8LI%VXSJ 4YFPMG7TIEOMRK 8)28,)(-8-32
78)4,)2)09'%7 9RMZIVWMX]SJ;MWGSRWMRh1EHMWSR
&SWXSR&YVV6MHKI-0...
1690 downloads
3566 Views
12MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
8LI%VXSJ 4YFPMG7TIEOMRK 8)28,)(-8-32
78)4,)2)09'%7 9RMZIVWMX]SJ;MWGSRWMRh1EHMWSR
&SWXSR&YVV6MHKI-0(YFYUYI-%1EHMWSR;-2I[=SVO7ER*VERGMWGS7X0SYMW &ERKOSO&SKSXÅ'EVEGEW/YEPE0YQTYV0MWFSR0SRHSR1EHVMH1I\MGS'MX] 1MPER1SRXVIEP2I[(IPLM7ERXMEKS7ISYP7MRKETSVI7]HRI]8EMTIM8SVSRXS
4YFPMWLIHF]1G+VE[,MPPERMQTVMRXSJ8LI1G+VE[,MPP'SQTERMIW-RG%ZIRYI SJXLI%QIVMGEW2I[=SVO2='ST]VMKLX %PPVMKLXWVIWIVZIH2STEVXSJXLMW TYFPMGEXMSRQE]FIVITVSHYGIHSVHMWXVMFYXIHMRER]JSVQSVF]ER]QIERWSVWXSVIHMRE HEXEFEWISVVIXVMIZEPW]WXIQ[MXLSYXXLITVMSV[VMXXIRGSRWIRXSJ8LI1G+VE[,MPP'SQTERMIW -RGMRGPYHMRKFYXRSXPMQMXIHXSMRER]RIX[SVOSVSXLIVIPIGXVSRMGWXSVEKISVXVERWQMWWMSR SVFVSEHGEWXJSVHMWXERGIPIEVRMRK 8LMWFSSOMWTVMRXIHSREGMHJVIITETIV 54(54( -7&2 7XYHIRX)HMXMSR 1,-( -7&2 -RWXVYGXSVt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h 8LIEVXSJTYFPMGWTIEOMRK7XITLIR0YGEWiXLIH TGQ -RGPYHIWFMFPMSKVETLMGEPVIJIVIRGIWERHMRHI\ -7&2 EPOTETIV -7&2 EPOTETIV 4YFPMGWTIEOMRK-8MXPI 42 0 tiHG 8LI-RXIVRIXEHHVIWWIWPMWXIHMRXLIXI\X[IVIEGGYVEXIEXXLIXMQISJTYFPMGEXMSR8LIMRGPYWMSRSJE;IFWMXI HSIWRSXMRHMGEXIERIRHSVWIQIRXF]XLIEYXLSVWSV1G+VE[,MPPERH1G+VE[,MPPHSIWRSXKYEVERXIIXLI EGGYVEG]SJXLIMRJSVQEXMSRTVIWIRXIHEXXLIWIWMXIW [[[QLLIGSQ
%FSYXXLI%YXLSV XITLIR)0YGEWMW4VSJIWWSVSJ'SQQYRMGEXMSR%VXWERH)ZNYI &EWGSQ 4VSJIWWSV MR XLI ,YQERMXMIW EX XLI 9RMZIVWMX] SJ ;MWGSRWMR1EHMWSR[LIVILILEWXEYKLXWMRGI ,IVIGIMZIH LMWFEGLIPSVtWHIKVIIJVSQXLI9RMZIVWMX]SJ'EPMJSVRME7ERXE&EVFEVE ERHLMWQEWXIVtWERHHSGXSVEXIHIKVIIWJVSQ4IRR7XEXI9RMZIVWMX] 4VSJIWWSV 0YGEW LEW FIIR VIGSKRM^IH JSV LMW [SVO EW FSXL E WGLSPEVERHEXIEGLIV,MWJMVWXFSSO4SVXIRXWSJ6IFIPPMSR 6LIXSVMGERH 6IZSPYXMSRMR4LMPEHIPTLMEiVIGIMZIHXLI+SPHIR%RRMZIV WEV]%[EVHSJXLI2EXMSREP'SQQYRMGEXMSR%WWSGMEXMSRMR ERH [EWRSQMREXIHJSVE4YPMX^IV4VM^I,MWQENSVEVXMGPIWMRGPYHIq8LI 7GLMWQ MR 6LIXSVMGEP 7GLSPEVWLMTr q8LI 6IREMWWERGI SJ %QIVMGER4YFPMG%HHVIWW 8I\XERH'SRXI\XMR6LIXSVMGEP'VMXMGMWQr q8LI 7X]PMWXMG %VXMWXV] SJ XLI (IGPEVEXMSR SJ -RHITIRHIRGIr ERHq8LI6LIXSVMGEP%RGIWXV]SJXLI(IGPEVEXMSRSJ-RHITIR HIRGIr JSV[LMGLLIVIGIMZIHXLI+SPHIR%RRMZIVWEV]1SRS KVETL%[EVHSJXLI2EXMSREP'SQQYRMGEXMSR%WWSGMEXMSR,MWQSWX VIGIRX FSSO MW ;SVHW SJ E 'IRXYV] 8LI 8ST %QIVMGER 7TIIGLIW i 4VSJIWWSV0YGEW LEW VIGIMZIH E RYQFIV SJ XIEGLMRK E[EVHW MRGPYHMRK XLI 'LERGIPPSVtW%[EVHJSV)\GIPPIRGIMR8IEGLMRKEXXLI9RMZIVWMX]SJ;MWGSRWMR ERHXLI2EXMSREP'SQQYRMGEXMSR%WWSGMEXMSRtW(SREPH)GVS]H%[EVHJSV3YX WXERHMRK8IEGLMRKMR,MKLIV)HYGEXMSR,MWPIGXYVIGSYVWISRq8LI6LIXSVMGSJ 'EQTEMKRWERH6IZSPYXMSRWrMWEQSRKXLIQSWXTSTYPEVSRGEQTYWERHLEW X[MGIFIIRWIPIGXIHJSVWXEXI[MHIFVSEHGEWXMRMXWIRXMVIX]F];MWGSRWMR4YFPMG 6EHMS4VSJIWWSV0YGEWMWJIEXYVIHMRXLI)HYGEXMSREP:MHIS+VSYTtWTVSKVEQSR XLI LMWXSV] SJ %QIVMGER TYFPMG EHHVIWW ERH LI LEW ETTIEVIH SR XLI ,MWXSV] 'LERRIPt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
7
0EWX,,IEH
MMM
'SRXIRXWMR&VMIJ
M: MZ
74)%/-2+%2(0-78)2-2+
74))',46)4%6%8-32 +)88-2+78%68)(
74))',46)4%6%8-32 36+%2->-2+%2(3980-2-2+
46)7)28-2+8,)74))',
:%6-)8-)73*49&0-'74)%/-2+
7TIEOMRKMR4YFPMG )XLMGWERH4YFPMG7TIEOMRK 0MWXIRMRK %44)2(-< +MZMRK=SYV*MVWX7TIIGL
7IPIGXMRKE8STMGERHE4YVTSWI %REP]^MRKXLI%YHMIRGI +EXLIVMRK1EXIVMEPW 7YTTSVXMRK=SYV-HIEW
3VKERM^MRKXLI&SH]SJXLI7TIIGL &IKMRRMRKERH)RHMRKXLI7TIIGL 3YXPMRMRKXLI7TIIGL
9WMRK0ERKYEKI (IPMZIV] 9WMRK:MWYEP%MHW %44)2(-< 9WMRK4S[IV4SMRX
7TIEOMRKXS-RJSVQ 7TIEOMRKXS4IVWYEHI 1IXLSHWSJ4IVWYEWMSR 7TIEOMRKSR7TIGMEP3GGEWMSRW 7TIEOMRKMR7QEPP+VSYTW %44)2(-< 7TIIGLIWJSV%REP]WMWERH(MWGYWWMSR
',%48)6 )8,-'7%2(49&0-'74)%/-2+
%
'SRXIRXW 4VIJEGI \ZMM 6IZMI[IVWERH7]QTSWMYQ4EVXMGMTERXW \\ZM
',%48)6
7TIEOMRKMR4YFPMG
4%68
8LI4S[IVSJ4YFPMG7TIEOMRK 8LI8VEHMXMSRSJ4YFPMG7TIEOMRK 7MQMPEVMXMIW&IX[IIR4YFPMG7TIEOMRK ERH'SRZIVWEXMSR
(MJJIVIRGIW&IX[IIR4YFPMG7TIEOMRK ERH'SRZIVWEXMSR (IZIPSTMRK'SRJMHIRGI =SYV7TIIGL'PEWW 2IVZSYWRIWW-W2SVQEP (IEPMRK[MXL2IVZSYWRIWW
4YFPMG7TIEOMRKERH'VMXMGEP8LMROMRK 8LI7TIIGL'SQQYRMGEXMSR4VSGIWW 7TIEOIV 1IWWEKI 'LERRIP 0MWXIRIV *IIHFEGO -RXIVJIVIRGI 7MXYEXMSR 8LI7TIIGL'SQQYRMGEXMSR4VSGIWW )\EQTPI [MXL'SQQIRXEV]
4YFPMG7TIEOMRKMRE1YPXMGYPXYVEP;SVPH 'YPXYVEP(MZIVWMX]MRXLI1SHIVR;SVPH 'YPXYVEP(MZIVWMX]ERH4YFPMG7TIEOMRK %ZSMHMRK)XLRSGIRXVMWQ
0EWX,,IEH
Z
',%48)6
)XLMGWERH4YFPMG7TIEOMRK
8LI-QTSVXERGISJ)XLMGW +YMHIPMRIWJSV)XLMGEP7TIEOMRK 1EOI7YVI=SYV+SEPW%VI)XLMGEPP]7SYRH &I*YPP]4VITEVIHJSV)EGL7TIIGL &I,SRIWXMR;LEX=SY7E] %ZSMH2EQI'EPPMRKERH3XLIV*SVQWSJ%FYWMZI0ERKYEKI 4YX)XLMGEP4VMRGMTPIWMRXS4VEGXMGI
4PEKMEVMWQ +PSFEP4PEKMEVMWQ 4EXGL[SVO4PEKMEVMWQ -RGVIQIRXEP4PEKMEVMWQ 4PEKMEVMWQERHXLI-RXIVRIX
+YMHIPMRIWJSV)XLMGEP0MWXIRMRK &I'SYVXISYWERH%XXIRXMZI %ZSMH4VINYHKMRKXLI7TIEOIV 1EMRXEMRXLI*VIIERH3TIR)\TVIWWMSRSJ-HIEW
',%48)6
0MWXIRMRK
0MWXIRMRK-W-QTSVXERX 0MWXIRMRKERH'VMXMGEP8LMROMRK *SYV'EYWIWSJ4SSV0MWXIRMRK 2SX'SRGIRXVEXMRK 0MWXIRMRK8SS,EVH .YQTMRKXS'SRGPYWMSRW *SGYWMRKSR(IPMZIV]ERH4IVWSREP%TTIEVERGI
,S[XS&IGSQIE&IXXIV0MWXIRIV 8EOI0MWXIRMRK7IVMSYWP] &IER%GXMZI0MWXIRIV 6IWMWX(MWXVEGXMSRW (SRtX&I(MZIVXIHF]%TTIEVERGISV(IPMZIV] 7YWTIRH.YHKQIRX *SGYW=SYV0MWXIRMRK (IZIPST2SXI8EOMRK7OMPPW
ZZM
',%48)6 )8,-'7%2(49&0-'74)%/-2+ '328)287
%44)2(-<
+MZMRK=SYV*MVWX7TIIGL 4VITEVMRK=SYV7TIIGL
7TIEOMRK)\XIQTSVERISYWP]
(IZIPSTMRKXLI7TIIGL
6ILIEVWMRKXLI7TIIGL
3VKERM^MRKXLI7TIIGL
4VIWIRXMRKXLI7TIIGL
(IPMZIVMRK=SYV7TIIGL
7EQTPI7TIIGLIW[MXL'SQQIRXEV]
',%48)6
7IPIGXMRKE8STMGERHE4YVTSWI
4%68
'LSSWMRKE8STMG 8STMGW=SY/RS[E0SX%FSYX 8STMGW=SY;ERXXS/RS[1SVI%FSYX &VEMRWXSVQMRKJSV8STMGW
(IXIVQMRMRKXLI+IRIVEP4YVTSWI (IXIVQMRMRKXLI7TIGMJMG4YVTSWI 8MTWJSV*SVQYPEXMRKXLI7TIGMJMG4YVTSWI7XEXIQIRX 5YIWXMSRWXS%WO%FSYX=SYV7TIGMJMG4YVTSWI
4LVEWMRKXLI'IRXVEP-HIE ;LEX-WXLI'IRXVEP-HIE# +YMHIPMRIWJSVXLI'IRXVEP-HIE
0EWX,,IEH '328)287
ZMM
',%48)6
%REP]^MRKXLI%YHMIRGI
%YHMIRGI'IRXIVIHRIWW =SYV'PEWWQEXIWEWER%YHMIRGI 8LI4W]GLSPSK]SJ%YHMIRGIW (IQSKVETLMG%YHMIRGI%REP]WMW %KI +IRHIV 7I\YEP3VMIRXEXMSR 6EGMEP)XLRMGERH'YPXYVEP&EGOKVSYRH 6IPMKMSR +VSYT1IQFIVWLMT
7MXYEXMSREP%YHMIRGI%REP]WMW 7M^I 4L]WMGEP7IXXMRK (MWTSWMXMSR8S[EVHXLI8STMG (MWTSWMXMSR8S[EVHXLI7TIEOIV (MWTSWMXMSR8S[EVHXLI3GGEWMSR
+IXXMRK-RJSVQEXMSR%FSYXXLI%YHMIRGI %HETXMRKXSXLI%YHMIRGI %YHMIRGI%HETXEXMSR&IJSVIXLI7TIIGL %YHMIRGI%HETXEXMSR(YVMRKXLI7TIIGL
',%48)6
+EXLIVMRK1EXIVMEPW
9WMRK=SYV3[R/RS[PIHKIERH)\TIVMIRGI (SMRK0MFVEV]6IWIEVGL 0MFVEVMERW 8LI'EXEPSKYI 4IVMSHMGEP(EXEFEWIW 2I[WTETIVW 6IJIVIRGI;SVOW
7IEVGLMRKXLI-RXIVRIX 7IEVGL)RKMRIW 7TIGMEPM^IH6IWIEVGL6IWSYVGIW )ZEPYEXMRK-RXIVRIX(SGYQIRXW
-RXIVZMI[MRK &IJSVIXLI-RXIVZMI[ (YVMRKXLI-RXIVZMI[ %JXIVXLI-RXIVZMI[
8MTWJSV(SMRK6IWIEVGL
Z--ZMMM
',%48)6 )8,-'7%2(49&0-'74)%/-2+ '328)287
7XEVX)EVP] 1EOIE4VIPMQMREV]&MFPMSKVETL] 8EOI2SXIW)JJMGMIRXP] 8LMRO%FSYX=SYV1EXIVMEPWEW=SY6IWIEVGL
',%48)6
7YTTSVXMRK=SYV-HIEW
)\EQTPIW &VMIJ)\EQTPIW )\XIRHIH)\EQTPIW ,]TSXLIXMGEP)\EQTPIW 8MTWJSV9WMRK)\EQTPIW
7XEXMWXMGW 9RHIVWXERHMRK7XEXMWXMGW 8MTWJSV9WMRK7XEXMWXMGW
8IWXMQSR] )\TIVX8IWXMQSR] 4IIV8IWXMQSR] 5YSXMRK:IVWYW4EVETLVEWMRK 8MTWJSV9WMRK8IWXMQSR]
'MXMRK7SYVGIW3VEPP]
',%48)6
3VKERM^MRKXLI&SH]SJXLI7TIIGL
3VKERM^EXMSR-W-QTSVXERX
4%68
1EMR4SMRXW 2YQFIVSJ1EMR4SMRXW 7XVEXIKMG3VHIVSJ1EMR4SMRXW
8MTWJSV4VITEVMRK1EMR4SMRXW
7YTTSVXMRK1EXIVMEPW 'SRRIGXMZIW 8VERWMXMSRW -RXIVREP4VIZMI[W -RXIVREP7YQQEVMIW 7MKRTSWXW
0EWX,,IEH '328)287
M\
',%48)6
&IKMRRMRKERH)RHMRKXLI7TIIGL
8LI-RXVSHYGXMSR +IX%XXIRXMSRERH-RXIVIWX 6IZIEPXLI8STMG )WXEFPMWL'VIHMFMPMX]ERH+SSH[MPP 4VIZMI[XLI&SH]SJXLI7TIIGL 7EQTPI-RXVSHYGXMSR[MXL'SQQIRXEV] 8MTWJSV4VITEVMRKXLI-RXVSHYGXMSR
8LI'SRGPYWMSR 7MKREPXLI)RHSJXLI7TIIGL 6IMRJSVGIXLI'IRXVEP-HIE 7EQTPI'SRGPYWMSR[MXL'SQQIRXEV] 8MTWJSV4VITEVMRKXLI'SRGPYWMSR
',%48)6
3YXPMRMRKXLI7TIIGL
8LI4VITEVEXMSR3YXPMRI +YMHIPMRIWJSVXLI4VITEVEXMSR3YXPMRI 7EQTPI4VITEVEXMSR3YXPMRI[MXL'SQQIRXEV]
8LI7TIEOMRK3YXPMRI +YMHIPMRIWJSVXLI7TIEOMRK3YXPMRI 7EQTPI7TIEOMRK3YXPMRI[MXL'SQQIRXEV]
\
',%48)6 )8,-'7%2(49&0-'74)%/-2+ '328)287
',%48)6
9WMRK0ERKYEKI
4%68
1IERMRKWSJ;SVHW 9WMRK0ERKYEKI%GGYVEXIP] 9WI*EQMPMEV;SVHW 'LSSWI'SRGVIXI;SVHW
)PMQMREXI'PYXXIV
9WMRK0ERKYEKI:MZMHP] -QEKIV] 6L]XLQ
9WMRK0ERKYEKI%TTVSTVMEXIP] %TTVSTVMEXIRIWWXSXLI3GGEWMSR %TTVSTVMEXIRIWWXSXLI%YHMIRGI %TTVSTVMEXIRIWWXSXLI8STMG %TTVSTVMEXIRIWWXSXLI7TIEOIV
%2SXISR-RGPYWMZI0ERKYEKI
',%48)6
(IPMZIV]
;LEX-W+SSH(IPMZIV]# 1IXLSHWSJ(IPMZIV] 6IEHMRKJVSQE1ERYWGVMTX 6IGMXMRKJVSQ1IQSV] 7TIEOMRK-QTVSQTXY 7TIEOMRK)\XIQTSVERISYWP]
8LI7TIEOIVtW:SMGI :SPYQI 4MXGL 6EXI 4EYWIW :SGEP:EVMIX] 4VSRYRGMEXMSR %VXMGYPEXMSR (MEPIGX
8LI7TIEOIVtW&SH] 4IVWSREP%TTIEVERGI 1SZIQIRX +IWXYVIW )]I'SRXEGX
'328)287 0EWX,,IEH
\M
4VEGXMGMRK(IPMZIV] %RW[IVMRK%YHMIRGI5YIWXMSRW 4VITEVMRKJSVXLI5YIWXMSRERH%RW[IV7IWWMSR 1EREKMRKXLI5YIWXMSRERH%RW[IV7IWWMSR
',%48)6
9WMRK:MWYEP%MHW
/MRHWSJ:MWYEP%MHW 3FNIGXW 1SHIPW 4LSXSKVETLW (VE[MRKW +VETLW 'LEVXW 8VERWTEVIRGMIW :MHIS 1YPXMQIHME4VIWIRXEXMSRW 8LI7TIEOI
+YMHIPMRIWJSV4VITEVMRK:MWYEP%MHW 4VITEVI:MWYEP%MHWMR%HZERGI /IIT:MWYEP%MHW7MQTPI 1EOI7YVI:MWYEP%MHW%VI0EVKI)RSYKL 9WI*SRXW8LEX%VI)EW]XS6IEH 9WIE0MQMXIH2YQFIVSJ*SRXW 9WI'SPSV)JJIGXMZIP]
+YMHIPMRIWJSV4VIWIRXMRK:MWYEP%MHW %ZSMH9WMRKXLI'LEPOFSEVH (MWTPE]:MWYEP%MHW;LIVI0MWXIRIVW'ER7II8LIQ %ZSMH4EWWMRK:MWYEP%MHW%QSRKXLI%YHMIRGI (MWTPE]:MWYEP%MHW3RP];LMPI(MWGYWWMRK8LIQ 8EPOXS=SYV%YHMIRGI2SXXS=SYV:MWYEP%MH )\TPEMR:MWYEP%MHW'PIEVP]ERH'SRGMWIP] 4VEGXMGI[MXL=SYV:MWYEP%MHW
\-\MM
',%48)6 )8,-'7%2(49&0-'74)%/-2+ '328)287
%44)2(-<
9WMRK4S[IV4SMRX
4PYWIWERH1MRYWIWSJ4S[IV4SMRX
(IPMZIVMRK=SYV7TIIGL[MXL4S[IV4SMRX 6IGLIGO=SYV7PMHIW
4PERRMRKXS9WI4S[IV4SMRX
/RS[7PMHI7LS['SQQERHW
*SVQEXXMRK4S[IV4SMRX7PMHIW
4VEGXMGI=SYV7TIIGL[MXL4S[IV4SMRX
'SPSV
(MWTPE]7PMHIW3RP];LMPI(MWGYWWMRK8LIQ
8I\X
'LIGOXLI6SSQERH)UYMTQIRX
*SRXW
(IZIPSTE&EGOYT4PER
-QEKIW
'ST]VMKLXERH*EMV9WI
7TEGI
7EQTPI7TIIGL[MXL'SQQIRXEV]
%RMQEXMSR
',%48)6
7TIEOMRKXS-RJSVQ
8]TIWSJ-RJSVQEXMZI7TIIGLIW %REP]WMW ERH3VKERM^EXMSR
4%68
7TIIGLIW%FSYX3FNIGXW 7TIIGLIW%FSYX4VSGIWWIW 7TIIGLIW%FSYX)ZIRXW
7TIIGLIW%FSYX'SRGITXW
+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK (SRtX3ZIVIWXMQEXI;LEXXLI%YHMIRGI/RS[W 6IPEXIXLI7YFNIGX(MVIGXP]XSXLI%YHMIRGI (SRtX&I8SS8IGLRMGEP %ZSMH%FWXVEGXMSRW 4IVWSREPM^I=SYV-HIEW
7EQTPI7TIIGL[MXL'SQQIRXEV]
0EWX,,IEH '328)287
\MMM
',%48)6
7TIEOMRKXS4IVWYEHI
8LI-QTSVXERGISJ4IVWYEWMSR )XLMGWERH4IVWYEWMSR 8LI4W]GLSPSK]SJ4IVWYEWMSR 8LI'LEPPIRKISJ4IVWYEWMZI7TIEOMRK ,S[0MWXIRIVW4VSGIWW4IVWYEWMZI1IWWEKIW 8LI8EVKIX%YHMIRGI
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ*EGX ;LEX%VI5YIWXMSRWSJ*EGX# %REP]^MRK5YIWXMSRWSJ*EGX 3VKERM^MRK7TIIGLIWSR5YIWXMSRWSJ*EGX
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ:EPYI ;LEX%VI5YIWXMSRWSJ:EPYI# %REP]^MRK5YIWXMSRWSJ:EPYI 3VKERM^MRK7TIIGLIWSR5YIWXMSRWSJ:EPYI
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG] ;LEX%VI5YIWXMSRWSJ4SPMG]# 8]TIWSJ7TIIGLIWSR5YIWXMSRWSJ4SPMG] %REP]^MRK5YIWXMSRWSJ4SPMG] 3VKERM^MRK7TIIGLIWSR5YIWXMSRWSJ4SPMG]
7EQTPI7TIIGL[MXL'SQQIRXEV]
\-: \MZ
',%48)6 )8,-'7%2(49&0-'74)%/-2+ '328)287
',%48)6
1IXLSHWSJ4IVWYEWMSR
&YMPHMRK'VIHMFMPMX] *EGXSVWSJ'VIHMFMPMX] 8]TIWSJ'VIHMFMPMX] )RLERGMRK=SYV'VIHMFMPMX]
9WMRK)ZMHIRGI ,S[)ZMHIRGI;SVOW %'EWI7XYH] 8MTWJSV9WMRK)ZMHIRGI
6IEWSRMRK 6IEWSRMRKJVSQ7TIGMJMG-RWXERGIW 6IEWSRMRKJVSQ4VMRGMTPI 'EYWEP6IEWSRMRK %REPSKMGEP6IEWSRMRK *EPPEGMIW
%TTIEPMRKXS)QSXMSRW ;LEX%VI)QSXMSREP%TTIEPW# +IRIVEXMRK)QSXMSREP%TTIEP )XLMGWERH)QSXMSREP%TTIEP
7EQTPI7TIIGL[MXL'SQQIRXEV]
',%48)6
7TIEOMRKSR7TIGMEP3GGEWMSRW
7TIIGLIWSJ-RXVSHYGXMSR 7TIIGLIWSJ4VIWIRXEXMSR 7TIIGLIWSJ%GGITXERGI 'SQQIQSVEXMZI7TIIGLIW
0EWX,,IEH '328)287
\Z
',%48)6
7TIEOMRKMR7QEPP+VSYTW
;LEX-WE7QEPP+VSYT# 0IEHIVWLMTMR7QEPP+VSYTW /MRHWSJ0IEHIVWLMT *YRGXMSRWSJ0IEHIVWLMT
6IWTSRWMFMPMXMIWMRE7QEPP+VSYT 'SQQMX=SYVWIPJXSXLI+SEPWSJ=SYV+VSYT *YPJMPP-RHMZMHYEP%WWMKRQIRXW %ZSMH-RXIVTIVWSREP'SRJPMGXW )RGSYVEKI*YPP4EVXMGMTEXMSR /IITXLI(MWGYWWMSRSR8VEGO
8LI6IJPIGXMZI8LMROMRK1IXLSH (IJMRIXLI4VSFPIQ %REP]^IXLI4VSFPIQ )WXEFPMWL'VMXIVMEJSV7SPYXMSRW +IRIVEXI4SXIRXMEP7SPYXMSRW 7IPIGXXLI&IWX7SPYXMSR
4VIWIRXMRKXLI6IGSQQIRHEXMSRWSJXLI+VSYT 3VEP6ITSVX 7]QTSWMYQ 4ERIP(MWGYWWMSR
%44)2(-<
7TIIGLIWJSV%REP]WMWERH(MWGYWWMSR -,EZIE(VIEQ 1EVXMR0YXLIV/MRK.V % 5YIWXMSRWSJ'YPXYVI 7ENNMH>ELMV'LMRS] % 8LI,MHHIR;SVPHSJ'LMPM4ITTIVW % 8LI,SVVSVWSJ4YTT]1MPPW % &YVWXMRKXLI%RXMFEGXIVMEP&YFFPI % 8LI9PXMQEXI+MJX % 1]'VE^]%YRX7YI %
2SXIW 2 4LSXS'VIHMXW ' -RHI\ -
\ZM \:-
',%48)6 )8,-'7%2(49&0-'74)%/-2+ '328)287
%
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tWEHZMGIXLEXSRIq[LS [SYPHXIEGL IPSUYIRGI QYWX HS MX GLMIJP] F] I\EQTPIWr ;LIRIZIV TSWWMFPI- LEZI XVMIH XS WLS[ XLI TVMRGMTPIW SJ TYFPMG WTIEOMRK MR EGXMSR MR EHHMXMSR XS HIWGVMFMRKXLIQ8LYW]SY[MPPJMRHMRXLIFSSOEPEVKIRYQFIVSJREVVEXMZIWERH I\XVEGXWJVSQWTIIGLIWhWIXSJJJVSQXLIXI\XMREGSRXVEWXMRKX]TIJEGI8LIVIEVI EPWSQER]WTIIGLSYXPMRIWERHWEQTPIWTIIGLIW%PPXLIWIEVITVSZMHIH WSWXY HIRXWGERWIILS[XSJSVQYPEXIWTIGMJMGTYVTSWIWXEXIQIRXWLS[XSEREP]^IERH EHETXXSEYHMIRGIWLS[XSSVKERM^IMHIEWERHGSRWXVYGXSYXPMRIWLS[XSEWWIWW IZMHIRGIERHVIEWSRMRKLS[XSYWIPERKYEKIIJJIGXMZIP]ERHWSJSVXL &IGEYWI XLI MQQIHMEXI XEWO JEGMRK WXYHIRXW MW XS TVIWIRX WTIIGLIW MR XLI GPEWWVSSQ - LEZI VIPMIH LIEZMP] SR I\EQTPIW XLEX VIPEXI HMVIGXP] XS WXYHIRXWt GPEWWVSSQRIIHWERHI\TIVMIRGIW8LIWTIIGLGPEWWVSSQLS[IZIVMWEXVEMRMRK KVSYRH [LIVI WXYHIRXW HIZIPST WOMPPW XLEX [MPP WIVZI XLIQ XLVSYKLSYX PMJI 8LIVIJSVI-LEZIEPWSMRGPYHIHEPEVKIRYQFIVSJMPPYWXVEXMSRWHVE[RJVSQXLI OMRHWSJ WTIEOMRK I\TIVMIRGIWWXYHIRXW[MPP JEGI EJXIVXLI]KVEHYEXIhMRXLIMV GEVIIVWERHMRXLIMVGSQQYRMXMIW -LEZIEPWSFIIRKYMHIHF]XLIFIPMIJXLEXEFSSOMRXIRHIHJSVWXYHIRXW[LS [ERXXSWTIEOQSVIIJJIGXMZIP]WLSYPHRIZIVPSWIWMKLXSJXLIJEGXXLEXXLIQSWX MQTSVXERXTEVXSJWTIEOMRKMWXLMROMRK8LIEFMPMX]XSXLMROGVMXMGEPP]MWZMXEPXSE [SVPHMR[LMGLTIVWSREPMX]ERHMQEKIXSSSJXIRWYFWXMXYXIJSVXLSYKLXERHWYF WXERGI;LMPILIPTMRKWXYHIRXWFIGSQIGETEFPIVIWTSRWMFPIWTIEOIVW8LI%VXSJ 4YFPMG7TIEOMRKEPWSWIIOWXSLIPTXLIQFIGSQIGETEFPIVIWTSRWMFPIXLMROIVW
-
*IEXYVIWSJXLI8IRXL)HMXMSR
+MZIRXLIIRXLYWMEWXMGVIWTSRWIXSTVIZMSYWIHMXMSRW-LEZIOITXXLIFEWMGTLM PSWSTL]ERHETTVSEGLSJXLIFSSOMRXEGX%XXLIWEQIXMQI-LEZIXEOIRXLMW IHMXMSREWERSTTSVXYRMX]XSI\EQMRIIZIV]XLMRK[MXLEJVIWLI]I-REHHMXMSR XS QEOMRK GSRXIRX GLERKIW MR VIWTSRWI XS EHZERGIW MR XIGLRSPSK] ERH XLI IZSPZMRKRIIHWSJWXYHIRXWERHMRWXVYGXSVW-LEZIIHMXIHIEGLGLETXIVMRXLI MRXIVIWXSJIGSRSQ]GPEVMX]ERHTVIGMWMSR8LIVIWYPXMRGSQFMREXMSR[MXLE
0EWX,,IEH
\ZMM
H]REQMG RI[ HIWMKR ERH E TEXLFVIEOMRK XIGLRSPSK] TVSKVEQ MW E WPIIOIV QSVIWXVIEQPMRIHFSSOXLEXVIXEMRWXLIGSQTVILIRWMZIGSZIVEKIERHWX]PMWXMG EGGIWWMFMPMX]SJMXWTVIHIGIWWSVW 3XLIVJIEXYVIWMRGPYHI
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i\\MM
-RXIVRIX6IWIEVGL *SVEPPXLIXMQIXLI]WTIRHSRXLI-RXIVRIXQER]WXYHIRXWHSRSXYRHIVWXERH LS[ XS YWI MX W]WXIQEXMGEPP] JSV VIWIEVGL 8LIVI MW E ZEWX HMJJIVIRGI FIX[IIR FVS[WMRKXLI;IFERHYWMRKMXXSGSRHYGXJSGYWIHIJJMGMIRXWIEVGLIW%GGSVH MRKP] MR 'LETXIV - LEZI XLSVSYKLP] YTHEXIH XLI XVIEXQIRX SJ -RXIVRIX VIWIEVGL XS EGGSYRX JSV XLI GLERKMRK GETEFMPMXMIW SJ WIEVGL IRKMRIW XLI GSR WSPMHEXMSR SJ MRJSVQEXMSRSVMIRXIH ;IF WMXIW ERH XLI GSRXMRYMRK KVS[XL SJ ZMVXYEPPMFVEVMIW -LEZIEPWSI\TERHIHXLIWIGXMSRSR)ZEPYEXMRK-RXIVRIX(SGYQIRXW8LI FMKKIWXGLEPPIRKIJSVQER]WXYHIRXWMWRSXJMRHMRKMRJSVQEXMSRSRXLI-RXIVRIX FYX XLMROMRK GVMXMGEPP] EFSYX XLI MRJSVQEXMSR XLI] HS JMRH 8S EWWMWX XLIQ - HMWGYWWEYXLSVWLMTWTSRWSVWLMTERHVIGIRG]EWGVMXIVMEJSVEWWIWWMRKXLIUYEP MX]SJ-RXIVRIXHSGYQIRXW-REHHMXMSR-LEZIEHHIHE'LIGOPMWXJSV)ZEPYEXMRK -RXIVRIX(SGYQIRXW
'MXMRK7SYVGIW3VEPP] 8LI FMFPMSKVETL] XLEX WXYHIRXW MRGPYHI [MXL E WTIIGL SYXPMRI MHIRXMJMIW XLI WSYVGIWXLI]YWIHMRGSRWXVYGXMRKXLIWTIIGL&YXPMWXIRIVWHSRSXLEZIEGGIWW XSXLEXSYXPMRI*SVXLIQXLIWTIEOIVRIIHWXSMHIRXMJ]LMWSVLIVWSYVGIWSVEPP] HYVMRKXLIWTIIGL8LMWMWTEVXP]EQEXXIVSJTVSZMHMRKXLIMRJSVQEXMSRPMWXIRIVW RIIHXSKEYKIXLIUYEPMX]ERHVIPMEFMPMX]SJEWTIEOIVtWWSYVGIW-XMWEPWSEQEX XIVSJFPIRHMRKGMXEXMSRWWOMPPJYPP]MRXSXLIXI\XYVISJXLIWTIIGL%W[MXLSXLIV EWTIGXWSJWTIIGLQEOMRKXLI-RXIVRIXTSWIWWTIGMEPGLEPPIRKIWLIVIEW[IPP8SS SJXIRWXYHIRXWEVIMRGPMRIHXSWE]WSQIXLMRKPMOIq%W-JSYRHSRXLI;IFrSV q%WXLI-RXIVRIXWXEXIWr
\ZMMM
46)*%')
-R'LETXIV-LEZIEHHIHERI[WIGXMSRXMXPIH'MXMRK7SYVGIW3VEPP]XLEX LIPTW WXYHIRXW [MXL EPP XLIWI GLEPPIRKIW -X HIEPW [MXL FSXL TVMRX ERH SRPMRI WSYVGIW ERH MXMRGPYHIW E GLIGOPMWXXLEX WXYHIRXW GERETTP] EW XLI] GSRWXVYGX XLIMVWTIIGLIW-REHHMXMSRGSRRIGXPYGEWGSQMRGPYHIWEGSPPIGXMSRSJWEQTPI SVEPGMXEXMSRWXLEXWYTTPIQIRXXLSWIMRXLIFSSO
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hMRXLIGPEWWVSSQERHFI]SRH
-RXVSHYGXMSRW'SRGPYWMSRWERH:MWYEP%MHW(:( &IGEYWIWTIIGLIWEVITIVJSVQEXMZIEGXWWXYHIRXWRIIHXSFIEFPIXSZMI[WTIEO IVWMREGXMSR EW[IPP EWVIEHXLIMV[SVHW SRXLI TVMRXIHTEKI-RGSRNYRGXMSR [MXL XLMW IHMXMSR - LEZI HIZIPSTIH E RI[ ZMHIS TVSKVEQ XMXPIH -RXVSHYGXMSRW 'SRGPYWMSRW ERH :MWYEP %MHW 4EVX 3RI SJ XLMW QMRYXI (:( YWIW I\GIVTXW JVSQE[MHIVERKISJWTIIGLIWXSMPPYWXVEXIXLITVMRGMTPIWSJIJJIGXMZIMRXVSHYG XMSRWERHGSRGPYWMSRW4EVX8[SGSRXEMRWI\EQTPIWSJWTIEOIVWYWMRKEZEVMIX] SJZMWYEPEMHWERHTVIWIRXEXMSRQIHME -RXVSHYGXMSRW 'SRGPYWMSRW ERH :MWYEP %MHW MW FEWIH SR XLI TVMRGMTPIW SJ ZMWYEP PIEVRMRK ERH TVSZMHIW ER I\GMXMRK VIWSYVGI XLEX MRWXVYGXSVW GER YWI XS LIPTWXYHIRXWYRHIVWXERHERHETTP]XLITVMRGMTPIWHMWGYWWIHMRXLIFSSO
7XYHIRX7TIIGLIWJSV%REP]WMWERH(MWGYWWMSR(:( -REHHMXMSRXS-RXVSHYGXMSRW'SRGPYWMSRWERH:MWYEP%MHWXLMWIHMXMSRMRGPYHIW E(:(SJWXYHIRXWTIIGLIWJSVEREP]WMWERHHMWGYWWMSREPP[MXLERSTXMSR JSV GPSWIH GETXMSRMRK )MKLX SJ XLI WTIIGLIW EVI RI[ XS XLMW IHMXMSR %PP XSKIXLIV XLIVI EVI WIZIR MRXVSHYGXSV] WTIIGLIW IMKLX MRJSVQEXMZI WTIIGLIW JMZITIVWYEWMZIWTIIGLIWERHJSYVGSQQIQSVEXMZIWTIIGLIW8LMVXIIRSJXLI WTIIGLIW EVI TVMRXIH MR XLI FSSO XI\XW SJ XLI SXLIVW EVI EZEMPEFPI MR XLI -RWXVYGXSVtW1ERYEP 8LIWTIIGLIWVIJPIGXXLIHMZIVWMX]SJXSHE]tWWSGMIX]ERHGSPPIKIGPEWWVSSQ 8LI]EVITVIWIRXIHF]WTIEOIVWSJQER]FEGOKVSYRHWHIEP[MXLE[MHIVERKI SJXSTMGWERHIQTPS]WIZIVEPOMRHWSJZMWYEPEMHW%PPLS[IZIVEVIQIERXXS MPPYWXVEXIXLITVMRGMTPIWSJSVKERM^EXMSREYHMIRGIEREP]WMWWYTTSVXMRKQEXIVM EPWGVIEXMZMX]ERHPERKYEKIXLEXEVIHMWGYWWIHXLVSYKLSYXXLIFSSOERHXLEX EVIGIRXVEPXSIJJIGXMZITYFPMGWTIEOMRKMRER]GSRXI\X 8LI(:(EPWSMRGPYHIWXLVIIWIXWSJTEMVIH2IIHW-QTVSZIQIRXERH*MREP :IVWMSRWTIIGLIW-REHHMXMSRXSq8LI,MHHIR;SVPHSJ'LMPM4ITTIVWr[LMGL
46)*%')
\M\
[EW WS TSTYPEV MR XLI RMRXL IHMXMSR XLI RI[ (:( MRGPYHIW E WTIIGL SJ WIPJ MRXVSHYGXMSR XMXPIH q4SX 7SMP ;EXIVr ERH ER MRJSVQEXMZI TVIWIRXEXMSR SR q7IGYVMRK=SYVWIPJ3RPMRIr-REPPXLVIIGEWIWXLIRIIHWMQTVSZIQIRXZIVWMSR GSRXEMRWQER]SJXLIJPE[WXLEXX]TMGEPP]ETTIEVMRWXYHIRXTVIWIRXEXMSRWIEVP] MRXLIXIVQhMREHIUYEXITVITEVEXMSRYRHIVHIZIPSTQIRXSJMHIEWWPSTT]SVKE RM^EXMSR MRIJJIGXMZI YWI SJ ZMWYEP EMHW ERH XLI PMOI 1] EMQ MW XS WLS[ WXYHIRXWhVEXLIVXLERNYWXXIPPXLIQhXLIXLMRKWXSEZSMHMJXLI][ERXXSGVEJXE WYGGIWWJYP WTIIGL 3RGI WXYHIRXW LEZI WIIR XLI RIIHW MQTVSZIQIRX ZIVWMSR MRWXVYGXSVWGERWLS[XLIJMREPZIVWMSRMR[LMGLXLIJPE[WLEZIFIIRGSVVIGXIH
'SRRIGX0YGEW %PXLSYKL-JMRHMXEFMXWXVERKIXS[VMXIEFSYXEJIEXYVIXLEXLEWQ]REQIMR XLI XMXPI - GSYPH RSX FI QSVI TPIEWIH [MXL XLI GSRXIRX SJ 'SRRIGX 0YGEW % VIZSPYXMSREV]HMKMXEPVIWSYVGIMXTVSZMHIWSRPMRIEGGIWWEXEWMRKPIWMXIXSEPPXLI XIEGLMRKERHPIEVRMRKQEXIVMEPWEZEMPEFPI[MXL8LI%VXSJ4YFPMG7TIEOMRK8LIWI QEXIVMEPWMRGSVTSVEXIIZIV]XLMRKXLEX[EWSRXLI7XYHIRX'(631MRTVIZMSYW IHMXMSRWhTPYWEPSXQSVI7TIGMEPP]QEVOIHMGSRWMRXLIFSSOHMVIGXVIEHIVWXS ETTVSTVMEXIMXIQWEXGSRRIGXPYGEWGSQ8LSWIMXIQWMRGPYHI :MHIS'PMTW 1SVIXLERGPMTWHIQSRWXVEXIXLITVMRGMTPIWSJTYFPMGWTIEO MRKMREGXMSR6YRRMRKJVSQWIGSRHWXSEQMRYXIERHELEPJMRPIRKXL ERHEGGSQTERMIHF]EXI\XMRXVSHYGXMSRIEGLGPMTMWJYPP]MRXIKVEXIH[MXL XLI FSSO SJJIVW XLI STXMSR SJ GPSWIH GETXMSRMRK ERH LEW FIIR GEVIJYPP] GLSWIRXSMPPYWXVEXIETEVXMGYPEVEWTIGXSJTYFPMGWTIEOMRK *YPP 7TIIGLIW 8LIVIEVI JYPPWXYHIRXTVIWIRXEXMSRW MRGPYHMRK WM\ MRXVS HYGXSV] WTIIGLIW WM\MRJSVQEXMZI WTIIGLIW JMZI TIVWYEWMZI WTIIGLIW ERH JSYVGSQQIQSVEXMZIWTIIGLIWh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hJVSQ FSSOW IWWE]W ERH RI[WTETIV EVXMGPIW XS KSZIVR QIRX TYFPMGEXMSRW XIPIZMWMSR TVSKVEQW ERH -RXIVRIX HSGYQIRXWhXLI &MFPMSKVETL]*SVQEXWTVSZMHIEGSQTVILIRWMZIWIXSJWEQTPIGMXEXMSRWJSV FSXL 1SHIVR 0ERKYEKI %WWSGMEXMSR 10% ERH %QIVMGER 4W]GLSPSKMGEP %WWSGMEXMSR %4% JSVQEXW 8LI EGGSQTER]MRK &MFPMSQEOIVEYXSQEXMGEPP] JSVQEXWFMFPMSKVETLMGIRXVMIWEGGSVHMRKXSXLIGMXEXMSRWX]PIGLSWIRF]XLI WXYHIRX \\
46)*%')
-RXIVEGXMZI7XYH]5YIWXMSRW )RXMVIP]HMJJIVIRXJVSQXLIUYIWXMSRWMRXLI8IWX &EROXLIWXYH]UYIWXMSRWEVIHIWMKRIHFSXLXSKEYKIWXYHIRXWt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qFSSO SR XETIr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
46)*%')
\\M
8LI SRP] [E] XS KEMR E JYPP ETTVIGMEXMSR SJ EPP XLI VIWSYVGIW TVSZMHIH EX GSRRIGXPYGEWGSQ MW XS ZMWMX XLI WMXI ERH I\TPSVI MX ]SYVWIPJ &YX - LSTI XLMW WYQQEV]LEWQEHIGPIEV[L]-EQWSI\GMXIHEFSYXMX*MVQP]KVSYRHIHMRXLI TVMRGMTPIWSJWTIIGLTIHEKSK]ERHXEOMRKJYPPEHZERXEKISJEHZERGIWMRMRWXVYG XMSREPXIGLRSPSK]MXMWEWXGIRXYV]VIWSYVGIXLEXJEVWYVTEWWIW[LEXMWEZEMP EFPI[MXLER]SXLIVTYFPMGWTIEOMRKXI\XFSSO
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
6IWSYVGIWJSV-RWXVYGXSVW 8LI %VX SJ 4YFPMG 7TIEOMRK LEW ER I\GITXMSREP WIX SJ MRWXVYGXMSREP VIWSYVGIW 7SQIEVIJSYRHMRXLIFSSOMXWIPJ SXLIVWEVIWYTTPIQIRXEPXSMX8EOIRXSKIXLIV XLI] TVSZMHI E JYPP] MRXIKVEXIH XIEGLMRK ERH PIEVRMRK W]WXIQ -R EHHMXMSR XS XLSWIHIWGVMFIHMRXLIWIGXMSRWSR'SRRIGX0YGEWERH'SRRIGX0YGEW4PYWXLI] MRGPYHIXLIJSPPS[MRK
%RRSXEXIH-RWXVYGXSVtW)HMXMSR 8LI %RRSXEXIH -RWXVYGXSVtW )HMXMSR TVSZMHIW E [IEPXL SJ XIEGLMRK EMHW JSV IEGL GLETXIVMRXLIFSSO8LIWIEMHWMRGPYHIZMHISVIWSYVGIW WTIIGL EWWMKRQIRXW MRWXVYGXMSREPWXVEXIKMIWGPEWWEGXMZMXMIWHMWGYWWMSRUYIWXMSRWERHVIPEXIHVIEH MRKW 8LI %RRSXEXIH -RWXVYGXSVtW )HMXMSR MW EPWS GVSWWVIJIVIRGIH [MXL 'SRRIGX 0YGEW XLI -RWXVYGXSVtW 1ERYEP XLI -RWXVYGXSVtW 6IWSYVGI '(631 ERH SXLIV WYTTPIQIRXWXLEXEGGSQTER]8LI%VXSJ4YFPMG7TIEOMRK
-RWXVYGXSVtW1ERYEP 6YRRMRKGPSWIXSTEKIWXLI-RWXVYGXSVtW1ERYEPTVSZMHIWEGSQTVILIRWMZI KYMHIXSXIEGLMRKJVSQ8LI%VXSJ4YFPMG7TIEOMRK-XGSRXEMRWSYXPMRIWJSVIEGL GLETXIV SJ XLI FSSO HMWGYWWIW XLI IRHSJ GLETXIV I\IVGMWIW JYVRMWLIW \\MM
46)*%')
WYTTPIQIRXEV] I\IVGMWIW ERH GPEWWVSSQ EGXMZMXMIW SJJIVW WYKKIWXIH GSYVWI SYXPMRIW ERHWTIEOMRK EWWMKRQIRXW ERHTVSZMHIWEHHMXMSREPWTIIGLIWJSV HMWGYWWMSRERHEREP]WMW
8IWX&ERO 8LI 8 IWX &ERO JYVRMWLIW I\EQMREXMSR UYIWXMSRW FEWIH SR 8LI %VX SJ 4YFPMG7TIEOMRK UYIWXMSRWEVIRI[XSXLMWIHMXMSR%WEWTIGMEPJIEXYVIXLI 8IWX &ERO SJJIVW TVIGSRWXVYGXIH XVYIJEPWI UYM^^IW JSV IEGL GLETXIV MR XLI FSSOEW[IPPEWXLVIIGSQTPIXIJMREPI\EQMREXMSRW8LIUYM^^IWEVIEPWSEZEMP EFPI[MXL'SRRIGX0YGEWERH'SRRIGX0YGEW 4PYW[LIVIXLI]GERFIEWWMKRIH ERHKVEHIH 8LI8IWX&EROMWEPWSEZEMPEFPIIPIGXVSRMGEPP]MR1G+VE[,MPPtW)>8IWXTVS KVEQ-REHHMXMSRXSVITVSHYGMRKUYIWXMSRWJVSQ XLI8IWX&EROXLMWTVSKVEQ EPPS[WMRWXVYGXSVWXSEHHXLIMVS[RUYIWXMSRWXSGVIEXIQYPXMTPIZIVWMSRWSJE WMRKPI I\EQ ERH XS I\TSVX I\EQW JSV YWI [MXL GSYVWI QEREKIQIRX W]WXIQW WYGL EW ;IF'8 SV &PEGO&SEVH %R )> 8IWX 3RPMRI WIVZMGI LIPTW MRWXVYGXSVW EHQMRMWXIVSRPMRII\EQWERHUYM^^IWXLEXLEZIFIIRGVIEXIH[MXL)>8IWX
4S[IV4SMRX7PMHIW[MXL:MHIS'PMTW 8LIVIMW EPWS E GSPPIGXMSRSJ WPMHIWJSVMRWXVYGXSVW [LSYWI4S[IV4SMRX MR XLIMVPIGXYVIWERHHMWGYWWMSRW*YPP]VIZMWIHJSVXLMWIHMXMSRXLIWPMHIWMRGPYHI TLSXSKVETLWMPPYWXVEXMSRW ERHZMHISGPMTWEW[IPPEWXI\X-RWXVYGXSVWGERYWI XLIWPMHIWNYWXEWXLI]EVISVXLI]GERQSHMJ]XLIQXSJMXXLIWTIGMEPRIIHWSJ MRHMZMHYEP GPEWWIW 8LI WPMHIW GER FI JSYRH SR XLI -RWXVYGXSVtW 6IWSYVGI '( 631HIWGVMFIHFIPS[EW[IPPEWEXGSRRIGXPYGEWGSQ
-RWXVYGXSVtW6IWSYVGI'(631 *SVXLIGSRZIRMIRGISJMRWXVYGXSVWXLI-RWXVYGXSVtW1ERYEP8IWX&EROERH4S[ IV4SMRXWPMHIWEVIEPPEZEMPEFPISRXLI-RWXVYGXSVtW6IWSYVGI'(6318LI'( EPWSMRGPYHIW7IPIGXMSRWJVSQXLI 'SQQYRMGEXMSR8IEGLIV8IEGLMRK4YFPMG7TIEO MRK8IEGLMRK4YFPMG7TIEOMRK3RPMRIERHXLI,ERHFSSOJSV8IEGLIVWSJ2SR2EXMZI 7TIEOIVWSJ)RKPMWLhEPPSJ[LMGLEVIHIWGVMFIHFIPS[ 7IPIGXMSRWJVSQXLI'SQQYRMGEXMSR8IEGLIV 3ZIVXLI]IEVW-LEZIGSQTMPIH WM\ ZSPYQIW SJ WIPIGXMSRW JVSQ XLI 'SQQYRMGEXMSR 8IEGLIV XS EGGSQTER] 8LI%VXSJ4YFPMG7TIEOMRK%PPWM\EVIEZEMPEFPISRXLI-RWXVYGXSVt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
\\MMM
7TIEOMRK3RPMRILEWFIIRJYPP]YTHEXIHJSVXLIXIRXLIHMXMSR-XMWEZEMPEFPI SR XLI -RWXVYGXSVtW 6IWSYVGI '(631 ERH EX GSRRIGXPYGEWGSQ ERH MX TVSZMHIWE[IEPXLSJTVEGXMGEPKYMHERGIJSVMRWXVYGXSVW[LSEVIYWMRK8LI %VX SJ 4YFPMG 7TIEOMRK MR ER SRPMRI GSYVWI -X HVE[W YTSR 4VSJIWWSV 'SGLVERItWTMSRIIVMRKI\TIVMIRGI[MXLSRPMRIMRWXVYGXMSRXSI\TPSVILS[ SRIGERXIEGLERMRXIPPIGXYEPP]VMGLTVEGXMGEPP]VI[EVHMRKTYFPMGWTIEOMRK GSYVWIZMEXLI;IF ,ERHFSSO JSV 8IEGLIVW SJ 2SR2EXMZI 7TIEOIVW SJ )RKPMWL (IZIPSTIH JSV MRWXVYGXSVW [LS LEZI )70 WXYHIRXW MR XLIMV TYFPMG WTIEOMRK GPEWWIW XLMW TEKILERHFSSOJSGYWIWSRXLIGIRXVEPMWWYIWXLEXWLSYPHFIGSRWMHIVIH [LIR [SVOMRK [MXL WXYHIRXW JVSQ HMJJIVIRX PMRKYMWXMG ERH GYPXYVEP FEGO KVSYRHW-XMWEZEMPEFPISRXLI-RWXVYGXSVtW6IWSYVGI'(631
:MHIS-RXVSHYGXMSRXSXLI%VXSJ4YFPMG7TIEOMRK -R XLMW RI[ QMRYXI (:( - TVSZMHI ER SZIVZMI[ SJ XLI XIRXL IHMXMSR ERH I\TPEMRLS[MRWXVYGXSVWGERMRXIKVEXIMXWQER]JIEXYVIWhTVMRXERHIPIGXVSRMG EPMOIhMRXSXLIMVGSYVWIW
%GORS[PIHKQIRXW qs8MW XLI KSSH VIEHIVr WEMH 6EPTL ;EPHS )QIVWSR qXLEX QEOIW XLI KSSH FSSOr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tW 1ERYEP 8IWX &ERO ERH 7XYHIRX ;SVOFSSO%FSZIEPP-EQMRHIFXIHXS4EYP7XSF[LS[SVOIH[MXLQIXLVSYKL SYX XLI VIZMWMSR TVSGIWW -X MW FIGEYWI SJ LMQ XLEX XLI FSSO MW ETTIEVMRK SR WGLIHYPIHIWTMXIXLIJEGXXLEX-[EWSYXSJGSQQMWWMSRJSVX[SQSRXLW[MXLE FVSOIRIPFS[ -EQKVEXIJYPXS'EVP&YVKGLEVHXJSVLMWGSRXVMFYXMSRWXSXLIETTIRHM\SR q+MZMRK=SYV*MVWX7TIIGLr XS6ERH]*MX^KIVEPHERH4EYP4SVXIVJMIPHJSVLIPTMRK QIWIGYVIXLIZMHISXETISJ7ENNMH>ELMV'LMRS]tWq5YIWXMSRWSJ'YPXYVIr ERH XS 2MI 0MWLIRK )HMXSVMR'LMIJ SJ WX 'IRXYV] JSV TIVQMWWMSR XS YWI ZMHIS I\GIVTXWJVSQWTIIGLIWTVIWIRXIHEX'LMREtWREXMSREP)RKPMWLPERKYEKITYFPMG WTIEOMRKGSQTIXMXMSRWTSRWSVIHF]'LMRE(EMP] ERHWX'IRXYV] -EPWSS[IQER]XLEROWXS8LI%VXSJ4YFPMG7TIEOMRKXIEQEX1G+VE[,MPP -X[EWSRGIEKEMRQ]TVMZMPIKIXS[SVO[MXL6LSRE6SFFMR[LSWII\TIVXMWI TVSJIWWMSREPMWQERHYRJPEKKMRKGSQQMXQIRXXSXLIFSSOLEZILIPTIHWYWXEMR \\MZ
46)*%')
MXXLVSYKLJSYVIHMXMSRW0IWPMI3FIVLYFIVMWMRLIVXLMVHIHMXMSREWXLIFSSOtW QEVOIXMRK QEREKIV ERH WLI HIWIVZIW RS WQEPP WLEVI SJ GVIHMX JSV MXW WYGGIWW HYVMRKXLEXWTER4YFPMWLIV*VERO1SVXMQIVERH)\IGYXMZI)HMXSV/EXMI7XIZIRW NSMRIHXLIFSSOMRXLMWIHMXMSR&SXLLEZIEWXVSRKGSQQMXQIRXXSI\GIPPIRGI ERH FSXL LEZIFIIRMRHMWTIRWEFPIXS OIITMRK 8LI %VX SJ 4YFPMG7TIEOMRKJVIWL ERHGVIEXMZI %R]SRI[LSLEW[SVOIH[MXLSRPMRITVSNIGXWORS[WXLEXXLI]EVII\GIIH MRKP] GSQTPI\ %JXIV XEOMRK XMQI XS FIKMR E JEQMP] .IWWMGE &SHMI 6MGLEVHW VIXYVRIHXSXLIFSSOSRXLMWIHMXMSRERH-GERRSXMQEKMRIER]SRIIPWIFIMRK EWWYGGIWWJYPMRGSSVHMREXMRKXLIQ]VMEHHIXEMPWMRZSPZIHMRXLIHIZIPSTQIRX SJ'SRRIGX0YGEW%SMJI(IQTWI]ERH7EVEL,IKEVX]LEZIEPWSFIIRMRHMWTIRW EFPI8LIMVZMWMSRSJXLITSWWMFMPMXMIWSJSRPMRIPIEVRMRK GSQFMRIH[MXLXLIMV I\XVESVHMREV][SVOXVERWPEXMRKXLEXZMWMSRMRXSVIEPMX]LEZILIPTIHQEOI'SR RIGX0YGEWERH'SRRIGX0YGEW4PYWFIRGLQEVOWJSVXLIYWISJMRWXVYGXMSREPXIGL RSPSK]MRGSPPIKITYFPMWLMRK &VIXX'SOIV[EWERSXLIVOI]QIQFIVSJXLIFSSOXIEQ%WTVSNIGXQEREKIV JSVXLMWIHMXMSRLIHMHEWTIGXEGYPEVNSFKIXXMRKXLIFSSOXLVSYKLTVSHYGXMSR SR XLI XMKLXIWX SJ WGLIHYPIW RSX[MXLWXERHMRK ZMGMWWMXYHIW XLEX QMKLX LEZI HVMZIRWSQISRISJPIWWIVEFMPMX] ERHTEXMIRGI MRXSERSXLIVTVSJIWWMSR0EYVMI )RXVMRKIV SZIVWE[ XLI HIWMKR [MXL WOMPP ERH MQEKMREXMSR &EVFEVE 7EP^ HMH E WYTIVFNSFSJTLSXSVIWIEVGLERH)VMOE0EOILIPTIHMRRYQIVSYW[E]W6MGL (IZMXXS0SYMW7[EMQERH6SR2IPQWLIPTIHWXIIVXLIFSSOERHWYTTPIQIRXW XLVSYKLXLIJMREPWXEKIWSJTVSHYGXMSR-[SYPHFIVIQMWWMJ-HMHRSXEPWSXLERO 1MOI6]ER7XIZI(IFS[ERH)H7XERJSVHEPPSJ[LSQLIPTIHHVMZIXLIMRRS ZEXMZIWTMVMXSJXLMWIHMXMSR %W EP[E]W Q] FMKKIWX HIFX MW XS Q] [MJI 4EXX] [LSWI PSZI ERH WYTTSVX LEZIWYWXEMRIHQIXLVSYKLXLI]IEVW 7XITLIR)0YGEW 1EHMWSR;MWGSRWMR
46)*%')
\\Z
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
\\ZM
46)*%')
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
0MRHE/YV^ 9RMZIVWMX]SJ1MWWSYVM/ERWEW'MX] .IVVM0]RR/]PI 1MWWSYVM7XEXI9RMZIVWMX] /EXLPIIR0I&IWGS 1EV]QSYRX1ERLEXXER'SPPIKI 1EVO0I[MW 6MZIVWMHI'SQQYRMX]'SPPIKI 0MFF]1G+PSRI 'SPYQFYW7XEXI'SQQYRMX] 'SPPIKI 2MGOM01MGLEPWOM 0EQEV9RMZIVWMX] 1EVNSVMI/IIWLER2EHPIV 1MEQM9RMZIVWMX] %TVMP;EPPEGI2YRR 'EPLSYR'SQQYRMX]'SPPIKI /IOIPM2YZMEHIRY &IXLYRI'SSOQER9RMZIVWMX] .IER4IVV] +PIRHEPI'SQQYRMX]'SPPIKI 1MOI4SPMXIW -RHMERE9RMZIVWMX]4YVHYI 9RMZIVWMX]-RHMERETSPMW 7YWER4SYPWIR 4SVXPERH7XEXI9RMZIVWMX] .IER64S[IVW ,SPQIW'SQQYRMX]'SPPIKI 6MHKIPERH'EQTYW ;MPPMEQ4VMGI +ISVKME4IVMQIXIV'SPPIKI .EQIW)4YX^ 9RMZIVWMX]SJ;MWGSRWMRi0E 'VSWWI .IRRMJIV6IIQ 2SZE7SYXLIEWXIVR9RMZIVWMX]
&IPMRHE6YWWIPP 2SVXLIEWX1MWWMWWMTTM'SQQYRMX] 'SPPIKI (MERI6]ER 8MHI[EXIV'SQQYRMX]'SPPIKI 'EVE7GLSPPIRFIVKIV &YGOW'SYRX]'SQQYRMX]'SPPIKI 1MGLEIP.7LERRSR 1SVEMRI:EPPI]'SQQYRMX]'SPPIKI
%Q]67PEKIPP -S[E7XEXI9RMZIVWMX] /EVIR7PE[XIV 2SVXLIVR/IRXYGO] 9RMZIVWMX] /EXLIVMRI8E]PSV 9RMZIVWMX]SJ0SYMWZMPPI 0MWE8YVS[WOM 8S[WSR9RMZIVWMX]
.SWITL:EPIR^ERS 9RMZIVWMX]SJ2IZEHE0EW:IKEW )PM^EFIXL.:MGO 2SVXLIVR:MVKMRME'SQQYRMX] 'SPPIKI .MPP:SVER %RRI%VYRHIP'SQQYRMX]'SPPIKI 'EVPIIR=SOSXEOI 0II[EVH'SQQYRMX]'SPPIKI
46)*%')
\\ZMM
8LI%VXSJ 4YFPMG7TIEOMRK
0EWX,,IEH
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIEOMRKMR4YFPMG 8LI4S[IVSJ4YFPMG7TIEOMRK 8LI8VEHMXMSRSJ4YFPMG7TIEOMRK 7MQMPEVMXMIW&IX[IIR4YFPMG7TIEOMRKERH 'SRZIVWEXMSR (MJJIVIRGIW&IX[IIR4YFPMG7TIEOMRKERH 'SRZIVWEXMSR (IZIPSTMRK'SRJMHIRGI =SYV7TIIGL'PEWW 2IVZSYWRIWW-W2SVQEP (IEPMRK[MXL2IVZSYWRIWW
4YFPMG7TIEOMRKERH'VMXMGEP8LMROMRK 8LI7TIIGL'SQQYRMGEXMSR4VSGIWW 7TIEOIV 1IWWEKI 'LERRIP 0MWXIRIV *IIHFEGO -RXIVJIVIRGI 7MXYEXMSR 8LI7TIIGL'SQQYRMGEXMSR4VSGIWW )\EQTPI[MXL'SQQIRXEV]
4YFPMG7TIEOMRKMRE1YPXMGYPXYVEP;SVPH 'YPXYVEP(MZIVWMX]MRXLI1SHIVR;SVPH 'YPXYVEP(MZIVWMX]ERH4YFPMG7TIEOMRK %ZSMHMRK)XLRSGIRXVMWQ
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
VS[MRK YT MR VYVEP 8IRRIWWII :ER .SRIW LEH RS MRXIRXMSR SJ FIGSQMRK E TYFPMG WTIEOIV7XYH]MRKNSYVREPMWQEXXLI9RMZIVWMX]SJ8IRRIWWIIEX1EVXMRLILSTIHSRI HE]XSVITSVXXLIRI[WRSXXSQEOIMX2IZIVXLIPIWWLIWSSRJSYRHLMQWIPJHVE[R XSGEQTYWTSPMXMGWERHLIFIGEQIEZSGEPQIQFIVSJXLIWXYHIRXFSH] %JXIVEXXIRHMRKPE[WGLSSP.SRIWNSMRIHXLI7ER*VERGMWGSiFEWIH0E[]IVW'SQQMXXII JSV,YQER6MKLXW XS[SVO SRTVSFPIQWGSRJVSRXMRKMRRIVGMX]GSQQYRMXMIW% JI[]IEVW PEXIV LI IWXEFPMWLIH XLI )PPE &EOIV 'IRXIV JSV ,YQER 6MKLXW E RSRTVSJMX SVKERM^EXMSR HIHMGEXIHXSTVSQSXMRKSTTSVXYRMX]MRYVFER%QIVMGE &YX.SRIWHMHRtXWXSTXLIVI3ZIVXLI]IEVWLIGSQFMRIHLYQERVMKLXWMRMXMEXMZIW[MXL LMWMRXIVIWXMRIRZMVSRQIRXEPNYWXMGI8SHE]LIMWTVIWMHIRXSJ+VIIRJSV%PP[LMGLJSGYWIW SRGVIEXMRKKVIIRGSPPEVNSFW XLVSYKLSYX%QIVMGE -RLI[SVOIH[MXLQIQFIVWSJ XLI97,SYWISJ6ITVIWIRXEXMZIWXSTEWWXLI+VIIR.SFW%GX[LMGLETTVSZIHQMPPMSR XSXVEMRIRZMVSRQIRXEPP]GSRWGMSYW[SVOIVW ,S[LEW.SRIWEGLMIZIHEPPXLMW#4EVXP]XLVSYKLLMWPIKEPXVEMRMRKERHHEYRXPIWWWTMVMX &YXNYWXEWMQTSVXERXMWLMWEFMPMX]XSGSQQYRMGEXI[MXLTISTPIXLVSYKLTYFPMGWTIEOMRK [LMGLLEWFIIRXLITVMQEV]ZILMGPIJSVWTVIEHMRKLMWQIWWEKI,ILEWFIIRHIWGVMFIHEW qSRI SJ XLI QSWX TS[IVJYP ERH MRWTMVMRK TVSTLIXMG ZSMGIW SJ SYV XMQIr %YHMIRGIW EVI QSZIHqF]LMWLIEVXMRWTMVIHF]LMWGSQQMXQIRXERHVSGOIHF]LMWIPSUYIRGIr
+
-J ]SYLEH EWOIH:ER .SRIWIEVP] MRLMWPMJIq(S]SYWII]SYVWIPJEWEQENSV TYFPMG WTIEOIV#r LI TVSFEFP] [SYPH LEZI PEYKLIH EX XLI MHIE =IX XSHE] LI KMZIW QSVI XLER TVIWIRXEXMSRW E ]IEV %PSRK XLI [E] LI LEW PIGXYVIH EX ,EVZEVHERH'SPYQFMEERHLEWEHHVIWWIHXLI97'SRJIVIRGISJ1E]SVWXLI 2EXMSREP 7]QTSWMYQ SR 'PMQEXI 'LERKI ERH XLI ;SVPH )GSRSQMG *SVYQ 1SVI XLER E JI[ TYRHMXW LEZI WYKKIWXIH XLEX IPIGXMZI SJJMGI QMKLX FI MR LMW JYXYVI
8LI4S[IVSJ4YFPMG7TIEOMRK
GSRRIGXPYGEWGSQ :MI[.SLR*/IRRIH] 1EVXMR0YXLIV/MRK6SREPH 6IEKER&EVFEVE.SVHERERH SXLIVWTIEOIVWMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
8LVSYKLSYXLMWXSV]TISTPILEZIYWIHTYFPMGWTIEOMRKEWEZMXEPQIERWSJGSQ QYRMGEXMSR;LEXXLI+VIIOPIEHIV4IVMGPIWWEMHQSVIXLER]IEVWEKSMW WXMPPXVYIXSHE] q3RI[LSJSVQWENYHKQIRXSRER]TSMRXFYXGERRSXI\TPEMRr MX GPIEVP] qQMKLX EW [IPP RIZIV LEZI XLSYKLX EX EPP SR XLI WYFNIGXr 4YFPMG WTIEOMRKEWMXWREQIMQTPMIWMWE[E]SJQEOMRK]SYVMHIEWTYFPMGh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q8LEXtW JMRI+SSH JSVXLIQ&YX[LEXHSIWXLEXLEZIXSHS[MXLQI#-HSRtXTPERXSFIETVIWM HIRX SV E TVIEGLIV SV E GVYWEHIV JSV ER] GEYWIr 2IZIVXLIPIWW XLI RIIH JSV TYFPMGWTIEOMRK[MPPEPQSWXGIVXEMRP]XSYGL]SYWSQIXMQIMR]SYVPMJIhQE]FI XSQSVVS[QE]FIRSXJSVJMZI]IEVW'ER]SYMQEKMRI]SYVWIPJMRER]SJXLIWI WMXYEXMSRW#
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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hETIVJIGXXVMFYXIXS]SYVFSWW%JXIVXLIWTIIGLIZIV]SRIETTPEYHWIRXLYWMEWXMGEPP] ERHEJI[TISTPILEZIXIEVWMRXLIMVI]IW8LIJSPPS[MRK[IIO]SYEVIREQIHFVERGLQEREKIV
GSRRIGXPYGEWGSQ 8SVIEHXLI[SVHWSJJEQSYW WTIEOIVWPSKSRXSXLI8ST %QIVMGER7TIIGLIWSJ XLIXL'IRXYV]MRXLI SRPMRI6IWIEVGL0MFVEV]
*ERXEWMIW# 2SX VIEPP] %R] SJ XLIWI WMXYEXMSRW GSYPH SGGYV -R E WYVZI] SJ GSQTERMIW ERH TYFPMG SVKERM^EXMSRW GSQQYRMGEXMSR WOMPPWhMRGPYHMRK TYFPMG WTIEOMRKh[IVI VEROIH JMVWX EQSRK XLI TIVWSREP UYEPMXMIW SJ GSPPIKI KVEHYEXIW WSYKLX F] IQTPS]IVW -R ERSXLIV WYVZI] GSPPIKI KVEHYEXIW MR XLI [SVOJSVGI[IVIEWOIHXSVEROXLIWOMPPWQSWXIWWIRXMEPXSXLIMVGEVIIVHIZIPST QIRX;LEX[EWEXXLIXSTSJXLIMVPMWX#3VEPGSQQYRMGEXMSR 8LIMQTSVXERGISJWYGLWOMPPMWXVYIEGVSWWXLIFSEVHh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q8LIVIEVI QSVIEZIRYIWXSVIEGLTISTPIXLERIZIVFIJSVIFYXXLIVItWRSWYFWXMXYXIJSVJEGI XSJEGIGSQQYRMGEXMSRr8SFIWYGGIWWJYPWE]WFYWMRIWWPIEHIV1MHKI'SWXER^E ]SYQYWXLEZIqXLIEFMPMX]XSWXERHSR]SYVJIIXIMXLIVSRESRIXSSRIFEWMWSV FIJSVIEKVSYTERHQEOIETVIWIRXEXMSRXLEXMWGSRZMRGMRKERHFIPMIZEFPIr 8LIWEQIMWXVYIMRGSQQYRMX]PMJI4YFPMGWTIEOMRKMWEZMXEPQIERWSJGMZMG IRKEKIQIRX-XMWE[E]XSI\TVIWW]SYVMHIEWERHXSLEZIERMQTEGXSRMWWYIW XLEX QEXXIV MR WSGMIX] %W E JSVQ SJ IQTS[IVQIRX MX GERhERHSJXIR HSIWh QEOIEHMJJIVIRGIMRXLMRKWTISTPIGEVIEFSYXZIV]QYGL8LIOI]TLVEWILIVI MWqQEOIEHMJJIVIRGIr8LMWMW[LEXQSWXSJYW[ERXXSHSMRPMJIhXSQEOIE HMJJIVIRGIXSGLERKIXLI[SVPHMRWSQIWQEPP[E]4YFPMGWTIEOMRKSJJIVW]SY ERSTTSVXYRMX]XSQEOIEHMJJIVIRGIMRWSQIXLMRK]SYGEVIEFSYXZIV]QYGL
8LI8VEHMXMSRSJ4YFPMG7TIEOMRK
+MZIR XLI MQTSVXERGI SJ TYFPMG WTIEOMRK MXtW RSX WYVTVMWMRK XLEX MX LEW FIIR XEYKLXERHWXYHMIHEVSYRHXLIKPSFIJSVXLSYWERHWSJ]IEVW%PQSWXEPPGYPXYVIW LEZI ER IUYMZEPIRX SJ XLI )RKPMWL [SVH qSVEXSVr XS HIWMKREXI WSQISRI [MXL
8LI8VEHMXMSRSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WTIGMEP WOMPPW MR TYFPMG WTIEOMRK 8LI SPHIWX ORS[R LERHFSSO SR IJJIGXMZI WTIIGL[EW[VMXXIRSRTET]VYWMR)K]TXWSQI]IEVWEKS)PSUYIRGI[EW LMKLP]TVM^IHMRERGMIRX-RHME%JVMGEERH'LMREEW[IPPEWEQSRKXLI%^XIGW ERHSXLIVTVI)YVSTIERGYPXYVIWSJ2SVXLERH7SYXL%QIVMGE -RGPEWWMGEP+VIIGIERH6SQITYFPMGWTIEOMRKTPE]IHEGIRXVEPVSPIMRIHY GEXMSRERHGMZMGPMJI -X[EWEPWSWXYHMIHI\XIRWMZIP]%VMWXSXPItW6LIXSVMGGSQ TSWIH HYVMRK XLI XLMVH GIRXYV] &') MW WXMPP GSRWMHIVIH XLI QSWX MQTSVXERX [SVOSRMXWWYFNIGXERHQER]SJMXWTVMRGMTPIWEVIJSPPS[IHF]WTIEOIVW ERH [VMXIVW XSHE]8LIKVIEX6SQERPIEHIV'MGIVSYWIHLMWWTIIGLIWXSHIJIRHPMF IVX]ERH[VSXIWIZIVEP[SVOWEFSYXSVEXSV]MRKIRIVEP 3ZIVXLIGIRXYVMIWQER]SXLIVRSXEFPIXLMROIVWLEZIHIEPX[MXLMWWYIWSJ VLIXSVMGWTIIGLERHPERKYEKIh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hERH XLI QSVI IJJIGXMZI ]SY [MPP FI MR PMWXIRMRK XS XLI WTIIGLIW SJ SXLIVTISTPI
7MQMPEVMXMIW&IX[IIR4YFPMG7TIEOMRKERH'SRZIVWEXMSR ,S[QYGLXMQIHS]SYWTIRHIEGLHE]XEPOMRK XSSXLIVTISTPI#8LIEZIVEKI EHYPXWTIRHWEFSYXTIVGIRXSJLIVSVLMW[EOMRKLSYVWMRGSRZIVWEXMSR&] XLIXMQI]SYVIEHXLMWFSSO]SY[MPPLEZIWTIRXQYGLSJ]SYVPMJITIVJIGXMRK XLIEVXSJGSRZIVWEXMSR=SYQE]RSXVIEPM^IMXFYX]SYEPVIEH]IQTPS]E[MHI VERKISJWOMPPW[LIRXEPOMRKXSTISTPI8LIWIWOMPPWMRGPYHIXLIJSPPS[MRK 3VKERM^MRK ]SYV XLSYKLXW PSKMGEPP] 7YTTSWI ]SY [IVI KMZMRK WSQISRI HMVIGXMSRWXSKIXXS]SYVLSYWI=SY[SYPHRtXHSMXXLMW[E] ;LIR]SYXYVRSJJXLILMKL[E]]SYtPPWIIEFMKHMRIVSRXLIPIJX&YXFIJSVIXLEXWXE] SRXLILMKL[E]XS)\MX9WYEPP]EGSYTPISJXLIRIMKLFSVWtHSKWEVIMRXLIWXVIIXWS KSWPS[EJXIV]SYXYVREXXLIFPMROMRKPMKLX'SQMRKJVSQ]SYVLSYWI]SYKIXSRXLI LMKL[E]XLVSYKL1ETPI7XVIIX-J]SYTEWWXLIXEGSWXERH]SYtZIKSRIXSSJEV8LI LSYWIMWFPYI
-RWXIEH]SY[SYPHXEOI]SYVPMWXIRIVW]WXIQEXMGEPP]WXITF]WXITJVSQLMWSV LIVLSYWIXS]SYVLSYWI=SY[SYPHSVKERM^I]SYVQIWWEKI 8EMPSVMRK ]SYV QIWWEKI XS ]SYV EYHMIRGI =SY EVI E KISPSK] QENSV 8[S TISTPIEWO]SYLS[TIEVPWEVIJSVQIH3RIMW]SYVVSSQQEXI XLISXLIVMW]SYV RMRI]IEVSPHRMIGI=SYERW[IVEWJSPPS[W 8S]SYVVSSQQEXI q;LIRER]MVVMXERXWE]EKVEMRSJWERHKIXWMRWMHIXLIS]WXIVtWWLIPP XLIS]WXIVEYXSQEXMGEPP]WIGVIXIWEWYFWXERGIGEPPIHREGVI[LMGLMWTVMRGMTEPP]GEPGMYQ
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1ER]WOMPPWYWIHMRGSRZIVWE XMSREPWSETTP]MRTYFPMG WTIEOMRK%W]SYPIEVRXS WTIEOQSVIIJJIGXMZIP]]SY QE]EPWSPIEVRXSGSQQYRMGEXI QSVIIJJIGXMZIP]MRSXLIV WMXYEXMSRW
GEVFSREXIERHMWXLIWEQIQEXIVMEPXLEXPMRIWXLIS]WXIVtWWLIPP8LIREGVIEGGYQYPEXIWMR PE]IVWEVSYRHXLIMVVMXERXGSVIXSJSVQXLITIEVPr 8S]SYVRMIGI q-QEKMRI]SYtVIERS]WXIVSRXLISGIERJPSSV%KVEMRSJWERHKIXWMRWMHI ]SYVWLIPPERHQEOIW]SYYRGSQJSVXEFPI7S]SYHIGMHIXSGSZIVMXYT=SYGSZIVMX[MXL EQEXIVMEPGEPPIHQSXLIVSJTIEVP8LIGSZIVMRKFYMPHWYTEVSYRHXLIKVEMRSJWERHXS QEOIETIEVPr
8 IPPMRK E WXSV] JSV QE\MQYQ MQTEGX 7YTTSWI ]SY EVI XIPPMRK E JVMIRH EFSYXEJYRR]MRGMHIRXEXPEWX[IIOtWJSSXFEPPKEQI=SYHSRtXFIKMR[MXLXLI TYRGL PMRI q/IMWLE JIPPSYXSJXLIWXERHWVMKLXSRXSXLIJMIPH ,IVItWLS[MX WXEVXIHr -RWXIEH]SYGEVIJYPP]FYMPHYT]SYVWXSV]EHNYWXMRK]SYV[SVHW ERHXSRISJZSMGIXSKIXXLIFIWXIJJIGX % HETXMRKXSPMWXIRIVJIIHFEGO;LIRIZIV]SYXEPO[MXLWSQISRI]SYEVI E[EVISJXLEXTIVWSRtWZIVFEPJEGMEPERHTL]WMGEPVIEGXMSRW*SVI\EQTPI =SYEVII\TPEMRMRKERMRXIVIWXMRKTSMRXXLEXGEQIYTMRFMSPSK]GPEWW=SYVPMWXIRIVFIKMRW XSPSSOGSRJYWIHTYXWYTELERHEWXLSYKLXSWXST]SYERHWE]Wq,YL#r=SYKSFEGO ERHI\TPEMRQSVIGPIEVP] %JVMIRHLEWEWOIH]SYXSPMWXIR[LMPIWLITVEGXMGIWEWTIIGL%XXLIIRH]SYXIPPLIV q8LIVItWNYWXSRITEVX-VIEPP]HSRtXPMOIhXLEXUYSXEXMSRJVSQXLIEXXSVRI]KIRIVEPr=SYV JVMIRHPSSOWZIV]LYVXERHWE]Wq8LEX[EWQ]JEZSVMXITEVXr7S]SYWE]q&YXMJ]SYNYWX [SVOIHXLIUYSXEXMSRMREPMXXPIHMJJIVIRXP]MX[SYPHFI[SRHIVJYPr
)EGL HE] MR GEWYEP GSRZIVWEXMSR ]SY HS EPP XLIWI XLMRKW QER] XMQIW [MXLSYX XLMROMRK EFSYX XLIQ =SY EPVIEH] TSWWIWW XLIWI GSQQYRMGEXMSR WOMPPW%RHXLIWIEVIEQSRKXLIQSWXMQTSVXERXWOMPPW]SY[MPPRIIHJSVTYFPMG WTIEOMRK
7MQMPEVMXMIW&IX[IIR4YFPMG7TIEOMRKERH'SRZIVWEXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8SMPPYWXVEXIPIXtWVIXYVRFVMIJP]XSSRISJXLIL]TSXLIXMGEPWMXYEXMSRWEXXLI FIKMRRMRKSJXLMWGLETXIV;LIREHHVIWWMRKXLIWGLSSPFSEVHEFSYXXLIRIIH JSVEWTIGMEPXIEGLIV =SY S VKERM^I ]SYV MHIEW XS TVIWIRX XLIQ MR XLI QSWX TIVWYEWMZI QERRIV =SYWXIEHMP]FYMPHYTEGSQTIPPMRKGEWIEFSYXLS[XLIXIEGLIVFIRIJMXWXLI WGLSSP =SY X EMPSV ]SYV QIWWEKI XS ]SYV EYHMIRGI 8LMW MW RS XMQI XS PEYRGL ER MQTEWWMSRIHHIJIRWI SJ WTIGMEP IHYGEXMSRMR XLI 9RMXIH7XEXIW =SYQYWX WLS[LS[XLIMWWYIMWMQTSVXERXXSXLITISTPIMRXLEXZIV]VSSQh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tX WE]q;ItZIHEQR[IPPKSXXSWXSTXLIKVIIH]GVIITW[LSTSPPYXIPS[MRGSQI GSQQYRMXMIWNYWXXSQEOIEJI[QSVIFYGOWr0MWXIRIVWYWYEPP]VIEGXRIKEXMZIP] XSWTIEOIVW[LSHSRSXIPIZEXIERHTSPMWLXLIMVPERKYEKI[LIREHHVIWWMRKER EYHMIRGI%WTIIGLWLSYPHFIqWTIGMEPr
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4 YFPMG WTIEOMRK VIUYMVIW E HMJJIVIRX QIXLSH SJ HIPMZIV] ;LIR GSRZIVWMRK MRJSVQEPP]QSWXTISTPIXEPOUYMIXP]MRXIVNIGXWXSGOTLVEWIWWYGLEWqPMOIrERH q]SYORS[rEHSTXEGEWYEPTSWXYVIERHYWI[LEXEVIGEPPIHZSGEPM^IHTEYWIW qYLrqIVrqYQr )JJIGXMZITYFPMGWTIEOIVWLS[IZIVEHNYWXXLIMVZSMGIWXSFI LIEVH GPIEVP] XLVSYKLSYX XLI EYHMIRGI 8LI] EWWYQI E QSVI IVIGX TSWXYVI 8LI]EZSMHHMWXVEGXMRKQERRIVMWQWERHZIVFEPLEFMXW ;MXLWXYH]ERHTVEGXMGI]SY[MPPFIEFPIXSQEWXIVXLIWIHMJJIVIRGIWERH I\TERH ]SYV GSRZIVWEXMSREP WOMPPW MRXS WTIIGLQEOMRK =SYV WTIIGL GPEWW [MPP TVSZMHIXLISTTSVXYRMX]JSVXLMWWXYH]ERHTVEGXMGI
(IZIPSTMRK'SRJMHIRGI =SYV7TIIGL'PEWW
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
WXEKIJVMKLX %R\MIX]SZIVXLITVSWTIGXSJ KMZMRKEWTIIGLMRJVSRXSJER EYHMIRGI
4IVGIRX2EQMRK
%TEVX][MXLWXVERKIVW
+MZMRKEWTIIGL
%WOIHTIVWSREPUYIWXMSRWMRTYFPMG
1IIXMRKEHEXItWTEVIRXW
*MVWXHE]SRERI[NSF
:MGXMQSJETVEGXMGEPNSOI
8EPOMRK[MXLWSQISRIMREYXLSVMX]
.SFMRXIVZMI[
%KEMRWTIIGLQEOMRKVEROWRIEVXLIXSTMRTVSZSOMRKER\MIX]
2)6:3972)77-72361%0 -J ]SY JIIP RIVZSYW EFSYX KMZMRK EWTIIGL ]SY EVI MR ZIV] KSSH GSQTER] 7SQI SJ XLI KVIEXIWX TYFPMG WTIEOIVW MR LMWXSV] LEZI WYJJIVIH JVSQ WXEKI JVMKLXMRGPYHMRK%FVELEQ0MRGSPR1EVKEVIX7ERKIVERH;MRWXSR'LYVGLMPP 8LIJEQSYW6SQERSVEXSV'MGIVSWEMH q-XYVRTEPIEXXLISYXWIXSJEWTIIGL ERHUYEOIMRIZIV]PMQFERHMRQ]WSYPr 3TVEL;MRJVI]'SRER3t&VMIR
(IZIPSTMRK'SRJMHIRGI =SYV7TIIGL'PEWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
EHVIREPMRI %LSVQSRIVIPIEWIHMRXSXLI FPSSHWXVIEQMRVIWTSRWIXS TL]WMGEPSVQIRXEPWXVIWW
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
ERH.E]0IRSEPPVITSVXFIMRKER\MSYWEFSYXWTIEOMRKMRTYFPMG)EVP]MRLMW GEVIIV 0ISREVHS (M'ETVMS [EW WS RIVZSYW EFSYX KMZMRK ER EGGITXERGI WTIIGLXLEXLILSTIHLI[SYPHRSX[MRXLI%GEHIQ]%[EVHJSV[LMGLLI LEHFIIRRSQMREXIH)MKLX]SRITIVGIRXSJFYWMRIWWI\IGYXMZIW WE]TYFPMG WTIEOMRKMWXLIQSWXRIVZI[VEGOMRKI\TIVMIRGIXLI]JEGI ;LEXGSQIHMER .IVV]7IMRJIPHWEMHMRNIWXWSQIXMQIWWIIQWPMXIVEPP]XVYI q+MZIREGLSMGIEX EJYRIVEPQSWXSJYW[SYPHVEXLIVFIXLISRIMRXLIGSJJMRXLERXLISRIKMZ MRKXLIIYPSK]r %GXYEPP]QSWXTISTPIXIRHXSFIER\MSYWFIJSVIHSMRKWSQIXLMRKMQTSV XERXMRTYFPMG%GXSVWEVIRIVZSYWFIJSVIETPE]TSPMXMGMERWEVIRIVZSYWFIJSVI EGEQTEMKRWTIIGLEXLPIXIWEVIRIVZSYWFIJSVIEFMKKEQI8LISRIW[LSWYG GIIH LEZI PIEVRIH XS YWI XLIMV RIVZSYWRIWW XS XLIMV EHZERXEKI 0MWXIR XS %QIVMGERK]QREWX7LE[R.SLRWSRWTIEOMRKEJXIVLIVFEPERGIFIEQVSYXMRIMR XLI[SQIRtWETTEVEXYWJMREPWEXXLI 3P]QTMG+EQIWMR&IMNMRK q-[EWWS RIVZSYW-GSYPHRtXKIXER]XLMRKVMKLXMR[EVQYTW&YX-[ERXIHXSHSQ]FIWX ERHIRHSREKSSHRSXIr4YXXMRKLIVFYXXIVJPMIWXSKSSHYWI.SLRWSRIRHIH SREKSSHRSXIMRHIIHF]WGSVMRKTSMRXWXS[MRXLIKSPHQIHEP 1YGLXLIWEQIXLMRKLETTIRWMRWTIIGLQEOMRK1SWXI\TIVMIRGIHWTIEO IVWLEZIWXEKIJVMKLXFIJSVIXEOMRKXLIJPSSVFYXXLIMVRIVZSYWRIWWMWELIEPXL] WMKRXLEXXLI]EVIKIXXMRKqTW]GLIHYTrJSVEKSSHIJJSVX2SZIPMWXERHPIGXYVIV -%6;]PMII\TPEMRWq2S[EJXIVQER]]IEVWSJTVEGXMGI-EQ-WYTTSWIVIEPP] E sTVEGXMGIHWTIEOIVt&YX -VEVIP]VMWIXSQ] JIIX [MXLSYXEXLVSEXGSRWXVMGXIH [MXLXIVVSVERHEJYVMSYWP]XLYQTMRKLIEVX;LIRJSVWSQIVIEWSR-EQGSSP ERHWIPJEWWYVIHXLIWTIIGLMWEP[E]WEJEMPYVIr -RSXLIV[SVHWMXMWTIVJIGXP]RSVQEPhIZIRHIWMVEFPIhXSFIRIVZSYWEXXLI WXEVX SJ E WTIIGL =SYV FSH] MW VIWTSRHMRK EW MX [SYPH XS ER] WXVIWWJYP WMXYEXMSRhF] TVSHYGMRK I\XVE EHVIREPMRI 8LMW WYHHIR WLSX SJ EHVIREPMRI MW [LEX QEOIW ]SYV LIEVX VEGI ]SYV LERHW WLEOI ]SYV ORIIW ORSGO ERH ]SYV WOMR TIVWTMVI )ZIV] TYFPMG WTIEOIV I\TIVMIRGIW EPP XLIWI VIEGXMSRW XS WSQI I\XIRX 8LI UYIWXMSR MW ,S[ GER ]SY GSRXVSP ]SYV RIVZSYWRIWW ERH QEOI MX [SVOJSV]SYVEXLIVXLEREKEMRWX]SY#
()%0-2+;-8,2)6:3972)77
TSWMXMZIRIVZSYWRIWW 'SRXVSPPIHRIVZSYWRIWWXLEX LIPTWIRIVKM^IEWTIEOIVJSVLIV SVLMWTVIWIRXEXMSR
6EXLIVXLERXV]MRKXSIPMQMREXIIZIV]XVEGISJWXEKIJVMKLX]SYWLSYPHEMQEXXVERW JSVQMRKMXJVSQERIKEXMZIJSVGIMRXS[LEXSRII\TIVXGEPPWTSWMXMZIRIVZSYWRIWWhqE ^IWX]IRXLYWMEWXMGPMZIP]JIIPMRK[MXLEWPMKLXIHKIXSMX-XtWWXMPPRIVZSYWRIWW FYXMXJIIPWHMJJIVIRX=SYtVIRSPSRKIVZMGXMQM^IHF]MX MRWXIEH]SYtVIZMXEPM^IH F]MX=SYtVIMRGSRXVSPSJMXr (SRtXXLMROSJ]SYVWIPJEWLEZMRKWXEKIJVMKLX-RWXIEHXLMROSJMXEWqWXEKI I\GMXIQIRXr SV qWXEKI IRXLYWMEWQr -X GER LIPT ]SY KIX JSGYWIH ERH IRIV KM^IHMRXLIWEQI[E]XLEXMXLIPTWEXLPIXIWQYWMGMERWERHSXLIVWKIXTVMQIH JSV E KEQI SV E GSRGIVX 8LMRO SJ MX EW E RSVQEP TEVX SJ KMZMRK E WYGGIWWJYP WTIIGL ,IVIEVIWM\XMQIXIWXIH[E]W]SYGERXYVR]SYVRIVZSYWRIWWJVSQERIKE XMZIJSVGIMRXSETSWMXMZISRI
%GUYMVI7TIEOMRK)\TIVMIRGI =SY LEZI EPVIEH] XEOIR XLI JMVWX WXIT =SY EVI IRVSPPIH MR E TYFPMG WTIEOMRK GSYVWI [LIVI ]SY [MPP PIEVR EFSYX WTIIGLQEOMRK ERH KEMR WTIEOMRK I\TIVM IRGI8LMROFEGOXS]SYVJMVWXHE]EXOMRHIVKEVXIR]SYVJMVWXHEXI]SYVJMVWXHE]
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIRIIHJSVTYFPMGWTIEOMRK EVMWIWMRQER]WMXYEXMSRW,IVI (V.MQ8LSQEWI\TPEMRWXLI WYVKMGEPTVSGIHYVIWYWIHMRE TMSRIIVMRKSTIVEXMSREX 'LMPHVIRtW1IHMGEP'IRXIVMR (EPPEW8I\EW
EXERI[NSF=SY[IVITVSFEFP] RIVZSYWMRIEGLWMXYEXMSRFIGEYWI]SY[IVI JEGMRK WSQIXLMRK RI[ ERH YRORS[R 3RGI ]SY FIGEQI EGGYWXSQIH XS XLI WMXYEXMSRMX[EWRSPSRKIVXLVIEXIRMRK7SMXMW[MXLTYFPMGWTIEOMRK*SVQSWX WXYHIRXWXLIFMKKIWXTEVXSJWXEKIJVMKLXMWJIEVSJXLIYRORS[R8LIQSVI]SY PIEVREFSYXTYFPMGWTIEOMRKERHXLIQSVIWTIIGLIW]SYKMZIXLIPIWWXLVIEXIR MRKWTIIGLQEOMRK[MPPFIGSQI 3J GSYVWI XLI VSEH XS GSRJMHIRGI [MPP WSQIXMQIW FI FYQT] 0IEVRMRK XS KMZIEWTIIGLMWRSXQYGLHMJJIVIRXJVSQPIEVRMRKER]SXLIVWOMPPhMXTVSGIIHW F]XVMEPERHIVVSV8LITYVTSWISJ]SYVWTIIGLGPEWWMWXSWLSVXIRXLITVSGIWWXS QMRMQM^IXLIIVVSVWXSKMZI]SYERSRXLVIEXIRMRKEVIREhEWSVXSJPEFSVEXSV]h MR[LMGLXSYRHIVXEOIXLIqXVMEPr =SYV XIEGLIV VIGSKRM^IW XLEX ]SY EVI E RSZMGI ERH MW XVEMRIH XS KMZI XLI OMRHSJKYMHERGI]SYRIIHXSKIXWXEVXIH-R]SYVJIPPS[WXYHIRXW]SYLEZIE LMKLP]W]QTEXLIXMGEYHMIRGI[LS[MPPTVSZMHIZEPYEFPIJIIHFEGOXSLIPT]SY MQTVSZI ]SYV WTIEOMRK WOMPPW %W XLI GPEWW KSIW SR ]SYV JIEVW EFSYX TYFPMG WTIEOMRK [MPP KVEHYEPP] VIGIHI YRXMP XLI] EVI VITPEGIH F] SRP] E LIEPXL] RIV ZSYWRIWWFIJSVI]SYVMWIXSWTIEO
4VITEVI4VITEVI4VITEVI %RSXLIV OI] XS KEMRMRK GSRJMHIRGI MW XS TMGO WTIIGL XSTMGW ]SY XVYP] GEVI EFSYXhERHXLIRXSTVITEVI]SYVWTIIGLIWWSXLSVSYKLP]XLEX]SYGERRSXLIPT FYXFIWYGGIWWJYP,IVItWLS[SRIWXYHIRXGSQFMRIHIRXLYWMEWQJSVLMWXSTMG [MXLXLSVSYKLTVITEVEXMSRXSWGSVIEXVMYQTLMRWTIIGLGPEWW .IWWI=SYRK[EWGSRGIVRIHEFSYXXEOMRKEWTIIGLGPEWW2SXLEZMRKER]I\TIVMIRGI EWETYFPMGWTIEOIVLIKSXFYXXIVJPMIWMRLMWWXSQEGLNYWXXLMROMRKEFSYXXEPOMRKMRJVSRXSJ EREYHMIRGI&YX[LIRXLIXMQIGEQIJSV.IWWItWJMVWXWTIIGLLI[EWHIXIVQMRIHXSQEOI MXEWYGGIWW .IWWIGLSWI,EFMXEXJSV,YQERMX]EWXLIXSTMGJSVLMWWTIIGL,ILEHFIIREZSPYRXIIV JSVXLITEWXXLVII]IEVWERHLIFIPMIZIHHIITP]MRXLISVKERM^EXMSRERHMXWQMWWMSR8LI
(IZIPSTMRK'SRJMHIRGI =SYV7TIIGL'PEWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
TYVTSWISJLMWWTIIGL[EWXSI\TPEMRXLISVMKMRWTLMPSWSTL]ERHEGXMZMXMIWSJ,EFMXEXJSV ,YQERMX] %W.IWWIWTSOIMXFIGEQIGPIEVXLEXLI[EWIRXLYWMEWXMGEFSYXLMWWYFNIGXERHKIRY MRIP][ERXIHLMWGPEWWQEXIWXSWLEVILMWIRXLYWMEWQ&IGEYWILI[EWMRXIRXSRGSQQYRM GEXMRK[MXLLMWEYHMIRGILIJSVKSXXSFIRIVZSYW,IWTSOIGPIEVP]JPYIRXP]ERHH]REQM GEPP]7SSRXLIIRXMVIGPEWW[EWIRKVSWWIHMRLMWWTIIGL %JXIV[EVH.IWWIEHQMXXIH XLEX LILEH WYVTVMWIH IZIR LMQWIPJq-X[EW EQE^MRKrLI WEMHq3RGI-TEWWIHXLIJMVWXQMRYXISVWSEPP-XLSYKLXEFSYX[IVIXLSWITISTPISYXXLIVI PMWXIRMRK-GSYPHXIPPXLEX-[EWVIEPP]KIXXMRKXLVSYKLXSXLIQr
,S[QYGLXMQIWLSYPH]SYHIZSXIXSTVITEVMRK]SYVWTIIGLIW#%WXERHEVH VYPISJXLYQFMWXLEXIEGLQMRYXISJWTIEOMRKXMQIVIUYMVIWSRIXSX[SLSYVW SJ TVITEVEXMSR XMQIhTIVLETW QSVI HITIRHMRK SR XLI EQSYRX SJ VIWIEVGL RIIHIH JSVXLI WTIIGL 8LMW QE] WIIQ PMOI EPSX SJ XMQI FYX XLI VI[EVHW EVI [IPP[SVXLMX3RITVSJIWWMSREPWTIIGLGSRWYPXERXIWXMQEXIWXLEXTVSTIVTVITE VEXMSRGERVIHYGIWXEKIJVMKLXF]YTXSTIVGIRX -J]SYJSPPS[XLIXIGLRMUYIWWYKKIWXIHF]]SYVXIEGLIVERHMRXLIVIWXSJ XLMWFSSO]SY[MPPWXERHYTJSVIZIV]WTIIGLJYPP]TVITEVIH-QEKMRIXLEXXLI HE] JSV ]SYV JMVWX WTIIGL LEW EVVMZIH =SY LEZI WXYHMIH ]SYV EYHMIRGI ERH WIPIGXIHEXSTMG]SYORS[[MPPMRXIVIWXXLIQ=SYLEZIVIWIEVGLIHXLIWTIIGL XLSVSYKLP]ERHTVEGXMGIHMXWIZIVEPXMQIWYRXMPMXJIIPWEFWSPYXIP]GSQJSVXEFPI =SY LEZI IZIR XVMIH MX SYX FIJSVI X[S SV XLVII XVYWXIH JVMIRHW ,S[ GER ]SY LIPTFYXFIGSRJMHIRXSJWYGGIWW#
