXVMXMSYWXLER[LMXIFVIEHFIGEYWIMXGSRXEMRWWIZIR XMQIWXLIEQSYRXSJJMFIVTPYWQSVIMVSRTLSWTLSVYWERHTSXEWWMYQ
%W]SYQMKLXI\TIGXFSXLWXEXIQIRXWEVIXVYI%RH]SYQMKLXLIEVIMXLIVSRI SJXLIQhHITIRHMRKSR[LSMWXV]MRKXSWIPP]SYXLIFVIEH 3RIGERTPE][MXLWXEXMWXMGWMREPPOMRHWSJEVIEW;LMGLSJXLIWIWXEXIQIRXW MWXVYI# E 8LIGLIIXELGPSGOIHEXQMPIWTIVLSYVMWXLIJEWXIWXERMQEPMRXLI[SVPH F 8LITVSRKLSVRERXIPSTIGPSGOIHEXQMPIWTIVLSYVMWXLIJEWXIWXERMQEPMRXLI[SVPH
8LI GLIIXEL VMKLX# 2SX RIGIWWEVMP] 8LI GLIIXEL GER KS JEWXIV FYX SRP] JSV WLSVX WTVMRXW 8LI ERXIPSTI GER QEMRXEMR MXW LMKL WTIIH SZIV E QYGL KVIEXIV HMWXERGI7S[LMGLMWJEWXIV#-XHITIRHWSR[LEX]SYtVIQIEWYVMRK4YXMRXIVQW SJLYQERVEGIWXLIGLIIXEL[SYPH[MRXLILYRHVIH]EVHHEWLFYXXLIERXI PSTI[SYPH[MRXLIQEVEXLSR ;LIR ]SY EVI HIEPMRK [MXL QSRI] WXEXMWXMGW FIGSQI IZIR XVMGOMIV 'SR WMHIVXLIJSPPS[MRKJEGXW E -R 4VIWMHIRX*VEROPMR(6SSWIZIPXIEVRIHEWEPEV]SJ F -R 4VIWMHIRX6MGLEVH2M\SRIEVRIHEWEPEV]SJ G -R4VIWMHIRX+ISVKI;&YWLIEVRIHEWEPEV]SJ
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%WTIIGLXLEXMWWYTTSVXIH F]WXEXMWXMGWMWYWYEPP]QSVI TIVWYEWMZIXLERERYRHSGY QIRXIHTVIWIRXEXMSR,IVI .SLR'LEQFIVW')3SJ'MWGS 7]WXIQWYWIWIGSRSQMGHEXE [LIREHHVIWWMRKXLI&SWXSR 'LEQFIVSJ'SQQIVGI
;LMGL 4VIWMHIRX [EW TEMH XLI QSWX QSRI]# -R TYVIP] QEXLIQEXMGEP XIVQW &YWLMWXLILMKLIWXIEVRIV&YXEHSPPEVXSHE]HSIWRSXFY]EWQYGLEWMXHMHMR [LIR*VEROPMR6SSWIZIPX[EW4VIWMHIRX3RIQIEWYVISJXLIMRJPEXMSRVEXI MWXLI'SRWYQIV4VMGI-RHI\[LMGLEPPS[WYWXSKEYKIXLIZEPYISJXLIHSPPEV MR ER] KMZIR ]IEV EKEMRWX MXW TYVGLEWMRK TS[IV MR -J [I ETTP] XLI 'SRWYQIV4VMGI-RHI\XSXLIXLVII4VIWMHIRXWtWEPEVMIW[IGERWIILS[QYGL IEGLIEVRIHMR HSPPEVW E -R 4VIWMHIRX*VEROPMR(6SSWIZIPXIEVRIHEWEPEV]SJ F -R 6MGLEVH2M\SRIEVRIHEWEPEV]SJ G
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7XEXMWXMGW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
QENSVW EGGYVEXIP] VITVIWIRXIH# ;LEX EFSYX TEVXXMQI ERH JYPPXMQI WXYHIRXW# 7XYHIRXWSJHMJJIVIRXGYPXYVEPERHVIPMKMSYWFEGOKVSYRHW# -RWLSVXQEOIWYVI]SYVWXEXMWXMGWEVIVITVIWIRXEXMZISJ[LEXXLI]GPEMQXS QIEWYVI
%VI7XEXMWXMGEP1IEWYVIW9WIH'SVVIGXP]# ,IVIEVIX[SKVSYTWSJRYQFIVW
QIER 8LIEZIVEKIZEPYISJEKVSYT SJRYQFIVW
QIHMER 8LIQMHHPIRYQFIVMREKVSYT SJRYQFIVWEVVERKIHJVSQ LMKLIWXXSPS[IWX
QSHI 8LIRYQFIVXLEXSGGYVWQSWX JVIUYIRXP]MREKVSYTSJ RYQFIVW
+VSYT%
+VSYT&
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1IER
1IHMER
1SHI
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',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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7XEXMWXMGW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
2S[XLIEYHMIRGIMWQYGLQSVIPMOIP]XSEKVIIXLEXXLI]RIIHXSOIITEGPSWIV I]ISRXLIMVGVIHMXGEVHFEPERGI
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
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8LI1G+VE[n,MPP 'SQTERMIW
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7XEXMWXMGW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6SYRH3JJ'SQTPMGEXIH7XEXMWXMGW 1SYRX/MPMQERNEVSMW JIIXLMKL XLISJJMGMEP[SVPHPERHWTIIHVIGSVHMW QMPIWTIVLSYV XLITSTYPEXMSRSJ7EYHM%VEFMEMW TISTPI XLIQSSRMW QMPIWJVSQIEVXL 8LIWI EVI MRXVMKYMRK JMKYVIW FYX XLI] EVI XSS GSQTPMGEXIH XS FI VIEHMP] YRHIVWXSSHF]PMWXIRIVW9RPIWWXLIVIMWERMQTSVXERXVIEWSRXSKMZII\EGXRYQ FIVW]SYWLSYPHVSYRHSJJQSWXWXEXMWXMGW=SYQMKLXWE]XLEX1SYRX/MPMQER NEVSMW JIIXLMKL XLI[SVPHPERHWTIIHVIGSVHMWQMPIWTIVLSYV XLI TSTYPEXMSRSJ7EYHM%VEFMEMWQSVIXLER QMPPMSR ERHXLIQSSRMW QMPIWJVSQIEVXL
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=IEV
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
FIGEYWIMXGERRSXGSQQYRMGEXI[LEXMXVIEPP]QIERWXSLEZIETL]WMGEPHMWEFMP MX]8SGSQQYRMGEXIXLEX]SYRIIHEWXEXIQIRXJVSQWSQISRI[LSGERWTIEO [MXLXLIZSMGISJKIRYMRII\TIVMIRGIhEWMRXLIJSPPS[MRKGEWI -X^LEO 4IVPQER XLI [SVPHVIRS[RIH ZMSPMRMWX [LSWI PIKW EVI TEVEP]^IH SRGI WEMH q;LIR]SYEVIMRE[LIIPGLEMVTISTPIHSRtXXEPOXS]SY4IVLETWXLI]XLMROMXMWGSRXE KMSYWSVTIVLETWXLI]XLMROGVMTTPIHPIKWQIEREGVMTTPIHQMRH&YX[LEXIZIVXLIVIEWSR XLI]XVIEX]SYPMOIEXLMRKr
8LIVI MW RS [E] I\TIVX XIWXMQSR] GER I\TVIWW XLIWI MHIEW [MXL XLI WEQI EYXLIRXMGMX]ERHIQSXMSREPMQTEGX
5938-2+:)67974%6%4,6%7-2+ HMVIGXUYSXEXMSR 8IWXMQSR]XLEXMWTVIWIRXIH [SVHJSV[SVH
8LI WXEXIQIRX JVSQ -X^LEO 4IVPQER MW TVIWIRXIH EW E HMVIGX UYSXEXMSR 8IWXM QSR] GER EPWS FI TVIWIRXIH F] TEVETLVEWMRK 6EXLIV XLER UYSXMRK WSQISRI ZIVFEXMQ]SYTVIWIRXXLIKMWXSJXLEXTIVWSRtWMHIEWMR]SYVS[R[SVHWhEWHMH SRIWXYHIRXMRLIVWTIIGLEFSYX%QIVMGEtWTSXIRXMEP[EXIVGVMWMW ;VMXMRKMR%YHYFSRQEKE^MRI(V4IXIV&SYVRITVIWMHIRXSJ+PSFEP;EXIVERSRTEV XMWERIHYGEXMSREPKVSYTMR;EWLMRKXSR('WEMHQSWX%QIVMGERWHSRSX]IXVIEPM^IXLI I\XIRXERHYVKIRG]SJXLI[EXIVTVSFPIQ%XXLITVIWIRXVEXILIWE]W[IEVILIEHIHJSV EGVMWMWXLEX[MPPGLERKIXLI[E][IPMZIMRIZIV]TEVXSJXLIREXMSR
TEVETLVEWI 8SVIWXEXISVWYQQEVM^IE WSYVGItWMHIEWMRSRItWS[R [SVHW
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tWMHIEW7MRGIXLIVIWXSJXLIWTIIGLMWMR]SYVS[R [SVHW]SYWLSYPHTYXPSRKIVUYSXEXMSRWMR]SYVS[R[SVHWEW[IPP
8-47*3697-2+8)78-132= 5YSXISV4EVETLVEWI%GGYVEXIP] UYSXMRKSYXSJGSRXI\X 5YSXMRKEWXEXIQIRXMRWYGLE [E]EWXSHMWXSVXMXWQIERMRKF] VIQSZMRKXLIWXEXIQIRXJVSQ XLI[SVHWERHTLVEWIW WYVVSYRHMRKMX
%GGYVEXI UYSXEXMSR MRZSPZIW XLVII XLMRKW QEOMRK WYVI ]SY HS RSX QMWUYSXI WSQISRI QEOMRKWYVI]SYHSRSXZMSPEXIXLIQIERMRKSJWXEXIQIRXW]SYTEVE TLVEWI QEOMRKWYVI]SYHSRSXUYSXISYXSJGSRXI\X3JXLIWIXLIPEWXMWXLI QSWXWYFXPIhERHXLIQSWXHERKIVSYW&]UYSXMRKSYXSJGSRXI\X]SYGERX[MWX WSQISRItWVIQEVOWWSEWXSTVSZIEPQSWXER]XLMRK8EOIQSZMIEHZIVXMWIQIRXW %GVMXMGTERWEQSZMI[MXLXLIWI[SVHW 8LMWQSZMIMWEGSPSWWEPFSVI*VSQFIKMRRMRKXSIRHMXMWEHMWEWXIV;LEXMWQIERXXSFI FVMPPMERXHMEPSKYIMWEFSYXEWJEWGMREXMRKEWXLIWXYJJ]SYGPIERSYXSJ]SYVOMXGLIRHVEMR
&YX[LIRXLIQSZMIMWEHZIVXMWIHMRXLIRI[WTETIVW[LEXETTIEVWMRLYKI PIXXIVW SZIV XLI GVMXMGtW REQI# q'30377%0 *631 &)+-22-2+ 83 )2(h &6-00-%28*%7'-2%8-2+r
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
'MXMRKI\TIVXXIWXMQSR]MWER I\GIPPIRX[E]JSVWXYHIRXWXS PIRHGVIHMFMPMX]XSXLIMV WTIIGLIW-XWLS[WXLEXXLI WTIEOIVtWZMI[WEVIWLEVIHF] TISTPI[LSLEZIWTIGMEP ORS[PIHKISRXLIXSTMG
8LMW MW WS JPEKVERX EW XS FI LYQSVSYW &YX UYSXMRK SYX SJ GSRXI\X GER LEZIWIVMSYWGSRWIUYIRGIW'SRWMHIVXLIJSPPS[MRKWXEXIQIRXF]ETSPMXMGEP GERHMHEXI 'VIEXMRK E REXMSREP WEPIW XE\ [SYPH TVSZMHI RIIHIH VIZIRYI JSV TVSKVEQW WYGL EW IHYGEXMSRLIEPXLGEVIERHREXMSREPHIJIRWI7IZIVEP)YVSTIERGSYRXVMIWLEZIWYGLEXE\ ERHMXGSYPHGIVXEMRP][SVOMRXLI97,S[IZIV-HSRSXWYTTSVXWYGLEXE\LIVIhMRJEGX -HSRtXWYTTSVXRI[XE\IWSJER]OMRH
2S[PSSO[LEXLETTIRW[LIRXLIJMVWXTEVXSJXLEXWXEXIQIRXMWUYSXIHSYX SJGSRXI\XF]EGSQTIXMRKGERHMHEXI %QIVMGERW EPVIEH] TE] XSS QYGL MR XE\IW =IX Q]STTSRIRX MR XLMW IPIGXMSR LEW WXEXIHhERH-UYSXI q'VIEXMRKEREXMSREPWEPIWXE\[SYPHTVSZMHIRIIHIHVIZIRYIJSV TVSKVEQW WYGL EW IHYGEXMSR LIEPXL GEVI ERH REXMSREP HIJIRWI 7IZIVEP )YVSTIER GSYRXVMIWLEZIWYGLEXE\ERHMXGSYPHGIVXEMRP][SVOMRXLI97r;IPPQ]STTSRIRX QE] XLMRO RI[XE\IW EVI KSSHJSV)YVSTI FYXXLI]tVIXLIPEWX XLMRK[I RIIHMRXLMW GSYRXV]
&]UYSXMRKXLISVMKMREPWXEXIQIRXSYXSJGSRXI\XXLIGSQTIXMRKGERHMHEXI LEWGVIEXIHEJEPWIMQTVIWWMSR7YGLFILEZMSVMWLMKLP]YRIXLMGEP&IWYVI[LIR ]SY UYSXI SV TEVETLVEWI WSQISRI XLEX ]SY VITVIWIRX XLIMV [SVHW ERH MHIEW [MXLGSQTPIXIEGGYVEG]
9WI8IWXMQSR]JVSQ5YEPMJMIH7SYVGIW ;ILEZIEPPFIGSQIEGGYWXSQIHXSXLIGIPIFVMX]XIWXMQSRMEPMRXIPIZMWMSRERH QEKE^MRI EHZIVXMWMRK 8LI TVSJIWWMSREP KSPJIV IRHSVWIW E FVERH SJ GPYFW 8LI QSZMIWXEVTVEMWIWELEMVWTVE]SVWLEQTSS7SJEVWSKSSH8LIWIEVIXLIXSSPW SJXLIXVEHIJSVXLITISTPI[LSIRHSVWIXLIQ
8IWXMQSR]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
9WMRK8IWXMQSR]
23
(S-YWIXIWXMQSR]XSWYTTSVXQ]MHIEW# (S-YWIXIWXMQSR]JVSQUYEPMJMIHWSYVGIW# (S-YWIXIWXMQSR]JVSQYRFMEWIHWSYVGIW# (S - HMWXMRKYMWL FIX[IIR I\TIVX XIWXMQSR] ERH TIIV XIWXMQSR]# (S-MHIRXMJ]XLIWSYVGIWSJEPPXIWXMQSR]#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7XYH]8SSPWJSV XLMWGLETXIV
(S-UYSXIERHTEVETLVEWIEPPWSYVGIWSJXIWXMQSR][MXL GSQTPIXIEGGYVEG]#
&YX[LEXLETTIRW[LIRER%GEHIQ]%[EVH[MRRIVIRHSVWIWEGIPPTLSRI GSQTER]# % XIRRMW TPE]IV VITVIWIRXW E PMRI SJ GEQIVEW# (S XLI] ORS[ QSVI EFSYXXLIWITVSHYGXWXLER]SYSV-#4VSFEFP]RSX &IMRKEGIPIFVMX]SVEREYXLSVMX]MRSRIEVIEHSIWRSXQEOIWSQISRIGSQ TIXIRXMRSXLIVEVIEW0MWXIRIVW[MPPJMRH]SYVWTIIGLIWQYGLQSVIGVIHMFPIMJ ]SY YWI XIWXMQSR] JVSQ WSYVGIW UYEPMJMIH SR XLI WYFNIGX EX LERH %W [I LEZI WIIRXLMWQE]MRGPYHIIMXLIVVIGSKRM^IHI\TIVXWSVSVHMREV]GMXM^IRW[MXLWTI GMEPI\TIVMIRGISRXLIWTIIGLXSTMG
9WI8IWXMQSR]JVSQ9RFMEWIH7SYVGIW -REWTIIGLEFSYXXLIYWISJWXYRKYRWF]TSPMGISJJMGIVWXSWYFHYIYRVYP]WXY HIRXWMRTYFPMGWGLSSPWEWXYHIRXWEMH 7XIZI8YXXPIEWTSOIWQERJSV8EWIV-RXIVREXMSREPWEMHMREWXEXIQIRXXLEXqXLI8EWIV HIZMGILEWFIIRWLS[RXSFIQIHMGEPP]WEJI[LIRYWIHSRGLMPHVIRrERHXLEXXLIVIMWRS VIEWSRXSTVSLMFMXMXWYWI[LIRRIGIWWEV]XSQEMRXEMRWIGYVMX]MRXLITYFPMGWGLSSPW
%W]SYQMKLXI\TIGXXLIWXYHIRXWtGPEWWQEXIW[IVIRSXTIVWYEHIH%JXIVEPP [LEX[SYPH]SYI\TIGXWSQISRIEX8EWIV-RXIVREXMSREPXLIPIEHMRKQERY JEGXYVIV SJ WXYR KYRW XS WE]hXLEX MXW TVSHYGX MW YRWEJI ERH WLSYPH FI FERRIH# 'EVIJYPPMWXIRIVWEVIWYWTMGMSYWSJXIWXMQSR]JVSQFMEWIHSVWIPJMRXIVIWXIH WSYVGIW&IWYVIXSYWIXIWXMQSR]JVSQGVIHMFPISFNIGXMZIEYXLSVMXMIW
-HIRXMJ]XLI4ISTPI=SY5YSXISV4EVETLVEWI 8LIYWYEP[E]XSMHIRXMJ]]SYVWSYVGIMWXSREQIXLITIVWSRERHWOIXGLLMWSV LIV UYEPMJMGEXMSRW FIJSVI TVIWIRXMRK XLI XIWXMQSR] 8LI JSPPS[MRK I\GIVTX MW JVSQEWTIIGLEVKYMRKXLEXI\GIWWMZILSYVWWTIRXEX[SVOMWLEVQMRKXLIUYEP MX]SJIHYGEXMSRJSVQER]%QIVMGERLMKLWGLSSPWXYHIRXW -RXLIMVFSSO;LIR'LMPHVIR;SVOTW]GLSPSK]TVSJIWWSVW)PPIR+VIIRFIVKIVSJXLI 9RMZIVWMX]SJ'EPMJSVRMEERH0E[VIRGI7XIMRFIVKSJ8IQTPI9RMZIVWMX]RSXIXLEXMRXIRWMZI
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
(S]SYRIIHWYTTSVXMRKQEXIVMEPWJSV]SYVWTIIGL#'LIGOSYX*MRHMRK(EXESRXLI -RXIVRIX [[[VSFIVXRMPIWGSQHEXE 'VIEXIHEWELERH]VIWSYVGIKYMHIJSVNSYV REPMWXWXLMWWMXITVSZMHIWPMROWXSJEGXWERHJMKYVIWSRHS^IRWSJXSTMGWSJREXMSREPERH MRXIVREXMSREPMRXIVIWX 8LIVIEVIERYQFIVSJXLMROXEROW[LSWI;IFWMXIWTVSZMHII\GIPPIRXVIWSYVGIWJSV WTIIGLQEXIVMEPW8LI]MRGPYHIXLI&VSSOMRKW-RWXMXYXMSR [[[FVSSOMRKWIHY 6%2( [[[VERHSVK ERHXLI'EXS-RWXMXYXI [[[GEXSSVK
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
PIZIPWSJ[SVOEQSRK]SYXLXIRHXSTVSHYGILMKLIVXVYERG]ERHPS[IVKVEHIW%GGSVHMRK XS+VIIRFIVKIVERH7XIMRFIVKSRIWXYH]EJXIVERSXLIVLEWJSYRHXLEX[SVOMRKQSVIXLER EJI[LSYVWE[IIOLEWERIKEXMZIMQTEGXSRXIIREKIVWtEGEHIQMGTIVJSVQERGI
,EHXLIWTIEOIVRSXMHIRXMJMIH+VIIRFIVKIVERH7XIMRFIVKPMWXIRIVW[SYPH RSXLEZILEHXLIJSKKMIWXMHIE[LSXLI]EVISV[L] XLIMVSTMRMSRWLSYPHFI LIIHIH %W [I WE[ MR 'LETXIV MHIRXMJ]MRK XLI WSYVGI SJ XIWXMQSR] MW EPWS ER MQTSVXERX IXLMGEP VIWTSRWMFMPMX] -J ]SY YWI ERSXLIV TIVWSRtW [SVHW SV MHIEW [MXLSYX KMZMRK GVIHMX XS XLEXTIVWSR ]SY [MPP FIKYMPX]SJ TPEKMEVMWQ8LMWMW XVYI[LIXLIV]SYTEVETLVEWIXLISVMKMREPWSYVGISVUYSXIMXZIVFEXMQ
'MXMRK7SYVGIW3VEPP]
;ILEZIQIRXMSRIHQSVIXLERSRGIMRXLMWGLETXIVXLIMQTSVXERGISJGMXMRK XLIWSYVGIWSJ]SYVWYTTSVXMRKQEXIVMEPW'EVIJYPPMWXIRIVWEVIWOITXMGEP8LI] OIIT ER IEV SYX FSXL JSV E WTIEOIVtW MRJSVQEXMSR ERH JSV XLI WSYVGIW SJ XLEX MRJSVQEXMSR 8LIFMFPMSKVETL]MR]SYVWTIIGLSYXPMRIWLSYPHWXEXIXLIWSYVGIW]SYYWIH MRGSRWXVYGXMRKXLIWTIIGL WII'LETXIVTEKI &YXPMWXIRIVWHSRSXLEZI EGGIWW XS ]SYV SYXPMRI =SY LEZI XS MHIRXMJ] ]SYV WSYVGIW SVEPP] EW ]SY EVI WTIEOMRK 9RPMOIE[VMXXIRFMFPMSKVETL] SVEPWSYVGIGMXEXMSRWHSRSXJSPPS[EWXER HEVHJSVQEX;LEX]SYMRGPYHIHITIRHWSR]SYVXSTMG]SYVEYHMIRGIXLIOMRH SJWYTTSVXMRKQEXIVMEP]SYEVIYWMRKERHXLIGPEMQ]SYEVIQEOMRK8LIOI]MW XSXIPP]SYVEYHMIRGIIRSYKLXLEXXLI][MPPORS[[LIVI]SYKSX]SYVMRJSVQE XMSRERH[L]XLI]WLSYPHEGGITXMXEWUYEPMJMIHERHGVIHMFPI-RQSWXGEWIW]SY [MPPRIIHXSMHIRXMJ]WSQIGSQFMREXMSRSJXLIJSPPS[MRK 8LIFSSOQEKE^MRIRI[WTETIVSV;IFHSGYQIRX]SYEVIGMXMRK 8LIEYXLSVSVWTSRWSVMRKSVKERM^EXMSRSJXLIHSGYQIRX 8LIEYXLSVtWUYEPMJMGEXMSRW[MXLVIKEVHXSXLIXSTMG 8LIHEXISR[LMGLXLIHSGYQIRX[EWTYFPMWLIHTSWXIHSVYTHEXIH ,IVIMWERI\EQTPISJEWTIIGLGMXEXMSRXLEXMRGPYHIWEPPXLIEFSZI
'MXMRK7YTTSVXMRK1EXIVMEPW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
'MXMRK7SYVGIW3VEPP]
23
(S-MHIRXMJ]EPPXLITVMRXHSGYQIRXWGMXIHMRQ]WTIIGL# (S-MHIRXMJ]EPPXLI;IFHSGYQIRXWGMXIHMRQ]WTIIGL# (S- MHIRXMJ]XLIEYXLSVWSVWTSRWSVMRKSVKERM^EXMSRW SJ XLIHSGYQIRXW-GMXI# (S-IWXEFPMWLXLIEYXLSVWtGVIHIRXMEPW[MXLVIKEVHXSXLI XSTMG# (S-YWIHSGYQIRXWJVSQWTSRWSVMRKSVKERM^EXMSRW[MXL IWXEFPMWLIHI\TIVXMWIERHSFNIGXMZMX]# (S - MRGPYHI XLI HEXIW SR [LMGL XLI HSGYQIRXW [IVI TYFPMWLIHTSWXIHSVYTHEXIH#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7XYH]8SSPWJSV XLMWGLETXIV
(S-YWIEZEVMIX]SJQIXLSHWMRGMXMRKQ]WSYVGIW#
;LMPI QSVIWXYHIRXW EVI KSMRK XS GSPPIKI XLER IZIV FIJSVI XLI] EVI TE]MRK E LMKL TVMGI/MQFIVP]4EPQIVJMRERGMEPGSPYQRMWXJSV972I[W ;SVPH6ITSVXVITSVXIHMRXLI QEKE^MRItW .ERYEV] MWWYI XLEX KVEHYEXMRK WXYHIRXW RS[ S[I ER EZIVEKI SJ MRWXYHIRXPSERHIFXYTJVSQ NYWXXIR]IEVWEKS
&IGEYWI XLMW WTIEOIV [EW GMXMRK WXEXMWXMGW WLI RIIHIH XS WLS[ XLI] [IVI YTXSHEXI ERH GEQI JVSQ E GVIHMFPI WSYVGI -R XLI JSPPS[MRK I\EQTPI XLI WTIEOIVMWYWMRKXIWXMQSR]FYXRSXMGILS[LIEPWSIWXEFPMWLIWXLIGVIHMFMPMX]SJ LMWWSYVGIERHXLIVIGIRG]SJLMWMRJSVQEXMSR ,YQERWQYKKPMRKMWFMKFYWMRIWWERHXLI97KSZIVRQIRXLEWQEHIPMXXPILIEH[E] MRWXSTTMRKMX.YWXEWO7GSXX,EXJMIPHGLMIJSJXLI,YQER7QYKKPMRKHMZMWMSREX-QQMKVE XMSRERH'YWXSQW)RJSVGIQIRX[LS[EWUYSXIHPEWXQSRXLMR8LI2I[=SVO8MQIW q%R] XMQI [I WLYX HS[R E WQYKKPMRK SVKERM^EXMSR XLIVItW EP[E]W WSQIFSH] XS XEOI XLIMV TPEGIr
3R XLI SXLIV LERH MJ ]SY [IVI UYSXMRK %FVELEQ 0MRGSPRtW +IXX]WFYVK %HHVIWWSJ2SZIQFIV EFSYXqKSZIVRQIRXSJXLITISTPIF]XLITIS TPI JSV XLI TISTPIr ]SY [SYPH RSX RIIH XS I\TPEMR 0MRGSPRtW UYEPMJMGEXMSRW FIGEYWILIMWWS[IPPORS[R SVXLIHEXISJLMWWXEXIQIRX FIGEYWIMXHSIWRSX EJJIGXXLIVIPIZERGISJLMW[SVHW 8LIWEQITVMRGMTPIWETTP]MJ]SYEVIGMXMRKSRPMRIWSYVGIW-XMWRSXIRSYKL XSWE]q%W-JSYRHSRXLI;IFrSVq%WXLI-RXIVRIXWXEXIWr3RXLISXLIVLERH MXMWRSXRIGIWWEV]XSVIGMXIXLIIRXMVIEHHVIWWSJXLI;IFTEKI-J]SYEVIGMXMRK EWTIGMJMGTIVWSR]SYWLSYPHMHIRXMJ]LMQSVLIVERHXLIREQISJXLI;IFWMXI SR[LMGL]SYJSYRHXLIMRJSVQEXMSRhEWMRXLMWI\EQTPI -REREVXMGPITSWXIHSR'22GSQMR.YP].SWITL%'EPMJERS.V4VIWMHIRXSJXLI 2EXMSREP 'IRXIV SR %PGSLSP ERH 7YFWXERGI %FYWI EX 'SPYQFME 9RMZIVWMX] WXEXIH q- [SYPHRtXFIWYVTVMWIHMJVMKLXRS[EXXLMWTSMRXMRXMQIXLIVIEVIQSVIOMHWEFYWMRKTVI WGVMTXMSRHVYKWXLEREFYWMRKQEVMNYEREr
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-J ]SY EVI GMXMRK ER SVKERM^EXMSR VEXLIV XLER ER MRHMZMHYEP ]SY RIIH XS TVSZMHIXLIREQISJXLISVKERM^EXMSR 8LI;IFTEKIJSVXLI6SFSXMGW-RWXMXYXIEX'EVRIKMI1IPPSR9RMZIVWMX]I\TPEMRWXLEX WGMIRXMWXWEXXLEXWGLSSPLEZIHIWMKRIHERHFYMPXEWM\XSRL]FVMHIPIGXVMGZILMGPIXLEXGERFI YWIHF]XLI97%VQ]JSVEVQIHVIGSRREMWWERGIQMWWMSRW
*MREPP] RSXMGI LS[ WOMPPJYPP] XLI WTIEOIVW UYSXIH EFSZI FPIRH XLIMV GMXE XMSRWMRXSXLIMV WTIIGLIW 8LI] HS RSXEP[E]WWE] q%GGSVHMRKXS rSVq%W WXEXIHF]r2SVHSXLI]YWI[SVHWPMOIqUYSXIYRUYSXIr9WYEPP]]SY GER QSHMJ] ]SYV XSRI SJ ZSMGI SV YWI FVMIJ TEYWIW XS PIX ]SYV PMWXIRIVW ORS[ [LIR]SYEVIQEOMRKEHMVIGXUYSXEXMSR -RXLISRPMRI7TIIGL8SSPWJSVXLMWGLETXIV]SY[MPPJMRHQSVII\EQTPIW SJLS[]SYGERGMXIHMJJIVIRXOMRHWSJWSYVGIWMR]SYVWTIIGLIW;LIXLIV]SY EVI YWMRK I\EQTPIW WXEXMWXMGW SV XIWXMQSR] GMXMRK ]SYV WSYVGIW TVSTIVP] MW E GVYGMEPTEVXSJFIMRKERIJJIGXMZIhERHIXLMGEPhTYFPMGWTIEOIV
GSRRIGXPYGEWGSQ *SVEHHMXMSREPI\EQTPIWSJ LS[XSGMXIWSYVGIWMR]SYV WTIIGLIWGLIGOXLI7EQTPI 3VEP'MXEXMSRWMRXLISRPMRI 7TIIGL8SSPWJSVXLMWGLETXIV
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/)=8)617 WYTTSVXMRKQEXIVMEPW
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FVMIJI\EQTPI
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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;L]MWMXWSIEW]XSPMI[MXLWXEXMWXMGW#;LEXXLVIIUYIWXMSRWWLSYPH]SYEWOXS NYHKIXLIVIPMEFMPMX]SJWXEXMWXMGW# ;LEXEVIWM\XMTWJSVYWMRKWXEXMWXMGWMR]SYVWTIIGLIW# ;LEXMWXIWXMQSR]#)\TPEMR XLIHMJJIVIRGI FIX[IIRI\TIVXXIWXMQSR]ERHTIIV XIWXMQSR] ;LEXEVIJSYVXMTWJSVYWMRKXIWXMQSR]MR]SYVWTIIGLIW#
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%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
3VKERM^MRKXLI&SH] SJXLI7TIIGL
3VKERM^EXMSR-W-QTSVXERX 1EMR4SMRXW 2YQFIVSJ1EMR4SMRXW 7XVEXIKMG3VHIVSJ1EMR4SMRXW 8MTWJSV4VITEVMRK1EMR4SMRXW
7YTTSVXMRK1EXIVMEPW 'SRRIGXMZIW 8VERWMXMSRW -RXIVREP4VIZMI[W -RXIVREP7YQQEVMIW 7MKRTSWXWQ
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
LMROEFSYXWLSTTMRKMREWXSVIWYGLEW-OIE8EVKIXSV&IWX&Y]1ER]SJ XLI MXIQW JSV WEPI EVI SVKERM^IVWhHVE[IV SVKERM^IVW HIWO SVKERM^IVW GPSWIX SVKERM^IVW OMXGLIR SVKERM^IVW FEXLVSSQ SVKERM^IVW SJJMGI SVKE RM^IVWEYHMSERHZMHISSVKERM^IVW ;L]EPPXLMWUYIWXJSVSVKERM^EXMSR#3FZMSYWP][LIRXLISFNIGXW]SYTSW WIWWEVI[IPPSVKERM^IHXLI]WIVZI]SYFIXXIV3VKERM^EXMSREPPS[W]SYXSWII [LEX]SYLEZIERHXSTYX]SYVLERHWMQQIHMEXIP]SRXLIKEVQIRXXLIXSSP XLITMIGISJTETIVXLI'(]SY[ERX[MXLSYXEJVIR^MIHWIEVGL 1YGLXLIWEQIMWXVYISJ]SYVWTIIGLIW-JXLI]EVI[IPPSVKERM^IHXLI] [MPP WIVZI ]SY FIXXIV 3VKERM^EXMSR EPPS[W ]SYhERH ]SYV PMWXIRIVWhXS WII [LEXMHIEW]SYLEZIERHXSTYXQIRXEPqLERHWrSRXLIQSWXMQTSVXERXSRIW
8
3VKERM^EXMSR-W-QTSVXERX
WXVEXIKMGSVKERM^EXMSR 4YXXMRKEWTIIGLXSKIXLIVMR ETEVXMGYPEV[E]XSEGLMIZIE TEVXMGYPEVVIWYPX[MXL ETEVXMGYPEVEYHMIRGI
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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1EMR4SMRXW
8LIQEMRTSMRXWEVIXLIGIRXVEPJIEXYVIWSJ]SYVWTIIGL=SYWLSYPHWIPIGXXLIQ GEVIJYPP] TLVEWIXLIQ TVIGMWIP] ERHEVVERKI XLIQWXVEXIKMGEPP] ,IVIEVIXLI QEMRTSMRXWSJEWXYHIRXWTIIGLEFSYXXLIQIHMGEPYWIWSJL]TRSWMW 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVYWIWSJL]TRSWMW 'IRXVEP-HIE
8LIQENSVYWIWSJL]TRSWMWXSHE]EVIXSGSRXVSPTEMRMR WYVKIV]XSLIPTTISTPIWXSTWQSOMRKERHXSLIPTWXYHIRXW MQTVSZIXLIMVEGEHIQMGTIVJSVQERGI
1EMR4SMRXW
- , ]TRSWMWMWYWIHMRWYVKIV]EWEREHNYRGXXSGLIQMGEP ERIWXLIWME -- ,]TRSWMWMWYWIHXSLIPTTISTPIWXSTWQSOMRK --- , ]TRSWMWMWYWIHXSLIPTWXYHIRXWMQTVSZIXLIMV EGEHIQMGTIVJSVQERGI
QEMRTSMRXW 8LIQENSVTSMRXWHIZIPSTIHMR XLIFSH]SJEWTIIGL1SWX WTIIGLIWGSRXEMRJVSQX[SXS JMZIQEMRTSMRXW
8LIWIXLVIIQEMRTSMRXWJSVQXLIWOIPIXSRSJXLIFSH]SJXLIWTIIGL-JXLIVI EVIXLVIIQENSVYWIWSJL]TRSWMWJSVQIHMGEPTYVTSWIWXLIRPSKMGEPP]XLIVIGER FIXLVIIQEMRTSMRXWMRXLIWTIIGL ,S[ HS ]SY GLSSWI ]SYV QEMR TSMRXW# 7SQIXMQIW XLI] [MPP FI IZMHIRX JVSQ ]SYV WTIGMJMG TYVTSWI WXEXIQIRX 7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQ Q] EYHMIRGI EFSYX XLI HIZIPSTQIRX XIGLRSPSK] ERH FIRIJMXW SJ L]HVSKIRJYIPGIPPWr3FZMSYWP]]SYVWTIIGL[MPPLEZIXLVIIQEMRTSMRXW8LI JMVWX[MPPHIEP[MXLXLIHIZIPSTQIRXSJL]HVSKIRJYIPGIPPWXLIWIGSRH[MXLXLI XIGLRSPSK]FILMRHL]HVSKIRJYIPGIPPWXLIXLMVH[MXLXLIFIRIJMXWSJL]HVSKIR JYIPGIPPW;VMXXIRMRSYXPMRIJSVQXLIQEMRTSMRXWQMKLXFI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIHIZIPSTQIRXXIGLRSPSK] ERHFIRIJMXWSJL]HVSKIRJYIPGIPPW 'IRXVEP-HIE
(IZIPSTIHEWELMKLP]IJJMGMIRXJSVQSJIRIVK]L]HVSKIR JYIPGIPPWYWIWSTLMWXMGEXIHXIGLRSPSK]ERHSJJIVERYQFIVSJ IGSRSQMGERHIRZMVSRQIRXEPFIRIJMXW
1EMR4SMRXW
- , ]HVSKIRJYIPGIPPW[IVIHIZIPSTIHXSTVSZMHIELMKLP] IJJMGMIRXJSVQSJIRIVK] -- ,]HVSKIRJYIPGIPPWTVSHYGITS[IVXLVSYKLERIPIGXVS GLIQMGEPVIEGXMSRMRZSPZMRKL]HVSKIRKEW --- ,]HVSKIRJYIPGIPPWTVSZMHIERIGSRSQMGEPP]ERH IRZMVSRQIRXEPP]WYTIVMSVQIXLSHSJTS[IVMRKQSXSV ZILMGPIW
)ZIRMJ]SYVQEMRTSMRXWEVIRSXWXEXIHI\TVIWWP]MR]SYVWTIGMJMGTYVTSWI XLI] QE] FI IEW] XS TVSNIGX JVSQ MX 0IXtW WE] ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQQ]EYHMIRGISJXLIFEWMGWXITWMRQEOMRKWXEMRIHKPEWW[MRHS[Wr=SY
1EMR4SMRXW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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8LIVIEVIJSYVWXITWMRQEOMRKWXEMRIHKPEWW[MRHS[W
1EMR4SMRXW
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8LIJMVWXWXITMWHIWMKRMRKXLI[MRHS[ 8LIWIGSRHWXITMWGYXXMRKXLIKPEWWXSJMXXLIHIWMKR 8LIXLMVHWXITMWTEMRXMRKXLIKPEWW 8LIJSYVXLWXITMWEWWIQFPMRKXLI[MRHS[
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3YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX[MPP MRGVIEWIZSXIVJVEYHERHHMWJVERGLMWITISTPI[MXLSYX-RXIV RIXEGGIWW
1EMR4SMRXW
- 3 YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX [MPPMRGVIEWIZSXIVJVEYH -- 3YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX[MPP HMWJVERGLMWITISTPI[MXLSYXEGGIWWXSXLI-RXIVRIX
291&)63*1%-243-287 =SY[MPPRSXLEZIXMQIMR]SYVGPEWWVSSQWTIIGLIWXSHIZIPSTQSVIXLERJSYV SVJMZIQEMRTSMRXWERHQSWXWTIIGLIW[MPPGSRXEMRSRP]X[SSVXLVII6IKEVH PIWWSJLS[PSRKEWTIIGLQMKLXVYRMJ]SYLEZIXSSQER]QEMRTSMRXWXLI EYHMIRGI[MPPLEZIXVSYFPIWSVXMRKXLIQSYX -J[LIR]SYPMWX]SYVQEMRTSMRXW]SYJMRHXLEX]SYLEZIXSSQER]]SY QE]FIEFPIXSGSRHIRWIXLIQMRXSGEXIKSVMIW,IVIMWEWIXSJQEMRTSMRXWJSV EWTIIGLEFSYX]SKE 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLITVEGXMGISJ]SKE
'IRXVEP-HIE
=SKEMWERERGMIRXTVEGXMGIXLEXMRZSPZIWXLI[LSPIFSH]
1EMR4SMRXW
- -- --- -: :
=SKEFVIEXLMRKWXEVXW[MXLHIITMRLEPEXMSR =SKEFVIEXLMRKVIUYMVIWWPS[I\LEPEXMSR =SKEFVIEXLMRKMRGPYHIWTVSPSRKIHTEYWIW =SKEFVIEXLMRKTVSZMHIWQER]FIRIJMXW =SKETSWXYVIWMRZSPZIEPPTEVXWSJXLIFSH]
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IWIEVGLWXYHMIWGSRJMVQ XLEXGPIEVSVKERM^EXMSRMWZMXEP XSIJJIGXMZITYFPMGWTIEOMRK 0MWXIRIVWQYWXFIEFPIXSJSP PS[XLITVSKVIWWMSRSJMHIEW MREWTIIGLJVSQFIKMRRMRK XSIRH
:- =SKETSWXYVIWMRGVIEWIJPI\MFMPMX] :-- =SKETSWXYVIWWXVIRKXLIRQYWGPIXSRI :--- =SKETSWXYVIWHIQERHTVIGMWIQSZIQIRXW
=SYLEZIIMKLXQEMRTSMRXWh[LMGLMWXSSQER]&YXMJ]SYPSSOEXXLIPMWX ]SYWIIXLEXXLIIMKLXTSMRXWJEPPMRXSX[SFVSEHGEXIKSVMIW ]SKEFVIEXLMRKERH ]SKETSWXYVIW=SYQMKLXXLIVIJSVIVIWXEXI]SYVQEMRTSMRXWXLMW[E] - 3RITEVXSJTVEGXMGMRK]SKEMRZSPZIWTVSTIVFVIEXLMRK -- %RSXLIVTEVXSJ]SKEMRZSPZIWFSH]TSWXYVIW
786%8)+-'36()63*1%-243-287 3RGI]SYIWXEFPMWL]SYVQEMRTSMRXW]SYRIIHXSHIGMHIXLISVHIVMR[LMGL]SY [MPPTVIWIRXXLIQ8LIQSWXIJJIGXMZISVHIVHITIRHWSRXLVIIXLMRKWh]SYVXSTMG ]SYVTYVTSWIERH]SYVEYHMIRGI'LETXIVWERH[MPPGSZIVWTIGMEPEWTIGXW SJSVKERM^MRKMRJSVQEXMZIWTIIGLIWERHTIVWYEWMZIWTIIGLIW,IVI[IPSSOFVMIJP] EXXLIJMZIFEWMGTEXXIVRWSJSVKERM^EXMSRYWIHQSWXSJXIRF]TYFPMGWTIEOIVW
'LVSRSPSKMGEP3VHIV 7TIIGLIWEVVERKIHGLVSRSPSKMGEPP]JSPPS[EXMQITEXXIVR8LI]QE]REVVEXIE WIVMIWSJIZIRXWMRXLIWIUYIRGIMR[LMGLXLI]LETTIRIH*SVI\EQTPI
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq=SKE 9RMXMRK1MRH&SH]ERH 7TMVMXrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
GLVSRSPSKMGEPSVHIV %QIXLSHSJWTIIGL SVKERM^EXMSRMR[LMGLXLIQEMR TSMRXWJSPPS[EXMQITEXXIVR
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGILS[XLI+VIEX;EPPSJ'LMRE[EW FYMPX
1EMR4SMRXW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
'IRXVEP-HIE
8LI+VIEX;EPPSJ'LMRE[EWFYMPXMRXLVIIQENSVWXEKIW
1EMR4SMRXW
- & YMPHMRKSJXLI+VIEX;EPPFIKERHYVMRKXLI5MRH]REWX] SJi &' -- 2I[WIGXMSRWSJXLI+VIEX;EPP[IVIEHHIHHYVMRKXLI ,ERH]REWX]SJ &'i %( --- 8 LI+VIEX;EPP[EWGSQTPIXIHHYVMRKXLI1MRKH]REWX] SJ i
'LVSRSPSKMGEPSVHIVMWEPWSYWIHMRWTIIGLIWI\TPEMRMRKETVSGIWWSVHIQ SRWXVEXMRKLS[XSHSWSQIXLMRK*SVI\EQTPI GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq8LI +VIEX;EPPSJ'LMRErMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIWXITWMRPEWIVEWWMWXIHGSVVIG XMZII]IWYVKIV] 'IRXVEP-HIE
8LIVIEVIXLVIIQEMRWXITWMRPEWIVEWWMWXIHGSVVIGXMZII]I WYVKIV]
1EMR4SMRXW
- * MVWXEXLMRPE]IVMWWPMGIHSJJXLIWYVJEGISJXLII]IXS I\TSWIXLIGSVRIE -- 7IGSRHERYPXVEZMSPIXPEWIVMWYWIHXSVIWLETIXLI GSVRIE --- 8 LMVHXLIXLMRPE]IVWPMGIHSJJEXXLIFIKMRRMRKSJXLI WYVKIV]MWVIEJJM\IHXSXLII]I
%WXLMWSYXPMRIWLS[WGLVSRSPSKMGEPSVHIVMWIWTIGMEPP]YWIJYPJSVMRJSVQEXMZI WTIIGLIW
7TEXMEP3VHIV WTEXMEPSVHIV %QIXLSHSJWTIIGLSVKERM^EXMSR MR[LMGLXLIQEMRTSMRXWJSPPS[E HMVIGXMSREPTEXXIVR
7TIIGLIW EVVERKIH MR WTEXMEP SVHIV JSPPS[ E HMVIGXMSREP TEXXIVR 8LEX MW XLI QEMRTSMRXWTVSGIIHJVSQXSTXSFSXXSQPIJXXSVMKLXJVSRXXSFEGOMRWMHIXS SYXWMHIIEWXXS[IWXSVWSQISXLIVVSYXI*SVI\EQTPI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIWXVYGXYVISJELYVVMGERI 'IRXVEP-HIE
%LYVVMGERIMWQEHIYTSJXLVIITEVXWKSMRKJVSQMRWMHIXS SYXWMHI
1EMR4SMRXW
- % XXLIGIRXIVSJELYVVMGERIMWXLIGEPQGPSYHJVIII]I -- 7YVVSYRHMRKXLII]IMWXLII]I[EPPEHIRWIVMRKSJ GPSYHWXLEXTVSHYGIWXLIQSWXMRXIRWI[MRHERHVEMRJEPP --- 6 SXEXMRKEVSYRHXLII]I[EPPEVIPEVKIFERHWSJGPSYHW ERHTVIGMTMXEXMSRGEPPIHWTMVEPVEMRFERHW
3V 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIXLVIIQENSVVIKMSRWMR -XEP] 'IRXVEP-HIE
2SVXLIVRGIRXVEPERHWSYXLIVR-XEP]LEZIXLIMVS[RMHIRXM XMIWERHEXXVEGXMSRW - 2SVXLIVR-XEP]MWLSQIXS:IRMGIERHMXW[SVPHJEQSYW GEREPW
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIQEMRTSMRXWSJEWTIIGL WLSYPHFISVKERM^IHXSGSQ QYRMGEXIXLIWTIEOIVtWQIW WEKI'LVSRSPSKMGEPSVHIV [SYPH[SVOZIV][IPPJSVE WTIIGLSRXLILMWXSV]SJXLI 97WTEGITVSKVEQ
-- 'IRXVEP-XEP]MWLSQIXS6SQIERHMXWLMWXSVMGEP XVIEWYVIW --- 7SYXLIVR-XEP]MWLSQIXS7MGMP]ERHMXWGYPMREV] XVEHMXMSRW
7TEXMEP SVHIV PMOI GLVSRSPSKMGEP SVHIV MW YWIH QSWX SJXIR MR MRJSVQEXMZI WTIIGLIW
'EYWEP3VHIV 7TIIGLIWEVVERKIHMRGEYWEPSVHIVSVKERM^IQEMRTSMRXWWSEWXSWLS[EGEYWI IJJIGXVIPEXMSRWLMT;LIR]SYTYX]SYVWTIIGLMRGEYWEPSVHIV]SYLEZIX[S QEMRTSMRXWhSRIHIEPMRK[MXLXLIGEYWIWSJERIZIRXXLISXLIVHIEPMRK[MXL MXW IJJIGXW (ITIRHMRK SR ]SYV XSTMG ]SY GER IMXLIV HIZSXI ]SYV JMVWX QEMR TSMRXXSXLIGEYWIWERHXLIWIGSRHXSXLIIJJIGXWSV]SYGERHIEPJMVWX[MXLXLI IJJIGXWERHXLIR[MXLXLIGEYWIW 7YTTSWI]SYVWTIGMJMGTYVTSWIMWq8STIVWYEHIQ]EYHMIRGIXLEXEKVS[MRK WLSVXEKISJEMVXVEJJMGGSRXVSPPIVWMWEWIVMSYWTVSFPIQJSV97EZMEXMSRr8LIR ]SY[SYPHFIKMR[MXLXLIGEYWIWSJXLIWLSVXEKIERH[SVOXS[EVHMXWIJJIGXW
GEYWEPSVHIV %QIXLSHSJWTIIGL SVKERM^EXMSRMR[LMGLXLIQEMR TSMRXWWLS[EGEYWIIJJIGX VIPEXMSRWLMT
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEKVS[MRKWLSVXEKISJUYEPMJMIH EMVXVEJJMGGSRXVSPPIVWMWEWIVMSYWTVSFPIQJSV97EZMEXMSR 'IRXVEP-HIE
8LIKVS[MRKWLSVXEKISJGIVXMJMIHEMVXVEJJMGGSRXVSPPIVW XLVIEXIRWXLIWEJIX]SJEMVXVEZIP
1EMR4SMRXW
- 8LI97EZMEXMSRW]WXIQJEGIWEKVS[MRKWLSVXEKISJUYEPM JMIHEMVXVEJJMGGSRXVSPPIVW -- -JXLMWWLSVXEKIGSRXMRYIWMX[MPPGVIEXIWIVMSYWTVSFPIQW JSVEMVPMRIWEJIX]
1EMR4SMRXW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LIRXLIIJJIGXW]SYEVIHMWGYWWMRKLEZIEPVIEH]SGGYVVIH]SYQE][ERX XS VIZIVWI XLI SVHIV ERH XEPO JMVWX EFSYX XLI IJJIGXW ERH XLIR EFSYX XLIMV GEYWIWhEWMRXLMWWTIIGLEFSYXXLI1E]ERGMZMPM^EXMSRSJ'IRXVEP%QIVMGE 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLITSWWMFPIGEYWIWJSVXLI GSPPETWISJ1E]ERGMZMPM^EXMSR 'IRXVEP-HIE
8LIGEYWIWJSVXLIGSPPETWISJ1E]ERGMZMPM^EXMSRLEZIRSX ]IXFIIRJYPP]I\TPEMRIH
1EMR4SMRXW
- 1 E]ERGMZMPM^EXMSRJPSYVMWLIHJSVSZIVEXLSYWERH ]IEVWYRXMP %([LIRMXQ]WXIVMSYWP]FIKERXS HMWMRXIKVEXI -- 7GLSPEVWLEZIEHZERGIHXLVIIQENSVI\TPEREXMSRWJSV XLIGEYWIWSJXLMWHMWMRXIKVEXMSR
&IGEYWI SJ MXW ZIVWEXMPMX] GEYWEP SVHIV GER FI YWIH JSV FSXL TIVWYEWMZI WTIIGLIWERHMRJSVQEXMZIWTIIGLIW
4VSFPIQ7SPYXMSR3VHIV TVSFPIQWSPYXMSRSVHIV %QIXLSHSJWTIIGLSVKERM^EXMSR MR[LMGLXLIJMVWXQEMRTSMRX HIEPW[MXLXLII\MWXIRGISJE TVSFPIQERHXLIWIGSRHQEMR TSMRXTVIWIRXWEWSPYXMSRXSXLI TVSFPIQ
7TIIGLIWEVVERKIHMRTVSFPIQWSPYXMSRSVHIVEVIHMZMHIHMRXSX[SQEMRTEVXW 8LIJMVWXWLS[WXLII\MWXIRGIERHWIVMSYWRIWWSJETVSFPIQ8LIWIGSRHTVIWIRXW E[SVOEFPIWSPYXMSRXSXLITVSFPIQ*SVI\EQTPI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEGXMSRMWRIIHIHXSGSQFEXXLI EFYWIWSJTYTT]QMPPW 'IRXVEP-HIE
4YTT]QMPPWEVIEWIVMSYWTVSFPIQXLEXGERFIWSPZIHF]E GSQFMREXMSRSJPIKMWPEXMSRERHMRHMZMHYEPMRMXMEXMZI
1EMR4SMRXW
- 4 YTT]QMPPWEVIEWIVMSYWTVSFPIQEGVSWWXLI9RMXIH 7XEXIW -- 7SPZMRKXLITVSFPIQVIUYMVIWPIKMWPEXMSRERHMRHMZMHYEP MRMXMEXMZI
3V GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq8LI ,SVVSVWSJ4YTT]1MPPWrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIIPIGXSVEPGSPPIKIWLSYPHFI EFSPMWLIH 'IRXVEP-HIE
&IGEYWIXLIIPIGXSVEPGSPPIKIHSIWRSXKMZIIUYEP[IMKLXXS XLIZSXISJIEGLGMXM^IRMXWLSYPHFIVITPEGIH[MXLHMVIGX TSTYPEVIPIGXMSRSJXLI4VIWMHIRX
1EMR4SMRXW
- 8 LIIPIGXSVEPGSPPIKIMWEWIVMSYWTVSFPIQMRXLI97 TSPMXMGEPW]WXIQFIGEYWIMXHSIWRSXKMZIIUYEP[IMKLXXS IEGLGMXM^IRtWZSXIMRIPIGXMRKXLI4VIWMHIRX -- 8LITVSFPIQGERFIWSPZIHF]EFSPMWLMRKXLIIPIGXSVEP GSPPIKIERHIPIGXMRKXLI4VIWMHIRXF]TSTYPEVZSXI
%W XLIWI I\EQTPIW MRHMGEXI TVSFPIQWSPYXMSR SVHIV MW QSWX ETTVSTVMEXI JSV TIVWYEWMZIWTIIGLIW
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8STMGEP3VHIV 8STMGEPSVHIVVIWYPXW[LIR]SYHMZMHIXLIWTIIGLXSTMGMRXSWYFXSTMGWIEGLSJ [LMGLFIGSQIWEQEMRTSMRXMRXLIWTIIGL 7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQ Q] EYHMIRGI SJ XLI QENSV OMRHW SJ JMVI[SVOWr 8LMW XSTMG HSIW RSX PIRH MXWIPJ XS GLVSRSPSKMGEP WTEXMEP GEYWEP SV TVSFPIQWSPYXMSR SVHIV 6EXLIV ]SY WITEVEXI XLI WYFNIGXhOMRHW SJ JMVI[SVOWhMRXSMXWGSRWXMXYIRXTEVXWWSXLEXIEGLQEMRTSMRXHIEPW[MXLEWMRKPI OMRHSJJMVI[SVOW=SYVGIRXVEPMHIEERHQEMRTSMRXWQMKLXPSSOPMOIXLMW
XSTMGEPSVHIV %QIXLSHSJWTIIGLSVKERM^EXMSR MR[LMGLXLIQEMRTSMRXWHMZMHI XLIXSTMGMRXSPSKMGEPERH GSRWMWXIRXWYFXSTMGW
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIQENSVOMRHWSJJMVI[SVOW 'IRXVEP-HIE
8LIQENSVOMRHWSJJMVI[SVOWEVIWO]VSGOIXW6SQERGERHPIW TMR[LIIPWERHPERGIW
1EMR4SMRXW
- 7 O]VSGOIXWI\TPSHILMKLMRXLIEMVTVSHYGMRKXLIQSWX HVEQEXMGIJJIGXWSJEPPJMVI[SVOW -- 6SQERGERHPIWWLSSXSYXWITEVEXIKVSYTWSJWTEVOWERH GSPSVIHJPEQIW[MXLEWIVMIWSJFSSQMRKRSMWIW --- 4MR[LIIPWXLVS[SJJWTEVOWERHJPEQIWEWXLI][LMVPSR XLIIRHSJEWXMGO -: 0ERGIWEVIXLMRGSPSVJYPJMVI[SVOWYWIHMRKVSYRHHMWTPE]W
8SXEOIERSXLIVI\EQTPIPIXtWWE]]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ] EYHMIRGIEFSYXXLIEGLMIZIQIRXWSJ-HE;IPPW&EVRIXXr;IPPW&EVRIXXER%JVM GER %QIVMGER [LS PMZIH EX XLI XYVR SJ XLI XL GIRXYV] [EW ER SYXWTSOIR GLEQTMSRSJWSGMEPERHTSPMXMGEPNYWXMGIJSVLIVVEGI=SYGSYPHSVKERM^I]SYV WTIIGL GLVSRSPSKMGEPP]hF] HMWGYWWMRK ;IPPW&EVRIXXtW I\TPSMXW HYVMRK IEGL HIGEHI SJ LIV GEVIIV 3R XLI SXLIV LERH ]SY GSYPH EVVERKI XLI WTIIGL XSTMGEPP]hF]HMZMHMRK;IPPW&EVRIXXtWEGGSQTPMWLQIRXWMRXSGEXIKSVMIW8LIR ]SYVGIRXVEPMHIEERHQEMRTSMRXWQMKLXFI 7TIGMJMG4YVTSWI
8SMRJSVQQ]EYHMIRGIEFSYXXLIEGLMIZIQIRXWSJ-HE;IPPW &EVRIXX
'IRXVEP-HIE
-HE;IPPW&EVRIXX[EWEQYPXMXEPIRXIHJMKYVIMRXLIJMKLXJSV VEGMEPNYWXMGI
1EMR4SMRXW
- % WEXIEGLIV;IPPW&EVRIXXWTSOISYXEKEMRWXMRJIVMSV WGLSSPJEGMPMXMIWJSV%JVMGER%QIVMGERGLMPHVIR -- %WENSYVREPMWX;IPPW&EVRIXXGEQTEMKRIHEKEMRWX P]RGLMRK --- %WEGMZMGSVKERM^IV;IPPW&EVRIXXLIPTIHJSYRHXLI 2%%'4
2SXMGILS[XLIQEMRTSMRXWWYFHMZMHIXLIWTIIGLXSTMGPSKMGEPP]ERHGSR WMWXIRXP])EGLQEMRTSMRXMWSPEXIWSRIEWTIGXSJ;IPPW&EVRIXXtWEGLMIZIQIRXW &YXWYTTSWI]SYVQEMRTSMRXWPSSOPMOIXLMW - %WEXIEGLIV;IPPW&EVRIXXWTSOISYXEKEMRWXMRJIVMSVWGLSSPJEGMPMXMIWJSV %JVMGER%QIVMGERGLMPHVIR -- %WENSYVREPMWX;IPPW&EVRIXXGEQTEMKRIHEKEMRWXP]RGLMRK --- -RXLIIEVP]XLGIRXYV];IPPW&EVRIXXI\TERHIHLIVEGXMZMXMIWERHXLI WGSTISJLIVMRJPYIRGI
1EMR4SMRXW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1EMR4SMRXW
23
(SIW XLI FSH] SJ Q] WTIIGL GSRXEMR X[S XS JMZI QEMR TSMRXW# %VI Q] QEMR TSMRXW SVKERM^IH EGGSVHMRK XS SRI SJ XLI JSPPS[MRKQIXLSHWSJSVKERM^EXMSR# 'LIGOXLISRIXLEX ETTPMIW
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMP EFPIMRXLISRPMRI7XYH] 8SSPWJSVXLMWGLETXIV
'LVSRSPSKMGEPSVHIV 7TEXMEPSVHIV 'EYWEPSVHIV 8STMGEPSVHIV 4VSFPIQWSPYXMSRSVHIV
%VIQ]QEMRTSMRXWGPIEVP]WITEVEXIJVSQSRIERSXLIV# %W QYGL EW TSWWMFPI LEZI - YWIH XLI WEQI TEXXIVR SJ[SVHMRKJSVEPPQ]QEMRTSMRXW# ,EZI - VSYKLP] FEPERGIH XLI EQSYRX SJ XMQI HIZSXIH XSIEGLQEMRTSMRX# -W IEGL QEMR TSMRX FEGOIH YT [MXL WXVSRK GVIHMFPI WYTTSVXMRKQEXIVMEPW# (S - YWI GSRRIGXMZIW XS QEOI WYVI Q] EYHMIRGI ORS[W [LIR-EQQSZMRKJVSQSRIQEMRTSMRXXSERSXLIV#
8LMW[SYPHRSXFIEKSSHXSTMGEPSVHIVFIGEYWIQEMRTSMRX---MWMRGSRWMWXIRX [MXLXLIVIWXSJXLIQEMRTSMRXW-XHIEPW[MXLE TIVMSHMR;IPPW&EVRIXXtWPMJI [LIVIEWQEMRTSMRXW-ERH--HIEP[MXLOMRHWSJEGXMZMWQ &IGEYWI MX MW ETTPMGEFPI XS EPQSWX ER] WYFNIGX ERH XS ER] OMRH SJ WTIIGL XSTMGEPSVHIVMWYWIHQSVISJXIRXLERER]SXLIVQIXLSHSJWTIIGLSVKERM^EXMSR
8-47*3646)4%6-2+1%-243-287 /IIT1EMR4SMRXW7ITEVEXI )EGLQEMRTSMRXMREWTIIGLWLSYPHFIGPIEVP]MRHITIRHIRXSJXLISXLIVW'SQ TEVIXLIWIX[SWIXWSJQEMRTSMRXWJSVEWTIIGLEFSYXXLITVSGIWWSJTVSHYGMRK E&VSEH[E]TPE]
-RIJJIGXMZI
1SVI)JJIGXMZI
- 8 LIJMVWXWXITMWGLSSWMRKXLI TPE] -- 8LIWIGSRHWXITMWWIPIGXMRK XLIGEWX --- 8 LIXLMVHWXITMWGSRHYGXMRK VILIEVWEPWERHXLIRTIVJSVQMRK XLITPE]
- 8LIJMVWXWXITMWGLSSWMRKXLI TPE] -- 8LIWIGSRHWXITMWWIPIGXMRK XLIGEWX --- 8LIXLMVHWXITMWGSRHYGXMRKXLI VILIEVWEPW -: 8LIJSYVXLWXITMWTIVJSVQMRK XLITPE]
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LITVSFPIQ[MXLXLIPIJXLERHPMWXMWXLEXTSMRX---GSRXEMRWX[SQEMRTSMRXW -XWLSYPHFIHMZMHIHEWWLS[RMRXLIVMKLXLERHPMWX
8V]XS9WIXLI7EQI4EXXIVRSJ;SVHMRKJSV1EMR4SMRXW 'SRWMHIVXLIJSPPS[MRKQEMRTSMRXWJSVERMRJSVQEXMZIWTIIGLEFSYXXLIFIR IJMXWSJI\IVGMWI -RIJJIGXMZI
1SVI)JJIGXMZI
- 6IKYPEVI\IVGMWIMRGVIEWIW]SYV IRHYVERGI -- =SYVWPIITMRKTEXXIVRMW MQTVSZIHF]VIKYPEVI\IVGMWI --- -XMWTSWWMFPIXSLIPTGSRXVSP ]SYV[IMKLXF]VIKYPEV I\IVGMWI
- 6IKYPEVI\IVGMWIMRGVIEWIW]SYV IRHYVERGI -- 6IKYPEVI\IVGMWIMQTVSZIW]SYV WPIITMRKTEXXIVR --- 6IKYPEVI\IVGMWILIPTWGSRXVSP ]SYV[IMKLX
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&EPERGIXLI%QSYRXSJ8MQI(IZSXIHXS1EMR4SMRXW &IGEYWI]SYVQEMRTSMRXWEVIWSMQTSVXERX]SY[ERXXSFIWYVIXLI]EPPVIGIMZI IRSYKL IQTLEWMWXSFIGPIEVERHGSRZMRGMRK 8LMW QIERW EPPS[MRKWYJJMGMIRX XMQIXSHIZIPSTIEGLQEMRTSMRX7YTTSWI]SYHMWGSZIVXLEXXLITVSTSVXMSRSJ XMQIHIZSXIHXS]SYVQEMRTSMRXWMWWSQIXLMRKPMOIXLMW - TIVGIRX -- TIVGIRX --- TIVGIRX %FVIEOHS[RSJXLMWWSVXMRHMGEXIWSRISJX[SXLMRKW)MXLIVTSMRXW--ERH--- EVIRtXVIEPP]QEMRTSMRXWERH]SYLEZISRP]SRIQEMRTSMRXSVTSMRXW--ERH ---LEZIRtXFIIRKMZIRXLIEXXIRXMSRXLI]RIIH-JXLIPEXXIV]SYWLSYPHVIZMWI XLIFSH]SJXLIWTIIGLXSFVMRKXLIQEMRTSMRXWMRXSFIXXIVFEPERGI 8LMWMWRSXXSWE]XLEXEPPQEMRTSMRXWQYWXVIGIMZII\EGXP]IUYEPIQTLEWMW FYXSRP]XLEXXLI]WLSYPHFIVSYKLP]FEPERGIH*SVI\EQTPIIMXLIVSJXLIJSP PS[MRK[SYPHFIJMRI - TIVGIRX -- TIVGIRX --- TIVGIRX
- TIVGIRX -- TIVGIRX --- TIVGIRX
8LI EQSYRX SJ XMQI WTIRX SR IEGL QEMR TSMRX HITIRHW SR XLI EQSYRX ERH GSQTPI\MX]SJWYTTSVXMRKQEXIVMEPWJSVIEGLTSMRX
1EMR4SMRXW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIQEMRTSMRXHIEPW[MXLXLIVIEWSRWMQQMKVERXWGSQIXSXLI9RMXIH7XEXIW EWHSWYTTSVXMRKTSMRXW&'ERH(7YTTSVXMRKTSMRX% q3ZIVXLI]IEVWQMP PMSRW SJ TISTPI LEZI MQQMKVEXIH XS XLI 9RMXIH 7XEXIWr HSIW RSX -X MW SYX SJ TPEGIERHWLSYPHRSXFIMRGPYHIH[MXLXLMWQEMRTSMRX -J]SYJMRHWYGLEWMXYEXMSRMR]SYVS[RWTIIGLIWXV]XSVISVKERM^I]SYV WYTTSVXMRKTSMRXWYRHIVETTVSTVMEXIQEMRTSMRXWPMOIXLMW - 3ZIVXLI]IEVWQMPPMSRWSJTISTPILEZIMQQMKVEXIHXSXLI9RMXIH7XEXIW %7MRGIXLI%QIVMGER6IZSPYXMSREPQSWX QMPPMSRTISTPILEZI MQQMKVEXIHXSXLI97 &8SHE]XLIVIEVIQMPPMSR%QIVMGERW[LS[IVIFSVRMRSXLIVGSYRXVMIW -- 8LIVIEVIWIZIVEPVIEWSRW[L]TISTPIMQQMKVEXIXSXLI9RMXIH7XEXIW %1ER]TISTPIMQQMKVEXIMRWIEVGLSJIGSRSQMGSTTSVXYRMX] &3XLIVWMQQMKVEXIXSEXXEMRTSPMXMGEPJVIIHSQ '7XMPPSXLIVWMQQMKVEXIXSIWGETIVIPMKMSYWTIVWIGYXMSR 2S[ ]SY LEZI X[S WYTTSVXMRK TSMRXW XS FEGO YT ]SYV qQMPPMSRW SJ TISTPIr TSMRXERHXLVIIWYTTSVXMRKTSMRXWXSFEGOYT]SYVqVIEWSRWrTSMRX 3RGI]SYLEZISVKERM^IH]SYVQEMRTSMRXWERHWYTTSVXMRKTSMRXW]SY QYWX KMZI EXXIRXMSR XS XLI XLMVH IPIQIRX MR XLI FSH] SJ E WTIIGLh GSRRIGXMZIW
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'EVPE1EKKMS[EWWTIEOMRKXSLIVGPEWWEFSYXXLIRIIHJSVQIHMGEPQEPTVEGXMGI VIJSVQ7LILEHVILIEVWIHXLIWTIIGLWIZIVEPXMQIWLEHE[IPPHIJMRIHGIRXVEP MHIE XLVII WLEVT QEMR TSMRXW ERH WXVSRK IZMHIRGI XS WYTTSVX LIV TSWMXMSR &YX [LIR 'EVPE HIPMZIVIH XLI WTIIGL WLI WEMH q%PP VMKLXr IZIV] XMQI WLI QSZIH JVSQ SRI XLSYKLX XS XLI RI\X %JXIV E [LMPI LIV GPEWWQEXIW WXEVXIH GSYRXMRK&]XLIIRHSJXLIWTIIGLQSWX[IVIXSSFYW][EMXMRKJSVXLIRI\X q%PPVMKLXrXSTE]EXXIRXMSRXS'EVPEtWQIWWEKI%JXIV[EVH'EVPEWEMHq-RIZIV IZIRXLSYKLXEFSYXWE]MRKs%PPVMKLXt-KYIWWMXNYWXTSTTIHSYX[LIR-HMHRtX ORS[[LEXIPWIXSWE]r ;IEPPLEZIWXSGOTLVEWIWXLEX[IYWIXSJMPPXLIWTEGIFIX[IIRXLSYKLXW -RGEWYEPGSRZIVWEXMSRXLI]EVIWIPHSQXVSYFPIWSQI&YXMRWTIIGLQEOMRKXLI] HMWXVEGXPMWXIRIVWF]GEPPMRKEXXIRXMSRXSXLIQWIPZIW ;LEX'EVPEtWWTIIGLPEGOIH[IVIWXVSRKGSRRIGXMZIWh[SVHWSVTLVEWIWXLEX NSMR SRI XLSYKLX XS ERSXLIV ERH MRHMGEXI XLI VIPEXMSRWLMT FIX[IIR XLIQ ;MXLSYX GSRRIGXMZIW E WTIIGL MW HMWNSMRXIH ERH YRGSSVHMREXIHhQYGL EW E TIVWSR [SYPH FI[MXLSYXPMKEQIRXW ERH XIRHSRW XS NSMR XLIFSRIW ERH LSPH XLISVKERWMRTPEGI*SYVX]TIWSJWTIIGLGSRRIGXMZIWEVIXVERWMXMSRWMRXIVREP TVIZMI[WMRXIVREPWYQQEVMIWERHWMKRTSWXW
GSRRIGXMZI %[SVHSVTLVEWIXLEXGSRRIGXW XLIMHIEWSJEWTIIGLERH MRHMGEXIWXLIVIPEXMSRWLMT FIX[IIRXLIQ
86%27-8-327 8VERWMXMSRW EVI [SVHW SV TLVEWIW XLEX MRHMGEXI [LIR E WTIEOIV LEW NYWX GSQ TPIXIHSRIXLSYKLXERHMWQSZMRKSRXSERSXLIV8IGLRMGEPP]XLIXVERWMXMSRW WXEXIFSXLXLIMHIEXLIWTIEOIVMWPIEZMRKERHXLIMHIEWLISVLIMWGSQMRKYT XS-RXLIJSPPS[MRKI\EQTPIWXLIXVERWMXMSREPTLVEWIWEVIYRHIVPMRIH
XVERWMXMSR %[SVHSVTLVEWIXLEXMRHMGEXIW [LIREWTIEOIVLEWJMRMWLIH SRIXLSYKLXERHMWQSZMRKSR XSERSXLIV
2S[XLEX[ILEZIEGPIEVYRHIVWXERHMRKSJXLITVSFPIQPIXQIWLEVIXLIWSPYXMSR[MXL]SY
'SRRIGXMZIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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2SXMGILS[XLIWITLVEWIWVIQMRHXLIPMWXIRIVSJXLIXLSYKLXNYWXGSQTPIXIHEW [IPPEWVIZIEPXLIXLSYKLXEFSYXXSFIHIZIPSTIH
-28)62%046):-);7 MRXIVREPTVIZMI[ %WXEXIQIRXMRXLIFSH]SJXLI WTIIGLXLEXPIXWXLIEYHMIRGI ORS[[LEXXLIWTIEOIVMWKSMRK XSHMWGYWWRI\X
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)\TIVMIRGIHWTIEOIVWMRGPYHI XVERWMXMSRWERHSXLIVGSRRIG XMZIWXSLIPTPMWXIRIVWOIIT XVEGOSJXLIMVMHIEW8LIVIWYPX MWEGVMWTTVIWIRXEXMSRXLEX QSZIWGPIEVP]JVSQTSMRXXS TSMRX
7-+243787 7MKRTSWXWEVIZIV]FVMIJWXEXIQIRXWXLEXMRHMGEXII\EGXP][LIVI]SYEVIMRXLI WTIIGL*VIUYIRXP]XLI]EVINYWXRYQFIVW,IVIMWLS[SRIWXYHIRXYWIHWMQTPI RYQIVMGEPWMKRTSWXWXSLIPTLIVEYHMIRGIOIITXVEGOSJXLIQENSVGEYWIWJSVXLI GSRXMRYMRKTVSFPIQSJJEQMRIMR%JVMGE
8LIJMVWXGEYWISJXLMWTVSFPIQMWMRIJJMGMIRXEKVMGYPXYVEPTVSHYGXMSR
8LIWIGSRHGEYWIMWVIGYVVIRXHVSYKLXMRXLIEJJIGXIHGSYRXVMIW
8LIJMREPGEYWIMWQMWQEREKIQIRXSJEZEMPEFPIJSSHVIWSYVGIWF]PSGEPPIEHIVW
WMKRTSWX %ZIV]FVMIJWXEXIQIRXXLEX MRHMGEXIW[LIVIEWTIEOIVMWMR XLIWTIIGLSVXLEXJSGYWIW EXXIRXMSRSROI]MHIEW
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5YIWXMSRWEVITEVXMGYPEVP]IJJIGXMZIEWWMKRTSWXWFIGEYWIXLI]MRZMXIWYFPMQMREP ERW[IVWERHXLIVIF]KIXXLIEYHMIRGIQSVIMRZSPZIH[MXLXLIWTIIGL &IWMHIWYWMRK WMKRTSWXWXSMRHMGEXI[LIVI]SYEVIMR XLIWTIIGL]SYGER YWIXLIQXSJSGYWEXXIRXMSRSROI]MHIEW=SYGERHSXLMW[MXLEWMQTPITLVEWI EWMRXLIJSPPS[MRKI\EQTPI
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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8LIYRHIVPMRIH[SVHWEPIVXXLIEYHMIRGIXSXLIJEGXXLEXERIWTIGMEPP]WMKRMJM GERXTSMRXMWGSQMRKYT7SHSTLVEWIWWYGLEWXLIWI
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7911%6= 'PIEV SVKERM^EXMSR MW ZMXEP XS WTIIGLQEOMRK 0MWXIRIVW HIQERH GSLIVIRGI 8LI] KIX SRP]SRIGLERGIXSKVEWT EWTIEOIVt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hXLIJMVWXWLS[MRKETVSFPIQXLIWIGSRHKMZ MRKEWSPYXMSR 7YTTSVXMRKQEXIVMEPWEVIXLIFEGOYTMHIEWJSV]SYVQEMRTSMRXW;LIRSVKERM^ MRKWYTTSVXMRKQEXIVMEPWQEOI WYVIXLI]EVIHMVIGXP]VIPIZERXXS XLIQEMRTSMRXW XLI]EVIWYTTSWIHXSWYTTSVX 'SRRIGXMZIWLIPTXMIEWTIIGLXSKIXLIV8LI]EVI[SVHWSVTLVEWIWXLEXNSMRSRI XLSYKLX XS ERSXLIV ERH MRHMGEXI XLI VIPEXMSRWLMT FIX[IIR XLIQ 8LI JSYV QENSV X]TIWSJWTIIGLGSRRIGXMZIWEVIXVERWMXMSRWMRXIVREPTVIZMI[WMRXIVREPWYQQEVMIW ERH WMKRTSWXW 9WMRK XLIQ IJJIGXMZIP] [MPP QEOI ]SYV WTIIGLIW QSVI YRMJMIH ERH GSLIVIRX
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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WXVEXIKMGSVKERM^EXMSR
WYTTSVXMRKQEXIVMEPW
QEMRTSMRXW
GSRRIGXMZI
GLVSRSPSKMGEPSVHIV
XVERWMXMSR
WTEXMEPSVHIV
MRXIVREPTVIZMI[
GEYWEPSVHIV
MRXIVREPWYQQEV]
TVSFPIQWSPYXMSRSVHIV
WMKRTSWX
XSTMGEPSVHIV
6):-);59)78-327
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GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
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;LEX SVKERM^EXMSREP QIXLSH SV QIXLSHW QMKLX ]SY YWI XS EVVERKI QEMR TSMRXWJSVWTIIGLIW[MXLXLIJSPPS[MRKWTIGMJMGTYVTSWIWXEXIQIRXW# 8SMRJSVQQ]EYHMIRGIEFSYXXLIKISKVETLMGEPVIKMSRWSJ%YWXVEPME 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVOMRHWSJW]QFSPWYWIHMR2EXMZI %QIVMGEREVX 8SMRJSVQQ]EYHMIRGISJXLIGEYWIWERHIJJIGXWSJ4EVOMRWSRtWHMWIEWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIWXEXIPIKMWPEXYVIWLSYPHIREGXXSYKLIVPE[WXS GYVFXLITVSFPIQSJVITIEXIHHVYROHVMZMRKSJJIRHIVW 8SMRJSVQQ]EYHMIRGIEFSYXXLIIHYGEXMSREPTLMPSWSTL]SJ.IER4MEKIX 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVWXEKIWSJXLIGMZMPVMKLXWQSZIQIRX JVSQ XS
8YVR XS XLI SYXPMRI SJ QEMR TSMRXW ERH WYTTSVXMRK QEXIVMEPW JSV XLI WTIIGL EFSYXL]TRSWMWSRTEKI'VIEXIETTVSTVMEXIXVERWMXMSRWMRXIVREPTVIZMI[W MRXIVREPWYQQEVMIWERHWMKRTSWXWJSVXLIWTIIGL
)\IVGMWIWJSV'VMXMGEP8LMROMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-HIRXMJ]XLISVKERM^EXMSREPQIXLSHYWIHMRIEGLSJXLIJSPPS[MRKWIXWSJQEMR TSMRXW
- 'IWEV'LEZI^MWFIWXORS[RJSVLMWIJJSVXWXSTVSXIGXXLIVMKLXWSJ1I\MGER %QIVMGERJEVQ[SVOIVWMR'EPMJSVRME -- 'IWEV'LEZI^[EWEPWSEXMVIPIWWEHZSGEXIJSV1I\MGER%QIVMGERVEGMEPERHGYP XYVEPTVMHIMRKIRIVEP - 8LITIEOSJ1SYRX/MPMQERNEVSLEWEREVGXMGGPMQEXI[MXLWRS[MGIERHZMS PIRX[MRHW -- 8LIQMHHPISJ1SYRX/MPMQERNEVSLEWEVEMRJSVIWXGPMQEXI[MXLPYWLZIKIXEXMSR ERHHMZIVWIERMQEPWTIGMIW --- 8LIFEWISJ1SYRX/MPMQERNEVSLEWEFYWLPERHGPMQEXI[MXLKVEWW]TEWXYVIWERH JEVQMRKGSQQYRMXMIW - 'EYWIHF]ERERXMFMSXMGVIWMWXERXWXVEMRSJWXETL]PSGSGGYWFEGXIVME167%LEW FIGSQIMRGVIEWMRKP]TVIZEPIRXEQSRKGSPPIKIWXYHIRXW -- 8LIIJJIGXWSJ167%MRGPYHIWOMRMRJIGXMSRWHEQEKIXSMRXIVREPSVKERWTRIY QSRMEERHMRWSQIGEWIWHIEXL - *VEYHYPIRXGLEVMX]JYRHVEMWMRKMWE[MHIWTVIEHREXMSREPTVSFPIQ -- 8LITVSFPIQGERFIWSPZIHF]EGSQFMREXMSRSJKSZIVRQIRXVIKYPEXMSRERH MRHMZMHYEPE[EVIRIWW - *SYRHIHMR 2%7'%6[EWPMQMXIHTVMQEVMP]XSXLI7SYXLXLVSYKLXLI WERH W -- 8LI QSHIVR IVE SJ 2%7'%6 FIKER MR XLI W [MXL XLI HIZIPSTQIRX SJ XLI TSMRXWW]WXIQXSGVS[RE]IEVP]GLEQTMSR --- 8SHE]2%7'%6MWWIGSRHSRP]XSJSSXFEPPEWXLIQSWXTSTYPEVWTIGXEXSVWTSVX MR%QIVMGE
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK =SYEVIMRXLITYVGLEWMRKHITEVXQIRXSJEPEVKIGPSXLMRKQERYJEGXYVIV8LIGSQ TER]tW HIWMKR XIEQ LEW GSQI YT [MXL ER MHIE JSV E RI[ WLMVX VIUYMVMRK E PMKLX [IMKLXWXVIXGLEFPIJEFVMG8LIJEFVMGGERRSXFITVSZMHIHF]]SYVGSQTER]tWYWYEP WYTTPMIVWWS]SY[IVIWIRXXSZMWMXERYQFIVSJXI\XMPIJMVQWMRXLI97ERHEFVSEH XSWII[LEXXLI]GERSJJIV=SY[IVIEWOIHXSIZEPYEXIXLIMVTVSHYGXWJSVUYEPMX] EZEMPEFMPMX]ERHGSWX =SY LEZI NYWX VIXYVRIH JVSQ E HE] XVMT XS XI\XMPI QERYJEGXYVIVW MR 2SVXL 'EVSPMRE-XEP]-RHMEERH'LMRE=SY[MPPTVIWIRX]SYVJMRHMRKWERHVIGSQQIRHE XMSRWXSXLITYVGLEWMRKERHHIWMKRHITEVXQIRXWFYX]SYtVIRSXWYVI LS[FIWXXS SVKERM^I]SYVWTIIGL=SYVQENSVGLSMGIWEVIGLVSRSPSKMGEPSVHIVTVSFPIQWSPYXMSR SVHIVERHXSTMGEPSVHIV;LEXQMKLXFIXLIQEMRTSMRXWSJ]SYVWTIIGL[MXLIEGL SJXLIWIQIXLSHWSJSVKERM^EXMSR#)\TPEMR[LMGLQIXLSH]SYXLMRO[SYPHFIQSWX IJJIGXMZIJSV]SYVTVIWIRXEXMSR
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
&IKMRRMRKERH)RHMRK XLI7TIIGL
8LI-RXVSHYGXMSR +IX%XXIRXMSRERH-RXIVIWX 6IZIEPXLI8STMG )WXEFPMWL'VIHMFMPMX]ERH+SSH[MPP 4VIZMI[XLI&SH]SJXLI7TIIGL 7EQTPI-RXVSHYGXMSR[MXL'SQQIRXEV] 8MTWJSV4VITEVMRKXLI-RXVSHYGXMSR
8LI'SRGPYWMSR 7MKREPXLI)RHSJXLI7TIIGL 6IMRJSVGIXLI'IRXVEP-HIE 7EQTPI'SRGPYWMSR[MXL'SQQIRXEV] 8MTWJSV4VITEVMRKXLI'SRGPYWMSR
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
RXLIRMKLXSJ.ERYEV] EGSRHYGXSVWXITTIHXSXLITSHMYQEXXLI 1ENIWXMG8LIEXVIMR2I[=SVO'MX]XETTIHLMWFEXSRVEMWIHLMWEVQWERH WMKREPIHXLISVGLIWXVEXSTPE]1SQIRXWPEXIV%QIVMGERXLIEXIVKSIVWJMVWX LIEVH XLI HVEQEXMG STIRMRK GLSVHW SJ 8 LI 4LERXSQ SJ XLI 3TIVE 8SHE] XLMW WGIRILEWFIIRVITIEXIHQSVIXLER XMQIWERH4LERXSQLEWFIGSQIXLI PSRKIWXVYRRMRKQYWMGEPMR&VSEH[E]LMWXSV] 0MOIQSWXGPEWWMGQYWMGEPW4LERXSQSJXLI3TIVEFIKMRW[MXLERSZIVXYVIh ER SVGLIWXVEP MRXVSHYGXMSR XLEX GETXYVIW XLI EYHMIRGItW EXXIRXMSR ERH KMZIW XLIQETVIZMI[SJXLIQYWMGXLI]EVIKSMRKXSLIEV;MXLSYXWYGLERMRXVSHYG XMSRhMJ XLI GLEVEGXIVW WMQTP] [EPOIH SRWXEKI ERH FIKER WMRKMRK SV WTIEO MRKhXLI FIKMRRMRK SJ XLI TPE] [SYPH WIIQ XSS EFVYTX ERH XLI EYHMIRGI [SYPHRSXFIWYMXEFP]qTVMQIHrJSVXLIIRXIVXEMRQIRX 7MQMPEVP]QSWXQYWMGEPWIRH[MXLEJMREPI[LIRXLI[LSPIGEWXMWSRWXEKI IPIQIRXWSJXLIHVEQEXMGTPSXEVIVIWSPZIHTSVXMSRWSJXLITVMRGMTEPWSRKWEVI VIGEPPIHERHXLIQYWMGMWFVSYKLXXSEHVEQEXMGGPMQE\-JXLIVI[IVIRSWYGL GSRGPYWMSR MJ XLI EGXSVW QIVIP] WXSTTIH ERH [EPOIH SJJWXEKI XLI EYHMIRGI [SYPHFIPIJXYRWEXMWJMIH .YWX EW QYWMGEP TPE]W RIIH ETTVSTVMEXI FIKMRRMRKW ERH IRHMRKW WS HS WTIIGLIW 8LI FIKMRRMRK SV MRXVSHYGXMSR TVITEVIW PMWXIRIVW JSV [LEX MW XS GSQI8LIGSRGPYWMSRXMIWYTXLIWTIIGLERHEPIVXWPMWXIRIVWXLEXXLIWTIIGLMW KSMRKXSIRH-HIEPP]MXMWEWEXMWJ]MRKGSRGPYWMSR -RXLMWGLETXIV[II\TPSVIXLIVSPIWTPE]IHF]ERMRXVSHYGXMSRERHEGSR GPYWMSRMRWTIIGLQEOMRK;IEPWSHMWGYWWXIGLRMUYIWEMQIHEXJYPJMPPMRKXLSWI VSPIW -J ]SY ETTP] XLIWI XIGLRMUYIW MQEKMREXMZIP] ]SY [MPP XEOI E FMK WXIT XS[EVHIPIZEXMRK]SYVWTIIGLIWJVSQXLISVHMREV]XSXLIWTPIRHMH
3
8LI-RXVSHYGXMSR *MVWX MQTVIWWMSRW EVI MQTSVXERX % TSSV FIKMRRMRK QE] WS HMWXVEGX SV EPMIREXI PMWXIRIVWXLEXXLIWTIEOIVGERRIZIVJYPP]VIGSZIV1SVISZIVKIXXMRKSJJSRXLI VMKLXJSSXMWZMXEPXSEWTIEOIVtWWIPJGSRJMHIRGI;LEXGSYPHFIQSVIIRGSYVEKMRK XLER[EXGLMRK]SYVPMWXIRIVWtJEGIWFIKMRXSVIKMWXIVMRXIVIWXEXXIRXMSRERHTPIE WYVI#%KSSHMRXVSHYGXMSR]SY[MPPJMRHMWERI\GIPPIRXGSRJMHIRGIFSSWXIV -RQSWXWTIIGLWMXYEXMSRWXLIMRXVSHYGXMSRLEWJSYVSFNIGXMZIW +IXXLIEXXIRXMSRERHMRXIVIWXSJ]SYVEYHMIRGI 6IZIEPXLIXSTMGSJ]SYVWTIIGL )WXEFPMWL]SYVGVIHMFMPMX]ERHKSSH[MPP 4VIZMI[XLIFSH]SJXLIWTIIGL ;ItPPPSSOEXIEGLSJXLIWISFNIGXMZIWMRXYVR
+)8%88)28-32%2(-28)6)78 q9RPIWWEWTIEOIVGERMRXIVIWXLMWEYHMIRGIEXSRGILMWIJJSVX[MPPFIEJEMPYVIr 7SWEMHXLIKVIEXPE[]IV'PEVIRGI(EVVS[-J]SYVXSTMGMWRSXSRISJI\XVESVHM REV] MRXIVIWX ]SYV PMWXIRIVW EVI PMOIP] XS WE] XS XLIQWIPZIW q7S [LEX# ;LS GEVIW#r % WTIEOIV GER UYMGOP] PSWI ER EYHMIRGI MJ WLI SV LI HSIWRtX YWI XLI MRXVSHYGXMSRXSKIXXLIMVEXXIRXMSRERHUYMGOIRXLIMVMRXIVIWX +IXXMRKXLIMRMXMEPEXXIRXMSRSJ]SYVEYHMIRGIMWYWYEPP]IEW]hIZIRFIJSVI ]SYYXXIVEWMRKPI[SVH%JXIV]SYEVIMRXVSHYGIHERHWXITXSXLIPIGXIVR]SYV
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
EYHMIRGI[MPPRSVQEPP]KMZI]SYXLIMVEXXIRXMSR-JXLI]HSRtX[EMXTEXMIRXP] 0SSO HMVIGXP] EX XLI EYHMIRGI [MXLSYX WE]MRK E [SVH -R E JI[ QSQIRXW EPP XEPOMRKERHTL]WMGEPGSQQSXMSR[MPPWXST=SYVPMWXIRIVW[MPPFIEXXIRXMZI=SY [MPPFIVIEH]XSWXEVXWTIEOMRK /IITMRKXLIEXXIRXMSRSJ]SYVEYHMIRGISRGI]SYWXEVXXEPOMRKMWQSVIHMJ JMGYPX ,IVI EVI XLI QIXLSHW YWIH QSWX SJXIR )QTPS]IH MRHMZMHYEPP] SV MR GSQFMREXMSRXLI][MPPLIPTKIXXLIEYHMIRGIGEYKLXYTMR]SYVWTIIGL
6IPEXIXLI8STMGXSXLI%YHMIRGI 4ISTPITE]EXXIRXMSRXSXLMRKWXLEXEJJIGXXLIQHMVIGXP]-J]SYGERVIPEXIXLI XSTMGXS]SYVPMWXIRIVWXLI]EVIQYGLQSVIPMOIP]XSFIMRXIVIWXIHMRMX 7YTTSWIJSVI\EQTPISRISJ]SYVGPEWWQEXIWFIKMRWLIVWTIIGLPMOIXLMW 8SHE]-EQKSMRKXSXEPOEFSYXGSPPIGXMRKTSWXGEVHWhELSFF]XLEXMWFSXLJEWGMREXMRK ERHJMRERGMEPP]VI[EVHMRK-[SYPHPMOIXSI\TPEMRXLIFEWMGOMRHWSJGSPPIGXMFPI TSWXGEVHW [L]XLI]EVIWSZEPYEFPIERHLS[GSPPIGXSVWFY]ERHWIPPXLIMVGEVHW
8LMWMWGIVXEMRP]EGPIEVMRXVSHYGXMSRFYXMXMWRSXSRIXSKIX]SYLSSOIHSRXLI WTIIGL2S[[LEXMJ]SYVGPEWWQEXI[IVIXSFIKMRLIVWTIIGLXLMW[E]hEWSRI WXYHIRXEGXYEPP]HMH -XtW7EXYVHE]QSVRMRKERH]SYEVILIPTMRKGPIERSYX]SYVKVERHQSXLIVtWEXXMG%JXIV [SVOMRKE[LMPI]SYWXYQFPIYTSREXVYROSTIRMXERHHMWGSZIVLYRHVIHWSJSPHTSWX GEVHW8LMROMRKEFSYXKIXXMRKXSXLIJSSXFEPPKEQISRXMQI]SYWXEVXXSWWMRKXLIGEVHWMRXS XLIXVEWLGER'SRKVEXYPEXMSRW=SYLEZINYWXXLVS[RE[E]E]IEVtWXYMXMSR
8LMW XMQI XLI WTIEOIV LEW YWIH NYWX XLI VMKLX FEMX 'LERGIW EVI ]SY [MPP FI LSSOIH )ZIR[LIR]SYYWISXLIVMRXIVIWXEVSYWMRKPYVIW]SYWLSYPHEP[E]WVIPEXI ]SYVXSTMGXSXLIEYHMIRGI%XXMQIWXLMW[MPPXIWX]SYVMRKIRYMX]FYXMXTE]W HMZMHIRHW,IVIMWERI\GIPPIRXI\EQTPIJVSQEWXYHIRXWTIIGLEFSYXHVIEQW 8LIWTIEOIVFIKERF]WE]MRK =SYtVIFIMRKGLEWIHF]ERSFNIGXSJYRWTIEOEFPILSVVSV]IX]SYVPIKWGERSRP]QSZI MRWPS[QSXMSR)EGLWXITXEOIWYRFIEVEFP]PSRKERH]SYVJVERXMGWXVYKKPIXSVYRJEWXIVMW LSTIPIWW=SYVTYVWYIVKIXWGPSWIVERH]SYVHIWTIVEXMSRXYVRWXSXIVVSV=SYtVIGSQTPIXIP] LIPTPIWWhI]IXSI]I[MXLHIEXL 8LIR]SY[EOIYTKEWTMRKJSVEMV]SYVLIEVXTSYRHMRK]SYVJEGIGPEQQ][MXLW[IEX -XXEOIWEJI[QMRYXIWJSV]SYVLIEVXERHFVIEXLMRKXSWPS[HS[R=SYVIEWWYVI]SYVWIPJ XLEXMX[EWqNYWXEHVIEQr7SSR]SYHVMJXFEGOXSWPIIT
GSRRIGXPYGEWGSQ :MI[XLIFIKMRRMRKSJq-R =SYV(VIEQWrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
&] YWMRK ZMZMH PERKYEKI XS HIWGVMFI WSQIXLMRK EPP LMW GPEWWQEXIW LEH I\TIVM IRGIHXLIWTIEOIVQEHIWYVISJEREXXIRXMZIEYHMIRGI
7XEXIXLI-QTSVXERGISJ=SYV8STMG 4VIWYQEFP]]SYXLMRO]SYVWTIIGLMWMQTSVXERX8IPP]SYVEYHMIRGI[L]XLI] WLSYPHXLMROWSXSS,IVIMWLS[.YHMXL/E]I'LMIJ.YHKISJXLI7XEXISJ2I[ =SVOYWIHXLMWQIXLSHXSMRZSPZILIVEYHMIRGIMREWTIIGLXSXLI%QIVMGER &EV%WWSGMEXMSR'IRXIVSR'LMPHVIRERHXLI0E[ ;IORS[XLEXEGLMPHMWFSVRMRXSTSZIVX] MRXLI9RMXIH 7XEXIWIZIV]WIGSRHW ERH[IWII QMPPMSRGLMPHVIRPMZMRKFIPS[XLITSZIVX]PMRI;IWIIERIWXMQEXIH
8LI-RXVSHYGXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
QMPPMSR GLMPHVIR RIEVP] TIVGIRX SJ EPP 97 GLMPHVIR [MXLSYX LIEPXL MRWYVERGI TVSKVEQW % GLMPH HMIW JVSQ RIKPIGX SV EFYWI IZIV] WM\ LSYVW E GLMPH MW OMPPIH F] KYRJMVIEPQSWXIZIV]XLVIILSYVWERHXLIRYQFIVSJRIKPIGXIHSVEFYWIHGLMPHVIRIEGL ]IEV[SYPHJMPPYTXLIGMX]SJ(IXVSMX
8LIWIEVIWXVMOMRKWXEXMWXMGW&]GMXMRKXLIQMRLIVMRXVSHYGXMSR/E]IIQTLE WM^IHXLIMQTSVXERGISJLIVXSTMGERHGETXYVIHXLIEXXIRXMSRSJLIVEYHMIRGI 'PIEVP] XLMW XIGLRMUYI MW IEW] XS YWI [LIR HMWGYWWMRK WSGMEP ERH TSPMXMGEP MWWYIWWYGLEWGLMPHEFYWIIRHERKIVIHWTIGMIWXIVVSVMWQERHWXIQGIPPVIWIEVGL FYXMXMWETTVSTVMEXIJSVSXLIVXSTMGWEW[IPP,IVIMWLS[SRIWXYHIRXLERHPIH MXMREWTIIGLEFSYXWXEVXMRKELSQIEUYEVMYQ -XMWZIV]LEVHXSGYHHPIEJMWL*MWL[SRtXVSPPSZIVSVJIXGLXLIQSVRMRKTETIV=SY [SRtXJMRHXLIQGYVPMRKYTSR]SYVPETGLEWMRKEFEPPSJWXVMRKSVVIWGYMRKEGLMPHJVSQE FYVRMRKFYMPHMRK =IXHIWTMXIXLIWIWLSVXGSQMRKWQMPPMSRXVSTMGEPJMWLLEZIJSYRHXLIMV[E]MRXS QMPPMSR%QIVMGERLSQIW)EGL]IEVQMPPMSRSJXVSTMGEPJMWLEVIWSPHMRXLI9RMXIH7XEXIW ERH XLI] LEZI IEVRIH E WTSX RI\X XS XLI EPP%QIVMGER HSK ERHXLI GYHHP] OMXXIR MR XLI LIEVXW SJ QMPPMSRW SJ TISTPI 8SHE] - [SYPH PMOI XS I\TPEMR LS[ ]SY GER WXEVX E LSQI EUYEVMYQERHHMWGSZIVXLITPIEWYVIWSJS[RMRKXVSTMGEPJMWL
;LIRIZIV]SYHMWGYWWEXSTMG[LSWIMQTSVXERGIQE]RSXFIGPIEVXSXLI EYHMIRGI]SYWLSYPHXLMROEFSYX[E]WXSHIQSRWXVEXIMXWWMKRMJMGERGIMRXLI MRXVSHYGXMSR
7XEVXPIXLI%YHMIRGI 3RIWYVIJMVI[E]XSEVSYWIMRXIVIWXUYMGOP]MWXSWXEVXPI]SYVPMWXIRIVW[MXLER EVVIWXMRK SV MRXVMKYMRK WXEXIQIRX )ZIV]SRI MR XLI EYHMIRGI TEMH GPSWI EXXIR XMSREJXIVXLMWWTIEOIVtWMRXVSHYGXMSR 8EOIEQSQIRXERHXLMROSJXLIXLVII[SQIRGPSWIWXXS]SY;LSGSQIWXSQMRH# =SYVQSXLIV#=SYVWMWXIV#=SYVKMVPJVMIRH#=SYV[MJI#=SYVFIWXJVMIRH#2S[KYIWW[LMGL SRI[MPPFIWI\YEPP]EWWEYPXIHHYVMRKLIVPMJIXMQI-XtWRSXETPIEWERXXLSYKLXFYXEGGSVHMRK XS XLI 97 (ITEVXQIRX SJ .YWXMGI SRI SJ IZIV] XLVII %QIVMGER [SQIR [MPP FI WI\YEPP] EWWEYPXIHWSQIXMQIHYVMRKLIVPMJI
2SXMGI XLI KVEHYEP FYMPHYT XS XLI WTIEOIVtW EVVIWXMRK WXEXIQIRX q2S[ KYIWW [LMGLSRI[MPPFIWI\YEPP]EWWEYPXIHHYVMRKLIVPMJIXMQIr8LMWWXEXIQIRXWXEVXPIW XLIEYHMIRGIhIWTIGMEPP]XLIQIRhERHHVMZIWLSQIEXETIVWSREPPIZIPXLITVSF PIQSJWI\YEPEWWEYPXEKEMRWX[SQIR8LIIJJIGX[SYPHLEZIFIIRQYGLPIWWMJXLI WTIEOIVLEHWEMHq7I\YEPEWWEYPXEKEMRWX[SQIRMWEWIVMSYWTVSFPIQr 7SQIXMQIW]SYQE][ERXXSWXEVXPI]SYVEYHMIRGIMRXLIZIV]JMVWXWIRXIRGI SJ]SYVWTIIGL,IVIMWLS[SRIWXYHIRXFIKERLIVWTIIGLSTTSWMRKXLIYWISJ 2EXMZI%QIVMGERREQIWJSVWTSVXWXIEQW -RXSRMKLXtWKEQIWXLI7ER%RXSRMS7TMGWEVITPE]MRKXLI2I[.IVWI].ETW[LMPIXLI 0SW%RKIPIW.I[W[MPPXEOISRXLI1MRRIWSXE4SPEGOW
8LMWXIGLRMUYIMWLMKLP]IJJIGXMZIERHIEW]XSYWI.YWXFIWYVIXLIWXEVXPMRK MRXVSHYGXMSR VIPEXIW HMVIGXP] XS XLI WYFNIGX SJ ]SYV WTIIGL -J ]SY GLSSWI E WXVSRKSTIRMRKWMQTP]JSVMXWWLSGOZEPYIERHXLIRKSSRXSXEPOEFSYXWSQI XLMRKIPWI]SYVEYHMIRGI[MPPFIGSRJYWIHERHTSWWMFP]ERRS]IH
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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2SX SRP] HSIWXLMWWTIEOIV VIPEXI XLI XSTMG HMVIGXP] XS LMWGPEWWQEXIW LI KIXW XLIQ JYVXLIV MRZSPZIH F] FYMPHMRK WYWTIRWI EFSYX XLI qKMJXr XLEX IEGL SJ YW LEW 2SXMGI LS[ QYGL PIWW IJJIGXMZI XLI MRXVSHYGXMSR [SYPH LEZI FIIR MJ LI LEHWMQTP]WEMHq8SHE]-EQKSMRKXSXEPOEFSYXSVKERHSREXMSRr
5YIWXMSRXLI%YHMIRGI %WOMRKEVLIXSVMGEPUYIWXMSR MWERSXLIV[E]XSKIX]SYVPMWXIRIVWXLMROMRKEFSYX ]SYVWTIIGL7SQIXMQIWEWMRKPIUYIWXMSR[MPPHS
8LI-RXVSHYGXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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,S[[SYPH]SYVIWTSRHMJEPSZIHSRI[EWXLIZMGXMQSJXIVVSVMWQ# ;LEX[SYPH]SYXLMROMJ]SY[IRXXSXLIHSGXSVFIGEYWI]SY[IVIMPPERHWLIXSPH]SY XS[EXGL8LI7MQTWSRWEWTEVXSJ]SYVXVIEXQIRX#
VLIXSVMGEPUYIWXMSR %UYIWXMSRXLEXXLIEYHMIRGI ERW[IVWQIRXEPP]VEXLIVXLER SYXPSYH
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&IKMR[MXLE5YSXEXMSR %RSXLIV[E]XSEVSYWIXLIMRXIVIWXSJ]SYVEYHMIRGIMWXSWXEVX[MXLEREXXIR XMSRKIXXMRKUYSXEXMSR=SYQMKLXGLSSWI]SYVUYSXEXMSRJVSQ7LEOIWTIEVISV 'SRJYGMYWJVSQXLI&MFPISV8EPQYHJVSQETSIQWSRKSVJMPQ,IVIMWLS[ SRIWXYHIRXYWIHEUYSXEXMSRXSFIKMREWTIIGLEFSYXWGMIRXMWX.SREW7EPO[LS HIZIPSTIHXLIJMVWXTSPMSZEGGMRI q-J SRIMW PYGO] E WSPMXEV] JERXEW] GER XSXEPP] XVERWJSVQ SRI QMPPMSR VIEPMXMIWr 8LIWI [SVHWJVSQTSIXERH[VMXIV1E]E%RKIPSYGSYPHETTP]IEWMP]XSXLIHIHMGEXIHVIWIEVGLIV .SREW7EPO[LSGVIEXIHEZEGGMRIJSVTSPMS%LEPJGIRXYV]EKSXLMWGVMTTPMRKHMWIEWIWXVYGO MRHMWGVMQMREXIP]FYXXSHE][MHIWTVIEHYWISJXLIZEGGMRILEWZMVXYEPP][MTIHSYXTSPMS-R Q]XEPO-[SYPHPMOIXSHIWGVMFILS[7EPOTIVWIZIVIHERHXVMYQTLIHMRLMWUYIWXHIWTMXI HSYFXWERHQENSVWIXFEGOW
%LYQSVSYWUYSXEXMSRGEREJJSVHHSYFPIMQTEGXEWMRXLMWWTIIGLEFSYX XLIRIIHJSVTSPMXMGEPVIJSVQMRXLI97'SRKVIWW 1EVO8[EMRSRGIWEMHq-XGSYPHTVSFEFP]FIWLS[RF]JEGXWERHJMKYVIWXLEXXLIVIMW RSHMWXMRGXP]%QIVMGERGVMQMREPGPEWWI\GITX'SRKVIWWr
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%W]SYVIWIEVGL]SYV WTIIGLIWOIITERI]ISYX JSVUYSXEXMSRWWXSVMIWERH SXLIVQEXIVMEPW]SYGERYWI XSGVEJXERMRXVSHYGXMSRXLEX [MPPGETXYVIXLIEXXIRXMSRSJ ]SYVPMWXIRIVW
&] STIRMRK [MXL 8[EMRtW [SVHW XLI WTIEOIV RSX SRP] KSX XLI EYHMIRGItW EXXIRXMSRFYXEPWSJSVIWLEHS[IHEGIRXVEPXLIQISJLIVWTIIGL2SXMGIXSS XLEXFSXLSJXLIUYSXEXMSRWYWIHLIVIEWI\EQTPIWEVIVIPEXMZIP]WLSVX3TIR MRK]SYVWTIIGL[MXLEPIRKXL]UYSXEXMSRMWEWYVI[E]XSWIX]SYVEYHMIRGI ]E[RMRK
8IPPE7XSV] ;IEPPIRNS]WXSVMIWhIWTIGMEPP]MJXLI]EVITVSZSGEXMZIEQYWMRKHVEQEXMGSV WYWTIRWIJYP8S[SVO[IPPEWMRXVSHYGXMSRWXLI]WLSYPHEPWSFIGPIEVP]VIPIZERX XSXLIQEMRTSMRXSJXLIWTIIGL9WIHMRXLMW[E]WXSVMIWEVITIVLETWXLIQSWX IJJIGXMZI[E]XSFIKMREWTIIGL 'SRWMHIVJSVI\EQTPIXLIWXSV]SRIWXYHIRXXSPHXSSTIRLMWWTIIGLEFSYX %QIVMGEtWGVYQFPMRKFVMHKIW +EV]&EFMRIEYXLSYKLXLI[EWHIEH-X[EW%YKYWXERHLILEHNYWXHVMZIR LMWFPYI'LIZ]XVYGOSRXSXLI-;IWXFVMHKIMR1MRRIETSPMW[LIRXLI]IEVSPHWXVYG XYVIFIKERGSPPETWMRKq-LIEVHEVYQFPMRKPMOIENEGOLEQQIVrLIWEMHPEXIVqERHXLIRMX GSQTPIXIP]KEZI[E]r,MWTMGOYTTPYQQIXIHJIIXPERHMRKYTWMHIHS[RXLIFIHWIZ IVIHJVSQXLIGEF1MVEGYPSYWP]&EFMRIEY[LS[EW[IEVMRKLMWWIEXFIPXWYVZMZIHFYX SXLIVW [IVI RSX WS PYGO] 8LMVXIIR TISTPI HMIH XLEX HE] QSVI XLER E LYRHVIH [IVI MRNYVIH 8LIGSPPETWISJXLI-FVMHKIMR1MRRIETSPMW[EWEXVEKIH]FYXMX[MPPRSXFIXLIPEWX SRI8LIVIEVI FVMHKIWEGVSWWXLIGSYRXV]VEXIHEWqWXVYGXYVEPP]HIJMGMIRXrF]XLI *IHIVEP,MKL[E]%HQMRMWXVEXMSR8LIWIFVMHKIWGEVV]QMPPMSRZILMGPIWEHE]ERHSRI GERSRP][SRHIV[LMGL[MPPFIXLIRI\XXSKS
0MOIQER]KSSHMRXVSHYGXMSRWXLMWSRIHSIWEHSYFPINSFhMXEVSYWIWXLIMRXIV IWXSJXLIEYHMIRGIERHKIXWPMWXIRIVWIQSXMSREPP]MRZSPZIHMRXLIWTIIGL =SY GER EPWS YWI WXSVMIW FEWIH SR ]SYV TIVWSREP I\TIVMIRGI ,IVI MW LS[ SRITVIQIHWXYHIRXYWIHWYGLEWXSV]7LIFIKERF]VIGSYRXMRKXLIJMVWXXMQI WLISFWIVZIHHSGXSVWTIVJSVQMRKWYVKIV]MRXLISTIVEXMRKVSSQ
8LI-RXVSHYGXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIVI-WXSSH[IEVMRKEWYVKMGEPQEWOMRXLIQMHHPISJEPEVKIFVMKLXP]PMXVSSQ-R XLIGIRXIVSJXLI VSSQ [IVIJMZI JMKYVIWLYHHPIH SZIV E XEFPI-JSYRHMXHMJJMGYPXXSWII WMRGIIZIV]XLMRK[EWHVETIHMRFPYIWLIIXW]IX-HMHRtXHEVIXEOIEWXITXS[EVHXLIXEFPI 8LIRSRISJXLIJMKYVIWGEPPIHXSQIq%RKIPEKIXSZIVLIVIERHXEOIEGPSWIVPSSOr 1]ORIIWFYGOPIHEW-[EPOIHXLVSYKLXLIWXIVMPIIRZMVSRQIRX&YXIZIRXYEPP]-[EWXLIVI WXERHMRKSZIVERYRGSRWGMSYWFSH]MRXLISTIVEXMRKVSSQ
GSRRIGXPYGEWGSQ :MI[XLIFIKMRRMRKSJ q,STMRKXS,IEPrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
8LI IJJIGXMZIRIWW SJ ER] WXSV]hIWTIGMEPP] E TIVWSREP SRIhLMRKIW SR XLI WTIEOIVt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
6):)%08,)834-' -R XLI TVSGIWW SJ KEMRMRK EXXIRXMSR FI WYVI XS WXEXI GPIEVP] XLI XSTMG SJ ]SYV WTIIGL-J]SYHSRSX]SYVPMWXIRIVW[MPPFIGSRJYWIH%RHSRGIXLI]EVIGSR JYWIH]SYVGLERGIWSJKIXXMRKXLIQEFWSVFIHMRXLIWTIIGLEVIEPQSWXRMP 8LMWMWEFEWMGTSMRXh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
;LEX MW XLI XSTMG SJ XLMW WTIIGL# 2EXYVI TLSXSKVETL]# 2S &MVHMRK# 2S 8SYVMWQMRXLIXVSTMGW#2S8LIWXYHIRX[EWXEPOMRKEFSYXIJJSVXWXSVIWXSVIXLI REXYVEPFIEYX]SJXLI*PSVMHE)ZIVKPEHIW&YXWLIHMHRSXQEOIXLEXGPIEVXSLIV EYHMIRGI7YTTSWIMRWXIEHWLILEHFIKYRLIVWTIIGLHMJJIVIRXP] %PPMKEXSVWTERXLIVWSXXIVWFVS[RTIPMGERWhXLIWIERHSXLIVGVIEXYVIWLEZIPSWX TIVGIRXSJXLIMVLEFMXEXMRWSYXL*PSVMHESZIVXLITEWXJI[HIGEHIW2S[LS[IZIVXLIVIMW ER FMPPMSRTVSKVEQXSTVIWIVZIXLIMVLSQIMRXLI*PSVMHE)ZIVKPEHIW8LIPEVKIWXVIWXSVE XMSR IJJSVX MR XLI LMWXSV] SJ XLI [SVPH MX [MPP VINYZIREXI SRI SJ %QIVMGEtW QSWX HMZIVWI IGSW]WXIQWERHTVSXIGXMXJSVJYXYVIKIRIVEXMSRW
8LMWSTIRMRK[SYPHLEZITVSZMHIHE[E]XSKIXXLIEYHMIRGItWEXXIRXMSR FYXMXEPWS[SYPHLEZIVIPEXIHHMVIGXP]XSXLIWTIIGLXSTMG-J]SYFIEXEVSYRH XLIFYWLMR]SYVMRXVSHYGXMSR]SYQE]PSWI]SYVPMWXIRIVW)ZIRMJXLI]EPVIEH] ORS[]SYVXSTMG]SYWLSYPHVIWXEXIMXGPIEVP]ERHGSRGMWIP]EXWSQITSMRXMR XLIMRXVSHYGXMSR
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8IPPMRKEWXSV]MWERI\GIPPIRX [E]XSKEMREXXIRXMSRMRE WTIIGLMRXVSHYGXMSR8LI WXSV]WLSYPHFIGPIEVP]VIPI ZERXXSXLIXSTMGERHWLSYPH FIHIPMZIVIHI\TVIWWMZIP] [MXLWXVSRKI]IGSRXEGX
)78%&0-7,'6)(-&-0-8=%2(+33(;-00 &IWMHIWKIXXMRKEXXIRXMSRERHVIZIEPMRKXLIXSTMGXLIVIMWEXLMVHSFNIGXMZI]SY QE] RIIH XS EGGSQTPMWL MR ]SYV MRXVSHYGXMSRhIWXEFPMWLMRK ]SYV GVIHMFMPMX] ERHKSSH[MPP 'VIHMFMPMX]MWQSWXP]EQEXXIVSJFIMRKUYEPMJMIHXSWTIEOSREKMZIRXSTMGhERH SJFIMRKTIVGIMZIHEWUYEPMJMIHF]]SYVPMWXIRIVW,IVIMWLS[SRIWXYHIRXIWXEFPMWLIH GVIHMFMPMX] LIVGVIHMFMPMX]SRXLIWYFNIGXSJ[IMKLXPMJXMRK[MXLSYXWSYRHMRKPMOIEFVEKKEVX 8LIEYHMIRGItWTIVGITXMSRSJ ;LEXMWXLIJEWXIWXKVS[MRKWTSVXXSHE]EQSRK%QIVMGER[SQIR#-J]SYERW[IVIH [IMKLXPMJXMRK]SYEVIEFWSPYXIP]GSVVIGX3RGIWIIREWERI\GPYWMZIP]QEPIEGXMZMX][IMKLX PMJXMRKLEWGVSWWIHXLIKIRHIVFEVVMIVhERH[MXLKSSHVIEWSR6IKEVHPIWWSJ[LIXLIV]SY EVI QEPISVJIQEPI [IMKLXPMJXMRK GER KMZI]SYEWIRWI SJWXVIRKXLERH TS[IVIRLERGI ]SYVWIPJIWXIIQERHQEOI]SYPSSOERHJIIPFIXXIV -WXEVXIHPMJXMRK[IMKLXW[LIR-[EWMRLMKLWGLSSPERH-LEZIOITXEXMXJSVXLITEWX IMKLX]IEVW -LEZIEPWSXEYKLX[IMKLXPMJXMRKMR WIZIVEPLIEPXLGPYFWERH- EQ EGIVXMJMIH MRWXVYGXSVXLVSYKLXLI%IVSFMGWERH*MXRIWW%WWSGMEXMSRSJ%QIVMGE 9WMRKWSQISJQ]I\TIVMIRGI-[SYPHPMOIXSI\TPEMRXLIFEWMGOMRHWSJ[IMKLXWERH LS[XSYWIXLIQTVSTIVP]
[LIXLIVEWTIEOIVMWUYEPMJMIH XSWTIEOSREKMZIRXSTMG
;LIXLIVSVRSX]SYPMJX[IMKLXW]SY[MPPTVSFEFP]FIQSVIMRXIVIWXIHMRXLI WTIIGL[LIR]SYVIEPM^IXLIWTIEOIVORS[W[LEXWLIMWXEPOMRKEFSYX =SYVGVIHMFMPMX]RIIHRSXFIFEWIHSRJMVWXLERHORS[PIHKIERHI\TIVMIRGI -X GER GSQI JVSQ VIEHMRK JVSQ GPEWWIW JVSQ MRXIVZMI[W JVSQ JVMIRHWhEW MR XLIWIGEWIW -LEZIFIIRMRXIVIWXIHMRXLILMWXSV]SJXLIGMZMPVMKLXWQSZIQIRXJSVWIZIVEP]IEVWERH -LEZIVIEHERYQFIVSJFSSOWERHEVXMGPIWEFSYXMX 8LIMRJSVQEXMSR-EQKSMRKXSWLEVI[MXL]SYXSHE]GSQIWQSWXP]JVSQQ]FMSPSK] GPEWWERHERMRXIVZMI[[MXL6I]RE:EWUYI^SJXLIPSGEP%YHYFSR7SGMIX]
;LEXIZIVXLIWSYVGISJ]SYVI\TIVXMWIFIWYVIXSPIXXLIEYHMIRGIORS[
8LI-RXVSHYGXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIIGL-RXVSHYGXMSR
23
(S - KEMR XLI EXXIRXMSR ERH MRXIVIWX SJ Q] EYHMIRGI F] YWMRK SRI SV QSVI SJ XLI QIXLSHW HMWGYWWIH MR XLMW GLETXIV# (S-VIPEXIXLIWTIIGLXSTMGXSQ]EYHMIRGI# (S-GPIEVP]VIZIEPXLIXSTMGSJQ]WTIIGL# (S-IWXEFPMWLQ]GVIHMFMPMX]XSWTIEOSRXLMWXSTMG# -JQ]XSTMGMWGSRXVSZIVWMEPHS-XEOIWXITWXSIWXEFPMWLQ] KSSH[MPPXS[EVHXLIEYHMIRGI# GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7TIIGL8SSPWJSV XLMWGLETXIV
