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8EF&EVWERH4MGOIVW
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%TTPMGEXMSR0SGEPM^EXMSR
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;IPGSQIXSXLI.YRKPI ;LEX8LMW&SSO-W ;LEX=SY2IIH&IJSVI=SY'ER&IKMR ;LEX=SY2IIHXS/RS[&IJSVI=SY&IKMR ;LEXvW(MJJIVIRX%FSYX'SHMRKJSVM4LSRI# 3RP]3RI6YRRMRK%TTPMGEXMSR 3RP]3RI;MRHS[ 0MQMXIH%GGIWW 0MQMXIH6IWTSRWI8MQI 0MQMXIH7GVIIR7M^I 0MQMXIH7]WXIQ6IWSYVGIW 1MWWMRK'SGSE8SSPW 7SQI2I[7XYJJ %(MJJIVIRX%TTVSEGL ;LEXvWMR8LMW&SSO %VI=SY6IEH]#
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1YPXMZMI[%TTPMGEXMSRW 8LI:MI[7[MXGLIV%TTPMGEXMSR 8LI%VGLMXIGXYVISJE1YPXMZMI[%TTPMGEXMSR 1YPXMZMI['SRXVSPPIVW%VI:MI['SRXVSPPIVW %REXSQ]SJE'SRXIRX:MI[
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&YMPHMRK:MI[7[MXGLIV 'VIEXMRK3YV:MI['SRXVSPPIVERH2MF*MPIW 1SHMJ]MRKXLI%TT(IPIKEXI 7[MXGL:MI['SRXVSPPIVL 1SHMJ]MRK1EMR;MRHS[\MF ;VMXMRK7[MXGL:MI['SRXVSPPIVQ -QTPIQIRXMRKXLI'SRXIRX:MI[W %RMQEXMRKXLI8VERWMXMSR 6IJEGXSVMRK 7[MXGLMRK3JJ ' ,% 48 ) 6
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' ,% 48 ) 6
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2EZMKEXMSR'SRXVSPPIVWERH8EFPI:MI[W 2EZMKEXMSR'SRXVSPPIVW 7XEGO]+SSHRIWW %7XEGOSJ'SRXVSPPIVW 2EZE,MIVEVGLMGEP%TTPMGEXMSRMR7M\4EVXW 'SRWXVYGXMRKXLI2EZ%TTPMGEXMSRvW7OIPIXSR 'VIEXMRKXLI6SSX:MI['SRXVSPPIV 7IXXMRK9TXLI2EZMKEXMSR'SRXVSPPIV 3YV*MVWX7YFGSRXVSPPIV8LI(MWGPSWYVI&YXXSR:MI[
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%TTPMGEXMSR7IXXMRKWERH9WIV(IJEYPXW +IXXMRKXS/RS[=SYV7IXXMRKW&YRHPI 8LI%TT7IXXMRKW%TTPMGEXMSR 'VIEXMRKXLI4VSNIGX ;SVOMRK[MXLXLI7IXXMRKW&YRHPI %HHMRKE7IXXMRKW&YRHPIXS3YV4VSNIGX 7IXXMRK9TXLI4VSTIVX]0MWX %HHMRKE8I\X*MIPH7IXXMRK %HHMRKE7IGYVI8I\X*MIPH7IXXMRK %HHMRKE1YPXMZEPYI*MIPH %HHMRKE8SKKPI7[MXGL7IXXMRK %HHMRKXLI7PMHIV7IXXMRK %HHMRKE'LMPH7IXXMRKW:MI[ 6IEHMRK7IXXMRKWMR3YV%TTPMGEXMSR 'LERKMRK(IJEYPXWJVSQ3YV%TTPMGEXMSR &IEQ1I9T7GSXX]
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&EWMG(EXE4IVWMWXIRGI =SYV%TTPMGEXMSRvW7ERHFS\ +IXXMRKXLI(SGYQIRXW(MVIGXSV] +IXXMRKXLIXQT(MVIGXSV] *MPI7EZMRK7XVEXIKMIW 7MRKPI*MPI4IVWMWXIRGI 1YPXMTPI*MPI4IVWMWXIRGI 4IVWMWXMRK%TTPMGEXMSR(EXE 4VSTIVX]0MWX7IVMEPM^EXMSR
'328)287
8LI4IVWMWXIRGI%TTPMGEXMSR 'VIEXMRKXLI4IVWMWXIRGI4VSNIGX (IWMKRMRKXLI4IVWMWXIRGI%TTPMGEXMSR:MI[ )HMXMRKXLI4IVWMWXIRGI'PEWWIW %VGLMZMRK1SHIP3FNIGXW -QTPIQIRXMRK27'ST]MRK 8LI%VGLMZMRK%TTPMGEXMSR -QTPIQIRXMRKXLI*SYV0MRIW'PEWW -QTPIQIRXMRKXLI4IVWMWXIRGI:MI['SRXVSPPIV'PEWW 9WMRKM4LSRIvW)QFIHHIH750MXI 7IXXMRK9TE4VSNIGXXS9WI750MXI 4IVWMWXIRGI6I[EVHIH ' ,% 48 ) 6
(VE[MRK[MXL5YEVX^ERH3TIR+0 8[S:MI[WSJE+VETLMGEP;SVPH 8LMW'LETXIVvW(VE[MRK%TTPMGEXMSR 8LI5YEVX^%TTVSEGLXS(VE[MRK 5YEVX^(vW+VETLMGW'SRXI\XW 8LI'SSVHMREXIW7]WXIQ 7TIGMJ]MRK'SPSVW (VE[MRK-QEKIWMR'SRXI\X (VE[MRK7LETIW4SP]KSRW0MRIWERH'YVZIW 5YEVX^(8SSP7EQTPIV4EXXIVRW+VEHMIRXW ERH(EWL4EXXIVRW &YMPHMRKXLI5YEVX^*YR%TTPMGEXMSR 'VIEXMRKE6ERHSQ'SPSV (IJMRMRK%TTPMGEXMSR'SRWXERXW -QTPIQIRXMRKXLI5YEVX^*YR:MI[7OIPIXSR %HHMRK3YXPIXWERH%GXMSRWXSXLI:MI['SRXVSPPIV 9THEXMRK5YEVX^*YR:MI['SRXVSPPIV\MF (VE[MRKXLI0MRI (VE[MRKXLI6IGXERKPIERH)PPMTWI (VE[MRKXLI-QEKI 7SQI3TIR+0)7&EWMGW &YMPHMRKXLI+0*YR%TTPMGEXMSR (VE[MRKE&PERO
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8ETW8SYGLIWERH+IWXYVIW 1YPXMXSYGL8IVQMRSPSK] 8LI6IWTSRHIV'LEMR *SV[EVHMRKER)ZIRX/IITMRKXLI6IWTSRHIV'LEMR%PMZI 8LI1YPXMXSYGL%VGLMXIGXYVI 8LI*SYV+IWXYVI2SXMJMGEXMSR1IXLSHW 8LI8SYGL)\TPSVIV%TTPMGEXMSR 8LI7[MTIW%TTPMGEXMSR -QTPIQIRXMRK1YPXMTPI7[MTIW (IXIGXMRK1YPXMTPI8ETW (IXIGXMRK4MRGLIW (IJMRMRK'YWXSQ+IWXYVIW 8LI'LIGO4PIEWI8SYGL1IXLSHW +EVËSR#'LIGO4PIEWI
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;LII %GGIPIVSQIXIV4L]WMGW %GGIWWMRKXLI%GGIPIVSQIXIV 9-%GGIPIVEXMSR -QTPIQIRXMRKXLIEGGIPIVSQIXIVHMH%GGIPIVEXI1IXLSH 7LEOIERH&VIEO 8LI'SHI8LEX&VIEOW 0SEHXLI7MQYPEXMSR*MPIW %PP&IXXIV{8LI,IEPMRK8SYGL
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8LI6SPPMRK1EVFPI4VSKVEQ -QTPIQIRXMRKXLI&EPP:MI['SRXVSPPIV ;VMXMRKXLI&EPP:MI[ 'EPGYPEXMRK&EPP1SZIQIRX 6SPPMRK3R ' ,% 48 ) 6
M4LSRI'EQIVEERH4LSXS0MFVEV] 9WMRKXLI-QEKI4MGOIVERH9--QEKI4MGOIV'SRXVSPPIV -QTPIQIRXMRKXLI-QEKI4MGOIV'SRXVSPPIV(IPIKEXI 6SEH8IWXMRKXLI'EQIVEERH0MFVEV] (IWMKRMRKXLI-RXIVJEGI -QTPIQIRXMRKXLI'EQIVE:MI['SRXVSPPIV -XvWE7RET
' ,% 48 ) 6
%TTPMGEXMSR0SGEPM^EXMSR 0SGEPM^EXMSR%VGLMXIGXYVI 9WMRK7XVMRK*MPIW 'VIEXMRKXLI7XVMRKW*MPI 6IEP;SVPHM4LSRI0SGEPM^MRK=SYV%TTPMGEXMSR 0SSOMRKEXXLI'YVVIRX0SGEPI 8V]MRK3YX0SGEPM^I1I 0SGEPM^MRKXLI2MF 0SSOMRKEXXLI0SGEPM^IH4VSNIGX7XVYGXYVI 0SGEPM^MRKER-QEKI 0SGEPM^MRKXLI%TTPMGEXMSR-GSR +IRIVEXMRKERH0SGEPM^MRKE7XVMRKW*MPI %YJ;MIHIVWILIR
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;LIVIXS2I\X# +IXXMRK9RWXYGO %TTPIvW(SGYQIRXEXMSR 1EMPMRK0MWXW (MWGYWWMSR*SVYQW ;IF7MXIW &PSKW %RH-J%PP)PWI*EMPW *EVI[IPP
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'LETXIV 8SSPFEVGSRXVSPPIVWEVISRISJXLIWXERHEVHM4LSRIYWIVMRXIVJEGIWMR'LETXIV[IvPPPSSOEX LS[XSMQTPIQIRXXLMWOMRHSJMRXIVJEGI
',%48)6 ;IPGSQIXSXLI.YRKPI
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'LETXIV -R'LETXIV[IvPPPSSOEXMQTPIQIRXMRKETTPMGEXMSRWIXXMRKW[LMGLMWM4LSRIvWQIGLERMWQ JSVPIXXMRKYWIVWWIXXLIMVETTPMGEXMSRPIZIPTVIJIVIRGIW
'LETXIV 'LETXIVPSSOWEXHEXEQEREKIQIRXSRM4LSRI;IvPPXEPOEFSYXGVIEXMRKSFNIGXWXSLSPH ETTPMGEXMSRHEXEERHWIILS[XLEXHEXEGERFITIVWMWXIHXSM4LSRIvWJMPIW]WXIQEW[IPPEWXS XLITVSZMHIHIQFIHHIHHEXEFEWIGEPPIH750MXI
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'LETXIV M4LSRIvWQYPXMXSYGLWGVIIRGEREGGITXE[MHIZEVMIX]SJKIWXYVEPMRTYXWJVSQXLIYWIV-R 'LETXIV]SYvPPPIEVREPPEFSYXHIXIGXMRKFEWMGKIWXYVIWWYGLEWXLITMRGLERHW[MTI;IvPP EPWSPSSOEXXLITVSGIWWSJHIJMRMRKRI[KIWXYVIWERHXEPOEFSYX[LIRRI[KIWXYVIWEVI ETTVSTVMEXI
'LETXIV M4LSRIMWGETEFPISJHIXIVQMRMRKMXWPEXMXYHIERHPSRKMXYHIXLEROWXS'SVI0SGEXMSR;IvPP FYMPHWSQIGSHIXLEXQEOIWYWISJ'SVI0SGEXMSRXSJMKYVISYX[LIVIMRXLI[SVPH]SYV M4LSRIMWERHYWIXLEXMRJSVQEXMSRMRSYVUYIWXJSV[SVPHHSQMRERGI
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',%48)6 ;IPGSQIXSXLI.YRKPI
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'LETXIV %XXLMWTSMRXMRXLIFSSO]SYvPPLEZIQEWXIVIHXLIJYRHEQIRXEPFYMPHMRKFPSGOWJSVGVIEXMRK M4LSRIETTPMGEXMSRW&YX[LIVIHS]SYKSJVSQLIVI#-R'LETXIV[IvPPI\TPSVIXLIPSKMGEP RI\XWXITWJSV]SYXSXEOISR]SYVNSYVRI]XSQEWXIVXLIM4LSRI7(/
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7IXXMRK9T=SYV4VSNIGXMR
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',%48)6 %TTIEWMRKXLI8MOM+SHW
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',%48)6 %TTIEWMRKXLI8MOM+SHW
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',%48)6 %TTIEWMRKXLI8MOM+SHW
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',%48)6 %TTIEWMRKXLI8MOM+SHW
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',%48)6 %TTIEWMRKXLI8MOM+SHW
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',%48)6 %TTIEWMRKXLI8MOM+SHW
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',%48)6 %TTIEWMRKXLI8MOM+SHW
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4PEGIXLIX[SFYXXSRWRI\XXSIEGLSXLIVVSYKLP]MRXLIQMHHPISJXLIZMI[8LII\EGX TPEGIQIRXHSIWRvXQEXXIV(SYFPIGPMGOXLIFYXXSRXLEX]SYTPEGIHSRXLIPIJX(SMRKXLMW [MPPEPPS[XLIFYXXSRvWXMXPIXSFIIHMXIHWSKSELIEHERHGLERKIMXWXI\XXSVIEHw0IJXx2I\X HSYFPIGPMGOXLIFYXXSRSRXLIVMKLXERHGLERKIMXWXI\XXSVIEHw6MKLXx;LIR]SYvVIHSRI ]SYVZMI[WLSYPHPSSOWSQIXLMRKPMOIXLISRIWLS[RMR*MKYVI
*MKYVI8LIJMRMWLIHZMI[
'SRRIGXMRK)ZIV]XLMRK ;IRS[LEZIEPPXLITMIGIWSJSYVMRXIVJEGI%PPXLEXvWPIJXMWXSQEOIXLIZEVMSYWGSRRIGXMSRW XLEX[MPPEPPS[XLIWITMIGIWXS[SVOXSKIXLIV 8LIJMVWXWXITMWXSQEOIEGSRRIGXMSRJVSQ*MPIvW3[RIVXSXLIPEFIPMRXLI:MI[[MRHS[;L] *MPIvW3[RIV# ;LIRERMRWXERGISJ9-:MI['SRXVSPPIVSVSRISJMXWWYFGPEWWIWMWMRWXERXMEXIHMXPSSOWJSV MXWGSVVIWTSRHMRKRMFJMPI-RXLIXIQTPEXI[IZIYWIHXLI1]:MI['SRXVSPPIVGPEWW[SYPH EXXIQTXXSPSEHERMFGEPPIH1]:MI['SRXVSPPIV\MF[LMGL[EWGVIEXIHJSVYWF]XLITVSNIGXXIQ TPEXI[IGLSWI-JMXJMRHWWYGLERMFMXPSEHWMXMRXSQIQSV]ERHFIGSQIWXLEXRMFJMPIvWS[RIV 7MRGIXLI1EMR;MRHS[\MFJMPIGSRXEMRWERMGSRXLEXVITVIWIRXW&YXXSRC*YR:MI['SRXVSPPIVER MRWXERGISJ&YXXSRC*YR:MI['SRXVSPPIV[MPPKIXGVIEXIHEYXSQEKMGEPP][LIRSYVETTPMGEXMSR PEYRGLIW;LIRXLEXLETTIRWXLEXMRWXERGI[MPPEYXSQEXMGEPP]PSEH&YXXSRC*YR:MI['SRXVSPPIV \MFMRXSQIQSV]ERHFIGSQIMXWJMPIvWS[RIV
',%48)6 ,ERHPMRK&EWMG-RXIVEGXMSR
)EVPMIVMRXLIGLETXIV[IEHHIHERSYXPIXXS&YXXSRC*YR:MI['SRXVSPPIV[LMGLMWXLMWRMFvW S[RIV;IGERRS[QEOIEGSRRIGXMSRFIX[IIRXLEXSYXPIXERHXLIPEFIPYWMRKXLI*MPIvW 3[RIVMGSR0IXvWPSSOEXLS[[IHSXLEX
238) -XvW3/MJ]SYHSRvXJYPP]YRHIVWXERHXLIRMFPSEHMRKTVSGIWW]IX-XvWGSQTPMGEXIHERH[IvPPFIXEPOMRK EFSYXMXERHWIIMRKMXMREGXMSRMRWIZIVEPSJXLIPEXIVGLETXIVW*SVRS[NYWXVIQIQFIVXLEX]SYVGSRXVSP PIVGPEWWMWXLIJMPIvWS[RIVJSVXLIRMFJMPISJXLIWEQIREQI
'SRRIGXMRK3YXPIXW ,SPHHS[RXLIGSRXVSPOI]GPMGOXLI*MPIvW3[RIVMGSRMRXLIQEMRRMF[MRHS[ERHOIITXLI QSYWIFYXXSRHS[R(VEKE[E]JVSQXLI*MPIvW3[RIVMGSRXS[EVHXLI:MI[[MRHS[%FPYI KYMHIPMRIWLSYPHETTIEV/IITHVEKKMRKYRXMP]SYVGYVWSVMWSZIVXLIPEFIPMRXLI:MI[[MR HS[)ZIRXLSYKL]SY[SRvXFIEFPIXSWIIXLIPEFIPMX[MPPQEKMGEPP]ETTIEVSRGI]SYEVI SZIVMX WII*MKYVI
*MKYVI'SRXVSPHVEKKMRKXSGSRRIGXSYXPIXW
