& 03 3( =& 97 -2 )77
'328)287 '6)(-87 .%'/43-28 -2863(9'8-32 8,)1)+%'36436%8)%9(-8 40911)8-2+46374)'87 %40%')83,%2+=396,%8 6922-2+-2%83<-';%78)0%2( 7398,)62-27966)'8-32 0-/)%8323*&6-'/7 ;,))0-2+%2(()%0-2+ %88,)74))(3*&%(2);7 /2-:)7398 7,-44-2+'32')627 63'/73**
'328)287'6)(-87
783/-2+8,)*0%1)7 (%6/6)'69-8-2+ 8,)-259-7-8-32 0-2+)6-2+*%00398 7)6:)('30( &-88)64-007 8,)946-7-2+ 1%(2)77 796:-:%0-278-2'8 ',%6%'8)6863:)
&033(=&97-2)77 ;VMXMRK 0EVW &PYQIRWXIMR .EWSR 1 ,EVH] %RHVI[ 1EVWLEPP7GSXX7GLPIX^6.8LSQEW1EPMO8SQW1MGLEIP;MGL )HMXMRK 8EQM)PHIV4LMPMT%0II %HEQ &VYRS &VSSOI 'LERK 6E]QSRH 'VSXIEY &VYGI *SVH )YKIR *SYVRIW .SERRE *SYVRIW0EVW;EKRIV,ERWIR*VERGMW.SWI(EZMH(EWLMJIR /IIW 1EWSR ,EVX %HEQ 0EVKI %RHVI[ 1EVWLEPP 'EVP 7GLIPMR8MQ4EXVMGO.IVIQ];I]ERH %VX(MVIGXMSR &VIRX)ZERW
%VX +SVHSR&IRRIXXS:MGXSV4IVI^'SVFIPPE0EYVE(ME^ 'YFEW -KSV *MSVIRXMRM 1EXX ,ERWIR (EZMH 6SFIVX ,SZI] -ER /MRK -ER 0PEREW 1EYVS 4IVSRM 1EVO 4SSPI %RHVIEW w%%7x7GLVSXL1EVG7MRXIW%PI\7XSRIERH/YFE;MXS[WOM 'SZIV0E]SYX 1EXXw;VEXLx,IIVHX -GSRSKVETL] 2MKIP7EHI -RXIVMSV0E]SYX 1EXXw;VEXLx,IIVHX 7LEHS[VYR0MRI(IZIPSTIV .EWSR1,EVH]
'SZIV%VX )VMG;MPPMEQW
'328)287'6)(-87
<< .%'/43-28 """0SKMR <<<<<<<<<<<<<< """)RXIV4EWWGSHI <<<<<<<<<<<<<< &MSQIXVMG7GER'SRJMVQIH =39v6)-297)-8;)00
'SRRIGXMRKXS.EGO4SMRX:42 -HIRXMX]7TSSJIH )RGV]TXMSR/I]W+IRIVEXIH 'SRRIGXIHXS3RMSR6SYXIVW
.EGO4SMRX7XEXW -RXIVEGXMSRVEXI 4SWXWTIVLSYV 8SHE]vWGSRXIRXUYEPMX] WMKREP RSMWI 0EXIWX2I[W "-YRHIVWXERHXLEX TISTPIXLMROXSPIVERGIJSV%-W MWMQTSVXERX&YXXLEXHSIWRvX QIER]SYEPPEVIEYXLSVM^IHXS MWWYIMRZMXEXMSRWXSXLIQEX[MPP /RSGOMXSJJz+PMXGL 4IVWSREP%PIVXW =SYLEZIRI[TVMZEXI QIWWEKIW =SYVMRXIVREP5WGSVIMW HS[RTSMRXW =SYLEZI RI[VIWTSRWIWXS ]SYV.EGO4SMRXTSWXW =SYLEZIRI[JVMIRHVIUYIWXW JVMIRHWLEZIHVSTTIH]SY 4(% 8SHE]vWERXM&VEGOLEZIR TVSXIWXMWI\TIGXIHXSHVE[SRP]
;IPGSQIFEGOXS.EGO4SMRX31%) =SYVPEWXGSRRIGXMSR[EWWIZIVIH LSYVWQMRYXIWWIGSRHWEKS
8SHE]vW,IEHW9T 8LMRKWEVIFEHRS[-RIZMXEFP]XLI]vVIKSMRKXSKIX[SVWI?8EK 0SGOHS[RA ?8EK (EXE8VEMPWA
-RGSQMRK -XvWPMOIFIMRKEVIKYPEVTIVWSRFYXWXVSRKIVJEWXIVERHWLMRMIV?8EK 'LVSQI*PIWLA 8LIVIEPEGXMSRHSIWRvXWXEVXYRXMP]SYLIEHJSVXLIGEZIVRW?8EK &YXXIA
8ST2I[W-XIQW XLI&SWXSRUYEVERXMRIF]WE]MRKwXLI]vZIEHNYWXIHXSMXTVIXX][IPPF]RS[x 0MRO
1EIVWO>IXE-QT'LIQ0SRI7XEVXSGEPPVEVINSMRXTVIWWGSRJIVIRGI0MRO +LSWX[EPOIVWTSOIWTIVWSR2MGLSPEW;LMXIFMVHWE]WXLEXMRXIVTVIXMRKXLI PEGOSJVIXEPMEXMSREKEMRWX%^XPERJSVXLIMVMRGYVWMSRMRXS(IRZIVEWEGGITXERGI SJXLIRI[WXEXYWUYS[SYPHFIwEQMWXEOIx0MRO
RSXFISZIVP]EJJIGXIH 4(% =SYVGSQTPMQIRXEV] EPPEGGIWWTEWWXS9VYFMEvW *YRLSYWII\TMVIWMRLSYVW
&PSSH]FYWMRIWW
8,)-22)6'-6'0) =SYEVIZMWMFPIXS]SYVGPSWIWX PIZIPSJGSRXEGXW =SYV)]IW3RP]TSWXWLEZIFIIR ZMI[IHXMQIW 'YVVIRX8MQI *IF
;LEXXS[EXGLJSV (IXEMPWSRXLI1IKEGSVTSVEXI%YHMX 8LIFPIIHMRKIHKISJMRHYWXVMEPWEFSXEKI 8VEZIPWEVSYRHXLIKPSFIEXXLIFIUYIWXSJER] QIKEGSVTXLEXHSIWRvXLEXI]SY -RGVIEWMRKMRWXEFMPMX]MRGVIEWMRKHIWTIVEXMSR MRGVIEWMRKTE]HE]W TSWXWJMPIWXEKKIH[MXLw&033(=&97-2)77x 8LI1IKEGSVTSVEXI%YHMX 4PYQQIXMRK4VSWTIGXW %4PEGIXS,ERK=SYV,EX 6YRRMRKMRE8S\MG;EWXIPERH ?1SVIA
-2863(9'8-32 8LI QIKEGSVTSVEXMSRW SJ XLI 7M\XL ;SVPH LEZI E TEV XMGYPEVWXVEXIK]JSV HIEPMRK[MXL XMQIW[LIRGVMWIWEVI VMWMRKFYWMRIWWMWXSYKLERHXLI]RIIHXS[SVOLEVHXS EZSMHFIMRKW[EQTIHF]XLIGSQTIXMXMSR8LI]PEYRGL HS^IRWSJWLEHS[VYRWXSKEXLIVHIXEMPSRXLIMVSTTS RIRXWv TPERW WEFSXEKI XLIMV TVSHYGXMSRW WXIEP XLIMV FIWX IQTPS]IIW ERH SXLIV[MWI TPE] LEZSG [MXL XLIMV STIVEXMSRW ;LMPI XLI]vVI EX MX XLI] TVIWWYVI KSZIVR
GLETXIVWGSYPHFIXMIHXSKIXLIV
y
y
WIINYWXLS[QYGLJIEVXLI]GERMRWTMVIJVSQXLIMVIQ TPS]IIW EKKVIWWMZIP] XEOISZIV ZYPRIVEFPI FYWMRIWWIW ERHSXLIV[MWII\IVGMWIXLIMVGSVTSVEXIQYWGPILS[IZ IVXLI]GER -XQE][IPPFIEWOIHLS[MWXLMWHMJJIVIRXJVSQLS[ XLI]STIVEXI[LIRXLMRKWEVIKSSH#8LIERW[IVMWWMQ TPI 3TIVEXMSRWMRFEHXMQIWEVITVIXX]QYGLXLIWEQI EWXLSWIMRKSSHXMQIW8LIFEHXMQIWEVINYWXQSVIMR XIRWI )EVP] MRXLI7M\XL ;SVPHMWSRI SJXLSWIXMQIW [LIRXLIVIEVITPIRX]SJGVMWIWXSKSEVSYRHXLIWXEOIW XLIWLEHS[WMWSR&PSSH]&YWMRIWWTVSZMHIWEPSSOMRXS [LEXMWKSMRKSRMRXLIZEVMSYWQIKEGSVTSVEXMSRWSJXLI [SVPHWLS[MRKLS[XLI]EVIHIEPMRK[MXLXLITVSFPIQW EXLERH ERHXLI I\EGX REXYVI SJWSQI SJXLI WOYPPHYK KIV]XLI]EVIMRZSPZIHMR 8LI 1IKEGSVTSVEXI %YHMXWLS[WLS[XLI&MK8IRSJXLI7M\XL;SVPHEVIVI EGXMRKXSWSQISJXLIMVTVSFPIQWERHVIEWWIVXMRKXLIMV EYXLSVMX] 8LIRI\X RMRIXIIR GLETXIVW EVI WLSVX EHZIR XYVIW XLEX WXEVX [MXL MRYRMZIVWI QEXIVMEP XS IWXEFPMWL WSQISJXLIWMXYEXMSRWERHTVSFPIQWWYGOMRKYTGSVTS VEXI EXXIRXMSR ERH XLIR TVIWIRX TPSX TSMRXW KEQIQEW XIVW ERH TPE]IVW GER JSPPS[ XS TPE] XLVSYKL E WXSV]PMRI XMIH XSXLSWIMRGMHIRXW8LIGLETXIVW GER FIYWIH MRHM ZMHYEPP] EW WLSVX EHZIRXYVIW XEOMRK SRI SV TSWWMFP] E LERHJYP SJWIWWMSRWSV XLI]GERFIXMIHXSKIXLIV JSVE PSRKIV GSVTSVEXIXLIQIH GEQTEMKR %PWS HSRvX QMWW XLI'LEVEGXIV8VSZIEXXLIIRHSJXLIFSSOXLEXTVIWIRXW E[MHIVERKISJ24'WXLEXGERFIYWIHMRER]7LEHS[VYR EHZIRXYVISVGEQTEMKR
y
8LI6IZMWMSR 8LIPEWXXLVIIEHZIRXYVIW{8LI9T VMWMRK 1 %(RIWW ERH 7YVZMZEP -RWXMRGX{EVI EPPXMIHXSXLI1IKEGSVTSEVXI%YHMXTPSXPMRIERH GSYPHFITPE]IHMRWIUYIRGI 8LI 'PEWL SZIV '*( 'SKRMXMZI JVEKQIRXEXMSR HMWSVHIV MW RS[ E WIVMSYW TVSFPIQ MR XLI 7M\XL ;SVPH ERH XLI GSVTSVEXMSRW EVI [SVOMRK LEVH
RI[ FEWI SJ STIVEXMSRW MR PMKLX SJ XLI &SWXSR UYEVERXMRI MR % 4PEGI XS ,ERK =SYV ,EX 8LEX GERIEVRXLIQXLIXVYWXSJ2IS2)8[LSVIJIVW XLIQXS)ZSXSPSSOJSVMRJSVQEXMSREFSYX'*( XVIEXQIRXWMR&MXXIV4MPPW2IS2)8ERH)ZSXLIR [SVOXSKIXLIVXSLEZIXLIVYRRIVWYRGSZIVSXL IV WGERHEPW GSQQMXXIH F] QIKEGSVTW XS XEOI EXXIRXMSRSJJXLIQ3RIWYGLWGERHEPMWVIWIEVGL HSRISRXIGLRSQERGIVW I\TSWMRKXLMWMRJSVQE XMSRMWTEVXSJXLIWXSV]SJ/RMZIW3YX 8LI .ETERIWI %PPMERGI 8LI .ETEREGSVTW 1'8 TER FYX LEZI FIIR [SVOMRK XSKIXLIV SYXWMHI SJ XLSWI FSVHIVW % GEQTEMKR GSYPH FI FEWIH SR XLI VYRRIVW LIPTMRK JYVXLIV XLI WXVIRKXL SJ XLMW EPPMERGI *MVWX ,SVM^SR ERH 6IRVEOY [SVO XSKIXLIVXSLEZIXLIVYRRIVWPSSOMRXSEVITSVX XLEXERI[VIPIEWI[MPPJEMPMR%XXLI7TIIHSJ&EH 2I[W 6IRVEOY XLIR VIJIVW XLI VYRRIVW XS 7LM E[EWI [LS LEZI XLIQ PSSO MRXS VIWIEVGL MRXS XIGLRSQERGIVW MR /RMZIW 3YX %WWYQMRK 7LM E[EWIMWHYP]MQTVIWWIH[MXLXLIVYRRIVWXLI] wVI[EVHxXLIQF]WIRHMRKXLIQXSXLIXS\MGWIG XMSRW SJ XLI 8WMQWLMER 4VSXIGXSVEXI MR 6YRRMRK MRE8S\MG;EWXIPERH
8LSWIEVISRP]EJI[WLSVXMHIEW(MZIMRXSEFSSOJSV FSXLE[IEPXLSJORS[PIHKISJ[LEXGSVTSVEXMSRWMRXLI 7M\XL ;SVPH EVI GYVVIRXP]YT XSERHMRJSVQEXMSREFSYX &IGEYWIKSSHXMQIWSVFEHXLEXvW[LEXQIKEGSVTWHS
-2863(9'8-32
& 03 3( =& 97 -2 )77
1)+%'36436%8) %9(-8 4378)(&= 16&32(7
8SHE]EXTQ)78XLIGSVTSVEXI[SVPH[IRXFEPPMWXMG ;LMPI VYQSVW LEZI I\MWXIH JSV X[S ]IEVW{WMRGI ER MRXIVREP'SVTSVEXI'SYVX'SQQMXXIIEWWIWWQIRXVITSVX [EWPIEOIHF]*MRERGMEP8MQIW2I[W -GSZIVIHXLMWMRQ] WIVMSYWF]ERRSYRGMRKE1IKEGSVTSVEXI6IZMWMSRERMR XIVREPEYHMXSJEPPVIKMWXIVIH%%GSVTSVEXMSRWXLEX[MPP TYXXLIMVWXEXYWSRXVMEP ,SP]JVEK &YPP
XIVVMXSVMEP SV IZIR QIKEGSVTSVEXI WXEXYW [MXLSYX KSMRK MRXSHIXEMPXLIWILEZI]IXXSFITYFPMWLIHERHQE]RIZIV FIVIPIEWIHXSXLITYFPMGEXEPP XLI'SVTSVEXI'SYVXTPERW
2EXYVEPP]XLI&MK8IR[MPPQEOIWYVIXLEXXLI]WXE][MXLMR XLIKYMHIPMRIW[MXLSYXER]SRIIPWIUYEPMJ]MRKJSVXVMTPI% WXEXYW8LEX [SYPH VIUYMVI XLIQ XS GVIEXI ERSXLIV WIEX HMPYXIXLIWLEVIWSJXLI>YVMGL3VFMXEP+IQIMRWGLEJXWFERO ERHJYVXLIVGSQTPMGEXIXLIHIGMWMSRQEOMRKTVSGIWWMRXLI ''[LMGLGERFIUYMXIH]WJYRGXMSREPEXXMQIW dWTMSR
.%'/43-281)+%;%8',*))(
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{FEWIHSRXLI&YWMRIWW6IGSKRMXMSR%GGSVHW{ [IVIKVERXIHI\XVEXIVVMXSVMEPMX]F]XLI''ERHER]WMKRMRKREXMSRW ;LMPI XLIVI MW RS HSYFX XLEX XLSWI GSVTSVEXMSRW IEVRIH XLIMV WXEXYWEXXLIXMQIYWMRK[LEXIZIVTVSGIWWIW[IVIXLIRMRTPEGI QER] IGSRSQMWXW LEZI EVKYIH IWTIGMEPP] EJXIV 'VEWL XLEX FSXLXLITVSGIWWERHXLIWXEXYWSJERYQFIVSJXLSWIGSVTSVEXMSRW EVIRSXYTXSHEXIHYIXSEPEGOSJQIKEGSVTSVEXIWYTIVZMWMSRERH GLERKIW MR XLIKPSFEP IGSRSQ] MRGPYHMRK GVMWIWERHIGSRSQMG VIGIWWMSRWMRERYQFIVSJQEVOIXWERHGSYRXVMIW -J XLI VYQSVW EVI XVYI ERH XLI '' MW EMQMRK XS VIZMI[ XLI
WXEXYWSJEPP%%GSVTWMXGSYPHXLVS[XLIGSVTSVEXI[SVPHMRXS XYVQSMP 1SWX GSVTW [SYPH VMWO IZIV]XLMRK XS VIXEMR XLIMV LMKL WXEXYW{E WXEXYW XLEX MRGPYHIW EVQIH TVSXIGXMZI JSVGIW PERH VMKLXW ERH NYVMWHMGXMSR SZIV GSVTSVEXI LSPHMRKW %RH - HSRv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w,SYWISJ'SQQSRWxXLEX[SYPHKMZIEWIEXXSEPPI\XVEXIVVMXSVMEP GSVTSVEXMSRWVEROIHF]XLI''8LIETTEVIRXPIEOERHXLVIEXSJ WXEXYWVIZMWMSRGSYPHEPWSZIV][IPPFIEQSZIF]XLI&MK8IRXS WMPIRGIERYQFIVSJXLIPIWWIV%%W 8LMWGSYPHKIXZIV]MRXIVIWXMRKi
1)+%'36436%8)%9(-8
*-2%2'-%08-1)72);7
'36436%8)'3968%2239')71)+%'36436%8)6):-7-32 SJXLI'SVTSVEXI'SYVXMR1ERLEXXER'LMIJ.YWXMGI0]RR3WFSVRI SJ2IS2)8ERRSYRGIH{MRTIVWSR{XLEXEJXIVEVIGIRXMRXIVREP HYVMRK%+'LIQMIvWIZEPYEXMSRF]EQIKEGSVTSVEXI[SVOMRKKVSYT XLI 'SVTSVEXI 'SYVX LEW HIGMHIH XS TIVJSVQ E 1IKEGSVTSVEXI VERHSQP]VIIZEPYEXIXLIWXEXYWSJEPPVIKMWXIVIHGSVTSVEXMSRWXLEX UYEPMJ]JSVMRXIVREXMSREPI\XIVVMXSVMEPVMKLXWFEWIHSRXLI&YWMRIWW 6IGSKRMXMSR %GGSVHW &6% 8LI &6% MXWIPJ LS[IZIV [MPP RSX FIGLERKIHERHXLIEKVIIQIRXWQEHI[MXLEPPXLIREXMSRWXLEX WMKRIHXLI&6%SZIVXLITEWXJSYVHIGEHIW[MPPVIQEMRZEPMH8LI [SVOMRKKVSYTYRHIVXLIWYTIVZMWMSRSJGSVTSVEXINYWXMGI)QQE &MRKLEQTXSR JVSQ ,SVM^SR VIGSQQIRHIH XLEX KYMHIPMRIW ERH SJ XLI &6%{RIIH XS FI EHETXIH XS QSHIVR KPSFEP IGSRSQMGW
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
;LMPIXLMWGPEQTHS[RF]XLI''QE]GSQIEWEWYVTVMWI XS WSQISJ ]SYMX EGXYEPP]MWRvX-X LEWFIIR WXMVVMRK MRXLI GSVTSVEXI[SVPHJSVUYMXIE[LMPIHIITYRHIVXLIWYVJEGISJ GSVTSVEXITSPMXMGWERHFSEVHVSSQFEGOWXEFFMRK;LMPIXLI ERGIWXVEP&MK %VIW&1;.6./IVYFE1MXWYLEQE363 ERH7LME[EWI TEZIHXLI[E]JSVGSVTSVEXIEWGIRWMSRXSI\ XIVVMXSVMEPWSZIVIMKRIRXMXMIWERH[IVIZIRIVEXIHJSVXLEXJSV HIGEHIWEX1SYRX%P]QTYWXMQIWEVIGLERKMRK -R XLI ]IEVW JSPPS[MRK XLI &6% QER] GSVTSVEXMSRW [IVIKVERXIH%%WXEXYW7SQIQEREKIHXSXEOIXLIRI\X
VIPEXMSRWLMTW[MXLGSVTSVEXMSRWERHKSZIVRQIRXW EWSFWIVZIHMR VIGIRXGVMWIWWYGLMR&SWXSRSVMRXLITEWX[MXL'LMGEKSSVHYVMRK 'VEWL ERHMWXLIVIJSVIE[EVHIHF]XLI'SVTSVEXI'SYVX8LYW [LMPIWSQIGVMXIVME[MPPFIVIPE\IHXLIwSZIVEPPWXERHEVHWJSV%% SJJIVJYVXLIVGSQQIRXXLMWVIQEVOLEWFIIRMRXIVTVIXIHF]QER] EREP]WXWXSQIERXLEX'SVTSVEXI'SYVX[MPPWIXXLIFEVLMKLIV[LMPI KSMRK JSV[EVH [MXL XLI YTGSQMRK 6IZMWMSR ERH XLMW GSYPH ZIV] [IPPPIEHXSWSQI%%GSVTSVEXMSRWPSWMRKXLIMVZEPYIHWXEXYW[MXL EPP MXW MQTPMGEXMSRW ;LMPIXLIRI[W GEYWIH WSQIXYVQSMP EX XLI WXSGOQEVOIXQSWXFVSOIVWLEZIGSQQIRXIHSRXLIVIZIPEXMSREW wI\GMXMRKRI[Wx ;LEX OMRH SJ FVSOIVW WII ZSPEXMPMX] ERH YRTVIHMGXEFMPMX] EW wI\GMXMRKx#'SVVYTXSRIW-J]SYvVITPE]MRKXLIKEQILSRIWXP] RSXORS[MRK[LIREGSVTQMKLXKIXORSGOIHSYXSJ%%WXEXYW [LMGL[SYPHPMOIP]WIRHXLIMVWXSGOEW[IPPEWQER]EWWSGMEXIH WXSGOWMRXSJVIIJEPPMWERMKLXQEVI-J]SYvVIGVSSOIHXLSYKL ERHKIX SVWXIEP EHZERGIMRJSVQEXMSREFSYX'SVTSVEXI'SYVX HIGMWMSRWFIJSVIXLI]LMXXLITYFPMG]SYGERQEOIEQMRXMRE VIEPWLSVXXMQIJVEQI%PPXLI]RIIHEVIWSQIVYRRIVWXSLIPT XLIQKIXXLEXGVMXMGEPMRJSSRXMQI 'SWQS
;MXLVIKEVHWXSXLITVSGIWW'.WEMHMRE5 %WIWWMSREJXIV XLIRI\XQSRXLWXSWYFQMXXLIMVHSGYQIRXWXSEWTIGMEPP]JSVQIH %YHMXMRK'SQQMXXII[LMGL[MPPTVSZMHIEVIGSQQIRHEXMSRJSVXLI
WXITMRXSXLI''[LMPIWSQIHMWMRXIKVEXIH%WERIJJIGXSJ WSQER]GSVTSVEXMSRWVMWMRKXSTS[IVQIVMXWSJI\XIVVMXS VMEPMX]{WYGLEWWXEXIPMOIGSRWXMXYXMSRW[MXLGSVTSVEXIGMXM ^IRWLMTERHXLIVMKLXXSJSVQEVQIHJSVGIWERHIZIR[LSPI WXERHMRKEVQMIW{LEZIPSWXQYGLSJXLIKPEQSYVXLI]LEH [LIR XLIVI [IVI JI[ GSVTSVEXMSRW [LSI\GPYWMZIP] TSW WIWWIHXLIQ7YVIER%%GERWXMPPGSRXVSPEKSZIVRQIRXMR ERYRHIVHIZIPSTIHGSYRXV]FYXGSQTIXMXMSRMWGSRWXERXP] VMWMRKERHQIKEGSVTSVEXMSRWEVIWXEVXMRKXSSZIVTSTYPEXI XLI WTVE[PW ERH GSVTSVEXI IRGPEZIW 8VYI KPSFEP TS[IV
1)+%'36436%8)%9(-8
&033(=&97-2)77
SRP]I\MWXWMRXLI'SVTSVEXI'SYVXERHIZIRXLEXLEWFIIR GLEPPIRKIHF]ETSGEP]TXMGXIVVSVMWXWHYVMRK'VEWLERH F]+VIEX(VEKSRWMRXLI(VEKSR'MZMP;EVMRXLIQMHvW [MXLXLI'SVTSVEXI'SYVXSJXIRFIMRKXSSLIWMXERXERHXSS HMWYRMXIH XS EGX GSRGIVXIHP] EKEMRWX XLI XLVIEX XLEX GSWX WQEPPIVGSVTSVEXMSRQMPPMSRWSJRY]IRHYIXSXLIGSPPEXIVEP HEQEKISJIGSRSQMGGVMWIWERHHVEKSRKEQIW 2SX IRXMVIP] XVYI -R JEGX XLI 'SVTSVEXI 'SYVX 'VMWMW 'SSVHMREXMSR 'SQQMXXII w'x EGXIH HYVMRK 'VEWL ERH QSRMXSVIH XLI HVEKSRW SR FILEPJ SJ XLI 'SVTSVEXI 'SYVX8LI]SRP]EGXIHLS[IZIVXSTVSXIGXXLIQWIPZIWSV [LIRMX[EWQSWXGSRZIRMIRXJSVXLIQ *MERGLIXXS
8SJYPP]YRHIVWXERHXLIGPMQEXIXLEXMRWTMVIHXLI'SV TSVEXI 'SYVX XS XEOI XLMW WXIT [I RIIH XS PSSO EX XLI GYVVIRXGSRHMXMSRWSJIEGLSJXLI&MK8IR)EGLSJXLIQ MWKSMRKXLVSYKLWSQIWSVXSJXYQYPXERHYTLIEZEPERH XLEXMWXLIWSVXSJWMXYEXMSRXLEXPIEHWXLITS[IVJYPXSPEWL SYXXSFVMRKSXLIVKVSYTWHS[RWSXLEXXLIKETFIX[IIR XLIXSTVEROERHXLIPIWWIVSRIWVIQEMRWYRGLERKIH 0IXvWXEOIXLIQSRIF]SRI
%6)71%'638)',2303+= FIGSQI GPIEV XLEX XLI TVSFPIQW WLEOMRK %VIW KS JEV
1)+%'36436%8)%9(-8
HIITIV XLER SRI FEHP] HIWMKRIH KYR 8LI HIEXL SJ 2MGLSPEW%YVIPMYWFEGOMRvPIJXEWYFWXERXMEPZSMHEX XLILIEVXSJXLIGSVTSVEXMSRIZIR[SVWIXLER XLIHI JIGXMSRSJ6SKIV7SEVMRK3[P%RHXMQILEWWLS[RXLEX EPIEHIVWLMTPSWWMWKVIEXJSVI\TSWMRKXLIJEYPXWEGSV TSVEXMSRLEH[SVOIHHIWTIVEXIP]XSGSZIVYT 8LSWI JEYPXW OIIT GSQMRK FEGO XS SRI [SVH FYKW 8LIVI LEW FIIR E TIVWMWXIRX XLISV] XLEX XLI )\GEPMFYV WXEVXIH PMJI YRHIV XLI PIEHIVWLMT SJ 2MGLSPEW %YVIPMYW MXWLSYPHFIRSXIH EWERERXMMRWIGXWTMVMX[IETSRXLEX HMHRvX[SVOJSVMXWSVMKMREPTYVTSWIPIEHMRKXSMXFIMRKVI TYVTSWIH8LSYKLMXGSRXMRYIHXSJEMPMRMXWRI[TYVTSWI -XW JEMPYVIXLSYKL [EW RSX IRSYKL XS TEGMJ]XLI FYKW [LS [IVI MRGIRWIH MJWYGL ER IQSXMSREP VIEGXMSR GER FITVSTIVP]EXXVMFYXIHXSXLIQ F]TVIZMSYW%VIWI\TIVM QIRXWERHEKKVIWWMSRW8LIVYQSVMWXLEXXLIFYKWLEZI FIIR[EKMRKE[EVEKEMRWX%VIWMRTPEGIWHEVOIVXLERXLI WLEHS[WERHXLEX[EVLEWFIIR XEOMRK ERMRGVIEWMRKP] WXIITXSPP-XMWKIXXMRKXSXLITSMRX[LIVI%VIW QE]FI [MPPMRK XS PSSO JSV ER IRHKEQI FIWMHIW XLIMV TVIJIVVIH XSXEPHIWXVYGXMSRSJXLIFYKWFYXXLEXVEMWIWETEVXMGYPEV GLEPPIRKI ,S[HS]SYFEVKEMR[MXLEFYK# =SYHSRvX=SYIPMQMREXIXLIQ-JJSVWSQIVIEWSR]SYGERvX ]SYXV]XS JIIHXLIQWSQIXLMRK XLEX[MPP WEXIXLIQPSRK IRSYKLXSWETWSQISJXLIMVIRIVK].YWXVIQIQFIVXLEX MXvWRSXTIVQERIRX{XLI]vPPIZIRXYEPP]FILYRKV]EKEMR 7XMGOW
&033(=&97-2)77
%>8)',2303+= 3R XLI WYVJEGI %^XIGLRSPSK] MW WXVYXXMRK 8LI] [SR XLI %^X%Q ;EV HMH WSQI WIVMSYW HEQEKI XS XLI LEXIH 7MVVYVK ERH IZIR QEREKIH XS VIMRWIVX %^X PER MRXS (IRZIV WIZIVIP] MVVMXEXMRK +LSWX[EPOIV &YX WMRGI XLSWI GSYTW XLI]vZI FIIR VIPEXMZIP] UYMIX [LMGLXIRHWSRP]XSLETTIR[LIR %^XIGLRSPSK]LEW [SYRHW XS LIEP 8LI HEQEKI 7MVVYVK ERH ,YVVMGERI (SREPH HMH XS %^XPERvW JSSH WYTTP] [EW PEWXMRK ERH MRKTEVXRIVWXSLIPTXLIQVIPMIZIXLIWXVIWWSJJEQMRI ;LMPIQSWXSJXLIMVJSSHTVSHYGXMSRGETEFMPMXMIWLEZI FIIR VIFYMPX XLI WGEVW EVI PEWXMRK 8LI QEWXIVJYP %^ XIGLRSPSK]46QEGLMRIQEREKIHXSGSRZMRGIGMXM^IRW XSWGVMQTERHJEWXJSVE[LMPIEWTEVXSJXLIMVTEXVMSXMG HYX]FYXIZIRXYEPP][SVHWPSWIXLIMVTS[IVXSHMWXVEGX TISTPI JVSQXLIJEGXXLEX XLI]EVI VIEPP] LYRKV]ERH LEZIFIIRWSJSVEPSRKXMQI3V[SVWIXLEXXLIMVGLMP HVIREVIQEPRSYVMWLIHSVIZIRH]MRK8LMWQIERWXLEX %^XIGLRSPSK]LEWLEHXSWTIRHEPSXSJIJJSVXMRXIVREP P] VIFYMPHMRK XLI JEREXMGEP HIZSXMSR XLEX TS[IVW XLI %^XIGLRSPSK]QEGLMRI 8LMW QIERW XLEX [LIR XLI '*( WGERHEP FVSOI %^ JVSQXLIQ8LI]LEZIJYRHIHERYQFIVSJWLEHS[VYRW PSSOMRKXSFPEQIER]SRIFIWMHIWXLIQERHXLIVIEVIVY QSVWXLI]LEZIQERYJEGXYVIHIZMHIRGIXSTVIZIRXSXLIV
TISTPIJVSQEWWMKRMRKVIWTSRWMFMPMX]XSXLIQ1ERYJEG XYVMRK IZMHIRGI MW RSXLMRK RI[ JSV %^XIGLRSPSK] ERH XLI]vVI UYMXI KSSH EX MX 7S JEV XLI] EVI EZSMHMRK ER] HMVIGXFPEQIFYXMRXLIQEWWMZIMRJSVQEXMSRWGEZIRKIV LYRX XLEX LEWJSPPS[IHXLI '*(SYXFVIEOSRI GSRRIG XMSRLEWTSTTIHYTRYQIVSYWXMQIW %WTEVXSJXLI(MGO IRW4VSKVEQ)ZSQEHIERIPIGXVSRMGZIVWMSRSJ'SVTS VEXI'SYVX'LMIJ.YWXMGI=SWLMOS,MRSERHXLI]YWIHXLEX GVIEXMSRXSW[MRKWSQIMQTSVXERXGEWIW%^XIGLRSPSK]vW [E] 8LI (MGOIRW 4VSKVEQ LEW FIIR MQTPMGEXIH MR XLI [LSPI'*(QIWWERHXLIVIEVIVIEPUYIWXMSRWEFSYXLS[ QYGL %^XIGLRSPSK] QE] LEZI GSRXVMFYXIH XS XLEX VI WIEVGLERHLS[HMVX]XLIMVLERHWQE]FI9RXMPERW[IVW EVIQSVIGPIEV %^XIGLRSPSK] MW KSMRKXSLEZIXSOIIT HERGMRK 8LIGMXM^IRWQE]LEZIFIIRLYRKV]ERHERKV]FYXXLIVIvW RS [E] XLI]vVI KSMRK XS HS WSQIXLMRK PMOI VIFIP8LI XLVIEXSJER]TSWWMFPIYRVIWXMWSZIVFPS[R 7YRWLMRI -XvW RSX EFSYX TSTYPEV YRVIWX -XvW EFSYX QEREKIVW ERH GSQTER])\XVEGXMSRWEVIKSMRKXSFIGSQIQSVIGSQQSR [MXL[MPPMRK I\IGWEVVERKMRKXLIMVS[RHITEVXYVI-J]SY LEZI&MK%QEREKIVWEWGSRXEGXWWXEVX[SVOMRKXLIQ 'SWQS
1)+%'36436%8)%9(-8
&033(=&97-2)77
):3'36436%8-32
1-879,%1%'31498)6 8LI GVMWMW LIVI MWXLVII WMQTPI PIXXIVW '*( )ZIR MJ RS 8)',2303+-)7 SRIXLSYKLX)ZSLEHER]XLMRKXSHS[MXLXLISYXFVIEO XLI][SYPHWYJJIVEWXLI WXEKKIVMRKHVSTMR RERSXIGL ERH KIRIXIGL LEW GEVZIH HIITP] MRXS XLIMV VIZIRYIW ;LIR]SYTMPISRXSTSJXLEXXLIJEGXXLEX)ZSvW(MGOIRW 4VSKVEQ WIIQW XS FI SRISJ XLI SVMKMREXMSRTSMRXW SJ XLI ZMVYW )ZS MW MR JYPPSR GVMWMW QSHI 8LI] RIIH XS LSTIXLEXRSRI[ VIZIPEXMSRW GSQISYXXLI] RIIHXS GSQFEXXLIVYQSVWEPVIEH]W[MVPMRKERHXLI]RIIHXS XSXEPP]VIZEQTWSQISJXLIMVGSVITVSHYGXPMRIW3XLIV XLERXLEXEPPMW[IPP
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vW WIGVIXW =SY GER FI WYVI SJ XLMW XLSYKL{WLSYPHXLIVIZEQTIH'SRWIRWYWPIEH,SVM^SR XSER]RI[WXYQFPIWMRXIVIWXMRXLMWRI['SRWIRWYW[MPP WTMOI%RHXLI WLEVOW PSSOMRK XSORSGO,SVM^SRSYXSJ XLI&MK8IR[MPPGPSWIMRJSVXLIOMPP ;SVH MW XLEX XLI RI[ 'SRWIRWYW STIVEXIW EGGSVHMRK XS GIVXEMR FEWIPMRI PE[W [LMGL EVI RSX IRXMVIP] HMWWMQMPEV WIGSRH HS RSX TL]WMGEPP] LEVQ LYQERW EW PSRK EWXLI
7YRWLMRI
1)+%'36436%8)%9(-8
8LI FMKKIWX TVSFPIQ 1'8 JEGIW [SYPHRvX WIIQ PMOI QYGLSJETVSFPIQSRXLIWYVJEGI=SYHSRvXKIXXSFI EQIKEGSVTSVEXMSR[MXLSYXEJEMVRYQFIVSJTISTPIHI GMHMRK XLI] HSRvX PMOI ]SY WS LEZMRK E JI[ XLSYWERH TISTPI[LSLEXI]SYMWRSXEFMKHIEPJSVQSWX%%%W 8LIXVSYFPIGSQIW[LIRXLSWIXLSYWERHWEVIE SVKE RM^IH ERH F GETEFPI SJ LEGOMRK WXVEXIKMIW JSV [LMGL 8LSWI TISTPI [MXL XLI XVIQIRHSYW ERXMTEXL] JSV 1'8EVISJGSYVWIXIGLRSQERGIVW1'8[EWVIZIEPIH EW SRISJXLITVMQII\TIVMQIRXIVW SRXIGLRSQERGIVW MRGPYHMRKSYVS[R4YGO8LIVI [EW RIZIVER]UYIWXMSR XLEX XLI XIGLRSQERGIVW [SYPH WIIO WSQI OMRH SJ VI ZIRKI{SRP] [LEX JSVQ XLI VIZIRKI [SYPH XEOI ERH LS[ PSRK MX [SYPH FI FIJSVI XLI] WXVYGO - GERvX GSQ QIRXSRXLIREXYVISJXLIVIZIRKIEWRSXIGLRSQERGIVW EVSYRH XLI 1EXVM\ XLEX WSQI QENSV LEGOMRK MRMXMEXMZIW EVI EFSYX XS KS HS[R ERH XLEX 1'8 WLSYPH FI GSR GIVRIH3VXSTYXMXMRXLI[SVHW SJ SRI JSVYQTSWXIV w8LI]vVIKSMRKXSFIFYVMIHMRQSVIWLMXXLERIZIRXLSWI EWWLSPIWGERTVSHYGIx -J [I[ERXXS ORS[[LEXvW KSMRK SR [L] HSRvX [INYWX EWO# 2IXGEX HSIWRvX WIIQ PMOI WLIvH FI MRZSPZIH MR XLMW 7S4YGO[LEXvWTPERRIHERH[LEXvWKSMRKHS[R# 8VIEHPI -vQ MQTVIWWIH XLEX ]SY XLMRO ER] WSVX SJ MRJSVQEXMSR [SYPHGSQISYXJVSQ]SYEWOMRKXLEX 4YGO
2)32)8 0MOI )ZS 2IS2)8vW TVSFPIQW EVI EPP EFSYX '*( 8LI WLEQI SJ MX EPP MW XLEX XLI] LEH FIIR HSMRK [IPP [MXL XLIMV VIGIRX EGUYMWMXMSR SJ 1EREH]RI KMZMRK XLIQ E LYKI FSSWX MR XLI QEKMG FYWMRIWW 8LIR '*( LMX ERH XLI]LEZIFIIRVIIPMRKIZIVWMRGI8LII\XVEX[MWXXLEX LMX 2IS2)8 MW XLEX XLI ZMVYW LEW EJJIGXIH XLIMV LIEH UYEVXIVWERHPIEHIVWLMT%W[ILIVIEX.EGO4SMRXORS[ 1MPIW0ERMIVLEWFIIRMRJIGXIHERHMWIWWIRXMEPP]SYXSJ GSVTSVEXIEGXMSR1IER[LMPI&SWXSRLEWFIIRIRXMVIP] UYEVERXMRIHWSXLEX2IS2)8vWLIEHUYEVXIVWLEWFIIR PSGOIH E[E] JVSQ XLI VIWXSJ XLI[SVPH-X WIIQWXLEX 6MGLEVH :MPPMIVW ERH 'IPIH]V [IVI RSX XVETTIH MR &SW XSRWSEXPIEWXXLIVIMWWSQIPIEHIVWLMTXSLIPT2IS2 )8QSZIJSV[EVHFYXXLIXEPIRXHVEMRSJEPPXLITISTPI WXYGOMR&SWXSRMWWIZIVI 3RXSTSJXLEXXLI[LSPI&SWXSRWMXYEXMSRMWMRWTMVMRK EPSXSJTISTPIXSEXXIQTXXSTPEGIXLIIRXMVIFPEQIJSV '*(SR2IS2)87SQISRIMWKSMRKXSTE]EWIZIVITVMGI JSVXLMWSYXFVIEOERHQSVIERHQSVITISTPIXLMROXLEXvW
&033(=&97-2)77
KSMRKXSFI2IS2)88LIUYIWXMSREXXLMWTSMRXQE]RSX FI[LIXLIV 2IS2)8GEREZSMHJYVXLIVTYRMWLQIRXFYX VEXLIVNYWXLS[WIZIVIXLEXTYRMWLQIRX[MPPFI
6)26%/9'31498)67=78)17 6IGIRX]IEVWLEZIRSXI\EGXP]FIIRWQSSXLWEMPMRKJSV 6IRVEOYFYXXLI]LEZIRSXFIIRI\GITXMSREPP]GLSTT] IMXLIV'SQTEVIHXSXLIWXVYKKPIWWSQISJXLIMVTIIVW EVIKSMRKXLVSYKL6IRVEOYMWEGXYEPP]JIIPMRKKVEXIJYP PMOI XLI] EVI KEMRMRK KVSYRH SR TISTPI WMQTP] F] RSX WYJJIVMRKEWQYGL 8LI QEMRWXVYKKPIJSV6IRVEOYMWFYMPHMRKETSWMXMZI MHIRXMX]*SV]IEVW[LIRTISTPILIEVHXLIREQIw6IRVE OYxXLI]XLSYKLXIMXLIVwQYVHIVSYWP]SYXSJGSRXVSPEV GSPSK]xSVwZMVYPIRXP]VEGMWXQIKEGSVTx2IMXLIVSJXLSWI IPIQIRXW [SVO [IPP EW E GSVI FVERH MHIRXMX] 6IRVEOY LEW WTIRX TPIRX] SJ XMQI WIIOMRK XS FYMPH E RI[ MHIR XMX] FYX WS JEV RSXLMRK LEW WXYGO 8LI] EVI [IPP ORS[R EW E QMHPIZIPGSQQPMROQERYJEGXYVIV FYX XLEX MW RSX GSQTIPPMRKIRSYKLXSFYMPHEQYPXMREXMSREPFVERH8LI] LEZITPIRX]SJIGSRSQMGWXVIRKXLERHXLIMVTEVXRIVWLMT [MXL 1'8 ERH 7LME[EWI LEWRvX LYVX ER]XLMRK FYX MX MW GPIEVXLEX MJ6IRVEOYMWKSMRKXSQEOIEQENSV QSZIMR XLIQIKEGSVTSVEXI[SVPHXLI]EVIKSMRKXSLEZIXSHS WSQIXLMRKFSPH,MWXSV]LEWWLS[RXLEX[LIR6IRVEOY XVMIWWSQIXLMRKFSPHXLIVIWXSJXLI[SVPHQMKLX[ERXXS HYGOERHGSZIV -J-LEHXSKYIWW-vHWE]XLIQEMRXLMRKXLI][ERXXSHS MWG]FIVQERG]8LI]LEZITPIRX]SJG]FIVWYMXIWERHXLI] GERQEOIKSSHQSRI]SRWIPPMRKTISTPIEWQYGLv[EVI EWXLI]GERTEGOMR4PYW-ORS[ERYQFIVSJTISTPI[LS [SYPHTE]ETVIXX]TIRR]XSFIEFPIXSWPMHIMRSRIQSVI TMIGISJKIEV (V7TMR 8LEX[SYPHFIPYGVEXMZIEPPVMKLX{MJER]SRIGSYPHKIXMXXS [SVOGSRWMWXIRXP] *VSWX]
7%)()6/6944 ,)%:=-2(9786-)7 8LIVI EVI WSQI GLEPPIRKIW JEGMRK 7EIHIV/VYTT FYX XLIFSXXSQPMRIMWXLMW 7EIHIV/VYTTVIQEMRWXLIPEVK IWX GSVTSVEXMSR MR XLIIRXMVI[SVPH8LEXMWE XMXPIXLI] PMOIERHRSXSRIXLI]MRXIRHXSKMZIYTER]XMQIWSSR XS XLI JEPPSYX SJ XLI +VIEX (VEKSR 'MZMP ;EV ;LMPI XLI XMXPISJPSVIQEWXIVHSIWRSXGSRZI]EPPXLEXQYGLTS[IV FI]SRHXLIGMVGPISJHVEKSRWXLIPSWWSJMXWXYRK0SJ[]V ERHWSQIMRLMWMRRIVGMVGPIWE]LMWHIWMVIXSVIKEMRXLI XMXPI{SVTYRMWLXLSWI[LSXSSOMXJVSQLMQ{LEWPIHXS WSQIHMWXVEGXMSRJVSQXLILEVH[SVOSJQSZMRK7/JSV [EVH7SQISJXLEX[SVOMRZSPZIWVITEMVMRK[SYRHWWYJ JIVIHMR(YFEMERH+I1M8SERHXLIVIEVI[LMWTIVWXLEX
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
7,-%;%7)'36436%8-32 7LME[EWIvW KVIEX WXVIRKXL{XLIMV IRXERKPIQIRX [MXL XLI.ETERIWIIQTMVI{MWEPWSEREVIESJTSXIRXMEP[IEO RIWW%WPSRK EW.ETER TVSWTIVWWSHSIW 7LME[EWI-J XLIIQTMVIIRGSYRXIVWXVSYFPIXLIR7LME[EWIMWKSMRK [MPPLEZIXSTYPPFEGOJVSQSXLIVMRXIVIWXWXSXEOIGEVI SJXLMRKWEXLSQI-JXLMRKWKIXVIEPP]FEHMR.ETERXLIR XLI]KIXVIEPP]FEHJSV7LME[EWI 1ER]TISTPIJIIPXLEXMW[L]7LME[EWI[EWWSER\ MSYW XS FVMRK XLI .ETEREGSVTW MRXS EPMKRQIRX{XS OIIT XLI REXMSR WXVSRK EKEMRWX TSXIRXMEP XLVIEXW 8LI UYIW XMSRMW[LEXXLVIEXW#8LIERW[IVMWXLEXXLIVIEVIQER] FYXXLI]EVIWGEXXIVIH*MVWXSJGSYVWIMW)ZS[LSMWEP [E]W [MPPMRK XS XEOI E W[MTI EX XLI .ETEREGSVTW 8LI] LEZIRSXFIIRMRER]VIEPTSWMXMSRXSHSWSMRXLIVIGIRX TEWX FYX XLI] EVI E [MPPMRK EPP] JSV ER]SRI [ERXMRK XS KIXEKKVIWWMZI8LIR[ILEZI7EIHIV/VYTT8LI]vVIRSX SJXIR XLSYKLX SJ EW E XST VMZEP XS 7LME[EWI FYX XLEX MW FIGEYWI XLI X[SGSQTIXI MR ERSJXSZIVPSSOIH FYXMR JSPPS[MRK XLI HIWXVYGXMSRSJ E PEVKI TEVX SJ %^XIGLRSP SK]vW JSSHTVSHYGXMSR GETEFMPMXMIW EKVMGYPXYVI FIGEQI IZIR QSVI MQTSVXERX{ERH PYGVEXMZI 2IMXLIV 7LME[EWI RSV 7EIHIV/VYTT WSPH ER]XLMRK HMVIGXP] XS %^XIGLRSP SK] FYXXLI] GSQTIXIH LIEZMP] XS XEOI SZIV GSRXVEGXW WSMP [EW WEPXIH ERH QER] SXLIV RIJEVMSYW HIIHW [IVI YRHIVXEOIRMRXLIGSYVWISJXLEXNSGOI]MRK-XPIJXHIIT [SYRHWERHMJ0SJ[]VMWMREWGSVIWIXXPMRKQSSH7LM E[EWIGSYPHFIXEVKIXIH 7TIEOMRK SJ %^XIGLRSPSK] XLI PSWW SJ EKVMGYPXYVEP GSRXVEGXW XS 7/ ERH 7LME[EWI HMHRvX QEOI XLIQ XSS LETT] ERH MX IWTIGMEPP] ERKIVIH SRI FSEVH QIQFIV{ 8WYVREKE 7LMQS]EQE 7LMQS]EQE LEW E PSRKWXERHMRK JIYH[MXL6IRVEOYERHXLIVIGIRXEPPMERGILEWQEHILMW ERKIVI\XIRHXSXLISXLIV.ETEREGSVTW7LME[EWITYPPMRK
1)+%'36436%8)%9(-8
&033(=&97-2)77
XSPIWWIRLMW[VEXL 8LIWIEVIJSVQMHEFPISTTSRIRXWFYXXLI][SYPHFI GSQIIZIRQSVIHERKIVSYWWLSYPHXLI]HIGMHIXSGSSV HMREXIXLIMVIJJSVXW8LIMVGSQFMRIHLSWXMPMX]GSYPHFYMPH MRXSEXWYREQM
;9<-2+-2'36436%8)( QSZIV FILMRH XLMW 1IKEGSVTSVEXI %YHMX MXv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wLIPTx SXLIV GSVTSVEXMSRW HIEP [MXL XLIMV ZEVMSYW GVMWIW 8LIMV XIVQGVIHMXTVSHYGXW[MXLVETMHETTVSZEPEMQIHEXLIPT MRK GSVTSVEXMSRW HIEP TVSQTXP] [MXL IQIVKIRGMIW XLEX EVMWI8LIVITE]QIRXTPERWERHMRXIVIWXVEXIWEVIKIRIV EPP]ETTIEPMRKXSXLIFSVVS[IVFYXXLIVIMWELMHHIROMGO -JIZIV]XLMRKLETTIRWSRXMQIXLIVITE]QIRXGERSGGYV [MXLSYXETVSFPIQ-JXLIVIMWIZIREWQEPPHIPE]XLSYKL TIREPX]VEXIWXLEX[SYPHQEOIEPSERWLEVOFPYWLOMGOMR 7S JEV XLI FSVVS[IVW LEZI FIIR GEVIJYP XS EZSMH XLIWI TIREPXMIW FYX XLI XLMROMRK SR XLI WXVIIXW MW XLEX ;Y\ MRKTYXXLIWIGPEYWIWMRJSVEVIEWSRERHXLI]MRXIRHXS GSPPIGXWSQIWIVMSYWVIZIRYI[MXLXLIQ)\TIGXXSWII WSQI WLEHS[VYRW MR XLI RIEV JYXYVI EMQIH EX QEOMRK VEXIWOMGOMRMX[MPPFIMRXIVIWXMRKXSWIIMJ;Y\MRKvWJIP PS[QIKEGSVTWHIGMHIXSTE]{SVMJXLI]WXVMOIFEGO[MXL [IETSRWSJXLIMVS[R
1)+%'36436%8)%9(-8
8LMWMWRvXEJYXYVITSWWMFMPMX]{MXvWXLITVIWIRX;LSHS]SY XLMROMWJYRHMRKEPPXLIVYRWEKEMRWX7EIHIV/VYTTvW(YFEM GSRWXVYGXMSRERHRS[XLI]vVIXV]MRKXSHIPE]MXXSQEOIMX LEVHJSV7/XSQEOIVITE]QIRX %QQYX (SIWRvX WIIQ PMOI XLEX KVIEX SJ ER MHIE8LI] QYWX FI WTIRHMRKEPSXSRXLIVYRW{EVIXLI]VIEPP]KSMRKXSQEOI XLIQ# 1MOE -R XLMW TEVXMGYPEV GSRXVEGX XLI] KIX QSVI XLER E PEVKI MRXIVIWXTE]QIRX-JXLMRKWEVIHIPE]IHPSRKIRSYKLXLI] KEMR ER S[RIVWLMT WXEOI MR XLI TVSTIVX]{E TVSTIVX] - QMKLXEHHXLEXLEWERI\GIPPIRXPSGEXMSRJVSQEJIRKWLYM TIVWTIGXMZI %QQYX ;L][SYPHXLIMVPE[]IVWPIXER]SRIJVSQ7/WMKRXLEX# ;IVIXLI]HVYRO# (V7TMR 2SNYWXXLSVSYKLP]SYXQEKMGOIH8SXLITSMRX[LIVIXLI] GSYPHRSXIZIRTVSZIQEKMGYWI %QQYX
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
8LI 1IKEGSVTSVEXI 6IZMWMSR LEW FIIR XLI 'SVTS VEXI 'SYVXvW PMFIVEXMRK GSYT XS OIIT XLI TVIHEXSVW EX FE] EX PIEWX JSV E [LMPI ;LMPI XLI VIZMWMSR TIVMSH MW RI\XJI[QSRXLWQIERMRKXLEXWSQI%%GSVTWEVIEP VIEH]SRXLIGPSGO8LIERRSYRGIQIRXLEWOMGOIHSJJ ETS[IVWXVYKKPIMRXLIPS[IVGSVTSVEXIVEROW[LMGL- QMWLIWMRXLIRIEVJYXYVI [MXL TPIRX]SJSTTSVXYRMXMIW JSV WLEHS[VYRRIVW %PSRK [MXL E WXVSRK TSWWMFMPMX] SJ FPSSHMRXLIWXVIIXW
&033(=&97-2)77
4VIHMGXMSR 8LI SXLIV SRIW [MPP FI GEPPIH MR JSV VIZMWMSR IEVP] ]IEL
[MPP FI IMXLIV HS[RKVEHIH SV FYVMIH MR VIH XETI ERH VIUYIWXW )MXLIV [E] XLI]v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dWTMSR 2YQFIVWHSRvXPMI 4PER
ERHQYPXMREXMSREP TVIWIRGI LEW FIGSQI PIWW MQTSVXERX [MXL TS[IVJYP WTIGMEPM^IH GSVTSVEXMSRW IQIVKMRK ,SVM^SRFIMRKXLIFIWXI\EQTPI [LSWIFYWMRIWWIWVIP] FYX EPWS GSQTERMIW PMOI /SPOSXE -RXIKVEXIH8EPIRX ERH 8IGLRSPSKMIW HIWMKRWVIWIEVGLTEXIRXW IK %IKMW 'SKRMXS 8ER 8MIR 1EREH]RI SV XLIVETIYXMG LIEPXL WYGGIWW QIHMGEPTVSZMHIVWERHTLEVQE XLI''[MPPTYVIP] YWMRK QYPXMTPI MRWXVYQIRXW WYGL EW EWWIXW ZEPYEXMSR LMWXSVMGEPIEVRMRKWZEPYEXMSRJYXYVIQEMRXEMREFPIIEVRMRKW [LMGLGERFIMRLIVIRXP]WYFNIGXMZIHITIRHMRKSRXLIXSSP ERHGSQTEVEXSV%PPXLSWIGSQTERMIW[LSQEOIQSRI]
IPWIHSIW,SVM^SRMWXLISRP]SRIXSWYGGIIH[MXLWYGL E FYWMRIWW QSHIP ERH FIGSQI%%%WS JEVHYI XS XLIMV TLEPER\ SJ GSSP LYRXIVW ERH XEPIRX WGSYXW XLEX WGSYV XLI KPSFI EPSRK [MXL XLI QEGLMREXMSRW SJ XLI (E[OMRW +VSYTERH'LEVMWQE%WWSGMEXIW[LMGLI\GIPMRGVIEXMRK QIQITPI\IWFVERHW ERHTYFPMG MQEKIW&SXXSQPMRIMW XLEXXLIVIMWVSSQJSVMRXIVTVIXEXMSR{ERHVYRRIVW[MPPFI LMVIHXSQEOIWYVIXLEXXLIWI[MPPFII\TPSMXIH
1)+%'36436%8)%9(-8
& 03 3( =& 97 -2 )77
40911)8-2+ 46374)'87 %+0-8',-28-1)
HMHRSXORS[[LEX[EWHSRIXSXLITVSXSX]TIFYX[I
4378)(&= 7927,-2)
;LIR TVIWWYVIH SYV EWWIX VIZIEPIH XLEX E 0IZMEXLER 8IGLRMGEPIQTPS]IIREQIH)QIVWSR&VEH]LMVIHLMQXS EWWMWXMRXLILIMWX;MXL]SYVTIVQMWWMSR[I[SYPHPMOIXS MRXIVZMI[1V&VEH]MRSVHIVXSI\TPSVI[LEX[EWHSRI
=SY ORS[ EFSYX Q] JEWGMREXMSR [MXL GSQQPMROW *SV XLIEZIVEKITIVWSRXLIGSQQPMROVIQEMRWXLITVMQEV] TSMRX SJGSRXEGX [MXLXLIMV WSGMEPYRMZIVWI )ZIV] ]IEV E LERHJYPSJQIKEGSVTWGEPPJSVXL XLIMVWYFWMHMEVMIW XS HSFEXXPISRXLIWXEKISJGSRWYQIVSTMRMSREWXLIRI\X RI[WIVMIWSJGSQQPMROWVSPPWSJJXLIPMRI8LMW]IEVXLI GLEXXIVMW JSGYWIHSRXLVIISJ XLIFMKKIVGSQTIXMXSVW 8VERW]W
TE]HEXE 8LMW NYMG] IQEMP PIJX QI XLMROMRK XLEX %VIWv TVSFPIQWEVIZIV]JEVJVSQSZIV{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
40911)8-2+46374)'87
8LERO]SYJSV]SYVGSSTIVEXMSRERHTEXMIRGIMRXLMW QEXXIV 7MRGIVIP] )PM^IFIXL3v([]IV ;SPZIVMRI7IGYVMX] :4SJ4YFPMG6IPEXMSRW
- ORS[ WXEVXIH TYXXMRK SYX JIIPIVW PSSOMRK JSV ER]SRI [LSLEHTE]HEXEXSWIPPSR0IZMEXLER8IGLRMGEP=SYGER KYIWWXLEX XLI] [IVIPIWW GSRGIVRIHEFSYXFY]MRK XLI XLISTIVEXMSRXSWXIEPXLI08WTIGW 8LMWMW[L]-XIPP]SYOMHWXSWXIEPSRP][LEX1V.SLRWSR WIRHW]SYMRXLIVIJSV7YVIXLIVIQMKLXFIEFYRGLSJ ZEPYEFPI TE]HEXE P]MRK EVSYRH FYX EPP ]SY EVI HSMRK MW PIEZMRK FVIEHGVYQFW XLEX E GSVTSVEXMSR GER XVEGI VMKLX FEGOXS]SY 7PEQQ
+MZIRXLI ZSPYQI SJRI[GSQQPMROQSHIPW SRXLI QEVOIXIZIV]]IEVMXGSYPHLEZIFIIRSRISJER]RYQFIV SJGSVTSVEXMSRWPSSOMRKJSVEREHZERXEKI%VIWMWKSMRK XSRIIHXSVIXEPMEXIUYMGOP]MJXLI]LSTIXSQMXMKEXIXLI HEQEKIXLEXGSYPHFIHSRIXSXLIQMJWSQISRIVIPIEWIW XLIMVWTIGWFIJSVIXLIVIPIEWIHEXI7SJEV[LSIZIVWXSPI XLITLSRIMRJSVQEXMSRLEWFIIRWMPIRX ;LEXvW;SPZIVMRIvWTPE]MREPPSJXLMW#(IWTMXIXLIWPMGO46 WTIEOEWIVMSYWFVIEGLKSMRKYRHIXIGXIHJSVE]IEVLEWXS FIEFPEGOI]IJSVXLIQ &EOE(EFSVE
- XLMRO TVMSVMX] LEW XS FI VIGSZIVMRK XLI QMWWMRK HEXE 3RGIXLEXMWLERHPIH[IGERI\TIGXERSRIXSSJVMIRHP] [MXL 9RJSVXYREXIP] 1V &VEH] MW PMOIP] XS VIGIMZI XLI FVYRXSJXLEX ,EVH)\MX
GYPTVMX IWTIGMEPP] RSX [MXLXLI GSQTER]EPVIEH] FIMRK WIIREWZYPRIVEFPI7XMPP[MXLXLI'SVTSVEXI'SYVXWRMJJ MRKEVSYRHEJXIVXLI)\GEPMFYVHIFEGPIERHXLIHIEXLSJ 2MGLSPEW%YVIPMYWXLIMVVIWTSRWIMWPMOIP]XSFIPIWWSJE 8LSVWLSXERHQSVISJEUYMIXTYRGLXSXLIKYXSJWSQI SJJIRHMRKGSVTSVEXMSR)MXLIV[E]XLIVIMWTSXIRXMEPP]E PSXSJWLEHS[[SVOLIEHIHSYV[E]
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vWYTGSQMRK7MRKYPEVMX]-GSQQPMRO LEVH[EVI ERH WSJX[EVI EVI RIEVP] MHIRXMGEP XS XLI 08 GSQQPMRO 8S QEOI QEXXIVW [SVWI ,SVM^SR TPERW XS VIPIEWIXLI7MRKYPEVMX]-E[IIOFIJSVIXLI08LMXW XLIWLIPZIWERHEXEPS[IVTVMGI;LEXWLSYPHvZIFIIR E LYKI TVSHYGX VIPIEWI JSV %VIW MW UYMGOP] HIZSPZMRK MRXS]IXERSXLIVJEMPYVISRIXLEX[MPPWYVIP]GSWXNSFWMJ RSXPMZIW,S[IZIVMJ0IZMEXLER8IGLRMGEPGERKIXXLIMV
XSPSSOPMOIXLIWYTIVMSVTVSHYGXVIHYGMRKXLI7MR KYPEVMX]-XSEWLSHH]ORSGOSJJ 8[S JEGXSVW EVI [SVOMRK EKEMRWX 0IZMEXLER 8IGLRM GEPvWIJJSVXW %RMREFMPMX]XSKIXXLIMVTVSHYGXXSQEVOIX ER] JEWXIV ERH XLI MREFMPMX] XS STIRP] WEFSXEKI ,SVM ^SR [MXLSYX WXEVXMRK E GSVTSVEXI [EV 8LI GSQTER]vW SRP]STXMSRMWXSXVMKKIVEHIPE]MR,SVM^SRvWTVSHYGXMSR WGLIHYPIXLEXMWWYVIXSTYWLXLIVIPIEWIHEXIFEGOJEV 8LI]QYWXHSWSMRE[E]XLEXMWMRZMWMFPIXSGSVTSVEXI XYVMRK W]WXIQ WS XLEX TVSHYGXMSR MW WPS[IH -R SXLIV [SVHW XLI W]WXIQ RIIHW XS FI WEFSXEKIH F] [E] SJ WSGMEPIRKMRIIVMRK GEXMSRW VIWTSRWMFPI JSV OIITMRK XLI 7MRKYPEVMX] - TVSN IGX SR WGLIHYPI -J EX PIEWX XLVII SJ XLIWI MRHMZMHYEPW MW WSQILS[ QEHI MRIJJIGXMZI EX XLIMV NSF XLI TVSNIGX [SYPH MQQIHMEXIP] JEPP FILMRH WGLIHYPI 7S WLEHS[ [E] XS PMQMX XLIMV [SVO IJJIGXMZIRIWW 8LIWI EVI JEMVP] STIRIRHIHWGIREVMSW8LIVYRRIVWEVIKMZIRHSWWMIVW [MXLMRJSVQEXMSREFSYXXLIXEVKIXWERHWYKKIWXMSRWSR EVIPIJXYTXSXLIVYRRIVWXLIQWIPZIW %R]HMVIGXEWWEYPXWSRXLIGSVTSVEXIPSGEXMSRWQIERW KSMRKYTEKEMRWX'IRXYVMSR7IGYVMX] YWI'SVTSVEXI7I GYVMX]T 76 8LIVYRRIVv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
40911)8-2+46374)'87
&033(=&97-2)77
(32v87;)%8 8,)8)',2-59)
403843-28
7SGMEPIRKMRIIVMRKQIERWYWMRK TW]GLSPSKMGEPQERMT YPEXMSRXIGLRMUYIWXSGSIVGISVXVMGOERMRHMZMHYEPMRXS E HIWMVIH SYXGSQI 8LI KSEP SJ XLI QMWWMSR MW XS KIX GPSWI XS XLI XEVKIXW ERH QERMTYPEXMRK XLIQ MRXS TSSV [SVOTIVJSVQERGISVGVIEXIWGIREVMSWXLEXJSVGIXLIQ XSUYIWXMSRXLIMVS[RGSQTIXIRGISVIZIRWERMX]1YP XMTPIXIGLRMUYIWGER[SVOSRIEGLMRHMZMHYEPWSMXMWYT
-v1=396497,)6
HMWGVIIX[E]XSEJJIGXXLIMVXEVKIXW
0IZMEXLERvW.SLRWSR,IVQER3XYRKE YWI1V.SLRWSR ?'SVTSVEXIA T GLSSWIW XS QIIX E WXSVI YRHIV GSRWXVYGXMSR MR E 6IRXSR WXVMT QEPP 8LI [MRHS[W EVI FPEGOIHSYXERHX[SWIGYVMX]KYEVHWEVITSWXIHEXXLI VIEVIRXVERGI-RWMHIXLIWTEGIMWPMXF]XIQTSVEV]PMKLX MRK ERH HSQMREXIHF]EJSPHYTXEFPIMRXLIGIRXIVSJ XLIVSSQ1V.SLRWSRTVIWIRXWXLITPE]IVW[MXLEHSW WMIV SJMRJSVQEXMSR SR XLI GSQTER]ERH XLI OI] MRHM ZMHYEPW,II\TPEMRWXLEXER]W]WXIQMWSRP]EWIJJIGXMZI EWXLITISTPIVYRRMRKMX-RXLMWTEVXMGYPEVW]WXIQXLIVI
%)8,)64)(-%59)6= 73'-%0)2+-2))6-2+8)',2-59)7 8LIVIEVIQ]VMEHWSGMEPIRKMRIIVMRKXIGLRMUYIWHIWMKRIHXS HMWVYTX WIGYVMX]HIWMKRIHXSTIRIXVEXIXLI[IEOIWXTSMRXSJ XLI WIGYVMX]ETTEVEXYW XLILYQERIPIQIRX8LIJSPPS[MRKI\EQTPIW VITVIWIRXXLIQSWXTSTYPEVXIGLRMUYIWMRYWIXSHE]
59-(463593 -RXLMWTSTYPEVWXVEXIK]XLIXEVKIXMWTPEGIHMREWMXYEXMSRMR [LMGLXLI]EVIMRHIFXIHXSXLITIVTIXVEXSV3JXIRXLMWMRZSPZIWXLI TIVTIXVEXSVHSMRKEJEZSVXLIWYFNIGXRIZIVEWOIHXLIQJSVWYGL EW WEZMRK XLIQ JVSQ E HERKIVSYW WMXYEXMSR FY]MRK XLIMV HIFXW SV VIXYVRMRK ER MQTSVXERX MXIQ XLI WYFNIGX PSWX 3RGI MRHIFXIH XLI XEVKIX GER FI GSRZMRGIH XS TIVJSVQ MROMRH JEZSVW SV SXLIV WIVZMGIWEWEQIERWXSVITE]XLIHIFX
6392(8,)'362)6+%1) (IWTMXI VIGIRX EHZERGIQIRXW MR KVMHPMRO WIGYVMX] XLI VEXI SJHIPE]WERHPSWWIWMREYXSQEXIHZILMGYPEVWLMTQIRXWVIQEMRW EFSZI XLEX SJ QERRIH ZILMGPIW 8LMW GYVMSYW WXEXMWXMG PIEHW GSQTERMIWXSVIP]SRQIEXHVMZIVWXSIRWYVIWIRWMXMZIWLMTQIRXW VIQEMR SR WGLIHYPI ,S[IZIV QIEX HVMZIVW GER FI XVMGOIH -R XLMW QIXLSH XLI WYFNIGX MW GSRZMRGIH XLEX XLI HIWXMREXMSR MW WSQI[LIVISXLIVXLER[LIVIXLIHIPMZIV]MWWGLIHYPIHXSKS
46)8)<8-2+ 8LMWXEGXMGMRZSPZIWXLITIVTIXVEXSVTVIXIRHMRKXSFIWSQISRI 8LITIVTIXVEXSVGVIEXIWEWGIREVMS[LIVIXLIXEVKIXMWJSVGIHXS VIZIEP TIVWSREP MRJSVQEXMSR YRHIVHYVIWW 8LEXMRJSVQEXMSR GER PEXIV FI YWIH F] XLI TIVTIXVEXSV XS MQTIVWSREXI XLI XEVKIX SV SXLIV[MWIGMVGYQZIRXWIGYVMX]
4,-7,)61%2v7*300= 7MQMPEV MR WX]PI XS 4VIXI\XMRK TLMWLMRK MW E PEVKIP] 1EXVM\ FEWIHXIGLRMUYI[LIVIXLIXEVKIXMWHYTIHMRXSMRTYXXMRKTVMZEXI MRJSVQEXMSR YRHIVXLIKYMWI SJ WYFQMXXMRKMRJSVQEXMSRXS E ZEPMH 1EXVM\IRZMVSRQIRXXSGSRZMRGIXLIXEVKIXXLEXXLIWIRWMXMZIHEXE XLI]EVIWYFQMXXMRKMWKSMRKXSEPIKMXMQEXIWSYVGI
8,)*-<)6 3JXIR XLI IEWMIWX TSMRX SJ IRXV] XS E WIGYVI WMXI MW XS TSWI TIVTIXVEXSVXSKIXMRWMHIXLIPSGEXMSRERH[LMPI[SVOMRKEGGIWW XLIPMRIWERHSXLIVMRJSXLEXMWWIGYVIHJVSQI\XIVREPWRSSTW
&%-8-2+ 7%&38%+)%(:)68-7)%77-78 %PWS ORS[R EW E w[LMXI LEX [SVOMRx MR XLMW XIGLRMUYI XLI MRHMZMHYEP HIPMFIVEXIP] FVIEGLIW TL]WMGEP WIGYVMX] SV LEGOW E GSQTER]vW RSHI EW E [E] XS TVSZI XLEX ZYPRIVEFMPMXMIW I\MWX 3RGIXLIMRHMZMHYEPKEMRWIRXV]LIVIZIEPWXLIZYPRIVEFMPMX]XSXLI GSQTER][MXLXLIMRXIRXMSRSJFIMRKLMVIHSREWEGSRWYPXERXSV IQTPS]II 3RGI MRWMHI XLI GSQTER] XLI MRHMZMHYEP LEW KVIEXIV EGGIWW XS XLI GSQTER]vW MRJSVQEXMSR XLER LI [EW EFPI XS KIX XLVSYKLLMWSVMKMREPFVIEGL
% WXERHEVH XEGXMG JSV FVIEGLMRK WIGYVIH QEXVM\ PSGEXMSRW HIZMGI GSRXEMRMRK WSQIXLMRK ZEPYEFPI VEVI QYWMG E XVMH GPMT IXG -R SVHIV XS EGGIWW XLI QIHME XLI HIZMGI RIIHW XS FI PSEHIHSRXSEW]WXIQ9RJSVXYREXIP]JSVXLIXEVKIXXLIQIHMEEPWS GSRXEMRWE XVSNERSV WSQISXLIVFEGOHSSVSTTSVXYRMX] XSPSKSR XSXLIW]WXIQ8LMWXEGXMGEPXIVREXIP]FIGERFIYWIH[MXLTISTPI FIMRKXLIuJSYRHvSFNIGXMIELSRI]TSXFEMXMRKWSQISRIERHXLIR SRGIXLIXEVKIXMWIRKEKIHKIXXMRKXLIMRJSVQEXMSRSVHIPE]MRKXLI XEVKIXMRWSQITS[IVJYP[E] 8LMWMWFIWXIQTPS]IHSRPS[PIZIPWIGYVMX][SVOIVW[LSLEZI EGGIWWXSWIGYVIHLSWXWFYXPS[XIGLRMGEPORS[PIHKI
40911)8-2+46374)'87
&033(=&97-2)77
XIQ SR TEGI JSV XLI VIPIEWI HEXI -J EX PIEWX XLVII SJ XLIWM\MRHMZMHYEPWGERFIVIRHIVIHMRIJJIGXMZI,SVM^SR [MPP RSX FI EFPI XS VIPIEWI XLIMV GSQQPMRO SR WGLIH YPI 8LMW MWRvX EW WMQTPI EW OMPPMRK XLVII XS WM\ TISTPI LS[IZIV%PPSJXLI,SVM^SRJEGMPMXMIWMRTPE]YXMPM^I'IR XYVMSR 7IGYVMX] ERH ER] [SVOIV HIEXLW{EGGMHIRXEP SV SXLIV[MWI{[MPPEYXSQEXMGEPP]XVMKKIVEWIGYVMX]VIZMI[ 8LMWGERRSXLETTIR%WIGYVMX]VIZMI[[SYPHPMOIP]XMT SJJ XLI GSQTER] ERH JSVGI XLIQ XS VYWL XLI TVSHYGX XS QEVOIX{XLI STTSWMXISJ [LEX 1V .SLRWSR MW WIIO MRK-RWXIEHXLIVYRRIVWEVIHMVIGXIHXSYWIER]SXLIV QIERWEXXLIMVHMWTSWEPXSEGGIWWXLIWIMRHMZMHYEPWERH RYHKIXLIQMREHMVIGXMSRXLEXWPS[WHS[RTVSHYGXMSR
403843-28 6)*-2-2+7,%0) WMHMEV] 'SQQSR (IRSQMREXSV MW VIWTSRWMFPI JSV TVS HYGXMSRSJ XLI7MRKYPEVMX]-1V.SLRWSRvWVIWIEVGLMR HMGEXIW XLEX XLIVI EVI X[S TISTPI OI] XS OIITMRK XLI TVSNIGX SR XVEGO %KEXLE 7LEPI MW XLI EHQMRMWXVEXMZI EWWMWXERX XS XLI :MGI 4VIWMHIRX SJ STIVEXMSRW -R XVYXL WLIIJJIGXMZIP]MWXLI:4HSMRKEPPSJXLISVKERM^EXMSREP EWLEPPS[KVMR;MXLSYX1W7LEPITVIWIRXEX[SVOERH LERHPMRK LIV FSWWvW VIWTSRWMFMPMXMIWXLI W]WXIQ [SYPH HIVEMPUYMGOP] 7LEPIvW HSWWMIV VIZIEPW ER YRYWYEP ERH HERKIVSYW WI\YEP ETTIXMXI (IWTMXI LIV EHZERGIH EKI JSV ER SVO 7LEPIEHZIVXMWIWLIVEZEMPEFMPMX]SRRYQIVSYWHEX MRKRSHIW7LIYWIWHMJJIVIRXJEPWIMHIRXMXMIWJSVIEGLWMXI EW RSXXSLEZILIVTVMZEXI PMJIJSPPS[LIV FEGOXS[SVO 8LIHSWWMIVEPWSMRGPYHIW ETW]GLSPSKMGEPEREP]WMWWYK KIWXMRKXLEXLIVWI\YEPTVSGPMZMXMIWEVIPEVKIP]EVIWYPXSJ PEGOSJVIGSKRMXMSRMRLIVTVSJIWWMSREPPMJIERHMXRSXIW XLEXWLILEVFSVWEHIITWIEXIHVIWIRXQIRXSJLIVFSWW -RSVHIVJSV7LEPIXSFIVIRHIVIHMRIJJIGXMZIWLI[SYPH RIIHXSFIVIQSZIHJVSQLIVTSWMXMSRJSVERI\XIRHIH TIVMSHSJXMQIWYGLEWXLVSYKLWMGORIWWZEGEXMSRTVS JIWWMSREPP]FYXUYMGOXSYR[MRHERHIRKEKIMRLIVWIGVIX PMJIWX]PI7LIWTIRHWXLVIIRMKLXWE[IIOEXZEVMSYWGPYFW XLVSYKLSYX XLIGMX]VIWIVZMRK XLI VIQEMRMRK RMKLXW JSV HEXIWERHXLISGGEWMSREP&80YWI 8LI WIGSRH 7IEXXPI XEVKIX [SVOW EX XLI WEQI PS GEXMSR EW %KEXLE 7LEPI FYX MW WIZIVEP VYRKW HS[R XLI TE]PEHHIV;SVOMRK MRXLIXVIRGLIW1EXXLI[1MPPIVMW VIWTSRWMFPI JSV HSQIWXMG WLMTQIRXW XS ERH JVSQ XLI 7IEXXPI1IXVSTPI\9RPMOI%KEXLE7LEPI1EXXLI[1MPP IVGERFIVITPEGIH7LSYPHLIPSWILMWNSFJSVER]VIE WSRTVSHYGXMSR [SYPHVIQEMR SR XVEGO8LIVIJSVI XLI XEWO JSV XLI VYRRIVW MW IRKMRIIV 1MPPIV XS QEOI LMQ E PIWWIJJIGXMZI[SVOIV
/23;28%6+)87 %KEXLE7LEPI 'SQQSR(IRSQMREXSV7IEXXPI 1EXXLI[1MPPIV 'SQQSR(IRSQMREXSV7IEXXPI ,S[EVH8MQQSRW 7MRKYPEVMX]0SW%RKIPIW ,IGXSV3VXM^ 7MRKYPEVMX]0SW%RKIPIW 7XITLIR0ITTIVX 6EQWIW)RKMRIIVMRK0EW:IKEW 3PMZME7EMXS 6EQWIW)RKMRIIVMRK0EW:IKEW
1MPPIV MW E HYXMJYP SVKERM^IV [LS MW FVEWL EFVEWMZI ERH LIEZ]LERHIH XS LMW IQTPS]IIW FYX XLEX EXXMXYHI MW [LEX QEOIW LMQ IJJIGXMZI ,MW HSWWMIV WLS[W E QER MRGETEFPI SJ HIEPMRK [MXL WXVIWW ,I MW GYVVIRXP] FIMRK QIHMGEXIHJSV3'( [LIRXLIGSRHMXMSRMWRSX XVIEXIH LMW3'(GEYWIWLMQXSSZIVEREP]^IIZIV]XLMRKQEOMRK LMQMRIJJIGXMZIMRLMWNSF,IFIGSQIWEQMGVSQEREKIV HSYFPI ERH XVMTPIGLIGOMRK IZIV]XLMRK *SVXYREXIP] 1MPPIVMWHMPMKIRXMRLMWQIHMGEXMSRXSXLITSMRXSJVSYXMRI ,IMWEPWSL]TIVE[EVISJQEMRXEMRMRKLMWHEMP]VSYXMRIW ERHLIMQQIHMEXIP]VIGSKRM^IWER]XLMRKSYXSJXLISVHM REV]ERHVEMWIEPEVQW 1MPPIVvW LIEZ]LERHIHRIWW I\XIRHW XS LMW JEQM P][LIVILMW HIPMRUYIRX WSRLEWFIIRWLMTTIHSJJXSE 0SRI 7XEVSTIVEXIH FSEVHMRK WGLSSP %GGSVHMRK XS XLI HSWWMIV LMW [MJI LEW E PSZIV ERH WLI MRXIRHW XS PIEZI 1MPPIVSRGIWLIGERWXSVIE[E]IRSYKLRY]IRXSWXERH SRLIVS[R
403843-28 79440-)67-())6+3231-'7 8LI VYRRIVvW WIGSRH WIX SJ XEVKIXW XEOIW XLIQ XS XLI GMX]SJ0SWX%RKIPW WIIT'SVTSVEXI)RGPEZIW 8LIGMX] PSWX MXW 1EXVM\ MR XLI GVEWL SJ v FYX ,SVM^SR UYMGOP] WXITTIHMRERHVIFYMPXXLIKVMHFIGSQMRKXLIHIJEGXS TVSZMHIV XS XLI 0% WTVE[P MR XLI IJJSVX ,SVM^SRvW LSPH SR0%VITVIWIRXWETVSFPIQJSVXLIVYRRIVWFIGEYWIMX [MXLXMIWXSXLIGSVTSVEXMSRVIGSKRM^MRKXLEXXLIKVSYT MWTVITEVMRKERSTEKEMRWXXLIQERHXMTTMRKSJJ,SVM^SR 8LI X[S 0% XEVKIXW [SVO JSV 7MRKYPEVMX] ,SVM^SRvW 1EXVM\ WIVZMGIW GPIEVMRKLSYWI 8LI GSQTER] KEMRIH RSXSVMIX] XLVSYKL MXW QER] EGEHIQMG ERH WSGMEPQI HMERIX ETTPMGEXMSRWWYGLEW4 WIIT 'SVTSVEXI )RGPEZIW EW[IPPEWE[EVH[MRRMRK%63HIWMKRW,SVM ^SR GLSWIXSREQI XLIMVRI[GSQQPMROEJXIVXLIGSV TSVEXMSRMRSVHIVXSLMKLPMKLXLS[MQQIHMEXIP]JEQMPMEV ERHWSGMEPQIHMEVIEH]XLITPEXJSVQ[SYPHFI7MRKY PEVMX]LEWEPWSFIIRXLIXEVKIXSJRYQIVSYWLEGOWERH TL]WMGEPMRXVYWMSRWSZIVXLITEWXX[S]IEVWPIEHMRKXS
40911)8-2+46374)'87
&033(=&97-2)77
FIIJIHYTWIGYVMX]QIEWYVIWF]XLIMVRI[WIGYVMX]TVS ZMHIV'IRXYVMSR7IGYVMX] HMHRvXHMKXSSHIITP]MRXSXLILMWXSV]SJI\MWXMRKIQTPS] IIW 1V .SLRWSRvW HSWWMIV SR 3VXM^ GPEMQW LI MW E TIVGIRX(2%QEXGLXS,YQFIVXS+EQI^EORS[RHVYK HIEPIVERHQIQFIVSJXLI&YVRMRK%RKIPW WIIT'SV TSVEXI )RGPEZIW -R XVYXL 3VXM^ WTIRX QSWX SJ LMW ]SYRK PMJIEW,YQFIVXS+EQI^EHVYKWYTTPMIVJSVPSGEPWXVIIX KERKWMRXLIEVIERS[ORS[REWXLI(IIT0EGYRE%JXIV QSWXSJ3VXM^vWGPMIRXWHMIHMRXLIUYEOISJv LIGETM XEPM^IHSRXLIRI[JSYRHERSR]QMX]XSWIZIVEPPXMIW[MXL XLIKERK[SVPHERHXV]XSQEOIERLSRIWXPMZMRK3VXM^vW HSWWMIVEPWS GPEMQW LIMWERYRXVEMRIHWSGMEP EHITX [LS XVEHIHMRQSWXSJLMWTSXIRXMEPJSVXLI[EVIGSQQSRXS QEXVM\TVSJIWWMSREPW,IGXSV[SVOWEWEPIEHXIWXIVJSVWS GMEPQIHMEWSJX[EVITPEXJSVQW-RSVHIVJSVXLI7MRKYPEVMX] -XSQSZIJSV[EVH3VXM^RIIHWXSETTVSZIXLIIQFIHHIH WSGMEPRIX[SVOMRKWSJX[EVI-J XLEXGPIEVERGI GERFIHI PE]IHJSVEXPIEWXE[IIOMX[SYPHTYWLTVSHYGXMSRFEGO PIKEPXVSYFPIXLITVSNIGX[SYPHFITEWWIHSJJXSERSXLIV XIWXIVERH[SYPHRSXWYJJIVER]HIPE]W 8LI WIGSRH 0% XEVKIX WTIRHW EW QYGL XMQI EX LMW WIGSRH NSF EW LI HSIW WPMRKMRK WSJX[EVI JSV ,SVM^SR ,S[EVH8MQQSRWMWXLI GLMIJTVSNIGX QEREKIVJSV XLI 7MRKYPEVMX]-%63TEGOEKIW,MWWXEJJMWXEWOIH[MXLHI WMKRMRKXLIIPIZIRFEWMG%63WOMRWXLEXGSQI[MXLXLI GSQQPMRO *SYV SJ XLIWOMRWEVIFEWIHSR PSGEPWTSVXW JVERGLMWIW[LMPIXLISXLIVWIZIREVIFEWIHSRWLEQER MG QIHMGMRI GEVHW ERH ERMQEP XSXIQW PEVKIP] TPYGOIH JVSQ LMWZMWMXW XS XLI4'' [MXL LMW[MJI8LITVSNIGX MW GYVVIRXP]ELIEHSJWGLIHYPI8LISRP]STTSVXYRMXMIWXS WPS[ XLMW TLEWI SJ XLI TVSNIGX EX XLMW TSMRX [SYPH FI SXLIV[E]XSJSVGI8MQQSRWXSKSFEGOXSXLIHVE[MRK FSEVHERHVIGSQQMWWMSR%63HIWMKRW 8MQQSRW MW E GPMQFIV ,MW HSWWMIV VIZIEPW XLEX SVO QSXMSRW-RJEGXSRGILIvHIEVRIHLMQWIPJERSHJVSQ ,SVM^SRJSVEPPXLIZSPYRXIIV [SVO LI HMHJSVEGEYWI XS RSXMGI LMQ HSMRK 8MQQSRW MW QEVVMIH XS ER EWTMV MRKEGXVIWWJVSQXLI4''[LSLEWWXVYKKPIHXSKIXLIV FMKFVIEO%GGSVHMRKXSXLIHSWWMIVLIVMREFMPMX]XSIEVR VSPIWMWEWSVITSMRXMRXLIMVQEVVMEKIEWLILSTIHWLI [SYPHLIPTVEMWILMWGSVTSVEXIZMWMFMPMX]
403843-28 6922-2+%2( +922-2+328,)786-4 -R XLI EJXIVQEXL SJ XLIv UYEOI XLI RISRWTIGOPIH JVMRKIW SJ 0EW :IKEW FIGEQI LSWX XS HS^IRW SJ WQEPP
40911)8-2+46374)'87
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vWXEVKIXPMWX7XITLIR0ITTIVXLEHGSRXEGX [MXLXLI08TVSXSX]TIERHXLI]QIERXSFVMRKLMQ MRJSVUYIWXMSRMRK (S]PIvWQIIXMWMREWXVMTGPYFRIEVSPHHS[RXS[R,I PE]WSYXLMWTPERJSVXLIVYRRIVWERHI\TPEMRWXLEXLIMW GSQMRKXS XLIQEWEGSYVXIW]ERH MWRvXEWOMRK JSV TIV QMWWMSR9RJSVXYREXIP]WXIEPXLMWRSXXLI;SPZIVMRI[E] (S]PIvWXIEQMRXIRHWXSKSMRLEVHERHGETXYVI0ITTIVX JSVUYIWXMSRMRK8LEXXEGXMG[MPPXLVS['IRXYVMSRWIGYVMX] MRXSLMKL EPIVXQEOMRK MX MQTSWWMFPI JSVXLI VYRRIVW XS KIXXS0ITTIVXSVXLIMVSXLIVXEVKIX3PMZME7EMXS(S]PIvW XIEQTPERWXSQSZIMRX[IRX]JSYVLVW 8LI VYRRIVvW HSWWMIV SR 7XITLIR 0ITTIVX I\TPEMRW XLEX LMW GSQTER] MW TVIWIRXP] VYRRMRK MRHITIRHIRX WXVIWWXIWXWSRXLIGSQQPMROXSWIIMJMXGERLSPHYTSV WIW)RKMRIIVMRKXSEPIVX,SVM^SRIJJIGXMZIP]WPS[MRKXLI VIPIEWIHEXISJXLIGSQQPMRO0ITTIVXLMQWIPJMWYRHIV TEMH EHQMRMWXVEXMZI EWWMWXERX XS XLI XIWXMRK XIEQ ,I LEW FIIR HIRMIH VIKYPEV WEPEV] EHZERGIQIRX QYPXMTPI XMQIW6IGIRXP]LIWXEVXIH XEPOMRKXS PSGEP LIEHLYRXIVW MRLSTIWSJEGSVTSVEXII\XVEGXMSR-RXVYXLLMWWOMPPWEVI PMQMXIH ERH LIHSIWRvXLEZIXLIRIGIWWEV][EVITEGO EKITIVWSREPMX]SVPSSOWXS[EVVERXELMKLIVWEPEV]%PP SJXLMWLEWLMQSRXLIZIVKISJFIGSQMRKEHMWKVYRXPIH IQTPS]II[LMGLMW[L]EWXLIHSWWMIVI\TPEMRWWIGYVMX] LEWEWWMKRIHEWYVZIMPPERGIHIXEMPXSLMQ 0ITTIVXMWVIWTSRWMFPIJSVVSYXMRKVITSVXWERHMJ LI TSVXWXLMW[SYPHLSPHYTXLIVIPIEWISJXLITLSRIYRXMP XLI VITSVXW EVI PSGEXIH ,S[IZIV ER] QMWLERHPMRK SJ TSVXYRMX]IPWI[LIVI 8LI WIGSRH HSWWMIV HIXEMPW 3PMZME 7EMXS 8LI XLMV X]]IEVSPH FIEYX] GPEMQW XS FIVIPEXIHXSKIRIVEP /IM NM7EMXSSJ'EP*VIIYWMRKXLIGPSYXSJLMWREQI XSSTIR HSSVW JSV LIV FSXL TVSJIWWMSREPP]ERH MR XLI 0EW:IKEW YRHIV[SVPH7EMXSMW/MRHIFXXSXLIPSGEP=EOY^EERH ERSXLIV / MR HIFX [MXL XLI /SWLEVM 7LI MW FERRIH
&033(=&97-2)77
JVSQQSWXGEWMRSWERHWTIRHWLIVRMKLXWXV]MRKXSGSR RMZILIV[E]MRXSTVMZEXIKEQIW%GGSVHMRKXSXLIHSW WMIV7EMXSMWFIMRK[EXGLIHF]XLI=EOY^EXLSYKLMXMWRvX XS[R[MXLSYXTE]MRKLIVHIFXSVJSVLIVS[RTVSXIGXMSR -R XVYXL 7EMXS MW TE]MRK SJJ LIV HIFX XS XLI =EOY^E F] EVVERKMRKJSVE WLMTQIRX SJ7MRKYPEVMX]-GSQQPMROW XS JEPP MRXS XLI LERHW SJ XLI GVMQMREP SVKERM^EXMSR ,IV TSWMXMSREWEHMVIGXSVSJ-RXIVREP%YHMXWKMZIWLIVEGGIWW XS EPP XLI GSVTSVEXI EGGSYRXW ERH WLMTTMRK QERMJIWXW 0IK[SVO F] XLI TPE]IVW XLVSYKL YRHIV[SVPH GSRXEGXW [MPPVIZIEPXLEXXLI/SWLEVMORS[EFSYX7EMXSvWHIEPERH TPERXSWXIEPXLIWLMTQIRXJVSQXLI=EOY^EERHOMPP7EMXS 7EMXSGERFI ZIV]LIPTJYP XS XLIVYRRIVvWKSEPW7LI LEWXLIEFMPMX]XSXVMKKIVERMRXIVREPEYHMXXLEX[SYPHVEMWI XS VIXIWX ERH HIPE]MRK XLI VIPIEWI SJ XLI GSQQPMRO F] [SYPHRSXEKVIIXSWXEVXEREYHMXYRPIWWHSMRKWSFIRI
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vGVIHMFMPMX]SRXLITYFPMGGSRWYQIVQEVOIX
40911)8-2+46374)'87
& 03 3( =& 97 -2 )77
%40%')83 ,%2+=396,%8 '%78-2+%2)32)8 4378)(&= -'%697
2IS2)8 LEW FIIR EPP SZIV XLI RI[W XVMHW MR XLI TEWX JI[QSRXLW;LMPIQSWXXLSYKLXXLIITMHIQMGMR&SW XSR[SYPHFILERHPIHUYMGOP]MXLEWXYVRIHMRXSEWMXYE XMSRSRTEV[MXL'LMGEKSFEGOMRXLIvW%RSXLIVPSWX %QIVMGERGMX]ERHEQIKEGSVTSVEXMSRPSSOMRKJSVW]Q TEXL]JSVXLIPSWWSJXLIMVTVSTIVX]iIVV-QIERTISTPI 2IS2)8LEWLEHEVSYKLKSFYXXLI]EVIRvXWSQIPSGEP &SWXSR GSQTER] XSVR ETEVX F] XLI UYEVERXMRI{XLI] EVIEQYPXMREXMSREPQIKEGSVTSVEXMSR[MXLX[SSJXLIMV JSYRHMRKQIKEGSVTSVEXMSRWWXMPPMRXEGXFEGOMRXLIMVJSV IMKRLSQIW(SRv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vZIFIIRTE]MRK[IPPIWTIGMEP P]JSVNSFWEKEMRWXXLIMVWYTTSWIHTEVXRIV -R %WME XLI JSVQIV *YGLM GSRRIGXMSRW EVI WQIPPMRK FPSSHMRXLI[EXIVERHWXEVXMRKXSWRETEXTMIGIWSJ2IS 2)8 PIJX HERKPMRK XSS PS[ 8LI VIWYPX LEW FIIR ER YT XMGOMR[SVOFSXLJSV2IS2)8XSJIRHSJJXLIWLEVOWERH JSV XLI WLEVOW XS OIIT RMGOMRK XLI [SYRHIH GSVT 8LI .ETEREGSVTWEVIRSXWL] EFSYX [SVOMRK XSKIXLIV XLIWI HE]W[LIRMXGSQIWXS[IEOIRMRKERIRIQ]JSVXLIQXS WPEYKLXIVERHWLEVIEQSRKXLIQWIPZIW
%40%')83,%2+=396,%8
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vVIGSYVXMRKFSXL%VIW ERH2IS2)8VMKLXRS[ERH LEZIEKVIEXGLERGIXSTPE]XLIX[SSJJSJIEGLSXLIVEW PSRKEWXLI]HSRvXTYWLXSSJEV 6YQSVW X]MRK '*( XS 2IS2)8 EVI RSX LIPTMRK XLIMV FYWMRIWWFYXPYGOMP]XLSWI[LSLEZIIZIRXLIWPMKLXIWX GPYIEFSYXMXWHEVOWMHIQEOIYTEFSYXTIVGIRXSJ XLI TSTYPEXMSR 3R XLI FVMKLX WMHI EPSX SJ XLI QSRI] XLEX2IS2)8MWKIXXMRKJVSQXLIMV)RGITLEPMXMW'YVIWYT XLI VIEWSR - FVMRK XLMW YT EPSRK [MXL XLI WXYJJ EFSZI EFSYXXVSYFPIMRXLIQIKEMWRvXFIGEYWI-XLMROXLIGYVWI SJ:MPPMIVWMWEFSYXXSWLEXXIVERSXLIVQIKEGSVT-XvWFI GEYWI-XLMRO2IS2)8MWKSMRKXSGSQISYXSJXLMWWQIPP MRKPMOIVSWIWFIGEYWISJEPPXLIFYPPHVIOXLI]vVIFYV]MRK MRXLIMVJSYRHEXMSR%PPXLMWXVSYFPIMWPMOIJIVXMPM^IVJSVXLI GSVT ERHSXLIVW LEZI RSXMGIH 7/ ERH XLIVIJSVI 0SJ []VLEZIMRGVIEWIHXLIMVSTIVEXMSRWEKEMRWXXLIRYQFIV X[SQIKEMRXLI[SVPH8LSYKLXLI]LEZIRIZIVKSXXIR EPSRKXLIXSTHSKWLEZIEZSMHIHKSMRKEJXIVIEGLSXLIV HMVIGXP]ORS[MRKXLEXXSSQER]LMXW[SYPHPIEZIXLIQ WIPZIWSTIRJSVSXLIVWXSXEOIEW[MRKEXXLIOMRKW ;IPMZIMRMRXIVIWXMRKXMQIWFS]WERHKMVPW KIXXLSWI RIIH]SY
%(:)2896) &%'/+6392( 8LEROW XS XLIIZIRXWMR&SWXSR 2IS2)8MW MR RIIH SJ ERI[LSQI7MRGIXLI]ORS[XLI XVYIHIZEWXEXMSRSJ &SWXSR ERHXLI WQEPP PMOIPMLSSH SJ MXW VIXYVR XLI] EVI PSSOMRKJSVWSQIXLMRKTIVQERIRX8LITVSFPIQMWXLI] GERvXFIWIIRHSMRKEPSXSJVIWIEVGLSRPEVKITPSXWSJ VIEPIWXEXISVWSQISRIQMKLXTYXXLIWXSVMIWXSKIXLIV ERH GEXGL SR8LSYKLXLI TISTPI EX XLIXSTXLI 'SV TSVEXI'SYVXERHWIZIVEPQENSVQIKEGSVTSVEXILIEHW ORS[XLIHITXLWXS [LMGL&SWXSRLEWJEPPIRXLITST YPEXMSRSJXLIMVGSVTWERHXLIVIWXSJXLI[SVPHHSRSX 8LEXPIEZIW2IS2)8XSYXMPM^IGPERHIWXMRIEWWIXWEOE WLEHS[VYRRIVWXSHS WSQI SJXLIMV WMXIVIWIEVGLERH VITSVX MX FEGO WS XLEX XLSWI MR TS[IV GER QEOI HIGM WMSRWEWXLI][MPP )EGLSJXLIWTSXW[SRvXRIGIWWEVMP]PMWXSYXXLIVYRW GSYRXIV8LIWIEVIRSXMRXIRHIHXSFIEPMWXSJIZIV]FEV VMIVWXERHMRKFIX[IIRXLIEVIEERHEWLMR]RI[2IS2)8 ,5 -J XLI KEQIQEWXIV XLMROW XLEX E WTSX GSYPH LEZI WSQI SXLIV XVSYFPIWSQI EWTIGX XLVS[ MX MR -J ]SY SV ]SYV XIEQ GSQI YT [MXL WSQI TEVXMGYPEVP] E[IWSQI X[MWXWSV[VMROPIWFIWYVIXSWLEVIXLIQEXJSVYQWWLEH S[VYRXEFPIXSTGSQ;LS ORS[W# =SYQE]LIPTWLETI XLIJYXYVISJ2IS2)8 8S WXEVX XLMW WGIREVMS XLI VYRRIVW EVI GSRXEGXIH F] E1V.SLRWSRVITVIWIRXMRKXLIMRXIVIWXWSJ2IS2)8,I [SRvX LMHI XLI GSRRIGXMSR FYX YRPIWW EWOIH LI [SRvX WE]SYXVMKLX ,IvPP QEOI VIJIVIRGIW XS VIGIRX IZIRXW EX XLIMVLIEHUYEVXIVWERHERIIHJSVTVMZEG]FYXLIvPP[VET WIGYVMX]JSVXLIVYRRIVWJSVXLIVIWXSJXLIMVPMZIW 1V .SLRWSR MRZMXIW XLI VYRRIVW XS E QIIXMRK EX E PSGEPYTWGEPIVIWXEYVERX,IvPPVIQMRHXLSWI[LSQMKLX RIIH MX SJXLI WSGMEP VIUYMVIQIRXW SJWYGL ETPEGIERH XIPPXLIQXSGSQITVITEVIHJSVHMRRIVERHE JYXYVINSF SJJIVRSXLMRKQSVI%XXLIQIIXMRK1V.SLRWSR[MPPSJ JIVXLIVYRRIVWEWIVMIWSJNSFWXLEXLI[MPPVIJIVXSEWER wEGXMZITEMHMRXIVZMI[x,I[ERXWXLIVYRRIVWXSWTIRH XLIGSQMRK [IIOW YT XS X[SQSRXLW HSMRK WSQIVI
WIEVGLJSVLMQMRGMXMIWEGVSWWXLI9'%78LI[SVOMWSJJ XLIFSSOWERHWLSYPHWXE]UYMIX8LIGSQTER][ERXWXS ORS[XLIQSWXYTXSHEXIMRJSJSVWIZIVEPEVIEWEGVSWW XLI GSYRXV] WYGL EW KERKW GVMQMREP EGXMZMX] ZEPYI SJ TVSTIVX]PSGEPTISTPISJMRXIVIWXTSPMXMGWIRZMVSRQIR XEPJEGXSVWIXG,MWSJJIVMWRY]IRJSVIEGLVYRRIV JSVXLIQSRXLE9'%7GMXM^IR7-2ERHERY]IR I\TIRWIEGGSYRXJSVXLIXIEQXSGSZIVXVEZIPPSHKMRKW ERH HMRMRK ,I [MPP EPWS QIRXMSR ETSXIRXMEP FSRYW JSV IEGL QIQFIV EX XLI IRH HITIRHMRK SR XLI VIWYPXW SJ XLISTIVEXMSRW8LMWFSRYW[SYPHFIEWMKRSRFSRYWMR 2IS2)8 GSVTSVEXI WGVMT MJ XLI VYRRIVW XEOI ER SJJIV XS FIGSQI'SQTER]1IRJSV2IS2)8EXXLIWEQIQSRXL P]VEXI8LMWQE]RSX[SVOJSVIZIV]VYRRIVWSMXGERPIEH XSEGLEVEGXIVVIXMVMRKERI[GEQTEMKR[SVOMRKJSV2IS 2)8SVERI[GEQTEMKRXV]MRKXSWXE]SJJ2IS2)8vWVE HEVERHWLS[MRKXLIQXLIVYRRIVWGEROIITUYMIX
403843-28 ;)1978)<4%2( &)=32(396*9',-63387 XLIMV XS[IVW HS[RXS[R SRI SJ XLIMV QER] VIZMXEPM^E XMSRTPERWMWXSQEOIEWXEXIQIRXEFSYXXLIMVJYXYVIF] WIPPMRKSJJXLI2IS2)88S[IVWERHFYMPHMRKERI[GSQ TPI\8LI]LEZIXLIMVI]IWSREWTSXRIEV0EOI7EQQE QMWLSRXLIJEVWMHISJ&IPPIZYI-XvWSYXWMHISJ(S[R XS[R FYX XLEXvW EGXYEPP] E FMK HVE[ 8LI PSGEXMSR GER FIGSQIEPP2IS2)88LI]GERFVMRKMRKSSH[MPP[MXLE VIWYVKIRGISJNSFWMRXLIEVIESJJIVXSLIPTGPIERERH MQTVSZI 6IHQSRH [LMGL MW NYWX EGVSWWXLI PEOI ERH FIJEVIRSYKLSYXWMHISJXS[RXSVIEPP]WXERHSYXTPYW FIGPSWIXSETPEGIXLEXMWKVIEXJSVSJJXLIFSSOW[SVO 7XERHMRK FIX[IIR 2IS2)8 ERH XLIMV RI[ FVIEXL SJ PMJIMR7IEXXPIEVIE[MHIZEVMIX]SJMRXIVIWXMRKERHQYR HERI SFWXEGPIW 7MRGI XLI SFNIGXMZIW JSV XLIWI NSFW EVI RSX XS GPIEV ER]SRISYXSVEGXYEPP]QEOIER] HIEPW XLI MRJSVQEXMSRERHQEOMRKTISTPIGYVMSYW
WXVIIX KERKW 8LMW WIGXMSR SJ &IPPIZYI MW GPSWI IRSYKL
%40%')83,%2+=396,%8
&033(=&97-2)77
&EVVIRWWIITSZIVMRXSXLIPSGEP]SYXL 8SXLIGSVTOMHW XLEXLEZIXSPMZISYXLIVINSMRMRKEKERKPSSOWEPSXQSVI I\GMXMRKXLERXLIQSRSXSRSYWHEMP]KVMRHSJPMZMRK[MXL QSQ ERH HEH 8LI WXVIIX KERKW MR XLI EVIE EVI QSWX P]PSGEPXIIRWFYXIZIV]SRISJXLIQMWPIHSVHMVIGXIH F] WSQI QSVII\TIVMIRGIH KERKIVW SR XLI SXLIV WMHI SJXLIPEOISVYTMR8SYVMWXZMPPI8LIFMKKIWXXVSYFPIXLI VYRRIVW EVI PMOIP] XS LEZI [LIR XV]MRK XS JIIP SYX XLI KERKWMRXLIEVIEMWXV]MRKRSXXSGLSOISYXEXIIREKIV [MXLEFMKQSYXL8LSYKLPE[IRJSVGIQIRXHSIWRvXPMOI KERKWXLI]vPPPSSOTEWXXLIGSPSVWXSKIXEVYRRIVSVIZIR E GSQTER] QER MR XLIMV WMKLXW LSTMRK XS QE]FI XYVR XLIMRGMHIRXMRXSFPEGOQEMPXLI]GERYWIEXEJYXYVIXMQI -RXLIVYRRIVWvEVIESJMRXIVIWXEVIJSYVQEMRKERKW XLI 'IRXEYVW 7GSVTMSRW XLI(VEOIW EKVSYT SJHVEKSR[SVWLMTTIVW MHSPM^MRK /EPER]VvW -WSXSTIWFYX LETT] XSRSX LERK SYX MRERMVVEHMEXIH[EWXIPERH XLI)QIVEPH%RKIPWEVEXLIV TPIEWERXWSYRHMRKKVSYTYRXMP]SYVIEPM^IXLI][SVWLMT XLIERKIPSJHIEXLERHXLIMHIESJGLIQMGEP[EVJEVIERH EVI E FYRGL SJ HVYKKIHYT WXVIIX LSSPMKERW [LS YWI KVIIRXMRXIHKEWKVIREHIW ERHXLI8VYI&VIIHEKVSYT SJLYQERLEXIQSRKIVW[MXLWSQIWIVMSYWQSRI]ERH GSRRIGXMSRW [LS FY] EYKQIRXEXMSRW EJXIV XLI] MRXIR XMSREPP]HMWQIQFIVXLIQWIPZIWiVITIEXIHP] 8LIRI\XWXITWYT XLIGLEMR JVSQXLIWXVIIXEVIXLI ZEVMSYWGVMQIW]RHMGEXIWXLEX[SYPHRv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vVIKSMRKXS[ERXXLIVYRRIVWXSKS FEGO XS XLIMV GSVTSVEXI QEWXIVW ERH WXEVX [SVOMRK SYX HIEPW8LI]vPPEPWSFIPSSOMRKJSVREQIWWSXLI]GERWXEVX XLI HMVXHMKKMRK [SVO RS[ 7MRGI XLI VYRRIVW EVI WYT TSWIHXSFIHSMRKEPPXLMWERSR]QSYWP]XLIQSFMWRSX KSMRKXSFILETT] 1SZMRK YT XS XLI XLMVH XMIV FVMRKW YW XS PSGEP KSZ IVRQIRX6YRRIVW[MPPRIIHXSWRSSTEVSYRHXLI&IPPIZ YI 'MX] ,EPP ERH WII MJ XLI PSGEP QE]SV EPHIVQIR GMX] [SVOIVWFYMPHMRKMRWTIGXSVWERHXLIPMOIEVIEQIREFPI XS KVMJX GSRZMRGMFPI XLVSYKL FPEGOQEMP SV VITPEGIEFPI XLVSYKLWEFSXEKI+IXXMRKGPSWIXSWSQISJXLIWIKY]W VIUYMVIWKIXXMRKTEWXTVSXIGXMSRERHWSQIJIIPXLI]EVI TVSXIGXIHXLVSYKLHIEPWXLI]GYVVIRXP]LEZI[MXLSXLIV FIRIJEGXSVWERHQE]VIXEPMEXIEKEMRWXXLIVYRRIVWSVKIX XLIVYRRIVWXEKKIHEWXVSYFPIF]SXLIVQIKEGSVTWPSGEP PE[IRJSVGIQIRXSVXLIPSGEPGVMQMREPIPIQIRX 7MQMPEVXSXLIPSGEPKSZIVRQIRXFYXE[LSPIHMJJIVIRX
%40%')83,%2+=396,%8
&033(=&97-2)77
ERMQEP EVI /RMKLX )VVERX ERH SXLIV PSGEP WIGYVMX] GSQ EVIRSX KSMRKXS [ERX 2IS2)8 FVMRKMRK MR 1MRYXIQIR XSTSWWMFP]TSEGLGSRXVEGXWMRXLIEVIE%PSRK[MXLXLEX /RMKLX)VVERXMWRSXKSMRKXS[ERXXSPSWIERSXLIVGLYRO SJ TVSTIVX] RIEV 6IHQSRH XS I\XVEXIVVMXSVMEPMX] 8LI]vH
FYX ERSXLIV EVIE JSV KERKIVW VYRRIVW ERHSXLIV WXVIIX WGYQXSHYGOMRXSXSQYHHPIXLIMVEYXLSVMX]MWRSXLMKL SR XLIMV EKIRHE 3RGI XLI VYRRIVW WXEVX EWOMRK UYIW XMSRW XLSWI UYIWXMSRW WPS[P] [SVO XLIMV [E] XLVSYKL XLIKVETIZMRIERHYTXLIGLEMRSJGSQQERHXSIEVWXLEX QMKLX VIEGL SYXXS XLIVYRRIVW XS EWO[L]XLI]EVIWS GYVMSYW 8LIPEWXPIZIPSJSFWXVYGXMSR[MPPGSQI[LIRXLIVYR RIVW LEZI LIEVH IRSYKL XS ORS[ XLEX X[S PSGEP EHYPX HVEKSRWLEZIMRXIVIWXWMRXLIEVIEERHQE]FISTTSWIHXS EGSVTWIXXMRKYTWLST/EPER]VERH9VYFMEEVIX[SHVEK SRW [MXL MRXIVIWXW MR XLI 6IHQSRH EVIE (ITIRHMRK SR UYIWXMSRW XLI HVEKSRW QE] RSX LEZI LIEVH SJ XLIQ SV QE]FI[IPPE[EVISJXLIMVIJJSVXW-JXLI]vVIFIIRSZIVX XLITEMVQE]IZIRMWWYIERMRZMXEXMSRXSQIIX9VYFME[MPP MRZMXI XLI VYRRIVW XS QIIX EX XLI*YRLSYWILIV PEMV ERH LIEHUYEVXIVWMR6IHQSRH/EPER]V[MPPMRZMXIXLIVYRRIVW XSSRISJLMWX[S7XSRILSQIGEWXPIWXSMQTVIWWXLIQ 8LITEMVEVIZIV]HMJJIVIRX9VYFMEMWEHVEGSRMGQSXL MWKEXLIVMRK7LIvPPFIGSVHMEPXSXLIVYRRIVWERHSJJIVIR XIVXEMRQIRXERHJSSH[LMPI[SVOMRKXSQERMTYPEXIXLIQ MRXSXLMROMRKWLIMWXLIMVJVMIRHERH[SRvXQMWYWIXLIMR JSVQEXMSR /EPER]V MW E WGMIRXMWX ERH E FYWMRIWWHVEKSR ,IvWJEVQSVIQIXLSHMGEPERHRSXEXEPPWSJXSVQSXLIV MRK,ILEWZIV]PMXXPIXSPIVERGIJSVHMWVIWTIGX,IvPPFI HMVIGXERHI\TIGXHMVIGXERW[IVW,IMWRvXPMOIP]XSOMPPXLI VYRRIVWMJXLI]VIJYWIXSXEPO YRPIWWXLI]vVIVYHI FYX[MPP WXEVXHMKKMRKMRXSXLIMVPMZIWEJXIVXLI]EVIKSRI
403843-28
MSRW EFSYX XLI %',) JVSQ (S[RXS[R ERH 1IXVSTPI\ TSPMXMGMERW-J2IS2)8KSIWJSV[EVH[MXLXLMWTPERXLI]vPP RIIHXSORS[[LIVIXSETTP]TVIWWYVIJSVFIWXVIWYPXW 8LI%',)MWEQEWWMZIGSQTPI\XLEXGERLSYWIER] XLMRKXLIKEQIQEWXIVJIIPWXLI]RIIH)RXMVIGEQTEMKRW GERTPE]SYXMRWMHIXLIWPSTMRK[EPPWSJXLMWQSRWXVSWMX] FIGEYWIMXMWERIRXMVIRIMKLFSVLSSHVIEPP]EWQEPPGMX] YRXS MXWIPJ GSQTPIXI [MXL Q]WXIVMIW ERH PSGOIHHS[R -RWMHIVYRRIVWQE]LEZIXSHIEP[MXLEVERKISJSF WXEGPIWMRGPYHMRK XLI KERKWMRXLI %',) KLSYPW YWMRK XLI TPEGIEW E JEVQ SJ WEH ERH I\TIRHEFPIMRHMZMHYEPW EPSRKWMHI XLI SVKERPIKKIVW VIWMHIRXW [LS EVIRv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vXRIIHERSXLIV GSVT XLVS[MRK XLI %VGSPSK] XMXPI SR XLI FYMPHMRK ERH FVMRKMRK FEGO VIQMRHIVW SJ XLI XIVVSVW XLEX SGGYVVIH LIVI HIXIVQMRI[LMGL7IEXXPITSPMXMGMERWEVIPSSOMRKXS LSPHSRXSXLMWJIHIVEPWYFWMH]QSRI]QEOIV ERHHSHKI 6IRVEOY[LSMWEP[E]WXV]MRKXSOIITXLIMVJSVQIVMGSR JVSQ JEPPMRK MRXS ERSXLIV QIKEvW LERHW FIGEYWI XLI] ORS[ XLEX WIGVIXW WXMPP LMHI MR MXW HEVOIWX GSVRIVW )EGL SFWXEGPITSWIWMXWS[RWSGMEPTVSFPIQWERH6IRVEOY[MPP RSXFIWL]EFSYXXV]MRKXS GSRZMRGIXLIVYRRIVWSJXLI IVVSVSJXLIMVMRZIWXMKEXMZI[E]W
403843-28
,)%0-2+8,)%',) VIZMXEPM^IXLIJSVQIVLIEHUYEVXIVWSJERSXLIVQIKEGSV TSVEXMSR XLEX KSX WIM^IH F] XLI KSZIVRQIRX EJXIV E VSKYI %- XSSO SZIV XLI TPEGI# 2IS2)8 MW PSSOMRK MRXS VIZMXEPM^MRK XLI %VGSPSK]'SQQIVGMEPERH ,SYWMRK )R GPEZI %',) JSVQIVP] ORS[R EW XLI 6IRVEOY %VGSPS K] ERH XEOMRK XLI TVSFPIQW SJJ XLI LERHW SJ XLI GMX] 8LIVYRRIVWEVILIVIXSKIXWSQIHEXE SRXLITPEGIXS