(S-HIJMRIER] OI] XIVQW XLEX [MPP FI RIGIWWEV] JSVXLI EYHMIRGIXSYRHIVWXERHXLIVIWXSJQ]WTIIGL# (S-TVSZMHIETVIZMI[WXEXIQIRXSJXLIQEMRTSMRXWXSFI GSZIVIHMRXLIFSH]SJXLIWTIIGL# -WXLIMRXVSHYGXMSRPMQMXIHXSiTIVGIRXSJQ]IRXMVI WTIIGL# ,EZI - [SVOIH SYX XLI PERKYEKI SJ Q] MRXVSHYGXMSR MRHIXEMP# ,EZI - TVEGXMGIH XLI HIPMZIV] SJ Q] MRXVSHYGXMSR WS - GER TVIWIRX MXJPYIRXP] GSRJMHIRXP] ERH[MXLWXVSRK I]I GSRXEGX#
KSSH[MPP 8LIEYHMIRGItWTIVGITXMSRSJ [LIXLIVXLIWTIEOIVLEWXLI FIWXMRXIVIWXWSJXLIEYHMIRGI MRQMRH
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tSTTSWMXMSREX XLIWXEVXSJEWTIIGLMRJEZSVSJFYMPHMRKQSVIRYGPIEVTS[IVTPERXW 8LIHIZIPSTQIRXSJRI[RYGPIEVTS[IVTPERXWMRXLI9RMXIH7XEXIWGEQIXSEWXERHWXMPP HYVMRKXLI W=IXEW(MWGSZIVQEKE^MRIWXEXIHNYWXPEWXQSRXLXLIXMQILEWGSQIXS PSSOEKEMREXXLIFIRIJMXWSJRYGPIEVTS[IV9RPMOIJSWWMPJYIPW MXHSIWRSXGSRXVMFYXIXS KPSFEP[EVQMRK MXHSIWRSXPIEZI%QIVMGEEXXLIQIVG]SJJSVIMKRSMP ERH[MXLEHZERGIW MRXIGLRSPSK]MXMWQYGLWEJIVXLERFIJSVI 8LEXtW[L]-tQWTIEOMRKMRJEZSVSJFYMPHMRKQSVIRYGPIEVTS[IVTPERXWXSQIIXSYV JYXYVIIRIVK]RIIHW-ORS[QSWXSJ]SYSTTSWIRYGPIEVTS[IVh-HMHXSSYRXMP-WXEVXIH VIWIEVGLMRKXLMWWTIIGL8SHE]-tHPMOIXSWLEVI[MXL]SYWSQISJXLIJEGXW-LEZIJSYRH- ORS[-GERtXTIVWYEHIEPPSJ]SY&YX-HSEWO]SYXSPMWXIR[MXLERSTIRQMRHERHXSGSR WMHIVXLIQIVMXSJQ]EVKYQIRXW
;LEXVIEWSREFPIPMWXIRIVGSYPHMKRSVIWYGLEWMRGIVIJSVXLVMKLXTPIE#
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
46):-);8,)&3(=3*8,)74))', %W [I WE[ MR 'LETXIV QSWX TISTPI EVI TSSV PMWXIRIVW )ZIR KSSH PMWXIRIVW RIIHEPPXLILIPTXLI]GERKIXMRWSVXMRKSYXEWTIEOIVt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
TVIZMI[WXEXIQIRX %WXEXIQIRXMRXLIMRXVSHYGXMSR SJEWTIIGLXLEXMHIRXMJMIWXLI QEMRTSMRXWXSFIHMWGYWWIHMR XLIFSH]
%JXIVXLMWMRXVSHYGXMSRXLIVI[EWRSHSYFXEFSYX1YIPPIVtWXSTMGSVXLIQEMR TSMRXWLI[SYPHGSZIVMRLMWWTIIGL -R WSQI X]TIW SJ TIVWYEWMZI WTIIGLIW ]SY QE] RSX [ERX XS VIZIEP ]SYV GIRXVEPMHIEYRXMPPEXIVMRXLIWTIIGL&YXIZIRMRWYGLEWMXYEXMSR]SYQYWXFI WYVI]SYVEYHMIRGIMWRSXPIJXKYIWWMRKEFSYXXLIQEMRTSMRXWXLI]WLSYPHPMWXIR JSVEWXLIWTIIGLYRJSPHW2IEVP]EP[E]W]SYWLSYPHMRGPYHIETVIZMI[WXEXIQIRX PMOIXLIJSPPS[MRK 8SHE]-[MPPWLEVITEVXSJ[LEX-LEZIPIEVRIHF]I\TPEMRMRK[LEXLETTIRW[LIR]SY VIGIMZI ER EGYTYRGXYVI XVIEXQIRX LS[ EGYTYRGXYVI[SVOW XLI OMRHW SJQIHMGEPGSRHM XMSRWXLEXGERFIXVIEXIH[MXLEGYTYRGXYVIERHXLIKVS[MRKYWISJEGYTYRGXYVIMRGSQ FMREXMSR[MXL;IWXIVRQIHMGEPXIGLRMUYIW -tQLIVIXSXIPP]SYXLEXXV]EW[IQMKLX[IGERRSXFYMPHEFYFFPIFIX[IIRSYVWIPZIW ERHKIVQW[MXLERXMFEGXIVMEPTVSHYGXWERHXLEXXLIWITVSHYGXWEGXYEPP]GVIEXIQSVITVSF PIQWXLERXLI]WSPZI%JXIVPSSOMRKEXXLITVSFPIQWGVIEXIHF]ERXMFEGXIVMEPTVSHYGXW[ItPP I\TPSVIWSQIWSPYXMSRW
4VIZMI[ WXEXIQIRXW WYGL EW XLIWI WIVZI ERSXLIV TYVTSWI EW [IPP &IGEYWI XLI]YWYEPP]GSQIEXXLIZIV]IRHSJXLIMRXVSHYGXMSRXLI]TVSZMHIEWQSSXL PIEHMRXSXLIFSH]SJXLIWTIIGL8LI]WMKREPXLEXXLIFSH]SJXLIWTIIGLMW EFSYXXSFIKMR 8LIVIMWSRISXLIVEWTIGX]SYQE][ERXXSGSZIVMRTVIZMI[MRK]SYVWTIIGL =SY GER YWI ]SYV MRXVSHYGXMSR XS KMZI WTIGMEPM^IH MRJSVQEXMSRhHIJMRMXMSRW SV FEGOKVSYRHhXLEX]SYVPMWXIRIVW[MPPRIIHMJXLI]EVIXSYRHIVWXERHXLIVIWXSJXLI WTIIGL3JXIR]SYGERHSXLMWZIV]UYMGOP]EWMRXLIJSPPS[MRKI\EQTPI
GSRRIGXPYGEWGSQ :MI[XLIWITVIZMI[WXEXI QIRXWJVSQWXYHIRXW WTIIGLIWMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
%XVMEXLPSRMWEVEGIQEHIYTSJXLVIIHMJJIVIRXIZIRXWGSQTPIXIHMRWYGGIWWMSR8LI IZIRXWEVIYWYEPP]W[MQQMRKFMOMRKERHVYRRMRKXLSYKLGERSIMRKMWWSQIXMQIWWYFWXM XYXIHJSVSRISJXLIWI
-RSXLIVGMVGYQWXERGIW]SYQE]LEZIXSI\TPEMRERMQTSVXERXXIVQMRQSVI HIXEMP,IVIMWLS[SRIWXYHIRXLERHPIHXLITVSFPIQMREWTIIGLEFSYXXLI9RHIV KVSYRH6EMPVSEHYWIHF]WPEZIWXSIWGETIJVSQXLI7SYXLFIJSVIXLI'MZMP;EV 8LIXIVQq9RHIVKVSYRH6EMPVSEHr[EWJMVWXYWIHEFSYX &YXMRJEGXXLI9RHIV KVSYRH6EMPVSEH[EWRIMXLIVYRHIVKVSYRHRSVEVEMPVSEH-X[EWERMRJSVQEPRIX[SVOXLEX TVSZMHIH VYRE[E] WPEZIW JSSH GPSXLMRK HMVIGXMSRW ERH TPEGIW XS LMHI SR XLIMV IWGETI VSYXIWXSXLI2SVXLERHXS'EREHE
8LI-RXVSHYGXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;L] [EW MX GEPPIH XLI 9RHIVKVSYRH 6EMPVSEH# &IGEYWI SJ MXW WIGVIG] ERH FIGEYWI QER]SJXLITISTPIMRZSPZIHYWIHVEMPVSEHXIVQWEWGSHI[SVHW,MHMRKTPEGIWJSVI\EQTPI [IVIGEPPIHqWXEXMSRWrERHTISTPI[LSLIPTIHXLIWPEZIW[IVIGEPPIHqGSRHYGXSVWr3ZIV XLI ]IEVW XLI 9RHIVKVSYRH 6EMPVSEH LIPTIH XLSYWERHW SJ WPEZIW QEOI XLIMV [E] JVSQ FSRHEKIXSJVIIHSQ
7%140)-2863(9'8-32;-8,'311)28%6= 7SJEV[ILEZIWIIRQER]I\GIVTXWWLS[MRKLS[XSJYPJMPPXLIZEVMSYWSFNIG XMZIWSJERMRXVSHYGXMSR2S[LIVIMWEGSQTPIXIMRXVSHYGXMSRJVSQEWXYHIRX WTIIGL 8LI WMHI GSQQIRXW MRHMGEXI XLI TVMRGMTPIW YWIH MR HIZIPSTMRK XLI MRXVSHYGXMSR
8LI1MVEGPISJ&SRI1EVVS[8VERWTPERXW '311)28%6=
-2863(9'8-32
8LI WTIEOIV YWIW E WXSV] XS KEMR EXXIRXMSR 8LMWWXSV][SVOWTEVXMGYPEVP][IPPFIGEYWIMX MW VMGLP] HIXEMPIH ERH MW LMKL MR LYQER MRXIVIWX
/EX],YFFIPP[EWJSYV]IEVWSPH[LIRWLI[EWHMEKRSWIH[MXL EWIZIVIGEWISJETPEWXMGERIQMEEHMWIEWIMR[LMGLXLIFSRI QEVVS[WXSTWTVSHYGMRKRI[FPSSHGIPPW%JXIVWIZIVEPX]TIW SJ XVIEXQIRX JEMPIH /EX] YRHIV[IRX E FSRI QEVVS[ XVERW TPERX,IVHSRSV[EWE]IEVSPHEMVPMRIQEREKIV[LSPMZIH XLSYWERHW SJ QMPIW E[E] ,MW KIRIVSWMX] WEZIH XLI PMJI SJ E PMXXPIKMVPLILEHRIZIVQIX8SHE]/EX]MWEREGXMZITVIXIIRKMVP [LSPSZIW,EVV]4SXXIVFSSOWERH[ERXWXSFIEGLIIVPIEHIV
2S[ XLI WTIEOIV VIZIEPW LIV XSTMG 'EPPMRK FSRI QEVVS[ XVERWTPERXW E qQIHMGEP QMVE GPIrVIMRJSVGIWXLIMQTSVXERGISJXLIWYFNIGX [LMPI I\TPEMRMRK LIV TIVWSREP MRZSPZIQIRX WLS[WXLIWTIEOIVtWKSSH[MPPERHLIPTWIWXEF PMWLLIVGVIHMFMPMX]
&SRI QEVVS[ XVERWTPERXW LEZI FIIR GEPPIH E QIHMGEP QMVEGPI FIGEYWI SJ XLIMV PMJIWEZMRK GETEFMPMX] - JMVWX FIGEQI MRXIVIWXIH MR XLI WYFNIGX [LIR E ]IEVSPH QIQFIV SJ Q] GLYVGL[EWHMEKRSWIH[MXLPIYOIQME-NSMRIHEGSQQMXXIIXS TYFPMGM^I+VIKtWGEWIERHXSWIIOTSXIRXMEPHSRSVW)ZIRXYEPP] EWYMXEFPIHSRSV[EWJSYRHERH+VIKMWRS[ELIEPXL]LMKL WGLSSPWSTLSQSVI
,IVIXLIWTIEOIVVIPEXIWXLIXSTMGHMVIGXP]XS LIV EYHMIRGI ERH WLS[W [L] XLI] WLSYPH GEVI EFSYX MX 8LI GSQFMREXMSR SJ WXEXMWXMGW [MXLXLIUYSXEXMSRJVSQXLI*SSHERH(VYK %HQMRMWXVEXMSRVIMRJSVGIWXLIMQTSVXERGISJ XLIXSTMG
&IGEYWI SJ +VIKtW MPPRIWW - PIEVRIH XLEX ER]SRI GER KIX WMGOERHRIIHEFSRIQEVVS[HSREXMSR-XGSYPHFIER]SJYW MRXLMWVSSQEGPSWIJVMIRHSVIZIREJEQMP]QIQFIV%RIWXM QEXIHFSRIQEVVS[XVERWTPERXWEVITIVJSVQIHMRXLI 97IEGL]IEV%GGSVHMRKXSXLI97*SSHERH(VYK%HQMRMW XVEXMSRXLIWIXVERWTPERXWKMZITEXMIRXWqEGLERGIXSFIEXHMW IEWIWSRGIFIPMIZIHXSLEZIRSGYVIr
&]QIRXMSRMRKLIVVIWIEVGLXLIWTIEOIVJYV XLIV FSPWXIVW LIV GVIHMFMPMX] 7LI XLIR IRHW XLI MRXVSHYGXMSR F] TVIZMI[MRK XLI QEMR TSMRXW XS FI HMWGYWWIH MR XLI FSH] SJ XLI WTIIGL
8LVSYKLQ]VIWIEVGLJSVXLMWWTIIGL-LEZIPIEVRIHQYGL QSVIEFSYXXLMWVIQEVOEFPITVSGIHYVI8SHE]-[SYPHPMOIXS XEPO [MXL ]SY EFSYX FSRI QEVVS[ HSREXMSRhLS[ WMQTPI E TVSGIWW MX MW JSV XLI HSRSV LS[ EFWSPYXIP] ZMXEP MX MW JSV XLI VIGMTMIRXERHLS[HSRSVWERHVIGMTMIRXWJMRHSRIERSXLIV
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)WXEFPMWLMRKKSSH[MPPMRXLI MRXVSHYGXMSRMWIWTIGMEPP] MQTSVXERXJSVWTIEOIVW[LS GSRJVSRXGSRXVSZIVWMEPMWWYIWh EW[MXL'EREHMERSJJMGMEP.SLR +IVVIXWIRWTIEOMRKLIVISR RIKSXMEXMSRWEFSYXPERHYWI
8-47*3646)4%6-2+8,)-2863(9'8-32 / IIT XLI MRXVSHYGXMSR VIPEXMZIP] FVMIJ 9RHIV RSVQEP GMVGYQWXERGIW MX WLSYPHRSXGSRWXMXYXIQSVIXLERXSTIVGIRXSJ]SYVWTIIGL & I SR XLI PSSOSYX JSV TSWWMFPI MRXVSHYGXSV] QEXIVMEPW EW ]SY HS ]SYV VIWIEVGL*MPIXLIQ[MXL]SYVRSXIWWSXLI][MPPFILERH][LIR]SYEVIVIEH] JSVXLIQ & IGVIEXMZIMRHIZMWMRK]SYVMRXVSHYGXMSR)\TIVMQIRX[MXLX[SSVXLVII HMJJIVIRXSTIRMRKWERHGLSSWIXLISRIXLEXWIIQWQSWXPMOIP]XSKIXXLIEYHM IRGIMRXIVIWXIHMR]SYVWTIIGL ( SRtX [SVV] EFSYX XLI I\EGX [SVHMRK SJ ]SYV MRXVSHYGXMSR YRXMP ]SY LEZI JMRMWLIH TVITEVMRK XLI FSH] SJ XLI WTIIGL %JXIV ]SY LEZI HIXIVQMRIH ]SYVQEMRTSMRXWMX[MPPFIQYGLIEWMIVXSQEOIJMREPHIGMWMSRWEFSYXLS[XS FIKMRXLIWTIIGL ; SVOSYX]SYVMRXVSHYGXMSRMRHIXEMP7SQIXIEGLIVWVIGSQQIRHXLEX ]SY [VMXI MX SYX [SVH JSV [SVH SXLIVW TVIJIV XLEX ]SY SYXPMRI MX ;LMGLIZIV QIXLSH]SYYWITVEGXMGIXLIMRXVSHYGXMSRSZIVERHSZIVYRXMP]SYGERHIPMZIV MXWQSSXLP]JVSQEQMRMQYQSJRSXIWERH[MXLWXVSRKI]IGSRXEGX8LMW[MPP KIX]SYVWTIIGLSJJXSEKSSHWXEVXERHKMZI]SYEFMKFSSWXSJGSRJMHIRGI
8LI'SRGPYWMSR q+VIEXMWXLIEVXSJFIKMRRMRKrWEMH0SRKJIPPS[qFYXKVIEXIVXLIEVXMWSJIRH MRKr0SRKJIPPS[ [EWXLMROMRKSJTSIXV]FYXLMWMRWMKLXMWIUYEPP] ETTPMGEFPI XSTYFPMGWTIEOMRK1ER]EWTIEOIVLEWQEVVIHERSXLIV[MWIJMRIWTIIGLF]E PSRK[MRHIH WMPP] SVERXEKSRMWXMGGSRGPYWMSR=SYVGPSWMRK VIQEVOWEVI]SYV
8LI'SRGPYWMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
PEWX GLERGI XS HVMZI LSQI ]SYV MHIEW 1SVISZIV ]SYV JMREP MQTVIWWMSR [MPP TVSFEFP]PMRKIVMR]SYVPMWXIRIVWtQMRHW8LYW]SYRIIHXSGVEJX]SYVGSRGPY WMSR[MXLEWQYGLGEVIEW]SYVMRXVSHYGXMSR 2S QEXXIV [LEX OMRH SJ WTIIGL ]SY EVI KMZMRK XLI GSRGPYWMSR LEW X[S QENSVJYRGXMSRW 8SPIXXLIEYHMIRGIORS[]SYEVIIRHMRKXLIWTIIGL 8S VIMRJSVGI XLI EYHMIRGItW YRHIVWXERHMRK SJ SV GSQQMXQIRX XS XLI GIRXVEPMHIE 0IXYWPSSOEXIEGL
7-+2%08,))2(3*8,)74))',
GVIWGIRHSIRHMRK %GSRGPYWMSRMR[LMGLXLI WTIIGLFYMPHWXSE^IRMXLSJ TS[IVERHMRXIRWMX]
GSRRIGXPYGEWGSQ :MI[XLIIRHMRKSJ1EVXMR 0YXLIV/MRKtWq-tZI&IIRXS XLI1SYRXEMRXSTrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
-XQE]WIIQSFZMSYWXLEX]SYWLSYPHPIX]SYVEYHMIRGIORS[]SYEVIKSMRKXS WXST WSSR ,S[IZIV ]SY [MPP EPQSWX GIVXEMRP] LIEV WTIIGLIW MR ]SYV GPEWW MR [LMGL XLI WTIEOIV GSRGPYHIW WS EFVYTXP] XLEX ]SY EVI XEOIR F] WYVTVMWI 8SS WYHHIRERIRHMRKPIEZIWXLIEYHMIRGITY^^PIHERHYRJYPJMPPIH ,S[ HS ]SY PIX ER EYHMIRGI ORS[ ]SYV WTIIGL MW IRHMRK# 3RI [E] MW XLVSYKL[LEX]SYWE]q-RGSRGPYWMSRrq1]TYVTSWILEWFIIRrq0IXQIIRH F]WE]MRKrhXLIWIEVIEPPFVMIJGYIWXLEX]SYEVIKIXXMRKVIEH]XSWXST =SYGEREPWSPIX]SYVEYHMIRGIORS[XLIIRHMWMRWMKLXF]]SYVQERRIVSJ HIPMZIV]8LIGSRGPYWMSRMWXLIGPMQE\SJEWTIIGL%WTIEOIV[LSLEWGEVIJYPP]FYMPX XSETIEOSJMRXIVIWXERHMRZSPZIQIRX[MPPRSXRIIHXSWE]ER]XLMRKPMOIqMRGSRGPY WMSRr&]YWISJXLIZSMGIhMXWXSRITEGMRKMRXSREXMSRERHVL]XLQhEWTIEOIVGER FYMPHXLIQSQIRXYQSJEWTIIGLWSXLIVIMWRSHSYFX[LIRMXMWSZIV 3RIQIXLSHSJHSMRKXLMWLEWFIIRPMOIRIHXSEQYWMGEPGVIWGIRHS%WMR E W]QTLSR] MR [LMGL SRI MRWXVYQIRX EJXIV ERSXLIV NSMRW MR YRXMP XLI IRXMVI SVGLIWXVEMWTPE]MRKXLIWTIIGLFYMPHWMRJSVGIYRXMPMXVIEGLIWE^IRMXLSJTS[IV ERH MRXIRWMX] 8LMW HSIW RSX QIER WMQTP] KIXXMRK PSYHIV ERH PSYHIV -X MW E GSQFMREXMSRSJQER]XLMRKWMRGPYHMRKZSGEPTMXGLGLSMGISJ[SVHWHVEQEXMG GSRXIRXKIWXYVIWTEYWIWhERHTSWWMFP]PSYHRIWW % WYTIVF I\EQTPI SJ XLMW QIXLSH MW XLI QIQSVEFPI GSRGPYWMSR XS 1EVXMR 0YXLIV/MRKtWq-tZI&IIRXSXLI1SYRXEMRXSTrXLIWTIIGLLIHIPMZIVIHXLIRMKLX FIJSVILI[EWEWWEWWMREXIHMR%TVMP 7TIEOMRKXSEREYHMIRGISJTISTPI MR1IQTLMW8IRRIWWIILIIRHIHLMWWTIIGL[MXLEWXMVVMRKHIGPEVEXMSRXLEXXLI GMZMPVMKLXWQSZIQIRX[SYPHWYGGIIHHIWTMXIXLIQER]XLVIEXWSRLMWPMJI 0MOIER]FSH]-[SYPHPMOIXSPMZIEPSRKPMJI0SRKIZMX]LEWMXWTPEGIFYX-tQRSXGSR GIVRIHEFSYXXLEXRS[-NYWX[ERXXSHS+SHtW[MPPERHLItWEPPS[IHQIXSKSYTXSXLI QSYRXEMRERH-tZIPSSOIHSZIVERH-tZIWIIRXLI4VSQMWIH0ERH-QE]RSXKIXXLIVI[MXL ]SYFYX-[ERX]SYXSORS[XSRMKLXXLEX[IEWETISTPI[MPPKIXXSXLI4VSQMWIH0ERH7S -tQ LETT]XSRMKLX -tQ RSX[SVVMIH EFSYX ER]XLMRK -tQRSX JIEVMRKER] QER 1MRI I]IW LEZIWIIRXLIKPSV]SJXLIGSQMRKSJXLI0SVH
%RSXLIVIJJIGXMZIQIXLSHQMKLXFIGSQTEVIHXSXLIHMWWSPZIIRHMRKSJE GSRGIVXWSRKXLEXIZSOIWHIITIQSXMSRW q8LIWSRKWIIQWXSJEHIE[E][LMPI XLIPMKLXSRXLIWMRKIVWLVMROWKVEHYEPP]XSEWQEPPIVERHWQEPPIVGMVGPIYRXMPMX PMKLXWSRP]XLIJEGIXLIRXLII]IW*MREPP]MXMWETMRTSMRXERHHMWETTIEVW[MXL XLIPEWXRSXISJXLIWSRKr,IVIMWEWTIIGLIRHMRKXLEXHSIWQYGLXLIWEQI XLMRK-XMWJVSQ+IRIVEP(SYKPEW1EG%VXLYVtWQSZMRKJEVI[IPPXSXLIGEHIXWEX XLI971MPMXEV]%GEHIQ]
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIGSRGPYWMSRMW]SYVPEWX GLERGIXSHVMZILSQI]SYV MHIEW7YGGIWWJYPWTIEOIVWWYGL EW7SYXL%JVMGERWXEXIWQER 2IPWSR1ERHIPEGVEJXXLIMV IRHMRKW[MXLKVIEXGEVIXS PIEZIEWXVSRKJMREPMQTVIWWMSR
-R Q] HVIEQW - LIEV EKEMR XLI GVEWL SJ KYRW XLI VEXXPI SJ QYWOIXV] XLI WXVERKI QSYVRJYPQYXXIVSJXLIFEXXPIJMIPH&YXMRXLIIZIRMRKSJQ]QIQSV]EP[E]W-GSQIFEGO XS;IWX4SMRX%P[E]WXLIVIIGLSIWERHVIIGLSIW HYX]LSRSVGSYRXV] 8SHE]QEVOWQ]JMREPVSPPGEPP[MXL]SY&YX-[ERX]SYXSORS[XLEX[LIR-GVSWWXLI VMZIVQ]PEWXGSRWGMSYWXLSYKLXW[MPPFISJXLI'SVTWERHXLI'SVTWERHXLI'SVTW -FMH]SYJEVI[IPP
GSRRIGXPYGEWGSQ 8SVIEHXLIWIWTIIGLIWF] /MRKERH1EG%VXLYVPSKSR XSXLI8ST%QIVMGER 7TIIGLIWSJXLIXL 'IRXYV]MRXLISRPMRI 6IWIEVGL0MFVEV]
8LI JMREP [SVHW JEHI PMOI XLI WTSXPMKLX FVMRKMRK XLI WTIIGL XS ER IQSXMSREP GPSWI =SY QE] XLMRO XLEX ]SY GSYPHRtX TSWWMFP] IRH E WTIIGL [MXL XLEX QYGL TEXLSWhERH]SYtHFIVMKLX1EG%VXLYV[EWERIPSUYIRXWTIEOIVHMWGYWWMRKE KVEZIMWWYI[MXLI\XVESVHMREV]TSMKRERGI8LMWGSQFMREXMSRVEVIP]SGGYVW&YX XLEXHSIWRtXQIER]SYGERtXYWIXLIHMWWSPZIIRHMRKIJJIGXMZIP]3RIWXYHIRX YWIH MX [MXL KVIEX IJJIGX MR E WTIIGL EFSYX XLI MQQMKVERX I\TIVMIRGI MR XLI 9RMXIH 7XEXIW (YVMRK XLI FSH] SJ XLI WTIIGL XLI WXYHIRX WTSOI EFSYX XLI RYQFIVW SJ MQQMKVERXW ERH XLI GLEPPIRKIW XLI] JEGIH 8LIR MR LIV GSRGPY HMWWSPZIIRHMRK WMSRWLIGVIEXIHEQSZMRKHMWWSPZIIRHMRKF]IZSOMRKXLIIQSXMSREPMQEKIW %GSRGPYWMSRXLEXKIRIVEXIW SJLIVKVERHJEXLIVtWEVVMZEPMRXLI9RMXIH7XEXIW IQSXMSREPETTIEPF]JEHMRK 3REVIGIRXXVMTXS)PPMW-WPERH[LIVIQ]KVERHJEXLIVJMVWXWXITTIHSR%QIVMGERWSMP- WE[ LMWREQIIXGLIH MRXS XLI [EPP EPSRK [MXL XLI REQIW SJ XIRW SJ XLSYWERHW SJ SXLIV MQQMKVERXW-WE[XLIIRXV]LEPP[LIVILIPMRIHYTXSTVSGIWWLMWJSVQW-WE[XLIVSSQ [LIVILIYRHIV[IRXETL]WMGEPI\EQMREXMSR-WIRWIHXLIJIEVERHXLIMRWIGYVMX]LIQYWX LEZIJIPX &YX -GSYPH EPWS WIRWILMW I\GMXIQIRXEWLIPSSOIHJSV[EVHXS PMJIMRE PERHSJ STTSVXYRMX]hEPERHLIGEQIXSXLMROSJEWLSQI
WXITF]WXITXSEHVEQEXMGJMREP WXEXIQIRX
&SXL XLI GVIWGIRHS ERH XLI HMWWSPZI IRHMRKW QYWX FI [SVOIH SYX [MXL KVIEXGEVI4VEGXMGIYRXMP]SYKIXXLI[SVHWERHXLIXMQMRKNYWXVMKLX8LIFIR IJMXW[MPPFI[IPP[SVXL]SYVXMQI
8LI'SRGPYWMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6)-2*36')8,)')286%0-()% 8LIWIGSRHQENSVJYRGXMSRSJEGSRGPYWMSRMWXSVIMRJSVGIXLIEYHMIRGItWYRHIV WXERHMRKSJSV GSQQMXQIRXXSXLIGIRXVEPMHIE8LIVIEVIQER] [E]WXSHS XLMW,IVIEVIXLISRIW]SYEVIQSWXPMOIP]XSYWI
7YQQEVM^I=SYV7TIIGL 6IWXEXMRKXLIQEMRTSMRXWMWXLIIEWMIWX[E]XSIRHEWTIIGL3RIWXYHIRXYWIH XLMWXIGLRMUYIIJJIGXMZIP]MRLMWTIVWYEWMZIWTIIGLEFSYXXLI%-(7ITMHIQMGMR %JVMGE
GSRRIGXPYGEWGSQ :MI[XLIGSRGPYWMSRSJq%-(7 MR%JVMGE %;SVPH'VMWMWrMR XLISRPMRI1IHME0MFVEV]JSV XLMWGLETXIV :MHIS'PMT
-RGSRGPYWMSR[ILEZIWIIRXLEXXLI%-(7ITMHIQMGMWLEZMRKEHIZEWXEXMRKIJJIGXSR %JVMGER WSGMIX] %R IRXMVI EHYPX KIRIVEXMSR MW WPS[P] FIMRK [MTIH SYX %R IRXMVIP] RI[ KIRIVEXMSR SJ%-(7 SVTLERW MWFIMRK GVIEXIH+SZIVRQIRXW MR XLIREXMSRWQSWXEJJPMGXIH LEZIRIMXLIVXLIVIWSYVGIWRSVXLII\TIVXMWIXSGSYRXIVXLIITMHIQMG1ER]%JVMGERIGSRS QMIWEVIFIMRKGVMTTPIHF]XLIPSWWSJTISTPIMRXLI[SVOTPEGI &IJSVIMXtWXSSPEXIXLI9RMXIH2EXMSRWERHHIZIPSTIHGSYRXVMIWRIIHXSMRGVIEWIXLIMV IJJSVXWXSLEPXXLIITMHIQMGERHFVMRKMXYRHIVGSRXVSP8LIPMZIWERH[IPPFIMRKSJXIRWSJ QMPPMSRWSJTISTPILERKMRXLIFEPERGI
8LI ZEPYI SJ E WYQQEV] MW XLEX MX I\TPMGMXP] VIWXEXIW XLI GIRXVEP MHIE ERH QEMRTSMRXWSRIPEWXXMQI&YXEW[IWLEPPWIIXLIVIEVIQSVIMQEKMREXMZIERH GSQTIPPMRK [E]W XS IRH E WTIIGL 8LI] GER FI YWIH MR GSQFMREXMSR [MXL E WYQQEV]SVEXXMQIWMRTPEGISJMX
)RH[MXLE5YSXEXMSR % UYSXEXMSR MW SRI SJ XLI QSWX GSQQSR ERH IJJIGXMZI HIZMGIW XS GSRGPYHI E WTIIGL,IVIMWEJMRII\EQTPIJVSQEWTIIGLSRXLIQMWYWISJXIPIZMWMSREHZIV XMWIQIRXWMRTSPMXMGEPGEQTEMKRW ;IGERRSXMKRSVIXLIIZMPWSJXIPIZMWMSRGSQQIVGMEPWMR[LMGLGERHMHEXIWJSVXLILMKL IWXSJJMGIWEVIWSPHXSXLIZSXIVWMRWIGSRHWTSXW8LIWIEHWGLIETIRXLIIPIGXMZITVSGIWW ERHHIKVEHISYVTSPMXMGEPMRWXMXYXMSRW-RXLI[SVHWSJLMWXSVMER%VXLYV7GLPIWMRKIV.Vq=SY GERRSXQIVGLERHMWIGERHMHEXIWPMOIWSETERHLSTIXSTVIWIVZIEVEXMSREPHIQSGVEG]r
8LI GPSWMRK UYSXEXMSR MW TEVXMGYPEVP] KSSH FIGEYWI MXW YVKIRG] MW I\EGXP] WYMXIHXSXLIWTIIGL;LIR]SYVYREGVSWWEFVMIJUYSXEXMSRXLEXWSTIVJIGXP] GETXYVIW]SYVGIRXVEPMHIEOIITMXMRQMRHEWETSWWMFPIGSRGPYWMSR
1EOIE(VEQEXMG7XEXIQIRX 6EXLIVXLERYWMRKEUYSXEXMSRXSKMZI]SYVGSRGPYWMSRJSVGIERHZMXEPMX]]SY QE] [ERX XS HIZMWI ]SYV S[R HVEQEXMG WXEXIQIRX 7SQI WTIIGLIW LEZI FIGSQIJEQSYWFIGEYWISJXLIMVTS[IVJYPGPSWMRKPMRIW3RIMW4EXVMGO,IRV]tW PIKIRHEV] q0MFIVX] SV (IEXLr SVEXMSR -X XEOIW MXW REQI JVSQ XLI JMREP WIR XIRGIW,IRV]YXXIVIHSR1EVGLEWLII\LSVXIHLMWEYHMIRGIXSVIWMWX &VMXMWLX]VERR] -WPMJIWSHIEVSVTIEGIWSW[IIXEWXSFITYVGLEWIHEXXLITVMGISJGLEMRWERHWPEZIV]# *SVFMHMX%PQMKLX]+SH-ORS[RSX[LEXGSYVWISXLIVWQE]XEOI FYXEWJSVQIKMZIQI PMFIVX]SVKMZIQIHIEXL
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%PXLSYKL ]SYV GPEWWVSSQ WTIIGLIW EVI RSX PMOIP] XS FIGSQI JEQSYW ]SY GERWXMPPVMZIX]SYVPMWXIRIVWhEW,IRV]HMHh[MXLEHVEQEXMGGSRGPYHMRKWXEXI QIRX;LEXJSPPS[WMWETEVXMGYPEVP]WXVMOMRKI\EQTPIJVSQEWTIIGLSRWYMGMHI TVIZIRXMSR8LVSYKLSYXXLIWTIIGLXLIWXYHIRXVIJIVVIHXSEJVMIRH[LSLEH XVMIHXSGSQQMXWYMGMHIXLITVIZMSYW]IEV8LIRMRXLIGSRGPYWMSRWLIWEMH 1]JVMIRHMWFEGOMRWGLSSPTEVXMGMTEXMRKMREGXMZMXMIWWLIRIZIVHMHFIJSVIhERHIRNS] MRKMX-tQLETT]ERHTVSYHXSWE]XLEXWLItWWXMPPJMKLXMRKJSVLIVPMJIERHIZIRLETTMIVXLEX WLIJEMPIHXSOMPPLIVWIPJ3XLIV[MWI-[SYPHRtXFILIVIXSHE]XV]MRKXSLIPT]SY=SYWII- EQQ]qJVMIRHrERH-tQQSVIXLERKPEHXSWE]-tZIQEHIMX
%W]SYGERMQEKMRIXLIEYHMIRGI[EWWXYRRIH8LIGPSWMRKPMRIWFVSYKLX XLIWTIIGLXSEHVEQEXMGGSRGPYWMSR8LIWTIEOIVQEHIMXIZIRQSVIIJJIGXMZI F]TEYWMRKNYWXEQSQIRXFIJSVIXLIPEWX[SVHWERHF]YWMRKLIVZSMGIXSKMZI XLIQNYWXXLIVMKLXMRJPIGXMSR
6IJIVXSXLI-RXVSHYGXMSR %R I\GIPPIRX [E] XS KMZI ]SYV WTIIGL TW]GLSPSKMGEP YRMX] MW XS GSRGPYHI F] VIJIVVMRKXSMHIEWMRXLIMRXVSHYGXMSR,IVIMWLS[SRIWXYHIRXYWIHXLIQIXLSH MRLIVWTIIGLEFSYXXLI7TIGMEP3P]QTMGW -RXVSHYGXMSR -R7IEXXPIRMRI]SYRKEXLPIXIWEWWIQFPIHEXXLIWXEVXMRKPMRIJSVXLI ]EVHHEWL%XXLIKYRXLI]EPPWXEVXIHSJJhRSXI\EGXP]MREHEWLFYX[MXL EHIWMVIXSVYRXLIVEGIXSXLIJMRMWLERH[MR%PPI\GITXSRIPMXXPIFS][LS WXYQFPIHSRXLIEWTLEPXXYQFPIHSZIVEGSYTPISJXMQIWERHFIKERXS GV]8LISXLIVVYRRIVWLIEVHXLIFS]GV]8LI]WXSTTIH XLI]PSSOIHFEGO 8LIRXLI]EPP[IRXFEGOXSXLIFS]tWWMHIhIZIV]WMRKPISRISJXLIQ3RI KMVP[MXL(S[RW]RHVSQIOMWWIHLMQERHWEMHq8LMW[MPPQEOIMXFIXXIVr 8LIREPPRMRIPMROIHEVQWERH[EPOIHXSXLIJMRMWLPMRIhXSKIXLIV 8LIWIEXLPIXIW[IVIRSXGSQTIXMRKSRREXMSREPXIPIZMWMSR XLI][IVI RSXWTSRWSVIHSVMHSPM^IH&YXXLI][IVIKMZIRERSTTSVXYRMX]XSJPSYVMWL YRHIVXLIKPS[SJXLIMVS[RWTSXPMKLXWXSJIIPXLIFVYWLSJXLIVMFFSR GVSWWXLIMVGLIWXWEWXLI]VERXLVSYKLXLIMVS[RJMRMWLPMRIMRXLIMVS[R 3P]QTMGWhXLI7TIGMEP3P]QTMGW
-RXLIFSH]SJLIVWTIIGLXLIWXYHIRXI\TPEMRIHXLI7TIGMEP3P]QTMGWERH GEPPIHSRQIQFIVWSJXLIEYHMIRGIXSFIGSQIZSPYRXIIVW8LIRMRLIVGPSWMRK [SVHWWLIXMIHXLI[LSPIWTIIGLXSKIXLIVF]VIXYVRMRKXSXLIWXSV]HIWGVMFIH MRLIVMRXVSHYGXMSR 'SRGPYWMSR 6IQIQFIVXLIRMRIGLMPHVIR-QIRXMSRIHEXXLIFIKMRRMRKSJXLMWWTIIGL 8LMROSJXLIMVLETTMRIWWERHXLIMVWYTTSVXJSVSRIERSXLIV8LMROSJLS[ QYGLXLI]KEMRIHJVSQVYRRMRKMRXLEXVEGI%RHXLMROLS[]SYGERLIPT SXLIVWI\TIVMIRGIXLIWEQIFIRIJMXWEWXLI]WXVMZIXSJYPJMPPXLIQSXXSSJXLI 7TIGMEP3P]QTMGW q0IXQI[MR&YXMJ-GERtX[MRPIXQIFIFVEZIMRXLI EXXIQTXr
GSRRIGXPYGEWGSQ :MI[XLIFIKMRRMRKERH IRHMRKSJq1EOMRKE(MJJIV IRGI8LVSYKLXLI7TIGMEP 3P]QTMGWrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7YQQEVM^MRK XLI WTIIGL IRHMRK [MXL E UYSXEXMSR QEOMRK E HVEQEXMG WXEXIQIRX VIJIVVMRK XS XLI MRXVSHYGXMSRhEPP XLIWI XIGLRMUYIW GER FI YWIH WITEVEXIP]&YX]SYLEZITVSFEFP]RSXMGIHXLEXWTIEOIVWSJXIRGSQFMRIX[SSV QSVI MR XLIMV GSRGPYWMSRW %GXYEPP] EPP JSYV XIGLRMUYIW GER FI JYWIH MRXS SRIhJSVI\EQTPIEHVEQEXMGUYSXEXMSRXLEXWYQQEVM^IWXLIGIRXVEPMHIE[LMPI VIJIVVMRKXSXLIMRXVSHYGXMSR
8LI'SRGPYWMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
'LIGOPMWX =)7
8LI1G+VE[n,MPP 'SQTERMIW
7TIIGL'SRGPYWMSR
23
(S-WMKREPXLEXQ]WTIIGLMWGSQMRKXSERIRH# (S-VIMRJSVGIQ]GIRXVEPMHIEF] GLIGOEPPXLEXETTP]
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7TIIGL8SSPWJSV XLMWGLETXIV
7YQQEVM^MRKXLIQEMRTSMRXWSJQ]WTIIGL
)RHMRK[MXLEUYSXEXMSR
1EOMRKEHVEQEXMGWXEXIQIRX
6IJIVVMRKXSXLIMRXVSHYGXMSR
-W XLI GSRGPYWMSR PMQMXIH XS i TIVGIRX SJ Q] IRXMVI WTIIGL# ,EZI - [SVOIH SYX XLI PERKYEKI SJ Q] GSRGPYWMSR MR HIXEMP# ,EZI - TVEGXMGIH XLI HIPMZIV] SJ Q] GSRGPYWMSR WS - GER TVIWIRX MX JPYIRXP] GSRJMHIRXP] ERH [MXL WXVSRK I]I GSRXEGX#
3RI SXLIV GSRGPYHMRK XIGLRMUYI MW QEOMRK E HMVIGX ETTIEP XS ]SYV EYHM IRGIJSVEGXMSR8LMWXIGLRMUYIETTPMIWSRP]XSETEVXMGYPEVX]TISJTIVWYEWMZI WTIIGLLS[IZIVERH[MPPFIHMWGYWWIHMR'LETXIV8LIJSYVQIXLSHWGSZ IVIHMRXLMWGLETXIVEVIETTVSTVMEXIJSVEPPOMRHWSJWTIIGLIWERHSGGEWMSRW
7%140)'32'097-32;-8,'311)28%6= ,S[ HS ]SY JMX XLIWI QIXLSHW XSKIXLIV XS QEOI E GSRGPYWMSR# ,IVI MW ER I\EQTPIJVSQXLIWTIIGLEFSYXFSRIQEVVS[XVERWTPERXW[LSWIMRXVSHYGXMSR [IPSSOIHEXIEVPMIV TEKI
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8-47*3646)4%6-2+8,)'32'097-32 % W[MXLXLIMRXVSHYGXMSROIITERI]ISYXJSVTSWWMFPIGSRGPYHMRKQEXI VMEPWEW]SYVIWIEVGLERHHIZIPSTXLIWTIIGL ' SRGPYHI[MXLEFERKRSXE[LMQTIV&IGVIEXMZIMRHIZMWMRKEGSRGPY WMSRXLEXLMXWXLILIEVXWERHQMRHWSJ]SYVEYHMIRGI;SVOSRWIZIVEPTSWWMFPI IRHMRKWERHWIPIGXXLISRIXLEXWIIQWPMOIP]XSLEZIXLIKVIEXIWXMQTEGX ( SRtXFIPSRK[MRHIH8LIGSRGPYWMSR[MPPRSVQEPP]QEOIYTRSQSVI XLERXSTIVGIRXSJ]SYVWTIIGL ( SRtX PIEZI ER]XLMRK MR ]SYV GSRGPYWMSR XS GLERGI ;SVO MX SYX MR HIXEMPERHKMZI]SYVWIPJTPIRX]SJXMQIXSTVEGXMGIHIPMZIVMRKMX1ER]WXYHIRXW PMOIXS[VMXISYXXLIGSRGPYWMSR[SVHJSV[SVHXSKYEVERXIIMXMWNYWXVMKLX-J ]SYHSXLMWQEOIWYVI]SYGERTVIWIRXMXWQSSXLP]GSRJMHIRXP]ERH[MXLJIIP MRKh[MXLSYX VIP]MRK SR ]SYV RSXIW SV WSYRHMRK [SSHIR 1EOI ]SYV PEWX MQTVIWWMSREWJSVGIJYPERHEWJEZSVEFPIEW]SYGER
7911%6= *MVWXMQTVIWWMSRWEVIMQTSVXERX7SEVIJMREPMQTVIWWMSRW8LMWMW[L]WTIIGLIWRIIH WXVSRKMRXVSHYGXMSRWERHGSRGPYWMSRW -R QSWX WTIIGL WMXYEXMSRW ]SY RIIH XS EGGSQTPMWL JSYV SFNIGXMZIW [MXL ]SYV MRXVSHYGXMSRhKIX XLI EXXIRXMSR ERH MRXIVIWX SJ XLI EYHMIRGI VIZIEP XLI XSTMG SJ ]SYVWTIIGLIWXEFPMWL]SYVGVIHMFMPMX]ERHKSSH[MPPERHTVIZMI[XLIFSH]SJXLI WTIIGL+EMRMRKEXXIRXMSRERHMRXIVIWXGERFIHSRIMRWIZIVEP[E]W=SYGERWLS[ XLI MQTSVXERGI SJ ]SYV XSTMG IWTIGMEPP] EW MX VIPEXIW XS ]SYV EYHMIRGI =SY GER WXEVXPI SV UYIWXMSR ]SYV EYHMIRGI SV EVSYWI XLIMV GYVMSWMX] =SY GER FIKMR [MXL E UYSXEXMSRSVEWXSV] &I WYVI XS WXEXI XLI XSTMG SJ ]SYV WTIIGL GPIEVP] MR ]SYV MRXVSHYGXMSR WS XLI EYHMIRGIORS[W[LIVIXLIWTIIGLMWKSMRK)WXEFPMWLMRKGVIHMFMPMX]QIERWXLEX]SY XIPPXLIEYHMIRGI[L]]SYEVIUYEPMJMIHXSWTIEOSRXLIXSTMGEXLERH)WXEFPMWLMRK KSSH[MPPQE]FIRIGIWWEV]MJ]SYVTSMRXSJZMI[MWYRTSTYPEV4VIZMI[MRKXLIFSH] SJXLIWTIIGLLIPTWXLIEYHMIRGIPMWXIRIJJIGXMZIP]ERHTVSZMHIWEWQSSXLPIEHMRXS XLIFSH]SJXLIWTIIGL 8LIJMVWXSFNIGXMZISJEWTIIGLGSRGPYWMSRMWXSPIXXLIEYHMIRGIORS[]SYEVI IRHMRK[LMGL]SYGERHSF]]SYV[SVHWSVF]]SYVQERRIVSJHIPMZIV]8LIWIGSRH SFNIGXMZISJEGSRGPYWMSRMWXSVIMRJSVGI]SYVGIRXVEPMHIE=SYGEREGGSQTPMWLXLMW F] WYQQEVM^MRK XLI WTIIGL IRHMRK [MXL E UYSXEXMSR QEOMRK E HVEQEXMG WXEXI QIRXSVVIJIVVMRKXSXLIMRXVSHYGXMSR7SQIXMQIW]SYQE][ERXXSGSQFMRIX[S SVQSVISJXLIWIXIGLRMUYIW&IGVIEXMZIMRHIZMWMRKEZMZMHJSVGIJYPGSRGPYWMSR
/)=8)617 VLIXSVMGEPUYIWXMSR
TVIZMI[WXEXIQIRX
GVIHMFMPMX]
GVIWGIRHSIRHMRK
KSSH[MPP
HMWWSPZIIRHMRK
/I]8IVQW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEXEVIJSYVSFNIGXMZIWSJEWTIIGLMRXVSHYGXMSR# ;LEX EVIWIZIRQIXLSHW]SY GERYWIMRXLIMRXVSHYGXMSR XSKIXXLIEXXIRXMSR ERHMRXIVIWXSJ]SYVEYHMIRGI# ;L] MW MX MQTSVXERX XS IWXEFPMWL ]SYV GVIHMFMPMX] EX XLI FIKMRRMRK SJ ]SYV WTIIGL# ;LEXMWETVIZMI[WXEXIQIRX#;L]WLSYPH]SYRIEVP]EP[E]WMRGPYHIETVIZMI[ WXEXIQIRXMRXLIMRXVSHYGXMSRSJ]SYVWTIIGL# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;LEXEVIJMZIXMTWJSVTVITEVMRK]SYVMRXVSHYGXMSR# ;LEXEVIXLIQENSVJYRGXMSRWSJEWTIIGLGSRGPYWMSR# ;LEXEVIX[S[E]W]SYGERWMKREPXLIIRHSJ]SYVWTIIGL# ;LEX EVI JSYV [E]W XS VIMRJSVGI XLI GIRXVEP MHIE [LIR GSRGPYHMRK ]SYV WTIIGL# ;LEXEVIJSYVXMTWJSVTVITEVMRK]SYVGSRGPYWMSR#
)<)6'-7)7*36'6-8-'%08,-2/-2+ ,IVIEVIWM\WTIIGLXSTMGW)\TPEMRLS[]SYQMKLXVIPEXIIEGLXS]SYVGPEWWQEXIW MRXLIMRXVSHYGXMSRSJEWTIIGL 7SGMEP7IGYVMX]
PEYKLXIV
MPPMXIVEG]
WXIVSMHW
WSETSTIVEW
FPSSHHSREXMSR
8 LMROSJEWTIIGLXSTMG TVIJIVEFP]SRIJSV]SYVRI\XWTIIGLMRGPEWW 'VIEXIER MRXVSHYGXMSRJSVEWTIIGLHIEPMRK[MXLER]EWTIGXSJXLIXSTMG]SY[MWL-R]SYV MRXVSHYGXMSRFI WYVIXSKEMR XLIEXXIRXMSR SJXLIEYHMIRGIXSVIZIEP XLIXSTMG ERH VIPEXI MX XS XLI EYHMIRGI XS IWXEFPMWL]SYV GVIHMFMPMX] ERH XS TVIZMI[ XLI FSH]SJXLIWTIIGL 9 WMRKXLIWEQIXSTMGEWMR)\IVGMWIGVIEXIEWTIIGLGSRGPYWMSR&IWYVIXSPIX ]SYVEYHMIRGIORS[XLIWTIIGLMWIRHMRKXSVIMRJSVGIXLIGIRXVEPMHIEERHXS QEOIXLIGSRGPYWMSRZMZMHERHQIQSVEFPI
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK =SYVHIKVIIMRGMZMPIRKMRIIVMRKLEWWIVZIH]SY[IPPERH]SYEVIRS[XLIGLMIJGMX] TPERRIVJSVEQENSVQIXVSTSPMW%JXIVWXYH]MRKXLIMWWYIJSVQSVIXLERE]IEV]SY ERHXLITPERRMRKGSQQMWWMSRLEZIHIGMHIHXLEXXLIFIWX[E]XSVIPMIZIXLIGMX]tW KVS[MRK XVEJJMG GSRKIWXMSR MW XS FYMPH E RI[ HS[RXS[R JVII[E] 9RJSVXYREXIP] XLIVIMWRS[E]XSFYMPHXLIJVII[E][MXLSYXORSGOMRKHS[RERYQFIVSJLSYWIW ERHFYWMRIWWIW=SYEVIRSXLETT]EFSYXXLMWERH]SYORS[MX[MPPGVIEXIHMJJMGYPX] JSVXLITISTPIEJJIGXIHFYX]SYVVIWIEVGLERHGSQTYXIVWMQYPEXMSRWWLS[XLEXMXMW F]JEVXLIQSWXIJJIGXMZIPSRKVERKISTXMSRJSVMQTVSZMRKXLIGMX]tWXVEJJMGJPS[ 2SX WYVTVMWMRKP] XLI RIMKLFSVLSSH EWWSGMEXMSR XLEX VITVIWIRXW XLI EVIE XLVSYKL[LMGL]SYTPERXSFYMPHXLIJVII[E]LEWI\TVIWWIHERYQFIVSJGSRGIVRW
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
EFSYXXLITVSTSWEP&IGEYWISJ]SYVI\GIPPIRXTYFPMGWTIEOMRKWOMPPW]SYLEZIFIIR GLSWIRXSVITVIWIRXXLIGMX]EXEQIIXMRKSJXLIRIMKLFSVLSSHEWWSGMEXMSR=SYVNSF EXXLIQIIXMRK[MPPFIXSEHHVIWWXLIEYHMIRGItWGSRGIVRWERHTVSZMHIEGSRZMRGMRK I\TPEREXMSR SJ XLI GMX]tW HIGMWMSR XS FYMPH XLI JVII[E] =SY ORS[ XLEX MJ ]SYV WTIIGLMWXSFITIVWYEWMZI]SYQYWXYWIXLIMRXVSHYGXMSRXSIWXEFPMWL]SYVGVIHMFMP MX]ERHKSSH[MPPWS]SYVPMWXIRIVW[MPPFI[MPPMRKXSPMWXIRVIGITXMZIP]XS[LEX]SY WE]MRXLIFSH] ;VMXIEHVEJXSJ]SYVMRXVSHYGXMSR-RMXFIWYVIXSEHHVIWWEPPJSYVJYRGXMSRWSJ EWTIIGLMRXVSHYGXMSRHMWGYWWIHMRXLMWGLETXIV
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
3YXPMRMRKXLI7TIIGL
8LI4VITEVEXMSR3YXPMRI +YMHIPMRIWJSVXLI4VITEVEXMSR3YXPMRI 7EQTPI4VITEVEXMSR3YXPMRI[MXL'SQQIRXEV]
8LI7TIEOMRK3YXPMRI +YMHIPMRIWJSVXLI7TIEOMRK3YXPMRI 7EQTPI7TIEOMRK3YXPMRI[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
LMRO[LEXQMKLXLETTIRMJ]SYXVMIHXSFYMPHELSYWI[MXLSYXEJPSSVTPER SVEREVGLMXIGXtWFPYITVMRX=SYTPEGIXLIOMXGLIRRI\XXSXLIHVMZI[E]XS QEOIMXGSRZIRMIRXJSVGEVV]MRKMRKVSGIVMIW&YXXLIHMRMRKVSSQXYVRWYT EXXLISXLIVIRHSJXLILSYWI;LIR]SYGSSOERHWIVZIEQIEP]SYLEZIXS VYR[MXLXLITPEXIWXSOIITXLIJSSHJVSQKIXXMRKGSPH=SYTYXXLIFEXLVSSQ EXXLILIEHSJXLIWXEMVWXSQEOIMXEGGIWWMFPIXSZMWMXSVW&YXXLIHSSVSTIRWMR WYGLE[E]XLEXXLIYR[EV]KYIWXMWGEXETYPXIHHS[RXLIWXITW=SYXLMROMXtW E[SRHIVJYPMHIEXSLEZIEPQSWXRSMRXIVMSV[EPPW&YX[LIRXLIJMVWXWRS[JEPP GSQIW]SYV YRWYTTSVXIH VSSJGSPPETWIW 4PERW ERH FPYITVMRXW EVI IWWIRXMEP XS EVGLMXIGXYVI 7S XSS EVI SYXPMRIW IWWIRXMEPXSIJJIGXMZIWTIIGLIW%RSYXPMRIMWPMOIEFPYITVMRXJSV]SYVWTIIGL-X EPPS[W ]SY XS WII XLI JYPP WGSTI ERH GSRXIRX SJ ]SYV WTIIGL EX E KPERGI &] SYXPMRMRK]SYGERNYHKI[LIXLIVIEGLTEVXSJXLIWTIIGLMWJYPP]HIZIPSTIH [LIXLIV ]SY LEZI EHIUYEXI WYTTSVXMRK QEXIVMEPW JSV ]SYV QEMR TSMRXW ERH [LIXLIV XLI QEMR TSMRXW EVI TVSTIVP] FEPERGIH %R SYXPMRI LIPTW ]SY QEOI WYVIXLEXVIPEXIHMXIQWEVIXSKIXLIVXLEXMHIEWJPS[JVSQSRIXSERSXLIVXLEX XLIWXVYGXYVISJ]SYVWTIIGL[MPPqWXERHYTrhERHRSXGSPPETWI 4VSFEFP]]SY[MPPYWIX[SOMRHWSJSYXPMRIWJSV]SYVWTIIGLIWhSRIZIV] HIXEMPIH JSV XLI TPERRMRK WXEKI ERH SRI ZIV] FVMIJ JSV XLI HIPMZIV] SJ XLI WTIIGL
8
8LI4VITEVEXMSR3YXPMRI 8LI TVITEVEXMSR SYXPMRI MW NYWX [LEX MXW REQI MQTPMIWhER SYXPMRI XLEX LIPTW ]SY TVITEVI XLI WTIIGL ;VMXMRK E TVITEVEXMSR SYXPMRI QIERW TYXXMRK ]SYV WTIIGLXSKIXLIVhHIGMHMRK[LEX]SY[MPPWE]MRXLIMRXVSHYGXMSRLS[]SY[MPP SVKERM^IXLIQEMRTSMRXWERHWYTTSVXMRKQEXIVMEPWMRXLIFSH]ERH[LEX]SY [MPPWE]MRXLIGSRGPYWMSR
+9-()0-2)7*368,)46)4%6%8-323980-2) TVITEVEXMSRSYXPMRI %HIXEMPIHSYXPMRIHIZIPSTIH HYVMRKXLITVSGIWWSJWTIIGL TVITEVEXMSRXLEXMRGPYHIWXLI XMXPIWTIGMJMGTYVTSWIGIRXVEP MHIEMRXVSHYGXMSRQEMRTSMRXW WYFTSMRXWGSRRIGXMZIW GSRGPYWMSRERHFMFPMSKVETL] SJEWTIIGL
3ZIVXLI]IEVWEVIPEXMZIP]YRMJSVQW]WXIQJSVTVITEVEXMSRSYXPMRIWLEWHIZIPSTIH -XMWI\TPEMRIHFIPS[ERHMWI\IQTPMJMIHMRXLIWEQTPISYXPMRISRTEKIWi =SYWLSYPHGLIGO[MXL]SYVXIEGLIVXSWIII\EGXP][LEXJSVQEX]SYEVIXSJSPPS[
7XEXIXLI7TIGMJMG4YVTSWISJ=SYV7TIIGL 8LIWTIGMJMGTYVTSWIWXEXIQIRXWLSYPHFIEWITEVEXIYRMXXLEXGSQIWFIJSVIXLI SYXPMRIMXWIPJ-RGPYHMRKXLIWTIGMJMGTYVTSWIQEOIWMXIEWMIVXSEWWIWWLS[[IPP ]SYLEZIGSRWXVYGXIHXLIWTIIGLXSEGGSQTPMWL]SYVTYVTSWI
-HIRXMJ]XLI'IRXVEP-HIE 7SQIXIEGLIVWTVIJIVXLEXXLIGIRXVEPMHIEFIKMZIRMQQIHMEXIP]EJXIVXLITYV TSWIWXEXIQIRX3XLIVWTVIJIVXLEXMXFIKMZIRERHMHIRXMJMIHMRXLIXI\XSJXLI SYXPMRI'LIGOXSWII[LMGL]SYVXIEGLIV[ERXW
0EFIPXLI-RXVSHYGXMSR&SH]ERH'SRGPYWMSR -J]SYPEFIPXLITEVXWSJ]SYVWTIIGL]SY[MPPFIWYVIXLEX]SYMRHIIHLEZIER MRXVSHYGXMSRERHGSRGPYWMSRERHLEZIEGGSQTPMWLIHXLIIWWIRXMEPSFNIGXMZIWSJ IEGL 9WYEPP] XLI REQIW SJ XLI WTIIGL TEVXW EVI TPEGIH MR XLI QMHHPI SJ XLI
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
TEKI SV MR XLI JEV PIJX QEVKMR 8LI] EVI XIGLRMGEP PEFIPW SRP] ERH EVI RSX MRGPYHIH MR XLI W]WXIQ SJ W]QFSPM^EXMSR YWIH XS MHIRXMJ] QEMR TSMRXW ERH WYTTSVXMRKQEXIVMEPW
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
ZMWYEPJVEQI[SVO 8LITEXXIVRSJW]QFSPM^EXMSR ERHMRHIRXEXMSRMREWTIIGL SYXPMRIXLEXWLS[WXLI VIPEXMSRWLMTWEQSRKXLI WTIEOIVtWMHIEW
8LIVI[IVITISTPIEXXLI0EWX7YTTIVh.IWYWERHLMWHMWGMTPIW 3RISJXLIQSWXGSQQSRWSYVGIWSJWYTIVWXMXMSRMWRYQFIVW -RXLI9RMXIH7XEXIWMWSJXIRSQMXXIHMRXLIJPSSVRYQFIVMRKSJLSXIPW ERHWO]WGVETIVW 8LIRYQFIVLEWQIERXFEHPYGOEWPSRKEWER]SRIGERVIQIQFIV ;LMGL WXEXIQIRX MW XLI QEMR TSMRX# 8LI WIGSRH WXEXIQIRX q3RI SJ XLI QSWXGSQQSRWSYVGIWSJWYTIVWXMXMSRMWRYQFIVWr [LMGLMWFVSEHIVMRWGSTI XLERER]SJXLISXLIVWXEXIQIRXW8LMW[SYPHFISRISJXLIQEMRMHIEWSJ]SYV WTIIGL8LIJSYVXLWXEXIQIRXMWXLIWYFTSMRX MXMQQIHMEXIP]WYTTSVXWXLIQEMR TSMRX8LISXLIVX[SWXEXIQIRXWEVIWYFWYFTSMRXW XLI]MPPYWXVEXIXLIWYFTSMRX 6IEVVERKIHTVSTIVP]XLI]PSSOPMOIXLMW
8LI4VITEVEXMSR3YXPMRI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
- 3RISJXLIQSWXGSQQSRWSYVGIWSJWYTIVWXMXMSRMWRYQFIVW %8LIRYQFIVLEWQIERXFEHPYGOEWPSRKEWER]SRIGER VIQIQFIV 8 LIVI[IVITISTPIEXXLI0EWX7YTTIVh.IWYWERHLMWHMWGMTPIW - RXLI9RMXIH7XEXIWMWSJXIRSQMXXIHMRXLIJPSSVRYQFIVMRKSJ LSXIPWERHWO]WGVETIVW %FSZIEPPVIQIQFIVXLEXEPPTSMRXWEXXLIWEQIPIZIPWLSYPHMQQIHMEXIP] WYTTSVX XLI TSMRX XLEX MW NYWX EFSZI ERH SRI RSXGL XS XLI PIJX MR ]SYV SYXPMRI
7XEXI1EMR4SMRXWERH7YFTSMRXWMR*YPP7IRXIRGIW &IPS[EVIX[SWIXWSJQEMRTSMRXWERHWYFTSMRXWJSVXLIWEQIWTIIGLSRXLI PMJISJ1EVXMR0YXLIV/MRK
GSRRIGXPYGEWGSQ *SVLIPTJSVQEXXMRK]SYV SYXPMRIWYWIXLIEYXSQEXIH 7TIIGL3YXPMRIVMRXLISRPMRI 7TIIGL8SSPWJSVXLMWGLETXIV
-RIJJIGXMZI
1SVI)JJIGXMZI
- 1SRXKSQIV]
- /MRKFIKERLMWGMZMPVMKLXWGEVIIVMRXLI 1SRXKSQIV]FYWFS]GSXXSJ i -- /MRKtWKVIEXIWXXVMYQTLWGEQIHYVMRKXLI IEVP] W %-R LIGEQTEMKRIHEKEMRWXWIKVIKEXMSR MR&MVQMRKLEQ%PEFEQE &0EXIVXLEX]IEVLITEVXMGMTEXIHMRXLI JEQSYWQEVGLSR;EWLMRKXSR(' 1SVIXLERTISTPIXSSOTEVX /MRKKEZILMWq-,EZIE(VIEQrWTIIGL '-R LIVIGIMZIHXLI2SFIP4IEGI4VM^I ---/MRKJEGIHKVIEXXYVQSMPHYVMRKLMWJMREP]IEVW %,I[EWGVMXMGM^IHF]QSVIQMPMXERXFPEGOW JSVFIMRKRSRZMSPIRX &,ITVSXIWXIHEKEMRWXXLI[EVMR:MIXREQ ',I[EWEWWEWWMREXIHMR1IQTLMW8IRRIWWII SR%TVMP
-- W %&MVQMRKLEQ &1EVGL q(VIEQr '4VM^I --- *MREP]IEVW %'VMXMGM^IH &:MIXREQ '%WWEWWMREXMSR
8LIWEQTPIEXPIJXQMKLXWIVZIEWEWTIEOMRKSYXPMRIFYXMXMWZMVXYEPP]YWI PIWW EW E TVITEVEXMSR SYXPMRI -X KMZIW SRP] ZEKYI PEFIPW VEXLIV XLER HMWXMRGX MHIEW-XHSIWRSXMRHMGEXIGPIEVP]XLIGSRXIRXSJXLIQEMRTSMRXWERHWYFTSMRXW 2SV HSIW MX VIZIEP [LIXLIV XLI WTIEOIV LEW XLSYKLX SYX LMW SV LIV MHIEW &YX XLIVIMWRSGSRGIVREFSYXER]SJXLIWIQEXXIVW[MXLXLISYXPMRISRXLIVMKLX -RWYQEWOMQT]TVITEVEXMSR SYXPMRIMWSJPMXXPIZEPYI7XEXMRK]SYVQEMR TSMRXWERHWYFTSMRXWMRJYPPWIRXIRGIW[MPPIRWYVIXLEX]SYHIZIPST]SYVMHIEW JYPP]
0EFIP8VERWMXMSRW-RXIVREP7YQQEVMIWERH-RXIVREP4VIZMI[W 3RI [E] XS QEOI WYVI ]SY LEZI WXVSRK XVERWMXMSRW MRXIVREP WYQQEVMIW ERH MRXIVREPTVIZMI[WMWXSMRGPYHIXLIQMRXLITVITEVEXMSRSYXPMRI9WYEPP]XLI] EVIRSXMRGSVTSVEXIHMRXSXLIW]WXIQSJW]QFSPM^EXMSRERHMRHIRXEXMSRFYXEVI PEFIPIH WITEVEXIP] ERH MRWIVXIH MR XLI SYXPMRI [LIVI XLI] [MPP ETTIEV MR XLI WTIIGL
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%WFPYITVMRXWEVIIWWIRXMEP XSEVGLMXIGXYVIWSSYXPMRIW EVIIWWIRXMEPXSWTIIGL QEOMRK(IZIPSTMRKER SYXPMRILIPTWIRWYVIXLEXXLI WXVYGXYVISJ]SYVWTIIGLMW GPIEVERHGSLIVIRX
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GSRRIGXPYGEWGSQ 9WIXLI&MFPMSQEOIVMRXLI SRPMRI7TIIGL8SSPWJSVXLMW GLETXIVXSEYXSQEXMGEPP] JSVQEX]SYVFMFPMSKVETL] EGGSVHMRKXS10%SV%4% WXERHEVHW
8LI4VITEVEXMSR3YXPMRI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
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8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4VITEVEXMSR3YXPMRI
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8LI7SYRHWSJ7MPIRGI
8LI6EKIXS(MIX
8LI%VXSJ;MWLJYP7LVMROMRK
8LI9RMXIH7XEXIW1MRX
8LI&YGO7XEVXW,IVI
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
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8LI1G+VE[n,MPP 'SQTERMIW
(MIXW ,S[)JJIGXMZI%VI8LI]# ;LIVI-W1EOMRK1SRI]E;E]SJ0MJI# (S=SY6IEPP]8LMRO=SY'ER&IEXXLI3HHW# 7SQIXMQIW]SY[MPPGLSSWIEXMXPIJSV]SYVWTIIGLZIV]IEVP]%XSXLIVXMQIW ]SY QE] RSX JMRH SRI ]SY PMOI YRXMP XLI PEWX QMRYXI )MXLIV [E] XV] XS FI VIWSYVGIJYPEFSYXGVIEXMRKXMXPIWJSV]SYVWTIIGLIW)\TIVMQIRX[MXLWIZIVEPERH GLSSWIXLISRIXLEXWIIQWQSWXETTVSTVMEXI
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8LI4VITEVEXMSR3YXPMRI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
0EFIPMRKXLIFSH]QEVOWMXEWEHMWXMRGXTEVX SJXLIWTIIGL 1EMRTSMRX-MWTLVEWIHEWEJYPPWIRXIRGI%W XLISYXPMRITVSKVIWWIWRSXMGIXLEXXLIQEMR TSMRXWEVIEVVERKIHMRXSTMGEPSVHIV
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8LIX[SWYFTSMRXWSJQEMRTSMRX-EVIWLS[R F]XLIGETMXEPPIXXIVW%ERH&ERHEVI[VMXXIR SYX MR JYPP WIRXIRGIW XS IRWYVI XLEX XLI WTIEOIV LEW XLSYKLX XLIQ SYX JYPP] 4SMRXW FIPS[XLIPIZIPSJWYFTSMRXEVIMRHMGEXIHF] %VEFMGRYQIVEPWERHPS[IVGEWIPIXXIVW7SQI XMQIWXLI]EVIRSX[VMXXIREWJYPPWIRXIRGIW 'LIGOXSWII[LEX]SYVXIEGLIVTVIJIVW
8LI TVSKVIWWMZI MRHIRXEXMSR WLS[W ZMWYEPP] XLI VIPEXMSRWLMTW EQSRK QEMR TSMRXW WYF TSMRXWERHWYFWYFTSMRXW
2SXMGIXLITEXXIVRSJWYFSVHMREXMSRMRXLMWWIG XMSR7YFTSMRX&RSXIWXLEXGSKRMXMZIFILEZMSVEP XLIVET]MWSRISJXLISTXMSRWJSVXVIEXMRKTERMG EXXEGOW7YFWYFTSMRXMHIRXMJMIWXLIOMRHWSJ XIGLRMUYIW MRZSPZIH MR XLMW XLIVET] &IGEYWI MXIQW E ERH F I\TERH YTSR XLI XIGLRMUYIW TSMRXXLI]EVIWYFSVHMREXIHXSMX
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8LI XVERWMXMSR MRHMGEXIW XLEX XLI WTIEOIV MW QSZMRKXSLIVRI\XQEMRTSMRX 8LMW QEMR TSMRX PMOI XLI JMVWX X[S MW WXEXIH EWEJYPPWIRXIRGI
- 4ERMGEXXEGOWEVIEWIZIVIQIHMGEPGSRHMXMSR[MXLERYQ FIVSJTL]WMGEPERHQIRXEPW]QTXSQW % %WHIJMRIHF]XLI2EXMSREP-RWXMXYXISJ1IRXEP,IEPXL TERMGEXXEGOWMRZSPZIqYRI\TIGXIHERHVITIEXIH ITMWSHIWSJMRXIRWIJIEVEGGSQTERMIHF]TL]WMGEP W]QTXSQWr 8LIEXXEGOWYWYEPP]GSQISYXSJRS[LIVIERHWXVMOI [LIRPIEWXI\TIGXIH 8LIMVPIRKXLGERZEV]JVSQEJI[QMRYXIWXSWIZIVEP LSYVW & 8LIVIEVIERYQFIVSJW]QTXSQWGSQQSRXSQSWX TERMGEXXEGOW 4L]WMGEPW]QTXSQWMRGPYHIETSYRHMRKLIEVXWLSVX RIWWSJFVIEXLPMKLXLIEHIHRIWWERHRYQFRIWWSV XMRKPMRKWIRWEXMSRWMRXLIEVQWERHPIKW 1IRXEPW]QTXSQWMRGPYHIEGYXIJIEVEWIRWISJ HMWEWXIVSVLIPTPIWWRIWWERHEJIIPMRKSJFIMRK HIXEGLIHJVSQSRItWS[RFSH] 8VERWMXMSR 2S[XLEX]SYORS[WSQIXLMRKEFSYXXLIREXYVI SJTERMGEXXEGOWPIXtWPSSOEXLS[[MHIWTVIEHXLI]EVI
8LI XVERWMXMSR WLS[W LS[ XLI WTIEOIV [MPP QSZIJVSQQEMRTSMRX-XSQEMRTSMRX-- 0MOIQEMRTSMRX-QEMRTSMRX--MWTLVEWIHEW EJYPPWIRXIRGI
8LI1G+VE[n,MPP 'SQTERMIW
--- 8LIVIEVIX[SQENSVSTXMSRWJSVXVIEXMRKTERMGEXXEGOW % 3RISTXMSRMWQIHMGEXMSR %RXMHITVIWWERXWEVIXLIQSWXJVIUYIRXP]TVIWGVMFIH QIHMGEXMSRJSVTERMGEXXEGOW 8LI]VIEVVERKIXLIFVEMRtWGLIQMGEPPIZIPWWSEWXS KIXVMHSJYR[ERXIHJIEVVIWTSRWIW & %RSXLIVSTXMSRMWGSKRMXMZIFILEZMSVEPXLIVET] 8LMWXLIVET]MRZSPZIWXIGLRMUYIWXLEXLIPTTISTPI [MXLTERMGEXXEGOWKEMRGSRXVSPSJXLIMVW]QTXSQW ERHJIIPMRKW E 7SQIXIGLRMUYIWMRZSPZIFVIEXLMRKI\IVGMWIW F 3 XLIVXIGLRMUYIWXEVKIXXLSYKLXTEXXIVRWXLEX GERXVMKKIVTERMGEXXEGOW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%GGSVHMRKXS(EZMH&EVPS[EYXLSVSJXLI'PMRMGEP ,ERHFSSOSJ4W]GLSPSKMGEP(MWSVHIVWGSKRMXMZI FILEZMSVEPXLIVET]GERFILMKLP]IJJIGXMZI
'SRGPYWMSR
0EFIPMRKXLIGSRGPYWMSRQEVOWMXEWEHMWXMRGX TEVXSJXLIWTIIGL 7YQQEVM^MRKXLIQEMRTSMRXWMWYWYEPP]WXER HEVHTVSGIHYVIMRERMRJSVQEXMZIWTIIGL
6IJIVVMRK FEGO XS XLI WTIEOIVtW TIVWSREP I\TIVMIRGI QIRXMSRIH MR XLI MRXVSHYGXMSR KMZIW XLI WTIIGL E WIRWI SJ YRMX] ERH TVS ZMHIWERIJJIGXMZIIRHMRK
- %W[ILEZIWIIRTERMGEXXEGOWEJJIGXQMPPMSRWSJTISTPI -- *SVXYREXIP]XLIVIEVIXVIEXQIRXSTXMSRWXSLIPT TVIZIRXTERMGEXXEGOWERHXSHIEP[MXLXLIQ[LIR XLI]SGGYV --- -RQ]GEWIXLIGSQFMREXMSRSJQIHMGEXMSRERH GSKRMXMZIFILEZMSVEPXLIVET]LEWFIIRI\XVIQIP] LIPTJYP -: -HSRtXORS[MJ-[MPPIZIVFIGSQTPIXIP]JVIISJTERMG EXXEGOWFYXEXPIEWX-YRHIVWXERHRS[[LEXXLI]EVIERH [LEX-GERHSEFSYXXLIQ
&MFPMSKVETL] 8LMW MW XLI JMREP FMFPMSKVETL] -X PMWXW XLI WSYVGIW EGXYEPP] YWIH MR [VMXMRK XLI WTIIGL ERHMW WLSVXIVXLER XLITVIPMQMREV]FMFPMSK VETL]GSQTMPIHMRXLIIEVP]WXEKIWSJVIWIEVGL 7II 'LETXIV JSV E HMWGYWWMSR SJ XLI TVI PMQMREV]FMFPMSKVETL]
8LMW FMFPMSKVETL] JSPPS[W XLI 1SHIVR 0ERKYEKI %WWSGMEXMSR 10% JSVQEX 'LIGO [MXL]SYVMRWXVYGXSVXSWII[LEXJSVQEX]SY WLSYPHYWIJSV]SYVFMFPMSKVETL]
&EVPS[(EZMH'PMRMGEP,ERHFSSOSJ4W]GLSPSKMGEP(MWSVHIVW XLIH2I[=SVO +YMPJSVH4VIWW 4VMRX &EWOMR/EVEq2SX.YWX%R]3PH&YXXIVJPMIWr;EWLMRKXSR 4SWX .ER *0I\MW2I\MW;IF3GX &VERXPI].IJJVI]'EPQMRK=SYV%R\MSYW1MRH ,S[1MRHJYP RIWWERH'SQTEWWMSR'ER*VII=SYJVSQ%R\MIX]*IEV ERH4ERMGRHIH3EOPERH'% 2I[,EVFMRKIV4YFPMGE XMSRW4VMRX 'LS]=YNYERq8VIEXQIRX4PERRMRKJSV4ERMG(MWSVHIVr 4W]GLMEXVMG8MQIW*IF i4VMRX 9RMXIH7XEXIW(ITXSJ,IEPXLERH,YQER7IVZMGIW 2EXMSREP-RWXMXYXISJ1IRXEP,IEPXL4ERMG(MWSVHIV 2EXMSREP-RWXMXYXIWSJ,IEPXL%TV ;IF 3GX
8LI7TIEOMRK3YXPMRI
q-[EWRIZIVWSI\GMXIHF]TYFPMGWTIEOMRKFIJSVIMRQ]PMJIr[VSXISRIPMWXIRIV MR EJXIVPMWXIRMRKXS(ERMIP;IFWXIVq8LVIISVJSYVXMQIW -XLSYKLXQ] XIQTPIW[SYPHFYVWX[MXLXLIKYWLSJFPSSH-[EWFIWMHIQ]WIPJERHEQ WSWXMPPr 7YGL VIEGXMSRW [IVI RSXYRYWYEP EQSRK ;IFWXIVtW EYHMIRGIW ,I XLVMPPIH X[S KIRIVEXMSRW SJ %QIVMGERW [MXL LMW QEWXIVJYP SVEXMSRW -RGVIHMFPI EW MX WIIQWXSHE]LIHMHWS[LMPIWTIEOMRKJSVWIZIVEPLSYVWEXEXMQISJXIR[MXLSYX
8LI7TIEOMRK3YXPMRI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
WTIEOMRKSYXPMRI %FVMIJSYXPMRIYWIHXSNSKE WTIEOIVtWQIQSV]HYVMRKXLI TVIWIRXEXMSRSJEWTIIGL
3YXPMRMRKXLI7TIIGL
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8LI1G+VE[n,MPP 'SQTERMIW
YWMRKER]RSXIW%VITSVXIVSRGIEWOIHLS[LIQEREKIHXLMWq-XMWQ]QIQ SV]r;IFWXIVWEMHq-GERTVITEVIEWTIIGLVIZMWIERHGSVVIGXMXMRQ]QIQSV] XLIRHIPMZIVXLIGSVVIGXIHWTIIGLI\EGXP]EWJMRMWLIHr *I[TISTPILEZI;IFWXIVtWVIQEVOEFPITS[IVWSJQIQSV]*SVXYREXIP]MX MW RS PSRKIV GYWXSQEV] XS WTIEO JVSQ QIQSV] 8SHE] QSWX TISTPI WTIEO I\XIQTSVERISYWP]h[LMGL QIERW XLI WTIIGL MW GEVIJYPP] TVITEVIH ERH TVEG XMGIHMREHZERGIFYXQYGLSJXLII\EGX[SVHMRKMWWIPIGXIH[LMPIXLIWTIIGLMW FIMRKHIPMZIVIH WII'LETXIV =SYVWTIIGLIW[MPPTVSFEFP]FISJXLMWX]TI =SY WLSYPH ORS[ XLIR EFSYX XLI WTIEOMRK SYXPMRIhXLI QSWX [MHIP] VIGSQ QIRHIHJSVQSJRSXIWJSVI\XIQTSVERISYWWTIIGLIW 8LIEMQSJEWTIEOMRKSYXPMRIMWXSLIPT]SYVIQIQFIV[LEX]SY[ERXXS WE] -R WSQI [E]W MX MW E GSRHIRWIH ZIVWMSR SJ ]SYV TVITEVEXMSR SYXPMRI -X WLSYPHGSRXEMROI][SVHWSVTLVEWIWXSNSK]SYVQIQSV]EW[IPPEWIWWIRXMEP WXEXMWXMGWERHUYSXEXMSRWXLEX]SYHSRtX[ERXXSVMWOJSVKIXXMRK&YXMXWLSYPH EPWSMRGPYHIQEXIVMEPRSXMR]SYVTVITEVEXMSRSYXPMRIhIWTIGMEPP]GYIWXSHMVIGX ERHWLEVTIR]SYVHIPMZIV] 1SWXWTIEOIVWHIZIPSTXLIMVS[RZEVMEXMSRWSRXLIWTIEOMRKSYXPMRI%W]SY EGUYMVIQSVII\TIVMIRGI]SYXSSWLSYPHJIIPJVIIXSI\TIVMQIRX&YXJSVRS[ ]SYV FIWX FIX MW XS JSPPS[ XLI FEWMG KYMHIPMRIW FIPS[ ERH XS YWI XLI WEQTPI WTIEOMRKSYXPMRISRTEKIW i EW]SYVQSHIP
9-()0-2)7*368,)74)%/-2+3980-2) + *SPPS[XLI:MWYEP*VEQI[SVO9WIHMRXLI4VITEVEXMSR3YXPMRI =SYVWTIEOMRKSYXPMRIWLSYPHYWIXLIWEQIZMWYEPJVEQI[SVOhXLIWEQIW]Q FSPW ERH XLI WEQI TEXXIVR SJ MRHIRXEXMSRhEW ]SYV TVITEVEXMSR SYXPMRI 8LMW [MPPQEOIMXQYGLIEWMIVXSTVITEVIXLIWTIEOMRKSYXPMRI1SVIMQTSVXERXMX [MPP EPPS[ ]SY XS WII MRWXERXP] [LIVI ]SY EVI MR XLI WTIIGL EX ER] KMZIR QSQIRX[LMPI]SYEVIWTIEOMRK=SY[MPPJMRHXLMWEKVIEXEHZERXEKI%W]SY WTIEO ]SY [MPP PSSO HS[R EX ]SYV SYXPMRI TIVMSHMGEPP] XS QEOI WYVI ]SY EVI GSZIVMRKXLIVMKLXMHIEWMRXLIVMKLXSVHIV 'SQTEVIXLIJSPPS[MRKX[SZIVWMSRWSJETEVXMEPWTIEOMRKSYXPMRI8LI]EVI JVSQ ER MRJSVQEXMZI WTIIGL EFSYX XLI LMWXSV] SJ XLI 97 [SQIRtW VMKLXW QSZIQIRX -RIJJIGXMZI - i % ;SVPH%RXM7PEZIV] 'SRZIRXMSR & 7 IRIGE*EPPWGSRZIRXMSR 0YGVIXME1SXX )PM^EFIXL'EH]7XERXSR (IGPEVEXMSRSJ7IRXMQIRXW -- i % 2 EXMSREP%QIVMGER;SQER 7YJJVEKI%WWSGMEXMSR *SYRHMRK 3FNIGXMZIW & 2MRIXIIRXL%QIRHQIRX 'EQTEMKR 6EXMJMGEXMSR
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8LI1G+VE[n,MPP 'SQTERMIW
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8LI1G+VE[n,MPP 'SQTERMIW
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8LVSYKLSYXXLISYXPMRIOI][SVHWEVIYWIHXS NSK XLI WTIEOIVtW QIQSV] &IGEYWI XLI JMREP [SVHMRKSJERI\XIQTSVERISYWWTIIGLMWGLS WIR EX XLI QSQIRX SJ HIPMZIV] MX [MPP RSX FI I\EGXP] XLI WEQI EW XLEX MR XLI TVITEVEXMSR SYXPMRI
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h4EYWIh
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8LI7TIEOMRK3YXPMRI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7911%6= 3YXPMRIWEVIIWWIRXMEPXSIJJIGXMZIWTIIGLIW&]SYXPMRMRK]SYQEOIWYVIXLEXVIPEXIH MHIEWEVIXSKIXLIVXLEX]SYVXLSYKLXWJPS[JVSQSRIXSERSXLIVERHXLEXXLIWXVYG XYVISJ]SYVWTIIGLMWGSLIVIRX=SY[MPPTVSFEFP]YWIX[SOMRHWSJSYXPMRIWJSV]SYV WTIIGLIWh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9WMRK0ERKYEKI
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9WMRK0ERKYEKI
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%2SXISR-RGPYWMZI0ERKYEKI
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
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1IERMRKWSJ;SVHW
HIRSXEXMZIQIERMRK 8LIPMXIVEPSVHMGXMSREV] QIERMRKSJE[SVHSV TLVEWI
GSRRSXEXMZIQIERMRK 8LIQIERMRKWYKKIWXIH F]XLIEWWSGMEXMSRWSV IQSXMSRWXVMKKIVIHF] E[SVHSVTLVEWI
;SVHW LEZI X[S OMRHW SJ QIERMRKWhHIRSXEXMZI ERH GSRRSXEXMZI (IRSXEXMZI QIERMRKMWTVIGMWIPMXIVEPERHSFNIGXMZI-XHIWGVMFIWXLISFNIGXTIVWSRTPEGI MHIESVIZIRXXS[LMGLXLI[SVHVIJIVW3RI[E]XSXLMROSJE[SVHtWHIRSXEXMZI QIERMRK MW EW MXW HMGXMSREV] HIJMRMXMSR *SV I\EQTPI HIRSXEXMZIP] XLI RSYR qWGLSSPrQIERWqETPEGIMRWXMXYXMSRSVFYMPHMRK[LIVIMRWXVYGXMSRMWKMZIRr 'SRRSXEXMZIQIERMRKMWQSVIZEVMEFPIJMKYVEXMZIERHWYFNIGXMZI8LIGSR RSXEXMZIQIERMRKSJE[SVHMW[LEXXLI[SVHWYKKIWXWSVMQTPMIW*SVMRWXERGI XLIGSRRSXEXMZIQIERMRKSJXLI[SVHqWGLSSPrMRGPYHIWEPPXLIJIIPMRKWEWWS GMEXMSRWERHIQSXMSRWXLEXXLI[SVHXSYGLIWSJJMRHMJJIVIRXTISTPI*SVWSQI TISTPI qWGLSSPr QMKLX GSRRSXI TIVWSREP KVS[XL GLMPHLSSH JVMIRHW ERH E WTIGMEPXIEGLIV*SVSXLIVWMXQMKLXGSRRSXIJVYWXVEXMSRHMWGMTPMRIERHFSVMRK LSQI[SVOEWWMKRQIRXW 'SRRSXEXMZIQIERMRKKMZIW[SVHWXLIMVMRXIRWMX]ERHIQSXMSREPTS[IV-X EVSYWIW MR PMWXIRIVW JIIPMRKW SJ ERKIV TMX] PSZI JIEV JVMIRHWLMT RSWXEPKME KVIIHKYMPXERHXLIPMOI7TIEOIVWPMOITSIXWSJXIRYWIGSRRSXEXMSRXSIRVMGL XLIMVQIERMRK*SVI\EQTPI 8IVVSVMWXWRIMXLIVPMWXIRXSVIEWSRRSVIRKEKIMRVIEWSRMRK[MXLSXLIVW8LIMVEMQMWXS KIRIVEXIJIEVhXSJVMKLXIRTISTPIMRXSWYFQMWWMSR8LI]QIEWYVIWYGGIWWF]XLIQEKRMXYHI SJXLIJIEVXLI]KIRIVEXIXLVSYKLFVYXEPWEZEKIEGXWSJZMSPIRGI8IVVSVMWXWEVITVITEVIH XSOMPPXSJYVXLIV[LEXIZIVGEYWIXLI]GPEMQXSFITYVWYMRK%RHXLILIMRSYWRIWWSJXLIWI QYVHIVW MW EGGIRXYEXIH F] XLI JEGX XLEX XIVVSVMWXW QYVHIV [MXLSYX TEWWMSR 8LI] QYVHIV [MXLGSSPHIPMFIVEXMSRERHHIPMFIVEXITPERRMRK8LI]EVIYXXIVP]EQSVEP
8LI YRHIVPMRIH [SVHW MR XLMW TEWWEKI LEZI TS[IVJYP GSRRSXEXMSRW XLEX EVI EPQSWXGIVXEMRXSTVSHYGIEWXVSRKIQSXMSREPVIZYPWMSRXSXIVVSVMWQ
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;SVHWEVIXLIXSSPWSJXLI WTIEOIVtWGVEJX+SSHWTIEO IVWYWIXLIQEGGYVEXIP]ERH GSVVIGXP]8LI]EPWSYWIPER KYEKIXLEX[MPPFIGPIEV ZMZMHERHETTVSTVMEXIJSV XLIMVPMWXIRIVW
,IVI MR GSRXVEWX MW ERSXLIV ZIVWMSR SJ XLI WEQI WXEXIQIRXhXLMW XMQI YWMRK[SVHW[MXLEHMJJIVIRXWIXSJGSRRSXEXMSRW 8IVVSVMWXWHSRSXWIIOXSRIKSXMEXI[MXLXLIMVSTTSRIRXW8LI]WIIOZMGXSV]F]YWMRK TSPMXMGEPERHTW]GLSPSKMGEPTVIWWYVIMRGPYHMRKEGXWSJZMSPIRGIXLEXQE]IRHERKIVXLIPMZIW SJWSQITISTPI8SXLIXIVVSVMWXYPXMQEXISFNIGXMZIWEVIQSVIMQTSVXERXXLERXLIQIERW YWIHXSEGLMIZIXLIQ
;MXLXLII\GITXMSRSJqXIVVSVMWXrXLI[SVHWMRXLMWWXEXIQIRXEVIPIWWPMOIP]XS IZSOIERMRXIRWIP]RIKEXMZIVIWTSRWIXLERXLSWIMRXLIJMVWXWXEXIQIRX ;LMGLWXEXIQIRXMWTVIJIVEFPI#8LEXHITIRHWSRXLIEYHMIRGIXLISGGEWMSR ERHXLIWTIEOIVtWTYVTSWI(S]SY[ERXXSWXMVYT]SYVPMWXIRIVWtIQSXMSRWVEPP] XLIQXSWSQIGEYWI#8LIRWIPIGX[SVHW[MXLQSVIMRXIRWIGSRRSXEXMZIQIER MRKW3VEVI]SYEHHVIWWMRKEGSRXVSZIVWMEPMWWYIERHXV]MRKXSWIIQGSQTPIXIP] MQTEVXMEP#8LIRWXMGO[MXL[SVHWXLEXXSYGLSJJPIWWMRXIRWIVIEGXMSRW'LSSWMRK [SVHWWOMPPJYPP]JSVXLIMVHIRSXEXMZIERHGSRRSXEXMZIQIERMRKWMWEGVYGMEPTEVX SJXLIWTIEOIVtWGVEJX
9WMRK0ERKYEKI%GGYVEXIP]
9WMRKPERKYEKIEGGYVEXIP]MWEWZMXEPXSEWTIEOIVEWYWMRKRYQFIVWEGGYVEXIP] MW XS ER EGGSYRXERX 3RI WXYHIRX JSYRH XLMW SYX XLI LEVH [E] -R E WTIIGL EFSYX%QIVMGEtWGVMQMREPNYWXMGIW]WXIQLIVIJIVVIHWIZIVEPXMQIWXSqGVMQMREP TIVWIGYXMSRr ;LEX LI QIERX SJ GSYVWI [EW qGVMQMREP TVSWIGYXMSRr 8LMW SRI IVVSV ZMVXYEPP] VYMRIH LMW WTIIGL %W SRI SJ LMW GPEWWQEXIW WEMH q,S[ GER - FIPMIZI[LEX]SYWE]EFSYXSYVGSYVXW[LIR]SYHSRtXIZIRORS[XLIHMJJIV IRGIFIX[IIRTVSWIGYXMSRERHTIVWIGYXMSR#r *SVXYREXIP]WYGLSYXVMKLXFPYRHIVWEVIVIPEXMZIP]VEVIEQSRKGSPPIKIWXY HIRXW,S[IZIV[IEPPGSQQMXQSVIWYFXPIIVVSVWhIWTIGMEPP]YWMRKSRI[SVH
9WMRK0ERKYEKI%GGYVEXIP]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0SSOMRK JSV NYWX XLI VMKLX [SVH XS I\TVIWW ]SYV MHIEW# 8LIVItW E KSSH GLERGI ]SY [MPP JMRH MX EX 1IVVMEQ;IFWXIV 3RPMRI [[[QIVVMEQ[IFWXIVGSQ -R EHHMXMSR XS TVSZMHMRK E HMGXMSREV] ERH XLIWEYVYW XLMW WMXI GSRXEMRW PMROW XS E RYQFIVSJPERKYEKIVIPEXIHMXIQWJVSQ1IVVMEQ;IFWXIV
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
XLIWEYVYW %FSSOSJW]RSR]QW
%VI ]SY E RSRREXMZI WTIEOIV SJ )RKPMWL# -J WS ]SY [MPP JMRH QER] LIPTJYP VIWSYVGIW SR XLI ;IF 3RI SJ XLI FIWX MW 3LMS 9RMZIVWMX]tW 6IWSYVGIW JSV )70 0IEVRIVW [[[SLMSYIHYPMRKYMWXMGWIWP [LMGL TVSZMHIW HS^IRW SJ PMROW SR WYFNIGXWWYGLEWKVEQQEVZSGEFYPEV]VIEHMRK[VMXMRKERHWTIEOMRK
[LIRERSXLIV[MPPGETXYVISYVMHIEWQSVITVIGMWIP])ZIV][SVHLEWWLEHIWSJ QIERMRKXLEXHMWXMRKYMWLMXJVSQIZIV]SXLIV[SVH%W1EVO8[EMRWEMHq8LI HMJJIVIRGIFIX[IIRXLIVMKLX[SVHERHXLIEPQSWXVMKLX[SVHMWXLIHMJJIVIRGI FIX[IIRPMKLXRMRKERHXLIPMKLXRMRKFYKr -J ]SY PSSO MR E XLIWEYVYW ]SYtPP JMRH XLI JSPPS[MRK [SVHW KMZIR EW W]RSR]QW ZMGXSV]
EGGSQTPMWLQIRX
WYGGIWW
%PP QIER VSYKLP] XLI WEQI XLMRKhE JEZSVEFPI SYXGSQI &YX EPP XLIWI [SVHW LEZIHMJJIVIRXWLEHIWSJQIERMRK7IIMJ]SYGERJMPPMRXLIFIWX[SVHXSGSQ TPIXIIEGLSJXLIWIRXIRGIWFIPS[ 1 ] QSWX MQTSVXERX GEPGYPYW
XLMW ]IEV [EW KIXXMRK ER % MR
4VM]EtW FYWMRIWW [SVOERHWXVIIXWQEVXW
VIWYPXW JVSQ E GSQFMREXMSR SJ LEVH
4EYPtW SR XLI TEVEPPIP FEVW KEZI LMQ GSRJMHIRGI XS TYVWYIXLIKSPHQIHEPJSVFIWXEPPEVSYRHK]QREWX 8LIFIWXERW[IVWJSVXLIJSYVWXEXIQIRXWEVI EGGSQTPMWLQIRX
WYGGIWW
ZMGXSV]
)EGLSJXLI[SVHWQIERWWSQIXLMRKEPMXXPIHMJJIVIRXJVSQXLISXLIVWERHIEGL WE]WWSQIXLMRKWTIGMEPXSPMWXIRIVW %W ]SY TVITEVI ]SYV WTIIGLIW EWO ]SYVWIPJ GSRWXERXP] q;LEX HS - VIEPP] [ERXXSWE]#;LEXHS-VIEPP]QIER#r;LIRMRHSYFXGSRWYPXEHMGXMSREV]SV XLIWEYVYWXSQEOIWYVI]SYLEZIXLIFIWX[SVHWXSI\TVIWW]SYVMHIEW
9WMRK0ERKYEKI'PIEVP] 4ISTPIEVIHMJJIVIRX;LEXQEOIWTIVJIGXWIRWIXSWSQIQE]FIKSFFPIH]KSSO XSSXLIVW=SYGERRSXEWWYQIXLEX[LEXMWGPIEVXS]SYMWGPIEVXS]SYVEYHM IRGI 0MWXIRIVW YRPMOI VIEHIVW GERRSX XYVR XS E HMGXMSREV] SV VIVIEH ER EYXLSVtW [SVHW XS HMWGSZIV XLIMV QIERMRK % WTIEOIVtW QIERMRK QYWX FI MQQIHMEXIP]GSQTVILIRWMFPI MXQYWXFIWSGPIEVXLEXXLIVI MW RSGLERGISJ QMWYRHIVWXERHMRK=SYGERIRWYVIXLMWF]YWMRKJEQMPMEV[SVHWF]GLSSWMRK GSRGVIXI[SVHWSZIVEFWXVEGX[SVHWERHF]IPMQMREXMRKZIVFEPGPYXXIV
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
97)*%1-0-%6;36(7 3RI SJ XLI FMKKIWX FEVVMIVW XS GPIEV WTIIGL MW YWMRK FMK FPSEXIH [SVHW [LIVI WLSVXWLEVTSRIW[MPPHSXLINSFFIXXIV8LMWMWIWTIGMEPP]XVYI[LIRMXGSQIW XSXIGLRMGEPPERKYEKIXLEXQE]FIJEQMPMEVXSXLIWTIEOIVFYXRSXXSXLIEYHM IRGI=IXMJ]SY[SVOEXMX]SY[MPPEPQSWXEP[E]WFIEFPIXSXVERWPEXIIZIRXLI QSWXWTIGMEPM^IHXSTMGMRXSGPIEVJEQMPMEVPERKYEKI ,IVIJSVMRWXERGIEVIXLVIITEWWEKIWI\TPEMRMRKXLIHIZEWXEXMRKIJJIGXWSJ E TVIKRERX [SQERtW HVMROMRK SR LIV YRFSVR GLMPH 8LI JMVWX TEWWEKI MW MR QIHMGEPNEVKSRERHMXHIJMIWGSQTVILIRWMSRF]SVHMREV]PMWXIRIVW %PGSLSP GSRWYQTXMSR F] XLI TVIKRERX [SQER WIVMSYWP] MRJPYIRGIW XLI MRXVEYXIVMRI QMPMIYERHXLIVIJSVIGSRXVMFYXIWXSXLIQSVFMHMX]ERHQSVXEPMX]SJGLMPHVIRFSVRXSXLIWI QSXLIVW -R VIKEVH XS XLI TEXLSTL]WMSPSK] SJ XLMW W]RHVSQI KIRIXMG TSP]QSVTLMWQ SJ IR^]QIW JSV IXLERSP QIXEFSPMWQ QE] EPXIV JIXEP WYWGITXMFMPMX] 8LIVI QE] EPWS FI TSSV QMGVSWSQEPSVQMXSGLSRHVMEPJYRGXMSRSVHIGVIEWIH%84EGXMZMX]
)ZIRERIHYGEXIHTIVWSR[MXLSYXEQIHMGEPFEGOKVSYRH[SYPHLEZIXVSY FPI[MXLqTEXLSTL]WMSPSK]rERHqTSP]QSVTLMWQrERHqQMXSGLSRHVMEPr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
;IPPMRJSVQIH PMWXIRIVW GSYPH TVSFEFP] JMKYVI SYX qHIPIXIVMSYW IJJIGXWr qGIRXVEPRIVZSYWW]WXIQ H]WJYRGXMSRWr ERH qJEGMEP EFIVVEXMSRWr &YX XLIWI XIVQWHSRtXGVIEXIEWLEVTQIRXEPMQEKISJ[LEXXLIWTIEOIVMWXV]MRKXSWE] ;IWXMPPRIIHXSKSSRIWXITJYVXLIVE[E]JVSQQIHMGEPNEVKSRXS[EVHSVHM REV]PERKYEKI 7S[IGSQIXSXLIXLMVHTEWWEKI[LMGLMWYXXIVP]GPIEV-XWLS[W[LEXGER FIHSRI[MXL[SVOMQEKMREXMSRERHELIEPXL]VIWTIGXJSVIZIV]HE][SVHW ;LIR XLI I\TIGXERX QSXLIV HVMROW EPGSLSP MW EFWSVFIH MRXS LIV FPSSHWXVIEQ ERH HMWXVMFYXIH XLVSYKLSYX LIV IRXMVI FSH] %JXIV E JI[ FIIVW SV E GSYTPI SJ QEVXMRMW WLI FIKMRWXSJIIPXMTW]ERHHIGMHIWXSWSFIVYT7LIKVEFWEGYTSJGSJJIIX[SEWTMVMRERH XEOIWEPMXXPIRET%JXIVE[LMPIWLItPPFIJMRI &YX [LMPI WLI WPIITW XLI JIXYW MW WYVVSYRHIH F] XLI WEQI EPGSLSPMG GSRXIRX EW MXW QSXLIVLEH%JXIVFIMRKHVS[RIHMREPGSLSPXLIJIXYWFIKMRWXSJIIPXLIIJJIGX&YXMXGERtX WSFIVYT-XGERtXKVEFEGYTSJGSJJII-XGERtXKVEFEGSYTPISJEWTMVMR*SVXLIJIXYWtWPMZIV XLIOI]SVKERMRVIQSZMRKEPGSLSPJVSQXLIFPSSHMWNYWXRSXHIZIPSTIH8LIJIXYWMWPMXIV EPP]TMGOPIHMREPGSLSP
8LMWOMRHSJTPEMRXEPOMW[LEXPMWXIRIVW[ERX=SYGERRSXKS[VSRKF]JSP PS[MRK XLIEHZMGISJ ;MRWXSR'LYVGLMPPXSWTIEOMRqWLSVXLSQIP][SVHWSJ GSQQSR YWEKIr -J ]SY XLMRO FMK [SVHW SV E PSX SJ [SVHW EVI RIIHIH XS MQTVIWWPMWXIRIVWFIEVMRQMRHXLEXXLI+IXX]WFYVK%HHVIWWhGSRWMHIVIHXLIJMRIWX
9WMRK0ERKYEKI'PIEVP]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WTIIGLMRXLI)RKPMWLPERKYEKIhGSRXEMRW[SVHWSJ[LMGLLEZISRP] SRISVX[SW]PPEFPIW
',337)'32'6)8);36(7 GSRGVIXI[SVHW ;SVHWXLEXVIJIVXS XERKMFPISFNIGXW
EFWXVEGX[SVHW ;SVHWXLEXVIJIVXSMHIEW SVGSRGITXW
'SRGVIXI [SVHW VIJIV XS XERKMFPI SFNIGXWhTISTPI TPEGIW ERH XLMRKW 8LI] HMJJIVJVSQEFWXVEGX[SVHW[LMGLVIJIVXSKIRIVEPGSRGITXWUYEPMXMIWSVEXXVMFYXIW q'EVVSXrqTIRGMPrqRSWIrERHqHSSVrEVIGSRGVIXI[SVHWq,YQMPMX]rqWGMIRGIr qTVSKVIWWrERHqTLMPSWSTL]rEVIEFWXVEGX[SVHW 3J GSYVWI JI[ [SVHW EVI GSQTPIXIP] EFWXVEGX SV GSRGVIXI q%TTPI TMIr MW GSRGVIXIFYXMRXLI9RMXIH7XEXIWXLITLVEWIEPWSLEWEFWXVEGXZEPYIWSJTEXVMS XMWQ ERH GSRZIRXMSREP QSVEPW 9WYEPP] XLI QSVI WTIGMJMG E [SVH XLI QSVI GSRGVIXIMXMW0IXYWWE]]SYEVIXEPOMRKEFSYXKSPJ,IVIEVIWIZIVEP[SVHWERH TLVEWIW]SYQMKLXYWI TL]WMGEPEGXMZMX]
EFWXVEGXKIRIVEP
WTSVXW KSPJ TVSJIWWMSREPKSPJ 8MKIV;SSHW
GSRGVIXIWTIGMJMG
%W ]SYQSZI HS[RXLIPMWXXLI[SVHWFIGSQIPIWWEFWXVEGX ERH QSVIGSRGVIXI =SY FIKMR [MXL E KIRIVEP GSRGITX TL]WMGEP EGXMZMX] HIWGIRH XS SRI X]TI SJ EGXMZMX] WTSVXW XSETEVXMGYPEVWTSVX KSPJ XSEHMZMWMSRSJXLEXWTSVX TVSJIW WMSREPKSPJ XSSRIWTIGMJMGTVSJIWWMSREPKSPJIV 8MKIV;SSHW %PXLSYKL EFWXVEGX [SVHW EVI RIGIWWEV] XS I\TVIWW GIVXEMR OMRHW SJ MHIEW XLI] EVIQYGL IEWMIV XS QMWMRXIVTVIX XLER EVI GSRGVIXI [SVHW %PWS GSRGVIXI [SVHW EVI QYGL QSVI PMOIP] XS GPEMQ ]SYV PMWXIRIVWt EXXIRXMSR 7YTTSWI ]SY QEOIEWTIIGLEFSYXJMVIERXW[LMGLLEZIPSRKTPEKYIHXLI7SYXLERHEVIRS[ EXXEGOMRK[IWXIVRWXEXIW,IVIEVIX[S[E]W]SYGSYPHETTVSEGLXLIWYFNIGXh SRIJIEXYVMRKEFWXVEGX[SVHWXLISXLIVGSRGVIXI[SVHW %FWXVEGX;SVHW *MVIERXWLEZIFIIRETVSFPIQIZIVWMRGIXLI]EVVMZIHMRXLI9RMXIH7XEXIW8LI]LEZI WTVIEHEGVSWWXLI7SYXLERHRS[XLVIEXIRZEVMSYWTEVXWSJXLI;IWXEW[IPP8LMWMWEWIVM SYWTVSFPIQFIGEYWIJMVIERXWEVILMKLP]EKKVIWWMZI8LIVILEZIIZIRFIIRLYQERGEWYEP XMIWJVSQJMVIERXWXMRKW
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
2SXMGILS[QYGLQSVITIVWYEWMZIXLIWIGSRHZIVWMSRMW%WTIIGLHSQM REXIHF]GSRGVIXI [SVHW [MPP EPQSWX EP[E]W FI GPIEVIV QSVI MRXIVIWXMRK ERH IEWMIVXSVIGEPPXLERSRIHSQMREXIHF]EFWXVEGX[SVHW
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)ZIR[LIRHMWGYWWMRK XIGLRMGEPWYFNIGXWIJJIGXMZI WTIEOIVWWYGLEWFMSPSKMWX *VERGMW'SPPMRWPSSOJSV[E]W XSGSQQYRMGEXIXLIMVMHIEW MRGPIEVJEQMPMEVPERKYEKI
)0-1-2%8)'0988)6 'PYXXIVIHWTIIGLLEWFIGSQIEREXMSREPITMHIQMG;LEXIZIVLETTIRIHXSWYGL WMQTPI [SVHW EW qFIJSVIr qMJr ERH qRS[r# ;LIR PEWX WIIR XLI] [IVI FIMRK VSYXIHF]XLIMVGPYXXIVIHGSYRXIVTEVXW qTVMSVXSrqMRXLIIZIRXYEPMX]SJrERH qEXXLMWTSMRXMRXMQIr&]XLIWEQIXSOIR[L]GERtX[IEXLIVJSVIGEWXIVWWE] q-XtWVEMRMRKrMRWXIEHSJWE]MRKq-XETTIEVWEWMJ[IEVIGYVVIRXP]I\TIVMIRGMRK TVIGMTMXEXMSR EGXMZMX]r# %RH [L] GERtX TSPMXMGMERW WE] q;I LEZI E GVMWMWr MRWXIEHSJWE]MRKq;IEVIJEGMRKEHMJJMGYPXGVMWMWWMXYEXMSRXLEX[MPPFIXVSYFPI WSQIXSWYGGIWWJYPP]VIWSPZIr# 8LMW X]TI SJ GPYXXIV JSVGIW PMWXIRIVW XS LEGO XLVSYKL E XERKPI SJ [SVHW XS HMWGSZIVXLIQIERMRK;LIR]SYQEOIEWTIIGLOIIT]SYVPERKYEKIPIERERH PMZIP]&I[EVISJYWMRKWIZIVEP[SVHW [LIVISRISV X[S[MPP HS%ZSMHJPEFF] TLVEWIW 0IX ]SYV MHIEW IQIVKI WLEVTP] ERH JMVQP] %FSZI EPP [EXGL SYX JSV VIHYRHERXEHNIGXMZIWERHEHZIVFW-RI\TIVMIRGIHWTIEOIVW ERH[VMXIVW XIRHXS WXVMRK XSKIXLIV X[S SV XLVII W]RSR]QSYW EHNIGXMZIW WYGL EW qE PIEVRIH ERH IHYGEXIHTIVWSRrSVqELSXWXIEQ]XSVVMHHE]r ,IVIMWTEVXSJEWXYHIRXWTIIGLXLEXLEWFIIRVIZMWIHXSIPMQMREXIGPYXXIV
GPYXXIV (MWGSYVWIXLEXXEOIWQER] QSVI[SVHWXLEREVI RIGIWWEV]XSI\TVIWWERMHIE
7MXXMRK &YPP [EW SRI SJ XLI QSWX MQTSVXERX ERH WMKRMJMGERX SJ EPP 2EXMZI %QIVMGER
TVIWIRXHE] PIEHIVW,I[EWFSVRMRXLI]IEVSJ RIEV+VERH6MZIVMREREVIEXLEXMWRS[TEVXSJ
[EW XLIWXEXISJ7SYXL(EOSXE%JIEVPIWWERHGSYVEKISYW[EVVMSVLIIRHIHYTFIMRKIPIGXIH GLMIJSJXLI,YROTETE7MSY\MR -RXLIJSPPS[MRK]IEVWLIEPWSEXXVEGXIHEPEVKIERH RYQIVSYW JSPPS[MRKEQSRKXLI XVMFIWSJXLI 'LI]IRRIERH%VETELS ,IMW FIWXORS[R
XSHE]
HIJIEXMRK
XS TISTPI MR XLMW HE] ERH EKI JSV LMW MRWXVYQIRXEP VSPI MR LIPTMRK XS PIEH XLI HIJIEX SJ
9WMRK0ERKYEKI'PIEVP]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
JSVGIH +IRIVEP'YWXIVEXXLI&EXXPISJ0MXXPI&MK,SVRMR %PXLSYKLIZIRXYEPP]VIUYMVIHEKEMRWX LMW[MPPXSPMZILMWPMJISRXLI7XERHMRK6SGO6IWIVZEXMSRMR7SYXL(EOSXELIRIZIVWYVVIRHIVIH XSER]SRILMWHMKRMX]SVLMWTIVWSREPHIZSXMSRXSXLI7MSY\[E]SJPMJI
2SXMGILS[QYGLGPIERIVERHIEWMIVXSJSPPS[XLIVIZMWIHZIVWMSRMW2SPSRKIV EVIXLIWTIEOIVtWMHIEWLMHHIRMREXLMGOIXSJ[EWXIH[SVHW 8LMW OMRH SJ TVYRMRK MW IEW] SRGI ]SY KIX XLI OREGO SJ MX 8LI LEVHIWX TEVXhERHMXMWSJXIRZIV]LEVHhMWVIGSKRM^MRKGPYXXIVERHJSVGMRK]SYVWIPJXS XLVS[ E[E] XLI YRRIGIWWEV] [SVHW ;EXGL JSV GPYXXIV [LIR ]SY [VMXI ]SYV WTIIGL SYXPMRIW &I TVITEVIH XS VIZMWI XLI SYXPMRI YRXMP ]SYV MHIEW IQIVKI GPIEVP]ERHGVMWTP] =SY GER EPWS LIPT IPMQMREXI GPYXXIV F] TVEGXMGMRK ]SYV WTIIGLIW [MXL E HMKMXEPVIGSVHIV%W]SYTPE]XLIWTIIGLFEGOOIITERIEVSYXRSXNYWXJSVJPEFF] TLVEWIWFYXJSVZIVFEPJMPPIVWWYGLEWq]SYORS[rqPMOIrERHqVIEPP]r4VEGXMGI HIPMZIVMRK XLI WTIIGL EKEMR XLMW XMQI QEOMRK E WTIGMEP IJJSVX XS XVMQ MX SJ [EWXIH SV HMWXVEGXMRK [SVHW 8LMW [MPP RSX SRP] QEOI ]SY E FIXXIV TYFPMG WTIEOIVFYXMX[MPPLIPT]SYTVIWIRXMHIEWQSVIIJJIGXMZIP]MRQIIXMRKWGSRZIV WEXMSRWERHKVSYTHMWGYWWMSRW
9WMRK0ERKYEKI:MZMHP] .YWXEW]SYGER FIEGGYVEXI[MXLSYXFIMRK GPIEVWS]SYGER FIFSXLEGGYVEXI ERHGPIEV[MXLSYXFIMRKMRXIVIWXMRK,IVIJSVI\EQTPIMWLS[1EVXMR0YXLIV /MRKQMKLXLEZITLVEWIHTEVXSJLMWKVIEXq-,EZIE(VIEQrWTIIGL 8YVRMRKFEGOMWWSQIXLMRK [IGERRSXHS;IQYWXGSRXMRYI XS[SVOEKEMRWXTSPMGI FVYXEPMX]WIKVIKEXIHLSYWMRKHMWJVERGLMWIQIRXERHEPMIREXMSR3RP][LIRXLIWITVSFPIQW EVIWSPZIH[MPP[IFIWEXMWJMIH
,IVIMW[LEX/MRKEGXYEPP]WEMH ;IGERRSXXYVRFEGO8LIVIEVIXLSWI[LSEWOXLIHIZSXIIWSJGMZMPVMKLXWq;LIR[MPP ]SY FI WEXMWJMIH#r ;I GER RIZIV FI WEXMWJMIH EW PSRK EW XLI 2IKVS MW XLI ZMGXMQ SJ XLI YRWTIEOEFPILSVVSVWSJTSPMGIFVYXEPMX];IGERRIZIVFIWEXMWJMIHEWPSRKEWSYVFSHMIW LIEZ][MXLXLIJEXMKYISJXVEZIPGERRSXKEMRPSHKMRKMRXLIQSXIPWSJXLILMKL[E]WERHXLI LSXIPWSJXLIGMXMIW;IGERRSXFIWEXMWJMIHEWPSRKEWE2IKVSMR1MWWMWWMTTMGERRSXZSXI ERHE2IKVSMR2I[=SVOFIPMIZIWLILEWRSXLMRKJSV[LMGLXSZSXI2SRS[IEVIRSX WEXMWJMIHERH[I[MPPRSXFIWEXMWJMIHYRXMPNYWXMGIVSPPWHS[RPMOI[EXIVWERHVMKLXISYWRIWW PMOIEQMKLX]WXVIEQ
1YGLQSVIWXMVVMRKMWRtXMX#-J]SY[ERXXSQSZITISTPI[MXL]SYVWTIIGLIW YWIZMZMHERMQEXIHPERKYEKI%PXLSYKLXLIVIEVIWIZIVEP[E]WXSHSXLMWX[S SJXLIQSWXMQTSVXERXEVIMQEKIV]ERHVL]XLQ
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-1%+)6= 3RIWMKRSJEKSSHRSZIPMWXMWXLIEFMPMX]XSGVIEXI [SVH TMGXYVIW XLEX PIX ]SY qWIIr XLI LEYRXIH LSYWI SV qLIEVr XLI FMVHW GLMVTMRK SR E [EVQ WTVMRKQSVRMRKSVqXEWXIrXLILSXIRGLMPEHEWEXE 1I\MGERVIWXEYVERX 7TIEOIVW GER YWI MQEKIV] MR QYGL XLI WEQI [E]XSQEOIXLIMVMHIEWGSQIEPMZI8LVII[E]WXS KIRIVEXI MQEKIV] EVI F] YWMRK GSRGVIXI [SVHW WMQMPIERHQIXETLSV
'SRGVIXI;SVHW %W [I WE[ IEVPMIV MR XLMW GLETXIV GLSSWMRK GSR GVIXI [SVHW SZIV EFWXVEGX [SVHW MW SRI [E] XS IRLERGI XLI GPEVMX] SJ ]SYV WTIIGLIW 'SRGVIXI [SVHWEVIEPWSXLIOI]XSIJJIGXMZIMQEKIV]'SR WMHIVXLIJSPPS[MRKI\GIVTXJVSQ6SREPH6IEKERtW JEQSYW EHHVIWW GSQQIQSVEXMRK XLI XL ERRM ZIVWEV] SJ ((E] 7TIEOMRK EX XLI WGIRI SJ XLI FEXXPI 6IEKER HVEQEXMGEPP] VIGSYRXIH XLI LIVS MWQ SJ XLI 97 6ERKIVW [LS WGEPIH XLI GPMJJW EX 4SMRXI HY ,SG XS LIPT JVII )YVSTI JVSQ ,MXPIVtW WXVERKPILSPH
'PIEVZMZMHYRGPYXXIVIHPERKYEKIMWELEPPQEVOSJ8LSQEW *VMIHQERtWWTIIGLIW8LI4YPMX^IV4VM^I[MRRMRKNSYVREPMWX KMZIWEKVIEXHIEPSJXLSYKLXXSJMRHMRKNYWXXLIVMKLX[SVHW XSI\TVIWWLMWMHIEW
;IWXERHSREPSRIP][MRHW[ITXTSMRXSRXLIRSVXLIVRWLSVISJ*VERGI8LIEMVMWWSJX FYX]IEVWEKSEXXLMWQSQIRXXLIEMV[EWHIRWI[MXLWQSOIERHXLIGVMIWSJQIRERH XLIEMV[EWJMPPIH[MXLXLIGVEGOSJVMJPIJMVIERHXLIVSEVSJGERRSR %XHE[RSRXLIQSVRMRKSJXLIXLSJ.YRI 6ERKIVWNYQTIHSJJXLI&VMX MWLPERHMRKGVEJXERHVERXSXLIFSXXSQSJXLIWIGPMJJW8LI6ERKIVWPSSOIHYTERHWE[ XLIIRIQ]WSPHMIVWhEXXLIIHKISJXLIGPMJJWWLSSXMRKHS[REXXLIQ[MXLQEGLMRIKYRW ERHXLVS[MRKKVIREHIW%RHXLI%QIVMGER6ERKIVWFIKERXSGPMQF8LI]WLSXVSTIPEHHIVW SZIVXLIJEGISJXLIWIGPMJJWERHFIKERXSTYPPXLIQWIPZIWYT ;LIR SRI 6ERKIV JIPP ERSXLIV [SYPH XEOI LMW TPEGI ;LIR SRI VSTI [EW GYX E 6ERKIV [SYPH KVEF ERSXLIV ERH FIKMR LMW GPMQF EKEMR 8LI] GPMQFIH WLSX FEGO ERH LIPHXLIMVJSSXMRK7SSRSRIF]SRIXLI6ERKIVWTYPPIHXLIQWIPZIWSZIVXLIXSTERH MRWIM^MRKXLIJMVQPERHEXXLIXSTSJXLIWIGPMJJWXLI]FIKERXSWIM^IFEGOXLIGSRXMRIRX SJ)YVSTI
'SRGVIXI [SVHW GEPP YT QIRXEP MQTVIWWMSRW SJ WMKLXW WSYRHW XSYGL WQIPP ERH XEWXI -R 6IEKERtW WTIIGL [I HS RSX QIVIP] PIEVR XLEX XLI 97 6ERKIVWLIPTIH[MRXLIFEXXPISJ((E];IZMWYEPM^IXLI6ERKIVWPERHMRKEX XLIJSSXSJXLIGPMJJW;IWIIXLIQJMKLXMRKXLIMV[E]YTXLIGPMJJWMRXLIJEGI SJIRIQ]KVIREHIWERHQEGLMRIKYRW;ILIEVXLIGVEGOSJVMJPIJMVIERHXLI GVMIWSJXLIWSPHMIVW8LIGSRGVIXI[SVHWGVIEXIMQEKIWXLEXTYPPYWMVVIWMWXMFP] MRXSXLIWTIIGL
MQEKIV] 8LIYWISJZMZMHPERKYEKIXS GVIEXIQIRXEPMQEKIWSJ SFNIGXWEGXMSRWSVMHIEW
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ 6SREPH6IEKERtWWTIIGLEX 4SMRXIHY,SGMRXLISRPMRI 1IHME0MFVEV]JSVXLMWGLET XIV :MHIS'PMT
7MQMPI %RSXLIV[E]XSGVIEXIMQEKIV]MWXLVSYKLXLIYWISJWMQMPI7MQMPIMWERI\TPMGMX GSQTEVMWSRFIX[IIRXLMRKWXLEXEVIIWWIRXMEPP]HMJJIVIRX]IXLEZIWSQIXLMRKMR
9WMRK0ERKYEKI:MZMHP]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