',%48)6 ,ERHPMRK&EWMG-RXIVEGXMSR
;MXLXLIGYVWSVWXMPPSZIVXLIPEFIPPIXKSSJXLIQSYWIFYXXSRERHEWQEPPKVI]QIRYPMOI XLISRIWLS[RMR*MKYVIWLSYPHTSTYT
*MKYVI3YXPIXWIPIGXMSRQIRY
7IPIGXWXEXYW8I\XJVSQXLIKVI]QIRY &]GSRXVSPHVEKKMRKJVSQ*MPIvW3[RIVXSERMRXIVJEGISFNIGX]SYEVIXIPPMRK-RXIVJEGI&YMPHIV XLEX]SY[ERXXSGSRRIGXSRISJXLI*MPIvW3[RIVvWSYXPIXWXSXLMWSFNIGX[LIRXLIRMFJMPIMW PSEHIH-RXLMWGEWIXLIJMPIvWS[RIVMWXLIGPEWW&YXXSRC*YR:MI['SRXVSPPIVERHXLI&YXXSRC *YR:MI['SRXVSPPIVSYXPIX[IEVIMRXIVIWXIHMRMWWXEXYW8I\X;LIR[IGSRXVSPHVEKKIH JVSQ*MPIvW3[RIVXSXLIPEFIPSFNIGXERHWIPIGXIHWXEXYW8I\XJVSQXLITSTYTQIRYXLEX ETTIEVIH[IXSPH-RXIVJEGI&YMPHIVXSLEZI&YXXSRC*YR:MI['SRXVSPPIVvWWXEXYW8I\XSYXPIX TSMRXXSXLIPEFIPWSER]XMQI[IVIJIVXSWXEXYW8I\XMRSYVGSHI[I[MPPFIHIEPMRK[MXLXLMW PEFIP'SSPIL#
7TIGMJ]MRK%GXMSRW 8LISRP]XLMRKPIJXXSHSMWXSMHIRXMJ][LMGLEGXMSRWXLIWIFYXXSRWXVMKKIVERHYRHIV[LEX GMVGYQWXERGIWXLI]XVMKKIVXLIQ-J]SYvVIJEQMPMEV[MXL'SGSETVSKVEQQMRKJSV1EG37< ]SYvVITVSFEFP]KIXXMRKVIEH]XSGSRXVSPHVEKJVSQXLIFYXXSRWSZIVXSXLI*MPIvW3[RIVMGSR %RHXSFILSRIWXXLEX[MPPTVSFEFP][SVOFYXMXvWRSXXLIFIWX[E]XSHSMXJSVM4LSRI
',%48)6 ,ERHPMRK&EWMG-RXIVEGXMSR
M4LSRIMWHMJJIVIRXJVSQ1EG37<ERHLIVIvWSRISJXLITPEGIW[LIVIXLEXHMJJIVIRGI FIGSQIWETTEVIRX3RXLI1EGEGSRXVSPGERFIEWWSGMEXIH[MXLNYWXSRIEGXMSRERHXLEX EGXMSRMWX]TMGEPP]XVMKKIVIH[LIRXLEXGSRXVSPMWYWIH8LIVIEVIWSQII\GITXMSRWXSXLMWFYX F]ERHPEVKIEGSRXVSPXVMKKIVWMXWGSVVIWTSRHMRKEGXMSRQIXLSH[LIRXLIQSYWIFYXXSRMW VIPIEWIHMJXLIGYVWSVMWWXMPPMRWMHIXLIFSYRHWSJXLEXGSRXVSP 'SRXVSPWMR'SGSE8SYGLSJJIVEPSXQSVITSWWMFMPMXMIWWSMRWXIEHSJGPMGOHVEKKMRKJVSQXLI GSRXVSPMXvWFIWXXSYWIXLIGSRRIGXMSRWMRWTIGXSV[LMGL[IGERKIXXSF]TVIWWMRK SV WIPIGXMRK'SRRIGXMSR-RWTIGXSVJVSQXLI8SSPWQIRY'PMGOXLI0IJXFYXXSRERHXLIRFVMRK YTXLIGSRRIGXMSRWMRWTIGXSV-XWLSYPHPSSOPMOI*MKYVI
MKYVI8LIGSRRIGXMSRWMRWTIGXSV * WLS[MRKSYVFYXXSRvWEZEMPEFPIIZIRXW
9RHIVXLILIEHMRK)ZIRXW]SYvPPWIIE[LSPIPMWXSJIZIRXWXLEXGERTSXIRXMEPP]XVMKKIVER EGXMSR-J]SYPMOI]SYGEREWWSGMEXIHMJJIVIRXEGXMSRW[MXLHMJJIVIRXIZIRXW*SVI\EQTPI]SY QMKLXYWI8SYGL9T-RWMHIXSXVMKKIVSRIEGXMSR[LMPI8SYGL(VEK-RWMHIXVMKKIVWEHMJJIVIRX EGXMSR3YVWMXYEXMSRMWVIPEXMZIP]WMQTPIERHWXVEMKLXJSV[EVH;LIRXLIYWIVXETWSYVFYXXSR [I[ERXMXXSGEPPSYVFYXXSR4VIWWIHQIXLSH8LIJMVWXUYIWXMSRMW[LMGLSJXLIIZIRXWMR *MKYVIHS[IYWI# 8LIERW[IV[LMGLQE]RSXFISFZMSYWEXJMVWXMW8SYGL9T-RWMHI;LIRXLIYWIVvWJMRKIVPMJXW YTJVSQXLIWGVIIRMJXLIPEWXTPEGIMXXSYGLIHFIJSVIPMJXMRK[EWMRWMHIXLIFYXXSRXLIYWIV XVMKKIVWEXSYGLYTMRWMHI8LMROEFSYXLETTIRWMRQSWXSJ]SYVM4LSRIETTPMGEXMSRWMJ]SY XSYGLXLIWGVIIRERHGLERKI]SYVQMRH=SYQSZI]SYVJMRKIVSJJXLIFYXXSRFIJSVIPMJXMRK YTVMKLX#;IWLSYPHKMZISYVYWIVWXLIWEQIEFMPMX]-JSYVYWIVvWJMRKIVMWWXMPPSRXLIFYXXSR [LIRMXvWPMJXIHSJJXLIWGVIIRXLIR[IGERWEJIP]EWWYQIXLEXXLIFYXXSRXETMWMRXIRHIH
',%48)6 ,ERHPMRK&EWMG-RXIVEGXMSR
2S[XLEX[IORS[XLIIZIRX[I[ERXXSXVMKKIVSYVEGXMSRLS[HS[IEWWSGMEXIXLIIZIRX [MXLEWTIGMJMGEGXMSRQIXLSH# 7IIXLEXPMXXPIGMVGPIMRXLIMRWTIGXSVXSXLIVMKLXSJ8SYGL9T-RWMHI#'PMGOMRXLEXGMVGPIERHHVEK E[E][MXLXLIQSYWIFYXXSRWXMPPTVIWWIHXLIVIvWRSRIIHXSLSPHHS[RXLIGSRXVSPOI]XLMW XMQI=SYWLSYPHKIXEFPYIKYMHIPMRINYWXEW]SYHMH[LIR[I[IVIGSRRIGXMRKSYXPIXWIEV PMIV(VEKXLMWKYMHIPMRISZIVXSXLI*MPIvW3[RIVMGSRERH[LIRXLIPMXXPIKVI]QIRYTSTWYT WIPIGXFYXXSR4VIWWIH6IQIQFIVXLI*MPIvW3[RIVMGSRVITVIWIRXWXLIGPEWW[LSWIRMF[IEVI IHMXMRK-RXLMWGEWI*MPIvW3[RIVVITVIWIRXWXLI&YXXSRC*YR:MI['SRXVSPPIVGPEWW;LIR[I HVEKKIHJVSQXLIFYXXSRvWIZIRXXSXLI*MPIvW3[RIVMGSR[IEVIXIPPMRK-RXIVJEGI&YMPHIVXSGEPP XLIWIPIGXIHQIXLSH[LIRXLIWTIGMJMIHIZIRXSGGYVW7S[LIRXLIYWIVXSYGLIWYTMRWMHIXLI FYXXSRXLI&YXXSRC*YR:MI['SRXVSPPIVGPEWWvWFYXXSR4VIWWIHQIXLSH[MPPFIGEPPIH (SXLMWWEQIWIUYIRGI[MXLXLISXLIVFYXXSRERHXLIRWEZI2S[ER]XMQIXLIYWIVXETWSRI SJXLIWIFYXXSRWSYVFYXXSR4VIWWIHQIXLSH[MPPKIXGEPPIH
8V]MRK-X3YX 3RGI]SYvZIWEZIHXLIRMFJMPILIEHFEGOXS
&VMRK-XSR,SQI 8LMWGLETXIVvWWMQTPIETTPMGEXMSRMRXVSHYGIH]SYXS1:'GVIEXMRKERHGSRRIGXMRKSYXPIXW ERHEGXMSRWMQTPIQIRXMRKZMI[GSRXVSPPIVWERHYWMRKETTPMGEXMSRHIPIKEXIW=SYPIEVRIH LS[XSXVMKKIVEGXMSRQIXLSHW[LIREFYXXSRMWXETTIHERHWE[LS[XSGLERKIXLIXI\XSJ EPEFIPEXVYRXMQI%PXLSYKLEWMQTPIETTPMGEXMSRXLIFEWMGGSRGITXW[IYWIHXSFYMPHMXEVI XLIWEQIGSRGITXWXLEXYRHIVPMIXLIYWISJEPPGSRXVSPWSRXLIM4LSRIRSXNYWXFYXXSRW-R JEGXXLI[E][IYWIHFYXXSRWERHPEFIPWMRXLMWGLETXIVMWTVIXX]QYGLXLI[E]XLEX[I[MPP MQTPIQIRXERHMRXIVEGX[MXLQSWXSJXLIWXERHEVHGSRXVSPWSRXLIM4LSRI -XvWZIV]MQTSVXERXXLEX]SYYRHIVWXERHIZIV]XLMRK[IHMHMRXLMWGLETXIVERH[L][IHMH MX-J]SYHSRvXKSFEGOERHVIHSXLITEVXWXLEX]SYHSRvXJYPP]YRHIVWXERH8LMWMWMQTSVXERX WXYJJ-J]SYHSRvXQEOIWYVI]SYYRHIVWXERHIZIV]XLMRKRS[]SY[MPPSRP]KIXQSVIGSR JYWIHEW[IKIXMRXSGVIEXMRKQSVIGSQTPI\MRXIVJEGIWPEXIVSRMRXLMWFSSO -RXLIRI\XGLETXIV[IvPPXEOIEPSSOEXWSQISJXLISXLIVWXERHEVHM4LSRIGSRXVSPW=SYvPPEPWS PIEVRLS[XSYWIEPIVXWXSRSXMJ]XLIYWIVSJMQTSVXERXLETTIRMRKWERHLS[XSMRHMGEXIXLEX XLIYWIVRIIHWXSQEOIEGLSMGIFIJSVITVSGIIHMRKF]YWMRKEGXMSRWLIIXW;LIR]SYJIIP ]SYvVIVIEH]XSTVSGIIHKMZI]SYVWIPJETEXSRXLIFEGOJSVFIMRKWYGLERE[IWSQI WXYHIRXERHLIEHSRSZIVXSXLIRI\XGLETXIV
'LETXIV
1SVI9WIV -RXIVJEGI*YR
M
R'LETXIV[IHMWGYWWIHXLI1SHIP:MI['SRXVSPPIVGSRGITXERHFYMPXER ETTPMGEXMSRXLEXFVSYKLXXLEXMHIEXSPMJI=SYPIEVRIHEFSYXSYXPIXWERH EGXMSRWERHYWIHXLIQXSXMIEFYXXSRGSRXVSPXSEXI\XPEFIP-RXLMWGLETXIV [IvVIKSMRKXSFYMPHERETTPMGEXMSRXLEX[MPPXEOI]SYVORS[PIHKISJGSRXVSPW XSE[LSPIRI[PIZIP ;IvPPMQTPIQIRXERMQEKIZMI[EWPMHIVX[SHMJJIVIRXXI\XJMIPHWEWIKQIRXIH GSRXVSPEGSYTPISJW[MXGLIWERHERM4LSRIFYXXSRXLEXPSSOWQSVIPMOI[IPP ERM4LSRIFYXXSR=SYvPPPIEVRLS[XSYWIXLIZMI[LMIVEVGL]XSKVSYTQYPXMTPI MXIQWYRHIVEGSQQSRTEVIRXZMI[ERHQEOIQERMTYPEXMRKXLIMRXIVJEGIEX VYRXMQIIEWMIV=SYvPPWIILS[XSWIXERHVIXVMIZIXLIZEPYIWSJZEVMSYWGSR XVSPWFSXLF]YWMRKSYXPIXWERHF]YWMRKXLIWIRHIVEVKYQIRXSJSYVEGXMSR QIXLSHW%JXIVXLEX[IvPPPSSOEXYWMRKEGXMSRWLIIXWXSJSVGIXLIYWIVXSQEOI EGLSMGIERHEPIVXWXSKMZIXLIYWIVMQTSVXERXJIIHFEGO;IvPPEPWSPIEVREFSYX GSRXVSPWXEXIWERHXLIYWISJWXVIXGLEFPIMQEKIWXSQEOIFYXXSRWPSSOXLI[E] XLI]WLSYPH &IGEYWIXLMWGLETXIVvWETTPMGEXMSRYWIWWSQER]HMJJIVIRXYWIVMRXIVJEGIMXIQW [IvVIKSMRKXS[SVOEPMXXPIHMJJIVIRXP]XLER[IHMHMRXLITVIZMSYWX[SGLET XIVW;IvVIKSMRKXSFVIEOSYVETTPMGEXMSRMRXSTMIGIWMQTPIQIRXMRKSRITMIGI EXEXMQIFSYRGMRKFEGOERHJSVXLFIX[IIR
',%48)6 1SVI9WIV-RXIVJEGI*YR
%7GVIIR*YPPSJ'SRXVSPW %W[IQIRXMSRIHXLIETTPMGEXMSR[IvVIKSMRKXSFYMPHMRXLMW GLETXIVMWEFMXQSVIGSQTPI\XLER[EWXLIGEWIMR'LETXIV ;IvVIWXMPPSRP]KSMRKXSYWIEWMRKPIZMI[ERHGSRXVSPPIVFYX EW]SYGERWIIMR*MKYVIXLIVIvWUYMXIEFMXQSVIKSMRKSR MRXLMWSRIZMI[ 8LIPSKSEXXLIXSTSJXLIM4LSRIWGVIIRMWERMQEKIZMI[ ERHMRXLMWETTPMGEXMSRMXHSIWRSXLMRKQSVIXLERHMWTPE] EWXEXMGMQEKI&IPS[XLIPSKSXLIVIEVIX[SXI\XJMIPHWSRI XLEXEPPS[WXLIIRXV]SJEPTLERYQIVMGXI\XERHSRIXLEX EPPS[WSRP]RYQFIVW&IPS[XLIXI\XJMIPHWMWEWPMHIV%WXLI YWIVGLERKIWXLIWPMHIVXLIZEPYISJXLIPEFIPRI\XXSMX[MPP GLERKIWSXLEXMXEP[E]WVIJPIGXWXLIWPMHIVvWZEPYI &IPS[XLIWPMHIVMWEWIKQIRXIHGSRXVSPERHX[SW[MXGLIW8LI *MKYVI8LI'SRXVSP*YR WIKQIRXIHGSRXVSP[MPPLMHIERHWLS[XLITEMVSJW[MXGLIW ETTPMGEXMSRJIEXYVMRKXI\X FEWIHSR[LIXLIVXLI7LS[SVXLI,MHIWIKQIRXMWWIPIGXIH JMIPHWPEFIPWEWPMHIVERH *MKYVIWLS[W[LEXLETTIRW[LIRXLIYWIVXETWXLI,MHI WIZIVEPSXLIVWXSGOM4LSRI WIKQIRX'LERKMRKXLIZEPYISJIMXLIVW[MXGL[MPPGEYWIXLI GSRXVSPW SXLIVSRIXSGLERKIMXWZEPYIXSQEXGL2S[XLMWMWRvXWSQI XLMRK]SY[SYPHPMOIP]HSMREVIEPETTPMGEXMSRFYXMX[MPPPIX YWWLS[]SYLS[XSGLERKIXLIZEPYISJEGSRXVSPTVSKVEQQEXMGEPP]ERHLS['SGSE8SYGL ERMQEXIWGIVXEMREGXMSRWJSV]SY[MXLSYX]SYLEZMRKXSHSER][SVO &IPS[XLIW[MXGLIWMWE(S7SQIXLMRKFYXXSR[LMGL[MPPGEYWIEREGXMSRWLIIXXSTSTYT ERHEWOXLIYWIVWMJXLI]VIEPP]QIERXXSXETXLIFYXXSR WII*MKYVI 8LMWMWXLIWXERHEVH [E]SJVIWTSRHMRKXSMRTYXXLEXMWTSXIRXMEPP]HERKIVSYWSVXLEXGSYPHLEZIWMKRMJMGERXVITIV GYWWMSRWERHKMZIWXLIYWIVEGLERGIXSWXSTTSXIRXMEPFEHRIWWJVSQLETTIRMRK -J=IW-vQ7YVIMWWIPIGXIHXLIETTPMGEXMSR[MPPTYXYTEREPIVXPIXXMRKXLIYWIVORS[MJIZIV] XLMRKMW3/ WII*MKYVI
',%48)6 1SVI9WIV-RXIVJEGI*YR
MKYVI;LIRXLIWIK * QIRXIHGSRXVSPPIVMWYWIHXLI W[MXGLIWEVILMHHIRMJXLI]EVI GYVVIRXP]FIMRKWLS[RERH WLS[RMJXLI]EVIGYVVIRXP] FIMRKLMHHIR
MKYVI3YVETTPMGEXMSR * YWIWEREGXMSRWLIIXXSWSPMGMX EVIWTSRWIJVSQXLIYWIV
MKYVI%PIVXWEVI * YWIHXSRSXMJ]XLIYWIV[LIR MQTSVXERXXLMRKWLETTIR ;IYWISRILIVIXSGSRJMVQ XLEXIZIV]XLMRK[IRX3/
%GXMZI7XEXMGERH4EWWMZI'SRXVSPW 9WIVMRXIVJEGIGSRXVSPWGSQIMRXLVIIFEWMGJSVQWEGXMZIWXEXMG SVMREGXMZI ERHTEWWMZI 8LIFYXXSRWXLEX[IYWIHMRXLIPEWXGLETXIVEVIGPEWWMGI\EQTPIWSJEGXMZIGSRXVSPW=SY TYWLXLIQERHWSQIXLMRKLETTIRW{YWYEPP]ETMIGISJGSHIJMVIW%PXLSYKLQER]SJXLI GSRXVSPWXLEX]SY[MPPYWI[MPPHMVIGXP]XVMKKIVEGXMSRQIXLSHWRSXEPPGSRXVSPW[MPP 8LIPEFIPXLEX]SYYWIHMRXLIPEWXGLETXIVMWEKSSHI\EQTPISJEWXEXMGGSRXVSP=SYEHHIHMX XS]SYVMRXIVJEGIERHIZIRGLERKIHMXTVSKVEQQEXMGEPP]FYXXLIYWIVGSYPHRSXHSER]XLMRK [MXLMX0EFIPWERHMQEKIWEVIFSXLGSRXVSPWXLEXEVISJXIRYWIHMRXLMWQERRIVXLSYKLFSXL EVIWYFGPEWWIWSJ9-'SRXVSPERHGERFIQEHIXSJMVIGSHIMJ]SYRIIHXLIQXS 7SQIGSRXVSPWGER[SVOMRETEWWMZIQERRIVWMQTP]LSPHMRKSRXSEZEPYIXLEXXLIYWIVLEW IRXIVIHYRXMP]SYvVIVIEH]JSVMX8LIWIGSRXVSPWHSRvXXVMKKIVEGXMSRQIXLSHWFYXXLIYWIV GERMRXIVEGX[MXLXLIQERHGLERKIXLIMVZEPYIW %GPEWWMGI\EQTPISJETEWWMZIGSRXVSPMWEXI\XJMIPHSRE[IFTEKI%PXLSYKLXLIVIGERFI ZEPMHEXMSRGSHIXLEXJMVIW[LIR]SYXEFSYXSJEJMIPHXLIZEWXQENSVMX]SJ[IFTEKIXI\X JMIPHWEVIWMQTP]GSRXEMRIVWJSVHEXEXLEXKIXWWYFQMXXIHXSXLIWIVZIV[LIR]SYGPMGOXLI
',%48)6 1SVI9WIV-RXIVJEGI*YR