;LMPI[SVOMRKSYXMR&IPPIZYIVIUYMVIHEPSXSJTSPMXMGEP TERHIVMRKXLMWNSFLEWTPIRX]SJLERHWSR[SVO8LIVI [MPPWXMPP FI EJEMVWLEVISJTSPMXMGEPPERHQMRIWXSHERGI EVSYRHWMRGIXLIVYRRIVW[MPPFII\TIGXIHXSKIXSTMR
&YK'MX] ',-83;2&%2(;%+32 'LMGEKSMWXLITPEGIXSFIMJ]SYvVIEVYRRIV[MXLEXEWXI JSVEHZIRXYVIMRXLIW8LIFYKWEVIwGPIEVIHxXLI [EPPMWwSTIRxERHQIKEGSVTSVEXMSRWEVITSYVMRKRY] IRMRXSXLIWLEHS[WXSWII[LEXXLI]GERWEPZEKIWXIEP WEFSXEKI SV WMRO MR XLI PEOI ;MXL TVSTIVXMIW EVSYRH XLIGMX]FIMRKVIGPEMQIH2IS2)8[ERXWXSWIIMJWSQI TVI'> *YGLM JEGMPMXMIW QMKLX FI IEW]XS VIGPEMQ SVSJ TVIWIRXWERSTTSVXYRMX]XSVYREJI[EHZIRXYVIWJVSQ 7IEWSR*MZISJ7LEHS[VYR 1MWWMSRWFIX[IIRIZIRXWXS PIRKXLIRXLISZIVEPPGEQTEMKRMRXLIGMX] 2IS2)8 LEW X[S EVIEW XLI] [ERX XLI VYRRIVW XS
%40%')83,%2+=396,%8
&033(=&97-2)77
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vVIWRIEOMRKMRSVLMHMRKMRXLIJSVIWXW%W JSVXLIWXERHMRKSJXLIEVIEJSV2IS2)8vWTYVTSWIWXLI VYRRIVWRIIHXSVITSVXXLEXEPEVKIJSVGISJQMPMXERXLY QERMWXWGSRXVSPXLIEVIE XLI][ERXEW[IPPEWXLIEVIE WYVVSYRHMRKMXJSVQMPIW 0SGEXMSRRYQFIVX[SMWXLIJSVQIV*YGLM8S[IVMRXLI 'SVIETPEGIXLEXHMIHIZIRFIJSVI*YGLMHMH7MRGIXLIR KIVWPSSOMRKJSV*YGLMXIGLERHPEXIVF]TISTPIPSSOMRK JSV ER]XLMRK XLEX [MPP FYVR XS OIIT XLIQ [EVQ SV YWI EWE[IETSR8LIWEQIMWXVYISJQSWXSJXLIQIKEGSV TSVEXIXS[IVWSJXLI'SVI[MXLXLII\GITXMSRWSJEVIEW [LIVIXLIFYKWWIXYTLMZIWERHRIWXW8LIWIWXVYGXYVIW EVILYKIERHJYPPSJRMKLXQEVIWJSVER]SRI[LSPMZIHMR 'LMGEKSHYVMRKXLI'> *SV XLI VYRRIVW GSQMRK MR RS[ XLIWI FYMPHMRKW EVI PERHWGETIW 1ER] SJ XLIWI TPEGIW EVI RSX EW IQTX] WUYEXXIVW FYK[SVWLMTTMRK QEKKSX GYPXW MRWIGX WTMV MXWXLEXLEZIWYVZMZIHZEQTMVIWLMHMRKMRXLIHEVOERH KLSYPWWXEPOMRKXLIXS[IVWJSVJSSH8LIIRXMVIXMQIXLI XIEQ MW QSZMRK XLVSYKL XLIWI WLEXXIVIH XS[IVW XLI] WLSYPHJIIPYRIEW]8LIVIMWRSTS[IVERHXLIFYMPHMRK MWTEGOIH[MXLHEVOTPEGIWXLIWYRRIZIVXSYGLIW8LIVI EVIX[SQEMR[E]WMRXSXLI8S[IVW XLIXVEGOWMRGPYHMRK XLI 7O]8VEGO 1SRSVEMP ERH w0x XVEMR XVEGOW ERH E TEXL XLVSYKLXLIYRHIVGMX] 8LI7O]8VEGOMW[LEXvWPIJXSJXLIQSRSVEMPGPSZIVPIEJ XLEX [EW WTPMX [LIR XLI [EPP [IRX YT -XvW E HERKIVSYW [E] MR JVSQ 7SYXLWMHI EW XLI VYRRIVW [MPP LEZI XS XVE ZIVWIXLIKETFYXMRWMHIXLIGPSZIVPIEJGSRRIGXWXSTEVXW SJXLIw0xERHXLIVYRRIVWGER[EPOMRXSXLI'SVI[MXL SYXWIXXMRKJSSXMRXLIHEVORIWWFIPS[ 'SVI MW XLI YRHIVGMX] [LIVI WQEPP KVSYTW SJ WYVZMZSVW LEZIKEXLIVIHERHWXMPPPMZIFYXVEVIP]ZIRXYVIYTEJVEMH SJ [LEX QMKLX JSPPS[ XLIQ FEGO HS[R 8LI YRHIVGMX]
%40%')83,%2+=396,%8
RIZIVWIIWQSVIXLERWPMZIVWSJPMKLXJVSQXLIWYREXLMKL RSSRMRWYQQIV1SWXSJXLIVIWMHIRXWSJXLIYRHIVGMX] EVI QIXELYQERW TEVXMGYPEVP] XVSPPW ERH H[EVZIW EW E PEGOSJTS[IVGSQFMRIH[MXLEPEGOSJWYRPMKLXQEOIW IZIRXLIPS[PMKLXZMWMSRSJIPZIWERHSVOWYWIPIWWERH ZEVMSYW GSVTSVEXI XS[IVW EPP PSSO EPMOI JVSQ YRHIVGMX] ERHJI[ORS[[LMGLMW[LMGL8LIVYRRIVW[MPPRIIHXS
%PPXLIXS[IVWEVIWMQMPEVMRXLIMVPIZIPSJHIGVITMXYHI 8LI]vZI FIIR WGEZIRKIH ERH WGSYVIH [MXL XLI PS[IWX KSMRKYTFIGSQIWPMKLXP]QSVIMRXEGXEW]SYVMWI'SQ TPIXIP]MRXEGXEVIEWGERFIYWIHEWJVMKLXIRMRKKPMQTWIW SJXLITEWXFIMRKQEMRXEMRIHF]WSQIXLMRKXLEXLEWOITX EPP XLI WGEZIRKIVW SYX *VII WTMVMXW WII *VII 7TMVMXW T 7XVIIX +VMQSMVI SV KLSWXW WII 7LEHS[ 7TMVMXW T 7XVIIX+VMQSMVI EXXVEGXIHXSXLIWIPSGEXMSRWGERFIE RMGIEWMHIXSGLEWIXLIVYRRIVWSVXIEGLXLIQXLEXXLIVI EVIHEVOIVGVIEXYVIWMRXLIWLEHS[WXLERXLI] )\TPSVEXMSR SJ *YGLMv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
403843-28 1)2(-2+*)2')7 7X0SYMW MW EGMX] SR XLI ZIVKI ;LIXLIV XLEX ZIVKI MW ER]SJEHS^IRSXLIVQENSVIZIRXWMWYTJSVHIFEXIERH STMRMSRSJXIRWLMJXWPMOIXLI[IEXLIV8LMWWLMJXMRKSRP] WPS[W [LIR E PEVKI IRSYKL TSVXMSR SJ XLI TSTYPEGI FSXL REXMSREP ERH GSVTSVEXI KIX SR XLI WEQI TEKI 8LMWYRMX]SRP]SGGYVW[LIRIRSYKLKVEJXSVIQSXMSR EPWEFSXEKI LEWFIIR TYQTIHMRXSXLI PSGEPWXS W[E] XLIQXSXLIGEYWI8LMWQIERW2IS2)8RIIHWXSORS[
&033(=&97-2)77
[LEX XLI TISTPI EVI XLMROMRK ERH [LEX TYWLIW XLIMV FYXXSRW [LMGL TSPMXMGMERW EVI EQIREFPI XS QSRIXEV] GSVTWEVIXV]MRKXSTYWLEKIRHEWERH[LEXXLSWIEKIR HEWEVI ERH[LSXLI]GERXVYWXMRXLIGMX]XSLIPTXLIQ TEZIXLI[E]JSVEFIXXIVXSQSVVS[ 8LI [MPP SJ XLI TISTPI GER FI JSYRH ER][LIVI FYX XLIVYRRIVW[MPPRIIHXSZMWMXEZEVMIX]SJTPEGIWMRSVHIV XS EZSMH KIXXMRK SRP] E WQEPP WEQTPI SV E WOI[IH ZMI[ SJSTMRMSRWMR7X0SYMW8LIGYVVIRXLSXXSTMGWMRXLIGMX] TSWWMFMPMX]SJFIGSQMRK EJVIIGMX]XLI MRGVIEWIMR WLMT TMRK[MXL XLI PSWW SJ &SWXSR EWE TSVXGMX] VYQSVW SJE VMZIVPIZMEXLERMRXLI1MWWMWWMTTMGSRWXVYGXMSRMR'LMGEKS XLVIEXIRMRKXLIKVS[XLSJ7X0SYMWSVMXWFMHJSVMRHITIR HIRGIERHXLITSWWMFPIMRGVIEWISJGVMQMREPIPIQIRXWMR XLIGMX]HVE[RXSMXWKVS[MRKWLEHS[W4SSVIV EVIEW EVI QSVI GSRGIVRIH [MXL FIMRK PIJX FILMRH MJ XLI GMX] KSIW GSVTSVEXI SV MRHITIRHIRX IWTIGMEPP] XLSWI SR XLI SYX WOMVXWSJXLIPSGEPQIXVSTSPMXEREVIESVSRXLI[VSRKWMHI SJXLIFSVHIVMJ7X0SYMWJEZSVWSRISJXLIREXMSRW+VSYTW PMOIXLI8VYI%QIVMGERW2I[6IZSPYXMSRERH7SRWSJXLI 7SYXLGERFIJSYRHMRXLIMVPSGEPLERKSYXWSVPSSOMRKXS LEZIEGSRZIVWEXMSR[MXLRSW]VYRRIVW ;LIR TSPMXMGOMRK XLI TSPMXMGMERW XLI VYRRIVW EVI KSMRKXSLEZIXSFIGEVIJYPRSXXSKMZIE[E]XSSQYGL MRJSVQEXMSR8LI TSPMXMGMERW EVIKSMRKXS[ERX XSORS[ [LMGL GSVT MW FILMRH XLI VYRRIVW ERH P]MRK GSYPH FI NYWXEWFEHEWXIPPMRKXLIXVYXL8LITSPMXMGMERWMRXLIGMX] EVIXV]MRK XS [EPOXLI REVVS[ PMRI SJ TYFPMGGSVTSVEXI TIVWSREP FEPERGI ERHHIPMZIVEPSXSJ HSYFPIWTIEOERH RSRGSQQMXXEP TVSQMWIW;LEXIZIVKIXWXLIQXLIQSWX QSRI] ERH VIIPIGXIH SV IRSYKL QSRI] RSX XS GEVI EFSYXVIIPIGXMSRSVEGSVTSVEXINSFXLEXTE]WEW[IPPEW VIIPIGXMSRMW[LEXXLI]EVIKSMRKXSHSERHXLII\EGX STXMSRXLI]EVITYVWYMRKGERGLERKIF]XLIQMRYXI4SPM XMGWMRXLMWGMX]EVILSXVMJI[MXLGSVVYTXMSRERHETIVJIGX TPEGIJSVVYRRIVWXSKIXEPPGEYKLXYTMRSXLIVTISTPIvW HMVX]PEYRHV] 8LI QEGLMREXMSRW SJ XLI GSVTSVEXMSRW EVI EPWS VYR RMRK VEQTERX MR XLI GMX])ZIV]GSVT[MXLER%SVFIXXIV VEXMRK LEWWSQIXLMRK MRXLI[SVOWMR 7X0SYMW8LI .ET EREGSVTWEVIWTVIEHMRKXLIMVRI[FVERHSJGSSTIVEXMSR %VIWMWPSSOMRKJSVWSQI[MRWERHMWTYWLMRKFSXLXLIw+S ERKPIPSSOMRKJSVERI[QENSVGPMIRX %^XIGLRSPSK]MWRvX OIIRSREQIVKIH%QIVMGEFIGEYWIXLI]HSRvXRIIHER] QSVIFSVHIVXVSYFPIJVSQER%VIWJYRHIH%QIVMGERI\ TERWMSRMWXQSZIQIRX ;Y\MRKLEWEWXVSRKMRXIVIWX[MXL XLIMVWLMTTMRKGSRGIVRW 7EIHIV/VYTTWIIWXLIJVIIGMX] GSRGITX EW E GSRWXVYGXMSR HVIEQ ERH XLI VYRRIVW LIEV VYQSVWEFSYX2IS2)8PSSOMRKXSQEOIERI[LSQI[MXL EREVGSPSK]FYMPXSZIVXLIVMZIVPMOIERSXLIVEVGL 8LIQSWXHITIRHEFPISJXLIHIWTMGEFPIWLEHS[HIR M^IRWEVIGLSQTMRKEXXLIFMXERHEVIYTXSXLIMVI]IFEPPW MR [SVO [MXL EPP XLI HVIO FIMRK WPYRK EVSYRH XLI GMX]
KEQFPMRKIRXIVXEMRQIRXERHMPPIKEPWYFWXERGIWEW[IPP EWXIVVMXSVMEPHMWTYXIW[MXLGSRXVSPWLMJXMRKPMOIXLIWERHW SJ XLI 7ELEVE )ZIV]SRI MR XLI WLEHS[W MW YWMRK IZIV] JEOI 7-2 [MXL E ZSXI XS TYWL JSV XLI JVIIGMX] GSRGITX %JI[SXLIVOMRHWSJTVSFPIQWQMKLXGVSTYT6YR RIVW[LSEVIXSSRSW]QMKLXVYREJSYPSJPSGEPTSPMGPYFW SVQSZIQIRXWXLEXEVIZIV]MRXIVIWXIHMRORS[MRK[L] XLIVYRRIVWEVITSOMRKEVSYRH8LILMKLP]XVERWMIRXTST YPEXMSRSJXLIWLMTTMRKXS[RLEWJIEVSJ'*(GVIITMRKMR GVIEXMRKHMWXVYWXJSVSYXWMHIVW
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vVI VYRRMRK WIGYVM X] ,ERH[EZI WXSTW EVI GSQQSR [MXL XLIWI VYRW ERH [LMPI XLI] EVI SJXIR GYVWSV] ER SGGEWMSREP VSSOMI LEW MRKEKEMRWXXLIEYXLSVMXMIWEPMXXPIXSSLEVH 3RXLI)EWX7X0SYMW 9'%7 WMHIMWEKERKORS[REW XLI+VMQQ8VSPPW8LI]vVIEKSKERKSJWSVXWFYXXLI]VI EPP]SRP]KSEPSRKXLIWLSVXHMWXERGISJVSEHPIEHMRKYT XSXLIX[SFVMHKIWMRXLIEVIE8LMWWQEPP WM\XIIRQIQ FIV FERH SJ SVOW ERH XVSPPW GSPPIGXW XSPPW TVSXIGXW SV WXSTWWQYKKPIVWHITIRHMRKSR[LSTEMH[LEXXIVVSVM^ IWXLISGGEWMSREP7-2RIVERHTVSZMHIWWIGYVMX]JSVw8LI 'EWXPIx 8LI 'EWXPI MW EGXYEPP] 'EWXPI )RXIVXEMRQIRXWv 'SMRWSJXLI6MZIVFYXRSSRIGEPPWMXXLEXYRPIWWXLI]EVI JVSQ[E]SYXSJXS[R8LMWTPEGIMWEGEWMRSLSXIPERH wIRXIVXEMRQIRXxLSYWIMRXLIXLIQIHWX]PISJXLI:IKEW GEWMRSW9WMRKXLIVMZIVEWEQSEXXSOIITSYXYRHIWMV EFPIW ERH XLI FVMHKIW WYVVSYRHMRK MX EW HVE[FVMHKIW XLITPEGIHSIWEKSSHFYWMRIWWEWPSRKEWMXOIITWXLI +VMQQ8VSPPWLETT]-XMWEPWSWQEGOHEFMRXLIQMHHPISJ XLITVSTIVX]XLEX2IS2)8[ERXWGLIGOIHSYX
%40%')83,%2+=396,%8
& 03 3( =& 97 -2 )77
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
8WMQWLMER#=SY KSXXE FI JYGOMRK OMHHMRK QI8LIVIvW RS[E]-[SYPH WXITJSSXMRXLEXHIEXLXVETXS\MG [EWXIHYQT %VIXI -XSSOENSFXLIVIEPQSWXX[S]IEVWEKS[LIRXLIREXMSR [EWLSPHMRKREXMSREPIPIGXMSRWJSVXLI'SYRGMPSJ'LMIJW -vQXIPPMRK]SY-[MPPRIZIVXEOIENSFMRXLEXTEVXSJ2SVXL %QIVMGEEKEMRRSV[MPP-IZIVVIGSQQIRH[SVOMRKMRXLEX REXMSRXSER]FSH]8LIRY]IRNYWX[EWRvX[SVXLMX8LIEMV MWTYXVMH-XQEOIW]SYVI]IWERHPYRKWFYVRGSRWXERXP] -XvWEQE^MRKER]XLMRKRSXXS\MGSVQYXEXIHEGXYEPP]KVS[W XLIVI 8LI PERHWGETI MW TSGOQEVOIH F] LYRHVIHW SJ GSRXEQMREXIH WMXIW [MXL EFERHSRIH GLIQMGEPW WIITMRK
MXv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vVIPIHXSFIPMIZIJVSQZEVMSYWTSWXMRKWSR 7LEHS[7IE;MXLWSQIXLMRKPMOIXLMW]SYvVINYWXEWOMRK XSLEZI]SYVIUYMTQIRXWEFSXEKIHERH]SYVTIVWSRRIP OMPPIHMRZMSPIRXTVSXIWXW /ME *VSQ [LEX -vZI FIIR LIEVMRK [MXL Q] RISE GSRXEGXW GSRXVEGXJVSQXLI'SYRGMPSJ'LMIJW%RH]IELHSRvXEWO QI[LIVIXLI] XLI'SYRGMPSJ'LMIJW KSXXLIQSRI]XS SJJIV WYGL E GSRXVEGX;MXL XLIMV IGSRSQ] MR VYMRW XLI
6922-2+-2%83<-';%78)0%2(
'SYRGMP SJ 'LMIJWQYWXLEZIXETTIH WSQISJJXLIFSSOW VIZIRYIWXVIEQWJSVXLMWSTIVEXMSR%RHMXvWGPIEV7LME[EWI )RZMVSXIGL MW GYXXMRK GSVRIVW [MXL XLMW NSF XS WEZI SR QSRI]WYGLEWVIP]MRKWSPIP]SREVYRRIVXIEQXSTVSXIGX XLISTIVEXMSRMRWXIEHSJYWMRKEJYPP]IUYMTTIHGSVTSVEXI WIGYVMX]JSVGI-QIERMJVYRRIVWKIXLYVXSVHMI[LSXLI LIPPGEVIW#8LI][SRvXLEZIXSMRZIWXMRLIEPXLGEVIJSVXLI VYRRIVWGSQTIRWEXIJEQMP]QIQFIVWJSVXLIMVHIEXLWSV [SVV] EFSYX FYVMEP I\TIRWIW8LIVIvW E LMKL TVSFEFMPMX] XLMWNSF[MPPKSWSYXLJSV[LSIZIVXEOIWMXFIGEYWIXLI] [SRvXFIIUYMTTIHXSHIEP[MXLEPPXLITVSFPIQWXLEXGSYPH EVMWI[MXLXLMWNSF-J]SYKSSRXLMWTSXIRXMEPWYMGMHIVYR QEOI WYVI EPP ]SYV EJJEMVW EVI MR SVHIV &IGEYWI ]SYvVI TVSFEFP]RSXKSMRKXSFIGSQMRKFEGO 7PEQQ %RSXLIV TVSFPIQ 1V .SLRWSR [SRvX XIPP ]SY MW XLEX XLI MRHMKIRSYW TISTPI SJ8WMQWLMER EVI LSWXMPI XS[EVH QIKEGSVTSVEXI MRXIVJIVIRGI MR XLIMV GSYRXV] ERH UYMXI VMKLXJYPP]WS-X[SRvXQEXXIVMJ7LME[EWIMWEXXIQTXMRKXS PIKMXMQEXIP] LIPT XLI REXMSR EPP XLI ZEWX QENSVMX] SJ XLI GMXM^IRWSJXLI8WMQWLMER4VSXIGXSVEXI[MPPWIIEVI%RKPSW [LSvZILEZILEHEXVEGOVIGSVHSJQYXMPEXMRKXLIMVREXMSREP PERHWERHWXIEPMRKXLIMVREXYVEPVIWSYVGIW8LIFIWXGEWI WGIREVMS MW XLEX XLIVI [MPP FI TIEGIJYP TVSXIWXW EX XLI GPIERYT WMXI ;SVWXGEWI WGIREVMS MW XLEX XLIVI [MPP FI FPSSHWLIH 1MOE ;SRvX XLI 'SYRGMP SJ 'LMIJW TVSZMHI WSQI OMRH SJ WIGYVMX] JSVGI XS IRWYVI XLMW NSF MW WYGGIWWJYP# =SY [SYPH XLMRO XLI] [SYPH [ERX XS XV] XS IRWYVI XLMW TVSNIGXMWWYGGIWWJYPXSKMZIXLIQTSWMXMZI46[MXLXLIMV GSRWXMXYIRGMIW XLEX XLI] EVI WMRGIVI MR XLIMV HIWMVI XS
GPIERYTXLMWQIWWERH[SYPHQEOIMXXLEXQYGLQSVI PMOIP] XLIWI IJJSVXW XS GPIER YT XLIMV GSYRXV] GSRXMRYI XSQSZIJSV[EVH%WWYQMRK]SYORS[XLIMVIJJSVXWEVI WMRGIVI ,EVH)\MX 4VSZMHIH XLIMV GSRWXMXYIRGMIW EVIRvX QEHI YT SJ XS\MG WLEQERW &YX EPP NSOMRK EWMHI IZIR MJ XLI] EWWMKR E GSRXMRKIRX SJ 8WMQWLMER TSPMGI XS LIPT XLI VYRRIVW QEMRXEMR XLI TIEGI ERH WEJIX] SJ XLI 7LME[EWI [SVO GVI[LS[GER]SYIZIRXVYWXXLIMVQSXMZEXMSRW#'LERGIW EVIXLI]vVIKSMRKXSFIW]QTEXLIXMG[MXLXLIPSGEPW[LS HSRvX [ERX E QIKEGSVTSVEXI TVIWIRGI MR XLIMV REXMSR 7S MXvPP FI RS WOMR SJJ XLIMV RSWIW MJ XLI] EPPS[ E GSYTPI SJXVSYFPIQEOIVWXSKIXTEWXXLITIVMQIXIVERHPIXXLIQ MRXS GEQT XS GEYWI QE]LIQ %RH IZIR MJ XLI] EVIRvX W]QTEXLIXMG[MXLXLSWIGEYWIWXLIVILEZIFIIRVYQSVW XLEX 8WMQWLMER LEW FIIR LEZMRK XVSYFPI TE]MRK XLIMV TSPMGIJSVGI-RXLIEFWIRGISJTE]JVSQXLIKSZIVRQIRX XLIVIGSYPHFISXLIVW[LSEVITE]MRKJSVXLIMVWIVZMGIW SXLIVW [LSWI MRXIRXMSRW EVI XS WEFSXEKI XLMW GPIERYT IJJSVX8LIWIKSSRWGSYPHFIEWHERKIVSYWEW ER]SXLIV XS\MG XLVIEX JSYRH MR XLEX IRZMVSRQIRX EW XLI] [MPP FI [SVOMRKYRHIVXLIGSPSVSJEYXLSVMX] 8LSVR 3RXLIYTWMHIXLSYKL]SYvPPFI[SVOMRKMRERMGISTIR WTEGI [LIVI ]SY [MPP FI EFPI XS FVMRK EPSRK XLI XS]W ]SYvZI EP[E]W [ERXIH XS TPE] EVSYRH [MXL FYX LEZIRvX FIIREFPIXSWMRGI]SYGERvXPIKEPP]YWIXLIQMRERYVFER WIXXMRK&IWMHIW]SYvPPHSRSQSVIHEQEKIXLER[LEXMW EPVIEH]XLIVIWSLEZIJYR+SEXMX8LIFMKKIVI\TPSWMSRW XLIFIXXIV /ERI
6922-2+-2%83<-';%78)0%2(
&033(=&97-2)77
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v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vW S[R 'SYRGMPSJ'LMIJW *SV EHHMXMSREP MRJSVQEXMSR SR XLI 8WMQWLMER 4VS XIGXSVEXIVIJIVXS(MVX] 8VMGOW7M\XL;SVPH %PQEREG ERH 7LEHS[WSJ2SVXL%QIVMGE
403843-28 8,)1))8
8LI TPE]IV GLEVEGXIVWQE] FI VIGVYMXIH F]ER] SRI SJ
)RZMVSXIGL 3V MJ XLI KEQIQEWXIV TVIJIVW XLI KVSYTv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v VIKYPEVTE]%TPE]IVGLEVEGXIVQE]RIKSXMEXIXLMWTVMGI YTEW[IPPVEMWMRKMXF]RY]IRTIVRIXLMXYTXSE QE\MQYQSJRY]IRJSVIEGLVYRRIV 1V .SLRWSR MRJSVQW XLI VYRRIVW XLEX EGUYMVMRK XLI KIEV RIGIWWEV] JSV XLMW VYR EW [IPP EW KIXXMRK MRXS XLI REXMSRERHVIWYTTP]MRKHYVMRKXLIGSYVWISJXLMWNSF[MPP FI YT XS XLIQ 1SWX VMKKIVW YRPIWW XLI] EVI ETEVX SJ XLI XIEQ [MPP RSX VYR MR 8WMQWLMER YRHIV ER] GMVGYQ WXERGIW8LIFIWXWLSXEXLMVMRKEVMKKIVXSVIWYTTP]XLI XIEQ[LMPIXLI]EVISYXMRXLI[MPHIVRIWWMWXSLMVISRI JVSQMRWMHI 8WMQWLMERPMOIP]JVSQ5YIWRIP XLI GPSWIWX EVILMKLP]VIWMWXERXXSXLIMHIESJ[SVOMRKJSVSYXWMHIVW TEVXMGYPEVP] MJ XLI] EVI %RKPSW -J WSQISRI SXLIV XLER E2EXMZI %QIVMGERVYRRIVXVMIW XSLMVI E PSGEPVMKKIVXS VIWYTTP]XLIQ XLI] [MPPHSYFPIXLIMVYWYEP VEXI RY]IRTIVXVMTMRWXIEHSJRY]IR *SV IEWISJVI GSVHOIITMRK XLI VYRRIVW WLSYPH FI VIWYTTPMIH SRGI TIV [IIO 8SGEPGYPEXI LS[QYGL IEGL VIWYTTP] TEGO EKIWLSYPHGSWXXLIVYRRIVWYWIXLIJSPPS[MRKJSVQYPE RY]IRFEWIGSWXRY]IRTIVVYRRIV7SMJE XIEQLEWXLVIIVYRRIVWSRMXXLIGSWXJSVIEGLVIWYTTP] TEGOEKIMWRY]IR8LMWHSIWRSXMRGPYHIXLIGSWX SJXLIVMKKIVXVERWTSVXMRKXLIWYTTPMIWXSXLIXIEQ7S
6922-2+-2%83<-';%78)0%2(
&033(=&97-2)77
MRXLII\EQTPIKMZIRXLIVYRRIVW[SYPHFIVIWTSRWMFPI JSVTE]MRKSYXFIX[IIR RY]IRERHRY]IR TIV XVMTFEWIHSR LS[ WYGGIWWJYP XLI TEVX][EWMRLMV MRKXLIVMKKIVXSVIWYTTP]XLIQ%WWYQIXLIWIVIWYTTP] IRSYKL EQQS [EXIV JSSH ERH SXLIV WYTTPMIW XS PEWX SRI [IIO 3RI [E] XSGLEPPIRKIXLI TPE]IV GLEVEGXIVW HYVMRKXLMWEHZIRXYVIGSYPHFIXSHIPE]XLIEVVMZEPSJSRI GEYWIH TVSFPIQW SV LEZI E WLMTQIRX RSX EVVMZI EX EPP XLIVMKKIVQE]LEZIFIIREQFYWLIHF]PSGEPKERKWERH LEHLMWGEVKSWXSPIRSVLIQE]LEZIFIIROMPPIH -JXLI VYRRIVWLEZIXVSYFPILMVMRKEVMKKIVMR5YIWRIPXLIRI\X GMX]SJ4VMRGI+ISVKI 8LIX[SX]TIWSJGLEVEGXIVWXLEX[MPPLEZIXLIQSWXHMJ FIMRKW)\TSWYVIXSXLMWXS\MGIRZMVSRQIRXJSVTVSPSRKIH TIVMSHW SJ XMQI GSYPH HVMZI WLEQER GLEVEGXIVW HS[R XLI XS\MG TEXL ERH GSYPH HVMZI HYEPREXYVIH GLEVEGXIVW MRWERI )EGL [IIO XLEX XLI GLEVEGXIV MW MR XLMW IRZMVSR QIRXXLI]RIIHXSQEOIE'LEVMWQE;MPPTS[IV 8IWX WLSYPH FI RSXIH -J E WLEQER GLEVEGXIV JEMPW QSVI XIWXW XLERXLIMV;MPPTS[IVVEXMRKXLI][MPPFIGLERKIHTIVQE RIRXP]MRXSEXS\MGWLEQERERH[MPPFIGSQIER24'(Y EPREXYVIHGLEVEGXIVW[MPPFIHVMZIRMRWERISRGIXLI]I\
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
403843-28 328,)+6392(46-36 838,);36/'6);v7%66-:%0
3RGI XLI XIEQ LEW QEHI EVVERKIQIRXW XS KIX MRXS 8WMQWLMERERHLEWWIXYTXLI[IIOP]WYTTP]HVSTWXLI] [MPPRIIHXSWTIRHXLIRI\XWIZIRHE]WGPIEVMRKQENSV XLVIEXWSYXSJXLIEVIE8LIGSRXEQMREXIHEVIEMWEXS\MG SJ[EWXIMPPIKEPP]HYQTIHEXXLIWMXIEPPIKIHP]F]1'8 ,S[IZIV HYI XS XLI JEGX XLEX RSRI SJ XLI GSRXEMRIVW LEZI1'8PSKSWSRXLIQ FIGEYWI1'8MWRSXGEVXSSR
6922-2+-2%83<-';%78)0%2(
&033(=&97-2)77
MWLP]MRGSQTIXIRX EPSRK[MXLXLIPEGOSJVIGSVHWX]MRK 1'8XSXLIGSRXEMRIVWXLIQIKEGSVTSVEXMSRLEWKSRI YRTYRMWLIHJSVXLIMPPIKEPHYQTMRKKVSYRH[LMGLLEW GVIEXIHE6EXMRKFEGOKVSYRHGSYRXMRXLIEVIE ETTP]
403843-28
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v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vX ER]8LISRP][E]XSGSRRIGXXSXLI1EXVM\MRXLMWHIEH ^SRIMWF]WEXIPPMXIYTPMRO
3RGIXLIVYRRIVWLEZIQEHIXLI[SVOWMXIWEJIVJSV7LM
328,)+6392(%*8)6 8,);36/'6);%66-:)7
8LI] WXEVX F] WIXXMRK YT E TIVMQIXIV JIRGI ERH FVMRK MRK MR LIEZ] IUYMTQIRX TIVWSRRIP ERH HVSRIW XS GPIER YT XLI XS\MG [EWXI HYQT 8LI GEQT XLVII WYTIVZMWSVW X[IPZI ZILMGPIW QSH
FIMRKWIXYTXLI8WMQWLMER4VSXIGXSV QEMRXEMR XLI TIEGI %RSXLIV GEQT MW FIMRK FYMPX RSX JEV SJJ F] TVSXIWXIVW RSXLETT]XSWIISYXWMHIVWEWWSGMEXIH [MXL E QIKEGSVTSVEXMSR SRGI EKEMR FIMRK FVSYKLX MR XS XEQTIV [MXL XLIMV REXMSR 8LIWI TVSXIWXIVW EVI ZIV] ZSGEP EFSYXXLIMVHMWTPIEWYVI SZIVXLI'SYRGMPSJ'LMIJWvHIGMWMSR XS YWI XLIWI SYXWMHIVW MR ER IJJSVX XLIMVQSXMZIWERHEVIJEREXMGEPMRXLIMV GSRZMGXMSRWXSHVMZIXLISYXWMHIVWE[E] YWMRK XEGXMGWMRGPYHMRK WEFSXEKI MRXMQM HEXMSRERHZMSPIRGI8LMWSTTSWMXMSRGEQT[MPP W[IPPXSEFSYXX[SLYRHVIHTVSXIWXIVW8SGSQ TPMGEXI QEXXIVW XLI 8WMQWLMER TSPMGI MRWXVYGX XLITPE]IVGLEVEGXIVWXLEXSRP]RSRPIXLEPZMS PIRGIQE]FIYWIHXSHIJIRHXLIGEQTJVSQ XLITVSXIWXIVWERHER]SXLIVGMXM^IRWXLI] IRGSYRXIV-JXLITPE]IVGLEVEGXIVWZMSPEXI XLMW HMVIGXMZI XLI] [MPP FI EVVIWXIH ERH GLEVKIH [MXL GVMQIW VERKMRK JVSQ EWWEYPX XS LSQMGMHI8LI8WMQWLMER TSPMGI [MPP QEOIMXGPIEV XLEX TVSXIWXIVW[LSFVIEOXLITIVMQIXIVERHMRXIVJIVI[MXL XLI[SVO GVI[[MPPFIEVVIWXIHERHGLEVKIH[MXL XVIW TEWWMRKFYX[MPPRSXSXLIV[MWIFILEVQIH 8LI KEQIQEWXIV WLSYPH QEOI MX ETTEVIRX XLEX XLI QENSVMX]SJXLI8WMQWLMERTSPMGIEVIRSXSRXLIVYRRIVWv WMHITSWWIWWMRKW]QTEXLMIWJSVXLITVSXIWXIVWERHXLIMV GEYWI 8LMW [MPP QERMJIWX MR EGXMSRW WYGL EW XEQTIVMRK [MXL XLI TIVMQIXIV JIRGI XS EPPS[ TVSXIWXIVW MRXS XLI GEQTXSHMWVYTXEGXMZMXMIWERHWEFSXEKIIUYMTQIRXERH HVSRIW 8LMW GSYPH EPWS IRXEMP WEFSXEKMRK ER] WYVZIMP PERGIIUYMTQIRXWIXYTXSQSRMXSVXLITVSXIWXIVW%%R] GEPPWJSVFEGOYTQEHIXSXLI8WMQWLMERTSPMGI[MPPFIER W[IVIHWPS[P] MJRSX MKRSVIH EPXSKIXLIV-JXLIVYRRIVW HS MRJEGX GEXGLTVSXIWXIVW ZMSPEXMRK XLI GEQT XLITS PMGI[MPPWIRHXLIQSJJXSFIFSSOIH,S[IZIVFIGEYWI XLIGLEVKIWEVIWSQMRSVXLSWIWEQITVSXIWXIVW[MPPFI FEGO WSQIXMQIW XLEX WEQI HE] %RH WSQIXMQIW XLI
6922-2+-2%83<-';%78)0%2(
&033(=&97-2)77
TSPMGI [SRvX IZIR KS XLVSYKL XLI IJJSVX SJ HVMZMRK XLI TVSXIWXIVWEPPXLI[E]XS5YIWRIPJSVFSSOMRK XLI]vPPNYWX HVSTXLIQSJJWSQI[LIVIEPSRKXLI[E]EPPS[MRKXLIQ XSGSQIFEGOERHVIWYQITVSXIWXMRKMRSRP]EJI[LSYVWv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
1IXELYQERWEVIRSXXLISRP]XLVIEXXSXLIGEQTMR XLMWWIGXMSR8LMW WMXI [MPPEPWSTPEKYIH F] EXXEGOWJVSQ XS\MGERHQYXEXIHGVMXXIVW-RXLMWTEVXSJ8WMQWLMERQY
HS[RMRXSXLIYRHIVKVSYRHJEGMPMX]XLIVYRRIVW[MPPHMW
LEVTMIWLEZILYRXMRKKVSYRHWXLEX[MPPTSWIETVSFPIQ JSVXLIWLEHS[VYRRIVW7XEXWJSVXLIWIGVMXXIVWEVIKMZIR EXXLIIRHSJXLMWGLETXIV
XLITPE]IVGLEVEGXIVWXLIJEGMPMX]MWWQEPP-XSRP]GSRXEMRW X]JSYV WIGYVMX] TIVWSRRIP 8LI WIGYVMX] TIVWSRRIP EVI FVSOIR MRXS XLVII HMJJIVIRX WLMJXW WS SRP] IMKLX KYEVHW EVI SR HYX] EX ER] KMZIR XMQI 3RGI XLI VYRRIVW GPIEV
403843-28
XLMWPEFSVEXSV]LEWFIIRSTIVEXMRKJSVEPSRKXMQIIZIR
7-273*8,)4%78
%XXLIZIV] IRHSJXLINSF[LIR7LME[EWI)RZMVSXIGL LEWWYGGIIHIHMRGPIERMRKYTXLIXS\MG[EWXIHYQTFYX FIJSVIXLIVYRRIVWHITEVX8WMQWLMERMRJSVQEXMSRJVSQ ETVSXIWXSV[MPPFIWLEVIH[MXLEWYTIVZMWSVSJXLIGPIER YTGVI[%GGSVHMRKXLIMRXIPPMKIRGIJVSQXLITVSXIWXSV 1'8 MW WXMPP STIVEXMRK SR 8WMQWLMER PERHW MR E WIGVIX
8LIMVTVMQEV]QMWWMSRLEWFIIRXSWXYH]RI[P]IQIVK MRK HMWIEWIW HMWIEWIWQYXEXIHF]8WMQWLMERvWWIZIVIP] RI[HMWIEWIWXLEXXLI]GER[IETSRM^IERHXYVRMRXSRI[ FMSPSKMGEP[IETSRW%WIGSRHEV]SFNIGXMZILEWFIIRXS GETXYVIHMWWIGXERHWXYH]XLIFVEMRWSJXS\MGWLEQERW PSSOMRK XS FIXXIV YRHIVWXERH XLI TEXLSPSK] SJ JSPPS[
6922-2+-2%83<-';%78)0%2(
&033(=&97-2)77
MRKXLIXS\MGTEXLERHHIXIVQMRI[LIXLIVWYGLVIWIEVGL GSYPHFIYWIHXSJSWXIVXLIXVIEXQIRXSJXLIWIQEKMGYW IVW8LIMVLSTIHJSVKSEPWMRGPYHIKIRIVEXMRKQSVITVSJ MXWJSV1'8ERHTIVLETWKMZMRKXLIQERI[WSYVGIJVSQ [LMGL XS VIGVYMX QEKMGYWIVW %RSXLIV SFNIGXMZI SJ XLI WIGVIXPEFSVEXSV]LEWFIIRXSYRHIVWXERH[L]8WMQWLMER LEWFIIRWIIMRKEHIGPMRIMRXLIETTIEVERGISJXIGLRS QERGIVW[MXLMRMXWTSTYPEXMSR8LIREXMZIXIGLRSQERGIV GIRX HVST SZIV XLI PEWX XIR ]IEVW ERH 1'8 [EW PSSO MRK JSV[E]WXSI\TPEMRXLMWHIGPMRI-REHHMXMSR2EXMZI [MXLXLI1EXVM\XLERXIGLRSQERGIVWJVSQSXLIVTEVXWSJ 2SVXL%QIVMGEERH1'8LEWFIIRZIV]MRXIVIWXIHMRYR HIVWXERHMRKXLSWIHMJJIVIRGIW %JXIVXLIVYRRIVWGSQTPIXIXLMWNSFXLI][MPPFITEMH JSV XLIMV WIVZMGIW ERH EPPS[IH XS PIEZI XLI REXMSR 7LM E[EWI[MPPLEZIKEMRIHEXVIQIRHSYWEQSYRXSJVIWIEVGL TE]HEXE 7LME[EWI [SYPH LEZI TVSZIR XLIQWIPZIW ERH XLIMV MRXIRXMSRW XS 8WMQWLMER KEVRIVIH WSQI TSWMXMZI TYFPMGVIPEXMSRWERHLEZITIVLETWSTIRIHYTJYXYVIFYWM RIWWSTTSVXYRMXMIW[MXLXLI2EXMZI%QIVMGERREXMSR
',%6%'8)67
'6-88)67 6%8-2+
8LMWJVIIXS\MGWPYHKIWTMVMXLEWWTIRXXLIPEWXHIGEHISV WSKVS[MRKWXVSRKIVSJJSJXLIXS\MGIRZMVSRQIRXJSYRH MR 8WMQWLMER -X LEW YWIH /EVQE XS VEMWI MXW EXXVMFYXIW MRMXMEXI ERH EGUYMVI QSVI WTMVMX TS[IVW 8LMW WTMVMX MW WXMPPE*SVGIWPYHKIWTMVMXJSVXLITYVTSWISJHIXIVQMR MRKMXW-QQYRMX]XS2SVQEP;IETSRW %
6
-RMXMEXMZI %WXVEP-RMXMEXMZI 'SRHMXMSR 1SRMXSV 0MQMXW %VQSV 7OMPPW
5YEPMXMIW -RMXMEXI+VEHI 1IXEQEKMGW 7TIPPW
'VMXXIV4S[IVW
;IEORIWWIW 2SXIW
7
;
0
-
'
&
%
6
-RMXMEXMZI 'SRHMXMSR1SRMXSV %VQSV 0MQMXW 7OMPPW 'VMXXIV4S[IVW
7
;
0
-
'
)77
( 4L]WMGEP1IRXEP7SGMEP 4IVGITXMSR6YRRMRK9REVQIH'SQFEX 2EXYVEP;IETSR %RXPIVW(: 46IEGL %4z
198%8)(1337) &
%
6
7
;
0
-
'
)77
-RMXMEXMZI 'SRHMXMSR1SRMXSV %VQSV 0MQMXW 7OMPPW 'VMXXIV4S[IVW
( 4L]WMGEP1IRXEP7SGMEP 4IVGITXMSR6YRRMRK9REVQIH'SQFEX 2EXYVEP;IETSR ,SVRW(:4%4z
83<-'+6-**-2
*6))83<-'709(+)74-6-8
&
198%8)('%6-&39
)(+ )77
&
%
6
7
;
0
-
'
)77
1
-RMXMEXMZI 'SRHMXMSR1SRMXSV %VQSV 0MQMXW 7OMPPW 'VMXXIV4S[IVW
2EXYVEP;IETSR 'PE[W&IEO (:4%4z 4IWXMPIRGI:IRSQ
1
( ( 4L]WMGEP1IRXEP7SGMEP EKEMRWXRSVQEP[IETSRW %WWIRWMRK%WXVEP'SQFEX'SYRXIVWTIPPMRK )\SXMG6ERKIH;IETSR4IVGITXMSR7RIEOMRK 7TIPPGEWXMRK9REVQIH'SQFEX 1EKMGMER 'IRXIVMRK1EWOMRK5YMGOIRMRK7LMIPHMRK %GMH7XVIEQ*MVIFEPP*PEQIXLVS[IV1EWW
( 4L]WMGEP1IRXEP7SGMEP *PMKLX4IVGITXMSR9REVQIH'SQFEX
83<-',%64= &
%
6
-RMXMEXMZI 'SRHMXMSR1SRMXSV %VQSV 0MQMXW 7OMPPW 'VMXXIV4S[IVW
;EZI %GGMHIRX%WXVEP*SVQ&ERMWLMRK6IWMWXERGI &MRHMRK)PIQIRXEP%XXEGO 4SPPYXERX )RKYPJ ;EXIV *IEV1EXIVMEPM^EXMSR1SZIQIRX 1YXEKIR7ETMIRGI7IEVGL7TMVMX4EGX 6IKIRIVEXMSR %PPIVK] GPIER[EXIV7IZIVI 1EKMGFEWIHPMQMXWEVIMRGVIEWIHF]XLIVEXMRK SJXLIFEGOKVSYRHGSYRX
6922-2+-2%83<-';%78)0%2(
7
;
0
-
'
)77
1
( 4L]WMGEP1IRXEP7SGMEP *PMKLX4IVGITXMSR9REVQIH'SQFEX -QQYRMX] 4EXLSKIRW 2EXYVEP;IETSR 'PE[W(:4%4{ 4IWXMPIRGI
&033(=&97-2)77
1'87)'96-8=+9%6( ,91%2
87-17,-%24638)78)67 %'8-:-787
&
%
6
7
;
0
-
'
)77
-RMXMEXMZI 'SRHMXMSR1SRMXSV %VQSV 0MQMXW 7OMPPW
%YKQIRXEXMSRW
;IETSRW
( 4L]WMGEP1IRXEP7SGMEP %XLPIXMGWWOMPPKVSYT%YXSQEXMGW 71+ 'PYFW0SRKEVQW3YXHSSVWWOMPP KVSYT4IVGITXMSR4MWXSPW7RIEOMRK ;MPHIVRIWW &SRI0EGMRK %PYQMRYQ ']FIVIEVW6EXMRK %YHMS)RLERGIQIRX(EQTIV ']FIVI]IW SGYPEVHVSRIWQEVXPMROXLIVQSKVETLMG ZMWMSR 1YWGPI6ITPEGIQIRX6IEGXMSR )RLERGIVW 'SPX'SFVE8>?71+%GG (: 4 7%&**%%4z6' [)\I\TPSWMZI EQQS[JSPHMRKWXSTXSTQSYRXIHPWIV WMKLXERHFEVVIPQSYRXIHKEWZIRX W]WXIQ 7XYRFEXSR?'PYF%GG6IEGL(: 7 I %4zA 9PXMQE\?1EGLMRI4MWXSP%GG (: 4&**%%4z G [)\I\TPSWMZI EQQS[KEWZIRXPEWIVWMKLXA
,91%2463*)77-32%06%8-2+
8LITVSXIWXIVWJSV6YRRMRKMRE8S\MG;EWXIPERHQE]RSX FI WSHERKIVSYWSRXLIMV S[R FEWIH SR XLI[IETSRW XLI]GEVV]ERHLS[MRI\TIVMIRGIHXLI]EVI[MXLXLIQ FYX MR PEVKIV KVSYTWXLI]GER TVSZI XSFIE GLEPPIRKI JSV IZIR ZIXIVER VYRRIVW (ITIRHMRK SR XLI GSQTS WYVISJXLIKVSYTSJTPE]IVGLEVEGXIVWMX[SYPHFIFIWX XSYWITVSXIWXIVWMRQIHMYQXSPEVKIKVSYTWER][LIVI FIX[IIRXIRERHX[IRX]TVSXIWXIVW &
%
6
7
;
0
-
'
)77
-RMXMEXMZI 'SRHMXMSR1SRMXSV %VQSV 0MQMXW 7OMPPW +IEV ;IETSRW
( 4L]WMGEP1IRXEP7SGMEP &PEHIW'PYFW'SQTYXIV0SRKEVQW 4IVGITXMSR4MPSX+VSYRH'VEJX4MWXSPW %VQSVIH:IWX GSQQPMRO &EX?'PYF%GG6IEGL(:4A 7%%4z Q [VIKYPEVEQQSA 7XVIIXPMRI7TIGMEP?,SPH3YX4MWXSP%GG(: 47% G [VIKYPEVEQQSA
6922-2+-2%83<-';%78)0%2(
& 03 3( =& 97 -2 )77
7398,)62 -27966)'8-32 >SRE2SVXI LSYVW w1SZMRKMRXSTSWMXMSRRS[7XERHF]x *VSQXLIWEJIX]SJXLIEVQSVIHQSFMPIGSQQERHZI LMGPI E LEPJOMPSQIXIV E[E] (IXIGXMZI 1MKYIP 7ERGLI^ SJ XLI VIGIRXP] JSVQIH &SKSXÅ 4SPMGI *SVGI [EXGLIH XLVSYKLXLI%6JIIHEWXLIHVSRIGVITXXLVSYKLXLIWOIP GPSWIXLI)3(HVSRII\XIRHIHX[SXLMREVQWXS[EVHXLI Q]WXIVMSYWTEGOEKIPSGEXIHMR[LEX[SYPHIZIRXYEPP]FI ERSTIRGSYVX]EVHSJXLIVIGXERKPIWLETIHGSQTPI\ (IXIGXMZI7ERGLI^XSSOERSXLIVWMTSJLMWWS]GEJERH PSSOIH EX XLI HVSRI VMKKIV WXEXMSRIH E JI[ WIEXW SZIV 8LMW [EW XLI WM\XL WGIRI LIvH HIEPX [MXL MR JSVX]IMKLX LSYVW ERHLI [EWI\LEYWXIHw&IKMRRMRK MRMXMEP WIRWSV W[IITx WLI ERRSYRGIH LIV IPIGXVSRMGEPP] QSHYPEX IH ZSMGI GSQMRK JVSQ XLI GSQQERH ZILMGPIvW MRXIVREP WTIEOIVW 3XLIV XIGLRMGMERW EX ZEVMSYW [SVOWXEXMSRW QSRMXSVIHHEXEJVSQXLIHVSRIvWWIRWSVJIIHWXV]MRKXS HIXIVQMRII\EGXP][LEXX]TISJHIZMGIXLI][IVIHIEP MRK[MXL-JTS[IVJYPIRSYKLXLIHIZMGIGSYPHIEWMP]HI WYVVSYRHMRKEVIE w'LIQWRMJJIVHIXIGXMRKWSQIYRYWYEP GSQTSYRHW VYRRMRKEGVSWWVIJIVIRGIRS[xSRIXIGLWEMH w2S WMKREPW XVERWQMXXMRK SV VIGIMZMRK JVSQ XLI HI ZMGI2S1EXVM\HIZMGISV-(QEVOIVHIXIGXIH-XvWGSQ TPIXIP]HEVOxWEMHERSXLIV w7GERWHIXIGXEWQEPPTS[IVWSYVGIFYXMXvWRSQSVI XLEREGLIETGSQQPMROxEXLMVHVITSVXIH 7XERHMRK RI\X XS 7ERGLI^ XLI )3( XIEQ PIEHIV VYFFIH E QIEX] TEPQ SZIV LMW FEPH LIEH w3OE] XLIR PIXvWGSRXMRYIx SYXSJXLITEGOEKI)ZIV]SRIFVEGIHI\TIGXMRKEQEW WMZII\TPSWMSRFYXMXGSRXMRYIHMXWEWGIRXJSVEOMPSQI WXEGGEXS FSSQW SZIVLIEH EW E FVMKLX WXEVWLETIH HMW
7398,)62-27966)'8-32
TPE] MPPYQMREXIH XLI EVIE 7ERGLI^ WXEVXIH XS MWWYI SV HIVW[LIRWIZIVEPQSVIPSYHI\TPSWMSRWVMTTIHXLVSYKL XLIRMKLX;MXLMRWM\X]WIGSRHWIZIV]GSRWXVYGXMSRZILM GPISVTMIGISJLIEZ]IUYMTQIRXMRXLIGSRWXVYGXMSR]EVH [EWHIWXVS]IH JIIHW ERHGSQQYRMGEXIH [MXL ,5 *MZI QMRYXIW PEXIV 7ERGLI^WXVSHISYXSJXLIZILMGPILMWJEXMKYIFYVRXE[E] F]EHVIREPMRIERHERKIV%63WKEZIMRMXMEPVITSVXWEFSYX WMQYPXERISYWEXXEGOWEPPSZIVXLIGMX]7ERGLI^TSYRHIH EXMRKSRSRIXEVKIX w(IXIGXMZI 7ERGLI^#x GEQI E ZSMGI XS LMW PIJX 7ERGLI^ PSSOIH XS WII XLI GSQQ XIGL LSPHMRK E WI GYVIGSQQPMROSYXXSLMQw4VMSVMX]QIWWEKIJVSQ,5 I]IW SRP]x LI WEMH LERHMRK XLI HIZMGI SZIV 7ERGLI^ JVS[RIHEWLITVIWWIHLMWXLYQFEKEMRWXXLIFMSVIEHIV %GGSVHMRKXSXLIQIWWEKI [LMPIXLI EXXEGOWSGGYVVIH LEGOIVWHEXEFSQFIHXLIPSGEPKVMH[MXLE:6QIWWEKI 7ERGLI^[EXGLIHEWXLIQIWWEKIWGVSPPIH %88)28-32 -2:%()67 3* &3+38¥=SY XLMROFI GEYWI ]SY [IVI ZMGXSVMSYW SZIV %QE^SRMER JSVGIWXLEX ]SY LEZIGPEMQXSXLMWGMX]=SYEVI[VSRK8LMWGMX][EWRIZIVE TVM^IXSFI[SRF]IMXLIVWMHIMRXLEXYR[ERXIHYRTVSZSOIH [EV%RHFIGEYWI]SYHIJIEXIH]SYVIRIQ]]SYJIIPXLEX]SY GERGPEMQYW EWWTSMPWSJ XLEX[EV#=SY XLMROXLEX]SY GER YWIJEFVMGEXIHPMIWIRKMRIIVIHTYFPMGSTMRMSRGSVVYTXKSZIVR XIV#23;);-0023878%2(*368,-7%2=032+)6 ;I [MPP STTSWI ]SY ;I EVI &6-+,8 78%6 XLI W]QFSP SJ LSTI XLEX &SKSXÅ [MPP SRGI EKEMR FI E GMX] *6)) JVSQ ER] EVIKSRI8LIVI[MPPFIRSRIKSXMEXMSRRSGSQTVSQMWI8LIWI EVISYVSRP]XIVQW HMWVIKEVHXLIQEX]SYVS[RTIVMP8SXLSWI [LS VIGSKRM^I XLI IRWPEZIQIRX ERH GYPXYVEP KIRSGMHI XLI] SJJIV HMWKYMWIH EW wTVSKVIWWx ERH wVIGSRWXVYGXMSRx NSMR YW 7ERGLI^HEWLIHXLIvPMROEKEMRWXXLIGSQQERHGIR
3:)6:-);
IVEP QIVGIREVMIW ERHVYRRIVW[LSWYVZMZIH 3TIVEXMSR ,YRXVIWW JSVQIH GIPPW ERH FIKER TVSWIGYXMRK %^XIGL
-R XLI PEXXIV HE]W SJ XLIMV [EV [MXL %QE^SRME %^XPER PEYRGLIH3TIVEXMSR ,YRXVIWWXLIMVTPERXSXEOIXLIGMX] SJ &SKSXÅ WLSYPH XLI] HIJIEX XLI KVIEX HVEKSR 7MVVY VK0IWWXLERERLSYVEJXIVXLIKVIEXHVEKSRJIPP%^XPER JSVGIWW[ITXMRXSXLIGMX]ERHXLI&EXXPISJ&SKSXÅFI KER*SVEPQSWXEQSRXLFVYXEPMX]VIMKRIHEWFSXLWMHIW WPYKKIHMXSYX&]XLIXMQIMX[EWSZIVEXLMVHSJXLIGMX] [EW HIWXVS]IH %WMHI JVSQ WIGYVMRK XLI GMX] %^XPER ERH%^XIGLRSPSK]YWIHXLIFEXXPIEWERSTTSVXYRMX]XS TYVKIQSWXSJXLIMVIRIQMIWMRXLIEVIE)RXMVIRIMKLFSV LSSHW [IVI IVEHMGEXIH [MXL I\XVIQI TVINYHMGI MR XLEX IJJSVX GSQFEXERXSVGMZMPMERMXHMHRvXQEXXIV 2IEVXLIIRHSJXLIFEXXPIEPSSWIGSEPMXMSRSJQIVGW WLEHS[VYRRIVWERHGMZMPMERWPIHF]XLIQIVGIREV]SYX
XEVKIXW [IVI TYVIP] MRJVEWXVYGXYVI FYX WSSR WOMVQMWLIW IVYTXIHSRXLIWXVIIXW8SOIITGSRXVSPSJXLIWMXYEXMSR ERHOIIT%^XIGLRSPSK]MRGLIGO XLI92I\XIRHIHXLI *VII1EVMRI'SVTWvGSRXVEGXMR&SKSXÅEWTIEGIOIITIVW 9REFPIXSHIEP[MXLXLIWMXYEXMSRHMVIGXP]%^XIGLRSPSK] HMH[LEXQSWXQIKEWHS[LIRXLIVIvWHMVX][SVOXSFI HSRI8LI]XYVRIHXSXLIWLEHS[W8LIMVSJJIVMWWMQTPI LYRXHS[R&VMKLX7XEVIVEHMGEXIXLIQJVSQ&SKSXÅERH KIXTEMHEPSXSJQSRI]
WIRXMRQIVGIREV]JSVGIW QSWXRSXEFP]XLI*VII1EVMRI 'SVTW YRHIVXLIEYWTMGIWSJXLI92XSXEOIGSRXVSPSJ XLIGMX]&YXMXHMHRvXVIEPP]QEXXIVEWF]XLIR%^XPERLEH EPVIEH][SR (IWTMXI XLIMV FVYXEPMX] HYVMRK XLI [EV %^XPER IQIVKIH EWLIVSIWQSWXP]JSV HIJIEXMRK XLIHIWTMWIH
HIXEMPWI\GITXXLEXMXvWEPSRKXIVQGSRXVEGXVEXLIVXLER EWMRKPINSFERHLIEZ]GSQFEXMWTSWWMFPI 8LIVYRRIVWEVITVSZMHIHE1EXVM\PSGEXMSRERHTEWW [SVHJSVXLIQIIX-JXLITPE]IVWEVIRvXEPVIEH]EXIEQ XLI]vPP LEZI XS EXXIRH WITEVEXIP] %6 SV :6 MX HSIWRvX QEXXIV XLSYKL XLI]vPP FI EX E HMWXMRGX HMWEHZERXEKI MJ XLI]SRP]YWI%6 8LI QIIX LETTIRW EX E ZMVXYEP GEJÍ WX]PIH EJXIV E FEWMG GERXMRE%R]LEGOIVW[MPPUYMGOP]VIEPM^IXLEX XLMW TPEGIMWELMKLVEXIHRSHI[MXLWSQIZIV]REWX]-'ERH WTMHIVWSR WXERHF] WLSYPH ER]SRI HIGMHI XSKIXGYXI 3RGI IZIV]SRI LEW EVVMZIH 1V .SLRWSR EOE .YPMS 1IRHS^E E QMHPIZIP %^XIGLRSPSK] .SLRWSR MJ XLI TPE]IVWEVIMRGPMRIHXSPSSOLMQYT UYMGOP]KSIWMRXSLMW TMXGL 8LI NSF MW HIWGVMFIH EW E WIEVGLERHRIYXVEPM^I STIVEXMSRMR&SKSXÅ-RMXMEPP]XLITPE]IVW[MPPFISJJIVIH EWQEPPFEWISJSTIVEXMSRWERSTIVEXMSRWEPPS[ERGISJ RY]IR TIV QSRXL ERH FSYRXMIW VERKMRK JVSQ XS RY]IR HITIRHMRK SR XLI MRHMZMHYEP 1V .SLRWSR [SRvX HMWGYWW ER] EHHMXMSREP HIXEMPW YRXMP XLITPE]IVWEKVIIXSXLINSF-JTYWLIHLIvPPXSWWMRPSGEP PSKMWXMGEPWYTTSVX MIQIHMGEPQEXIVMEP[IETSRWERH HMVIGXEGGIWWXSXLIPSGEPKVMH XLIRLIvPPHERKPIETSW WMFPIRY]IRFSRYW XSXEP MJGIVXEMRXEVKIXWGER
ERRI\IH&SKSXÅ&YX[LMPIXLI]FEWOIHMRXLIMVXVMYQTL RSSRIVIEPM^IH NYWXLS[XIRXEXMZIELSPH XLI] LEH SR XLIGMX](IWTMXIEPPETTIEVERGIWXLI[EV[EWET]VVLMG ZMGXSV]1SWXSJXLIMVVIKYPEVQMPMXEV]JSVGIW[IVIWLEX XIVIH ERH XLI PSGEP IGSRSQ] [EW RIEV GSPPETWI 8LI VIEPZMGXSVMRXLI[EV[EW%^XIGLRSPSK][LS[EWXIHRS XMQI[MXLQEWWMZIVIGSRWXVYGXMSRERHGSRWSPMHEXMSRSJ TS[IVIJJSVXW (IWTMXI XLI 46 IZIV]SRI MR &SKSXÅ ORI[ [LEX WMRW %^XPER%^XIGLRSPSK] GSQQMXXIH -R XLI JSPPS[MRK QSRXLWTSPMXMGEPHMWWMHIRXWVIPMKMSYWGVYWEHIVW PSSOMRK XS EWWMWX &SKSXÅvW RS[SYXPE[IH 'EXLSPMG GLYVGL ERH EREVGLMWXW[IVIHVE[RXS&SKSXÅ%RH[MXL%^XIGLRSP SK]VEQTMRKYTVIGSRWXVYGXMSRIJJSVXWQER]MR&SKSXÅ JIEVIHw%^XPERM^EXMSRx[SYPHFIJSVGIHSRXLIQ
403843-28 ;LIVIZIVXLIVYRRIVWvGYVVIRXP]EVIXLI]VIGIMZIEGEPP
[EW WMKRIH ERH XLIMV QIQFIVWLMT LEW FIIR KVS[MRK 0IHF]%YJLIFIREJSVQIVQIQFIVSJ&PEGO7XEVWIZ
7398,)62-27966)'8-32
&033(=&97-2)77
-JXLITPE]IVWEKVIILIMRJSVQWXLIQSJXLIMVXEVKIX XLIQIVGIREV]KVSYT&PEGO7XEV,IXIPPWXLIQXSFIEX .YER %^GETSX^EGPS -RXIVREXMSREP %MVTSVX MR X[IRX]JSYV LSYVW*VSQXLIVIXLI]vPPFIWLYXXPIHXSXLIMVXIQTSVEV] ,5MR&SKSXÅ
403843-28 ;LIR XLI TPE]IVW IZIRXYEPP] EVVMZI MR &SKSXÅ XLI] WIIE[EV^SRIEXXIQTXMRKXSVIFYMPHMXWIPJXLVSYKLXLI WYTTSWIHKIRIVSWMX]SJ%^XIGLRSPSK];LMPIWSQIEV IEW EVI FIXXIV SJJ XLER SXLIVW XLIVI MW EX PIEWX WSQI HEQEKIIZIV][LIVI-XvWRSXYRGSQQSRXSWIIQEOI WLMJX WXSVIW ERH QSHYPEV LSYWMRK EQSRK XLI FPEWXIH VIQRERXWSJ FYMPHMRKW(IWXVS]IHZILMGPIWLEZIQSWX P]FIIRVIQSZIHFYXXLIVSEHWEVIWXMPPXVIEGLIVSYWXS QSWX ZILMGPIW 3RP] XLSWI [MXL XLI WXYVHMIWX WYWTIR WMSRWSV SJJVSEHGETEFMPMXMIWHEVIXVEZIVWIXLIQ4IS TPI WXMPPQSZIEFSYXFYX OIITE[EV]I]I SR ER]XLMRK XLEXPSSOWPMOI%^XIGLRSPSK]SV&4**1'ZILMGPIWERH WUYEHWVSYXMRIP]TEXVSPXLIEVIE[EXGLMRKJSVER]WMKRW SJ XVSYFPI FYX QSWXP] XLI] QEMRXEMR E WSQI[LEX HMW XERX TVIWIRGI ERH MRXIVZIRI SRP] [LIR RIGIWWEV] 'SQTEVIHXSXLI&4*XLIQEVMRIWEVITVEGXMGEPP][IP GSQIHF]XLIPSGEPW
&4*:)6797*1' ;LEX%^XPERHMHRvXGSYRXSR[LIRXLI]ERRI\IH &SKSXÅ[EWEWXMTYPEXMSRMRXLIEKVIIQIRXXLEX[EW MRWMWXIH SR F] XLI 92 VIEH XLI 'SVTSVEXI 'SYVX 8LI*VII1EVMRI'SVTW[SYPHVIQEMRMRXLIGMX]EW TIEGIOIITIVW YRXMP ER SVHIVP] XVERWMXMSR SJ TS[IV [EMXIH JSV XLI *1'vW GSRXVEGX XS I\TMVI &YX XLIR &VMKLX 7XEV LETTIRIH ERH XLI*1'vWGSRXVEGX [EW I\XIRHIH 2S[ %^XIGLRSPSK] LEW XS HIEP [MXL E KVSYTSJXSTXMIVQIVGIREVMIWXLEXXLI]GERvXGSRXVSP ;LMPI&SKSXÅXIGLRMGEPP]FIPSRKWXS%^XPERXLI *1'vW GSRXVEGXQERHEXI KVERXW XLIQ EYXLSVMX] XS XEOIGSRXVSPSJER]wGVMXMGEPWMXYEXMSRxXSQEMRXEMRXLI SZIVEPPTIEGIERHTVSXIGXXLIGMX]ERHMXWGMXM^IRW{ IZIREKEMRWX%^XPER 3JGSYVWI XLMW GEYWIH EPSX SJ JVMGXMSR FIX[IIR XLI &SKSXÅ 4SPMGI *SVGI ERH XLI *1'8LI&4*VIWIRXWXLI*1'vWEYXLSVMX]ERHXLI *1'VIGSKRM^IWXLI&4*JSVXLITYTTIXSVKERM^EXMSR XLI] XVYP] EVI 2IIHPIWW XS WE] XLI X[S LEXI IEGL SXLIV [MXL E TEWWMSR ERH YRHIVQMRI IEGL SXLIV WYFXP] [LIRIZIV TSWWMFPI 8LIMV TS[IV WXVYKKPI MW WSQIXLMRK SJ E WXEPIQEXI FYX &VMKLX 7XEV MW ER <JEGXSVXLEXGSYPHXMTXLIWGEPIW'YVVIRXP]XLI*1' GSRWMHIVW&VMKLX 7XEV E GVMQMREP QEXXIVVEXLIV XLER E QMPMXEV] SRI ERH LEW E LERHWSJJ TSPMG] YRPIWW %^XPERERHXLI&4*XSRSIRHFYXXLIMVTVSXIWXWXSXLI 92''LEZIJEPPIRSRHIEJIEVW
7398,)62-27966)'8-32
&033(=&97-2)77
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vX ORS[ MWXLEX XLI] EVIRvX XLI SRP]XIEQ%^XIGLRSPSK]LEWLMVIH
403843-28 8LIHSWWMIVWTVSZMHIHF]'EVPSWKMZIXLITPE]IVWWIZIVEP TSWWMFPI&PEGO7XEVQIQFIVWVERKMRKJVSQPS[P]WXVIIX WGYQXSQMHPIZIPQIQFIVWEPPXLI[E]XS[LEX'EVPSW GEPPW XLI wLSP] XVMRMX]x %X XLI XST MW E WLEHS[VYRRIV LIFIR[EWEQIQFIVSJ&PEGO7XEVEQIVGIREV]KVSYT XLEXGEYWIHTEVXMGYPEVXVSYFPIJSV%^XPERHYVMRKXLI[EV (YVMRK 3TIVEXMSR ,YRXVIWW %YJLIFIR TIVWSREPP] PIH XLIJEMPIHGSYRXIVSJJIRWMZIEKEMRWX %^XPERXVSSTW 8LI FSYRX]JSV LMWHIEXL MW/ TE]NYQTWXS/MJ LIMW GETXYVIH 8LISXLIVX[SEVI %YJLIFIRv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wJVIIx{MXvWEPPWIQERXMGWXSXLIQRS[ &VMKLX 7XEVYR[IPGSQIEKMXEXSVW [LSEVINYWX KSMRK XS GEYWIQSVIRIIHPIWWHIEXLERHHIWXVYGXMSR8LMWKMZIW XLITPE]IVWWSQIVSSQXS[SVO[LIRKSMRKEJXIVXLIMR WYVKIRXW *MRHMRK PS[IVIGLIPSR QIQFIVW SV [ERREFIW SJ &VMKLX 7XEV MWIEW] IRSYKL8LIVI EVITPIRX] SJGSJJII LSYWIVIZSPYXMSREVMIWMR&SKSXÅ;LMPIXLI]QE] SVQE] RSX FIEGXYEPQIQFIVWXLI]EVIYWIJYPIRSYKLXS&VMKLX 7XEVXSFIYWIHEWGSRXEGXWEXFIWXHIGS]WEX[SVWI&YX IZIV]WSSJXIRWSQISRIQEOIWXLIKVEHIERHEGXYEPP] ORS[WXLIVMKLXTISTPI3VXLITPE]IVWGERWMQTP]KSSJJ
403879++)78-32 -2*-086%8)&6-+,878%6 ;LMPIRSXXLISRP][E]XSXEGOPIXLMWEHZIRXYVIWGIREVMSSRI VIGVYMXW 8LMW GSYPH STIR YT XLI TSWWMFMPMX] XS MHIRXMJ] SXLIV QIQFIVW KEMR MRXIPPMKIRGI SR XLI QSZIQIRXvW EGXMZMXMIW ERH TSXIRXMEPXEVKIXWERHKIXGPSWIXS%YJLIFIRSVLMWPMIYXIRERXW 7LSYPHXLITPE]IVWKSXLMWVSYXIXLI]vPPWXEVXSYXEWXLIMVS[R GIPP ERH FI I\TIGXIH XS TVSWIGYXI %^XIGLRSPSK] XEVKIXW (V 7XIZIRWSV2MKLXWLEHILERHWHS[RXLIMVQEVGLMRKSVHIVW8LI TPE]IVWv WYGGIWW HIXIVQMRIW LS[UYMGOP] XLI]vPPQSZIYT XLI PEHHIV%WXLI]TVSKVIWWXLIXEVKIXWFIGSQIPIWWEFSYXLYVXMRK %^XIGLvW FSXXSQ PMRI ERH QSVI EFSYX SYXVMKLX QYVHIV ERH EWWEWWMREXMSR EKEMRWX WSGEPPIH wXVEMXSVW ERH GSPPEFSVEXSVWx 2MKLXWLEHI MR TEVXMGYPEV FIGSQIW QSVI FPSSHXLMVWX] IMXLIV IREGXMRKSVEWWMKRMRKQMWWMSRWXLEXXLVIEXIRXSFVMRKXLI*1' ,S[HSIWLIHIEP[MXLXLIIWGEPEXMSREQSRKLMWTISTPI[LMPI XSWEZIXLIFSH]#
SJ%^XIGLRSPSK]MRXIPXSJSVQEwLMXPMWXx &YXRSQEXXIV[LEXXLI]HSXLITPE]IVWRIIHXSFI GEVIJYPEFSYXKIXXMRKXLI*1'vWEXXIRXMSR;LMPIRSXEG XMZIP]PSSOMRKJSV&VMKLX7XEVXLI]LEZIRSUYEPQWEFSYX XEOMRKSYXER]SRIGEYWMRKXSSQYGLXVSYFPI
403843-28 %XWSQITSMRXQE]FIEJXIVEJI[QSRXLWSJ[SVOXLI TPE]IVW VIGIMZI EGXMSREFPI MRXIPPMKIRGI IMXLIV JVSQ XLIMVS[RMRZIWXMKEXMSRWSVXLVSYKL'EVPSW XLEX(V7XI ZIRW[MPPFIQIIXMRK[MXLWIZIVEPGIPPWMRERETEVXQIRX FYMPHMRK SR XLI RSVXL WMHI SJ XLI >SRE 8LMW TVIWIRXW EKVIEXSTTSVXYRMX]XSVEGOYTWSQIWIVMSYWFSYRXMIW 8LI MRWYVKIRXW WIX YT E HIGIRX TIVMQIXIV GSQTPIXI [MXL LMHHIR PSSOSYXW ERH E GSYTPI SJ WYVZIMPPERGI HVSRIWFYXMXvWRSXLMRKXSSLMKLXIGL;LEXXLI]PEGOMR WSTLMWXMGEXIHIUYMTQIRXXLI]QEOIYTJSVMRERI\XIR WMZIXYRRIPW]WXIQ [MVIHXSFPS[MJRIGIWWEV] FIPS[ XLIETEVXQIRXFYMPHMRK 3JGSYVWI[LIRXLITPE]IVWQEOIXLIMVTPE]ERSXLIV VYRRIVXIEQ XVMIWXSLMNEGOXLIMVFSYRX]%WXLITPE]IVW EVI LEYPMRK SYX [LEXIZIV UYEVV] XLI] LEZI XLI VMZEPW WXVMOI 8LI] YWI PSRKVERKI [IETSRV] XS MRGETEGMXEXI 7XMGOR7LSGOMRNIGXMSRHEVXWKIPVSYRHWIXG XLIVYR -J XLI TPE]IVW EVI EFPI XS EZSMH XLI EQFYWL XLI] XYVR XLIMVGETXMZIWSZIVXS'EVPSW
7398,)62-27966)'8-32
&033(=&97-2)77
8,)0-+,83*8698, (YVMRK XLIMV XMQI MR &SKSXÅ XLI TPE]IVW [MPP IZIRXYEPP] LIEVEFSYXEPSGEPTMVEXI1EXVM\GEWXGEPPIH8LI0MKLXSJ8VYXL XLEXvW FIIR KVS[MRK MR TSTYPEVMX] -X I\TSWIW XLI EXVSGMXMIW SJ &SKSXÅ %ZEMPEFPI JSVHS[RPSEH JSV SRP] XLMVX] WIGSRHW EX WIIQMRKP]VERHSQXMQIWXSEZSMHXLI+VMH3ZIV[EXGL(MZMWMSR LEGOIVW [MXL ETTVSTVMEXI 1EXVM\ WIEVGLIW SV GSRXEGXW GER SFZMSYW ERXM%^XPER TVSTEKERHE FYX XLI TPE]IVW [MPP RSXMGI WSQIXLMRKHMWXYVFMRK 3RISJXLIWIKQIRXWWLS[WEWIVMIWSJFVYXEPMRXIVVSKEXMSR WIWWMSRWIQTPS]MRKFSXLQEKMGEPERHTL]WMGEPXSVXYVI3JXIR XLI WYFNIGXW HMI 8LI JSSXEKI GSYPH FI GSRWMHIVIH JEOI FYX XLITPE]IVWVIGSKRM^IWSQISJXLIWYFNIGXWEWFSYRXMIWXLI]vZI GSPPIGXIHSVXLI]QMKLXVIGSKRM^IXLIMVJEGIWJVSQXLIZEVMSYW HSWWMIVW(V7XIZIRWMWSRISJXLIQ 8LI0MKLXSJ8VYXLIZIRXYEPP]WXEVXWWLS[MRKYTSRZEVMSYW RI[W SYXPIXW XLVSYKLSYXXLI [SVPH %^XPER SFZMSYWP] HIGVMIW XLIQ EW JEOIW FYX SXLIV RI[W SYXPIXW GSRXMRYI XS VYR XLI ZEVMSYWWXSVMIWERHKMZIXLIQGVIHIRGI
403843-28 8LMWMWXLITSMRX[LIVIXLIHVIOLMXWXLIJER2MKLXWLEHI PIEVRWEFSYXXLI TPE]IVWvVEMHSR XLIGIPPQIIXMRK IW TIGMEPP]MJ(V7XIZIRW[EWGETXYVIH ERHQSYRXWEVIW GYISTIVEXMSR[MXLSYX%YJLIFIRvWGSRWIRX7LIEXXEGOW E PSGEP &4* JEGMPMX] [MXL VSGOIXW ERH QSVXEVW GEYWMRK QEWWMZIGSPPEXIVEP HEQEKI ERH OMPPMRKHS^IRWSJ GMZMP MERW 8LMW MQQIHMEXIP] KIXW XLI EXXIRXMSR SJ XLI *1' [LSVIWTSRHERHTYXXLIEXXEGOIVWHS[R[MXLW[MJXIJ -RERYRI\TIGXIHQSZI%^XPER%^XIGLRSPSK]ERH XLEX&VMKLX7XEVMW RS[ E wGPIEVERH TVIWIRXHERKIVx XS XLI WIGYVMX] SJ &SKSXÅ ;SVWI TIV XLI XIVQW SJ XLIMV GSRXVEGXXLI]LEZIRSGLSMGIFYXXSVIRHIVEMH8LI*1' MWRS[IJJIGXMZIP]%^XIGLRSPSK]vWYR[MXXMRKEPPMIW HMGXEXIW[LEXLETTIRWRI\X 7XEVVSYXIXLI]KIXERYRI\TIGXIHQIWWEKIJVSQRSRI SXLIVXLER%YJLIFIR,IMRJSVQWXLIQSJXLIWMXYEXMSR MJ XLI]HMHRvXEPVIEH]ORS[ ERHXIPPWXLIQXLEX2MKLXWLEHI IWGETIHFYXMWMRNYVIHERHRIIHWEWWMWXERGI%YJLIFIR WE]WMX[MPPFIE[LMPIFIJSVILIGERVIWTSRHWSLIEWOW XLITPE]IVWXSLIEHXSXLIRSVXLWMHISJ>SRE2SVXIERH WIGYVI2MKLXWLEHIYRXMPLIERHLMWXIEQEVVMZIW,IEPWS
7398,)62-27966)'8-32
MRJSVQWXLIQXLEX[MXLRI[HIZIPSTQIRXWXLI]EPPRIIH XSPIEZI&SKSXÅERHXLEXXVERWTSVXLEWFIIREVVERKIH -JXLITPE]IVWXVMIHERSXLIVQIXLSHSRISJXLIMVPSGEP GSRXEGXW MRJSVQW XLIQ XLEX WSQISRI QEXGLMRK 2MKLX MRXLIRSVXLTEVXSJ>SRE2SVXI FEK%YJLIFIR *MRHMRK 2MKLXWLEHI MW IEW] 7LIvW XEOIR YT VIJYKI
% WMQMPEV GSQTPIXIHFYMPHMRKWMXWEGVSWW XLI [E] 'SR WXVYGXMSR IUYMTQIRXXSSPW ERH [EPPW MRZEVMSYW WXEKIW XYVISJLIVMRNYVMIWMXvWEQMVEGPI2MKLXWLEHIQEHIMXXLMW JEV;LIRXLITPE]IVWEVVMZI2MKLXWLEHIMWWMXXMRKSRER RS KPEWW ]IX 7LI ORS[W XLEX WLIvW EPQSWX HIEH JVSQ FPSSHPSWWERH WLIXVMIWXS[EVRXLITPE]IVW7LIGSR JIWWIWXLEXWLI[EWGETXYVIH[IIOWEKSERH[EWXYVRIH F]%^XIGLRSPSK][LSXLVIEXIRIHFPSSHQEKMGEKEMRWX LIV8LIEXXEGOSRXLI&4*[EWWXEKIHXSKIXXLI*1'SR %^XIGLRSPSK]vWWMHI
EVVMZI8LMWMWXLIQSQIRXSJXVYXLJSVXLITPE]IVW %YJLI FIRMW[MXLMRXLIMVKVEWT-JXLITPE]IVWXV]XSXEOI%YJLI FIREWLSX[MPPVMRKSYXERHXYVR2MKLXWLEHIvWLIEHMRXS IZIV]SRIvWEXXIRXMSR 8LIR E GSQQPMRO FIPSRKMRK XS SRI SJ %YJLIFIRvW XIEQ KSIW SJJ 8LI XIEQ QIQFIV EGXMZEXIW XLI I\XIV REPWTIEOIVXSPIXXLIVIEP%YJLIFIRWTIEO8LITPE]IVWv GLSMGIW EFSYX KSMRK YRHIVGSZIV SV RSX [MPP HIXIVQMRI I\EGXP][LEXMWWEMHFYXXLIQEMRTSMRXW[MPPFI %YJLIFIRWYWTIGXIHWSQIXLMRK[EW[VSRK[MXL 2MKLXWLEHI FYX LI [EWRvX WYVI ,I RIIHIH XLI TPE]IVW XS WIGYVI LIVERH FMVHHSK ER]TSWWMFPI XVET,IXIPPWXLIQ w(SRvX[SVV] [I[IVIMRTS WMXMSRXSFEMP]SYSYXMJXLMRKW[IRXWMHI[E]Wx&YX XLIGSRJIWWMSR[EWEFSRYW%RHRS[LIORS[W 8LIJEGXXLI]XVMIHXSGETXYVILMWHSYFPIMWTVSSJ XIWXXSWIIMJXLITPE]IVWGSYPHFIXVYWXIH YWIXLMW MJXLITPE]IVW[IVIYRHIVGSZIV 8LITPE]IVWLEZIEGLSMGI PIXLMWXIEQKSTIEGI JYPP]SVLIWXEVXWWLSSXMRK%RHLIvWEZIV]KSSH WLSX8LI]QE]KIXWSQISJLMWTISTPIFYXWSQI
-J XLI TPE]IVW XV] XS TYWL E GSRJVSRXEXMSR SV MKRSVI XLI[EVRMRKWLSX%YJLIFIRvWXIEQSJJIVWRSUYEVXIVERH YWIW PIXLEP JSVGI XS HIJIRH XLIQWIPZIW8LI]vPP EPWS HS IZIV]XLMRK XLI] GERXS RSXFI XEOIR EPMZI %YJLIFIRMW XLITPE]IVWGERKIXXLIVILIvPPEPVIEH]FIKSRI
&033(=&97-2)77
%*8)61%8, %JXIV XLI WLS[HS[R [MXL %YJLIFIR XLI TPE]IVW KIX E QIWWEKIJVSQ'EVPSW,IMRJSVQWXLIQ XLEXXLIwFEGO FSRISJ&VMKLX7XEVLEWFIIRFVSOIRxERHXLEXXLIMVWIV ZMGIWEVIRSPSRKIVVIUYMVIH8LITPE]IVWEVIXLEROIHJSV XLIMV wKSSH[SVOx TVSZMHIHXLEX[SVHSJXLIMV QMWWMRK %YJLIFIR HSIWRvX KIX SYX ERH TEMH [LEXIZIV QSRI] XLI]vVIS[IH'EVPSWEPWSWE]WXLEXXLIVIQE]FIJYXYVI STTSVXYRMXMIWJSVXLIQMJXLI]PMOI3RXLIMV[E]SYXXLI TPE]IVW RSXMGIE RIEVF] GSRWXVYGXMSR TVSNIGXGSPPETWMRK
03'%8-327
%9*,)&)2v7*%8) ;LMPIXLIMRXIRXMSRSJXLMWEHZIRXYVIMWJSV%YJLIFIRXSPMZI TPE]IVWEVIGVIEXMZIERHVIWSYVGIJYPUYMXIEFPIXSTYPPSJXLMRKW XLIKEQIQEWXIVHMHRSXI\TIGX8LMWGSYPHVIWYPXMRFEHXLMRKW JSV%YJLIFIRERHKEQIQEWXIVWWLSYPHRSXJIIPPMOIXLI]LEZI XSI\IVXXLILERHSJ+SHNYWXXSOIIT%YJLIFIREPMZI8LEXMWXS WE]MJXLITPE]IVWEVIMRXIRXSROMPPMRKLMQERHXLI][MRMREJEMV XLI]WII%YJLIFIRvWREQITSTYTMR.EGO4SMRXTSWXWFYXXLI] GERGSRWMHIVXLIREQIXSLEZIXEOIRYTE7TEVXEGYWPMOIEYVE ERHERI[WSPHMIVLEWEVMWIRXSGEVV]JSV[EVHXLIQERXPIEJXIV XLISPHSRIJIPP
>32%2368) 8LMW MW [LIVI &VMKLX 7XEV MW GYVVIRXP] GSRGIRXVEXMRK XLIMVIJJSVXW&IJSVIXLI[EV>SRE2SVXI[EWE[IPPIW XEFPMWLIH YTTIVQMHHPIGPEWW EVIE [MXL EPP XLI RMGI EQIRMXMIW XLEX QEOI PMJI GSQJSVXEFPI 8LEX [EW YR XMP 3TIVEXMSR ,YRXVIWW ;MXL %^XPER JSVGIW GPSWMRK MR STTSWMXMSRJSVGIWPIHF]&PEGO7XEVYWIH2SVXIEWXLIMV PEWX FEXXPIKVSYRH ERH PEYRGLIH E GSYRXIVSJJIRWMZI 8LI VIWYPX [EW IMKLX] TIVGIRX SJ XLI >SRE GSQTPIXI
GITXMRKOMGOFEGOW3RP]XLITVIWIRGISJXLI*1'OIITW MXJVSQFIGSQMRKGSQTPIXIP]PE[PIWW
4)340) %9*,)&)2 ,91%21%0)
XLIJSGEPTSMRXJSVXLIMV&SKSXÅTPERW7IZIVEPQEWWMZI VIGSRWXVYGXMSRTVSNIGXWFIKERXLIVI[MXLXLILSTIXLEX MX [SYPH FIGSQI E RI[ %^XIGLRSPSK] FYWMRIWW LYF WMRGI>SRE3IWXI[EWWIZIVIP]HEQEKIH ;LMPIXLIVIFYMPHMRKMWYRHIV[E]PMJIMR>SRE2SVXI MW VSYKL +ERKW ERH ZEVMSYW GVMQMREPW LEZI QSZIH MR PSSOMRKJSVRI[STTSVXYRMXMIW8LI&4*HSIWMXWFIWXXS OIITXLMWYRHIVGSRXVSPFYXXLI]vVIYWYEPP]XSSFYW]EG
% ZIXIVER WLEHS[VYRRIV ERH QIVGIREV] %YJLIFIRvW TEWXMWEGSQTPI\QM\SJVYQSVQMWHMVIGXMSRERHGSR XVEHMGXMSR{[LMGLLS[LIPMOIWMX6YQSVWEPWSXEKLMQ EWEVIFIPPMSYWGSVTFVEXEHMWKVYRXPIHWSPHMIVSVETS PMXMGEPHMWWMHIRXXYVRIHXIVVSVMWX8LIXVYXLQE]FIEPPSV RSRISJXLIEFSZI;LEXMWORS[RMWXLEX%YJLIFIRMW E QMPMXERX MHIEPMWX ERH E WIPJTVSGPEMQIH TVSJIWWMSREP
7398,)62-27966)'8-32
&033(=&97-2)77
QIRX MR &IVPMR ERH EX WSQI TSMRX VIGIMZIH I\XIRWMZI GSQFEXXVEMRMRKERHMRWXVYGXMSRMRFSXLTSPMXMGEPWGMIRGI ERHQMPMXEV]XLISV],I[SVOIHXLIWLEHS[WMR)YVSTI JSVQER]]IEVWYRXMPWMKRMRKSR[MXLXLITSPMXMGEPP]EG XMZIQIVGIREV] YRMX &PEGO 7XEV (YI XSXLIMV I\GIWWMZI VYXLPIWWRIWWEKEMRWX%^XPERJSVGIWMRXLI[EV&PEGO7XEV ERH[IVI[MTIHSYXEPQSWXXSXLIQER 7IZIVIP]MRNYVIHHYVMRKXLI&EXXPISJ&SKSXÅLI[EW PMWXIHEW/-%F]%^XPERFYXMRVIEPMX][EWLMHHIRF]PSGEP EPPMIW(YVMRKLMWWPS[GSRZEPIWGIRGILIPMROIHYT[MXL SXLIV PMOIQMRHIH MRHMZMHYEPW 8STVIWIVZI LMWGSZIV SJ FIMRK HIEH ERH GSRXMRYI LMW VIGSZIV] KSSH QIHMGEP
XLI JVSRXPMRIW LI RS[ YWIW LMW TSPMXMGEP ERH QMPMXEV] ORS[PIHKIXSJSVQYPEXIWXVEXIK]ERHTVSZMHIKYMHERGI -RGSQFEXERHTSPMXMGW%YJLIFIRMWPMOIEWRMTIV MR WXIEH SJ QEWWMZI HEQEKI LI TVIJIVW TVIGMWMSR WXVMOIW XLEXGEYWIJIEVERHGLESWEQSRKLMWIRIQMIW[LMPILI UYMIXP] WPMTW E[E] 2SXI XLEX %YJLIFIR MW WXMPP VIGSZIV MRKJVSQWIVMSYWMRNYVMIWWSKEQIQEWXIVWGEREHNYWXLMW WXEXWERHKIEVEWRIIHIH &
%
6
7
;
0
-
'
)77
)(+
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW
( 4L]WMGEP 1IRXEP7SGMEP
%VQSV 7OMPPW
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
/RS[PIHKI7OMPPW
0ERKYEKIW 5YEPMXMIW
%YKQIRXEXMSRW +IEV
;IETSRW
(EQEKI'SQTIRWEXSV(EXENEGO7PIIT6IKYPEXSV 7]RETXMG&SSWXIV 'SQQPMRO (IZMGI6EXMRK IEVFYHWLEVHIRIHQMP WTIGEVQSV PMKLX ?ALIPQIX?AWQEVXKPEWWIW ?6EXMRK[GEQIVEMQEKIPMROPS[PMKLXZMWMSR XLIVQSKVETLMGZMWMSRWQEVXPMROAUYMGOHVE[ LSPWXIVWYFZSGEPQMGVSTLSRI %VIW4VIHEXSV:?,IEZ]4MWXSP%GG (: 4%4z 7%6'{ G [WTEVIGPMTWVIKYPEVEQQSA (:4%4z7%&*6' G [VSYRHW %4(7EQQSWTEVIGPMTWA
7398,)62-27966)'8-32
&4*3**-')67 463*)77-32%06%8-2+
)REGXIHEWTEVXSJE46MRMXMEXMZI%^XPERGSQQMWWMSRIH XLI&SKSXÅ4SPMGI*SVGI ;LMPIXLI&4*[EW WYTTSWIH XSHVE[JVSQXLIPSGEPTSTYPEGIMXvWRSXLMRKQSVIXLER ERSXLIV%^XIGLRSPSK]WIGYVMX]YRMX1SWXSJXLI&4*vW KSRIYRRSXMGIHF]XLIPSGEPW8LI]EVIGSQTIXIRXERH WOMPPIH MRHMZMHYEPW FYX XIRH XS STIVEXI QSVI PMOI WSP
&
%
6
7
;
0
-
'
)(+
-RMXMEXMZI 'SRHMXMSR1SRMXSV
(
0MQMXW %VQSV 7OMPPW
4L]WMGEP1IRXEP7SGMEP %XLPIXMGWWOMPPKVSYT'PSWI'SQFEXWOMPPKVSYT *MVIEVQWWOMPPKVSYT3YXHSSVWWOMPPKVSYT 4IVGITXMSR4MPSX+VSYRH'VEJX7XIEPXLWOMPP KVSYT 1YWGPIXSRIVW]RETXMGFSSWXIV
%YKQIRXEXMSRW +IEV
;IETSRW
'SQQPMRO (IZMGI6EXMRK IEVFYHWPMKLX WIGYVMX]EVQSV?AQIXEPVIWXVEMRXW \ WQEVXKPEWWIW?6EXMRK[GEQIVEMQEKIPMRO PS[PMKLXZMWMSRXLIVQSKVETLMGZMWMSRWQEVXPMROA UYMGOHVE[LSPWXIV %VIW4VIHEXSV:?,IEZ]4MWXSP%GG (: 4%4 z7%6'{ G [WTEVIGPMTWVIKYPEV EQQSA %4z7%&**%6' G [VSYRHW VIKYPEVEQQSWTEVIGPMTWA {7LSXKYR?7LSXKYR%GG (:4%4z7% 6' Q [VSYRHWVIKYPEVEQQSA 7XYRFEXSR?'PYF%GG6IEGL(: 7 I %4zA
&033(=&97-2)77
&6-+,878%6-2796+)28 463*)77-32%06%8-2+
2SX IZIV] QIQFIV SJ &VMKLX 7XEV MW E LEVHIRIH GSQ FEXZIXIVERSV[EVVMSVX]TI%R]MRWYVKIRG] SVMRXLIMV ZMI[VIZSPYXMSR LEWEZEVMIX]SJQIQFIVWJVSQWXVIIX WGYQ EPP XLI [E] XS PIEVRIH TVSJIWWMSREPX]TIW 8LI GSQFEXSVMIRXIHQIQFIVW[SVOLEVHXSXVEMRXLIVIKY PEVWMRFEWMGGSQFEXXEGXMGWFYXXLIVIKYPEVMRWYVKIRXvW ZEPYI MW XLIMV [MHI ZEVMIX] SJ TVSJIWWMSREP ERH ORS[P IHKIWOMPPW{ERHXLIMVHIWMVIXSRSXPMZIYRHIVRIEXLXLI %^XPERFSSX &
%
6
7
;
0
-
'
)(+
*6))1%6-2) '364786334)6 463*)77-32%06%8-2+
/RS[RJSVFSXLXLIMVGSQFEXTVS[IWWERHTIVWSREPMR XIKVMX]XLI*1'JSVQIH[LIRXLIJSVQIV9RMXIH7XEXIW WTPMXMRXSXLI9'%7ERH'%7FIGEYWIWGSVIWSJQEVMRIW
HIGEHIWXLI]WPS[P]FYMPXXLIQWIPZIWMRXSEJSVQMHEFPI 8LIMVGYVVIRXTIEGIOIITMRKGSRXVEGXMWWMQTPI TVI IVYRMXW[SYPHYWIXLIWISVHIVWEWERI\GYWIJSVI\GIW WMZIEGXMSRXLI*1'LEWWLS[RGSRWMHIVEFPIVIWXVEMRX ERHIRKEKIWSRP][LIR RIGIWWEV][MXLHMVIGXIHTVI GMWMSRWXVMOIW
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV
( 4L]WMGEP1IRXEP7SGMEP
7OMPPW
*MVIEVQWWOMPPKVSYT4IVGITXMSR9REVQIH 'SQFEX +EQIQEWXIVvWHMWGVIXMSR %VQSVNEGOIX?AGSQQPMRO (IZMGI6EXMRK
-RMXMEXMZI 'SRHMXMSR1SRMXSV
(
&**%6'{ FIPX [JSVIKVMTVSYRHW SJVIKYPEVEQQSA 'SPX0?0MKLX4MWXSP%GG(:4%4{7%6' { G [WTEVIGPMTWVIKYPEVEQQSA ,/?71+%GG (:4%4{7%&**% 6'z G [PEWIVWMKLX VIKYPEVVSYRHW \WTEVIGPMTWA
0MQMXW %VQSV 7OMPPW %YKQIRXEXMSRW
4L]WMGEP1IRXEP7SGMEP 'PYFW*MVIEVQWWOMPPKVSYT4IVGITXMSR 8LVS[R;IETSRW9REVQIH'SQFEX 1YWGPIVITPEGIQIRX6IEGXMSRIRLERGIVW
/RS[PIHKI7OMPPW +IEV ;IETSRW
&
%
6
7
;
0
-
'
)77
+IEV
;IETSRW
'SQQPMRO (IZMGI6EXMRK IEVFYHWJYPP FSH]EVQSV [LIPQIX WQEVXKPEWWIW?6EXMRK [GEQIVEMQEKIPMROPS[PMKLXZMWMSR XLIVQSKVETLMGZMWMSRWQEVXPMROAWYFZSGEP QMGVSTLSRI %VIW'VYWEHIV?1EGLMRI4MWXSP%GG (:4 %4{7%&*6'z G [WTEVIGPMTW VIKYPEVEQQSA *PEWLFERKKVIREHI?+VIREHI(:7%4z &PEWXQA *VEKQIRXEXMSRKVIREHI?+VIREHI(: 4 J %4 &PEWXzQA z7%&**%6'z G [WTEVIGPMTW VIKYPEVEQQSWQEVXKYRW]WXIQA 7XYRFEXSR?'PYF%GG6IEGLz(: 7 I %4zA
7398,)62-27966)'8-32
& 03 3( =& 97 -2 )77
0-/)%832 3*&6-'/7 1MOMS KVYRXIH ERH X[MWXIH LMW KVETLMXIGSPSVIH FPEHI LEVH IRSYKL XS LIEV MX WRET 8LI FPEHI TM\IPEXIH ERH HMWWSPZIHPIEZMRKSRP]XLI[VIGOIHGEVGEWWSJE0SRHSR GSRWXEFPIEWIZMHIRGIXLIEXXEGOTVSKVEQIZIVI\MWXIH 8LI LEGOIV WMKLIH WXVEMKLXIRMRK XS LMW JYPP LIMKLX 8LI WPIE^I VSYXMRI XLEX LEH LMQ PSSOMRK PMOI 7LIVPSGO ,SPQIWMRXLMWRMKLXQEVISJELSWXSYKLXXSLEZIJSSPIH XLI -' FYX MRWXIEH LI [EW EROPIHIIT MR HMKMXEP WRS[ ERHWIGYVMX]VSYXMRIW -X[EWXLIHSKXLEXHMHLMQMR&IXXIVJSVXLITVSKVEQ XSQERMJIWXEWEGSGOIVWTERMIPSVEGSSRLSYRH{WSQI WXSRIWXVIIXWERHWLYXXIVIHWXSVIJVSRXW[IVIRSTPEGIJSV XLEXX]TISJHSK,IPSSOIHXSXLIPIJXERHVMKLXSJXLI «EXEPFYVYR HSK TEGMRK MR JVSRX SJ E HSSV[E] JYVXLIV HS[RXLIEPPI]%XPIEWXXLITVSKVEQ[SVOIH,IXVSXXIH SZIVXSLMWWIEVGLTVSKVEQXSWII[LEXMXLEHJSYRH% WMKREFSZIXLIHSSVVIEH 'VERWXSR w:IV]KSSH'LM]SOSx1MOMSWEMH ,MW TVSKVEQ GLYJJIH KVEXIJYPP] ERH LI WQMPIH EX MX MRVIWTSRWI+SSHGSHMRK[EWZMWGIVEP{XLSVSYKL)EGL TSWWMFPI WSGMEP MRXIVEGXMSR RIIHIH XS FI EGGSYRXIH JSV +SSH GSHMRK QIERX IZIV]XLMRK XS XLI ZMVXYEP I\ TIVMIRGI ,MW XMQI MR XLI LSWX XSPH LMQ XLI MRHMZMHYEPW VIWTSRWMFPI JSV [IVI KSSH )ZIR FIJSVI XLI ORI[ LI [SYPH TYVWYI XLMW GEWI ,IvH [EXGLIH ERKV] ERHTS[IVPIWWEWLMWGSQQPMROQSVTLIHMRXSEYWIPIWW LYROSJKVE]TPEWXMGERH[SRHIVIH[LSWIGSHI[EWXS FPEQI ,IvH FIIR XVEGOMRK IGLSIW SJ XLEX GSHI EGVSWW XLI 1EXVM\ JSPPS[MRK MX PMOI JSSXTVMRXW MR XLI WXMPP IEVXL 2S[XLIGSHIERHLMWTE]HE][IVIMRVIEGL 8LI MRWMHI SJ PSSOIH PMOI E GYVMS WLST GVEQQIH XMKLX [MXL GYFFMIW ERH GEFMRIXW ERH RSSOW -XJIPXPMOIXLI]EPPSVKERM^IHMRXSWSQITEXXIVRFYXSRI IZIRLMW1-8 8XVEMRMRKGSYPHRSXYRVEZIP;MXLWIGYVMX] SYX,I[EWWSGPSWI
0-/)%8323*&6-'/7
'LM]SOS[EWFEVOMRKRS[ERHRYHKMRKLMQ[MXLLIV [IXRSWI1MOMS MKRSVIH LIVMRWXIEHXEOMRK EQSQIRX XS WXYH] XLI WQEPP WTEGI ,I ORI[ XLI LSWX EVGLMXIG XYVI[EWQIERXXSXLVS[LMQSJJ8LIWLST[EWEJEOIH HEXEWXSVI{E VIH LIVVMRK HIWMKRIH XS JSSP PIWWIV LEGO HYKXLVSYKLXLIGYVMSWYRXMPLIJSYRHEHYWX]QEWSRNEV XLIRWQEWLIHMXXSVIZIEPXLIOI]MRWMHI1MOMSXSSOXLI OI]ERHWPSXXIHMXHMVIGXP]MRXSXLIFEGO[EPPSJXLIWLST 2SXLMRK LETTIRIH JSV E QSQIRX ERH XLIR XLI [EPP HMWWSPZIH PIEZMRK E HMQ XYRRIP PMRIH [MXL HEXEWXSVIW -X [EW EW LI WYWTIGXIH 8LSWI 6IWSRERGI .YROMIW [MXL EPPXLIMVXEPOSJWOMPPWGYPXMZEXIHMRXLIHIIT1EXVM\[IVI NYWXWXVIIXGSVRIVHMKMXEPQEKMGMERWEJXIVEPP2S[[LIVI [IVIXLI]LMHMRK# 8LIERW[IVETTIEVIHMRXLIJSVQSJEGGIWWPSKW7I EXXPI3JGSYVWIXLI]vHFIXLIVI 1MOMSXVMIHXSQEWOLMWMRXVYWMSRXSWWMRKSYXGPIER IV TVSKVEQW XS IVEWI ER] IZMHIRGI XLEX LI LEH FIIR XLIVIERHQEOMRKWYVIXSGPSWIXLIPMXXPIHVE[IVWLILEH STIRIH 8LIR LI NSKKIH SYX SJ XLI EPPI][E] LMW HSK OIITMRK TEGI EX LMW WMHI -X XSSO QMPPMWIGSRHW XS VIEGL ERSHI[LIVIMX[EWWEJIXSI\IGYXIEKVEGIJYPPSKSJJ EVSSQE[E],IWEXYTXSSUYMGOP]ERHEJSVKSXXIRFEK SJ GLMTW XYQFPIH JVSQ LMW [MHI GLIWX 8LI SVOvW LERH XS VIWX SR E TEXGL SJ TPEWXMG RIWXPIH NYWX FIPS[ E ]IP PS[IHXYWO ,ILEHWSQIXLMRK2SLILEHIZIV]XLMRK 0SGEXMSR 1V .SLRWSR [EW KSMRK XS LEZI XS TE] LMQ E FMX QSVI MRXSXLIEMV,IWXEVXIHXSTEGIGSRWMHIVMRKLS[LMKLLI GSYPHVEMWILMWJII ,EH LI TEMHQSVIEXXIRXMSRXLMRKW QMKLX LEZI IRHIH HMJJIVIRXP] 1MOMS [EW WS HMWXVEGXIH G]FIVHIGO;LIRLINEGOIHFEGOMRXSGSRXEGXLMW.SLR WSRXLMRKW[IRXXIVVMFP][VSRK
1-77-2+-2%'8-32 4378)(&= 70%11
8[S[IIOWEKSEJVMIRHGSRXEGXIHQI[MXLE[MPHWXS V] EFSYX E ZMVYW FVMGOMRK 1ERKEH]RI GSQQPMROW &I JSVI]SYEPPNYQTHS[RQ]XLVSEX-KIXMX8LIMHIEXLEX QSRSPMXLMGGSVTSVEXMSRWTVSKVEQMRXMQIHJEMPYVIWMRXS XLIMV TVSHYGXW MW SPHIV XLER XLI 1EXVM\ *SV XLI QSWX TEVXMXMWRvXXVYIXLSYKL%TVSHYGXFVIEOMRKHS[RXLI HE] EJXIV XLI [EVVERX] IRHW MW YWYEPP] GSMRGMHIRGI ;LIRMXGSQIWXS1ERKEH]RILS[IZIVXLIVIQE]FI QSVIXLIVIXLERQ]XL ;LIR 1MOMS GSRXEGXIH QI LI WEMH XLEX LMW S[R GSQQPMROFVMGOIHERHXLEXMX[EWRvXEREGGMHIRX8LIVI [EWIZIREVYQSVXLEXWSQISRILEHHMIHEWEVIWYPXSJ [LEXIZIVGEYWIHXLIGSQQPMROWXSKSHIEH1]JVMIRH QMKLXFIE[LMXILEXFYXLIWPEQWXLI1EXVM\EWKSSH EW ER] SJ YW 7S [LIR LI XSPH QI XLI FVMGOIH GSQ QPMROW [IVI XLI VIWYPX SJ E REXMZI GSHI - ORI[-LEH ER]XLMRKSJJXLIGSQQPMROMXWIPJFYXLMWVIWIEVGLJSYRH FVMGOIHXLIWEQIHE]EWLMW%PPSJXLIFVMGOIHTLSRIW LEHVIGIMZIHEFIXEWSJX[EVIYTHEXIEJI[[IIOWTVM SV1MOMSXLSYKLXXLIZMVYW[EWYTPSEHIHXLVSYKLXLI YTHEXI % JI[ HE]W PEXIV ER MRHITIRHIRX VITSVX WYVJEGIH EFSYX XLI YRYWYEP RYQFIV SJ GSQQPMROW XLEX FVMGOIH MQQIHMEXIP]EJXIVYTKVEHMRK XSXLIFIXE378LIGSQ TER] W[ITX MX YRHIV XLI VYK ERH TVSZMHIH JVII GSQ QPMRO YTKVEHIW XS IZIV]SRI EJJIGXIH 8LEX HE] 1MOMS GEPPIH QI ERH WEMH XLEX 1EREKH]RI LEH LMVIH LMQ XS MJ1ERKEH]RIMWXV]MRKXSXLVS[WYWTMGMSRSJJSJMXWIPJSV MJXLIGSVTSVEXMSR[EWXLIZMGXMQSJWEFSXEKI1MOMSWXMPP FIPMIZIW1ERKEH]RIVIPIEWIHXLIZMVYWSRMXWS[RERH SRGI[SVHWTVIEHEFSYXMX[LSIZIVXLI]GSRXVEGXIHXS FYMPHMXQEHIXLIQWIPZIWVIEPWGEVGI
XLIGEVRIIHIHQEMRXIRERGISREWGLIHYPIXLEX[EWLEPJ XLIXMQISJXLIVIUYMVIHQEMRXIRERGITIVMSH8LIQEXXIV [LMPIXSJSVKIXMXERHIZIRPSRKIVJSV6EMHIR1SXSVWXS VIKEMRGSRWYQIVXVYWX 1V&SRHW ;LSMW6EMHIR1SXSVW# &EOE(EFSVE )\EGXP] 1V&SRHW -RXLMWHE]ERHEKIMXMWRvXIEW]JSVWSQISRIXSHMWETTIEV{ IWTIGMEPP]LEGOIVW[LSLEZIXSEGGIWWXLI1EXVM\MRSVHIV XLI]vVIIMXLIVZIV]KSSHSVXLI]vVIKIXXMRKLIPT 7XMGOW
8LI QSXMZI MW XLIVI 1ERKEH]RI GSQQPMRO WEPIW LEZIWPMTTIH SZIVXLI PEWXX[S VIPIEWIQSHIPW-vQRSX XV]MRKXSFISYVRI['SRWTM-7IISVER]XLMRKFYXXLI QMKLX[ERXXSGSRWMHIVW[MXGLMRKFIJSVIIZIV]XLMRK]SY LEZIXYVRWXSFVMGO
[LS[EWVIWTSRWMFPIJSVFVMGOMRKXLIGSQQPMROW# &EOE(EFSVE 8LEXvWXLI TEVXXLEXLEWQIVEXXPIH 0EWX XMQI-QIX [MXL GSHI8LEX [EW WIZIRX]X[S LSYVW EKS8LIVIvW FIIR RS XVEGISJLMQSRXLIRIXSVMRXLIQIEX[SVPHWMRGIXLIR- XVMIHLMWJVMIRHWLMWHSWWIZIRWGERRIHLMWFEROEGGSYRX EGXMZMX],INYWXJIPPSYXSJXLI[SVPH 7PEQQ
-XQEOIWWIRWI8LIGSQTER][SYPHLEZIXSIPMQMREXI ER] TVSSJ XLI] EVI GSRRIGXIH XS XLMW SV XLI VIWYPXW
7S]SYvVIWE]MRK]SYFIPMIZIEOMPPW[MXGLVIEPP]I\MWXW# /ME
8LI 'SVTSVEXI 'SYVX XVMIH E GEWI PMOI XLMW IPIZIR ]IEVW EKS 6EMHIR 1SXSVW [EW EYXSTVSKVEQQMRK QEMRXIRERGIWIRWSVWSRXLIMVGEVWXSMRJSVQXLIHVMZIV
%PP -vQ WE]MRK MW 1MOMS XLSYKLX MX HMH ERH [LEXIZIV LI JSYRHKSXLMQHMWETTIEVIH 7PEQQ
0-/)%8323*&6-'/7
&033(=&97-2)77
%(:)2896) &%'/+6392( 8LIWMRKYPEVMX]MWEQ]XL8LIVIVIQEMRWEHMZMHIFIX[IIR XLIWTIIHSJXIGLRSPSKMGEPEHZERGIQIRXWERHXLIGSVTS VEXIRIIHXSTVSHYGIERHVIPIEWIRI[XIGLRSPSK]IZIV] HMJJIVIRX XLERXLI TVIZMSYW SRIW8LI WMQTPIJEGX SJ XLI GERXEHZERGIQIRXWIZIV]X[S]IEVW[LMPIXLIRIIHJSV VIPIEWIG]GPIJSVGSQQPMROW'SRZIRXMSREP [MWHSQ WE]W XLEX XLI [E]GSQTERMIW KIX TISTPIXS FY] XLIMVXIGLMW XSSJJIVRI[FIPPWERH[LMWXPIWXLEXGSQTIPXLIQXSFY] RI[GSQQPMROW3RXLISXLIVLERHGSQTERMIW[SVOSR EX[S]IEVGSRXVEGXWGLIHYPIXLEXXEOIWEHZERXEKISJXLI XIGL G]GPI FYX QEOIW MX LEVH JSV GSQTERMIW XS WIPP RI[ )EVPMIV XLMW ]IEV 1ERKEH]RI TMPSXIH E WSPYXMSR XS XLIMV TVSFPIQ 8LI] LMVIH E XIEQ SJ LEGOIVW XS GVIEXI E GSHI XLEX [SYPH EYXSQEXMGEPP] GEYWI XLI TLSRI XS [EWHIIQIHWYGGIWWJYP1ERKEH]RIMQTPIQIRXIHXLEX GSHIMRXSERIRXMVIWIVMIWSJTLSRIW,S[IZIVXLIVIMW TPIMRXLIXIWXTLEWIHMIHHYVMRKXLIOMPPW[MXGLEGXMZEXMSR 1ERKEH]RI XIGLW FIPMIZI XLI IVVSVLEW XS HS [MXLXLI QPMRO[LIRXLIOMPPW[MXGLEGXMZEXIH-XMWEQMRSVKPMXGL RIKPMKMFPIMRFYWMRIWWXIVQWFYXMXGSYPHI\TSWIXLIGSV TSVEXMSRXSPMXMKEXMSRERH46[SIW 1ERKEH]RILMVIHEXSTLEGOIVREQIH1MOMSXSXVEGO HS[R XLI GSPPIGXMZI XLI] LMVIH XS QEOI XLI OMPPW[MXGL ,IJSYRHXLIQFYXLIHMWETTIEVIHFIJSVILIGSYPHXIPP XLIGSVTSVEXMSR[LIVIXLILEGOIVW[IVI8LIVYRRIVWEVI FVSYKLX MR IMXLIV F] 1ERKEH]RI MXWIPJ SV MXW GLMIJ VMZEP 6IWSRERGI.YROMIW 1IER[LMPI XLI LEGOIVW XLIQWIPZIW LEZI KSRI XS KVSYRH JIEVMRK XLI GSVTSVEXMSR [MPP OMPP XLIQ XS OIIT XLIZMVYWE WIGVIX 8LI] EVILMHMRK WSQI[LIVIMR7IEX MRGPYHMRKXLI2MKLX,YRXIVWKERKKMZIWXLIQETPEGIXS RIVIH-JXLIVYRRIVW[ERXXSKIXXSXLIMVXEVKIXWXLI]EVI KSMRKXSLEZIXSFEXXPIXLVSYKLXLI7IEXXPIYRHIV[SVPH
403843-28 ',37)=3963;2.3,2732 8LI EHZIRXYVI FIKMRW MR SRI SJ 7IEXXPIvW VSYKLIWX FYVFW 8LI VYRRIVW EVI GEPPIH XS QIIX 1V .SLRWSR EX ERSYXSJXLI[E]/SVIERRSSHPIWLSTMR6IRXSRvWMR HYWXVMEP HMWXVMGX %X XLI PEXI LSYV XLI SRP] TISTPI JVI
0-/)%8323*&6-'/7
UYIRXMRKXLIWLSTEVIPSGEPW[LSORS[FIXXIVXLERXS VIQIQFIV[LSXLI]v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vXLMVI XLI VYRRIVW XS TIVJSVQ XLMW NSF 8LI VMZEP GSVTSVEXMSR IQTPS]W E WM\QER IPMXI GSVTSVEXI WIGYVMX] XIEQ YWI )PMXI'SVTSVEXI7IGYVMX]T 76 PIHF]XLIMV0MIY XIRERX 'PMJJ6EMRIW YWI)PMXI'SVTSVEXI0MIYXIRERX T
&033(=&97-2)77