GSQQSR-XEP[E]WGSRXEMRWXLI[SVHWqPMOIrSVqEWr,IVIEVIWSQII\EQTPIW JVSQWXYHIRXWTIIGLIW
WMQMPI %RI\TPMGMXGSQTEVMWSR MRXVSHYGIH[MXLXLI[SVHqPMOIr SVqEWrFIX[IIRXLMRKWXLEXEVI IWWIRXMEPP]HMJJIVIRX]IXLEZI WSQIXLMRKMRGSQQSR
GPMGLÍ %XVMXISVSZIVYWIHI\TVIWWMSR
;EPOMRKMRXSQ]KVERHTEVIRXWtLSQI[LIR-[EWEGLMPH[EWPMOIFIMRK[VETTIHMRE KMERXWIGYVMX]FPEROIX %MV TSPPYXMSR MW IEXMRK E[E] EX XLI QSRYQIRXW MR ;EWLMRKXSR (' PMOI E KMERX %POE7IPX^IVXEFPIX
8LIWIEVIFVMKLXJVIWLWMQMPIWXLEXGPEVMJ]ERHZMXEPM^IMHIEW7SQIWMQMPIW LS[IZIVLEZIFIGSQIWXEPIXLVSYKLSZIVYWI,IVIEVIEJI[ JVIWLEWEHEMW]
LYRKV]EWEFIEV
JMXEWEJMHHPI
FYW]EWEFII
WXVSRKEWERS\
FMKEWEQSYRXEMR
WXYFFSVREWEQYPI
LETT]EWEPEVO
7YGLGPMGLÍWEVIJMRIMRIZIV]HE]GSRZIVWEXMSRFYX]SYWLSYPHEZSMHXLIQMR WTIIGLQEOMRK3XLIV[MWI]SYEVIPMOIP]XSFIqHYPPEWHMWL[EXIVrERHXSJMRH ]SYVEYHMIRGIqWPIITMRKPMOIEPSKr
1IXETLSV QIXETLSV %RMQTPMGMXGSQTEVMWSRRSX MRXVSHYGIH[MXLXLI[SVHqPMOIr SVqEWrFIX[IIRX[SXLMRKW XLEXEVIIWWIRXMEPP]HMJJIVIRX ]IXLEZIWSQIXLMRKMRGSQQSR
=SYGEREPWSYWIQIXETLSVXSGVIEXIMQEKIV]MR]SYVWTIIGLIW1IXETLSVMWER MQTPMGMX GSQTEVMWSR FIX[IIR XLMRKW XLEX EVI IWWIRXMEPP] HMJJIVIRX ]IX LEZI WSQIXLMRKMRGSQQSR 9RPMOI WMQMPI QIXETLSVHSIW RSX GSRXEMR XLI [SVHW qPMOIrSVqEWr*SVI\EQTPI %QIVMGEtWGMXMIWEVIXLI[MRHS[WXLVSYKL[LMGLXLI[SVPHPSSOWEX%QIVMGERWSGMIX] ,IRV]'MWRIVSW ;MXL KPSFEPM^EXMSR XLI WEQI WIE [EWLIW EPP SJ LYQEROMRH ;I EVI EPP MR XLI WEQI FSEX8LIVIEVIRSWEJIMWPERHW /SJM%RRER
8LIWI EVI FSXL FVMIJ QIXETLSVW 7SQIXMQIW LS[IZIV E WTIEOIV [MPP HIZIPST E PSRKIV QIXETLSV ,IVI MW ER I\GIPPIRX I\EQTPI JVSQ %P +SVItW WTIIGLEGGITXMRKXLI2SFIP4IEGI4VM^IJSVLMWIJJSVXWXSLIPTXLI[SVPH HIEP[MXLGPMQEXIGLERKI 8LIIEVXLLEWEJIZIV%RHXLIJIZIVMWVMWMRK8LII\TIVXWLEZIXSPHYWMXMWRSXETEWWMRK EJJPMGXMSRXLEX[MPPLIEPF]MXWIPJ;IEWOIHJSVEWIGSRHSTMRMSR%RHEXLMVH%RHEJSYVXL%RH XLIGSRWMWXIRXGSRGPYWMSRVIWXEXIH[MXLMRGVIEWMRKEPEVQMWXLEXWSQIXLMRKFEWMGMW[VSRK
;LIRYWIHIJJIGXMZIP]QIXETLSVhPMOIWMQMPIhMWERI\GIPPIRX[E]XSFVMRK GSPSVXSEWTIIGLXSQEOIEFWXVEGXMHIEWGSRGVIXIXSGPEVMJ]XLIYRORS[RERH XSI\TVIWWJIIPMRKWERHIQSXMSRW
6,=8,1 0ERKYEKILEWEVL]XLQGVIEXIHF]XLIGLSMGIERHEVVERKIQIRXSJ[SVHW7TIEO IVWPMOITSIXWWSQIXMQIWWIIOXSI\TPSMXXLIVL]XLQSJPERKYEKIXSIRLERGIXLI MQTEGXSJXLIMV[SVHW;MRWXSR'LYVGLMPP[EWEQEWXIVEXXLMW,IVIMWETEWWEKI
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
JVSQSRISJLMWJEQSYWWTIIGLIWHYVMRK;SVPH;EV--8SIQTLEWM^IMXWGEHIRGI XLITEWWEKILEWFIIRTVMRXIHEWMJMX[IVITSIXV]VEXLIVXLERTVSWI ;IGERRSXXIPP[LEXXLIGSYVWI SJXLMWJIPP[EV[MPPFI EWMXWTVIEHWVIQSVWIPIWW XLVSYKLIZIV[MHIVVIKMSRW ;IGERRSXTVIHMGXSVQIEWYVI MXWITMWSHIWSVMXWXVMFYPEXMSRW ;IGERRSX]IXWII LS[HIPMZIVERGI[MPPGSQI SV[LIRMX[MPPGSQI &YXRSXLMRKMWQSVIGIVXEMR XLERXLEXIZIV]XVEGISJ,MXPIVtWJSSXWXITW IZIV]WXEMRSJLMWMRJIGXIHERHGSVVSHMRKJMRKIVW [MPPFIWTSRKIHERHTYVKIH ERHMJRIIHFI FPEWXIHJVSQXLIWYVJEGISJXLIIEVXL
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ ;MRWXSR'LYVGLMPPtWWTIIGL SJ.YRI MRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
8LIMQTEGXSJXLITEWWEKI[EWLIMKLXIRIHF]'LYVGLMPPtWWYTIVFHIPMZIV] FYX IZIRF]XLIQWIPZIWXLI[SVHWXEOISRERIQTLEXMGVL]XLQXLEXVIMRJSVGIWXLI QIWWEKI =SY GER WII [L] SRI SFWIVZIV WEMH XLEX 'LYVGLMPP qQSFMPM^IH XLI )RKPMWLPERKYEKIERHWIRXMXMRXSFEXXPIr %WTIIGLLS[IZIVMWRSXETSIQ=SYWLSYPHRIZIVIQTLEWM^IWSYRHERH VL]XLQEXXLII\TIRWISJQIERMRK8LIEMQMWXSXLMROEFSYX[E]W]SYGERYWI XLIVL]XLQERHJPS[SJPERKYEKIXSIRLERGI]SYVQIERMRK%PXLSYKL]SYQE] RIZIVLEZITEMHQYGLGSRWGMSYWEXXIRXMSRXSXLMWWYFNIGX]SYGERHIZIPSTER IEVJSVZSGEPVL]XLQWF]WXYH]ERHTVEGXMGI;LEXtWQSVI]SYGERIEWMP]FIKMR RS[ XS YWI JSYV FEWMG WX]PMWXMG HIZMGIW IQTPS]IH F] 'LYVGLMPP ERH SXLIV JMRI WTIEOIVWXSMQTVSZIXLIVL]XLQSJXLIMVTVSWI
VL]XLQ 8LITEXXIVRSJWSYRHMRE WTIIGLGVIEXIHF]XLIGLSMGI ERHEVVERKIQIRXSJ[SVHW
4EVEPPIPMWQ 8LI JMVWX HIZMGI MW TEVEPPIPMWQhXLI WMQMPEV EVVERKIQIRX SJ E TEMV SV WIVMIW SJ VIPEXIH[SVHWTLVEWIWSVWIRXIRGIW*SVI\EQTPI 6MGL ERH TSSVMRXIPPMKIRX ERH MKRSVERX [MWI ERH JSSPMWL ZMVXYSYWERHZMGMSYW QER ERH[SQERh MXMWIZIVXLIWEQIIEGLWSYPQYWXHITIRH[LSPP]SRMXWIPJ )PM^EFIXL'EH] 7XERXSR
TEVEPPIPMWQ 8LIWMQMPEVEVVERKIQIRXSJE TEMVSVWIVMIWSJVIPEXIH[SVHW TLVEWIWSVWIRXIRGIW
8LIIJJIGXWSJTEVEPPIPMWQEVITIVLETWFIWXMPPYWXVEXIHF]WIIMRK[LEXLET TIRW[LIRMXMWEFWIRX*SVMRWXERGIGSQTEVIXLMWWXEXIQIRX -WTIEOEWE6ITYFPMGER-WTIEOEWE[SQER-WTIEOEWE9RMXIH7XEXIW7IREXSV-WTIEO EWER%QIVMGER 1EVKEVIX'LEWI7QMXL
[MXLXLMWSRI -WTIEOEWE6ITYFPMGER-WTIEOEWE[SQER-WTIEOEWE9RMXIH7XEXIW7IREXSV%RH -EQEPWSEHHVIWWMRK]SYEWER%QIVMGER
8LIJMVWXWXEXIQIRXMWGPIEVGSRWMWXIRXERHGSQTIPPMRK8LIWIGSRHMWRSX &] ZMSPEXMRK XLI TVMRGMTPI SJ TEVEPPIP WXVYGXYVI MXW JMREP WIRXIRGI q%RH - EQ
9WMRK0ERKYEKI:MZMHP]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
EPWS EHHVIWWMRK ]SY EW ER %QIVMGERr HIWXVS]W XLI TVSKVIWWMSR FIKYR F] XLI TVIGIHMRKXLVIIWIRXIRGIW-XXYVRWEWXVSRKPYGMHLEVQSRMSYWWXEXIQIRXMRXS SRIXLEXMWJY^^]ERHNEVVMRK
6ITIXMXMSR VITIXMXMSR 6IMXIVEXMSRSJXLIWEQI[SVHSV WIXSJ[SVHWEXXLIFIKMRRMRKSV IRHSJWYGGIWWMZIGPEYWIWSV WIRXIRGIW
6ITIXMXMSRQIERWVIMXIVEXMRKXLIWEQI[SVHSVWIXSJ[SVHWEXXLIFIKMRRMRKSV IRHSJWYGGIWWMZIGPEYWIWSVWIRXIRGIW*SVI\EQTPI -JRSXRS[[LIR#-JRSXYW[LS#-JRSXXSKIXLIVLS[# +SVHSR&VS[R 8LMW[EWXLIQSQIRX[LIR[IFIKERXSTVSZMHIGEVIJSVXLIWMGOERHKSSHNSFWXS XLI NSFPIWW XLMW [EW XLI QSQIRX [LIR XLI VMWI SJ XLI SGIERW FIKER XS WPS[ ERH SYV TPERIXFIKERXSLIEP XLMW[EWXLIQSQIRX[LIR[IIRHIHE[EVERHWIGYVIHSYVREXMSR &EVEGO3FEQE
%W ]SY GER WII VITIXMXMSR YWYEPP] VIWYPXW MR TEVEPPIPMWQ -R EHHMXMSR XS FYMPHMRK E WXVSRK GEHIRGI MX EPWS YRMJMIW E WIUYIRGI SJ MHIEW IQTLEWM^IW ER MHIEF]WXEXMRKMXQSVIXLERSRGIERHLIPTWGVIEXIEWXVSRKIQSXMSREPIJJIGX
%PPMXIVEXMSR EPPMXIVEXMSR 6ITIXMXMSRSJXLIMRMXMEP GSRWSRERXWSYRHSJGPSWI SVEHNSMRMRK[SVHW
8LIXLMVHHIZMGI]SYGERYWIXSIRLERGIXLIVL]XLQSJ]SYVWTIIGLIWMWEPPMX IVEXMSR8LIQSWXGSQQSRQIXLSHSJEPPMXIVEXMSRMWVITIEXMRKXLIMRMXMEPGSR WSRERXWSYRHSJGPSWISVEHNSMRMRK[SVHW*SVI\EQTPI 4IEGIMWIWWIRXMEPJSVTVSKVIWWFYXTVSKVIWWMWRSPIWWIWWIRXMEPJSVTIEGI 0MEUYEX%PM/LER 3YVGSPPIKIWSYVGSQQYRMXMIWSYVGSYRXV]WLSYPHGLEPPIRKILEXVIH[LIVIZIV[IJMRH MX ,MPPEV]'PMRXSR
&]LMKLPMKLXMRKXLIWSYRHWSJ[SVHWEPPMXIVEXMSRGEXGLIWXLIEXXIRXMSRSJ PMWXIRIVWERHGERQEOIMHIEWIEWMIVXSVIQIQFIV9WIHWTEVMRKP]MXMWEQEVZIP SYW[E]XSWTVYGIYT]SYVWTIIGLIW9WIHXSI\GIWWLS[IZIVMXGERFIPEYKL EFPI ERH HVE[ XSS QYGL EXXIRXMSR WS XLEX PMWXIRIVW KIX QSVI MRZSPZIH MR PMWXIRMRK JSV XLI RI\X EPPMXIVEXMSR XLER MR EFWSVFMRK XLI GSRXIRX SJ XLI WTIIGL
%RXMXLIWMW ERXMXLIWMW 8LINY\XETSWMXMSRSJ GSRXVEWXMRKMHIEWYWYEPP] MRTEVEPPIPWXVYGXYVI
*MREPP]]SYQMKLXXV]YWMRKERXMXLIWMWhXLINY\XETSWMXMSRSJGSRXVEWXMRKMHIEW YWYEPP]MRTEVEPPIPWXVYGXYVI*SVI\EQTPI %WO RSX [LEX ]SYV GSYRXV] GER HS JSV ]SY EWO [LEX ]SY GER HS JSV ]SYV GSYRXV] .SLR*/IRRIH] =SYVWYGGIWWEWEJEQMP]SYVWYGGIWWEWEWSGMIX]HITIRHWRSXSR[LEXLETTIRWEX XLI;LMXI,SYWIFYXSR[LEXLETTIRWMRWMHI]SYVLSYWI &EVFEVE&YWL
%RXMXLIWMW LEW PSRK FIIR E JEZSVMXI HIZMGI SJ EGGSQTPMWLIH WTIEOIVW &IGEYWIMXRIEVP]EP[E]WTVSHYGIWERIEXP]XYVRIHTLVEWIMXMWEJMRI[E]XSKMZI ]SYVWTIIGLIWEWTIGMEPXSYGLSJGPEWW
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
=SYQE]FIXLMROMRKXLEXMQEKIV]ERHVL]XLQEVIXSSJERG]JSVSVHMREV] WTIIGLIWPMOI]SYVW8LMWMWRSXXVYI8EOIEPSSOEXXLIJSPPS[MRKI\GIVTXJVSQ SRI WXYHIRXtW WTIIGL EFSYX XLI 1EWWEGLYWIXXW XL XLI VIKMQIRX SJ %JVMGER %QIVMGERWSPHMIVWHYVMRKXLI'MZMP;EVJIEXYVIHMRXLIQSZMI+PSV] 8SNSMREREVQ]XLEXHMHRtXFIPMIZIMR]SY8SJMKLX[MXLEREVQ][LSHMHRtXPMOI]SY 8SHMIJSVEREVQ]XLEXHMHRtXVIWTIGX]SY8LMW[EWXLI1EWWEGLYWIXXWXL8SHE]XLI] PE][LIVIXLI]HMIHSRXLIFIEGLIWSJ7SYXL'EVSPMRE'SPSRIP7LE[ERHLMWQIR[IVI TMPIHXSKIXLIVMREQEWWKVEZI[LMGLLEWWMRGIFIIRGSZIVIHF]XLIWLMJXMRKXMHIWSJXLI %XPERXMG%WQEPPWXEXYIWXERHWMR&SWXSRhEVIQMRHIVSJXLIMVWEGVMJMGI &VEZIV]TEXVMSXMWQERHWEGVMJMGI8LIWIEVIUYEPMXMIWSJXLI1EWWEGLYWIXXWXL;MXL XLI LIPT SJ XLIMV IJJSVXW EPSRK [MXL EPP XLI SXLIV FPEGO VIKMQIRXW XLEX JSPPS[IH XLIQ WPEZIV]HMHIZIRXYEPP]GSQIXSERIRH
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq8LI 1EWWEGLYWIXXWXLrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
8LMWMWZMZMHQSZMRKPERKYEKI8LIMQEKIV]MWWLEVTERHTSMKRERXXLIVL]XLQ WXVSRK ERH MRWMWXIRX 8LMRO SJ LS[ ]SY GER HS WMQMPEV XLMRKW MR ]SYV S[R WTIIGLIW
9WMRK0ERKYEKI%TTVSTVMEXIP]
,IVIMW TEVXSJ E JEQSYWSVEXMSRKMZIRF] .SLR,ERGSGOMRHYVMRKXLI %QIVMGER6IZSPYXMSR7TIEOMRKSJXLI&VMXMWLWSPHMIVW[LSOMPPIHJMZI%QIVMGERW MRXLI&SWXSR1EWWEGVI,ERGSGOI\GPEMQIH =I HEVO HIWMKRMRK OREZIW ]I QYVHIVIVW TEVVMGMHIW ,S[ HEVI ]SY XVIEH YTSR XLI IEVXL[LMGLLEWHVEROMRXLIFPSSHSJWPEYKLXIVIHMRRSGIRXWWLIHF]]SYV[MGOIHLERHW# ,S[HEVI]SYFVIEXLIXLEXEMV[LMGL[EJXIHXSXLIIEVSJLIEZIRXLIKVSERWSJXLSWI[LS JIPPEWEGVMJMGIXS]SYVEGGYVWIHEQFMXMSR#8IPPQI]IFPSSH]FYXGLIVW]IZMPPEMRWLMKL ERHPS[]I[VIXGLIWHS]SYRSXJIIPXLIKSEHWERHWXMRKWSJGSRWGMSYWKYMPXTMIVGI XLVSYKL]SYVWEZEKIFSWSQW#
8LMWMWGIVXEMRP]ZMZMHPERKYEKIhERH,ERGSGOtWEYHMIRGIPSZIHMX&YXGER ]SYMQEKMRIWTIEOMRKXLIWEQI[E]XSHE]#-REHHMXMSRXSFIMRKEGGYVEXIGPIEV ERHZMZMHPERKYEKIWLSYPHFIETTVSTVMEXIhXSXLISGGEWMSRXSXLIEYHMIRGI XSXLIXSTMGERHXSXLIWTIEOIV
%446346-%8)2)77838,)3''%7-32 0ERKYEKI XLEX MW ETTVSTVMEXI JSV WSQI SGGEWMSRWQE]RSX FI ETTVSTVMEXIJSV SXLIVWq8LIVIMWEXMQIJSVHMEPIGXETPEGIJSVWPERKERSGGEWMSRJSVPMXIVEV] JSVQ ;LEX MW GSVVIGX SR XLI WTSVXW TEKI MW SYX SJ TPEGI SR XLI STIH TEKI [LEXMW[MXLMXSRXLIWXVIIXQE] [IPPFI[MXLSYXMX MRXLIGPEWWVSSQr %WE WMQTPI I\EQTPI E GSEGL QMKLX EHHVIWW XLI JSSXFEPP XIEQ EW q]SY KY]Wr SV [SVWI [LIVIEW XLI WTIEOIV MR E QSVI JSVQEP WMXYEXMSR [SYPH FIKMR [MXL qHMWXMRKYMWLIHKYIWXWr8V]VIZIVWMRKXLIWIX[SWMXYEXMSRWERHWIILS[VMHMGY PSYWMXFIGSQIW-XtWSRP]GSQQSRWIRWIXSEHNYWX]SYVPERKYEKIXSHMJJIVIRX SGGEWMSRW
9WMRK0ERKYEKI%TTVSTVMEXIP]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%446346-%8)2)77838,)%9(-)2') %TTVSTVMEXIRIWWEPWSHITIRHWSRXLIEYHMIRGI-J]SYOIITXLMWMRQMRHMX[MPP LIPT]SYKVIEXP][LIRHIEPMRK[MXLXIGLRMGEPXSTMGW;LIREHHVIWWMRKEREYHM IRGISJTL]WMGMERW]SYQMKLXYWIXLI[SVHqTEVSXMXMWrXSVIJIVXSEZMVEPHMWIEWI QEVOIHF]XLIW[IPPMRKSJXLITEVSXMHKPERHW=SYVEYHMIRGI[SYPHORS[NYWX [LEX ]SY QIERX &YX [LIR XEPOMRK XS E RSRQIHMGEP EYHMIRGI WYGL EW ]SYV GPEWWQEXIWXLIETTVSTVMEXI[SVH[SYPHFIqQYQTWr =SYWLSYPHFIIWTIGMEPP]GEVIJYPXSEZSMHPERKYEKIXLEXQMKLXSJJIRH]SYV EYHMIRGI3JJGSPSVLYQSVSVTVSJERMX]QMKLXFIETTVSTVMEXIMREGSQIH]VSY XMRI FYX QSWX PMWXIRIVW [SYPH JMRH MX SJJIRWMZI MR E JSVQEP TYFPMG WTIIGL 6IQIQFIV WTIEOIVW EVI I\TIGXIH XS IPIZEXI ERH TSPMWL XLIMV PERKYEKI [LIR EHHVIWWMRKEREYHMIRGI 3JGSYVWI]SYGERRSXEP[E]WFIWYVISJLS[PMWXIRIVW[MPPVIWTSRHXS[LEX ]SYWE];LIRMXGSQIWXSETTVSTVMEXIRIWW]SY[MPPWIPHSQKS[VSRKF]IVVMRK SR XLI WMHI SJ GEYXMSR 4YX WMQTP] qIVVMRK SR XLI WMHI SJ GEYXMSRr QIERW q[LIRMRHSYFXhHSRtXr
%446346-%8)2)77838,)834-' 0ERKYEKI WLSYPH EPWS FI ETTVSTVMEXI XS XLI XSTMG =SY [SYPH RSX YWI QIXE TLSVERXMXLIWMWERHEPPMXIVEXMSR[LIRI\TPEMRMRKLS[XSGLERKIEFMG]GPIXMVI &YX]SYQMKLXYWIEPPXLVIIMREWTIIGLLSRSVMRK97WSPHMIVW[LSLEZIHMIH MRHIJIRWISJXLIMVGSYRXV]8LIJMVWXXSTMGGEPPWJSVWXVEMKLXJSV[EVHHIWGVMTXMSR ERHI\TPEREXMSR8LIWIGSRHGEPPWJSVWTIGMEPPERKYEKIWOMPPWXSIZSOIIQSXMSR EHQMVEXMSRERHETTVIGMEXMSR
%446346-%8)2)77838,)74)%/)6 2S QEXXIV [LEX XLI SGGEWMSR EYHMIRGI SV XSTMG PERKYEKI WLSYPH EPWS FI ETTVSTVMEXIXSXLIWTIEOIV-QEKMRIXLIIJJIGXMJ.SLR1G'EMRXVMIHXSEHSTXXLI VIPMKMSYW MQEKIV] ERH VL]XLQMGEP GEHIRGI SJ %P 7LEVTXSR 8LI VIWYPXW [SYPH FIGSQMGEP)ZIV]TYFPMGWTIEOIVHIZIPSTWLMWSVLIVS[RPERKYEKIWX]PI q8IVVMJMGr]SYQE]FIXLMROMRKq-LEZIQ]S[RWX]PIXSS-JIIPQSVIGSQ JSVXEFPIYWMRKEFWXVEGX[SVHWWPERKERHXIGLRMGEPNEVKSR8LEXtWNYWXQI-XtWQ] [E]SJWTIEOMRKr&YXXSWE]XLEXPERKYEKIWLSYPHFIETTVSTVMEXIXSXLIWTIEOIV HSIWRSXNYWXMJ]MKRSVMRKXLISXLIVRIIHWJSVETTVSTVMEXIRIWW8LIVIMWEHMJJIV IRGIFIX[IIRSRItWIZIV]HE]WX]PIERHSRItWHIZIPSTIHWX]PIEWETYFPMGWTIEOIV %GGSQTPMWLIHWTIEOIVWLEZIHIZIPSTIHXLIMVWTIEOMRKWX]PIWSZIVQER]]IEVWSJ XVMEPIVVSVERHTVEGXMGI8LI]LEZI[SVOIHEXYWMRKPERKYEKIIJJIGXMZIP] =SY GER HS XLI WEQI MJ ]SY FIGSQI PERKYEKIGSRWGMSYW 3RI [E] XS HIZIPST XLMW GSRWGMSYWRIWW MW XS VIEH ERH PMWXIR XS IJJIGXMZI WTIEOIVW 7XYH] XLIMVXIGLRMUYIWJSVEGLMIZMRKEGGYVEG]GPEVMX]ERHZMZMHRIWWERHXV]XSEHETX XLSWIXIGLRMUYIWXS]SYVS[RWTIIGLIW&YXHSRSXXV]XSqFIGSQIrWSQISRI IPWI [LIR ]SY WTIEO 0IEVR JVSQ SXLIV WTIEOIVW FPIRH [LEX ]SY PIEVR MRXS ]SYVS[RPERKYEKIWX]PIERHWIIOXSFIGSQIXLIFIWXTSWWMFPI]SY
%2SXISR-RGPYWMZI0ERKYEKI %W XLI 9RMXIH 7XEXIW LEW FIGSQI QSVI HMZIVWI SYV PERKYEKI LEW IZSPZIH XS VIJPIGXXLEXHMZIVWMX]6IKEVHPIWWSJXLIWMXYEXMSREYHMIRGIWI\TIGXTYFPMGWTIEO IVWXSYWIMRGPYWMZIPERKYEKIXLEXMWVIWTIGXJYPSJXLIHMJJIVIRXKVSYTWXLEXQEOI
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0ERKYEKIRIIHWXSFIETTVS TVMEXIXSEWTIEOIVtWXSTMGEW [IPPEWXSXLIEYHMIRGI% WTIIGLSRFIEGLZSPPI]FEPP [SYPHYWIQSVIEGXMSR SVMIRXIH[SVHWXLEREWTIIGL EFSYXXLISVMIWSJTW]GLSPSK]
YT%QIVMGERWSGMIX]8SHE]ERYQFIVSJTVMRGMTPIWJSVMRGPYWMZIPERKYEKILEZI FIGSQIWS[MHIWTVIEHXLEXRSEWTMVMRKWTIEOIV SV[VMXIV GEREJJSVHXSMKRSVI XLIQ,IVIEVIEJI[SJXLIQSWXMQTSVXERX
%ZSMHXLI+IRIVMGq,Ir -RIJJIGXMZI
MRGPYWMZIPERKYEKI 0ERKYEKIXLEXHSIWRSX WXIVISX]TIHIQIERSVTEXVSRM^I TISTPISRXLIFEWMWSJKIRHIV VEGIVIPMKMSRHMWEFMPMX]WI\YEP SVMIRXEXMSRSVSXLIVJEGXSVW
)EGLXMQIEWYVKISR[EPOWMRXSXLISTIVEXMRKVSSQLIVMWOW FIMRKWYIHJSVQEPTVEGXMGI
1SVI)JJIGXMZI )EGLXMQIEWYVKISR[EPOWMRXSXLISTIVEXMRKVSSQWLISVLI VMWOWFIMRKWYIHJSVQEPTVEGXMGI 3JXIREQSVIKVEGIJYPEPXIVREXMZIMWXSTPYVEPM^I*SVI\EQTPI
KIRIVMGqLIr 8LIYWISJqLIrXSVIJIVXS FSXL[SQIRERHQIR
1SVI)JJIGXMZI ;LIRIZIVWYVKISRW[EPOMRXSXLISTIVEXMRKVSSQXLI]VMWO FIMRKWYIHJSVQEPTVEGXMGI
%ZSMHXLI9WISJq1ERr;LIR6IJIVVMRKXS&SXL1IRERH;SQIR -RIJJIGXMZI
-JEPEVKIGSQIXWXVYGOXLI)EVXLMXGSYPHHIWXVS]EPPSJ QEROMRH
1SVI)JJIGXMZI -JEPEVKIGSQIXWXVYGOXLI)EVXLMXGSYPHHIWXVS]EPP LYQERPMJI
%ZSMH7XIVISX]TMRK.SFWERH7SGMEP6SPIWF]+IRHIV -RIJJIGXMZI
&IMRKEWQEPPFYWMRIWWQERMRXLIGYVVIRXIGSRSQMGGPMQEXIMW RSXIEW]
1SVI)JJIGXMZI &IMRKEWQEPPFYWMRIWWTIVWSRMRXLIGYVVIRXIGSRSQMGGPMQEXI MWRSXIEW]
%2SXISR-RGPYWMZI0ERKYEKI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7SQIXMQIW ]SY GER WSPZI XLMW TVSFPIQ [MXL E WMQTPI X[MWX MR WIRXIRGI GSR WXVYGXMSR*SVI\EQTPI 1SVI)JJIGXMZI 3[RMRKEWQEPPFYWMRIWWMWRSXIEW]MRXLIGYVVIRXIGSRSQMG GPMQEXI
9WI2EQIW8LEX+VSYTW9WIXS-HIRXMJ]8LIQWIPZIW 3RISJXLIQSWXJYRHEQIRXEP[E]WSJWLS[MRKVIWTIGXJSVSXLIVWMWXSVIJIVXS XLIQF]XLIREQIWXLI]YWIXSMHIRXMJ]XLIQWIPZIWERHXSEZSMHREQIWXLI] GSRWMHIVSJJIRWMZI -RIJJIGXMZI
(IWTMXITVSKVIWWMRVIGIRX]IEVWLSQSWI\YEPWWXMPPJEGIQER] JSVQWSJHMWGVMQMREXMSR
1SVI)JJIGXMZI (IWTMXITVSKVIWWMRVIGIRX]IEVWPIWFMERWERHKE]QIRWXMPP JEGIQER]JSVQWSJHMWGVMQMREXMSR -RIJJIGXMZI
8LI4EVEP]QTMGWWLS[[LEXLERHMGETTIHTISTPIGEREGGSQ TPMWLMRXLIEXLPIXMGEVIRE
1SVI)JJIGXMZI 8LI4EVEP]QTMGWWLS[[LEXTISTPI[MXLHMWEFMPMXMIWGER EGGSQTPMWLMRXLIEXLPIXMGEVIRE 8LI XIVQW TVIJIVVIH F] ZEVMSYW KVSYTW GSRXMRYI XS IZSPZI 8LIVI MW GYV VIRXP]EXVIRHE[E]JVSQFVSEH[SVHWWYGLEWq%WMERrERHq,MWTERMGrXSQSVI TVIGMWI XIVQW XLEX HS RSX PYQT TISTPI SJ HMWXMRGX REXMSREPMXMIW ERH GYPXYVIW YRHIVSRIPEFIP*SVI\EQTPI 0IWW)JJIGXMZI
/VMWXM=EQEKYGLMMWSRISJQER]%WMERW[LSLEZILEHE QENSVMQTEGXSR97PMJI
1SVI)JJIGXMZI /VMWXM=EQEKYGLMMWSRISJQER].ETERIWI%QIVMGERW[LS LEZILEHEQENSVMQTEGXSR97PMJI 0IWW)JJIGXMZI
%RXSRMS:MPPEVEMKSWE[EWXLIJMVWX,MWTERMGIPIGXIHQE]SVSJ 0SW%RKIPIWWMRGI
1SVI)JJIGXMZI %RXSRMS:MPPEVEMKSWE[EWXLIJMVWX1I\MGER%QIVMGERIPIGXIH QE]SVSJ0SW%RKIPIWWMRGI 1SVI)JJIGXMZI %RXSRMS:MPPEVEMKSWE[EWXLIJMVWX0EXMRSIPIGXIHQE]SVSJ0SW %RKIPIWWMRGI ;LIRYWMRK[SVHWWYGLEWq0EXMRSrSVq'LMGERSrOIITMRQMRHXLEXXLI]VIJIV XSQEPIW8LIGSVVIGXXIVQJSVJIQEPIWMWq0EXMRErSVq'LMGEREr 0MOIQER]SXLIVEWTIGXWSJ%QIVMGERPMJIMWWYIWSJMRGPYWMZIPERKYEKIGER WSQIXMQIWFIGSRJYWMRK0ERKYEKIMWEPMZIERHGSRWXERXP]IZSPZMRKWS[LEXMW GSRWMHIVIHMRGPYWMZIXSHE]QE]WLMJXHS[RXLIVSEH-J]SYLEZIUYIWXMSRWMR ER] TEVXMGYPEV GEWI GLIGO XLI -RXIVRIX JSV XLI QSWX YTXSHEXI MRJSVQEXMSR 9WMRKMRGPYWMZIERHVIWTIGXJYPPERKYEKIMWRSXEQEXXIVSJTSPMXMGEPGSVVIGXRIWW FYXMXMWEQEXXIVSJ4'hTIVWSREPGSYVXIW]
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7911%6= +SSHWTIEOIVWLEZIVIWTIGXJSVPERKYEKIERHLS[MX[SVOW%WEWTIEOIV]SYWLSYPH FI E[EVI SJ XLI QIERMRKW SJ [SVHW ERH ORS[ LS[ XS YWI PERKYEKI EGGYVEXIP] GPIEVP]ZMZMHP]ERHETTVSTVMEXIP] ;SVHWLEZIX[SOMRHWSJQIERMRKWhHIRSXEXMZIERHGSRRSXEXMZI(IRSXEXMZI QIERMRK MW TVIGMWI PMXIVEP ERH SFNIGXMZI 'SRRSXEXMZI QIERMRK MW QSVI ZEVMEFPI JMKYVEXMZI ERH WYFNIGXMZI -X MRGPYHIW EPP XLI JIIPMRKW EWWSGMEXMSRW ERH IQSXMSRW XLEXE[SVHXSYGLIWSJJMRHMJJIVIRXTISTPI 9WMRKPERKYEKIEGGYVEXIP]MWZMXEPXSEWTIEOIV2IZIVYWIE[SVHYRPIWW]SYEVI WYVISJMXWQIERMRK-J]SYEVIRSXWYVIPSSOYTXLI[SVHMREHMGXMSREV]%W]SY TVITEVI]SYVWTIIGLIWEWO]SYVWIPJGSRWXERXP]q;LEXHS- VIEPP][ERXXSWE]#;LEX HS- VIEPP]QIER#r'LSSWI[SVHWXLEXEVITVIGMWIERHEGGYVEXI 9WMRK PERKYEKI GPIEVP] EPPS[W PMWXIRIVW XS KVEWT ]SYV QIERMRK MQQIHMEXIP] =SY GER IRWYVI XLMW F] YWMRK [SVHW XLEX EVI ORS[R XS XLI EZIVEKI TIVWSR ERH VIUYMVI RS WTIGMEPM^IH FEGOKVSYRH F] GLSSWMRK GSRGVIXI [SVHW MR TVIJIVIRGI XS QSVIEFWXVEGXSRIWERHF]IPMQMREXMRKZIVFEPGPYXXIV 9WMRKPERKYEKIZMZMHP]LIPTWFVMRK]SYVWTIIGLXSPMJI3RI[E]XSQEOI]SYV PERKYEKIQSVIZMZMHMWXLVSYKLMQEKIV][LMGL]SYGERHIZIPSTF]YWMRKGSRGVIXI PERKYEKI WMQMPI ERH QIXETLSV %RSXLIV [E] XS QEOI ]SYV WTIIGLIW ZMZMH MW F] I\TPSMXMRK XLI VL]XLQ SJ PERKYEKI [MXL TEVEPPIPMWQ VITIXMXMSR EPPMXIVEXMSR ERH ERXMXLIWMW 9WMRKPERKYEKIETTVSTVMEXIP]QIERWEHETXMRKXSXLITEVXMGYPEVSGGEWMSREYHM IRGIERHXSTMGEXLERH-XEPWSQIERWHIZIPSTMRK]SYVS[RPERKYEKIWX]PIMRWXIEH SJXV]MRKXSGST]WSQISRIIPWItW 8LIWYFNIGXSJMRGPYWMZIPERKYEKIGERFIGSQTPI\FYXERYQFIVSJMRGPYWMZI YWEKIW LEZI FIGSQIWS [MHIP] EGGITXIH XLEX RS EWTMVMRKWTIEOIV GER EJJSVH XS MKRSVI XLIQ 8LI] MRGPYHI EZSMHMRK XLI KIRIVMG qLIr HVSTTMRK XLI YWI SJ qQERr [LIR VIJIVVMRK XS FSXL QIR ERH [SQIR VIJVEMRMRK JVSQ WXIVISX]TMRK NSFW ERH WSGMEP VSPIW F] KIRHIV ERH YWMRK REQIW XLEX KVSYTW YWI XS MHIRXMJ] XLIQWIPZIW
/)=8)617
HIRSXEXMZIQIERMRK
QIXETLSV
GSRRSXEXMZIQIERMRK
VL]XLQ
XLIWEYVYW
TEVEPPIPMWQ
GSRGVIXI[SVHW
VITIXMXMSR
EFWXVEGX[SVHW
EPPMXIVEXMSR
GPYXXIV
ERXMXLIWMW
MQEKIV]
MRGPYWMZIPERKYEKI
WMQMPI
KIRIVMGqLIr
GPMGLÍ
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ,S[HSIWPERKYEKILIPTGVIEXISYVWIRWISJVIEPMX]# ;LEX MW XLI HMJJIVIRGI FIX[IIR HIRSXEXMZI ERH GSRRSXEXMZI QIERMRK# ,S[ QMKLX]SYYWIIEGLXSGSRZI]]SYVQIWWEKIQSWXIJJIGXMZIP]#
6IZMI[5YIWXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LEXEVIJSYVGVMXIVMEJSVYWMRKPERKYEKIIJJIGXMZIP]MR]SYVWTIIGLIW# ;LEXEVIXLVIIXLMRKW]SYWLSYPHHSXSYWIPERKYEKIGPIEVP]MR]SYVWTIIGLIW# ;LEXEVIX[S[E]WXSFVMRK]SYVWTIIGLIWXSPMJI[MXLZMZMHERMQEXIHPERKYEKI# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
; LEX HSIW MX QIER XS WE] ]SY WLSYPH YWI PERKYEKI ETTVSTVMEXIP] MR ]SYV WTIIGLIW# ;L]MWMXMQTSVXERXJSVETYFPMGWTIEOIVXSYWIMRGPYWMZIPERKYEKI#;LEXJSYV YWEKIW SJ MRGPYWMZI PERKYEKI LEZI FIGSQI WS [MHIP] EGGITXIH XLEX RS WTIEOIV GEREJJSVHXSMKRSVIXLIQ#
)<)6'-7)7*36'6-8-'%08,-2/-2+ %VVERKIIEGLSJXLIWIUYIRGIWFIPS[MRSVHIVJVSQXLIQSWXEFWXVEGX[SVHXS XLIQSWXGSRGVIXI[SVH E LSYWMRKGSQTPI\FYMPHMRKHMRMRKVSSQWXVYGXYVIETEVXQIRX F 1SRE0MWEEVXTEMRXMRKGVIEXMZIEGXMZMX]TSVXVEMX G EYXSQSFMPIZILMGPI*IVVEVMXVERWTSVXEXMSRWTSVXWGEV
6I[VMXIIEGLSJXLIJSPPS[MRKWIRXIRGIWYWMRKGPIEVJEQMPMEV[SVHW E 1]IQTPS]QIRXSFNIGXMZIMWXSEXXEMRETSWMXMSRSJQE\MQYQJMRERGMEPVI[EVH F %PPTVSJIWWSVWEXXLMWWGLSSPEVII\TIGXIHXSEGLMIZILMKLWXERHEVHWSJI\GIPPIRGI MRXLIMVMRWXVYGXMSREPHYXMIW G -RXLIIZIRXYEPMX]SJEJMVIMXMWMQTIVEXMZIXLEXEPPTIVWSRWIZEGYEXIXLIFYMPHMRK [MXLSYXYRHYIHIPE]
)EGLSJXLIWXEXIQIRXWFIPS[YWIWSRISVQSVISJXLIJSPPS[MRKWX]PMWXMGHIZMGIW QIXETLSV WMQMPI TEVEPPIPMWQ VITIXMXMSR EPPMXIVEXMSR ERXMXLIWMW -HIRXMJ] XLI HIZMGI SVHIZMGIW YWIHMRIEGLWXEXIQIRX E q;IEVIETISTPIMREUYERHEV]EFSYXXLITVIWIRX;IEVIETISTPIMRWIEVGLSJ SYVJYXYVI;IEVIETISTPIMRWIEVGLSJEREXMSREPGSQQYRMX]r &EVFEVE.SVHER F q8LIZMGITVIWMHIRG]MWXLIWERHXVETSJ%QIVMGERTSPMXMGW-XtWRIEVXLITVM^IERH HIWMKRIHXSFIPMQMXMRKr ,S[EVH*MRIQER G q4ISTPI XLI [SVPH SZIV LEZI EP[E]W FIIR QSVI MQTVIWWIH F] XLI TS[IV SJ SYV I\EQTPIXLERF]XLII\EQTPISJSYVTS[IVr &MPP'PMRXSR H q%QIVMGEMWRSXPMOIEFPEROIXhSRITMIGISJYRFVSOIRGPSXLXLIWEQIGSPSVXLI WEQIXI\XYVIXLIWEQIWM^I%QIVMGEMWQSVIPMOIEUYMPXhQER]TEXGLIWQER] WM^IWERH[SZIRERHLIPHXSKIXLIVF]EGSQQSRXLVIEHr .IWWI.EGOWSR
%REP]^I 1EVXMR 0YXLIV /MRKtW q- ,EZI E (VIEQr MR XLI ETTIRHM\ SJ WEQTPI WTIIGLIWXLEXJSPPS[W'LETXIV -HIRXMJ]XLIQIXLSHW/MRKYWIWXSQEOILMW PERKYEKIGPIEVZMZMHERHETTVSTVMEXI0SSOTEVXMGYPEVP]EX/MRKtWYWISJJEQMPMEV [SVHWGSRGVIXI[SVHWMQEKIV]ERHVL]XLQ
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
7MRGI KVEHYEXMRK JVSQ GSPPIKI ]SY LEZI HIZIPSTIH E WYGGIWWJYP FYWMRIWW XLEX MW PSGEXIHRIEVXLIGEQTYW%WTEVXSJMXWTPERXSMRZSPZIQSVIEPYQRMERHGSQQY RMX]QIQFIVWMRGSPPIKIEJJEMVWXLIWGLSSPLEWEWOIH]SYXSWTIEO[MXLRI[WXY HIRXW HYVMRK VIKMWXVEXMSR [IIO JSV XLI JEPP XIVQ -RXLISTIRMRK WIGXMSR SJ ]SYV WTIIGL]SY[ERXXLIEYHMIRGIXSJIIP[LEX]SYJIPXXLIJMVWXJI[HE]W]SY[IVI SRGEQTYW EWERI[WXYHIRX8LI FIWXWXVEXIK]]SYHIGMHIMWXSTVIWIRXX[SSV XLVII WMQMPIW XLEX GSQTPIXI XLI WIRXIRGI q&IKMRRMRK GSPPIKI MW PMOI r;VMXI ]SYVWMQMPIW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
(IPMZIV] ;LEX-W+SSH(IPMZIV]# 1IXLSHWSJ(IPMZIV] 6IEHMRKJVSQE1ERYWGVMTX 6IGMXMRKJVSQ1IQSV] 7TIEOMRK-QTVSQTXY 7TIEOMRK)\XIQTSVERISYWP]
8LI7TIEOIVtW:SMGI :SPYQI 4MXGL 6EXI 4EYWIW :SGEP:EVMIX] 4VSRYRGMEXMSR %VXMGYPEXMSR (MEPIGX
8LI7TIEOIVtW&SH] 4IVWSREP%TTIEVERGI 1SZIQIRX +IWXYVIW )]I'SRXEGX
4VEGXMGMRK(IPMZIV] %RW[IVMRK%YHMIRGI5YIWXMSRW 4VITEVMRKJSVXLI5YIWXMSRERH%RW[IV7IWWMSR 1EREKMRKXLI5YIWXMSRERH%RW[IV7IWWMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
J]SY[IVIXSVIGSVHSRISJ'SRER3t&VMIRtWGSQIH]VSYXMRIWQIQSVM^IMX[SVH JSV[SVHERHWXERHYTFIJSVI]SYVJVMIRHWXSVIGMXIMX[SYPH]SYKIXXLIWEQI VIWTSRWI3t&VMIRHSIW# 2SX ZIV] PMOIP]%RH[L] RSX#&IGEYWI ]SY [SYPHRSX HIPMZIV XLI NSOIW EW 3t&VMIR HSIW 3J GSYVWI XLI NSOIW EVI FEWMGEPP] JYRR] &YX 'SRER3t&VMIRFVMRKWWSQIXLMRKI\XVEXSXLINSOIWhLMWQERRIVSJTVIWIRXEXMSR LMW ZSGEP MRJPIGXMSRW LMW TIVJIGXP] XMQIH TEYWIW LMW JEGMEP I\TVIWWMSRW LMW KIW XYVIW%PPXLIWIEVITEVXSJERI\TIVXHIPMZIV]-X[SYPHXEOI]SY]IEVWSJTVEGXMGIh EWMXXSSO3t&VMIRhXSHYTPMGEXILMWVIWYPXW
-
RSRZIVFEP GSQQYRMGEXMSR 'SQQYRMGEXMSRFEWIHSRE TIVWSRtWYWISJZSMGIERH FSH]VEXLIVXLERSRXLI YWISJ[SVHW
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tW[SVHW MWTS[IVJYPP]MRJPYIRGIHF]LMWSVLIVRSRZIVFEPGSQQYRMGEXMSR-RXLMWGLET XIV[I[MPPI\TPEMRLS[]SYGERYWIRSRZIVFEPGSQQYRMGEXMSRXSHIPMZIV]SYV WTIIGLIWIJJIGXMZIP]ERHXSMRGVIEWIXLIMQTEGXSJ]SYVZIVFEPQIWWEKI
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
+SSH HIPMZIV] HSIW RSX GEPP EXXIRXMSR XS MXWIPJ -X GSRZI]W XLI WTIEOIVtW MHIEW GPIEVP] MRXIVIWXMRKP] ERH [MXLSYX HMWXVEGXMRK XLI EYHMIRGI 1SWX EYHM IRGIWTVIJIVHIPMZIV]XLEXGSQFMRIWEGIVXEMRHIKVIISJJSVQEPMX][MXLXLIFIWX EXXVMFYXIWSJKSSHGSRZIVWEXMSRhHMVIGXRIWWWTSRXERIMX]ERMQEXMSRZSGEPERH JEGMEPI\TVIWWMZIRIWWERHEPMZIP]WIRWISJGSQQYRMGEXMSR 7TIIGLHIPMZIV]MWEREVXRSXEWGMIRGI;LEX[SVOWJSVSRIWTIEOIVQE]JEMP JSVERSXLIV%RH[LEXWYGGIIHW[MXLXSHE]tWEYHMIRGIQE]RSX[MXLXSQSVVS[tW =SYGERRSXFIGSQIEWOMPPIHWTIEOIVNYWXF]JSPPS[MRKEWIXSJVYPIWMREXI\XFSSO -RXLIPSRKVYRXLIVIMWRSWYFWXMXYXIJSVI\TIVMIRGI&YXXEOILIEVX%XI\XFSSO GERKMZI]SYFEWMGTSMRXIVWXSKIX]SYWXEVXIHMRXLIVMKLXHMVIGXMSR
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LIR ]SY TPER ]SYV JMVWX WTIIGL SV ]SYV WIGSRH SV XLMVH ]SY WLSYPH GSRGIRXVEXI SR WYGL FEWMGW EW WTIEOMRK MRXIPPMKMFP] EZSMHMRK HMWXVEGXMRK QERRIVMWQWERHIWXEFPMWLMRKI]IGSRXEGX[MXL]SYVPMWXIRIVW3RGI]SYKIX XLIWIIPIQIRXWYRHIVGSRXVSPERHFIKMRXSJIIPJEMVP]GSQJSVXEFPIMRJVSRXSJ EREYHMIRGI]SYGER[SVOSRTSPMWLMRK]SYVHIPMZIV]XSIRLERGIXLIMQTEGX SJ]SYVMHIEW)ZIRXYEPP]]SYQE]JMRH]SYVWIPJ EFPIXSGSRXVSPXLIXMQMRK VL]XLQ ERH QSQIRXYQ SJ E WTIIGL EW WOMPPJYPP] EW E GSRHYGXSV GSRXVSPW ER SVGLIWXVE
1IXLSHWSJ(IPMZIV] 8LIVI EVI JSYV FEWMG QIXLSHW SJ HIPMZIVMRK E WTIIGL VIEHMRK ZIVFEXMQ JVSQEQERYWGVMTX VIGMXMRKEQIQSVM^IHXI\X WTIEOMRKMQTVSQTXY ERH WTIEOMRKI\XIQTSVERISYWP]0IXYWPSSOEXIEGL
6)%(-2+*631%1%297'6-48 'IVXEMR WTIIGLIW QYWX FI HIPMZIVIH [SVH JSV [SVH EGGSVHMRK XS E QIXMGY PSYWP] TVITEVIH QERYWGVMTX )\EQTPIW MRGPYHI E 4STItW VIPMKMSYW TVSGPEQE XMSRERIRKMRIIVtWVITSVXXSETVSJIWWMSREPQIIXMRKSVE4VIWMHIRXtWQIWWEKI XS'SRKVIWW-RWYGLWMXYEXMSRWEFWSPYXIEGGYVEG]MWIWWIRXMEP)ZIV][SVHSJ XLIWTIIGL[MPPFIEREP]^IHF]XLITVIWWF]GSPPIEKYIWTIVLETWF]IRIQMIW -RXLIGEWISJXLI4VIWMHIRXEQMWWXEXIHTLVEWIGSYPHGEYWIERMRXIVREXMSREP MRGMHIRX %PXLSYKL MX PSSOW IEW] HIPMZIVMRK E WTIIGL JVSQ QERYWGVMTX VIUYMVIW KVIEXWOMPP7SQITISTPIHSMX[IPP8LIMV[SVHWqGSQIEPMZIEWMJGSMRIHSR XLIWTSXr3XLIVWVYMRMXIZIV]XMQI-RWXIEHSJWSYRHMRKZMFVERXERHGSR ZIVWEXMSREP XLI] GSQI EGVSWW EW [SSHIR ERH EVXMJMGMEP 8LI] JEPXIV SZIV [SVHWTEYWIMRXLI[VSRKTPEGIWVIEHXSSUYMGOP]SVXSSWPS[P]WTIEOMRE QSRSXSRI ERH QEVGL XLVSYKL XLI WTIIGL [MXLSYX IZIR KPERGMRK EX XLIMV EYHMIRGI-RWLSVXXLI]GSQIEGVSWWEWVIEHMRKXSXLIMVPMWXIRIVWVEXLIVXLER XEPOMRK[MXLXLIQ -J]SYEVIMREWMXYEXMSR[LIVI]SYQYWXWTIEOJVSQEQERYWGVMTXTVEGXMGI EPSYHXSQEOIWYVIXLIWTIIGLWSYRHWREXYVEP;SVOSRIWXEFPMWLMRKI]IGSR XEGX[MXL]SYVPMWXIRIVW&IGIVXEMRXLIJMREPQERYWGVMTXMWPIKMFPIEXEKPERGI %FSZIEPPVIEGLSYXXS]SYVEYHMIRGI[MXLXLIWEQIHMVIGXRIWWERHWMRGIVMX] XLEX]SY[SYPHMJ]SY[IVIWTIEOMRKI\XIQTSVERISYWP]
QERYWGVMTXWTIIGL %WTIIGLXLEXMW[VMXXIRSYX [SVHJSV[SVHERHVIEHXSXLI EYHMIRGI
6)'-8-2+*6311)136= %QSRK XLI JIEXW SJ XLI PIKIRHEV] SVEXSVW RSRI PIEZIW YW QSVI MR E[I XLER XLIMV TVEGXMGI SJ TVIWIRXMRK IZIR XLI PSRKIWX ERH QSWX GSQTPI\ WTIIGLIW IRXMVIP]JVSQQIQSV]2S[EHE]WMXMWRSPSRKIVGYWXSQEV]XSQIQSVM^IER] FYX XLI WLSVXIWX SJ WTIIGLIWhXSEWXW GSRKVEXYPEXSV] VIQEVOW EGGITXERGI WTIIGLIWMRXVSHYGXMSRWERHXLIPMOI -J ]SY EVI KMZMRK E WTIIGL SJ XLMW OMRH ERH [ERX XS QIQSVM^I MX F] EPP QIERWHSWS,S[IZIVFIWYVIXSQIQSVM^IMXWSXLSVSYKLP]XLEX]SY[MPPFI EFPI XS GSRGIRXVEXI SR GSQQYRMGEXMRK [MXL XLI EYHMIRGI RSX SR XV]MRK XS VIQIQFIVXLI[SVHW7TIEOIVW[LSKE^IEXXLIGIMPMRKSVWXEVISYXXLI[MRHS[
1IXLSHWSJ(IPMZIV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
XV]MRK XS VIGEPP [LEX XLI] LEZI QIQSVM^IH EVI RS FIXXIV SJJ XLER XLSWI [LS VIEHHYPP]JVSQEQERYWGVMTX
74)%/-2+-14631489 MQTVSQTXYWTIIGL %WTIIGLHIPMZIVIH[MXL PMXXPISVRSMQQIHMEXI TVITEVEXMSR
%RMQTVSQTXYWTIIGLMWHIPMZIVIH[MXLPMXXPISVRSMQQIHMEXITVITEVEXMSR*I[ TISTPIGLSSWIXSWTIEOMQTVSQTXYFYXWSQIXMQIWMXGERRSXFIEZSMHIH-RJEGX QER]SJXLIWTIIGLIW]SYKMZIMRPMJI[MPPFIMQTVSQTXY=SYQMKLXFIGEPPIH SRWYHHIRP]XSqWE]EJI[[SVHWrSVMRXLIGSYVWISJEGPEWWHMWGYWWMSRFYWMRIWW QIIXMRKSVGSQQMXXIIVITSVX[ERXXSVIWTSRHXSETVIZMSYWWTIEOIV ;LIRWYGLWMXYEXMSRWEVMWIHSRt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q1]JMVWXTSMRXMW WIGSRH[IGERWIIXLEX MRGSRGPY WMSR-[SYPHPMOIXSWE]r-J]SYLEZILEHXMQIXSTVITEVIRSXIWWXMGOXS [LEX]SYLEZI[VMXXIR&]WXEXMRK]SYVTSMRXWGPIEVP]ERHGSRGMWIP]]SY[MPP GSQIEGVSWWEWSVKERM^IHERHGSRJMHIRX ;LIXLIV ]SY VIEPM^I MX SV RSX ]SY LEZI KMZIR XLSYWERHW SJ MQTVSQTXY qWTIIGLIWrMRHEMP]GSRZIVWEXMSRh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h]SYGERWTIEOXSERIQTX]VSSQ&IX XIV ]IX ]SY GER WTIEO XS E HMKMXEP VIGSVHIV ERH TPE] XLI WTIIGL FEGO XS LIEV LS[ ]SY WSYRH 8LI TYVTSWI MW XS KEMR I\TIVMIRGI MR TYPPMRK ]SYV MHIEW XSKIXLIVUYMGOP]ERHWXEXMRKXLIQWYGGMRGXP]
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)\XIQTSVERISYWWTIIGLIW EVITVITEVIHELIEHSJXMQI FYXXLII\EGX[SVHWEVI GLSWIREXXLIQSQIRXSJ TVIWIRXEXMSR8LMWEPPS[W JSVQSVIHMVIGXHIPMZIV] XLERHSIWVIEHMRKJVSQE QERYWGVMTX
74)%/-2+)<8)1436%2)3970= -R TSTYPEV YWEKI qI\XIQTSVERISYWr QIERW XLI WEQI EW qMQTVSQTXYr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q'SRZIV WEXMSREP UYEPMX]r QIERW XLEX RS QEXXIV LS[ QER] XMQIW E WTIIGL LEW FIIR VILIEVWIH MX WXMPP WSYRHW WTSRXERISYW ;LIR ]SY WTIEO I\XIQTSVERISYWP]h ERHLEZITVITEVIHTVSTIVP]h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
I\XIQTSVERISYWWTIIGL %GEVIJYPP]TVITEVIHERH VILIEVWIHWTIIGLXLEXMW TVIWIRXIHJVSQEFVMIJ WIXSJRSXIW
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq=SKE 9RMXMRK1MRH&SH]ERH 7TMVMXrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
1IXLSHWSJ(IPMZIV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
GSRZIVWEXMSREPUYEPMX] 4VIWIRXMRKEWTIIGLWSMXWSYRHW WTSRXERISYWRSQEXXIVLS[ QER]XMQIWMXLEWFIIR VILIEVWIH
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
RSXIW 6EXLIV WLI WIPIGXW LIV [SVHW EW WLI KSIW EPSRK QEMRXEMRW WXVSRK I]I GSRXEGX[MXLXLIEYHMIRGIERHLEWI\GIPPIRXGSRZIVWEXMSREPUYEPMX] 0MOI XLSYWERHW SJ TVIZMSYW WXYHIRXW ]SY GER FIGSQI EHITX EX WTIEOMRK I\XIQTSVERISYWP]F]XLIIRHSJXLIXIVQ%WSRIWXYHIRXGSQQIRXIHMRPSSO MRK FEGO EX LMW GPEWW q%X XLI WXEVX - RIZIV XLSYKLX -tH FI EFPI XS KMZI Q] WTIIGLIW [MXLSYX E XSR SJ RSXIW FYX -tQ EQE^IH EX LS[ QYGL TVSKVIWW -tZI QEHI-XtWSRISJXLIQSWXZEPYEFPIXLMRKW-PIEVRIHMRXLIIRXMVIGPEWWr 1SWXI\TIVMIRGIHWTIEOIVWTVIJIVXLII\XIQTSVERISYWQIXLSHERHQSWX XIEGLIVW IQTLEWM^I MX 0EXIV MR XLMW GLETXIV TEKIW i [ItPP PSSO EX E WXITF]WXITTVSKVEQJSVTVEGXMGMRK]SYVI\XIQTSVERISYWHIPMZIV]
8LI7TIEOIVtW:SMGI ;LEX OMRH SJ ZSMGI HS ]SY LEZI# -W MX VMGL ERH VIWSRERX PMOI .EQIW )EVP .SRIWtW# 8LMR ERH REWEP PMOI ;MPPMI 2IPWSRtW# (IIT ERH VEWT] PMOI %P 7LEVT XSRtW# 7SJX ERH EPPYVMRK PMOI 'EXLIVMRI >IXE .SRIWtW# 0SYH ERH MVVMXEXMRK PMOI (MGO:MXEPItW# ;LEXIZIVXLIGLEVEGXIVMWXMGWSJ]SYVZSMGI]SYGERFIWYVIMXMWYRMUYI &IGEYWIRSX[STISTPIEVII\EGXP]XLIWEQITL]WMGEPP]RSX[STISTPILEZI MHIRXMGEPZSMGIW 8LILYQERZSMGIMWTVSHYGIHF] E GSQTPI\WIVMIWSJWXITW XLEXWXEVXW[MXLXLII\LEPEXMSRSJEMVJVSQXLIPYRKW 8V]XEPOMRKMRXIPPMKMFP] [LMPI MRLEPMRK ERH WII [LEX LETTIRW %W EMV MW I\LEPIH MX TEWWIW XLVSYKL XLIPEV]R\ SVZSMGIFS\ [LIVIMXMWZMFVEXIHXSKIRIVEXIWSYRH8LMWWSYRH MW XLIR EQTPMJMIH ERH QSHMJMIH EW MX VIWSREXIW XLVSYKL XLI XLVSEX QSYXL ERH REWEP TEWWEKIW *MREPP] XLI VIWSREXIH WSYRH MW WLETIH MRXS WTIGMJMG ZS[IP ERH GSRWSRERX WSYRHW F] XLI QSZIQIRX SJ XLI XSRKYI PMTW XIIXL ERHVSSJSJXLIQSYXL 8LIZSMGITVSHYGIHF]XLMWTL]WMGEPTVSGIWW[MPPKVIEXP]EJJIGXXLIWYGGIWW SJ ]SYV WTIIGLIW % KSPHIR ZSMGI MW GIVXEMRP] ER EWWIX FYX WSQI SJ XLI QSWX JEQSYWWTIEOIVWMRLMWXSV]LEHYRHMWXMRKYMWLIHZSMGIW%FVELEQ0MRGSPRLEH E LEVWL ERH TIRIXVEXMRK ZSMGI ;MRWXSR 'LYVGLMPP WYJJIVIH JVSQ E WPMKLX PMWT ERHERE[O[EVHWXEQQIV0MOIXLIQ]SYGERSZIVGSQIREXYVEPHMWEHZERXEKIW ERHYWI]SYVZSMGIXSXLIFIWXIJJIGX0MRGSPRERH'LYVGLMPPPIEVRIHXSGSRXVSP XLIMVZSMGIW=SYGERHSXLIWEQIXLMRK 8LI EWTIGXW SJ ZSMGI ]SY WLSYPH [SVO XS GSRXVSP EVI ZSPYQI TMXGL VEXI TEYWIWZEVMIX]TVSRYRGMEXMSREVXMGYPEXMSRERHHMEPIGX
:3091) ZSPYQI 8LIPSYHRIWWSVWSJXRIWW SJXLIWTIEOIVtWZSMGI
%X SRI XMQI E TS[IVJYP ZSMGI [EW IWWIRXMEP JSV ER SVEXSV 8SHE] IPIGXVSRMG EQTPMJMGEXMSREPPS[WIZIREWSJXWTSOIRTIVWSRXSFILIEVHMRER]WIXXMRK&YX MRXLIGPEWWVSSQ]SY[MPPWTIEO[MXLSYXEQMGVSTLSRI;LIR]SYHSFIWYVI XSEHNYWX]SYVZSMGIXSXLIEGSYWXMGWSJXLIVSSQXLIWM^ISJXLIEYHMIRGIERH XLIPIZIPSJFEGOKVSYRHRSMWI-J]SYWTIEOXSSPSYHP]]SYVPMWXIRIVW[MPPXLMRO ]SYFSSVMWL-J]SYWTIEOXSSWSJXP]XLI][MPPRSXYRHIVWXERH]SY6IQIQFIV XLEX]SYVS[RZSMGIEP[E]WWSYRHWPSYHIVXS]SYXLERXSEPMWXIRIV7SSREJXIV FIKMRRMRK ]SYV WTIIGL KPERGI EX XLI TISTPI JEVXLIWX E[E] JVSQ ]SY -J XLI] PSSOTY^^PIH EVIPIERMRK JSV[EVH MR XLIMVWIEXW SV EVISXLIV[MWIWXVEMRMRK XS LIEV]SYRIIHXSXEPOPSYHIV
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4-8', 4MXGLMWXLILMKLRIWWSVPS[RIWWSJXLIWTIEOIVtWZSMGI8LIJEWXIVWSYRH[EZIW ZMFVEXIXLILMKLIVXLIMVTMXGL XLIWPS[IVXLI]ZMFVEXIXLIPS[IVXLIMVTMXGL 4MXGLHMWXMRKYMWLIWXLIWSYRHTVSHYGIHF]XLIOI]WEXSRIIRHSJETMERSJVSQ XLEXTVSHYGIHF]XLIOI]WEXXLISXLIVIRH -RWTIIGLTMXGLGEREJJIGXXLIQIERMRKSJ[SVHWSVWSYRHW4MXGLMW[LEX QEOIWXLIHMJJIVIRGIFIX[IIRXLIq%LErXVMYQTLERXP]I\GPEMQIHF]7LIVPSGO ,SPQIWYTSRHMWGSZIVMRKEWIIQMRKP]HIGMWMZIGPYIERHXLIq%LErLIQYXXIVW [LIRLIPIEVRWXLIGPYIMWRSXHIGMWMZIEJXIVEPP-J]SY[IVIXSVIEHXLITVIGIH MRK WIRXIRGI EPSYH ]SYV ZSMGI [SYPH TVSFEFP] KS YT MR TMXGL SR XLI JMVWX q%LEr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tW PMWXIRIVW *I[ TISTPI WTIEOMREREFWSPYXIQSRSXSRI[MXLRSZEVMEXMSR[LEXIZIVMRTMXGLFYXQER] JEPP MRXS VITIXMXMSYW TMXGL TEXXIVRW XLEX EVI NYWX EW L]TRSXMG =SY GER KYEVH EKEMRWX XLMW F] VIGSVHMRK ]SYVWTIIGLIW EW ]SY TVEGXMGI XLIQ -J EPP ]SYV WIR XIRGIWIRHSRXLIWEQIMRJPIGXMSRhIMXLIVYT[EVHSVHS[R[EVHh[SVOSRZEV] MRK]SYVTMXGLTEXXIVRWXSJMXXLIQIERMRKSJ]SYV[SVHW%W[MXLFVIEOMRKER] SXLIVLEFMXXLMWQE]WIIQE[O[EVHEXJMVWXFYXMXMWKYEVERXIIHXSQEOI]SYE FIXXIVWTIEOIV
TMXGL 8LILMKLRIWWSVPS[RIWWSJ XLIWTIEOIVtWZSMGI
MRJPIGXMSRW 'LERKIWMRXLITMXGLSVXSRI SJEWTIEOIVtWZSMGI
QSRSXSRI %GSRWXERXTMXGLSV XSRISJZSMGI
6%8) 6EXI VIJIVW XS XLI WTIIH EX [LMGL E TIVWSR WTIEOW 4ISTPI MR XLI 97 YWYEPP] WTIEOEXEVEXIFIX[IIRERH[SVHWTIVQMRYXIFYXXLIVIMWRSYRMJSVQ VEXIJSVIJJIGXMZIWTIIGLQEOMRK*VEROPMR6SSWIZIPXWTSOIEX[SVHWTIVQMR YXI .SLR /IRRIH] EX 1EVXMR 0YXLIV /MRK STIRIH LMW q- ,EZI E (VIEQr WTIIGLEX [SVHWTIVQMRYXIERHJMRMWLIHMXEX8LIFIWXVEXISJWTIIGL HITIRHWSRWIZIVEPXLMRKWhXLIZSGEPEXXVMFYXIWSJXLIWTIEOIVXLIQSSHWLISV LIMWXV]MRKXSGVIEXIXLIGSQTSWMXMSRSJXLIEYHMIRGIERHXLIREXYVISJXLI SGGEWMSR *SVI\EQTPIMJ]SY[ERXIHXSGSRZI]XLII\GMXIQIRXSJXLI(E]XSRE GEVVEGI]SY[SYPHTVSFEFP]WTIEOVEXLIVUYMGOP]FYXEWPS[IVVEXI[SYPHFI QSVIETTVSTVMEXIXSHIWGVMFIXLIWIVIRMX]SJXLI%PEWOER[MPHIVRIWW%JEWXVEXI LIPTWGVIEXIJIIPMRKWSJLETTMRIWWJIEVERKIVERHWYVTVMWI[LIVIEWEWPS[VEXI MWFIXXIVJSVI\TVIWWMRK WEHRIWWSV HMWKYWX %WPS[IV XIQTSMWGEPPIH JSV [LIR ]SY I\TPEMR GSQTPI\ MRJSVQEXMSR E JEWXIV XIQTS [LIR XLI MRJSVQEXMSR MW EPVIEH]JEQMPMEVXSXLIEYHMIRGI 8[S SFZMSYW JEYPXW XS EZSMH EVI WTIEOMRK WS WPS[P] XLEX ]SYV PMWXIRIVW FIGSQIFSVIHSVWSUYMGOP]XLEXXLI]PSWIXVEGOSJ]SYVMHIEW2SZMGIWTIEOIVW EVITEVXMGYPEVP]TVSRIXSVEGMRKXLVSYKLXLIMVWTIIGLIWEXEJVERXMGVEXI*SVXY REXIP] XLMW MW YWYEPP] ER IEW] LEFMX XS FVIEO EW MW XLI PIWW GSQQSR SRI SJ GVE[PMRKXLVSYKLSRItWWTIIGLEXEWREMPtWTEGI 8LIOI]MRFSXLGEWIWMWFIGSQMRKE[EVISJXLITVSFPIQERHGSRGIRXVEXMRK SRWSPZMRK MX 9WIEHMKMXEPVIGSVHIVXSGLIGOLS[ JEWX]SY WTIEO 4E] WTIGMEP EXXIRXMSR XS VEXI [LIR TVEGXMGMRK ]SYV WTIIGL *MREPP] FI WYVI XS MRGPYHI
VEXI 8LIWTIIHEX[LMGLE TIVWSRWTIEOW
8LI7TIEOIVtW:SMGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
VIQMRHIVWEFSYXHIPMZIV]SR]SYVWTIEOMRKSYXPMRIWS]SY[SRtXJSVKIXXSQEOI XLIEHNYWXQIRXW[LIR]SYKMZI]SYVWTIIGLMRGPEWW
4%97)7 TEYWI %QSQIRXEV]FVIEOMRXLI ZSGEPHIPMZIV]SJEWTIIGL
ZSGEPM^IHTEYWI %TEYWIXLEXSGGYVW[LIRE WTIEOIVJMPPWXLIWMPIRGI FIX[IIR[SVHW[MXL ZSGEPM^EXMSRWWYGLEWqYLr qIVrERHqYQr
0IEVRMRK LS[ ERH [LIR XS TEYWI MW E QENSV GLEPPIRKI JSV QSWX FIKMRRMRK WTIEOIVW )ZIR E QSQIRX SJ WMPIRGI GER WIIQ PMOI ER IXIVRMX] %W ]SY KEMR QSVITSMWIERHGSRJMHIRGILS[IZIV]SY[MPPHMWGSZIVLS[YWIJYPXLITEYWI GERFI-XGERWMKREPXLIIRHSJEXLSYKLXYRMXKMZIERMHIEXMQIXSWMROMR ERHPIRHHVEQEXMGMQTEGXXSEWXEXIQIRXq8LIVMKLX[SVHQE]FIIJJIGXMZIr WEMH 1EVO 8[EMR qFYX RS [SVH [EW IZIV EW IJJIGXMZI EW E VMKLXP] XMQIH TEYWIr (IZIPSTMRK E OIIR WIRWI SJ XMQMRK MW TEVXP] E QEXXIV SJ GSQQSR WIRWI TEVXP]EQEXXIVSJI\TIVMIRGI=SY[MPPRSXEP[E]WKIX]SYVTEYWIWNYWXVMKLXEX JMVWX FYX OIIT XV]MRK 0MWXIR XS EGGSQTPMWLIH WTIEOIVW XS WII LS[ XLI] YWI TEYWIW XS QSHYPEXI XLI VEXI ERH VL]XLQ SJ XLIMV QIWWEKIW ;SVO SR TEYWIW [LIR]SYTVEGXMGI]SYVWTIIGLIW 1EOIWYVI]SYTEYWIEXXLIIRHSJXLSYKLXYRMXWERHRSXMRXLIQMHHPI 3XLIV[MWI]SYQE]HMWXVEGXPMWXIRIVWJVSQ]SYVMHIEW1SWXMQTSVXERXHSRSX JMPP XLI WMPIRGI [MXL qYLr qIVr SV qYQr 8LIWI ZSGEPM^IH TEYWIW GER GVIEXI RIKEXMZI TIVGITXMSRW EFSYXEWTIEOIVtW MRXIPPMKIRGI ERHSJXIR QEOIE WTIEOIV ETTIEVHIGITXMZI
:3'%0:%6-)8= .YWXEW ZEVMIX]MW XLI WTMGI SJ PMJI WS MW MX XLI WTMGI SJTYFPMG WTIEOMRK % JPEX PMWXPIWW YRGLERKMRK ZSMGI MW NYWX EW HIEHP] XS WTIIGLQEOMRK EW E JPEX PMWXPIWW YRGLERKMRKVSYXMRIMWXSHEMP]PMJI 8V]VIEHMRKXLMWPMQIVMGOEPSYH -WEXRI\XXSXLI(YGLIWWEXXIE -X[EWNYWXEW-JIEVIHMX[SYPHFI ,IVVYQFPMRKWEFHSQMREP ;IVIWMQTP]EFSQMREFPI %RHIZIV]SRIXLSYKLXMX[EWQI
2S[ VIGMXI XLMW TEWWEKI JVSQ .EQIW .S]GItW q%PP (E] - ,IEV XLI 2SMWI SJ ;EXIVWr 8LIKVE][MRHWXLIGSPH[MRHWEVIFPS[MRK ;LIVI-KS -LIEVXLIRSMWISJQER][EXIVW *EVFIPS[ %PPHE]EPPRMKLX-LIEVXLIQJPS[MRK 8SERHJVS
ZSGEPZEVMIX] 'LERKIWMREWTIEOIVtWVEXI TMXGLERHZSPYQIXLEXKMZI XLIZSMGIZEVMIX]ERH I\TVIWWMZIRIWW
'IVXEMRP] ]SY HMH RSX YXXIV FSXL TEWWEKIW XLI WEQI [E] =SY MRWXMRG XMZIP] ZEVMIH XLI VEXI TMXGL ZSPYQI ERH TEYWIW XS HMWXMRKYMWL XLI PMKLX LIEVXIHPMQIVMGOJVSQ.S]GItWQIPERGLSPMGTSIQ;LIRKMZMRKEWTIIGL]SY WLSYPHQSHYPEXI]SYVZSMGIMRNYWXXLMW[E]XSGSQQYRMGEXI]SYVMHIEWERH JIIPMRKW *SVERI\GIPPIRX I\EQTPISJZSGEPZEVMIX]PSSO EX:MHIS'PMT MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV 8LI WTIEOIV 7ENNMH >ELMV 'LMRS] [EW
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIFIWXVEXISJWTIIGL HITIRHWTEVXP]SRXLIQSSH EWTIEOIV[ERXWXSGVIEXI 8SGSQQYRMGEXIXLI WIVIRMX]SJEQSYRXEMRPEOI ]SY[SYPHTVSFEFP]WTIEOEX EWPS[IVXLERRSVQEPVEXI
FSVRERHVEMWIHMR&SQFE]-RHMEFIJSVIGSQMRKXSXLI9RMXIH7XEXIWXSEXXIRH GSPPIKIEXXLI9RMZIVWMX]SJ6MGLQSRH%XXLIIRHSJLMWWIRMSV]IEV'LMRS] [EWWIPIGXIHEWXLIWXYHIRXGSQQIRGIQIRXWTIEOIVMREGEQTYW[MHIGSQTIXM XMSR,IWTSOISJXLI[EVQVIGITXMSRLIVIGIMZIHEX6MGLQSRHERHSJLS[GYP XYVEPHMJJIVIRGIWGERFISZIVGSQIF]EXXIQTXMRKXSYRHIVWXERHSXLIVTISTPI %X XLI IRH SJ LMW WTIIGL 'LMRS] VIGIMZIH XLYRHIVSYW ETTPEYWIhTEVXP] FIGEYWI SJ [LEX LI WEMH FYX EPWS FIGEYWI SJ LS[ LI WEMH MX %HHVIWWMRK XLI EYHMIRGI SJ TISTPI [MXLSYX RSXIW LI WTSOI I\XIQTSVERISYWP] [MXL WXVSRKI]IGSRXEGXERHI\GIPPIRXZSGEPZEVMIX]8LIWTIIGL[EWWSMRWTMVMRKXLEX XLIQEMRWTIEOIV,EVZEVHTW]GLMEXVMWX6SFIVX'SPIWFIKERLMWTVIWIRXEXMSRF] TE]MRK XVMFYXI XS 'LMRS] q-tZI FIIR XS E RYQFIV SJ GSQQIRGIQIRXWr WEMH 'SPIWqFYX-tZIRIZIVLIEVHEWTIIGLUYMXIPMOIXLEXr ,S[GER]SYHIZIPSTEPMZIP]I\TVIWWMZIZSMGI#%FSZIEPPF]ETTVSEGLMRK IZIV]WTIIGLEW'LMRS]ETTVSEGLIHLMWhEWERSTTSVXYRMX]XSWLEVI[MXL]SYV PMWXIRIVW MHIEW XLEX EVI MQTSVXERX XS ]SY =SYV WIRWI SJ GSRZMGXMSR ERH ]SYV HIWMVIXSGSQQYRMGEXI[MPPKMZI]SYVZSMGIXLIWEQIWTEVOMXLEWMRWTSRXERISYW GSRZIVWEXMSR (MEKRSWI ]SYV TVIWIRX WTIEOMRK ZSMGI XS HIGMHI [LMGL EWTIGXW RIIH MQTVSZIQIRX6IGSVH]SYVWTIIGLIWXSLIEVLS[XLI]WSYRH8V]XLIQSYXSR QIQFIVWSJ]SYVJEQMP]EJVMIRHSVEVSSQQEXI'LIGO[MXL]SYVXIEGLIVJSV WYKKIWXMSRW4VEGXMGIXLIZSGEPZEVMIX]I\IVGMWIEXXLIIRHSJXLMWGLETXIV:SGEP ZEVMIX] MW E REXYVEP JIEXYVI SJ SVHMREV] GSRZIVWEXMSR 8LIVI MW RS VIEWSR MX WLSYPHRSXFIEWREXYVEPEJIEXYVISJ]SYVWTIIGLIW
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ q5YIWXMSRWSJ'YPXYVIrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
463292'-%8-32 ;IEPPQMWTVSRSYRGI[SVHWRS[ERHEKEMR,IVIJSVI\EQTPIEVIWM\[SVHW [MXL[LMGL]SYEVITVSFEFP]JEQMPMEV7E]IEGLSRIEPSYH
KIRYMRI
EVGXMG
X LIEXIV
IVV
R YGPIEV
*IFVYEV]
TVSRYRGMEXMSR 8LIEGGITXIHWXERHEVHSJ WSYRHERHVL]XLQJSV[SVHW MREKMZIRPERKYEKI
8LI7TIEOIVtW:SMGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
(S]SY[ERXXSPIEVRQSVIEFSYXWTIIGLHIPMZIV]#4IVLETWKEMREHHMXMSREPI\TIVM IRGIEJXIV]SYVWTIIGLGPEWWMWSZIV#=SYGERHSFSXLF]NSMRMRKERSVKERM^EXMSR WYGLEW 8SEWXQEWXIVW-RXIVREXMSREP [LMGL LEW QSVI XLER QIQFIVW ERH GPYFWMR GSYRXVMIWEVSYRHXLI[SVPH*SVMRJSVQEXMSREFSYX8SEWXQEWXIVW PSKSRXSMXW;IFWMXIEX[[[XSEWXQEWXIVWSVK -J ]SY EVI E RSRREXMZI WTIEOIV SJ )RKPMWL ERH [ERX XS [SVO SR ]SYV WOMPPW SJ WTSOIR)RKPMWL]SY[MPPJMRHERYQFIVSJI\GIPPIRXVIWSYVGIWEXXLI)RKPMWLEWE 7IGSRH0ERKYEKIWXYHIRX;IFWMXI LXXT S[PIRKPMWLTYVHYIIHYLERHSYXW IWPIWPWXYHIRXLXQP
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
:IV]PMOIP]]SYQEHIEQMWXEOISREXPIEWXSRIJSVXLI]EVIEQSRKXLIQSWX JVIUYIRXP]QMWTVSRSYRGIH[SVHWMRXLI)RKPMWLPERKYEKI0IXtWWII ;SVH
'SQQSR)VVSV
'SVVIGX4VSRYRGMEXMSR
KIRYMRI
KIRY[MRI
KIRY[MR
EVGXMG
EVXMG
EVGXMG
XLIEXIV
XLIIEXIIV
XLIIEXIV
IVV
EMV
YV
RYGPIEV
RYGYPEV
RYGPIEV
*IFVYEV]
*IFYEV]
*IFVYEV]
)ZIV][SVHPIEHWEXVMTPIPMJI MXMWVIEH[VMXXIRERHWTSOIR1SWXTISTPI VIGSKRM^IERHYRHIVWXERHQER]QSVI[SVHWMRVIEHMRKXLERXLI]YWIMRSVHM REV][VMXMRKERHEFSYXXLVIIXMQIWEWQER]EWSGGYVMRWTSRXERISYWWTIIGL 8LMWMW[L][ISGGEWMSREPP]WXYQFPI[LIRWTIEOMRK[SVHWXLEXEVITEVXSJSYV VIEHMRKSV[VMXMRKZSGEFYPEVMIW-RSXLIVGEWIW[IQE]QMWTVSRSYRGIXLIQSWX GSQQSRTPEGI[SVHWSYXSJLEFMX 8LITVSFPIQMWXLEX[IYWYEPP]HSRtXORS[[LIR[IEVIQMWTVSRSYRGMRKE [SVH -J [I EVI PYGO] [I PIEVR XLI VMKLX TVSRYRGMEXMSR F] LIEVMRK WSQISRI IPWIWE]XLI[SVHTVSTIVP]SVF]LEZMRKWSQISRIKIRXP]GSVVIGXYWMRTVMZEXI -J[IEVIYRPYGO][IQMWTVSRSYRGIXLI[SVHMRJVSRXSJEVSSQJYPSJTISTPI [LSQE]VEMWIXLIMVI]IFVS[WKVSERSVPEYKL %PP SJ XLMW EVKYIW JSV TVEGXMGMRK ]SYV WTIIGL MR JVSRX SJ EW QER] XVYWXIH JVMIRHW ERH VIPEXMZIW EW ]SY GER GSVRIV -J ]SY LEZI ER] HSYFXW EFSYX XLI TVSTIVTVSRYRGMEXMSRSJGIVXEMR[SVHWFIWYVIXSGLIGOEHMGXMSREV]
%68-'90%8-32 EVXMGYPEXMSR 8LITL]WMGEPTVSHYGXMSRSJ TEVXMGYPEVWTIIGLWSYRHW
%VXMGYPEXMSR ERH TVSRYRGMEXMSR EVI RSX MHIRXMGEP 7PSTT] EVXMGYPEXMSR MW XLI JEMPYVIXSJSVQTEVXMGYPEVWTIIGLWSYRHWGVMWTP]ERHHMWXMRGXP]-XMWSRISJWIZ IVEPGEYWIWSJQMWTVSRYRGMEXMSRFYX]SYGEREVXMGYPEXIE[SVHWLEVTP]ERHWXMPP QMWTVSRSYRGI MX *SV I\EQTPI MJ ]SY WE] XLI qWr MR q-PPMRSMWr SV XLI qTr MR qTRIYQSRMEr]SYEVIQEOMRKEQMWXEOIMR TVSRYRGMEXMSRVIKEVHPIWWSJLS[ TVIGMWIP]]SYEVXMGYPEXIXLIWSYRHW 1SWX SJ XLI XMQI TSSV EVXMGYPEXMSR MW GEYWIH F] PE^MRIWWhF] JEMPMRK XS QERMTYPEXI XLI PMTW XSRKYI NE[ ERH WSJX TEPEXI WS EW XS TVSHYGI WTIIGL
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WSYRHW GPIEVP] ERH TVIGMWIP] 4ISTPI MR XLI 9RMXIH 7XEXIW WIIQ TEVXMGYPEVP] TVSRI XS GLSTTMRK WPYVVMRK ERH QYQFPMRK [SVHW VEXLIV XLER EVXMGYPEXMRK XLIQTPEMRP] %QSRK GSPPIKI WXYHIRXW TSSV EVXMGYPEXMSR MW QSVI GSQQSR XLER MKRS VERGISJGSVVIGXTVSRYRGMEXMSR;IORS[XLEXqPIXQIrMW RSXqPIQQIrXLEX qKSMRK XSr MW RSX qKSRREr XLEX qHMH ]SYr MW RSX qHMHNEr ]IX [I TIVWMWX MR EVXMGYPEXMRK XLIWI [SVHW MQTVSTIVP] ,IVI EVI WSQI SXLIV GSQQSR IVVSVW MR EVXMGYPEXMSR]SYWLSYPH[SVOXSEZSMH ;SVH
1MWEVXMGYPEXMSR
SYKLXXS
S XXE
HMHRtX
HMRX
JSV
JYV
HSRtXORS[
HYRRS
LEZIXS
LEJXE
XLIQ
I Q
[ERXXS
[ERRE
[MPP]SY
[MP]E
-J ]SY LEZI WPSTT] EVXMGYPEXMSR [SVO SR MHIRXMJ]MRK ERH IPMQMREXMRK ]SYVQSWXGSQQSRIVVSVW0MOISXLIVFEHLEFMXWGEVIPIWWEVXMGYPEXMSRGERFI FVSOIRSRP]F]TIVWMWXIRXIJJSVXhFYXXLIVIWYPXWEVI[IPP[SVXLMX2SXSRP] [MPP]SYVWTIIGLIWFIQSVIMRXIPPMKMFPIFYXIQTPS]IVW[MPPFIQSVIPMOIP]XS LMVI ]SY XS TPEGI ]SY MR TSWMXMSRW SJ VIWTSRWMFMPMX] ERH XS TVSQSXI ]SY %W7LEOIWTIEVIEHZMWIHq1IRH]SYVWTIIGLEPMXXPIPIWX]SYQE]QEV]SYV JSVXYRIWr
(-%0)'8 1SWX PERKYEKIW LEZI HMEPIGXW IEGL [MXL E HMWXMRGXMZI EGGIRX KVEQQEV ERH ZSGEFYPEV] (MEPIGXW EVI YWYEPP] FEWIH SR VIKMSREP SV IXLRMG WTIIGL TEXXIVRW 8LI 9RMXIH 7XEXIW LEW JSYV QENSV VIKMSREP HMEPIGXWh)EWXIVR 2I[ )RKPERH 7SYXLIVR ERH +IRIVEP %QIVMGER -R &SWXSR TISTPI QE] KIX qMHIEVWr EFSYX qHIIELrJVMIRHW-R%PEFEQETEVIRXWXIPPXLIMVGLMPHVIRXSWXSTqWUYMRGLMRKr XLIMVI]IW[LMPI[EXGLMRKXIPIZMWMSRERHXSKSGPIERYTXLIMVVSSQWqVEXrRS[ -R9XELTISTPITVEMWIXLIqPEVHrERHTYXXLIqPSVHr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qVMKLXrJSVXLIGSQQYRMX] SJTISTPI[LSYWIMX ;LIRMWEKMZIRHMEPIGXETTVSTVMEXIMRTYFPMGWTIEOMRK#8LIERW[IVHITIRHW EFSZI EPP SR XLI GSQTSWMXMSR SJ ]SYV EYHMIRGI ,IEZ] YWI SJ ER] HMEPIGXh VIKMSREPSVIXLRMGhGERFIXVSYFPIWSQI[LIRXLIEYHMIRGIHSIWRSXWLEVIXLEX
HMEPIGX %ZEVMIX]SJEPERKYEKI HMWXMRKYMWLIHF]ZEVMEXMSRW SJEGGIRXKVEQQEVSV ZSGEFYPEV]
8LI7TIEOIVtW:SMGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
HMEPIGX -R WYGL E WMXYEXMSR XLI HMEPIGX QE] GEYWI PMWXIRIVW XS QEOI RIKEXMZI NYHKQIRXWEFSYXXLIWTIEOIVt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
8LI7TIEOIVtW&SH] -QEKMRI]SYEVIEXETEVX](YVMRKXLIIZIRMRK]SYJSVQMQTVIWWMSRWEFSYXXLI TISTPIEVSYRH]SY.SRXIWIIQWVIPE\IHERHIZIRXIQTIVIH2MGSPIXIRWIERH MVVMXEFPI /]RHVE WIIQW STIR ERH WXVEMKLXJSV[EVH &IOEL LSWXMPI ERH IZEWMZI %QMRWIIQWLETT]XSWII]SY 7IXLHIJMRMXIP]MWRSX ,S[ HS ]SY VIEGL XLIWI GSRGPYWMSRW# 8S E WYVTVMWMRK I\XIRX ]SY VIEGL XLIQ RSX SR XLI FEWMW SJ [LEX TISTPI WE] [MXL [SVHW FYX FIGEYWI SJ [LEX XLI]WE][MXLXLIMVTSWXYVIKIWXYVIWI]IWERHJEGMEPI\TVIWWMSRW7YTTSWI]SY EVIWMXXMRKRI\XXS%QMRERHLIWE]Wq8LMWMWEKVIEXTEVX]-tQVIEPP]KPEHXS FILIVI[MXL]SYr,S[IZIVLMWFSH]MWXYVRIHWPMKLXP]E[E]JVSQ]SYERH LIOIITWPSSOMRKEXWSQISRIEGVSWWXLIVSSQ(IWTMXI[LEXLIWE]W]SYORS[ LIMWRSXKPEHXSFIXLIVI[MXL]SY 1YGLXLIWEQIXLMRKLETTIRWMRWTIIGLQEOMRK,IVIMWXLIWXSV]SJSRI WXYHIRXtW JMVWX X[S GPEWWVSSQ WTIIGLIW ERH XLI IJJIGX GVIEXIH F] LMW TL]WMGEP EGXMSRWSRIEGLSGGEWMSR 7IER 3t'SRRSVtW JMVWX WTIIGL HMH RSX KS ZIV] [IPP )ZIR XLSYKL LI LEH GLSWIR ER MRXIVIWXMRK XSTMG VIWIEVGLIH XLI WTIIGL [MXL GEVI ERH TVEGXMGIH MXJEMXLJYPP]LIHMHRSX XEOIMRXSEGGSYRXXLIMQTSVXERGISJYWMRKLMWFSH]IJJIGXMZIP];LIRXLIXMQIGEQI JSV LMQXSWTIEOEWXVMGOIRPSSOGVSWWIHLMWJEGI,IKSXYTJVSQLMWGLEMVERHTPSHHIHXSXLI PIGXIVREWXLSYKLKSMRKXSXLIKYMPPSXMRI,MWZSGEPHIPMZIV][EWKSSHIRSYKLFYXEPPXLI [LMPILMWLERHW[IVIPMZMRKEPMJISJXLIMVS[R8LI]JMHKIXIH[MXLLMWRSXIWTPE]IH[MXL XLIFYXXSRWSJLMWWLMVXERHHVYQQIHSRXLIPIGXIVR8LVSYKLSYXXLIWTIIGL7IEROITX LMWLIEHHS[RERHLIPSSOIHEXLMW[EXGLVITIEXIHP]6IKEVHPIWWSJ[LEXLMW[SVHW[IVI WE]MRKLMWFSH][EWWE]MRKq-HSRtX[ERXXSFILIVIr *MREPP]MX[EWSZIV7IERVYWLIHXSLMWWIEXERHGSPPETWIHMRXSMXPSSOMRKIRSVQSYWP] VIPMIZIH2IIHPIWWXSWE]LMWWTIIGL[EWRSXEKVIEXWYGGIWW
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
+SSHWTIEOIVWWYGLEW 2SFIP4IEGI4VM^I0EYVIEXI 1YLEQQEH=YRYWYWIE PMZIP]ZSMGIXSFVMRKXLIMV MHIEWXSPMJI8LI]EPWSYWI KIWXYVIWI]IGSRXEGXERH JEGMEPI\TVIWWMSRWXSGVIEXIE FSRH[MXLXLIMVEYHMIRGI
*SVXYREXIP][LIR7IERtWTVSFPIQ[EWTSMRXIHSYXXSLMQLI[SVOIHLEVHXSGSVVIGX MX,MWRI\XWTIIGL[EWUYMXIEHMJJIVIRXWXSV]8LMWXMQILIKSXYTJVSQLMWGLEMVERHWXVSHI XSXLIPIGXIVRGSRJMHIRXP],IOITXLMW LERHWYRHIVGSRXVSPERHGSRGIRXVEXIHSRQEOMRK I]I GSRXEGX [MXL LMW PMWXIRIVW 8LMW [EW XVYP] ER EGLMIZIQIRX FIGEYWI 7IER [EW NYWX EW RIVZSYWEWXLIJMVWXXMQI,S[IZIVLIJSYRHXLEXXLIQSVILIQEHILMQWIPJPSSOGSRJM HIRXXLIQSVI GSRJMHIRXLIFIGEQI %JXIVXLIWTIIGLLMWGPEWWQEXIW [IVI IRXLYWMEWXMG q+VIEXWTIIGLrXLI]WEMHq=SYVIEPP]WIIQIHXSGEVIEFSYXXLIWYFNIGXERH]SYFVSYKLX XLMWGEVMRKXSXLIEYHMIRGIr -RJEGXXLI[SVHMRKSJ7IERtWWIGSRHWTIIGL[EWRtXQYGLFIXXIVXLERXLEXSJXLIJMVWX -X[EWLMWTL]WMGEPEGXMSRWXLEXQEHIEPPXLIHMJJIVIRGI*VSQXLIXMQILIPIJXLMWWIEXYRXMP LIVIXYVRIHLMWFSH]WEMHq-EQGSRJMHIRXERHMRGSRXVSPSJXLIWMXYEXMSR-LEZIWSQIXLMRK [SVXL[LMPIXSWE]ERH-[ERX]SYXSXLMROWSXSSr
4SWXYVIJEGMEPI\TVIWWMSRKIWXYVIWI]IGSRXEGXhEPPEJJIGXXLI[E]PMWXIRIVW VIWTSRHXSEWTIEOIV,S[[IYWIXLIWIERHSXLIVFSH]QSXMSRWXSGSQQYRM GEXI MW XLI WYFNIGX SJ E JEWGMREXMRK EVIE SJ WXYH] GEPPIH OMRIWMGW 3RI SJ MXW JSYRHIVW6E]&MVH[LMWXIPPIWXMQEXIHXLEXQSVIXLERTL]WMGEPWMKREPW GERFIWIRXXLVSYKLFSHMP]QSZIQIRX7XYHMIWLEZIWLS[RXLEXXLIWIWMKREPW LEZIEWMKRMJMGERXMQTEGXSRXLIQIERMRKGSQQYRMGEXIHF]WTIEOIVW6IWIEVGL LEW EPWS GSRJMVQIH [LEX XLI +VIIO LMWXSVMER ,IVSHSXYW SFWIVZIH QSVI XLER ]IEVWEKS q4ISTPIXVYWXXLIMVIEVWPIWWXLERXLIMVI]IWr;LIREWTIEOIVtW FSH]PERKYEKIMWMRGSRWMWXIRX[MXLLMWSVLIV[SVHWPMWXIRIVWSJXIRFIPMIZIXLI FSH]PERKYEKIVEXLIVXLERXLI[SVHW ,IVIEVIXLIQENSVEWTIGXWSJTL]WMGEPEGXMSRXLEX[MPPEJJIGXXLISYXGSQI SJ]SYVWTIIGLIW
OMRIWMGW 8LIWXYH]SJFSH]QSXMSRW EWEW]WXIQEXMGQSHISJ GSQQYRMGEXMSR
8LI7TIEOIVtW&SH]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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t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
13:)1)28 2SZMGIWTIEOIVWEVISJXIRYRWYVIEFSYX[LEXXSHS[MXLXLIMVFSH][LMPIKMZMRK EWTIIGL7SQITEGIRSRWXSTFEGOERHJSVXLEGVSWWXLITSHMYQJIEVMRKXLEXMJ XLI]WXSTXLI][MPPJSVKIXIZIV]XLMRK3XLIVWGSRWXERXP]WLMJXXLIMV[IMKLXJVSQ SRI JSSX XS XLI SXLIV JMHKIX [MXL XLIMVRSXIW SV NMRKPI GSMRW MR XLIMV TSGOIXW 7XMPPSXLIVWXYVRMRXSWXEXYIWWXERHMRKVMKMHERHI\TVIWWMSRPIWWJVSQFIKMRRMRK XSIRH 7YGLUYMVOWYWYEPP]WXIQJVSQRIVZSYWRIWW-J]SYEVITVSRIXSHMWXVEGXMRK QERRIVMWQW]SYVXIEGLIV[MPPMHIRXMJ]XLIQWS]SYGER[SVOSRGSRXVSPPMRK XLIQ;MXLEPMXXPIGSRGIRXVEXMSRXLIWIQERRIVMWQWWLSYPHHMWETTIEVEW]SY FIGSQIQSVIGSQJSVXEFPIWTIEOMRKMRJVSRXSJEREYHMIRGI %WMQTSVXERXEWLS[]SYEGXHYVMRKXLIWTIIGLMW[LEX]SYHSNYWXFIJSVI ]SYFIKMRERHEJXIV]SYJMRMWL%W]SYVMWIXSWTIEOXV]XSETTIEVGEPQTSMWIH ERH GSRJMHIRX HIWTMXI XLI FYXXIVJPMIW MR ]SYV WXSQEGL ;LIR ]SY VIEGL XLI PIGXIVRHSRtXPIERSRMXERHHSRtXVYWLMRXS]SYVWTIIGL+MZI]SYVWIPJXMQI XSKIXWIX%VVERKI]SYVRSXIWNYWXXLI[E]]SY[ERXXLIQ7XERHUYMIXP]EW]SY [EMXXSQEOIWYVIXLIEYHMIRGIMWTE]MRKEXXIRXMSR)WXEFPMWLI]IGSRXEGX[MXL ]SYVPMWXIRIVW8LIRhERHSRP]XLIRhWLSYPH]SYWXEVXXSXEPO ;LIR ]SYVIEGL XLI IRHSJ ]SYV WTIIGLQEMRXEMR I]I GSRXEGX JSV EJI[ QSQIRXWEJXIV]SYWXSTXEPOMRK8LMW[MPPKMZI]SYVGPSWMRKPMRIXMQIXSWMROMR 9RPIWW ]SY EVI WXE]MRK EX XLI PIGXIVR XS ERW[IV UYIWXMSRW GSPPIGX ]SYV RSXIW ERHVIXYVRXS]SYVWIEX%W]SYHSWSQEMRXEMR]SYVGSSPGSPPIGXIHHIQIERSV ;LEXIZIV ]SY HS HSRtX WXEVX XS KEXLIV ]SYV RSXIW FIJSVI ]SY LEZI JMRMWLIH XEPOMRK ERHHSRtXGETSJJ]SYVWTIIGL[MXLELYKIWMKLSJVIPMIJSVWSQIVIQEVO PMOIq;LI[%Q-KPEHXLEXtWSZIVr
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%PP XLMW EHZMGI MW GSQQSR WIRWI ]IX ]SY [SYPH FI WYVTVMWIH LS[ QER] TISTPIRIIHMX;LIRTVEGXMGMRK]SYVWTIIGLIWWTIRHEPMXXPIXMQIVILIEVWMRK LS[]SY[MPPFILEZIEXXLIFIKMRRMRKERHEXXLIIRH-XMWSRISJXLIIEWMIWXh ERHSRISJXLIQSWXIJJIGXMZIhXLMRKW]SYGERHSXSMQTVSZI]SYVMQEKI[MXL EREYHMIRGI
+)7896)7 *I[EWTIGXWSJHIPMZIV]GEYWIWXYHIRXWQSVIERKYMWLXLERHIGMHMRK[LEXXSHS [MXLXLIMVLERHWq7LSYPH-GPEWTXLIQFILMRHQ]FEGO#0IXXLIQLERKEXQ] WMHIW#6IWXXLIQSRXLIPIGXIVR#%RH[LEXEFSYXKIWXYVMRK#;LIRWLSYPH-HS XLEXhERHLS[#r)ZIRTISTPI[LSYWIXLIMVLERHWI\TVIWWMZIP]MRIZIV]HE]GSR ZIVWEXMSRWIIQXSVIKEVHXLIQEWE[O[EVHETTIRHEKIW[LIRWTIEOMRKFIJSVI EREYHMIRGI 3ZIV XLI ]IEVW QSVI RSRWIRWI LEW FIIR [VMXXIR EFSYX KIWXYVMRK XLER KIWXYVIW EFSYX ER] SXLIV EWTIGX SJ WTIIGL HIPMZIV] %HVSMX KIWXYVIW GER EHH XS XLI 1SXMSRWSJEWTIEOIVt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hNYWX EWXLI]HSMRGSRZIVWEXMSR
)=)'328%'8 8LII]IFEPPMXWIPJI\TVIWWIWRSIQSXMSR=IXF]QERMTYPEXMRKXLII]IFEPPERH I]IGSRXEGX XLI EVIEW SJ XLI JEGI EVSYRH MXhIWTIGMEPP] XLI YTTIV I]IPMHW ERH XLI I]I (MVIGXZMWYEPGSRXEGX[MXLXLI FVS[Wh[IGSRZI]ERMRXVMGEXIEVVE]SJRSRZIVFEPQIWWEKIW7SVIZIEPMRKEVI I]IWSJERSXLIVTIVWSR XLIWI QIWWEKIW XLEX [I XLMRO SJ XLI I]IW EW qXLI [MRHS[W SJ XLI WSYPr ;I PSSO XS XLIQ XS LIPT KEYKI E WTIEOIVtW XVYXLJYPRIWW MRXIPPMKIRGI EXXMXYHIW ERHJIIPMRKW 0MOIQER]EWTIGXWSJGSQQYRMGEXMSRI]IGSRXEGXMWMRJPYIRGIHF]GYPXYVEP FEGOKVSYRH ;LIR IRKEKIH MR GSRZIVWEXMSR %VEFW 0EXMR %QIVMGERW ERH 7SYXLIVR )YVSTIERW XIRH XS PSSO HMVIGXP] EX XLI TIVWSR [MXL [LSQ XLI] EVI XEPOMRK4ISTPIJVSQ%WMERGSYRXVMIWERHTEVXWSJ%JVMGEXIRHXSIRKEKIMRPIWW I]IGSRXEGX ;LIR MX GSQIW XS TYFPMG WTIEOMRK XLIVI MW [MHI EKVIIQIRX EGVSWW GYP XYVIW SR XLI MQTSVXERGI SJ WSQI HIKVII SJ I]I GSRXEGX -R QSWX GMVGYQ WXERGIW SRI SJ XLI UYMGOIWX [E]W XS IWXEFPMWL E GSQQYRMGEXMZI FSRH [MXL ]SYV PMWXIRIVW MW XS PSSO EX XLIQ TIVWSREPP] ERH TPIEWERXP] %ZSMHMRK XLIMV KE^IMWSRISJXLIWYVIWX[E]WXSPSWIXLIQ7TIEOIVWMRXLI9RMXIH7XEXIW[LS VIJYWI XS IWXEFPMWL I]I GSRXEGX EVI TIVGIMZIH EW XIRXEXMZI SV MPP EX IEWI ERH QE]FI WIIR EWMRWMRGIVI SVHMWLSRIWX-XMW RS [SRHIV XLIRXLEX XIEGLIVW YVKIWXYHIRXWXSPSSOEXXLIEYHMIRGI XS TIVGIRXSJXLIXMQIXLI]EVI XEPOMRK
8LI7TIEOIVtW&SH]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ q1EOMRKE(MJJIVIRGI 8LVSYKLXLI7TIGMEP 3P]QTMGWrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
=SY QE] JMRH XLMW HMWGSRGIVXMRK EX JMVWX &YX EJXIV SRI SV X[S WTIIGLIW ]SYWLSYPHFIEFPIXSQIIXXLIKE^ISJ]SYVEYHMIRGIJEMVP]GSQJSVXEFP]%W ]SYPSSOEX]SYVPMWXIRIVWFIEPIVXJSVXLIMVVIEGXMSRW'ERXLI]LIEV]SY#(S XLI]YRHIVWXERH]SY#%VIXLI]E[EOI#=SYVI]IW[MPPLIPT]SYERW[IVXLIWI UYIWXMSRW -X MWRtX IRSYKL NYWX XS PSSO EX ]SYV PMWXIRIVW LS[ ]SY PSSO EX XLIQ EPWS GSYRXW % FPERO WXEVI MW EPQSWX EW FEH EW RS I]I GSRXEGX EX EPP 7S MW E JMIVGI LSWXMPIKPS[IVSVEWIVMIWSJJVMKLXIRIHFI[MPHIVIHKPERGIW%PWSFI[EVISJXLI XIRHIRG]XSKE^IMRXIRXP]EXSRITEVXSJXLIEYHMIRGI[LMPIMKRSVMRKXLIVIWX -RWTIIGLGPEWWWSQIWXYHIRXWPSSOSRP]EXXLIWIGXMSRSJXLIVSSQ[LIVIXLI XIEGLIVMWWMXXMRK3XLIVWEZSMHPSSOMRKER][LIVIRIEVXLIXIEGLIVERHJSGYWSR SRISVX[SW]QTEXLIXMGJVMIRHW=SYWLSYPHXV]XSIWXEFPMWLI]IGSRXEGX[MXL ]SYV[LSPIEYHMIRGI ;LIREHHVIWWMRKEWQEPPEYHMIRGIWYGLEW]SYVGPEWW]SYGERYWYEPP]PSSO FVMIJP]JVSQSRITIVWSRXSERSXLIV*SVEPEVKIVKVSYT]SY[MPPTVSFEFP]WGER XLIEYHMIRGIVEXLIVXLERXV]XSIRKEKIXLII]IWSJIEGLTIVWSRMRHMZMHYEPP]2S QEXXIV [LEX XLI WM^I SJ ]SYV EYHMIRGI ]SY [ERX ]SYV I]IW XS GSRZI] GSRJM HIRGIWMRGIVMX]ERHGSRZMGXMSR8LI]WLSYPHWE]q-EQTPIEWIHXSFIEFPIXS XEPO[MXL]SY-FIPMIZIHIITP]MR[LEX-EQWE]MRKERH-[ERX]SYXSFIPMIZI MRMXXSSr 0SSOEX:MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIVXSWII EJMRII\EQTPISJI]IGSRXEGX8LIWTIEOIVMWXIPPMRKLIVGPEWWQEXIWLS[XLI] GERFIGSQIZSPYRXIIVWJSVXLI7TIGMEP3P]QTMGW2SXMGILS[WLIYWIWLIVI]IW XSGSRRIGX[MXLLIVPMWXIRIVWEXETIVWSREPPIZIP8LMWMWXLIOMRHSJWXVSRKGSQ QYRMGEXMSR]SYWLSYPHXV]XSHIZIPSTMR]SYVWTIIGLIW
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qXEPOXLVSYKLrEPPI\EQTPIWERHXSVIGMXIMRJYPPEPPUYSXEXMSRWERH WXEXMWXMGW -J ]SYV WTIIGL MRGPYHIW ZMWYEP EMHW YWI XLIQ EW ]SY TVEGXMGI 8LI JMVWX GSYTPI SJ XMQIW ]SY [MPP TVSFEFP] JSVKIX WSQIXLMRK SV QEOI E QMWXEOI
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
FYX HSRtX [SVV] /IIT KSMRK ERH GSQTPIXI XLI WTIIGLEW[IPPEW]SYGER'SRGIRXVEXISRKEMRMRK GSRXVSP SJ XLI MHIEW HSRtX XV] XS PIEVR XLI WTIIGL [SVHJSV[SVH%JXIVEJI[XVMIW]SYWLSYPHFIEFPI XSKIX XLVSYKLXLIWTIIGLI\XIQTSVERISYWP][MXL WYVTVMWMRKIEWI 2S[ FIKMR XS TSPMWL ERH VIJMRI ]SYV HIPMZ IV]4VEGXMGIXLIWTIIGLMRJVSRXSJEQMVVSVXSGLIGO JSVI]IGSRXEGXERHHMWXVEGXMRKQERRIVMWQW6IGSVH XLIWTIIGLXSKEYKIZSPYQITMXGLVEXITEYWIWERH ZSGEPZEVMIX]1SWXMQTSVXERXXV]MXSYXSRJVMIRHW VSSQQEXIWJEQMP]QIQFIVWhER]SRI[LS[MPPPMW XIR ERH KMZI ]SY ER LSRIWX ETTVEMWEP 7MRGI ]SYV WTIIGL MW HIWMKRIH JSV TISTPI VEXLIV XLER JSV QMV VSVW SV VIGSVHIVW ]SY RIIH XS JMRH SYX ELIEH SJ XMQILS[MXKSIWSZIV[MXLTISTPI *MREPP] KMZI ]SYV WTIIGL E HVIWW VILIEVWEP YRHIV GSRHMXMSRW EW GPSWI EW TSWWMFPI XS XLSWI ]SY [MPP JEGI MR GPEWW 7SQI WXYHIRXW PMOI XS XV] XLI WTIIGLEGSYTPISJXMQIWMRERIQTX]GPEWWVSSQXLI HE]FIJSVIXLIWTIIGLMWHYI2SQEXXIV[LIVI]SY LSPH]SYVPEWXTVEGXMGIWIWWMSR]SYWLSYPHPIEZIMX JIIPMRK GSRJMHIRX ERH PSSOMRK JSV[EVH XS WTIEOMRK MR]SYVGPEWW
%WI\TIVMIRGIHWTIEOIVWORS[]SYRIIHXSTVEGXMGIEWTIIGL XLSVSYKLP]FIJSVIHIPMZIVMRKMX-JTSWWMFPIXV]XSVILIEVWIYRHIV GSRHMXMSRWEWGPSWIEWTSWWMFPIXSXLSWI]SY[MPPJEGIHYVMRKXLI WTIIGLMXWIPJ
-JXLMWSVER]TVEGXMGIQIXLSHMWXS[SVO]SYQYWXWXEVXIEVP](SRtX[EMX YRXMP XLI RMKLX FIJSVI ]SYV WTIIGL XS FIKMR [SVOMRK SR HIPMZIV] % WMRKPI TVEGXMGI WIWWMSRhRS QEXXIV LS[ PSRKhMW VEVIP] IRSYKL %PPS[ ]SYVWIPJ EX PIEWXEGSYTPISJHE]WTVIJIVEFP]QSVIXSKEMRGSQQERHSJXLIWTIIGLERH MXWTVIWIRXEXMSR
%RW[IVMRK%YHMIRGI5YIWXMSRW
-J]SY LEZIIZIV[EXGLIHETVIWWGSRJIVIRGISVLIEVHEWTIEOIVERW[IVUYIW XMSRWEJXIVEXEPO]SYORS[XLIUYIWXMSRERHERW[IVWIWWMSRGERQEOISVFVIEO E TVIWIRXEXMSR % WTIEOIV [LS LERHPIW UYIWXMSRW [IPP GER WXVIRKXLIR XLI MQTEGX SJ LMWSVLIV WTIIGL 3RXLISXLIV LERHEWTIEOIV [LSIZEHIW UYIW XMSRWSVWLS[WERRS]ERGI[MPPEPQSWXGIVXEMRP]GVIEXIXLISTTSWMXIIJJIGX 8LI UYIWXMSRERHERW[IV WIWWMSR MW E GSQQSR TEVX SJ TYFPMG WTIEOMRK [LIXLIVXLISGGEWMSRMWETVIWWGSRJIVIRGIFYWMRIWWTVIWIRXEXMSRTYFPMGLIEV MRKSVGPEWWVSSQEWWMKRQIRX%RERW[IVXSEUYIWXMSRMWSJXIRXLIJMREP[SVH EREYHMIRGILIEVWERHMWPMOIP]XSPIEZIEPEWXMRKMQTVIWWMSR
8LI JMVWX WXIT XS HSMRK [IPP MR E UYIWXMSRERHERW[IV WIWWMSR MW XS XEOI MX EW WIVMSYWP]EWXLIWTIIGLMXWIPJ8LIX[SQENSVWXITWMRTVITEVMRKEVI[SVOMRKSYX ERW[IVWXSTSWWMFPIUYIWXMSRWERHTVEGXMGMRKXLIHIPMZIV]SJXLSWIERW[IVW
%RW[IVMRK%YHMIRGI5YIWXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
-J]SYLEZIIZIV[EXGLIHEWOMPPJYPWTIEOIVJMIPHUYIWXMSRWJVSQXLIEYHMIRGI ]SY ORS[ XLIVI MW ER EVX XS QEREKMRK E UYIWXMSRERHERW[IV WIWWMSR )RXMVI FSSOW LEZI FIIR [VMXXIR SR XLMW WYFNIGX FYX XLI JSPPS[MRK WYKKIWXMSRW [MPP LIPTKIX]SYWXEVXIHSRXLIVMKLXJSSX
%TTVSEGL5YIWXMSRW[MXLE4SWMXMZI%XXMXYHI %TSWMXMZIEXXMXYHI[MPPLIPT]SYERW[IVUYIWXMSRWKVEGMSYWP]ERHVIWTIGXJYPP] 8V] XS ZMI[ UYIWXMSRW JVSQ XLI EYHMIRGI EW WMKRW SJ KIRYMRI MRXIVIWX ERH E HIWMVI XS PIEVR QSVI EFSYX ]SYV WYFNIGX -J WSQISRI EWOW EFSYX E TSMRX XLEX WIIQWGPIEVXS]SYHSRtXVIWTSRHF]WE]MRKq-HMWGYWWIHXLEXEXXLIFIKMRRMRK SJQ]XEPOrSVq8LIERW[IVWIIQWSFZMSYWr-RWXIEHYWIQSQIRXWPMOIXLIWI XSVIMXIVEXISVI\TERHYTSR]SYVMHIEW
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1ER]WTIIGLIWEVIJSPPS[IH F]EUYIWXMSRERHERW[IV WIWWMSR,IVI1SHIWXS 'EPMJSVRMETSPMGIGLMIJ6E] ;EWHIRVIWTSRHWXSUYIWXMSRW JVSQXLITVIWWEJXIVQEOMRK TVITEVIHVIQEVOWSREGVMQI MRZIWXMKEXMSR
%WTIEOIV[LSEHSTXWEWLEVTSVHIJIRWMZIXSRI[LMPIERW[IVMRKUYIWXMSRW [MPPEPMIREXIQER]TISTPIMRXLIEYHMIRGI)ZIRMJ]SYEVIEWOIHELSWXMPIUYIW XMSROIIT]SYVGSSP%ZSMHXLIXIQTXEXMSRXSERW[IVHIJIRWMZIP]WEVGEWXMGEPP] SVEVKYQIRXEXMZIP]1SWXTISTPIMRXLIEYHMIRGI[MPPVIWTIGX]SYJSVXV]MRKXS EZSMHEUYEVVIP
0MWXIR'EVIJYPP] -XtWLEVHXSERW[IVEUYIWXMSR[IPPMJ]SYHSRtXPMWXIRGEVIJYPP]XSMX+MZIXLI UYIWXMSRIV]SYVJYPPEXXIRXMSR;LIRJEGIH[MXLERYRGPIEVSVYR[MIPH]UYIWXMSR XV]XS VITLVEWIMX F]WE]MRK WSQIXLMRK PMOI q-J - YRHIVWXERH ]SYV UYIWXMSR MX WIIQWXSQIXLEX]SYEVIEWOMRKr%RSXLIVSTXMSRMWWMQTP]XSEWOXLIEYHM IRGIQIQFIVXSVITIEXXLIUYIWXMSR1SWXTISTPI[MPPVIWXEXIMXQSVIWYGGMRGXP] ERHGPIEVP]
(MVIGX%RW[IVWXSXLI)RXMVI%YHMIRGI ;LIR ]SY EVI FIMRK EWOIH E UYIWXMSR PSSO EX XLI UYIWXMSRIV (MVIGX ]SYV ERW[IVLS[IZIVXSXLIIRXMVIEYHMIRGI1EOISGGEWMSREPI]IGSRXEGX[MXL XLI UYIWXMSRIV EW ]SY ERW[IV FYX WTIEO TVMQEVMP] XS XLI EYHMIRGI EW E [LSPI -J ]SY WTIEO NYWX XS XLI UYIWXMSRIV XLI VIWX SJ ]SYV EYHMIRGI QE] HVMJXSJJ
%RW[IVMRK%YHMIRGI5YIWXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LIR WTIEOMRK XS E PEVKI EYHMIRGI VITIEX SV TEVETLVEWI IEGL UYIWXMSR EJXIVMXMWEWOIH8LMWMRZSPZIWXLIIRXMVIEYHMIRGIERHIRWYVIWXLEXXLI]ORS[ XLIUYIWXMSR-REHHMXMSRVITIEXMRKSVTEVETLVEWMRKXLIUYIWXMSRKMZIW]SYE QSQIRXXSJVEQIERERW[IVFIJSVI]SYVIWTSRH
&I,SRIWXERH7XVEMKLXJSV[EVH -J ]SY HSRtX ORS[ XLI ERW[IV XS E UYIWXMSR WE] WS (SRtX ETSPSKM^I HSRtX IZEHIERHQSWXMQTSVXERXHSRtXXV]XSFPYJJ(SLS[IZIVPIXXLIUYIWXMSRIV ORS[XLEX]SYXEOIXLIUYIWXMSRWIVMSYWP]3JJIVXSGLIGOMRXSXLIERW[IVEW WSSREWTSWWMFPIEJXIVXLIWTIIGL-JEQSVIORS[PIHKIEFPITIVWSRMWEXLERH EWOMJWLISVLIORS[WXLIERW[IV
7XE]SR8VEGO -XtWIEW]XSKIXHMZIVXIHSVPSWIGSRXVSPSJXMQIMREPMZIP]UYIWXMSRERHERW[IV WIWWMSR 9RPIWW XLIVI MW E QSHIVEXSV XLI WTIEOIV MW VIWTSRWMFPI JSV OIITMRK XLMRKWSRXVEGO%PPS[SRIJSPPS[YTUYIWXMSRJVSQIEGLTIVWSRERHHSRtXPIX ]SYVWIPJ FI HVEKKIH MRXS E TIVWSREP HIFEXI [MXL ER] UYIWXMSRIV -J WSQISRI EXXIQTXW XS EWO QSVI XLER X[S UYIWXMSRW VIWTSRH KVEGMSYWP] ]IX JMVQP] F] WE]MRK q8LMWMWER MRXIVIWXMRKPMRISJ UYIWXMSRMRK FYX[IRIIHXS KMZISXLIV TISTPIEGLERGIXSEWOUYIWXMSRWr 7SQIXMQIWEPMWXIRIV[MPPPEYRGLMRXSERI\XIRHIHQSRSPSKYIMRWXIEHSJ TSWMRKEUYIWXMSR;LIRXLMWLETTIRW]SYGERVIXEMRGSRXVSPSJXLIWMXYEXMSR F]WE]MRKWSQIXLMRKPMOIq8LSWIEVIZIV]MRXIVIWXMRKMHIEWFYXHS]SYLEZIE WTIGMJMGUYIWXMSR-GERERW[IV#r-JXLITIVWSRTIVWMWXWSJJIVXSXEPOMRHMZMHYEPP] [MXLLMQSVLIVEJXIVXLIWIWWMSR 3RWSQISGGEWMSRWXLIPIRKXLSJXLIUYIWXMSRERHERW[IVWIWWMSRMWTVI HIXIVQMRIH 3R SXLIV SGGEWMSRW MXtW YT XS XLI WTIEOIV 1EOI WYVI ]SY EPPS[ IRSYKL XMQIXS KIXXLVSYKL MWWYIW SJ QENSV MQTSVXERGIFYX HSRtX PIXXLMRKW HVEKSREJXIVXLIQSQIRXYQSJXLIWIWWMSRLEWWXEVXIH[MRHMRKHS[R%WXLI IRHETTVSEGLIWSJJIVXSVIWTSRHXSERSXLIVUYIWXMSRSVX[S8LIR[VETXLMRKW YTF]XLEROMRKXLIEYHMIRGIJSVMXWXMQIERHEXXIRXMSR
7911%6= 7TIIGLHIPMZIV]MW EQEXXIV SJRSRZIVFEPGSQQYRMGEXMSR -XMW FEWIHSRLS[]SY YWI ]SYVZSMGIERHFSH] XSGSRZI] XLIQIWWEKII\TVIWWIHF] ]SYV[SVHW6EXLIV XLERGEPPMRKEXXIRXMSRXSMXWIPJIJJIGXMZIHIPMZIV]GSRZI]WXLIWTIEOIVtWMHIEWGPIEVP] IRKEKMRKP]ERH[MXLSYXHMWXVEGXMRKXLIEYHMIRGI 8LIVIEVIJSYVFEWMGQIXLSHWSJHIPMZIVMRKEWTIIGL VIEHMRKZIVFEXMQJVSQE QERYWGVMTXVIGMXMRKEQIQSVM^IHXI\XWTIEOMRKMQTVSQTXYERHWTIEOMRKI\XIQ TSVERISYWP];LIRWTIEOMRKI\XIQTSVERISYWP]]SY[MPPLEZIEFVMIJWIXSJRSXIW SV E WTIEOMRK SYXPMRI ERH [MPP GLSSWI XLI I\EGX [SVHMRK SJ ]SYV WTIIGL EX XLI QSQIRXSJHIPMZIV]