8LMRO4SWMXMZIP] 'SRJMHIRGI MW QSWXP] XLI [IPPORS[R TS[IV SJ TSWMXMZI XLMROMRK -J ]SY XLMRO]SYGERHSMX]SYYWYEPP]GER3RXLISXLIVLERHMJ]SYTVIHMGXHMWEW XIVERHHSSQXLEXMWEPQSWXEP[E]W[LEX]SY[MPPKIX8LMWMWIWTIGMEPP]XVYI [LIR MX GSQIW XS TYFPMG WTIEOMRK 7TIEOIVW [LS XLMRO RIKEXMZIP] EFSYX XLIQWIPZIWERHXLIWTIIGLI\TIVMIRGIEVIQYGLQSVIPMOIP]XSFISZIVGSQI F]WXEKIJVMKLXXLEREVIWTIEOIVW[LSXLMROTSWMXMZIP],IVIEVIWSQI[E]W ]SYGERXVERWJSVQRIKEXMZIXLSYKLXWMRXSTSWMXMZISRIWEW]SY[SVOSR]SYV WTIIGLIW 2IKEXMZI8LSYKLX
4SWMXMZI8LSYKLX
-[MWL-HMHRtXLEZIXSKMZI XLMWWTIIGL
8LMWWTIIGLMWEGLERGIJSVQIXS WLEVIQ]MHIEWERHKEMRI\TIVMIRGI EWEWTIEOIV
-tQRSXEKVIEXTYFPMGWTIEOIV
2SSRItWTIVJIGXFYX-tQKIXXMRK FIXXIV[MXLIEGLWTIIGL-KMZI
-tQEP[E]WRIVZSYW[LIR-KMZI EWTIIGL
)ZIV]SRItWRIVZSYW-JSXLIVTISTPI GERLERHPIMX-GERXSS
2SSRI[MPPFIMRXIVIWXIHMR [LEX-LEZIXSWE]
-LEZIEKSSHXSTMGERH-tQJYPP] TVITEVIH3JGSYVWIXLI]tPPFI MRXIVIWXIH
1ER]TW]GLSPSKMWXWFIPMIZIXLEXXLIVEXMSSJTSWMXMZIXSRIKEXMZIXLSYKLXW MRVIKEVHXSWXVIWWJYPEGXMZMXMIWWYGLEWWTIIGLQEOMRKWLSYPHFIEXPIEWXJMZIXS SRI8LEXMWJSVIEGLRIKEXMZIXLSYKLX]SYWLSYPHGSYRXIV[MXLEQMRMQYQ SJJMZITSWMXMZISRIW(SMRKWS[MPPRSXQEOI]SYVRIVZIWKSE[E]GSQTPIXIP]
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
FYXMX[MPPLIPTOIITXLIQYRHIVGSRXVSPWS]SYGERGSRGIRXVEXISRGSQQY RMGEXMRK]SYVMHIEWVEXLIVXLERSRFVSSHMRKEFSYX]SYVJIEVWERHER\MIXMIW
9WIXLI4S[IVSJ:MWYEPM^EXMSR ZMWYEPM^EXMSR 1IRXEPMQEKMRKMR[LMGLE WTIEOIVZMZMHP]TMGXYVIWLMQWIPJ SVLIVWIPJKMZMRKEWYGGIWWJYP 6MKLXFIJSVIEFMKVEGI-tPPTMGXYVIQ]WIPJVYRRMRKERH-[MPPXV]ERHTYXEPPSJXLISXLIV TVIWIRXEXMSR
:MWYEPM^EXMSRMWGPSWIP]VIPEXIHXSTSWMXMZIXLMROMRK-XMWYWIHF]EXLPIXIWQYWM GMERW EGXSVW WTIEOIVW ERH SXLIVW XS IRLERGI XLIMV TIVJSVQERGI MR WXVIWWJYP WMXYEXMSRW,S[HSIWMX[SVO#0MWXIRXSPSRKHMWXERGIVYRRIV:MGOM,YFIV
GSQTIXMXSVWMRXLIVEGIMRXSQ]QMRH8LIR-[MPPXV]ERHMQEKMRIIZIV]TSWWMFPIWMXYEXMSR- QMKLXJMRHQ]WIPJMRFILMRHWSQISRIFIMRKFS\IHMRTYWLIHWLSZIHSVGENSPIHHMJ JIVIRX TSWMXMSRW SR XLI XVEGO PETW XS KS ERH SJ GSYVWI XLI JMREP WXVIXGL %RH - EP[E]W TMGXYVIQ]WIPJ[MRRMRKXLIVEGIRSQEXXIV[LEXLETTIRWHYVMRKXLIIZIRX
3JGSYVWI,YFIVHSIWRtX[MRIZIV]VEGIWLIVYRWFYXVIWIEVGLLEWWLS[R XLEX XLI OMRH SJ QIRXEP MQEKMRKWLI HIWGVMFIW GERWMKRMJMGERXP] MRGVIEWI EXL PIXMG TIVJSVQERGI -X LEW EPWS WLS[R XLEX ZMWYEPM^EXMSR GER LIPT WTIEOIVW GSRXVSPXLIMVWXEKIJVMKLX 8LIOI]XSZMWYEPM^EXMSRMWGVIEXMRKEZMZMHQIRXEPFPYITVMRXMR[LMGL]SY WII ]SYVWIPJ WYGGIIHMRK MR ]SYV WTIIGL 4MGXYVI ]SYVWIPJ MR ]SYV GPEWWVSSQ VMWMRKXSWTIEO7II]SYVWIPJEXXLIPIGXIVRTSMWIHERHWIPJEWWYVIHQEOMRKI]I GSRXEGX[MXL ]SYVEYHMIRGI ERH HIPMZIVMRK]SYV MRXVSHYGXMSR MREJMVQ GPIEV ZSMGI *IIP ]SYV GSRJMHIRGI KVS[MRK EW ]SYV PMWXIRIVW KIX QSVI ERH QSVI GEYKLXYTMR[LEX]SYEVIWE]MRK-QEKMRI]SYVWIRWISJEGLMIZIQIRXEW]SY GSRGPYHIXLIWTIIGLORS[MRK]SYLEZIHSRI]SYVZIV]FIWX %W]SYGVIEXIXLIWIMQEKIWMR]SYVQMRHtWI]IFIVIEPMWXMGFYXWXE]JSGYWIH SRXLITSWMXMZIEWTIGXWSJ]SYVWTIIGL(SRtXEPPS[RIKEXMZIMQEKIWXSIGPMTWI XLI TSWMXMZI SRIW %GORS[PIHKI ]SYV RIVZSYWRIWW FYX TMGXYVI ]SYVWIPJ SZIV GSQMRK MX XSKMZI EZMFVERX EVXMGYPEXI TVIWIRXEXMSR -JSRITEVXSJ XLI WTIIGL EP[E]WWIIQWXSKMZI]SYXVSYFPIZMWYEPM^I]SYVWIPJKIXXMRKXLVSYKLMX[MXLSYX ER] LMXGLIW %RH FIWTIGMJMG8LI QSVI PYGMH]SYV QIRXEPTMGXYVIWXLI QSVI WYGGIWWJYP]SYEVIPMOIP]XSFI %W[MXL]SYVTL]WMGEPVILIEVWEPSJXLIWTIIGLXLMWOMRHSJQIRXEPVILIEVWEP SJXLIWTIIGLWLSYPHFIVITIEXIHWIZIVEPXMQIWMRXLIHE]WFIJSVI]SYWTIEO-X HSIWRtXKYEVERXIIXLEXIZIV]WTIIGL[MPPXYVRSYXI\EGXP]XLI[E]]SYIRZMWMSR MXhERHMXGIVXEMRP]MWRSWYFWXMXYXIJSVXLSVSYKLTVITEVEXMSR&YXYWIHMRGSR NYRGXMSR[MXLXLISXLIVQIXLSHWSJGSQFEXMRKWXEKIJVMKLXMXMWETVSZIR[E] XSLIPTGSRXVSP]SYVRIVZIWERHXSGVEJXEWYGGIWWJYPTVIWIRXEXMSR
/RS[8LEX1SWX2IVZSYWRIWW-W2SX:MWMFPI 1ER]RSZMGIWTIEOIVWEVI[SVVMIHEFSYXETTIEVMRKRIVZSYWXSXLIEYHMIRGI-XtW LEVHXSWTIEO[MXLTSMWIERHEWWYVERGIMJ]SYXLMRO]SYPSSOXIRWIERHMRWI GYVI3RISJXLIQSWXZEPYEFPIPIWWSRW]SY[MPPPIEVREW]SYVWTIIGLGPEWWTVS GIIHW MW XLEX SRP] E JVEGXMSR SJ XLI XYVQSMP ]SY JIIP MRWMHI MW ZMWMFPI SR XLI SYXWMHIq=SYVRIVZSYWW]WXIQQE]FIKMZMRK]SYEXLSYWERHWLSGOWrWE]WSRI I\TIVMIRGIHWTIEOIVqFYXXLIZMI[IVGERWIISRP]EJI[SJXLIQr )ZIRXLSYKL]SYVTEPQWEVIW[IEXMRKERH]SYVLIEVXMWTSYRHMRK]SYV PMWXIRIVW TVSFEFP] [SRtX VIEPM^I LS[ XIRWI ]SY EVIhIWTIGMEPP] MJ ]SY HS ]SYVFIWXXSEGXGSSPERHGSRJMHIRXSRXLISYXWMHI1SWXSJXLIXMQI[LIR WXYHIRXWGSRJIWWEJXIVEWTIIGLq-[EWWSRIVZSYW-XLSYKLX-[EWKSMRKXS
(IZIPSTMRK'SRJMHIRGI =SYV7TIIGL'PEWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
HMIr XLIMV GPEWWQEXIW EVI WYVTVMWIH 8S XLIQ XLI WTIEOIV PSSOIH GEPQ ERH EWWYVIH /RS[MRKXLMWWLSYPHQEOIMXIEWMIVJSV]SYXSJEGI]SYVPMWXIRIVW[MXLGSR JMHIRGI%WSRIWXYHIRXWXEXIHEJXIV[EXGLMRKEZMHISXETISJLIVJMVWXGPEWWVSSQ WTIIGLq-[EWEQE^IHEXLS[GEPQ-PSSOIH-EWWYQIHIZIV]SRI[SYPHFIEFPI XSWIILS[WGEVIH-[EWFYXRS[XLEX-ORS[XLI]GERtX-[SRtXFIRIEVP]WS RIVZSYW MR XLI JYXYVI -X VIEPP] LIPTW XS ORS[ XLEX ]SY PSSO MR GSRXVSP IZIR XLSYKL]SYQE]RSXJIIPXLEX[E]r
(SRtX)\TIGX4IVJIGXMSR -XQE]EPWSLIPTXSORS[ XLEXXLIVIMWRSWYGLXLMRKEW ETIVJIGXWTIIGL%X WSQITSMRXMRIZIV]TVIWIRXEXMSRIZIV]WTIEOIVWE]WSVHSIWWSQIXLMRKXLEX HSIW RSX GSQI EGVSWW I\EGXP] EW LI SV WLI LEH TPERRIH *SVXYREXIP] WYGL QSQIRXWEVIYWYEPP]RSXIZMHIRXXSXLIEYHMIRGI;L]#&IGEYWIXLIEYHMIRGI HSIWRSXORS[[LEXXLIWTIEOIVTPERWXSWE]-XLIEVWSRP][LEXXLIWTIEOIV HSIW WE] -J ]SY QSQIRXEVMP] PSWI ]SYV TPEGI VIZIVWI XLI SVHIV SJ E GSYTPI WXEXIQIRXW SV JSVKIX XS TEYWI EX E GIVXEMR WTSX RS SRI RIIH FI XLI [MWIV ;LIRWYGLQSQIRXWSGGYVNYWXTVSGIIHEWMJRSXLMRKLETTIRIH 3RISJXLIFMKKIWXVIEWSRWTISTPIEVIGSRGIVRIHEFSYXQEOMRKEQMWXEOI MREWTIIGLMWXLEXXLI]ZMI[WTIIGLQEOMRKEWETIVJSVQERGIVEXLIVXLERER EGXSJGSQQYRMGEXMSR8LI]JIIPXLIEYHMIRGIMWNYHKMRKXLIQEKEMRWXEWGEPI SJ EFWSPYXI TIVJIGXMSR MR [LMGL IZIV] QMWWXEXIH [SVH SV E[O[EVH KIWXYVI [MPPGSYRXEKEMRWXXLIQ&YXWTIIGLEYHMIRGIWEVIRSXPMOINYHKIWMREZMSPMR VIGMXEPSVERMGIWOEXMRKGSRXIWX8LI]EVIRSXPSSOMRKJSVEZMVXYSWSTIVJSV QERGIFYXJSVE[IPPXLSYKLXSYXEHHVIWWXLEXGSQQYRMGEXIWXLIWTIEOIVtW MHIEWGPIEVP]ERHHMVIGXP]7SQIXMQIWERIVVSVSVX[SGEREGXYEPP]IRLERGIE WTIEOIVtWETTIEPF]QEOMRKLIVSVLMQWIIQQSVILYQER %W]SY[SVOSR]SYVWTIIGLIWQEOIWYVI]SYTVITEVIXLSVSYKLP]ERHHS EPP]SYGERXSKIX]SYVQIWWEKIEGVSWWXS]SYVPMWXIRIVW&YXHSRtXTERMGEFSYX FIMRKTIVJIGXSVEFSYX[LEX[MPPLETTIRMJ]SYQEOIEQMWXEOI3RGI]SYJVII ]SYV QMRH SJ XLIWI FYVHIRW ]SY [MPP JMRH MX QYGL IEWMIV XS ETTVSEGL ]SYV WTIIGLIW[MXLGSRJMHIRGIERHIZIR[MXLIRXLYWMEWQ &IWMHIWWXVIWWMRKXLIWM\TSMRXWNYWXHMWGYWWIH]SYVXIEGLIV[MPPTVSFEFP]KMZI ]SYWIZIVEPXMTWJSVHIEPMRK[MXLRIVZSYWRIWWMR]SYVJMVWXWTIIGLIW8LI]QE] MRGPYHI &IEX]SYVFIWXTL]WMGEPP]ERHQIRXEPP]-XtWRSXEKSSHMHIEXSWXE]YTYRXMP %1 TEVX]MRK[MXLJVMIRHWSVGVEQQMRKJSVERI\EQXLIRMKLXFIJSVI ]SYVWTIIGL%KSSHRMKLXtWWPIIT[MPPWIVZI]SYFIXXIV %W]SYEVI[EMXMRKXSWTIEOUYMIXP]XMKLXIRERHVIPE\]SYVPIKQYWGPIWSV WUYII^I ]SYV LERHW XSKIXLIV ERH XLIR VIPIEWI XLIQ 7YGL EGXMSRW LIPT VIHYGIXIRWMSRF]TVSZMHMRKERSYXPIXJSV]SYVI\XVEEHVIREPMRI 8EOI E GSYTPI WPS[ HIIT FVIEXLW FIJSVI ]SY WXEVX XS WTIEO 1SWX TISTPI [LIR XLI] EVI XIRWI XEOI WLSVX WLEPPS[ FVIEXLW [LMGL SRP] VIMRJSVGIW XLIMVER\MIX](IITFVIEXLMRKFVIEOWXLMWG]GPISJXIRWMSRERHLIPTWGEPQ ]SYVRIVZIW ;SVO IWTIGMEPP] LEVH SR ]SYV MRXVSHYGXMSR 6IWIEVGL LEW WLS[R XLEX E WTIEOIVtWER\MIX]PIZIPFIKMRWXSHVSTWMKRMJMGERXP]EJXIVXLIJMVWXXS
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8IVVMJMIHIEVP]MRLMWGEVIIVF] XLITVSWTIGXSJKMZMRKETYF PMGWTIIGLXSHE]0ISREVHS (M'ETVMSMWEREGGSQTPMWLIH WTIEOIV[LSGSRJMHIRXP] EHHVIWWIWEYHMIRGIWEVSYRH XLIKPSFI
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tQKPEHRS[XLEX-WXYGO[MXLMX-XtWEWQEPPGPEWWERH-KSXXSORS[EPSXSJXLI WXYHIRXW&IWMHIWXLMWMWSRIGPEWWMR[LMGL-KSXXSI\TVIWWQ]MHIEWMRWXIEHSJWTIRHMRK XLI[LSPIXMQIPMWXIRMRKXSXLIXIEGLIVXEPO-IZIRGEQIXSIRNS]KMZMRKXLIWTIIGLIW- GSYPHXIPPEXXMQIWXLEXXLIEYHMIRGI[EWVIEPP][MXLQIERHXLEXtWEKVIEXJIIPMRK
3ZIVXLI]IEVWXLSYWERHWSJWXYHIRXWLEZIHIZIPSTIHGSRJMHIRGIMRXLIMV WTIIGLQEOMRK EFMPMXMIW %W ]SYV GSRJMHIRGI KVS[W ]SY [MPP FI FIXXIV EFPI XS WXERHFIJSVISXLIVTISTPIERHXIPPXLIQ[LEX]SYXLMROERHJIIPERHORS[h ERHXSQEOIXLIQXLMROERHJIIPERHORS[XLSWIWEQIXLMRKW8LIFIWXTEVX EFSYXGSRJMHIRGIMWXLEXMXRYVXYVIWMXWIPJ %JXIV]SYWGSVI]SYVJMVWXXVMYQTL ]SY [MPP FI XLEX QYGL QSVI GSRJMHIRX XLI RI\X XMQI %RH EW ]SY FIGSQI E QSVIGSRJMHIRXTYFPMGWTIEOIV]SY[MPPPMOIP]FIGSQIQSVIGSRJMHIRXMRSXLIV EVIEWSJ]SYVPMJIEW[IPP
(IZIPSTMRK'SRJMHIRGI =SYV7TIIGL'PEWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIEOMRK[MXL'SRJMHIRGI
23
%Q-IRXLYWMEWXMGEFSYXQ]WTIIGLXSTMG# ,EZI-XLSVSYKLP]HIZIPSTIHXLIGSRXIRXSJQ]WTIIGL# ,EZI-[SVOIHSRXLIMRXVSHYGXMSRWSQ]WTIIGL[MPPKIX SJJXSEKSSHWXEVX# ,EZI-[SVOIHSR XLIGSRGPYWMSRWSQ]WTIIGL [MPPIRH SREWXVSRKRSXI#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7TIIGL8SSPWJSV XLMWGLETXIV
,EZI - VILIEVWIH Q] WTIIGL SVEPP] YRXMP - EQ GSRJMHIRX EFSYXMXWHIPMZIV]# ,EZI - [SVOIH SR XYVRMRK RIKEXMZI XLSYKLXW EFSYX Q] WTIIGLMRXSTSWMXMZISRIW# (S - VIEPM^I XLEX RIVZSYWRIWW MW RSVQEP IZIR EQSRK I\TIVMIRGIHWTIEOIVW# (S-YRHIVWXERH XLEX QSWX RIVZSYWRIWW MW RSXZMWMFPI XS XLIEYHMIRGI# %Q - JSGYWIH SR GSQQYRMGEXMRK [MXL Q] EYHMIRGI VEXLIVXLERSR[SVV]MRKEFSYXQ]RIVZIW# ,EZI-ZMWYEPM^IHQ]WIPJWTIEOMRKGSRJMHIRXP]ERHKIXXMRK ETSWMXMZIVIWTSRWIJVSQXLIEYHMIRGI#
4YFPMG7TIEOMRKERH'VMXMGEP8LMROMRK 8LEXKY]EXXLITEVX]PEWXRMKLXVIEPP]S[RIHQI[LIR[I[IVIXEPOMRKEFSYXXLI IGSRSQ]-ORS[Q]MRJSVQEXMSRMWVMKLXERH-tQWYVILMWEVKYQIRXHMHRtXQEOIWIRWI FYX-GERtXTYXQ]JMRKIVSRXLITVSFPIQ -[SVOIHVIEPP]LEVHSRQ]XIVQTETIVFYXMXtWNYWXRSXVMKLX-XHSIWRtXWIIQXSLERK XSKIXLIVERH-GERtXJMKYVISYX[LEXtW[VSRK 4SPMXMGEPWTIIGLIWEVIWSSRIWMHIH8LIGERHMHEXIWWSYRHKSSHFYXXLI]EPPXEPOMRWPSKERW ERHKIRIVEPMXMIW-XtWVIEPP]LEVHXSHIGMHI[LSLEWXLIFIWXWXERHWSRXLIMWWYIW
GVMXMGEPXLMROMRK *SGYWIHSVKERM^IHXLMROMRK EFSYXWYGLXLMRKWEWXLIPSKMGEP VIPEXMSRWLMTWEQSRKMHIEWXLI WSYRHRIWWSJIZMHIRGIERHXLI HMJJIVIRGIWFIX[IIRJEGXERH STMRMSR
,EZI]SYIZIVJSYRH]SYVWIPJMRWMQMPEVWMXYEXMSRW#-JWS]SYQE]JMRHLIPT MR]SYVWTIIGLGPEWW&IWMHIWFYMPHMRKGSRJMHIRGIEGSYVWIMRTYFPMGWTIEOMRK GERHIZIPST]SYVWOMPPWEWEGVMXMGEPXLMROIV8LSWIWOMPPWGERQEOIXLIHMJJIVIRGI FIX[IIRXLIEVXMGYPEXIHIFEXIVERHXLITYWLSZIVXLI%WXYHIRXERHXLI'WXY HIRXXLIXLSYKLXJYPZSXIVERHXLIGSMRXSWWIV ;LEXMWGVMXMGEPXLMROMRK#8SWSQII\XIRXMXtWEQEXXIVSJPSKMGhSJFIMRK EFPIXSWTSX[IEORIWWIWMRSXLIVTISTPItWEVKYQIRXWERHXSEZSMHXLIQMR]SYV S[R -X EPWS MRZSPZIW VIPEXIH WOMPPW WYGL EW HMWXMRKYMWLMRK JEGX JVSQ STMRMSR NYHKMRKXLIGVIHMFMPMX]SJWXEXIQIRXWERHEWWIWWMRKXLIWSYRHRIWWSJIZMHIRGI -RXLIFVSEHIWXWIRWIGVMXMGEPXLMROMRKMWJSGYWIHSVKERM^IHXLMROMRKhXLIEFMP MX]XSWIIGPIEVP]XLIVIPEXMSRWLMTWEQSRKMHIEW
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-J]SYEVI[SRHIVMRK[LEXXLMWLEWXSHS[MXL]SYVTYFPMGWTIEOMRKGPEWW XLIERW[IVMWUYMXIEPSX%WXLIGPEWWTVSGIIHW]SY[MPPTVSFEFP]WTIRHEKSSH HIEP SJ XMQI SVKERM^MRK ]SYV WTIIGLIW ;LMPI XLMW QE] WIIQ PMOI E TYVIP] QIGLERMGEPI\IVGMWIMXMWGPSWIP]MRXIV[SZIR[MXLGVMXMGEPXLMROMRK-JXLIWXVYG XYVISJ]SYVWTIIGLMWHMWNSMRXIHERHGSRJYWIHSHHWEVIXLEX]SYVXLMROMRKMW EPWSHMWNSMRXIHERHGSRJYWIH-JSRXLISXLIVLERHXLIWXVYGXYVIMWGPIEVERH GSLIWMZIXLIVIMWEKSSHGLERGI]SYVXLMROMRKMWXSS3VKERM^MRKEWTIIGLMW RSXNYWXEQEXXIVSJEVVERKMRKXLIMHIEW]SYEPVIEH]LEZI6EXLIVMXMWERMQTSV XERXTEVXSJWLETMRKXLIMHIEWXLIQWIPZIW ;LEXMWXVYISJSVKERM^EXMSRMWXVYISJQER]EWTIGXWSJTYFPMGWTIEOMRK8LI WOMPPW ]SY PIEVR MR ]SYV WTIIGL GPEWW GER LIPT ]SY FIGSQI E QSVI IJJIGXMZI XLMROIVMRERYQFIV SJ[E]W %W]SY [SVOSRI\TVIWWMRK]SYVMHIEWMRGPIEV EGGYVEXI PERKYEKI ]SY [MPP IRLERGI ]SYV EFMPMX] XS XLMRO GPIEVP] ERH EGGY VEXIP]%W]SYWXYH]XLIVSPISJIZMHIRGIERHVIEWSRMRKMRWTIIGLQEOMRK]SY [MPPWIILS[XLI]GERFIYWIHMRSXLIVJSVQWSJGSQQYRMGEXMSREW[IPP%W]SY PIEVRXSPMWXIRGVMXMGEPP]XSWTIIGLIWMRGPEWW]SY[MPPFIFIXXIVEFPIXSEWWIWWXLI MHIEWSJWTIEOIVW ERH[VMXIVW MREZEVMIX]SJWMXYEXMSRW 8SVIXYVRXSXLII\EQTPIWEXXLIFIKMRRMRKSJXLMWWIGXMSR 8LIKY]EXXLITEVX]PEWXRMKLXh[SYPH[IPPLSRIHGVMXMGEPXLMROMRKWOMPPWLIPT]SYJMRH XLILSPIWMRLMWEVKYQIRX# 8LIXIVQTETIVh[SYPHFIXXIVSVKERM^EXMSRERHEGPIEVSYXPMRILIPTTYPPMXXSKIXLIV# 4SPMXMGEPWTIIGLIWhSRGI]SYKIXTEWXXLIWPSKERWEVIXLIGERHMHEXIWHVE[MRKZEPMH GSRGPYWMSRWJVSQWSYRHIZMHIRGI#
-J]SYXEOIJYPPEHZERXEKISJ]SYVWTIIGLGPEWW]SY[MPPFIEFPIXSIRLERGI ]SYVWOMPPWEWEGVMXMGEPXLMROIVMRQER]GMVGYQWXERGIW8LMWMWSRIVIEWSRTYF PMG WTIEOMRK LEW FIIR VIKEVHIH EW E ZMXEP TEVX SJ IHYGEXMSR WMRGI XLI HE]W SJ ERGMIRX+VIIGI
8LI7TIIGL'SQQYRMGEXMSR4VSGIWW
%W]SYFIKMR]SYVJMVWXWTIIGLIW]SYQE]JMRHMXLIPTJYPXSYRHIVWXERH[LEX KSIW SR [LIR SRI TIVWSR XEPOW XS ERSXLIV 6IKEVHPIWW SJ XLI OMRH SJ WTIIGL GSQQYRMGEXMSR MRZSPZIH XLIVI EVI WIZIR IPIQIRXWhWTIEOIV QIWWEKI GLER RIPPMWXIRIVJIIHFEGOMRXIVJIVIRGIERHWMXYEXMSR,IVI[IWLEPPJSGYWSRLS[ XLIWIIPIQIRXWMRXIVEGX[LIRETYFPMGWTIEOIVEHHVIWWIWEREYHMIRGI
74)%/)6 7TIIGLGSQQYRMGEXMSRFIKMRW[MXLEWTIEOIV-J]SYTMGOYTXLIXIPITLSRIERH WTIEOIV GEPPEJVMIRH]SYEVIEGXMRKEWEWTIEOIV 3JGSYVWI]SY[MPPEPWSEGXEWEPMW 8LITIVWSR[LSMWTVIWIRXMRK XIRIV[LIR]SYVJVMIRHMWXEPOMRK -RTYFPMGWTIEOMRK]SY[MPPYWYEPP]TVIWIRX ERSVEPQIWWEKIXSEPMWXIRIV ]SYVIRXMVIWTIIGL[MXLSYXMRXIVVYTXMSR =SYV WYGGIWW EW E WTIEOIV HITIRHW SR ]SYhSR ]SYV TIVWSREP GVIHMFMPMX] ]SYVORS[PIHKISJXLIWYFNIGX]SYVTVITEVEXMSRSJXLIWTIIGL]SYVQERRIVSJ WTIEOMRK ]SYV WIRWMXMZMX] XS XLI EYHMIRGI ERH XLI SGGEWMSR &YX WYGGIWWJYP WTIEOMRKEPWSVIUYMVIWIRXLYWMEWQ=SYGERtXI\TIGXTISTPIXSFIMRXIVIWXIHMR [LEX]SYWE]YRPIWW]SYEVIMRXIVIWXIH]SYVWIPJ-J]SYEVIXVYP]I\GMXIHEFSYX
8LI7TIIGL'SQQYRMGEXMSR4VSGIWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
]SYVWYFNIGX]SYVEYHMIRGIMWEPQSWXWYVIXSKIXI\GMXIHEPSRK[MXL]SY=SY GERPIEVREPPXLIXIGLRMUYIWSJIJJIGXMZIWTIIGLQEOMRKFYXFIJSVIXLI]GERFI SJ QYGL YWI ]SY QYWX JMVWX LEZI WSQIXLMRK XS WE]hWSQIXLMRK XLEX WTEVOW ]SYVS[RIRXLYWMEWQ
1)77%+) QIWWEKI ;LEXIZIVEWTIEOIV GSQQYRMGEXIWXSWSQISRIIPWI
8LIQIWWEKIMW[LEXIZIVEWTIEOIVGSQQYRMGEXIWXSWSQISRIIPWI-J]SYEVI GEPPMRK E JVMIRH ]SY QMKLX WE] q-tPP FI E PMXXPI PEXI TMGOMRK ]SY YT XSRMKLXr 8LEX MW XLI QIWWEKI &YX MX QE] RSX FI XLI SRP] QIWWEKI 4IVLETW XLIVI MW E GIVXEMRXSRIMR]SYVZSMGIXLEXWYKKIWXWVIPYGXERGILIWMXEXMSR8LIYRHIVP]MRK QIWWEKIQMKLXFIq-VIEPP]HSRtX[ERXXSKSXSXLEXTEVX]=SYXEPOIHQIMRXS MXFYX-tQKSMRKXSTYXMXSJJEWPSRKEW-GERr =SYVKSEPMRTYFPMGWTIEOMRKMWXSLEZI]SYVMRXIRHIHQIWWEKIFIXLIQIW WEKIXLEXMWEGXYEPP]GSQQYRMGEXIH%GLMIZMRKXLMWHITIRHWFSXLSR[LEX]SY WE] XLIZIVFEPQIWWEKI ERHSRLS[]SYWE]MX XLIRSRZIVFEPQIWWEKI +IXXMRKXLIZIVFEPQIWWEKINYWXVMKLXVIUYMVIW[SVO=SYQYWXREVVS[]SYV XSTMGHS[RXSWSQIXLMRK]SYGERHMWGYWWEHIUYEXIP]MRXLIXMQIEPPS[IHJSV XLIWTIIGL=SYQYWXHSVIWIEVGLERHGLSSWIWYTTSVXMRKHIXEMPWXSQEOI]SYV MHIEWGPIEVERHGSRZMRGMRK=SYQYWXSVKERM^I]SYVMHIEWWSPMWXIRIVWGERJSP PS[XLIQ[MXLSYXKIXXMRKPSWX%RH]SYQYWXI\TVIWW]SYVQIWWEKIMR[SVHW XLEXEVIEGGYVEXIGPIEVZMZMHERHETTVSTVMEXI &IWMHIWXLIQIWWEKI]SYWIRH[MXL[SVHW]SYWIRHEQIWWEKI[MXL]SYV XSRISJZSMGIETTIEVERGIKIWXYVIWJEGMEPI\TVIWWMSRERHI]IGSRXEGX-QEKMRI XLEXSRISJ]SYVGPEWWQEXIWKIXWYTXSWTIEOEFSYXWXYHIRXPSERW8LVSYKLSYX LIVWTIIGLWLIWPYQTWFILMRHXLIPIGXIVRXEOIWPSRKTEYWIWXSVIQIQFIV[LEX WLI [ERXW XS WE] WXEVIW EX XLI GIMPMRK ERH JYQFPIW [MXL LIV ZMWYEP EMHW ,IV MRXIRHIHQIWWEKIMWq;IQYWXQEOIQSVIQSRI]EZEMPEFPIJSVWXYHIRXPSERWr &YXXLIQIWWEKIWLIEGXYEPP]GSQQYRMGEXIWMWq-LEZIRtXTVITEVIHZIV][IPPJSV XLMWWTIIGLr3RISJ]SYVNSFWEWEWTIEOIVMWXSQEOIWYVI]SYVRSRZIVFEPQIW WEKIHSIWRSXHMWXVEGXJVSQ]SYVZIVFEPQIWWEKI
',%22)0
GLERRIP 8LIQIERWF][LMGLEQIWWEKI MWGSQQYRMGEXIH
8LI GLERRIP MW XLI QIERW F] [LMGL E QIWWEKI MW GSQQYRMGEXIH ;LIR ]SY TMGOYTXLITLSRIXSGEPPEJVMIRHXLIXIPITLSRIMWXLIGLERRIP4YFPMGWTIEOIVW QE]YWISRISVQSVISJWIZIVEPGLERRIPWIEGLSJ[LMGL[MPPEJJIGXXLIQIWWEKI VIGIMZIHF]XLIEYHMIRGI 'SRWMHIVEWTIIGLXS'SRKVIWWF]XLI4VIWMHIRXSJXLI9RMXIH7XEXIW8LI WTIIGLMWGEVVMIHXSXLIREXMSRF]XLIGLERRIPWSJVEHMSERHXIPIZMWMSR*SVXLI VEHMSEYHMIRGIXLIQIWWEKIMWGSRZI]IHIRXMVIP]F]XLI4VIWMHIRXtWZSMGI*SV XLIXIPIZMWMSREYHMIRGIXLIQIWWEKIMWGSRZI]IHF]FSXLXLI4VIWMHIRXtWZSMGI ERHXLIXIPIZMWIHMQEKI8LITISTPIMR'SRKVIWWLEZIEQSVIHMVIGXGLERRIP 8LI]RSXSRP]LIEVXLI4VIWMHIRXtWZSMGIEWEQTPMJMIHXLVSYKLEQMGVSTLSRI FYXXLI]EPWSWIILMQERHXLIWIXXMRKJMVWXLERH -RETYFPMGWTIEOMRKGPEWW]SYVGLERRIPMWXLIQSWXHMVIGXSJEPP=SYVGPEWW QEXIW[MPPWII]SYERHLIEV]SY[MXLSYXER]IPIGXVSRMGMRXIVZIRXMSR
0-78)2)6 PMWXIRIV 8LITIVWSR[LSVIGIMZIWXLI WTIEOIVtWQIWWEKI
8LIPMWXIRIVMWXLITIVWSR[LSVIGIMZIWXLIGSQQYRMGEXIHQIWWEKI;MXLSYXE PMWXIRIVXLIVIMWRSGSQQYRMGEXMSR;LIR]SYXEPOXSEJVMIRHSRXLITLSRI ]SYLEZISRIPMWXIRIV-RTYFPMGWTIEOMRK]SY[MPPLEZIQER]PMWXIRIVW
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIGVMXMGEPXLMROMRKWOMPPW]SY HIZIPSTMRVIWIEVGLMRKERH SVKERM^MRK]SYVWTIIGLIWGER FIETTPMIHMRQER]JSVQWSJ GSQQYRMGEXMSRMRGPYHMRK QIIXMRKWERHKVSYTTVSNIGXW
)ZIV]XLMRKEWTIEOIVWE]WMWJMPXIVIHXLVSYKLEPMWXIRIVtWJVEQISJVIJIVIRGIh XLI XSXEP SJ LMW SV LIV ORS[PIHKI I\TIVMIRGI KSEPW ZEPYIW ERH EXXMXYHIW &IGEYWI E WTIEOIV ERH E PMWXIRIV EVI HMJJIVIRX TISTPI XLI] GER RIZIV LEZI I\EGXP]XLIWEQIJVEQISJVIJIVIRGI%RHFIGEYWIEPMWXIRIVtWJVEQISJVIJIVIRGI GER RIZIV FI I\EGXP] XLI WEQI EW E WTIEOIVtW XLI QIERMRK SJ E QIWWEKI [MPP RIZIVFII\EGXP]XLIWEQIXSEPMWXIRIVEWXSEWTIEOIV =SYGERIEWMP]XIWXXLIMQTEGXSJHMJJIVIRXJVEQIWSJVIJIVIRGI%WOIEGLSJ ]SYVGPEWWQEXIWXSHIWGVMFIEGLEMV-J]SYLEZIGPEWWQEXIW]SYtPPTVSFEFP] KIX HMJJIVIRX HIWGVMTXMSRW 3RI WXYHIRX QMKLX TMGXYVI E PEVKI SZIVWXYJJIH IEW] GLEMV ERSXLIV ER IPIKERX WXVEMKLXFEGOIH GLEMV ]IX ERSXLIV ER SJJMGI GLEMV E JSYVXL E VSGOMRK GLEMV ERH WS SR )ZIR MJ X[S SV QSVI IRZMWMSR XLI WEQI KIRIVEP X]TIhWE] E VSGOMRK GLEMVhXLIMV QIRXEP MQEKIW SJ XLI GLEMV GSYPH WXMPP FI HMJJIVIRX 3RI QMKLX FI XLMROMRK SJ ER IEVP] %QIVMGER VSGOIV ERSXLIVSJEQSHIVR7GERHMREZMERVSGOIVhXLITSWWMFMPMXMIWEVIYRPMQMXIH%RH qGLEMVrMWEJEMVP]WMQTPIGSRGITX;LEXEFSYXqTEXVMSXMWQrSVqJVIIHSQr# &IGEYWI TISTPI LEZI HMJJIVIRX JVEQIW SJ VIJIVIRGI E TYFPMG WTIEOIV QYWX XEOIKVIEXGEVIXSEHETXXLIQIWWEKIXSXLITEVXMGYPEVEYHMIRGIFIMRKEHHVIWWIH 8SFIERIJJIGXMZIWTIEOIV]SYQYWXFIEYHMIRGIGIRXIVIH=SY[MPPUYMGOP]PSWI ]SYVPMWXIRIVWtEXXIRXMSRMJ]SYVTVIWIRXEXMSRMWIMXLIVXSSFEWMGSVXSSWSTLMWXM GEXIH=SY[MPPEPWSPSWI]SYVEYHMIRGIMJ]SYHSRSXVIPEXIXSXLIMVI\TIVMIRGI MRXIVIWXWORS[PIHKIERHZEPYIW;LIR]SYQEOIEWTIIGLXLEXGEYWIWPMWXIRIVW XSWE]q8LEXMWMQTSVXERXXSQIr]SY[MPPEPQSWXEP[E]WFIWYGGIWWJYP
JVEQISJVIJIVIRGI 8LIWYQSJETIVWSRtW ORS[PIHKII\TIVMIRGIKSEPW ZEPYIWERHEXXMXYHIW2SX[S TISTPIGERLEZII\EGXP]XLI WEQIJVEQISJVIJIVIRGI
*))(&%'/ ;LIRXLI4VIWMHIRXEHHVIWWIWXLIREXMSRSRXIPIZMWMSRLIMWIRKEKIHMRSRI [E]GSQQYRMGEXMSR=SYGERXEPOFEGOXSXLIXIPIZMWMSRWIXFYXXLI4VIWMHIRX [SRtX LIEV ]SY 1SWX WMXYEXMSRW LS[IZIV MRZSPZI X[S[E] GSQQYRMGEXMSR =SYV PMWXIRIVW HSRtX WMQTP] EFWSVF ]SYV QIWWEKI PMOI LYQER WTSRKIW 8LI] WIRHFEGOQIWWEKIWSJXLIMVS[R8LIWIQIWWEKIWEVIGEPPIHJIIHFEGO
JIIHFEGO 8LIQIWWEKIWYWYEPP] RSRZIVFEPWIRXJVSQEPMWXIRIV XSEWTIEOIV
8LI7TIIGL'SQQYRMGEXMSR4VSGIWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-R TYFPMGWTIEOMRK XLIVIMWTPIRX] SJJIIHFEGOXSPIX]SYORS[LS[ ]SYV QIWWEKI MW FIMRK VIGIMZIH (S ]SYV PMWXIRIVW PIER JSV[EVH MR XLIMV WIEXW EW MJ TE]MRKGPSWIEXXIRXMSR#(SXLI] ETTPEYHMRETTVSZEP#(SXLI]PEYKL EX]SYV NSOIW#(SXLI]LEZIUYM^^MGEPPSSOWSRXLIMVJEGIW#(SXLI]WLYJJPIXLIMVJIIX ERHKE^IEXXLIGPSGO#8LIQIWWEKIWIRXF]XLIWIVIEGXMSRWGSYPHFIq-EQJEW GMREXIHr q- EQ FSVIHr q- EKVII [MXL ]SYr q- HSRtX EKVII [MXL ]SYr SV ER] RYQFIV SJ SXLIVW %W E WTIEOIV ]SY RIIH XS FI EPIVX XS XLIWI VIEGXMSRW ERH EHNYWX]SYVQIWWEKIEGGSVHMRKP] 0MOIER]OMRHSJGSQQYRMGEXMSRJIIHFEGOMWEJJIGXIHF]SRItWJVEQISJ VIJIVIRGI ,S[ [SYPH ]SY JIIP MJ MQQIHMEXIP] EJXIV ]SYV WTIIGL EPP ]SYV GPEWWQEXIWWXEVXIHXSVETXLIMVORYGOPIWSRXLIHIWOW#;SYPH]SYVYRSYXSJ XLIVSSQMRHIWTEMV#2SXMJ]SY[IVIMRE)YVSTIERYRMZIVWMX]-RQER]TEVXW SJ)YVSTIWXYHIRXWVETXLIMVORYGOPIWSRXLIMVHIWOWXSWLS[EHQMVEXMSRJSV E GPEWWVSSQ PIGXYVI =SY QYWX YRHIVWXERH XLI JIIHFEGO XS FI EFPI XS HIEP [MXLMX
-28)6*)6)2')
MRXIVJIVIRGI %R]XLMRKXLEXMQTIHIWXLI GSQQYRMGEXMSRSJEQIWWEKI -RXIVJIVIRGIGERFII\XIVREPSV MRXIVREPXSPMWXIRIVW
-RXIVJIVIRGI MW ER]XLMRK XLEX MQTIHIW XLI GSQQYRMGEXMSR SJ E QIWWEKI ;LIR ]SY XEPO SR XLI XIPITLSRI WSQIXMQIW XLIVI MW WXEXMG SV [MVIW KIX GVSWWIH WS XLEX X[S HMJJIVIRX GSRZIVWEXMSRW EVI KSMRK SR EX SRGI 8LEX MW E OMRHSJMRXIVJIVIRGI -RTYFPMGWTIEOMRKXLIVIEVIX[SOMRHWSJMRXIVJIVIRGI3RIPMOIXLIWXEXMG SV GVSWWIH [MVIW MR E TLSRI GSRZIVWEXMSR MW I\XIVREP XS XLI EYHMIRGI 1ER] GPEWWVSSQW EVI WYFNIGX XS XLMW OMRH SJ MRXIVJIVIRGIhJVSQ XVEJJMG SYXWMHI XLI FYMPHMRKXLIGPEXXIVSJEVEHMEXSVWXYHIRXWGSRZIVWMRKMRXLILEPPEVSSQXLEX MWWXMJPMRKLSXSVJVII^MRKGSPH%R]SJXLIWIGERHMWXVEGXPMWXIRIVWJVSQ[LEX]SY EVIWE]MRK %WIGSRHOMRHSJMRXIVJIVIRGIMWMRXIVREPERHGSQIWJVSQ[MXLMR]SYVEYHM IRGI4IVLETWSRISJ]SYVPMWXIRIVWLEWEXSSXLEGLI7LIQE]FIWSHMWXVEGXIH F] XLI TEMR XLEX WLI HSIWRtX TE] EXXIRXMSR XS ]SYV WTIIGL %RSXLIV PMWXIRIV GSYPHFI[SVV]MRKEFSYXEXIWXMRXLIRI\XGPEWWTIVMSH=IXERSXLIVGSYPHFI FVSSHMRKEFSYXEREVKYQIRX[MXLLMWKMVPJVMIRH %W EWTIEOIV ]SYQYWXXV]XSLSPH]SYV PMWXIRIVWt EXXIRXMSR HIWTMXIXLIWI ZEVMSYWOMRHWSJMRXIVJIVIRGI-RXLIGLETXIVW XLEXJSPPS[]SY[MPPJMRHQER] [E]WXSHSXLMW
7-89%8-32 WMXYEXMSR 8LIXMQIERHTPEGIMR[LMGL WTIIGLGSQQYRMGEXMSRSGGYVW
8LI WMXYEXMSR MW XLI XMQI ERH TPEGI MR [LMGL WTIIGL GSQQYRMGEXMSR SGGYVW 'SRZIVWEXMSREP[E]WXEOIWTPEGIMREGIVXEMRWMXYEXMSR7SQIXMQIWXLIWMXYEXMSR LIPTWhEW [LIR ]SY TVSTSWI QEVVMEKI SZIV ER MRXMQEXI GERHPIPMKLX HMRRIV 3XLIVXMQIWMXQE]LYVXhEW[LIR]SYXV]XSWTIEO[SVHWSJPSZIMRGSQTIXM XMSR[MXLEFPEVMRKWXIVIS;LIR]SYLEZIXSXEPO[MXLWSQISRIEFSYXEXSYGL] MWWYI]SYYWYEPP][EMXYRXMPXLIWMXYEXMSRMWNYWXVMKLX 4YFPMG WTIEOIVW QYWX EPWS FI EPIVX XS XLI WMXYEXMSR 'IVXEMR SGGEWMSRWh JYRIVEPW GLYVGL WIVZMGIW KVEHYEXMSR GIVIQSRMIWhVIUYMVI GIVXEMR OMRHW SJ WTIIGLIW4L]WMGEPWIXXMRKMWEPWSMQTSVXERX-XQEOIWEKVIEXHIEPSJHMJJIVIRGI [LIXLIVEWTIIGLMWTVIWIRXIHMRHSSVWSVSYXMREWQEPPGPEWWVSSQSVMREK]Q REWMYQ XS E HIRWIP] TEGOIH GVS[H SV XS E LERHJYP SJ WGEXXIVIH WSYPW ;LIR ]SYEHNYWXXSXLIWMXYEXMSRSJETYFPMGWTIIGL]SYEVISRP]HSMRKSREPEVKIV WGEPI[LEX]SYHSIZIV]HE]MRGSRZIVWEXMSR
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
d*-+96)
7MXYEXMSR
',%2
2)0
-RXIVJIVIRGI 7MXYEXMSR
2S[PIXYWPSSOEXEGSQTPIXIQSHIPSJXLIWTIIGLGSQQYRMGEXMSRTVSGIWW EWWLS[RMR*MKYVI EFSZI
8,)74))','31192-'%8-32463')77 )<%140);-8,'311)28%6= 8LIJSPPS[MRKI\EQTPIWLS[WLS[XLIZEVMSYWGSQTSRIRXWSJXLIWTIIGLGSQ QYRMGEXMSRTVSGIWWMRXIVEGX 7MXYEXMSR
-X[EW 41ERHXLIJEPPWEPIWGSRJIVIRGISJ3QRM&VERHW-RGLEH FIIRKSMRKSREPPHE]%WIVMIWSJRI[TVSHYGXTVIWIRXEXMSRWXSFY]IVW JVSQXLIGSQTER]tWPEVKIWXGYWXSQIVWLEHXEOIRQYGLPSRKIVXLER I\TIGXIH 7TIEOIV %P]WSR/EYJQER[EW[SVVMIH%WEQEVOIXMRKQEREKIVJSVJVEKVERGIWWLI [EWXLIPEWXWTIEOIVSJXLIHE];LIR%P]WSRVSWIXSEHHVIWWXLIEYHM IRGIWLIORI[WLIJEGIHEHMJJMGYPXWMXYEXMSR7LILEHFIIREPPSXXIH QMRYXIWXSMRXVSHYGILIVTVSHYGXWERHXLIQIIXMRK[EWWGLIHYPIHXSIRH MRQMRYXIW;LEXtWQSVILSPMHE]WEPIWSJLIVIRXMVITVSHYGXPMRI HITIRHIHMRPEVKITEVXSRXLMWTVIWIRXEXMSR 'LERRIP %P]WSRWXITTIHXSXLIQMGVSTLSRIERHFIKERXSWTIEO7LIGSYPHWII -RXIVJIVIRGI QIQFIVWSJXLIEYHMIRGIPSSOMRKEXXLIMV[EXGLIWERHWLIORI[XLI] [IVIIEKIVXSKIXXSHMRRIVEJXIVEPSRKHE]SJTVIWIRXEXMSRW %HETXMRKXS q+SSHEJXIVRSSRr%P]WSRWEMHqERHXLEROWJSV]SYVEXXIRXMSR-ORS[ -RXIVJIVIRGI IZIV]SRIMWVIEH]JSVHMRRIVh-GIVXEMRP]EQ-[EWKMZIRQMRYXIWJSVQ] TVIWIRXEXMSRhSOE]IZIV]FSH]KVSERhFYX[MXL]SYVOMRHGSSTIVEXMSR-tPP HSQ]FIWXXSJMRMWLMRYRHIVLEPJERLSYV-XLMRO]SYtPPJMRHXLIXMQI[IPP [SVXL]SYV[LMPIFIGEYWIXLITVSHYGXW-EQKSMRKXSXIPP]SYEFSYX[MPP WIVMSYWP]FSSWX]SYVLSPMHE]WEPIWr%P]WSR[EWVIPMIZIHXSWIIWIZIVEPTIS TPIWQMPMRKEWXLI]WIXXPIHFEGOMRXLIMVWIEXW 1IWWEKI 2S[XLEXWLILEHXLIEYHMIRGItWEXXIRXMSR%P]WSRTVIWIRXIHIEGLRI[ TVSHYGXEWFVMIJP]EWWLIGSYPH7LIWXVIEQPMRIHLIVTPERRIHTVIWIRXEXMSR XSIQTLEWM^IXLIJIEXYVIWXLEX[SYPHFIQSWXETTIEPMRKXSXLIFY]IVWERH XLISRIWXLI][SYPHFIQSWXPMOIP]XSVIQIQFIV7LIIRHIHF]LERHMRK SYXWEQTPIWSJXLITVSHYGXWERHTVSQMWMRKXSGSRXEGXER]SRI[LSRIIHIH QSVIMRJSVQEXMSR7LIUYMGOP]EHHIHLIVIQEMPEHHVIWWXSLIV4S[IV4SMRX WPMHIWERH[EWIRGSYVEKIHXSWIITISTPI[VMXMRKMXHS[R
8LI7TIIGL'SQQYRMGEXMSR4VSGIWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
*IIHFEGO
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%WTVSQMWIH%P]WSRJMRMWLIHMRYRHIVLEPJERLSYVq%RHXLEX[VETWMX YTrWLIGSRGPYHIHq0IXtWIEXr0EXIVXLIQEVOIXMRKHMVIGXSVGSQTPM QIRXIH%P]WSRSRHIEPMRKWS[IPP[MXLEXSYKLWMXYEXMSRq=SYHMHEKVIEX NSFrXLIQEVOIXMRKHMVIGXSVWEMHq2I\X]IEV[ItPPXV]XSQEOIEPPXLI TVIWIRXEXMSRWEWGSRGMWIERHIJJMGMIRXEW]SYVWr
4YFPMG7TIEOMRKMRE1YPXMGYPXYVEP;SVPH '90896%0(-:)67-8=-28,)13()62;360( 8LI9RMXIH7XEXIWLEWEP[E]WFIIREHMZIVWIWSGMIX]-REZMWMXSVXS[LEX MWRS[2I[ =SVO'MX][EWEWXSRMWLIHXSJMRHXLEX PERKYEKIW[IVIWTSOIR EQSRK XLI GMX]tW MRLEFMXERXW &] XLI QMHHPI SJ XLI XL GIRXYV] WS QER]TISTPIJVSQWSQER]PERHWLEHGSQIXSXLI9RMXIH7XEXIWXLEXRSZIPMWX ,IVQER1IPZMPPII\GPEMQIHq=SYGERRSXWTMPPEHVSTSJ%QIVMGERFPSSH[MXL SYXWTMPPMRKXLIFPSSHSJXLI[LSPI[SVPHr 3RIGERSRP]MQEKMRI[LEX1IPZMPPI [SYPHWE]XSHE]8LI9RMXIH7XEXIW LEWFIGSQIXLIQSWXHMZIVWIWSGMIX]SRIEVXL*SVQSVIXLEREGIRXYV]QSWX MQQMKVERXW XS XLI 97 [IVI )YVSTIERWh-VMWL +IVQERW )RKPMWL 7GERHMRE ZMERW +VIIOW 4SPIW -XEPMERW ERH SXLIVW 8SKIXLIV [MXL %JVMGER %QIVMGERW XLI]QEHI%QIVMGEXLIqQIPXMRKTSXrSJXLI[SVPH8SHE]ERSXLIVKVIEX[EZI SJ MQQMKVEXMSRhQSWXP] JVSQ %WME ERH 0EXMR %QIVMGEhLEW XVERWJSVQIH XLI 9RMXIH7XEXIWMRXS[LEXSRI[VMXIVGEPPWqXLIJMVWXYRMZIVWEPREXMSRrEQYPXMGYP XYVEPWSGMIX]SJYRQEXGLIHHMZIVWMX] 8LIHMZIVWMX] SJPMJIMRXLI9RMXIH7XEXIWGERFIWIIR MRGMXMIWERHXS[RW WGLSSPW ERH FYWMRIWWIW GSQQYRMX]KVSYTWERHLSYWIW SJ[SVWLMTEPP EGVSWW XLIPERH'SRWMHIVXLIJSPPS[MRK 8LIVIEVI REXMSRW MRXLI[SVPHERHIZIV]SRISJXLIQLEWWSQISRI PMZMRKMRXLI9RMXIH7XEXIW ,SYWXSRLEWX[SVEHMSWXEXMSRWXLEXFVSEHGEWXWSPIP]MR:MIXREQIWIERHE HEMP]RI[WTETIVXLEXTVMRXWMR'LMRIWI 2IEVP] TIVGIRX SJ XLI TISTPI MR 1MEQM [IVI FSVR SYXWMHI XLI 9RMXIH 7XEXIW 1SVIXLERQMPPMSRTISTPIMRXLI97WTIEOEPERKYEKISXLIVXLER)R KPMWLEXLSQI 8LIWIOMRHWSJHIZIPSTQIRXWEVIRSXPMQMXIHXSXLI9RMXIH7XEXIW;IPMZI MR ER EKI SJ MRXIVREXMSREP QYPXMGYPXYVEPMWQ 8LI -RXIVRIX EPPS[W JSV MRWXERX GSQQYRMGEXMSRIZIV][LIVIEVSYRHXLI[SVPH'22MWFVSEHGEWXXSQSVIXLER FMPPMSRTISTPIKPSFEPP]-RXIVREXMSREPEMVXVEZIPLEWQEHIREXMSREPFSYRHEVMIW EPQSWXQIERMRKPIWW%PPREXMSRWEVIFIGSQMRKTEVXSJEZEWXKPSFEPZMPPEKI*SV I\EQTPI 8LIVI EVI XVERWREXMSREP GSVTSVEXMSRW EVSYRH XLI [SVPH ERH XLI] EGGSYRXJSVQSVIXLERTIVGIRXSJXLI[SVPHtWIGSRSQMGSYXTYX 1G(SREPHtWWIPPWX[MGIEWQER]LEQFYVKIVWERH*VIRGLJVMIWEFVSEHXLERMX HSIWMRXLI9RMXIH7XEXIW 2MOIQEOIWTIVGIRXSJMXWWEPIWXLVSYKLI\TSVXW
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
*VERGI LEW EW QER] 1YWPMQW EW TVEGXMGMRK 'EXLSPMGW VEHMS ',-2 MR 8SVSRXS'EREHEFVSEHGEWXWMRPERKYEKIW -R+IRIZE7[MX^IVPERHXLIVIEVIWSQER]TISTPIJVSQEVSYRHXLI[SVPH XLEXRIEVP]TIVGIRXSJXLIWGLSSPTSTYPEXMSRMWRSR7[MWW
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q[IGSQQYRMGEXIXLI[E][IHS FIGEYWI[IEVIVEMWIHMRETEVXMGYPEVGYPXYVIERHPIEVRMXWPERKYEKIVYPIWERH RSVQWr 8LIQIERMRKWEXXEGLIHXSKIWXYVIWJEGMEPI\TVIWWMSRWERHSXLIVRSRZIVFEP WMKREPWEPWSZEV]JVSQGYPXYVIXSGYPXYVI)ZIRXLIKIWXYVIWJSVWYGLFEWMGQIW WEKIW EW qLIPPSr ERH qKSSHF]Ir EVI GYPXYVEPP] FEWIH 8LI 2SVXL %QIVMGER qKSSHF]Ir[EZIMWMRXIVTVIXIHMRQER]TEVXWSJ)YVSTIERH7SYXL%QIVMGEEW XLIQSXMSRJSVqRSr[LMPIXLI-XEPMERERH+VIIOKIWXYVIJSVqKSSHF]IrMWXLI WEQIEWXLI97WMKREPJSVqGSQILIVIr 1ER]WXSVMIWLEZIFIIRXSPHEFSYXXLIJEXISJTYFPMGWTIEOIVW[LSJEMPXS XEOIMRXSEGGSYRXGYPXYVEPHMJJIVIRGIWFIX[IIRXLIQWIPZIWERHXLIMVEYHMIRGIW 'SRWMHIVXLIJSPPS[MRKWGIREVMS 8LIWEPIWQEREKIVSJE97IPIGXVSRMGWJMVQMWMR&VE^MPXSRIKSXMEXIEPEVKITYVGLEWI SJGSQTYXIVWF]E7SYXL%QIVMGERGSVTSVEXMSR%JXIVXLVIIHE]WSJRIKSXMEXMSRWXLIWEPIW QEREKIVLSPHWEKEPEVIGITXMSRJSVEPPXLIQENSVI\IGYXMZIWXSFYMPHKSSH[MPPFIX[IIRXLI GSQTERMIW %W MW XLI GYWXSQ SR WYGL SGGEWMSRW XMQI MW WIX EWMHI HYVMRK XLI VIGITXMSR JSV ER I\GLERKISJXSEWXW;LIRMXMWXLIWEPIWQEREKIVtWXYVRXSWTIEOLITVEMWIWXLI&VE^MPMER JMVQ JSV MXW QER] EGLMIZIQIRXW ERH XEPOW IPSUYIRXP] SJ LMW VIWTIGX JSV MXW TVIWMHIRX ERH SXLIVI\IGYXMZIW8LI[SVHWEVITIVJIGXERHXLIWEPIWQEREKIVGERWIILMWEYHMIRGIWQMP MRKMRETTVSZEP %RHXLIRhHMWEWXIV %WXLIWEPIWQEREKIVGPSWIWLMWWTIIGLLI VEMWIWLMWLERH ERH JPEWLIWXLIGPEWWMG97q3/rWMKRXSWMKREPLMWTPIEWYVIEXXLITVSKVIWWSJXLIRIKSXMEXMSRW -RWXERXP]XLIJIWXMZIQSSHMWVITPEGIH[MXLWXSR]WMPIRGI WQMPIWXYVRXSMG]WXEVIW8LIWEPIW QEREKIVLEWKMZIRLMW&VE^MPMEREYHMIRGIEKIWXYVI[MXLVSYKLP]XLIWEQIQIERMRKEWER I\XIRHIHQMHHPIJMRKIVMRXLI9RMXIH7XEXIW 8LI RI\X HE] XLI &VE^MPMER JMVQ ERRSYRGIW MX [MPP FY] MXW GSQTYXIVW JVSQ ERSXLIV GSQTER]
%WXLMWWXSV]MPPYWXVEXIWTYFPMGWTIEOIVWGERMPPEJJSVHXSSZIVPSSOXLIMVPMW XIRIVWtGYPXYVEPZEPYIWERHGYWXSQW8LIQIXLSHWSJIJJIGXMZIWTIIGLI\TPEMRIH XLVSYKLSYX XLMWFSSO[MPPFILIPTJYP XS]SY MR WTIEOMRK XSGYPXYVEPP] HMZIVWI EYHMIRGIW,IVI[IRIIHXSWXVIWWXLIMQTSVXERGISJEZSMHMRKXLIIXLRSGIRXVMWQ
4YFPMG7TIEOMRKMRE1YPXMGYPXYVEP;SVPH
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4YFPMGWTIEOMRKMWEZMXEPQSHI SJGSQQYRMGEXMSRMRQSWXGYP XYVIWEVSYRHXLI[SVPH,IVI *VIRGLJMRERGIQMRMWXIV 'LVMWXMRI0EKEVHIEHHVIWWIW XLI;SVPH)GSRSQMG*SVYQMR (EZSW7[MX^IVPERH
XLEX SJXIR FPSGOW GSQQYRMGEXMSR FIX[IIR WTIEOIVW ERH PMWXIRIVW SJ HMJJIVIRX GYPXYVEPFEGOKVSYRHW
%:3-(-2+)8,23')286-71 IXLRSGIRXVMWQ 8LIFIPMIJXLEXSRItWS[RKVSYT SVGYPXYVIMWWYTIVMSVXSEPPSXLIV KVSYTWSVGYPXYVIW
)XLRSGIRXVMWQ MW XLI FIPMIJ XLEX SYV S[R KVSYT SV GYPXYVIh[LEXIZIV MX QE] FIhMW WYTIVMSV XS EPP SXLIV KVSYTW SV GYPXYVIW &IGEYWI SJ IXLRSGIRXVMWQ [I MHIRXMJ] [MXL SYV KVSYT SV GYPXYVI ERH WII MXW ZEPYIW FIPMIJW ERH GYWXSQW EW qVMKLXrSVqREXYVEPrhMRGSQTEVMWSRXSXLIZEPYIWFIPMIJWERHGYWXSQWSJSXLIV KVSYTWSVGYPXYVIW[LMGL[IXIRHXSXLMROSJEWq[VSRKrSVqYRREXYVEPr )XLRSGIRXVMWQ MW TEVX SJ IZIV] GYPXYVI ERH MX GER TPE] E TSWMXMZI VSPI MR GVIEXMRKKVSYTTVMHIERHPS]EPX]&YXMXGEREPWSPIEHXSTVINYHMGIERHLSWXMPMX] XS[EVH HMJJIVIRX VEGMEP IXLRMG SV GYPXYVEP KVSYTW 8S FI ER IJJIGXMZI TYFPMG WTIEOIVMREQYPXMGYPXYVEP[SVPH]SYRIIHXSOIITMRQMRHXLEXEPPTISTPILEZI XLIMVWTIGMEPFIPMIJWERHGYWXSQW %ZSMHMRK IXLRSGIRXVMWQ HSIW RSX QIER ]SY QYWX EKVII [MXL XLI ZEPYIW ERH TVEGXMGIW SJ EPP KVSYTW ERH GYPXYVIW %X XMQIW ]SY QMKLX XV] XS GSRZMRGI TISTPISJHMJJIVIRXGYPXYVIWXSGLERKIXLIMVXVEHMXMSREP[E]WSJHSMRKXLMRKWhEW WTIEOIVWJVSQXLI9RMXIH2EXMSRWWIIOXSTIVWYEHIJEVQIVWMR%JVMGEXSEHSTX QSVI TVSHYGXMZI QIXLSHW SJ EKVMGYPXYVI SV EW HIPIKEXIW JVSQ XLI 97 ERH 'LMREEXXIQTXXSMRJPYIRGIXLISXLIVGSYRXV]tWXVEHITSPMGMIW -JWYGLWTIEOIVWEVIXSFIWYGGIWWJYPLS[IZIVXLI]QYWXWLS[VIWTIGXJSV XLIGYPXYVIWSJ XLI TISTPIXLI] EHHVIWW 8LI] RIIHXSEHETXXLIMVQIWWEKI XS XLIGYPXYVEPZEPYIWERHI\TIGXEXMSRWSJXLIMVPMWXIRIVW ;LIR]SY[SVOSR]SYVWTIIGLIWFIEPIVXXSLS[GYPXYVEPJEGXSVWQMKLXEJJIGX XLI[E]PMWXIRIVWVIWTSRH%W[IWLEPPWIIMR'LETXIVJSVGPEWWVSSQWTIIGLIW]SY GER YWI EYHMIRGIEREP]WMW UYIWXMSRREMVIW XS PIEVR EFSYX XLI FEGOKVSYRHW ERH STMRMSRWSJ]SYVGPEWWQEXIW*SVWTIIGLIWSYXWMHIXLIGPEWWVSSQXLITIVWSR[LS MRZMXIW]SYXSWTIEOGERYWYEPP]TVSZMHIMRJSVQEXMSREFSYXXLIEYHMIRGI
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
%W[IWLEPPWIIXLVSYKLSYXXLMWFSSOXLIVIEVIQER]-RXIVRIXVIWSYVGIWJSVTYFPMG WTIEOIVW3RISJXLSWIVIWSYVGIWMWERI\XIRWMZIGSPPIGXMSRSJWTIIGLIWJVSQ[SVPH LMWXSV] [LMGL ]SY GER EGGIWW EX XLI ,MWXSV] 4PEGI +VIEX 7TIIGLIW 'SPPIGXMSR [[[LMWXSV]TPEGIGSQWTIIGLIWTVIZMSYWLXQ 8LSYWERHWSJTISTPIMRXLI9RMXIH7XEXIWIEVRXLIMVPMZMRKEWTVSJIWWMSREPTYFPMG WTIEOIVW=SYGERPIEVREFSYXXLIMVEGXMZMXMIWEXXLI2EXMSREP7TIEOIVW%WWSGMEXMSR ;IFWMXI [[[RWEWTIEOIVSVK
8LI1G+VE[n,MPP 'SQTERMIW
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
3RGI]SYORS[EFSYXER]GYPXYVEPJEGXSVWXLEXQMKLXEJJIGX]SYVPMWXIRIVWt VIWTSRWIXV]XSTYX]SYVWIPJMRXLIMVTPEGIERHXSLIEV]SYVQIWWEKIXLVSYKL XLIMVIEVW-JXLIVIMWEPERKYEKIHMJJIVIRGIEZSMH[SVHWSVTLVEWIWXLEXQMKLX GEYWI QMWYRHIVWXERHMRK ;LIR VIWIEVGLMRK XLI WTIIGL OIIT ER I]I SYX JSV WYTTSVXMRKQEXIVMEPWXLEX[MPPVIPEXIXSE[MHIVERKISJPMWXIRIVW%PWSGSRWMHIV YWMRKZMWYEPEMHW%W[IWLEPPWIIMR'LETXIVXLI]GERFIIWTIGMEPP]LIPTJYP MRFVMHKMRKEKETMRPERKYEKISVGYPXYVEPFEGOKVSYRH ;LIRHIPMZIVMRK]SYVWTIIGLFIEPIVXXSJIIHFEGOXLEXQMKLXMRHMGEXIXLI EYHMIRGIMWLEZMRKXVSYFPIKVEWTMRK]SYVMHIEW-J]SYWIITY^^PIHI\TVIWWMSRW VIWXEXI]SYVTSMRXXSQEOIWYVIMXMWYRHIVWXSSH;MXLWSQIEYHMIRGIW]SYGER IRGSYVEKIJIIHFEGOF]EWOMRKq%Q-QEOMRKQ]WIPJGPIEV#rSVq(MH-I\TPEMR XLMWTSMRXJYPP]IRSYKL#r -J]SYTSWIWYGLUYIWXMSRWLS[IZIVFIE[EVIXLEXPMWXIRIVWJVSQHMJJIVIRX GYPXYVIW QE] VIWTSRH UYMXI HMJJIVIRXP] 1SWX %VEFW 2SVXL %QIVMGERW ERH )YVSTIERW[MPPKMZI]SYJEMVP]HMVIGXJIIHFEGOMJ]SYEWOJSVMX0MWXIRIVWJVSQ %WMER ERH 'EVMFFIER GSYRXVMIW SR XLI SXLIV LERH QE] RSX VIWTSRH SYX SJ GSRGIVRXLEXHSMRKWS[MPPWLS[HMWVIWTIGXJSVXLIWTIEOIV 7II'LETXIVJSV EJYPPHMWGYWWMSRSJEYHMIRGIEREP]WMWERHEHETXEXMSR *MREPP][IWLSYPHRSXIXLIMQTSVXERGISJEZSMHMRKIXLRSGIRXVMWQ [LIR PMWXIRMRK XS WTIIGLIW %W [I WLEPP WII MR 'LETXIVW ERH WTIIGL EYHMIRGIW LEZIEVIWTSRWMFMPMX]XSPMWXIRGSYVXISYWP]ERHEXXIRXMZIP];LIR]SYPMWXIRXS EWTIEOIVJVSQEHMJJIVIRXGYPXYVEPFEGOKVSYRHFISRKYEVHEKEMRWXXLIXIQTXE XMSRXSNYHKIXLIWTIEOIVSRXLIFEWMWSJLMWSVLIVETTIEVERGISVQERRIVSJ HIPMZIV] 8SS SJXIR [I JSVQ STMRMSRW EFSYX TISTPI F] XLI [E] XLI] PSSO SV WTIEOVEXLIVXLERF][LEXXLI]WE]2SQEXXIV[LEXXLIGYPXYVEPFEGOKVSYRH SJXLIWTIEOIV]SYWLSYPHPMWXIRXSLIVSVLMQEWEXXIRXMZIP]EW]SY[SYPH[ERX ]SYVEYHMIRGIXSPMWXIRXS]SY
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
7YQQEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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tWVIEWSRMRKERHEZSMHXLIQMR]SYVS[R 8LIWTIIGLGSQQYRMGEXMSRTVSGIWWMRGPYHIWWIZIRIPIQIRXWh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hTIVLETWQSWXhSJXLIEYHMIRGIW ]SYEHHVIWW[MPPMRGPYHITISTPISJHMJJIVIRXGYPXYVEPFEGOKVSYRHW;LIR]SY[SVOSR ]SYVWTIIGLIWFIEPIVXXSLS[WYGLJEGXSVWQMKLXEJJIGXXLIVIWTSRWIWSJ]SYVPMWXIR IVWERHEHETX]SYVQIWWEKIEGGSVHMRKP]%FSZIEPPEZSMHXLIIXLRSGIRXVMGFIPMIJXLEX ]SYVS[RGYPXYVISVKVSYTMWWYTIVMSVXSEPPSXLIVW%PWSOIITMRQMRHXLIMQTSVXERGI SJ EZSMHMRK IXLRSGIRXVMWQ [LIR PMWXIRMRK XS WTIIGLIW %GGSVH IZIV] WTIEOIV XLI WEQIGSYVXIW]ERHEXXIRXMZIRIWW]SY[SYPH[ERXJVSQ]SYVPMWXIRIVW
/)=8)617 WXEKIJVMKLX
GLERRIP
EHVIREPMRI
PMWXIRIV
TSWMXMZIRIVZSYWRIWW
JVEQISJVIJIVIRGI
ZMWYEPM^EXMSR
JIIHFEGO
GVMXMGEPXLMROMRK
MRXIVJIVIRGI
WTIEOIV
WMXYEXMSR
QIWWEKI
IXLRSGIRXVMWQ
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW -R[LEX[E]WMWTYFPMGWTIEOMRKPMOIP]XSQEOIEHMJJIVIRGIMR]SYVPMJI# ,S[MWTYFPMGWTIEOMRKWMQMPEVXSIZIV]HE]GSRZIVWEXMSR# ,S[MWTYFPMGWTIEOMRKHMJJIVIRXJVSQIZIV]HE]GSRZIVWEXMSR# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;L]MWMXRSVQEPhIZIRHIWMVEFPIhXSFIRIVZSYWEXXLIWXEVXSJEWTIIGL# ,S[ GER ]SY GSRXVSP ]SYV RIVZSYWRIWW ERH QEOI MX [SVO JSV ]SY MR ]SYV WTIIGLIW#
',%48)6 74)%/-2+-249&0-'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR4YFPMG
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LEX EVI XLI WIZIR IPIQIRXW SJ XLI WTIIGL GSQQYRMGEXMSR TVSGIWW# ,S[ HS XLI]MRXIVEGXXSHIXIVQMRIXLIWYGGIWWSVJEMPYVISJEWTIIGL# ;LEX MW IXLRSGIRXVMWQ# ;L] HS TYFPMG WTIEOIVW RIIH XS EZSMH IXLRSGIRXVMWQ [LIREHHVIWWMRKEYHMIRGIW[MXLHMZIVWIGYPXYVEPVEGMEPSVIXLRMGFEGOKVSYRHW#
)<)6'-7)7*36'6-8-'%08,-2/-2+
8LMRO FEGO SR ER MQTSVXERX GSRZIVWEXMSR ]SY LEH VIGIRXP] MR [LMGL ]SY [ERXIH XS EGLMIZI E TEVXMGYPEV VIWYPX )\EQTPIW %WOMRK ]SYV IQTPS]IV XS GLERKI]SYV[SVOWGLIHYPI I\TPEMRMRKXSEJVMIRHLS[XSGLERKIXLISMPERH JMPXIVMREGEV EXXIQTXMRKXSXEPO]SYVWTSYWISVTEVXRIVMRXSFY]MRKXLIGSQ TYXIV]SYPMOIVEXLIVXLERXLISRILISVWLITVIJIVW ;SVOYTEFVMIJEREP]WMW SJXLIGSRZIVWEXMSR -R]SYVEREP]WMWI\TPEMRXLIJSPPS[MRK ]SYVTYVTSWIMRXLIGSRZIVWEXMSR ERH XLI QIWWEKI WXVEXIK] ]SY GLSWI XS EGLMIZI ]SYV TYVTSWI XLI GSQQYRMGEXMSRGLERRIPWYWIHHYVMRKXLIGSRZIVWEXMSRERHLS[XLI]EJJIGXIH XLI SYXGSQI XLI MRXIVJIVIRGIhMRXIVREP SV I\XIVREPh]SY IRGSYRXIVIH HYVMRK XLI GSRZIVWEXMSR XLI WXITW ]SY XSSO XS EHNYWX XS JIIHFEGO XLI WXVEXIKMG GLERKIW ]SY [SYPH QEOI MR TVITEVMRK JSV ERH GEVV]MRK SYX XLI GSRZIVWEXMSRMJ]SYLEHMXXSHSSZIVEKEMR (MZMHIEWLIIXSJTETIVMRXSX[SGSPYQRW0EFIPSRIGSPYQRq'LEVEGXIVMWXMGWSJ ER)JJIGXMZI4YFPMG7TIEOIVr0EFIPXLISXLIVGSPYQRq'LEVEGXIVMWXMGWSJER-RIJ JIGXMZI4YFPMG7TIEOIVr-RXLIGSPYQRWPMWXERHFVMIJP]I\TPEMR[LEX]SYFIPMIZI XSFIXLIJMZIQSWXMQTSVXERXGLEVEGXIVMWXMGWSJIJJIGXMZIERHMRIJJIGXMZIWTIEO IVW&ITVITEVIHXSHMWGYWW]SYVMHIEWMRGPEWW 3R XLI FEWMW SJ XLI PMWXW ]SY HIZIPSTIH JSV )\IVGMWI GERHMHP] IZEPYEXI ]SYV S[RWXVIRKXLWERH[IEORIWWIWEWEWTIEOIV-HIRXMJ]XLIXLVIITVMQEV]EWTIGXWSJ WTIIGLQEOMRK]SYQSWX[ERXXSMQTVSZI
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
-XtWFIIRXLVII]IEVWWMRGI]SYKVEHYEXIHJVSQGSPPIKI%JXIVKEMRMRKI\TIVMIRGIEW EREHQMRMWXVEXMZIEWWMWXERXEXEQENSVSJJMGIIUYMTQIRXQERYJEGXYVIV]SYtZINYWX FIIR TVSQSXIH XS QEVOIXMRK QEREKIV JSV SJJMGI GSTMIVW 8LSYKL ]SY LEZI SGGE WMSREPP]KMZIRFVMIJVITSVXWXSSXLIVQIQFIVWSJ]SYV[SVOXIEQ]SYtVIRS[JEGMRK ]SYVJMVWXWTIIGLXSEPEVKIEYHMIRGI%X]SYVGSQTER]tWERRYEPWEPIWQIIXMRK]SY [MPPEHHVIWWXLIWEPIWJSVGIEFSYXXLIGSQTER]tWRI[QYPXMJYRGXMSRTVMRXIVGSTMIVW ERHLS[XSWIPPXLIQXSHIEPIVWWYGLEW3JJMGI(ITSXERH3JJMGI1E\ =SYtVITPIEWIHXSLEZIXLMWSTTSVXYRMX]ERH]SYORS[MXWLS[WXLIGSQTER]tW JEMXLMR]SYVEFMPMXMIW=IXXLIGPSWIV]SYKIXXSXLIHE]SJXLIWTIIGLXLILEVHIVMXMW XSGSRXVSPXLIFYXXIVJPMIWMR]SYVWXSQEGL8LIVI[MPPFITISTPIMR]SYVEYHMIRGI MRGPYHMRKEPPXLIWEPIWQEREKIVWERHVIKMSREPQEREKIVWMREHHMXMSRXSXLIWEPIWJSVGI %PP I]IW [MPP FI SR ]SY -XtW MQTSVXERX XLEX ]SY GSQI EGVSWW EW GSRJMHIRX ERH [IPP MRJSVQIH FYX ]SYtVI EJVEMH ]SYV WXEKI JVMKLX [MPP WIRHXLI STTSWMXI QIWWEKI ;LEX WXVEXIKMIW[MPP]SYYWIXSGSRXVSP]SYVRIVZIWERHQEOIXLIQ[SVOJSV]SY#
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)XLMGWERH4YFPMG 7TIEOMRK 8LI-QTSVXERGISJ)XLMGW +YMHIPMRIWJSV)XLMGEP7TIEOMRK 1EOI7YVI=SYV+SEPW%VI)XLMGEPP]7SYRH &I*YPP]4VITEVIHJSV)EGL7TIIGL &I,SRIWXMR;LEX=SY7E] %ZSMH2EQI'EPPMRKERH3XLIV*SVQWSJ%FYWMZI 0ERKYEKI 4YX)XLMGEP4VMRGMTPIWMRXS4VEGXMGI
4PEKMEVMWQ +PSFEP4PEKMEVMWQ 4EXGL[SVO4PEKMEVMWQ -RGVIQIRXEP4PEKMEVMWQ 4PEKMEVMWQERHXLI-RXIVRIX
+YMHIPMRIWJSV)XLMGEP0MWXIRMRK &I'SYVXISYWERH%XXIRXMZI %ZSMH4VINYHKMRKXLI7TIEOIV 1EMRXEMRXLI*VIIERH3TIR)\TVIWWMSRSJ-HIEW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
LIR XLIVYQSVWWXEVXIH 7Y^ERRI7QEVX GLMIJJMRERGMEPSJJMGIV JSV 4LEVQEXVSRMG -RGGEPPIHETVIWWGSRJIVIRGI(S^IRWSJTVMRXERH8:VITSVXIVWWLS[IHYT7QEVX PSSOIHHMVIGXP]MRXSXLIGEQIVEWERHWEMHq-GEREWWYVI]SYXLEXRSSRIEX4LEV QEXVSRMGLEWYWIHMRWMHIVMRJSVQEXMSRXSQEOIQSRI]JSVXLIQWIPZIWSVXSQERMTYPEXIXLI GSQTER]tWWXSGOTVMGI-REHHMXMSRXSFIMRKMPPIKEPMRWMHIVXVEHMRKMWEWIVMSYWFVIEGLSJXVYWX ERH-[SYPHRIZIVPIXMXLETTIREXQ]GSQTER]r 7Y^ERRItW TVIWIRXEXMSR [EW LMKLP] GSRZMRGMRK ERH JSV E XMQI MX UYMIXIH XLI VYQSVW EFSYXJMRERGMEPMQTVSTVMIXMIW9RJSVXYREXIP]LS[IZIVLIVWXEXIQIRXW[IVIJEPWIERHSRP] XLVII[IIOWPEXIVWLI[EWMRHMGXIHF]XLIJIHIVEPKSZIVRQIRXJSVMRWMHIVXVEHMRK %XXLIXVMEPMXFIGEQIGPIEVXLEX7Y^ERRI[EWKYMPX]SJQERMTYPEXMRKXLIGSQTER]tW WXSGOTVMGIXSFIRIJMXLIVWIPJEXXLII\TIRWISJSXLIVMRZIWXSVW-RJEGXSRXLIZIV]HE]XLEX 7QEVXLEHJEGIHXLI8:GEQIVEWXSHIR]ER][VSRKHSMRKWLILEHWIGVIXP]WSPHSZIV WLEVIW SJ 4LEVQEXVSRMG WXSGO FEWIH SR MRJSVQEXMSR EFSYX XLI GSQTER]tW JEMPYVI XS [MR ETTVSZEPJSVERI[ERXMGERGIVHVYK%WEVIWYPXWLIQEHILYRHVIHWSJXLSYWERHWSJHSP PEVW[LMPISVHMREV]MRZIWXSVWWYJJIVIHLYKIPSWWIW ;LIRXLINYHKIWIRXIRGIH7QEVXXSEWXMJJTVMWSRWIRXIRGILIQEHIGPIEVXLEXLI[EW MRJPYIRGIH TEVXP] F]LIVFVE^IR PMIWEX XLI TVIWW GSRJIVIRGI ,EH WLI XSPH XLI XVYXL LIV TPIEWJSVPIRMIRG]QMKLXLEZIFIIRFIXXIVVIGIMZIH
;
8LMWMWRSXELETT]WXSV]FYXMXWLS[W[L]TYFPMGWTIEOMRKRIIHWXSFIKYMHIH F]EWXVSRKWIRWISJMRXIKVMX]7Y^ERRI7QEVX[EWTIVWYEWMZI[LIRWTIEOMRKXS XLI TVIWW FYX WLI [EW YRIXLMGEP MR P]MRK XS GSZIV LIV MPPIKEP EGXMZMXMIW %W E VIWYPXWLIMRNYVIHXLSYWERHWSJMRZIWXSVWHIWXVS]IHLIVVITYXEXMSRERHIRHIH YT[MXLEPSRKNEMPWIRXIRGI4IVLETWMJWLILEHGSRJIWWIHFIJSVIXLIGEQIVEW XLEXHE]WLI[SYPHLEZIVIGIMZIHEJMRIERHEVITVMQERHMRWXIEHSJXLILEVWL IWXNEMPWIRXIRGIXLINYHKIGSYPHMQTSWI 8LIKSEPSJTYFPMGWTIEOMRKMWXSKEMREHIWMVIHVIWTSRWIJVSQPMWXIRIVWh FYX RSX EX ER] GSWX 7TIIGLQEOMRK MW E JSVQ SJ TS[IV ERH XLIVIJSVI GEVVMIW [MXL MX LIEZ] IXLMGEP VIWTSRWMFMPMXMIW %W XLI 6SQER VLIXSVMGMER 5YMRXMPMER WXEXIH]IEVWEKSXLIMHIEPSJWTIIGLQEOMRKMWXLIKSSHTIVWSRWTIEOMRK [IPP -R XLMW GLETXIV [I I\TPSVI XLEX MHIEP F] PSSOMRK EX XLI MQTSVXERGI SJ IXLMGWMRTYFPMGWTIEOMRKXLIIXLMGEPSFPMKEXMSRWSJWTIEOIVWERHPMWXIRIVWERH XLITVEGXMGEPTVSFPIQSJTPEKMEVMWQERHLS[XSEZSMHMX
8LI-QTSVXERGISJ)XLMGW
IXLMGW 8LIFVERGLSJTLMPSWSTL]XLEX HIEPW[MXLMWWYIWSJVMKLXERH [VSRKMRLYQEREJJEMVW
)XLMGWMWXLIFVERGLSJTLMPSWSTL]XLEXHIEPW[MXLMWWYIWSJVMKLXERH[VSRKMR LYQEREJJEMVW5YIWXMSRWSJIXLMGWEVMWI[LIRIZIV[IEWO[LIXLIVEGSYVWISJ EGXMSRMWQSVEPSVMQQSVEPJEMVSVYRJEMVNYWXSVYRNYWXLSRIWXSVHMWLSRIWX ;IJEGIWYGLUYIWXMSRWHEMP]MREPQSWXIZIV]TEVXSJSYVPMZIW8LITEVIRX QYWXHIGMHILS[XSHIEP[MXLEGLMPH[LSLEWFIIRWIRXLSQIJVSQWGLSSPJSV YRVYP]FILEZMSV8LIVIWIEVGLIVQYWXHIGMHI[LIXLIVXSWLEHILIVHEXEqNYWXE FMXr MR SVHIV XS KEMR GVIHMX JSV ER MQTSVXERX WGMIRXMJMG FVIEOXLVSYKL 8LI WLSTTIVQYWXHIGMHI[LEXXSHS[MXLXLII\XVEGLERKIQMWXEOIRP]KMZIRF] XLIGPIVOEXXLIKVSGIV]WXSVI8LIWXYHIRXQYWXHIGMHI[LIXLIVXSWE]ER]XLMRK EFSYXEJVMIRHLILEWWIIRGLIEXMRKSREJMREPI\EQ 5YIWXMSRWSJIXLMGWEPWSGSQIMRXSTPE][LIRIZIVETYFPMGWTIEOIVJEGIWER EYHMIRGI-RERMHIEP [SVPH EW XLI +VIIO TLMPSWSTLIV4PEXSRSXIH EPP TYFPMG WTIEOIVW[SYPHFIXVYXLJYPERHHIZSXIHXSXLIKSSHSJWSGMIX]=IXLMWXSV]XIPPW YWXLEXXLITS[IVSJWTIIGLMWSJXIREFYWIHhWSQIXMQIW[MXLHMWEWXVSYWVIWYPXW
',%48)6 )8,-'7%2(49&0-'74)%/-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%HSPJ ,MXPIV [EW YRUYIWXMSREFP] E TIVWYEWMZI WTIEOIV ,MW SVEXSV] KEPZERM^IH XLI+IVQERTISTPIFYXLMWEMQW[IVILSVVMJ]MRKERHLMWXEGXMGWHIWTMGEFPI,I VIQEMRWXSXLMWHE]XLIYPXMQEXII\EQTPISJ[L]XLITS[IVSJXLIWTSOIR[SVH RIIHWXSFIKYMHIHF]EWXVSRKWIRWISJIXLMGEPMRXIKVMX] %W E TYFPMG WTIEOIV ]SY [MPP JEGI IXLMGEP MWWYIW EX IZIV] WXEKI SJ XLI WTIIGLQEOMRK TVSGIWWh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hPMOI EPP GMXM^IRW LI LEW XLI VMKLX XS FI TVIWYQIH MRRSGIRXYRXMPTVSZIRSXLIV[MWI 7XMPPRI[WSJXLIMRHMGXQIRXGSYPHFIIRSYKLXSXLVS[XLIIPIGXMSR*IPMGMEtW[E]ERH LIV EHZMWIVW YVKI LIV XS QEOI MX ER MWWYI MR LIV VIQEMRMRK GEQTEMKR WTIIGLIW 7LSYPH *IPMGMEJSPPS[XLIMVEHZMGI#
8LIVI EVI GVIHMXEFPI EVKYQIRXW XS FI QEHI SR FSXL WMHIW SJ XLI IXLMGEP HMPIQQEJEGIHF]*IPMGME6SFMRWSR7LILEWXVMIHXSVYRERLSRIWXGEQTEMKR ERH WLI MW XVSYFPIH F] XLI TSWWMFMPMX] SJ YRJEMVP] EXXEGOMRK LIV STTSRIRXh HIWTMXIXLIJEGXXLEXLILEWWLS[RRSWYGLWGVYTPIWLMQWIPJ=IXWLIORS[WXLEX XLIMQTIRHMRKMRHMGXQIRXQE]FILIVPEWXGLERGIXS[MRXLIIPIGXMSRERHWLI MW GSRZMRGIH XLEX E ZMGXSV] JSV LIV STTSRIRX [MPP WTIPP HMWEWXIV JSV XLI GMX]tW WGLSSP W]WXIQ 8SVR FIX[IIR LIV GSQQMXQIRX XS JEMV TPE] LIV HIWMVI XS FI IPIGXIHERHLIVGSRGIVRJSVXLIKSSHSJXLIGSQQYRMX]WLIJEGIWXLIEKISPH IXLMGEPHMPIQQESJ[LIXLIVXLIIRHWNYWXMJ]XLIQIERW q7Sr]SYQE]FIEWOMRK]SYVWIPJq[LEXMWXLIERW[IVXS*IPMGME6SFMRWSRtW HMPIQQE#r&YXMRGSQTPI\GEWIWWYGLEWLIVWXLIVIEVIRSGYXERHHVMIHERW[IVW %W XLI PIEHMRK FSSO SR GSQQYRMGEXMSR IXLMGW WXEXIW q;I WLSYPH JSVQYPEXI QIERMRKJYPIXLMGEPKYMHIPMRIWRSXMRJPI\MFPIVYPIWr=SYVIXLMGEPHIGMWMSRW[MPP FIKYMHIHF]]SYVZEPYIW]SYVGSRWGMIRGI]SYVWIRWISJVMKLXERH[VSRK &YX XLMW HSIW RSX QIER WYGL HIGMWMSRW EVI WMQTP] E QEXXIV SJ TIVWSREP [LMQSVJERG]7SYRHIXLMGEPHIGMWMSRWMRZSPZI[IMKLMRKETSXIRXMEPGSYVWISJ EGXMSREKEMRWXEWIXSJIXLMGEPWXERHEVHWSVKYMHIPMRIW.YWXEWXLIVIEVIKYMHIPMRIW JSV IXLMGEP FILEZMSV MR SXLIV EVIEW SJ PMJI WS EVI XLIVI KYMHIPMRIW JSV IXLMGEP GSRHYGXMRTYFPMGWTIEOMRK8LIWIKYMHIPMRIW[MPPRSXEYXSQEXMGEPP]WSPZIIZIV] IXLMGEP UYERHEV] ]SY JEGI EW E WTIEOIV FYX ORS[MRK XLIQ [MPP TVSZMHI E VIPMEFPIGSQTEWWXSLIPT]SYJMRH]SYV[E]
IXLMGEPHIGMWMSRW 7SYRHIXLMGEPHIGMWMSRWMRZSPZI [IMKLMRKETSXIRXMEPGSYVWISJ EGXMSREKEMRWXEWIXSJIXLMGEP WXERHEVHWSVKYMHIPMRIW
+YMHIPMRIWJSV)XLMGEP7TIEOMRK
1%/)796)=396+3%07%6))8,-'%00=7392( 2SXPSRKEKS-WTSOI[MXLEJSVQIVWXYHIRXh[ItPPGEPPLIV1IPMWWEh[LSLEH XYVRIH HS[R E NSF MR XLI TYFPMG VIPEXMSRW HITEVXQIRX SJ XLI %QIVMGER 8SFEGGS-RWXMXYXI;L]#&IGEYWIXLINSF[SYPHLEZIVIUYMVIHLIVXSPSFF]SR
+YMHIPMRIWJSV)XLMGEP7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
FILEPJ SJ XLI GMKEVIXXI MRHYWXV] 1IPMWWE HMH RSX FIPMIZI WLI GSYPH IXLMGEPP] TVSQSXI E TVSHYGX XLEX WLIWE[ EWVIWTSRWMFPI JSVXLSYWERHWSJ HIEXLWERH MPPRIWWIWIEGL]IEV +MZIR1IPMWWEtWZMI[SJXLIHERKIVWSJGMKEVIXXIWQSOMRKXLIVIGERFIRS HSYFXXLEXWLIQEHIERIXLMGEPP]MRJSVQIHHIGMWMSR3RXLISXLIVWMHISJXLI GSMR WSQISRI [MXL E HMJJIVIRX ZMI[ SJ GMKEVIXXI WQSOMRK GSYPH QEOI ER IXLMGEPP]MRJSVQIHHIGMWMSRXSXEOIXLINSF8LITSMRXSJXLMWI\EQTPIMWRSX XS NYHKI XLI VMKLXRIWW SV [VSRKRIWW SJ 1IPMWWEtW HIGMWMSR SV SJ GMKEVIXXI WQSOMRK FYX XS MPPYWXVEXI LS[ IXLMGEP GSRWMHIVEXMSRW GER EJJIGX E WTIEOIVt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tWKSEPWhEVIEWMR[LMGLVIEWSREFPITISTPI[MXL[IPPHIJMRIH WXERHEVHWSJVMKLXERH[VSRKGERPIKMXMQEXIP]HMWEKVII&YXXLMWMWRSXEVIEWSR XSEZSMHEWOMRKIXLMGEPUYIWXMSRW-J]SYEVIXSFIEVIWTSRWMFPITYFPMGWTIEOIV ]SYGERRSXIWGETIEWWIWWMRKXLIIXLMGEPWSYRHRIWWSJ]SYVKSEPW
&)*900=46)4%6)(*36)%',74))', q%WTIIGLrEW.IROMR0PS]H.SRIWWXEXIWqMWEWSPIQRVIWTSRWMFMPMX]r=SYLEZI ER SFPMKEXMSRhXS ]SYVWIPJ ERH XS ]SYV PMWXIRIVWhXS TVITEVI JYPP] IZIV] XMQI ]SYWXERHMRJVSRXSJEREYHMIRGI8LISFPMKEXMSRXS]SYVWIPJMWSFZMSYW 8LI FIXXIV]SYTVITEVIXLIFIXXIV]SYVWTIIGL[MPPFI&YXXLISFPMKEXMSRXS]SYV PMWXIRIVWMWRSPIWWMQTSVXERX8LMROSJMXXLMW[E] 8LITIVWSR[LSQEOIWEFEH QMRYXIWTIIGLXSEREYHMIRGISJTISTPI[EWXIWSRP]ELEPJLSYVSJLIV SV LMW S[R XMQI &YX XLEX WEQI WTIEOIV [EWXIW LSYVW SJ XLI EYHMIRGItW XMQIhQSVIXLERJSYVJYPPHE]W8LMW.SRIWI\GPEMQIHqWLSYPHFIELERKMRK SJJIRWIr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
',%48)6 )8,-'7%2(49&0-'74)%/-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%QSRKGYVVIRXTYFPMGWTIEO IVW2SFIP4IEGI4VM^I[MRRIV ERHLYQERVMKLXWEGXMZMWX)PMI ;MIWIPMWLMKLP]VIKEVHIHJSV LMWIXLMGEPP]WSYRHKSEPWERH TS[IVJYPTIVWYEWMZIETTIEP
:MGXSVME2YÕ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hERHWLIKEZIERI\GIPPIRXTVI WIRXEXMSR 3RP]EJI[HE]WPEXIV SRISJ:MGXSVMEtWGPEWWQEXIW 4EYP2MGLSPWLEHEGSRZIVWEXMSR [MXL LMW VSSQQEXI XLEX VEMWIH E [EVRMRK JPEK EFSYX [LIXLIV XLI VSSQQEXI QMKLX FI HITVIWWIH ERH MR HERKIV SJ WYMGMHI &EWIH SR XLI MRJSVQEXMSR MR :MGXSVMEtW WTIIGL 4EYP WTSOI XS LMW VSSQQEXI KSX LMQ XS XEPO EFSYX LMW [SVVMIW ERH GSRZMRGIH LMQ XS WIIO GSYRWIPMRK4EYPQMKLXLEZIWEZIHLMWVSSQQEXItWPMJIXLEROWXS:MGXSVMEtWWTIIGL
8LMWMWERIWTIGMEPP]HVEQEXMGGEWIFYXMXHIQSRWXVEXIWLS[]SYVWTIIGLIW GERLEZIEKIRYMRIMQTEGXSR]SYVPMWXIRIVW%WEWTIEOIV]SYLEZIERIXLMGEP VIWTSRWMFMPMX]XSGSRWMHIVXLEXMQTEGXERHXSQEOIWYVI]SYTVITEVIJYPP]WSEW RSX XS GSQQYRMGEXI IVVSRISYW MRJSVQEXMSR SV QMWPIEHMRK EHZMGI -J :MGXSVME LEH RSX HSRI WYGL E XLSVSYKL NSF VIWIEVGLMRK LIV WTIIGL WLI QMKLX LEZI KMZIR LIV GPEWWQEXIW JEYPX] MRJSVQEXMSRhMRJSVQEXMSR XLEX QMKLX LEZI LEH XVEKMGVIWYPXW 2S QEXXIV [LEX XLI XSTMG RS QEXXIV [LS XLI EYHMIRGI ]SY RIIH XS I\TPSVI ]SYV WTIIGL XSTMG EW XLSVSYKLP] EW TSWWMFPI -RZIWXMKEXI XLI [LSPI WXSV] PIEVREFSYXEPPWMHIWSJERMWWYI WIIOSYXGSQTIXMRKZMI[TSMRXW KIXXLI JEGXWVMKLX2SXSRP][MPP]SYKMZIEFIXXIVWTIIGL]SY[MPPEPWSJYPJMPPSRISJ ]SYVQENSVIXLMGEPSFPMKEXMSRW
+YMHIPMRIWJSV)XLMGEP7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