76 8LIMVWXERHMRKSVHIVWEVIXSFMHSRERHVIGSZ IV XLI MXIQ -J XLI]GERRSX VIGSZIVXLIMXIQ HYVMRKXLI EYGXMSRXLI]EVIEYXLSVM^IHXSYWIPIXLEPJSVGIMRSVHIV XSVIXVMIZIMX 8LI[E]FMHHMRK[SVOWMWXLIEYGXMSRIIVWWLS[WXLI GVS[HERSVHMREV]PSSOMRKMXIQWYGLEWETEMVSJWRIEO IVW SV ER SYXHEXIH G]FIVHIGO GPEMQMRK XS FI ZMRXEKI 8LI GSRXIWXERXW FMH SR XLMW JVSRX MXIQ 3RGI XLI] [MR ERHXLIJYRHWEVIGSPPIGXIHXLI[MRRIVWEVIIWGSVXIHXS ETVMZEXIEVIE[LIVIXLI]GER I\GLERKIXLIJVSRXMXIQ JSV [LEX XLI] VIEPP] GEQI JSV 8LI VYRRIVW LEZI FIIR XSPHXS FMH SR MXIQ EGIVEQMGGEX&MHHMRK WXEVXW EX RY]IR8LIFMHVEMWIWF]RY]IRTIVGEPP%JXIVMX KIXWXSRY]IRXLIVYRRIVWERH0X6EMRIW[MPPFI XLISRP]FMHHIVWJSVXLMWTEVXMGYPEVMXIQ 6YRRIVWGERQEOIER3TTSWIH8IWXYWMRKXLI-RXMQ MHEXMSRWOMPPXSJSVGI6EMRIWXSWXSTFMHHMRK6EMRIW[MPP HVSTSYXSJXLIFMHHMRKSRLMWS[REJXIVXLITVMGIWYV TEWWIWRY]IR-JLIPSWIWXLIFMHLI[MPPEPIVXLMW XIEQXSHIXEMRXLIVYRRIVWEJXIVXLI]PIEZIXLIEYGXMSR WMXIWSLIGERKIXXLIMRJSVQEXMSRJVSQXLIQ
-JXLIVYRRIVWWYGGIWWJYPP]TYVGLEWIXLIGIVEQMGGEX XLI] EVI IWGSVXIH FEGO XS XLI I\GLERKI EVIE ERH QIX MW HIEH ERH LMW FSH] MW FIMRK LIPH MR XLI %YFYVR GMX] QSVKYIYRXMPWSQISRIEVVMZIWXSGPEMQMX
403843-28 ;,3,%'/78,),%'/)6# 8LI %YFYVR GMX] QSVKYI VIWXW MR E [EVILSYWI HMWXVMGX ORS[R JSV MXW RMKLXPMJI -R JEGX SRGI E [IIO XLI VS[ SJ GPYFW E JI[ FPSGOW JVSQ XLI FYMPHMRK LSWXW E :EQ TMVIvW &EPP GSQTPIXI [MXL HIFYXERXIW ERH HIEHFIEXW EPP HVIWWIH YT XS PSSO XLI TEVX SJ ZEQTMVIW KLSYPW ERHSXLIVGVIEXYVIWSJXLIRMKLX9RJSVXYREXIP]JSVXLI VYRRIVW %YFYVRvW KLSYP TVSFPIQ MW ZIV] VIEP ;LIR XLI VYRRIVW EVVMZI EX XLI QSVKYI E TEMV SJ [SVOIVW MW PSEHMRKFSHMIW MRXS EZER %WXLIVYRRIVWHVE[ GPSWIV XLI] VIEPM^I XLI TEMV EVI KLSYPW ERH XLI ZER FIPSRKW XS 8EQERSYW YWI +1' &YPPHSK T 76 9RJSV
0-/)%8323*&6-'/7
&033(=&97-2)77
XYREXIP]SRISJXLIFSHMIWFIMRKPSEHIHMWXLISRIXLI VYRRIVWGEQIXSGSPPIGX 8LI 8EQERSYWEKIRXWEVIRSXTEVXMGYPEVP]EXXEGLIH XS1MOMSvWFSH]8LI]GERFIFVMFIHSVSXLIV[MWIGSR ZMRGIH XS XEOI ERSXLIV GSVTWI MRWXIEH3RGI XLI VYR RIVWLEZIHIEPX[MXLXLIXLVIEXXLI]RSXMGIXLEX1MOMS WLS[WRSSYX[EVHWMKRWSJMRNYV]MRHMGEXMRK[LEXIZIV OMPPIHLMQ[EWMRXIVREP2SEYXSTW][EWTIVJSVQIHSR XLIFSH]-JXLIVYRRIVWQEOIE4IVGITXMSR -RXYMXMSR ?1IRXEPA 8IWXXLI][MPPRSXMGIXLEX1MOMSLEWERI\ XVE HEXENEGO{XLMW SRI HIWMKRIH XS EGGIWW LIEH[EVI HEXE%XIGLWEZZ]VYRRIVGERQEOIEWYGGIWWJYPLEGO MRKXIWXXSFVIEGLXLILIEH[EVIWIGYVMX]ERHEGGIWWXLI PIEVR XLEX LI HMWGSZIVIH XLEX XLI 6IWSRERGI .YROMIW 8LI LEGOIVW RIZIV QIIX 7LEPI MR TIVWSR -RWXIEH XLI FYWMRIWWMWGSRHYGXIHXLVSYKLEHIEHHVST&IJSVILI HMIH1MOMS[EWEPWSEFPIXSYRGSZIVXLIPSGEXMSRSJXLI HIEHHVST6YRRIVWQE]YWIE7SJX[EVI0SKMG?1IR XEPA 8IWXXSHMKHIITIVXSPIEVR XLEX[LSIZIV OMPPIH 1MOMS HMH WS [MXL E ZEVMERX SJ XLI /MPPW[MXGL TVSKVEQ XLEXJYRGXMSRWWMQMPEVXSFPEGO-'3RGILIVIGSRRIGXIH XSLMWG]FIVHIGOXLITVSKVEQEGXMZEXIHTVIZIRXMRKLMQ JVSQPSKKMRKSJJ8LIVIMWIRSYKLXVEGIIZMHIRGISJXLI TVSKVEQLIVIXSWIPPEWTE]HEXE
403843-28 8,)38,)6;%= %RIPMXIGSVTSVEXIWXVMOIXIEQPIHF]'PMJJ6EMRIWMWEPWS PSSOMRK JSV XLI LEGOIVW ,EZMRK PIEVRIH XLEX XLI] EVI XLEX XLI 6IWSRERGI .YROMIW [SYPH FI QIIXMRK [MXL XLIQMR1IVVMQER4EVOMR4Y]EPPYTEXEQ8LIVIMWRS QIIXMRK -RWXIEH 6EMRIW ERH LMW XIEQ LSTI XLI VYWI [MPP HVE[ SYXXLILEGOIVWERHER]SRIIPWI[LSQMKLX 1IVVMQER 4EVO [EW IVIGXIH X[IPZI ]IEVW EJXIV XLI 2MKLX SJ 6EKI EW E QSRYQIRX XS XLI QIXELYQERW [LS PSWXXLIMVPMZIWHYVMRKXLSWIVMSXW8LIPSGEPWWE[XLITEVO GMX][EVQIHXSXLIMHIESJXLITEVOERHPSGEPWFIKERYWMRK MXIRSYKLHYVMRKHE]PMKLXLSYVWXS[EVVERXEVIKYPEVTSPMGI TVIWIRGI+ERKZMSPIRGILS[IZIVWXMPPVIQEMRWERMWWYIEX IRWXSV]ETEVXQIRXFYMPHMRKW[MXLXLIWSYXLWMHISTIRMRK XSEWM\PERIWXVIIX6EMRIWLEWWRMTIVWWIGYVIHMRXLIIEWX ERH[IWXFYMPHMRKW[MXLXLIVIQEMRHIVSJLMWXIEQMRWXVIIX GPSXLIWWTVIEHXLVSYKLSYX XLITEVO *SPPS[MRK XLII\TI VMIRGI EX XLI EYGXMSR 6EMRIW [MPP VIGSKRM^I XLI VYRRIVW FYX [MPP RSX QSZIXSWYFHYIXLIQYRXMPXLI] XV] XSPIEZI SVGEYWIIRSYKLSJEWGIRIXLEXMXVYMRW6EMRIWvSTIVEXMSR 8LSYKLXLI6IWSRERGI.YROMIWHSRvXWLS[YTXSXLI QIIX XLI 2MKLX ,YRXIVW KERK QEOIW ER ETTIEVERGI
0-/)%8323*&6-'/7
EXVERWLYQERMWXKERKSYXSJ6IRXSRXLEXWXVYGOYTEW]Q FMSXMGVIPEXMSRWLMT[MXLXLI6IWSRERGI.YROMIWTVSZMHMRK TVSXIGXMSRERHQERTS[IVMRI\GLERKIJSVGYXXMRKIHKI XIGLRSPSKMGEP ORS[LS[ ERH MRXIPPMKIRGI 9RJSVXYREXI P]JSVXLIVYRRIVWXLEXQIERWXLI2MKLX,YRXIVWEVIEPP IRLERGIHMRWSQI[E]QEOMRKXLIQXSYKLIVXLERXLI EZIVEKIKERKIV YWI+ERK0MIYXIRERX T 76 JSV XLIFEWMG KERKQIQFIVW 8LI][MPP FIEFPI XSMHIRXMJ] 6EMRIWJVSQLMWWRSSTMRKEVSYRHFYX[MPPRSXVIGSKRM^I XLIVYRRIVW 8LMWWGIREVMSGERLIPTXLIVYRRIVWYRGSZIVEHHMXMSR EP GPYIW6EMRIWHSIWRvX LEZIER]RI[MRJSVQEXMSR FYX XLITVIWIRGISJXLI2MKLX,YRXIVWMRHMGEXIWEGSRRIG XMSRFIX[IIRXLIKERKERHXLI6IWSRERGI.YROMIW-JXLI VYRRIVWQEREKIXSGETXYVIE2MKLX ,YRXIVXLIKERKIV GPEMQWXSORS[RSXLMRKEFSYX[LIVIXLILEGOIVWEVI,I QE]FIMRXIVVSKEXIHJYVXLIVERHJSVGIHXSVIZIEPEREQI ']VYW7LEPI
403843-28 ()%((634 1ER] LEGOIVW HS XLIMV TL]WMGEP FYWMRIWW ZME E HIEH HVST ERH MR XLMW GEWI XLI VYRRIVW QYWX IMXLIV JSPPS[ SVMRXIVVSKEXIXLIKERKIV[LSLERHPIWXLIHIEHHVSTW 8YVRW SYX XLI LEGOIVW EVI PSSOMRK JSV E HYHI [LS LEGOIHXLIQ 7LEPIMW YRMQTVIWWMZI LMWSRP]GSRRIGXMSRXSXLIWI IPMXILEGOIVWMWXLEXLIMWGSYWMRW[MXLSRISJXLIQ2IZ IVXLIPIWW7LEPIvWORS[PIHKISJTYPTWT]RSZIPWPIHLMQ XSGVIEXIEVYHMQIRXEV]FYXIJJIGXMZIHIEHHVSTFIX[IIR LMQWIPJ ERH XLI 6IWSRERGI .YROMIW 7LEPI STIVEXIW LMW FYWMRIWW SYX SJ E WQEPP TE[RWLST %R IPHIVP] [SQER [LSFIEVWEGPSWIVIWIQFPERGIXS7LEPIVYRWXLIWLST LMWXMQIVMHMRKLMWQSXSVG]GPIEVSYRH6IRXSRWIIQMRKP] ZMWMXMRKVERHSQPSGEXMSRW -J XLI VYRRIVW SFWIVZI LMQ JSV X[S HE]W XLI] GER QEOIE4IVGITXMSR-RXYMXMSR?1IRXEPA 8IWXXSYRPSGO XLITEXXIVRXSLMWQSZIQIRXW7LEPIQSZIWXLVSYKLSYX 6IRXSRMR[LEXLILSTIWXSFIEVERHSQJEWLMSR-RJEGX LIQIVIP]YWIWHMJJIVIRXVSYXIWMRSVHIVXSZMWMXXLIWEQI JSYVPSGEXMSRW)EGLHE]7LEPIZMWMXWXLIWEQIXLVIIGSV RIVWERHPIEZIWER%6XEKPMROIHXSXLIWXSTPMKLX,IIM XLIVPIEZIWEWQEPP<SVER38LIGSHIMXWIPJMWRvXZIV] EWXLVIITSMRXGMTLIVXSXIPPLMWGSRXEGXW[LIXLIVSVRSX XLIVIMWWSQIXLMRKJSVXLIQEXXLITE[RWLST<<<MWE VIWTSRWIGSHI-JXLIGPMIRXLEWGSRXEGXIHLMQXLEXGSHI MRHMGEXIWXLIVIMWRSRI[MRJSVQEXMSRXSWLEVI[MXLXLI GPMIRX3<3QIERWXLIVIMWEHIPMZIV]XSTMGOYTEXXLI TE[RWLST8LIXLMVHGSHIXLEXLEWQIERMRKMWXLIVEVIP] YWIH <33 [LMGL QIERW LI RIIHW XS QIIX MR TIVWSR [MXL XLI GPMIRX %PP SXLIV PIXXIV GSQFMREXMSRW EVI RSR WIRWIFYX7LEPI[MPPYWISXLIVGSQFMREXMSRWJVSQXMQI
&033(=&97-2)77
XS XMQI XS XLVS[ SJJ ER]SRI [LS MW XV]MRK XS LEGO LMW GMTLIV -JXLIVYRRIVWETTVSEGL7LEPIEWTSXIRXMEPRI[GYW ERHWLS[WRSMRXIVIWXMRXEOMRKSRRI[GPMIRXWSVVYRRIVW 8LISXLIVSTXMSRMWXSTYPPLMQSJJXLIWXVIIXERHMRXIVVS KEXILMQ-JXLIVYRRIVWSFWIVZILMQFIJSVIXLI]QSZIMR XLI]vPPRSXMGIXLEXLIMWEPWSFIMRKJSPPS[IHF]QIQFIVW SJ XLI 2MKLX ,YRXIVW -J LI MW WIIR FIMRK KVEFFIH XLI 2MKLX,YRXIVW[MPPGSRWMHIVLMQGSQTVSQMWIHERHGER GIP JYXYVI HIEHHVSTW-J XLIVYRRIVW HIGMHI XSMRXIVVS KEXI7LEPIMXFIGSQIWMQQIHMEXIP]GPIEVXLEXLIHSIWRvX ORS[[LIVILMWGSYWMRSVER]SJXLISXLIVLEGOIVWEVI ,ISRP]ORS[WXLEXXLI2MKLX,YRXIVWKERKMWXLIKVSYT TMGOMRKYTXLIWIHIEHHVSTW-JTVIWWIH7LEPI[MPPWLEVI LS[LMWHIEHHVSTW]WXIQ[SVOW
403843-28
PMZIVIHXSLMQ-RXLMWGEWIXLI2MKLX,YRXIVW[MPPKMZI GLEWIWIIMRKXLEXXLIMVXIGLWYTTPMIVWEVIFIMRKXEOIR E[E]-JXLIVYRRIVWEVI[SVOMRKJSV1ERKEH]RITVSSJ SJHIEXL[MPPFIIRSYKLXSGEYWIXLIKERKIVWXSWXERH HS[R
403843-28 4%=(%= 8LI EHZIRXYVI IRHW WIZIVEP FPSGOW JVSQ [LIVI MX FI KER1V.SLRWSRLEWWIXYTMREWQEPPEYXSFSH]WLST -J 1ETIR JYRHIH XLI NSF 1V .SLRWSR MW WXERHMRK F] ZER VIEH] XS IWGSVX XLI TVMWSRIV XS E PSGEXMSR [LIVI LI GER FI TVSTIVP] UYIWXMSRIH 8LI 1ERKEH]RI 1V .SLRWSREPWSLEWWIGYVMX]FYXXLI]EVIXLIVIJSVLMWTVS XIGXMSRMRGEWIXLIVYRRIVWHMWTPE]ER]TSWXVYREKKVIW
7,3;(3;2')286%0
[MXL XLI WLEHS[VYRRIVW MJ XLI NSF [IRX [IPP SJJIVMRK XLITVSQMWIHTE]QIRXW
TPE]IVW XS FVIEGL E XVEMR ]EVH TEXVSPPIH F] KERKW ERH HVSRIW ERH QSRMXSVIH F] E LMKLXIGL WIGYVMX] W]WXIQ 8LI6IWSRERGI .YROMIW LEZI FEGOIH XLIQWIPZIW MRXSE GSVRIV8LI]HSRvX[ERXXSFIGEYKLXF]1ERKEH]RIWS XLI]vZI GVIEXIH E HIJIRWMZI KEYRXPIX +MZIR XLI SZIV [LIPQMRKSHHWEWXVEMKLXSYXEWWEYPXWIIQWSYXSJXLI UYIWXMSRWSXLIVYRRIVWQYWXHIGMHIMJXLI][ERXXSYWI WXIEPXLSVGLEPPIRKIXLILEGOIVWLIEHSR (IWTMXIXLI*SV7EPIWMKR WXEOIHMRXLIKVSYRHRI\X XSXLIKEXIXLIXVEMR]EVHPSSOWZIV]QYGLPMZIHMR8LI [EPPIH ]EVH GSQTVMWIW X[SHS^IR VEMP GEVW MR ZEVMSYW WXEXIWSJHMWVITEMVWGEXXIVIH EGVSWW EWIVMIWSJEY\MPMEV] PMRIW8LI]EVHEPWSIRGPSWIWERIRKMRILSYWIERHEGSR XVSP XS[IV 8LI IRKMRI LSYWI MW [LIVI XLI FYPO SJ XLI KERKIVWGSRKVIKEXI-RWMHIEVEMPGEVLEWFIIRGSRZIVX IHXSWIVZIEWEQEOIWLMJXLSWTMXEP[LIVI2MKLX,YRXIVW VIGIMZIXLIMVG]FIVRIXMGIRLERGIQIRXW8LI6IWSRERGI .YROMIWLEZIXEOIRSZIVXLIGSRXVSPXS[IVYWMRKMXFSXL EW PMZMRK UYEVXIVW ERH XLI [SVOWTEGI [LIVI XLI] TVS KVEQERHLEGO8LILEGOIVWFYMPXEQIWLRIX[SVOSRXST SJXLII\MWXMRK1EXVM\GSRRIGXMSRWXLEXJYRGXMSRWPMOIE 6EXMRKLSWX%PPSJXLIGEQIVEWERHEXVMSSJ+12MW WER(SFIVQERWEVIQSYRXIH[MXLER%/ 6IWSRERGI .YROMIW EVI GSQTSWIH SJ WIZIR LEGO 6IWSRERGI .YROMIWEXVMKLX 8LI]EVIWYTTSVXIHF]EGSRXMRKIRXSJ
'%783*7,%(3;7
XLI 6IWSRERGI .YROMIW[LS IRLERGIH XLIQ 3RGI XLI .YROMIWvPIEHIVMWLIPHF]KYRTSMRXSVSXLIV[MWIMRGETEG MXEXIH XLI SXLIV WIZIR LEGOIVW [MPP WYVVIRHIV GEYWMRK XLIKERKIVWXSWXERHHS[R 8LI GSRHMXMSRW JSV WYGGIWW LIVI GLERKI FEWIH SR [LS LMVIH XLI VYRRIVW -J XLI VYRRIVW [IVI LMVIH F] 1ETIR 1V .SLRWSR [MPP VIUYMVI EX PIEWX SRI SJ XLI 6IWSRERGI.YROMIWERHEGST]SJXLITVSKVEQXSFIHI
6)732%2').92/-)7 ;LMPIXLI]WXEVXIHSYXEWNYWXERSXLIVWXVIIXKERKXLI 6IWSRERGI.YROMIWLEZIQSZIHFI]SRHXLEX8LI]EP [E]WLEHEGSVISJLEGOMRKWOMPPFYXXLI][IVIXLIX]TI SJ OMHW [LS LEH RS HIWMVI XS TYX XLSWI WOMPPW XS YWI MREGSVTSVEXIIRZMVSRQIRX8LI]IRKEKIHMREPSXSJ TIXX]1EXVM\ZERHEPMWQMRXLIMVIEVP]]IEVWFYXWSQI SJXLIMV WXYRXW{PMOIXLISRI[LIVIXLI]TVSKVEQQIH LEZI TSVGMRI RSWIW{WLS[IH GSRWMHIVEFPI LEGOMRK WLEHS[W [LS HMVIGXIH [SVO XLIMV [E] XLEX VIUYMVIH 1EVVM\ ORS[LS[ [MXLSYX ER] GSVVIWTSRHMRK QIEX [SVPHWXVIRKXL3V WSGMEPWOMPPWWMRGIMRXIVEGXMRK[MXL SXLIV TISTPI MW RSX I\EGXP] XLI 6IWSRERGI .YROMIWv WXVIRKXL8LI]EVIFSSVMWLPSYHEQSVEPERHEVVSKERX FYXPIXXMRKXLIMVTSSVQERRIVWXIQTX]SYMRXSQEOMRK EVEWLQSZIIWTIGMEPP]MRXLI1EXVM\GSYPHFIEJEXEP QMWXEOI9WI+ERKIV,EGOIVTJSVKERKQIQFIV WXEXW 8LI PIEHIV SJ XLI 6IWSRERGI .YROMIW MW 7XIPPE / E FEVVIPGLIWXIHLYQER[MXLH]IHFPEGOLEMVTPEWXIVIHXS LIVLIEH7LI)QIVKIHEWEXIGLRSQERGIVXLVII]IEVW EKS ERH HSZI MRXS LIV RI[ EFMPMXMIW IRXLYWMEWXMGEPP] 7LILEWRSXVIGIMZIHEHVSTSJJSVQEPXVEMRMRKWSWLI EGXWSYXSJTYVIMRXYMXMSRERHI\TIVMIRGI,IVMRXYMXMSR XIPPWLIVXLEX&VYXI*SVGILEGOWEVIXLI[E]XSKSERH WLI HIPMKLXWMR EXXEGOW XLEXWLS[ SJJLIV FPYHKISRMRK 1EXVM\WXVIRKXL;LIRXLINSFRIIHWXSFIWYFXPIWLI HIPIKEXIWMX XS LIV WYFSVHMREXIW 9WI+ERKIV8IGLRS QERGIVTJSVLIVWXEXW
0-/)%8323*&6-'/7
& 03 3( =& 97 -2 )77
;,))0-2+
()%0-2+ - KSX X[S MRXIVIWXMRK XMHFMXW FSXL MRZSPZMRK SRI SJ Q] JEZSVMXI KY]W 6MGLEVH :MPPMIVW EPSRK [MXL IZIV]SRIvW EWIVMIWSJXVEGIFPSGOIHQIWWEKIWXLEXGSYPHFIELSE\ SVGSYPHFIERMRXIVIWXMRKI\GLERKIFIX[IIRX[SSJXLI QSWXTS[IVJYPGSVTSVEXIWLEVOWMRXLI[SVPH-[SYPHPIER XS[EVHLSE\MJ-HMHRvXEPWSLEZIXLIWIGSRHMXIQEVEXLIV MRXIVIWXMRKWMQVIGSVHMRK-J-VIGSKRM^IXLIGSHMRKSRXLI JIIH MX GSQIW JVSQ .SLRR]vW S[R VIGSVHMRK W]WXIQ - GSYPHRvXXIPP[LIVIXLI][IVI{XLIFEGOKVSYRHMWEFPIEO ERHRSRHIWGVMTXMRHYWXVMEPJEGMPMX]{FYX-LIEVHWSQIFSEX LSVRWMRXLIEQFMIRXRSMWIERHXLIVI[IVIWSQIWXVSRK WQIPPWSJTIXVSTVSHYGXW1EOIWQIXLMROMX[EWRvX%XPERXE WSXLI]LEHXSLEZIQIXWSQI[LIVIIPWIXSS -GEVYW
8S 2IS4LSIRM\ *VSQ 6EH4PE]FS] 7YFNIGX +VIIXMRKW 8LERO ]SY JSV XLMW TVMZEXI GSRXEGX STTSVXYRMX] 0IX QI WXEVX [MXL Q] GSRHSPIRGIW SR ]SYV PSWWIW - ORS[ ]SYLEHQER]JVMIRHWERHJEQMP]MRWMHI&SWXSR[LIRXLI UYEVERXMRI[IRXMRXSIJJIGX;SVHWLEZIPMXXPIQIERMRK WS-vPP FITYXXMRKRSX SRP] Q]QSRI][LIVI Q]QSYXL MWWSSRFYXEPWSEGLYROSJSYV6 (VIWSYVGIWXS[EVH 2S[XSFYWMRIWW-vHPMOIXSQIIXERHFSYRGIEJI[ XIVIWXW-ORS[]SYvVIEFYW]QEREWEQ-ERH-vHPMOIXS EZSMHER]IEVP]WTIGYPEXMSRSRSYVIJJSVXWWSMJ[IGSYPH GSSVHMREXIXLIQIIXMRKWWYVVITXMXMSYWP]MXQMKLXFIFIWX 8S 6EH4PE]FS] *VSQ 2IS4LSIRM\ 7YFNIGX 6I +VIIXMRKW 8LERO]SYJSV]SYVOMRH[SVHW -EQRSXWYVI[LEX]SYVGSQTERMIWLEZIXSSJJIVMR XLI[E] SJVIWIEVGL WYTTSVXJSVXLI SYXFVIEO FYX]SYV
;,))0-2+ ()%0-2+
IJJSVXW [MPP FI RSXIH F] XLI 'SVTSVEXI 'SYVX ERH ET TVIGMEXIH%WJSV]SYVQSRI]ERHSYVQIIXMRKXLIX[S IZIRXWRIIHRSXFIQYXYEPP]I\GPYWMZI8LIVIMWEREJJEMV XSSPEXIXSEHNYWXXLIKYIWXPMWXFYX-[SYPHXLMRO]SYvVI 0SGEXIQIEXXLIKEXLIVMRKERH[IvPPXEPO 8S 2IS4LSIRM\ *VSQ 6EH4PE]FS] 7YFNIGX 6I 6I +VIIXMRKW 8LEX[EWRvXXLIFIWXWTSXJSVEQIIXMRK*EVXSSQER] I]IWERHIEVWEVSYRH=SYHSORS[[LEXwWYVVITXMXMSYW P]xQIERWVMKLX#,S[EFSYX]SYWIXYTEUYMIXXMQIERH TPEGI-vPPKIXQ]WIPJXLIVIUYMIXP] 8S 6EH4PE]FS] *VSQ 2IS4LSIRM\ 7YFNIGX 6I 6I 6I +VIIXMRKW 8LI QSQIRX [I LEH [EW IRSYKL =SYV TVIWIRGI QIIXMRK WTSXXS ]SYMRXLI RI\X JI[HE]W ,IEHWSYXL XS%XPERXE &IKMR8VERWGVMTXMSR'SHI wv7YT(MGO+SH-vZIEP[E]W[ERXIHXSWE]XLEXx w8LEX NSOIvW EFSYX EW SVMKMREP EW ]SYV PEXIWX LEYXI GSYVXYVIPMRI;SYPH]SYPMOIXSXEPOWIVMSYWP]SVHS]SY LEZIEPSXSJXMQIXS[EWXI#x w)EWIYT=SYGEREGXEPPLMKLERHQMKLX][LIR]SY LEZIEWXEFPITPEGIMRXLIQIKEGSVTSVEXIYRMZIVWI6MKLX RS[]SYHSRvXx w7XSV]SJQ]PMJI1]TSWMXMSRMWRIZIVWXEFPIx w8SYGLÍ 8LVII QIKEW MR XLI PEWX X[IRX] ]IEVW{]SY LEZI XVSYFPI LSPHMRK HS[R E NSF HSRvX ]SY# 1E]FI ]SYvVIRSXXLIVMKLXTEVXRIVJSVQIx w1QLQQ0IXvWPSSO EX]SYVEPXIVREXMZIW EHVEKSR
RSX FIIR IRXLYWMEWXMG EFSYX TEVXRIVMRK [MXL SYXWMHIVW PEXIP] 3V IZIV 8LEX PMQMXW ]SYV STXMSRW XS &YXXIVGYT SV QSM;LSHS]SYXLMRO[MPP[SVO[MXL]SY#x w(MVIGXERHHS[RXSFYWMRIWW0SZIMX-vQWYVVSYRHIH F]PEGOI]W[LSXEPOMRGMVGPIWERHYWIELYRHVIH[SVHWXS WE]RI\XXSRSXLMRK7SSOE]]SYQMKLXFIQ]QSWXPMOIP] EPP]SRXLI&MK8IR%RHMXXYVRWSYX-QE]FI]SYVFIWX JVMIRHMRXLI[SVPHx w-LSTIRSX(SRvXXLMRO-vQXLEXJEVHS[Rx w3J GSYVWI ]SYvVI RSX =SYvVI NYWX KIXXMRK VIEH] JSV ]SYVRI\XFMKVIMRZIRXMSRMWEPP%RH-vQLIVIXSWII]SY XLVSYKLMXx w=SYvVI EPP LIEVX ;LEX WSVX SJ VIMRZIRXMSR EVI ]SY XEPOMRKEFSYX#x w=SYORS[[LEXvWKSMRKSR8LIZMVYWMWIZIV][LIVI ERH]SYRSXSRP]PSWXEJVMIRHXSMXFYX]SYV[LSPIFEWISJ STIVEXMSRWMWRS[EFPEGOLSPI7SQISRIvWKSMRKXSLEZI XS XEOI XLI JEPP JSV XLMW ERH ]SYvVI PSSOMRK PMOI E TVIXX] KSSHGERHMHEXIx w- HSRvX FIPMIZI ]SY LEZI ER] TVSSJ SJ Q] MRZSPZI QIRXSVXLIMRZSPZIQIRXSJER]TEVXSJQ]GSQTER]MR [LEXvWLETTIRMRKx w3JGSYVWI-HSRvX&YX[LSXLILIPPGEVIW#8LMRO]SYvH
WGETIKSEXERH]SYvVIE[JYPP]VMTIJSVWIXXMRKYTx w=SYXLMROTISTPIQMKLXHSXLEX#x w- XLMRO TISTPI EVI =SYvZI KSX TISTPI YRHIV ]SY [LSGERVIEHXLI[VMXMRKSRXLI[EPPEW[IPPEW-GERERH XLI]vVIKSMRKXSXV]XSKIXSYXELIEHSJMX)WTIGMEPP]XLEX HVEKSR{HSRvXXLI]]SYORS[LEZIEVITYXEXMSRJSVTPE] MRKXLIPSRKKEQIERHFIMRKVYXLPIWWEFSYXQERIYZIVMRK SXLIVWMRXSXSYKLTSWMXMSRW[LIRXLI]RIIHXS#x wix
w=SYVPEGOSJEHIRMEPWTIEOWZSPYQIW7SEVI]SYKS MRKXS[EMXJSVEFYWXSVYRSZIV]SY{SVEVI]SYKSMRK XSHVMZIMX#x w=SY[ERXQIXSTMRXLIZMVYWSRXLIHVEKSRx w%RH1EPQWXIMR-LEXIXLEXEWWLSPIx w7S)VMOEERH8VERW]WFIGSQIPSWXXSQI%RHMRVI XYVR#x w=SY GSQI MR ;MXL QI &VMRK 6.6 FVMRK [LEXIZIV IPWI]SYGERERHSTIVEXIXLIQYRHIVXLI7TMRVEHYQ FVIPPE =SY KIXGSQTPIXI MRHITIRHIRGI SZIV [LEX]SY FVMRK MR 8LI TISTPI ]SY PIJX FILMRH XEOI XLI JEPP ERH SRGIEKEMR]SYVMWIYTXS%%%WXEXYW[MXLERI[GSVT 8LEXLETTIRWXSFIQMRIx w&YX[MPPXLI'SYVXKSJSVMX#x w7YVI 9RPIWW XLI] [ERX QI XS EMV XLI QIKEXSRW SJ HMVX]PEYRHV]-vZIGSPPIGXIHMRQ]XMQIx w-RGPYHMRKQMRI#x w=SYV HMVX] PEYRHV]# (MGO ]SYvZI FVSYKLX QIKEW YTERHHS[RSZIVXLITEWXX[SHIGEHIW-vZIHSRIXLI WEQI [MXL UYIIRW GSVTW WXEVPIXW ERH WRS[FSEVHW 2SXLMRK]SYLEYPSZIVLIVIMR]SYVFEKSJHMVX]GPSXLIW MWKSMRKXSGSQIGPSWIXSKEMRMRKXLIOMRHSJEMVXMQI-HS [MXLLEPJXLIHYQFWLMX-TYPP-GERGSZIVJSV]SYx w.SLRR] - XLMRO XLMW GSRZIVWEXMSR QMKLX FI PIEHMRK WSQI[LIVIx w+SSH -vH LEXI XS FI [EWXMRK Q] TVIGMSYW XMQI - GSYPHFIWRS[FSEVHMRKVMKLXRS[x w%WTIRvWRMGIx w8LEROW (VST Q] EWWMWXERX XLI GSHIW -vPP FSVVS[ ]SYVTPEGIJSVEJI[HE]Wx w'EVIJYPSJXLIHVEKSRx w-EP[E]WEQx
;,))0-2+ ()%0-2+
&033(=&97-2)77
%(:)2896) &%'/+6392( QSZIYTXLIQIKEGSVTSVEXIJSSHGLEMR.SLRR]7TMR VEH MW RSX XLI QSWX TEXMIRX SJ QIR ERH LI LEW ZIV] PMXXPI TVSFPIQ QEOMRK LMKLVMWO QSZIW MR SVHIV XS KIX XLIVI[EVHW-RXLI WLEHS[W SJ XLI7M\XL;SVPHXLIVI EVI ZIV] JI[ IRHIEZSVW QSVI VMWO] XLER .SLRR]vW PEX IWX;MXLIZIRXWMR &SWXSRTYXXMRKWSQIGVEGOWMR XLI JSYRHEXMSRSJ2IS2)87TMRVEHMWPSSOMRKXSQEOIEFMK IVSJXLIQIKEGSVTvWXMGOIXXSXLI'SVTSVEXI'SYVXERH %%%WXEXYW6MGLEVH:MPPMIVW :MPPMIVWMWRSJSSP,IvWF]JEVSRISJXLIWLEVTIWXFYWM LMWFMKKEQFPIWXSSQER]XMQIW,MWPYGOMWFSYRHXSVYR SYX7TMRVEH[ERXWXSQEOIWSQIJEGIXSJEGIGSRRIG XMSRW[MXL:MPPMIVWMRSVHIVXSQEOIEWIVMIWSJSJJIVWERH TMXGLIWXSLMWGSVTSVEXIVMZEP8LIVYRRIVWEVIFIMRKLMVIH [MXLEWIGYVMX] HIXEMP[MXLRSGSRRIGXMSRXSLMWGSVTS VEXMSR ERH XLIVIJSVI PIWW TSWWMFMPMX] SJ XLIQ MRJSVQMRK TISTPI[LSQE]XV]XSLMRHIVLMWIJJSVXWMRXIVREPP]8LI WIGSRHMWTEVXSJXLIGSZIV7TMRVEH[MPPFIXVEZIPMRKYR HIVEREPMEWEWEQMHPIZIPI\IGEX7T-RXLIVIJSVI[SVXL] SJEWQEPPWIGYVMX]HIXEMPXLEXNYWXQMKLXRIIHXS FISJJ XLIFSSOW8LILEPJVIEWSR MW 7TMRVEHvW HIWMVIJSV[SVH SJLMWIJJSVXWXSQEOIMXSYXMRXSXLIWLEHS[W,I[ERXW VYRRIVWXSORS[XLEX7T-R ERH 2IS2)8 SVEXPIEWX:MP PMIVWvTEVXSJMXEVIXEPOMRKEFSYXERSXLIVQIVKIVSVXEOI SZIVXLEX[MPPWLMJXTS[IVSRXLI'SVTSVEXI'SYVX
403843-28 %*6)7,*%') 8LI VYRRIVW EVI LMVIH JSV ER I\XVEGXMSR ERH HEXEWXIEP 8LIXEVKIXMW%PI\+Y]EQEVOIXMRK:4JSV4VMQE*EGMI .SLRWSR HSIW XLI LMVMRK ZMVXYEPP] [MXL ER IEVP] EJXIV RSSR QIIX EX (ERXIv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
;,))0-2+ ()%0-2+
IVEXMSR8LI VYRRIVW EVI RSX EPPS[IHXSWXIEP ER] EHHM XMSREPTE]HEXE JVSQ+Y]SVXLIW]WXIQWEX4VMQE*EGMI ERHXLI]EVII\TIGXIHXSGSQTPIXIXLMWSTIVEXMSRYWMRK PMQMXIHZMSPIRGIERHEFWSPYXIP]RSOMPPMRK,I[SRvXI\ TPEMRLMWVIUYMVIQIRXWER]JYVXLIVSRP]WE]MRKXLEXLIvW TE]MRK XLI FMPPW WS LI GEPPW XLI WLSXW ,I VIUYIWXW XLI KVEFXEOITPEGIFIJSVIXLIRI\XQSVRMRK
LMKLVMWI 8LI FYMPHMRK MXWIPJ LEW EZIVEKI WIGYVMX] ERH SZIVGSQI 8LI LSWX W]WXIQ SJ 4VMQE *EGMI WLSYPH FI RSXLMRKJSVERI\TIVMIRGIHLEGOIVEWMXLEWRSSJJIRWMZI -'8LIFMKXIWXMWXLIGLYROSJTE]HEXEWGVIEQMRKXSFI WREKKIH JVSQ XLI W]WXIQ 3R +Y]vW W]WXIQ XLIVI MW E
[MXLXSRWSJZMHISGPMTWTLSXSWWMQVIGSVHMRKIXG%R] VYRRIV [MXL ER] QIHME SV TSTGYPXYVI ORS[PIHKI GER KYIWW XLEX XLMW ITLIQIVE MW XLIOMRH SJ QEXIVMEP 4VMQE LEHXSFY]XSOIITXLIMVGPMIRXWvMQEKIWGPIER 'SVTSVEXI 7IGYVMX] T 76 JSV XLI IRXVERGI ERH GSQQSREVIEW[MXLMRHMZMHYEPWIGYVMX]JSVGIWLMVIHJSV FIEWOMRHSVVSYKLEWWLI[ERXW[MXLXLISXLIVWIGYVMX] JSVGIW MRXLIFYMPHMRK8LIVIMWE WMRKPIWIGYVMX]KYEVH WXEXMSRIHEXFSXLXLIJVSRXERHVIEVIRXVERGIW[LMPIXLI MRKvWLSWX 6EXMRK %7(* MWEVEXLIVFSVMRK
SRVIRXMRKMRXLIFYMPHMRKERHE6IEPXSV%KIRX4VSKVEQ 6EXMRK XS ERW[IV FEWMG UYIWXMSRW 8LI KIRIVEP WI GYVMX]JSVXLIFYMPHMRKMWQSWXP][MVIHQSVIHYIXSXLI EKISJXLIFYMPHMRKERHPEGOSJYTHEXMRKXLERER]WIGY SJXLI WXEMV[IPPWERHEXIEGLIRHSJEPPXLIQEMRLEPPW EPSRK[MXLSRIMRIEGLIPIZEXSV8LIWIEVI[MVIHXSXLI XIVQMREP EX XLI JVSRX HIWO [LIVI XLI KYEVH [EXGLIW XLIQSRJSYVWGVIIRWXLEXTYXYTMQEKIWJVSQXLIGEQ IVEWMRVSXEXMSR
TQ +Y] WXE]W PEXI RSX TEGOMRK YT XS PIEZI YRXMP [SVOWTEGIERHZIV][IPPHIGSVEXIH-XLMKLPMKLXWXLIPEX IWXXVIRHWIWTIGMEPP]XLIVIGIRX1SHIVR%QIVMRHWX]PIW 8LILSWXJSV4VMQE*EGMI 6EXMRK %7(* XLIPEXIWXMR1EXVM\WGYPTXMRKXVIRHWMRGPYHMRKXLIRI[ IWXVEKIVIXVS(WLETIW [MXLXLIQSHIVRGSQTYXMRK TS[IVETTPMIHJSVEWXSRMWLMRKP]XMKLXKVETLMGWERHLMH VIXVS1EXVM\XSYVFERNYRKPIK]Q3FZMSYWP]+Y]PMOIWXS HIJ]XLIWXERHEVHPE[WSJTL]WMGWMRLMWTIVWSREPXIVQM
&033(=&97-2)77
REPEWTEVOSYVMWXLIQSZIQIRXWGYPTXMRKSJXLIZMVXYEP XLIMVGSRXIRXW[MXLMRXLSYKLQSWXMRGPYHMRKXLIFEMXJSV XLIVYRRIVWEVIEPMKRIHMRER1')WGLIVIWUYITEXXIVR VIUYMVMRK ZMVXYEP VSXEXMSRW EW XLI TIVWSREW QSZI JVSQ TPEGIXSTPEGI JVSQGIPIFVMXMIWIRKEKIHMRELSWXSJGSQTVSQMWMRKEG XMZMXMIW MRGPYHMRK MRXMQEXI IRKEKIQIRXW [MXL TISTPI SXLIV XLER XLIMV WTSYWIW MPPMGMX TMGXYVIW SJ QMRSVW ERH SXLIVWLSXWSJMPPIKEPSVMQQSVEPREXYVI8LIWIEVIEPPEG XYEPP]TEVXSJ7TMRVEHvWTIVWSREPGSPPIGXMSRKEXLIVIHXS OIITXLIQE[E]JVSQXLITYFPMGI]ISVJSV7TMRVEHvWTVM EPEGXWVIGSVHIHZMELMWS[RWMQVMK8LIRIX[SVXLSJXLI HEXEXSXLIWPIE^]WGVIEQWLIIXQEVOIXMWTVSFEFP]MRXLI 3RGI+Y]MWI\XVEGXIHERHXLIVYRRIVWGSRXEGX1V .SLRWSRXLI] KIXE VITP] QIWWEKI XS XEOI+Y] XS XLI EMVTSVX8LI]EVIKMZIRETVMZEXILERKEVRYQFIVERHER EGGIWWGSHIJSVXLIGSVTSVEXIKEXI8LIGSVTSVEXIKEXI MW E XLVIIPE]IV HIEP [MXL KYEVHW JVSQ XLVII HMJJIVIRX QIKEGSVTW[SVOMRKSRIEGLWITEVEXIPE]IV8LIEVIEMW MR XVSYFPI MJ XLI] LEZI WSQI WIVMSYW IRIQMIW -J RSX XLI] WLSYPH TEWW XLVSYKL [MXL IEWI YWMRK XLI EGGIWW GSHIW 8LI KEQIQEWXIV QE] TPE] YT XLI XIRWMSR FYX MR XLI IRH XLITPE]IVW GER QEOI MXXLVSYKL ERH SR XS XLIRI\XTPSXTSMRX YRPIWWXLIKEQIQEWXIVLEWWTIGMEP TPERWJSVXLIQi
403843-28 ,)6)v7.3,22= .SLRR]RIIHWEXIEQXSGSZIVLMWLSST[LMPILIQEOIW E JI[ WXSTW EVSYRH 2SVXL %Q ,IvPP QEOI XLI SJJIV [LIR XLI] HVST LMQ EX LMW NIX MR XLI TVMZEXI LERKEV XSQEOIWSQIQSVIWIVMSYWQSRI],MWTE]QIRXSJJIV ZEVMIW KVIEXP] FEWIH SR [LIXLIV SV RSX LI XLMROW XLI VYRRIVW[IVIXIQTXIHF]XLIFMKTE]HEXEWGSVI-JXLI] EGXYEPP] WXSPI E GST] LIvPPSJJIV XLIQ EGLERGI XSKIX FEGOSRLMWKSSHKVEGIWERHTE]XLIQETMXXERGI ,I[ERXWXLIQXSEGXEWLMWTIVWSREPIWGSVXJSVEXVMT XS1ERLEXXER[LIVILILEWETPERXSQIIX[MXLERSXL IVI\IG,I[SRvXWE][LSXLIQIIXMRKMW[MXLFYXXLI VYRRIVWQE]FIEFPIXSTMGOYTEJI[GPYIW8LIFMKSJJIV JSVXLIXIEQXLEXHSIWIZIV]XLMRKVMKLXMWRY]IR TIV HE] JSV XLIXIEQ*SVXLI XIEQXLEXWIIQWXSLEZI FIIRXIQTXIHF]LMWTVMZEXIGSPPIGXMSRSJWXMPPWERHZMH ISWLISJJIVWRY]IRTIVHE]*SVXLIXIEQXLEX EGXYEPP]QEHIEGST]LISJJIVWRY]IREHE]ERH EGLERGIXSVIHIIQXLIQWIPZIW8LIQSRIXEV]EQSYRX [SRvXFIRIKSXMEFPIFYXXLIVYRRIVWGERVSPP2IKSXMEXMSR KEMRWSREVGERIKSSHMIW
;,))0-2+ ()%0-2+
&033(=&97-2)77
TSMRXQSVI GSQTPMGEXIH MW ER 7/ 4VMQI %KIRX YWI 7[EX 8IEQ1IQFIVT [LSMWQSVIXLERNYWXGYVMSYWEFSYX XVEXIH7TMRVEHvWQEMRXIRERGIWXEJJEXXLILERKEV;LIRLI WIIW7TMRVEHGSQIMRHMWKYMWIHEW+Y]LIWYWTIGXWXLIVI MWWSQIXLMRKFMKKIVKSMRKSR8LSYKLVEWLXLIEKIRXHI GMHIWLIRIIHIHXSKIXSRXLITPERI;LMPIXV]MRKXSWRIEO EFSEVHXLSYKLLIMWWTSXXIHF]XLIQIGLERMGVIJYIPMRKXLI TPERI,IOMPPWXLIQIGLERMGWXYJJWXLIFSH]MRXLITPERIvW GEVKSEVIEERHWIXWXLIJYIPXVYGOXSEYXSHVMZIFEGOXSXLI JYIPWXEXMSRFYXLIHSIWRvXLEZIXMQIXSGPIERYTXLIFPSSH HVMZIV LEW HMWETTIEVIH8LMW TYXW XLIVYRRIVWSR XLIMV
;,))0-2+ ()%0-2+
7TMRVEHMWE QER [LSHSIW IZIV]XLMRK MRE KVERHMSWI JEWLMSRERHXLEXMRGPYHIWLMWTIVWSREPNIX X]XLVIIQIXIVWPSRK8LIVIEVXLMVX]XLVIIQIXIVWEVIE WMRKPIPE]IV[MXLJSYVWPIITMRKGEFMRWEPSYRKIX[SVI WXVSSQWERHEPEVKIWIEXMRKEVIE&IPS[XLEXEVIEMWXLI WXSVEKIJSVPYKKEKIERHWYTTPMIWEPSRK[MXLXLIGSVTWI SJXLIQIGLERMG8LIJVSRXX[IRX]QIXIVWMWHSYFPIPE] IVIH8LIPS[IVPE]IVLEWEFEVERHWSGMEPPSYRKI[MXL
&033(=&97-2)77
WIGYVMX]VSSQFILMRHXLIGSGOTMX 8LIVYRRIVWRIIHXSLYRXJSVXLI7/%KIRX[LSMW ZIV]KSSHEXOIITMRKSYXSJWMKLX,IWXEVXWHS[RMRXLI PYKKEKI EVIE FYX YWIW EGGIWW LEXGLIW XLVSYKLSYX XLI TPERIXSQSZIEVSYRH1SWXSJXLIXMQILIWXE]WMRXLI VIEVWIGXMSRSJXLITPERIXLSYKLLIQE]QSZIJSV[EVH
XLI EMVTSVX 8LI]vVI VYRRMRK E XMKLX STIVEXMSR [MXL EPP XLVII TPERIW {EWXVEP 1EXVM\ ERH TL]WMGEP{GSZIVIH MR SVHIVXSOIITXLIQWIPZIWLMHHIR8LI]EVIFEWIHMRXLI
FYXXLIVIEVIXLVIIVIPEXMZIP]WEJITEXLW VMX]VSSQ[LMPIWXIIVMRKGPIEVSJXLIGSGOTMX,I[MPPWYV
HSSV-RXIVREPEGGIWWLEWFIIRGYXSJJF]WXVYGXYVEPHEQ
7TMRVEHXLEXLIvWQSVIZEPYEFPIEPMZI-JXLIVYRRIVWJSVGI SJXLIQHS[R[MXLLMQEWTSWWMFPIMRGPYHMRKXEOMRKXLI TPERIHS[RMJLIQYWX
403843-28 *-678;)8%/)1%2,%88%2
JSV &SWXSR ,MW TPER MW XS PERH EX XLI EMVTSVX ERH XEOI 7T-RWYFWMHMEV]*VSQXLIVILIvWTPERRMRKXSXEOIEGSV ZIHIVI'EWXPIMR 'IRXVEP4EVOXLILIEHUYEVXIVW SJ XLI 7SGMIX] SJ ,E[OW WII T 7XVIIX +VMQSMVI 8LI TPER LMXWEJI[WTIIHFYQTWEPSRKXLI[E]ERHXLIVYRRIVW [MPP RIIH XS LIPT SZIVGSQI XLIQ WS XLEX .SLRR] GER
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
WSQI QMWWMPI EXXEGOW SR TPERIW PERHMRK EX XLI EMVTSVX XLIHIPE]WSLIWYKKIWXWEREPXIVREXITPER%W[SYPHFI I\TIGXIH SJ E 7TMRVEH NIX XLIVI EVI TEVEGLYXIW [MRK WYMXW ERH GSPPETWMFPI KPMHIVW SR FSEVH ,I [ERXW XLI VYRRIVWXSNYQT SYXPSGEXI ERHXEOI SYXXLI XIVVSVMWXW WSLIGERPERH %JXIVXLIVYRRIVWEKVII XLI][MPPLIvW.SLRR]7TMR VEH XLI] WLSYPH FI EFPI XS QEOI UYMGO [SVO SJ XLI MRZIWXMKEXMSREJXIVXLI]WIIEQMWWMPIPEYRGL[LMPIXLI] EVI HIWGIRHMRK 8LI] GER KIX E WSPMH MHIE SJ [LIVI XLIWLSXGEQI JVSQERH GSQIEX MX JVSQ XLI KVSYRH SV XLI] GSYPH KS EJXIV XLIQ MR XVYI 7TMRVEH WX]PI F] XV]MRKXSPERHEXXLIWMXISJXLIPEYRGL8LIQMWWMPIXLEX XLI VYRRIVW WE[ GEQI JVSQ E VSSJXST RIEV XLI IHKI SJ XLI 0S[IV )EWX 7MHI SJ 1ERLEXXER EPWS ORS[R EW XLI4MX 0ERHMRK WLSYPH FIHSRI MR XLEXEVIEER][E] EWXLI WIGYVMX]MWUYMXI PE\-J XLI VYRRIVWHSRvXORS[ QYGLEFSYX1ERLEXXER7TMRVEHHVSTWXLIQXLEXPMXXPI XMTQSQIRXWFIJSVI XLI]NYQTEPSRK[MXLE [EVRMRK XLEX2=4(-RGERHXLI1ERLEXXER(IZIPSTQIRX'SR WSVXMYQJVS[RSRYR[ERXIHKYIWXW 8LI EMVTSVX XIVVSVMWXW EVI EGXYEPP] E XVMS SJ WLEHS[ VYRRIVW GVIEXMRK E HMWXVEGXMSR JSV E VYR KSMRK HS[R EX
GSQTSRIRXW SJ E WLSGO EVVS[ -X VIUYMVIW E 4IVGITXMSR -RXYMXMSR?1IRXEPA 8IWXXSWTSXERHE(IQSPMXMSRW %KMPMX]?1IRXEPA 8IWXXSHMWEVQ*EMPYVISVEGXMZEXMSRVI WYPXWMR7 I HEQEKI[MXLz%4% KPMXGLHSYFPIWXLI %4ERHEGVMXMGEPKPMXGLHSYFPIWFSXL%4ERHHEQEKI%J ?1IRXEPA 8IWXXSWTSXERH(IQSPMXMSRW0SKMG?1IR XEPA 8IWXXSHMWEVQ*EMPYVISRXLIWIMWEJEMPYVIXSHMW EVQ EKPMXGLWIXWMXSJJERHEGVMXMGEPKPMXGLWIXWMXSJJERH GSPPETWIWXLIVSSQ8LIVIQEMRMRKXVETWEVIEPPKVIREHIW %PPSJXLIPMWXIHHEQEKIWXEOIMRXSEGGSYRXXLIPSGEXMSRSJ MWEJVEKKVIREHI 4 J %4FPEWXzQ XLEX[MPPKS
KVIREHI 4z%4FPEWXzQ XLEX[MPPEJJIGXEPPXEVKIXW [MXLMR E XLVIIQIXIV GSRIEGVSWW XLI LEPP[E] [LIR XLI PIEH XEVKIX MW HIXIGXIH EX XLI IHKI SJ XLI GSRI MR XLI VYFFPI EX XLI GSVRIVW SJ XLI VSSQ RIEV XLI HSSV[E] XS 4 J %4 XLEXEVIWIXSJJF]WSQISRIIRXIVMRKXLI VSSQ[MXLXLILSPI
;,))0-2+ ()%0-2+
&033(=&97-2)77
-J ER]SJXLIXVETWSRXLI VYRRIV XIEQ LIEHW SYX XS XLIVSSJXSTTEXMSEVIESRXLI IV SJ XLI QEKIvW -RZMWMFMPMX] WTIPP *SVGILMXW 8LI WXVIIX WEQYVEM PSGOW SR KYMHIH QMWWMPI [LMPI XLIHIGOIVWGERWXLIPS GEPKVMHWJSVXLIVYRRIVW %PP XLVII SJ XLI VYRRIVW EVI PSKKIH SRXS XLI GMX]vW 1(' KVMH VYR RMRK MR LMHHIR QSHI ERHWPEZIHXSXLIHIGO IVv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vX
FI TMWWIH ERH QE] GYX
;,))0-2+ ()%0-2+
XLIMVTE]SVWIRHXLIQTEGOMRK,I[ERXWTVSJIWWMSREPW RSXXVMKKIVLETT]XLYKW 4VSFPIQ RYQFIV XLVII MW E JEQMPMEV TVSFPIQ JSV .SLRR]FYXRSXJSVXLIVYRRIVWERHLI[ERXWXSWII LS[ XLI] TPER XS LERHPI MX .SLRR] QIRXMSRW LI MW RSX SR XLI KYIWX PMWX FYX WXMPP RIIHW XS KIX MRXS XLI TEVX] ERH LI [ERXW XLI LMQ MR ,IvW [EXGLMRK XS WII LS[ GVIEXMZI XLI] EVI ERH LS[ WXVSRK P]XLI]EZSMHOMPPMRK[LIR MX MWRvX RIGIWWEV],IEPWS[ERXWXSWII LS[ FMK SJ E XVEMP XLI] [SYPH PIEZIFILMRHJSV SXLIVW XSJSP PS[3RGIEPPMWWEMHERHHSRI LIvPP WMQTP] XIPP XLIQ XS TYPP YT ERH LIvPP KIX MR{LI EP[E]W HSIW{FYX XLI] HSRvX RIIH XS ORS[XLEX %XXLITEVX]XLIVYRRIVW EVIPIJXSYXWMHI[MXLXLIVIWX SJXLIWIGYVMX]KVYRXW7IGY VMX]MRWMHIMWFIMRKTVSZMHIH F]XLI7SGMIX]SJ,E[OWERH GSRWMWXWGSQTPIXIP]SJFSYRH WTMVMXW E KVERHMSWI WLS[ SJ XLIMV TS[IV %JXIV XLI TEVX] .SLRR] IQIVKIW [MXL E WQEPP IRXSYVEKISJPEHMIW[LSKMKKPI ERH WQMPI [LIR XLI] WII ER] QIQFIVW SJ XLI XIEQ [MXL E 'LEVMWQESJSVLMKLIV %W PSRK EW IZIV]XLMRK [IRX [IPP .SLRR] SJJIVW XLI VYRRIVW ER I\ XIRWMSRXSXLIGSRXVEGXJSVERSXLIVGMX] ,I[SRvX QIRXMSRXLIGMX]VMKLXE[E] 8LIKMVPWMJXLI]EVIWXMPPEVSYRHKMKKPI EXXLEXERHTVIXX]QYGLER]XLMRKIPWI LIHSIW.SLRR][SRvXSVHIVXLIKMVPW E[E]FYXMJXLIVYRRIVWHS MRSVHIV XSTVSXIGXXLIMVGSRXVEGXSV LI[SRvX EVKYI,IvPPWMQTP]WQMPIEXXLIKMVPW ERHPEYKLWE]MRKw&SH]KYEVHWx ERHWLVYKKMRKLMWWLSYPHIVW .SLRR] VIZIEPW XLI RI\X GMX] MW%XPERXEEWWSSREWXLI]KIXSR XLI TPERI -J XLI] QEREKIH XS GSQI YT [MXL WSQI VIEPP] GVI EXMZI TPERW JSV KIXXMRK LMQ MRXS ,IvPP EWO EFSYX HVIEQ GEVW HVIEQ LSQIW HVIEQ KYRW HVIEQKIEV IXG1EOIRSXISJ XLIWI EW TSWWMFPI FSRYW TE] MXIQWPEXIVSR
&033(=&97-2)77
403843-28 %80%28%321=1-2( KEV ERHERSXLIV [EMXMRK:8308LI TPERJSV %XPERXE MW ERSXLIVQIIXMRKFYXXLI[LIVIERH[LIREVIRSX]IX HIXIVQMRIH-RXLIQIERXMQI.SLRR]LEWEVVERKIHJSV VSSQWEXXLI6MX^'EVPXSRHS[RXS[R,ILEWVIRXIHEPP ^]LETTIRWLIVIXSHEQEKIXLIVSSQ9RPIWWXLIVYR RIVWXLVS[ELYKITEVX] 8VSYFPIGSQIWX[SHE]WPEXIV[LIRXLIQIIXMRKPS GEXMSRERHXMQIEVIPMRIHYT8STVSQSXIWIGYVMX]XLIWI HIXEMPWEVIRv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vWZMWMSRW 8LI%XPERXIERXIEQWLIVIEVINYWXSRITEVXSJEPEVKIV STIVEXMSR8LI]EVIRvXI\EGXP]WYVIXLMWMW[LIVIXLIQIIX MRK[MPPFISRP]XLEXXLIQIIXMRKMWEXETPEGISJXVERWMXMSR ERHWXSVEKI*SVIXIPPMRKMWZEKYI8LIPMQS[MPPFIERSFZM SYWWMKRERHXLI]vPPQSZIMRVMKLXE[E]8LIVYRRIVWGER WTSXXLIXIEQSRXLIMVWMHI[MXLE4IVGITXMSR-RXYMXMSR ?1IRXEPA 8IWX8LI%XPERXIERXIEQMWSRILYRHVIHQI %JXIVXLIEVVMZEPSJFSXLKVSYTWX[SSJXLI%XPERXIER XIEQWGPSWIMR8LIXLMVHXIEQWTPMXWERHGSZIVWXLIX[S IRXVERGIWVIEH]XSJSPPS[ER]SRI[LSQMKLXIWGETISV MRXIVZIRIMJXLISXLIVXIEQWJEMP8LITEMVSJ1]WXMG'VY WEHIVW [MPP WTPMX ERH IEGL [MPP XV] ERH HIXIVQMRI [LS MWQIIXMRK.SLRR][MPPWTSXXLI'VYWEHIVMJXLIVYRRIVW RIVWXSKIXLIV
SXLIVWMHISJXLIQIIXMRKEW[IPPFYX[MPPIRHWLSVXP]FI R]ERHXLIVYRRIVW GSQMRKWSSRJVSQ6SGOIX6IGSVHW GERLIEHFEGOXSXLI6MX^'EVPXSR.SLRR][MPPXLEROXLI VYRRIVW]IXEKEMRERHSJJIVERSXLIVRMKLXEXXLI6MX^FI JSVIERSXLIVGMX]LST
403843-28 78039-7&09)7 GMX]I\XVESVHMREMVI8LITPERIPERHWSRXLI9'%7WMHI ERH.SLRR]LEWXLIWTSXJSVXLIRI\XQIIXMRK,IRIIHW XLI VYRRIVW XS WIGYVI XLI QIIXMRK PSGEXMSR WIRHMRK XLIQELIEHXSWGSYXMXERHXIPPLMQ[LIRMXvWGPIEVWS LI GERMRZMXIXLI SXLIVTEVX],I HSIWRvX[ERX XSPSWI LMWSTTSVXYRMX]XSWLS[YTLMWJIPPS[GSVTSVEXIPIEHIV 8LI QIIX PSGEXMSR MW ER SPH EFERHSRIH SMP HITSX SR XLI 1MWWMWWMTTM 8LI PSGEXMSR SRP] LEW X[S XVSYFPI WSQIMWWYIW HIZMPVEXWERH7PMGOWFSXLZIVQMR)ZIV]SRI ORS[WHIZMPVEXW T76 ERHKEQIQEWXIVWGERFI EW QIERSVEW RMGIEWXLI][ERX [MXL LEZMRKXLIWIFMK FEWXEVHWGSQITSTTMRKSYXSJXLIQIXEP[SVO8LI7PMGOW EVI E WQEPP FYX[IPPJYRHIH KERK 8LI] STIVEXI SYX SJ XLISMPHITSXERHEGXEW'S]SXIWFIX[IIRXLI9'%7ERH '%7WMHIWSJ7X0SYMW8LI]vZIVIZMZIHERSPHvW XLEXvW XLI W QSXMJ[MXLWPMGOIHFEGOLEMVERHPIEXLIVNEGO QIQFIVWERHMWPIHF]EFIIJ]H[EVJREQIH;MPPMI8LI] STIVEXIX[S FSEXWERH X[SWYFQIVWMFPIWXLEXXLI] YWI JSVXLIMVWQYKKPMRKSTIVEXMSRW 8LIVYRRIVWLEZIEJI[GLSMGIW8LI]GEROMPPXLIKERK 8LMWSTXMSR[SYPHRvXFIXSSXSYKLFYXMX[SYPHPIEZIEPSX SJPSGEPWERKV]ERHGVIEXIEZMSPIRXXYVJ[EVXSKEMRXLMW TVSTIVX]ERHGPEMQXLI7PMGOWv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vH PMOI XSFI HIPMZIVIHXSERHLIWIXXPIWYTXLIXEF6YRRIVWQE]KIX E FSRYW EX XLMW TSMRX FEWIH SR XLIMV IEVPMIV GSRZIVWE XMSR SVXLIFSRYWGSYPHETTIEVPEXIVMJHIPMZIV]GERvXFI
;,))0-2+ ()%0-2+
& 03 3( =& 97 -2 )77
%88,)74))( 3*&%(2);7 4378)(&= '3713
'SRZIRXMSREP[MWHSQMRFYWMRIWWERHTSPMXMGWXIPPW]SY XSKIXSYXMRJVSRXSJTSXIRXMEPFEHRI[W(SRvXFYV]MX TISTPIXIPP]SYFIGEYWISRI[E]SVERSXLIVMXvWKSMRK XSGSQISYXERHXLIRXLIGSZIVYT[MPPQEOI]SYPSSO FEH%RHRSXNYWXXSXLITYFPMGFYXXSXLITISTPI[LS VIEPP] QEXXIV{]SYV WYTIVMSVW -J XLIVIvW ER]XLMRK XLEX QEOIW]SYPSSO[SVWI XLER WGVI[MRKYTMXvWXV]MRK XS GSZIV]SYVLSSTERHJEMPMRK7SHSRvXHSMX&ISTIR 2S[ ]SY ORS[ ERH - ORS[ NYWX LS[ QYGL HVIO MW MR XLEX TEVEKVETL *MVWX SJ EPP XLI [LSPI GSRGITX XLEX wXLMRKWEVIKSMRKXSGSQISYXIZIRXYEPP]xMWPEYKLEFPI ;E] FEGO MR XLI X[IRXMIXL GIRXYV] HMH XLI KY]W [LS XSSOSYX.MQQ] ,SJJE JIIP XLIRIIH XSKIXSYXMRJVSRX SJXLITVSFPIQERHGSRJIWW[LEXXLI]LEHHSRIFIJSVI ER]SRIJSYRHSYX#3VHMHXLI]QEOIWYVI,SJJEHMWET TIEVIHWSXLSVSYKLP]XLEXRSSRI[SYPHFIXEKKIH[MXL XLEX [IRX TYFPMG PMOI &VEGOLEZIRvW HIEPMRKW [MXL VEGMWX TSPMGYPFW ERH XLIREGX PMOIXLEXvW XLIMRIZMXEFPI [E]SJ XLMRKW XLEX RSXLMRK KIXW LMHHIR JSVIZIV )\GITX XLMRKW HSKIXLMHHIRXLMRKW[IHSRvXORS[EFSYX;LEXvWXLI TVSSJ#8LEX]SYHSRvXORS[EFSYXXLIQ 'MVGYPEVPSKMGMWRSXERHRIZIVLEWFIIRXLIWEQIXLMRKEW TVSSJ 7RSTIW
7SQIXMQIW]SYWIITISTPIMRXLIQIHME[SRHIVMRK MREGSZIVYT[LIR[IEPPORS[GSZIVYTWHSRvX[SVO -XvWFIGEYWIIZIV]QIKEGSVTSVEXMSRORS[WJYPP[IPPXLEX HEQRQYGLIEGLERHIZIV]HE] -FVMRKEPPXLMWYTFIGEYWI-vZIGSQIEGVSWWIZMHIRGI SJEGSZIVYT-HSRvXORS[LS[FMKMXMWFYXMXvWEXPIEWX FMK IRSYKL JSV ER 6IRVEOY I\IGYXMZI XS [ERX XS FYV] WSQI MRJSVQEXMSR HIIT 8LEX QEOIW XLMW [SVXL WSQI QSRI]IMXLIVJSVFPEGOQEMPMRK6IRVEOYSVWIPPMRKXSXLIMV STTSRIRXW;LEX]SYHS[MXLMXMWYTXS]SY WEXMSR TMGOIH YT F] WLEHS[VYRRIVW [SVOMRK E NSF RSX VIPEXIHXSXLMWTEVXMGYPEVWRMTTIX-vZILIEVHXLIVIGSVH
TPS]IIW*VSQIZIV]XLMRK-v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vW VMKLX -XvW [SVXL RSXMRK XLEX MHIRXMJ]MRK MRJSVQEXMSR WLS[W XLIQIWWEKIGEQI JVSQ SYVJVMIRH%PMGME8SQTOMRWEX6IRVEOY iHSRvXORS[[LEXXLILIPP]SY[IVIXLMROMRK[MXL XLMWVITSVX;LEXHMH]SYXLMRO[I[IVITE]MRKJSV#-J - [ERXIH XS VIEH WSQISRI VMTTMRK YW YT ERH HS[R - GSYPH KS SR ER] SRI SJ E XLSYWERH 1EXVM\ JSVYQW - ORS[ ]SYvVI KSMRK XS XIPP QI ]SYvVI NYWX GEPPMRK MX PMOI ]SYWIIMXFYX]SYHMHRvXIZIRKMZIQIELIEHvWYT=SY HMHRvXIZIR[EVRQI-JER]SRIWIIWXLMW{ER]SRI{]SYvPP HSQSVIXLERNYWXVYMRGEVIIVW -vQKSMRKXSFYV]XLMW[LSPIXLMRK&YV]]SY 8LIFEHRI[WMW[LMPIXLIVI[EWEWIRHIVGSHIXLIVI [EWRSMRJSVQEXMSRSREVIGMTMIRX8LMWQMKLXLEZIFIIR
%88,)74))(3*&%(2);7
XLI37EWQYGLEWWLIXLSYKLXXLI][SYPH,SRIWXP]LIV XLIHSXW[ILEZI8SQTOMRWGSZIVMRKYTWSQIXLMRKQEV OIXMRKHMHERHXLIR]IPPMRKEXWSQISRIEFSYXEVITSVX [LMGLMWTVSFEFP]XLIXLMRKQEVOIXMRKGSQQMWWMSRIH 8LEXPIEZIWYWSRIFMKUYIWXMSR ;LS[VSXIXLIVI TSVX# - HSRvX LEZI E GPIEV ERW[IV FYX - LEZI XLI XLMVH TMIGI SJMRJSVQEXMSR-XvWEQIWWEKIJSYRHSRE FYVRIV GSQQPMROXLEX[EWTYPPIHSJJXLIFSH]SJERSVOJSYRH NYWXRSVXLSJ+PS['MX],I[EWGLVSQIHYTFYXWXMPPLEH IRSYKLZMXEPSVKERWJSVXLIPIEHXLEX[EWTYQTIHMRXS LMQXSHEQEKI8LIVI[EWRvXQYGLSRXLITLSRIQEMR P]XEGXMGEPMRJSVQEXMSRTEWWIHFIX[IIR LMWXIEQQIQ FIVW [LS[IVIEPPYWMRKGSHIREQIWERHFYVRIVvPMROWSJ XLIMVS[R 3RIQIWWEKIXLSYKLMWSJMRXIVIWXXSTIS TPISYXWMHIXLIMVXIEQ,IVIMXMW +SRRE LIEH RSVXL *MVITS[IV MW [E] QSVI XLER - I\TIGXIH+SHHEQR9GLIWLM;E]QSVIXLEX8SQTOMRW XSPHYWXSI\TIGX+SRREXEOIWSQII\XVETE]QIRXSYX SJLIVLMHI
9GLIWLMMW%RH[L]7SPMWYRHIVIWXMQEXIHXLIQ WSQILIPTWS-GERKIXJEVXLIV 7SYRHW PMOI WSQI SPHJEWLMSRIH TEZIQIRX TSYRHMRK 8LIVIvWEKY]REQIH/MRGEMHXLEXHSIWXLEXWSVXSJXLMRK 1E]FI[IWLSYPHVIEGLSYXXSLMQ 'E]QER
%(:)2896) &%'/+6392( 6IRVEOYMWTVITEVMRKXSPEYRGLERI[GSQQPMRO37GSHI REQIH%KIQEOM8LI]LEZIWXEOIHEPSXSRXLMWPEYRGL{ IWTIGMEPP]:MGI4VIWMHIRXJSV'SRWYQIV8IGLRSPSK]%PMGME 8SQTOMRW7LIGEPPIHMRI\XVEVIWSYVGIWPIERIHSRIZIV] I\IGYXMZI[LSLEWS[IHLIVEJEZSVERHSXLIV[MWIQEHI MXGPIEVXLEXLIVIRXMVIVITYXEXMSRERHGEVIIVVIWXWSRXLI WYGGIWWSJ%KIQEOM8SQEOIWYVIWLI[EW SRXLI VMKLX XVEGO 8SQTOMRW LMVIH ER SYXWMHI GSRWYPXERX ,SVM^SRvW 'LEVMWQE %WWSGMEXIW XS QEOI WYVI TISTPI [SYPH PSZI
LEHEXSXEP[MRRIVSRLIVLERHWXLEX[SYPHFIEFPE^MRK WYGGIWWMRXLIQEVOIXTPEGI 9RJSVXYREXIP] XLEXvW RSX [LEX XLI VITSVX XSPH LIV ;LIR WLI WE[ XLI MRMXMEP HVEJX LIV I]IW PMRKIVIH SR TLVEWIWPMOIwEIWXLIXMGWVIQMRMWGIRXSJEFSQFWLIPXIVx wGYQFIVWSQIRSRMRXYMXMZIMRXIVJEGIWxERHQSWXKEPP MRKP]wI\IGYXMZIFYRKPMRKEXIZIV]TSWWMFPIXYVRx 8SQTOMRWVIWSPZIHXLEXQE]FIEJI[SJXLIGSRGIVRW MRXLIVITSVXLEHQIVMXFYXQEOMRKXLIRIIHIHGLERKIW TEPIHMRGSQTEVMWSRXSLIVRYQFIVSRITVMSVMX] 1EOMRK WYVI RS SRI IPWI IZIV VIEH SV LIEVH EFSYX XLI VITSVX ;MXL XLI LIPT SJ LIV WYFSVHMREXI (MVIGXSV SJ %TTPMIH 8IGLRSPSK] (MIKS 7SPMW WLI WIX EFSYX MRXMQMHEXMRK SV IPMQMREXMRKER]SRI[LSORI[EFSYXXLIVITSVXMRGPYH MRKTISTPIJVSQ'LEVMWQE%WWSGMEXIWERHTISTPI[MXLMR LIVS[RGSVTSVEXMSR[LS [IVIMRZSPZIH[MXLGSQQMW WMSRMRKXLI[SVO8LMWLEHXSFIHSRIUYMGOP]ERHGEVI JYPP]WSXLIHIEXLWERHHMWETTIEVERGIW[SYPHRSXVEMWI XSS QYGLWYWTMGMSR ERH [LEX WYWTMGMSRXLIVI [EWHMH RSXTSMRXFEGOXS8SQTOMRW 8S XLMW TSMRX 8SQTOMRW LEW EGGSQTPMWLIH XLI JSP PS[MRK &EVV] ;IEZIV E QEREKIV MR XLI QEVOIXMRK HI TEVXQIRX[LSHMVIGXP]GSQQMWWMSRIHXLIXLIVITSVXLEW FIIRVIEWWMKRIHXSEWQEPPQEVOIXMRKXIEQMR6IRVEOY %WME WYFWMHMEV] *YGLM 'SVTSVEXI 7IVZMGIW XS E TVSNIGX GMEPWORS[MWXLEXXLIVIMWRSWYGLXLMRK4VSNIGX,EREOS MXMWETPEGI[LIVITISTPIEVIWIRX[LSEVIRSXWYTTSWIH XSXYVRYTEKEMR-RXVYXL;IEZIVvWFSH]IRHIHYTMRE [IMKLXIH WYMXGEWI XLEX [EW TYWLIH SYX SJ ER EMVTPERI ;IEZIV MW KSRI FYX LMW GSQQPMRO MW MR 8SQTOMRWv LERHW WLILEWFIIRYWMRKMXXSWIRXQIWWEKIWXS;IEZ IVvWWYTIVZMWSV/YVS-RIOMXSMRXMQMHEXI-RIOMMRXSWXE] MRKMRPMRI8SQTOMRWLEHRSYWIJSV;IEZIVFYXWLIJIPX -RIOMGSYPHFIEYWIJYPEPP]MRXLIJYXYVIMJLIMWQEHIXS YRHIVWXERHLS[XLILMKLPIZIPKEQIMWTPE]IH 3R XLI 'LEVMWQE %WWSGMEXIW WMHI XLIVI XLIVI JSYV TISTPI MR XLI KVSYT VIWTSRWMFPI JSV XLI VITSVX 'SPI (E[WSR,IVQER:EVKEW0YGMPPI&EXIWERH+EMP1IIOW (E[WSR GEQI HS[R [MXL E REWX] ZMVYW XLEX OMPPIH LMQ
%88,)74))(3*&%(2);7
&033(=&97-2)77
XLVII [IIOW EJXIV 8SQTOMRW VIGIMZIH XLI HVEJX VITSVX :EVKEWLEWFIIRI\XVEGXIHXS6IRVEOY%WMEERH[MPPPMOIP] FI VIGIMZMRK ER EWWMKRQIRX XS 4VSNIGX ,EREOS WLSVXP] &EXIWVIWMKRIHLIVTSWMXMSRXSFI[MXLEMPMRKTEVIRXWMR 0SW%RKIPIWXLSYKLWLIEP[E]WXSPHLIVGS[SVOIVWWLI [EWJVSQ7X0SYMW1IIOWLEHEJEXEPLIEVXEXXEGO[LMPI NSKKMRK7LI[EW 8LEXvW XLI FEGOKVSYRH 8LI KSEP SJ XLI WLEHS[VYR KVSYRHEWXLI]GER 8SWXEVXXLIQMWWMSRXLIVYRRIVWEVILMVIHF]EJVII PERGI 1V .SLRWSR [LS MR XYVR LEW FIIR LMVIH F] ER MRJSVQEXMSR FVSOIV WIIOMRK ORS[PIHKI SR FILMRHXLI WGIRIW FYWMRIWW HIEPMRKW 8LEX FVSOIV MW XLI .EGO4SMRX QIQFIVORS[REW'SWQSXLSYKL1V.SLRWSR[MPPRSX VIZIEPXLEX1V.SLRWSR[MPPTVSZMHIXLIXLVIITMIGIWSJ IZMHIRGI TVIWIRXIH IEVPMIV MR XLMW GLETXIV ERH XIPP XLI TIXWEVIEFSYX *VSQXLIVIXLIWLEHS[VYRRIVWTYVWYIXLIMVMRZIWXMKE XMSR4PSX4SMRXWERHQE]RSXKSMRWXVMGXSVHIVEW IPIQIRXWJVSQSRI4PSX4SMRXJIIHFEGOMRXSERSXLIVHI TIRHMRKSR[LEXERKPIXLIVYRRIVWHIGMHIXSMRZIWXMKEXI
XLEXERKIVIH8SQTOMRW-R4PSX4SMRXXLI]vPPHIGMHI[LEX XSHS[MXL[LEXXLI]LEZIJSYRH
403843-28 1))8-2+16.3,2732 8LI VYRRIVW EVI GSRXEGXIH F] E JVIIPERGI 1V .SLRWSR YWI WXEXW JSV 1V .SLRWSR T 76 ,MW VIEP REQI MW*VEROPMR/ELRERHLIMWRSXEXXEGLIHXSER]TEVXMGYPEV IQTPS]IV,ILEWEVITYXEXMSREWFIMRKJEMVERHLSRIWX FYXLMWVIWIEVGLMWWSQIXMQIWPEGOMRK-J]SY[ERXEPSXSJ HIXEMPWSRXLINSFLIvWRSXXLIKY]XSKMZIXLIQXS]SY -RXLMWMRWXERGILIMW [SVOMRKJSV.EGO4SMRXQIQFIV 'SWQS[LSMWPSSOMRKJSVWSQIMRWMHIVFYWMRIWWMRJSV QEXMSRXSWIPPSVYWIMRLMWS[R[E]1V.SLRWSR[MPPRSX VIZIEPLMWIQTPS]IV 1V .SLRWSR XIPPW XLI VYRRIVW LI LEW E TY^^PI JSV XLIQ %PP LILEW EVI XLVIIWRMTTIXWSJMRJSVQEXMSRXLI XLEX MXvW GPIEV WSQIXLMRK FMK MW FIMRK GSZIVIH YT ERH LI [ERXW XS ORS[ [LEX ,I GER XIPP XLI VYRRIVW XLEX 8SQTOMRWE ZMGI TVIWMHIRX [MXL 6IRVEOY %QIVMGE ERH SRISJLIVWYFSVHMREXIW(MVIGXSVSJ%TTPMIH8IGLRSPS K] (MIKS 7SPMW,I LEWRSVIGSVHSJ E &EVV];IEZIVEX 6IRVEOY2SVXL%QIVMGEFYXXLI-RIOMVIJIVVIHXSMW/YVS -RIOMHMVIGXSVSJQEVOIXMRKEX6IRVEOY2SVXL%QIVMGE 8LEXvWEPPXLIMRJSVQEXMSR1V.SLRWSRLEW,ISJJIVW XLI VYRRIVW RY]IR ETMIGI EW MRGIRXMZI XS WXEVX [SVOMRK EHHRY]IRJSVIEGLRIXLMXSRE2IKSXME XMSR'LEVMWQE3TTSWIH8IWXYTXSEQE\MQYQSJ
%88,)74))(3*&%(2);7
&033(=&97-2)77
%0-'-%8314/-270)+;36/6)79087 '328%'8
1%86-< 7)%6',
-XLMROXLIVIvWETEVOREQIHEJXIVLIVMR1ERLEXXER-XvWWUYEVI
7LIvWZMGITVIWMHIRXJSVGSRWYQIVXIGLRSPSK]EX6IRVEOY%QIVMGE7LIvWELEVHGLEVKIV{WLI HSIWRvX[ERXXSWXE]MREZMGITVIWMHIRXTSWMXMSRJSVPSRK
7LIvWKMZIREPSXSJWTIIGLIWVIGIRXP]EFSYXLS[XLIRI[1EXVM\VIUYMVIWIRXMVIP]RI[XLMROMRKSR LS[HIZMGIWMRXIVEGX[MXLMX7SYRHWPMOIWLILEWLIVWMKLXWWIXSRWSQIXLMRKFMK
6)7908
IZIV]XLMRK1YWXFIVIEPP]JSGYWIHSR[SVO
{
7LIvWFIIR[SVOMRKSRWSQIXLMRKGEPPIH4VSNIGX%KIQEOM
{
%KIQEOMMWERI[GSQQPMRO37ERH8SQTOMRWLEWFIIRTYWLMRKXLMWTVSNIGXLEVH7XEOIHLIV[LSPI VITYXEXMSRSRMX
QSVI ERHXIPPWXLIQXLI][MPPFIMRJSVWM^EFPIFSRYWIW FEWIHSRXLIMRJSVQEXMSRXLI]VIGSZIV*SVI\EQTPILI XMSRIHMRXLIWRMTTIXW[MPPFVMRKXLIQETMIGI 1V .SLRWSRVIEPP]LEW RSQSVIMRJSVQEXMSR WSXLI VYRRIVWRIIHXSPEYRGLXLIQWIPZIWMRXSXLI[SVPHSJPIK [SVO8LIQSWXPMOIP]PIEHWXLI]GERJSPPS[EVIPSSOMRK MRXS[LS8SQTOMRWMWERH[LEXWLI[EWHSMRK 4PSX4SMRX [LEXLEWFIGSQISJ&EVV];IEZIV 4PSX4SMRX ERH [LEXw9GLIWLMxMW 4PSX4SMRX
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vWGSQQPMRO8SQTOMRWLEWMXMR XMQMHEXMRKQIWWEKIWXS ;IEZIVvWYTIVZMWSV/YVS-RIOM HIWO-XMWWIGYVIHF]E6EXMRKTVMRXWGERRIVQEKPSGO QPMROEVIMR4PSX4SMRX -J XLI VYRRIVW SV XLIMV GSRXEGXW KPMXGL SV GVMXMGEPP] KPMXGL SR ER] XIWX [LMPI PSSOMRK JSV MRJSVQEXMSR [SVH KIXWFEGOXS8SQTOMRWXLEXTISTPIEVIPSSOMRKMRXSLIV
403843-28 *-2(-2+&%66=;)%:)6 1YGL SJ XLMW 4PSX 4SMRX GSYPH LETTIR MR TEVEPPIP [MXL 4PSX 4SMRX {VYRRIVW GSYPH EWO XLI WEQI WSYVGIW JSV MRJSVQEXMSR SRFSXL 8SQTOMRWERH ;IEZIV ;IEZIV MW 6IRVEOY2SVXL%QIVMGE%1EXVM\7IEVGLMRGPYHMRKSRI JVSQ [MXLMR 6IRVEOY LIEHUYEVXIVW [MPP VIGSZIV RS MR WXERGIWSJLMWREQI 8EPOMRKXS6IRVEOYIQTPS]IIWSVGSRXEGXWQMKLXKIX VIWYPXW*MZILMXWSRER]6IRVEOYVIPEXIH/RS[PIHKIWOMPP XIWXF]EGSRXEGXSVVYRRIV[MPPPSGEXI;IEZIVEWEQEV OIXMRK IQTPS]II [LS LEH FIIR YRHIVXLI WYTIVZMWMSR SJ/YVS-RIOM
%88,)74))(3*&%(2);7
&033(=&97-2)77
-RIOM MW WXMPP [MXL 6IRVEOY 2SVXL%QIVMGE ERH VIPYG XERXXSXEPOXSER]SRI,I[MPPRSXEPPS[XLIVYRRIVWMRXS
-RIOM PIEZIWEX IEGLRMKLXERHKSIWXSIEX(S[R XS[REXXLIVIWXEYVERXEX,SXIP2MOOS-RXIVGITXMRKLMQ 8LI VYRRIVW [MPP RIIH XS FVIEO SYX XLIMV MRXIVVSKE XMSR WOMPPW XS KIX MRJSVQEXMSR SYX SJ -RIOM -RIOM ORS[W XLEX;IEZIV[EWXVERWJIVVIHXS4VSNIGX,EREOSMR*YGLM 'SVTSVEXI7IVZMGIWMR.ETERERH[LMPILIHSIWRvXORS[ XLEX,EREOSMWRSXLMRKQSVIXLEREWLIPPLILEWLIEVH VYQFPMRKWXLEXMXMWRSXEKSSHTPEGIXSKS4PYWLILEW VIGIMZIH QIWWEKIW JVSQ ;IEZIVvW GSQQPMRO WE]MRK XLMRKWPMOIw-J]SYOIITEWOMRKEFSYXQI]SYvPPNSMRQIx ERHw-XvWWSIEW]XSHMWETTIEVx-RIOMMWSRIHKIERHRIV ZSYWEFSYXLMWWEJIX]6YRRIVWWLSYPHGETMXEPM^ISRXLMW MRXLIMVMRXIVVSKEXMSR8LI]RIIHXSFIEXLMQMRIMXLIVE 'SR'LEVMWQE3TTSWIH8IWXSV-RXMQMHEXMSR'LEVMW QEZW'LEVMWQE;MPPTS[IV8IWX YWI1MH0IZIP'SVTS VEXI7YMXTJSVLMWWXEXW-JXLI]WYGGIIHLI[MPPXIPP XLIQEFSYX;IEZIVvWXVERWJIVERHXLIRFIKXLIQRSXXS XIPPER]SRIXLEXLIXSPHXLIQ 3RGI XLI VYRRIVW LEZI XLEX MRJSVQEXMSR XLI] RIIH [SYPH FI I\TIRWMZI ERH XMQI GSRWYQMRK FYX MX MW RSX RIGIWWEV]MRXLIEKISJXLI1EXVM\7SQIPIK[SVOMRXLI 6IRVEOY%WMELSWX[MPPLIPTXLIQKIXXLIMRJSXLI]RIIH %PPXLI]RIIHXSHSMWQIRXMSRXLIREQIMRXLILSWX MJ XLI]HS[SVH[MPPFITEWWIHXS.YVS,MQYVE[LSMW[MXL E XMXPI ,I [MPP WYQQSR XLI VYRRIVW JSV E TSPMXI ZMVXYEP GSRZIVWEXMSR 8LIKSSHRI[WJSVXLIVYRRIVWMWXLEX6IRVEOY%WME HMZMWMSR HSIW RSX ZMI[ 8SQTOMRW JEZSVEFP] ERH XLI] LEZI RS HIWMVI XS WII LIV KIX QSVI TS[IV ,MQYVE MW RSXKSMRKXSWLEVIXLMRKWXLEXIRHERKIVXLIGSVTSVEXMSR FYXLIMWEPWSRSXKSMRKXSFILSWXMPI,IHSIWLS[IZIV [ERXXSTVSXIGXXLIMRXIKVMX]SJ4VSNIGX,EREOS-JLIGER FIGSRZMRGIHXLEXXLIVYRRIVW[MPPLYVX8SQTOMRW KMZMRK EFSRYWSR7SGMEP8IWXW LI[MPPWLEVIMRJSVQEXMSR[MXL XLIQ;LEXLIXIPPWXLIQMWXLEXXLI]LEZIFIIRPMIHXS ;IEZIV[EWWGLIHYPIHXSNSMR*YGLM'SVTSVEXI7IVZMGIW FYXLIRIZIVEVVMZIH,MW7-2[EWVIKMWXIVIHFSEVHMRKE TPERIMR7IEXXPIFYXLIRIZIVKSXSJJ,MQYVEWE]WXLEX 3GIER %X PIEWX E TMIGI SJ ;IEZIV XLSYKL MW WXMPP EGXMZI ,MQYVE WE]W{LMW GSQQPMRO ,MQYVE VITSVXW XLEX QIW WEKIWLEZIFIIRWIRXJVSQXLIGSQQPMRO,ILEHTISTPI PSSOMRKMRXSMXERHLIGERTVSZMHILIPTXSXLIVYRRIVWSR X[SGSRHMXMSRW 8LEXXLI]TE]LMQRY]IR VYR RIVWGEREWOJSVERHVIGIMZIEVIMQFYVWIQIRXJVSQ1V .SLRWSR 8LEXXLI]TVSQMWIXLEXXLI][MPPWLEVI[LEX XLI]PIEVREFSYX;IEZIVERH[L]LIHMWETTIEVIH[MXL LMQ-JXLIVYRRIVWEKVIILIWIRHWXLIQEQIWWEKIGSR
XEMRMRK XLI GSSVHMREXIW SJ XLI GSQQPMRO -X [SRvX XEOI QYGLIJJSVXJSVXLIVYRRIVWXSHMWGSZIVXLIGSSVHMREXIW EVIMRXLI QMHHPI SJ XLI6IRVEOY 2SVXL %QIVMGE LIEH UYEVXIVW8LIPSGEXMSRMRJSVQEXMSRMRGPYHIWIPIZEXMSRWS XLIVYRRIVW[MPPFIEFPIXSPSGEXIXLIGSQQPMROEWFIMRK %XXLMWTSMRXXLIVYRRIVWORS[;IEZIVvWJEXI{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vWXLIVIWLIRIIHWXSFI OMPPIHYRGSRWGMSYWSVVIWXVEMRIHWSXLEXXLIVYRRIVWGER WIEVGLJSVXLIGSQQPMRO 8LI GSQQPMRO MW SJJ QIERMRK MX [SRvX WLS[ YT SR E [MVIPIWW WGER -X LEW XLI QIWWEKIW WIRX XS -RIOM JYP P] MQTPMGEXMRK 8SQTOMRW MR LMW HMWETTIEVERGI ERH SRI SXLIV TMIGI SJ MRJSVQEXMSR 8SQTOMRW LEH QIERX XS IVEWIXLI[LSPIXLMRKFYXWLIQMWWIHEWQEPPVIQMRHIV RSXI;IEZIVPIJXJSVLMQWIPJ w'SPI(E[WSR$'{FYK S,QIx-XWLSYPHRvXXEOIQYGLJSVVYRRIVWXSVIGSKRM^I XLEXEWETEWW[SVH{FYXXS[LEX#8LEX[MPPGSQIMJXLI]
403843-28 86%'/-2+9',)7,XS *MVWX XLI VYRRIVW QE] XVEGO HS[R XLI FSH] JVSQ [LMGL XLI GSQQPMRO [EW TYPPIH 8LI] GER EWO E PE[ IRJSVGIQIRX GSRXEGX XLVIWLSPH SJ SR E /RS[PIHKI XIWX WSQISRI[MXLORS[PIHKISJXLI&EVVIRW XLVIWL SPHSJ SVWSQISRI[MXLORS[PIHKISJ7IEXXPIWLEH S[VYRRIVW XLVIWLSPH SJ 8LI]vPP PIEVR XLEX XLI VYR RIVJSYRHRSVXLSJ+PS['MX][EWE[IETSRWWTIGMEPMWX REQIH7IJY3VMKMREPP]JVSQ/IR]E7IJYEVVMZIHMR7I EXXPI X[S]IEVWEKSERH NSMRIH E RYQFIVSJ )EWX%JVM GERMQQMKVERXWPMZMRKMR4Y]EPPYT,MWREXMZIPERKYEKI MW7[ELMPMERH7[ELMPMI\TVIWWMSRWQEHIXLIMV[E]MRXS IZIV]HE]WTIIGL QIERW FYX MX [MPP FI IEWMIV MJ XLI VYRRIVW ORS[ 7IJYvW MJXLI]HSRvXORS[7IJYvWFEGOKVSYRHFYXSRP]MJXLI]
%88,)74))(3*&%(2);7
&033(=&97-2)77
wGLEVQMRKx *MRHMRK SYX [LEX XLEX QIERW [MPP VIUYMVI QSVI PIK [SVO8LMWGSYPHQIERQSVI1EXVM\7IEVGLMRKFYXXLMWMW SFWGYVIIRSYKLXLEXXLI]RIIH LMXW%PXIVREXIP]XLI] GSYPH KS ERH XEPO XS 7IJYvW JVMIRHW MR 4Y]EPPYT 7E]MRK RMGI XLMRKWEFSYXLMQERH WE]MRKXLI]EVIPSSOMRKMRXS LMWHIEXLMWEPPMX[MPPXEOIXSQEOIWSQISJXLI TISTPI [MPPMRKXSLIPT8LI][MPPWLEVIXLEXw9GLIWLMx[EW7IJYvW REQIJSVEGSVTSVEXMSRXLEX[EWGEYWMRKLMQWSQIXVSY FPIMRENSF 'LEVMWQE%WWSGMEXIW 8LIVYRRIVWRS[LEZIWSQI[LIVIXSPSSOFYXXLI] OMRW7SPMWERH;IEZIVLEZIFIIRWGVYFFIHJVSQ'LEVMW QEHEXEFEWIW7S[LEXHSXLI]PSSOJSV# 8LIVYRRIVWRIIH;IEZIVvWGSQQPMROXSQEOITVSK VIWWLIVI-JXLI]HSRvXLEZIMXXLMWGSYPHFIEKSSHXMQI JSV8SQTOMRWXSKIXEPMXXPIVIGOPIWWWIRHMRKXLIQEQIW JVSQ;IEZIVvW GSQQPMRO8LI]GER XLIRXVEGIMXXS KIX XLIMRJSVQEXMSRXLI]RIIH WII4PSX4SMRXJSVMRJSVQE 3RGIXLI]LEZIXLIGSQQPMROXLI]QE]YRHIVWXERH XLEX $' QIERW wEX 'LEVMWQEx ERH XLI] GER WIEVGL JSV [LSTEWWIHE[E]JVSQEREWX]ZMVYWEFSYXEQSRXLEKS 8LIVYRRIVWXLIRRIIHXSPSKSRXSLMWEGGSYRXMRXLI'LE VMWQE %WWSGMEXIW LSWX{JSVXYREXIP] XLI] LEZI LMW TEWW
403843-28 92'3:)6-2+8,)6)4368 ;LMPI LEZMRK (E[WSRvW TEWW[SVH MW RMGI MXvW RSX IRSYKL F] MXWIPJ 8LI VYRRIVW RIIH XS IRXIV XLI LSWX RIIHEQEVOSRMX-JXLI]QEREKIXLMW XLILSWXMW6EX 1SWXLEZIFIIRIVEWIHFYXXLI6IRVEOYLEGOIVWJSVKSX XSGLIGOLMWXVEWLFMR8LIVIMWEHVEJXSJXLIVITSVXSR 4VSNIGX%KIQEOMMRXLIXVEWL 8LIHVEJXLEWIZIV]XLMRKXLIVYRRIVWRIIHXSGSRRIGX XLIHSXW-XREQIW8SQTOMRWEWXLIPIEHIVSJXLITVSNIGX XLIRTVSGIIHWXSIZMWGIVEXILIV8LIVYRRIVWWLSYPHIEW MP]YRHIVWXERHLS[HIZEWXEXMRKXLMW[SYPHFIERH[L] 8SQTOMRW[ERXIHMXXLSVSYKLP]FYVMIH8LI]QE]WXSTXS TSRHIVXLIPSWWSJPMJIFVSYKLXEFSYXF]EFEHGSQTYX IVSTIVEXMRKW]WXIQFYXLI]MXvWXLI7M\XL;SVPH8LEXvW LS[FYWMRIWW[SVOW 8LIVYRRIVWGERRS[VITSVXXS1V.SLRWSR
403843-28 +)88-2+4%-( 8LIKSSHRI[WMWXLEXXLIVYRRIVWWLSYPHLEZIIRSYKL MRJSVQEXMSRXSGSPPIGXRY]IR[SVXLSJFSRYWIW JVSQ 1V .SLRWSR 8LI FEH RI[WMWXLEX 1V.SLRWSRvW [IEORIWWEXVIWIEVGLMWEFSYXXSGSWXXLIQ 8LEXvWEWWYQMRKXLI][ERXXSXYVRSZIVXLIMRJSVQE XMSRXS1V.SLRWSR8LI]LEZIWSQIHIGMWMSRWXSQEOI *MVWXXLI]RIIHXSHIGMHIMJXLI]v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v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vWWIEVGLIW SV MJXLI] VERMRXSLIV [LIRPMJXMRK;IEZIVvWGSQQPMRO 0MIYXIRERX T 76 3XLIV[MWI MXvW JSYV VIKYPEV 'SVTSVEXI7IGYVMX]ERHSRI0MIYXIRERX T 76 ERHEWOXLIVYRRIVWERH1V.SLRWSRXSGSQI[MXLXLIQ EVI SR FYWMRIWW [LMGL QIERWXLEX MJPE[ IRJSVGIQIRX MW GEPPIH[LIRXLI]WLS[YTXLI][MPPWMHI[MXLXLIGSVTS SYXSJGSRXVSPFYXXLI]EPWSEVI[MPPMRKXSYWIJSVGIMJXLI VYRRIVWEVIRSXGSQTPMERX6IKYPEVGSVTSVEXIWIGYVMX][MPP IPMXIWIGYVMX][MPPYWIXLIMV,/WPSEHIH[MXLKIPVSYRHW +IXXMRKSYX[MXL1V.SLRWSR[SYPHFIRMGIFYXRSX XLIVYRRIVWKIXXLIMVMRJSVQEXMSRERHKIXXLIQTEMH
%88,)74))(3*&%(2);7
& 03 3( =& 97 -2 )77
/2-:)7398 -vZIFIIRGEXGLMRKYT[MXLWSQIGSRXEGXWSZIVMRXLI.-7 PEXIP] -J ]SYvVI LIEHMRK SZIV XLIVI JSV FYWMRIWW FVMRK WSQIPMXXPI]IPPS[TMPPW[MXL]SY /ME %VI ]SY WE]MRK XLMRKW MR .ETER WIIQ QYHHPIH JSV JSVIMKRIVW#1E]FIMJXLI]FSXLIVIHXSVIEHYTSRXLITPEGI FIJSVI ZMWMXMRK XLI]vH QEREKI XS RSX SJJIRH IZIV]SRI XLI]GSQIEGVSWW 6MKKIV< 'ER[INYWXTYXLMQMRGLEVKISJXSYVMWQERHGEPPMXEHE]# 7PEQQ
QENSV WLEVILSPHIV EX 7LME[EWI ,IV TYFPMG HMWETTVSZEP XLIVI EVI PMXIVEPP] QMPPMSRW SJ GSRWYQIVW [LS XEOI XLIMV WTMVMXYEPGSRWYQIVMWX GYIW JVSQ LIV %W ]SY ORS[ -vZI FIIR OIITMRK ER I]I SR 7LME[EWIvW1EVOIX *SVIGEWXMRK ERH -RJSVQEXMSR (ITEVXQIRX VIGIRXP] -XW LIEH -GLMVS /M]SQSXS LEW FIIR NSGOI]MRK FEGO ERH JSVXL [MXL XLI TIVWSR LI VITPEGIH 2MKIP 'SPXVERI FYX RIMXLIV LEW FIIR EFPI XS HIEP E HIGMWMZI FPS[ 'SPXVERI LEW FIIR QERIYZIVMRKXSHMWGVIHMX/M]SQSXSIZIVWMRGI,IRIIHW
SRIERSXLIVFYXXLIIRXMVIWMXYEXMSRVIWIQFPIWEQMHHPI WGLSSPGEJIXIVMEQSVIERHQSVIIZIV]HE] /ME
SJLMWTPERMW /M]SQSXSvWERKPI MWSFZMSYW ,I[ERXWXS OIIT'SPXVERISYX-XPSSOWPMOI'SPXVERILEWFIIRTYXXMRK SYXJIIPIVWXSZEVMSYWXIGLRSQERGIVGSQQYRMXMIWXLVSYKL MRXIVQIHMEVMIWJSVWSQIVIEWSRSVERSXLIV,I[EWEPWS TSOMRKEVSYRHJSVWSQISJ1'8vW[SVOSRXIGLRSQERGIVW TVSFEFP]PSSOMRKJSV[E]WXSHIQSRWXVEXIFSXLLMWPS]EPX] ERHLMWYWIJYPRIWWXS,MXSQMM /ME
-XvWGYXI]SYXLMROQSWXTISTPILIVI[IRXXSQMHHPIWGLSSP 6MKKIV<
+VIEXNYWXKVIEX 2IXGEX
-QTIVMEP GSYVXW GSVTSVEXI FSEVHVSSQW ERH QMHHPI WGLSSP GEJIXIVMEW LEZI E PSX MR GSQQSR=SY LEZI E PSX QSVI XS JIEV JVSQ XVIEGLIV] ERH VYQSVQSRKIVW XLER TL]WMGEPXLVIEXW /ME
%TTEVIRXP] WSQI SJ 1'8vW VIWIEVGL [EW HIWXVS]IH F] VYRRIVW E [LMPI FEGO ERH1'8 VIWTSRHIHF]VEXGLIXMRK YT WIGYVMX] JSVXLSWI WMXIW XS [LEXIZIVPIZIP I\MWXW EJXIV >IVS>SRI /ME
;ISFZMSYWP][IRXXSHMJJIVIRXQMHHPIWGLSSPW &YPP
)PIZIR>SRI# /ERI
FYX XLI WXEOIW EVI XLEX QYGL LMKLIV MR .ETER VMKLX RS[ )ZIV]SRI MW WGYVV]MRK XS KIX MR XLI KSSH KVEGIW SJ)QTVIWW,MXSQM[LMPIEXXLIWEQIXMQIXV]MRKXSGYX XLI PIKW SYX JVSQ YRHIV XLIMV STTSWMXMSR -XvW LEVH XS
)MXLIV[E]MXPSSOWPMOI'SPXVERILEWWLMJXIHLMWEXXIRXMSR E[E]JVSQLMXXMRK1'8HMVIGXP]ERHMWGEWXMRKE[MHIVRIX JSVXIGLRSQERGIVVIWIEVGLMRKIRIVEP /ME
%W - [EW WE]MRK XLI .ETEREGSVTW EVI WXMPP TPE]MRK RMGI
WTMVMXYEP EYXLSVMX] ERH XLEX GEVVMIW E PSX SJ [IMKLX [MXL 2IXGEX
/2-:)7398
%(:)2896) &%'/+6392( )ZIV]QERvWTEXMIRGILEWMXWPMQMXWERH2MKIP'SPXVERIvW TEXMIRGIMWNYWXEFSYXYT'SPXVERIXLIJSVQIVLIEHSJ 7LME[EWIvW 1EVOIX *SVIGEWXMRK ERH -RJSVQEXMSR (I TEVXQIRXLEWFIIR[EKMRK EWLEHS[[EV EKEMRWX XLI QER[LSGYVVIRXP]LSPHWXLEXNSF-GLMVS/M]SQSXS7S JEV RIMXLIV QER LEW FIIR EFPI XS I\IGYXI E HIGMWMZI QSZI*VYWXVEXIH[MXLXLIPEGOSJVIWSPYXMSR'SPXVERIMW QEOMRKEPEWXHIWTIVEXITPE]XSHMWGVIHMX/M]SQSXSERH HIQSRWXVEXILMWS[RZEPYIXS)QTVIWW,MXSQMERHXLI FSEVHSJHMVIGXSVWFIJSVILMWTS[IVFEWIIVSHIWGSQ TPIXIP] 1IER[LMPI /M]SQSXS LSTIW XS GEXGL LMW JSI VIIV)MXLIV[E]XLIGSRWIUYIRGIWJSV7LME[EWIGSYPH FITVSJSYRHERHXLIVYRRIVWvGLSMGIW[MPPKSEPSRK[E] XS[EVHHIXIVQMRMRK[LMGLQERKEMRWXLIYTTIVLERH 'SPXVERI WIRWMXMZI XS XLI )QTVIWW ,MXSQMvW EXXM XYHI XS[EVH XIGLRSQERGIVW MRMXMEPP] LSTIH XS SFXEMR MRGVMQMREXMRKIZMHIRGISJXLII\TIVMQIRXW1MXWYLEQE 'SQTYXIV 8IGLRSPSKMIW GSRHYGXIH SR XLIQ MR ER IJ JSVX XS WLEQI XLI QIKEGSVT ERH [IEOIR MXW TSWMXMSR MRXLI.ETERIWI-QTIVMEP7XEXI[MXLSYXI\TPMGMXP]ZMSPEX MRK XLI JEGEHI SJ GSSTIVEXMSR FIX[IIR XLI .ETERIWI QIKEGSVTW&]WLEQMRKXLIQIKEGSVTQSWXSTTSWIH XS )QTVIWW ,MXSQMvW VYPI 'SPXVERI TPERRIH XS GYVV] IRSYKLJEZSVXSWSPMHMJ] LMWTSWMXMSR,S[IZIV1'8vW VITYXEXMSR JSV WIGYVMX]{IWTIGMEPP] [LIR MX GSQIW XS XLEX QEXIVMEP{TVSZIH [IPPHIWIVZIH 'SPXVERI JIEVIH XLEXGSQQMXXMRKIRSYKLVIWSYVGIWXSSZIVGSQI1'8vW >IVS>SRITSPMG][SYPHXMTLMWLERHWSLIHIZMWIHER 1'8 LI [SYPH WXIEP WMQMPEV SRIW JVSQ E PIWWIV GSVT HSGXSVXLIQXSQEOIMXETTIEVEWXLSYKL1'8JYRHIH XLITVSKVEQERHXLIRTPERXXLIQMRXLI1'8LSWX'SP XVERIHSYFXW XLEX XLMW [MPPFIIRSYKL XS [IEOIR 1'8 SR MXW S[R FYX LI LSTIW XS HVE[ XLI VMZEP QIKEGSVT MRXSEZIV]YKP]ZIV]ZMWMFPITYFPMGVIPEXMSRWFEXXPIEJXIV 1'8vW TVIHMGXEFP] JIVZIRX TYFPMG HIRMEP %HHMXMSREPP] 'SPXVERI LEW QEHI GSRXEGX [MXL E JI[ WQEPP XVMFIW SJ XIGLRSQERGIVW[MXLXLIMRXIRXSJTPE]MRKSJJXLIMVVMKL XISYWERKIVSRGIXLIWXSV]FVIEOWWS[MRKIZIRQSVI
SV QERYJEGXYVI IZMHIRGI PMROMRK /M]SQSXS XS 1'8 ERHXLIMVHYFMSYWVIWIEVGLTVSKVEQ 9WMRK ER MRHITIRHIRX 1V .SLRWSR REQIH 'EWWMH] XSQEWOLMWMRZSPZIQIRX'SPXVERITSMRXWXLIVYRRIVWMR XLIHMVIGXMSRSJ1EREH]RIEHSYFPI%GSVTSVEXMSRXLEX LEW FIIR GSRHYGXMRK VIWIEVGL SR XIGLRSQERGIVW YR
E 1EREH]RI JEGMPMX] XS SFXEMR XLIQ 1EREH]RIvW JEGMP MX] MW [LEX ]SY[SYPHI\TIGX EVIWIEVGLPEFS[RIH F] EQYPXMFMPPMSRRY]IR GSVTSVEXMSRHIHMGEXIH XSQEKMGEP VIWIEVGL[SYPHFI RSXERIEW]TPEGIJSVQEKIWSVWLE QERWXSHSXLIMVXLMRK-XWTL]WMGEPERH1EXVM\HIJIRWIW SRXLISXLIVLERHEVIJEMVP]TIHIWXVMERWSEWEZZ]XIEQ
XLIQXS PMIPS[JSV EJI[HE]W4VMSVXSLMWTSWMXMSREW LIEHSJ1*-('SPXVERIVERXLI1EXVM\WIGYVMX]HMZMWMSR SJ 7LME[EWI FYX IZIR LI RIIHW E FMX SJ XMQI XS EPXIV
SJ XMQI (YVMRK XLMW [MRHS[ E PS[PIZIP 1*-( JYRG XMSREV] REQIH 1MRSVM 2EOEQYVE HMWGSZIVW IZMHIRGI SJ'SPXVERIvWWGLIQI 8SVRFIX[IIRHYX]XS7LME[EWI ERHPS]EPX]XSLIVSPHFSWW2EOEQYVEETTVSEGLIWXLI VYRRIVWSRLIVS[RMREREXXIQTXXSHIVEMPXLIMVIJJSVXW [MXLSYXFIXVE]MRK'SPXVERIXS/M]SQSXS7LIIEVRIWXP] FIPMIZIW TIVLETWGSVVIGXP] XLEXLIVIJJSVXWEPMKR [MXL XLIFIWXMRXIVIWXWSJXLI7LME[EWIOEQM JVSQ1'8vWLSWX8LIVYRRIVWEVIXEWOIH[MXLYTPSEHMRK EPP]XMKLXP]KYEVHIH*SVXYREXIP]'EWWMH]ORS[WSJSRI SYXWMHISJXLIX]TMGEPFYROIVPMOI1'8JEGMPMXMIW9RJSVXY REXIP]MXQIERWFVIEOMRKMRXSXLISTYPIRXLSYWISJEHM ZMWMSREPZMGITVIWMHIRXHYVMRKEGSQTER]KEPE[MXLPSGEP =EOY^E[SVOMRKWIGYVMX]JSVXLIIZIRMRK8LISRP]IEW] HE] [EW ]IWXIVHE] GLYQQIV8LI LSYWI MW 1'8TVST IVX] ERH MXW S[RIV =SNMVS 1M^YRS GIVXEMRP] ETTVSZIW SJ 1'8vW >IVS>SRI TSPMG] FYX XLI VIEPMXMIW SJ LEZMRK HS^IRWSJLSYWIKYIWXW{QER]SJ[LSQEVI1'8IQ TPS]IIW{QEOIWMQTPIQIRXMRKEWXVMGX>IVS>SRITSPMG] MQTVEGXMGEP1M^YRS ERH QYGLSJLMWWIGYVMX] WXVEHHPI
/2-:)7398
&033(=&97-2)77
XLI PMRI FIX[IIR MVVMXEXMRK ERH PSEXLWSQI QEOMRK XLI *SVFEGOKVSYRHMRJSVQEXMSREFSYXXLI7LME[EWI'SV TSVEXMSR -GLMVS /M]SQSXS ERH 2MKIP 'SPXVERI WII T 'SVTSVEXI+YMHI *SVQSVI HIXEMPWEFSYXVIGIRXHI ZIPSTQIRXWERHGLERKIWMR7LME[EWIPIEHIVWLMTWIIT 7XSVQ*VSRX
403843-28 FYWMRIWW [MXL E [IPPORS[R 1V .SLRWSR REQIH 'EW WMH] YWI 1V .SLRWSR 4VSQMRIRX T 'EWWMH] LEW E VITYXEXMSR JSV FSXL MRHITIRHIRGI ERH HMWGVI XMSRXEOMRKNSFWJVSQEPPXLIQENSVGSVTW[MXLSYXTPE] MRKJEZSVMXIW1IIXMRKXLIXIEQMRETVMZEXIVSSQEXE FSVHIVPMRIWIIH] -VMWL FEV REQIH 7LIRERMKERvW 'EW WMH] I\TPEMRWXLEXLIRIIHWXLIVYRRIVWXSWXIEPWSQI JEGMPMX],ISJJIVWXLIVYRRIVWRY]IRIEGL[MXL XLI YRHIVWXERHMRK XLEX WYGGIWW [MPP PIEH XS E WIGSRH
/2-:)7398
QSVI PYGVEXMZI NSF WLSVXP] XLIVIEJXIV 8LI WIGSRH NSF QYWXXEOITPEGIMRI\EGXP]XIRHE]WFYXSYXWMHISJXLEX 'EWWMH] [MPP RSX HMWGYWWER] HIXEMPW SJ XLIWIGSRH NSF SYW PSYH ERH KIRIVEPP] JYR TIVWSR XS FI EVSYRH{E GSQTPIXIFVIEOJVSQXLIHSYVMQQIRWIP]WIVMSYW1V .SLRWSRW[MXL[LSQXLIVYRRIVWQE]LEZIHSRIFYWM RIWWMRXLITEWX8LMWMWTEVXP]EREGX MRXIRHIHXSPS[ IVXLIVYRRIVWvKYEVHWERHEPWSXIWXLS[XLI]VIWTSRH XS YRI\TIGXIH WSGMEP WMXYEXMSRW 'EWWMH] MW QSVI XLER GETEFPISJFIMRKQSSH]ERHTIXX]EWXLIVYRRIVW[MPP PIEVRMJXLI] HSRSXGSRJSVQXSLMW MHIEWSJ TVSTVMIX] *YVXLIVVIWIEVGLMRXS'EWWMH]QE]VIZIEPXLEXLIvWSRE FMXSJEFEHWXVIEO[MXLLMWPEWXJI[XIEQWJEMPMRKXLIMV EWWMKRQIRXW-JEWOIHEFSYXXLMW'EWWMH]EGORS[PIHK IWXLIQMWJSVXYRIFYXEHHWLIvWPIEVRIHJVSQLMWQMW XEOIWERHMRXIRHWXSSRP]LMVIXSTWLIPJXEPIRXJVSQRS[ SR7LSYPHXLI VYRRIVW EWO EFSYX 'EWWMH]vW IQTPS]IV [EVRXLIQXLEXXLMW[SYPHFIEJEMVP]WIVMSYWFVIEGLSJ IXMUYIXXIKMZIRLMWVITYXEXMSRJSVRIYXVEPMX]ERHHMWGVI XMSR-JXLI]MRWMWX'EWWMH]I\TPEMRWLILEWEWXVMGXwHSRvX
&033(=&97-2)77
EWOHSRvXXIPPxTSPMG][LIRMX GSQIWXSXLIWIWSVXW SJ XLMRKW 6YRRIVW [LS EXXIQTX E XIEQ[SVO XIWX HYVMRK XLI RIKSXMEXMSR [MXL 'EWWMH] [MPP FI TSPMXIP] WXSTTIH EW 'EWWMH] NSOMRKP] JIMKRW GSRJYWMSR EX GEVV]MRK SR QYPXMTPI GSRZIVWEXMSRW EX XLI WEQI XMQI 4YWLMRK XLI MWWYI SJ LMW IQTPS]IVvW MHIRXMX] SV MRWMWXMRK SR NSMRXP] RIKSXMEXMRK[MPPWSYV'EWWMH]vWSTMRMSRSJXLIVYRRIVW ERHXLI][MPPWYJJIVEzHMGITIREPX]XSEPPWSGMEPMRXIV EGXMSRW[MXLLMQJSVXLIVIWXSJXLIEHZIRXYVIMRGPYHMRK XLIMRMXMEPRIKSXMEXMSR ;LMPI 'EWWMH] HSIW LEZI E WXVMGX wHSRvX EWO HSRvX XIPPxTSPMG]XLEXLEWRvXTVIGPYHIHLMQJVSQEHSTXMRKE wTSOIEVSYRHERHWIIMJ]SYGERIEVREPMXXPIRY]IRSR XLIWMHIxTSPMG]XSLIPTSJJWIXWSQISJLMWVIGIRXPSWWIW 7MRGI'EWWMH][EWGSRXEGXIHZMEERERSR]QSYW1EXVM\ EHHVIWWLIGERRSXWE]JSVGIVXEMRXLEX7LME[EWILMVIH LMQ FYX LI LEW LMW WYWTMGMSRW ERH LEW WTIRX WSQI