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8S YWI ]SYV ZSMGI IJJIGXMZIP] ]SY WLSYPH [SVO SR GSRXVSPPMRK ]SYV ZSPYQI TMXGLVEXITEYWIWZSGEPZEVMIX]TVSRYRGMEXMSREVXMGYPEXMSRERHHMEPIGX:SPYQI MWXLIVIPEXMZIPSYHRIWWSJ]SYVZSMGIERHTMXGLMWXLIVIPEXMZILMKLRIWWSVPS[RIWW 6EXIVIJIVWXSXLIWTIIHEX[LMGL]SYXEPO4EYWIW[LIRGEVIJYPP]XMQIHGEREHH KVIEX MQTEGX XS ]SYV WTIIGL FYX ]SY WLSYPH EZSMH ZSGEPM^IH TEYWIW qIVr qYQr ERHXLIPMOI :SGEPZEVMIX]VIJIVWXSGLERKIWMRZSPYQITMXGLVEXIERHTEYWIWERHMW GVYGMEPXSQEOMRK]SYVZSMGIPMZIP]ERHERMQEXIH*SVTYFPMGWTIEOMRK]SYWLSYPHFI WYVI XS TVSRSYRGI [SVHW GSVVIGXP] ERH XS EVXMGYPEXI XLIQ HMWXMRGXP] =SY WLSYPH EPWSEZSMHLIEZ]YWISJHMEPIGXMRWMXYEXMSRW[LIVIXLIEYHMIRGIHSIWRSXWLEVIXLI HMEPIGXSV[MPPJMRHMXMRETTVSTVMEXI 4SWXYVITIVWSREPETTIEVERGIJEGMEPI\TVIWWMSRKIWXYVIWERHI]IGSRXEGXEPWS EJJIGX XLI [E] PMWXIRIVW VIWTSRH XS WTIEOIVW (VIWW ERH KVSSQ ETTVSTVMEXIP] YWI KIWXYVIW ERH FSHMP] QSZIQIRX XS IRLERGI ]SYV QIWWEKI ERH QEOI I]I GSRXEGX [MXL]SYVPMWXIRIVW =SYWLSYPHTVEGXMGIEPPXLIWIEWTIGXWSJHIPMZIV]EPSRK[MXLXLI[SVHWSJ]SYV WTIIGL 7XEVX ]SYV TVEGXMGI WIWWMSRW IEVP] WS ]SY [MPP LEZI TPIRX] SJ XMQI XS KEMR GSQQERHSJXLIWTIIGLERHMXWTVIWIRXEXMSR -J ]SYV WTIIGL MRGPYHIW E UYIWXMSRERHERW[IV WIWWMSR ERXMGMTEXI XLI QSWX PMOIP] UYIWXMSRW TVITEVI ERW[IVW XS XLIQ ERH TVEGXMGI HIPMZIVMRK XLSWI ERW[IVW (YVMRKXLIUYIWXMSRERHERW[IVTIVMSHPMWXIRGEVIJYPP]XSXLIUYIWXMSRWETTVSEGL XLIQ TSWMXMZIP] ERH VIWTSRH XS XLIQ FVMIJP] KVEGMSYWP] ERH WXVEMKLXJSV[EVHP] (MVIGX]SYVERW[IVWXSXLIJYPPEYHMIRGIVEXLIVXLERXSXLIUYIWXMSRIVEPSRIERH QEOIWYVIXSIRHXLIWIWWMSRMREXMQIP]JEWLMSR
/)=8)617
RSRZIVFEPGSQQYRMGEXMSR
TEYWI
QERYWGVMTXWTIIGL
ZSGEPM^IHTEYWI
MQTVSQTXYWTIIGL
ZSGEPZEVMIX]
I\XIQTSVERISYWWTIIGL
TVSRYRGMEXMSR
GSRZIVWEXMSREPUYEPMX]
EVXMGYPEXMSR
ZSPYQI
HMEPIGX
TMXGL
OMRIWMGW
MRJPIGXMSRW
KIWXYVIW
QSRSXSRI
I]IGSRXEGX
VEXI
6):-);59)78-327
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6IZMI[5YIWXMSRW
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8LI1G+VE[n,MPP 'SQTERMIW
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WPMHIWERHSJQEWXIVMRKXLIIUYMTQIRXERH4S[IV4SMRXGSQQERHWRIIHIHXS HIPMZIV]SYVWTIIGLWQSSXLP]ERHI\TIVXP] 8LIJMVWXWXITMWHIGMHMRK[LIVI]SYGERYWI4S[IV4SMRXXSKVIEXIWXEHZER XEKI %JXIV ]SY LEZI JMRMWLIH HIZIPSTMRK XLI WTIIGL XLMRO EFSYX [LIVI ]SY QMKLX IQTPS] 4S[IV4SMRX XS GPEVMJ] SV WXVIRKXLIR ]SYV MHIEW 6EXLIV XLER YWMRK4S[IV4SMRXXSMPPYWXVEXIIZIV]XLSYKLXPSSOJSVWTSXW[LIVIMX[MPPKIRY MRIP]IRLERGI]SYVQIWWEKI *SVI\EQTPIMREWTIIGLEFSYXWO]WGVETIVWSRIWXYHIRXMRGPYHIHMRJSVQE XMSREFSYXXLI[SVPHtWJMZIXEPPIWXFYMPHMRKW,IGVIEXIHE4S[IV4SMRXWPMHIXLEX WLS[IHXLITVSKVIWWMSRSJFYMPHMRKWJVSQWLSVXIWXXSXEPPIWXEGGSQTERMIHF] ETLSXSKVETLSJIEGL&]YWMRK4S[IV4SMRXtWERMQEXMSRJIEXYVILI[EWEFPI XS GSRXVSP XLI HMWTPE] SJ IEGL FYMPHMRK WS MX GEQI SR WGVIIR NYWX EW LI [EW HMWGYWWMRKMX%W]SYGERWIIMR:MHIS'PMT%MRXLISRPMRI1IHME0MFVEV] JSVXLMWETTIRHM\XLIVIMWRS[E]LIGSYPHLEZIEGLMIZIHXLIWEQIVIWYPX[MXL EXVEHMXMSREPZMWYEPEMH *SV ERSXLIV I\EQTPI PSSO EX :MHIS 'PMT % MR [LMGL XLI WTIEOIV HMW GYWWIW +ISVKIW 7IYVEXtW JEQSYW TEMRXMRK 7YRHE] %JXIVRSSR SR XLI -WPERH SJ PE +VERH.EXXI8LIWTIEOIVYWIWEWIVMIWSJ4S[IV4SMRXWPMHIWXSWLS[HIXEMPWSJXLI TEMRXMRK XLEX GSYPH RSX LEZI FIIR WIIR SXLIV[MWI ,I EPWS HSIW ER I\GIPPIRX NSFSJI\TPEMRMRKIEGLWPMHIEWLIKSIWEPSRK %W ]SY TPER ]SYV WTIIGLIW XLMRO LS[ ]SY GER YWI 4S[IV4SMRX MR E WMQMPEVQERRIVXSIRLERGI]SYVMHIEW%XXLIWEQIXMQIVIQIQFIVXLEXXSS QER] ZMWYEPWhSV TSSV ZMWYEPWhGER HS QSVI LEVQ XLER KSSH &I GVIEXMZI ERH VIWSYVGIJYP [MXLSYX EPPS[MRK 4S[IV4SMRX XS SZIV[LIPQ ]SYV IRXMVI WTIIGL
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
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8LI1G+VE[n,MPP 'SQTERMIW
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4S[IV4SMRX LEW HS^IRW SJ JSRXW XS GLSSWI JVSQ FYX XLI] EPP JEPP MRXS SRI SV ERSXLIV SJX[S FEWMGGEXIKSVMIWhWIVMJ SVWERWWIVMJ7IVMJJSRXWLEZIPMXXPIXEMPW SRIEGLPIXXIVPMOIXLIX]TI]SYEVIVIEHMRKVMKLXRS[7ERWWIVMJJSRXWHSRSX LEZIXEMPWPMOIXLIX]TIYWIHJSVXLILIEHMRK*SRXWEXXLIWXEVXSJXLMWWIGXMSR *SVI\EQTPIWWII*MKYVI% TEKI 7IVMJJSRXWEVIIEWMIVXSVIEHMRPEVKITEXGLIWSJXI\X[LMPIWERWWIVMJJSRXW EVIFIXXIVJSVLIEHMRKWERHWLSVXFYVWXWSJXI\X1SWXQYPXMQIHMEI\TIVXWVIG SQQIRH WERWWIVMJ JSRXW JSV XMXPIW ERH LIEHMRKW SR 4S[IV4SMRX WPMHIWhERH WSQIWE]WERWWIVMJWLSYPHFIYWIHJSVEPPXI\XMR4S[IV4SMRX
d*-+96)% 7EQTPI4S[IV4SMRX7PMHI
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
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7IVMJ*SRXW
8LI1G+VE[n,MPP 'SQTERMIW
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:IVHERE d*-+96)%
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
d*-+96)% )JJIGXMZI:MWYEP&EPERGI
XMXPI MW HMWTPE]IH MR E WMRKPI PMRI EX XLI XST SJ XLI WPMHI XLI TLSXSKVETL JMPPW QSWXSJXLIPIJXWMHIERHXLIXI\XSGGYTMIWIRSYKLWTEGISRXLIVMKLXXSGSQ TIRWEXIJSVXLIWM^ISJXLITLSXSKVETL 'SQTEVI XLMW WPMHI [MXL XLI SRI MR *MKYVI% FIPS[ 8LI WIGSRH WPMHI GSRXEMRWXLIWEQIIPIQIRXWEWXLIJMVWXFYXXLI]EVIRSXEVVERKIHIJJIGXMZIP] 8LI XMXPI MW PSGEXIH SZIV XLI TLSXSKVETL [LIVI MX XEOIW YT X[S PMRIW VEXLIV XLERSRI 8SGSQTIRWEXIXLITLSXSKVETLSJ 6SSWIZIPXLEWFIIRVIHYGIHMR WM^IWSMXLEWPIWWZMWYEPMQTEGX8LITLSXSKVETLMWEPWSXSSGPSWIXSXLIFSX XSQSJXLIWPMHIXLIVIF]WITEVEXMRKMXJVSQXLIXMXPI*MREPP]XLIXI\XSRXLI VMKLXMWXSSGPSWIXSXLITLSXSKVETLERHMWTPEGIHXSSLMKLXSTVSZMHIEKSSH WIRWISJZMWYEPFEPERGI
d*-+96)% -RIJJIGXMZI:MWYEP&EPERGI
%44)2(-< 97-2+43;)643-28
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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ERMQEXMSR 8LI[E]SFNIGXWIRXIVSV I\MXE4S[IV4SMRXWPMHI
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq8LI +VIEX;EPPSJ'LMRErMRXLI SRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMT%
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
d*-+96)% 7PMHI7SVXIV:MI[MR 4S[IV4SMRX
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
4S[IV4SMRX7PMHI7LS['SQQERHW (MWTPE]WPMHIW IRXIV7PMHI7LS[ZMI[
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7LS[XLIRI\XWPMHI
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7LS[XLITVIZMSYWWPMHI
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4VIWW)WG
d*-+96)%
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
46%'8-')=39674))',;-8,43;)643-28 %W[IWE[MR'LETXIV]SYWLSYPHEP[E]WTVEGXMGIEWTIIGL[MXL]SYVZMWYEP EMHW8LMWMWIWTIGMEPP]MQTSVXERX[LIRYWMRK4S[IV4SMRX;LIR]SYTVEGXMGI HSRtXNYWXGPMGOXLIQSYWIGEWYEPP]SVVYWLUYMGOP]SZIV]SYV[SVHW+SXLVSYKL IZIV]TEVXSJXLIWTIIGLERHQEOIWYVI]SYORS[I\EGXP][LIR]SY[ERXIEGL WPMHIXSETTIEVERHHMWETTIEVERH[LEX]SY[MPPWE][LMPIIEGLMWSRWGVIIR 1EVO]SYVWTIEOMRKRSXIW[MXLGYIWXLEX[MPPVIQMRH]SY[LIRXSHMWTPE]IEGL WPMHISVERMQEXMSRERH[LIRXSVIQSZIMX -Xt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
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ q7IGYVMRK=SYVWIPJ3RPMRIr MRXLISRPMRI1IHME0MFVEV] JSVXLMWETTIRHM\ :MHIS 'PMT%
(-740%=70-()7320=;,-0)(-7'977-2+8,)1 %W[MXLSXLIVX]TIWSJZMWYEPEMHW]SY[ERX]SYV4S[IV4SMRXWPMHIWXSFIZMWMFPI SRP][LIR]SYEVIHMWGYWWMRKXLIQ=SYGEREGLMIZIXLMWKSEPF]EHHMRKFPERO WPMHIWEWRIIHIH2SXMGIJSVI\EQTPILS[XLIWTIEOIVMRXLI+VIEX;EPPTVI WIRXEXMSRYWIWFPEROWPMHIWEXZEVMSYWTEVXWSJXLIWTIIGL&]HSMRKWSLIOIITW LMWPMWXIRIVWJSGYWIHSR[LEXLIMWWE]MRKEXXLIQSQIRXVEXLIVXLERLEZMRK XLIMVEXXIRXMSRHMZIVXIHF]XLITVIZMSYWWPMHI -XtWEPWSEKSSHMHIEXSEHHEFPEROWPMHIEXXLIIRHSJ]SYVTVIWIRXEXMSRWS ]SYVPEWXGSRXIRXWPMHI[MPPRSXGSRXMRYIXSFII\TSWIHEJXIV]SYLEZIJMRMWLIH HMWGYWWMRKMX
',)'/8,)6331%2()59-41)28 -R MHIEP GMVGYQWXERGIW ]SY [MPP FI EFPI XS VILIEVWI EX PIEWX SRGI MR XLI VSSQ [LIVI]SY[MPPTVIWIRX]SYVWTIIGL[MXLXLIWEQIGSQTYXIVQSYWIERHTVSNIG XSV]SY[MPPYWISRXLIHE]SJ]SYVWTIIGL-JXLMWMWRSXTSWWMFPIXV]XSWXSTF] XLIVSSQWIZIVEPHE]WFIJSVILERHERH[SVO[MXLXLIIUYMTQIRX-J]SYGERtXKIX XSXLIVSSQFIJSVIXLIHE]SJXLIWTIIGLEVVMZIERLSYVSVWSELIEHSJXMQIXS JEQMPMEVM^I]SYVWIPJ[MXLXLIIUYMTQIRXERHXSQEOIWYVIMXtW[SVOMRKTVSTIVP]
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4S[IV4SMRXMWQSWXIJJIGXMZI [LIRMXMWYWIHWIPIGXMZIP] [LIRWPMHIWEVIWOMPPJYPP] MRXIKVEXIH[MXLXLIVIWXSJ XLIWTIIGLERH[LIRXLI WTIEOIVGSQQYRMGEXIW HMVIGXP][MXLXLIEYHMIRGI
8LIVI MW [MHI ZEVMEXMSR EQSRK GSQTYXIVW ERH TVSNIGXSVW EW [IPP EW EQSRK VSSQW IUYMTTIH [MXL QYPXMQIHME GSRRIGXMSRW WS IZIR MJ ]SY LEZI YWIH4S[IV4SMRXSRTVIZMSYWSGGEWMSRW]SYRIIHXSGLIGOXLIWIXYTMRXLI VSSQ [LIVI]SY[MPPFIWTIEOMRK1SWXI\TIVMIRGIHWTIEOIVWEVVERKIELIEH SJXMQIXSLEZIEXIGLRMGMERTVIWIRX[LIRXLI]EVVMZIWSWLISVLIGERXEOI GEVISJER]TVSFPIQW 4E]EXXIRXMSRXSXLIPMKLXMRKEW[IPP'LIGO[LIXLIVXLITVSNIGXSVMWFVMKLX IRSYKLXSSZIVTS[IVXLIVSSQPMKLXWERHGVIEXIEWLEVTMQEKI-JMXMWRtXWII MJ]SYGERHMQXLIPMKLXWRIEVXLIWGVIIR 8LMWQE]EPPWIIQPMOIEPSXSJJYWWERHFSXLIVFYXER]SRI[LSLEWKMZIR WTIIGLIW[MXL4S[IV4SMRX[MPPXIPP]SYMXtWEFWSPYXIP]IWWIRXMEP
():)034%&%'/9440%2 (IWTMXIEPP]SYVTVITEVEXMSRERHTVEGXMGIMXtWTSWWMFPIXLEXXIGLRSPSK][MPPJEMP ]SY1SVI XLER SRI WTIEOIVLEWEVVMZIH [MXL 4S[IV4SMRX MR XS[SRP]XSHMW GSZIVXLEXXLIGSQTYXIVMWEGXMRKYTXLITVSNIGXSV[MPPRSX[SVOSVXLIVSSQtW TS[IVGSRRIGXMSRWEVIRSXGSQTEXMFPI[MXLXLIWTIEOIVtWGSQTYXIV ;LEXHS]SYHSMJXLMWLETTIRW#=SYGERtXNYWXGERGIPXLIWTIIGL8LMW MW [L] ]SY EP[E]W RIIH E FEGOYT TPERhIWTIGMEPP] JSV WTIIGLIW SYXWMHI XLI GPEWWVSSQ 3RISTXMSRMWXSGST]]SYVWPMHIWXSEJPEWLHVMZIWS]SYGERTVSNIGXXLIQ SRERSXLIVGSQTYXIVMJWSQIXLMRKLETTIRWXS]SYVW1ER]I\TIVMIRGIHWTIEO IVWEPWSIQEMPXLIQWIPZIWXLIMVWPMHIWEWERI\XVETVIGEYXMSR %RSXLIV STXMSR MW XS TVMRX E LEVH GST] SJ ]SYV WPMHIW XS GEVV] [MXL ]SY (ITIRHMRKSRXLIWM^ISJ]SYVEYHMIRGI]SYQE]FIEFPIXSHMWXVMFYXIGSTMIW EWEREPXIVREXMZIXSTVSNIGXMRKXLIWPMHIWhXLSYKLXLIVIQE]FIGMVGYQWXERGIW MR [LMGL IZIR XLEX MW MQTSWWMFPI 8LI MQTSVXERX XLMRK MW XS XLMRO XLVSYKL
%44)2(-< 97-2+43;)643-28
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
TSXIRXMEPGSQTPMGEXMSRWMREHZERGIERHLEZIEFEGOYTTPERVIEH]NYWXMRGEWI ]SYRIIHMX
'ST]VMKLXERH*EMV9WI ;I LEZI QIRXMSRIH WIZIVEP XMQIW XLI IEWI [MXL [LMGL TLSXSKVETLW GLEVXW KVETLW EYHMS ERH ZMHIS GER FI HS[RPSEHIH JVSQ XLI -RXIVRIX JSV YWI [MXL 4S[IV4SMRX-XtWMQTSVXERX[LIRYWMRKWYGLQEXIVMEPWXSFIE[EVISJERHXS SFWIVZIGST]VMKLXPE[W 9RHIV GST]VMKLX PE[ WSQISRI [LS [MWLIW XS YWI XLI SVMKMREP [SVO SJ ERSXLIVTIVWSRQYWXSFXEMRTIVQMWWMSRJVSQXLEXTIVWSR SV[LSIZIVS[RWXLI QEXIVMEP ERHSJXIRQYWXTE] EYWEKIJII(IWTMXIXLIWIVIWXVMGXMSRW XLI qJEMV YWIrTVSZMWMSRSJXLIPE[TIVQMXWWXYHIRXWERHIHYGEXSVWXSIQTPS]TSVXMSRW SJ GST]VMKLXIH QEXIVMEPWhMRGPYHMRK MQEKIW ERH WSYRHW HS[RPSEHIH PIKEPP] JVSQ XLI -RXIVRIXhJSV IHYGEXMSREP TYVTSWIW 8LI PE[ MW GSQTPI\ ERH SJXIR EQFMKYSYW FYXMRKIRIVEPMX EPPS[W]SYXS YWIGST]VMKLXIH QEXIVMEP MRGPEWW VSSQWTIIGLIWEGGSVHMRKXSXLIWIKYMHIPMRIW
JEMVYWI %TVSZMWMSRSJGST]VMKLXPE[ XLEXTIVQMXWWXYHIRXWERH XIEGLIVWXSYWITSVXMSRWSJ GST]VMKLXIHQEXIVMEPWJSV IHYGEXMSREPTYVTSWIW
d =SYQE]YWIGST]VMKLXIHQEXIVMEPWJSVE4S[IV4SMRXTVIWIRXEXMSRXLEX]SY GVIEXI JSV E WTIGMJMG GPEWW -J ]SY MRGPYHI XLI TVIWIRXEXMSR MR ER IQTPS] QIRXTSVXJSPMS]SYQE]GSRXMRYIXSYWIGST]VMKLXIHQEXIVMEPWMRMX d =SYQE]RSXYWIQEXIVMEPW]SYSFXEMRIHMPPIKEPP] IKGST]VMKLXIHQEXIVMEP JVSQEJMPIWLEVMRKRIX[SVO d =SY QE] RSX TSWX GST]VMKLX QEXIVMEPW FEGO XS XLI ;IF [MXLSYX [VMXXIR TIVQMWWMSRJVSQXLIGST]VMKLXS[RIV d =SY QYWX GVIHMX ]SYV WSYVGIW ERH HMWTPE] XLI GST]VMKLX W]QFSPhh[LIR YWMRK GST]VMKLXIH QEXIVMEP 1EOI WYVI XS QIRXMSR XLI EYXLSVGVIEXSV XMXPI ERHHEXISJTYFPMGEXMSR8LIYWYEPTVEGXMGIMWXSX]TIXLIGVIHMXPMRIMRTSMRX JSRXERHXSTPEGIMXFIPS[XLIMXIQJSV[LMGLGVIHMXMWFIMRKKMZIR /IIT XLIWI KYMHIPMRIW MR QMRH [LIR ]SY WIEVGL JSV MQEKIW ZMHIS ERH EYHMSSRXLI-RXIVRIXEW[IPPEWMRFSSOWQEKE^MRIWERHSXLIVTVMRXWSYVGIW 6IQIQFIV XS [VMXI HS[R GVIHMX ERH GST]VMKLX MRJSVQEXMSR EW ]SY KS EPSRK SXLIV[MWI]SYQE]LEZIXSWTIRHI\XVEXMQIPSSOMRKJSVMXPEXIV
7EQTPI7TIIGL[MXL'SQQIRXEV]
3RTEKIW i MWXLIXI\XSJER MRJSVQEXMZIWTIIGLSRXLI+VIEX;EPPSJ 'LMREXLEXIQTPS]W4S[IV4SMRX%W]SYVIEHRSXMGILS[MXJYPJMPPWXLIGVMXIVME JSVIJJIGXMZIWTIIGLIWHMWGYWWIHIPWI[LIVIMRXLIFSSOhWLEVTJSGYWGPIEVSVKE RM^EXMSRTPIRXMJYPGSRRIGXMZIWWXVSRKWYTTSVXMRKQEXIVMEPWERHXLIPMOI8S WII LS[ XLI WTIEOIV YWIW 4S[IV4SMRX ZMI[ XLI WTIIGL MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW ETTIRHM\ EX GSRRIGXPYGEWGSQ 4E] WTIGMEP EXXIRXMSR XS XLI UYEPMX]SJXLIWTIEOIVtWWPMHIWXSXLIWOMPP[MXL[LMGLLIMRXIKVEXIWXLIQMRXS LMW HMWGYWWMSR ERH XS XLI [E] LI QEMRXEMRW I]I GSRXEGX [MXL LMW EYHMIRGI [LMPIHMWGYWWMRKLMWWPMHIW
GSRRIGXPYGEWGSQ :MI[q8LI+VIEX;EPPSJ 'LMRErMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT%
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LI+VIEX;EPPSJ'LMRE '311)28%6=
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8LI WTIEOIV FIKMRW [MXL E UYSXEXMSR XS KEMREXXIRXMSRERHMRXIVIWX,IEPWSIWXEF PMWLIWLMWGVIHMFMPMX]F]RSXMRKXLEXLIZMW MXIHXLI+VIEX;EPP[LMPILI[EWMR'LMRE
-R 'LMRE XLIVItW E WE]MRK q=SY [SRtX FI GSRWMHIVIH E KVIEX TIVWSRYRXMP]SYtZIFIIRXSXLI+VIEX;EPPr-ZMWMXIHXLI[EPP PEWX ]IEV [LMPI - [EW MR 'LMRE - HSRtX ORS[ MJ MX QEHI QI E KVIEXTIVWSRFYX-HSORS[XLEXXLI[EPPMWMRHIIHKVIEX
8LIWTIEOIVtWJMVWXWPMHIMWEWXVMOMRKTLSXS KVETLSJXLI+VIEX;EPPXLEXWLS[WLS[MX WREOIW EGVSWW XLI XSTW SJ XLI QSYRXEMRW ,IXLIRQSZIWXSEWPMHIXLEXMPPYWXVEXIWXLI I\TERWI SJ XLI [EPP EW MX WXVIXGLIW EGVSWW 'LMRE,IIRHWXLMWTEVEKVETLF]I\TPEMR MRKLS[XLI+VIEX;EPP[SYPHWXVIXGLJVSQ 2I[=SVO'MX]XS&IVPMR+IVQER]%RERM QEXIH WPMHI TVSZMHIW ZMWYEP VIMRJSVGIQIRX ERH LIPTW HVEQEXM^I XLI I\XVESVHMREV] PIRKXLSJXLI[EPP
%W]SYGERWIIJVSQXLMWTLSXSKVETLXLI[EPPMWKVIEXMR FIEYX][MXLMXWPSRKEVQWVIWXMRKSRVSPPMRKLMPPWERHMXWXS[IVW TIIVMRKEGVSWWXLIZEPPI]W8LI[EPPWXVIXGLIWEGVSWWQSVIXLER LEPJSJ'LMREJVSQXLIWIEMRXLIIEWXTEWX&IMNMRKXS+ERWY TVSZMRGIMRXLI[IWX%XEXSXEPPIRKXLSJQMPIWMXMWXLI PSRKIWX LYQERQEHI GSRWXVYGXMSR MR XLI [SVPH -J XLI +VIEX ;EPP[IVIXVERWTSVXIHXSXLI9RMXIH7XEXIWERHWXVIXGLIHSYX MREWXVEMKLXPMRIMX[SYPHVYRJVSQ2I[=SVO'MX]GSQTPIXIP] EGVSWW XLI %XPERXMG 3GIERhTEWX 7TEMR )RKPERH ERH *VERGI EPPXLI[E]XS&IVPMR+IVQER]
%GPIEVTVIZMI[WXEXIQIRXWTIGMJMIWXLIXLVII QEMR TSMRXW XS FI GSZIVIH MR XLI FSH] SJ XLIWTIIGL%W]SY[EXGLXLIWTIIGLRSXMGI LS[XLIWTIEOIVHMWTPE]WEFPEROWPMHIHYV MRKXLMWTEVEKVETLWSEWRSXXSHMWXVEGXXLI EYHMIRGItWEXXIRXMSR
8SHE]-[SYPHPMOIXSWLEVI[MXL]SYWSQISJXLI[SRHIVW SJXLI+VIEX;EPP-[MPPJSGYWSRXLIXLVIIQENSVWXEKIWSJMXW GSRWXVYGXMSR QSZMRK JVSQ XLI JMVWX TLEWI HYVMRK XLI 5MR (]REWX] XS XLI WIGSRH TLEWI HYVMRK XLI ,ER (]REWX] ERH GSRGPYHMRK[MXLXLIXLMVHTLEWIHYVMRKXLI1MRK(]REWX]0IXtW WXEVXQSVIXLER ]IEVWEKS [LIR XLIJMVWXTEVXWSJ XLI [EPP[IVIFYMPX
8LIWTIEOIVQSZIWMRXSLMWJMVWXQEMRTSMRX %WLIHSIWWSLITVSNIGXWEWPMHIWLS[MRKE HVE[MRKSJ)QTIVSV5MR7LM,YERKERHXLI HEXIWSJXLI5MR(]REWX];LIRLIJMRMWLIW XLMW TEVEKVETL LI EKEMR TVSNIGXW E FPERO WPMHIWSXLIEYHMIRGI[MPPFIJSGYWIHSRLMW ZIVFEPQIWWEKIMRXLIRI\XTEVEKVETL
8LIFIKMRRMRKSJXLI+VIEX;EPPEW[IORS[MXHEXIWXS &'[LIR)QTIVSV5MR7LM,YERKSVHIVIHLMWXSTKIRIVEP XSPIEHWSPHMIVWMRVIFYMPHMRKERHGSRRIGXMRKWITEVEXI SPH [EPPW XLEXLEHFIIRFYMPXF]TVMRGIWSJ[EVVMRK WXEXIW -R NYWX]IEVW5MRLEHEQMPI[EPPYWMRKTVMQEVMP][SSH JVEQIWJMPPIH[MXLWXSRIWERHGSQTEGXIHIEVXL
8LMWTEVEKVETLTVSZMHIWMRXIVIWXMRKHIXEMPW EFSYXXLIFYMPHMRKSJXLI[EPPHYVMRKXLI 5MR(]REWX]2SXMGILS[XLIWTIEOIVMHIR XMJMIWXLIWSYVGISJLMWUYSXEXMSREFSYXXLI LYQERGSWXSJXLI[EPPtWGSRWXVYGXMSR
;LMPIXLI[EPPTVSZIHIJJIGXMZIMROIITMRKSYXXLIXVMFIW [LS XLVIEXIRIH XS MRZEHI 'LMRE JVSQ XLI RSVXL MX GVIEXIH HMWWIRX[MXLMR'LMRE%GGSVHMRKXS%VXLYV;EPHVSRtW8LI+VIEX ;EPPSJ'LMRE *VSQ,MWXSV]XS1]XLqHMXGLIWSRXLIVSEHWMHI [IVI JMPPIH [MXL GSVTWIW SJ QIR [LS LEH FIIR JSVGIH MRXS GSRWXVYGXMSR SJ XLI +VIEX ;EPPr 'SQTIPPIH MRXS LEVH PEFSV ERHFYVHIRIHF]LIEZ]XE\IWXSJMRERGIXLITVSNIGXXLITIS TPIKVI[YRLETT]ERHE]IEVEJXIV5MRtWHIEXLXLITIEWERXW VIZSPXIH;LMPIXLI[EPPWXSSHXLIIQTMVIGSPPETWIH
% WMKRTSWX EX XLI WXEVX SJ XLMW TEVEKVETL EPIVXW XLI EYHMIRGI XLEX XLI WTIEOIV MW QSZMRKMRXSLMWWIGSRHQEMRTSMRX%JXIV
8LIWIGSRHQENSVTIVMSHSJGSRWXVYGXMSRJSVXLI+VIEX;EPP SGGYVVIHHYVMRKXLI,ER(]REWX][LMGLPEWXIHJVSQ&'XS %()QTIVSV;Y(MSVHIVIHI\TERWMSRSJXLII\MWXMRK[EPP
%44)2(-< 97-2+43;)643-28
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WLS[MRKEWPMHI[MXLXLIHEXIWSJXLI,ER (]REWX]ERHEHVE[MRKSJ)QTIVSV;Y(M LI TVSNIGXW E TLSXSKVETL XS HIQSRWXVEXI LS[ HMJJIVIRX XLI ,ER [EPP [EW JVSQ XLI +VIEX;EPPEWMXI\MWXWXSHE]
XS TVSXIGX PERH [SR [LIR LMW EVQMIW HIJIEXIH XLI RSVXLIVR XVMFIW;SVOIVWEHHIHQMPIWXSXLII\MWXMRK[EPP8LI]FYMPX [SSHIRJVEQIW[LMGLXLI]JMPPIH[MXL[MPPS[VIIHWERHEQM\ XYVISJJMRIKVEZIPERH[EXIV%W]SYGERWIIJVSQXLMWTMGXYVI SJVYMRWSJXLI,ER[EPPMX[EWZIV]HMJJIVIRXMRGSRWXVYGXMSRERH ETTIEVERGIJVSQXLI+VIEX;EPPEWMXI\MWXWXSHE]
%WXLIWTIEOIVWXEVXWLMWXLMVHQEMRTSMRX LIQSZIWMQQIHMEXIP]JVSQLMWWPMHIWLS[ MRKXLIVYMRWSJXLI,ER[EPPXSEWPMHI[MXL EHVE[MRKSJ)QTIVSV>LY=YER^LERKERH XLIHEXIWSJXLI1MRK(]REWX]&IGEYWIMXMW TEVEPPIP MR HIWMKR XS XLI WPMHIW YWIH XS MRXVSHYGI XLI JMVWX X[S QEMR TSMRXW XLMW WPMHI VIMRJSVGIW XLI YRMX] ERH SVKERM^E XMSREPWXVYGXYVISJXLIWTIIGLEWE[LSPI
8LIXLMVHQENSVFYMPHMRKTIVMSHSJXLI+VIEX;EPPSGGYVVIH ]IEVWPEXIVHYVMRKXLI1MRK(]REWX]-R HYVMRKXLI JMVWX ]IEV SJ XLI 1MRK (]REWX] )QTIVSV >LY =YER^LERK SVHIVIHQSVII\TERWMSRSJXLI[EPP7YFWIUYIRX1MRKIQTIV SVW WXVIRKXLIRIH ERH I\XIRHIH XLI [EPP YRXMP MX VIEGLIH MXW GYVVIRX PIRKXL &YMPHIVW SJ XLI 1MRK [EPP QEHI XLVII MQTSV XERXEVGLMXIGXYVEPEHZERGIQIRXW[LMGLVIWYPXIHMRXLIHMWXMRG XMZIJIEXYVIWSJXLI[EPPEWMXI\MWXWXSHE]
8LIWTIEOIVFIKMRWXLMWTEVEKVETLF]TVS NIGXMRK E WPMHI [MXL E TLSXSKVETL WLS[MRK XLI EVGLMXIGXYVEP JIEXYVIW SJ XLI +VIEX ;EPP%WLIHMWGYWWIWIEGLJIEXYVILIYWIW ERMQEXMSR XS QEOI XLI ETTVSTVMEXI XI\X ETTIEV SR LMW WPMHI 8LMW GSQFMREXMSR SJ ZMWYEP ERH ZIVFEP IPIQIRXW QEOIW XLMW TEVEKVETLIWTIGMEPP]IJJIGXMZIERHTVSZMHIW ERI\GIPPIRXMPPYWXVEXMSRSJLS[XSYWI4S[IV 4SMRXXSQE\MQYQEHZERXEKI
=SYGERWIIXLSWIJIEXYVIWIWTIGMEPP][IPPMRXLMWTLSXS KVETL*MVWXVEXLIVXLERYWMRKIEVXLERHWXSRIXLI]YWIHOMPR JMVIH FVMGOW XS GVIEXI E WXVSRKIV [EPP 7IGSRH XLI] IVIGXIH QSVIXLERFIEGSRXS[IVWXS[EXGLXLIQSYRXEMRTEWWIW JSV TSXIRXMEP MRZEHIVW 8LIWI XS[IVW VMWI JVSQ XLI [EPP PMOI QMKLX]SYXTSWXW ERH EVI SRISJXLIQSWXWXVMOMRK EWTIGXW SJ XLI[EPP[LIR]SYWIIXLIQMRTIVWSR8LMVHXLI1MRKFYMPH IVWQEHIXLI[EPPWSPEVKIXLEXMX[SYPHFIEPQSWXMQTSWWMFPI XSFVIEOXLVSYKL-RJEGXXLI[EPPMWWS[MHIXLEXWSPHMIVWGSYPH VMHIWIZIVEPLSVWIWEFVIEWXEPSRKXLIXSTSJXLI[EPP
%JXIVWMKREPMRKXLEXLIMWQSZMRKMRXSLMW GSRGPYWMSRXLIWTIEOIVWYQQEVM^IWLMWQEMR TSMRXWERHIRHWF]VIMRJSVGMRKLMWGIRXVEP MHIE 8S QEOI WYVI XLI EYHMIRGI HSIWRSX GSRXMRYIXSJSGYWSRXLIEVGLMXIGXYVEPJIE XYVIW SJ XLI +VIEX ;EPP HMWGYWWIH MR XLI TVIZMSYW TEVEKVETL LI HMWTPE]W E FPERO WPMHI XLEX WLMJXW EXXIRXMSR FEGO XS LMQ HYVMRKXLIGSRGPYWMSR
-RGSRGPYWMSR XLI+VIEX;EPPSJ'LMREIRNS]WEVMGL LMW XSV]&YMPXSZIVXLIGSYVWISJQSVIXLER]IEVWHYVMRKXLI 5MR ,ER ERH 1MRK (]REWXMIW MX MW E QEKRMJMGIRX JIEX SJ LYQER IRKMRIIVMRK ;LMPI XLI [EPP RS PSRKIV GSRXMRYIW XS HIJIRH'LMREJVSQMRZEHIVWMXHSIWGSRXMRYIXSTPE]EGIRXVEP VSPIMR'LMRIWIGYPXYVIERHMRXIVREXMSREPMHIRXMX]2S[XLEX]SY ORS[ E PMXXPI QSVI EFSYX XLI [EPP - LSTI ]SY LEZI E JYPPIV ETTVIGMEXMSR SJ[L] MXtWVIKEVHIHEW KVIEXRSXNYWX MR 'LMRE FYXXLVSYKLSYXXLI[SVPH
/)=8)617 WIVMJJSRX
ERMQEXMSR
WERWWIVMJJSRX
JEMVYWI
/I]8IVQW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIEOMRKXS-RJSVQ
8]TIWSJ-RJSVQEXMZI7TIIGLIW %REP]WMW ERH3VKERM^EXMSR 7TIIGLIW%FSYX3FNIGXW 7TIIGLIW%FSYX4VSGIWWIW 7TIIGLIW%FSYX)ZIRXW 7TIIGLIW%FSYX'SRGITXW
+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK (SRtX3ZIVIWXMQEXI;LEXXLI%YHMIRGI/RS[W 6IPEXIXLI7YFNIGX(MVIGXP]XSXLI%YHMIRGI (SRtX&I8SS8IGLRMGEP %ZSMH%FWXVEGXMSRW 4IVWSREPM^I=SYV-HIEW
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
EXEP]E 4IXVSZMGL MW XLI EHZIVXMWMRK QEREKIV JSV E GSQTER] XLEX WIPPW GSQTYXIV IUYMTQIRXWYGLEWVSYXIVWRIX[SVOGEVHWERH[MVIPIWWI\XIRWMSRW7LIFIKERXLEX TEVXMGYPEV[SVOHE]F]QIIXMRK[MXLLIVWXEJJXSHMWGYWWXLIGSQTER]tWRI[PMRISJ RIX[SVO GEVHW 7LI TSMRXIH SYX XLI WTIGMEP JIEXYVIW SJ IEGL TMIGI SJ IUYMTQIRX I\TPEMRIH [LEX SXLIV IUYMTQIRX [EW GSQTEXMFPI [MXL IEGL ERH ERW[IVIH UYIWXMSRW EFSYXXLIQ 0EXIVXLEXQSVRMRK2EXEP]ELEHEPSRKXEPO[MXLXLILIEHSJXLIGSQTER]tWXIGLRM GEPHMZMWMSRq'ER]SYWLS[QIrWLIEWOIHqLS[XSYWIXLIRI[VSYXIV[ItVIHIZIPST MRK#-RIIHXSHSYFPIGLIGOXLIEHGST]Q]WXEJJLEWHVEJXIHr2EXEP]EXLIRXSSORSXIW EWXLILIEHSJXLIXIGLRMGEPHMZMWMSR[IRXXLVSYKLXLIYWIWSJXLIRI[VSYXIV2EXEP]E EPWSEWOIHUYIWXMSRWEPSRKXLI[E]XSQEOIWYVIWLIYRHIVWXSSHI\EGXP]LS[XLIVSYXIV [SVOIH -RXLIEJXIVRSSR2EXEP]EQIX[MXLXLIGSQTER]tWTVIWMHIRXERHWEPIWHMVIGXSVXSKS SZIVXLIGYVVIRX]IEVtWFYHKIXJSVLIVHITEVXQIRXEW[IPPEWLIVTVSNIGXMSRWJSVXLIRI[ JMWGEP]IEV7LIVIZMI[IHEHZIVXMWMRKGEQTEMKRWERHWEPIWHEXEEWWIWWIHXLITIVJSVQERGI SJIEGL QIQFIVSJLIVWXEJJERHTVIWIRXIHLIVTVSNIGXMSRWSJWXEJJMRKVIUYMVIQIRXWJSV XLIRI\XIMKLXIIRQSRXLW%JXIV[EVHXLITVIWMHIRXGSQTPMQIRXIH2EXEP]EJSVKMZMRKWYGL E GPIEV TVIWIRXEXMSR q%R]SRI [LS GER GSQQYRMGEXI XLEX [IPPr XLI TVIWMHIRX WEMH qMW KSMRKXSKSEPSRK[E]MRXLMWGSQTER]r
2
MRJSVQEXMZIWTIIGL %WTIIGLHIWMKRIHXSGSRZI] ORS[PIHKIERHYRHIVWXERHMRK
2EXEP]E HSIWRtX GSRWMHIV LIVWIPJ E qTYFPMG WTIEOIVr FYX QYGL SJ LIV NSF MRZSPZIW EFWSVFMRK ERH GSQQYRMGEXMRK MRJSVQEXMSR GPIEVP] ERH IJJIGXMZIP] %PXLSYKL2EXEP]EMWNYWXEWMRKPITIVWSRLIVI\TIVMIRGIMWRSXYRYWYEP-RSRI WYVZI]KVEHYEXIWJVSQJMZI97GSPPIKIW[IVIEWOIHXSVEROXLIWTIIGLWOMPPW QSWXMQTSVXERXXSXLIMVNSFW8LI]VEXIHMRJSVQEXMZIWTIEOMRKRYQFIVSRI-R ERSXLIV WYVZI] TIVGIRX SJ XLI VIWTSRHIRXW WEMH XLI] YWIH MRJSVQEXMZI WTIEOMRKqEPQSWXGSRWXERXP]r 4YFPMGWTIEOMRKXSMRJSVQ SGGYVWMRE[MHIVERKISJIZIV]HE]WMXYEXMSRW 8LIFYWMRIWWQEREKIVI\TPEMRWRI\X]IEVt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hRSX XS EHZSGEXI E GEYWI =SYV WTIIGL [MPP FI NYHKIH MR PMKLX SJ XLVII KIRIVEP GVMXIVME
-WXLIMRJSVQEXMSRGSQQYRMGEXIHEGGYVEXIP]#
-WXLIMRJSVQEXMSRGSQQYRMGEXIHGPIEVP]#
-WXLIMRJSVQEXMSRQEHIQIERMRKJYPERHMRXIVIWXMRKXSXLIEYHMIRGI#
-RXLMWGLETXIV[I[MPPPSSOEXJSYVX]TIWSJMRJSVQEXMZIWTIIGLIWERHXLI FEWMGTVMRGMTPIWSJMRJSVQEXMZIWTIEOMRK%PSRKXLI[E][I[MPPETTP]ZEVMSYW KIRIVEPTVMRGMTPIWHMWGYWWIHMRTVIZMSYWGLETXIVW
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8]TIWSJ-RJSVQEXMZI7TIIGLIW %REP]WMWERH3VKERM^EXMSR
8LIVI EVI QER] [E]W XS GPEWWMJ] MRJSVQEXMZI WTIIGLIW ,IVI [I JSGYW SR XLI OMRHW]SYEVIQSWXPMOIP]XSKMZIMR]SYVWTIIGLGPEWW WTIIGLIWEFSYXSFNIGXW WTIIGLIWEFSYXTVSGIWWIW WTIIGLIWEFSYXIZIRXWERH WTIIGLIWEFSYX GSRGITXW
74))',)7%&3983&.)'87 %WXLI[SVHMWYWIHLIVI qSFNIGXWrMRGPYHIER]XLMRKXLEXMWZMWMFPIXERKMFPI ERH WXEFPI MR JSVQ 3FNIGXW QE] LEZI QSZMRK TEVXW SV FI EPMZI XLI] QE] MRGPYHITPEGIWWXVYGXYVIWERMQEPWIZIRTISTPI,IVIEVII\EQTPIWSJWYFNIGXW JSVWTIIGLIWEFSYXSFNIGXW +VERH'ER]SR
WXSGOQEVOIX
XLILYQERI]I
)PM^EFIXL'EH]7XERXSR
WIE[IIH
+47REZMKEXMSRHIZMGIW
GSQMGWXVMTW
97%VQ]
SFNIGX %R]XLMRKXLEXMWZMWMFPI XERKMFPIERHWXEFPIMRJSVQ
=SY[MPPRSXLEZIXMQIXSXIPP]SYVGPEWWQEXIWIZIV]XLMRKEFSYXER]SJXLIWI WYFNIGXW-RWXIEH]SY[MPPGLSSWIEWTIGMJMGTYVTSWIXLEXJSGYWIWSRSRIEWTIGXSJ ]SYVWYFNIGX;SVOMRKJVSQXLIXSTMGWTVIWIRXIHEFSZIXLIJSPPS[MRKEVII\EQ TPIWSJKSSHWTIGMJMGTYVTSWIWXEXIQIRXWJSVMRJSVQEXMZIWTIIGLIWEFSYXSFNIGXW 8SMRJSVQQ]EYHMIRGIEFSYXXLIKISPSKMGEPJIEXYVIWSJXLI+VERH'ER]SR 8SMRJSVQQ]EYHMIRGIEFSYXXLIVSPISJ)PM^EFIXL'EH]7XERXSRMRXLI97[SQIRtW VMKLXWQSZIQIRX 8SMRJSVQQ]EYHMIRGI[LEXXSPSSOJSV[LIRFY]MRKE+47REZMKEXMSRHIZMGI
2SXMGI LS[ TVIGMWI XLIWI WXEXIQIRXW EVI %W [I WE[ MR 'LETXIV ]SY WLSYPHWIPIGXEWTIGMJMGTYVTSWIXLEXMWRSXXSSFVSEHXSEGLMIZIMRXLIEPPSXXIH XMQI q8S MRJSVQ Q] EYHMIRGI EFSYX 4EFPS 4MGEWWSr MW JEV XSS KIRIVEP JSV E GPEWWVSSQWTIIGLq8SMRJSVQQ] EYHMIRGIEFSYXXLIQENSV GSRXVMFYXMSRW SJ 4EFPS4MGEWWSXSQSHIVREVXrMWQSVITVIGMWIERHMWETYVTSWI]SYGSYPHVIEWSR EFP]LSTIXSEGLMIZIMREFVMIJXEPO -J]SYVWTIGMJMGTYVTSWIMWXSI\TPEMRXLILMWXSV]SVIZSPYXMSRSJ]SYVWYF NIGX]SY[MPPTYX]SYVWTIIGLMRGLVSRSPSKMGEPSVHIV*SVI\EQTPI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVEGLMIZIQIRXWSJ *VIHIVMGO(SYKPEWW 'IRXVEP-HIE
%PXLSYKLFSVRMRWPEZIV]*VIHIVMGO(SYKPEWWFIGEQISRISJ XLIKVIEXIWXJMKYVIWMR%QIVMGERLMWXSV]
1EMR4SMRXW
- (SYKPEWWWTIRXXLIJMVWX]IEVWSJLMWPMJIEWEWPEZIMR 1EV]PERH -- % JXIVIWGETMRKXSXLI2SVXL(SYKPEWWFIGEQIEPIEHIVMR XLIEFSPMXMSRMWXQSZIQIRXXSIRHWPEZIV] --- ( YVMRKXLI'MZMP;EV(SYKPEWWLIPTIHIWXEFPMWLFPEGO VIKMQIRXWMRXLI9RMSR%VQ]
8]TIWSJ-RJSVQEXMZI7TIIGLIW %REP]WMWERH3VKERM^EXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-: % JXIVXLI[EV(SYKPEWW[EWEXMVIPIWWGLEQTMSRSJIUYEP VMKLXWJSVLMWVEGI
-J]SYVWTIGMJMGTYVTSWIMWXSHIWGVMFIXLIQEMRJIEXYVIWSJ]SYVWYFNIGX]SY QE]SVKERM^I]SYVWTIIGLMRWTEXMEPSVHIV 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIHIWMKRSJXLI7X0SYMW %VGL 'IRXVEP-HIE
8LI7X0SYMW%VGLMWHMZMHIHMRXSXLVIIWIGXMSRWIEGL[MXL MXWS[REXXVEGXMSRW
1EMR4SMRXW
- 8 LIFEWISJXLI7X0SYMW%VGLLSYWIWEZMWMXSVtWGIRXIV [MXLEQYWIYQX[SQSZMIXLIEXIVWERHVIXEMPSYXPIXW -- 8LIQMHHPISJXLI7X0SYMW%VGLGSRXEMRWELMKLWTIIH XVEQXLEXGEVVMIWZMWMXSVWJVSQXLIFEWIXSXLIXST --- 8LIXSTSJXLI7X0SYMW%VGLLEWERSFWIVZEXMSRHIGO JIIXEFSZIXLIKVSYRH
%WSJXIREWRSX]SY[MPPJMRHXLEXWTIIGLIWEFSYXSFNIGXWJEPPMRXS XSTMGEP SVHIV*SVI\EQTPI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIJSYVQENSVIPIQIRXWSJE .ETERIWIKEVHIR 'IRXVEP-HIE
8LIJSYVQENSVIPIQIRXWSJE.ETERIWIKEVHIREVIWXSRIW WERH[EXIVERHTPERXW
1EMR4SMRXW
- 8LIJMVWXIPIQIRXSJE.ETERIWIKEVHIRMWWXSRIW[LMGL W]QFSPM^IQSYRXEMRWERHMWPERHW -- 8 LIWIGSRHIPIQIRXSJE.ETERIWIKEVHIRMWWERH[LMGL W]QFSPM^IWXLIWIESVSXLIVZEWXEVIEW --- 8LIXLMVHIPIQIRXSJE.ETERIWIKEVHIRMW[EXIV[LMGL W]QFSPM^IWTYVMX]ERHPMJI -: 8 LIJSYVXLIPIQIRXSJE.ETERIWIKEVHIRMWTPERXW[LMGL W]QFSPM^IPMJIERHXLIGLERKMRKWIEWSRW
2SQEXXIV[LMGLSJXLIWISVKERM^EXMSREPQIXLSHW]SYYWIhGLVSRSPSKMGEP WTEXMEP SV XSTMGEPhFI WYVI XS JSPPS[ XLI KYMHIPMRIW HMWGYWWIH MR 'LETXIV PMQMX ]SYV WTIIGL XS FIX[IIR X[S ERH JMZI QEMR TSMRXW OIIT QEMR TSMRXWWITEVEXI XV]XSYWIXLIWEQITEXXIVRSJ[SVHMRKJSVEPPQEMRTSMRXW FEPERGIXLIEQSYRXSJXMQIHIZSXIHXSIEGLQEMRTSMRX
74))',)7%&398463')77)7 TVSGIWW %W]WXIQEXMGWIVMIWSJEGXMSRW XLEXPIEHWXSEWTIGMJMGVIWYPX SVTVSHYGX
%TVSGIWWMWEW]WXIQEXMGWIVMIWSJEGXMSRWXLEXPIEHWXSEWTIGMJMGVIWYPXSVTVSH YGX7TIIGLIWEFSYXTVSGIWWIWI\TPEMRLS[WSQIXLMRKMWQEHILS[WSQIXLMRK MWHSRISVLS[WSQIXLMRK[SVOW,IVIEVII\EQTPIWSJKSSHWTIGMJMGTYVTSWI WXEXIQIRXWJSVWTIIGLIWEFSYXTVSGIWWIW 8SMRJSVQQ]EYHMIRGILS[LYVVMGERIWHIZIPST 8SMRJSVQQ]EYHMIRGILS[XS[VMXIERIJJIGXMZINSFVIWYQÍ 8SMRJSVQQ]EYHMIRGILS[XSGLSSWIEWXYH]EFVSEHTVSKVEQ 8SMRJSVQQ]EYHMIRGILS[97GYVVIRG]MWQEHI
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-RJSVQEXMZIWTIIGLIWEFSYX SFNIGXWSJXIRGEPPJSVZMWYEP EMHW,IVI6]ER1G0IRHSRE GLIQMGEPIRKMRIIVMRKQENSV JVSQ;IWX:MVKMRME9RMZIVWMX] I\TPEMRWEQSHIPGEVXLEX VYRWSRFEOMRKWSHEERHZMR IKEV8LIGEV[EWIRXIVIHMRE GSRXIWXWTSRWSVIHF]XLI %QIVMGER-RWXMXYXISJ'LIQM GEP)RKMRIIVW
%W XLIWI I\EQTPIW WYKKIWX XLIVI EVI X[S OMRHW SJ MRJSVQEXMZI WTIIGLIW EFSYXTVSGIWWIW3RIOMRHI\TPEMRWETVSGIWWWSXLEXXLEXPMWXIRIVW[MPP YRHIV WXERHMXFIXXIV=SYVKSEPMWXSLEZI]SYVEYHMIRGIORS[XLIWXITWSJXLITVSGIWW ERHLS[XLI]VIPEXIXSSRIERSXLIV-J]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ] EYHMIRGI LS[ YRHIV[EXIVVSFSXW [SVOr ]SY [MPP I\TPEMR XLI FEWMG XEWOW ERH QIGLERMWQWSJYRHIV[EXIVVSFSXW=SY[MPPRSXMRWXVYGX]SYVPMWXIRIVWSRLS[ XLI]GERSTIVEXIERYRHIV[EXIVVSFSX %WIGSRHOMRHSJWTIIGLI\TPEMRWETVSGIWWWSPMWXIRIVW[MPPFIFIXXIVEFPIXS TIVJSVQ XLITVSGIWW XLIQWIPZIW =SYV KSEP MR XLMW OMRH SJWTIIGL MW XS LEZIXLI EYHMIRGIPIEVREWOMPP7YTTSWI]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ]EYHMIRGI LS[XSXEOITMGXYVIWPMOIETVSJIWWMSREPTLSXSKVETLIVr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tWTVSGIWWFYXGETXMZEXIHXLIEYHMIRGIEW[IPP -J]SYEVIYWMRKZMWYEP EMHWSJER]OMRHFIWYVIXSVIZMI['LETXIV ;LIRMRJSVQMRKEFSYXETVSGIWW]SY[MPPYWYEPP]EVVERKI]SYVWTIIGLMR GLVSRSPSKMGEPSVHIVI\TPEMRMRKXLITVSGIWWWXITF]WXITJVSQFIKMRRMRKXSIRH *SVI\EQTPI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVVMXYEPWSJEXVEHM XMSREP&IRKEPM[IHHMRKMR-RHME
8]TIWSJ-RJSVQEXMZI7TIIGLIW %REP]WMWERH3VKERM^EXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
'IRXVEP-HIE
%XVEHMXMSREP&IRKEPM[IHHMRKGSRWMWXWSJEWIVMIWSJVMXYEPWXLEX XEOITPEGIFIJSVIHYVMRKERHEJXIVXLI[IHHMRKGIVIQSR]
1EMR4SMRXW
- 4VI[IHHMRKVMXYEPWMRGPYHIKMZMRKKMJXWXSXLIFVMHIERH KVSSQERHHVIWWMRKXLIFVMHIMRXVEHMXMSREPJEWLMSR -- 6 MXYEPWHYVMRKXLI[IHHMRKGIVIQSR]MRGPYHIERI\GLERKI SJKEVPERHWFIX[IIRXLIFVMHIERHKVSSQXLIGLERXMRKSJ QERXVEWERHXLIKMZMRKE[E]SJXLIFVMHIF]LIVYRGPI --- 4SWX[IHHMRKVMXYEPWMRGPYHIEGIPIFVEXMSREXXLILSQISJ XLIFVMHItWJEQMP]EVIGITXMSREXXLILSQISJXLIKVSSQtW JEQMP]ERHXLIJSVQEPI\MXSJXLIFVMHIERHKVSSQ
7SQIXMQIW VEXLIV XLER QSZMRK XLVSYKL E TVSGIWW WXIT F] WXIT ]SY [MPP JSGYW SR XLI QENSV TVMRGMTPIW SV XIGLRMUYIWMRZSPZIHMR TIVJSVQMRK XLITVS GIWW8LIR]SY[MPPSVKERM^I]SYVWTIIGLMRXSTMGEPSVHIV)EGLQEMRTSMRX[MPP HIEP[MXLEWITEVEXITVMRGMTPISVXIGLRMUYI*SVI\EQTPI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIGSQQSRQIXLSHWYWIHF] WXEKIQEKMGMERWXSTIVJSVQXLIMVXVMGOW 'IRXVEP-HIE
7XEKIQEKMGMERWYWIX[SGSQQSRQIXLSHWXSTIVJSVQXLIMV XVMGOWhQIGLERMGEPHIZMGIWERHWPIMKLXSJLERH
1EMR4SMRXW
- 1ER]QEKMGXVMGOWVIP]SRQIGLERMGEPHIZMGIWXLEXQE] VIUYMVIPMXXPIWOMPPF]XLIQEKMGMER -- 3 XLIVQEKMGXVMGOWHITIRHSRXLIQEKMGMERtWWOMPPMR JSSPMRKTISTPIF]WPIMKLXSJLERHQERMTYPEXMSR
'SRGMWISVKERM^EXMSRMWIWTIGMEPP]MQTSVXERXMRWTIIGLIWEFSYXTVSGIWWIW =SYQYWXQEOIWYVIIEGLWXITMWGPIEVERHIEW]XSJSPPS[-J]SYVTVSGIWWLEW QSVIXLERJSYVSVJMZIWXITWKVSYTXLIWXITWMRXSYRMXWXSPMQMXXLIRYQFIVSJ QEMR TSMRXW *SV I\EQTPI MR E WTIIGL I\TPEMRMRK LS[ XS WIX YT E LSQI EUYEVMYQEWXYHIRXTVIWIRXIHXLIJSPPS[MRKQEMRTSMRXW - *MVWX]SYQYWXGLSSWIXLIWM^ISJ]SYVXERO -- 8LIR]SYQYWXHIXIVQMRIXLIWLETISJ]SYVXERO --- =SYQYWXEPWSHIGMHILS[QYGL]SYGEREJJSVHXSTE]JSVEXERO -: 3RGI]SYLEZIXLIXERO]SYRIIHEJMPXIVW]WXIQ : %LIEXIVMWEPWSEFWSPYXIP]RIGIWWEV] :- =SYQYWXEPWSKIXEREMVTYQT :-- 3RGIXLMWMWHSRI]SYRIIHXSGLSSWIKVEZIPJSVXLIXERO :--- =SY[MPPEPWSRIIHTPERXW -< 3XLIVHIGSVEXMSRW[MPPVSYRHSYXXLIIJJIGXWSJ]SYVEUYEVMYQ < 2S[]SYEVIVIEH]XSEHHXLIJMWL <- *VIWL[EXIVJMWLEVIXLIQSWXGSQQSR <-- 7EPX[EXIVJMWLEVIQSVII\TIRWMZIERHVIUYMVIWTIGMEPGEVI 2SXWYVTVMWMRKP]XLMW[EWXSSQYGLJSVXLIEYHMIRGIXSJSPPS[8LIWTIEOIV WLSYPHLEZISVKERM^IHXLITSMRXWWSQIXLMRKPMOIXLMW - 8LIJMVWXWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWGLSSWMRKEXERO %8LIWM^ISJXLIXEROMWMQTSVXERX &8LIWLETISJXLIXEROMWMQTSVXERX '8LIGSWXSJXLIXEROMWMQTSVXERX
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-- 8LIWIGSRHWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWIUYMTTMRKXLIXERO %=SY[MPPRIIHEJMPXIVW]WXIQ &=SY[MPPRIIHELIEXIV '=SY[MPPRIIHEREMVTYQT (=SY[MPPRIIHKVEZIP )=SY[MPPRIIHTPERXW *=SYQE]EPWS[ERXSXLIVHIGSVEXMSRW --- 8LIXLMVHWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWEHHMRKXLIJMWL %*VIWL[EXIVJMWLEVIXLIQSWXGSQQSRJSVLSQIEUYEVMYQW &7EPX[EXIVJMWLEVIQSVII\TIRWMZIERHVIUYMVIWTIGMEPGEVI 8LIWYFTSMRXWGSZIVXLIWEQIXIVVMXSV]EWXLISVMKMREPX[IPZITSMRXWFYXXLVII QEMRTSMRXWEVIQYGLIEWMIVXSYRHIVWXERHERHVIQIQFIV
74))',)7%&398):)287 8LI6ERHSQ,SYWI(MGXMSREV]HIJMRIWERIZIRXEWqER]XLMRKXLEXLETTIRWSVMW VIKEVHIHEWLETTIRMRKr&]XLMWHIJMRMXMSRXLIJSPPS[MRKEVII\EQTPIWSJWYMX EFPIWYFNIGXWJSVMRJSVQEXMZIWTIIGLIWEFSYXIZIRXW IZIRX ,SPSGEYWX
QSYRXEMRGPMQFMRK
GMZMPVMKLXWQSZIQIRX
NSFMRXIVZMI[W
'MRGSHI1E]S
XWYREQMW
EXXIRXMSRHIJMGMXHMWSVHIV
&EXXPISJ0MXXPI&MK,SVR
%R]XLMRKXLEXLETTIRWSVMW VIKEVHIHEWLETTIRMRK
%WYWYEP]SY[MPPRIIHXSREVVS[ ]SYVJSGYW ERHTMGOEWTIGMJMGTYVTSWI ]SYGEREGGSQTPMWLMREWLSVXWTIIGL,IVIEVII\EQTPIWSJKSSHWTIGMJMGTYV TSWIWXEXIQIRXWJSVMRJSVQEXMZIWTIIGLIWEFSYXIZIRXW 8SMRJSVQQ]EYHMIRGISJXLIJIWXMZMXMIWEX1I\MGStW'MRGSHI1E]SGIPIFVEXMSR 8SMRJSVQQ]EYHMIRGIEFSYX[LEXLETTIRIHEXXLI&EXXPISJ0MXXPI&MK,SVR 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVX]TIWSJXLIVETIYXMGQEWWEKI
8LIVI EVI QER] [E]W XS HMWGYWW IZIRXW -J ]SYV WTIGMJMG TYVTSWI MW XS VIGSYRXXLILMWXSV]SJERIZIRX]SY[MPPSVKERM^I]SYVWTIIGLMRGLVSRSPSKMGEP SVHIVVIPEXMRKXLIMRGMHIRXWSRIEJXIVERSXLIVMRXLISVHIVXLI]SGGYVVIH*SV I\EQTPI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLILMWXSV]SJXLI4EVEP]QTMGW 'IRXVEP-HIE
3P]QTMGWX]PIKEQIWJSVEXLPIXIW[MXLTL]WMGEPHMWEFMPMXMIW LEZIQEHIKVIEXWXVMHIWWMRGIXLIJMVWXGSQTIXMXMSRQSVI XLER]IEVWEKS
1EMR4SMRXW
- ; LEX[SYPHIZIRXYEPP]FIGSQIXLI4EVEP]QTMGWFIKER MR [MXLEWTSVXWGSQTIXMXMSRMR+VIEX&VMXEMRMRZSPZ MRK;SVPH;EV--ZIXIVERW[MXLWTMREPGSVHMRNYVMIW -- - R XLIIZIRXI\TERHIH[LIREXLPIXIWJVSQXLI 2IXLIVPERHWXSSOTEVX --- 8LIJMVWXSJJMGMEP4EVEP]QTMG+EQIWJSVMRXIVREXMSREP EXLPIXIWXSSOTPEGIMR6SQIMR
8]TIWSJ-RJSVQEXMZI7TIIGLIW %REP]WMWERH3VKERM^EXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
(S]SYRIIHUYMGOEGGIWWXSJEGXWEFSYX]SYVMRJSVQEXMZIWTIIGLXSTMG#0SKSR XS XLI -RXIVRIX 4YFPMG 0MFVEV]tW 7YFNIGX 'SPPIGXMSR [[[MTPSVKHMZWYFNIGX [LMGLSJJIVWPMROWXSE[MHIVERKISJLMKLUYEPMX]VIWSYVGIWGLSWIRJSVXLIMVEGGY VEXIERHVIPMEFPIMRJSVQEXMSR -J]SYEVIKMZMRKERMRJSVQEXMZIWTIIGLSREXSTMG[MXLQYPXMGYPXYVEPHMQIRWMSRW ]SYQE]JMRHXLIJSPPS[MRK;IFWMXIWYWIJYP =ELSS6IKMSREP LXXT HMV]ELSSGSQ6IKMSREP ;;;:MVXYEP0MFVEV] %QIVMGER-RHMERW [[[LEROWZMPPISVK2%VIWSYVGIW 4VMRGIXSR 9RMZIVWMX] 0MFVEV] %WMER%QIVMGER7XYHMIW LXXT JMVIWXSRITVMRGIXSR IHYEWMEREQIVMGER
-RXIVRIX 'SRRIGXMSR
0EXMRS,MWTERMG6IWSYVGIW [[[VGJYWGIHYbGQQV0EXMRSLXQP %JVMGER%QIVMGER;IF'SRRIGXMSR [[[EE[GGSQ
[[[GSRRIGXPYGEWGSQ
-: - REREKVIIQIRX[EWWMKRIHSJJMGMEPP]LSPHMRKXLI 4EVEP]QTMG+EQIWEPSRKWMHIXLIWYQQIVERH[MRXIV 3P]QTMG+EQIW
=SYGERETTVSEGLERIZIRXJVSQEPQSWXER]ERKPISVGSQFMREXMSRSJERKPIWh JIEXYVIWSVMKMRWMQTPMGEXMSRWFIRIJMXWJYXYVIHIZIPSTQIRXWERHWSJSVXL-RWYGL GEWIW]SY[MPPTYX]SYVWTIIGLXSKIXLIVMRXSTMGEPSVHIV%RH]SYWLSYPHQEOIWYVI ]SYVQEMRTSMRXWWYFHMZMHIXLIWYFNIGXPSKMGEPP]ERHGSRWMWXIRXP]*SVMRWXERGI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLVIIEWTIGXWSJXLI1EVHM +VEWGIPIFVEXMSRMR2I[3VPIERW 'IRXVEP-HIE
8LI1EVHM+VEWGIPIFVEXMSRMR2I[3VPIERWMWVIRS[RIHJSV MXWTEVEHIWGSWXYQIWERHJSSH
1EMR4SMRXW
- 8LITEVEHIWEVIPEZMWLIZIRXWXLEXXEOITPEGISZIVXLI GSYVWISJWIZIVEP[IIOW -- 8 LIGSWXYQIWMRGPYHIHMWKYMWIWQIHEPPMSRWERHXLISJJM GMEP1EVHM+VEWGSPSVWSJTYVTPIKVIIRERHKSPH --- 8LIJSSHJIEXYVIW'ENYRERH'VISPIHMWLIWGSQQSRXS WSYXLIVR0SYMWMERE
74))',)7%&398'32')487 'SRGITXWMRGPYHIFIPMIJWXLISVMIWMHIEWTVMRGMTPIWERHXLIPMOI8LI]EVIQSVI EFWXVEGXXLERSFNIGXWTVSGIWWIWSVIZIRXW8LIJSPPS[MRKEVII\EQTPIWSJWYF NIGXWJSVWTIIGLIWEFSYXGSRGITXW
'SRJYGMERMWQ
WXVMRKXLISV]
TLMPSWSTLMIWSJIHYGEXMSR
TVMRGMTPIWSJJIQMRMWQ
SVMKMREPMRXIRXHSGXVMRI
I\MWXIRXMEPMWQ
RYQIVSPSK]
LYQERVMKLXW
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-RJSVQEXMZIWTIIGLIWXEOI TPEGIMRE[MHIVERKISJWMXY EXMSRW,IVI'LMRIWIWGMIRXMWX
8EOMRK E JI[ SJ XLIWI KIRIVEP WYFNIGXW LIVI EVI WSQI WTIGMJMG TYVTSWI GSRGITX WXEXIQIRXWJSVWTIIGLIWEFSYXGSRGITXW %FIPMIJXLISV]MHIERSXMSR
TVMRGMTPISVXLIPMOI 8SMRJSVQQ]EYHMIRGIEFSYXXLIFEWMGTVMRGMTPIWSJ'SRJYGMERMWQ 8SMRJSVQQ]EYHMIRGIEFSYXXLIHSGXVMRISJSVMKMREPMRXIRXMRGSRWXMXYXMSREP MRXIVTVIXEXMSR 8SMRJSVQQ]EYHMIRGIEFSYXXLIHMJJIVIRXTLMPSWSTLMIWSJIHYGEXMSRMR)YVSTIERH XLI9RMXIH7XEXIW
7TIIGLIWEFSYXGSRGITXWEVIYWYEPP]SVKERM^IHMRXSTMGEPSVHIVERHJSGYWSR XLIQEMRJIEXYVIWSVEWTIGXWSJ]SYVGSRGITX*SVI\EQTPI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIFEWMGTVMRGMTPIWSJRSRZM SPIRXVIWMWXERGI 'IRXVEP-HIE
8LIFEWMGTVMRGMTPIWSJRSRZMSPIRXVIWMWXERGIWXVIWWYWMRK QSVEPQIERWXSEGLMIZIWSGMEPGLERKIVIJYWMRKXSMRJPMGX ZMSPIRGISRSRItWIRIQMIWERHYWMRKWYJJIVMRKEWEWSGMEP JSVGI
1EMR4SMRXW
- 8 LIJMVWXQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMWXLEX WSGMEPGLERKIQYWXFIEGLMIZIHF]QSVEPQIERW -- 8 LIWIGSRHQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMW XLEXSRIWLSYPHRSXMRJPMGXZMSPIRGISRSRItWIRIQMIW --- 8 LIXLMVHQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMWXLEX WYJJIVMRKGERFIETS[IVJYPWSGMEPJSVGI
8]TIWSJ-RJSVQEXMZI7TIIGLIW %REP]WMWERH3VKERM^EXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%RSXLIVETTVSEGLMWXSHIJMRIXLIGSRGITX]SYEVIHIEPMRK[MXLMHIRXMJ] MXW QENSV IPIQIRXW ERH MPPYWXVEXI MX [MXL WTIGMJMG I\EQTPIW %R I\GIPPIRX MRWXERGISJXLMWGEQIMREWXYHIRXWTIIGLEFSYX-WPEQ 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIFEWMGTVMRGMTPIWSJ-WPEQ 'IRXVEP-HIE
8LIFIPMIJWSJ-WPEQGERFIXVEGIHXSXLITVSTLIX1YLEQ QEHEVI[VMXXIRMRXLI/SVERERHLEZITVSHYGIHERYQFIV SJWIGXW
1EMR4SMRXW
- -WPEQ[EWJSYRHIHF]XLITVSTLIX1YLEQQEHMRXLI IEVP]W -- 8 LIXIEGLMRKWSJ-WPEQEVI[VMXXIRMRXLI/SVERXLILSP] FSSOSJ-WPEQ --- 8SHE]-WPEQMWHMZMHIHMRXSERYQFIVSJWIGXWXLIPEVKIWX SJ[LMGLEVIXLI7YRRMWERHXLI7LMMXIW
7TIIGLIWEFSYXGSRGITXWEVISJXIRQSVIGSQTPI\XLERSXLIVOMRHWSJMRJSV QEXMZIWTIIGLIW;LIRHIEPMRK[MXLGSRGITXWTE]WTIGMEPEXXIRXMSRXSEZSMH MRKXIGLRMGEPPERKYEKIXS HIJMRMRK XIVQWGPIEVP]ERHXS YWMRK I\EQTPIW ERH GSQTEVMWSRWXSMPPYWXVEXIXLIGSRGITXW 0SSOJSVI\EQTPIEX:MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMW GLETXIV[LMGLTVIWIRXWERI\GIVTXJVSQ EWXYHIRXWTIIGLEFSYXXLI'LMRIWI TLMPSWSTL] SJ 'SRJYGMERMWQ 2SXMGI LS[ XLI WXYHIRX HIJMRIW 'SRJYGMERMWQ ERH XLIR I\TPEMRW MXW YRMJ]MRK TVMRGMTPI SJ NIR -J ]SY KMZI ER MRJSVQEXMZI WTIIGLEFSYXEGSRGITXKMZIWTIGMEPXLSYKLXXSLS[]SYGERQEOIXLEXGSR GITXGPIEVERHGSQTVILIRWMFPIXS]SYVPMWXIRIVW GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq'SRJY GMERMWQrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
8LIPMRIWHMZMHMRKWTIIGLIWEFSYXSFNIGXWTVSGIWWIWIZIRXWERHGSRGITXWEVI RSXEFWSPYXI7SQIWYFNIGXWGSYPHJMXMRXSQSVIXLERSRIGEXIKSV]HITIRH MRK SR LS[ ]SY HIZIPST XLI WTIIGL *SV I\EQTPI E WTIIGL EFSYX XLI HIWXVYGXMSR SJ ERGMIRX 4SQTIMM F] XLI IVYTXMSR SJ 1SYRX :IWYZMYW [SYPH TVSFEFP]HIEP[MXLMXWWYFNIGXEWERIZIRXFYXEWTIIGLSR[LEXGEYWIWZSP GERSIWXSIVYTX[SYPHQSWXPMOIP]XVIEXMXWWYFNIGXEWETVSGIWW8LIMQTSV XERX WXIT MW XS HIGMHI [LIXLIV ]SY [MPP LERHPI ]SYV WYFNIGX EW ER SFNIGX E TVSGIWW ER IZIRX SV E GSRGITX 3RGI ]SY HS XLEX ]SY GER HIZIPST XLI WTIIGLEGGSVHMRKP] 6IKEVHPIWWSJLS[]SYETTVSEGL]SYVXSTMGFIWYVIXSKMZIPMWXIRIVWTPIRX] SJLIPTMRWSVXMRKSYXJEGXWERHMHIEW3RI[E]MWF]YWMRKIRSYKLXVERWMXMSRW MRXIVREPTVIZMI[WMRXIVREPWYQQEVMIWERHWMKRTSWXW WII'LETXIV %RSXLIV [E]MWXSJSPPS[XLISPHQE\MQq8IPPtIQ[LEX]SYtVIKSMRKXSWE] WE]MX XLIR XIPPtIQ[LEX]SYtZIWEMHr-RSXLIV [SVHW TVIZMI[XLIQEMRTSMRXWSJ]SYV WTIIGLMRXLIMRXVSHYGXMSRERHWYQQEVM^IXLIQMRXLIGSRGPYWMSR8LMW[MPP QEOI]SYVWTIIGLIEWMIVXSYRHIVWXERHERHIEWMIVXSVIQIQFIV
+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK %PP XLI TVIZMSYW GLETXIVW SJ XLMW FSSO VIPEXI XS XLI TVMRGMTPIW SJ MRJSVQEXMZI WTIEOMRK7IPIGXMRKEXSTMGERHWTIGMJMGTYVTSWIEREP]^MRKXLIEYHMIRGIKEXL IVMRK QEXIVMEPW GLSSWMRK WYTTSVXMRK HIXEMPW SVKERM^MRK XLI WTIIGL YWMRK
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
[SVHW XS GSQQYRMGEXI QIERMRK HIPMZIVMRK XLI WTIIGLhEPP QYWX FI HSRI IJJIGXMZIP]MJERMRJSVQEXMZIWTIIGLMWXSFIEWYGGIWW,IVI[IIQTLEWM^IJMZI EHHMXMSREPTSMRXWXLEX[MPPLIPTQEOI]SYVWEWYGGIWW
(32t83:)6)78-1%8);,%88,)%9(-)2')/23;7 -REWTIIGLEFSYXQIXISVSPSK]EWXYHIRXWEMHq-JQSHIVRQIXLSHWSJ[IEXLIV JSVIGEWXMRKLEHI\MWXIHMR XLI+EPZIWXSRLYVVMGERIHMWEWXIV[SYPHRIZIV LEZI XEOIR TPEGIr 8LIR LI [EW SJJ XS SXLIV QEXXIVW PIEZMRK LMW PMWXIRIVW XS TY^^PISZIV [LEX XLI +EPZIWXSR LYVVMGERI [EW [LIR MX LETTIRIH ERH[LEX OMRHSJHIWXVYGXMSRMX[VIEOIH 8LI WTIEOIV EWWYQIH LMW EYHMIRGI EPVIEH] ORI[ XLIWI XLMRKW &YX XLI] [IVIRSXI\TIVXWSRQIXISVSPSK]SVSR%QIVMGERLMWXSV])ZIRXLSWI[LSLEH LIEVHSJXLILYVVMGERILEHSRP]EJY^^]RSXMSRSJMX3RP]XLIWTIEOIVORI[ XLEXXLILYVVMGERI[LMGLOMPPIHQSVIXLERTISTPI[LIRMXYRI\TIGXIHP] WXVYGOSR7ITXIQFIV MWWXMPPXLIHIEHPMIWXREXYVEPHMWEWXIVMR%QIVMGER LMWXSV] %WQER]WTIEOIVWLEZIHMWGSZIVIHMXMWIEW]XSSZIVIWXMQEXIXLIEYHMIRGIt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tWSRI[E] -RXVSHYGIH MR E 6SXL -6% MW E X]TI SJ MRHMZMHYEP VIXMVIQIRX EGGSYRX MR [LMGL ERRYEPGSRXVMFYXMSRWEVIQEHI[MXLEJXIVXE\HSPPEVWFYXMR[LMGLIEVRMRKWERHHMWXVMFYXMSRW EVIXE\JVIISRGIXLILSPHIVSJXLIEGGSYRXMW ]IEVWSJEKISVSPHIV
8SWSQISRI[LSORS[WEPSXEFSYXIGSRSQMGWXLMWMWTIVJIGXP]GPIEV&YXWSQI SRI[LSHSIWRSX[MPPPMOIP]KIXPSWXEPSRKXLI[E]8LIXSRISJXLIWXEXIQIRX MWXLEX SJ E WTIEOIVVIZMI[MRKMRJSVQEXMSREPVIEH] JEQMPMEV XS XLI EYHMIRGIh RSXSJEWTIEOIVMRXVSHYGMRKRI[MRJSVQEXMSR ,IVIMRGSRXVEWXMWERSXLIVI\TPEREXMSRSJ6SXL-6%W ;LEXMWE6SXL-RHMZMHYEP6IXMVIQIRX%GGSYRXSV-6%#0IXQII\TPEMR[MXLERI\EQTPI -QEKMRI]SYVWIPJEJI[]IEVWHS[RXLIVSEHEWEVIGIRXGSPPIKIKVEHYEXI=SYVNSFTE]W EKSSHWEPEV]FYX]SYtVIWXMPPGSRGIVRIH[MXL]SYVJMRERGIWERH]SYVJYXYVI%JXIVEPPIZIV] SRIOIITWXIPPMRK]SYXSWXEVXTPERRMRKJSVVIXMVIQIRXIEVP] -REHHMXMSRXS7SGMEP7IGYVMX]]SYLEZIERYQFIVSJVIXMVIQIRXTPERRMRKSTXMSRW3RI MWXLI6SXL-6%7YTTSWI]SYTPEGIMRXSE6SXL-6%IZIV]]IEV7YTTSWIEPWSXLEX ]SYVQSRI]KVS[WEXEREZIVEKIVEXISJ TIVGIRXE]IEV -J]SYWXEVXTYXXMRKQSRI]MREXEKIERH[MXLHVE[MXEXEKI]SY[MPPLEZIER EGGSYRX [SVXL QSVI XLER QMPPMSR 1SVISZIV YRPMOI SXLIV VIXMVIQIRX EGGSYRXW ]SY [SRtXLEZIXSTE]XE\IWSR]SYVQMPPMSRIZIRMJ]SYXEOIMXSYXEPPEXSRGI 7S]SYGERWII[L]6SXL-6%WEVIWSTSTYPEV=SY[MRFSXL[E]Wh]SYVQSRI]KVS[W XE\JVIIERHMXMWJVIISJXE\IW[LIR]SY[MXLHVE[MX
+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LMWI\TPEREXMSRMWGPIEVERHWMQTPI-XWXSRIMWXLEXSJEXIEGLIVYRVEZIPMRK ERI[WYFNIGX -WMXXSSWMQTPI#2SXEXEPP8LIXIWXSJEKSSHWTIEOIVMWXSGSQQYRMGEXI IZIRXLIQSWXGSQTPI\MHIEWGPIEVP]ERHWMQTP]%R]SRIGERKSXSEFSSOERH JMRHEPIEVRIHWSYRHMRKHIJMRMXMSRSJE6SXL-6%&YXXSWE]MRTPEMR)RKPMWL [LEXE6SXL-6%MWhXLEXXEOIWLEVH[SVOERHGVIEXMZIXLMROMRK %PWSVIQIQFIVXLEXVIEHIVWGERWXYH]ETVMRXIHTEWWEKIEKEMRERHEKEMR YRXMP XLI] I\XVEGX MXW QIERMRK FYX PMWXIRIVW HSRtX LEZI XLEX PY\YV] 8LI] QYWX YRHIVWXERH [LEX ]SY WE] MR XLI XMQI MX XEOIW ]SY XS WE] MX 8LI QSVI ]SY EWWYQI XLI] ORS[ EFSYX XLI XSTMG XLI KVIEXIV ]SYV GLERGIW SJ FIMRK QMWYRHIVWXSSH
6)0%8)8,)79&.)'8(-6)'80=838,)%9(-)2') 8LI &VMXMWL HVEQEXMWX 3WGEV ;MPHI EVVMZIH EX LMW GPYF EJXIV XLI HMWEWXVSYW STIRMRKRMKLX TIVJSVQERGISJLMWRI[TPE] q3WGEVLS[HMH]SYVTPE]KS#rEWOIHEJVMIRH q3Lr;MPHIUYMTTIHqXLITPE][EWEKVIEXWYGGIWWFYXXLIEYHMIRGI[EWEJEMPYVIr
7TIEOIVWLEZIFIIRORS[RXSKMZI QYGLXLI WEQI ERW[IVMR WEZMRK JEGI EJXIVEHMWQEPMRJSVQEXMZIWTIIGLq3LrXLI]WE]qXLIWTIIGL[EWJMRIFYXXLI EYHMIRGINYWX[EWRtXMRXIVIWXIHr%RHXLI]EVIEXPIEWXTEVXP]VMKLXhXLIEYHM IRGI [EWRtX MRXIVIWXIH &YX XLIVI MW RS WYGL XLMRK EW E JMRI WTIIGL XLEX TYXW TISTPIXSWPIIT-XMWXLIWTIEOIVtWNSFXSKIXPMWXIRIVWMRXIVIWXIHhERHXSOIIT XLIQMRXIVIWXIH -RJSVQEXMZIWTIEOIVWLEZISRIFMKLYVHPIXSSZIVGSQI8LI]QYWXVIGSK RM^I XLEX [LEX MW JEWGMREXMRK XS XLIQ QE] RSX FI JEWGMREXMRK XS IZIV]FSH] 3RGI]SYLEZIGLSWIREXSTMGXLEXGSYPHTSWWMFP]FIMRXIVIWXMRKXS]SYVPMWXIR IVW]SYWLSYPHXEOIWTIGMEPWXITWXSVIPEXIMXXSXLIQ=SYWLSYPHXMIMXMR[MXL XLIMVMRXIVIWXWERHGSRGIVRW 7XEVXMRXLIMRXVSHYGXMSR-RWXIEHSJWE]MRK
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq8LI ,MHHIR;SVPHSJ'LMPM4IT TIVWrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
-[ERXXSXEPO[MXL]SYEFSYXGLMPMTITTIVW
]SYGSYPHWE] -QEKMRI]SYVQSYXLFYVRMRKPMOI[MPHJMVI]SYVI]IWWUYMVXMRKSYXYRGSRXVSPPEFPIXIEVW ERH ]SYV JEGI VIH ERH W[IEXMRK TVSJYWIP] %VI ]SY WMGO# 2S =SY NYWX XSSO E FMXI SJ E WGVIEQMRKLSXGLMPMTITTIV'SRKVEXYPEXMSRW=SYtVITEVXEOMRKMRE[SVPH[MHIXVEHMXMSRXLEX LEWFIIRWTMGMRKYTPMZIWERHHMIXWJSVXLSYWERHWSJ]IEVW
&YXHSRtXWXST[MXLXLIMRXVSHYGXMSR;LIRIZIV]SYGERTYX]SYVPMWXIRIVW MRXS XLI FSH] SJ XLI WTIIGL %JXIV EPP RSXLMRK MRXIVIWXW TISTPI QSVI XLER XLIQWIPZIW*MRH[E]WXSXEPOEFSYX]SYVXSTMGMRXIVQWSJ]SYVPMWXIRIVW&VMRK ]SYVQEXIVMEPLSQIXSXLIQ+IXMXEWGPSWIXSXLIQEWTSWWMFPI ,IVItWERI\EQTPI0IXtWWE] ]SYEVII\TPEMRMRKLS[ TISTPIGERHMWGSZIV [LIXLIV XLI] EVI qWIGVIX WSYXLTE[WrhXLEX MW TISTPI [LS EVI REXYVEPP] PIJX LERHIH FYX [LS LEZI KVS[R YT YWMRK XLIMV VMKLX LERH =SY LEZI TPIRX] SJ JEGXWERHGSYPHVIGMXIXLIQPMOIXLMW %GGSVHMRK XS 7GMIRGI QEKE^MRI LEPJ SJ EPP TISTPI [LS EVI REXYVEPP] PIJXLERHIH EWWYQIXLI]EVIVMKLXLERHIHFIGEYWIXLEXMWXLILERHXLI]YWIXSIEXXS[VMXIERHXS
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-RJSVQEXMZIWTIEOIVW[SVO SRGSQQYRMGEXMRKXLIMV MHIEWMRGPIEVRSRXIGLRMGEP PERKYEKIEWMPPYWXVEXIHLIVI F]TEVEQIHMG'LIV]P&MWLST I\TPEMRMRKXLI,IMQPMGL QERIYZIVXSEKVSYTSJ QMHHPIWGLSSPWXYHIRXW
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
8LMW MW JEWGMREXMRK MRJSVQEXMSR FYX MX MW RSX QEHI JEWGMREXMRK XS XLI EYHMIRGI0IXtWXV]EKEMR .YWX FIGEYWI ]SY YWI ]SYV VMKLX LERH XS IEX XS [VMXI ERH XS TPE] WTSVXW ]SY QE] EWWYQIXLEX]SYtVIREXYVEPP]VMKLXLERHIH&YXWE]W7GMIRGIQEKE^MRILEPJSJEPPTISTPI [LSEVIREXYVEPP]PIJXLERHIHKVS[YTYWMRKXLIMVVMKLXLERHW ,S[GER]SYXIPPMJ]SYtVIEREXYVEPPIJX]#(V%FVEQ&PEYEYXLSVSJ8LI1EWXIV,ERH KMZIWWSQIXIWXW]SYGERXV] *MVWXSREWLIIXSJTETIVWIIMJ]SYGER[VMXIFEGO[EVHSVYTWMHIHS[R[MXL]SYVPIJX LERH-J]SYEVIPIJXLERHIH]SYGERTVSFEFP]HSXLMWWTSRXERISYWP][MXLSYXTVEGXMGISV XVEMRMRK 7IGSRHGPEWT]SYVLERHWXSKIXLIVMRJVSRXSJ]SY;LMGLIZIVXLYQF]SYTPEGISRXST MWYWYEPP]]SYVHSQMRERXLERH 8LMVHKVEFLSPH SJ EFVSSQWXMGO3HHWEVI]SYtPPTPEGI]SYVHSQMRERXLERH SR XLIFSXXSQ *MREPP]HVE[EGMVGPISRETMIGISJTETIV[MXL]SYVVMKLXLERH-J]SYHVE[MXGSYRXIV GPSGO[MWI]SYtVITVSFEFP]EREXYVEPVMKLXLERHIV&YXMJ]SYHVE[MXGPSGO[MWI]SYtVITVSF EFP]EREXYVEPPIJX] -J]SYXIWXPIJXLERHIHSRXLVIISJXLIWIXIWXWXLIVIMWEKSSHGLERGI]SYEVIEWIGVIX WSYXLTE[
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ q7IGVIX7SYXLTE[WrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0SSOEXXLIJVIUYIRXYWISJq]SYrERHq]SYVr8LIJEGXWEVIXLIWEQIFYX RS[XLI]EVITSMRXIHHMVIGXP]EXXLIEYHMIRGI6IWIEVGLWLS[WXLEXYWMRKTIV WSREP XIVQW WYGL EW q]SYr ERH q]SYVrMR ER MRJSVQEXMZIWTIIGL WMKRMJMGERXP] MRGVIEWIWEYHMIRGIYRHIVWXERHMRKSJXLIWTIEOIVtWMHIEW
(32t8&)8338)',2-'%0 ;LEXHSIWMXQIERXSWE]XLEXERMRJSVQEXMZIWTIIGLMWXSSXIGLRMGEP#-XQE] QIERXLIWYFNIGXQEXXIVMWXSSWTIGMEPM^IHJSVXLIEYHMIRGI%R]WYFNIGXGER FITSTYPEVM^IHhFYXSRP]YTXSETSMRX8LIMQTSVXERXXLMRKJSVEWTIEOIVXS ORS[MW[LEXGERFII\TPEMRIHXSERSVHMREV]EYHMIRGIERH[LEXGERRSX 7E]]SYVWYFNIGXMWIPIGXVSRMGEQTPMJMIVW-XtWRSXVMGOXSHIQSRWXVEXILS[ XSSTIVEXIEREQTPMJMIV LS[XSXYVRMXSRERHSJJEHNYWXXLIZSPYQIWIXXLIXSRI ERHFEPERGIGSRXVSPW -Xt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
8LIWIGSRHWXEXIQIRXMWTIVJIGXP]YRHIVWXERHEFPIERHWLS[WLS[XIGLRM GEPMRJSVQEXMSRGERFIQEHIGPIEVXSXLIEZIVEKITIVWSR
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq8LI 4VSQMWISJ7XIQ'IPPWrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
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
1YGLGPIEVIVMWRtXMX#8LISRP]WTIGMEPM^IH[SVHWMRXLI[LSPITEWWEKIEVI qWXIQGIPPWr8LIVIWXSJXLIPERKYEKIMWWXVEMKLXJSV[EVHXLIMHIEWIEW]XSKVEWT 8LMWMW[LEX]SYWLSYPHWXVMZIJSVMR]SYVMRJSVQEXMZIWTIIGLIW
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%:3-(%&786%'8-327 q1]XEWOrWEMHXLIRSZIPMWX.SWITL'SRVEHqMWFIJSVIEPPXSQEOI]SYWIIr%RH QEOI XLI VIEHIV WII MW NYWX [LEX 'SRVEH HMH ;MXRIWW XLMW TEWWEKI MR [LMGL 'SRVEHHIWGVMFIWXLIEJXIVQEXLSJERI\TPSWMSREFSEVHEWLMT 8LIJMVWXTIVWSR-WE[[EW1ELSR[MXLI]IWPMOIWEYGIVWLMWQSYXLSTIRERHXLIPSRK [LMXILEMVWXERHMRKWXVEMKLXSRIRHVSYRHLMWLIEHPMOIEWMPZIVLEPS,I[EWNYWXEFSYXXS KSHS[R[LIRXLIWMKLXSJXLIQEMRHIGOWXMVVMRKLIEZMRKYTERHGLERKMRKMRXSWTPMRXIVW FIJSVILMWI]IWTIXVMJMIHLMQSRXLIXSTWXIT-WXEVIHEXLMQMRYRFIPMIJERHLIWXEVIHEX QI[MXLEUYIIVOMRHSJWLSGOIHGYVMSWMX]-HMHRSXORS[XLEX-LEHRSLEMVRSI]IFVS[W RSI]IPEWLIWXLEXQ]]SYRKQYWXEGLI[EWFYVRXSJJXLEXQ]JEGI[EWFPEGOSRIGLIIO PEMHSTIRQ]RSWIGYXERHQ]GLMRFPIIHMRK
%WTIIGLMWRSXERSZIP7XMPPQER]MRJSVQEXMZIWTIIGLIW[SYPHFIZEWXP] MQTVSZIHF]XLIRSZIPMWXtWFIRXJSVGSPSVWTIGMJMGMX]ERHHIXEMP 3RI [E] XS EZSMH EFWXVEGXMSRW MW XLVSYKL HIWGVMTXMSR ;LIR [I XLMRO SJ HIWGVMTXMSR[IYWYEPP]XLMROSJI\XIVREPIZIRXWWYGLEWXLII\TPSWMSRHIWGVMFIH F]'SRVEH&YXHIWGVMTXMSRMWEPWSYWIHXSGSQQYRMGEXIMRXIVREPJIIPMRKW,IVI MWLS[SRIWXYHIRXXVMIHXSGSRZI]XS LMW EYHMIRGI XLIWIRWEXMSRWLII\TIVM IRGIH[LIRLIJMVWXFIKERWO]HMZMRK
HIWGVMTXMSR %WXEXIQIRXXLEXHITMGXWE TIVWSRIZIRXMHIESVXLIPMOI [MXLGPEVMX]ERHZMZMHRIWW
%W[I[EMXJSVXLITPERIXSGPMQFXSXLINYQTEPXMXYHISJJIIXQ]QMRHVEGIW [MXLEJVIR^MIHNYQFPISJXLSYKLXW q3/XLMWMWXLIQSQIRX]SYtZIFIIR[EMXMRKJSV-XtW KSMRKXSFIKVIEX%Q-VIEPP]KSMRKXSNYQTSYXSJEREMVTPERIJVSQJIIX#;LEXMJ WSQIXLMRKKSIW[VSRK#'ER-WXMPPFEGOSYX#'SQISRRS[HSRtX[SVV]-XtPPFIJMRIr
)ZIRMJ[ILEZIRSXFIIRWO]HMZMRK[ILEZIEPPLEHXLIWEQIOMRHWSJIQS XMSRWSRWMQMPEVSGGEWMSRW7S[LEXLETTIRIHRI\X# 2S[ MXMWXMQIXS NYQT1]TEPQWEVIW[IEXMRKERHQ]LIEVXMWTSYRHMRKWSLEVH- XLMRO MX QE] FYVWX q+IX VIEH]r ]IPPW XLI MRWXVYGXSV %W - NYQT MRXS XLI FPYI - [SRHIV q;LEXEQ-HSMRKLIVI#r
=IWh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
%W[IPMWXIRXSXLIWTIEOIV[IWLEVILMWXLSYKLXWJIIPLMWLIEVXTSYRHERHNSMR LMWI\LMPEVEXMSREWLIJPSEXWIJJSVXPIWWP]XLVSYKLXLIWO]8LIZMZMHHIWGVMTXMSR PIRHWVIEPMX]XSXLIWTIIGLERHHVE[WYWJYVXLIVMR %RSXLIV[E]XSIWGETIEFWXVEGXMSRWMW[MXLGSQTEVMWSRWXLEXTYX]SYVWYF NIGXMRGSRGVIXIJEQMPMEVXIVQW(S]SY[ERXXSGSRZI][LEX[SYPHLETTIRMJ EGSQIXSVPEVKIEWXIVSMHWXVYGOXLIIEVXL#=SYGSYPHWE]XLMW
-JEGSQIXSVPEVKIEWXIVSMHWXVYGOXLIIEVXLXLIMQTEGX[SYPHFIHIZEWXEXMRK
+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8VYIFYXXLIWXEXIQIRXMWZEKYIERHEFWXVEGX-XHSIWRSXGSQQYRMGEXI]SYV QIERMRKGPIEVP]ERHGSRGVIXIP]2S[WYTTSWI]SYEHHXLMW
GSQTEVMWSR %WXEXIQIRXSJXLIWMQMPEVMXMIW EQSRKX[SSVQSVITISTPI IZIRXWMHIEWIXG
GSRXVEWX %WXEXIQIRXSJXLIHMJJIVIRGIW EQSRKX[SSVQSVITISTPI IZIRXWMHIEWIXG
8S KMZI ]SY ER MHIE LS[ HIZEWXEXMRK XLI MQTEGX [SYPH FI MX[SYPH FI PMOI EPP XLI RYGPIEVFSQFWMRXLI[SVPHKSMRKSJJEXSRIWTSX
2S[ ]SY LEZI QEHI XLI EFWXVEGX WTIGMJMG ERH KMZIR YW E WLEVT RI[ WPERX SR XLMRKW 0MOIGSQTEVMWSRGSRXVEWXGERTYXERMHIEMRXSGSRGVIXIXIVQW7YTTSWI]SY [ERXXSQEOIXLITSMRXXLEXETIVWSRtWGLERGIWSJ[MRRMRKEWXEXIPSXXIV]EVI I\XVIQIP]PS[=SYGSYPHWE]q8LISHHWJSVI\EQTPISJ[MRRMRKEWXEXIPSX XIV] EVI ER EWXVSRSQMGEP QMPPMSR XS r 8LI [SVH qEWXVSRSQMGEPr WYKKIWXW XLEX]SYGSRWMHIVQMPPMSRXSPSRKSHHWFYXPSRKMRGSQTEVMWSRXS[LEX# 3RIWTIEOIVSJJIVIHXLMWGSRXVEWX 8LISHHWSJTMGOMRKXLIGSVVIGXWM\HMKMXWIUYIRGIMREX]TMGEPWXEXIPSXXIV]EVIQMP PMSRXS-RGSRXVEWXXLISHHWSJKIXXMRKLMXF]PMKLXRMRKEVISRP]XS8LISHHW SJH]MRKMREGEVEGGMHIRXEVIXS-RSXLIV[SVHWXLISHHWEVIQYGLWXVSRKIVXLEX ]SY[MPPKIXLMXF]PMKLXRMRKSVFIOMPPIHMREGEVGVEWLXLERXLEX]SY[MPP[MRXLINEGOTSXMR EWXEXIPSXXIV]
8LMWTYXWEREFWXVEGXJEGXMRXSQIERMRKJYPTIVWTIGXMZI
4)6732%0->)=396-()%7 TIVWSREPM^I 8STVIWIRXSRItWMHIEWMRLYQER XIVQWXLEXVIPEXIMRWSQI JEWLMSRXSXLII\TIVMIRGISJXLI EYHMIRGI
0MWXIRIVW[ERXXSFIIRXIVXEMRIHEWXLI]EVIFIMRKIRPMKLXIRIH 2SXLMRKXEOIW XLIIHKISJJERMRJSVQEXMZIWTIIGLQSVIXLERERYRFVSOIRWXVMRKSJJEGXWERH JMKYVIW %RH RSXLMRK IRPMZIRW E WTIIGL QSVI XLER TIVWSREP MPPYWXVEXMSRW ;LIRIZIV TSWWMFPI ]SY WLSYPH XV] XS TIVWSREPM^I ]SYV MHIEW ERH HVEQEXM^I XLIQMRLYQERXIVQW 0IXt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
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IKEVHPIWWSJXLIWMXYEXMSR MRJSVQEXMZIWTIEOIVW[SVOXS SVKERM^IXLIMVMHIEWIJJIG XMZIP]ERHXSI\TPEMRXLIQMR GPIEVRSRXIGLRMGEPPERKYEKI XLEXMWETTVSTVMEXIJSVXLIMV PMWXIRIVWtORS[PIHKIERH MRXIVIWXW
(YVMRKXLIFSH]SJXLIWTIIGLXLIWTIEOIVQIRXMSRIH7EQX[MGIQSVIXS MPPYWXVEXI HMJJIVIRX EWTIGXW SJ EYXMWQ 8LIR EX XLI IRH SJ XLI WTIIGL WLI FVSYKLX7EQtWWXSV]XSELSTIJYPGSRGPYWMSR ;ILEZIWIIRXLEXEYXMWQMWEZIV]WIVMSYWHMWSVHIV[LSWIGEYWIWEVIRSX[IPPYRHIV WXSSHERH[LSWIIJJIGXWSRJEQMPMIWERHXLIPMZIWSJXLIGLMPHVIRXLIQWIPZIWGERFIHIZ EWXEXMRK &YX [I LEZI EPWS WIIR XLEX IEVP] HMEKRSWMW ERH IEVP] MRXIVZIRXMSR GER LIPT XS QSHMJ]ERHIZIRXYVREVSYRHXLIW]QTXSQWSJEYXMWQ -EQLETT]XSWE]XLEX7EQLEWFIRIJMXIHJVSQWYGLMRXIVZIRXMSR*VSQXLIXMQILI [EWX[SLILEWFIIRXEYKLXqRSVQEPrFILEZMSVTEXXIVRWXLVSYKLEKKVIWWMZIXLIVET]2S[ LI MW EFPI XS TEVXMGMTEXI MR LMW GPEWW EX XLI PSGEP WGLSSP ,I MW EPWS QSVI VIWTSRWMZI ERH EJJIGXMSREXIEXLSQI7EQGSRXMRYIWXSFISYVHIPMKLX
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ q%YXMWQ ,IEVXFVIEOERH,STIr MRXLISRPMRI1IHME0MFVEV]JSV XLMWGLETXIV :MHIS'PMT
-X [EW E TS[IVJYP IRHMRK &] TYXXMRK E LYQER JEGI SR E JEQMPMEV XSTMG XLI WTIEOIV XSSO EYXMWQ SYX SJ XLI VIEPQ SJ WXEXMWXMGW ERH QIHMGEP NEVKSR ERH FVSYKLXMXLSQIMRTIVWSREPXIVQW
7EQTPI7TIIGL[MXL'SQQIRXEV]
8LI JSPPS[MRKGPEWWVSSQWTIIGL TVSZMHIW ER I\GIPPIRX I\EQTPI SJ LS[ XS ETTP] XLI KYMHIPMRIW JSV MRJSVQEXMZI WTIEOMRK HMWGYWWIH MR XLMW GLETXIV 2SXMGI LS[ XLI WTIEOIV XEOIW [LEX GSYPH FI E HV] XIGLRMGEP XSTMG ERH QEOIW MX MRXIVIWXMRK 4E] WTIGMEP EXXIRXMSR XS LS[ GVMWTP] XLI WTIIGL MW SVKERM^IH XS LS[ XLI WTIEOIV YWIW [IPPGLSWIR WYTTSVXMRK QEXIVMEPW XS HIZIPST LIV MHIEW ERH XS LS[ WLI GPEVMJMIW LIV MHIEW [MXL GSRGVIXI PER KYEKI ERH TIVWSREP I\EQTPIW =SY GER ZMI[ XLI WTIIGL MR XLI SRPMRI 1IHME0MFVEV]JSVXLMWGLETXIV
GSRRIGXPYGEWGSQ :MI[q%GYTYRGXYVI 2I[9WIW JSVER%RGMIRX6IQIH]rMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%GYTYRGXYVI 2I[9WIWJSVER%RGMIRX6IQIH] '311)28%6=
74))',
8LIWTIEOIVWXEVXW[MXLERI\XIRHIHI\EQTPI XLEX GETXYVIW EXXIRXMSR ERH MRXIVIWX -R XLMW GEWI XLI I\EQTPI [SVOW TEVXMGYPEVP] [IPP FIGEYWIMXMWTIVWSREPP]VIPEXIHXSXLIWTIEOIV ERHMWVMGLP]HIXEMPIHERHZMZMHP]HVE[R
7M\ QSRXLW EKS Q] ]IEVSPH KVERHQSXLIV [EW UYMGOP] PSWMRK LIV MRHITIRHIRGI 7IZIVI EVXLVMXMW MR FSXL ORIIW LEQTIVIHLIVEFMPMX]XSXEOIGEVISJLIVWIPJ7LSTTMRKKIX XMRK EVSYRH XLI RIMKLFSVLSSH IZIR [EPOMRK HS[R LIV JVSRX WXITW [EW FIGSQMRK EPQSWX MQTSWWMFPI 4EMR QIHMGE XMSRW LIPTIH WSQI[LEX FYX XLI WMHI IJJIGXW GVIEXIH XLIMV S[RTVSFPIQW
%WXLIWTIEOIVGSRXMRYIWLIVSTIRMRKI\EQTPI WLI MRXVSHYGIW XLI WYFNIGX SJ LIV WTIIGL F] XEPOMRKEFSYXLIVKVERHQSXLIVtWTSWMXMZII\TI VMIRGI[MXLEGYTYRGXYVI
8LIR LIV HSGXSV WYKKIWXIH EGYTYRGXYVI 1] KVERH QSXLIV[EW WOITXMGEPEXJMVWXFYXWLI[EW[MPPMRKXS XV] NYWX EFSYX ER]XLMRK 7LI HMH ERH XLI VIWYPXW [IVI QMVEGYPSYW %JXIV WM\ [IIOW LIV TEMR ERH WXMJJRIWW [IVI WMKRMJMGERXP] VIHYGIHWLI [EWEFPIXS XEOIGEVI SJLIV ETEVXQIRXEKEMR WLIGSYPHKIXSYXSRLIVS[RXSKSWLSTTMRKXSZMWMXJVMIRHW ERHJEQMP]ERHXSHSXLISXLIVXLMRKWLIVEVXLVMXMWLEHTVI ZIRXIH MR XLI TEWX %GYTYRGXYVI VIWXSVIH LIV UYEPMX] SJ PMJI ERHLIVMRHITIRHIRGI
1IRXMSRMRKLIVS[RI\TIVMIRGI[MXLEGYTYRG XYVILIPTWIWXEFPMWLXLIWTIEOIVtWGVIHMFMPMX]
1]KVERHQSXLIVtWWXSV]MWRSXYRMUYI4IVJSVQIHJSV[IPP SZIV]IEVWMR'LMREERHSXLIVTEVXWSJ%WMEEGYTYRGXYVI MW FIGSQMRK QSVI ERH QSVI TSTYPEV MR XLI 97 ERH SXLIV ;IWXIVRGSYRXVMIWJSVSRIWMQTPIVIEWSRhMX[SVOW-QTVIWWIH F]Q]KVERHQSXLIVtWI\TIVMIRGI-FIKEREGYTYRGXYVIXVIEX QIRXWJSVQ]QMKVEMRILIEHEGLIWERHRS[Q]LIEHEGLIWEVI GSQTPIXIP]KSRI
,IVIXLIWTIEOIVVIMRJSVGIWLIVGVIHMFMPMX]ERH TVIZMI[W XLIQEMRTSMRXWXSFIHMWGYWWIHMR XLI FSH] SJ XLI WTIIGL %R I\TPMGMX TVIZMI[ WXEXIQIRX EX XLI IRH SJ XLI MRXVSHYGXMSR MW IWTIGMEPP] MQTSVXERX [LIR WTIEOMRK XS MRJSVQ
2SXWYVTVMWMRKP]-[ERXIHXSPIEVRQSVIEFSYXXLMWXVIEX QIRXXLEXTVSHYGIHWYGLQMVEGYPSYWVIWYPXWJSVFSXLQ]KVERH QSXLIV ERH Q]WIPJ 8SHE] - [MPP WLEVI TEVX SJ [LEX - LEZI PIEVRIHF]I\TPEMRMRK[LEXLETTIRW[LIR]SYVIGIMZIEREGY TYRGXYVI XVIEXQIRX LS[ EGYTYRGXYVI [SVOW XLI OMRHW SJ QIHMGEPGSRHMXMSRWXLEXGERFIXVIEXIHF]EGYTYRGXYVIERHXLI KVS[MRK YWI SJ EGYTYRGXYVI MR GSQFMREXMSR [MXL ;IWXIVR QIHMGEPXIGLRMUYIW0IXtWWXEVXF]PSSOMRKEXEX]TMGEPEGYTYRG XYVIXVIEXQIRX
2S[ XLIWTIEOIVQSZIWMRXS LIV JMVWX QEMR TSMRX8LIMRJSVQEXMSRMRXLMWERHXLIJSP PS[MRK TEVEKVETL ERW[IVW XLI EYHMIRGItW UYIWXMSRW EFSYX [LEX LETTIRW HYVMRK ER EGYTYRGXYVIXVIEXQIRX
%GYTYRGXYVIMW XLI MRWIVXMSR SJ RIIHPIW MRXS XLI WOMR XS EGLMIZIEFEPERGIHJPS[SJIRIVK][LMGLMRXYVRVIWXSVIWERH TVIWIVZIWLIEPXL8STVIZIRXER]GLERGISJGSRXEQMREXMSRJVSQ SRITIVWSRXSERSXLIVEGYTYRGXYVMWXWMRXLI97YWIWXIVMPM^IH RIIHPIWXLEXEVIMRHMZMHYEPP]TEGOEKIHERHEVIHMWTSWIHSJEJXIV EWMRKPIYWI
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
/RS[MRKXLEXQER]TISTPIEVIWUYIEQMWLEFSYX FIMRKTSOIH[MXLRIIHPIWXLIWTIEOIVQEOIWWYVI XSI\TPEMRXLEXXLIRIIHPIWYWIHMREGYTYRGXYVI EVIWQEPPERHIWWIRXMEPP]TEMRPIWW2SXMGIXLEXXLI WTIEOIVHMHRSXTEWWXLIRIIHPIWEVSYRHHYVMRK LIVWTIIGL%WQIRXMSRIHMR'LETXIVTYXXMRK ZMWYEPEMHWMRXLILERHWSJXLIEYHMIRGIHYVMRKE WTIIGL MW ER EPQSWX GIVXEMR VIGMTI JSV HMWEWXIV FIGEYWIPMWXIRIVW[MPPIRHYTTE]MRKQSVIEXXIR XMSR XS XLI ZMWYEP EMHW XLER XS XLI WTIEOIVtW [SVHW
-VIEPM^IXLEXXLIRSXMSRSJLEZMRKRIIHPIWWXYGOMRXS]SY QE] WIIQ JVMKLXIRMRK FYX XLI RIIHPIW EVI WS XLMR XLEX XLI TVSGIWWMWTEMRPIWW%GYTYRGXYVIRIIHPIWEVIQYGLWQEPPIVXLER XLIRIIHPIWYWIHJSVHVE[MRKFPSSHSVKIXXMRKWLSXW,IVIEVI WSQIRIIHPIWXLEX-VIGIMZIHJVSQQ]EGYTYRGXYVMWX%JXIVQ] WTIIGL-tPPTEWWXLIQEVSYRHWS]SYGERWIILS[MRGVIHMFP]PMKLX ERHWQEPPXLI]EVI8LI]EVIWSXLMRhEFSYXXLIXLMGORIWWSJE LYQER LEMVhXLEX ]SY GER LEVHP] XIPP [LIR XLI]tVI MRWIVXIH %RH XLIVItW YWYEPP] RS WIRWEXMSR SXLIV XLER TEMR VIPMIJ SRGI XLI]LEZIFIIRMRWIVXIH%JXIVFIMRKPIJXMRJSVSVQMR YXIW[LMPI]SYPMIMREHEVOIRIHVSSQXLIRIIHPIWEVIVIQSZIH ERHXLIXVIEXQIRXMWSZIV
8LMWTEVEKVETLFIKMRW[MXLEXVERWMXMSRMRXS XLI WTIEOIVtW WIGSRH QEMR TSMRX %W MR XLI TVIZMSYW TEVEKVETL WLI VIPEXIW XLI XSTMG HMVIGXP]XSLIVEYHMIRGIF]WTIEOMRKMRXIVQW SJq]SYr
2S[ XLEX]SYORS[ [LEXLETTIRW[LIR]SYtVIXVIEXIH F] ER EGYTYRGXYVMWX ]SYtVI TVSFEFP] [SRHIVMRK LS[ EGY TYRGXYVI[SVOW 8LITVSGIWW MW I\TPEMRIHF] (V *IPM\ 1ERR 4VIWMHIRX SJ XLI 1IHMGEP %GYTYRGXYVI 7SGMIX] MR LMW FSSO %GYTYRGXYVI 8LI%RGMIRX'LMRIWI%VXSJ,IEPMRKERH,S[-X ;SVOW 7GMIRXMJMGEPP] %GGSVHMRK XS XVEHMXMSREP 'LMRIWI QIHM GMRI IZIV] PMJI TVSGIWW MW FEWIH SR XLI JPS[ SJ ZMXEP IRIVK] XLVSYKLXLIFSH]8LMWIRIVK]MWORS[RMR'LMRIWIEWUMERH JPS[WEPSRKGLERRIPWSVTEXL[E]WGEPPIHQIVMHMERW
%W]SYGERWIIJVSQXLIZMHISSJXLMWWTIIGLMR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV XLI WTIEOIVYWIWEZMWYEPEMHXSGPEVMJ] LIVI\TPERE XMSRSJXLIEGYTYRGXYVIQIVMHMERW
8LIQIVMHMERWEVIWLS[RMRXLMWZMWYEPEMH%W]SYGERWII XLI]GSZIVXLIIRXMVIFSH]VYRRMRKJVSQXLIXSTSJXLILIEH XSXLIFSXXSQSJXLIJIIXERHHS[RFSXLEVQW;LIRXLIJVII JPS[SJIRIVK]XLVSYKLXLIWIQIVMHMERWMWFPSGOIHXLIVIWYPX MWTEMRMPPRIWWHMWIEWISVSXLIVTL]WMGEPTVSFPIQW
8LIWTIEOIVtWI\TPEREXMSRXLVSYKLSYXXLMWQEMR TSMRXTVSZMHIWEKSSHI\EQTPISJLS[XSGSQ QYRMGEXI XIGLRMGEP MRJSVQEXMSR MR IZIV]HE] PERKYEKI8LIUYSXEXMSREXXLIIRHSJXLITEVE KVETLRMGIP]WYQWYTXLMWWIGXMSRSJXLIWTIIGL
8LI EMQ SJ EGYTYRGXYVI MW XS VIWXSVI XLI STIR JPS[ SJ IRIVK]XLVSYKLXLIWIQIVMHMERW8LMWMWHSRIF]TPEGMRKRII HPIWEXWTIGMJMGTSMRXWSRXLIQIVMHMERW%PXSKIXLIVXLIVIEVI QSVIXLEREGYTYRGXYVITSMRXWSRXLIQIVMHMERW8LIWI TSMRXWLEZIFIIRQETTIHSYXSZIVXLIGIRXYVMIW[MXLWGMIRXMJMG TVIGMWMSR-R'LMREXLIVIMWEWE]MRK q8LIVIMWRSTEMRMJXLIVI MWJVIIJPS[ MJXLIVIMWTEMRXLIVIMWRSJVIIJPS[r
% WMKRTSWX SJ XLI FIKMRRMRK SJ XLMW TEVEKVETL LIPTW WMKREP XLEX XLI WTIEOIV MW QSZMRK XS LIV XLMVHQEMRTSMRXMR[LMGLWLII\TPEMRWWSQISJ XLIQIHMGEPGSRHMXMSRWXLEXGERFIXVIEXIH[MXL EGYTYRGXYVI %W MR XLI VIWX SJ XLI WTIIGL WLI VIPMIW SR LMKLP] GVIHMFPI WSYVGIW ERH MHIRXMJMIW XLIQGPIEVP]8LMWMWGVYGMEPMJXLIEYHMIRGIMWXS EGGITX XLI EGGYVEG] SJ XLI WTIEOIVtW MRJSVQE XMSRhIWTIGMEPP] WMRGI WLI MW RSX ER I\TIVX SR EGYTYRGXYVI
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
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4ISTPI EPWS YWI EGYTYRGXYVI XS FYMPH XLIMVMQQYRI W]W XIQXSGSRXVSPEPPIVKMIWERHXSGSQFEXHITVIWWMSRERHER\M IX] 3J GSYVWI ]SY GERtX YWI EGYTYRGXYVI XS LIEP E FVSOIR EVQ&YXTISTPIMR%WMESJXIRYWIEGYTYRGXYVIHYVMRKWYVKIV] MRWXIEHSJ;IWXIVRERIWXLIWMEERHMXGERWTIIHVIGSZIV]XMQI EJXIVWYVKIV] 8LI WTIEOIVtW JMREP QEMR TSMRX HIEPW [MXL XLIKVS[MRKMRXIKVEXMSRSJEGYTYRGXYVI[MXL ;IWXIVRQIHMGEPXIGLRMUYIW-RXLMWERHXLI JSPPS[MRK TEVEKVETL WLI YWIW E QM\ SJ I\EQTPIWXIWXMQSR] ERHWXEXMWXMGWXSMPPYW XVEXI LIV TSMRX %PP MR EPP XLMW WTIIGL TVS ZMHIWERI\GIPPIRXGEWIWXYH]MRLS[XSYWI WYTTSVXMRKQEXIVMEPWXSFYXXVIWWERMRJSVQE XMZITVIWIRXEXMSR