&),32)78-2;,%8=397%= 2SXLMRK MW QSVI MQTSVXERX XS IXLMGEP WTIIGLQEOMRK XLER LSRIWX] 4YFPMG WTIEOMRK VIWXW SR XLI YRWTSOIR EWWYQTXMSR XLEX q[SVHW GER FI XVYWXIH ERH TISTPI [MPP FI XVYXLJYPr ;MXLSYX XLMW EWWYQTXMSR XLIVI MW RS FEWMW JSV GSQQYRMGEXMSR RS VIEWSR JSV SRI TIVWSR XS FIPMIZI ER]XLMRK XLEX ERSXLIV TIVWSRWE]W (SIWXLMWQIERIZIV]WTIEOIVQYWXEP[E]WXIPPqXLIXVYXLXLI[LSPIXVYXL ERH RSXLMRK FYX XLI XVYXLr# ;I GER EPP XLMRO SJ WMXYEXMSRW MR [LMGL XLMW MW MQTSWWMFPI FIGEYWI[IHSRSXORS[XLI[LSPIXVYXL SVMREHZMWEFPI FIGEYWI MX[SYPHFIXEGXPIWWSVMQTVYHIRX 'SRWMHIVETEVIRX[LSXIPPWLMWX[S]IEVSPH HEYKLXIVXLEXLIVWGVIIGLMRKZMSPMRWSPSMWqFIEYXMJYPr3VEWTIEOIV[LSXIPPWE JEPWILSSH MR GMVGYQWXERGIW [LIR HMWGPSWMRK XLI XVYXL QMKLX XSYGL SJJ QSF ZMSPIRGI*I[TISTPI[SYPHJMRHXLIWIEGXMSRWYRIXLMGEP -R GSRXVEWX XLMRO FEGO XS XLI GEWI SJ 7Y^ERRI 7QEVX EX XLI WXEVX SJ XLMW GLETXIV7Y^ERRIORI[WLILEHYWIHMRWMHIVMRJSVQEXMSRXSTVSJMXJVSQXLIWEPI SJLIVGSQTER]tWWXSGO=IXWLIHIRMIHXLEXWLILEHHSRIWSERHWLITVSJMXIH EXXLII\TIRWISJSXLIVMRZIWXSVW8LIVIMWRS[E]XSI\GYWI7Y^ERRItWFILEZMSV 7LIXSPHEJPEXSYXPMI[MXLSYXVIKEVHJSVMXWGSRWIUYIRGIWSRSXLIVTISTPI 7YGL FPEXERX GSRXIQTX JSV XLI XVYXL MW SRI OMRH SJ HMWLSRIWX] MR TYFPMG WTIEOMRK &YX QSVI WYFXPI JSVQW SJ HMWLSRIWX] EVI NYWX EW YRIXLMGEP 8LI] MRGPYHI NYKKPMRK WXEXMWXMGW UYSXMRK SYX SJ GSRXI\X QMWVITVIWIRXMRK WSYVGIW TEMRXMRKXIRXEXMZIJMRHMRKWEWJMVQGSRGPYWMSRWTSVXVE]MRKEJI[HIXEMPWEWXLI [LSPI WXSV] GMXMRK YRYWYEP GEWIW EW X]TMGEP I\EQTPIW ERH WYFWXMXYXMRK MRRYIRHS ERH LEPJXVYXLW JSV IZMHIRGI ERH TVSSJ %PP SJ XLIWI ZMSPEXI XLI WTIEOIVtWHYX]XSFIEGGYVEXIERHJEMVMRTVIWIRXMRKMRJSVQEXMSR ;LMPISRXLIWYFNIGXSJLSRIWX]MRWTIIGLQEOMRK[IWLSYPHEPWSRSXIXLEX IXLMGEPP]VIWTSRWMFPIWTIEOIVWHSRSXTVIWIRXSXLIVTISTPItW[SVHWEWXLIMVS[R 8LI] HS RSX TPEKMEVM^I XLIMV WTIIGLIW 8LMW WYFNIGX MW WS MQTSVXERX XLEX [I HIZSXIEWITEVEXIWIGXMSRXSMXPEXIVMRXLMWGLETXIV
3*%&97-:)0%2+9%+) q7XMGOW ERH WXSRIW GER FVIEO Q] FSRIW FYX [SVHW GER RIZIV LYVX QIr 8LMW TSTYPEV GLMPHVIRtW GLERX GSYPH RSX FI QSVI [VSRK ;SVHW QE] RSX PMXIVEPP] FVIEOTISTPItWFSRIWFYXXLI]GERPIEZITW]GLSPSKMGEPWGEVWEWWYVIP]EWWXMGOW ERH WXSRIW GER PIEZI TL]WMGEP WGEVW %W SRI [VMXIV I\TPEMRW q3YV MHIRXMXMIW [LSERH[LEX[IEVILS[SXLIVWWIIYWEVIKVIEXP]EJJIGXIHF]XLIREQIW[I EVIGEPPIHERHXLI[SVHW[MXL[LMGL[IEVIPEFIPIHr8LMWMW[L] EPQSWXEPP GSQQYRMGEXMSRIXLMGMWXW[EVRTYFPMGWTIEOIVWXSEZSMHREQIGEPPMRKERHSXLIV JSVQWSJEFYWMZIPERKYEKI
2EQI'EPPMRKERH4IVWSREP(MKRMX] REQIGEPPMRK 8LIYWISJPERKYEKIXSHIJEQI HIQIERSVHIKVEHIMRHMZMHYEPW SVKVSYTW
2EQIGEPPMRKMWXLIYWISJPERKYEKIXSHIJEQIHIQIERSVHIKVEHIMRHMZMHYEPW SVKVSYTW;LIRETTPMIHXSZEVMSYWKVSYTWMR%QIVMGEMXMRGPYHIWWYGLITMXLIXW EWqJEKrqOMOIrqRMKKIVrqLSROI]rq[STrqNETrqGLMROrERHqWTMGr7YGL XIVQW LEZI FIIR YWIH XS HIFEWI TISTPI FIGEYWI SJ XLIMV WI\YEP SVMIRXEXMSR VIPMKMSYW FIPMIJW SV IXLRMG FEGOKVSYRH 8LIWI [SVHW HILYQERM^I XLI KVSYTW XLI]EVIHMVIGXIHEKEMRWXERHMQTP]XLEXXLI]HSRSXHIWIVZIXSFIXVIEXIH[MXL HMKRMX]ERHVIWTIGX
',%48)6 )8,-'7%2(49&0-'74)%/-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8SLIPTJSWXIVVIWTSRWMFPIGSQQYRMGEXMSRXLI2EXMSREP'SQQYRMGEXMSR%WWSGME XMSRLEWHIZIPSTIHE'VIHSJSV)XLMGEP'SQQYRMGEXMSR=SYGEREGGIWWMXEX[[[ REXGSQSVKRGE8IQTPEXIEWT#FMH! =SYGERPIEVREKVIEXHIEPEFSYXJVIIWTIIGLMWWYIWSRXLI-RXIVRIX3RIWSYVGIMW XLI %QIVMGER 'MZMP 0MFIVXMIW 9RMSR *VII 7TIIGL ;IF WMXI EX [[[EGPYSVK JVIIWTIIGL %RSXLIV MW XLI *VIIHSQ *SVYQtW *MVWX %QIRHQIRX WMXI EX [[[ JMVWXEQIRHQIRXGIRXIVSVK
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
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
2EQI'EPPMRKERH*VII7TIIGL 2EQIGEPPMRKERHEFYWMZIPERKYEKIEPWSTSWIIXLMGEPTVSFPIQWMRTYFPMGWTIEO MRK [LIR XLI] EVI YWIH XS WMPIRGI STTSWMRK ZSMGIW % HIQSGVEXMG WSGMIX] HITIRHWYTSRXLIJVIIERHSTIRI\TVIWWMSRSJMHIEW-RXLI9RMXIH7XEXIWEPP GMXM^IRWLEZIXLIVMKLXXSNSMRMRXLIRIZIVIRHMRKHMEPSKYISJHIQSGVEG]%WE TYFPMG WTIEOIV ]SY LEZI ER IXLMGEP SFPMKEXMSR XS LIPT TVIWIVZI XLEX VMKLX F] EZSMHMRKXEGXMGWWYGLEWREQIGEPPMRKXLEXMRLIVIRXP]MQTYKRXLIEGGYVEG]SV VIWTIGXEFMPMX] SJ TYFPMG WXEXIQIRXW QEHI F] KVSYTW SV MRHMZMHYEPW [LS ZSMGI STMRMSRWHMJJIVIRXJVSQ]SYVW 8LMWSFPMKEXMSR MWXLIWEQIVIKEVHPIWWSJ[LIXLIV]SYEVIFPEGOSV[LMXI 'LVMWXMERSV1YWPMQQEPISVJIQEPIKE]SVWXVEMKLXPMFIVEPSVGSRWIVZEXMZI% TVSIRZMVSRQIRXEPMWX SJJMGI WIIOIV [LS GEWXMKEXIH IZIV]SRI STTSWIH XS LIV MHIEWEWERqIRIQ]SJ[MPHPMJIr[SYPHFISREWXLMRMGIIXLMGEPP]EWETSPMXMGMER [LSPEFIPIHEPPLMWEHZIVWEVMIWqXE\ERHWTIRHPMFIVEPWr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hSR SV SJJ GEQTYWhXS EZSMH REQIGEPPMRK ERHSXLIVOMRHWSJEFYWMZIPERKYEKI0IKEPMX]ERHIXLMGWXLSYKLVIPEXIHEVI RSXMHIRXMGEP8LIVI MW RSXLMRK MPPIKEP EFSYX JEPWMJ]MRK WXEXMWXMGW MR EWTIIGL FYXXLIVIMWRSHSYFXXLEXMXMWYRIXLMGEP8LIWEQIMWXVYISJREQIGEPPMRK-X
+YMHIPMRIWJSV)XLMGEP7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
QE] RSX FI MPPIKEP XS GEWX VEGMEP WI\YEP SV VIPM KMSYW WPYVW EX TISTPI MR E WTIIGL FYX MX MW WXMPP YRIXLMGEP2SXSRP]HSIWMXHIQIERXLIHMKRMX]SJ XLI KVSYTW SV MRHMZMHYEPW FIMRK EXXEGOIH FYX MX YRHIVQMRIWXLIVMKLXSJEPPKVSYTWMRXLI97XS FIJEMVP]LIEVH
498)8,-'%046-2'-40)7 -28346%'8-') -X MW IEW] XS TE] PMT WIVZMGI XS XLI MQTSVXERGI SJ IXLMGW-XMWQYGLLEVHIVXSEGXIXLMGEPP]=IXXLEXMW NYWX[LEXXLIVIWTSRWMFPITYFPMGWTIEOIVQYWXHS %WSRITSTYPEVFSSOSRIXLMGWWXEXIWq&IMRKIXLM GEPQIERWFILEZMRKIXLMGEPP]EPPXLIXMQIhRSXSRP] [LIRMXtWGSRZIRMIRXr %W ]SY [SVO SR ]SYV WTIIGLIW ]SY [MPP EWO ]SYVWIPJ WYGL UYIWXMSRW EW q-W Q] GLSMGI SJ XSTMG WYMXEFPI JSV XLI EYHMIRGI#r q%VI Q] WYTTSVXMRK QEXIVMEPW GPIEV ERH GSRZMRGMRK#r q,S[ GER - TLVEWIQ]MHIEWXSKMZIXLIQQSVITYRGL#r8LIWI EVI W XVEXIKMG UYIWXMSRW %W ]SY ERW[IV XLIQ ]SY [MPP XV] XS QEOI ]SYV WTIIGL EW MRJSVQEXMZI EW TIVWYEWMZISVEWIRXIVXEMRMRKEWTSWWMFPI &YX ]SY [MPP EPWS JEGI QSQIRXW SJ IXLMGEP 5YIWXMSRWSJIXLMGWEVMWI[LIRIZIVEWTIEOIVJEGIWEREYHM IRGI3JEPPXLIIXLMGEPSFPMKEXMSRWJEGMRKWTIEOIVWRSRIMW HIGMWMSRhWMQMPEV TIVLETW XS XLSWI JEGIH F] QSVIMQTSVXERXXLERLSRIWX]MRSVHIVXSQEMRXEMRXLIFSRH 7Y^ERRI 7QEVX *IPMGME 6SFMRWSR ERH XLI SXLIV SJXVYWX[MXLPMWXIRIVW WTIEOIVW MR XLMW GLETXIV ;LIR XLSWI QSQIRXW EVVMZI HSRtX WMQTP] FVYWL XLIQ EWMHI ERH KS SR ]SYV[E]/IITMRQMRHXLIKYMHIPMRIWJSVIXLMGEPWTIIGLQEOMRK[ILEZIHMW GYWWIHERHHS]SYVFIWXXSJSPPS[XLIQXLVSYKLXLMGOERHXLMR1EOIWYVI]SY GERERW[IV]IWXSEPPXLIUYIWXMSRWSRXLI'LIGOPMWXJSV)XLMGEP4YFPMG7TIEOMRK *MKYVIT
4PEKMEVMWQ TPEKMEVMWQ 4VIWIRXMRKERSXLIVTIVWSRtW PERKYEKISVMHIEWEWSRItWS[R
q4PEKMEVMWQrGSQIWJVSQTPEKMEVMYWXLI0EXMR[SVHJSVOMHRETTIV8STPEKMEVM^I QIERWXSTVIWIRXERSXLIVTIVWSRtWPERKYEKISVMHIEWEW]SYVS[RhXSKMZIXLI MQTVIWWMSR ]SY LEZI [VMXXIR SV XLSYKLX WSQIXLMRK ]SYVWIPJ [LIR ]SY LEZI EGXYEPP]XEOIRMXJVSQWSQISRIIPWI ;ISJXIRXLMROSJTPEKMEVMWQEWERIXLMGEP MWWYIMRXLIGPEWWVSSQFYXMXGERLEZIVITIVGYWWMSRWMRSXLIVWMXYEXMSRW .SERRI'EPEFVS[EWMRLIVWIGSRH]IEVEWWGLSSPWYTIVMRXIRHIRXMRXLIRSVXLIVR2I[ .IVWI] XS[R SJ *SVX 0II -R 1E] WLI WTSOI EX E GIVIQSR] JSV WXYHIRXW FIMRK MR HYGXIHMRXSXLI2EXMSREP,SRSV7SGMIX]-X[EWEFVMIJWTIIGLhSRP]WM\QMRYXIWhFYXXLI VITIVGYWWMSRW[SYPHPEWXQYGLQYGLPSRKIV 3RISJXLIWXYHIRXWEXXLIGIVIQSR]VIGSKRM^IHWSQISJ'EPEFVStWTEWWEKIWERHHIGMHIH XSGLIGOXLIQSRPMRI,IHMWGSZIVIHXLEXWLILEHPMJXIHXLIIRXMVIWTIIGLJVSQEWEQTPIMRHYG XMSREHHVIWWTSWXIHSR%FSYXGSQ*YVXLIVIZMHIRGIGEQIJVSQEZMHISXETISJ'EPEFVSHIPMZIV MRKXLIWTIIGL
',%48)6 )8,-'7%2(49&0-'74)%/-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)XLMGEP4YFPMG7TIEOMRK ' L I G O P M W X =)7
23
,EZI-I\EQMRIHQ]KSEPWXSQEOIWYVIXLI]EVIIXLMGEPP] WSYRH# E 'ER-HIJIRHQ]KSEPWSRIXLMGEPKVSYRHWMJXLI]EVI UYIWXMSRIHSVGLEPPIRKIH# F ;SYPH-[ERXSXLIVTISTPIXSORS[Q]XVYIQSXMZIW MRTVIWIRXMRKXLMWWTIIGL# ,EZI - JYPJMPPIHQ]IXLMGEPSFPMKEXMSRXSTVITEVIJYPP]JSV XLIWTIIGL# E ,EZI - HSRI E XLSVSYKL NSF SJ WXYH]MRK ERH VIWIEVGLMRKXLIXSTMG# F ,EZI-TVITEVIHHMPMKIRXP]WSEWRSXXSGSQQYRMGEXI IVVSRISYW SV QMWPIEHMRK MRJSVQEXMSR XS Q] PMWXIRIVW#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7TIIGL8SSPWJSV XLMWGLETXIV
-WXLIWTIIGLJVIISJTPEKMEVMWQ# E 'ER-ZSYGLXLEXXLIWTIIGLVITVIWIRXWQ]S[R[SVO Q]S[RXLMROMRKQ]S[RPERKYEKI# F (S - GMXI XLI WSYVGIW SJ EPP UYSXEXMSRW ERH TEVETLVEWIW# %Q-LSRIWXMR[LEX-WE]MRXLIWTIIGL# E -WXLIWTIIGLJVIISJER]JEPWISVHIPMFIVEXIP]HIGITXMZI WXEXIQIRXW# F (SIW XLI WTIIGL TVIWIRX WXEXMWXMGW XIWXMQSR] ERH SXLIVOMRHWSJIZMHIRGIJEMVP]ERHEGGYVEXIP]# G (SIWXLIWTIIGLGSRXEMRZEPMHVIEWSRMRK# H -J XLI WTIIGL MRGPYHIW ZMWYEP EMHW HS XLI] TVIWIRX JEGXWLSRIWXP]ERHVIPMEFP]# (S-YWIXLITS[IVSJPERKYEKIIXLMGEPP]# E (S - EZSMH REQIGEPPMRK ERH SXLIV JSVQW SJ EFYWMZI PERKYEKI# F (SIWQ]PERKYEKIWLS[VIWTIGXJSVXLIVMKLXSJJVII WTIIGLERHI\TVIWWMSR# %PP MR EPP LEZI - QEHI E GSRWGMSYW IJJSVX XS TYX IXLMGEP TVMRGMTPIWMRXSTVEGXMGIMRTVITEVMRKQ]WTIIGL# d*-+96)
;LIR GSRJVSRXIH [MXL XLI JEGXW 'EPEFVS EHQMXXIH XS ER IVVSV MR NYHKQIRX FYX MRWMWXIHWLILEHHSRIRSXLMRKMPPIKEP-RJEGXXLIWTIIGLSR%FSYXGSQ[EWTVSXIGXIHF] GST]VMKLXPE[ERH'EPEFVSQMKLXLEZIFIIRPMEFPIXSPIKEPEGXMSRLEHXLI;IFJMVQFIIR WS MRGPMRIH ;LEX WLI GSYPH RSX IWGETI [IVI XLI IXLMGEP GSRWIUYIRGIW *EGMRK WIZIVI GVMXMGMWQ[MXLMRXLIWGLSSPHMWXVMGXERHJVSQXLITVIWWWLILEHPMXXPIGLSMGIFYXXS VIWMKR LIVTSWXEWWYTIVMRXIRHIRX
%W XLMW WXSV] WLS[W TPEKMEVMWQ MW E WIVMSYW QEXXIV -J ]SY EVI GEYKLX TPEKMEVM^MRKEWTIIGLMRGPEWWXLITYRMWLQIRXGERVERKIJVSQEJEMPMRKKVEHI
4PEKMEVMWQ
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
XSI\TYPWMSRJVSQWGLSSP-J]SYEVIGEYKLXTPEKMEVM^MRKSYXWMHIXLIGPEWWVSSQ ]SYWXERHXSJSVJIMX]SYVKSSHREQIXSHEQEKI]SYVGEVIIVSVMJ]SYEVIWYIH XSPSWIEPEVKIEQSYRXSJQSRI]-XMW[SVXL]SYV[LMPIXLIRXSQEOIWYVI]SY ORS[[LEXTPEKMEVMWQMWERHLS[XSEZSMHMX
+03&%040%+-%6-71 KPSFEPTPEKMEVMWQ 7XIEPMRKEWTIIGLIRXMVIP]JVSQ EWMRKPIWSYVGIERHTEWWMRKMX SJJEWSRItWS[R
+PSFEP TPEKMEVMWQ MW WXIEPMRK ]SYV WTIIGL IRXMVIP] JVSQ ERSXLIV WSYVGI ERH TEWWMRK MX SJJ EW ]SYV S[R 8LI QSWX FPEXERXhERH YRJSVKMZEFPIh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hEWTIIGLSJ]SYV S[R -J JSV WSQI VIEWSR ]SY JEMP XS KIX ]SYV WTIIGL VIEH] SR XMQI HS RSX WYGGYQFXSXLIPYVISJTPEKMEVMWQ;LEXIZIVTIREPX]]SYWYJJIVJVSQFIMRKPEXI [MPPTEPIMRGSQTEVMWSR[MXLXLIGSRWIUYIRGIWMJ]SYEVIGEYKLXTPEKMEVM^MRK
4%8',;36/40%+-%6-71 TEXGL[SVOTPEKMEVMWQ 7XIEPMRKMHIEWSVPERKYEKIJVSQ X[SSVXLVIIWSYVGIWERH TEWWMRKXLIQSJJEWSRItWS[R
9RPMOI KPSFEP TPEKMEVMWQ MR [LMGL E WTIEOIV TMVEXIW ER IRXMVI WTIIGL JVSQ E WMRKPIWSYVGITEXGL[SVOTPEKMEVMWQSGGYVW[LIREWTIEOIVTMPJIVWJVSQX[SSV XLVIIWSYVGIW,IVItWERI\EQTPI (ERMIP*MRIGLSWIq6IGIRX(MWGSZIVMIW%FSYX(MRSWEYVWrEWXLIXSTMGJSVLMWMRJSVQEXMZI WTIIGL -R LMW VIWIEVGL (ERMIP JSYRH XLVII IWTIGMEPP] LIPTJYP WSYVGIW 8LI JMVWX [EW E TVMRXIHKYMHIXSEVIGIRXQYWIYQI\LMFMXMSREFSYXRI[HMRSWEYVHMWGSZIVMIWMR2SVXLERH 7SYXL%QIVMGE8LIWIGSRH[EW;MOMTIHMEERHXLIXLMVH[EW1SRXERE7XEXI9RMZIVWMX]tW ;IFWMXIEFSYXMXWHMRSWEYVVIWIEVGLTVSKVEQ 9RJSVXYREXIP]MRWXIEHSJ YWMRKXLIWI QEXIVMEPWGVIEXMZIP]XS[VMXI EWTIIGL MR LMWS[R [SVHW(ERMIPPMJXIHPSRKTEWWEKIWJVSQXLIQYWIYQKYMHI;MOMTIHMEERHXLIYRMZIVWMX];IF WMXIERHTEXGLIHXLIQXSKIXLIV[MXLEJI[XVERWMXMSRW;LIRLI[EWJMRMWLIHLILEHEWTIIGL XLEXWSYRHIH[SRHIVJYPhFYXMX[EWGSQTSWIHEPQSWXIRXMVIP]SJSXLIVTISTPItW[SVHW %WMXXYVRIHSYX(ERMIPtWXIEGLIVLEHFIIRXSXLIWEQII\LMFMXERHXLSYKLXTEVXWSJ XLIWTIIGLWSYRHIHJEQMPMEV%JXIVGLIGOMRKLIVGST]SJXLIQYWIYQKYMHILIVWYWTMGMSRW [IVI GSRJMVQIH *IEVJYPXLEX (ERMIP QMKLX LEZIJMPGLIH JVSQ QSVIXLER SRI WSYVGIWLI PSSOIHJSV;IFWMXIW[MXLMRJSVQEXMSREFSYXHMRSWEYVW7LIUYMGOP]JSYRHFSXLSJXLIWMXIW (ERMIPLEHYWIH,I[EWGEYKLXVIHLERHIH
8LMWWXSV]MPPYWXVEXIWERMQTSVXERXTSMRXEFSYXTPEKMEVMWQ(ERMIPHMHRSX XEOILMWWTIIGLJVSQEWMRKPIWSYVGI,IIZIRHMHEPMXXPIVIWIEVGL&YXGST]MRK JVSQEJI[WSYVGIWMWRSPIWWTPEKMEVMWQXLERMWGST]MRKJVSQEWMRKPIWSYVGI ;LIR]SYKMZIEWTIIGL]SYHIGPEVIXLEXMXMW]SYV[SVOhXLEXMXMWXLITVSHYGX SJ]SYVXLMROMRK]SYVFIPMIJW]SYVPERKYEKI(ERMIPtWWTIIGLHMHRSXGSRXEMR ER]SJXLIWI-RWXIEHMX[EWGYXERHTEWXIH[LSPP]JVSQSXLIVTISTPItWMHIEW SXLIVTISTPItW[SVHW q&YXr ]SY QE] FI XLMROMRK qRSX QER] WXYHIRXW EVI I\TIVXW SR XLIMV WTIIGLXSTMGW;L]WLSYPHXLI]FII\TIGXIHXSGSQIYT[MXLRI[MHIEWXLEX
',%48)6 )8,-'7%2(49&0-'74)%/-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIEOIVW[LSFIKMR[SVOSR XLIMVWTIIGLIWIEVP]ERHGSR WYPXE[MHIVERKISJWSYVGIW EVIPIWWPMOIP]XSJEPPMRXSXLI XVETSJTPEKMEVMWQXLEREVI WTIEOIVW[LSTVSGVEWXMREXI ERHVIP]SREPMQMXIHRYQFIV SJWSYVGIW
IZIRXLII\TIVXWLEZIRtXXLSYKLXSJ#r8LIERW[IVMWXLI]EVIRt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
-2'6)1)28%040%+-%6-71 -R KPSFEP TPEKMEVMWQ ERH TEXGL[SVO TPEKMEVMWQ XLI IRXMVI WTIIGL MW GVMFFIH QSVISVPIWWZIVFEXMQJVSQEWMRKPIWSYVGISVEJI[WSYVGIW&YXTPEKMEVMWQGER I\MWXIZIR[LIRXLIWTIIGLEWE[LSPIMWRSXTMVEXIH8LMWMWGEPPIHMRGVIQIRXEP TPEKMEVMWQ-XSGGYVW[LIRXLIWTIEOIVJEMPWXSKMZIGVIHMXJSVTEVXMGYPEVTEVXWh MRGVIQIRXWhSJ XLI WTIIGL XLEX EVI FSVVS[IH JVSQ SXLIV TISTPI 8LI QSWX MQTSVXERXSJXLIWIMRGVIQIRXWEVIUYSXEXMSRWERHTEVETLVEWIW
MRGVIQIRXEPTPEKMEVMWQ *EMPMRKXSKMZIGVIHMXJSV TEVXMGYPEVTEVXWSJEWTIIGLXLEX 5YSXEXMSRW EVIFSVVS[IHJVSQSXLIV ;LIRIZIV]SYUYSXIWSQISRIHMVIGXP]]SYQYWXEXXVMFYXIXLI[SVHWXSXLEX TISTPI TIVWSR7YTTSWI ]SY EVI KMZMRK EWTIIGL SR1EPGSPQ < XLI JEQSYW%JVMGER %QIVMGERPIEHIVSJXLI W;LMPIHSMRK]SYVVIWIEVGL]SYVYREGVSWWXLI JSPPS[MRKTEWWEKIJVSQ&VYGI4IVV]tWEGGPEMQIHFMSKVETL]1EPGSPQ 8LI0MJISJ XLI1ER;LS'LERKIH&PEGO%QIVMGE 1EPGSPQ<JEXLIVIHRSPIKMWPEXMSR,IIRKMRIIVIHRSWXYRRMRK7YTVIQI'SYVXZMGXS VMIWSVTSPMXMGEPGEQTEMKRW,IWGSVIHRSQENSVIPIGXSVEPXVMYQTLW=IXFIGEYWISJXLI[E]
4PEKMEVMWQ
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
LIEVXMGYPEXIHLMWJSPPS[IVWtKVMIZERGIWERHERKIVXLIMQTEGXLILEHYTSRXLIFSH]TSPMXMG [EWIRSVQSYW
8LMW MW E JMRI UYSXEXMSR XLEX WYQQEVM^IW XLI REXYVI ERH MQTSVXERGI SJ 1EPGSPQtW MQTEGX SR %QIVMGER TSPMXMGW -X [SYPH QEOI E WXVSRK EHHMXMSR XS ]SYVWTIIGLhEWPSRKEW]SYEGORS[PIHKI4IVV]EWXLIEYXLSV8LI[E]XSEZSMH TPEKMEVMWQ MR XLMW MRWXERGI MW XS MRXVSHYGI 4IVV]tW WXEXIQIRX F] WE]MRK WSQI XLMRKPMOI -R1EPGSPQ 8LI0MJISJXLI1ER;LS'LERKIH&PEGO%QIVMGELMWXSVMER&VYGI4IVV] WE]WXLIJSPPS[MRKEFSYX1EPGSPQtWMQTEGXSR%QIVMGERTSPMXMGW
3V %GGSVHMRK XS LMWXSVMER &VYGI 4IVV] MR LMW FSSO 1EPGSPQ 8LI 0MJI SJ XLI 1ER ;LS 'LERKIH&PEGO%QIVMGE
2S[]SYLEZIGPIEVP]MHIRXMJMIH4IVV]ERHKMZIRLMQGVIHMXJSVLMW[SVHW VEXLIVXLERTVIWIRXMRKXLIQEW]SYVS[R
4EVETLVEWIW TEVETLVEWI 8SVIWXEXISVWYQQEVM^IER EYXLSVtWMHIEWMRSRItWS[R [SVHW
;LIR]SYTEVETLVEWIEREYXLSV]SYVIWXEXISVWYQQEVM^ILIVSVLMWMHIEWMR ]SYVS[R[SVHW7YTTSWISRGIEKEMRXLEX]SYVXSTMGMW1EPGSPQ<&YXXLMW XMQI ]SY HIGMHI XS TEVETLVEWI XLI WXEXIQIRX JVSQ &VYGI 4IVV]tW FMSKVETL] VEXLIVXLERUYSXMRKMX=SYQMKLXWE] 1EPGSPQ<[EWRSXETSPMXMGMER,IHMHRSXTEWWER]PE[WSV[MRER]7YTVIQI'SYVX ZMGXSVMIW SV KIX IPIGXIH XS ER] SJJMGI &YX LI WXEXIH XLI KVMIZERGIW ERH ERKIV SJ LMW JSPPS[IVWWSTS[IVJYPP]XLEXXLI[LSPIREXMSRXSSORSXMGI
)ZIRXLSYKL]SYHSRSXUYSXI4IVV]HMVIGXP]]SYWXMPPETTVSTVMEXIXLIWXVYGXYVI SJLMWMHIEWERHEJEMVEQSYRXSJLMWPERKYEKI8LYW]SYWXMPPRIIHXSKMZILMQ GVIHMXhNYWXEWMJ]SY[IVIVITIEXMRKLMW[SVHWZIVFEXMQ -XMWIWTIGMEPP]MQTSVXERXMRXLMWGEWIXSEGORS[PIHKI4IVV]FIGEYWI]SYEVI FSVVS[MRK LMW STMRMSRhLMW NYHKQIRXhEFSYX 1EPGSPQ < -J ]SY WMQTP] VIGSYRX FEWMG JEGXW EFSYX 1EPGSPQtW PMJIhLI [EW FSVR MR 3QELE 2IFVEWOE GSRZIVXIHXSXLI2EXMSRSJ-WPEQ[LMPIMRTVMWSRXVEZIPIHXS1IGGEXS[EVHXLI IRHSJLMWPMJI[EWEWWEWWMREXIHMR*IFVYEV] h]SYHSRSXLEZIXSVITSVX XLIWSYVGISJ]SYVMRJSVQEXMSR8LIWIJEGXWEVI[IPPORS[RERHGERFIJSYRH MRER]WXERHEVHVIJIVIRGI[SVO 3RXLISXLIVLERHXLIVIMWWXMPPGSRWMHIVEFPIHIFEXIEFSYX1EPGSPQtWZMI[W SJ SXLIV %JVMGER%QIVMGER PIEHIVW XLI GMVGYQWXERGIW WYVVSYRHMRK LMW HIEXL ERH[LEXLIQMKLXLEZIHSRILEHLIPMZIH-J]SY[IVIXSGMXI4IVV]tWZMI[WSR ER]SJXLIWIQEXXIVWhVIKEVHPIWWSJ[LIXLIV]SYUYSXIHSVTEVETLVEWIHh]SY [SYPHRIIHXSEGORS[PIHKILMQEW]SYVWSYVGI %WQSVIXLERSRIWTIEOIV ERH[VMXIV LEWHMWGSZIVIHMXMWTSWWMFPIXSGSQQMX MRGVIQIRXEPTPEKMEVMWQUYMXIF]EGGMHIRX8LMWMWPIWWSJJIRWMZIXLERHIPMFIVEXI TPEKMEVMWQFYXMXMWTPEKMEVMWQRSRIXLIPIWW8LIVIEVIX[S[E]WXSKYEVHEKEMRWX MRGVIQIRXEPTPEKMEVMWQ8LIJMVWXMWXSFIGEVIJYP[LIRXEOMRKVIWIEVGLRSXIWXS HMWXMRKYMWL EQSRK HMVIGX UYSXEXMSRW TEVETLVEWIH QEXIVMEP ERH ]SYV S[R GSQQIRXW 7II 'LETXIV JSV E JYPP HMWGYWWMSR SJ VIWIEVGL QIXLSHW 8LI
',%48)6 )8,-'7%2(49&0-'74)%/-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WIGSRH[E]XSEZSMHMRGVIQIRXEPTPEKMEVMWQMWXSIVVSRXLIWMHISJGEYXMSR-R SXLIV[SVHW[LIRMRHSYFXGMXI]SYVWSYVGI
40%+-%6-71%2(8,)-28)62)8 ;LIR MX GSQIW XS TPEKMEVMWQ RS WYFNIGX TSWIW QSVI GSRJYWMSRhSV QSVI XIQTXEXMSRhXLERXLI-RXIVRIX&IGEYWIMXtWWSIEW]XSGST]MRJSVQEXMSRJVSQ XLI;IFQER]TISTPIEVIRSXE[EVISJXLIRIIHXSGMXIWSYVGIW[LIRXLI]YWI -RXIVRIXQEXIVMEPWMRXLIMVWTIIGLIW-J]SYHSRtXGMXI-RXIVRIXWSYVGIW]SYEVI NYWXEWKYMPX]SJTPEKMEVMWQEWMJ]SYXEOIMRJSVQEXMSRJVSQTVMRXWSYVGIW[MXL SYXTVSTIVGMXEXMSR 3RI [E] XS EZSMH TEXGL[SVO TPEKMEVMWQ SV MRGVIQIRXEP TPEKMEVMWQ [LIR [SVOMRK[MXLXLI-RXIVRIXMWXSXEOIGEVIJYPVIWIEVGLRSXIW1EOIWYVI]SYOIITE VIGSVHSJXLIJSPPS[MRK XLIXMXPISJXLI-RXIVRIXHSGYQIRX XLIEYXLSVSV SVKERM^EXMSRVIWTSRWMFPIJSVXLIHSGYQIRX XLIHEXISR[LMGLXLIHSGYQIRX [EWPEWXYTHEXIH XLIHEXISR[LMGL]SYEGGIWWIHXLIWMXI=SY[MPPRIIHEPPXLMW MRJSVQEXMSRJSV]SYVWTIIGLFMFPMSKVETL] =SY[MPPEPWSRIIHXSMHIRXMJ]]SYV-RXIVRIXWSYVGIW[LIR]SYTVIWIRXXLI WTIIGL-XtWRSXIRSYKLXSWE]q%W-JSYRHSRXLI;IFrSVq%GGSVHMRKXSXLI -RXIVRIXr=SYRIIHXSWTIGMJ]XLIEYXLSVERHXLI;IFWMXI-R'LETXIV[ItPP PSSOQSVIGPSWIP]EXLS[XSGMXI-RXIVRIXHSGYQIRXW*SVRS[OIITMRQMRH XLEX TVSZMHMRK WYGL GMXEXMSRW MW ERSXLIV SJ ]SYV IXLMGEP VIWTSRWMFMPMXMIW EW E TYFPMGWTIEOIV %RSXLIVTVSFPIQ[MXLVIKEVHXSXLI-RXIVRIXMWXLIPEVKIRYQFIVSJ;IF WMXIWXLEXWIPPIRXMVIWTIIGLIWSVTETIVW-REHHMXMSRXSFIMRKLMKLP]YRIXLMGEP YWMRKQEXIVMEPJVSQSRISJXLIWIWMXIWMWI\XVIQIP]VMWO]8LIWEQIXIGLRSPSK] XLEX QEOIW MX IEW] XS TPEKMEVM^I JVSQ XLI ;IF QEOIW MX IEW] JSV XIEGLIVW XS PSGEXI QEXIVMEP XLEX LEW FIIR TPEKMEVM^IH ERH XLI I\EGX WSYVGIJVSQ [LMGL MX LEWFIIRXEOIR =SYWLSYPHEPWSORS[XLEXEPQSWXEPPXLIWTIIGLIW ERHTETIVW SJJIVIHJSV WEPISRXLI;IFEVISJZIV]PS[UYEPMX]-J]SYEVIIZIVXIQTXIHXSTYVGLEWISRI OIITMRQMRHXLIVIMWEKSSHGLERGI]SY[MPP[EWXI]SYVQSRI]ERHKIXGEYKLX MRXLITVSGIWW,IVIEWMRSXLIVEWTIGXWSJPMJILSRIWX]MWXLIFIWXTSPMG]
+YMHIPMRIWJSV)XLMGEP0MWXIRMRK
7SJEVMRXLMWGLETXIV[ILEZIJSGYWIHSRXLIIXLMGEPHYXMIWSJTYFPMGWTIEOIVW &YX WTIIGLQEOMRK MW RSX E SRI[E] WXVIIX 0MWXIRIVW EPWS LEZI IXLMGEP SFPMKE XMSRW8LI]EVI XSPMWXIRGSYVXISYWP]ERHEXXIRXMZIP] XSEZSMHTVINYHKMRK XLIWTIEOIV ERH XSQEMRXEMRXLIJVIIERHSTIRI\TVIWWMSRSJMHIEW0IXYW PSSOEXIEGL
&)'3968)397%2(%88)28-:) -QEKMRIXLEX]SYEVIKMZMRK]SYVJMVWXGPEWWVSSQWTIIGL=SYLEZITYXEKVIEXHIEPSJXMQI MRXS[VMXMRKXLIWTIIGLERH]SYLEZITVEGXMGIH]SYVHIPMZIV]YRXMP]SYEVIGSRJMHIRX]SY GERHS[IPPhIWTIGMEPP]SRGI]SYKIXSZIVXLIMRMXMEPVYWLSJWXEKIJVMKLX =SYLEZI[SVOIHLEVHSR]SYVMRXVSHYGXMSRERH]SYVWTIIGLKIXWSJJXSEJMRIWXEVX1SWX SJ ]SYV GPEWWQEXIW EVI TE]MRK GPSWI EXXIRXMSR FYX WSQI EVI RSX 3RI ETTIEVW XS FI HSMRK LSQI[SVOJSVERSXLIVGPEWW%RSXLIVOIITWWRIEOMRKKPERGIWEXXLIWGLSSPRI[WTETIV8[SSV XLVIIEVIKE^MRKSYXXLI[MRHS[ERHSRIMWPIERMRKFEGOMRLMWGLEMV[MXLLMWI]IWWLYX
+YMHIPMRIWJSV)XLMGEP0MWXIRMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
=SYXV]XSFPSGOXLIQSYXSJ]SYVQMRHhIWTIGMEPP]WMRGIXLIVIWXSJXLIGPEWWWIIQW MRXIVIWXIH MR [LEX ]SY EVI WE]MRKhFYX XLI PSRKIV ]SY WTIEO XLI QSVI GSRGIVRIH ]SY FIGSQIq;LEXEQ-HSMRK[VSRK#r]SY[SRHIVXS]SYVWIPJq,S[GER-KIXXLIWITISTPI XSTE]EXXIRXMSR#r8LIQSVI]SYXLMROEFSYXXLMWXLIQSVI]SYVGSRJMHIRGIERHGSRGIR XVEXMSR[EZIV ;LIR ]SY QSQIRXEVMP] PSWI ]SYV TPEGI LEPJ[E] XLVSYKL XLI WTIIGL ]SY WXEVX XS TERMG=SYVRIVZIW[LMGL]SYLEZILIPHMRGLIGOWSJEVXEOIXLIYTTIVLERH=SYVQENSV XLSYKLX RS[ FIGSQIW q,S[ GER - KIX XLMW SZIV EW JEWX EWTSWWMFPI#r *PYWXIVIH ERH HMW XVEGXIH]SYVYWLXLVSYKLXLIVIWXSJ]SYVWTIIGLERHWMXHS[R
.YWXEWTYFPMGWTIEOIVWLEZIERIXLMGEPSFPMKEXMSRXSTVITEVIJYPP]JSVIEGL WTIIGLWSPMWXIRIVWLEZIEVIWTSRWMFMPMX]XSFIGSYVXISYWERHEXXIRXMZIHYVMRK XLI WTIIGL 8LMW VIWTSRWMFMPMX]h[LMGL MW E QEXXIV SJ GMZMPMX] MR ER] GMVGYQ WXERGIhMWIWTIGMEPP]MQTSVXERXMRWTIIGLGPEWW=SYERH]SYVGPEWWQEXIWEVIMR EPIEVRMRKWMXYEXMSRMR[LMGL]SYRIIHXSWYTTSVXSRIERSXLIV ;LIR]SYPMWXIRXSWTIIGLIWMRGPEWWKMZI]SYVJIPPS[WXYHIRXWXLIWEQI GSYVXIW]ERHEXXIRXMSR]SY[ERXJVSQXLIQ'SQIXSGPEWWTVITEVIHXSPMWXIR XShERHXSPIEVRJVSQh]SYVGPEWWQEXIWtWTIIGLIW%W]SYPMWXIRFIGSRWGMSYW SJXLIJIIHFEGO]SYEVIWIRHMRKXLIWTIEOIV7MXYTMR]SYVGLEMVVEXLIVXLER WPSYGLMRK QEMRXEMRI]IGSRXEGX[MXLXLIWTIEOIV WLS[WYTTSVXERHIRGSYV EKIQIRXMR]SYVJEGMEPI\TVIWWMSRW/IITMRQMRHXLITS[IV]SYLEZIEWEPMW XIRIV SZIV XLI WTIEOIVtW GSRJMHIRGI ERH GSQTSWYVI ERH I\IVGMWI XLEX TS[IV [MXLEWXVSRKWIRWISJIXLMGEPVIWTSRWMFMPMX]
%:3-(46).9(+-2+8,)74)%/)6 ;ILEZIEPPLIEVHXLEX]SYGERtXNYHKIEFSSOF]MXWGSZIV8LIWEQIMWXVYI SJWTIIGLIW=SYGERtXNYHKIEWTIIGLF]XLIREQIVEGIPMJIWX]PIETTIEVERGI SV VITYXEXMSR SJ XLI WTIEOIV %W XLI 2EXMSREP 'SQQYRMGEXMSR %WWSGMEXMSR WXEXIW MR MXW 'VIHS JSV )XLMGEP 'SQQYRMGEXMSR PMWXIRIVW WLSYPH qWXVMZI XS YRHIVWXERHERHVIWTIGXrWTIEOIVWqFIJSVIIZEPYEXMRKERHVIWTSRHMRKXSXLIMV QIWWEKIWr 8LMWHSIWRSXQIER]SYQYWXEKVII[MXLIZIV]WTIEOIV]SYLIEV=SYVEMQ MWXSPMWXIRGEVIJYPP]XSXLIWTIEOIVtWMHIEWXSEWWIWWXLIIZMHIRGIERHVIEWSRMRK SJJIVIHMRWYTTSVXSJXLSWIMHIEWERHXSVIEGLERMRXIPPMKIRXNYHKQIRXEFSYX XLIWTIIGL-R'LETXIV[I[MPPHMWGYWWWTIGMJMGWXITW]SYGERXEOIXSMQTVSZI ]SYV PMWXIRMRK WOMPPW *SV RS[ MX MW IRSYKL XS ORS[ XLEX MJ ]SY TVINYHKI E WTIEOIVhIMXLIV TSWMXMZIP] SV RIKEXMZIP]h]SY [MPP JEMP MR SRI SJ ]SYV IXLMGEP VIWTSRWMFMPMXMIWEWEPMWXIRIV
1%-28%-28,)*6))%2(34)2)<46)77-323*-()%7 %W[IWE[IEVPMIVMRXLMWGLETXIVEHIQSGVEXMGWSGMIX]HITIRHWSRXLIJVIIERH STIRI\TVIWWMSRSJMHIEW8LIVMKLXSJJVIII\TVIWWMSRMWWSMQTSVXERXXLEXMXMW TVSXIGXIHF]XLI*MVWX%QIRHQIRXXSXLI97'SRWXMXYXMSR[LMGLHIGPEVIWMR TEVXXLEXq'SRKVIWWWLEPPQEOIRSPE[EFVMHKMRKXLIJVIIHSQSJWTIIGLr .YWXEW TYFPMGWTIEOIVWRIIH XSEZSMHREQIGEPPMRKERHSXLIVXEGXMGW XLEXGER YRHIVQMRIJVIIWTIIGLWSPMWXIRIVWLEZIERSFPMKEXMSRXSQEMRXEMRXLIVMKLXSJ WTIEOIVWXSFILIEVH %W[MXLSXLIVIXLMGEPMWWYIWXLII\XIRXSJXLMWSFPMKEXMSRMWSTIRXSHIFEXI (MWTYXIW SZIV XLI QIERMRK ERH WGSTI SJ XLI *MVWX %QIRHQIRX EVMWI EPQSWX HEMP] MR GSRRIGXMSR [MXL MWWYIW WYGL EW XIVVSVMWQ TSVRSKVETL] ERH LEXI
',%48)6 )8,-'7%2(49&0-'74)%/-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-XMWZMXEPJSVEHIQSGVEXMG WSGMIX]XSQEMRXEMRXLIJVII ERHSTIRI\TVIWWMSRSJMHIEW ,IVI977IREXSV(ERMIP %OEOEI\TPEMRWXLIHERKIVW XLEXLEXIWTIIGLTSWIWXS HIQSGVEXMGMHIEPW
WTIIGL8LIUYIWXMSRYRHIVP]MRKWYGLHMWTYXIWMW[LIXLIVEPPWTIEOIVWLEZIE VMKLXXSFILIEVH 8LIVI EVI WSQI OMRHW SJ WTIIGL XLEX EVI RSX TVSXIGXIH YRHIV XLI *MVWX %QIRHQIRXhMRGPYHMRKHIJEQEXSV]JEPWILSSHWXLEXHIWXVS]ETIVWSRtWVITYXE XMSRXLVIEXWEKEMRWXXLIPMJISJXLI4VIWMHIRXERHMRGMXMRKEREYHMIRGIXSMPPIKEP EGXMSR MR GMVGYQWXERGIW [LIVI XLI EYHMIRGI MW PMOIP] XS GEVV] SYX XLI EGXMSR 3XLIV[MWIXLI7YTVIQI'SYVXLEWLIPHhERHQSWXI\TIVXWMRGSQQYRMGEXMSR IXLMGWLEZIEKVIIHhXLEXTYFPMGWTIEOIVWLEZIEREPQSWXYRPMQMXIHVMKLXSJJVII I\TVIWWMSR -RGSRXVEWXXSXLMWZMI[MXLEWFIIREVKYIHXLEXWSQIMHIEWEVIWSHERKIV SYWWSQMWKYMHIHSVWSSJJIRWMZIXLEXWSGMIX]LEWEHYX]XSWYTTVIWWXLIQ&YX [LSMWXSHIXIVQMRI[LMGLMHIEWEVIXSSHERKIVSYWQMWKYMHIHSVSJJIRWMZIXS FIYXXIVIH#;LSMWXSHIGMHI[LMGLWTIEOIVWEVIXSFILIEVHERH[LMGLEVIXS FIWMPIRGIH#%W)H[EVH/IRRIH]I\TPEMRIHMRLMWEGGPEMQIHWTIIGLq8SPIVERGI ERH8VYXLMR%QIVMGErSRGI[IWYGGYQFXSXLIXIQTXEXMSRSJGIRWSVMRKMHIEW [MXL[LMGL[IHMWEKVIIq[IWXITSRXSEWPMTTIV]WPSTI[LIVIIZIV]SRItWJVII HSQMWEXVMWOr 2SQEXXIVLS[[IPPMRXIRXMSRIHXLI]QE]FIIJJSVXWXSqTVSXIGXrWSGMIX] F] VIWXVMGXMRK JVII WTIIGL YWYEPP] IRH YT VITVIWWMRK QMRSVMX] ZMI[TSMRXW ERH YRTSTYPEVSTMRMSRW-R97LMWXSV]WYGLIJJSVXW[IVIYWIHXSOIIT[SQIRSJJ XLITYFPMGTPEXJSVQYRXMPXLI WXSWXSTEFSPMXMSRMWXSVEXSVWJVSQI\TSWMRK XLIIZMPWSJWPEZIV]FIJSVIXLI'MZMP;EVXSQY^^PIPEFSVSVKERM^IVWHYVMRKXLI WERHXSMQTIHIGMZMPVMKLXWPIEHIVWMRXLI W-QEKMRI[LEX%QIVMGER WSGMIX]QMKLXFIPMOIMJXLIWIWTIEOIVWLEHFIIRWMPIRGIH -XMWMQTSVXERXXSOIITMRQMRHXLEXIRWYVMRKETIVWSRtWJVIIHSQXSI\TVIWW LIVSVLMWMHIEWHSIWRSXMQTP]EKVIIQIRX[MXLXLSWIMHIEW=SYGERHMWEKVII IRXMVIP][MXLXLIQIWWEKIFYXWXMPPWYTTSVXXLIWTIEOIVtWVMKLXXSI\TVIWWMX%W XLI2EXMSREP'SQQYRMGEXMSR%WWSGMEXMSRWXEXIWMRMXW'VIHSJSV)XLMGEP'SQ QYRMGEXMSRqJVIIHSQSJI\TVIWWMSRHMZIVWMX]SJTIVWTIGXMZIERHXSPIVERGISJ HMWWIRXr EVI ZMXEP XS qXLI MRJSVQIH HIGMWMSR QEOMRK JYRHEQIRXEP XS E GMZMP WSGMIX]r
+YMHIPMRIWJSV)XLMGEP0MWXIRMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7911%6= &IGEYWITYFPMGWTIEOMRKMWEJSVQSJTS[IVMXGEVVMIW[MXLMXLIEZ]IXLMGEPVIWTSR WMFMPMXMIW8SHE]EWJSVXLITEWX]IEVWXLIKSSHTIVWSRWTIEOMRK[IPPVIQEMRW XLIMHIEPSJGSQQIRHEFPIWTIIGLQEOMRK 8LIVIEVIJMZIFEWMGKYMHIPMRIWJSVIXLMGEPTYFPMGWTIEOMRK8LIJMVWXMWXSQEOI WYVI]SYVKSEPWEVIIXLMGEPP]WSYRHhXLEXXLI]EVIGSRWMWXIRX[MXLXLI[IPJEVI SJ WSGMIX]ERH]SYVEYHMIRGI8LIWIGSRHMWXSFIJYPP]TVITEVIHJSVIEGLWTIIGL 8LIXLMVHMWXSFILSRIWXMR[LEX]SYWE]6IWTSRWMFPIWTIEOIVWHSRSXHMWXSVXXLI XVYXL JSV TIVWSREP KEMR 8LI] EVI EGGYVEXI ERH JEMV MR XLIMV QIWWEKI ERH MR XLIMV QIXLSHW 8LI JSYVXL KYMHIPMRI JSV IXLMGEP WTIEOMRK MW XS EZSMH REQIGEPPMRK ERH SXLIV JSVQWSJEFYWMZIPERKYEKI2EQIGEPPMRKMWIXLMGEPP]WYWTIGXFIGEYWIMXHIQIERWXLI HMKRMX]SJXLITISTPIFIMRKEXXEGOIHERHFIGEYWIMXGERYRHIVQMRIXLIVMKLXSJEPP KVSYTWXSFIJEMVP]LIEVH8LIJMREPKYMHIPMRIMWXSTYXIXLMGEPTVMRGMTPIWMRXSTVEG XMGIEXEPPXMQIW 3JEPPXLIIXLMGEPPETWIWEWTIEOIVGERGSQQMXJI[EVIQSVIWIVMSYWXLERTPE KMEVMWQ+PSFEP TPEKMEVMWQMW PMJXMRKE WTIIGLIRXMVIP]JVSQE WMRKPIWSYVGI4EXGL [SVOTPEKMEVMWQMRZSPZIWWXMXGLMRKEWTIIGLXSKIXLIVF]GST]MRKJVSQEJI[WSYVGIW -RGVIQIRXEPTPEKMEVMWQSGGYVW[LIREWTIEOIVJEMPWXSKMZIGVIHMXJSVWTIGMJMGUYSXE XMSRWERHTEVETLVEWIWXLEXEVIFSVVS[IHJVSQSXLIVTISTPI -REHHMXMSRXS]SYVIXLMGEPVIWTSRWMFMPMXMIWEWEWTIEOIV]SYLEZIIXLMGEPSFPM KEXMSRWEWEPMWXIRIV8LIJMVWXMWXSPMWXIRGSYVXISYWP]ERHEXXIRXMZIP]8LIWIGSRHMW XSEZSMHTVINYHKMRKXLIWTIEOIV8LIXLMVHMWXSWYTTSVXXLIJVIIERHSTIRI\TVIW WMSRSJMHIEW-REPPXLIWI[E]W]SYVWTIIGLGPEWW[MPPSJJIVEKSSHXIWXMRKKVSYRH JSVUYIWXMSRWSJIXLMGEPVIWTSRWMFMPMX]
/)=8)617 IXLMGW
KPSFEPTPEKMEVMWQ
IXLMGEPHIGMWMSRW
TEXGL[SVOTPEKMEVMWQ
REQIGEPPMRK
MRGVIQIRXEPTPEKMEVMWQ
&MPPSJ6MKLXW
TEVETLVEWI
TPEKMEVMWQ
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEX MW IXLMGW# ;L] MW EWXVSRK WIRWI SJ IXLMGEP VIWTSRWMFMPMX] ZMXEP JSV TYFPMG WTIEOIVW# ;LEXEVIXLIJMZIKYMHIPMRIWJSVIXLMGEPWTIIGLQEOMRKHMWGYWWIHMRXLMWGLETXIV#
GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;LEX MW XLI HMJJIVIRGI FIX[IIR KPSFEP TPEKMEVMWQ ERH TEXGL[SVO TPEKMEVMWQ# ;LEXEVIXLIFIWX[E]WXSEZSMHXLIWIX[SOMRHWSJTPEKMEVMWQ# ;LEXMWMRGVIQIRXEPTPEKMEVMWQ#,S[GER]SYWXIIVGPIEVSJMX[LIRHIEPMRK[MXL UYSXEXMSRWERHTEVETLVEWIW# ;LEX EVI XLI XLVII FEWMG KYMHIPMRIW JSV IXLMGEP PMWXIRMRK HMWGYWWIH MR XLMW GLETXIV#
',%48)6 )8,-'7%2(49&0-'74)%/-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG 7TIEOMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)<)6'-7)7*36'6-8-'%08,-2/-2+
0SSOFEGOEXXLIWXSV]SJ*IPMGME6SFMRWSRSRTEKI)ZEPYEXILIVHMPIQQE MRPMKLXSJXLIKYMHIPMRIWJSVIXLMGEPWTIIGLQEOMRKTVIWIRXIHMRXLMWGLETXIV )\TPEMR [LEX ]SY FIPMIZI [SYPH FI XLI QSWX IXLMGEP GSYVWI SJ EGXMSR MR LIV GEWI 8LI MWWYI SJ MRWYPXMRK ERH EFYWMZI WTIIGLhIWTIGMEPP] WPYVW HMVIGXIH EKEMRWX TISTPISRXLIFEWMWSJVEGIVIPMKMSRKIRHIVSVWI\YEPSVMIRXEXMSRh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
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
,EZMRKKVEHYEXIH[MXLEHIKVIIMRTYFPMGEHQMRMWXVEXMSRERHLSTMRKXSTYVWYIE GEVIIVMRTSPMXMGW]SYLEZIFIIRJSVXYREXIXSVIGIMZIEWXEJJTSWMXMSR[MXLSRISJXLI PIEHMRKWIREXSVWMR]SYVWXEXIPIKMWPEXYVI7MRGI]SYVEVVMZEPX[SQSRXLW EKS]SY LEZIERW[IVIHTLSRIWSVHIVIHPYRGLQEHIGSTMIWWXETPIHQEMPMRKWERHWXYJJIH IRZIPSTIW *MREPP] ]SY LEZI FIIR EWOIH XS PSSO SZIV E WTIIGL XLI WIREXSV [MPP HIPMZIVEX]SYVEPQEQEXIV7YVIP]]SYXLMROXLMW[MPPFIXLIJMVWXSJQER]MQTSV XERXEWWMKRQIRXWSRGI]SYVZEPYIMWVIGSKRM^IH %JXIV VIEHMRK XLI WTIIGL LS[IZIV ]SYV IRXLYWMEWQ MW HEQTIRIH =SYEKVII [LSPILIEVXIHP][MXLMXWWYTTSVXSJEFMPPXSJYRHWGLSPEVWLMTWJSVPS[MRGSQIWXY HIRXWFYX]SYtVIHMWQE]IHF]MXWEXXEGOSRSTTSRIRXWSJXLIFMPPEWqIPMXMWXFMKSXW [LS[SYPHHIR]EGSPPIKIIHYGEXMSRXSXLSWI[LSRIIHMXQSWXr=SYLEZIRtXFIIR EWOIH XS GSQQIRX SR XLI IXLMGW SJ XLI WTIIGL ERH ]SY GIVXEMRP] HSRtX [ERX XS NISTEVHM^I]SYVTSWMXMSRSRXLIWIREXSVtWWXEJJ%XXLIWEQIXMQI]SYXLMROLMWYWI SJ REQIGEPPMRK QE] EGXYEPP] EVSYWI W]QTEXL] JSV XLI STTSWMXMSR 8LI WIREXSV [SYPHPMOI]SYVGSQQIRXWMRX[SLSYVW;LEX[MPP]SYXIPPLMQ#
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0MWXIRMRK
0MWXIRMRK-W-QTSVXERX 0MWXIRMRKERH'VMXMGEP8LMROMRK *SYV'EYWIWSJ4SSV0MWXIRMRK 2SX'SRGIRXVEXMRK 0MWXIRMRK8SS,EVH .YQTMRKXS'SRGPYWMSRW *SGYWMRKSR(IPMZIV]ERH4IVWSREP%TTIEVERGI
,S[XS&IGSQIE&IXXIV0MWXIRIV 8EOI0MWXIRMRK7IVMSYWP] &IER%GXMZI0MWXIRIV 6IWMWX(MWXVEGXMSRW (SRtX&I(MZIVXIHF]%TTIEVERGISV(IPMZIV] 7YWTIRH.YHKQIRX *SGYW=SYV0MWXIRMRK (IZIPST2SXI8EOMRK7OMPPW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
X[EWELSXEJXIVRSSRMR1E]8LITVSJIWWSVSJERGMIRXLMWXSV][EWPIGXYVMRKSRXLIJEPP SJXLI6SQER)QTMVI7LIFIKER q=IWXIVHE][IHMWGYWWIHXLITSPMXMGEPERHWSGMEPGSR HMXMSRWXLEX[IEOIRIHXLIIQTMVIJVSQ[MXLMR8SHE][I[MPPXEPOEFSYXXLIMRZEWMSRW XLEXEXXEGOIHXLIIQTMVIJVSQXLISYXWMHIhXLI:MWMKSXLWJVSQXLIRSVXL[IWXXLI3WXVS KSXLWJVSQXLIRSVXLIEWXXLI:ERHEPWJVSQXLIWSYXLXLI,YRWJVSQXLI[IWXERH,SQIV 7MQTWSRJVSQXLIWSYXLIEWXr 2SFSH]FEXXIHERI]I2SFSH]PSSOIHYT8LIGPEWWVSSQ[EWUYMIXI\GITXJSVXLI WGVEXGLSJTIRWEWXLIWXYHIRXWXSSORSXIWhTVIWYQEFP]VIGSVHMRK,SQIV7MQTWSREWER MRZEHIVSJXLI6SQER)QTMVI
LIEVMRK 8LIZMFVEXMSRSJWSYRH[EZIWSR XLIIEVHVYQWERHXLIJMVMRKSJ IPIGXVSGLIQMGEPMQTYPWIWMRXLI FVEMR PMWXIRMRK 4E]MRKGPSWIEXXIRXMSRXSERH QEOMRKWIRWISJ[LEX[ILIEV
8LMWWXSV]MPPYWXVEXIW[LEXSRIVIWIEVGLWXYH]EJXIVERSXLIVLEWVIZIEPIHhQSWX TISTPIEVIWLSGOMRKP] TSSVPMWXIRIVW;IJEOITE]MRKEXXIRXMSR;IGER PSSO VMKLX EX WSQISRI ETTIEV MRXIVIWXIH MR [LEX XLEX TIVWSR WE]W IZIR RSH SYV LIEHSVWQMPIEXXLIETTVSTVMEXIQSQIRXWhEPP[MXLSYXVIEPP]PMWXIRMRK 2SXPMWXIRMRKHSIWRtXQIER[IHSRtXLIEV,IEVMRKMWETL]WMSPSKMGEPTVS GIWWMRZSPZMRKXLIZMFVEXMSRSJWSYRH[EZIWSRSYVIEVHVYQWERHXLIJMVMRK SJIPIGXVSGLIQMGEPMQTYPWIWJVSQXLIMRRIVIEVXSXLIGIRXVEPEYHMXSV]W]WXIQ SJ XLI FVEMR &YX PMWXIRMRK MRZSPZIW TE]MRK GPSWI EXXIRXMSR XS ERH QEOMRK WIRWI SJ [LEX [I LIEV )ZIR [LIR [I XLMRO [I EVI PMWXIRMRK GEVIJYPP] [I YWYEPP]KVEWTSRP]TIVGIRXSJ[LEX[ILIEV%JXIVLSYVW[IGERVIQIQ FIVSRP]TIVGIRXSJXLISVMKMREPQIWWEKI-XtWPMXXPI[SRHIVXLEXPMWXIRMRK LEWFIIRGEPPIHEPSWXEVX
0MWXIRMRK-W-QTSVXERX %PXLSYKLQSWXTISTPIPMWXIRTSSVP]XLIVIEVII\GITXMSRW8STJPMKLXFYWMRIWW I\IGYXMZIW WYGGIWWJYP TSPMXMGMERW FVMPPMERX XIEGLIVWhRIEVP] EPP EVI I\GIPPIRX PMWXIRIVW7SQYGLSJ[LEXXLI]HSHITIRHWSREFWSVFMRKMRJSVQEXMSRXLEXMW KMZIR ZIVFEPP]h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tW*SVXYRIGSQTERMIWEPQSWXTIVGIRXSJXLI VIWTSRHIRXW WEMH XLI] TVSZMHI WSQI OMRH SJ PMWXIRMRK XVEMRMRK JSV XLIMV IQTPS]IIW )ZIRMJ]SYHSRtXTPERXSFIEGSVTSVEXII\IGYXMZIXLIEVXSJPMWXIRMRKGER FILIPTJYPMREPQSWXIZIV]TEVXSJ]SYVPMJI8LMWMWRSXWYVTVMWMRK[LIR]SYVIEP M^IXLEXTISTPIWTIRHQSVIXMQIPMWXIRMRKXLERHSMRKER]SXLIVGSQQYRMGEXMZI EGXMZMX]hQSVIXLERVIEHMRKQSVIXLER[VMXMRKQSVIIZIRXLERWTIEOMRK 8LMRO JSV E QSQIRX EFSYX ]SYV S[R PMJI EW E GSPPIKI WXYHIRX 'PSWI XS TIVGIRXSJGPEWWXMQI MR 97 GSPPIKIWERH YRMZIVWMXMIW MWWTIRXPMWXIRMRK XS HMWGYWWMSRWERHPIGXYVIW%RYQFIVSJWXYHMIWLEZIWLS[REWXVSRKGSVVIPEXMSR FIX[IIRPMWXIRMRKERHEGEHIQMGWYGGIWW7XYHIRXW[MXLXLILMKLIWXKVEHIWEVI YWYEPP] XLSWI [MXL XLI WXVSRKIWX PMWXIRMRK WOMPPW 8LI VIZIVWI MW EPWS XVYIh WXYHIRXW [MXL XLI PS[IWX KVEHIW EVI YWYEPP] XLSWI [MXL XLI [IEOIWX PMWXIRMRK WOMPPW
',%48)6 0-78)2-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIVIMWTPIRX]SJVIEWSRXLIRXSXEOIPMWXIRMRKWIVMSYWP])QTPS]IVWERH IQTPS]IIW TEVIRXW ERH GLMPHVIR [MZIW ERH LYWFERHW HSGXSVW ERH TEXMIRXW WXYHIRXWERHXIEGLIVWhEPPHITIRHSRXLIETTEVIRXP]WMQTPIWOMPPSJPMWXIRMRK 6IKEVHPIWWSJ]SYVTVSJIWWMSRSV[EPOSJPMJI]SYRIZIVIWGETIXLIRIIHJSVE [IPPXVEMRIHIEV 0MWXIRMRKMWEPWSMQTSVXERXXS]SYEWEWTIEOIV-XMWTVSFEFP]XLI[E]]SY KIXQSWXSJ]SYVMHIEWERHMRJSVQEXMSRhJVSQXIPIZMWMSRVEHMSGSRZIVWEXMSR ERHPIGXYVIW-J]SYHSRSXPMWXIR[IPP]SY[MPPRSXYRHIVWXERH[LEX]SYLIEV ERHQE]TEWWEPSRK]SYVQMWYRHIVWXERHMRKXSSXLIVW &IWMHIW MR GPEWWhEW MR PMJIh]SY [MPP PMWXIR XS QER] QSVI WTIIGLIW XLER ]SYKMZI-XMWSRP]JEMVXSTE]GPSWIEXXIRXMSRXS]SYVGPEWWQEXIWtWTIIGLIW EJXIV EPP ]SY [ERX XLIQ XS PMWXIR GEVIJYPP] XS ]SYV WTIIGLIW %R I\GIPPIRX [E] XS MQTVSZI ]SYV S[R WTIIGLIW MW XS PMWXIR EXXIRXMZIP] XS XLI WTIIGLIW SJ SXLIV TISTPI3ZIVERHSZIVXIEGLIVWJMRHXLEXXLIFIWXWTIEOIVWEVIYWYEPP]XLIFIWX PMWXIRIVW %WMHIFIRIJMXSJ]SYVWTIIGLGPEWWMWXLEXMXSJJIVWERMHIEPSTTSVXYRMX]XS [SVOSRXLIEVXSJPMWXIRMRK(YVMRKXLI TIVGIRXSJXLIXMQI[LIR]SYEVI RSX WTIEOMRK ]SY LEZI RSXLMRK IPWI XS HS FYX PMWXIR ERH PIEVR =SY GER WMX XLIVIPMOIEWXSRIhSV]SYGERYWIXLIXMQITVSJMXEFP]XSQEWXIVEWOMPPXLEX[MPP WIVZI]SYMREXLSYWERH[E]W
0MWXIRMRKERH'VMXMGEP8LMROMRK
3RISJXLI[E]WPMWXIRMRKGERWIVZI]SYMWF]IRLERGMRK]SYVWOMPPWEWEGVMXMGEP XLMROIV;IGERMHIRXMJ]JSYVOMRHWSJPMWXIRMRK %TTVIGMEXMZIPMWXIRMRKhPMWXIRMRKJSVTPIEWYVISVIRNS]QIRXEW[LIR[IPMW XIRXSQYWMGXSEGSQIH]VSYXMRISVXSERIRXIVXEMRMRKWTIIGL
ETTVIGMEXMZIPMWXIRMRK 0MWXIRMRKJSVTPIEWYVISV IRNS]QIRX
)QTEXLMGPMWXIRMRKhPMWXIRMRKXSTVSZMHIIQSXMSREPWYTTSVXJSVXLIWTIEOIV EW[LIRETW]GLMEXVMWXPMWXIRWXSETEXMIRXSV[LIR[IPIRHEW]QTEXLIXMG IQTEXLMGPMWXIRMRK 0MWXIRMRKXSTVSZMHIIQSXMSREP IEVXSEJVMIRHMRHMWXVIWW
WYTTSVXJSVEWTIEOIV
'SQTVILIRWMZIPMWXIRMRKhPMWXIRMRKXSYRHIVWXERHXLIQIWWEKISJEWTIEOIV EW[LIR[IEXXIRHEGPEWWVSSQPIGXYVISVPMWXIRXSHMVIGXMSRWJSVJMRHMRKE GSQTVILIRWMZI JVMIRHtWLSYWI PMWXIRMRK 'VMXMGEPPMWXIRMRKhPMWXIRMRKXSIZEPYEXIEQIWWEKIJSVTYVTSWIWSJEGGITXMRK SVVINIGXMRKMXEW[LIR[IPMWXIRXSXLIWEPIWTMXGLSJEYWIHGEVHIEPIVSV XLIGEQTEMKRWTIIGLSJETSPMXMGEPGERHMHEXI
0MWXIRMRKXSYRHIVWXERHXLI QIWWEKISJEWTIEOIV
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hWYQQEVM^MRKMRJSVQEXMSRVIGEPPMRKJEGXWHMWXMRKYMWLMRKQEMR TSMRXWJVSQQMRSVTSMRXWhEVIGIRXVEPXSGSQTVILIRWMZIPMWXIRMRK3XLIVWOMPPW
0MWXIRMRKERH'VMXMGEP8LMROMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
SJGVMXMGEPXLMROMRKhWITEVEXMRKJEGXJVSQSTMRMSRWTSXXMRK[IEORIWWIWMRVIE WSRMRKNYHKMRKXLIWSYRHRIWWSJIZMHIRGIhEVIIWTIGMEPP]MQTSVXERXMRGVMXMGEP PMWXIRMRK ;LIR ]SY IRKEKI MR GSQTVILIRWMZI PMWXIRMRK SV GVMXMGEP PMWXIRMRK ]SYQYWXYWI]SYVQMRHEW[IPPEW]SYVIEVW;LIR]SYVQMRHMWRSXEGXMZIP] MRZSPZIH]SYQE]FILIEVMRKFYX]SYEVIRSXPMWXIRMRK-RJEGXPMWXIRMRKERH GVMXMGEPXLMROMRKEVIWSGPSWIP]EPPMIHXLEXXVEMRMRKMRPMWXIRMRKMWEPWSXVEMRMRK MRLS[XSXLMRO %XXLIIRHSJXLMWGLETXIV[ItPPHMWGYWWWXITW]SYGERXEOIXSMQTVSZI]SYV WOMPPW MR GSQTVILIRWMZI ERH GVMXMGEP PMWXIRMRK -J ]SY JSPPS[ XLIWI WXITW ]SY QE]EPWSFIGSQIEFIXXIVGVMXMGEPXLMROIV
*SYV'EYWIWSJ4SSV0MWXIRMRK 238'32')286%8-2+ WTEVIqFVEMRXMQIr 8LIHMJJIVIRGIFIX[IIRXLIVEXI EX[LMGLQSWXTISTPIXEPO XS[SVHWEQMRYXI ERHXLI VEXIEX[LMGLXLIFVEMRGER TVSGIWWPERKYEKI XS [SVHWEQMRYXI
8LIFVEMRMWMRGVIHMFP]IJJMGMIRX%PXLSYKL[IXEPOEXEVEXISJXS[SVHW EQMRYXIXLIFVEMRGERTVSGIWWXS [SVHWEQMRYXI8LMW[SYPHWIIQ XSQEOIPMWXIRMRKZIV]IEW]FYXEGXYEPP]MXLEWXLISTTSWMXIIJJIGX&IGEYWI[I GERTVSGIWWEWTIEOIVtW[SVHWERHWXMPPLEZITPIRX]SJWTEVIqFVEMRXMQIr[IEVI XIQTXIHXSMRXIVVYTXSYVPMWXIRMRKF]XLMROMRKEFSYXSXLIVXLMRKW,IVItW[LEX LETTIRW )PIRE /MQ [SVOW MR XLI TYFPMG GSQQYRMGEXMSRW HITEVXQIRX SJ E PEVKI JMRERGMEP WIV ZMGIWGSQTER]7LIEXXIRHWVIKYPEVWXEJJQIIXMRKW[MXLXLIGSQQYRMGEXMSRWHMVIGXSV8LI QIIXMRKWTVSZMHIRIGIWWEV]MRJSVQEXMSRFYXWSQIXMQIWXLI]WIIQXSKSSRJSVIZIV 8LMWQSVRMRKXLIHMVIGXSVMWXEPOMRKEFSYXXE\I\IQTXGSPPIKIWEZMRKWEGGSYRXWERHLS[XS TYFPMGM^I XLIQ QSVI IJJIGXMZIP] q;ItZI WYGGIIHIH MR VIEGLMRK TEVIRXW WS SYV RI\X XEVKIX QEVOIXMWKVERHTEVIRXW[LS[ERXXSTYXE[E]QSRI]JSVXLIMVKVERHGLMPHVIRtWIHYGEXMSRr q+VERHTEVIRXWr )PIRE XLMROW q-X [EW EP[E]W KVIEX XS WII Q] KVERHTEVIRXW [LIR - [EW KVS[MRK YT ;LIR - WTSOI XS XLIQSZIV XLI [IIOIRH +VERHQE HMHRtX WSYRH ZIV] KSSH-LEZIXSGEPPXLIQQSVISJXIRr )PIREWRETWLIVWIPJFEGOXSXLIQIIXMRK8LIHMVIGXSVMWXEPOMRKEFSYXXLIGSQTER]tWRI[ I\IGYXMZIZMGITVIWMHIRX[LSLEWNYWXQSZIHXSLIEHUYEVXIVWJVSQEVIKMSREPJMVQMR*PSVMHE q1V*IVRERHI^LEWRIZIV[SVOIHMREGSQTER]XLMWWM^IFYXLMWI\TIVMIRGIMR*PSVMHEr q*PSVMHEr)PIREHVIEQWq7YRIRHPIWWFIEGLIWERHXLIGPYFWGIRIMR7SYXL&IEGL 1E]FI-GERWREXGLEJI[HE]WtZEGEXMSRMR.ERYEV]r 7XIVRP])PIRETYPPWLIVEXXIRXMSRFEGOXSXLIQIIXMRK8LIGSQQYRMGEXMSRWHMVIGXSVMW RS[HMWGYWWMRKXLIGSQTER]tWPEXIWXTPERJSV TYFPMGWIVZMGIERRSYRGIQIRXW )PIREMWRSX MRZSPZIHMRXLITPERERHLIVEXXIRXMSR[ERHIVWSRGIQSVI 8LEX QSVRMRK WLI LEH ERSXLIV EVKYQIRX [MXL LIV VSSQQEXI EFSYX GPIERMRK XLI OMXGLIR ERH XEOMRK SYX XLI KEVFEKI 1E]FI MXtW XMQI XS HIGMHI MJ WLI GER EJJSVH XS PMZI [MXLSYXEVSSQQEXI-XWYVI[SYPHQEOIJSVJI[IVLEWWPIW q EREVIE)PIRE LEWVIWIEVGLIHI\XIRWMZIP]r XLIHMVIGXSVMWWE]MRK 9LSL;LEX EVIEHSIWXLIHMVIGXSVQIER#)ZIV]SRIPSSOWEX)PIREEWWLIJVERXMGEPP]XVMIWXSVIGEPPXLI PEWX[SVHWWEMHEXXLIQIIXMRK
-XtWRSXXLEX)PIREQIERXXSPSWIXVEGOSJXLIHMWGYWWMSR&YXXLIVIGSQIWE TSMRXEX[LMGLMXtWWSIEW]XSPIX]SYVXLSYKLXW[ERHIVVEXLIVXLERXSGSRGIR XVEXISR[LEXMWFIMRKWEMH%JXIVEPPGSRGIRXVEXMRKMWLEVH[SVO0SYMW2M^IV XLIJEQSYWXVMEPPE[]IVWE]Wq7SGSQTPIXIMWXLMWGSRGIRXVEXMSRXLEXEXXLIIRH
',%48)6 0-78)2-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4ISTPIWTIRHQSVIXMQIPMW XIRMRKXLERMRER]SXLIVGSQ QYRMGEXMZIEGXMZMX]3RIFIR IJMXSJ]SYVWTIIGLGPEWWMWXLEX MXGERMQTVSZI]SYVPMWXIRMRK WOMPPWMREZEVMIX]SJWMXYEXMSRW
SJEGSYVXHE]MR[LMGL-LEZISRP]PMWXIRIH-JMRHQ]WIPJ[VMRKMRK[IXHIWTMXI EGEPQERHGEWYEPQERRIVr 0EXIVMRXLMWGLETXIV[I[MPPPSSOEXWSQIXLMRKW]SYGERHSXSGSRGIRXVEXI FIXXIVSR[LEX]SYLIEV
0-78)2-2+833,%6( 9RXMP RS[ [I LEZI FIIR XEPOMRK EFSYX RSX TE]MRK GPSWI EXXIRXMSR XS [LEX [I LIEV&YXWSQIXMQIW[IPMWXIRXSSLEVH;IXYVRMRXSLYQERWTSRKIWWSEOMRKYT EWTIEOIVtWIZIV][SVHEWMJIZIV][SVH[IVIIUYEPP]MQTSVXERX;IXV]XSVIQIQ FIVEPPXLIREQIWEPPXLIHEXIWEPPXLITPEGIW-RXLITVSGIWW[ISJXIRQMWWXLI WTIEOIVtWQEMRTSMRX;LEXMW[SVWI[IQE]IRHYTGSRJYWMRKXLIJEGXWEW[IPP 7LSVXP]EJXIVKVEHYEXMRKJVSQGSPPIKI)VMO;EPHQERPERHIHERI\GIPPIRXNSFEXEKVETL MGWHIWMKRJMVQ/RS[MRKLILEHRIZIVFIIRKSSHEXFYHKIXMRKLMWQSRI]LI[EWHIXIV QMRIHXSFIKMRXLMROMRKEFSYXLMWPSRKVERKIIGSRSQMGJYXYVI;LIRLMWIQTPS]IVGMVGY PEXIHERIQEMPERRSYRGMRKEJMRERGMEPTPERRMRK[SVOWLST)VMOWMKRIHYTVMKLXE[E] 8LIJMVWXWIWWMSR[EWEFSYXVIXMVIQIRXTPERRMRK7MQSRI*MWLIV[LS[EWGSRHYGXMRK XLI[SVOWLSTI\TPEMRIHXLEXSJ%QIVMGERWFIX[IIRXLIEKIWSJERHHSRSX LEZI IMXLIV E QSRXLP] FYHKIX SV E VIKYPEV WEZMRKW TPER )VMO [VSXIHS[R IZIV] RYQFIV 7MQSRIQIRXMSRIH q-J]SY[ERXXSLEZIEVIXMVIQIRXMRGSQIIUYEPXSTIVGIRXSJ]SYVGYVVIRXWEPEV]r 7MQSRIGSRXMRYIHq]SY[MPPRIIHXSMRZIWXEXPIEWXTIVGIRXSJ]SYVTVIWIRXIEVRMRKWERH FI]SRHXLEX]SYRIIHXSJMKYVIMRJYXYVIMRJPEXMSRVEXIW;ILEZIWIXEWMHIXMQIXLMWEJXIV RSSRXSQIIX[MXL]SYTIVWSREPP]XSGEPGYPEXI]SYVMRHMZMHYEPWEZMRKWRIIHW-RXLIQIER XMQI-[ERXXSWXVIWWXLEXXLIQSWXMQTSVXERXXLMRKMWXSWXEVXWEZMRKRS[r )VMO [VSXI JYVMSYWP] XS VIGSVH EPP XLI WXEXMWXMGW 7MQSRI GMXIH ;LIR WLI STIRIH XLI JPSSVJSVUYIWXMSRW)VMOVEMWIHLMWLERHERHWEMHq-LEZIX[SUYIWXMSRW;LIRMWXLIFIWX XMQIXSWXEVXWEZMRKJSVVIXMVIQIRX#%RHLS[EQ-WYTTSWIHXSJMKYVISYXQ]WEZMRKWXEVKIX MJ-HSRtXORS[[LEXMRJPEXMSRVEXIW[MPPFIMRXLIJYXYVI#r
*SYV'EYWIWSJ4SSV0MWXIRMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LMWMWEX]TMGEPI\EQTPISJPSWMRKXLIWTIEOIVtWTSMRXF]GSRGIRXVEXMRKSR HIXEMPW)VMOLEHJM\IHLMWQMRHSRVIQIQFIVMRKEPPXLIWXEXMWXMGWMR7MQSRItW TVIWIRXEXMSRFYXLIFPSGOIHSYXXLIQEMRQIWWEKIhXLEXMXMWFIWXXSWXEVXWEZ MRKRS[ERHXLEXLI[SYPHKIXLIPTHIZIPSTMRKERMRHMZMHYEPTPER 6EXLIVXLERXV]MRKXSVIQIQFIVIZIV]XLMRKEWTIEOIVWE]WIJJMGMIRXPMWXIR IVWYWYEPP]GSRGIRXVEXISRQEMRMHIEWERHIZMHIRGI;ItPPHMWGYWWXLIWIXLMRKW QSVIXLSVSYKLP]PEXIVMRXLIGLETXIV
.914-2+83'32'097-327 6IRII'SPPMRWEVIGIRXGSPPIKIKVEHYEXIXSSOENSFEWERIHMXSVMEPEWWMWXERXMR XLIVIWIEVGLHITEVXQIRXSJEVIKMSREPQEKE^MRI7LSVXP]EJXIV6IRIIEVVMZIHXLI IHMXSVMRGLEVKISJXLIVIWIEVGLHITEVXQIRXPIJXXLIQEKE^MRIJSVERSXLIVNSF *SVXLIRI\XX[SQSRXLW6IRIIWXVYKKPIHXSLERHPIXLI[SVOSJXLIVIWIEVGL HITEVXQIRXF]LIVWIPJ7LISJXIRJIPXMRSZIVLIVLIEHFYXWLIORI[XLMW[EWE KSSHSTTSVXYRMX]XSPIEVRERHWLILEXIHXSKMZIYTLIVRI[VIWTSRWMFMPMXMIW 3RI HE] (YERI 4IVOMRW XLI IHMXSV MR GLMIJ SJ XLI QEKE^MRI GSQIW MRXS 6IRIItWSJJMGIXSXEPO8LIJSPPS[MRKGSRZIVWEXMSRXEOIWTPEGI (YERI =SYtZIHSRIEKVIEXNSFXLIWIPEWXX[SQSRXLW6IRII&YX]SYORS[[IVIEPP] RIIHERI[IHMXSV7S[ItZIHIGMHIHXSQEOIWSQIGLERKIW 6IRII
-tQRSXWYVTVMWIH-ORS[-tZIQEHIQ]WLEVISJQMWXEOIW
(YERI )ZIV]SRIQEOIWQMWXEOIW[LIRXLI]tVIWXEVXMRKSYX%RH]SYtZIFIIRGEVV]MRKE PSXSJVIWTSRWMFMPMX]8SSQYGL8LEXtW[L] 6IRII
8LEXtWSOE]-tQKVEXIJYPXSLEZILEHEGLERGIXSXV]Q]LERHEXXLMW-ORS[-tQ MRI\TIVMIRGIHERHXLMWMWERMQTSVXERXHITEVXQIRX
(YERI =IWMXMW%RHMXtWRSXERIEW]NSF;IVIEPP]RIIHERIHMXSVERHEREWWMWXERXXS LERHPIEPPXLI[SVO8LEXtW[L]-[ERXIHXSXIPP]SY 6IRII
=SYtVIVMKLXSJGSYVWI-LSTI]SYtZIJSYRHWSQIFSH]KSSHXSFIXLIRI[IHMXSV
(YERI -XLMROWS&YX6IRII-HSRtXXLMRO]SYYRHIVWXERH 6IRII 2S-YRHIVWXERH-ORI[EPPEPSRKXLEX-[EWNYWXJMPPMRKMR (YERI 6IRII]SYtVIRSXPMWXIRMRK 6IRII
=IW-EQ=SYtVIXV]MRKXSFIRMGIFYX]SYtVILIVIXSXIPPQIXLEX]SYtZILMVIHE RI[IHMXSVERH-tPPFIKSMRKFEGOXSQ]SPHNSF
(YERI 2SXLEXtWRSXMXEXEPP-XLMRO]SYtZIHSRIEJMRINSFYRHIVHMJJMGYPXGMVGYQWXERGIW =SYtZITVSZIH]SYVWIPJERH-MRXIRHXSQEOI]SYXLIIHMXSV&YX-XLMRO]SYtPP RIIHEREWWMWXERXXSLIPT]SY
;L]MWXLIVIWSQYGLGSRJYWMSRLIVI#'PIEVP]6IRIIMWYRWYVIEFSYXLIV JYXYVI EX XLI QEKE^MRI 7S [LIR (YERI WXEVXW XS XEPO EFSYX QEOMRK WSQI GLERKIW6IRIINYQTWXSEGSRGPYWMSRERHEWWYQIWXLI[SVWX8LIQMWYRHIV WXERHMRKGSYPHLEZIFIIREZSMHIHMJ[LIR(YERILEHWEMHq;ItZIHIGMHIHXS QEOIWSQIGLERKIWr6IRIILEHEWOIHq;LEXGLERKIW#rhERHXLIRPMWXIRIH 8LMWMWSRIJSVQSJNYQTMRKXSGSRGPYWMSRWhTYXXMRK[SVHWMRXSEWTIEOIVtW QSYXL-XMWSRIVIEWSR[L][IWSQIXMQIWGSQQYRMGEXIWSTSSVP][MXLTISTPI [I EVI GPSWIWX XS &IGEYWI [ItVI WS WYVI [I ORS[ [LEX XLI] QIER [I HSRtX PMWXIRXS[LEXXLI]EGXYEPP]WE]
',%48)6 0-78)2-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%RSXLIV[E]SJNYQTMRKXSGSRGPYWMSRWMWTVIQEXYVIP]VINIGXMRKEWTIEOIVtW MHIEWEWFSVMRKSVQMWKYMHIH;IQE]HIGMHIIEVP]SRXLEXEWTIEOIVLEWRSXLMRK ZEPYEFPIXSWE]7YTTSWI]SYXLMROJVEXIVRMXMIWERHWSVSVMXMIWEVIEZEPYEFPIEHHM XMSRXSEGSPPIKItWWSGMEPERHGMZMGPMJIFYXEWTIEOIVtWERRSYRGIHXSTMGMWq8LI +VIIO7]WXIQ %R-RWXMXYXMSR;LSWI8MQI-W4EWX#r=SYQE]HIGMHIMREHZERGI RSXXSPMWXIRXSXLIWTIEOIV8LEX[SYPHFIEQMWXEOI=SYQMKLXTMGOYTMRJSV QEXMSRXLEXGSYPHWXVIRKXLIRSVQSHMJ]]SYVXLMROMRK-RERSXLIVWMXYEXMSR]SY QMKLX NYQT XS XLI GSRGPYWMSR XLEX E XSTMG MW FSVMRK 0IXtW WE] XLI ERRSYRGIH XSTMGMWq%VGLMXIGXYVIERH,MWXSV]r-XWSYRHWHYPP7S]SYXYRISYXhERHQMWWE JEWGMREXMRK HMWGYWWMSR JMPPIH [MXL LYQERMRXIVIWX WXSVMIW EFSYX FYMPHMRKW ERH SXLIVWXVYGXYVIWJVSQXLIERGMIRXT]VEQMHWXSXLIPEXIWXWO]WGVETIVW 2IEVP] IZIV] WTIIGL LEW WSQIXLMRK XS SJJIV ]SYh[LIXLIV MX FI MRJSVQE XMSRTSMRXSJZMI[SVXIGLRMUYI=SYEVIGLIEXMRK]SYVWIPJMJ]SYTVINYHKIERH GLSSWIRSXXSPMWXIR
*3'97-2+32()0-:)6=%2(4)6732%0%44)%6%2') %ZMHVIEHIVWSJ%QIVMGERLMWXSV]+VIKERH1EVMWWE[IVIXLVMPPIH[LIRXLI]WE[ETSWXIV EXXLIMVPSGEPFSSOWXSVIEHZIVXMWMRKEPIGXYVIF]XLIEYXLSVSJERI[FSSOSRXLI&EXXPISJ +IXX]WFYVK 8LIFSSOLEHVIGIMZIH KSSH VIZMI[W ERH +VIK ERH 1EVMWWEQEHITPERWXS EXXIRHXLIPIGXYVI %VVMZMRK EX XLI FSSOWXSVI XLI] XSSO XLIMV WIEXW ERH PMWXIRIH [LMPI XLI WTIEOIV HMW GYWWIHLMWVIWIEVGLERHQENSVJMRHMRKWq8LEX[EWKVIEXr1EVMWWEI\GPEMQIH[LIRXLI]KSX FEGOXSXLIGEV&YX+VIK[EWWGS[PMRKq;LEXtW[VSRK#r1EVMWWEEWOIH q- ORS[ ]SYtVI KSMRK XS XLMRO XLMW MW WXYTMHr +VIK FIKER q8LI KY] [EW E HIGIRX WTIEOIVERHLIWIIQIHXSORS[LMWWXYJJ&YXHMH]SYWIIXLIWTSVXGSEXLI[EW[IEVMRK# -XtWWSVIXVShERHLMWXMI[EWEXVSGMSYW2SQEXXIVLS[-XVMIH-GSYPHRtXWXSTXLMROMRK-[EW [EXGLMRKWSQISRIJVSQ r
8LMW WXSV]MPPYWXVEXIW E GSQQSRTVSFPIQ 7SQIXMQIW[I NYHKITISTPI F] XLI [E] XLI] PSSO SV WTIEO ERH HSRtX PMWXIR XS [LEX XLI] WE] -XtW IEW] XS FIGSQIHMWXVEGXIHF]EWTIEOIVtWEGGIRXTIVWSREPETTIEVERGISVZSGEPQERRIV MWQWERHPSWIWMKLXSJXLIQIWWEKI*SGYWMRKSREWTIEOIVtWHIPMZIV]SVTIVWSREP ETTIEVERGIMWSRISJXLIQENSVWSYVGIWSJMRXIVJIVIRGIMRXLIWTIIGLGSQQY RMGEXMSRTVSGIWWERHMXMWWSQIXLMRK[IEP[E]WRIIHXSKYEVHEKEMRWX
,S[XS&IGSQIE&IXXIV0MWXIRIV
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
,S[XS&IGSQIE&IXXIV0MWXIRIV
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
,S[SJXIRHS]SYMRHYPKIMRXLIJSPPS[MRKFEHPMWXIRMRKLEFMXW#'LIGO]SYVWIPJGEVIJYPP]MRIEGLSRI
,%&-8
*6)59)2'= %PQSWX %P[E]W
9WYEPP]
7SQIXMQIW
7'36) 7IPHSQ
%PQSWX RIZIV
+MZMRKMRXSQIRXEP HMWXVEGXMSRW +MZMRKMRXSTL]WMGEP HMWXVEGXMSRW 8V]MRKXSVIGEPP IZIV]XLMRKEWTIEOIV WE]W 6INIGXMRKEXSTMGEW YRMRXIVIWXMRKFIJSVI LIEVMRKXLIWTIEOIV *EOMRKTE]MRK EXXIRXMSR .YQTMRKXS GSRGPYWMSRWEFSYXE WTIEOIVtWQIERMRK (IGMHMRKEWTIEOIVMW [VSRKFIJSVILIEVMRK IZIV]XLMRKWLISVLI LEWXSWE] .YHKMRKEWTIEOIVSR TIVWSREPETTIEVERGI 2SXTE]MRKEXXIRXMSR XSEWTIEOIVtW IZMHIRGI *SGYWMRKSRHIPMZIV] VEXLIVXLERSR[LEX XLIWTIEOIVWE]W ,S[XSWGSVI *SVIZIV]qEPQSWXEP[E]WrGLIGOIHKMZI]SYVWIPJEWGSVISJ *SVIZIV]qYWYEPP]rGLIGOIHKMZI]SYVWIPJEWGSVISJ *SVIZIV]qWSQIXMQIWrGLIGOIHKMZI]SYVWIPJEWGSVISJ *SVIZIV]qWIPHSQrGLIGOIHKMZI]SYVWIPJEWGSVISJ *SVIZIV]qEPQSWXRIZIVrGLIGOIHKMZI]SYVWIPJEWGSVISJ 8SXEPWGSVIMRXIVTVIXEXMSR
d*-+96)
',%48)6 0-78)2-2+
&IPS[ =SYRIIHPSXWSJXVEMRMRKMRPMWXIRMRK *VSQi =SYPMWXIR[IPP %FSZI =SYPMWXIRI\GITXMSREPP][IPP
838%0
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)JJIGXMZIPMWXIRIVWXEOIXLIMV XEWOWIVMSYWP]-J]SYETTVSEGL PMWXIRMRKEWEREGXMZITVSGIWW ]SY[MPPWMKRMJMGERXP]WLEVTIR ]SYVTS[IVWSJGSRGIRXVEXMSR ERHGSQTVILIRWMSR
&)%2%'8-:)0-78)2)6 7SQER]EWTIGXWSJQSHIVRPMJIIRGSYVEKIYWXSPMWXIRTEWWMZIP];IPMWXIRXS SYVM4SHW[LMPIWXYH]MRK4EVIRXWPMWXIRXSXLIMVGLMPHVIR[LMPIJM\MRKHMRRIV 8IPIZMWMSR VITSVXIVW PMWXIR XS E TSPMXMGMERtW WTIIGL [LMPI [EPOMRK EVSYRH XLI EYHMXSVMYQPSSOMRKJSVXLIMVRI\XMRXIVZMI[ 8LMWX]TISJTEWWMZIPMWXIRMRKMWELEFMXh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tWETTIEVERGISVHIPMZIV]WYWTIRHMRKNYHKQIRXYRXMP]SY LEZI LIEVH XLI WTIEOIV SYX JSGYWMRK ]SYV PMWXIRMRK ERH HIZIPSTMRK RSXI XEOMRKWOMPPW;ItPPHMWGYWWIEGLSJXLIWIMRXYVR
EGXMZIPMWXIRMRK +MZMRKYRHMZMHIHEXXIRXMSRXSE WTIEOIVMREKIRYMRIIJJSVXXS YRHIVWXERHXLIWTIEOIVtWTSMRX SJZMI[
6)7-78(-786%'8-327 -RERMHIEP[SVPH[IGSYPHIPMQMREXIEPPTL]WMGEPERHQIRXEPHMWXVEGXMSRW-RXLIVIEP [SVPHLS[IZIV[IGERRSX&IGEYWI[IXLMROWSQYGLJEWXIVXLEREWTIEOIVGERXEPO MXtWIEW]XSPIXSYVEXXIRXMSR[ERHIV7SQIXMQIWMXtWZIV]IEW]h[LIRXLIVSSQMWXSS LSX[LIRGSRWXVYGXMSRQEGLMRIV]MWSTIVEXMRKVMKLXSYXWMHIXLI[MRHS[[LIRXLI WTIEOIVMWXIHMSYW&YXSYVEXXIRXMSRGERWXVE]IZIRMRXLIFIWXSJGMVGYQWXERGIWhMJ JSVRSSXLIVVIEWSRXLEREJEMPYVIXSWXE]EPIVXERHQEOISYVWIPZIWGSRGIRXVEXI ;LIRIZIV]SYJMRHXLMWLETTIRMRKQEOIEGSRWGMSYWIJJSVXXSTYPP]SYVQMRH FEGOXS[LEXXLIWTIEOIVMWWE]MRK8LIRJSVGIMXXSWXE]XLIVI3RI[E]XSHSXLMW MWXSXLMROELIEHSJXLIWTIEOIVhXV]XSERXMGMTEXI[LEX[MPPGSQIRI\X8LMWMWRSX XLI WEQI EW NYQTMRK XS GSRGPYWMSRW ;LIR ]SY NYQT XS GSRGPYWMSRW ]SY TYX [SVHWMRXSXLIWTIEOIVtWQSYXLERHHSRtXPMWXIRXS[LEXMWWEMH-RXLMWGEWI]SY [MPPPMWXIRhERHQIEWYVI[LEXXLIWTIEOIVWE]WEKEMRWX[LEX]SYLEHERXMGMTEXIH
GSRRIGXPYGEWGSQ 8LI0MWXIRMRK7IPJ)ZEPYEXMSR ;SVOWLIIXMWEZEMPEFPIMRXLI SRPMRI7TIIGL8SSPWJSVXLMW GLETXIV
,S[XS&IGSQIE&IXXIV0MWXIRIV
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%RSXLIV[E]XSOIIT]SYVQMRHSREWTIIGLMWXSVIZMI[QIRXEPP][LEX XLIWTIEOIVLEWEPVIEH]WEMHERHQEOIWYVI]SYYRHIVWXERHMX=IXERSXLIVMW XSPMWXIRFIX[IIRXLIPMRIWERHEWWIWW[LEXEWTIEOIVMQTPMIWZIVFEPP]SVWE]W RSRZIVFEPP][MXLFSH]PERKYEKI7YTTSWIEWTIEOIVMWMRXVSHYGMRKWSQISRI XSEREYHMIRGI8LIWTIEOIVWE]Wq-XKMZIWQIKVIEXTPIEWYVIXSTVIWIRXXS]SY Q]ZIV]HIEVJVMIRH2EHMRI>YWWQERr&YXXLIWTIEOIVHSIWRtXWLEOILERHW [MXL2EHMRI,IHSIWRtXIZIRPSSOEXLIVhNYWXXYVRWLMWFEGOERHPIEZIWXLI TSHMYQ-W2EHMRIVIEPP]LMWqZIV]HIEVJVMIRHr#'IVXEMRP]RSX %XXIRXMZIPMWXIRIVWGERTMGOYTEPPOMRHWSJGPYIWXSEWTIEOIVtWVIEPQIWWEKI %XJMVWX]SYQE]JMRHMXHMJJMGYPXXSPMWXIRWSMRXIRXP]-J]SY[SVOEXMXLS[IZIV ]SYVGSRGIRXVEXMSRMWFSYRHXSMQTVSZI