E PEVKI UYERXMX] SJ JIVXMPM^IV &] QEOMRK ER ETTVSTVMEXI /RS[PIHKI 7OMPP 8IWX SV F] TEWWMRK XLI MRJSVQEXMSR EPSRK XS E VIPIZERX GSRXEGX XLI VYRRIVW PIEVR XLEX XLI JIVXMPM^IVHIPMZIVIHMWRSXYWIHJSVKVEWW[LMGLMWXLISRP] LSQIXS1EREH]RIvWI\TIVMQIRXW[MXLKYEVHMERZMRIW *EPWII\XIVMSV[EPPWLMHIXLI%[EOIRIHZMRIWJVSQWMKLX FYXER]EXXIQTXXSTEWWXLVSYKLXLI[EPPW[LMPIEWXVEPP] TVSNIGXMRK [MPP{TVSFEFP] XS XLI VIKVIX SJ XLI VYRRIV{ YRGSZIVXLIQ LMRH ER YRYWYEPPSSOMRK WIGYVMX] HSSV EX XLI IRH SJ E WLSVX LEPP 8LIHSSVvW PSGOMRK QIGLERMWQMW E 6EXMRK TVMRXWGERRIV ,ERRELvWTEPQTVMRX[MPPYRPSGOMX FYXMXW XYQFPIVMWEXLVS[FEGO ERSVREXIHSSVORSF8LIHSSV ORSFWIVZIWEWEP]RGLTMRJSVSRISJ,ERRELvWEPGLIQM GEPTVITEVEXMSRW%R]SRIXSYGLMRKXLIORSF[MPPXVMKKIV E *SVGI 8VMH 4LERXEWQ SJ E FPERO [EPP 6YRRIVW [LS
XVMIW XS LEGO 'EWWMH]vW 6EXMRK GSQQPMRO WLI [SRvX XLEX'EWWMH]VIGIRXP]WTIRXEJEMVEQSYRXSJXMQITSO MRK EVSYRH SR XLI 7LME[EWI LSWX 3FZMSYWP] KIXXMRK GEYKLXHSMRKXLMW[MPPLEZIHMVIVITIVGYWWMSRWJSVXLIMV [SVOMRKVIPEXMSRWLMT
XSVIWMWXXLIWTIPPEVIYREFPIXSHMWXMRKYMWLFIX[IIRXLI [EPP ERH XLI HSSV [LMGL [MPP PMOIP] QEOI HMWEFPMRK XLI
403843-28
403843-28 KMZMRK'EWWMH]vWIQTPS]IVIRSYKLXMQIXSX[IEOXLIWXS 8LI1EREH]RIWXSVEKIJEGMPMX]MWPSGEXIHMRERMRHYWXVMEP TEVO MR %YFYVR SV WMQMPEV FPYIGSPPEV RIMKLFSVLSSH MJ XLITPE]IVWEVISYXWMHISJ7IEXXPI8LITEVOMWLYQQMRK [MXLEGXMZMX]HYVMRKXLIHE]QEOMRKMXQYGLLEVHIVXS WRIEO MR YRHIXIGXIH %X RMKLX QSWX FYMPHMRKWv STIVE XMSRWEVIQEREKIHF]HVSRIWSVWOIPIXSRGVI[WEPPS[ MRKVIEWSREFP]HMWGVIIXVYRRIVWXSKIXXSXLITIVMQIXIV [MXLSYXMWWYI;LMPIXLITL]WMGEPERH1EXVM\WIGYVMX]SJ XLIJEGMPMX]EVIEZIVEKIEXFIWXMXWQEKMGEPWIGYVMX]PIH F] E (SK WLEQER REQIH ,ERREL MW I\GITXMSREP 7I GYVMX]MWGSQTSWIHSJX[S7IGYVMX]+VYRXW T TIV VYRRIVEW[IPPEW,ERRELERHE7IGYVMX]1EKI T ,ERREL MW I\XVIQIP] TVSXIGXMZI SJ LIV WXEJJ [LS WLI GSRWMHIVW LIV wTEGOx ERH STIVEXMRK TVSGIHYVIW IQ TLEWM^I JSVGI TVSXIGXMSR 7XEJJ QIQFIVW RIZIV TEXVSP YWMRK GSZIV XS QE\MQYQ IJJIGX EVI XLI RSVQ +MZIR XMQI XS TVITEVI XLI WIGYVMX] KYEVHW EVQ XLIQWIPZIW [MXL WLSXKYRW SV WYFQEGLMRI KYRW JVSQ XLI EVQSV] ERH IWXEFPMWL HIJIRWMZI TSWMXMSRW EX XLI FYMPHMRKvW GLSOITSMRXW8LIEVQSV]HSIWRSXGSRXEMRLIEZMIVSVH RERGI XLER XLEX FYX KEQIQEWXIVW WLSYPH JIIP JVII XS EHHSXLIVRSRPIXLEPMXIQWPMOIVMSXWLMIPHWKEWQEWOW WYTTSVXVSPI[LMPIXLI7IGYVMX]1EKIYWIWQEKIWMKLX KSKKPIWERHETVMWQW[MXGLXSGEWXWTIPPWJVSQXLIEV QSV][LMPIWEJIP]FILMRHEWIGYVMX]HSSV -J XLI VYRRIVW GEWI XLI JEGMPMX] HYVMRK XLI HE] XLI] [MPPRSXMGIEPEVKIPERHWGETMRKXVYGOQEOIEHIPMZIV]SJ
FIIR LERHPMRKXLI XIEQvW RIKSXMEXMSRW VIGIMZIW E QIW WEKIJVSQERYRORS[RGSQQGSHIVIUYIWXMRKEJEGIXS JEGIQIIXMRKEXEPSGEP7LMRXSWLVMRIXLIRI\XHE]EXRSSR %XXIQTXWXSXVEGISVSXLIV[MWIVIWTSRHXSXLIQIWWEKI UYMGOP]VIZIEPXLEXXLIQIWWEKISVMKMREXIHJVSQEGLIET GSQQPMRO TYVGLEWIH [MXL E PS[UYEPMX] JEOI 7-2 8LI VYRRIVW[MPPPMOIP]FIRIVZSYWEFSYXXLIWIGYVMX]FVIEGL{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vWLSWX WLIGER TVSZMHI X[S VYRRIVW [LS WTIEO.ETERIWI[MXLMRZMXEXMSRWXSXLITEVX]SVEHHJSYV VYRRIVWXSXLIWXEJJPMWXMR[LEXIZIVGETEGMX]XLI]GLSSWI WEZIWIGYVMX]2EOEQYVEYRHIVWXERHWXLEXXLIWIEGXMSRW EVIMRXLIMVS[R[E]EPWSJVEYKLX[MXLWTMVMXYEPVMWOFYX
/2-:)7398
&033(=&97-2)77
WLIMW[MPPMRKXSEGGITXXLIFYVHIRLIVWIPJVEXLIVXLERMR ZMXIXLIMVISJXLI7LME[EWIOEQM GMEPX]MWIRGV]TXMSR{WSWLIMWRSXIRXMVIP]GSQJSVXEFPI EGXMRK[MXLSYXEYXLSVMX]7LIVEXMSREPM^IWMXXLSYKLF] XIPPMRKLIVWIPJWLIMWEGXMRKMRXLIFIWXMRXIVIWXWSJXLI 7LME[EWIOEQM[LMGLWYTIVWIHIW'SPXVERIvWWGLIQIW +MZIR XLI PSGEXMSR SJ XLI QIIX ERH 2EOEQYVEvW GSR GIVR JSV WTMVMXYEP QEXXIVW XLI VYRRIVW QE] VIGSKRM^I 7LME[EWIEWXLIMVIQTPS]IV2EOEQYVEvWPEGOSJXVEMRMRK ERHSGGYTEXMSR{LIVIJJSVXWEXHMWGVIXMSREVIEMQIHEX LIV +EQIQEWXIVWWLSYPHTPE]YTXLIVMXYEPM^IHREXYVISJ ZMWMXMRKE7LMRXSWLVMRI WII0SGEXMSRWJSVWSQIMHIEW XS YRHIVWGSVI2EOEQYVEvWS[RWIRWISJWTMVMXYEPMX]ERHXS LMRXEXXLIPEVKIVWTMVMXYEPWXEOIWSJXLIVYRRIVWvQMWWMSR VYRRIVWXLMWWGIRIMWMRXIRHIHXSFIEXQSWTLIVMG KEQ IQEWXIVWGERWPS[XLITEGIHS[RMJSRP]JSVEQSQIRX FIJSVIXLITEGITMGOWFEGOYT
403843-28 XVEGIXLMWHEXEQYWX IRH SR 1'8vWLSWX[LMGLQIERW MX RIIHW XS FI HMVIGXP] YTPSEHIH XS XLEX LSWX JVSQ ER 1'8 JEGMPMX] 'EWWMH] GLIIVJYPP] MRJSVQW XLI VYRRIVW XLEXXLMW[SYPHRSVQEPP]QIERFVIEOMRKMRXSEREVGLI X]TMGEP1'8>IVS>SRI[MXLEGSRWTMGYSYWFYHKIXJSV REXMZI 8S KYEVH EKEMRWX HIGOIVW WIRMSV QEREKIQIRX LEZI LEVHPMRIH XIVQMREPW MR XLIMV LSQIW +IRIVEPP] XLIWIWSVXWSJ TPEGIW EVIEPQSWX EWXMKLXP] KYEVHIHEW 1'8vW FYWMRIWW TVSTIVXMIW FYX 'EWWMH]vW WSYVGIW XIPP LMQXLEXXLIHMZMWMSREPZMGITVIWMHIRX=SNMVS1M^YRSMW LSWXMRKERI\XVEZEKERXTEVX]XSGIPIFVEXIPEWXUYEVXIVvW RYQFIVW &IX[IIR XLI KYIWXW ERH WXEJJ XLIVI WLSYPH
FSH]MRKEPPXLI[SVWX\IRSTLSFMGERHVEGMWXWXIVISX]TIW SJ1'81M^YRSLEWEWXVMGXw.ETERIWISRP]xTSPMG][LIR MXGSQIWXSPERKYEKIEW[IPPEWERIUYEPP]WXVMGXwRSXVSPPW SVSVOWxTSPMG][LIRMXGSQIWXSLSYWIKYIWXW;LMPIRSX EPPXLIKYIWXWEVI.ETERIWIXLI]EPPWTIEOEXPIEWXEWQEX XIVMRKSJXLIPERKYEKIERHXLITEVX]vWLERH[VMXXIRMRZM XEXMSRWEVIIRXMVIP]MROERNM6YRRIVWTSWMRKEWKYIWXW[LS GERRSX WTIEO EX PIEWX WSQI .ETERIWI [MPP UYMGOP] HVE[ EXXIRXMSR XS XLIQWIPZIW PMOIP] IEVRMRK XLIQ E =EOY^E IWGSVXJSVXLIIZIRMRKERHXVSPPWERHSVOW[MPPFIXYVRIH E[E]EXXLIHSSVRSQEXXIV[LEXXLIMVMRZMXEXMSRWWE]% RYQFIV SJ GEXIVMRKERH IRXIVXEMRQIRX GSQTERMIWLEZI FIIR LMVIH JSV XLMW IZIRX 7IVZMGI WXEJJ EVI EPP I\TIGXIH XS YRHIVWXERH XLI ZIV] FEWMGW SJ XLI PERKYEKI FYX XLI QENSVMX]SJXLILMVIHLIPTEWWMKRIHXSXEWOWWYGLEWJSSH TVITEVEXMSR ERH WIXXMRK YT HIGSV SRP] WTIEO )RKPMWL 1M^YRSMWQSVIXLERLETT]XSLMVIGLIETPEFSVXSWIXYT TEZMPMSRXIRXWERHSYXHSSVXEFPIW XVSPPWERHSVOWEVI[IP GSQIXSWIVZIEWLMVIHLIPTEWPSRKEWXLI]OIITEPS[ 9RJSVXYREXIP] JSV XLI VYRRIVW XLIVI EVI RS STIR FIGEYWI1M^YRSLEWTIVWSREPP]LERHPIHXLEXEWTIGXSJ XLMRKW F]LMVMRKVSYKLP] E HS^IR =EOY^EWSPHMIVW YWI 3VKERM^IH 'VMQI +VYRX T 76 %HHMXMSREPP] 1M^YRS LEW LMVIH [LEXLIXLMROWSJEW LMW S[RPMZMRK FVIEXLMRK TERMG FYXXSR E WSGMSTEXLMG TL]WMGEP EHITX REQIH /E^I )RXMVIP] YRWYMXEFPI JSV GMZMPM^IH SV IZIR WIQMGMZMPM^IH WSGMIX] /E^I MW EWWMKRIH XS XLI OMXGL IR [LIVI LI QEOIW PMJI QMWIVEFPI JSV WXEJJ QIQFIVW [LS HVE[ LMW EXXIRXMSR GIEWIPIWWP] FYPP]MRK ERH LE VEWWMRK XLIQ 8LI YRIRZMEFPI XEWO SJ OIITMRK /E^I MR GLIGOERHGSSVHMREXMRKXLIVIWXSJXLIXVSSTWJEPPWXSE WLEXIKEWLMVE PMIYXIRERX REQIH1EWYQM 9WIXLIIPMXI HIGOIVvWWXEXWJVSQT VIQSZMRKEPPEYKQIRXEXMSRW I\GITXJSVXLIG]FIVI]IWERHHEXENEGO EPWSVITPEGIXLI EVQSV[MXLEREVQSVIHNEGOIX1EWYQMSRP]GEVVMIWER %VIW 4VIHEXSV: EWLMW[IETSR 1EWYQM YRHIVWXERHW XLEXLMWNSFMWXSOIITLMWQIREWHMWGVIIXEWTSWWMFPI WS LI LEW MRWXVYGXIH XLIQ XSEZSMHQEOMRK QIWWIWMR TYFPMG2IZIVXLIPIWWMJ XLMRKWWXEVXXS KS WMHI[E]WEPP FIXWEVISJJ
EREPEVQ'EWWMH]WXVIWWIWXLEX[LMPIWRIEOMRKQE]FI XLIFIWXGLSMGIXLIQSWXMQTSVXERXXLMRKMWXLEXRSSRI WYWTIGXW XLI XIVQMREP LEW FIIR XEQTIVIH [MXL -J XLI VYRRIVWKIXRSXMGIHXLI]RIIHXSLEZIETPEYWMFPIGSZ IVWXSV]JSVXLIMVTVIWIRGI'EWWMH]MRGVIEWIWXLITE]XS RY]IRIEGLJSVXLMWTEVXSJXLIQMWWMSR[MXLXLI I\TIGXEXMSR XLEX XLI VYRRIVW [MPP GSRHYGX XLIQWIPZIW HMWGVIIXP]
03'%8-327
GVEWLMRKSRILSWXIHF]1M^YRSMWIZIRLEVHIVPEVKIP]FI GEYWI1M^YRSMWEKIRIVEPP]PSEXLWSQIMRHMZMHYEP{QER] SJXLIKYIWXWEVIEXXIRHMRKSYXSJEWIRWISJTVSJIWWMSR EPSFPMKEXMSRERHRSXSYXSJJSRHRIWWJSVXLIMVLSWX)Q
JSVXLIQSWXTEVXXLIWQSOIWXEMRWERH[LMWOI]EVIEY XLIRXMG 'EWWMH] QIIXW XLI VYRRIVW MR E TVMZEXI VSSQ WXSGOIH[MXLMXWS[RPMUYSVGEFMRIX1EXVM\VIGITXMSRMW WTSXX]KMZMRKXLIFEVE2SMWI6EXMRKSJ
/2-:)7398
7,)2%2-+%2v7 EQYPXMTYVTSWIFYMPHMRK7LIRERMKERvWMWEJEMVP]WIIH] -VMWLFEVJVIUYIRXIHF] VIKYPEVW [MXLHIGMHIHP] QM\IH VIZMI[WSRXLI1EXVM\%JI[%63WSJPITVIGLEYRWFEH
&033(=&97-2)77
1%2%(=2)*%'-0-8= 8YGOIH E[E] MR E GSVTSVEXI TEVO XLMW X[SWXSV] GSR GVIXI FYMPHMRK SWXIRWMFP] WIVZIW EW E PS[YWI WXSV EKI JEGMPMX] JSV 1EREH]RI -R VIEPMX] QER] SJ 4VSNIGX IW EVI GEPMFVEXIH EGGSVHMRKP] 8LI FYMPHMRKMXWIPJ MW WIX FEGO XIR QIXIVWJVSQEXLVIIQIXIVXEPPJIRGI XSTTIH [MXL GSRGIVXMRE % KYEVHLSYWI WITEVEXIW XLI JIRGIv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vWVSSJERHWYGGIIHSRE4IVGITXMSR -RXYMXMSR 8IWX XLI] VIGSKRM^I XLEX ER MVVMKEXMSR W]WXIQVYRWEPSRKXLITIVMQIXIVSJXLIVSSJEPXLSYKL XLIVIEVIRSTPERXWZMWMFPI%WMRKPILMXSREFSXER]VI PEXIH /RS[PIHKIWOMPP VIZIEPW XLMWMRJSVQEXMSR EW [IPP % WQEPP KET I\MWXW FIX[IIR XLI I\XIVMSV [EPP ERH XLI JEGMPMX]MXWIPJ-RWMHIXLMWKETJIHF]EGSQTPI\W]WXIQ SJWSPEVPMKLXMRK*SVGIKYEVHMERZMRIWGSZIVXLIJSYV [EPPW FYX RSX VSSJ SV FEWIQIRX SJ XLI FYMPHMRK 8LI QEMRHSSVERHXLIPSEHMRKFE]HSSVHSRSXLEZIKYEVH MERZMRIWFILMRHXLIQ (IWTMXIXLIJEGMPMX]vWJEMVP]MQTVIWWMZITIVMQIXIVHI JIRWIWMXMWPMKLXP]WXEJJIH(YVMRKXLIHE]EHS^IR[EK IWPEZIWHMPMKIRXP][SVO XLVSYKLSYX XLI JEGMPMX]7IGYVMX] +VYRXW{X[SJSVIZIV]VYRRIV{GSQTPIQIRXETEMVSJ7I GYVMX]1EKIW T [MXLWXEJJGLERKIWSGGYVVMRKEX EQERH TQ7MRGIXLIFYMPHMRKMWHIHMGEXIHXSTL]WM GEPWXSVEKIMXWLSWX 6EXMRK7PIE^I%XXEGO*MVI[EPP (EXETVSGIWWMRK MWVIPEXMZIP][IEO2SMRJSVQEXMSR EFSYX 4VSNIGX 1SREH MW LSYWIH SR XLI LSWX EPXLSYKL
7,-2837,6-2) KPERGIXLI7LMRXSWLVMRI2EOEQYVETMGOWJSVXLIQIIX JIIPWPMOIWSQIXLMRKSYXSJEHMJJIVIRXIVE(IHMGEXIHXS ,EGLMQERXLMWWLVMRISGGEWMSREPP]HVE[WXLI YR[ERX IHEXXIRXMSRSJWEQYVEMTSWIYVWWSFEWMGWIGYVMX]QIE WYVIW LEZI FIIR MQTPIQIRXIH 7MKRW TSPMXIP] VIUYIWX XLEXZMWMXSVWHITSWMX[IETSRWMRPSGOFS\IWNYWXSYXWMHI XLI WLVMRIvW IRXVERGI 8LI XSVMM KEXI EX XLI WLVMRIvW IRXVERGILMHIWE1%(WGERRIV 6EXMRK MRXLIIZIRX XLEXWSQISRIJEMPWXS GSQTP]3RGI TEWXXLIXSVMM XLI VYRRIVW SYKLX XS VMXYEPMWXMGEPP] [EWL XLIMV LERHW ERH QSYXLW XS TYVMJ] XLIQWIPZIW MRWXVYGXMSRW EVI TVSZMH IHZME%6 %[M^IRIH.ETERIWI[SQER[MXLEXSSXL PIWWWQMPIWYKKIWXWXSSRISJXLIVYRRIVWXLEXLISVWLI QEOIEWQEPPHSREXMSRXSXLIWLVMRIERHTMGOEJSVXYRI JVSQXLIFS\WLIGEVVMIW+EQIQEWXIVWWLSYPHXEOIXLMW STTSVXYRMX] XS WTSSO XLI TPE]IVW E FMX KMZMRK XLIQ E ZEKYIFYXTSWWMFP]SQMRSYW JSVXYRI 2EOEQYVE [EMXW JSVXLIVYRRIVWMRXLIWLVMRIvWQEMRLEPP
1->923v7,397) =SNMVS 1M^YRSvW LSYWI MW E WLVMRI HIHMGEXIH XS LMW JE ZSVMXI SFNIGX SJ ZIRIVEXMSR LMQWIPJ -XW GEZIVRSYW VSSQWSJXIR[MXLGEXLIHVEPGIMPMRKWERHMRHSSVFEPGS RMIWWIVZIXSHMWTPE]JIXMWLIW SJ 1M^YRSvW [IEPXL ERH WYGGIWW 8LI KVSYRHW EVI GSQTEVEXMZIP] WQEPP{XLI LSYWIMWJEVXSSFMKJSVXLIPSX{ERHGVS[HIH[MXLTEV X]VIPEXIHEGXMZMXMIW8LI=EOY^ESRWIGYVMX]HYX]GLIGO 7-2WRSXFVSEHGEWXMRKERMRZMXEXMSREW[IPPEWER]SVOSV XVSPP[LS[ERHIVWSYXSJWXEJJHIWMKREXIHEVIEW+EQ IQEWXIVW WLSYPH RSXI XLI 'SRGIEPEFMPMX] SJ XLI VYR RIVWv[IETSRWERH[LEXWSVXSJEVQSVXLI][IEVXSXLI IZIRX%R]XLMRKPIWWXLERFYWMRIWWEXXMVIMWGSRWMHIVIH KEYGLIEXFIWX 1M^YRS PSZIW XS KMZI XSYVW SJ LMW LSYWI ERH [MPP GIVXEMRP]SFPMKIMJEWOIHEWWYQMRKEHIGIRXRYQFIVSJ TISTPIGERFIVSTIHMRXSXLITVSGIWWMSRFYXXLITEV )EGLWXEMV[IPPLEWE=EOY^EWIRXV][LS[MPPHMVIGX[ER [LMGL[MPPRSXFIMRGPYHIHSRER]XSYVLIGSRHYGXW MW 6EXMRKZSMGIVIGSKRMXMSRW]WXIQ[MXLE6EXMRKER XMXEQTIVW]WXIQ
KYEVHMERZMRIWERHHIPMZIV]WGLIHYPIW
/2-:)7398
&033(=&97-2)77
7)'96-8=+6928
,%22%,(3+7,%1%2
463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
)(+
)77
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
/RS[PIHKI7OMPPW %YKQIRXEXMSRW
( 4L]WMGEP 1IRXEP7SGMEP %XLPIXMGWWOMPPKVSYT'PYFW)XMUYIXXI 'SVTSVEXI *MVIEVQWWOMPPKVSYT 4IVGITXMSR8LVS[MRK;IETSRW 7QEPP9RMX8EGXMGW PS[PMKLXZMWMSRWQEVXPMROXLIVQSKVETLMG ZMWMSRAHEXENEGOVIEGXMSRIRLERGIVW %VQSVIHNEGOIX?AGSQQPMRO (IZMGI6EXMRK LIPQIX?A %VIW4VIHEXSV:?,IEZ]4MWXSP%GG (: 4 %4z7%6'{ G [GPMTW7XMGOR 7LSGOEQQSGPMTWVIKYPEVEQQSA
+IEV ;IETSRW
%4z777%6'{ Q [VSYRHW WQEVXKYRW]WXIQA -RKVEQ7QEVXKYR<?7YFQEGLMRI+YR%GG (: 4%4{&**%6' G [GPMTW 7XMGOR7LSGOEQQSGPMTWVIKYPEVEQQSA 7XYRFEXSR?'PYF%GG 6IEGL(: 7 I %4z[GLEVKIWTIVWSREPM^IHKVMTA
7)'96-8=1%+) 463*)77-32%06%8-2+ &
%
6
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
/RS[PIHKI7OMPPW 7TIPPW +IEV
;IETSRW
7
;
0
-
'
)77
1
( 4L]WMGEP1IRXEP7SGMEP %WWIRWMRK'SYRXIVWTIPPMRK)XMUYIXXI 'SVTSVEXI 4MWXSPW7TIPPGEWXMRK -PPYWMSR7TIPPW 7YQQSRMRK 7QEPP9RMX8EGXMGW 'SRJYWMSR4LERXEWQ %VQSVIHNEGOIX?AGSRXEGXW VEXMRK[ MQEKIPMROERHWQEVXPMRO GSQQPMRO (IZMGI 6EXMRK QEKIWMKLXKSKKPIWWYWXEMRMRKWTIPP JSGYW LIEPXLWTIPPW %VIW4VIHEXSV:?,IEZ]4MWXSP%GG (: 4 %4z7%6'{ G [GPMTW7XMGOR 7LSGOEQQSGPMTWVIKYPEVEQQSA
/2-:)7398
&
%
6
7
;
0
-
'
)(+ )77
1
-RMXMEXMZI %WXVEP-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
( ( 4L]WMGEP1IRXEP7SGMEP %WWIRWMRK'SYRXIVWTIPPMRK)RGLERXMRK WTIPPKVSYT)XMUYIXXI 'SVTSVEXI *MVWX %MH0IEHIVWLMT4MWXSPW6MXYEP7TIPPGEWXMRK 7TIPPGEWXMRK8VEGOMRK /RS[PIHKI7OMPPW 7QEPP9RMX8EGXMGW 7TIPPW 'PEMVZS]ERGI'PSYX(IXIGX)RIQMIW)]IWSJ XLI4EGO,IEP4VSTL]PE\MW %PGLIQMGEP *PMRK-KRMXI8VMH4LERXEWQ 4VITEVEXMSRW +IEV %VQSVIHNEGOIX?AGSRXEGXW?6EXMRK[ MQEKIPMROWQEVXPMROAGSQQPMRO (IZMGI6EXMRK QEKIWMKLXKSKKPIW7YWXEMRMRKWTIPPJSGYW LIEPXLWTIPPW ;IETSRW %VIW4VIHEXSV:?,IEZ]4MWXSP%GG (: 4 %4z7%6'{ G [GPMTW7XMGOR 7LSGOEQQSGPMTWVIKYPEVEQQSA
/%>) &
%
6
7
;
0
-
'
)(+ )77
1
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
( ( 4L]WMGEP1IRXEP7SGMEP %XLPIXMGWWOMPPKVSYT'PSWI'SQFEXWOMPPKVSYT )XMUYIXXI =EOY^E 4IVGITXMSR /RS[PIHKI7OMPPW 7QEPP9RMX8EGXMGW 5YEPMXMIW 2EXYVEP%XLPIXI9RGSYXL -RMXMEXI+VEHI 1IXEQEKMGW 4S[IV4SMRX %HITX4S[IVW 'SQFEX7IRWI'VMXMGEP7XVMOI &PEHIW
+IEV ;IETSRW
0MKLX&SH]6MTSWXI;EPP6YRRMRK %VQSVIHNEGOIX?A)VMOE)PMXIGSQQPMRO (6 'SQFEX/RMJI?&PEHI%GG(: 4%4z6EXMRK [IETSRJSGYWA
&033(=&97-2)77
+9%6(-%2:-2)7
&
%
6
7
;
0
-
'
)(+ )77
1
3VMKMREPP]JSYRHMR%QE^SRMEKYEVHMERZMRIWEVIRS[ GYPXMZEXIH XLVSYKLSYX XLI [SVPH 8LI EWXVEP JSVQ SJ E KYEVHMER ZMRIGER QSZIMRHITIRHIRXP] SJ MXWTL]WMGEP JSVQPMOIEREWXVEPP]TVSNIGXMRKQEKMGMEREPXLSYKLXLI ZMRIvW EWXVEP JSVQ VIQEMRW VSSXIH XS MXW TL]WMGEP JSVQ ERH GER SRP] PEWL SYX E JI[ QIXIVW MR EWXVEP WTEGI +YEVHMERZMRIWEGXMZIP]HIJIRHXLIQWIPZIWJVSQTVIH EXSVWYWMRKFSXLXLIMVTL]WMGEPERHEWXVEPXIRHVMPWXSXVET ERHIRWREVIXLSWI[LSGSQIMRXSGSRXEGX[MXLXLIQ &SXLMRTL]WMGEPERHEWXVEPGSQFEXKYEVHMERZMRIWEX XIQTXXSKVETTPIXLIMVSTTSRIRXWYWMRK7YFHYMRKGSQ FEX T 76 8]TMGEPP]EZMRI[MPPEXXIQTXXSQEMR
*
*
*
*
*
*
*
*
*
*
-RMXMEXMZI %WXVEP-RMXEXMZI 7OMPPW 2SXIW
*
*\ ( *\ ( %WWIRWMRK%WXVEP'SQFEX4IVGITXMSR 9REVQIH'SQFEX +YEVHMERZMRIWLEZI6IEGL
MWORSGOIHYRGSRWGMSYWSVHMWVYTXIH+YEVHMERZMRIWEVI XLIZMRISRXLIWYVJEGIYTSR[LMGLMXKVS[W
/2-:)7398
& 03 3( =& 97 -2 )77
7,-44-2+ '32')627 8,)2)<8 &-+;%:) 1%)67/ 4378)(&= /%2)
1EIVWOMWEFMK%%[MXLEPSXSJXMIWXSSXLIVQIKEGSV TSVEXMSRW XLVSYKL XLIMV WLMTTMRK ERH PSKMWXMGW HIEPW FYXXLI]EVIRvXNYWXEFYRGLSJFSEXWHSGOWERH[EVI LSYWIW8LIMVSTIVEXMSRWWTERPERHWIEERHEMV[MXLER IZIVMRGVIEWMRKQEVOIXWLEVIEWXLI]GPEMQQSVITSVXW 1EXVM\TVSZMHIVWERHSMPERHKEWGSQTERMIWERHXLI] IZIRLEZIE FMSQIHMGEP HMZMWMSR 8LIFMKKIWXGSRGIVR IRXWM^IFYXXLIMVI\TERWMSRWMRVIGIRXQSRXLWERHXLI TPERWXLI]LEZIJSVXLIJYXYVI (IWTMXIXLIMVLYKIWM^IXLI]vZIRIZIVFIIRER%%% GSVTERHXLIQIKEGSVTSVEXIEYHMXLEWTMWWIHXLIQSJJ XEOMRKWLSXWEXXLIMVVMZEPW MXvWRS[KVS[R[IPPFI]SRHE WMQTPIIPIQIRX
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vQRSXWSQIFPIIHMRKLIEVXFYX[LIR
7,-44-2+'32')627
XLIVIvWEWQYGLQSRI]EW1EIVWOLEWXSXLVS[EVSYRH EXXLIWIXLMRKWXLIPSGEPWWLSYPHVIEPP]IEVRQSVIXLER WPEZI[EKIW %W QSWX SJ YW GSYPH KYIWW XLMW LEW EPWS MRGVIEWIH XLI RYQFIV SJ TMVEXIW LYRXMRK XLI [EXIVW EVSYRH %JVM GE -RXYVR XLMW LEW PIHXS ERMRGVIEWIHJSGYWSR[EXIV SRXLIFMVXLTPEGISJLYQERMX]2IIHPIWWXSWE]1EIVWOvW S[R8]V-RGEPVIEH]WIIQWXSLEZII\XIRWMZIGSRXVEGXW 8LIMV I\TERWMSR IJJSVXW MRXS %JVMGE EVI RSX [MRRMRK XLIQER]JVMIRHWSRXLI'SVTSVEXI'SYVX;Y\MRK7/ %VIWERHEPPSJXLI.ETEREGSVTWEVIRvXLETT]XSLEZIER SXLIVTPE]IVMRXLIKEQI%JVMGELEW TIVLETWQSVIYR XETTIHVIWSYVGIWXLERER]SXLIVGSRXMRIRXERHMXPSSOW I\TPSWMSRSJ IMXLIVTVSHYGXMSRSVHIWXVYGXMSRHITIRH MRKSRLS[XLIFMKFS]WHIGMHIXSTPE]
7398,)%78%7-%2)<4%27-32 7MQMPEV XS XLI KVS[XL WIIR EVSYRH %JVMGE XLI MWPERHW QSFMPITSVXJEGMPMXMIW7SQISJ XLIWISTIVEXMSRWEVIRvX IZIR WIXXMRK YT EX TSTYPEXIH MWPERHW FYX EVI MRWXIEH EGXMRKEWPSEHMRKERHPMZMRKJEGMPMXMIWJSV1EIVWOvWTIS TPI HSMRK v.EGOORS[W[LEX HMVXWMHI -vPP EHQMX EPSX SJ VMHMGYPSYW GPEMQW LEZI FIIR QEHI FYX XLI MQTSVXERX XLMRKMWMXvWGVIEXMRKFYWMRIWWJSVXLIWLEHS[WSJ%WME ERHXLEXvW[L][IVIEPP]GEVI 7S MJ ]SYvVI PSSOMRK JSV [SVO SYXWMHI XLI VIKYPEV WTVE[PW ERH HSRvX QMRH KIXXMRK ]SYV JIIX [IX WPMT SR SZIVXS%JVMGESV7SYXLIEWX%WMEERHXSWWEVSGO=SYvVI FSYRH XS LMX E .SLRWSR [MXL WSQI [SVO JSV ]SY .YWX HSRvXXLVS[XSSLEVH
%(:)2896) &%'/+6392( 1EIVWOMWPSSOMRKXSMRGVIEWIXLIMVWLEVISJXLI[SVPHvW WLMTTMRK FYWMRIWW F] LMXXMRK OI]TMIGIW SJ XLIMV VMZEPWv WLMTTMRKGSRGIVRW[MXLEPMXXPII\XVEIHKIXSXLIMVEG XMSRW[MXLXLIHMWVIWTIGXXLI'SVTSVEXI'SYVXVIGIRXP] WLS[IHXSXLIQERHXLIMVJIPPS[%%GSVTW8LIQSZIW [SRvX RIGIWWEVMP] TE] SJJ MR XLI RIEV JYXYVI FYX XLI] GERWQIPP FPSSHMRXLI[EXIVW SJXLI 'SVTSVEXI'SYVX %VIWMWMRXVSYFPI2IS2)8VIGIRXP]PSWXXLIMV,5,SVM ^SR MW WXMPP VIIPMRK JVSQ XLI 0EW :IKEW XIGLRSQERGIV HIFEGPIERHXLSYKLZMGXSVMSYWMRXLIXLI%^%Q[EV %^XIGLRSPSK]MWRSX[MXLSYXMXW[SYRHW1EIVWO[ERXW E JI[ QSVI VMZEPW [SVV]MRK QSVI EFSYX XLIMV MRXIVREP TVSFPIQWXLER[EXGLMRK1EIVWO 8LMWGLETXIVLMXWSREJI[SJ1EIVWOvW XSTVMZEPWSV QSVIGSVVIGXP]LMXWEJI[SJXLSWIVMZEPW8LIVIEVITPIRX] SJSXLIVREQIWXLEXEKEQIQEWXIVGERWPMTMR[MXLSRP] EJI[GLERKIWMJXLI][ERXXSGSRRIGXXLMWEHZIRXYVIXS XLIMVGYVVIRXGEQTEMKR[MXLEQSVIJEQMPMEVERXEKSRMWX
403843-28 497,-2+;9<-2+ ;Y\MRK ;SVPH[MHI 7LMTTMRK MW E FMK STIVEXMSR YWY EPP]VSPPMRK EPSRK MR XLI[EZIW ERHTSVXW VMKLXRI\X XS 1EIVWO 8LI] LERHPI E PSX SJ FYPO JVIMKLX TEVXMGYPEVP] VE[ QEXIVMEPW ERH GSQTSRIRXW JSV WQEPPIV GSVTSVE XMSRWIWTIGMEPP]%%WXLEXHSRvX[ERXXSKIXMRXSSHIIT HIFXWKIXXSSPEVKI EKEMRWXXLIMVGSVTSVEXIJSIW8LIVYRRIVWEVIEWMRKPITEVX SJEQYGLFMKKIVTPERQEOMRKXLIWIXXMRKJSVXLMWEHZIR VYRRIVWvXEVKIXERHEGMX][MXLQYPXMTPITSVXWQIERWXLI VYRRIVWGSYPHKIXGSRXVEGXIHJSVQYPXMTPITMIGIW 1V .SLRWSR LMVIW XLI VYRRIVW EX E WIIH] HSGOWMHI FEVEPMXXPIJSVIWLEHS[MRKSJXLI[SVOXSGSQI,IMR ZMXIWXLIQ[MXLERY]IRMRGIRXMZIJSVIEGLVYRRIV XSWMXHS[REXXLIXEFPIERHLIEV[LEXLILEWXSWE]
8LI NSF VIUYMVIW TVIGMWMSR ERH WXIEPXL SR XLI TEVX SJ XLI XIEQ 8LEX MWRvX XS WE] XLI] EPP LEZI XS FI WY TIVWRIEO]X]TIWNYWXXLEXWSQISRIRIIHWXSFIGSZIVX EXXLIGVMXMGEPPSGEXMSR[LMPIXLIVIWXSJXLIXIEQGERFI PSYH WSQI[LIVI IPWI 1V .SLRWSR [MPP QEOI WYVI XS IQTLEWM^I XLMW [LIRLMVMRKERH RIKSXMEXMRKWMRGIMXMW MQTIVEXMZIXLEXXLMWSTIVEXMSRWXE]YRHIVXLIVEHEV,IvW SJJIVMRKRY]IRJSVXLIXIEQ[MXLEREHHMXMSREP RY]IRTYVGLEWMRKEGGSYRXJSVIEGLVYRRIVXSYWI XLVSYKLLMQ,IGERKIXER]0IKEPSV6IWXVMGXIHTMIGISJ IUYMTQIRX[SVXLYTXSRY]IR[MXLMRX[SHE]W 8LMW MW E WQEPP GPYI EW XS LS[ GSRRIGXIH 1V .SLRWSR MWEWLIYWIW1EIVWOvW[SVPH[MHIWLMTTMRKVIWSYVGIWXS WOMQ E PMXXPI SJJ XLI XST %R 3TTSWIH 2IKSXMEXMSR8IWX (MGI4SSP7SGMEP0MQMX GERMRGVIEWIXLITE]SJJF] RY]IRTIVRIXLMX 8LISZIVEPPQMWWMSRMWWIXXMRKYTEZIV]GSRXVSPPIHVI PIEWISJVE[QEXIVMEPWMRXSXLISGIERXLEXMWHIWMKRIHXS PSSOPMOIEREGGMHIRX 8LITPEGIQIRX SJXLII\TPSWMZIW MWWYGLXLEXXLI]SRP]HEQEKIXLILYPPMRXLEXTEVXMGYPEV WIGXMSRSJXLIWLMTERHXLITVSKVEQXLI]EVIPSEHMRKMW HIWMKRIHXSGPSWISJJXLEXWIGXMSRNYWXFIJSVIXLIFPEWXW MR SVHIV XS TVIZIRX XLI WLMT JVSQ WMROMRK 8LI NSF MW E XLVIITEVXWEFSXEKISJXLIWYTIVJVIMKLXIV=YÅRWÝGSQ MRKMRXSTSVXMRX[SHE]W8LIWLMT[MPPWTIRHJSYVHE]W YRPSEHMRK VIJYIPMRK ERHPSEHMRK 8LIKIRIVEPXMQIPMRI JSV IZIRXW MW MR XLI =YÅRWÝ 8MQIPMRI XLMRKXLIVYRRIVWRIIHXSHSMWKIXEGST]SJXLIWLMTvW JYPPGEVKSQERMJIWXMRGPYHMRKGEVKSPSGEXMSRW4EVXX[SMW MRWIVXMRKETVSKVEQTVSZMHIHF]1V.SLRWSRMRXSXLI WEJIX]ERHWIGYVMX]WYFW]WXIQSJXLIWLMTvWTVMQEV]LSWX 4EVXXLVII[MPPFIHIPMZIVMRKJSYVWEXGLIPWSJI\TPSWMZIW GEVKS LSPH WLSVXP] EJXIV XLI VYRRIVW KIXLMQXLI GEVKS QERMJIWX 4%6832)
1V .SLRWSR [ERXW E GSQTPIXIGEVKS QERMJIWXJSV XLI SYXKSMRK WLMTQIRX 8LI GEVKS QERMJIWX GER FI JSYRH =YÅRWÝ 1EIVWOLSWX6EXMRK%7(* LSWX6EXMRK %7 ( * 8LIXMQMRKJSVXLMW
7,-44-2+'32')627
&033(=&97-2)77
XMSRWJSVGEVKSEVIRSXHIXIVQMRIHERHYTPSEHIHYRXMP LSYVWSR(E] 8[S&IJSVIXLMWTSMRXXLI QERM JIWXXLIVYRRIVWGERSFXEMR[MPP SRP]LEZIMRJSVQEXMSR SR XLI GEVKS XSRREKI ZEPYI MRWYVERGI S[RIV GSR XEMRIVRYQFIVIXG 8LMWQIERWXLIVYRRIVWQE]LEZI XSQEOII\XVEXVMTWXSXLIHSGOWERHKIXEGGIWWXSXLI WLMTvWLSWXSRWIZIVEPSGGEWMSRW 4%688;3
XLI WLMTvW LSWX MRWMHI XLI 7EJIX] ERH 7IGYVMX] WYFW]W XIQ;MXLER)\XIRHIH7SJX[EVI0SKMG?1IRXEPA
GSQTEVXQIRXEPM^EXMSRTVSKVEQ8LI]GERvXXIPPI\EGXP] [LEXMX [MPP HSYRPIWW XLI]VYRMX SVWYGGIIHEXEWIT EVEXI )\XIRHIH 7SJX[EVI 0SKMG ?1IRXEPA HE] 8IWXERHE2EYXMGEP1IGLERMG0SKMG?1IRXEPA 8IWX 7YGGIWWQIERWXLI]ORS[XLITVSKVEQVYRWEXEWTIGMJ MG+47PSGEXMSRSYXEXWIE XLIVIvWRSXLMRKTEVXMGYPEVP] WTIGMEPEFSYXXLIPSGEXMSR ERHWIEPWSJJGIVXEMRTEVXWSJ XLIWLMT[LMPITYVKMRKWERHJVSQXLIFEPPEWXW 8LIWLMTvWQEMRLSWXMWPSGEXIHMRXLIYTTIVFVMHKI-X PSKKIHSRXSXLITSVXvWTYFPMGKVMHIZIRFIJSVIXLIWLMT QEHI MX MRXS HSGO WS XLI GVI[QIR GSYPH WXEVX QEOMRK GSQQGEPPW 7LMTvW,SWX 6EXMRK %7( * WGYPTXMRKMWE HVEKSRFSEX[MXL:MOMRKMGSRSKVETL] 4%688,6))
1V .SLRWSRLEW XLIWEXGLIPWHIPMZIVIHXS XLI VYRRIVW [LIVIZIV XLI] [ERX EW WSSR EW XLI] VIUYIWX XLIQ )EGLWEXGLIPMWQEVOIH[MXLERYQFIVMR1ERHEVMRXLEX 1V.SLRWSR[MPPKPEHP]XVERWPEXIJSVXLIXIEQ8LIRYQ [MXLWIXXMRKXLIWEXGLIPWMWXLEXX[SSJXLIQ]MERHIV wSRIxERHwX[Sx LEZIXSFITPEGIHFIJSVIXLIGEVKS MWPSEHIH3RI[MPPFIPSEHIHMRXSEZEXSRXLITSVXWMHI PSEHMRK 8LI SXLIV [MPP FI EX XLI FSXXSQ SJ E PSEH SJ TS[HIVIH WXIIP E GSQTSRIRX MR JIVVSGVIXI 7EXGLIPW WERERHWM wXLVIIxERHwJSYVx GERvXFITPEGIHEWIEVP] SVXLI]v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
7,-44-2+'32')627
&033(=&97-2)77
XLITPE]IVWvQMRHWVYR[MPHEFSYX[LEX XLI]QMKLXFI HSMRK-XvWQSVIEFSYXXLIXMQMRKSRXLMWNSFXLERSZIV GSQMRK XLI STTSWMXMSR 8LI IRXMVI WLMT SRP] LEW X[S HS^IRGVI[QIR
403843-28 ;%<-2+4638)97 ;LMPI;Y\MRKMWEWLMTTMRKVMZEPXLIRI\XXEVKIXXLVIEX MRKXIGLRSPSK]XSXLILMKLIWXFMHHIV[LMGL1EIVWOMW RSXPMOIP]XSFI-RSVHIVXSQEOIXLMW[LSPIXLMRK[SVO MR1EIVWOvWJEZSVXLI]RIIHXLVIIXLMRKWXSSGGYV8LI EPSKXLIWIGSRHMWXLIVITPEGIQIRXSJXLISVMKMREPHEXE XSFIXLI[MWIV-JXLIVYRRIVWPSSOMRXSXLITPERWXLI] EVI WXIEPMRK XLI] [MPPWIIXLEX XLI]HIWGVMFI EWTIGMEP LYPPGSEXMRKXLEXVIHYGIWJVMGXMSRXSEPQSWX^IVS 1V .SLRWSR XLI WEQI JVSQ XLI 4YWLMRK;Y\MRK TPSX TSMRX MRZMXIW XLI VYRRIVW XS E ZMVXYEP QIIX ,I GSYPHFIMRXLIMVGMX]SVLIQE]RSXFIFYXLI[ERXW RY]IRJSVXLIXIEQXSFVIEOMRXSETVSHYGXMSRJEGMPMX]
W]WXIQ,IVIUYIWXWXLINSFFIHSRI[MXLSYXER]SRI WYWTIGXMRK XLI PMRI LEW FIIR XEQTIVIH [MXL ,IvPP SJJIV XS TE] ERSXLIV RY]IR MR E QSRXL MJ XLI NSF KSIW SJJ EW TPERRIH 2IX LMXW SR ER 3TTSWIH 2IKSXMEXMSR8IWX (MGI4SSP7SGMEP0MQMX VIWYPXMR ERY]IRMRGVIEWITIVRIXLMXJSVXLIMRMXMEPSJJIV 8LIFSRYWMWRvXRIKSXMEFPI 8LIGEXGLMWXLEXXLITVSHYGXMSRJEGMPMX]MWPSGEXIHMRWMHI E4VSXIYWEUYEGSPSK]8LMWHSIWRSXQIERXLIVYRLEWXS FI HSRI RIEV XLI GSEWX 4VSXIYWLEW TPIRX] SJ WXVYGXYVIW XLI] FYMPX EW XIWX JEGMPMXMIW MR PEOIW TSRHW WPSYKLW SV [IXPERHWXLEXXLI]PEXIVGSRZIVXXSSXLIVTYVTSWIWERHXLMW GERFISRISJXLSWI8LIJEGMPMX]MWWQEPPRSXQYGLPEVKIV XLEREJSSXFEPPTMXGL-XvWSRP]EGGIWWMFPIF]XVEZIVWMRKXLI [EXIV[MXLX[SHSGOWMHIIRXVERGIWJVSRXERHVIEVERHER YRHIV[EXIV IRXVERGIXLEXGSQIWYTMREWQEPPFEWIQIRX MWWXMPPJYRGXMSREPERHFIWXSJEPPRSXPMROIHXSXLIWIGYVMX] W]WXIQ *MREPP]ERH PMOIP]QSWXMQTSVXERXXSXLIVYRRIVW MXLEWEVIPEXMZIP]WQEPPWIGYVMX]JSVGIGSRWMWXMRKSJXLVII WIGYVMX] KYEVHW YWI 'SVTSVEXI 7IGYVMX] T 76 E YWI+ERKIV,EGOIVJSVFSXLT 8LI YRHIV[EXIV IRXVERGI QE] [IPP PSSO PMOI XLI FIWX STXMSRFYXMX GSYPHFI EGEXEWXVSTLI MJ E QMWXEOI MWQEHI8LIVYRRIVWRIIHXSJSPPS[XLITVIWWYVM^EXMSR MRXLI]RIIHXSEGGIWWXLIPSGOIHFS\RI\XXSXLIHSSV [MXLE0SGOWQMXL%KMPMX]?1IRXEPA 8IWXSV7XVIRKXL &SH] 8IWX -RWMHI MW EPEVKI FYXXSR XLEXEGXMZEXIW
=9¥27½8-1)0-2) (E]z 6YRRIVWLMVIH WLMTMWSYXEXWIE (E]z 7LMTEXWIE (E] 7LMTVIEGLIWTSVXEVSYRHLSYVWFYXMWRSXKMZIRE HSGOYRXMPLSYVW(IGOYRPSEHMRKFIKMRWEXLSYVW (E] (IGOYRPSEHMRKMWGSQTPIXIF]LSYVW-RXIVREPLSPH YRPSEHMRKFIKMRWEXLSYVW-RXIVREPLSPHYRPSEHMRKMW GSQTIXIEXLSYVW (E] 6IJYIPMRKFIKMRWEXLSYVWERHMWGSQTPIXIHEX LSYVW-RXIVREPLSPHPSEHMRKWXEVXWEXLSYVW-RXIVREP LSPHPSEHMRKMWGSQTPIXIEXLSYVW (E] (IGOPSEHMRKFIKMRWEXLSYVW (E] (IGOPSEHMRKGSQTPIXIEXLSYVW*MREPWLMTGLIGO GSQTPIXIERHHITEVXYVIEVSYRHWYRHS[R
XLI SZIVVMHI 3RGI XLI FYXXSR MW TVIWWIH XLI VYRRIVW RIIH XS TYQT XLI [EXIV SYX YWMRK E PEVKI QERYEP TYQTLERHPIERHE&SH]7XVIRKXL WIGSRHW )\XIRHIH 8IWX 8LI] JEGI *EXMKYI (EQEKI IZIV] WIGSRHWWXEVXMRKEX7ERHMRGVIEWMRKF]7[MXLIZIV] XIWX 8LI HEQEKI MW VIWMWXIH [MXL &SH] ;MPPTS[IV )ZIR EJXIV XLI VSSQ MW IQTX] XLI TYQTMRK RIIHW XS QIXIVWIZIV]'SQFEX8YVR 8LIRI\XWXITMWSTIRMRKXLILEXGL-XvWFIIRGPSWIHE [LMPIERHVIUYMVIWE7XVIRKXL 8IWXXSSTIR8LMWXIWX GERFIQEHI[MXLXIEQ[SVOF]YTXSXLVIIGLEVEGXIVW XLSYKL XVSPPW GERvX FI MRZSPZIH MR ER] TEVX SJ XLI 8IEQ[SVO 8IWX XLI] XEOI YT XSS QYGL VSSQ OIITMRK ER]SRI IPWI JVSQ FIMRK EFPI XS ETTVSEGL XLI LEXGL MRXS XLI VSSQ FYX EVI UYMGOP] TYQTIH SYX EW PSRK EW WSQISRIMWWXMPPTYQTMRK2S[XLIVYRRIVWEPPRIIHXS KIX MRXS XLI LEXGL ERH XLI TYQTMRK VYRRIV RIIHW XS KEQIQEWXIV WLSYPH TE] GEVIJYP EXXIRXMSR XS LS[ [IPP ERH UYMGOP] XLI VYRRIVW TVSKVIWW XS WII MJ XLI] WXE] ELIEHSJXLIIZIVVMWMRK[EXIV3RGIXLIPEWXVYRRIVMWMR XLILEXGLRIIHWXSFIGPSWIH RSXIWXMWVIUYMVIH ERHKIXXSXLITVSHYGXMSRPMRIXLI]RIIHXSEGGIWW8LI TVSFPIQXLI]QMKLXLEZIMW[IXGPSXLIWSVIZIR[IXJIIX 8LI]RIIHXSTVSGIIH[MXLWXIEPXLERHPIEZMRKEXVEMPSJ [EXIVJVSQXLIFEWIQIRXEGGIWWXSXLITVSHYGXMSRPMRI [MPPFIEFMKGPYIWSQIXLMRK[IRXHS[R SRP]HVSRIW]WXIQW8LMWPIEZIWXLIWIGYVMX]WTMHIVERH ')-3SZIV[SVOIHERHTPE]MRKHSYFPIHYX]8LI]vVIRSX EWEXXIRXMZIEWXLI]WLSYPHFI EPPXLIMV4IVGITXMSR8IWXW
7,-44-2+'32')627
&033(=&97-2)77
403843-28 /-'/-2+/32(36',-( ;LIRXLI[LSPIXIQTSMWWYIVSGOIHXLIWLEHS[WRS SRII\TIGXIH/SRH3VGLMHXSQEOIMXXLVSYKL-RWXIEH XLI]v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vPP WLS[ YT PSEHIHJSVFIEVSVMJXLI]GERFPIRHMRXSXLIMVWYVVSYRH MRKWFIGEYWIXLEXvW[LEXXLMWNSFMWKSMRKXSVIUYMVI,I SJJIVWXLIVYRRIVWRY]IRXSXEOIEGVYMWI-XvWRSX
7,-44-2+'32')627
VIEPP]XLEXIEW]SJGSYVWIFYXLI[ERXWXLIVYRRIVWXS VIGIMZIXLIWIGSRHLEPJSJXLIMVMRWXVYGXMSRWSRGIXLI]vVI SRXLIGVYMWI,ITVSZMHIWXMGOIXWEXXEGLIHXS6EXMRK GSQQPMROW [MXL 6EXMRK JEOI 7-2W ERH ETTVSTVMEXI PMGIRWIW JSV SFZMSYW VIWXVMGXIH G]FIV[EVI 8LI GVYMWI PIEZIWJVSQ8EQTE*PSVMHE'%7ERHWEMPWXLVSYKLXLI 'EVMFFIER0IEKYI[MXLWXSTWMR'ERGYR%^XPER /MRKW XSR .EQEMGE 4SVXEY4VMRGI ,EMXM ERH ,EZERE 'EVMF 0IEKYIFIJSVIEPSRKGVYMWIFEGOXS8EQTE WIXSJSVHIVWHIPMZIVIHMRXLIJSVQSJEQIWWEKIMRWMHI EXS[IPJSPHIHMRXLIWLETISJEWXMRKVE]8LIQIWWEKI MWWMQTPI w)RNS]]SYVWIPZIWx8LIVIvWEWIVMIWSJTVITEMH EGXMZMXMIWERHERSTIRI\TIRWIEGGSYRXJSVXLIWLMT8LMW MWE GLERGIXS PMZI E PMXXPISJ XLIVIKYPEV PMJI EGXYEPP]E FIXXIVXLEREZIVEKIPMJI 8LIEGXMZMXMIWSGGYVMR'ERGYR [LIVIVYRRIVWGERKIXMRXVSYFPIMJXLI]XV]XSPIEZIXLI VIWSVX GMX] ERH KIX MRXS %^XPER TVSTIV ERH /MRKWXSR [LIVI VYRRIVW GER KIX QYKKIH MJ XLI] PIEZI XLI WEJI EVIEEVSYRHXLITSVX
&033(=&97-2)77
%JXIV XLI] PIEZI /MRKWXSR XLI VYRRIVW VIGIMZI ER SXLIV XS[IP SVMKEQM QIWWEKI XLMW SRI MRXLIWLETI SJ EHEXEGLMT 8LIZMWMXXS,EMXMMWRSXEWJYREWXLIVIWXSJXLIGVYMWI 1V .SLRWSR [ERXW XLI VYRRIVW XS YWI XLIMV WLSVI XMQI XSKIXSRFSEVHXLVII/SRH3VGLMHJVIMKLXIVWMRXLITSVX ERH MRWXEPPER EKIRX TVSKVEQ SRXSXLI WLMTWv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vPP UYIWXMSR ER]SRI[LSPSSOWSYXSJTPEGIFYX[SRvXVEMWIEREPEVQ YRPIWWXLI]WIIWSQIXLMRKXLVIEXIRMRKKSMRKSR8LIWI KY]WHIEP[MXLSVKERM^IHGVMQIERHQMPMXEV]X]TIWEPPXLI XMQIERH[SRvXFIWYVTVMWIHF]EVQIHQIRSRXLIWLMT ;LIR XLI VYRRIVW YTPSEH XLI EKIRX MX MQQIHMEXI P]YXMPM^IW ER SRFSEVH;VETTIV TVSKVEQ XS HMWKYMWIMX WIPJEWEVIWMHIRXTIVWSRE EXLGIRXYV]W[EWLFYGOPIV ERHKSEFSYXRSVQEPEGXMZMXMIW8LIVYRRIVWNYWXLEZIXS WRIEOFIX[IIRWLMTWERHKIXFEGOXSXLIGVYMWIWLMTFI JSVIMXPIEZIWTSVX
8-1)*6%1) 8LI GVYMWIWLMT [MPPGSQIMRXSTSVXEX LSYVW FYX [SRvXPIXKYIWXW HMWIQFEVOYRXMP LSYVW 8LIVYR RIVWGSYPHXV]XSWRIEOSJJXLIWLMTSVXLI]GSYPHNYWX [EMXJSVXLITVSTIVXMQI8LIWLMTVIUYIWXWEPPTEWWIR KIVWVIXYVRF] LSYVWERHXLIWLMT[MPPWEMPEX XIIRLSYVWXSKIXXLINSFHSRI
403843-28 71%'/-2+7/ ;LIR XV]MRK XS MRXIVJIVI MR XLI STIVEXMSRW SJ 7EIH GSRZMRGI XLI VYRRIVW XLEX XLI] EVIRvX [SVOMRK EKEMRWX 7EIHIV/VYTT FIGEYWI [SVOMRK EKEMRWX E HVEKSR MW EFSYXEWETTIEPMRKEWQEOMRKEHIEP[MXLSRI1EIVWO MWVYRRMRKEHSYFPISTSR XLMWWS XLI TE] GSQIWMRE PMXXPIPS[FYXXLIVYRRIVWLEZIWSQILEGOMRKKYEVHMER
ERKIPW[EXGLMRKSZIVXLIMVWLSYPHIVW8LILEGOIVWLEZI EPXIVIH XLIWLMT-(WSJEHS^IR 7/ WYFWMHMEV]ZIWWIPW [MXL-(WJVSQ1EIVWOWLMTWEW[IPPEWWIZIVEPSXLIVW]W XIQWSRXLIHSGOXSGVIEXIXLIIPIGXVSRMGMPPYWMSRSJE 1EIVWO HSGO 8LI LEGOIVW [MPP FI XMIH YT GSRXVSPPMRK XLI 1EXVM\ERH [MPP KIRXP]RYHKIXLI XIEQvW LEGOIV W SJJXLIPSGEPLSWX8LIMPPYWMSR[MPPSRP]PEWXXLVSYKLXLI [LIR XLI XIGLRMGEP MPPYWMSR HVSTW ERH EX XLEX TSMRX E HIGMWMSRRIIHW XSFIQEHI OIITXS XLI TPER SVGVSWW XLIPMRISJ[SVOMRKEKEMRWXEHVEKSR 1V.SLRWSRXLIWEQIJVSQXLITVIZMSYWSTIVEXMSRW VIEGLIWSYXJSVERIEW]NSF8LIQIIXMWEXER-VMWLTYF RIEVXLIHSGOW8LMWMWEGPEWWMGQIIXMRXLIFEGOVSSQ 8LINSFMWFMKMRWGSTIFYXEGGSVHMRKXS1V.SLRWSRRSX LI[MPPWYTTP]PSEHIHSRXSXLITVMQEV]LSWXSJEPPX[IPZI SJXLIWLMTWMRTSVX XLI]LEZI6EXMRKLSWXW%7 ( * 8LITE]MWRY]IRJSVIEGLWLMT[MXLER RY]IRFSRYWMJXLI]KIXEPPSJXLIQ2IKSXMEXMSRW GERKIXXLITIVWLMTEQSYRXYTXSRY]IR[MXL RIXLMXWFYXXLISZIVEPPFSRYWXLIR WLVMROWEGGSVHMRKP] WSXLEX XLIXSXEP TE]SYXMW RY]IR %X RIX LMXW XLI TIVWLMT EQSYRX KSIW XS RY]IR [LMPI XLI RY]IR FSRYW VIQEMRW YRGLERKIH EX RIX LMXW XLIFSRYW VMWIWXSRY]IR ERH EXRIX LMXWXLI FSRYW VMWIW XS RY]IR QEOMRK XLI [LSPI XLMRK [SVXLRY]IR %X XLI HSGOW XLIVI EVI GPYIW XLEX XLMW MWRvX VIEPP] E 1EIVWOHSGOSV1EIVWOZIWWIPW8LIXLVIIFMKKIWXGPYIW EVIXLIX]TIWSJWLMTWXLIPSGEPWIGYVMX]MRTPEGIMRWXIEH SJ 8]V -RG 1EIVWOvW WIGYVMX] MRXIVIWX ERH XLI 1EXVM\ WGYPTXMRK SJ XLI WLMTWv LSWXW %TTVSTVMEXI /RS[PIHKI WOMPP0SKMG?1IRXEPA8IWXWGSYPHKIXXLIVYRRIVWGPYIWMJ XLI]vVIWYWTMGMSYW;MXLLMXWXLI]ORS[1EIVWOYWYEP P]YWIW1EIVWOFYMPXZIWWIPWERHRSRISJXLIWLMTWEXXLI HSGO EVI 1EIVWO FYMPHW 8LI] EPWS VIEPM^I 1EIVWO MGS RSKVETL] YWYEPP] GSRXEMRWTMIGIW SJ 2SVWI Q]XLSPSK] FYXXLIWLMTWLIVILEZIEYXMPMXEVMERMGSRSKVETL];MXL LMXWXLI]ORS[1EIVWOYWYEPP] YWIW XLIMV S[R WIGYVMX] GSQTER]SRXLIMVTVMZEXIHSGOWERHXLITVIWIRGISJE HVIEH XLEX7EIHIV/VYTTYWIWEYXMPMXEVMERMGSRSKVETL] MRXLIMVWLMTW]WXIQW 8LIVIEVIJSYVHMJJIVIRXGPEWWIWWX]PIWSJWLMTGYVVIRX P]HSGOIHMRGPYHMRKELYQSRKSYWWYTIVJVIMKLXIVVIKY PEV JVIMKLXIVW SMP XEROIVW ERH FEVKIW 8LIVIvW SRP] SRI WYTIVJVIMKLXIV Q\ Q WIZIRWXERHEVHJVIMKLXIVW Q\Q X[SSMPXEROIVW Q\Q ERHX[S FEVKIW Q\Q )EGLWLMTvWFVMHKIMWHMJJIVIRXFYX XLI]EVIEPPEGGIWWMFPI[MXLSYXKSMRKMRWMHIXLIWLMTF] MRWXIEHYWMRKXLIWXEMVWERHHIGO 7MRGIEPPSJXLIWLMTWEVI7/WYFWMHMEV]ZIWWIPWXLI] [SRvX LEZI 7/ PSKSW EPP SZIV FYX EKEMR /RS[PIHKI 7OMPPWGERGSQIMRLERH];MXLLMXWSRXLIETTVSTVMEXI /RS[PIHKI7OMPPVSPP XLI VYRRIVWVIEPM^I XLMWGSQTER] MWRSXEWYFWMHMEV] SJ1EIVWO [MXL LMXW XLI] VIEPM^I
7,-44-2+'32')627
&033(=&97-2)77
XLI GSQTER] MW E WYFWMHMEV] SJ 7/ )ZIR MJ XLI VYR RIVW HSRvXVIEPM^I MX XLILEGOIVW [MPP FI GLEWIHSJJ F] +3([LMPIXLIVYRRIVWEVIFIX[IIRXLIWM\XLERHWIZ IRXLFSEX8LMWMW[LIRXLI]RIIHXSHIGMHIMJ[SVOMRK EKEMRWX 7EIHIV/VYTTMW WSQIXLMRK XLI] [ERX XSGSR XMRYI HSMRK8LI] QMKLX IZIR HIGMHI MX FIWX XS KSVI QSZIXLITVSKVEQWEPVIEH]MRTPEGI8LI]LEZIIRSYKL XMQIXS HSSRISVXLISXLIV VYRRMRK XEOIWRSXMQIEX EPP FIJSVI WIGYVMX] XIEQW YWI 'SVTSVEXI 7IGYVMX] T 76 WXEVXXSW[IITXLVSYKLXLIWLMTWFIGEYWISJ XLILEGO )EGLXMQIXLIVYRRIVWPSEHXLIEKIRXMXGLERKIWXS PSSOPMOIEWXERHEVHTIVWSREJSVXLILSWXERHKSIWEFSYX HSMRK [SVO 8LI EKIRXW EVI TVSKVEQQIH XS WXE] HSV QERXYRXMPXLI]EVIRIIHIH
403843-28 ()%0-2+;-8,%(6%+32 ;LMPIXLIPEWXQMWWMSR[EWJSGYWIHSREZSMHMRKXLIEX XIRXMSRSJEHVEKSRXLMWSTIVEXMSRTYXWXLIVYRRIVWEX WIEERHMRGSRXEGX[MXLSRI{XLI7IE(VEKSR 1V.SLRWSRLMVIWXLIVYRRIVWEWWIGYVMX]JSVE1EIVWO JVIMKLXIV[MXLWSQIYRMUYIGEVKS,IvWHIZIPSTIHEHI GIRXXVYWXJSVXLIXIEQEWPSRKEWXLI]vZIHSRI[IPPXLYW JEVSVLIvW[MPPMRKXSKMZIXLIQERSXLIVWLSXMJXLI]LEZ IRvX XMQIPMRIWWMWMQTSVXERXERHLIQE]RSXFIIEKIVXS TYXXSKIXLIVERI[XIEQ ,IWIRHWXLIVYRMRZMXISYXEW EQIWWEKIXLEXWE]Ww4EGOJSVEX[S[IIOEWWMKRQIRX WIGYVMX] KMK SYX SJ GSYRXV] RS PYKKEKI VIWXVMGXMSRW 1IIXEXHSGO1ENIWXMG1V.SLRWSRx 8LIQIIXWMXIMWE1EIVWOJVIMKLXIVREQIH1ENIWXMG
1V .SLRWSR MW WXERHMRK RIEV XLI FSXXSQ SJ E PMJX XLEX PIEHWXSE[EPO[E]SZIVXSXLIWLMT,ILEWX[SKYEVHW [MXLLMQFSXLMR8]V-RGYRMJSVQW%WPSRKEWXLIVYR RIVWEVIRvX[EPOMRKYT[MXLSFZMSYW[IETSRWXLIVIMWRvX ER] XVSYFPI -J XLI] EVI TEGOMRK SFZMSYW LEVH[EVI 1V .SLRWSRTSMRXWXSEWIXSJPEVKISTIRGVEXIWRIEVF],I XIPPW XLIQ XLI [IETSRW [MPP FI EZEMPEFPI SRFSEVH FYX XLI]VIEPP]GERvXFIWIIR[EPOMRKSRXSXLIWLMT[MXLXLEX OMRHSJLEVH[EVI 1V.SLRWSRSJJIVWXLIXIEQRY]IRJSVEX[S [IIO EWWMKRQIRX 7XERHEVH RIKSXMEXMSRW MRGVIEWI XLI TE] F] RY]IR TIV RIX LMX YT XS RY]IR
XSLEPXXLIWLMTERHETEGOSJFEVKLIWXWXLEXIWGETIXLIMV GEKIW3RGIXLIVYRRIVWLEZIHIEPX[MXLEPPXLVIITVSF PIQWXLIXVMTMWUYMIXYRXMPXLI]EVIGEPPIHXSXLIHIGOJSV
4-6%8)7 0EVKIGEVKSWLMTWEVIETMVEXIvWHVIEQWMRGIXLI]LEZI WYGL WQEPP GVI[W ERH YWYEPP] LEZI E [MHI ZEVMIX] SJ ZEPYEFPIW JSV XLIQ XS TMGO ERH GLSSWI JVSQ 3V XLI] GERNYWXWXIEPXLI[LSPIPSX8LITMVEXIWEXXEGOXLIWLMT YRHIVGSZIVSJHEVORIWWEXLSYVW8LI]LEZIWQEPP FSEXW XLEX ETTVSEGL JVSQ FSXL WMHIW [MXL WM\ TMVEXIW YWI 4MVEXIW T IEGL 8LI] XSWW KVETTPMRK LSSOW SZIV XLI VEMPW ERH XLIR GPMQF YT 8LI] UYMIXP] QSZI XSXLIFVMHKI[LIVI XLI] XEOIXLI GYVVIRX GSQQERH IV LSWXEKI ERH LEZILMQ SVHIVXLIWLMTXS WXST%JXIV XLEXXLITMVEXIvWPEVKIVWLMTETTVSEGLIWERHXMIWSJJSR XLI JVIMKLXIV8LIVIWX SJ XLI TMVEXIW FSEVH EWWIWW XLI WLMT ERH HIGMHIXLMW SRI MW [SVXL WXIEPMRK GSQTPIXI P]8LIMVMRXIRXMSRMWXS OMPPXLIGVI[ERHXEOI XLIWLMT SMRXQIRX -J XLI VYRRIVW EVI SR HIGO XLI] QE] WTSX XLI ET XVSYFPIGSQIW[LIRXLIWLMTWPS[WERHWXSTW'PYIX[S [MPP FI XLI SVHIV JVSQ XLI GSQQERHIV JSV EPP GVI[ XS PSGO HS[RMR UYEVXIVW % VYRRIV[MXL WIEJEVMRK I\TIVM IRGI ETTVSTVMEXI /RS[PIHKI 7OMPP SV 4MPSX ;EXIVGVEJX QE]ORS[XLMWMWEWXERHEVHTVSGIHYVIMJXLI]EVIFSEVH IHF]TMVEXIW8LIVYRRIVW[MPPLEZIXIRQMRYXIWFIJSVI XLIPEVKIVTMVEXIZIWWIPEVVMZIW8LIVIEVIX[IPZITMVEXIW SRFSEVHXLI1ENIWXMGERHERSXLIVJSYVXIIRSRXLITM VEXIWvWLMT
7%&38)96 %W[MXLXLITMVEXIEXXEGOXLMWWIGXMSRFIKMRW[MXLXLIWLMT WPS[MRKFYXRSXWXSTTMRK%WEFSXIYVLEWHMWEFPIHSRI SJXLIIRKMRIWERHJSVGIHXLIWLMTXSWPS[XSLEPJWTIIH -JXLIVYRRIVWEVIGYVMSYWXLI]QE]KSEWOXLIGETXEMRSV MJXLI][EMXEJI[LSYVWXLIGETXEMRGSQIWXSXLIQ8LI XLIWEFSXIYV,ISJJIVWEPMWXSJXLIWLMTvWTIVWSRRIP XLI VYRRIVWGERMRZIWXMKEXIEPPSJXLIQXLSYKLXLIGETXEMR VIUYIWXWXLIUYIWXMSRMRKWXE]TSPMXI -RZIWXMKEXMRKXLI GVI[ [MPPKIXRS VIWYPXW XLIWEFS XIYVMWEWXS[E[E]PMZMRKMRSRISJXLIGEVKSGSRXEMRIVW ,IvWEVYRRIVLMVIHF],ERW&VEGOLEYWSJ7EIHIV/VYTT XSWPS[XLMWWLMTERHTVIZIRXMXJVSQVIEGLMRKMXWHIWXMRE
GSRXEMRIVXLI]RIIHXSOIITWEJI,IEPWSHSIWRSXVI ZIEPXLIHIWXMREXMSR8LIVYRRIVWEVIWMQTP]XSOIITXLI GEVKSGSRXEMRIVTVSXIGXIHYRXMPXLI]EVISVHIVIHF]XLI GETXEMRXSIWGSVXMXXSXLIHIGO8LI][MPPRSXFIVIWTSR WMFPIJSVXLIGEVKSEXMXWHIWXMREXMSR 8LI NSF LEW XLVII GSQTPMGEXMSRW JSV XLI VYRRIVW XS
[IVI WEMPMRKSJJGSYVWIJSVEFSYX X[SLSYVW FIJSVIXLI W]WXIQEYXSGSVVIGXIHMXWIPJ8LIWIGSRHNSFVIWYPXIH MR HEQEKI XS SRISJ XLIIRKMRIW 7MRGI MX HMHRvXWXST XLI WLMTGSQTPIXIP]XLIWEFSXIYVRIIHWXSKSEJXIVXLISXLIV
EREXXEGOF]TMVEXIWEWEFSXIYVSRFSEVH[LSXLVIEXIRW
LIYRPIEWLIWXLILSYRHW WIIFIPS[ EWEHMWXVEGXMSR
7,-44-2+'32')627
&033(=&97-2)77
&%6+,)787 8LI WEFSXIYV LEW E HMWXVEGXMSR LERH] XLEX LI GER YWI EX ER] XMQI LI QE] XVMKKIV MX FIJSVI LMW WIGSRH VYR SV MXQE]LETTIR EJXIV LMW HIEXL SVGETXYVI ,I LEWE WQEPP I\TPSWMZI GLEVKI WIX XS HIXSREXI IZIV] X[IR X]JSYV LSYVWEX LSYVW LI LEW FIIRVIWIXXMRK MX WS MX LEW RSX KSRI SJJ ]IX3RGILIvW XEOIRSYX MX GER EYXSQEXMGEPP]KSSJJSVLIGERYWIMXXSHMWXVEGXSVXMIYT XLIVYRRIVW[LMPILIWEFSXEKIWERIRKMRI8LIGLEVKI VIPIEWIW E TEGO SJ JSYV FEVKLIWXW T 76 FIMRK XVERWTSVXIH JSV WIGYVMX] XVEMRMRK 8LI FEVKLIWXW [SRvX EXXEGOMQQIHMEXIP]ERH[MPPMRWXIEHWXEVXWXEPOMRKEFSYX JSV JSSH %JXIV XLI]vZI GPIEVIH SYX EPP XLI VEXW E JI[ GEVGEWWIWGERFIGPYIWJSVXLIVYRRIVW XLI]KIXLYRKV] ERHPSSOJSVPEVKIVTVI]
(6%+32 %JXIVE[IIOTEWWIWXLIVYRRIVWKIXXLIGEPPJVSQXLI GETXEMR XIPPMRK XLIQ XS KIEV YT ERH WIGYVI XLI HIGO ;LIRXLI]VIEGLXLIHIGOXLI]EVIMRXLIQMHHPISJXLI XSLEYPXLIGSRXEMRIVYTJVSQXLILSPHERHEWTSXLEW FIIRGPIEVIHEPSRKXLITSVXWMHIMRGPYHMRKXLIVIQSZEP SJWIZIVEPTMIGIWSJVEMPMRK %WXLIGVERIWIXWXLIGSRXEMRIVHS[REWQEPPGVEGO ETTIEVWMRXLIGSVRIVERHPMUYMHWXEVXWXSPIEO8LIGET XEMRTYPPWEPEVKITIEVPIEVVMRKJVSQLMWTSGOIXERHTSOIW MXXLVSYKLLMWYRTMIVGIHIEV%WQEPPXVMGOPISJFPSSHVYRW HS[R EW LI UYMIXP] WTIEOW w;I EVI LIVIx 8LI IEVVMRK KPS[WSRXLIEWXVEPEWWSQIOMRHSJJSGYW8LIGETXEMR RSHWEWMJLILIEVWWSQIXLMRKERHXLIRKMZIWERSVHIV XSSTIRXLIGSRXEMRIV 8LIGSRXEMRIVHSSVFYVWXW[MXLETSTERHEGEWGEHI SJ [EXIV GSRGIEPMRK E FPYVV] JSVQ IVYTXW ERH GVEWLIW MRXSXLIWIE-RXLIHMWXERGIEJSVQVMWIWJVSQXLI[EXIV ERHXLIVYRRIVWKIXEKPMQTWISJ[LEXGSYPHSRP]FIXLI 7IE(VEKSR%QMRYXIPEXIVXLIHVEKSRWPMTWFEGOFIPS[ XLI[EZIWERHXLIVYRRIVWWIIERSXLIVJSVQSJHVEKSR{ %WXLIvGSTXIVETTVSEGLIWXLIGSRXEMRIVMWHVSTTIH FEGO MRXSXLILSPHERH XLIVYRRIVWEVIHMVIGXIHXSXLI LIPMTEH 8LI LIPMGSTXIV [MPP XEOI XLIQ XS XLI REXMSR SJ LSQIEJXIVXLI]IRNS]EPMXXPIZEGEXMSR
7,-44-2+'32')627
& 03 3( =& 97 -2 )77
63'/73** '/2I[W%WWSGMEXIH4VIWW ,SYWXSR{*IFVYEV]
EPMX]SVIZIRTVMZEXIGSVTSVEXMSRW%KVIEXHIEPSJTETIV
(-7+69280)()1403=)) 196()67&377'3;36/)67
S[RIVWLMTEWEJSVIMKRGMXM^IR1SVISZIVXLIYFMUYMXSYW GSVVYTXMSRQIERWKVIEWMRKTEPQWIZIV]WXITSJXLI[E] -X HSIWRvX QEOIQYGL SJ E HMJJIVIRGI MJ ]SYEVI EGXMRK EW E JSVIMKRREXMSREP SVE6YWWMERGMXM^IR -R WSQIGEW IWFIMRKEGMXM^IRGER QEOIXLMRKW[SVWIEWXLIKSZ IVRQIRXGERWREXGLXLIPERHFEGOJVSQETVMZEXIGMXM^IR GPEMQMRKREXMSREPMRXIVIWX
EX (]WSR +PSFEP +ISH]REQMGW E PSGEP QMRMRK I\TPSVEXMSR GSQTER]OMPPMRKJSYVXIIRTISTPIERHMRNYVMRKWM\SXLIVWFIJSVI XYVRMRKXLIKYRSRLMQWIPJ8LIWLSSXIVVITSVXIHP]LEHFIIR
6YWWME]SY[MRHYTLEZMRKXSHIEP[MXLKVIIH]SPMKEVGLW
TVIWMHIRX1ME6SWIRGVERX^ERH'LMIJSJ3TIVEXMSRW0E[VIRGI /Y 8LI WLSSXIV VITSVXIHP] IRXIVIH XLVSYKL XLI PSFF] EVQIH [MXLER%/ EPSRK[MXLWIZIVEPKVIREHIWERHEWQEPPTMWXSP ,IFIKERWLSSXMRKMRXLIPSFF]ERHQSZIHXSXLIWIZIRXIIRXL XLIFSEVHQIIXMRKOMPPMRKSV[SYRHMRKIZIV]SRITVIWIRX (]WSR+PSFEP+ISH]REQMGWWIGYVMX]QEREKIHXSWIEPSJJXLI WLSSXIVXYVRIHLMW[IETSRSRLMQWIPJIRHMRKXLIWXERHSJJ
%6977-%2 &97-2)77&331 4378)(&= 16&32(7
8LI 6YWWMER KSZIVRQIRX MW WXMPP JSV WEPI ;I EPP ORS[ EFSYX XLI VMHMGYPSYW EQSYRXW SJ RY]IR XLEX GLERKIH LERHW[LIR)ZSHIGMHIHXSQSZIXLIVI]IEVWEKSERH UYMGOP] KSX JEZSVEFPI GSRGIWWMSR EJXIV JEZSVEFPI GSR GIWWMSR8LI QSRI] ERHJEZSVWXLVS[R XLIMV[E]SRP] VIMRJSVGIH XLI RSXMSR XLEX 6YWWME MW E FY]IVvW QEVOIX VIGIMZIH F] [SVOMRK SZIV XLI KSZIVRQIRX ERH XLI] LEZIPSSOIHJSVHMJJIVIRXTMIGIWSJXLIKSZIVRQIRXXLEX XLI]GERTVSYHP]S[R3RIEVIEMRTEVXMGYPEVMRXS[LMGL %ERH%%GSQTERMIWLEZIFIIRQSZMRKMWXLIHERKIV SYWFYXTSXIRXMEPP]VI[EVHMRKQMRMRKMRHYWXV] 8LIVMWOWMRZSPZIH[MXLHSMRKFYWMRIWWMR6YWWMEEVI
63'/73**
/E]7X-VVIKYPEV (SRv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vX [MPPMRK XS TPE]FEPP[ILEZIXLIRI[P]ERRSYRGIHQIKEGSVSTVEXI EYHMX (V7TMR
8LI VMWO SYX[IMKLW XLIVI[EVHW JSV QSWXFYX IZIV] WSSJXIREGSQTER][MPPXEOIXLEXVMWOERHWXYQFPISRXS MRK)MKLX]IEVWEKS6YPSR1IXEPWWXVYGOERSVMGLEPGYQ HITSWMXRIEV-VOXYWOERH[IRXJVSQERSFSH]*VIRGLST IVEXMSRXSERXSTVEXIHQMRMRKGSRKPSQIVEXIXLEXIZIR XYEPP]WSPHXS;Y\MRKJSVETVMGIXEKMRXLILMKLFMPPMSRW 3RIIWWIRXMEPXLMRKXSVIQIQFIVEFSYXQMRMRKMWXLI GIWWJYPQMRMRKMWEFSYXQSVIXLERNYWXVIQSZMRKQEXIVM EPWJVSQXLIKVSYRH{MXMRZSPZIWQEOMRKWYVIXLSWIQE XIVMEPWGERWQSSXLP]KIXXSTPEGIW[LIVIXLI]GERIEVR XLI QSWX VIZIRYI 8LIVI EVI E RYQFIV SJ XSYGLTSMRXW ERHTSWWMFPIZYPRIVEFMPMXMIWMRER]PSKMWXMGEPGLEMR[LMGL MWKVIEXRI[WJSVYWFIGEYWIMJTISTPI[ERXXSMRXIVJIVI [MXLETVSGIWWXLI]GEPPYW8LIQSVIGSVTWNSGOI]SZIV [LSvW KSMRK XS HMK [LEX SYX SJ XLI KVSYRH XLI QSVI [SVOXLIVIMWJSVYW
%(:)2896) &%'/+6392( 3RI]IEVEKSEKISPSKMWXREQIH%REXSP]>E]IXWIZ[EW GSRXVEGXIHF](]WSR+PSFEP+ISH]REQMGW:MGI4VIWMHIRX SJ3TIVEXMSRW(EVMYW0ERKXSWIEVGL6YWWMEJSVSVMGLEPGYQ HITSWMXW ;LMPI LI JEMPIH XS GSQI YT [MXL SVMGLEPGYQ
XS WLEVIXLIGPEMQ[MXLXLIGSVTSVEXMSR0ERKEKVIIHXS LIPTLMQ[MXLXLIGPEMQFYXWIGVIXP]LMVIHE[MXGLHSGXSV [LS WTIGMEPM^IHMRQERMTYPEXMRK XLIFILEZMSV SJSXLIVW MRGPYHMRKQEOMRKXLIQFILEZIIVVEXMGEPP]SVMRWERIP]8LI [MXGLHSGXSVKSXXLINSFHSRIERHEJXIVEJI[HE]W>E]IX SJQEKMG,I[EWEVQIHERH[EPOIHHMVIGXP]MRXSEFSEVH QIIXMRKOMPPMRKIZIV]SRILIIRGSYRXIVIH,IHMIHEXXLI WGIRIWYTTSWIHP]F]LMWS[RLERHFYXVIEPP]EXXLIGSQ QERH SJ XLI GSRXVSPPMRK WTIPPGEWXIV 0ERK XLIR WXITTIH MRXSXLI TS[IV ZSMH KEMRMRKWSQII\XVEWXVIRKXL [LIR LIYRZIMPIHXLIHMWGSZIV]SJXLIVEVIIEVXLIPIQIRXW8LI XEK MR XLI FMPPMSRW 0ERK [EW REQIH ')3 E QSRXL EJXIV XLIQEWWEGVI
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
403843-28 3*+6-):-2+;-(3;7 %2(-28)6)78)(4%68-)7 MW E NSF STTSVXYRMX] XLEX MW E FMX SJJ XLI FIEXIR TEXL 8LI] EVI XSPH XS QIIX EX E TVMZEXI EMVWXVMT [LIVI XLI] XSWMXHS[R[MXLXLIGPMIRX8LIQIIXMRKXEOIWTPEGIEX XLIEMVWXVMT[LIVIXLI]PERH8LITPERIMWQSZIHMRXSE TVMZEXILERKEVERH[LIRXLI]I\MXXLIEMVGVEJXXLIVYR
[LSMRXVSHYGIWLMQWIPJEW1V.SLRWSR YWI1V.SLRWSR 'SVTSVEXI T ,IGPEMQWXLEXLI[SVOWJSVEZIV] TVMZEXISVKERM^EXMSRXLEXLEWRIIHSJEXIEQSJVYRRIVW [LSGERwI\LMFMXI\XVESVHMREV]HMWGVIXMSRMREWIRWMXMZI
63'/73**
&033(=&97-2)77
QEXXIVx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{XLIZMGXMQSJERwYR JSVXYREXI MRGMHIRXx 1V .SLRWSR WE]W{ERH LMW [MHS[ -RIWWEMRLIVMXIHIZIV]XLMRKMRGPYHMRKXLIVEVIIPIQIRXW XLSYKLERH1V.SLRWSRWE]WXLI]QYWXFIWXSTTIH-J XLIVYRRIVWGERKEXLIVMRJSVQEXMSRSRLS[(++MWTVS GIIHMRK1V.SLRWSR[MPPYWIMXXSQEOIXLMRKWVMKLX 8LIVYRRIVWEVISJJIVIHRY]IRTIVVYRRIVJSV XLINSF EPSRK[MXLE GPSXLMRK EPPS[ERGISJRY] IRETMIGIXSLIPTXLIQPSSOXLITEVX1V.SLRWSRWE]W
63'/73**
XLMWQE]RSXWIIQLMKLFYXMX[MPPFIMREHHMXMSRXSTE] XLIVYRRIVW EVIIEVRMRKEWFSH]KYEVHWWSXLI]EGXYEP P]WXERHXSIEVREPSX8LITE]GERFIMRGVIEWIHF] RY]IRTIVRIXLMXSRE2IKSXMEXMSR'LEVMWQE3TTSWIH 8IWXYTXSEQE\MQYQSJTIVVYRRIV -J XLI VYRRIVW EGGITX XLI NSF XLI] EVI XS VITSVX XS (++:MGI4VIWMHIRXSJ3TIVEXMSRW(EVMYW0ERK
403843-28 8,)38,)616.3,2732 'LEPQIVW ERH 'SPI EVVERKIH JSV E PSGEP GSRXVEGXSV XS VIGSQQIRHXLIVYRRIVWXS1V0ERKERHLMWEWWSGMEXIW 8LIVYRRIVWEVII\TIGXIHXSEVVMZIEXTQMRXLIEJ XIVRSSR 8LI QIIXMRK XEOIW TPEGI RIEV XLI (++ GSV WIVZIHJSVWQEPPWGEPIFYWMRIWWIWERHWIEWSREPWIXYTW XLEXRIIHEJSVQEPTPEGIXSQIIX0ERKLEWVIRXIHSYX +VMJJIRLIEHSJ(++WIGYVMX]VIUYIWXIHXSFITVIWIRX EX XLI QIIXMRK ,MW FEGOKVSYRH GLIGO SJ XLI VYRRIVW ]MIPHIHPMXXPIMRJSVQEXMSRWSLI[ERXWXSWIIXLIXIEQ XLEX[MPPFIGLETIVSRMRKLMWGSVTSVEXIPIEHIV
&033(=&97-2)77
0ERK MW E XEPP [MV] IPJ [MXL FPSRHI LEMVWLS[MRK YR REXYVEPWXVIEOWSJKVE],IWTIEOW[MXLEWPS[VIWSRERX HVE[PMRHMGEXMZISJLMWWSYXLIVRYTFVMRKMRK,IMWHMVIGX [MXL XLIVYRRIVW ,II\TPEMRWXLEX LI[ERXIH WLEHS[ VYRRIVWEPSRKSRXLMWXVMTFIGEYWILIORS[WLIMWKSMRK XS RIIH XS GPMQF HS[R MRXS XLI QYGO SJ XLI :PEHMZS WXSO YRHIV[SVPH,IRIIHW XS ORS[LIFVSYKLXWSQI SRI EPSRK [MXL I\TIVMIRGI HIEPMRK [MXL XLIWI OMRH SJ TISTPI +VMJJIR EHHW XLEX LI MW GSRGIVRIH EFSYX SXLIV GSVTSVEXIMRXIVIWXWWYGLEW4VSXIYWERH1EIVWOXEOMRK EHZERXEKISJLMW')3FIMRKWSI\TSWIH 0ERKMWTVITEVIHXSSJJIVXLIVYRRIVWRY]IRTIV TIVWSRTIVHE]XSWIVZIEWLMWWIGYVMX]HIXEMP(YIXSXLI JEGXXLEXXLI][MPPFIXVEZIPMRKMRXIVREXMSREPP]XLI][MPPRSX FI EPPS[IH XSXEOI XLIMV S[R[IETSRW [MXL XLIQ0ERK LEWEVVERKIHJSVEWYTTPMIVEXXLISXLIVIRHXSTVSZMHIXLI VYRRIVW[MXL WQEPP EVQW ERH GSRGIEPEFPI LSPWXIVW 8LI] GER QEOIVIUYIWXWJSV [LEX X]TISJ TMWXSPW XLI] [MPP FI GEVV]MRKFYXMXLEWXSFIMRXLI4MWXSPGPEWWSJ[IETSRW
403843-28 8S6YWWME;MXL0SZI -R XLMW WXEKI XLI TPE]IVW QEOI XLI NSYVRI] XS 6YWWME 8LI] EVI XVEZIPMRK [MXL E [IPPVIWSYVGIH GSVTSVEXMSR [LMGLQIERWXLI][MPPFIKSMRKFYWMRIWWGPEWW[MXLEPP XLI WIGYVMX] XLEX IRXEMPW 8LEX MRGPYHIW 6EXMRK 1%( WGERRIVW GETEFPI WIGYVMX] WTMHIVW ERH E QEKI TIV JSVQMRK EWXVEPSZIV[EXGL FILMRHERIPIZEXIH [MRHS[ -RXLIVYRRIVWXV]XSWRIEOXLVSYKLER][IETSRWXLIWI EVI XLI JSVGIW XLI] [MPP LEZI XS HIEP [MXL 8LI] GERvX GSYRXSRXLIMVRI[IQTPS]IVWFEGOMRKXLIQYTMJXLI] XMSRWXLI]KSXXLI]TVSFEFP]EVIRSX[SVXLWEZMRK VYRRIVWv KVSYT HMWIQFEVOW MR :PEHMZSWXSO 8LI LSXIP OMPSQIXIVWJVSQ XLIEMVTSVXWS XLI] LEZI EWLSVX NEYRX ELIEHSJXLIQ3RGIXLI]QIIXXLIGEVXLITMWXSPWXLI VYRRIVWVIUYIWXIH[MPPFIMRXLIXVYRO{0ERKMWRSXGVY IPIRSYKLXSQEOIWLEHS[VYRRIVWKSXSSPSRKSRXLI KVSYRH[MXLSYXFIMRKEVQIH 3RXLI HVMZIXLI VYRRIVWGER EXXIQTXE4IVGITXMSR -RXYMXMSR 8IWXXSRSXMGIEXERWIHERJSPPS[MRKXLIQ JVSQXLIEMVTSVXXSXLILSXIP8LIWIHERMWRSRHIWGVMTX ERHXLIHVMZIVMWWYFXPIQIERMRKXLIXEMPNSFMWXSYKLXS RSXMGI8LIPEGOSJETL]WMGEPPMGIRWITPEXIHSIWRvXLIPT ER]XLMRKERHXLIIPIGXVSRMGPMGIRWIMWIRGV]TXIHWSXLEX SRP]PE[IRJSVGIQIRXGERWIIMX XVIEXXLMWIRGV]TXMSREW KMZMRKXLIGEVvWIPIGXVSRMGW]WXIQWE*MVI[EPPVEXMRKSJ 8LIVIMWEWQEPPHIRXSRXLITEWWIRKIVWMHISJXLIJVSRX FYQTIVXLEXWIVZIWEWEHMWXMRKYMWLMRKQEVO %XXLILSXIPXLIVYRRIVWEVIRSXKMZIRE[LSPIPSXSJ XMQI XS WMX EVSYRH ERH VEMH XLI QMRMJVMHKI 0ERK [ERXW
403843-28 =39v6)2):)68690=%032)
XLEXLIERHXLITISTPILIMWQIIXMRK[MXLWLSYPHORS[ EFSYX{ERHRSSRIIPWI8LIVYRRIVWvNSFMWXSQEOIWYVI RSSYXWMHIVW[MXRIWWXLIQIIXMRKXEOMRKTPEGIERHXLIR XSIRWYVIXLIQIIXMRKWXE]WTVMZEXIIV[LMPIMXMWLETTIR 0ERKHSIWRSXZSPYRXIIVXLMWORS[PIHKI XLSYKLLIXIPPW XLIVYRRIVWXLIREQISJXLIFEV[LMGLMWXLI&ILIQSXL 3RGI XLI] ORS[ EFSYX XLI HIWXMREXMSR VYRRIVW QE] QEOIE:PEHMZSWXSO7XVIIXW-RXYMXMSR 8IWXXSORS[ XLEXXLIMVHIWXMREXMSRMWE:SV]LERKSYX ;LIXLIVXLI]VIGSKRM^IXLIPSGEXMSRSVRSXXLIVYR RIVWWLSYPHYRHIVWXERHXLEXTEVXSJXLIMVWT]MRKNSFMWXS PIEVR[LEXvWLETTIRMRKEXXLMWQIIXMRKWSXLI]WLSYPH QEOIETPERXSTIVJSVQWSQIIWTMSREKI 8LIWEQIXERWIHERXLEXXEMPIHXLIQJVSQXLIEMVTSVX JSPPS[WXLIQEKEMR-JXLIVYRRIVWHMHRSXWTSXMXFIJSVI MX XEOIW E 4IVGITXMSR -RXYMXMSR 8IWX XS RSXMGI MX MJ XLI]HMHMXvWSRP]E4IVGITXMSR-RXYMXMSR 8IWX-JXLI] EVIRSXHVMZMRKERHMRJSVQ0ERKEFSYXXLIXEMP0ERKXIPPW LMWHVMZIVXSWLEOIXLIXEMP ERHXLIHVMZIVTYPPWMXSJJ-J SRI SJXLI VYRRIVWMW FILMRH XLI[LIIPMXXEOIWE 4MPSX +VSYRH'VEJX6IEGXMSR 8IWXXSWLEOIXLIXEMP -J XLIVYRRIVWHSRvXRSXMGIXLIXEMP XLIWIHER[MPPWII [LIVIXLI]EVIKSMRKXLIRTIIPE[E]ERHVITSVXFEGO8LMW GSQTPMGEXMSR[MPPFMXIXLIVYRRIVWMRXLILSSTPEXIVSR 7LEOMRKXLIXEMPMWXLISRP]FMXSJFSH]KYEVH[SVOXLI VYRRIVWLEZIXSTYPPSJJEXXLMWTSMRXWSSRGIXLI]EVIEX XLI&ILIQSXLXLIMVQEMRNSFMWXSPMWXIRXSXLIGSRZIV WEXMSR0ERKMWLEZMRK[MXL)PM^EZIXE&SPWLSZEWSZIXRMO [MXLXLI:PEHMZSWXSO:SV]0ERKMWPSSOMRKJSVTVSXIGXMSR JVSQ&SPWLSZMRXLIGSYVWISJXLIQMRMRKSTIVEXMSRWEW [IPP EW XLI RIKSXMEXMSRW PIEHMRK YT XS MX -R VIXYVR XLI :SV] [MPP VIGIMZI TIVGIRX SJ XLI KVSWW TVSGIIHW SJ XLI QMRMRK STIVEXMSRW{XLI TIVGIRX HSIWRvX WSYRH PMOI QYGLFYX[MXLXLIQSRI]XLIQMRIMWI\TIGXIHXSFVMRK EFEGO VSSQJSVXLIMV GSRZIVWEXMSR WLMIPHXLIMVGSRZIV WEXMSR[MXLE6EXMRKEVIENEQQIV-JXLIVYRRIVWSTIR XLI]vPPFI[EZIHSJJ-JXLI]VIJYWIXSPIEZI&SPWLSZ[MPP MRJSVQ XLIQ XLEX XLI] EVI WYVVSYRHIH F] LIV TISTPI XLIVYRRIVWvIEZIWHVSTTMRKWLSYPHRSXFISFZMSYW
403843-28 *6-(%=2-+,80-*) -RXLIIZIRMRKXLIVYRRIVWEVII\TIGXIHXSOIITERI]I SR 0ERK [LMPI LI IRNS]W E WPMGI SJ :PEHMZSWXSO RMKLX
63'/73**
&033(=&97-2)77
WEJI{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vXFIQYGLSJEFMKHIEPI\GITX0ERKJSVKSXXS LMQ WOMTTMRK XLEX WXIT ;LEXIZIV XLI GEWI QE] FI EX WSQITSMRX0ERKVYRWEJSYPSJXLIPSGEPTSPMXWM]E{XLITS PMGI YWI4SPMGI4EXVSPWWXEXWT 768LIIEWMIWX[E] XSXEOIGEVISJXLIQEXXIVMWEWMQTPIRY]IRFVMFIXS 'LEVMWQE ZW 0ERKvW 4IVGITXMSR 'LEVMWQE 3TTSWIH HSYFPMRKXLIVIUYMVIHFVMFI-JXLIVYRRIVWHIGMHIEKEMRWX XLI FVMFI 0ERK [MPP FI WXYGO MR NEMP YRXMP 1SRHE] QSVR MRKERH[MPPQMWWLMW7EXYVHE]EJXIVRSSRQIIXMRK[MXLXLI *IHIVEP%KIRG]JSV2EXYVEP6IWSYVGIWEKIRX8LEXvWKSSH JSV'LEPQIVWERH'SPIFYXRSXJSV0ERK MJXLEXLETTIRW XLIQLEPJXLIEKVIIHYTSREQSYRX8LI]EVILETT]XLEX 0ERKQMWWIHLMWQIIXMRKFYXXLI]WXMPPHSRvXLEZIEPPXLI MRXIPPMKIRGIXLI][ERXIHEFSYXLMWIJJSVXW %REXXIQTXIHLEGOSRXLIGSQQPMRO[MPPGSQIMR[LMPI 0ERKMWHIEPMRK[MXLXLITSPMXWM]E[EKIHF]ELEGOIV[MXL E,EGOSRXLI*P]HMGITSSPSJ-JPIJXXSLMWS[RHIZMG IW 0ERKvW GSQQPMRO E 8VERW]W %ZEPSR (IZMGI 6EXMRK [MPPFIGSQFMRIH[MXLLMW-RXYMXMSR[LMGLLMWHVMROMRKLI XIQTSVEVMP]PS[IVIHXS-JXLIVYRRIVWKSXQEVOWMRXLI GSQQPMROXLI]GERYWIXLIMV-RXYMXMSRMRXLIHIJIRWI -JXLILEGOMWWYGGIWWJYP0ERK[MPPHSGOXLIVYRRIVW EHE]vWTE]-JXLI VYRRIVWYWIXLISTTSVXYRMX]XSTSOI PMWXMRKXLI:SV]JSVTVSXIGXMSREW[IPPEWETPERRIHGEWL XVERWJIVXSEVITVIWIRXEXMZIJVSQXLI6YWWMER%KIRG]JSV XLEXXLMWMWEFVMFI8LI]vPPEPWSWIIXLII\EGXGSSVHMREXIW QPMROERHJEMPEXER])HMX*MPIXIWXWXLI]PIEZIIZMHIRGI SJ XLIMV EGXMZMXMIW XLEX 0ERK HMWGSZIVW MR XLI QSVRMRK
403843-28 3**-'-%0&97-2)77
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
EVSYRH8LIVYRRIVWvVSPIMRXLMWQIIXMRKMWJEMVP]WMQTPI SFWIVZIERHTVSXIGX2SXLMRKHERKIVSYWLETTIRWHYVMRK XLIQIIXMRKFYXMXHSIWKMZIXLIVYRRIVvWERSTTSVXYRM X]XSKEXLIVQSVIIZMHIRGIJSV'LEPQIVWERH'SPI7YV VITXMXMSYWTLSXSWRETWLIPT{ER]VYRRIVW[MXLG]FIVI]IW WLSYPHFIEFPIXSVIGSVHERMGIEQSYRXSJYWIJYPHEXE -J 0ERK [IRX XS NEMP EJXIV LMW RMKLXXMQI EHZIRXYVIW XLMW QIIXMRK XEOIW TPEGI SR E 1SRHE] QSVRMRK E[E] FVIEOJEWXEXERYTWGEPIVIWXEYVERXGEPPIH 4YQTIVRMGOIP 8LI VYRRIVWEVII\TIGXIHXS HVIWW YTWGEPIQSWX PMOIP] YWMRKXLIGPSXLIW'LEPQIVWERH'SPITVSZMHIHJSVXLIQ -J TVSTIVP]HVIWWIHXLI][MPPFIWIEXIHGPSWIXS0ERKv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
403843-28 92 3**-'-%0&97-2)77 0EXIVMRXLIHE]EJXIVXLIKSZIVRQIRXQIIXMRK0ERKXEOIW EXVMTWXS XLI HSGOW JSV ERSXLIVQIIXMRK%KEMRLIIQ TLEWM^IWXLEXRSSRIGERORS[EFSYXXLMWQIIXMRKERH XLI VYRRIVW RIIH XS WIGYVI XLI EVIE 8LMW [MPP FI XVMGO] FIGEYWI MRWXIEH SJ QIIXMRK MR E FEV TEGOIH [MXL :SV] [EVILSYWI8LIFYMPHMRK[MPPFIPEVKIVERHPIWWTSTYPEXIH
8LIQEMRFYWMRIWWSJXLIRI\XHE]MWEZMWMXXSXLIKSZ WIXXMRKVIQMRMWGIRXSJ'SPH;EVWT]HVEQEW;LMPIXLI
63'/73**
MWXLEXYRPMOIXLIFEVXLI[EVILSYWIMWRSXEWWSGMEXIH[MXL ER]TEVXMGYPEVKVSYTMRXLITYFPMGvWQMRH
&033(=&97-2)77
8LIQIIXMRKMW[MXLE=EOY^EWLEXIKEWLMVE[LSMWMR GLEVKI SJ XLI =EOY^EvW MRXIVIWXW MR XLI HSGOW ERH GER LIPT(++QSZISYXXLI6%)WSRGIQMRMRKFIKMRW0ERK [ERXWXSQEOIWYVIXLMRKWKSEW WQSSXLP]EWTSWWMFPI FYX XLIVIvW E LMXGL{XLI =EOY^E ERH XLI :SV] HSRvX KIX EPSRKEXEPPERHMJIMXLIVWMHIJSYRHSYX0ERK[EWQEO MRK EKVIIQIRXW [MXL XLI SXLIV XLI] [SYPH TYPP SYX SJ XLIHIEP{ERHQE]FIXEOISRISJ0ERKvWXLYQFWJSVJYR %W [MXL XLI QIIXMRK EX XLI :SV] FEV 0ERK YWIW E 6EXMRK EVIE NEQQIV JSV TVMZEG] 8LI QIIXMRK KSIW WQSSXLP]JSVEFSYXLEPJERLSYVYRXMPEWXVIIXKERK[LS TVS[PWXLIHSGOWHIGMHIWXLEXQE]FIXLMW[EVILSYWIMW EFERHSRIHERHXLI]WLSYPHPSSXMX;LIRXLI]WIIXVEG IWSJPMJIXLI]HIGMHIXLEXQE]FIXLI]WLSYPHFIEXXLI LSP]PMZMRKLIPPSYXSJ[LSIZIVMWLIVI 8LIVIEVIXIRKERKQIQFIVW YWI+ERKIVW 7XVIIX 7GYQ T 76 8LI XVMGO MW RSX NYWX JIRHMRK XLIQ SJJFYXQEOMRKWYVIRSSRIKIXWEPSSOEX0ERKERHXLI WLEXIKEWLMVE XSKIXLIV ERH XLIR WYVZMZIW XS WTVIEH XLI WXSV]8LIKERKMWETEVXMGYPEVTVSFPIQEWXLI]VIGSKRM^I XLIWLEXIKEWLMVEEWE=EOY^EQERWSXLI]vHFIIJJIGXMZI MRXIPPMRKWXSVMIWEFSYX[LS0ERK[EWQIIXMRK[MXL XLI] HSRvXORS[ [LS 0ERKMWSJGSYVWIFYXXLI] GSYPH HI WGVMFILMQ[LMGLGSYPHGEYWILMQTVSFPIQW 8LITSMRX FIMRKRSSRIGERFIEPPS[IHXSWII0ERKERHXLIWLEXI KEWLMVEXSKIXLIVERHPMZI
403843-28 %2-2'32:)2-)28%''-()28 -RXLMWWGIRI0ERKvWGEVMWXEVKIXIHJSVEGVEWL%,]YR HEM7LMR,]YRKGSQIWSRERMRXIVGITXGSYVWIPSSOMRK XSXEKXLIFEGOFYQTIVSJ0ERKvWGEVERHXEOIMXSYXSJ EGXMSR8LIHVMZIVSJXLI7LMR,]YRK YWI(VSRI6MKKIV T76 HSIWRvX[ERXXSOMPP0ERKWSMJMXPSSOWPMOI WLIvWEFSYXXSKSMRXSEJYPPSRGVEWLWLIvPPTYPPSYX7LI [ERXWXLIGEVHMWEFPIHERH0ERKEFPIXSXEPO8VIEXLIV EGXMSRWEWEREXXIQTXIH6EQ T76 -JWLIMWEFPIXSHMWEFPIXLIZILMGPIXLIVMKKIVGSQIW SZIVXSXIPP0ERKXLEX XLMW [EW NYWX EXEWXISJ[LEXMWMR WXSVIJSVLMQERHLIGERIRHMXVMKLXLIVIF]XYVRMRKSZIV LMWGSQQPMRO0ERK[MPPRSXSJGSYVWIEKVIIXSXLMWERH [MPPI\TIGXLMWFSH]KYEVHWXSXEOIGEVISJXLMWEWWEYPX 8LI VYRRIVW GER XV] XS YWI TIVWYEWMZI TS[IVW [MXL XLI VMKKIV 7LI MW ER MRLSYWI 1EIVWO EWWIX ERH PS]EP RY]IRJSVLIVXSKSE[E][MXLSYXXLIGSQQPMRO -RJSVQEXMSR XLSYKL MW [SVXL QSVI XLER QSRI] -JXLI VYRRIVWEKVIIXSWLEVIMRJSVQEXMSREFSYX[LEXMWSRXLI GSQQPMRO[MXLLIVWLI[MPPPIEZITIEGIJYPP]%WEFSRYW WLI[MPP[EVRXLIQEFSYXXLITPERRIHEQFYWLXLEXLET TIRWMR4PSX4SMRX 8LIVYRRIVWGEREP[E]WNYWXOMPPLIVFYXXLEX[MPPGSWX XLIQXLIGLERGIXSPIEVREFSYXXLIEQFYWL
403843-28 ,31)%+%-2 8LIVIWXSJXLIHE]MWXEOIRYT[MXLQIIXMRKW[MXL(++ WXEJJXLIREUYMIXRMKLXEXXLILSXIP8LIRI\XQSVRMRK MXvWXMQIXSVIXYVRXSXLIEMVTSVXXSKSFEGOLSQI 1EIVWO LS[IZIV MW RSX TPIEWIH XS LEZI RSX LIEVH JVSQ0ERKEFSYXXLIMRJSVQEXMSRXLI][ERXWSXLI]KIX E PMXXPI QSVI EKKVIWWMZI 3ZIVRMKLX XLI] WIX YT E GSR WXVYGXMSR ^SRI MR XLI VSYXI FIX[IIR XLI LSXIP ERH EMV TSVX ERH XLI EQFYWL MW WIX YT SR XLI HIXSYV GEVW EVI JSVGIH MRXS -J XLI VYRRIVW WLEVIH MRJSVQEXMSR [MXL XLI 1EIVWOEKIRXMR4PSX4SMRX XLI]KIXEXI\XQIWWEKISR XLIMV[E]XSXLIEMVTSVXXIPPMRKXLIQ[LEXvWKSMRKHS[R -JRSXMX[MPPGSQIEWEWYVTVMWIXSXLIQ 8LIHIXSYVXEOIWXLIVYRRIVWXSEX[SPERIVSEH%J XIV XLI VYRRIVW TYPP SR XS MX E GEV KSMRK XLI STTSWMXI HMVIGXMSR W[IVZIW MRXS XLIMV PERI JSVGMRK XLIQ XS XLI VMKLX8LIVIMWEGSRWXVYGXMSRGVI[SJWM\TISTPIEXXLEX TSMRX{SVEXPIEWXXLEXMWLS[XLI]EVIHVIWWIH-RVIEPMX] XLI]EVIE1EIVWOWIGYVMX]GVI[WIRX XS FIEX0ERKERH XLIWLEHS[VYRRIVWHS[R YWI7IGYVMX]+VYRXWT ;LMPI XLI VMKKIV MR 4PSX 4SMRX [ERXIH XS PIEZI 0ERK EPMZIXLMWGVI[LEWRSWYGLGSQTYRGXMSR-J0ERKHMIW 8LIVI MWRvXER] VIEP RIKSXMEXMSRXS FIHSRI LIVI EW XLI1EIVWOGVI[MWWMRKPIQMRHIH8LIVYRRIVWvNSFMWXS
XLIMV[E]XSXLIEMVTSVX[MXLSYXJYVXLIVMRXIVJIVIRGI
403843-28 7)880-2+94 3RGIXLI]PERH0ERKXLEROWXLIVYRRIVWERHFMHWXLIQ KSSH HE] 8LI] WLSYPH LEZI FIIR TEMH EX XLIWXEVX SJ IZIV]HE]WS0ERKWLSYPHRSXS[IXLIQER]XLMRK 8LIVYRRIVWGERXLIRQEOIEVVERKIQIRXW[MXLXLIMV SVMKMREP1V.SLRWSRXSGSPPIGXXLIMVTE]QIRX8SFITEMH MRJYPP1V.SLRWSRRIIHWXLIJSPPS[MRKMRJSVQEXMSR y 0ERKMW[SVOMRK[MXLXLI:SV]JSVWIGYVMX]
y y y
XLIQMRMRKTVSGIWW 0ERKMW[SVOMRK[MXLXLI=EOY^EXSKIXXLIHSGOW VYRRMRKWQSSXLP]JSVLMQ 1EIVWOMWMRXIVIWXIHMRXLIGPEMQ0ERKLEW
8LIVYRRIVWvTE]QIRXMWVIHYGIHF]RY]IRTIV TIVWSR JSV IEGL TMIGI SJ MRJSVQEXMSR XLI] HSRvX LEZI 1V.SLRWSRHSIWRvXORS[[LEXLIvWQMWWMRKSJGSYVWI FYX LI WE]W XLI VYRRIVWv MRJSVQEXMSR JIIPW MRGSQTPIXI ERH RSX[SVXL XLI JYPP TE]QIRX 1V .SLRWSRRS[ LEW WSQIMRJSVQEXMSRXSYWIMRLMWGEQTEMKRXSGSRXVSPXLI
63'/73**
& 03 3( =& 97 -2 )77
783/-2+ 8,)*0%1)7 7)%880).%29%6=
XLI RMKLXGPYF XS HVE[ MR LYRHVIHW SJ 7IEXXPI GPYFFIVW [SVO,IVPEWXNSF[MXLLIVVIKYPEVGVI[[IRXWMHI[E]W ERHQSWXSJLIVGLYQQIVW[SYPHLEZIXSLERKEVSYRH 7IEXXPI [LMPI XLI] VIGSZIVIH JVSQ XLIMV MRNYVMIW 8LI] [SYPHRvX FI YT XS VYRRMRK JSV EX PIEWX E GSYTPI QSVI [IIOW *SV 8VIEHPI XLEX [EW JEV XSS PSRK XS WXE] MHPI 7LIRIIHIHRY]IR*SVXYREXIP]EJXIVWLIEWOIHEVSYRH SR .EGO4SMRX 7PEQQ QEREKIH XS TYX LIV MR XSYGL [MXLEWQYKKPIVMRRIIHSJQYWGPIJSVERYTGSQMRKNSF %W MRWXVYGXIH WLI EWOIH SRI SJ XLI FEVXIRHIVW LIV JSV E QMRYXI GSQTEVMRK LIV SFZMSYW SVO JIEXYVIW XS[LEXIZIVHIWGVMTXMSRLIvHFIIRKMZIRXLIRRSHHIH ERH TSMRX LIV XS E TVMZEXI VSSQ PEFIPIH XLI wSVERKIx WYMXI 7LI [EWRvX WYVI [LEX XLI GSPSV QIERX RSV HMH WLIGEVI ;LIR WLI ETTVSEGLIH XLI WYMXI XLI HSSV WIRWSVW WGERRIHLIVJEGIERHLIVGSQQPMROVIEHLIVJEOI7-2 WMHI8VIEHPIJSYRHELYQERMRLMWPEXIJSVXMIWHVMROMRK E XSTWLIPJ EPGSLSPMG HVMRO ERH [EXGLMRK E 7IELE[OW TERXWERHE[SVREVQSVIHNEGOIX w%L ]SY QYWX FI 8VIEHPI ;IPGSQI GLYQQIV 7PEQQWTIEOWLMKLP]SJ]SYx4LERXSQWEMHWXERH MRK YT ,I I\XIRHIHLMWLERH JSVELERHWLEOI [LMGL WLI EGGITXIH ,IV VSYKL LERH [EW FMKKIV XLER LMW WQSSXLSRIw-EPWSLIEV]SYLEHEFMXSJFEH PYGOSR ]SYVPEWXNSFx w=IEL 8LI TISTPI [I VER EKEMRWX XSSO XLIMV NSFW [E]XSSWIVMSYWP];I[IVIJSVXYREXIXSKIXE[E][MXL SYXPSWMRK ER]SRI&YXXLI[E]XLMRKW[IRXHS[RLEW TYXQIMREXMKLXWTSXJSVQSRI]7SLIVI-EQx w-GERYRHIVWXERHFIMRKMRXMKLXWTSXW-vQOMRHSJMR XLIQMHHPISJSRIVMKLXRS[&YX-vQRSXLMVMRK]SYJSV ER]XLMRKYRXMP-EWOWSQIUYIWXMSRWx 8VIEHPI WEX HS[R MR SRI SJ XLI GLEMVW RI\X XS XLI WQYKKPIV 4LERXSQ [EMXIH YRXMP XLI WYMXI HSSV WPMH GPSWIHEKEMRFIJSVIGSRXMRYMRK
783/-2+8,)*0%1)7