-R PMKLX SJ EPP XLMW MX MW RSX WYVTVMWMRK XLEX E RYQFIV SJ GPMRMGWERHLSWTMXEPWEVIGSQFMRMRKEGYTYRGXYVI[MXL;IWXIVR QIHMGMRIMRERIJJSVXXSTVSZMHITEXMIRXWXLIFIRIJMXWSJFSXL *SV I\EQTPI 1EWWEGLYWIXXW +IRIVEP ,SWTMXEP MR &SWXSR XLI XLMVHSPHIWXLSWTMXEPMRXLI97LEWEHHIHEGYTYRGXYVIXSMXW [IPPRIWW GIRXIV 4SWMXMZI VIWYPXW LEZI EPWS FIIR WIIR EX XLI 1EXXIP'LMPHVIRtW,SWTMXEPEX9'0%(V0SRRMI>IPX^IVHMVIGXSV SJ XLI LSWTMXEPtW TIHMEXVMG TEMR TVSKVEQ GSRJMVQW XLEX EGY TYRGXYVIqVIEPP]HSIWLIPT1SWXGLMPHVIREGGITXEGYTYRGXYVI ERHMRJEGXVIEPP]JIIPKSSHEFSYXMXr
%W MR XLI VIWX SJ LIV WTIIGL XLI WTIEOIVtW UYSXEXMSRWEVIFVMIJERH[IPPGLSWIR2SXMGI LS[WLIMHIRXMJMIWXLITISTPIWLIMWUYSXMRK ERHIWXEFPMWLIWXLIMVGVIHIRXMEPWFIJSVITVI WIRXMRKXLIMVXIWXMQSR]
%RSXLIVI\EQTPISJXLIMRXIKVEXMSRSJEGYTYRGXYVI[MXL ;IWXIVRQIHMGMRIMWXLI;EWWIV4EMR1EREKIQIRX'IRXIVEX 1SYRX 7MREM ,SWTMXEP MR 8SVSRXS 'EREHE 2IYVSPSKMWX %PPER +SVHSR(MVIGXSVSJXLI'IRXIVWE]WXLEXMRXVSHYGMRKEGYTYRG XYVI MRXS XLI LSWTMXEP qI\TERHW XLI XVIEXQIRX EZEMPEFPI XS GLVSRMGTEMRWYJJIVIVWrERHTVSZMHIWqQYPXMTPISTXMSRWJSVGEVI XSSYVTEXMIRXWr8LI2EXMSREP-RWXMXYXIWSJ,IEPXLVITSVXXLEX QSVIXLER QMPPMSR%QIVMGERWLEZIXVMIHEGYTYRGXYVIERHMXW YWI XLVSYKLSYX XLI VIWX SJ XLI ;IWXIVR [SVPH MW KVS[MRK JEWX
8LITLVEWIq8SHE][ILEZIPIEVRIHrWMKREPW XLEXXLIWTIEOIVMWQSZMRKMRXSLIVGSRGPY WMSR7LIXLIRTVSZMHIWEGSRGMWIWYQQEV] SJXLIQEMRTSMRXWHIZIPSTIHMRXLIFSH]
8SHE][ILEZIPIEVRIH[LEXLETTIRWHYVMRKEREGYTYRG XYVIXVIEXQIRXLS[EGYTYRGXYVI[SVOWWSQISJXLIMPPRIWWIW XLEXGERFIXVIEXIH[MXLEGYTYRGXYVIERHXLIKVS[MRKMRXI KVEXMSRSJEGYTYRGXYVI[MXL;IWXIVRETTVSEGLIWXSQIHMGMRI -LSTI]SYRS[ORS[QSVIEFSYXXLMWERGMIRXQIHMGEPTVEG XMGIERHXLIFIRIJMXWMXGERTVSZMHI
%JXIVVIMRJSVGMRKLIVGIRXVEPMHIEEFSYXXLI FIRIJMXW SJ EGYTYRGXYVI XLI WTIEOIV VIJIVW FEGO XS LIV KVERHQSXLIV [LSQ WLI LEH HMWGYWWIH MR XLI MRXVSHYGXMSR 8LMW YRMJMIW XLIIRXMVIWTIIGLERHIRHWMXSRETIVWSREP RSXI
%JXIV]IEVWSJWOITXMGMWQEFSYXEGYTYRGXYVIXLI;IWXMW JMREPP] FIKMRRMRK XS VIGSKRM^I XLEX EGYTYRGXYVI MW E LMKLP] IJJIGXMZI [E]XS MQTVSZILIEPXLERH VIHYGI TEMR ERHWYJJIV MRK.YWXEWOQ]KVERHQSXLIV
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7911%6= 7TIEOMRK XS MRJSVQ SGGYVW MR E [MHI VERKI SJ IZIV]HE] WMXYEXMSRW -QTVSZMRK ]SYVEFMPMX]XSGSRZI]ORS[PIHKIIJJIGXMZIP][MPPFIZEPYEFPIXS]SYXLVSYKLSYX ]SYVPMJI -RJSVQEXMZI WTIIGLIW QE] FI KVSYTIH MRXS JSYV GEXIKSVMIWhWTIIGLIW EFSYX SFNIGXW WTIIGLIW EFSYX TVSGIWWIW WTIIGLIW EFSYX IZIRXW ERH WTIIGLIW EFSYX GSRGITXW 3FNIGXWMRGPYHITPEGIWWXVYGXYVIWERMQEPWIZIRTISTPI7TIIGLIWEFSYXSFNIGXW YWYEPP]EVISVKERM^IHMRGLVSRSPSKMGEPWTEXMEPSVXSTMGEPSVHIV%TVSGIWWMWEWIVMIW SJ EGXMSRW XLEX [SVO XSKIXLIV XS TVSHYGI E JMREP VIWYPX 7TIIGLIW EFSYX TVSGIWWIW I\TPEMRLS[WSQIXLMRKMWQEHILS[WSQIXLMRKMWHSRISVLS[WSQIXLMRK[SVOW 8LIQSWXGSQQSRX]TIWSJSVKERM^EXMSRJSVWTIIGLIWEFSYXTVSGIWWIWEVIGLVSRS PSKMGEPERHXSTMGEP %RIZIRXMWER]XLMRKXLEXLETTIRWSVMWVIKEVHIHEWLETTIRMRK7TIIGLIWEFSYX IZIRXW EVI YWYEPP] EVVERKIH MR GLVSRSPSKMGEP SV XSTMGEP SVHIV 'SRGITXW MRGPYHI FIPMIJW XLISVMIW MHIEW ERH TVMRGMTPIW 7TIIGLIW EFSYX GSRGITXW EVI SJXIR QSVI GSQTPI\ XLER SXLIV OMRHW SJ MRJSVQEXMZI WTIIGLIW ERH XLI] X]TMGEPP] JSPPS[ E XSTMGEPTEXXIVRSJSVKERM^EXMSR 2SQEXXIV[LEXXLIWYFNIGXSJ]SYVMRJSVQEXMZIWTIIGLFIGEVIJYPRSXXSSZIV IWXMQEXI[LEX]SYVEYHMIRGIORS[WEFSYXMX)\TPEMRIZIV]XLMRKWSXLSVSYKLP]XLEX XLI] GERtX LIPT FYX YRHIVWXERH %ZSMHFIMRK XSSXIGLRMGEP 1EOIWYVI ]SYV MHIEW ERH ]SYV PERKYEKI EVI JYPP] GSQTVILIRWMFPI XS WSQISRI [LS LEW RS WTIGMEPM^IH ORS[PIHKIEFSYXXLIXSTMG )UYEPP]MQTSVXERXVIGSKRM^IXLEX[LEXMWJEWGMREXMRKXS]SYQE]RSXFIJEWGM REXMRKXSIZIV]FSH]-XMW]SYVNSFXSQEOI]SYVMRJSVQEXMZIWTIIGLMRXIVIWXMRKERH QIERMRKJYP XS ]SYV EYHMIRGI *MRH [E]W XS XEPO EFSYX XLIXSTMGMR XIVQW SJ ]SYV PMWXIRIVW%ZSMHXSSQER]EFWXVEGXMSRW9WIHIWGVMTXMSRGSQTEVMWSRERHGSRXVEWX XS QEOI]SYV EYHMIRGI WII [LEX]SY EVIXEPOMRK EFSYX *MREPP] XV] XS TIVWSREPM^I ]SYVMHIEWERHHVEQEXM^IXLIQMRLYQERXIVQW
/)=8)617 MRJSVQEXMZIWTIIGL
HIWGVMTXMSR
SFNIGX
GSQTEVMWSR
TVSGIWW
GSRXVEWX
IZIRX
TIVWSREPM^I
GSRGITX
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEXEVIXLIJSYVX]TIWSJMRJSVQEXMZIWTIIGLIWHMWGYWWIHMRXLIGLETXIV#+MZI ERI\EQTPISJEKSSHWTIGMJMGTYVTSWIWXEXIQIRXJSVIEGLX]TI ;L] QYWXMRJSVQEXMZI WTIEOIVW FIGEVIJYPRSX XS SZIVIWXMQEXI [LEXXLI EYHM IRGIORS[W EFSYX XLI XSTMG# ;LEX GER ]SY HS XS QEOI WYVI ]SYVMHIEW HSRtX TEWWSZIVXLILIEHWSJ]SYVPMWXIRIVW#
6IZMI[5YIWXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LEXWLSYPH]SY HSEWERMRJSVQEXMZIWTIEOIVXS VIPEXI]SYVXSTMG HMVIGXP] XS XLIEYHMIRGI# ;LEXX[SXLMRKWWLSYPH]SY[EXGLSYXJSVMRQEOMRKWYVI]SYV WTIIGLMW RSX SZIVP]XIGLRMGEP# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;LEXEVIXLVIIQIXLSHW]SYGERYWIXSEZSMHEFWXVEGXMSRWMR]SYVMRJSVQEXMZI WTIIGL# ;LEX HSIW MX QIER XS WE] XLEX MRJSVQEXMZI WTIEOIVW WLSYPH TIVWSREPM^I XLIMV MHIEW#
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
WTSVXW
ERMQEPW
QYWMG
WGMIRGI
GYPXYVEPGYWXSQW
IHYGEXMSR
XIGLRSPSK]
QIHME
LIEPXL
%REP]^I q8LI ,MHHIR ;SVPH SJ 'LMPM 4ITTIVWr MR XLI ETTIRHM\ SJ WEQTPI WTIIGLIW XLEX JSPPS[W 'LETXIV -HIRXMJ] XLI WTIGMJMG TYVTSWI GIRXVEP MHIE QEMRTSMRXW ERH QIXLSH SJ SVKERM^EXMSR )ZEPYEXI XLI WTIIGL MR PMKLX SJ XLI KYMHIPMRIWJSVMRJSVQEXMZIWTIEOMRKHMWGYWWIHMRXLMWGLETXIV
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK %WXLIQEREKIVJSVEPSGEPGLEMRSJGSJJIILSYWIW]SYLEZIFIIREWOIHXSWTIEOXS E KSYVQIX KVSYT EFSYX LS[ XS QEOI KIRYMRI -XEPMER GETTYGGMRS %W ]SY [VMXI HS[RMHIEWJSV]SYVWTIIGL]SYJMRHXLEX]SYLEZIXLIJSPPS[MRKQEMRTSMRXW - -- --- -: : :- :-- :--- -<
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
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
<- /IITMRK XLI XMT SJ XLI WXIEQ ZIRX NYWX FIPS[ XLI WYVJEGI SJ XLI QMPO QSZI XLI TMXGLIVMREGMVGYPEVQSXMSR <-- &IGEVIJYPRSXXSSZIVLIEXSVWGEPHXLIQMPO[LMGL[MPPVYMRXLIJVSXL <--- 3RGI]SYLEZIXLIHIWMVIHEQSYRXERHGSRWMWXIRG]SJJVSXLXYVRXLIWXIEQZIRX SJJERHVIQSZIMXJVSQXLITMXGLIV <-: 2S[]SYEVIVIEH]XSGSQFMRIXLIIWTVIWWSERHJVSXLIHQMPO <: 8LIRSVQEPTVSTSVXMSRWJSVGETTYGGMRSEVISRIXLMVH IWTVIWWSXSX[SXLMVHW JVSXLIH QMPO <:- 7SQI TISTPI TVIJIV XS TSYV XLI IWTVIWWS MRXS XLI JVSXLIH QMPO MR E GETTYGGMRS GYT <:--3XLIVTISTPITVIJIVXSTSYVSVWTSSRXLIJVSXLIHQMPOSZIVXLIIWTVIWWS
,EZMRKXEOIREWTIIGLGPEWWMRGSPPIKI]SYORS[XLMWMWXSSQER]QEMRTSMRXW JSV ER EYHMIRGI XS OIIT XVEGO SJ %W ]SY PSSO SZIV ]SYV PMWX EKEMR LS[IZIV ]SY VIEPM^IXLEX MXGER IEWMP]FIVISVKERM^IHMRXSXLVIIQEMR TSMRXWIEGL [MXLWIZIVEP WYFTSMRXW;LEXEVIXLSWIQEMRTSMRXWERHWYFTSMRXW#
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIEOMRKXS4IVWYEHI 8LI-QTSVXERGISJ4IVWYEWMSR )XLMGWERH4IVWYEWMSR 8LI4W]GLSPSK]SJ4IVWYEWMSR 8LI'LEPPIRKISJ4IVWYEWMZI7TIEOMRK ,S[0MWXIRIVW4VSGIWW4IVWYEWMZI1IWWEKIW 8LI8EVKIX%YHMIRGI
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ*EGX ;LEX%VI5YIWXMSRWSJ*EGX# %REP]^MRK5YIWXMSRWSJ*EGX 3VKERM^MRK7TIIGLIWSR5YIWXMSRWSJ*EGX
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ:EPYI ;LEX%VI5YIWXMSRWSJ:EPYI# %REP]^MRK5YIWXMSRWSJ:EPYI 3VKERM^MRK7TIIGLIWSR5YIWXMSRWSJ:EPYI
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG] ;LEX%VI5YIWXMSRWSJ4SPMG]# 8]TIWSJ7TIIGLIWSR5YIWXMSRWSJ4SPMG] %REP]^MRK5YIWXMSRWSJ4SPMG] 3VKERM^MRK7TIIGLIWSR5YIWXMSRWSJ4SPMG]
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
EQSR8VYNMPPSWXEVXIHXLEXTEVXMGYPEVWGLSSPHE]F]WXSTTMRKEXXLIPMFVEV]XSVIXYVRER SZIVHYIFSSOq0SSOttLII\TPEMRIHXSXLIPMFVEVMERq-ORS[XLMWFSSO[EWHYIPEWX [IIOFYX-[EWWMGO[MXLXLIJPYERHGSYPHRtXIZIRKIXSYXSJFIH(S-WXMPPLEZIXSTE] XLIJMRI#-GERKIX]SYERSXIJVSQXLIHSGXSVMJ]SYRIIHSRItt8LIPMFVEVMERLIQQIHERH LE[IH8LIRLIWEMHq3OE]=SYHSRtXLEZIEVIGSVHSJER]SXLIVJMRIW.YWXXLMWSRGItt ;MXLEWMKLSJVIPMIJ6EQSR[IRXSRXSLMWQSVRMRKGPEWWIW%XRSSRLI[EWHEWLMRK EGVSWWGEQTYW[LIREJVMIRHWXSTTIHLMQq,S[EFSYXWSQIPYRGL#ttWLIEWOIHq-VIEPP] GERtXttVITPMIH6EQSRq-LEZIXSWXERHEXXLIXEFPIERHKIXWMKREXYVIWSRXLIXYMXMSRTIXM XMSR-tPPWII]SYPEXIVXLSYKLtt (YVMRK XLI EJXIVRSSR 6EQSR [IRX XS LMW NSF EX E GSQTYXIV WEPIW GSQTER] ,I EVVMZIHNYWXMRXMQIJSVXLI[IIOP]WXEJJQIIXMRK[LIVILITVIWIRXIHLMWMHIEWSRLS[XS MRGVIEWI GYWXSQIV WEXMWJEGXMSR q3RI XLMRK -tZI RSXMGIHtt LI WEMH qMW XLEX QSWX TISTPI HSRtXVIEPM^I XLI] SRP] LEZI HE]WXS VIXYVR YRSTIRIH QIVGLERHMWI JSV E JYPPVIJYRH 1SWXWXSVIWLEZIEHE]VIXYVRTSPMG]ERH-ORS[[ItZIPSWXWSQIGYWXSQIVWFIGEYWI SYVWMWWLSVXIV'LERKMRKMXQMKLXFIMRGSRZIRMIRXEXJMVWXFYXMX[MPPHIJMRMXIP]LIPTFYWM RIWW MR XLI PSRK VYRtt %JXIV PMWXIRMRK XS 6EQSR XLI WEPIW QEREKIV WEMH q-tZI EP[E]W XLSYKLXHE]W[EWTPIRX]SJXMQIFYX]SYtZIGSRZMRGIHQIXLEX[ISYKLXXSGLERKI 0IXtWKMZIMXEXV]tt
6
-J]SYEWOIH6EQSRLS[LIWTIRXLMWHE]LIQMKLXWE]q-VIXYVRIHEFSSO -[IRXXSGPEWW-[SVOIHXLIXYMXMSRTIXMXMSRXEFPI-LEHEWXEJJQIIXMRKEXQ] NSFtt-RJEGXLIWTIRXEPEVKITEVXSJLMWHE]TIVWYEHMRKhTIVWYEHMRKTISTPIXS HSXLMRKWXLI][IVIVIPYGXERXXSHSSVXLEXLEHRSXSGGYVVIHXSXLIQ
8LI-QTSVXERGISJ4IVWYEWMSR
TIVWYEWMSR 8LITVSGIWWSJGVIEXMRK VIMRJSVGMRKSVGLERKMRK TISTPItWFIPMIJWSVEGXMSRW
4IVWYEWMSRMWXLITVSGIWWSJGVIEXMRKVIMRJSVGMRKSVGLERKMRKTISTPItWFIPMIJW SV EGXMSRW 8LI EFMPMX] XS WTIEO ERH [VMXI TIVWYEWMZIP] [MPP FIRIJMX ]SY MR IZIV] TEVX SJ ]SYV PMJI JVSQ TIVWSREP VIPEXMSRW XS GSQQYRMX] EGXMZMXMIW XS GEVIIVEWTMVEXMSRW;LIRIGSRSQMWXWEHHIHYTXLIRYQFIVSJTISTPIhPE[]IVW WEPIW VITVIWIRXEXMZIW TYFPMG VIPEXMSRW WTIGMEPMWXW GSYRWIPSVW EHQMRMWXVEXSVW ERH SXLIVWh[LSWI NSFW HITIRH PEVKIP] SR TIVWYEHMRK TISTPI XS EHSTX XLIMV TSMRXSJZMI[XLI]GSRGPYHIHXLEXTIVWYEWMSREGGSYRXWJSVTIVGIRXSJXLI 97KVSWWHSQIWXMGTVSHYGX 9RHIVWXERHMRK XLI TVMRGMTPIW SJ TIVWYEWMSR MW EPWS ZMXEP XS FIMRK ER MRJSVQIH GMXM^IR ERH GSRWYQIV &] EKI XLI EZIVEKI %QIVMGER LEW FIIR I\TSWIH XS QMPPMSR XIPIZMWMSR GSQQIVGMEPWhER EZIVEKI SJ IZIV] HE] 4SPMXMGMERW ERH EHZIVXMWIVW WEPIWTISTPI ERH MRXIVIWX KVSYTW JYRHVEMWIVW ERH GSQQYRMX]EGXMZMWXWhEPPZMIJSV]SYVEXXIRXMSRZSXIWQSRI]XMQIERHWYT TSVX 8LI QSVI ]SY ORS[ EFSYX TIVWYEWMSR XLI QSVI IJJIGXMZI ]SY GER FI MR YWMRK ]SYV TS[IVW SJ GVMXMGEP XLMROMRK XS EWWIWW XLI FEVVEKI SJ TIVWYEWMZI QIWWEKIW]SYEVII\TSWIHXSIZIV]HE] %PXLSYKLTIVWYEWMSRLEWFIIRWXYHMIHJSVQSVIXLER]IEVWMXMWWXMPP XLIWYFNIGX SJ PMZIP] HIFEXI EQSRK WGLSPEVW 8LIVI EVI E RYQFIV SJ WGMIRXMJMG QSHIPWSJXLITIVWYEWMZITVSGIWWERHE[MHIVERKISJVIWTIGXIHXLISVMIWEFSYX LS[TIVWYEWMSR[SVOW-RXLMWGLETXIVERHXLIRI\X[I[MPPI\TPSVIXLITVMR GMTPIWSJTIVWYEWMSREWXLI]ETTP]XSTYFPMGWTIEOMRK ;LIR ]SY WTIEO XS TIVWYEHI ]SY EGX EW ER EHZSGEXI =SYV NSF MW XS KIX PMWXIRIVWXSEKVII[MXL]SYERHTIVLETWXSEGXSRXLEXFIPMIJ=SYVKSEPQE]
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
FI XS HIJIRH ER MHIE XS VIJYXI ER STTSRIRX XS WIPP E TVSKVEQ SV XS MRWTMVI TISTPIXSEGXMSR&IGEYWITIVWYEWMZIWTIEOIVWQYWXGSQQYRMGEXIMRJSVQEXMSR GPIEVP] ERH GSRGMWIP] ]SY [MPP RIIH EPP XLI WOMPPW ]SY YWIH MR WTIEOMRK XS MRJSVQ&YX]SY[MPPEPWSRIIHRI[WOMPPWXLEXXEOI]SYJVSQKMZMRKMRJSVQEXMSR XSEJJIGXMRK]SYVPMWXIRIVWtEXXMXYHIWFIPMIJWSVEGXMSRW
)XLMGWERH4IVWYEWMSR
2SQEXXIV[LEXXLIWTIEOMRKWMXYEXMSR]SYRIIHXSQEOIWYVI]SYVKSEPWEVI IXLMGEPP]WSYRHERHXLEX]SYYWIIXLMGEPQIXLSHWXSGSQQYRMGEXI]SYVMHIEW 1IIXMRK XLIWI SFPMKEXMSRW GER FI IWTIGMEPP] GLEPPIRKMRK [LIR ]SY WTIEO XS TIVWYEHI;SYPH]SYFI[MPPMRKXSWLEHIXLIXVYXLqNYWXEFMXttMJMX[SYPHKYEV ERXIIEWYGGIWWJYPWTIIGL#,S[EFSYXNYKKPMRKWXEXMWXMGWHSGXSVMRKUYSXEXMSRW TEWWMRKSJJSTMRMSRWEWJEGXWSVTERHIVMRKXSTVINYHMGIERHWXIVISX]TIW# 9RJSVXYREXIP] XLIVI MW RS WLSVXEKI SJ WTIEOIVWhERH SXLIV TIVWYEHIVWh [LS EVI [MPPMRK XS XEOI IXLMGEP WLSVXGYXW XS EGLMIZI XLIMV SFNIGXMZIW =IX EW 1EVXMR 0YXLIV /MRK WXEXIH ]IEVW EKS MX MW RSX TSWWMFPI XS FVMRK EFSYX E XVYP] FIRIJMGMEP VIWYPX F] YWMRK YRIXLMGEP QIXLSHW 1EMRXEMRMRK XLI FSRH SJ XVYWX [MXLPMWXIRIVWMWEPWSZMXEPXSEWTIEOIVtWGVIHMFMPMX]%WMRSXLIVOMRHWSJTYFPMG WTIEOMRKXLIMHIEPSJIJJIGXMZITIVWYEWMSRMWXLIKSSHTIVWSRWTIEOMRK[IPP ;LIR ]SY [SVO SR ]SYV TIVWYEWMZIWTIIGL OIIT MR QMRH XLI KYMHIPMRIW JSVIXLMGEPWTIEOMRKHMWGYWWIHMR'LETXIV1EOIWYVI]SYVKSEPWEVIIXLMGEPP] WSYRH ERH XLEX ]SY GER HIJIRH XLIQ MJ XLI] EVI UYIWXMSRIH SV GLEPPIRKIH 7XYH]XLIXSTMGXLSVSYKLP]WS]SY[SRt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i 1EOIWYVI XLEX ER] IQSXMSREP ETTIEP ]SY YWI MW ETTVSTVMEXI XS XLI XSTMG ERH XLEX ]SY FYMPH ]SYV WTIIGL SR E JMVQ FEWI SJ JEGXW ERH PSKMG FIJSVI ETTIEPMRK XS ]SYV EYHMIRGItWIQSXMSRW%MQEXXLILMKLIWXWXERHEVHWERHGSRWXVYGX]SYVWTIIGL WSMX[MPPFIFSXLGSRZMRGMRKERHIXLMGEPP]WSYRH
8LI4W]GLSPSK]SJ4IVWYEWMSR
4IVWYEWMSRMWETW]GLSPSKMGEPTVSGIWW-XSGGYVWMREWMXYEXMSR[LIVIX[SSVQSVI TSMRXW SJ ZMI[ I\MWX 8LI WTIEOIV WYTTSVXW 7SGMEP 7IGYVMX] VIJSVQ FYX QER] PMWXIRIVWHSRSX8LIWTIEOIVGSRWMHIVWGPSRMRKMQQSVEPFYXWSQIMRXLIEYHM IRGI XLMRO MX MW NYWXMJMIH MR GIVXEMR GMVGYQWXERGIW 8LIHMJJIVIRX TSMRXW SJ ZMI[
8LI4W]GLSPSK]SJ4IVWYEWMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
QE]FIGSQTPIXIP]STTSWIHSVXLI]QE]WMQTP]FIHMJJIVIRXMRHIKVII;LMGL IZIVXLIGEWIXLIVIQYWXFIEHMWEKVIIQIRXSVIPWIXLIVI[SYPHFIRSRIIHJSV TIVWYEWMSR
8,)',%00)2+)3*4)679%7-:)74)%/-2+ 3J EPP XLI OMRHW SJ TYFPMG WTIEOMRK TIVWYEWMSR MW XLI QSWX GSQTPI\ ERH XLI QSWXGLEPPIRKMRK=SYVSFNIGXMZIMWQSVIEQFMXMSYWXLERMRWTIEOMRKXSMRJSVQ ERHEYHMIRGIEREP]WMWERHEHETXEXMSRFIGSQIQYGLQSVIHIQERHMRK-RWSQI TIVWYEWMZIWTIIGLIW]SY[MPPHIEP[MXLGSRXVSZIVWMEPXSTMGWXLEXXSYGLSR]SYV PMWXIRIVWtFEWMGEXXMXYHIWZEPYIWERHFIPMIJW8LMWQE]MRGVIEWIXLIMVVIWMWXERGI XSTIVWYEWMSRERHQEOI]SYVXEWOQSVIHMJJMGYPX -XMWQYGLIEWMIVJSVI\EQTPIXSI\TPEMRXLILMWXSV]SJGETMXEPTYRMWLQIRX XLERXSTIVWYEHIEREYHMIRGIIMXLIVXLEXGETMXEPTYRMWLQIRXWLSYPHFIEFSP MWLIHSVXLEXMXWLSYPHFIVIMRWXMXYXIHMRIZIV]WXEXI-RXLITIVWYEWMZIWTIIGL ]SYQYWXGSRXIRHRSXSRP][MXL]SYVEYHMIRGItWORS[PIHKISJGETMXEPTYRMWL QIRXFYXEPWS[MXLXLIMVEXXMXYHIWXS[EVHGVMQIERHNYWXMGIXLIMVFIPMIJWEFSYX XLIHIXIVVIRXZEPYISJGETMXEPTYRMWLQIRXERHXLIMVZEPYIWEFSYXXLIXEOMRKSJ LYQERPMJI 0MRIW SJEVKYQIRXXLEX[SVO [MXL SRITEVX SJ XLIEYHMIRGI QE] JEMP[MXLhSVIZIRYTWIXhERSXLIVTEVX;LEXWIIQWTIVJIGXP]PSKMGEPXSWSQI PMWXIRIVWQE]WIIQ[MPHP]MVVEXMSREPXSSXLIVW2SQEXXIVLS[I\TIVX]SYEVI SRXLIXSTMGRSQEXXIVLS[WOMPPJYPP]]SYTVITEVIXLIWTIIGLRSQEXXIVLS[ GETXMZEXMRK]SYVHIPMZIV]hWSQIPMWXIRIVW[MPPRSXEKVII[MXL]SY 8LMW HSIW RSX QIER TIVWYEWMSR MW MQTSWWMFPI -X HSIW QIER ]SY WLSYPH LEZIEVIEPMWXMGWIRWISJ[LEX]SYGEREGGSQTPMWL=SYGERtXI\TIGXEKVSYTSJ HMILEVH(IQSGVEXWXSFIGSQI6ITYFPMGERWSVEWXIEOPSZIVXSXYVRZIKIXEVMER EWEVIWYPXSJSRIWTIIGL -RIZIV]TIVWYEWMZIWTIIGL]SY[MPPJEGIWSQIPMWXIRIVW[LSEVIWXVSRKP]MR JEZSV SJ ]SYV TSWMXMSR WSQI [LS EVI RIYXVEP ERH WSQI [LS EVI EHEQERXP] STTSWIH -J PMWXIRIVW EVI RIYXVEP SV SRP] QSHIVEXIP] GSQQMXXIH SRI [E] SV ERSXLIV]SYGERVIEPMWXMGEPP]LSTI]SYVWTIIGL[MPPQSZIEXPIEWXWSQISJXLIQ XS[EVH]SYVWMHI-JPMWXIRIVWEVIWXVSRKP]STTSWIHXS]SYVZMI[TSMRX]SYGER GSRWMHIV]SYVWTIIGLEWYGGIWWMJMXPIEHWIZIREJI[XSVII\EQMRIXLIMVZMI[W ;LIRXLMROMRKEFSYXXLIVERKISJTIVWYEWMZIVIWTSRWIW]SYQE]JMRHMX LIPTJYP XS ZMWYEPM^I PMWXIRIVW SR E WGEPI WYGL EW XLEX WLS[R MR *MKYVI FIPS[ 4IVWYEWMSRMRZSPZIWER]QSZIQIRXF]EPMWXIRIVJVSQPIJXXSVMKLXSR XLI WGEPI RS QEXXIV [LIVI XLI PMWXIRIV FIKMRW ERH RS QEXXIV LS[ KVIEX SV WQEPPXLIQSZIQIRX ,S[ WYGGIWWJYP ]SY EVI MR ER] TEVXMGYPEV TIVWYEWMZI WTIIGL [MPP HITIRH EFSZI EPP SR LS[ [IPP ]SY XEMPSV ]SYV QIWWEKI XS XLI ZEPYIW EXXMXYHIW ERH
(IKVIIWSJ4IVWYEWMSR 7XVSRKP] 3TTSWIH
1SHIVEXIP] 3TTSWIH
7PMKLXP] 3TTSWIH
2IYXVEP
7PMKLXP] MR*EZSV
1SHIVEXIP] MR*EZSV
4IVWYEWMSRMRZSPZIWER]QSZIQIRXF]EPMWXIRIVJVSQPIJXXSVMKLX
d*-+96)
',%48)6 74)%/-2+834)679%()
7XVSRKP] MR*EZSV
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
2SQEXXIV[LEXXLIWMXYEXMSR ETIVWYEWMZIWTIIGL[MPPFI QSVIIJJIGXMZIMJXLIWTIEOIV LEWEGPIEVKSEPHIPMZIVWXLI QIWWEKIWMRGIVIP]ERH EHETXWMXXSXLIXEVKIX EYHMIRGI
FIPMIJWSJ]SYVEYHMIRGI-R'LETXIV[IGSRWMHIVIHXLIKIRIVEPTVMRGMTPIWSJ EYHMIRGIEREP]WMWERHEHETXEXMSR,IVI[IIQTLEWM^IX[SEHHMXMSREPTVMRGMTPIW XLEXEVIGVYGMEPXSXLITW]GLSPSK]SJTIVWYEWMSR8LIJMVWXHIEPW[MXLLS[PMWXIR IVW TVSGIWW ERH VIWTSRH XS TIVWYEWMZI QIWWEKIW 8LI WIGSRH TIVXEMRW XS XLI XEVKIXEYHMIRGIJSVTIVWYEWMZIWTIIGLIW
,3;0-78)2)67463')774)679%7-:)1)77%+)7 ;ISJXIRXLMROSJTIVWYEWMSREWWSQIXLMRKEWTIEOIVHSIWXSEREYHMIRGI-RJEGX TIVWYEWMSRMWWSQIXLMRKEWTIEOIVHSIW[MXLEREYHMIRGI0MWXIRIVWHSRSXNYWXWMX TEWWMZIP]ERHWSEOMRIZIV]XLMRKXLIWTIEOIVLEWXSWE]-RWXIEHXLI]IRKEKIMRE QIRXEPKMZIERHXEOI[MXLXLIWTIEOIV;LMPIXLI]PMWXIRXLI]EWWIWWXLIWTIEOIVtW GVIHMFMPMX] HIPMZIV] WYTTSVXMRK QEXIVMEPW PERKYEKI VIEWSRMRK ERH IQSXMSREP ETTIEPW 8LI] QE] VIWTSRH TSWMXMZIP] EX SRI TSMRX RIKEXMZIP] EX ERSXLIV %X XMQIW XLI] QE] EVKYI MRWMHI XLIMV S[R QMRHW [MXL XLI WTIEOIV 8LMW QIRXEP KMZIERHXEOIMWIWTIGMEPP]ZMKSVSYW[LIRPMWXIRIVWEVILMKLP]MRZSPZIH[MXLXLI XSTMGERHFIPMIZIMXLEWEHMVIGXFIEVMRKSRXLIMVPMZIW -REWIRWIXLITW]GLSPSKMGEPMRXIVEGXMSRFIX[IIREWTIEOIVERHEYHMIRGIHYV MRKETIVWYEWMZIWTIIGLMWWMQMPEVXS[LEXLETTIRWZSGEPP]HYVMRKEGSRZIVWEXMSRh EWMRXLMWI\EQTPI 'SVI]
' SRKVIWWVIEPP]RIIHWXSTYXERIRHXSTSPMXMGEPEHWJYRHIHF]WTIGMEPMRXIVIWX KVSYTW8LIEHWHMWXSVXTISTPItWTIVGITXMSRSJXLIGERHMHEXIWERHXLIMWWYIW
,ERREL -EKVIIXLEX[IWLSYPHRtXHMWXSVXGERHMHEXIWERHXLIMWWYIWFYX-tQRSXWYVI GIRWSVWLMTMWXLIVMKLXETTVSEGL8LIVItWRSTVSSJXLEXWTIGMEPMRXIVIWXEHW HMWXSVXTISTPItWTIVGITXMSRWQSVIXLERSXLIVOMRHWSJTSPMXMGEPEHW&IWMHIW HSIWRtXXLI*MVWX%QIRHQIRXKYEVERXIIJVIIWTIIGL#
8LI4W]GLSPSK]SJ4IVWYEWMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
'SVI]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LI*MVWX%QIRHQIRXMWMQTSVXERXFYXWTIGMEPMRXIVIWXKVSYTWEVIRtXMRHMZMHYEP GMXM^IRWPMOI]SYERHQI8LI]tVITS[IVJYPSVKERM^EXMSRWXLEXGSVVYTXKSZIVRQIRX JSVXLIMVS[RTYVTSWIW(SRtX[ILEZIEVIWTSRWMFMPMX]XSTVSXIGXXLIHIQSGVEXMG TVSGIWW#
,ERREL ;IGERtXGSQTVSQMWISRJVIIWTIIGL-XtWZIV]HERKIVSYWXSPIXWSQISRIMR KSZIVRQIRXHIGMHI[LEXtWEGGITXEFPIERH[LEXtWRSX3RGI[IFERWTIGMEP MRXIVIWXEHW[IQMKLXWXEVXFERRMRKSXLIVJSVQWSJTSPMXMGEPI\TVIWWMSRXSS 'SVI]
QIRXEPHMEPSKYI[MXL XLIEYHMIRGI 8LIQIRXEPKMZIERHXEOI FIX[IIRWTIEOIVERHPMWXIRIV HYVMRKETIVWYEWMZIWTIIGL
2SXRIGIWWEVMP];IEPVIEH]SYXPE[WSQIOMRHWSJWTIIGLFIGEYWIXLI]EVI HERKIVSYWXSXLIGSQQYRMX]hPMOIXLVIEXIRMRKXLIPMJISJXLI4VIWMHIRXSVWLSYXMRK q*MVIrMREGVS[HIHFYMPHMRK;L]EVIWTIGMEPMRXIVIWXEHWER]HMJJIVIRX#
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
8,)8%6+)8%9(-)2')
XEVKIXEYHMIRGI 8LITSVXMSRSJXLI[LSPI EYHMIRGIXLEXXLIWTIEOIV QSWX[ERXWXSTIVWYEHI
9RJSVXYREXIP]RSQEXXIVLS[GEVIJYPP]]SYTPSX]SYVWTIIGL]SY[MPPWIPHSQ FIEFPIXSTIVWYEHIEPP]SYVPMWXIRIVW0MOIQSWXEYHMIRGIW]SYVW[MPPTVSFEFP] GSRXEMR WSQI PMWXIRIVW [LS EVI LSWXMPI XS ]SYV TSWMXMSR WSQI [LS JEZSV MX WSQI [LS EVI YRHIGMHIH ERH WSQI [LS NYWX HSRtX GEVI =SY [SYPH PMOI XS QEOI ]SYV WTIIGL IUYEPP] ETTIEPMRK XS IZIV]SRI FYX XLMW MW VEVIP] TSWWMFPI 1SWXSJXIR]SY[MPPLEZIETEVXMGYPEVTEVXSJXLI[LSPIEYHMIRGIXLEX]SY[ERX XSVIEGL[MXL]SYVWTIIGL8LEXTEVXMWGEPPIHXLIXEVKIXEYHMIRGI %HZIVXMWMRKKMZIWYWERIJJIGXMZIQSHIP7YGGIWWJYPGSQQIVGMEPWEVIEMQIH EXTEVXMGYPEVWIKQIRXWSJXLIQEVOIX1YXYEPJYRHWEVIRS[HMVIGXMRKQER]SJ XLIMV EHZIVXMWIQIRXW EX [SQIR ;L]# &IGEYWI QSVI ERH QSVI [SQIR EVI MRZIWXMRKMRXLIWXSGOQEVOIX&IIVGSQQIVGMEPWSRXLISXLIVLERHEVIHMVIGXIH EXQIRFIGEYWIXLI]HVMROXLIQSWXFIIV *SV ]SYV GPEWWVSSQ WTIIGLIW ]SY HSRtX LEZI XLI WSTLMWXMGEXIH VIWIEVGL GETEFMPMX]SJEPEVKIEHZIVXMWMRKEKIRG]&YXEW[IWE[MR'LETXIV]SYGER YWI UYIWXMSRREMVIW XS JMRH SYX [LIVI ]SYV GPEWWQEXIW WXERH SR ]SYV WTIIGL XSTMG8LMWMW]SYVIUYMZEPIRXSJQEVOIXVIWIEVGL3RGI]SYORS[[LIVI]SYV XEVKIX EYHMIRGI WXERHW ]SY GER XEMPSV ]SYV WTIIGL XS JMX XLIMV ZEPYIW ERH GSRGIVRWhEMQEXXLIXEVKIXWSXSWTIEO ,IVIJSVI\EQTPIMWLS[SRIWXYHIRX%Q]7LETMVSHIXIVQMRIHLIVXEVKIX EYHMIRGIJSVETIVWYEWMZIWTIIGLYVKMRKLIVGPEWWQEXIWXSTEWWSRXLIKMJXSJPMJI F]WMKRMRKSVKERHSRSVGEVHW 8LIVIEVIWXYHIRXWMRQ]EYHMIRGI1]EYHMIRGIEREP]WMWUYIWXMSRREMVIWWLS[XLEXEVI STTSWIHXSHSREXMRKXLIMVSVKERWYRHIVER]GMVGYQWXERGIW-GERtXTIVWYEHIXLIQRSQEXXIV [LEX-WE]1]UYIWXMSRREMVIWEPWSWLS[XLEXLEZIEPVIEH]WMKRIHSVKERHSRSVGEVHW-HSRtX
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
RIIHXSTIVWYEHIXLIQ8LISXLIVWXYHIRXWGSYPHFITIVWYEHIHMJXLI]ORI[QSVIEFSYX XLIRIIHJSVSVKERHSRSVWERHEFSYXLS[XLITVSGIWW[SVOW8LI]EVIQ]XEVKIXEYHMIRGI
2SXSRP]HMH%Q]TMRTSMRXLIVXEVKIXEYHMIRGIWLIEPWSORI[JVSQLIVEYHM IRGIEREP]WMWUYIWXMSRREMVIXLIMWWYIWWLI[SYPHLEZIXSHMWGYWWXSFIGSRZMRGMRK 8LIQIQFIVWSJQ]XEVKIXEYHMIRGIFVIEOHS[RXLMW[E] KMZIqJIEVSJFIMRKTVS RSYRGIHHIEHTVIQEXYVIP]ttEWXLIMVQEMRVIEWSRJSVRSXWMKRMRKSVKERGEVHW EVIGSR GIVRIHEFSYXXLIMVFSH]FIMRKqGYXYTSVHMWJMKYVIHtt ERHGMXIVIPMKMSYWVIEWSRWJSVXLIMV STTSWMXMSR8LIUYIWXMSRREMVIWEPWSWLS[XLEX SJXLIHSRtXJYPP]YRHIVWXERHXLIRIIH JSVSVKERHSRSVW
;MXLEPPXLMWMRJSVQEXMSR%Q][EWEFPIXSTYXXSKIXLIVEJMVWXVEXIWTIIGL XLEXJSGYWIHSRLIVGPEWWQEXIWtEXXMXYHIWERHFIPMIJWEFSYXWMKRMRKSVKERHSRSV GEVHW-RXLIWTIIGLWLIWLS[IHXLIRIIHJSVSVKERHSREXMSRWF]I\TPEMRMRK XLEXXLIVIEVIXLSYWERHWSJTISTPI[LSWISRP]LSTIJSVPMJIMWXSVIGIMZIELIEVX PMZIV SV OMHRI]XVERWTPERX7LIEPWS XSSO GEVIXS ERW[IVLIVGPEWWQEXIWtJIEVW ERHSFNIGXMSRW7LIWLS[IHXLEXXLIVIEVIWXVMGXWEJIKYEVHWXSTVIZIRXHSGXSVW JVSQTYPPMRKXLITPYKTVIQEXYVIP]XLEXHSREXIHSVKERWEVIVIQSZIHEWGEVI JYPP]EWMJXLIHSGXSV[IVISTIVEXMRKSREPMZITEXMIRXERHXLEXEPQSWXEPPVIPM KMSYWPIEHIVWETTVSZISJSVKERHSREXMSRXSLIPTWEZIPMZIW%WEVIWYPXWLI[EW EFPIXSGSRZMRGIWIZIVEPSJLIVGPEWWQEXIWXSWMKRSVKERHSRSVGEVHW -RXLIRI\XGLETXIV[ItPPHMWGYWWXLIQIXLSHW]SYGERYWIXSLMXXLIXEVKIX MR]SYVTIVWYEWMZIWTIIGLIW-RXLIVIWXSJXLMWGLETXIV[IJSGYWSRXLIXLVII QENSVOMRHWSJTIVWYEWMZIWTIIGLIWERHLS[XSSVKERM^IXLIQQSWXIJJIGXMZIP]
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ*EGX
;,%8%6)59)78-3273**%'8# ;LEXGSPPIKIFEWOIXFEPPXIEQLEW[SRXLIQSWXKEQIWWMRGI #;LS[EW XLIJMVWX%JVMGER%QIVMGERXSWMXSRXLI977YTVIQI'SYVX#,S[JEVMWMXJVSQ 2I[=SVOXS&EKLHEH#8LIWIUYIWXMSRWSJJEGXGERFIERW[IVIHEFWSPYXIP]8LI ERW[IVWEVIIMXLIVVMKLXSV[VSRK &YXQER]UYIWXMSRWSJJEGXGERRSXFIERW[IVIHEFWSPYXIP]8LIVIMWEXVYI UYIWXMSRSJJEGX ERW[IVFYX[IHSRtXLEZIIRSYKLMRJSVQEXMSRXSORS[[LEXMXMW7SQIUYIW %UYIWXMSREFSYXXLIXVYXL XMSRW PMOI XLMW MRZSPZI TVIHMGXMSR ;MPP XLI IGSRSQ] FI FIXXIV SV [SVWI RI\X SVJEPWMX]SJEREWWIVXMSR ]IEV#;LS[MPP[MRXLI7YTIV&S[PXLMWWIEWSR# 3XLIVUYIWXMSRWHIEP[MXLMWWYIWSR[LMGLXLIJEGXWEVIQYVO]SVMRGSRGPY WMZI;LEX[MPPLETTIRRI\XMRXLI1MHHPI)EWX#-WWI\YEPSVMIRXEXMSRKIRIXM GEPP]HIXIVQMRIH#2SSRIORS[WXLIJMREPERW[IVWXSXLIWIUYIWXMSRWFYXXLEX HSIWRtX WXSTTISTPIJVSQWTIGYPEXMRKEFSYXXLIQ SVJVSQXV]MRKXSGSRZMRGI SXLIVTISTPIXLEXXLI]LEZIXLIFIWXTSWWMFPIERW[IVW
%2%0=>-2+59)78-3273**%'8 -RWSQI[E]WETIVWYEWMZIWTIIGLSREUYIWXMSRSJJEGXMWWMQMPEVXSERMRJSV QEXMZIWTIIGL&YXXLIX[SOMRHWSJWTIIGLIWXEOITPEGIMR HMJJIVIRXOMRHWSJ WMXYEXMSRWERHJSVHMJJIVIRXTYVTSWIW8LIWMXYEXMSRJSVERMRJSVQEXMZIWTIIGL MW R SRTEVXMWER 8LI WTIEOIV EGXW EW E PIGXYVIV SV E XIEGLIV 8LI EMQ MW XS KMZI MRJSVQEXMSR EW MQTEVXMEPP] EW TSWWMFPI RSX XS EVKYI JSV E TEVXMGYPEV TSMRX SJ ZMI[3RXLISXLIVLERHXLIWMXYEXMSRJSVETIVWYEWMZIWTIIGLSREUYIWXMSRSJ JEGXMWTEVXMWER8LIWTIEOIVEGXWEWEREHZSGEXI8LIEMQMWRSXXSFIMQTEVXMEP
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ*EGX
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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hEGVMQILEWFIIRGSQQMXXIH&YXHMHXLIHIJIRHERXGSQQMXXLI GVMQI#8LITVSWIGYXMRKEXXSVRI]XVMIWXSTIVWYEHIXLINYV]XLEXXLIHIJIRHERX MWKYMPX]8LIHIJIRWIEXXSVRI]XVMIWXSTIVWYEHIXLINYV]XLEXXLIHIJIRHERXMW MRRSGIRX8LINYV]QYWXHIGMHI[LMGLZMI[SJXLIJEGXWMWQSVITIVWYEWMZI
36+%2->-2+74))',)73259)78-3273**%'8 4IVWYEWMZI WTIIGLIW SR UYIWXMSRW SJ JEGX EVI YWYEPP] SVKERM^IH XSTMGEPP] 7YT TSWIJSVI\EQTPI]SY[ERXXSGSRZMRGI]SYVGPEWWQEXIWXLEXEQENSVIEVXL UYEOISJ SVEFSZISRXLI6MGLXIVWGEPI[MPPLMX'EPMJSVRME[MXLMRXLIRI\X XIR]IEVW)EGLQEMRTSMRXMR]SYVWTIIGL[MPPTVIWIRXEVIEWSR[L]WSQISRI WLSYPHEKVII[MXL]SY 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXERIEVXLUYEOISJ SVEFSZI SRXLI6MGLXIVWGEPI[MPPLMX'EPMJSVRMEMRXLIRI\XXIR]IEVW 'IRXVEP-HIE
8LIVIEVIXLVIIKSSHVIEWSRWXSFIPMIZIXLEXERIEVXLUYEOI SJ SVEFSZISRXLI6MGLXIVWGEPI[MPPLMX'EPMJSVRMEMRXLI RI\XXIR]IEVW
1EMR4SMRXW
- ' EPMJSVRMEMWPSRKSZIVHYIJSVEQENSVIEVXLUYEOI -- 1 ER]KISPSKMGEPWMKRWMRHMGEXIXLEXEQENSVIEVXLUYEOI QE]LETTIRWSSR --- )\TIVXWEKVIIXLEXERIEVXLUYEOISJ SVEFSZIGSYPH WXVMOI'EPMJSVRMEER]HE]
8S XEOI ERSXLIV I\EQTPI WYTTSWI ]SY EVI XV]MRK XS TIVWYEHI ]SYV GPEWW QEXIWXLEXXLITPE]WEXXVMFYXIHXS;MPPMEQ7LEOIWTIEVI[IVIRSXEGXYEPP][VMX XIRF]LMQ=SYVWTIGMJMGTYVTSWIGIRXVEPMHIEERHQEMRTSMRXWQMKLXFI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEX;MPPMEQ7LEOIWTIEVIHMHRSX [VMXIXLITPE]WEXXVMFYXIHXSLMQ
'IRXVEP-HIE
8LIVIMWGSRWMHIVEFPIIZMHIRGIXLEXXLITPE]WEXXVMFYXIHXS ;MPPMEQ7LEOIWTIEVI[IVIEGXYEPP][VMXXIRF]*VERGMW&EGSR SV)H[EVHHI:IVI
1EMR4SMRXW
- & MSKVETLMGEPERHXI\XYEPIZMHIRGIWYKKIWXXLEX;MPPMEQ 7LEOIWTIEVIHMHRSX[VMXIXLITPE]WEXXVMFYXIHXSLMQ -- , MWXSVMGEPIZMHIRGIMRHMGEXIWXLEX7LEOIWTIEVItWTPE]W [IVITVSFEFP][VMXXIRF]IMXLIV7MV*VERGMW&EGSRSV )H[EVHHI:IVIXL)EVPSJ3\JSVH
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1ER]TIVWYEWMZIWTIIGLIW VIZSPZIEVSYRHUYIWXMSRW SJZEPYI,IVI-VMWLQYWMGMER &SF+IPHSJWTIEOWEFSYX XLIQSVEPGSQQMXQIRXSJ ;IWXIVRREXMSRWXSLIPT %JVMGERREXMSRWHIEP[MXL JEQMRIERHHMWIEWI
2SXMGIMRXLIWII\EQTPIWXLEXXLIWTIEOIVtWTYVTSWIMWPMQMXIHXSTIVWYEH MRKXLIEYHMIRGIXSEGGITXETEVXMGYPEVZMI[SJXLIJEGXW7SQIXMQIWLS[IZIV XLIHMWTYXIXLEXKMZIWVMWIXSETIVWYEWMZIWTIIGL[MPPKSFI]SRHEUYIWXMSRSJ JEGXERH[MPPXYVRSREUYIWXMSRSJZEPYI
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ:EPYI
;,%8%6)59)78-3273*:%09)# ;LEXMWXLIFIWXQSZMISJEPPXMQI#-WGPSRMRKQSVEPP]NYWXMJMEFPI#;LEXEVIXLI IXLMGEPVIWTSRWMFMPMXMIWSJNSYVREPMWXW#7YGLUYIWXMSRWRSXSRP]MRZSPZIQEXXIVW SJJEGXFYXXLI]EPWSHIQERHZEPYINYHKQIRXWhNYHKQIRXWFEWIHSRETIVWSRtW FIPMIJWEFSYX[LEXMWVMKLXSV[VSRKKSSHSVFEHQSVEPSVMQQSVEPTVSTIVSV MQTVSTIVJEMVSVYRJEMV 8EOI XLI MWWYI SJ GPSRMRK -X GERFI HMWGYWWIH EX E TYVIP] JEGXYEP PIZIP F] EWOMRK WYGL UYIWXMSRW EW q;LEX EVI XLI WGMIRXMJMG QIXLSHW SJ GPSRMRK#r 3V q;LEX EVI XLI PE[W EFSYX GPSRMRK MR HMJJIVIRX GSYRXVMIW#r 8LIWI EVI JEGXYEP UYIWXMSRW 8LI ERW[IVW ]SY VIEGL EVI MRHITIRHIRX SJ ]SYV FIPMIJ EFSYX XLI QSVEPMX]SJGPSRMRK &YXWYTTSWI]SYEWOq-WMXQSVEPP]NYWXMJMEFPIXSGPSRILYQERFIMRKW#r3V q-WMXIXLMGEPP]EGGITXEFPIXSGPSRILYQERGIPPWMRERIJJSVXXSGYVIHMWIEWIWWYGL EW%-(7ERHGERGIV#r2S[]SYEVIHIEPMRK[MXLUYIWXMSRWSJZEPYI,S[]SY ERW[IV[MPPHITIRHRSXSRP]SR]SYVJEGXYEPORS[PIHKIEFSYXGPSRMRKFYXEPWS SR]SYVQSVEPZEPYIW
UYIWXMSRSJZEPYI %UYIWXMSREFSYXXLI[SVXL VMKLXRIWWQSVEPMX]ERHWS JSVXLSJERMHIESVEGXMSR
%2%0=>-2+59)78-3273*:%09) 'SRXVEV]XS[LEXQER]TISTPIXLMROUYIWXMSRWSJZEPYIEVIRSXWMQTP]QEXXIVW SJTIVWSREPSTMRMSRSV[LMQ-J]SYWE]q-IRNS]FMG]GPIVMHMRKr]SYHSRSX LEZIXSKMZIEVIEWSR[L]]SYIRNS]MX=SYEVIQEOMRKEWXEXIQIRXEFSYX]SYV
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ:EPYI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
TIVWSREP XEWXI )ZIR MJ FMG]GPI VMHMRK [IVI XLI QSWX YRTPIEWERX EGXMZMX] IZIV MRZIRXIHMXGSYPHWXMPPFISRISJ]SYVJEZSVMXIW 3R XLI SXLIV LERH MJ ]SY WE] q&MG]GPI VMHMRK MW XLI MHIEP JSVQ SJ PERH XVERWTSVXEXMSRr]SYEVIQEOMRKEWXEXIQIRXEFSYXEUYIWXMSRSJZEPYI;LIXLIV FMG]GPMRKMWXLIMHIEPJSVQSJPERHXVERWTSVXEXMSRHSIWRSXHITIRHSR]SYVS[R PMOIW ERHHMWPMOIW 8SHIJIRHXLIWXEXIQIRX]SYGERRSXWE]q&MG]GPIVMHMRKMW XLIMHIEPJSVQSJPERHXVERWTSVXEXMSRFIGEYWI-PMOIMXr -RWXIEH ]SY QYWX NYWXMJ] ]SYV GPEMQ 8LI JMVWX WXIT MW XS HIJMRI [LEX ]SY QIERF]ERqMHIEPJSVQSJPERHXVERWTSVXEXMSRr(S]SYQIEREQSHISJXVERW TSVXEXMSR XLEX KIXW TISTPI [LIVI XLI] [ERX XS KS EW JEWX EW TSWWMFPI# 8LEX MW VIPEXMZIP] MRI\TIRWMZI# 8LEXMWJYR#2SRTSPPYXMRK#&IRIJMGMEPJSVXLIYWIV#-R SXLIV[SVHW]SYQYWXIWXEFPMWL]SYVWXERHEVHWJSVERqMHIEPJSVQSJPERHXVERW TSVXEXMSRr8LIR]SYGERWLS[LS[FMG]GPIVMHMRKQIEWYVIWYTEKEMRWXXLSWI WXERHEVHW ;LIRIZIV]SYKMZIEWTIIGLSREUYIWXMSRSJZEPYIFIWYVIXSKMZIWTIGMEP XLSYKLXXSXLIWXERHEVHWJSV]SYVZEPYINYHKQIRX
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
'IRXVEP-HIE
&MG]GPIVMHMRKMWXLIMHIEPJSVQSJPERHXVERWTSVXEXMSR FIGEYWIMXMWJEWXIVXLER[EPOMRKSVVYRRMRKHSIWRSX I\TPSMXERMQEPWSVTISTPIMWRSRTSPPYXMRKERH TVSQSXIWXLILIEPXLSJXLIVMHIV
1EMR4SMRXW
- % RMHIEPJSVQSJPERHXVERWTSVXEXMSRWLSYPHQIIXJSYV QENSVWXERHEVHW % -XWLSYPHFIJEWXIVXLERVYRRMRKSV[EPOMRK & -XWLSYPHRSXI\TPSMXERMQEPWSVTISTPI ' -XWLSYPHFIRSRTSPPYXMRK ( - XWLSYPHFIFIRIJMGMEPJSVXLITIVWSR[LSYWIWMX -- & MG]GPIVMHMRKQIIXWEPPXLIWIWXERHEVHWJSVERMHIEPJSVQ SJPERHXVERWTSVXEXMSR % &MG]GPIVMHMRKMWJEWXIVXLER[EPOMRKSVVYRRMRK & &MG]GPIVMHMRKHSIWRSXI\TPSMXXLIPEFSVSJERMQEPWSV SJSXLIVTISTPI ' &MG]GPIVMHMRKMWRSXEWSYVGISJEMVPERH[EXIVSV RSMWITSPPYXMSR ( & MG]GPIVMHMRKMWI\XVIQIP]FIRIJMGMEPJSVXLILIEPXLSJ XLIVMHIV
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LIR]SYWTIEOSREUYIWXMSRSJZEPYI]SYQYWXQEOIWYVIXSNYWXMJ]]SYV NYHKQIRXEKEMRWXWSQIMHIRXMJMEFPIWXERHEVHW-RXLIJSPPS[MRKI\EQTPIRSXMGI LS[ XLI WTIEOIV HIZSXIW LIV JMVWX QEMR TSMRX XS NYHKMRK GETMXEP TYRMWLQIRX EKEMRWXQSVEPWXERHEVHWERHLIVWIGSRHQEMRTSMRXXSNYHKMRKMXEKEMRWXPIKEP WXERHEVHW 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXGETMXEPTYRMWLQIRXMWQSVEPP] ERHPIKEPP][VSRK 'IRXVEP-HIE
'ETMXEPTYRMWLQIRXZMSPEXIWFSXLXLI&MFPIERHXLI97 'SRWXMXYXMSR
1EMR4SMRXW
- ' ETMXEPTYRMWLQIRXZMSPEXIWXLIFMFPMGEPGSQQERHQIRX q8LSYWLEPXRSXOMPPr -- ' ETMXEPTYRMWLQIRXZMSPEXIWXLIGSRWXMXYXMSREPFERSR qGVYIPERHYRYWYEPTYRMWLQIRXr
%W]SYGERWIIWTIIGLIWSRUYIWXMSRWSJZEPYIQE]LEZIWXVSRKMQTPMGE XMSRW JSV SYV EGXMSRW % TIVWSR [LS MW TIVWYEHIH XLEX GETMXEP TYRMWLQIRX MW QSVEPP]ERHPIKEPP][VSRKMWQSVIPMOIP]XSWYTTSVXPIKMWPEXMSREFSPMWLMRKXLI HIEXLTIREPX]&YXWTIIGLIWSRUYIWXMSRWSJZEPYIHSRSXEVKYIHMVIGXP]JSVSV EKEMRWX TEVXMGYPEV GSYVWIW SJ EGXMSR 3RGI ]SY KS FI]SRH EVKYMRK VMKLX SV [VSRKXSEVKYMRKXLEXWSQIXLMRKWLSYPHSVWLSYPHRSXFIHSRI]SYQSZIJVSQ EUYIWXMSRSJZEPYIXSEUYIWXMSRSJTSPMG]
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
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qWLSYPHr EWMRXLIWII\EQTPIW
UYIWXMSRSJTSPMG] %UYIWXMSREFSYX[LIXLIVE WTIGMJMGGSYVWISJEGXMSRWLSYPH SVWLSYPHRSXFIXEOIR
;LEXQIEWYVIWWLSYPHFIXEOIRXSTVSXIGXXLI9RMXIH7XEXIWEKEMRWXXIVVSVMWXEXXEGOW# 7LSYPHXLIIPIGXSVEPGSPPIKIFIEFSPMWLIH# ;LEXWXITWWLSYPHFIXEOIRXSIRWYVIXLEXEPPTISTPIMRXLI9RMXIH7XEXIWVIGIMZI EHIUYEXILIEPXLGEVI#
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8 =4)73*74))',)73259)78-3273*430-'= ;LIR]SYWTIEOSREUYIWXMSRSJTSPMG]]SYVKSEPQE]FIIMXLIVXSKEMRTEWWMZI EKVIIQIRXSVXSQSXMZEXIMQQIHMEXIEGXMSRJVSQ]SYVPMWXIRIVW(IGMHMRK[LMGL KSEP]SY[ERXXSEGLMIZI[MPPEJJIGXEPQSWXIZIV]EWTIGXSJ]SYVWTIIGL
7TIIGLIWXS+EMR4EWWMZI%KVIIQIRX WTIIGLXSKEMRTEWWMZI EKVIIQIRX %TIVWYEWMZIWTIIGLMR[LMGL XLIWTIEOIVtWKSEPMWXSGSRZMRGI XLIEYHMIRGIXLEXEKMZIR TSPMG]MWHIWMVEFPI[MXLSYX IRGSYVEKMRKXLIEYHMIRGI XSXEOIEGXMSRMRWYTTSVXSJ XLITSPMG]
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tWIRIVK]RIIHW
-RIEGLGEWIXLIWTIEOIVtWEMQMWXSGSRZMRGIPMWXIRIVWXLEXXLIWTIEOIVtWTSPMG] MW RIGIWWEV] ERH TVEGXMGEP 8LI WTIEOIV MW RSX XV]MRK XS KIX PMWXIRIVW XS XEOI EGXMSRMRWYTTSVXSJXLITSPMG]
7TIIGLIWXS+EMR-QQIHMEXI%GXMSR WTIIGLXSKEMR MQQIHMEXIEGXMSR %TIVWYEWMZIWTIIGLMR[LMGL XLIWTIEOIVtWKSEPMWXSGSRZMRGI XLIEYHMIRGIXSXEOIEGXMSRMR WYTTSVXSJEKMZIRTSPMG]
;LIR]SYVKSEPMWMQQIHMEXIEGXMSR]SY[ERXXSHSQSVIXLERKIX]SYVPMW XIRIVWXSRSHXLIMVLIEHWMREKVIIQIRX=SY[ERXXSQSXMZEXIXLIQXSEGXMSRh XS WMKR E TIXMXMSR JSV EFSPMWLMRK XLI IPIGXSVEP GSPPIKI XS GEQTEMKR JSV PS[IV XYMXMSRXSTYVGLEWISVKERMGJSSHWXSGSRXVMFYXIXSEJYRHHVMZIERHWSJSVXL ,IVIEVIWSQII\EQTPIWSJWTIGMJMGTYVTSWIWXEXIQIRXWJSVTSPMG]WTIIGLIW XLEXWIIOMQQIHMEXIEGXMSR 8STIVWYEHIQ]EYHMIRGIXSKMZIFPSSHXLVSYKLXLI6IH'VSWW 8STIVWYEHIQ]EYHMIRGIXSZSXIMRXLIRI\XWXYHIRXIPIGXMSR 8STIVWYEHIQ]EYHMIRGIXSFIGSQIPMXIVEG]XYXSVW
7SQI I\TIVXW WE] ]SY WLSYPH WIIO EGXMSR JVSQ ]SYV EYHMIRGI [LIRIZIV TSWWMFPI%PXLSYKLMXMWQYGLIEWMIVXSIZSOITEWWMZIEKVIIQIRXXLERXSIPMGMX EGXMSRXLIPMWXIRIVMWRSXQEOMRKQYGLSJEGSQQMXQIRXF]XLMROMRKq7YVI -EKVII[MXL]SYr;MXLMREHE]SVX[SXLEXWEQIPMWXIRIVQE]JSVKIXIRXMVIP] EFSYX]SYVWTIIGLhERHEFSYXLIVSVLMWEKVIIQIRX[MXLMX %GXMSRLS[IZIVVIMRJSVGIWFIPMIJ%KVIEXHIEPSJVIWIEVGLWLS[WXLEXMJ]SY GERTIVWYEHIEPMWXIRIVXSXEOIWSQIOMRHSJEGXMSRhIZIRMJMXMWRSQSVIXLER WMKRMRKETIXMXMSRTYXXMRKEFYQTIVWXMGOIVSREGEVSVEXXIRHMRKEQIIXMRKh ]SYLEZIKEMRIHEQSVIWIVMSYWGSQQMXQIRX3RGIEPMWXIRIVEGXWSRFILEPJSJ EWTIEOIVtWTSWMXMSRWLISVLIMWQSVIPMOIP]XSVIQEMRGSQQMXXIHXSMX
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4IVWYEWMZIWTIIGLIWSR UYIWXMSRWSJTSPMG]EVIKMZIR [LIRIZIVTISTPIHIFEXI WTIGMJMGGSYVWIWSJEGXMSR 7YGLWTIIGLIWGERWIIO IMXLIVTEWWMZIEKVIIQIRXSV MQQIHMEXIEGXMSR
;LIR ]SY GEPP JSV EGXMSR MR E TIVWYEWMZI WTIIGL ]SY WLSYPH QEOI ]SYV VIGSQQIRHEXMSRWEWWTIGMJMGEWTSWWMFPI(SRtXNYWXYVKIPMWXIRIVWXSqHSWSQI XLMRKr8IPPXLIQI\EGXP][LEXXSHSERHLS[XSHSMX*SVERI\GIPPIRXI\EQ TPIPSSOEX:MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIV8LI WTIEOIVt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
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ q1EOMRKE(MJJIVIRGI 8LVSYKLXLI7TIGMEP 3P]QTMGWrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
%2%0=>-2+59)78-3273*430-'= 6IKEVHPIWWSJ[LIXLIV]SYVEMQMWXSIPMGMXTEWWMZIEKVIIQIRXSVXSKEMRMQQI HMEXIEGXMSR]SY[MPPJEGIXLVIIFEWMGMWWYIW[LIRIZIV]SYHMWGYWWEUYIWXMSR SJTSPMG]hRIIHTPERERHTVEGXMGEPMX]
2IIH 8LIVIMWRSTSMRXMREVKYMRKJSVETSPMG]YRPIWW]SYGERWLS[ERIIHJSVMX -WXLIVIERIIHJSVQSVIWXYHIRXTEVOMRKSRGEQTYW# -WXLIVIERIIHJSVXLIWGLSSPHMWXVMGXXSMRWXMXYXIWEQIWI\GPEWWVSSQW#
RIIH 8LIJMVWXFEWMGMWWYIMREREP]^MRK EUYIWXMSRSJTSPMG] -WXLIVIE WIVMSYWTVSFPIQSVRIIHXLEX VIUYMVIWEGLERKIJVSQGYVVIRX TSPMG]#
-WXLIVIERIIHJSVEREXMSREP-(GEVHMRXLI9RMXIH7XEXIW#
=SYVJMVWXWXITMWXSGSRZMRGIPMWXIRIVWXLEXXLIVIMWEWIVMSYWTVSFPIQ[MXL XLMRKWEWXLI]EVI4ISTPIEVIRSXMRGPMRIHXSEHSTXERI[TSPMG]YRPIWWXLI] EVIGSRZMRGIHXLISPHSRIMWRSX[SVOMRK8LMWMW[L]XLIFYVHIRSJTVSSJEP[E]W VIWXW[MXLXLIWTIEOIV[LSEHZSGEXIWGLERKI 3JGSYVWI]SYQE]FIHIJIRHMRK
FYVHIRSJTVSSJ 8LISFPMKEXMSRJEGMRKE TIVWYEWMZIWTIEOIVXSTVSZI XLEXEGLERKIJVSQGYVVIRX TSPMG]MWRIGIWWEV]
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
TVIWIRXTSPMG]MR[LMGLGEWI]SY[MPPEVKYIXLEXXLIVIMWRSRIIHXSGLERKIh XLEXXLMRKWEVIEPVIEH][SVOMRKEW[IPPEWGERFII\TIGXIH
4PER TPER 8LIWIGSRHFEWMGMWWYIMR EREP]^MRKEUYIWXMSRSJTSPMG] -JXLIVIMWETVSFPIQ[MXLGYVVIRX TSPMG]HSIWXLIWTIEOIVLEZIE TPERXSWSPZIXLITVSFPIQ#
8LIWIGSRHFEWMGMWWYISJTSPMG]WTIIGLIWMWTPER3RGI]SYLEZIWLS[RXLEXE TVSFPIQI\MWXW]SYQYWXI\TPEMR]SYVTPERJSVWSPZMRKMX ;LEXGER[IHSXSKIXQSVIWXYHIRXTEVOMRKSRGEQTYW# ;LEXXSTMGWWLSYPHFIXEYKLXMRWEQIWI\GPEWWVSSQW#%VIWEQIWI\GPEWWVSSQW ETTVSTVMEXIJSVEPPKVEHIPIZIPW# ;LEXMRJSVQEXMSRWLSYPHFIMRGPYHIHSREREXMSREP-(GEVH#;LS[MPPFIVIWTSRWMFPIJSV GSPPIGXMRKXLIMRJSVQEXMSRERHGVIEXMRKXLIGEVHW#
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq8LI ,SVVSVWSJ4YTT]1MPPWrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
%RW[IVMRK WYGL UYIWXMSRW MW IWTIGMEPP] MQTSVXERX MJ ]SY GEPP JSV E RI[ TSPMG]-Xt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
4VEGXMGEPMX] TVEGXMGEPMX] 8LIXLMVHFEWMGMWWYIMREREP]^MRK EUYIWXMSRSJTSPMG] ;MPPXLI WTIEOIVtWTPERWSPZIXLITVSFPIQ# ;MPPMXGVIEXIRI[ERHQSVI WIVMSYWTVSFPIQW#
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
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq4EMH 4EVIRXEP0IEZI +SSHJSV *EQMPMIW+SSHJSV&YWMRIWWr MRXLISRPMRI1IHME0MFVEV] JSVXLMWGLETXIV :MHIS 'PMT
8LIWI EVI WMKRMJMGERX GSRGIVRW ;LIRIZIV ]SY EHZSGEXI E RI[ TSPMG] ]SYQYWXFITVITEVIHXSWLS[XLEXMXMW[SVOEFPI2SQEXXIVLS[WIVMSYWE TVSFPIQQE]FIPMWXIRIVWYWYEPP][ERXWSQIEWWYVERGIXLEXEWTIEOIVtWTPER [MPP EGXYEPP] WSPZI XLI TVSFPIQ 3RI [E] XS TVSZMHI XLMW EWWYVERGI MW XS WLS[ XLEX E TPER WMQMPEV XS ]SYVW LEW FIIR WYGGIWWJYPP] MQTPIQIRXIH IPWI [LIVI *SV I\EQTPI :MHIS 'PMT MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV WLS[W ER I\GIVTX JVSQ E WXYHIRX WTIIGL GEPPMRK JSV TEMH TEVIRXEP PIEZI MR XLI WTIEOIVtW WXEXI %W ]SY ZMI[ XLI GPMT RSXMGI LS[ XLI WTIEOIV TSMRXW XSXLIWYGGIWWSJEWMQMPEVTPERMR'EPMJSVRMEEWIZMHIRGIXLEXMX[MPP [SVOMRLIVWXEXI
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-J]SYSTTSWIEWLMJXMRTSPMG]SRISJ]SYVQENSVEVKYQIRXW[MPPFIXLEXXLI GLERKIMWMQTVEGXMGEPh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hXSWLS[MRKXLEXMRGSYRXVMIW [LMGL LEZI HVEWXMGEPP] VEMWIH XLIMV GMKEVIXXI XE\IW XLI WQSOMRK VEXI EQSRK XIIREKIVWLEWHVSTTIHF]EWQYGLEWTIVGIRX
36+%2->-2+74))',)73259)78-3273*430-'= )JJIGXMZISVKERM^EXMSRMWGVYGMEP[LIR]SYWIIOXSTIVWYEHIPMWXIRIVWSREUYIWXMSR SJTSPMG]%PXLSYKLER]SJXLIFEWMGTEXXIVRWSJSVKERM^EXMSRI\TPEMRIHMR'LET XIV GERFIYWIHJSYVWTIGMEPTEXXIVRWEVIIWTIGMEPP]ZEPYEFPIJSVTSPMG]WTIIGLIW 8LI] EVI TVSFPIQWSPYXMSR SVHIV TVSFPIQGEYWIWSPYXMSR SVHIV GSQTEVEXMZI EHZERXEKIWSVHIVERH1SRVSItWQSXMZEXIHWIUYIRGI
4VSFPIQ7SPYXMSR3VHIV -J]SYEHZSGEXIEGLERKIMRTSPMG]]SYVQEMRTSMRXWSJXIR[MPPJEPPREXYVEPP] MRXSTVSFPIQWSPYXMSRSVHIV-RXLIJMVWXQEMRTSMRX]SYHIQSRWXVEXIXLIRIIH JSVERI[TSPMG]F]WLS[MRKXLII\XIRXERHWIVMSYWRIWWSJXLITVSFPIQ-RXLI WIGSRHQEMRTSMRX]SYI\TPEMR]SYVTPERJSVWSPZMRKXLITVSFPIQERHWLS[MXW TVEGXMGEPMX]JSVI\EQTPI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIYWISJERXMFEGXIVMEP GLIQMGEPWMRLSYWILSPHTVSHYGXWMWGVIEXMRKLIEPXLERH IRZMVSRQIRXEPTVSFPIQW 'IRXVEP-HIE
1EMR4SMRXW
TVSFPIQWSPYXMSRSVHIV %QIXLSHSJSVKERM^MRK TIVWYEWMZIWTIIGLIWMR[LMGL XLIJMVWXQEMRTSMRXHIEPW[MXL XLII\MWXIRGISJETVSFPIQERH XLIWIGSRHQEMRTSMRXTVIWIRXW EWSPYXMSRXSXLITVSFPIQ
8LIYWISJERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXWMW EWIVMSYWTVSFPIQXLEXVIUYMVIWEGXMSRF]KSZIVRQIRXERH GSRWYQIVWEPMOI - 8 LIYWISJERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXW MWEWIVMSYWTVSFPIQ % 6EXLIVXLERQEOMRKYWQSVILIEPXL]ERXMFEGXIVMEP GLIQMGEPWMRLSYWILSPHTVSHYGXWEVIGSRXVMFYXMRKXS PSRKXIVQLIEPXLTVSFPIQW 4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ q&YVWXMRKXLI%RXMFEGXIVMEP &YFFPIrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
& 8 LIERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXWEVI EPWSGVIEXMRKIRZMVSRQIRXEPTVSFPIQWFIGEYWIXLI] IZIRXYEPP]IRHYTMRXLI97[EXIVWYTTP] -- 7 SPZMRKXLIWITVSFPIQWVIUYMVIWEGSQFMREXMSRSJ KSZIVRQIRXERHGSRWYQIVEGXMSR % 8LI*SSHERH(VYK%HQMRMWXVEXMSRWLSYPHMRWXMXYXI VIKYPEXMSRWGSRXVSPPMRKXLIYWISJERXMFEGXIVMEP GLIQMGEPWMRLSYWILSPHTVSHYGXW & ' SRWYQIVWWLSYPHEZSMHTYVGLEWMRKLSYWILSPH TVSHYGXWXLEXGSRXEMRERXMFEGXIVMEPGLIQMGEPW
=SYGERYWIXLITVSFPIQWSPYXMSRJSVQEXNYWXEWIEWMP]XSSVKERM^IEWTIIGL STTSWMRKEGLERKIMRTSPMG]-RWYGLEWTIIGL]SYVNSFMWXSHIJIRHXLIGYVVIRX W]WXIQERHXSEXXEGO]SYVSTTSRIRXWtTVSTSWIHTSPMG]8LYWMRXLIJMVWXQEMRTSMRX ]SYQMKLXEVKYIXLEXXLIVIMWRSXERIIHJSVGLERKI-RXLIWIGSRHQEMRTSMRX]SY QMKLXWLS[XLEXIZIRMJXLIVI[IVIEWIVMSYWTVSFPIQXLIWYKKIWXIHRI[TSPMG] [SYPHRSXWSPZIMXERH[SYPHGVIEXIWIVMSYWTVSFPIQWSJMXWS[R*SVI\EQTPI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIGMX]GSYRGMPWLSYPHRSX TEWWPIKMWPEXMSRQIVKMRKXLITSPMGIERHJMVIHITEVXQIRXW 'IRXVEP-HIE
1IVKMRKXLITSPMGIERHJMVIHITEVXQIRXWMWRIMXLIVRIGIWWEV] RSVTVEGXMGEP
1EMR4SMRXW
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
4VSFPIQ'EYWI7SPYXMSR3VHIV TVSFPIQGEYWI WSPYXMSRSVHIV %QIXLSHSJSVKERM^MRKTIVWYEWMZI WTIIGLIWMR[LMGLXLIJMVWXQEMR TSMRXMHIRXMJMIWETVSFPIQXLI WIGSRHQEMRTSMRXEREP]^IWXLI GEYWIWSJXLITVSFPIQERHXLI XLMVHQEMRTSMRXTVIWIRXWE WSPYXMSRXSXLITVSFPIQ
*SVEZEVMEXMSRSRTVSFPIQWSPYXMSRSVHIV]SYQMKLXEVVERKI]SYVWTIIGLMR TVSFPIQGEYWIWSPYXMSRSVHIV8LMWTVSHYGIWEWTIIGL[MXLXLVIIQEMRTSMRXWh XLIJMVWXMHIRXMJ]MRKETVSFPIQXLIWIGSRHEREP]^MRKXLIGEYWIWSJXLITVSFPIQ ERHXLIXLMVHTVIWIRXMRKEWSPYXMSRXSXLITVSFPIQ*SVI\EQTPI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIEKIJSVJYPPQSXSVZILMGPI HVMZMRKTVMZMPIKIWWLSYPHFIVEMWIHXS 'IRXVEP-HIE
8LIRYQFIVSJEGGMHIRXWERHHIEXLWMRZSPZMRKXIIREKI HVMZIVWMWEWIVMSYWTVSFPIQXLEXGERFIGSRXVSPPIHF]VEMWMRK XLIEKIJSVJYPPHVMZMRKTVMZMPIKIWXS
1EMR4SMRXW
- 8 LIRYQFIVSJEGGMHIRXWERHHIEXLWMRZSPZMRKXIIREKI HVMZIVWMWEWIVMSYWREXMSREPTVSFPIQ
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IKEVHPIWWSJLS[]SY SVKERM^I]SYVTIVWYEWMZI WTIIGL]SY[MPPRIIHWXVSRK WYTTSVXMRKQEXIVMEPW8LI FIXXIV]SYVVIWIEVGLXLI QSVIGSRZMRGMRK]SYV EVKYQIRXWEVIPMOIP]XSFI
% )EGL]IEVQSVIXLER TISTPIEVIOMPPIHMR EGGMHIRXWMRZSPZMRKXIIREKIHVMZIVW & 8LIVMWOWSJFIMRKMRZSPZIHMREJEXEPEGGMHIRXEVI LMKLIWXJSVERH]IEVSPHHVMZIVW -- 8LIVIEVIJSYVQEMRGEYWIWSJXLITVSFPIQ % =SYRKIVHVMZIVWLEZIRtXLEHIRSYKLI\TIVMIRGIXS HIZIPSTXLIMVHVMZMRKWOMPPW & =SYRKIVHVMZIVWEVIQSVITVSRIXSVMWOXEOMRKERH HERKIVSYWHVMZMRKFILEZMSVW ' =SYRKIVHVMZIVWEVIQSVIPMOIP]XSLEZIEGGMHIRXW [LIRHVMZMRKEJXIVHEVO ( =SYRKIVHVMZIVWEVIIEWMP]HMWXVEGXIHF]XLITVIWIRGI SJSXLIVXIIREKIVWMRXLIGEV --- ; IGERLIPTWSPZIXLIWITVSFPIQWF]VEMWMRKXLIEKIJSV JYPPHVMZMRKTVMZMPIKIW % %PXLSYKLERH]IEVSPHWWLSYPHLEZIPMQMXIH HVMZMRKTVMZMPIKIWXLI]WLSYPHRSXVIGIMZIER YRVIWXVMGXIHPMGIRWIYRXMPEKI & 8LMW[MPPEPPS[]SYRKIVHVMZIVWXMQIXSKEMRQEXYVMX]ERH I\TIVMIRGIFIJSVIVIGIMZMRKYRPMQMXIHHVMZMRKTVMZMPIKIW
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ q4YXXMRKXLI&VEOIWSR 8IIREKI(VMZMRKrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7SQI XIEGLIVW TVIJIV XLMW QIXLSH SJ SVKERM^EXMSR FIGEYWI MX VIUYMVIW E WTIEOIVXS MHIRXMJ] XLIGEYWIWSJ XLITVSFPIQ 8LMWMRXYVRQEOIW MXIEWMIVXS GLIGO[LIXLIVXLITVSTSWIHWSPYXMSR[MPPKIXEXXLIGEYWIWSJXLITVSFPIQ
'SQTEVEXMZI%HZERXEKIW3VHIV ;LIR]SYVEYHMIRGIEPVIEH]EKVIIWXLEXETVSFPIQI\MWXW]SYGERHIZSXI]SYV WTIIGLXSGSQTEVMRKXLIEHZERXEKIWERHHMWEHZERXEKIWSJGSQTIXMRKWSPYXMSRW -R WYGL E WMXYEXMSR ]SY QMKLX TYX ]SYV WTIIGL MR GSQTEVEXMZI EHZERXEKIW SVHIVHIZSXMRKIEGLQEMRTSMRXXSI\TPEMRMRK[L]]SYVWSPYXMSRMWTVIJIVEFPI XSSXLIVTVSTSWIHWSPYXMSRW
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
GSQTEVEXMZI EHZERXEKIWSVHIV %QIXLSHSJSVKERM^MRK TIVWYEWMZIWTIIGLIWMR[LMGL IEGLQEMRTSMRXI\TPEMRW[L]E WTIEOIVtWWSPYXMSRXSETVSFPIQ MWTVIJIVEFPIXSSXLIVTVSTSWIH WSPYXMSRW
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7YTTSWI]SY[ERXXSGSRZMRGI]SYVEYHMIRGIXLEXEYXSQEOIVWWLSYPHTYX KVIEXIVIQTLEWMWSRHIZIPSTMRKL]HVSKIRJYIPGIPPGEVWXLERKEWIPIGXVMGL]FVMH GEVW9WMRKGSQTEVEXMZIEHZERXEKIWSVHIV]SY[SYPHGSQTEVIL]HVSKIRGEVW [MXLKEWIPIGXVMGL]FVMHGEVWERHWLS[[L]XLIJSVQIVEVIEFIXXIVGLSMGI=SYV WTIGMJMGTYVTSWIGIRXVEPMHIEERHQEMRTSMRXWQMKLXPSSOPMOIXLMW 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEYXSQEOIVWWLSYPHTYX KVIEXIVIQTLEWMWSRHIZIPSTMRKL]HVSKIRJYIPGIPPGEVWXLER KEWIPIGXVMGGEVW 'IRXVEP-HIE
9RPMOIKEWIPIGXVMGGEVWL]HVSKIRGEVWVYRIRXMVIP][MXLSYX KEWSPMRIERHHSRSXIQMXEMVTSPPYXMRKI\LEYWX
1EMR4SMRXW
- 9 RPMOIL]FVMHGEVWL]HVSKIRGEVWVYRIRXMVIP][MXLSYX KEWSPMRI -- 9 RPMOIL]FVMHGEVWL]HVSKIRGEVWHSRSXIQMXER]EMV TSPPYXMRKI\LEYWX
1SRVSItW1SXMZEXIH7IUYIRGI 1SRVSItWQSXMZEXIH WIUYIRGI %QIXLSHSJSVKERM^MRK TIVWYEWMZIWTIIGLIWXLEXWIIO MQQIHMEXIEGXMSR8LIJMZI WXITWSJXLIQSXMZEXIHWIUYIRGI EVIEXXIRXMSRRIIHWEXMWJEGXMSR ZMWYEPM^EXMSRERHEGXMSR
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hERH LS[ XS HS MX 8LIR GSRGPYHI [MXL E JMREP WXMVVMRK ETTIEP XLEX VIMRJSVGIW XLIMVGSQQMXQIRXXSEGX 1ER]WXYHIRXWTVIJIVXLIQSXMZEXIHWIUYIRGIFIGEYWIMXMWQSVIHIXEMPIH XLER TVSFPIQWSPYXMSR SVHIV -X JSPPS[W XLI TVSGIWW SJ LYQER XLMROMRK ERH PIEHWXLIPMWXIRIVWXITF]WXITXSXLIHIWMVIHEGXMSR3RIMRHMGEXMSRSJMXWIJJIG XMZIRIWWMWXLEXMXMW[MHIP]YWIHF]TISTPI[LSQEOIXLIMVPMZMRKF]TIVWYEWMSRh IWTIGMEPP]EHZIVXMWIVW8LIRI\XXMQI]SY[EXGLXIPIZMWMSRTE]GPSWIEXXIRXMSR XS XLI GSQQIVGMEPW =SY [MPP JMRH XLEX QER] SJ XLIQ JSPPS[ XLI QSXMZEXIH WIUYIRGIEWMRXLMWI\EQTPI
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
%XXIRXMSR
-XtWEWYRR]WTVMRKHE]*PS[IVWEVIMRFPSSQERHXLI[MRHMW FPS[MRK8LIGEQIVEJSGYWIWSRX[S[SQIRFSXLMRXLIMVPEXI X[IRXMIWSVIEVP]XLMVXMIWNSKKMRKXLVSYKLEGMX]TEVO7YHHIRP] SRISJXLI[SQIRWXSTWFIRHWSZIVERHVIWXWLIVLERHWSRLIV LMTW,IVI]IWEVI[EXIVMRKERHWLIMWFVIEXLMRKLIEZMP]%XMKLXP] JVEQIHGPSWIYTLIMKLXIRWXLIWIRWIXLEXWSQIXLMRKMW[VSRK
2IIH
q%VI]SYEPPVMKLX#rEWOWLIVJVMIRHq-XtWQ]EPPIVKMIWrXLI [SQERVITPMIWq)ZIV]WTVMRKMXtWXLIWEQIXLMRK-JIIPKVIEX ERHXLIRQ]LE]JIZIVVYMRWIZIV]XLMRK=SYtHFIXXIVKSSR [MXLSYXQIr
7EXMWJEGXMSR
q-YWIHXSLEZIXLIWEQITVSFPIQrWE]WXLI[SQERtW JVMIRHq8LIR-XVMIH%PP%VVIWX-XORSGOIHSYXQ]LE]JIZIV GSQTPIXIP]2S[-GERHSIZIV]XLMRK-[ERXMRXLIWTVMRK =SYWLSYPHXV]MXr8LIERRSYRGIVMRZSMGISZIVXIPPWYW q%PP%VVIWXTVSZMHIWXLIQSWXIJJIGXMZILE]JIZIVVIPMIJEZEMPEFPIh ERH[MXLSYXGEYWMRKHVS[WMRIWWr
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
:MWYEPM^EXMSR ;IWIIXLIWEQIX[S[SQIRNSKKMRKE[IIOSVWSPEXIV&SXL EVIVYRRMRKFVMWOP]ERHFVIEXLMRKIEWMP]q8LEX%PP%VVIWXVIEPP] HSIW[SVOrWE]WXLI[SQER[LSLEHXSWXSTVYRRMRKMRXLI STIRMRKWGIRIq-JIIPPMOIERI[TIVWSRWMRGI-WXEVXIHXEOMRK MX8LEROWXS%PP%VVIWX-GERIRNS]WTVMRKEKEMRr %GXMSR
8LIEYHMIRGIMWYVKIHXSYWI%PP%VVIWX[LIRIZIVXLI]WYJJIV JVSQEPPIVKMIW
8V] YWMRK XLI QSXMZEXIH WIUYIRGI [LIR ]SY [ERX XS WTYV PMWXIRIVW XS EGXMSR=SYWLSYPHJMRHMXIEW]ERHIJJIGXMZIEWHMHSRIWXYHIRX[LSYWIHMXMR E WTIIGL YVKMRK GPEWWQEXIW XS [SVO JSV TEWWEKI SJ E PSGEP XIRERXWt VMKLXW FMPP ,IVIEVIXLILMKLPMKLXWSJLMWWTIIGL %XXIRXMSR
,EZI]SYIZIVLEHGSGOVSEGLIWVYRRMRKXLVSYKLXLIGYTFSEVHW MR]SYVETEVXQIRX#,EZI]SYW[IPXIVIHMRXLILIEXFIGEYWI XLIEMVGSRHMXMSRMRKHMHRtX[SVO#3VWLMZIVIHMRXLIGSPH FIGEYWIXLIJYVREGI[EWFVSOIR#3V[EMXIHQSRXLWJSVXLI 4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WIGYVMX]HITSWMX]SYRIZIVKSXFEGOIZIRXLSYKL]SYPIJX ]SYVETEVXQIRXEWGPIEREW[LIR]SYQSZIHMR# 2IIH
8LVSYKLSYXXLMWGMX]WXYHIRXWERHSXLIVXIRERXWEVIFIMRK ZMGXMQM^IHF]YRVIWTSRWMZIERHYRIXLMGEPPERHPSVHW.YWXPEWX ]IEVQSVIXLERGSQTPEMRXW[IVIJMPIH[MXLXLIGMX]LSYWMRK HITEVXQIRXFYXRSEGXMSRLEWFIIRXEOIREKEMRWXXLIPERHPSVHW
7EXMWJEGXMSR
8LIWITVSFPIQWGSYPHFIWSPZIHF]TEWWMRKEWXVSRKXIRERXWt VMKLXWFMPPXLEXHIJMRIWXLIVMKLXWSJXIRERXWWTIGMJMIWXLISFPM KEXMSRWSJPERHPSVHWERHMQTSWIWWXVMGXTIREPXMIWJSVZMSPEXSVW
:MWYEPM^EXMSR 7YGLFMPPWLEZI[SVOIHMRERYQFIVSJGSPPIKIGSQQYRMXMIW EGVSWWXLIREXMSR-JSRI[IVITEWWIHLIVI]SY[SYPHRS PSRKIVLEZIXS[SVV]EFSYXWYFWXERHEVHWERMXEV]SVWEJIX] GSRHMXMSRWMR]SYVETEVXQIRX=SYVPERHPSVHGSYPHRSXZMSPEXI XLIXIVQWSJ]SYVPIEWISVWXIEP]SYVWIGYVMX]HITSWMX %GXMSR
%XIRERXWtVMKLXWFMPPLEWFIIRTVSTSWIHXSXLIGMX]GSYRGMP =SYGERLIPTKIXMXTEWWIHF]WMKRMRKXLITIXMXMSR-[MPPTEWW EVSYRHEJXIVQ]WTIIGL-EPWSYVKI]SYXSLIPTF]GMVGYPEXMRK TIXMXMSRWEQSRK]SYVJVMIRHWERHF]XYVRMRKSYXXSWYTTSVX XLIFMPP[LIRMXMWHIFEXIHMRXLIGMX]GSYRGMPRI\X[IIO-J[I EPP[SVOXSKIXLIV[IGERKIXXLMWFMPPXLVSYKLXLIGSYRGMP
1SRVSItW QSXMZEXIH WIUYIRGI MW TIVJIGXP] GSQTEXMFPI [MXL XLI WXERHEVH QIXLSHSJSYXPMRMRKHMWGYWWIHMR'LETXIV8LIJSPPS[MRKSYXPMRIWLS[WLS[ SRI WTIEOIV MRGSVTSVEXIH XLIWIUYIRGI MRXS E WTIIGL YVKMRK LIVGPEWWQEXIW XS HSREXIFPSSH 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXSFIGSQIVIKYPEVFPSSHHSRSVW 'IRXVEP-HIE
&]FIGSQMRKVIKYPEVFPSSHHSRSVWGSPPIKIWXYHIRXWGERLIPT WEZIPMZIWERHVITPIRMWLXLI97FPSSHWYTTP] -RXVSHYGXMSR
%XXIRXMSR
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq8LI 9PXMQEXI+MJXrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
&SH] 2IIH
7EXMWJEGXMSR
- % VI]SYEXPIEWX]IEVWSPH#(S]SY[IMKLQSVIXLER TSYRHW#(S]SYGSRWMHIV]SYVWIPJJEMVP]LIEPXL]# -- - J]SYERW[IVIH]IWXSXLIWIUYIWXMSRW]SYWLSYPHFI HSREXMRKFPSSHIZIV]X[SQSRXLW --- %WEVIKYPEVFPSSHHSRSV-[SYPHPMOIXSWLS[[L] HSRSVWEVIMRWYGLHIWTIVEXIRIIHERHIRGSYVEKI]SYXS FIGSQIEHSRSV
',%48)6 74)%/-2+834)679%()
- 8 LIPEGOSJTEVXMGMTEXMSRF]IPMKMFPIFPSSHHSRSVWTSWIWE XLVIEXXSXLIPMZIWSJQER]%QIVMGERW % 7SQISRIMRXLI97YRHIVKSIWEFPSSHXVERWJYWMSR IZIV]XLVIIWIGSRHW & 8LMWEQSYRXWXSKEPPSRWSJFPSSHIZIV]LSYVSJ IZIV]HE] ' 'YVVIRXHSREXMSRPIZIPWEVIXSSPS[XSQIIXXLMWRIIH -- =SYGERLIPTF]FIGSQMRKEVIKYPEVFPSSHHSRSV % =SYGERHSREXIEX]SYVPSGEP6IH'VSWW & 8LITVSGIWWMWWMQTPIIEW]ERHTEMRPIWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1SRVSItWQSXMZEXIH WIUYIRGIMWIWTIGMEPP] YWIJYPJSVTIVWYEWMZIWTIEOIVW [LSWIIOMQQIHMEXIEGXMSR JVSQXLIMVPMWXIRIVWEWMWXLI GEWI[MXLEGXSVERHEGXMZMWX (ERR]+PSZIVMRXLMWEHHVIWW XSKEVQIRX[SVOIVW
:MWYEPM^EXMSR
--- )ZIV]YRMXSJFPSSH]SYHSREXIGERLIPTWEZIXLVIIPMZIW % 8LIFPSSHMWHMZMHIHMRXSVIHFPSSHGIPPW[LMXIFPSSH GIPPWERHTPEXIPIXWIEGLSJ[LMGLGERLIPTEHMJJIVIRX TIVWSR & -J]SYHSREXIXMQIWE]IEV]SYGERLIPT TISTPI ' -J]SYHSREXIJSV]IEVW]SYGERLIPTWEZIXLIPMZIW SJ TISTPI 'SRGPYWMSR
%GXMSR
- 7 S-IRGSYVEKIIEGLSJ]SYXSFIGSQIEVIKYPEVFPSSHHSRSV -- + MZIXLIYPXMQEXIKMJXhXLIKMJXSJPMJI
8V]YWMRKXLIQSXMZEXIHWIUYIRGI[LIR]SYWIIOMQQIHMEXIEGXMSRJVSQ ]SYVPMWXIRIVW3ZIVXLI]IEVWMXLEW[SVOIHJSVGSYRXPIWWWTIEOIVWhERHMXGER [SVOJSV]SYEW[IPP
7EQTPI7TIIGL[MXL'SQQIRXEV]
8LIJSPPS[MRKTIVWYEWMZIWTIIGLHIEPW[MXLEUYIWXMSRSJTSPMG]ERHTVSZMHIW ER I\GIPPIRX I\EQTPI SJ TVSFPIQGEYWIWSPYXMSR WXVYGXYVI %W ]SY VIEH XLI WTIIGLRSXMGILS[XLIWTIEOIVHIEPW[MXLXLIMWWYIWSJRIIHTPERERHTVEGXM GEPMX] 2SXMGI EPWS LS[ WLI YWIW WXVSRK [IPPGLSWIR WYTTSVXMRK QEXIVMEPW XS FEGO YT LIV TSMRX SJ ZMI[ SR [LEX WLI ORI[ [SYPH FI ER YRTSTYPEV MWWYI EQSRKLIVGPEWWQEXIW*MREPP]SFWIVZILS[GPIEVERHYRGPYXXIVIHXLIWTIIGL MW8LIVIEVIJI[[EWXIH[SVHWERHXLIMHIEWTVSKVIWWGPIERP]ERHGVMWTP]
GSRRIGXPYGEWGSQ :MI[q4YXXMRKXLI&VEOIWSR 8IIREKI(VMZMRKrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4 YXXMRKXLI&VEOIWSR8IIREKI(VMZMRK '311)28%6=
74))',
8LI WTIEOIV FIKMRW [MXL E ZMZMH VMGLP] HIXEMPIH WXSV] XLEX KEMRW EXXIRXMSR ERH HVE[WXLIEYHMIRGIMRXSXLIWTIIGL
3REGLMPP]2SZIQFIVRMKLXX[S]IEVWEKSE*SVH)\TPSVIV[EW GLEVKMRK HS[R E 'EPMJSVRME LMKL[E] 8LI ]IEVSPH HVMZIV ERHXLVIISJLMWJVMIRHW[IVIVIXYVRMRKJVSQEGSRGIVXMR0SW %RKIPIW8LIWI]SYRKTISTPI[IVIKSSHWXYHIRXWKMJXIHEXL PIXIWXEPIRXIHEVXMWXWERHQYWMGMERW%RHRSRI[IVIHVYROSV MQTEMVIHF]HVYKW
%W XLI WTIEOIV GSQTPIXIW LIV STIRMRK WXSV]WLIVIZIEPWXLEXSRISJXLIWXYHIRXW MRNYVIH MR XLI EGGMHIRX [EW LIV RITLI[ 8LMWTIVWSREPMRZSPZIQIRXLIPTWIWXEFPMWL LIVGVIHMFMPMX]ERHKSSH[MPPFSXLSJ[LMGL EVIZMXEP[LIRSRIMWWTIEOMRKSREGSRXVS ZIVWMEPWYFNIGX
8LI] [IVI LS[IZIV HVMZMRK XSS JEWX ERH XLI HVMZIV PSWX GSRXVSP SJ XLI GEV 8LI GEV [IRX MRXS E HMXGL ERH LMX EXVII8LI HVMZIVERHSRITEWWIRKIV[IVI OMPPIH8LISXLIV X[S TEWWIRKIVW IWGETIH [MXL WIZIVI MRNYVMIW 3RI SJ XLIWI TEWWIRKIVW[EWQ]RITLI[8SHE]LIMWJMRMWLMRKLMKLWGLSSP MR E [LIIPGLEMV E [LIIPGLEMV LI [MPP SGGYT] JSV XLI VIWX SJ LMWPMJI
8LI WTIEOIV WXVIRKXLIRW LIV GVIHMFMPMX] ERHVIZIEPWXLIGIRXVEPMHIESJLIVWTIIGL
9RJSVXYREXIP] XVEKMG EYXS EGGMHIRXW MRZSPZMRK XIIREKI HVMZIVWEVIQYGLXSSGSQQSRMREPPTEVXWSJXLI9RMXIH7XEXIW %JXIV VIWIEVGLMRK XLI WYFNIGX JSV Q] WTIIGL - LEZI GSQI XS XLI WEQI GSRGPYWMSR EW XLI I\TIVXWhXLEX XLI FIWX [E] XS TVIZIRXWYGLEGGMHIRXWMWXSVEMWIXLIEKIJSVJYPPHVMZMRKTVMZM PIKIWXS SVSPHIV
8LIWTIEOIVYWIWLIVEYHMIRGIEREP]WMWWYV ZI] FSXL XS EGORS[PIHKI LIV GPEWWQEXIWt STTSWMXMSRXSVEMWMRKXLIHVMZMRKEKIERHXS WXVIWW XLIMV VIGSKRMXMSR XLEX XLIVI EVI VIE WSRW XSGSRWMHIV MRWXMXYXMRK WYGL ETSPMG] %JXIV EWOMRK XLIQ XS PMWXIR [MXL ER STIR QMRH WLI TVIZMI[W XLI QEMR TSMRXW WLI [MPPHMWGYWWMRXLIFSH]SJXLIWTIIGL
- ORS[ JVSQ Q] EYHMIRGIEREP]WMW UYIWXMSRREMVI XLEX QSWX SJ ]SY STTSWI WYGL E TPER &YX - EPWS ORS[ JVSQ Q] UYIWXMSRREMVIW XLEX QSWX SJ ]SY VIGSKRM^I XLEX ERH ]IEVSPHHVMZIVWEVIPIWWWOMPPIHERHPIWWVIWTSRWMFPIXLERSPHIV HVMZIVW 7S - EWO ]SY XS PMWXIR [MXL ER STIR QMRH [LMPI [I HMWGYWWWSQISJXLITVSFPIQWEWWSGMEXIH[MXLXIIREKIHVMZMRK XLI QENSV GEYWIW SJ XLI TVSFPIQW ERH E TPER XLEX [MPP KS E PSRK[E]XS[EVHWSPZMRKXLITVSFPIQW
8LMW WTIIGL MW SVKERM^IH MR TVSFPIQ GEYWIWSPYXMSRSVHIV,IVIXLIWTIEOIVWXEVXW XLIFSH]F]MHIRXMJ]MRKXLITVSFPIQhXLI PEVKI RYQFIV SJ EGGMHIRXW HIEXLW ERH MRNYVMIW MRZSPZMRK XIIREKI HVMZIVW 7LI WYTTSVXW LIV GPEMQ [MXL WXEXMWXMGW JVSQ XLI2EXMSREP,MKL[E]8VEJJMG7EJIX]%HQMR MWXVEXMSR %W ]SY GER WII JVSQ XLI ZMHIS SJXLIWTIIGLMRXLISRPMRI1IHME0MFVEV] JSV XLMW GLETXIV WLI YWIW 4S[IV4SMRX XS TVIWIRXLIVWXEXMWXMGWERHXSLIMKLXIRXLIMV MQTEGXEWWLIQSZIWJVSQJMKYVIXSJMKYVI
2SQEXXIVLS[SRIPSSOWEXXLIIZMHIRGIMXEPPPIEHWXS SRIJEGX 8LIVIEVIXSSQER]QSXSVZILMGPIEGGMHIRXWHIEXLW ERH MRNYVMIW MRZSPZMRK XIIREKI HVMZIVW %GGSVHMRK XS XLI 2EXMSREP,MKL[E]8VEJJMG7EJIX]%HQMRMWXVEXMSR[LMPIXIIREK IVW QEOI YT TIVGIRX SJ XLI REXMSRtW PMGIRWIH HVMZIVW XLI] VITVIWIRXTIVGIRXSJEPPQSXSVZILMGPIJEXEPMXMIW8LI2,87% VITSVXWXLEXPEWX]IEVHVMZIVWEKIHXS[IVIOMPPIH MREYXSQSFMPIEGGMHIRXW-REHHMXMSRXSOMPPMRKXLIHVMZIVWXLIWI WEQI EGGMHIRXW XSSO XLI PMZIW SJ XIIREKI TEWWIRKIVW &YX XLIWI EGGMHIRXW HMHRtX EJJIGX XIIREKIVW EPSRI 8LI] EPWS XSSOXLIPMZIWSJTISTPIEKIHSVSPHIV7SXLIXSXEP RYQFIV SJ TISTPI OMPPIH PEWX ]IEV MR EYXSQSFMPI EGGMHIRXW MRZSPZMRKXIIREKIHVMZIVW[EW hEPQSWXI\EGXP]XLIRYQ FIVSJJYPPXMQIWXYHIRXWEXXLMWGEQTYW
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%WMRXLITVIZMSYWTEVEKVETLXLIWXEXMWXMGW LIVIGSQIJVSQGVIHMFPIGPIEVP]MHIRXMJMIH WSYVGIW %PXLSYKL QSWX PMWXIRIVW HMH RSX JEZSVXLIWTIEOIVtW TSWMXMSREXXLIWXEVXSJ LIV WTIIGL XLI WXVIRKXL SJ LIV IZMHIRGI IZIRXYEPP] PIH WSQI XS GSRGIHI XLEX LIV TSWMXMSRRIIHIHXSFIXEOIRWIVMSYWP]
)ZMHIRGI EPWS WLS[W XLEX XLI ]SYRKIV XLI HVMZIV XLI KVIEXIVXLIVMWO%GGSVHMRKXSXLI-RWYVERGI-RWXMXYXIJSV,MKL [E] 7EJIX] ]IEVSPHW LEZI qXLI LMKLIWX TIVGIRXEKI SJ GVEWLIWMRZSPZMRK WTIIHMRKXLILMKLIWXTIVGIRXEKISJWMRKPI ZILMGPIGVEWLIWERHXLILMKLIWXTIVGIRXEKISJGVEWLIWMRZSPZ MRKHVMZIVIVVSVr1SVISZIVEW97%8SHE]VITSVXW]IEVSPHW EVIXLVIIXMQIWQSVIPMOIP]XSFIMRZSPZIHMRJEXEPGVEWLIWXLER EVISPHIVHVMZIVW
% XVERWMXMSR QSZIW XLI WTIEOIV MRXS LIV WIGSRHQEMRTSMRXMR[LMGLWLII\TPSVIW JSYV QENSV GEYWIW SJ XLI TVSFPIQ 2SXMGI LS[WLIYWIWEWMKRTSWXXSMRXVSHYGIIEGL GEYWI
2S[XLEX[ItZIWIIRXLII\XIRXSJXLITVSFPIQ[IGER I\TPSVIMXWGEYWIW3RISJXLIGEYWIWMWMRI\TIVMIRGI2I[HVMZ IVWNYWXLEZIRtXLEHIRSYKLXMQISRXLIVSEHXSHIZIPSTXLIMV HVMZMRK WOMPPW &YX MRI\TIVMIRGI MW JEV JVSQ XLI SRP] GEYWI SJ XLI TVSFPIQ %JXIV EPP XLIVI [MPP EP[E]W FI MRI\TIVMIRGIH HVMZIVWhIZIRMJXLIHVMZMRKEKIMWVEMWIHXSSVIZIRXS
8LI IZMHIRGI MR XLMW TEVEKVETL GSRRIGXW XLI XIRHIRG] SJ ]SYRKIV HVMZIVW XS XEOI HERKIVSYW VMWOW [MXL XLI WXEXI SJ FVEMR HIZIPSTQIRXEQSRK]IEVSPHW-REHHM XMSRXSGSQMRKJVSQVIWTIGXIHWSYVGIWXLI IZMHIRGI TVSZMHIW E WGMIRXMJMG JSYRHEXMSR JSV[LEXXLIWTIEOIVtWEYHMIRGIORI[JVSQ XLIMVS[RI\TIVMIRGIEFSYXXLITVSTIRWMX] JSVVMWOXEOMRKEQSRKXIIREKIVW
% WIGSRH GEYWI MW VIZIEPIH F] FVEMR VIWIEVGL *MRHMRKW JVSQ XLI 2EXMSREP -RWXMXYXI SJ 1IRXEP ,IEPXL WLS[ XLEX XLI FVEMR SJ ER EZIVEKI ]IEVSPH LEW RSX HIZIPSTIH XS XLI TSMRX[LIVILISVWLIMWEFPIXSIJJIGXMZIP]NYHKIXLIVMWOSJE KMZIRWMXYEXMSR(V.E]+MIHH[LSPIHXLIVIWIEVGLXIEQXLEX GSRHYGXIH XLI WXYH] WXEXIW q;LIR E WQEVX XEPIRXIH ERH ZIV] QEXYVI XIIR HSIW WSQIXLMRK XLEX E TEVIRX QMKLX GEPP sWXYTMHt MXtW XLMW YRHIVHIZIPSTIH TEVX SJ XLI FVEMR XLEX LEW QSWXPMOIP]JEMPIHr7XIZIR0S[IRWXIMREQIHMGEPTVSJIWWSVEX XLI9RMZIVWMX]SJ'SPSVEHSLEWNYWXJMRMWLIHEJMZI]IEVWXYH] GSQTEVMRKXLIXVEJJMGVIGSVHWSJ]IEVSPHHVMZIVWXSHVMZIVW EKIH XS ,MW GSRGPYWMSR# q(IPMFIVEXI VMWOXEOMRK ERH HERKIVSYW ERH EKKVIWWMZI HVMZMRK FILEZMSVW TVIHSQMREXIHr EQSRKXLI]IEVSPHW
2S[XLIWTIEOIV HMWGYWWIWXLIXLMVHGEYWI SJ XLI TVSFPIQhRMKLX HVMZMRK /RS[MRK XLEXRMKLXHVMZMRKMWQSVIHERKIVSYWJSVEPP EKIKVSYTWWLIXEOIWGEVIXSRSXIXLEXMXMW TEVXMGYPEVP] TIVMPSYW JSVXIIREKIVW FIGEYWI SJXLIMVVMWOXEOMRKERHXLIMVMRI\TIVMIRGI FILMRHXLI[LIIP
% XLMVH GEYWI SJ QSXSV ZILMGPI JEXEPMXMIW EQSRK XIIR EKI HVMZIVW MW RMKLX HVMZMRK %GGSVHMRKXS 8 LI ;EWLMRKXSR 4SWX[LIR]IEVSPHWKIXFILMRHXLI[LIIPSJEGEVEJXIV HEVOXLIPMOIPMLSSHSJLEZMRKEREGGMHIRXMRGVIEWIWWIZIVEP XMQIW SZIV 3J GSYVWI RMKLXXMQI HVMZMRK MW PIWW WEJI JSV IZIV]SRI FYX MX FIGSQIW TEVXMGYPEVP] HERKIVSYW [LIR GSQFMRIH[MXLE]SYRK HVMZIVtW MRI\TIVMIRGIERH VIHYGIH EFMPMX]XSKEYKIVMWO
8LMW TEVEKVETL MW IWTIGMEPP] IJJIGXMZI -J ]SY[EXGLXLIWTIIGLMRXLISRPMRI1IHME 0MFVEV] JSV XLMW GLETXIV ]SY GER WII LS[ XLI WTIEOIV YWIW LIV ZSMGI KIWXYVIW ERH JEGMEPI\TVIWWMSRWXSIRLERGIXLIMQTEGXSJ LIV MHIEW ERH XS IWXEFPMWL E WXVSRK FSRH [MXLXLIEYHMIRGI
*MREPP]XLIVIMWXLITVIWIRGISJXIIREKITEWWIRKIVWMRXLI GEV;IEPPORS[[LEXMXtWPMOIXSHVMZI[MXLSYVJVMIRHWhXLI WXIVISMWYTPSYHGIPPTLSRIWEVIVMRKMRKIZIV]FSH]tWPEYKLMRK ERHLEZMRKEKSSHXMQI8LITVSFPIQMWXLEXEPPXLIWIJEGXSVW GVIEXI HMWXVEGXMSRW HMWXVEGXMSRW XLEX XSS SJXIR VIWYPX MR EGGM HIRXW MRNYV]ERH HIEXL %PPER;MPPMEQW GLMIJWGMIRXMWXEXXLI -RWYVERGI-RWXMXYXIJSV,MKL[E]7EJIX]VITSVXWXLEXSRIXIIR EKITEWWIRKIVHSYFPIWXLIVMWO SJ E JEXEP GVEWL;MXLX[S SV QSVITEWWIRKIVWXLIVMWOMWJMZIXMQIWKVIEXIV6IQIQFIVQ] RITLI[tW EGGMHIRX - QIRXMSRIH EX XLI WXEVX SJ Q] WTIIGL# 8LIVI[IVIXLVIITEWWIRKIVWMRXLIGEV
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
% XVERWMXMSR WMKREPW XLEX XLI WTIEOIV MW QSZMRK MRXS LIV XLMVH QEMR TSMRX %W MR LIVWIGSRHQEMRTSMRXWLIYWIWEWMKRTSWX XSMRXVSHYGIIEGLSJXLIWYFTSMRXW
7S XLI I\XIRX SJ XLI TVSFPIQ MW GPIEV 7S XSS EVI MXW GEYWIW ;LEX WXITW GER [I XEOI XS LIPT FVMRK EFSYX E WSPY XMSR#*MVWX[IRIIHEREXMSREPTSPMG]XLEXRSSRIGERVIGIMZI E PIEVRIVtW TIVQMX YRXMP EKI ERH RS SRI GER VIGIMZI JYPP HVMZMRKTVMZMPIKIWYRXMPEKI 8LMW[MPPEPPS[]IEVSPHWXMQI XS KEMR HVMZMRK I\TIVMIRGI FIJSVI LEZMRK ER YRVIWXVMGXIH PMGIRWIERHXSVIEGLEWXEKISJFVEMRHIZIPSTQIRX[LIVIXLI] EVIFIXXIVEFPIXSLERHPIXLIVMWOERHVIWTSRWMFMPMX]SJHVMZMRK
%W XLMW WIGXMSR SJ XLI WTIIGL TVSGIIHW RSXMGILS[XLIWTIEOIVtWTPEREHHVIWWIWEPP JSYV GEYWIW SJ XLI TVSFPIQ HMWGYWWIH MR QEMR TSMRX X[ShMRI\TIVMIRGI FVEMR HIZIPSTQIRXRMKLXHVMZMRKERHXLIRYQ FIVSJXIIREKITEWWIRKIVWMREGEV
7IGSRH [I RIIH XS VIWXVMGX RMKLXXMQI HVMZMRK WS EW XS OIIT]SYRKIVHVMZIVWSJJXLIVSEH[LIRGSRHMXMSRWEVIVMWOMIWX 7SQI WXEXIW LEZI XVMIH XS EHHVIWW XLMW TVSFPIQ F] FERRMRK XIIREKIVW JVSQ HVMZMRK EJXIV QMHRMKLX SV %1 FYX EW XLI -RWYVERGI-RWXMXYXIJSV,MKL[E]7EJIX]VITSVXWXLIWIPE[WHSRtX KSJEVIRSYKL%GGSVHMRKXSXLI-RWXMXYXI[IRIIHE 41 SV 41PMQMXYRXMPHVMZIVWVIEGLXLIEKISJ
&IGEYWIXLIWTIEOIVMWRSXEREYXLSVMX]SR LMKL[E] WEJIX] WLI YWIW I\TIVX XIWXMQSR] XS TVSZI XLEX LIV TPER [MPP VIHYGI XIIREKI HVMZMRK JEXEPMXMIW 2SXMGI LS[ QYGL PIWW IJJIGXMZIXLIWTIIGL[SYPHFIMJXLIWTIEOIV LEHQIVIP]WXEXIHXLIWXITWSJLIVTPER[MXL SYXTVSZMHMRKIZMHIRGISJMXWIJJIGXMZIRIWW
8LMVH[IRIIHXSVIWXVMGXXLIRYQFIVSJXIIREKITEWWIRKIVW MR GEVW HVMZIR F] ]SYRKIV HVMZIVW -R JEGX WE]W /IZMR 5YMRPER JVSQ XLI 2EXMSREP 8VERWTSVXEXMSR 7EJIX] &SEVH qTEWWIRKIV VIWXVMGXMSRMWXLIJMVWXERHJSVIQSWXQIEWYVI]SYGERXEOIrXS VIHYGI XIIREKI HVMZMRK JEXEPMXMIW %GGSVHMRK XS 5YMRPER XLI STXMQEPTSPMG][SYPHFIXSFEVHVMZIVWEKISV]SYRKIVJVSQ LEZMRKER]TEWWIRKIVWMRXLIGEVYRPIWWXLIVMHIVWEVIEHYPXWSV JEQMP]QIQFIVW(VMZIVWJVSQXLIEKISJXS WLSYPHRSX FIEPPS[IHXSGEVV]QSVIXLERSRIXIIREKITEWWIRKIV
,IVIXLIWTIEOIVHIEPW [MXL XLISFNIGXMSR XLEXLIVTPER[SYPHFILEVWLERHMRGSRZI RMIRX 8LI UYSXEXMSR JVSQ E JEXLIV [LS PSWXLMWXIIREKIWSRMREGEVEGGMHIRXTYXW XLI LEVWLRIWW MWWYI MR TIVWTIGXMZI ERH JSVGIWPMWXIRIVWXSXLMROEFSYXXLIXVEHISJJ FIX[IIRWEZMRKPMZIWERHMRWXMXYXMRKXSYKLIV HVMZMRKEKIVIUYMVIQIRXW
2S[ - ORS[ EPP SJ XLMW QMKLX WSYRH LEVWL ERH TIVLETW MRGSRZIRMIRX FYX XLI IZMHIRGI MW GPIEV XLEX MX [SYPH WEZI E WMKRMJMGERXRYQFIVSJPMZIWq-J]SY[ERXXSHMWGYWWLEVWLrWEMH SRI JEXLIV [LSWI ]IEVSPH WSR HMIH MR ER EGGMHIRX XLVII ]IEVWEKSq-GERXEPOXS]SYEFSYXLEVWL-XtWFIMRKE[EOIRIH EX MRXLIQSVRMRKF]XLI7XEXI4EXVSPXIPPMRK]SYXLEX]SYV WSRLEWNYWXFIIROMPPIHr
8LI GSRGPYWMSR FYMPHW SR XLI IQSXMSREP ETTIEP KIRIVEXIH F] XLI UYSXEXMSR EX XLI IRH SJ XLI TVIZMSYW TEVEKVETL 8LI JMREP WIRXIRGI MR [LMGL XLI WTIEOIV RSXIW XLEX LIVRITLI[[SYPHKPEHP]EGGITXXLIMRGSR ZIRMIRGIGEYWIHF]LIVTSPMG]JSVXLIGLERGI XS[EPOEKEMRMWGSQTIPPMRKERHIRHWXLI WTIIGLSRETS[IVJYPRSXI
)ZIV]SRIMRXLMWVSSQLEWPMZIHXSGSPPIKIEKI&YXXLMW]IEV EPSRIXLSYWERHWSJXIIREKIHVMZIVW[MPPRSXPMZIXLEXPSRK%RH XLI] [SRtX PMZI XLEX PSRK HYI XS JEGXSVW XLEX [I GER TVIZIRX 8LIVItWRS[E]XSWSPZIEPPXLITVSFPIQW[IIRGSYRXIVSRXLI VSEHFYX[IGERHSWSQIXLMRKXSLIPTWEZIXLIPMZIWSJ]SYRKIV HVMZIVWERHQEOIXLIVSEHWEJIVJSVEPPSJYW%W-WEMHIEVPMIVXLMW QMKLX WSYRH LEVWL SV MRGSRZIRMIRX FYX - ORS[ Q] RITLI[ [SYPHKPEHP]XVEHIFSXLJSVXLIGLERGIXS[EPOEKEMR
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7911%6=