(32t8&)(-:)68)(&=%44)%6%2')36()0-:)6= -J]SYLEHEXXIRHIH%FVELEQ0MRGSPRtWQSQIRXSYW'SSTIV9RMSRWTIIGLSJ XLMWMW[LEX]SY[SYPHLEZIWIIR 8LIPSRKYRKEMRP]JMKYVIYTSR[LMGLLYRKGPSXLIWXLEX[LMPIRI[JSVXLMWXVMT[IVI IZMHIRXP] XLI [SVO SJER YRWOMPPIH XEMPSV XLIPEVKI JIIX ERHGPYQW]LERHW SJ [LMGL EX XLI SYXWIX EX PIEWX XLI SVEXSV WIIQIH XS FI YRHYP] GSRWGMSYW XLI PSRK KEYRX LIEH GETTIHF]EWLSGOSJLEMVXLEXWIIQIHRSXXSLEZIFIIRXLSVSYKLP]FVYWLIHSYXQEHI ETMGXYVI[LMGLHMHRSXJMXMR[MXL2I[=SVOtWGSRGITXMSRSJEJMRMWLIHWXEXIWQER
&YX EPXLSYKL LI WIIQIH E[O[EVH ERH YRGYPXMZEXIH 0MRGSPR LEH E TS[IVJYP QIWWEKIEFSYXXLIQSVEPIZMPWSJWPEZIV]*SVXYREXIP]XLIEYHMIRGIEX'SSTIV 9RMSRHMHRSXPIXLMWETTIEVERGIWXERHMRXLI[E]SJLMW[SVHW 7MQMPEVP]]SYQYWXFI[MPPMRKXSWIXEWMHITVIGSRGIMZIHNYHKQIRXWFEWIH SRETIVWSRtWPSSOWSVQERRIVSJWTIIGL+ERHLM[EWERYRMQTVIWWMZIPSSOMRK QER[LSSJXIRWTSOIHVIWWIHMREWMQTPI[LMXIGSXXSRGPSXL6IRS[RIHTL]W MGMWX7XITLIR,E[OMRKMWWIZIVIP]HMWEFPIHERHGERWTIEOSRP][MXLXLIEMHSJ E ZSMGIW]RXLIWM^IV =IXMQEKMRI LS[ QYGLTSSVIVXLI [SVPH [SYPH FI MJ RS SRI PMWXIRIH XS XLIQ )ZIR XLSYKL MX QE] XE\ ]SYV XSPIVERGI TEXMIRGI ERH GSRGIRXVEXMSRHSRtXPIXRIKEXMZIJIIPMRKWEFSYXEWTIEOIVtWETTIEVERGISVHIPMZ IV]OIIT]SYJVSQPMWXIRMRKXSXLIQIWWEKI 3RXLISXLIVLERHXV]RSXXSFIQMWPIHMJXLIWTIEOIVLEWERYRYWYEPP]EXXVEG XMZIETTIEVERGI-XtWEPPXSSIEW]XSEWWYQIXLEXFIGEYWIWSQISRIMWKSSHPSSOMRK ERH LEW E TSPMWLIH HIPMZIV] LI SV WLI MW WTIEOMRK IPSUYIRXP] 7SQI SJ XLI QSWX YRWGVYTYPSYWWTIEOIVWMRLMWXSV]LEZIFIIRLERHWSQITISTPI[MXLL]TRSXMGHIPMZIV] WOMPPW%KEMRFIWYVI]SYVIWTSRHXSXLIQIWWEKIRSXXSXLITEGOEKIMXGSQIWMR
7974)2(.9(+1)28 9RPIWW[IPMWXIR SRP]XSTISTPI[LSXLMROI\EGXP] EW[I HS [IEVIKSMRK XS LIEVXLMRKW[MXL[LMGL[IHMWEKVII;LIRXLMWLETTIRWSYVREXYVEPMRGPMRE XMSRMWXSEVKYIQIRXEPP][MXLXLIWTIEOIVSVXSHMWQMWWIZIV]XLMRKWLISVLI WE]W&YXRIMXLIVVIWTSRWIMWJEMVERHMRFSXLGEWIW[IFPSXSYXER]GLERGISJ PIEVRMRKSVFIMRKTIVWYEHIH (SIW XLMW QIER ]SY QYWX EKVII [MXL IZIV]XLMRK ]SY LIEV# 2SX EX EPP -X QIERW ]SY WLSYPH LIEV TISTPI SYX FIJSVI VIEGLMRK E JMREP NYHKQIRX 8V] XS YRHIVWXERHXLIMVTSMRXSJZMI[0MWXIRXSXLIMVMHIEWI\EQMRIXLIMVIZMHIRGI EWWIWWXLIMVVIEWSRMRK8LIRQEOIYT]SYVQMRH8LIEMQSJEGXMZIPMWXIRMRKMW XSWIXEWMHIqSRItWS[RTVINYHMGIWJVEQIWSJVIJIVIRGIERHHIWMVIWWSEWXSI\TI VMIRGIEWJEVEWTSWWMFPIXLIWTIEOIVtW[SVPHJVSQXLIMRWMHIr-XLEWFIIRWEMH QSVIXLERSRGIXLEXEGPSWIHQMRHMWERIQTX]QMRH
',%48)6 0-78)2-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
.YWX EW XLIVI EVI SVKERM^EXMSRW HIZSXIH XS TYFPMG WTIEOMRK WS XLIVI MW E QENSV KVSYTHIZSXIHXSXLIWXYH]SJPMWXIRMRK-XtWGEPPIHXLI-RXIVREXMSREP0MWXIRMRK%WWS GMEXMSRERH]SYGERZMWMXMXW;IFWMXIEX[[[PMWXIRSVK (S ]SY [MWL ]SY GSYPH PMWXIR XS XLI [SVHW SJ LMWXSVMGEP JMKYVIW WYGL EW %QIPME )EVLEVX;MRWXSR'LYVGLMPP1SLERHEW+ERHLMERH1EPGSPQ<#=SYGERF]PSKKMRK SR XS 8LI ,MWXSV] 'LERRIP EX [[[LMWXSV]GSQQIHMEHS ERH GPMGOMRK SR XLI +VIEX7TIIGLIWXEF
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
*3'97=3960-78)2-2+ %W[ILEZIWIIRWOMPPIHPMWXIRIVWHSRSXXV]XSEFWSVFEWTIEOIVtWIZIV][SVH 6EXLIVXLI]JSGYWSRWTIGMJMGXLMRKWMREWTIIGL,IVIEVIXLVIIWYKKIWXMSRWXS LIPT]SYJSGYW]SYVPMWXIRMRK
0MWXIRJSV1EMR4SMRXW 1SWX WTIIGLIW GSRXEMR JVSQ X[S XS JSYV QEMR TSMRXW ,IVI JSV I\EQTPI EVI XLIQEMRTSMRXWSJEVIGIRXWTIIGLSRGSRXVSPPMRKXLIGSWXSJLIEPXLGEVIHIPMZ IVIHF]TLEVQEGIYXMGEPWI\IGYXMZI6SFIVX-RKVEQ 8LIJMVWXTVMSVMX]MRVIHYGMRKXLIGSWXSJLIEPXLGEVIMWTVIZIRXMRKHMWIEWI 8LI WIGSRH TVMSVMX] MW TVSZMHMRK EGGYVEXI HMEKRSWMW ERH ETTVSTVMEXI XVIEXQIRX 8LIXLMVHTVMSVMX]MWFIMRKMRRSZEXMZIMRXEGOPMRKLIEPXLTVSFPIQW 8LIWIXLVIIQEMRTSMRXWEVIXLILIEVXSJ-RKVEQtWQIWWEKI%W[MXLER]WTIIGL XLI]EVIXLIQSWXMQTSVXERXXLMRKWXSPMWXIRJSV 9RPIWWEWTIEOIVMWXIVVMFP]WGEXXIVFVEMRIH]SYWLSYPHFIEFPIXSHIXIGXLMWSV LIVQEMRTSMRXW[MXLPMXXPIHMJJMGYPX]3JXIREWTIEOIV[MPPKMZIWSQIMHIEEXXLI SYXWIXSJXLIQEMRTSMRXWXSFIHMWGYWWIHMRXLIWTIIGL*SVI\EQTPIEXXLIIRHSJ LMWMRXVSHYGXMSR-RKVEQWEMH q-[SYPHWYFQMXXLEXXLIWSPYXMSRGSQIWMRXLIJSVQ SJXLVIIZIV]WMQTPIFYXZIV]MQTSVXERXFEWMGTVMRGMTPIWr2SXMGMRKXLMWEWLEVT PMWXIRIV[SYPHLEZIFIIRTVITEVIHJSVEWTIIGL[MXLXLVIIQEMRTSMRXW-RKVEQ EPWSKEZIETVIZMI[WXEXIQIRXMHIRXMJ]MRKIEGLSJXLIQEMRTSMRXWFIJSVILIWXEVXIH XLIFSH]SJLMWWTIIGL%WXLIWTIIGLTVSKVIWWIHLIIRYQIVEXIHIEGLTSMRX%JXIV XLMWSRP]XLIQSWXMREXXIRXMZISJPMWXIRIVWGSYPHLEZIQMWWIHLMWQEMRTSMRXW
0MWXIRJSV)ZMHIRGI -HIRXMJ]MRKEWTIEOIVtWQEMRTSMRXWLS[IZIVMWRSXIRSYKL=SYQYWXEPWSPMWXIR JSVWYTTSVXMRKIZMHIRGI&]XLIQWIPZIW-RKVEQtWQEMRTSMRXWEVISRP]EWWIVXMSRW =SYQE]FIMRGPMRIHXSFIPMIZIXLIQNYWXFIGEYWIXLI]GSQIJVSQEQENSVFYWMRIWW I\IGYXMZI=IXEGEVIJYPPMWXIRIV[MPPFIGSRGIVRIHEFSYXIZMHIRGIRSQEXXIV[LS MW WTIEOMRK,EH]SYFIIRPMWXIRMRKXS-RKVEQtWWTIIGL]SY[SYPHLEZILIEVH LMQWYTTSVXLMWGPEMQW[MXLEQEWWSJZIVMJMEFPIIZMHIRGI,IVIMWERI\GIVTX 7IZIRX]JMZITIVGIRXSJXLIXSXEP EQSYRX[I WTIRHMRXLMWGSYRXV]SRLIEPXL GEVIMW WTIRXSRXLITIVGIRXSJSYVTSTYPEXMSRXLEXLEZISRISVQSVIGLVSRMGHMWIEWIW ;IRIIHXSPSSOEXLIEPXLGEVIWTIRHMRKLSPMWXMGEPP]VIGSKRM^MRKXLEXXLIFMKKIWXWPMGI SJXLILIEPXLGEVITMIKSIWXSLSWTMXEPWEXEFSYXTIVGIRXJSPPS[IHF]HSGXSVWERHGPMRMGW
,S[XS&IGSQIE&IXXIV0MWXIRIV
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
EX TIVGIRX [LMPI WTIRHMRK SR TVIWGVMTXMSR HVYK XLIVET] MRGPYHMRK XLI TLEVQEGMWXtW HMWTIRWMRKJIIEGGSYRXWJSVTIVGIRXSJXLISZIVEPPLIEPXLGEVIFMPP[LMGLF]XLI[E]MW XLIWEQITIVGIRXEKIXLEXMXLEWFIIRJSVSZIVJSVX]]IEVW 4E]IVW[LSGYXQIHMGMRIFYHKIXWMRMWSPEXMSRhIZIRMJXLI]GYXXLIMVTLEVQEG]WTIRHMRKF] LEPJhHSRSXLMRKXSPS[IVXLISZIV TIVGIRXSJGSWXWXLEXQEOIYTXLIXSXEPLIEPXLGEVIFMPP
8LIVIEVIJSYVFEWMGUYIWXMSRWXSEWOEFSYXEWTIEOIVtWIZMHIRGI -WMXEGGYVEXI# -WMXXEOIRJVSQSFNIGXMZIWSYVGIW# -WMXVIPIZERXXSXLIWTIEOIVtWGPEMQW# -WMXWYJJMGMIRXXSWYTTSVXXLIWTIEOIVtWTSMRX#
-R-RKVEQtWGEWI XLIERW[IVXSIEGLUYIWXMSRMW]IW,MWJMKYVIWEFSYXXLI EQSYRX SJ QSRI] WTIRX SR LIEPXL GEVI MR XLI 9RMXIH 7XEXIW ERH [LIVI XLEX QSRI]KSIWEVI[IPPIWXEFPMWLIHMRXLITYFPMGVIGSVHERHGERFIZIVMJMIHF]MRHI TIRHIRXWSYVGIW8LIJMKYVIWEVIGPIEVP]VIPIZERXXS-RKVEQtWGPEMQXLEXXLIGSWX SJTVIWGVMTXMSRHVYKWMWSRP]EWQEPPTEVXSJXSXEPWTIRHMRKSRLIEPXLGEVIERH XLI]EVIWYJJMGMIRXXSWYTTSVXXLEXGPEMQ-J-RKVEQtWIZMHIRGI[IVIMREGGYVEXI FMEWIHMVVIPIZERXSVMRWYJJMGMIRX]SYWLSYPHFI[EV]SJEGGITXMRKLMWGPEMQ ;IWLEPPHMWGYWWXLIWIhERHSXLIVhXIWXWSJIZMHIRGIMRHIXEMPMR'LETXIVW ERH *SV RS[ MXtW IRSYKL XS ORS[ XLEX ]SY WLSYPH FI SR KYEVH EKEMRWX YRJSYRHIH EWWIVXMSRW ERH W[IITMRK KIRIVEPM^EXMSRW /IIT ER I]I SYX JSV XLI WTIEOIVtWIZMHIRGIERHJSVMXWEGGYVEG]SFNIGXMZMX]VIPIZERGIERHWYJJMGMIRG]
0MWXIRJSV8IGLRMUYI ;IWEMHIEVPMIVXLEX]SY WLSYPHRSXPIXEWTIEOIVtWHIPMZIV]HMWXVEGX]SYJVSQ XLI QIWWEKI ERH XLMW MW XVYI ,S[IZIV MJ ]SY [ERX XS FIGSQI ER IJJIGXMZI WTIEOIV]SYWLSYPHWXYH]XLIQIXLSHWSXLIVTISTPIYWIXSWTIEOIJJIGXMZIP] %REP]^I XLI MRXVSHYGXMSR ;LEX QIXLSHW HSIW XLI WTIEOIV YWI XS KEMR EXXIRXMSRXSVIPEXIXSXLIEYHMIRGIXSIWXEFPMWLGVIHMFMPMX]ERHKSSH[MPP#%WWIWW XLISVKERM^EXMSRSJXLIWTIIGL -WMXGPIEVERHIEW]XSJSPPS[#'ER]SYTMGOSYX XLIWTIEOIVtWQEMRTSMRXW#'ER]SYJSPPS[[LIRXLIWTIEOIVQSZIWJVSQSRI TSMRXXSERSXLIV# 7XYH]XLIWTIEOIVtWPERKYEKI -WMXEGGYVEXIGPIEVZMZMHETTVSTVMEXI#(SIW XLI WTIEOIV EHETX [IPP XS XLI EYHMIRGI ERH SGGEWMSR# *MREPP] HMEKRSWI XLI WTIEOIVtW HIPMZIV] -W MX JPYIRX H]REQMG GSRZMRGMRK# (SIW MX WXVIRKXLIR SV [IEOIRXLIMQTEGXSJXLIWTIEOIVtWMHIEW#,S[[IPPHSIWXLIWTIEOIVYWII]I GSRXEGXKIWXYVIWERHZMWYEPEMHW# %W ]SY PMWXIR JSGYW SR XLI WTIEOIVtW WXVIRKXLW ERH [IEORIWWIW -J XLI WTIEOIVMW RSXIJJIGXMZI XV] XSHIXIVQMRI[L] -JLI SV WLIMW IJJIGXMZI XV] XS TMGOSYXXIGLRMUYIW]SYGERYWIMR]SYVS[RWTIIGLIW-J]SYPMWXIRMRXLMW[E] ]SY[MPPFIWYVTVMWIHLS[QYGL]SYGERPIEVREFSYXWYGGIWWJYPWTIEOMRK
7TIIGL WXYHIRXW EVI SJXIR EQE^IH EX LS[ IEWMP] XLIMV XIEGLIV GER TMGO SYX E WTIEOIVtWQEMRTSMRXWIZMHIRGIERHXIGLRMUYIW3JGSYVWIXLIXIEGLIVORS[W [LEXXSPMWXIRJSVERHLEWLEHTPIRX]SJTVEGXMGI&YXXLIRI\XXMQI]SYKIXER STTSVXYRMX][EXGL]SYVXIEGLIVHYVMRKEWTIIGL'LERGIWEVIWLISVLI[MPPFI PMWXIRMRK[MXLTIRERHTETIV;LIRRSXIXEOMRKMWHSRITVSTIVP]MXMWEWYVIJMVI [E]XSMQTVSZI]SYVGSRGIRXVEXMSRERHOIITXVEGOSJEWTIEOIVtWMHIEW
',%48)6 0-78)2-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IWIEVGLGSRJMVQWXLEXPMWXIR MRKGEVIJYPP]ERHXEOMRKIJJIG XMZIRSXIWEVIZMXEPWOMPPWJSV WYGGIWWMRGSPPIKI8LI][MPP EPWSFIRIJMX]SYMRGSYRXPIWW WMXYEXMSRWXLVSYKLSYXPMJI
8LI OI] [SVHW LIVI EVI [LIR HSRI TVSTIVP] 9RJSVXYREXIP] QER] TISTPI HSRtXXEOIRSXIWIJJIGXMZIP]7SQIXV]XS[VMXIHS[RIZIV]XLMRKEWTIEOIVWE]W 8LI]ZMI[RSXIXEOMRKEWE VEGITMXXMRKXLIMVLERH[VMXMRK EKMPMX] EKEMRWXXLI WTIEOIVtW VEXI SJ WTIIGL %W XLI WTIEOIV WXEVXW XS XEPO XLI RSXI XEOIV WXEVXW XS [VMXI&YX WSSRXLI WTIEOIVMW[MRRMRKXLIVEGI-RE HIWTIVEXIIJJSVXXSOIIT YTXLIRSXIXEOIVWPMTWMRXSEWGVMFFPIH[VMXMRKWX]PI[MXLMRGSQTPIXIWIRXIRGIW ERHEFFVIZMEXIH[SVHW)ZIRXLMWMWRSXIRSYKL8LIWTIEOIVTYPPWWSJEVELIEH XLEXXLIRSXIXEOIVGERRIZIVGEXGLYT 7SQITISTPIKSXSXLISTTSWMXII\XVIQI8LI]EVVMZIEVQIH[MXLTIRRSXI FSSOERHXLIFIWXSJMRXIRXMSRW8LI]ORS[XLI]GERtX[VMXIHS[RIZIV]XLMRK WSXLI][EMXJSVXLIWTIEOIVXSWE]WSQIXLMRKXLEXKVEFWXLIMVEXXIRXMSR)ZIV] SRGI MR E [LMPI XLI WTIEOIV VI[EVHW XLIQ [MXL E NSOI E HVEQEXMG WXSV] SV E WXEVXPMRKJEGX8LIRXLIRSXIXEOIVWIM^IWTIRNSXWHS[REJI[[SVHWERHPIERW FEGOXSE[EMXXLIRI\XJEWGMREXMRKXMHFMX&]XLIIRHSJXLIPIGXYVIXLIRSXIXEOIV LEWEWIXSJXMHFMXWhERHPMXXPISVRSVIGSVHSJXLIWTIEOIVtWMQTSVXERXMHIEW %WXLIWII\EQTPIWMPPYWXVEXIQSWXMRIJJMGMIRXRSXIXEOIVWWYJJIVJVSQSRISV FSXLSJX[STVSFPIQW 8LI]HSRtXORS[[LEXXSPMWXIRJSVERHXLI]HSRtXORS[ LS[XSVIGSVH[LEXXLI]HSPMWXIRJSV8LIWSPYXMSRXSXLIJMVWXTVSFPIQMWXS JSGYW SR E WTIEOIVtW QEMR TSMRXW ERH IZMHIRGI &YX SRGI ]SY ORS[ [LEX XS PMWXIRJSV]SYWXMPPRIIHEWSYRHQIXLSHSJRSXIXEOMRK %PXLSYKLXLIVIEVIERYQFIVSJW]WXIQWQSWXWXYHIRXWJMRHXLIOI][SVH SYXPMRI FIWX JSV PMWXIRMRK XS GPEWWVSSQ PIGXYVIW ERH JSVQEP WTIIGLIW %W MXW REQIWYKKIWXWXLMWQIXLSHFVMIJP]RSXIWEWTIEOIVtWQEMRTSMRXWERHWYTTSVX MRKIZMHIRGIMRVSYKLSYXPMRIJSVQ7YTTSWIEWTIEOIVWE]W
OI][SVHSYXPMRI %RSYXPMRIXLEXFVMIJP]RSXIWE WTIEOIVtWQEMRTSMRXWERH WYTTSVXMRKIZMHIRGIMRVSYKL SYXPMRIJSVQ
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
,S[XS&IGSQIE&IXXIV0MWXIRIV
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
LSWTMXEPW % WIGSRH GEYWI MW XLEX RYVWIW GER JMRH IQTPS]QIRX EXQIHMGEP JEGMPMXMIW SXLIV XLERLSWTMXEPW%XLMVHGEYWIMWXLEXQER]RYVWIWEVIVIPYGXERXXSWXE]SRXLINSFFIGEYWI SJTSSV[SVOMRKLSYVWXLEXMRGPYHIRMKLXWLSPMHE]WERH[IIOIRHW%JSYVXLGEYWIMWXLEX RYVWIWEVIFYVHIRIH[MXLI\GIWWMZITETIV[SVO
%OI][SVHRSXIXEOIV[SYPHVIGSVHWSQIXLMRKPMOIXLMW 7IVMSYWRYVWIWLSVXEKI 8SXEPSJ %ZIVEKITIVLSWTMXEP 6IHYGIHWIVZMGIWEXLSWTMXEPW *SYVQENSVGEYWIW 0S[JEGYPX]EXRYVWMRKWGLSSPW )QTPS]QIRXEZEMPEFPIFI]SRHLSWTMXEPW 4SSV[SVOMRKLSYVW )\GIWWMZITETIV[SVO 2SXMGI LS[ FVMIJ XLI RSXIW EVI =IX XLI] EGGYVEXIP] WYQQEVM^I XLI WTIEOIVtW MHIEW8LI]EVIEPWSZIV]GPIEV&]WITEVEXMRKQEMRTSMRXWJVSQWYFTSMRXWERH IZMHIRGI XLI SYXPMRI JSVQEX WLS[W XLI VIPEXMSRWLMTW EQSRK XLI WTIEOIVtW MHIEW 4IVJIGXMRKXLMWhSVER]SXLIVhW]WXIQSJRSXIXEOMRKVIUYMVIWTVEGXMGI&YX [MXL E PMXXPI IJJSVX ]SY WLSYPH WII VIWYPXW WSSR %W ]SY FIGSQI E FIXXIV RSXI XEOIV]SY[MPPFIGSQIEFIXXIVPMWXIRIV8LIVIMWEPWSEKSSHGLERGI]SY[MPP FIGSQI E FIXXIV WXYHIRX 6IWIEVGL GSRJMVQW XLEX WXYHIRXW [LS XEOI IJJIGXMZI RSXIWYWYEPP]VIGIMZILMKLIVKVEHIWXLERXLSWI[LSHSRSX
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tWPSSOWSVQERRIVSJWTIIGL *MJXL WYWTIRH NYHKQIRX YRXMP ]SY LEZI LIEVH XLI WTIEOIVtW IRXMVI QIWWEKI 7M\XLJSGYW]SYVPMWXIRMRKF]TE]MRKEXXIRXMSRXSQEMRTSMRXWXSIZMHIRGIERHXS XLIWTIEOIVtWXIGLRMUYIW*MREPP]HIZIPST]SYVRSXIXEOMRKWOMPPW;LIRHSRITVST IVP] RSXI XEOMRK MW ER I\GIPPIRX [E] XS MQTVSZI ]SYV GSRGIRXVEXMSR ERH XS OIIT XVEGOSJEWTIEOIVtWMHIEW
',%48)6 0-78)2-2+
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
/)=8)617 LIEVMRK
GVMXMGEPPMWXIRMRK
PMWXIRMRK
WTEVIqFVEMRXMQIr
ETTVIGMEXMZIPMWXIRMRK
EGXMZIPMWXIRMRK
IQTEXLMGPMWXIRMRK
OI][SVHSYXPMRI
GSQTVILIRWMZIPMWXIRMRK
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEXMWXLIHMJJIVIRGIFIX[IIRLIEVMRKERHPMWXIRMRK# ,S[MWPMWXIRMRKGSRRIGXIH[MXLGVMXMGEPXLMROMRK# ;L]MWMXMQTSVXERXXSHIZIPSTWXVSRKPMWXIRMRKWOMPPW# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;LEXEVIXLIJSYVQEMRGEYWIWSJTSSVPMWXIRMRK# ;LEXEVIWIZIR[E]WXSFIGSQIEFIXXIVPMWXIRIV#
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
)\IVGMWIWJSV'VMXMGEP8LMROMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK 1IQFIVW SJ ]SYV TYFPMG WTIEOMRK GPEWW LEZI FIKYR QEOMRK XLIMV MRXVSHYGXSV] WTIIGLIW =SYtZI EPVIEH] KMZIR ]SYVW ERH GER RS[ VIPE\ ERH [EXGL ]SYV JIPPS[ WXYHIRXW8LIJMVWXWTIEOIVXLMWQSVRMRKMW2EHMVEEGPEWWQEXI]SYHSRtX]IXORS[ 7LIWXITWGSRJMHIRXP]XSXLIJVSRXSJXLIVSSQ[IEVMRK LIV ,MNEFXLIXVEHMXMSREP 1YWPMQLIEHWGEVJ q8SHE]r2EHMVEFIKMRWq-[SYPHPMOIXSXIPP]SYEFSYXXLITEXLXLEXXSSOQ] JEQMP]JVSQ)K]TXXS%QIVMGEERHQIXSWGLSSPEXXLMWYRMZIVWMX]r7SSR]SY VIEPM^IXLEX]SYtZIFIIRXLMROMRKEFSYX2EHMVEtWGPSXLMRKVEXLIVXLERJSGYWMRKSR [LEXWLIMWWE]MRK=SYTYPP]SYVEXXIRXMSRFEGOKVEF]SYVTIRGMPERHXV]XSTMGO YT[LEXWLIMWWE]MRK;LEXIPWIGER]SYHSXSIRWYVIXLEX]SYPMWXIRIJJIGXMZIP]XS XLIVIWXSJLIVTVIWIRXEXMSR#
',%48)6 0-78)2-2+ ',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
+MZMRK=SYV *MVWX7TIIGL %TTIRHM\
4VITEVMRK=SYV7TIIGL (IZIPSTMRKXLI7TIIGL 3VKERM^MRKXLI7TIIGL
(IPMZIVMRK=SYV7TIIGL 7TIEOMRK)\XIQTSVERISYWP] 6ILIEVWMRKXLI7TIIGL 4VIWIRXMRKXLI7TIIGL
7EQTPI7TIIGLIW[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
SYQE]FIWYVTVMWIHXSPIEVRXLEXSRISJ]SYVJMVWXEWWMKRQIRXWMWXSKMZIE WTIIGL=SYWE]XS]SYVWIPJq;LEXEQ-KSMRKXSHS#-LEZIFEVIP]WXEVXIH XLMWGSYVWI]IX-tQWYTTSWIHXSWXERHYTMRJVSRXSJXLI[LSPIGPEWWERH KMZI E WTIIGL -tZI SRP] VIEH E JI[ TEKIW MR XLI XI\XFSSO ERH - HSRtX ORS[ QYGLEFSYXTYFPMGWTIEOMRK;LIVIHS-FIKMR#r -JXLIWIEVI]SYVXLSYKLXW]SYEVIRtXEPSRI1SWXFIKMRRMRKWTIIGLWXY HIRXWLEZIEWMQMPEVVIEGXMSR*SVXYREXIP]KMZMRK]SYVJMVWXWTIIGLWSYRHWEPSX LEVHIVXLERMXMW8LITYVTSWISJXLMWETTIRHM\MWXSLIPT]SYKIXWXEVXIHSR TVITEVMRKERHHIPMZIVMRK]SYVWTIIGL
=
4VITEVMRK=SYV7TIIGL 9WYEPP]EFVMIJWMQTPITVIWIRXEXMSRXLIJMVWXEWWMKRQIRXMWSJXIRGEPPIHERMGI FVIEOIVWTIIGLFIGEYWIMXMWHIWMKRIHXSqFVIEOXLIMGIrF]KIXXMRKWXYHIRXWYT MR JVSRX SJ XLI GPEWW EW WSSR EW TSWWMFPI 8LMW MW ER MQTSVXERX WXIT FIGEYWI QYGL SJ XLI ER\MIX] EWWSGMEXIH [MXL TYFPMG WTIEOMRK GSQIW JVSQ PEGO SJ I\TIVMIRGIKMZMRKWTIIGLIW3RGI]SYLEZIFVSOIRXLIMGIF]KMZMRKEWTIIGL ]SY [MPP JIIP PIWW ER\MSYW ERH [MPP LEZI XEOIR XLI JMVWX WXIT SR XLI VSEH XS GSRJMHIRGI
():)034-2+8,)74))', 8LIVIEVIERYQFIVSJTSWWMFPIEWWMKRQIRXWJSVXLIJMVWXWTIIGL3RIMWEWTIIGL SJ WIPJMRXVSHYGXMSR XLEX TVSZMHIW MRWMKLX MRXS XLI WTIEOIVt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h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tWKIR HIV TL]WMGEP GLEVEGXIVMWXMGW WTIGMEP XEPIRXW ERH XLI PMOI FYX OIIT XLI REQI WIGVIXYRXMPXLIPEWXQSQIRX
%44)2(-< +-:-2+=396*-67874))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
8LIWTIEOIVGSYPHLEZIWEMHq%PI\EMWEXIVVMJMGFEPPVSSQHERGIVERHJMRHW MXUYMXII\GMXMRKr-RWXIEHXLIWTIEOIVTEMRXIHE[SVHTMGXYVIWSPMWXIRIVWGSYPH ZMWYEPM^IXLIHERGIJPSSVXLIVL]XLQSJXLIQYWMGXLIFVMPPMERXGSPSVWSJXLI GSWXYQIW XLI I\GMXIQIRX SJ XLI GSQTIXMXMSR EW %PI\E ERH LIV TEVXRIV TIV JSVQIH MR TIVJIGX W]QQIXV] 'SPSVJYP ERH GSRGVIXI MPPYWXVEXMSRW PMOI XLMW EVI EP[E]WQSVIMRXIVIWXMRKXLERHYPPPERKYEKIERHEFWXVEGXKIRIVEPM^EXMSRW =SYQMKLX[SRHIV[LIXLIV]SYWLSYPHYWILYQSVXSQEOI]SYVJMVWXWTIIGL IRXIVXEMRMRK%YHMIRGIWPSZI[MXX]VIQEVOWNSOIWERHJYRR]WMXYEXMSRWFYXPMOI ER]XLMRKIPWILYQSVMWIJJIGXMZISRP][LIRHSRI[IPP-XWLSYPHJPS[REXYVEPP] SYXSJXLIWTIIGLGSRXIRXVEXLIVXLERFIMRKGSRXVMZIH-J]SYEVIRSXRSVQEPP]E JYRR]TIVWSR]SYEVIFIXXIVSJJKMZMRKEWMRGIVIIRXLYWMEWXMGWTIIGLERHPIEZMRK SYX XLI NSOIW -R RS GEWI WLSYPH ]SY MRGPYHI LYQSV XLEX MRZSPZIW SFWGIRMX] IQFEVVEWWIW MRHMZMHYEPW SV RIKEXMZIP] WXIVISX]TIW KVSYTW SJ TISTPI 8LI FIWX OMRHSJLYQSVKIRXP]TSOIWJYREXSYVWIPZIWSVEXYRMZIVWEPLYQERJSMFPIW
GSRRIGXPYGEWGSQ :MI[XLIMRXVSHYGXMSRJVSQ q+SXXE(ERGIrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMT%
36+%2->-2+8,)74))', 6IKEVHPIWWSJ]SYVXSTMG]SYVWTIIGL[MPPLEZIXLVIIQEMRTEVXWhERMRXVSHYG XMSREFSH]ERHEGSRGPYWMSR=SYVJMVWXNSFMRXLIMRXVSHYGXMSRMWXSKIXXLI EXXIRXMSRERHMRXIVIWXSJXLIEYHMIRGI=SYGERHSXLMWF]TSWMRKEUYIWXMSR XIPPMRKEWXSV]QEOMRKEWXEVXPMRKWXEXIQIRXSVSTIRMRK[MXLEUYSXEXMSR8LI TYVTSWISJEPPXLIWIQIXLSHWMWXSGVIEXIEHVEQEXMGGSPSVJYPSTIRMRKXLEX[MPP QEOI]SYVEYHMIRGI[ERXXSLIEVQSVI *SVERI\GIPPIRXI\EQTPIPSSOEXXLIWTIIGLI\GIVTXSR:MHIS'PMT%MRXLI SRPMRI1IHME0MFVEV]JSVXLMW%TTIRHM\8LIWTIEOIVtWEWWMKRQIRX[EWXSTVIWIRX EREVVEXMZIEFSYXEWMKRMJMGERXI\TIVMIRGIMRLIVPMJI8LMWMWLS[WLIFIKER ,IVREQI[EW/M]SQM7LI[EWEQ]WXIVMSYW.ETERIWIHERGIV0EWXEYXYQR-KSXXSQIIX LIV,S[]SYEWO;IPPEGXYEPP]WLI[EWEGLEVEGXIVMRETPE]-QIXLIVXLIHE]-FIGEQI LIV8LEXHE][EWSRISJXLILETTMIWXHE]WSJQ]PMJI-[ERXIHXLEXTEVXWSHIWTIVEXIP]MX[EW EPP-GSYPHXLMROEFSYX&IMRK/M]SQM[EWSRISJXLIQSWXQIQSVEFPII\TIVMIRGIWSJQ]PMJI
GSRRIGXPYGEWGSQ :MI[XLIFIKMRRMRKSJ q/M]SQMERH1IrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMT%
%JXIVXLMWMRXVSHYGXMSRXLIWTIEOIVtWGPEWWQEXIW[IVIIEKIVXSLIEVQSVIEFSYX /M]SQMERHLIVVSPIMRXLIWTIEOIVtWPMJI
4VITEVMRK=SYV7TIIGL
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-REHHMXMSRXSKEMRMRKEXXIRXMSRERHMRXIVIWXXLIMRXVSHYGXMSRWLSYPHSVM IRX ]SYV PMWXIRIVW XS[EVH XLI WYFNIGX QEXXIV SJ ]SYV WTIIGL -R XLI PSRKIV WTIIGLIW ]SY [MPPKMZIPEXIVMRXLI XIVQ ]SY [MPP YWYEPP] RIIH XS TVSZMHI ER I\TPMGMXTVIZMI[WXEXIQIRXXLEXMHIRXMJMIWXLIQEMRTSMRXWXSFIHMWGYWWIHMRXLI FSH]SJ]SYVWTIIGL *SVI\EQTPIq8SHE]-[MPPMRJSVQ]SYEFSYXXLIW]QT XSQWGEYWIWERHXVIEXQIRXSJLITEXMXMW'r &IGEYWI]SYVMRXVSHYGXSV]WTIIGLMWWSWLSVX]SYQE]RSXRIIHEHIXEMPIH TVIZMI[ WXEXIQIRX &YX ]SY WXMPP RIIH XS KMZI ]SYV EYHMIRGI E GPIEV WIRWI SJ ]SYV XSTMG ERH TYVTSWI 0SSO FEGO JSV E QSQIRX EX XLI MRXVSHYGXMSR EFSYX /M]SQMUYSXIHIEVPMIV2SXMGILS[MXQSZIWJVSQEVSYWMRKGYVMSWMX]XSPIXXMRK XLIEYHMIRGIORS[[LEXXLIVIWXSJXLIWTIIGL[MPPJSGYWSR&]XLIIRHSJXLI MRXVSHYGXMSRXLIVIMWRSHSYFXEFSYXXLIXSTMGSJXLIWTIIGL &IWYVIXSGLIGO [MXL]SYVMRWXVYGXSVXSWII[LEXOMRHSJTVIZMI[WXEXIQIRXLISVWLITVIJIVWJSV XLIMRXVSHYGXSV]WTIIGL %JXIV KIXXMRK XLI EYHMIRGItW EXXIRXMSR ERH VIZIEPMRK ]SYV XSTMG ]SY EVI VIEH]XSQSZIMRXSXLIFSH]SJ]SYVWTIIGL-RWSQIWTIIGLIWXLIFSH]WIIQW XSSVKERM^IMXWIPJ-J]SYLEZIFIIREWWMKRIHXSXIPPEWXSV]EFSYXEWMKRMJMGERX I\TIVMIRGIMR]SYVPMJI]SY[MPPVIPEXIXLIIZIRXWGLVSRSPSKMGEPP]MRXLISVHIV XLI]SGGYVVIH &YXRSXEPPWTIIGLIWJSPPS[WYGLEJSVQEX7YTTSWI]SYLEZIFIIREWOIHXS KMZI E TVIWIRXEXMSR MRXVSHYGMRK E GPEWWQEXI =SY GSYPH SVKERM^I XLI QSWX MQTSVXERX FMSKVETLMGEP JEGXW EFSYX ]SYV WYFNIGX MR GLVSRSPSKMGEP SVHIV FYX XLMWQMKLXVIWYPXMREHYPPWYTIVJMGMEPWTIIGL q-R %PMGME[EWFSVRMR'PIZI PERHEXXIRHIH/MRK)PIQIRXEV]7GLSSPJVSQ XSERHKVEHYEXIHJVSQ 7SYXL,MKL7GLSSPMR r %FIXXIV[E]SJWXVYGXYVMRK]SYVVIQEVOWQMKLXFIXSHMWGYWWXLVIISJXLI QSWXMQTSVXERXEWTIGXWSJ%PMGMEtWPMJIWYGLEWLSFFMIWGEVIIVKSEPWERHJEQ MP] 8LMW MW GEPPIH XLI XSTMGEP QIXLSH SJ SVKERM^EXMSR [LMGL WYFHMZMHIW XLI WTIIGLXSTMGMRXSMXWREXYVEPPSKMGEPSVGSRZIRXMSREPTEVXW%PXLSYKLXLIVIEVI QER]SXLIV[E]WXSSVKERM^IEWTIIGL]SYVJMVWXTVIWIRXEXMSR[MPPTVSFEFP]YWI IMXLIVGLVSRSPSKMGEPSVXSTMGEPSVHIV 6IKEVHPIWWSJXLIQIXLSHSJSVKERM^EXMSR]SYYWIVIQIQFIVXSPMQMXXLI RYQFIVSJQEMRTSMRXWMRXLIFSH]SJ]SYVWTIIGL-REX[SQMRYXITVIWIRXE XMSR]SY[SRtXLEZIXMQIXSHIZIPSTQSVIXLERX[SSVXLVIIQEMRTSMRXW 3RGI ]SY LEZI WIPIGXIH XLSWI TSMRXW QEOI WYVI IEGL SRI JSGYWIW SR E WMRKPIEWTIGXSJXLIXSTMG*SVI\EQTPIMJ]SYVJMVWXTSMRXGSRGIVRW]SYVGPEWW QEXItW LSQIXS[R HSRtX MRXVSHYGI MVVIPIZERX MRJSVQEXMSR EFSYX LIV NSF SV JEZSVMXIQYWMG7EZIXLMWQEXIVMEPJSVEWITEVEXITSMRXSVGYXMX 8V]XSQEOI]SYVQEMRTSMRXWWXERHSYXF]MRXVSHYGMRKIEGL[MXLEXVERWM XMSRWXEXIQIRX-REWTIIGLMRXVSHYGMRKEGPEWWQEXI]SYQMKLXFIKMRXLIJMVWX QEMRTSMRXF]WE]MRK
6MGStWJEQMP]QSZIHEKVIEXHIEPXLVSYKLSYXLMWGLMPHLSSH
;LIR]SYVIEGLXLIWIGSRHTSMRX]SYQMKLXMRXVSHYGIMXPMOIXLMW 1SZMRKEPSXPIHXS6MGStWSYXKSMRKREXYVIERHGSRJMHIRGIMRQEOMRKJVMIRHW-RJEGX LILEWJVMIRHWEPPEVSYRHXLI[SVPH[MXL[LSQLIGSVVIWTSRHWVIKYPEVP]SZIVIQEMP
=SYLEZIRS[PIX]SYVEYHMIRGIORS[XLEXXLIJMVWXQEMRTSMRXMWSZIVERHXLEX ]SY EVI WXEVXMRK XLI WIGSRH SRI 8LI XLMVH QEMR TSMRX QMKLX FIKMR EW JSPPS[W
%44)2(-< +-:-2+=396*-67874))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
'SVVIWTSRHMRK[MXLTISTPIEPPSZIVXLI[SVPHMWQSVIXLERNYWXELSFF]JSV6MGSWMRGI LIMWQENSVMRKMRMRXIVREXMSREPVIPEXMSRW
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tQRSXXLIQSWXKVEGIJYPSVJIQMRMRITIVWSR#7S [LEXMJ-HSRtXTSWWIWWEPPXLI[SRHIVJYPGLEVEGXIVMWXMGWSJ/M]SQM#-EQWXMPPQIhRSXEGLEV EGXIVMRETPE]=IXF]TPE]MRKXLEXGLEVEGXIV-PIEVRIHSRISJXLIQSWXMQTSVXERXPIWWSRWSJ Q]PMJI-PIEVRIHXLEXF]FIGSQMRKE[SQER[LSRIZIV[EW-FIGEQITVSYHSJ[LS-EQ
GSRRIGXPYGEWGSQ :MI[XLIIRHMRKSJq/M]SQM ERH1IrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWETTIRHM\ :MHIS'PMT%
8LI JMREP PMRIW FVMRK XLI WTIIGL XS E HVEQEXMG GPSWI ERH YRHIVWGSVI [L] XLI I\TIVMIRGISJTPE]MRK/M]SQM[EWWSMQTSVXERXXSXLIWTIEOIV
(IPMZIVMRK=SYV7TIIGL
3RGI ]SY LEZI WIPIGXIH E WYFNIGX ERH SVKERM^IH XLI GSRXIRX MRXS E GPIEV WXVYGXYVIMXMWXMQIXS[SVOSRXLIHIPMZIV]SJ]SYVWTIIGL&IGEYWIXLMWMW]SYV JMVWXWTIIGLSJXLIXIVQRSSRII\TIGXW]SYXSKMZIETIVJIGXP]TSPMWLIHTVIWIR XEXMSR=SYVEMQMWXSHSEW[IPPEWTSWWMFPI[LMPIEPWSPE]MRKEJSYRHEXMSR]SY GER FYMPH YTSR MR PEXIV WTIIGLIW ;MXL XLMW MWQMRH[ItPP PSSO FVMIJP]EX XLI I\XIQTSVERISYWQIXLSHSJWTIIGLHIPMZIV]XLIMQTSVXERGISJVILIEVWMRK]SYV WTIIGLERHWSQISJXLIQENSVJEGXSVWXSGSRWMHIV[LIRWTIIGLHE]EVVMZIW
74)%/-2+)<8)1436%2)3970= =SY QMKLX FI MRGPMRIH EW EVI QER] FIKMRRMRK WTIEOIVW XS [VMXI SYX ]SYV WTIIGL PMOI ER IWWE] ERH VIEH MX [SVH JSV [SVH XS ]SYV PMWXIRIVW 8LI SXLIV I\XVIQIMWXSTVITEVIZIV]PMXXPIJSVXLIWTIIGLhXS[MRKMXF]XVYWXMRKXS]SYV [MXWERHXLIMRWTMVEXMSRSJXLIQSQIRX2IMXLIVETTVSEGLMWETTVSTVMEXI 1SWX I\TIVXW VIGSQQIRH WTIEOMRK I\XIQTSVERISYWP] [LMGL GSQFMRIW XLI GEVIJYP TVITEVEXMSR ERH WXVYGXYVI SJ E QERYWGVMTX TVIWIRXEXMSR [MXL XLI WTSRXERIMX] ERH IRXLYWMEWQ SJ ER YRVILIEVWIH XEPO =SYV EMQ MR ER I\XIQTSVERISYWWTIIGLMWXSTPER]SYVQENSVTSMRXWERHWYTTSVXMRKQEXIVMEP [MXLSYXXV]MRKXSQIQSVM^IXLITVIGMWIPERKYEKI]SY[MPPYWISRXLIHE]SJXLI WTIIGL 8LI I\XIQTSVERISYW QIXLSH VIUYMVIW ]SY XS ORS[ XLI GSRXIRX SJ ]SYV WTIIGLUYMXI[IPP-RJEGX[LIR]SYYWIXLMWQIXLSHTVSTIVP]]SYFIGSQIWS JEQMPMEV[MXLXLIWYFWXERGISJ]SYVXEPOXLEX]SYRIIHSRP]EJI[FVMIJRSXIWXS VIQMRH]SYSJXLITSMRXW]SYMRXIRHXSGSZIV8LIRSXIWWLSYPHGSRWMWXSJOI]
(IPMZIVMRK=SYV7TIIGL
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq%,IEVX ;SVRSR1],ERHrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMT%
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
[SVHW SV TLVEWIW VEXLIV XLER GSQTPIXI WIRXIRGIW ERH TEVEKVETLW 8LMW [E] [LIR]SYEVIMRJVSRXSJXLIEYHMIRGI]SY[MPPXIPPXLIQ[LEX]SYORS[EFSYX XLIXSTMGMR]SYVS[R[SVHW 4VITEVI]SYVRSXIWF][VMXMRKSVTVMRXMRKOI]XIVQWERHTLVEWIWSRMRHI\ GEVHWSVWLIIXWSJTETIV7SQIMRWXVYGXSVWVIUYMVIWXYHIRXWXSYWIMRHI\GEVHW FIGEYWIXLI]EVIWQEPPERHYRSFXVYWMZIHSRtXVYWXPISVJPSTSZIVERHGERFI LIPH MR SRI LERH [LMGL EPPS[W XLI WTIEOIV XS KIWXYVI QSVI IEWMP] 3XLIV XIEGLIVWVIGSQQIRHWLIIXWSJTETIVFIGEYWI]SYGERKIXQSVIMRJSVQEXMSRSR XLIQERHFIGEYWIMXMWIEWMIVXSTVMRXSYXGSQTYXIVJMPIWSRTETIV-J]SYEVI YRWYVI[LEX]SYVMRWXVYGXSVTVIJIVWEWO[IPPFIJSVI]SYVWTIIGLMWHYI ;LIXLIV]SYYWIMRHI\GEVHWSVWLIIXWSJTETIV]SYVRSXIWWLSYPHFIPEVKI IRSYKLXSVIEHGPIEVP]EXEVQtWPIRKXL1ER]I\TIVMIRGIHWTIEOIVWHSYFPISV XVMTPIWTEGIXLIMVRSXIWFIGEYWIXLMWQEOIWXLIQIEWMIVXSWIIEXEKPERGI;VMXI SVTVMRXSRSRP]SRIWMHISJXLIMRHI\GEVHSVTETIVERHYWIXLIJI[IWXRSXIW ]SYGERQEREKIERHWXMPPTVIWIRXXLIWTIIGLJPYIRXP]ERHGSRJMHIRXP] =SYGERWIIERI\EQTPISJI\XIQTSVERISYWHIPMZIV]SR:MHIS'PMT%MR XLISRPMRI1IHME0MFVEV]JSVXLMWETTIRHM\8LIWXYHIRXMWKMZMRKEWTIIGLSJ WIPJMRXVSHYGXMSR YWMRK E TIVWSREP SFNIGXhMR XLMW GEWI E WSJXFEPP KPSZIhXS I\TPEMR WSQIXLMRK MQTSVXERX EFSYX LIVWIPJ %W ]SY ZMI[ XLI I\GIVTX RSXMGI XLEX IZIR XLSYKL XLI WTIEOIVtW TSMRXW EVI [IPP TPERRIH WLI MW RSX XMIH XS E QERYWGVMTX;LIRXEPOMRKEFSYXLIVKPSZIWLIWIXWHS[RLIVRSXIWERHTSMRXW XSXLMRKWSRXLIKPSZIXLEXVIJPIGXHMJJIVIRXEWTIGXWSJLIVPMJI%PPXLI[LMPIWLI WTIEOWHMVIGXP]XSLIVGPEWWQEXIWERHQEOIWWXVSRKI]IGSRXEGX[MXLXLIQ %X JMVWX MX QE] WIIQ ZIV] HIQERHMRK XS HIPMZIV E WTIIGL I\XIQTSVERI SYWP] -R JEGX XLSYKL ]SY YWI XLI I\XIQTSVERISYW QIXLSH MR IZIV]HE] GSRZIVWEXMSR (S ]SY VIEH JVSQ E QERYWGVMTX [LIR ]SY XIPP ]SYVJVMIRHW ER EQYWMRKWXSV]#3JGSYVWIRSX=SYVIGEPPXLIIWWIRXMEPHIXEMPWSJ]SYVWXSV]ERH XIPP XLI XEPI XS HMJJIVIRX JVMIRHW SR HMJJIVIRX SGGEWMSRW YWMRK WSQI[LEX HMJJIVIRXPERKYEKIIEGLXMQI=SYJIIPVIPE\IHERHGSRJMHIRX[MXL]SYVJVMIRHW WS]SYNYWXXIPPXLIQ[LEXMWSR]SYVQMRHMREGSRZIVWEXMSREPXSRI8V]XSHS XLIWEQIXLMRKMR]SYVWTIIGL
6),)%67-2+8,)74))', ;LIR]SY[EXGLEXVYP]IJJIGXMZII\XIQTSVERISYWWTIEOIVXLIWTIIGLGSQIW SYXWSWQSSXLP]XLEXMXWIIQWEPQSWXIJJSVXPIWW-RJEGXXLEXWQSSXLHIPMZIV]MW XLIVIWYPXSJEKVIEXHIEPSJTVEGXMGI%W]SYVWTIIGLGSYVWITVSKVIWWIW]SY[MPP KEMR QSVI I\TIVMIRGI ERH [MPP FIGSQI QSVI GSQJSVXEFPI HIPMZIVMRK ]SYV WTIIGLIWI\XIQTSVERISYWP] 8LI JMVWX XMQI ]SY VILIEVWI ]SYV MRXVSHYGXSV] WTIIGL LS[IZIV ]SY [MPP TVSFEFP] WXVYKKPI ;SVHW QE] RSX GSQI IEWMP] ERH ]SY QE] JSVKIX WSQI XLMRKW ]SY TPERRIH XSWE] (SRtX FIGSQIHMWGSYVEKIH/IIT KSMRK ERH GSQ TPIXIXLIWTIIGLEW[IPPEW]SYGER'SRGIRXVEXISRKEMRMRKGSRXVSPSJXLIMHIEW VEXLIV XLER SR XV]MRK XS PIEVR XLI WTIIGL [SVH JSV [SVH =SY [MPP MQTVSZI IZIV]XMQI]SYTVEGXMGI *SVXLMWETTVSEGLXS[SVO]SYQYWXVILIEVWIXLIWTIIGLSYXPSYH0SSOMRK WMPIRXP]SZIV]SYVRSXIWMWRSXIRSYKL7TIEOMRKXLI[SVHWEPSYH[MPPLIPT]SY QEWXIV XLI GSRXIRX SJ ]SYV XEPO 3RGI ]SY LEZI E JEMVP] KSSH KVEWT SJ XLI WTIIGLEWOJVMIRHWSVJEQMP]QIQFIVWXSPMWXIRERHXSKMZIGSRWXVYGXMZIJIIH FEGO(SRtXFIWL]EFSYXEWOMRK1SWXTISTPIPSZIXSKMZIXLIMVSTMRMSREFSYX WSQIXLMRKERHMXtWGVYGMEPXLEX]SYVILIEVWI[MXLEPMZIEYHMIRGIFIJSVITVI WIRXMRKXLIWTIIGLMRGPEWW
%44)2(-< +-:-2+=396*-67874))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%W]SYTVEGXMGIXMQI]SYVWTIIGLXSQEOIWYVIMXMWRIMXLIVXSSPSRKRSV XSSWLSVX &IGEYWISJRIVZIWQSWX TISTPIXEPOJEWXIVHYVMRKXLIMV JMVWXWTIIGL XLER [LIR XLI] TVEGXMGI MX ;LIR ]SY VILIEVWI EX LSQI QEOI GIVXEMR ]SYV WTIIGL VYRW WPMKLXP] PSRKIV XLER XLI QMRMQYQ XMQI PMQMX 8LEX [E] MJ ]SYV WTIEOMRKVEXIMRGVIEWIW[LIR]SYKIXMRJVSRXSJ]SYVGPEWWQEXIW]SYVWTIIGL [SRtXIRHYTFIMRKXSSWLSVX
46)7)28-2+8,)74))', ;LIR MX MW ]SYV XYVR XS WTIEO QSZI XS XLI JVSRX SJ XLI VSSQ ERH JEGI XLI EYHMIRGI%WWYQIEVIPE\IHFYXYTVMKLXTSWXYVI4PERX]SYVJIIXEFMXPIWWXLER WLSYPHIV[MHXLETEVXERHEPPS[]SYVEVQWXSLERKPSSWIP]F]]SYVWMHI%VVERKI ]SYVRSXIW FIJSVI ]SY WXEVX XSWTIEO 8LIRXEOIEQSQIRX XS PSSOSZIV]SYV EYHMIRGIERHXSWQMPI8LMW[MPPLIPT]SYIWXEFPMWLVETTSVX[MXL]SYVGPEWWQEXIW JVSQXLIWXEVX 3RGI]SYEVIMRXSXLIWTIIGLJIIPJVIIXSYWI]SYVLERHWXSKIWXYVIFYX HSRtXXV]XSTPEREPP]SYVKIWXYVIWELIEHSJXMQI-J]SYHSRtXRSVQEPP]YWI]SYV LERHWI\TVIWWMZIP]HYVMRKMRJSVQEPGSRZIVWEXMSRXLIR]SYWLSYPHRtXJIIPGSQ TIPPIHXSKIWXYVIEPSXHYVMRK]SYVWTIIGL;LEXIZIVKIWXYVIW]SYHSYWIWLSYPH JPS[REXYVEPP]JVSQ]SYVJIIPMRKW %FSZIEPPHSRtXPIX]SYVKIWXYVIWSVFSHMP]EGXMSRWHMWXVEGXPMWXIRIVWJVSQ ]SYVQIWWEKI(S]SYVFIWXXSEZSMHRIVZSYWQERRIVMWQWWYGLEWX[MWXMRK]SYV LEMV [VMRKMRK ]SYV LERHW WLMJXMRK ]SYV [IMKLX JVSQ SRI JSSX XS XLI SXLIV VSGOMRKFEGOERHJSVXLSVXETTMRK]SYVJMRKIVWSRXLIPIGXIVR2SQEXXIVLS[ RIVZSYW]SYJIIPXV]XSETTIEVGEPQERHVIPE\IH (YVMRK]SYVXEPOPSSOEX]SYVGPEWWQEXIWEWSJXIREW]SYGER3RISJXLI QENSVVIEWSRWJSVWTIEOMRKI\XIQTSVERISYWP]MWXSQEMRXEMRI]IGSRXEGX[MXL ]SYVEYHMIRGI-R]SYVS[RI\TIVMIRGI]SYORS[LS[QYGLQSVIMQTVIWWMZI EWTIEOIVMW[LIRWLISVLIPSSOWEXXLIEYHMIRGI[LMPIWTIEOMRK -J ]SY LEZI TVEGXMGIH XLI I\XIQTSVERISYW QIXLSH SJ HIPMZIV] ERH TVI TEVIH ]SYV RSXIW TVSTIVP] ]SY WLSYPH FI EFPI XS QEMRXEMR I]I GSRXEGX [MXL ]SYV EYHMIRGI QSWX SJ XLI XMQI &I WYVI XS PSSO XS XLI PIJX ERH VMKLX SJ XLI VSSQEW[IPPEWXLIGIRXIVERHEZSMHXLIXIQTXEXMSRXSWTIEOI\GPYWMZIP]XS SRI SV X[S W]QTEXLIXMG MRHMZMHYEPW ;LIR ]SY EVI JMRMWLIH WTIEOMRK ]SYV GPEWWQEXIWWLSYPHLEZIXLIMQTVIWWMSRXLEX]SYIWXEFPMWLIHETIVWSREPGSRRIG XMSR[MXLIEGLSJXLIQ 8V]XSYWI]SYVZSMGIEWI\TVIWWMZIP]EW]SY[SYPHMRRSVQEPGSRZIVWEXMSR 'SRGIRXVEXISRTVSNIGXMRKXSXLIFEGOSJXLIVSSQ ERH HIWTMXI]SYVRIVZIW JMKLX XLI XIQTXEXMSR XS VEGI XLVSYKL ]SYV WTIIGL -J ]SY QEOI E GSRWGMSYW IJJSVXXSWTIEOYTWPS[HS[RERHTVSNIGXGPIEVP]]SY[MPPFISRXLIVMKLXXVEGO XSERIJJIGXMZITVIWIRXEXMSR 0SSOJSVI\EQTPIEX:MHIS'PMT%MRXLISRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\ [LMGL TVIWIRXW I\GIVTXW JVSQ X[S MGI FVIEOIV WTIIGLIW 2IMXLIV WTIEOIVLEHXEOIRETYFPMGWTIEOMRKGPEWWFIJSVI]IXFSXLVSWIXSXLISGGEWMSR F] JSGYWMRKSR XLIFEWMG IPIQIRXWSJ HIPMZIV][ILEZINYWXHMWGYWWIH%W ]SY [EXGLXLIZMHISRSXMGILS[FSXLhHIWTMXIXLIMVRIVZSYWRIWWhGSRZI]EWIRWI SJTSMWIERHGSRJMHIRGIIWXEFPMWLWXVSRKI]IGSRXEGX[MXLXLIMVGPEWWQEXIWERH YWIXLII\XIQTSVERISYWQIXLSHSJHIPMZIV];SVOSRHSMRKXLIWEQIMR]SYV JMVWXWTIIGL *MREPP]EW[IWE[MR'LETXIVVIQIQFIVXLEXMXtWRSVQEPXSFIRIVZSYW FIJSVI HIPMZIVMRK E WTIIGL =SY GER HIEP [MXL ]SYV RIVZIW F] TVITEVMRK XLSVSYKLP] XLMROMRK TSWMXMZIP] ERH ZMWYEPM^MRK ]SYVWIPJ KMZMRK E WYGGIWWJYP
GSRRIGXPYGEWGSQ :MI[I\GIVTXWJVSQq6L]QIW [MXL3VERKIrERHq1]0MJI JVSQ8SIXS,IEHrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMT%
(IPMZIVMRK=SYV7TIIGL
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
7EQTPI7TIIGLIW[MXL'SQQIRXEV]
GSRRIGXPYGEWGSQ :MI[q4SX7SMP;EXIVrERH q&VSSOP]R6SEHWrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMTW% ERH%
8LI JSPPS[MRK TVIWIRXEXMSRW [IVI TVITEVIH F] WXYHIRXW MR FIKMRRMRK WTIIGL GPEWWIWEXXLI9RMZIVWMX]SJ;MWGSRWMR8LIJMVWXMWEWTIIGLSJWIPJMRXVSHYGXMSR XLI WIGSRH MW E WTIIGL MRXVSHYGMRK E GPEWWQEXI %W ]SY VIEH XLI WTIIGLIW RSXMGILS[GPIEVP]XLI]EVISVKERM^IHERHLS[GVIEXMZIP]XLI]EVIHIZIPSTIH =SYGER[EXGLXLIHIPMZIV]SJFSXLWTIIGLIWMRXLISRPMRI1IHME0MFVEV]JSV XLMWETTIRHM\
4SX7SMP;EXIV
'311)28%6=
74))',
8LI MRXVSHYGXMSR GETXYVIW EXXIRXMSR ERH VIZIEPWXLIXSTMG&]VIJIVVMRKXSELSYWITPERX ERH XLI IPIQIRXW MX RIIHW XS KVS[ XLI WTIEOIV TVSZMHIW E GVIEXMZI XSYGL XLEX VYRW XLVSYKL XLI IRXMVI WTIIGL 7LI IRHW XLI MRXVSHYGXMSRF]PMROMRKXLITPERXtWTSXWSMP ERH [EXIV XS LIV JEQMP] JVMIRHW ERH MRXIV IWXWXLIXLVIIQEMRTSMRXWWLI[MPPHMWGYWWMR XLIFSH]
8LSWISJ]SY[MXLEKVIIRXLYQFORS[XLEXELIEPXL]LSYWI TPERXPMOIXLMWSRIRIIHWERYQFIVSJXLMRKWXSKVS[MRGPYHMRK EKSSHTSXVMGLWSMPERHEHIUYEXI[EXIV8LITSXMWXLITPERXtW LSQIXLIGSQJSVXMRKTPEGI[LIVIMXKVS[WYT8LIWSMPKMZIW XLI TPERX RYXVMIRXW ERH LIPTW MXW VSSXW I\TERH ;EXIV MW XLI FEWMWSJEPPPMJIERHEPPS[WXLITPERXXSXLVMZI0MOIXLMWTPERXERH XLITSXWSMPERH[EXIVMXVIUYMVIWXSKVS[]SYGERKIXEWIRWI SJ Q] KVS[XL F] PSSOMRK EX Q] JEQMP] Q] JVMIRHW ERH Q] MRXIVIWXW
%44)2(-< +-:-2+=396*-67874))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)EGLQEMRTSMRXMRXLIFSH]MWGPIEVP]WXEXIH ERH HMWGYWWIH %W ]SY GER WII JVSQ XLI SRPMRIZMHISXLIWTIEOIVGSQQYRMGEXIWWMR GIVIP]ERH[MXLI\GIPPIRXI]IGSRXEGX
8LI TSX VITVIWIRXW Q] JEQMP] % TSX LSPHW XLI TPERX XSKIXLIVNYWXPMOIQ]JEQMP]LSPHWQIXSKIXLIV1]QSQERH HEHRSXSRP]KEZIQIPMJIFYXEPSZMRKLSQIXSKVS[YTMR-J -IZIVLEHEFEHHE]XLI]OITXQIJVSQJEPPMRKETEVX%WXLI TPERXTVSXIGXWXLIVSSXWERHXLIWSMPQ]JEQMP]TVSXIGXIHQI EW-KVI[XLVSYKLQ]GLMPHLSSH
8LIEWWMKRQIRXJSVXLMWWTIIGLVIUYMVIHWXY HIRXWXSYWIERSFNIGXXSMRXVSHYGIXLIQWIPZIW XS XLI GPEWW %W XLI WTIIGL TVSGIIHW RSXMGI LS[XLIWTIEOIVHSIWRSXJSGYWSRHIWGVMFMRK XLISFNIGXhMRXLMWGEWILIVLSYWITPERXhFYX SR LS[ XLI TPERX TVSZMHIW MRWMKLX MRXS XLI WTIEOIVLIVWIPJ
8LIWSMPVITVIWIRXWQ]JVMIRHW[LSLEZIWYTTSVXIHQIEW - FVERGLIH SYX MRXS RI[ I\TIVMIRGIW ,IVI SR GEQTYW Q] XLVIIFIWXJVMIRHWLEZILIPTIHQIEHNYWXXSGSPPIKIF]WLS[MRK QIEVSYRHF]MRXVSHYGMRKQIXSRI[TISTPIERHF]LIPTMRK QI [MXL Q] EWWMKRQIRXW 8LI] IRGSYVEKI QI XS JSPPS[ Q] HVIEQWERHEVIEP[E]W[MPPMRKXSSJJIVEHZMGI%WXLIRYXVMIRXW JVSQXLIWSMPJIIHXLITPERXQ]JVMIRHWLEZILIPTIHQIKVS[ ERHHIZIPST
8LIWTIEOIVGSQTPIXIWXLIFSH]F]QIRXMSR MRKWSQISJLIVMRXIVIWXW8LMWOMRHSJMRJSV QEXMSR MW EPQSWX EP[E]W TEVX SJ E WTIIGL SJ WIPJMRXVSHYGXMSR-XMWIJJIGXMZILIVIFIGEYWI SJ XLI MRZIRXMZI [E] MX MW [SZIR MRXS XLI SZIVEPPXLIQISJXLIWTIIGL
8LI [EXIV VITVIWIRXW Q] MRXIVIWXW ;MXLSYX [EXIV XLMW TPERX[SYPHXYVRFVS[RERHHYPPFYX[MXL[EXIVXLITPERXMW FVMKLX ERH JYPP SJ PMJI 0MOI [EXIV JSV XLMW TPERX Q] MRXIVIWXW LIPTQIJPSYVMWLVEXLIVXLER[MPX-LEZIEFVSEHVERKISJMRXIV IWXW MRGPYHMRK QYWMG EVX W[MQQMRK ERH [EXGLMRK QSZMIW 1]MRXIVIWXWQEOIQ]TIVWSREPGSPSVWQSVIZMFVERXERHEPPS[ QIXSFPSSQ
8LIWTIEOIVWYQQEVM^IWXLIQEMRTSMRXWSJ LIV WTIIGL ERH GSQTPIXIW XLI GSQTEVMWSR [MXLLIVLSYWITPERXF]WXEXMRKXLEXWLIMWRSX JMRMWLIH KVS[MRK 8LI JMREP WIRXIRGI XMIW IZIV]XLMRKXSKIXLIVERHIRHWXLIWTIIGLSR ETSWMXMZIRSXI
- [SYPHRtX FI [LS - EQ XSHE] [MXLSYX Q] JEQMP] Q] JVMIRHWERHQ]MRXIVIWXW&YXPMOIXLMWTPERX-WXMPPLEZIWSQI KVS[MRKXSHShQSVIXLMRKWXSPIEVRERHQSVIXLMRKWXSI\TI VMIRGI 0YGOMP] FIGEYWI SJ Q] S[R TSX WSMP ERH [EXIV -tQ GSRJMHIRX-[MPPFPSSQMRXSXLITIVWSR-[ERXXSFI
&VSSOP]R6SEHW
'311)28%6=
74))',
8LMWTEVEKVETLWIVZIWEWXLIWTIEOIVtWMRXVS HYGXMSR8LISTIRMRKUYSXEXMSRKEMRWEXXIR XMSR[LMPIXLIWIGSRHWIRXIRGIMHIRXMJMIWXLI GIRXVEPMHIEXLEX[MPPFIHIZIPSTIHMRXLIVIWX SJXLIWTIIGL
%W XLI TSIX ) ) 'YQQMRKW SRGI WEMH q8S FI RSFSH] FYX ]SYVWIPJ MR E [SVPH [LMGL MW HSMRK MXW FIWX HE] ERH RMKLX XS QEOI ]SY IZIV]FSH] IPWI QIERW XS JMKLX XLI LEVHIWX FEXXPI [LMGLER]LYQERFIMRKGERJMKLXr%WE]SYRKFS]]SYVGPEWW QEXI(ERR]QEHIETVSQMWIXSLMQWIPJXSJMKLXJSVLMWMRHMZMHY EPMX]ERHXSXLMWHE]LILEWRSXKMZIRYTSRXLEXTVSQMWI
8LIFSH]SJXLMWWTIIGLGSRXEMRWXLVIIQEMR TSMRXWIEGLSJ[LMGLHIEPW[MXLEREWTIGXSJ (ERR]tW MRHMZMHYEPMX] 8LI JMVWX JSGYWIW SR LMW FEGOKVSYRH ERH IEVP] IHYGEXMSR GYPQM REXMRK [MXL LMW HIWMVI XS FI XLI JMVWX MR LMW JEQMP]XSEXXIRHGSPPIKI
+VS[MRKYTMRETSZIVX]WXVMGOIR&VSSOP]RRIMKLFSVLSSH (ERR]LEHLSTIWSJQEOMRKLMWMRHMZMHYEPQEVOMRXLI[SVPH ,IWE[XLIWXVYKKPIWLMWTEVIRXWIRHYVIHFIGEYWIXLI]HMHRtX LEZI XLIWEQISTTSVXYRMXMIWEWOMHW XSHE] ;MXL LMWTEVIRXWt WYTTSVX LI ZIRXYVIH SYXWMHI &VSSOP]RXS 1ERLEXXER [LIVI LI EXXIRHIH KVEQQEVWGLSSPERH LMKLWGLSSP ;LMPIMR LMKL WGLSSP (ERR] HIGMHIH XLEX LI [ERXIH XS EXXIRH GSPPIKI WSQIXLMRKXLEXRIMXLIVSJLMWTEVIRXWLEHXLIGLERGIXSHS
7EQTPI7TIIGLIW[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
0MWXIRMRK
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LI WIGSRH QEMR TSMRX HIEPW [MXL (ERR]tW HIGMWMSRXSEXXIRHXLI9RMZIVWMX]SJ;MWGSR WMR 8LI JMKYVI SJ QMPIW EHHW WTIGMJMGMX] ERHMWQSVIQIQSVEFPIXLERWE]MRKq(ERR] LEWXVEZIPIHWIZIVEPLYRHVIHQMPIWr
;LIR GLSSWMRK E WGLSSP (ERR] EKEMR WLS[IH LMW MRHM ZMHYEPMX] ;LMPI QSWX SJ LMW JVMIRHW ERH GPEWWQEXIW WXE]IH MR XLIMVGSQJSVX^SRIF]EXXIRHMRKGSPPIKIGPSWIXSLSQI(ERR] LEWXVEZIPIH QMPIW XSEXXIRHXLI9RMZIVWMX]SJ;MWGSRWMR [LIVILILSTIWXSWXYH]IRKMRIIVMRK
2S[ XLI WTIEOIV QSZIW XS LMW XLMVH QEMR TSMRX[LMGLHIEPW[MXLSXLIV[E]WMR[LMGL (ERR] LEW WLS[R LMW MRHMZMHYEPMX] 8LI MHIEWEVITVIWIRXIHGPIEVP]ERHGSRGMWIP]%W MWIZMHIRXJVSQXLISRPMRIZMHISXLIWTIEOIV TVIWIRXWLMWMHIEWI\XIQTSVERISYWP],ILEW WXVSRK I]I GSRXEGX I\GIPPIRX ZSGEP ZEVMIX] ERHETIVWSREFPIQERRIVSJHIPMZIV]
(ERR] WLS[W LMW MRHMZMHYEPMX] MR SXLIV [E]W EW [IPP ,I WXEVXIHTPE]MRKFMPPMEVHWMRLMKLWGLSSPERHMXtWFIIRELSFF]SJ LMWIZIVWMRGI9RPMOITSSP[LMGLMWFEWIHSRWLSSXMRKFEPPWMRXS TSGOIXWFMPPMEVHWLEWRSTSGOIXWERHMWQYGLQSVIGLEPPIRKMRK XLER TSSP (ERR] EPWS TPE]W LERHFEPP ERSXLIV KEQI [MXL E PS]EP JSPPS[MRK FYX HIJMRMXIP] SYXWMHI XLI JSSXFEPPFEWOIXFEPP FEWIFEPP QEMRWXVIEQ 8LIR XLIVI [EW (ERR]tW HIGMWMSR XS MKRSVIXLIMRWXERXTSTYPEVMX]SJM4SHW-RWXIEHLIGLIGOIHSYX EPPXLISTXMSRWERHFSYKLXE>)2QTTPE]IV-J]SYLEZIXLI XMQI(ERR][MPPKPEHP]XIPP]SYEPPSJXLIZMVXYIWSJ>)2
8LI WTIEOIV GSRGPYHIW F] VIWXEXMRK XLI GIR XVEPXLIQISJLMWWTIIGL8LIJMREP[SVHWTSWI EWIVMSYWUYIWXMSRXLEXVIMRJSVGIWXLIMQTSV XERGISJQEMRXEMRMRKSRItWMRHMZMHYEPMX]
*SV(ERR]FIMRKERMRHMZMHYEPMRE[SVPHSJXVIRHWLEWRtX FIIRXLIIEWMIWXSJFEXXPIW&YXLIWE]WMXtW[SVXLXLIIJJSVX %JXIV EPP [SYPH ]SY [ERX XS PSWI [LEX QEOIW ]SY [LS ]SY EVI#
%44)2(-< +-:-2+=396*-67874))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
IPIGXMRKE8STMG 7 ERHE4YVTSWI
'LSSWMRKE8STMG 8STMGW=SY/RS[E0SX%FSYX 8STMGW=SY;ERXXS/RS[1SVI%FSYX &VEMRWXSVQMRKJSV8STMGW
(IXIVQMRMRKXLI+IRIVEP4YVTSWI (IXIVQMRMRKXLI7TIGMJMG4YVTSWI 8MTWJSV*SVQYPEXMRKXLI7TIGMJMG4YVTSWI7XEXIQIRX 5YIWXMSRWXS%WO%FSYX=SYV7TIGMJMG4YVTSWI
4LVEWMRKXLI'IRXVEP-HIE ;LEX-WXLI'IRXVEP-HIE# +YMHIPMRIWJSVXLI'IRXVEP-HIE
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
W ]SY VIEH XLVSYKL XLMW FSSO ]SY [MPP JMRH I\EQTPIW SJ LYRHVIHW SJ WTIIGLIWXLEX[IVIHIPMZIVIHMRGPEWWVSSQWMRXLITSPMXMGEPEVIREMRGSQ QYRMX]ERHFYWMRIWWWMXYEXMSRW,IVIMWEZIV]WQEPPWEQTPISJXLIXSTMGW XLI]GSZIV
%
EVSQEXLIVET]
2EXMZI%QIVMGERGEWMRSW
FVIEWXGERGIV
SFWIWWMZIGSQTYPWMZIHMWSVHIV
'IWEV'LEZI^
4MPEXIW
HVMZMRKEKI
5YIFIG
IPIGXMSRVIJSVQ
V SFSXMGW
JVIIXVEHI
WXYH]EFVSEH
KIRIXMGIRKMRIIVMRK
8MXPI-<
,EFMXEXJSV,YQERMX]
9RHIVKVSYRH6EMPVSEH
MHIRXMX]XLIJX
ZSPYRXIIVMRK
.YHEMWQ
[SQIRtWK]QREWXMGW
/SVER
\VE]W
PEWIVWYVKIV]
=ERKX^I6MZIV
1EVXMR0YXLIV/MRK
^SSW
9RHSYFXIHP]]SYRSXMGIHXLEXXLIPMWXVYRWJVSQ%XS>8LMWEVVE]SJXSTMGW [EWRtXTPERRIH-XLETTIRIHREXYVEPP] MRXLIGSYVWISJTVIWIRXMRKQER] HMJ JIVIRXOMRHWSJWTIIGLIW8LIPMWXMWKMZIRLIVIWMQTP]XSWLS[]SYXLEXXLIVI EVIPMXIVEPP]IRHPIWWTSWWMFMPMXMIWJSVWTIIGLXSTMGWhJVSQ%XS>
'LSSWMRKE8STMG
XSTMG 8LIWYFNIGXSJEWTIIGL
8LI JMVWX WXIT MR WTIIGLQEOMRK MW GLSSWMRK E XSTMG *SV WTIIGLIW SYXWMHI XLI GPEWWVSSQXLMWMWWIPHSQETVSFPIQ9WYEPP]XLIWTIIGLXSTMGMWHIXIVQMRIHF] XLISGGEWMSRXLIEYHMIRGIERHXLIWTIEOIVt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
',%48)6 7)0)'8-2+%834-'%2(%496437)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LIR]SYPSSOJSVEWTIIGL XSTMGOIITMRQMRHWTIGMEP I\TIVXMWI]SYQE]LEZISV WTSVXWLSFFMIWXVEZIPERH SXLIVTIVWSREPI\TIVMIRGIW XLEX[SYPHQEOIJSVERMRXIV IWXMRKTVIWIRXEXMSR
8LIVI EVI X[S FVSEH GEXIKSVMIW SJ TSXIRXMEP XSTMGW JSV ]SYV GPEWWVSSQ WTIIGLIW WYFNIGXW]SYORS[EPSXEFSYXERH WYFNIGXW]SY[ERXXSORS[ QSVIEFSYX0IXtWWXEVX[MXLXLIJMVWX
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qNYWXELSYWI[MJI[LSMWVIXYVRMRKXSWGLSSPXSJMRMWL XLIIHYGEXMSRWLIWXEVXIH]IEVWEKSrHIPMZIVIHE[MXX]WTIIGLSRXLIEHNYWX QIRXWWLILEHXSQEOIMRGSQMRKFEGOXSGSPPIKIhWMXXMRKMRGPEWW[MXLWXYHIRXW ]SYRKIRSYKLXSFILIVGLMPHVIRFEPERGMRKLIVEGEHIQMG[SVOEKEMRWXLIVJEQ MP] GSQQMXQIRXW ERH XLI WEXMWJEGXMSR SJ GSQTPIXMRK XLI IHYGEXMSR WLI LEH FIKYR]IEVWIEVPMIV ,IVIEVIEJI[QSVII\EQTPIWSJWTIIGLXSTMGWFEWIHPEVKIP]SRXLIWXYHIRXWt TIVWSREPORS[PIHKIERHI\TIVMIRGI 8LI&EWMGWSJ&EGOTEGOMRK 1EOMRKE(MJJIVIRGI 8LI4IEGI'SVTW %8SYVSJ3PH.IVYWEPIQ 4IVJSVQMRK[MXLXLI2EXMZI%QIVMGER(ERGI8VSYTI ,S[XS,EZIE7YGGIWWJYP.SF-RXIVZMI[
'LSSWMRKE8STMG
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
834-'7=39;%2883/23;136)%&398
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq'SPXER 1SRI]+YRWERH'IPP4LSRIWr MRXLISRPMRI1IHME0MFVEV]JSV XLMWGLETXIV :MHIS'PMT
3RXLISXLIVLERH]SYQE]HIGMHIXSQEOI]SYVWTIIGLEPIEVRMRKI\TIVMIRGI JSV]SYVWIPJEW[IPPEWJSV]SYVEYHMIRGI=SYQE]GLSSWIEWYFNIGXEFSYX[LMGL ]SY EPVIEH] LEZI WSQI ORS[PIHKI SV I\TIVXMWI FYX RSX IRSYKL XS TVITEVI E WTIIGL[MXLSYXHSMRKEHHMXMSREPVIWIEVGL=SYQE]IZIRWIPIGXEXSTMGXLEX]SY [ERXXSI\TPSVIJSVXLIJMVWXXMQI7E]JSVI\EQTPI]SYt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tWEXXIRXMSRJVSQFIKMRRMRKXSIRH 7XMPP ERSXLIV TSWWMFMPMX]hIWTIGMEPP] JSV TIVWYEWMZI WTIIGLIWhMW XS XLMRO SJ WYFNIGXW EFSYX [LMGL ]SY LSPH WXVSRK STMRMSRW ERH FIPMIJW 8LI] QE] MRGPYHI REXMSREP SV MRXIVREXMSREP GSRGIVRW WYGL EW KYR GSRXVSP SV KPSFEP [EVQMRK 3V TIVLETW ]SY EVI GPSWIP] MRZSPZIH MR E PSGEP MWWYI WYGL EW E XIEGLIVWt WXVMOI SV E TVSTSWEPXSMRGVIEWIXYMXMSR2SXEPPWYGLXSTMGWQYWXFIqTSPMXMGEPr8LI]GERHIEP [MXL ER]XLMRK JVSQ KVEHYEXMSR VIUYMVIQIRXW XS LIPTMRK TISTPI [MXL TL]WMGEP HMWEFMPMXMIWJVSQHSVQMXSV]VIKYPEXMSRWXSFYMPHMRKEGLYVGLVIGVIEXMSRGIRXIV
&6%-278361-2+*36834-'7 FVEMRWXSVQMRK %QIXLSHSJKIRIVEXMRKMHIEW JSVWTIIGLXSTMGWF]JVII EWWSGMEXMSRSJ[SVHWERHMHIEW
%JXIV EPP XLMW ]SY QE] WXMPP FI XLMROMRK q- H SRtX GEVI EFSYX GSPXER -tZI RIZIV FIIRXS4EOMWXER-tQRSXEGXMZIMRTSPMXMGW;,%8EQ-KSMRKXSXEPOEFSYX#r-J ]SYEVILEZMRKXVSYFPIWIPIGXMRKEXSTMGXLIVIEVIERYQFIVSJFVEMRWXSVQMRK TVSGIHYVIW]SYGERJSPPS[XSKIXWXEVXIH
4IVWSREP-RZIRXSV] *MVWXQEOIEUYMGOMRZIRXSV]SJ]SYVI\TIVMIRGIWMRXIVIWXWLSFFMIWWOMPPWFIPMIJW ERHWSJSVXL.SXHS[RER]XLMRKXLEXGSQIWXSQMRHRSQEXXIVLS[WMPP]SVMVVIP IZERXMXQE]WIIQ*VSQXLMWPMWXQE]GSQIEKIRIVEPWYFNIGXEVIESYXSJ[LMGL ]SYGERJEWLMSREWTIGMJMGXSTMG8LMWQIXLSHLEW[SVOIHJSVQER]WXYHIRXW
'PYWXIVMRK -JXLIJMVWXQIXLSHHSIWRtX[SVOXV]EXIGLRMUYIGEPPIHGPYWXIVMRK8EOIEWLIIX SJ TETIV ERH HMZMHI MX MRXS RMRI GSPYQRW EW JSPPS[W 4ISTPI 4PEGIW 8LMRKW )ZIRXW 4VSGIWWIW 'SRGITXW 2EXYVEP 4LIRSQIRE 4VSFPIQW ERH 4PERW ERH 4SPMGMIW8LIRPMWXMRIEGLGSPYQRXLIJMVWXJMZISVWM\MXIQWXLEXGSQIXSQMRH 8LIVIWYPXQMKLXPSSOPMOIXLMW
4ISTPI
4PEGIW
8LMRKW
&EVEGO3FEQE
-VEU
M4SH
.SLR1G'EMR
+VERH'ER]SR
&PEGOFIVV]
,MPPEV]'PMRXSR
XLIQSSR
XIPIZMWMSR
',%48)6 7)0)'8-2+%834-'%2(%496437)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4ISTPI
4PEGIW
8LMRKW
0SVIRE3GLSE
4EVMW
VSFSXW
Q]JEQMP]
Q]LSQIXS[R
WGMIRXMWXW
)ZIRXW
4VSGIWWIW
KVEHYEXMSR
PIEVRMRK'46
4EWWSZIV
GSSOMRK8LEMJSSH
'LMRIWI2I[=IEV
E ZSMHMRKGVIHMXGEVHHIFX
'MRGSHI1E]S
XEOMRKTLSXSKVETLW
;SVPH'YT
[ VMXMRKENSFVIWYQÍ
'SRGITXW
2EXYVEP4LIRSQIRE
FYWMRIWWIXLMGW
PMKLXRMRK
GSRWIVZEXMWQ
LYVVMGERIW
JVIIWTIIGLXLISVMIW
GSEWXEPIVSWMSR
&YHHLMWQ
IEVXLUYEOIW
GVIEXMSRMWQ
XMHEP[EZIW
4VSFPIQW
4PERWERH4SPMGMIW
KPSFEP[EVQMRK
YRMZIVWEPLIEPXLGEVI
XIVVSVMWQ
R YGPIEVTS[IV
IPIGXMSRJVEYH
HSQIWXMGTEVXRIVFIRIJMXW
GEQTYWGVMQI
LSQIWGLSSPMRK
HSQIWXMGEFYWI
RIIHPII\GLERKITVSKVEQW
:IV]PMOIP]WIZIVEPMXIQWSR]SYVPMWXW[MPPWXVMOI]SYEWTSXIRXMEPXSTMGW-J RSXXEOIXLIMXIQW]SYJMRHQSWXMRXVMKYMRKERHGSQTSWIWYFPMWXWJSVIEGL8V] XS JVIIEWWSGMEXI ;VMXI HS[R E [SVH SV MHIE ;LEX HSIW XLEX XVMKKIV MR ]SYV QMRH#;LEXIZIVMXMW[VMXIXLEXHS[RRI\XERHOIITKSMRKYRXMP]SYLEZIJMZI SVWM\MHIEWSR]SYVPMWX*SVI\EQTPI[SVOMRKJVSQXLIPMWXWTVMRXIHEFSZISRI WXYHIRXGSQTSWIHWYFPMWXWJSVXIPIZMWMSRGEQTYWGVMQIERHPMKLXRMRK
8IPIZMWMSR
'EQTYW'VMQI
0MKLXRMRK
QSZMIW
TSPMGI
XLYRHIV
%GEHIQ]%[EVHW
JMRKIVTVMRXW
RSMWI
TVM^IW
LERHW
XVEJJMG
PSXXIVMIW
KPSZIW
EMVTSPPYXMSR
KEQFPMRK
GSPH[IEXLIV
KEWSPMRI
GSRRIGXPYGEWGSQ *SVEREHHMXMSREPVIWSYVGISR WTIIGLXSTMGWGLIGOXLI 8STMG*MRHIVMRXLISRPMRI 7TIIGL8SSPWJSVXLMWGLETXIV
'ER ]SY JSPPS[ LIV XVEMP SJ EWWSGMEXMSR# -R XLI JMVWX GSPYQR XIPIZMWMSR QEHILIVXLMROSJQSZMIW1SZMIWWYKKIWXXLI%GEHIQ]%[EVHW8LI%GEHIQ] %[EVHWEVITVM^IW4VM^IWVIQMRHIHLIVSJPSXXIVMIW0SXXIVMIWEVIEJSVQSJKEQ FPMRK7YHHIRP]XLMWWXYHIRXVIQIQFIVIHEREVXMGPIWLILEHVIEHSRXLITVSF PIQ SJ KEQFPMRK EHHMGXMSR MR %QIVMGE 8LI MHIE GPMGOIH MR LIV QMRH %JXIV
'LSSWMRKE8STMG
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
GSRWMHIVEFPI VIWIEVGL WLI HIZIPSTIH ER I\GIPPIRX WTIIGL XMXPIH q+EQFPMRK %HHMGXMSR ;L]=SY'ERtX&IEXXLI3HHWr 8LEXtW E JEV GV] JVSQ XIPIZMWMSR -J ]SY WXEVXIH SYX JVIIEWWSGMEXMRK JVSQ GEVXSSRW]SY[SYPHHSYFXPIWWIRHYTWSQI[LIVIGSQTPIXIP]HMJJIVIRX8LMWMW [LEXGPYWXIVMRKMWEPPEFSYX
6IJIVIRGI7IEVGL &] GPYWXIVMRK QSWXTISTPI GSQIYT [MXL E XSTMGVEXLIV UYMGOP] &YX MJ]SY EVI WXMPP WX]QMIH HSRtX HIWTEMV 8LIVI MW E XLMVH XIGLRMUYI ]SY GER YWI &VS[WIXLVSYKLERIRG]GPSTIHMEETIVMSHMGEPHEXEFEWISVWSQISXLIVVIJIV IRGI[SVOYRXMP]SYGSQIEGVSWW[LEXQMKLXFIEKSSHWTIIGLXSTMG%WER I\TIVMQIRXSRIWXYHIRX WGERRIH8LI%QIVMGER,IVMXEKI(MGXMSREV]PMQMXMRK LIVWIPJXSXLIPIXXIVF;MXLMRQMRYXIWWLILEHGSQIYT[MXLXLIWITSXIR XMEPXSTMGW &MFPI
FSRWEM
&ENE'EPMJSVRME FEVQMX^ZEL
FEGOTEGOMRK
FPEGONEGO
&VEMPPI
FEGOKEQQSR
&MPPSJ6MKLXW
FMSIXLMGW
FMG]GPI
FYXXIVJPMIW
FEPPIX
&IIXLSZIR
&IMNMRK
FIXEGEVSXIRI FMVXLWXSRIW FSXYPMWQ
FIIV &YHHLMWQ
;MXLTVSTIVVIWIEVGLERHHIZIPSTQIRXER]SRISJXLIWIGSYPHQEOIERI\GIPPIRX WTIIGL
-RXIVRIX7IEVGL =IX ERSXLIV TSWWMFMPMX] MW XS GSRRIGX XS E WYFNIGXFEWIH WIEVGL IRKMRI WYGL EW =ELSS(MVIGXSV] HMV]ELSSGSQ SVXLI0MFVEVMERWs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hXSTYXSJJWXEVXMRKTVSNIGXWJSVEWPSRKEWTSWWMFPI 7XEVXXLMROMRKEFSYX]SYVXSTMGEWWSSREWIEGLEWWMKRQIRXMWERRSYRGIH 4E]EXXIRXMSRXSMRXIVIWXMRKWYFNIGXWMRGPEWWERHGSRZIVWEXMSRSRXLI-RXIV RIX VEHMSERHXIPIZMWMSRMRRI[WTETIVWERHQEKE^MRIW .SXHS[RMHIEWJSV XSTMGWEWXLI]SGGYVXS]SY,EZMRKERMRZIRXSV]SJTSWWMFPIXSTMGWXSGLSSWI JVSQMWQYGLFIXXIVXLERLEZMRKXSVEGO]SYVFVEMRJSVSRIEXXLIPEWXQMRYXI
',%48)6 7)0)'8-2+%834-'%2(%496437)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-J]SYKIXERIEVP]WXEVXSRGLSSWMRKEXSTMG]SY[MPPLEZITPIRX]SJXMQIXS TMGONYWXXLIVMKLXSRIERHTVITEVIEJMVWXVEXIWTIIGL
(IXIVQMRMRKXLI+IRIVEP4YVTSWI
%PSRK [MXL GLSSWMRK E XSTMG ]SY RIIH XS HIXIVQMRI XLI KIRIVEP TYVTSWI SJ ]SYV WTIIGL 9WYEPP] MX [MPP JEPP MRXS SRI SJ X[S SZIVPETTMRK GEXIKSVMIWhXS MRJSVQSVXSTIVWYEHI ;LIR]SYVKIRIVEPTYVTSWIMWXSMRJSVQ ]SYEGXEWEXIEGLIVSVPIGXYVIV KIRIVEPTYVTSWI =SYVKSEPMWXSGSRZI]MRJSVQEXMSRGPIEVP]EGGYVEXIP]ERHMRXIVIWXMRKP]-J]SY 8LIFVSEHKSEPSJEWTIIGL HIWGVMFILS[XSPMJX[IMKLXWREVVEXIXLIQENSVIZIRXWSJXLIPEXIWX1MHHPI)EWX GVMWMW SV VITSVX SR ]SYV WSVSVMX]tW JMRERGMEP TSWMXMSR ]SY EVI WTIEOMRK XS MRJSVQ=SYVEMQMWXSIRLERGIXLIORS[PIHKIERHYRHIVWXERHMRKSJ]SYVPMW XIRIVWh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hXSKIXXLIQXSFIPMIZIWSQIXLMRKSVHSWSQIXLMRKEWEVIWYPXSJ]SYV WTIIGL -RWTIIGLGPEWWIWXLIKIRIVEPTYVTSWIMWYWYEPP]WTIGMJMIHEWTEVXSJXLI WTIIGLEWWMKRQIRX*SVWTIIGLIWSYXWMHIXLIGPEWWVSSQLS[IZIV]SYLEZI XSQEOIWYVISJ]SYVKIRIVEPTYVTSWI]SYVWIPJ9WYEPP]XLMWMWIEW]XSHS%VI ]SYKSMRKXSI\TPEMRVITSVXSVHIQSRWXVEXIWSQIXLMRK#8LIR]SYVKIRIVEP TYVTSWIMWXSMRJSVQ%VI]SYKSMRKXSWIPPEHZSGEXISVHIJIRHWSQIXLMRK# 8LIR]SYVKIRIVEPTYVTSWIMWXSTIVWYEHI&YXRSQEXXIV[LEXXLIWMXYEXMSR ]SYQYWXFIGIVXEMRSJI\EGXP][LEX]SYLSTIXSEGLMIZIF]WTIEOMRK
(IXIVQMRMRKXLI7TIGMJMG4YVTSWI
3RGI]SYLEZIGLSWIREXSTMGERHEKIRIVEPTYVTSWI]SYQYWXREVVS[]SYV GLSMGIWXSHIXIVQMRIXLIWTIGMJMGTYVTSWISJ]SYVWTIIGL8LIWTIGMJMGTYVTSWI WLSYPHJSGYWSRSRIEWTIGXSJEXSTMG=SYWLSYPHFIEFPIXSWXEXI]SYVWTIGMJMG TYVTSWI MR E WMRKPI MRJMRMXMZI TLVEWI XS MRJSVQ Q] EYHMIRGI EFSYX XS TIVWYEHIQ]EYHMIRGIXS XLEXMRHMGEXIWTVIGMWIP][LEX]SYLSTIXSEGGSQ TPMWL[MXL]SYVWTIIGL *SVI\EQTPI(YERI;MRJMIPHEWXYHIRXEXEPEVKIWXEXIYRMZIVWMX]HIGMHIH XSKMZILMWJMVWXGPEWWVSSQWTIIGLSREXSTMGJVSQLMWTIVWSREPI\TIVMIRGI*SV XLITEWXX[S]IEVWLILEHZSPYRXIIVIHLMWXMQIXSTIVJSVQQYWMGJSVTEXMIRXW MRQIRXEPLSWTMXEPWRYVWMRKLSQIWERHVIWMHIRGIWJSVHMWEFPIHEHYPXW,ILEH WIIR LS[ IRXLYWMEWXMGEPP] XLI TEXMIRXW VIWTSRHIH XS QYWMG IZIR [LIR XLI] VIQEMRIH YRQSZIH F] SXLIV OMRHW SJ WXMQYPM (YERItW I\TIVMIRGI LEH KMZIR
WTIGMJMGTYVTSWI %WMRKPIMRJMRMXMZITLVEWIXLEX WXEXIWTVIGMWIP][LEXEWTIEOIV LSTIWXSEGGSQTPMWLMRLMWSV LIVWTIIGL
(IXIVQMRMRKXLI7TIGMJMG4YVTSWI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
LMQEFIXXIVYRHIVWXERHMRKSJXLIFIRIJMXWSJQYWMGXLIVET]ERHLI[ERXIHXS WLEVIXLMWYRHIVWXERHMRK[MXLLMWGPEWWQEXIW8LMWKEZILMQEXSTMGERHEKIR IVEPTYVTSWI[LMGLLIWXEXIHPMOIXLMW 8STMG
1YWMGXLIVET]