WYFQMXFYXXSR8LIXI\XJMIPHWXLIQWIPZIWHSRvXEGXYEPP]XVMKKIVER]GSHIXSJMVIFYX[LIR XLIWYFQMXFYXXSRMWGPMGOIHXLIXI\XJMIPHWvHEXEKSIWEPSRKJSVXLIVMHI 3RERM4LSRIQER]SJXLIEZEMPEFPIGSRXVSPWGERFIYWIHMREPPXLVII[E]WERHQSWXGER JYRGXMSRMRQSVIXLERSRIHITIRHMRKSR]SYVRIIHW%PPM4LSRIGSRXVSPWEVIWYFGPEWWIWSJ 9-'SRXVSPERHFIGEYWISJXLEXEVIGETEFPISJXVMKKIVMRKEGXMSRQIXLSHW1SWXGSRXVSPWGER EPWSFIYWIHTEWWMZIP]ERHEPPSJXLIQGERFIQEHIMREGXMZI[LIRXLI]EVIGVIEXIHSVGLERKIH JVSQEGXMZIXSMREGXMZIERHZMGIZIVWEEXVYRXMQI*SVI\EQTPIYWMRKSRIGSRXVSPGSYPHXVMK KIVERSXLIVMREGXMZIGSRXVSPXSFIGSQIEGXMZI,S[IZIVWSQIGSRXVSPWWYGLEWFYXXSRWVIEPP] HSRv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vWJMRKIVMWPMJXIHEJXIVXSYGLMRKXLEXFYXXSR %RSXLIVQENSVHMJJIVIRGIFIX[IIRXLIM4LSRIERHXLI1EGWXIQWJVSQXLIJEGXXLEXXLI M4LSRILEWRSTL]WMGEPOI]FSEVH8LIM4LSRIOI]FSEVHMWEGXYEPP]NYWXEZMI[JMPPIH[MXL EWIVMIWSJFYXXSRGSRXVSPW=SYVGSHI[MPPPMOIP]RIZIVHMVIGXP]MRXIVEGX[MXLXLIM4LSRIOI] FSEVHFYXEW]SYvPPWIIPEXIVMRXLIGLETXIVWSQIXMQIW]SYLEZIXS[VMXIGSHIXSQEOIXLI OI]FSEVHFILEZIMRI\EGXP]XLIQERRIV]SY[ERX
'VIEXMRKXLI%TTPMGEXMSR *MVIYT
-QTSVXMRKXLI-QEKI 2S[XLEX]SYvZIGVIEXIH]SYVTVSNIGXPIXvWKSKIXXLIMQEKI[IvPPYWIMRSYVMQEKIZMI[ 8LIMQEKILEWXSFIMQTSVXIHMRXS
',%48)6 1SVI9WIV-RXIVJEGI*YR
%HHXLIMQEKIXSXLI6IWSYVGIWJSPHIVSJ]SYVTVSNIGXNYWXEW[IHMHMR'LETXIVF]IMXLIV HVEKKMRKXLIMQEKIJVSQXLI*MRHIVXSXLI6IWSYVGIWJSPHIVSVF]WIPIGXMRK%HHXS4VSNIGX JVSQXLI4VSNIGXQIRY
-QTPIQIRXMRKXLI-QEKI:MI[ERH8I\X*MIPHW ;MXLXLIMQEKIEHHIHXS]SYVTVSNIGX]SYVRI\X WXITMWXSMQTPIQIRXXLIJMZIMRXIVJEGIIPIQIRXWEX XLIXSTSJXLIETTPMGEXMSRvWWGVIIR[MXLXLIMQEKI ZMI[XLIX[SXI\XJMIPHWERHXLIX[SPEFIPW WII *MKYVI
(IXIVQMRMRK3YXPIXW &IJSVI[ILSTSZIVXS-RXIVJEGI&YMPHIV[IRIIHXS *MKYVI8LIMQEKIZMI[PEFIPWERH JMKYVISYX[LMGLSJXLIWISFNIGXWVIUYMVIWERSYXPIX XI\XJMIPHW[I[MPPMQTPIQIRXJMVWX 6IQIQFIVSYXPIXWLEZIXSFIHIJMRIHMR]SYVGSR XVSPPIVGPEWWvWLIEHIVJMPIFIJSVI]SYGERGSRRIGXXLIQXSER]XLMRKMR-RXIVJEGI&YMPHIV 8LIMQEKIZMI[MWNYWXEWXEXMGMQEKI;IvVIKSMRKXSHIWMKREXIXLIMQEKIXSFIHMWTPE]IH VMKLXMR-RXIVJEGI&YMPHIVERHXLEXMQEKI[SRvXGLERKI[LMPISYVETTPMGEXMSRMWVYRRMRK%W EVIWYPXMXHSIWRSXVIUYMVIERSYXPIX-J[IHMH[ERXXSGLERKIXLIMQEKISVGLERKIER]SJMXW GLEVEGXIVMWXMGWEXVYRXMQI[I[SYPHRIIHERSYXPIX8LEXMWRSXXLIGEWILIVI 8LIWEQIMWXVYIJSVXLIX[SPEFIPW8LI]EVIXLIVIXSHMWTPE]XI\XFYX[SRvXFIGLERKIHEX VYRXMQIERHXLIYWIV[SRvXMRXIVEGX[MXLXLIQWS[IHSRvXRIIHSYXPIXWJSVXLIQIMXLIV 3RXLISXLIVLERHXLIX[SXI\XJMIPHWEVIRvXVIEPP]QYGLYWIMJ[IGERvXKIXXSXLIHEXEXLI] GSRXEMR8LI[E]XSEGGIWWXLIHEXELIPHF]ETEWWMZIGSRXVSPMWXSYWIERSYXPIXWS[IRIIH XSHIJMRIERSYXPIXJSVIEGLSJXLIWIXI\XJMIPHW8LMWMWSPHLEXJSV]SYF]RS[WS[L]HSRvX ]SYEHHX[SSYXPIXWERHXLIMVGSVVIWTSRHMRKTVSTIVXMIWXS]SYV'SRXVSPC*YR:MI['SRXVSPPIVL GPEWWJMPIYWMRKXLIREQIWREQI*MIPHERHRYQFIV*MIPH#;LIR]SYvVIHSRIMXWLSYPHPSSO WSQIXLMRKPMOIXLMW MQTSVX 9-/MX9-/MXL" $MRXIVJEGI'SRXVSPC*YR:MI['SRXVSPPIV9-:MI['SRXVSPPIV_ -&3YXPIX9-8I\X*MIPHREQI*MIPH -&3YXPIX9-8I\X*MIPHRYQFIV*MIPH a $TVSTIVX] RSREXSQMGVIXEMR 9-8I\X*MIPHREQI*MIPH $TVSTIVX] RSREXSQMGVIXEMR 9-8I\X*MIPHRYQFIV*MIPH $IRH
',%48)6 1SVI9WIV-RXIVJEGI*YR
&IJSVI[IQSZISRXS-RXIVJEGI&YMPHIVPIXvWEPWSEHHSYV$W]RXLIWM^IHMVIGXMZIWXS 'SRXVSPC*YR:MI['SRXVSPPIVQ MQTSVX'SRXVSPC*YR:MI['SRXVSPPIVL
$MQTPIQIRXEXMSR'SRXVSPC*YR:MI['SRXVSPPIV $W]RXLIWM^IREQI*MIPH $W]RXLIWM^IRYQFIV*MIPH
238) 7IIXLIIPPMTWMW EXXLIIRHSJXLEXGSHIPMWXMRK#;IvPPYWIXLEXW]QFSPXSMRHMGEXIXLEXXLIVIMWI\MWXMRK GSHIFI]SRH[LEX[IvZIWLS[RMRXLIPMWXMRKXLEXHSIWRSXVIUYMVIER]GLERKIW;IvPPFIEHHMRKEPPSJ SYVGSHIXSXLIXSTSJXLIMQTPIQIRXEXMSRJMPIMRXLMWGLETXIVWSF]YWMRKXLIIPPMTWMW[IGEREZSMHLEZMRK XSWLS[XLI[LSPIJMPIIZIV]XMQI[ILEZI]SYEHHEPMRISVX[SSJGSHI
(IXIVQMRMRK%GXMSRW 8EOIEPSSOEXXLIJMZISFNIGXWMR*MKYVIEKEMR(S]SYWIIXLIRIIHXSHIGPEVIER] EGXMSRW#8LIMQEKIZMI[WERHXLIPEFIPWHSRSXLEZIYWIVMRXIVEGXMSRIREFPIHERHGERvX VIGIMZIXSYGLIWWSXLIVIvWRSVIEWSRXSLEZIEGXMSRWJSVXLIQVMKLX#6MKLX ;LEXEFSYXXLIX[SXI\XJMIPHW#8I\XJMIPHWEVIXLIGPEWWMGTEWWMZIGSRXVSP8LIZEWXQENSVMX] SJXLIXMQIEPPXLI]HSMWLSPHSRXSZEPYIWYRXMP]SYvVIVIEH]JSVXLIQ;IvVIRSXHSMRKER] ZEPMHEXMSRSRXLIWIJMIPHWSXLIVXLERPMQMXMRKXLIMRTYXSJXLIRYQFIVJMIPHF]SRP]WLS[MRK XLIRYQFIVTEHMRWXIEHSJXLIJYPPOI]FSEVH [LMGL[IGERHSIRXMVIP]MR-RXIVJEGI&YMPHIV WS[IHSRvXRIIHEREGXMSRJSVXLIWIIMXLIVVMKLX#;IPPLSPHXLEXXLSYKLX0IXvWKSFYMPHERH XIWXXLIJMVWXTEVXSJSYVYWIVMRXIVJEGI
&YMPHMRKXLI-RXIVJEGI 1EOIWYVIFSXLSJXLSWIJMPIWEVIWEZIHI\TERH XLI6IWSYVGIWJSPHIVMRXLI+VSYTW *MPIWTERIERH HSYFPIGPMGO'SRXVSPC*YR:MI['SRXVSPPIV\MFXSPEYRGL -RXIVJEGI&YMPHIV-JXLI[MRHS[XMXPIH:MI[MWRSXSTIR HSYFPIGPMGOXLI:MI[MGSRMRXLIRMFJMPIvWQEMR[MRHS[ 2S[XYVR]SYVEXXIRXMSRXSXLIPMFVEV]-JMXvWRSXSTIR WIPIGX0MFVEV]JVSQXLI8SSPWQIRY7GVSPPEFSYX SRIJSYVXLSJXLI[E]XLVSYKLXLIPMWXYRXMP]SYJMRH -QEKI:MI[ WII*MKYVI
MKYVI8LI-QEKI:MI[IPI * QIRXMR-RXIVJEGI&YMPHIVvWPMFVEV]
',%48)6 1SVI9WIV-RXIVJEGI*YR
%HHMRKXLI-QEKI:MI[ (VEKERMQEKIZMI[SRXSXLI[MRHS[GEPPIH:MI[&IGEYWIXLMWMWXLIJMVWXMXIQ]SYvVITYX XMRKSR]SYVZMI[-RXIVJEGI&YMPHIVMWKSMRKXSEYXSQEXMGEPP]VIWM^IXLIMQEKIZMI[WSXLEX MXvWXLIWEQIWM^IEWXLIZMI[7MRGI[IHSRvX[ERXSYVMQEKIZMI[XSXEOIXLIIRXMVIWTEGI YWIXLIHVEKLERHPIWXSVIWM^IXLIMQEKIZMI[XSXLIETTVS\MQEXIWM^ISJXLIMQEKI]SY MQTSVXIHMRXS
MKYVI4YXXMRKXLIRMFvWQEMR[MRHS[MRLMIVEV * GLMGEPZMI[ERHHVMPPMRKHS[RXSWYFZMI[W
;MXLXLIMQEKIZMI[WIPIGXIHFVMRKYTXLIMRWTIG XSVF]TVIWWMRK ERH]SYWLSYPHWIIXLIIHMXEFPI STXMSRWSJXLI9--QEKI:MI[GPEWWEWWLS[RMR *MKYVI 8LIQSWXMQTSVXERXWIXXMRKJSVSYVMQEKIZMI[MWXLI XSTQSWXMXIQMRXLIMRWTIGXSVPEFIPIH-QEKI-J]SY GPMGOXLIPMXXPIEVVS[XSXLIVMKLXSJXLIJMIPHEQIRY [MPPTSTYT[MXLXLIEZEMPEFPIMQEKIW[LMGLWLSYPH MRGPYHIER]MQEKIWXLEX]SYEHHIHXS]SYV
*MKYVI8LIMQEKIZMI[MRWTIGXSV
',%48)6 1SVI9WIV-RXIVJEGI*YR
6IWM^IXLI-QEKI:MI[ 2S[VIWM^I]SYVMQEKIZMI[WSXLEXMXMWI\EGXP]XLIWEQIWM^IEW]SYVMQEKI;IvPPXEPOEFSYX [L]MREQSQIRX%RIEW][E]XSVIWM^IXLIZMI[WSXLEXMXvWXLIWEQIWM^IEWXLIWIPIGXIH MQEKIMWXSTVIWW !SVXSWIPIGX7M^IXS*MXJVSQXLI0E]SYXQIRY[LMGL[MPPEYXSQEXMGEPP] VIWM^IER]ZMI[XSXLII\EGXWM^IRIIHIHXSGSRXEMRMXWGSRXIRXW=SYvPPEPWS[ERXXSQSZIXLI VIWM^IHMQEKIWSXLEXMXvWGIRXIVIHERHXLIXSTMWEPMKRIH[MXLXLIFPYIKYMHIPMRIW=SYGER IEWMP]GIRXIVERMXIQMRXLIZMI[F]GLSSWMRK%PMKR,SVM^SRXEP'IRXIVMR'SRXEMRIVJVSQXLI 0E]SYXQIRYvW%PMKRQIRXWYFQIRY
8-4 (VEKKMRKERHVIWM^MRKZMI[WMR-RXIVJEGI&YMPHIVGERFIXVMGO](SRvXJSVKIXEFSYXXLILMIVEVGLMGEP:MI[ 1SHIFYXXSRMRXLIQEMRRMF[MRHS[-X[MPPLIPT]SYJMRHERHWIPIGX HSYFPIGPMGO XLIMQEKIZMI[;LIR MXGSQIWXSVIWM^MRKLSPHHS[RXLISTXMSROI]-RXIVJEGI&YMPHIV[MPPHVE[WSQILIPTJYPVIHPMRIWSRXLI WGVIIRXLEXQEOIMXQYGLIEWMIVXSKIXEWIRWISJXLIMQEKIZMI[vWWM^I8LMWXVMGO[SRvX[SVOJSVHVEKKMRK -RXLEXGEWIXLISTXMSROI]XIPPW-RXIVJEGI&YMPHIV]SYEVIXV]MRKXSQEOIEGST]SJXLIHVEKKIHSFNIGX
8LI1SHI%XXVMFYXI 8LIRI\XSTXMSRHS[RMRXLIMQEKIZMI[MRWTIGXSVMWEHVSTHS[RQIRYPEFIPIH1SHI8LI 1SHIQIRYHIJMRIWLS[XLIMQEKI[MPPFIEPMKRIHMRWMHIXLIZMI[ERH[LIXLIVMX[MPPFI WGEPIHXSJMX=SYGERJIIPJVIIXSTPE][MXLXLIZEVMSYWSTXMSRWFYXXLIHIJEYPXZEPYISJ'IRXIV MWTVSFEFP]FIWXJSVSYVRIIHW/IITMRQMRHXLEXGLSSWMRKER]STXMSRXLEXGEYWIWXLIMQEKI XSWGEPI[MPPTSXIRXMEPP]EHHTVSGIWWMRKSZIVLIEHWSMXvWFIWXXSEZSMHXLSWIERHWM^I]SYV MQEKIWGSVVIGXP]FIJSVI]SYMQTSVXXLIQ-J]SY[ERXXSHMWTPE]XLIWEQIMQEKIEXQYPXMTPI WM^IWKIRIVEPP]MXvWFIXXIVXSLEZIQYPXMTPIGSTMIWSJXLIMQEKIEXHMJJIVIRXWM^IWMR]SYVTVSN IGXVEXLIVXLERJSVGIXLIM4LSRIXSHSWGEPMRKEXVYRXMQI
8LI%PTLE7PMHIV 8LIRI\XMXIQMRXLIMRWTIGXSVMW%PTLEERHXLMWMWSRI]SYRIIHXSFIZIV]GEVIJYP[MXL %PTLEHIJMRIWLS[XVERWTEVIRX]SYVMQEKIMWLS[QYGLSJ[LEXvWFIRIEXLMXWLS[W XLVSYKL-J]SYLEZIER]ZEPYIPIWWXLER]SYVM4LSRI[MPPHVE[XLMWZMI[EWXVERWTEVIRX WSXLEXER]SFNIGXWYRHIVRIEXLMXWLS[XLVSYKL;MXLEZEPYIPIWWXLERIZIRMJXLIVIvW RSXLMRKEGXYEPP]YRHIVRIEXL]SYVMQEKI]SY[MPPGEYWI]SYVETTPMGEXMSRXSWTIRHTVSGIWWSV G]GPIWGEPGYPEXMRKXVERWTEVIRG]WSHSRvXWIXXLMWXSER]XLMRKSXLIVXLERYRPIWW]SYLEZI EZIV]KSSHVIEWSRJSVHSMRKWS
',%48)6 1SVI9WIV-RXIVJEGI*YR
-KRSVIXLI&EGOKVSYRH =SYGERMKRSVIXLIRI\XMXIQHS[RGEPPIH&EGOKVSYRH8LMWMWETVSTIVX]MRLIVMXIHJVSQ 9-:MI[FYXMXHSIWRvXMQTEGXXLIETTIEVERGISJERMQEKIZMI[
8LI8EK%XXVMFYXI 8LIRI\XMXIQHS[R{8EK{MW[SVXLQIRXMSRMRKXLSYKL[I[SRvXFIYWMRKMXMRXLMWGLETXIV %PPWYFGPEWWIWSJ9-:MI[MRGPYHMRKEPPZMI[WERHGSRXVSPWLEZIEXEKTVSTIVX][LMGLMWNYWX ERYQIVMGZEPYIXLEX]SYGERWIXXLEX[MPPXEKEPSRK[MXL]SYVMQEKIZMI[8LIXEKMWHIWMKRIH JSV]SYVYWIXLIW]WXIQ[MPPRIZIVWIXSVGLERKIMXWZEPYI-J]SYEWWMKREXEKZEPYIXSEGSRXVSP SVZMI[]SYGERFIWYVIXLEXXLIXEK[MPPEP[E]WLEZIXLEXZEPYIYRPIWW]SYGLERKIMX 8EKWTVSZMHIERIEW]PERKYEKIMRHITIRHIRX[E]SJMHIRXMJ]MRKSFNIGXWSR]SYVMRXIVJEGI 0IXvWWE]]SYLEHJMZIHMJJIVIRXFYXXSRWIEGL[MXLEHMJJIVIRXPEFIPERH]SY[ERXIHXSYWI EWMRKPIEGXMSRQIXLSHXSLERHPIEPPJMZIFYXXSRW-RXLEXGEWI]SY[SYPHTVSFEFP]RIIH WSQI[E]XSHMJJIVIRXMEXIEQSRKXLIFYXXSRW[LIR]SYVEGXMSRQIXLSH[EWGEPPIH7YVI ]SYGSYPHPSSOEXXLIFYXXSRvWXMXPIFYXGSHIXLEXHSIWXLEXTVSFEFP][SRvX[SVO[LIR]SYV ETTPMGEXMSRMWXVERWPEXIHMRXS7[ELMPMSV7ERWOVMX9RPMOIPEFIPWXEKW[MPPRIZIVGLERKIWSMJ ]SYWIXEXEKZEPYILIVIMR-RXIVJEGI&YMPHIV]SYGERXLIRYWIXLEXEWEJEWXERHVIPMEFPI[E] XSGLIGO[LMGLGSRXVSP[EWTEWWIHMRXSEREGXMSRQIXLSHMRXLIWIRHIVEVKYQIRX