4IVWYEWMSR MW XLI TVSGIWW SJ GVIEXMRK VIMRJSVGMRK SV GLERKMRK TISTPItW FIPMIJW SV EGXMSRW;LIR]SYWTIEOXSTIVWYEHI]SYEGXEWEREHZSGEXI8LIEFMPMX]XSWTIEO TIVWYEWMZIP][MPPFIRIJMX]SYMRIZIV]TEVXSJ]SYVPMJIJVSQ TIVWSREPVIPEXMSRWXS GSQQYRMX]EGXMZMXMIWXSGEVIIVEWTMVEXMSRW ,S[ WYGGIWWJYP ]SY EVI MR ER] TIVWYEWMZI WTIIGL HITIRHW SR LS[ [IPP ]SY XEMPSV]SYVQIWWEKIXS]SYVPMWXIRIVWtZEPYIWEXXMXYHIWERHFIPMIJW=SYWLSYPHXLMRO SJ]SYVWTIIGLEWEQIRXEPHMEPSKYI[MXL]SYVEYHMIRGI-HIRXMJ]]SYVXEVKIXEYHM IRGIERXMGMTEXISFNIGXMSRWXLI]QE]VEMWIXS]SYVTSMRXSJZMI[ERHERW[IVXLSWI SFNIGXMSRWMR]SYVWTIIGL 4IVWYEWMZIWTIIGLIWQE]GIRXIVSRUYIWXMSRWSJJEGXZEPYISVTSPMG];LIRKMZMRK ETIVWYEWMZIWTIIGLEFSYXEUYIWXMSRSJJEGX]SYVVSPIMWEOMRXSXLEXSJEPE[]IVMRE GSYVXVSSQXVMEP=SY[MPPXV]XSKIX]SYVPMWXIRIVWXSEGGITX]SYVZMI[SJXLIJEGXW 5YIWXMSRWSJZEPYIMRZSPZIETIVWSRt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hRIIHTPERERHTVEGXM GEPMX] ,S[ QYGL SJ ]SYV WTIIGL ]SY HIZSXI XS IEGL MWWYI [MPP HITIRH SR ]SYV XSTMGERH]SYVEYHMIRGI 8LIVIEVIWIZIVEPSTXMSRWJSVSVKERM^MRKWTIIGLIWSRUYIWXMSRWSJTSPMG]-J]SY EHZSGEXIEGLERKIMRTSPMG]]SYVQEMRTSMRXW[MPPSJXIRJEPPREXYVEPP]MRXSTVSFPIQ WSPYXMSRSVHIVSVMRXSTVSFPIQGEYWIWSPYXMSRSVHIV-J]SYVEYHMIRGIEPVIEH]EKVIIW XLEXETVSFPIQI\MWXW]SYQE]FIEFPIXSYWIGSQTEVEXMZIEHZERXEKIWSVHIV;LIR IZIV]SYWIIOMQQIHMEXIEGXMSRJVSQPMWXIRIVW]SYWLSYPHGSRWMHIVEQSVIWTIGMEPM^IH SVKERM^EXMSREPTEXXIVRORS[REW1SRVSItWQSXMZEXIHWIUYIRGI 6IKEVHPIWWSJ]SYVXSTMGSVQIXLSHSJSVKERM^EXMSR]SYRIIHXSQEOIWYVI]SYV KSEPWEVIIXLMGEPP]WSYRHERHXLEX]SYYWIIXLMGEPQIXLSHWXSTIVWYEHI]SYVEYHMIRGI
/ )=8)617
TIVWYEWMSR
RIIH
QIRXEPHMEPSKYI[MXLXLIEYHMIRGI
FYVHIRSJTVSSJ
XEVKIXEYHMIRGI
TPER
UYIWXMSRSJJEGX
TVEGXMGEPMX]
UYIWXMSRSJZEPYI
TVSFPIQWSPYXMSRSVHIV
UYIWXMSRSJTSPMG]
TVSFPIQGEYWIWSPYXMSRSVHIV
WTIIGLXSKEMRTEWWMZIEKVIIQIRX
GSQTEVEXMZIEHZERXEKIWSVHIV
WTIIGLXSKEMRMQQIHMEXIEGXMSR
1SRVSItWQSXMZEXIHWIUYIRGI
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ; LEXMWXLIHMJJIVIRGIFIX[IIRERMRJSVQEXMZIWTIIGLERHETIVWYEWMZIWTIIGL# ;L]MWWTIEOMRKXSTIVWYEHIQSVIGLEPPIRKMRKXLERWTIEOMRKXSMRJSVQ#
6IZMI[5YIWXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
;LEXEVIUYIWXMSRWSJTSPMG]#+MZIERI\EQTPISJEWTIGMJMGTYVTSWIWXEXIQIRX JSVETIVWYEWMZIWTIIGLSREUYIWXMSRSJTSPMG] )\TPEMR XLI HMJJIVIRGI FIX[IIR TEWWMZI EKVIIQIRX ERH MQQIHMEXI EGXMSR EW KSEPWJSVTIVWYEWMZIWTIIGLIWSRUYIWXMSRWSJTSPMG] ;LEXEVIXLIXLVIIFEWMGMWWYIW]SYQYWXHIEP[MXL[LIRHMWGYWWMRKEUYIWXMSR SJ TSPMG]# ;LEX [MPP HIXIVQMRI XLI EQSYRX SJ EXXIRXMSR]SY KMZI XS IEGL SJ XLIWIMWWYIWMRER]TEVXMGYPEVWTIIGL# ;LEXJSYVQIXLSHWSJSVKERM^EXMSREVIYWIHQSWXSJXIRMRTIVWYEWMZIWTIIGLIW SRUYIWXMSRWSJTSPMG]# ;LEX EVI XLI JMZI WXITW SJ 1SRVSItW QSXMZEXIH WIUYIRGI# ;L] MW XLI QSXM ZEXIHWIUYIRGIIWTIGMEPP]YWIJYPMRWTIIGLIWXLEXWIIOMQQIHMEXIEGXMSRJVSQ PMWXIRIVW#
)<)6'-7)7*36'6-8-'%08,-2/-2+ 0 SSO FEGO EX XLI WXSV] SJ 6EQSR 8VYNMPPS EX XLI FIKMRRMRK SJ XLMW GLETXIV TEKI 0MOI6EQSRQSWXTISTPIHSEGIVXEMREQSYRXSJTIVWYEHMRKIZIV] HE]MRRSVQEPGSRZIVWEXMSR/IITENSYVREPSJ]SYVGSQQYRMGEXMSREGXMZMXMIW JSVERIRXMVIHE]QEOMRKWTIGMEPRSXISJEPPMRWXERGIWMR [LMGL]SYXVMIHXS TIVWYEHIWSQISRIIPWIXS]SYVTSMRXSJZMI['LSSWISRISJXLSWIMRWXERGIW ERHTVITEVIEFVMIJEREP]WMWSJMX -R]SYVEREP]WMWERW[IVXLIJSPPS[MRKUYIWXMSRW ;LS[EWXLIEYHMIRGI JSV]SYVTIVWYEWMZIIJJSVX# ;LEX[IVIXLIqWTIGMJMGTYVTSWIrERHXLIqGIRXVEP MHIErSJ]SYVTIVWYEWMZIQIWWEKI# (MH]SYVILIEVWI]SYVTIVWYEWMZIQIWWEKI ELIEH SJ XMQI SV HMH MX EVMWIWTSRXERISYWP] JVSQ XLIWMXYEXMSR# ;IVI ]SY WYGGIWWJYPMREGLMIZMRK]SYVWTIGMJMGTYVTSWI# -J]SYJEGIHXLIWEQIWMXYEXMSR EKEMR[LEXWXVEXIKMGGLERKIW[SYPH]SYQEOIMR]SYVTIVWYEWMZIIJJSVX# &IPS[ EVI JSYV WTIGMJMG TYVTSWIW JSV TIVWYEWMZI WTIIGLIW -R IEGL GEWI I\TPEMR [LIXLIVXLIWTIIGLEWWSGMEXIH[MXLMXGSRGIVRWEUYIWXMSRSJJEGXEUYIWXMSRSJ ZEPYI SV E UYIWXMSR SJ TSPMG] 8LIR VI[VMXI XLI WTIGMJMG TYVTSWI WXEXIQIRX XS QEOIMXETTVSTVMEXIJSVEWTIIGLEFSYXSRISJXLISXLIVX[SOMRHWSJUYIWXMSRW *SV MRWXERGI MJ XLI SVMKMREP TYVTSWI WXEXIQIRX MW EFSYX E UYIWXMSR SJ TSPMG] [VMXIERI[WTIGMJMGTYVTSWIWXEXIQIRXXLEXHIEPW[MXLXLIWEQIXSTMGEWIMXLIV EUYIWXMSRSJJEGXSVEUYIWXMSRSJZEPYI
)\EQTPI 3VMKMREPWXEXIQIRX 8S TIVWYEHI Q]EYHMIRGIXLEXMX MW YRJEMVJSV NYHKIW XSJEZSV REXYVEP TEVIRXWSZIVEHSTXMZITEVIRXWMRGLMPHGYWXSH]HMWTYXIW UYIWXMSRSJZEPYI 6I[VMXXIRWXEXIQIRX 8STIVWYEHIQ]EYHMIRGIXLEXXLIGSYVXWWLSYPHIWXEFPMWLGPIEV KYMHIPMRIWJSVWIXXPMRKHMWTYXIWFIX[IIREHSTXMZITEVIRXWERHREXYVEPTEVIRXWMRGLMPH GYWXSH]GEWIW UYIWXMSRSJTSPMG]
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
E 8STIVWYEHIQ]EYHMIRGIXSHSREXIXMQIEWEGSQQYRMX]ZSPYRXIIV F 8STIVWYEHIQ]EYHMIRGIXLEXZMSPIRGIMRZMHISKEQIWMWEQENSVGEYWISJZMSPIRX FILEZMSVEQSRKXIIREKIVW G 8 STIVWYEHIQ]EYHMIRGIXLEXEREXMSREPWEPIWXE\WLSYPHFIEHSTXIHXSLIPTTE] SJJXLIREXMSREPHIFX H 8STIVWYEHIQ]EYHMIRGIXLEXMXMWYRIXLMGEPJSVFYWMRIWWIWXSYWIKIRIXMGXIWXMRK MRWGVIIRMRKTSXIRXMEPIQTPS]IIW
'LSSWIEXSTMGJSVETIVWYEWMZIWTIIGLSREUYIWXMSRSJTSPMG]'VIEXIX[SWTI GMJMG TYVTSWI WXEXIQIRXW EFSYX XLEX XSTMGhSRI JSV E WTIIGL XS KEMR TEWWMZI EKVIIQIRXERSXLIVJSVEWTIIGLXSQSXMZEXIMQQIHMEXIEGXMSR3RGI]SYLEZI XLI WTIGMJMG TYVTSWI WXEXIQIRXW I\TPEMR LS[ XLI WTIIGL WIIOMRK MQQIHMEXI EGXMSR[SYPHHMJJIVMRWXVYGXYVIERHTIVWYEWMZIETTIEPWJVSQXLIWTIIGLWIIOMRK TEWWMZIEKVIIQIRX&IWTIGMJMG %REP]^IXLIWEQTPIWTIIGL[MXLGSQQIRXEV]EXXLIIRHSJXLMWGLETXIV q4YX XMRKXLI&VEOIW SR 8IIREKI (VMZMRKr TEKIW i 4E] WTIGMEPEXXIRXMSR XS LS[ XLIWTIEOIVWYTTSVXWLIVMHIEWEWWLIQSZIW XLVSYKL XLITVSFPIQGEYWI ERHWSPYXMSRWIGXMSRW(SIWWLITVIWIRXEGSRZMRGMRKGEWIXLEXEWIVMSYWTVSFPIQ I\MWXW#;LEXHSIWWLIMHIRXMJ]EWXLIQENSVGEYWIWSJXLITVSFPIQ#(SIWLIVTPER EHHVIWWEPPSJXLSWIGEYWIW# 7IPIGX E XIPIZMWMSR GSQQIVGMEP XLEX MW SVKERM^IH EGGSVHMRK XS 1SRVSItW QSXM ZEXIH WIUYIRGI 4VITEVI E FVMIJ EREP]WMW MR [LMGL ]SY E MHIRXMJ] XLI XEVKIX EYHMIRGI JSV XLI GSQQIVGMEP ERH F HIWGVMFI IEGL WXIT MR XLI QSXMZEXIH WIUYIRGIEWMXETTIEVWMRXLIGSQQIVGMEP %REP]^Iq8LI 9PXMQEXI+MJXrMRXLI ETTIRHM\SJWEQTPIWTIIGLIWXLEXJSPPS[W 'LETXIV TT%i% &IGEYWIXLMWWTIIGLMWSVKERM^IHMR1SRVSItWQSXM ZEXIHWIUYIRGITE]WTIGMEPEXXIRXMSRXSLS[XLIWTIEOIVHIZIPSTWIEGLWXITMR XLIWIUYIRGIhEXXIRXMSRRIIHWEXMWJEGXMSRZMWYEPM^EXMSREGXMSR-HIRXMJ][LIVI IEGLWXITSJXLIWIUYIRGISGGYVWMRXLIWTIIGLERHI\TPEMRLS[XLITIVWYEWMZI ETTIEPSJXLIWTIIGLFYMPHWJVSQWXITXSWXIT
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
%WEPSGEPYRMSRPIEHIVMXMW]SYVNSFXSTVIWIRXEGSRXVEGXSJJIVQEHIF]QEREKI QIRXXS]SYVWXVMOMRKQIQFIVWLMT8LSYKLXLITVSTSWIHSJJIVJEPPWWLSVXSJQIIX MRKEPP]SYVYRMSRtWHIQERHW]SYFIPMIZIMXMWEKSSHSJJIVERHMR]SYVWTIIGL]SY [MPPVIGSQQIRHXLEXXLIYRMSRQIQFIVWZSXIXSEGGITXMX 8LIGSRXVEGXMWWYIWLEZIFIIRLSXP]HIFEXIHWS]SYLEZIERMHIELS[WSQISJ ]SYVQIQFIVW[MPPGEWXXLIMVFEPPSXW3RIMWWYIMWXLEXQEREKIQIRXLEWKYEVER XIIHXSQEMRXEMRJYPPFIRIJMXWJSVGYVVIRX[SVOIVWFYX[ERXWXSVIHYGIFIRIJMXWJSV RI[[SVOIVW8LSYKLXLITVSTSWIHSJJIVPMQMXWXLIWIVIHYGXMSRW]SYORS[SJ QIQFIVW[LS[MPPZSXIEKEMRWXER]TVSTSWEPXLEXPMQMXWXLIFIRIJMXWSJJYXYVI[SVO IVW%PVIEH][MXL]SYLS[IZIVEVIXLI QIQFIVW[LSZSXIHRSXXSWXVMOIERH[LS [MPPZSXIXSEGGITXER]VIEWSREFPISJJIV%QSRKXLIYRHIGMHIHZSXIVWEVIXLSWI[LS XLMRO XLEX WMRGI XLI WXVMOI MW SRP] MR MXW WIGSRH [IIO E FIXXIV GSRXVEGX QE] FI SJJIVIHMJXLMWTVSTSWEPMWVINIGXIH ;LS MWXLIXEVKIX EYHMIRGI JSV]SYVWTIIGL# ,S[ [MPP]SY TIVWYEHIXLIQ XS ZSXI]IWSRXLIGSRXVEGXSJJIV#;LMGLSJXLIJSPPS[MRKQIXLSHWSJSVKERM^EXMSR[MPP ]SY YWI JSV ]SYV WTIIGL ERH [L] TVSFPIQWSPYXMSR GSQTEVEXMZI EHZERXEKIW 1SRVSItWQSXMZEXIHWIUYIRGI#
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1IXLSHWSJ4IVWYEWMSR &YMPHMRK'VIHMFMPMX] *EGXSVWSJ'VIHMFMPMX] 8]TIWSJ'VIHMFMPMX] )RLERGMRK=SYV'VIHMFMPMX]
9WMRK)ZMHIRGI ,S[)ZMHIRGI;SVOW %'EWI7XYH] 8MTWJSV9WMRK)ZMHIRGI
6IEWSRMRK 6IEWSRMRKJVSQ7TIGMJMG-RWXERGIW 6IEWSRMRKJVSQ4VMRGMTPI 'EYWEP6IEWSRMRK %REPSKMGEP6IEWSRMRK *EPPEGMIW
%TTIEPMRKXS)QSXMSRW ;LEX%VI)QSXMSREP%TTIEPW# +IRIVEXMRK)QSXMSREP%TTIEP )XLMGWERH)QSXMSREP%TTIEP
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
IVWYEWMSRMWFMKFYWMRIWW8LSYWERHWSJEYXLSVWERHGSRWYPXERXWTVSQMWIXSXIEGL ]SY XLI SRI OI] WIGVIX XS TIVWYEHMRK TISTPI XS HS [LEX ]SY [ERX (ER 0SO GPEMQWXSVIZIEPqJSVFMHHIRTW]GLSPSKMGEPXEGXMGWrXLEX[MPPqKMZI]SYERYRJEMV EHZERXEKIMRHIEPMRK[MXLTISTPIr7GSXX1SPHIRLEYIV[MPPLIPT]SYYRPSGOqXLIWGM IRGISJTIVWYEWMSRrXSKIXXLIFYWMRIWWVIWYPXW]SYGVEZI/YVX1SVXIRWIRTVSQMWIWXS QEOI]SYqEQEWXIVSJTIVWYEWMSRrWS]SYGERqKIX[LEX]SY[ERX[LIR]SY[ERXMXr /IZMR,SKERHVE[WSRqXLIWGMIRGISJMRJPYIRGIrXSKMZI]SYTIVWYEWMSRXIGLRMUYIW qXLII\TIVXWHSRtX[ERX]SYXSORS[r8LIWITISTPIEPPGLEVKIXLSYWERHWSJHSPPEVW JSV XLIMV WIQMREVW LYRHVIHW JSV ZMHISW ERH QSXMZEXMSREP FSSOW 'SQTERMIW ERH MRHMZMHYEPWJPSGOhERHTE]hXSVIEHERHLIEV[LEXXLI]LEZIXSWE]
4
-X WSYRHW KSSH FYX GER ER] SJ XLIWI TISTPI VIEPP] LEZI XLI qSRI OI] WIGVIXrXSTIVWYEWMSR#4VSFEFP]RSX4IVWYEWMSRMWXSSGSQTPMGEXIHJSVXLEX=IX EWXLIRYQFIVSJFSSOWWIQMREVWERHZMHISWSRXLIWYFNIGXWLS[WXLIVIMWE TIVTIXYEPJEWGMREXMSR[MXLXLIWXVEXIKMIWERHXEGXMGWSJIJJIGXMZITIVWYEWMSR ;LEXQEOIWEWTIEOIVTIVWYEWMZI#;L]HSPMWXIRIVWEGGITXSRIWTIEOIVtW ZMI[WERHVINIGXXLSWISJERSXLIV#,S[GEREWTIEOIVQSXMZEXIPMWXIRIVWXSEGX MRWYTTSVXSJEGEYWIEGEQTEMKRSVEGERHMHEXI#4ISTPILEZIFIIRXV]MRKXS ERW[IV XLIWI UYIWXMSRW JSV XLSYWERHW SJ ]IEVWhJVSQ XLI ERGMIRX +VIIO TLM PSWSTLIV%VMWXSXPIXSQSHIVRHE]GSQQYRMGEXMSRVIWIEVGLIVW%PXLSYKLQER] ERW[IVW LEZI FIIR KMZIR [I GER WE] XLEX PMWXIRIVW [MPP FI TIVWYEHIH F] E WTIEOIVJSVSRISVQSVISJJSYVVIEWSRW &IGEYWIXLI]TIVGIMZIXLIWTIEOIVEWLEZMRKLMKLGVIHMFMPMX] &IGEYWIXLI]EVI[SRSZIVF]XLIWTIEOIVtWIZMHIRGI &IGEYWIXLI]EVIGSRZMRGIHF]XLIWTIEOIVtWVIEWSRMRK &IGEYWIXLIMVIQSXMSRWEVIXSYGLIHF]XLIWTIEOIVtWMHIEWSVPERKYEKI -R XLMW GLETXIV [I [MPP PSSO EX IEGL SJ XLIWI ;I [MPP RSX HMWGSZIV ER] QEKMGEPWIGVIXWXLEX[MPPQEOI]SYERMVVIWMWXMFPITIVWYEWMZIWTIEOIV&YXMJ]SY PIEVR XLI TVMRGMTPIW HMWGYWWIH MR XLMW GLETXIV ]SY [MPP KVIEXP] MRGVIEWI ]SYV SHHWSJ[MRRMRKXLIQMRHWERHLIEVXWSJ]SYVPMWXIRIVW
&YMPHMRK'VIHMFMPMX] ,IVIEVIX[SWIXWSJMQEKMREV]WXEXIQIRXW;LMGLSRISJIEGLTEMV[SYPH]SY FIQSVIPMOIP]XSFIPMIZI# ;IGERI\TIGXXSWIIQSVIJIQEPIGERHMHEXIWJSV4VIWMHIRXMRXLIJSVIWIIEFPIJYXYVI ,MPPEV]'PMRXSR ;I[MPPRSXLEZIQSVIJIQEPIGERHMHEXIWJSV4VIWMHIRXMRXLIJSVIWIIEFPIJYXYVI 4I]XSR 1ERRMRK 'LERKIWMRTVSJIWWMSREPJSSXFEPPEVITVSHYGMRKEJEWXIVQSVITEWWSVMIRXIHKEQI 4I]XSR1ERRMRK 'LERKIWMRTVSJIWWMSREPJSSXFEPPEVITVSHYGMRKEWPS[IVQSVIVYRSVMIRXIHKEQI ,MPPEV] 'PMRXSR
1SWXPMOIP]]SYGLSWIXLIJMVWXMRIEGLTEMVSJWXEXIQIRXW-JWS]SY[IVI TVSFEFP]MRJPYIRGIHF] ]SYV TIVGITXMSRSJ XLIWTIEOIV =SY EVIQSVI PMOIP]
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
XS VIWTIGX XLI NYHKQIRX SJ 'PMRXSR [LS EPQSWX GETXYVIH XLI (IQS GVEXMGTVIWMHIRXMEPRSQMREXMSR[LIRWLIWTIEOWEFSYXJIQEPIGERHMHEXIWJSV 4VIWMHIRXERHXSVIWTIGXXLINYHKQIRXSJ1ERRMRKX[SXMQI2*04PE]IVSJ XLI=IEV[LIRLIWTIEOWEFSYXXVIRHWMRTVSJIWWMSREPJSSXFEPP7SQIXIEGLIVW GEPPXLMWJEGXSVWSYVGIGVIHMFMPMX]3XLIVWVIJIVXSMXEWIXLSWXLIREQIKMZIRF] IXLSW %VMWXSXPI 8LIREQIYWIHF]%VMWXSXPI
*%'83673*'6)(-&-0-8=
JSV[LEXQSHIVRWXYHIRXW SJGSQQYRMGEXMSRVIJIVXS EWGVIHMFMPMX]
1ER]XLMRKWEJJIGXEWTIEOIVtWGVIHMFMPMX]MRGPYHMRKWSGMEFMPMX]H]REQMWQTL]W MGEPEXXVEGXMZIRIWWERHTIVGIMZIHWMQMPEVMX]FIX[IIRWTIEOIVERHEYHMIRGI%FSZI EPPXLSYKLGVIHMFMPMX]MWEJJIGXIHF]X[SJEGXSVW 'SQTIXIRGIhLS[ ER EYHMIRGI VIKEVHW E WTIEOIVtW MRXIPPMKIRGI I\TIVXMWI ERHORS[PIHKISJXLIWYFNIGX 'LEVEGXIVhLS[EREYHMIRGIVIKEVHWEWTIEOIVtWWMRGIVMX]XVYWX[SVXLMRIWW ERHGSRGIVRJSVXLI[IPPFIMRKSJXLIEYHMIRGI
GVIHMFMPMX] 8LIEYHMIRGItWTIVGITXMSRSJ 8LI QSVI JEZSVEFP] PMWXIRIVW ZMI[ E WTIEOIVtW GSQTIXIRGI ERH GLEVEGXIV [LIXLIVEWTIEOIVMWUYEPMJMIH XLI QSVI PMOIP] XLI] EVI XS EGGITX [LEX XLI WTIEOIV WE]W 2S HSYFX ]SY EVI XSWTIEOSREKMZIRXSTMG8LI JEQMPMEV [MXL XLMW JVSQ ]SYV S[R I\TIVMIRGI 7YTTSWI ]SY XEOI E GSYVWI MR X[SQENSVJEGXSVWMRJPYIRGMRK IGSRSQMGW 8LI GSYVWI MW XEYKLX F] E HMWXMRKYMWLIH TVSJIWWSV [LS LEW TYF EWTIEOIVtWGVIHMFMPMX]EVI PMWLIH[MHIP]MRTVIWXMKMSYWNSYVREPW[LSWMXW SREQENSVMRXIVREXMSREPGSQ GSQTIXIRGIERHGLEVEGXIV QMWWMSR ERH [LS LEW [SR WIZIVEP E[EVHW JSV SYXWXERHMRK VIWIEVGL -R GPEWW ]SYLERKSRXLMWTVSJIWWSVtWIZIV][SVH3RIHE]XLITVSJIWWSVMWEFWIRX EGSP PIEKYI JVSQ XLI )GSRSQMGW (ITEVXQIRXhJYPP] UYEPMJMIH FYX RSX EW [IPP ORS[Rh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
8=4)73*'6)(-&-0-8= 2SXSRP]GEREWTIEOIVtWGVIHMFMPMX]ZEV]JVSQEYHMIRGIXSEYHMIRGIERHXSTMG XSXSTMGFYXMXGEREPWSGLERKIHYVMRKXLIGSYVWISJEWTIIGLhWSQYGLWSXLEX [IGERMHIRXMJ]XLVIIX]TIWSJGVIHMFMPMX]
HIVMZIHGVIHMFMPMX] 8LIGVIHMFMPMX]SJEWTIEOIV TVSHYGIHF]IZIV]XLMRKWLISV LIWE]WERHHSIWHYVMRKXLI WTIIGL
-RMXMEP GVIHMFMPMX]hXLI GVIHMFMPMX] SJ XLI WTIEOIV FIJSVI WLI SV LI WXEVXW XS XIVQMREPGVIHMFMPMX] WTIEO (IVMZIH GVIHMFMPMX]hXLI GVIHMFMPMX] SJ XLI WTIEOIV TVSHYGIH F] IZIV]XLMRK WLISVLIWE]WERHHSIWHYVMRKXLIWTIIGLMXWIPJ
8LIGVIHMFMPMX]SJEWTIEOIVEX XLIIRHSJXLIWTIIGL
8IVQMREPGVIHMFMPMX]hXLIGVIHMFMPMX]SJXLIWTIEOIVEXXLIIRHSJXLIWTIIGL
&YMPHMRK'VIHMFMPMX]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%PPXLVIIEVIH]REQMG,MKLMRMXMEPGVIHMFMPMX]MWEKVIEXEHZERXEKIJSVER] WTIEOIVFYXMXGERFIHIWXVS]IHHYVMRKEWTIIGLVIWYPXMRKMRPS[XIVQMREPGVIH MFMPMX]8LIVIZIVWIGEREPWSSGGYVEWMRXLIJSPPS[MRKI\EQTPI &EVV](IZMRWMWXLIMRJSVQEXMSRXIGLRSPSK]QEREKIVJSVEQENSVRSRTVSJMXVIWIEVGL JSYRHEXMSR 7SSR EJXIV XEOMRK XLI NSF LI TYVGLEWIH ER YTKVEHI JSV XLI JSYRHEXMSRtW IQEMPTVSKVEQ,IEWWYQIHXLIVI[SYPHFIWSQIKPMXGLIWFYXXLI]JEVI\GIIHIHER] XLMRK LI LEH MQEKMRIH -X XSSO WM\ QSRXLW XS KIX XLI YTKVEHI [SVOMRK TVSTIVP] ERH IZIRXLIRTISTPIGSRXMRYIHXSKVYQFPIEFSYXQIWWEKIWXLI]LEHPSWXHYVMRKXLITLEWI MRTIVMSH %]IEVPEXIVXLIJSYRHEXMSR[EWE[EVHIHEPEVKIGSRXVEGXERHXLITVIWMHIRXHIGMHIH XSTYVGLEWIEHEXEW]RGLVSRM^EXMSRW]WXIQJSVXLIIRXMVISVKERM^EXMSR7LIEWOIH&EVV]XS XEOIGLEVKISJFY]MRKXLIW]WXIQERHXVEMRMRKXLIWXEJJMRMXWYWI ;LIR&EVV]SYXPMRIHLMWTPERWEXE[IIOP]WXEJJQIIXMRKLILEHPS[MRMXMEPGVIHMFMPMX] )ZIV]SRI VIQIQFIVIH XLI IQEMP TVSKVEQ ERH XLI] [IVI VIPYGXERX XS KS XLVSYKL XLI WEQITVSFPIQWEKEMR&YX&EVV]VIEPM^IHXLMWERH[EWTVITEVIH ,IFIKERF]VIQMRHMRKIZIV]SRIXLEXXLITVIWMHIRXLEHEYXLSVM^IHLMQXSTYVGLEWI EWXEXISJXLIEVXW]WXIQXLEX[SYPHQEOIXLIMVPMZIWIEWMIVERHMQTVSZISJJMGIGSQQYRMGE XMSRW ,I XLIR EGORS[PIHKIH XLEX LI LEH XSPH XLIQ XLI WEQI XLMRK EFSYX XLI IQEMP YTKVEHIhEREHQMWWMSRXLEXHVI[EPEYKLERHLIPTIHIZIV]SRIVIPE\*MREPP]LII\TPEMRIH XLEX LI LEH GLIGOIH [MXL WIZIVEP SXLIV SVKERM^EXMSRW XLEX LEH MRWXEPPIH XLI WEQI HEXE W]RGLVSRM^EXMSRW]WXIQLI[EWTYVGLEWMRKERHXLI]EPPLEHXSPHLMQMX[SVOIHJPE[PIWWP] 8LVSYKLSYXLMWTVIWIRXEXMSR&EVV]tWETTVSEGL[EWq-ORS[XLIIQEMPYTKVEHI[EW EHMWEWXIV ERH -tZI [SVOIHLEVHXS QEOIWYVI MX HSIWRtX LETTIREKEMRr&] XLI XMQILI JMRMWLIHQSWXWXEJJQIQFIVW[IVIIEKIVXSLEZIXLIHEXEW]RGLVSRM^EXMSRW]WXIQYTERH VYRRMRK&EVV]LEHEGLMIZIHLMKLXIVQMREPGVIHMFMPMX]
-R IZIV]WTIIGL]SYKMZI]SY[MPPLEZI WSQIHIKVIISJ MRMXMEP GVIHMFMPMX] [LMGL[MPPFIWXVIRKXLIRIHSV[IEOIRIHF]]SYVQIWWEKIERHLS[]SYHIPMZIV MX%RH]SYVXIVQMREPGVIHMFMPMX]JVSQSRIWTIIGL[MPPEJJIGX]SYVMRMXMEPGVIHM FMPMX] JSV XLI RI\X SRI -J ]SYV EYHMIRGI WIIW ]SY EW WMRGIVI ERH GSQTIXIRX XLI][MPPFIQYGLQSVIVIGITXMZIXS]SYVMHIEW
)2,%2'-2+=396'6)(-&-0-8= ,S[GER]SYFYMPH]SYVGVIHMFMPMX]MR]SYVWTIIGLIW#%XSRIPIZIPXLIERW[IV MWJVYWXVEXMRKP]KIRIVEP7MRGIIZIV]XLMRK]SYWE]ERHHSMREWTIIGL[MPPEJJIGX ]SYVGVIHMFMPMX]]SYWLSYPHWE]ERHHSIZIV]XLMRKMRE[E]XLEX[MPPQEOI]SY ETTIEV GETEFPI ERH XVYWX[SVXL] -R SXLIV [SVHWhKMZI E FVMPPMERX WTIIGL ERH ]SY[MPPEGLMIZILMKLGVIHMFMPMX] 8LI EHZMGI MW WSYRH FYX RSX EPP XLEX LIPTJYP 8LIVI EVI LS[IZIV WSQI WTIGMJMG [E]W ]SY GER FSSWX ]SYV GVIHMFMPMX] [LMPI WTIEOMRK 8LI] MRGPYHI I\TPEMRMRK]SYVGSQTIXIRGIIWXEFPMWLMRKGSQQSRKVSYRH[MXLXLIEYHMIRGI ERHWTIEOMRK[MXLKIRYMRIGSRZMGXMSR
)\TPEMR=SYV'SQTIXIRGI 3RI [E] XS IRLERGI ]SYV GVIHMFMPMX] MW XS EHZIVXMWI ]SYV I\TIVXMWI SR XLI WTIIGLXSTMG(MH]SYMRZIWXMKEXIXLIXSTMGXLSVSYKLP]#8LIRWE]WS(S]SY LEZII\TIVMIRGIXLEXKMZIW]SYWTIGMEPORS[PIHKISVMRWMKLX#%KEMRWE]WS ,IVIMWLS[X[SWXYHIRXWVIZIEPIHXLIMVUYEPMJMGEXMSRW8LIJMVWXWXVIWWIHLIV WXYH]ERHVIWIEVGL
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%WTIEOIVtWGVIHMFMPMX]LEWE TS[IVJYPMQTEGXSRLS[LIV SVLMWWTIIGLMWVIGIMZIH3RI [E]XSFSSWX]SYVGVIHMFMPMX] MWXSHIPMZIV]SYVWTIIGLIW I\TVIWWMZIP]ERH[MXLWXVSRK I]IGSRXEGX
&IJSVI-WXYHMIHERXMFEGXIVMEPTVSHYGXWMRQ]TYFPMGLIEPXLGPEWW-EP[E]WYWIHERXMFEG XIVMEPWSETW ERHERXMFEGXIVMEP EPPWYVJEGIGPIERIVJSV Q] ETEVXQIRX - EPWS ORS[JVSQ Q] GPEWWWYVZI]XLEXTIVGIRXSJ]SYYWIERXMFEGXIVMEPWSETWGPIERIVWSVSXLIVTVSHYGXW&YX EJXIVPIEVRMRKEFSYXXLIWYFNIGXMRGPEWWERHVIEHMRKVIWIEVGLWXYHMIWJSVXLMWWTIIGL-tQ LIVIXSXIPP]SYXLEXXV]EW[IQMKLX[IGERRSXFYMPHEFYFFPIFIX[IIRSYVWIPZIWERH KIVQW[MXLERXMFEGXIVMEPTVSHYGXWERHXLEXXLIWITVSHYGXWEGXYEPP]GVIEXIQSVITVSFPIQW XLERXLI]WSPZI
8LIWIGSRHWXYHIRXIQTLEWM^IHLIVFEGOKVSYRHERHTIVWSREPI\TIVMIRGI 1SWXSJYWLEZIRSMHIE[LEXMXQIERWXSFITSSVERHLYRKV]&YXFIJSVIVIXYVRMRK XSWGLSSPPEWX]IEV-WTIRXXLVII]IEVW[SVOMRKEXPSGEPEWWMWXERGIGIRXIVW-[SVOIHMRIZIV] TEVXSJXLIGMX]ERH[MXLIZIV]OMRHSJTIVWSR-GERtXFIKMRXSXIPP]SY[LEX-LEZIWIIRh LS[TSZIVX]HIWXVS]WTISTPItWWSYPWERHLS[LYRKIVHVMZIWXLIQXSHIWTIVEXMSR&YXSR XLIFEWMWSJ[LEX-GERXIPP]SY-LSTI]SY[MPPEKVII[MXLQIXLEXKSZIVRQIRXLIPTJSV XLITSSVERHXLIRIIH]QYWXFIMRGVIEWIH
GSRRIGXPYGEWGSQ :MI[XLIWII\GIVTXWJVSQ q&YVWXMRKXLI%RXMFEGXIVMEP &YFFPIrERHq/IITMRKXLI 7EJIX]2IXJSV8LSWI;LS 2IIH-XrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
&SXL WTIEOIVW KVIEXP] MRGVIEWIH XLIMV TIVWYEWMZIRIWW F] IWXEFPMWLMRK XLIMV GVIHMFMPMX]
)WXEFPMWL'SQQSR+VSYRH[MXL=SYV%YHMIRGI %RSXLIV [E] XS FSPWXIV ]SYV GVIHMFMPMX] MW XS IWXEFPMWL GSQQSR KVSYRH [MXL ]SYV EYHMIRGI =SY HS RSX TIVWYEHI PMWXIRIVW F] EWWEYPXMRK XLIMV ZEPYIW ERH VINIGXMRK XLIMV STMRMSRW %W XLI SPH WE]MRK KSIW q=SY GEXGL QSVI JPMIW [MXL LSRI] XLER [MXL ZMRIKEVr 8LI WEQI MW XVYI SJ TIVWYEWMSR 7LS[ VIWTIGX JSV
&YMPHMRK'VIHMFMPMX]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
GVIEXMRKGSQQSR KVSYRH %XIGLRMUYIMR[LMGLE WTIEOIVGSRRIGXWLMQWIPJSV LIVWIPJ[MXLXLIZEPYIW EXXMXYHIWSVI\TIVMIRGIWSJ XLIEYHMIRGI
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
]SYVPMWXIRIVW=SYGERQEOI]SYVWTIIGLQSVIETTIEPMRKF]MHIRXMJ]MRK]SYV MHIEW[MXLXLSWISJ]SYVEYHMIRGIh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tZIWIIR'SPSVEHS-YRHIVWXERH[L]XLI] XVMIHWSLEVH
8LIEYHMIRGIPEYKLIHERHETTPEYHIHERHXLIWTIEOIV[EWSJJXSEKSSHWXEVX 2S[ PSSO EX E HMJJIVIRX ETTVSEGL YWIH MR E GPEWWVSSQ WTIIGL JEZSVMRK E XYMXMSRMRGVIEWIEXXLIWTIEOIVtWWGLSSPhERYRTSTYPEVTSMRXSJZMI[[MXLLMW GPEWWQEXIW,IFIKERF]WE]MRK
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq0IXtW 4VSXIGXXLI5YEPMX]SJ3YV )HYGEXMSRrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
%W[IEPPORS[XLIVIEVIQER]HMJJIVIRGIWEQSRKXLITISTPIMRXLMWGPEWW&YXVIKEVH PIWWSJEKIQENSVFEGOKVSYRHSVKSEPW[IEPPWLEVISRIXLMRKMRGSQQSRh[IEVIEPP GSRGIVRIH[MXLXLIUYEPMX]SJIHYGEXMSREXXLMWWGLSSP%RHXLEXUYEPMX]MWGPIEVP]MRHERKIV &IGEYWI SJ FYHKIX VIHYGXMSRW JEGYPX] WEPEVMIW LEZI JEPPIR FIPS[ XLSWI EX GSQTEVEFPI WGLSSPWPMFVEV]LSYVWLEZIFIIRGYXFEGOERHQSVIERHQSVIWXYHIRXWEVIFIMRKGVS[HIH SYXSJGPEWWIWXLI]RIIHXSXEOI ;LIXLIV[IPMOIMXSVRSX[ILEZIETVSFPIQhETVSFPIQXLEXEJJIGXWIEGLSJYW8LMW QSVRMRK-[SYPHPMOIXSHMWGYWWXLMWTVSFPIQERH[LIXLIVMXGERFIWSPZIHF]ERMRGVIEWI MRXYMXMSR
&]WXVIWWMRKGSQQSRTIVGITXMSRWSJXLITVSFPIQXLIWXYHIRXLSTIHXSKIXSJJ SRXLIVMKLXJSSX[MXLLMWEYHMIRGI3RGIXLEX[EWHSRILIQSZIHKVEHYEPP] XSLMWQSVIGSRXVSZIVWMEPMHIEW
(IPMZIV=SYV7TIIGLIW*PYIRXP])\TVIWWMZIP]ERH[MXL'SRZMGXMSR 8LIVIMWEKVIEXHIEPSJVIWIEVGLXSWLS[XLEXEWTIEOIVtWGVIHMFMPMX]MWWXVSRKP] EJJIGXIHF]LMWSVLIVHIPMZIV]1SHIVEXIP]JEWXWTIEOIVWJSVI\EQTPIEVIYWY EPP] WIIR EW QSVI MRXIPPMKIRX ERH GSRJMHIRX XLER WPS[IV WTIEOIVW 7S XSS EVI WTIEOIVW[LSYWIZSGEPZEVMIX]XSGSQQYRMGEXIXLIMVMHIEWMREPMZIP]ERMQEXIH [E] 3R XLI SXLIV LERH WTIEOIVW [LS GSRWMWXIRXP] PSWI XLIMV TPEGI LIWMXEXI JVIUYIRXP]SVTITTIVXLIMVXEPO[MXLqYLrqIVrERHqYQrEVIWIIREWPIWWGSQ TIXIRXXLERWTIEOIVW[LSEVITSMWIHERHH]REQMG %PPSJXLMWEVKYIWJSVTVEGXMGMRK]SYVTIVWYEWMZIWTIIGLJYPP]ELIEHSJXMQI WS]SYGERHIPMZIVMXJPYIRXP]ERHI\TVIWWMZIP]-REHHMXMSRXSFIMRKFIXXIVTVI TEVIH]SY[MPPXEOIEQENSVWXITXS[EVHIRLERGMRK]SYV GVIHMFMPMX] 6IZMI[ 'LETXIVMJ]SYLEZIUYIWXMSRWEFSYXWTIIGLHIPMZIV] 7TIEOMRK XIGLRMUYIW EWMHI XLI QSWX MQTSVXERX [E] XS WXVIRKXLIR ]SYV GVIHMFMPMX]MWXSHIPMZIV]SYVWTIIGLIW[MXLKIRYMRIGSRZMGXMSR4VIWMHIRX,EVV]
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8VYQERSRGIWEMHXLEXMRWTIEOMRKqWMRGIVMX]LSRIWX]ERHEWXVEMKLXJSV[EVH QERRIVEVIQSVIMQTSVXERXXLERWTIGMEPXEPIRXSVTSPMWLr-J]SY[MWLXSGSR ZMRGI SXLIVW ]SY QYWX JMVWX GSRZMRGI ]SYVWIPJ -J ]SY [ERX SXLIVW XS FIPMIZI ERHGEVIEFSYX]SYVMHIEW]SYQYWXFIPMIZIERHGEVIEFSYXXLIQ]SYVWIPJ=SYV WTMVMXIRXLYWMEWQERHGSRZMGXMSR[MPPGEVV]SZIVXS]SYVPMWXIRIVW
9WMRK)ZMHIRGI
)ZMHIRGI GSRWMWXW SJ WYTTSVXMRK QEXIVMEPWhI\EQTPIW WXEXMWXMGW XIWXMQSR]h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qMRSGY PEXIrPMWXIRIVWEKEMRWXGSYRXIVTIVWYEWMSR )ZMHIRGIMWEPWSGVYGMEP[LIRIZIV]SYVXEVKIXEYHMIRGISTTSWIW]SYVTSMRX SJ ZMI[ %W [I WE[ MR 'LETXIV PMWXIRIVW MR WYGL E WMXYEXMSR [MPP QIRXEPP] EVKYI[MXL]SYhEWOMRKUYIWXMSRWVEMWMRKSFNIGXMSRWERHGVIEXMRKGSYRXIVEV KYQIRXW XS qERW[IVr [LEX ]SY WE] 8LI WYGGIWW SJ ]SYV WTIIGL [MPP HITIRH TEVXP]SRLS[[IPP]SYERXMGMTEXIXLIWIMRXIVREPVIWTSRWIWERHKMZIIZMHIRGI XSVIJYXIXLIQ =SYQE][ERXXSVIZMI[ 'LETXIV[LMGLWLS[WLS[XSYWIWYTTSVXMRK QEXIVMEPW8LIJSPPS[MRKGEWIWXYH]MPPYWXVEXIWLS[XLI][SVOEWIZMHIRGIMRE TIVWYEWMZIWTIIGL
IZMHIRGI 7YTTSVXMRKQEXIVMEPWYWIH XSTVSZISVHMWTVSZI WSQIXLMRK
,3;):-()2');36/7 %'%7)789(= 0IXt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
,S[HS]SYVIEGX#-J]SYEPVIEH]ORS[EFSYXXLITVSFPIQWGEYWIHF]RSMWI TSPPYXMSR ]SY TVSFEFP] RSH ]SYV LIEH MR EKVIIQIRX &YX [LEX MJ ]SY HSRtX
9WMRK)ZMHIRGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
ORS[#3VHSRtXEKVII#-J]SYIRNS]VSGOGSRGIVXWERHPMWXIRMRKXS]SYVM4SHEX LMKLZSPYQIW]SYTVSFEFP]HSRtX[ERXXSLIEVEFSYXMX'IVXEMRP]]SY[MPPRSX FITIVWYEHIHF]EKIRIVEPWXEXIQIRXEFSYXI\TSWYVIXSPSYHQYWMG1IRXEPP] ]SYWE]XSXLIWTIEOIVq,S[HS]SYORS[#'ER]SYTVSZIMX#r %RXMGMTEXMRKNYWXWYGLEVIWTSRWIXLIWTIEOIVKMZIWIZMHIRGIXSWYTTSVXLIV TSMRX 8LI %QIVMGER 1IHMGEP %WWSGMEXMSR VITSVXW XLEX QMPPMSR %QIVMGERW LEZI WSQI HIKVIISJLIEVMRKPSWWERHXLEXQMPPMSRSJXLSWIGEWIWEVIGEYWIHF]XSSQYGLI\TSWYVI XSPSYHRSMWI
q8LEXtWYRJSVXYREXIr]SYQE]XLMROq&YXIZIV]SRIPSWIWWSQILIEVMRKEW XLI] KVS[ SPH ;L] WLSYPH - FI GSRGIVRIH EFSYX MX RS[#r 8LI WTIEOIV ERW[IVW -REREPEVQMRKXVIRHQSVIERHQSVIZMGXMQWSJRSMWIMRHYGIHHIEJRIWWEVIEHSPIWGIRXW ERHIZIR]SYRKIVGLMPHVIR%GGSVHMRKXSXLI%QIVMGER%GEHIQ]SJ%YHMSPSK]QMPPMSR GLMPHVIR MR XLI 97 FIX[IIR EKIW ERH LEZI WSQI LIEVMRK HEQEKI JVSQ EQTPMJMIH QYWMG ERH SXLIV WSYVGIW %YHMSPSKMWX (IER +EVWIXGOM LIEH SJ XLI LIEVMRKMQTEMVQIRX TVSKVEQ EX 2SVXL[IWXIVR 9RMZIVWMX] WE]W q;ItZI KSX ]IEVSPHW [EPOMRK EVSYRH [MXL LIEVMRKPSWWTEXXIVRWSJTISTPI]IEVWXLIMVWIRMSVr
q8LIWIEVIMQTVIWWMZIJEGXWr]SYWE]XS]SYVWIPJq0YGOMP]-LEZIRtXRSXMGIH ER]TVSFPIQW[MXLQ]LIEVMRK;LIR-HS-tPPNYWXFIGEVIJYPYRXMPMXKIXWFIX XIVr/IITMRKSRIWXITELIEHSJ]SYXLIWTIEOIVGSRXMRYIW 8LITVSFPIQ[MXLLIEVMRKPSWWMWXLEXMXGVIITWYTSR]SY7MIVVEQEKE^MRIRSXIWXLEX XSHE]tWLEVHVSGOJERW[SRtXRSXMGIXLIIJJIGXWSJXLIMVLIEVMRKPSWWJSVERSXLIV]IEVW %RHXLIRMX[MPPFIXSSPEXI
q;LEXHS]SYQIERXSSPEXI#r]SYEWOQIRXEPP]8LIWTIEOIVXIPPW]SY 9RPMOI WSQI TL]WMGEP GSRHMXMSRW LIEVMRK PSWW MW MVVIZIVWMFPI 0SYH RSMWI HEQEKIW XLI QMGVSWGSTMG LEMVW MR XLI MRRIV IEV XLEX XVERWQMX WSYRH XS XLI EYHMXSV] RIVZI 3RGI HEQEKIHXLSWILEMVWGERRIZIVVIGSZIVERHGERRIZIVFIVITEMVIH
q-HMHRtXORS[XLEXr]SYWE]XS]SYVWIPJq-WXLIVIER]XLMRKIPWI#r 3RI PEWX TSMRX 6ITIEXIH I\TSWYVI XS PSYH QYWMG ERH SXLIV RSMWI HSIW QSVI XLER HEQEKI]SYVLIEVMRK8LIPEXIWXMWWYISJ4VIZIRXMSRQEKE^MRIVITSVXWXLEXI\GIWWMZIRSMWI LEW FIIR PMROIH XS WYGL TVSFPIQW EW WXVIWW LMKL FPSSH TVIWWYVI GLVSRMG LIEHEGLIW JEXMKYIPIEVRMRKHMWSVHIVWIZIRLIEVXHMWIEWI-XtWIEW]XSWII[L].MPP0MTSXMGLMIJSJ6YX KIVW9RMZIVWMX]tW2SMWI8IGLRMGEP%WWMWXERGI'IRXIV[EVRWXLEXqRSMWIEJJIGXWQSVITISTPI XLERER]SXLIVTSPPYXERXr
2S[EVI]SYGSRZMRGIH#'LERGIWEVI]SY[MPPEXPIEWXXLMROEFSYXXLITSW WMFPIGSRWIUYIRGIWXLIRI\XXMQI]SYEVIWIXXSTYQTYTXLIZSPYQISR]SYV M4SH 1E]FI ]SY [MPP YWI IEVTPYKW EX E VSGO GSRGIVX =SY QE] IZIR FIKMR XS VIEWWIWW]SYV[LSPIEXXMXYHIXS[EVHRSMWITSPPYXMSR;L]#&IGEYWIXLIWTIEOIV WYTTSVXIHIEGLSJLIVGPEMQW[MXLIZMHIRGI=SYWLSYPHXV]XSHSXLIWEQIMR ]SYVTIVWYEWMZIWTIIGLIW
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4IVWYEWMZIWTIIGLIWRIIH WXVSRKIZMHIRGIXSGSRZMRGI WOITXMGEPPMWXIRIVW*MRHMRK XLIFIWXIZMHIRGISJXIRXEOIW LEVHHMKKMRKFYXMXMW[IPP [SVXLXLIIJJSVX
8-47*3697-2+):-()2') %R] SJXLIWYTTSVXMRKQEXIVMEPWHMWGYWWIHMR'LETXIVhI\EQTPIWWXEXMWXMGW XIWXMQSR]hGER [SVO EW IZMHIRGI MR E TIVWYEWMZI WTIIGL %W [I WE[ MR XLEX GLETXIVXLIVIEVIKYMHIPMRIWJSVYWMRKIEGLOMRHSJWYTTSVXMRKQEXIVMEPVIKEVH PIWWSJXLIOMRHSJWTIIGL]SYEVIKMZMRK,IVI[IPSSOEXJSYVWTIGMEPXMTWJSV YWMRKIZMHIRGIMRETIVWYEWMZIWTIIGL
9WI7TIGMJMG)ZMHIRGI 2SQEXXIV[LEXOMRHSJIZMHIRGI]SYIQTPS]hWXEXMWXMGWI\EQTPIWSVXIWXMQSR]h MX[MPPFIQSVITIVWYEWMZIMJ]SYWXEXIMXMRWTIGMJMGVEXLIVXLERKIRIVEPXIVQW-R XLIWTIIGLEFSYXRSMWITSPPYXMSRJSVMRWXERGIXLIWTIEOIVHMHRSXWE]q0SXWSJ TISTPIWYJJIVJVSQLIEVMRKPSWWr8LEX[SYPHLEZIPIJXXLIEYHMIRGI[SRHIVMRK LS[ QER] qPSXWr EQSYRXW XS &] WE]MRK q QMPPMSR %QIVMGERW LEZI WSQI HIKVIISJLIEVMRKPSWWrXLIWTIEOIVQEHILIVTSMRXQYGLQSVIIJJIGXMZIP]7LI EPWSIRLERGIHLIVGVIHMFMPMX]F]WLS[MRKWLILEHEJMVQKVEWTSJXLIJEGXW
9WI2SZIP)ZMHIRGI )ZMHIRGIMWQSVIPMOIP]XSFITIVWYEWMZIMJMXMWRI[XSXLIEYHMIRGI=SY[MPP KEMRPMXXPIF]GMXMRKJEGXWERHJMKYVIWXLEXEVIEPVIEH][IPPORS[RXS]SYVPMWXIR IVW-JXLI]LEZIRSXTIVWYEHIH]SYVPMWXIRIVWEPVIEH]XLI][MPPRSXHSWSRS[ =SY QYWX KS FI]SRH [LEX XLI EYHMIRGI EPVIEH] ORS[W ERH TVIWIRX WXVMOMRK RI[IZMHIRGIXLEX[MPPKIXXLIQXSWE]q,QQQ-HMHRtXORS[XLEX1E]FI- WLSYPHVIXLMROXLIMWWYIr*MRHMRKWYGLIZMHIRGIYWYEPP]VIUYMVIWLEVHHMKKMRK ERHVIWSYVGIJYPVIWIEVGLFYXXLIVI[EVHWEVI[SVXLXLIIJJSVX
9WI)ZMHIRGIJVSQ'VIHMFPI7SYVGIW 0MWXIRIVWJMRHIZMHIRGIJVSQGSQTIXIRXGVIHMFPIWSYVGIWQSVITIVWYEWMZIXLER IZMHIRGIJVSQPIWWUYEPMJMIHWSYVGIW%FSZIEPPPMWXIRIVWEVIWYWTMGMSYWSJIZMHIRGI
9WMRK)ZMHIRGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)ZMHIRGI
23
%VIEPPQ]QENSVGPEMQWWYTTSVXIHF]IZMHIRGI# (S-YWIWYJJMGMIRXIZMHIRGIXSGSRZMRGIQ]EYHMIRGISJ Q]GPEMQW# -W Q] IZMHIRGI WXEXIH MR WTIGMJMG VEXLIV XLER KIRIVEP XIVQW# GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7XYH]8SSPWJSV XLMIGLETXIV
(S-YWIIZMHIRGIXLEXMWRI[XSQ]EYHMIRGI# -WQ]IZMHIRGIJVSQGVIHMFPIYRFMEWIHWSYVGIW# (S-MHIRXMJ]XLIWSYVGIWSJQ]IZMHIRGI# -WQ]IZMHIRGIGPIEVP]PMROIHXSIEGLTSMRXXLEXMXMWQIERX XSTVSZI# (S-TVSZMHIIZMHIRGIXSERW[IVTSWWMFPISFNIGXMSRWXLI EYHMIRGIQE]LEZIXSQ]TSWMXMSR#
JVSQWSYVGIWXLEXETTIEVXSFIFMEWIHSVWIPJMRXIVIWXIH-REWWIWWMRKXLIGYVVIRX WXEXI SJ EMVPMRI WEJIX] JSV I\EQTPI XLI] EVI QSVI PMOIP] XS FI TIVWYEHIH F] XIWXMQSR]JVSQMQTEVXMEPEZMEXMSRI\TIVXWXLERJVSQXLITVIWMHIRXSJ%QIVMGER %MVPMRIW-J]SY[MWLXSFITIVWYEWMZIVIP]SRIZMHIRGIJVSQSFNIGXMZIRSRTEV XMWERWSYVGIW
1EOI'PIEVXLI4SMRXSJ=SYV)ZMHIRGI
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ q4YXXMRKXLI&VEOIWSR 8IIREKI(VMZMRKrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
PSKSW 8LIREQIYWIHF]%VMWXSXPIJSV XLIPSKMGEPETTIEPSJEWTIEOIV 8LIX[SQENSVIPIQIRXWSJ EVIIZMHIRGIERH VIEWSRMRK
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tWPMGIRWIHHVMZIVWXLI]VITVIWIRXTIVGIRXSJEPPQSXSV ZILMGPIJEXEPMXMIW8LI2,87%VITSVXWXLEXPEWX]IEVHVMZIVWEKIHXS[IVIOMPPIH MREYXSQSFMPIEGGMHIRXW -REHHMXMSRXSOMPPMRKXLIHVMZIVWXLIWIWEQIEGGMHIRXWXSSOXLI PMZIWSJ XIIREKITEWWIRKIVW&YXXLIWIEGGMHIRXWHMHRtXEJJIGXXIIREKIVWEPSRI8LI] EPWSXSSOXLIPMZIWSJTISTPIEKIHSVSPHIV 7SXLIXSXEPRYQFIVSJTISTPIOMPPIHPEWX]IEVMREYXSQSFMPIEGGMHIRXWMRZSPZMRKXIIR EKIHVMZIVW[EW hEPQSWXI\EGXP]XLIRYQFIVSJJYPPXMQIWXYHIRXWEXXLMWGEQTYW
)ZMHIRGIMWSRIIPIQIRXSJ[LEX%VMWXSXPIVIJIVVIHXSEWPSKSWhXLIPSKMGEP ETTIEPSJEWTIEOIV8LISXLIVQENSVIPIQIRXSJPSKSWMWVIEWSRMRK[LMGL[SVOW MRGSQFMREXMSR[MXLIZMHIRGIXSLIPTQEOIEWTIEOIVtWGPEMQWTIVWYEWMZI
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IEWSRMRK
8LI WXSV] MW XSPH EFSYX ,EGO ;MPWSR E LEVHLMXXMRK SYXJMIPHIV JSV XLI &VSSOP]R (SHKIVW FEWIFEPPXIEQMRXLI W ;MPWSR[EWEKVIEXTPE]IVFYXLILEHEJSRHRIWWJSVXLIKSSH PMJI,MWHVMROMRKI\TPSMXW[IVIPIKIRHEV],I[EWORS[RXSWTIRHXLIIRXMVIRMKLXSRXLI XS[RWXEKKIVMRXSXLIXIEQtWLSXIPEXXLIFVIEOSJHE[RKVEFEGSYTPILSYVWWPIITERH KIXXSXLIFEPPTEVONYWXMRXMQIJSVXLIEJXIVRSSRKEQI 8LMWKVIEXP]HMWXVIWWIH1E\'EVI];MPWSRtWQEREKIV%XXLIRI\XXIEQQIIXMRK'EVI] WTIRXQYGLXMQII\TPEMRMRKXLIIZMPWSJHVMRO8STVSZILMWTSMRXLIWXSSHFIWMHIEXEFPI SR[LMGLLILEHTPEGIHX[SKPEWWIWERHETPEXISJPMZIERKPI[SVQW3RIKPEWW[EWJMPPIH [MXL[EXIVXLISXLIV[MXLKMRh;MPWSRtWJEZSVMXIFIZIVEKI;MXLEJPSYVMWL'EVI]HVSTTIH E[SVQMRXSXLIKPEWWSJ[EXIV-X[VMKKPIHLETTMP]2I\X'EVI]TPYRKIHXLIWEQI[SVQ MRXSXLIKMR-XTVSQTXP]WXMJJIRIHERHI\TMVIH %QYVQYVVERXLVSYKLXLIVSSQERHWSQITPE]IVW[IVISFZMSYWP]MQTVIWWIH&YXRSX ;MPWSR ,I HMHRtX IZIR WIIQ MRXIVIWXIH 'EVI] [EMXIH E PMXXPI LSTMRK JSV WSQI HIPE]IH VIEGXMSR JVSQ LMW [E][EVH WPYKKIV ;LIR RSRI GEQI LI TVSHHIH q(S ]SY JSPPS[ Q] VIEWSRMRK;MPWSR#r q7YVI WOMTTIVr ERW[IVIH ;MPWSR q-X TVSZIW XLEX MJ ]SY HVMRO KMR ]SYtPP RIZIV KIX [SVQWr
%RH[LEXHSIWXLMWWXSV]TVSZI#2SQEXXIVLS[WXVSRK]SYVIZMHIRGI]SY [MPPRSXFITIVWYEWMZIYRPIWWPMWXIRIVWKVEWT]SYVVIEWSRMRK 6IEWSRMRKMWXLITVSGIWWSJHVE[MRKEGSRGPYWMSRFEWIHSRIZMHIRGI7SQI XMQIW[IVIEWSR[IPPhEW[LIR[IGSRGPYHIXLEXMGITEVXMGPIWJSVQMRKSRXLI XVIIWQE]QIERXLIVSEHW[MPPFIWPMTTIV]3XLIVXMQIW[IVIEWSRPIWWIJJIGXMZIP]h EW[LIR[IGSRGPYHIXLEXWTMPPMRKWEPX[MPPFVMRKFEHPYGO1SWXWYTIVWXMXMSRW EVIEGXYEPP]RSQSVIXLERMRWXERGIWSJJEYPX]VIEWSRMRK 6IEWSRMRKMRTYFPMGWTIEOMRKMWERI\XIRWMSRSJVIEWSRMRKMRSXLIVEWTIGXW SJPMJI%WETYFPMGWTIEOIV]SYLEZIX[SQENSVGSRGIVRW[MXLVIWTIGXXSVIE WSRMRK*MVWX]SYQYWXQEOIWYVI]SYVS[RVIEWSRMRKMWWSYRH7IGSRH]SY QYWXXV]XSKIXPMWXIRIVWXSEKVII[MXL]SYVVIEWSRMRK0IXYWPSSOXLIREXJSYV FEWMGQIXLSHWSJVIEWSRMRKERHLS[XSYWIXLIQMR]SYVWTIIGLIW
VIEWSRMRK 8LITVSGIWWSJHVE[MRKE GSRGPYWMSRSRXLIFEWMWSJ IZMHIRGI
6)%732-2+*63174)'-*-'-278%2')7 ;LIR ]SY VIEWSR JVSQ WTIGMJMG MRWXERGIW ]SY TVSKVIWW JVSQ E RYQFIV SJ VIEWSRMRKJVSQ WTIGMJMGMRWXERGIW TEVXMGYPEVJEGXWXSEKIRIVEPGSRGPYWMSR*SVI\EQTPI *EGX 1]TL]WMGEPIHYGEXMSRGSYVWIPEWXXIVQ[EWIEW] *EGX 1]VSSQQEXItWTL]WMGEPIHYGEXMSRGSYVWI[EWIEW]
6IEWSRMRKXLEXQSZIWJVSQ TEVXMGYPEVJEGXWXSEKIRIVEP GSRGPYWMSR
*EGX 1]FVSXLIVtWTL]WMGEPIHYGEXMSRGSYVWI[EWIEW] 'SRGPYWMSR 4L]WMGEPIHYGEXMSRGSYVWIWEVIIEW] %W XLMW I\EQTPI WYKKIWXW [I YWI VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW HEMP] EPXLSYKL[ITVSFEFP] HSRtXVIEPM^IMX8LMROJSVEQSQIRXSJEPPXLIKIRIVEP GSRGPYWMSRW XLEX EVMWI MR GSRZIVWEXMSR 4SPMXMGMERW EVI GSVVYTX 4VSJIWWSVW EVI FSSOMWL(SVQJSSHMWE[JYP;LIVIHSWYGLGSRGPYWMSRWGSQIJVSQ#8LI]GSQI JVSQSFWIVZMRKTEVXMGYPEVTSPMXMGMERWTVSJIWWSVWHSVQMXSVMIWERHWSSR 8LI WEQI XLMRK LETTIRW MR TYFPMG WTIEOMRK 8LI WTIEOIV [LS GSRGPYHIW XLEX YRIXLMGEP FYWMRIWW TVEGXMGIW EVI GSQQSR MR XLI 9RMXIH 7XEXIW FIGEYWI
6IEWSRMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WIZIVEPQENSVGSVTSVEXMSRWLEZIFIIRKYMPX]SJJVEYHMRVIGIRX]IEVWMWVIEWSR MRKJVSQWTIGMJMGMRWXERGIW7SMWXLIWTIEOIV[LSEVKYIWXLEXERXM7IQMXMWQMW MRGVIEWMRKSRGSPPIKIGEQTYWIWFIGEYWIXLIVILEZIFIIR ERYQFIVSJ EXXEGOW SR.I[MWLWXYHIRXWERHW]QFSPWEXWGLSSPWEGVSWWXLIREXMSR 7YGL GSRGPYWMSRW EVI RIZIV JSSPTVSSJ 2S QEXXIV LS[ QER] WTIGMJMG MRWXERGIW]SYKMZI ERH]SYGERKMZISRP]EJI[MREWTIIGL MXMWEP[E]WTSW WMFPIXLEXERI\GITXMSRI\MWXW8LVSYKLSYXXLIEKIWTISTPISFWIVZIHGSYRXPIWW [LMXI W[ERW MR )YVSTI [MXLSYX WIIMRK ER] SJ E HMJJIVIRX GSPSV -X WIIQIH ER YRHIRMEFPI JEGX XLEX EPP W[ERW [IVI [LMXI 8LIR MR XLI XL GIRXYV] FPEGO W[ERW[IVIHMWGSZIVIHMR%YWXVEPME
+YMHIPMRIWJSV6IEWSRMRKJVSQ7TIGMJMG-RWXERGIW LEWX]KIRIVEPM^EXMSR %RIVVSVMRVIEWSRMRKJVSQ WTIGMJMGMRWXERGIWMR[LMGLE WTIEOIVNYQTWXSEKIRIVEP GSRGPYWMSRSRXLIFEWMWSJ MRWYJJMGMIRXIZMHIRGI
;LIR ]SY VIEWSR JVSQ WTIGMJMG MRWXERGIW ]SY WLSYPH JSPPS[ E JI[ FEWMG KYMHIPMRIW *MVWXEZSMHKIRIVEPM^MRKXSSLEWXMP]&I[EVISJXLIXIRHIRG]XSNYQTXSGSR GPYWMSRWSRXLIFEWMWSJMRWYJJMGMIRXIZMHIRGI1EOIWYVI]SYVWEQTPISJWTIGMJMG MRWXERGIWMWPEVKIIRSYKLXSNYWXMJ]]SYVGSRGPYWMSR%PWSQEOIWYVIXLIMRWXERGIW ]SYTVIWIRXEVIJEMVYRFMEWIHERHVITVIWIRXEXMZI %VIXLVIITL]WMGEPIHYGEXMSR GSYVWIWIRSYKLXSGSRGPYHIXLEXTL]WMGEPIHYGEXMSRGSYVWIWMRKIRIVEPEVIIEW]# %VIXLIXLVIIGSYVWIWX]TMGEPSJQSWXTL]WMGEPIHYGEXMSRGSYVWIW# 7IGSRH FIGEVIJYP [MXL]SYV [SVHMRK -J ]SYVIZMHIRGI HSIWRSXNYWXMJ] E W[IITMRKGSRGPYWMSRUYEPMJ]]SYVEVKYQIRX7YTTSWI]SYEVIXEPOMRKEFSYXXLI GVMWMWMR%QIVMGEtWREXMSREPTEVOW]WXIQFVSYKLXSRF]SZIVYWIERHGSQQIVGMEP HIZIPSTQIRX=SYHSGYQIRXXLITVSFPIQF]HMWGYWWMRKWSQIWTIGMJMGMRWXERGIWh =SWIQMXI =IPPS[WXSRI XLI )ZIVKPEHIW 8LIR ]SY HVE[ ]SYV GSRGPYWMSR =SY QMKLXWE] %W[I LEZI WIIR %QIVMGEtW REXMSREPTEVOW]WXIQMWWIVZMRK QSVI XLER QMPPMSR TISTPIE]IEV[MXLXLIVIWYPXXLEXWSQITEVOWEVIFIMRKSZIVGSQI F]XVEJJMGTSPPYXMSR ERHKEVFEKI;ILEZIEPWSWIIRXLEXQSVIERHQSVITEVOWEVIFIMRKI\TPSMXIHJSVQMRMRK PSKKMRK ERH SXLIV JSVQW SJ GSQQIVGMEP HIZIPSTQIRX -X GIVXEMRP] WIIQW JEMV XLIR XS GSRGPYHIXLEXRI[QIEWYVIWEVIRIIHIHXSIRWYVIXLEXXLIFIEYX]WIVIRMX]ERHFMSPSKM GEPHMZIVWMX]SJ%QIVMGEtWREXMSREPTEVOWEVITVIWIVZIHJSVJYXYVIKIRIVEXMSRWEW[IPPEWJSV SYVS[R
8LMWMWRSXEWHVEQEXMGEWWE]MRKq%QIVMGEtWREXMSREPTEVOWEVISRXLIFVMROSJ HIWXVYGXMSRr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tWWSR(ERMIP HMIHJVSQEGSQFMREXMSRSJEXPIEWXXLVIITVIWGVMTXMSRHVYKW
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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q.YHKIHF]ER]QIEWYVIXLITVIWGVMTXMSRHVYKTVSFPIQMWEGVMWMWXLEX MWWXIEHMP][SVWIRMRKr
;MXL XLMW FEGOYT QEXIVMEP RSX IZIR E WOITXMGEP PMWXIRIV GSYPH VINIGX ]SYV I\EQTPIWEWMWSPEXIH ;LIR]SYVIEWSRJVSQWTIGMJMGMRWXERGIW]SYGERIMXLIVWXEXI]SYVGSRGPY WMSRERHXLIRKMZIXLIWTIGMJMGMRWXERGIWSR[LMGLMXMWFEWIHSVKMZIXLIWTIGMJMG MRWXERGIW ERH XLIR HVE[ ]SYV GSRGPYWMSR 0SSO FEGO EX XLI I\EQTPI EFSYX REXMSREPTEVOWSRTEKI-RXLEXI\EQTPIXLIWTIEOIVJMVWXKMZIWXLVIIJEGXW ERHXLIRHVE[WEGSRGPYWMSR-RXLII\EQTPIEFSYXTVIWGVMTXMSRHVYKSZIVHSWIW XLI GSRGPYWMSR MW WXEXIH JMVWX JSPPS[IH F] XLVII WTIGMJMG MRWXERGIW -X HSIWRtX QEXXIV[LMGLSVHIV]SYYWIEWPSRKEW]SYVJEGXWWYTTSVX]SYVGSRGPYWMSR
6)%732-2+*63146-2'-40) 6IEWSRMRKJVSQTVMRGMTPIMWXLISTTSWMXISJVIEWSRMRKJVSQWTIGMJMGMRWXERGIW -XQSZIWJVSQXLIKIRIVEPXSXLIWTIGMJMG;LIR ]SYVIEWSRJVSQTVMRGMTPI ]SYTVSKVIWWJVSQEKIRIVEPTVMRGMTPIXSEWTIGMJMGGSRGPYWMSR;IEVIEPPJEQMP MEV[MXLXLMWOMRHSJVIEWSRMRKJVSQWXEXIQIRXWWYGLEWXLIJSPPS[MRK
VIEWSRMRKJVSQTVMRGMTPI 6IEWSRMRKXLEXQSZIWJVSQE KIRIVEPTVMRGMTPIXSEWTIGMJMG GSRGPYWMSR
%PPTISTPIEVIQSVXEP 7SGVEXIWMWETIVWSR 8LIVIJSVI7SGVEXIWMWQSVXEP 8LMWMWEGPEWWMGI\EQTPISJVIEWSRMRKJVSQTVMRGMTPI=SYFIKMR[MXLEKIRIVEP WXEXIQIRX q%PP TISTPI EVI QSVXEPr QSZIXS E QMRSV TVIQMWI q7SGVEXIW MW E TIVWSRr ERHIRH[MXLEWTIGMJMGGSRGPYWMSR q7SGVEXIWMWQSVXEPr 7TIEOIVWSJXIRYWIVIEWSRMRKJVSQTVMRGMTPI[LIRXV]MRKXSTIVWYEHIER EYHMIRGI 3RI SJ XLI GPIEVIWX I\EQTPIW JVSQ %QIVMGER LMWXSV] MW 7YWER & %RXLSR]tWJEQSYWWTIIGLq-W-XE'VMQIJSV97'MXM^IRWXS:SXI#r(IPMZIVIH SR RYQIVSYW SGGEWMSRW MR ERH EX E XMQI [LIR [SQIR [IVI PIKEPP] FEVVIH JVSQ ZSXMRK %RXLSR]tW WTIIGL VIEWSRIH EPSRK XLI JSPPS[MRK PMRIW 8 LI9RMXIH7XEXIW'SRWXMXYXMSRKYEVERXIIWEPP97GMXM^IRWXLIVMKLXXSZSXI ;SQIREVI97GMXM^IRW 8LIVIJSVI XLI 9RMXIH 7XEXIW 'SRWXMXYXMSR KYEVERXIIW [SQIR XLI VMKLX XSZSXI 8LMWEVKYQIRXTVSKVIWWIWJVSQEKIRIVEPTVMRGMTPI q8LI9RMXIH7XEXIW'SRWXM XYXMSRKYEVERXIIWEPP97GMXM^IRWXLIVMKLXXSZSXIr XLVSYKLEQMRSVTVIQMWI
6IEWSRMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
q;SQIR EVI 97 GMXM^IRWr XS E GSRGPYWMSR q8LIVIJSVI XLI 9RMXIH 7XEXIW 'SRWXMXYXMSRKYEVERXIIW[SQIRXLIVMKLXXSZSXIr
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q)\GIWWMZIGSRWYQTXMSRSJVIJMRIHWYKEVMWYRLIEPXL]r=SYGMXIQIHMGEP IZMHIRGIERHVIWIEVGLWXYHMIW4EVXSJ]SYVEVKYQIRXQMKLXKSPMOIXLMW ,MKL WYKEV MRXEOI LEW FIIR PMROIH [MXL HMEFIXIW SWXISTSVSWMW GERGIV LMKL FPSSH TVIWWYVIERHLIEVXHMWIEWIRSXXSQIRXMSRXSSXLHIGE]ERHSFIWMX]-RHIIHXLI,EVZEVH 7GLSSPSJ4YFPMG,IEPXLLEWMHIRXMJMIHWYKEVW[IIXIRIHWSHEWEWEQENSVGEYWISJXLI97 SFIWMX]ITMHIQMGERHXLIEPEVQMRKMRGVIEWIMR8]TI--HMEFIXIW%GGSVHMRKXSXLI%QIVMGER 1IHMGEP%WWSGMEXMSRLMKLWYKEVMRXEOIMWEQSRKXLIQSWXWIVMSYWLIEPXLTVSFPIQWJEGMRK XLI9RMXIH7XEXIW
,EZMRKWYTTSVXIH]SYVKIRIVEPTVMRGMTPI]SYFSPWXIV]SYVQMRSVTVIQMWI q7SJXHVMROWHIWWIVXWGERHMIWERHW[IIXIRIHHEMV]TVSHYGXWGSRXEMRI\GIWWMZI EQSYRXWSJWYKEVr=SYVIZMHIRGIMRGPYHIWXLIJSPPS[MRK 8LI ;SVPH ,IEPXL 3VKERM^EXMSR VIGSQQIRHW XLEX TISTPI GSRWYQI RS QSVI XLER KVEQWSJVIJMRIHWYKEVEHE]&YXNYWXSRIGERSJ4ITWM9TSV1SYRXEMR(I[HIPMZ IVWKVEQW%PEVKI1G(SREPHtWQMPOWLEOIGSRXEMRW KVEQWhEWHSIWSRI'MRREFSR SV SRI WPMGI SJ GLIVV] TMI %HH MGI GVIEQ XS XLI TMI ERH XLI WYKEV GSRXIRX I\GIIHW KVEQW%SYRGIGERH]FEVLEWKVEQWSJWYKEV)ZIRJSSHWXLEXEVIWYTTSWIHXS FI RYXVMXMSYW GER GSRXEMR PEVKI EQSYRXW SJ EHHIH WYKEV %R SYRGI WIVZMRK SJ JVYMX ]SKYVXLEWKVEQW[LMPIEKPEWWSJ[LSPIQMPOGSRXEMRWKVEQW2S[SRHIV[ILEZI EWYKEVSZIVPSEH
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IEWSRMRKMWERMQTSVXERX TEVXSJTIVWYEWMZIWTIEOMRK -REPIKEPXVMEPJSVI\EQTPI RIMXLIVXLITVSWIGYXMSRRSV XLIHIJIRWIMWPMOIP]XSW[E] XLINYV]YRPIWWXLIMVVIEWSRMRK MWGPIEVERHGSRZMRGMRK
2S[]SYLEZIWYTTSVXIH]SYVKIRIVEPTVMRGMTPIERH]SYVQMRSVTVIQMWI =SYGERJIIPGSRJMHIRXMRKSMRKSRXS]SYVGSRGPYWMSR 8LIVIJSVI I\GIWWMZI GSRWYQTXMSR SJ WSJX HVMROW HIWWIVXW GERHMIW ERH W[IIXIRIH HEMV]TVSHYGXWMWYRLIEPXL]
%RH]SYGERI\TIGX]SYVEYHMIRGIXSXEOI]SYWIVMSYWP];LIRYWIHTVST IVP]VIEWSRMRKJVSQTVMRGMTPIMWLMKLP]TIVWYEWMZI
'%97%06)%732-2+ 8LIVIMWETEXGLSJMGISRXLIWMHI[EPO=SYWPMTJEPPERHFVIEO]SYVEVQ=SY VIEWSREWJSPPS[W q&IGEYWIXLEXTEXGLSJMGI[EWXLIVI-JIPPERHFVSOIQ]EVQr 8LMWMWERI\EQTPISJGEYWEPVIEWSRMRKMR[LMGLWSQISRIXVMIWXSIWXEFPMWLXLI VIPEXMSRWLMTFIX[IIRGEYWIWERHIJJIGXW %W [MXL VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW [I YWI GEYWEP VIEWSRMRK HEMP] 7SQIXLMRKLETTIRWERH[IEWO[LEXGEYWIHMXXSLETTIR;I[ERXXSORS[ XLIGEYWIWSJGLVSRMGJEXMKYIW]RHVSQISJXLIJSSXFEPPXIEQtWPEXIWXHIJIEXSJ SYV VSSQQEXItW TIGYPMEV LEFMXW ;I EPWS [SRHIV EFSYX IJJIGXW ;I WTIGYPEXI EFSYXXLIGSRWIUYIRGIWSJGLVSRMGJEXMKYIW]RHVSQISRPMJII\TIGXERG]SJXLI WXEVUYEVXIVFEGOtWPIKMRNYV]SJXIPPMRKSYVVSSQQEXIXLEXEGLERKIMWRIIHIH
GEYWEPVIEWSRMRK 6IEWSRMRKXLEXWIIOWXS IWXEFPMWLXLIVIPEXMSRWLMT FIX[IIRGEYWIWERHIJJIGXW
+YMHIPMRIWJSV'EYWEP6IEWSRMRK %WER]WGMIRXMWX SVHIXIGXMZI [MPPXIPP]SYGEYWEPVIEWSRMRKGERFIXVMGO]8LI VIPEXMSRWLMTFIX[IIRGEYWIWERHIJJIGXWMWRSXEP[E]WGPIEV8LIVIEVIX[SGSQ QSRIVVSVWXSEZSMH[LIRYWMRKGEYWEPVIEWSRMRK 8LIJMVWXMWXLIJEPPEG]SJJEPWIGEYWI8LMWJEPPEG]MWSJXIRORS[RF]MXW0EXMR REQITSWXLSGIVKSTVSTXIVLSG[LMGLQIERWqEJXIVXLMWXLIVIJSVIFIGEYWISJ XLMWr-RSXLIV[SVHWXLIJEGXXLEXSRIIZIRXLETTIRWEJXIVERSXLIVHSIWRSX QIERXLEXXLIJMVWXMWXLIGEYWISJXLIWIGSRH8LIGPSWIRIWWMRXMQISJXLIX[S
6IEWSRMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%PXLSYKLMX[EW[VMXXIRQSVIXLER]IEVWEKS%VMWXSXPItW6LIXSVMGVIQEMRWXLI GPEWWMG [SVO SR XLI QIXLSHW SJ TIVWYEWMSR =SY GER EGGIWW XLI JYPP XI\X SJ XLI 6LIXSVMG SR XLI ;IF EX LXXT GPEWWMGWQMXIHY%VMWXSXPIVLIXSVMGLXQP *SV PMROW XSQSVIXLERSXLIVIPIGXVSRMGFSSOWPSKSRXS4VSNIGX+YXIRFIVKEX[[[ KYXIRFIVKSVK[MOM1EMRC4EKI
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
JEPWIGEYWI %RIVVSVMRGEYWEPVIEWSRMRKMR [LMGLEWTIEOIVQMWXEOIRP] EWWYQIWXLEXFIGEYWISRIIZIRX JSPPS[WERSXLIVXLIJMVWXIZIRX MWXLIGEYWISJXLIWIGSRH8LMW IVVSVMWSJXIRORS[RF]MXW0EXMR REQI QIERMRKqEJXIVXLMW XLIVIJSVIFIGEYWISJXLMWr
%VI ]SY KMZMRK ]SYV TIVWYEWMZI WTIIGL SR E XSTMG GYVVIRXP] MR XLI RI[W# -J WS ]SYQE]FIEFPIXS JMRHQEXIVMEPW SR MX F] PSKKMRKSR XS 2I[W(MVIGXSV] [[[ RI[WHMVIGXSV]GSQ [LMGLTVSZMHIWLYRHVIHWSJPMROWXSRI[WTETIVWQEKE^MRIW FVSEHGEWXIVWERHRI[WWIVZMGIW[SVPH[MHI
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-J]SYtVIKSSHEXVEGUYIXFEPP]SYtPPFIKVIEXEX4MRK4SRK -R+VIEX&VMXEMRXLIKIRIVEPIPIGXMSRGEQTEMKRJSV4VMQI1MRMWXIVPEWXWPIWWXLERXLVII [IIOW7YVIP][IGERHSXLIWEQI[MXLXLI97TVIWMHIRXMEPIPIGXMSR
&SXLWXEXIQIRXWYWIVIEWSRMRKJVSQEREPSK]&]GSQTEVMRKX[SWMQMPEVGEWIW XLI]MRJIVXLEX[LEXMWXVYIJSVSRIQYWXFIXVYIJSVXLISXLIV
+YMHIPMRIWJSV%REPSKMGEP6IEWSRMRK 8LIQSWXMQTSVXERXUYIWXMSRMREWWIWWMRKEREPSKMGEPVIEWSRMRKMW[LIXLIVXLI X[SGEWIWFIMRKGSQTEVIHEVIIWWIRXMEPP]EPMOI-JXLI]EVIIWWIRXMEPP]EPMOIXLI EREPSK]MWZEPMH-JXLI]EVIRSXIWWIRXMEPP]EPMOIXLIEREPSK]MWMRZEPMH
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
0SSOFEGOXSXLIEREPSKMIWEXXLIWXEVXSJXLMWWIGXMSR-WTPE]MRKVEGUYIXFEPP XLIWEQIEWTPE]MRK4MRK4SRK#2SXVIEPP]&SXLMRZSPZILMXXMRKEFEPP[MXLE VEGUYIXSVETEHHPI&YXVEGUYIXFEPPYWIWEWXVMRKIHVEGUYIXERHEVYFFIVFEPP 4MRK4SRKYWIWEWSPMHTEHHPIERHEWQEPPIVPMKLXIVGIPPYPSMHFEPP6EGUYIXFEPP MWTPE]IHF]LMXXMRKXLIFEPPEKEMRWXXLI[EPPWSVGIMPMRKSJERIRGPSWIHGSYVX 4MRK4SRK MW TPE]IH F] LMXXMRK XLI FEPP FEGO ERH JSVXL SZIV E RIX WXVIXGLIH EGVSWWEXEFPI7OMPPEXSRIMWRSKYEVERXIISJWOMPPEXXLISXLIV8LIEREPSK]MW RSXZEPMH ;LEX EFSYX XLI WIGSRH EREPSK]# 8LEX HITIRHW SR LS[ QYGL EPMOI XLI &VMXMWL ERH %QIVMGER TSPMXMGEP W]WXIQW EVI %VI XLI GSYRXVMIW WMQMPEV MR WM^I ERH HMZIVWMX]# -W MX TSWWMFPI JSV GERHMHEXIW MR FSXL GSYRXVMIW XS GERZEWW XLI IRXMVIPERHMRPIWWXLERXLVII[IIOW#(SIWXLITEVX]W]WXIQSTIVEXIXLIWEQI MRFSXLGSYRXVMIW#-RSXLIV[SVHWEVIXLIJEGXSVWXLEXEPPS[+VIEX&VMXEMRXS GSRHYGXGEQTEMKRWJSV4VMQI1MRMWXIVMRPIWWXLERXLVII[IIOWEPWSTVIWIRX MR XLI 9RMXIH 7XEXIW# -J WS XLI EREPSK] MW ZEPMH -J RSX XLI EREPSK] MW MRZEPMH 6IEWSRMRKJVSQEREPSK]MWYWIHQSWXSJXIRMRTIVWYEWMZIWTIIGLIWSRUYIW XMSRWSJTSPMG];LIREVKYMRKJSVERI[TSPMG]]SYWLSYPHJMRHSYX[LIXLIV MXLEWFIIRXVMIHIPWI[LIVI=SYQE]FIEFPIXSGPEMQXLEX]SYVTSPMG][MPP[SVO FIGEYWIMXLEW[SVOIHMRPMOIGMVGYQWXERGIW,IVIMWLS[SRIWXYHIRXYWIHVIE WSRMRK JVSQ EREPSK] XS WYTTSVX LIV GPEMQ XLEX GSRXVSPPMRK LERHKYRW [MPP VIHYGIZMSPIRXGVMQIMRXLI9RMXIH7XEXIW
8LI1G+VE[n,MPP 'SQTERMIW
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&] XLI WEQI XSOIR MJ ]SY EVKYI EKEMRWX E GLERKI MR TSPMG] ]SY WLSYPH GLIGO [LIXLIV XLI TVSTSWIH TSPMG]hSV WSQIXLMRK PMOI MXhLEW FIIR MQTPI QIRXIHIPWI[LIVI,IVIXSS]SYQE]FIEFPIXSWYTTSVX]SYVGEWIF]VIEWSR MRKJVSQEREPSK]hEWHMHSRIWXYHIRX[LSSTTSWIHKYRGSRXVSP %HZSGEXIWSJKYRGSRXVSPTSMRXXSJSVIMKRGSYRXVMIWXSTVSZIXLIMVGEWI8LI]SJXIRGMXI )RKPERH[LMGLLEWWXVMGXKYRGSRXVSPPE[WERHPMXXPIZMSPIRXGVMQI&YXXLIOI]XSPS[TIV WSREPZMSPIRGIMR)RKPERHhERHSXLIVJSVIMKR GSYRXVMIWhMWRSXKYRGSRXVSPPE[WFYXXLI KIRIVEPP]TIEGIJYPGLEVEGXIVSJXLITISTPI*SVI\EQTPI7[MX^IVPERHLEWEQMPMXMEW]WXIQ EWWEYPXVMJPIWERH QMPMXEV]TMWXSPWEVIWMXXMRKEXXLMWQSQIRX MR 7[MWW LSQIW=IX 7[MX^IVPERHtWQYVHIV VEXIMWSRP] TIVGIRXSJ SYVW -R SXLIV[SVHW GYPXYVEPJEGXSVWEVI QYGLQSVIMQTSVXERXXLERKYRGSRXVSP[LIRMXGSQIWXSZMSPIRXGVMQI
%WXLIWII\EQTPIWMPPYWXVEXIEVKYQIRXJVSQEREPSK]GERFIYWIHSRFSXL WMHIWSJERMWWYI=SYEVIQSVIPMOIP]XSTIVWYEHI]SYVEYHMIRGIMJXLIEREPSK] WLS[WEXVYP]TEVEPPIPWMXYEXMSR
*%00%'-)7 %JEPPEG]MWERIVVSVMRVIEWSRMRK%WEWTIEOIV]SYRIIHXSEZSMHJEPPEGMIWMR ]SYVWTIIGLIW %WEPMWXIRIV ]SYRIIHXSFIEPIVXXSJEPPEGMIWMRXLIWTIIGLIW ]SYLIEV
6IEWSRMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
JEPPEG] %RIVVSVMRVIEWSRMRK
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0SKMGMERW LEZI MHIRXMJMIH QSVI XLER HMJJIVIRX JEPPEGMIW )EVPMIV MR XLMW GLETXIV [I HMWGYWWIH XLVII SJ XLI QSWX MQTSVXERX LEWX] KIRIVEPM^EXMSR TEKIWi JEPWIGEYWI TEKIWi ERHMRZEPMHEREPSK] TEKIWi ,IVI[IPSSOEXJMZISXLIVJEPPEGMIW]SYWLSYPHKYEVHEKEMRWX
6IH,IVVMRK
VIHLIVVMRK %JEPPEG]XLEXMRXVSHYGIWER MVVIPIZERXMWWYIXSHMZIVX EXXIRXMSRJVSQXLIWYFNIGX YRHIVHMWGYWWMSR
8LIREQISJXLMWJEPPEG]GSQIWJVSQERSPHXVMGOYWIHF]JEVQIVWMR)RKPERH XS OIIT JS\ LYRXIVW ERH XLIMV LSYRHW JVSQ KEPPSTMRK XLVSYKL XLI GVSTW &] HVEKKMRK E WQSOIH LIVVMRK [MXL E WXVSRK SHSV EPSRK XLI IHKI SJ XLIMV JMIPHWXLIJEVQIVWGSYPHXLVS[XLIHSKWSJJXVEGOF]HIWXVS]MRKXLIWGIRXSJ XLIJS\ %WTIEOIV[LSYWIWEVIHLIVVMRKMRXVSHYGIWERMVVIPIZERXMWWYIMRSVHIVXS HMZIVXEXXIRXMSRJVSQXLIWYFNIGXYRHIVHMWGYWWMSR*SVMRWXERGI ,S[ HEVI Q] STTSRIRXW EGGYWI QI SJ TSPMXMGEP GSVVYTXMSR EX E XMQI [LIR [I EVI [SVOMRKXSMQTVSZIXLIUYEPMX]SJPMJIJSVEPPTISTPIMRXLI9RMXIH7XEXIW
;LEXHSIWXLIWTIEOIVtWGSRGIVREFSYXXLIUYEPMX]SJPMJIMRXLI97LEZI XSHS[MXL[LIXLIVLISVWLIMWKYMPX]SJTSPMXMGEPGSVVYTXMSR#2SXLMRK-XMWE VIHLIVVMRKYWIHXSHMZIVXEXXIRXMSRE[E]JVSQXLIVIEPMWWYI
%H,SQMRIQ EHLSQMRIQ %JEPPEG]XLEXEXXEGOWXLITIVWSR VEXLIVXLIRHIEPMRK[MXLXLI VIEPMWWYIMRHMWTYXI
0EXMRJSVqEKEMRWXXLIQERrEHLSQMRIQVIJIVWXSXLIJEPPEG]SJEXXEGOMRKXLI TIVWSRVEXLIVXLERHIEPMRK[MXLXLIVIEPMWWYIMRHMWTYXI*SVMRWXERGI 8LILIEHSJXLIGSQQIVGIGSQQMWWMSRLEWERYQFIVSJMRXIVIWXMRKIGSRSQMGTVSTSW EPWFYXPIXtWRSXJSVKIXXLEXWLIGSQIWJVSQEZIV][IEPXL]JEQMP]
&]MQTYKRMRKXLIGSQQMWWMSRIVtWJEQMP]FEGOKVSYRHVEXLIVXLERHIEPMRK[MXL XLI WYFWXERGI SJ LIV IGSRSQMG TVSTSWEPW XLI WTIEOIV MW IRKEKMRK MR ER EH LSQMRIQEXXEGO 7SQIXMQIW SJ GSYVWI E TIVWSRtW GLEVEGXIV SV MRXIKVMX] GER FI E PIKMXM QEXIMWWYIhEWMRXLIGEWISJETSPMGIGLMIJ[LSZMSPEXIWXLIPE[SVEGSVTS VEXI TVIWMHIRX [LS W[MRHPIW WXSGOLSPHIVW -R WYGL GEWIW E WTIEOIV QMKLX [IPPVEMWIUYIWXMSRWEFSYXXLITIVWSR[MXLSYXFIMRKKYMPX]SJXLIEHLSQMRIQ JEPPEG]
)MXLIV3V IMXLIVSV %JEPPEG]XLEXJSVGIWPMWXIRIVW XSGLSSWIFIX[IIRX[S EPXIVREXMZIW[LIRQSVI XLERX[SEPXIVREXMZIWI\MWX
7SQIXMQIWVIJIVVIHXSEWEJEPWIHMPIQQEXLIIMXLIVSVJEPPEG]JSVGIWPMWXIRIVW XSGLSSWIFIX[IIRX[SEPXIVREXMZIW[LIRQSVIXLERX[SEPXIVREXMZIWI\MWX*SV I\EQTPI 8LIKSZIVRQIRXQYWXIMXLIVVEMWIXE\IWSVVIHYGIWIVZMGIWJSVXLITSSV
8LMW WXEXIQIRX SZIVWMQTPMJMIW E GSQTPI\ MWWYI F] VIHYGMRK MX XS E WMQTPI IMXLIVSVGLSMGI-WMXXVYIXLEXXLISRP]GLSMGIWEVIXSVEMWIXE\IWSVXSVIHYGI WIVZMGIW JSV XLI TSSV# % GEVIJYP PMWXIRIV QMKLX EWO q;LEX EFSYX GYXXMRK XLI EHQMRMWXVEXMZI GSWX SJ KSZIVRQIRX SV IPMQMREXMRK TSVOFEVVIP TVSNIGXW MRWXIEH#r
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-REHHMXMSRXSYWMRKIZM HIRGIXSWYTTSVXXLIMVMHIEW IJJIGXMZIWTIEOIVWWYGLEW &MPP6MGLEVHWSRXEOIGEVIXS EZSMHJEPPEGMIWMRVIEWSRMRK XLEXQE]YRHIVQMRIXLIMV GVIHMFMPMX]ERHTIVWYEWMZIRIWW
=SY[MPPFIQSVITIVWYEWMZIEWEWTIEOIVERHQSVITIVGITXMZIEWEPMWXIRIV MJ]SYEVIEPIVXXSXLIIMXLIVSVJEPPEG]
&ERH[EKSR ,S[ SJXIR LEZI ]SY LIEVH WSQISRI WE] q-XtW E KVIEX MHIEhIZIV]SRI EKVIIW [MXL MXr# 8LMW MW E GPEWWMG I\EQTPI SJ XLI FERH[EKSR JEPPEG] [LMGL EWWYQIW XLEXFIGEYWIWSQIXLMRKMWTSTYPEVMXMWXLIVIJSVIKSSHGSVVIGXSVHIWMVEFPI 1YGLEHZIVXMWMRKMWFEWIHSR XLI FERH[EKSR JEPPEG]8LIJEGXXLEX QSVI TISTPI YWI 8]PIRSP XLER %HZMP HSIW RSX TVSZI XLEX 8]PIRSP MW E FIXXIV TEMR VIPMIZIV8]PIRSPtWTSTYPEVMX]GSYPHFIHYIXSEKKVIWWMZIQEVOIXMRK8LIUYIW XMSRSJ[LMGLTVSHYGXHSIWEFIXXIVNSFVIHYGMRKTEMRMWEQIHMGEPMWWYIXLEX LEWRSXLMRKXSHS[MXLTSTYPEVMX] 8LIFERH[EKSRJEPPEG]MWEPWSIZMHIRXMRTSPMXMGEPWTIIGLIW'SRWMHIVXLI JSPPS[MRKWXEXIQIRX
FERH[EKSR %JEPPEG]XLEXEWWYQIWXLEX FIGEYWIWSQIXLMRKMWTSTYPEV MXMWXLIVIJSVIKSSHGSVVIGXSV HIWMVEFPI
8LIKSZIVRSVQYWXFIGSVVIGXMRLMWETTVSEGLXSWSGMEPTSPMG] EJXIVEPPXLITSPPWWLS[ XLEXTIVGIRXSJXLITISTPIWYTTSVXLMQ
8LMW WXEXIQIRX MW JEPPEGMSYW FIGEYWI TSTYPEV STMRMSR GERRSX FI XEOIR EW TVSSJXLEXERMHIEMWVMKLXSV[VSRK6IQIQFIVqIZIV]SRIrYWIHXSFIPMIZIXLEX XLI[SVPHMWJPEX XLEX WTEGIJPMKLXMWMQTSWWMFPI ERH XLEX[SQIRWLSYPH RSX EXXIRHGSPPIKI[MXLQIR
7PMTTIV]7PSTI 8LIWPMTTIV] WPSTIJEPPEG]XEOIWMXW REQI JVSQ XLI MQEKI SJ EFSYPHIV VSPPMRK YRGSRXVSPPEFP] HS[R E WXIIT LMPP 3RGI XLI FSYPHIV KIXW WXEVXIH MX GERtX FI WXSTTIHYRXMPMXVIEGLIWXLIFSXXSQ
6IEWSRMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
% WTIEOIV [LS GSQQMXW XLI WPMTTIV] WPSTI JEPPEG] EWWYQIW XLEX XEOMRK E JMVWX WXIT [MPP PIEH MRIZMXEFP] XS E WIGSRH WXIT ERH WS SR HS[R XLI WPSTI XS HMWEWXIVhEWMRXLIJSPPS[MRKI\EQTPI
WPMTTIV]WPSTI %JEPPEG]XLEXEWWYQIWXLEX XEOMRKEJMVWXWXIT[MPPPIEHXS WYFWIUYIRXWXITWXLEXGERRSX FITVIZIRXIH
4EWWMRKJIHIVEPPE[WXSGSRXVSPXLIEQSYRXSJZMSPIRGIMRZMHISKEQIWMWXLIJMVWXWXIT MRETVSGIWWXLEX[MPPVIWYPXMREFWSPYXIKSZIVRQIRXGSRXVSPSJXLIQIHMEERHXSXEPGIRWSV WLMTSZIVEPPJSVQWSJEVXMWXMGI\TVIWWMSR
-JEWTIEOIVGPEMQWXLEXXEOMRKEJMVWXWXIT[MPPPIEHMRIZMXEFP]XSEWIVMIWSJ HMWEWXVSYWPEXIVWXITWLISVWLIRIIHWXSTVSZMHIIZMHIRGISVVIEWSRMRKXSWYT TSVX XLI GPEMQ 8S EWWYQI XLEX EPP XLI PEXIV WXITW [MPP SGGYV [MXLSYX TVSZMRK XLEXXLI][MPPMWXSGSQQMXXLIWPMTTIV]WPSTIJEPPEG]
%TTIEPMRKXS)QSXMSRW )JJIGXMZITIVWYEWMSRSJXIRVIUYMVIWIQSXMSREPETTIEP%WXLI6SQERVLIXSVMGMER 5YMRXMPMER WXEXIH q-X MW JIIPMRK ERH JSVGI SJ MQEKMREXMSR XLEX QEOI YW IPS UYIRXr &] EHHMRK qJIIPMRKr ERH XLI qJSVGI SJ MQEKMREXMSRr XS ]SYV PSKMGEP EVKYQIRXW]SYGERFIGSQIEQSVIGSQTIPPMRKTIVWYEWMZIWTIEOIV
;,%8%6))138-32%0%44)%07# TEXLSW 8LIREQIYWIHF]%VMWXSXPIJSV [LEXQSHIVRWXYHIRXWSJ GSQQYRMGEXMSRVIJIVXSEW IQSXMSREPETTIEP
)QSXMSREPETTIEPWh[LEX%VMWXSXPIVIJIVVIHXSEWTEXLSWhEVIMRXIRHIHXSQEOI PMWXIRIVWJIIPWEHERKV]KYMPX]EJVEMHLETT]TVSYHW]QTEXLIXMGVIZIVIRXSV XLI PMOI 8LIWI EVI SJXIR ETTVSTVMEXI VIEGXMSRW [LIR XLI UYIWXMSR MW SRI SJ ZEPYISVTSPMG]%W+ISVKI'EQTFIPP[VSXIMRLMW4LMPSWSTL]SJ6LIXSVMGq;LIR TIVWYEWMSRMWXLIIRHTEWWMSREPWSQYWXFIIRKEKIHr &IPS[ MW E PMWX SJ WSQI SJ XLI IQSXMSRW IZSOIH QSWX SJXIR F] TYFPMG WTIEOIVW*SPPS[MRKIEGLIQSXMSREVIEJI[I\EQTPIWSJWYFNIGXWXLEXQMKLX WXMVXLEXIQSXMSR d *IEVhSJ WIVMSYW MPPRIWW SJ REXYVEP HMWEWXIVW SJ WI\YEP EWWEYPX SJ TIVWSREP VINIGXMSRSJIGSRSQMGLEVHWLMT d 'SQTEWWMSRhJSVXLITL]WMGEPP]HMWEFPIHJSVFEXXIVIH[SQIRJSVRIKPIGXIH ERMQEPWJSVWXEVZMRKGLMPHVIRJSVZMGXMQWSJ%-(7 d 4VMHIhMR SRItW GSYRXV] MR SRItW JEQMP] MR SRItW WGLSSP MR SRItW IXLRMG LIVMXEKIMRSRItWTIVWSREPEGGSQTPMWLQIRXW d %RKIVhEXXIVVSVMWXWERHXLIMVWYTTSVXIVWEXFYWMRIWWPIEHIVW[LSEGXYRIXL MGEPP] EX QIQFIVW SJ 'SRKVIWW [LS EFYWI XLI TYFPMG XVYWX EX PERHPSVHW [LSI\TPSMXWXYHIRXXIRERXWEXZERHEPWERHXLMIZIW d +YMPXhEFSYX RSX LIPTMRK TISTPI PIWW JSVXYREXI XLER SYVWIPZIW EFSYX RSX GSRWMHIVMRKXLIVMKLXWSJSXLIVWEFSYXRSXHSMRKSRItWFIWX d 6IZIVIRGIhJSV ER EHQMVIH TIVWSR JSV XVEHMXMSRW ERH MRWXMXYXMSRW JSV SRItWHIMX] 8LIVIEVIQER]SXLIVIQSXMSRWERHQER]SXLIVWYFNIGXWXLEXQMKLXWXMVXLIQ ,S[IZIV XLMW FVMIJ WEQTPI WLSYPH KMZI ]SY ER MHIE SJ XLI OMRHW SJ IQSXMSREP ETTIEPW]SYQMKLXYWIXSIRLERGIXLIQIWWEKISJ]SYVTIVWYEWMZIWTIIGL
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)QSXMSREPETTIEPWSJXIR QEOIETIVWYEWMZIWTIIGL QSVIGSQTIPPMRK7YGL ETTIEPWWLSYPHEP[E]WFI YWIHIXLMGEPP]ERHWLSYPH RSXFIWYFWXMXYXIHJSVJEGXW ERHPSKMG
)2)6%8-2+)138-32%0%44)%0 + 9WI)QSXMSREP0ERKYEKI %W[IWE[MR'LETXIVSRI[E]XSKIRIVEXIIQSXMSREPETTIEPMWXSYWIIQSXMSR PEHIR[SVHW,IVIJSVMRWXERGIMWTEVXSJXLIGSRGPYWMSRJVSQEWXYHIRXWTIIGL EFSYXXLIGLEPPIRKIWERHVI[EVHWSJ[SVOMRKEWEGSQQYRMX]ZSPYRXIIV[MXL ]SYRKGLMPHVIR 8LI TVSQMWI SJ %QIVMGE WTEVOPIW MR XLI I]IW SJ IZIV] GLMPH 8LIMV HVIEQW EVI XLI KPMXXIVMRK HVIEQW SJ %QIVMGE ;LIR XLSWI HVIEQW EVI HEWLIH [LIR MRRSGIRX LSTIW EVI FIXVE]IH WS EVI XLI HVIEQW ERH LSTIW SJ XLI IRXMVI REXMSR -X MW SYV HYX]hXS QI MX MW E WEGVIH HYX]hXS KMZI EPP GLMPHVIR XLI GLERGI XS PIEVR ERH KVS[ XS WLEVI IUYEPP] MRXLI%QIVMGERHVIEQSJJVIIHSQNYWXMGIERHSTTSVXYRMX]
8LI YRHIVPMRIH [SVHW ERH TLVEWIW LEZI WXVSRK IQSXMSREP TS[IV ERH MR XLMWGEWIXLI]TVSHYGIHXLIHIWMVIHIJJIGX&IE[EVILS[IZIVXLEXTEGOMRKXSS QER]IQSXMSREPP]GLEVKIH[SVHWMRXSSRITEVXSJEWTIIGLGERGEPPEXXIRXMSR XSXLIIQSXMSREPPERKYEKIMXWIPJERHYRHIVQMRIMXWMQTEGX8LIIQSXMSRVIWXW MR]SYVEYHMIRGIRSXMR]SYV[SVHW )ZIRXLIGSPHIWXJEGXW GERXSYGLSJJER IQSXMSREPVIWTSRWIMJXLI]WXVMOIXLIVMKLXGLSVHWMREPMWXIRIV
(IZIPST:MZMH)\EQTPIW 3JXIREFIXXIVETTVSEGLXLERVIP]MRKSRIQSXMSREPP]GLEVKIHPERKYEKIMWXSPIX IQSXMSREPETTIEPKVS[REXYVEPP]SYXSJXLIGSRXIRXSJ]SYVWTIIGL8LIQSWX IJJIGXMZI[E]XSHSXLMWMW[MXLZMZMHVMGLP]XI\XYVIHI\EQTPIWXLEXTYPPPMWXIRIVW MRXSXLIWTIIGL ,IVIMW LS[SRI WTIEOIVYWIH EZMZMH I\EQTPIJSVIQSXMSREPETTIEP 7LI [EW WTIEOMRK XS E GMXM^IRWt KVSYT SR FILEPJ SJ '%6) E [SVPH LYQERMXEVMER SVKERM^EXMSR EFSYX XLI QEPEVME ITMHIQMG MR %JVMGE ,IVI MW [LEX WLI QMKLX LEZIWEMHWXVMTTMRKXLIGSRXIRXSJIQSXMSREPETTIEP 1EPEVMEMWSRISJXLIFMKKIWXTVSFPIQWJEGMRK%JVMGE1ER]HMIJVSQMXIZIV]HE]-JXLI VIWXSJXLI[SVPHHSIWRtXLIPTXLIQEPEVMEITMHIQMG[MPPSRP]KIX[SVWI
%TTIEPMRKXS)QSXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LEXWLIEGXYEPP]WEMH[IRXWSQIXLMRKPMOIXLMW 2EXLER[EWSRP]JMZI]IEVWSPH[LIRXLIJIZIVWXVYGOLMQ%XJMVWXRSSRIORI[[LEX [EW[VSRK2SSRIORI[XLEXTEVEWMXIWMRWMHILMWFSH]LEHMRJIGXIHLMWVIHFPSSHGIPPW 2SSRIORI[XLSWIGIPPW[IVIGPYQTMRKXSKIXLIVGLSOMRKXLIJPS[SJFPSSHXLVSYKLLMW FSH]ERHHEQEKMRKLMWZMXEPSVKERW2SSRIORI[LMWOMHRI]W[SYPHWSSRJEMPERHWIM^YVIW [SYPHFIKMR2SSRIORI[LI[SYPH[MRHYTMREGSQE 8LI TEVEWMXIW MR 2EXLERtW FSH] GEQI JVSQ E QSWUYMXS FMXI E FMXI XLEX KEZI LMQ QEPEVME%RH2EXLERMWRSXEPSRI8LI;SVPH,IEPXL3VKERM^EXMSRXIPPWYWXLILSVVMFPIXVYXL -R%JVMGEEGLMPHHMIWJVSQQEPEVMEIZIV]WIGSRHW
4ISTPI[LSPMWXIRXSEWTIIGLPMOIXLEX[MPPRSXWSSRJSVKIX MX8LI]QE] [IPPFIQSZIHXSEGXMSRhEWXLIWTIEOIVMRXIRHW8LIJMVWXWTIIGLLS[IZIVMW RSXRIEVP]EWGSQTIPPMRK0MWXIRIVWQE][IPPRSHXLIMVLIEHWXLMROXSXLIQ WIPZIW qKSSH MHIErhERH XLIR JSVKIX EFSYX MX 8LI WXSV] SJ 2EXLER ERH LMW XVEKMG JEXI KMZIW XLI WIGSRH WTIIGL IQSXMSREP MQTEGX ERH FVMRKW MX LSQI XS PMWXIRIVWMRTIVWSREPXIVQW
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hRSX SRP] XLVSYKL ]SYV [SVHW FYX EPWS XLVSYKL]SYVXSRISJZSMGIVEXISJWTIIGLKIWXYVIWERHJEGMEPI\TVIWWMSRW
)8,-'7%2()138-32%0%44)%0 1YGLLEWFIIR[VMXXIREFSYXXLIIXLMGWSJIQSXMSREPETTIEPMRWTIIGLQEOMRK 7SQITISTPILEZIXEOIRXLII\XVIQITSWMXMSRXLEXIXLMGEPWTIEOIVWWLSYPHEZSMH IQSXMSREPETTIEPIRXMVIP]8SWYTTSVXXLMWZMI[XLI]TSMRXXSWTIEOIVW[LSLEZI YWIHIQSXMSREPETTIEPXSJERXLIJPEQIWSJLEXVIHFMKSXV]ERHJEREXMGMWQ 8LIVIMWRSUYIWXMSR XLEXIQSXMSREPETTIEPWGERFIEFYWIHF]YRWGVYTYPSYW WTIEOIVWJSVHIXIWXEFPIGEYWIW&YXIQSXMSREPETTIEPWGEREPWSFI[MIPHIHF]LSRSV EFPIWTIEOIVWJSVRSFPIGEYWIWh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
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)QSXMSREPPERKYEKIERHZMZMH I\EQTPIWGERLIPTKIRIVEXI IQSXMSREPETTIEPFYXRIMXLIV EVIIJJIGXMZIYRPIWWXLI WTIEOIVXEPOW[MXLKIRYMRI WMRGIVMX]ERHGSRZMGXMSR
3RXLISXLIVLERHIQSXMSREPETTIEPWEVIYWYEPP]MRETTVSTVMEXIMRETIV WYEWMZI WTIIGL SR E UYIWXMSR SJ JEGX ,IVI ]SY WLSYPH HIEP SRP] MR WTIGMJMG MRJSVQEXMSR ERH PSKMG 7YTTSWI WSQISRI GLEVKIW ]SYV WXEXI KSZIVRSV [MXL MPPIKEP GEQTEMKR EGXMZMXMIW -J ]SY VIWTSRH F] WE]MRK q-tQ WYVI XLI GLEVKI MW JEPWIFIGEYWI-LEZIEP[E]WEHQMVIHXLIKSZIVRSVrSVq-tQWYVIXLIGLEVKIMW XVYIFIGEYWI-LEZIEP[E]WHMWPMOIHXLIKSZIVRSVr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
7EQTPI7TIIGL[MXL'SQQIRXEV]
8LI JSPPS[MRK TIVWYEWMZI WTIIGL HIEPW [MXL E UYIWXMSR SJ TSPMG] ERH MW SVKE RM^IH EGGSVHMRK XS 1SRVSItW QSXMZEXIH WIUYIRGI %W ]SY VIEH XLI WTIIGL RSXMGI LS[ XLI WTIEOIV YXMPM^IW XLI QIXLSHW SJ TIVWYEWMSR HMWGYWWIH MR XLMW GLETXIVEWWLIQSZIWXLVSYKLIEGLWXITSJXLIQSXMZEXIHWIUYIRGI8LIWTIIGL EPWSTVSZMHIWERI\GIPPIRXI\EQTPISJLS[EWTIEOIVtWHIPMZIV]GERIRLERGILMW SV LIV GVIHMFMPMX] ERH IQSXMSREP ETTIEPhEW ]SY GER WII F] [EXGLMRK :MHIS 'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIV
GSRRIGXPYGEWGSQ :MI[q1EOMRKE(MJJIVIRGI 8LVSYKLXLI7TIGMEP3P]QTMGWr MRXLISRPMRI1IHME0MFVEV]JSV XLMWGLETXIV :MHIS'PMT
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1EOMRKE(MJJIVIRGI8LVSYKLXLI7TIGMEP3P]QTMGW '311)28%6=
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8LI JMVWX WXIT MR 1SRVSItW QSXMZEXIH WIUYIRGI MW KEMRMRK XLI EXXIRXMSR SJ XLI EYHMIRGI[LMGLXLIWTIEOIV HSIW[MXLER I\XIRHIHI\EQTPI-RXLMWGEWIXLII\EQ TPIEPWSLEWWXVSRKIQSXMSREPETTIEP
-R7IEXXPIRMRI]SYRKEXLPIXIWKEXLIVIHEXXLIWXEVXMRKPMRIJSV XLI]EVHHEWL%XXLIKYRXLI]EPPWXEVXIHSJJRSXI\EGXP] MR EHEWLFYX[MXL EHIWMVIXSVYRXLIVEGIXSXLIJMRMWLERH [MR %PP I\GITX SRI PMXXPI FS] [LS WXYQFPIH SR XLI EWTLEPX XYQFPIHSZIVEGSYTPISJXMQIWERHFIKERXSGV]8LISXLIV VYRRIVW LIEVH XLI FS] GV] 8LI] WXSTTIH XLI] PSSOIH FEGO 8LIRXLI]EPP[IRXFEGOXSXLIFS]tWWMHIhIZIV]WMRKPISRISJ XLIQ 3RI KMVP [MXL (S[R W]RHVSQI OMWWIH LMQ ERH WEMH q8LMW[MPPQEOIMXFIXXIVr8LIREPPRMRIPMROIHEVQWERH[EPOIH XSXLIJMRMWLPMRIhXSKIXLIV
8LI WTIEOIV QSZIW JVSQ LIV STIRMRK I\ EQTPIXSVIZIEPXLIXSTMGSJLIVWTIIGL
8LIWIEXLPIXIW[IVIRSXGSQTIXMRKSRREXMSREPXIPIZMWMSR 8LI][IVIRSXWTSRWSVIHSVMHSPM^IH&YXXLI][IVIKMZIRXLI STTSVXYRMX]XSJPSYVMWLYRHIVXLIKPS[SJXLIMVS[RWTSXPMKLX XS JIIP XLI FVYWL SJ XLI VMFFSR GVSWW XLIMV GLIWXW EW XLI] VERXLVSYKLXLIMVS[RJMRMWLPMRIMRXLIMVS[R3P]QTMGWhXLI 7TIGMEP3P]QTMGW
)ZIR XLSYKL EPPQIQFIVW SJLIVEYHMIRGI ORI[ EFSYX XLI 7TIGMEP 3P]QTMGW FIJSVI XLI WTIIGL XLI WTIEOIV UYMGOP] VIQMRHW XLIQSJXLISVKERM^EXMSRtWMHIEPW7LIXLIR VIPEXIW XLI XSTMGHMVIGXP] XS LIV GPEWWQEXIW EXETIVWSREPPIZIP
*SYRHIH MR 7TIGMEP 3P]QTMGW MRZMXIH XLI[SVPH XS PIX KS SJ PMQMXMRK ZMI[W YR]MIPHMRK TVINYHMGIW ERH MKRSVERX QMWGSRGITXMSRWEFSYXTISTPI[MXLGSKRMXMZIHMWEFMPMXMIWERHXS IQFVEGIXLIMHIEXLEXXLI]GERFIVIWTIGXIHZEPYIHGSRXVMF YXMRKQIQFIVWSJWSGMIX].YWXXLMROSRISJXLIOMHW[LSVER XLVSYKL XLEX JMRMWL PMRI GSYPH LEZI JEPPIR MRXS ]SYV EVQW 3V QE]FISRIHE]GSYPHFI]SYVS[RGLMPH
8LIWTIEOIVIWXEFPMWLIWLIVGVIHMFMPMX]ERH TVSZMHIWETVIZMI[WXEXIQIRXXLEXPIEHWMRXS XLIFSH]SJXLIWTIIGL
%JXIV[SVOMRKEWEZSPYRXIIVJSVXLI7TIGMEP3P]QTMGWERH HSMRKEHHMXMSREPVIWIEVGLJSVXLMWWTIIGL-tHPMOIXSIRGSYVEKI ]SYXSFIGSQIMRZSPZIHEWEZSPYRXIIVJSVXLI7TIGMEP3P]QTMGW ;ItPPWXEVXF]PSSOMRKEXXLIRIIHJSVZSPYRXIIVW
2S[XLIWTIEOIVQSZIWMRXSXLIRIIHWXIT SJ 1SRVSItWQSXMZEXIHWIUYIRGI (VE[MRK JVSQ XLI 7TIGMEP 3P]QTMGW ;IF WMXI WLI TVSZMHIWMRJSVQEXMSREFSYXXLIRYQFIVSJ TEVXMGMTERXW ERH XLI GSRXMRYMRK RIIH JSV ZSPYRXIIVW
%GGSVHMRKXSXLI7TIGMEP3P]QTMGW;IFWMXIQSVIXLER QMPPMSR TISTPIGSQTIXIMR7TIGMEP 3P]QTMGWEVSYRHXLI [SVPH 4EVXMGMTERXW QYWX FI EX PIEWX IMKLX ]IEVW SPH ERH FI MHIRXMJMIH EW LEZMRK E GSKRMXMZI SV MRXIPPIGXYEP HMWEFMPMX] 8LIVIEVIGYVVIRXP]7TIGMEP3P]QTMGWTVSKVEQWVYRRMRK MRSZIVGSYRXVMIW
6EXLIVXLERXEPOMRKEFSYXXLIRIIHJSVZSP YRXIIVWMRKIRIVEPXIVQWXLIWTIEOIVVIPEXIW XS XLI EYHMIRGI F] JSGYWMRK SR XLI WMXYE XMSR MR ;MWGSRWMR [LIVI XLI WTIIGL [EW HIPMZIVIH
%WXLI7TIGMEP 3P]QTMGW GSRXMRYIWXS KVS[ WS HSIW XLI RIIHJSVZSPYRXIIVW,IVIMR;MWGSRWMRXLIVIEVIEXL PIXIW ERH ZSPYRXIIV GSEGLIW &YX FIGEYWI SJ EPP XLI MRHMZMHYEP EXXIRXMSR VIUYMVIH F] 7TIGMEP 3P]QTMGW EXLPIXIW XLIVItWEP[E]WERIIHJSVQSVIZSPYRXIIVGSEGLIWSVJSVPSEHW SJSXLIVZSPYRXIIVWEW[IPP
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LMW TEVEKVETL FIKMRW [MXL E XVERWMXMSR MRXSXLIWEXMWJEGXMSRWIGXMSRSJXLIWTIIGL 2SXMGI LS[ XLI WTIEOIV I\TPEMRW XLEX SRI HSIWRSXRIIHXSFIEKVIEXEXLPIXISVLEZI TVMSVGSEGLMRKI\TIVMIRGIXSZSPYRXIIVEWE 7TIGMEP3P]QTMGWGSEGL8LMWOMRHSJWTIGM JMGMX] MW MQTSVXERX [LIRIZIV E WTIEOIV [ERXW XS TIVWYEHI ER EYHMIRGI XS XEOI MQQIHMEXIEGXMSR
2S[ ]SY ORS[ XLI RIIH JSV 7TIGMEP 3P]QTMGW ZSPYR XIIVW 7S XLI UYIWXMSR MW ;LEX GER ]SY HS XS LIPT# 8LI ERW[IV MW &IGSQI E ZSPYRXIIV 8LI QSWX SFZMSYW [E] XS FIGSQI E ZSPYRXIIV MW XS FIGSQI E GSEGL 2S[ ]SY HSRtX LEZIXSFIEKVIEXEXLPIXI=SYHSRtXLEZIXSLEZIER]TVMSV GSEGLMRK I\TIVMIRGI 7TIGMEP 3P]QTMGW SJJIVW E KIRIVEP GSYVWISRXLITVMRGMTPIWSJGSEGLMRKMREHHMXMSRXSEQIRXSV MRKTVSKVEQMR[LMGLXLIRI[GSEGLIWVIGIMZIKYMHERGIJVSQ XLII\TIVMIRGIHGSEGLIW
8LIWTIEOIVTVSZMHIWSTXMSRWJSVLIVPMWXIR IVW F] RSXMRK XLEX SRI GER ZSPYRXIIV MR [E]W SXLIV XLER GSEGLMRK ERH XLEX SRItW GSRXVMFYXMSRWXS7TIGMEP3P]QTMGWGERZEV] HITIRHMRK SR XLI PIZIP SJ GSQQMXQIRX E TIVWSR MW EFPI XS QEOI EX E TEVXMGYPEV XMQI
-J]SYHSRtX[ERXXSFIEGSEGLXLIVIEVISXLIV[E]WXS LIPTSYXEW[IPP=SYGER[SVOFILMRHXLIWGIRIWF]EWWMWXMRK [MXL JYRHVEMWMRK SV SVKERM^MRK IZIRXW SV ER] SJ XLI SXLIV GSYRXPIWWHIXEMPWMRZSPZIHMRVYRRMRKELYKISVKERM^EXMSRWYGL EW 7TIGMEP 3P]QTMGW -XtW EPWS ZIV] MQTSVXERX XLEX ]SY ORS[ XLEX]SYVGSRXVMFYXMSRXS7TIGMEP3P]QTMGWGERPEWXJVSQEHE] XSE]IEVXSEPMJIXMQIHITIRHMRKSRXLIPIZIPSJGSQQMXQIRX XLEX]SYtVIVIEH]XSQEOI
,EZMRK I\TPEMRIH LIV TPER XLI WTIEOIV QSZIWMRXSXLIZMWYEPM^EXMSRWIGXMSRSJLIV WTIIGL MR [LMGL WLI HIQSRWXVEXIW XLI FIRIJMXWSJLIVTPER8LMWMWSRISJXLIQSWX MQTSVXERXEWTIGXWSJER]TIVWYEWMZIWTIIGL SREUYIWXMSRSJTSPMG]