w4YXXMRKEWMHI7PEQQvWVIJIVVEP[LMGLMWEKVIEX XLMRK KSMRK MR ]SYV JEZSV [LS LEZI ]SY [SVOIH [MXL [LS QMKLX ZSYGLJSV ]SYV WXVIIX GVIH# =SY WIIQ PMOI WSQISRI[LSGERLERHPI]SYVWIPJFYX-RIIHXSORS[ QSVIEFSYX]SYVGLEVEGXIV -vZI FIIRFYVRIHFIJSVI{ F]VYRRIVW[LSXVMIHXSVMTQISJJSVVMTSJJQ]GPMIRXW SVWIPPQISYXXSXLIPE[SVYWI&80SRXLINSF8LMRKW PMOIXLEXQEOIQIPSSOFEH-HSRvX[ERXXLEXXSLETTIR EKEMRx MR XLI 77' ,IVIvW LMW GSQQGSHI ,IvPP XIPP ]SY XLEX -vZIHSRIX[IPZINSFWJSVLMQERHSYXSJXLSWIX[IPZI [IvZIKSXXIRXLINSFHSRIIZIV]XMQI8LI]LEZIRvXEP [E]W FIIR TVIXX] FYX MX HSIWRvX VIEPP] QEXXIV EW PSRK EWXLINSFKIXWHSRI%PWSWS]SYORS[Q]GVI[ERH -HSRvXNYWXHS[SVOMR7IEXXPI;IEPWS[SVOMR:ERGSY ZIV &IPPMRKLEQ :IKEW ERH IZIR EW JEV WSYXL EW 0SW %RKIPIWJVSQXMQIXSXMQI=SYGERGLIGOEPPXLINYVMW HMGXMSRWMJ]SY[ERXJSVQ]WXVIIXREQI-vQRSXGYVVIRX P][ERXIHMRER]SJXLIQ%WJSVXLI[E]-GEVV]Q]WIPJ SRENSF-vQEP[E]WTVSJIWWMSREP-LEZIRSEHHMGXMSRW RSVHS-LEZIER]MRXIRXMSRSJVMTTMRK]SYVGPMIRXWSJJ- TVMHIQ]WIPJSRQ]HITIRHEFMPMX]x w- [MPPMRHIIHGLIGOQ] WSYVGIW JSV ER]VETWLIIXW SR]SYERHWIIMJ]SYVWXSV]GEVVMIW[IMKLX%PWS-PMOI XLEX ]SYvZI [SVOIH MR QYPXMTPI WTVE[PW -X WLS[W ]SY LEZII\TIVMIRGIIZEHMRKFSVHIVTEXVSPWERHWPMTTMRKMR ERHSYXSJGSYRXVMIW[MXLIEWI=SY[SYPHFIWYVTVMWIH LS[ QER] VYRRIVW -vZI QIX XLMW IZIRMRK [LS LEZIRvX HSRIER]VYRRMRKSYXWMHI SJ 7IEXXPI7SEW ]SY QMKLX I\TIGX-vQEPMXXPIPIIV]VIP]MRKSRXLIQXSLIPTQIx w;IvVI WIX YT WS [I GER KIRIVEPP] KIX SYVWIPZIW EGVSWWFSVHIVW[MXLSYXXSSQYGLXVSYFPIiMJ[IvVIRSX XV]MRK XS HS [LEX ]SY HS JSV E PMZMRK 7S MJ ]SY RIIH QI]SY[SRvXRIIHXSLIPTQIGVSWWSZIVER]FSVHIVW [LIVI]SYRIIHQIXSKS-vPPHSMXSRQ]S[Rx w- WIIx 4LERXSQ WEMH WSYRHMRK TPIEWIH w7S XIPP QIEFSYX]SYVWIPJ;LEXIPWIWLSYPH-ORS[XLEXGSYPH GSRZMRGI QI XS LMVI ]SY# -RWXIEH SJ WSQI VERHSQ WXVIIXWEQ#x w;IPP-vQEREHITX1]QEKMGQEOIWQIUYMGOERH EKMPI WS - GER WLSSX JEWXIV ERH QSVI EGGYVEXIP] XLER QSWX-GERWXVIRKXLIRQ]FSH]XSVIWMWXMRNYV]WS-GER WXE]SRQ]JIIXPSRKIV-GERWIRWIZYPRIVEFMPMXMIWIZIR
EVSYRHXLIQ7TEVOWEVGIHZMWMFP]EGVSWWLIVORYGOPIW w%RH-vQEPMZMRKWXYRFEXSRx w-vQMQTVIWWIHx4LERXSQWEMHw0IXQIQEOIEJI[ TLSRIGEPPW8LMWWLSYPHSRP]XEOIXIRQMRYXIWMJ]SYvVI SRXLIPIZIP[MXLQI%RHMJIZIV]XLMRK[SVOWSYX-GER
LEZIRSXVSYFPIKIXXMRKXLMWNSF&YXEXXLIWEQIXMQILIV GVI[vWPEWXNSFMRXLISV]WLSYPHLEZIFIIREQMPOVYR 7SER]XLMRKGSYPHLETTIR 1MRYXIW TEWWIH FIJSVI 4LERXSQ [EPOIH FEGO MRXS XLITVMZEXIWYMXIw;IPP8VIEHPIMXPSSOWPMOIIZIV]XLMRK
TPMQIRXWJVSQLIVTVIZMSYWGPMIRXW-RXLISV]WLIWLSYPH
RIEVF]NYVMWHMGXMSRW7SFEWIHSRXLEX-LEZIENSFMRXLI 2SVXLIVR'VIWGIRXVIKMSRXLEX-RIIHQYWGPIJSV-XTE]W RY]IRJSVETTVS\MQEXIP] LSYVWSJ[SVO;SYPH ]SYFIMRXIVIWXIH#x w-[SYPHx w+SSH,IVIvW[LEX]SYRIIHXSORS[ix
3:)6:-);
XIVJIVIH F] WIPPMRK LIEZ] [IETSRW XS FSXL WMHIW{XLI REXMZI %^XPERIV TSTYPEXMSR EW [IPP EW XLI %QE^SRMER
IVWSJ'EPMJSVRMEvW2SVXLIVR'VIWGIRXVIKMSRERHXLI8ÑV
WMWX XLEX %VIW GSRXMRYIW XS WYTTP] [IETSRW XS MRWYV KIRX ERH HMWWMHIRX KVSYTW MR XLEX VIKMSR TVIZIRXMRK ER]WSVXSJXVYITIEGIJVSQXEOMRKLSPHERHVEMWMRKXLI PMOIPMLSSH XLEX [MHIWGEPI ZMSPIRGI QMKLX EKEMR FVIEO
8LILYQERWXSSHYTERH[EPOIHSYXXLIFEGOHSSV XLISRIRSVQEPP]VIWIVZIHJSV1V.SLRWSR
IHF] JSVGIW [MXLMR XLI +VIEX (VEKSR 'MZMP ;EV YWMRK XLILSQIWXIEHIVWERHXLI8ÑVQMPMXEV]EWGLIWWTMIGIW EKEMRWXXLIKVIEXHVEKSR,IWXEF]&YXXLSWIJSVGIWSRP] FVSYKLX XS XLI WYVJEGI WMQQIVMRK XIRWMSRW FIX[IIR TPERW XS ERRI\XLI 2SVXLIVR'VIWGIRXVIKMSR ERHXLI LSQIWXIEHIVWvHIWMVIXSVIQEMRJVII JVSQXLI8ÑV KSZ IVRQIRXvW VYPI ERH XS QEMRXEMR XLIMV VMKLXW SZIV XLIMV S[RTVSTIVX]ERHXSRSXLEZIXLIMVTVSTIVX]WYQQEVM P]WXVMTTIHJVSQXLIQF]EJSVIMKRKSZIVRQIRX8LMRKW LEZISRP]HIXIVMSVEXIHWMRGI,IWXEF]vWHITEVXYVIJVSQ 1SYRX7LEWXEEW XLI 8ÑVKSZIVRQIRX JIIPWMX RS[LEW KMSRSJ'EPMJSVRME[LMPIXLILSQIWXIEHIVWEVIJIIPMRK XLEX[MPPOIITXLI8ÑVQMPMXEV]EXFE]&SXLWMHIWEVIPSSO XS[EVH%VIWJSVXLEXIHKI 7MRGIXLI[EVFIX[IIR%^XPERERH%QE^SRMETIS TPI MR XLI WLEHS[W LEZI XEPOIH EFSYX LS[ %VIW MR
MR 2SVXL %QIVMGE RS QEXXIVXLI GSRWIUYIRGIW MX [MPP LEZI JSV XLI MRHMKIRSYW TSTYPEXMSRW XLEX [MPP WYJJIV JVSQXLIMVEVQWHIEPMRK IV TPE]IVW XLEX EVI LIPTMRK XS WYTTP] EVQW XS FSXL XLI 8ÑVQMPMXEV]ERHXLIQMPMXERXLSQIWXIEHIVWERHJVIIHSQ TEVXMGYPEV{XLI][ERXXLIQIPMQMREXIHERHXLIMV[IETSR MRZIRXSVMIWHIWXVS]IH3RGIXLIEVQWHIEPIVWEVISYXSJ XLI[E]%VIWGERETTVSEGLXLIMVFY]IVWERHTSEGLXLEX FYWMRIWWJSVXLIQWIPZIW(SMRKXLMWVITIEXIHP][MPPEPPS[ %VIWXSFIXLISRP]KEQIMRXS[RJSVWQYKKPIH[IET SRWMRXLI2SVXLIVR'VIWGIRXVIKMSR 3RGIXLIGSQTIXMXMSRMWHMWVYTXIHJSVXLIXMQIFIMRK %VIW[MPPRIIHXSQSZIXLI[IETSRWMRXSXLIEVIEERH QIRXXLIMVRI[[SVOMRKVIPEXMSRWLMT[MXL8ÑVQMPMXEV]SJ
783/-2+8,)*0%1)7
&033(=&97-2)77
IW JVSQ FEGO LSQI ERH XLI LSQIWXIEHIVW [LS [ERX [IETSRW TS[IVJYP IRSYKL XS HMWGSYVEKI 8ÑV QMPMXEV] MRGYVWMSRW MRXS XLIMV PERHW 6YRRIVW [SVOMRK XLMW ERKPI RIIH XS QEOI WYVI XLI MPPIKEP EVQW WLMTQIRXW EVI WEJI ERH WIGYVI EW XLI] IWGSVX XLIQ XLVSYKL XLI 2SVXLIVR 'VIWGIRXVIKMSRXSXLIMVHIWXMREXMSRW4PE]MRKFSXLWMHIW SJE[EVMWEXEGXMGXLEXLEWFIIREHZSGEXIHERHWYTTSVX IHF](EQMIR/RMKLXFYXMXGERFIZIV]HERKIVSYW JSV XLIVYRRIVWGEYKLXMRXLIQMHHPI 8LMW TPER LEW RSX FIIR YRERMQSYWP] WYTTSVXIH EX XLI LMKLIWX PIZIPW SJ %VIW 8LIVI LEW FIIR STTSWMXMSR WXEVXMRK [MXL %VXLYV :SKIP E QIQFIV SJ %VIWv FSEVH SJ HMVIGXSVW [LS GSRWMHIVW WYGL TVEGXMGIW wEQSVEPx ERH FIPMIZIW MX [SYPH FI MR XLI FIWX PSRKXIVQ MRXIV IWXWSJ%VIWXSWXST:SKIP[MPPLMVIVYRRIVWXSMRXIVJIVI NSFW SR XLI EVQW HIEPIVW XLIR LEPXMRK %VIW WLMTQIRXW XSGYWXSQIVWMRWMHIXLI2SVXLIVR'VIWGIRX,I[MPPYWI LMWIRZMVSRQIRXEPEGXMZMWXGSRRIGXMSRWXS I\TSWI %VIWv HSYFPIHIEPMRKXSXLI[SVPHMRGPYHMRKXLITVIWIRGISJ IGSPSKMGEPP]HIZEWXEXMRKGLIQMGEP[IETSRWMRXLIEVQW WLMTQIRXW :SKIP [MPP IZIR IRGSYVEKI XLI EGXMZMWXW XS XEOIIZMHIRGISJXLIWIYRHIVXLIXEFPIHIEPWXSXLIQI HMEEPSRK[MXLSXLIVIZMHIRGI LIvWGSPPIGXIHXLEX%VIW LEWFIIRHIEPMRK[IETSRWXSEWWSVXIHYRWEZSV]2SVXL %QIVMGERKVSYTW{JVSQ'%7QMPMXMEWEPSRKXLI'%7%^ XPER FSVHIV YTWIX SZIV LS[ XLI %^XPER%QE^SRME [EV IRHIH XSQMPMXERX KVSYTW EPSRK XLI '%79'%7FSVHIV [LMGL[SYPHPSZIRSXLMRKQSVIXSIWGEPEXIXIRWMSRWFI X[IIRXLIX[SREXMSRWXS2EXMZI%QIVMGEREGXMZMWXXIV VSVMWXKVSYTWWYGLEW;EVTEXL[LMGL[SYPHPSZIRSXLMRK QSVIXLERXSWXEVXXVSYFPI[MXLXLI%RKPSW -RXLIIRHMRJSVQEXMSRQE]PIEOSYXXSXLIQIHMEEX PEVKISZIV%VIWvMPPMGMXEGXMZMXMIW-X[MPPFIYTXSXLITPE] IVGLEVEGXIVWXSHIXIVQMRIXLII\XIRXSJXLSWIPIEOW MJ
ER] ERH LS[ FEHP] HEQEKIH %VIWv TYFPMG MQEKI FI GSQIW8LI][MPPEPWSLEZIELERHMRHIXIVQMRMRK[LMGL %VIWPIEHIV[MPPKEMRXLIYTTIVLERHMRXLMWMRXIVREPWOMV QMWL(EQMIR/RMKLXSV%VXLYV:SKIP
403843-28 8,)1))8 -R 7XSOI XLI *PEQIW XLI TPE]IV GLEVEGXIVW [MPP FI TVI WIRXIH[MXLX[SNSFWF]XLIMVGSRXEGXW8LIOMGOIV FSXL TVIPMQMREV]NSFWEVITSPEVSTTSWMXIWSJIEGLSXLIVERH XS XVEGO HS[R ERH IPMQMREXI X[S EVQW HIEPIVW MR XLI 2SVXLIVR 'VIWGIRX VIKMSR SJ 'EPMJSVRME 8LI SXLIV NSF [SYPHFIXSMRXIVGITXXIEQWSJEWWEWWMRWXEVKIXMRKEVQW HIEPIVWMRXLEXWEQIVIKMSRERHXSWXSTXLIQ[MXLPI XLEPJSVGI*SVXLITPE]IVGLEVEGXIVWXLIVIMWERMRLIVIRX [MPPORS[ELIEHSJXMQIXLI][MPPFIHIEPMRK[MXLSXL IVWLEHS[VYRRIVWERHGERTPEREGGSVHMRKP],S[IZIV SRGIEWMHIMW GLSWIR XLIXIEQQE] RSXTPE]XLIEH ZIRXYVIWJSVXLISXLIVWMHI 2SQEXXIV[LMGLGLSMGIXLI]QEOIXLIVYRRIVW[MPP [MPPPIXXLIQORS[XLIVIMWXLITSXIRXMEPJSVJYXYVI[SVO GLEVEGXIVWGLSSWIXLIGSRXVEGXXEVKIXMRKXLIEVQWHIEP IVW /RMKLXvW EKIRHE XLI] [MPP PIEVR %VIW [ERXW XLIQ XSIPMQMREXIX[SQENSVGSQTIXMXSVWJSVXLIMVTPERXSWIPP [IETSRWXSFSXLXLILSQIWXIEHIVWERHXLI8ÑVQMPMXEV] 8ÑVGMXM^IRREQIH'ELMV7YPPMZEREQIQFIVSJXLI0EIWE GVMQMREPW]RHMGEXI[LSMWWIPPMRKFPEGOQEVOIX[IETSRW XSXLI 8ÑVQMPMXEV]XVSSTW7YPPMZERLEW E FEWISJSTIVE XMSRWMRXLI'EPMJSVRMERXS[RSJ1SRXEKYI8LIWIGSRH EVQWHIEPIV MWER -VMWL[SQER F] XLI REQISJ 6YEVME KYRVYRRIV[MXLGSRRIGXMSRWXSXLI*MRRMKERJEQMP]MR7I EXXPI6YEVMMW[SVOMRKSYXSJ)YKIRI,IVFMKKIWXGPMIRXW EVI XLI REXMZI LSQIWXIEHIVW JVSQ XLI 2SVXLIVR 'VIW GIRXVIKMSR8LIWLEHS[VYRRIVWvMRWXVYGXMSRW[MPPFIXS [IETSRWXLI]LEZISRLERHWSXLI]GERRSXJEPPMRXSXLI LERHW SJ %VIWv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vW EKIR HE XLI][MPPRSXMQQIHMEXIP]PIEVRXLIMHIRXMXMIWSJXLI HIEPIVW FIMRK XEVKIXIH -RWXIEHXLI][MPP FI MRWXVYGXIH
783/-2+8,)*0%1)7
&033(=&97-2)77
XS[SVO XLIMV GSRXEGXWMRXLIEVIESVHSPIK[SVO[MXL
%XXIQTXMRKXSOMPP'ELMVMRWMHILMWS[R[EXIVMRKLSPI
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v MRZIRXSVMIWJSVXLIMVS[RYWITVSZMHIHXLSWIMRZIRXSVMIW EVIHIWXVS]IHERHHSRvX[MRHYTSRXLIFPEGOQEVOIXXS FIWSPHXSXLIWEQITISTPIXLEX%VIW[ERXWXSGSRZIVX MRXSPS]EPGYWXSQIVW3RERSTTSWIH2IKSXMEXMSR'LE VMWQE8IWXETPE]IVGLEVEGXIVQE]RIKSXMEXIXLITVMGIYT F]RY]IRTIVRIXLMXYTXSEQE\MQYQSJ RY]IR TIV VYRRIV *SV XLI VYR XLEX MW HIWMKRIH XS JSMP %VIWvEXXIQTXWXSIPMQMREXIMXWGSQTIXMXMSR1V.SLRWSR [MPPSJJIVEWXEVXMRKTE]SJRY]IR[LMGL QE]FI RIKSXMEXIHYTXS RY]IRTIVVYRRIV
SJXLITEXVSRWXEOMRK YT EVQW EKEMRWX XLIQ 8LI] QE] MRWXIEH XV] XS PSGEXI LMW WLMTQIRX ERH XEQTIV [MXL MX -J E LEGOIV KIXW MRXS 7YPPMZERvW GSQQPMRO SV MJ E QEKMG
KYEVHIHF]XLVIISVOWXLEX7YPPMZERFVSYKLX[MXLLMQEW QYWGPI8LIWIXLVIISVOWEVIWXEYRGLP]PS]EPXSXLIEVQW HIEPIVERHGERRSXFIFSYKLXSJJ-JXLIXVYGOGSQIWYR HIVEXXEGOERH[SVHKIXWFEGOXS7YPPMZERXLEXWSQISRI MWXV]MRKXSXEQTIV[MXLMXLI[MPPVYRSYXSJXLIFEVXS LIPT TVSXIGX LMW WLMTQIRX -J XLI TPE]IV GLEVEGXIVW EVI XV]MRKXSMRXIVJIVI[MXL%VIWvTPERWXSOMPPXLIEVQWHIEPIV YWIXLMWXEGXMGXSPYVILMQSYXSJXLIFEVMRWXIEH 8LI SXLIV GSRXEGX XLI VYRRIVW [MPP RIIH XS XEOI SYX SVTVSXIGXMWXLI[SQER REQIH6YEVM &]XLI XMQIXLI]
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ÑVQMPMXEV]GSRXEGXWLS[WYTXSTMGOYTXLI [IETSRW%XXEGOMRKXLIEVQWHIEPIV[LMPIXLIGSRXEGX RSXLEZIER]TVSFPIQW[MXLXLIVYRRIVWXEOMRK[IETSRW MW TVIWIRX [MPP RIKEXMZIP] MQTEGX JYXYVI VIPEXMSRW FI SYXSJXLIWIWLMTQIRXWJSVXLIMVS[RTIVWSREPYWIFYXXLI X[IIRXLIGSRXEGXERH%VIWERH[MPPGVIEXIXVYWXMWWYIW VIWXSJXLIMRZIRXSV]QYWXFIHIWXVS]IH %X XLI IRH SJ XLMW NSF HITIRHMRK SR XLI HMVIGXMSR FIX[IIR XLI GSRXEGX ERH XLI TPE]IV GLEVEGXIVW MR XLI XLI KEQIQEWXIV ERH XLI TPE]IVW XSSO IMXLIV XLI X[S RI\X WIGXMSR [LIR XLI] LEZI XS HIPMZIV XLI [IETSRW JVSQ%VIW-REHHMXMSRXLI8ÑVQMPMXEV]GSRXEGX[MPPLEZI EVQW HIEPIVW EVI HIEH ERH XLI [IETSR WLMTQIRXW EVI 8Ñ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
403843-28
783/-2+8,)*0%1)7
&033(=&97-2)77
403843-28 1%/-2+8,)()0-:)6= :)6797-28)6')48-32 *SV TPE]IV GLEVEGXIVW [SVOMRK XS EHZERGI (EQMIR /RMKLXvW EKIRHE 3RGI XLI VMZEP EVQW HIEPIVW LEZI FIIR IPMQMREXIH %VIW [MPP GSRXEGX XLI PSGEPW ERH WIX YTRI[EVVERKIQIRXWXSWIPP%VIW[IETSRWHMVIGXP]XS XLIPSGEPKVSYTWVITPEGMRKXLIWPEMREVQWHIEPIVWMRXLMW RI[EKVIIQIRX 1V .SLRWSR EWWYQMRKLI [EW WEXMW [MPP LMVI XLI VYRRIVW EKEMR E [IIO PEXIV XS IWGSVX XLI X[S [IETSR WLMTQIRXW JVSQ 7IEXXPI XS XLI 2SVXLIVR 'VIWGIRX VIKMSR ERH QEOI XLI HIPMZIVMIW XS XLI X[S KVSYTWSRFILEPJSJ%VIW1V.SLRWSR[MPPSJJIVERMRM XMEP TE]QIRX SJ RY]IR TIV VYRRIV XLMW QE] FI RIKSXMEXIHYTXSEQE\MQYQTE]QIRXSJRY] IRTIVVYRRIV 8LI WLMTQIRX XLI TPE]IV GLEVEGXIVW [MPP FI IWGSVX MRK [MPP GSRXEMR X[S XVYGOW SRI QIERX JSV XLI LSQI WXIEHIVWERHXLISXLIVJSVXLI8ÑV QMPMXEV]8LIHIPMZIV]
783/-2+8,)*0%1)7
JSV XLI WLMTQIRXW GER FI QEHI MR ER] SVHIV &IGEYWI XLIWI EVIMPPMGMX[IETSRWWLMTQIRXWXLI]GERRSX FI PI KEPP] GEVVMIH EGVSWW XLI FSVHIV 8S KIX JVSQ 7IEXXPI XS XLI 2SVXLIVR 'VIWGIRX VIKMSR SJ 'EPMJSVRME XLI TPE]IV GLEVEGXIVW [MPP RIIH XS GVSWW XLI FSVHIVW SJ FSXL XLI 7EPMWL7LMHLI'SYRGMPERH8ÑV8EMVRKMVIJIEXWXLEX[MPPVI UYMVIEWQYKKPIVvWWIVZMGIW-JXLITPE]IVGLEVEGXIVWHS RSXEPVIEH]LEZIWQYKKPIVGSRXEGXWXLI]QE]VIEGLSYX XSXLIWLEHS[GSQQYRMX]XSPSGEXISRI7IEVGLMRKXLI XEOMRKXLIQEPPXLI[E]HS[RXSXLI2SVXLIVR'VIWGIRX VIKMSR{ELYQERWQYKKPIVF]XLIREQISJ4LERXSQ -J XLI VYRRIVW XIPP LMQ XLI] RIIH XS QEOI X[S HI VYRRIVWORS[XLEXLILEWVIWSYVGIWXSWXEWLSRISJXLI XVYGOWMRXLI2SVXLIVR'VIWGIRXVIKMSR[LMPIXLI]QEOI YT XLI XVYGO JSV XLI WIGSRH HIPMZIV] 4LERXSQ S[RW E [EVILSYWI XLEX LI YWIW JSV E XIQTSVEV] WEJILSYWI XS WXEWLWQYKKPIHKSSHW[LMPIXLI]EVIMRXVERWMX,IIZIR LEWQYWGPIEXXLMW[EVILSYWIXSWEJIKYEVHXLIQIVGLER HMWI-JXLIVYRRIVWEGGITXLMWSJJIVXSWXEWLXLIWIGSRH
&033(=&97-2)77
[MPPLEZIXLISTTSVXYRMX]XSQIIX8VIEHPI7LIERHJSYV SXLIVQIXELYQERWEVILMVIHXSWXERHKYEVHEXXLI[EVI +IXXMRK HS[R XS XLI 2SVXLIVR 'VIWGIRX VIKMSR [MXL 4LERXSQvWEWWMWXERGIWLSYPHFIIEWMIVJSVXLIVYRRIVWXLER XV]MRK XS GVSWW XLI FSVHIVW SR XLIMV S[R 8LI WQYKKPIV ORS[W[IEORIWWIWMRFSVHIVWIGYVMX]ERHLIORS[W[LIR XLI FSVHIV KYEVHW XLEX LIvW FSYKLX SJJ EVI SR HYX] ERH [LIVIXLIMVTEXVSPVSYXIWEVI,IEPWSLEWSXLIVEWWIXWXLEX GER VIHMVIGX HVSRIW ERH TEXVSPW WS XLEX XLI]GVIEXI FPMRH WTSXWMRWIGYVMX]&YXXLMWHSIWRSXQIERXVERWTSVXMRKXLI XVYGOWWLSYPHFI[MXLSYXTIVMP8LIVIEVIPSXWSJFERHMXWERH KSKERKWIWTIGMEPP]SRPSRKWXVIXGLIWSJVSEH[LIVIXLIVI EVIRS VIKYPEV TEXVSPWSVEVIEWSJGMZMPM^EXMSR[LIVI XLI] [MPPXV]XSLMNEGOWIQMXVYGOWERHWXIEPXLIMVGEVKS 8LMWMW RSX WSQIXLMRK 4LERXSQ GER EZSMH ERH LI [MPP[EVRXLI TPE]IV GLEVEGXIVW EFSYX XLEX FIJSVI XLI] LIEH SJJ HS[R XSXLI2SVXLIVR'VIWGIRXVIKMSR7SXLITPE]IVGLEVEGXIVW WLSYPHWXMPPFITVITEVIHXSHIEP[MXLSTTSWMXMSREPSRKXLI VSYXI 1V .SLRWSR EPWS[EVRW XLI VYRRIVW XLEX XLIVI EVI GERMWXIVW SJGLIQMGEP EKIRXW MR XLI WLMTQIRX ERH XLEX MX [SYPHFIFIWXXSEZSMHWMXYEXMSRW[LIVIXLIWIGERMWXIVWKIX FSYRGIHEVSYRHXSSQYGLMJSRP]XSIRWYVIXLIMVGSRXMR YIHLIEPXL -J XLI TPE]IV GLEVEGXIVW KS EPSRK [MXL XLI TPER XS PIEZIXLIWLMTQIRXSJKYRWEX4LERXSQvW[EVILSYWIEW XSXLILSQIWXIEHIVWXLI[EVILSYWI[MPPFIEXXEGOIHF] KERKIVWXV]MRKXSWGSVIERIEW]TE]HE]8LI][MPPEPWSFI EXXEGOIHF]VYRRIVWLMVIHF]XLISTTSWMRKWMHISJ%VIW XSWEFSXEKIXLIWIHIEPW8VIEHPIERHXLISXLIVQIQFIVW SJ 4LERXSQvW QYWGPI [MPP FI GETEFPI SJ TVSXIGXMRK XLI WIGSRH WLMTQIRX JSV XLI TPE]IV GLEVEGXIVW 'SQTPMGE XMSRWQE]EVMWIJSVXLITPE]IVGLEVEGXIVW[LIRXLI]XV]XS QEOIXLIWIGSRHHIPMZIV]8LISTTSWMRKWMHI[MPPLEZI WTMIWOIITMRKXEFWSRXLIMVIRIQ]vWEGXMZMXMIWERHXLI] -JXLMWMWXLIGEWIXLIGSRXEGX[MXLXLISXLIVWMHI[MPPFI STIRP]LSWXMPIXS[EVHXLIWLEHS[VYRRIVWERHQE]IZIR GLSSWIXSHSYFPIGVSWWXLIQXV]MRKXSWIM^IXLI[IET SRW[MXLSYXTE]MRKXLIQSVXLIwXVEMXSVSYWxQIKEGSVT IWXEFPMWL E [SVOMRK VIPEXMSRWLMT [MXL ERSXLIV GSRXEGX [LSGERFY]XLIMV[IETSRWWIPPXLI[IETSRW8LITPE]IV GLEVEGXIVWv1V.SLRWSR QE]VIUYMVIXLIQXSWMXSRXLI [IETSRWYRXMPERSXLIVGSRXEGXGERFIQEHIXSWIPPXLI [IETSRWXSXLILSQIWXIEHIVWSVXSXLI8ÑVQMPMXEV] *SV TPE]IV GLEVEGXIVW [SVOMRK JSV :SKIPvW JEGXMSR 1V .SLRWSR [ERXW XS LMVI XLI TPE]IV GLEVEGXIVW XS WXST HIPMZIV]SJ X[S %VIW EVQW WLMTQIRXW FIJSVIXLI] VIEGL XLIMV HIWXMREXMSR ;LEX QEOIW XLMW EWWMKRQIRX HMJJIV IRX MW XLEX XLI TPE]IV GLEVEGXIVW QYWX RSX HIWXVS] XLI [IETSRWMQQIHMEXIP]&SXLWLMTQIRXWMRGPYHIGLIQMGEP EKIRXWXLEXGSYPHLEZI EHIZEWXEXMRK MQTEGXSRXLIIR ZMVSRQIRX RSX XS QIRXMSR XLI TPE]IV GLEVEGXIVW MJ XLI] EVII\TSWIH XS XLIQ8LI VYRRIVW RIIH XS KEMR GSRXVSP
SJXLIWLMTTMRKXVYGOW[MXLSYXLEVQMRKXLIGSRXIRXW:S KIPvW WMHI MW SOE] [MXL XLI VYRRIVW XEOMRK TMIGIW SJ XLI WLMTQIRX JSV XLIMV S[R EVWIREPW TVSZMHIH RSRI SJ XLEX MRZSPZIW XLIGLIQMGEP [IETSRW 1V .SLRWSR VITVIWIRX MRK :SKIP [ERXW XLI VYRRIVW XS QEOI VIGSVHMRKW SJ XLI WLMTQIRX 8LMW [MPP FI YWIH EW IZMHIRGI SJ %VIWv MPPIKEP EVQW HIEPMRKMR XLI RI\X WIGXMSR 2SRI SJXLIGVEXIW SV [IETSRWEVIFVERHIHEW%VIWWS1V.SLRWSR[MPPTVSZMHI EYXLIRXMGPEFIPWXSTYXSRXLIGVEXIWERHGLIQMGEP[IET SRWGSRXEMRIVW PEFIPWXLEX1V.SLRWSRHIWMVIWXSFIWIIR MR XLI XVMHIS VIGSVHMRK XLEX [MPP FI KSMRK XS XLI QIHME 3RGIXLIVIGSVHMRKWEVIQEHIXLIVYRRIVW[MPPFPS[YT XLIEVQWWLMTQIRXGSWXMRK%VIWFSXLXLI[IETSRWERH XLIGSRXEGXWXS[LSQXLI][IVITVSQMWIH1V.SLRWSR VITVIWIRXMRK%VXLYV:SKIPvWMRXIVIWXW[MPPMRMXMEPP]SJJIVXLI VYRRIVWRY]IRTIVVYRRIVFYXXLMWGERFIRIKSXMEX IHYTXSEQE\MQYQTE]QIRXSJ RY]IRTIVVYRRIV 8LITPE]IVGLEVEGXIVW[MPPFIMRWXVYGXIHRSXXSHIWXVS]XLI GLIQMGEPEKIRXWXLIQWIPZIWFYXXSXYVRXLIQSZIVXSLMQ HMVIGXP] 1V .SLRWSR HSIW RSX ORS[ XLI I\EGX VSYXI XLIWI [IETSRWLMTQIRXW[MPPXEOI FYXLILEWEGGIWWXS TS[ IVJYPIGSEGXMZMWXERHIGSXIVVSVMWXKVSYTW XLEXEVILMKL P] QSXMZEXIH XS QEOI WYVI XLMW [IETSRV] HSIWRv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
403843-28 79446)77-32 :)6797(-77)1-2%8-32 %X XLMW TSMRX XLI TPE]IV GLEVEGXIVW QE] JIIP XLEX XLIMV [SVO MW HSRI MR XLI 2SVXLIVR 'VIWGIRX VIKMSR ,S[IZ IV XLIVIMWSRI PEWXNSF *SV XLSWI[SVOMRKMRHMVIGXP]JSV (EQMIR /RMKLX 1V .SLRWSR [MPP MRJSVQ XLIQ XLEX %VIW -RXIPPMKIRGI LEW YRGSZIVIH ETPSXXS VIZIEP WIRWMXMZI MR JSVQEXMSRXSXLIQIHMEEFSYX%VIWvEVQWHIEPMRKEGXMZM
783/-2+8,)*0%1)7
&033(=&97-2)77
XMIW%VIWMRXIPPMKIRGI[MPPLEZIPIEVRIHXLEXEGIPPSJ8IVVE *MVWXLEWVIGSVHIHIZMHIRGISJ%VIW[IETSRWHIEPWERH MWTPERRMRKSRI\TSWMRKXLIQXSXLIQIHME-REHHMXMSRXS IZMHIRGISJXLIEVQWHIEPMRKMRXLMWTEVXSJ2SVXL%QIV MGE%VIW-RXIPPMKIRGIFIPMIZIWMRJSVQEXMSRSR%VIWvSXLIV EGXMZMXMIWEVSYRH2SVXL%QIVMGELEZIFIIRKMZIRXSXLMW GIPPMRSVHIVXSLYVX%VIWv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
XLI]LEZIWYVZMZSVWXSMRXIVVSKEXI-JXLIVYRRIVWPIEVRXLI MHIRXMX]SJXLIVITSVXIV[MXL[LSQXLI8IVVE*MVWXKVSYT MWQIIXMRKXLI]GSYPHMRXIVGITXERHIPMQMREXILMQSVLIV TVMSVXSXLIQIIX8LI]GSYPHXLIRPMIMR[EMXXSEQFYWL XLIXIVVSVMWXW[LIRXLI]EVVMZI-RXLIMRWXERGIW[LIVIXLI VYRRIVWEXXEGO8IVVE*MVWXEXIMXLIVXLIMVLMHISYXSVSRXLI VSEHSRIQIQFIVSJXLIKVSYT[MPPGLSSWIXSXV]XSWIRH XLIMRJSVQEXMSRXSXLIVITSVXIVvWGSQQPMRO-JXLIVYRRIVW EVIRSXGEVIJYPXLIVITSVXIVQE]WXMPPIRH YT[MXLWSQI SJXLIHEXEXLEXXLI]GERYWIXSI\TSWI%VIWERHLEVQMXW VITYXEXMSR-RXLIIRHMJXLIVYRRIVWWYGGIWWJYPP]MHIRXMJ] XLI.SLRWSRVIWTSRWMFPIJSVXV]MRKXSMRXIVJIVIMR(EQMIR /RMKLXv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
783/-2+8,)*0%1)7
',%6%'8)67 '%,-67900-:%2 'ELMV 7YPPMZER MW ER IPJ [MXLMR XLI 0EIWE GVMQI W]RHM 7IEXXPIvW 8EVMWPEV RIMKLFSVLSSH FYXLEWFIIR I\XIRH MRKMXWVIEGLMRXS8ÑV8EMVRKMVI7YPPMZERMWEQERMRLMW PEXI W [LS LEW FIIR VYRRMRK [IETSRW WMRGI XLI 6IKMSR FIKER MR 7YPPMZER LEW X[S WGEVW SR LMW JEGI SRI SZIV LMW VMKLX I]I XLI SXLIV SZIV LMW VMKLX LEW FIIRVIWTSRWMFPI JSVQYGL SJ MX XLVSYKL XLI WEPI SJLMW[IETSRWXSXLI8ÑV4IEGI*SVGI7YPPMZERMWUYMXI GETEFPIERHMRXIPPMKIRX,I[SYPHRSXLEZIPEWXIHXLMW PSRK MJ LI HMHRvX ORS[ LS[ XS LERHPI LMQWIPJ 7YPPM ZERMWEQIQFIVSJXLI&VEXvQEIP &PEGO7YR TSPMXMGEP KVSYT MRWMHI XLI 8ÑV E VEGMWX KVSYT HIZSXIH XS IPZIR WYTVIQEG] 7YPPMZER LEW WLSVX WERH] FVS[R LEMV ERH FPYII]IW &
%
6
7
;
0
-
'
)77
)(+
'SRHMXMSR1SRMXSV
%VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
4L]WMGEP 1IRXEP7SGMEP ( %XLPIXMGWWOMPPKVSYT%YXSQEXMGW 71+ 'SQTYXIV'SR,IEZ];IETSRW0SRKEVQW 2IKSXMEXMSR 4IVGITXMSR4IVJSVQERGI 4VIWIRXEXMSR 4MPSX+VSYRH'VEJX4MWXSPW ,IEZ]4MWXSPW 8LVS[MRK;IETSRW 9REVQIH'SQFEX 4VINYHMGIH RSRIPZIW6EHMGEP
5YEPMXMIW %YKQIRXEXMSRW
GSQTIRWEXMSRPS[PMKLXZMWMSRWQEVXPMRO XLIVQSKVETLMGZMWMSRZMWMSRIRLERGIQIRX6EXMRK +IEV ;IETSRW
'EPMFER (IZMGI6EXMRK -RKVEQ7QEVXKYR<?71+%GG (: 47% &**%6' %4z G [%4(7EQQSE KEWZIRXW]WXIQWQEVXKYRW]WXIQMRXIKVEP WSYRHWYTTVIWWSVA 7EZEPIXXI+YEVHMER?,IEZ]4MWXSP%GG (: 47%&*%4z6' G [%4(7EQQS WQEVXPMROA
69%66YEVMLEWFIIR [MXLXLI*MRRMKERJEQMP]WMRGI WLI[EW VIGVYMXIHEWE WXVIIXOMH 7LI [SVOIH LIV[E]XLVSYKL XLIVEROWXSFIGSQISRISJXLIMVEVQWHIEPIVW[SVOMRK MRXLI2SVXLIVR'VIWGIRXVIKMSR6YEVMMWEJIMWX]LYQER [SQER MR LIV QMHW [MXL WLSYPHIVPIRKXL VIH LEMV ERH WLI XEOIW WLMX JVSQ RS SRI 7LIvW RSX EW I\TIVM IRGIH[SVOMRKXLIWLEHS[WEW7YPPMZERFYXWLIMWWXMPPE KSSHRIKSXMEXSVERHEJSVGIXSFIVIGOSRIH[MXL
&033(=&97-2)77
&
%
6
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
%YKQIRXEXMSRW +IEV ;IETSRW
7
;
0
-
'
)77
)(+
4L]WMGEP1IRXEP7SGMEP ( 'SR*MVIEVQWWOMPPKVSYT0IEHIVWLMT 4IVGITXMSR4MPSX+VSYRH'VEJX2IKSXMEXMSR 9REVQIH'SQFEX 3VOSWOMR %VQSVNEGOIX?A %VIW'VYWEHIV--?1EGLMRI4MWXSP%GG (: 47%&*%4 G [LSPPS[TSMRXEQQS KEWZIRXMRXIVREPWQEVXKYRW]WXIQA &*%4z H [I\TPSWMZIVSYRHWXST QSYRXIHPEWIVWMKLXA
786))8197'0) 36/7463*)77-32%06%8-2+ &
%
6
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW %YKQIRXEXMSRW
+IEV ;IETSRW
7
;
0
-
'
)77
4L]WMGEP 1IRXEP7SGMEP ( &PEHIW4IVGITXMSR4MWXSPW9REVQIH 'SQFEX ']FIVI]IW?6EXMRK[PS[PMKLXWQEVXPMRO XLIVQSKVETLMGZMWMSRAG]FIVEVQW? SFZMSYWGYWXSQM^IH7XV%KM [WTYVWA %VQSVIHNEGOIX GSQQPMRO 7TYVW?-QTPERX;IETSR(:4%4zA %VIW4VIHEXSV:?,IEZ]4MWXSP%GG (: 47%%4z G [VIKYPEVEQQSA
&
%
6
7
;
0
-
'
)77
1
)(+
'SRHMXMSR 1SRMXSV %VQSV 0MQMXW 4L]WMGEP -RMXMEXMZI 7OMPPW
4L]WMGEP 1IRXEP7SGMEP ( %YXSQEXMGW&PEHIW'SR,IEZ];IETSRW 2IKSXMEXMSR4MPSX+VSYRH'VEJX4MWXSPW 6YRRMRK7RIEOMRK %HITX 'VMXMGEP7XVMOI )PIQIRXEP7XVMOI
5YEPMXMIW %HITX4S[IVW
1]WXMG%VQSV 2IVZI7XVMOI %VQSVNEGOIX GSQQPMRO
+IEV ;IETSRW
z7%&**%6' G [VIKYPEVEQQS YRHIVFEVVIPKVIREHIPEYRGLIVWQEVXKYR W]WXIQ+VIREHIPEYRGLIVMWPSEHIH[MXLLMKL I\TPSWMZIKVIREHIW(:477%4z G A 9^M-:?71+%GG (:4%4{&*6' G [VIKYPEVEQQSA 'SQFEX/RMJI?&PEHI%GG(: 4%4zA
(;%6*463*)77-32%06%8-2+
)0*463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
)77
%YKQIRXEXMSRW +IEV ;IETSRW
% RI[ JEGI SR .EGO4SMRX 8VIEHPI MW ]IEVW SPH ERH LEW FIIR [SVOMRK QYGL SJ XLI RSVXL[IWXIVR WIGXMSRW SJ 2SVXL %QIVMGE JVSQ 7IEXXPI ERH :ERGSYZIV HS[R XS0EW:IKEW ERH0SW%RKIPIW8VIEHPIMWEJIQEPISVO ITX8VIEHPIWXERHWEPMXXPIWLSVXIVXLER]SYVEZIVEKISVO FYXLEWXLITIVWSREPMX]XSQEOIIZIRXLIQSWXZIXIVER WLEHS[VYRRIVKIXSYXSJLIV[E]8VIEHPIMWNYWXWXEVX MRKSYXMRLIVGEVIIVMRXLIWLEHS[WERHMWPSSOMRKXS I\TERHLIVGSRRIGXMSRWERHLIVXEPIRXW7LILEWWLSVX FPEGOLEMVERHFVS[RI]IW
8)66%*-678730(-)6
%2'-)287&-/)6
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
86)%(0)
4L]WMGEP 1IRXEP7SGMEP ( %YXSQSXMZI1IGLERMG&PEHIW 4IVGITXMSR4MPSX+VSYRH'VEJX &MOIW 4MWXSPW9REVQIH'SQFEX 6IEGXMSRIRLERGIVW 'SQQPMROTEHHIHPIEXLIV 6IQMRKXSR6SSQW[IITIV?,IEZ]4MWXSP%GG (:47%%4z Q [VIKYPEVEQQSA 6YKIV7YTIV;EVLE[O?6IZSPZIV%GG(: 477%4z G] [VIKYPEVEQQSA 'SQFEXORMJI?&PEHI%GG(:4%4zA
&
%
6
7
;
0
-
'
)77
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
%YKQIRXEXMSRW
+IEV ;IETSRW
4L]WMGEP1IRXEP7SGMEP ( 0SRKEVQW4IVGITXMSR4MPSX+VSYRH 'VEJX4MWXSPW7RIEOMRK9REVQIH 'SQFEX ']FIVEVQ?JYPP[PEVKIWQYKKPMRK GSQTEVXQIRXLIEZ]G]FIVTMWXSPAHIVQEP TPEXMRKWQYKKPMRKGSQTEVXQIRX %VQSVNEGOIX?AGSQQPMRO ,IEZ]G]FIVTMWXSP?,IEZ]4MWXSP%GG (: 4%4z7%6'{[VIKYPEVEQQSA z777%6'{[VIKYPEVEQQSA
783/-2+8,)*0%1)7
& 03 3( =& 97 -2 )77
(%6/ 6)'69-8-2+ ,3967*)&69%6=
8LI GEPPGEQI MREXTVIGMWIP]LSYVWEWEFPSGOIH GEPPIVSRLMWGSQQPMRO.SWLYE8SQTOMRWLEHRSXUYMXI FYXLIORI[TVIGMWIP][LS[EWGEPPMRK4SPMXIP]8SQT ERH ERW[IVIH XLI GEPP &IJSVI XLI SXLIV TEVX] GSYPH WTIEO E [SVH8SQTOMRW WEMH w1]QIIXMRK VER PEXI- EQWXMPPMRXLIFYMPHMRK-[MPPRIIHXSGEPP]SYFEGOSRGI -EQSRXLIVSEHx8SQTOMRWKVEFFIHLMWNEGOIXERHLMW EXXEGLÍ GEWI ERHLIEHIHXSLMW [EMXMRK EVQSVIHPMQ SYWMRI3RGILI[EWEPSRILIGEPPIHXLITIVWSRFEGO SRERIRGV]TXIHPMRI w.YHKI6SY\Q]ETSPSKMIWJSVRSXFIMRKEFPIXSXEOI ]SYVGEPPXLIQSQIRXMXGEQIMR-RIIHIHXSKIXE[E] w2IZIV QMRH XLEX ;EVHIR 8SQTOMRWx VITPMIH E [SQERvW ZSMGI w- LEZI VIZMI[IH ]SYV VITSVX JSV PEWX QSRXLERH-QYWXWE]MXMWUYMXIMQTVIWWMZI=SYFVSYKLX MR XLVII RI[ VIGVYMXW ERH ]SY WYGGIIHIH MR TPERXMRK WTMIWMRWMHI,SVM^SRvW(E[OMRW+VSYTERHMR%VIWvQEK MGKVSYT5YMXIVIQEVOEFPIJIEXW%XXLMWVEXI]SYvPPQEOI XLI0SHKISJ1SVHVIHMRRSXMQIx w8LEXvWXLITPERx w&IGEYWISJXLIXVIQIRHSYWWYGGIWW]SYLEZILEH XLI0SHKILEWQSVI[SVOJSV]SYx w- PSSO JSV[EVH XS XLI STTSVXYRMX] SJ WIVZMRK XLI 0SHKIMRER][E]-GERx w+SSH XS LIEV 8LMW MW XLI PMWX SJ RI[ GSVTSVEXMSRW MRXS[LMGL[I[SYPHPMOISYVRI\XFEXGLSJWTMIWXSFI MRWIVXIHx 8LI [SQER WIRX SZIV XLI IRGV]TXIH HSGYQIRX XS 8SQTOMRWv GSQQPMRO 8EOMRK E JI[ WIGSRHW XS HIGV]TX
(%6/6)'69-8-2+
GSRXIRXW w1]WXMGW ERH 1EKMGOW ,IVQI8IGL %WWSGM EXIW0SGYW)PIQIRXYQ8LI%VGERYQ,QQx w-WXLIVIETVSFPIQ;EVHIR#xEWOIH.YHKI6SY\ w8LI%VGERYQMWKSMRKXSFIETVSFPIQ=SYORS[LI LEWMRWXMXYXIHJEVQSVIWXVMRKIRXWIGYVMX]QIEWYVIWXLEX LEZITVSZIRTVSFPIQEXMGJSVYW%W-VIGEPPXLI0SHKILEW XVMIHXSMRWIVXJSYVWTMIWMRXS7EIHIV/VYTTvWQEKMGFEWI WYFWMHMEVMIWSZIVXLIPEWXX[S]IEVWERHEPPSJXLIQLEZI FIIR YRGSZIVIH ERH IPMQMREXIH - [SYPH LEXI JSV XLEX JEMPYVIXSXEMRXQ]WXIVPMRKVIGSVH[MXLXLI0SHKIx w8LMWMW[L][IEVIXV]MRKWSQIXLMRKHMJJIVIRX[MXLXLMW RI\XSRI;I[MPPRSXXV]XSMRWIVXEFVERHRI[IQTPS]II MRXS XLIMVVEROW -RWXIEH [I [MPPVITPEGI ERI\MWXMRKSRI SRI [LSvW FIIR [MXL XLI GSQTER] JSV E PSRK XMQI ERH LEZIFIIRWXYH]MRKXLIXEVKIXJSVWSQIXMQIERHXLIWT] IV]XLMRKMWVIEH]XSKSJSVXLIMRWIVXMSR6IWXEWWYVIH;EV HIR8SQTOMRWXLEXXLI0SHKIMWRSXWIXXMRK]SYYTXSJEMPx WYGGIWW - [MPP QEOI XLI RIGIWWEV] EVVERKIQIRXW %RH [LEXSJ XLI VYRRIVXIEQXLEX - YWI# 7LSYPH -IPMQMREXI XLIQEXXLIIRHSJXLISTIVEXMSREWTIVYWYEP#x w2Sx.YHKI6SY\WEMHw-LEZILIEVHSJQER][IX[SVO XIEQWQMWWMRKXLIMVQEVOWERHGEYWMRKFMKKIVTVSFPIQW JSVXLIMVIQTPS]IVW[LIRXLI]JEMP-JSRISJSYV[IX[SVO XIEQWQMWWIWXLIMVQEVOWRS[XLIVYRRIVW[SYPHFIMR ETSWMXMSRXSFYVRYWFEHP][MXLEZIRHIXXE2S[I[MPP PIEZIXLIQEPSRI8LIWXVIIXW[MPPHSSYV[SVOJSVYWERH IRWYVIXLIQIEVP]HIEXLW&YXMJER]QEREKIXSWYVZMZI XLIMVPMJIWX]PISZIVXLIGSYVWISJXLIRI\XX[S]IEVW[I [MPPVIZMWMXXLMWPSSWIIRHERHXIVQMREXIXLIQ[LIRXLI] PIEWXI\TIGXYWXSVIXYVRx w:IV]KSSH.YHKI-[MPPWXEVXVIEGLMRKSYXXSXLIVYR RIVGSQQYRMX]ERHVIGVYMXMRKSYVXEPIRXEXSRGIx
3:)6:-);
403843-28
*SV ]IEVW XLI %% GSVTSVEXMSR 1EREH]RI LEW FIIR
8,)1))8
ETTPMIH Q]WXMGEP EVXW ERH LEW FIGSQI MRZIWXIH MR EP QSWX IZIV] FYWMRIWW EWTIGX VIPEXMRK XS XLI QEKMGEP GSQQYRMX] JVSQ VIWIEVGL ERH HIZIPSTQIRX SJ WTIPP JSVQYPEI ERH RI[ IRGLERXMRK XIGLRMUYIW XS QEKMGEP WIGYVMX] ERH XEPMWQSRKIVMRK 1EREH]RI [EW JSYRHIH
XLIKVIEXHVEKSR(YROIP^ELRPIJXXLIQ QMPPMSRRY] IRMRLMW[MPP7YGLEFIUYIWXFVSYKLX[MXLMXWGSVIWSJ RI[MRZIWXSVWERHRI[GETMXEP7MRGI1EREH]RI LEWI\TERHIHVETMHP][LMGLMRGPYHIHXLIFY]SYXSJE
RI[WYMXSVMRXLIMVRIMKLFSVMRKQIKEGSVTERHMR XLI]QIVKIHMRXSXLI2IS2)8GSVTSVEXIFILIQSXLEW TEVXSJ2IS2)8vWEKKVIWWMZI[SVOEVSYRHXLIRI[1E XVM\&YXMXWWYGGIWWLEWRSXGSQI[MXLSYXETVMGI MXLEW KEVRIVIH XLI YR[ERXIH EXXIRXMSR SJ XLI &PEGO 0SHKI WIIOMRKXSGSVVYTXMXJVSQXLIMRWMHIJSVMXWS[RTYVTSW IW*SVQSVI MRJSVQEXMSRSR 1EREH]RIWII'SVTSVEXI +YMHIT 8LIVILEWFIIRWYFXPIIZMHIRGISJXLI&PEGO0SHKIv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
LMQWIPJ EW .E]HIR 6MPI] E QMHPIZIP I\IGYXMZI [MXLMR 1EREH]RI 6MPI] MRJSVQW XLI VYRRIVW XLEX XLI NSF MR ZSPZIWMRWIVXMRKGSVTSVEXIWTMIWMRXSVMZEPGSVTSVEXMSRW MR HMJJIVIRX TEVXW SJ XLI [SVPH -R VIEPMX] XLIWI EVI HSYFPI EKIRXW WIVZMRK EW WTMIW JSV XLI &PEGO 0SHKI 8LMW[MPPQIERJSVGMRKXEVKIXIHMRHMZMHYEPWSYXSJXLIMV TSWMXMSRW WS XLEX 1EREH]RIvW WTMIW QE] FI MRWIVXIH MR XLIMV TPEGI 8LI NSF [MPP VIUYMVI E PSX SJ XVEZIPPMRK ERHEWWYGL6MPI] LEWEVVERKIHJSV EXVEZIPWXMTIRHSJ RY]IRJSVXLI VYRRIVWXSGSZIVXLIMVXVEZIP I\ TIRWIWXSXLIMVZEVMSYWHIWXMREXMSRW1V.SLRWSRJIIPW XLMWWLSYPHGSZIVSJEPPSJXLIVYRRIVWv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
HSIWMRJEGX[SVOJSV1EREH]RIFYXLIMWYWMRKETL]WMGEP QEWO WTIPP XS TVSXIGX LMWXVYIMHIRXMX]-J ER] %[EOIRIH GLEVEGXIVWXV]XS EWWIRWILMQHYVMRKXLIQIIXXLI][MPP RIIHXSQEOI ER STTSWIH XIWX YWMRK %WWIRWMRK -RXY MXMSR ZIVWYW 1V .SLRWSRvW 1EKMG MRMXMEXI KVEHI 1V .SLRWSRMW YWMRKI\XIRHIHQEWOMRKXSTVSXIGX LMW EWXVEP WMKREXYVI ERH LMW TL]WMGEP QEWO WTIPP JVSQ WGVYXMR]1V
(%6/6)'69-8-2+
&033(=&97-2)77
.SLRWSR MW E LMKLPIZIP MRMXMEXI [MXLMR XLI &PEGO 0SHKI TIRIXVEXMRK1V.SLRWSRvWI\XIRHIHQEWOMRK[MPPRSXFI IEW]JSVXLITPE]IVGLEVEGXIVW-JXLIVYRRIVWMRUYMVIEWXS [LIVIXLIJYRHWJSVXLIVYREVIGSQMRKJVSQXLI][MPPRSX GSVTSVEXMSRMXWIPJJSVXLMWNSF%PPJYRHWEVIGSQMRKJVSQ ERSJJXLIFSSOWEGGSYRXS[RIHF]XLI&PEGO0SHKI6M PI]vWIRHKEQIMWRSXNYWXXSWXIEPGSVTSVEXIWIGVIXWJVSQ VMZEPGSVTSVEXMSRWFYXXSYWILMWGSVTSVEXIWTMIWXSFIKMR GSVVYTXMRKXLIWIGSVTSVEXMSRWJVSQXLIMRWMHIERHFIRH MRKXLI IQTPS]IIWXSXLI[MPPSJXLI&PEGO0SHKIQYGL PMOIEGERGIVMRZEHMRKELIEPXL]FSH] .E]HIR 6MPI] [MPP EWO XLI VYRRIVW XS FI EW WYFXPI EW TSWWMFPI MR JSVGMRK XLI XEVKIXIH MRHMZMHYEPW SYX SJ XLIMV TSWMXMSRW WS XLEX XLI &PEGO 0SHKIvW STIVEXMZIW GER IM XLIVFIQSZIHMRXSXLEXTSWMXMSRJVSQWSQI[LIVIIPWI [MXLMR XLI GSVTSVEXMSR SV GER FI FVSYKLX MR JVSQ XLI SYXWMHI[MXLEWPMXXPIWGVYXMR]ERHWYWTMGMSREWTSWWMFPI -J WSQIXLMRKKSIW [VSRKXLIVYRRIVW EVI I\TIGXIH XS LIPT GPIERYTXLI QIWWERH WIXXLMRKWVMKLXXSKIXXMRK XLIMVWTMIWMRXSXLIWIGSVTSVEXMSRW
403843-28 1=78-'7%2( 1%+-'/7z7%2(-)+3 1EKMGOW8LIXEVKIXJSVVITPEGIQIRX[SVOWMR1]WXMGW REQI MW %HHMWSR 1EIWXEW E LYQER [SQER [LS LEW [SVOIHJSV1]WXMGWERH1EKMGOWJSVRIEVP]XLMVX]]IEVW 1EIWXEW MW E 7IRMSV :MGI 4VIWMHIRX MR GLEVKI SJ 'SR WYQIV6IPEXMSRW6MPI][SYPHTVIJIVXLEXXLI]GSRZMRGI XLI[SQERXSVIXMVIERHHSWS[MXLSYXXLIYWISJZMS PIRGIEKEMRWXLIV8SXLEXIRH6MPI][ERXWXLIVYRRIVW
PIEZILIVTSWMXMSREW[IPPEW[VMXIEPIXXIVSJVIJIVIRGI JSV LIV JYXYVI VITPEGIQIRX .SEUYMR %KYMPEV E TVSJIW WSV EX 7ER (MIKS 7XEXI 9RMZIVWMX] [LS MW 1EREH]RIvW GLSMGIXS WT]SR 1]WXMGWERH1EKMGOW6MPI]QEOIWMX GPIEVER]YRYWIHWXMTIRHXSFVMFI1EIWXEWMRXSPIEZMRK LIVTSWMXMSRQYWXFIVIXYVRIHXSLMQ 'SRXEGXMRK1EIWXEW[MPPRSXFIIEW]1EIWXEWMWRSX E TIVWSR [LS WSGMEPM^IW [MXL WLEHS[VYRRIVW 7LI LEW YRHIVPMRKWXLEXTIVJSVQXLEXNSFJSVLIV1EIWXEWEP[E]W WSREPWIGYVMX]HIXEMPEXLIVWMHIEXEPPXMQIW6MPI][SYPH EHZMWI XLI VYRRIVW RSX XS ETTVSEGL 1EIWXEW EX [SVO ,I[ERXWXSPIEZIEWPMXXPIIZMHIRGIEWTSWWMFPIXLEXXLI VYRRIVWIZIVETTVSEGLIHXLIXEVKIX1EIWXEWPMZIW MRE %%%WIGYVMX]RIMKLFSVLSSHMR3GIER&IEGL3RGIXLI GLEVEGXIVW QIIX [MXL %HHMWSR 1EIWXEWXLI] [MPP RIIH XSWYGGIIHSRER3TTSWIH2IKSXMEXMSR'LEVMWQE8IWX XSGSRZMRGI1EIWXEWXSEGGITXXLI&PEGO0SHKIvWSJJIV
(%6/6)'69-8-2+
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
403843-28 ,)61)8)',%773'-%8)7 z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vSJJIVERH[MPPXV]XS PIEHXLIQMRXSFIPMIZMRKLI[MPPXEOIMX8LITPE]IVGLEVEG XIVW[MPPRIIHXSQEOIER3TTSWIH'SR'LEVMWQE8IWX XSHIXIVQMRIXLEX1MXGLIPPMWNYWXXIPPMRKXLIVYRRIVW[LEX LMWNSF LEWELMKLHIKVII SJ PS]EPX]JSVLMW GSVTSVEXMSR ERHLEWRSMRXIRXMSRSJPIEZMRKLMWTSWMXMSR%RHLIVIEP M^IW[LEXXLI]EVIXV]MRKXSHS%WYGGIWWJYP.YHKI-RXIR XMSRW8IWX 'LEVMWQE-RXYMXMSR [MPPWYKKIWXXSXLITPE]IV GLEVEGXIVWXLEX1MXGLIPPQE]LEZIXLIMRXIRXMSRSJVITSVX MRKXLIMVSJJIVXS,IVQI8IGL%WWSGMEXIWvMRXIVREPWIGYVMX] [LMGLLIHSIW -JXLITPE]IVGLEVEGXIVWQEOIXLIWIXIWXW ERHPIEVRSJ1MXGLIPPvWHYTPMGMX]HYVMRKXLIQIIXMRKXLI]
&033(=&97-2)77
GERGLSSWIXSI\XVEGXLMQEXXLEXXMQITSWWMFP]QEOMRK LMQEZMGXMQSJERYRJSVXYREXIEGGMHIRX8LMW[MPPSTIRYT LMWTSWMXMSRPIEZMRK,IVQI8IGL%WWSGMEXIWYRE[EVIXLEX
MRXSXIPPMRKXLIQLIvPPXLMROEFSYXXLISJJIVSVIZIRMJLI MRMXMEPP]EGGITXWXLISJJIVLI[MPPTVSQTXP]KSJVSQ XLI QIIXMRK [MXL XLI WLEHS[VYRRIVW XS ,IVQI8IGL %WWS GMEXIWvMRXIVREPWIGYVMX]ERHVITSVX XLIMRGMHIRX,I[MPP RSXVIWMKRIZIRMJLI[EWTEMHSJJERHGSVTSVEXIWIGY VMX][MPPOIITEGPSWII]I SRLMQXS QEOIWYVI RSXLMRK LETTIRW XS LMQ -J LI XSPH XLI XIEQ LI [SYPH XLMRO MX SZIVLI[MPPGSRXEGXXLIVYRRIVWEKEMRJSVERSXLIVQIIX 8LMW QIIXMRK MW E WIX YT 'SVTSVEXI WIGYVMX] [ERXW XS
GLEVEGXIVW[SYPHXLIRFIEQFYWLIHF]WM\QIQFIVWSJ XLIGSVTSVEXIWIGYVMX]JSVGIW)MXLIVSYXGSQI[MPPQEOI ERMRWIVXMSRF]&PEGO0SHKIWTMIWMRXSXLI7IEXXPIFVERGL SJ,IVQI8IGL%WWSGMEXIWRIEVP]MQTSWWMFPIEWER]SYX WMHIGERHMHEXIGSQMRK MRXSXLI GSQTER][MPP FI KMZIR QYGLQSVIXLSVSYKLWGVYXMR]JSVXLIJSVIWIIEFPIJYXYVI .E]HIR 6MPI] LS[IZIV LEW ER EPXIVREXI PSGEXMSR XS XV] XSKIXERSXLIVWT]SJXLI&PEGO0SHKIvWMRXS,IVQI8IGL 'SYRGMP6MPI]LEWIZIRTMGOIHSYXERSXLIVIQTPS]IIXS XEVKIX E ]IEVSPHWLEQERREQIH:EPIVME6I]IW8LMW XMQIMJ XLI VYRRIVW ETTVSEGLXLI WLEQER XSFVMFI LIV XLIFVMFI[MPP[SVOERHXLITSWMXMSR[MPPFISTIRIHYT ERHQEHIEZEMPEFPIJSVXLI&PEGO0SHKI1EREH]RIWT]
403843-28 03'97)0)1)2891z 2)383/=3 %JXIV XLI VYRRIVW LEZI ZMWMXIH 7ER (MIKS ERH 7IEXXPI ERH QE]FI IZIR 7ERXE *I XLIRI\XNSF 6MPI]LEW JSV XLI VYRRIVW [MPP XEOI XLI TPE]IV GLEVEGXIVW SYXWMHI SJ O]S 8LI TPE]IV GLEVEGXIVWv RI\X XEVKIX [MPP FI E QMH HPIEKIHQERREQIH1EQSVY9IRSEWGLSPEV[MXLMR 0SGYW )PIQIRXYQ 6IRVEOYvW QEKMG KVSYT -RWXIEH SJ NYWX E FVMFI .E]HIR 6MPI] VIEPM^IW 9IRS MW E QER [LS GSYPHSRP]FIPYVIHE[E]JVSQ6IRVEOYF]ETVIWXMKMSYW TSVXYRMX] XS I\GIP MR XLI VIEPQ SJ EGEHIQME SYXWMHI GSRRIGXMSRW XLI HIER SJ 8LEYQEXYVKMGEP 7XYHMIW LEW STIRIH YT EX +ISVKIXS[R 9RMZIVWMX] MR ;EWLMRKXSR (II'II8LITSWMXMSR [SYPH FI SJJIVIH XS 9IRS MJ LI EKVIIW XS VIWMKR LMW GYVVIRX TSWMXMSR PIEZI 0SGYW )P IQIRXYQ ERH VIGSQQIRH LMW VITPEGIQIRX{[LMGL [SYPHFIXLI&PEGO0SHKIWT] 9IRS[SYPHFI[MPPMRKXSEGGITXXLITSWMXMSRFYXLI ORS[W6IRVEOY[MPPRSXEPPS[LMQXSPIEZIXLI0SXYW)PI
QIRXYQ QEKMG KVSYT ZSPYRXEVMP] ,I [MPP EKVII XS XEOI XLITSWMXMSRFYXLI[MPPRIIHLMQWIPJERHLMW[MJIXSFI I\XVEGXIH [LMGL QIERW LI [SRvX FI EFPI XS LIPT [MXL WIPIGXMRK LMWWYGGIWWSVMJXLIVYWI MWXSFI FIPMIZIHXLEX LI[EW XEOIR MRZSPYRXEVMP] 8LMW MW RSX XLI STXMQEP WSPY XMSR FYX MJ MRJSVQIH EFSYX MX .E]HIR 6MPI] [MPP EKVII XS XLITPER8LI VYRRIVW[MPP XLIRRIIHXSTPERSR I\XVEGX MRK 9IRS ERH LMW [MJI 9IRS PMZIW MR E 6IRVEOYS[RIH EVGSPSK] MR 'LMFE 9IRSvW [MJIv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vW[MJI6MPI]LEWEREPXIVREXITPER QIVIP]I\XVEGX9IRSGSRZMRGILMQXLEXLMW[MJIMWFIMRK XVERWTSVXIH WITEVEXIP] JSV LIV WEJIX] ERH HIPMZIV 9IRS XS E &PEGO 0SHKI GSRXEGX MR 2IS8SO]S WSQISRI [LS MW RSX 6MPI] 3RGI XLI VYRRIVW LEZI HVSTTIH SJJ 9IRS LMW JEXI MW RS PSRKIV XLIMV GSRGIVR ,S[IZIV XLI &PEGO 0SHKIGSRXEGX[MPPYWIEGSQFMREXMSRSJHVYKWERHQEKMG XS TIVQERIRXP] EPXIV ERH IVEWI 9IRSvWQIQSVMIW SJ LMW [MJI,I[MPPRSXVIQIQFIVIZIVFIMRKQEVVMIH9IRS[MPP FITIVJIGXP]GSRXIRXMRLMWRI[GSQJSVXEFPIPMJI[MXLRS QIQSV]SJXLIJEQMP]PMJILIPIJXFILMRH 8LI VYRRIVW QE] EWWYQI XLMW NSF MW SZIV ERH QE] IZIR FI LSQI JSV HS[RXMQI [LIR XLI] KIX XLI JSP PS[YT GEPP JVSQ 6MPI] XLVII [IIOW PEXIV (IWTMXI LEZ LMVIH WSQISRI IPWI JSV 9IRSvW TSWMXMSR MRWXIEH SJ XLI FEGOXS2IS8SO]SERHEPXIVXLIVIGSVHWXSMRHMGEXIXLEX XLI LMVMRK SJ XLI SXLIVGERHMHEXI [EW EwGPIVMGEPIVVSVx ERHLI[MPPRIIHXSJSVKIHSGYQIRXWWLS[MRKXLEXXLI 1EREH]RI&PEGO0SHKIWT][EWEGXYEPP]XLIGERHMHEXI LMVIHJSVXLITSWMXMSR8LILSWXVEXMRKJSV[LIVIXLIHSG YQIRXWEVILIPHMW 8LIVYRRIVW[MPPEPWSRIIHXSMRXMQ MHEXIXLILMVMRKQEREKIVMRXSKSMRKEPSRK[MXLXLMWWXSV] ERHRSXGLEPPIRKMRKXLIGLERKIW 8LILMVMRKQEREKIVvWREQIMW7LMSVM1YVEOEQM,IMW ]IEVWSPHERHJEVIEWMIVXSEGGIWWXLEX9IRSERHLMWJEQMP] 1YVEOEQMPMZIWMREQMHHPIGPEWWETEVXQIRXGSQTPI\MRXLI &YRO]S RIMKLFSVLSSH*SVMRJSVQEXMSRSRXLMW RIMKLFSV LSSHWIIT 'SVTSVEXI)RGPEZIW&VMFIV][MPPRSX[SVOSR 1YVEOEQMFYXXLVIEXIRMRKXLIPMJISJLIVLYWFERH[MPPKIX 1YVEOEQMXSEFMHIF]XLIGLERKIWXLIVYRRIVWLEZIQEHI 7LI[MPPRSXWTIEOE[SVHEFSYXMXXSER]SRI
(%6/6)'69-8-2+
&033(=&97-2)77
403843-28 8,)%6'%291z1%2,%88%2 TPEGI MR 1ERLEXXER 8LI XEVKIX JSV XLMW PEWX VYR [MPP FI ER SVO IRGLERXIV F] XLI REQI SJ /MPMER 0IWXIV*SV XLMWNSF6MPI]HSIWRSXVIUYMVIXLIVYRRIVWXSJSVGIXLI XEVKIX XS VIWMKR SV VIXMVI 7MRGI XLI GSRGPYWMSR SJ XLI +VIEX(VEKSRGMZMP[EV[LMGLLIPTIH MKRMXIEWLEHS[ [EV FIX[IIR XLI HVEKSRW ERH XLI &PEGO 0SHKI ERH WMRGIXLIIQIVKIRGISJGSKRMXMZIJVEKQIRXEXMSRHMWSV HIVMRXIRWIWGVYXMR]MWKMZIRXSEPPRI[LMVIWF]7EIH IV/VYTT WSQYGLWSXLEX6MPI]FIPMIZIWRS1EREH]RI RI[LMVI[MXLSYXXLIMVGSZIV-RWXIEHXLI]LEZIWXYHMIH 0IWXIVSZIVXLIPEWX]IEVERHLEZIQIXMGYPSYWP]WXYHMIH LMW LEFMXW ERH PMJIWX]PI ERH XLI] LEZI EVVERKIH JSV E WS LI GER VITPEGI LMQ ERH XEOI SZIV LMW PMJI )\MWXMRK IQTPS]IIWEVIWYFNIGXXSPIWW WGVYXMR] ERH KMZIRXLEX
(%6/6)'69-8-2+
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vWMHIRXMX]XLIVYRRIVWGERRSXEJJSVH XSQEOIEWGIRIMRZSPZMRK0IWXIVMR1MHXS[R1MHXS[R MW EPWS SRI SJ XLI QSWX [EXGLIH TPEGIW SR XLI TPERIX [MXLXLSYWERHWSJWIGYVMX]GEQIVEW-JXLIVYRRIVW[IVI XSQEOIEQSZIMR1MHXS[RXLIVI[SYPHFIWSQIIZM HIRGISJXLII\GLERKIXSFIJSYRH-REHHMXMSRVIWTSR WMFMPMX] JSV XLI WIGYVMX] SJ 1MHXS[R MW WLEVIH FIX[IIR
&033(=&97-2)77
X[SWIGYVMX]GSQTERMIW /RMKLX )VVERX ERH;MRXIV 7]W XIQW-JXLITPE]IVGLEVEGXIVWMRMXMEXIEGSRJVSRXEXMSRMR -J XLIVYRRIVWPSSOMRXS[LIVI0IWXIVPMZIWXLI][MPP LMKLVMWIMR7SYXLWMHI8LIRIMKLFSVLSSHMWSRP]VEXIHE &WIGYVMX]^SRI -R EHHMXMSR XLIVI MW SRP] SRI WIGYVMX] GSQTER] VIWTSRWMFPI JSV PE[ IRJSVGIQIRX MR XLEX EVIE XLI][SYPHLEZIXS[SVV]EFSYX 2=4(-RG0IWXIV[SVOW PEXIHYVMRKXLI[IIOHE]WYWYEPP]WTIRHMRKLSYVWEX PEXIEXRMKLX8LIVYRRIVWQE]EVVERKIXSEQFYWL0IWXIV GSQMRKLSQISV[LIRLIWXSTWXSIEXEXEVIWXEYVERX )ZIR MR E &VEXIH WIGYVMX] ^SRI XLIVI EVI WXMPP E PSX SJ WIGYVMX]GEQIVEWEPQSWXQSVI XLER[LEXELEGOIVGER GSRXEGX [MXL PSGEPW WYGL EW RISEREVGLMWXW [LS GER TSMRXXLIQXSFPMRHWTSXWMRXLIWIGYVMX]W]WXIQ[LIVI XLIW[MXGL[SYPHRIIHXSXEOITPEGI[MXLSYXPIEZMRKFI LMRHEPSXSJIZMHIRGIXSXLVIEXIRXLMWSTIVEXMSR0IWXIV HSIWRSXHVMZIMR1ERLEXXER{PMOIEXVYI2I[=SVOIVLI YWIWXLIWYF[E]W]WXIQ 3RGIXLIVYRRIVWLEZIOMPPIHXLIVIEP0IWXIVERHLEZI W[ETTIH LMQ SYX [MXL XLI WT] XLI] [MPP FI VIWTSRWM FPIJSVHYQTMRKXLIFSH]%PSRK[MXLXLIFYVHIRWSQI EQSYRX SJ WYVZIMPPERGI MR XLI WTVE[P [LMGL QEOIW E EWXIEPXL6*-(XEK8LMWXEK[MPPRIIHXSFIHMWEFPIHXSIR LEZIMRJSVQIHLMQ[LIVIXLIWXIEPXLXEKMWTPEGIH MRXLI FEGOSJ0IWXIVv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vXMQIIZIR MJXLIVYRRIVWLEHJSVKSXXIREPPEFSYXXLMWVYRXLI&PEGO 0SHKI[MPPGSQIEJXIVXLIQ[LIRXLIMVKYEVHMWHS[R ERH [MPP XV] ERH XEOI XLIQ SYX [MXL E [IX[SVO XIEQ 3RGI WSQISRI MW SR XLI&PEGO 0SHKIvW VEHEV XLI] EVI EP[E]WSRXLIMVVEHEV *SVQSVIMRJSVQEXMSRSR1ERLEXXERWII7XSPIR7SYPW T ERHXLI6SXXIR%TTPI 1ERLEXXERIFSSO
',%6%'8)67 16.3,2732 %/%.%=()26-0)= .37,9%8314/-27
.E]HIR 6MPI] ETTIEVW XS XLI WLEHS[VYRRIVW EW E LY QER MRLMW QMHW -R VIEPMX] XLI QER FILMRHXLI 6M PI]TIVWSREMWGSRWMHIVEFP]SPHIVMRLMWPEXIWERHMW EHZERGMRKER EKIRHE XLEX MW YRORS[R XS XLIVYRRIVW EREKIRHEXLEXFIPSRKWXSXLIQ]WXIVMSYW&PEGO0SHKI 6MPI]MWELMKLPIZIPMRMXMEXIERHMWEQIQFIVSJSRISJ XLI0SHKISJ6EWTYXMR9WI1V.SLSRWSR ,MKL6ERO MRK-RMXMEXI T JSVLMWWXEXW
%((-7321%)78%7 ,91%2
%HHMWSR1EIWXEWMW]IEVWSPHERHLEWFIIR[SVOMRK JSV 1]WXMGW ERH 1EKMGOW JSV SZIV XLMVX] ]IEVW 1EIW QEVOIXMRKERHGSQQYRMGEXMSRW1EIWXEWLEWEGGIWWXS 1]WXMGWERH1EKMGOvWPS]EPGYWXSQIVFEWIERHEWWYGL LEW EGGIWW XS MRJSVQEXMSR XLI &PEGO 0SHKI HIWMVIW{ REQIP] E TSSP JVSQ [LMGL XLI] QE] VIGVYMX JVSQ SV TISTPI XLI] GER IPMQMREXI XS TVIZIRX JVSQ FIGSQMRK XLVIEXW%HHMWSRMWER%^XPERFSVRGMXM^IRERHEREXMZI SJ7ER(MIKS &
%
6
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
7
;
0
-
'
)77
%YKQIRXEXMSRW
4L]WMGEP1IRXEP7SGMEP ( 'SR *EWX8EPOMRK )XMUYIXXI 0IEHIVWLMT (MVIGX 2IKSXMEXMSR 'SRXVEGXW 4IVGITXMSR :MWYEP %REP]XMGEP1MRH&MPMRKYEP %^XPERIV7TERMWL )RKPMWL ?EPPFIXE[EVIA']FIVIEVW?6EXMRK[EYHMS
+IEV
PMROAXEMPSVIHTLIVSQSRIW %YGXMSRIIV&YWMRIWW'PSXLIW? AGSQQPMRO
5YEPMXMIW
(%6/6)'69-8-2+
&033(=&97-2)77
1%)78%7v&3(=+9%6(7 36/463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
)77
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
5YEPMXMIW %YKQIRXEXMSRW +IEV ;IETSRW
4L]WMGEP 1IRXEP7SGMEP ( &PEHIW'PYFW*MVIEVQWWOMPPKVSYT*MVWX %MH4IVGITXMSR 7IEVGLMRK 7RIEO 9REVQIH'SQFEX 8EI/[SR(S[ 'SYRXIV7XVMOI3TTSWMRK*SVGI?&PSGOAERH 7[IITXIGLRMUYIW 4IVGITXMZI(IJIRHIV ?EPPFIXE[EVIA&SRI(IRWMX]3VXLSWOMR 6EXMRK4EMR)HMXSV7]RETXMG&SSWXIV 0MKLX7IGYVMX]%QSV?AGSQQPMRO &VS[RMRK9PXVE4S[IV?,IEZ]4MWXSP%GG (:7 I %4z G [XST QSYRXIHPEWIVWMKLXWXMGORWLSGOEQQSA 7XYRFEXSR?'PYFW%GG6IEGL(: 7 I %4zA 9REVQIH?9REVQIH'SQFEX(:4%4{A
86-78%21-8',)00 ,91%2
8VMWXER1MXGLIPPMWEVMWMRKWXEV[MXLMR,IVQI8IGL%WWS GMEXIWERHMWZIV]GSRXIRX[MXLLMWTSWMXMSREWXLEYQE XYVKMGEPVIWIEVGLIV 1MXGLIPPMW%[EOIRIH FYX GSQFEX MWRSXLMWXLMRK,I[SYPHVEXLIVPMIERHFPYJJSXLIVWMRXS FIPMIZMRKLILEWEGGITXIHXLIMVSJJIVMRWXIEHSJTL]W MGEPP] GSRJVSRXMRK XLIQ ;LIR TYWL GSQIW XS WLSZI XLSYKL1MXGLIPP[MPPYWILMWQEKMGXSHIJIRHLMQWIPJ &
%
6
7
;
0
-
'
)77
1
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI %WXVEP-RMXMEXMZI 7OMPPW
5YEPMXMIW -RMXMEXI+VEHI 1IXEQEKMGW 7TIPPW
&SYRH7TMVMXW +IEV
(%6/6)'69-8-2+
4L]WMGEP1IRXEP7SGMEP ( ( %VGERE 7TMVMX*SVQYPE %WWIRWMRK %WXVEP'SQFEX&ERMWLMRK&MRHMRK'SR 'SYRXIVWTIPPMRK2IKSXMEXMSRW4IVGITXMSR 6MXYEP7TIPPGEWXMRK7TIPPGEWXMRK 7YQQSRMRK 1EKMGMER (MZMREXMSR4W]GLSQIXV] %WXVEP%VQSV%WXVEP1IWWEKI'EXEPSK'PIER %MV 'PIER )EVXL *M\-GI7TIEV1ERE &EVVMIV4VIWIVZI7TMVMX&EVVMIV7TMVMX>ETTIV 7XYRFEPP7XYRFSPX8VERWPEXI \WTMVMXWSJEMV *SVGI 'SQQPMRO7TIPPGEWXMRKJSGYW (IXIGXMSR*SVGI %YGXMSRIIV&YWMRIWW'PSXLIW? A
&033(=&97-2)77
,)61)8)',%773'-%8)7 '36436%8)7)'96-8= ,91%27463*)77-32%06%8-2+ &
%
6
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
%YKQIRXEXMSRW
+IEV ;IETSRW
7
;
0
-
'
)77
4L]WMGEP 1IRXEP7SGMEP ( *MVWX%MH4IVGITXMSR4MPSX+VSYRH'VEJX 4MWXSPW 8LVS[MRK;IETSRW9REVQIH 'SQFEX ?EPPEPTLE[EVIA']FIVIEVW?6EXMRK[ EYHMSIRLERGIQIRXHEQTIVAG]FIVI]IW QYWGPIVITPEGIQIRX 1IHMYQ7IGYVMX]%VQSV? AGSQQPMRO 3RSXEVM%VQW:MSPEXSV?,IEZ]4MWXSP%GG (:4%4z6' G [XVEGOIV VSYRHWEHZERGIHWEJIX]W]WXIQMRXIVREP WQEVXKYRWEJIXEVKIXW]WXIQFEWIA (:7 I %4z Q [PEWIVWMKLXA *PEWL&ERK?+VIREHI(:7%4zQ FPEWXVEHMYWA
1%13699)23 ,91%2
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i
&
%
6
'SRHMXMSR 1SRMXSV %VQSV 0MQMXW 4L]WMGEP -RMXMEXMZI %WXVEP-RMXMEXMZI 7OMPPW
7
;
0
-
'
)77
1
)(+
4L]WMGEP1IRXEP7SGMEP ( ( 'SRNYVMRKWOMPPKVSYT'SYRXIVWTIPPMRK -RWXVYGXMSR2IKSXMEXMSRW4IVGITXMSR6MXYEP 7TIPPGEWXMRK 7TIPPGEWXMRK 1EKMGMER1IRXSV7TMVMX 7REOI %RGLSVMRK+ISQERG]5YMGOIRMRK %REP]^I(IZMGI%REP]^I1EKMG'EXEPSK1ERE &EVVMIV7XIVMPM^I8VERWPEXI \WTMVMXWSJQER *SVGI %YGXMSRIIV&YWMRIWW'PSXLIW? A
5YEPMXMIW -RMXMEXI+VEHI 1IXEQEKMGW 7TIPPW &SYRH7TMVMXW +IEV
/-0-%20)78)6 36/
/MPMER 0IWXIV MW ER MRRSGYSYW[SVOIV JSV 8LI %VGERYQ XLEXLEWFIIRXEVKIXIHF]XLI&PEGO0SHKIERH1ERE EWT]XLEXLEWFIIRQEHIXS PSSOERHEGXI\EGXP]PMOI LMQ ERH XS LSTIJYPP] F]TEWW XLI VMKMH WIGYVMX] QIE WYVIW0SJ[]VLMQWIPJLEWIRJSVGIHSRXLIQEKMGFEWIH WYFWMHMEVMIWFIPSRKMRKXS7EIHIV/VYTT0IWXIVMWEREW TIGXIHQEKMGMER[LSWIEFMPMXMIWEVIKIEVIHWSPIP]XS [EVHWIRGLERXMRK0IWXIVMW]IEVWSPHERHLEWFIIR [SVOMRKJSV8LI%VGERYQWMRGI &
%
6
7
;
0
-
'
)77
1
'SRHMXMSR1SRMXSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
5YEPMXMIW -RMXMEXI+VEHI 1IXEQEKMGW +IEV
4L]WMGEP 1IRXEP7SGMEP ( %PGLIQ] 'SQFEX7TIPPW %VGERE 4IVGITXMSR %WTIGXIH1EKMGMER )RGLERXIV +ISQERG] %PGLIQMGEP4VITEVEXMSRW \-QTVSZIH -RZMWMFMPMX] *SVGI4SXIRG] \%VQSV 7 *SVGI4SXIRG]
(%6/6)'69-8-2+
& 03 3( =& 97 -2 )77
8,)-259-7-8-32 - FVSYKLX MR ,IMWIRFIVK JSV XLMW EW LI MW XLI +IVQER WLEHS[FSEVHvWMRXIVREPI\TIVXSR7EIHIV/VYTTQEXXIVW %JSVQIVLMKLVEROMRKMRXIPPMKIRGIEREP]WXJSV7/4VMQI MR)WWIR[SVOMRKGPSWIP][MXLXLIPSGEPMRRIVGMVGPILILEH XLIVEVITPIEWYVISJWSQITIVWSREPEYHMIRGIW[MXL0SJ[]V LIWXMPPGEPPWLMQwXLIFSWWx HYVMRKLMWXMQI-RXLITSWX &VIQIRIVELIPIJX7/XSKSTVMZEXIRS[[SVOMRKQSWXP] %IKMW 'SKRMXS SV -RJSPMS (IWTMXI LMW LMWXSV] [MXL XLI QIKEGSVTERHGYVVIRX[SVOLIWLEVIWKSSHVIPEXMSRWLMTW XLI 7GLSGO[IPPIRVIMXIV &VSOIVEKI < XLI ,IPM\ ERH XLI 7GLEXXIRKIWIPPWGLEJX )GSXSTI 4378)(&= ,)-7)2&)6+
-EQQERIRSYKLXSEHQMX[LIR-[EW[VSRK-GSRGIHI - [SYPH LEZI RIZIV HIIQIH XLI HIZIPSTQIRXW SJ XLI TEWX]IEVWXSFITSWWMFPIiFYXXLIXMXERMWXVYP]JEPXIVMRK %PXLSYKLMXMWUYMXIYRPMOIP]XSJEPPER]XMQIWSSR-GER MQEKMRIXLEXXLITPIXLSVESJ7/FYWMRIWWEREP]WXWEVIWXMPP [SRHIVMRK[LEXLETTIRIHXSXLIGSQTIXMXMZIIHKIXLEX 7/FVERHMWLIHEKEMRWXMXWGSQTIXMXSVWSZIVXLIHIGEHIW HSRvX JSVKIX XLI GSVTSVEXI QSXXS 3RI WXIT ELIEH -X WIIQWXSLEZIZERMWLIHMRXSXLMREMVERHHIWTMXI2IS2 )8vWS[RXVSYFPIWXLI]EVIXLVIEXIRMRKXSTEWW7/HVST TMRKXLI+IVQERKMERXHS[RJVSQXLIXSTWPSXSRXLIGSV TSVEXIPEHHIVXSWIGSRHVERO 8LIERW[IVXSXLIUYIWXMSRMWEPEVQMRKP]WMQTPI7/ PSWX[LEXXLIFSWWLSPHWQSWXHIEV GSRXVSP 8LIVIEWSRWJSVXLEXEVIQERMJSPH(YROIP^ELRvW0IK EG]PIHXSXLITEWWMRKSJXLI0SVIQEWXIVXMXPIXSXLIFSWW -XJSVGIHLMQXSMRXIVZIRIMRXLIHVEKSRGMZMP[EVHYIXS XLIWIZIVIVMJXMRHVEKSRWSGMIX]SRXLIZMI[SJQIXELY QERWERHHIEP[MXLXLIHMJJIVIRXJEGXMSRW[MXLMRHVEKSR OMRH SJXIRYWMRK7/4VMQIvWMRXIPPMKIRGIVIWSYVGIW -R XYVR0SJ[]V[EWwVI[EVHIHxF]WSQISJLMWJIPPS[KVIEX HVEKSRWF]LEZMRKXLIQXEOIWLSXWEXLMWIQTMVIXEVKIX MRKEWWIXWEPPSZIVXLI[SVPHXLVSYKLXLIMVTVS\MIW-REH HMXMSRXLIFSWWLEHXSHIEP[MXLERHWIXXPIERISRPSRK GPYXGL ZIRHIXXE [MXL LMW FVSXLIV %PEQEMW GYPQMREXMRK [MXLXLIFEXXPISJ+I1M8SMR[LMGLLI ERH7/ FYVRIH QMPPMSRWSJIYVSWMRVIWSYVGIWJSVQMPMXEV]KIEV HVSRIW
8,)-259-7-8-32
QMPMXEV]ZILMGPIW7/QMPMXEV]TIVWSRRIP ERHQIVGIREV] GSRXVEGXW PMOI XLISRI[MXL1)8/ WXVIXGLMRK7/VI WSYVGIWXLMRRIVXLERIZIV ;MXLMR)YVSTIQER]SXLIVGSVTSVEXMSRWLEZIVIGSKRM^IH XLEXXLIEPTLE[SPJMWPSWMRKMXWIHKIERHXLIFIXEW XLI )YVSGSVTW EVIKEXLIVMRK <0
;LMPI LI[EWMRZSPZIHMRXVSYFPIWLSSXMRK XLI HVEK XVYWXIHMRHMZMHYEPW[LSYRJSVXYREXIP][IVISRP]QIXE LYQER ERH RSX EFPI XS JYPP] QMGVSQEREKI PMOI E KVIEX HVEKSRJVSQXLIXSTHS[R IZIR MJ XLI] EVI [SVOELSPMG WSGMSTEXLWXLI]GERRSXQEXGLXLIGETEFMPMXMIWSJEHVEK SR ;SVO ERH HYXMIW [IVI HIPIKEXIH HS[R FYX QER] QEREKIVW MR XLI /VYTT IQTMVI [IVI SZIVWXVEMRIH [MXL XSS QYGL VIWTSRWMFMPMX] MR XLI LMIVEVGLMGEP SVKERM^EXMSR [LIVIIZIV]GSKMWWYTTSWIHXSVYREGGSVHMRKXSMXWJYRG XMSRWSXLEXXLIGSVTSVEXMSRGERVYRPMOIGPSGO[SVO8LMW PIHXSIZIRJYVXLIVPSWWIWSJEWWIXWERHFYWMRIWWHYIXS QMWQEREKIQIRX 1] EWWYQTXMSR LEW EP[E]W FIIR XLEX XLIFSWWGSRHSRIHXLMWHYVMRKXLIGMZMP[EVFYXTPERRIH XSVIXEOIGSRXVSPSJ7EIHIV/VYTT ERHXLIPSWXGLYROWSJ TVSFEFP] [L] LI LERHIH XLI 0SVIQEWXIV XMXPI SZIV XS 'IPIH]V XSKIXVMHSJXLIVIWTSRWMFMPMX]ERHVIJSGYWSRLMW IQTMVI
6-7)3*%2-259-7-8-32 8LIRLS[IZIVGSKRMXMZIJVEKQIRXEXMSRHMWSVHIVLET TIRIH[LMGLTSWIHERI[XLVIEXIQIVKMRKJVSQ[MXL MR XLI QIKEGSTSVEXMSR ;LMPI MRRIV GSVTSVEXI MRXIP PMKIRGI ERH WIGYVMX] [IVI EFPI XS TMGO YT LIEH GEWIW ZIV]IEVP] HYIXSXLIYWISJERMRXIVREPW]WXIQGEPPIH (IZMER^ [LMGL EREP]^IW HIZMEXMSR JVSQ E GMXM^IRvW FEWIPMRI HEXE ERH [EW EFPI XS WTSX XIGLRSQERGIVW MR XLIIEVP]vW XLI]HMHRSXORS[[LMGLTLIRSQIRSR XLI][IVIHIEPMRK[MXLYRXMPMXWXEVXIHWTVIEHMRK XLI] HMH RSX ORS[ [LMGL TLIRSQIRSR XLI] [IVI HIEPMRK [MXL YRXMP MX WXEVXIH WTVIEHMRK 7/ GSVTWIG WXEVXIH MRZIWXMKEXMRK LIEH GEWIW IEVP] SR ERH EJXIV VIGSK RM^MRK XLI RERSZMVYW GSRRIGXMSR ERH XLI W]RXLIXMGMR XIPPMKIRGI JVEKQIRXW 7/ LEW E ^IVS XSPIVERGI TSPMG]
EKEMRWX YRVIWXVMGXIH %-W 7/ FIKER YWMRK VYRRIVW XS WIGVIXP]I\XVEGXGMXM^IRWJVSQ2IY)WWIRERHSXLIVWMXIW EPPEVSYRHXLI[SVPH *SV XLSWI [LS HSRvX OIIT YT 2IY)WWIR MW 7/vW TIVWSREPI\XVEXIVVMXSVMEPIRGPEZI[MXLMRXLIGMX] SJ)WWIR MRXLI6LMRI6YLVQIKETPI\JSVQIHEVSYRHXLI7/,5 EVGSPSK]MRXLIQMHvW-XMWFEWMGEPP]EREYXEVOMGGMX]MR XLIGMX][MXLXMKLXWIGYVMX]ERHIRSYKLQMPMXEV]TS[IVXS HIJIRHMXWIPJEKEMRWXEXXEGOWSJKVIEXHVEKSRW )GSXSTI %GXYEPP]OMRHSJEWQEVXQSZI4ISTPIWXEVXEWOMRKUYIWXMSRW MJXLIMVRIMKLFSVWWYTIVMSVWJVMIRHWERHGSPPIEKYIWWXEVX HMWETTIEVMRK IWTIGMEPP] MR ER IRGPSWIH IRZMVSRQIRX WYGL EW EREVGSPSK] [LIVI'*(GERWTVIEH ZIV] IEWMP] 4ISTPI EP[E]W [ERX XS ORS[ [L] ERH [LIR ]SY VYR SYX SJ GVIHMFPI I\TPEREXMSRW PMOI WYHHIR TVSQSXMSRW SV WYWTIRWMSRW ]SY WXEVX XS EPMIREXI TISTPI ERH VYQSVW GER HS E PSX SJ HEQEKI )\XVEGXMSRW TVSZMHI TPEYWMFPI HIRMEFMPMX]ERHXLI]EPWSWYTTP]7/vWVIWIEVGLIVWPMOIXLI PEFVEXW &YXGL
%W JYVXLIV QIEWYVI SJ GSRXEMRQIRX XLI -RRIRVI ZMWMSR [LMGLLEWMXWSVMKMRMRXLIGSQTER]vW&YWMRIWW4VEGXMGI WSYVGIWERHTS[IVXSLERHPIXLITVSFPIQEWXLIw7EG VSWERGX'SVTSVEXI-RUYMWMXMSRxF]XLIKVEGISJXLIKVIEX HVEKSR %W LIEH GEWIW EVI HIZMERXW XLEX XLVIEXIR XLI GSRXVSPERHMRXIKVMX]SJXLIW]WXIQXLEXMW7/ LIEHGEW IWHSRvXORS[LS[XSJYRGXMSRTVSTIVP]ERHEGSKXLEX WXEVXWEPMJI SR MXWS[R IRHERKIVW XLI[LSPIQEGLMRI XLI]RIIHXSFIHIEPX[MXL
8,362-28,) (6%+32v77'%0)7 8LI TVSFPIQ LS[IZIV VYRW QYGL HIITIV XLER XLEX %TEVXJVSQXLI7/GMXM^IRW0SJ[]VvWQMWXVYWXGYVVIRX P]WMXW[MXL7/4VMQI[LMGLFIGEQIGSQTVSQMWIHF] '*(MRJIGXMSR-RERYXWLIPP7/4VMQIMW7/vWFPEGO'-%
XLI RIVZI GIRXIV SJ EPP 7EIHIV/VYTT MRXIVGSVTSVEXI STIVEXMSRWERHMRXIPPMKIRGI;LEXQEOIWXLIWMXYEXMSR [SVWIMWXLEXMXMWRSXSRP]MW7/4VMQII\XVIQIP]LMKL XIGLMXMWEPWSGSQTPIXIP]HIGIRXVEPM^IH SVKERM^IHEW ERSXLIVERH7EIHIV/VYTTEXGVMXMGEPNYRGXYVIWEPPSZIV XLIKPSFI {FSXLGLEVEGXIVMWXMGWXLEXKMZI-RRIRVIZMWMSR QENSVLIEHEGLIWMRMXWXEWOSJZIXXMRKXLI[LSPISVKE RM^EXMSRJSV0SJ[]V -RRIRVIZMWMSR MW PIH F] 1ÍHEVH :SKIR E FEPH ERH GSVTYPIRXJSVQIV&IPKMERGMXM^IR FIJSVI&IPKMYQGIEWIH XSI\MWX MRLMWQMHWERHFEWIHMR2IY)WWIRXLSYKL MRXIVREPEJJEMVWYWYEPP]GSRWMWXWSJTW]GLSPSKMGEPEREP]WXW XIGLRSQERGIVWWSGMEPEHITXWERHERYQFIVSJQEKMGMERW WOMPPIH MR QIXETW]GLSPSK] TW]GLSQIXV] ERH EREP]XMGEP EVGERE QMPMXEV] EWWIXW ERH LMKLXLVIEX VIWTSRWI XIEQW [IVI VIGIRXP] HIXEGLIH XS WYTTSVX -RRIRVIZMWMSRvW MRUYMWMXMSR STIVEXMSRW ::SKIR LMQWIPJ EP[E]W [IEVW PEXI\KPSZIWERHIWGLI[WGVS[HWPIEHMRKXSVYQSVWXLEX LIMWWSQIOMRHSJXIPITEXL,S[IZIVWMRGIRSFSH][EW EFPI XS HMK SYX WSQI JYVXLIV MRJS TVSSJ MX GSYPH NYWX FI KIVQSTLSFME )GSXSTI
7/4VMQIIQTPS]WQSVIXLERNYWXEREP]WXWLS[IZ YWYEPP]LMKLP]EYKQIRXIHSJXIR[MXLRERSXIGLKIEVSV MQTPERXWHYIXSMXWWYFXPIX] 8LI]EVISJXIRHIITYRHIV GSZIVMRSXLIVGSVTSVEXMSRWKSZIVRQIRXWERH[LEXIZIV KVSYTXLIFSWWQE]FIMRXIVIWXIHMR%YHMXMRKXLI[LSPI SVKERM^EXMSRMWRI\XXSMQTSWWMFPIQE] FPS[XLIGSZIV SJGIVXEMREKIRXWERHHVE[WEPSXSJYR[ERXIHEXXIRXMSR XSEWIGVIXMRXIPPMKIRGIWIVZMGI3RXLISXLIVLERH0SJ []VGERRSXEPPS[7/4VMQIXSGSRXMRYISTIVEXMRKEWMX LEWWMRGITMIGIWSJMXLEZIEPVIEH]FIIRWYFZIVXIH 7IZIVEP &VEGOLEYWIW LEZI EPVIEH] KSRI VSKYI ERH EVIYWMRK7/4VMQIvWVIWSYVGIWXSIMXLIVJYIPXLIMVS[R EKIRHEWSVGVIEXIXVSYFPI[MXLSXLIVGSVTSVEXMSRWWMQ TP]F]LMVMRKWLEHS[VYRRIVWJSVSTWXLEXLEZIRSXFIIR KVIIRPMX F] XLIMV WYTIVMSVW w&VEGOLEYWx [EW E GSZIV MHIRXMX]YWIHF]7/4VMQIFPEGOSTWLERHPIVW XLIVSKYIW LEZIFIIRMRXIVREPP]HYFFIHw'VEGOLEYWxFIGEYWIXLI]
8,)-259-7-8-32
&033(=&97-2)77
[IPPGVEGOIH7SXLIw-RUYMWMXMSRxMWWIRHMRKSYXWTIGMEP STIVEXMZIWERHWLEHS[VYRRIVWXSLYRXXLI'VEGOLEYWIW HS[R-REHHMXMSR&EWMQE3VMSP(MEWVYÑ^{EWTIGMEPSTW WYFQIVKIHXIGLRSQERGIV[LSMWVYQSVIHXSFIEFPIXS wLIEVxXLIZMVYW MIXLIW]RXLIXMGJVEKQIRX EWEZSMGI MRLIVLIEH{LEWFIIRETTSMRXIHw+VERH-RUYMWMXSVxERH MWXVEZIPMRKEVSYRHXLIKPSFIXSZIXEPPOI]WXEOILSPHIVW [MXLMR7/ERHGPIERLSYWIF]ER]QIERWTSWWMFPI 7SYRHW EW MJ XLIVI [MPP FI TPIRX] SJ NSF STTSVXYRMXMIW GSQMRKSYV[E] 7RSTIW
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Ñ^LEWXLIVIJSVIFIIRWIRXXS 1ERLEXXER XS ZIX FVMPPMERX QMRHW PMOI XLSWI SJ (SGXSVW 2EHMRI6IMRLEVH %HZERGIH*VSRXMIV']FIVRIXMGW 6IRÍ *MX^KIVEPH 1SVKIR8IO+QF, 1E\MQMPER7IMPIV 7TIPP [IEZIV 'SRWSVXMYQ ERH /IVWXMR 1YIPPIV %[EOIRIH ;SVPH 6IWIEVGL 8LIWI TISTPI EVI WTIEVLIEHMRK XLI XIGLRMGEP ERH QEKMGEP VIWIEVGL MRXS XLI '*( ZMVYW ERH TSXIRXMEPXVIEXQIRXW T7XSPIR7SYPW &YX XLIWI EVI RSX XLI SRP] SRIW YRHIV XLI WGVYXMR] 7EIHIV/VYTT ERH 2IS2)8 XLEX LEW QEHI LIEHPMRIW MR1ERLEXXER JEV XSS SJXIR ERH MW WXEVXMRK XSWTMVEP SYX SJ GSRXVSP 1(' VIT &VIRX 0YGEW ERH HMVIGXSV 7XITLIR %EGLIR LEZI XS ERW[IV XS MRXIVREP EJJEMVW JSV QMWQER EKIQIRXMRGSQTIXIRGIRIKPMKIRGIGSVVYTXMSRJVEYH ERH XE\ IQFI^^PIQIRX F] QIQFIVW SJ XLIMV WEPEVMIH [SVOJSVGI2I[WSJ XLMW LEW FIIR PIEOIH XS XLIQIHME F] WLEHS[VYRRIVW MR XLI PEWX ]IEV WIZIVIP] HEQEKMRK XLIVITYXEXMSRSJXLIGSQTER](YVMRKXLIJYPPFPS[RMR ZIWXMKEXMSRMRXSXLI7/2SVXL%QIVMGEEVGSPSK]MR1MH XS[RERHXLI7/4VMQIFYMPHMRKMRPS[IV1ERLEXXERXLI MRUYMWMXMSRvW MRZIWXMKEXSVW RSXMGIH WSQI EFIVVEXMSRW MR XLIFILEZMSVSJEGSVTSVEXIPE[]IVF]XLIREQISJ,EPI]
8,)-259-7-8-32
8EPFSX T ;LMPIMRXIVZMI[MRKLIVYRHIVXLITVIXI\X SJXEPIRXWGSYXMRKJSVXLI+IVQERLIEHUYEVXIVWXLIER EP]WX{YWMRK ER I\TIVMQIRXEP TW]GLSEREP]XMG MRXIVVSKE XMSRXIGLRMUYIYRHIVHIZIPSTQIRXF]7/ORS[REWXLI ;MXX+SHHEVH8IWXXLEXGERTMGOYTMRLYQERVIEGXMSRW{ GSRGPYHIH E LMKL PMOIPMLSSH SJ '*( MRJIGXMSR [LMGL MW [L] (MEWVYÑ^ LEW EYXLSVM^IH E WYVZIMPPERGI STIVEXMSR MRXS8EPFSXXSFIGEVVMIHSYXF]WLEHS[VYRRIVWWLI[MPP LMVILIVWIPJ ;LMPIQSRMXSVMRK8EPFSXERHHMKKMRKMRXSLIVPMJIXLI VYRRIVW[MPPSFWIVZIERMRGVIEWMRKP]IVVEXMGERHMRLYQER FILEZMSV XLEX SGGYVW [LIR WLI FIPMIZIW LIVWIPJ XS FI [LIVI XLI] [MXRIWW E WXVERKI I\GLERKI [MXL ERSXLIV TIVWSRE 2IS2)8.SLRWSRF]XLIREQISJ.IVSQI )Z ERW[LSMRJIGXIH8EPFSXSRTYVTSWIXSWYFZIVXEQIQ FIVSJXLIGPYF[LS[SVOW[MXLMR7/2SVXL%QIVMGEXS KEXLIVERHQERMTYPEXIHEXEXLEX[EWYWIHXSI\TSWI7/ MRTYFPMG*SPPS[MRKXLIXVEMPXLIVYRRIVW[MPPYRGSZIVE TPS]F]EVSKYI&VEGOLEYW[LSLEWFIIRYWMRKFSXL7/ XLIX[SQIKEGSVTSVEXMSRWERHWTVIEHGLESWMR1ERLEX XER XS WEXMWJ] LMWFYVRMRK LEXIJSVXLI IPMXI IRGPEZI XLI GSVTSVEXMSRWLEZIFYMPXMRXLIGMX]
403843-28 74)%/)%7=838,)-259-7-8-32
QIHMEXIP]XS2I[=SVO[LIVIXLI][MPPQIIXXLEXWEQI XLI 6EYGLIV^MQQIV WQSOIVvW VSSQ 8LI] [MPP FI QIX F]+VERH-RUYMWMXSV&EWMQE3VMSP(MEWVYÑ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vWFSYRGIVERSVO[MXLEGMKEV EWOMRKJSVEPMKLX [LMGLXVEHMXMSREPP][SYPHFITVSZMH IHJVSQSRISJXLIQEXGLFSSOWJSVXLITPEGIPMOIXLI
&033(=&97-2)77
SRIWXLITPE]IVW[IVIKMZIR 3RGIXLIVYRRIVWEVVMZI F]WGERRMRK XLIQJSVWMKRW SJ'*(8LIRWLITVIWIRXW EZIV]HIXEMPIHHSWWMIVSR,EPI]8EPFSXMRGPYHMRKTMG XYVIWTW]GLSPSKMGEPEWWIWWQIRXWERHORS[RVIPEXMZIW MR2I[=SVO7LIMWLMVMRKXLIQXSVYRWYVZIMPPERGISR LIVERH\VE]LIVPMJI[MXLSYXGEXGLMRKLIVEXXIRXMSREW WLIMWFIPMIZIHXSFIE'*(ZMGXMQ7/[ERXWXLIVYR RIVWXSGSPPIGXIZMHIRGISRLIVFIMRKWYFZIVXIHERHMJ WS[LEXWLIMWYTXS ERHLS[WLIKSXMRJIGXIHMRXLI RERSXIGL -JRIGIWWEV]XLIMRUYMWMXSV[MPPTVSZMHIFEGO KVSYRH MRJSVQEXMSR SR '*( 8LI FPYI TEWWIW XLI VYR RIVWVIGIMZIHKMZI XLIQXIQTSVEV]EGGIWW XSQSWXSJ XLIEVIEWXLEX8EPFSXLEWEGGIWWXSMRLIVVIGIRX[SVO XLSYKL(MEWVYÑ^[MPPQEOIGV]WXEPGPIEVXLEXWLI[MPPRSX XSPIVEXIER]EGXMSRSR7/TVSTIVX]XLEXRIIHWwGPIER MRKYTxEJXIV[EVH%W8EPFSXMWETSXIRXMEPP]EGXMZIZMVYW GEVVMIV[LS[SVOW[MXLMRXLIPSGEP2SVXL%QIVMGEHMZM WMSRFYMPHMRKRIEVXLIGIRXIVSJ1MHXS[R T7XSPIR 7SYPW 1W.SLRWSRHSIWRSX[ERXXLIVYRRIVWXS[EWXI XMQI XLI]WLSYPHWXEVXXLINSFMQQIHMEXIP]XSQMRMQM^I XLIVMWOXSPSGEP7EIHIV/VYTTIQTPS]IIW8LEXQIERW XLIVYRRIVW[SRvXLEZIQYGLXMQIXSTVITEVIERHQYWX EVVERKIJSVGVMXMGEPIPIQIRXWWYGLEWXVERWTSVXEXMSRERH EGGSQQSHEXMSR [LMPI TVITEVMRK XLIMV WYVZIMPPERGI SR XLIMV XEVKIX %W ZILMGPIW EVI LIEZMP] VIKYPEXIH F] XLI 1ERLEXXER (IZIPSTQIRX 'SRWSVXMYQ XLI VYRRIVW RIIH EGGIWW XSXLIPSGEPFPEGO IGSRSQ] XSKIXE TIV WSREPZILMGPITEWWSVXLI]RIIHXSYWISXLIVQIERWSJ XVERWTSVXEXMSRXSJSPPS[XLIMVXEVKIXEVSYRHXS[R XE\M E LMVIH HVMZIV SV TYFPMG XVERWTSVXEXMSR 1W .SLRWSR [MPP SJJIV RY]IR TIVVYRRIV JSV YT XS SRI [IIO SJWYVZIMPPERGITPYWEKVSYTFSYRX]SJ RY]IRJSV IZIV]LIEHGEWIXLI]EVIEFPIXSHIXIGXERHETTVILIRH MRGPYHMRK XLI XEVKIX 2IKSXMEXMSR EXXIQTXW [MPP RSX FI [IPP VIGIMZIH F] XLI MRUYMWMXSV XLSYKL XLI VYRRIV QMKLX FI EFPI XS QEOI E ZIV] VEXMSREP GEWI KMZIR XLI VMWO ERH WLSVX RSXMGI SJ XLI NSF (MEWVYÑ^ [MPP MRHMGEXI XLEX [SVOMRKJSVLIVERH XLIHVEKSRGER LEZI MXW S[R TIVOWMJXLI]TIVJSVQXLIMVNSF[MXLI\GIPPIRGI,S[IZ IV-JXLIVYRRIVWMRWMWXSRLEKKPMRKLS[IZIVXLI]GER IRKEKIMRE2IKSXMEXMSR'LEVMWQE?7SGMEPA3TTSWIH TVSZMHIXLIQ[MXLEGSRXEGXRYQFIVXSGEPPMRXSEQEMP FS\IZIV]X[IRX]JSYVLSYVWXSKMZIEWXEXYWYTHEXI 1SVIMRJSVQEXMSRSR1ERLEXXERGERFIJSYRHSRT 7XSPIR7SYPW
403843-28 -2,91%28%6+)8
)QTPS]MRKMRJSVQEXMSRJVSQXLIHSWWMIVXLIVYRRIVWGER YWI HMJJIVIRX ERKPIW XS HMK MRXS XLI PMJI SJ XLIMV XEVKIX /RS[R VIPEXMZIW JVMIRHW SV GSPPIEKYIW GER XIPP XLI VYR RIVW [LIRXLI]GSQI[MXLEKSSHFEGOWXSV] XLEX,EPI]
[IRXGSQTPIXIP]SJJXLIVEHEV[MXLMRXLITEWXJI[[IIOW 7LILEWRSXVIXYVRIHER]GSQQGEPPWXI\XWSVMRZMXEXMSRW WXSTTIHKSMRKXSLIV%-6SFMGGPEWW EWTSVXWEGXMZMX]YWMRK MRER] WSGMEP EGXMZMXMIW 1SWX FIPMIZI XLEX WLI QYWX LEZI WXEVXIHWIIMRKWSQISRIFYXXLI]LEZIRIZIVQIXXLIWYT TSWIHVSQERXMGMRXIVIWX3RIJVMIRH[LSFYQTIHMRXSLIV SRXLIWXVIIXWWE]WXLEXWLILEWGLERKIHLIVWX]PIGYXXMRK LIVLEMVWLSVXPSWMRK[IMKLXERHFIGSQMRKQSVIEXLPIX MG wEWMJWLINSMRIHEREVQ]SVEGYPXx &YXWMRGITISTPI GLERKIEPPXLIXMQI IWTIGMEPP]MRXLIJEWXQSZMRKW QSWXTISTPIXLIVYRRIVWXEPOXSLEZIRSXKMZIRER]JYVXLIV XLSYKLX XSLIV IZSPYXMSR SV PMROIH MX XS '*( ;LIR XLI] JSPPS[ ,EPI] XLI VYRRIVW [MPP RSXMGI XLEX WLI MW QSWXP] GSQTSWIHERHGLEVQMRKHYVMRKLIVHEMP]FYWMRIWWWYGL EWEX[SVOFYXWLIMWTVSRIXSWYHHIRSYXFYVWXW[LIRTVS ZSOIHERHWLIGLERKIWXSEWSQI[LEXHEVOIVKPSSQMIV ZIVWMSRSJLIVWIPJ[LIRWLIFIPMIZIWRSSRIMW[EXGLMRK-J MRLIVETEVXQIRXF]FYKKMRKMXXLI]GERIMXLIVRSXMGIWIZ IVEPWQEPP[SYRHWERHWGEVWSRLIVYTTIVPIKWERHXSVWS YWYEPP]GSZIVIHF]GPSXLMRK SV[MXRIWWLIVVITIXMXMZIP]MR MRK WIPJHIWXVYGXMRK EPXIVIH TIVWSREPMX] 8S KIX MRXS LIV ETEVXQIRX GSQTPI\MR -R[SSH %PIZIP RIMKLFSVLSSH { XLI]LEZIXSIZEHIXIGLRMGEP QSWXP]GEQIVEW ERHTL]WM GEPWIGYVMX] QSWXP]KYEVHW4VSJIWWMSREP6EXMRKz -JXLI]QEREKIXSKIXELSPHSJSVLEGOLIVGSQQPMRO