8LI(VE[MRK'LIGOFS\IW &IPS[8EKEVIEWIVMIWSJ(VE[MRKGLIGOFS\IW8LIJMVWXSRIMWPEFIPIH3TEUYI7IPIGXMX 8LMWXIPPWXLIM4LSRI37XLEXRSXLMRKFIPS[]SYVZMI[WLSYPHFIHVE[RERHEPPS[WM4LSRIvW HVE[MRKQIXLSHWXSHSWSQISTXMQM^EXMSRWXLEXWTIIHYTHVE[MRK =SYQMKLXFI[SRHIVMRK[L][IRIIHXSWIPIGXXLI3TEUYIGLIGOFS\[LIR[IvZIEPVIEH] WIXXLIZEPYISJ%PTLEXSXSMRHMGEXIRSXVERWTEVIRG]8LIVIEWSRMWXLEXXLIEPTLEZEPYI ETTPMIWXSXLITEVXWSJXLIMQEKIXSFIHVE[RFYXMJERMQEKIHSIWRvXGSQTPIXIP]JMPPXLI MQEKIZMI[SVXLIVIEVILSPIWMRXLIMQEKIXLEROWXSEREPTLEGLERRIPSVGPMTTMRKTEXL XLISFNIGXWFIPS[[MPPWXMPPWLS[XLVSYKLVIKEVHPIWWSJXLIZEPYIWIXMR%PTLE&]GLIGOMRK 3TEUYI[IEVIXIPPMRKM4LSRIXLEXRSXLMRKFIPS[XLMWZMI[IZIVRIIHWXSFIHVE[RRSQEX XIV[LEX;IGERWEJIP]GLIGOXLI3TEUYIGLIGOFS\FIGEYWI[IIEVPMIVWIPIGXIH7M^IXS*MX [LMGLGEYWIHXLIMQEKIZMI[XSQEXGLXLIWM^ISJXLIMQEKIMXGSRXEMRW 8LI,MHHIRGLIGOFS\HSIWI\EGXP][LEX]SYXLMROMXHSIW-JMXvWGLIGOIHXLIYWIVGERvXWII XLMWGSRXVSP,MHMRKXLIGSRXVSPGERFIYWIJYPEXXMQIWMRGPYHMRKPEXIVMRXLMWGLETXIV[LIR [ILMHIXLIW[MXGLIWFYXXLIZEWXQENSVMX]SJXLIXMQI]SY[ERXXLMWXSVIQEMRYRGLIGOIH ;IGERPIEZIXLMWEXXLIHIJEYPXZEPYI
',%48)6 1SVI9WIV-RXIVJEGI*YR
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vXPE]SYXWMHIXLIFSYRHWSJXLI WYTIVZMI[=SYGERXYVRSR'PMT7YFZMI[WMJ]SY VIEPP]RIIHMXJSVWSQIVIEWSRFYXMXMWSJJF] HIJEYPXJSVXLIWEOISJTIVJSVQERGI
7YTIVZMI[ 7YFZMI[
7YTIVZMI[ 7YFZMI[
MKYVI'PMTWYFZMI[WMREGXMSR * 8LIXSTZMI[MWXLIHIJEYPXWIXXMRK[MXL 'PMT7YFZMI[WXYVRIHSJJ8LIFSXXSQ WLS[W[LEXLETTIRW[LIR]SYXYVRSR 'PMT7YFZMI[W
8LIRI\XGLIGOFS\GEPPIH'PIEV'SRXI\X&IJSVI(VE[MRK[MPPVEVIP]RIIHXSFIGLIGOIH;LIR MXMWGLIGOIHXLIM4LSRI[MPPHVE[XLIIRXMVIEVIEGSZIVIHF]XLIGSRXVSPMRXVERWTEVIRXFPEGO FIJSVIMXEGXYEPP]HVE[WXLIGSRXVSP%KEMRMXMWXYVRIHSJJJSVXLIWEOISJTIVJSVQERGIERH FIGEYWIMXvWVEVIP]RIIHIH
8LI-RXIVEGXMSR'LIGOFS\IW 8LIPEWXX[SGLIGOFS\IWLEZIXSHS[MXLYWIVMRXIVEGXMSR8LIJMVWXGLIGOFS\9WIV-RXIVEGXMSR )REFPIHWTIGMJMIW[LIXLIVXLIYWIVGERHSER]XLMRKEXEPP[MXLXLMWSFNIGX*SVQSWXGSRXVSPW XLMWFS\[MPPFIGLIGOIHFIGEYWIMJMXvWRSXXLIGSRXVSP[MPPRIZIVFIEFPIXSXVMKKIVEGXMSR QIXLSHW,S[IZIVPEFIPWERHMQEKIZMI[WHIJEYPXXSYRGLIGOIHFIGEYWIXLI]EVIZIV] SJXIRYWIHNYWXJSVXLIHMWTPE]SJWXEXMGMRJSVQEXMSR7MRGIEPP[IvVIHSMRKLIVIMWHMWTPE]MRK ETMGXYVISRXLIWGVIIRXLIVIMWRSRIIHXSXYVRXLMWSR
',%48)6 1SVI9WIV-RXIVJEGI*YR
8LIPEWXGLIGOFS\MW1YPXMTPI8SYGLERHMXHIXIVQMRIW[LIXLIVXLMWGSRXVSPMWGETEFPISJ VIGIMZMRKQYPXMXSYGLIZIRXW1YPXMXSYGLIZIRXWEPPS[WGSQTPI\KIWXYVIWPMOIXLITMRGL KIWXYVIYWIHXS^SSQMRQER]M4LSRIETTPMGEXMSRW;IvPPXEPOQSVIEFSYXKIWXYVIWERHQYP XMXSYGLIZIRXWMR'LETXIV7MRGIXLMWMQEKIZMI[HSIWRvXEGGITXYWIVMRXIVEGXMSREXEPP XLIVIvWRSVIEWSRXSXYVRSRQYPXMXSYGLIZIRXWWSPIEZIMXEXXLIHIJEYPXZEPYI
%HHMRKXLI8I\X*MIPHW 3RGI]SYv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vVIKSMRKXS EPMKRXLIPEFIPERHXLIXI\XJMIPHYWMRKXLIXI\XFEWIPMRIKYMHI [LMGL[MPPHVE[EPMRIJVSQXLIFSXXSQSJXLIPEFIPvWXI\XKSMRK XLVSYKLXLIXI\XJMIPHEWWLS[RMR*MKYVI-JXLIFPYIKYMHI PMRIMWFIMRKHVE[RXLVSYKLXLIQMHHPISJXLIPEFIPvWXI\X]SYvVI SRXLIGIRXIVKYMHIPMRIRSXXLIXI\XFEWIPMRIKYMHI9WMRKXLI XI\XFEWIPMRIKYMHI[MPPGEYWIXLIXI\XSJXLIPEFIPERHXLIXI\X XLEXXLIYWIV[MPPX]TIMRXSXLIXI\XJMIPHXSFIEXXLIWEQIZIVXM GEPTSWMXMSRSRXLIWGVIIR
MKYVI4PEGMRKXLI * XI\XJMIPH
MKYVI%PMKRMRKXLI * PEFIPERHXI\XJMIPHYWMRK XLIFEWIPMRIKYMHI
',%48)6 1SVI9WIV-RXIVJEGI*YR
(SYFPIGPMGOXLIPEFIP]SYNYWXHVSTTIH[LMGL[MPPEPPS[ ]SYXSIHMXMX8]TI2EQISZIV0EFIPERHTVIWWXLIVIXYVR OI]XSGSQQMX]SYVGLERKIW2I\XHVEKERSXLIVXI\XJMIPH JVSQXLIPMFVEV]XSXLIZMI[ERHYWIXLIKYMHIPMRIWXSTPEGI MXFIPS[XLIJMVWXXI\XJMIPH WII*MKYVI 3RGI]SYv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vXWXMPPWIPIGXIHERHTVIWW XSFVMRKYTXLIMRWTIGXSV WII*MKYVI
MKYVI8LIMRWTIGXSVJSV * EXI\XJMIPHWLS[MRKXLIHIJEYPX ZEPYIW
MKYVI%HHMRKXLI * WIGSRHXI\XJMIPH
*MKYVI)\TERHMRKXLI WM^ISJXLIFSXXSQXI\XJMIPH
',%48)6 1SVI9WIV-RXIVJEGI*YR
8LI8I\X*MIPH7IXXMRKW 8I\XJMIPHWEVISRISJXLIQSWXGSQTPI\GSRXVSPWSRXLIM4LSRIEW[IPPEWFIMRKSRISJXLI QSWXGSQQSRP]YWIH0IXv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vVIKSMRKXSWOMTVMKLXSZIVXLI&EGO KVSYRHERH(MWEFPIHJMIPHWERHPIEZIXLIQFPERO &IPS[XLIWIJMIPHWEVIXLVIIFYXXSRWJSVGSRXVSPPMRKXLIEPMKRQIRXSJXLIXI\XHMWTPE]IHMR XLIJMIPH;IvPPPIEZIXLMWJMIPHEXXLIHIJEYPXZEPYISJPIJXEPMKRIH XLIPIJXQSWXFYXXSR 2I\X XSXLEXMWEJMIPHXLEXPIXWYWWTIGMJ]XLIGSPSVSJXLIXI\XJMIPHvWXI\X%KEMR[IvPPPIEZIMXEXXLI HIJEYPXZEPYISJFPEGO 2I\XEVIJSYVFYXXSRWPEFIPIH&SVHIV8LIWIEPPS[]SYXSGLERKIXLI[E]XLIXI\XJMIPHvWIHKI [MPPFIHVE[R=SYGERJIIPJVIIXSXV]SYXEPPJSYVHMJJIVIRXWX]PIWFYXXLIHIJEYPXZEPYIMWXLI VMKLXQSWXFYXXSRERHMXGVIEXIWXLIXI\XJMIPHWX]PIXLEXYWIVWEVIQSWXEGGYWXSQIHXSWIIMRK JSVRSVQEPXI\XJMIPHWMRERM4LSRIETTPMGEXMSRWS[LIR]SYvVIHSRITPE]MRKWIXMXFEGOXS XLEXSRI 8LI'PIEV;LIR)HMXMRK&IKMRWGLIGOFS\WTIGMJMIW[LEXLETTIRW[LIRXLIYWIVXSYGLIW XLMWJMIPHXSYWIMX-JXLMWFS\MWGLIGOIHER]ZEPYIXLEX[EWTVIZMSYWP]MRXLMWJMIPH[MPPKIX HIPIXIHERHXLIYWIV[MPPFIWXEVXMRKJVIWL-JXLMWFS\MWYRGLIGOIHXLITVIZMSYWZEPYI[MPP WXE]MRXLIJMIPHERHXLIYWIV[MPPFIEFPIXSIHMXMX9RGLIGOXLMWMJMXvWGLIGOIHSVNYWXPIEZIMX EWMWMJMXvWGLIGOIH 8LI%HNYWXXS*MXGLIGOFS\WTIGMJMIW[LIXLIVXLIWM^ISJXLIXI\XWLSYPHWLVMROMJXLIXI\XJMIPH MWVIHYGIHMRWM^I%HNYWXMRKXSJMX[MPPOIITXLIIRXMVIXI\XZMWMFPIMRXLIZMI[IZIRMJXLIXI\X [SYPHRSVQEPP]FIXSSFMKXSJMXMRXLIEPPSXXIHWTEGI8SXLIVMKLXSJXLIGLIGOFS\MWEXI\XJMIPH XLEXEPPS[W]SYXSWTIGMJ]EQMRMQYQXI\XWM^I2SQEXXIVXLIWM^ISJXLIJMIPHXLIXI\X[MPPRSX FIVIWM^IHFIPS[XLEXQMRMQYQWM^I7TIGMJ]MRKEQMRMQYQWM^I[MPPEPPS[]SYXSQEOIWYVI XLEXXLIXI\XHSIWRvXKIXXSSWQEPPXSFIVIEHEFPI
',%48)6 1SVI9WIV-RXIVJEGI*YR
8I\X-RTYX8VEMXW 8LIRI\XWIGXMSRHIJMRIWLS[XLIOI]FSEVH[MPPPSSOERHFILEZI[LIRXLMWXI\XJMIPHMWFIMRK YWIH7MRGI[IvVII\TIGXMRKEREQIPIXvWGLERKIXLI'ETMXEPM^IHVSTHS[RXS;SVHW[LMGL [MPPGEYWIIZIV][SVHXSFIEYXSQEXMGEPP]GETMXEPM^IH[LMGLMW[LEX]SYX]TMGEPP][ERX[MXL REQIW0IXvWEPWSGLERKIXLIZEPYISJXLI6IXYVR/I]TSTYTXS(SRIERHPIEZIEPPXLISXLIV XI\XMRTYXXVEMXWEXXLIMVHIJEYPXZEPYIW8LI6IXYVR/I]MWXLIOI]SRXLIPS[IVVMKLXSJXLIOI] FSEVHERHMXWPEFIPGLERKIWFEWIHSR[LEX]SYvVIHSMRK-J]SYEVIIRXIVMRKXI\XMRXS7EJEVMvW WIEVGLJMIPHJSVI\EQTPIXLIRMXWE]W+SSKPI8]TMGEPP]JSVKIRIVEPETTPMGEXMSRXI\XJMIPHW (SRIMWXLIVMKLXGLSMGI
%RHXLI6IWX 8LIRI\XWIGXMSREPPS[W]SYXSWIXKIRIVEPGSRXVSPEXXVMFYXIWMRLIVMXIHJVSQ9-'SRXVSPFYX XLIWIKIRIVEPP]HSRvXETTP]XSXI\XJMIPHWERH[MXLXLII\GITXMSRSJXLI)REFPIHGLIGOFS\ [SRvXEJJIGXXLIJMIPHvWETTIEVERGI;I[ERXXSPIEZIXLIWIXI\XJMIPHWIREFPIHWSXLEXXLI YWIVGERMRXIVEGX[MXLXLIQWSNYWXPIEZIIZIV]XLMRKLIVIEWMW 8LIPEWXWIGXMSRSRXLIMRWTIGXSVWLSYPHPSSOJEQMPMEVXS]SY-XvWMHIRXMGEPXSXLIWIGXMSRSJ XLIWEQIREQISRXLIMQEKIZMI[MRWTIGXSV[IPSSOIHEXEJI[QMRYXIWEKS8LIWIEVI EXXVMFYXIWMRLIVMXIHJVSQXLI9-:MI[GPEWWERHWMRGIEPPGSRXVSPWEVIWYFGPEWWIWSJ9-:MI[ XLI]EPPWLEVIXLMWWIGXMSRSJEXXVMFYXIW2SXIXLEXJSVEXI\XJMIPH]SYHSRSX[ERXXSGLIGO 3TEUYIFIGEYWIHSMRKWS[MPPQEOIXLIIRXIVIHXI\XYRVIEHEFPI-RJEGX]SYGERPIEZIEPP XLIZEPYIWMRXLMWWIGXMSRI\EGXP]EWXLI]EVI
7IXXLI%XXVMFYXIWJSVXLI7IGSRH8I\X*MIPH 2I\XWMRKPIGPMGOXLIWIGSRHXI\XJMIPHMRXLI:MI[[MRHS[ERHVIXYVRXSXLIMRWTIGXSV-R XLI4PEGILSPHIVJMIPHX]TI8]TIMRERYQFIVERHYRGLIGO'PIEV;LIR)HMXMRK&IKMRW-RXLI WIGXMSRGEPPIH8I\X-RTYX8VEMXWGPMGOXLI/I]FSEVH8]TITSTYTQIRY7MRGI[ISRP][ERXXLI YWIVXSIRXIVRYQFIVWRSXPIXXIVWKSELIEHERHWIPIGX2YQFIV4EH&]HSMRKXLMWXLIYWIVW [MPPFITVIWIRXIH[MXLEOI]FSEVHGSRXEMRMRKSRP]RYQFIVWQIERMRKXLI][SRvXFIEFPIXS IRXIVEPTLEFIXMGEPGLEVEGXIVWW]QFSPWSVER]XLMRKFIWMHIWRYQFIVW;IHSRvXLEZIXSWIX XLI6IXYVR/I]ZEPYIJSVXLIRYQIVMGOI]TEHFIGEYWIXLEXWX]PISJOI]FSEVHHSIWRvXLEZI EVIXYVROI]WSIZIV]XLMRKIPWISRXLIMRWTIGXSVGERWXE]EXXLIHIJEYPXZEPYIW
'SRRIGXMRK3YXPIXW 3/JSVXLMWJMVWXTEVXSJXLIMRXIVJEGIEPPXLEXvWPIJXMWLSSOMRKYTSYVSYXPIXW'SRXVSPHVEK JVSQ*MPIvW3[RIVXSIEGLSJXLIXI\XJMIPHWERHGSRRIGXXLIQXSXLIMVGSVVIWTSRHMRKSYXPIXW 7EZIXLIRMFJMPISRGI]SYvZIGSRRIGXIHFSXLXI\XJMIPHWXSXLIMVGSVVIWTSRHMRKSYXPIXWERH XLIRKSFEGOXS
',%48)6 1SVI9WIV-RXIVJEGI*YR
&YMPHERH6YR 0IXvWWIILS[MX[SVOWWLEPP[I#7IPIGX&YMPHERH6YRJVSQ
1EOMRKXLI/I]FSEVH+S%[E];LIR(SRI -W8ETTIH *MKYVI8LIOI]FSEVH &IGEYWIXLIOI]FSEVHMWWSJX[EVIFEWIHVEXLIVXLERFIMRK GSQIWYTEYXSQEXMGEPP][LIR ETL]WMGEPOI]FSEVH[IRIIHXSXEOIEJI[I\XVEWXITWXS ]SYXSYGLXLIXI\XJMIPH QEOIWYVIXLIOI]FSEVHKSIWE[E][LIRXLIYWIVMWHSRI [MXLMX;LIRXLIYWIVXETWXLI(SRIFYXXSREwHMHIRHSR I\MXxIZIRX[MPPFIKIRIVEXIHERHEXXLEXXMQI[IRIIHXSXIPPXLIXI\XJMIPHXSKMZIYTGSR XVSPWSXLEXXLIOI]FSEVH[MPPKSE[E]-RSVHIVXSHSXLEX[IRIIHXSEHHEREGXMSRQIXLSH XSSYVGSRXVSPPIVGPEWWWSEHHXLIJSPPS[MRKPMRISJGSHIXS'SRXVSPC*YR:MI['SRXVSPPIVL MQTSVX 9-/MX9-/MXL" $MRXIVJEGI'SRXVSPC*YR:MI['SRXVSPPIV9-:MI['SRXVSPPIV_ -&3YXPIX9-8I\X*MIPHREQI*MIPH -&3YXPIX9-8I\X*MIPHRYQFIV*MIPH a $TVSTIVX] RSREXSQMGVIXEMR 9-8I\X*MIPHREQI*MIPH $TVSTIVX] RSREXSQMGVIXEMR 9-8I\X*MIPHRYQFIV*MIPH -&%GXMSR XI\X*MIPH(SRI)HMXMRK MH WIRHIV $IRH
2S[W[MXGLSZIVXS'SRXVSPC*YR:MI['SRXVSPPIVQERH[IvPPMQTPIQIRXXLMWQIXLSH3RP]SRI PMRISJGSHIMWRIIHIHMRXLMWRI[EGXMSRQIXLSHXSQEOIMX[SVO%HHXLIJSPPS[MRKQIXLSH XS'SRXVSPC*YR:MI['SRXVSPPIVQ -&%GXMSR XI\X*MIPH(SRI)HMXMRK MH WIRHIV _ ?WIRHIVVIWMKR*MVWX6IWTSRHIVA a
',%48)6 1SVI9WIV-RXIVJEGI*YR
;IQIRXMSRIHXLIGSRGITXSJEJMVWXVIWTSRHIVIEVPMIVERHWEMHXLEXMXvWXLIGSRXVSPXLEXXLI YWIVMWGYVVIRXP]MRXIVEGXMRK[MXL,IVI[IXIPPER]GSRXVSPXLEXXVMKKIVWXLMWEGXMSRXSKMZIYT JMVWXVIWTSRHIVWXEXYW;LIREXI\XJMIPH]MIPHWJMVWXVIWTSRHIVWXEXYWXLIOI]FSEVHEWWSGMEXIH [MXLMXKSIWE[E] 7EZIFSXLSJXLIJMPIW]SYNYWXIHMXIH0IXvWNYWXLSTFEGOSZIVXS-RXIVJEGI&YMPHIVERHXVMKKIV XLMWEGXMSRJVSQFSXLSJSYVXI\XJMIPHW 3RGI]SYvVIFEGOMR-RXIVJEGI&YMPHIVWMRKPIGPMGOXLI2EQIXI\XJMIPHERHTVIWW XSFVMRK YTXLIGSRRIGXMSRWMRWTIGXSV8LMWXMQI[IHSRvX[ERXXLIXSYGLYTMRWMHIIZIRXXLEX[I YWIHMRXLIPEWXGLETXIV-RWXIEH[I[ERX(MH)RHSR)\MXWMRGIXLEXMWXLIIZIRXXLEX[MPPJMVI [LIRXLIYWIVXETWXLI(SRIFYXXSRSRM4LSRIvWOI]FSEVH(VEKJVSQXLIGMVGPIRI\XXS(MH )RHSR)\MXXSXLI*MPIvW3[RIVMGSRERHGSRRIGXMXXSXLIXI\X*MIPH(SRI)HMXMRKEGXMSR 6ITIEX[MXLXLISXLIVXI\XJMIPHERHWEZI0IXvWKSFEGOXS