+IRIVEP4YVTSWI 8SMRJSVQ 7SJEVWSKSSH&YX[LEXEWTIGXSJLMWXSTMG[SYPH(YERIHMWGYWW#8LIOMRHW SJJEGMPMXMIWMR[LMGLLILEH[SVOIH#,MWWTIGMJMGVSPIEWETIVJSVQIV#8LIIZM HIRGI XLEX QYWMG XLIVET] GER MQTVSZI TEXMIRXWt QIRXEP LIEPXL# 8LI RIIHW SJ TEXMIRXW[MXLHMJJIVIRXOMRHWSJMPPRIWWIW#,ILEHXSGLSSWIWSQIXLMRKMRXIVIWX MRKXLEXLIGSYPHGSZIVMREWM\QMRYXIWTIIGL*MREPP]LIWIXXPIHSRHIWGVMFMRK LMW QSWX QIQSVEFPI I\TIVMIRGIW [MXL TEXMIRXW XS WLS[ LS[ QYWMG EJJIGXIH XLIQ,IWXEXIHLMWWTIGMJMGTYVTSWIXLMW[E] 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIFIRIJMXWSJQYWMGXLIVET] JSVTISTPI[MXLTW]GLSPSKMGEPSVGSKRMXMZIHMWEFMPMXMIW 8LMWXYVRIHSYXXSFIERI\GIPPIRXGLSMGIERH(YERItWWTIIGL[EWEQSRKXLI FIWXMRXLIGPEWW 2SXMGI LS[ GPIEV XLI WTIGMJMG TYVTSWI WXEXIQIRX MW 2SXMGI EPWS LS[ MX VIPEXIWXLIXSTMGHMVIGXP]XSXLIEYHMIRGI8LEXMW MX WXEXIWRSXSRP] [LEXXLI WTIEOIV[ERXWXSWE]FYXEPWS[LEXXLIWTIEOIV[ERXWXLIEYHMIRGIXSORS[EWE VIWYPXSJXLIWTIIGL8LMWMWZIV]MQTSVXERXJSVMXLIPTWOIITXLIEYHMIRGIEX XLIGIRXIVSJ]SYVEXXIRXMSREW]SYTVITEVI]SYVWTIIGL 0SSO[LEXLETTIRW[LIRXLIWTIGMJMGTYVTSWIWXEXIQIRXHSIWRSXMRGPYHI XLIEYHMIRGI 7TIGMJMG4YVTSWI 8SI\TPEMRXLIFIRIJMXWSJQYWMGXLIVET]JSVTISTPI[MXL TW]GLSPSKMGEPSVGSKRMXMZIHMWEFMPMXMIW )\TPEMR XS [LSQ# 8S QYWMGMERW# 8S QIHMGEP WXYHIRXW# 8S WSGMEP [SVOIVW# 8LSWI [SYPH FI XLVII HMJJIVIRX WTIIGLIW 8LI QYWMGMERW [SYPH [ERX XS ORS[EFSYXXLIOMRHWSJQYWMG(YERITPE]IH8LIQIHMGEPWXYHIRXW[SYPH [ERX XS LIEV EFSYX VIWIEVGL SR XLI FIRIJMXW SJ QYWMG XLIVET] 8LI WSGMEP [SVOIVW[SYPH[ERXXSPIEVRLS[XSMQTPIQIRXEQYWMGTVSKVEQ'SQQY RMGEXMRK IJJIGXMZIP] [MXL IEGL KVSYT [SYPH VIUYMVI TVITEVMRK E HMJJIVIRX WTIIGL ;LIRXLIEYHMIRGIWPMTWSYXSJXLIWTIGMJMGTYVTSWIMXQE]WPMTSYXSJXLI WTIEOIVtWGSRWGMSYWRIWW=SYQE]FIKMRXSXLMRO]SYVXEWOMWXLIKIRIVEPSRI SJTVITEVMRKqERMRJSVQEXMZIWTIIGLr[LIRMRJEGX]SYVXEWOMWXLIWTIGMJMGSRI SJMRJSVQMRKETEVXMGYPEVKVSYTSJTISTPI%W[IWLEPPWIIMRXLIRI\XGLETXIV MXMWEPQSWXMQTSWWMFPIXSTVITEVIEKSSHWTIIGL[MXLSYXOIITMRKGSRWXERXP]MR QMRHXLITISTPIJSV[LSQMXMWMRXIRHIH
8-47*36*36190%8-2+8,)74)'-*-'496437)78%8)1)28 *SVQYPEXMRKEWTIGMJMGTYVTSWIMWXLIQSWXMQTSVXERXIEVP]WXITMRHIZIPSTMRK EWYGGIWWJYPWTIIGL;LIR[VMXMRK]SYVTYVTSWIWXEXIQIRXJSPPS[XLIKIRIVEP TVMRGMTPIWSYXPMRIHSRXLIJSPPS[MRKTEKIW
',%48)6 7)0)'8-2+%834-'%2(%496437)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
,EZMRKXVSYFPIGLSSWMRKEWTIIGLXSTMG#8V]FVS[WMRKXLVSYKLXLIWYFNIGXGEXI KSVMIWEXXLI0MFVEVMERWs-RHI\XSXLI-RXIVRIX [[[PMMSVK =SYtPPJMRHE[IEPXLSJ LMKLUYEPMX]QEXIVMEPWXSKIX]SYVGVIEXMZINYMGIWJPS[MRK 8LI'VIEXMZMX]ERH-RRSZEXMSR0MFVEV] [[[NTFGSQGVIEXMZIMRHI\TLT LEWER I\GIPPIRXKYMHIXSFVEMRWXSVQMRKEW[IPPEWERYQFIVSJPMROWSRGVIEXMZIXLMRO MRK %RSXLIV LIPTJYP WMXI MW QEMRXEMRIH F] XLI %QIVMGER 'VIEXMZMX] %WWSGMEXMSR EQGVIEXMZMX]EWWSGSVKMRHI\LXQ
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
;VMXIXLI4YVTSWI7XEXIQIRXEWE*YPP-RJMRMXMZI 4LVEWI2SXEWE*VEKQIRX -RIJJIGXMZI
'EPIRHEVW
1SVI)JJIGXMZI 8SMRJSVQQ]EYHMIRGIEFSYXXLIJSYVQENSVOMRHWSJGEPIR HEVWYWIHMRXLI[SVPHXSHE] 8LIMRIJJIGXMZIWXEXIQIRXMWEHIUYEXIEWERERRSYRGIQIRXSJXLIWTIIGLXSTMG FYXMXMWRSXXLSYKLXSYXJYPP]IRSYKLXSMRHMGEXIXLIWTIGMJMGTYVTSWI
)\TVIWW=SYV4YVTSWIEWE7XEXIQIRX2SXEWE5YIWXMSR -RIJJIGXMZI
;LEXMW(ÑEHIPSW1YIVXSW#
1SVI)JJIGXMZI 8SMRJSVQQ]EYHMIRGIEFSYXXLILMWXSV]SJ1I\MGStW(ÑEHI PSW1YIVXSWGIPIFVEXMSR 8LIUYIWXMSRQMKLXEVSYWIXLIGYVMSWMX]SJEREYHMIRGIFYXMXMWRSXIJJIGXMZI EWEWTIGMJMGTYVTSWIWXEXIQIRX-XKMZIWRSMRHMGEXMSREFSYX[LEXHMVIGXMSRXLI WTIIGL[MPPXEOISV[LEXXLIWTIEOIVLSTIWXSEGGSQTPMWL
%ZSMH*MKYVEXMZI0ERKYEKIMR=SYV4YVTSWI7XEXIQIRX -RIJJIGXMZI
8STIVWYEHIQ]EYHMIRGIXLEXXLIGEQTYWTSPMG]SRWXYHIRX TEVOMRKVIEPP]WXMROW
1SVI)JJIGXMZI
8STIVWYEHIQ]EYHMIRGIXLEXXLIGEQTYWTSPMG]SRWXYHIRX TEVOMRKWLSYPHFIVIZMWIHXSTVSZMHIQSVIWTEGIWJSVWXYHIRXW FIJSVITQ
%PXLSYKLXLIMRIJJIGXMZIWXEXIQIRXMRHMGEXIWWSQIXLMRKSJXLIWTIEOIVtWZMI[ TSMRXMXHSIWRSXWXEXIGSRGMWIP][LEXLISVWLILSTIWXSEGLMIZI*MKYVEXMZI PERKYEKI GER VIMRJSVGI MHIEW [MXLMR E WTIIGL FYX MX MW XSS EQFMKYSYW JSV E WTIGMJMGTYVTSWIWXEXIQIRX
0MQMX=SYV4YVTSWI7XEXIQIRXXS3RI(MWXMRGX-HIE -RIJJIGXMZI 8STIVWYEHIQ]EYHMIRGIXSFIGSQIPMXIVEG]XYXSVWERHXSHSREXI XMQIXSXLI7TIGMEP3P]QTMGW 8LMWTYVTSWIWXEXIQIRXI\TVIWWIWX[SYRVIPEXIHMHIEWIMXLIVSJ[LMGLGSYPHFI XLI WYFNIGX SJ E WTIIGL 8LI IEWMIWX VIQIH] MW XS WIPIGX SRI SV XLI SXLIV EW E JSGYWJSV]SYVTVIWIRXEXMSR
(IXIVQMRMRKXLI7TIGMJMG4YVTSWI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LMROSJSTMRMSRW]SYLSPH [LIRPSSOMRKJSVWTIIGL XSTMGW3RIWXYHIRXWTSOISR XLIWTIGMJMGTYVTSWIq8STIV WYEHIQ]EYHMIRGIXLEX WXVSRKIVQIEWYVIWWLSYPHFI XEOIRXSTVSXIGX%JVMGERIPI TLERXWr
1SVI)JJIGXMZI 8STIVWYEHIQ]EYHMIRGIXSFIGSQIPMXIVEG]XYXSVW 3V 1SVI)JJIGXMZI 8STIVWYEHIQ]EYHMIRGIXSHSREXIXMQIXSXLI7TIGMEP 3P]QTMGW (SIWXLMWQIER]SYGERRIZIVYWIXLI[SVHqERHrMR]SYVWTIGMJMGTYVTSWI WXEXIQIRX#2SXEXEPP7YTTSWI]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ]EYHMIRGI EFSYXXLIGEYWIWERHIJJIGXWSJITMPITW]r-RXLMWGEWIqERHrMWETTVSTVMEXIFIGEYWI MXGSRRIGXWX[SVIPEXIHTEVXWSJEYRMJMIHXSTMG;LEX]SYRIIH XSEZSMHMWRSX WMQTP]XLI[SVHqERHrFYXEWTIGMJMGTYVTSWIWXEXIQIRXXLEXGSRXEMRWX[SYRVI PEXIHMHIEWIMXLIVSJ[LMGLGSYPHFIHIZIPSTIHMRXSEWTIIGLMRMXWS[RVMKLX
1EOI7YVI=SYV7TIGMJMG4YVTSWI-W2SX8SS:EKYISV+IRIVEP -RIJJIGXMZI
8STIVWYEHIQ]EYHMIRGIXLEXWSQIXLMRKWLSYPHFIHSRI EFSYXQIHMGEPGEVI
1SVI)JJIGXMZI 8STIVWYEHIQ]EYHMIRGIXLEXXLIJIHIVEPKSZIVRQIRXWLSYPH EHSTXEW]WXIQSJREXMSREPLIEPXLMRWYVERGIJSVEPPTISTPIMR XLI9RMXIH7XEXIW 8LIMRIJJIGXMZITYVTSWIWXEXIQIRXJEPPWMRXSSRISJXLIQSWXGSQQSRXVETWhMX MWXSSFVSEHERHMPPHIJMRIH-XKMZIWRSGPYIWEFSYX[LEXXLIWTIEOIVFIPMIZIW WLSYPH FI HSRI EFSYX QIHMGEP GEVI 8LI QSVI IJJIGXMZI TYVTSWI WXEXIQIRX MW WLEVTERHGSRGMWI-XVIZIEPWGPIEVP][LEXXLIWTIEOIVTPERWXSHMWGYWW 8LIQSVITVIGMWI]SYVWTIGMJMGTYVTSWIXLIIEWMIVMX[MPPFIXSTVITEVI]SYV WTIIGL'SRWMHIVXLMWXSTMGERHWTIGMJMGTYVTSWI 8STMG
,SXEMVFEPPSSRW
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXLSXEMVFEPPSSRW
',%48)6 7)0)'8-2+%834-'%2(%496437)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;MXLWYGLELE^]TYVTSWI]SYLEZIRSW]WXIQEXMG[E]SJPMQMXMRK]SYVVIWIEVGL SVSJHIGMHMRK[LEXXSMRGPYHIMRXLIWTIIGLERH[LEXXSI\GPYHI8LISVMKMRWSJ LSXEMVFEPPSSRWLS[XLI][SVOXLIMVGYVVIRXTSTYPEVMX]hEPPGSYPHFIIUYEPP] VIPIZERXXSEWTIIGLHIWMKRIHqXSMRJSVQQ]EYHMIRGIEFSYXLSXEMVFEPPSSRWr -RGSRXVEWXPSSOEXXLMWXSTMGERHWTIGMJMGTYVTSWI 8STMG
,SXEMVFEPPSSRW
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIWGMIRXMJMGYWIWSJLSXEMV FEPPSSRW 2S[MXMWIEW]XSHIGMHI[LEXMWKIVQERIERH[LEXMWRSX8LISVMKMRWSJLSXEMV FEPPSSRW LS[ XLI] [SVO XLIMV TSTYPEVMX] JSV VIGVIEXMSRhEPP EVI MRXIVIWXMRK FYX RSRIMWIWWIRXMEPXSXLIWTIGMJMGTYVTSWISJI\TPEMRMRKqXLIWGMIRXMJMGYWIWSJLSXEMV FEPPSSRWr 8LYW ]SY RIIH RSX [SVV] EFSYX VIWIEVGLMRK XLIWI QEXXIVW SV EFSYX I\TPEMRMRKXLIQMR]SYVWTIIGL=SYGERWTIRH]SYVTVITEVEXMSRXMQIIJJMGMIRXP]
59)78-32783%7/%&398=39674)'-*-'496437) 7SQIXMQIW ]SY [MPP EVVMZI EX ]SYV WTIGMJMG TYVTSWI EPQSWX MQQIHMEXIP] EJXIV GLSSWMRK]SYVXSTMG%XSXLIVXMQIW]SYQE]HSUYMXIEFMXSJVIWIEVGLFIJSVI HIGMHMRKSREWTIGMJMGTYVTSWI1YGL[MPPHITIRHSRLS[JEQMPMEV]SYEVI[MXL XLIXSTMGEW[IPPEWSRER]WTIGMEPHIQERHWMQTSWIHF]XLIEWWMKRQIRXXLI EYHMIRGISVXLISGGEWMSR&YX[LIRIZIV]SYWIXXPISR]SYVWTIGMJMGTYVTSWI EWO]SYVWIPJXLIJSPPS[MRKUYIWXMSRWEFSYXMX
(SIW1]4YVTSWI1IIXXLI%WWMKRQIRX# 7XYHIRXWSGGEWMSREPP]WXYQFPISZIVXLMWUYIWXMSR&IWYVI]SYYRHIVWXERH]SYV EWWMKRQIRXERHWLETI]SYVWTIGMJMGTYVTSWIXSQIIXMX-J]SYLEZIUYIWXMSRW GLIGO[MXL]SYVMRWXVYGXSV
'ER-%GGSQTPMWL1]4YVTSWIMRXLI8MQI%PPSXXIH# 1SWXGPEWWVSSQWTIIGLIWEVIUYMXIWLSVXVERKMRKJVSQJSYVXSXIRQMRYXIW8LEX QE]WIIQPMOIEPSXSJXMQIFYX]SY[MPPUYMGOP]JMRH[LEXKIRIVEXMSRWSJWXYHIRXW LEZIHMWGSZIVIHh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
-WXLI4YVTSWI6IPIZERXXS1]%YHMIRGI# 8LITVMGISJVIXMVIQIRXLSQIWMR 4EPQ 7TVMRKWQMKLXFIERIRKVSWWMRKXSTMG JSVSPHIVGMXM^IRW[LSEVIMRXLIQEVOIXJSVWYGLH[IPPMRKW%RHXLIUYEPMX]SJ LSXPYRGLIWMRXLIIPIQIRXEV]WGLSSPWMWSJKVIEXGSRGIVRXSXLIWXYHIRXW[LS
(IXIVQMRMRKXLI7TIGMJMG4YVTSWI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIGMJMG4YVTSWI
23
-WXLIWTIGMJMGTYVTSWI[VMXXIREWEJYPPMRJMRMXMZITLVEWI# (SIW XLI WTIGMJMG TYVTSWI MRGPYHI E VIJIVIRGI XS XLI EYHMIRGI# -WXLIWTIGMJMGTYVTSWITLVEWIHEWEWXEXIQIRXVEXLIVXLER EUYIWXMSR# -WXLIWTIGMJMGTYVTSWIJVIISJJMKYVEXMZIPERKYEKI# GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7XYH]8SSPWJSV XLMWGLETXIV
-WXLIWTIGMJMGTYVTSWIPMQMXIHXSSRIHMWXMRGXWYFNIGX# (SIWXLIWTIGMJMGTYVTSWIMRHMGEXITVIGMWIP][LEX-TPER XSEGGSQTPMWLMRXLIWTIIGL# (SIWXLIWTIGMJMGTYVTSWIQIIXXLIVIUYMVIQIRXWSJXLI EWWMKRQIRX# 'ER XLI WTIGMJMG TYVTSWI FI EGGSQTPMWLIH MR XLI XMQI EPPSXXIHJSVXLIWTIIGL# -WXLIWTIGMJMGTYVTSWIVIPIZERXXSQ]EYHMIRGI# (SIWXLIWTIGMJMGTYVTSWIHIEP[MXLERSRXVMZMEPWYFNIGX# -W XLI WTIGMJMG TYVTSWI WYMXEFPI JSV E RSRXIGLRMGEP EYHMIRGI#
IEX XLIQ ERH XLI TEVIRXW [LS TE] JSV XLIQ &YX RIMXLIV WYFNIGX LEW QYGL VIPIZERGI JSV ER EYHMIRGI SJ GSPPIKI WXYHIRXW 2S QEXXIV LS[ [IPP ]SY GSR WXVYGX]SYVWTIIGLIWXLI]EVIPMOIP]XSJEPPJPEXYRPIWW]SYWTIEOEFSYXQEXXIVW SJMRXIVIWXXS]SYVPMWXIRIVW 8LMWMWRSXXSWE]]SYQYWXWIPIGXSRP]XSTMGWXLEXTIVXEMRHMVIGXP]XSXLIGSP PIKIWXYHIRXtWHEMP]I\TIVMIRGI1SWXWXYHIRXWLEZI[MHIVERKMRKFEGOKVSYRHW MRXIVIWXW MHIEW ERH ZEPYIW %RH QSWX SJ XLIQ EVI MRXIPPIGXYEPP] GYVMSYW 8LI] GER KIX MRZSPZIH MR ER EWXSRMWLMRK ZEVMIX] SJ WYFNIGXW *SPPS[ ]SYV GSQQSR WIRWIERHQEOIWYVI]SYEVIXVYP]MRXIVIWXIHMRXLIXSTMG%PWS[LIRWTIEOMRKSR EWYFNIGXXLEXMWRSXSFZMSYWP]VIPIZERXXS]SYVPMWXIRIVWJMRHE[E]XSXMIMXMR [MXLXLIMVKSEPWZEPYIWMRXIVIWXWERH[IPPFIMRK;ItPPHMWGYWWLS[XSHSXLMWMR XLIRI\XGLETXIV
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
',%48)6 7)0)'8-2+%834-'%2(%496437)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-WXLI4YVTSWI8SS8IGLRMGEPJSV1]%YHMIRGI# 2SXLMRK TYXW ER EYHMIRGI XS WPIIT JEWXIV XLER E HV] ERH XIGLRMGEP WTIIGL &I[EVISJXSTMGWXLEXEVIMRLIVIRXP]XIGLRMGEPERHSJXVIEXMRKSVHMREV]WYFNIGXW MREXIGLRMGEPJEWLMSR%PXLSYKL]SYQE]FIJEQMPMEV[MXLXLITVMRGMTPIWERH ZSGEFYPEV]SJMRXIVREXMSREPJMRERGISVGPMRMGEPTW]GLSPSK]QSWXSJ]SYVGPEWW QEXIWTVSFEFP]EVIRSX8LIVIEVIEWTIGXWSJXLIWIERHWMQMPEVWYFNIGXWXLEXGER FI XVIEXIH GPIEVP] [MXL E QMRMQYQ SJ NEVKSR &YX MJ ]SY JMRH XLEX ]SY GERtX JYPJMPP]SYVWTIGMJMGTYVTSWI[MXLSYXVIP]MRKSRXIGLRMGEP[SVHWERHGSRGITXW ]SYWLSYPHVIGSRWMHIV]SYVTYVTSWI ,IVIEVIWSQII\EQTPIWSJWTIGMJMGTYVTSWIWXLEXEVISZIVP] XIGLRMGEPJSV QSWXGPEWWVSSQWTIIGLIW 8SMRJSVQQ]EYHMIRGIEFSYXXLIWSPYXMSRXS*IVQEXtW0EWX8LISVIQ 8SMRJSVQQ]EYHMIRGIEFSYXXLITVMRGMTPIWSJRIYXVMRSTL]WMGW 8SMRJSVQQ]EYHMIRGIEFSYXXLIQIXLSHWSJIRGV]TXMSRXIGLRSPSK] ;IWLEPPHMWGYWWXLIHIXEMPWSJEYHMIRGIEREP]WMWERHEHETXEXMSRMR'LETXIV *SVXLIQSQIRXVIQIQFIVXSQEOIWYVIXLEX]SYVWTIGMJMGTYVTSWIMWETTVS TVMEXIJSV]SYVPMWXIRIVW-J]SYLEZIHSYFXWEWO]SYVMRWXVYGXSVSVGMVGYPEXIE UYIWXMSRREMVIEQSRK]SYVGPEWWQEXIW WIITEKIW i
4LVEWMRKXLI'IRXVEP-HIE
;,%8-78,)')286%0-()%# 8LIWTIGMJMGTYVTSWISJEWTIIGLMW[LEX]SYLSTIXSEGGSQTPMWL8LIGIRXVEP MHIEMWEGSRGMWIWXEXIQIRXSJ[LEX]SYI\TIGXXSWE]7SQIXMQIWMXMWGEPPIHXLI XLIWMW WXEXIQIRX XLI WYFNIGX WIRXIRGI SV XLI QENSV XLSYKLX ;LEXIZIV XLI XIVQXLIGIRXVEPMHIEMWYWYEPP]I\TVIWWIHEWEWMQTPIHIGPEVEXMZIWIRXIRGIXLEX VIJMRIWERHWLEVTIRWXLIWTIGMJMGTYVTSWIWXEXIQIRX -QEKMRI ]SY VYR MRXS E JVMIRH SR ]SYV [E] XS WTIIGL GPEWW 7LI WE]W q- LEZIXSHEWLXSQ]LMWXSV]PIGXYVIFYX-LIEV]SYtVIKMZMRKEWTIIGLXSHE]'ER ]SYXIPPQIXLIKMWXSJMXMRSRIWIRXIRGI#rq7YVIr]SYVITP]q%QIVMGEtWTVMWSR W]WXIQ WYJJIVW JVSQ XLVII QENSV TVSFPIQWhSZIVGVS[HMRK SJ MRQEXIW PEGO SJ IJJIGXMZIVILEFMPMXEXMSRTVSKVEQWERHLMKLI\TIRWIXSXE\TE]IVWr =SYVERW[IVMWXLIGIRXVEPMHIESJ]SYVWTIIGL-XMWQSVITVIGMWIXLER]SYV XSTMG %QIVMGEtWTVMWSRW]WXIQ SV]SYVWTIGMJMGTYVTSWIWXEXIQIRX q8SMRJSVQ Q]EYHMIRGISJXLIXLVIIQENSVTVSFPIQWJEGMRK%QIVMGEtWTVMWSRW]WXIQr &] WXEXMRK I\EGXP] [LEX XLI XLVII QENSV TVSFPIQW EVI XLI GIRXVEP MHIE WYQW YT ]SYVWTIIGLMREWMRKPIWIRXIRGI %RSXLIV[E]XSXLMROSJXLIGIRXVEPMHIEMWEW]SYVVIWMHYEPQIWWEKIh[LEX ]SY[ERX]SYVEYHMIRGIXSVIQIQFIVEJXIVXLI]LEZIJSVKSXXIRIZIV]XLMRKIPWI MR XLI WTIIGL 1SWX SJ XLI XMQI XLI GIRXVEP MHIE [MPP IRGETWYPEXI XLI QEMR TSMRXWXSFIHIZIPSTIHMRXLIFSH]SJXLIWTIIGL8SWLS[LS[XLMW[SVOWPIXtW XEOI E JI[ SJ XLI I\EQTPIW [I WE[ IEVPMIV MR XLMW GLETXIV ERH HIZIPST XLIQ JVSQXLIXSTMGKIRIVEPTYVTSWIERHWTIGMJMGTYVTSWIXSXLIGIRXVEPMHIE ;IGERWXEVX[MXLXLIWTIIGLEFSYXQYWMGXLIVET] 8STMG
GIRXVEPMHIE %SRIWIRXIRGIWXEXIQIRXXLEX WYQWYTSVIRGETWYPEXIWXLI QENSVMHIEWSJEWTIIGL
VIWMHYEPQIWWEKI ;LEXEWTIEOIV[ERXWXLI EYHMIRGIXSVIQIQFIVEJXIVMX LEWJSVKSXXIRIZIV]XLMRKIPWIMR EWTIIGL
1YWMGXLIVET]
+IRIVEP4YVTSWI 8SMRJSVQ
4LVEWMRKXLI'IRXVEP-HIE
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIGMJMG4YVTSWI 8SI\TPEMRXLIFIRIJMXWSJQYWMGXLIVET]JSVTISTPI[MXL TW]GLSPSKMGEPSVGSKRMXMZIHMWEFMPMXMIW 'IRXVEP-HIE
GSRRIGXPYGEWGSQ :MI[XLIMRXVSHYGXMSRJVSQ q8LI&IRIJMXWSJ1YWMG 8LIVET]rMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
1YWMGXLIVET]HIZIPSTIHEWEJSVQEPQSHISJXVIEXQIRX HYVMRKXLIX[IRXMIXLGIRXYV]YXMPM^IWERYQFIVSJQIXL SHWERHMWI\TPEMRIHF]WIZIVEPXLISVMIWXLEXEGGSYRXJSV MXWWYGGIWW
0SSO GEVIJYPP] EX XLMW I\EQTPI -X WLS[W LS[ XLI WTIEOIV QMKLX WXEVX [MXL E FVSEH WYFNIGX QYWMG XLIVET] XLEX FIGSQIW REVVS[IV ERH REVVS[IV EW XLI WTIEOIVQSZIWJVSQXLIKIRIVEPTYVTSWIXSXLIWTIGMJMGTYVTSWIXSXLIGIRXVEP MHIE2SXMGIEPWSLS[QYGLQSVIXLIGIRXVEPMHIEWYKKIWXWEFSYXXLIGSRXIRX SJXLIWTIIGL*VSQMX[IGERI\TIGXXLIWTIEOIVXSEHHVIWWXLVIIQEMRTSMRXWh XLIJMVWXWYQQEVM^MRKXLIHIZIPSTQIRXSJQYWMGXLIVET]XLIWIGSRHPSSOMRK EXQIXLSHWSJQYWMGXLIVET]ERHXLIXLMVHI\TPSVMRKXLISVMIWXLEXEGGSYRXJSV XLIWYGGIWWSJQYWMGXLIVET] 8LMWWLEVTIRMRKSJJSGYWEWSRITVSGIIHWXSXLIGIRXVEPMHIEMWGVYGMEP,IVI MWERSXLIVI\EQTPI 8STMG
(ÑEHIPSW1YIVXSW
+IRIVEP4YVTSWI 8SMRJSVQ 7TIGMJMG4YVTSWI
8SMRJSVQQ]EYHMIRGIEFSYXXLILMWXSV]SJ1I\MGStW(ÑE HIPSW1YIVXSWGIPIFVEXMSR
'IRXVEP-HIE
(ÑEHIPSW1YIVXSWGERFIXVEGIHXSXLI%^XIGW[EWQSZIH JVSQWYQQIVXSJEPPF]7TERMWLTVMIWXWERHXSHE]MWGIPI FVEXIHMRERYQFIVSJ[E]WMRHMJJIVIRXVIKMSRWSJ1I\MGS
8LMWGIRXVEPMHIEMWIWTIGMEPP][IPP[SVHIH;IGEREWWYQIJVSQMXXLEXXLIFSH] SJXLIWTIIGL[MPPGSRXEMRXLVIIQEMRTSMRXW SRXLI%^XIGSVMKMRWSJ(ÑEHI PSW1YIVXSW SRLS[MX[EWGLERKIHF]XLI7TERMWLERH SRXLI[E]WMX MWGIPIFVEXIHXSHE] 2SXMGIMRIEGLSJXLIWII\EQTPIWLS[QYGLQSVIXLIGIRXVEPMHIEVIZIEPW EFSYX XLI GSRXIRX SJ XLI WTIIGL XLER HSIW XLI WTIGMJMG TYVTSWI 8LMW MW RSX EGGMHIRXEP3JXIR]SYGERWIXXPISREWTIGMJMGTYVTSWIWXEXIQIRXIEVP]MRTVITEV MRK ]SYV WTIIGL 8LI GIRXVEP MHIE LS[IZIV YWYEPP] IQIVKIW PEXIVhEJXIV ]SY LEZIHSRI]SYVVIWIEVGLERHLEZIHIGMHIHSRXLIQEMRTSMRXWSJXLIWTIIGL 8LITVSGIWWQE][SVOPMOIXLMW %W ER IRZMVSRQIRXEP WGMIRGI QENSV 1EVGME )WTSWMXS LEH PIEVRIH XLEX QER] I\TIVXW JIEVXLI[SVPHQE]JEGIEWIZIVI[EXIVWLSVXEKIF]XLI]IEV7LIHIGMHIHXLMW[SYPH QEOIEKSSHXSTMGJSVLIVMRJSVQEXMZIWTIIGL8IRXEXMZIP]WLIEHSTXIHXLIJSPPS[MRKWTI GMJMG TYVTSWI WXEXIQIRX q8S MRJSVQ Q] EYHMIRGI EFSYX XLI WIVMSYWRIWW SJ XLI KVS[MRK MRXIVREXMSREP[EXIVGVMWMWr8LIR1EVGMEWXEVXIHLIVVIWIEVGL %R EVXMGPI MR 2I[W[IIO [LMGL WLI PSGEXIH XLVSYKL 0I\MW2I\MW I\TPEMRIH LS[ XLI TSTYPEXMSRMRGSYRXVMIWWYGLEW'LMRE-RHMEERH4EPIWXMRIMWSYXWXVMTTMRKXLIEZEMPEFPIWYT TP]SJJVIWL[EXIV%GGSVHMRKXSXLIEVXMGPIQMPPMSR'LMRIWIHSRSXLEZIEGGIWWXSWYMX EFPIHVMROMRK[EXIVERHX[SXLMVHWSJ-RHMEtWFMPPMSRTISTPIPEGOXLI[EXIVXLI]RIIH 2I\X 1EVGME JSYRH E VITSVX SR XLI 9RMXIH 2EXMSRW ;IF WMXI EFSYX XLI MQTEGX SJ TSPPYXMSRSRXLI[EXIVWYTTP]8LIVITSVXWXEXIHXLEXMRHIZIPSTMRKGSYRXVMIWqQSVIXLER TIVGIRXSJWI[EKIERHTIVGIRXSJMRHYWXVMEP[EWXI[EXIVMWHYQTIHYRXVIEXIHMRXS WYVJEGI[EXIVr
',%48)6 7)0)'8-2+%834-'%2(%496437)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
9RPMOIXLIWTIGMJMGTYVTSWI [LMGL]SYRIIHXSWIXXPISR IEVP]MRXLIWTIIGLTVITEVE XMSRTVSGIWWXLIGIRXVEPMHIE YWYEPP]XEOIWWLETIPEXIVEWE VIWYPXSJ]SYVVIWIEVGLERH EREP]WMWSJXLIXSTMG 8LIR 1EVGME LMX YTSR XLI MHIE SJ MRXIVZMI[MRK SRI SJ LIV IRZMVSRQIRXEP WGMIRGI TVSJIWWSVW-REHHMXMSRXSGSRJMVQMRK1EVGMEtWVIWIEVGLEFSYXXLIMQTEGXSJTSTYPEXMSR KVS[XL ERH TSPPYXMSR XLI TVSJIWWSV QIRXMSRIH XLI TVSFPIQW GEYWIH F] QMWQEREKI QIRXSJ[EXIVWYTTPMIW%VSYRHXLI[SVPHXSTIVGIRXSJXLI[EXIVTISTPIYWIMW PSWXXS[EWXIIZETSVEXMSRERHSXLIVMRIJJMGMIRGMIW XLIVEXIMRXLI9RMXIH7XEXIWMWEFSYX TIVGIRX 1EVGMEHMKIWXIHEPPXLMWMRJSVQEXMSR2S[WLI[EWVIEH]XSJSVQYPEXILIVGIRXVEPMHIE q4STYPEXMSR KVS[XL TSPPYXMSR ERH QMWQEREKIQIRX EVI GVIEXMRK E WIVMSYW WLSVXEKI SJ JVIWL[EXIVMRQER]TEVXWSJXLI[SVPHr
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tW=YGEXÅR4IRMRWYPEMWERE[IWSQITPEGIJSVEZEGEXMSR 8LIJMVWXMWXSSKIRIVEP8SWE]XLEXTE]MRKGSPPIKIEXLPIXIWEQSRXLP]WEPEV] MWEqKSSHMHIErHSIWRSXGSRZI]XLIWTIEOIVtWZMI[TSMRXWLEVTP]ERHGPIEVP] ;LEXHSIWXLIWTIEOIVQIERF]EqKSSHMHIEr#%VIZMWIHGIRXVEPMHIEJSVXLMW WTIIGLQMKLXFI
4LVEWMRKXLI'IRXVEP-HIE
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
'IRXVEP-HIE
23
-WXLIGIRXVEPMHIE[VMXXIREWEGSQTPIXIWIRXIRGI# -W XLIGIRXVEP MHIE TLVEWIHEWEWXEXIQIRXVEXLIV XLER E UYIWXMSR# GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7XYH]8SSPWJSV XLMWGLETXIV
-WXLIGIRXVEPMHIEJVIISJJMKYVEXMZIPERKYEKI# (SIWXLIGIRXVEPMHIEGPIEVP]IRGETWYPEXIXLIQEMRTSMRXW XSFIHMWGYWWIHMRXLIFSH]SJXLIWTIIGL# 'ERXLIGIRXVEPMHIEFIEHIUYEXIP]HMWGYWWIHMRXLIXMQI EPPSXXIHJSVXLIWTIIGL# -WXLIGIRXVEPMHIEVIPIZERXXSXLIEYHMIRGI# -W XLI GIRXVEP MHIE ETTVSTVMEXI JSV E RSRXIGLRMGEP EYHMIRGI#
1SVI)JJIGXMZI &IGEYWIGSPPIKIEXLPIXIWMRVIZIRYITVSHYGMRKWTSVXWWYGL EWJSSXFEPPERHFEWOIXFEPPKIRIVEXIQMPPMSRWSJHSPPEVWMR VIZIRYIJSVXLIMVWGLSSPWXLI2'%%WLSYPHEPPS[WYGL EXLPIXIWXSVIGIMZIEQSRXLP]WEPEV]EWTEVXSJXLIMV WGLSPEVWLMTW 8LIWIGSRHMRIJJIGXMZIGIRXVEPMHIEMWEPWSXSSKIRIVEPFYXMXWYJJIVWJYVXLIV JVSQ RSX FIMRK [VMXXIR EW E GSQTPIXI WIRXIRGI q4VSFPIQW SJ JEH HMIXWr HSIW RSXVIZIEPIRSYKLEFSYXXLIGSRXIRXSJXLIWTIIGLXSWIVZIEWXLIGIRXVEPMHIE -XWLSYPHFIVI[VMXXIREWEJYPPWIRXIRGIXLEXMHIRXMJMIWXLITVSFPIQWSJJEHHMIXW XSFIHMWGYWWIHMRXLIWTIIGL 1SVI)JJIGXMZI %PXLSYKLJEHHMIXWTVSHYGIUYMGO[IMKLXPSWWXLI]GERPIEH XSWIVMSYWLIEPXLTVSFPIQWF]GVIEXMRKHIJMGMIRGMIWMRZMXE QMRWERHQMRIVEPWERHF]FVIEOMRKHS[RQYWGPIXMWWYIEW [IPPEWJEX 8LIXLMVHTSSVP][VMXXIRGIRXVEPMHIEMWTLVEWIHEWEUYIWXMSRVEXLIVXLER EW E JYPP HIGPEVEXMZI WIRXIRGI %WOMRK q;LEX EVI RERSVSFSXW#r QMKLX FI E KSSH[E]XSGEXGLXLIEXXIRXMSRSJPMWXIRIVWFYXMXHSIWRSXIRGETWYPEXIXLI QEMR TSMRXW XS FI HIZIPSTIH MR XLI WTIIGL % QSVI IJJIGXMZI GIRXVEP MHIE [SYPHFI 1SVI)JJIGXMZI 1MGVSWGSTMGMRWM^IRERSVSFSXWEVIFIMRKHIZIPSTIHJSVYWIMR QIHMGMRI[IETSRV]ERHHEMP]PMJI 8LIJMREPMRIJJIGXMZIGIRXVEPMHIEMWJPE[IHF]MXWYWISJJMKYVEXMZIPERKYEKI 8SWE]XLEXXLI=YGEXÅR4IRMRWYPEMWERqE[IWSQIrTPEGIJSVEZEGEXMSRHSIW
',%48)6 7)0)'8-2+%834-'%2(%496437)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
RSXMRHMGEXI[LEXGLEVEGXIVMWXMGWSJXLI=YGEXÅR4IRMRWYPEXLIWTIEOIVMRXIRHW XSHMWGYWW%FIXXIVGIRXVEPMHIEQMKLXFI 1SVI)JJIGXMZI 1I\MGStW=YGEXÅR4IRMRWYPELEWQER]EXXVEGXMSRWJSV ZEGEXMSRIVWMRGPYHMRKE[EVQGPMQEXII\GIPPIRXJSSHERH I\XIRWMZI1E]ERVYMRW 2SXMGIXLEXMREPPXLIWII\EQTPIWXLIQSVIIJJIGXMZIGIRXVEPMHIEWYQWYTXLI QEMRTSMRXWSJXLIWTIIGLMREWMRKPIWIRXIRGI-J]SYEVILEZMRKXVSYFPITLVEW MRK]SYVGIRXVEPMHIEXLIVIEWSRQE]FIXLEX]SYHSRSX]IXLEZIEJMVQKVEWT SRXLIQEMRTSMRXWSJ]SYVWTIIGL(SRSX[SVV]XSSQYGLEFSYX]SYVGIRXVEP MHIEYRXMPEJXIV]SYLEZIHIZIPSTIHXLIFSH]SJ]SYVWTIIGL WII'LETXIV -J EX XLEX TSMRX ]SY WXMPP GERtX GSQI YT [MXL E GPIEV GSRGMWI GIRXVEP MHIE ]SYV WTIIGLMXWIPJQE]RSXFIGPIEVSVGSRGMWI/IIT[SVOMRKSRXLIWTIIGLYRXMP]SY GERGSQTSWIEGIRXVEPMHIEXLEXJMXWXLIGVMXIVMENYWXHMWGYWWIH8LIVIWYPX[MPPFI EWLEVTIVGIRXVEPMHIEERHEXMKLXIVQSVIGSLIVIRXWTIIGL
7911%6=
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
/)=8)617
XSTMG
WTIGMJMGTYVTSWI
FVEMRWXSVQMRK
GIRXVEPMHIE
KIRIVEPTYVTSWI
VIWMHYEPQIWWEKI
/I]8IVQW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEX JSYV FVEMRWXSVQMRK QIXLSHW GER ]SY JSPPS[ MJ ]SY EVI LEZMRK XVSYFPI GLSSWMRKEXSTMGJSV]SYVWTIIGL# ;LEX EVIXLI X[SKIRIVEP TYVTSWIW SJ QSWX GPEWWVSSQ WTIIGLIW#,S[HSXLI] HMJJIV# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;L]MWHIXIVQMRMRKXLIWTIGMJMGTYVTSWIWYGLERMQTSVXERXIEVP]WXITMRWTIIGL TVITEVEXMSR#;L]MWMXMQTSVXERXXSMRGPYHIXLIEYHMIRGIMRXLIWTIGMJMGTYVTSWI WXEXIQIRX# ;LEXEVIJMZIXMTWJSVJSVQYPEXMRK]SYVWTIGMJMGTYVTSWI# ;LEXEVIJMZIUYIWXMSRWXSEWOEFSYX]SYVWTIGMJMGTYVTSWI# ;LEX MW XLI HMJJIVIRGI FIX[IIR XLI WTIGMJMG TYVTSWI ERH XLI GIRXVEP MHIE SJ E WTIIGL#;LEXEVIJSYVKYMHIPMRIWJSVERIJJIGXMZIGIRXVEPMHIE#
)<)6'-7)7*36'6-8-'%08,-2/-2+ 9WMRK SRISJ XLI JSYV FVEMRWXSVQMRK QIXLSHW HIWGVMFIHMRXLMW GLETXIV GSQI YT[MXLXLVIIXSTMGW]SYQMKLXPMOIXSHIEP[MXLMR]SYVRI\XGPEWWVSSQWTIIGL *SVIEGLXSTMGHIZMWIX[STSWWMFPIWTIGMJMGTYVTSWIWXEXIQIRXWWYMXEFPIJSVXLI WTIIGLEWWMKRQIRX1EOIWYVIXLIWTIGMJMGTYVTSWIWXEXIQIRXWJMXXLIKYMHIPMRIW HMWGYWWIHMRXLIGLETXIV &IPS[MWEPMWXSJRMRIXSTMGW'LSSWIXLVIIERHJSVIEGLSJXLIXLVIIGSQTSWI X[S WTIGMJMG TYVTSWI WXEXIQIRXWhSRI WYMXEFPI JSV ER MRJSVQEXMZI WTIIGL ERH SRIWYMXEFPIJSVETIVWYEWMZIWTIIGL )\EQTPI 8STMG -RJSVQEXMZI
7GLSSPFYWIW
4IVWYEWMZI
8STIVWYEHIQ]EYHMIRGIXLEXXLIJIHIVEPKSZIVRQIRXWLSYPHMQTSWI WXVSRKIVWEJIX]WXERHEVHWJSVWGLSSPFYWIWMRXLI9RMXIH7XEXIW
IHYGEXMSR
8SMRJSVQQ]EYHMIRGISJXLIHERKIVSYWGSRHMXMSRWSJQER]WGLSSP FYWIWMRXLI9RMXIH7XEXIW
XIGLRSPSK]
GVMQI
WTSVXW
TSPMXMGW
TVINYHMGI
WGMIRGI
QYWMG
LIEPXL
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
',%48)6 7)0)'8-2+%834-'%2(%496437)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7IPIGXMRKE8STMGERHE 4YVTSWI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
&IPS[EVIXLVIIWIXWSJQEMRTSMRXWJSVWTIIGLIW*SVIEGLWIXWYTTP]XLIKIRIVEP TYVTSWIWTIGMJMGTYVTSWIERHGIRXVEPMHIE +IRIVEP4YVTSWI 7TIGMJMG4YVTSWI 'IRXVEP-HIE 1EMR4SMRXW
- =SYWLSYPHWXYH]EFVSEHFIGEYWIMX[MPPIRLERGI]SYV TIVWSREPHIZIPSTQIRX -- = SYWLSYPHWXYH]EFVSEHFIGEYWIMX[MPPIRLERGI]SYV EGEHIQMGHIZIPSTQIRX --- =SYWLSYPHWXYH]EFVSEHFIGEYWIMX[MPPIRLERGI]SYVGEVIIV HIZIPSTQIRX
+IRIVEP4YVTSWI 7TIGMJMG4YVTSWI 'IRXVEP-HIE 1EMR4SMRXW
- 8LIJMVWXWXITMRKIXXMRKEXEXXSSMWWLEZMRKERHWXIVMPM^MRK XLIWOMR -- 8 LIWIGSRHWXITMRKIXXMRKEXEXXSSMWSYXPMRMRKXLIHIWMKR --- 8LIXLMVHWXITMRKIXXMRKEXEXXSSMWETTP]MRKTMKQIRXWXSXLI HIWMKR -: 8LIJSYVXLWXITMRKIXXMRKEXEXXSSMWWXIVMPM^MRKERHFERHEK MRKXLIXEXXSS
+IRIVEP4YVTSWI 7TIGMJMG4YVTSWI 'IRXVEP-HIE 1EMR4SMRXW
- %WE[VMXIV8LSQEW.IJJIVWSRTIRRIHXLI(IGPEVEXMSRSJ -RHITIRHIRGIERH2SXIWSRXLI7XEXISJ:MVKMRME -- %W4VIWMHIRX8LSQEW.IJJIVWSRRIKSXMEXIHXLI0SYMWMERE 4YVGLEWIERHETTVSZIHXLI0I[MWERH'PEVOI\TIHMXMSR --- %WEREVGLMXIGX8LSQEW.IJJIVWSRHIWMKRIH1SRXMGIPPSERH XLI9RMZIVWMX]SJ:MVKMRME
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
=SYV GSQQYRMGEXMSR HIKVII LEW LIPTIH ]SY PERH E NSF EW WTSOIWTIVWSR JSV XLI QE]SVSJEQIHMYQWM^IHGMX]SRXLI;IWX'SEWX%]IEVEJXIVWXEVXMRKXLINSF]SY EVIWIPIGXIHXSSVKERM^IERMRJSVQEXMSRGEQTEMKRI\TPEMRMRKXLIFIRIJMXWSJERI[ ]SYXLGIRXIVTVSTSWIHF]XLIQE]SV 8SPEYRGLXLMWGEQTEMKR]SYtZIHIGMHIHXSLSPHERI[WFVMIJMRKEXXLIIRHSJ XLI [IIO 8SSTIR XLI FVMIJMRK]SY[MPP TVIWIRXE WLSVX WIX SJ GSQQIRXW SR XLI QE]SVtWMRMXMEXMZI=SYHIGMHIXSJSGYWSRJSYVFIRIJMXWSJXLI]SYXLGIRXIV -X [MPP SJJIV E VERKI SJ EGXMZMXMIWhJVSQ WTSVXW XS XLI EVXWhMR E WEJI IRZMVSRQIRX -X[MPPTVSZMHIWSGMEPRIX[SVOWJSV]SYXLWJVSQEPP[EPOWSJPMJI -X[MPPSTIVEXI QSWXLSYVWSJXLIHE]ERHRMKLX -X[MPPFIJVIIERHSTIRXSIZIV]SRI *SPPS[MRK XLIJSVQEX YWIH MR XLMW GLETXIV WXEXIXLIKIRIVEP TYVTSWI WTIGMJMG TYVTSWIGIRXVEPMHIEERHQEMRTSMRXWSJ]SYVGSQQIRXW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
%REP]^MRKXLI%YHMIRGI %YHMIRGI'IRXIVIHRIWW =SYV'PEWWQEXIWEWER%YHMIRGI 8LI4W]GLSPSK]SJ%YHMIRGIW (IQSKVETLMG%YHMIRGI%REP]WMW %KI +IRHIV 7I\YEP3VMIRXEXMSR 6EGMEP)XLRMGERH'YPXYVEP&EGOKVSYRH 6IPMKMSR +VSYT1IQFIVWLMT
7MXYEXMSREP%YHMIRGI%REP]WMW 7M^I 4L]WMGEP7IXXMRK (MWTSWMXMSR8S[EVHXLI8STMG (MWTSWMXMSR8S[EVHXLI7TIEOIV (MWTSWMXMSR8S[EVHXLI3GGEWMSR
+IXXMRK-RJSVQEXMSR%FSYXXLI%YHMIRGI %HETXMRKXSXLI%YHMIRGI %YHMIRGI%HETXEXMSR&IJSVIXLI7TIIGL %YHMIRGI%HETXEXMSR(YVMRKXLI7TIIGL
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
R XLI QMHWX SJ XLI LIEXIH GEQTEMKR JSV XLI (IQSGVEXMG TVIWMHIRXMEP RSQMREXMSR &EVEGO3FEQEJEGIHSRISJXLIFMKKIWXGLEPPIRKIWSJLMWTSPMXMGEPGEVIIV,MWJSVQIVQMR MWXIV.IVIQMEL;VMKLXLEHQEHIGSRXVSZIVWMEPVEGMEPP]GLEVKIHGSQQIRXWXLEXGMVGYPEXIH [MHIP]MRXLIREXMSREPQIHME7YHHIRP]3FEQE[EWJSVGIHXSHIEP[MXL;VMKLXt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qQSZI FI]SRH WSQISJSYVSPHVEGMEP[SYRHWERHGSRXMRYISRXLITEXLSJEQSVITIVJIGXYRMSRr 8LIWTIIGLKEVRIVIHEPQSWXYRMZIVWEPTVEMWIEGVSWWXLITSPMXMGEPWTIGXVYQ3FEQE[EW LEMPIHJSVLMWGETEGMX]XSqPIEHTYFPMGSTMRMSRrF]I\TPEMRMRKMWWYIWqWSFSXLWMHIWGERWII IEGL SXLIVtW TSMRX SJ ZMI[r ,I TYWLIH XLI REXMSR qXS QSZI FI]SRH VEGI ERH KIRHIV FI]SRH(IQSGVEXERH6ITYFPMGERFI]SRHTSPMXMGWERHMRXSVIZMZMRKXLIWTMVMXSJXLIREXMSR MXWIPJr-X[EWF]ER]QIEWYVIEWXVMOMRKEGLMIZIQIRX
-
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ&EVEGO 3FEQEtWq%1SVI4IVJIGX 9RMSRrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS 'PMT
%YHMIRGI'IRXIVIHRIWW EYHMIRGIGIRXIVIHRIWW /IITMRKXLIEYHMIRGIJSVIQSWX MRQMRHEXIZIV]WXITSJWTIIGL TVITEVEXMSRERHTVIWIRXEXMSR
3FEQEtWWTIIGLTSMRXWYTERMQTSVXERXJEGX +SSHTYFPMGWTIEOIVWEVIEYHMIRGI GIRXIVIH8LI]ORS[XLITVMQEV]TYVTSWISJWTIIGLQEOMRKMWRSXXSFVS[FIEX XLIEYHMIRGISVXSFPS[SJJWXIEQ6EXLIVMXMWXSKEMREHIWMVIHVIWTSRWIJVSQ PMWXIRIVW &EVEGO 3FEQEtW TYVTSWI MR LMW WTIIGL [EW XS KEMR E JEZSVEFPI VIWTSRWI JVSQ XLI QENSV KVSYTW MR LMW EYHMIRGI ,I HMH XLEX F] TVIWIRXMRK LMQWIPJERHLMWMHIEWMR[E]WXLEXGSRRIGXIH[MXLXLIEYHMIRGIt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hWIPIGXMRK E XSTMG HIXIVQMRMRK E WTIGMJMG TYVTSWI WIXXPMRK SR ]SYV QEMR TSMRXW ERH WYTTSVXMRK QEXIVMEPW SVKERM^MRK XLI QIWWEKI ERH JMREPP] HIPMZIVMRKXLIWTIIGL -RQER][E]WEHETXMRKXSEREYHMIRGIHYVMRKETYFPMGWTIIGLMWRSXQYGL HMJJIVIRX JVSQ [LEX ]SY HS MR ]SYV HEMP] WSGMEP GSRXEGXW *I[ TISTPI [SYPH [EPO MRXS E TEVX] ERH ERRSYRGI q=SY ORS[ XLSWI TISTPI TVSXIWXMRK EX XLI EHQMRMWXVEXMSRFYMPHMRKEVI[E]SZIVXLIIHKIr 4ISTPIYWYEPP]TVIJIVXSSTIRGSRXVSZIVWMEPXSTMGW[MXLEJEMVP]RSRGSQQMX XEPTSWMXMSR=SYQMKLXWE]q;LEXtWKSMRKSREXXLIEHQMRMWXVEXMSRFYMPHMRK#r
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIR[LIR]SYLEZILIEVHERHTVSGIWWIH]SYVGSQTERMSRtWVIWTSRWI]SYGER TVIWIRX]SYVTSWMXMSREGGSVHMRKP] =SYHSRtXLEZIXSEKVII[MXLEZMI[TSMRX HMJJIVIRXJVSQ]SYVS[RFYXRIMXLIVHS]SYLEZIXSLMX]SYVPMWXIRIVWSZIVXLI LIEH[MXL]SYVS[RSTMRMSR )JJIGXMZIWTIEOIVWWIIOXSGVIEXIEFSRH[MXLXLIMVPMWXIRIVWF]IQTLEWM^MRK GSQQSR ZEPYIW KSEPW ERH I\TIVMIRGIW 'SQQYRMGEXMSR WGLSPEVW GEPP XLMW TVSGIWWMHIRXMJMGEXMSR&EVEGO3FEQEGVIEXIHMHIRXMJMGEXMSR[MXLLMWEYHMIRGIF] WLS[MRKLS[LMWTIVWSREPI\TIVMIRGIVIJPIGXIHFSXL%QIVMGEtWXVSYFPIHVEGMEP LMWXSV]ERHXLITVSQMWISJEFVMKLXIVXSQSVVS[q;IQE]RSXPSSOXLIWEQI ERH[IQE]RSXLEZIGSQIJVSQXLIWEQITPEGIrLIWXEXIHqFYX[IEPP[ERX XS QSZI MR XLI WEQI HMVIGXMSRhXS[EVHW E FIXXIV JYXYVI JSV SYV GLMPHVIR ERH SYVKVERHGLMPHVIRr ;LIR]SYQEOIEWTIIGLIMXLIVMRGPEWWSVMRWSQISXLIVJSVYQOIITMR QMRHXLIRIIHXSFIEYHMIRGIGIRXIVIH8LMROMREHZERGIEFSYX]SYVPMWXIRIVWt FEGOKVSYRHERHMRXIVIWXWEFSYXXLIMVPIZIPSJORS[PIHKIVIKEVHMRKXLIWTIIGL XSTMG ERH EFSYX XLIMV EXXMXYHIW VIKEVHMRK ]SYV WXERGI SR XLI XSTMG %W ]SY HIZIPSTXLIWTIIGL[SVOSRI\TPEMRMRK]SYVMHIEWWSXLI][MPPFIGPIEVMRXIV IWXMRKERHTIVWYEWMZIXSXLIEYHMIRGI %X XLMW TSMRX ]SY QE] FI RSHHMRK ]SYV LIEH ERH WE]MRK q3J GSYVWI IZIV]SRI ORS[W XLEX -XtW SRP] GSQQSR WIRWIr &YX ORS[MRK E TVIGITX ERH TYXXMRKMXMRXSTVEGXMGIEVIX[SHMJJIVIRXQEXXIVW8LIEMQSJXLMWGLETXIVMWXS MRXVSHYGI XLI FEWMG TVMRGMTPIW SJ EYHMIRGI EREP]WMW ERH EHETXMSR 'LETXIVW i[MPPHIEP[MXLXLSWIJIEXYVIWSJEYHMIRGIEREP]WMWYRMUYIXSMRJSVQEXMZI ERHTIVWYEWMZIWTIEOMRK
MHIRXMJMGEXMSR %TVSGIWWMR[LMGLWTIEOIVW WIIOXSGVIEXIEFSRH[MXLXLI EYHMIRGIF]IQTLEWM^MRK GSQQSRZEPYIWKSEPWERH I\TIVMIRGIW
=SYV'PEWWQEXIWEWER%YHMIRGI
8LIVI MW E XIRHIRG]hEQSRK WXYHIRXW ERH XIEGLIVW EPMOIhXS ZMI[ XLI GPEWW VSSQEW EREVXMJMGMEPWTIEOMRKWMXYEXMSR-RE[E]MXMW =SYVWTIIGLGPEWWMWE XIWXMRKKVSYRH[LIVI]SYGERHIZIPST]SYVGSQQYRMGEXMSRWOMPPWFIJSVIETTP] MRKXLIQSYXWMHIXLIGPEWWVSSQ8LIQSWXWIVMSYWQIEWYVISJWYGGIWWSVJEMPYVI MW]SYVKVEHIERHXLEXMWHIXIVQMRIHYPXMQEXIP]F]]SYVXIEGLIV &IGEYWISJXLMWMXMWIEW]XSPSWIWMKLXSJ]SYVJIPPS[WXYHIRXWEWEREYXLIR XMGEYHMIRGI&YXIEGLSJ]SYVGPEWWQEXIWMWEVIEPTIVWSR[MXLVIEPMHIEWEXXM XYHIW ERH JIIPMRKW =SYV WTIIGL GPEWW SJJIVW ER IRSVQSYW STTSVXYRMX] XS MRJSVQ ERH TIVWYEHI SXLIV TISTPI %W SRI WXYHIRX [VSXI SR LIV IZEPYEXMSR JSVQ EX XLI IRH SJ LIV WTIIGL GPEWW q- XLSYKLX XLI WTIIGLIW [SYPH EPP FI TLSR] FYX XLI] [IVIRtX -tZI RSX SRP] PIEVRIH E PSX EFSYX WTIEOMRKh-tZI PIEVRIHEPSXEFSYXSXLIVXLMRKWJVSQPMWXIRMRKXSXLIWTIIGLIWMRGPEWWr 8LIFIWXGPEWWVSSQWTIIGLIWEVIXLSWIXLEXXEOIXLIGPEWWVSSQEYHMIRGIEW WIVMSYWP]EWEPE[]IVETSPMXMGMEREQMRMWXIVSVEREHZIVXMWIVXEOIWEREYHMIRGI =SYWLSYPHGSRWMHIVIZIV]EYHMIRGIhMRWMHIXLIGPEWWVSSQERHSYXhEW[SVXL] SJ ]SYV FIWX IJJSVXW XS GSQQYRMGEXI ]SYV ORS[PIHKI SV GSRZMGXMSRW %X XLI PIEWX ]SY WLS[ VIWTIGX JSV ]SYV PMWXIRIVW %X XLI QSWX ]SY GSYPH QEOI E VIEP HMJJIVIRGIMRXLIMVPMZIW8LIJSPPS[MRKWXSV]HIQSRWXVEXIWXLIPEXXIV 'V]WXEP ;EXOMRW KEZI ER MRJSVQEXMZI WTIIGL SR XLI WYFNIGX SJ WQEPP GPEMQW GSYVX [LIVISVHMREV]TISTPIGERTVIWWPE[WYMXWMRZSPZMRKYTXS[MXLSYXPE[]IVW4EVXSJ LIVWTIIGL[IRXPMOIXLMW q-XtWX[S[IIOWEJXIV]SYLEZIQSZIHMRXSERI[ETEVXQIRX% PIXXIVEVVMZIWJVSQ]SYVSPHPERHPSVH)\TIGXMRKXSKIXFEGO]SYVWIGYVMX]HITSWMX]SY
=SYV'PEWWQEXIWEWER%YHMIRGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
NS]JYPP] XIEV STIR XLI IRZIPSTI -RWMHI MW E JSVQ PIXXIV I\TPEMRMRK [L] ]SYV WIGYVMX] HI TSWMXMWRSXFIMRKVIJYRHIH;LEXGER]SYHSEFSYXMX#2SXLMRKVMKLX#;VSRK=SYGER JMPIEGPEMQMRWQEPPGPEMQWGSYVXr 0II'EPPE[E]SRISJ'V]WXEPtWGPEWWQEXIWTEMHGPSWIEXXIRXMSR%XXLIIRHSJXLITVI ZMSYW XIVQ LI LEH VYR MRXS E WMXYEXMSR NYWX PMOI XLI SRI 'V]WXEP HIWGVMFIH 2SX LEZMRK QSRI]XSLMVIEPE[]IVLIEWWYQIHLI[SYPHLEZIXSJSVJIMXLMWWIGYVMX]HITSWMX&YXRS[ EWLIPMWXIRIHXS'V]WXEPtWWTIIGL0IIHIGMHIHLI[SYPHXV]XSKIXLMWQSRI]FEGOMRWQEPP GPEMQWGSYVX,I JMPIHWYMXXLIRI\X[IIOERH[MXLMREQSRXLLI LEHLMW QSRI]FEGOh XLEROWMRTEVXXSLMWGPEWWQEXItWWTIIGL
1SWXSJ]SYVGPEWWVSSQWTIIGLIW[SRtXLEZIXLMWQYGLMQQIHMEXIMQTEGX 2IZIVXLIPIWW ER] XSTMG XLEX ]SY LERHPI GSRWGMIRXMSYWP] GER MRJPYIRGI ]SYV PMWXIRIVWhGER IRVMGL XLIMV I\TIVMIRGI FVSEHIR XLIMV ORS[PIHKI TIVLETW GLERKIXLIMVZMI[WEFSYXWSQIXLMRKMQTSVXERX
8LI4W]GLSPSK]SJ%YHMIRGIW
IKSGIRXVMWQ 8LIXIRHIRG]SJTISTPIXSFI GSRGIVRIHEFSZIEPP[MXLXLIMV S[RZEPYIWFIPMIJWERH[IPP FIMRK
;LEXHS]SYHS[LIR]SYPMWXIRXSEWTIIGL#7SQIXMQIW]SYTE]GPSWIEXXIR XMSR EXSXLIVXMQIW]SYPIX]SYVXLSYKLXW[ERHIV4ISTPIQE]FIGSQTIPPIHXS EXXIRHEWTIIGLFYXRSSRIGERQEOIXLIQPMWXIR8LIWTIEOIVQYWXQEOIXLI EYHMIRGIGLSSWIXSTE]EXXIRXMSR )ZIR[LIRTISTPIHSTE]EXXIRXMSRXLI]HSRtXTVSGIWWEWTIEOIVtWQIW WEKI I\EGXP] EW XLI WTIEOIV MRXIRHW %YHMXSV] TIVGITXMSR MW EP[E]W WIPIGXMZI )ZIV] WTIIGL GSRXEMRW X[S QIWWEKIWhXLI SRI WIRX F] XLI WTIEOIV ERH XLI SRIVIGIMZIHF]XLIPMWXIRIV%W[IWE[MR'LETXIV[LEXEWTIEOIVWE]WMW JMPXIVIHXLVSYKLEPMWXIRIVtWJVEQISJVIJIVIRGIhXLIWYQSJLIVSVLMWRIIHW MRXIVIWXWI\TIGXEXMSRWORS[PIHKIERHI\TIVMIRGI%WEVIWYPX[IPMWXIRERH VIWTSRHXSWTIIGLIWRSXEWXLI]EVIFYXEW[IEVI3VXSFSVVS[JVSQ4EYP 7MQSRtW GPEWWMG WSRK q8LI &S\IVr TISTPI LIEV [LEX XLI] [ERX XS LIEV ERH HMWVIKEVHXLIVIWX ;LEX HS TISTPI [ERX XS LIEV# :IV] WMQTP] XLI] YWYEPP] [ERX XS LIEV EFSYXXLMRKWXLEXEVIQIERMRKJYPXSXLIQ4ISTPIEVIIKSGIRXVMG8LI]TE]GPSW IWXEXXIRXMSRXSQIWWEKIWXLEXEJJIGXXLIMVS[RZEPYIWFIPMIJWERH[IPPFIMRK 0MWXIRIVW ETTVSEGL WTIIGLIW [MXL SRI UYIWXMSR YTTIVQSWX MR QMRH q;L] MW XLMW MQTSVXERX XS QI#r %W ,EVV] )QIVWSR *SWHMGO XLI KVIEX TVIEGLIV SRGI WEMH q8LIVIMWRSXLMRKXLEXTISTPIEVIWSMRXIVIWXIHMREWXLIQWIPZIWXLIMVS[R TVSFPIQWERHXLI[E]XSWSPZIXLIQ8LEXJEGXMWXLITVMQEV]WXEVXMRKTSMRX SJEPPWYGGIWWJYPTYFPMGWTIEOMRKr ;LEX HS XLIWI TW]GLSPSKMGEP TVMRGMTPIW QIER XS ]SY EW E WTIEOIV# *MVWX XLI]QIER]SYVPMWXIRIVW[MPPLIEVERHNYHKI[LEX]SYWE]SRXLIFEWMWSJ[LEX XLI]EPVIEH]ORS[ERHFIPMIZI7IGSRHXLI]QIER]SYQYWXVIPEXI]SYVQIW WEKIXS]SYVPMWXIRIVWhWLS[LS[MXTIVXEMRWXSXLIQI\TPEMR[L]XLI]WLSYPH GEVIEFSYXMXEWQYGLEW]SYHS,IVItWERI\EQTPI % VIGIRX KVEHYEXI SJE PEVKI WXEXI YRMZIVWMX] 2ESQM 7TVMRKIV MW RS[ ER EHQMWWMSRW GSYRWIPSVJSVXLIWEQIWGLSSP4EVXSJLIVNSFMWXSXVEZIPXSLMKLWGLSSPWEVSYRHXLIWXEXI ERHIRGSYVEKIWXYHIRXWXSETTP]XSXLIYRMZIVWMX] 6IGIRXP] 2ESQMEHHVIWWIHEKVSYTSJTSXIRXMEPWXYHIRXWERH XLIMV TEVIRXW EX;IWX 6SGO ,MKL 7GLSSP QMPIW RSVXL SJ GEQTYW %W YWYEP WLI I\TPEMRIH XLI YRMZIVWMX]tW
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
+SSHWTIEOIVWEVIEYHMIRGI GIRXIVIH;LIXLIVWTIEOMRK JSVQEPP]SVMRJSVQEPP]XLI] PSSOJSVGVIEXMZI[E]WXSGSQ QYRMGEXIXLIMVMHIEWERHOIIT XLIMVEYHMIRGItWEXXIRXMSR
[SVPHGPEWW GSQTYXIV JEGMPMXMIW TVIWXMKMSYW JEGYPX] ERH [IPPJYRHIH PMFVEVMIW ,IV EYHM IRGILS[IZIVWIIQIHVIWXPIWWERHPIWWEXXIRXMZIXLERYWYEP;LIRWLISTIRIHXLIJPSSV JSV UYIWXMSRW MQQIHMEXIP] SRI SJ XLI TEVIRXW VEMWIH LMW LERH q=SYV JEGMPMXMIW EPP WIIQ MQTVIWWMZIrLIWEMHqFYX[LEXEVI]SYHSMRKXSOIITSYVOMHWLIEPXL]#r 2ESQMORI[[LEXXLITEVIRX[EWXEPOMRKEFSYX% QSRXL IEVPMIV XLVII WXYHIRXWMR XLIHSVQWLEHGSRXVEGXIHFEGXIVMEPQIRMRKMXMW8LIMPPRIWWIWVIGIMZIHREXMSREPQIHMEEXXIR XMSR ERH WTEVOIH HIFEXI SZIV WXYHIRX LIEPXL ERH XLI YRMZIVWMX]tW VIWTSRWMFMPMXMIW 2ESQM EWWYVIHLIVEYHMIRGIXLEXXLIYRMZIVWMX][EWXEOMRKEPPETTVSTVMEXIQIEWYVIWXSHIEP[MXL XLIWMXYEXMSRFYXWLIORI[WLI[SYPHRIIHXSQEOIWSQIGLERKIWFIJSVILIVRI\XTVI WIRXEXMSR % [IIO PEXIV EX ERSXLIV LMKL WGLSSP 2ESQM FIKER LIV WTIIGL F] XEGOPMRK XLI WXYHIRXLIEPXLMWWYILIEHSR q*SVRS[rWLIWEMHq-tQKSMRKXSVYWLTEWXSYV[SVPH GPEWW GSQTYXIV JEGMPMXMIW TVIWXMKMSYW JEGYPX] ERH WIGSRHXSRSRI PMFVEVMIW ERH KIX VMKLX XS[LEX -ORS[ MW SR EPP SJ ]SYV QMRHW 0IX QI FIKMR F] HIWGVMFMRK [LEX LET TIRIHPEWXQSRXLERHXLIR-tPPI\TPEMR[LEX[ItVIHSMRKXSOIITWXYHIRXWLIEPXL]ERH WEJIr-R EJI[QSQIRXWWLILEHIZIV]SRItWEXXIRXMSRERHLIV WTIIGL[EWSJJXSE KVIEXWXEVX
%W2ESQMtWI\TIVMIRGIWLS[W]SYRIIHWSQIKVEWTSJ[LEX]SYVPMWXIRIVW ORS[ FIPMIZI ERH GEVI EFSYX %W 7EYP %PMROW] XLI RSXIH GSQQYRMX] SVKE RM^IV EHZMWIW q4ISTPI SRP] YRHIVWXERH XLMRKW MR XIVQW SJ XLIMV I\TIVMIRGIr [LMGLQIERWXLEXXSGSQQYRMGEXI[MXLXLIQq]SYQYWXKIXMRWMHIXLIMVI\TI VMIRGIr 3JGSYVWI]SYGERtXEGXYEPP]KIXMRWMHIERSXLIVTIVWSRtWI\TIVMIRGI&YX ]SYGERPIEVRIRSYKLEFSYX]SYVEYHMIRGIXSORS[[LEX]SYWLSYPHHSXS QEOI ]SYV MHIEW GPIEV ERH QIERMRKJYP ,S[ ]SY GER HS XLMW MW SYV RI\X XSTMG
8LI4W]GLSPSK]SJ%YHMIRGIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
(IQSKVETLMG%YHMIRGI%REP]WMW
HIQSKVETLMGEYHMIRGI EREP]WMW %YHMIRGIEREP]WMWXLEXJSGYWIW SRHIQSKVETLMGJEGXSVWWYGLEW EKIKIRHIVVIPMKMSRWI\YEP SVMIRXEXMSRKVSYTQIQFIVWLMT ERHVEGMEPIXLRMGSVGYPXYVEP FEGOKVSYRH
WXIVISX]TMRK 'VIEXMRKERSZIVWMQTPMJMIH MQEKISJETEVXMGYPEVKVSYTSJ TISTPIYWYEPP]F]EWWYQMRK XLEXEPPQIQFIVWSJXLIKVSYT EVIEPMOI
3RISJXLI[E]WWTIEOIVWEREP]^IEYHMIRGIWMWF]PSSOMRKEXHIQSKVETLMGXVEMXW WYGL EW EKI KIRHIV WI\YEP SVMIRXEXMSR VIPMKMSR KVSYT QIQFIVWLMT VEGMEP IXLRMGSVGYPXYVEPFEGOKVSYRH ERHXLIPMOI8LMWMWGEPPIHHIQSKVETLMGEYHMIRGI EREP]WMW-XGSRWMWXWSJX[SWXITW MHIRXMJ]MRKXLIKIRIVEPHIQSKVETLMGJIE XYVIWSJ]SYVEYHMIRGIERH KEYKMRKXLIMQTSVXERGISJXLSWIJIEXYVIWXSE TEVXMGYPEVWTIEOMRKWMXYEXMSR ;LMPIHIQSKVETLMGEYHMIRGIEREP]WMWGERFIEYWIJYPXSSPMRYRHIVWXERH MRK ]SYV EYHMIRGI PMOI EPP XSSPW MX GER FI YWIH MQTVSTIVP] ;LIR EREP]^MRK HIQSKVETLMG MRJSVQEXMSR EFSYX ]SYV EYHMIRGI MX MW IWWIRXMEP XLEX ]SY EZSMH WXIVISX]TMRK7XIVISX]TMRKMRZSPZIWGVIEXMRKERSZIVWMQTPMJMIHMQEKISJETEV XMGYPEVKVSYTSJTISTPIYWYEPP]F]EWWYQMRKXLEXEPPQIQFIVWSJXLIKVSYTEVI EPMOI)\EQTPIWSJWXIVISX]TMRKMRGPYHIXLIIVVSRISYWRSXMSRWXLEXEPP%JVMGER %QIVMGERW EVI EXLPIXMG SV XLEX EPP %WMERW I\GIP MR WGMIRGI 0SSOMRK EX HIQS KVETLMGJEGXSVWGERTVSZMHIMQTSVXERXGPYIWEFSYX]SYVEYHMIRGIFYX]SYQYWX YWIXLSWIJEGXSVWTVYHIRXP]ERHVIWTSRWMFP] -REHHMXMSREW[IWLEPPWIIPEXIVMRXLMWGLETXIV]SYWLSYPHEP[E]WGSQ FMRI ]SYV HIQSKVETLMG EYHMIRGI EREP]WMW [MXL WMXYEXMSREP EYHMIRGI EREP]WMW 8LI MQTSVXERGI SJ ER] KMZIR HIQSKVETLMG JEGXSV [MPP ZEV] JVSQ EYHMIRGI XS EYHMIRGIHITIRHMRKSRXLISGGEWMSRERHXLIWTIIGLXSTMG-J]SYOIITXLMWMR QMRHHIQSKVETLMGEREP]WMWGERFIEZEPYEFPIWXEVXMRKTSMRXMRKEYKMRK]SYV EYHMIRGItW FEGOKVSYRH MRXIVIWXW ZEPYIW ERH FIPMIJW ,IVI EVI E JI[ SJ XLI QENSVHIQSKVETLMGJEGXSVW]SYWLSYPHGSRWMHIV
%+) %VI]SYEQIQFIVSJ+IRIVEXMSR<#+IRIVEXMSR=#+IRIVEXMSR/#%VI]SY X[IRX]WSQIXLMRKSVXLMVX]WSQIXLMRK#8SWSQII\XIRXSJGSYVWIXLIWIEVI QIVIP] PEFIPW 8LIVI MW RS KIRIVEXMSR MR [LMGL IZIV]SRI XLMROW EPMOI FY]W XLIWEQITVSHYGXWSVZSXIWJSVXLIWEQITSPMXMGEPGERHMHEXIW=IXEW%VMWXSXPI RSXIHEPQSWX]IEVWEKSERHEWVIWIEVGLIVWLEZIGSRJMVQIHQER]XMQIW WMRGI JI[ XLMRKW EJJIGX E TIVWSRtW SYXPSSO QSVI XLER LMW SV LIV EKI )EGL KIRIVEXMSRLEWQSVISVPIWWGSQQSRZEPYIWERHI\TIVMIRGIWXLEXWIXMXETEVX JVSQ SXLIV KIRIVEXMSRW ;LEXIZIV ]SYV EKI ]SY EVI E TVSHYGX SJ ]SYV [SVPH =SYGERWII[LEXXLMWQIERWJSV]SYVWTIIGLIW7YTTSWI]SYEHHVIWWER EYHMIRGISJSPHIVTISTPI-J]SYVIJIVXS/E]RI;IWX0MP;E]RISV6MLERRE ]SYVEYHMIRGIQE]LEZIRSMHIE[LS]SYQIER7MQMPEVP]MJ]SYWTIEOXSER EYHMIRGISJ]SYRKEHYPXWERHGEWYEPP]QIRXMSRXLI8IXSJJIRWMZI ERMQTSV XERXGEQTEMKRSJXLI:MIXREQ;EV XLI]QE]RSXORS[[LEX]SYEVIXEPOMRK EFSYX)ZIRMJ]SYRKIVPMWXIRIVWHSVIGSKRM^IXLIREQIMX[MPPRSXTVSHYGIXLI WEQI IQSXMSREP EWWSGMEXMSRW EW MR TISTPI [LS PMZIH XLVSYKL XLI [EV MR :MIXREQ (ITIRHMRKSRXLIGSQTSWMXMSRSJ]SYVWTIIGLGPEWW]SYQE]JEGIEREYHM IRGIXLEXMWQSWXP]MRXLIMVPEXIXIIRWERHIEVP]X[IRXMIW-JWS]SYGEREWWYQI EGSQQSR PIZIPSJ EKII\TIVMIRGI 3RXLISXLIVLERHTIVGIRXSJ GSPPIKI WXYHIRXWXSHE]EVIEKISVSPHIVERHQER]GPEWWVSSQWMRGPYHIWXYHIRXWMR XLIMVXLMVXMIWJSVXMIWJMJXMIWERHFI]SRH=SYQE]XLIRLEZIXSXEGOPIX[SSV XLVII KIRIVEXMSRW 8LMW [MPP KMZI ]SY KSSH TVEGXMGI JSV WTIIGLIW SYXWMHI XLI GPEWWVSSQ[LIVIEKIMWYWYEPP]EQENSVJEGXSVMREYHMIRGIEREP]WMW
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
+)2()6 &IR%TTPIF][EWWYVILILEHHSRI[IPPMRLMWMRXIVZMI[WJSVETSWMXMSREWEWEPIWVITVIWIR XEXMZI[MXLEQENSVTLEVQEGIYXMGEPGSQTER]8LILMVMRKGSQQMXXIIXLSYKLXWSXSSERH XLI]MRZMXIHLMQFEGOJSVEJMREPMRXIVZMI[[LIVILI[SYPHTVIWIRXEXLVIIQMRYXIWTIIGL I\TPEMRMRK[L]LI[EWXLIFIWXTIVWSRJSVXLINSF-J&IR[EWKSMRKXSWIPPXLIGSQTER]tW TVSHYGXWXLIGSQQMXXIIORI[LI[SYPHRIIHWXVSRKTVIWIRXEXMSRWOMPPW (YVMRK LMW WTIIGL &IR XEPOIH EFSYX LMW UYEPMJMGEXMSRW LMW [SVO IXLMG ERH [L] LI [SYPHFIEZEPYEFPIEHHMXMSRXSXLIGSQTER]-RGSRGPYHMRKLIWEMH q1]EMQ[MPPFIXS QEOI WYVI TL]WMGMERW EVI XLSVSYKLP] MRJSVQIH EFSYX XLI FIRIJMXW SJ SYV TVSHYGXW 8LI HSGXSV[MPPLEZIEPPXLIMRJSVQEXMSRLIRIIHWXSQEOIWYVILMWTEXMIRXWKIXXLIFIWXQIHM GEXMSRWEZEMPEFPI-X[SYPHFIERLSRSVXS[SVOJSVXLMWGSQTER]ERHXSORS[-EQQEOMRK EWQEPPGSRXVMFYXMSRXSLIPTMRKXLIHSGXSVHSXLIFIWXLIGERJSVLMWTEXMIRXWr ;LIR LI JMRMWLIH XLI GSQQMXXII ETTPEYHIH FYX E GSYTPI QIQFIVW WIIQIH PIWW IRXLYWMEWXMGXLER&IRLEHLSTIH8LIJSPPS[MRK[IIOLIJSYRHSYX[L]8LIGLEMVSJXLI GSQQMXXIIGEPPIHXSXIPPLMQXLEXLIKSXXLINSF&YXWLIEHHIHE[SVHSJGEYXMSR q;I PSZIH]SYVTVIWIRXEXMSRFYX[I[ERXXSVIQMRH]SYXSFIGEVIJYPEFSYXLS[]SYVIJIVXS SYVGYWXSQIVW1SVIXLERTIVGIRXSJEPPHSGXSVWEVI[SQIRERHMRJMIPHWWYGLEWTIHM EXVMGWXLIRYQFIVMWSZIVTIVGIRX8LIJIQEPIHSGXSVW]SYtPPFIGEPPMRKSR[SYPHFIZIV] WYVTVMWIHXSFIVIJIVVIHXSEWLIr
%W &IR VIEPM^IH LI [EW JSVXYREXI XLEX XLI LMVMRK GSQQMXXII XLSYKLX IRSYKLSJLMQXSKMZILMQXLINSFHIWTMXILMWKEJJI:SGEXMSREPHMWXMRGXMSRW FIX[IIRXLIWI\IWLEZIFIIRIVSHMRKJSVQER]]IEVW;SQIR[SVOEWHSG XSVW VYR GSVTSVEXMSRW IRPMWX MR XLI EVQIH JSVGIW ERH WIVZI EW GSPPIKI EXL PIXMG HMVIGXSVW 1IR [SVO EW VIGITXMSRMWXW RYVWIW JPMKLX EXXIRHERXW ERH HE]GEVIEXXIRHERXW-REHHMXMSRXLIqX]TMGEPrGSQTSWMXMSRSJEYHMIRGIWLEW GLERKIH %X SRI XMQI GMZMG KVSYTW WYGL EW /M[ERMW ERH 6SXEV] GPYFW [IVI EPPQEPI 8SHE] QSWX LEZI WM^EFPI GSRXMRKIRXW SJ [SQIR 4EVIRX EWWSGME XMSRW [LMGL [IVI SRGI GSQTSWIH EPQSWX WSPIP] SJ [SQIR RS[ MRGPYHI TPIRX]SJMRXIVIWXIHJEXLIVW7TIEOIVW[LSJEMPXSXEOIEGGSYRXSJWYGLJEGXSVW EVIEPQSWXGIVXEMRXSTVSZSOIRIKEXMZIVIEGXMSRWEQSRKWSQIPMWXIRIVWQEPI ERHJIQEPIEPMOI %XXLIWEQIXMQIMXMWMQTSVXERXXSVIGSKRM^IXLEXQIRERH[SQIREVI RSX EPMOI MR EPP XLIMV ZEPYIW ERH FIPMIJW ;LIR MX GSQIW XS TSPMXMGW JSV MRWXERGI%QIVMGER[SQIRXIRHXSFIQSVIGSRGIVRIHEFSYXMWWYIWWYGLEW IHYGEXMSR LIEPXL GEVI ERH WSGMEP NYWXMGI [LIVIEW QIR XIRH XS WXVIWW IGS RSQMGW ERH REXMSREP WIGYVMX] &YX OIIT MR QMRH XLEX XLIWI EVI KIRIVEPM^E XMSRW8LIVIEVIPSXWSJ[SQIR[LSFIPMIZIXLEXREXMSREPWIGYVMX]GSQIWJMVWX NYWXEWXLIVIEVITPIRX]SJQIR [LSKMZITVMSVMX]XSWSGMEPMWWYIW%REWXYXI WTIEOIV[MPPFIIUYEPP]EXXYRIHXSXLIHMJJIVIRGIWERHXLIWMQMPEVMXMIWFIX[IIR XLIWI\IW
7)<9%036-)28%8-32 4LMPMT;EVHTVIWMHIRXSJEQENSVIRKMRIIVMRKJMVQ[EWLSWXMRKLMWERRYEPE[EVHWFERUYIX XSVIGSKRM^ISYXWXERHMRKIQTPS]IIW%JXIVTVIWIRXMRKEPPXLITPEUYIWERHGLIGOWLIWEMH q2S[XLEX[ILEZILSRSVIHXLIWIJMRITISTPIJSVXLIMVGEVIIVERHGSQQYRMX]EGGSQTPMWL QIRXW - [SYPHPMOI XS XEOI E QSQIRX XS VIGSKRM^I XLI WTSYWIW ERH TEVXRIVW [LS LEZI WYTTSVXIHXLIMVI\GITXMSREPIJJSVXWr8LIVSSQJMPPIH[MXLETTPEYWI %JXIVXLIGIVIQSR];EVHQEHILMW[E]EVSYRHXLIVSSQWLEOMRKLERHWERHGLEXXMRK [MXL E[EVH [MRRIVW q- [ERX XS GSRKVEXYPEXI ]SY EKEMR SR ]SYV WYTIVMSV HIWMKR JSV XLI ,SYWXSR[EXIVTVSNIGXrLIWEMHXS.SERRI*MX^TEXVMGO
(IQSKVETLMG%YHMIRGI%REP]WMW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LI-RXIVRIXMWVMGLMRVIWSYVGIWXLEXGERLIPTWTIEOIVW[MXLHIQSKVETLMGEYHMIRGI EREP]WMW % KSSH WXEVXMRK TSMRX JSV EGGIWWMRK XLSWI VIWSYVGIW MW =ELSS 6IKMSREP LXXT HMV]ELSSGSQ6IKMSREP'SYRXVMIW [LMGL TVSZMHIW PMROW XS GSYRXVMIW EVSYRHXLI[SVPH*SVVIPMKMSYWMRJSVQEXMSRGLIGOXLI4I[*SVYQSR6IPMKMSRERH 4YFPMG0MJI [[[TI[JSVYQSVK
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
=SYGERPIEVREKVIEXHIEPF]WIIMRKLS[I\TIVMIRGIHTYFPMGWTIEOIVWHIEP[MXL EYHMIRGI EREP]WMW ERH EHETXEXMSR % XIVVMJMG ;IF WMXI JSV XLMW TYVTSWI MW +MJXW SJ 7TIIGL ;SQIRtW7TIIGLIWJVSQ%VSYRHXLI;SVPH LXXT KSWWFGIHY [LIVI ]SY[MPPJMRHQSVIXLERWTIIGLIWF]MRJPYIRXMEPGSRXIQTSVEV][SQIR
q8LERO]SYJSVXLIE[EVHr.SERRIVITPMIHq%RH-EPWS[ERXXSXLERO]SYJSVFIMRK WIRWMXMZIXSXLIJEGXXLEXQER]SJYW EVIWYTTSVXIH F]TEVXRIVWEW [IPPEWF]WTSYWIW-X VIEPP]QIERXEPSXXS.YPMIERHQIXSJIIPVIGSKRM^IHERHMRGPYHIHr
%W ER I\TIVMIRGIH WTIEOIV ERH WYGGIWWJYP FYWMRIWWTIVWSR 4LMPMT ;EVH MW [IPPE[EVISJXLIRIIHMRGSRXIQTSVEV]WSGMIX]XSEHETXXSLMWEYHMIRGISRXLI FEWMWSJWI\YEPSVMIRXEXMSR&]QIRXMSRMRKqTEVXRIVWrEW[IPPEWqWTSYWIWrLI XSSOERMRGPYWMZIWXERGIEGORS[PIHKMRKXLIJEGXXLEXGSYTPIWGERFIWEQIWI\ SVSTTSWMXIWI\QEVVMIHSVYRQEVVMIH2SQEXXIV[LEXSRItWEXXMXYHIXS[EVH KE]W PIWFMERW SV LIXIVSWI\YEPW EYHMIRGIGIRXIVIH WTIEOIVW EVI EPIVX XS LS[ XLIMVQIWWEKIW[MPPFIVIGIMZIHF]TISTPISJZEVMSYWWI\YEPSVMIRXEXMSRW ;LIR]SY[SVOSR]SYVWTIIGLIWOIITERI]ISYXJSVPERKYEKII\EQTPIW ERHSXLIVIPIQIRXWXLEXQE]YRMRXIRXMSREPP]I\GPYHIPMWXIRIVW[MXLWEQIWI\ TEVXRIVW*SVI\EQTPIMREWTIIGLEFSYXJMRERGMEPTPERRMRKVEXLIVXLERWE]MRK qQSWXSJYWLSTIXSKVEHYEXIJMRHEKSSHNSFERHKIXQEVVMIHr]SYGSYPHWE] qQSWXSJYWLSTIXSKVEHYEXIKIXEKSSHNSFERHJMRHEPMJITEVXRIVr =SY WLSYPH EPWS FI EPIVX XS WYFXPIYWIW SJ PERKYEKI [MXLVIKEVH XS WI\YEP SVMIRXEXMSR8LIPEFIPqLSQSWI\YEPrJSVI\EQTPIMWGSRWMHIVIHHIVSKEXSV]F] PIWFMERW ERH KE] QIR 7S EVI VIJIVIRGIW XS E KE] SV PIWFMER qPMJIWX]PIr 7YGL VIJIVIRGIWEVIEPWSMREGGYVEXIFIGEYWIXLI]MQTP]XLEXEPPKE]WERHPIWFMERWPMZI XLIWEQI[E].YWXEWXLIVIMWRSWMRKPILIXIVSWI\YEPPMJIWX]PIXLIVIMWRSWMRKPI PIWFMERSVKE]PMJIWX]PI =SYQE]FIMRGPMRIHXSHMWQMWWXLIWIWYKKIWXMSRWEWQIVIP]ERSXLIVJSVQ SJTSPMXMGEPGSVVIGXRIWW FYX NYWX EWEYHMIRGIWSJXIRMRGPYHITISTPISJ ZEV]MRK EKIW VEGIW ERH VIPMKMSRW WS XSS HS XLI] GSRXEMR TISTPI SJ HMJJIVIRX WI\YEP SVMIRXEXMSRW)JJIGXMZITYFPMGWTIEOIVWXEOIEPPXLIWIHIQSKVETLMGJEGXSVWMRXS EGGSYRX[LIRTVITEVMRKXLIMVVIQEVOW
6%'-%0)8,2-'%2('90896%0&%'/+6392( %W[IWE[MR'LETXIVXLI9RMXIH7XEXIWLEWPSRKFIIREQYPXMGYPXYVEPWSGMIX] 4STYPEXIH SVMKMREPP] F] 2EXMZI %QIVMGERW ERH XLIR F] MQQMKVERXW JVSQ EPP SZIV XLI [SVPH MX MW XSHE] E QYPXMVEGMEP QYPXMIXLRMG GSYRXV] SJ YRQEXGLIH HMZIVWMX]8LIQENSVMX]SJ%QIVMGERWWYTTSVXXLMWHMZIVWMX]EWETSWMXMZIHIZIP STQIRX MR XSHE]tW KPSFEPM^IH [SVPH %XXMXYHIW EFSYX VEGI ERH IXLRMGMX] EVI UYMXIHMJJIVIRXJVSQ[LEXXLI][IVIIZIREJI[HIGEHIWEKS 9RHIVWXERHMRK XLSWI EXXMXYHIW MW GVYGMEP JSV WTIEOIVW [LIXLIV XLI] EVI EHHVIWWMRK E QM\IHVEGI EYHMIRGI SV SRI [MXL PMXXPI ETTEVIRX VEGMEP HMZIVWMX]
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
(IQSKVETLMGEYHMIRGIEREP] WMWMWZMXEPXSWYGGIWWJYPTYFPMG WTIEOMRKMRER]WMXYEXMSR,IVI 977IGVIXEV]SJXLI8VIEWYV] ,IRV]14EYPWSR.VEHHVIWWIW EFYWMRIWWEYHMIRGIMRXLI 9RMXIH%VEF)QMVEXIW
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tWJMRERGIGSQQMXXIIHYVMRKLIVGEQTEMKR EKEMRWX&EVEGO3FEQEJSVXLI(IQSGVEXMGTVIWMHIRXMEPRSQMREXMSR-R1EVGLSJXLEX]IEV *IVVEVSQEHIEWTIIGLEXEGYPXYVEPGIRXIVMR8SVVERGI'EPMJSVRME%JXIV[EVHWLIKVERXIH ERMRXIVZMI[XSEVITSVXIVJVSQEPSGEPRI[WTETIVMR[LMGLWLIGSQQIRXIH q-J3FEQE [EWE[LMXIQERLI[SYPHRSXFIMRXLMWTSWMXMSR%RHMJLI[EWE[SQERSJER]GSPSV LI[SYPHRSXFIMRXLMWTSWMXMSR,ILETTIRWXSFIZIV]PYGO]XSFI[LSLIMWr ;MXLMR HE]W XLI REXMSREP TVIWW LEH TMGOIH YT XLI WXSV] 3FEQE GEPPIH *IVVEVStW VIQEVOWqHMZMWMZIrERH'PMRXSRWEMHMX[EWqVIKVIXXEFPIXLEXER]SJSYVWYTTSVXIVWWE] XLMRKWXLEXOMRHSJZIIVSJJMRXSXLITIVWSREPr*IVVEVS[EWYRETSPSKIXMGGPEMQMRKXLEXLIV VIQEVOW[IVIEWMQTPIWXEXIQIRXSJJEGX8LI][IVIMRXIVTVIXIHLS[IZIVEWQIERMRKXLEX 3FEQE[EW [MRRMRKXLIGEQTEMKRRSXFIGEYWISJLMW EGLMIZIQIRXWFYXFIGEYWISJLMW VEGI 2SX[MXLWXERHMRK *IVVEVStW PSRK VIGSVH EW E WYTTSVXIV SJ IUYEP VMKLXW JSV %JVMGER %QIVMGERWWLI[EWJSVGIHXSVIWMKRLIVVSPIMRXLI'PMRXSRGEQTEMKR
*IVVEVStWJEXIMPPYWXVEXIWLS[MQTSVXERXMXMWJSVWTIEOIVWXSFIWIRWMXMZIXS MWWYIWSJVEGIIXLRMGMX]ERHGYPXYVEPFEGOKVSYRH;LEXIZIV*IVVEVSQIERXF] LIV VIQEVOW XLI] HEQEKIH LIV VITYXEXMSR ERH WXVYGO WSQI SFWIVZIVW EW qE G]RMGEPIJJSVXXSQEOI3FEQEtWVEGIERMWWYIrMRXLIGEQTEMKR -REHHMXMSRXSOIITMRKMRQMRHKIRIVEPEXXMXYHIWEFSYXVEGIERHIXLRMGMX] TYFPMG WTIEOIVW RIIH XS GSRWMHIV LS[ VEGMEP IXLRMG ERH GYPXYVEP HMJJIVIRGIW EQSRK EYHMIRGI QIQFIVW QMKLX EJJIGX XLIMV VIEGXMSRW XS E WTIIGL (IWTMXI XLIMV WMQMPEVMXMIW EW %QIVMGERW TISTPI SJ )YVSTIER HIWGIRX FPEGOW 0EXMRSW
(IQSKVETLMG%YHMIRGI%REP]WMW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%WMERW ERH QER] SXLIVW LEZI HMJJIVIRX GYWXSQW ERH FIPMIJW XLEX QE] FIEV YTSR ]SYVWTIIGLXSTMG &IGEYWI[IPMZIMREREKISJKPSFEPM^EXMSR ]SYQE] EPWSJMRH]SYVWIPJEHHVIWWMRKPMWXIRIVWJVSQGSYRXVMIWSXLIVXLER]SYVS[R 8LIJMVWXWXITXSFIMRKWYGGIWWJYPMRWYGLWMXYEXMSRWMWXSVIGSKRM^IXLEXWSQI SJ ]SYV PMWXIRIVW QE] MRHIIH LEZI VEGMEP IXLRMG SV GYPXYVEP TIVWTIGXMZIW XLEX [MPPEJJIGXXLIMVEXXMXYHIWXS[EVH]SYVWTIIGLXSTMG8LIWIGSRHWXITMWXSXV]XS HIXIVQMRI [LEX XLSWI TIVWTIGXMZIW EVI ERH LS[ XLI] EVI PMOIP] XS EJJIGX XLI EYHMIRGItWVIWTSRWIXS]SYVQIWWEKI8LIXLMVHWXITMWXSEHNYWX]SYVWTIIGLWS MX [MPP FI EW GPIEV WYMXEFPI ERH GSRZMRGMRK EW TSWWMFPI 2S QEXXIV [LS XLI WTIEOIVRSQEXXIV[LEXXLISGGEWMSREHETXMRKXSTISTPISJHMZIVWIVEGMEPIXL RMGERHGYPXYVEPFEGOKVSYRHWMWEZMXEPEWTIGXSJXLIEVXSJTYFPMGWTIEOMRK
6)0-+-32 6YWWIPP1MHHPIXSRXLIHMVIGXSVSJXLIXS[RtWTYFPMGPMFVEV][EWHIPMKLXIHXSFIMRZMXIHXS EHHVIWWLMWPSGEPGMZMGEWWSGMEXMSR,IRIIHIHZSPYRXIIVWXSLIPTTEMRXXLIVIEHMRKVSSQW ERHLIJIPXWYVILIGSYPHVIGVYMXWSQIJVSQXLIEWWSGMEXMSR 3RXLIIZIRMRKSJLMWWTIIGL6YWWIPPI\TPEMRIHXLITEMRXMRKTVSNIGXQEOMRKWTIGMEP QIRXMSRSJXLIJEGXXLEXER]SRI[LSZSPYRXIIVIH[SYPHLIPTXLIPMFVEV]WEZIQSRI]JSV QSVIFSSOWERHFIXXIVTVSKVEQWq1SWXSJSYV[SVO[MPPFISR7EXYVHE]WrLIWEMHq;I QMKLXEPWS [SVOMR XLI IZIRMRKSV QE]FISR E7YRHE]EJXIVRSSR &YXHSRtX[SVV] ;I [SRtX[SVOSR7YRHE]QSVRMRKFIGEYWIXLEXtW[LIRIZIV]SRI[MPPFIEXGLYVGLr,IJMR MWLIHF]EWOMRKZSPYRXIIVWXSWMKRYTSREGPMTFSEVHRIEVXLIHSSV %XXLIIRHSJXLIIZIRMRK6YWWIPP[EWTPIEWIHXSWIITPIRX]SJREQIWSRLMWGPMTFSEVH FYX LI EPWS JSYRH XLI JSPPS[MRK RSXI q1V 1MHHPIXSRr MX FIKER q]SYV TVSNIGX WIIQW I\GIPPIRX ERH - [MPP FITPIEWIH XS LIPT &YX- XLMRO]SY WLSYPH VIQIQFIVXLEX XLIVI EVI TISTPIMRXLMWGSQQYRMX][LSHSRSXKSXSGLYVGLSV[SVWLMTSR7YRHE]QSVRMRK-EQ 1YWPMQERHWSQISJXLITISTPIWMXXMRKRIEVQIEVI.I[MWL*SVXYREXIP]-LEHEGLERGIXS LIEVEFSYX]SYVTVSNIGXFIJSVIXLIGSQQIRXEFSYXEXXIRHMRKGLYVGLSR7YRHE]-J-LEHRtX -QMKLXLEZIGSRGPYHIHXLEX]SY[IVIRSXMRXIVIWXIHMRQ]LIPT4PIEWIKMZIQIEGEPP[LIR ]SYEVIVIEH]XSWXEVXXLITEMRXMRK,EQMH7LEOMVr
%WXLMWWXSV] MPPYWXVEXIW ]SYGERRSX EWWYQI XLEX ]SYV ZMI[WSR VIPMKMSRh [LEXIZIVXLI]QE]FIh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qXLIQSWXVIPMKMSYWP]HMZIVWIREXMSRMR XLI [SVPHr 8LIVIMWEPWSKVIEXHMZIVWMX][MXLMRHMJJIVIRXJEMXLW=SYGERRSXEWWYQIXLEX EPP 'EXLSPMGW WYTTSVX XLI SJJMGMEP ZMI[ SJ XLIMV GLYVGL SR FMVXL GSRXVSP SV [SQIR MR XLI TVMIWXLSSH XLEX EPP &ETXMWXW EVI FIMRK FSVREKEMR SV XLEX EPP 1YWPMQW JEZSV E WYFWIVZMIRX WXEXYW JSV [SQIR -R QEXXIVW SJ VIPMKMSR XLI 9RMXIH7XEXIWMWXVYP]EREXMSRSJQER]JEMXLWQER]ZSMGIWQER]ZMI[W ;LIRIZIV]SYWTIEOSREXSTMG[MXLVIPMKMSYWHMQIRWMSRWXLIRFIWYVIXS GSRWMHIV XLI VIPMKMSYW SVMIRXEXMSRW SJ ]SYV PMWXIRIVW (SMRK WS GER LIPT ]SY EZSMHTSXIRXMEPP]IQFEVVEWWMRKTMXJEPPW MRWSQIGEWIWMXQE]QEOIXLIHMJJIV IRGIFIX[IIRERYRWYGGIWWJYPWTIIGLERHEWYGGIWWJYPSRI