XLEX WLI LEW WXEVXIH TMGOMRK YT QEVXMEP EVXW GPEWWIW MR E HSNSFS\MRK K]QMR2I[XS[REJXIV [SVO ERH LEWFIIR VYRRIVWGSRXMRYIXSJSPPS[LIVMRXLIRI\XHE]WWLI[MPP IZIRXYEPP]KSMRXSERMKLXGPYFGEPPIH)PMXI WIIFIPS[ MRXLIFEWIQIRXGEPPIH8LI0EHHIV[LIVIWLILEWEPSGO IV;LMPIXLIVYRRIVWQE]FIEFPIXSJSPPS[LIVMRXSXLI GPYFSVLEGOXLIGPYFvW;%2XLIVIF]FIMRKEFPIXSSTIR XLIHSSVXSXLIFEWIQIRX EPXIVREXMZIP]WXIEPMRKEQIQ FIVvWGEVH XLI]RIIHXSKSTL]WMGEPP]MRXSXLIFEWIQIRX XS[MXRIWWXLIEGXMSRMR8LI0EHHIV[LIVI,EPI][MPPFI EWXVERKII\GLERKIFIX[IIR,EPI]8EPFSXERHEQEPIIPJ KSMRK F] XLI REQI SJ .IVSQI %HEQW *VSQ E HMWXERGI XLI]ETTIEVXSFIOMWWMRKFYXEGPSWIVPSSO SFXEMRIHF] WSQIXLMRKPMOI^SSQMRKMR[MXLG]FIVI]IW WLS[WWSQI XLMRK HMJJIVIRXERH WXVERKIV RSXSRP] HSIW XLIOMWW PEGO TEWWMSRFYXMXETTIEVWEWMJXLIX[SEVIwIEXMRKxIEGLSXL IV-RXVYXLXLI]EVII\GLERKMRKKVI]RERMXIHYWXJSVQSVI IJJIGXMZIGSQQYRMGEXMSRFIX[IIRXLILSWXGSPSRMIW -J VYRRIVW EVI QSVI EGXMSRSVMIRXIH XLI] QE] RSX [ERX XS JSPPS[ 8EPFSX FYX KS JSV E KVEF XS MRXIVVSKEXI LIV SV TVSFILIV QMRH QEKMGEPP][LMGL [MPP IZIRXYEPP] PIEHXLIQXSE2IS2)81V.SLRWSR.IVSQI%HEQWEW
8,)-259-7-8-32
&033(=&97-2)77
LIV SVMKMR SJMRJIGXMSR ;LMPI EJEMVSTXMSRTVSFMRKXLI QMRH SJ E '*(MRJIGXIH LIEH GEWI [LIVI E W]RXLIXMG MRLYQER MRXIPPMKIRGI LEW FIIR QM\IH [MXL XLI LSWXvW S[RTIVWSREPMX]WLSYPHFIEPMIRGSRJYWMRKERHYXXIVP] HMWXYVFMRKJSVIZIRXLILEVHIWXSJVYRRIVWVIWYPXMRKMRE XVEYQEXMGIZIRX
403843-28 6922)67:7.3,2732
;LIR XLI VYRRIVW VITSVX FEGO XS +VERH -RUYMWMXSV (M EWVYÑ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vW0S]EPX]6EXMRKMWPS[ IVXLER-JXLIVYRRIVWXV]XSJSPPS[LMQXLIVIMWEKSSH GLERGILI[MPPWTSXXLIQ%PXLSYKLXLIZMVYWLEWXEOIR SZIVQSWXSJLMWTIVWSREPMX]MXWXMPPLEWEGGIWWXS%HEQWv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
8,)-259-7-8-32
VYRRIVWSVF]WLSSXMRKMRXLIEMVXSKIXLMQWIPJEVVIWXIH -J XLMRKW PSSO HMVI LI [MPP EGXMZEXI ER IQIVKIRG] FIE GSRXLEX[MPPEPEVQE2IS2)8WXVMOIXIEQXSGSQIXSLMW VIWGYI XLI XIEQ MRGPYHIW JSYV IPMXI GSVTSVEXI WIGYVMX] XIEQQIQFIVWERHEPMIYXIRERX T 76 TPYWSRI GSQFEXQEKIT76 -JXLIKEQIQEWXIV[ERXWXS TYWLXLIIRZIPSTI%HEQWGERQEOIXLIVYRRIVWvPMZIW GSRRIGXMSRWFYMPXSZIVHIGEHIWMR1ERLEXXERLIGSYPH TYX E FSYRX] SRXLI VYRRIVWvLIEHW LERKXLIQ SYX XS HV] [MXL VIKEVH XSXLI1ERLEXXER WLEHS[W HVEK XLIQ MRXSER2=4(-RGMRZIWXMKEXMSRJSVWYWTIGXIHQYVHIVSV XIVVSVMWQSVJEFVMGEXIIZMHIRGIEKEMRWXXLIQ8LIQSVI MRJSVQEXMSRLIGEREGUYMVIEFSYXXLIVYRRIVWERHXLIMV FEGOKVSYRHW [MXLXLILIPTSJ2IS2)8vWHEXEFEROW XLI QSVILIGERQEOIXLIMVPMZIWQMWIVEFPI -JXLIVYRRIVWLMXEHIEHIRHSVEGXMZIP]GSRXEGXXLIMV .SLRWSR (MEWVYÑ^MW [MPPMRK XSVEMWI XLIWXEOIW,S[IZ IVEWXLIWMXYEXMSRFIX[IIR7EIHIV/VYTTERH2IS2)8 MW EPVIEH] EX E FVIEOMRK TSMRX WLI MW RSX [MPPMRK XS MR XIVJIVILIVWIPJEGXMZIP] FYX[MPPWYTTP]XLIVYRRIVW[MXL VIWSYVGIW QSRI] SV KIEV EPP [MXLMR VIEWSREFPI PMQMXW XSGETXYVIXLI2IS2)8.SLRWSRERHFVMRKLMQMRJSVMR XIVVSKEXMSR ;LIR XLI VYRRIVW LEZI ETTVILIRHIH %HEQW XLI] [MPP QIIX [MXL (MEWVYÑ^ EX XLI EFSZIQIRXMSRIH FPEGO WMXI [LIVI XLI] [MPP LIPT XLI KVERH MRUYMWMXSV MRXIVVS KEXI %HEQW YWMRK E VITIVXSMVI SJ XSVXYVI XIGLRMUYIW XEVKIXIH EX XLI '*( ZMVYW 8LI] [MPP PIEVR XLEX %HEQW [EWTYVTSWIP]MRJIGXIH[MXL'*(F]EQER(MEWVYÑ^[MPP MHIRXMJ]EWER7/&VEGOLEYWSTIVEXMRKJVSQE7/4VMQI MRXIPPMKIRGI SYXTSWX MR &EXXIV] 'MX] %X XLEX XMQI WLI QE] VIZIEP XLI FEGOKVSYRH SR XLI VSKYI &VEGOLEYWIW EW HIWGVMFIHMR XLIMRXVSHYGXSV]TMIGIXSXLMWGLETXIV ERH LIV EWWMKRQIRX JSV XLI -RRIRVIZMWMSR XLI MRUYMWM XMSRERHLIVVSPIEWKVERHMRUYMWMXSV MJXLIVYRRIVWLEZI FIIR XVYWX[SVXL] IRSYKL *SV E QSVI HVEQEXMG XYVR SJ IZIRXWIWTIGMEPP][LIR XLIVYRRIVWHMHRSXHIEGXMZEXI XLIIQIVKIRG]FIEGSRSVWXMPPLEHXLISXLIVVYRRIVXIEQ SRXLIMVXEMPWXLIFPEGOWMXIQE]GSQIYRHIVEREXXEGOF] E2IS2)8WXVMOIXIEQHYVMRKXLIMRXIVVSKEXMSR%WEVI WYPXXLIVYRRIVW[MPPLEZIXSIWGETIXLIFYMPHMRK [MXLSV [MXLSYX(MEWVYÑ^ ERHHIEP[MXL'VEGOLEYWSRXLIMVS[R
403843-28 '6%'/,%97
VSKYI &VEGOLEYW [LS LEW FIIR STIVEXMRK SYX SJ 8LI 4EPQ 7LST ER IWSXIVMG WXSVI MR &EXXIV] 'MX] XLEX MW E IW 8LI 'VEGOLEYWv TVITEVIHRIWW [MPP HITIRH SR LS[ QYGL QE]LIQ XLI VYRRIVWGVIEXIH [LIR ETTVILIRH MRK %HEQW SV MJ LI LEH E VIEWSR ERH STTSVXYRMX] XS [EVR 'VEGOLEYW -R XLI [SVWX GEWI 'VEGOLEYW LEW
&033(=&97-2)77
PIEZMRKXLIVYRRIVWWSQITEVXMRKKMJXWJSVXL[EVXMRKLMW TPEGIJSVHIWXVYGXMSR{WII FIPS[ -JXLI VYRRIVW LEZI HSRIEKSSHNSFXLI]QE]EFPIXSWYVTVMWILMQ%WPSRK EW 'VEGOLEYW MW YRE[EVI SJ XLIMV MRZSPZIQIRX LI [MPP FI MQTIVWSREXMRK XLI WXSVIvW SVMKMREP S[RIV 1MGLEIP 0IGVSM\F][IEVMRKEHMWKYMWI ERH[MXLXLIEMHSJXLI RERMXIWXLEXMRJIGXIHLMQ -JXLI]EWWEYPXXLIWXSVILI [MPPXV]XSQEOIMXMRXSXLIFEWIQIRXERHPSGOXLIHSSV FILMRH LMQ VIMRJSVGIH WIGYVMX] HSSV QEKPSGO 6EXMRK [MXLERXMXEQTIVMRKHIZMGI6EXMRK [LMPIXLI4EPQ 7LSTv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Ñ^[MPPFIZIV]TPIEWIH8LI][MPPVIGIMZIXLI SVMKMREPGSRXVEGXIHTE]QIRX[MXLEFSRYWSJXLIFSYRXMIW JSV8EPFSXERH)ZERWEW[IPPEWEWTIGMEPKVSYTFSRYWSJ RY]IRJSV'VEGOLEYWERHXLI]QE]LIEVJVSQXLI 7/-RUYMWMXMSRMRXLIJYXYVIJSVJYVXLIVEWWMKRQIRXW
0337))2(7 ;LMPIXLIMQQIHMEXIXLVIEXLEWFIIRRIYXVEPM^IH[MXL XLIOMPPMRKGETXYVISVIWGETISJ'VEGOLEYWXLIVIQE] FIIZMHIRGIMRXLI4EPQ7LSTRSXSRP]XLEX'VEGOLEYW JSGYWIHLMWIJJSVXW SR7EIHIV/VYTTERH2IS2)8ERH WYFZIVXIHXLIWIX[SZMGXMQWFYXXLEXXLIMRJIGXMSRQE] FIQSVI[MHIWTVIEHERHQE]LEZIEJJIGXIHSXLIVGSV TSVEXMSRWXLEXWMXSRXLI1ERLEXXER(IZIPSTQIRX'SR WSVXMYQ8LEXGSYPHPIEHXSJSPPS[YTMRZIWXMKEXMSRW
03'%8-327 )0-8)8,)0%(()6 ))PMXI MW ER I\IGYXMZI GPYF JEZSVIH F] XLI GSVTSVEXI IPMXI SJ [LMGL XLIVI EVI QER] MR 1ERLEXXER JSV EJ XIV[SVOHVMROW ERHXSGIPIFVEXIWYGGIWWSRXLI JVSRX PMRIWSJGSVTSVEXIFEXXPIW*SYRHIHERHVYRF]ERMRJS FVSOIVF]XLIREQISJ8MQI^SRI EH[EVJ[MXLEXMQI ^SRIFMSXEXXSSSRLMWWLEZIHLIEHERHEQYPXMXYHISJ [EXGLIW WIX XS HMJJIVIRX XMQI ^SRIW [LS GEXIVW MR .SLRWSRW )PMXI LEW WYVTVMWMRK HITXL -XW FEWIQIRX
8,)-259-7-8-32
&033(=&97-2)77
[LIVI EHVIREPMRI NYROMIW JVSQ EPP SJ 1ERLEXXERvW GSV TSVEXMSRW MRGPYHMRK PE[]IVW I\IGYXMZIW ERH WXSGO FVSOIVW [LSEVI FSVIHF]XLIMV RSVQEP NSFWGSQI XS TMXXLIMVWOMPPWSVEYKQIRXEXMSRWEKEMRWXIEGLSXLIVJSV XLIXLVMPP ERHXLIVYWLSJ EZMGXSV]-XEPWSTSWWIWWIWE KEQFPMRK ERH MRXIVREP VEROMRK W]WXIQ SJ MXW I\GPYWMZI QIQFIVWLIRGIXLIREQI;LMPIEGGIWWXSXLIRSVQEP GPYFMW IEW]EW PSRKEW XLI VYRRIVW FPIRH MR F] WTSVX MRKEFSZIEZIVEKIHIWMKRIVGPSXLMRKSVGSVTSVEXIGLMG JSV XLI FSYRGIVW XS PIX XLIQ TEWW EGGIWW XS XLI YR
%%GSVT QIERMRKTISTPIRIIHEJEOISVVIEPGSVTSVEXI 7-2 ERHEFY]MRJIISJRY]IR;LMPIXLIQE KPSGOIHHSSV TVS\MQMX]GEVH6EXMRK MWSZIV[EXGLIH F]EGEQIVEPMROIHXSXLIGPYFvWWIGYVMX]W]WXIQXLIVI EVI RS GEQIVEW MR XLI FEWIQIRX QEOMRK MX ER I\GIP PIRXPSGEXMSRJSVWIGVIXFEGOVSSQHIEPWFIX[IIRLMKL WXEOIWVSPPIVWSJHMJJIVIRXGSVTSVEXMSRW
4)340) ,%0)=8%0&38 ,EPI] MW E X[IRX]WIZIR]IEVSPH GSVTSVEXI PE[]IV [SVOMRK JSV 7/ 2SVXL %QIVMGE 7LI VIGIRXP] GYX LIV PSRKFPSRHLEMVWLSVXERHLIVRSVQEPEXLPIXMGFYMPHLEW KVS[R [MV] 2SX FSVR MRXS XLI QIKEGSVTSVEXMSR WLI [EWTSEGLIHF]7/LIEHLYRXIVWIZIRFIJSVILIVKVEH YEXMSRJVSQ7XERJSVH8LI]QEHIEKSSHSJJIVTE]MRK SJJ LIV WXYHIRX HIFXW ERH FVMRKMRK LIV MRXS XLI 2I[ KVS[MRKGEVIIVYRXMP.IVSQI)ZERWWIHYGIHERHHIPMF IVEXIP]MRJIGXIHLIV[MXLXLI'*(ZMVYWEJXIV'VEGOLEYW XYVRIHLMQMRXSELIEHGEWI%JXIVWYJJIVMRKJVSQEWI HMWTPEGIHF]ERI[SRIHVMZIRF]WIPJLEXVIHJVSQLIV PMJIEWEGSVTSVEXIPIKEPHVSRI%WXLITPERJSV,EPI]LEW JSVGIHLIVXSQEMRXEMRXLIGSZIVJSVE FMKKIVWGLIQI
8,)4%017,34 ;LMPIXLMWWQEPPWLSTHIEPWMRTEPQVIEHMRKWWIQMSG GYPXMWX WXYJJERH TW]GLMG TVEGXMGIW XLEX ER] VIEP QEKM GMER[SYPHGSRWMHIVGLEVPEXERMWQXLIVIMWQSVIXSXLMW WXSVI MR &EXXIV] 'MX] XLER QIIXW XLI SFZMSYW I]I -R XVYXL XLIWLSTMW E JVSRXJSV E WIGVIX 7/ 4VMQI MRXIPPM
SRIMR2I[=SVO HYIXSXLIHIGIRXVEPM^IHWXVYGXYVISJ XLISVKERM^EXMSR3VMKMREPP]STIVEXIHF]EVIXMVIH&1; PEXIV7/EKIRXF]XLI JEOI REQISJ1MGLEIP0IGVSM\ [LSYWIHLMWWOMPPWXSGSRTISTPI[MXLTW]GLMGERKIP MGVIEHMRKW[LS WXVE]IHMRXSXLIWXSVISYXSJGYVMSWMX] ERHHIWTIVEXMSRXLI[LSPIGIPP MRGPYHMRKX[SG]FIVIH STIVEXMZIWEHIGOIVERHEQEKI KSXOMPPIH[LIRXLI 'VEGOLEYWEWWYQIHGSRXVSPSJXLIWEJILSYWI9WMRKXLI GIPPvWJYRHWERHLEVHGSHIHEGGIWWMRXSXLI[SVPH[MHI RIX[SVOXLI 'VEGOLEYWLEWYWIHXLMWEWEHIR XSWTMR LMWRIXXS[VIEOLEZSGMR1ERLEXXERF]TMXXMRKXLIPEVK IWXTVIHEXSVWSJXLIGSVTSVEXITEGOEKEMRWXIEGLSXLIV LMKLIRH IPIGXVSRMGW ERHSXLIV KIEV YT XS XLI KEQI QEWXIVvWHMWGVIXMSRXLIPS[IVFEWIQIRXMWTVSXIGXIHF] EGSQFMRIHGLEVKIHERHSFJYWGEXIH[EVH TTERH 7XVIIX+VMQSMVI *SVGI EW[IPPEWF]X[SWTMVMXW E KYEVHMER ERHIEVXL WTMVMX *SVGI PSRKXIVQFSYRH XSHIJIRHSYXTSWXEKEMRWXLSWXMPIMRXVYWMSR ERHVMKKIH [MXLQMPMXEV]KVEHITPEWXMGI\TPSWMZIWERH[LMXITLSW TLSVYWXSHIWXVS]EPPIPIGXVSRMGWERHIZMHIRGI MJRIG IWWEV]8LI4EPQ7LSTLEWELMHHIRIWGETIXLEXPIEHW MRXSXLI9RHIVKVSYRH
8,)-259-7-8-32
*)1%0),91%2 & % 6
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
/RS[PIHKI7OMPPW
0ERKYEKIW 5YEPMXMIW '*(-RJIGXMSR 4S[IVW
'*(4IVWSREPMX] /RS[PIHKI7OMPPW %YKQIRXEXMSRW +IEV ;IETSRW
7
;
0
-
'
)(+
)77
( 4L]WMGEP1IRXEP7SGMEP )PIGXVSRMGWWOMPPKVSYT)XMUYIXXI 'SVTSVEXI 4EPQMRK4IVGITXMSR4MWXSPW 8EWIVW 6YRRMRK7RIEOMRK9REVQIH'SQFEX 'SVTSVEXI7XVYGXYVI7EIHIV/VYTT'YPXYVI 7EIHIV/VYTT0IEHIVWLMT7IGYVMXMIW 1EVOIXW )RKPMWL2+IVQER.ETERIWI -RHSQMXEFPI 1IRXEP 1EXVM\IRXMX]GSRGIRXVEXMSR2ERMXI:SPYQI SRP]EZEMPEFPI[LIR'*(TIVWSREPMX]MWMR GSRXVSP %XXVMFYXI&SSWX8S\MR6IWMWXERGI %HVIREP'SRXVSP 'SVTSVEXI4SPMXMGW1SRI]0EYRHIVMRK 9RHIVKVSYRH*MKLX'PYFW 1RIQSRMGIRLERGIV %VQSVGPSXLMRKGSQQPMRO (IZMGI6EXMRK %4z776'{ Q A
&033(=&97-2)77
.)631)):%27
&%7-1%36-30(-%769±>
.IVSQI)ZERWMWSRISJXLIQER]REQIWXLEXXLMW2IS 2)8GSVTSVEXI.SLRWSRLEWFIIRYWMRKMRXLITEWXHI
&EWMQE 3VMSP (MEWVYÑ^ MW -VEUM [MXL 7TERMWL VSSXW 7LI [EW FSVR MR EW HEYKLXIV XS E 7TERMWL KISPSKMWX ERH ER -VEUM TVSKVEQQIV [SVOMRK JSV *EXMQE 4IXVS GLIQMGEPW ERH WLI WTIRX QSWX SJ LIV EHSPIWGIRGI MR XLI 7/ EVGSPSK] MR &EKLHEH ;LIR WLI XYVRIH WM\ XIIR WLIWXEVXIHLIV IHYGEXMSREW EGSVTSVEXIWTMHIV [LIVI WLI VIGIMZIH TEVEQMPMXEV] XVEMRMRK EW TEVX SJ P]EWERIX[SVOWTMHIVMRXLI&EKLHEH7/KVMHFIJSVI 'VEWL WLI [EW MRXIVREPP] VIGVYMXIH F] 7/ 4VMQI ERH YWIH JSV 1EXVM\ WEFSXEKI STIVEXMSRW MR XLI 1MH HPI )EWX FIJSVI KIXXMRK XVEMRIH MR IWTMSREKI XEGXMGW
JSV*YGLM2SVXL%QIVMGELIQSZIHJVSQGSQTER]QER XS GSVTSVEXI .SLRWSR HYVMRK XLI 2SZEXIGL XS 2IS2 )8 XVERWMXMSR TIVMSH ERH MW UYMXI IRXVIRGLIH MR 1ER LEXXERvW WLEHS[W GSVTSVEXI ERH WSGMEPMXI GMVGPIW ERH 2IS2)8 1EPQWXIMR FYMPHMRK MR 1MHXS[R JSV LMW TSWM XMSREWEQEVOIXMRKWXVEXIKMWXLIEGXWEWSRISJXLIPSRK EVQWSJ1('VIT)QQE4SVXIVERHSXLIVLMKLVEROMRK 2IS2)8I\IGYXMZIW[LIRE XIEQ SJ VYRRIVWRIIHW XS FI EWWIQFPIH XS WSPZI E TVSFPIQ EGUYMVI TEVXMGYPEV HEXESVI\XVEGXETIVWSR(YIXSLMWHIITGSRRIGXMSR MR1ERLEXXERLI[EWXEVKIXIHF]'VEGOLEYWERHMRJIGX IH [MXL E LMKL PSEH SJ XLI ZMVYW %JXIV VIEPM^MRK [LEX [EWLETTIRMRKXSLMQLIWSYKLXXVIEXQIRXWPMOIFPYI KSS EX PSGEP WLEHS[ GPMRMGW XS WXST XLI TVSKVIWW FYX XLIXVIEXQIRXWSRP]EGGIPIVEXIH XLITVSGIWW7MRGILI LEWWYGGYQFIHXSXLIZMVYWXLIIQIVKMRK*EY\)ZERW LEWEWWYQIHXLIPMJISJLMWJSVQIVLSWX;LMPILITPE]W LMWTEVXWMRXLI'VEGOLEYWvTPERWJSVLMWS[RKEMRWLMW LEXVIH EKEMRWX 2IS2)8 ZERMWLIH HYVMRK XLI QIVKI EPSRK[MXLXLIHIZSXMSRSJLMWJSVQIVLSWX8LEXHSIWRvX QIERLILEWFIGSQIEFEH[SVOIV{ERMRHMZMHYEP[MXL E GSQTPIXI PEGO SJ IQTEXL] ERH LYRKIV JSV TIVWSREP TS[IV FEWMGEPP]EWSGMSTEXL GSYPHHS)ZERWvNSFUYMXI [IPP{ERHRSFSH]LEWRSXMGIHXLIGLERKI]IX 1%0))0* & %
6
7
;
0
-
'
)(+
)77
-RMXMEXMZI
(
'SRHMXMSR1SRMXSV
0MQMXW
4L]WMGEP1IRXEP 7SGMEP
%VQSV
7OMPPW
%XLPIXMGWWOMPPKVSYT%YXSQSXMZI1IGLERMG 'SR )PIGXVSRMGWWOMPPKVSYT)PIGXVSRMG;EVJEVI .EQQMRK )XMUYIXXI 'SVTSVEXI )\SXMG -RXMQMHEXMSR 1IRXEP 0IEHIVWLMT4EPQMRK 4IVGITXMSR4MPSX+VSYRH'VEJX4MWXSP7RIEOMRK 9VFER 9REVQIH'SQFEX
5YEPMXMIW
%REP]XMGEP1MRH,SQI+VSYRH 8LI8VERWTSVXIV2I[ =SVO'MX]
%YKQIRXEXMSRW
'SQQPMRO (IZMGI6EXMRK GSRXVSPVMK?EPTLE[EVIA HEXENEGOHEXEPSGO 6EXMRK QRIQSRMGIRLERGIV QYWGPIXSRIVTEMRIHMXSVWOMPPNEGOXEMPSVIH
YWIH F] E KVSYT SJ JIQEPI 7EIHIV/VYTT EKIRXW ST IVEXMRK MR 2SVXL %JVMGE ERH XLI 1MHHPI )EWX YWMRK XLI HMWKYMWISJERYRVIQEVOEFPI-WPEQMG[SQER[IEVMRKE LMNEF SV GSQTEVEFPI GSRGIEPMRK XVEHMXMSREP KEVQIRXW %JXIV LIV )QIVKIRGI (MEWVYÑ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Ñ^ MW ORS[R JSV LIV HMWXMRGX JEWLMSR WX]PI EREQEPKEQEXMSRSJEJIQEPI)YVSTIERGSVTSVEXIGLMG GSQMRKXS2IY)WWIR *)1%0),91%2 & % 6
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
GSQTEVXQIRX +IEV
%6KPSZIWEYXSTMGOIVFMSQIXVMGVIEHIVGEQIVE ?[PS[PMKLXZMWMSRZMWMSRIRLERGIQIRXZMWMSR
5YEPMXMIW %YKQIRXEXMSRW
PMROPS[PMKLXZMWMSRWQEVXPMROAQEKPSGOTEWWOI] 1ERLEXXER:-46IWMHIRX4EWW ;IETSRW
%VIW0MKLX*MVI?0MKLX4MWXSP%GG (:4%4{ 7%6'{ G A z A 7LSGOKPSZIW?%GG4L]WMGEP6IEGL{(: 7 I %4zA
+IEV
;IETSRW
7
;
0
-
'
)(+
)77
( 4L]WMGEP 1IRXEP7SGMEP %YXSQEXMGW'SR)PIGXVSRMGWWOMPPKVSYT )XMUYIXXI 'SVTSVEXI *MVWX%MH -RXMQMHEXMSR2EZMKEXMSR2IKSXMEXMSR 4EPQMRK4MPSX+VSYRH'VEJX4MWXSPW 7RIEOMRK8VEGOMRK9REVQIH'SQFEX %REP]XMGEP1MRH,SQI+VSYRH 8LI 8VERWTSVXIV2I[=SVO'MX] 5YMGO,IEPIV 'SQQPMRO (IZMGI6EXMRK HEXENEGO QRIQSRMGIRLERGIVVIEGXMSRIRLERGIVW GPSWIHMWXERGIA %VQSVGPSXLMRKNEQQIV EVIE6EXMRK QEKPSGOTEWWOI]1ERLEXXER:-46IWMHIRX 4EWW %VIW0MKLX*MVI?0MKLX4MWXSP%GG (:4 %4{7%6'{ G A
8,)-259-7-8-32
&033(=&97-2)77
,%27'6%'/,%97 8LMW MRWXEPPEXMSR SJ XLI 'VEGOLEYW FIGEQI MRJIGXIH [MXLXLIZMVYWHYVMRKEQMWWMSRJSV7EIHIV/VYTT4VMQI WSQI[LIVI MR 2SVXL %QIVMGE HYVMRK XLI IEVP] vW ,MKLP] EYKQIRXIH [MXL G]FIVRIXMGW ERH RERS[EVI ERH I\TSWIH XS E LMKL ZSPYQI SJ RERMXIW XLMW &VEGO SJXLIW]RXLIXMGMRXIPPMKIRGIXLEX[EWHVMZIRF]LEXVIH SJ XLI GSVTSVEXI GETXSVW XLEX MQTVMWSRIH MX )\TSWIH XSELSWX[LSWISVMKMREPTIVWSREPMX]EPVIEH]LEHFIIR HMPYXIH F] GSYRXPIWW YRHIVGSZIV MHIRXMXMIW FIJSVI EW WYQMRKXLI&VEGOLEYWMHIRXMX]MRWIVZMGISJLMWGSVTS VEXIQEWXIVXLIZMVYW GVIEXIHEGVSWWFVIIH SJE LIEH GEWI[MXL'SRRMZIV ERH 1ERMTYPEXSV IPIQIRXW WII T 7XSPIR 7SYPW &IMRK GEYKLX MR XLI QMRH SJ E ZIV] VIWSYVGIJYP GSVTSVEXI TYTTIX ,ERW 'VEGOLEYW QEHI YWISJXLI&VEGOLEYWvMHIRXMX]WTVIEHMRKQE]LIQERH OMPPMRKEGVSWWXLI9'%7ERH2%2MRXLIREQISJ7EIH IV/VYTT FIJSVI LI HIGMHIH XS YT XLI ERXI F] TMXXMRK LMWJSVQIVIQTPS]IVERH2IS2)8XS[EVH[LSQLILEW EWYFGSRWGMSYWERXMTEXL]EKEMRWXIEGLSXLIV7MRGILI OMPPIH E 7/ 4VMQI GIPP ERH XSSO SZIV XLIMV WEJI LSYWI [MXLSYXER]SRIRSXMGMRKLILEWFIIRYWMRK7/4VMQI
,91%21%0) & % 6
7
;
0
-
'
)(+
)77
-RMXMEXMZI
(
'SRHMXMSR1SRMXSV
0MQMXW
4L]WMGEP 1IRXEP 7SGMEP
%VQSV
7OMPPW
%XLPIXMGWWOMPPKVSYT'SR (MWKYMWI)PIGXVSRMGW WOMPPKVSYT)PIGXVSRMG;EVJEVI )RGV]TXMSR )XMUYIXXI 'SVTSVEXI *SVKIV]-QTIVWSREXMSR -RXMQMHEXMSR 1IRXEP 0IEHIVWLMT 2IKSXMEXMSR &EVKEMRMRK 4EPQMRK4IVGITXMSR 4MPSX+VSYRH'VEJX4MWXSPW ,SPHSYXW 9REVQIH'SQFEX &PSGO ER]EGXMZIWOMPPWSJX WIPIGXIHF]XLIKEQIQEWXIV
/RS[PIHKI7OMPPW
'SVTSVEXI4SPMXMGW4W]GLSPSK]6YRRIV,MHISYXW 7EIHIV/VYTT738%8IGLRSPSK]
0ERKYEKIW
)RKPMWL+IVQER2
5YEPMXMIW
%WWEWWMRvW'VIIH 3YXJSV1]WIPJ &PERHRIWW1YVO] 0MRO4LSXSKVETLMG1IQSV]
'*(-RJIGXMSR
1EXVM\IRXMX]GSRGIRXVEXMSR2ERMXI:SPYQI
4S[IVW
EZEMPEFPIEXEPPXMQIWEW'*(TIVWSREPMX]LEW EWWYQIHXSXEPGSRXVSP %XXVMFYXI&SSWX8S\MR 6IWMWXERGI%HVIREP'SRXVSP
%YKQIRXEXMSRW
&SRIHIRWMX]EYKQIRXEXMSRGIVIFVEPFSSWXIV GSQTEVXQIRX FIXE[EVI QYWGPIXSRIV EPTLE[EVI SPJEGXSV]FSSWXIV FIXE[EVI SVXLSWOMRTPEXIPIX JEGXSVMIWWOMPPNEGO 6EXMRKFIXE[EVI WOMPP[MVIW 6EXMRKFIXE[EVI WLSGOLERH FIXE[EVI W]RETXMGFSSWXIV EPTLE[EVI 2ERMXILMZI ?WYFZIVXIHF]'*(A
IQTPS]MRKEPSGEP2IS2)8.SLRWSRXS[SVOERHQERMT YPEXIXLISXLIVWMHI
+IEV
)EVFYHW?6EXMRK[EYHMSIRLERGIQIRXJEOI 7-2?6EXMRK[GSRGIEPIHGEVV]PMGIRWI 6EXMRK A NE^^ X[SHSWIW PMRKYEWSJXW %JVMOEERW'ERXSRIWI *VIRGL-XEPMER.ETERIWI3V^vIX1ERHEVMR6YWWMER 7TERMWL7TIVIXLMIPEPP6EXMRK GSQQPMRO?,IVQIW -OSR(IZMGI6EXMRKAQSRSGPI?'ETEGMX][ WQEVXPMROA1SVXMQIVSJ0SRHSR%VKIRXYQ?GLIQMGEP TVSXIGXMSR 6EXMRK MRWYPEXMSR 6EXMRK ERH RSRGSRHYGXMZMX] 6EXMRK JSV7SGMEP8IWX[LIR [MVIPIWWP]GSRRIGXIHASQRMHMVIGXMSREPQMGVSTLSRI 6EXMRK TW]GLI X[SHSWIW [LMXIRSMWIKIRIVEXSV
;IETSRW
*MGLIXXM8MJJERM7IPJ(IJIRHIV?,SPHSYX%GG (:7 I %4z776'{ G [GSRGIEPEFPI LSPWXIVWQEVXKYRERHWXMGORWLSGOEQQSA 6YKIV7YTIV;EVLE[O?,IEZ]4MWXSP%GG(: 4 %4z776'{ G] [GSRGIEPEFPILSPWXIV WQEVXKYRERH%4(7EQQSA 7LSGOLERH?6IEGL{(: 7 I %4zA ;EPXLIV4EPQ4MWXSP?,SPHSYX%GG(:4%4 {77&*6'{ F [WQEVXKYRW]WXIQ RIYVSWXYR<GETWYPIVSYRHW 4S[IV7TIIH 'SQFEX8YVR4IRIXVEXMSR z(MWSVMIRXEXMSR7XYR (EQEKI A
*SV HIXEMPW SR LIEH GEWI TS[IVW ERH WXEXW WII T 7XSPIR7SYPW
8,)-259-7-8-32
&033(=&97-2)77
8,)-259-7-8-32
& 03 3( =& 97 -2 )77
0-2+)6-2+ *%00398 'SZIVX8VMHIS6IGSVHMRK%WXVEP7TEGI4VIWIVZEXMSR7SGM IX]&SEVHSJ(MVIGXSVWXEOIR*IFVYEV] )\IGYXMZI (MVIGXSV -FY %MV 0EHMIW ERH KIRXPIQIR SJ XLI FSEVH%W[ILEZIHMWGYWWIHSZIVXLIPEWXWM\QSRXLWXLI RY]IRMRHIFX8LMRKWLEZIRSXMQTVSZIHJSVYW XLMW]IEV QMPPMSRRY]IR%XXLMWVEXI[IvPPIRH[MXLERSXL IVTVSNIGXIHQMPPMSRRY]IRPSWW;IEVIMRHMVIWXVEMXW PEHMIWERHKIRXPIQIRERH[IQYWXHSWSQIXLMRKXSVMKLX XLMWWLMTRS[ &SEVH1IQFIV%PI\ERHVME,EVX ,EZI[IRSXQEHIEKVIEX IVIJJSVXMRSYVJYRHVEMWMRK[SVO# &SEVH 1IQFIV6SFIVXE+PE^IV ;ILEZIFYX [MXLSYX0EH] ,IWXEF]vW ZMWMFPI TVIWIRGI WYTTSVXMRK YW QER] HSRSVW [LSQ [I YWIH XS GSYRX SR RS PSRKIV WIIQ QSXMZEXIH XSGSRXMRYIXLIMVKMZMRK;IPEGOEGIVXEMRIWXIIQMRXLIMV I]IW3YVGEYWIWEVIRSPSRKIVEXXVEGXMZISVWI\]XSXLIQ %RHWSQISJXLSWI[LSKIRYMRIP]FIPMIZIHMRSYVQMWWMSR LEZITEWWIH E[E]ERHXLILIMVW[LS MRLIVMXIHXLIMVJSV XYRIWHSRSXLSPHXLIWEQITEWWMSRW &SEVH 1IQFIV .SWLYE +VEZIW =SY QIER XLI] RS PSRKIV WII YW EW IEW] EGGIWW XS E KVIEX HVEKSR ERH LIV ZEWX LSVHIJSVTSXIRXMEPMRZIWXQIRXSTTSVXYRMXMIWWSXLI]vVI QSZMRK SRXS KVIIRIV TEWXYVIW 7]GSTLERXW ERH L]TS RI[HSRSVW;IEVILMKLP]IWXIIQIHERHVITYXEFPII\ TIVXWSREWXVEPWTEGIERHMXWHIRM^IRW;IVMZEPIZIRXLI (VEGS*SYRHEXMSRERHXLI(-16MRSYVI\TIVXMWIERHSYV WXERHMRK MR EGEHIQME ;I LEZI GPIERIH YT HS^IRW SJ XS\MG[EWXIWMXIWERHLEZIGPIERWIHLYRHVIHWSJOMPSQI XIVW SJXEMRXIH [MPHIVRIWW3YVEGXMSRWQEXXIV;IQYWX XLIPEXI(YROIP^ELRLMQWIPJ &SEVH1IQFIV%RHVI[6YWWIPP ,EZI[IXVMIHVIEGLMRKSYX XSSXLIVKVIEXHVEKSRWJSVXLIMVWYTTSVX#'IPIH]VXLIRI[ 0SVIQEWXIV#0YRK# -FY%MV -LEZITIVWSREPP]XEOIRSRXLEXVIWTSRWMFMPMX]GSR XEGXMRKXLISXLIVKVIEXHVEKSRW-EQWEHHIRIHXSVITSVX RSSRI[SYPHWIIQI0EH],IWXEF]JIPPSYXSJKVEGI[MXL LIV OMRH ERH [EW FERMWLIH JVSQ XLIMV WSGMIX] 8LEX XEMRX
0-2+)6-2+*%00398
PMRKIVWSRLIVGPSWIEPPMIWERHEWWSGMEXIW2SXXSQIRXMSR [IEVIXLIPIKEG]SJERSXLIVKVIEXHVEKSR-XMWQ]STMRMSR RSSXLIVKVIEXHVEKSR[MPPPMJXEXEPSRXSEMHYW8LI][SYPH VEXLIVYW[MXLIVERHHMIXLERFIEWWSGMEXIH[MXLYW &SEVH 1IQFIV 4EXVMGME 0SZIPERH ,S[ EFSYX 6LSREF[]# 3V 1EWEVY# 8LI] [IVI ,IWXEF]vW EPPMIW - [SYPHRvX XLMRO XLI] [SYPH LEZI ER] XVSYFPI FIMRK EWWSGMEXIH [MXL ER SVKERM^EXMSRXLEX[EWSRGIEWWSGMEXIH[MXLLIV -FY %MV %W JEV EW - YRHIVWXERH MR XLIMV JSVQ SJ TSPMXMGW WLIvWERSYXGEWX%RH[MXL XLI(VEKSR'MZMP;EVWSJVIWL MRXLIMVQIQSVMIW-vQGIVXEMRRIMXLIVSRISJXLIQ[ERXW XS XEOI WYGL E TVSZSGEXMZI KIWXYVI EW FIMRK EWWSGMEXIH [MXL WSQIXLMRK XLEX WLI [EW MRZSPZIH MR 7S [I GERvX GSYRXSRXLIMVFIRIZSPIRGIXSFEMPYWSYX,S[IZIVX[S TVSTSWEPW LEZI GSQI MR XLEX QMKLX WSPZI SYV TVSFPIQW 9RJSVXYREXIP]XLI]vVIFSXLFY]SYXSJJIVW +VEZIW =SY GERvX FI WIVMSYW -X XSSO ]IEVW JSV XLI %WXVEP 7TEGI4VIWIVZEXMSR7SGMIX]XSFIGSQIMRHITIRHIRX%RH RS[]SYvVIWYKKIWXMRK[INYWXKMZIXLEXYT# -FY%MV 7EHP]MRSYVGYVVIRXTVIHMGEQIRXIZIV]XLMRKLEWXS FI SR XLI XEFPI ;I LEZI QEHI IZIV] IJJSVX XS MQTVSZI SYVJYRHWXLVSYKLRSVQEPQIERWERH]IXHSRSVWVIQEMR YRMRXIVIWXIH -XvW IMXLIV [I GSRWMHIV XLIWI TVSTSWEPW SV WLYXXIV XLI JSYRHEXMSR 4IVLETW [I GER PMQT EPSRK JSV E PMXXPI FMX PSRKIV FYX - HSRvX WII SYV JSVXYRIW GLERKMRK HVEQEXMGEPP] JSV XLI FIXXIV MR XLI RIEVXIVQ RSX [MXLSYX HSMRKWSQIXLMRKVEHMGEP &SEVH1IQFIV.SWITLMRI6IMRLEVHX 7S[LSEVISYV[SYPH FIWYMXSVW# -FY %MV 3RI SJJIV LEW GSQI MR JVSQ ;Y\MRK 8LI SXLIV MW JVSQXLI(YROIP^ELR-RWXMXYXISJ1EKMGEP6IWIEVGL +VEZIW 8LI(-16#%VI]SYWIVMSYW#8LI]RIZIV[ERXIHYW XSFIKMR[MXL-[EWRvXSRXLIFSEVH[LIRXLI%WXVEP7TEGI 4VIWIVZEXMSR 7SGMIX][EWJSVQIHFYX -[EW E VIWIEVGLIV XLIR-LIEVHEPPXLIWXSVMIWSJLS[[I[IVIXLIVIHLIEHIH WXITGLMPHXLEXRIMXLIVXLI(-16RSVXLI(VEGS*SYRHEXMSR IZIV [ERXIH - ORI[ XLI] [IVI SFPMKEXIH XS JSYRH XLMW MRWXMXYXMSRRSXLMRKQSVI%RHXLI]XVIEXIHYWI\EGXP]PMOI XLEX EWER SFPMKEXMSR- VIQIQFIV LS[ XLI] XSSOEPP XLI GVIHMX JSV SYV LEVH [SVO - VIQIQFIV EPP XLI XLMRKW XLI] I\TIGXIH YW XS HS SR E WLSIWXVMRK FYHKIX 2S [E] -vQ WSVV] FYX - HSRvX XVYWX XLIQ 8LI] [ERX XS WMQTP] TMPJIV
EHZERGI XLIMV S[R -J [I KS [MXL XLIQ [IvPP FI E QIVI WLEHS[SJ[LEX[ISRGI[IVI -FY%MV -ETTVIGMEXI]SYVJIIPMRKWSRXLMWQEXXIV%RH-EQ GIVXEMR XLIVI EVI E JI[ SXLIVW SR XLMW FSEVH [LS JIIP XLIWEQI[E]&YX-[SYPHEWOXLEXIEGL SJ]SYXEOIXLI XMQIXSVIZMI[ERHWIVMSYWP]GSRWMHIVXLITVSTSWEPWIEGL IRXMX]LEWTYXJSVXL8LIQSWXMQTSVXERXXLMRKLIVIMWRSX IKS MX MWIRWYVMRKXLIMQTSVXERX[SVO SJXLI JSYRHEXMSR GSRXMRYIWERH[LMGLSVKERM^EXMSRQE]EPPS[XLEX[SVOXS GSRXMRYI EW YRJIXXIVIH EW TSWWMFPI -J XLIVI EVI ER] LIVI [MXLSYX KSMRK XLMW VSYXI TPIEWI FVMRK JSVXL XLSWI MHIEW ;IvPPGSRWMHIVXLIQ ERH MJ XLI] LEZI QIVMX TIVLETW [I GER TYX SJJ WIPPMRK XS XLIWI SYXWMHI MRXIVIWXW JSV E [LMPI PSRKIVXSWIIMJ[IGERKIXXLIJSYRHEXMSRFEGOXSFIMRK
)RHVIGSVHMRK
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vWPIEHMRKEYXLSVMXMIWMRXLI[SVPHSR EWXVEPTLIRSQIRE3JXIRXLI%747SYXWLSRIFSXLXLI(VEGS
,S[IZIVXLMRKWXSSOEXYVRJSVXLI[SVWIMRXLIEJXIVQEXL SJ XLI (VEKSR 'MZMP ;EV 8LVII SJ XLI %WXVEP 7TEGI 4VIWIVZE XMSR7SGMIX]v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
XSKSMXEPSRIXSQEOIMXWSPZIRXEKEMRSRXLIMVS[RXIVQW *SYVQIQFIVWSJXLIFSEVHEVIPIERMRKXSWIPPXLIMRWXMXYXMSR XS ;Y\MRK ERH XS XEOI XLI %747 MR ER IRXMVIP] RI[ HMVIG QMRIHXSWIPPXLIMRWXMXYXMSRFEGOXSXLI(YROIP^ELR-RWXMXYXI TPEGIX[S[IIOWEJXIVXLITPE]IVGLEVEGXIVWEVILMVIHKMZMRK XLIQX[S[IIOWXSEPXIVXLIZSXI -RXLMWEHZIRXYVIXLIVYRRIVW[MPPFI[SVOMRKJSV;Y\MRK XSQERMTYPEXIXLIZSXIWSJXLI%747FSEVHWSXLEXXLIMVFMH JSVXLIMRWXMXYXMSRMWEGGITXIH&]XLIIRHSJXLMWEHZIRXYVI XLI%WXVEP7TEGI4VIWIVZEXMSR7SGMIX][MPPFIGSQIETEVXSJ XLI;Y\MRKQIKEGSVTSVEXMSR
403843-28 8,)1))8 8LITPE]IVGLEVEGXIVW[MPPFILMVIHF];Y\MRKXSQERMTYPEXIER YTGSQMRKZSXIF]XLIFSEVHSJXLI%WXVEP7TEGI4VIWIVZEXMSR 7SGMIX] %747 XS IRWYVI MXW WEPI XS XLIMV QIKEGSVTSVEXMSR
0-2+)6-2+*%00398
&033(=&97-2)77
QEKMGFEWIH GSRRIGXMSRW WYGL EW XEPMWQSRKIVW ;Y\MRK QE]ETTVSEGLXLIVYRRIVWXLVSYKLXLSWIGSRXEGXWMRWXIEH ;LIR XLI TPE]IV GLEVEGXIVW QIIX [MXL 1W .SLRWSR WLII\TPEMRWXLEXMXMW;Y\MRKvWHIWMVIXSEGUYMVIXLI%WXVEP 7TEGI 4VIWIVZEXMSR 7SGMIX] ERH QEOIMX SRI SJXLIMV WYF WMHMEVMIW8SEGGSQTPMWLXLMWXLIVYRRIVWRIIHXSQERMTY PEXIXLIZSXIWSXLEXMXKSIWMR;Y\MRKv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vW TVSTSW EP8LITPE]IV GLEVEGXIVW [MPP FIEYXLSVM^IHXSYWI E [MHI ZEVMIX] SJ XEGXMGW XS KIX XLI FSEVH QIQFIVW SJ XLI %747 XS ZSXI MR ;Y\MRKvW JEZSV MRGPYHMRK FVMFIV] MRXMQMHEXMSR ERHFPEGOQEMP1W.SLRWSR[MPPTVSZMHIJYRHWJSVFVMFIWMJ RIGIWWEV]%WEPEWXVIWSVX1W.SLRWSRXIPPWXLIQXLI]GER QEOIXLIFSEVHQIQFIVKMZIXLIMVTVS\]ZSXIXSERSXLIV FSEVHQIQFIVXLI]XVYWXXSZSXIMR;Y\MRKvWJEZSVERHXLI VYRRIVW GER XLIR IPMQMREXI XLEX WXYFFSVR FSEVH QIQFIV ,S[IZIV XLI VYRRIVW QE] SRP] HS XLEX SRGI ER] QSVI XLERXLEX[MPPGEYWIXLIVIWXSJXLIFSEVHXSWYWTIGXXEQ 8[SSJXLIFSEVHQIQFIVWPMZIMR%XPERXE'%7 6YW WIPP+PE^IV 8LISXLIVX[SPMZIMR1ERLEXXERMRXLI9'%7 +YIVVMIVS0SZIPERH 1W.SLRWSRMWSTIRXSTE]MRK JSV XVEZIPI\TIRWIWEWXLIVYRRIVW [MPPLEZIXSKSFEGOERH JSVXLFIX[IIRXLI9'%7ERHXLI'%7,IVMRMXMEP SJJIVMW RY]IRTIVVYRRIV8LIXIEQvWJEGIQE]QEOIE2I KSXMEXMSR'LEVMWQE?7SGMEPA3TTSWIH8IWXZIVWYWEHMGI TSSPSJXSMRGVIEWIXLISJJIVF]RY]IRTIVRIXLMX YTXSEQE\MQYQSJRY]IRTIVVYRRIV
403843-28 63&)68%+0%>)6{%80%28% 8LIVYRRIVWQE]GLSSWIXSETTVSEGLXLIFSEVHQIQFIVW MR ER] SVHIV 8LI] [MPPPMOIP] GLSSWI XS ETTVSEGL XLI X[S XLIWIGSRHGMX]ERHMXWWIXSJ%WXVEP7TEGI4VIWIVZEXMSR7S GMIX]FSEVHQIQFIVW (SGXSV6SFIVXE+PE^IVPMZIW MR%XPERXE-RJSVQEXMSRJVSQ ;Y\MRKMRXIPPMKIRGIPIXWXLITPE]IVGLEVEGXIVWORS[XLEX(SG XSV+PE^IVMWRSXMRJEZSVSJWIPPMRKXLIJSYRHEXMSRXSIMXLIVSV
0-2+)6-2+*%00398
KERM^EXMSRFYXXLI]FIPMIZIXLI]GSYPHQEOILIVWIIXLIZEPYI MRXLIMVTVSTSWEP8LI][ERXXLITPE]IVWXSIQTLEWM^IXLIKIR IVSYWWIZIVERGITEGOEKIXLEX;Y\MRKMWSJJIVMRKXSXLIFSEVH IVEKI[MXL;Y\MRKJSVXLIRI\XXIR]IEVWERHXLITSWWMFMPMX] SJFIMRKFVSYKLXFEGOSRFSEVHEWEGSRWYPXERX[MXLKIRIVSYW JIIWSJYTXSSRILYRHVIHXLSYWERHRY]IRERRYEPP] +IXXMRKXS+PE^IV[MPPRSXFIIEW]7LILEWEWIGYVMX]WXEJJ SJJSYVLMKLP]XVEMRIHFSH]KYEVHWERH[MPPRSXQIIX[MXLXLI PMOIWSJWLEHS[VYRRIVW7LIMWZIV]QYGLTVINYHMGIHEKEMRWX TISTPIWLIFIPMIZIWGSQIJVSQEPS[IVGPEWW8SKIXEREY HMIRGI[MXL+PE^IVXLIXIEQLEWXSJSVGIXLIMWWYIWYGLEW LMNEGOMRKLIVZILMGPIERHFVMRKMRKLIVXSXLIQFVIEOMRKMRXS LIVLSYWI [LMGLMWJYPPSJ6EXMRKWIGYVMX]HIZMGIW SVMRXIV GITXMRKLIVEXEVIWXEYVERX)ZIRMJXLI]JSVGIEQIIXMRK[MXL +PE^IVERHKIXTEWXLIVWIGYVMX]WLIWXMPPLEWEFSYRH*SVGI KVIEXJSVQTPERXWTMVMXXLEXGERGEYWITVSFPIQWJSVWLEHS[ HS[RERHXEPOXSXLIQWLIWLSYPHFIGSRWMHIVIHTVINYHMGIH XSSOXLIRIGIWWEV]WXITSJHMWKYMWMRKXLIQWIPZIWEWQIQ FIVW SJ XLI YTTIV GPEWW WYGL EW [IEVMRK QSVI I\TIRWMZI GPSXLIWHVMZMRKZILMGPIWXLEXEVIGSRWMHIVIHWXEXYWW]QFSPW SVIZIRJSVKMRKJEOI7-2WXLEXWLS[XLI]EVIGSVTSVEXIFSVR GMXM^IRW -JXLIVYRRIVWEVIWYGGIWWJYPMRXLIMVRIKSXMEXMSRW IHMREHHMXMSRXSEPPXLITIVOWWLI[SYPHVIGIMZIRSVQEPP] XLEX WLI EPWS VIGIMZIW ER EHHMXMSREP FSRYW MR XLI EQSYRX SJX[SQMPPMSRRY]IR'SRJIVVMRK[MXLXLIMV.SLRWSRTPE]IV GLEVEGXIVW[MPPPIEVRXLEX 1W.SLRWSRLEWFIIR EYXLSVM^IH XSQEOIXLIEVVERKIQIRXWXSTE]SJJ+PE^IV 3RGI XLMW MW HSRI WLI WLSYPH FI GSRWMHIVIH FSYKLX SJJERHLIVZSXIMW[MXL;Y\MRK,S[IZIVXLMRKWEVIRIZ IV XLEX IEW] MR XLI WLEHS[W 3RGI XLI TPE]IV GLEVEGXIVW LEZIQSZIHSRXSRIKSXMEXI[MXLERSXLIVFSEVHQIQFIV ;Y\MRK MRXIPPMKIRGI PIEVRW XLEX XLI (YROIP^ELR -RWXMXYXI SJ 1EKMGEP 6IWIEVGL LEW TEMH +PE^IV E ZMWMX EW [IPP ERH 1W.SLRWSRLEWPMXXPITEXMIRGIJSVXLSWI[LS[SYPHHSY FPIGVSWWLIV ERHXV] XSTPE]FSXL WMHIW WSWLIMRWXVYGXW XLIVYRRIVWRSXXSTPE]RMGI[MXLLIV8LI]EVIEYXLSVM^IH XSHSER]XLMRKMRXLIMVTS[IVXSQEOILIVFIXVE]LIV[SVH XS XLI (YROIP^ELR -RWXMXYXISJ1EKMGEP 6IWIEVGL MRGPYH MRKTL]WMGEPMRXMQMHEXMSRSVOMHRETTMRKEJEQMP]QIQFIV +PE^IVLEWE LYWFERHXLEX WLIMWTEVXMGYPEVP] GPSWIXS EW [IPP EW X[S EHYPX WSRW ERH E HEYKLXIV EPSRK [MXL JSYV KVERHGLMPHVIR/MHRETTMRKERHLSPHMRKER]SJXLIWIJEQ MP] QIQFIVW [MPP FI IRSYKL XS TIVWYEHI +PE^IV XS LSR +PE^IVLEWZSXIHMRJEZSVSJ;Y\MRK1W.SLRWSRMRWXVYGXW IVKSSHWJVSQ+PE^IVXLEXGERLIPTVITE]XLIX[SQMPPMSR RY]IRFVMFIWLIVIGIMZIH-R1W.SLRWSRvWSTMRMSR+PE^ IVPSWXXLIVMKLXXSXLEXRY]IR[LIRWLI[IRXFEGOSRLIV [SVH1W.SLRWSRPIEZIWMXYTXSXLIVYRRIVWMJXLI][ERX XSVIPIEWIXLIJEQMP]QIQFIVYRLEVQIHSVMJXLI][ERXXS OMPPXLIJEQMP]QIQFIVEWVIXEPMEXMSR,S[IZIVOMPPMRKXLI
&033(=&97-2)77
JEQMP]QIQFIVQE]IEVRXLITPE]IVGLEVEGXIVWETS[IVJYP IRIQ]MRXLIJYXYVI -JXLIVYRRIVWXV]XSMRXMQMHEXI+PE^IVF]LSPHMRKSRISJ LIV JEQMP] QIQFIVW XLI (YROIP^ELR -RWXMXYXI SJ 1EKMGEP 6IWIEVGLLMVIWEVYRRIVXIEQXSXV]XSVIWGYIXLILSWXEKI SR+PE^IVvWFILEPJWSXLITPE]IVGLEVEGXIVW[MPPRIIHXSFI SRXLIPSSOSYXJSVEREXXIQTXIHLSWXEKIVIWGYI
403843-28 %%632+9)66-)63{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vWLMWXSV]XLITPE] IV GLEVEGXIVW [MPP PIEVR XLEX LI LEH ERI\XVEQEVMXEP EJJEMV XLEX VIWYPXIH MR X[S MPPIKMXMQEXI GLMPHVIR GLMPHVIR +YIV VMIVSvW [MJI ORS[W RSXLMRKEFSYX)\XVEQEVMXEPEJJEMVW EVI GSQQSR MR WS XLEX MX MW RSX QYGL SJ E WGERHEP &YXMR+YIVVMIVSvWLEWXIXSFIQEVVMIHXSLMW[MJILIHMH RSXKIX EVSYRHXSHIZIPSTMRKETVIRYTXMEPEKVIIQIRX% QIWW]HMZSVGI[MXLSYXETVIRYTXMEPEKVIIQIRXGSYPHVI WYPXMRXLI%WXVEP7TEGI4VIWIVZEXMSR7SGMIX]vWFSEVHQIQ FIVPSWMRKQMPPMSRWSJRY]IRMREPMQSR]7S+YIVVMIVSLEW GLSWIR MRWXIEH XS TE] LYWL QSRI] XS LMW JSVQIV PSZIV XSOIITLIV UYMIXERHQEMRXEMR E HIGIRXPMJIWX]PIJSVXLI GLMPHVIR1W.SLRWSR[EVRWXLIVYRRIVWXLEXMJXLI]GSQI EGVSWW XLMW FPEGOQEMP QEXIVMEP XLMW MRJSVQEXMSR MW QIERX XS SRP] FI YWIH F] ;Y\MRK ERH XLI] QE] RSX YWI MX XS ;Y\MRKWIRHMRKSYXE[IX[SVOXIEQXSIPMQMREXIXLIHSY FPIGVSWWMRKVYRRIVXIEQ
403843-28 4%86-'-%03:)0%2({1%2,%88%2 IV GLEVEGXIVW XS HIEP [MXL [MPP FI 4EXVMGME 0SZIPERH %P XLSYKL;Y\MRK-RXIPPMKIRGIFIPMIZIW0SZIPERHvWZSXISR
XLIFSEVHMWMRTPE]MRVIEPMX]MXMWRSX7LIHIGMHIHEJI[ LSYVWEJXIVXLIMRMXMEPFSEVHQIIXMRKXLEXWLI[MPPZSXIMR JEZSV SJXLI (YROIP^ELR -RWXMXYXISJ 1EKMGEP6IWIEVGLvW TVSTSWEP ERH RSXLMRK [MPP GLERKI XLEX HIGMWMSR 0SZI PERHWLSYPHFIGSRWMHIVIHLSWXMPIJSVER]7SGMEP8IWXW z LIV (V 0SZIPERH HSIW RSX LEZI MQQIHMEXI JEQMP] XLEX GERFIYWIHXSPIZIVEKILIV4L]WMGEPMRXMQMHEXMSR[MPPRSX [SVO EXPIEWXRSXVMKLXE[E] RSV[MPPFVMFIV]8LITPE] IVGLEVEGXIVWQE]GSRWMHIVEWOMRK1W.SLRWSRXSWIIMJ XLI] VIEPP] RIIH XS FSXLIV W[MRKMRK XLMW ZSXI ERH 1W .SLRWSRv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vWWMXYEXMSRERHWIRHWMREVYRRIV XIEQXSXV]XSJVIILIV-XMWMQTIVEXMZIXS;Y\MRKvWMRXIVIWXW XLEXWYGLEREGXMSRJVSQXLI(-16MWRSXWYGGIWWJYP %W EREPXIVREXMZI TPER XLI VYRRIVW QE] OMPP 0SZIPERH FIJSVIXLI ZSXI,S[IZIVXLI][MPP RIIHXSJSVKIHSGY QIRXWWLS[MRKWLIEYXLSVM^IHERSXLIVFSEVHQIQFIVXS ZSXIEWLIVTVS\]
403843-28 %2(6);6977)00{%80%28% -RXIPPMKIRGITVSZMHIHXSXLIVYRRIVWF];Y\MRKSR(SG XSV%RHVI[6YWWIPPWYKKIWXWXLEXLIWYJJIVWJVSQEWIZIVI KEQFPMRK EHHMGXMSR ,I PMOI XLI %WXVEP 7TEGI 4VIWIVZE XMSR7SGMIX]MWYRHIVEPSXSJVIHMRO6IGIRXP](V6YWWIPP LEH XS HS[RWM^I QSZMRK JVSQ ER %%% WIGYVMX] VEXIH RIMKLFSVLSSH XS E WMRKPI% RIMKLFSVLSSH ;Y\MRK -R XIPPMKIRGIFIPMIZIWXLEXMJ]SYKMZILMQIRSYKLRY]IRXS WEZILMQJVSQLMWHIFXWERHOIITLMQMRLMWEGGYWXSQIH PMJIWX]PI(SGXSV6YWWIPP[MPPXLIRKVEXIJYPP]ZSXIJSV;Y\ MRKvWTVSTSWEP ;LIRXLIVYRRIVW KIXXS(SGXSV6YWWIPP
0-2+)6-2+*%00398
&033(=&97-2)77
&YX XLIVI MW E GEZIEX *SV XLI TEWX JSYV ]IEVW (SGXSV 6YWWIPP LEW FIIRIQFI^^PMRK JVSQ XLI%WXVEP 7TEGI 4VIWIVZEXMSR 7SGMIX]XEO MRKNYWXSZIVX[SQMPPMSRRY]IRXSJIIHLMWKEQFPMRKLEFMX,IHSIW RSX[MWLXLMWIZMHIRGIXSWYVZMZIERHLERKSZIVLMWLIEH 8LIVI MW EPWS WSQI YVKIRG] XS XLMW QEXXIV -RXIVREP WIGYVMX] JSV XLI %WXVEP 7TEGI 4VIWIVZEXMSR 7SGMIX] LEW HIXIGXIH MVVIKYPEVMXMIW MRZIWXMKEXMSRMWWYGGIWWJYPFIJSVIXLIZSXISGGYVWLI[MPPFIVIQSZIH JVSQXLI&SEVHSJ(MVIGXSVWERHLMWZSXI[SRvXQEXXIV8LIVYRRIVW RIIH XS IMXLIV HIPE] XLI MRZIWXMKEXMSR YRXMP EJXIV XLI ZSXI MW QEHI SV EW6YWWIPP [SYPHTVIJIV QEOIXLI MRZIWXMKEXMSR HMWETTIEV 8LEX GSYPH MRZSPZI HSMRK WSQIXLMRK XS XLI MRZIWXMKEXSVW SVQEOMRK XLI IZMHIRGI MR XLI QEXXIV HMWETTIEV{[LEXIZIV MX XEOIW XS QEOI XLI MRUYMV] KS E[E] 3RGI XLI VYRRIVW EKVII XS LIPT (SGXSV 6YWWIPP GSZIVYTLMWQEPJIEWERGI[MXLMRXLIJSYRHEXMSRLI[MPPRSPSRKIVFI VIGITXMZIXSER]SJJIVWQEHIF]XLI(YROIP^ELR-RWXMXYXISJ1EKMGEP 6IWIEVGL%JXIVEPP(SGXSV6YWWIPPJIIPWXLEXXLIJI[IV[LSORS[LMW WIGVIXWXLIFIXXIV-X[MPPFIYTXSXLIKEQIQEWXIVXSHIGMHIMJXLEX TEVERSMEXSTVSXIGXLMW HEVO WIGVIXW [MPP I\XIRHMRXS LEZMRK (SGXSV 6YWWIPPYWIWSQISJXLIFVMFIQSRI]LIvWXEOIRJVSQ;Y\MRKXSLMVI WLEHS[VYRRIVWXSXV]XSIPMQMREXIXLITPE]IVGLEVEGXIVWJSVORS[MRK XSSQYGLEFSYXLMQ PMOIXLMW WIZIRZSXIWXSWYTTSVXWIPPMRKXLI%WXVEP7TEGI4VIWIVZEXMSR 7SGMIX]XS;Y\MRKJSYVZSXIWXSWYTTSVXWIPPMRKXLIJSYRHEXMSRXSXLI (YROIP^ELR-RWXMXYXISJ1EKMGEP6IWIEVGLERHSRIZSXIRSXXSWIPP
',%6%'8)67 63&)68%+0%>)6 ,91%2 6SFIVXE +PE^IV MW E LYQER [SQER MR LIV PEXI W [LS LEW FIIR SRXLIFSEVHSJXLI%WXVEP7TEGI4VIWIVZEXMSR7SGMIX]JSVXLITEWX IMKLX ]IEVW +PE^IV MW ER IWXEFPMWLIH QEKMGYWIV [MXLMR EGEHIQMG GMVGPIWERHLEWFIIRTYFPMWLIHMRERYQFIVSJEGEHIQMGNSYVREPW 7LIMWEVVSKERXERHTVINYHMGIHEKEMRWXXLSWIWLIJIIPWEVIFIRIEXL LIV7LILEWETIVWSREPWIGYVMX]HIXEMPSRLIVEXEPPXMQIWGSRWMWXMRK XVEPWTEGIVIWIEVGLERHMHIRXMJ]MRKERHGSQFEXMRKHERKIVSYWFEGO KVSYRHGSYRXW &
%
6
0-2+)6-2+*%00398
;
0
-
'
)77
)(+
1
-RMXMEXMZI %WXVEP-RMXMEXMZI 'SRHMXMSR1SRMXSV
( (
0MQMXW %VQSV 7OMPPW
4L]WMGEP1IRXEP 7SGMEP %VGERE %WWIRWMRK&ERMWLMRK 8S\MG7TMVMXW &MRHMRK 4PERX7TMVMXW )XMUYIXXI 2IKSXMEXMSR4IVGITXMSR7SVGIV] WOMPPKVSYT7YQQSRMRK 4PERX7TMVMXW
5YEPMXMIW
1EKMGMER %^XI\XVEHMXMSR 4VINYHMGIH PS[IVWSGMSIGSRSQMG
-RMXMEXI+VEHI 1IXEQEKMGW 7TIPPW
'PIERWMRK-RZSOMRK7LMIPHMRK %REP]^I1EKMG&PEWX'PIER?%MVA'PIER?)EVXLA'PIER?;EXIVA (IXIGX)RIQMIW )\XIRHIH (IXIGX1EKMG )\XIRHIH ,IEP 7LETI?)EVXLA7XYRFSPX 4PERXWTMVMX KVIEXJSVQ*SVGI %VQERXÍ(VIWW? AGSQQPMRO
&SYRH7TMVMXW +IEV
7
&033(=&97-2)77
%%632+9)66-)63 (;%6*
%2(6);6977)00 ,91%2
%EVSR+YIVVMIVSMWE9'%7GMXM^IR[LSMWEKVEHYEXIJVSQ 1-8 8 GPEWWSJ 8LIH[EVJMWXLMVX]RMRI]IEVWSPH ERH MW XLI ]SYRKIWX QIQFIVSR %WXVEP 7TEGI 4VIWIVZE XMSR7SGMIX]vWFSEVHSJHMVIGXSVW+YIVVMIVSMWFIPMIZIHXS FI LETTMP] QEVVMIH FYX XLEX MW RSX XLI GEWI ,I GEVVMIH SYXERI\XVEQEVMXEPEJJEMVX[IPZI ]IEVWEKSXLEXVIWYPXIH MRX[SMPPIKMXMQEXIGLMPHVIRERHLIMWIEKIVXSOIITXLEXE WIGVIX+YIVVMIVSMWEPIEHMRKI\TIVXSRJVIIWTMVMXWJSVXLI %747ERHLIMWEPWSERIRGLERXIV
%RHVI[6YWWIPPMWEJSVX]RMRI]IEVSPHVIWIEVGLIV[MXL XLI %WXVEP 7TEGI 4VIWIVZEXMSR 7SGMIX] WTIGMEPM^MRK MR MXW ,I MW E TS[IVJYP Q]WXMG EHITX [LMGL KMZIW LMQ E RYQFIVSJSTXMSRWXSYWI[LIRXVEGOMRKHS[RLMWTVI]
&
%
6
7
;
0
-
'
-RMXMEXMZI %WXVEP-RMXMEXMZI
)77 )(+
1
( (
5YEPMXMIW 7TIPPW +IEV
6
7
;
0
-
'
-RMXMEXMZI %WXVEP-RMXMEXMZI
5YEPMXMIW
%WWIRWMRK %WXVEP'SQFEX &PEHIW&ERMWLMRK 'SYRXIVWTIPPMRK)XMUYIXXI2IKSXMEXMSRW 4IVGITXMSR7TIPPGEWXMRK7YQQSRMRK 1EKMGMER %WXVEP%VQSV(IWXVS]*VII7TMVMX(IXIGX1EKMG )\XIRHIH 1ERE&MRH1ERE2IX7TMVMX&EVVMIV
-RMXMEXI+VEHI 1IXEQEKMGW %HITX4S[IVW
%HHMGXMSR +EQFPMRK7IZIVI %REP]XMGEP1MRH 1]WXMG%HITX %HITX'IRXIVMRK1EWOMRK %REP]XMGW %WXVEP4IVGITXMSR 'VMXMGEP7XVMOI /MPPMRK,ERHW 1]WXMG%VQSV 7TIPP 6IWMWXERGI 7TMVMX6EQ
7
;
0
-
'
)77 )(+
1
-RMXMEXMZI
(
%WXVEP-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV
( 4L]WMGEP 1IRXEP7SGMEP
7OMPPW
7TIPPW
%VGERE%WWIRWMRK%WXVEP'SQFEX &ERMWLMRK &MRHMRK&PEHIW'SYRXIVWTIPPMRK )XMUYIXXI -RXMQMHEXMSR2IKSXMEXMSR4IVGITXMSR4MWXSPW 7TIPPGEWXMRK 7YQQSRMRK )\GITXMSREP%XXVMFYXI ;MPPTS[IV ,MKL4EMR 8SPIVERGI1IRXSV7TMVMX 1SYRXEMR ;MPPXS0MZI (IEXL8SYGL*MVIFEPP,IEP6IWMWX4EMR7XYRFSPX
&SYRH7TMVMXW
\WTMVMXWSJQER *SVGI \WTMVMXSJEMV *SVGI
+IEV
\FMRHMRKJSGYW *SVGI GSQQPMRO7]RIVKMWX &YWMRIWW0MRI? A *MGLIXXM8MJJERM2IIHPIV?,SPHSYX4MWXSP%GG(: 4 J %46'{ G A
5YEPMXMIW
;IETSRW
(V 4EXVMGME 0SZIPERH LEW FIIR [MXL XLI %WXVEP 7TEGI 4VIWIVZEXMSR7SGMIX]WMRGI0SZIPERHMWJSVX]X[S ]IEVWSPHERHWLIGERFIUYMXIWXYFFSVR[LIRLIVQMRH MWQEHIYT3RQYPXMTPISGGEWMSRWWLILEWKSXXIRMRXS LIEXIHEVKYQIRXW[MXLLIVJIPPS[FSEVHQIQFIVW7LI MW EPWS SRI SJ XLI %WXVEP 7TEGI 4VIWIVZEXMSR 7SGMIX]vW I\TIVXWSRWLIHMQ 6
1
'SRHMXMSR1SRMXSV 0MQMXW 4L]WMGEP 1IRXEP7SGMEP %VQSV
7TIPPW
%WXVEP%VQSV(IWXVS]?*VII7TMVMXA,IEP-RWIGXMGMHI 1EREFEPP1ERE&EVVMIV1EREFSPX8VERWPEXI \[IETSRJSGYW?'SYKEV*MRIFPEHI PSRKFPEHI *SVGIAGSQQPMRO7IGSRH7OMR?A 'SYKEV*MRIFPEHI PSRKFPEHI ?&PEHI%GG(: 4 %4zA
+IEV ;IETSRW
%
( (
4%86-'-%03:)0%2( 86300
&
)77 )(+
%VGERE%WWIRWMRK%WXVEP'SQFEX &PEHIW 'SR'SYRXIVWTIPPMRK)XMUYIXXI4IVGITXMSR 7TIPPGEWXMRK
\*SVGI[IETSRJSGYW OEXERE &IV[MGO7YMX? A GSQQPMRO (IZMGI6EXMRK /EXERE?&PEHI%GG6IEGL(: 4%4zA
;IETSRW
%
7OMPPW
'SRHMXMSR1SRMXSV 0MQMXW 4L]WMGEP1IRXEP7SGMEP %VQSV 7OMPPW
&
&3(=+9%6(7 ,91%27 &
%
6
7
;
0
-
'
)77
-RMXMEXMZI 'SRHMXMSR1SRMXSV
(
0MQMXW %VQSV
4L]WMGEP 1IRXEP7SGMEP
7OMPPW
/RS[PIHKI7OMPPW
%YXSQEXMGW &PEHIW'PYFW)WGETI %VXMWX4IVGITXMSR 7IEVGLMRK 7RIEO 8LVS[MRK;IETSRW9REVQIH'SQFEX 1EVXMEP%VXW.YNMXWY['EPPIH7LSX (MWEVQ 'LMR2EERH7[IITXIGLRMUYIW 7QEPP9RMX8EGXMGW
5YEPMXMIW %YKQIRXEXMSRW
7LEVTWLSSXIV %PPFIXE[EVI &SRIPEGMRK 8MXERMYQ G]FIVI]IW SGYPEVHVSRIWQEVXPMROZMWMSRIRLERGIQIRXA G]FIVIEVW?6EXMRK[EYHMSIRLERGIQIRX HEQTIVAVIEGXMSRIRLERGIVW
+IEV
2SZEXIGL8EGXMGMER4IVWSREP-RXIKVEXIH8EGXMGEP 2IX[SVO XS%YXSQEXMGWWOMPP ,SPH*EWX
;IETSRW
-RKVEQ7QEVXKYR<?71+%GG (:7 I %4z6' G [WXMGORWLSGOEQQS KEWZIRXW]WXIQWQEVXKYRW]WXIQMRXIKVEP WSYRHWYTTVIWWSVA 7XYRFEXSR?'PYF%GG6IEGL(: 7 I %4zA 'SQFEXORMJI?&PEHI%GG4%4zA *PEWLFERK?+VIREHI7%4z&PEWX6EHMYW QA
0-2+)6-2+*%00398
& 03 3( =& 97 -2 )77
7)6:)( '30( ,)%8328,)&)%8 4378)(&= (%6/78%6
-vZIFIIROIITMRKERI]ISRQSWXSJXLIWIGYVMX] GSV TSVEXMSRWJSVKSMRKSRX[SHIGEHIWERH[LMPI-vPPEH QMXIZIR-[EWWYVTVMWIHF]/RMKLX)VVERXvWFSPHQSZIW WREXGLMRK WIZIVEP PYGVEXMZI QYRMGMTEP GSRXVEGXW SYX SJ 0SRI7XEVvWLERH-vZIFIIRTE]MRKGPSWIEXXIRXMSRIZIV WMRGI OIITMRKERI]ISYXJSVER]XLMRKXLEXIZIRLMRXW EXPIEHMRKYTXSQSVIWLEHS[WLEOMRKIZIRXW8LIPEX IWXQSZIWPSSOPMOIHIPE]IHVIZIRKISRXLITEVXSJXLI XMRWXEVWQIERXXSOMGOXLITE[RWSJJXLIMVXLVSRIW&I [EV]SJXLI[SVO]SYTMGOYTXLIWIHE]W-JMXPSSOWPMOI ]SYvPP FIHSMRKWLEHS[STWJSVXLI FS]W MRFPYI LSPH SYXJSVI\XVELE^EVHTE] 8S (IXIGXMZI2MGLSPEW*VIIX/)7-+ *VSQ 7YFNIGX ,MKKMRGEWI (IX*VIIX %WVIUYIWXIHXLIMRJSVQEXMSRVIKEVHMRKXLIZMSPIRGI GSQQMXXIH EKEMRWX XLI WYFNIGX LEW FIIR GEVIJYPP] LERHPIH1]TEVXRIVERH-LEZIQEHIWYVIXSPSGEXIEPP GSTMIW SJXLIVIGSVHMRKW XLEX[IVI PIEOIH XS XLI RI[W WIVZMGIERH[ILEZIJYPP]GERZEWIHXLIEVIE[LIVIXLI F]SXLIVMRUYMWMXMZITEVXMIW =SYV ETTVIGMEXMSR MW [IPGSQIH ERH [I [SYPH PMOI XS MRZMXI ]SY SYXXSHMRRIV 7XVEXIPPMvW QEOIW EJERXEWXMG VMKEXSRM LSYVW*VMHE]# z3JJ8LSWW
8S *VSQ (IXIGXMZI2MGLSPEW*VIIX/)7-+ 7YFNIGX 6I ,MKKMRGEWI +VIK -vQRSXWYVI[LEX]SYvVIVIJIVVMRKXS8LISRP],MKKMR GEWI - LEZI MRZSPZIW E XIEQ SJ VYRRIVW WLSSXMRK YT E WYVI]SYLEZIXLIVMKLXGEWIVIJIVIRGI# %W JSV HMRRIV [L] RSX# - LEZIRvX FIIR SYX XS ]SYV RIGOSJXLI[SSHWMREKIW-vPPWII]SYERH&VIXXEX z(ER 8S 7IVKIERX)PER7XVMOXIV *VSQ 7IRHIV)VVSV"""" 7YFNIGX ;SVO 7KX7XVMOXIV 8LIEWWIXW]SYWIRXXSGERGIPQ]GSVTSVEXIGSRXVEGX LEZIFIIRVIXMVIH8LIHEXE-LEZITSMRXMRKFEGOEX]SY MWGSRGPYWMZIERHXLIXVEMPXSMX[EWIEWMIVXSJSPPS[XLER ERISRWMKRMR 6IHQSRH8LYW -XLMRO XLMW MWE WIXYT- ORS[ [IvZI JEMPIH XS QIIX I]I XS I]I MR XLI TEWX FYX -vQGIVXEMRXLEX]SYEVIRSXXLEXWPSTT][LIRMXGSQIW XS]SYVGPIERYT[SVO*MRHE[E]XSVIEWWYVIQISJSYV QIERSYVGSRXVEGXERHTVIZMSYWEKVIIQIRXWEVIRYPPERH ZSMHERH STIR Q] WIVZMGIW XS SXLIVGSRXVEGX WYTTPMIVW MRXLIGMX] z%WL 8S 8LI%WL*EVQ *VSQ 7IVKIERX)PER7XVMOIV 7YFNIGX 6I ;SVO %WL -X [EW EPP QI 7YGO MX ]SY WLEHS[VYRRMRK FSXXSQ JIIHIV z)PER
7)6:)('30(
&%'/+6392( )ZIVWMRGI0SRI7XEVPSWXXLIMVJEXPE[IRJSVGIQIRXERH WIGYVMX] GSRXVEGX [MXL 7IEXXPI 1IXVSTPI\ FEGO MR u XLI] LEZI FIIR SR XLI HIJIRWMZI EKEMRWX SXLIV WIGY VMX]GSVTWPSSOMRKXSXEOIQSVISJXLIMVQYRMGMTEPGSR XVEGXW0SRI7XEVJSYKLXSJJQSWXGLEPPIRKIVWFYXXLI] PSWX WSQI GMXMIW 8LI] WTIRX ERH v VIFYMPHMRK ERHEVIWIXSRQEOMRKvXLIMV]IEV 8LI]vVIPSSOMRKXSKIXXLIMVGSRXVEGXWFEGOERHJIIP TEVXMGYPEVP] SFPMKIH XS OMGO /RMKLX )VVERX MR XLI WLMRW JSVXLI HMVX] XVMGOW XLI]TYPPIHXSKIXXLI7IEXXPIGSR XVEGX%PPSJXLMWMWRSXXSWE]XLEX0SRI7XEVHSIWRvXHS XLMWOMRHSJXLMRKEPPXLIXMQI%WEQEXXIVSJJEGXXLI] TPE] HMVX] NYWX EW SJXIR EW XLI SXLIV %%W TPE]MRK XLI GSVTSVEXIKEQIFYXXLI]LEZIXLIVIWSYVGIWXSLMHIMX FIXXIV8LIWIEHZIRXYVIWEVIQIERXXSWLS[XLEX0SRI 7XEV 7IGYVMX] 7IVZMGIW MW QSVI XLER XLI w&PEQ &PEQ ,EPX0SRI7XEV&PEQxWIGYVMX]JSVGIQSWXXLMROXLI] EVIERH XSVIQMRH IZIV]SRI0SRI 7XEVMWE QIKEGSV TSVEXMSR PMOI XLI VIWX [MXL ER IKS XLI WM^I SJ 8I\EW %RH XLEXvW XLI 8I\EW XLEX KSIW EPP XLI [E] XS XLI 6MS +VERHI
403843-28 MR ER]QENSV QIXVSTSPMXER EVIE [LIVI 0SRI7XEV HSIW RSXLEZIXLIQYRMGMTEPGSRXVEGX-RSVHIVXSEZSMHKIR IVEPXIVQW[IvPPWIXXLMWMR7IEXXPIERHGEPPXLISTTSW MRK WIGYVMX]GSVT/RMKLX)VVERXFYXJIIPJVIIXS W[MXGL MXSZIVXS'LI]IRRIERHGEPPMX)EKPISV2I[=SVOERH GEPPMX 2=4( -RGSVER] SXLIVXS[R ERH WIGYVMX]GSVT ]SY[ERX 3RI SJ XLI FIWX [E]W XS KIX E QYRMGMTEP GSRXVEGX JVSQ ERSXLIV WIGYVMX] GSVT MW XS QEOI MX EFYRHERXP] GPIEVXSXLIGMXM^IRWSJXLIGMX]XLI]vVIWYTTSWIHP]TVS XIGXMRK NYWXLS[FEHENSFXLI]vVIHSMRK%KSSH[E] WLS[MRK YT XLI GSTWEW HSMRKEPP XLI [VSRK XLMRKWEX EPPXLI[VSRKXMQIW8SQEOIXLMWLETTIR1V.SLRWSR MWMRRIIHSJWIZIVEPSYXSJXS[RVYRRIVWXS[VIEOWSQI
SVGLIWXVEXIHLEZSGSRXLIGMX],IvPPQEOIXLISJJIVEW ETEGOEKIHIEP[MXLETE]SJJSJRY]IRJSV XLI XIEQMJXLI]GSQTPIXIJSYVSTIVEXMSRWJSVLMQ8LMWWYQ GER FI RIKSXMEXIH 1V .SLRWSRvW 2IKSXMEXMSRW HMGI TSSP MW [MXL E 7SGMEP 0MQMX SJ JSV JYPP WXEXW YWI 1V .SLRWSR ?0E[ )RJSVGIQIRXA T )EGL RIX LMX JSVXLIVYRRIVWMWERI\XVERY]IRYTXS JSV E XSXEP SJ RY]IR -XvW E FMK TE]SJJ FYX LI RIIHWEKVIIQIRXFIJSVIHIXEMPWEVITVIWIRXIHXLSYKL LI[EVRWXLEXXLINSFMWRSXJSVXLIWUYIEQMWL3RGIE JSYVHMVX]HIIHW%JXIVIEGLHIIHMWGSQTPIXILIWIRHW XLIQHIXEMPWSRXLIRI\XNSF 1V.SLRWSRFVSYKLXXLIVYRRIVWMRJVSQSYXSJXS[R ERHLEWVIRXIHXLIQXLVIIZILMGPIWSRISJ[LMGLMWMR XIRHIH XS FI XLI JSGYW SJ XLI GEV GLEWI -XvW E LIEZMP] FYX ER IRKMRI XLEXvW WIX YT XS HVMZI JEWX ERH HMI WSSR )ZIR [MXL E PS[WOMPPIH HVMZIV XLMW QEGLMRI WLSYPH FI EFPI XS OIIT XLI VYRRIVW ELIEH SJ ER] TYVWYIVW PSRK IRSYKLJSVXLIZILMGPIWSRXLIMVXEMPXSFILEGOIH
.3& %',%7)836)1)1&)6 X[MWXW ,I [ERXW XLI GLEWI VIGSVHIH F] HVSRIW ERH XLI VYRRIVW QYWX XS LEGO XLI TYVWYMRK ZILMGPIW XEOI GSRXVSP ERH YWI XLIQ XS GEYWI WSQI TYFPMG HEQEKI -XvWMQTSVXERXXLEXRSRISJXLIHVMZIVWvJEGIWEVIZMWMFPI MR XLI VIGSVHMRK ERH XLI GLEWI QYWX XEOI TPEGI MR E ZIV]REVVS[WIGXMSRSJXLIGMX]1V.SLRWSRLEWWIPIGX IH8LIIRHSJXLIGLEWIRIIHWXSFIWXEKIHWSXLEXMX ETTIEVW XLI TYVWYMX ZILMGPIW EVI EFSYX XS GEXGL XLIQ [LIRXLIVIGSVHMRKIRHW %JXIV XLI GLSVISKVETLIH GLEWI XLI VYRRIVW EVI XS HIPMZIV XLIKIXE[E] GEV XSENYRO]EVH[LIVI1V .SLR WSRvWEWWSGMEXIW[MPPHMWTSWISJMX8LMWMWRvXLS[IZIVEW
FIXLIWXEVSJXLIPEWXWGIRIMRXLIVIGSVHMRKXLIVYRRIVW EVI GVIEXMRK ,I [MPP FI TPEGIH MR XLI KIXE[E] GEV NYWX FIJSVI MXvW XSWWIH MRXS XLI GVYWLIV 8LI [LSPINYRO]EVH WIUYIRGIMWKSMRKXSFIWXEKIHWSMX[MPPPSSOPMOIEXSXEP /RMKLX)VVERXSTIVEXMSRXSTXSFSXXSQ
7)6:)('30(
&033(=&97-2)77
.3& %'%48-:)%9(-)2') 8LI WIGSRH NSF MW E JEFVMGEXIH LSWXEKI WMXYEXMSR 1V .SLRWSR LEW EPVIEH] WIPIGXIH XLI PSGEXMSR HEXI ERH XMQIJSVXLIEXXEGOEW[IPPEWXLITVSWTIGXMZILSWXEK IW{EPP GEPGYPEXIH XS QE\MQM^I XLI 46 RMKLXQEVI JSV /RMKLX)VVERX[LMPIKMZMRKXLIVYRRIVWEVIPEXMZIP]IEW] NSF ERH HIGIRX IWGETI VSYXI -J XLI VYRRIVW MRZIWXM KEXIXLI]vPPHMWGSZIVXLI]EVIXEVKIXMRKEVIGITXMSRJSV PSGEP WYVZMZSVW SJ XLI IRZMVSRQIRXEP HMWEWXIVW SJ XLI 8WMQWLMER2EXMSR XIVEVIGITXMSRLEPPWIGYVIXLIHSSVWERHXEOIXLIVSSQ LSWXEKI8LIVIEVIXLMVX]KYIWXWERHJSYVWXEJJQIQFIVW MR XLI VSSQ [LIR XLI VYRRIVW XEOI SZIV *SYV SJ XLI XSPW X[S[MXL LIEZ] TMWXSPW %PPXLI KYIWXW[MXLTMWXSPW EVI FVSEHGEWXMRK E ZEPMH 7-2 [MXL XLI TVSTIV VIKMWXVE XMSRWERHPMGIRWIWJSVGSRGIEPIHGEVV]3RISJXLIWXEJJ QIQFIVW MW EGXYEPP] E VYRRIV MR XLI QMHHPI SJ ERSXLIV NSFJSVXLIWEQI.SLRWSR,IHSIWRvXLEZIEKYRFYXLMW FIPXMWE :MGXSVMRS\1IQSV]&PEHI W[SVH T 6YR +YR ,IvPPTPE]EPSRKFYX[LIRXLIHVIOLMXWXLIJERLIvPP XV]ERHWPMTSYXF]JSPPS[MRKXLIVYRRIVW -J XLMRKW KS EGGSVHMRK XS TPER XLIVI WLSYPH FI RS WIVMSYWFPSSHWLIHERHPMXXPIVIEPHERKIV%PPXLIVYRRIVW RIIHXSHSMWLSPHXLIKVSYTYRXMPXLI/RMKLX)VVERX7;%8 XIEQEVVMZIW EX[SVWXXLI]vPPLEZIXSHIEP[MXLEJI[TER MGEXXEGOWERHQE]FIWLYXHS[RELIVSSVX[S;LIR/) EVVMZIWEJI[WLSXWJSVIJJIGX[MPPIRWYVIXLI7;%8XIEQ JSPPS[W734ERHXLVS[WMRKEWGERMWXIVWFIJSVIFVIEGL MRKXLI HSSVW 9RHIV GSZIVSJXLIKEWXLIVYRRIVWGER HVSTTMRKMRXSYRYWIHQEMRXIRERGIXYRRIPWXLEX[MPPKIX XLIQWEJIP]XSXLIRI\XFYMPHMRK 2STPERWYVZMZIWGSRXEGXXLSYKL;LIRXLIVYRRIVW TSTYTMRXLIFSMPIVVSSQSJXLIWIGSRHFYMPHMRKXLI]vPP FI GSRJVSRXIH F] E QSVEP HMPIQQE 8LIVIvW SRP] SRI I\MXERHE4IVGITXMSR-RXYMXMSR?1IRXEPA [MPPQEOI XLIQ E[EVI SJ WSYRHW GSQMRK JVSQ XLI SXLIV WMHI SJ XLIHSSV3RGIXLI]STIRXLIHSSVXLIWSYRHWFIGSQI SJEVSSQEJI[QIXIVWHS[RXLILEPP-JXLI]PSSOMRXLI VYRRIVW[MPPWIIEWRYJJWMQMRQMHTVSHYGXMSR%]SYRK IVW]WXIQ2SQEXXIVLS[KSSHXLIMV7RIEOMRK8IWXXLI FS]WTSXWXLIQERHPSGOWI]IW TPIEHMRK[MXLXLIQXS LIPT[MXLLMWKPERGI2SSRIIPWIMRXLIVSSQMWMRXIVIWX IHMRXLIHSSV 8LI WRYJJWMQ TVSHYGIVWv WIGYVMX] GSRWMWXW SJ X[S LYQERW E QEPI ERH E JIQEPI WXVIIX VE^SV YWI 7XVIIX 7EQYVEMT 76 EXXLIXSTSJXLIWXEMVWPIEHMRKXS XLIWXVIIXEXXLIJEVIRHSJXLILEPP[E]8LI]GSYPHLIEV E GSQQSXMSR FIPS[ FYX EVI JEWGMREXIH F] XLI 7;%8
7)6:)('30(
[MPPEPIVX/)SRXLIWXVIIX{IMXLIVSRI[MPPFPS[XLIVYR RIVWvI\MX ;LIR XLI VYRRIVW GPIEV XLI FYMPHMRK XLI] [MPP FI X[SFPSGOWJVSQXLIQEMRIRXVERGIXSXLILSXIP[MXLXLI VIGITXMSR XLI]vH GVEWLIH ERH FILMRH XLI /RMKLX )VVERX GSVHSR8LIMV IWGETI LMRKIW SRRSX PSSOMRKWYWTMGMSYW EWXLI][EPOE[E] LS[WYGGIWWJYPXLI]EVIHITIRHWSR XLIMV'SRSV%GXMRKEFMPMXMIWERHXLI4IVGITXMSRSJXLSWI [EXGLMRKXLIEVIE 3RGIXLIVYRRIVWQEOIXLIMVIWGETIEPEXIVGLIGOMR SJXLIRI[WVIZIEPWXLEXXLIIRGSYRXIV[EWRSXERMRRSG YSYWEWMXQE]LEZIWIIQIH7YVZMZSVWSJXLI8WMQWLMER 2EXMSR IGSPSKMGEP HMWEWXIVW EVI JSVIZIV GSRXEQMREXIH [MXL XS\MG GLIQMGEPW XLEX VIEGX ZMSPIRXP] XS /RMKLX )V VERXvW WXERHEVH KEW JSVQYPE 8LI LSWXEKIW WYJJIV LIQ SVVLEKMRK SJ XLI PYRKW ERH WIZIVEP HMI%PP SJ XLI PSGEP RI[WSYXPIXW{I\GITXXLSWIS[RIH F]%VIW{FVSEHGEWX VIGSVHMRKWSJXLI/)7;%8XIEQOMPPMRKLSWXEKIW
.3& ;%28731)'%2(=# 8LMWSRIJIIPWEPMXXPIHMVX]FYXNYWXLS[HMVX]MWVIEPP]YT XSXLIVYRRIVW1V.SLRWSR[ERXWXLIVYRRIVWXSGSQ EVIEW8LMWMWRSXNYWXWGSSTMRKYTFEVVIRWVEXW8LIVYR RIVWEVIXSOMHRETEXPIEWXEHS^IRGLMPHVIR ERHOIIT XLIQEPMZIERH LIEPXL]YRXMPXLIIRHSJXLIQSRXL{EX ERH VIWGYIXLIQ8LMW [SVO GER SGGYV MR TEVEPPIP [MXL XLISXLIVNSFWFYXGERGEYWIERYQFIVSJGSQTPMGEXMSRW MJXLI VYRRIVW LEZI OMHW WXEWLIHWSQI[LIVI [LMPIEX XIQTXMRKXSTIVJSVQSXLIV[SVO 'SQTPMGEXMSRW MR EHHMXMSR XS OIITMRK X[IPZI GLMP HVIREPMZIERHMKRSVERXEWXSXLIMHIRXMX]SJXLIMVOMHRET TIVWYRXMPXLI0SRI7XEVGSTwVIWGYIWxXLIQGERMRGPYHI %[EOIRIHSV)QIVKIRXOMHW[MXRIWWIW[LS[ERXXSFI IVW{IMXLIV [LIVI XLI GLMPHVIR EVI KVEFFIH SV [LIVI XLI]vVILIPH{[MXLEGSHISJLSRSVXSHIJIRHXLIMVS[R SVEFYWMRIWWQSHIPXLEXVIUYMVIWWLYXXMRKHS[RER]SRI STIVEXMRK SR XLIMV XYVJ XLI /RMKLX )VVERX MRZIWXMKEXMSR KIXXMRKGPSWIXSXLIVYRRIVWSVER]XLMRKIPWIXLIKEQI QEWXIV[ERXWXSLEZILETTIR 8S LIPT OIIT XLI VYRRIVW JVSQ KIXXMRK GEYKLX 1V .SLRWSRSJJIVWEJI[OMPSWSJ'XSHIWXVS]XLIWMXIEJ XIVXLILIVSMGGSTKIXWXLIOMHWJVII
.3& % 46)'%6-397437-8-32 1V.SLRWSR [ERXWXLI VYRRIVWXSSVGLIWXVEXI XLI WSVX SJTSPMXMGEPWGERHEPXLIRI[WRIXWPSZIMRWYGLE[E]XLEX MX[MPPFIERS[MRWMXYEXMSRJSV/RMKLX)VVERX8LIVYR WXEKIEWGIRIXLEX[MPPQEOILMQSVLIVPSSOEWXLSYKL XLI]vVI RIGO HIITMRGVMQMREP EGXMZMXMIW XLI ZMSPEXMSRW QYWXFIWIVMSYWTVIJIVEFP]ZYPKEV XMTSJJ/RMKLX)VVERX
&033(=&97-2)77
EGVMQIXLIRVIGSVHXLIVIWYPXW-J/RMKLX)VVERXKSIWF]
WSREPGSQQFEGOMR4EVMW,IMWEP[E]WFEGOMRXLILSXIP F]LSYVWPSGEPXMQIXSPSKSRXSXLI7EIHIV/VYTT KVMHERHYTPSEHLMWWGERWXSLMWTIVWSREPGSQQFEGOMR *VERGI-XvWERETTSMRXQIRXLIWIPHSQQMWWIW ,MWWGLIHYPIHYVMRKXLI[IIOMWEWJSPPS[W
JEZSV SV[LSEVIEGXYEPP]GSVVYTX {ERHXLIVIvWEP[E]W
y LMWTSWMXMSRXLITYFPMG[MPPWII/RMKLX)VVERXEWGSVVYTX ERHRSXPSSOMRKSYXJSVXLIFIWXMRXIVIWXWSJXLITISTPI -XvWYTXSXLIKEQIQEWXIVLS[MXVYRWFYXXLITSPMXMGEP JEPPSYX[MPPFITYFPMGMRXLIWGVIEQWLIIXWVIKEVHPIWW
y
403843-28
y
%JXIVXLI WIVMIWSJNSFW 1V.SLRWSR[MPPLSTIJYPP] FI ZIV] TPIEWIH [MXL XLI VYRRIVWv TIVJSVQERGI ,I XIPPW XLIQ XLI RI\X NSF [MPP FI E WMRKPI WXVEMKLXJSV[EVH STIVEXMSR VIUYMVMRK QMRMQEP TPERRMRK ERH IJJSVX SR XLI XIEQ1V .SLRWSR [ERXW XLI VYRRIVWXSIPMQMREXI ERHXLIMVTVMRGMTEP ,I[MPPTVSZMHIXLIXIEQ[MXLWSP MH MRXIP SR XLI KVSYT MRGPYHMRK E GSQTPIXI WGLIHYPI JSV E [IIO 8LI VYRRIVW GER YWI XLI WGLIHYPI XS TMGO XLI FIWXWTSX JSV ELMX 8LI SRP] WXMTYPEXMSRMWXLEX XLI LMXRIIHWXSFITYFPMGPSSOYRTVSJIWWMSREPERHFISR TVSTIVX]XLEXMW/RMKLX)VVERXvWVIWTSRWMFMPMX] %JXIVXLILMX0SRI7XEV[MPPVYRMRXIVJIVIRGIHIWXVS] MRKEGXYEPIZMHIRGIQERYJEGXYVMRKJEOIIZMHIRGITVS ZMHMRK MQTIGGEFPI [MXRIWWIW [MXL GSRXVEHMGXSV] XIWXM QSRMIW ERH KIRIVEPP] QEOMRK MX MQTSWWMFPI JSV /RMKLX )VVERXXSPIEVRER]XLMRKYWIJYP%X[LMGLXMQISJGSYVWI XLI]vPPSVGLIWXVEXIETYFPMGSYXGV]SZIV/RMKLX)VVERXvWMR EFMPMX]{SVVIJYWEP{XSMRZIWXMKEXI 1V.SLRWSRSJJIVWXLIXIEQRY]IR-XvWVIP EXMZIP]PS[TE]JSV[IX[SVOFYX0SRI7XEVMWTVSZMHMRK EPPSJXLIPIK[SVO[LMPIEPWSTVSXIGXMRKXLIVYRRIVWEJXIV XLIJEGX8LIVIMWEP[E]WXLIUYIWXMSRSJ[LIXLIVXLIVYR RIVWEVI[MPPMRKXSHS[IX[SVO2SXXSQIRXMSRXLMWNSF{ XEOMRKSYX0SRI7XEVTIVWSRRIPJSV0SRI7XEV{LMKLPMKLXW LS[PMXXPI XLIQIKEGSVTSVEXMSRGEVIW JSVXLI[IPPFIMRK SJMXWIQTPS]IIW3VGSRXVEGXPEFSV 8LIXEVKIXMWREQIH+IVEVH(YZEP,IvWE*VIRGLEVX XLIGMX] JSVE[IIO ZMWMXMRK EVX KEPPIVMIWXS HMWGYWWTYV GLEWIWERHWEPIW[LMPIWIIOMRKTMIGIWXSwIZEPYEXIx{E TVSGIWWXLEXMRZSPZIWHIXEMPIHWGERWLI[MPPYWIXSGVIEXI 6SYKIMRXLILIEVXSJHS[RXS[RJSVIMKLXRMKLXW,I[MPP FIEVVMZMRKSR7EXYVHE]ERHHITEVXMRKXLIJSPPS[MRK7YR GYVMX]T 76 EHHWPIITVIKYPEXSV [MPPFI[MXLLMQ EPP[IIOYWMRKWPIITVIKYPEXSVWERHWPIITWLMJXWXSQEMR XEMR WIGYVMX] (YZEP MW MR XLI LEFMX SJ PSKKMRK SRXS XLI 7EIHIV/VYTT KVMH ZME XLI WIGYVIPMRO TVSZMHIH F]PY\ YV]LSXIPWEXLSYVWXSYTPSEHLMWWGERWXSLMWTIV
y
y y y y
y
7EXYVHE] %VVMZIEMVTSVXLSYVW XLIREXXLI LSXIPLSYVW 7YRHE] :MWMX1SHIVR%VX1YWIYQLSYVW HMRRIVSYX LSYVW LSXIPLSYVW 1SRHE] LSYVW PYRGL[MXLGSPPIGXSVLSYVW ZMWMXMRHI TIRHIRXEVXKEPPIV]LSYVW LSXIPLSYVW 8YIWHE] :MWMX1IXVSTSPMXER%VX1YWIYQ LSYVW HMRRIVSYX LSYVW LSXIPLSYVW ;IHRIWHE] 6IPE\ EX XLI ,SXIP EPP HE]{TSSP WTEFEVHMRMRK 8LYVWHE] :MWMX2EXMZI%VX1YWIYQLSYVW PYRGL SYX LSYVW ZMWMX TVMZEXI GSPPIGXSV GSVTI\IG LSYVW LSXIP LSYVW *VMHE] :MWMX -RHITIRHIRX %VX 1YWIYQ LSYVW LSXIPLSYVW EVXGPYFLSYVW 7EXYVHE] ,SXIPLSYVW VIL]HVEXMSRGPMRMG LSYVW 1YWIYQ SJ %VX LSYVW ZMWMX TVMZEXI GSPPIGXSV SPH QSRI] LSYVW LS XIPLSYVW 7YRHE] %MVTSVXLSYVW
1%*-% (YZEP GER ZMI[ LMW TVMZEXI GSPPIGXMSR 8LI IWXEXI LEW WSTLMWXMGEXIH WIGYVMX] YWI 3VKERM^IH 'VMQI +ERK T 76 -JXLIVYRRIVWEVI[EXGLMRKJVSQRIEVF]XLI] WIIEFS]TVSFEFP]XLMVXIIRNYQTXLIJIRGISJXLIKEX IHIWXEXIERHXEOISJJSRLMWWOEXIFSEVH8LIFS]MWXLI X]KSSRW[MPPETTIEVEWOMRKUYIWXMSRWEWXLI]PSSOJSV XLIFS]
'364)<)' 8LIQIIXMRKXEOIWTPEGIEXXLII\IGYXMZIvWHS[RXS[R PY\YV] ETEVXQIRX 8LI FYMPHMRK WIGYVMX] MW XMKLX JVSQ XLIKVSYRHYTFYXRSXJVSQXLIXSTHS[R8LII\IGY XMZIHSIWRSXLEZILMWS[RTIVWSREPWIGYVMX]
30(132)= 8LI wSPHQSRI]xGSPPIGXSVMW E:EQTMVI T 76 ,IvWRSXMRXIVIWXIHMR(YZEPEWJSSHFYXLI[MPPRSXFI LETT]MJLIHMWGSZIVWVYRRIVWWRSSTMRKEVSYRH
403843-28 1V .SLRWSR GSRXEGXW XLI VYRRIVW [MXL MRWXVYGXMSRW XS QIIXEXEPSGEPGSTFEV8LMWMWEX]TMGEPFEGOVSSQQIIX
7)6:)('30(
&033(=&97-2)77
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vX WTIRHSR KERKWFYX PS[FEPPMRKSV JEMPMRKXSTE] KERKW GERLEZI WIVMSYW GSRWIUYIRGIW 8LI VYRRIVW[MPPRIIH XSFYHKIXERHRIKSXMEXI[IPPMJXLI]EVIXSKIX[LEX1V .SLRWSR[LEXLIvWTE]MRKJSVERHQEOIWSQII\XVEGEWL JSVXLIQWIPZIW *SV IEGL X]TI SJKERK XLI KEQIQEWXIV GERYWIER I\MWXMRKKERKJVSQ7LEHS[VYRPSVISVGVIEXIERI[SRI JSVXLIVYRRIVWXS[SVO[MXL8LMWNSFTVIWIRXWXLIVYR RIVW [MXL E KVIEX STTSVXYRMX] XS QEOI XLIMV S[R GSR XEGXW SR XLI WXVIIX SV XS QEOI IRIQMIW SJ E JI[ PSGEP KERKW %PP KERK MRJSVQEXMSR TVSZMHIH LIVI MW KIRIVMG MRXIRHIHXSKMZIXLIKEQIQEWXIVVE[QEXIVMEPXLEXGER
786))8+%2+
YWI QEKMG XS FIRH RIKSXMEXMSRW XLIMV [E] ,S[ XLI] GVIEXIXLIHMWXYVFERGIWMWYTXSXLI[M^^IVW 8LI] GER WYQQSR WQEPP WTMVMXW XS MVVMXEXI XLI PSGEPW SV GSQQMX WTIPPW SV GEWXMPPYWMSRWER]XLMRK XSGVIEXI E[O[EVH SV WGEV]WMXYEXMSRW8LISRP]WXMTYPEXMSRWEVIXLI]QYWXFI MRXIRWI ERH RSX LYVX ER]SRI HMVIGXP] 8LI] EVI XS EX XEGOXLITVIGMRGXWMRHMZMHYEPP]SZIV[LIPQMRKSRIXLIR QSZMRKSYXSJXLIEVIEFIJSVIXLIEVGERIMRZIWXMKEXSVW EVVMZI8LI]GERLMXER]TVIGMRGXEWSJXIREWXLI]vHPMOI 8LI[M^^IVKERK[MPPRSXREQIERSTIRMRKTVMGI MR WXIEHEWOJSVXLIVYRRIVWvFIWXSJJIVYTJVSRX8LIVYRRIVW QE] ERXMGMTEXI 1MRH 4VSFIW SV WSQIXLMRK WMQMPEV FYX XLI[M^^IVW[MPPRSXYWIER]XLMRKWSMRZEWMZI SVWSIEW] XSWTSXERHGSYRXIV 8LI[M^^IVW[MPPVIEHXLIVYRRIVWv EYVEWXLVSYKLSYXXLIRIKSXMEXMSRXSNYHKI[LIRXLIVYR RIVW EVI RSX FIMRK GSQTPIXIP] STIR SV GER FITYWLIH XSTE]QSVI;M^^IVW[MPPGMXIXLMRKWWYGLEWXLIGSWXSJ VIEKIRXW XLI WXVEMR SR XLIQWIPZIW XLI VMWO SJ VYRRMRK EGVSWWSXLIVKERKWSVXLIHERKIVSJTEVERSVQEPWFIMRK EXXVEGXIH XS XLIGEWXMRKXS QEOIXLI GEWIJSVVIGIMZMRK XLIQE\MQYQTVMGITSWWMFPI
+3+%2+ 1V .SLRWSR [ERXW E KSKERK XS LEVEWW WIZIVEP 0SRI 7XEV TVSXIGXIH WMXIW WSQI 0SRI 7XEV4IRMXIRXMEV] 7IV
1V .SLRWSR [ERXW E LMKLP] XIVVMXSVMEP KERK [MPPMRK XS I\TERH XLIMV XYVJ MR E RI[ HMVIGXMSR 6EXLIV XLER TYWL EKEMRWXXLIMVRIMKLFSVWJSVEJI[FPSGOWXLI]EVIXSFI TEMH JSV I\TERHMRK HS[RXS[R 8LI KERK MW TVSZMHIH [MXL E JI[ OI] HS[RXS[R EHHVIWWIW{IWXEFPMWLQIRXW XLEXQMKLX[IPGSQIXLITEXVSREKIERHTVSXIGXMSRSJE KERK 8LI KERK GER WXEVX JVSQ ER] SV EPP{RS WIRWI MR PMQMXMRKXLIKERKvWI\TERWMSRMWXWTMVMX SJXLIHS[RXS[R
TIVWSRRIPMR/RMKLX)VVERXTVIGMRGXW8LIKSEPMWXSGVI IW[SRvXFIEFPIXSVIWTSRHMREXMQIP]QERRIVQYGL PIWW MRZIWXMKEXIJYPP]0SRI 7XEVQIHME GER XLIRHSGY QIRXLS[/RMKLX)VVERXMWHIPMFIVEXIP]VIJYWMRKXSWYT TSVX0SRI7XEV SVXSJSPPS[XLVSYKLSRGEWIWMR[LMGL XLI]EVIXLIZMGXMQW{FIMRKEXFIWXYRTVSJIWWMSREPERH EX[SVWXZMRHMGXMZIMRRSXLSRSVMRKMXWGSRXVEGXWERHGEP
% WXVIIX KERK [MPP LEZIRYQFIVW XS [SVV] EFSYX EW [IPPEWXLITSWWMFMPMX]SJPSWMRKXYVJEXLSQIMJRIMKLFSV MRK KERKW LIEV XLI]vVI STIVEXMRK IPWI[LIVI 8LI KERK [MPPMRMXMEPP]WLSSXJSVXLIQSSRERHEWOJSVRY] IR XS JYRH XLI I\TERWMSR 8LI]vPP WXEPP RIKSXMEXMSRW EX RY]IR JSV E [LMPI ERH [MPP KS JSV RY] IR MJXLI VYRRIVWEVIVIEPP]KSSH RIKSXMEXSVW 8LI] [MPP WIXXPI EW PS[ EW RY]IRMJ XLI] GER KIX E VYRRIV SVX[SXSLERKSYXMRXLIMVXYVJ(SRvXPIXXLIHMGIHSEPP XLI[SVO{JEZSVXVEHMRKMWMQTSVXERXLIVI+ERKWPMOIXS XLMROXLI]vVIXSYKLERHRIKSXMEXMRK[MXLWSQIKIRYMRI
8LIKSKERK[MPPIQTLEWM^IXLIMVSZIVLIEHERHVMWOW XLI]vPP FI XEOMRK 8LIMV STIRMRK FMH [MPP FI JSV RY]IR YT JVSRX ERH GSWXJVII VITEMV SJ ERH ZILMGPIW HEQEKIHHSMRKXLINSF-X[MPPXEOIWSPMHRIKSXMEXMSRWXS KIXXLIQHS[RXSETVMGIXLIVYRRIVWGERQEREKI ERH
SJXLIMVLSQIXYVJ
;->>)6+%2+ 1V .SLRWSR [ERXW E [M^^IV KERK XS KIRIVEXI MRXIRWI FYX RSRPIXLEP QEKMGEP IZIRXW XLEX [MPP HMWVYTX OI] /RMKLX)VVERXTVIGMRGXW;M^^IVKERKWEVIYWYEPP]WQEPP ERH VIPEXMZIP]VEVIGSQTEVIH XS SXLIVKERKW FYXXLI]
7)6:)('30(
TVSQMWISJVITEMVW 8LIKSKERK[MPPRSXLMVISRJSVPIWW XLERRY]IR
;,=23897# 7XVIIXKERKWEVIRvXTVSJIWWMSREPVYRRIVW-RWXVYGXMSRWXS OIITXLIHIEPUYMIX{IZIRMJXLI]W[IEVWSPIQRP]XSHS WS{[MPPRSXOIITXLIQJVSQFVEKKMRKSRXLIMVRI[XYVJ ERHWXVIIXXSYKLFIRIJEGXSVW8LMWMWKSMRKXSQEOIEX PIEWXSRIVMZEPKERKZIV]YRLETT][MXLXLIVYRRIVWERH XLIMVGLSMGISJTEVXRIVW2SXSRP]HMHXLIVYRRIVWHMWVI WTIGXXLIQIZIRXLSYKLMRXLIMVZMI[XLI]vVIEFIXXIV ERHXSYKLIVKERKFYXXLIGLSMGI[MPPGSWXXLIQQSRI] XLEXXLI]FIPMIZIWLSYPHLEZIFIIRXLIMVW8LIVYRRIVW LEZIKMZIRXLIQRSGLSMGIFYXXSQEOIXLIMVTSMRX[MXL
&033(=&97-2)77
KERK[MPPYWIX[SWIHERWERHX[SHVMZIVWMRXLIEXXEGO YWI'SVTSVEXI7IGYVMX]T 76 EHH4MPSX+VSYRH 'VEJX X[S WLSSXIVW TIV GEV YWI 'SVTSVEXI 7IGYVM X] T 76 ERH E QEKI YWI 'SVTSVEXI 7IGYVMX] 0MIYXIRERXT 76EHH0MKLXRMRK&EPP MRXLIVIEV GEVGEWXMRK0MKLXRMRK&EPP WTIPPW-JXLI] GEXGL XLVII SV SVQSVIVYRRIVWERHXLIKERKIVW[MPPNYWXKPEVIEWXLI] HVMZI F] -J XLI] HS WLSSX XLI KERKIVW [MPP QEOI SRI TEWWXLIRVYR-JXLIVYRRIVWHSRvXXEOIXLIQSYXMQQI HMEXIP]GERKMZIGLEWI-JXLI]PIXXLIKERKIVWKIXFEGO XS XLIMV LSQI XYVJ XLI VYRRIVW [MPP JEGI XLMVX] QSVI KERKIVW[EMXMRKERHVIEH]XSVSGO
46)7'-)28;->%6(7 8LI[M^^IVKERKLEWWXYQFPIHMRXSEPMXXPIXVSYFPI3RI SJ XLIMV XEVKIX EVIEW MW YRHIV XLI TVSXIGXMSR SJ E WQEPP WXVIIX KERK GEPPIH XLI 7OSVIW 2SVQEPP] E WXVIIX KERK [SYPHRvXTVIWIRX QYGLSJE TVSFPIQXSE[M^^IV KERK FYXEPPSJXLI7OSVIWEVIEHITXW YWI+YRWPMRKIV%HITX
T 76 &VE[PIV %HITX T 76 'SQFEX 1IH MGT6YR*EWXIV ERH1EVOWQER%HITXT6YR *EWXIV ;SVWI XLI] LEZI E WTMVMX TEGX [MXL E JVII GMX] WTMVMXREQIH 1EMR T 7XVIIX +VMQSMVI 8LIKMJXW SJ XLITEGXEVIYTXSXLIKEQIQEWXIV8LI7OSVIWVSYKLIH YTSRIQIQFIVSJXLI[M^^IVKERKERHEVILSPHMRKER EVIXLVIEXIRMRKXSOMPPXLILSWXEKIMJXLIKERKHSIWRvXXIPP XLIQ[LS[ERXIHXLIQXSXLVIEXIRXLIMVXYVJERH[L] 8LIPIEHIVSJXLI[M^^IVKERKGSQIWXSXLIVYRRIVW GERYWIXSFY]LMWKERKIVvWPMJI,IHSIWRvX[ERXXLIVYR RIVWXSORS[XLI[M^^IVWGEQIYTEKEMRWXEKERKXLI] GERvXLERHPIERH[SRvXXIPPXLIQ[L]LI[ERXWXLIMRJSV LIvPP XIPP XLI VYRRIVW XLI KIRIVEP WMXYEXMSR{LI ERHSV SXLIVKERKQIQFIVW[MPPFIVIEHMRKXLIVYRRIVWvEYVEW XSKEYKIXLIMVJIIPMRKWERHMRXIRXMSRW-JXLI]WXMPPHSRvX KMZILMQXLIMRJSVQEXMSRLIvPPXV]XSKIXXLIVYRRIVWXS LIPTJVIIXLI LSWXEKI,IvPPXV]XSKIXXLIMVWIVZMGIWJSV
7)6:)('30(