2SQEXXIVLS[]SYHIGMHIXSLIPT-KYEVERXII]SYXLEX [SVOMRK[MXLXLI7TIGMEP3P]QTMGW[MPPFIMQQIRWIP]VI[EVH MRK %W E GSEGL ]SYV MRWXVYGXMSR ERH WYTTSVX [MPP LIPT ]SYV EXLPIXIW HIZIPST TL]WMGEP WOMPPW [LMPI ]SYV MRXIVEGXMSR ERH JVMIRHWLMT[MPPLIPTXLIQHIZIPSTWSGMEPP]6SRRE:ERHIVWPMGI EYXLSV SJ XLI EVXMGPI q7TIGMEP 3P]QTMGW &IRIJMGMEP XS %PPr VITSVXWXLEXMRHMZMHYEPW[LSKIXMRZSPZIHMRWTSVXWERHVIGVI EXMSR XLVSYKL 7TIGMEP 3P]QTMGW HIZIPST PEVKIV RIX[SVOW SJ JVMIRHW EVI QSVI PMOIP] XS WSGMEPM^I [MXL SXLIVW ERH VIGIMZI QSVIWSGMEPWYTTSVX
(VE[MRKSRLIVS[RI\TIVMIRGIEWEZSPYR XIIV FSSWXW XLI WTIEOIVtW GVIHMFMPMX] EW WLI I\TPEMRWXLITIVWSREPKVEXMJMGEXMSRSJ[SVO MRK [MXL XLI7TIGMEP 3P]QTMGW%W]SYGER WIIJVSQXLIZMHISSJXLIWTIIGLMRXLISR PMRI 1IHME 0MFVEV] JSV XLMW GLETXIV XLI WTIEOIVtW WMRGIVMX] EHHW MQQIRWIP] XS XLI MQTEGXSJLIVMHIEW
&YX MXtW RSX NYWX XLI EXLPIXIW [LS FIRIJMX JVSQ 7TIGMEP 3P]QTMGW-RQ]GEWI[SVOMRK[MXL7TIGMEP3P]QTMGWMWSRISJ XLIQSWXKVEXMJ]MRKXLMRKW-LEZIIZIVHSRIMRQ]PMJI2SXSRP] HS - LEZI XLI WEXMWJEGXMSR XLEX GSQIW JVSQ LIPTMRK SXLIVW MQTVSZIXLIUYEPMX]SJXLIMVPMZIWFYX-tZIQIXWSQER]EQE^MRK TISTPIERHQIXWSQER]KVIEXJVMIRHWXLEXVIEPP]-[SYPHRSX XVEHIXLII\TIVMIRGIJSVER]XLMRK
%XVERWMXMSRWMKREPWXLEXXLIWTIEOIVMWQSZMRK MRXSXLIEGXMSRWIGXMSRSJLIVWTIIGL2SXMGI LS[ WLI XMIW LIV GEPP JSV EGXMSR HMVIGXP] XS LIVGPEWWQEXIWF]XEPOMRKMRXIVQWSJq]SYr ERHq]SYVr
2S[ ]SY ORS[ XLI RIIH JSV 7TIGMEP 3P]QTMGW ZSPYR XIIVW WSQI [E]W XLEX ]SY GER LIPT SYX ERH XLI FIRIJMXW XSXLIZSPYRXIIVW ERHEXLPIXIWEPMOIWSRS[-tH PMOIXSEWO ]SY XS XEOI XLI WXIT SJ KIXXMRK MRZSPZIH [MXL XLI 7TIGMEP 3P]QTMGW-J]SY[ERXQSVIMRJSVQEXMSR]SYGERGLIGOSYX XLI ;IF WMXI JSV XLI 7TIGMEP 3P]QTMGW SV ZMWMX XLI PSGEP LIEHUYEVXIVWPSGEXIH SR1SRSRE(VMZILIVIMR1EHMWSR- EPWS LEZI FVSGLYVIW [MXL GSRXEGX MRJSVQEXMSR XLEX -tPP FI LERHMRKSYXEJXIVXLIWTIIGL
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LI WTIEOIV EKEMR WXVIWWIW XLEX WXYHIRXW GER EHNYWX ZSPYRXIIVMRK XS XLIMV TIVWSREP WGLIHYPIW
-ORS[]SYQE]RSXLEZIEPSXSJXMQIEZEMPEFPIVMKLXRS[ FYX]SYGERZSPYRXIIVJSVXLIXMQIXLEXJMXW]SYVWGLIHYPI8LI QSWXMQTSVXERXXLMRKMWXSKIXMRZSPZIHMRWSQIGETEGMX]JSV [LEXIZIVEQSYRXSJXMQI]SYGERQEREKI
&] VIXYVRMRK XS LIV STIRMRK WXSV] XLI WTIEOIVVIPEXIWSRGIQSVIXSXLIEYHMIRGI YRMJMIWXLIIRXMVIWTIIGLERHWXVIRKXLIRW MXW IQSXMSREP ETTIEP &VMIJ ERH TSMKRERX XLIGPSWMRKUYSXEXMSRTVSZMHIWERI\GIPPIRX IRHMRK
6IQIQFIVXLIRMRIGLMPHVIR-QIRXMSRIHEXXLIFIKMRRMRK SJXLMWWTIIGL8LMROSJXLIMVLETTMRIWWERHXLIMVWYTTSVXJSV SRIERSXLIV8LMROSJLS[QYGLXLI]KEMRIHJVSQVYRRMRKMR XLEX VEGI %RH XLMRO SJ LS[ ]SY GER LIPT SXLIVW I\TIVMIRGI XLIWEQIFIRIJMXWEWXLI]WXVMZIXSJYPJMPPXLIQSXXSSJXLI7TI GMEP3P]QTMGW q0IXQI[MR&YXMJ-GERtX[MRPIXQIFIFVEZI MRXLIEXXIQTXr
7911%6= 0MWXIRIVW EGGITX E WTIEOIVtW MHIEW JSV SRI SV QSVI SJ JSYV VIEWSRWhFIGEYWI XLI] TIVGIMZIXLIWTIEOIVEWLEZMRKLMKLGVIHMFMPMX]FIGEYWIXLI]EVI[SRSZIVF]XLI WTIEOIVtW IZMHIRGI FIGEYWI XLI] EVI GSRZMRGIH F] XLI WTIEOIVtW VIEWSRMRK SV FIGEYWIXLI]EVIQSZIHF]XLIWTIEOIVtWIQSXMSREPETTIEPW 'VIHMFMPMX]MWEJJIGXIHF]QER]JEGXSVWFYXXLIX[SQSWXMQTSVXERXEVIGSQTI XIRGIERHGLEVEGXIV8LIQSVIJEZSVEFP]PMWXIRIVWZMI[EWTIEOIVtWGSQTIXIRGIERH GLEVEGXIVXLIQSVIPMOIP]XLI]EVIXSEGGITXLIVSVLMWMHIEW%PXLSYKLGVIHMFMPMX] MWTEVXP]EQEXXIVSJVITYXEXMSR]SYGERIRLERGI]SYVGVIHMFMPMX]HYVMRKEWTIIGL F]IWXEFPMWLMRKGSQQSRKVSYRH[MXL]SYVPMWXIRIVWF]PIXXMRKXLIQORS[[L]]SY EVI UYEPMJMIH XS WTIEO SR XLI XSTMG ERH F] TVIWIRXMRK ]SYV MHIEW JPYIRXP] ERH I\TVIWWMZIP] -J]SYLSTIXSFITIVWYEWMZI]SYQYWXEPWSWYTTSVX]SYVZMI[W[MXLIZMHIRGIh I\EQTPIWWXEXMWXMGWERHXIWXMQSR]6IKEVHPIWWSJ[LEXOMRHSJIZMHIRGI]SYYWIMX [MPPFIQSVITIVWYEWMZIMJMXMWRI[XSXLIEYHMIRGIWXEXIHMRWTIGMJMGVEXLIVXLER KIRIVEPXIVQWERHJVSQGVIHMFPIWSYVGIW=SYVIZMHIRGI[MPPEPWSFIQSVITIVWYE WMZIMJ]SYWXEXII\TPMGMXP]XLITSMRXMXMWWYTTSWIHXSTVSZI 2SQEXXIVLS[WXVSRK]SYVIZMHIRGI]SY[MPPRSXFITIVWYEWMZIYRPIWWPMWXIRIVW EKVII [MXL ]SYV VIEWSRMRK -R VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW ]SY QSZI JVSQ E RYQFIVSJTEVXMGYPEVJEGXWXSEKIRIVEPGSRGPYWMSR6IEWSRMRKJVSQTVMRGMTPIMWXLI VIZIVWIh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hERHSJXIRRIGIWWEV]hMR WTIIGLIWXLEXWIIOMQQIHMEXIEGXMSRSRUYIWXMSRWSJTSPMG])ZIR[LIRXV]MRKXS QSZIPMWXIRIVWXSEGXMSRLS[IZIV]SYWLSYPHRIZIVWYFWXMXYXIIQSXMSREPETTIEPW JSVIZMHIRGIERHVIEWSRMRK
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
/)=8)617 IXLSW
VIEWSRMRKJVSQTVMRGMTPI
GVIHMFMPMX]
GEYWEPVIEWSRMRK
MRMXMEPGVIHMFMPMX]
JEPWIGEYWI
HIVMZIHGVIHMFMPMX]
EREPSKMGEPVIEWSRMRK
XIVQMREPGVIHMFMPMX]
MRZEPMHEREPSK]
GVIEXMRKGSQQSRKVSYRH
JEPPEG]
IZMHIRGI
VIHLIVVMRK
PSKSW
EHLSQMRIQ
VIEWSRMRK
IMXLIVSV
VIEWSRMRKJVSQWTIGMJMG MRWXERGIW
FERH[EKSR
LEWX]KIRIVEPM^EXMSR
TEXLSW
WPMTTIV]WPSTI
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ; LEXMWGVIHMFMPMX]#;LEXX[SJEGXSVWI\IVXXLIQSWXMRJPYIRGISREREYHMIRGItW TIVGITXMSRSJEWTIEOIVtWGVIHMFMPMX]# ; LEXEVIXLIHMJJIVIRGIWEQSRKMRMXMEPGVIHMFMPMX]HIVMZIHGVIHMFMPMX]ERHXIV QMREPGVIHMFMPMX]# ; LEXEVIXLVII[E]W]SYGERIRLERGI]SYVGVIHMFMPMX]HYVMRK]SYVWTIIGLIW# ; LEXMWIZMHIRGI#;L]HSTIVWYEWMZIWTIEOIVWRIIHXSYWIIZMHIRGI# ; LEXEVIJSYVXMTWJSVYWMRKIZMHIRGIIJJIGXMZIP]MRETIVWYEWMZIWTIIGL# ; LEXMWVIEWSRMRKJVSQWTIGMJMGMRWXERGIW#;LEXKYMHIPMRIWWLSYPH]SYJSPPS[ [LIRYWMRKXLMWQIXLSHSJVIEWSRMRK#
GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;LEX MW VIEWSRMRK JVSQ TVMRGMTPI# ,S[ MW MX HMJJIVIRX JVSQ VIEWSRMRK JVSQ WTIGMJMGMRWXERGIW# ;LEX MW GEYWEP VIEWSRMRK# ;LEX X[S IVVSVW QYWX ]SY FI WYVI XS EZSMH [LIR YWMRKGEYWEPVIEWSRMRK# ;LEXMWEREPSKMGEPVIEWSRMRK#,S[HS]SYNYHKIXLIZEPMHMX]SJEREREPSK]# ;LEXEVIXLIIMKLXPSKMGEPJEPPEGMIWHMWGYWWIHMRXLMWGLETXIV# ;LEX MW XLI VSPI SJ IQSXMSREP ETTIEP MR TIVWYEWMZI WTIEOMRK# -HIRXMJ] XLVII QIXLSHW]SYGERYWIXSKIRIVEXIIQSXMSREPETTIEPMR]SYVWTIIGLIW
)\IVGMWIWJSV'VMXMGEP8LMROMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)<)6'-7)7*36'6-8-'%08,-2/-2+ 6IWIEVGLLEWWLS[RXLEXEWTIEOIVtWMRMXMEPGVIHMFMPMX]GERLEZIKVIEXMQTEGXSR LS[XLIWTIEOIVtWMHIEWEVIVIGIMZIHF]PMWXIRIVW6IWIEVGLLEWEPWSWLS[RXLEXE WTIEOIVtWGVIHMFMPMX][MPPZEV]JVSQXSTMGXSXSTMGERHEYHMIRGIXSEYHMIRGI-R XLIPIJXLERHGSPYQRFIPS[MWEPMWXSJ[IPPORS[RTYFPMGJMKYVIW-RXLIVMKLX LERHGSPYQRMWEPMWXSJTSXIRXMEPWTIIGLXSTMGW%WWYQIXLEXIEGLWTIEOIV[MPP FIEHHVIWWMRK]SYVWTIIGLGPEWW *SVIEGLWTIEOIVMHIRXMJ]XLIXSTMGMRXLIVMKLXLERHGSPYQRSR[LMGLWLI SVLI[SYPHLEZIXLILMKLIWXMRMXMEPGVIHMFMPMX]JSV]SYVGPEWW8LIRI\TPEMRLS[ XLIWTIEOIVtWMRMXMEPGVIHMFMPMX]QMKLXFIEJJIGXIHMJXLIWTIEOIV[IVIHMWGYWWMRK XLIXSTMGMRXLIVMKLXLERHGSPYQRHMVIGXP]EGVSWWJVSQLIVSVLMWREQI 7TIEOIV
8STMG
3TVEL;MRJVI]
8LI'SQIH]SJ4SPMXMGW
&MPP+EXIW
*ERXEW]EW0MXIVEXYVI
%P+SVI
8EPO7LS[W 8LIMV6SPIMR7SGMIX]
.SR7XI[EVX
8LI*YXYVISJ'SQTYXIVW
./6S[PMRK
)RZMVSRQIRXEP4SPMXMGW
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
3 ZIVXLI]IEVWXLIVILEWFIIRQYGLHIFEXIEFSYXXLIVSPISJIQSXMSREPETTIEP MRTYFPMGWTIEOMRK(S]SYFIPMIZIMXMWIXLMGEPJSVTYFPMGWTIEOIVWXSYWIIQS XMSREP ETTIEPW [LIR WIIOMRK XS TIVWYEHI ER EYHMIRGI# (S ]SY JIIP XLIVI EVI GIVXEMROMRHWSJIQSXMSRWXS[LMGLERIXLMGEPWTIEOIVWLSYPHRSXETTIEP#;L] SV[L]RSX#&ITVITEVIHXSI\TPEMR]SYVMHIEWMRGPEWW % REP]^Iq8LI,SVVSVWSJ4YTT]1MPPWrMRXLIETTIRHM\SJWEQTPIWTIIGLIWXLEX JSPPS[W'LETXIV TEKIW% i% 4E]WTIGMEPEXXIRXMSRXSXLIWTIEOIVtWGVIH MFMPMX]IZMHIRGIVIEWSRMRKERHIQSXMSREPETTIEP:MI[XLIZMHISSJXLIWTIIGL MRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIVEXGSRRIGXPYGEWGSQWS]SYGEREPWS EWWIWWLMWHIPMZIV]ERHYWISJZMWYEPEMHW
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
%W XLI WIVZMGI QEREKIV JSV E PSGEP LSQI MQTVSZIQIRX GSQTER] ]SY LEZI FIIR TPIEWIH XS WII ]SYV GSQTER] I\TERH MXW WM^I ERH WGSTI FYX ]SY HSRtX [ERX XLEX KVS[XL XS GSQI EX XLI I\TIRWI SJ GYWXSQIV WIVZMGI -R TEVXMGYPEV ]SYtVI [SVVMIH EFSYX PSWMRK XSYGL [MXL SRI SJ XLI GSQTER]tW OI] HIQSKVETLMGWh[SQIR [LS QEOI YT TIVGIRX SJ ]SYV GYWXSQIV FEWI 8S TVIZIRX XLMW JVSQ LETTIRMRK ]SY LEZIHIZIPSTIHETPERJSVEVERKISJTIVWSREPM^IHWIVZMGIWXEVKIXIHEX[SQIRMRGPYHMRK SRISRSRIXIEGLMRKSJHSMX]SYVWIPJWOMPPWERHJVIIMRLSQIGSRWYPXEXMSRW ;LIR]SYTVIWIRX]SYVTPEREXEQIIXMRKSJXLIGSQTER]tWQEREKIQIRXXIEQ ]SYPMWXIREWSRII\IGYXMZIEVKYIWMRSTTSWMXMSR%QSRKLMWTSMRXWEVIXLIJSPPS[ MRK -J ]SYV TPER MW EHSTXIH GYWXSQIVW [MPP I\TIGX QSVI ERH QSVI WTIGMEP WIVZMGIW ERH IZIRXYEPP] [MPP HIQERH JVII MRWXEPPEXMSR SJ JPSSVMRK ERH GEVTIXMRK &IGEYWIEQENSVMX]SJXLIQEREKIQIRXXIEQSTTSWIW]SYVTPERMXQYWXRSXFI EKSSHMHIE 3RISJ]SYVGSQTIXMXSVWXVMIHEGYWXSQIVWIVZMGITPERWTIGMJMGEPP] JSV[SQIRFYXMXHMHRSXWYGGIIH XLIVIJSVI]SYVTPERMWHSSQIHXSJEMPYVI -R]SYVVIWTSRWIXSXLII\IGYXMZI]SY[MPPTSMRXSYXXLIJEPPEG]MRIEGLSJLMW TSMRXW;LEXEVIXLSWIJEPPEGMIW#
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
TIEOMRKSR 7 7TIGMEP3GGEWMSRW
7TIIGLIWSJ-RXVSHYGXMSR 7TIIGLIWSJ4VIWIRXEXMSR 7TIIGLIWSJ%GGITXERGI 'SQQIQSVEXMZI7TIIGLIW
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
TIGMEP SGGEWMSRW EVI XLI TYRGXYEXMSR QEVOW SJ HE]XSHE] PMJI XLI LMKL TSMRXW XLEX WXERH SYX EFSZI SVHMREV] VSYXMRI 'LVMWXIRMRKW [IH HMRKW JYRIVEPW KVEHYEXMSRW E[EVH GIVIQSRMIW MREYKYVEPW VIXMVIQIRX HMRRIVWhEPPXLIWIEVISGGEWMSRWERHXLI]EVIZIV]WTIGMEPXSXLITISTPI[LS XEOITEVXMRXLIQ2IEVP]EP[E]WXLI]EVISGGEWMSRWJSVWTIIGLQEOMRK%GPSWI JVMIRHTVSTSWIWEXSEWXXSXLIFVMHIERHKVSSQ XLIWEPIWQEREKIVTVIWIRXWER E[EVHXSXLIWEPIWVITVIWIRXEXMZISJXLI]IEV XLITVIWMHIRXHIPMZIVWERMREYKY VEPEHHVIWW XLIFEWOIXFEPPGSEGLKMZIWEWTIIGLLSRSVMRKXLIXIEQtWQSWXZEPY EFPITPE]IV EJEQMP]QIQFIVHIPMZIVWEQSZMRKIYPSK]XSXLIHIGIEWIH8LIWI WTIIGLIWLIPTKMZIXLISGGEWMSRMXWqWTIGMEPRIWWr8LI]EVITEVXSJXLIGIVIQS RMEPEYVEXLEXQEVOWXLIIZIRX 7TIIGLIW JSV WTIGMEP SGGEWMSRW EVI HMJJIVIRX JVSQ XLI WTIIGLIW [I LEZI GSRWMHIVIHWSJEVMRXLMWFSSO8LI]QE]GSRZI]MRJSVQEXMSRSVTIVWYEHIFYX XLEXMWRSXXLIMVTVMQEV]TYVTSWI6EXLIVXLI]EMQXSJMXXLIWTIGMEPRIIHWSJ EWTIGMEPSGGEWMSR-RXLMWGLETXIV[IPSSOEXXLIQSWXGSQQSRWTIGMEPSGGE WMSRWERHXLIOMRHWSJWTIIGLIWETTVSTVMEXIJSVIEGL
7
7TIIGLIWSJ-RXVSHYGXMSR
WTIIGLSJMRXVSHYGXMSR %WTIIGLXLEXMRXVSHYGIW XLIQEMRWTIEOIVXSXLI EYHMIRGI
q(MWXMRKYMWLIHKYIWXWXLI4VIWMHIRXSJXLI9RMXIH7XEXIWr-J]SYEVIIZIVMRE WMXYEXMSRMR[LMGL]SYLEZIXSMRXVSHYGIXLI4VIWMHIRX]SY[MPPRIIHRSQSVI XLERXLIIMKLX[SVHWXLEXFIKMRXLMWTEVEKVETL8LI4VIWMHIRXMWWS[IPPORS[R XLEXER]JYVXLIVVIQEVOW[SYPHFIMRETTVSTVMEXIERHEPQSWXJSSPMWL 1SWX SJ XLI XMQI LS[IZIV E WTIIGL SJ MRXVSHYGXMSR [MPP FI RIMXLIV XLMW FVMIJRSVXLMWVMXYEPM^IH-J]SYEVIMRXVSHYGMRKERSXLIVWTIEOIV]SY[MPPRIIH XSEGGSQTPMWLXLVIITYVTSWIWMR]SYVMRXVSHYGXMSR &YMPHIRXLYWMEWQJSVXLIYTGSQMRKWTIEOIV &YMPHIRXLYWMEWQJSVXLIWTIEOIVtWXSTMG )WXEFPMWLE[IPGSQMRKGPMQEXIXLEX[MPPFSSWXXLIWTIEOIVtWGVIHMFMPMX] %KSSHWTIIGLSJMRXVSHYGXMSRGER FIEHIPMKLXXSLIEVERHGER IEWIXLI XEWOSJXLIQEMRWTIEOIV9WYEPP]]SY[MPPWE]WSQIXLMRKEFSYXXLIWTIEOIVERH EFSYXXLIXSTMGhMRXLEXSVHIV*SPPS[MRKEVIWSQIKYMHIPMRIWJSVWTIIGLIWSJ MRXVSHYGXMSR
&I&VMIJ (YVMRK;SVPH;EV-0SVH&EPJSYV+VIEX&VMXEMRtWJSVIMKRWIGVIXEV][EWXSFI XLIQEMR WTIEOIV EX E VEPP]MR XLI 9RMXIH7XEXIW &YX XLI WTIEOIV MRXVSHYGMRK LMQ KEZI E QMRYXI SVEXMSR SR XLI GEYWIW SJ XLI [EV 8LIR EPQSWX EW ER EJXIVXLSYKLX LIWEMHq2S[0SVH&EPJSYV [MPP KMZI LMWEHHVIWWr0SVH&EPJSYV VSWIERHWEMHq-tQWYTTSWIHXSKMZIQ]EHHVIWWMRXLIFVMIJXMQIVIQEMRMRK ,IVIMXMW 'EVPIXSR+EVHIRW0SRHSR)RKPERHr )ZIV]SRI [LS LEW IZIV WEX XLVSYKL E PSRK[MRHIH MRXVSHYGXMSR ORS[W LS[HVIEV]MXGERFI8LITYVTSWISJEWTIIGLSJMRXVSHYGXMSRMWXSJSGYWEXXIR XMSR SR XLI QEMR WTIEOIV RSX SR XLI TIVWSR QEOMRK XLI MRXVSHYGXMSR %
',%48)6 74)%/-2+3274)'-%03''%7-327
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WTIIGLSJMRXVSHYGXMSR[MPPYWYEPP]FIRSQSVIXLERX[SXSXLVIIQMRYXIWPSRK ERHQE]FIWLSVXIVMJXLIWTIEOIVMWEPVIEH][IPPORS[RXSXLIEYHMIRGI
1EOI7YVI=SYV6IQEVOW%VI'SQTPIXIP]%GGYVEXI 1ER] ER MRXVSHYGIV LEW IQFEVVEWWIH LMQWIPJ SV LIVWIPJ EW [IPP EW XLI QEMR WTIEOIVF]KEVFPMRKFEWMGJEGXW%P[E]WGLIGO[MXLXLIWTIEOIVELIEHSJXMQI XSQEOIWYVI]SYVMRXVSHYGXMSRMWEGGYVEXIMRIZIV]VIWTIGX %FSZIEPPKIXXLIWTIEOIVtWREQIVMKLX-JXLIWTIEOIVtWREQIMWEXEPPHMJJMGYPXh IWTIGMEPP]MJMXMRZSPZIWEJSVIMKRTVSRYRGMEXMSRhTVEGXMGIWE]MRKMXMREHZERGI ,S[IZIV HSRtX TVEGXMGI WS QYGL XLEX ]SY JVMKLXIR ]SYVWIPJ EFSYX KIXXMRK MX [VSRK8LMW[EWXLITPMKLXSJERERRSYRGIV[LSWIKEJJIMWRS[EGPEWWMG q0EHMIW ERHKIRXPIQIRXLI4VIWMHIRXSJXLI9RMXIH7XEXIWh,SSFIVX,IIZIVr
%HETX=SYV6IQEVOWXSXLI3GGEWMSR -RTVITEVMRK]SYVMRXVSHYGXMSR]SYQE]FIGSRWXVEMRIHF]XLIREXYVISJXLI SGGEWMSR *SVQEP SGGEWMSRW VIUYMVI JSVQEP WTIIGLIW SJ MRXVSHYGXMSR -J ]SY [IVITVIWIRXMRKEKYIWXWTIEOIVEXERMRJSVQEPFYWMRIWWQIIXMRK]SYQMKLXFI QYGLQSVIGEWYEPXLEREXEJSVQEPFERUYIX
%HETX=SYV6IQEVOWXSXLI1EMR7TIEOIV 2SQEXXIVLS[[IPPMXMWVIGIMZIHF]XLIEYHMIRGIEWTIIGLSJMRXVSHYGXMSRXLEX PIEZIWXLIQEMRWTIEOIVJIIPMRKYRGSQJSVXEFPILEWJEMPIHMRTEVXSJMXWTYVTSWI ,S[GER]SYQEOIE QEMRWTIEOIV YRGSQJSVXEFPI#3RI[E]MW XSSZIVTVEMWI XLI TIVWSRhIWTIGMEPP] JSV LMW SV LIV WTIEOMRK WOMPPW 2IZIV WE] q3YV WTIEOIV [MPPOIIT]SYSRXLIIHKISJ]SYVWIEXJVSQFIKMRRMRKXSIRHr=SYGVIEXIEWIX SJI\TIGXEXMSRWXLEXEVIEPQSWXMQTSWWMFPIXSJYPJMPP %RSXLIV[E]XSGVIEXIHMWGSQJSVXMWF]VIZIEPMRKIQFEVVEWWMRKHIXEMPWSJ XLI WTIEOIVtW TIVWSREP PMJI SV F] QEOMRK VIQEVOW XLEX EVI MR TSSV XEWXI %R MRXVSHYGIV QE] XLMRO XLMW PMRI MW JYRR] q;L] -tZI ORS[R %RMXE *VEXIPPS WMRGIWLI[EW]IEVWSPHERHWSJEXXLEXIZIV]FSH]GEPPIHLIV&PMQTSr8S XLIWTIEOIVLS[IZIVXLIWXEXIQIRX[MPPTVSFEFP]RSXFIEFMXJYRR]ERHQE] FITEMRJYP
%HETX=SYV6IQEVOWXSXLI%YHMIRGI .YWXEW]SYEHETXSXLIVWTIIGLIWXSTEVXMGYPEVEYHMIRGIWWS]SYRIIHXSEHETX EWTIIGLSJMRXVSHYGXMSRXSXLIEYHMIRGI]SYEVIJEGMRK=SYVEMQMWXSQEOI XLMWEYHMIRGI[ERXXSLIEVXLMWWTIEOIVSRXLMWWYFNIGX-JXLIWTIEOIVMWRSX[IPP ORS[R XS XLI EYHMIRGI ]SY [MPP RIIH XS IWXEFPMWL LIV SV LMW GVIHMFMPMX] F] VIGSYRXMRKWSQISJXLIWTIEOIVtWQEMREGLMIZIQIRXWERHI\TPEMRMRK[L]WLI SVLIMWUYEPMJMIHXSWTIEOSRXLIXSTMGEXLERH &YXMJXLIWTIEOIVMWEPVIEH] TIVWSREPP]ORS[RXSXLIEYHMIRGIMX[SYPHFIEFWYVHXSEGXEWMJXLIEYHMIRGI LEHRIZIVLIEVHSJXLITIVWSR %PWS]SY[MPP[ERXXSXIPPIEGLEYHMIRGI[LEXMX[ERXWXSLIEVhXSKMZIXLI OMRHSJMRJSVQEXMSRXLEXMWMRXIVIWXMRKERHEGGIWWMFPIXSXLIQIQFIVWSJXLEX EYHMIRGI -J ]SY [IVI MRXVSHYGMRK XLI WEQI WTIEOIV XS X[S HMJJIVIRX KVSYTW WSQISJXLIMRJSVQEXMSRMR XLIWTIIGLIW SJ MRXVSHYGXMSRQMKLXFIXLIWEQI FYXMX[SYPHFIWPERXIHHMJJIVIRXP]7YTTSWIJSVI\EQTPI./6S[PMRKEYXLSV SJXLI,EVV]4SXXIVWIVMIWMWKSMRKXSEHHVIWWX[SKVSYTWhEREYHMIRGISJIPI QIRXEV]WGLSSPGLMPHVIRERHEREYHMIRGISJIHYGEXSVWEXXLIERRYEPQIIXMRK
7TIIGLIWSJ-RXVSHYGXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4VIWMHIRXMEPMREYKYVEPEHHVIWWIWEVIEQENSVOMRHSJWTIGMEPSGGEWMSRWTIIGL=SY GEREGGIWWXLIWILMWXSVMGEPHSGYQIRXWEXIMXLIVXLI%QIVMGER4VIWMHIRG]4VSNIGX [[[TVIWMHIRG]YGWFIHYMREYKYVEPWTLT SV XLI =EPI 0E[ 7GLSSPtW %ZEPSR 4VSNIGX [[[]EPIIHYPE[[IFEZEPSRTVIWMHIRMREYKMREYKLXQ
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
. / 6S[PMRKtW .YRI GSQQIRGIQIRX WTIIGL EX ,EVZEVH 9RMZIVWMX] MW SRISJXLIQSWXLMKLP]VIKEVHIHGSQQIQSVEXMZIEHHVIWWIWSJVIGIRX]IEVW=SY GERVIEHXLIXI\XERH[EXGL XLIZMHISEXXLI,EVZEVH1EKE^MRI;IF WMXI LXXT LEVZEVHQEKE^MRIGSQKSNOVS[PMRKLXQP
SJXLI-RXIVREXMSREP6IEHMRK%WWSGMEXMSR8LIMRXVSHYGXMSRXSXLIWGLSSPGLMP HVIRQMKLXKSWSQIXLMRKPMOIXLMW 'LMPHVIR[ILEZIEZIV]MQTSVXERXKYIWXXSHE]=SYORS[LIVF]XLIGLEVEGXIVWLI LEWGVIEXIHh,EVV]4SXXIV;LEX]SYHSRtXORS[MWEPPXLILEVH[SVOXLEXKSIWMRXS[VMXMRK XLIFSSOWXLEX[IEPPPSZIXSVIEH8SHE]WLIMWKSMRKXSXIPPYWLS[WLIGEQIYT[MXLXLI MHIESJ,EVV]4SXXIVERHLMWJVMIRHWERHLS[WLIKSIWEFSYX[VMXMRKLIVFSSOW0IXtWKMZI EFMKVSYRHSJETTPEYWIXS./6S[PMRK
&YX XLI MRXVSHYGXMSR XS XLI -RXIVREXMSREP 6IEHMRK %WWSGMEXMSR [SYPH FI EPSRKXLIWIPMRIW 0EHMIWERH KIRXPIQIRMXMWQ]TVMZMPIKIXSMRXVSHYGIXS]SY XSHE]XLI[SVPHtWFIWX WIPPMRKEYXLSV;IEVIEPP[IPPEGUYEMRXIH[MXLLIV,EVV]4SXXIVWIVMIWXLEXLEWGETXYVIHXLI MQEKMREXMSRSJGLMPHVIRhERHQSVIXLEREJI[EHYPXWh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
8V]XS'VIEXIE7IRWISJ%RXMGMTEXMSRERH(VEQE =SYQE]LEZIRSXMGIHSRIHIXEMPWLEVIHF]XLIX[SWTIIGLIWMRXVSHYGMRK./ 6S[PMRK -RFSXLGEWIWXLIWTIEOIVtWREQI[EWWEZIHJSVPEWX8LMWMWEGSRZIR XMSRMRWTIIGLIWSJMRXVSHYGXMSR;LMPIXLIVIQE]SGGEWMSREPP]FIEKSSHVIE WSRXSFVIEOXLIGSRZIRXMSRYWYEPP]]SY[MPPEZSMHQIRXMSRMRKXLIWTIEOIVtW REQIYRXMPXLIJMREPQSQIRXhIZIR[LIRXLIEYHMIRGIORS[WI\EGXP][LSQ ]SYEVIHMWGYWWMRK&]HSMRKXLMW]SYFYMPHEWIRWISJHVEQEERHXLIWTIEOIVtW REQIGSQIWEWXLIGPMQE\SJ]SYVMRXVSHYGXMSR 3JXIR]SY[MPPJMRH]SYVWIPJMRXLIWMXYEXMSRSJMRXVSHYGMRKWSQISRI[LS MW JEMVP] [IPP ORS[R XS XLI EYHMIRGIhE GPEWWQEXI E GSPPIEKYI EX E FYWMRIWW QIIXMRKERIMKLFSVMREGSQQYRMX]KVSYT8LIR]SYWLSYPHXV]XSFIGVIEXMZI ERHGEWXXLIWTIEOIVMRERI[PMKLX8EPOXSXLIWTIEOIVFIJSVILERHERHWIIMJ
',%48)6 74)%/-2+3274)'-%03''%7-327
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIIGLIWJSVWTIGMEPSGGEWMSRW EVITEVXSJXLIGIVIQSRMEP EYVEXLEXLIPTWQEOIGIVXEMR IZIRXWWTIGMEPEWMRXLMW GSQQIRGIQIRXEHHVIWWF] 97'SRKVIWW[SQER0MRHE 7ERGLI^
]SYGERPIEVRWSQIMRXIVIWXMRKJEGXWXLEXEVIRSXKIRIVEPP]ORS[RhIWTIGMEPP] JEGXWXLEXVIPEXIXSXLIWTIEOIVtWXSTMG %FSZI EPP MJ ]SY I\TIGX XS FI GVIEXMZI ERH HVEQEXMG FI WYVI XS TVEGXMGI ]SYV WTIIGL SJ MRXVSHYGXMSR XLSVSYKLP] =SY WLSYPH FI EFPI XS HIPMZIV MX I\XIQTSVERISYWP][MXLWMRGIVMX]ERHIRXLYWMEWQ
7TIIGLIWSJ4VIWIRXEXMSR
7TIIGLIWSJTVIWIRXEXMSREVIKMZIR[LIRWSQISRIVIGIMZIWEKMJXERE[EVHSV WSQISXLIVJSVQSJTYFPMGVIGSKRMXMSR9WYEPP]WYGLWTIIGLIWEVIFVMIJ8LI] QE]FIRSQSVIXLEREQIVIERRSYRGIQIRX q%RHXLI[MRRIVMWr SVFI YTXSJSYVSVJMZIQMRYXIWMRPIRKXL 8LIQEMRTYVTSWISJEWTIIGLSJTVIWIRXEXMSRMWXSXIPPXLIEYHMIRGI[L] XLIVIGMTMIRXMWVIGIMZMRKXLIE[EVH4SMRXSYXLIVSVLMWGSRXVMFYXMSRWEGLMIZI QIRXW ERH WS JSVXL (S RSX HIEP [MXL IZIV]XLMRK XLI TIVWSR LEW IZIV HSRI *SGYWSREGLMIZIQIRXWVIPEXIHXSXLIE[EVHERHHMWGYWWXLIWIEGLMIZIQIRXWMR E[E]XLEX[MPPQEOIXLIQQIERMRKJYPXSXLIEYHMIRGI (ITIRHMRKSRXLIEYHMIRGIERHXLISGGEWMSR]SYQE]EPWSRIIHXSHMWGYWW X[SSXLIVQEXXIVWMREWTIIGLSJTVIWIRXEXMSR*MVWXMJXLIEYHMIRGIMWRSXJEQMP MEV[MXLXLIE[EVH]SYWLSYPHI\TPEMRMXFVMIJP]7IGSRHMJXLIE[EVH[EW[SR MRETYFPMGGSQTIXMXMSRERHXLIEYHMIRGIORS[W[LSXLIPSWIVWEVI]SYQMKLX XEOIEQSQIRXXSTVEMWIXLIPSWIVW &IPS[MWEWEQTPIWTIIGLSJTVIWIRXEXMSR-X[EWHIPMZIVIHF]4VIWMHIRX&MPP 'PMRXSRMRTVIWIRXMRKXLI'SRKVIWWMSREP+SPH1IHEPXSJSVQIV7SYXL%JVMGER 4VIWMHIRX2IPWSR1ERHIPEEXEGIVIQSR]MRXLI6SXYRHESJXLI9RMXIH7XEXIW 'ETMXSPMR;EWLMRKXSR('&IGEYWIXLI'SRKVIWWMSREP+SPH1IHEPMWEWTIGMEP LSRSVFIWXS[IHF]XLI97'SRKVIWWXLIVIEVIRSTYFPMGGSQTIXMXSVWJSVXLI E[EVH 8LYW 'PMRXSR HMH RSX RIIH XS WE] ER]XLMRK EFSYX XLI qPSWIVWr ,MW WTIIGL JSGYWIH SR 1ERHIPEtW FEXXPI EKEMRWX ETEVXLIMH ERH LMW IJJSVXW XS TVS QSXIVIGSRGMPMEXMSREQSRKXLITISTPISJ7SYXL%JVMGE
WTIIGLSJTVIWIRXEXMSR %WTIIGLXLEXTVIWIRXWWSQISRI EKMJXERE[EVHSVWSQISXLIV JSVQSJTYFPMGVIGSKRMXMSR
7TIIGLIWSJ4VIWIRXEXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4VIWIRXMRKXLI'SRKVIWWMSREP+SPH1IHEP &MPP'PMRXSR 8S Q]JVMIRH4VIWMHIRX1ERHIPE %QIVMGERW EWSRI XSHE] EGVSWWEPPXLI PMRIW XLEXHMZMHIYWTE]XVMFYXIXS]SYVWXVYKKPIXS]SYVEGLMIZIQIRXERHXSXLIMRWTMVE XMSR ]SY LEZI KMZIR YW XS HS FIXXIV 8SHE] [I SJJIV E QER [LS LEW VIGIMZIH XLI 2SFIP4VM^IXLILMKLIWXLSRSV[MXLMRXLIKMJXSJXLMWGSYRXV] 8LSWISJYW[LSWLEVILMWZMWMSRERHPMJXLMQYTMRLSRSVXSHE]S[IMXXSLMQ XSFYMPHETIVQERIRXTEVXRIVWLMTFIX[IIR%QIVMGERWERH%JVMGERWhJSVXLIIHY GEXMSRSJSYVGLMPHVIRJSVXLIWSPYXMSRSJSYVTVSFPIQWJSVXLIVIWSPYXMSRSJSYV HMJJIVIRGIWJSVXLIIPIZEXMSRSJ[LEXMWFIWXEFSYXYWEPP -RJSVKMZMRKXLSWI[LSMQTVMWSRIHLMQLIVIQMRHIHYWSJXLIQSWXJYRHEQIR XEPPIWWSRSJEPPhXLEXMRXLIIRHETEVXLIMH[EWEHIJIEXSJXLILIEVXXLIQMRHXLI WTMVMX-X[EWRSXNYWXEWXVYGXYVISYXWMHIERHNEMPLSYWIW[MXLMR[LMGLTISTPI[IVI OITX MX[EWEHMZMWMSRSJXLIQMRHERHWSYPEKEMRWXMXWIPJ;IS[IMXXS2IPWSR1ERHIPE RSXWMQTP]XSKMZILMQXLMWE[EVHFYXXSPMZIF]XLIPIWWSRLIXEYKLXYWERHXSXIEV HS[RIZIV]PEWXZIWXMKISJETEVXLIMHMRSYVS[RLIEVXWhIZIV]XLMRKXLEXHMZMHIWYW SRIJVSQERSXLIV *SV XLSWI SJ YW [LS LEZI FIIR TVMZMPIKIH XS ORS[ XLMW VIQEVOEFPI QER RS QIHEPRSE[EVHRSJSVXYRIRSXLMRK[IGSYPHKMZILMQGSYPHTSWWMFP]GSQTEVIXS XLIKMJXLILEWKMZIRXSYWERHXSXLI[SVPH8LISRP]KMJXXLEXMWXVYIVIGSQTIRWIMW XS GSRXMRYI LMW QMWWMSR ERH XS PMZI F] XLI TS[IV SJ LMW TVSJSYRH ERH [SRHIVJYP I\EQTPI 2S[ EWTVIWGVMFIHF]XLIPE[MXMWQ]TVMZMPIKIXSTVIWIRXXLI'SRKVIWWMSREP +SPH1IHEPXS4VIWMHIRX2IPWSR1ERHIPE
7TIIGLIWSJ%GGITXERGI EGGITXERGIWTIIGL %WTIIGLXLEXKMZIWXLEROW JSVEKMJXERE[EVHSV WSQISXLIVJSVQSJTYFPMG VIGSKRMXMSR
8LITYVTSWISJEREGGITXERGIWTIIGLMWXSKMZIXLEROWJSVEKMJXSVERE[EVH ;LIR KMZMRK WYGL E WTIIGL ]SY XLERO XLI TISTPI [LS EVI FIWXS[MRK XLI E[EVHERHVIGSKRM^IXLITISTPI[LSLIPTIH]SYKEMRMX 8LI EGGITXERGI WTIIGL SR XLI RI\X TEKI MW XLI GSQTERMSR TMIGI XS XLI WTIIGLSJTVIWIRXEXMSRF]&MPP'PMRXSR-X[EWHIPMZIVIHF]2IPWSR1ERHIPEMR EGGITXMRKXLI'SRKVIWWMSREP+SPH1IHEPERHMXI\IQTPMJMIWXLIQENSVXVEMXWSJ EKSSHEGGITXERGIWTIIGLhFVIZMX]LYQMPMX]ERHKVEGMSYWRIWW
'SQQIQSVEXMZI7TIIGLIW 'SQQIQSVEXMZI WTIIGLIW EVI WTIIGLIW SJ TVEMWI SV GIPIFVEXMSR )YPSKMIW *SYVXL SJ .YP] WTIIGLIW ERH HIHMGEXMSRW EVI I\EQTPIW SJ GSQQIQSVEXMZI WTIIGLIW=SYVEMQMRWYGLWTIIGLIWMWXSTE]XVMFYXIXSETIVWSREKVSYTSJ TISTPIERMRWXMXYXMSRSVERMHIE %WMRERMRJSVQEXMZIWTIIGL]SYTVSFEFP][MPPLEZIXSKMZIXLIEYHMIRGI MRJSVQEXMSR EFSYX ]SYV WYFNIGX %JXIV EPP XLI EYHMIRGI QYWX ORS[ [L] ]SYV
',%48)6 74)%/-2+3274)'-%03''%7-327
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%GGITXMRKXLI'SRKVIWWMSREP+SPH1IHEP 2IPWSR1ERHIPE 8LERO]SY4VIWMHIRX'PMRXSR1V7TIEOIVHMWXMRKYMWLIHQIQFIVWSJXLI7IREXI ERHXLI,SYWIPEHMIWERHKIRXPIQIR -XLEWFIIRQ]KVIEXTVMZMPIKIXSWIVZIETISTPI[LSWIFSRHEKIXSERMRLYQER W]WXIQ IZSOIH XLI WSPMHEVMX] SJ EPP XLSWI [LS PSZI JVIIHSQ ERH NYWXMGI E TISTPI [LSWIXVMYQTLSZIVXLIHMZMWMSRWSJVEGMWXHSGXVMRILEWKMZIRRI[PMJIXSLYQERMX]t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tWVIKEVHJSV XLIEGLMIZIQIRXWSJQ]TISTPI%RH-JIIPEKVIEXTVMHIMRXLIJEGXXLEX[MXLEJI[ GMXM^IRWSJSXLIVGSYRXVMIW[LSLEZIVIGIMZIHXLMWLMKLLSRSVXLIREQISJER%JVMGER MWRS[EHHIH 8LI E[EVH [MXL [LMGL ]SY LSRSV QI XSHE] MW ER I\TVIWWMSR SJ XLI GSQQSR LYQERMX]XLEXFMRHWYWSRITIVWSRXSERSXLIVREXMSRXSREXMSRERHTISTPISJXLI RSVXLXSTISTPISJXLIWSYXL-VIGIMZIMX[MXLTVMHIEWEW]QFSPSJTEVXRIVWLMTJSV TIEGITVSWTIVMX]ERHIUYMX]EW[IIRXIVXLIRI[QMPPIRRMYQ-XLERO]SY
WYFNIGXMWTVEMWI[SVXL]%WMRSXLIVWTIIGLIW]SYQE]HVE[SRI\EQTPIWXIW XMQSR]IZIRWXEXMWXMGWXSMPPYWXVEXIXLIEGLMIZIQIRXWSJ]SYVWYFNIGX =SYVJYRHEQIRXEPTYVTSWIMREGSQQIQSVEXMZIWTIIGLLS[IZIVMWRSX XS MRJSVQ ]SYV PMWXIRIVW FYX XS MRWTMVI XLIQhXS EVSYWI ERH LIMKLXIR XLIMV ETTVIGMEXMSR SJ SV EHQMVEXMSR JSV XLI TIVWSR MRWXMXYXMSR SV MHIE ]SY EVI TVEMWMRK-J]SYEVITE]MRKXVMFYXIXSETIVWSRJSVI\EQTPI]SYWLSYPHRSX WMQTP]VIGSYRXXLIHIXEMPWSJXLITIVWSRtWPMJI6EXLIV]SYWLSYPHTIRIXVEXI XSXLIIWWIRGISJ]SYVWYFNIGXERHKIRIVEXIMR]SYVEYHMIRGIEHIITWIRWISJ VIWTIGX ;LIR WTIEOMRK XS GSQQIQSVEXI ]SY [ERX XS I\TVIWW JIIPMRKW XS WXMV WIRXMQIRXWhNS]ERHLSTI[LIRERI[FYMPHMRKMWHIHMGEXIHERXMGMTEXMSRERH KSSH [MWLIW EX E GSQQIRGIQIRX GIPIFVEXMSR PEQIRX ERH GSRWSPEXMSR EX E JYRIVEP EHQMVEXMSR ERH VIWTIGX EX E XIWXMQSRMEP HMRRIV % GSQQIQSVEXMZI WTIIGL MW PMOI ER MQTVIWWMSRMWX TEMRXMRKhqE TMGXYVI [MXL [EVQ GSPSVW ERH XI\XYVIGETXYVMRKEQSSHSVEQSQIRXr &YX [LMPI XLI TEMRXIV [SVOW [MXL FVYWL ERH GSPSVW XLI GSQQIQSVEXMZI WTIEOIV[SVOW[MXLPERKYEKI3JEPPXLIOMRHWSJWTIIGLIWRSRIHITIRHWQSVISR XLIGVIEXMZIERHWYFXPIYWISJPERKYEKI7SQISJXLIQSWXQIQSVEFPIWTIIGLIW MRLMWXSV]MRGPYHMRK%FVELEQ0MRGSPRtW+IXX]WFYVK%HHVIWWLEZIFIIRGSQ QIQSVEXMZI ;I GSRXMRYI XS JMRH WYGL WTIIGLIW QIERMRKJYP ERH MRWTMVMRK PEVKIP]FIGEYWISJXLIMVIPSUYIRXYWISJPERKYEKI 3RI SJ XLI QSWX IJJIGXMZI GSQQIQSVEXMZI WTIEOIVW MR SYV VIGIRX LMWXSV] [EW4VIWMHIRX6SREPH6IEKER%JXIVXLII\TPSWMSRSJXLIWTEGIWLYXXPI'LEPPIRKIV
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ2IPWSR 1ERHIPEtWEGGITXERGI WTIIGLMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLEXTIV :MHIS'PMT
GSQQIQSVEXMZIWTIIGL %WTIIGLXLEXTE]WXVMFYXIXSE TIVWSREKVSYTSJTISTPIER MRWXMXYXMSRSVERMHIE
'SQQIQSVEXMZI7TIIGLIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
MR 6IEKERHIPMZIVIHEREXMSREPP]XIPIZMWIHIYPSK]XSXLIEWXVSREYXWOMPPIH MRXLIFPEWX&IPS[EVIX[SZIVWMSRWSJ6IEKERtWGPSWMRKPMRIW8LIJMVWXMW[LEX LI Q MKLX LEZI WEMH WXVMTTMRK XLI XI\X SJ MXW [EVQ IQSXMSREP GSRXIRX ERH TSMKRERXPERKYEKI 0MOI*VERGMW(VEOIXLIKVIEXI\TPSVIVSJXLISGIERWXLI'LEPPIRKIVEWXVSREYXWKEZI XLIMVPMZIWJSVEGEYWIXS[LMGLXLI][IVIJYPP]HIHMGEXIH;IEVILSRSVIHF]XLIQERH [I[MPPRSXJSVKIXXLIQ;I[MPPEP[E]WVIQIQFIVWIIMRKXLIQJSVXLIPEWXXMQIXLMWQSVR MRKEWXLI]TVITEVIHJSVXLIMVJPMKLX GSRRIGXPYGEWGSQ :MI[XLIIRHMRKSJ6SREPH 6IEKERtWIYPSK]XSXLI EWXVSREYXWMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
,IVIMW[LEX6IEKEREGXYEPP]WEMH 8LIVItWEGSMRGMHIRGIXSHE]3RXLMWHE] ]IEVWEKSXLIKVIEXI\TPSVIV*VERGMW (VEOIHMIHEFSEVHWLMTSJJXLIGSEWXSJ4EREQE-RLMWPMJIXMQIXLIKVIEXJVSRXMIVW[IVI XLISGIERWERHERLMWXSVMERPEXIVWEMHq,IPMZIHF]XLIWIEHMIHSRMX[EWFYVMIHMR MXr;IPPXSHE][IGERWE]SJXLI'LEPPIRKIVGVI[ 8LIMVHIHMGEXMSR[EWPMOI(VEOItW GSQTPIXI 8LI GVI[ SJ XLI WTEGI WLYXXPI 'LEPPIRKIV LSRSVIH YW F] XLI QERRIVMR [LMGL XLI] PMZIHXLIMVPMZIW;I[MPPRIZIVJSVKIXXLIQRSVXLIPEWXXMQI[IWE[XLIQXLMWQSVRMRK EW XLI] TVITEVIH JSV XLIMV NSYVRI] ERH [EZIH KSSHF]I ERH qWPMTTIH XLI WYVP] FSRHW SJ IEVXLrXSqXSYGLXLIJEGISJ+SHr
8LI JMREP [SVHWhqsWPMTTIH XLI WYVP] FSRHW SJ IEVXLt XS sXSYGL XLI JEGI SJ +SHtrhEVIIWTIGMEPP]IJJIGXMZI(VE[RJVSQEWSRRIXGEPPIHq,MKL*PMKLXrXLEX QER] TMPSXW OIIT [MXL XLIQ XLI] IRRSFPI XLI HIEXLW SJ XLI EWXVSREYXW ERH IRHXLIWTIIGLSRERIPSUYIRXQSZMRKERHTSIXMGRSXI ;LIRWTIEOMRKXSGSQQIQSVEXI]SYVWYGGIWW[MPPHITIRHSR]SYVEFMPMX] XSTYXMRXSPERKYEKIXLIXLSYKLXWERHIQSXMSRWETTVSTVMEXIXSXLISGGEWMSR -XMWIEW]hXSSIEW]hXSJEPPFEGOSRGPMGLÍWERHXVMXIWIRXMQIRXW=SYVGLEPPIRKI [MPP FI XS YWI PERKYEKI MQEKMREXMZIP] XS MRZIWX XLI SGGEWMSR [MXL HMKRMX] QIERMRKERHLSRIWXIQSXMSR -RHSMRKWS]SYQE][ERXXSYXMPM^IXLIWTIGMEPVIWSYVGIWSJPERKYEKIHMW GYWWIH MR 'LETXIV 1IXETLSV WMQMPI TEVEPPIPMWQ VITIXMXMSR ERXMXLIWMW EPPMXIVEXMSRhEPP EVI ETTVSTVMEXI JSV GSQQIQSVEXMZI WTIIGLIW 7SQI LMKLP] EGGPEMQIHGSQQIQSVEXMZIWTIIGLIWhMRGPYHMRK1EVXMR0YXLIV/MRKtWq-,EZIE (VIEQrERH.SLR/IRRIH]tWMREYKYVEPEHHVIWWhEVIHMWXMRKYMWLIHF]XLIMVGVI EXMZIYWISJWYGLHIZMGIW 'SRJVSRXIH[MXLXLIIZSGEXMZIWTIIGLIWSJE/IRRIH]SVE/MRK]SYQE] HIGMHI XLEX XLI WTIIGL SJ GSQQIQSVEXMSR MW JEV FI]SRH ]SYV EFMPMXMIW &YX SXLIVWXYHIRXWLEZIHIPMZIVIHI\GIPPIRXGSQQIQSVEXMZIWTIIGLIWhRSXMQQSV XEPTIVLETWFYXRSRIXLIPIWWHMKRMJMIHERHQSZMRK 0SSO JSV I\EQTPI EX q1] 'VE^] %YRX 7YIr MR XLI ETTIRHM\ SJ WEQTPI WTIIGLIWXLEXJSPPS[W'LETXIV TEKIW%i% 8LIWTIEOIVtWEMQ[EWXS TE] XVMFYXI XS LIV EYRX [LS JSV ]IEVW LEH FEXXPIH VLIYQEXSMH EVXLVMXMW %PXLSYKL XLI WTIEOIV TVSZMHIW FEWMG MRJSVQEXMSR EFSYX EYRX 7YI ERH LIV TL]WMGEP GSRHMXMSR XLI WTIIGL HSIW RSX VIGSYRX EPP XLI HIXEMPW SJ LIV PMJI -RWXIEH MX JSGYWIW SR LIV GSYVEKI LIV WIRWI SJ LYQSV ERH LIV VIJYWEP XS GSQTPEMR EFSYX LIV JEXI 8LI WTIEOIV TVSZMHIW IRSYKL HIXEMPW XS PIX YW WII [L]EYRX7YIMWWSGSQQIRHEFPIFYXRSXWSQER]EWXSWPS[XLITEGISJXLI WTIIGL
',%48)6 74)%/-2+3274)'-%03''%7-327
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LIXLIVKMZIRSRXLI [SVPHWXEKISVMRSRItWPSGEP GSQQYRMX]WTIIGLIWJSV WTIGMEPSGGEWMSRWWLSYPHWIIO XSMRZIWXXLISGGEWMSR[MXL HMKRMX]QIERMRKERHLSRIWX IQSXMSR
8LIWTIEOIVEPWS YWIWZMZMHPERKYEKIVITIXMXMSR ERHTEVEPPIP WXVYGXYVIXS KMZI XLI WTIIGL XLI OMRH SJ JSVQEP XSRI ETTVSTVMEXI JSV E GSQQIQSVEXMZI WTIIGL=SYGERWIIXLMWIZIRMRXLISTIRMRKPMRIW 8LIWXVSRKIWXTIVWSR-ORS[GERRSXTIIPETSXEXS8LIWXVSRKIWXTIVWSR-ORS[LEW XVSYFPITYXXMRKSRLIVQEOIYT8LIWXVSRKIWXTIVWSR-ORS[RIIHWEWTIGMEPOI]LSPHIVXS XYVRXLIOI]MRLIVGEVtWMKRMXMSR
-REHHMXMSRXSEVSYWMRKGYVMSWMX]EFSYXXLIWYFNIGXSJXLIWTIIGLXLIWI PMRIWLEZIEWMQTPIIPIKERGIXLEXGSQIWTEVXP]JVSQXLIVITIXMXMSRSJq8LI WXVSRKIWX TIVWSR - ORS[r EX XLI WXEVX SJ IEGL WIRXIRGI 'SRWMHIV MR GSR XVEWXLS[QYGLPIWW IJJIGXMZIXLISTIRMRK[SYPHLEZIFIIRMJXLIWTIEOIV LEHWEMH
GSRRIGXPYGEWGSQ :MI[q1]'VE^]%YRX7YIrMR XLISRPMRI1IHME0MFVEV]JSV XLMWGLETXIV :MHIS'PMT
1]EYRX 7YI GERtX TIIP E TSXEXS LEW XVSYFPI TYXXMRK SR LIV QEOIYT ERH RIIHW E WTIGMEPOI]LSPHIVXSXYVRXLIOI]MRLIVGEVtWMKRMXMSR
8LIWIPMRIWGSRZI]XLIWEQIMRJSVQEXMSRFYXRSX[MXLXLIWEQIIJJIGX *SVERSXLIVI\EQTPIGSRWMHIVXLIWXYHIRXGSQQIQSVEXMZIWTIIGLTVMRXIH SRTEKI 8LIWYFNIGXMW)PMI;MIWIPLYQERMXEVMER2SFIP4IEGI4VM^I[MR RIVERHXMVIPIWWGEQTEMKRIVJSVMRXIVREXMSREPNYWXMGI2SXMGILS[XLIWTIEOIV YWIW XLI VITIXMXMSR SJ q%r XS GETXYVI EXXIRXMSR EX XLI FIKMRRMRK ERH XS KMZI XLI WTIIGL EVXMWXMGYRMX] EXXLIIRH %PWSRSXMGI LS[ LIXIPPW YW IRSYKL EFSYX;MIWIPXSORS[[L]LIMWTVEMWI[SVXL][MXLSYXKIXXMRKFSKKIHHS[RMR FMSKVETLMGEPHIXEMPW
'SQQIQSVEXMZI7TIIGLIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)PMI;MIWIP
GSRRIGXPYGEWGSQ :MI[q)PMI;MIWIPrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
%,MWRI[REQIXLIKVEJJMXMWXEQTIHSRLMWWOMR%EGSRGIRXVEXMSR GEQTXEXXSS%XEKIJMJXIIR%[EWXEOIRJVSQLMWLSQIF]XLI2E^MWERHWIRX XS %YWGL[MX^ SRI SJ XLI X[IRXMIXL GIRXYV]t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q2IZIVWLEPP-JSVKIXXLEXRMKLXXLI JMVWXRMKLXMRGEQT[LMGLXYVRIHQ]PMJIMRXSSRIPSRKRMKLXWIZIRXMQIWGYVWIHERH WIZIRXMQIWWIEPIH2IZIVWLEPP-JSVKIXXLEXWQSOI2IZIVWLEPP-JSVKIXXLIPMXXPIJEGIW SJXLIGLMPHVIR[LSWIFSHMIW-WE[XYVRIHMRXS[VIEXLWSJWQSOIFIRIEXLEWMPIRX FPYIWO]r,EYRXMRK[SVHWXLEXVIQMRHYWSJXLIVIEPMX]SJIZMP % JIEVPIWW PIEHIV RS PIWW XLER ER IPSUYIRX SRI )PMI ;MIWIP LEW WTIRX ]IEVW FEXXPMRKXLIIZMPWXLEXGSRXMRYIXSTPEKYISYVTPERIX8SXLI1MWOMXS-RHMERWSJ2MGEVEKYE HMWTPEGIHJVSQXLIMVLSQIPERHLIFVSYKLXMRWTMVMRK[SVHWSJWXVIRKXLERHGSQTEWWMSR 8SQIRERH[SQIRJEGMRKETEVXLIMHMR7SYXL%JVMGELIFVSYKLXETS[IVJYPHIRYR GMEXMSR SJ VEGMEP WIKVIKEXMSR ERH ZMSPIRGI 8S 'EQFSHMER VIJYKIIW WYJJIVMRK JVSQ WXEVZEXMSRERHHMWIEWILIFVSYKLXJSSHERHXLITVSQMWISJERI[FIKMRRMRK%RHXS XLSWISJYW[LSJSPPS[LMW[SVOLIGSRXMRYIWXSTVSZMHIMRWTMVEXMSR %WIPJPIWWPIEHIVEWQYGLEWERIPSUYIRXERHJIEVPIWWSRI)PMI;MIWIPLEWGSR WMWXIRXP] TYX XLI RIIHW SJ SXLIVW FIJSVI LMW S[R ;MXL IZIV] E[EVH LMW QSHIWX] WXERHWWMHIF]WMHI[MXLLMWEGLMIZIQIRXW%WLIWXEXIHMRLMW2SFIP4VM^IEGGITXERGI WTIIGL q2IYXVEPMX] LIPTW XLI STTVIWWSV RIZIV XLI ZMGXMQ 7MPIRGI IRGSYVEKIW XLI XSVQIRXSV RIZIV XLI XSVQIRXIH ;LIVIZIV QIR ERH [SQIR EVI TIVWIGYXIH FIGEYWISJXLIMVVEGIVIPMKMSRSVTSPMXMGEPZMI[WXLEXTPEGIQYWXhEXXLEXQSQIRXh FIGSQIXLIGIRXIVSJXLIYRMZIVWIr 8SHE] EX ]IEVW SJ EKI )PMI ;MIWIP GSRXMRYIW XS JMKLX EKEMRWX XLI RMKLX 8LVSYKL EPP LMW XVMEPW ERH EPP LMW XVMYQTLW XLI XEXXSS VIQEMRW % E GSRWXERX VIQMRHIVSJIZMPMRNYWXMGIERHMRHMJJIVIRGI-RFEXXPMRKXLIWIJSVGIW)PMI;MIWIPLEW WLS[RXLIOMRHSJQSVEPPIEHIVWLMTXSSSJXIRPEGOMRKMRXSHE]tW[SVPH 8LIVIMWRSFIXXIV[E]XSGSRGPYHIXLERXSUYSXILMWS[R[SVHW q8LIVIQE] FIXMQIW[LIR[IEVITS[IVPIWWXSTVIZIRXMRNYWXMGIFYXXLIVIQYWXRIZIVFIEXMQI [LIR[IJEMPXSTVSXIWX;LEXXLIWIZMGXMQWRIIHEFSZIEPPMWXSORS[XLEXXLI] EVIRSXEPSRIXLEX[IEVIRSXJSVKIXXMRKXLIQXLEX[LMPIXLIMVJVIIHSQHITIRHWSR SYVWXLIUYEPMX]SJSYVJVIIHSQHITIRHWSRXLIMVWr
',%48)6 74)%/-2+3274)'-%03''%7-327
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7911%6= -RXLMWGLETXIV[ILEZIGSRWMHIVIHWTIIGLIWSJMRXVSHYGXMSRWTIIGLIWSJTVIWIRXE XMSRWTIIGLIWSJEGGITXERGIERHGSQQIQSVEXMZIWTIIGLIW =SYVNSFMREWTIIGLSJMRXVSHYGXMSRMWXSFYMPHIRXLYWMEWQJSVXLIQEMRWTIEOIV ERHXSIWXEFPMWLE[IPGSQMRKGPMQEXI/IIT]SYVVIQEVOWFVMIJQEOIWYVIXLI]EVI EGGYVEXIERHEHETXXLIQXSXLIEYHMIRGIXLISGGEWMSRERHXLIQEMRWTIEOIV 7TIIGLIWSJTVIWIRXEXMSREVIKMZIR[LIRWSQISRIVIGIMZIWEKMJXSVERE[EVH 8LI QEMR XLIQI SJ WYGL E WTIIGL MW XS EGORS[PIHKI XLI EGLMIZIQIRXW SJ XLI VIGMTMIRX 8LI TYVTSWI SJ ER EGGITXERGI WTIIGL MW XS KMZI XLEROW JSV E KMJX SV ER E[EVH ;LIR HIPMZIVMRK WYGL E WTIIGL ]SY WLSYPH XLERO XLI TISTPI [LS EVI FIWXS[MRK XLI E[EVH ERH VIGSKRM^I XLI GSRXVMFYXMSRW SJ TISTPI [LS LIPTIH ]SY KEMRMX&IFVMIJLYQFPIERHKVEGMSYW 'SQQIQSVEXMZI WTIIGLIW EVI WTIIGLIW SJ TVEMWI SV GIPIFVEXMSR =SYV EMQ MR WYGLEWTIIGLMWXSTE]XVMFYXIXSETIVWSREKVSYTSJTISTPIERMRWXMXYXMSRSVER MHIE % GSQQIQSVEXMZI WTIIGL WLSYPH MRWTMVI XLI EYHMIRGI ERH MXW WYGGIWW [MPP HITIRHPEVKIP]SRLS[[IPP]SYTYXMRXSPERKYEKIXLIXLSYKLXWERHJIIPMRKWETTVS TVMEXIXSXLISGGEWMSR
/)=8)617
WTIIGLSJMRXVSHYGXMSR
EGGITXERGIWTIIGL
WTIIGLSJTVIWIRXEXMSR
GSQQIQSVEXMZIWTIIGL
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEX EVI XLI XLVII TYVTSWIW SJ E WTIIGL SJ MRXVSHYGXMSR# ;LEX KYMHIPMRIW WLSYPH]SYJSPPS[MRTVITEVMRKWYGLEWTIIGL# ; LEXMWXLIQEMRXLIQISJEWTIIGLSJTVIWIRXEXMSR#(ITIRHMRKSRXLIEYHM IRGI ERH SGGEWMSR [LEX X[S SXLIV XLIQIW QMKLX ]SY MRGPYHI MR WYGL E WTIIGL# ;LEXEVIXLIXLVIIQENSVXVEMXWSJEKSSHEGGITXERGIWTIIGL# ;LEXMWXLIJYRHEQIRXEPTYVTSWISJEGSQQIQSVEXMZIWTIIGL#;L]HSIWEWYG GIWWJYPGSQQIQSVEXMZIWTIIGLHITIRHWSQYGLSRXLIGVIEXMZIERHWYFXPIYWI SJPERKYEKI#
GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
)<)6'-7)7*36'6-8-'%08,-2/-2+
% XXIRHEWTIIGLSRGEQTYW4E]WTIGMEPEXXIRXMSRXSXLIWTIIGL MRXVSHYG MRKXLIQEMRWTIEOIV,S[[IPPHSIWMXJMXXLIKYMHIPMRIWHMWGYWWIHMRXLMW GLETXIV# 3 FWIVZIWIZIVEPWTIIGLIW SJ TVIWIRXEXMSRERHEGGITXERGIhEXEGEQTYWE[EVHW GIVIQSR] SV SR E XIPIZMWMSR TVSKVEQ WYGL EW XLI %GEHIQ] %[EVHW +VEQQ] %[EVHW )QQ] %[EVHW SV 8SR] %[EVHW ;LMGL WTIIGLIW HS ]SY JMRH QSWX IJJIGXMZI#0IEWXIJJIGXMZI#;L]# % REP]^I q)PMI ;MIWIPr TEKI MR PMKLX SJ XLI GVMXIVME JSV GSQQIQSVEXMZI WTIEOMRKTVIWIRXIHMRXLMWGLETXIV
)\IVGMWIWJSV'VMXMGEP8LMROMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIEOMRKMR7QEPP +VSYTW ;LEX-WE7QEPP+VSYT# 0IEHIVWLMTMR7QEPP+VSYTW /MRHWSJ0IEHIVWLMT *YRGXMSRWSJ0IEHIVWLMT
6IWTSRWMFMPMXMIWMRE7QEPP+VSYT 'SQQMX=SYVWIPJXSXLI+SEPWSJ=SYV+VSYT *YPJMPP-RHMZMHYEP%WWMKRQIRXW %ZSMH-RXIVTIVWSREP'SRJPMGXW )RGSYVEKI*YPP4EVXMGMTEXMSR /IITXLI(MWGYWWMSRSR8VEGO
8LI6IJPIGXMZI8LMROMRK1IXLSH (IJMRIXLI4VSFPIQ %REP]^IXLI4VSFPIQ )WXEFPMWL'VMXIVMEJSV7SPYXMSRW +IRIVEXI4SXIRXMEP7SPYXMSRW 7IPIGXXLI&IWX7SPYXMSR
4VIWIRXMRKXLI6IGSQQIRHEXMSRWSJXLI+VSYT 3VEP6ITSVX 7]QTSWMYQ 4ERIP(MWGYWWMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
LI TYFPMWLIV SJ E REXMSREP WTSVXW QEKE^MRI EWOIH 1MOI 0II XLI RI[ LIEH SJ XLI LYQERVIWSYVGIWHITEVXQIRXXSSVKERM^IER3GXSFIVVIXVIEXJSVXLIQEKE^MRItWIHM XSVMEPWXEJJ1MOI[IRXXS[SVOSRWIXXMRKEHEXIJMRHMRKETPEGIXSWXE]ERHGVIEXMRK EREKIRHEJSVXLIVIXVIEX 1MOI[EWZIV]TPIEWIH[MXLLMWTPER,IXLSYKLXLILEHXEOIRIZIV]SRItWRIIHWMRXS EGGSYRX &YX [LIR LI I\TPEMRIH LMW TPER EX XLI QEKE^MRItW RI\X WXEJJ QIIXMRK RS SRI WIIQIHLETT] q8LIHEXI]SYWIXJSVXLIVIXVIEXMWSZIV,EPPS[IIRrWEMHXLIIHMXSVMEPQEREKIVq-ORS[ ]SYHSRtXLEZIGLMPHVIRFYXRSSRI[MXLOMHWMWKSMRKXS[ERXXSFIE[E]EXXLEXXMQIr 8LIEHQMRMWXVEXMZIEWWMWXERXVIWTSRHIHRI\Xq(S]SYVIEPM^IrWLIWEMHqXLEXXLILSXIP ]SYFSSOIHMWXLIWEQISRI[IYWIHJSVEVIXVIEXJMZI]IEVWEKS#-X[EWEHMWEWXIV8LIJSSH [EWE[JYPXLIQIIXMRKVSSQW[IVIYRGSQJSVXEFPIERHXLIXIGLWYTTSVX[EWRSRI\MWXIRXr 2I\XEQIQFIVSJXLIQEKE^MRItWNYRMSVIHMXSVMEPWXEJJWEMHq-WIIXLEXEPPXLIWIWWMSRW MRZSPZIQIQFIVWSJXLIWIRMSVIHMXSVMEPWXEJJ(MH]SYQIERXSI\GPYHIEPPXLI]SYRKIVIHM XSVW#(SRtX]SYXLMRO[ItVIMQTSVXERXXSXLIQEKE^MRI#r *MREPP]XLIQEREKMRKIHMXSVWEMHq-[MWL]SYLEHGLIGOIH[MXLQIEXWSQITSMRX- GSYPH LEZI [EVRIH ]SY EFSYX XLI LSXIP XLI GSRJPMGX [MXL ,EPPS[IIR ERH XLI RIIH XS MRGPYHINYRMSVWXEJJr
8
;LEX [IRX [VSRK# 1MOI HMH RSX LEZI IRSYKL XMQI SV VIWSYVGIW SR LMW S[R XS GVIEXI E WYGGIWWJYP VIXVIEX -J E KVSYT MRWXIEH SJ E WMRKPI TIVWSR LEH FIIREWWMKRIHXSTPERXLIVIXVIEXXLITVSFPIQWQMKLXLEZIFIIREZIVXIH3RI TIVWSRGSYPHLEZIXEOIRGLEVKISJPSSOMRKMRXSXLIFIWXHEXIWERSXLIVSJJMRH MRKEGGSQQSHEXMSRWEXLMVHSJGSSVHMREXMRK[MXLSXLIVWXEJJQIQFIVWEFSYX [LSWLSYPHFIMRGPYHIHMRXLIVIXVIEXERHWSJSVXL8LITPER[SYPHLEZIXEOIR EPPJEGXSVWMRXSEGGSYRX 3J GSYVWI ]SY QE] LEZI LIEVH XLI SPH WE]MRK XLEX qE GEQIP MW E LSVWI HIWMKRIHF]EGSQQMXXIIr-J]SYLEZIIZIVFIIRTEVXSJEKVSYTXLEXWIIQIH XSKIXRSXLMRKHSRI]SYQE]FIMRGPMRIHXSWE]q3LPIXSRITIVWSRHIGMHI ERHKIXMXSZIV[MXLr8LITVSFPIQMRWYGLGEWIWLS[IZIVMWRSXXLEXXLIVIMW EKVSYTFYXXLEXXLIKVSYTMWRSXJYRGXMSRMRKTVSTIVP]%KVIEXHIEPSJVIWIEVGL WLS[WXLEXMJQIQFIVWSJEKVSYT[SVO[IPPXSKIXLIVXLI]GEREPQSWXEP[E]W VIWSPZIETVSFPIQFIXXIVXLEREWMRKPITIVWSR 8LMW GLETXIV HIEPW [MXL WTIEOMRK MR E TEVXMGYPEV OMRH SJ KVSYThXLI TVSFPIQWSPZMRKWQEPPKVSYT
;LEX-WE7QEPP+VSYT# H]EH %KVSYTSJX[STISTPI
WQEPPKVSYT %GSPPIGXMSRSJXLVIIXSX[IPZI TISTPI[LSEWWIQFPIJSVE WTIGMJMGTYVTSWI
%W MXW REQI MQTPMIW E WQEPP KVSYT LEW E PMQMXIH RYQFIV SJ QIQFIVW 8LI QMRMQYQ RYQFIV MW XLVII % KVSYT SJ X[S TIVWSRW MW GEPPIH E H]EH ERH MX STIVEXIWUYMXIHMJJIVIRXP]JVSQEKVSYTSJXLVIISVQSVI 8LIVIMWWSQIHMJJIV IRGISJSTMRMSREFSYXXLIQE\MQYQRYQFIVSJTISTPI[LSGSRWXMXYXIEWQEPP KVSYT 1SWX I\TIVXW WIXXLI QE\MQYQRYQFIVEX WIZIR SV IMKLX WSQI KSEW LMKLEWX[IPZI8LIMQTSVXERXTSMRXMWXLEXXLIKVSYTQYWXFIWQEPPIRSYKLXS EPPS[JVIIHMWGYWWMSREQSRKEPPQIQFIVW-RWQEPPKVSYTGSQQYRMGEXMSREPP TEVXMGMTERXWEVITSXIRXMEPP]WTIEOIVWERHPMWXIRIVW 1IQFIVWSJEWQEPPKVSYTEWWIQFPIJSVEWTIGMJMGTYVTSWI7IZIVEPWLSTTIVW QMPPMRK EVSYRH XLI GPSXLMRK WIGXMSR SJ E HITEVXQIRX WXSVI EVI RSX E WQEPP KVSYTIZIRMJXLI]WTIEOXSSRI ERSXLIVSV GSQQIRX EFSYX LMKL TVMGIW ERH TSSVWIVZMGI&YXMJXLSWIWEQIWLSTTIVWHIGMHIHXSQIIXXSKIXLIVERHTVITEVI
',%48)6 74)%/-2+-271%00+63947
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
E JSVQEPGSQTPEMRX XSXLIWXSVIQEREKIVEFSYX LMKLTVMGIWERH TSSVWIVZMGI XLI][SYPHXLIRGSRWXMXYXIEWQEPPKVSYT % TVSFPIQWSPZMRK WQEPP KVSYT MW JSVQIH XS WSPZI E TEVXMGYPEV TVSFPIQ 7YGL KVSYTW I\MWX MR IZIV] EVIE SJ PMJI &YWMRIWW KVSYTW GSRWMHIV [E]W SJ MRGVIEWMRK WEPIW 'LYVGLKVSYTWHMWGYWWLS[XSVEMWIJYRHW ERH TVSZMHI JSV XLIRIIH]+VSYTWSJTEVIRXW[SVOSRMQTVSZMRKHE]GEVIJEGMPMXMIW=SY[MPP EPQSWX WYVIP] FI E QIQFIV SJ QER] TVSFPIQWSPZMRK WQEPP KVSYTW HYVMRK ]SYVPMJI %PXLSYKLWTIEOMRKMREWQEPPKVSYTMWRSXXLIWEQIEWTYFPMGWTIEOMRKMX MRZSPZIW WMQMPEV WOMPPW 1IQFIVW SJ E WQEPP KVSYT MRJPYIRGI SRI ERSXLIV XLVSYKL GSQQYRMGEXMSR %WETEVXMGMTERX MR EWQEPPKVSYT]SYQMKLXMRJPY IRGI]SYVGSPPIEKYIW F] KMZMRK XLIQMQTSVXERXMRJSVQEXMSR F] IRGSYVEKMRK XLIQ XS WTIEO F] GSRZMRGMRK XLIQ XS GLERKI XLIMV QMRHW F] PIEHMRK XLIQ MRXSERI[GLERRIPSJGSQQYRMGEXMSRIZIRF]KIXXMRKXLIQXSIRHEQIIXMRK SJ XLI KVSYT %PP SXLIV QIQFIVW SJ XLI KVSYT LEZI XLI WEQI STTSVXYRMX] XS MRJPYIRGI]SYXLVSYKLIJJIGXMZIGSQQYRMGEXMSR
TVSFPIQWSPZMRK WQEPPKVSYT %WQEPPKVSYTJSVQIHXSWSPZIE TEVXMGYPEVTVSFPIQ
0IEHIVWLMTMR7QEPP+VSYTW
;ILEZIWEMHXLEXWQEPPKVSYTWSJXIRQEOIFIXXIVHIGMWMSRWXLERHSMRHMZMHYEPW 8SHSWSLS[IZIVXLI]RIIHIJJIGXMZIPIEHIVWLMT
/-2(73*0)%()67,-4 7SQIXMQIWXLIVIMWRSWTIGMJMGPIEHIV-RWYGLEWMXYEXMSRQIQFIVWSJIJJIGXMZI KVSYTWXIRHXSLEZIIUYEPMRJPYIRGI;LIRERIIHJSVPIEHIVWLMTEVMWIWER]SJ XLIQIQFIVWGERhERHSRITVSFEFP][MPPh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hETIVWSRIPIGXIHSVETTSMRXIHEW PIEHIV [LIR XLI KVSYT MW JSVQIH % KVSYT XLEX QIIXW JSV SRP] SRI WIWWMSR WLSYPHEPQSWXEP[E]WLEZIEHIWMKREXIHPIEHIV[LSXEOIWGEVISJXLITVSGIHYVEP XEWOW ERH WIVZIW EW WTSOIWTIVWSR 0MOI[MWI E JSVQEP GSQQMXXII [MPP YWYEPP] LEZIEHIWMKREXIHGLEMVTIVWSR8LIGLEMVGERTIVJSVQPIEHIVWLMTJYRGXMSRWSV HIPIKEXIXLIQFYXLISVWLIVIQEMRWMRGLEVKI
PIEHIVWLMT 8LIEFMPMX]XSMRJPYIRGIKVSYT QIQFIVWWSEWXSLIPTEGLMIZI XLIKSEPWSJXLIKVSYT
MQTPMIHPIEHIV %KVSYTQIQFIVXS[LSQSXLIV QIQFIVWHIJIVFIGEYWISJLIV SVLMWVEROI\TIVXMWISVSXLIV UYEPMX] IQIVKIRXPIEHIV %KVSYTQIQFIV[LSIQIVKIW EWEPIEHIVHYVMRKXLIKVSYTtW HIPMFIVEXMSRW HIWMKREXIHPIEHIV %TIVWSR[LSMWIPIGXIHSV ETTSMRXIHEWPIEHIV[LIRXLI KVSYTMWJSVQIH
0IEHIVWLMTMR7QEPP+VSYTW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7QEPPKVSYTWVIUYMVIIJJIGXMZI PIEHIVWLMTXSEGGSQTPMWLXLIMV KSEPW7SQIKVSYTWLEZIE HIWMKREXIHPIEHIV[LMPISXL IVWLEZIERMQTPMIHPIEHIVSV ERIQIVKIRXPIEHIV
%KVSYTQE]SVQE]RSXRIIHEWTIGMJMGPIEHIVFYXMXEP[E]WRIIHWPIEHIV WLMT;LIREPPQIQFIVWSJXLIKVSYTEVIWOMPPIHGSQQYRMGEXSVWXLI]GERXEOI XYVRW EX TVSZMHMRK PIEHIVWLMT IZIR MJ XLI KVSYT LEW E HIWMKREXIH SV MQTPMIH PIEHIV%W]SYHIZIPSTKVSYTGSQQYRMGEXMSRWOMPPW]SYWLSYPHFITVITEVIHXS EWWYQIEPIEHIVWLMTVSPI[LIRIZIVRIGIWWEV]
*92'8-3273*0)%()67,-4 %RIJJIGXMZIPIEHIVLIPTWXLIKVSYTVIEGLMXWKSEPWF]JYPJMPPMRKXLVIISZIVPETTMRK WIXWSJRIIHWhTVSGIHYVEPRIIHWXEWORIIHWERHQEMRXIRERGIRIIHW
4VSGIHYVEP2IIHW TVSGIHYVEPRIIHW 6SYXMRIqLSYWIOIITMRKrEGXMSRW RIGIWWEV]JSVXLIIJJMGMIRX GSRHYGXSJFYWMRIWWMREWQEPP KVSYT
4VSGIHYVEPRIIHWGERFIXLSYKLXSJEWXLIqLSYWIOIITMRKrVIUYMVIQIRXWSJXLI KVSYT8LI]MRGPYHI (IGMHMRK[LIRERH[LIVIXLIKVSYT[MPPQIIX 6IWIVZMRKXLIVSSQGLIGOMRKXLIRYQFIVSJGLEMVWQEOMRKWYVIXLILIEX SVEMVGSRHMXMSRMRKMWXYVRIHSR 7IXXMRKXLIEKIRHESJIEGLQIIXMRK 7XEVXMRKXLIQIIXMRK 8EOMRKRSXIWHYVMRKXLIQIIXMRK 4VITEVMRKERHHMWXVMFYXMRKER][VMXXIRLERHSYXWRIIHIHJSVXLIQIIXMRK 7YQQEVM^MRKXLIKVSYTtWTVSKVIWWEXXLIIRHSJXLIQIIXMRK -JXLIVIMWEHIWMKREXIHPIEHIVWLISVLIGEREXXIRHXSXLIWIRIIHWSVEWWMKR SRISVQSVIKVSYTQIQFIVWXSHSWS3XLIV[MWIQIQFIVWSJXLIKVSYTQYWX WTPMXXLITVSGIHYVEPVIWTSRWMFMPMXMIW
',%48)6 74)%/-2+-271%00+63947
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8EWO2IIHW 8EWO RIIHW EVI WYFWXERXMZI EGXMSRW RIGIWWEV] XS LIPT XLI KVSYT GSQTPIXI XLI TEVXMGYPEVXEWOMXMW[SVOMRKSR8LI]MRGPYHI %REP]^MRKXLIMWWYIWJEGMRKXLIKVSYT (MWXVMFYXMRKXLI[SVOPSEHEQSRKXLIQIQFIVW 'SPPIGXMRKMRJSVQEXMSR 7SPMGMXMRKXLIZMI[WSJSXLIVQIQFIVW /IITMRKXLIKVSYTJVSQKSMRKSJJSREXERKIRX 4PE]MRKHIZMPtWEHZSGEXIJSVYRTSTYPEVMHIEW *SVQYPEXMRKGVMXIVMEJSVNYHKMRKXLIQSWXIJJIGXMZIWSPYXMSR ,IPTMRKXLIKVSYTVIEGLGSRWIRWYWSRMXWJMREPVIGSQQIRHEXMSRW 1SWX QIQFIVW [MPP LIPT XLI KVSYT WEXMWJ] MXW XEWO RIIHW 0IEHIVWLMT FIGSQIWRIGIWWEV][LIRWSQIXEWORIIHWEVIRSXFIMRKJYPJMPPIHEHIUYEXIP]EW MRXLMWI\EQTPI
XEWORIIHW 7YFWXERXMZIEGXMSRWRIGIWWEV] XSLIPTEWQEPPKVSYTGSQTPIXI MXWEWWMKRIHXEWO
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
1EMRXIRERGI2IIHW 1EMRXIRERGIRIIHWMRZSPZIMRXIVTIVWSREPVIPEXMSRWMRXLIKVSYT8LI]MRGPYHI WYGLJEGXSVWEW ,S[[IPPQIQFIVWKIXEPSRK[MXLSRIERSXLIV ,S[[MPPMRKQIQFIVWEVIXSGSRXVMFYXIXSXLIKVSYT
QEMRXIRERGIRIIHW 'SQQYRMGEXMZIEGXMSRW RIGIWWEV]XSQEMRXEMR MRXIVTIVWSREPVIPEXMSRWMRE WQEPPKVSYT
;LIXLIVQIQFIVWEVIWYTTSVXMZISJSRIERSXLIV ;LIXLIVQIQFIVWJIIPWEXMWJMIH[MXLXLIKVSYTtWEGGSQTPMWLQIRXW ;LIXLIVQIQFIVWJIIPKSSHEFSYXXLIMVVSPIWMRXLIKVSYT -JMRXIVTIVWSREPTVSFPIQWHSQMREXIHMWGYWWMSRXLIKVSYT[MPPLEZIEHMJ JMGYPXXMQI[SVOMRKXSKIXLIVERHVIEGLMRKEHIGMWMSR%PIEHIVGERHSQYGLXS GVIEXIERHWYWXEMRWYTTSVXMZIGSQQYRMGEXMSRMRXLIKVSYT&]LIPTMRKKVSYT QIQFIVWLERHPIGSRJPMGXF][SVOMRKSYXHMJJIVIRGIWSJSTMRMSRF]VIHYGMRK MRXIVTIVWSREP XIRWMSR F] IRGSYVEKMRK TEVXMGMTEXMSR JVSQ EPP QIQFIVW F] FIMRKEPIVXXSTIVWSREPJIIPMRKWERHF]TVSQSXMRKWSPMHEVMX][MXLMRXLIKVSYT E PIEHIV GER QEOI E XVIQIRHSYW GSRXVMFYXMSR XS[EVH LIPTMRK XLI KVSYT EGLMIZIMXWKSEPW
0IEHIVWLMTMR7QEPP+VSYTW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IWTSRWMFMPMXMIWMRE7QEPP+VSYT )ZIV]QIQFIVSJEWQEPPKVSYTQYWXEWWYQIGIVXEMRVIWTSRWMFMPMXMIW[LMGLGERFI HMZMHIHMRXSJMZIQENSVGEXIKSVMIW GSQQMX]SYVWIPJXSXLIKSEPWSJ]SYVKVSYT JYPJMPPMRHMZMHYEPEWWMKRQIRXW EZSMHMRXIVTIVWSREPGSRJPMGXW IRGSYVEKI JYPPTEVXMGMTEXMSR OIITXLIHMWGYWWMSRSRXVEGO7SQISJXLIWIVIWTSRWMFMPMXMIW MRZSPZIPIEHIVWLMTVSPIWFYXEPPJMZIEVIWSMQTSVXERXXLEXIEGLTEVXMGMTERXWLSYPH XEOIXLIQEWTIVWSREPSFPMKEXMSRWVIKEVHPIWWSJXLIKVSYTtWPIEHIVWLMT
'311-8=3967)0*838,)+3%073*=396+6394 *SV E KVSYT XS WYGGIIH QIQFIVW QYWX EPMKR XLIMV TIVWSREP KSEPW [MXL XLI KVSYTtW KSEP 8LMW WSYRHW SFZMSYW FYX MX MW RSX EP[E]W IEW] ;LIR ]SY EVI [SVOMRK[MXLSXLIVWXYHIRXWSREGPEWWTVSNIGXXLIKVSYTKSEPhERHQSWXPMOIP] XLIKSEPSJIEGLQIQFIVhMWXSKIXEKSSHKVEHI8LIVIMWEWXVSRKMRGIRXMZIJSV QIQFIVWXSGSSTIVEXIERHGSQQMXXLIQWIPZIWXSGSQTPIXMRKXLIXEWO 4VSFPIQW EVMWI [LIR SRI SV QSVI QIQFIVW LEZI TIVWSREP KSEPW XLEX GSRJPMGX[MXLXLIKVSYTtWKSEP,IVIMWXLIOMRHSJWMXYEXMSRXLEXGERSGGYV 7LIVVM &EMRIW MW E QIQFIV SJ XLI GSQQMXXII XS FY] RI[ IUYMTQIRX JSV XLI PSGEP RI[WTETIVtWIQTPS]IIGEJIXIVME&IGEYWIXLIFYHKIXMWZIV]XMKLXXLIGSQQMXXIItWKSEPMW XSKIXXLIFIWXIUYMTQIRXJSVXLIPS[IWXTVMGI&YXYRORS[RXSXLISXLIVQIQFIVWSJXLI KVSYT7LIVVMtWWSRMRPE[MWEWEPIWQERJSVEHMWXVMFYXSVSJLMKLTVMGIHOMXGLIRETTPMERGIW 4VMZEXIP]7LIVVMLEWVIEWSRIHXLEXMJWLIGERW[E]XLIGSQQMXXIIXS[EVHXLEXGSQTER]LIV WSRMRPE[ [MPP KIX E PEVKI GSQQMWWMSR 7LIVVM HSIW RSX QIRXMSR XLMW JEGX XS XLI KVSYT -RWXIEHWLIEVKYIWXLEXUYEPMX]hRSXTVMGIhWLSYPHFIXLIHIXIVQMRMRKJEGXSVMRXLITYV GLEWI8LIKVSYTTVSGIWWFVIEOWHS[RFIGEYWI7LIVVM[MPPRSXWYVVIRHIVLIVTVMZEXIKSEP
8LMWMWERI\XVIQII\EQTPIFYXXLIVIGERFIQSVIWYFXPIOMRHWSJTVMZEXI KSEPWEWMRXLIJSPPS[MRKGEWI 'EVPSW ERH6EGLIPEVITEVXSJE KVSYT ERH'EVPSW[SYPH PMOIXSFI SR GPSWIVXIVQW [MXL6EGLIP8SMQTVIWWLIVLIQE]EKVII[MXLIZIV]XLMRKWLIWE]WVIKEVHPIWWSJ[LIXLIV LIVIEPP]WLEVIWLIVZMI[W'SRWIUYIRXP]'EVPSWtWI\TVIWWIHZMI[WEVIRSXLMWEGXYEPZMI[W -RWLSVX'EVPSWLEWELMHHIREKIRHEMRXLIKVSYTQIIXMRK8LIKVSYTtWEKIRHEMWXSWSPZI XLITVSFPIQFYX'EVPSWtWEKIRHEMWXSKIXEHEXI[MXL6EGLIP
LMHHIREKIRHE %WIXSJYRWXEXIHMRHMZMHYEP KSEPWXLEXQE]GSRJPMGX[MXLXLI KSEPWSJXLIKVSYTEWE[LSPI
+VSYTQIQFIVWQE]LEZIEPPWSVXWSJLMHHIREKIRHEW3RIQE]FII\TI VMIRGMRKTIVWSREPTVSFPIQWhPS[IVIHKVEHIWEFVIEOYT[MXLEJVMIRHSVNYWXE FEH HE] %RSXLIV QE] LEZI E GSQQMXQIRX XS E HMJJIVIRX KVSYT [LSWI KSEPW GSRJPMGX[MXLXLSWISJXLITVIWIRXKVSYT%XLMVHQE] [ERXXSXEOIGLEVKISJ XLIKVSYTJSVVIEWSRWSJTIVWSREPTS[IVVIKEVHPIWWSJXLIKVSYTtWXEWO 6IQIQFIV XLEX [LEX SRI QIQFIV SJ E KVSYT HSIW EJJIGXW EPP XLI SXLIV QIQFIVW=SYWLSYPHRSXXV]XSEHZERGI]SYVS[RMRXIVIWXWSVFSSWX]SYVS[R IKS EX XLI I\TIRWI SJ XLI KVSYT ERH MXW KSEPW &I[EVI SJ LMHHIR EKIRHEWh [LIXLIV]SYVWSVWSQISRIIPWItWhERHTEVXMGMTEXI[MXLETSWMXMZIWTMVMX
*90*-00-2(-:-(9%0%77-+21)287 %WQIRXMSRIHIEVPMIVSRISJXLIEHZERXEKIWSJXLIKVSYTTVSGIWWMWXLEXMXHMZMHIW XLI[SVOPSEHEQSRKWIZIVEPTISTPI&YXYRPIWWIZIV]QIQFIVJYPJMPPWLMWSVLIV EWWMKRQIRXWXLIKVSYTtWIRXMVITVSNIGXQE]JEMPhEWMRXLIJSPPS[MRKI\EQTPI
',%48)6 74)%/-2+-271%00+63947
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7IZIVEP]IEVWEKSSRIWXYHIRXKVSYTHIGMHIHXLEXEWEGPEWWTVSNIGXXLI][SYPHFVMRK )EWXIVFEWOIXWXSXLITEXMIRXWMRXLIGLMPHVIRt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
2SQEXXIV[LEXSXLIVEWWMKRQIRXWXLI]QE]LEZIEPPQIQFIVWSJEKVSYT LEZI SRI ZIV] GVMXMGEP EWWMKRQIRXhPMWXIRMRK *MVWX MX LIPTW ]SY YRHIVWXERH [LEXMWLETTIRMRKMRXLIKVSYT%RHYRPMOIETYFPMGWTIEOMRK WMXYEXMSR ]SY GER WXST XLI WTIEOIV ERH EWO JSV GPEVMJMGEXMSR EX ER] TSMRX 7IGSRH PMWXIRMRK LIPTW ]SY IZEPYEXI XLI QIVMXW SJ XLI WTIEOIVtW TSWMXMSR 8LMVH PMWXIRMRK TVS ZMHIWWYTTSVXJSVXLIWTIEOIVERHLIPTWTVSZMHIETSWMXMZIGPMQEXIJSVHMWGYW WMSR;MXLSYXIJJIGXMZIPMWXIRMRKRSKVSYTMWKSMRKXSQEOIQYGLTVSKVIWW
%:3-(-28)64)6732%0'32*0-'87 -J KVSYTW [IVI QEHIYTSJ VSFSXW XLIVI[SYPHFIRS MRXIVTIVWSREP GSRJPMGXW &YXKVSYTWEVIQEHIYTSJTISTPI[MXLPMOIWERHHMWPMOIWERHERMQSWMXMIWERH TVINYHMGIWERHZIV]HMJJIVIRXTIVWSREPMXMIW-XMWZMXEPXSXLIKVSYTTVSGIWWXLEX HMWEKVIIQIRXWFIOITXSREXEWOPIZIPVEXLIVXLERSRETIVWSREPPIZIP 7YTTSWI ]SY HMWEKVII [MXL ERSXLIV QIQFIVtW MHIE (MWEKVIIQIRX SR XLI TIVWSREPPIZIPGSYPHWSYRHPMOIXLMW q8LEXtWXLIQSWXWXYTMHMHIE-IZIVLIEVHSJ (S]SYVIEPM^ILS[QYGLQSRI]MX[SYPHGSWXXSHSXLEX#r&YXSRXLIXEWOPIZIP HMWEKVIIQIRXMWEMQIHEXXLIMHIERSXXLITIVWSR q4SXIRXMEPP]XLEXtWEZIV]KSSH WSPYXMSRFYX-tQRSXWYVI[ILEZIIRSYKLQSRI]XSEGGSQTPMWLMXr 2S QEXXIV [LEX XLI KVSYT TIVWSREP ERXEKSRMWQ PIEZIW E FEH XEWXI MR IZIV]SRItWQSYXLERHLEVQWXLITIVJSVQERGISJXLIKVSYT-XtWIWWIRXMEPXLEX WSQISRIXEOIEPIEHIVWLMTVSPIERHFVMRKXLIHMWGYWWMSRFEGOXSXLIVIPIZERX MWWYIW0IXtWWE]]SYEVITEVXSJEGSQQMXXIIGLEVKIH[MXLWIXXMRKYTEWTIEOIVWt WIVMIWSR]SYVGEQTYW8LIHMWGYWWMSRQMKLXKSPMOIXLMW %RKIPE ;IHIJMRMXIP]WLSYPHLEZI6ITVIWIRXEXMZI,MKLXS[IVWTIEOSRGEQTYW,ILEW FIIRZIV]EGXMZIMRTVSXIGXMRKXLIIRZMVSRQIRX 1MRL
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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7TIEOMRKMR7QEPP +VSYTW
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7TIEOMRKMR7QEPP +VSYTW
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6IWTSRWMFMPMXMIWMRE7QEPP+VSYT
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8LI6IJPIGXMZI8LMROMRK1IXLSH
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GVMXIVME 7XERHEVHWSR[LMGLENYHKQIRX SVHIGMWMSRGERFIFEWIH
-J ]SY TPERRIH XS FY] E GEV LS[ [SYPH ]SY TVSGIIH# =SY [SYPH TVSFEFP] RSXNYWX[EPOMRXSEWLS[VSSQERHFY][LEXIZIVETTIEPIHXS]SYSRXLIWTYV SJXLIQSQIRX=SY[SYPHQSWXPMOIP]HIGMHIELIEHSJXMQI[LEXOMRHSJGEV ]SY[ERXIH[LEXSTXMSRWMXWLSYPHLEZIERHLS[QYGLQSRI]]SYGSYPH WTIRH8LEXMW ]SY[SYPHIWXEFPMWLGVMXIVMEXSKYMHI]SYMRHIGMHMRKI\EGXP] [LMGLGEVXSFY] =SYWLSYPHHSXLIWEQIXLMRKMRKVSYTHMWGYWWMSR3RGI]SYVKVSYTLEW EREP]^IH XLI TVSFPIQ ]SY WLSYPH RSX NYQT MQQIHMEXIP] XS TVSTSWMRK WSPY XMSRW -RWXIEH ]SY WLSYPH IWXEFPMWL GVMXIVMEhWXERHEVHWhJSV VIWTSRWMFPI WSPY XMSRW=SYWLSYPH[SVOSYX ERH[VMXIHS[R I\EGXP][LEX]SYVWSPYXMSRWQYWX EGLMIZIERHER]JEGXSVWXLEXQMKLXPMQMX]SYVGLSMGISJWSPYXMSRW 8S KIX E FIXXIV MHIE SJ LS[ XLMW WXEKI SJ XLI VIJPIGXMZIXLMROMRK QIXLSH [SVOWPIXtWPSSOEXXLIGSWXGYXXMRKKVSYT[ILEZIFIIRJSPPS[MRK %JXIV WSQI HMWGYWWMSR XLI KVSYT IWXEFPMWLIH XLIWI GVMXIVME JSV TSWWMFPI WSPYXMSRW 8LIWSPYXMSRWLSYPHWMKRMJMGERXP]VIHYGIWXYHIRXWtGSWXW 8LIWSPYXMSRWLSYPHGSQI MRXSJSVGIEXXLIWXEVXSJXLIRI\XWGLSSP]IEV 8LIWSPYXMSRWLSYPHRSXLYVXXLITVIWXMKI SJXLIGSPPIKI 8LIGSWXSJXLIWSPYXMSRWLSYPHFIQMRMQEPERHWLSYPHFITEMHF]XLI EHQMRMWXVEXMSR 8LILYQERVIWSYVGIWRIIHIHXSMQTPIQIRXXLIWSPYXMSRWLSYPHGSQI JVSQ EHQMRMWXVEXMZI TIVWSRRIP EPVIEH] [SVOMRK SR XLI WGLSSPtW WXEJJ 8LI WSPYXMSR WLSYPH MRZSPZI SRP]EGXMSRW GSRXVSPPIH F]XLIGSPPIKIhRSX QEXXIVWGSRXVSPPIHF]SYXWMHI MRHMZMHYEPWSVEKIRGMIW
+)2)6%8)438)28-%073098-327 FVEMRWXSVQMRK %QIXLSHSJKIRIVEXMRKMHIEW F]JVIIEWWSGMEXMSRSJ[SVHWERH XLSYKLXW
3RGI]SYVKVSYTLEWXLIGVMXIVMEJMVQP]MRQMRH]SYEVIVIEH]XSHMWGYWWWSPY XMSRW=SYVKSEPEXXLMWWXEKIMWXSGSQIYT[MXLXLI[MHIWXTSWWMFPIVERKISJ TSXIRXMEP WSPYXMSRWhRSX XS NYHKI XLI WSPYXMSRW 3RI QIQFIV SJ XLI KVSYT WLSYPH FI VIWTSRWMFPI JSV [VMXMRK HS[R EPP XLI WSPYXMSRW TVSTSWIH EX XLMW XMQI 1ER]KVSYTWJMRHXLIXIGLRMUYISJFVEMRWXSVQMRKLIPTJYPMRXLMWWXEKI-R 'LETXIV [I HMWGYWWIH LS[ FVEMRWXSVQMRK GER [SVO JSV ER MRHMZMHYEP MR GLSSWMRKEWTIIGLXSTMG,IVIFVEMRWXSVQMRKMWI\TERHIHXSXLI[LSPIKVSYT 8LIFIWXETTVSEGLMWXSFIKMRF]LEZMRKIEGLQIQFIVSJXLIKVSYT[VMXI HS[REPPXLITSWWMFPIWSPYXMSRWLISVWLIGERXLMROSJ3RITIVWSRWLSYPHXLIR GSRWSPMHEXIXLIMRHMZMHYEPPMWXWMRXSEQEWXIVPMWX8LIKVSYTWLSYPHHMWGYWWXLI QEWXIVPMWXXSQEOIWYVITSXIRXMEPWSPYXMSRWLEZIRSXFIIRSZIVPSSOIH%XXLMW
',%48)6 74)%/-2+-271%00+63947
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;SVOMRKMREWQEPPKVSYT VIUYMVIWQER]SJXLIWOMPPW MRZSPZIHMRTYFPMGWTIEOMRK *SVQEPTVIWIRXEXMSRWQE] SGGYVHYVMRKEKVSYTtWHIPMF IVEXMSRWSV[LIRXLIKVSYT TVIWIRXWMXWVITSVX
WXEKIQIQFIVWSJXIRqTMKK]FEGOrRI[MHIEWSRXSMHIEWSRXLIQEWXIVPMWX*SV I\EQTPIMJSRIWYKKIWXMSRMWq)WXEFPMWLJSSHGSSTWrEKVSYTQIQFIVQMKLX WE] q=IW ERH[I GSYPH IWXEFPMWL GPSXLMRK GSSTW XSSr 3RIQIQFIV WLSYPH [VMXIHS[RXLIWIRI[MHIEWERHEHHXLIQXSXLIQEWXIVPMWX8LIFVEMRWXSVQMRK TVSGIWWGSRXMRYIWYRXMPXLIKVSYTGERRSXXLMROSJER]QSVIWSPYXMSRW &VEMRWXSVQMRKMRXLMWJEWLMSRLEWX[SEHZERXEKIW*MVWXMXIRGSYVEKIWGVI EXMZMX]6IWIEVGLWLS[WXLEXFIKMRRMRK[MXL[VMXXIRPMWXWYWYEPP]TVSHYGIWQSVI ERH LMKLIVUYEPMX] MHIEW XLER VIP]MRK WSPIP] SR SVEP HMWGYWWMSR 7IGSRH XLMW QIXLSHSJFVEMRWXSVQMRKIRGSYVEKIWIUYEPTEVXMGMTEXMSR,EZMRKIEGLQIQFIV GVIEXI LMW SV LIV S[R PMWX QEOIW MX PIWW PMOIP] XLEX SRI SV X[S QIQFIVW [MPP HSQMREXI XLI TVSGIWW SV XLEX ER]SRI [MPP LSPH FEGO MHIEW JSV JIEV SJ FIMRK LSSXIHHS[R 0IXtWWIILS[SYVGSWXGYXXMRKKVSYTLERHPIHXLMWWXEKI &]FVEMRWXSVQMRKXLIKVSYTGEQIYT[MXLXLIJSPPS[MRKTSWWMFPIWSPYXMSRW VIHYGI XLIRYQFIVSJVIUYMVIHFSSOWJSVIEGLGSYVWI GYXWSQISJXLIqJEXrJVSQXLIEHQMR MWXVEXMZI WXEJJ QEOI EPP TVSJIWWSVW XIEGL QSVI GSYVWIW ETTVSEGL PERHPSVHW EFSYX WXEFMPM^MRKVIRXERHYXMPMX]GSWXW IWXEFPMWLJSSHERHGPSXLMRKGSSTW MRGVIEWIJMRERGMEP EMH HIGVIEWI XLI EQSYRX SJ QSRI] EZEMPEFPI JSV JEGYPX] VIWIEVGL FS]GSXX FYWM RIWWIW EVSYRH XLI GEQTYW [LIVI TVMGI QEVOYTW EVI LMKLIWX MRGVIEWI SYXSJWXEXI XYMXMSR HIGVIEWI HSVQMXSV] I\TIRWIW SVKERM^I JYRHVEMWMRK TVSKVEQW [MXL XLI WXYHIRX KSZIVRQIRX VIHMVIGX WSQI QSRI] JVSQ GSRWXVYGXMSR SJ RI[ FYMPHMRKW XS WXYHIRXEMH8LMW[EWEKSSH]MIPHJVSQEFVEMRWXSVQMRKWIWWMSRhWSPMHWYKKIWXMSRW
7)0)'88,)&)7873098-32 %JXIVEPPTSXIRXMEPWSPYXMSRWLEZIFIIRPMWXIHMXMWXMQIXSIZEPYEXIXLIQ8LI FIWX[E]XSTVSGIIHMWXSHMWGYWWIEGLWSPYXMSR[MXLVIKEVHXSXLIGVMXIVMEIWXEF PMWLIHIEVPMIVXLIRQSZIXSXLIRI\XWSPYXMSRERHWSSR8LMWSVHIVP]TVSGIWW IRWYVIWXLEXEPPTSXIRXMEPWSPYXMSRWVIGIMZIIUYEPGSRWMHIVEXMSR %W IEGL TSXIRXMEP WSPYXMSR MW HMWGYWWIH XLI KVSYT WLSYPH XV] XS VIEGL GSRWIRWYW%GSRWIRWYWHIGMWMSRMWSRIXLEXEPP QIQFIVWEGGITXIZIRXLSYKL
8LI6IJPIGXMZI8LMROMRK1IXLSH
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IJPIGXMZI8LMROMRK1IXLSH
23
(MHXLIKVSYTGPIEVP]HIJMRIXLITVSFPIQJSVHMWGYWWMSR# (MH XLI KVSYT TLVEWI XLI UYIWXMSR JSV HMWGYWWMSR EW E UYIWXMSRSJTSPMG]# (MH XLI KVSYT TLVEWI XLI UYIWXMSR JSV HMWGYWWMSR EW GPIEVP]EWTSWWMFPI# (MHXLIKVSYTTLVEWIXLIUYIWXMSRJSVHMWGYWWMSRWSEWXS EPPS[JSVE[MHIZEVMIX]SJERW[IVW# (MH XLI KVSYT TLVEWI XLI UYIWXMSR JSV HMWGYWWMSR MR ER YRFMEWIHQERRIV#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7TIIGL8SSPWJSV XLMWGLETXIV
(MH XLI KVSYT TLVEWI XLI UYIWXMSR JSV HMWGYWWMSR EW E WMRKPIUYIWXMSR# (MH XLI KVSYT EREP]^I XLI TVSFPIQ XLSVSYKLP] FIJSVI EXXIQTXMRKXSQETSYXWSPYXMSRW# (MHXLIKVSYTIWXEFPMWLGVMXIVMEJSVERMHIEPWSPYXMSRXSXLI TVSFPIQFIJSVIHMWGYWWMRKWTIGMJMGWSPYXMSRW# (MH XLI KVSYT FVEMRWXSVQ XS KIRIVEXI E [MHI VERKI SJ TSXIRXMEPWSPYXMSRWXSXLITVSFPIQ# (MHXLIKVSYTIZEPYEXIIEGLTSXIRXMEPWSPYXMSRMRPMKLXSJ XLIGVMXIVMEJSVERMHIEPWSPYXMSR# (MH XLI KVSYT QEOI E HIXIVQMRIH IJJSVX XS VIEGL GSRWIRWYW[MXLVIKEVHXSXLIFIWXWSPYXMSR# (MHXLIKVSYTEGLMIZIGSRWIRWYW#
GSRWIRWYW %KVSYTHIGMWMSRXLEXMW EGGITXEFPIXSEPPQIQFIVWSJ XLIKVSYT
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tWWII 8LI GSWXGYXXMRK KVSYT LEH TSWWMFPI WSPYXMSRW XS IZEPYEXI 8LVII [IVI VINIGXIH FIGEYWI XLI] ZMSPEXIH XLI KVSYTtW GVMXIVMSR XLEX ER EGGITXEFPI WSPYXMSR QYWX MRZSPZI SRP]
',%48)6 74)%/-2+-271%00+63947
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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tWTVIWXMKI*MREPP]XLIWYK KIWXMSRXSVIHYGIEHQMRMWXVEXMZIqJEXr[EWVINIGXIHEWXSSGSWXP]FIGEYWIEKVSYT[SYPH LEZIXSFIIWXEFPMWLIHXSEYHMXEPPEHQMRMWXVEXMZIHYXMIW %JXIVVIJMRMRKXLIWYKKIWXMSRWXLIKVSYTJMREPP]VIEGLIHGSRWIRWYWSREWSPYXMSRXLEX MRGPYHIHXLIJSPPS[MRKTVSZMWMSRW %WXYHIRXWLSYPHRSXLEZIXSWTIRHQSVIXLER SR VIUYMVIH FSSOW JSV ER] WMRKPIGSYVWI 8LI YRMZIVWMX]WLSYPH EYXLSVM^I XLI WXYHIRX KSZIVRQIRX XS SVKERM^I JSSH FSSO ERH GPSXLMRK GSSTW 8LI WXYHIRX KSZIVRQIRX WLSYPH GSRHYGX JMZI JYRHVEMWMRK TVSNIGXW IEGL EGEHIQMG ]IEV )EGL TVSJIWWSV WLSYPH XIEGLSRIQSVIGPEWWE]IEV
3RGIGSRWIRWYWLEWFIIRVIEGLIHXLIKVSYTMWVIEH]XSTVIWIRXMXWJMRHMRKW
4VIWIRXMRKXLI6IGSQQIRHEXMSRWSJXLI+VSYT
8LI[SVOSJETVSFPIQWSPZMRKKVSYTHSIWRSXIRH[MXLXLIPEWXWXEKISJXLI VIJPIGXMZIXLMROMRK TVSGIWW 3RGI E KVSYT LEW EKVIIH SR MXW VIGSQQIRHE XMSRWMXYWYEPP]RIIHWXSTVIWIRXXLIQXSWSQIFSH]%FYWMRIWWKVSYTQMKLX VITSVXXSXLITVIWMHIRXSJXLIGSQTER]SVXSXLIFSEVHSJHMVIGXSVW%TVIWM HIRXMEP GSQQMWWMSR VITSVXW XS XLI 4VIWMHIRX ERH XS XLI REXMSR EX PEVKI % GPEWWVSSQ KVSYT VITSVXW XS XLI MRWXVYGXSV ERH XS XLI VIWX SJ XLI GPEWW 8LI TYVTSWI SJ WYGL VITSVXW MW XS TVIWIRX XLI KVSYTtW VIGSQQIRHEXMSRW GPIEVP] ERHGSRZMRGMRKP] 7SQIXMQIW E KVSYT [MPP TVITEVIE JSVQEP [VMXXIR VITSVX 3JXIRLS[IZIV XLI [VMXXIR VITSVX MW WYTTPIQIRXIH [MXLhSV VITPEGIH F]hER SVEP VITSVX E W]QTSWMYQSVETERIPHMWGYWWMSR
36%06)4368 %RSVEPVITSVXMWQYGLXLIWEQIMRGSRXIRXEWE[VMXXIRVITSVX-JXLIKVSYTLEW EHIWMKREXIHPIEHIVWLISVLI[MPPTVSFEFP]HIPMZIVXLIVITSVX3XLIV[MWIXLI KVSYT[MPPWIPIGXSRITIVWSRJSVXLINSF -J]SYEVITMGOIHXSTVIWIRX]SYVKVSYTtWVITSVX]SYWLSYPHETTVSEGLMXEW ]SY[SYPHER]SXLIVWTIIGL=SYVXEWOMWXSI\TPEMRXLIKVSYTtWTYVTSWITVS GIHYVIWERHVIGSQQIRHEXMSRW=SYVVITSVXWLSYPHLEZIXLVIIQEMRWIGXMSRW 8LI MRXVSHYGXMSR [MPP WXEXI XLI TYVTSWI SJ XLI VITSVX ERH TVIZMI[ MXW QEMR TSMRXW8LIFSH][MPPWTIPPSYXXLITVSFPIQEHHVIWWIHF]]SYVKVSYTXLIGVMXI VME WIX JSV E WSPYXMSR ERH XLI WSPYXMSR FIMRK VIGSQQIRHIH 8LI GSRGPYWMSR [MPPWYQQEVM^IXLIQEMRTSMRXWERHMRWSQIGEWIWYVKIXLEXXLIKVSYTtWVIG SQQIRHEXMSRWFIEHSTXIH %W[MXLER]SXLIVWTIIGL]SYWLSYPHEHETX]SYVVITSVXXSXLIEYHMIRGI 9WI WYTTSVXMRK QEXIVMEPW XS GPEVMJ] ERH WXVIRKXLIR ]SYV MHIEW ERH GSRWMHIV
SVEPVITSVX %WTIIGLTVIWIRXMRKXLI JMRHMRKWGSRGPYWMSRWSV HIGMWMSRWSJEWQEPPKVSYT
4VIWIRXMRKXLI6IGSQQIRHEXMSRWSJXLI+VSYT
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
[LIXLIVYWMRKZMWYEPEMHW[MPPIRLERGI]SYVQIWWEKI1EOIWYVI]SYVPERKYEKI MWEGGYVEXIGPIEVZMZMHERHETTVSTVMEXI6ILIEVWIXLIVITSVXWS]SYGERHIPMZIV MXJPYIRXP]ERHHIGMWMZIP]%JXIV[EVH]SYhERHTSWWMFP]SXLIVQIQFIVWSJXLI KVSYThQE]FIGEPPIHSRXSERW[IVUYIWXMSRWJVSQXLIEYHMIRGI
7=1437-91 W]QTSWMYQ %TYFPMGTVIWIRXEXMSRMR[LMGL WIZIVEPTISTPITVIWIRXTVITEVIH WTIIGLIWSRHMJJIVIRXEWTIGXWSJ XLIWEQIXSTMG
%W]QTSWMYQGSRWMWXWSJEQSHIVEXSVERHWIZIVEPWTIEOIVWWIEXIHXSKIXLIVMR JVSRXSJEREYHMIRGI-JXLIKVSYTTVIWIRXMRKXLIW]QTSWMYQLEWEHIWMKREXIH PIEHIV LI SV WLI [MPP X]TMGEPP] FI XLI QSHIVEXSV 8LI QSHIVEXSVtW NSF MW XS MRXVSHYGIXLIXSTMGERHXLIWTIEOIVW)EGLWTIEOIVHIPMZIVWETVITEVIHWTIIGL SREHMJJIVIRXEWTIGXSJXLIXSTMG%JXIVXLIWTIIGLIWXLIVIQE]FIEUYIWXMSR ERHERW[IVWIWWMSR 8LIW]QTSWMYQMWSJXIRYWIHJSVKVSYTVITSVXWMRWTIIGLGPEWWIW3RI[E] XSSVKERM^IMXMWXSLEZIIEGLQIQFIVSJXLIKVSYTTVIWIRXEFVMIJXEPOWOIXGLMRK XLIKVSYTtW[SVOERHHIGMWMSRWHYVMRKSRIWXEKISJXLIVIJPIGXMZIXLMROMRKTVS GIWW %RSXLIV[E] MWXSLEZIIEGLWTIEOIVHIEP[MXLEQENSVMWWYIVIPEXMRKXS XLI HMWGYWWMSR XSTMG % KVSYT HIEPMRK [MXL GETMXEP TYRMWLQIRX JSV I\EQTPI QMKLXLEZISRIWTIEOIVTVIWIRXXLIKVSYTtWGSRGPYWMSRSRXLIMWWYISJ[LIXLIV GETMXEPTYRMWLQIRXMWERIJJIGXMZIHIXIVVIRXXSGVMQIERSXLIVWTIEOIVTVIWIRX XLIKVSYTtWTSWMXMSRSRXLIQSVEPMX]SJGETMXEPTYRMWLQIRXERHWSJSVXL %PPXLIWTIIGLIWWLSYPHFIGEVIJYPP]TPERRIH8LI]WLSYPHEPWSFIGSSVHM REXIH[MXLSRIERSXLIVXSQEOIWYVIXLIW]QTSWMYQVITSVXWSREPPMQTSVXERX EWTIGXWSJXLIKVSYTtWTVSNIGX
TERIPHMWGYWWMSR %WXVYGXYVIHGSRZIVWEXMSRSRE KMZIRXSTMGEQSRKWIZIVEP TISTPIMRJVSRXSJEREYHMIRGI
% TERIP HMWGYWWMSR MW IWWIRXMEPP] E GSRZIVWEXMSR MR JVSRX SJ ER EYHMIRGI 8LI TERIP WLSYPH LEZI E QSHIVEXSV [LS MRXVSHYGIW XLI XSTMG ERH XLI TERIPMWXW 3RGIXLIHMWGYWWMSRMWYRHIV[E]XLIQSHIVEXSVQE]MRXIVNIGXUYIWXMSRWERH GSQQIRXWEWRIIHIHXSJSGYWXLIHMWGYWWMSR8LITERIPMWXWWTIEOFVMIJP]MRJSV QEPP] ERH MQTVSQTXY 8LI] XEPO XS IEGL SXLIV FYX PSYHP] IRSYKL JSV XLI EYHMIRGIXSLIEV%W[MXLEW]QTSWMYQETERIPHMWGYWWMSRQE]FIJSPPS[IHF] EUYIWXMSRERHERW[IVWIWWMSR &IGEYWISJMXWWTSRXERIMX]ETERIPHMWGYWWMSRGERFII\GMXMRKJSVTEVXMGMTERXW ERHEYHMIRGIEPMOI&YXYRJSVXYREXIP]XLEXWTSRXERIMX]MRLMFMXWW]WXIQEXMGTVI WIRXEXMSR SJ E KVSYTtW VIGSQQIRHEXMSRW 8LYW XLI TERIP HMWGYWWMSR MW WIPHSQ YWIH F] TVSFPIQWSPZMRK KVSYTW EPXLSYKL MX GER [SVO [IPP JSV MRJSVQEXMSR KEXLIVMRKKVSYTW -J]SYEVIETEVXMGMTERXMRETERIPHMWGYWWMSRFI[EVISJXLIGSQQSRJEP PEG] XLEX RS WIVMSYW TVITEVEXMSR MW VIUYMVIH %PXLSYKL ]SY [MPP WTIEO MQTVSQTXY ]SY RIIH XS WXYH] XLI XSTMG ELIEH SJ XMQI EREP]^I XLI QENSV MWWYIWERHQETSYXXLITSMRXW]SY[ERXXSQEOI%RIJJIGXMZITERIPHMWGYW WMSR EPWS VIUYMVIW TPERRMRK F] XLI QSHIVEXSV ERH TERIPMWXW XS HIGMHI [LEX MWWYIW[MPPFIHMWGYWWIHERHMR[LEXSVHIV*MREPP]EPPTERIPMWXWQYWXFI[MPP MRKXSWLEVIXEPOMRKXMQIWSXLIHMWGYWWMSRMWRSXQSRSTSPM^IHF]SRISVX[S TISTPI ;LEXIZIVQIXLSH]SYVKVSYTYWIWXSTVIWIRXMXWJMRHMRKW]SY[MPPFIRIJMX JVSQ XLI TYFPMG WTIEOMRK KYMHIPMRIW KMZIR XLVSYKLSYX XLMW FSSO 8LI XIGL RMUYIW SJ IJJIGXMZI WTIIGL VIQEMR XLI WEQI [LIXLIV ]SY EVI SRI TIVWSR EHHVIWWMRK ER EYHMIRGI TEVX SJ E WQEPP KVSYT SJ TISTPI [SVOMRK XS WSPZI E TVSFPIQSVETEVXMGMTERXMREW]QTSWMYQSVETERIPHMWGYWWMSR
4%2)0(-7'977-32
',%48)6 74)%/-2+-271%00+63947
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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LMHHIREKIRHE
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PIEHIVWLMT
GVMXIVME
MQTPMIHPIEHIV
FVEMRWXSVQMRK
IQIVKIRXPIEHIV
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HIWMKREXIHPIEHIV