MKYVI8LIRYQIVMG * OI]TEHHSIWRvXLEZIE (SRIFYXXSR
',%48)6 1SVI9WIV-RXIVJEGI*YR
8SYGLMRKXLI&EGOKVSYRHXS'PSWIXLI/I]FSEVH 0IXvWKSFEGOXS
7EZIXLILIEHIVJMPIW[MXGLSZIVXSXLIMQTPIQIRXEXMSRJMPIERHEHHXLMWGSHI[LMGLWMQ TP]XIPPWEPPXI\XJMIPHWXS]MIPHJMVWXVIWTSRHIVWXEXYWMJXLI]LEZIMX-XMWTIVJIGXP]WEJIXSGEPP VIWMKR*MVWX6IWTSRHIVSREGSRXVSPXLEXMWRSXXLIJMVWXVIWTSRHIVWS[IGERWEJIP]GEPPMX SRFSXLXI\XJMIPHW[MXLSYXLEZMRKXSGLIGO[LMGLSRIMWXLIJMVWXVIWTSRHIVMJER] -&%GXMSR FEGOKVSYRH'PMGO MH WIRHIV _ ?REQI*MIPHVIWMKR*MVWX6IWTSRHIVA ?RYQFIV*MIPHVIWMKR*MVWX6IWTSRHIVA a
8-4 =SYvPPFIW[MXGLMRKFIX[IIRLIEHIVERHMQTPIQIRXEXMSRJMPIWEPSXEW]SYGSHI*SVXYREXIP]
7EZIXLMWJMPIERHKSFEGOXS-RXIVJEGI&YMPHIV;IRS[RIIHXSGVIEXIXLEXWYTIVWIGVIXMRZMWM FPIFYXXSRXLEX[MPPGEPPXLIFEGOKVSYRH'PMGOEGXMSR1EOIWYVI]SYV:MI[[MRHS[ERHXLI PMFVEV]EVIFSXLSTIR(VEKE6SYRH6IGX&YXXSRJVSQXLIPMFVEV]SZIVXS]SYVZMI[vW[MRHS[ 9WIXLIVIWM^IHSXWEVSYRHXLIIHKIWSJXLIFYXXSRXSQEOIMXJMPPXLIIRXMVIWGVIIR(SRSX WXSTEXXLIFPYIQEVKMRPMRIWXLMWXMQIOIITKSMRKVMKLXXSXLIIHKIWERHHSRvX[SVV]EFSYX XLIJEGXXLEXMXvWGSZIVMRKXLISXLIVMXIQWMR]SYVZMI[8STYXXLMWFYXXSRFILMRHIZIV]XLMRK IPWIWIPIGX7IRHXS&EGOJVSQXLI0E]SYXQIRY
',%48)6 1SVI9WIV-RXIVJEGI*YR
2S[[MXLXLIRI[FYXXSRWXMPPWIPIGXIHTVIWW XSFVMRKYTXLIMRWTIGXSVERHGLERKIXLIFYXXSRvW X]TIJVSQ6SYRHIH6IGXXS'YWXSQEW[IvVIHSMRKMR *MKYVI 3YVFYXXSRWLSYPHLEZIFEWMGEPP]HMWETTIEVIHI\GITX JSVXLIVIWM^IHSXWEVSYRHXLIIHKIW8LI'YWXSQ STXMSRMWKIRIVEPP]YWIH[LIR]SY[ERXXSSZIVVMHIXLI HIJEYPXETTIEVERGISJEFYXXSR,S[IZIVMXGEREPWS FIYWIH[LIR]SYWMQTP][ERXEFYXXSRXSLEZIRS ETTIEVERGIEW[IvVIHSMRKLIVI
MKYVI'LERKMRKXLIFYXXSR * X]TIJVSQ6SYRHIH6IGXXS'YWXSQ
2S[NYWXW[MXGLXSXLIGSRRIGXMSRWMRWTIGXSVF]TVIWWMRK ERHXLIRHVEKJVSQXLI8SYGL9T -RWMHIIZIRXSJXLMWFYXXSRXSXLI*MPIvW3[RIVMGSRERHGLSSWIXLIFEGOKVSYRH'PMGOEGXMSR 2S[XSYGLIWER][LIVIMRXLIZMI[[MXLSYXEREGXMZIGSRXVSP[MPPXVMKKIVSYVRI[EGXMSR QIXLSH[LMGL[MPPGEYWIXLIOI]FSEVHXSVIXVEGX 7EZIXLIRMFERHPIXvWKSFEGOERHXV]MXSYX'SQTMPIERHVYR]SYVETTPMGEXMSREKEMR8LMW XMQIXLIOI]FSEVHWLSYPHHMWETTIEVRSXSRP][LIRXLI(SRIFYXXSRMWXETTIHFYXEPWS [LIR]SYGPMGOER][LIVIXLEXvWRSXEREGXMZIGSRXVSP[LMGLMWXLIFILEZMSVXLEX]SYVYWIV [MPPI\TIGX )\GIPPIRX2S[XLEX[IvZIKSXXLMWWIGXMSREPPWUYEVIHE[E]EVI]SYVIEH]XSQSZISRXSXLI RI\XKVSYTSJGSRXVSPW#
-QTPIQIRXMRKXLI7PMHIVERH0EFIP 2S[XLEX[IvZIKSXXLIXI\XJMIPHWHSRIPIXvWMQTPIQIRXXLIWPMHIV6IQIQFIVEWXLIYWIV QSZIWXLIWPMHIVXLIPEFIP[MPPGLERKIXSVIJPIGXXLIWPMHIVvWZEPYI
(IXIVQMRMRK3YXPIXW ;IvVIKSMRKXSEHHX[SQSVIMXIQWXSXLIMRXIVJEGI;ERXXSXEOIEWXEFEXJMKYVMRKSYXLS[ QER]SYXPIXW[IvPPRIIH#;IPPXLIPEFIP[MPPRIIHXSFIGLERKIHTVSKVEQQEXMGEPP][LIRXLI WPMHIVGLERKIWWS[IvVIKSMRKXSRIIHERSYXPIXJSVMX;LEXEFSYXXLIWPMHIV# 8LIWPMHIV[MPPXVMKKIVEREGXMSRERH[LIRMXHSIWXLEXEGXMSRQIXLSH[MPPVIGIMZIETSMRXIV XSXLIWPMHIVMRXLIWIRHIVEVKYQIRX;IvPPFIEFPIXSVIXVMIZIXLIWPMHIVvWZEPYIJVSQWIRHIV WS[I[SRvXRIIHERSYXPIXXSKIXXLIWPMHIVvWZEPYI7SHS[IRIIHERSYXPIXJSVXLIWPMHIVEX EPP#-RSXLIV[SVHWHS[IRIIHEGGIWWXSXLIWPMHIVvWZEPYISYXWMHISJXLIEGXMSRQIXLSHMX [MPPGEPP# -REVIEPETTPMGEXMSR]SYZIV]SJXIR[SYPH,IVIWMRGI[ILEZIERSXLIVGSRXVSPXLEX[MPP LEZIXLIWEQIZEPYIEWXLIWPMHIVERHEPVIEH]LEWERSYXPIXXLIVIvWVIEPP]RSVIEWSRXSLEZI
',%48)6 1SVI9WIV-RXIVJEGI*YR
SRIJSVXLIWPMHIVMXWIPJ6IQIQFIVXLEX]SY[ERXXSKIXMRXLILEFMXSJFIMRKQIQSV] GEYXMSYW[LIRTVSKVEQQMRKJSVM4LSRI)ZIRXLSYKLETSMRXIVMWEQMRMQEPEQSYRXSJ QIQSV][L]YWIMXMJ[IHSRvXRIIHMXERH[L]GPYXXIVYTSYVGSHI[MXLI\XVEWXYJJ[IEVIRvX KSMRKXSYWI#
(IXIVQMRMRK%GXMSRW *MKYVMRKSYXXLIEGXMSRWJSVXLMWTEMVSJGSRXVSPWMWWXVEMKLXJSV[EVH;IRIIHSRIJSVXLIWPMHIV XSGEPP[LIRMXMWGLERKIH8LIPEFIPMWWXEXMGERHXLIYWIVGERvXHSER]XLMRK[MXLMXHMVIGXP] WSMX[SRvXRIIHXSXVMKKIVER]EGXMSRW
%HHMRK3YXPIXWERH%GXMSRW 0IXvWHIGPEVISRIQSVISYXPIXERHSRIQSVIEGXMSRMRSYV'SRXVSPC*YR:MI['SRXVSPPIVLJMPI PMOIWS MQTSVX 9-/MX9-/MXL" $MRXIVJEGI'SRXVSPC*YR:MI['SRXVSPPIV9-:MI['SRXVSPPIV_ -&3YXPIX9-8I\X*MIPHREQI*MIPH -&3YXPIX9-8I\X*MIPHRYQFIV*MIPH -&3YXPIX9-0EFIPWPMHIV0EFIP a $TVSTIVX] RSREXSQMGVIXEMR 9-8I\X*MIPHREQI*MIPH $TVSTIVX] RSREXSQMGVIXEMR 9-8I\X*MIPHRYQFIV*MIPH $TVSTIVX] RSREXSQMGVIXEMR 9-0EFIPWPMHIV0EFIP -&%GXMSR XI\X*MIPH(SRI)HMXMRK MH WIRHIV -&%GXMSR FEGOKVSYRH'PMGO MH WIRHIV -&%GXMSR WPMHIV'LERKIH MH WIRHIV $IRH
7MRGI[IORS[I\EGXP][LEXSYVQIXLSHRIIHWXSHSPIXvWW[MXGLXS'SRXVSPC *YR:MI['SRXVSPPIVQERHEHHSYVTVSTIVX]W]RXLIWM^IVERH[VMXISYVWPMHIV'LERKIH QIXLSH MQTSVX'SRXVSPC*YR:MI['SRXVSPPIVL $MQTPIQIRXEXMSR'SRXVSPC*YR:MI['SRXVSPPIV $W]RXLIWM^IREQI*MIPH $W]RXLIWM^IRYQFIV*MIPH $W]RXLIWM^IWPMHIV0EFIP -&%GXMSR WPMHIV'LERKIH MH WIRHIV _ 9-7PMHIVWPMHIV! 9-7PMHIV WIRHIV MRXTVSKVIWW%W-RX! MRX WPMHIVZEPYIJ 277XVMRKRI[8I\X!??277XVMRKEPPSGAMRMX;MXL*SVQEX$ H TVSKVIWW%W-RXA
',%48)6 1SVI9WIV-RXIVJEGI*YR
WPMHIV0EFIPXI\X!RI[8I\X ?RI[8I\XVIPIEWIA a -&%GXMSR FEGOKVSYRH'PMGO MH WIRHIV _
0IXvWXEPOJSVEWIGSRHEFSYX[LEXvWKSMRKSRMRXLI WPMHIV'LERKIHQIXLSH8LIJMVWXXLMRK[IHSMWGEWX WIRHIVXSE9-7PMHIV8LMWWMQTP]QEOIWSYVGSHI QSVIVIEHEFPIERHPIXWYWEZSMHLEZMRKXSX]TIGEWX WIRHIV%JXIVXLEX[IKIXXLIZEPYISJXLIWPMHIVEWER MRXEHHMRSVHIVXSVSYRHMXXSXLIRIEVIWXMRXIKIV ERHYWIXLEXMRXIKIVXSGVIEXIERI[WXVMRKXLEX[IYWI XSWIXXLIPEFIPvWXI\X7MRGI[IEPPSGEXIHRI[8I\X[I EVIVIWTSRWMFPIJSVVIPIEWMRKMXWS[IHSXLEXMRXLI PEWXPMRISJGSHIMRXLIQIXLSH7MQTPIIRSYKLVMKLX# +SSHWSPIXvWKSEHHXLIWIX[SSFNIGXWXSSYVMRXIVJEGI 7EZI]SYVGLERKIWERHQSZISR
%HHMRKXLI7PMHIVERH0EFIP
MKYVI8LIMRWTIGXSVWLS[MRK * HIJEYPXEXXVMFYXIWJSVEWPMHIV
=SYORS[XLIVSYXMRIF]RS[(SYFPIGPMGO'SRXVSPC *YR:MI['SRXVSPPIV\MFSVMJMXvWEPVIEH]STIRNYWXKSFEGO XS-RXIVJEGI&YMPHIV*VSQXLIPMFVEV]FVMRKSZIVEWPMHIVERH EVVERKIMXFIPS[XLIRYQFIVXI\XJMIPHXEOMRKYTQSWXFYX RSXEPPSJXLILSVM^SRXEPWTEGI0IEZIEPMXXPIVSSQXSXLIPIJX JSVXLIPEFIP=SYGERYWI*MKYVIEWEKYMHI7MRKPIGPMGO XLIRI[P]EHHIHWPMHIVXSWIPIGXMXERHXLIRTVIWW XSKS FEGOXSXLIMRWTIGXSVMJMXvWRSXEPVIEH]ZMWMFPI8LIMRWTIGXSV WLSYPHPSSOPMOIXLISRIWLS[RMR*MKYVI
%WPMHIVPIXW]SYGLSSWIERYQFIVMREKMZIRVERKIERHLIVI [IGERWIXXLIVERKIERHXLIMRMXMEPZEPYIMR-RXIVJEGI&YMPHIV 4YXMREQMRMQYQZEPYISJEQE\MQYQZEPYISJERHER MRMXMEPZEPYISJ8LEXvWEPP[IRIIHXS[SVV]EFSYXJSVRS[ &VMRKSZIVEPEFIPERHTPEGIMXRI\XXSXLIWPMHIVYWMRKXLI FPYIKYMHIPMRIWXSEPMKRMXZIVXMGEPP][MXLXLIWPMHIVERH XSEPMKRMXWPIJXIHKI[MXLXLIPIJXQEVKMRSJXLIZMI[ WII *MKYVI
MKYVI4PEGMRKXLI * WPMHIVvWPEFIP
',%48)6 1SVI9WIV-RXIVJEGI*YR
(SYFPIGPMGOXLIRI[P]TPEGIHPEFIPERHGLERKIMXWXI\XJVSQ0EFIPXS8LMWMWXLIPEVK IWXZEPYIXLEXXLIWPMHIVGERLSPHERH[IGERYWIXLEXXSHIXIVQMRIXLIGSVVIGX[MHXLSJ XLIWPMHIV7MRGIwxMWWLSVXIVXLERw0EFIPx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
'SRRIGXMRKXLI%GXMSRWERH3YXPIXW %PPXLEXvWPIJXXSHS[MXLXLIWIX[SGSRXVSPWMWXSGSRRIGXXLISYXPIXERHEGXMSR;IPP[LEXEVI ]SY[EMXMRKJSV#=SYORS[LS[XSHSXLEX;IPPMRGEWI]SYvZIJSVKSXXIRGSRXVSPHVEKJVSQ XLI*MPIvW3[RIVMGSRXSXLIPEFIP]SYNYWXEHHIHERHWIPIGXWPMHIV0EFIP2I\XWMRKPIGPMGO XLIWPMHIVTVIWW XSFVMRKYTXLIGSRRIGXMSRWMRWTIGXSVERHHVEKJVSQ{LQQ[IHSRvX [ERX8SYGL9T-RWMHIXLMWXMQIHS[I#,S[EFSYX:EPYI'LERKIH#8LEXWSYRHWPMOIEKSSH SRILYL#=ITKSELIEHERHHVEKJVSQXLEXSRIXS*MPIvW3[RIVERHWIPIGXWPMHIV'LERKIH
'%98-32 -RWSQIZIVWMSRWSJ-RXIVJEGI&YMPHIV[LIR]SYEXXIQTXXSGSRXVSPHVEKJVSQ*MPIvW3[RIVXSMXIQW SRXLIMRXIVJEGIMX[MPPSRP]PIX]SYWIPIGXXLIPEVKIFEGOKVSYRHFYXXSRERHRSXXLISXLIVMXIQWPMOI WPMHIV0EFIP-J]SYI\TIVMIRGIXLMW]SYGER[SVOEVSYRHMXF]TVIWWMRK XSFVMRKYTXLI GSRRIGXMSRWMRWTIGXSVERHHVEKKMRKJVSQXLIPMXXPIGMVGPIRI\XXSXLISYXPIX]SYvVIXV]MRKXSGSRRIGX XSXLISFNIGX]SY[MWLXSGSRRIGXXS
7EZIXLIRMFKSFEGOXS
',%48)6 1SVI9WIV-RXIVJEGI*YR
-QTPIQIRXMRKXLI7[MXGLIWERH 7IKQIRXIH'SRXVSP &EGOXS
(IXIVQMRMRK3YXPIXW ;I[SRvXRIIHERSYXPIXJSVXLIWIKQIRXIHGSRXVSPWMRGI[I[SRvXFIGLERKMRKMXWEXXVMFYXIW SVHSMRKER]XLMRK[MXLMXSYXWMHISJXLIEGXMSRQIXLSHMXGEPPW;I[MPPRIIHWSQISYXPIXWJSV XLIW[MXGLIWLS[IZIV7MRGIGLERKMRKXLIZEPYISJIMXLIVW[MXGL[MPPXVMKKIVEGLERKIMRXLI ZEPYISJXLISXLIVW[MXGL[IvPPRIIHXSGLERKIXLIZEPYISJXLIW[MXGLXLEXHMHRvXXVMKKIVXLI EGXMSRQIXLSHWS[I[SRvXFIEFPIXSVIP]SRYWMRKWIRHIV;IEPWSRIIHERSXLIVSYXPIX;I RIIHSRIJSVERSXLIVZMI[XLEX[IvVIKSMRKXSEHH6IQIQFIVXLEX[IvVIKSMRKXSLMHIERH WLS[XLIWIW[MXGLIWERHXLIMVPEFIPW[LIRIZIVXLIWIKQIRXIHGSRXVSPMWXSYGLIH ;IGSYPHLMHIIEGLSJXLIMXIQWMRHMZMHYEPP]FYXXLIIEWMIWX[E]XSKVSYTQYPXMTPIGSRXVSPW XSLMHIERHYRLMHIXLIQXSKIXLIVMWXSYWIE9-:MI[EWEGSQQSRTEVIRXJSVXLIMXIQW XLEXRIIHXSFILMHHIRSVWLS[RXSKIXLIV=SYvPPWIILS[XLEX[SVOWMR-RXIVJEGI&YMPHIVMR EQSQIRXFYXJMVWX[IRIIHXSGVIEXIXLISYXPIXJSVXLITEVIRXZMI[MREHHMXMSRXSXLISYX PIXWJSVXLIX[SW[MXGLIW
(IXIVQMRMRK%GXMSRW 8LIWIKQIRXIHGSRXVSPMWKSMRKXSRIIHXSXVMKKIVEREGXMSRQIXLSHXLEX[MPPLMHISVWLS[ XLIZMI[GSRXEMRMRKXLIW[MXGLIWERHXLIMVPEFIPW;IvVIEPWSKSMRKXSRIIHEREGXMSRXLEX [MPPJMVI[LIRIMXLIVW[MXGLMWXETTIH;IvPPLEZIFSXLW[MXGLIWGEPPXLIWEQIEGXMSRQIXLSH NYWXEW[IHMH[MXLXLIX[SFYXXSRWMR'LETXIV-R'SRXVSPC*YR:MI['SRXVSPPIVLKSELIEH ERHEHHXLVIISYXPIXWERHX[SEGXMSRWPMOIWS MQTSVX 9-/MX9-/MXL" HIJMRIO7LS[7IKQIRX-RHI\ $MRXIVJEGI'SRXVSPC*YR:MI['SRXVSPPIV9-:MI['SRXVSPPIV_ -&3YXPIX9-8I\X*MIPHREQI*MIPH -&3YXPIX9-8I\X*MIPHRYQFIV*MIPH -&3YXPIX9-0EFIPWPMHIV0EFIP -&3YXPIX9-7[MXGLPIJX7[MXGL -&3YXPIX9-7[MXGLVMKLX7[MXGL -&3YXPIX9-:MI[W[MXGL:MI[
',%48)6 1SVI9WIV-RXIVJEGI*YR