&033(=&97-2)77
VYRRIVW TEMH XLI KERK JSV XLIMV LIPT 8LI] [M^^IVW [MPP LEZI WXVIIX MRJS XLEX XLI 7OSVIW LEZI JSYV WXVIIXPIZIP QIQFIVW ERH ER IPYWMZI FSWW REQIH 1EMR GYVVIRXP] STIVEXMRKSYXSJEWQEPPFEVSR SJGSYVWI 1EMR7XVIIX 1EMR MW SRP] MRXIVIWXIHMRKIXXMRK XLIMRXIVPSTIVWXS KIXSYXSJLMWRIMKLFSVLSSHERHRIZIVGSQIFEGO&YX MJXLIVYRRIVWYWIZMSPIRGIMRXLIMVVIWGYIEXXIQTXLIvPP SVHIVXLI7OSVIWXSVIWTSRH[MXLKVIEXIVZMSPIRGI
403843-28 %+%1)3*',)77 1V .SLRWSR MRZMXIW XLI VYRRIVW XS QIIX MR XLI FEGO VSSQSJERSXLIV/RMKLX)VVERXGSTFEV;LIRXLIVYR RIVWIRXIVXLIFEGOVSSQXLIXEFPIMWWIX[MXLEKSSH FYXRSXI\XVEZEKERXQIE%XVMHWGVIIRMWWIXYTSRXLI FEGO[EPP1V.SLRWSRXIPPWXLIVYRRIVWXLEXXLI]LEZI IEVRIH KVIEXIV GSRWMHIVEXMSR ERH LI MRZMXIW XLIQ XS IEXFIJSVIKIXXMRKHS[RXSFYWMRIWW %JXIVXLIQIEP1V.SLRWSRHMQWXLIPMKLXWERHEGXM ZEXIWXLIXVMHWGVIIR8LIMQEKIMWHMZMHIHMRXSWM\WIG IEGL WIGXMSR ,I XIPPW XLI VYRRIVW XLEX XLI RI\X TLEWI SJXLISTIVEXMSRMWEwKEQISJGLIWWxJSV[LMGLLIvWSJ GIVWMWwTE[RWx{1V.SLRWSR[ERXWXLIXIEQXSGETXYVI WM\SJXLSWITE[RW-JXLIVYRRIVW[ERXXSRIKSXMEXIXLI TVMGIEXXLMWTSMRXLIvPPXIPPXLIQXS[EMXYRXMPXLI]ORS[ EPPXLIHIXEMPW 1V.SLRWSRG]GPIWXLVSYKLXLIWM\/RMKLX)VVERXSJ XVSPEVIELSQIEHHVIWWERHEJI[TIVWSREPHIXEMPWWYGL EWVSYXMRIWERH LEFMXW%JXIVXLIPEWX VITSVXXLIWGVIIR EKEMRHMZMHIWMRXSWM\MQEKIWFYXRS[MXvWWM\PMZIJIIHW WLS[MRKEPPWM\SJXLIXEVKIXWHVMROMRKMRXLI/)GSTFEV SYXJVSRX1V.SLRWSRI\TPEMRWMXvW MQTSVXERXXLEXIEGL GSTFIGETXYVIH[MXLQMRMQYQHEQEKIXSXLIMVTIVWSRW ERHXLIMVYRMJSVQWERHIUYMTQIRXMRXEGX8LIPMZIMQEK XLIMVTVMGIERH1V.SLRWSRKMZIWXLIQQSVIGSQTPIXI -J XLIVYRRIVW RIKSXMEXIWLVI[HP] XLI] GER XEPO1V .SLRWSRYTXSEXSXEPTE]SYXSJRY]IR
TL]WMGEP TVIGMRGX YRPIWW XLIVI MW ER IQIVKIRG] %PP SJ XLIMVGSQQYRMGEXMSRWEVIHSRIXLVSYKLXLI1EXVM\ERH XLI] EVI FEGOIH YT F] HVSRIW PSGEXIH MR /RMKLX )VVERX FS\IWXLVSYKLSYXXLIGMX] 8LIMVTEXVSPEVIEMWSRP]IMKLXWUYEVIFPSGOWFYXXLIMV
XLI]EVIXSSJEVSVJIIPMRKTEVXMGYPEVP]YRMRGPMRIHXSXVEZ IP8LI^SRIMWEPQSWXIRXMVIP]EQMHHPIGPEWWGSVTSVEXI RIMKLFSVLSSH [MXL E XLMR ZIMP SJ JVIIHSQ GVIEXIH F] XLEXGSZIVXLIEVIE +MZIR XLI [MHI VERKI SJ STXMSRW XLI KEQIQEWXIV GERVYRXLIGETXYVISJXLIWIX[SFEWIHSRXLITPERXLI VYRRIVWTYXXSKIXLIV8LI]GERFIXEOIREXLSQIHVE[R XSEPSGEXMSRXEOIRSRTEXVSPSVWREKKIHMRWSQIIPEF SVEXITPER[LIVIXLI]GETXYVISRIERHHVE[XLISXLIVMR XSKIXGETXYVIH
72%8',-2+7;%8 MRKXLIMV/RMKLX)VVERXFEHKIWWMRGIXLIQMHvW8LI] SRP] NSMRIH JSVGIW MR v [LIR XLI] KSX EWWMKRIH XS XLIMV GYVVIRX XIEQ FYX XLI TEMV LMX MX SJJ MQQIHMEXIP] ERHLEZIFIIR[EXGLMRKIEGLSXLIVvWFEGOIZIVWMRGI
[SRvXFIIEW]IWTIGMEPP][MXLXLIVIUYMVIHQMRMQYQSJ MRNYV]ERHYRHEQEKIHKIEV-XWLSYPHFIGPIEVXLEXXV]MRK XSXEOIXLIWIX[S[LMPIXLI]EVIKIEVIHYTERHSRHYX] [SYPHFIHYQF MJXLIVYRRIVWXV]JIIPJVIIXSTYXXLIQ YTEKEMRWXERIRXMVI7;%8XIEQ YWI7;%88IEQ1IQ FIVT 8LIFIWXFIX[SYPHFIXSKVEFXLMWTEMV[LMPI XLI]vVISJJHYX]FPS[MRKSJJWXIEQSRE7GSVTMSRNS]VMHI XLVSYKLXLIPSGEP[MPHW %JXIV ER I\GMXMRK ST XLI TEMV PMOIW XS LST SR XLIMV ,EVPI]W ERH YWI XLIMV GVIHIRXMEPW XS VMHI PMOI [MPH QIR ERHXLIRWXSTSJJEXEPMXXPIQSFVYRQEWWEKITEVPSVJSVE LETT]IRHMRK8LI]vPPYWYEPP]GEQTSYXMRXLIPSGEP[MPHW JSVXLIJI[RMKLXWXLI]LEZISJJHVMROMRKERHIRNS]MRK WSQI PSGEP GSQTER] SV KIXXMRK MR E PMXXPI LYRXMRK HI TIRHMRKSRXLIWIEWSR
72%++-2+%7%6+)
4%;24%86307 (SRXERI EVI ]SYRK GSTW [LS EVI FSXL XVEMRIH VMKKIVW FYXLEZIPIWWXLERE]IEVSJWXVIIXTEXVSPI\TIVMIRGI8LI] WLEVI E X[SFIHVSSQ ETEVXQIRX SZIV E 7XYJJIV 7LEGO WQEGOHEFMRXLI QMHHPI SJ XLIMV TEXVSPRIMKLFSVLSSH
XEVKIXFYX LIvWWQEVX ERH GERWQIPP XVSYFPI GSQMRKE QMPIE[E] ,I[SVOW XLI X[IPZILSYVSZIVRMKLX WLMJXW SR*VMHE]ERH7EXYVHE]JVSQ LSYVWEW[IPP JVSQLSYVW1SRHE]XS8LYVWHE];LIRSR
TEVOIHRIEVF][LIRIZIVXLI]vVISJJHYX]8LI]EVITEVX SJE WTIGMEPw2S 4VIGMRGXxTVSKVEQ SXLIV XLERXSHVST SJJ IZMHIRGI SV GETXYVIH TIVTW XLI] HSRvX VITSVX XS E
7)6:)('30(
XLER XLI PYRGLVSSQ ERH IZIR XLEXvW E VEVI IZIRX ,I PMOIWXSOIITXLMRKWMRSVHIVEXEPPXMQIW
&033(=&97-2)77
8LIVYRRIVWvFIWXGLERGIEXKVEFFMRKLMQ[SYPHFI 8LYVWHE] EJXIVRSSRSV7YRHE] QSVRMRK EJXIV [SVO{IM XLIV[SYPHKMZIXLIQXLIPSRKIWX[MRHS[SJXMQIFIJSVI
8LI VYRRIVW [MPP FI TEMH JSV IEGL MQTIVWSREXMSR [LIRXLI]XYVRMRXLIMVVIGSVHMRK
4%8630'347 [MXL WREKKMRK LMQ JVSQ LSQI ,MW LSQI MW E WEH VI QMRHIV SJ LMWGEVIIVEWEGST MXGSRXEMRW QER]TLSXSW ERHEJI[WLSXWSJLMQEPSRISRZEGEXMSRW&YXXLIVIEVI EPSXSJXIGLRSPSKMGEPXS]WERHLMWLSQI MWXLSVSYKLP] QSRMXSVIH -J XLIVYRRIVWHSRvX XEOI GEVI SJ LMWWIGYVM MW QSWXP] [MVIH GEQIVEW FYX XLIVI MW ER I\TPSMXEFPI [MVIPIWWTSMRXFIX[IIRLMWLSQIRSHIERHLMWTIVWSREP GSQQPMRO[LMGLMWMRWXEPPIHMRLMWLIEH
()0-:)6-2+%()8)'8-:) (IXIGXMZI )PM^EFIXL 5YIIR LEW QEHI E PSX SJ LEVH XS HIGMWMSRWKIXXS[LIVIWLIMWMRPMJI7XERHMRKYTXSSV KERM^IH GVMQI MKRSVMRK QIKEGSVTSVEXI FYPP]MRK ERH TYWLMRKXLVSYKLXLITSPMXMGEPQIREKIVMIXLEXMW/RMKLX )VVERXEVIWMQTP]XLIQSWXSFZMSYWFYXWLILEWRIZIV XLITSPMXMGEPGSWXWSPSRKEWXLIGEWI[EWNYWX 8LEXvW[L]XLIVYRRIVWEVIKSMRKXSKIXEPMXXPIQSVI XLERXLI]FEVKEMRIHJSV[LIRXLI]QEOIEQSZIXSXEOI XLI5YIIR7LILEWERSXLIVTEVX]MRXIVIWXIHMRLIVERH XLI]EVIRvXEWGSRGIVRIHEFSYXXLIWXEXISJLIVIUYMT QIRX SV LIEPXL 8LI PSGEP SVKERM^IH GVMQI W]RHMGEXI LEWLMVIHELMXQER YWI1EVOWQIR%HITXT6YR *EWXIV XSTYXERIRHXS1MWW5YIIRvWWPIYXLMRKGEVIIV ERHXLILMX[MPPGSMRGMHIRMGIP][MXLXLIVYRRIVWQEOMRK XLIMVQSZI
7ERHW ERH (SRXERI [MPP FIEX E TVIEHSPIWGIRX OMH JSV XEPOMRKFEGO%TL]WMGEPMPPYWMSR[MPP[SVOEW[IPPEWER EGXYEP FIEXMRK ERH [MPP FI FIXXIV JSV XLI VYRRIVWv /EV QE ,S[ XLIVYRRIVW WXEKI XLI FIEXMRK MW YT XS XLIQ EWPSRKEWXLI]PSSO EYXLIRXMG ERH VIGSVHMRKWSJ XLIMV MQTIVWSREXMSRWWXERHYTXSWGVYXMR]-JXLIVYRRIVWEG XYEPP]FIEXEOMHHVSTXLI/EVQEE[EVHIHXLIXIEQF] ERHHVSTJSVXLIVYRRIV[LSHMHXLIEGXYEPFIEXMRK
7;%83**-')67 %PQE^SR ERH 7GLYPX^ [MPP FYWX E HVYK LSYWI GLEWMRK XLIKERKE[E]MRWXIEHSJEVVIWXMRKXLIQERHXLIRWXIEP EPPSJXLIGEWLERHHVYKW8LMW[MPPVIUYMVIEPMXXPIGSQ KERKXLEX[ERXWXSTPE]XLITEVX
()7/7)6+)%28 8LMW SRI TVIWIRXW XLI KVIEXIWX VMWO SJ HMWGSZIV] 8LI VYRRIV RIIHW XS TSVXVE] &MWLST SR HYX] EGXYEPP] XEO MRK SRI SJ LMW WLMJXW EX XLI TVIGMRGX ,I QYWX XLIR FI VIGSVHIH PIXXMRKE JI[ NS]KMVPW ERHSV NS]FS]W KSJVII EJXIVWEQTPMRKXLIMV[EVIW8LIVIEVIQSVIWXVIIX[EPO IVWERHQSVISTTSVXYRMXMIWSRXLISZIVRMKLXWLMJXWFYX XLIVYRRIVWLEZIXSJSPPS[&MWLSTvWWGLIHYPIERHQE] LEZI XS[SVOQSVIXLERSRI WLMJX XLYWMRGVIEWMRK XLI HERKIV JSVXLIVMKLXGLERGI
40%=-2+8,)59))2
403843-28 *%9<4%;27 GLERKI TSMRXE[EVILSYWI JEVJVSQ [LIVI ER] SJ XLI QMWWMSRWLEZIFIIRXEOMRKTPEGI1V.SLRWSRTVIWIRXW XLIQ[MXLXLIPEWXTLEWISJXLITPER,I[ERXWXLIVYR
-R ERSXLIV LMKLVMWO TSVXVE]EP (IXIGXMZI 5YIIR QYWX FI VIGSVHIH EVVMZMRK EX XLI WGIRI SJ ER EGXYEP GVMQI GSQQMXXIH F] XLI VYRRIVW ERH XLIR HIWXVS]MRK IZM HIRGI8LIGVMQILEW XSFIWIVMSYWERH XLI IZMHIRGI HIPMFIVEXIP] PIJX F] XLI VYRRIVW YRQMWXEOEFPI 4PE]MRK XLIVYRRIVWW[IEXMRK
KIEV EW XLI] GSQQMX HMJJIVIRX HIWTMGEFPI IZIRXW XLEX [MPP HEQEKI /RMKLX )VVERXvWVITYXEXMSR ERH GVIHMFMPMX] ,I[MPP TVSZMHIRERSTEWXIHMWKYMWIWERH MPPYWMSRWTIPP VYRRIVWLEZIKVEFFIHIRWYVIXLIVYRRIVW[MPPTEWWJSV NSF)EGL MQTIVWSREXMSRMWEWITEVEXINSFRIKSXMEXMSR 1V.SLRWSRSJJIVWRY]IRJSVXLIXIEQ[MXLRI KSXMEXMSRWYTTMRKXLITE]QIRXF]RY]IRTIVRIX LMXYTXSRY]IR VIGSVHIH -J TSWWMFPI XLMRKW WLSYPH FI WXEKIH WS XLEX QIQFIVWSJXLITYFPMGEPWSVIGSVHXLIIZIRXW TYFPMGVI GSVHMRKWWTVIEHSRXLI1EXVM\JEWXIVXLERRI[WWXSVMIW
7)6:)('30(
& 03 3( =& 97 -2 )77
&-88)64-007 8LIVIEVIJI[QSQIRXWXLEXGERI\LMPEVEXIEQERQSVI XLERWMXXMRKYRWIIRPIWWXLEREREVQv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w8LIWYGGIWW VEXIW EVIFI]SRH IZIR[LEX - LEHI\ TIGXIHx8LINYRMSVVIWIEVGLIVWTSOI[MXLELMRXSJE[I MRLMWZSMGI1MOEORI[MXEWXLIZSMGISJ/EPMRWOM w8LITIVJSVQERGIVEXIWEVII\EGXP]EWHSGYQIRXIH MR Q] 7YFQMWWMSR JSV )\TIVMQIRXEXMSR %TTVSZEPx (V /MVX^WEMHMREZSMGIHVMTTMRK[MXLHMWHEMR w- YRHIVWXERH XLEX FYX JSV ix /EPMRWOM WXEVXIH FYX /MVX^GYXLMQSJJ w=SYEVIE2I[,EZIREPYQGSVVIGX#x/MVX^vWUYIW XMSR WSYRHIH VEXLIV MRRSGIRX FYX 1MOE LEH WTIRX IRSYKL XMQI OIITMRK XEFW SR IPMXMWX WGMIRXMWXW XS WII [LEX[EWGSQMRK w=IW =EPI GPEWW SJ u x /EPMRWOM WEMH TVSYHP] YR E[EVISJ[LEXLI[EWWIXXMRKLMQWIPJYTJSV w8LEXQEOIWWIRWI=SY WIILEH ]SY WTIRX XMQI MR 1MWWMSR,MPPW]SY[SYPHLEZIVIEPM^IHXLIZEPYISJTVIGM WMSR%KVIEXIVXLERI\TIGXIHWYGGIWWVEXI[SYPHQIER EJEMPYVIXSYRHIVWXERH]SYVS[RTVSGIWWx ;MXLEXLSYKLX1MOEGEPPIHYTXLIJIIHJVSQXLIXLIV QEPGEQIVEXSLMWGSRXEGXW,I[EXGLIHMREQYWIQIRXEW /EPMRWOMvW XLIVQEP WMKREXYVI GLERKIH ,MW JEGIH [EVQIH QEXIV VEXLIV XLER IQFEVVEWWQIRX XLSYKL MX GSYPH LEZI FIIREQM\SJFSXL%QYWIHIRSYKLJSVXLIQSQIRX1MOE WIRXEWMKREPXLVSYKLXLIXVSHIWXSGPIEVLMWZMWMSR w%ZEPYEFPIPIWWSRWMVx/EPMROWMVITPMIH[MXLEQSYXL JYPPSJGVS[ w1EOIWYVIXSGSVVIGXXLIVITSVXERHVIQSZIER]YR RIGIWWEV]GSQQIRXEV]SRXLIWYGGIWWVEXIx
&-88)64-007
w(V/MVX^QMKLX -QIRXMSR XLEXXLSWI [LSVIEHSYV TIVGIRX - XLSYKLX XLI IQTLEWMW SR SYV MRMXMEP I\TIG TVSZIQIRX MR XLI VIWYPXW GSYPH FY] YW QSVI WYTTSVX =SYV WSPMH VIWYPXW ERH XLMW MWWYIvW LMKL TVMSVMX] WXEXYW [SYPHGIVXEMRP]KIXYWEJYRHMRKFYQTx w9RPMOI ]SY )PMW [LS IRNS] E LIEH VYFFMRK [LIR ]SYV JEPWIP] LYQFPIH VIWYPXW FIEV SZIVVMTI JVYMX XLSWI SJEWSPMHVIWIEVGLIHYGEXMSRHSRvX TERHIVXSXLI IKSW SJXLII\IGYXMZI2SVHS[IEXXIQTXEQERMTYPEXMSRSJ SYVFIXXIVWXLVSYKLYRWYFXPIVIQMRHIVWSJXLIMVTIVWSR EPGSRRIGXMSRWXSXLIMVVIWIEVGL-EQ[IPPE[EVISJXLI RIIHXSWSPZIXLIHMPIQQESJ'*(MRSVHIVXSVIIWXEF PMWLGSRXEGX[MXLZEPYEFPIMRXIPPIGXYEPVIWSYVGIW,S[IZ IVJSVRS[[ILEZIXS[SVO[MXL[LEX[ILEZI7IRHQI EGST]SJ]SYVGSVVIGXIHVITSVXWF]RSSRx 1MOE LIEVH /MVX^vW TYRGXYEXMSR SJ XLI HIKVEHMRK WTIIGLMRLMWJSSXWXITWEWLI[EPOIHE[E][MXLSYX[EMX MRKJSVEVIWTSRWIJVSQ/EPMRWOM8LIJSSXWXITWJEHIHXS EHMWXERXXETTMRKXLVSYKLXLIQMGVSTLSRI w,EVZEVH HSYGLIx/EPMRWOMQYXXIVIH FIJSVIXYVRMRK
%(:)2896) &%'/+6392( )ZSMWMRMXHIIT[MXLXLI'*(ZMVYWSYXFVIEOIWTIGMEP P][MXLXLIIZIRXWSJ &SWXSRWXMPPJVIWLMRXLI QMRHWSJ TISTPIEVSYRHXLI[SVPH;LMPIIZIRXWPMOIXLI'LMGE KS'SRXEMRQIRX>SRIERHXLI6IRVEOY%VGSPSK]WLYX [SVPH &SWXSRv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
MR)ZSvWWMKLXW8LI)YVSTIERQIKEGSVTSVEXMSRTVMQEVMP] ORS[RJSVMXWGYXXMRKIHKIHVYKQERYJEGXYVILEWFIIR EPWS WTIEOMRK XS XLI 'SVTSVEXI 'SYVX FILMRH GPSWIH WTSRWMFPIJSVXLIMRGMHIRXMR&SWXSR
403843-28 1V .SLRWSR JSV XLMW NSF MW EGXYEPP] FIWX TYPPIH JVSQ SV SXLIV EGUYMWMXMSR WTIGMEPMWX[LS XLI VYRRIVW ORS[ ETTVSEGLIWXLIXIEQ[MXLEJEMVP]QYRHERILMNEGOMRK NSF 8LI VYRRIVWv GSRXEGX MW WIVZMRK EW E QMHHPIQER LEZMRKFIIRGSRXEGXIHF]EGPMIRXXSEVVERKIJSVETEMV SJ+1'1YPIW +1'&YPPHSK7XIT:ERZEVMERXWIIT 76 XSKIXPSWXMRXVERWMXFIX[IIRXLIPSGEPWLMT TMRK LYF ERH E [EVILSYWI 8LI MRMXMEP HIWGVMTXMSR SJ XLINSFWLSYPHWSYRHZIV]WMQTPI 1V .SLRWSR MW SJJIVMRKRY]IR JSVIEGLZER GEVKSMRXEGX,S[XLIVYRRIVW[ERXXSWTPMXXLEXMWYTXS XLIQ,I[SRvXWE][LEXXLIGEVKSMWERH[MPPQEOIER SJJLERHIH GSQQIRX EFSYX VYRRIVW ERH XLIMV WYTIVM SV WOMPPW EX EZSMHMRKFIMRK RSW] 2IKSXMEXMSRW[SRvX HS WUYEX 8LIMV GSRXEGX MW EPVIEH] SJJIVMRK IZIV]XLMRK LI GERETEVXJVSQXLIWQEPPGYXXLEXMWJSVLMW[SVO-JVYR RIVWMRWMWX SR VSPPMRKEKEMRWXXLIMVS[R GSRXEGX HIJEYPX WXEXI HMGITSSPPMQMX XLI]GERMRGVIEWIXLIEQSYRX TIVZERF]RY]IRTIVRIXLMXYTXSLMXWFYXXLI] PSWI*EZSV[MXLXLEXGSRXEGXSVHIGVIEWI0S]EPX]F] 1V.SLRWSRTVSZMHIWXLIWXEVXMRKERHIRHMRKTSMRXW JSVXLIZERWFYXLIHSIWRvXORS[XLIVSYXIXLI][MPPFI XEOMRK%WWSSREWXLIHIEPMWWXVYGOLIGEPPWXLIGPMIRX XIPPW LMQ XLI NSF MW E KS ERH XLIR KMZIW XLI VYRRIVW E XLYQFW YT 8LMWMWEGLERGIJSV ERSW]LEGOIV XSMRXIV MRKEGSQQPMRORYQFIVSRXLI%^XPERKVMH;LMPIMRXLI IRH XLIVIMWRSWIVMSYW%^XPERTS[IVFIMRKFVSYKLXXS FIEVMRXLMWEHZIRXYVIXLIWTIGXIVSJXLI&MK%QE]FI IRSYKLXSQEOIXLITPE]IVWRIVZSYW 8LI1YPIWWXEVXSYXFIMRKPSEHIHEXEPSGEPWLMTTMRK LYF0ERHPSGOIHGMXMIWQE]FIYWMRKEXVEMRHITSXSVEMV TSVX[LMPIGMXMIWSRXLI[EXIVLEZIXLIWLMTQIRXGSQ MRK MR ZME XLI PSGEP [EXIV[E]W ERH XLVSYKL XLI HSGOW
8LI1YPIWEVIPSEHIHF]XLIXMQIXLIVYRRIVWKIXLMVIH WSXLI]GERvXKIXXSXLIWLMTQIRXFIJSVIXLEXTSMRX 8LI1YPIWvHIWXMREXMSRMWEGPEWWMG[EVILSYWIJEGMPMX] QIXIVLMKLEPYQMRYQ[EPPIH SZIVKVS[RWLIH[MXLE TEMV SJ ,SST,SPIW TSVXEFPI XSMPIXW VMKLX RI\X XS E JI[ ZIRHMRKQEGLMRIW2I\XXSXLIPEVKIWLIHMWEWQEPPIVSJ LMKLEPSRK[MXL[LEXETTIEVWXSFIERSZIVWM^IHGEVKS GSRXEMRIV-XvWEGXYEPP]ERIPIZEXSVXSXLIPS[IVPIZIPW-J XLIVYRRIVW[EMXYRXMPXLI1YPIWKIXLIVIXLI]EVIKSMRK XSKIXXLIQWIPZIWUYMXIXLIWYVTVMWI7IGYVMX]JSVMRWMHI XLMWTPEGIMWPMWXIH MR4PSX 4SMRX,STIJYPP]XLEXMRJSV QEXMSRMWRvXRIIHIHMRXLMW4PSX4SMRX SVIZIRXLEX4PSX 4SMRX FYX]SYRIZIVORS[[MXLVYRRIVW XS FI YRPSEHIH MRXSXLI IPIZEXSV WS XLIMVGSRXIRXW GER FI XEOIR HS[R XS XLI PS[IV PEF 8LI] EPWS VYR EGVSWW XLIWIGYVMX]JSVGI[LSMWUYMXI[MPPMRKXS[EVR[LSIZIV S[RWXLMWTPEGIXLEXMRXVYHIVWLEZIEVVMZIHERHEVIGEYW XLI][IVILMVIHXSHSFIJSVIWIGYVMX]JVIEOWSYX 8LIVSYXIXLI1YPIWXEOIGERFIYTXSXLIKEQIQEW GEQTEMKR1E]FIXLIVYRRIVWGERKIXJVMIRHP][MXLXLI 1YPI HVMZIVW F] GLEWMRK SJJ WSQI KSKERKIVW SV XLI] GERYWIWSQIPSGEPGSRRIGXMSRWXSLMVIEKSKERKXSVYR WSQIMRXIVJIVIRGIJSVXLIQ9WIXLIWIXXMRKJSVXLMWEH 8LI]LEZITPIRX]SJVSEHXSGSZIV 3RGI XLI] LEZI XLI ZER W XLI VYRRIVW EVI KMZIR E HVST SJJ WTSX %X XLI QIIX EVI E XVMS SJ PSGEP KERKIVW XLIMVGSRXEGXERHERYRJEQMPMEVQERMREHEVOPSRKGSEX ERH JIHSVE 8LI QERMRXLIJIHSVE[SVOW JSV XLIGPMIRX GEVKS XLI VYRRIVW EVI[MVIHXLIMVQSRI] EPSRK [MXLE XIRTIVGIRXFSRYWMJXLI]HMHRvXPSSOMRXLIFEGO-JXLI] HS PSSOMR XLIFEGO XLI]WII EPEVKI RYQFIVSJ GVEXIW ERHFS\IW[MXLXLI>IXE-QT'LIQPSKSSRXLIQ6YR RIVW [MXL WOMPPW VIPEXIH XS ']FIVXIGLRSPSK] 7YVKIV] )PIGXVSRMG)RKMRIIVMRKSV2ERSXIGLRSPSK]GERQEOIE 0SKMG?%TTVSTVMEXI/RS[PIHKI7OMPPA 8IWXXSKIXER MHIEXLEXXLMWIUYMTQIRXLEWWSQIXLMRKXSHS[MXLXLIMV
&-88)64-007
&033(=&97-2)77
403843-28 8LIGPMIRXMWMQTVIWWIH MJXLI]HMH[IPP SVJIIPMRKJSV ,I YWIW XLI WEQI MRXIVQIHMEV] XS WIX YT E TIVWSREP QIIXMRK [MXLXLIVYRRIVW8LIXIEQMWXSPHXSLIEHXS XLIQIIXWMXIERHWMXHS[RJSVEQIEP[MXLXLIGPMIRX SRIWXEVXWEXRY]IRXSXEP{LEPJYTJVSRXLEPJSR XLIFEGOIRH-JXLI]HMHRSXHS[IPPMRXLI1YPILIMWXMX WXEVXWEXLEPJXLEX[MXLRSRISJMXSJJIVIHYTJVSRX 8LIQIIXKSIWHS[REXETYFPMGTEVOMRXLIPEXIEJXIV RSSR8LIVIMWEREFYRHERGISJRSVQEPTISTPIEVSYRH [LSJYRGXMSREW]IXERSXLIVXIWXSJXLIVYRRIVWvWOMPPWERH LEFMXW[LMPITVSZMHMRK EPMXXPII\XVEWIGYVMX]JSVXLIGPM IRX8LIGPMIRXPSSOWPMOI]SYVIZIV]HE]WEVEVMQERSYXJSV E[EPOEJXIV[SVOERHLIETTVSEGLIWXLIVYRRIVWEWOMRK JSVWYKKIWXMSRWSREWTSXXSHMRIMRXLIEVIE8LIVYRRIVW VIGIMZIXLINSFHIXEMPWEWXLI][EPO[MXL1V.SLRWSR 8LI GPMIRX [ERXW XLI XIEQ XS MRXIVGITX E GSYVMIV QSZMRK ZEPYEFPI HEXE FIX[IIRX[S EHHVIWWIW FSXL SJ [LMGLEVIHS[RXS[R,IORS[WXLIQSZIMWWYTTSWIH XS SGGYV FIX[IIR LSYVW ERH LSYVW 8LMW MW SYXWMHITVMQIWLEHS[VYRRMRKLSYVWLIRGIXLIHE]XMQI QIIXMRKXSWIIMJXLI]GERSTIVEXI[LIRRSXHMWKYMWIH F]XLIMV RSGXYVREPWYVVSYRHMRKW8LIGPMIRXLEWETL]WM GEPHIWGVMTXMSRSJXLIGSYVMIVERHORS[WXLIVI[MPPFIEX PIEWXX[STISTPIEWWMKRIHEWEWIGYVMX]HIXEMP,I[ERXW XLIVYRRIVWXSGSRXEGXLMQMQQIHMEXIP]SRGIXLI]LEZI XLIGSYVMIV 8LI GPMIRX LEW E QEKI ERH E VMKKIV [EXGLMRK SZIV LMQ 8LI QEKI MW TVIXIRHMRK XS FI I\IVGMWMRK ,I [MPP FIHSMRK [EVQYT WXVIXGLIWYRXMP XLI XIEQ EVVMZIWERH XLIRNSKWTEWXXLIKVSYTWXSTWJSVWSQIGEPMWXLIRMGWIZ FI VYRRMRK TEWX XLI KVSYT 0SKMG ;MPPTS[IV ?A 8IWX XSVIGSKRM^IXLIQEKI XLI WIGSRH XMQILITEWWIW XLI XLVIWLSPHHIGVIEWIW F]SRI IEGL XMQI XLIQEKI TEWW IWEKEMR*SVWXEXWYWI'SQFEX1EKI T76 8LI VMKKIVMW[SVOMRKXLVSYKLXLII]IWSJWIZIVEPSJXLIOMHWv HVSRIW XLEX EVI FY^^MRK EVSYRH XLI TEVO YWI (VSRI 6MKKIVT76 ,ILEWER1'86SXS(VSRIEVQIH [MXL ER %/ MR XLI ZER [MXL LMQ SR E RIEVF] WXVIIX YWI 1'82MWWER 6SXS(VSRI T 76 EHH %/ [KIPVSYRHW 8LIGPMIRXHSIWRvXLEZIXLIVSYXIJSVXLIGSYVMIVVYR FIGEYWIXLIGSYVMIVVYRMWI\EGXP]XLEXEVYR8LIGSYVMIV [MPPWYHHIRP]FSPXSYXSJXLIHIPMZIV]EHHVIWW[MXLEGEWI MRLMWLERHWERHWXEVXVYRRMRKHS[RXLIWXVIIX7IGSRHW PEXIV X[S 'SQFEX 8YVRW MJ XLI VYRRIVW NYQT VMKLX MRXS XLIEGXMSR EQERMREWYMX[MPPGSQISYXXLIWEQIHSSV PSSO EVSYRH XLIR WXEVX VYRRMRK EJXIV XLI GSYVMIV 8LI QERMR XLIWYMXMWEGXYEPP]LEPJSJXLI GSYVMIVvWWIGYVMX] 8LI SXLIVQIQFIVSJXLIWIGYVMX]XIEQMWEFPSGOSZIV ERH[MPPFITEVEPPIPMRKXLIGLEWIMRLMWWIGYVMX]ZERFYX
&-88)64-007
WIGSRHWPEXIVETEMVSJ6SXS(VSRIWEVQIH[MXL7%6I XMEVYWRIXKYRW T 6YR +YR PEYRGLJVSQXLIVSSJSJ XLIHITEVXYVIFYMPHMRK 8LI GLEWI TVSGIIHW XLVSYKL WXVIIXW EPPI]W ERH FYMPHMRKW [MXL XLI TYVWYIVW RIMXLIV KEMRMRK RSV PSWMRK ER]KVSYRH%FSYXLEPJ[E]XSXLIHIWXMREXMSRXLIGSYVM IVHYQTWXLIGEWIMRETMPISJXVEWLMREREPPI]8LIVYRRIV XIEQ QE] WIIXLMWXLVSYKL E HVSRI JVSQ XLIEWXVEP SV XLI]QE]NYWXRSXMGIMXvWKSRIMJXLI]GEXGLWMKLXSJLIV 8LIGEWIMWEHIGS]8LIVIvWEGSQQPMRO (IZMGI6EXMRK FSQFWSRXLIQ8LIVIEPHEXEMWPSGEXIHSRXLIGSYVMIVvW LIEH[EVI 8LI GSYVMIV VYR XEOIW EFSYX XLMVX] QMRYXIW 8LSYKL XLIHMWXERGIMWYRHIVWM\OMPSQIXIVWHMVIGXP]FIX[IIRXLI X[SWMXIWERHXLIGSYVMIVMWLEYPMRKLSSTXLIVSYXIMWRSX HMVIGX -J XLI VYRRIV XIEQQEOIW EQSZI SRXLI GSYVM IVXLIWIGYVMX]XIEQ[MPPGPSWIMRSRXLIEXXEGOIVW[LMPI XLIGSYVMIV[MPPQSZIQSVIHMVIGXP]XS[EVHXLIHVSTSJJ WTSX8LMWQSVIHMVIGXVSYXIQIERWXLIWLI[MPPGYXXLI VIQEMRMRKXVEZIPXMQIMRLEPJ 8LMW4PSX4SMRXVSPPWVMKLXMRXSXLIRI\XSRI
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
&033(=&97-2)77
RSXLMRKFYXXLITSTWERHGVEGOWSJXLIJEMPMRKWXVYGXYVI XLI TMRKW ERH GVIEOW SJ XLI QEOIWLMJX HSSV ERRSYRGI XLIVIXYVRSJ1V.SLRWSR,IWXITWSYX[MTIWLMWLERHW SREFPSSH]GPSXLXLIRQEOIWLMWRI\XSJJIVXSXLIVYR RIVW ,IRS[[ERXWXLIQXSXEOIXLITPEGISJXLIGSYVMIV ERHHIPMZIVXLIHEXE,IvW[IPPE[EVIXLEXXLIHEXE[EW RSXMRXLIGEWIERHMWMRWXIEHMRXLILIEHSJXLIGSYVMIV ,IGERvXQSZIXLIHEXEWMRGIXLIMRJSVQEXMSRMWPSGOIH ERHGSHIHFYXLILEWEWIGSRHEV]TPER,ILEWZMSPIRXP] VIQSZIHXLILIEH[EVIERHMW[MPPMRKXSGVYHIP]MQTPERX XLIKIEVMRXSEVYRRIV[MXLEPMXXPILIPTJVSQEQIQFIVSJ LMWWIGYVMX]HIXEMP,MWTPERMWXSTEVXMEPP]WGEPTEVYRRIV EXXLIFEWISJXLIMVWOYPPWPMTXLIHIZMGIYRHIVXLIMVWOMR LIEP XLI[SYRHXLVSYKL QEKMG ERH XLIRQEOI ERSXL IV XMR] GYX [LIVIXLI TSVXMW ,I LEW HSRI XLMW FIJSVI ERHMX[MPP[SVOJSVEWLSVXXMQI8LITVSGIHYVIGEYWIW FS\IW SJ 4L]WMGEP (EQEKI 8LI LIEPIV LEW E FEWI SJ HMGI XS VSPP JSV GEWXMRK ,IEP %R YRLIEPIH MRNYV] [MPP QIER XLIFS\LEW XS FIVIQSZIH XLIHEQEKIGEYWIH F]XLIEXXIQTXVIQEMRW ERHWSQISRIIPWI[MPPRIIHXS ZSPYRXIIV8LIHIZMGIEPWSSRP]LEWX[SLSYVWSJVIWIVZI TS[IV%JXIVXLEXMX[MPPRIIHXSFIVIMRWXEPPIHMREWYFNIGX SV VIQSZIH ERH XLI FEGOYT TS[IV GIPP VITPEGIH 8LMW
WLSYPHRSXFIETVSFPIQEWXLIVYRRIVWEVIRS[EWOIH XSQEOIXLIHIPMZIV]ERHLEZISRP]EWLSVXXMQIPIJXMR XLIHIPMZIV][MRHS[ %W MJ MRWXEPPEXMSR [EWRvX E FMK IRSYKL TVSFPIQ XLI VYRRIVTSWMRKEWXLIGSYVMIVMWKSMRKXSFIXLIXEVKIXSJ ERSXLIVVYRRIVXIEQ8LMW SXLIV XIEQ [SVOMRKJSV)ZS EWWIGYVMX]FEGOYTLEWEGGIWWXSXLIWXIEPXL6*-(XVEGO IV[MXLMRXLIGSYVMIVvWLIEH[EVI8LI]vZIFIIRGEPPIHMR ERHLEZIHSRIEUYMGOVIGSRSJXLIKEVEKIXSPSGEXIXLI XEVKIXERHXLI]ORS[XLIHIZMGI[EWQSZIHXSWSQI
KVSYT MR XLI JVSRX X[S QSVI VYRRIVW 8LI]vPP GPSWI MR JEWXSRGIXLI] KIXXLIXEVKIX MRXSEREPPI] SVSXLIV REV VS[TMRRIHWTEGI-JXLIVYRRIVGSYVMIVHIGMHIWXS[EPO SYXSRXLITYFPMGWXVIIXWXSYWIERSR]QMX]EWLMWLIVHI JIRWIXLIKVSYT[MPPVSPPYTMRXLVIIZERWERHTMRXLIQ MREPSRK[MXL[LEXIZIVGMZMPMERWEVIEVSYRH 8LIWIGYVMX]XIEQSRXLIMVLSSTWMWRvXXLIIRHSJXLIMV XVSYFPIW 8LIVYRRIVGSYVMIV MW KSMRK XS LEZI XSTPE] MX GSSP[LIRWIGYVMX]EXXLIHIPMZIV]TSMRXUYIWXMSRWXLIMV -(8LMWXIRWIPMXXPIIRHMRKWGIRIHSIWRvXSJJIVER]WIVM SYW GSRWIUYIRGIW YRPIWW XLI VYRRIV MR UYIWXMSR GSQ TPIXIP] FPS[W LMW GSZIV ERH EXXEGOW XLI WIGYVMX] KYEVH UYIWXMSRMRKXLIQ
&-88)64-007
&033(=&97-2)77
%JXIVXLEXXLIVYRRIVWQE]LEZIEPMXXPIXVSYFPIJVSQXLI VIQEMRMRKWIGYVMX]XIEQSRXLISYXWMHIFYXXLI]KIXGEPPIH SJJ[LIRXLIHIPMZIV]MWQEHI8LIVYRRIVWGERFIPIJXGSR JYWIH EW XS [LEXNYWX LETTIRIH FYX XLEXvWLS[ WLEHS[ VYRRMRK [SVOW WSQIXMQIW -X MWRvX EP[E]W RIEX ERH GPIER [MXLERIEWMP]I\TPEMRIHIRHMRK WSQIXMQIWMXvWUYMGOERH HMVX]ERHEPPXLIVYRRIVWKIXMWEJEXGVIHWXMGO[MXL RY]IRSRMXERHETMPISJYRERW[IVIHUYIWXMSRW
403843-28 1V.SLRWSRLEWERSXLIVWLMTQIRXLI[ERXWWREKKIHJSV ERSXLIVRY]IRPYQTWYQTE]QIRX8LIGEVKSMW FIMRKQSZIHMR+1'1YPIWEKEMRFYXXLMWXMQIXLIVIMW E UYEVXIX SJ XLIQERH 1V .SLRWSR SRP] [ERXW SRI ,I HSIWRv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vXGSQQYRMGEXIEREXXEGOMJSRI SGGYVW 7IGYVMX]SRXLIZERWMWXMKLXIWTIGMEPP]XLIMV1EXVM\WI GYVMX]8LSWITVSZMHMRKXLIWIGYVMX]EVIGSZIVMRKXLIMVER KPIW FYX E TIVGITXMZI XIEQ QE] RSXMGI XLEX E PSX SJ XLI WIGYVMX]MWEFSYXOIITMRKWSQIXLMRKMREWQYGLEWOIITMRK XLIXVERWTSVXWWEJI GEVKSEVIETVSZMHMRKEz 2SMWITIREPX])EGLZILMGPILEW EXVEMPGEV[MXLJSYVSGGYTERXW EVMKKIV YWI(VSRI6MKKIV T76 GSRXVSPPMRKXLIZERERHX[SHVSRIW +12MW WER 6SXS(VSRI [ PSEHIH [MXL KIP VSYRHW +12MWWER 6SXS(VSRI[PSEHIH[MXL)\I\TPSWMZIEQQS EHIGOIV YWI(IGOIVT76 TVSXIGXMRKXLIZILMGPIvWRSHIERH XLIVMKKIVJVSQ1EXVM\EXXEGOWEW[IPPEWQSRMXSVMRK1EXVM\ VEXI 7IGYVMX] T 76 8LI GEV MW EPQSWX E OMPSQIXIV FEGOERHWYJJIVWE2SMWITIREPX]JSVGSRXVSPERSXLIVGPYI XLEXWSQIXLMRKWXVERKIMWEJSSX 3R XLI %WXVEP XLIVI EVI IMKLX FSYRH WTMVMXW *SVGI
&-88)64-007
ER]EWXVEPJSVQWXLEXXV]XSIRXIVXLIZILMGPI8LI*SVGI
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
LIPP[MPPFVIEOPSSWI 8LI SVHIV XS FYVR XLI GSRXIRXW GSQIW MJ XLI WIGYVMX] XIEQPSWIWGSRXVSPSVJIIPWXLI]EVIKSMRKXSPSWIGSRXVSP SJXLIZILMGPI-JXLISVHIVKIXWXLVSYKLXLIWTMVMXWEXXEGO XLILIEHGEWIWERHXLILIEHGEWIW[EOIYTERHEXXIQTX SJXLIMVIWGETIWLSYPHKSWQSSXLP]FIGEYWIXLIWTMVMXWHS RSXPMOIXLIMVQEWXIVWERH[MPPRSXFYVRER]XLMRKXLEXMWRSX MRXLIFEKWWMRGIXLSWIEVIXLIMVSVHIVW -JXLIVYRRIVWGERWQSSXLP]WITEVEXIWIGYVMX]ERHXLIR XEOI XLI ZER SZIV ERH HVMZI MX XS 1V .SLRWSR XLI] EVI EPP KSSH %W PSRK EW XLI SVHIV RIZIV GSQIW XLVSYKL XLI XLIWTMVMXSJFIEWXWSRP]GEVIWEFSYXXLIEWXVEP 3RGIXLIVYRRIVWLEZIEZERERHGSRXEGX1V.SLRWSR LI HMVIGXW XLIQ XS XLI TEVOMRK KEVEKI EKEMR ;LIR XLI] EVVMZILITE]WXLIQWIRHWXLIQSJJXSXLIWYVJEGIPIZIPMR E FIEXYT&YPPHSK ERH XIPPW XLIQ XSWXMGO EVSYRH8LMW MW ERSXLIVHSYFPINSF
403843-28 2S[ XLEX XLI] LEZI E GEVKS ZER JVSQ XLI STTSWMXMSR 1V .SLRWSR RIIHW XLI VYRRIVW XS KEMR EGGIWW XS XLI PEFW LMH HIRFIRIEXLXLI[EVILSYWIERHKEMREGGIWWXSXLIVIWIEVGL WGLIQIERHTPERF]1V.SLRWSRFIGEYWILISJJIVWETPERXS KIXXLIQMR,IMRZMXIWXLIQHS[REJXIVXLMVX]QMRYXIW[MXL XLISJJIVSJERSXLIVNSF,ILEWIQTXMIHXLI1YPIXLI]HI PMZIVIHXSLMQERHELEPJHS^IRFSH]FEKWPE]WTVIEHSRXLI KVSYRHSTIRERHIQTX],MWTPERMWWMQMPEVXSXLIGPEWWMG8VS NERLSVWI8LIVYRRIVWKIXMRXSXLIFEKWERHLMHIMRWMHIXLI ZERXSWRIEOTEWXWIGYVMX]MRXLI[EVILSYWI3RGIXLI]EVI MRWMHILI[ERXWXLIQXSHS[RPSEHEWQYGLHEXESRXLIGYV VIRXVIWIEVGLKSMRKSRMRXLEXPEFEWXLI]GERERHXLIRGEYWI ERwEGGMHIRXxXSHIWXVS]XLIPEF8LITE]SJJIVMWRY]
&033(=&97-2)77
GYX MJ XLI] [ERX XLI NSF FYX [ERX XS KIX MR XLIMV S[R [E] 2IKSXMEXMSRWTPE]SYXEWRSVQEP[MXLERY]IRMRGVIEWI TIVRIXLMXJSVXLI8VSNERLSVWINSFERHERY]IRMRGVIEWI TIVRIXLMXMJXLI]EVIJSPPS[MRKXLIMVS[RTPER;EV]VYRRIVW QE] FI GSRGIVRIH EFSYX FIMRK XVETTIH PMOI XLEX ERH [SR HIV[L]XLI]EVIKIXXMRKTEMHQSVI{MXHSIWRvXJIIPVMKLX{FYX FYWMRIWWWEZZ]VYRRIVWWIIXLI VIEWSR JSVXLIHMJJIVIRGIMR TE] -J XLI] EKVII MRXSXLI FEKW XLI] KS 1EOI MX HVEQEXMG ERHVIQIQFIVXLEXXLIVIMWEPMQMXIHEQSYRXSJWTEGIMRXLI FEKWWSKIEVRIIHWXSWXE]VIEWSREFPI%HHMXMSREPP]XLIFEKW
%WJSVXLIPEFXLI]EVIHSMRKVIWIEVGLSREXVIEXQIRX ERHTVIZIRXMSRQIXLSHJSV'SKRMXMZI*VEKQIRXEXMSR(MWSV HIV '*( 8LI>-'XIEQLEWLEHEPSXSJWYGGIWWERHEVI SRP] E JI[ QSRXLW [SVXL SJ XIWXW E[E] JVSQ KIXXMRK XLMW TVSGIWW ETTVSZIH 8LI PEF EPWS LEW HIZIPSTIH ERI\XIR WMZI [IF SJ GSRRIGXMSRW FEWIH SR GSHMRK WYFNIGXW ERH 2)8 ERH )ZS EW XLI WSYVGI SJ XLI '*( ZMVYW 8LMW MW ZIV] HERKIVSYW ERH ZEPYEFPI MRJSVQEXMSR XLEX 1V .SLRWSR [ERXWXSKIXLMWLERHWSR -JXLIVYRRIVWEGGITXXLIFEKXVMGOXLI][MPPKIXEPPXLI [E]MRXSXLIJEGMPMX]FIPSEHIHSRXSGEVXWERHKIX[LIIPIH XS E WIX SJ LSPHMRK VSSQW [LIVI XLI] [MPP FI PSGOIH MR 8LI] [SRvXLEZI E[E] XS GSQQYRMGEXI[MXL IEGL SXLIV ERHSRP]WSQISRIGETEFPISJEWXVEPTVSNIGXMSR[MPPFIEFPI XSWIIXLEXIZIV]SRIMWGPSWIXSIEGLSXLIVWSXLI]WLSYPH IEGLFIWITEVEXIP]EPPS[IHXSHIGMHI[LIRXLI]EVIKSMRK XSXV]XLIMVIWGETI;LSIZIVIRHWYTWIPIGXMRKXLIIEVPMIWX TSMRX[MPPOMGOMXSJJERHSXLIVW [MPPLEZIXSKMZIYT XLIMV TPERWERHNSMRMR SVWXE]MRXLIMVFEKW 8LIXVERWTSVXXIEQ LEW JSYV WIGYVMX] KYEVHW YWI 'SVTSVEXI 7IGYVMX] T 76 76 -J XLI VYRRIVW HIGMHI XS XV] XS QEOI XLIMV S[R [E] MR XLI]JEGIXLITL]WMGEPERHQEKMGEPWIGYVMX]MRXLI[EVILSYWI EW[IPPEWXLI1EXVM\WIGYVMX]SRXLIW]WXIQXLEXEPPS[WEG GIWWXSXLIWIGVIXPEFW8LI] LEZI XS [SVV]EFSYX XLI WYV JEGIWIGYVMX][EVRMRKXLIWIGYVMX]FIPS[ FYXTVSFEFP]RSX MRXLI[E]XLI]XLMRO8LIVIMWRS[MVIHSV[MVIPIWW1EXVM\ GERFIWIRX;LEXXLI]LEZIMWEWSVXSJTERMGFYXXSRXLEXMW RSXLMRKQSVIXLEREWIXSJFMKVIHLERHPIWXLEXWIXSJJEWM VIRHS[RWXEMVW%R]SJXLILERHPIW[MPPWIXSJJXLIEPEVQFYX WIGYVMX]JSVGIW LEZIXS KIXXSXLIQERHWTIRHE'SQTPI\ %GXMSREGXMZEXMRKXLIQF]TYQTMRKXLILERHPI:IV]VIXVS 8LILERHPIWEVIPSGEXIHRI\XXSXLIIPIZEXSVRIEVXLIJVSRX HSSVERHRIEVXLIVIEVHSSV 7IGYVMX]JSVGIWMRXLI[EVILSYWIGSRWMWXSJIMKLXWIGY VMX]KYEVHW YWI'SVTSVEXI7IGYVMX]T 76 SRIWI GYVMX]QEKIERMQEPLERHPIV YWI'SVTSVEXI7IGYVMX]0MIY XIRERXT 76 EHH%RMQEP,ERHPMRKXSXLIWOMPPPMWX ERH E TEMV SJ FEVKLIWXW T 76 8[S SJ XLI KYEVHW [EVILSYWIvWVEJXIVWX[SEVIWXERHMRKKYEVHRIEVXLIIPI TVSFPIQWJSVXLIVYRRIVW8LIFEVKLIWXWERHXLIMVLERHPIV
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
MRKJSVX[S KYEVHW8LI PIJXLEWEQIHMYQWM^IETEVXQIRX 8LIXLMVHERHJSYVXLWIXWSJHSSVWPIEHXSPEFWSRIEGL WMHI8LIVIEVIX[SQIHMGEPPEFWEGSQTYXIVPEFERHEWGM IRGIPEF 8LI]GYVVIRXP]GSRXEMRXLVIIWYFNIGXWFYXXLIVIEVIEXSXEP SJX[IPZIWQEPPWIEPIHGIPPW8LMWMW[LIVIXLIVYRRIVW[MPP FILIEHIHMJXLI]GSQIMRXLVSYKLXLI8VSNERLSVWITPER-J XLI][EMXYRXMPXLI]EVIMRWMHIXLIGIPPWXLI]vPPVMWOXLIHSSV FIMRKWPEQQIHWLYX[MXLXLIKYEVHMRXLIVSSQ[LIRXLI] WXEVXXSQEOIEQSZI8LI]vPPRIIHXSVSPP-RMXMEXMZIERHYWI XLIMV7YVTVMWI%GXMSRSVQSZIEXXLIXSTSJXLISVHIVXSKIX GPIEVSJXLIVSSQSVIPWIXLI]vVIPSGOIHMRYRXMPWSQISRI VIPIEWIWXLIQ 8LIJEGMPMX]LEWRS[MVIPIWWWMKREPWEXEPP)ZIV]XLMRKMW LEVH[MVIHXLVSYKLXLI[EPPWERHGSRXVSPPIHJVSQXLIWIGY GIWWMW[MVIH8LIWIGYVMX]HIGOIVLEWXSTL]WMGEPP]NEGOMRXS XLIW]WXIQ XVIEXMXEWE6EXMRKLSWX% 7 (* ;LIRXLIVYRRIVWFVIEOSYXVIQIQFIVXLEXRSXEPPSJ XLIWIGYVMX]JSVGIWEVISRHYX]MREVQSVERHVIEH]XSVSPP -J XLI VYRRIVW GER KIX ER IEVP] EHZERXEKI WIGYVMX] QE] WXERHHS[R;MXLPYGOXLIVYRRIVWGERKIXGPIEVIHQIIX 1V.SLRWSRERHKIXTEMH
&-88)64-007
& 03 3( =& 97 -2 )77
8,)946-7-2+ 7TIGMEP7-+GVIEXIHF]+PMXGL %GGIWWKVERXIHXS ?.EGO4SMRXW8VM%HQMRA?8LSVRA?*MERGLIXXSA -EQOIITMRKEGGIWWXSXLMWTS[HIVOIKPMQMXIHJSVXLIXMQI FIMRKYRXMPMXMWWEJIXSVIPIEWIXSXLI[LSPISJ.EGO4SMRX
E PSX SJ EXXIRXMSR [LIR XLI TVMGI WO]VSGOIXIH HYI XS WIZIVEP TEVXMIW IRKEKMRK MR E FMHHMRK GSQTIXMXMSR JSV MXW EGUYMWMXMSR %JXIV WIZIVEP TSXIRXMEP FY]IVW [IVI{ JSVGIJYPP]{WLYXHS[RHYIXSJYPPFPS[RHMKMXEPEWWEYPXWSR XLIMVGSRRIGXMSRWXLITVIZEMPMRKXIRHIVIVNYWXQEREKIHXS GPSWIXLIXVERWEGXMSRFIJSVIXLI,IPM\[EWEXXEGOIHF]XLI JSVGISJ+3(SRFILEPJSJXLI''1%(YIXSXLIJYPPFPS[R GSVTSVEXIGVEGOHS[RSRXLIKVMHXLI,IPM\LEHXSFIXEOIR HMH[LIRMX[EWWLYXHS[RF]%^XIGLRSPSK]%JXIVWIVMSYW HIIWGEPEXIHERHXLI,IPM\MWFEGOMRFYWMRIWW*VSQ[LEX XLI QIKEGSVTSVEXI KVETIZMRI MW XIPPMRK LS[IZIV XLI [LSPIVSYRHYT[EWWERGXMSRIHLMKLIVYTXLIJSSHGLEMR F]XLI'SVTSVEXI'SYVX +PMXGL
:SMGIEREP]WMWEGXMZEXIH %YHMSXS8VERWGVMTXMRMXMEXIH 8MQIWXEQTSJVIGSHMRK ?4IVWSR QEPI [MXL WPMKLX *VIRGL EGGIRXA 8LERO ]SYJSVQIIXMRKYWYRHIVWYGLWIGVIXMZIGMVGYQWXERGIW VIERA 8LERO]SY4EREQE'MX]MWEP[E]W[SVXLXLIXVMT IWTIGMEPP] [LIR EPP I\TIRWIW EVI TEMH %RH MX MW KSSH XLEX[I[IVIEFPIXSQIIXMRTEVEPPIPXSXLIGSRJIVIRGI =IW-KYIWW-EQJEQMPMEV[MXLIZIV]SRIJVSQSGGEWMSR EPQIKEGSVTSVEXIKEXLIVMRKWHMVIGXP]SV-ORS[EXPIEWX [LS]SYVITVIWIRX ?4IVWSR JIQEPI TVSFEFP] %QIVMGER SV -RHS EQIVMGERA +SSHLEZMRK]SYLIVIHIEV-XLMRO]SY[MPP FIEWWYVIHXLEX[IGSQIXSKIXLIV[MXLXLIFIWXMRXIVIWXW SJQIKEGSVTSVEXIWSGMIX]EXLIEVX ?4A 8LEXWSYRHWUYMXIMRXVMKYMRK7STPIEWI{XIPPQI QSVI1]WYTIVMSVW[IVIUYMXIZEKYIEFSYXXLMWEWWMKR
8,)946-7-2+
QIRXWE]MRKSRP]XLEXMXQE]FIGSQIELMKLTVMSVMX]ERH ?4IVWSR QEPI EGGIRX &VMXMWLA 0IXvW LEZI E WIEX[LMPI[IEXXIQTXERI\TPEREXMSR?4ISTPIQYQFPMRK MR FEGOKVSYRHA )REFPI WIGYVMX] TVSXSGSP *YPP PSGOHS[R [MXL TIVMQIXIV W[IITW %RH TPIEWI PIEZI XLI VSSQ 8LERO]SY ?4A =SY LEZI FIIR WIPIGXIH FIGEYWI SJ ]SYV YR [EZIVMRK PS]EPX] XS ]SYV GSQTER] HMWTPE]IH MR ]SYV QSVI XLER JSVX] ]IEVW SJ WIVZMGI %TEVX JVSQ ]SYV I\ TIVMIRGIMRQIKEGSVTSVEXITSPMXMGWERHIGSRSQMGW]SY LEZIEPWSVIGIMZIHXLITVSTIVXVEMRMRKXSVIWMWXGSQQSR MRXIVVSKEXMSRXIGLRMUYIWERHEVIEFPIXSIZEHIGETXYVI TVSXIGX ]SYV GSQTER] E HIZSXMSR XLEX MW VEVIP] JSYRH ERHXLEXLEWFIIRVIGSKRM^IHF]]SYVWYTIVMSVW ?4A ;MPPXLEXFIRIGIWWEV]# ?4A ;I LSTI MX HSIW RSX GSQI XS XLEX ,S[IZIV [LEX[IEVIXV]MRKXSEGGSQTPMWL[SYPHFIGSRWMHIVIH EGSRWTMVEG]SVXVIEWSRF]XLSWIMRTS[IVIZIRXLSYKL XLISTTSWMXIMWXLIGEWI;LEX[IEVIXV]MRKXSEGLMIZI SV[LEX[IEVIXV]MRKXSGLERKIMWJSVXLIFIXXIVSJEPP I\XIVVMXSVMEPGSVTSVEXMSRW ?4A 2SXNYWXJSVXLI&MK8IR?GLYGOPIWA ?4A SRI ?4A 'EVIXSIPEFSVEXI#;LEX I\EGXP]MW]SYVKVSYT XV]MRKXSEGLMIZI#1]QEREKIQIRXWIIQIHXSFISTIR XSWSQIOMRHSJMHIEXLEX[EWMRMXMEPP]TMXGLIHXSXLIQ FYXHIXEMPW[IVIQMWWMRK7STPIEWII\TPEMR-RHIXEMP ?4A 3J GSYVWI-RIIHXSKMZIWSQIGSRXI\XLS[ IZIVJSV]SYXSYRHIVWXERH1SWXQIKEGSVTSVEXMSRWRS QEXXIV XLIMV GYPXYVI SJ SVMKMREXMSR EVI EJXIV QSVI XLER XSKVS[ERHKVS[YRXMPXLI]IZIRXYEPP]FIGSQITEVXSJ XLIIPMXI8VMTPI%GMVGPIERHKVEFLSPHSJSRISJXLITVI GMSYWXIRWIEXWSJTS[IV SJ XLI[SVPH)WWIRXMEPP]XLI] XV]XSFIKSHW8LMWXLIREXYVISJXLIGSVTSVEXIPEHHIV -R XLITEWXSYVGSVTSVEXMSRW[IVIXLIWEQI;IWE[SRP] XLIGPMQFSJXLIPEHHIV,S[IZIV EJXIVWSQIHIGEHIW [I VIEPM^IH XLEX XLI W]WXIQ MW MRLIVIRXP] GLESXMG 8LEX MX MW JEYPX] -X FVMRKW SYX XLI [SVWX MR YW 'SQTIXMXMSR MRWXIEH SJ GSSTIVEXMSR *SV QSWX GSVTSVEXMSRW MX MW NYWX EFSYX KSMRK YT 8LI] TYWLGSQTIXMXSVW SJJXLI PEHHIV
[EXGL XLIQ JEPP WS XLEX XLI] QE] KSFFPI YT XLI VIQ JSVXLIFMKKIWXFSRISRXLI]EVHMRWXIEHSJQYXYEPMWQ -RWXIEHSJI\GLERKIJSVTVSWTIVMX] ?4A 8LMWLEWRSXFIIRQSVIZMWMFPIXLERRS[ ?4A =SYEVIXEPOMRKEFSYXXLITPERRIH6IZMWMSR;I EVIRSXWGEVIHSJXLEX ?4A 2IMXLIVEVI[I&YX]SYEVIQMWWMRKXLITSMRX 8LI&MK8IREVIPSWMRKGSRXVSP(YROIP^ELRvWPIKEG](IYW ERHXLI6IRVEOYEVGSPSK]WLYXHS[R;MRXIVRMKLX'VEWL )QIVKIRGI XLI(VEKSR 'MZMP;EVXLIR '*([LMGL [EWPMOIP]VIPIEWIHF] SRISJXLIQIKEGSVTWMR TS[IV 2S[XLI&SWXSR0SGOHS[RLYWLIHYTF]XLI'SVTSVEXI 'SYVX8LI6IZMWMSRLEWFSYKLXXLIQXMQIFYX{MJEXEPP{ XLI]EVINYWXTEXGLMRKYTEW]WXIQXLEXIRHIH[SVOMRKE PSRKXMQIEKS8LIKSHWSJSPHLEZIKVS[R[IEO8LIVI MW IZIR EVYQSV XLEXSRISJ XLIQ QE] JEPP 8LEX [SYPH LEZIRIZIVIZIRFIIRXLMROEFPI[LIRXLSWIWIZIRSVMK MREPGSVTSVEXMSRWSVXLIMVTVIHIGIWWSVWJSYRHIHXLI-R XIV'SVTSVEXI'SYRGMP ?4A 7S]SYEVIVEPP]MRKQ]GSVTSVEXMSRvWWYTTSVXXS FVMRKSRI]SYVGSVTSVEXMSRWMRXSXLI''# ?4A 3RXLI GSRXVEV] 3YV GSVTSVEXMSRWLEZI EFER HSRIH XLI JSSPvW IVVERH XS KEMR XVMTPI% WXEXYW ;LEX [IEVITVSTSWMRKMWQYGLQSVIVEHMGEP%VIWXEVXSJXLI W]WXIQ{SV EX PIEWX ER IZSPYXMSR SJ XLI W]WXIQ JVSQ E QIKEGSVTSVEXIX]VERR]XSWSQIXLMRKQSVIHIQSGVEXMG XLEXMWEFPIXSFEPERGISYXER]I\XVIQIWERHTVSZMHIXLI KPSFEP TSPMXMGEPERH IGSRSQMGWXEFMPMX]JSVGSVTSVEXMSRW ?4A 8LEXWSYRHWUYMXIGSVTSVEXIYXSTMERXSQI ?4A 2SQ]HIEV ;IEVI VIEPMWXW)ZIR [MXLERI[ W]WXIQ XLIVI [MPP FI GSQTIXMXMSR ERH{SR SGGEWMSR{ GSVTSVEXI[EVSFZMSYWSVMRXLIWLEHS[W,S[IZIVXLI JVEQI[SVO[MPPFIQYGLQSVIWXEFPIERHPIWWTVSRIXS WYFZIVWMSRSJXLISRIW MRTS[IV[LSQEOIYWISJXLI W]WXIQEXXLIMVS[RFMHHMRKERHGLERKIXLIVYPIW[LIR MXMWEHZERXEKISYWJSVXLIQ ?4A 7S]SYEVITVSTSWMRKEHMWXVMFYXMSRSJTS[IV ?4A )WWIRXMEPP] ]IW 8LIVI EVI KSSH I\EQTPIW XLEX [SVO[IPP ERH LEZIRSX HIKIRIVEXIHPMOIXLI'SVTSVEXI ,IXEIVMESVGSVTSVEXIKSZIVRMRKFSHMIWPMOIXLI1ERLEX XER (IZIPSTQIRX 'SRWSVXMYQ SV XLI )YVSTSVX %HQMRMW XVEXMZI6YPMRK'SYRGMPEVIEWWSGMEXMSRWXLEX[SVOXSKIXLIV
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wEKMXEXISXLIVGSVTvWx ?4A 8LEXI\TPEMRWSYVRIIHJSVWIGVIG] ?4A -RHIIH ?4A XLIGMVGYQWXERGIWHYVMRK[LMGL[IGEREXXIQTXXSMQTPI QIRXXLIQ8LI[IEOIVXLI'SVTSVEXI'SYVX[MPPFI[LIR [I QEOI SYV QSZI XLI IEWMIV MX [MPP FI 8LIVI MW SRI XLMRK-[SYPHPMOIXSQEOIGPIEVXLSYKL{[IHSRvX[ERX XSWXEKIEGSYT;I[ERXXLIQIQFIVWSJXLI'SVTSVEXI 'SYVXXSYRHIVWXERHXLEXXLIW]WXIQXLI]GVIEXIMWJEMPMRK %RH MJ KSZIVRQIRXW WXEVX XS STTSWI XLI [LSPI W]WXIQ MQTPIQIRXIHF]XLI&YWMRIWW6IGSKRMXMSR%GGSVHWMX[MPP KIX [SVWI8SEGLMIZI XLI VIZSPYXMSR [IRIIH WYTTSVX GSSTIVEXMSRERHEPMKRQIRX FIX[IIRWSQISJXLI QSWX SYVEPPMERGIMWWXVSRKIRSYKLERH[IGERIRXIVRIKSXME XMSRW[MXLXLI''8LMWMW[L]{MRIWWIRGI{]SYEVILIVI
8,)946-7-2+
&033(=&97-2)77
*SV]SYTIVWSREPP]XSNSMRSYVVEROWERH]SYVGSVTSVEXMSR XSNSMRXLMWYRMSRJSVERI[JYXYVISJXLIGSVTSVEXIW]WXIQ ?4A % ZIV] VMWO] IRHIEZSV ;LEX WIGYVMXMIW HS [I ERSQIKESVHIVEKEMRWXYWSV]SY# ?4A :IV]XVYI)ZIRXYEPP][I[MPPRIIHXSXEOIXLIVMWO ERHGSQISYXSJXLIWLEHS[WXSSTTSWIXLI'SVTSVEXI 'SYVX%XXLEXTSMRXMX[MPPFIEPPSVRSXLMRK8LIMQTIVEXMZI MWXLEX[IOIITMXUYMIXYRXMPXLIRXSWXEGOXLIGEVHWMRSYV JEZSVERHVEPP]XLIWYTTSVX[IRIIH;MXLVIKEVHWXSXLI WIGYVMXMIW]SYEVIEWOMRKJSV{MX[MPPFIEQEXXIVLS[[IPP [I QEREKI XS QEMRXEMR WIGVIG] 3RP]E JI[ MRHMZMHYEPW MRXLIGSQTER]RIEVXLIXSTSJXLIJSSHGLEMR[MPPORS[ XLI[LSPIXVYXLERHXLI][MPPFIFEGOIHYTF]XLIMVQER EKIQIRX[LSXLIQWIPZIW[MPPLEZIRSHIITORS[PIHKI EFSYX [LEX MW I\EGXP] KSMRK SR JSV QE\MQYQ HIRMEFMPM X]8LIWIMRHMZMHYEPWMRIZIV]GSVTSVEXMSR[MPPQEOIWYVI XLEXVIWSYVGIWKIXHMZIVXIHXSSFJYWGEXIHEXEERHQSRI] XVEMPWZMEFPEGOSTWHMZMWMSRW[LIVIRSFSH]GSQIWEWOMRK UYIWXMSRW)PIQIRXWSJSYV[SVOWYGLEWWXVEXIKMGEWWIWW QIRXW WMQYPEXMSRW ERH MRXIPPMKIRGI EGUYMWMXMSR GER FI TVSZMHIHF]TVS\MIW[LSXLMROXLI][SVOSREGSQTER] TVSNIGX8LSWISJYWMRXLIORS[QIIXSREVIKYPEVFEWMW YRHIVJEPWITVIXI\XERH[IQIIXMRTIVWSRXSPMQMXHEXE
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vWGETEFPIMRXIPPMKIRGIHMZMWMSRWIZIRXYEPP] RSQEXXIVLS[YRSFXVYWMZI[I[MPPETTIEV;ILSTIXLEX XLI]EVIGYVVIRXP]XSSIRXERKPIH[MXLXLI&SWXSRWMXYEXMSR XSRSXMGIFYXXLIVIEVIRSKYEVERXIIW%WRSXEPPGSVTSVE XMSRW[MPPFI[MPPMRKXSNSMRSYVGEYWIWSQIQE]KSVYR RMRKXSXLI&MK8IRXSVEXYWSYX8LMWMW[L]TMGOMRKXLI XMEPXEVKIXWERHXLIMVS[RIVWFSEVHQIQFIVWERHTMXGL SYVTVSTSWEPXSXLIQ[MPPFIERMQTSVXERXXEWOFIJSVI[I GERI\XIRHXLISTIVEXMSRW7XMPPSYVFIWXGLERGIWVIQEMR ERHIZIV]SRIMWEFPIXSQEMRXEMRXLIWIGVIX ?4A %W ]SY GER MQEKMRI XLIWI WIGYVMX] QIEWYVI EVIGSWXP][LMGLMW[L][IVIUYIWXIHXLIRSRXVEGIEFPI
8,)946-7-2+
RMIWvGSQQMXQIRXXSNSMRXLIGEYWI ?4A -GER[MVIXLIQSRI]WIGYVIP]%WMRHMGEXIHFI JSVIF]Q]WYTIVMSVW[ILEZIRSPSZIJSVQSWXQIQFIVW SJ XLI'SVTSVEXI 'SYVX+MZIR[LEX -LEZILIEVH XSHE] - EQ EVI LETT] XS NSMR - LEZI E JI[ SXLIVW XLEX GSYPH WXVIRKXLIRXLIKVSYTvWYRHIVXEOMRK ?4A +VIEX -J ]SY EKVII [I WXST LIVI 8LI VYRRIVW [MPPIWGSVX]SYXSERIEVF]GPMRMG[LIVI[ILEZIQEHIXLI RIGIWWEV]TVITEVEXMSRWXSIUYMT]SY[MXLXLIRIGIWWEV] MQTPERXW ;I [MPP XLIR VIWYQI SYV GSRZIVWEXMSR XSQSV VS[YRHIVQSVIWIGYVIGSRHMXMSRWMREZMVXYEPHEXEVSSQ
'VE^] JVEKKIVW%TPSXEKEMRWX XLI'SVTSVEXI'SYVX8LI] QYWXLEZIEWIVMSYWHIEXL[MWL0SSRMIW &YPP 1ER] FMK%% GSVTSVEXMSRW LEZI FIIR WGVI[IH SZIV F] XLI QIKEW QYPXMTPI XMQIW PMOI >-' 1SRSFI 9RMZIVWEP 3QRMXIGL 1EIVWO -%=EOEWLMQE 7SR] NYWX XS REQI E JI[ 7XMPP - [SYPH LEZI RIZIV XLSYKLX XLEX XLI] [SYPH GSSTIVEXI XS GLEPPIRKI XLI '' 7]RHI\MSM MW KVIIO ERH QIERWwYRMXIHF]XLILERHWLEOIxEXIVQXLEX[EWYWIH F]1MXLVEMGGYPXWMRXLITEWXKSMRKFEGOXSXLIXVEHMXMSREP [E] SJ GSRGPYHMRK E XVIEX] SV WMKRMJ]MRK WSQI WSPIQR YRHIVWXERHMRKFIX[IIRX[STEVXMIW *MERGLIXXS
7LEHS[VYRRIVW# 3V LEW XLI '' EPVIEH] KSXXIR [MRH SJ XLMW# 8LSVR *VSQ[LEXQ]WSYVGIWXIPPQIXLI]ORS[XLEXWSQIXLMRK MWMRXLIFYWLIW1SWXSJXLIQXLMROMXLEWWSQIXLMRKXS HSSJERYQFIVSJGSVTSVEXMSRWQIVKMRKMRXSE%%%ERH VEPP]MRKWYTTSVXXLSYKL2SXLMRKSRXLMWPIZIPSJMRWERI %RH[MXL7/4VMQISGGYTMIHF]XLIMVS[RMRXIVREP[MXGL LYRX IZIR XLI HVEKSRvW WTMIW LEZI RSX TMGOIH XLMW YT *VSQ[LEX[IORS[EXPIEWX *MERGLIXXS
[MPPMRKXSWLYXHS[REQEVOIXTPEGI[LMGLXLI]JVIUYIRXP] YWIHXLIQWIPZIWXSEGUYMVIHMVXERHREWX]PMXXPIWIGVIXW# 7PEQQ -J ]SY QYWX ORS[ - LEZI KSSH GSRRIGXMSRW XS 7]RRIV (VEGOIRJIPXWERHXLIMVGVI[HMVIGXP]ERHZME&<2SRISJ XLIQ [IVI EQYWIH F] XLI WXYRX XLI QIKEW TYPPIH ERH XLI WLMXXLEX LEW VEMRIH HS[RSR XLIQ WMRGIXLIR8LI] [IVIEFPIXSTVSZMHIEHEXEXVEMPXLEXPIHQIXSXLI7ISYP
&033(=&97-2)77
-RGLISR1IKETPI\+MZIRXLEXXLIVI[EWSRP]SRISFZMSYW GERHMHEXIERHWMRGI-EQEGYVMSYWTIVWSR[LSWXMGOWLMW RSWI [LIVI MX HSIW RSX FIPSRK - YWIH PSGEP WSYVGIW XS +PMXGL
&%'/+6392( 3ZIVXLITEWXJI[HIGEHIWWIZIVEPQENSV%%GSVTSVE HIWTSXMWQ SJ XLI 'SVTSVEXI 'SYVX >IXE-QT'LIQ [LMGL LEW EP[E]W FIIR XLI PMOIPMIWX TVSWTIGX SJ KVEF FMRKEWIEXMRXLI'SVTSVEXI'SYVXEJXIVJEMPMRKXSWIM^I MX MR XLI vW HYI XS XLI 4SP]HSTE 7GERHEP FVSYKLX XSPMKLXF]EXPIEWXSRI SJXLI&MK 7IZIR [LS HMH RSX [ERX>-'XSNSMRXLIMVVEROW [EWRIZIVKMZIREJYVXLIV GLERGI ERH KSX WXSRI[EPPIH F] QIKEGSVTSVEXI FY VIEYGVEG][LIRIZIVXLI]XVMIH7MRGIXLIvW1SRSFI -RXIVREXMSREP LEW FIIR SR XLI GYWT SJ KEMRMRK E WIEX SRXLI'SVTSVEXI'SYVXFYX[EWWGVI[IHSZIVEXIZIV] STTSVXYRMX]HIWTMXITVSQMWIWF]XLI%%%.ETEREGSVTW ERH SXLIV FEGOVSSQ RIKSXMEXMSRW 3XLIV TS[IVJYP SV GSVTSVEXIH %WWIXW =EOEWLMQE 8IGLRSPSKMIW *VERO JYVX &ERO %WWSGMEXMSR ,MPHIFVERHX/PIMRJSVH&IVREP ERH )EWXIVR 8MKIV 'SVTSVEXMSR WYJJIVIH XLI WEQI JEXI SZIVXLI]IEVWERH[IVIXEVKIXIHF]QIKEGSVTSVEXMSRW [LIR KVS[MRK EFSZI E GIVXEMR XLVIWLSPHW XLEX [SYPH LEZIIZIRXYEPP]FVSYKLXXLIQMRXSXLI%%%PIEKYI ;LIR ,SVM^SR REFFIH XLI WIEX SR XLI 'SVTSVEXI 'SYVXMRXLI[EOISJ'VEWL[MXLSYXEJEMVEWWIWWQIRX SJEPPXLITSXIRXMEP GERHMHEXIW MXPIJXEPPXLIWIGSVTSVE XMSRW HMWIRJVERGLMWIH MRXLIMV HIEPMRKW [MXL XLI 'SVTS VEXI'SYVX;LIR>-'ERH1SRSFIQEHIETYFPMGQSZI YWMRKXLIMVPIZIVEKI[MXL)YVSGSVTWERH.ETERSGSVTWXS GEQTEMKR JSV E VISVKERM^EXMSR SJ XLI 'SVTSVEXI 'SYVX [MXLEw,SYWISJ'SQQSRWxERHKSXXLVIEXIRIHF]ER 3QIKE 3VHIVMXFIGEQI IZMHIRX XLEXEQSVIGPERHIW XMRIYRHIVXEOMRK[EWVIUYMVIH E RYQFIV SJ %% GSVTSVEXMSRW [IVI JSVQIH EW E GPER HIWXMRI KVSYT XS GSRWTMVI EKEMRWX XLI GYVVIRX TS[IVW XLEXFI ;LMPI RSX TPERRMRKE GSYTEKEMRWX XLI'SVTS VEXI 'SYVX TIV WI XLI] EVI TPERRMRK{MR E RYXWLIPP{XS XVERWJSVQSVVIZSPYXMSRM^IXLI WXVYGXYVI SJ EKSZIVRMRK FSH]GSRWMWXMRKSJWIPIGXIHJI[MRXSEGSYRGMPSJQER] XLIVIF]HMPYXMRKXLI8VMTPI%WI\XIRWMZITS[IVW8SXLMW IRHXLIGSRWTMVEXSVWEVIGYVVIRXP]PSFF]MRKJSVWYTTSVX LEZI NSMRIH XLI GSRWTMVEG] WS JEV XLSYKL XLIMV MHIRXM XMIW EVI WLVSYHIH MR WIGVIG] ERH XLI KVSYT GSRWMWXW 7]RHI\MSMEVIWIXXMRKYTQIIXMRKWEVSYRHXLIKPSFIXS I\GLERKIMRJSVQEXMSRERHHMWGYWWRI\XWXITWEW[IPPEW HIEP[MXLTSXIRXMEPRI[TVSWTIGXW7MRGIXLI'SVTSVEXI 'SYVX[SYPHGIVXEMRP]VIXEPMEXIEKEMRWXXLIMRZSPZIHGSV
TSVEXMSRWMJXLI]IZIVJSYRHSYXEFSYXWYGLERYRHIVXEO MRK [LMGL MW IWWIRXMEPP] LMKL XVIEWSR SJ XLI GSVTSVEXI [SVPH XLIVYRRIVW[MPPFIXEWOIHXSVYRWIGYVMX]HYVMRK EQIIXMRKXEOMRKTPEGIMRMRXLI7SYXL%WMERGSVTSVEXI MWPERHWXEXISJ7MRKETSVI ,S[IZIV[LMPIXLI'SVTSVEXI'SYVXLEWRSGSRGVIXI WYWTMGMSR ]IX
403843-28 ;)0'31)837-2+%436)-2' WSRMREZMVXYEPLSWX[LMGLLEWXLIRSRHIWGVMTXMGSRSK PSSOWERHFILEZIWPMOIE.ETERIWIWEVEVMQER[ERXWXLI VYRRIVWXSVYRXLIWIGYVMX]JSVEWIGVIXMZITERGSVTSVEXI XLEX[MPPXEOITPEGIMRXLIGSVTSVEXI WXEXI SJ 7MRKETSVI MR E GSYTPI SJ HE]W 8S GSRGIEP XLI RIKSXMEXMSRW JVSQ XLIMVGSQTIXMXSVWXLIQIIXMRK[MPPXEOITPEGIYRHIVXLI JEPWITVIXI\XSJEw7XVEXIKMG1EVOIX 6IWIEVGL)\GLERKI )'REQIH+SSWWIRW (YTSRX EGSQTER][MXLWSQI QIKEGSVTSVEXMSR 8SJYVXLIV SFJYWGEXI XLI QIIXMRK MX [MPPXEOITPEGIMRXLI1EVMRE&E]3VGLMH WIIFIPS[ E LYKI LSXIPVIWSVX XLEX LEW E RYQFIV SJ GSRZIRXMSR JE GMPMXMIWXLEXEVIYWYEPP]FSSOIHF]ERYQFIVSJHMJJIVIRX WYQQMXEXXLI3VGLMHvW)\TS 'SRZIRXMSR'IRXVI XLI LSXIP[MPPFIGVE[PMRK[MXLGSVTSVEXII\IGYXMZIW MX[MPP JYVXLIVVIHYGIXLII\TSWYVI SJ XLIQIIXMRK+SSWWIRW
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
8,)946-7-2+
&033(=&97-2)77
TIRWIEGGSYRXSJRY]IRXLEXER]QIQFIVSJXLI XIEQGERYWI-JXLIVYRRIVWEKVIIXLI][MPPQIIX[MXL XLISXLIVQIQFIVW HIWGVMFIHFIPS[ EX'LERKM%MVTSVX XSEVVERKIXVERWTSVXXSXLI3VGLMH %X XLI 3VGLMH XLI VYRRIVW GER PMEMWI [MXL LSXIP WI ETTVSTVMEXI PMGIRWI EW FSH]KYEVH SV WIGYVMX] TVSZMHIV EKEMRWXEWGERRIV[MXLE6EXMRKSJ T 76 XSKIX ZIXXIHERHKEMREGGIWWXSWSQIXLILSXIPvWWIGYVMX]W]W MRJSVQEXMSRI\GLERKI
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wHIR SJ GSVTSVEXI HSQMREXMSRx JSV E [LMPI %W XLI][MPPFIQEMRP]XEVKIXXLIWYQQMX[MXLXLIMVLEGOW WLSSXMRK ERH FSQFMRKW XS GVIEXI EW QYGL QE]LIQ EW TSWWMFPI XLI TISTPI XLI VYRRIVW EVI KYEVHMRK IR RIVW VIEGX XS XLI XLVIEX F] IPMQMREXMRK FEVMWER OSRKWM EGXMZMWXWMX[MPPGEYWIQYGLYR[ERXIHEXXIRXMSRSRXLI VYRRIVWERHXLIQIIXMRKF]QIHMEERH-RHVENMXPE[IR JSVGIQIRXXLEX[MPPGSQIMRXSUYIWXMSRXLIVYRRIVW
403843-28 (344)0+%2+)6(-786)77 3R (E] 8LVII X[S SJ XLI VYRRIVW [MPP FI XEWOIH XS FVMRK MR ERSXLIV EXXIRHII [LS [MPP EVVMZI EX 'LERKM %MVTSVX JVSQ *VEROJYVX MR XLI PEXI RMKLX ERH FVMRK LIV XSXLILSXIPXSQIIXXLISXLIVEXXIRHIIWMRTIVWSRXLI RI\X QSVRMRK 8LI EXXIRHII MW ER %JVMGER%QIVMGER QMHXLMVX]MWL GSVTSVEXI [SQERF] XLIREQI SJ'LVMW XMERE 1G2EQEVE;LEXXLIVYRRIVWHSRvXORS[MWXLEX XLI SVMKMREP TIVWSR [EW VITPEGIH F] E HSTTIPKERKIV STIVEXMZIKSMRKF]XLIREQISJ:IPXLE[LSMW[SVOMRK SRFILEPJSJ6IRVEOY7MRGILIVXEVKIXORI[PMXXPIEFSYX
8,)946-7-2+
&033(=&97-2)77
XLIQIIXMRKWLI[EWEXXIRHMRK MXMWETVSWTIGXEWWIWW QIRXWMQMPEVXSXLISRIQIRXMSRIHMRXLIMRXVSHYGXSV] YWMRKXLITIVWSRvWFEGOKVSYRHMRJSVQEXMSRXSOIITYT ETTIEVERGIW (YVMRK LIV QIIXMRK [MXL XLI 7]RHI\MSM SR XLI RI\X HE] WLI VIEPM^IW XLEX XLMW MW QYGL FMKKIV XLERERXMGMTEXIH6IEPM^MRKXLEXFEMPMRKSYXEXXLMWTSMRX QMKLXKIXLIVOMPPIH KMZIR[LEXWLINYWXPIEVRIH WLI EKVIIW XS NSMR XLI GSRWTMVEG] ,S[IZIV EW 7]RHI\ MSM TVSGIHYVIW VIUYMVI MQTPERXEXMSR SJ WEJIX] HIZMGIW WYGLEWEGSVXI\FSQF WII4PSX4SMRX XLEX[MPPEPWS HMQMRMWLLIVQEKMGETEVXJVSQLIVVIWYQMRKLIVSVMK MREPJSVQ [LIR KIXXMRKEREIWXLIXM^IHJSVWYVKIV] WLI [MPPPSSOJSVERI\MXWXVEXIK]%WXLIVYRRIVWEVIXEWOIH XSIWGSVXXLIGERHMHEXIXSEFPEGOGPMRMG[LIVITVIEV VERKIQIRXWLEZIFIIRQEHIJSVXLIMQTPERXEXMSRWLI [MPPXV]XSOMPPSVMRGETEGMXEXIXLIVYRRIVWERHSVQEOI E VYR JSV MX YWMRK LIV XEPIRX JSV GLERKMRK ETTIEVERGIW XSPSWIXLIVYRRIVW[LMGLGSYPHPIEHXSE[MPHGLEWIMR XLIWXVIIXWSJ7MRKETSVI -JWLIQEREKIWXSVIEGLLIVIQTPS]IVXLIGSVT[MPP MQQIHMEXIP]WXEVXLMVMRKEXIEQJSVI\XVEGXMSRSJEXPIEWX SRISJXLISXLIVEXXIRHIIWJSVJYVXLIVMRXIVVSKEXMSR8LI WEQI[MPPLETTIRMJ:IPXLEHSIWRSXVITSVXMR
403843-28 %%%{%6'%2) %77%908 %&(9'8-32 2SQEXXIVLS[4PSX4SMRXTPE]WSYXERSXLIVPSGEPVYRRIV XIEQ[MPPIZIRXYEPP]GSQIXSMRXIVGITXXLIIRXSYVEKIERH XV]XSWREXGLEXPIEWXSRIQIQFIVXSFVMRKLMQSVLIVXS
RSXPMQMXIHXSEREVIEGSVXI\FSQFXLEX[MPPEPWSHIWXVS] XLIHEXENEGORSJYVXLIVMRJSVQEXMSR[MPPPIEOXS6IRVEOY IZIRMJXLII\XVEGXMSRMWWYGGIWWJYP ,S[IZIV HYI XS XLI X[S IZIRXW XLI QIIXMRK [MPP FI MQQIHMEXIP] HMWFERHIH EPP HIZMGIW HIWXVS]IH ERH EPPJYRHW[MPPFIEXXLIVYRRIVvWHMWTSWEPXSFVMRKIZIV] SRIE[E]JVSQXLIMWPERHWXEXIEWUYMGOP]EWTSWWMFPIF]
03'%8-327 7-2+%436)-2'36436%8)( 7MRKETSVIMWEFYWXPMRKGSVTSVEXI IRGPEZI EREQEPKE QEXMSRSJ)EWXIVR7SYXL%WMEREXQSWTLIVIERH;IWX IVRGETMXEPMWQEQIPXMRKTSVXSJHMJJIVIRXREXMSREPERH GSVTSVEXI GYPXYVIW 7XMPP E WSZIVIMKR GMX]WXEXI ERH MW PERH GSYRXV] XLI VITYFPMG XYVRIH MRXS ER I\XIVVMXSVMEP GSVTSVEXMSR EJXIV 'VEWL ERH MW WXMPP VYR F] XLI 0II H]REWX] [LS IWWIRXMEPP] S[RW XLI QIXVSTPI\ 7MRKE TSVIMWXLIPEVKIWXERHQSWXQSHIVRTSVXSJ%WME-XvWE JVIITSVXXLEXVII\TSVXWQSVIXLERLEPJSJ[LEXMXMQ TSVXW;MXLQSVIXLERJEGXSVMIWERHHIIT[E XIV[LEVZIWXLI.YVSRK-RHYWXVMEP)WXEXIMW1MXWYLEQEvW PEVKIWXMRHYWXVMEPGSQTPI\[LMPI/ITTIP,EVFSVMWSRI SJXLI[SVPHv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
1%6-2%&%=36',-( MRXIKVEXIHLSXIPVIWSVXJVSRXMRK1EVMRE&E]ERHMWGYV VIRXP]VYRF]E7MRKETSVI-RGWYFWMHMEV]XLEXGSQTPIXI P]QSHIVRM^IHERHSZIVLEYPIHXLILSXIPvWI\XIVMSVERH MRXIVMSV EJXIV 'VEWL [MXL XLI LIPT SJ 4VSQIXLIYW )RKMRIIVMRK ;LMPI WXMPP LEZMRK XLI SPHFYX YRMUYI ET F] XLI 3VGLMH7O]4EVO [LMGL RI\XXS E FIEYXMJYP VEMR KSSR SJJIVW HIKVII ZMI[W SJ 7MRKETSVIvW WO]PMRI X[SLYRHVIHQIXIVWEFSZIXLIGMX]WXEXI XLILSXIPvW FEWIPIZIPFYMPHMRKWERHYRHIVKVSYRHPIZIPW[IVIIZIR
8,)946-7-2+
&033(=&97-2)77
JYVXLIVI\TERHIH;LMPISTIRXSXLITYFPMGXLI3VGLMH MWOMRHSJEQMRMEVGSPSK] EPSRK[MXLQSVIXLERXLVII XLSYWERHPY\YV]VSSQWERHWYMXIWLSXIPEQIRMXMIWERH GSRZIRXMSRERHI\LMFMXMSRJEGMPMXMIWMWLSQIXSRMKLX GPYFWERYRHIVKVSYRHWLSTTMRKQEPPEGEWMRS EQY WIYQERHERYQFIVSJLMKLGPEWWVIWXEYVERXW
4)340) 8,)7=2()<-3- )28396%+) 8LI7]RHI\MSMIRXSYVEKIGSRWMWXWSJJSYVTISTPIEPPSJ[LS [IEVI\TIRWMZIGSVTSVEXIGLMGGPSXLMRK8LI]IRKEKISRP] MRWQEPPXEPOMRTVIWIRGISJXLIVYRRIVWFYXXVIEXXLIQ[IPP ERH [MXL VIWTIGX XLI] ORS[XLEX XLIMV PMJI ERH XLI WIGVI G]HITIRHWSRXLIQ ;LMPIXLIMVGPSXLMRKVIZIEPWRSXLMRK GYIWQE]QEOIWSQIKYIWWIW?XLIMRJSVQEXMSRXLI]QMKLX HMWGSZIVMWGSRXEMRIHMRFVEGOIXWAFEWIHSRGSVTSVEXIEXXM XYHIERHGYPXYVISRXLIMRHMZMHYEPWv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wWGMIRGI GSVTx WYGL EW +IRIWMW 'SRWSV XMYQ >-' 9RMZIVWEP 3QRMXIGL 4LSIRM\ &MSXIGLRSPS KMIW8ER8MIRSV4VSXIYWA 1YR,II /EMFYGLM'LSM 1EPI )XLRMG %WMER QM\ SJ /SVIER 'LMRIWI ERH .ETERIWI 'EPQ WSQIXMQIW VIGPYWMZI MR TIVWSREP MRXIVEGXMSRW HSIW RSX XEPO QYGL KIRIVEPP] SRP] VIWTSRHMRK [LIR EWOIH :IV] XIGL ERH GSQTYXIVSVMIRXIH XIGLXEPOGERFVIEOXLIMGI?&IPSRKW XSER%WMERGSVTSVEXMSRTVSFEFP][MXLEWXVSRKXIGLGYP
XYVIWYGLEW6IRVEOY1'81SRSFI)EWXIVR8MKIV'SV TSVEXMSR7LMR7MEQ7SR];Y\MRKA
&%6-7%2/32+71EPE]JSVw'SVTSVEXI*VSRXxFEVMWEROSRKWMMWEPSGEPVEH IVERXMGSVTSVEXI KVSYTWWYGLEW %XXEGOERH1EPE]WMER RISGSQQYRMWXTSPMGPYFWXLEXWYTTSVXXLIKVSYTvWEKIR HE[MXLJYRHMRKERH[IETSRW7MRGIMXWVMWIMRXLIvW XLIKVSYTLEWKEMRIHEFEHVITYXEXMSRJSVHMVIGXEXXEGOW SRGSVTSVEXIJEGMPMXMIWEPPSZIVXLIMWPERHMRGPYHMRKFSQF MRKWWEFSXEKILEGOWKEWEXXEGOWWLSSXMRKWERHXEVKIXIH EWWEYPX MRGPYHMRKQYVHIV SJGSVTSVEXII\IGYXMZIW8LI] LEZIXLIVIJSVIFIIRPEFIPIHEWXIVVSVMWXWF]7MRKTSVI-RG ERH EWWSGMEXIH PE[ IRJSVGIQIRX ;LMPI &EVMWSR /SRK WMRIZIVXEVKIX GMZMPMERWHMVIGXP]XLI]EVIORS[RXSPIVEXI GSPPEXIVEPHEQEKISJXLSWIXLEX[MPPMRKP]PMZIMREGSVTS VEXIX]VERR](YVMRKEXXEGOWFEVMWEROSRKWMEGXMZMWXW[IEV FEPPMWXMGQEWOWXSLMHIXLIMVMHIRXMX]0MOIQSWXI\XVIQMWXW XLI]EVI[MPPMRKP]XSHMIJSVXLIMVGEYWIMJRIGIWWEV]
&%6-7%2/32+7- (-6)'8%'8-32%'8-:-78 463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
)77
-RMXMEXMZI 'SRHMXMSR1SRMXSV
(
0MQMXW %VQSV 7OMPPW
4L]WMGEP1IRXEP7SGMEP %YXSQEXMGW'SQTYXIV(IQSPMXMSRW4MPSX +VSYRHGVEJX4IVGITXMSR4MWXSPW9REVQIH 'SQFEX
+IEV
%VQSVIHZIWXGSQQPMRO (IZMGI6EXMRK WTEVIEQQSGPMT
;IETSRW
&VS[RMRK9PXVE4S[IV?,IEZ]4MWXSP%GG (: 4%4z7%6'{ G A 9^M?7YFQEGLMRI+YR%GG (:4%4{ &*6' G A
*SYV SJ XLI EGXMZMWXW LEZI MQTVSZIH I\TPSWMZI HI ZMGIW ? 4 J %4 &PEWX z TIV QIXIVA WXVETTIH XS XLIMVGLIWXWXLEXXLI]QIERXSI\TPSHI[LIRVIEGLMRKE KVSYTSJI\IGYXMZIWSVEGSRJIVIRGIVSSQ
&%6-7%2/32+7-,%'8-:-78 463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
)77
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW
( 1EXVM\( 4L]WMGEP1IRXEP7SGMEP
%VQSV 7OMPPW
%YXSQEXMGW']FIVGSQFEX)PIGXVSRMGW WOMPPKVSYT)PIGXVSRMG;EVJEVI,EGOMRK 4IVGITXMSR (EXENEGO
%YKQIRXEXMSR
8,)946-7-2+
']FIVHIGO
2SZEXIGL2EZMKEXSV?6EXMRK%XXEGO*MVI[EPP 4VSGIWWMRK7PIE^I A
0SEHIH4VSKVEQW
(IQSPMXMSR)\TPSMX7XIEPXL
+IEV
%VQSVIHZIWXGSQQPMRO (IZMGI6EXMRKLSX
;IETSRW
9^M?%GG (:4%4{&*6' G A
&033(=&97-2)77
8,)34437-8-32 (,%0%2+ 8LIQ]WXIVMSYW TVSFEFP]-RHSRIWMER QEKMGMERORS[R EW(LEPERKRIZIVIRKEKIWEGXMZIP]MREQMWWMSRFYXVI QEMRW MR XLI FEGOKVSYRH [SVOMRK XLVSYKL WTMVMXW ERH PSGEPTVS\MIW2EQMRKLMQWIPJEJXIVXLIVSPISJXLILIEH TYTTIXIIVMRXLI-RHSRIWMER;E]ERKXLIEXIVLIMWMR HIIH E QEWXIV SJ [E]ERK OYPMX WLEHS[ TYTTIX *SP PS[MRKEVEVI4SWWIWWMSRXVEHMXMSRSJ7SYXLIEWX%WMELI MWEFPIXSGSRNYVIERHFMRHWTMVMXWSJ[EXIVFIEWXTPERX KYEVHMERERHEMV,IMWERI\TIVXVMXYEPWTIPPGEWXIVEP GLIQMWXERHGSRNYVIVFYXHYIXSXLIWLSVXRSXMGISJLMW MRZSPZIQIRXLI[MPPRSXFIEFPIXSYWIEPPSJLMWWOMPPWXS XLIMVJYPPTSXIRXMEP -RFYWMRIWWJSVQSVIXLERXLVIIHIGEHIWLIGEVIJYPP] HIEPW[MXLFSXLLMWIQTPS]IVWERHTVS\MIW[LSEVISRP] 1%0),91%2 & % 6
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
-RMXMEXI+VEHI 1IXEQEKMG 7TIPPW
5YEPMXMIW +IEV
;IETSRW
7
;
0
-
'
)(+ )77
1
( 4L]WMGEP1IRXEP 7SGMEP %WXVEP'SQFEX'SRNYVMRKWOMPPKVSYT )RGLERXMRKWOMPPKVSYT-RXMQMHEXMSR 4IVGITXMSR4MWXSPW7SVGIV]WOMPPKVSYT 7RIEOMRK 'IRXIVMRK*PI\MFPI7MKREXYVI1EWOMRK 5YMGOIRMRK 'LESXMG;SVPH'SRXVSP8LSYKLXW(IXIGX )RIQMIW )\XIRHIH (IXIGX0MJI )\XIRHIH 0MKLXRMRK&SPX1EREFSPX1EREFEPP7MPIRGI 7XYRFSPX 'SQFEX4EVEP]WMW*SGYWIH'SRGIRXVEXMSR %VQSVIHZIWXGSRXEGXW?'ETEGMX][MQEKI PMROZMWMSRIRLERGIQIRXANEHIGLEVQW ?WYQQSRMRKJSGM EMVFIEWXKYEVHMERTPERX [EXIV EPP*SVGI =EQELE4YPWEV?8EWIV%GG(:7 I %4z7% 6'{ Q
^MVMRXSEHIEHP]STIVEXMZIERHGSVTSVEXIOMPPIV7MRGIE GSYTPISJ]IEVW^IRS[[SVOWJVIIPERGIEKEMR[SVOMRK QSWXP]JSVQIKEGSVTSVEXMSRWKSZIVRQIRXMRXIPPMKIRGI HIZMWMSRWERHSVKERM^IHGVMQIW]RHMGEXIWXLEXEFPIXS TVSZMHI^MV[MXL GLEPPIRKMRKEWWMKRQIRXWERH GERTE] ^MV TVMGI :IPXLEvW WMKREXYVI MW E 6*-(IQFIHHIH GEVH HMWTPE]MRKEGPSYHSJ0EXMR[SVHW[LMGLGERFIWLETIH MR XLI WIRXIRGI w-R RSZE JIVX ERMQYW QYXEXEW HMGIVI JSVQEWx w-MRXIRHXSWTIEOSJJSVQWGLERKIHMRXSRI[ IRXMXMIWx EVIJIVIRGIXS3ZMHvW1IXEQSVTLSWIW ;LIRIRGSYRXIVIHYRGLERKIH:IPXLEETTIEVWEWER EZIVEKILIMKLXERHVSK]RSYW0EXMR%QIVMGER[MXLWLSVX FPEGO WXVEMKLX LEMV [LS MW KIRIXMGEPP] JIQEPI -J YRGSZ IVIH:IPXLE[MPPXV]XSIWGETISVLMHIXSGLERKI^MVET TIEVERGIVEXLIVXLERIRKEKIMRTL]WMGEPGSQFEX %2(63+=2397,91%2 & % 6 7 ;
0
-
'
-RMXMEXI+VEHI 1IXEQEKMG
4S[IVW
5YEPMXMIW +IEV
;IETSRW
:)08,% :IPXLE MW E TVSJIWWMSREP JVIIPERGI HSTTIPKERKIV E K]RI VEMWIH SR XLI WXVIIXW SJ 'EVEGEW ^MV %[EOIRMRK TVIZIRXIH^MVJVSQEJEXISJFIGSQMRKEQYÕIGE EGYW XSQWLETIH FMSWLETIH HSPP TVSWXMXYXI JSV XLI 'EVXIPW ERHKEZI:IPXLEETYVTSWIERHI\MXWXVEXIK]SYXSJXLI
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
)(+ )77
1
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{7%6'{ G :IPXLEYWIW(IQEVEERHE VIGSVHMRKWXSVIHSRLIVGSQQPMROXSEWWIQFPI XLI4Y^^PIV[MXLE%VQSV7OMPPSJA %VIW0MKLX*MVI?0MKLX*MVI%GG (:4%4 {7%6'{ G A
WLEHS[WSJ0EXMR%QIVMGE2IZIVQYGLSJEXIEQTPE] IV ^I NSMRIH XLI VEROW SJ STIRQMRHIH )ZS E GSYTPI SJ]IEVWPEXIV[LSWI FPEGO STIVEXMSRW HMZMWMSR XVEMRIH
8,)946-7-2+
& 03 3( =& 97 -2 )77
1%(2)77 4378)(&= d74-32
&63/)6%+)<{3:)68)2=)%67 3*92'314631-7)(7)6:-') ,IEVH EFSYX SYV WIVZMGIW# -RXIVIWXIH# 8VERWQMX ]SYV GSRXEGXMRJSXSSYVIRGV]TXIH,IPM\TYFPMGPMRO (SRvX GEPP YW [IvPP GEPP ]SY{MJ ]SYV VIT QEOIW XLI GYX 3YVSJJIVMWWMQTPI =SYSYVGPMIRXKMZIYW]SYVMRXIPWIGVIG] KYEVERXIIH &<YWIWMXXSQEREKI]SYVTSVXJSPMSYWMRKXLIFIWX MHIRXMXMIWWLIPPWERHHSYFPIFPMRHWQSRI]GERFY] 1EOIEIYVS[MXLSYXFVIEOMRKEW[IEX1EMP&<RS[ &
%68-'0),)0-<'6377 0-2/)(&=16&32(7 8LMW[IFEH[EWFVSYKLXXS]SYF]&VSOIVEKI< 7PEQQ 8LIWI KY]W EVI WXMPP EVSYRH# (MHRvX XLI *VEROJYVX &ERO %WWSGMEXMSRWLYXXLIQHS[R# 'PSGO[SVO 8LI] XVMIH ,S[IZIV [I LEZI JVMIRHW ERH WYTTSVXIVW [MXLMRGSVTSVEXIVEROW[LSWIGSRXMRYIHTIVWSREP[IEPXL ERH GSZIVEKI SJ XLIMV I\TIRWMZI PMJIWX]PI HITIRH SR YW [MXLSXLIVMRXIVIWXW 'LEPQIVW 'SPI#+VIEXHVEKSRW# 7PEQQ %W MJ [I [SYPH FI XIPPMRK7IGVIG] ERH GPMIRXTVSXIGXMSR EVITEVEQSYRXMRSYVPMRISJ[SVO8LMWMW[L]WSQER]SJ ]SYPIXYWLERHPI]SYVTSVXJSPMSW
1%(2)77
8,)8-1)*36 -2:)781)287-723; ,IEVHEFSYXXLI1IKEGSVTSVEXI6IZMWMSR#*SV&VSOIV EKI<XLMWMWKSMRKXSFIERMRXIVIWXMRKXMQI;LIRXLI SZIVXLIKPSFIWLS[IHEWYFWXERXMEPEQSYRXSJQSZI QIRX 2S[ [MXL XLI JSVQEP ERRSYRGIQIRX XLEX XLMW [MPPVIEPP]FILETTIRMRKWXSGOQEVOIXWEVIKSMRKGVE^] MR ERXMGMTEXMSR SJ [LEX MW KSMRK XS LETTIR ;LSIZIV FEGOWXLIVMKLXLSVWI[MPPQEOITPIRX]SJIYVS SVRY] IR MRXLIRI\X]IEV7SGER]SY&<MWEWXSGOFVSOIVEKI ]SYGSQIMR=SYEVISRXLIJVSRXPMRIWKEXLIVMRKXLI FIWXMRXIPEFSYX[LEXvWLETTIRMRKSYXXLIVI 8LIVI[MPPFIWMQTPISRIW%PSXSJGSVTWEVIEPVIEH] XSXLIMVWXEXYWERHTVMZMPIKIW8LIWIEVIWMQTPIXSWTSX ;MXL WEFSXEKI WQIEV GEQTEMKRW SV I\XVEGXMSRW ]SY SVLSWXMPIXEOISZIVWXYVRTYFPMGUYMXIUYMGOP]XLI]EVI{ JVSQ E FVSOIVMRK TSMRX SJ ZMI[{SRP] MRXIVIWXMRK SR E ZIV]WLSVXXIVQZMI[=SYGERQEOIEUYMGOFYGOFYXFI JEWX{]SYVMRXIPHIKVEHIWUYMGOP] 1SVIMRXIVIWXMRK[LIRMXGSQIWXSPSRKXIVQMRZIWX QIRXWEVIQIVKIVW{IWWIRXMEPP]GSVTSVEXIQEVVMEKIWXLI PIKEPGSRWSPMHEXMSRSJX[S SVQSVI GSQTERMIWMRXSSRI WMRKPIIRXMX]8LI]EVIYWYEPP]VEVIMRQIKEGSVTSVEXIGMV GPIWFYX XLIVIv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
%RH E RI[ GSVTSVEXI HSGXVMRI XLEX WTIEOW XS EPP IQTPS]IIW RIIHW XS IQIVKI8LMW MW [L] XLI QIVKIV SJ 2SZEXIGL ERH8VERW]W)VMOE MRXS 2IS2)8 NYWX EJXIV 8VERW]W2IYVSRIXERH)VMOELEHQIVKIH[EWWYGLELYKI JYGOYT;LMPISTIVEXMSREPP][SVOMRKRS[EHE]WXLIGSVT WXMPP GEVVMIW XLI FEKKEKI SJ IQTPS]IIW RSX IQFVEGMRK XVIRGL[EVJEVIFIX[IIRJEGXMSRWJVSQXLIXLVIIJSYRHIV GSQTERMIW HIZKVVP
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
XLIWGSTISJQEVOIXMRKERHHMWXVMFYXMSR SVXVYIW]RIVK] MIMJWSQIXLMRKIQIVKIWXLEXMWQYGLFMKKIVXLERNYWX XLIWYQSJMXWTEVXW 8LMRO9RMZIVWEP3QRMXIGLERH>-' QIVKMRK 3V=EOEWLMQE 1SRSFI SV 7SR] 3V ,&/ ERH XLI*&% &EOE(EFSVE
8LMWMW[L]dWTMSRMWVMKLXWE]MRKXLEXVYRRIVWQE] KIX LMVIHXSXLVS[EQSROI][VIRGLMRXSXLIRIKSXMEXMSRW-J XLI &MK8IR KIX[MRH SJE QIVKIV XLEX [SYPHTVSHYGIE XVMTPI%SVIZIRER%%XLEXQMKLXFIEWXVSRKGSQTIXMXSV SV QIWW [MXL XLIMV S[R XEOISZIV TPERW XLI] [MPP WIRH VYRRIVWXSXL[EVXXLEXQIVKIV 8LSVR
-RVIXYVR[IXEOIGEVISJEPPXLIHMKMXEPTETIV[SVOJSV ]SY QEOMRK]SY MRZMWMFPI MRXLI TVSGIWW;IEVIYWMRK XLIZIV]FIWXWLIPPWHSYFPIFPMRHWERHJVSRXQIRQSR I]GERFY]XSLERHPISYVXVERWEGXMSRWXLVSYKLPMGIRWIH FVSOIVEKI LSYWIW{QEOMRK XLIQ ZMVXYEPP] YRXVEGIEFPI IZIR[MXLXLIRI[1EXVM\WXERHEVHW=SYKIXGSQTPIXI HIRMEFMPMX]EWEP[E]W 8LMWMWXLIXMQIJSV]SYXSQEOIQSRI] &MKXMQI 7S SOE] dWTMSR WTMPP XLI FIERW ;LEX QIVKIVW EVI GYVVIRXP]YRHIV[E]# +PMXGL +MZIR XLEX [I QEREKI XLI TSVXJSPMSW SJ QSWX TISTPI SR XLMW RIX[SVO - EQ [MPPMRK XS QEOI ER I\GITXMSR ERHTVSZMHIWSQI JVIIMRJSVQEXMSR3RI XLEX LEW FIIR HMWGYWWIHWMRGIEJXIV'VEWLMWXLIQIVKIVSJ7TERMWL 1IVMHMSREP%KVSRSQMGW ERH *VIRGL 6IREYPX*MEX 7MRGI WLEVILSPHIVMRFSXLGSQTERMIW ZMEXLI&ERGS)WTEÕSP XEOISZIV MX LEW FIIR IRKMRIIVMRK XLMW HIEP &SXL GSQTERMIW LEH TEVXRIVWLMTW FIJSVI 6IREYPX*MEX EW XLI[SVPHPIEHIVMREKVMGYPXYVI ZILMGPIWERHIUYMTQIRX XLVSYKL '2, [EW E OI] WYTTPMIV SJ 1IVMHMSREP %KVSRSQMGW [LMPI I\TIVXW JVSQ 1IVMHMSREP [SVOIH [MXL6IREYPX*MEXvWWYFWMHMEV]1MGLIPMRMRMXWVYFFIVXVIIW TPERXEXMSRWMR%QE^SRME SRISJXLIJI[MRHYWXVMIWXLEX MW IGSJVMIRHP] IRSYKL XS WYMX XLI PSGEP KSZIVRQIRX 8LIHIEP[EWWXMPPMRRIKSXMEXMSRPEWX[ILIEVHFYXKMZIR XLIGMVGYQWXERGIWXLI]QMKLXFIQSVIEKKVIWWMZIRS[ (YIXS6IREYPX*MEXvWJEMPYVIWSJXLIVIGIRX]IEVWXLI]EVI XLI[IEOIWXPMROMRXLIQIVKIV8LI[LSPIHIEPGSYPHJEPP ETEVXMJ6IREYPX*MEXKIXWHVEKKIHMRXSEXEOISZIV[EV dWTMSR
1%(2)77
&033(=&97-2)77
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{EKEMR{E QENSV WLEVILSPHIV MR FSXL GSQTERMIW&IX[IIRXLIQXLI*&%ERH6YLVQIXEPPEPWS LSPH XLI QENSVMX] SJ WLEVIW MR 1)8 [LMGL S[RW %VKYW RI\X XS XLI +IVQER KSZIVRQIRX [LS MW XLI FMKKIWXWMRKPIWLEVILSPHIV%TTEVIRXP]XLI*&%MWPSSOMRK XSJSVQERI[*VIRGL+IVQERHIJIRWIKMERX[LMGLGSYPH FIKVSSQIHMRXSXLIEFSZIQIRXMSRIHZEGERXWIEXMRXLI 2))'[SVOMRKXSKIXLIV[MXL&ERGS3GGMHIRXEP S[RIHF] XLI&SYVFSRJEQMP] XSQEOIXLIHIEPEVIEPMX] dWTMSR %TTEVIRXP] XLI *&% MW EPWS YWMRK MXW [LSPI PSFF]MRK ETTEVEXYW MR &VYWWIPW ERH ,ERSZIV XS KIX XLI %+7 KSZIVRQIRX ERH VIGIRXP] IPIGXIH +IVQER GLERGIPPSV %RMOOE&IPSMXXSFVMRKMXWWLEVIWMR1)8/XSXLIXEFPIERH MRXIKVEXIXLIQIVGGSQTER]MRXSXLMWRI[GSVTSVEXMSRMR I\GLERKIJSVWLEVIW )GSTXSTI 7EIHIV/VYTT[MPPWXITMREXWSQITSMRXXSMRXIVZIRI8LI SRP]UYIWXMSRMW [LIXLIV XLIWLMXXLEX[MPPVEMRHS[RSR XLIWIXLVIIGSVTW[MPPGSQIJVSQETER)YVSTIERWLEHS[ KVIEXHVEKSR &YPP
MR'EPMJSVRMEERH-RHME[MXLVIWTIGXXSETSXIRXMEPQIVKIV FIX[IIR %PIZIP %QEPKEQEXIH 7XYHMSW ERH &SPP][SSH %% 6IKIRG] 1IKEQIHME EW ,SVM^SR MW GSRWXERXP] FIIR XEPOW FIX[IIR (SG;EKSR ERH XLI 7VM0EROER %% :IHEGSVT FIX[IIR %YWXVEPMER8EREQ]VI 6IWSYVGIW ERH 8LEM 7LMR7MEQ ERH FIX[IIR 0SGOLIIH ERH *IHIVEXIH &SIMRK FYX XLIWI GSYPH EPP FI NYWX FI TEVXRIVWLMTW ERH GSSTIVEXMSRW7SRSFMKSRI]IXXLEX[SYPHWLEOILIEZIR ERHIEVXL%XPIEWXRSRI[ILEZILIEVHSJ dWTMSR
1%(2)77