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
+63941)1&)67,-4 q8IPPQIXL]GSQTER]rWE]W(SR5YM\SXIqERH-tPPXIPPXLII[LEXXLSYEVXr *SVEPPSYVXEPOEFSYXVYKKIHMRHMZMHYEPMWQ%QIVMGERWEVIZIV]KVSYTSVMIRXIH ;SVOIVWFIPSRKXSYRMSRWFYWMRIWWTISTPIXSGLEQFIVWSJGSQQIVGI,YRXIVW NSMR XLI 2EXMSREP 6MJPI %WWSGMEXMSR IRZMVSRQIRXEPMWXW XLI 7MIVVE 'PYF JIQM RMWXW XLI 2EXMSREP 3VKERM^EXMSR JSV ;SQIR (SGXSVW IRVSPP MR XLI %QIVMGER 1IHMGEP%WWSGMEXMSRPE[]IVWMRXLI%QIVMGER&EV%WWSGMEXMSR8LIVIEVIXLSY WERHWSJWYGLZSPYRXEV]SVKERM^EXMSRWMRXLI9RMXIH7XEXIW 7MQMPEVKVSYTWEFSYRHSRGEQTYW7SQISJ]SYVGPEWWQEXIWQE]FIPSRKXS JVEXIVRMXMIW SV WSVSVMXMIW WSQI XS 'EQTYW 'VYWEHI JSV 'LVMWX WSQI XS XLI =SYRK6ITYFPMGERWWSQIXSXLIJMPQWSGMIX]WSQIXSXLIWOMGPYFERHWSJSVXL *SVWTIIGLIWMRXLIGPEWWVSSQEW[IPPEWJSVXLSWISYXWMHIXLIGPEWWVSSQXLI KVSYT EJJMPMEXMSRW SJ ]SYV EYHMIRGI QE] TVSZMHI I\GIPPIRX GPYIW EFSYX ]SYV PMWXIRIVWtMRXIVIWXWERHEXXMXYHIW %KI KIRHIV WI\YEPSVMIRXEXMSR VIPMKMSR VEGMEPIXLRMGERHGYPXYVEPFEGOKVSYRH KVSYT QIQFIVWLMThXLIWIEVI NYWX E JI[ SJXLIZEVMEFPIW XSGSRWMHIVMR HIQS KVETLMGEYHMIRGIEREP]WMW3XLIVWMRGPYHISGGYTEXMSRIGSRSQMGTSWMXMSRWSGMEP WXERHMRKIHYGEXMSRMRXIPPMKIRGIERHTPEGISJVIWMHIRGI-RHIIHER]XLMRKGLEV EGXIVMWXMG SJ E KMZIR EYHMIRGI MW TSXIRXMEPP] MQTSVXERX XS E WTIEOIV EHHVIWWMRK XLEXEYHMIRGI*SV]SYVGPEWWVSSQWTIIGLIW]SYQE][ERXXSPIEVREFSYX]SYV GPEWWQEXIWt EGEHIQMG QENSVW ]IEVW MR WGLSSP I\XVEGYVVMGYPEV EGXMZMXMIW PMZMRK EVVERKIQIRXWERHNSFEWTMVEXMSRW 4IVLETW XLI QSWX MQTSVXERX XLMRK XS OIIT MR QMRH EFSYX HIQSKVETLMG EYHMIRGIEREP]WMWMWXLEXMXMWRSXERIRHMRMXWIPJ=SYVEMQMWRSXNYWXXSPMWXXLI QENSVXVEMXWSJ]SYVPMWXIRIVWFYXXSJMRHMRXLSWIXVEMXWGPYIWEFSYXLS[]SYV PMWXIRIVW[MPPVIWTSRHXS]SYVWTIIGL3RGI]SYLEZIHSRIXLEX]SYEVIVIEH] XSQSZISRXSXLIRI\XWXEKISJEYHMIRGIEREP]WMW
7MXYEXMSREP%YHMIRGI%REP]WMW
7MXYEXMSREPEYHMIRGIEREP]WMWYWYEPP]FYMPHWSRHIQSKVETLMGEREP]WMW-XMHIRXM JMIWXVEMXWSJXLIEYHMIRGIYRMUYIXSXLIWTIEOMRKWMXYEXMSREXLERH8LIWIXVEMXW MRGPYHIXLIWM^ISJXLIEYHMIRGIXLITL]WMGEPWIXXMRKERHXLIHMWTSWMXMSRSJXLI EYHMIRGIXS[EVHXLIWYFNIGXXLIWTIEOIVERHXLISGGEWMSR
7->) 3YXWMHIXLIGPEWWVSSQXLIWM^ISJEREYHMIRGIGER[MXLXLIEMHSJXIPIZMWMSR ERH VEHMS VERKI MR XLI QMPPMSRW 1SWX WTIIGL GPEWWIW LS[IZIV GSRWMWX SJ FIX[IIRERHTISTPIhEWQEPPXSQIHMYQWM^IHEYHMIRGI8LMWMWEKSSH WM^I JSV FIKMRRMRK WTIEOIVW QSWX SJ [LSQ EVI XIVVMJMIH EX XLI TVSWTIGX SJ EHHVIWWMRKELYKIGVS[H%W]SYKEMRQSVII\TIVMIRGIXLSYKL]SYQE][IP GSQIXLIGLEPPIRKISJWTIEOMRKXSPEVKIVKVSYTW7SQIWTIEOIVWEGXYEPP]TVIJIV EPEVKIEYHMIRGIXSEWQEPPSRI 2SQEXXIV[LEXWM^IKVSYT]SYEVIEHHVIWWMRKFIEVMRQMRHSRIFEWMGTVMR GMTPI 8LI PEVKIV XLI EYHMIRGI XLI QSVI JSVQEP ]SYV TVIWIRXEXMSR QYWX FI %YHMIRGI WM^I QE] EPWS EJJIGX ]SYV PERKYEKI GLSMGI SJ ETTIEPW ERH YWI SJ ZMWYEPEMHW
WMXYEXMSREPEYHMIRGI EREP]WMW %YHMIRGIEREP]WMWXLEXJSGYWIW SRWMXYEXMSREPJEGXSVWWYGLEW XLIWM^ISJXLIEYHMIRGIXLI TL]WMGEPWIXXMRKJSVXLIWTIIGL ERHXLIHMWTSWMXMSRSJXLI EYHMIRGIXS[EVHXLIXSTMGXLI WTIEOIVERHXLISGGEWMSR
7MXYEXMSREP%YHMIRGI%REP]WMW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4,=7-'%07)88-2+ ;LMGLSJXLIJSPPS[MRK[SYPH]SYVEXLIVEHHVIWW# %REYHMIRGIEWWIQFPIHMQQIHMEXIP]EJXIVPYRGLGVEQQIHMRXSER SZIVLIEXIHVSSQ[MXLMREHIUYEXIWIEXMRK %REYHMIRGIEWWIQFPIHEX MRXLIQSVRMRKGSQJSVXEFP]WIEXIHMR EREMV][IPPPMKLXIHVSSQ 9RHSYFXIHP] ]SY GLSWI XLI WIGSRH STXMSR %R] SJ XLI EHZIVWI GSRHMXMSRW PMWXIHMRXLIJMVWXGSYPHWIVMSYWP]MQTEMV]SYVEYHMIRGItW[MPPMRKRIWWXSEGGITX ]SYVMHIEWSVIZIRPMWXIRXS]SYEXEPP ;LIR]SYJEGIER]WTIEOMRKWMXYEXMSRMXMWMQTSVXERXXSORS[MREHZERGI MJ XLIVI [MPP FI ER] HMJJMGYPXMIW [MXL XLI TL]WMGEP WIXXMRK *SV GPEWWVSSQ WTIIGLIWSJGSYVWI]SYEPVIEH]HSORS[&YXWTIIGLIWSYXWMHIXLIGPEWWVSSQ GERTVIWIRXYRTPIEWERXWYVTVMWIWYRPIWW]SYHS]SYVLSQI[SVOFIJSVILERH ;LIR]SYEVIMRZMXIHXSWTIEOHSRtXFIWL]EFSYXEWOMRKUYIWXMSRWSJXLI TIVWSR[LSEVVERKIHXLIWTIIGL-JTSWWMFPIPSSOSZIVXLIVSSQEJI[HE]WMR EHZERGISVIPWIEVVMZIIEVP]SRXLIHE]SJ]SYVWTIIGLXSMRWTIGXXLIVSSQ-J MXMWXSS[EVQSVXSSGSPHWIIEFSYXEHNYWXMRKXLIXLIVQSWXEX'LIGOXLIWIEX MRKEVVERKIQIRXWERHXLIPSGEXMSRSJXLIPIGXIVRXSFIWYVI]SYVEYHMIRGIGER WII]SY-RWLSVXHSIZIV]XLMRK]SYGERXSGSRXVSPXLIMRJPYIRGISJTL]WMGEP WIXXMRKSR]SYVEYHMIRGI ;LEX EFSYX GMVGYQWXERGIW ]SY GERtX GSRXVSP# =SYV WTIIGL MW WGLIHYPIH HMVIGXP]EJXIVPYRGLSVHMRRIV8LIVSSQMWXSSWQEPPJSVXLIEYHMIRGII\TIGXIH 8LI LIEX G ERRSX FI VIKYPEXIH 8LIR ]SY EVI WMQTP] KSMRK XS LEZI XS [SVO LEVHIVXSEHETXXSXLIWIEWTIGXWSJ]SYVPMWXIRIVWtHMWGSQJSVX;LIRJEGIH[MXL EREYHMIRGIXLEXMWTSXIRXMEPP]LSXWPIIT]ERHGVSWWHS]SYVFIWXXSQEOIXLI WTIIGLEWMRXIVIWXMRKERHPMZIP]EW]SYGER%FSZIEPPHSRtXFIMRJPYIRGIH]SYV WIPJF]XLITSSVTL]WMGEPWIXXMRK-J]SYVEYHMIRGIWIIWXLEX]SYEVIIRIVKIXMG EPIVXERHMRZSPZIH[MXL]SYVXSTMGGLERGIWEVIXLI][MPPJSVKIXXLIMVHMWGSQ JSVXERHGSQIVMKLXEPSRK[MXL]SY
(-7437-8-3283;%6(8,)834-' %W[IWE[MR'LETXIV]SYWLSYPHOIIT]SYVEYHMIRGIMRQMRH[LIRGLSSW MRKEXSTMG-HIEPP]]SY[MPPTMGOEXSTMGXLEXWYMXWXLIQEW[IPPEWMXWYMXW]SY 3RGI ]SY LEZI ]SYV XSTMG LS[IZIV ]SY QYWX GSRWMHIV MR QSVI HIXEMP XLIMV MRXIVIWXMRXLIXSTMGORS[PIHKIEFSYXMXERHEXXMXYHIWXS[EVHMX
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q7YTTSWIEXSXEPWXVERKIV[EWVIWTSRWMFPIJSVQEOMRKPMJISVHIEXLHIGMWMSRWEFSYX
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
]SYV PMJI =SYtH [ERX XS LEZI E WE] MR [LS XLEX TIVWSR [EW [SYPHRtX ]SY# ;IPP XSXEP WXVERKIVW HS QEOI HIGMWMSRW XLEX EJJIGX ]SY IZIV] WMRKPI HE]hXLSWI XSXEP WXVERKIVW EVI GEPPIH QIQFIVW SJ 'SRKVIWW 7IREXSVW ERH XLI 4VIWMHIRX %RH ]SY GER LIPT GLSSWI EPP XLSWITISTPIF]HSMRKSRIWMQTPIXLMRKhZSXMRKSRIPIGXMSRHE]r
-R XLI GLETXIVW XLEX JSPPS[ [ItPP PSSO GPSWIP] EX EPP XLI [E]W ]SY GER HIZIPSTMRXIVIWXMR]SYVXSTMGhF]EREVVIWXMRKMRXVSHYGXMSRTVSZSGEXMZIWYT TSVXMRKQEXIVMEPWZMZMHPERKYEKIH]REQMGHIPMZIV]ZMWYEPEMHWERHWSJSVXL
/RS[PIHKI 8LIVIMWSJXIREWXVSRKGSVVIPEXMSRFIX[IIRMRXIVIWXMREXSTMGERHORS[PIHKI EFSYXMX4ISTPIXIRHXSFIMRXIVIWXIHMR[LEXXLI]ORS[EFSYX0MOI[MWIXLI] EVIMRGPMRIHXSPIEVREFSYXWYFNIGXWXLEXMRXIVIWXXLIQ&YXXLIVIEVII\GITXMSRW *I[WXYHIRXWORS[QYGLEFSYXLERH[VMXMRKEREP]WMW]IXQSWX[SYPHJMRHMXER EFWSVFMRKXSTMG3RXLISXLIVLERHEPQSWXEPPORS[EPSXEFSYXGLIGOMRKFSSOW SYXSJXLIPMFVEV]FYXJI[[SYPHJMRHMXEJEWGMREXMRKWYFNIGXJSVEWTIIGL =SYVPMWXIRIVWtORS[PIHKIEFSYX]SYVXSTMG[MPPXSEPEVKII\XIRXHIXIVQMRI [LEX ]SY GER WE] MR ]SYV WTIIGL -J ]SYV PMWXIRIVW ORS[ PMXXPI EFSYX ]SYV XSTMGh[LIXLIVSVRSXXLI]JMRHMXMRXIVIWXMRKh]SY[MPPLEZIXSXEPOEXEQSVI IPIQIRXEV] PIZIP -J XLI] EVI VIEWSREFP] [IPP MRJSVQIH ]SY GER XEOI E QSVI XIGLRMGEPERHHIXEMPIHETTVSEGL
GSRRIGXPYGEWGSQ :MI[XLIFIKMRRMRKSJq1EOI =SYV:SMGI,IEVH +IX3YXERH :SXIrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS 'PMT
%XXMXYHI 8LIEXXMXYHISJ]SYVPMWXIRIVWXS[EVH]SYVXSTMGGERFII\XVIQIP]MQTSVXERXMR HIXIVQMRMRKLS[]SYLERHPIXLIQEXIVMEP-J]SYORS[MREHZERGIXLITVIZEMP MRKEXXMXYHIEQSRKQIQFIVWSJ]SYVEYHMIRGI]SYGEREHNYWX]SYVWTIIGLXS EHHVIWWXLIMVGSRGIVRWSVXSERW[IVXLIMVSFNIGXMSRW'SRWMHIVXLII\TIVMIRGIW SJXLIJSPPS[MRKX[SWXYHIRXWhSRI[LSHMHRSXEGGSYRXJSVPMWXIRIVEXXMXYHI ERHSRI[LSHMH
EXXMXYHI %JVEQISJQMRHMRJEZSVSJSV STTSWIHXSETIVWSRTSPMG] FIPMIJMRWXMXYXMSRIXG
.IR 7EPIVRSWTSOI EFSYXJEQMP]PIEZITSPMGMIW MR XLI [SVOTPEGI3RXLIFEWMW SJ LIV VIWIEVGLWLIFIPMIZIHXLIVI[EWIZMHIRGIXLEXWYGLTSPMGMIWYRJEMVP]FIRIJMXIHEJI[TEV IRXWEXXLII\TIRWISJSXLIVIQTPS]IIWWYGLEWWMRKPITISTPIERHGLMPHPIWWGSYTPIW9RJSV XYREXIP] VEXLIV XLER GMXMRK LIV WSYVGIW ERH EGORS[PIHKMRK XLEX LIV TSMRX SJ ZMI[ [EW GSRXVSZIVWMEP.IRTVIWIRXIHLIVQEXIVMEPEWXLSYKLMX[IVIKIRIVEPORS[PIHKI 8LIWTIIGL[EWRSX[IPPVIGIMZIH%WSRIWXYHIRXGSQQIRXIHq=SYQE]FIVMKLXMR [LEX ]SY WE] FYX - LEZI XVSYFPI FIPMIZMRK MX ;ItZI LIEVH WS QYGL EFSYX XLI RIIH JSV FYWMRIWWIWXSFIJEQMP]JVMIRHP]hGERMXEPPFI[VSRK#-XLMRO]SY[SYPHLEZIFIIRQSVI TIVWYEWMZIMJ]SYLEHPSSOIHEXFSXLWMHIWSJXLIMWWYIVEXLIVXLERNYWX]SYVS[Rr
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
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq/IIT MRK7XIVSMHW3YXSJ,MKL 7GLSSP7TSVXWrMRXLISRPMRI 1IHME0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
7MXYEXMSREP%YHMIRGI%REP]WMW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%PXLSYKL4IXIVHMWEKVIIH[MXLXLSWIFIPMIJWLIVIEPM^IHLIGSYPHRIMXLIVMKRSVIXLIQ RSVMRWYPXLMWGPEWWQEXIWJSVLSPHMRKXLIQ,IORI[LI[SYPHLEZIXSHMWGYWWXLIWITSMRXW PSKMGEPP]ERH[MXLLEVHIZMHIRGIMJLI[IVIXSLEZIER]GLERGISJTIVWYEHMRKLMWEYHMIRGI
%WMXXYVRIHSYX4IXIVHMHGSRZMRGIWSQIQIQFIVWSJXLIGPEWWXSVIGSRWMHIV XLIMVFIPMIJW,IGSYPHRSXLEZIHSRIWS[MXLSYXJMVWXMRZIWXMKEXMRK[LEXXLSWI FIPMIJW[IVIERHXLIREHETXMRKLMWQIWWEKIXSXLIQ
(-7437-8-3283;%6(8,)74)%/)6 0IXtWVIXYVRJSVEQSQIRXXS.IRtWWTIIGLEFSYXJEQMP]PIEZI.IR[EWEJMVWX ]IEVWXYHIRX[MXLRSWTIGMEPFEGOKVSYRHMR[SVOTPEGIMWWYIW-XtWRSXWYVTVMW MRK XLEX LIV GPEWWQEXIW XSSO LIV WXEXIQIRXW [MXL E PEVKI KVEMR SJ WEPX &YX WYTTSWI.IRLEHFIIREVIGSKRM^IHI\TIVX[LSLEHGSRHYGXIHVIWIEVGLSRXLI MQTEGXSJJEQMP]PIEZISRIQTPS]IIEXXMXYHIWERHFYWMRIWWTVSHYGXMZMX]8LIR LIVPMWXIRIVW[SYPHLEZIJSYRHLIVQYGLQSVIFIPMIZEFPI;L]#&IGEYWIER EYHMIRGItWVIWTSRWIXSEQIWWEKIMWMRZEVMEFP]GSPSVIHF]XLIMVTIVGITXMSRSJ XLIWTIEOIV 8LIQSVIGSQTIXIRXPMWXIRIVWFIPMIZIEWTIEOIVXSFIXLIQSVIPMOIP]XLI] EVI XS EGGITX [LEX LI SV WLI WE]W 0MOI[MWI XLI QSVI PMWXIRIVW FIPMIZI XLEX E WTIEOIV LEW XLIMV FIWX MRXIVIWXW EX LIEVX XLI QSVI PMOIP] XLI] EVI XS VIWTSRH TSWMXMZIP]XSXLIWTIEOIVtWQIWWEKI ;I[MPPGSQIFEGOXSXLMWWYFNIGXMRHIXEMP[LIR[IHIEP[MXLWXVEXIKMIWJSV TIVWYEWMZIWTIEOMRKMR'LETXIV*SVRS[OIITMRQMRHXLEX]SYVPMWXIRIVW [MPPEP[E]WLEZIWSQIWIXSJEXXMXYHIWXS[EVH]SYEWEWTIEOIV)WXMQEXMRK[LEX XLSWI EXXMXYHIW EVI ERH LS[ XLI] [MPP EJJIGX ]SYV WTIIGL MW E GVYGMEP TEVX SJ WMXYEXMSREPEYHMIRGIEREP]WMW
(-7437-8-3283;%6(8,)3''%7-32 -X [EW 'SQQIRGIQIRX (E] EX (SW 4YIFPSW ,MKL 7GLSSP 8LI QSSH [EW JIWXMZI EW XLI ZEPIHMGXSVMERWTSOIIPSUYIRXP]EFSYXXLIWTIGMEPQIQSVMIWSJXLIKVEHYEXMRKGPEWW8LIVI [EWPEYKLXIV[LIRXLITVMRGMTEPVIGSYRXIHE[IPPORS[RTVEROJVSQXLIGPEWWTMGRMG 8LIR8MQ,EVVMRKXSRXLIQE]SVVSWIXSWE]EJI[[SVHWq;LEXETPIEWYVIMXMWXSFI LIVIrLIWEMHq-tQWSTVSYHSJ]SYXLIKVEHYEXIWERH]SYXLITEVIRXW[LSVEMWIHWYGL E XIVVMJMG KVSYT SJ OMHWr ,I GSRXMRYIH MR XLMW ZIMR JSV E GSYTPI QMRYXIW MRXIVVYTXIH F] ETTPEYWIEWLILIETIHTVEMWISRXLIWXYHIRXWXLIMVTEVIRXWXLIMVXIEGLIVWERHXLIMVGSQ QYRMX] 8LIPMWXIRIVWtIRXLYWMEWQJEHIHEW,EVVMRKXSRFIKERXEPOMRKEFSYXXLIXS[RtWKVS[XL MRVIGIRX]IEVW,IWTSOIKPS[MRKP]EFSYXXLIGSRHSQMRMYQWWLSTTMRKGIRXIVWERHSJJMGI FYMPHMRKWXLEXLEHVMWIRSRJSVQIVP]YRYWIHPERH,IMQTPMIHXLEXGMXM^IRW[LS[ERXIHXS WPS[XLITEGISJKVS[XL[IVIWLSVXWMKLXIHERHFEGO[EVHPSSOMRK;LIRLIGSRGPYHIH LI[EWQIX[MXLKVYHKMRKETTPEYWIERHUYMXIEJI[LSWXMPIKPEVIW
3RSXLIVSGGEWMSRW,EVVMRKXSRtWVIQEVOW[SYPHRSXLEZIXSYGLIHSJJWYGL ERIKEXMZIVIWTSRWI&YXKVEHYEXMSRHE][EWYRHIVWXSSHF]XLIEYHMIRGIXSFI E GIPIFVEXSV] SGGEWMSR XLEX JSGYWIH SR XLI WXYHIRXW ERH XLIMV EGLMIZIQIRXW 8LIPEWXXLMRKER]SRII\TIGXIHXSLIEV[EWETSPMXMGEPWTIIGL;LEXERKIVIH XLIEYHMIRGI[EWRSX[LEXXLIQE]SVWEMHFYXXLEXLII\TPSMXIHXLISGGEWMSR JSVLMWS[RTYVTSWIW 2SQEXXIV[LEXXLIWMXYEXMSRPMWXIRIVWLEZIJEMVP]HIJMRMXIMHIEWEFSYXXLI WTIIGLIW XLI] GSRWMHIV ETTVSTVMEXI 7TIEOIVW [LS WIVMSYWP] ZMSPEXI XLSWI I\TIGXEXMSRWGEREPQSWXEP[E]WGSYRXSRMRJYVMEXMRKXLIEYHMIRGI
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7MXYEXMSREPEYHMIRGIEREP]WMW TVSZMHIWGVYGMEPMRJSVQEXMSR XLEXEWTIEOIVGERYWI[LIR TVITEVMRKXLIWTIIGLERH [LIREHETXMRKXSHIZIPST QIRXWHYVMRKXLIWTIIGL
4IVLETW QSWX MQTSVXERX XLI SGGEWMSR [MPP HMGXEXI LS[ PSRK E WTIIGL WLSYPH FI ;LIR ]SY EVI MRZMXIH XS WTIEO XLI GLEMVTIVWSR [MPP YWYEPP] WE] LS[QYGLXMQI]SYLEZIJSV]SYVXEPO-JRSXFIWYVIXSEWO%RHSRGI]SY ORS[TEVIHS[R]SYVWTIIGLWSMXJMXWIEWMP][MXLMRXLIEPPSXXIHXMQI(SRSX I\GIIHXLEXXMQIYRHIVER]GMVGYQWXERGIWJSV]SYEVIPMOIP]XSWII]SYVEYHM IRGI H[MRHPI EW ]SY HVSRI SR 8LMW MWSRIVIEWSR [L] QSWX XIEGLIVW MRWMWX XLEXGPEWWVSSQWTIIGLIWFIOITX[MXLMRXLIHIWMKREXIHXMQIPMQMX-XTVSZMHIW GVYGMEPXVEMRMRKJSVWTIIGLIW]SY[MPPKMZISYXWMHIXLIGPEWWVSSQ 8LIVIEVISXLIVEYHMIRGII\TIGXEXMSRWXLEXETTP]XS]SYVGPEWWVSSQWMXYE XMSR 3RI MW XLEX WTIIGLIW [MPP GSRJSVQ XS XLI EWWMKRQIRX %RSXLIV MW XLEX WTIEOIVW [MPP SFWIVZI ETTVSTVMEXI WXERHEVHW SJ XEWXI ERH HIGSVYQ *EMPYVI XS EHLIVIXSXLIWII\TIGXEXMSRWQE]HMWXYVF]SYVGPEWWQEXIWERH[MPPEPQSWXGIV XEMRP]HEQEKI]SYVKVEHI
+IXXMRK-RJSVQEXMSR%FSYXXLI%YHMIRGI
2S[XLEX]SYORS[[LEXXSPIEVREFSYXEREYHMIRGIXLIRI\XUYIWXMSRMWLS[HS ]SYPIEVRMX#%TIVWSRVYRRMRKJSVLMKLTSPMXMGEPSJJMGIGERVIP]SRLMVIHTVSJIW WMSREPTSPPWXIVW-JEWMWQSVIPMOIP]]SYEVIMRZMXIHWSQIXMQIXSEHHVIWWETEVXMGY PEVKVSYThWE]EQIIXMRKSJXLIPSGEP6SXEV]GPYFhXLITIVWSR[LSMRZMXIW]SYGER YWYEPP]TVSZMHIEKSSHWOIXGLSJXLIEYHMIRGI%WO]SYVGSRXEGX[LIVI]SYGER JMRH SYX QSVI EFSYX XLI KVSYTtW LMWXSV] ERH TYVTSWI &IWX SJ EPP MJ ]SY ORS[ WSQISRI[LSLEWWTSOIRXSXLIWEQIKVSYTFIWYVIXSWSYRHSYXXLEXTIVWSR ;LEX EFSYX ]SYV GPEWWQEXIW EW ER EYHMIRGI# =SY GER PIEVR E PSX EFSYX XLIQ NYWX F] SFWIVZEXMSR ERH GSRZIVWEXMSR 7XMPP ]SY TVSFEFP] [MPP RIIH XS
+IXXMRK-RJSVQEXMSR%FSYXXLI%YHMIRGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
JM\IHEPXIVREXMZI UYIWXMSRW 5YIWXMSRWXLEXSJJIVEJM\IH GLSMGIFIX[IIRX[SSVQSVI EPXIVREXMZIW
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
WGEPIUYIWXMSRW 5YIWXMSRWXLEXVIUYMVI VIWTSRWIWEXJM\IHMRXIVZEPW EPSRKEWGEPISJERW[IVW
&]PMQMXMRKXLITSWWMFPIVIWTSRWIWWYGLUYIWXMSRWTVSHYGIGPIEVYREQFMKYSYW ERW[IVW 8LI] EPWS XIRH XS ]MIPH WYTIVJMGMEP ERW[IVW 3XLIV XIGLRMUYIW EVI RIIHIHXSKIXFIRIEXLXLIWYVJEGI 7GEPI UYIWXMSRW VIWIQFPI JM\IHEPXIVREXMZI UYIWXMSRW FYX XLI] EPPS[ QSVI PII[E]MRVIWTSRHMRK*SVI\EQTPI ,S[SJXIRHS]SYFIPMIZIXLIMRWERMX]TPIEMWYWIHMR97GSYVXGEWIW# :IV]WIPHSQ
STIRIRHIHUYIWXMSRW 5YIWXMSRWXLEXEPPS[ VIWTSRHIRXWXSERW[IVLS[IZIV XLI][ERX
:IV]SJXIR
5YIWXMSRWPMOIXLIWIEVIIWTIGMEPP]YWIJYPJSVKIXXMRKEXXLIWXVIRKXLSJEVIWTSR HIRXtWEXXMXYHIW 3TIRIRHIHUYIWXMSRWKMZIQE\MQYQPII[E]MRVIWTSRHMRK*SVI\EQTPI ;LEXMW]SYVSTMRMSREFSYXXLIMRWERMX]TPIEMR97GSYVXGEWIW# 9RHIV[LEXGMVGYQWXERGIWHS]SYXLMROXLIMRWERMX]TPIEMWPIKMXMQEXIMREGVMQMREPXVMEP#
%PXLSYKLSTIRIRHIHUYIWXMSRWMRZMXIQSVIHIXEMPIHVIWTSRWIWXLERXLISXLIV X[SX]TIWSJUYIWXMSRWXLI]EPWSMRGVIEWIXLIPMOIPMLSSHSJKIXXMRKERW[IVWXLEX HSRSXKMZIXLIOMRHSJMRJSVQEXMSR]SYRIIH &IGEYWIIEGLX]TISJUYIWXMSRLEWMXWEHZERXEKIWERHHMWEHZERXEKIWQER] UYIWXMSRREMVIWGSRXEMREPPXLVIIX]TIW*MKYVI TEKI WLS[WEUYIWXMSR REMVIXLEX[EWHMWXVMFYXIHFIJSVIEGPEWWVSSQWTIIGLSRZSPYRXIIVMRK&]YWMRK EPPXLVIIX]TIWSJUYIWXMSRWXLIWTIEOIVHMHX[SXLMRKWhIPMGMXIHWTIGMJMGMRJSV QEXMSREFSYXXLIEYHMIRGIERHTVSFIHQSVIHIITP]MRXSXLIMVEXXMXYHIWXS[EVH XLIWTIIGLXSTMG8LIVIWYPXWFVSOIHS[REWJSPPS[W 6SYKLP]LEPJSJXLIGPEWWLEHTEVXMGMTEXIHEWEZSPYRXIIV8LIVIJSVIXLI WTIEOIVORI[WLI[SYPHLEZIXSI\TPEMRGPIEVP][LEX[EWMRZSPZIHMRXLMWOMRH SJ[SVO *MZI WXYHIRXW ORI[ WSQISRI GPSWI XS XLIQ [LS LEH FIRIJMXIH JVSQ ZSPYRXIIV [SVO F] E GSQQYRMX] VIPMKMSYW SV GLEVMXEFPI SVKERM^EXMSR QSWX WEMHXLI][IVIRSXWYVI8LYWXLIWTIEOIVGSYPHRSXHITIRHSRELMKLHIKVII SJTIVWSREPMRZSPZIQIRXEQSRKXLIEYHMIRGI
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
UYIWXMSRWIWXEFPMWL XLIPMWXIRIVWtPIZIPSJ ORS[PIHKIEFSYXERH HIKVIISJMRZSPZIQIRX [MXLXLIXSTMG
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
,EZI]SYIZIVIRKEKIHMRZSPYRXIIV[SVOJSVE GSQQYRMX]VIPMKMSYWSVGLEVMXEFPISVKERM^EXMSR# =IW 2S
JVSQXLIZSPYRXIIV[SVOSJEGSQQYRMX] VIPMKMSYWSVGLEVMXEFPISVKERM^EXMSR#
8LMWWGEPIUYIWXMSRMW HIWMKRIHXSWLS[XLI EXXMXYHIWSJPMWXIRIVW [LSLEZITEVXMGMTEXIH MRZSPYRXIIV[SVO
%RSXLIVWGEPIUYIWXMSR KEYKIWXLIPMWXIRIVWt WIRWISJWSGMEP SFPMKEXMSR
8[SSTIRIRHIH UYIWXMSRWLIPT KEYKIXLIPMWXIRIVWt HMWTSWMXMSRXS[EVH ZSPYRXIIV[SVO 8LIPEWXUYIWXMSRMW IWTIGMEPP]MQTSVXERX MWWYIWXLIWTIEOIV RIIHWXSEHHVIWWJSV PMWXIRIVW[LSLEZI RSXIRKEKIHMR ZSPYRXIIV[SVO
=IW 2S 2SXWYVI -J]SYLEZIIRKEKIHMRZSPYRXIIV[SVOLS[ [SYPH]SYVEXIXLII\TIVMIRGI# :IV]VI[EVHMRK 7SQI[LEXVI[EVHMRK 2IYXVEP 7SQI[LEXYRVI[EVHMRK :IV]YRVI[EVHMRK (S]SYEKVIISVHMWEKVII[MXLXLIJSPPS[MRK WXEXIQIRX#8SXLII\XIRXTSWWMFPITISTPILEZI ERSFPMKEXMSRXSLIPTXLSWIMRPIWWJSVXYREXI GMVGYQWXERGIW 7XVSRKP]EKVII 1MPHP]EKVII 9RHIGMHIH 1MPHP]HMWEKVII 7XVSRKP]HMWEKVII -J]SYLEZI[SVOIHEWEZSPYRXIIVHS]SYTPER XSHSWSEKEMR#;L]SV[L]RSX# -J]SYLEZIRSX[SVOIHEWEZSPYRXIIV[LEXMW ]SYVQENSVVIEWSRJSVRSXHSMRKWS#4PIEWI I\TPEMR
d*-+96) 7EQTPI5YIWXMSRREMVI
% PP FYX SRI SJ XLI WXYHIRXW [LS LEH IRKEKIH MR ZSPYRXIIV [SVO VEXIH MX qZIV]VI[EVHMRKrSVqWSQI[LEXVI[EVHMRKr2SXSRP][SYPHXLMWTSVXMSRSJXLI EYHMIRGIFIMRGPMRIHXSWYTTSVXXLIWTIEOIVtWTSWMXMSRFYXXLIWTIEOIVGSYPHTSMRX XSXLIMVEXXMXYHIEWTVSSJXLEX[SVOEWEZSPYRXIIVMWEVI[EVHMRKI\TIVMIRGI 2 IEVP]TIVGIRXSJXLIVIWTSRHIRXWIMXLIVqWXVSRKP]EKVIIHrSVqQMPHP] EKVIIHrXLEXTISTPILEZIERSFPMKEXMSRXSLIPTXLSWIMRPIWWJSVXYREXIGMVGYQ WXERGIW8LIWTIEOIVGSYPHXLIVIJSVIHITIRHSREREYHMIRGIJEZSVEFP]MRGPMRIH XSXLIFEWMGTVIQMWIYRHIVP]MRKZSPYRXIIV[SVO % RW[IVWXSXLIJMJXLUYIWXMSRhq-J]SYLEZI[SVOIHEWEZSPYRXIIVHS ]SYTPERXSHSWSEKEMR#;L]SV[L]RSX#rh[IVIMRXIVIWXMRK%PPXLIVIWTSR HIRXWMRHMGEXIHXLEXXLI]TPERRIHXSIRKEKIMRZSPYRXIIV[SVOEKEMRFYXQSWX
+IXXMRK-RJSVQEXMSR%FSYXXLI%YHMIRGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WEMHXLI][IVIRSXPMOIP]XSHSWS[LMPIMRGSPPIKIFIGEYWIXLI][IVIXSSFYW] [MXLSXLIVEGXMZMXMIW 2IEVP] TIVGIRXSJXLIWXYHIRXW[LSLEHRSXIRKEKIHMRZSPYRXIIV[SVO WXEXIHXLEXXLIMVQENSVVIEWSRJSVRSXHSMRKWS[EWEPEGOSJXMQI-RGSQFMREXMSR [MXLXLIERW[IVWXSUYIWXMSRXLIWIVIWTSRWIWWLS[IHXLEXXLIWTIEOIV[SYPH LEZIXSHIEPTIVWYEWMZIP][MXLXLIXMQIMWWYIMJWLI[IVIXSFIWYGGIWWJYPMRGSR ZMRGMRKTISTPIXSZSPYRXIIV[LMPIXLI][IVIIRVSPPIHMRWGLSSP
GSRRIGXPYGEWGSQ =SYGERGVIEXI]SYVS[RGPEWW WYVZI]F]YWMRKXLI5YIWXMSR REMVI1EOIVMRXLISRPMRI 7TIIGL8SSPWJSVXLMWGLETXIV
8LMW UYIWXMSRREMVI VIZIEPIH E KVIEX HIEP EFSYX XLI PMWXIRIVWt ORS[PIHKI EXXMXYHIWERHGSRGIVRW-RTYXXMRKXSKIXLIV]SYVS[RUYIWXMSRREMVIOIITXLI JSPPS[MRKTVMRGMTPIWMRQMRH 4PER XLI UYIWXMSRREMVI GEVIJYPP] XS IPMGMX TVIGMWIP] XLI MRJSVQEXMSR ]SY RIIH 9WIEPPXLVIIX]TIWSJUYIWXMSRWhJM\IHEPXIVREXMZIWGEPIERHSTIRIRHIH 1EOIWYVIXLIUYIWXMSRWEVIGPIEVERHYREQFMKYSYW /IITXLIUYIWXMSRREMVIVIPEXMZIP]FVMIJ
%HETXMRKXSXLI%YHMIRGI 3RGI]SYLEZIGSQTPIXIHXLIEYHMIRGIEREP]WMW]SYWLSYPHLEZIETVIXX]GPIEV TMGXYVISJ]SYVPMWXIRIVW&YXXLMWHSIWRSXKYEVERXIIEWYGGIWWJYPWTIIGL8LI OI] MW LS[ [IPP ]SY YWI [LEX ]SY ORS[ MR TVITEVMRK ERH TVIWIRXMRK XLI WTIIGL 8LMW TSMRX HIWIVZIW WTIGMEP EXXIRXMSR FIGEYWI MX TSWIW SRI SJ XLI LEVHIWX XEWOWJEGMRKRSZMGIWTIEOIVW1SWXTISTPIGERMHIRXMJ]XLIQENSVGLEVEGXIVMWXMGW SJXLIMVEYHMIRGIFYXQER]LEZIXVSYFPIEHETXMRKXLIMVMHIEWXSXLIEYHMIRGI 8LIVI EVI X[S QENSV WXEKIW MR XLI TVSGIWW SJ EYHMIRGI EHETXEXMSR 8LI JMVWX SGGYVWFIJSVIXLIWTIIGLEWTEVXSJ]SYVTVITEVEXMSRERHVILIEVWEP8LIWIGSRH SGGYVWHYVMRKXLITVIWIRXEXMSRSJXLIWTIIGLMXWIPJ
%9(-)2')%(%48%8-32&)*36)8,)74))', GSRRIGXPYGEWGSQ :MI[LS[XLIWTIEOIVWMR :MHIS'PMTWERHYWIH EYHMIRGIEREP]WMWUYIWXMSR REMVIWMRXLIMVWTIIGLIW :MHIS 'PMTMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV
%W[ILEZIWIIR]SYQYWXOIIT]SYVEYHMIRGIMRQMRHEXIZIV]WXEKISJWTIIGL TVITEVEXMSR8LMWMRZSPZIWQSVIXLERWMQTP]VIQIQFIVMRK[LS]SYVPMWXIRIVW [MPPFI%FSZIEPPMXQIERWX[SXLMRKW EWWIWWMRKLS[]SYVEYHMIRGIMWPMOIP] XSVIWTSRHXS[LEX]SYWE]MR]SYVWTIIGLERH EHNYWXMRK[LEX]SYWE]XS QEOIMXEWGPIEVETTVSTVMEXIERHGSRZMRGMRKEWTSWWMFPI 8LMWMWRSXEP[E]WIEW]XSHS;IEVIEPPWS[VETTIHYTMRSYVS[RMHIEWERH GSRGIVRWXLEX[ILEZIXVSYFPIWIIMRKXLMRKWJVSQSXLIVTISTPItWTIVWTIGXMZIh IWTIGMEPP]MJXLIMVTIVWTIGXMZIMWUYMXIHMJJIVIRXJVSQSYVW8SWXIT SYXWMHI]SYV S[RJVEQISJVIJIVIRGIERHWIIXLMRKWJVSQERSXLIVTIVWSRtWTSMRXSJZMI[MWE VIEPEGLMIZIQIRX =IXXLMWMW[LEXEWYGGIWWJYPWTIEOIVIZIRXYEPP]PIEVRWXSHS=SYQYWXWYF QIVKI]SYVS[RZMI[WWSGSQTPIXIP]XLEX]SYGEREHSTXXIQTSVEVMP]XLSWISJ ]SYVPMWXIRIVW;LIR]SYHSXLMW]SY[MPPFIKMRXSLIEV]SYVWTIIGLXLVSYKL XLIIEVWSJ]SYVEYHMIRGIERHXSEHNYWXMXEGGSVHMRKP]8V]XSMQEKMRI[LEXXLI]
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-RTSPMXMGEPGEQTEMKRWTSPP XEOMRKLIPTWXLIGERHMHEXIW OIITXVEGOSJTYFPMGSTMRMSR *SVGPEWWVSSQWTIIGLIW]SY GERYWIEREYHMIRGIEREP]WMW UYIWXMSRREMVIXSKEYKIXLI ORS[PIHKIERHSTMRMSRWSJ ]SYVPMWXIRIVW
[MPP PMOI [LEX XLI] [MPP HMWPMOI [LIVI XLI] [MPP LEZI HSYFXW SV UYIWXMSRW [LIXLIV XLI] [MPP RIIH QSVI HIXEMPW LIVI SV JI[IV XLIVI [LEX [MPP MRXIVIWX XLIQERH[LEX[MPPRSX %XIZIV]TSMRX]SYQYWXERXMGMTEXILS[]SYVEYHMIRGI[MPPVIWTSRH,S[ [MPP XLI] VIEGX XS ]SYV MRXVSHYGXMSR ERH GSRGPYWMSR# ;MPP XLI] JMRH ]SYV I\EQTPIW GPIEV ERH GSRZMRGMRK# ;MPP ]SYV ZMWYEP EMHW LIPT XLIQ KVEWT ]SYV MHIEW#,S[[MPPXLI]VIWTSRHXS]SYVPERKYEKIERHQERRIVSJHIPMZIV]#%W]SY ERW[IVXLIWIUYIWXMSRWGSRWGMSYWP]MHIRXMJ][MXL]SYVPMWXIRIVW4YX]SYVWIPJMR XLIMVTPEGIERHVIWTSRHXS]SYVWTIIGLEWXLI][SYPH ,IVIMWLS[SRIWXYHIRX[SVOIHSYXLMWTVSFPIQWSJEYHMIRGIEHETXEXMSR .YER6YM^ENYRMSVKISPSK]QENSVHIGMHIHXSKMZIERMRJSVQEXMZIWTIIGLEFSYXLS[ IEVXLUYEOIWSGGYV*VSQLMWEYHMIRGIEREP]WMWLIPIEVRIHXLEXSRP]X[SSVXLVIISJLMWGPEWW QEXIWORI[QYGLSJER]XLMRKEFSYXKISPSK]8SQSWXSJXLIQEXIGXSRMGTPEXI[SYPHFI JSYRHSREHMRRIVXEFPIVEXLIVXLERFIPS[XLIWYVJEGISJXLIIEVXL.YERVIEPM^IHXLIRXLEX LIQYWXTVIWIRX LMWWTIIGL EXERIPIQIRXEV]PIZIPERH[MXL E QMRMQYQ SJWGMIRXMJMGPER KYEKI %WLITVITEVIHXLIWTIIGL.YEROITXEWOMRKLMQWIPJq,S[GER-QEOIXLMWGPIEVERH QIERMRKJYPXSWSQISRI[LSORS[WRSXLMRKEFSYXIEVXLUYEOIWSVKISPSKMGEPTVMRGMTPIW#r 7MRGILI[EWWTIEOMRKMRXLI1MH[IWXLIHIGMHIHXSFIKMRF]RSXMRKXLEXXLIQSWXWIZIVI IEVXLUYEOIMR%QIVMGERLMWXSV]XSSOTPEGIRSXMR'EPMJSVRMESV%PEWOEFYXEX2I[1EHVMH 1MWWSYVMMR -JWYGLERIEVXLUYEOILETTIRIHXSHE]MX[SYPHFIJIPXJVSQXLI6SGO] 1SYRXEMRW XS XLI %XPERXMG 3GIER ERH [SYPH JPEXXIR QSWX SJ XLI GMXMIW MR XLI 1MWWMWWMTTM :EPPI]8LEXLIJMKYVIHWLSYPHKIXLMWGPEWWQEXIWtEXXIRXMSR 8LVSYKLSYX XLI FSH] SJ XLI WTIIGL .YER HIEPX SRP] [MXL XLI FEWMG QIGLERMGW SJ IEVXLUYEOIWERHGEVIJYPP]EZSMHIHXIGLRMGEPXIVQWWYGLEWqEWXLIRSWTLIVIrqPMXLSWTLIVIr ERHqWYFHYGXMSR^SRIWr,IEPWSTVITEVIHZMWYEPEMHWHMEKVEQQMRKJEYPXPMRIWWSLMWGPEWW QEXIW[SYPHRtXKIXGSRJYWIH
%HETXMRKXSXLI%YHMIRGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8SFIEFWSPYXIP]WEJI.YEREWOIHLMWVSSQQEXIh[LS[EWRSXEKISPSK]QENSVhXS PMWXIRXSXLIWTIIGLq7XSTQIrLIWEMHqER]XMQI-WE]WSQIXLMRK]SYHSRtXYRHIVWXERHr .YERtWVSSQQEXIWXSTTIHLMQJSYVXMQIWERHEXIEGLWTSX.YER[SVOIHSYXE[E]XSQEOI LMWTSMRXQSVIGPIEVP]*MREPP]LILEH EWTIIGLXLEX[EWMRXIVIWXMRKERHTIVJIGXP]YRHIV WXERHEFPIXSLMWEYHMIRGI
%W ]SY [SVO SR ]SYV WTIIGLIW XV] XS OIIT ]SYV PMWXIRIVW GSRWXERXP] MR QMRH%RXMGMTEXILS[XLI][MPPVIWTSRHXS]SYVMHIEW&IGVIEXMZIMRXLMROMRK EFSYX [E]W XS EHETX ]SYV QIWWEKI XS XLIQ 0MOI .YER ]SY [MPP KMZI E QYGL FIXXIVWTIIGL
%9(-)2')%(%48%8-32(96-2+8,)74))', 2SQEXXIVLS[LEVH]SYTVITEVIELIEHSJXMQIXLMRKWQE]RSXKSI\EGXP]EW TPERRIHSRXLIHE]SJ]SYVWTIIGL*SVWTIIGLIWMRXLIGPEWWVSSQ]SYQE]JMRH XLEXXLITVSNIGXSVJSV]SYVZMWYEPEMHWMWRSXEZEMPEFPISVXLEXERSXLIVWXYHIRX LEWXLIWEQIXSTMGEW]SY*SVWTIIGLIWSYXWMHIXLIGPEWWVSSQ]SYQMKLXPIEVR XLEX XLI VSSQ JSV ]SYV WTIIGL LEW FIIR GLERKIH XLEX XLI EYHMIRGI [MPP FI QYGLPEVKIV SVWQEPPIV XLER]SYLEHERXMGMTEXIHSVIZIRXLEXXLIEQSYRXSJ XMQIEZEMPEFPIJSV]SYVWTIIGLLEWFIIRGYXMRLEPJFIGEYWIETVIZMSYWWTIEOIV LEWHVSRIHSRJSVXSSPSRK -JWSQIXLMRKPMOIXLMWLETTIRWXS]SYHSRtXTERMG*MRHERSXLIV[E]XS TVIWIRX ]SYV ZMWYEP EMHW 1SHMJ] ]SYV MRXVSHYGXMSR XS QIRXMSR XLI SXLIV WXYHIRXt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qIGSRSQMGWMQFIGMPIr 3R XLIHE]SJ 1]PEtW WTIIGL IZIV]XLMRK[IRX[IPPYRXMPWLI KSXXSLIVWIGSRH QEMR TSMRX[LIRWLIRSXMGIHXLEXWIZIVEPSJLIVGPEWWQEXIWWIIQIHTY^^PIHF]XLIVIPEXMSRWLMT FIX[IIRMRXIVREXMSREPXVEHIHIJMGMXWERHXLI97GSWXSJPMZMRK/RS[MRKXLI][SYPHFIPSWX JSVXLIVIWXSJXLIWTIIGLMJXLI]HMHRtXYRHIVWXERHXLEXVIPEXMSRWLMT1]PETEYWIHERHWEMH q-GERWIIWSQISJ]SYEVIGSRJYWIHF]Q]I\TPEREXMSR0IXQIXV]MXEKEMRJVSQEHMJJIVIRX ERKPIr %W1]PE[IRXXLVSYKLXLIQEXIVMEPEKEMRWLIGSYPHWIILIVGPEWWQEXIWRSHHMRKXLIMV LIEHWMRYRHIVWXERHMRK7LIGSYPHRS[KSSR[MXLLIVWTIIGLGSRJMHIRXXLEXLIVEYHM IRGI[EWVIEH]XSKS[MXLLIV
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%HETXMRKXS]SYVEYHMIRGIMWSRISJXLIQSWXMQTSVXERXOI]WXSWYGGIWWJYP TYFPMGWTIEOMRK0MOISXLIVEWTIGXWSJWTIIGLQEOMRKMXMWWSQIXMQIWIEWMIVWEMH XLER HSRI &YX SRGI ]SY QEWXIV MX ]SYtPP WII XLEX MX TE]W HMZMHIRHW MR QSVI TIVWSREPJEGIXWSJ]SYVPMJIh[LIR]SYEHETXXSEREYHMIRGISJSRI
7911%6=
+SSHWTIEOIVWEVIEYHMIRGIGIRXIVIH8LI]ORS[XLEXXLIEMQSJWTIIGLQEOMRKMW XS KEMR E HIWMVIH VIWTSRWI JVSQ PMWXIRIVW ;LIR [SVOMRK SR ]SYV WTIIGLIW OIIT XLVIIUYIWXMSRWMRQMRH 8S[LSQEQ-WTIEOMRK#;LEXHS-[ERXXLIQXSORS[ FIPMIZISVHSEWEVIWYPXSJQ]WTIIGL#;LEXMWXLIQSWXIJJIGXMZI[E]SJGSQTSWMRK ERHTVIWIRXMRKQ]WTIIGLXSEGGSQTPMWLXLEXEMQ# 8SFIERIJJIGXMZIWTIEOIV]SYWLSYPHORS[WSQIXLMRKEFSYXXLITW]GLSPSK]SJ EYHMIRGIW 4ISTPI EVI IKSGIRXVMG 8LI] X]TMGEPP] ETTVSEGL WTIIGLIW [MXL SRI UYIW XMSR YTTIVQSWX MR QMRH q;L] MW XLMW MQTSVXERX XS QI#r 8LIVIJSVI ]SY RIIH XS WXYH]]SYVEYHMIRGIERHEHETX]SYVWTIIGLHMVIGXP]XSXLIMVFIPMIJWERHMRXIVIWXW 8LIJMVWXWXEKIMRPIEVRMRKEFSYX]SYVEYHMIRGIMWXSMHIRXMJ]HIQSKVETLMGXVEMXW WYGL EW EKI KIRHIV WI\YEP SVMIRXEXMSR VIPMKMSR KVSYT QIQFIVWLMT ERH VEGMEP IXLRMG SV GYPXYVEP FEGOKVSYRH 8LI WIGSRH WXEKI MW MHIRXMJ]MRK XVEMXWSJ XLI EYHM IRGIYRMUYIXSXLIWTIEOMRKWMXYEXMSR8LIWIXVEMXWMRGPYHIXLIWM^ISJXLIEYHMIRGI EXXMXYHIWMRJPYIRGIHF]XLITL]WMGEPWIXXMRKERH]SYVPMWXIRIVWtHMWTSWMXMSRXS[EVH XLIXSTMGXS[EVH]SYEWEWTIEOIVERHXS[EVHXLISGGEWMSR *SV WTIIGLIW SYXWMHI XLI GPEWWVSSQ ]SY GER FIWX KIX MRJSVQEXMSR EFSYX XLI EYHMIRGIF]EWOMRKXLITIVWSR[LSMRZMXIW]SYXSWTIEO *SVGPEWWVSSQWTIIGLIW ]SYGERPIEVREFSYX]SYVEYHMIRGIF]SFWIVZEXMSRERHGSRZIVWEXMSR=SYEPWSGER GMVGYPEXIEREYHMIRGIEREP]WMWUYIWXMSRREMVI 3RGI ]SY GSQTPIXI XLI EYHMIRGI EREP]WMW ]SY QYWX EHETX ]SYV WTIIGL WS MX [MPPFIGPIEVERHGSRZMRGMRKXS]SYVPMWXIRIVW4YX]SYVWIPJMRXLIMVTPEGI8V]XSLIEV XLI WTIIGL EW XLI] [MPP %RXMGMTEXI UYIWXMSRW ERH SFNIGXMSRW ERH XV] XS ERW[IV XLIQ MR EHZERGI ;LIR ]SY HIPMZIV ]SYV WTIIGL OIIT ER I]I SYX JSV EYHMIRGI JIIHFEGOERHEHNYWX]SYVVIQEVOWMRVIWTSRWI
/)=8)617
EYHMIRGIGIRXIVIHRIWW
WMXYEXMSREPEYHMIRGIEREP]WMW
MHIRXMJMGEXMSR
EXXMXYHI
IKSGIRXVMWQ
JM\IHEPXIVREXMZIUYIWXMSRW
HIQSKVETLMGEYHMIRGIEREP]WMW
WGEPIUYIWXMSRW
WXIVISX]TMRK
STIRIRHIHUYIWXMSRW
6):-);59)78-327
%JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;L]QYWXETYFPMGWTIEOIVFIEYHMIRGIGIRXIVIH# ;LEX HSIW MXQIER XS WE] XLEX TISTPIEVIIKSGIRXVMG# ;LEX MQTPMGEXMSRW HSIW XLIIKSGIRXVMWQSJEYHMIRGIWLSPHJSV]SYEWETYFPMGWTIEOIV#
6IZMI[5YIWXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LEXEVIXLIWM\HIQSKVETLMGXVEMXWSJEYHMIRGIWHMWGYWWIHMRXLMWGLETXIV#;L] MWIEGLMQTSVXERXXSEYHMIRGIEREP]WMW# ;LEXMWWMXYEXMSREPEYHMIRGIEREP]WMW#;LEXJEGXSVWHS]SYRIIHXSGSRWMHIVMR WMXYEXMSREPEYHMIRGIEREP]WMW# ,S[GER]SYKIXMRJSVQEXMSREFSYXEREYHMIRGI# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;LEXEVIXLIXLVIIOMRHWSJUYIWXMSRWYWIHMRUYIWXMSRREMVIW#;L]MWMXEKSSH MHIEXSYWIEPPXLVIIMREYHMIRGIEREP]WMW# ;LEX QIXLSHW GER ]SY YWIXS EHETX ]SYV WTIIGL XS]SYVEYHMIRGIFIJSVI XLI WTIIGL#(YVMRKXLIWTIIGL#
)<)6'-7)7*36'6-8-'%08,-2/-2+ %HZIVXMWIVW EVI YWYEPP] ZIV] GSRWGMSYW SJ XLIMV EYHMIRGI 'LSSWI ER MWWYI SJ E TSTYPEVQEKE^MRIWYGLEW8MQI2I[W[IIO7TSVXW-PPYWXVEXIH'SWQSTSPMXERSVXLI PMOI*VSQXLEXMWWYIWIPIGXJMZIEHZIVXMWIQIRXWXSEREP]^I8V]XSHIXIVQMRIXLI EYHMIRGIFIMRKETTIEPIHXSMRIEGLEHZIVXMWIQIRXERHEREP]^IXLIETTIEPW ZIV FEPERHZMWYEP YWIHXSTIVWYEHIFY]IVW,S[QMKLXXLIETTIEPWHMJJIVMJXLIEHW [IVIHIWMKRIHXSTIVWYEHIEHMJJIVIRXEYHMIRGI# &IPS[EVIXLVIIKIRIVEPWTIIGLXSTMGWERHJSVIEGLX[SL]TSXLIXMGEPEYHMIRGIW XS [LMGL E WTIIGL QMKLX FI HIPMZIVIH *SV IEGL XSTMG [VMXI E FVMIJ TEVEKVETL I\TPEMRMRKLS[]SYQMKLXEHNYWX]SYVWTIGMJMGTYVTSWIERHQIWWEKIEGGSVHMRK XSXLIHIQSKVETLMGGLEVEGXIVMWXMGWSJXLIEYHMIRGI
E 8STMG
q(EXE)RGV]TXMSRr
%YHMIRGI GSQTYXIVWGMIRGIQENSVW TL]WMGWQENSVW JMRIEVXWQENSVW
%YHMIRGI FYWMRIWWQENSVW LMWXSV]QENSVW GSQTYXIVWGMIRGI QENSVW
F 8STMG
q7I\YEP%WWEYPX 8LI&MKKIWX'EQTYW'VMQIr
%YHMIRGI JIQEPI QEPI %YHMIRGI QEPI JIQEPI
G 8STMG
q8LI*EPPSJXLI&IVPMR;EPPr
%YHMIRGI (E]GPEWW EKI XS EKIERHSZIV %YHMIRGI )ZIRMRKGPEWW EKIERHSZIV EKIXS EKI XS
*SV]SYVRI\XWTIIGLHIWMKRERHGMVGYPEXIEQSRK]SYVGPEWWQEXIWEREYHMIRGI EREP]WMWUYIWXMSRREMVIPMOIXLEXHMWGYWWIHSRTEKIW i9WIEPPXLVIIOMRHW SJ UYIWXMSRW I\TPEMRIH MR XLI XI\X JM\IHEPXIVREXMZI WGEPI ERH STIRIRHIH %JXIV ]SY LEZI XEFYPEXIH XLI VIWYPXW SJ XLI UYIWXMSRREMVI [VMXI ER EREP]WMW I\TPEMRMRK[LEXXLIUYIWXMSRREMVIVIZIEPWEFSYX]SYVEYHMIRGIERH[LEXWXITW ]SYQYWXXEOIXSEHETX]SYVWTIIGLXSXLIEYHMIRGI
',%48)6 %2%0=>-2+8,)%9(-)2')
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
%REP]^MRKXLI%YHMIRGI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
%WERIGSRSQMGWTVSJIWWSV]SYVVIWIEVGL[VMXMRKERHXIEGLMRKSRXLI7SGMEP7IGY VMX] W]WXIQ LEW EXXVEGXIH QIHME EXXIRXMSR 4ISTPI WIIQ TEVXMGYPEVP] MRXIVIWXIH MR ]SYVWGLSPEVP]STMRMSRFIGEYWI]SYWYTTSVXTVSTSWEPWXLEX[SYPHEPPS[[SVOIVWXS MRZIWXTEVX SJ XLIMV 7SGMEP 7IGYVMX] GSRXVMFYXMSRW MR TIVWSREP VIXMVIQIRXEGGSYRXW %[EVI SJ ]SYV TIVWTIGXMZI XLI PSGEP 6SXEV] GPYF LEW MRZMXIH ]SY XS WTIEO SR XLI WYFNIGXEXXLIGPYFtW[IIOP]QIIXMRK ,EZMRKXEOIRETYFPMGWTIEOMRKGPEWWMRGSPPIKI]SYORS[LS[MQTSVXERXMXMW XS EREP]^I XLI EYHMIRGI ]SY [MPP FI EHHVIWWMRK 8S TVITEVI JSV ]SYV WTIIGL ]SY LEZI EVVERKIH E XIPITLSRI MRXIVZMI[ [MXL XLI GPYFtW TVIWMHIRX XS JMRH SYX QSVI EFSYX]SYVEYHMIRGI0MWX XLIX[SQSWXMQTSVXERXUYIWXMSRW]SY[ERXXSEWOXLI TVIWMHIRXEFSYXXLIHIQSKVETLMGWSJ]SYVEYHMIRGIERH XLIX[SQSWXMQTSV XERX UYIWXMSRW ]SY [ERX XS EWO EFSYX XLI WMXYEXMSREP XVEMXW SJ ]SYV EYHMIRGI &I WTIGMJMGMR]SYVUYIWXMSRWERHFITVITEVIHMJRIGIWWEV]XSI\TPEMR]SYVGLSMGISJ UYIWXMSRW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
+EXLIVMRK1EXIVMEPW 9WMRK=SYV3[R/RS[PIHKIERH)\TIVMIRGI (SMRK0MFVEV]6IWIEVGL 0MFVEVMERW 8LI'EXEPSKYI 4IVMSHMGEP(EXEFEWIW 2I[WTETIVW 6IJIVIRGI;SVOW
7IEVGLMRKXLI-RXIVRIX 7IEVGL)RKMRIW 7TIGMEPM^IH6IWIEVGL6IWSYVGIW )ZEPYEXMRK-RXIVRIX(SGYQIRXW
-RXIVZMI[MRK &IJSVIXLI-RXIVZMI[ (YVMRKXLI-RXIVZMI[ %JXIVXLI-RXIVZMI[
8MTWJSV(SMRK6IWIEVGL 7XEVX)EVP] 1EOIE4VIPMQMREV]&MFPMSKVETL] 8EOI2SXIW)JJMGMIRXP] 8LMRO%FSYX=SYV1EXIVMEPWEW=SY6IWIEVGL
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
YTTSWI]SYEVITPERRMRKEXVMTXS7TEMR=SY[ERXXSORS[XLIQENSVWMXIW WS]SYGER[SVOSYXERMXMRIVEV]=SYEPWSRIIHXSORS[[LEXXLMRKW[MPP GSWX [LIVI XLI LSWXIPW EVI PSGEXIH ERH LS[ XLI XVEMR ERH FYW W]WXIQW [SVO,S[HS]SYKSEFSYXKEXLIVMRKEPPXLMWMRJSVQEXMSR# =SY GER XEPO XS TISTPI [LS LEZI XVEZIPIH MR 7TEMR ERH KIX MHIEW JVSQ XLIQ=SYGERGSRWYPXKYMHIFSSOW=SYGERWIEVGLXLI-RXIVRIXJSVMRJSVQE XMSR-J]SYLEZIXVEZIPIHXS)YVSTIFIJSVI]SYGERHVE[SRXLEXI\TIVMIRGI 7MRGI]SY[ERX]SYVXVMTXSFIEWYGGIWW]SYKEXLIVEWQYGLMRJSVQEXMSREW ]SYGERFIJSVI]SYPIEZI +EXLIVMRK QEXIVMEPW JSV E WTIIGL MW PMOI KEXLIVMRK MRJSVQEXMSR JSV ER] TVSNIGX8LIVIEVIQER]VIWSYVGIWEZEMPEFPIMJ]SYXEOIEHZERXEKISJXLIQ=SY GERMRXIVZMI[TISTPI[MXLWTIGMEPM^IHORS[PIHKI=SYGERHSVIWIEVGLSRXLI -RXIVRIXSVMRXLIPMFVEV]7SQIXMQIW]SYGERYWI]SYVWIPJEWEVIWSYVGIh[LIR IZIV ]SY LEZI TIVWSREP I\TIVMIRGI SV EFSZIEZIVEKI ORS[PIHKI EFSYX E WYF NIGX0IXtWXYVRJMVWXXSXLIVIWSYVGISJ]SYVS[RI\TIVMIRGI
7
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hMRGPYHMRKQ]MRWYPMRh[IVIW[EP PS[IHYTF]XLIVMZIV;MXLSYXMRWYPMR-GSYPHRSXIEXER]JSSHJSVMJ-HMHQ]FPSSHWYKEV PIZIP[SYPHFIGSQIXSSLMKLERH-GSYPHIZIRXYEPP]KSMRXSGSRZYPWMSRWWPMTMRXSEGSQE ERHHMI;IVIXYVRIHFEGOYTXLI%QE^SRERHXVEZIPIHXLVIIHE]WYRXMP[IVIEGLIHXLI JMVWXZMPPEKIERH-GSYPHVEHMSJSVQSVIQIHMGMRI-[EWLSXERHLYRKV]FYXEPMZI
8LMW WTIIGL LEW GSPSV ERH IQSXMSR &] HVE[MRK SR LMW S[R I\TIVMIRGI XLI WTIEOIV GSRZI]IH LMW TSMRX QYGL QSVI QIERMRKJYPP] XLER LI GSYPH LEZI MR ER]SXLIV[E] )ZIR MJ ]SYV PMJI WXSVMIW EVI RSX XLEX HVEQEXMG ]SY GER WXMPP TYX XLIQ XS [SVOJSV]SY&]XLMROMRKSZIV]SYVTEWXI\TIVMIRGIWhKEXLIVMRKQEXIVMEPJVSQ ]SYVWIPJh]SYGERJMRHQER]WYTTSVXMRKHIXEMPWJSV]SYVWTIIGLIW
',%48)6 +%8,)6-2+1%8)6-%07
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
(SMRK0MFVEV]6IWIEVGL )ZIRMRXLMWEKISJXLI-RXIVRIX]SY[MPPKIXWSQISJXLIMRJSVQEXMSRJSV]SYV WTIIGLIW JVSQ XLI PMFVEV] -X GSRXEMRW QER] VIWSYVGIW XS LIPT ]SY JMRH [LEX ]SYRIIHMRGPYHMRKPMFVEVMERWXLIGEXEPSKYITIVMSHMGEPHEXEFEWIWRI[WTETIVW ERHVIJIVIRGI[SVOW;ItPPPSSOEXIEGLMRXYVR
0-&6%6-%27 8SSSJXIRWXYHIRXW[EWXIXLIMVXMQI[ERHIVMRKEMQPIWWP]MRXLIPMFVEV]FIGEYWI XLI] EVI EJVEMH XS EWO JSV EWWMWXERGI 8LI] HSRtX [ERX XS ETTIEV WXYTMH SV XS qFSXLIVrER]SRI&YX[SYPH]SYFIEWWIRWMXMZIEFSYXEWOMRKEHSGXSVJSVLIPT [MXL E QIHMGEP TVSFPIQ# 0MFVEVMERW EVI I\TIVXW MR XLIMV S[R JMIPH XVEMRIH MR PMFVEV]YWIERHVIWIEVGLQIXLSHW-J]SYLEZIEUYIWXMSRHSRtXLIWMXEXIXSEWO E PMFVEVMER ,I SV WLI GERLIPT ]SY JMRH]SYV [E] PSGEXI WSYVGIW IZIR XVEGO HS[REWTIGMJMGTMIGISJMRJSVQEXMSR
8,)'%8%03+9) 8LIGEXEPSKYIPMWXWEPPXLIFSSOWTIVMSHMGEPWERHSXLIVVIWSYVGIWS[RIHF]XLI PMFVEV]%PXLSYKLXLIVIEVIQER]HMJJIVIRXGSQTYXIVW]WXIQWJSVPMFVEV]GEXE PSKYIWQSWXEPPS[]SYXSWIEVGLJSVFSSOWF]EYXLSVXMXPIWYFNIGXSVOI][SVH 8LI GEXEPSKYI EPWS XIPPW ]SY [LIXLIV XLI FSSO ]SY [ERX MW EZEMPEFPI SV MW EPVIEH]GLIGOIHSYX *MKYVI FIPS[ WLS[W E WEQTPI GEXEPSKYI IRXV] JSV E FSSO 8LI OI] XS JMRHMRK XLI FSSO SR XLI WLIPZIW MW XLI GEPP RYQFIV 3RGI ]SY LEZI XLI GEPP RYQFIVEPP]SYLEZIXSHSMWJMRHXLIVMKLXWIGXMSRSJXLIWLIPZIW SVWXEGOWEW XLI]EVIGEPPIHMRWSQIPMFVEVMIW ERHVIXVMIZI]SYVFSSO
GEXEPSKYI %PMWXMRKSJEPPXLIFSSOW TIVMSHMGEPWERHSXLIVVIWSYVGIW S[RIHF]EPMFVEV]
GEPPRYQFIV %RYQFIVYWIHMRPMFVEVMIWXS GPEWWMJ]FSSOWERHTIVMSHMGEPW ERHXSMRHMGEXI[LIVIXLI]GER FIJSYRHSRXLIWLIPZIW
4)6-3(-'%0(%8%&%7)7 4IVMSHMGEPHEXEFEWIWEPPS[]SYXSPSGEXIQEKE^MRISVNSYVREPEVXMGPIW8]TIXLI WYFNIGX SR [LMGL ]SY [ERX MRJSVQEXMSR MR XLI HEXEFEWItW WIEVGL FS\ ERH GMXEXMSRWSJEVXMGPIWSR]SYVWYFNIGX[MPPETTIEVSRWGVIIR=SYGERXLIRGEPPYT XLIJYPPXI\XSJXLIEVXMGPIW
L L
X P ^
X
& XXP Q , ; & X-X
J L
L 2
O &P
L w L L L Z
O
Q
X
7 P
;
P
7X O
P 7 ^ 7
PZ
%
2 X' :
; X ;
Q
1 Q
TIVMSHMGEPHEXEFEWI %VIWIEVGLEMHXLEXGEXEPSKYIW EVXMGPIWJVSQEPEVKIRYQFIVSJ NSYVREPWSVQEKE^MRIW
O
X <
d*-+96) 7EQTPI'EXEPSKYI)RXV]JSV E&SSO (SMRK0MFVEV]6IWIEVGL
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
d*-+96)
+EXLIVMRK1EXIVMEPW
8LI1G+VE[n,MPP 'SQTERMIW
'MXEXMSR MRGPYHIWXMXPI S EVXMGPI EYX SV REQI S QEKE^MRI TPEGIS TYFPMGEXMSR ERHHEXI
-R8MK X)QTPS]QIRX1EV IX 'EVIIV7IV MGIW+EMR'PSYX 7%6%0-4/% 8LI LVSRMGPISJ MKLIV)HYGE MSR EWLMRK SR E] :SP WW TK
6IPEXIHWYFNIGXW 'PMG SRX IWI SV EHHMXMSREPEVXMGPIW
7YFNIGXW
%FWXVEGXS EVXMGPI 9WI X MWXSHIGMHI[ IX IV ]SY[ERXXSVIEHX I YPPXI\X
7EQTPI4IVMSHMGEP)RXV]JVSQ 4VS5YIWX6IWIEVGL0MFVEV]
EFWXVEGX %WYQQEV]SJEQEKE^MRISV NSYVREPEVXMGPI[VMXXIRF] WSQISRISXLIVXLERXLISVMKMREP EYXLSV
8I\X
7SYVGIX]TI ;SVH'SYRX
EVIIVHI IPST IR 6IGVYM IR SPPIKIW YHIR W )GSRS MGGSRHM MSRW 4IVMSHMGEP
%FWXVEGX )GSRSQMGGSRHMXMSRWTYFPMGI\TIGXEXMSRWERHELIMKLXIRIH IQTLEWMWSRWXYHIRXWYGGIWWLEZITYWLIHQER]GSPPIKIWXSVEQT YTXLIMVGEVIIVWIVZMGIW%[MHIVERKISJMRWXMXYXMSRWRS[WIIGEVIIV TPERRMRKEWE[E]RSXSRP]XSVIGVYMXWXYHIRXWFYXEPWSXSVIXEMRXLIQ
-R WSQI GEWIW ]SY QE] KIX ER EFWXVEGX SJ XLI EVXMGPI MR EHHMXMSR XShSV MRWXIEH SJhXLI JYPP XI\X /IIT MR QMRH LS[IZIV XLEX XLI EFWXVEGX MW SRP] E WYQQEV]SJXLIEVXMGPI=SYWLSYPHRIZIVGMXIEREVXMGPIMR]SYVWTIIGLSRXLI FEWMWSJXLIEFWXVEGXEPSRI%P[E]WGSRWYPXXLIJYPPEVXMGPI 8LII\EGXHEXEFEWIW]SYGERYWI[MPPHITIRHSR[LEXMWEZEMPEFPIMR]SYV PMFVEV],IVIEVIJSYVSJXLIQENSV EPPTYVTSWIHEXEFEWIW 3HHWEVIXLEX]SYV PMFVEV][MPPLEZIEXPIEWXSRISJXLIQ 4VS5YIWX6IWIEVGL0MFVEV]%RI\GIPPIRXHEXEFEWIXLEXMRHI\IWQSVIXLER KIRIVEPMRXIVIWXTIVMSHMGEPWERHEGEHIQMGNSYVREPWERHTVSZMHIW XLIJYPPXI\XSJEVXMGPIWJVSQQSVIXLERLEPJSJXLIQ(EXIWZEV]FYX QER]SJXLIJYPPXI\XEVXMGPIWKSFEGOXS *MKYVI WLS[WE WEQTPIWGVIIRJVSQ4VS5YIWX6IWIEVGL0MFVEV][MXLEQEKE^MRIGMXEXMSR ERHEFWXVEGX %GEHIQMG7IEVGL%RI\XVIQIP]ZEPYEFPIVIWSYVGIXLEXTVSZMHIWXLIJYPP XI\XSJEVXMGPIWJVSQXLSYWERHWSJTIVMSHMGEPWTSTYPEVERHWGLSPEVP]EPMOI -XEPWSMRHI\IWEVXMGPIWJVSQ8LI2I[=SVO8MQIW8LI;EPP7XVIIX.SYVREP ERH8LI'LVMWXMER7GMIRGI1SRMXSV 6IEHIVtW+YMHI*YPP8I\X8LIIPIGXVSRMGGSYRXIVTEVXSJXLITVMRXIH6IEHIVtW +YMHIXS4IVMSHMGEP0MXIVEXYVIXLMWHEXEFEWIMRHI\IWERHEFWXVEGXWEVXMGPIW JVSQQSVIXLERKIRIVEPMRXIVIWXTYFPMGEXMSRW*YPPXI\XEVXMGPIWEVI TVSZMHIHJSVSZIVTIVMSHMGEPW 0I\MW2I\MW%GEHIQMG'SQTSWIHSJVSYKLP]PIKEPRI[WVIJIVIRGI ERHFYWMRIWWWSYVGIWXLMWTS[IVJYPHEXEFEWITVSZMHIWJYPPXI\XEGGIWWXSE [MHIVERKISJTIVMSHMGEPWERHSXLIVWSYVGIWMRGPYHMRKXIPIZMWMSRFVSEHGEWX XVERWGVMTXW
2);74%4)67 2I[WTETIVW EVI MRZEPYEFPI JSV VIWIEVGL SR QER] XSTMGW LMWXSVMGEP EW [IPP EW GSRXIQTSVEV]-J]SYEVIPSSOMRKJSVMRJSVQEXMSRJVSQ]SYVPSGEPRI[WTETIV
',%48)6 +%8,)6-2+1%8)6-%07
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0MFVEV]VIWIEVGLMWZMXEPJSV QSWXWTIIGLIW/RS[MRKXLI VIWSYVGIWEZEMPEFPIMR]SYV PMFVEV]ERHLS[XSYWIXLIQ IJJMGMIRXP][MPPQEOIXLI VIWIEVGLTVSGIWWQYGLQSVI TVSHYGXMZI
]SYV PMFVEV] [MPP TVSFEFP] LEZI GYVVIRX MWWYIW MR XLI TIVMSHMGEPW VSSQ &EGO MWWYIWQE]FIEZEMPEFPISRQMGVSJMPQ *SV REXMSREP ERH MRXIVREXMSREP RI[WTETIVW GSRWYPX SRI SJ XLI JSPPS[MRK HEXEFEWIW 4VS5YIWX2I[WTETIVW-RHI\IWEVXMGPIWJVSQQSVIXLER97ERHMRXIVRE XMSREP RI[WTETIVW -RGPYHIW JYPPXI\X EVXMGPIW JSV QER] RI[WTETIVW FEGO XS 0I\MW2I\MW%GEHIQMG-REHHMXMSRXSQEKE^MRIEVXMGPIW0I\MW2I\MWJYVRMWLIW JYPPXI\XEVXMGPIWJVSQQSVIXLER97ERHMRXIVREXMSREPRI[WTETIVWEW [IPPEWHEMP]YTHEXIWJVSQRI[WWIVZMGIWWYGLEW6IYXIVWERHXLI%WWSGMEXIH 4VIWW +PSFEP 2I[W&ERO 4VSZMHIW JYPPXI\X EVXMGPIW JVSQ QSVI XLER MRXIVRE XMSREPWSYVGIWMRGPYHMRKRI[WTETIVW
6)*)6)2');36/7 6IJIVIRGI [SVOW EVI YWYEPP] OITX MR E TEVX SJ XLI PMFVEV] GEPPIH XLI VIJIVIRGI WIGXMSR8LIVMKLXVIJIVIRGI[SVOGERWEZI]SYLSYVWSJXMQIF]TYXXMRKEX]SYV JMRKIVXMTWE[IEPXLSJMRJSVQEXMSRXLEXQMKLXFIHMJJMGYPXXSPSGEXIXLVSYKLE HEXEFEWISVXLIPMFVEV]GEXEPSKYI8LIQENSVOMRHWSJVIJIVIRGI[SVOW]SYEVI PMOIP]XSYWIJSV]SYVWTIIGLIWEVIIRG]GPSTIHMEW]IEVFSSOWUYSXEXMSRFSSOW ERHFMSKVETLMGEPEMHW
VI IVIRGI[SV %[SVO XLEX W]RXLIWM^IW EPEVKI EQSYRX SJ VIPEXIH MRJSVQEXMSR JSVIEW]EGGIWWF]VIWIEVGLIVW
)RG]GPSTIHMEW
KIRIVEPIRG]GPSTIHME %GSQTVILIRWMZIVIJIVIRGI [SVOXLEXTVSZMHIWMRJSVQEXMSR EFSYXEPPFVERGLIWSJLYQER ORS[PIHKI
;IEVIEPPJEQMPMEV[MXLKIRIVEPIRG]GPSTIHMEWWYGLEWXLI)RG]GPSTEIHME&VMXERRMGE ERHXLI)RG]GPSTIHME%QIVMGERE8LI]WIIOXSTVSZMHIEGGYVEXISFNIGXMZIMRJSVQE XMSR EFSYX EPPFVERGLIW SJ LYQER ORS[PIHKIERHGERFIER I\GIPPIRX TPEGI XS FIKMR]SYVVIWIEVGL1ER]KIRIVEPIRG]GPSTIHMEWGEREPWSFIEGGIWWIHSRPMRI
(SMRK0MFVEV]6IWIEVGL
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
WTIGMEPIRG]GPSTIHME %GSQTVILIRWMZIVIJIVIRGI [SVOHIZSXIHXSEWTIGMJMG WYFNIGXWYGLEWVIPMKMSREVX PE[WGMIRGIQYWMGIXG
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-REHHMXMSRXSKIRIVEPIRG]GPSTIHMEWXLIVIEVIWTIGMEPIRG]GPSTIHMEWXLEX GSZIVXLIMVJMIPHWMRQYGLQSVIHITXLXLERHSKIRIVEPIRG]GPSTIHMEW7SQISJ XLIQSWXJVIUYIRXP]YWIHWTIGMEPIRG]GPSTIHMEWEVI %JVMGER%QIVMGER)RG]GPSTIHME %WMER%QIVMGER)RG]GPSTIHME (MGXMSREV]SJ%VX )RG]GPSTIHMESJ6IPMKMSR 0EXMRS)RG]GPSTIHME 1G+VE[,MPP)RG]GPSTIHMESJ7GMIRGIERH8IGLRSPSK]
=IEVFSS W ]IEVFSS %VIJIVIRGI[SVOTYFPMWLIH ERRYEPP]XLEXGSRXEMRW MRJSVQEXMSREFSYXXLITVIZMSYW ]IEV
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
5YSXEXMSR&SS W 8LIFIWXORS[RGSPPIGXMSRSJUYSXEXMSRWMW&EVXPIXXtW*EQMPMEV5YSXEXMSRW;MXL QSVIXLERUYSXEXMSRWJVSQLMWXSVMGEPERHGSRXIQTSVEV]JMKYVIWMXLEW PSRK FIIR VIKEVHIH EW ER MRHMWTIRWEFPI WSYVGI JSV WTIEOIVW ERH [VMXIVW EPMOI 3XLIVI\GIPPIRXUYSXEXMSRFSSOWMRGPYHI 3\JSVH(MGXMSREV]SJ5YSXEXMSRW 8LI2I[5YSXEFPI;SQER 1]7SYP0SSOW&EGOt0IWW-*SVKIX %'SPPIGXMSRSJ5YSXEXMSRWF]4ISTPISJ'SPSV %RGMIRX)GLSIW 2EXMZI%QIVMGER;SVHWSJ;MWHSQ *MVIMR3YV7SYPW 5YSXEXMSRWSJ;MWHSQERH-RWTMVEXMSRF]0EXMRS%QIVMGERW %8VIEWYV]SJ.I[MWL5YSXEXMSRW
&MSKVET MGEP%MHW FMSKVET MGEPEMH %VIJIVIRGI[SVOXLEXTVSZMHIW MRJSVQEXMSREFSYXTISTPI
;LIR]SYRIIHMRJSVQEXMSREFSYXTISTPIMRXLIRI[W]SYGERXYVRXSSRISJ XLIQER]VIJIVIRGI[SVOWXLEXGSRXEMRFVMIJPMJIERHGEVIIVJEGXWEFSYXGSRXIQ TSVEV]QIRERH[SQIR8LI]MRGPYHI -RXIVREXMSREP;LStW;LS ;LStW;LSMR%QIVMGE
',%48)6 +%8,)6-2+1%8)6-%07
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LStW;LSSJ%QIVMGER;SQIR 'SRXIQTSVEV]&PEGO&MSKVETL] (MGXMSREV]SJ,MWTERMG&MSKVETL] ;LStW;LS%QSRK%WMER%QIVMGERW
IEVGLMRK LI R IVRI 8LI-RXIVRIXLEWFIIRGEPPIHXLI[SVPHtWFMKKIWXPMFVEV]9RPMOIEPMFVEV]LS[ IZIVXLI-RXIVRIXLEWRSGIRXVEPMRJSVQEXMSRHIWORSPMFVEVMERWRSGEXEPSKYI ERHRSVIJIVIRGIWIGXMSR2SVHSIWMXLEZIETIVWSRSVHITEVXQIRXMRGLEVKISJ HIXIVQMRMRK [LIXLIV QEXIVMEPW EVI SJ LMKL UYEPMX] =SY GER YRIEVXL E KVIEX HIEPSJMRJSVQEXMSRSRXLI-RXIVRIXFYX]SYGERRSXEP[E]WJMRHXLIWEQIVERKI ERH HITXL EW MR E KSSH PMFVEV] 8LMW MW [L] I\TIVXW EHZMWI XLEX ]SY YWI XLI -RXIVRIXXSWYTTPIQIRXRSXXSVITPEGIPMFVEV]VIWIEVGL -RXLMWWIGXMSR[I[MPPPSSOEX[E]W]SYGERKSFI]SRHFVS[WMRKXLI;IF ERH XYVR MX MRXS E TS[IVJYP VIWIEVGL XSSP JSV ]SYV WTIIGLIW %JXIV HMWGYWWMRK WIEVGLIRKMRIWERHSXLIVVIWSYVGIWJSVGSRHYGXMRKIJJMGMIRXJSGYWIHMRUYMVMIW [ItPP I\TPEMR LS[ XS IZEPYEXI XLI VIPMEFMPMX] ERH SFNIGXMZMX] SJ XLI VIWIEVGL QEXIVMEPW]SYJMRHSRXLI;IF
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hQSVI XLER QMPPMSR MR EPP 7SQI [MPP HIEP [MXLWTSVXWMRNYVMIWEQSRKGSPPIKIGLIIVPIEHIVWFYXXLIZEWXQENSVMX][MPPRSX 7GERRMRK XLVSYKL IZIV]XLMRK XS JMRH [LEX ]SY RIIH [SYPH FI E HEYRXMRK XEWO ,S[HS]SYPMQMX]SYVWIEVGLXSKIXQSVIQEREKIEFPIVIWYPXW#-J]SYX]TI GSPPIKI GLIIVPIEHMRK MR +SSKPItW WIEVGL FS\ ]SY [MPP WXMPP GSQI YT [MXL QSVI XLEREQMPPMSRGMXEXMSRW,S[IZIVMJ]SYX]TIqGSPPIKIGLIIVPIEHMRKrMRUYSXE XMSRQEVOW]SY[MPPKIXSRP]HSGYQIRXWXLEXGSRXEMRXLII\EGXTLVEWIqGSPPIKI GLIIVPIEHMRKrhMREPP 8LMWMWQYGLFIXXIVFYXMXtWWXMPPJEVXSSQER]XSKSXLVSYKLSRIF]SRI 7S]SYREVVS[]SYVWIEVGLWXMPPJYVXLIV8LMWXMQI]SYX]TIXLIJSPPS[MRKIRXV] MRXS+SSKPItWWIEVGLFS\ qGSPPIKIGLIIVPIEHMRKr qWTSVXWMRNYV]r 8LI WMKRPMQMXWXLIWIEVGLXSMXIQWXLEXGSRXEMRFSXLWIXWSJOI][SVHWqGSPPIKI GLIIVPIEHMRKrERHqWTSVXWMRNYV]r8LMWXMQI]SYKIXEPMWXSJHSGYQIRXWEPP SJ[LMGLHIEPWTIGMJMGEPP][MXLWTSVXWMRNYVMIWEQSRKGSPPIKIGLIIVPIEHIVW
7IEVGLMRKXLI-RXIVRIX
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-J]SY[IVIYWMRKEWIEVGLIRKMRISXLIVXLER+SSKPI]SYQMKLXIRXIVHMJ JIVIRXGSQQERHW&YXXLIFEWMGTVMRGMTPIWJSVHSMRKTVIGMWITMRTSMRXIHWIEVGLIW EVIWMQMPEVJVSQWIEVGLIRKMRIXSWIEVGLIRKMRI-J]SYYRHIVWXERHXLSWITVMR GMTPIW]SY[MPPKVIEXP]MRGVIEWI]SYVSHHWSJJMRHMRKI\EGXP][LEX]SYRIIHJSV ]SYVWTIIGLIW
74)'-%0->)(6)7)%6',6)7396')7 7IEVGLEMHWEVII\XVIQIP]LIPTJYPFYXXLI]EVIRSXXLISRP]ZILMGPIWJSVJMRHMRK MRJSVQEXMSRSRPMRI&IGEYWIXLI-RXIVRIXMWWSZEWXMXMWLIPTJYPXSLEZIEPMWXSJ TVIQMYQ ;IF WMXIW XLEX ]SY GER XYVR XS [MXL GSRJMHIRGI -R GSQTMPMRK XLI JSPPS[MRKPMWX-LEZIGSRGIRXVEXIHSRWMXIWXLEXEVIQSWXPMOIP]XSFILIPTJYPXS ]SYEW]SY[SVOSR]SYVWTIIGLIW
MVXYEP0MFVEVMIW MVXYEPPMFVEV] %WIEVGLIRKMRIXLEXGSQFMRIW -RXIVRIXXIGLRSPSK][MXL XVEHMXMSREPPMFVEV]QIXLSHWSJ GEXEPSKYMRKERHEWWIWWMRKHEXE
7IEVGLIRKMRIWLIPT]SYJMRH[LEXtWSRXLI-RXIVRIXFYXXLI]HSRtXIZEPYEXI XLIUYEPMX]SJXLIWSYVGIWXLI]VIXVMIZI0MFVEVMERWERHSXLIVMRJSVQEXMSRWTI GMEPMWXW EVI [SVOMRK XS QEOI MX IEWMIV XS PSGEXI VIPMEFPI LMKLUYEPMX] ;IF VIWSYVGIW 3RI VIWYPX SJ XLIMV IJJSVXW MW ZMVXYEP PMFVEVMIWhWIEVGL IRKMRIW XLEX GSQFMRI -RXIVRIX XIGLRSPSK] [MXL XVEHMXMSREP PMFVEV] QIXLSHW SJ EWWIWWMRK HEXE,IVIEVIX[SSJXLIFIWX 0MFVEVMERWt-RXIVRIX-RHI\ [[[PMMSVK 'SRXEMRWQSVIXLERIRXVMIW SVKERM^IHMRXSQEMRXSTMGWMRGPYHMRKEVXWERHLYQERMXMIWLIEPXLPE[ FYWMRIWWQIHMEWGMIRGIERHVIGVIEXMSR -RXIVRIX4YFPMG0MFVEV] [[[MTPSVK -REHHMXMSRXSWYFNIGXGSPPIGXMSRWXLEX VERKI JVSQ FYWMRIWW XS WSGMEP WGMIRGI MX LEW PMROW XS E PEVKI RYQFIV SJ VIJIVIRGIWSYVGIWEW[IPPEWXSE[MHIVERKISJGSRWXERXP]IZSPZMRKWTIGMEP GSPPIGXMSRW
+S IVRQIRX6IWSYVGIW 3RI SJ XLI KVIEX WXVIRKXLW SJ XLI -RXIVRIX EW E VIWIEVGL XSSP MW XLI EGGIWW MX TVSZMHIW XS KSZIVRQIRX HSGYQIRXW ERH TYFPMGEXMSRW ;LIXLIV ]SY EVI PSSOMRKJSVMRJSVQEXMSRJVSQXLIJIHIVEPKSZIVRQIRXSVJVSQEWXEXISVPSGEP EKIRG] GLERGIW EVI ]SY GER JMRH MX F] WXEVXMRK ]SYV WIEVGL EXSRI SJ XLIWI ;IFWMXIW 97%KSZ [[[YWEKSZ 3RIWXST WLSTTMRK JSV EPP 97 KSZIVRQIRX MRJSVQEXMSRSRXLI-RXIVRIX4VSZMHIWPMROWXSQSVIXLERQMPPMSR;IF TEKIWJVSQJIHIVEPWXEXIPSGEPERHXVMFEPKSZIVRQIRXW 7XEXMWXMGEP %FWXVEGX [[[GIRWYWKSZGSQTIRHMEWXEXEF 8LI WXERHEVH VIJIVIRGI WSYVGI JSV RYQIVMGEP MRJSVQEXMSR SR WSGMEP TSPMXMGEP ERH IGSRSQMG EWTIGXW SJ %QIVMGER PMJI 'SQTMPIH F] XLI 'IRWYW &YVIEY MXW MRGVIHMFPIEVVE]SJJEGXWEVISVKERM^IHMRXEFPIJSVQ ;SVPH *EGXFSSO [[[GMEKSZPMFVEV]TYFPMGEXMSRWXLI[SVPHJEGXFSSO 4YFPMWLIHERRYEPP]F]XLI'IRXVEP-RXIPPMKIRGI%KIRG]XLI;SVPH*EGXFSSO MWEVMGLGSQTIRHMYQSJMRJSVQEXMSRSRIZIV]GSYRXV]MRXLI[SVPH8STMGW MRGPYHI TISTPI KSZIVRQIRX IGSRSQ] GSQQYRMGEXMSR XVERWTSVXEXMSR ERHXVERWREXMSREPMWWYIW
',%48)6 +%8,)6-2+1%8)6-%07
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IWIEVGLKMZIWWTIEOIVWJEGXW ERHJMKYVIWXSWYTTSVXXLIMV MHIEW,IVI)YVSTIER9RMSR SJJMGMEP1EVXMR4EVV]VITSVXWEX ERMRXIVKSZIVRQIRXEPQIIX MRKSRKPSFEPGPMQEXIGLERKI
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bGQQV0EXMRSLXQP 1EMRXEMRIH F] XLI 9RMZIVWMX] SJ 7SYXLIVR 'EPMJSVRMEtW 'IRXIV JSV 1YPXMPMRKYEP 1YPXM GYPXYVEP6IWIEVGLXLMWSYXWXERHMRKWMXITVSZMHIWPMROWXSEXVIEWYVIXVSZISJ VIWSYVGIWHIZSXIHXS0EXMRSERH0EXMREVIPEXIHMWWYIW
GSRRIGXPYGEWGSQ =SYGERPMROXSXLI;IFWMXIW MHIRXMJMIHSRTTi XLVSYKLXLISRPMRI6IWIEVGL 0MFVEV]JSVXLMWGLETXIV
%JVMGER %QIVMGER ;IF 'SRRIGXMSR [[[EE[GGSQ %[EVH[MRRMRK ;IF WMXIXLEXHIEPW[MXLEPPEWTIGXWSJ%JVMGER%QIVMGERPMJI%PWSTVSZMHIWPMROW XS SVKERM^EXMSRW WYGL EW XLI 2EXMSREP 9VFER 0IEKYI XLI 'SRKVIWWMSREP &PEGO'EYGYWERHXLI2%%'4 3JGSYVWIXLIVIEVIXLSYWERHWSJSXLIVYWIJYP;IFWMXIW&YXXLISRIWHMW GYWWIHEFSZIMRGSRNYRGXMSR[MXLEKSSHWIEVGLIRKMRIWLSYPHLIPTKIX]SYV VIWIEVGLSJJXSEKSSHWXEVX
) %09%8-2+-28)62)8(3'91)287 ;LIR]SYHSVIWIEVGLMREPMFVEV]IZIV]XLMRK]SYJMRHLEWFIIRIZEPYEXIHMR SRI[E]SVERSXLIVFIJSVIMXKIXWXS]SY&SSOWQEKE^MRIWERHNSYVREPWLEZI
7IEVGLMRKXLI-RXIVRIX
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
'LIGOPMWX =)7
8LI1G+VE[n,MPP 'SQTERMIW
) EPYE MRK R IVRI (SGY IR W
23
W LIEY LSVSJ LIHSGY IR GPIEVP]MHIR MJMIH# J LI EY LSV MW MHIR MJMIH MW LI SV WLI ER I\TIV SR LI STMG#
J LIEY LSVMWRS ERI\TIV GERLMWSVLIVSTMRMSRWFI EGGIT IHEWSFNIG M IERHYRFMEWIH# J LI EY LSV MW RS MHIR MJMIH GER LI WTSRWSVMRK SVKERM E MSRFIHI IV MRIH# W LIWTSRWSVMRKSVKERM E MSREKS IVR IR EKIRG] ER IHYGE MSREPMRW M Y MSR SVERSRTVSJM KVSYT#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMP EFPIMRXLISRPMRI7XYH] 8SSPWJSVXLMWGLETXIV
(SIW LI WTSRWSVMRK SVKERM E MSR LE IEVITY E MSR JSV I\TIV MWIERHSFNIG M M ]# (SIW LIHSGY IR MRGPYHIEGST]VMKL HE I TYFPMGE MSR HE I SVHE ISJPEW VI MWMSR# J E HE I MW MRGPYHIH MW LI HSGY IR VIGIR IRSYKL S GM IMR ]WTIIGL#
IHMXSVMEPTVSGIHYVIWXSHIXIVQMRI[LIXLIVEKMZIR[SVOWLSYPHSVWLSYPHRSX FITYFPMWLIH3RGIE[SVOMWTYFPMWLIHMXLEWXSFIETTVSZIHF]XLIEGUYMWM XMSRWWXEJJJSVMRGPYWMSRMRXLIPMFVEV] 8LI-RXIVRIXSJGSYVWIMWEZIV]HMJJIVIRXWXSV]8LIQSWXXVYWXIHVIWSYVGIW SRXLI;IFEVIXLSWIHIVMZIHJVSQTVMRXIH[SVOWhKSZIVRQIRXVIGSVHWRI[W TETIV EVXMGPIW VIWIEVGL VITSVXW ERH XLI PMOI &YX QSWX ;IF HSGYQIRXW I\MWX SRP]MRIPIGXVSRMGJSVQ3JXLIWIJI[LEZIKSRIXLVSYKLXLIOMRHSJIHMXSVMEP VIZMI[ XLEX MW HIWMKRIH XS IRWYVIE FEWMG PIZIP SJ VIPMEFMPMX] MR TVMRXIH [SVOW %R]SRI[MXLEGSQTYXIVERHEGGIWWXSXLI-RXIVRIXGERWLEVILMWSVLIVSTMR MSRW[MXLEHMWGYWWMSRKVSYTTYFPMWLERIPIGXVSRMGRI[WPIXXIVSVGVIEXIETIV WSREP;IFTEKI2IZIVLEWXLIEHEKIFIIRQSVIXVYIXLER[LIRETTPMIHXSXLI -RXIVRIX q(SRtXFIPMIZIIZIV]XLMRK]SYVIEHr -R 'LETXIV [I [MPP HMWGYWW LS[ XS NYHKI XLI WSYRHRIWW SJ WYTTSVXMRK QEXIVMEPWMRKIRIVEP,IVI[IPSSOEXXLVIIGVMXIVME]SYGERYWIXSLIPTHMWXMR KYMWLFIX[IIRXLINI[IPWERHXLINYROSRXLI-RXIVRIX