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6IZMI[5YIWXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8LI1G+VE[n,MPP 'SQTERMIW
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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8LI1G+VE[n,MPP 'SQTERMIW
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%
%44)2(-< 74))',)7*36%2%0=7-7%2((-7'977-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
-XMWSFZMSYWXSHE]XLEX%QIVMGELEWHIJEYPXIHSRXLMWTVSQMWWSV]RSXI MRWSJEVEWLIVGMXM^IRWSJGSPSVEVIGSRGIVRIH-RWXIEHSJLSRSVMRKXLMWWEGVIH SFPMKEXMSR%QIVMGELEWKMZIRXLI2IKVS TISTPI EFEHGLIGOhEGLIGO[LMGL LEWGSQIFEGOQEVOIHqMRWYJJMGMIRXJYRHWr &YX[IVIJYWIXSFIPMIZIXLEXXLIFEROSJNYWXMGIMWFEROVYTX;IVIJYWI XSFIPMIZIXLEXXLIVIEVIMRWYJJMGMIRXJYRHWMRXLIKVIEXZEYPXWSJSTTSVXYRMX]SJ XLMWREXMSR%RHWS[ItZIGSQIXSGEWLXLMWGLIGOh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tWGLMPHVIR -X[SYPHFIJEXEPJSVXLIREXMSRXSSZIVPSSOXLIYVKIRG]SJXLIQSQIRX 8LMWW[IPXIVMRKWYQQIVSJXLI2IKVStWPIKMXMQEXIHMWGSRXIRX[MPPRSXTEWWYRXMP XLIVIMWERMRZMKSVEXMRKEYXYQRSJJVIIHSQERHIUYEPMX]2MRIXIIRWM\X]XLVII MWRSXERIRHFYXEFIKMRRMRK8LSWI[LSLSTIXLEXXLI2IKVSRIIHIHXSFPS[ SJJ WXIEQ ERH [MPP RS[ FI GSRXIRX [MPP LEZI E VYHI E[EOIRMRK MJ XLI REXMSR VIXYVRW XS FYWMRIWW EW YWYEP 8LIVI [MPP FI RIMXLIV VIWX RSV XVERUYMPMX] MR %QIVMGE YRXMP XLI 2IKVS MW KVERXIH LMW GMXM^IRWLMT VMKLXW 8LI [LMVP[MRHW SJ VIZSPX[MPPGSRXMRYIXSWLEOIXLIJSYRHEXMSRWSJSYVREXMSRYRXMPXLIFVMKLXHE] SJNYWXMGIIQIVKIW &YXXLIVIMWWSQIXLMRKXLEX-QYWXWE]XSQ]TISTPI[LSWXERHSRXLI [EVQXLVIWLSPH[LMGLPIEHWMRXSXLITEPEGISJNYWXMGI-RXLITVSGIWWSJKEMRMRK SYVVMKLXJYPTPEGI[IQYWXRSXFIKYMPX]SJ[VSRKJYPHIIHW0IXYWRSXWIIOXS WEXMWJ] SYV XLMVWX JSV JVIIHSQ F] HVMROMRK JVSQ XLI GYT SJ FMXXIVRIWW ERH LEXVIH ;IQYWXJSVIZIVGSRHYGXSYVWXVYKKPISRXLILMKLTPERISJHMKRMX]ERH HMWGMTPMRI;IQYWXRSXEPPS[SYVGVIEXMZITVSXIWXXSHIKIRIVEXIMRXSTL]WMGEP ZMSPIRGI %KEMR ERH EKEMR [I QYWX VMWI XS XLI QENIWXMG LIMKLXW SJ QIIXMRK TL]WMGEPJSVGI[MXLWSYPJSVGI 8LI QEVZIPSYW RI[ QMPMXERG] [LMGL LEW IRKYPJIH XLI 2IKVS GSQ QYRMX]QYWXRSXPIEHYWXSEHMWXVYWXSJEPP[LMXITISTPI*SVQER]SJSYV [LMXIFVSXLIVWEWIZMHIRGIHF]XLIMVTVIWIRGILIVIXSHE]LEZIGSQIXSVIEP M^IXLEXXLIMVHIWXMR]MWXMIHYT[MXLSYVHIWXMR]8LI]LEZIGSQIXSVIEPM^I XLEX XLIMV JVIIHSQ MW MRI\XVMGEFP] FSYRH XS SYV JVIIHSQ ;I GERRSX [EPO EPSRI %W [I [EPO [I QYWX QEOI XLI TPIHKI XLEX [I WLEPP EP[E]W QEVGL ELIEH;IGERRSXXYVRFEGO8LIVIEVIXLSWI[LSEVIEWOMRKXLIHIZSXIIWSJ GMZMPVMKLXWq;LIR[MPP]SYFIWEXMWJMIH#r;IGERRIZIVFIWEXMWJMIHEWPSRKEW XLI2IKVSMWXLIZMGXMQSJXLIYRWTIEOEFPILSVVSVWSJTSPMGIFVYXEPMX];IGER RIZIVFIWEXMWJMIHEWPSRKEWSYVFSHMIWLIEZ][MXLXLIJEXMKYISJXVEZIPGERRSX KEMR PSHKMRK MR XLI QSXIPW SJ XLI LMKL[E]W ERH XLI LSXIPW SJ XLI GMXMIW ;I GERRSXFIWEXMWJMIHEWPSRKEWXLI2IKVStWFEWMGQSFMPMX]MWJVSQEWQEPPIVKLIXXS XSEPEVKIVSRI;IGERRIZIVFIWEXMWJMIHEWPSRKEWSYVGLMPHVIREVIWXVMTTIH SJ XLIMV WIPJLSSH ERH VSFFIH SJ XLIMV HMKRMX] F] WMKRW WXEXMRK q*SV ;LMXIW 3RP]r;IGERRSXFIWEXMWJMIHEWPSRKEWE2IKVSMR1MWWMWWMTTMGERRSXZSXIERH E2IKVSMR2I[=SVOFIPMIZIWLILEWRSXLMRKJSV[LMGLXSZSXI2SRS[IEVI RSXWEXMWJMIHERH[I[MPPRSXFIWEXMWJMIHYRXMPNYWXMGIVSPPWHS[RPMOI[EXIVW ERHVMKLXISYWRIWWPMOIEQMKLX]WXVIEQ
-,EZIE(VIEQ
%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
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q;ILSPHXLIWIXVYXLWXSFIWIPJIZMHIRXXLEXEPPQIREVI GVIEXIHIUYEPr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hXLMW[MPPFIXLIHE][LIREPPSJ+SHtWGLMPHVIR[MPP FIEFPIXSWMRK[MXLRI[QIERMRKq1]GSYRXV]tXMWSJXLIIW[IIXPERHSJPMF IVX] SJ XLII - WMRK 0ERH [LIVI Q] JEXLIVW HMIH PERH SJ XLI TMPKVMQtW TVMHI JVSQ IZIV] QSYRXEMRWMHI PIX JVIIHSQ VMRKr %RH MJ %QIVMGE MW XS FI E KVIEX REXMSRXLMWQYWXFIGSQIXVYI 7SPIXJVIIHSQVMRKJVSQXLITVSHMKMSYWLMPPXSTWSJ2I[,EQTWLMVI0IX JVIIHSQVMRKJVSQXLIQMKLX]QSYRXEMRWSJ2I[=SVO0IXJVIIHSQVMRKJVSQ XLILIMKLXIRMRK%PPIKLIRMIWSJ4IRRW]PZERME 0IX JVIIHSQ VMRK JVSQ XLI WRS[GETTIH 6SGOMIW SJ 'SPSVEHS 0IX JVII HSQVMRKJVSQXLIGYVZEGISYWWPSTIWSJ'EPMJSVRME &YXRSXSRP]XLEX0IXJVIIHSQVMRKJVSQ7XSRI1SYRXEMRSJ+ISVKME
%
%44)2(-< 74))',)7*36%2%0=7-7%2((-7'977-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
0IXJVIIHSQVMRKJVSQ0SSOSYX1SYRXEMRSJ8IRRIWWII 0IXJVIIHSQVMRKJVSQIZIV]LMPPERHQSPILMPPSJ1MWWMWWMTTM*VSQIZIV]
QSYRXEMRWMHIPIXJVIIHSQVMRK %RH[LIRXLMWLETTIRW[LIR[IEPPS[JVIIHSQVMRKh[LIR[IPIXMX VMRKJVSQIZIV]ZMPPEKIERHIZIV]LEQPIXJVSQIZIV]WXEXIERHIZIV]GMX]h[I [MPPFIEFPIXSWTIIHYTXLEX HE][LIREPPSJ+SHtWGLMPHVIRFPEGOQIRERH [LMXIQIR .I[WERH+IRXMPIW4VSXIWXERXWERH'EXLSPMGW [MPPFIEFPIXSNSMR LERHWERHWMRKMRXLI[SVHWSJXLISPH2IKVSWTMVMXYEPq*VIIEXPEWX*VIIEXPEWX 8LERO+SHEPQMKLX][IEVIJVIIEXPEWXr
5YIWXMSRWSJ'YPXYVI 7ENNMH>ELMV'LMRS] 7IPHSQ HSIW E WXYHIRX GSQQIRGIQIRX EHHVIWW YTWXEKI XLI JIEXYVIH WTIEOIVh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q-tZI FIIR XS E RYQFIV SJ GSQQIRGIQIRXWr WEMH 'SPIWqFYX-tZIRIZIVLIEVHEWTIIGLUYMXIPMOIXLEXr 8LIXI\XSJXLMWWTIIGLLEWFIIRXVERWGVMFIHJVSQEZMHISVIGSVHMRKERHMWVITVMRXIH [MXLTIVQMWWMSRJVSQ7ENNMH>ELMV'LMRS]ERHXLI9RMZIVWMX]SJ6MGLQSRH%ZMHISMWEZEMP EFPIMRXLISRPMRI1IHME0MFVEV]JSVXLMWETTIRHM\EXGSRRIGXPYGEWGSQ
GSRRIGXPYGEWGSQ :MI[q5YIWXMSRWSJ'YPXYVIr MRXLISRPMRI1IHME0MFVEV]JSV XLMWETTIRHM\ :MHIS'PMT%
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
5YIWXMSRWSJ'YPXYVI
%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
1] GSYRXV] [EW HMJJIVIRX 1] GYPXYVI [EW HMJJIVIRX 1] I\TIVMIRGIW [IVI HMJJIVIRX 1] FEGOKVSYRH [EW HMJJIVIRX 1]PERKYEKI [EWHMJJIVIRX 1] EGGIRX[EWHMJJIVIRX;SYPH-IZIVJMXMR# %RHWSLIVI-[EWLMKLEFSZIXLIGPSYHWKVETTPMRK[MXLUYIWXMSRWSJ GYPXYVISJMRXIVEGXMSRSJIXLRMGMX];LEX-HMHRtXORS[[EWXLEXJIIX FIPS[SRXLIKVSYRHXLI[SVPH[EWJEGIH[MXLXLIWIZIV]WEQIUYIWXMSRWh XLIUYIWXMSRSJGYPXYVIXLIUYIWXMSRSJMRXIVEGXMSRXLIUYIWXMSRSJIXLRMGMX] %RHWS[LIXLIVQ]EMVGVEJXXSSOSJJJVSQ&SQFE][LIVIXLI,MRHYW ERHXLI1YWPMQWPMZIHXSKIXLIVMREQSWXJVEKMPITIEGI SV[LIXLIVQ]EMVGVEJX [EWSZIV%JVMGE[LIVIXLI,YXYWERH8YXWMWSJ6[ERHEERH&YVYRHMLEHPSRK WXERHMRKERMQSWMX] SV[LIXLIVQ]EMVGVEJX[EWSZIV&SWRME[LIVIXLI7IVFW XLI'VSEXWXLI1YWPMQWERHXLI&SWRMERWLEHFVSOIR]IXERSXLIVXVYGIXLI UYIWXMSR [EW XLI WEQIh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tXSJEJEGYPX]QIQFIVERH EWXYHIRXER]QSVIFYXSJX[SFYHHMIW[LSJSYKLXJMIVGIP]SZIVIZIV]TSMRXMR 4MRK4SRK 8LIXMQI-LEHEPSRKERHLSRIWXXEPO[MXLER%QIVMGERJVMIRHSRXLI IZISJEGEPGYPYWI\EQ-HMHRtXPIEVRQYGLGEPGYPYWXLEXRMKLXFYX[LEX-HMH PIEVR[EWXLEXEWHMJJIVIRXEW[IEVIhHMJJIVIRXGSYRXVMIWHMJJIVIRXGYPXYVIWHMJ JIVIRXGSRXMRIRXWhMRLIVIRXP][IEVIWXMPPXLIWEQI 8LI XMQI MR (IGIQFIV [LIR -RHME [EW LMX F] GSQQYREP VMSXW [LIRZMSPIRGIERHFPSSHWLIH[IVIFYXEJI[LYRHVIH]EVHWJVSQQ]JEQMP] ERHQ]LSQIERH[LIRQ]JERXEWXMGVSSQQEXIJVSQQ]JVIWLQER]IEVWEX YTXLIIRXMVIRMKLXKMZMRKQILSTIWXVIRKXLERHGSYVEKIEXIZIV]WXIT =IWJSYV]IEVWEJXIVXLEXFYQT]EMVGVEJXVMHI-LEZIJSYRHXLIERW[IV XSXLIUYIWXMSRSJGYPXYVI - LEZI JSYRH XLEX MX LEW XEOIR NYWX E PMXXPI YRHIVWXERHMRK NYWX E PMXXPI WIRWMXMZMX]NYWXEPMXXPI STIRQMRHIHRIWW NYWXEPMXXPI IQTEXL]SRXLITEVX SJ XLMWGSQQYRMX]hXLMW9RMZIVWMX]SJ6MGLQSRHGSQQYRMX]hXSGLERKIQ]PMJI PMOIRIZIVFIJSVI -LEZIJSYRHXLEXMXQEOIWRSHMJJIVIRGI[LEXGYPXYVI]SYJSPPS[[LEX ]SYVFEGOKVSYRHMW[LEX]SYVI\TIVMIRGIWEVI[LEXPERKYEKI]SYWTIEO[LEX EGGIRX ]SY LEZI 8LI GSQQSREPMX] SJ XLI LYQER FSRH JEV XVERWGIRHW XLIWI WYTIVJMGMEPHMJJIVIRGIW %RH ]IX PSSO EVSYRH EX XLI [SVPH XSHE] 0SSO EVSYRH EX XLI ZIV] VIKMSRWXLEX[IVIJEGIH[MXLXLIWEQIUYIWXMSRSJGYPXYVIXLEX-[EWJEGIH[MXL JSYV]IEVWEKS
%
%44)2(-< 74))',)7*36%2%0=7-7%2((-7'977-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
0SSO EX &SWRME [LIVI FIX[IIR ERH TISTPI LEH FIIR WPEYKLXIVIHh&SWRMERW 7IVFW 'VSEXW 1YWPMQWhEPP FIGEYWI XLI] GEQI JVSQEWPMKLXP]HMJJIVIRXLIVMXEKISVGYPXYVISVLMWXSV] 0SSOEX&SQFE]-RHME-RSRIQEHHIRMRK[IIOMR -RHMERWh ,MRHYW ERH 1YWPMQWhPSWX XLIMV PMZIW JMKLXMRK [MXL SRI ERSXLIV 8LI] JSYKLX SZIV E QSWUYI XLI] JSYKLX SZIV E WXVYGXYVI QEHI SJ FVMGO ERH QSVXEV 8[S XLSYWERHLYQERFIMRKWPSWXXLIMVPMZIW 0SSO EX %JVMGE [LIVI FIX[IIR ERH QMPPMSR ,YXYW ERH 8YXWMWPSWXXLIMVPMZIW.YWXGSQTVILIRHXLEXJSVEQSQIRX&IX[IIRXLIXMQI ]SY[IVIEJVIWLQERERHEWIRMSVQMPPMSRPSWXXLIMVPMZIWJMKLXMRKSZIVGYP XYVISZIVLMWXSV]SZIVFEGOKVSYRH =IWNYWXPSSOEXXLIQEHRIWW8LI[SVPHLEWJSYKLXLEVHXSLMKLPMKLX MXW HMJJIVIRGIW ;I LEZI JSVKSXXIR SYV MRLIVIRX WMQMPEVMXMIW %PP FIGEYWI [LEX [EWQMWWMRK[EWEPMXXPIYRHIVWXERHMRK.YWXEPMXXPIWIRWMXMZMX].YWXEPMXXPISTIR QMRHIHRIWW.YWXEPMXXPIIQTEXL] 8[S WMQMPEV UYIWXMSRW SJ GYPXYVI MR 8[S HMEQIXVMGEPP] STTSWMXI VIWYPXWMR %RH WS XS XLI 'PEWW SJ - WE] KS ERH HMWXMRKYMWL ]SYVWIPZIW PMOI RIZIVFIJSVI+SKIXXLIFIWXSJNSFWXLIQSWXVI[EVHMRKSJGEVIIVW+SXSXLI FIWXSJKVEHYEXITVSKVEQW%RHQEOIEVIEPHMJJIVIRGIMR]SYVGSQQYRMXMIW &YXRSXJSVSRIQSQIRXRSXJSVSRIQSQIRXIZIVJSVKIXXLIQIQSV] SJ XLIWI JSYV ]IEVWhXLI QIQSV] XLEX NYWX E PMXXPI YRHIVWXERHMRK NYWX E PMXXPI WIRWMXMZMX]NYWXEPMXXPISTIRQMRHIHRIWWNYWXEPMXXPIIQTEXL]SR]SYVTEVXGER QIER XLI HMJJIVIRGI FIX[IIR GSQTPIXI HIWTEMV JSV SRI ]SYRK FS] MR &SWRME ERHVIQEVOEFPILSTIJSVERSXLIV]SYRKFS]EX6MGLQSRH 8LERO]SY
8LI,MHHIR;SVPHSJ'LMPM4ITTIVW (S]SYORS[[LIVIGLMPMTITTIVWSVMKMREXIHERHLS[XLI]IZIRXYEPP]WTVIEHEVSYRH XLI[SVPH#;L]WSQI TITTIVWEVI WS QYGL LSXXIVXLER SXLIVW#,S[ XLILIEXSJ EGLMPM TITTIVMWQIEWYVIH#;LEXXSHSMJ]SYIEXEXSSLSXTITTIV#8LIQER]QIHMGMREPFIRIJMXW SJGLMPMTITTIVW# 8LIWI EVI NYWX E JI[ SJ XLI MRXIVIWXMRK JEGXW TVIWIRXIH MR XLI JSPPS[MRK MRJSVQEXMZI WTIIGL%W]SYVIEHXLIWTIIGLRSXMGILS[XLIWTIEOIVFPIRHWLMWXSVMGEPERHWGMIRXMJMGQEXI VMEPWXSTVSHYGIERIRXIVXEMRMRK]IXLMKLP]MRWXVYGXMZIPSSOEXGLMPMTITTIVW2SXMGIXSSLS[ XLIWTIEOIVETTPMIWXLITVMRGMTPIWSJIJJIGXMZIMRJSVQEXMZIWTIEOMRKHMWGYWWIHMR'LETXIV :MHISSJXLMWWTIIGLMWEZEMPEFPIMRXLISRPMRI1IHME0MFVEV]JSVXLMWETTIRHM\-J]SY [EXGLXLIWTIIGL]SY[MPPWIIXLEXXLIWTIEOIVYWIWERYQFIVSJ[IPPHIWMKRIHZMWYEPEMHW XSIRLERGIXLIGSQQYRMGEXMSRSJLMWMHIEW
GSRRIGXPYGEWGSQ :MI[q8LI,MHHIR;SVPHSJ'LMPM 4ITTIVWrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWETTIRHM\ :MHIS'PMT%
-QEKMRI ]SYV QSYXL FYVRMRK PMOI [MPHJMVI ]SYV I]IW WUYMVXMRK SYX YRGSRXVSPPEFPIXIEVWERH]SYVJEGIVIHERHW[IEXMRKTVSJYWIP] %VI]SYWMGO# 2S ]SY NYWX XSSO E FMXI SJ E WGVIEQMRK LSX GLMPM TITTIV 'SRKVEXYPEXMSRW =SYtVI TEVXEOMRK MR E[SVPH[MHI XVEHMXMSRXLEX LEW FIIRWTMGMRK YT PMZIW ERH HMIXWJSVXLSYWERHWSJ]IEVW 1]S[RHIWMVIJSVWTMG]QIEPWPIHQIXSMRZIWXMKEXI[L]-KIXVIHMRXLI JEGIERHWEPMZEXISZIVXLIQIVIXLSYKLXSJIEXMRKEWTMG]GLMPM-RXLITVSGIWW -tZIHMWGSZIVIHXLIVItWEPSXQSVIXSGLMPMTITTIVWXLER-tHIZIVMQEKMRIH8SHE] -tHPMOIXSWLEVI[MXL]SY[LEX-tZIPIEVRIHEFSYXXLILMWXSV]SJGLMPMTITTIVW
8LI,MHHIR;SVPHSJ'LMPM4ITTIVW
%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
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tXYRXMP'SPYQFYWGEQIMRXLI WXLEXXLIGLMPMTITTIV FIGEQIORS[RXSXLIVIWXSJXLI[SVPH%WWXEXIHMR8LI'EQFVMHKI;SVPH,MW XSV]SJ*SSH[MXLMR JMJX]]IEVWEJXIV'SPYQFYWVIXYVRIHXS7TEMR[MXLWEQTPI TPERXW GLMPM TITTIVW GSYPH FI JSYRH KVS[MRK MR GSEWXEP EVIEW JVSQ %JVMGE XS %WME*VSQXLIVIXLI]WTVIEHMRPERHYRXMPXLI]XSSOLSPHSJXLIXEWXIFYHWSJ TISTPIEVSYRH XLIKPSFI8SHE]XLI]tVIQSWX[MHIP]YWIHMR 1I\MGS'IRXVEP ERH 7SYXL %QIVMGE %JVMGE %WME XLI&EPOERW ERH XLI 9RMXIH 7XEXIW'EVSP]R (MPPI ERH 7YWER &IPWMRKIV EYXLSVW SJ 8LI 'LMPM 4ITTIV &SSO IWXMQEXI XLEX TIVGIRX SJ XLI [SVPHtW EHYPX TSTYPEXMSR YWIW GLMPM TITTIVW EW E TEVX SJ XLIMV HEMP]HMIX 2S[XLEX[IORS[ EPMXXPIFMXEFSYXXLILMWXSV]SJGLMPMTITTIVWPIXtW WII[L]XLI]GERTYXWYGLEJMVIMRSYVFIPP]8LITPIEWYVIERHTEMRMRZSPZIH MR IEXMRK GLMPM TITTIVW GSQIW JVSQ E GLIQMGEP GEPPIH GETWEMGMR 'ETWEMGMR MW GSRGIRXVEXIHMRXLITITTIVtWZIMRWERHWIIHW8SIRNS]XLIJPEZSVSJEGLMPMTIT TIV[MXLSYXFYVRMRK]SYVWXSQEGLSVQSYXLEZSMHXLIZIMRWERHWIIHW[LIR GSSOMRKSVIEXMRKXLIQ 4 ; &SWPERH XIPPW YW MR XLI FSSO 7TMGIW ,IVFW ERH )HMFPI *YRKM XLEX GLMPM TITTIV MRXIRWMX] MW QIEWYVIH MR X[S [E]W 8LI JMVWX [EW HIZIPSTIH F] ;MPFYV 0 7GSZMPPI MR 8LMW QIXLSH YWIW XVEMRIHXIWXIVW XS QIEWYVI GLMPM TITTIVWMR7GSZMPPI,IEX9RMXW8LIWIVERKIJVSQ^IVSXS%GGSVHMRKXS &SWPERHXLMWXIWXMWWYFNIGXMZIFIGEYWIMXVIPMIWSRXLIMRHMZMHYEPXIWXIVtWWIRWM XMZMX]XSGETWEMGMR 8LIWIGSRHQSVI[MHIP]YWIHXIWXMWGEPPIHXLI,MKL4IVJSVQERGI0MU YMH'LVSQEXSKVETL]XIWXQSVIGSQQSRP]ORS[REW,40'8LMWMWEPWSQIE WYVIHMR7GSZMPPI,IEX9RMXWFYXMXtWQSVISFNIGXMZI8LIGLMPMTSHWEVIHVMIH ERHKVSYRHERHXLIRXLIGLIQMGEPWVIWTSRWMFPIJSVXLILIEXEVIEREP]^IHERH VEXIHEGGSVHMRKXSTYRKIRG] 8LILSXXIWXTITTIVSRVIGSVHMWXLIHIGITXMZIP]WQEPPERHYRMQTSWMRK SVERKILEFERIVSTITTIV-XtWFIIRVEXIHEWLMKLEW7GSZMPPI,IEX9RMXW ERHMXtWWSTS[IVJYPXLEXWSQITISTPILEZIEREPPIVKMGVIEGXMSRNYWXF]XSYGLMRK MX[LMGLMW[L]-tQLSPHMRKMXF]XLIWXIQ8LIQMPHIWXTITTIVMWXLIWXERHEVH KVIIRFIPP[LMGL]SYWIIEXXLIKVSGIV]WXSVIIZIV]HE]-XtWFIIRVEXIHEX^IVS 7GSZMPPI,IEX9RMXW -J ]SY IEX ER SVERKI LEFERIVS TITTIV MXtW MQTSVXERX XS ORS[ LS[ XS HIEP [MXL XLI FYVRMRK WIRWEXMSR ;LEXIZIV ]SY HS HS RSX VMRWI ]SYV QSYXL [MXL[EXIV(EZI(I;MXXMR8LI'LMPM4ITTIV)RG]GPSTIHMEXIPPWYWGETWEMGMRMWRSX WSPYFPIMR[EXIV%RH IZIRMJ]SYHVMROEKEPPSRSJMGI[EXIVMXtWRSXKSMRKXS LIPT%GGSVHMRKXSXLI'LMPM4ITTIV-RWXMXYXIEX2I[1I\MGS7XEXI9RMZIVWMX]XLI FIWXWSPYXMSRMWXSGSRWYQIEHEMV]TVSHYGXWYGLEWQMPOSV]SKYVX[LMGLGSR XEMREWYFWXERGIXLEXWXVMTWE[E]GETWEMGMRJVSQXLIMRXIVMSVGIPPWSJ]SYVQSYXL 8LMWMW[L]WSQILSXJSSHWPMOI-RHMERJSSHWEVIWIVZIH[MXL]SKYVXWEYGI -J]SYFYVR]SYVWOMRXLI-RWXMXYXIVIGSQQIRHWGPIERMRKXLIEVIE[MXL VYFFMRK EPGSLSP ERH XLIR WSEOMRK MX [MXL QMPO %FSZI EPP VIQIQFIV X[S %
%44)2(-< 74))',)7*36%2%0=7-7%2((-7'977-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
XLMRKW *MVWXEP[E]W[IEVKPSZIW[LIR]SYGYXELSXTITTIVWYGLEWELEFERIVS 7IGSRHRIZIVVYF]SYVI]IW[LIR[SVOMRK[MXLLSXGLMPMTITTIVW %PXLSYKL GLMPM TITTIVW EVI TVM^IH EFSZI EPP JSV XLI JPEZSV XLI] EHH XS JSSHXLI]LEZISXLIVFIRIJMXWEW[IPP4ITTIVWTVE]WLEZIFIGSQIEWXERHEVH [IETSRJSVXLITIVWSREPTVSXIGXMSRSJMRHMZMHYEPWERHPE[IRJSVGIQIRXEKIR GMIW8LI2I[=SVO8MQIWVITSVXWXLEXWEPIWSJTITTIVWTVE]WLEZIVMWIRWXIEHMP] ERHWLS[RSWMKRSJWPS[MRK 'LMPMTITTIVWEVIEPWSZEPYIHJSVXLIMVQIHMGMREPTVSTIVXMIW%GGSVHMRK XS.EGO'LEPPIQ EYXLSVSJ8LI2YXVMXMSR6ITSVXIVXLIVILEZIFIIR QSVIXLER QIHMGEPWXYHMIWSRGETWEMGMRXLIEGXMZIMRKVIHMIRXMRTITTIVW1SHIVEXI HSWIWLEZIFIIRTVSZIHXSEMHHMKIWXMSRVIHYGIL]TIVXIRWMSRMQTVSZIGMVGYPE XMSR ERH LIPT HMWWSPZI FPSSH GPSXW 4VIPMQMREV] VIWIEVGL F] 4VSJIWWSV /IRNM 3OENMQE EX .ETERtW /YQEQEXS 9RMZIVWMX] 7GLSSP SJ 1IHMGMRI WYKKIWXW XLEX E GSQFMREXMSR SJ GLMPM TITTIVW ERH WS]FIERW GER TVSQSXI LEMV KVS[XL ERH QMKLXLSPHTVSQMWIEWEGYVIJSVFEPHRIWW -RGPSWMRKMXtWHMJJMGYPXXSMQEKMRISYVPMZIW[MXLSYXXLIWTMGIEHHIHF] GLMPMTITTIVW*VSQXLIMVSVMKMRWMR7SYXL%QIVMGEXSXLIMVGYVVIRXTSTYPEVMX] EVSYRHXLI[SVPHTITTIVWLEZIFIIRYWIHRSXSRP]XSJPEZSVSYVJSSHFYXEPWS XSMQTVSZISYVLIEPXLERHTIVWSREPWEJIX];LMPIMXVIQEMRWXSFIWIIR[LIXLIV SV RSX GLMPM TITTIVW GER EGXYEPP] GYVI FEPHRIWW [I GER FI WYVI XLMW ERGMIRX TPERX[MPPGSRXMRYIXSJMRHRI[YWIWMRSYVQSHIVREKI
8LI,SVVSVWSJ4YTT]1MPPW 7IZIRX]JMZIQMPPMSRHSKWEVIS[RIHEWTIXWMRXLI9RMXIH7XEXIWERHXS QMPPMSRTYT TMIWEVITYVGLEWIHIEGL]IEVEXEXSXEPGSWXSJGPSWIXSFMPPMSR1SWXGSQIJVSQPIKMXMQEXI FVIIHIVW[LSXEOIKSSHGEVISJXLIMVERMQEPW8[SXSJSYVQMPPMSRLS[IZIVGSQIJVSQTYTT] QMPPWPEVKIWGEPISTIVEXMSRWVYRWSPIP]JSVTVSJMX[MXLRSGSRGIVRJSVXLIERMQEPWtTL]WMGEPSV IQSXMSREP [IPJEVI %JXIV I\TPEMRMRK XLI TVSFPIQ SJ TYTT] QMPPW XLI JSPPS[MRK TIVWYEWMZI WTIIGLTVIWIRXWEWSPYXMSRXLEXGSQFMRIWPIKMWPEXMZIEGXMSR[MXLMRHMZMHYEPMRMXMEXMZI -REHHMXMSRXSVIEHMRKXLIWTIIGL]SYGER[EXGLMXMRXLISRPMRI1IHME0MFVEV]JSVXLMW %TTIRHM\EXGSRRIGXPYGEWGSQ%W]SY[EXGLRSXMGILS[XLIWTIEOIVYWIW4S[IV4SMRXXS TVIWIRXZMWYEPIZMHIRGISJXLIGSRHMXMSRWERMQEPWEVIWYFNIGXIHXSMRTYTT]QMPPW(S]SY XLMROXLIWTIIGL[SYPHLEZIFIIREWIJJIGXMZI[MXLSYXXLMWOMRHSJIZMHIRGI#%PPMREPPHSIW XLIWTIEOIVGSRZMRGI]SYXLEXTYTT]QMPPWEVIEWIVMSYWTVSFPIQ#(SIWLITVIWIRXEGPIEV ERH [SVOEFPI WSPYXMSR# ,S[ [IPP HSIW LI YWI XLI QIXLSHW SJ TIVWYEWMSR TVIWIRXIH MR 'LETXIV#
GSRRIGXPYGEWGSQ :MI[q8LI,SVVSVWSJ4YTT] 1MPPWrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWETTIRHM\ :MHIS'PMT%
% GSPH HEVO VSSQ -X WQIPPW HMWKYWXMRK 8LI GVIEXYVIW MR JVSRX SJ ]SY WLEOIYRGSRXVSPPEFP]TEGOIHSRISRXSTSJERSXLIVMRXMR][MVIGEKIW8SIEX XLI]LEZISRP]GVYQFWMRJVSRXSJXLIQERHXSHVMROSRP]EHMVX]FS[PSJ[EXIV 1ER]LEZII]ITVSFPIQWIEVTVSFPIQWHMWIEWIWERHMRJIGXMSRW8LI]tZIRIZIV FIIRKVSSQIH8LI]tZIRIZIVFIIRJSVE[EPO%RHXLI]tZIRIZIVWIIRXLIWYR *SVXSSQER]HSKWEGVSWW%QIVMGEXLMWMWLS[PMJIFIKMRWhMRETYTT] QMPP4YTT]QMPPWEWHIJMRIHF]XLI,YQERI7SGMIX]SJXLI9RMXIH7XEXIWEVI qQEWW HSKFVIIHMRK STIVEXMSRWr XLEX XEOI TPEGI MR qWLSGOMRKP] TSSV GSRHM XMSRWr4YTT]QMPPFVIIHIVWTVSHYGITYTTMIWJSVTVSJMXhSRP]JSVTVSJMXh[MXL PMXXPISVRSGSRGIVRJSVXLITL]WMGEPWSGMEPSVIQSXMSREPRIIHWSJXLIHSKW %W E HSK PSZIV - [EW WLSGOIH XS HMWGSZIV XLI LSVVSVW SJ TYTT] QMPPW EGVSWWXLIGSYRXV]EW-VIWIEVGLIHXLMWWTIIGL-ORS[JVSQQ]EYHMIRGIEREP]WMW
8LI,SVVSVWSJ4YTT]1MPPW
%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
UYIWXMSRREMVIWXLEXQSWXSJ]SYLEHEHSKSVERSXLIVTIX[LMPI]SY[IVIKVS[ MRKYTERHXLEX]SYFIPMIZIXLI]WLSYPHFIXVIEXIHLYQERIP]8SHE]-tPPWLS[ ]SY XLEX TYTT] QMPPW EVI RSX XVIEXMRK XLIMV ERMQEPW LYQERIP] ERH-tPP WYKKIWX WSQI[E]WSJWSPZMRKXLITVSFPIQ 4YTT] QMPPW LEZI FIIR EVSYRH JSV E PSRK XMQI FYX XLI]tZI KVS[R HVEQEXMGEPP] MR VIGIRX ]IEVW 8LI ,YQERI 7SGMIX] IWXMQEXIW XLEX XLIVI EVI QSVI XLER TYTT] QMPPW GYVVIRXP] STIVEXMRK MR XLI 9RMXIH 7XEXIW %GGSVHMRK XS 7XITLERMI 7LEMR XLI 7SGMIX]tW (MVIGXSV SJ 3YXVIEGL JSV 'SQ TERMSREFPI %RMQEPW SJ XLI XS QMPPMSR HSKW WSPH MR XLMW GSYRXV] IEGL ]IEVXSQMPPMSRGSQIJVSQTYTT]QMPPW8LEXtWHSYFPIXLIRYQFIVJVSQ SRP]EHIGEHIEKS 6EXLIVXLERTVSHYGMRKXLILIEPXL]LETT]TIXWXLEXQMPPMSRWSJJEQMPMIW HVIEQSJTYTT]QMPPWTVSHYGIHSKW[MXLGERMRILIVTIWVIWTMVEXSV]MRJIGXMSRW TEVEWMXIWWIM^YVIWERH)GSPM(SKWXLEXEVIPYGO]IRSYKLXSIWGETIXLIWIHMW IEWIWSJXIRLEZIVSXXIRXIIXLQMWWMRKI]IWSVPMQFWLMTHMWSVHIVWWOMRTVSF PIQWERHELSWXSJSXLIVHIJSVQMXMIW -R EHHMXMSR XS WYJJIVMRK JVSQ TL]WMGEP TVSFPIQW HSKW MR TYTT] QMPPW EVISJXIRIQSXMSREPP]YRWXEFPI7SQIEVIHERKIVSYWP]ZMSPIRXERHEKKVIWWMZI 3XLIVW EVI ETEXLIXMG ERH PEGO ER] HIWMVI XS MRXIVEGX [MXL TISTPI SV ERMQEPW &IGEYWI SJ XLI SZIVGVS[HMRK MR TYTT] QMPPW WSQI ERMQEPW PMXIVEPP] KS GVE^] ERHGLI[SJJXLIIEVWPIKWERHXEMPWSJSXLIVHSKW &YX ]SY GER WII JSV ]SYVWIPJ [LEX XLI HSKW LEZI XS IRHYVI ,IVItW E TMGXYVISJETYTT]QMPPTVSZMHIHF]XLI97,YQERI7SGMIX]%W]SYGERWII XLIGEKIWEVIWXEGOIHSRISRXSTSJERSXLIVERHXLIHSKWEVITEGOIHMRXSXLI GEKIWPMOIWEVHMRIWMRXSEGER8LIHSKWEVIRSXPIXSYXXSKSXSXLIFEXLVSSQ WSXLIGEKIWEVIJMPPIH[MXL[EWXIERHFIGSQIFVIIHMRKKVSYRHWJSVXLIHMWIEWIW -QIRXMSRIHIEVPMIVMRQ]WTIIGL =SYGERKIXEFIXXIVWIRWISJLS[HMWKYWXMRKTYTT]QMPPWEVIJVSQXLMW TLSXSXEOIREJXIVXLIHSKW[IVIVIQSZIHF]ERMQEPTVSXIGXMSRSJJMGMEPW=SY GERWIILS[REVVS[XLIGEKIWEVIERHLS[XLI]tVIGVEQQIHSRIEKEMRWXXLI SXLIV=SYGERWIIXLIJMPXLERHHIFVMWIZIV][LIVI *MREPP]XEOIEPSSOEXEGSYTPIMRHMZMHYEPHSKW8LIJMVWXSRIGEQIJVSQ ETYTT]QMPPLIVIMR;MWGSRWMR-X[EWWSQEPRSYVMWLIHXLEXMXGSYPHRtXWXERH YTF]MXWIPJERHMXLEHPSWXXLIJYVSREPQSWXEPPSJMXWFSH] 8LIRI\XHSK[EWMRIZIR [SVWIWLETI'SZIVIH[MXL MXW S[R JMPXLMX LEH E VEWL SJ MRJIGXMSRW ERH HMWIEWIW ERH LEH PSWX XLI WMKLX MR SRI I]I 0MOI SXLIVTYTT]QMPPHSKWMXRIZIVWE[EZIXIVMREVMERYRXMPMX[EWVIWGYIH -XtWXMQIXLEX[IWXSTXLILSVVSVWSJTYTT]QMPPWERHLIPTHSKWERHHSK S[RIVW EPMOI 7SPZMRK XLI TVSFPIQ VIUYMVIW EGXMSR SR X[S JVSRXWhPIKMWPEXMSR ERHMRHMZMHYEPMRMXMEXMZI 8LIJMVWXWXITMWJSVRI[PE[WXLEX[MPPTYXTYTT]QMPPWSYXSJFYWMRIWW 'YVVIRXPE[WWYGLEWXLI%RMQEP;IPJEVI%GXEVIMRIJJIGXMZIEXFIWX8LMWPE[ SRP] VIKYPEXIW E WQEPP RYQFIV SJ FVIIHIVW PIEZMRK GSYRXPIWW TYTT] QMPPW XS STIVEXIYRHIVXLIVEHEV ,IVItWXLIPIKMWPEXMSR-TVSTSWI-XtWFEWIHSREGSQFMREXMSRSJTVSTSW EPW XLEX LEZI FIIR TVIWIRXIH MR WIZIVEP WXEXIW %PP HSK FVIIHIVW [LS TVSHYGI QSVI XLER TYTTMIW E ]IEV WLSYPH FI VIUYMVIH XS VIKMWXIV [MXL XLIMV WXEXItW (ITEVXQIRXSJ%KVMGYPXYVI[LMGL[SYPHMRWTIGXHSKFVIIHMRKJEGMPMXMIWNYWXEW XLILIEPXLHITEVXQIRXMRWTIGXWVIWXEYVERXW &VIIHIVW [MXL HSKW MR WYFWXERHEVH GSRHMXMSRW [SYPH FI HIEPX [MXL EGGSVHMRKP]%JMVWXSJJIRWI[SYPHVIWYPXMREJMRISJ%WIGSRHSJJIRWI [SYPHVIWYPXMREJMRISJERHHE]WMRNEMP%XLMVHSJJIRWI[SYPHVIWYPX %
%44)2(-< 74))',)7*36%2%0=7-7%2((-7'977-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
MREJMRISJERH HE]WMRNEMPTPYWTIVQERIRXPSWW SJXLIFVIIHIVtW PMGIRWIMRIZIV]WXEXISJXLIYRMSR &YX PIKMWPEXMSR EPSRI [SRtX HS XLI NSF =SY ERH - EPWS LEZI E TEVX XS TPE];ILEZIXSXEOIXLITVSJMXSYXSJTYTT]QMPPWF]QEOMRKWYVI[IHSRtX TYVGLEWI HSKW TVSHYGIHF] TYTT]QMPPW ;IGER HS XLMW F] JSPPS[MRK KYMHI PMRIWPEMHSYXF]XLI,YQERI7SGMIX] *MVWXGSRWMHIVEHSTXMRKEHSKJVSQEXVYWXIHERMQEPWLIPXIVMRWXIEHSJ FY]MRKERI[HSK8LIERMQEPWLIPXIV[MPPQEOIWYVIXLIHSKMWJVIISJTL]WMGEP ERHFILEZMSVEPTVSFPIQW 7IGSRHMJ]SYHIGMHIXSFY]ERI[HSKZMWMXXLIFVIIHIVtWTVIQMWIW-J XLI FVIIHIV VIJYWIW XS PIX ]SY WII XLI TVIQMWIW SV [ERXW XS QIIX ]SY WSQI [LIVIIPWIHSRtXFY]JVSQXLEXFVIIHIV 8LMVHHSRtXFY]EHSKJVSQETIXWXSVI8LI,YQERI7SGMIX]LEWJSYRH XLEXQSWXHSKWMRTIXWXSVIWEGXYEPP]GSQIJVSQTYTT]QMPPW %RHJSYVXLHSRtXFIJSSPIHF]EHZIVXMWMRK.YWXFIGEYWIEREHTVSQMWIW XLEXEHSKLEWFIIRUYSXIqJEQMP]VEMWIHrSVLEWEqLIEPXLGIVXMJMGEXIrHSIWRtX QIER MXtW XVYI 8LMW MW IWTIGMEPP] MQTSVXERX [LIR MX GSQIW XS XLI -RXIVRIX [LIVIXLIVIMWRS[E]XSZIVMJ]XLILIEPXLSJEHSKSVXLIXVYWX[SVXLMRIWWSJE FVIIHIV -RGSRGPYWMSR-tHPMOI]SYXSMQEKMRI]SYVS[RTIXhRSQEXXIV[LEX OMRHSJERMQEPMXQMKLXFIhPMZMRKIZIRSRIHE]MRXLIGSRHMXMSRWIRHYVIHF] HSKWMRTYTT]QMPPW8LIRMQEKMRI]SYVTIXPMZMRKMRXLSWIGSRHMXMSRWHE]EJXIV HE][IIOEJXIV[IIOQSRXLEJXIVQSRXL7YVIP]]SY[SYPHRSX[ERXXLMWJSV ]SYVS[RTIX =IXIZIREW[IWMXLIVIQMPPMSRWSJHSKWEVIWYJJIVMRKJVSQXLILSVVSVW SJ TYTT] QMPPW -XtW XMQI XS WXST TYTT]QMPP FVIIHIVW JVSQ TVSJMXMRK SR XLIMV GVYIPX])ZIRMJEWXLIQSZMIXMXPIWE]WEPPHSKWKSXSLIEZIR[IWLSYPHRSX EPPS[XLIQXSWXEVXXLIMVPMZIWMRLIPP
&YVWXMRKXLI%RXMFEGXIVMEP&YFFPI (YVMRK XLI TEWX JI[ ]IEVW XLI YWI SJ LSYWILSPH ERXMFEGXIVMEP TVSHYGXW LEW KVS[R HVEQEXMGEPP]MRXLI9RMXIH7XEXIW8SHE]%QIVMGERWWTIRHQMPPMSRWSJHSPPEVWSRIZIV]XLMRK JVSQERXMFEGXIVMEPWSETWERHLERH[MTIWXSXMWWYIWWTSRKIWWLEQTSSWERHIZIRGLMPHVIRt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
GSRRIGXPYGEWGSQ :MI[q&YVWXMRKXLI%RXMFEGXIVMEP &YFFPIrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWETTIRHM\ :MHIS'PMT%
-RXLIJMPQ8LI&S]MRXLI4PEWXMG&YFFPIEFS]FSVR[MXLEHIJMGMIRXMQQYRI W]WXIQMWJSVGIHXSPMZIMREKIVQJVIIIRZMVSRQIRXXSTVIZIRXLMQJVSQGSRXVEGX MRKMRJIGXMSRW,MWVSSQMWWIEPIHEKEMRWXFEGXIVMEERHZMVYWIWLMWJSSHMWWTIGMEPP] TVITEVIHERHLMWSRP]LYQERGSRXEGXGSQIWMRXLIJSVQSJKPSZIHLERHW
&YVWXMRKXLI%RXMFEGXIVMEP&YFFPI
%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
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%
%44)2(-< 74))',)7*36%2%0=7-7%2((-7'977-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
MQQYRI W]WXIQ HSIWRtXLEZI E GLERGI XS HS FEXXPI [LIR MXIRKEKIW [MXL ER MRJIGXMSRr 8LI TVSFPIQW GEYWIH F] ERXMFEGXIVMEP TVSHYGXW EVI WS WIVMSYW XLEX (V 1]VSR+IRIPGLEMVQERSJXLI%QIVMGER1IHMGEP%WWSGMEXMSRtWGSYRGMPSRWGM IRXMJMGEJJEMVWJIEVWSRIVIWYPXQE]FIXLIGVIEXMSRSJERXMFMSXMGVIWMWXERXFEGXI VMEqXLEXEVIPEVKIP]YRXVIEXEFPIFIGEYWIXLI]EVIVIWMWXERXXSI\MWXMRKHVYKWr %RHXLEXt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tZIWIIRXLIWIVMSYWRIWWSJXLITVSFPIQPIXtWPSSOEXWSQI WSPYXMSRW *MVWX[IRIIHJIHIVEPPIKMWPEXMSRVIKYPEXMRKXLIYWISJLSYWILSPHERXM FEGXIVMEP TVSHYGXW .YWXEW XLI *SSHERH (VYK%HQMRMWXVEXMSRLEW VIKYPEXMSRW GSRXVSPPMRK XLIYWISJERXMFMSXMGWWSXSSWLSYPHMXMRWXMXYXIVIKYPEXMSRWGSR XVSPPMRKXLIYWISJERXMFEGXIVMEPTVSHYGXW ;I HSRtX PIX TISTPI TYVGLEWI ERXMFMSXMGW [MXLSYX E HSGXSVtW TVIWGVMT XMSR ERH XLIVItW RS VIEWSR [I WLSYPH EPPS[ QEOIVW SJ WSET XMWWYIW LERH [MTIWXSSXLFVYWLIWERHSXLIVTVSHYGXWXSEHHTS[IVJYPERXMFEGXIVMEPEKIRXW [MXLSYX SZIVWMKLX JVSQ XLI *SSH ERH (VYK %HQMRMWXVEXMSR +MZIR XLI TVSF PIQWFIMRKGEYWIHF]XLIWITVSHYGXWMXMWXMQIJSVXLIJIHIVEPKSZIVRQIRXXS XEOIEGXMSR 7IGSRH [I EPP RIIH XS XEOI EGXMSR EW GSRWYQIVW 1SWX SFZMSYWP] [I RIIH XS WXST FY]MRK XLIWI TVSHYGXW 8LI FIWX [E] XS EZSMH KIVQW WE]W XLI 'IRXIVW JSV (MWIEWI 'SRXVSP MW XS [EWL ]SYV LERHW JSV i WIGSRHW [MXL TPEMRWSETERH[EXIV -RJEGXEWXYH]EXXLI9RMZIVWMX]SJ2SVXL'EVSPMREJSYRHXLEX[EWLMRK ]SYVLERHW[MXLWSETERH[EXIVMWQSVIIJJIGXMZIEXKIXXMRKVMHSJKIVQWXLER YWMRKERXMFEGXIVMEPLERH[MTIW)QMP]7MGOFIVX&IRRIXXETYFPMGITMHIQMSPSKMWX ERH GSEYXLSV SJ XLI WXYH] I\TPEMRW XLEX [LIR ]SY YWI WSET ERH [EXIV XLI KIVQW KS HS[R XLI HVEMR FYX [MXL [EXIVPIWW ERXMFEGXIVMEP LERH [MTIW q]SY RIZIVVMRWI]SYVLERHW=SYEVINYWXVYFFMRKEGLIQMGEPMRXS]SYVLERHERH PIXXMRKMXHV]r -RGSRGPYWMSR%QIVMGERWWTIRHQMPPMSRWSJHSPPEVWIZIV]]IEVSRTVSH YGXW XLEXTVSQMWI XSqOMPPKIVQWSRGSRXEGXr &YXEW[I LEZI WIIR XSHE]XLI ERXMFEGXIVMEPGVE^IMWEQEVOIXMRKGSYTVEXLIVXLER ETVSZIR[E] SJWXSTTMRK IMXLIVXLIWTVIEHSJKIVQWSVXLIMRGMHIRGISJGSPHWJPYWERHSXLIVZMVYWFSVRI MPPRIWWIW;SVWIXLIWITVSHYGXWETTIEVXSGSRXVMFYXIXSLIEPXLTVSFPIQWERH XLI]EVIGVIEXMRKIRZMVSRQIRXEPTVSFPIQWMRXLI97[EXIVWYTTP]8LIJIHIVEP KSZIVRQIRX WLSYPH WXEVX VIKYPEXMRK XLIWI TVSHYGXW ERH [I EW GSRWYQIVW WLSYPHWXSTXLVS[MRKSYVQSRI]E[E]SRXLIQ ;I RIIH XS VIWMWX XLI JEPWI RSXMSR XLEX [I GER YWI XLIWI TVSHYGXW XS GVIEXIEFYFFPIEVSYRHSYVWIPZIWXSOIITSYXKIVQWERHHMWIEWI-RWXIEH[IGER FYVWXXLIFYFFPISJQEVOIXIVW[LSEVIWIPPMRKYWEJEPWIFMPPSJKSSHWERHXLIR [IGERXLSVSYKLP][EWLSYVLERHWSJXLI[LSPIQIWW
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%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
8LI9PXMQEXI+MJX
GSRRIGXPYGEWGSQ :MI[q8LI9PXMQEXI+MJXrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMT%
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%
%44)2(-< 74))',)7*36%2%0=7-7%2((-7'977-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
'EWIWPMOI&VSSOItWEVIFIGSQMRKEPPXSSGSQQSRXLIWIHE]W[MXLSRP] MRIPMKMFPI%QIVMGERWHSREXMRKFPSSHERHXLIHSRSVVEXIHVSTTMRKWXIEHMP] EXTIVGIRXERRYEPP]8LIWIJEGXWEVITEVXMGYPEVP]HMWXVIWWMRKGSRWMHIVMRKXLEX RIEVP]LEPJSJYWLIVI[MPPVIGIMZIFPSSHWSQIXMQIMRSYVPMZIW =SYGERRS[WIIXLIQEKRMXYHISJXLITVSFPIQ[MXLXLIPEGOSJFPSSH HSREXMSRW*SVXYREXIP]MXMWETVSFPIQXLEXGERFIIEWMP]WSPZIH)EGLERHIZIV] SRISJ]SYGERFITEVXSJXLIWSPYXMSR%PP]SYLEZIXSHSXSWEZITVMGIPIWWPMZIW MWKSXSXLIRIEVIWX6IH'VSWWERHHSREXI]SYVFPSSH *SVXLSWISJ]SY[LSLEZIRIZIVHSREXIHFPSSHFIJSVIXLITVSGIWWMW WSWMQTPIERHIEW]*MVWX]SYJMPPSYXEHSRSVMRJSVQEXMSRJSVQXLEXEWOW]SY UYIWXMSRWEFSYX]SYVWI\YEPLMWXSV]ERHLIEPXL=SY[MPPXLIRVIGIMZIEQMRM TL]WMGEP8LI][MPPXEOIEHVSTSJFPSSHJVSQ]SYVJMRKIVXSQIEWYVIXLITIV GIRXSJVIHGIPPWMR]SYVFPSSH8LIRXLI][MPPXEOI]SYVFPSSHTVIWWYVIEW[IPP EW]SYVXIQTIVEXYVIERHTYPWI 7SRSXSRP]EVI ]SYWEZMRK PMZIW F] HSREXMRK FPSSH]SYEVIEPWSGLIGOMRKSR]SYVS[R %JXIV ]SYV TL]WMGEP ]SY [MPP FI EWOIH JVSQ [LMGL EVQ ]SY TVIJIV XS HSREXI 8LIR ]SY [MPP FI EWOIH XS PMI SR E HSRSV GLEMV % WXEJJ QIQFIV [MPP GPIER]SYVEVQERHMRWIVXEWXIVMPIRSRVIYWEFPIRIIHPIWSXLIVIMWRS[E]XS GSRXVEGX%-(7JVSQHSREXMRKFPSSH%JXIVETMRXSJ]SYVFPSSHLEWFIIRXEOIR [LMGL YWYEPP] XEOIW EFSYX QMRYXIW ]SY [MPP FI EWOIH XS VIWX JSVXS QMRYXIW[LMPI]SYIRNS]NYMGIERHGSSOMIW8LITVSGIWWMWSZIVERHMRIMKLX [IIOW]SYGERHSREXIEKEMR 1ER]SJ]SYQE]FIWGEVIHEXXLIXLSYKLXSJXLIERXMGMTEXIHTEMRERH RIIHPIW-EHQMX-[EWXIVVMJMIHXLIJMVWXXMQI-KEZIFPSSHFYXXLIR-VIEPM^IH- [EW WGEVIH SZIV RSXLMRK 8LI I\XIRX SJ XLI TEMR EW XLI] MRWIVX XLI RIIHPI MW IUYMZEPIRXXSWSQISRIWGVEXGLMRK]SYVEVQJSVEFVMIJWIGSRHERH[LMPIXLI RIIHPIMWMR]SYVEVQ]SYHSRtXJIIPEXLMRK%RHEW-WXEXIHFIJSVIMXMWMQTSW WMFPIXSGSRXVEGX%-(7JVSQHSREXMRKFPSSH 2S[ XLEX ]SY ORS[ LS[ IEW] ERH WEJI XLI WSPYXMSR MW XS XLI PEGO SJ FPSSHHSREXMSRWPIXtWXEOIEPSSOEXNYWXLS[QYGLHMJJIVIRGI]SYVHSREXMSRW GERQEOI)ZIV]YRMXSJFPSSH]SYHSREXIGERLIPTWEZIYTXSXLVIIPMZIW=SY WII XLI FPSSH ]SY HSREXI MW HMZMHIH XLVII [E]Wh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hSRISJXLSWIPMZIWGSYPHFIXLEX SJEJVMIRHEJEQMP]QIQFIVSVIZIR]SYVS[RWMRGI]SYGERRS[HSREXIMR EHZERGISJ]SYVS[RWYVKIV] 2S[ XLEX ]SY ORS[ [LEX E HMJJIVIRGI NYWX SRI HSREXMSR GER QEOI - [ERXXSIRGSYVEKI]SYXSXEOIEGXMSR-YVKI]SYXSXEOIEWXERHERHFIGSQIE VIKYPEVFPSSHHSRSV*SVX]JMZIQMRYXIWSYXSJ]SYVHE]MWEWQEPPTVMGIXSTE] JSVXLIPMJIXMQISJWEXMWJEGXMSR]SYVIGIMZIF]ORS[MRK]SYQE]LEZIWEZIHE PMJI-J]SYLEZIRIZIVHSREXIHFPSSHFIJSVITYPPHIITMRWMHI]SYVWIPJXSJMRH WSQI GSYVEKI ERH FIGSQI E TVSYH [IEVIV SJ XLI q- EQ E JMVWX XMQI FPSSH HSRSVrWXMGOIV-J]SYLEZIHSREXIHFIJSVIXLMROFEGOXSXLIJIIPMRKSJTVMHI ]SYVIGIMZIHJVSQQEOMRK]SYVHSREXMSR *MREPP]-EWOEPPSJ]SYXSXLMROSJEPSZIHSRI]SYLSPHWSHIEVXS]SYV LIEVX -QEKMRI XLI] RIIH E FPSSH XVERWJYWMSR ERH XLIVI MW E WLSVXEKI SJ
8LI9PXMQEXI+MJX
%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
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&EGO1EXXIV
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%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
2SXIW
8LI1G+VE[n,MPP 'SQTERMIW
2SXIW
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2
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
2SXIW
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'LETXIV
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'LETXIV
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2
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'LETXIV
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0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
2SXIW
(MERE0)GO%2I[6IPMKMSYW%QIVMGE 2I[=SVO ,EVTIV 'SPPMRW T 6IWIEVGLWLS[WXLEXWTIEOIVWEVIYWYEPP]QSVITIVWYEWMZI [LIRXLI]EXXIQTXXSVIJYXISTTSWMRKEVKYQIRXWVEXLIV XLERMKRSVMRKXLIQ7II6MGLEVH14IVPSJJ8 LI (]REQMGWSJ4IVWYEWMSR 'SQQYRMGEXMSRERH%XXMXYHIWMR XLIWX'IRXYV]VHIH 2I[=SVO 0E[VIRGI)VPFEYQ %WWSGMEXIW TT i
'LETXIV
*SVQSVIHIXEMPSR-RXIVRIXVIWIEVGLWII1EYVE(7LE[ 1EWXIVMRK3RPMRI6IWIEVGL %'SQTVILIRWMZI+YMHI 'MR GMRREXM3, ;VMXIVtW(MKIWX&SSOW 6ERHSPTL ,SGO8 LI)\XVIQI7IEVGLIVtW-RXIVRIX,ERHFSSO %+YMHI JSVXLI7IVMSYW6IWIEVGLIVRHIH 1IHJSVH2. ']FIV %KI&SSOW 8LIWIGVMXIVMEEVIEHETXIHJVSQ7LIVMHER0MFVEVMIWq)ZEPY EXMRK-RJSVQEXMSR*SYRHSRXLI-RXIVRIXr.SLRW,ST OMRW9RMZIVWMX];IF.YP] *SVQSVIMRJSVQEXMSRSRGSRHYGXMRKVIWIEVGLMRXIVZMI[W WII.SLR&VEH]8 LI-RXIVZMI[IVtW,ERHFSSO%+YIVVMPPE +YMHI 8IGLRMUYIWJSV6ITSVXIVWERH;VMXIVW ;EYOIWLE ;- ;VMXIV&SSOW 'LEVPIW.7XI[EVXERH;MP PMEQ&'EWL.V-RXIVZMI[MRK 4VMRGMTPIWERH4VEGXMGIW XLIH 2I[=SVO 1G+VE[,MPP TVSZMHIW MRWMKLXSRZEVMSYWMRXIVZMI[X]TIWERHWMXYEXMSRW *SVERMRXIVIWXMRKWXYH]XLEXGSRJMVQWXLII\XIRXXS [LMGLXLITVSGIWWSJVIWIEVGLMRKERHHIZIPSTMRK WTIIGLIWGEREJJIGXXLIFIPMIJWERHEXXMXYHIWSJWXYHIRX WTIEOIVWWII&EVFEVE1EI+E]PIq8VERWJSVQEXMSRWMRE 'MZMP(MWGSYVWI4YFPMG7TIEOMRK'PEWW 7TIEOIVWtERH 0MWXIRIVWt%XXMXYHI'LERKIr'SQQYRMGEXMSR)HYGEXMSR i *SVQSVISRXLITVMRGMTPIWERHTVEGXMGISJEGEHIQMG VIWIEVGLWII;E]RI'&SSXL+VIKSV]+'SPSQFERH .SWITL1;MPPMEQW8 LI'VEJXSJ6IWIEVGLVHIH 'LM GEKS 9RMZIVWMX]SJ'LMGEKS4VIWW
8LI1G+VE[n,MPP 'SQTERMIW
4VIWW TVSZMHIWEJEWGMREXMRKPSSOEXXLIYWI ERHQMWYWISJWXEXMWXMGW*SVEQSVIXIGLRMGEP ETTVSEGLWII2IMP.7EPOMRH7XEXMWXMGWJSV4ISTPI;LS 8LMRO8LI] ,EXI7XEXMWXMGWVHIH 8LSYWERH3EOW '% 7EKI &SF4ETTIVq%6YRJSVXLI1SRI]r682(%'SQQYRMGE XSV 1E].YRI TTi 1%PPIR6&VYJPEX6*YGMPPE1/VEQIV71G/IPPMTW (.6]ERERH17TMIKIPLSJJq8IWXMRKXLI4IVWYEWMZI RIWWSJ)ZMHIRGI 'SQFMRMRK2EVVEXMZIERH7XEXMWXMGEP *SVQWr'SQQYRMGEXMSR6IWIEVGL6ITSVXW i *SVVIWIEVGLGSRJMVQMRKXLIMQTSVXERGISJGMXMRKWSYVGIW [LIRTVIWIRXMRKIZMHIRGIWII6SHRI]%6I]RSPHWERH .0]RR6I]RSPHWq)ZMHIRGIrMR.EQIW4VMGI(MPPEVH ERH1MGLEIP4JEY IHW 8 LI4IVWYEWMSR,ERHFSSO (IZIPSTQIRXWMR8LISV]ERH4VEGXMGI 8LSYWERH3EOW '% 7EKI TT i 7II6MGLEVH14IVPSJJ8 LI(]REQMGWSJ4IVWYEWMSR 'SQ QYRMGEXMSRERH%XXMXYHIWMRXLIWX'IRXYV]VHIH 2I[=SVO 0E[VIRGI)VPFEYQ TTi
'LETXIV
)VRIWX'8LSQTWSRq%R)\TIVMQIRXEP-RZIWXMKEXMSRSJ XLI6IPEXMZI)JJIGXMZIRIWWSJ3VKERM^EXMSREP7XVYGXYVI MR3VEP'SQQYRMGEXMSRr7SYXLIVR7TIIGL.SYVREP TT i ,EVV]7LEVT.VERH8LSQEW1G'PYRKq)JJIGXWSJ3VKE RM^EXMSRSRXLI7TIEOIVtW)XLSWr7TIIGL1SRSKVETLW TT i *SVVIGIRXWXYHMIWWII&7GSXX8MXW[SVXLq7XYHIRXWt 2SXIXEOMRK 8LI)JJIGXWSJ8IEGLIV-QQIHMEG]ERH 'PEVMX]r'SQQYRMGEXMSR)HYGEXMSR TTi .SWITL0'LIWIFVSq)JJIGXWSJ8IEGLIV'PEVMX] ERH2SRZIVFEP-QQIHMEG]SR7XYHIRX0IEVRMRK 6IGIMZIV%TTVILIRWMSRERH%JJIGXr'SQQYRMGEXMSR )HYGEXMSR TTi
'LETXIV
'LETXIV
7IIJSVI\EQTPI2YVMX8EP3V(EZMH7&SRMRKIV%QMV 4SVERERH*EMXL+PIMGLIVq'SYRXIVJEGXYEP8LMROMRKEW E1IGLERMWQMR2EVVEXMZI4IVWYEWMSRr,YQER'SQQY RMGEXMSR6IWIEVGL i -[SYPHPMOIXSXLEROWX'IRXYV]ERH'LMRE(EMP]JSVTIV QMWWMSRXSMRGPYHIXLMWI\GIVTXJVSQ7YR=ERtWWTIIGL MRXLISRPMRI1IHME0MFVEV]JSVXLMWIHMXMSRSJ8 LI%VX SJ4YFPMG7TIEOMRK )PPMSX%VSRWSR8 LI7SGMEP%RMQEPXLIH 2I[=SVO ;SVXL TT i 8LMWTSMRX[EWQEHIF].EQIW%;MRERWMRLMWGPEWWMG 7TIIGL1EOMRK 2I[=SVO %TTPIXSR'IRXYV]'VSJXW T 3ZIVXLI]IEVWXLIVILEWFIIRQYGLHIFEXISZIV[LIXLIV WXEXMWXMGWSVI\EQTPIWLEZIQSVIMQTEGXSRPMWXIRIVW *SVEVIGIRXWXYH]XLEXEHHVIWWIWXLMWWYFNIGXWII)RR] (EW4IXIV/IVOLSJERH.S]GI/YMTIVq-QTVSZMRKXLI )JJIGXMZIRIWWSJ*YRHVEMWMRK1IWWEKIW 8LI-QTEGXSJ 'LEVMX]+SEP%XXEMRQIRX1IWWEKI*VEQMRKERH)ZM HIRGISR4IVWYEWMSRr.SYVREPSJ%TTPMIH'SQQYRMGEXMSR 6IWIEVGL TTi .SIP&IWX1SVI(EQRIH0MIWERH7XEXMWXMGW ,S[2YQFIVW 'SRJYWI4YFPMG-WWYIW &IVOIPI] 9RMZIVWMX]SJ'EPMJSVRME
.YHMXL7/E]Iq+EXLIVMRK(VIEQWERH+MZMRK8LIQ 0MJIr:MXEP7TIIGLIW TT i 6SFIVX71YIPPIV---q'LMPH4SVRSKVETL]ERHXLI-RXIV RIX 4VSXIGXMRKXLI1SWX:YPRIVEFPI%QSRK9Wr:MXEP 7TIIGLIW TTi (SVSXL]7EVRSJJ7TIIGL'ER'LERKI=SYV0MJI +EVHIR 'MX]2= (SYFPIHE] T 7EVRSJJ7TIIGL'ER'LERKI=SYV0MJIT
'LETXIV
6SFIVX83PMZIV,MWXSV]SJ4YFPMG7TIEOMRKMR%QIVMGE &SW XSR %PP]RERH&EGSR T 3PMZIV,MWXSV]SJ4YFPMG7TIEOMRKT
'LETXIV
(SVSXL]7EVRSJJ7TIIGL'ER'LERKI=SYV0MJI 2I[=SVO (SYFPIHE] T %RRQEVMI1YRKSq%'LMPH-W&SVRr;MRRMRK3VEXMSRW 1EROEXS12 -RXIVWXEXI3VEXSVMGEP%WWSGMEXMSR TT i %HETXIHJVSQ6MGLEVH'SRRMJJq=SY2IZIV/RS[;LEX XLI*MVI%RX-W+SMRKXS(S2I\Xr7QMXLWSRMER.YP] T
2
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
2SXIW
)H[EVH&PMWW.V IH -R7IEVGLSJ0MKLX 8LI&VSEHGEWXWSJ )H[EVH61YVVS[ i 2I[=SVO /RSTJ T ;MPPMEQ7EJMVI3R0ERKYEKI 2I[=SVO 8MQIW&SSOW T\MZ 6SWEPMI1EKKMS8EPOMRK%FSYX4ISTPI %+YMHIXS*EMVERH %GGYVEXI0ERKYEKI 4LSIRM\%> 3V]\4VIWW T
'LETXIV
-VZMRK&EVXPIXX;IRHIPP4LMPPMTW &SWXSR&VELQMR &SWXSR &IEGSR4VIWW T %'VEMK&EMVH6LIXSVMG %4LMPSWSTLMGEP-RUYMV] 2I[=SVO 6SREPH4VIWW T (ERMIP.3t/IIJI4IVWYEWMSR 8LISV]ERH6IWIEVGLRHIH 8LSYWERH3EOW'% 7EKI T .EQIW.S]GIq'LEQFIV1YWMG<<<:rJVSQ'SPPIGXIH 4SIQWIH,EVV]0IZMR 2I[=SVO :MOMRK i 6ITVMRXIHF]TIVQMWWMSRSJ4IRKYMR4YXREQ-RG (SVSXL]7EVRSJJ7TIIGL'ER'LERKI=SYV0MJI +EVHIR 'MX]2= (SYFPIHE] T *SVQSVIHIXEMPWII;EPX;SPJVEQERH&IR;EVH IHW %QIVMGER:SMGIW ,S[(MEPIGXW(MJJIVJVSQ'SEWXXS'SEWX 1EPHIR1% &PEGO[IPP *SVEQSVIHIXEMPIHKYMHISRZSGEPGSQQYRMGEXMSRGSRWYPX 0]PI:1E]IV*YRHEQIRXEPWSJ:SMGIERH(MGXMSRXLIH 2I[=SVO 1G+VE[,MPP 7II1EVO0/RETTERH.YHMXL%,EPP2SRZIVFEP'SQQYRM GEXMSRMR,YQER-RXIVEGXMSRXLIH &IPQSRX'% ;EHW[SVXL TTi 6MGLEVH14IVPSJJ8 LI(]REQMGWSJ4IVWYEWMSR 'SQQYRM GEXMSRERH%XXMXYHIWMRXLIWX'IRXYV]VHIH 2I[ =SVO 0E[VIRGI)VPFEYQ TTi *SVQSVISRQEREKMRKUYIWXMSRERHERW[IVWIWWMSRW GSRWYPX8LSQEW*'EPGEKRM8SYKL5YIWXMSRWh+SSH %RW[IVW 8EOMRK'SRXVSPSJ%R]-RXIVZMI[ 7XIVPMRK:% 'ETMXEP&SSOW
8LI1G+VE[n,MPP 'SQTERMIW
%TTIRHM\
.SI(S[RMRKERH'IGMPI+EVQSRq8IEGLMRK7XYHIRXWMR XLI&EWMG'SYVWI,S[XS9WI4VIWIRXEXMSR7SJX[EVIr 'SQQYRMGEXMSR)HYGEXMSR T 0MRHE 1ELMRq4S[IV4SMRX4IHEKSK]r&YWMRIWW'SQQYRMGEXMSR 5YEVXIVP] TT i ,IVFIVX;0SZIPEGIq8LI1IHMYQ-W1SVI8LERXLI 1IWWEKIr-RJSVQEXMSR[IIOGSQ .YP] T 7IIJSVI\EQTPI(EZMH+0IZEWWIYVERH./ERER7E[ ]IVq4IHEKSK]1IIXW4S[IV4SMRX %6IWIEVGL6IZMI[ SJXLI)JJIGXWSJ'SQTYXIV+IRIVEXIH7PMHIWMRXLI 'PEWWVSSQr6IZMI[SJ'SQQYRMGEXMSR TTi *SVQSVIMRJSVQEXMSRGLIGOXLI'ST]VMKLXERH-QEKI 1EREKIQIRX;IFWMXI [[[YXW]WXIQIHYSKG MRXIPPIGXYEPTVSTIVX]MQEKILXQIPIG ERHXLI'ST]VMKLX &EWMGWTEKI [[[PMFVEV][MWGIHYGST]VMKLXFEWMGWLXQP
'LETXIV
.SLR6.SLRWSRERH2ERG]7^G^YTEOMI[MG^q8LI4YFPMG 7TIEOMRK'SYVWI -W-X4VITEVMRK7XYHIRXW[MXL;SVO 6IPEXIH4YFPMG7TIEOMRK7OMPPW#r'SQQYRMGEXMSR)HYGE XMSR TTi %RHVI[(;SPZMRERH (MERE'SVPI]q8LI8IGLRMGEP7TIIGL'SQQYRMGEXMSR 'SYVWI %:MI[JVSQXLI*MIPHr%WWSGMEXMSRJSV'SQQY RMGEXMSR%HQMRMWXVEXMSR&YPPIXMR TT i 6MGLEVH)1E]IV7LIVV]*IRRIPP0MRHWE]*EVQIVERH .YPMI'EQTFIPPq%4IVWSREPM^EXMSR)JJIGXMR1YPXMQIHME 0IEVRMRK 7XYHIRXW0IEVR&IXXIV;LIR;SVHW%VIMR 'SRZIVWEXMSREP7X]PI6EXLIV8LER*SVQEP7X]PIr.SYVREP SJ)HYGEXMSREP4W]GLSPSK] TT i .SWITL'SRVEHq=SYXL %2EVVEXMZIrMR7EQYIP,]RIW IH 'SPPIGXIH7XSVMIWSJ.SWITL'SRVEH ,STI[IPP2. )GGS4VIWW T .EQIW,YQIW6SPIW7TIEOIVW4PE] 2I[=SVO ,EVTIVERH 6S[ T
'LETXIV
'LETXIV
*SVEGSQTIRHMYQSJVIWIEVGLSRXLMWWYFNIGXWII6MGL EVH)1E]IV IH 'EQFVMHKI,ERHFSSOSJ1YPXMQIHME 0IEVRMRK 2I[=SVO 'EQFVMHKI9RMZIVWMX]4VIWW (SYKPEW6:SKIP+EV];(MGOWSRERH.SLR%0ILQER 4IVWYEWMSRERHXLI6SPISJ:MWYEP4VIWIRXEXMSR7YTTSVX 8LI 9117XYH] 1MRRIETSPMW 9RMZIVWMX]SJ1MRRIWSXE 7GLSSPSJ1EREKIQIRX 7II7XITLIR*I[7LS[1IXLI2YQFIVW (IWMKRMRK8EFPIW ERH+VETLWXS)RPMKLXIR 3EOPERH'% %REP]XMGW4VIWW JSVEREYXLSVMXEXMZIPSSOEXXLIEVXSJWXEXMWXMGEP KVETLMGW *SVVIWIEVGLSRXLMWTSMRXWII6MGLEVH)1E]IVERH 'LIV]P-.SLRWSRq6IZMWMRKXLI6IHYRHERG]4VMRGMTPI MR1YPXMQIHME0IEVRMRKr.SYVREPSJ)HYGEXMSREP4W]GLSP SK] TT i 'PEYH]RI;MPHIV8 LI4VIWIRXEXMSRW/MX 7XITWJSV7IPPMRK =SYV-HIEWVIZIH 2I[=SVO ;MPI] T %HETXIHJVSQ)VMG%;EPOIVq%FSYXXLIs(IEXLtSJER )RKMRIIVr'IRXVI(EMP]8MQIW%TVMP *SVEHHMXMSREPMRJSVQEXMSRSRXLIIJJIGXMZIYWISJZMWYEP EMHWWII+EVV6I]RSPHW4VIWIRXEXMSR>IR 7MQTPI-HIEWSR 4VIWIRXEXMSRERH(IPMZIV] &IVOIPI]'% 2I[6MHIVW 4VIWW
2
8LIVIEVIQER]GSQTIXMRKHIJMRMXMSRWSJTIVWYEWMSR 1MRIMWHVE[RJVSQ+IVEPH61MPPIVq3R&IMRK4IV WYEHIH 7SQI&EWMG(MWXMRGXMSRWrMR.EQIW4VMGI(MP PEVHERH1MGLEIP4JEY IHW 8 LI4IVWYEWMSR,ERHFSSO (IZIPSTQIRXWMR8LISV]ERH4VEGXMGI 8LSYWERH3EOW '% 7EKI TTi %QERHE&IRRIXXq)GSRSQMGW1IIXMRK!%>MPPMSR 'EYWIWERH)JJIGXWr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i 8LIVIMWEKVIEXHIEPSJVIWIEVGLGSRJMVQMRKXLIRIIHJSV TIVWYEWMZIWTIEOIVWXSERW[IVTSXIRXMEPSFNIGXMSRWXS XLIMVEVKYQIRXW7IIJSVI\EQTPI'LEWY%RERH
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
2SXIW
1MGLEIP4JEYq8LI)JJMGEG]SJ-RSGYPEXMSRMR8IPIZMWIH 4SPMXMGEP(IFEXIWr.SYVREPSJ'SQQYRMGEXMSR i *SVEWYTIVFPSSOEXXLIVIWIEVGLSRGSYVXVSSQTIVWYE WMSRWII.SLR'6IMREVHq4IVWYEWMSRMRXLI0IKEP7IX XMRKrMR(MPPEVHERH4JEY4IVWYEWMSR,ERHFSSO TTi 6MGLEVH14IVPSJJ8 LI(]REQMGWSJ4IVWYEWMSR 'SQQYRM GEXMSRERH%XXMXYHIWMRXLIWX'IRXYV]VHIH 2I[ =SVO 0E[VIRGI)VPFEYQ TTi (ERMIP.3t/IIJI4IVWYEWMSR 8LISV]ERH6IWIEVGLRHIH 8LSYWERH3EOW'% 7EKI TT i 7IIJSVI\EQTPI%QFIV1EVMI6IMRLEVX,IEXLIV11EV WLEPP8LSQEW,YKL*IIPI]ERH*VERO8YX^EYIVq8LI 4IVWYEWMZI)JJIGXWSJ1IWWEKI*VEQMRKMR3VKER(SRE XMSR 8LI1IHMEXMRK6SPISJ4W]GLSPSKMGEP6IEGXERGIr 'SQQYRMGEXMSR1SRSKVETLW TT i
'LETXIV
.EQIW'1G'VSWOI]%R-RXVSHYGXMSRXS6LIXSVMGEP'SQQY RMGEXMSR XLIH &SWXSR %PP]RERH&EGSR TT i )H[EVH0*MRO(IFSVEL%'EM7XER%/ETPS[MX^7YRKIYR 'LYRK1EVO%:ER(]OIERH.ISRK2EQ/MQq8LI 7IQERXMGWSJ7SGMEP-RJPYIRGI 8LVIEXWZW4IVWYEWMSRr 'SQQYRMGEXMSR1SRSKVETLW TT i 6MGLEVH14IVPSJJ8 LI(]REQMGWSJ4IVWYEWMSR 'SQQYRM GEXMSRERH%XXMXYHIWMRXLIWX'IRXYV]VHIH 2I[ =SVO 0E[VIRGI)VPFEYQ TT i 7IIJSVI\EQTPI'LEWY%RERH1MGLEIP4JEYq8LI)JJM GEG]SJ-RSGYPEXMSRMR8IPIZMWIH(IFEXIWr.SYVREPSJ 'SQQYRMGEXMSR TTi .SLR'6IMREVHq8LI)QTMVMGEP7XYH]SJXLI4IVWYEWMZI )JJIGXWSJ)ZMHIRGI 8LI7XEXYWEJXIV*MJX]=IEVWSJ 6IWIEVGLr,YQER'SQQYRMGEXMSR6IWIEVGL TTi 7IIJSVI\EQTPI1MGLEIP87XITLIRWSRq)\EQMRMRK %HSPIWGIRXWt6IWTSRWIWXS%RXMQEVMNYERE47%Wr,YQER 'SQQYRMGEXMSR6IWIEVGL TTi 6SHRI]%6I]RSPHWERH.0]RR6I]RSPHWq)ZMHIRGIrMR .EQIW4VMGI(MPPEVHERH1MGLEIP4JEY IHW 8 LI4IVWYE WMSR,ERHFSSO (IZIPSTQIRXWMR8LISV]ERH4VEGXMGI 8LSYWERH3EOW'% 7EKI TT i (ERMIP.3t/IIJI4IVWYEWMSR 8LISV]ERH6IWIEVGLRHIH 8LSYWERH3EOW'% 7EKI TTi %HETXIHJVSQ.EQIW',YQIW%7TIEOIVtW8VIEWYV]SJ %RIGHSXIW%FSYXXLI*EQSYW 2I[=SVO ,EVTIVERH6S[ T -RGPEWWMGEPW]WXIQWSJPSKMGVIEWSRMRKJVSQTEVXMGYPEV JEGXWXSEKIRIVEPGSRGPYWMSR[EWORS[REWMRHYGXMSR 'SRXIQTSVEV]PSKMGMERWLS[IZIVLEZIVIHIJMRIH MRHYGXMSREWER]MRWXERGISJVIEWSRMRKMR[LMGLXLI GSRGPYWMSRJSPPS[WJVSQMXWTVIQMWIW[MXLTVSFEFMPMX] VIKEVHPIWWSJ[LIXLIVXLIVIEWSRMRKQSZIWJVSQWTI GMJMGMRWXERGIWXSEKIRIVEPGSRGPYWMSRSVJVSQEKIRIVEP TVIQMWIXSEWTIGMJMGGSRGPYWMSR-RXLMWWGLIQIVIE WSRMRKJVSQWTIGMJMGMRWXERGIWMWSRIOMRHSJMRHYGXMZI EVKYQIRXhEWEVIGEYWEPVIEWSRMRKERHEREPSKMGEPVIE WSRMRK7IIJSVI\EQTPI,S[EVH/ELERIERH2ERG] 'EZIRHIV0SKMGERH'SRXIQTSVEV]6LIXSVMG 8LI9WISJ 6IEWSRMR)ZIV]HE]0MJIXLIH &IPQSRX'% 8LSQ WSR;EHW[SVXL
8LI1G+VE[n,MPP 'SQTERMIW
0MSRIP6YF]8 LI%VXSJ1EOMRK7IRWI 4LMPEHIPTLME 0MT TMRGSXX T -RGPEWWMGEPW]WXIQWSJPSKMGVIEWSRMRKJVSQEKIRIVEP TVIQMWIXSEWTIGMJMGGSRGPYWMSR[EWORS[REWHIHYG XMSR&YXNYWXEWGSRXIQTSVEV]PSKMGMERWLEZIVIHI JMRIHMRHYGXMSR WIIRSXI XLI]LEZIVIHIJMRIH HIHYGXMSREWER]MRWXERGISJVIEWSRMRKMR[LMGLXLI GSRGPYWMSRJSPPS[WJVSQMXWTVIQMWIW[MXLGIVXEMRX] 7SQIHIHYGXMZIEVKYQIRXWQSZIJVSQKIRIVEPTVIQ MWIWXSEWTIGMJMGGSRGPYWMSRFYXSXLIVWQSZIJVSQ WTIGMJMGTVIQMWIWXSEKIRIVEPGSRGPYWMSR1ER]WTIIGL XI\XFSSOWGSRJYWIVIEWSRMRKJVSQTVMRGMTPI[LMGLMW SRIJSVQSJHIHYGXMSR[MXLHIHYGXMZIVIEWSRMRKMR KIRIVEP *SVQSVISRJEPPEGMIWERHQIXLSHWSJVIEWSRMRKWII (SYKPEW;EPXSR-RJSVQEP0SKMG %4VEKQEXMG%TTVSEGL RHIH 'EQFVMHKI 'EQFVMHKI9RMZIVWMX]4VIWW ,)&YXPIV XVERW 8 LI-RWXMXYXMS3VEXSVMESJ5YMRXMPMER 'EQFVMHKI1% ,EVZEVH9RMZIVWMX]4VIWW -: T +ISVKI'EQTFIPP8 LI4LMPSWSTL]SJ6LIXSVMGIH0PS]H* &MX^IV 'EVFSRHEPI-0 7SYXLIVR-PPMRSMW9RMZIVWMX] 4VIWW T 6IWIEVGLSRJIEVETTIEPWJSVI\EQTPILEWHIQSRWXVEXIH XLEXQIWWEKIWHIZSXIHI\GPYWMZIP]XSEVSYWMRKJIEVMR XLIEYHMIRGIEVIYWYEPP]PIWWIJJIGXMZIXLERQIWWEKIW XLEXGSQFMRIJIEVETTIEPW[MXLVIEWSREFPII\TPEREXMSRW SJLS[XSIPMQMREXISVGSTI[MXLXLIWSYVGISJJIEV*SV ERI\GIPPIRXVIZMI[SJXLEXVIWIEVGLWII4IVPSJJ(]REQ MGWSJ4IVWYEWMSRTTi
'LETXIV
.EQIW',YQIW6SPIW7TIEOIVW4PE] 2I[=SVO ,EVTIV ERH6S[ T *SVFSXLWTIIGLIWWIIq6IQEVOWF]4VIWMHIRX'PMRXSRERH 4VIWMHIRX2IPWSR1ERHIPEEX4VIWIRXEXMSRSJXLI'SR KVIWWMSREP+SPH1IHEPXS4VIWMHIRX2IPWSR1ERHIPEr 7ITXIQFIV LXXT GPMRXSRREVEKSZ;,2I[ LXQP LXQP .ERYEV] ,YQIW6SPIW7TIEOIVW4PE]TTi
'LETXIV
+PSVME.+EPERIWERH/EXLIVMRI%HEQW)JJIGXMZI+VSYT (MWGYWWMSR 8LISV]ERH4VEGXMGIXLIH 2I[=SVO 1G+VE[,MPP TT i 7II'LEVPER.IERRI2IQIXLERH.EGO%+SRGEPSq-RJPY IRGIERH4IVWYEWMSRMR7QEPP+VSYTWrMR8MQSXL]' &VSGOERH1IPERMI'+VIIR IHW 4IVWYEWMSR 4W]GLS PSKMGEP-RWMKLXWERH4IVWTIGXMZIWRHIH 8LSYWERH3EOW '% 7EKI TTi JSVELIPTJYPVIZMI[SJ WGLSPEVWLMTSRXLMWWYFNIGX (IRRMW7+SYVERq0IEHIVWLMTEWXLI%VXSJ'SYRXIVEG XMZI-RJPYIRGIMR(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK +VSYTWrMR6ERH]=,MVSOE[E6SFIVX7'EXLGEVX 0EVV]%7EQSZEVERH0MRHE(,IRQER IHW 7QEPP +VSYT'SQQYRMGEXMSR 8LISV]ERH4VEGXMGI XLIH 0SW %RKIPIW 6S\FYV] TTi 7IIJSVI\EQTPI%RHVI[.*PEREKMR,II7YR4EVOERH (EZMH67IMFSPHq+VSYT4IVJSVQERGIERH'SPPEFSVE XMZI8IGLRSPSK] %0SRKMXYHMREPERH1YPXMPIZIP%REP] WMWSJ-RJSVQEXMSR5YEPMX]'SRXVMFYXMSR)UYMX]ERH
2
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
2SXIW
1IQFIVWt7EXMWJEGXMSRMR'SQTYXIV1IHMEXIH+VSYTWr 'SQQYRMGEXMSR1SRSKVETLW i *SVQSVISRHIEPMRK[MXLGSRJPMGXMRWQEPPKVSYTWWII 7GSXX%1]IVWERH'EVSP]R%RHIVWSR8 LI*YRHEQIR XEPWSJ7QEPP+VSYT'SQQYRMGEXMSR 0SW%RKIPIW 7EKI TT i 'LEVPIW4EZMXXERH/IPP]/.SLRWSRq7GLIMHIPERH 'VS[IPP6IZMWMXIH %(IWGVMTXMZI7XYH]SJ+VSYT 4VSTSWEP7IUYIRGMRKr'SQQYRMGEXMSR1SRSKVETLW i *SVVIWIEVGLSRXLMWWYFNIGXWII1MGLIPI,.EGOWSRERH 1EVWLEPP7GSXX4SSPIq-HIE+IRIVEXMSRMR2EXYVEPP]
2
8LI1G+VE[n,MPP 'SQTERMIW
3GGYVVMRK'SRXI\XW 'SQTPI\%TTVSTVMEXMSRSJ7MQTPI +VSYT4VSGIHYVIr,YQER'SQQYRMGEXMSR6IWIEVGL i *SVJYVXLIVVIEHMRKSRVIWIEVGLMRWQEPPKVSYTGSQQYRM GEXMSRWII1EVWLEPP7GSXX4SSPIERH%RHVIE&,SP PMRKWLIEH IHW 8LISVMIWSJ7QEPP+VSYTW -RXIVHMWGMTPMREV]4IVWTIGXMZIW 8LSYWERH3EOW'% 7EKI *SVQSVIMRJSVQEXMSRSRWQEPPKVSYTSVEPTVIWIRXEXMSRW WII/EXLIVMRI%HEQWERH+PSVME.+EPERIW'SQQYRM GEXMRKMR+VSYTW %TTPMGEXMSRWERH7OMPPWXLIH 2I[ =SVO 1G+VE[,MPP TTi
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
4LSXS'VIHMXW
8LI1G+VE[n,MPP 'SQTERMIW
4LSXS'VIHMXW 'LETXIV
'LETXIV
.SIP+SVHSR4LSXSKVETL] 8SQ+VMPP-427XSGO .IJJ1MXGLIPP6IYXIVW'SVFMW %FHIPLEO7IRRE %*4+IXX]-QEKIW 4LSXSHMWG+IXX]-QEKIW 7XIJER ;IVQYXL6IYXIVW0ERHSZ
.SIP+SVHSR4LSXSKVETL] 'LVMW7XSGO 4LSXSKVETL]%PEQ] %44LSXS(SYK1MPPW
'LETXIV .MQ=SYRK6IYXIVW'SVFMW 8ERRIR1EYV]8LI -QEKI;SVOW (MGO&PYQI7]VEGYWI2I[WTETIVW8LI -QEKI;SVOW 8LI1G+VE[,MPP'SQTERMIW-RG)VMGE 70IIHWTLSXSKVETLIV 6SKIV0;SPPIRFIVK94- 2I[WGSQ
'LETXIV 1EWXIVJMPI 1MGLEIP2I[QER4LSXS)HMX-RG .EGUYI&VYRH(IWMKR'SRGITXMSRW .IJJ .EGSFWSR6IHY\
%TTIRHM\ 1ERRMG1IHME1G+VE[,MPP-RG
'LETXIV 'LVMW;EVI8LI-QEKI;SVOW 8SQ7QEVX8LI 2I[=SVO8MQIW6IHY\ (0-00''SVFMW .SWI0YMW4IPEI^-RG'SVFMW
'LETXIV 8MQ7LEJJIV6IYXIVW0ERHSZ &SF(EIQQVMGL8LI -QEKI;SVOW 1EV[ER2EEQERM%*4+IXX]-QEKIW %44LSXS8LI+VIIR[MGL8MQI&SF0YGOI] (EZMH=SYRK;SPJJ4LSXS)HMX-RG
'LETXIV +ISVKI7LIPPI]%VX0MJI 8IXVE-QEKIW+IXX] -QEKIW %44LSXS:MVKMRME1E]S 6EGLIP )TWXIMR4LSXS)HMX-RG 0;%7LEVMI/IRRIH] ;MPPMEQW'SVFMW
'LETXIV 0]RR+SPHWQMXL'SVFMW %44LSXS&IFIXS 1EXXLI[W %44LSXS'LVMWXSTLIV4JYLP 1ERRMG 1IHME1G+VE[,MPP-RG
'LETXIV 6YFFIV&EPP%KI*SXSWXSGO (EZMH/EVT &PSSQFIVK2I[W0ERHSZ &MPP%VSR4LSXS)HMX-RG /IZMR0EQEVUYI6IYXIVW0ERHSZ
'LETXIV (EZMH=SYRK;SPJJ4LSXS)HMX-RG *VIH 4VSYWIV6IYXIVW0ERHSZ %44LSXS4EYP*VER^ 0]RR+SPHWQMXL'SVFMW .EQIW6YPMWSR 2I[7TSVX'SVFMW
'LETXIV %44LSXS/I]WXSRI1EVXMEP8VI^^MRM .SIP4EKI%4 4LSXS 4EXMXYGGM4LSXS%YVSVE4LSXSW *VIH 4VSYWIV6IYXIVW0ERHSZ %*4+IXX]-QEKIW 8MQ;MQFSVRI6IYXIVW'SVFMW
'LETXIV %RHVIE1SLMR8LI2I[=SVO8MQIW6IHY\ .MQ >YGOIVQER'SVFMW 1ERRMG1IHME1G+VE[,MPP-RG
%TTIRHM\ 'VIEXEW4LSXSPMFVEV] 'SYVXIW]SJ8LI0MFVEV] SJ'SRKVIWW (MKMXEP:MWMSR%PEQ]
'LETXIV (EZMH6*VE^MIV8LI-QEKI;SVOW %44LSXS ,EVV]'EFPYGO 'PEVS'SVXIW-:6IYXIVW0ERHSZ 7Y^ERRI(I'LMPPS8LI2I[=SVO8MQIW6IHY\ (IROSY-QEKIWHVVRIX
'LETXIV %44LSXS4EYP7EOYQE %44LSXS6MGO&S[QIV 6EMRIV.IRWIR)4%'SVFMW .SIP+SVHSR 4LSXSKVETL] 1EVO0I[MW87-+IXX]-QEKIW 6EQMR8EPEMI'SVFMW
'LETXIV .EQMI6IGXSV&PSSQFIVK2I[W0ERHSZ 6EGLIP )TWXIMR4LSXS)HMX-RG %44LSXS(IRRMW'SSO 8MQ4ERRIPP'SVFMW 7XIZI4STI&PSSQFIVK2I[W 0ERHSZ 1EVMIPE0SQFEVH>YQE4VIWW 6EQMR8EPEMI'SVFMW
'LETXIV (EZMH=SYRK;SPJJ%PEQ] %44LSXS(EMER (SZEVKERIW 7GSXX0SRHSR
'LETXIV
'LETXIV
&SF(EIQQVMGL8LI-QEKI;SVOW .SIP +SVHSR4LSXSKVETL] (MKMXEP:MWMSR'VIEXEW ,IRRMRK/EMWIV%*4+IXX]-QEKIW &IVREVH;IMP 8SVSRXS7XEV%KI*SXSWXSGO 4IXIV=EXIW'SVFMW
QSSHFSEVH7YTIV7XSGO 'SVFMW 6]ER 1G:E]+IXX]-QEKIW 'S[7XYHMS1EH4LSXS 0MFVEV]
'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
-RHI\
8LI1G+VE[n,MPP 'SQTERMIW
-RHI\
% %FWXVEGX[SVHW %FWXVEGXMSRWi %FWXVEGXW %FYWMZIPERKYEKITIVWSREPHMKRMX]ERH i %GGITXERGIWTIIGL %GXMSRMR1SRVSItWQSXMZEXIH WIUYIRGIi %GXMZIPMWXIRMRK %HLSQMRIQJEPPEG] %HVIREPMRI %KISJEYHMIRGI %OEOE(ERMIP %PMRWO]7EYP %PPMXIVEXMSR %QIVMGER'MZMP0MFIVXMIW9RMSR %REPSKMGEPVIEWSRMRKi %REPSK]MRZEPMHi %RMQEXMSRMR4S[IV4SMRX %RXMXLIWMW %TTIEVERGIJSGYWMRKSR %TTVIGMEXMZIPMWXIRMRK %TTVSTVMEXIRIWWSJPERKYEKIi %VMWXSXPI %VXMGYPEXMSRi %XXIRXMSRMR1SRVSItWQSXMZEXIH WIUYIRGIi %YHMIRGI EHETXMRKXSi EKISJ ERW[IVMRKUYIWXMSRWTSWIHF] i ETTVSTVMEXIRIWWSJPERKYEKIJSV EVSYWMRKGYVMSWMX]SJ GPEWWQEXIWEW i GYPXYVEPHMZIVWMX]SJi HIQSKVETLMGEREP]WMWSJi HMWTSWMXMSRSJXS[EVHXSTMGi IWXEFPMWLMRKGSQQSRKVSYRH[MXL i IWXMQEXMRK[LEXMWORS[RF] i IXLRMGFEGOKVSYRHSJi KIRHIVSJ KIXXMRKMRJSVQEXMSREFSYX i QIRXEPHMEPSKYI[MXL TW]GLSPSK]SJ i UYIWXMSRMRKXLI i VIPEXMRKXLIXSTMGXS i VIPMKMSRSJ WI\YEPSVMIRXEXMSRSJi
%YHMIRGI 'SRX WMXYEXMSREPEREP]WMWSJi WXEVXPMRKXLI XEMPSVMRK]SYVQIWWEKIXSi i XEVKIX i 7IIEPWS0MWXIRIV %YHMIRGIGIRXIVIHRIWW i %YXLSVWLMTSJ-RXIVRIXHSGYQIRXW i
& &EGSR*VERGMW &EPJSYV0SVH &ERH[EKSRJEPPEG] &EVKVETL &MFPMSKVETL] HIJMRIH TVIPMQMREV] MRTVITEVEXMSRSYXPMRI &MPPSJ6MKLXW &MSKVETLMGEPEMHW &MVH[LMWXIPP6E] &SH]PERKYEKISJWTIEOIVi I]IGSRXEGX ii KIWXYVIW QSZIQIRXi TIVWSREPETTIEVERGI &SH]SJWTIIGL MRTVITEVEXMSRSYXPMRI i TVIZMI[MRK i &VEMRWXSVQMRKi GPYWXIVMRK i HIJMRIH -RXIVRIXWIEVGL i TIVWSREPMRZIRXSV] VIJIVIRGIWIEVGL &VMIJI\EQTPI &YVHIRSJTVSSJ &YVOI/IRRIXL
' 'EPEFVS.SERRIi 'EPPRYQFIV 'EXEPSKYIPMFVEV] 'EYWEPSVHIVi 'EYWEPVIEWSRMRKi 'IRXVEPMHIE i KYMHIPMRIWJSV i MRTVITEVEXMSRSYXPMRI
'LEQFIVW.SLR 'LERRIP 'LEVEGXIV 'LEVXWEWZMWYEPEMHWi 'LIGOPMWXW GIRXVEPMHIE GMXEXMSRSJWYTTSVXMRKQEXIVMEP GSRGPYWMSR IXLMGEPTYFPMGWTIEOMRK IZEPYEXMRK-RXIVRIXHSGYQIRXW IZMHIRGI I\EQTPIW MRXVSHYGXMSR QEMRTSMRXW TVITEVEXMSRSYXPMRI VIJPIGXMZIXLMROMRKQIXLSH WTIEOMRK[MXLGSRJMHIRGI WTIGMJMGTYVTSWI WXEXMWXMGW XIWXMQSR] ZMWYEPEMHW TVITEVEXMSRSJ ZMWYEPEMHW TVIWIRXEXMSRSJ 'LMRS]7ENNMH>ELMVi%i 'LVSRSPSKMGEPSVHIV i 'LYVGLMPP;MRWXSR i i 'MGIVS 'MXEXMSRSJWYTTSVXMRKQEXIVMEP i 'PMGLÍ 'PMRXSR&MPP 'PYWXIVMRK i 'PYXXIVIPMQMREXMRK i 'SPSVMRZMWYEPEMHW 'SQQIQSVEXMZIWTIIGLIW i 'SQQSRKVSYRHGVIEXMRKi 'SQQYRMGEXMSR RSRZIVFEP X[S[E] i 'SQQYRMGEXMSRWOMPPW MQTSVXERGISJ 7IIEPWS7TIIGLGSQQYRMGEXMSRTVSGIWW 'SQTEVEXMZIEHZERXEKIWSVHIV i 'SQTEVMWSR 'SQTIXIRGIi 'SQTVILIRWMZIPMWXIRMRK 'SRGIRXVEXMSRHYVMRKPMWXIRMRKi 'SRGITXW HIJMRIH WTIIGLIWEFSYXi
-
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
'SRGPYWMSR i GLIGOPMWXJSV MRTVITEVEXMSRSYXPMRI i EWVIMRJSVGIQIRXSJGIRXVEPMHIE i WEQTPI[MXLGSQQIRXEV] EWWMKREPSJIRHSJWTIIGL i XMTWJSVTVITEVMRK 'SRGVIXI[SVHW 'SRJMHIRGI HIZIPSTMRK i WTIEOMRK[MXL 'SRRIGXMZIW MRXIVREPTVIZMI[W MRXIVREPWYQQEVMIW WMKRTSWXW i XVERWMXMSRWi 'SRRSXEXMZIQIERMRKi 'SRVEH.SWITL 'SRWIRWYWi 'SRXVEWX 'SRZIVWEXMSRTYFPMGWTIEOMRKERHi 'SRZIVWEXMSREPUYEPMX]SJHIPMZIV] 'ST]VMKLX 'VIHMFMPMX] FYMPHMRK i HIJMRIH HIVMZIH IRLERGMRKi JEGXSVWSJ MRMXMEP XIVQMREP X]TIWSJi 'VIHSJSV)XLMGEP'SQQYRMGEXMSR 'VIWGIRHSIRHMRK 'VMXIVME 'VMXMGEPPMWXIRMRK 'VMXMGEPXLMROMRK PMWXIRMRKERH i TYFPMGWTIEOMRKERHi 'VSWWVIJIVIRGI 'YPXYVEPFEGOKVSYRHSJEYHMIRGI i 'YPXYVEPHMZIVWMX]i SJEYHMIRGIi IXLRSGIRXVMWQi MRGPYWMZIPERKYEKIi QYPXMGYPXYVEP-RXIVRIXVIWSYVGIW TYFPMGWTIEOMRKERHi WXIVISX]TMRK
( (IPMZIV] ERW[IVMRKEYHMIRGIUYIWXMSRW i FSH]PERKYEKIi GVIHMFMPMX]ERH i HMEPIGXERHi I]IGSRXEGXERH JSGYWMRKSR KIWXYVIWERH KSSHi
-
-2()<
-RHI\
(IPMZIV] 'SRX QIXLSHWSJi TEYWIWMR TIVWSREPETTIEVERGIERH TMXGL TVEGXMGMRK i VEXISJ i ZSGEPZEVMIX]i ZSPYQISJ 7IIEPWS7TIEOIV :SMGISJWTIEOIV (IPMZIV]GYIW (IQSKVETLMGEYHMIRGIEREP]WMW EKI HIJMRIH KIRHIV KVSYTQIQFIVWLMT VEGMEPIXLRMGERHGYPXYVEPFEGO KVSYRHi VIPMKMSR WI\YEPSVMIRXEXMSRi (IRSXEXMZIQIERMRK (IVMZIHGVIHMFMPMX] (IWGVMTXMSR (IWMKREXIHPIEHIV (MEPIGXi (M'ETVMS0ISREVHS (MVIGXUYSXEXMSR (MWWSPZIIRHMRK i (MWXVEGXMSRWVIWMWXMRKi (VE[MRKWEWZMWYEPEMHW (]EH
) )KSGIRXVMWQ )MXLIVSVJEPPEG] i )QIVKIRXPIEHIV )QSXMSREPETTIEPW IXLMGWERHi KIRIVEXMRKi )QTEXLMGPMWXIRMRK )RG]GPSTIHMEWi )XLMGEPHIGMWMSRW )XLMGEPWTIEOMRK EFYWMZIPERKYEKIi GLIGOPMWXJSV 'VIHSJSV)XLMGEP'SQQYRMGEXMSR IXLMGEPP]WSYRHKSEPWi LSRIWX]MRGSRXIRX WTIIGLTVITEVEXMSRi )XLMGW HIJMRIH IQSXMSREPETTIEPWERHi IXLMGEPPMWXIRMRKi MQTSVXERGISJi REQIGEPPMRKi TIVWYEWMSRERH TPEKMEVMWQi MRTVEGXMGI )XLRMGFEGOKVSYRHSJEYHMIRGI i )XLRSGIRXVMWQi )XLSW
8LI1G+VE[n,MPP 'SQTERMIW
)ZIRXW HIJMRIH WTIIGLIWEFSYXi )ZMHIRGI GLIGOPMWXJSV HIJMRIH LS[MX[SVOWi PMWXIRMRKJSVi XMTWJSVYWMRK i )\EQTPIWi FVMIJ HIJMRIH I\XIRHIHi L]TSXLIXMGEP XMTWJSVYWMRKi )\TIVXXIWXMQSR] )\XIQTSVERISYWWTIIGLi i )\XIRHIHI\EQTPIi )]IGSRXEGX i i
* *EGXUYIWXMSRWSJ i *EMVYWI *EPPEGMIW EHLSQMRIQ FERH[EKSR HIJMRIHi IMXLIVSV i JEPWIGEYWIi LEWX]KIRIVEPM^EXMSR MRZEPMHEREPSK]i VIHLIVVMRK WPMTTIV]WPSTI i *EPWIGEYWIi *IHIVIV6SKIV *IIHFEGO i *IVVEVS+IVEPHMRI *MKYVEXMZIPERKYEKI *MVWX%QIRHQIRX *M\IHEPXIVREXMZIUYIWXMSRWi *SRXW MR4S[IV4SMRX i X]TIWSJ YWISJi *SWHMGO,EVV])QIVWSR *VEQISJVIJIVIRGI *VIII\TVIWWMSRVMKLXSJi *VIIWTIIGLREQIGEPPMRKERHi
+ +EXLIVMRKQEXIVMEPW7II6IWIEVGL +IPHSJ&SF +IRHIVSJEYHMIRGI +IRIVEPIRG]GPSTIHME +IRIVEPTYVTSWISJWTIIGL +IRIVEPM^EXMSRW LEWX] +IRIVMGqLIr +IWXYVIWF]WTIEOIV +IXX]WFYVK%HHVIWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
+PSFEPTPEKMEVMWQ +PSZIV(ERR] +SEPWMRWQEPPKVSYTW +SSH[MPPIWXEFPMWLMRK +VETLWEWZMWYEPEMHWi +VSYTQIQFIVWLMTSJEYHMIRGI
, ,EWX]KIRIVEPM^EXMSR ,IEVMRK 7IIEPWS0MWXIRMRK ,IRV]4EXVMGO ,MHHIREKIRHE ,MXPIV%HSPJ ,S[XS0MI[MXL7XEXMWXMGW ,YJJ ,YJJ(EVVIPP ,YQSV ,]TSXLIXMGEPI\EQTPI
q-,EZIE(VIEQrWTIIGL /MRK %i -HIRXMJMGEXMSR -QEKIV] GSRGVIXI[SVHW HIJMRIH QIXETLSV WMQMPIi -QEKIWMR4S[IV4SMRX -QQIHMEXIEGXMSRWTIIGLIWXSKEMR i -QTPMIHPIEHIV -QTVSQTXYWTIIGL -RGPYWMZIPERKYEKIi -RGVIQIRXEPTPEKMEVMWQ i -RHIRXEXMSRMRTVITEVEXMSRSYXPMRI i -RJPIGXMSRW -RJSVQEXMSREWTYVTSWI -RJSVQEXMZIWTIIGL EFSYXGSRGITXWi EFSYXIZIRXWi EFSYXSFNIGXWi EFSYXTVSGIWWIWi EFWXVEGXMSRWi GSQTEVMWSR GSRXVEWX HIJMRIH HIWGVMTXMSR KYMHIPMRIWJSV i TIVWSREPM^MRKMHIEWi WEQTPIWTIIGL[MXLGSQQIRXEV] i X]TIWSJi -RMXMEPGVIHMFMPMX] -RXIVJIVIRGI -RXIVREPTVIZMI[ -RXIVREPWYQQEV] -RXIVRIXXLI EYXLSVWLMTSJHSGYQIRXWSR i IZEPYEXMRKHSGYQIRXWi KSZIVRQIRXVIWSYVGIW
-RHI\
8LI1G+VE[n,MPP 'SQTERMIW
-RXIVRIXXLI 'SRX QYPXMGYPXYVEPVIWSYVGIW TPEKMEVMWQERH WIEVGLMRKi XSTMGWIEVGLIWERH i ZMVXYEPPMFVEVMIW -RXIVTIVWSREPGSRJPMGXMRWQEPPKVSYTW i -RXIVZMI[W EJXIVXLIMRXIVZMI[ FIJSVIXLIMRXIVZMI[i HYVMRKXLIMRXIVZMI[ -RXVSHYGXMSR GLIGOPMWXJSV IWXEFPMWLMRKGVIHMFMPMX]ERHKSSH[MPP i KIXXMRKEXXIRXMSRERHMRXIVIWX[MXL i MRTVITEVEXMSRSYXPMRI i EWTVIZMI[SJFSH]SJWTIIGL i VIJIVVIHXSMRGSRGPYWMSRi VIZIEPMRKXLIXSTMG WEQTPI[MXLGSQQIRXEV] XMTWJSVTVITEVMRK -RXVSHYGXSV]WTIIGLIW i -RZEPMHEREPSK]i
0IRS.E] 0MFVEV]VIWIEVGL GEXEPSKYI PMFVEVMERW RI[WTETIVWi TIVMSHMGEPHEXEFEWIWi VIJIVIRGI[SVOWi ZMVXYEPPMFVEVMIW 0MRGSPR%FVELEQ 0MRIKVETLi 0MWXIRIV i i 7IIEPWS%YHMIRGI 0MWXIRMRK i EGXMZI EHETXMRKXSPMWXIRIVJIIHFEGO ETTVIGMEXMZI GSQTVILIRWMZI GVMXMGEP i IQTEXLMG IXLMGEPi JSGYWMRKi JSGYWMRKSRHIPMZIV]ERHETTIEVERGI MQTVSZMRKi NYQTMRKXSGSRGPYWMSRWi TSSVPMWXIRMRKi TVINYHKMRKHYVMRK
.
1
.SRIW:ER .YHKQIRXWYWTIRHMRK .YQTMRKXSGSRGPYWMSRWi
1EG%VXLYV+IR(SYKPEW i 1EMRTSMRXWi RYQFIVSJ i WXVEXIKMGSVHIV i XMTWJSVTVITEVMRKi 1EMRXIRERGIRIIHW 1EPGSPQ 8LI0MJISJXLI1ER;LS 'LERKIH&PEGO%QIVMGE 4IVV] i 1ERHIPE2IPWSR 1ERYWGVMTXWTIIGL 1G0IRHSR6]ER 1IER 1IHMER 1IRXEPHMEPSKYI[MXLEYHMIRGI 1IWWEKI 1IXETLSV 1SHI 1SHIPWEWZMWYEPEMHW 1SRSXSRI 1SRVSI%PER 1SRVSItWQSXMZEXIHWIUYIRGI i 1SZIQIRXSJWTIEOIVi 1YPXMQIHMETVIWIRXEXMSRW
/ /I][SVHSYXPMRI i /MRIWMGW /MRK1EVXMR0YXLIV.V %i
0 0EKEVHI'LVMWXMRI 0ERKYEKI EFYWMZIi EGGYVEXIYWISJi EPPMXIVEXMSR ERXMXLIWMW ETTVSTVMEXIYWISJi GPYXXIVIPMQMREXMSR i GSRGVIXIZIVWYWEFWXVEGX JMKYVEXMZI MRGPYWMZIi QIERMRKSJ[SVHWi QIXETLSV TEVEPPIPMWQMRi VITIXMXMSRMR VL]XLQMRi WMQMPIi ZMZMHi 7IIEPWS;SVHW 0IEHIVWLMT HIJMRIH JYRGXMSRWSJ i MRWQEPPKVSYTW i X]TIWSJ
2 2EQIGEPPMRKii 7IIEPWS%FYWMZIPERKYEKI 2EXMSREP'SQQYRMGEXMSR%WWSGMEXMSR 2IIH MR1SRVSItWQSXMZEXIHWIUYIRGI i MRUYIWXMSRWSJTSPMG]
-2()<
-
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
2IVZSYWRIWW i EGUYMVMRKI\TIVMIRGIi MRZMWMFMPMX]SJi RIIHJSVTIVJIGXMSRERH SZIVGSQMRKi i TSWMXMZI TSWMXMZIXLMROMRKERHi TVITEVEXMSRERHi ZMWYEPM^EXMSRERH 2I[WTETIVWJSVVIWIEVGLi 2M^IV0SYMWi 2SRTEVXMWERWMXYEXMSR 2SRZIVFEPGSQQYRMGEXMSR 2SXIXEOMRK HIZIPSTMRKWOMPPWMR i JSVMRXIVZMI[W MRVIWIEVGLi WTIIGLTVITEVEXMSRERH
3 3FEQE&EVEGO 3FNIGXW HIJMRIH WTIIGLIWEFSYXi EWZMWYEPEMHW i 3t&VMIR'SRER 3GGEWMSREYHMIRGIHMWTSWMXMSRXS[EVH i 3TIRIRHIHUYIWXMSRWi 3VEPVITSVXi 3VKERM^EXMSR ii GSRRIGXMZIWi QEMRTSMRXWi WYTTSVXMRKQEXIVMEPWi 3YXPMRI 7II4VITEVEXMSRSYXPMRI 7TIEOMRKSYXPMRI
4 4ERIPHMWGYWWMSR 4EVEPPIPMWQi 4EVETLVEWIWi 4EVXMGMTEXMSRMRWQEPPKVSYTW 4EVXMWERWMXYEXMSR i 4EWWMZIEKVIIQIRXWTIIGLXSKEMR 4EXGL[SVOTPEKMEVMWQ i 4EXLSWi 4EYPWSR,IRV]1.V 4EYWIWMRWTIIGL 4IIVXIWXMQSR]i 4IVMSHMGEPHEXEFEWIWi 4IVV]&VYGI i 4IVWSREPETTIEVERGI 4IVWSREPHMKRMX]REQIGEPPMRKERHi 4IVWSREPMRZIRXSV] 4IVWSREPM^EXMSRi 4IVWYEWMSR FYMPHMRKGVIHMFMPMX] i HIJMRIH HIKVIISJ IQSXMSREPETTIEPWi IXLMGWERH IZMHIRGIERHi
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8LI1G+VE[n,MPP 'SQTERMIW
4VITEVEXMSRSYXPMRI 'SRX WEQTPI[MXLGSQQIRXEV]i WTIGMJMGTYVTSWI WTIIGLXMXPIMRi W]QFSPM^EXMSRERHMRHIRXEXMSR i ZMWYEPJVEQI[SVOJSV ii 4VIWIRXEXMSR i 4VIWIRXEXMSRWTIIGLIW i 4VIZMI[WXEXIQIRX i 4VMRGMTPIVIEWSRMRKJVSQi 4VSFPIQGEYWIWSPYXMSRSVHIV i 4VSFPIQWSPYXMSRSVHIVi 4VSFPIQWSPZMRKWQEPPKVSYT i 4VSGIHYVEPRIIHW 4VSGIWWIW HIJMRIH WTIIGLIWEFSYXi 4VSRYRGMEXMSRi 4YFPMGWTIEOMRK EHETXMRKXSPMWXIRIVMQTEGX GSRZIVWEXMSRERHi GVMXMGEPXLMROMRKERHi GYPXYVEPHMZIVWMX]ERHi TS[IVSJi XVEHMXMSRSJi 4YVTSWI KIRIVEP WTIGMJMG i
5 5YIWXMSRERHERW[IVWIWWMSRW i 5YIWXMSRREMVIJSVEYHMIRGIEREP]WMW i 5YIWXMSRW SJJEGX i SJTSPMG]i TVITEVEXMSRSJJSVMRXIVZMI[W VLIXSVMGEP i SJZEPYIi q5YIWXMSRWSJ'YPXYVIr 'LMRS] % 5YMRXMPMER 5YSXEXMSRFSSOW 5YSXEXMSRW FIKMRRMRKWTIIGLIW[MXL i HMVIGX HMVIGXZIVWYWTEVETLVEWMRK IRHMRKWTIIGLIW[MXL TPEKMEVMWQSJ i UYSXMRKSYXSJGSRXI\Xi
6 6EGMEPFEGOKVSYRHSJEYHMIRGIi 6EXISJWTIIGL i 6IEKER6SREPH i 6IEWSRMRK EREPSKMGEPi GEYWEPi HIJMRIH JEPPEGMIWi JVSQTVMRGMTPIi JVSQWTIGMJMGMRWXERGIWi
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
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6IGIRG]SJ-RXIVRIXHSGYQIRXW i 6IGMXEXMSRSJWTIIGLi 6IHLIVVMRK 6IJIVIRGIWIEVGL 6IJIVIRGI[SVOW FMSKVETLMGEPEMHWi IRG]GPSTIHMEWi UYSXEXMSRFSSOW ]IEVFSSOW 6IJPIGXMZIXLMROMRKQIXLSH EREP]^MRKXLITVSFPIQi GLIGOPMWXJSV HIJMRIH HIJMRMRKXLITVSFPIQi IWXEFPMWLMRKGVMXIVMEJSVWSPYXMSRW KIRIVEXMRKTSXIRXMEPWSPYXMSRWi WIPIGXMRKXLIFIWXWSPYXMSRi 6ILIEVWEP i 6IPMKMSRSJEYHMIRGI 6ITIXMXMSR 6IWIEVGL -RXIVRIXi MRXIVZMI[Wi PMFVEV]i RSXIXEOMRKi TIVWSREPORS[PIHKIERHI\TIVMIRGI TVIPMQMREV]FMFPMSKVETL] XMTWJSVi 6IWIEVGLMRXIVZMI[ 6IWMHYEPQIWWEKI 6LIXSVMG %VMWXSXPI 6LIXSVMGEPUYIWXMSRW i 6L]XLQi EPPMXIVEXMSR ERXMXLIWMW HIJMRIH TEVEPPIPMWQi VITIXMXMSR
7 7EQTPIWTIIGLIWMRXVSHYGXMSRWi 7ERKIV1EVKEVIX 7ERWWIVMJJSRX 7EXMWJEGXMSRMR1SRVSItWQSXMZEXIH WIUYIRGIi 7GEPIUYIWXMSRWi 7IEVGLIRKMRIWi 7IVMJJSRX 7I\YEPSVMIRXEXMSRSJEYHMIRGIi 7MKRTSWX 7MQMPIi 7MQSR4EYP 7MXYEXMSR 7MXYEXMSREPEYHMIRGIEREP]WMW HIJMRIH HMWTSWMXMSRXS[EVHXLISGGEWMSR i HMWTSWMXMSRXS[EVHXLIWTIEOIV HMWTSWMXMSRXS[EVHXLIXSTMGi TL]WMGEPWIXXMRK WM^I 7M^ISJEYHMIRGI
-RHI\
7PMHIWLS[MR4S[IV4SMRX 7PMTTIV]WPSTI i 7QEPPKVSYTW HIJMRIH i MRXIVTIVWSREPGSRJPMGXMR i OIITMRKHMWGYWWMSRWSRXVEGOi PIEHIVWLMTMR i TEVXMGMTEXMSRMR TVIWIRXMRKVIGSQQIRHEXMSRWi JSVTVSFPIQWSPZMRK VIJPIGXMZIXLMROMRKQIXLSHi VIWTSRWMFMPMXMIWMR i 7TEGIMR4S[IV4SMRX i 7TEVIqFVEMRXMQIr 7TEXMEPSVHIVi 7TIEOIVi EYHMIRGIHMWTSWMXMSRXS[EVH YWISJS[RFSH]EWZMWYEPEMH 7IIEPWS(IPMZIV] 7TIEOMRKSYXPMRIi HIJMRIH KYMHIPMRIWJSVi WEQTPI[MXLGSQQIRXEV] i 7TIEOMRKXIGLRMUYIPMWXIRMRKJSV 7TIGMEPIRG]GPSTIHME 7TIGMEPSGGEWMSRWTIIGLIW EGGITXERGIWTIIGLIW GSQQIQSVEXMZIWTIIGLIW i MRXVSHYGXMSRW i TVIWIRXEXMSRW i 7TIGMJMGTYVTSWISJWTIIGL i i 7TIGMJMGTYVTSWIWXEXIQIRX i 7TIIGLGSQQYRMGEXMSRTVSGIWW GLERRIP I\EQTPI[MXLGSQQIRXEV]i JIIHFEGO i MRXIVJIVIRGI PMWXIRIV i QIWWEKI WMXYEXMSR WTIEOIVi 7TIIGLHIZIPSTQIRXi 7TIIGLIW SJEGGITXERGI GSQQIQSVEXMZI i XSKEMRMQQIHMEXIEGXMSRi XSKEMRTEWWMZIEKVIIQIRX SJMRXVSHYGXMSR i SJTVIWIRXEXMSR i 7TSRWSVMRKSVKERM^EXMSR 7TSRWSVWLMTSJ-RXIVRIXHSGYQIRXW 7X%YKYWXMRI 7XEKIJVMKLX 7XEXMWXMGW HIJMRIHi XMTWJSVYWMRKi YRHIVWXERHMRK i 7XIVISX]TMRK 7XSVMIWXIPPMRK i 7XVEXIKMGSVKERM^EXMSR 7IIEPWS3VKERM^EXMSR
8LI1G+VE[n,MPP 'SQTERMIW
7YTTSVXMRKQEXIVMEPW GMXMRK i HIJMRIH I\EQTPIWi SVKERM^EXMSRERHi WXEXMWXMGWi XIWXMQSR]i 7]QFSPM^EXMSRMRTVITEVEXMSRSYXPMRI i 7]QTSWMYQ
8 8EVKIXEYHMIRGI i 8EWORIIHW 8IVQMREPGVIHMFMPMX] 8IWXMQSR] HIJMRIH I\TIVX TIIVi UYSXMRKZIVWYWTEVETLVEWMRK XMTWJSVYWMRKi 8I\XMR4S[IV4SMRXTVIWIRXEXMSRW 8LIWEYVYW 8LSQEW(V.MQ 8MXPISJWTIIGLi 8STMG HIJMRIHi WXEXMRKMQTSVXERGISJMRMRXVSHYGXMSR i 8STMGWIEVGLIW i 8STMGWIPIGXMSRii ETTVSTVMEXIRIWWSJXSTMG EYHMIRGIHMWTSWMXMSRXS[EVHXSTMG i FVEMRWXSVQMRK i -RXIVRIXWIEVGLIW i 8STMGEPSVHIVi 8VERWMXMSRWXEXIQIRXW 8VERWMXMSRWi 8VERWTEVIRGMIWEWZMWYEPEMHW
: :EPYIUYIWXMSRWSJi :MHISWEWZMWYEPEMHW :MVXYEPPMFVEVMIW :MWYEPEMHW GLEVXWi GSPSVMR HVE[MRKWEW JSRXYWIi KVETLWi QSHIPWEW SFNIGXWEW i TLSXSKVETLWEW TVITEVEXMSRSJi TVIWIRXEXMSRSJ i JSVWXEXMWXMGW XVERWTEVIRGMIWEW X]TIWSJ i ZMHISWEW 7IIEPWS4S[IV4SMRX
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