&%'/+6392( %QEPKEQEXIH 7XYHMSW [EW SRGI E [IPPVIWTIGXIH %% GSVTSVEXMSR XLEX HSQMREXIH XLI ,SPP][SSH XVMH ERH WMQ WGIRI JSV QSVI XLER XLMVX] ]IEVW YRXMP ,SVM^SR IQIVKIHEWRI[VMWMRKWXEVSJXLIQIHME[SVPHIEXMRK E[E]EX%QEPKEQEXIHvWFYWMRIWWIWERHXEOMRKSZIVMXW EWWIXW 7MRGI 'VEWL HYVMRK [LMGL %QEPKEQEXIH XSSOEWIVMSYWFPS[,SVM^SRXSSOSZIVJSYVSJMXWPEVK IWX WXYHMSW MRGPYHMRK :MVXYEP;SVPH(MWRI] TSEGLIH E RYQFIV SJ EGXSVW QYWMGMERW ERH SXLIV XEPIRX ERH IJ JIGXMZIP] HS[RKVEHIH XLI GSVTSVEXMSR XS %PIZIP WXE XYW&IMRKYRHIVGSRWXERXTVIWWYVIF],SVM^SR[LSMW TPERRMRK XS YPXMQEXIP] MRGSVTSVEXI %QEPKEQEXIH MRXS XLIMV IRXIVXEMRQIRX FVERGL %QEPKEQEXIH LEW FIIR WXVYKKPMRK JSVWYVZMZEP,SVM^SRLS[IZIVRIZIVQEHI E WIVMSYW XEOISZIVEXXIQTXPIXXMRK%QEPKEQEXIH7XY HMSWWXMVWXVYKKPIERHI\LEYWXMXWIPJXSVIHYGIXLIZEP YISJXLIGSQTER]WSMXGSYPHKEMREWXVSRKIVTSWMXMSR MR XEOISZIVRIKSXMEXMSRW MR XLIJYXYVI 8LIR LS[IZIV GEQI6IKIRG]1IKEQIHME%PVIEH] MRZSPZIHMR7IEX XPIvW9RMXIH'SVTSVEXI'SYRGMPHYIXSXLIMVWXVSRKLSPH SJ1IKEQIHMEMR2SVXL%QIVMGEXLI-RHMER&SPP][SSH %% PSSOMRK JSV I\TERWMSRWXITTIH MREW [LMXIORMKLX WIGVIXP] SJJIVMRK XLI %QEPKEQEXIH QEREKIQIRX E wQIVKIV EQSRK IUYEPWx [LMGL [EW RSX IRXMVIP] XVYI FYX WXMPP PMOIP] FIXXIV XLER FIMRK W[EPPS[IH [LSPI F] ,SVM^SR MJ RIKSXMEXMSRW GSYPH FI GPSWIH [MXL WEXMW JEGXMSRJSVFSXLTEVXMIW-RXLIVIGIRXQSRXLWFSXLGSV TSVEXMSRW WXEVXIH ER MRXIVREP IZEPYEXMSR SJ EPP EWWIXW QSWXP] XEOMRK TPEGI MR XLI 1YQFEM WTVE[P [MXLSYX XLI FPEGO ORMKLX RSXMGMRK EW ,SVM^SR [EW XSS GEYKLX YT[MXLXLIVITIVGYWWMSRWJVSQXLI%^%Q;EVERHXLI &SWXSRLYWLYT (YI XS XLI 1IKEGSVTSVEXI 6IZMWMSR LS[IZIV 6I KIRG]LEWTYWLIHYTXLIXMQIXEFPIWXSFIVIEH]MJGEPPIH MRIEVP]JSVVIIZEPYEXMSR%WQSVITISTPI[IVIFVSYKLX MRXSXLITVSNIGXXSGEVV]XLI[SVOPSEHMREWLSVXIVXMQI JVEQIMRJSVQEXMSRWXEVXIHXSPIEOSYXXS,SVM^SRJSVG MRKXLILERHSJXLIQIKEGSVTXSTVIZIRXXLIQIVKIV ,SVM^SR TPERW XS LMVI XLI VYRRIVW XS WEFSXEKI XLI YRHIVXEOMRKGEVV]MRKSYXXLVIIQMWWMSRWXLEX[MPPHEQ EKIFSXLXLIFYWMRIWWERHVITYXEXMSRSJ%QEPKEQEXIH ERH6IKIRG] MRXLITVSGIWW,SVM^SRvWKSEPMWXSQEOI %QEPKEQEXIH YREXXVEGXMZI EW ER EGUYMWMXMSR XEVKIX MR TYFPMG WS XLEX 6IKIRG] [MPP VIXVEGX JVSQ XLI QIVKIV XS TVIZIRX XLIMV S[R WLEVIW JVSQ FIMRK HVEKKIH HS[R -J XLI VYRRIVW EVI WYGGIWWJYP XLI] [MPP FEHP] HEQEKI %QEPKEQEXIHMRXLITVSGIWW
403843-28 ;,-8)%2+)0&0%'//2-+,8 %RKIPIWXSQIIX[MXL1W.SLRWSRE]SYRK ZIV]MQ
&033(=&97-2)77
EKIGSRWGMSYW JIQEPI SKVI [SVOMRK JSV ,SVM^SR [LS QMKLX LEZI NYQTIH JVSQ E QIXELYQER :SKYI GSZIV 8LI VYRRIVW QIIX LIV JSV PYRGL SV HMRRIV MR E KVIIR XLIQIH VIWXEYVERX GEPPIH +VS[R%YXLIRXMGW MR (S[R XS[R0%VYRF]ERSVKERMGGSSTIVEXMZIORS[RXSLEZI XMIWXS,SVM^SRv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
EKEMRWXEHMGITSSPSJ?7SGMEP0MQMX A XLIKEQIQEW XIVQE]EPPS[JSVEHHMXMSREPFSRYWHMGIMRXIWXWJSVPEXIV VYRWMJXLIVYRRIVWI\GIPPIHMRSRISJXLIIEVPMIVSRIW -JXLIVYRRIVWHSRSXEPVIEH]ORS[ ERHXLI]WLSYPH MJXLI]EVIQIWWMRKEVSYRHMRHS[RXS[R0% 1W.SLR WSR[MPPEPWSVIQMRHXLIQSJXLITIVZEWMZIRIWWSJWIR WSVWXLVSYKLSYXXLI GSVI TEVXW SJXLI GMX] WYGL EW XLI %'47 EW [IPP EW XLI YWI SJ 4 EQSRK 0%vW WSGMIX] MRERYXWLIPPMXvWEKPMXXIVEXMWIPJEHZIVXMWIQIRXWSJX[EVI TPEXJSVQXLEXGSRZI]W]SYVTIVWSREPWSGMEPMQTSVXERGI [LMGLMWYWIHEWEVITYXEXMSRVEROMRKERHRIX[SVOMRK W]WXIQ %WRSRTEVXMGMTEXMSRMR4QMKLXVEMWIWSQI WYWTMGMSRHYVMRKXLIVYRXLIVYRRIVWQE][ERXXSFPIRH MR[LMPISTIVEXMRKMRXLIGMX]*SVWMQTPMGMX]XVIEXEJEOI [MXL ER EWWSGMEXIH PMGIRWI SJ EX PIEWX XLI WEQI VEXMRK QYGL EXXIRXMSR JEOI MHIRXMXMIW [SYPH FI WSQIXLMRK
1%(2)77
&033(=&97-2)77
PMOI E [ERREFI WMQWIRWI EGXVIWW SV E QIHMSGVI XVMHIS WGVIIRTPE][VMXIV %WXLIW]WXIQMWGSRXVSPPIHF],SVM ^SRXLIVYRRIVWGERRIKSXMEXIWSQIPII[E][LMPIMRXLI QIKEGSVTvWWIVZMGIKMZMRKXLIQEHMGITSSPFSRYW SRER]7-24GLIGO[LMPISRXLIVYR *SVEHHMXMSREPMRJSVQEXMSRSR0SW%RKIPIW,SVM^SR ERH %QEPKEQEXIH 7XYHMSW VIJIV XS 'SVTSVEXI )RGPEZIW ERH'SVTSVEXI+YMHI
EVITVMQEVMP]TVSHYGIHF]EWYFWMHMEV]+PSFEP7XYHMSW ISW JSV %^XIGLRSPSK] KPSVMJ]MRK XLI EGLMIZIQIRXW MR XLI%^%Q;EVXSFIHMWWIQMREXIHXSEPPQIKEGSVTS VEXI HMZMWMSRW ERH WYFWMHMEVMIW MR XLI RI\X XLVII HE]W ,SVM^SR [ERXW XLI VYRRIVW XS FVIEO MRXS XLI +PSFEP
%9831%8)('6-1)46):)28-32 7=78)1{%'47 (3;283;20%
GSRXEGX [MXLSYX ER]SRI RSXMGMRK 7IGSRH XLI] LEZI XS WRIEO EPXIVIH ZIVWMSRW{VITVSHYGIH ERH MRXIKVEX IH[MXLERERXM%^XIGLRSPSK]WYFPMQMREPQIQI{FEGO MRXSXLIW]WXIQERHMRWXEPPE,SVM^SRTVSKVEQMRXSXLI +PSFEP7XYHMSWLSWX[LMPIXLI]vVIEXMX%PXIVMRKXLIVI
8LI %'47 MW E ,SVM^SRHIZMWIH W]WXIQ MRWXEPPIH XLVSYKLSYX XLI WTVE[P MR XLI IEVP] vW -X MW ER MRXIPPMKIRX W]WXIQ [MXL ER %- MR MXW GSVI TVSGIWWMRK RIX[SVO 7IRWSVW IQFIHHIHMRFYMPHMRKWWXVIIXPEQTWWMHI[EPOWERHIZIRTEPQ XVIIWTVSZMHIEGSQTVILIRWMZIHIKVIIZMI[SJXLIWXVIIX
%WXLI+PSFEP7XYHMSWLSWXMWRSXGSRRIGXIHXSXLI PSGEP KVMH XLI VYRRIVW LEZI XS FVIEO MRXS 7XYHMS 'MX] MI,SPP][SSH ELYKI[EPPIHSJJGSVTSVEXIIRGPEZI XLEX LSYWIW FSXL ,SVM^SR ERH %QEPKEQEXIH 7XYHMSW EWWIXWERHEGGIWWXLILSWXJVSQ[MXLMR+PSFEP7XYHMIW
ZILMGPIWERHGERTMGOYTMQEKIWWSYRHWFSH]XIQTIVEXYVIW SFZMSYW G]FIV[EVI GSRGIEPIH [IETSRW ERH SR WSQI SGGEWMSRWTLIVSQSRIWRMJJIVWERHGLIQMGEPWGERRIVW&EWIH SR XLI EGGYQYPEXIH HEXE XLI W]WXIQ WIRHW SYX ETTVSTVMEXI VIWTSRWIW ZME HVSRIW TSPMGI YRMXW QEKIW ERHSV WTMVMXW SV WMQTP] %6 GSQQYRMGEXMSRW *SV I\EQTPI MJ MX WIRWIW E TIVWSR MR TL]WMGEP HMWXVIWW VIEHW SR XLIMV -( XLEX XLI] EVI HMEFIXMG ERH EGGIWWIW XLI TIVWSRvW FMSQIXVMG 6*-( XEK XS ZIVMJ]XLIQIHMGEPGSRHMXMSRMXMQQIHMEXIP]WIRHWTEVEQIHMGW 8LI VIWTSRWI XMQI ZEVMIW HITIRHMRK SR XLI YVKIRG] SJ XLI WMXYEXMSR 8LI W]WXIQ KIRIVEPP]EPPS[W XLI 4YIFPS 'SVTSVEXI 'SYRGMPXSTVSZMHIQMRMQEPTSPMGMRKWYTTSVXXSXLIEVIE[LMPI QE\MQM^MRKVIWTSRWIXMQIERHTVSZMHMRKETTVSTVMEXIVIWTSRWI PIZIPW8LIW]WXIQLS[IZIVFIGEQIWSQI[LEXGSQTVSQMWIH [LIRXLI'*(ZMVYWFIKERMRJIGXMRKXLI%'47W]WXIQ;LMPI ,SVM^SR MW [SVOMRK XS MWSPEXI ERH I\GLERKI XLI MRJIGXIH TEVXWXLIW]WXIQMWWXMPPORS[RXSQEPJYRGXMSRSRSGGEWMSRMR XLVSYKLSYXXLIWTVE[P
403843-28 ,)6)8-')(98%-21)28 %WYFWXERXMEPTSVXMSRSJ%QEPKEQEXIH7XYHMSWvGYVVIRX QEVOIXMWXLITVSHYGXMSRSJIHYXEMRQIRXZMHISWJSVSXL IVGSVTSVEXMSRWTSVXVE]MRKXLIZEPYIWERHFILEZMSVWSJ XLIMV GSVTSVEXI MHISPSKMIW ERH HSGXVMRIW 8LI ZMHISW
1%(2)77
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vWMGSRSKVETL] ZMHISWMRUYIWXMSRLEWFIIRTVSXIGXIHF]MXWS[RIVERH LEW E 4VSXIGXMSR 6EXMRK SJ T 76 -X RIIHW XS FIGVEGOIHFIJSVIMXGERFIGSTMIHERHIHMXIH8SMRWXEPP XLI,SVM^SRTVSKVEQ EWIPJI\IGYXEFPI[SVQ[LMGLE HIGOIVGERHMWGSZIV[MXLEWYGGIWWJYP7SJX[EVI0SKMG ?1IRXEPA SV1EXVM\4IVGITXMSR 8IWX EWYGGIWWJYP )HMX*MPIEGXMSRMWVIUYMVIH -J XLI VYRRIVW EVI WYGGIWWJYP XLI VIPEXMSRWLMT FI X[IIR %^XIGLRSPSK] ERH %QEPKEQEXIH 7XYHMSW [MPP XYVRWSYVSZIVXLIQIWWIHYT[SVOERH%^XIGLRSPSK] [MPPXIVQMREXIXLIMVGSRXVEGX[MXL%7%HHMXMSREPP]SZIV XLIRI\XJI[HE]WXLI,SVM^SR[SVQ[MPPQEOIMXW[E] JVSQ+PSFEP7XYHMSWXSXLI%QEPKEQEXIH7XYHMSWLSWX QEXMSREFSYX%QEPKEQEXIHvWUYIWXMSREFPIPIKEPTVEG XMGIWXVIEXQIRXSJEGXSVWERHTIVWSREPRIKEXMZIZMI[W XLEX %7 QEREKIVW LEZI I\TVIWWIH EFSYX XLI QIVKIV [MXL6IKIRG]ERHXLIMRXIKVEXMSRSJE-RHMERGSVTSVEXI
&033(=&97-2)77
HSGXVMRI,SVM^SR[MPPYWIXLEXPIEOIHHEXE[LMGL[EW RIZIVQIERXXSFITYFPMGM^IHXSXEVRMWLXLITYFPMGMQ EKISJ%QEPKEQEXIHERHHVMZIE[IHKIFIX[IIRFSXL GSVTSVEXMSRWERHXLIMVQIVKIV
403843-28 74%22)6-28,);36/7 'VEWL [EW GVYGMEP MR MRMXMEXMRK %QEPKEQEXIHv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wERGLSVx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
XIEQWGER FI UYMGOP]SRXLIWGIRIMJ XLIVYRRIVWHVE[ XSSQYGLEXXIRXMSRSVGVIEXIEVYGOYWMRXLI%QEPKEQ EXIHGSRRIGXIHPEFW -JWYGGIWWJYP,SVM^SR[MPPYWIXLIEGGMHIRXMRXLIPEF XSGSZIVXLIVIWIEVGLTVSNIGXERHTYFPMGP]UYIWXMSRXLI TEXL JSV[EVH JSV %QEPKEQEXIH MR PMKLX SJ XLMW WIXFEGO MRSRISJXLIMVFYWMRIWWXVMHISQEKE^MRIW[LMGLGEYWIW XLIWXSGOSJ%QEPKEQEXIHXSHIGVIEWIJYVXLIV
403843-28 8,)7)<7'%2(%0 %WEQSXMZEXMSREPFSRYWJSVXLIKSSH[SVOMRXLIPEWX QSRXL ERH XS HIITIR XLI VIPEXMSRWLMT SJ FSXL GSQ TERMIW %QEPKEQEXIH ERH 611 EVI LSWXMRK E TEVX] MR XLI RI\X HE]W JSV E RYQFIV SJ ZEPYIH I\IGYXMZIW ERHWTIGMEP KYIWXW(YI XS XLI HIPMGEXIREXYVI SJXLI TEVX]{MXMW FEWMGEPP] VYRF] %QEPKEQEXIHvW EHYPXIR XIVXEMRQIRX WYFWMHMEV] 1EKMG 1MRHW ERH EXXIRHIIW MRGPYHI MXW LEVHGSVI WMQWXEVW ERH E RYQFIV SJ IW GSVXW{1EKMG 1MRHW VIRXIH XLI XLVII TIRXLSYWIW SJ XLI &EPXMQSVI 8S[IVW WII FIPS[ ERH XYVRIH XLIQ MRXS E KPEQSVSYW FYVPIWUYIXLIQIH TEVX] PSGEXMSR %W6IKIRG]LEWEGSRRIGXMSRXSXLI7LSXS^YQMKYQM MR 7IEXXPI E RYQFIV SJ FYRVEOY TYTTIXW [MPP EPWS FI FVSYKLXMRJSVTIVWSREPIRXIVXEMRQIRX7LMVHM&IHMWSR SJ6IKIRG]4VIWMHIRX')3/EFMV&IHMMWEXXIRHMRKXLI TEVX]WSWIGYVMX][MPPFITVSZMHIHF]6IKIRG]vW+LE XEOGSVTSVEXIJSVGIW ,SVM^SR [ERXW XLI VYRRIVW XS IRXIV XLI TEVX] ERH FVMRKWSQINYMG]JSSXEKISR&IHMERH%QEPKEQEXIHI\ IGW[MXLTVSWXMXYXIWXLEXGERFIYWIHXSGEYWIEWGERHEP FSXLLIVIERHIWTIGMEPP]MR-RHMER9RMSR8SFIWYVIXLEX ^SR[ERXWXLIVYRRIVWXSKIXGVIEXMZIERHWTMGIYTXLI TEVX] F] EQTPMJ]MRK IZIV]SRIv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vW FSEVHQIQFIVWXLIWGERHEP[MPPEPWSTSMWSRXLIEPPMERGI FIX[IIRXLSWIX[SGSVTSVEXMSRW
1%(2)77
&033(=&97-2)77
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vWS[RWIVZIVWMWTSWWMFPI +YIWXW[MPP FI[IPGSQIH F]WSQISJ XLI TSVRWXEVW SJ1EKMG 1MRH EX XLIVIGITXMSR HIWO [LMGL LEWFIIR XYVRIH MRXS EFEVWIVZIHF]XLVIIFEVOIITIVW[LSQM\ HVMROWERHLERHSYXGLEQTEKRI%PPKYIWXWLEZIXSIR XIVXLVSYKLLIVIERH[MPPFIEWOIHXSPIEZIEPPGSQQPMROW ERHVIGSVHMRKHIZMGIWFILMRH8LIGSRJIVIRGIVSSQWSJ
FYVPIWUYIIRXIVXEMRQIRXERHWXVMTWLS[WEVITIVJSVQIH F]EGXVIWWIWEGGSQTERMIHF]QYWMGTPE]IHF]E(.[LS [MPPPEXIVTPE]QYWMGJSVHERGMRK8LIWIGSRHGSRJIVIRGI VSSQLEWFIIRXYVRIHMRXSEHMRMRKVSSQ[LIVIEFYJJIX MWWIVZIHF]EGEXIVIVERHXLIMVWXEJJERHXLIXLMVHSRI MWRS[EXVMHISGMRIQEXLEXTPE]W1EKMG1MRHvWJEZSVMXI TSVRWMQW MRXS QEWWEKI TEVPSVW [LIVI XLI KYIWXW GER KIX IVSX MG QEWWEKIW JVSQ XLIMV JEZSVMXI WXEVW SV TVSJIWWMSREP
1%(2)77
&033(=&97-2)77
XVEMRIHTVSWXMXYXIWERHXLIXLVIITIRXLSYWIWLEZITPIR X]KYIWXW[MPPEXXIRHXLITEVX] )EGLTIRXLSYWI MW WIVZIH F]X[SI\TVIWW IPIZEXSVW EPXLSYKL XLI SRIW SJ XS[IV SRI ERH X[S LEZI FIIR WLYXHS[R ERIQIVKIRG]WXEMV[IPP ERHJSYVX[STIV WSRIQIVKIRG]TSHW8LIWIEVIX[SQERGETWYPIWXLEX HS[R MRWIZIRWIGSRHWYWMRKTRIYQEXMGGLYXIWGYWL 8LIWIGYVMX]W]WXIQERHGEQIVEWSJXLIXLVIITIRX LSYWIW EVI MWSPEXIH JVSQ XLI 8S[IVWv WIGYVMX] RIX[SVO ERHLEZIFIIRTL]WMGEPP]HMWQERXPIHXSPIEZIRSMRGVMQ MREXMRKIZMHIRGI
+,%8%/'311%2(37 463*)77-32%06%8-2+ &
%
6
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
/RS[PIHKI7OMPPW
4)340)
0ERKYEKIW 5YEPMXMIW %YKQIRXEXMSRW
6)+)2'=1)+%1)(-% '36436%8)7)'96-8= 7IGYVMX]HYVMRKXLITEVX]MRXLI&EPXMQSVI8S[IVWMWVYR F] 6IKIRG]vW +LEXEO 'SQQERHSW E WTIGMEP STIVE XMSRWYRMXREQIHEJXIVXLI,MRHM[SVHQIERMRKwOMPPIVx SVwPIXLEPx;LMPI+LEXEOGSQQERHSWEVIYWYEPP]WLSGO XVSSTW RSX YRPMOI XLI 6IH 7EQYVEM XLI] LEZI FIIR HVEJXIHMRXSXLMWFSH]KYEVHNSFHYIXSXLITVIWIRGISJ 7LMVHM&IHMXLI')3vWWSR[LSMWEXXIRHMRKXLITEVX] -R EHHMXMSREVGERI WIGYVMX] MW GEVVMIHSYX F] E GSVTS VEXI&VELQMR,MRHYQEKI
+IEV
;IETSRW
7
;
0
-
'
)(+
)77
( 4L]WMGEP 1IRXEP7SGMEP %XLPIXMGWWOMPPKVSYT%YXSQEXMGW'PSWI 'SQFEXWOMPPKVSYT )XMUYIXXI 'SVTSVEXI +YRRIV],IEZ];IETSRW-RXMQMHEXMSR 4L]WMGEP 3YXHSSVWWOMPPKVSYT 4IVGITXMSR4MPSX+VSYRH'VEJX4MWXSPW 'SVTSVEXI*SVGIW-RHMER1MPMXEV] 0E[)RJSVGIQIRX7QEPP9RMX8EGXMGW 7LEHS[VYRRIVW ;IETSR&VERHW ,MRHM2)RKPMWL 8SYKLEW2EMPW 7XYR &SRIPEGMRK XMXERMYQ%PTLE[EVI HIVQEP TPEXMRK 6EXMRK%PTLE[EVI MRXIVREPEMVXERO %PTLE[EVI %VQERXÍ7YMX?[2SRGSRHYGXMZMX]6EXMRK 7SGMEP8IWXW[LIR[MVIPIWWAGSQQPMRO (IZMGI 6EXMRK GSRXEGXW?6EXMRK[MQEKIPMROA *MWX?9REVQIH%GG<6IEGL{(: 4%4{A /VMW?&PEHIW%GG6IEGL{(: 4%4zA 3RSXEVM%VQW:MSPEXSV?,IEZ]4MWXSP%GG (:4%4z7%6' G [WQEVXPMRO GSRGIEPEFPILSPWXIVA
&6%,1-21%+) 463*)77-32%06%8-2+ ,91%21%0) & % 6
-RMXMEXMZI 'SRHMXMSR 1SRMXSV 0MQMXW %VQSV 7OMPPW
/RS[PIHKI 7OMPPW 0ERKYEKIW 7TIPPW
+IEV
7
;
0
-
'
)(+ )77
1
( 4L]WMGEP1IRXEP7SGMEP %WWIRWMRK'SR'SRNYVMRKWOMPPKVSYT 'SYRXIVWTIPPMRK)XMUYIXXI 1IHME 4IVGITXMSR4MWXSPW 8EWIVW 7TIPPGEWXMRK 9REVQIH'SQFEX 8SYGLSRP]%XXEGOW &SPP][SSH 'SVTSVEXI1EKMG,MRHYMWQ 1IHME&YWMRIWW1YQFEM9RHIV[SVPH 1EVEXLM2)RKPMWL %REP]^I8VYXL%VQSV&YKW'PEMVZS]ERGI 1EWW%KSR]8YVR&PSSHXS-GLSV %GXMSRIIV&YWMRIWW7YMXGSQQPMRO (IZMGI 6EXMRK 'SYRXIVWTIPPMRKJSGYW *SVGI 7YWXEMRMRKJSGYW *SVGI
;IETSRW (:7 I %4z7% Q [PEWIVWMKLX GSRGIEPEFPILSPWXIVA
1%(2)77
& 03 3( =& 97 -2 )77
796:-:%0 -278-2'8 4378)(&= 16&32(7
8LI VIGIRX ERRSYRGIQIRX SJ XLI 1IKEGSVTSVEXI 6I ZMWMSR SJ EPP %% GSVTSVEXMSRW [EW E FSQF HVSTTIH MR XLI GSVTSVEXI [SVPH 3V TIVLETW MX [EW QSVI PMOI ER IEVXLUYEOI [LSWI EJXIVWLSGOW OIIT JSPPS[MRK XLI MRM XMEPFPS[;LMPIWSQIJI[GSVTSVEXMSRWWXEVXIHMRWXERXP] IRKEKMRKMRXEPOWJSVJYVXLIVGSSTIVEXMSRSVIZIRQIVK IVWQSWXGSVTSVEXMSRWVIWTSRHIHMRXLI[E]XLI1SYRX %P]QTYWMRXIRHIH F]KSMRKEXIEGLSXLIVvWXLVSEX EGEVXIFPERGLIJSVLSWXMPIXEOISZIVIRHIEZSVWSVWERG XMSR GSVTSVEXI [EVQSRKIVMRK XLMW [EW{MR XVYXL{XLI [LSPITSMRXSJXLIERRSYRGIQIRXEWIPEFSVEXIHIEVPMIV WIPZIWXLI8VMTPI%WHSRv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
SJ GSVTSVEXI WOMVQMWLIW XLEX EVI SGGYVVMRK EPP SZIV XLI KPSFI)WTIGMEPP]XLIWQEPPIV%%GSVTSVEXMSRW[LMGLVI EPP]RIIHXS [SVV] EFSYXHIKVEHEXMSRERHPSWW SJ XLIMV I\XVEVIVVMXSVMEPMX] LEZI FIIR FEGOIH MRXS E GSVRIV ERH
8LMW[MPPFIZIV]MRXIVIWXMRKJSVWSQIGSQTERMIWSRXLI 1ERLEXXER (IZIPSTQIRX 'SRWSVXMYQ'MXMKVSYTMWWXMPPE WQEPPIV%%GSQTEVIHXS7/ERH;Y\MRKGSVTSVEXIFEROW
796:-:%0-278-2'8
XLI*VEROJYVX&ERO%WWSGMEXMSRSV,/&;LMPI4VSQIXLIYW )RKMRIIVMRKFYMPXWSQISJXLIQSWXTVIWXMKMSYWFYMPHMRKW SJ XLI [SVPH MX MW WXMPP HITIRHIRX SR QIKEGSVTSVEXI GSRXVEGXWERHSJXIRGSQTIXIW[MXL7/4VSXIYWERH%VIW [MXL VIKEVHW XS GSRWXVYGXMSR ERH IRKMRIIVMRK SYXWMHI XLI%QIVMGEW%W MXLSPHW QSWX SJ XLI PYGVEXMZIQEXIVMEP TEXIRXW - GSYPH IEWMP] WII XLIQ FIGSQI E XEVKIX JSV E XEOISZIVEXXIQTX{SVQEOISRIXLIQWIPZIW TSWWMFP]SR EPSRKXIVQTEVXRIVWYGL EWXLI+IRIWMW'SRWSVXMYQ XS WIGYVIMXWTSWMXMSR7MQMPEVGEWIWGSYPHFIQEHIJSV8VERW 3VFMXEP;MRXIV 7]WXIQWERH2=4(-RG[LMGLEVIZIV] WTIGMEPM^IH%%W 'SWQS 8LI JYXYVI SJ ;MRXIV 7]WXIQW SV 2=4( -RG QMKLX HITIRH SR 0SRI 7XEVvW RI\X QSZIW 7MRGI PSWMRK XLI )VVERX STIVEXMSRW XLIMV FYWMRIWW LEW FIIR WLVMROMRK GSRWXERXP] EPWS HYI XS MRGVIEWMRK KPSFEP GSQTIXMXMSR JVSQ *&%FEGOIH 7XIVRWGLYX^ =EOEWLMQEv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
3RIGERHMHEXIJSVPSWMRK%%WYTVIGQE]QMKLXFI8I PIWXVMER-RHYWXVMIW'SVTSVEXMSR;LMPIUYMXIIRXVIRGLIH MR8ÑV8EMVRKMVIIWTIGMEPP]RS[[MXL1EVMI0SYMWI8IPIW XVMEREW,MKL4VMRGISJXLI)PI%VERHYVQSWXFYWMRIWWER
8EMVRKMVI RIZIV WMKRMRK XLI &6% 7MRGI XLI ERRSYRGI
QIRXEGXMZMXMIWMRXLI8IPIWXVMER,EFMXEXMR'EVEv7MVLEZI QYPXMTPMIHI\TSRIRXMEPP]-RXIVIWXMRKP]QSWXSJ8IPIWXVM ERvWSTIVEXMSRWEVIEGXYEPP]RSXKIEVIHXS[EVHXLIwPERH SJTVSQMWIxMXWIPJFYXEVIXEVKIXIHEX8ÑVRER·KXLI+IV QER(YGL]SJ4SQSV]EXLI)PZIR>YPY2EXMSRERH{TEV XMEPP]{XLI2%2ERH7IEXXPI
%VIWLEZISTIVEXIHPMOIXLMWMRXLI8ÑVJSVHIGEHIW 8LI [LSPIXEOISZIV[SYPH SRP][SVOMJ823[SYPHKMZI YT XLIMV VIGPYWMZI FYWMRIWWLSWXMPI EXXMXYHI PMOI 4SQSV]E VIGIRXP]HMHEJXIVGSRWXERXTVIWWYVIJVSQ7EIHIV/VYTT ERH%+'LIQMI *VSWX]
8LEX MW EGXYEPP] RSX XLEX WYVTVMWMRK -J 0]RRI8IPIWXVMER{ 1EVMI0SYMWIvW RMIGI ERH WYGGIWWSV EW ')3{RIIHW XS XEOI SZIV EWWIXW JEWX MX [SYPH FI TSPMXMGEP WYMGMHI XS EXXIQTXXLMW[MXLMR8ÑV8EMVRKMVI[LIVIXLISRP]ZEPYEFPI PSGEPXEVKIXWEVIXLI2I[(E[R'SVTSVEXMSR MRFIH[MXL -32( ;MPPMEQIXXI 'SQTYWXEX 'SVTSVEXMSR VYQSVIH XS FI YRHIV XLI TVSXIGXMSR SJ +3( FIGEYWI XLI] MR PMGIRWIH TVSTVMIXEV] WSJX[EVI [LIR FYMPHMRK XLI RI[ KVMH ERHXLI(IQEVGSS[RIH%RHEPYWMER0MKLX-RHYWXVMIW EVGLIRIQMIWSJXLI8IPIWXVMERJEQMP] EW[IPPEW,SVM^SR S[RIHEWWIXW XSSFMKJSV8IPIWXVMERXSKSEJXIV 8EVMWPEV
-X GER FI EWWYQIH XLEX XLI QIIXMRKW [IVI NYWX E WQSOIWGVIIRJSVWSQIXLMRKFMKKIVXS GSQI *VSQ[LEX XLI)QIVEPH-WPIvWWLEHS[WEVIXIPPMRKTISTPIMRXLIIR ZS]vWIRXSYVEKI[MXLXMIWXSXLI1SSRPMKLX8LSVRW1MW IH[MXLXLIXIVVSVMWXKVSYTORS[REWXLI9RWIIPMI'SYVX [LSEVIWXVMZMRKXSFVMRKHS[RXLIGYVVIRXIPZIRWYTVIQ EGMWXKSZIVRQIRX XLI7IIPMI'SYVX 2SXWYVIMJ0]RRI8I PIWXVMERNYWX[ERXWXSTYXTVIWWYVISRXLIGSVTSVEXMSRWXS GSQIMRXSXLI8IPIWXVMERJSPHF]WYTTSVXMRKXLIXIVVSVMWXW SV[LIXLIVWLI[ERXWXSFVMRKEFSYXXLIGSPPETWISJXLI
-R EHHMXMSR XS XLI XEVKIXIH FYWMRIWWIW MR 7IEXXPI SV XLI2%2MRGPYHMRK%GSVTSVEXMSRWMRXLI7MSY\2EXMSR WYGL EW 1IWEQIXVMG ,MKL 4PEMRW 'SHMRK SV )XE )RKM RIIVMRK8IPIWXVMERMWETTEVIRXP]JSGYWMRKSR[LEXXLI] ORS[FIWX HIEPMRKWMRIPZIRWSZIVIMKRWXEXIW*VSQ[LEX WSYVGIWMR)YVSTIERH%JVMGEEVIXIPPMRK0]RRI8IPIWXVM ERWIRXIRZS]WMRXSXLIWXEXIWXSRIKSXMEXIEGUYMWMXMSRW SVMRZIWXQIRXW[MXL PSGEPGSVTSVEXMSRW PMOI %VQEQIRXW MVIERR8ÑV 7GYPTXYVIH )RZMVSRQIRXEP 7]WXIQW -RG 3v8SSPI 8VERWGSQ XLI 4SQSV]ER LSYWIGSVTSVEXMSRW ERH XLI >YPY -RWMRXY 'SRKPSQIVEXI ,S[IZIV XLI wSJ JIVxXSNSMRXLI8IPIWXVMER'SVTSVEXMSR[EWRSXZIV][IPP VIGIMZIHXSWE]XLIPIEWX 8LI] [IVI UYMXI MVVMXEXIH F] XLI VIUYIWX 2EXMSREP GSVTSVEXMSRW MR 4SQSV]E ERH823 EVI S[RIH F] XLI RSFPI JEQMPMIW XLI (EREER JEQMPMIW ERH XLI (YGL]vW LSYWIW SV>YPYXVMFEPGSYRGMP SV,IEZIRLIVHW[LEXIZIV ]SY[ERX XSFIPMIZI ERH XLI] WE[RSVIEWSR SV RIIH XS WIPP -R EHHMXMSR EW823 RIZIV WMKRIH XLI &YWMRIWW 6IGSKRMXMSR%GGSVHWERHGSVTSVEXMSRWEVISRP]EPPS[IH XSSTIVEXI[MXLMR XLIGSYRXV]EW E NSMRX ZIRXYVI XLEX MW QENSVP]S[RIHF]XLIWXEXI +EIEXVSRMGW6IRVEOYERH
MXQIERWTMXXMRKXLI'SYRGMPSJ4VMRGIWEKEMRWXXLI7IIPMI 'SYVX-RER]GEWI-WIITPIRX]SJNSFSTTSVXYRMXMIWMRXLI IPZIRREXMSRW[MXLMRXLIRI\XJI[QSRXLW 7XMPPOMRHSJEPIRKXL]QERIYZIV-JXLIGSYRXV]KIXWGEYKLX
XSSPEXIJSV8IPIWXVMER 'SWQS 2SXMJXLI'SVTSVEXI'SYVXSVSRIQIKEGSVTSVEXMSR{WE] ,SVM^SR{TYXXLIQYT JSV MXMRSVHIV XS KIX823 XS WMKR XLI&6%SRXLIPSRKVYR7MRGI7[MX^IVPERHERH4SQS]VE FYGOPIH TSWX'VEWLHYI XS7/QEGLMREXMSRW823MW SRI SJ XLI JI[ VIQEMRMRK STTSWMXMSR SVKW XLEX LEW RSX JEPPIR%RHXLISRP]SRI[LSGERVIEPP]FVMRKHS[RE8ÑVMW E8ÑV JVSQXLISYXWMHISV[MXLMR 1E]FI8IPIWXVMERQEHIE HIEP[MXLXLIQIKEWXSKIXSJJXLILSSO# 8EVMWPEV
%TEVXJVSQXLSWIGSVTWWXVYKKPMRKJSVXLIMVWXEXYWERH XLIMV TVMZMPIKIW ERH TSWWMFP] WYVZMZEP XLIVI EVI XLSWI %%GSVTSVEXMSRW[LSEVIRvXMRVIEPHERKIVFYXEVIWIM^ MRK XLI STTSVXYRMX] XS EXXIQTX XEOISZIV JSV XLIMV S[R KVS[XL3VWIXXPISPHWGSVIWPMOI7TMRVEH-RHYWXVMIWXEO
796:-:%0-278-2'8
&033(=&97-2)77
(I1I/S%W7SP1IHME[EWVIWTSRWMFPIJSVTYFPMGM^MRK XLI1EVWIMPPI WGERHEP MR XLEXGSWX7TMRVEH LMW%% WXEXYWQSVIXLERX[SHIGEHIWEKS EWXEXYWLIVIGIRXP] VIKEMRIHMR .SLRR]7TMRVEHMWQSZMRKLIEZIRERH IEVXLXSVIXYVRXLIJEZSVXS7SP1IHMEERH')31EVMRE 2MHSWF]JSVGMRKXLIQHS[RXS%PIZIP %GXYEPP] 7T-RvW MRXIVIWX MR 7SP 1IHME JVSQ E FYWMRIWW TIVWTIGXMZI MW PS[ ;LMPI 7SPvW XSYVMWQ EWWIXW [SYPH GSQTPIQIRX7T-RvWTSVXSJSPMS.SLRR]MWNYWXEZMRHMGXMZI WSRSJEFMXGLSYXJSVVIZIRKISRXLIGSVTSVEXMSRWERHXLI TISTPIXLEXLEZIGVSWWIHLMQMRXLITEWX 8VEZIPIV.SRIW
.SLRR]TIVWYEHIHXLI(I1I/S[LSMW7SPvWQENSVVM ZEPMR)YVSTI RI\XXS%VIW)RXIVXEMRQIRX1'81IHMEERH WSQI,SVM^SREWWIXW XS NSMRXLI GEYWI%WXLI (I1I/S LEWFIIRFSVHIVMRK%%WXEXYWHYIXSMXWZEWXQIHMEEWWIXW MR2SVXLIVRERH)EWXIVR)YVSTIXLIXEOISZIVSJGIVXEMR7SP TEVXWGSYPHTEZIXLI[E]JSVXLIQJSV%%WXEXYW 7TMRVEHTVSQMWIHXLI(I1I/SXSXLVS[MRLMW[IMKLXMR XLI 9/ JSV XLI (I1I/S XS EGUYMVI SYV QIHME EWWIXW{ WYGL EW XLI &&' [LMGL PMOI QER] &VMXGSVTW VIQEMRIH MRHITIRHIRX WS JEV HYI XS XLI WYTTSVX SJ XLI 0SVH RS[ [MXL XLI 043 KSRI ERH XLI TSPMXMGEP PERHWGETI MR WLEQFPIWXLI]GSYPHGSQIYTJSVXLIKVEFWWSSR*MVWX 'LEMRQEOIV ;LMPI VIZIRKI MW JYR ERH KVEXMJ]MRK ERH EPP XLI 7SP QERIYZIVMWSRP]TEVXSJEPEVKIVKEQI7TMRVEHMWTPE]MRK -XvWEFSYXTSWMXMSRMRKERHLI[ERXWXSFIMRTSWMXMSRJSV WSQIXLMRKFMK 'SWQS
0EWXFYXRSXPIEWXXLIVIEVIKSZIVRQIRXW HMHRvXWIIQ XLEXGSQMRKHMH]SY# %RYQFIVSJKSZIVRQIRXWEVIRSXVIEPP]EPPXLEXYR LETT]EFSYXXLI1IKEGSVTSVEXI6IZMWMSRIZIRXLSYKL XLI][SYPHRIZIVHIGPEVIXLEXMRTYFPMG;LMPITSPMXMGMERW QE]FI[SVVMIHEFSYXXLIGSPPEXIVEPHEQEKI HEQEKIW HSXSXLIMVGSYRXVMIW%%GSVTSVEXMSRWLEZIEVITYXEXMSR SJFIMRKXVSYFPIQEOIVWSRXLIMVS[RHYIXSXLIMVWTIGMEP TVMZMPIKIW XIVVMXSVMEP VMKLXW WIPJKSZIVRQIRX XE\EXMSR GMXM^IRWLMT ERHXLIMVSJXIRXVMKKIVLETT]EVQIHJSVGIW 8LSWITS[IVWLEZIGEYWIHXLIPSGEPKSZIVRQIRXWQSVI XLERNYWXLIEHEGLIWMRXLITEWXERHGSVTSVEXIQIHHPMRK MREREXMSREPTSPMXMGWERHIPIGXMSRWLEWJYVXLIVEPMIREXIH XLIKSZIVRQIRXW%VIHYGXMSRMRXLISJ%%GSVTSVEXMSRW [SYPH TVSZMHI QER] KSZIVRQIRXW [MXL WXVSRKIV TSWM XMSRW XS[EVH XLI TERGSVTSVEXI FSH] SV EX PIEWX XLI] XLMRO [LMGL MW [L] - I\TIGX XLEX XLI '%7 9'%7 XLI
796:-:%0-278-2'8
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
&%'/+6392( -RXLIW7TMRVEH-RHYWXVMIW[EWEVMWMRKWXEVMRXLI GSVTSVEXI [SVPH )RXVIRGLIH MR )YVSTIvW LMKL WSGMIX] ERHNIXWIX7T-RvWFYWMRIWWIWPMOIWTSVXERHPMJIWX]PIG] FIVRIXMGW PY\YV] KSSHW JEWLMSR IRXIVXEMRQIRX QER MWLIH *PEQFS]ERX ')3TPE]FS] ERH QENSVMX] S[RIV .SLRR]7TMRVEHLS[IZIV[ERXIHQSVIXLERwNYWXx%% WXEXYW(IWXMRIH MRLMWZMI[ XSFYMPHEQIKEGSVTSVEXI %%%IQTMVIXSNSMRVEROW[MXLXLI&MK)MKLXLIEKKVIW WMZIP]QSZIHJSV[EVHJSVQMRKEGSVTSVEXIGSRWSVXMYQ MRXSRIKSXMEXIEHIEP[MXLXLI*VIRGLKSZIVRQIRX JSV XLI VIGSRWXVYGXMSR ERH HIZIPSTQIRX SJ XLI IEVXL UYEOIFEXXIVIH1SREGS RS[REQIH2I[1SREGS -R XLI WEQI ]IEV LS[IZIV XLI VMWMRK WXEV WYHHIR P] FYVRIH YT ERH FIKER XS WMRO VETMHP] [LIR 7T-R KSX GEYKLXMRXLI1EVWIMPPI7GERHEPEGGYWIHSJMPPIKEPLYQER I\TIVMQIRXEXMSR)\TSWIHF]7SP1IHME+VSYTvWXSTMR ZIWXMKEXMZIVITSVXIV1EHIPIMRI1YPPIV[LSLEHEFYPPIX TVSSJVITYXEXMSR JSPPS[MRKLIV VIZIPEXMSR SJ XS\MG[EWXI HYQTMRKMRXLI -XEPMER 'SRJIHIVEXMSRERH TSWX)YVS;EV NSYVREPMWQ SR [EV GVMQIW ERH VEHMSEGXMZI TSMWSRMRK MR )EWXIVR)YVSTIXLIIZMHIRGIGSYPHRSXFIMKRSVIHERH XLI 'SVTSVEXI 'SYVX LEH XS MRZIWXMKEXI 9PXMQEXIP] XLI 'SYVX YRHIVE7/'LMIJ.YHKI JSYRH7TMRVEH-RHYWXVMIW FYXEPWSHIKVEHMRKXLIGSVTSVEXMSRFEGOXS%PIZIPWXEXYW 7SP1IHME+VSYTE7TERMWLFEWIHQIHMEGSRKPSQ IVEXI XLEX SVMKMREPP] FVSEHGEWXIH XLI WXSV] XLEX PIH XS XLIWGERHEP HMH RSXWXSTXLIVI7SP 1IHMEvWEWWIXW XVM HIS IQEKE^MRIERHRI[WJIIHW VIPIEWIHE WLMXWXSVQ SR.SLRR]7TMRVEHFSXLSRLMWGSVTSVEXMSRERHLMQWIPJ EFSYXEQSVEPGSVTSVEXIKVIIHPEGOSJFYWMRIWW ZEPYIW ERH QMWQEREKIQIRX SJ XLI 7T-R IQTMVI JVSQ XLI XST HS[R XLEX HEQEKIH 7T-RvW VITYXEXMSR IZIR JYVXLIV ;MXLMREJI[[IIOW.SLRR][IRXJVSQGSVTSVEXITVSHM OIITXLIVIWXSJLMWGSQTER]JVSQFIGSQMRKFEROVYTX SV XLI XEVKIX SJ E LSWXMPI XEOISZIV ;LMPI 7TMRVEH VSWI EKEMRPMOITLSIRM\JVSQXLIEWLIWQSVIXLERXIR]IEVW
&033(=&97-2)77
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
XLI vW 1SVI MQTSVXERXP]{XLSYKL XLEX MW RSX TYFPMG ORS[PIHKI{7SPLEWHIITGSRRIGXMSRWXSXLI%WSGMEG×R :ÅWUYI^ XLI7TERMWLSVKERM^IHGVMQIW]RHMGEXI[LMGL MW TEVX SJ XLI %PXE 'SQMWWMSRI 8LI :ÅWUYI^ W]RHMGEXI LEW FIIR FEGOMRK ERH FEROVSPPMRK 7SP 1IHME SZIV XLI PEWXHIGEHIWERHW]RHMGEXILIEH(SR:ÅWUYI^LEWSF XEMRIHWYFWXERXMEPMRXIVIWXMR7SP 7TMRVEHORS[WXLEXXLISRP][E]XSXEOIHS[R7SP1I HMESRXLIPSRKVYRMWXSWIZIV7SPvWGSRRIGXMSRWXSMXWFMK KIWXWYTTSVXIVW%^XIGLRSPSK]ERH:ÅWUYI^8SHIEP[MXL XLIPEXXIV7TMRVEH-RHYWXVMIWvRI[WT]QEWXIV6SPJ&VIQIR EJSVQIV1)8WXVEXIKMWXERHLIEHSJ7/4VMQI[LS LEHEJEPPMRKSYX[MXLXLIHVEKSRMRXLIPEXIvW[MPPLMVI XLI TPE]IV GLEVEGXIVW ERH FVMRK XLIQ XS 0MWFSR XS FVMIJ XLIQSRXLIQMWWMSR-RWXIEHSJKSMRKXSIXSXSI[MXLER YRHIV[SVPHW]RHMGEXIXLEXQMKLXGEYWIQSVIXVSYFPIXLER MXMW[SVXL7TMRVEH-RHYWXVMIW[ERXWXSRIKSXMEXIEQSVI PYGVEXMZI HIEP [MXL XLI PIEHIVWLMT SJ XLI :ÅWUYI^ GPER XLIVIF]WITEVEXMRKXLIQJVSQ7SP XVMEVGLHEMP] STIVEXMSRW EVIVYR F] LMWHEYKLXIV1EVME
796:-:%0-278-2'8
&033(=&97-2)77
[LS MWWXVYKKPMRK XSOIITXLISVKERM^EXMSRJVSQJEPPMRK ETEVXERHMWHIXIVQMRIHXSFVMRKMXFEGOXSMXWSPHKPSV] 8LSYKL WXMPP XLI HSQMRERX W]RHMGEXI EGVSWW XLI -FIVMER 4IRMRWYPE ERH EPSRK XLI *VIRGL 6MZMIVE YT XS 1SREGS XLI %WSGMEG×R LEW WYJJIVIH JVSQ GSQTIXMXMSR F] XLI %VEFMG %P%OLMVEL %W[EH 1E]ME MR %RHEPYGME [MXL XMIW XS %% GSVTSVEXMSR 1IVMHMSREP %KVSRSQMGW 8LI %^X PER%QE^SRMER;EV ERH XMIW SJ :ÅWUYI^ XS7SP 1IHME [LS LEZILEWGSRRIGXMSRWXS%^XIGLRSPSK]MRWXMKEXIH HMREXIWXLI4SVXYKYIWI&ETXMWXEJEQMPME[LSLEZILMW XSVMGEP XMIW XS %QE^SRMER W]RHMGEXIW ERH XLI 0YWS%J VMGER /YWWYRHYPSPE +LSWX 'EVXIP -R XLI PEWX X[S ]IEVW XLI-FIVMER4IRMRWYPEXLEXIZIRJVEXIPPER^E[IVIRSXEFPI XSTEGMJ]ER]QSVI0EWXFYXRSXPIEWXXLI:ÅWUYI^W]R HMGEXI SZIVI\XIRHIH MXWIPJ XS QSRSTSPM^I XLI -FIVMER QEVOIX JSV MPPIKEP QIHMGEP WIVZMGIW ERH EYKQIRXEXMSRW WLEHS[ERHFPEGOGPMRMGW ERHMWIZIRVYQSVIHXSLEZI WIX YTE GPMRMG [MXL ETVSKVEQ XS GLYVR SYX G]FSVKW XS HIJIRHLMWSTIVEXMSRW %W XLI %WSGMEG×R GSYPH YWI XLIWI G]FSVKW RS[ QSVIXLERIZIVPSGOIHMRXLIMVYRHIV[SVPH[EV7TMRVEH [ERXW XS SJJIV XLI :ÅWUYI^ GPER 7T-RvW WYTTSVX SJ XLI TVSKVEQ XLVSYKL XLI VIWSYVGIW ERH I\TIVMIRGI SJ LMW EYKQIRXEXMSRWFVERGL PMOIXLI7TMR7LSTW MRI\GLERKI JSV :ÅWUYI^ [MXLHVE[MRK XLIMV WYTTSVX SJ 7SP 1IHME ,S[IZIV WS JEV ER] EXXIQTXW JSV E TIVWSREP QIIXMRK FIX[IIR 7TMRVEH IRZS]W ERH XLI W]RHMGEXI LEZI FIIR FVYWLIHSJJF]:ÅWUYI^EWLMWLSRSVJSVFMHWLMQXSHIEP [MXL7TMRVEH8LIVYRRIVWEVIXLIVIJSVIWIRXXS&EVGIPS REXSGSIVGIXLIW]RHMGEXIMRXSEQIIXMRK[MXL&VIQIR EW7TMRVEHvWQIHMEXSV 8LI] [MPP XS LEZI EFHYGX 4MPEV 'EVVMPPS E VIRS[RIH JSVKIVEPWSORS[REW1SWEMG[LSMWGVYGMEPXSXLIW]RHM GEXIvWEVXJSVKIV]ERHFPEGOQEVOIXSTIVEXMSRWJVSQLIV JSVKIVWLSTMRXLI+SXLMG5YEVXIVMR&EVGIPSRE[MXLSYX FYVRMRKFVMHKIWXLEXQE]LEQTIVXLIRIKSXMEXMSRW HYI XSXLIW]RHMGEXIWWXVSRKGSHISJLSRSV ;LMPI&VIQIR [MPP IRKEKI MR WIXXMRK YT XLI QIIXMRK EJXIV XLI NSF MW HSRIXLIVYRRIVW[MPPLEZIXSFEF]WMX'EVVMPPSSRP]XSFI EQFYWLIHF])YVSTSPEKIRXW[LSWIIERSTTSVXYRMX]XS KIXLSPHSJXLIJSVKIV[MXLSYXVIUYMVMRKEREVVIWX[EVVERX EW XLI] EVI XIGLRMGEPP] VIWGYMRKE OMHRETIH ZMGXMQ %J XIVI\XMRKYMWLMRKXLI EQFMXMSRWSJ XLI )YVSTIERTSPMGI XEWOJSVGI XLI][MPPQIIXYT[MXL&VIQIREKEMRXSVYR XLI WIGYVMX] SJ XLI WYQQMX FIX[IIR 7TMRVEH-RHYWXVMIW ERH %WSGMEG×R :ÅWUYI^ 8S HVMZI XLI [IHKI HIITIV FIX[IIR7SP1IHMEERH:ÅWUYI^LS[IZIV&VIQIRLEW KMZIRXLIPSGEXMSRSJXLIQIIXMRKXSXLI(I1I/S[LS PIEOIHMXXS7SP1IHMEWIRHMRKXLIMVS[RJSVGIWXSXLI TEVX] XS WEFSXEKI XLI RIKSXMEXMSRW FVMRKMRK :ÅWUYI^ IZIRGPSWIVXS7TMRVEH
796:-:%0-278-2'8
403843-28 2-+,8*0-+,8830-7&32 XSQIIX[MXLE7T-R.SLRWSR[MXLMRXLIRI\XX[SHE]W ,I[MPPFVMIJXLIQEFSYXXLIHIXEMPWSJXLIMVNSF[LMGL [MPP FI{MR E RYXWLIPP{E GSQFMRIH I\XVEGXMSRFSH] KYEVHNSFMRXLI)YVSTIERYRHIV[SVPH1V.SLRWSR[MPP TE]EPPXLII\TIRWIWJSVXVERWTSVXEXMSR [MXLMRVIEWSR EVVERKIXLIQIERWSJXLIXVERWTSVXEXMSRSRXLIMVS[R [LMGL[MPPHITIRHSRLS[QYGLKIEVXLI]EVIEFPIXS FVMRKMRJSVXLIQMWWMSRSRXLIMVS[R -R0MWFSRXLIVYRRIVWEVIWYTTSWIHXSQIIX[MXLXLI .SLRWSRMRXLI1IVGEHSXLIw8LI1IEX1EVOIXxVIWMHMRK MR[EPOMRKHMWXERGISJXLI FMKJIVV]ERHVEMPXIVQMREPSJ 'EMW HS 7SHVÍMR XLI3PH &EM\EVIHPMKLX HMWXVMGX;LIR XLI VYRRIVW EVVMZI EX RMKLX XLI HMWXVMGX [MPP FI EPVIEH]
FS]W PSSOMRK JSV GSQTER] EW [IPP EW QIVGW JVSQ HMJ MWEJSVQIVSPHQEVOIXRS[XVERWJSVQIHXSERSTIREMV ERH I\IGYXMZIW PSSOMRK JSV E GLESXMG TPEGI XS LMHI XLI FYWMRIWWXLI][ERXXSGSRHYGX -RXLIGPYFXLIMV7T-R.SLRWSRXYVRWSYXXSFIJSVQIV 0SJ[]VvWVMKLXGPE[QER6SPJ&VIQIR PEXIJSVXMIWLIEZ MP]EYKQIRXIHPSSOWERHEGXWQSVIPMOIE QIVGXLERE .SLRWSR [MXL LMWQMPMXEV]EXXMXYHI [LSRS[ [SVOW JSV 7TMRVEHEWWT]QEWXIVERHWIVZIWEWXLIVYRRIVvWLERHPIV JSVXLIQMWWMSR 8LINSFMWXSEFHYGXXLIVIRS[RIHJSVKIV1SWEMGSJXLI %WSGMEG×R:ÅWUYI^XSKIXXLI W]RHMGEXIvW EXXIRXMSRJSVE FYWMRIWW TVSTSWMXMSR XLEX 7TMRVEH [ERXW XS QEOI XS XLI :ÅWUYI^PIEHIVWLMT8LITPERMWJSVXLIVYRRIVWXSOIITLIV EVVERKIH[LMGL&VIQIRERXMGMTEXIW[MPPXEOIE[IIO 7MRGI XLI :ÅWUYI^ W]RHMGEXI LEW E WXVSRK WIRWI SJ LSRSV MR XLIMV HIEPMRKW XLI VYRRIVW EVI YVKIH RSX XS YWIPIXLEPJSVGISJER]OMRHEKEMRWXER]W]RHMGEXIQIQ XSWEFSXEKIXLIWYFWIUYIRXRIKSXMEXMSRWHYIXSYWISJ I\GIWWMZIJSVGI)ZIV]XLMRKIPWI WYGLEWXLIQIXLSHSJ I\XVEGXMSRERHEWEJILSYWI MWPIJXXSXLIMVS[RTPERRMRK EPXLSYKL&VIQIR[MPPTVSZMHIXLIQ[MXLXLIREQISJE 'EFEPPIVS XLEX XLI]GERGSRXEGXJSVEWWMWXERGISJKIEV*SVXLIMVWIVZMGIW &VIQIRMW[MPPMRKXSSJJIV RY]IRTIVVYRRIVJSVXLI EFHYGXMSRERHXLI[IIOSJWEJIOIITMRKFYXTPE]IVGLEV EGXIVWQE]RIKSXMEXIXIVQWEWYWYEP XLSYKL&VIQIRMW RSX[MPPMRKXSKSLMKLIVXLERXMQIWXLISJJIVIHTVMGI 8VERWTSVX XS &EVGIPSRE LEW FIIR EVVERKIH TIV FSEX S[RIHF]EWQYKKPMRKGVI[SJ'SVWMGERTMVEXIWXLEX[MPP FVMRKXLIVYRRIVWERHXLIMVKIEVMRXSXLIGMX]%WXLIWLMT LEW WSQI WXSVEKI WTEGI MR WQYKKPMRK GSQTEVXQIRXW
&033(=&97-2)77
XLIVYRRIVWQE]YWIXLISTTSVXYRMX]XSWLSTJSV[IET SRW EVQSV SV ER] SXLIV KSSHW XLI] LEH XS PIEZI EX LSQIJSV[LMGLXLIFPEGOERHKVI]QEVOIXWSJEQIVGI REV]LEZIRWYGLEW0MWFSRSJJIVTPIRX]SJSTTSVXYRMXMIW
403843-28 8,)*36+)6v7()2 9TSR EVVMZEP MR&EVGIPSREXLI VYRRIVW RIIH XS EGGYW XSQXLIQWIPZIWXSXLI RI[ WYVVSYRHMRKW MJXLI] LEZI RIZIVFIIRXS'EXEPSRMERGETMXEPFIJSVI &EVGIPSRE MR XLI W MW XLI WXMPP XLI VMGLIWX GMX] MR XLI GSYRXV] *YPP SJ GPIER ERH RIEX LMWXSVMGEP QSRY QIRXWGLMGVIWXEYVERXW7TERMWLJEWLMSRFSYXMUYIWERH RSZELSXGPYFWXLEXEXXVEGXXSYVMWXWXLIGMX]LSWXWETVSW TIVMRK7TERMWLNIXWIXXLEXVMZEPW2MGIERH2I[1SREGS XLI TVIWIRGI SJ XLIMV LIEHUYEVXIVW MR XLI GMX] 8LSYKL XLI7SPEVGSPSK]ORS[REWw8LI7YR8S[IVxMWXLIQSWX
HSQMRERXIQFPIQSJXLIGMX]XVYIIGSRSQMGTS[IVVI WMHIW [MXL XLI %^XIGLRSPSK] )YVSTI HMZMWMSR [LMGL MW XLIRIVZIGIRXIVJSVEPPSJXLIQIKEGSVTSVEXMSRvWSTIV EXMSRW EGVSWW )YVSTI EPSRK [MXL )797 [LMGL GSRXVSPW 7XMPPXLIGLEWQFIX[IIRXLILEZIERHXLILEZIRSXVYRW HIIT[MXLMRXLIGMX]ERHMXMWI\TPSMXIHF]XLI:ÅWUYI^ W]RHMGEXI[LSEVIYWMRKGLIETPEFSVXSGSYRXIVJIMXHI WMKRIVGPSXLMRK[LMPIEPWSWIRHMRKSYXTMGOTSGOIXWERH XLYKWXSTVI]SRXSYVMWXW3RXLISXLIVIRHSJXLIWTIG XVYQ&EVGIPSREMWXLIFMKKIWXEVXFPEGOQEVOIXMR)YVSTI [MXL XLI W]RHMGEXIvW HIEPIVW FIMRK MRZSPZIH MR EVX XLIJX SVJSVKIVMIWWSPHXSE[IEPXL]GPMIRXIPIMR[LMGLXLIVYR RIVvWXEVKIX1SWEMGMWEOI]TPE]IV 8LIVYRRIVWQIIX'EFEPPIVSEGLEVQMRKLYQERQEPI VEXMSRWLMKLWSGMIX]XLIWLEHS[WERHXLIYRHIV[SVPH 8LIQIIXGERLETTIRER][LIVIMRXLIGMX][LIVIXLIVI MWEGXMZIWSGMEPPMJI PMOIETMRX\SFEV ERH'EFEPPIVSGER LIPTXLIVYRRIVWWIXYTEWEJILSYWIMR&EVGIPSRESVLIPT XLIQ EGUYMVMRK KIEV WYGL EW E 'EXEPER SV 7TERMWL PMR
796:-:%0-278-2'8
&033(=&97-2)77
KYEWSJX F] QEOMRK XLI RIGIWWEV] GSRRIGXMSRW MJ XLI] EVI [MPPMRK XS TE] LMW TVMGI ;LMPI E TVSJIWWMSREP LI MW E X]TMGEP 7TERMEVH{YRLYVVMIH IRIVKIXMG [MXL E PSX SJ KIWXYVIWERHGPSWITIVWSREPGSRXEGX ERHEREXXMXYHIXS 8LI[SVOWLSTSJ1SWEMGMWPSGEXIHMRERYVFERIWXEXI MR XLI &EVVM +SXLMG XLI KSXLMG UYEVXIV E GSRJSYRHMRK QE^ISJREVVS[QIHMIZEPWXVIIXWHEXMRK FEGOXS 6SQER XMQIW 8LI LSYWI MW TVSXIGXIH HE] ERH RMKLX F] QEX×R EYKQIRXIH XLYKW W[SVR XS XLI W]RHMGEXI ERH ER SVO QEIKSVYRRMRKEVGERIWIGYVMX] XLIIWXEXIMWTEXVSPPIHF] E*SVGI7TMVMXSJ%MV 1SWEMGVEVIP]PIEZIWXLIQERWMSR JSGYWMRKSRLIVTEMRXMRKWWGYPTXYVIWJSVKIVMIWERHSXLIV MRZIRXMSRW MR LIV HMJJIVIRXWXYHMSW XLILSYWILSPH LEWE WMSRWLIPIEZIWXLIFYMPHMRKVIKYPEVP]MWXSEXXIRHGLYVGL SR 7YRHE]W SV MJ WLI LEW XS TIVJSVQ E GSRWYPXEXMSR XS HIXIVQMRIXLIZEPMHMX]SJERSFNIXHvEVXMRTIVWSR [LMGL GSYPHFIYWIHEWETPS]XSPYVILIVSYXMJXLIVYRRIVWGER TYPPMXSJJ -RER]GEWIWLI[MPPPIEZI[MXLEWIGYVMX]HIXEMP WSPHEHSWERHXLIQEKI WMSRSVHMVIGXP]EWWEYPXMRKXLIIWXEXI'EVVMPPS[MPPXV]XS QEOI MX XS E WIGVIX VIMRJSVGIH ERH [EVHIH TERMG VSSQ LMHHIRMRWMHISRISJLIV[SVOWLSTWERH[EMXJSVFEGOYT JVSQXLIW]RHMGEXI[LMGLWLIGERGEPPJVSQXLIMRWMHIF] RSR[MVIPIWWQIERW
403843-28 )963430-28)6:)28-32 ;LIR XLI VYRRIVW EFHYGX 1SWEMG XLI] [MPP VEMWI XLI MRXIVIWXSJE)YVSTSPXIEQXLEXLEWFIIRWMXXMRKSRXLI IWXEXIJSVQSRXLWXSKIXLSPHSJXLIJSVKIVXSJSVGILIV XS XYVR SR XLI W]RHMGEXI -R XLIMV IJJSVXW XLI] QMKLX LEZIKSXXIRXLIVYRRIVWSRXETIGEWMRKXLILSYWI8LI
EVIXMIH;LIRXLIVYRRIVWRS[QEOIXLIMVQSZIXLI] [MPPKMZIXLI)YVSTSPEKIRXWXLINYHMGMEPWTEGIXSVIEGX XS ER SRKSMRK GVMQI XLI EFHYGXMSR SJ E 7TERMWL GMXM ^IR%WXLIQIXVS\TPI\TSPMGITVSZMHIVEPSGEPFVERGL MRK XS XLI %WSGMEG×R :Å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
796:-:%0-278-2'8
-JXLI)YVSTSPEKIRXW[IVIXSSWYVTVMWIHXSVIEGXXS XLIVYRRIVWHMVIGXP] IKMJXLI]GLSWIXSI\XVEGX'EVVMP PS SYXWMHI LIV [SVOWLST XLI] [MPP XV] XS YWI XLIMV PS GEP VIWSYVGIW XSXVEGO XLI VYRRIVW HS[R (VMZIR XS RSX PIXQSRXLWSJMRZIWXMKEXMSRFIMRZEMRXLI][MPPYWIER] EFSYXW SJ XLI VYRRIVW 8S XLEX IRH XLI] [MPP XYVR XLI WGVI[WSJER]WLEHS[WSYVGIXLIVYRRIVWQE]LEZIMR XIVEGXIH[MXL PMOI'EFEPPIVS -JXLIVYRRIVWLEZIGSZIVIHXLIMVXVEGOW[IPPIRSYKL XLI)YVSTSPXIEQLEZMRKVIGIMZIHEXMTSJXLITPERRIH WYQQMXFIX[IIR:ÅWUYI^ERH7T-RGSYPHEPWSMRXIVGITX XLIVYRRIVW[LMPIXLIVIEVISRXLIMV[E]XSXLIQEVMRE
403843-28 8,)7911-8 %WWSSREW&VIQIRLEWRIKSXMEXIHXLIQIIXLIGEPPWXLI VYRRIVWXSFVMRK1SWEMGXSXLI&EVGIPSRE1EVMRE4SVX:IPP [LIVIXLI][MPPFITMGOIHYT8LIQIIXMRK[MPPXEOITPEGI SR E RMRIX]QIXIV WYTIV]EGLX XLI ,MKL 6SPPIV S[RIH F].SLRR]7TMRVEH[LMGLLEWFIIRFVSYKLXMRJVSQ2I[ 1SREGS[LIVIMXMWYWYEPP]ERGLSVIH8LIVYRRIVW[MPPFI VIUYMVIHXSVYRWIGYVMX]SRXLIWLMT[LMPIXLIIMKLXGVI[ QIQFIVW [MPP TVITEVI JSVXLI EVVMZEPW SJ XLI KYIWXW ERH WXIIV XLI FSEX SJJGSEWX XS QIIX [MXL E WTIIHFSEX XLEX [MPP FVMRK XLI :ÅWUYI^ IRZS]W SRFSEVH 4EXVMEVGL (SR :ÅWUYI^LMQWIPJERSPHQERMRLMWWIZIRXMIWSVIMKLXMIW [LS LEW VITPEGIH WSQI PMQFW[MXLGYXXMRKIHKI G]FIV RIXMGWFYXMWWXMPPWXVYKKPMRK[MXLLMWRSRVINYZIREXIHEKI RS[IZIRQSVI[MXLXLIIZIVTVIWIRXJIEVSJ'*( ERH XSS TVSYH XS XEOI ER] LIPT PIEHW XLI HIPIKEXMSR 8LI QSVIXLIVYRRIVWGEYWIHTVSFPIQW MIHIEXLWHIWXVYG XMSR SV SXLIV GSPPEXIVEP HEQEKI [LMPI ETTVILIRHMRK 1SWEMG XLI XIRWIV XLI QIIXMRK [MPP FI IWTIGMEPP] [MXL XLI EVQIHERHQSWXP]EYKQIRXIHFSH]KYEVHW YWI XLI JSPPS[MRK EVGLIX]TIW JVSQ 76 ERH 6YR *EWXIV &VE[PMRK %HITX(MWKVEGIH&SH]KYEVH 7TVE[P+ERKIV 7XVIIX 7E QYVEMSV8ERO TVSXIGXMRKXLITEXV×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
&033(=&97-2)77
4)340)
:%759)>7=2(-'%8) 1%8·21%8·2%
%73'-%'·2:¥759)>
463*)77-32%06%8-2+
4-0%6'%66-003 %/%137%-' 4MPEV MW SRI SJ XLI QSWXWOMPPIH FYX PIEWXORS[R JSVK IVW SJ )YVSTI WSQI GSRWMHIV LIV XS FI E XVYI EVXMWX &SVREWEWXVIIXOMHMRXLIWXVIIXWSJ8SPIHSWLIWTIRX LIV IEVP] HE]W EW E TMGOTSGOIX FIJSVI QSZMRK YT XLI GVMQMREPJSSHGLEMREWEGSREVXMWXERHJSVKIVMR1EHVMH (YI XS LIV [MXW OREGO JSV XIGLRSPSK] ERH LIV XEPIRX JSVEVXERHMQTVSZMWEXMSR XLEROWXSLIVEHITXTS[IVW WLI KSX XLI EXXIRXMSR SJ E *VIRGL JSVKIV MR XLI 1MPMIY [LSXEYKLX LIV XLIEVX SJJSVKMRK ERXMUYIWERH [SVOW EHZERGIH F] GSQFMRMRK XVEHMXMSREP XIGLRMUYIW [MXL QSHIVRQEXIVMEPWGMIRGI%JXIVXVEZIPMRKJSVQSVIXLER IRXEVXWERHQEOMRKLIVWIPJEREQIEWEJSVKIV GEPPIH 1SWEMG [LMPI [SVOMRK XSKIXLIV [MXL EVX XLMIZIW SV WLEHS[VYRRIVW XS LMX HMJJIVIRX QYWIYQW ERH TVMZEXI GSPPIGXSVW WLI FIGEQI IRXERKPIH [MXL XLI :ÅWUYI^ W]RHMGEXI HYVMRK SRI QMWWMSR MR &EVGIPSRE ;LMPI XLI W]RHMGEXI HMH RSX KMZI LIV QYGL GLSMGI MR XLI FIKMR RMRKEJXIVWLIXVMIHXSWGVI[XLIQWLILEWGSQIXSIR NS]XLI%WSGMEG×RvWZEWXVIWSYVGIW[LMGLEPPS[IHLIV XSZIRXYVIMRXSRI[EVIEWERHHIZIPSTRI[XIGLRSPS KMIW 7MRGI 1EVME :ÅWUYI^ LEW FIIR XEOMRK SZIV JVSQ LIVJEXLIV1SWEMGLEWFIGSQIIZIRQSVIMRZSPZIHMR XLIEVXFPEGOQEVOIXHIEPMRKWSJXLIW]RHMGEXI *)1%0)(;%6* & % 6
7
;
0
-
'
)(+ )77
1
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
( 4L]WMGEP1IRXEP7SGMEP %XLPIXMGWWOMPPKVSYT%VXMWER %WWIRWMRK %YVE 'SR'LIQMWXV])XMUYIXXI 9RHIV[SVPH *SVKIV] 2IKSXMEXMSR 4EPQMRK 4IVGITXMSR 4MWXSPW 8EWIV 7RIEOMRK 9VFER /RS[PIHKI7OMPPW %VX %VX&PEGO1EVOIX %WSGMEG×R:EWUYI^ 'YXXMRK)HKI8IGLRSPSK]*SVKIV]8IGLRMUYIW 1EXIVMEP7GMIRGIW4EMRXMRK7GYPTXMRK 0ERKYEKIW 'EXEPER )RKPMWL.ETERIWI1ERHEVMR 7TERMWL2 -RMXMEXI+VEHI 1IXEQEKMG 'IRXIVMRK 4S[IVW %WXVEP4IVGITXMSR?A(ERKIV7IRWI?A (IQEVE?A)MHIXMG7IRWI1IQSV]?A )RLERGIH4IVGITXMSR?A-QTVSZIH%FMPMX] *SVKIV] ?A-QTVSZIH%FMPMX] %VXMWER ?A-QTVSZIH7IRWIW 8EGXMPI,YQER7GEPI ?A2MQFPI*MRKIVW?A8LVIIHMQIRWMSREP QIQSV]?A;EPP6YRRMRK?A
&
%
6
7
;
0
-
'
)(+
)77
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
%YKQIRXEXMSRW +IEV
;IETSRW
( 4L]WMGEP 1IRXEP7SGMEP %XLPIXMGWWOMPPKVSYT%YXSQEXMGW 7YFQEGLMRI+YRW )XMUYIXXI 9RHIV[SVPH 4IVGITXMSR9REVQIH 'SQFEX 7TYV ']FIVWTYV VIXVEGXEFPI QYWGPIVITPEGIQIRX TPEWXMGFSRIPEGMRKVIEGXMSRIRLERGIVW %6KPSZIWEVQSVZIWXGSQQPMRO (IZMGI 6EXMRK GSRXEGXWSVWLEHIW?6EXMRK[ MQEKIPMROA 7TYV?4L]WMGEP6IEGL{(:4%4zA /VMQI7TVII?7YFQEGLMRI+YR%GG(:4 %4{*%6' G A
:%759)>7=2(-'%8)1)-+3 463*)77-32%06%8-2+ 1%0)36/ & %
6
7
;
0
-
'
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 5YEPMXMIW 7OMPPW
)(+ )77
1
( 4L]WMGEP 1IRXEP7SGMEP 1EKMGMER1IRXSV7TMVMX 8LYRHIVFMVH %WWIRWMRK %WXVEP7MKREXYVIW &PEHIW 'SRNYVMRK 7TMVMXWSJ%MV )XMUYIXXI 'VMQI -RXMQMHEXMSR 4L]WMGEP 4IVGITXMSR 7TIPPGEWXMRK8LVS[MRK;IETSRW9REVQIH 'SQFEX %8LYRHIVFMVHQEKMGMERQYWXWYGGIIHMRE'LEVMWQE ;MPPTS[IV 8IWXXSEZSMHVIWTSRHMRKXSERMRWYPXMROMRH
7TIPPW +IEV ;IETSRW
(IXIGX)RIQMIW(SYFPI-QEKI)PIGXVMGMX]%YVE -RGVIEWI7XVIRKXL'LEMR0MKLXMRK %6KPSZIWEVQSVZIWXGSQQPMRO (IZMGI6EXMRK GSRXEGXW?6EXMRK[MQEKIPMROA 9VFER8VMFI8SQELE[O?%GG4L]WMGEP6IEGL {(:4%4zA /VMQI7TVII?7YFQEGLMRI+YR%GG(: 4 %4{*%6' G A
%HITXTS[IVGSWXVIHYGIHF]%VXMWERvW;E]UYEPMX]
5YEPMXMIW +IEV
%HITX%VXMWERvW;E] )PIGXVSGLVSQMGSVJIIHFEGOGPSXLMRKJEOI-( 6EXMRK GSQQPMRO (IZMGI6EXMRK %6 KPSZIWVSWEV] UMJSGYW6EXMRK-VSR;MPP
796:-:%0-278-2'8
&033(=&97-2)77
)963430
)9634301%+)
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
463*)77-32%06%8-2+
)963430%+)28
%
6
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
7
;
0
-
'
)(+
)77
%YKQIRXEXMSRW MQEKIPMROPS[PMKLXZMWMSRWQEVXPMRO XLIVQSKVETLMGZMWMSRZMWMSRIRLERGIQIRX QYWGPIXSRIVSPJEGXSV]FSSWXIVW]RETXMG FSSWXIVXEWXIFSSWXIV %VQSVZIWX YRTVITEVIH SVPMKLXWIGYVMX] EVQSV TVITEVIH GSQQPMRO (6 IEVFYHW ?'ETEGMX][EYHMSIRLERGIQIRXA KVIREHIGEQ?XLIVQSKVETLMGATEMRXKVIREHI TRIYQEXMGVEQ TIVXIEQ KEWKVIREHIW
;IETSRW
QMGVSTLSRI%6KPSZIWIGYVMX]WIRWSVERH WXIEPXLXEKWEWETTVSTVMEXI 7XYRFEXSR?'PYF%GG6IEGL(: 7I%4zA 'SPX+SZIVRQIRX?,IEZ]4MWXSP%GG(:4 %4z7%6'{ G [WQEVXKYRW]WXIQA ,/?7YFQEGLMRI+YR%GG (:4 %4{7%&**%6' G [WQEVXKYR W]WXIQA (:777 G XEVKIXLMXWYJJIVWJVSQ HMWSVMIRXEXMSRERHREYWIE VIWMWXIH[MXL ;MPPTS[IVRS%VQSV JSPPS[WWLSXKYRVYPIWXS HIXIVQMRIWTVIEHA{TIVXIEQ
796:-:%0-278-2'8
6
7
;
0
-
'
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
)(+ )77
1
( 4L]WMGEP1IRXEP 7SGMEP SV %WWIRWMRK%WXVEP'SQFEX%XLPIXMGWWOMPP KVSYT'SQTYXIV'SRNYVMRKWOMPPKVSYT 'SYRXIVWTIPPMRK)XMUYIXXI 9RHIV[SVPH 0IEHIVWLMT4IVGITXMSR 7IEVGLMRK 4MWXSPW7TIPPGEWXMRK9REVQIH'SQFEX &PSGO 1EKMGMER (IQSPMWL;IETSRW(IXIGX-RHMZMHYEP,YWL 1EKIFSPX4L]WMGEP&EVVMIV6IGSVHIH6SSQ 7XEFMPM^I7XYRFEPP %6KPSZIEVQSVZIWX YRTVITEVIH SVPMKLX WIGYVMX]EVQSV TVITEVIH GSQQPMRO (IZMGI 6EXMRK IEVFYHW?'ETEGMX][EYHMS IRLERGIQIRXAKVIREHIGEQ?XLIVQSKVETLMGA TEMRXKVIREHITRIYQEXMGVEQ TIVXIEQ
+IEV
( 4L]WMGEP 1IRXEP7SGMEP SV %XLPIXMGWWOMPPKVSYT%YXSQEXMGWSV)\SXMG 'SQTYXIV 1EXVM\7IEVGL )XMUYIXXI 0E[)RJSVGIQIRXSV9RHIV[SVPH *MVWX%MH -RXMQMHEXMSR -RXIVVSKEXMSR 2IKSXMEXMSR 4IVGITXMSR 7IEVGLMRK 4MPSX+VSYRH 'VEJX ;LIIPIH 4MWXSPW9REVQIH 'SQFEX
+IEV
5YEPMXMIW 7TIPPW
463*)77-32%06%8-2+ &
1%0))0* & %
TEO7YWXEMRMRKJSGYW ,IEPXL WYFZSGEP QMGVSTLSRIWIGYVMX]WIRWSVERHWXIEPXLXEKWEW ETTVSTVMEXI 'SPX+SZIVRQIRX?,IEZ]4MWXSP%GG(:4 %4z7%6'{ G [WQEVXKYRW]WXIQA
;IETSRW
&1;-2*-2-8=< 79: %PMKLXIVQMPMXEV]79:XLERXLIGPEWWMGEP%VIW,YQZII WMRGIMXWMRXVSHYGXMSRMR &1;-2*-2-8=< ,%2( 74))( %'')0
&3(
%61
4-038
7)27 7)%87
&033(=&97-2)77
7301)(-%)'0-47)
)'0-47)74)'-%03471%+)
8LI )GPMTWI MW 7SP 1IHMEvW IPMXI WXVMOI JSVGI 9WYEPP] XEWOIH [MXL HIJIRHMRK XLI GSVTSVEXI LIEHUYEVXIVW MR &EVGIPSREXLI]EVIEPWSWIRXSYXSRSGGEWMSREWXVSY FPIWLSSXIVWXSIRJSVGIXLI%%GSVTSVEXMSRvWMRXIVIWXW 8LI )GPMTWI XIEQ XLEX [MPP QEOI ER EWWEYPX SR 7TMR VEHvW]EGLXMW XVEMRIH MRSRERHYRHIV[EXIVSTIVEXMSRW ERHMRGPYHIWJSYVGSQFEXHMZIVWERHX[SWYTTSVXQEKIW 8LI XIEQVYRW E 8LI 4-8EG 0IZIP--2SZEXIGL8EGXM GMERSR XLIMVMRXIKVEXIHGSQQPMRO W]WXIQ T 6YR
+YR [MXLSRI24'EGXMRKEWHIWMKREXIHXIEQPIEHIV
463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
)'0-47)74)'-%0347 463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
)(+
)77
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
%YKQIRXEXMSRW
( 4L]WMGEP 1IRXEP7SGMEP %XLPIXMGWWOMPPKVSYT&PEHIW%YXSQEXMGW (MZMRK 1MPMXEV] )XMUYIXXI 'SVTSVEXI 0IEHIVWLMT7RIEOMRK8LVS[MRK ;IETSRW +VIREHIW 4IVGITXMSR 9REVQIH'SQFEX 7YFHYMRK 'SQQPMRO (IZMGI6EXMRK G]FIVI]IW?6EXMRK
5YEPMXMIW %YKQIRXEXMSR 7TIPPW
+IEV
1
( 4L]WMGEP1IRXEP 7SGMEP %WWIRWMRK%WXVEP'SQFEX%YXSQEXMGW &PEHIW /RMZIW 'SRNYVMRK(MZMRK 1MPMXEV] )XMUYIXXI 'SVTSVEXI 0IEHIVWLMT4IVGITXMSR7RIEOMRK7SVGIV] WOMPPKVSYT7[MQQMRK 0SRK(MWXERGI 9REVQIH'SQFEX 7YFHYMRK 1EKMGMER 'IVIFVEPFSSWXIVW]RETXMGFSSWXIV ,SWI0IZMXEXI1MWX7LEHS[7LEVO*SVQ7TEXMEP 7IRWI )\XIRHIH 8LSYKLX6IGSKRMXMSR8WYREQM 9PXVEWSYRH'V]TXIWXLIWME;EXIV+VIREHI ,SWIERH8WYREQM[SVOPMOI*PEQIXLVS[IVERH*MVIFEPP SRP][MXL;EXIV)PIQIRXEP)JJIGXT7XVIIX+VMQSMVI
+IEV [=28WSJX[IEZIERHVYXLIRMYQ6EXMRKA GSQQPMRO (IZMGI6EXMRK HMZMRKKIEVIEVFYHW PS[PMKLXZMWMSRWQEVXPMROXLIVQSKVETLMGA
ZMWMSRWQEVXPMROXLIVQSKVETLMGZMWMSRZMWMSR VITPEGIQIRXWOMRTSGOIXWYTVEXL]VSMHKPERH
)(+ )77
;IETSRW
7TIPPGEWXMRKJSGYW 'SQFEX*SVGI WYFZSGEP QMGVSTLSRI 447/?1EGLMRI4MWXSP%GG (:4%4 z7%&*6' G [WQEVXPMROI\TPSWMZI EQQYRMXMSRSV7XMGOR7LSGO(:7 I %4zA 7YVZMZEPORMJI?%GG6IEGL{(: 4%4zA
[IEZIAHMZMRKKIEVIEVFYHW?[EYHMS
;IETSRW
WQSOIA 447/?1EGLMRI4MWXSP%GG (:4%4 z7%&*6' G [WQEVXKYRW]WXIQ I\TPSWMZIEQQYRMXMSRSV7XMGOR7LSGO(: 7 I %4zA 7YVZMZEPORMJI?%GG6IEGL{(: 4%4zA
796:-:%0-278-2'8
& 03 3( =& 97 -2 )77
',%6%'8)6 863:) 8LI GLEVEGXIVW MR XLMW GLETXIV EVI YWIH MR GLETXIVW XLVSYKLSYX XLMWFSSO FYX XLI]EVIEPWSQYPXMTYVTSWI RSRTPE]IVGLEVEGXIVWXLEXGERFIHVSTTIHMRXSE[MHI ZEVMIX]SJWIXXMRKWJVSQGEQTEMKRWYWMRKQEXIVMEPJVSQ &PSSH] &YWMRIWW XS NYWX EFSYX ER] SRKSMRK 7LEHS[VYR WXSV])RNS] X%PSRK[MXLXLIGLEVEGXIVWHSRvXQMWWXLIRI[EHITX TS[IV{&SH]7GYPTX{EXXLIIRHSJXLIGLETXIV
&698)83<-'7,%1%2 36/463*)77-32%06%8-2+ &
%
6
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI %WXVEP-RMXMEXMZI 7OMPPW
5YEPMXMIW -RMXMEXI+VEHI 1IXEQEKMGW
7
;
0
-
'
)77
1
4L]WMGEP 1IRXEP7SGMEP ( ( %PGLIQ]%VGERE%WWIRWMRK%WXVEP 'SQFEX %XLPIXMGWWOMPPKVSYT&ERMWLMRK &PEHIW&MRHMRK *MVWX%MH3YXHSSVWWOMPP KVSYT 4IVGITXMSR 7RIEOMRK 7SVGIV]WOMPP KVSYT7YQQSRMRK 9REVQIH'SQFEX )\GITXMSREP%XXVMFYXI 'LEVMWQE 1EKMGMER 1IRXSV7TMVMX (SSQ %FWSVTXMSR'SVVYTXMSR-RZSGEXMSR1EWOMRK
7TIPPW
&SYRH7TMVMXW +IEV
;IETSRW 2SXIW
7PE] ,YQER 4SPPYXERX 7XVIEQ 4SPPYXERX;EZI 8S\MG;EZI \*SVGI2S\MSYW7TMVMXW\*SVGI&EVVIR 7TMVMXW\*SVGI4PEKYI7TMVMXW 0MKLXWIGYVMX]EVQSV?A WGEZIRKIHJVSQ HIEH1'8FSHMIW &MRHMRKJSGYW *SVGI EPGLIQMGEPTVITEVEXMSRW?\0MKLXRMRK&EPP *SVGI4SXIRG] \1SF1MRH *SVGI 4SXIRG] \1EREFEPP *SVGI4SXIRG] A 'SQFEX/RMJI?&PEHI6IEGL{%GG(: 4 %4zA 1EKMGFEWIHPMQMXWEVIMRGVIEWIHF]XLIVEXMRK SJXS\MGEPMKRIHFEGOKVSYRHGSYRX8S\MG WLEQERVIGIMZIWEHMGITSSPFSRYWJSV
',%6%'8)6863:)
+%2+)6,%'/)6 ,91%2463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
1
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 1EXVM\-RMXMEXMZI GSPHWMQ 1EXVM\-RMXMEXMZI LSXWMQ 7OMPPW
5YEPMXMIW ']FIVHIGO
4VSKVEQW %YKQIRXEXMSRW +IEV
;IETSRW
4L]WMGEP1IRXEP 7SGMEP ( (EXE4VSGIWWMRK( (EXE4VSGIWWMRK( 'SQTYXIVWOMPPKVSYT']FIVGSQFEX )PIGXVSRMG;EVJEVI*SVKIV],EGOMRK ,SWXW -RXMQMHEXMSR4IVGITXMSR 4MWXSPW 8EWIVW 'SHIWPMRKIV ,EGOSRXLI*P] 9RGSYXL ,IVQIW'LEVMSX?(IZMGI6EXMRKGYVVIRXP] WIXXS%XXEGO7PIE^I(EXE4VSGIWWMRK *MVI[EPPA %VQSV&MSJIIHFEGO)RGV]TXMSR)\TPSMX ,EQQIV7RIEO7XIEPXL 'IVIFVEPFSSWXIVHEXENEGO %VQSVGPSXLMRK?AGSQQPMRO 6IRVEOY 7IRWIM(IZMGI6EXMRK NEQQIV EVIE 6EXMRK =EQELE4YPWEV?8EWIV%GG(:7 I %4 7%6'{ Q A
&033(=&97-2)77
+%2+)68)',231%2')6
1-(0):)0 '36436%8)79-8
,91%2463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
)77
6)7
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 1EXVM\-RMXMEXMZI LSXWMQ 7OMPPW
4L]WMGEP1IRXEP 7SGMEP ( (
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{ Q A
,91%2463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
)77
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
5YEPMXMIW %YKQIRXEXMSRW +IEV ;IETSRW
16.3,2732 '36436%8) )0* 463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
)77
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
,91%2-786%'/)6 ,91%23*'3967) 463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
)77
'SRHMXMSR1SRMXSV
%VQSV
0MQMXW
4L]WMGEP 1IRXEP7SGMEP
4L]WMGEP-RMXMEXMZI
(
7OMPPW
&PEHIW*MVWX%MH+YRRIV]+]QREWXMGW -RXMQMHEXMSR0SRKEVQW4IVGITXMSR4MPSX +VSYRH'VEJX4MWXSPW6YRRMRK7RIEOMRK 8LVS[MRK;IETSR8VEGOMRK9REVQIH'SQFEX
5YEPMXMIW
-RHSQMXEFPI 4L]WMGEP 4VINYHMGIH 6EHMGEP QIXELYQERW
%YKQIRXEXMSRW
']FIVIEVW?6EXMRK[EYHMSIRLERGIQIRX G]FIVI]IW?6EXMRK[MQEKIPMROPS[PMKLXZMWMSR WQEVXPMROZMWMSRIRLERGIQIRXAHIVQEPTPEXMRK
+IEV
%YXSTMGOIVFYKWGERRIV 6EXMRK GSQQPMRO )VMOE)PMXI(IZMGI6EXMRK JYPPFSH]EVQSV ?ALERHLIPHWIRWSV?'ETEGMX][G]FIV[EVI WGERRIVVEHMSWMKREPWGERRIVEPP6EXMRKA QEKPSGOTEWWOI] 6EXMRK VIWXVEMRXW QIXEP WXIEPXL6*-(XEKW (IZMGI6EXMRK
;IETSRW
%VIW'VYWEHIV--?1EGLMRI4MWXSP%GG (:4 %4{7%&*6' G [KEWZIRXMRXIVREP WQEVXKYRW]WXIQGPMTWVIKYPEVEQQSGPMTW KIPEQQS %4z7%6' G [WLSGOTEHGPMTW VIKYPEVEQQSGPMTWKIPEQQSA 4.771SHIP?7LSXKYR%GG(:4%4z77 6' F [WLSGOTEHVSYRHWVIKYPEV EQQSVSYRHWKIPEQQSA
4L]WMGEP1IRXEP7SGMEP ( )XMUYIXXI 'SVTSVEXI 0IEHIVWLMT *MVWX%MH-RWXVYGXMSR2IKSXMEXMSR4MPSX +VSYRH'VEJX4MWXSPW4IVGITXMSR &PERHRIWW ']FIVI]IW?6EXMRK[MQEKIPMROZMWMSR IRLERGIQIRXAHEXENEGOXEWXIFSSWXIV 'SQQPMRO 8VERW]W%ZEPSR(IZMGI6EXMRK NEQQIV EVIE6EXMRK %VIW0MKLX*MVI?0MKLX4MWXSP%GG(:4 %4{7%6'{ G [GPMTWVIKYPEV EQQSA
5YEPMXMIW %YKQIRXEXMSRW
+IEV
;IETSRW
4L]WMGEP1IRXEP7SGMEP ( &PEHIW /RMZIW 'SQTYXIV'SR )XMUYIXXI 'SVTSVEXI *MVWX%MH *SVKIV]-RXMQMHEXMSR2IKSXMEXMSRW 4IVGITXMSR4MWXSPW7RIEOMRK8VEGOMRK *MVWX-QTVIWWMSR &SRIPEGMRK EPYQMRYQ G]FIVI]IW?6EXMRK [MQEKIPMROZMWMSRIRLERGIQIRXA QRIQSRMGIRLERGIV 'SQQPMRO?8VERW]W%ZEPSR(IZMGI6EXMRKA G]FIV[EVIWGERRIV 6EXMRKSR6*-(GLMT NEQQIV EVIE6EXMRK 'SQFEXORMJI?&PEHI%GG6IEGL{(:4 %4zA &VS[RMRK9PXVE4S[IV?,IEZ]4MWXSP%GG (: 4%4z7%6'{ G [ PEWIVWMKLXGPMTWVIKYPEVEQQSA
',%6%'8)6863:)
&033(=&97-2)77
16.3,2732
16.3,2732
,-+,0):)0-2-8-%8) ,91%2 463*)77-32%06%8-2+
4631-2)28 36/ 463*)77-32%06%8-2+
&
%
6
7
;
0
-
'
)77
1
&
%
6
7
;
0
-
'
)77
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI %WXVEP-RMXMEXMZI 7OMPPW
5YEPMXMIW -RMXMEXI+VEHI 1IXEQEKMGW
4L]WMGEP1IRXEP 7SGMEP ( ( %VGERE%WWIRWMRK 'SR 'SRNYVMRK WOMPPKVSYT'SYRXIVWTIPPMRK )RGLERXMRK WOMPPKVSYT)XMUYIXXI-QTIVWSREXMSR 0IEHIVWLMT2IKSXMEXMSR &EVKEMRMRK 4IVGITXMSR4IVJSVQERGI6MXYEP 7TIPPGEWXMRK7TIPPGEWXMRK 1EKMGMER1IRXSV7TMVMX ;SPJ
WLMIPHMRK %PXIV1IQSV]'SQTIP8VYXL'SRXVSP8LSYKLXW (VIEQ*MVIFEPP*PEQIXLVS[IV,IEP-QTVSZIH
7TIPPW
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
5YEPMXMIW %YKQIRXEXMSRW
WTEXMEPVIGSKRM^IVAG]FIVI]IW?6EXMRK [MQEKIPMROPS[PMKLXZMWMSRWQEVXPMRO XLIVQSKVETLMGZMWMSRZMWMSRIRLERGIQIRX VIEGXMSRIRLERGIVW %VQSVZIWX? AFYKWGERRIV 6EXMRK GSQQPMRO )VMOE)PMXI(IZMGI6EXMRK LERHLIPHWIRWSV?'ETEGMX][G]FIV[EVI WGERRIVVEHMSWMKREPWGERRIVEPP6EXMRKA VIWXVEMRXW QIXEP 'SPX+SZIVRQIRX?,IEZ]4MWXSP%GG (:4%4z7%6'{ G [ WQEVXKYRW]WXIQGPMTWVIKYPEVEQQSA ,/?71+%GG (:4%4{7% &**%6' G [VIXVEGXEFPIWXSGO WQEVXKYRW]WXIQWSYRHWYTTVIWWSV GPMTWVIKYPEVEQQSA
+IEV
4L]WMGEP1EWO7XIEPXL8VMH4LERXEWQ &SYRH7TMVMXW *SVGI &IV[MGO7YMX? AGSQQPMRO 8VERW]W%ZEPSR (IZMGI6EXMRK
+IEV
;IETSRW
16.3,2732 0%;)2*36')1)28 (;%6* 463*)77-32%06%8-2+ &
%
6
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
5YEPMXMIW %YKQIRXEXMSRW
+IEV
;IETSRW
4L]WMGEP1IRXEP7SGMEP ( 'PYFW*MVIEVQWWOMPPKVSYT*MVWX%MH +YRRIV]+]QREWXMGW-RXMQMHEXMSR 2IKSXMEXMSR4IVGITXMSR4MPSX+VSYRH 'VEJX6YRRMRK7RIEOMRK8VEGOMRK 9REVQIH'SQFEX 'SHISJ,SRSV ;EVVMSVvW'SHI +YXW ']FIVIEVW?6EXMRK[EYHMSIRLERGIQIRX
7
;
0
-
'
)77
4-6%8)7
36/463*)77-32%06%8-2+ &
%
6
4L]WMGEP1IRXEP7SGMEP ( 'PYFW*MVIEVQWWOMPPKVSYT*MVWX%MH +YRRIV]+]QREWXMGW-RXMQMHEXMSR 2IKSXMEXMSR4IVGITXMSR4MPSX+VSYRH 'VEJX6YRRMRK7RIEOMRK8VEGOMRK 9REVQIH'SQFEX 'SHISJ,SRSV ;EVVMSVvW'SHI +YXW ']FIVIEVW?6EXMRK[EYHMSIRLERGIQIRX
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
WTEXMEPVIGSKRM^IVAG]FIVI]IW?6EXMRK [MQEKIPMROPS[PMKLXZMWMSRWQEVXPMRO XLIVQSKVETLMGZMWMSRZMWMSRIRLERGIQIRX
%YKQIRXEXMSRW
VIEGXMSRIRLERGIVW %VQSVZIWX? AFYKWGERRIV 6EXMRK GSQQPMRO )VMOE)PMXI(IZMGI6EXMRK LERHLIPHWIRWSV?'ETEGMX][G]FIV[EVI WGERRIVVEHMSWMKREPWGERRIVEPP6EXMRKA VIWXVEMRXW QIXEP 'SPX+SZIVRQIRX?,IEZ]4MWXSP%GG (:4%4z7%6'{ G [ WQEVXKYRW]WXIQGPMTWVIKYPEVEQQSA ,/?71+%GG (:4%4{7% &**%6' G [VIXVEGXEFPIWXSGO ',%6%'8)6863:) WQEVXKYRW]WXIQWSYRHWYTTVIWWSV GPMTWVIKYPEVEQQSA
5YEPMXMIW
+IEV
;IETSRW
7
;
0
-
'
)77
4L]WMGEP 1IRXEP7SGMEP ( %YXSQEXMGW&PEHIW(MZMRK+]QREWXMGW -RXMQMHEXMSR2EZMKEXMSR4IVGITXMSR 4MPSX;EXIVGVEJX4MWXSPW6YRRMRK 7RIEOMRK7YVZMZEP8VEGOMRK %HHMGXMSR QMPHEPGSLSP &EH6IT+YXW 8SYKLRIWW ']FIVEVQ?VMKLXSFZMSYWJYPPGYWXSQM^IH %KMPMX]7XVIRKXLAVIEGXMSRIRLERGIVW 'SQQPMRO?7SR])QTIVSV(IZMGI6EXMRK AKVETTPIKYR [QWXERHEVH GSQTIRWEXMSRPS[PMKLXZMWMSRZMWMSR IRLERGIQIRXA\PMKLXWXMGOW\WXMQ TEXGLIWWYVZMZEPOMX\XVEYQETEXGLIW 7[SVH?&PEHI%GG6IEGL(: 4%4 z%4zA 6IQMRKXSR6SSQW[IITIV?,IEZ]4MWXSP %GG(:4%4z7%6'{ Q [ QEKE^MRIWVIKYPEVEQQSA 9^M-:?71+%GG (:4%4{&*6' G [JSPHMRKWXSGOPEWIVWMKLX GPMTWVIKYPEVEQQS
&033(=&97-2)77
7)'96-8=+6928
78632+;-00)( 83<-'7,%1%2
,91%2463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
)(+
)77
'SRHMXMSR1SRMXSV %VQSV 0MQMXW -RMXMEXMZI 7OMPPW
/RS[PIHKI7OMPPW %YKQIRXEXMSRW
4L]WMGEP 1IRXEP7SGMEP ( %XLPIXMGWWOMPPKVSYT'PYFW)XMUYIXXI 'SVTSVEXI *MVIEVQWWOMPPKVSYT 4IVGITXMSR8LVS[MRK;IETSRW 7QEPP9RMX8EGXMGW
;IETSRW
%4z777%6'{ Q [VSYRHW WQEVXKYRW]WXIQA -RKVEQ7QEVXKYR<?7YFQEGLMRI+YR%GG (: 4%4{&**%6' G [GPMTW 7XMGOR7LSGOEQQSGPMTWVIKYPEVEQQSA 7XYRFEXSR?'PYF%GG 6IEGL(: 7 I %4z[GLEVKIWTIVWSREPM^IHKVMTA
7)'96-8=1%+)
%
6
'SRHMXMSR1SRMXSV %VQSV 0MQMXW -RMXMEXMZI 7OMPPW
/RS[PIHKI7OMPPW 7TIPPW +IEV
;IETSRW
7
;
0
%
6
7
;
0
-
'
)77
1
'SRHMXMSR1SRMXSV
%VQSV
0MQMXW
4L]WMGEP1IRXEP7SGMEP
4L]WMGEP-RMXMEXMZI
(
%WXVEP-RMXMEXMZI
( %XLPIXMGWWOMPPKVSYT&PEHIW'SRNYVMRKWOMPP KVSYT'SYRXIVWTIPPMRK 'SQFEX7TIPPW *MVWX %MH3YXHSSVWWOMPPKVSYT4IVGITXMSR7RIEOMRK 7TIPPGEWXMRK 1ERMTYPEXMSR7TIPPW
5YEPMXMIW
1EKMGMER1IRXSV7TMVMX 1YXEXMSR
7TIPPW
%GMH7XVIEQ%VQSV'SRXVSP4EGO(IWXVS] 8S\MG;EZI
&SYRH7TMVMXW
\*SVGIEFSQMREXMSRWTMVMXW
+IEV
\*SVGIWYWXEMRMRKJSGYW\*SVGIWTIPPGEWXMRK *SGYWJYPPFSH]EVQSV?A
;IETSRW
/EXERE?&PEHI%GG6IEGL(:4%4zA
2SXIW
1EKMGFEWIHPMQMXWEVIMRGVIEWIHF]XLIVEXMRKSJXLI FEGOKVSYRHGSYRX7RIEOMRKKEMRWEFSRYWJSVE TL]WMGEPWOMPPJVSQXLI1IRXSV7TMVMX 1YXEXMSR 8LI JSVLIEPWTIPPW
7;%88)%11)1&)6 ,91%2463*)77-32%06%8-2+
,91%2463*)77-32%06%8-2+ &
&
7OMPPW
PS[PMKLXZMWMSRWQEVXPMROXLIVQSKVETLMG ZMWMSRAHEXENEGOVIEGXMSRIRLERGIVW %VQSVIHNEGOIX?AGSQQPMRO (IZMGI6EXMRK LIPQIX?A %VIW4VIHEXSV:?,IEZ]4MWXSP%GG (: 4 %4z7%6'{ G [GPMTW7XMGOR 7LSGOEQQSGPMTWVIKYPEVEQQSA
+IEV
,91%2
'
)77
1
4L]WMGEP1IRXEP7SGMEP ( %WWIRWMRK'SYRXIVWTIPPMRK)XMUYIXXI 'SVTSVEXI 4MWXSPW7TIPPGEWXMRK -PPYWMSR7TIPPW 7YQQSRMRK 7QEPP9RMX8EGXMGW 'SRJYWMSR4LERXEWQ %VQSVIHNEGOIX?AGSRXEGXW VEXMRK[ MQEKIPMROERHWQEVXPMRO GSQQPMRO (IZMGI 6EXMRK QEKIWMKLXKSKKPIWWYWXEMRMRKWTIPP JSGYW LIEPXLWTIPPW %VIW4VIHEXSV:?,IEZ]4MWXSP%GG (: 4 %4z7%6'{ G [GPMTW7XMGOR 7LSGOEQQSGPMTWVIKYPEVEQQSA
&
%
6
7
;
0
-
'
)77
'SRHMXMSR1SRMXSV
%VQSV
0MQMXW
4L]WMGEP1IRXEP7SGMEP
4L]WMGEP-RMXMEXMZI
(
7OMPPW
'PYFW*MVIEVQWWOMPPKVSYT-RXMQMHEXMSR 0IEHIVWLMT4IVGITXMSR4MPSX+VSYRH'VEJX 6YRRMRK7RIEOMRK8VEGOMRK 9VFER 9REVQIH'SQFEX8LVS[MRK;IETSR
5YEPMXMIW
8SYKLRIWW
%YKQIRXEXMSRW
']FIVIEVW?6EXMRK[EYHMSIRLERGIQIRX VIGSKRM^IVWSYRHPMROAG]FIVI]IW?6EXMRK XLIVQSKVETLMGZMWMSRZMWMSRIRLERGIQIRXA MQTPERXIHGSQQPMRO 6IRVEOY7IRWIM(IZMGI 6EXMRK QYWGPIVITPEGIQIRX EPTLE[EVI
+IEV
&MSQSRMXSVVIWXVEMRXW TPEWXIIP\ WXMQTEXGL \ 7;%8EVQSV?A [LIPQIX
;IETSRW
7%&**%6' G [WQEVXKYRW]WXIQ GPMTWVIKYPEVEQQSGPMTWKIPEQQSA +VIREHIPEYRGLIV?%GG (:EWKVIREHI%4
KVIREHIWA %VIW4VIHEXSV:?,IEZ]4MWXSP%GG (: 4 %4z7%6'{ G [WQEVXKYRW]WXIQ GPMTWVIKYPEVEQQSGPMTWKIPEQQSA 'PYF?'PYF%GG6IEGL(: 4%4{A *PEWLFERKKVIREHIW GPMTWJSV%VIE%PTLE KVIREHIPEYRGLIVLERHLIPHKVIREHIW ?+VIREHI(:7%4z&PEWXQVEHMYWA
',%6%'8)6863:)
&033(=&97-2)77
:)8)6%21)6')2%6=
)<86%690)7
,91%2463*)77-32%06%8-2+ &
%
6
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
5YEPMXMIW %YKQIRXEXMSRW
7
;
0
-
'
)77
2);%()4843;)6
&3(=7'9048
4L]WMGEP1IRXEP7SGMEP ( *MVIEVQWWOMPPKVSYT*MVWX%MH+YRRIV] -RXMQMHEXMSR0IEHIVWLMT4IVGITXMSR 4MPSX+VSYRH'VEJX6YRRMRK7[MQQMRK 8LVS[MRK;IETSRW9REVQIH'SQFEX 8SYKLRIWW &SRIHIRWMX]G]FIVIEVW?6EXMRK[ EYHMSIRLERGIQIRXHEQTIVWIPIGXWSYRH MQEKIPMROWQEVXPMROXLIVQSKVETLMG ZMWMSRZMWMSRIRLERGIQIRXAQYWGPI EYKQIRXEXMSRQYWGPIXSRIVW]RETXMG FSSWXIV 'SQQPMRO )VMOE)PMXI(IZMGI6EXMRK JYPPFSH]EVQSV?AQIHOMX 6EXMRKWXMQ TEXGLIW \
+IEV
;IETSRW %4z7%&**%6' G [WQEVXKYR W]WXIQGPMTWVIKYPEVEQQSGPMTW%4(7 EQQSA +VIREHIPEYRGLIV?%GG (:EW KVIREHI%4{776'{ G [GPMTW LMKLI\TPSWMZIQMRMKVIREHIWA %VIW4VIHEXSV:?,IEZ]4MWXSP%GG (: 4%4z7%6'{ G [WQEVXKYR W]WXIQGPMTWVIKYPEVEQQSGPMTW%4(7 EQQSA ,MKLI\TPSWMZIKVIREHIW GPMTWJSV%VIE %PTLEKVIREHIPEYRGLIVLERHLIPH KVIREHIW ?+VIREHI(:4%4z&PEWX zQA
',%6%'8)6863:)
'SWX 44 4VIVIUYMWMXI *EGMEP7GYPTX %GXMZEXMSR QMRYXI % JYVXLIV EHZERGIQIRX SJ XLI *EGMEP 7GYPTX TS[IV &SH]7GYPTXEPPS[WXLIEHITXXSQEKMGEPP]WLETILMWSV LIV JYPP FSH] [MXLMR PMQMXW ;LMPI XLI XSXEP FSH] QEWW HSIW RSX GLERKI HVEQEXMGEPP] XLI FSH] WOIPIXEP FSRI ERHQYWGPIW GERFIIPSRKEXIHWLVYROIRSVSXLIV[MWI EPXIVIHXSETTIEVPMOIERSXLIVQIXEX]TISVEQIXEZEVMERX SJMXWS[RSVXEVKIXVEGIEWPSRKEWXLIGLERKIERHHMJJIV IRGIMWRSXXSSVEHMGEP IK[EO]EQFMREVXEOMG]GPSTW 8LIQEWWSJXLIEHITXYWMRKXLMWTS[IVGERGLERKIF] XIRTIVGIRXEXQSWX(YIXSXLIQEWWHMJJIVIRGIFIX[IIR XVSPPWERHSXLIVQIXELYQERWXLITS[IVHSIWRSXEPPS[ XVSPPW XS GLERKI MRXS ER] SXLIV QIXEWTIGMIW ERH ZMGI ZIVWE SRP]MRXSZEVMERXWSJXLIMVS[RQIXEX]TI JSQSVM QMRSXEYVKMERX 3RISJXLITIVOWSJXLMWTS[IVMWXLEXMX EPPS[WXLIEHITXXSQEKMGEPP]EKIVINYZIREXI MRETTIEV ERGIMJRSXMRLIEPXLERHIRIVK] ERHW[MXGLTLIRSX]TMG KIRHIV JVSQQEPIXSJIQEPIERHZMGIZIVWE F]KVS[MRK SVWLVMROMRKSJTVMQEV]ERHWIGSRHEV]WI\YEPSVKERW%PP SJ XLI IJJIGXW GER FI WYWXEMRIH JSV 1EKMG LSYVW 8LI YWISJXLMWTS[IVKMZIWXLIEHITXEREHHMXMSREPHMGI XLMWTS[IV HSIW RSXGSQI[MXLQYPXMTPI PIZIPW XLI FSRYWMWXLIQSWXXLEXGERFIKEMRIHJVSQXLITS[IV 8LIXMQIVIUYMVIH XSGLERKISRIJIEXYVIMWETTVS\ MQEXIP]SRILSYV1YPXMTPIJIEXYVIWGERFIGLERKIHWM QYPXERISYWP] [MXL E &SH] 1EKMG 8IWX [MXL IEGL LMX VIWYPXMRKMRSRIEHHMXMSREPGLERKI8LIEHITXRIIHWER SXLIV JYPP QMRYXI XS YRHS XLI GLERKIWERH VIXYVR XLIMV JIEXYVIW XS RSVQEP 8LI XMQI VIUYMVIH XS GLERKI SRI JIEXYVIMWETTVS\MQEXIP]XIRQMRYXIW8LIEHITX RIIHW ERSXLIVJYPPQMRYXIXSYRHSXLIGLERKIWERHVIXYVRXLIMV JIEXYVIWXSRSVQEP 8LI TS[IV HSIW RSX EPPS[ XLI EHITX XS QMQMG ERH I\TVIWW ER] GLERKIPMRK QIXEKIRIXMG XVEMXW %PP SJ XLIMV EXXVMFYXIW WOMPPW ERH TS[IVW VIQEMR YRGLERKIH SRP] XLIMVTL]WMGEPETTIEVERGIMWEPXIVIH
%WGEVIHQIKEGSVTSVEXMSRHSIWRSXVYR ERHLMHIMRXLIWLEHS[W-RWXIEHMXPEWLIWSYX W[MTMRK[MXLWLEVTGPE[WRSXGEVMRK[LSMW LMXF]XLIFPS[W1ER]SJXLIQIKEGSVTWEVI GYVVIRXP]VIIPMRKLMXF]QYPXMTPILEVWL[EPPSTW 2IS2)8ERH)ZSEVIHIEPMRK[MXLXLIJEPPSYX SJXLI'*(ZMVYW%VIWLEWTS[IVJYPJSVGIW IEXMRKMXE[E]JVSQMRWMHI,SVM^SRFEGOIHXLI PSWMRKWMHISJXLI%^XPER%QE^SRME[EVERH XLI.ETEREGSVTWEVIVIEVMRKFEGOXSXEOISR XLI[SVPH{ERHIEGLSXLIV;LIRXLIGSVTW KIXEKKVIWWMZIWLEHS[VYRRIVWKIXGEPPIHERH FPSSHKIXWWLIH &PSSH]&YWMRIWWMWEGEQTEMKRFSSOKMZMRK TPE]IVWXLIGLERGIXSIEVRTMPIWSJQSRI]JVSQ XLIQIKEGSVTWEWXLI]VIIPXLVSYKLXVSYFPIW ERHGVMWIW-XvPPXEOIEPSXSJKSSHWLEHS[VYRRMRK QSZIWXSIEVRXLEXGEWL{ERHIZIRFIXXIV QSZIWXSWYVZMZIPSRKIRSYKLXSGSPPIGXMX;MXL WLSVXEHZIRXYVISYXPMRIWXLEXGERFITPE]IH MRHITIRHIRXP]SVPMROIHMRXSEPSRKIVGEQTEMKR ERH24'WXEXWXSWYMXE[MHIZEVMIX]SJWMXYEXMSRW &PSSH]&YWMRIWWTPYRKIW7LEHS[VYRXIEQWMR XLIQMHHPISJGSVTSVEXIGLESW &PSSH]&YWMRIWWMWJSVYWI[MXL7LEHS[VYR *MJXL)HMXMSR
9RHIV0MGIRWI*VSQ
[[[GEXEP]WXKEQIPEFWGSQ