%YX SVW MT -WXLIEYXLSVSJXLI;IFHSGYQIRX]SYEVIEWWIWWMRKGPIEVP]MHIRXMJMIH#-JWS [LEXEVILMWSVLIVUYEPMJMGEXMSRW#-WXLIEYXLSVERI\TIVXSRXLIXSTMG#'ER LIVSVLMWHEXEERHSTMRMSRWFIEGGITXIHEWSFNIGXMZIERHYRFMEWIH#.YWXEW]SY WLSYPHRSXGMXIEFSSOSVQEKE^MRIEVXMGPI[MXLSYXMHIRXMJ]MRKXLIEYXLSVERH LMWSVLIVGVIHIRXMEPWWS]SYWLSYPHRSXGMXIERIPIGXVSRMG[SVOMRXLIEFWIRGI SJXLMWMRJSVQEXMSR -R E FSSO SV QEKE^MRI EVXMGPI MRJSVQEXMSR EFSYX XLI EYXLSV MW YWYEPP] JEMVP]IEW]XSJMRH8SSSJXIRLS[IZIVXLMWMWRSXXVYISRXLI-RXIVRIX-J]SY GERtX JMRH MRJSVQEXMSR EFSYX XLI EYXLSV MR XLI HSGYQIRX MXWIPJ PSSO JSV E
',%48)6 +%8,)6-2+1%8)6-%07
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
PMRO XS XLI EYXLSVtW LSQITEKI SV XS ERSXLIV WMXI XLEX I\TPEMRW XLI EYXLSVtW GVIHIRXMEPW 3JXIR ]SY GER PIEVR EFSYX ER EYXLSV F] X]TMRK LIV SV LMW REQI MR XLI +SSKPIWIEVGLFS\-JXLIEYXLSVMWEREGGITXIHEYXLSVMX]SRXLIWYFNIGXXLIVItW EKSSHGLERGI+SSKPI[MPPXYVRYTMRJSVQEXMSREFSYXGVIHIRXMEPWTYFPMGEXMSRW ERHEJJMPMEXMSR-JXLEXHSIWRtX[SVOXV]GLIGOMRKSRISJXLIFMSKVETLMGEPEMHW PMWXIHIEVPMIVMRXLMWGLETXIV TEKIWi
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q%FSYXr PMRO SR XLI WTSRWSVMRK SVKERM^EXMSRtW LSQITEKI3JXIRXLIVIWYPXMRKWGVIIR[MPPMHIRXMJ]XLIWMXItWJSYRHIVWTYVTSWI SVTLMPSWSTL]-JXLILSQITEKIHSIWRSXGSRXEMRERq%FSYXrPMROXLMWQE]FI E WMKR XLEX XLI WTSRWSVMRK SVKERM^EXMSR MW PIWW XLER JSVXLVMKLX ERH HSIW RSX QIIXXLIRIGIWWEV]WXERHEVHWSJSFNIGXMZMX]ERHI\TIVXMWI ;LEXMJ]SYGERtXZIVMJ]XLIGVIHIRXMEPWSJEREYXLSVSVMHIRXMJ]EGVIHMFPI WTSRWSVMRKSVKERM^EXMSRJSVER-RXIVRIXHSGYQIRX#8LIERW[IVMWIEW] (SRtX YWIXLIHSGYQIRXMR]SYVWTIIGL
WTSRWSVMRKSVKERM^EXMSR %RSVKERM^EXMSRXLEXMRXLI EFWIRGISJEGPIEVP]MHIRXMJMIH EYXLSVMWVIWTSRWMFPIJSVXLI GSRXIRXSJEHSGYQIRXSRXLI -RXIVRIX
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
7IEVGLMRKXLI-RXIVRIX
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WXEXMWXMGW[LMGL]SYWLSYPHRIZIVGMXIJVSQERYRHEXIHWSYVGI[LIXLIVMRTVMRX SV SR XLI -RXIVRIX -J ]SY GERtX JMRHXLI HEXI SR [LMGL E ;IF HSGYQIRX [EW GVIEXIHSVPEWXQSHMJMIHWIEVGLJSVERSXLIV[SVO[LSWIVIGIRG]]SYGERZIVMJ]
R IV MI[MRK
VIWIEVG MRXIV MI[ %RMRXIVZMI[GSRHYGXIHXS KEXLIVMRJSVQEXMSRJSVEWTIIGL
1SWXTISTPIXLMROSJMRXIVZMI[MRKMRXIVQWSJNSFMRXIVZMI[WSVGSRZIVWEXMSRW [MXLGIPIFVMXMIW&YXXLIVIMWERSXLIVOMRHSJMRXIVZMI[hXLIVIWIEVGL SVMRZIW XMKEXMZI MRXIVZMI[%QSRKNSYVREPMWXWMXMWEXMQILSRSVIH[E]XSGSPPIGXMRJSV QEXMSR-XMWEPWSERI\GIPPIRX[E]XSKEXLIVQEXIVMEPWJSVWTIIGLIW ;LIR HSRI[IPP MRXIVZMI[MRK PMOI QER] XLMRKW PSSOW HIGITXMZIP] IEW] -RTVEGXMGIMXMWEGSQTPI\ERHHIQERHMRKEVX7SFIJSVI]SYHEWLSJJXSGSR HYGX]SYVMRXIVZMI[WÄPE0EVV]/MRKSV&EVFEVE;EPXIVW]SYWLSYPHYRHIVWXERH E JI[ FEWMG TVMRGMTPIW SJ IJJIGXMZI MRXIVZMI[MRK 8LI] JEPP MRXS XLVII KVSYTWh [LEXXSHSFIJSVIXLIMRXIVZMI[[LEXXSHSHYVMRKXLIMRXIVZMI[ERH[LEXXS HSEJXIVXLIMRXIVZMI[ 8S MPPYWXVEXI [ItPP JSPPS[ XLI IRXMVI MRXIVZMI[ TVSGIWW JSV E L]TSXLIXMGEP WTIIGLEFSYXGYVVIRXMWWYIWMRGSPPIKIEXLPIXMGW
&)*36)8,)-28)6 -); 8LI SYXGSQI SJ QSWX MRXIVZMI[W MW HIGMHIH F] LS[ [IPP XLI MRXIVZMI[IV TVI TEVIW,IVIEVIJMZIWXITW]SYWLSYPHXEOIELIEHSJXMQIXSLIPTIRWYVIEWYG GIWWJYPSYXGSQI
(I MRIX I4YVTSWIS X I-RXIV MI[ =SY LEZI HSRI -RXIVRIX ERH PMFVEV] VIWIEVGL EFSYX GYVVIRX MWWYIW MR GSPPIKI EXLPIXMGWERHLEZIEKSSHKVEWTSJXLIQENSVTSMRXWSJZMI[&YX]SYWXMPPLEZI QER]UYIWXMSRWEFSYXXLIWMXYEXMSREX]SYVWGLSSP=SYHIGMHIXLISRP][E]XS KIXERW[IVWMW XSMRXIVZMI[ WSQISRI EWWSGMEXIH[MXL XLI EXLPIXMG TVSKVEQ-R XLEXHIGMWMSR]SYLEZIFIKYRXSJSVQYPEXIETYVTSWIJSVXLIMRXIVZMI[
(IGMHI; SQXS-RXIV MI[ 8LIVIEVIWIZIVEPTSWWMFMPMXMIWFYX]SYIPIGXXSWXEVXEXXLIXSTh[MXLXLIEXLPIXMG HMVIGXSV8LEXQE]WIIQEFMXTVIWYQTXYSYWFYXMRHIEPMRK[MXLEHQMRMWXVEXMZI SVKERM^EXMSRWMXMWYWYEPP]FIWXXSKSXSXLIPIEHIVWJMVWX8LI]EVIPMOIP]XSLEZI EFVSEHYRHIVWXERHMRKSJXLIMWWYIW%RHMJ]SYRIIHQSVIWTIGMJMGMRJSVQEXMSR XLI]GERKIXMXJSV]SYSVTYX]SYMRXSYGL[MXLXLIVMKLXTIVWSR
%VVERKIX I-RXIV MI[ &IGEYWIXLIEXLPIXMGHMVIGXSVMWEFYW]TIVWSR]SY[SVOSYXETPERJSVWIXXMRKYT XLIMRXIVZMI[/RS[MRKXLEXMXtWIEWMIVXSFVYWLWSQISRISJJSZIVIQEMPSVXLI XIPITLSRIXLERMRTIVWSR]SYKSXSXLIEXLPIXMGSJJMGIXSVIUYIWXXLIMRXIVZMI[ 8LIEXLPIXMGHMVIGXSVEKVIIWERH]SYWIXYTXLIMRXIVZMI[JSVXLVIIHE]WPEXIV
(IGMHI; IX IVXS6IGSVHX I-RXIV MI[ 8LI QENSV EHZERXEKI SJ VIGSVHMRK ER MRXIVZMI[ MW XLEX MX KMZIW ]SY ER I\EGX VIGSVH]SYGER GLIGOPEXIVJSVHMVIGXUYSXIWERHMQTSVXERXJEGXW)ZIRMJ]SY
',%48)6 +%8,)6-2+1%8)6-%07
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
YWIEVIGSVHIVLS[IZIV]SYWLSYPHWXMPPXEOIRSXIWF]LERHMRGEWIXLIVIGSVHIV QEPJYRGXMSRW -JXLIEXLPIXMGHMVIGXSVHSIWRSX[ERXXLIMRXIVZMI[VIGSVHIH]SY[MPPRIIH XSVIP]WSPIP] SR]SYVLERH[VMXXIRRSXIW ;LEXIZIV]SYHS RIZIVWQYKKPIE VIGSVHIVMR[MXLSYXXLIORS[PIHKISVGSRWIRXSJXLITIVWSRFIMRKMRXIVZMI[IH 2SXSRP]MWMXYRIXLMGEPXSHSWSFYXXLIMRXIVZMI[IIMWFSYRHXSJMRHSYXERH ]SY[MPPSRP]GEYWI]SYVWIPJXVSYFPI
4VITEVI=SYV5YIWXMSRW =SYRS[JEGIXLIQSWXMQTSVXERXSJ]SYVTVIMRXIVZMI[XEWOWh[SVOMRKSYXXLI UYIWXMSRW]SY[MPP EWO=SYWLSYPH HIZMWIUYIWXMSRWXLEX EVIWIRWMFPI MRXIPPM KIRXERHQIERMRKJYP,IVIEVIWSQIX]TIWSJUYIWXMSRWXSEZSMH 5YIWXMSRW]SYGERERW[IV[MXLSYXXLIMRXIVZMI[ ,S[QER]WTSVXWHSIW ]SYVWGLSSPSJJIV#;LEXMWXLIWM^ISJMXWEXLPIXMGFYHKIX# 5YIVMIWPMOIXLIWI NYWX [EWXI XLI WYFNIGXtW XMQI ERH QEOI ]SY PSSO JSSPMWL 6IWIEVGL XLMW MRJSVQEXMSRFIJSVIXLIMRXIVZMI[ 0IEHMRKUYIWXMSRW 3TMRMSRTSPPWWLS[XLEXQSWX%QIVMGERWFIPMIZIEXL PIXMGWXSHE]LEZIPMXXPIVIPEXMSRXSXLIEGEHIQMGTYVTSWIWSJEGSPPIKIIHYGE XMSR=SYHSXLMROMXtWETVSFPIQXSSHSRtX]SY# ,SWXMPIPSEHIHUYIWXMSRW -XLMROMXtWHMWKVEGIJYPXLEXQER]WGLSSPWWTIRH KSFW SJQSRI]SRWEPEVMIWJSVJSSXFEPPERHFEWOIXFEPP GSEGLIW(SRtX]SY XLMROKSSHXIEGLIVWJSVEPPWXYHIRXWEVIQSVIMQTSVXERXXLERGSEGLIWJSVE JI[EXLPIXIW#;LEXHS]SYWE]XSXLEXLQQQ# =SY RIIH RSX WL] E[E] JVSQ XSYKL UYIWXMSRW NYWX TLVEWI XLIQ EW RIY XVEPP]EWTSWWMFPIERHWEZIXLIQYRXMPRIEVXLIIRHSJXLIMRXIVZMI[8LEX[E] MJ]SYVMRXIVZMI[IIFIGSQIWMVVMXEXIHSVYRGSSTIVEXMZI]SYtPPWXMPPKIXQSWXSJ XLIMRJSVQEXMSR]SY[ERX ;LIR]SYEVIJMRMWLIHTVITEVMRK]SYWLSYPHLEZIEWIXSJHMVIGXWTIGMJMG VIEWSREFPIUYIWXMSRWWYGLEWXLIJSPPS[MRK 6IGIRX WXYHMIW LEZI WLS[R XLEX QSWX GSPPIKIWhPEVKI ERH WQEPPhPSWI QSRI]SREXLPIXMGW=SY[IVIUYSXIHPEWXQSRXLEWWE]MRKXLEXSYVEXLPIXMG HITEVXQIRXJEGIWETSXIRXMEPHIJMGMXRI\X]IEV;LEXTPERWEVIXLIVIXSHIEP [MXLMX# (S]SYEKVII[MXLXLSWI[LSWE]XLEXGSPPIKIWTSVXWEVIXSSGSQQIVGMEP M^IH#-JWS[LEXHS]SYXLMROWLSYPHFIHSRIXSWSPZIXLITVSFPIQ# 1EMRXEMRMRKKIRHIVIUYMX]MWEQENSVMWWYIMRGSPPIKIEXLPIXMGW,S[HS]SY XLMRO PEVKI WGLSSPW [MPP JYRH TVSKVEQW JSV [SQIR MJ XLIVI MW E VIHYGIH IQTLEWMWSRVIZIRYITVSHYGMRKWTSVXWWYGLEWJSSXFEPPERHFEWOIXFEPP# -RERMHIEP[SVPH[LEXHS]SYFIPMIZIWLSYPHFIXLIVSPISJEXLPIXMGWSRE GSPPIKI GEQTYW# (S ]SY XLMRO [I [MPP FI GPSWIV XS XLEX MHIEP MR ]IEVW XLER[IEVIXSHE]# %PXLSYKLWSQII\TIVMIRGIHNSYVREPMWXWGSRHYGXMRXIVZMI[W[MXLSRP]EJI[ OI][SVHRSXIWSRXLIEVIEWXSFIGSZIVIH]SY[ERXXSFIWYVIRSXXSJSVKIX ER]XLMRKHYVMRKXLIMRXIVZMI[7S]SYEVVERKI]SYVUYIWXMSRWMRXLISVHIV]SY [ERXXSEWOXLIQERHXEOIXLIPMWX[MXL]SYXSXLIMRXIVZMI[
-RXIVZMI[MRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
(96-2+8,)-28)6 -); )ZIV] MRXIVZMI[ MW YRMUYI &IGEYWI XLI WIWWMSR [MPP WIPHSQ KS I\EGXP] EW ]SY TPER]SYRIIHXSFIEPIVXERHJPI\MFPI,IVIEVIWIZIVEPWXITW]SYGERXEOIXS LIPTQEOIXLMRKWTVSGIIHWQSSXLP]
(VIWW%TTVSTVMEXIP]ERH&ISR8MQI 8LIEXLPIXMGHMVIGXSVLEWEFYW]WGLIHYPIERHMWHSMRK]SYEJEZSVF]EKVIIMRK XSERMRXIVZMI[WS]SYWLS[YTSRXMQI7MRGIXLIMRXIVZMI[MWEWTIGMEPSGGE WMSR]SYHVIWWETTVSTVMEXIP]8LMWMWSRI[E]SJGSRJMVQMRKXLEX]SYVIKEVHXLI MRXIVZMI[EWWIVMSYWFYWMRIWW
6ITIEXX I4YVTSWIS X I-RXIV MI[ 8LIEXLPIXMGHMVIGXSVMRZMXIW]SYMRXSXLISJJMGI ]SYI\GLERKIEJI[MRXVSHYG XSV] VIQEVOW 2S[ FIJSVI ]SY TPYRKI MRXS ]SYV UYIWXMSRW ]SY XEOI E QSQIRX XS VIWXEXI XLI TYVTSWI SJ XLI MRXIVZMI[ =SY EVI QSVI PMOIP] XS KIX GPIEVLIPTJYPERW[IVWMJ]SYVWYFNIGXORS[W[L]]SYEVIJSPPS[MRKEGIVXEMR PMRISJUYIWXMSRMRK
7IX9TX I6IGSVHIV - =SY%VI9WMRK3RI -J]SYVWYFNIGXLEWEKVIIHXSFIMRKVIGSVHIHOIITSRITVMRGMTPIMRQMRH 8LI VIGSVHIV WLSYPH FI EW GEWYEP ERH MRGSRWTMGYSYW EW TSWWMFPI (SRtX XLVYWX XLI QMGVSTLSRIMRXS]SYVWYFNIGXtWJEGI(SRtXJMHHPIIRHPIWWP][MXLXLIQEGLMRI 7IX MX YT XYVR MX SR ERH XLIR XV] XS MKRSVI MX ;MXL PYGO ]SYV WYFNIGX [MPP MKRSVIMXXSS
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hERHEPSXQSVI
0MWXIR'EVI YPP] (YVMRKXLIMRXIVZMI[]SYPMWXIREXXIRXMZIP]XSXLIEXLPIXMGHMVIGXSVtWERW[IVW ;LIR]SYHSRtXYRHIVWXERHWSQIXLMRK]SYEWOJSVGPEVMJMGEXMSR-J]SYEVIRSX YWMRKEVIGSVHIVERHLIEVEWXEXIQIRX]SY[ERXXSUYSXIHMVIGXP]]SYEWOXLI EXLPIXMGHMVIGXSVXSVITIEXMXXSQEOIWYVI]SYKIXMXI\EGXP]VMKLX'LERGIWEVI XLIEXLPIXMGHMVIGXSV[MPPLEZIFIIRQMWUYSXIHQSVIXLERSRGIMRXLITVIWWWS LISVWLI[MPPFILETT]XSSFPMKI
(SRtX3 IVWXE]=SYV;IPGSQI /IIT [MXLMR XLI WXMTYPEXIH XMQITIVMSHJSV XLIMRXIVZMI[YRPIWW]SYVWYFNIGX GPIEVP][ERXWXSTVSPSRKXLIWIWWMSR;LIRXLIMRXIVZMI[MWSZIV]SYXLEROXLI EXLPIXMGHMVIGXSVJSVXEOMRKXLIXMQIXSXEPO[MXL]SY
',%48)6 +%8,)6-2+1%8)6-%07
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-RXIVZMI[MRKTISTPI[MXL I\TIVXMWISR]SYVWTIIGL XSTMGGERTVSZMHIZEPYEFPI MRJSVQEXMSR;LIRGSRHYGX MRKERMRXIVZMI[FIWYVIXS PMWXIREXXIRXMZIP]ERHXSXEOI EGGYVEXIRSXIW
%*8)68,)-28)6 -); %PXLSYKLXLIMRXIVZMI[MWSZIVXLIMRXIVZMI[MRKTVSGIWWMWRSX=SYQYWXRS[ VIZMI[ERHXVERWGVMFI]SYVRSXIW
6I MI[=SYV2SXIWEW7SSREW4SWWMFPI ;LIR ]SY PIEZI XLI EXLPIXMG HMVIGXSVtW SJJMGI XLI MRXIVZMI[ MW JVIWL MR ]SYV QMRH=SYORS[[LEXXLIGV]TXMGGSQQIRXWERHWGVE[PWMR]SYVRSXIWQIER &YXEWXMQITEWWIWXLIHIXEMPW[MPPFIGSQILE^](SRtXPIXWSQIXLMRKPMOIXLMW XVYIWXSV]LETTIRXS]SY =IEVWEKS ETVSQMRIRX[SQERh[VMXIVERH HMTPSQEXh[EWFIMRK MRXIVZMI[IH F] E ]SYRKVITSVXIV%QSRKSXLIVXLMRKWXLIVITSVXIVEWOIHEFSYXLSFFMIWERHPIMWYVIEGXMZM XMIW 8LI [SQER VITPMIH XLEX WLI IRNS]IH WOIIX WLSSXMRK ERH VEMWIH 7MEQIWI GEXW 8LI VITSVXIVWGVMFFPIHMRLIVRSXIWqWLSSXWrERHqGEXWrhFYXHMHRtXFSXLIVXSTYXEGSQQESV EHEWLFIX[IIRXLI[SVHW8LIMRXIVZMI[[EWTYFPMWLIH%RHIZIVWMRGIXLEXTVSQMRIRX [SQERLEWFIIRXV]MRKXSPMZIHS[RXLIVITYXEXMSRXLEXWLIqWLSSXWGEXWr
-RVIZMI[MRK]SYVRSXIWXV]XSGSRGIRXVEXISRX[SXLMRKWhHMWGSZIVMRKXLI QEMRTSMRXWXLEXIQIVKIHHYVMRKXLIMRXIVZMI[ERHTYPPMRKSYXWTIGMJMGMRJSV QEXMSRXLEXQMKLXFIYWIJYPMR]SYVWTIIGL-JWSQIXLMRKMWYRGPIEVGEPPXLI EXLPIXMGHMVIGXSVXSQEOIWYVI]SYLEZIXLIJEGXWVMKLX
8VERWGVMFI=SYV2SXIW 3RGI]SYWIXXPISRXLIQSWXMQTSVXERXMHIEWERHMRJSVQEXMSRJVSQXLIMRXIV ZMI[]SYWLSYPHXVERWGVMFIXLEXQEXIVMEPWSMXMWMRXLIWEQIJSVQEXEWXLIVIWX SJ]SYVVIWIEVGLRSXIW WIITEKIWi &]TYXXMRKEPP]SYVVIWIEVGLRSXIW MREGSRWMWXIRXJSVQEX]SYGEREVVERKIERHVIEVVERKIXLIQIEWMP][LIR]SY WXEVXXSSVKERM^I]SYVWTIIGL
-RXIVZMI[MRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8MTWJSV(SMRK6IWIEVGL *I[ TISTPI VIKEVH HSMRK VIWIEVGL EW SRI SJ PMJItW KVIEX NS]W 8LIVI EVI [E]W LS[IZIVXSQEOIMXPIWWXIHMSYWERHQSVITVSHYGXMZI,IVIEVIJSYV[E]WXLEX EVIKYEVERXIIHXSLIPT
78%68)%60=
TVIPMQMREV] FMFPMSKVET ] %PMWXGSQTMPIHIEVP]MRXLI VIWIEVGLTVSGIWWSJ[SVOWXLEX PSSOEWMJXLI]QMKLXGSRXEMR LIPTJYPMRJSVQEXMSREFSYXE WTIIGLXSTMG
GSRRIGXPYGEWGSQ *SVEGSQTPIXIWIXSJ%4% ERH10%WEQTPIGMXEXMSRW GLIGOXLI&MFPMSKVETL]*SV QEXWMRXLISRPMRI7TIIGL 8SSPWJSVXLMWGLETXIV
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
1%/)%46)0-1-2%6=&-&0-3+6%4,= -R ]SYV VIWIEVGL ]SY [MPP VYR EGVSWW XLI XMXPIW SJ FSSOW QEKE^MRI EVXMGPIW -RXIVRIXHSGYQIRXWERHWSSRXLEXPSSOEWMJXLI]QMKLXGSRXEMRLIPTJYPMRJSV QEXMSREFSYX]SYVWTIIGLXSTMG)RXIVIEGLMXIQ]SYJMRHMR]SYVTVIPMQMREV] FMFPMSKVETL] IZIR XLSYKL ]SY HSRt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
8%/)238)7)**-'-)280= %WME 1EVWLEPP WXEVXIH LIV WTIIGL TVITEVEXMSR [MXL XLI FIWX SJ MRXIRXMSRW 7LI [EW I\GMXIH EFSYXLIVXSTMGq+VIEX;SQIRSJ.E^^rERHWLIPSKKIHSRXSXLI-RXIVRIXXSFIKMRVIWIEVGL MRKXLIWEQIHE]XLIEWWMKRQIRX[EWERRSYRGIH7LIJSYRHWIZIVEPMRXIVIWXMRKWSYVGIWERH XSSOWSQIRSXIWEFSYXXLIQ8LEXIZIRMRKWLIGLIGOIHSYXEJEWGMREXMRKFSSOEFSYX&MPPMI ,SPMHE]ERHVIEH MX WXVEMKLXXLVSYKL 7LI HMHRtX FSXLIV XEOMRKRSXIW FIGEYWIWLI [EWWYVI WLItHVIQIQFIVMXEPP8LIRI\XHE]WLIPSSOIHXLVSYKLXLI)RG]GPSTIHMESJ.E^^ERHNSXXIHE JI[RSXIWSRXLIFEGOSJLIVWTIIGLW]PPEFYW 8LIR%WMEVIQIQFIVIHWLILEHEXIWXMRERSXLIVGPEWW7SQI[LEXTERMGOIHWLITYX EWMHILIVWTIIGLVIWIEVGLXSWXYH];LIRWLIKSXFEGOXSXLIWTIIGLXLIHIEHPMRI[EWSRP]
',%48)6 +%8,)6-2+1%8)6-%07
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
10%
6S] I )PM EFI L &SXXPIQERME ,S[;EXIV;IRXSR7EPIERH;L];I&SYKLX-X I[=SV PSS WFYV] 4VMR
%4%
6S] I )
&SXXPIQERME ,S[[EXIV[IRXSRWEPIERH[L][IFSYKLXMX I[=SV PSS WFYV]
&SS 7MRKPIEYX SV
7MKRIHQEKE^MRI EVXMGPI
7MKRIHRI[WTETIV EVXMGPI
8LI1G+VE[n,MPP 'SQTERMIW
10% %4%
10%
EVV
MGLSPEW q W+SSKPI E MRK9W YTMH# LE LI R IVRI W(SMRK S3YV VEMRW q%XPERXMG .YP]i YK i 4VMR
EVV .YP] YKYW W+SSKPI E MRKYWW YTMH# LE LI R IVRI MW HSMRK SSYVFVEMRW 8LI%XPERXMG i M
S[EVH q MWTERMGW0IEH4EGIMR(M IVWI E MSRr'LMGEKS8VMFYRI E] WSY LWSY L[IW IH WIG 4VMR
%4%
M E] WIG MSR T
10%
6STTSPS /M FIVP] q [IE 0SHKIWr)RG]GPSTIHMESJ%QIVMGER-RHMER,MWXSV] )HW VYGI) .SLERWIRERH EVV] 4VM IV SPW ER E EVFEVE 03 4VMR
%4%
6STTSPS /
[IE PSHKIW R .SLERWIRERH 4VM IV )HW )RG]GPSTIHMESJ%QIVMGER-RHMERLMWXSV] :SP TT i ER E EVFEVE 03
10%
6SHVMUYI .E IW 4IVWSREPMR IV MI[ 3G
%4%
. 6SHVMUYI TIVWSREPGS
10%
EWWIR ELP (E MH q RHYW VMEPM E MSRERH PM E Ir)R MVSR IR EP YHMIW R VSHYG MSR S PM E I LERKI 9RM IVWM ]SJ I EHE 0EW:IKEW IT 0IG YVI EWWIR ELP ( IT I FIV RHYW VMEPM E MSRERHGPM E I 0IG YVI TVIWIR IHMR)R MVSR IR EP YHMIW R VSHYG MSR SGPM E IGLERKI 9RM IVWM ]SJ I EHE 0EW:IKEW
7MKRIHEVXMGPIMR VI IVIRGI[SV
MWTERMGWPIEHTEGIMRHM IVWIRE MSR 'LMGEKS8VMFYRI
4IVWSREPMRXIV MI[
7TIIG SVPIGXYVI
%4%
q8LI IHMGE IH LMPHr EVV 8IPI MWMSR
%4%
+E MVME VM IVERH(MVIG SV
8LI IHMGE IHGLMPH?8IPI MWMSRWIVMIW ITMWSHIA R6 VSRWSR6E L IRMSV4VSHYGIV *VSRXPMRI I[=SV ERH EWLMRK SR ( 4YFPMG VSEHGEW MRK IV MGI
10%
9RM IH E IW (IT SJ IEP LERH Y ER IV MGIW E MSREP RW M Y ISJ IR EP IEP L 4ERMG(MWSVHIV TV 2EXMSREP-RWXMXYXISJ1IRXEP,IEPXL IF .YP]
%4%
E MSREP RW M Y ISJ IR EP IEP L TVMP 4ERMGHMWSVHIV 6I VMI IHJVS L T [[[ RM L RML KS LIEP L STMGWMRHI\ WL P
10%
(EPI] I L q S W+VIIR W8LI] PEM 8S Ir&SWXSR+PSFI &SWXSRGSQ IF .YRI
%4%
(EPI] E] S EWKVIIREW LI]GPEM JVS L T [[[ FSW SR GS
10%
6MTPI] ERHE q S[ S YV M IE(MWEW IVr8MQI E] .YRI
%4%
6MTPI] E] L T [[[ M I GS
3RPMRIKS IVRQIRX TYFPMGEXMSR
3RPMRIQEKE^MRI EVXMGPI
10% 8IPI MWMSRTVSKVEQ
3RPMRIRI[WTETIV EVXMGPI
YRMGE MSR 3G SFIV
MPP0] ER *VSRXPMRI4
+
SW SR .ER
E]
SFI &SWXSR+PSFI 6I VMI IH
8MQIGSQ
IF
S[ SWYV M IEHMWEW IV 8MQI 6I VMI IHJVS
d*-+96) 7EQTPI&MFPMSKVETL]*SVQEXW
8MTWJSV(SMRK6IWIEVGL
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
JSYV HE]WE[E]7LIHYKSYXLIVRSXIWFYX[LEX HMHXLI]QIER#3RIWEMHq1IHJSVHh MQTSVXERXr&YX[LSSV[LEX[EW1IHJSVH#%WMELEHXLSYKLXWLItHVIQIQFIVEPPEFSYX XLI &MPPMI ,SPMHE] FSSO FYX [MXLSYX RSXIW MX [EW QSWXP] E FPYV F] RS[ ;MXL E WIRWI SJ HSSQWLIJEGIHYTXSXLIJEGXXLEXWLI[SYPHLEZIXSWXEVXSZIVhERHJMRMWLMRJSYVHE]W
7SYRHJEQMPMEV#8LMWLEWLETTIRIHXSEPQSWXIZIV]SRIEXPIEWXSRGI&YX SRGIMWIRSYKL8LIVIMWEFIXXIV[E]XSXEOIVIWIEVGLRSXIW,IVIMWEQIXLSH XLEXLEW[SVOIH[IPPJSVQER]WXYHIRXW
8E I4PIRX]S 2SXIW *I[XLMRKWEVIQSVIEKKVEZEXMRKXLERXV]MRKXSVIGEPPWSQIFMXSJMRJSVQEXMSR ]SY VER EGVSWW MR ]SYV VIWIEVGL FYX RIKPIGXIH XS VIGSVH 8LI QSVEP SJ %WME 1EVWLEPPtWWXSV]MWGPIEV -JXLIVIMWIZIRERSYXWMHIGLERGIXLEX]SYQE]RIIH ETMIGISJMRJSVQEXMSRQEOIERSXISJMX8LMW[MPPXEOIEPMXXPII\XVEXMQIMRXLI WLSVXVYRFYXMRXLIPSRKVYRMXGERWEZI]SYQYGLKVMIJ
6IGSVH2SXIWMRE'SRWMWXIRX*SVQEX =SYWLSYPHYWIXLIWEQIJSVQEXJSVEPP]SYVVIWIEVGLRSXIW[LIXLIVXLI]GSQI JVSQ-RXIVRIXWSYVGIWPMFVEV]HSGYQIRXWSVTIVWSREPMRXIVZMI[W-RIEGLGEWI VIGSVHXLIRSXIXLIWSYVGISJXLIRSXIERHELIEHMRKMRHMGEXMRKXLIWYFNIGXSJ XLIRSXI WII*MKYVI FIPS[ 8LIMQTSVXERGISJXLIWYFNIGXLIEHMRKGERRSXFISZIVIQTLEWM^IH-XMWXLI JMVWX WXIT XS QSVI IJJMGMIRX RSXI XEOMRK &] XIPPMRK ]SY EX E KPERGI [LEX IEGL RSXI MWEFSYX MX [MPPKVIEXP] WMQTPMJ]XLIXEWOSJSVKERM^MRK]SYVRSXIW [LIR ]SYWXEVXXSGSQTSWIXLIWTIIGL3RGI]SYWXEVXYWMRKWYFNIGXLIEHMRKW]SYtPP WIILS[LIPTJYPXLI]GERFI
1E IE7ITEVEXI)RXV] SV)EG 2SXI 1ER]WXYHIRXWXV]XSVIGSVH EPP XLI MRJSVQEXMSR JVSQ SRI WSYVGI SRE WMRKPI RSXI 8LMW MW RSX ER IJJIGXMZI TVSGIHYVI FIGEYWI MX QEOIW ]SYV RSXIW EPQSWX MQTSWWMFPIXSVIZMI[ERHSVKERM^I%FIXXIVETTVSEGLMWXSQEOIEWITEVEXIRSXI JSVIEGLUYSXEXMSRSVTMIGISJMRJSVQEXMSR]SYVIGSVH%PXLSYKL]SYQE]IRH YT[MXLWIZIVEPRSXIWJVSQXLIWEQIHSGYQIRX]SY[MPPJMRHXLEXXLMWETTVSEGL EPPS[W]SYXSOIITFIXXIVXVEGOSJ]SYVVIWIEVGL
7YFNIGX IEHMRK
%FFVI MEXIHEYX SV ERHXMXPIVI IVIRGI *YPPGMXEXMSRMWSR X ITVIPMQMREV] FMFPMSKVET ]
8 MWRSXIMWXE IREW EHMVIGXUYSXEXMSR
d*-+96) 7EQTPI6IWIEVGL2SXI
',%48)6 +%8,)6-2+1%8)6-%07
8 ) 0
8)
+)) )6+)
=
P+SVI q SFIP4IEGI4VM I0IG YVItt
q I LILY ERWTIGMIW EVIGSRJVSR MRKETPERI EV] I IVKIRG]hE LVIE S LIWYV M EPSJSYV GM MPMPM E MSR LE MWKE LIVMRKS MRSYWERH HIW VYG M ITS IR MEPI IREW[IKE LIVLIVIr
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8SXEOIVIWIEVGLRSXIWIJJM GMIRXP]VIGSVHXLIQMRE GSRWMWXIRXJSVQEX QEOIE WITEVEXIIRXV]JSVIEGLRSXI ERHHMWXMRKYMWLEQSRK HMVIGXUYSXEXMSRWTEVE TLVEWIWERH]SYVS[RMHIEW
MWXMRKYMW %QSRK(MVIGX5YSXEXMSRW 4EVET VEWIW ( ERH=SYV3[R-HIEW %W[IWE[MR'LETXIVMXtWIEW]XSTPEKMEVM^IEGGMHIRXEPP]F]RSXXEOMRKGEVIJYP VIWIEVGLRSXIW%W]SYHSVIWIEVGLJSV]SYVWTIIGLIWFIWYVIXSYWIUYSXEXMSR QEVOW[LIRIZIV]SYGST]XLII\EGX[SVHWSJEWSYVGI-J]SYTEVETLVEWIVEXLIV XLERUYSXIZIVFEXMQHSRtXJSVKIXXSMRGPYHIXLIWSYVGI[LIR]SYVIGSVHXLI RSXI&]OIITMRKXVEGOSJUYSXEXMSRWERHTEVETLVEWIW]SY[MPPFIEFPIXSWITE VEXI]SYVS[R[SVHWERHMHIEWJVSQXLSWISJSXLIVTISTPI8LMW[MPPLIPT]SY EZSMHXLIXVETSJMREHZIVXIRXTPEKMEVMWQ[LIR]SYTYX]SYVWTIIGLXSKIXLIV
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q;MPH ERMQEPW QEOI QSVI MRXIVIWXMRK TIXW XLER HSKW ERH GEXWr 7LI [IRX EFSYX LIV VIWIEVGL GSRWGMIRXMSYWP]WTIRHMRKQER]LSYVWSRPMRIERHMRXLIPMFVEV]-RXLITVSGIWWWLIGEQI YTSRWSQIHMWXYVFMRKMRJSVQEXMSREFSYXXLIGETXYVISJ[MPHERMQEPW7LIVIEHXLEX]SYRK GLMQTER^IIWERHSXLIVETIW[IVIPMXIVEPP]WREXGLIHSYXSJXLIMVQSXLIVWtEVQWERHXLEX XLIQSXLIVW[IVIEJXIV[EVHLIEVHXSGV]EPQSWXPMOILYQERW&EGOMRLIVVSSQXLEXRMKLX *VERGIWGEGSYPHRtXKIXLIVQMRHSJJXLIFEF]GLMQTER^IIW 8LIRI\XHE]*VERGIWGEJSYRHWSQIQSVIHMWXYVFMRKQEXIVMEP3RIWSYVGIXSPHEFSYX XLII\XVESVHMREVMP]LMKLHIEXLVEXISJ[MPHERMQEPWHYVMRKWLMTQIRXXSXLI9RMXIH7XEXIW
8MTWJSV(SMRK6IWIEVGL
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%KEMRXLEXRMKLX*VERGIWGEFVSSHIHEFSYXXLI]SYRKERMQEPWH]MRKSJJIEVERHGSPHMRXLI GEVKSLSPHWSJEMVTPERIW &]XLIXMQIWLIJMRMWLIHLIVVIWIEVGL*VERGIWGEtWGIRXVEPMHIE[EWGSQTPIXIP]HMJJIV IRX;LIRWLIWTSOILIVGIRXVEPMHIE[EW q8LIMQTSVXEXMSRSJ[MPHERMQEPWJSVYWI EW TIXWMWMRLYQERIr
8LMWMWERI\EQTPISJGVIEXMZIVIWIEVGLhERHSJGVMXMGEPXLMROMRK*VERGIWGEOITX LIVQMRHSTIRVIEHIZIV]XLMRKWLIGSYPHJMRHEFSYXLIVXSTMGERHXLSYKLX WIVMSYWP] EFSYX [LEX WLI JSYRH &IGEYWI SJ XLMW XLSYKLXJYP ETTVSEGL WLI GLERKIHLIVQMRH =SYVS[RWTIIGLTVITEVEXMSRQE]RSXGEYWI]SYXSVIZIVWI]SYVTSWMXMSR FYXMXWLSYPHKMZI]SYRI[MRWMKLXWMRXS]SYVXSTMG-J]SYETTVSEGLVIWIEVGL MR XLMW [E] ]SY QE] JMRH XLEX XLI XMQI ]SY WTIRH VIWIEVGLMRK MW XLI QSWX TVSHYGXMZISJEPPXLIXMQI]SYHIZSXIXSTVITEVMRK]SYVWTIIGL
9
6= 8LIVIEVIQER]VIWSYVGIW]SYGERYWI[LIRKEXLIVMRKMRJSVQEXMSRJSVEWTIIGL-J ]SYLEZITIVWSREPI\TIVMIRGISVEFSZIEZIVEKIORS[PIHKIEFSYXEXSTMG]SYGER YWI]SYVWIPJEWEVIWSYVGI1SWXSJXLIXMQILS[IZIV]SY[MPPRIIHSYXWMHIMRJSV QEXMSR[LMGL]SYGERKIXMRXLIPMFVEV]SRXLI-RXIVRIXSVF]MRXIVZMI[MRKTISTPI [MXLWTIGMEPM^IHMRJSVQEXMSR *MRHMRK [LEX ]SY RIIH MR XLI PMFVEV] MW PEVKIP] E QEXXIV SJ ORS[MRK LS[ XS WIEVGL JSV MRJSVQEXMSR 8LI GEXEPSKYI PMWXW EPP XLI FSSOW TIVMSHMGEPW ERH SXLIV VIWSYVGIWS[RIHF]XLIPMFVEV](EXEFEWIWLIPT]SYJMRHEVXMGPIWMRQEKE^MRIWNSYV REPW ERH RI[WTETIVW 8LI VIJIVIRGI WIGXMSR MRGPYHIW IRG]GPSTIHMEW ]IEVFSSOW FMSKVETLMGEPEMHWERHFSSOWSJUYSXEXMSRW-J]SYLEZIXVSYFPIJMRHMRKWSQIXLMRK HSRtXLIWMXEXIXSEWOEPMFVEVMER ;LIRPSSOMRKJSVMRJSVQEXMSRSRPMRI]SYRIIHEWIEVGLWXVEXIK]XLEX[MPPLIPT ]SYJMRHI\EGXP][LEX]SYRIIH+MZIRXLIPEGOSJIHMXSVMEPVIZMI[JSVQSWXHSGY QIRXWSRXLI;IFMXMWIWTIGMEPP]MQTSVXERXXSIZEPYEXIXLIEYXLSVWLMTWTSRWSVMRK SVKERM^EXMSRERHVIGIRG]SJXLIVIWIEVGLQEXIVMEPW]SYJMRHXLIVI =SY GER EPWSKIXMRJSVQEXMSR F] GSRHYGXMRK E TIVWSREP MRXIVZMI[ &IJSVIXLI MRXIVZMI[]SYWLSYPHHIJMRIMXWTYVTSWIHIGMHI[LSQ]SYEVIKSMRKXSMRXIVZMI[ ERHTVITEVIXLIMRXIVZMI[UYIWXMSRW3RGIXLIMRXIVZMI[FIKMRWFIWYVIXSOIITMX SR XVEGO PMWXIR EXXIRXMZIP] ERH XEOI EGGYVEXI RSXIW %JXIV[EVH VIZMI[ ERH XVER WGVMFI]SYVRSXIWEWWSSREWTSWWMFPI 2SQEXXIV[LEXWSYVGIW]SYHVE[YTSRMRKEXLIVMRKMRJSVQEXMSR]SYVVIWIEVGL [MPPFIQSVIIJJIGXMZIMJ]SYWXEVXIEVP]ERHQEOIETVIPMQMREV]FMFPMSKVETL]XSOIIT XVEGOSJEPPXLIFSSOWEVXMGPIWERH-RXIVRIXHSGYQIRXWXLEXPSSOEWMJXLI]QMKLX FILIPTJYP&]PIEVRMRKXSXEOIVIWIEVGLRSXIWIJJIGXMZIP]]SY[MPPWEZI]SYVWIPJXMQI ERH IRIVK] IZIV] WXIT SJ XLI [E] %RH MJ ]SY XLMRO EFSYX ]SYV QEXIVMEPW EW ]SY VIWIEVGL ]SY QE] JMRH XLEXKEXLIVMRK QEXIVMEPW MW XLI QSWX GVIEXMZI TEVX SJ ]SYV WTIIGLTVITEVEXMSR
/)=8)6
GEXEPSKYI
EFWXVEGX
GEPPRYQFIV
VIJIVIRGI[SVO
TIVMSHMGEPHEXEFEWI
KIRIVEPIRG]GPSTIHME
',%48)6 +%8,)6-2+1%8)6-%07
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
+EXLIVMRK1EXIVMEPW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WTIGMEPIRG]GPSTIHME
WTSRWSVMRKSVKERM^EXMSR
]IEVFSSO
VIWIEVGLMRXIVZMI[
FMSKVETLMGEPEMH
TVIPMQMREV]FMFPMSKVETL]
ZMVXYEPPMFVEV]
6): ) 59) 8 3 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;L]MWMXMQTSVXERXXSHVE[SR]SYVS[RORS[PIHKIERHI\TIVMIRGIMR KEXLIVMRKQEXIVMEPWJSV]SYVWTIIGLIW# ;LEXEVIJMZIVIWSYVGIWJSVJMRHMRK[LEX]SYRIIHMRXLIPMFVEV]# ;LEXEVIXLVIIGVMXIVMEJSVIZEPYEXMRKXLIWSYRHRIWWSJVIWIEVGLQEXIVMEPWXLEX ]SYJMRHSRXLI-RXIVRIX# ;LEXEVIXLIXLVIIWXEKIWSJMRXIVZMI[MRK#;LEXWLSYPH]SYHSMRIEGLWXEKIXS LIPTIRWYVIEWYGGIWWJYPMRXIVZMI[# ;L]MWMXMQTSVXERXXSWXEVX]SYVWTIIGLVIWIEVGLIEVP]# ;LEX MW ETVIPMQMREV] FMFPMSKVETL]#;L]MW MXLIPTJYPXS ]SY MR VIWIEVGLMRK E WTIIGL#
GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLI SRPMRI7XYH]%MHWJSVXLMW GLETXIV
;LEXJSYVXLMRKWWLSYPH]SYHSXSXEOIVIWIEVGLRSXIWIJJMGMIRXP]#
)<)6
) *36 6 8
08
/ +
9WMRK SRI SJ XLI TIVMSHMGEP HEXEFEWIW HMWGYWWIH SR TEKIW i JMRH XLVII QEKE^MRI SV NSYVREP EVXMGPIW SR XLI XSTMG SJ ]SYV RI\X WTIIGL 4VITEVI E TVI PMQMREV]FMFPMSKVETL]IRXV]JSVIEGLEVXMGPI6IEHXLIJYPPXI\XSJXLIEVXMGPIWERH EWWIWWXLIMVZEPYIJSV]SYVWTIIGL 9WMRK SRI SJ XLI WTIGMEPM^IH -RXIVRIXVIWSYVGIW HMWGYWWIH SRTEKIW i JMRH XLVIIHSGYQIRXWSRXLIXSTMGSJ]SYVRI\XWTIIGL4VITEVIETVIPMQMREV]FMFPMSKVE TL]IRXV]JSVIEGLEVXMGPI6IEHXLIJYPPXI\XSJXLIHSGYQIRXWERHEWWIWWXLIQMR PMKLXSJXLIGVMXIVMEHMWGYWWIHSRTEKIWiJSVIZEPYEXMRK-RXIVRIXHSGYQIRXW 4PERXSGSRHYGXERMRXIVZMI[JSVSRISJ]SYVGPEWWVSSQWTIIGLIW&IWYVIXSJSP PS[ XLI KYMHIPMRIW TVIWIRXIH MR XLMW GLETXIV JSV IJJIGXMZI MRXIVZMI[MRK %JXIV [EVHIZEPYEXIXLIMRXIVZMI[(MH]SYTVITEVIJSVMXEHIUYEXIP]#(MH]SYKIXXLI MRJSVQEXMSR]SYRIIHIH#;LEX[SYPH]SYHSHMJJIVIRXP]MJ]SYGSYPHGSRHYGX XLIMRXIVZMI[EKEMR#
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
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
7YTTSVXMRK=SYV-HIEW
)\EQTPIW &VMIJ)\EQTPIW )\XIRHIH)\EQTPIW ,]TSXLIXMGEP)\EQTPIW 8MTWJSV9WMRK)\EQTPIW
7XEXMWXMGW 9RHIVWXERHMRK7XEXMWXMGW 8MTWJSV9WMRK7XEXMWXMGW
8IWXMQSR] )\TIVX8IWXMQSR] 4IIV8IWXMQSR] 5YSXMRK:IVWYW4EVETLVEWMRK 8MTWJSV9WMRK8IWXMQSR]
'MXMRK7SYVGIW3VEPP]
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
GSRJMVQIH FIPMIZIV MR LSPMWXMG QIHMGMRI (ERMIPPI %WLQER HIGMHIH XS KMZI LIV JMVWX GPEWWVSSQWTIIGLSRXLIYWIWERHFIRIJMXWSJEVSQEXLIVET]4EVXSJLIVWTIIGLVER PMOIXLMW %PPSJYWWYJJIVJVSQXLMRKWPMOIGSPHWLIEHEGLIWREYWIEERHWXVIWW,S[[SYPH]SY PMOIXSGYVIXLIWITVSFPIQW [MXLSYXI\TIRWMZITMPPWSV ZMWMXWXSXLIHSGXSV#;IPP]SYGER [MXLEVSQEXLIVET]%VSQEXLIVET]LEWFIIRTVSZIRXSXVIEXQER]GSQQSREMPQIRXWERH MX[SVOWKVIEXJSVQI1SVIXLERER]TMPP]SYGERFY]EVSQEXLIVET]NYWX[SVOW=SYWLSYPH XV]MXr %JXIV XLI WTIIGL (ERMIPPItW GPEWWQEXIW [IVI TSPMXI FYX WOITXMGEP %W SRI VIQEVOIH q(ERMIPPIQEHIWSQIMRXIVIWXMRKTSMRXWFYXWLItWRSHSGXSV-tHFIQSVIGSRZMRGIHMJWLI LEHWSQIQIHMGEPIZMHIRGIXSFEGOYTLIVSTMRMSRr
%
+SSH WTIIGLIW EVI RSX GSQTSWIH SJ LSX EMV ERH KIRIVEPM^EXMSRW 8LI] RIIH WXVSRKWYTTSVXMRKQEXIVMEPWXSFSPWXIVXLIWTIEOIVtWTSMRXSJZMI[-R(ERMIPPItW GEWIXLIVIMWIZMHIRGIXLEXEVSQEXLIVET]QE]LIPTMRXVIEXMRKWSQIEMPQIRXW FYX QSWX SJ XLI GPEMQW EFSYX MXW LIEPXL FIRIJMXW LEZI ]IX XS FI ZIVMJMIH F] VIWIEVGL 7S (ERMIPPItW PMWXIRIVW [IVI VMKLX XS FI WOITXMGEP EFSYX LIV ZEKYI YRWYTTSVXIHKIRIVEPM^EXMSRW 8LITVSFPIQ[MXLKIRIVEPM^EXMSRWMWXLEXXLI]HSRtXERW[IVXLIXLVIIUYIW XMSRWPMWXIRIVWEP[E]WEWOSJEWTIEOIV q;LEXHS]SYQIER#rq;L]WLSYPH- FIPMIZI]SY#rq7S[LEX#r'SRWMHIVJSVI\EQTPIXLIJSPPS[MRKWXEXIQIRXW
WYTTSVXMRKQEXIVMEPW 8LIQEXIVMEPWYWIHXSWYTTSVXE WTIEOIVtWMHIEW8LIXLVIIQENSV OMRHWSJWYTTSVXMRKQEXIVMEPW EVII\EQTPIWWXEXMWXMGWERH XIWXMQSR]
+IRIVEP
0IWW+IRIVEP
7TIGMJMG
'LMPHLSSHSFIWMX] MWEWIVMSYWTVSFPIQ MRXLI9RMXIH7XEXIW
8LIMRGMHIRGISJ GLMPHLSSHSFIWMX]MW RS[WSLMKLEWXS IRHERKIVXLILIEPXL SJE[LSPIKIRIVE XMSRSJ%QIVMGERW
%XPIEWXTIVGIRXSJ %QIVMGERGLMPHVIREVI SFIWIhQSVIXLERX[MGI XLITIVGIRXEKISRP] ]IEVWEKS8LI(ITEVXQIRX SJ,IEPXLERH7SGMEP 7IVZMGIWIWXMQEXIWXLEX MRXLIGSQMRKHIGEHIW SFIWMX][MPPHIGVIEWIPMJI I\TIGXERG]MRXLI97 F]X[SXSJMZI]IEVW
;LMGLWXEXIQIRXHS]SYJMRHQSWXMRXIVIWXMRK#1SWXGSRZMRGMRK#'LERGIWEVI ]SY TVIJIV XLEX MR XLI VMKLXLERH GSPYQR -X MW WLEVT ERH WTIGMJMG GPIEV ERH GVIHMFPIhNYWX[LEXEWTIIGLRIIHWXSGSQIEPMZI 8LI WOMPPJYP YWI SJ WYTTSVXMRK QEXIVMEPW SJXIR QEOIW XLI HMJJIVIRGI FIX[IIRETSSVWTIIGLERHEKSSHSRI-R'LETXIVWERH[I[MPPPSSOEX WTIGMEPYWIWSJWYTTSVXMRKQEXIVMEPWMRMRJSVQEXMZIERHTIVWYEWMZIWTIIGLIW-R XLMWGLETXIV[IJSGYWSRXLIFEWMGOMRHWSJWYTTSVXMRKQEXIVMEPWhI\EQTPIW WXEXMWXMGWERHXIWXMQSR]hERHSRKIRIVEPTVMRGMTPIWJSVYWMRKXLIQIJJIGXMZIP] ERHVIWTSRWMFP]
)\EQTPIW 8LI EXXEGO GEQI EJXIV HE]FVIEO 8LI (IPXE 6ERKIV E GEVKS WLMT GEVV]MRK FEY\MXI [EW WXIEQMRKXLVSYKLXLIMROFPYI-RHMER3GIEREFSYXQMPIWSJJ7SQEPMEtWGSEWX%GVI[ QERSRXLIFVMHKIWTMIHX[SWTIIHFSEXW^SSQMRKWXVEMKLXEXXLITSVXWMHISJLMWZIWWIP
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1SQIRXWPEXIVFYPPIXWXSVIMRXSXLIFVMHKIERHZETSVXVEMPWJVSQVSGOIXTVSTIPPIHKVIREHIW WXVIEOIHEGVSWWXLIFS[hTMVEXIW
8LIWIPMRIWEVIJVSQXLISTIRMRKSJEREVXMGPIMR7QMXLWSRMERQEKE^MRIEFSYX QSHIVRHE]TMVEXIWXLEXTVI]SRMRXIVREXMSREPWLMTTMRK-XMPPYWXVEXIWEHIZMGI[IPP ORS[RXSQEKE^MRI[VMXIVWhERHTYFPMGWTIEOIVW +IXXLIEYHMIRGIMRZSPZIH 7IILS[WOMPPJYPP]XLMWI\EQTPIEGGSQTPMWLIWXLIKSEP-XKMZIWYWEWTIGMJMG MRGMHIRX XS JSGYW SR XLI EXXEGO SR XLI (IPXE 6ERKIV -X WIXW XLI WXEKI [MXL HIXEMPW SJ XMQI TPEGI GSPSV ERH EGXMSR ;I GER EPQSWX WII SYVWIPZIW SR XLI FVMHKISJXLI(IPXE6ERKIV[EXGLMRKXLITMVEXIWtWTIIHFSEXWERHLIEVMRKXLIMV FYPPIXWXIEVMRXSXLIWLMT;I[SYPHRSXFIRIEVP]EWMRZSPZIHMJXLIEVXMGPILEH QIVIP]WEMHq4MVEXIWEVIEKVS[MRKQIREGIXSMRXIVREXMSREPWLMTTMRKr 6IWIEVGLLEWWLS[RXLEXZMZMHGSRGVIXII\EQTPIWLEZIWXVSRKMQTEGXSR PMWXIRIVWt FIPMIJW ERH EGXMSRW ;MXLSYX I\EQTPIW MHIEW SJXIR WIIQ ZEKYI MQTIVWSREPERHPMJIPIWW;MXLI\EQTPIWMHIEWFIGSQIWTIGMJMGTIVWSREPERH PMZIP]8LMWMWRS[LIVIFIXXIVMPPYWXVEXIHXLERMRXLI&MFPIERHXLI/SVERFSXL SJ [LMGL YWI EPP QERRIV SJ WXSVMIW TEVEFPIW ERH ERIGHSXIW XS QEOI EFWXVEGX TVMRGMTPIWGPIEVERHGSQTIPPMRK8LIVIEVIWIZIVEPOMRHWSJI\EQTPIW]SYQE] [ERXXSXV]MR]SYVWTIIGLIW
I\EQTPI %WTIGMJMGGEWIYWIHXSMPPYWXVEXI SVXSVITVIWIRXEKVSYTSJ TISTPIMHIEWGSRHMXMSRW I\TIVMIRGIWSVXLIPMOI
&6-)*)<%140)7 &VMIJI\EQTPIWhEPWSGEPPIHWTIGMJMGMRWXERGIWhQE]FIVIJIVVIHXSMRTEWWMRKXS MPPYWXVEXIETSMRX8LIJSPPS[MRKI\GIVTXYWIW E FVMIJI\EQTPIXSMPPYWXVEXIXLI QMVEGYPSYW REXYVI SJ VIGIRX EHZERGIW MR GVIEXMRK EVXMJMGMEP PMQFW JSV EGGMHIRX ZMGXMQW
FVMIJI\EQTPI %WTIGMJMGGEWIVIJIVVIHXSMR TEWWMRKXSMPPYWXVEXIETSMRX
'LERKIWMRXIGLRSPSK]LEZIQEHIMXTSWWMFPIJSVHSGXSVWXS[SVO[SRHIVWXLEXSRGI WIIQIHMQTSWWMFPI6SKIV'LEVXIVJSVI\EQTPIPSWXFSXLLMWJIIX[LIRXLI][IVIGVYWLIH MREXVYGOEGGMHIRX2S[LILEWRI[JIIXhQEHISJEWTVMRK]TPEWXMGEPPS]XLEXHYTPMGEXIW ERSVQEPEVGL2SXSRP]GER6SKIV[EPORSVQEPP]FYXLIGERVYRERHTPE]WTSVXWEKEMR
%RSXLIV[E]XSYWIFVMIJI\EQTPIWMWXSTMPIXLIQSRIYTSRXLISXLIVYRXMP ]SYGVIEXIXLIHIWMVIHMQTVIWWMSR,IVIMWLS[XLIXIGLRMUYIQMKLXFIYWIHXS VIMRJSVGIXLITSMRXXLEX1I\MGER%QIVMGERWLEZIQEHIQER]ZEPYEFPIGSRXVM FYXMSRWXS97PMJIERHGYPXYVI 1ER]SJYWEVIJEQMPMEV[MXLTVSQMRIRX1I\MGER%QIVMGERWWYGLEWEGXVIWW)ZE0SR KSVMEFS\IV3WGEV(I0E,S]EERHKYMXEVMWX'EVPSW7ERXERE&YX]SYQE]FIPIWWJEQMPMEV [MXLSXLIV%QIVMGERWSJ1I\MGERSVMKMR[LSLEZIQEHIMQTSVXERXGSRXVMFYXMSRWXS97 WSGMIX]2ERG]0STI^TPE]IHEGVYGMEPVSPIMRTSTYPEVM^MRK[SQIRtWTVSJIWWMSREPKSPJERH [SR XSYVGLEQTMSRWLMTW(V)PPIR3GLSEMWEREWXVSREYX[LSLEWPSKKIHQSVIXLER LSYVWMRWTEGIERHLEWMRZIRXIHWIZIVEPSTXMGEPQIXLSHWXLEXEMHWTEGII\TPSVEXMSR (V1EVMS1SPMRE[SRXLI 2SFIP4VM^IMR'LIQMWXV]JSVLMWVIWIEVGLSRXLIJSVQEXMSR ERHHIGSQTSWMXMSRSJXLIS^SRIPE]IV
)<8)2()()<%140)7 )\XIRHIH I\EQTPIW EVI SJXIR GEPPIH REVVEXMZIW MPPYWXVEXMSRW SV ERIGHSXIW &] XIPPMRKEWXSV]ZMZMHP]ERHHVEQEXMGEPP]XLI]TYPPPMWXIRIVWMRXSXLIWTIIGL,IVI MWWYGLERI\EQTPIJVSQEWTIIGLF]7YR=EREWXYHIRXEX*YHER9RMZIVWMX] MR7LERKLEM'LMRE4EVXMGMTEXMRKMR'LMREtWREXMSREP)RKPMWLPERKYEKIWTIIGL GSQTIXMXMSR7YR=ERYWIHERI\XIRHIHI\EQTPIXSMPPYWXVEXIXLIWTMVMXSJXLI 3P]QTMG+EQIW
\XIRHIHI\EQTPI I %WXSV]REVVEXMZISVERIGHSXI HIZIPSTIHEXWSQIPIRKXLXS MPPYWXVEXIETSMRX
)\EQTPIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq8LI 3P]QTMG7TMVMXrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-R XLI LMWXSV] SJ XLI 3P]QTMG +EQIW XLIVI LEZI FIIR QER] WLMRMRK WXEVW %QSRK XLIQ[EWE)YVSTIERKMVP;MXLXLIPETWISJXMQILIVREQILEWJEHIHJVSQQIQSV]]IX LIVYRFIRHMRKWTMVMXWLEPPRIZIVTIVMWL-X[EWWLI[LSLMKLPMKLXIHXLI3P]QTMG'VIIH -R XLIPIEH XLSYKLWLILEH FIIR WLI WXYQFPIH RIEVXLI XIVQMRYWERH LIVPIK[EW MRNYVIH'SQTIXMXSVWTEWWIHLIVJVSQFILMRHMRWYGGIWWMSRYRXMPJMREPP]SRP]LIV[IEOERH PSRIP]JMKYVIVIQEMRIHSRXLIXVEGO(SGXSVWGEQIERHSJJIVIHXSXEOILIVE[E]=IXWLI VIJYWIH;MXLXLISRP]WXVIRKXLPIJXMRLIVWLIQEREKIHXSKIXYTERHWLYJJPIHJIIFP]XS XLIIRHTSMRX[MXLHVSTWSJFPSSHEPSRKLIVXVEMP &YX GLIIVW FVSOI SYX 8LSYKL WLI JEMPIH MR XLI VEGI XLI KMVP [SR ETTPEYWI JVSQ TISTPIEPPSZIVXLI[SVPH-X[EWWLI[LSIPYGMHEXIHXLI3P]QTMGGVIIHSJTEVXMGMTEXMSR-X [EWWLI[LSMRWXMPPIHTIVWIZIVERGIMRSYVQMRHW
8LMWPSRKI\EQTPIGETXYVIWZMZMHP]XLIGSYVEKISJXLI3P]QTMGVYRRIVERHLIV TIVWSRMJMGEXMSR SJ XLI 3P]QTMG WTMVMX 8LI WTIEOIV GSYPH QIVIP] LEZI WEMH q3P]QTMGEXLPIXIWSJXIRHMWTPE]KVIEXJSVXMXYHIrFYXXLIWXSV]QEOIWXLITSMRX JEVQSVIZMZMHP]
,=438,)8-'%0)<%140)7 L]TSXLIXMGEPI\EQTPI %RI\EQTPIXLEXHIWGVMFIW ERMQEKMREV]SVJMGXMXMSYW WMXYEXMSR
%PP XLI I\EQTPIW TVIWIRXIH YT XS RS[ LEZI FIIR JEGXYEP XLI MRGMHIRXW XLI] VIJIVXSVIEPP]LETTIRIH7SQIXMQIWLS[IZIVWTIEOIVW[MPPYWIEL]TSXLIXMGEP I\EQTPIhSRI XLEX HIWGVMFIW ER MQEKMREV] WMXYEXMSR 9WYEPP] WYGL I\EQTPIW EVIFVMIJWXSVMIWXLEXVIPEXIEKIRIVEPTVMRGMTPI ,IVIMWLS[SRIWXYHIRXYWIHEL]TSXLIXMGEPI\EQTPIXSMPPYWXVEXIXLIYWI SJLSRSVGSHIWXSVIHYGIGLIEXMRK -QEKMRIXLMW =SYtVIXEOMRK]SYVTW]GLSPSK]I\EQ[LIR]SYRSXMGIXLIWXYHIRXWMXXMRK RI\XXS]SYMWWXEVMRKEX]SYVERW[IVW=SYEPWSWIILMWSTIRRSXIFSSOYRHIVLMWHIWO=SY JIIP]SYVGLIIOWVIHHIREW]SYFIGSQIERKV]XLEXLIQE]KIXELMKLWGSVIF]GLIEXMRK [LMPI ]SYt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
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ q'SPPIKI'LIEXMRK % 2EXMSREP)TMHIQMGrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
8LMWL]TSXLIXMGEPI\EQTPIMWIWTIGMEPP]IJJIGXMZI8LIWTIEOIVGVIEXIWEVIEPMWXMG WGIREVMSVIPEXIWMXHMVIGXP]XSLIVPMWXIRIVWERHKIXWXLIQMRZSPZIHMRXLIWTIIGL -REHHMXMSRWLIYWIWJMKYVIWJVSQXLITVIWMHIRXSJXLI'IRXIVJSV%GEHIQMG-RXIK VMX]XSWLS[XLEXLSRSVGSHIWHSLIPTVIHYGIXLIMRGMHIRGISJGLIEXMRKSRGSPPIKI GEQTYWIW;LIRIZIV]SYYWIEL]TSXLIXMGEPI\EQTPIMXMWEKSSHMHIEXSJSPPS[ MX[MXLWXEXMWXMGWSVXIWXMQSR]XSWLS[XLEXXLII\EQTPIMWRSXJEVJIXGLIH
8-47*3697-2+)<%140)7 9WI)\EQTPIWXS'PEVMJ]=SYV-HIEW =SYTVSFEFP]YWIGPEVMJ]MRKI\EQTPIWEPPXLIXMQIMRIZIV]HE]GSRZIVWEXMSR-J ]SY [IVI I\TPEMRMRK XS E JVMIRH EFSYX HMJJIVIRX FSH] X]TIW ]SY QMKLX WE] q0SSO EX 4VSJIWWSV 7LEROEV ,ItW E X]TMGEP IGXSQSVTLhXEPP XLMR ERH FSR]r
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)\EQTPIWEVIERI\GIPPIRX[E]XSGPEVMJ]YRJEQMPMEV SVGSQTPI\MHIEW8LI]TYXEFWXVEGXMHIEWMRXSGSR GVIXIXIVQWXLEXPMWXIRIVWGERIEWMP]YRHIVWXERH 8LMW TVMRGMTPI [SVOW I\GITXMSREPP] [IPP MR WTIIGLIW7YTTSWI]SYEVIXEPOMRKEFSYXWYWTIRWMSR FVMHKIW=SYGSYPHKMZIEXIGLRMGEPHIWGVMTXMSR 8LI WYWTIRWMSR FVMHKI LEW E VSEH[E] WYWTIRHIH F] ZIVXMGEPGEFPIWEXXEGLIHXSX[SSVQSVIQEMRGEFPIW8LI QEMRGEFPIWEVILYRKSRX[SXS[IVWERHLEZIXLIMVIRHW ERGLSVIHMRGSRGVIXISVFIHVSGO
-J]SYVEYHMIRGI [IVIQEHIYT SJTISTPIJEQMPMEV [MXLWXVYGXYVEPW]WXIQWXLI]QMKLXFIEFPIXSZMWY EPM^I [LEX E WYWTIRWMSR FVMHKI PSSOW PMOI &YX JSV PMWXIRIVWPEGOMRKXLMWFEGOKVSYRH]SYQMKLX[ERX XSEHHEWMQTPII\EQTPI 8[S [IPPORS[R WYWTIRWMSR FVMHKIW EVI XLI +SPHIR +EXI &VMHKI MR 7ER *VERGMWGS ERH XLI &VSSOP]R &VMHKI MR 2I[=SVO
2SQEXXIV[LEXXLISGGEWMSRTIVWSREPI\EQTPIWEVIERI\GIP PIRX[E]XSGPEVMJ]MHIEWERHXSFYMPHEYHMIRGIMRXIVIWX8SFI QSWXIJJIGXMZIXLI]WLSYPHFIHIPMZIVIHWMRGIVIP]ERH[MXL WXVSRKI]IGSRXEGX
&IGEYWIEPQSWXIZIV]SRILEWEXPIEWXWIIRETMGXYVI SJXLI+SPHIR+EXI&VMHKISVXLI&VSSOP]R&VMHKI YWMRKXLIQEWI\EQTPIWGPEVMJMIW]SYVQIERMRKUYMGOP]ERHIJJIGXMZIP]
9WI)\EQTPIWXS6IMRJSVGI=SYV-HIEW -REWTIIGLXMXPIHq'SQMRK,SQI 8LI3XLIV7MHISJ;EVrSRIWXYHIRXJSGYWIH SRXLIMRGMHIRGISJTSWXXVEYQEXMGWXVIWWHMWSVHIVEQSRKWSPHMIVWVIXYVRMRKJVSQ -VEU ,I GMXIH JMKYVIW JVSQ XLI (ITEVXQIRX SJ :IXIVERW %JJEMVW RSXMRK XLEX TIVGIRXSJ%QIVMGERWSPHMIVWMR-VEUI\TIVMIRGITSWXXVEYQEXMGWXVIWWHMWSVHIV ,I EPWS I\TPEMRIH XLIMV QSWX GSQQSR W]QTXSQW MRGPYHMRK JPEWLFEGOW RMKLX QEVIWHITVIWWMSRER\MIX]EPGSLSPSVHVYKEFYWIERHEWIRWISJWSGMEPMWSPEXMSR 8SVIMRJSVGILMWMHIEWXLIWTIEOIVGMXIHXLII\EQTPISJ6SFIVX)&VS[RE 1EVMRIJVSQ4IVY-RHMERE[LS[EWTEVXSJXLIJMVWX[EZISJXVSSTWHITPS]IH XS-VEU,IXEPOIHSJLS[&VS[RPSWXLMW[MJIERHFIKERHVMROMRKLIEZMP]EJXIV VIXYVRMRK LSQI ,S[ LI VIGSMPIH JVSQ PSYH RSMWIW ERH WLYRRIH IZIR LMW JVMIRHWERHJEQMP],S[LMWHVIEQW[IVIJMPPIHq[MXLKLEWXP]QIQSVMIWXLEXPIJX LMQEWLEHS[SJXLIWXVSRKGSRJMHIRXQERLILEHSRGIFIIRr 8LMW I\EQTPI [EW IWTIGMEPP] IJJIGXMZI -X TYX XLI QIHMGEP JEGXW EFSYX TSWX XVEYQEXMGWXVIWWHMWSVHIVMRZMZMHLYQERXIVQWXLEXIZIV]SRIGSYPHYRHIVWXERH ;LIR]SYYWIWYGLERI\EQTPIQEOIWYVIMXMWVITVIWIRXEXMZIhXLEXMXHSIWRSX HIEP[MXLVEVISVI\GITXMSREPGEWIW=SYVPMWXIRIVWEVIPMOIP]XSJIIPFIXVE]IHMJXLI] WYWTIGX]SYLEZIGLSWIREREX]TMGEPI\EQTPIXSTVSZIEKIRIVEPTSMRX
GSRRIGXPYGEWGSQ :MI[XLMWTSVXMSRSJq'SQMRK ,SQI 8LI3XLIV7MHISJ ;EVrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
9WI)\EQTPIWXS4IVWSREPM^I=SYV-HIEW 4ISTPIEVIMRXIVIWXIHMRTISTPI%WWSGMEPTW]GLSPSKMWX)PPMSX%VSRWSRI\TPEMRW q1SWXTISTPIEVIQSVIHIITP]MRJPYIRGIHF]SRIGPIEVZMZMHTIVWSREPI\EQTPI XLER F] ER EFYRHERGI SJ WXEXMWXMGEP HEXEr ;LIRIZIV ]SY XEPO XS E KIRIVEP EYHMIRGI WYGLEW]SYVWTIIGLGPEWW ]SYGERMRGPYHII\EQTPIWXLEX[MPPEHH LYQERMRXIVIWXXS]SYVWTIIGL7SJEVMRXLMWWIGXMSR[ILEZIWIIRERYQFIVSJ
)\EQTPIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WYGL I\EQTPIWhXLI LIVSMG 3P]QTMG VYRRIV EGGMHIRX ZMGXMQ 6SKIV 'LEVXIV ERHWSSR8LIEFWXVEGXFIGSQIWQSVIQIERMRKJYP[LIRETTPMIHXSETIVWSR ;LMGLSJXLIJSPPS[MRK[SYPH]SYFIQSVIPMOIP]XSVIWTSRHXS# 8LIVI EVI QER] LYRKV] JEQMPMIW MR SYV GSQQYRMX] [LS GSYPH FIRIJMX JVSQ JSSH HSREXMSRW
3V 0IXQIXIPP]SYEFSYX%VXYVS%VXYVSMWJSYV]IEVWSPH,ILEWFMKFVS[RI]IWERHE QSTSJFPEGOLEMVERHERIQTX]FIPP]-REPPLMWJSYV]IEVWSRXLMWIEVXL%VXYVSLEWRIZIV SRGIIRNS]IHXLVIIWUYEVIQIEPWMREWMRKPIHE]
8V] YWMRK I\EQTPIW [MXL LYQER MRXIVIWX MR ]SYV WTIIGLIW =SY [MPP WSSR HMWGSZIV [L] EGGSQTPMWLIH WTIEOIVW GSRWMHIV XLIQ qXLI ZIV] PMJI SJ XLI WTIIGLr
1EOI=SYV)\EQTPIW:MZMHERH6MGLP]8I\XYVIH 8LIVMGLP]XI\XYVIHI\EQTPIWYTTPMIWIZIV]HE]HIXEMPWXLEXFVMRKXLII\EQTPI XS PMJI 6IGEPP XLI I\EQTPI SR TEKI SJ XLI 3P]QTMG VYRRIV 8LI WTIEOIV TVSZMHIHYW[MXLQER]HIXEMPWEFSYXXLIVYRRIVtWFVEZIV]MRXLIJEGISJEHZIVWI GSRHMXMSRW8LIVYRRIVWXYQFPIWERHMRNYVIWLIVPIKRIEVXLIIRHSJXLIVEGI 7LIMWTEWWIHF]SXLIVGSQTIXMXSVWYRXMPWLIEPSRIMWPIJXSRXLIXVEGO(SGXSVW SJJIVXSLIPTFYXWLIVIJYWIWXLIMVEWWMWXERGIERHWLYJJPIWXSXLIJMRMWLPMRI[MXL HVSTWSJFPSSHEPSRKLIVXVEMP ,S[ QYGL PIWW GSQTIPPMRK XLI I\EQTPI [SYPH LEZI FIIR MJ XLI WTIEOIV LEHQIVIP]WEMH 3RI 3P]QTMG VYRRIV GSYVEKISYWP] GSQTPIXIH LIV VEGI HIWTMXI FIMRK MRNYVIH ERH I\LEYWXIH
-RWXIEH XLI HIXEMPW PIX YW WII XLI VYRRIV EW WLI FEXXPIW XLVSYKL LIVTEMR ERH QMWJSVXYRI7LIMWQYGLQSVIPMOIP]XSWXE]MRSYVQMRHWXLEREqFVEZIVYRRIV [LSGSQTPIXIHLIVVEGIr8LIQSVIZMZMH]SYVI\EQTPIWXLIQSVIMQTEGXXLI] EVIPMOIP]XSLEZISR]SYVEYHMIRGI
4VEGXMGI(IPMZIV]XS)RLERGI=SYV)\XIRHIH)\EQTPIW %RI\XIRHIHI\EQTPIMWNYWXPMOIEWXSV]SVREVVEXMZI-XWMQTEGXHITIRHWEWQYGL SR HIPMZIV] EW SR GSRXIRX 1ER] WXYHIRXW LEZI HMWGSZIVIH XLMW XLI LEVH [E] %JXIVWTIRHMRKQYGLXMQIERHIRIVK]HIZIPSTMRKEWTPIRHMHI\EQTPIXLI]LEZI WIIRMXJEPPJPEXFIGEYWIXLI]HMHRSXQEOIMXZMZMHERHKVMTTMRKJSVPMWXIRIVW 0SSOEKEMREXXLIWTIEOIVMR:MHIS'PMT2SXMGILS[WLIYWIWLIVZSMGI XSMRGVIEWIXLIMQTEGXSJLIVWXSV]EFSYXXLI3P]QTMGVYRRIV0MOIXLEXWTIEOIV ]SYWLSYPHXLMROSJ]SYVWIPJEWEWXSV]XIPPIV(SRtXVYWLXLVSYKL]SYVI\EQTPIW EW XLSYKL ]SY [IVI VIEHMRK XLI RI[WTETIV 9WI ]SYV ZSMGI XS KIX PMWXIRIVW MRZSPZIH 7TIEO JEWXIV LIVI XS GVIEXI E WIRWI SJ EGXMSR WPS[IV XLIVI XS FYMPH WYWTIRWI6EMWI]SYVZSMGIMRWSQITPEGIW PS[IVMXMRSXLIVW4EYWISGGEWMSREPP] JSVHVEQEXMGIJJIGX 1SWXMQTSVXERXQEMRXEMRI]IGSRXEGX[MXL]SYVEYHMIRGI8LIIEWMIWX[E] XSVYMREJMRII\EQTPIMWXSVIEHMXHYPP]JVSQ]SYVRSXIW%W]SYTVEGXMGIXLI WTIIGLqXEPOXLVSYKLr]SYVI\XIRHIHI\EQTPIW[MXLSYXVIP]MRKSR]SYVRSXIW
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
9WMRK)\EQTPIW ' L I G O P M W X =)7
23
(S-YWII\EQTPIWXSGPEVMJ]Q]MHIEW# (S-YWII\EQTPIWXSVIMRJSVGIQ]MHIEW# (S-YWII\EQTPIWXSTIVWSREPM^IQ]MHIEW# %VI Q] I\EQTPIW VITVIWIRXEXMZI SJ [LEX XLI] EVI WYTTSWIHXSMPPYWXVEXISVTVSZI# (S-VIMRJSVGIQ]I\EQTPIW[MXLWXEXMWXMGWSVXIWXMQSR]# %VIQ]I\XIRHIHI\EQTPIWZMZMHERHVMGLP]XI\XYVIH#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWS EZEMPEFPIMRXLISRPMRI 7XYH]8SSPWJSVXLMWGLETXIV
,EZI-TVEGXMGIHXLIHIPMZIV]SJQ]I\XIRHIHI\EQTPIWXS KMZIXLIQHVEQEXMGIJJIGX#
&] XLI HE] SJ ]SYV WTIIGL ]SY WLSYPH FI EFPI XS HIPMZIV ]SYV I\XIRHIH I\EQTPIWEWREXYVEPP]EWMJ]SY[IVIXIPPMRKEWXSV]XSEKVSYTSJJVMIRHW
7XEXMWXMGW
;IPMZI MREREKISJ WXEXMWXMGW (E] MRERHHE]SYX[IEVIFSQFEVHIH[MXLE WXEKKIVMRK EVVE] SJ RYQFIVW 9 LEW WSPH QSVI XLER QMPPMSR EPFYQW TIVGIRXSJ97 XIIREKI KMVPW LEZIWSQI JSVQSJ WI\YEPP] XVERWQMXXIH HMWIEWI 'SPSQFMETVSHYGIW QMPPMSRFEVVIPWSJSMPERRYEPP] 'LMREYWIWFMPPMSR TEMVWSJHMWTSWEFPIGLSTWXMGOWIEGL]IEV ;LEXHSEPPXLIWIRYQFIVWQIER#1SWXSJYW[SYPHFILEVHTVIWWIHXSWE] WXEXMWXMGW =IX[IJIIPQSVIWIGYVIMRSYVORS[PIHKI[LIR[IGERI\TVIWWMXRYQIVMGEPP] 2YQIVMGEPHEXE %GGSVHMRKXS0SVH/IPZMRXLI XLGIRXYV]TL]WMGMWXq;LIR]SYGERQIEWYVI [LEX]SYEVIWTIEOMRKEFSYXERHI\TVIWWMXMRRYQFIVW]SYORS[WSQIXLMRK EFSYX MX &YX [LIR ]SY GERRSX QIEWYVI MX [LIR ]SY GERRSX I\TVIWW MX MR RYQFIVW]SYVORS[PIHKIMWQIEKIVERHYRWEXMWJEGXSV]r-XMWXLMW[MHIP] WLEVIHFIPMIJXLEXQEOIWWXEXMWXMGW[LIRYWIHTVSTIVP]WYGLERIJJIGXMZI[E] XSGPEVMJ]ERHWYTTSVXMHIEW 0MOI FVMIJ I\EQTPIW WXEXMWXMGW EVI SJXIR GMXIH MR TEWWMRK XS GPEVMJ] SV WXVIRKXLIREWTIEOIVtWTSMRXW8LIJSPPS[MRKI\EQTPIWWLS[LS[X[SWXYHIRXW YWIHWXEXMWXMGWMRXLIMVWTIIGLIW 8SHSGYQIRXXLIVSPISJGSQQYRMX]GSPPIKIWMRXLI97IHYGEXMSREPW]WXIQ q%GGSVH MRK XS XLI 'LVSRMGPI SJ ,MKLIV )HYGEXMSR TIVGIRX SJ EPP YRHIVKVEHYEXIW MR %QIVMGE WXYH]EXEGSQQYRMX]GSPPIKIr 8SMPPYWXVEXIXLIKVS[MRKTSTYPEVMX]SJSVKERMGJSSHW q%GGSVHMRKXS172&'2I[WWEPIW SJSVKERMGGVSTWRS[I\GIIHFMPPMSRE]IEVERHEVIMRGVIEWMRKTIVGIRXERRYEPP]r
7XEXMWXMGW GER EPWS FI YWIH MR GSQFMREXMSR XS WLS[ XLI QEKRMXYHI SV WIVMSYWRIWWSJERMWWYI;IJMRHEKSSHMRWXERGISJXLMWXIGLRMUYIMREWXYHIRX TVIWIRXEXMSRSRXLIIGSRSQMGFIRIJMXWSJSTIRMRKGEWMRSWSR2EXMZI%QIVMGER XVMFEPPERH8SHIQSRWXVEXILMWTSMRXXLEXXLIWIFYWMRIWWIWTVSZMHIIGSRSQMG
7XEXMWXMGW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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q8LI)GSRSQMGWSJ2EXMZI %QIVMGER'EWMRSWrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
8LMWMWE[IPPWYTTSVXIHEVKYQIRX&YX[LEXMJXLIWTIEOIVLEHQIVIP]WEMH
'EWMRSWMRGVIEWIIQTPS]QIRXEQSRK2EXMZI%QIVMGERW
8LMWWXEXIQIRXMWRIMXLIVEWGPIEVRSVEWGSRZMRGMRKEWXLISRIGSRXEMRMRKWXE XMWXMGW3JGSYVWIXLIEYHMIRGIHMHRtXVIQIQFIVEPPXLIRYQFIVWFYXXLITYV TSWISJTVIWIRXMRKEWIVMIWSJJMKYVIWMWXSGVIEXIERSZIVEPPMQTEGXSRPMWXIRIVW ;LEXXLIEYHMIRGIHMHVIGEPPMWXLEXERMQTVIWWMZIEVVE]SJWXEXMWXMGWWYTTSVXIH XLIWTIEOIVtWTSWMXMSR
92()678%2(-2+78%8-78-'7 -RLMWGPEWWMGFSSO,S[XS0MI[MXL7XEXMWXMGW(EVVIPP,YJJI\TPSHIHXLIRSXMSR XLEXRYQFIVWHSRtXPMI 7XVMGXP]WTIEOMRKXLI]HSRtX&YXXLI]GERFIIEWMP] QERMTYPEXIHERHHMWXSVXIH*SVI\EQTPI[LMGLSJ XLIJSPPS[MRKWXEXIQIRXW MWXVYI# E )RVMGLIH[LMXIFVIEHMWQSVIRYXVMXMSYWXLER[LSPI[LIEXFVIEHFIGEYWIMXGSRXEMRW EWQYGLSVQSVITVSXIMRGEPGMYQRMEGMRXLMEQMRIERHVMFSJPEZMR F ; LSPI[LIEXFVIEHMWQSVIRYXVMXMSYWXLER[LMXIFVIEHFIGEYWIMXGSRXEMRWWIZIR XMQIWXLIEQSYRXSJJMFIVTPYWQSVIMVSRTLSWTLSVYWERHTSXEWWMYQ
%W]SYQMKLXI\TIGXFSXLWXEXIQIRXWEVIXVYI%RH]SYQMKLXLIEVIMXLIVSRI SJXLIQhHITIRHMRKSR[LSMWXV]MRKXSWIPP]SYXLIFVIEH 3RIGERTPE][MXLWXEXMWXMGWMREPPOMRHWSJEVIEW;LMGLSJXLIWIWXEXIQIRXW MWXVYI# E 8LIGLIIXELGPSGOIHEXQMPIWTIVLSYVMWXLIJEWXIWXERMQEPMRXLI[SVPH F 8LITVSRKLSVRERXIPSTIGPSGOIHEXQMPIWTIVLSYVMWXLIJEWXIWXERMQEPMRXLI[SVPH
8LI GLIIXEL VMKLX# 2SX RIGIWWEVMP] 8LI GLIIXEL GER KS JEWXIV FYX SRP] JSV WLSVX WTVMRXW 8LI ERXIPSTI GER QEMRXEMR MXW LMKL WTIIH SZIV E QYGL KVIEXIV HMWXERGI7S[LMGLMWJEWXIV#-XHITIRHWSR[LEX]SYtVIQIEWYVMRK4YXMRXIVQW SJLYQERVEGIWXLIGLIIXEL[SYPH[MRXLILYRHVIH]EVHHEWLFYXXLIERXI PSTI[SYPH[MRXLIQEVEXLSR ;LIR ]SY EVI HIEPMRK [MXL QSRI] WXEXMWXMGW FIGSQI IZIR XVMGOMIV 'SR WMHIVXLIJSPPS[MRKJEGXW E -R 4VIWMHIRX*VEROPMR(6SSWIZIPXIEVRIHEWEPEV]SJ F -R 4VIWMHIRX6MGLEVH2M\SRIEVRIHEWEPEV]SJ G -R4VIWMHIRX+ISVKI;&YWLIEVRIHEWEPEV]SJ
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%WTIIGLXLEXMWWYTTSVXIH F]WXEXMWXMGWMWYWYEPP]QSVI TIVWYEWMZIXLERERYRHSGY QIRXIHTVIWIRXEXMSR,IVI .SLR'LEQFIVW')3SJ'MWGS 7]WXIQWYWIWIGSRSQMGHEXE [LIREHHVIWWMRKXLI&SWXSR 'LEQFIVSJ'SQQIVGI
;LMGL 4VIWMHIRX [EW TEMH XLI QSWX QSRI]# -R TYVIP] QEXLIQEXMGEP XIVQW &YWLMWXLILMKLIWXIEVRIV&YXEHSPPEVXSHE]HSIWRSXFY]EWQYGLEWMXHMHMR [LIR*VEROPMR6SSWIZIPX[EW4VIWMHIRX3RIQIEWYVISJXLIMRJPEXMSRVEXI MWXLI'SRWYQIV4VMGI-RHI\[LMGLEPPS[WYWXSKEYKIXLIZEPYISJXLIHSPPEV MR ER] KMZIR ]IEV EKEMRWX MXW TYVGLEWMRK TS[IV MR -J [I ETTP] XLI 'SRWYQIV4VMGI-RHI\XSXLIXLVII4VIWMHIRXWtWEPEVMIW[IGERWIILS[QYGL IEGLIEVRIHMR HSPPEVW E -R 4VIWMHIRX*VEROPMR(6SSWIZIPXIEVRIHEWEPEV]SJ F -R 6MGLEVH2M\SRIEVRIHEWEPEV]SJ G
-R+ISVKI;&YWLIEVRIHEWEPEV]SJ
-RSXLIV[SVHWEPXLSYKL&YWLLEHXLILMKLIWXWEPEV]XLIZEPYISJLMW [EWPIWWXLERLEPJXLIZEPYISJ6SSWIZIPXtW 8LI TSMRX MW XLEX XLIVI MW YWYEPP] QSVI XS WXEXMWXMGW XLER QIIXW XLI I]I ;LIR]SYXVEGOHS[RWXEXMWXMGWJSV]SYVWTIIGLIWFIWYVIXSIZEPYEXIXLIQMR PMKLXSJXLIJSPPS[MRKUYIWXMSRW
%VIXLI7XEXMWXMGW6ITVIWIRXEXMZI# 7E]XLEXSR]SYV[E]XSGPEWW]SYGLSSWIXIRWXYHIRXWEXVERHSQERHEWOXLIQ [LIXLIV XLI] JEZSV SV STTSWI FERRMRK VIGVIEXMSREP ZILMGPIW SR TYFPMG PERHW 7E]EPWSXLEXWM\ETTVSZISJWYGLEFERERHJSYVHSRSX;SYPH]SYXLIRFI EGGYVEXIMRGPEMQMRKXLEXTIVGIRXSJXLIWXYHIRXWSR]SYVGEQTYWJEZSVFER RMRKVIGVIEXMSREPZILMGPIWJVSQTYFPMGPERHW# 3JGSYVWIRSX8IRWXYHIRXWMWRSXEFMKIRSYKLWEQTPI&YXIZIRMJMX[IVI SXLIVTVSFPIQW[SYPHEVMWI(SXLIXIRWXYHIRXWMRXIVZMI[IHEGGYVEXIP]VIJPIGX ]SYV WGLSSPtW TVSTSVXMSR SJ JVIWLQIR WSTLSQSVIW NYRMSVW ERH WIRMSVW# (S XLI] QMVVSV XLI TVSTSVXMSR SJ QEPI ERH JIQEPI WXYHIRXW# %VI XLI ZEVMSYW
7XEXMWXMGW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
QENSVW EGGYVEXIP] VITVIWIRXIH# ;LEX EFSYX TEVXXMQI ERH JYPPXMQI WXYHIRXW# 7XYHIRXWSJHMJJIVIRXGYPXYVEPERHVIPMKMSYWFEGOKVSYRHW# -RWLSVXQEOIWYVI]SYVWXEXMWXMGWEVIVITVIWIRXEXMZISJ[LEXXLI]GPEMQXS QIEWYVI
%VI7XEXMWXMGEP1IEWYVIW9WIH'SVVIGXP]# ,IVIEVIX[SKVSYTWSJRYQFIVW
QIER 8LIEZIVEKIZEPYISJEKVSYT SJRYQFIVW
QIHMER 8LIQMHHPIRYQFIVMREKVSYT SJRYQFIVWEVVERKIHJVSQ LMKLIWXXSPS[IWX
QSHI 8LIRYQFIVXLEXSGGYVWQSWX JVIUYIRXP]MREKVSYTSJ RYQFIVW
+VSYT%
+VSYT&
0IX YW ETTP] XS IEGL KVSYT XLVII FEWMG WXEXMWXMGEP QIEWYVIWhXLI QIER XLI QIHMERERHXLIQSHI 8LI QIERhTSTYPEVP] GEPPIH XLI EZIVEKIhMW HIXIVQMRIH F] WYQQMRK EPP XLIMXIQWMREKVSYTERHHMZMHMRKF]XLIRYQFIVSJMXIQW8LIQIERJSVKVSYT %MW*SVKVSYT&MXMW 8LIQIHMERMWXLIQMHHPIJMKYVIMREKVSYTSRGIXLIJMKYVIWEVITYXMRSVHIV JVSQLMKLIWXXSPS[IWX8LIQIHMERJSVFSXLKVSYT%ERHKVSYT&MWI\EGXP]XLI WEQIh 8LIQSHIMWXLIRYQFIVXLEXSGGYVWQSWXJVIUYIRXP]MREKVSYTSJRYQFIVW 8LIQSHIJSVKVSYT%MW*SVKVSYT&MXMW 2SXMGIXLIVIWYPXW +VSYT%
+VSYT&
1IER
1IHMER
1SHI
%PP XLIWI QIEWYVIW LEZI XLI WEQI KSEPhXS MRHMGEXI [LEX MW X]TMGEP SV GLEVEGXIVMWXMGSJEGIVXEMRKVSYTSJRYQFIVW=IXWIILS[HMJJIVIRXXLIVIWYPXW EVIHITIRHMRKSR[LMGLQIEWYVI]SYYWI 8LIHMJJIVIRGIWEQSRKXLIZEVMSYWQIEWYVIWGERFIWXVMOMRK*SVMRWXERGI XLIQIERWEPEV]SJPSGEP8:RI[WERGLSVTIVWSRWMW E]IEV&YXXLIQIER MW MRJPEXIH F] XLI LYKI WEPEVMIW YT XS QMPPMSR E ]IEV TEMH XS E JI[ WXEV ERGLSVWMRQIHMEGIRXIVWWYGLEW2I[=SVO0SW%RKIPIWERH'LMGEKS-RGSR XVEWXXLIQIHMERWEPEV]SJPSGEPRI[WERGLSVWMWhRSXEWYQXSWGSJJEX FYXWXMPPPIWWXLERXLIQIER ,S[QMKLXEWTIEOIVYWIXLIWIHMJJIVIRXQIEWYVIW#8LIS[RIVSJEXIPIZM WMSRWXEXMSR[SYPHTVSFEFP]GMXIXLIQIER XSWLS[XLEXPSGEPRI[W ERGLSVWEVILERHWSQIP]GSQTIRWEXIHJSVXLIMV[SVO%RSVKERM^EXMSRSJRI[W ERGLSVWQMKLXIQTLEWM^IXLIQIHMER XSHIQSRWXVEXIXLEXWEPEVMIWEVI RSXRIEVP]EWLMKLEWXLIWXEXMSRS[RIVQEOIWXLIQSYXXSFI&SXLWTIEOIVW [SYPHFIXIPPMRKXLIXVYXLFYXRIMXLIV[SYPHFIGSQTPIXIP]LSRIWXYRPIWWWLI SVLIQEHIGPIEVXLIQIERMRKSJXLIWXEXMWXMGW
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%VIXLI7XEXMWXMGWJVSQE6IPMEFPI7SYVGI# ;LMGLMWXLIQSVIVIPMEFPIIWXMQEXISJXLIIRZMVSRQIRXEPHERKIVWSJXS\MG[EWXI MREPERHJMPPhSRIJVSQXLI97)RZMVSRQIRXEP4VSXIGXMSR%KIRG]SVSRIGSQ TMPIH F] XLI GSQTER] XLEX S[RW XLI PERHJMPP# )EW]hXLI IWXMQEXI F] XLI )4% [LMGLHSIWRSXLEZIEZIWXIHMRXIVIWXMR[LEXXLIJMKYVIWPSSOPMOI;LEXEFSYX RYXVMXMSREPVEXMRKWJSVJEWXJSSHWSJJIVIHF]'SRWYQIVW9RMSR ELMKLP]VIWTIGXIH RSRTVSJMXSVKERM^EXMSR SVF]&YVKIV/MRK#8LEXtWIEW]XSSh'SRWYQIVW9RMSR &YX RS[ XLMRKWKIXXSYKLIV ;LEX EFSYX XLIGSQTIXMRKWXEXMWXMGW SJJIVIH F] KVSYTWJSVERHEKEMRWX7SGMEP7IGYVMX]VIJSVQ#3VXLIGSRJPMGXMRKRYQFIVW XSWWIHSYXF]EWGLSSPFSEVHERHXLIXIEGLIVWWXVMOMRKEKEMRWXMX#-RXLIWIGEWIW XLIERW[IVMWRSXWSGPIEVWMRGIFSXLWMHIW[SYPHTVIWIRXXLIJEGXWEGGSVHMRK XSXLIMVS[RTEVXMWERQSXMZIW %W E WTIEOIV ]SY QYWX FI E[EVI SJ TSWWMFPI FMEW MR XLI YWI SJ RYQFIVW 7MRGIWXEXMWXMGWGERFIMRXIVTVIXIHWSQER][E]WERHTYXXSWSQER]YWIW]SY WLSYPHWIIOJMKYVIWKEXLIVIHF]SFNIGXMZIRSRTEVXMWERWSYVGIW
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
'SRJVSRXIH[MXLXLMWI\EQTPIEPMWXIRIVQMKLXXLMROq4SSV'LEVPIW&YX -tQRSXKSMRKXSIRHYTMRLMWWTSXFIGEYWI-HSRtXTPERXSPIEZIGSPPIKI[MXL E PSX SJ GVIHMXGEVH HIFXr %RXMGMTEXMRK NYWX WYGL E VIWTSRWI E WLEVT WTIEOIV [SYPHMRGPYHIJMKYVIWXSUYERXMJ]XLII\XIRXSJGVIHMXGEVHHIFXEQSRKGSPPIKI WXYHIRXWMRKIRIVEP %GGSVHMRKXSXLIPEXIWXMWWYISJ 972I[W ;SVPH6ITSVXXLIEZIVEKIGVIHMXGEVH HIFXSJEKVEHYEXMRKGSPPIKIWXYHIRXMW ERHRI[KVEHYEXIWWTIRHEPQSWXTIV GIRX SJ XLIMV MRGSQI SR HIFX TE]QIRXW -J WSQISRI QEOIW SRP] XLI QMRMQYQ QSRXLP] TE]QIRX SR LMW SV LIV GVIHMX GEVHWh[LMGL MW [LEX QSWX TISTPI HShXLI] [MPP VEGO YT QSVIXLER MRMRXIVIWXGLEVKIWEPSRIFIJSVITE]MRKSJJXLIMVSVMKMREP HIFX 4IVLETWXLMWI\TPEMRW[L]MRXLITEWXJI[]IEVWXLIRYQFIVSJTISTPIYRHIVJMPMRKJSV FEROVYTXG]LEWMRGVIEWIHF]SZIVTIVGIRX
7XEXMWXMGW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
2S[XLIEYHMIRGIMWQYGLQSVIPMOIP]XSEKVIIXLEXXLI]RIIHXSOIITEGPSWIV I]ISRXLIMVGVIHMXGEVHFEPERGI