a $TVSTIVX] RSREXSQMGVIXEMR 9-8I\X*MIPHREQI*MIPH $TVSTIVX] RSREXSQMGVIXEMR 9-8I\X*MIPHRYQFIV*MIPH $TVSTIVX] RSREXSQMGVIXEMR 9-0EFIPWPMHIV0EFIP $TVSTIVX] RSREXSQMGVIXEMR 9-7[MXGLPIJX7[MXGL $TVSTIVX] RSREXSQMGVIXEMR 9-7[MXGLVMKLX7[MXGL $TVSTIVX] RSREXSQMGVIXEMR 9-:MI[W[MXGL:MI[ -&%GXMSR XI\X*MIPH(SRI)HMXMRK MH WIRHIV -&%GXMSR FEGOKVSYRH'PMGO MH WIRHIV -&%GXMSR WPMHIV'LERKIH MH WIRHIV -&%GXMSR W[MXGL'LERKIH MH WIRHIV -&%GXMSR XSKKPI7LS[,MHI MH WIRHIV $IRH
'%98-32 ;LIR]SYEVIX]TMRK
-RXLIGSHI[IvPPFI[VMXMRKMREQMRYXI[IvVIKSMRKXSVIJIVXSE9-7IKQIRXIH'SRXVSPTVST IVX]REQIHWIPIGXIH7IKQIRX-RHI\[LMGLXIPPWYW[LMGLWIKQIRXMWGYVVIRXP]WIPIGXIH 8LEXTVSTIVX]MWERMRXIKIVRYQFIV8LI7LS[WIKQIRX[MPPLEZIERMRHI\SJ6EXLIVXLER WXMGOXLEXMRSYVGSHI[IHIJMRIXLIGSRWXERXO7LS[7IKQIRX-RHI\WSXLEXXLIGSHI[I [VMXI[MPPFIQSVIVIEHEFPI 7[MXGLSZIVXS'SRXVSPC*YR:MI['SRXVSPPIVQERHEHHXLIJSPPS[MRKGSHI MQTSVX'SRXVSPC*YR:MI['SRXVSPPIVL $MQTPIQIRXEXMSR'SRXVSPC*YR:MI['SRXVSPPIV $W]RXLIWM^IREQI*MIPH $W]RXLIWM^IRYQFIV*MIPH $W]RXLIWM^IWPMHIV0EFIP $W]RXLIWM^IPIJX7[MXGL $W]RXLIWM^IVMKLX7[MXGL $W]RXLIWM^IW[MXGL:MI[ -&%GXMSR W[MXGL'LERKIH MH WIRHIV _ 9-7[MXGL[LMGL7[MXGL! 9-7[MXGL WIRHIV &330WIXXMRK![LMGL7[MXGLMW3R ?PIJX7[MXGLWIX3RWIXXMRKERMQEXIH=)7A ?VMKLX7[MXGLWIX3RWIXXMRKERMQEXIH=)7A a
',%48)6 1SVI9WIV-RXIVJEGI*YR
-&%GXMSR XSKKPI7LS[,MHI MH WIRHIV _ 9-7IKQIRXIH'SRXVSPWIKQIRXIH'SRXVSP! 9-7IKQIRXIH'SRXVSP WIRHIV 27-RXIKIVWIKQIRX!WIKQIRXIH'SRXVSPWIPIGXIH7IKQIRX-RHI\ MJ WIKQIRX!!O7LS[7IKQIRX-RHI\ ?W[MXGL:MI[WIX,MHHIR23A IPWI?W[MXGL:MI[WIX,MHHIR=)7A a -&%GXMSR WPMHIV'LERKIH MH WIRHIV _
8LIJMVWXQIXLSH[IEHHIH[EWTVIXX]WXVEMKLXJSV[EVH;IWMQTP]KVEFXLIZEPYISJ WIRHIVERHYWIXLEXZEPYIXSWIXFSXLW[MXGLIW2S[WIRHIVMWEP[E]WKSMRKXSFIIMXLIV PIJX7[MXGLSVVMKLX7[MXGLWS]SYQMKLXFI[SRHIVMRK[L][IvVIWIXXMRKXLIQFSXL-XvW PIWW[SVOXSNYWXWIXXLIZEPYISJFSXLW[MXGLIWIZIV]XMQIXLERXSHIXIVQMRI[LMGLW[MXGL GEPPIHYWERHSRP]WIXXLISXLIVSRI;LMGLIZIVW[MXGLGEPPIHXLMWQIXLSH[MPPEPVIEH]FIWIX XSXLIGSVVIGXZEPYIERHWIXXMRKMXEKEMRXSXLEXWEQIZEPYI[SRvXLEZIER]EJJIGX 2SXMGIXLEX[LIR[IGLERKIXLIZEPYISJXLIW[MXGLXLIVIMWETEVEQIXIVGEPPIHERMQEXIH 8LMWPIXWYWWTIGMJ][LIXLIVXLIFYXXSRWLSYPHWPMHISZIVWPS[P]NYWXEWMJWSQIFSH]LEH TVIWWIHMXSVMJMXWLSYPHNYWXFIQSZIHMRWXERXP]XSXLIRI[TSWMXMSR;IWTIGMJMIH=)7 FIGEYWILEZMRKXLIW[MXGLIWWPMHISZIVPSSOWGSSPERHM4LSRIYWIVWLEZIGSQIXSI\TIGX XLEXOMRHSJZMWYEPJIIHFEGO=SYGERXV]WTIGMJ]MRK23MJ]SY[ERXXSWIIXLIHMJJIVIRGIFYX YRPIWW]SYLEZIKSSHVIEWSRMXvWKIRIVEPP]EKSSHMHIEXSERMQEXIGLERKIWWSXLIYWIVMW [IPPE[EVISJXLIQ -RXLIWIGSRHQIXLSHXSKKPI7LS[,MHI[IPSSOEX[LMGLWIKQIRXMWGYVVIRXP]WIPIGXIH ERHWLS[SVLMHIXLI9-:MI[[IGVIEXIHERSYXPIXJSV[LMGL[MPPFIXLITEVIRXZMI[SJEPP XLISFNIGXWXLEXRIIHXSKIXLMHHIR'IVXEMRTVSTIVXMIWKIXMRLIVMXIHJVSQXLIWYTIVZMI[ WSMJEZMI[MWLMHHIRSVHMWEFPIHJSVI\EQTPIEPPSJXLEXZMI[vWWYFZMI[W[MPPFILMHHIRSV HMWEFPIHEPWS 7EZIFSXLJMPIWERHQSZISZIVXS-RXIVJEGI&YMPHIVWS[IGERIHMX'SRXVSPC*YR:MI['SRXVSPPIV \MFERHGVIEXISYVW[MXGLIW
%HHMRKXLI7[MXGLIWERH7IKQIRXIH'SRXVSP (VEKEWIKQIRXIHGSRXVSPJVSQXLIPMFVEV] WII*MKYVI ERHTPEGIMXSRXLI:MI[[MRHS[ EPMXXPIFIPS[XLIWPMHIV )\TERHXLI[MHXLSJXLIWIKQIRXIHGSRXVSPWSXLEXMXWXVIXGLIWJVSQXLIZMI[vWPIJXQEVKMRXSMXW VMKLXQEVKMREWMXHSIWMR*MKYVI4PEGI]SYVGYVWSVSZIVXLI[SVH*MVWXSRXLIWIKQIRXIH
',%48)6 1SVI9WIV-RXIVJEGI*YR
GSRXVSPERHHSYFPIGPMGO8LMWWLSYPHGEYWIXLIWIKQIRXvW XMXPIXSFIGSQIIHMXEFPIWSGLERKIMXJVSQ*MVWXXS7LS[EW WLS[RMR*MKYVI%JXIVHSMRKXLEXVITIEXXLITVSGIWW [MXLXLI7IGSRHWIKQIRXVIREQIMX,MHI
(VEKKMRK3YX%RSXLIV:MI[ (VEKERSXLIV:MI[JVSQXLIPMFVEV]SRXSSYV:MI[ *MKYVI8LI7IKQIRXIH [MRHS[VMKLXFIPS[XLIWIKQIRXIHGSRXVSP&]HIJEYPX 'SRXVSPSTXMSRMRXLIPMFVEV] E9-:MI[IPIQIRXMWRSXHVE[RERHLEWRSMQTEGXSRXLI [E]XLMRKWPSSOMXMWNYWXEGSRXEMRIVXLEXGERLSPHSXLIV ZMI[W;IGERLS[IZIVGLERKIXLIFEGOKVSYRHGSPSVSJXLIZMI[WSXLEXMXMWZMWMFPIERH IEWMIVXS[SVO[MXL=SYGERGLERKIXLIRI[ZMI[vWFEGOKVSYRHGSPSVMRXLIMRWTIGXSV[I GLSWIERMGIGSRWIVZEXMZIPMKLXKVI] EWWLS[RMR*MKYVI FYXJIIPJVIIWIPIGXEQSVI ^ER]GSPSVMJ]SY[ERX;I[SRvXXIPPER]SRI -J]SYVZMI[KIXWHIWIPIGXIHFIJSVI]SYLEZIEGLERGIXSWIXERI[FEGOKVSYRHGSPSVLIVIvW EPMXXPIXVMGOXLEXGERLIPT]SYJMRHMXERH[MPPEPWSLIPT]SY[LIRHIWMKRMRK]SYVZMI[W,SPH HS[RXLISTXMSROI]ERHQSZI]SYVGYVWSVSZIVXLI:MI[[MRHS[%W]SYQSZISZIVER SFNIGXMX[MPPFIGSQILMKLPMKLXIHMRVIHERH]SY[MPPEPWSWIILS[QER]TM\IPWXLIVIEVI FIX[IIRXLIIHKIWSJXLIMXIQERHMXWWYTIVZMI[EWWLS[RMR*MKYVI
MKYVI6IREQMRKXLI * WIKQIRXW
MKYVI4PEGMRKXLIZMI[ * SFNIGX
MKYVI,SPHMRKHS[R * XLISTXMSROI]KMZIW]SYQSVI MRJSVQEXMSREFSYXXLIMXIQW SR]SYVMRXIVJEGIEW]SYQSYWI SZIVXLIQ
',%48)6 1SVI9WIV-RXIVJEGI*YR
%HHMRK8[S0EFIPIH7[MXGLIW +VEFEW[MXGLJVSQXLIPMFVEV]ERHTPEGIMXSRXLIZMI[XLEX ]SYNYWXEHHIHXS]SYV[MRHS[6IQIQFIV]SYRIIHXSQEOI WYVIXLEXW[MXGLIWKIXEHHIHEWWYFZMI[WSJXLIRI[ZMI[ WSQEOIWYVI]SYWIIXLI[SVH:MI[MREKVI]FS\EW[IPPEW EKVIIRTPYWMGSRNYWXPMOIMR*MKYVIFIJSVI]SYVIPIEWI XLIQSYWIFYXXSR6ITIEXXLITVSGIWW[MXLEWIGSRHW[MXGL QEOMRKWYVIMXEPWSMWEHHIHEWEWYFZMI[2S[HVEKSZIVX[S PEFIPWQEOMRKWYVIXSEPWSEHHXLIQEWWYFZMI[W4PEGISRI PEFIPEFSZIIEGLW[MXGLERHGLERKIXLIXI\XXSVIEH0IJXJSV XLISRISRXLIPIJXERH6MKLXJSVXLISRISRXLIVMKLX
8-4 ,SPHMRKHS[RXLISTXMSROI]ERHHVEKKMRKERSFNIGXMR-RXIVJEGI &YMPHIV[MPPGVIEXIEGST]SJXLEXMXIQ;LIR]SYLEZIQER] MRWXERGIWSJXLIWEQISFNIGXXSGVIEXIMXGERFIJEWXIVXSHVEKSRP] SRISFNIGXJVSQXLIPMFVEV]ERHXLIRSTXMSRHVEKEWQER]GSTMIWEW ]SYRIIH
MKYVI%HHMRKXLI * W[MXGLIWEWWYFZMI[WSJ XLII\MWXMRKZMI[
'SRRIGXMRKXLI3YXPIXW 'SRXVSPHVEKJVSQ*MPIvW3[RIVXSIEGLSJXLIW[MXGLIWERHGSRRIGXXLIQXSXLIETTVSTVMEXI PIJX7[MXGLSVVMKLX7[MXGLSYXPIX%JXIVHSMRKXLEXGSRXVSPHVEKJVSQXLI*MPIvW3[RIVMGSR XSXLIW[MXGLvWTEVIRXZMI[ERHGSRRIGXMXXSXLIW[MXGL:MI[SYXPIX 2S[WIPIGXXLIPIJXW[MXGLEKEMRF]WMRKPIGPMGOMRKMXERHTVIWW XSFVMRKYTXLIGSRRIG XMSRWMRWTIGXSV(VEKJVSQXLI:EPYI'LERKIHIZIRXXSXLI*MPIvW3[RIVMGSRERHWIPIGXXLI W[MXGL'LERKIHEGXMSR6ITIEX[MXLXLISXLIVW[MXGL 7MRKPIGPMGOXLIWIKQIRXIHGSRXVSPERHPSSOJSVXLI:EPYI'LERKIHIZIRXSRXLIGSR RIGXMSRWMRWTIGXSV(VEKJVSQXLIGMVGPIRI\XXSMXXSXLI*MPIvW3[RIVMGSRERHWIPIGXXLI XSKKPI7LS[,MHIEGXMSRQIXLSH 7EZI]SYV[SVO +SFEGOXS
',%48)6 1SVI9WIV-RXIVJEGI*YR
-QTPIQIRXMRKXLI&YXXSR%GXMSR7LIIX ERH%PIVX ;IPPEWJYREWXLMWGLETXIVLEWFIIRMXvWEFSYXXSKIXIZIRFIXXIVFIGEYWI[IvZIWEZIHXLI FIWXJSVPEWX8LISRP]VIQEMRMRKGSRXVSP[ILEZIPIJXXSMQTPIQIRXMWXLEXFYXXSRXLEXWE]W (S7SQIXLMRK2S[]SYORS[EPPEFSYXFYXXSRWEJXIVXLIPEWXGLETXIVWS[IXLSYKLXMX [SYPHFIJYRXSWLS[]SYWSQIXLMRKRI[
%HHMRKXLI3YXPIXERH%GXMSRXSXLI'SRXVSPPIV,IEHIV*MPI ;IRIIHXSGVIEXIERI[EGXMSRQIXLSHERHERSYXPIXJSVSYVFYXXSR8LIEGXMSRQIXLSH [MPPKIXGEPPIH[LIR[IXETXLIFYXXSR8LISYXPIX[MPPGSQIMRXSTPE]EFMXPEXIVSR[LIR[I [VMXIEPMXXPIGSHIXSGYWXSQM^IXLIPSSOSJSYVFYXXSR 8LIVIvWSRISXLIVXLMRK[IRIIHMRSYVLIEHIVJMPIFIWMHIWXLISYXPIXERHEGXMSR[IRIIH XSGSRJSVQSYVGPEWWXSETVSXSGSPGEPPIH9-%GXMSR7LIIX(IPIKEXI;LIRXLIYWIVXETWSYV FYXXSR[Iv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vW[LEX[IEHHIHXS'SRXVSPC*YR:MI['SRXVSPPIVL MQTSVX 9-/MX9-/MXL" HIJMRIO7LS[7SQI7IKQIRX-( $MRXIVJEGI'SRXVSPC*YR:MI['SRXVSPPIV9-:MI['SRXVSPPIV 9-%GXMSR7LIIX(IPIKEXI"_ -&3YXPIX9-8I\X*MIPHREQI*MIPH -&3YXPIX9-8I\X*MIPHRYQFIV*MIPH -&3YXPIX9-0EFIPWPMHIV0EFIP -&3YXPIX9-4VSKVIWW:MI[TVSKVIWW:MI[ -&3YXPIX9-7[MXGLPIJX7[MXGL -&3YXPIX9-7[MXGLVMKLX7[MXGL -&3YXPIX9-:MI[W[MXGL:MI[ -&3YXPIX9-&YXXSRHS7SQIXLMRK&YXXSR a $TVSTIVX] RSREXSQMGVIXEMR 9-8I\X*MIPHREQI*MIPH $TVSTIVX] RSREXSQMGVIXEMR 9-8I\X*MIPHRYQFIV*MIPH $TVSTIVX] RSREXSQMGVIXEMR 9-0EFIPWPMHIV0EFIP $TVSTIVX] RSREXSQMGVIXEMR 9-4VSKVIWW:MI[TVSKVIWW:MI[ $TVSTIVX] RSREXSQMGVIXEMR 9-7[MXGLPIJX7[MXGL $TVSTIVX] RSREXSQMGVIXEMR 9-7[MXGLVMKLX7[MXGL
',%48)6 1SVI9WIV-RXIVJEGI*YR
$TVSTIVX] RSREXSQMGVIXEMR 9-:MI[W[MXGL:MI[ $TVSTIVX] RSREXSQMGVIXEMR 9-&YXXSRHS7SQIXLMRK&YXXSR -&%GXMSR XI\X*MIPH(SRI)HMXMRK MH WIRHIV -&%GXMSR FEGOKVSYRH'PMGO MH WIRHIV -&%GXMSR WPMHIV'LERKIH MH WIRHIV -&%GXMSR W[MXGL'LERKIH MH WIRHIV -&%GXMSR XSKKPI7LS[,MHI MH WIRHIV -&%GXMSR HS7SQIXLMRK MH WIRHIV $IRH
%HHMRKXLI&YXXSRMR-RXIVJEGI&YMPHIV 7EZIW[MXGLFEGOXS-RXIVJEGI&YMPHIVERHHVEKE6SYRH6IGX&YXXSRXS]SYVZMI[JVSQXLI PMFVEV](SYFPIGPMGOXLIFYXXSRERHKMZIMXXLIXMXPI(S7SQIXLMRK2I\XGSRXVSPHVEKJVSQ XLI*MPIvW3[RIVMGSRXSXLIFYXXSRERHGSRRIGXXLIHS7SQIXLMRK&YXXSRSYXPIXXSMX8LIR GSRRIGXXLI8SYGL9T-RWMHIIZIRXXSXLIHS7SQIXLMRKEGXMSRF]HVEKKMRKJVSQXLEXIZIRX SRXLIGSRRIGXMSRWMRWTIGXSVFEGOXSXLI*MPIvW3[RIVMGSR 7EZI]SYVRMFJMPI%JXIV]SYWEZIKSFEGOXS
-QTPIQIRXMRKXLI&YXXSRvW%GXMSR1IXLSH 0IXvWW[MXGLSZIVXS'SRXVSPC*YR:MI['SRXVSPPIVQERHMQTPIQIRXSYVEGXMSRQIXLSH;I EGXYEPP]RIIHXSMQTPIQIRXQSVIXLERSRIQIXLSHFIGEYWIEW[IHMWGYWWIHEQSQIRX EKS[IRIIHXSMQTPIQIRXSRISJXLI9-%GXMSR7LIIX(IPIKEXIQIXLSHWMREHHMXMSRXSXLI EGXMSRMXWIPJXSKIXRSXMJMIH[LIRXLIYWIVXETWEFYXXSRSRXLIEGXMSRWLIIX,IVIMWXLIGSHI [IRIIHXSEHHXS'SRXVSPC*YR:MI['SRXVSPPIVQ8]TIMXMRERHXLIR[IvPPXEPOEFSYX[LEXvW KSMRKSR MQTSVX'SRXVSPC*YR:MI['SRXVSPPIVL $MQTPIQIRXEXMSR'SRXVSPC*YR:MI['SRXVSPPIV $W]RXLIWM^IREQI*MIPH $W]RXLIWM^IRYQFIV*MIPH $W]RXLIWM^IWPMHIV0EFIP $W]RXLIWM^IPIJX7[MXGL $W]RXLIWM^IVMKLX7[MXGL $W]RXLIWM^IW[MXGL:MI[ $W]RXLIWM^IHS7SQIXLMRK&YXXSR -&%GXMSR HS7SQIXLMRK MH WIRHIV _ 9-%GXMSR7LIIXEGXMSR7LIIX!??9-%GXMSR7LIIXEPPSGA MRMX;MXL8MXPI$%VI]SYWYVI# HIPIKEXIWIPJ GERGIP&YXXSR8MXPI$2S;E]
',%48)6 1SVI9WIV-RXIVJEGI*YR
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',%48)6 1SVI9WIV-RXIVJEGI*YR
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',%48)6 1SVI9WIV-RXIVJEGI*YR
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',%48)6 1SVI9WIV-RXIVJEGI*YR
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',%48)6 1SVI9WIV-RXIVJEGI*YR
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MKYVI8LIEXXVMFYXIWMRWTIGXSV * JSVXLIXEFFEVGSRXVSPPIV
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MKYVI8LIZMI[GSRXVSPPIV * EXXVMFYXIWMRWTIGXSV
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SJEV[IvZIJSGYWIHSRXLIGSRXVSPPIVERHZMI[EWTIGXWSJXLI1SHIP:MI[ 'SRXVSPPIVTEVEHMKQ%PXLSYKLWIZIVEPSJSYVETTPMGEXMSRWLEZIVIEHHEXE SYXSJXLIETTPMGEXMSRFYRHPIRSRISJSYVETTPMGEXMSRWLEZIWEZIHXLIMVHEXE XSER]JSVQSJTIVWMWXIRXWXSVEKITIVWMWXIRXWXSVEKIFIMRKER]JSVQSJRSR ZSPEXMPIWXSVEKIXLEXWYVZMZIWEVIWXEVXSJXLIGSQTYXIVSVHIZMGI7SJEVIZIV] WEQTPIETTPMGEXMSRIMXLIVHMHRSXWXSVIHEXESVYWIHZSPEXMPISVRSRTIVWMWXIRX WXSVEKI)ZIV]XMQISRISJSYVWEQTPIETTPMGEXMSRWPEYRGLIHMXETTIEVIH[MXL I\EGXP]XLIWEQIHEXEMXLEHXLIJMVWXXMQI]SYPEYRGLIHMX
8LMWETTVSEGLLEW[SVOIHJSVYWYTXSXLMWTSMRX&YXMRXLIVIEP[SVPH]SYV ETTPMGEXMSRRIIHWXSTIVWMWXHEXEWSXLEX[LIRYWIVWQEOIGLERKIWXLSWI GLERKIWEVIWXSVIHERHEVIXLIVI[LIRXLI]PEYRGLXLITVSKVEQEKEMR %RYQFIVSJHMJJIVIRXQIGLERMWQWEVIEZEMPEFPIJSVTIVWMWXMRKHEXESRXLI M4LSRI-J]SYvZITVSKVEQQIHMR'SGSEJSV1EG37<]SYvZIPMOIP]YWIHWSQI SVEPPSJXLIWIXIGLRMUYIW -RXLMWGLETXIV[IvVIKSMRKXSPSSOEXXLVIIHMJJIVIRXQIGLERMWQWJSVTIVWMWX MRKHEXEXSXLIM4LSRIvWJMPIW]WXIQ;IvVIKSMRKXSPSSOEXYWMRKTVSTIVX]PMWXW SFNIGXEVGLMZIW SVEVGLMZMRK ERHXLIM4LSRIvWIQFIHHIHVIPEXMSREPHEXEFEWI GEPPIH750MXI;I[MPP[VMXII\EQTPIETTPMGEXMSRWXLEXYWIEPPXLVII
',%48)6 &EWMG(EXE4IVWMWXIRGI
238) 4VSTIVX]PMWXWSFNIGXEVGLMZIWERH750MXIEVIRSXXLISRP][E]W]SYGERTIVWMWXHEXESRERM4LSRI8LI] EVINYWXXLIXLVIIQSWXGSQQSRERHIEWMIWX=SYEP[E]WLEZIXLISTXMSRSJYWMRKXVEHMXMSREP'-3GEPPW PMOIJSTIR XSVIEHERH[VMXIHEXE=SYGEREPWSYWI'SGSEvWPS[PIZIPJMPIQEREKIQIRXXSSPW-REPQSWX IZIV]GEWIHSMRKWS[MPPVIWYPXMREPSXQSVIGSHMRKIJJSVXERHMWVEVIP]RIGIWWEV]FYXXLSWIXSSPWEVIXLIVI MJ]SYRIIHXLIQ
=SYV%TTPMGEXMSRvW7ERHFS\ %PPXLVIISJXLMWGLETXIVvWHEXETIVWMWXIRGIQIGLERMWQWWLEVIERMQTSVXERXGSQQSRIPIQIRX ]SYVETTPMGEXMSRvW(SGYQIRXWJSPHIV)ZIV]ETTPMGEXMSRKIXWMXWS[R(SGYQIRXWJSPHIVERH [MXLXLII\GITXMSRSJ%TTPIETTPMGEXMSRWWYGLEW7IXXMRKW ETTPMGEXMSRWEVIVIWXVMGXIHXSVIEH MRKSRP][LEXvWMRXLIMVS[R(SGYQIRXWHMVIGXSV] 8SKMZI]SYWSQIGSRXI\XPIXvWXEOIEPSSOEX[LEXERETTPMGEXMSRPSSOWPMOISRXLIM4LSRI 3TIRE*MRHIV[MRHS[ERHREZMKEXIXS]SYVLSQIHMVIGXSV]8LIR[MXLMRXLEXHVMPPHS[R MRXS0MFVEV]%TTPMGEXMSR7YTTSVXM4LSRI7MQYPEXSV9WIV%XXLMWTSMRX]SYWLSYPHWIIJMZI WYFJSPHIVWSRISJ[LMGLMWREQIH%TTPMGEXMSRW WII*MKYVI
*MKYVI8LIPE]SYXSJXLI9WIVHMVIGXSV]WLS[MRKXLI %TTPMGEXMSRWJSPHIV
%WMWTVSFEFP]SFZMSYWXLI%TTPMGEXMSRWJSPHIVMW[LIVIXLIM4LSRIWXSVIWMXWETTPMGEXMSRW-J ]SYSTIRXLI%TTPMGEXMSRWJSPHIV]SYvPPWIIEFYRGLSJJSPHIVERHJMPIW[MXLREQIWXLEXEVI PSRKWXVMRKWSJGLEVEGXIVW8LIWIREQIWEVIKIRIVEXIHEYXSQEXMGEPP]F]
',%48)6 &EWMG(EXE4IVWMWXIRGI
[LIVI]SYVETTPMGEXMSRGERWXSVIXIQTSVEV]JMPIW*MPIW[VMXXIRMRXSXQT[MPPRSXFIFEGOIHYTF] M8YRIW[LIR]SYVM4LSRIW]RGWFYX]SYVETTPMGEXMSRHSIWRIIHXSXEOIVIWTSRWMFMPMX]JSVHIPIXMRK XLIJMPIWMRXQTSRGIXLI]EVIRSPSRKIVRIIHIHXSEZSMHJMPPMRKYTXLIJMPIW]WXIQ
+IXXMRKXLI(SGYQIRXW(MVIGXSV] 7MRGISYVETTPMGEXMSRMWMREJSPHIV[MXLEWIIQMRKP]VERHSQREQILS[HS[IVIXVMIZIXLI JYPPTEXLXSXLI(SGYQIRXWHMVIGXSV]WSXLEX[IGERVIEHERH[VMXISYVJMPIW#-XvWEGXYEPP] UYMXIIEW]8LIVIMWE'JYRGXMSRGEPPIH277IEVGL4EXL*SV(MVIGXSVMIW-R(SQEMRXLEX[MPP JMRHZEVMSYWHMVIGXSVMIWJSV]SY8LMWMWE*SYRHEXMSRJYRGXMSRWSMXMWWLEVIH[MXL'SGSEJSV 1EG37<1ER]SJMXWEZEMPEFPISTXMSRWEVIHIWMKRIHJSV37<ERH[SRvXVIXYVRER]ZEPYIW SRXLIM4LSRIFIGEYWIXLSWIPSGEXMSRWHSRvXI\MWXSRXLIM4LSRI XLI(S[RPSEHWJSPHIV SV ]SYVETTPMGEXMSRHSIWRvXLEZIVMKLXWXSEGGIWWXLIPSGEXMSRHYIXSXLIM4LSRIvWWERHFS\MRK QIGLERMWQ ,IVIvWWSQIGSHIXSVIXVMIZIXLITEXLXSXLIHSGYQIRXWHMVIGXSV] 27%VVE]TEXLW!277IEVGL4EXL*SV(MVIGXSVMIW-R(SQEMRW 27(SGYQIRX(MVIGXSV] 279WIV(SQEMR1EWO=)7 277XVMRKHSGYQIRXW(MVIGXSV]!?TEXLWSFNIGX%X-RHI\A
8LIGSRWXERX27(SGYQIRX(MVIGXSV]WE]W[IEVIPSSOMRKJSVXLITEXLXSXLI(SGYQIRXW HMVIGXSV]8LIWIGSRHGSRWXERX279WIV(SQEMR1EWOMRHMGEXIWXLEX[I[ERXXSVIWXVMGXSYV WIEVGLXSSYVETTPMGEXMSRvWWERHFS\-R1EG37<XLMWWEQIGSRWXERXMWYWIHXSMRHMGEXIXLEX [I[ERXXLIJYRGXMSRXSPSSOMRXLIYWIVvWLSQIHMVIGXSV][LMGLI\TPEMRWMXWWSQI[LEXSHH REQI 8LSYKLEREVVE]SJQEXGLMRKTEXLWMWVIXYVRIH[IGERGSYRXSRSYV(SGYQIRXWHMVIGXSV] VIWMHMRKEXMRHI\MRXLIEVVE];L]#;IORS[XLEXSRP]SRIHMVIGXSV]QIIXWXLIGVMXIVME [IvZIWTIGMJMIHWMRGIIEGLETTPMGEXMSRLEWSRP]SRI(SGYQIRXWHMVIGXSV];IGERGVIEXI EJMPIREQIJSVVIEHMRKSV[VMXMRKTYVTSWIWF]ETTIRHMRKERSXLIVWXVMRKSRXSXLIIRHSJXLI TEXL[INYWXVIXVMIZIH;IvPPYWIER277XVMRKQIXLSHHIWMKRIHJSVNYWXXLEXTYVTSWIGEPPIH WXVMRK&]%TTIRHMRK4EXL'SQTSRIRXPMOIWS 277XVMRKJMPIREQI!?HSGYQIRXW(MVIGXSV] WXVMRK&]%TTIRHMRK4EXL'SQTSRIRX$XLI*MPIX\XA
%JXIVXLMWGEPPJMPIREQI[SYPHGSRXEMRXLIJYPPTEXLXSEJMPIGEPPIHXLI*MPIX\XMRSYVETTPMGE XMSRvW(SGYQIRXWHMVIGXSV]ERH[IGERYWIJMPIREQIXSGVIEXIVIEHERH[VMXIJVSQXLEXJMPI
+IXXMRKXLIXQT(MVIGXSV] +IXXMRKEVIJIVIRGIXS]SYVETTPMGEXMSRvWXIQTSVEV]HMVIGXSV]MWIZIRIEWMIVXLERKIXXMRKEVIJ IVIRGIXSXLI(SGYQIRXWHMVIGXSV]8LI*SYRHEXMSRJYRGXMSRGEPPIH278IQTSVEV](MVIGXSV] [MPPVIXYVREWXVMRKGSRXEMRMRKXLIJYPPTEXLXS]SYVETTPMGEXMSRvWXIQTSVEV]HMVIGXSV]8SGVIEXI
',%48)6 &EWMG(EXE4IVWMWXIRGI
EJMPIREQIJSVEJMPIXLEX[MPPKIXWXSVIHMRXLIXIQTSVEV]HMVIGXSV][IJMVWXJMRHXLIXIQTSVEV] HMVIGXSV] 277XVMRKXIQT4EXL!278IQTSVEV](MVIGXSV]
8LIR[IGVIEXIETEXLXSEJMPIMRXLEXHMVIGXSV]F]ETTIRHMRKEJMPIREQIXSXLEXTEXLPMOI XLMW 277XVMRKXIQT*MPI!?XIQT4EXL WXVMRK&]%TTIRHMRK4EXL'SQTSRIRX$XIQT*MPIX\XA
*MPI7EZMRK7XVEXIKMIW %WEVIQMRHIVMRXLMWGLETXIV[IvVIKSMRKXSPSSOEXXLVIIHMJJIVIRXETTVSEGLIWXSHEXETIV WMWXIRGI%PPXLVIIETTVSEGLIWQEOIYWISJ]SYVM4LSRIvWJMPIW]WXIQ -RXLIGEWISJ750MXI]SYvPPGVIEXIEWMRKPI750MXIHEXEFEWIJMPIERHPIX750MXI[SVV] EFSYXWXSVMRKERHVIXVMIZMRK]SYVHEXE;MXLXLISXLIVX[STIVWMWXIRGIQIGLERMWQWTVST IVX]PMWXWERHEVGLMZMRK]SYRIIHXSTYXWSQIXLSYKLXMRXS[LIXLIV]SYEVIKSMRKXSWXSVI ]SYVHEXEMREWMRKPIJMPISVMRQYPXMTPIJMPIW
7MRKPI*MPI4IVWMWXIRGI 9WMRKEWMRKPIJMPIMWXLIIEWMIWXETTVSEGLERH[MXLQER]ETTPMGEXMSRWMXMWETIVJIGXP] EGGITXEFPISRI=SYWXEVXSJJF]GVIEXMRKEVSSXSFNIGXYWYEPP]ER27%VVE]SV27(MGXMSREV] XLSYKL]SYVVSSXSFNIGXGEREPWSFIFEWIHSREGYWXSQGPEWW2I\X]SYTSTYPEXI]SYVVSSX SFNIGX[MXL]SYVTVSKVEQHEXE;LIRIZIV]SYRIIHXSWEZI]SYVGSHIVI[VMXIWXLIIRXMVI GSRXIRXWSJXLEXVSSXSFNIGXXSEWMRKPIJMPI;LIR]SYVETTPMGEXMSRPEYRGLIWMXVIEHWXLI IRXMVIGSRXIRXWSJXLEXJMPIMRXSQIQSV]ERH[LIRMXUYMXWMX[VMXIWSYXXLIIRXMVIGSRXIRXW 8LMWMWXLIETTVSEGL[IvPPYWIMRXLMWGLETXIV 8LIHS[RWMHISJYWMRKEWMRKPIJMPIMWXLEX]SYLEZIXSPSEHEPPSJ]SYVETTPMGEXMSRvWHEXEMRXS QIQSV]ERH]SYLEZIXS[VMXIEPPSJMXXSXLIJMPIW]WXIQJSVIZIRXLIWQEPPIWXGLERKIW-J ]SYVETTPMGEXMSRMWRvXPMOIP]XSQEREKIQSVIXLEREJI[QIKEF]XIWSJHEXEXLMWETTVSEGLMW TVSFEFP]JMRIERHMXWWMQTPMGMX][MPPGIVXEMRP]QEOI]SYVPMJIIEWMIV
1YPXMTPI*MPI4IVWMWXIRGI 8LIQYPXMTPIJMPIETTVSEGLMWHIJMRMXIP]QSVIGSQTPMGEXIH%WERI\EQTPI]SYQMKLX[VMXI ERIQEMPETTPMGEXMSRXLEXWXSVIHIEGLIQEMPQIWWEKIMRMXWS[RJMPI8LIVIEVISFZMSYW EHZERXEKIWXSXLMWQIXLSH-XEPPS[WXLIETTPMGEXMSRXSPSEHSRP]HEXEXLEXXLIYWIVLEW VIUYIWXIH ERSXLIVJSVQSJPE^]PSEHMRK ERH[LIRXLIYWIVQEOIWEGLERKISRP]XLIJMPIW XLEXGLERKIHLEZIXSFIWEZIH8LMWQIXLSHEPWSKMZIW]SYXLISTTSVXYRMX]XSJVIIYTQIQ SV][LIR]SYVIGIMZIEPS[QIQSV]RSXMJMGEXMSRWMRGIER]QIQSV]XLEXMWFIMRKYWIHXS
',%48)6 &EWMG(EXE4IVWMWXIRGI
WXSVIHEXEXLEXXLIYWIVMWRSXGYVVIRXP]PSSOMRKEXGERFIJPYWLIHERHWMQTP]VIPSEHIHJVSQ XLIJMPIW]WXIQXLIRI\XXMQIMXvWRIIHIH8LIHS[RWMHISJQYPXMTPIJMPITIVWMWXIRGIMWXLEX MXEHHWEJEMVEQSYRXSJGSQTPI\MX]XS]SYVETTPMGEXMSR*SVRS[[IvPPWXMGO[MXLWMRKPIJMPI TIVWMWXIRGI
4IVWMWXMRK%TTPMGEXMSR(EXE 0IXvWKIXMRXSXLIWTIGMJMGWSJIEGLSJSYVXLVIITIVWMWXIRGIQIXLSHWTVSTIVX]PMWXWSFNIGX EVGLMZIWERH750MXI;IvPPI\TPSVIIEGLSJXLIWIMRXYVRERHFYMPHERETTPMGEXMSRXLEXYWIW IEGLQIGLERMWQXSWEZIWSQIHEXEXSXLIM4LSRIvWJMPIW]WXIQ;IvPPWXEVX[MXLTVSTIVX]PMWXW
4VSTIVX]0MWX7IVMEPM^EXMSR 7IZIVEPSJSYVETTPMGEXMSRWLEZIQEHIYWISJTVSTIVX]PMWXWQSWXVIGIRXP][LIR[IYWIH ETVSTIVX]PMWXXSWTIGMJ]SYVETTPMGEXMSRTVIJIVIRGIW4VSTIVX]PMWXWEVIGSRZIRMIRXFIGEYWI XLI]GERFIIHMXIHQERYEPP]YWMRK
',%48)6 &EWMG(EXE4IVWMWXIRGI
-J]SYGERFYMPH]SYVHEXEQSHIPJVSQNYWXXLIWISFNIGXW]SYGERYWITVSTIVX]PMWXWXSIEWMP] WEZIERHPSEH]SYVHEXE-RJEGX[IvZIYWIHXLMWQIGLERMWQMRQER]SJXLIWEQTPIETTPMGE XMSRWXSTVSZMHI]SY[MXLWEQTPIHEXE -J]SYvVIKSMRKXSYWITVSTIVX]PMWXWXSTIVWMWX]SYVETTPMGEXMSRHEXE]SYvPPYWIIMXLIVER27%VVE] SVER27(MGXMSREV]XSLSPHXLIHEXEXLEXRIIHWXSFITIVWMWXIH%WWYQMRKXLEXEPPSJXLISFNIGXW XLEX]SYTYXMRXSXLI27%VVE]SV27(MGXMSREV]EVIWIVMEPM^EFPISFNIGXW]SYGER[VMXIETVSTIVX] PMWXF]GEPPMRKXLI[VMXI8S*MPIEXSQMGEPP]QIXLSHSRXLIHMGXMSREV]SVEVVE]MRWXERGIPMOIWS ?Q]%VVE][VMXI8S*MPI$WSQIJMPIPSGEXMSRSYXTYXTPMWXEXSQMGEPP]=)7A
238) -RGEWI]SY[IVI[SRHIVMRKXLIEXSQMGEPP]TEVEQIXIVXIPPWXLIQIXLSHXS[VMXIXLIHEXEXSER EY\MPMEV]JMPIRSXXSXLIWTIGMJMIHPSGEXMSR3RGIMXLEWWYGGIWWJYPP][VMXXIRXLIJMPIMX[MPPXLIRGST]XLEX EY\MPMEV]JMPIXSXLIPSGEXMSRWTIGMJMIHF]XLIJMVWXTEVEQIXIV8LMWMWEWEJIV[E]XS[VMXIEJMPIFIGEYWIMJ XLIETTPMGEXMSRGVEWLIWHYVMRKXLIWEZIXLII\MWXMRKJMPIMJXLIVI[EWSRI[MPPRSXFIGSVVYTXIH-XEHHW EXMR]FMXSJSZIVLIEHFYXMRQSWXWMXYEXMSRWMXvW[SVXLXLIGSWX
3RITVSFPIQ[MXLXLITVSTIVX]PMWXETTVSEGLMWXLEXGYWXSQSFNIGXWGERRSXFIWIVMEPM^IHMRXS TVSTIVX]PMWXW=SYEPWSGERvXYWISXLIVHIPMZIVIHGPEWWIWJVSQ'SGSE8SYGLXLEXEVIRvXWTIGM JMIHMRXLITVIZMSYWPMWXSJWIVMEPM^EFPISFNIGXW[LMGLQIERWXLEXGPEWWIWPMOI279609--QEKI ERH9-'SPSVGERRSXFIYWIHHMVIGXP] 2SXFIMRKEFPIXSWIVMEPM^IXLIWISFNIGXWEPWSQIERWXLEX]SYGERv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vW6IWSYVGIWJSPHIV[LMGL[MPPGEYWIMXXSKIXGSQTMPIHMRXS]SYV ETTPMGEXMSR 0IXvWEFYMPHEWMQTPIETTPMGEXMSRXLEXYWIWTVSTIVX]PMWXWXSWXSVIMXWHEXE
',%48)6 &EWMG(EXE4IVWMWXIRGI
8LI4IVWMWXIRGI%TTPMGEXMSR ;IvVIKSMRKXSFYMPHETVSKVEQXLEXPIXW]SYIRXIVHEXEMRXSJSYVXI\XJMIPHWWEZIWXLSWI JMIPHWXSETVSTIVX]PMWXJMPI[LIRXLIETTPMGEXMSRUYMXWERHXLIRVIPSEHWXLIHEXEFEGOJVSQ XLEXTVSTIVX]PMWXJMPIXLIRI\XXMQIXLIETTPMGEXMSRPEYRGLIW WII*MKYVI
238) -RXLMWGLETXIVvWETTPMGEXMSRW[I[SRvXFIXEOMRKXLIXMQIXSWIXYTEPPXLIYWIVMRXIVJEGIRMGIXMIWXLEX[I LEZIMRXLITEWX8ETTMRKXLIVIXYVROI]JSVI\EQTPI[MPPRIMXLIVHMWQMWWXLIOI]FSEVHRSVXEOI]SYXS XLIRI\XJMIPH-J]SY[ERXXSEHHXLEXTSPMWLXSXLIETTPMGEXMSRHSMRKWS[SYPHFIKSSHTVEGXMGIFYXMXvW RSXVIEPP]QEXIVMEPXSXLMWGLETXIVvWXSTMGWS[I[SRvXFI[EPOMRK]SYXLVSYKLMX
'VIEXMRKXLI4IVWMWXIRGI4VSNIGX -R
',%48)6 &EWMG(EXE4IVWMWXIRGI
-REHHMXMSRXSHIJMRMRKJSYVXI\XJMIPHSYXPIXW[IvZIEPWS HIJMRIHEGSRWXERXJSVXLIJMPIREQI[IvVIKSMRKXSYWIEW [IPPEWX[SEHHMXMSREPQIXLSHW3RIQIXLSHHEXE*MPI4EXL [MPPGVIEXIERHVIXYVRXLIJYPPTEXLREQIXSSYVHEXEJMPIF] GSRGEXIREXMRKO*MPIREQISRXSXLITEXLJSVXLI(SGYQIRXW HMVIGXSV]8LISXLIVQIXLSHETTPMGEXMSR;MPP8IVQMREXI [LMGL[IvPPHMWGYWWMREQMRYXI[MPPKIXGEPPIH[LIRSYVETTPM GEXMSRUYMXWERH[MPPWEZIHEXEXSXLITVSTIVX]PMWXJMPI 2I\XI\TERHXLI6IWSYVGIWJSPHIVERHHSYFPIGPMGO 4IVWMWXIRGI:MI['SRXVSPPIV\MFXSSTIRXLIJMPIMR-RXIVJEGI &YMPHIV
(IWMKRMRKXLI4IVWMWXIRGI%TTPMGEXMSR:MI[ 3RGI-RXIVJEGI&YMPHIVGSQIWYTXLI[MRHS[GEPPIH:MI[ WLSYPHSTIREW[IPP-JMXHSIWRv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vZITPEGIHXLIXI\X JMIPHWEXXLIXSTSJSYVZMI[WSXLEXXLIVIMWVSSQ JSVXLIOI]FSEVH 3RGI]SYLEZIEPPJSYVXI\XJMIPHWERHPEFIPWTPEGIH GSRXVSPHVEKJVSQXLI*MPIvW3[RIVMGSRXSIEGLSJ XLIJSYVXI\XJMIPHW'SRRIGXXLIXSTQSWXXI\XJMIPH XSXLISYXPIXGEPPIHJMIPHXLIRI\XSRIXSJMIPHXLI XLMVHXSJMIPHERHXLIFSXXSQSRIXSJMIPH;LIR ]SYLEZIEPPJSYVXI\XJMIPHWGSRRIGXIHXSSYXPIXW WEZIGPSWI4IVWMWXIRGI:MI['SRXVSPPIV\MFERHKS FEGOXS
MKYVI(IWMKRMRKXLI4IVWMWXIRGI * ETTPMGEXMSRvWZMI[
',%48)6 &EWMG(EXE4IVWMWXIRGI
)HMXMRKXLI4IVWMWXIRGI'PEWWIW 7MRKPIGPMGO4IVWMWXIRGI:MI['SRXVSPPIVQERHQEOIXLIJSPPS[MRKGLERKIW[LMGL[IvPPHMW GYWW[LIR]SYJMRMWLX]TMRK MQTSVX4IVWMWXIRGI:MI['SRXVSPPIVL $MQTPIQIRXEXMSR4IVWMWXIRGI:MI['SRXVSPPIV $W]RXLIWM^IJMIPH $W]RXLIWM^IJMIPH $W]RXLIWM^IJMIPH $W]RXLIWM^IJMIPH 277XVMRK HEXE*MPI4EXL _ 27%VVE]TEXLW!277IEVGL4EXL*SV(MVIGXSVMIW-R(SQEMRW 27(SGYQIRX(MVIGXSV]279WIV(SQEMR1EWO=)7 277XVMRKHSGYQIRXW(MVIGXSV]!?TEXLWSFNIGX%X-RHI\A VIXYVR?HSGYQIRXW(MVIGXSV]WXVMRK&]%TTIRHMRK4EXL'SQTSRIRXO*MPIREQIA a ZSMH ETTPMGEXMSR;MPP8IVQMREXI 272SXMJMGEXMSR RSXMJMGEXMSR _ 271YXEFPI%VVE]EVVE]!??271YXEFPI%VVE]EPPSGAMRMXA ?EVVE]EHH3FNIGXJMIPHXI\XA ?EVVE]EHH3FNIGXJMIPHXI\XA ?EVVE]EHH3FNIGXJMIPHXI\XA ?EVVE]EHH3FNIGXJMIPHXI\XA ?EVVE][VMXI8S*MPI?WIPJHEXE*MPI4EXLAEXSQMGEPP]=)7A ?EVVE]VIPIEWIA a TVEKQEQEVO ZSMH ZMI[(MH0SEH_ 277XVMRKJMPI4EXL!?WIPJHEXE*MPI4EXLA MJ ??27*MPI1EREKIVHIJEYPX1EREKIVAJMPI)\MWXW%X4EXLJMPI4EXLA _ 27%VVE]EVVE]!??27%VVE]EPPSGAMRMX;MXL'SRXIRXW3J*MPIJMPI4EXLA JMIPHXI\X!?EVVE]SFNIGX%X-RHI\A JMIPHXI\X!?EVVE]SFNIGX%X-RHI\A JMIPHXI\X!?EVVE]SFNIGX%X-RHI\A JMIPHXI\X!?EVVE]SFNIGX%X-RHI\A ?EVVE]VIPIEWIA a
9-%TTPMGEXMSRETT!?9-%TTPMGEXMSRWLEVIH%TTPMGEXMSRA ??272SXMJMGEXMSR'IRXIVHIJEYPX'IRXIVAEHH3FWIVZIVWIPJ WIPIGXSV$WIPIGXSV ETTPMGEXMSR;MPP8IVQMREXI
',%48)6 &EWMG(EXE4IVWMWXIRGI
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3RXLI7YQQEV]XEF]SYvPPWIIXLVIIWIGXMSRW8LIFSXXSQQSWXWIGXMSRMWPEFIPIH%TTPMGEXMSRW -RXLIPMWXSJETTPMGEXMSRWPSSOJSV0SGEPM^I1IWIPIGXMXERHGPMGOXLIQMRYWFYXXSRXSVIQSZI XLISPHZIVWMSRSJXLEXETTPMGEXMSRERHXLIGEGLIWEWWSGMEXIH[MXLMX 2S[WIPIGX'PIERJVSQXLI&YMPHQIRYERHFYMPHERHVYRXLIETTPMGEXMSREKEMR3RGIXLI ETTPMGEXMSRPEYRGLIWXLI*VIRGLJPEKWLSYPHRS[GSQIYTMREHHMXMSRXSXLI*VIRGL[SVHW HS[RXLIPIJXLERHWMHIEWWYQMRK]SYVTLSRISVWMQYPEXSVMWWXMPPWIXYTEWMJ]SY[IVI *VIRGL WII*MKYVI
0SGEPM^MRKXLI%TTPMGEXMSR-GSR =SYGERPSGEPM^IXLIETTPMGEXMSRvWMGSRMQEKIMRI\EGXP]XLIWEQI[E]XLEX]SYPSGEPM^IH JPEKTRK7MRKPIGPMGOMGSRTRKMRXLI+VSYTW *MPIWTERI&VMRKYTXLI-RJS[MRHS[ERH W[MXGLXSXLI+IRIVEPXEFMJ]SYvVIRSXEPVIEH]XLIVI'PMGOXLI1EOI0SGEPM^EFPIFYXXSR ERHW[MXGLFEGOXSXLI+IRIVEPXEF'PMGOXLI%HH0SGEPM^EXMSRFYXXSRERH[LIRTVSQTXIH JSVXLIPERKYEKIX]TIJV
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-RXLIJVJSPHIVMRXLI6IWSYVGIWJSPHIVSJ0SGEPM^I1I[LIVI ]SYNYWXGSTMIHXLIJPEKTRKJMPI]SYvPPEPWSJMRHEPSGEPM^IHZIV WMSRSJMGSRTRK'ST]XLEXMRXS]SYVJVPTVSNJSPHIVYWMRKXLI *MRHIVSZIV[VMXMRKXLIZIVWMSRXLEXvWXLIVI2S[XLIM4LSRI [MPPEYXSQEXMGEPP]HIXIGXERHWLS[XLMWMGSRXSYWIVW[LS WTIEO*VIRGL
+IRIVEXMRKERH0SGEPM^MRKE7XVMRKW*MPI -J]SYPSSOEX*MKYVI]SYvPPWIIXLEXXLI[SVHWSRXLI VMKLXLERHWMHISJXLIZMI[EVIWXMPPMR)RKPMWL-RSVHIVXS XVERWPEXIXLSWI[IRIIHXSKIRIVEXISYVFEWIPERKYEKI WXVMRKWJMPIERHXLIRPSGEPM^IMX-RSVHIVXSEGGSQTPMWLXLMW [IvPPRIIHXSPIEZIXLIGSQJ]GSRJMRIWSJ
MKYVI8LIMQEKIERH * RMFEVIFSXLPSGEPM^IHRS[
2S[KSXSXLI*MRHIVERHHVEK]SYV0SGEPM^I1ITVSNIGX JSPHIVXSXLIXIVQMREP[MRHS[%WWSSREW]SYHVSTXLIJSPHIV SRXSXLIXIVQMREP[MRHS[XLITEXLXSXLITVSNIGXJSPHIV WLSYPHETTIEVSRXLIGSQQERHPMRI2S[TVIWWVIXYVR 8LIGHGSQQERHMW9RM\WTIEOJSVwGLERKIHMVIGXSV]xWS[LEX ]SYvZINYWXHSRIMWWXIIV]SYVXIVQMREPWIWWMSRJVSQMXWHIJEYPX HMVIGXSV]SZIVXS]SYVTVSNIGXHMVIGXSV] 3YVRI\XWXITMWXSVYRXLITVSKVEQKIRWXVMRKWERHXIPPMXXS JMRHEPPXLISGGYVVIRGIWSJ270SGEPM^IH7XVMRKMRSYVQJMPIW MRXLI'PEWWIWJSPHIV8SHSXLMWX]TIXLIJSPPS[MRKGSQQERH ERHXLIRTVIWWVIXYVR KIRWXVMRKW'PEWWIWQ
;LIRXLIGSQQERHMWHSRII\IGYXMRK MXNYWXXEOIWEWIGSRH ]SYvPPFIVIXYVRIHXSXLIGSQQERHPMRI-RXLI*MRHIVPSSOMR XLITVSNIGXJSPHIVJSVERI[JMPIGEPPIH0SGEPM^EFPIWXVMRKW(VEK XLEXXSXLI6IWSYVGIWJSPHIVMR
MKYVI;IPSGEPM^IH * SYVETTPMGEXMSRMGSR
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8-4 =SYGERWEJIP]VIVYRKIRWXVMRKWEXER]XMQIXSVIGVIEXI]SYVFEWIPERKYEKIJMPI+IRIVEPP]WTIEOMRK ]SYWLSYPHRSXIHMXXLIFEWIPERKYEKIJMPI-J]SYRIIHXSQEOIEGLERKIXSER]SJXLIWXVMRKWYWIHJMRHMX MR]SYVGSHIERHGLERKIMXXLIVIXLIRVIKIRIVEXIXLI0SGEPM^EFPIWXVMRKWJMPIYWMRKKIRWXVMRKW
0SGEPM^EFPIWXVMRKWJMPIWEVIIRGSHIHMR98*[LMGLMWEX[SF]XIZIVWMSRSJ9RMGSHI1SWX SJYWEVITVSFEFP]YWMRK98*SVEPERKYEKIPSGEPIRGSHMRKWGLIQIEWSYVHIJEYPXIRGSH MRKMR
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2S[KSELIEHERHGPMGOXLI%HHFYXXSR3RGIXLIJMPIMWMQTSVXIHWMRKPIGPMGO0SGEPM^EFPI WXVMRKWMR6IWSYVGIWERHXEOIEPSSOEXMX-XWLSYPHGSRXEMRJMZIIRXVMIWFIGEYWI[IYWI 270SGEPM^EFPI7XVMRKJMZIXMQIW[MXLJMZIHMWXMRGXZEPYIW8LIZEPYIWXLEX[ITEWWIHMR EWXLIWIGSRHEVKYQIRXLEZIFIGSQIXLIGSQQIRXWJSVIEGLSJXLIWXVMRKW
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0IXvWPSGEPM^IXLMWWYGOIV 7MRKPIGPMGO0SGEPM^EFPIWXVMRKWERHTVIWW -XSFVMRKYTXLI-RJS[MRHS[-J]SYW[MXGLXS XLI+IRIVEPXEF]SYvPPJMRHXLEXWEQI1EOI*MPI0SGEPM^EFPIFYXXSRXLEX[IYWIHXSQEOIXLI MQEKIWERHXLIRMFJMPIPSGEPM^EFPI'PMGOMXRS[ 7[MXGLFEGOXSXLI+IRIVEPXEFERHGPMGO%HH0SGEPM^EXMSR;LIRTVSQTXIHJSVEPERKYEKI X]TIJVXSMRHMGEXIXLEX[IEVIPSGEPM^MRKJSVEPPHMEPIGXWSJXLI*VIRGLPERKYEKI&EGOMR XLI+VSYTW *MPIWTERISJ
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%YJ;MIHIVWILIR -J]SY[ERXXSQE\MQM^IWEPIWSJ]SYVM4LSRIETTPMGEXMSRPSGEPM^IMXEWQYGLEWTSWWMFPI *SVXYREXIP]M4LSRIvWPSGEPM^EXMSREVGLMXIGXYVIQEOIWIEW][SVOSJWYTTSVXMRKQYPXMTPIPER KYEKIWERHIZIRQYPXMTPIHMEPIGXWSJXLIWEQIPERKYEKI[MXLMR]SYVETTPMGEXMSR%W]SY WE[MRXLMWGLETXIVRIEVP]ER]X]TISJJMPIXLEX]SYEHHXS]SYVETTPMGEXMSRGERFIPSGEPM^IH EWRIIHIH )ZIRMJ]SYHSRvXTPERSRPSGEPM^MRK]SYVETTPMGEXMSRKIXMRXLILEFMXSJYWMRK 270SGEPM^IH7XVMRKMRWXIEHSJNYWXYWMRKWXEXMGWXVMRKWMR]SYVGSHI;MXL
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%TTPIvW(SGYQIRXEXMSR &IGSQISRI[MXL
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1EMPMRK0MWXW =SYQMKLXEPWS[ERXXSWMKRYTJSVXLIWILERH]QEMPMRKPMWXW LXXTPMWXWETTPIGSQQEMPQERPMWXMRJSGSGSEHIZ8LMWQSHIVEXIP]
MKLZSPYQIPMWXVYRF]%TTPIMWTVMQEVMP]EFSYX'SGSEJSV1EG37<&IGEYWISJXLI L GSQQSRLIVMXEKIWLEVIHF]'SGSEERH'SGSE8SYGLLS[IZIVQER]SJXLITISTPISR XLMWPMWXQE]FIEFPIXSLIPT]SY1EOIWYVIXSWIEVGLXLIPMWXEVGLMZIWFIJSVIEWOMRK]SYV UYIWXMSRXLSYKL LXXTPMWXWETTPIGSQQEMPQERPMWXMRJS\GSHIYWIVW%RSXLIVPMWXQEMRXEMRIH
F]%TTPIXLMWSRIMWWTIGMJMGXSUYIWXMSRWERHTVSFPIQWVIPEXIHXS
QEMPMRKPMWXJSVHMWGYWWMSRSJXLI5YEVX^(ERH'SVI+VETLMGWXIGLRSPSKMIW
(MWGYWWMSR*SVYQW 8LIWIHMWGYWWMSRJSVYQWEPPS[]SYXSTSWX]SYVUYIWXMSRWXSE[MHIVERKISJJSVYQVIEHIVW LXXT[[[MTLSRIHIZWHOGSQ3RXLMW[IFJSVYQM4LSRITVSKVEQQIVWFSXLRI[
ERHI\TIVMIRGIHLIPTIEGLSXLIVSYX[MXLTVSFPIQWERHEHZMGI LXXTHMWGYWWMSRWETTPIGSQGEXIKSV]NWTE#GEXIKSV]-(!8LMWPMROGSR
RIGXW]SYXS%TTPIvWGSQQYRMX]JSVYQWJSV1EGERHM4LSRIWSJX[EVIHIZIPSTIVW
',%48)6 ;LIVIXS2I\X#
LXXTHMWGYWWMSRWETTPIGSQGEXIKSV]NWTE#GEXIKSV]-(!8LMWSRIGSR
RIGXWXS%TTPIvWGSQQYRMX]JSVYQWJSVHMWGYWWMRKXLIM4LSRI
;IF7MXIW :MWMXXLIWI[IFWMXIWJSVLIPTJYPGSHMRKEHZMGI LXXT[[[MTLSRIHIZFSSOGSQ8LMWMWXLISJJMGMEP[IFWMXIJSVXLMWFSSO;I[MPPTSWX
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ERHLMWFPSKMWJMPPIH[MXLKVIEXMRWMKLXERHMRJSVQEXMSREFSYX
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