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tW 'EREHE VEROW XL %QIVMGERW WTIRH QSVI IEGL ]IEV SR LIEPXL GEVI XLER ER] SXLIV REXMSRh XVMPPMSR HSPPEVW SV TIVGIRX SJ KVSWW HSQIWXMG TVSHYGXh]IX XLI ;SVPH ,IEPXL 3VKERM^EXMSR VEROW XLI 97 LIEPXL GEVI W]WXIQ XL MR SZIVEPP TIVJSVQERGI EQSRKQIQFIVREXMSRW
-RWXIEHSJHVS[RMRK]SYVEYHMIRGIMREWIESJWXEXMWXMGWYWISRP]XLSWIXLEX EVIQSWXMQTSVXERX*SVI\EQTPI %GGSVHMRKXSXLI;SVPH*EGXFSSOTISTPIMRXLI9RMXIH7XEXIWLEZISRISJXLIPS[IWX PMJII\TIGXERGMIWEQSRKMRHYWXVMEPM^IH REXMSRW;IEPWS LEZI SRISJXLI LMKLIWXVEXIW SJ MRJERXQSVXEPMX])ZIR XLSYKL [IWTIRH QSVI SR LIEPXL GEVIXLERER]SXLIV REXMSRXLI ;SVPH,IEPXL3VKERM^EXMSRVEROWSXLIVREXMSRWELIEHSJYW[MXLVIKEVHXSXLISZIVEPP TIVJSVQERGISJSYVLIEPXLGEVIW]WXIQ
8LMW WIGSRH WXEXIQIRX QEOIW XLI WEQI TSMRX EWXLI JMVWX WXEXIQIRX FYX RS[ XLIMHIEWEVIRSXPSWXMREXSVVIRXSJRYQFIVW
-HIRXMJ]XLI7SYVGIWSJ=SYV7XEXMWXMGW %W [ILEZIWIIR JMKYVIWEVIIEW]XS QERMTYPEXI8LMW MW [L] GEVIJYPPMWXIRIVW OIITERIEVSYXJSVXLIWSYVGIWSJEWTIEOIVtWWXEXMWXMGW3RIWXYHIRXPIEVRIHXLMW F]I\TIVMIRGI-REWTIIGLXMXPIHq8E\6IJSVQ *EGX:IVWYW*MGXMSRr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
)\TPEMR=SYV7XEXMWXMGW 7XEXMWXMGWHSRtXWTIEOJSVXLIQWIPZIW8LI]RIIHXSFIMRXIVTVIXIHERHVIPEXIH XS]SYVPMWXIRIVW2SXMGILS[IJJIGXMZIP]SRIWXYHIRXHMHXLMWMREWTIIGLEFSYX 'LMRIWIGYPXYVIMRXLI9RMXIH7XEXIW *SSH MW ERSXLIV EWTIGX SJ 'LMRIWI GYPXYVI XLEX LEW FIGSQI TEVX SJ %QIVMGER PMJI %GGSVHMRK XS.IRRMJIV0IItW 8LI*SVXYRI 'SSOMI'LVSRMGPIWTYFPMWLIHMR XLIVI EVI
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
9WMRK7XEXMWXMGW ' L I G O P M W X =)7
23
(S-YWIWXEXMWXMGWXSUYERXMJ]Q]MHIEW# %VI Q] WXEXMWXMGW VITVIWIRXEXMZI SJ [LEXXLI]TYVTSVXXS QIEWYVI# %VIQ]WXEXMWXMGWJVSQVIPMEFPIWSYVGIW# (S-GMXIXLIWSYVGIWSJQ]WXEXMWXMGW# (S - YWI WXEXMWXMGEP QIEWYVIW QIER QIHMER QSHI GSVVIGXP]# (S-VSYRHSJJGSQTPMGEXIHWXEXMWXMGW#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWS EZEMPEFPIMRXLISRPMRI 7XYH]8SSPWJSVXLMWGLETXIV
(S-YWIZMWYEPEMHWXSGPEVMJ]WXEXMWXMGEPXVIRHW# (S - I\TPEMR Q] WXEXMWXMGW ERH VIPEXI XLIQ XS XLI EYHMIRGI#
WSQI'LMRIWIVIWXEYVERXWMRXLI9RMXIH7XEXIW8LEXtWQSVIXLEREPPXLI1G(SREPHW &YVKIV/MRKWERH/*'WGSQFMRIH
)\TPEMRMRK[LEXWXEXMWXMGWQIERMWTEVXMGYPEVP]MQTSVXERX[LIR]SYHIEP[MXL PEVKIRYQFIVWWMRGIXLI]EVILEVHXSZMWYEPM^I,S[JSVI\EQTPIGER[IGSQ TVILIRHXLI XVMPPMSR97REXMSREPHIFX#;IGSYPHI\TPEMRXLEXEXVMPPMSRMWE XLSYWERHFMPPMSRERHEFMPPMSRMWEXLSYWERHQMPPMSR&YXQMPPMSRWERHFMPPMSRWEVI EPQSWX EW LEVH XS ZMWYEPM^I EW XVMPPMSRW 7YTTSWI MRWXIEH [I XVERWPEXI XLI LYKI RYQFIVWMRXSXIVQWEPMWXIRIVGERVIPEXIXS,IVIMWSRIWTIEOIVtWWSPYXMSR ,S[QYGLQSRI]MWEXVMPPMSRHSPPEVW#8LMROSJMXXLMW[E]-J]SYLEHQMPPMSRERH WTIRXMXEXXLIVEXISJEHE]]SY[SYPHVYRSYXSJQSRI]MRPIWWXLERXLVII]IEVW -J]SYLEHFMPPMSR ERHWTIRXMXEXXLIVEXI SJEHE]]SY [SYPH RSXVYR SYXSJ QSRI]JSVEPQSWX]IEVW%RHMJ]SYLEHXVMPPMSRERHWTIRXMXEXXLIVEXISJ EHE]]SY[SYPHRtXVYRSYXSJQSRI]JSVRIEVP]QMPPMSR]IEVW
;LIRIZIV]SYYWIWXEXMWXMGWMR]SYVWTIIGLIWXLMROSJLS[]SYGERQEOI XLIQQIERMRKJYPXS]SYVEYHMIRGI6EXLIVXLERWMQTP]VIGMXMRKJMKYVIWEFSYX WE]XLIGSRXMRYMRKHIWXVYGXMSRSJXLI[SVPHtWVEMRJSVIWXWJMRHE[E]XSFVMRK XLSWIJMKYVIWLSQIXS]SYVEYHMIRGI=SYQMKLXWE]EWHMHSRIWTIEOIV %GGSVHMRKXSXLI6EMRJSVIWX%GXMSR2IX[SVOVEMRJSVIWXMWHMWETTIEVMRKEXEREPEVQMRK VEXI;MXLMRXLIRI\XWIGSRH[I[MPPPSWIEREVIESJVEMRJSVIWXIUYEPXSX[SJSSXFEPPJMIPHW ;MXLMRXLIRI\XJMJXIIRQMRYXIWEREVIEXLIWM^ISJXLMWGEQTYW[MPPFIIVEWIH&]XLMWXMQI XSQSVVS[ EGVIWEREVIEIUYMZEPIRXXS XLI WM^ISJ2I[=SVO 'MX][MPPFI KSRI JSVIZIV
&I GVIEXMZIMR XLMROMRK SJ [E]W XSVIPEXI ]SYV WXEXMWXMGW XS]SYVEYHMIRGI 8LMWMWTVSFEFP]XLIWMRKPIQSWXMQTSVXERXWXIT]SYGERXEOIXSQEOIWXEXMWXMGW [SVOMR]SYVWTIIGLIW
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq8LI 6EMRJSVIWXW 2EXYVItW 4LEVQEG]rMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7XEXMWXMGW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6SYRH3JJ'SQTPMGEXIH7XEXMWXMGW 1SYRX/MPMQERNEVSMW JIIXLMKL XLISJJMGMEP[SVPHPERHWTIIHVIGSVHMW QMPIWTIVLSYV XLITSTYPEXMSRSJ7EYHM%VEFMEMW TISTPI XLIQSSRMW QMPIWJVSQIEVXL 8LIWI EVI MRXVMKYMRK JMKYVIW FYX XLI] EVI XSS GSQTPMGEXIH XS FI VIEHMP] YRHIVWXSSHF]PMWXIRIVW9RPIWWXLIVIMWERMQTSVXERXVIEWSRXSKMZII\EGXRYQ FIVW]SYWLSYPHVSYRHSJJQSWXWXEXMWXMGW=SYQMKLXWE]XLEX1SYRX/MPMQER NEVSMW JIIXLMKL XLI[SVPHPERHWTIIHVIGSVHMWQMPIWTIVLSYV XLI TSTYPEXMSRSJ7EYHM%VEFMEMWQSVIXLER QMPPMSR ERHXLIQSSRMW QMPIWJVSQIEVXL
9WI:MWYEP%MHWXS'PEVMJ]7XEXMWXMGEP8VIRHW :MWYEPEMHWGERWEZI]SYEPSXSJXMQIEW[IPPEWQEOI]SYVWXEXMWXMGWIEWMIVXS GSQTVILIRH7YTTSWI]SYEVIHMWGYWWMRKXLIRYQFIVSJQENSVWXVMOIWF]PEFSV YRMSRWMRXLI9RMXIH7XEXIWWMRGI;SVPH;EV--=SYGSYPHWXEVXF]I\TPEMRMRK XLEXEJXIVXLI[EVHYVMRKXLIIEVP] WXLIVI[IVIEVIGSVHRYQFIVSJWXVMOIW MRZSPZMRKSVQSVI[SVOIVW8LIREJXIVXLIWXEVXSJ([MKLX)MWIRLS[IVtW TVIWMHIRG]MR XLIRYQFIVSJ WXVMOIWHIGPMRIHJEMVP]WXIEHMP] YRXMP [LIRXLI]WXEVXIHGPMQFMRKXSETIEOSJQSVIXLERMR %JXIVEWLEVT HIGPMRIMRXLIIEVP] WXLI]NYQTIHEKEMRMR FIJSVIXEOMRKEHVEQEXMG XYVR HS[R[EVH HYVMRK XLI W ERH VIEGLMRK E VIGSVH PS[ YRHIV 4VIWMHIRX +ISVKI;&YWL 8LIWIEVIMRXIVIWXMRKWXEXMWXMGWERH]SYGSYPHFYMPHEKSSHWTIIGLEVSYRH XLIQ&YXWXVYRKXSKIXLIVMREJI[WIRXIRGIWXLI]EVILEVHXSHMKIWX*MKYVI FIPS[ WLS[W LS[ QYGL QSVI GPIEVP] XLI TSMRXW GER FI QEHI [MXL E WMQTPI KVETL ;I WLEPP HMWGYWW ZMWYEP EMHW MR HIXEMP MR 'LETXIV *SV XLI QSQIRX OIITMRQMRHXLEXXLI]GERFILIPTJYPMRTVIWIRXMRKWXEXMWXMGEPMRJSVQEXMSR
7XVMOIWMRZSPZMRK[SVOIVWSVQSVI
d*-+96)
',%48)6 7944368-2+=396-()%7
=IEV
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8IWXMQSR]
-QEKMRI]SYEVIXEPOMRK[MXLEJVMIRHEFSYXXLIGPEWWIW]SYTPERXSXEOIRI\X XIVQ=SYEVIRSXWYVI[LIXLIVXSWMKRYTJSV4W]GLSPSK]SV%GGSYRXMRK &SXL EVI VIUYMVIQIRXW FSXL QIIX EX XLI WEQI XMQI SJ HE] =SYV JVMIRH WE]Wq-XSSOXLSWIGPEWWIWPEWX]IEV8LI]tVIFSXLKSSH FYX4VSJIWWSV,EWWEQ [EWI\GIPPIRXMR4W]GL-JWLItWXIEGLMRKMXRI\XXIVQ-tHXEOIMXJSVWYVIr =SY GLIGO XLI XMQIXEFPI ERH JMRH XLEX 4VSJIWWSV ,EWWEQ MW MRHIIH WPEXIH JSV 4W]GLSPSK]=SYWMKRYTJSVLIVGSYVWI %WXLMWWXSV]MPPYWXVEXIW[IEVISJXIRMRJPYIRGIHF]XLIXIWXMQSR]SJSXLIV XIWXMQSR] TISTPI.YWX EW ]SYEVI PMOIP] XS FI W[E]IHF] ]SYVJVMIRHtW VIGSQQIRHEXMSR 5YSXEXMSRWSVTEVETLVEWIW EFSYX[LMGLGPEWWXSXEOIWSEYHMIRGIWXIRHXSVIWTIGXXLISTMRMSRWSJTISTPI YWIHXSWYTTSVXETSMRX [LSLEZIWTIGMEPORS[PIHKISVI\TIVMIRGISRXLIXSTMGEXLERH&]UYSXMRKSV TEVETLVEWMRKWYGLTISTPI]SYGERKMZI]SYVMHIEWKVIEXIVWXVIRKXLERHMQTEGX 8LIX[SQENSVOMRHWSJXIWXMQSR]EVII\TIVXXIWXMQSR]ERHTIIVXIWXMQSR]
)<4)688)78-132= -RQSWXWTIIGLIW]SY[MPPTVSFEFP]VIP]SRI\TIVXXIWXMQSR]hXIWXMQSR]JVSQ TISTPI [LS EVI EGORS[PIHKIH EYXLSVMXMIW MR XLIMV JMIPHW 'MXMRK XLI ZMI[W SJ TISTPI [LSEVI I\TIVXW MW E KSSH [E] XS PIRH GVIHMFMPMX] XS ]SYV WTIIGLIW -X WLS[WXLEX]SYEVIRSXNYWXQSYXLMRK]SYVS[RSTMRMSRWFYXXLEX]SYVTSWM XMSRMWWYTTSVXIHF]TISTPI[LSEVIORS[PIHKIEFPIEFSYXXLIXSTMG )\TIVXXIWXMQSR]MWIZIRQSVIMQTSVXERX[LIREXSTMGMWGSRXVSZIVWMEPSV [LIRXLIEYHMIRGIMWWOITXMGEPEFSYXEWTIEOIVtWTSMRXSJZMI[8LIJSPPS[MRK WXSV] I\TPEMRW LS[ SRI WXYHIRX IRPMWXIH I\TIVX XIWXMQSR] JSV E WTIIGL SR LSYWILSPHERXMFEGXIVMEPTVSHYGXW %W 6IFIGGE 7LERRSR MRZIWXMKEXIH XLI XSTMG SJ LSYWILSPH ERXMFEGXIVMEP TVSHYGXW WLI FIGEQIGSRZMRGIHXLEXXLI]HMHRSXTVSHYGIXLILIEPXLFIRIJMXWXLI]GPEMQIHERHMRJEGX GSYPHFILEVQJYPXSGSRWYQIVWERHXLIIRZMVSRQIRXEPMOI=IX6IFIGGE[EWRSXERI\TIVX ,S[GSYPHWLIGSRZMRGILIVGPEWWQEXIWXSEGGITXLIVMHIEW# 7XEXMWXMGWLIPTIHERHWSHMHI\EQTPIW&YXSRWYGLEGSRXVSZIVWMEPXSTMGXLEX[EWRSX IRSYKL 7S XS VIMRJSVGI LIV GVIHMFMPMX] 6IFIGGE UYSXIH E [MHI VERKI SJ I\TIVXW [LS EKVIIH[MXLLIVhMRGPYHMRKXLI97'IRXIVWJSV(MWIEWI'SRXVSP )VMG/YTJIVFIVKEWWSGMEXI HMVIGXSVSJXLI,EVZEVH7GLSSPSJ4YFPMG,IEPXL 7XYEVX0IZ]TVSJIWWSVSJQMGVSFMSPSK]EX 8YJXW 9RMZIVWMX] )PEMRI0EVWSRSJ'SPYQFME9RMZIVWMX]tW 7GLSSP SJ2YVWMRK 1]VSR+IRIP GLEMVSJXLI%QIVMGER1IHMGEP%WWSGMEXMSRtWGSYRGMPSRWGMIRXMJMGEJJEMVW ERH6SPJ,EPHIRSJ XLI.SLRW,STOMRW9RMZIVWMX]7GLSSPSJ4YFPMG,IEPXL&]GMXMRKXLIZMI[WSJXLIWII\TIVXW 6IFIGGEQEHILIVWTIIGLQYGLQSVITIVWYEWMZI
I\TIVXXIWXMQSR] 8IWXMQSR]JVSQTISTPI[LS EVIVIGSKRM^IHI\TIVXWMRXLIMV JMIPHW
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ q&YVWXMRKXLI%RXMFEGXIVMEP &YFFPIrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
4))68)78-132= %RSXLIVX]TISJXIWXMQSR]SJXIRYWIHMRWTIIGLIWMWTIIVXIWXMQSR]hSTMRMSRW SJTISTPIPMOISYVWIPZIW RSXTVSQMRIRXJMKYVIWFYXSVHMREV]GMXM^IRW[LSLEZI JMVWXLERHI\TIVMIRGISRXLIXSTMG8LMWOMRHSJXIWXMQSR]MWIWTIGMEPP]ZEPYEFPI FIGEYWIMXKMZIWEQSVITIVWSREPZMI[TSMRXSRMWWYIWXLERGERFIKEMRIHJVSQ I\TIVXXIWXMQSR] *SVI\EQTPIMJ]SY [IVIWTIEOMRKEFSYXXLIFEVVMIVWJEGIHF]TISTPI[MXL TL]WMGEPHMWEFMPMXMIW]SY[SYPHWYVIP]MRGPYHIXIWXMQSR]JVSQHSGXSVWERHSXLIV QIHMGEP EYXLSVMXMIW &YX MR XLMW GEWI XLI I\TIVX XIWXMQSR] [SYPH FI PMQMXIH
TIIVXIWXMQSR] 8IWXMQSR]JVSQSVHMREV]TISTPI [MXLJMVWXLERHI\TIVMIRGI SVMRWMKLXSREXSTMG
8IWXMQSR]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
FIGEYWIMXGERRSXGSQQYRMGEXI[LEXMXVIEPP]QIERWXSLEZIETL]WMGEPHMWEFMP MX]8SGSQQYRMGEXIXLEX]SYRIIHEWXEXIQIRXJVSQWSQISRI[LSGERWTIEO [MXLXLIZSMGISJKIRYMRII\TIVMIRGIhEWMRXLIJSPPS[MRKGEWI -X^LEO 4IVPQER XLI [SVPHVIRS[RIH ZMSPMRMWX [LSWI PIKW EVI TEVEP]^IH SRGI WEMH q;LIR]SYEVIMRE[LIIPGLEMVTISTPIHSRtXXEPOXS]SY4IVLETWXLI]XLMROMXMWGSRXE KMSYWSVTIVLETWXLI]XLMROGVMTTPIHPIKWQIEREGVMTTPIHQMRH&YX[LEXIZIVXLIVIEWSR XLI]XVIEX]SYPMOIEXLMRKr
8LIVI MW RS [E] I\TIVX XIWXMQSR] GER I\TVIWW XLIWI MHIEW [MXL XLI WEQI EYXLIRXMGMX]ERHIQSXMSREPMQTEGX
5938-2+:)67974%6%4,6%7-2+ HMVIGXUYSXEXMSR 8IWXMQSR]XLEXMWTVIWIRXIH [SVHJSV[SVH
8LI WXEXIQIRX JVSQ -X^LEO 4IVPQER MW TVIWIRXIH EW E HMVIGX UYSXEXMSR 8IWXM QSR] GER EPWS FI TVIWIRXIH F] TEVETLVEWMRK 6EXLIV XLER UYSXMRK WSQISRI ZIVFEXMQ]SYTVIWIRXXLIKMWXSJXLEXTIVWSRtWMHIEWMR]SYVS[R[SVHWhEWHMH SRIWXYHIRXMRLIVWTIIGLEFSYX%QIVMGEtWTSXIRXMEP[EXIVGVMWMW ;VMXMRKMR%YHYFSRQEKE^MRI(V4IXIV&SYVRITVIWMHIRXSJ+PSFEP;EXIVERSRTEV XMWERIHYGEXMSREPKVSYTMR;EWLMRKXSR('WEMHQSWX%QIVMGERWHSRSX]IXVIEPM^IXLI I\XIRXERHYVKIRG]SJXLI[EXIVTVSFPIQ%XXLITVIWIRXVEXILIWE]W[IEVILIEHIHJSV EGVMWMWXLEX[MPPGLERKIXLI[E][IPMZIMRIZIV]TEVXSJXLIREXMSR
TEVETLVEWI 8SVIWXEXISVWYQQEVM^IE WSYVGItWMHIEWMRSRItWS[R [SVHW
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tWMHIEW7MRGIXLIVIWXSJXLIWTIIGLMWMR]SYVS[R [SVHW]SYWLSYPHTYXPSRKIVUYSXEXMSRWMR]SYVS[R[SVHWEW[IPP
8-47*3697-2+8)78-132= 5YSXISV4EVETLVEWI%GGYVEXIP] UYSXMRKSYXSJGSRXI\X 5YSXMRKEWXEXIQIRXMRWYGLE [E]EWXSHMWXSVXMXWQIERMRKF] VIQSZMRKXLIWXEXIQIRXJVSQ XLI[SVHWERHTLVEWIW WYVVSYRHMRKMX
%GGYVEXI UYSXEXMSR MRZSPZIW XLVII XLMRKW QEOMRK WYVI ]SY HS RSX QMWUYSXI WSQISRI QEOMRKWYVI]SYHSRSXZMSPEXIXLIQIERMRKSJWXEXIQIRXW]SYTEVE TLVEWI QEOMRKWYVI]SYHSRSXUYSXISYXSJGSRXI\X3JXLIWIXLIPEWXMWXLI QSWXWYFXPIhERHXLIQSWXHERKIVSYW&]UYSXMRKSYXSJGSRXI\X]SYGERX[MWX WSQISRItWVIQEVOWWSEWXSTVSZIEPQSWXER]XLMRK8EOIQSZMIEHZIVXMWIQIRXW %GVMXMGTERWEQSZMI[MXLXLIWI[SVHW 8LMWQSZMIMWEGSPSWWEPFSVI*VSQFIKMRRMRKXSIRHMXMWEHMWEWXIV;LEXMWQIERXXSFI FVMPPMERXHMEPSKYIMWEFSYXEWJEWGMREXMRKEWXLIWXYJJ]SYGPIERSYXSJ]SYVOMXGLIRHVEMR
&YX[LIRXLIQSZMIMWEHZIVXMWIHMRXLIRI[WTETIVW[LEXETTIEVWMRLYKI PIXXIVW SZIV XLI GVMXMGtW REQI# q'30377%0 *631 &)+-22-2+ 83 )2(h &6-00-%28*%7'-2%8-2+r
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
'MXMRKI\TIVXXIWXMQSR]MWER I\GIPPIRX[E]JSVWXYHIRXWXS PIRHGVIHMFMPMX]XSXLIMV WTIIGLIW-XWLS[WXLEXXLI WTIEOIVtWZMI[WEVIWLEVIHF] TISTPI[LSLEZIWTIGMEP ORS[PIHKISRXLIXSTMG
8LMW MW WS JPEKVERX EW XS FI LYQSVSYW &YX UYSXMRK SYX SJ GSRXI\X GER LEZIWIVMSYWGSRWIUYIRGIW'SRWMHIVXLIJSPPS[MRKWXEXIQIRXF]ETSPMXMGEP GERHMHEXI 'VIEXMRK E REXMSREP WEPIW XE\ [SYPH TVSZMHI RIIHIH VIZIRYI JSV TVSKVEQW WYGL EW IHYGEXMSRLIEPXLGEVIERHREXMSREPHIJIRWI7IZIVEP)YVSTIERGSYRXVMIWLEZIWYGLEXE\ ERHMXGSYPHGIVXEMRP][SVOMRXLI97,S[IZIV-HSRSXWYTTSVXWYGLEXE\LIVIhMRJEGX -HSRtXWYTTSVXRI[XE\IWSJER]OMRH
2S[PSSO[LEXLETTIRW[LIRXLIJMVWXTEVXSJXLEXWXEXIQIRXMWUYSXIHSYX SJGSRXI\XF]EGSQTIXMRKGERHMHEXI %QIVMGERW EPVIEH] TE] XSS QYGL MR XE\IW =IX Q]STTSRIRX MR XLMW IPIGXMSR LEW WXEXIHhERH-UYSXI q'VIEXMRKEREXMSREPWEPIWXE\[SYPHTVSZMHIRIIHIHVIZIRYIJSV TVSKVEQW WYGL EW IHYGEXMSR LIEPXL GEVI ERH REXMSREP HIJIRWI 7IZIVEP )YVSTIER GSYRXVMIWLEZIWYGLEXE\ERHMXGSYPHGIVXEMRP][SVOMRXLI97r;IPPQ]STTSRIRX QE] XLMRO RI[XE\IW EVI KSSHJSV)YVSTI FYXXLI]tVIXLIPEWX XLMRK[I RIIHMRXLMW GSYRXV]
&]UYSXMRKXLISVMKMREPWXEXIQIRXSYXSJGSRXI\XXLIGSQTIXMRKGERHMHEXI LEWGVIEXIHEJEPWIMQTVIWWMSR7YGLFILEZMSVMWLMKLP]YRIXLMGEP&IWYVI[LIR ]SY UYSXI SV TEVETLVEWI WSQISRI XLEX ]SY VITVIWIRX XLIMV [SVHW ERH MHIEW [MXLGSQTPIXIEGGYVEG]
9WI8IWXMQSR]JVSQ5YEPMJMIH7SYVGIW ;ILEZIEPPFIGSQIEGGYWXSQIHXSXLIGIPIFVMX]XIWXMQSRMEPMRXIPIZMWMSRERH QEKE^MRI EHZIVXMWMRK 8LI TVSJIWWMSREP KSPJIV IRHSVWIW E FVERH SJ GPYFW 8LI QSZMIWXEVTVEMWIWELEMVWTVE]SVWLEQTSS7SJEVWSKSSH8LIWIEVIXLIXSSPW SJXLIXVEHIJSVXLITISTPI[LSIRHSVWIXLIQ
8IWXMQSR]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
9WMRK8IWXMQSR]
23
(S-YWIXIWXMQSR]XSWYTTSVXQ]MHIEW# (S-YWIXIWXMQSR]JVSQUYEPMJMIHWSYVGIW# (S-YWIXIWXMQSR]JVSQYRFMEWIHWSYVGIW# (S - HMWXMRKYMWL FIX[IIR I\TIVX XIWXMQSR] ERH TIIV XIWXMQSR]# (S-MHIRXMJ]XLIWSYVGIWSJEPPXIWXMQSR]#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7XYH]8SSPWJSV XLMWGLETXIV
(S-UYSXIERHTEVETLVEWIEPPWSYVGIWSJXIWXMQSR][MXL GSQTPIXIEGGYVEG]#
&YX[LEXLETTIRW[LIRER%GEHIQ]%[EVH[MRRIVIRHSVWIWEGIPPTLSRI GSQTER]# % XIRRMW TPE]IV VITVIWIRXW E PMRI SJ GEQIVEW# (S XLI] ORS[ QSVI EFSYXXLIWITVSHYGXWXLER]SYSV-#4VSFEFP]RSX &IMRKEGIPIFVMX]SVEREYXLSVMX]MRSRIEVIEHSIWRSXQEOIWSQISRIGSQ TIXIRXMRSXLIVEVIEW0MWXIRIVW[MPPJMRH]SYVWTIIGLIWQYGLQSVIGVIHMFPIMJ ]SY YWI XIWXMQSR] JVSQ WSYVGIW UYEPMJMIH SR XLI WYFNIGX EX LERH %W [I LEZI WIIRXLMWQE]MRGPYHIIMXLIVVIGSKRM^IHI\TIVXWSVSVHMREV]GMXM^IRW[MXLWTI GMEPI\TIVMIRGISRXLIWTIIGLXSTMG
9WI8IWXMQSR]JVSQ9RFMEWIH7SYVGIW -REWTIIGLEFSYXXLIYWISJWXYRKYRWF]TSPMGISJJMGIVWXSWYFHYIYRVYP]WXY HIRXWMRTYFPMGWGLSSPWEWXYHIRXWEMH 7XIZI8YXXPIEWTSOIWQERJSV8EWIV-RXIVREXMSREPWEMHMREWXEXIQIRXXLEXqXLI8EWIV HIZMGILEWFIIRWLS[RXSFIQIHMGEPP]WEJI[LIRYWIHSRGLMPHVIRrERHXLEXXLIVIMWRS VIEWSRXSTVSLMFMXMXWYWI[LIRRIGIWWEV]XSQEMRXEMRWIGYVMX]MRXLITYFPMGWGLSSPW
%W]SYQMKLXI\TIGXXLIWXYHIRXWtGPEWWQEXIW[IVIRSXTIVWYEHIH%JXIVEPP [LEX[SYPH]SYI\TIGXWSQISRIEX8EWIV-RXIVREXMSREPXLIPIEHMRKQERY JEGXYVIV SJ WXYR KYRW XS WE]hXLEX MXW TVSHYGX MW YRWEJI ERH WLSYPH FI FERRIH# 'EVIJYPPMWXIRIVWEVIWYWTMGMSYWSJXIWXMQSR]JVSQFMEWIHSVWIPJMRXIVIWXIH WSYVGIW&IWYVIXSYWIXIWXMQSR]JVSQGVIHMFPISFNIGXMZIEYXLSVMXMIW
-HIRXMJ]XLI4ISTPI=SY5YSXISV4EVETLVEWI 8LIYWYEP[E]XSMHIRXMJ]]SYVWSYVGIMWXSREQIXLITIVWSRERHWOIXGLLMWSV LIV UYEPMJMGEXMSRW FIJSVI TVIWIRXMRK XLI XIWXMQSR] 8LI JSPPS[MRK I\GIVTX MW JVSQEWTIIGLEVKYMRKXLEXI\GIWWMZILSYVWWTIRXEX[SVOMWLEVQMRKXLIUYEP MX]SJIHYGEXMSRJSVQER]%QIVMGERLMKLWGLSSPWXYHIRXW -RXLIMVFSSO;LIR'LMPHVIR;SVOTW]GLSPSK]TVSJIWWSVW)PPIR+VIIRFIVKIVSJXLI 9RMZIVWMX]SJ'EPMJSVRMEERH0E[VIRGI7XIMRFIVKSJ8IQTPI9RMZIVWMX]RSXIXLEXMRXIRWMZI
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
(S]SYRIIHWYTTSVXMRKQEXIVMEPWJSV]SYVWTIIGL#'LIGOSYX*MRHMRK(EXESRXLI -RXIVRIX [[[VSFIVXRMPIWGSQHEXE 'VIEXIHEWELERH]VIWSYVGIKYMHIJSVNSYV REPMWXWXLMWWMXITVSZMHIWPMROWXSJEGXWERHJMKYVIWSRHS^IRWSJXSTMGWSJREXMSREPERH MRXIVREXMSREPMRXIVIWX 8LIVIEVIERYQFIVSJXLMROXEROW[LSWI;IFWMXIWTVSZMHII\GIPPIRXVIWSYVGIWJSV WTIIGLQEXIVMEPW8LI]MRGPYHIXLI&VSSOMRKW-RWXMXYXMSR [[[FVSSOMRKWIHY 6%2( [[[VERHSVK ERHXLI'EXS-RWXMXYXI [[[GEXSSVK
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
PIZIPWSJ[SVOEQSRK]SYXLXIRHXSTVSHYGILMKLIVXVYERG]ERHPS[IVKVEHIW%GGSVHMRK XS+VIIRFIVKIVERH7XIMRFIVKSRIWXYH]EJXIVERSXLIVLEWJSYRHXLEX[SVOMRKQSVIXLER EJI[LSYVWE[IIOLEWERIKEXMZIMQTEGXSRXIIREKIVWtEGEHIQMGTIVJSVQERGI
,EHXLIWTIEOIVRSXMHIRXMJMIH+VIIRFIVKIVERH7XIMRFIVKPMWXIRIVW[SYPH RSXLEZILEHXLIJSKKMIWXMHIE[LSXLI]EVISV[L] XLIMVSTMRMSRWLSYPHFI LIIHIH %W [I WE[ MR 'LETXIV MHIRXMJ]MRK XLI WSYVGI SJ XIWXMQSR] MW EPWS ER MQTSVXERX IXLMGEP VIWTSRWMFMPMX] -J ]SY YWI ERSXLIV TIVWSRtW [SVHW SV MHIEW [MXLSYX KMZMRK GVIHMX XS XLEXTIVWSR ]SY [MPP FIKYMPX]SJ TPEKMEVMWQ8LMWMW XVYI[LIXLIV]SYTEVETLVEWIXLISVMKMREPWSYVGISVUYSXIMXZIVFEXMQ
'MXMRK7SYVGIW3VEPP]
;ILEZIQIRXMSRIHQSVIXLERSRGIMRXLMWGLETXIVXLIMQTSVXERGISJGMXMRK XLIWSYVGIWSJ]SYVWYTTSVXMRKQEXIVMEPW'EVIJYPPMWXIRIVWEVIWOITXMGEP8LI] OIIT ER IEV SYX FSXL JSV E WTIEOIVtW MRJSVQEXMSR ERH JSV XLI WSYVGIW SJ XLEX MRJSVQEXMSR 8LIFMFPMSKVETL]MR]SYVWTIIGLSYXPMRIWLSYPHWXEXIXLIWSYVGIW]SYYWIH MRGSRWXVYGXMRKXLIWTIIGL WII'LETXIVTEKI &YXPMWXIRIVWHSRSXLEZI EGGIWW XS ]SYV SYXPMRI =SY LEZI XS MHIRXMJ] ]SYV WSYVGIW SVEPP] EW ]SY EVI WTIEOMRK 9RPMOIE[VMXXIRFMFPMSKVETL] SVEPWSYVGIGMXEXMSRWHSRSXJSPPS[EWXER HEVHJSVQEX;LEX]SYMRGPYHIHITIRHWSR]SYVXSTMG]SYVEYHMIRGIXLIOMRH SJWYTTSVXMRKQEXIVMEP]SYEVIYWMRKERHXLIGPEMQ]SYEVIQEOMRK8LIOI]MW XSXIPP]SYVEYHMIRGIIRSYKLXLEXXLI][MPPORS[[LIVI]SYKSX]SYVMRJSVQE XMSRERH[L]XLI]WLSYPHEGGITXMXEWUYEPMJMIHERHGVIHMFPI-RQSWXGEWIW]SY [MPPRIIHXSMHIRXMJ]WSQIGSQFMREXMSRSJXLIJSPPS[MRK 8LIFSSOQEKE^MRIRI[WTETIVSV;IFHSGYQIRX]SYEVIGMXMRK 8LIEYXLSVSVWTSRWSVMRKSVKERM^EXMSRSJXLIHSGYQIRX 8LIEYXLSVtWUYEPMJMGEXMSRW[MXLVIKEVHXSXLIXSTMG 8LIHEXISR[LMGLXLIHSGYQIRX[EWTYFPMWLIHTSWXIHSVYTHEXIH ,IVIMWERI\EQTPISJEWTIIGLGMXEXMSRXLEXMRGPYHIWEPPXLIEFSZI
'MXMRK7YTTSVXMRK1EXIVMEPW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
'MXMRK7SYVGIW3VEPP]
23
(S-MHIRXMJ]EPPXLITVMRXHSGYQIRXWGMXIHMRQ]WTIIGL# (S-MHIRXMJ]EPPXLI;IFHSGYQIRXWGMXIHMRQ]WTIIGL# (S- MHIRXMJ]XLIEYXLSVWSVWTSRWSVMRKSVKERM^EXMSRW SJ XLIHSGYQIRXW-GMXI# (S-IWXEFPMWLXLIEYXLSVWtGVIHIRXMEPW[MXLVIKEVHXSXLI XSTMG# (S-YWIHSGYQIRXWJVSQWTSRWSVMRKSVKERM^EXMSRW[MXL IWXEFPMWLIHI\TIVXMWIERHSFNIGXMZMX]# (S - MRGPYHI XLI HEXIW SR [LMGL XLI HSGYQIRXW [IVI TYFPMWLIHTSWXIHSVYTHEXIH#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7XYH]8SSPWJSV XLMWGLETXIV
(S-YWIEZEVMIX]SJQIXLSHWMRGMXMRKQ]WSYVGIW#
;LMPI QSVIWXYHIRXW EVI KSMRK XS GSPPIKI XLER IZIV FIJSVI XLI] EVI TE]MRK E LMKL TVMGI/MQFIVP]4EPQIVJMRERGMEPGSPYQRMWXJSV972I[W ;SVPH6ITSVXVITSVXIHMRXLI QEKE^MRItW .ERYEV] MWWYI XLEX KVEHYEXMRK WXYHIRXW RS[ S[I ER EZIVEKI SJ MRWXYHIRXPSERHIFXYTJVSQ NYWXXIR]IEVWEKS
&IGEYWI XLMW WTIEOIV [EW GMXMRK WXEXMWXMGW WLI RIIHIH XS WLS[ XLI] [IVI YTXSHEXI ERH GEQI JVSQ E GVIHMFPI WSYVGI -R XLI JSPPS[MRK I\EQTPI XLI WTIEOIVMWYWMRKXIWXMQSR]FYXRSXMGILS[LIEPWSIWXEFPMWLIWXLIGVIHMFMPMX]SJ LMWWSYVGIERHXLIVIGIRG]SJLMWMRJSVQEXMSR ,YQERWQYKKPMRKMWFMKFYWMRIWWERHXLI97KSZIVRQIRXLEWQEHIPMXXPILIEH[E] MRWXSTTMRKMX.YWXEWO7GSXX,EXJMIPHGLMIJSJXLI,YQER7QYKKPMRKHMZMWMSREX-QQMKVE XMSRERH'YWXSQW)RJSVGIQIRX[LS[EWUYSXIHPEWXQSRXLMR8LI2I[=SVO8MQIW q%R] XMQI [I WLYX HS[R E WQYKKPMRK SVKERM^EXMSR XLIVItW EP[E]W WSQIFSH] XS XEOI XLIMV TPEGIr
3R XLI SXLIV LERH MJ ]SY [IVI UYSXMRK %FVELEQ 0MRGSPRtW +IXX]WFYVK %HHVIWWSJ2SZIQFIV EFSYXqKSZIVRQIRXSJXLITISTPIF]XLITIS TPI JSV XLI TISTPIr ]SY [SYPH RSX RIIH XS I\TPEMR 0MRGSPRtW UYEPMJMGEXMSRW FIGEYWILIMWWS[IPPORS[R SVXLIHEXISJLMWWXEXIQIRX FIGEYWIMXHSIWRSX EJJIGXXLIVIPIZERGISJLMW[SVHW 8LIWEQITVMRGMTPIWETTP]MJ]SYEVIGMXMRKSRPMRIWSYVGIW-XMWRSXIRSYKL XSWE]q%W-JSYRHSRXLI;IFrSVq%WXLI-RXIVRIXWXEXIWr3RXLISXLIVLERH MXMWRSXRIGIWWEV]XSVIGMXIXLIIRXMVIEHHVIWWSJXLI;IFTEKI-J]SYEVIGMXMRK EWTIGMJMGTIVWSR]SYWLSYPHMHIRXMJ]LMQSVLIVERHXLIREQISJXLI;IFWMXI SR[LMGL]SYJSYRHXLIMRJSVQEXMSRhEWMRXLMWI\EQTPI -REREVXMGPITSWXIHSR'22GSQMR.YP].SWITL%'EPMJERS.V4VIWMHIRXSJXLI 2EXMSREP 'IRXIV SR %PGSLSP ERH 7YFWXERGI %FYWI EX 'SPYQFME 9RMZIVWMX] WXEXIH q- [SYPHRtXFIWYVTVMWIHMJVMKLXRS[EXXLMWTSMRXMRXMQIXLIVIEVIQSVIOMHWEFYWMRKTVI WGVMTXMSRHVYKWXLEREFYWMRKQEVMNYEREr
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-J ]SY EVI GMXMRK ER SVKERM^EXMSR VEXLIV XLER ER MRHMZMHYEP ]SY RIIH XS TVSZMHIXLIREQISJXLISVKERM^EXMSR 8LI;IFTEKIJSVXLI6SFSXMGW-RWXMXYXIEX'EVRIKMI1IPPSR9RMZIVWMX]I\TPEMRWXLEX WGMIRXMWXWEXXLEXWGLSSPLEZIHIWMKRIHERHFYMPXEWM\XSRL]FVMHIPIGXVMGZILMGPIXLEXGERFI YWIHF]XLI97%VQ]JSVEVQIHVIGSRREMWWERGIQMWWMSRW
*MREPP] RSXMGI LS[ WOMPPJYPP] XLI WTIEOIVW UYSXIH EFSZI FPIRH XLIMV GMXE XMSRWMRXSXLIMV WTIIGLIW 8LI] HS RSXEP[E]WWE] q%GGSVHMRKXS rSVq%W WXEXIHF]r2SVHSXLI]YWI[SVHWPMOIqUYSXIYRUYSXIr9WYEPP]]SY GER QSHMJ] ]SYV XSRI SJ ZSMGI SV YWI FVMIJ TEYWIW XS PIX ]SYV PMWXIRIVW ORS[ [LIR]SYEVIQEOMRKEHMVIGXUYSXEXMSR -RXLISRPMRI7TIIGL8SSPWJSVXLMWGLETXIV]SY[MPPJMRHQSVII\EQTPIW SJLS[]SYGERGMXIHMJJIVIRXOMRHWSJWSYVGIWMR]SYVWTIIGLIW;LIXLIV]SY EVI YWMRK I\EQTPIW WXEXMWXMGW SV XIWXMQSR] GMXMRK ]SYV WSYVGIW TVSTIVP] MW E GVYGMEPTEVXSJFIMRKERIJJIGXMZIhERHIXLMGEPhTYFPMGWTIEOIV
GSRRIGXPYGEWGSQ *SVEHHMXMSREPI\EQTPIWSJ LS[XSGMXIWSYVGIWMR]SYV WTIIGLIWGLIGOXLI7EQTPI 3VEP'MXEXMSRWMRXLISRPMRI 7TIIGL8SSPWJSVXLMWGLETXIV
7911%6= +SSH WTIIGLIW RIIH WXVSRK WYTTSVXMRK QEXIVMEPWXS FSPWXIVXLIWTIEOIVtW TSMRX SJ ZMI[ 8LI XLVII FEWMG X]TIW SJ WYTTSVXMRK QEXIVMEPW EVI I\EQTPIW WXEXMWXMGW ERH XIWXMQSR] -R XLI GSYVWI SJ E WTIIGL ]SY QE] YWI FVMIJ I\EQTPIWhWTIGMJMG MRWXERGIW VIJIVVIHXSMRTEWWMRKhERHWSQIXMQIW]SYQE][ERXXSKMZIWIZIVEPFVMIJI\EQTPIW MREVS[XSGVIEXIEWXVSRKIVMQTVIWWMSR)\XIRHIHI\EQTPIWEVIPSRKIVERHQSVI HIXEMPIH ,]TSXLIXMGEP I\EQTPIW HIWGVMFI MQEKMREV] WMXYEXMSRW ERH GER FI UYMXI IJJIGXMZIJSVVIPEXMRKMHIEWXSXLIEYHMIRGI%PPXLVIIOMRHWSJI\EQTPIWLIPTGPEVMJ] MHIEW VIMRJSVGI MHIEW SV TIVWSREPM^I MHIEW 8S FI QSWX IJJIGXMZI XLI] WLSYPH FI ZMZMHERHVMGLP]XI\XYVIH 7XEXMWXMGWGERFII\XVIQIP]LIPTJYPMRGSRZI]MRK]SYV QIWWEKIEWPSRKEW]SY YWI XLIQ WTEVMRKP]ERH QEOI XLIQ QIERMRKJYPXS ]SYV EYHMIRGI%FSZI EPP ]SY WLSYPHYRHIVWXERH ]SYV WXEXMWXMGW ERHYWIXLIQJEMVP] 1EOIWYVI]SYV JMKYVIW EVI VITVIWIRXEXMZISJ[LEXXLI]GPEMQXSQIEWYVIXLEX]SYYWIWXEXMWXMGEPQIEWYVIWGSV VIGXP]ERHXLEX]SYXEOIWXEXMWXMGWSRP]JVSQVIPMEFPIWSYVGIW 'MXMRKXLIXIWXMQSR]SJI\TIVXWMWEKSSH[E]XSQEOI]SYVMHIEWQSVIGVIHMFPI =SYGEREPWSYWITIIVXIWXMQSR]JVSQSVHMREV]TISTPI[LSLEZIJMVWXLERHI\TIVM IRGISRXLIXSTMG6IKEVHPIWWSJXLIOMRHSJXIWXMQSR]]SYGERIMXLIVUYSXIWSQI SRI ZIVFEXMQ SV TEVETLVEWI LMW SV LIV [SVHW &I WYVI XS UYSXI SV TEVETLVEWI EGGYVEXIP]ERHXSYWIUYEPMJMIHYRFMEWIHWSYVGIW ;LIRGMXMRKWSYVGIWMREWTIIGL]SYRIIHXSPIX]SYVEYHMIRGIORS[[LIVI]SY KSX]SYVMRJSVQEXMSRERH[L]XLI]WLSYPHEGGITXMXEWUYEPMJMIHERHGVIHMFPI-RQSWX GEWIWXLMWQIERWMHIRXMJ]MRKXLIHSGYQIRX]SYEVIGMXMRKMXWHEXISJTYFPMGEXMSRSV TSWXMRKXLIEYXLSVSVWTSRWSVMRKSVKERM^EXMSRERHXLIEYXLSVtWGVIHIRXMEPW
/)=8)617 WYTTSVXMRKQEXIVMEPW
I\XIRHIHI\EQTPI
I\EQTPI
L]TSXLIXMGEPI\EQTPI
FVMIJI\EQTPI
WXEXMWXMGW
/I]8IVQW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
QIER
TIIVXIWXMQSR]
QIHMER
HMVIGXUYSXEXMSR
QSHI
TEVETLVEWI
XIWXMQSR]
UYSXMRKSYXSJGSRXI\X
I\TIVXXIWXMQSR]
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;L]HS]SYRIIHWYTTSVXMRKQEXIVMEPWMR]SYVWTIIGLIW# ;LEXEVIXLIXLVIIOMRHWSJI\EQTPIWHMWGYWWIHMRXLMWGLETXIV#,S[QMKLX]SY YWIIEGLOMRHXSWYTTSVX]SYVMHIEW# ;LEXEVIJMZIXMTWJSVYWMRKI\EQTPIWMR]SYVWTIIGLIW# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;L]MWMXWSIEW]XSPMI[MXLWXEXMWXMGW#;LEXXLVIIUYIWXMSRWWLSYPH]SYEWOXS NYHKIXLIVIPMEFMPMX]SJWXEXMWXMGW# ;LEXEVIWM\XMTWJSVYWMRKWXEXMWXMGWMR]SYVWTIIGLIW# ;LEXMWXIWXMQSR]#)\TPEMR XLIHMJJIVIRGI FIX[IIRI\TIVXXIWXMQSR]ERHTIIV XIWXMQSR] ;LEXEVIJSYVXMTWJSVYWMRKXIWXMQSR]MR]SYVWTIIGLIW#
)<)6'-7)7*36'6-8-'%08,-2/-2+ )EGLSJXLIJSPPS[MRKWXEXIQIRXWZMSPEXIWEXPIEWXSRISJXLIGVMXIVMEJSVIJJIGXMZI WYTTSVXMRK QEXIVMEPW HMWGYWWIH MR XLMW GLETXIV -HIRXMJ] XLI JPE[ SV JPE[W MR IEGLWXEXIQIRX E %W 1MPI] ']VYW WXEXIH MR E VIGIRX MRXIVZMI[ XLI 'EREHMER W]WXIQ TVSZMHIW XLI FIWXQSHIPJSVGVIEXMRKYRMZIVWEPLIEPXLGEVIMRXLI9RMXIH7XEXIW F %GGSVHMRK XS 8LI 2I[ =SVO 8MQIW %PQEREG 'EPMJSVRME LEW XLI PEVKIWX 2EXMZI %QIVMGERTSTYPEXMSRSJER]WXEXIMRXLIYRMSRh%VM^SREMWWIGSRH[MXL 3OPELSQEMWXLMVH[MXL ERH2I[1I\MGSMWJSYVXL[MXLEXSXEP 2EXMZI%QIVMGERTSTYPEXMSRSJ G - HSRtX ORS[ [L] MRWYVERGI GSQTERMIW WLSYPH GLEVKI LMKLIV VEXIW JSV HVMZIVW YRHIVXLIEKISJ%PPQ]JVMIRHWHVMZIEPSXERHRSRISJXLIQLEZIFIIRMRGEV EGGMHIRXW H -R E VERHSQ WYVZI] GSRHYGXIH PEWX QSRXL EQSRK QIQFIVW SJ 4ISTPI JSV XLI )XLMGEP8VIEXQIRXSJ%RMQEPW TIVGIRXSJVIWTSRHIRXWSTTSWIHYWMRKERMQEPW JSVQIHMGEPI\TIVMQIRXW'PIEVP]XLIRXLI%QIVMGERTISTPISTTSWIWYGLI\TIVM QIRXW I -RXLI[SVHWSJSRII\TIVXq8LIWXEXIIHYGEXMSRFYHKIXLEWFIIRGYXWSQYGLMR VIGIRX]IEVWXLEXER]JYVXLIVGYXW[MPPHSMVVITEVEFPILEVQXSSYVWGLSSPWERHXLI GLMPHVIRXLI]WIVZIr J *MKYVIWGSQTMPIHF]XLI&YVIEYSJ0EFSV7XEXMWXMGWWLS[XLEXXLIQIHMERWEPEV]JSV PE[]IVW MR XLI 97 MW 8LMW WLS[W XLEX PE[]IVW EZIVEKI QSVI XLER E]IEVMRWEPEV]
',%48)6 7944368-2+=396-()%7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7YTTSVXMRK=SYV-HIEW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
K %GGSVHMRKXSEWXYH]F]:IVM^SR;MVIPIWWXLIVIMWRSIZMHIRGIXLEXXLIYWISJGIPP TLSRIWMWEWMKRMJMGERXGEYWISJEYXSQSFMPIEGGMHIRXW
%REP]^Iq&YVWXMRKXLI%RXMFEGXIVMEP&YFFPIrMRXLIETTIRHM\SJWEQTPIWTIIGLIW JSPPS[MRK'LETXIV -HIRXMJ]XLIQEMRTSMRXWSJXLIWTIIGLERHXLIWYTTSVXMRK QEXIVMEPW YWIH JSV IEGL )ZEPYEXI XLI WTIEOIVtW YWI SJ WYTTSVXMRK QEXIVMEPW MR PMKLXSJXLIGVMXIVMEHMWGYWWIHMRXLMWGLETXIV
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
%JXIVVIGIMZMRK]SYVQEWXIVtWHIKVIIMRIHYGEXMSREHQMRMWXVEXMSR]SYXSSOENSFEX XLIWXEXIHITEVXQIRXSJIHYGEXMSR%XXLIVIUYIWXSJXLIKSZIVRSV]SYVWIGXMSRSJ XLI HITEVXQIRX LEW HIZIPSTIH E RI[ IEVP] GLMPHLSSH MRXIVZIRXMSR TVSKVEQ JSV GLMPHVIRJVSQMQTSZIVMWLIHLSYWILSPHW2S[]SYLEZIFIIREWOIHXSLIPTTYFPM GM^IXLITVSKVEQERHXSFYMPHWYTTSVXJSVMX=SY[MPPFIWTIEOMRKXSGLYVGLKVSYTW XIEGLIVWtEWWSGMEXMSRWJEQMP]EHZSGEG]KVSYTWERHSXLIVW[MXLERMRXIVIWXMRGLMP HVIRtW [IPJEVI =SY [ERX XS TVITEVI E XEPO XLEX QEOIW KSSH YWI SJ WXEXMWXMGW ERH I\TIVXXIWXMQSR]XSHIQSRWXVEXIXLIZEPYISJIEVP]GLMPHLSSHIHYGEXMSRTVSKVEQW IWTIGMEPP]JSVTSSVGLMPHVIR %WTEVXSJ]SYVVIWIEVGL]SYHIGMHIXSWIEVGLXLI;IFJSVWYTTSVXMRKQEXIVMEPW 0MWX XLVII VITYXEFPI ;IF WMXIW XLEX TVSZMHI YWIJYP WXEXMWXMGW SV XIWXMQSR] SR XLI ZEPYISJIEVP]GLMPHLSSHIHYGEXMSR)\TPEMR[L]IEGL;IFWMXIMWVITYXEFPIERHPMWX SRIWXEXMWXMGSVI\TIVXUYSXEXMSR]SYSFXEMRJVSQIEGLWSYVGI
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
3VKERM^MRKXLI&SH] SJXLI7TIIGL
3VKERM^EXMSR-W-QTSVXERX 1EMR4SMRXW 2YQFIVSJ1EMR4SMRXW 7XVEXIKMG3VHIVSJ1EMR4SMRXW 8MTWJSV4VITEVMRK1EMR4SMRXW
7YTTSVXMRK1EXIVMEPW 'SRRIGXMZIW 8VERWMXMSRW -RXIVREP4VIZMI[W -RXIVREP7YQQEVMIW 7MKRTSWXWQ
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
LMROEFSYXWLSTTMRKMREWXSVIWYGLEW-OIE8EVKIXSV&IWX&Y]1ER]SJ XLI MXIQW JSV WEPI EVI SVKERM^IVWhHVE[IV SVKERM^IVW HIWO SVKERM^IVW GPSWIX SVKERM^IVW OMXGLIR SVKERM^IVW FEXLVSSQ SVKERM^IVW SJJMGI SVKE RM^IVWEYHMSERHZMHISSVKERM^IVW ;L]EPPXLMWUYIWXJSVSVKERM^EXMSR#3FZMSYWP][LIRXLISFNIGXW]SYTSW WIWWEVI[IPPSVKERM^IHXLI]WIVZI]SYFIXXIV3VKERM^EXMSREPPS[W]SYXSWII [LEX]SYLEZIERHXSTYX]SYVLERHWMQQIHMEXIP]SRXLIKEVQIRXXLIXSSP XLITMIGISJTETIVXLI'(]SY[ERX[MXLSYXEJVIR^MIHWIEVGL 1YGLXLIWEQIMWXVYISJ]SYVWTIIGLIW-JXLI]EVI[IPPSVKERM^IHXLI] [MPP WIVZI ]SY FIXXIV 3VKERM^EXMSR EPPS[W ]SYhERH ]SYV PMWXIRIVWhXS WII [LEXMHIEW]SYLEZIERHXSTYXQIRXEPqLERHWrSRXLIQSWXMQTSVXERXSRIW
8
3VKERM^EXMSR-W-QTSVXERX
WXVEXIKMGSVKERM^EXMSR 4YXXMRKEWTIIGLXSKIXLIVMR ETEVXMGYPEV[E]XSEGLMIZIE TEVXMGYPEVVIWYPX[MXL ETEVXMGYPEVEYHMIRGI
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tEXXM XYHIW XS[EVH XLI WTIEOIVW 8LI] JSYRH XLEX TISTPI [LS LIEVH XLI [IPP SVKERM^IH WTIIGL FIPMIZIH XLI WTIEOIV XS FI QYGL QSVI GSQTIXIRX ERH XVYWX[SVXL]XLERHMHXLSWI[LSLIEVHXLIWGVEQFPIHWTIIGL 8LIWIEVINYWXX[SSJQER]WXYHMIWXLEXWLS[XLIMQTSVXERGISJSVKERM^EXMSR MR IJJIGXMZI WTIIGLQEOMRK 0MWXIRIVW HIQERH GSLIVIRGI 9RPMOI VIEHIVW XLI] GERRSXJPMTFEGOXSETVIZMSYWTEKIMJXLI]LEZIXVSYFPIKVEWTMRKEWTIEOIVt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hMRXVSHYGXMSRFSH]ERH GSRGPYWMSRhERHXLIWXVEXIKMGVSPISJIEGL-RXLMWGLETXIV[IHIEP[MXLXLI FSH]SJXLIWTIIGL8LIRI\XGLETXIV[MPPXEOIYTXLIMRXVSHYGXMSRERHXLI GSRGPYWMSR 8LIVIEVIKSSHVIEWSRWJSVXEPOMRKJMVWXEFSYXXLIFSH]SJXLIWTIIGL8LI FSH]MWXLIPSRKIWXERHQSWXMQTSVXERXTEVX%PWS]SY[MPPYWYEPP]TVITEVIXLI
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
FSH]JMVWX-XMWIEWMIVXSGVIEXIERIJJIGXMZIMRXVSHYGXMSREJXIV]SYORS[I\EGXP] [LEX]SY[MPPWE]MRXLIFSH] 8LITVSGIWWSJSVKERM^MRKXLIFSH]SJEWTIIGLFIKMRW[LIR]SYHIXIVQMRI XLIQEMRTSMRXW
1EMR4SMRXW
8LIQEMRTSMRXWEVIXLIGIRXVEPJIEXYVIWSJ]SYVWTIIGL=SYWLSYPHWIPIGXXLIQ GEVIJYPP] TLVEWIXLIQ TVIGMWIP] ERHEVVERKI XLIQWXVEXIKMGEPP] ,IVIEVIXLI QEMRTSMRXWSJEWXYHIRXWTIIGLEFSYXXLIQIHMGEPYWIWSJL]TRSWMW 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVYWIWSJL]TRSWMW 'IRXVEP-HIE
8LIQENSVYWIWSJL]TRSWMWXSHE]EVIXSGSRXVSPTEMRMR WYVKIV]XSLIPTTISTPIWXSTWQSOMRKERHXSLIPTWXYHIRXW MQTVSZIXLIMVEGEHIQMGTIVJSVQERGI
1EMR4SMRXW
- , ]TRSWMWMWYWIHMRWYVKIV]EWEREHNYRGXXSGLIQMGEP ERIWXLIWME -- ,]TRSWMWMWYWIHXSLIPTTISTPIWXSTWQSOMRK --- , ]TRSWMWMWYWIHXSLIPTWXYHIRXWMQTVSZIXLIMV EGEHIQMGTIVJSVQERGI
QEMRTSMRXW 8LIQENSVTSMRXWHIZIPSTIHMR XLIFSH]SJEWTIIGL1SWX WTIIGLIWGSRXEMRJVSQX[SXS JMZIQEMRTSMRXW
8LIWIXLVIIQEMRTSMRXWJSVQXLIWOIPIXSRSJXLIFSH]SJXLIWTIIGL-JXLIVI EVIXLVIIQENSVYWIWSJL]TRSWMWJSVQIHMGEPTYVTSWIWXLIRPSKMGEPP]XLIVIGER FIXLVIIQEMRTSMRXWMRXLIWTIIGL ,S[ HS ]SY GLSSWI ]SYV QEMR TSMRXW# 7SQIXMQIW XLI] [MPP FI IZMHIRX JVSQ ]SYV WTIGMJMG TYVTSWI WXEXIQIRX 7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQ Q] EYHMIRGI EFSYX XLI HIZIPSTQIRX XIGLRSPSK] ERH FIRIJMXW SJ L]HVSKIRJYIPGIPPWr3FZMSYWP]]SYVWTIIGL[MPPLEZIXLVIIQEMRTSMRXW8LI JMVWX[MPPHIEP[MXLXLIHIZIPSTQIRXSJL]HVSKIRJYIPGIPPWXLIWIGSRH[MXLXLI XIGLRSPSK]FILMRHL]HVSKIRJYIPGIPPWXLIXLMVH[MXLXLIFIRIJMXWSJL]HVSKIR JYIPGIPPW;VMXXIRMRSYXPMRIJSVQXLIQEMRTSMRXWQMKLXFI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIHIZIPSTQIRXXIGLRSPSK] ERHFIRIJMXWSJL]HVSKIRJYIPGIPPW 'IRXVEP-HIE
(IZIPSTIHEWELMKLP]IJJMGMIRXJSVQSJIRIVK]L]HVSKIR JYIPGIPPWYWIWSTLMWXMGEXIHXIGLRSPSK]ERHSJJIVERYQFIVSJ IGSRSQMGERHIRZMVSRQIRXEPFIRIJMXW
1EMR4SMRXW
- , ]HVSKIRJYIPGIPPW[IVIHIZIPSTIHXSTVSZMHIELMKLP] IJJMGMIRXJSVQSJIRIVK] -- ,]HVSKIRJYIPGIPPWTVSHYGITS[IVXLVSYKLERIPIGXVS GLIQMGEPVIEGXMSRMRZSPZMRKL]HVSKIRKEW --- ,]HVSKIRJYIPGIPPWTVSZMHIERIGSRSQMGEPP]ERH IRZMVSRQIRXEPP]WYTIVMSVQIXLSHSJTS[IVMRKQSXSV ZILMGPIW
)ZIRMJ]SYVQEMRTSMRXWEVIRSXWXEXIHI\TVIWWP]MR]SYVWTIGMJMGTYVTSWI XLI] QE] FI IEW] XS TVSNIGX JVSQ MX 0IXtW WE] ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQQ]EYHMIRGISJXLIFEWMGWXITWMRQEOMRKWXEMRIHKPEWW[MRHS[Wr=SY
1EMR4SMRXW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
ORS[ IEGL SJ ]SYV QEMR TSMRXW [MPP GSVVIWTSRH XS E WXIT MR XLI [MRHS[ QEOMRKTVSGIWW8LI]QMKLXPSSOPMOIXLMWMRSYXPMRIJSVQ 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIFEWMGWXITWMRQEOMRKWXEMRIH KPEWW[MRHS[W 'IRXVEP-HIE
8LIVIEVIJSYVWXITWMRQEOMRKWXEMRIHKPEWW[MRHS[W
1EMR4SMRXW
- -- --- -:
8LIJMVWXWXITMWHIWMKRMRKXLI[MRHS[ 8LIWIGSRHWXITMWGYXXMRKXLIKPEWWXSJMXXLIHIWMKR 8LIXLMVHWXITMWTEMRXMRKXLIKPEWW 8LIJSYVXLWXITMWEWWIQFPMRKXLI[MRHS[
=SY[MPPRSXEP[E]WWIXXPISR]SYVQEMRTSMRXWWSIEWMP]3JXIR XLI][MPP IQIVKI EW]SYVIWIEVGLXLI WTIIGLERHIZEPYEXI]SYV JMRHMRKW7YTTSWI]SYV WTIGMJMGTYVTSWIMWq8STIVWYEHIQ]EYHMIRGIXLEXSYVWXEXIWLSYPHRSXETTVSZI TVSTSWEPWJSVSRPMRIZSXMRKr=SYORS[XLEXIEGLQEMRTSMRXMRXLIWTIIGL[MPP TVIWIRXEVIEWSR[L]SRPMRIZSXMRKWLSYPHRSXFIMRWXMXYXIHMR]SYVWXEXI&YX ]SYEVIRtXWYVILS[QER]QEMRTSMRXWXLIVI[MPPFISV[LEXXLI][MPPFI%W ]SY VIWIEVGL ERH WXYH] XLI XSTMG ]SY HIGMHI XLIVI EVI X[S QENSV VIEWSRW XS WYTTSVX ]SYV ZMI[ )EGL SJ XLIWI VIEWSRW [MPP FIGSQI E QEMR TSMRX MR ]SYV WTIIGL;VMXXIRMRSYXPMRIJSVQXLI]QMKLXFI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXSYVWXEXIWLSYPHRSXETTVSZI TVSTSWEPWJSVSRPMRIZSXMRK 'IRXVEP-HIE
3YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX[MPP MRGVIEWIZSXIVJVEYHERHHMWJVERGLMWITISTPI[MXLSYX-RXIV RIXEGGIWW
1EMR4SMRXW
- 3 YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX [MPPMRGVIEWIZSXIVJVEYH -- 3YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX[MPP HMWJVERGLMWITISTPI[MXLSYXEGGIWWXSXLI-RXIVRIX
291&)63*1%-243-287 =SY[MPPRSXLEZIXMQIMR]SYVGPEWWVSSQWTIIGLIWXSHIZIPSTQSVIXLERJSYV SVJMZIQEMRTSMRXWERHQSWXWTIIGLIW[MPPGSRXEMRSRP]X[SSVXLVII6IKEVH PIWWSJLS[PSRKEWTIIGLQMKLXVYRMJ]SYLEZIXSSQER]QEMRTSMRXWXLI EYHMIRGI[MPPLEZIXVSYFPIWSVXMRKXLIQSYX -J[LIR]SYPMWX]SYVQEMRTSMRXW]SYJMRHXLEX]SYLEZIXSSQER]]SY QE]FIEFPIXSGSRHIRWIXLIQMRXSGEXIKSVMIW,IVIMWEWIXSJQEMRTSMRXWJSV EWTIIGLEFSYX]SKE 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLITVEGXMGISJ]SKE
'IRXVEP-HIE
=SKEMWERERGMIRXTVEGXMGIXLEXMRZSPZIWXLI[LSPIFSH]
1EMR4SMRXW
- -- --- -: :
=SKEFVIEXLMRKWXEVXW[MXLHIITMRLEPEXMSR =SKEFVIEXLMRKVIUYMVIWWPS[I\LEPEXMSR =SKEFVIEXLMRKMRGPYHIWTVSPSRKIHTEYWIW =SKEFVIEXLMRKTVSZMHIWQER]FIRIJMXW =SKETSWXYVIWMRZSPZIEPPTEVXWSJXLIFSH]
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IWIEVGLWXYHMIWGSRJMVQ XLEXGPIEVSVKERM^EXMSRMWZMXEP XSIJJIGXMZITYFPMGWTIEOMRK 0MWXIRIVWQYWXFIEFPIXSJSP PS[XLITVSKVIWWMSRSJMHIEW MREWTIIGLJVSQFIKMRRMRK XSIRH
:- =SKETSWXYVIWMRGVIEWIJPI\MFMPMX] :-- =SKETSWXYVIWWXVIRKXLIRQYWGPIXSRI :--- =SKETSWXYVIWHIQERHTVIGMWIQSZIQIRXW
=SYLEZIIMKLXQEMRTSMRXWh[LMGLMWXSSQER]&YXMJ]SYPSSOEXXLIPMWX ]SYWIIXLEXXLIIMKLXTSMRXWJEPPMRXSX[SFVSEHGEXIKSVMIW ]SKEFVIEXLMRKERH ]SKETSWXYVIW=SYQMKLXXLIVIJSVIVIWXEXI]SYVQEMRTSMRXWXLMW[E] - 3RITEVXSJTVEGXMGMRK]SKEMRZSPZIWTVSTIVFVIEXLMRK -- %RSXLIVTEVXSJ]SKEMRZSPZIWFSH]TSWXYVIW
786%8)+-'36()63*1%-243-287 3RGI]SYIWXEFPMWL]SYVQEMRTSMRXW]SYRIIHXSHIGMHIXLISVHIVMR[LMGL]SY [MPPTVIWIRXXLIQ8LIQSWXIJJIGXMZISVHIVHITIRHWSRXLVIIXLMRKWh]SYVXSTMG ]SYVTYVTSWIERH]SYVEYHMIRGI'LETXIVWERH[MPPGSZIVWTIGMEPEWTIGXW SJSVKERM^MRKMRJSVQEXMZIWTIIGLIWERHTIVWYEWMZIWTIIGLIW,IVI[IPSSOFVMIJP] EXXLIJMZIFEWMGTEXXIVRWSJSVKERM^EXMSRYWIHQSWXSJXIRF]TYFPMGWTIEOIVW
'LVSRSPSKMGEP3VHIV 7TIIGLIWEVVERKIHGLVSRSPSKMGEPP]JSPPS[EXMQITEXXIVR8LI]QE]REVVEXIE WIVMIWSJIZIRXWMRXLIWIUYIRGIMR[LMGLXLI]LETTIRIH*SVI\EQTPI
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq=SKE 9RMXMRK1MRH&SH]ERH 7TMVMXrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
GLVSRSPSKMGEPSVHIV %QIXLSHSJWTIIGL SVKERM^EXMSRMR[LMGLXLIQEMR TSMRXWJSPPS[EXMQITEXXIVR
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGILS[XLI+VIEX;EPPSJ'LMRE[EW FYMPX
1EMR4SMRXW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
'IRXVEP-HIE
8LI+VIEX;EPPSJ'LMRE[EWFYMPXMRXLVIIQENSVWXEKIW
1EMR4SMRXW
- & YMPHMRKSJXLI+VIEX;EPPFIKERHYVMRKXLI5MRH]REWX] SJi &' -- 2I[WIGXMSRWSJXLI+VIEX;EPP[IVIEHHIHHYVMRKXLI ,ERH]REWX]SJ &'i %( --- 8 LI+VIEX;EPP[EWGSQTPIXIHHYVMRKXLI1MRKH]REWX] SJ i
'LVSRSPSKMGEPSVHIVMWEPWSYWIHMRWTIIGLIWI\TPEMRMRKETVSGIWWSVHIQ SRWXVEXMRKLS[XSHSWSQIXLMRK*SVI\EQTPI GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq8LI +VIEX;EPPSJ'LMRErMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIWXITWMRPEWIVEWWMWXIHGSVVIG XMZII]IWYVKIV] 'IRXVEP-HIE
8LIVIEVIXLVIIQEMRWXITWMRPEWIVEWWMWXIHGSVVIGXMZII]I WYVKIV]
1EMR4SMRXW
- * MVWXEXLMRPE]IVMWWPMGIHSJJXLIWYVJEGISJXLII]IXS I\TSWIXLIGSVRIE -- 7IGSRHERYPXVEZMSPIXPEWIVMWYWIHXSVIWLETIXLI GSVRIE --- 8 LMVHXLIXLMRPE]IVWPMGIHSJJEXXLIFIKMRRMRKSJXLI WYVKIV]MWVIEJJM\IHXSXLII]I
%WXLMWSYXPMRIWLS[WGLVSRSPSKMGEPSVHIVMWIWTIGMEPP]YWIJYPJSVMRJSVQEXMZI WTIIGLIW
7TEXMEP3VHIV WTEXMEPSVHIV %QIXLSHSJWTIIGLSVKERM^EXMSR MR[LMGLXLIQEMRTSMRXWJSPPS[E HMVIGXMSREPTEXXIVR
7TIIGLIW EVVERKIH MR WTEXMEP SVHIV JSPPS[ E HMVIGXMSREP TEXXIVR 8LEX MW XLI QEMRTSMRXWTVSGIIHJVSQXSTXSFSXXSQPIJXXSVMKLXJVSRXXSFEGOMRWMHIXS SYXWMHIIEWXXS[IWXSVWSQISXLIVVSYXI*SVI\EQTPI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIWXVYGXYVISJELYVVMGERI 'IRXVEP-HIE
%LYVVMGERIMWQEHIYTSJXLVIITEVXWKSMRKJVSQMRWMHIXS SYXWMHI
1EMR4SMRXW
- % XXLIGIRXIVSJELYVVMGERIMWXLIGEPQGPSYHJVIII]I -- 7YVVSYRHMRKXLII]IMWXLII]I[EPPEHIRWIVMRKSJ GPSYHWXLEXTVSHYGIWXLIQSWXMRXIRWI[MRHERHVEMRJEPP --- 6 SXEXMRKEVSYRHXLII]I[EPPEVIPEVKIFERHWSJGPSYHW ERHTVIGMTMXEXMSRGEPPIHWTMVEPVEMRFERHW
3V 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIXLVIIQENSVVIKMSRWMR -XEP] 'IRXVEP-HIE
2SVXLIVRGIRXVEPERHWSYXLIVR-XEP]LEZIXLIMVS[RMHIRXM XMIWERHEXXVEGXMSRW - 2SVXLIVR-XEP]MWLSQIXS:IRMGIERHMXW[SVPHJEQSYW GEREPW
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIQEMRTSMRXWSJEWTIIGL WLSYPHFISVKERM^IHXSGSQ QYRMGEXIXLIWTIEOIVtWQIW WEKI'LVSRSPSKMGEPSVHIV [SYPH[SVOZIV][IPPJSVE WTIIGLSRXLILMWXSV]SJXLI 97WTEGITVSKVEQ
-- 'IRXVEP-XEP]MWLSQIXS6SQIERHMXWLMWXSVMGEP XVIEWYVIW --- 7SYXLIVR-XEP]MWLSQIXS7MGMP]ERHMXWGYPMREV] XVEHMXMSRW
7TEXMEP SVHIV PMOI GLVSRSPSKMGEP SVHIV MW YWIH QSWX SJXIR MR MRJSVQEXMZI WTIIGLIW
'EYWEP3VHIV 7TIIGLIWEVVERKIHMRGEYWEPSVHIVSVKERM^IQEMRTSMRXWWSEWXSWLS[EGEYWI IJJIGXVIPEXMSRWLMT;LIR]SYTYX]SYVWTIIGLMRGEYWEPSVHIV]SYLEZIX[S QEMRTSMRXWhSRIHIEPMRK[MXLXLIGEYWIWSJERIZIRXXLISXLIVHIEPMRK[MXL MXW IJJIGXW (ITIRHMRK SR ]SYV XSTMG ]SY GER IMXLIV HIZSXI ]SYV JMVWX QEMR TSMRXXSXLIGEYWIWERHXLIWIGSRHXSXLIIJJIGXWSV]SYGERHIEPJMVWX[MXLXLI IJJIGXWERHXLIR[MXLXLIGEYWIW 7YTTSWI]SYVWTIGMJMGTYVTSWIMWq8STIVWYEHIQ]EYHMIRGIXLEXEKVS[MRK WLSVXEKISJEMVXVEJJMGGSRXVSPPIVWMWEWIVMSYWTVSFPIQJSV97EZMEXMSRr8LIR ]SY[SYPHFIKMR[MXLXLIGEYWIWSJXLIWLSVXEKIERH[SVOXS[EVHMXWIJJIGXW
GEYWEPSVHIV %QIXLSHSJWTIIGL SVKERM^EXMSRMR[LMGLXLIQEMR TSMRXWWLS[EGEYWIIJJIGX VIPEXMSRWLMT
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEKVS[MRKWLSVXEKISJUYEPMJMIH EMVXVEJJMGGSRXVSPPIVWMWEWIVMSYWTVSFPIQJSV97EZMEXMSR 'IRXVEP-HIE
8LIKVS[MRKWLSVXEKISJGIVXMJMIHEMVXVEJJMGGSRXVSPPIVW XLVIEXIRWXLIWEJIX]SJEMVXVEZIP
1EMR4SMRXW
- 8LI97EZMEXMSRW]WXIQJEGIWEKVS[MRKWLSVXEKISJUYEPM JMIHEMVXVEJJMGGSRXVSPPIVW -- -JXLMWWLSVXEKIGSRXMRYIWMX[MPPGVIEXIWIVMSYWTVSFPIQW JSVEMVPMRIWEJIX]
1EMR4SMRXW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LIRXLIIJJIGXW]SYEVIHMWGYWWMRKLEZIEPVIEH]SGGYVVIH]SYQE][ERX XS VIZIVWI XLI SVHIV ERH XEPO JMVWX EFSYX XLI IJJIGXW ERH XLIR EFSYX XLIMV GEYWIWhEWMRXLMWWTIIGLEFSYXXLI1E]ERGMZMPM^EXMSRSJ'IRXVEP%QIVMGE 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLITSWWMFPIGEYWIWJSVXLI GSPPETWISJ1E]ERGMZMPM^EXMSR 'IRXVEP-HIE
8LIGEYWIWJSVXLIGSPPETWISJ1E]ERGMZMPM^EXMSRLEZIRSX ]IXFIIRJYPP]I\TPEMRIH
1EMR4SMRXW
- 1 E]ERGMZMPM^EXMSRJPSYVMWLIHJSVSZIVEXLSYWERH ]IEVWYRXMP %([LIRMXQ]WXIVMSYWP]FIKERXS HMWMRXIKVEXI -- 7GLSPEVWLEZIEHZERGIHXLVIIQENSVI\TPEREXMSRWJSV XLIGEYWIWSJXLMWHMWMRXIKVEXMSR
&IGEYWI SJ MXW ZIVWEXMPMX] GEYWEP SVHIV GER FI YWIH JSV FSXL TIVWYEWMZI WTIIGLIWERHMRJSVQEXMZIWTIIGLIW
4VSFPIQ7SPYXMSR3VHIV TVSFPIQWSPYXMSRSVHIV %QIXLSHSJWTIIGLSVKERM^EXMSR MR[LMGLXLIJMVWXQEMRTSMRX HIEPW[MXLXLII\MWXIRGISJE TVSFPIQERHXLIWIGSRHQEMR TSMRXTVIWIRXWEWSPYXMSRXSXLI TVSFPIQ
7TIIGLIWEVVERKIHMRTVSFPIQWSPYXMSRSVHIVEVIHMZMHIHMRXSX[SQEMRTEVXW 8LIJMVWXWLS[WXLII\MWXIRGIERHWIVMSYWRIWWSJETVSFPIQ8LIWIGSRHTVIWIRXW E[SVOEFPIWSPYXMSRXSXLITVSFPIQ*SVI\EQTPI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEGXMSRMWRIIHIHXSGSQFEXXLI EFYWIWSJTYTT]QMPPW 'IRXVEP-HIE
4YTT]QMPPWEVIEWIVMSYWTVSFPIQXLEXGERFIWSPZIHF]E GSQFMREXMSRSJPIKMWPEXMSRERHMRHMZMHYEPMRMXMEXMZI
1EMR4SMRXW
- 4 YTT]QMPPWEVIEWIVMSYWTVSFPIQEGVSWWXLI9RMXIH 7XEXIW -- 7SPZMRKXLITVSFPIQVIUYMVIWPIKMWPEXMSRERHMRHMZMHYEP MRMXMEXMZI
3V GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq8LI ,SVVSVWSJ4YTT]1MPPWrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIIPIGXSVEPGSPPIKIWLSYPHFI EFSPMWLIH 'IRXVEP-HIE
&IGEYWIXLIIPIGXSVEPGSPPIKIHSIWRSXKMZIIUYEP[IMKLXXS XLIZSXISJIEGLGMXM^IRMXWLSYPHFIVITPEGIH[MXLHMVIGX TSTYPEVIPIGXMSRSJXLI4VIWMHIRX
1EMR4SMRXW
- 8 LIIPIGXSVEPGSPPIKIMWEWIVMSYWTVSFPIQMRXLI97 TSPMXMGEPW]WXIQFIGEYWIMXHSIWRSXKMZIIUYEP[IMKLXXS IEGLGMXM^IRtWZSXIMRIPIGXMRKXLI4VIWMHIRX -- 8LITVSFPIQGERFIWSPZIHF]EFSPMWLMRKXLIIPIGXSVEP GSPPIKIERHIPIGXMRKXLI4VIWMHIRXF]TSTYPEVZSXI
%W XLIWI I\EQTPIW MRHMGEXI TVSFPIQWSPYXMSR SVHIV MW QSWX ETTVSTVMEXI JSV TIVWYEWMZIWTIIGLIW
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8STMGEP3VHIV 8STMGEPSVHIVVIWYPXW[LIR]SYHMZMHIXLIWTIIGLXSTMGMRXSWYFXSTMGWIEGLSJ [LMGLFIGSQIWEQEMRTSMRXMRXLIWTIIGL 7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQ Q] EYHMIRGI SJ XLI QENSV OMRHW SJ JMVI[SVOWr 8LMW XSTMG HSIW RSX PIRH MXWIPJ XS GLVSRSPSKMGEP WTEXMEP GEYWEP SV TVSFPIQWSPYXMSR SVHIV 6EXLIV ]SY WITEVEXI XLI WYFNIGXhOMRHW SJ JMVI[SVOWhMRXSMXWGSRWXMXYIRXTEVXWWSXLEXIEGLQEMRTSMRXHIEPW[MXLEWMRKPI OMRHSJJMVI[SVOW=SYVGIRXVEPMHIEERHQEMRTSMRXWQMKLXPSSOPMOIXLMW
XSTMGEPSVHIV %QIXLSHSJWTIIGLSVKERM^EXMSR MR[LMGLXLIQEMRTSMRXWHMZMHI XLIXSTMGMRXSPSKMGEPERH GSRWMWXIRXWYFXSTMGW
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIQENSVOMRHWSJJMVI[SVOW 'IRXVEP-HIE
8LIQENSVOMRHWSJJMVI[SVOWEVIWO]VSGOIXW6SQERGERHPIW TMR[LIIPWERHPERGIW
1EMR4SMRXW
- 7 O]VSGOIXWI\TPSHILMKLMRXLIEMVTVSHYGMRKXLIQSWX HVEQEXMGIJJIGXWSJEPPJMVI[SVOW -- 6SQERGERHPIWWLSSXSYXWITEVEXIKVSYTWSJWTEVOWERH GSPSVIHJPEQIW[MXLEWIVMIWSJFSSQMRKRSMWIW --- 4MR[LIIPWXLVS[SJJWTEVOWERHJPEQIWEWXLI][LMVPSR XLIIRHSJEWXMGO -: 0ERGIWEVIXLMRGSPSVJYPJMVI[SVOWYWIHMRKVSYRHHMWTPE]W
8SXEOIERSXLIVI\EQTPIPIXtWWE]]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ] EYHMIRGIEFSYXXLIEGLMIZIQIRXWSJ-HE;IPPW&EVRIXXr;IPPW&EVRIXXER%JVM GER %QIVMGER [LS PMZIH EX XLI XYVR SJ XLI XL GIRXYV] [EW ER SYXWTSOIR GLEQTMSRSJWSGMEPERHTSPMXMGEPNYWXMGIJSVLIVVEGI=SYGSYPHSVKERM^I]SYV WTIIGL GLVSRSPSKMGEPP]hF] HMWGYWWMRK ;IPPW&EVRIXXtW I\TPSMXW HYVMRK IEGL HIGEHI SJ LIV GEVIIV 3R XLI SXLIV LERH ]SY GSYPH EVVERKI XLI WTIIGL XSTMGEPP]hF]HMZMHMRK;IPPW&EVRIXXtWEGGSQTPMWLQIRXWMRXSGEXIKSVMIW8LIR ]SYVGIRXVEPMHIEERHQEMRTSMRXWQMKLXFI 7TIGMJMG4YVTSWI
8SMRJSVQQ]EYHMIRGIEFSYXXLIEGLMIZIQIRXWSJ-HE;IPPW &EVRIXX
'IRXVEP-HIE
-HE;IPPW&EVRIXX[EWEQYPXMXEPIRXIHJMKYVIMRXLIJMKLXJSV VEGMEPNYWXMGI
1EMR4SMRXW
- % WEXIEGLIV;IPPW&EVRIXXWTSOISYXEKEMRWXMRJIVMSV WGLSSPJEGMPMXMIWJSV%JVMGER%QIVMGERGLMPHVIR -- %WENSYVREPMWX;IPPW&EVRIXXGEQTEMKRIHEKEMRWX P]RGLMRK --- %WEGMZMGSVKERM^IV;IPPW&EVRIXXLIPTIHJSYRHXLI 2%%'4
2SXMGILS[XLIQEMRTSMRXWWYFHMZMHIXLIWTIIGLXSTMGPSKMGEPP]ERHGSR WMWXIRXP])EGLQEMRTSMRXMWSPEXIWSRIEWTIGXSJ;IPPW&EVRIXXtWEGLMIZIQIRXW &YXWYTTSWI]SYVQEMRTSMRXWPSSOPMOIXLMW - %WEXIEGLIV;IPPW&EVRIXXWTSOISYXEKEMRWXMRJIVMSVWGLSSPJEGMPMXMIWJSV %JVMGER%QIVMGERGLMPHVIR -- %WENSYVREPMWX;IPPW&EVRIXXGEQTEMKRIHEKEMRWXP]RGLMRK --- -RXLIIEVP]XLGIRXYV];IPPW&EVRIXXI\TERHIHLIVEGXMZMXMIWERHXLI WGSTISJLIVMRJPYIRGI
1EMR4SMRXW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1EMR4SMRXW
23
(SIW XLI FSH] SJ Q] WTIIGL GSRXEMR X[S XS JMZI QEMR TSMRXW# %VI Q] QEMR TSMRXW SVKERM^IH EGGSVHMRK XS SRI SJ XLI JSPPS[MRKQIXLSHWSJSVKERM^EXMSR# 'LIGOXLISRIXLEX ETTPMIW
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMP EFPIMRXLISRPMRI7XYH] 8SSPWJSVXLMWGLETXIV
'LVSRSPSKMGEPSVHIV 7TEXMEPSVHIV 'EYWEPSVHIV 8STMGEPSVHIV 4VSFPIQWSPYXMSRSVHIV
%VIQ]QEMRTSMRXWGPIEVP]WITEVEXIJVSQSRIERSXLIV# %W QYGL EW TSWWMFPI LEZI - YWIH XLI WEQI TEXXIVR SJ[SVHMRKJSVEPPQ]QEMRTSMRXW# ,EZI - VSYKLP] FEPERGIH XLI EQSYRX SJ XMQI HIZSXIH XSIEGLQEMRTSMRX# -W IEGL QEMR TSMRX FEGOIH YT [MXL WXVSRK GVIHMFPI WYTTSVXMRKQEXIVMEPW# (S - YWI GSRRIGXMZIW XS QEOI WYVI Q] EYHMIRGI ORS[W [LIR-EQQSZMRKJVSQSRIQEMRTSMRXXSERSXLIV#
8LMW[SYPHRSXFIEKSSHXSTMGEPSVHIVFIGEYWIQEMRTSMRX---MWMRGSRWMWXIRX [MXLXLIVIWXSJXLIQEMRTSMRXW-XHIEPW[MXLE TIVMSHMR;IPPW&EVRIXXtWPMJI [LIVIEWQEMRTSMRXW-ERH--HIEP[MXLOMRHWSJEGXMZMWQ &IGEYWI MX MW ETTPMGEFPI XS EPQSWX ER] WYFNIGX ERH XS ER] OMRH SJ WTIIGL XSTMGEPSVHIVMWYWIHQSVISJXIRXLERER]SXLIVQIXLSHSJWTIIGLSVKERM^EXMSR
8-47*3646)4%6-2+1%-243-287 /IIT1EMR4SMRXW7ITEVEXI )EGLQEMRTSMRXMREWTIIGLWLSYPHFIGPIEVP]MRHITIRHIRXSJXLISXLIVW'SQ TEVIXLIWIX[SWIXWSJQEMRTSMRXWJSVEWTIIGLEFSYXXLITVSGIWWSJTVSHYGMRK E&VSEH[E]TPE]
-RIJJIGXMZI
1SVI)JJIGXMZI
- 8 LIJMVWXWXITMWGLSSWMRKXLI TPE] -- 8LIWIGSRHWXITMWWIPIGXMRK XLIGEWX --- 8 LIXLMVHWXITMWGSRHYGXMRK VILIEVWEPWERHXLIRTIVJSVQMRK XLITPE]
- 8LIJMVWXWXITMWGLSSWMRKXLI TPE] -- 8LIWIGSRHWXITMWWIPIGXMRK XLIGEWX --- 8LIXLMVHWXITMWGSRHYGXMRKXLI VILIEVWEPW -: 8LIJSYVXLWXITMWTIVJSVQMRK XLITPE]
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LITVSFPIQ[MXLXLIPIJXLERHPMWXMWXLEXTSMRX---GSRXEMRWX[SQEMRTSMRXW -XWLSYPHFIHMZMHIHEWWLS[RMRXLIVMKLXLERHPMWX
8V]XS9WIXLI7EQI4EXXIVRSJ;SVHMRKJSV1EMR4SMRXW 'SRWMHIVXLIJSPPS[MRKQEMRTSMRXWJSVERMRJSVQEXMZIWTIIGLEFSYXXLIFIR IJMXWSJI\IVGMWI -RIJJIGXMZI
1SVI)JJIGXMZI
- 6IKYPEVI\IVGMWIMRGVIEWIW]SYV IRHYVERGI -- =SYVWPIITMRKTEXXIVRMW MQTVSZIHF]VIKYPEVI\IVGMWI --- -XMWTSWWMFPIXSLIPTGSRXVSP ]SYV[IMKLXF]VIKYPEV I\IVGMWI
- 6IKYPEVI\IVGMWIMRGVIEWIW]SYV IRHYVERGI -- 6IKYPEVI\IVGMWIMQTVSZIW]SYV WPIITMRKTEXXIVR --- 6IKYPEVI\IVGMWILIPTWGSRXVSP ]SYV[IMKLX
8LI WIX SJ QEMR TSMRXW SR XLI VMKLX JSPPS[W E GSRWMWXIRX TEXXIVR SJ [SVHMRK XLVSYKLSYX8LIVIJSVIMXMWIEWMIVXSYRHIVWXERHERHIEWMIVXSVIQIQFIVXLER XLIWIXSRXLIPIJX =SY[MPPJMRHXLEXMXMWRSXEP[E]WTSWWMFPIXSYWIXLMWOMRHSJTEVEPPIP[SVH MRK7SQIWTIIGLIWNYWXHSRtXPIRHXLIQWIPZIWXSWYGLEXMH]EVVERKIQIRX&YX XV]XSOIIT XLI [SVHMRK TEVEPPIP [LIR]SYGERJSV MX MW E KSSH[E]XS QEOI ]SYVQEMRTSMRXWWXERHSYXJVSQXLIHIXEMPWWYVVSYRHMRKXLIQ
&EPERGIXLI%QSYRXSJ8MQI(IZSXIHXS1EMR4SMRXW &IGEYWI]SYVQEMRTSMRXWEVIWSMQTSVXERX]SY[ERXXSFIWYVIXLI]EPPVIGIMZI IRSYKL IQTLEWMWXSFIGPIEVERHGSRZMRGMRK 8LMW QIERW EPPS[MRKWYJJMGMIRX XMQIXSHIZIPSTIEGLQEMRTSMRX7YTTSWI]SYHMWGSZIVXLEXXLITVSTSVXMSRSJ XMQIHIZSXIHXS]SYVQEMRTSMRXWMWWSQIXLMRKPMOIXLMW - TIVGIRX -- TIVGIRX --- TIVGIRX %FVIEOHS[RSJXLMWWSVXMRHMGEXIWSRISJX[SXLMRKW)MXLIVTSMRXW--ERH--- EVIRtXVIEPP]QEMRTSMRXWERH]SYLEZISRP]SRIQEMRTSMRXSVTSMRXW--ERH ---LEZIRtXFIIRKMZIRXLIEXXIRXMSRXLI]RIIH-JXLIPEXXIV]SYWLSYPHVIZMWI XLIFSH]SJXLIWTIIGLXSFVMRKXLIQEMRTSMRXWMRXSFIXXIVFEPERGI 8LMWMWRSXXSWE]XLEXEPPQEMRTSMRXWQYWXVIGIMZII\EGXP]IUYEPIQTLEWMW FYXSRP]XLEXXLI]WLSYPHFIVSYKLP]FEPERGIH*SVI\EQTPIIMXLIVSJXLIJSP PS[MRK[SYPHFIJMRI - TIVGIRX -- TIVGIRX --- TIVGIRX
- TIVGIRX -- TIVGIRX --- TIVGIRX
8LI EQSYRX SJ XMQI WTIRX SR IEGL QEMR TSMRX HITIRHW SR XLI EQSYRX ERH GSQTPI\MX]SJWYTTSVXMRKQEXIVMEPWJSVIEGLTSMRX
1EMR4SMRXW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7YTTSVXMRK1EXIVMEPW &]XLIQWIPZIWQEMRTSMRXWEVISRP]EWWIVXMSRW%W[IWE[MR'LETXIVPMWXIR IVW RIIH WYTTSVXMRK QEXIVMEPW XS EGGITX [LEX E WTIEOIV WE]W ;LIR XLI WYT TSVXMRKQEXIVMEPWEVIEHHIHXLIFSH]SJEWTIIGLPSSOWPMOIXLIJSPPS[MRKMR SYXPMRIJSVQ
WYTTSVXMRKQEXIVMEPW 8LIQEXIVMEPWYWIHXSWYTTSVXE WTIEOIVtWMHIEW8LIXLVIIQENSV OMRHWSJWYTTSVXMRKQEXIVMEPW EVII\EQTPIWWXEXMWXMGWERH XIWXMQSR]
- ,]TRSWMWMWYWIHMRWYVKIV]EWEREHNYRGXXSGLIQMGEPERIWXLIWME %,]TRSWMWVIHYGIWFSXLXLITL]WMGEPERHTW]GLSPSKMGEPEWTIGXWSJ TEMR ,]TRSWMWGERHSYFPIETIVWSRt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tWQIRXEP EFMPMX] ,]TRSWMWEPPS[WTISTPIXSXETQSVISJXLIMVQIRXEPTS[IV &7XYHMIWWLS[XLEXL]TRSWMWGERLIPTTISTPISZIVGSQIQER]SFWXEGPIW XSEGEHIQMGWYGGIWW -XMQTVSZIWEFMPMX]XSGSRGIRXVEXI -XMRGVIEWIWVIEHMRKWTIIH -XVIHYGIWXIWXER\MIX] -R 'LETXIV [I HMWGYWWIH XLI QENSV OMRHW SJ WYTTSVXMRK QEXIVMEPW ERH LS[XSYWIXLIQ,IVI[IRIIHWXVIWWSRP]XLIMQTSVXERGISJSVKERM^MRK]SYV WYTTSVXMRKQEXIVMEPWWSXLI]EVIHMVIGXP]VIPIZERXXSXLIQEMRTSMRXWXLI]EVI WYTTSWIHXSWYTTSVX1MWTPEGIHWYTTSVXMRKQEXIVMEPWEVIGSRJYWMRK,IVItWER I\EQTPI - 8LIVIEVIWIZIVEPVIEWSRW[L]TISTPIMQQMKVEXIXSXLI9RMXIH7XEXIW %3ZIVXLI]IEVWQMPPMSRWSJTISTPILEZIMQQMKVEXIHXSXLI9RMXIH 7XEXIW &1ER]TISTPIMQQMKVEXIMRWIEVGLSJIGSRSQMGSTTSVXYRMX] '3XLIVWMQQMKVEXIXSEXXEMRTSPMXMGEPJVIIHSQ (7XMPPSXLIVWMQQMKVEXIXSIWGETIVIPMKMSYWTIVWIGYXMSR
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIQEMRTSMRXHIEPW[MXLXLIVIEWSRWMQQMKVERXWGSQIXSXLI9RMXIH7XEXIW EWHSWYTTSVXMRKTSMRXW&'ERH(7YTTSVXMRKTSMRX% q3ZIVXLI]IEVWQMP PMSRW SJ TISTPI LEZI MQQMKVEXIH XS XLI 9RMXIH 7XEXIWr HSIW RSX -X MW SYX SJ TPEGIERHWLSYPHRSXFIMRGPYHIH[MXLXLMWQEMRTSMRX -J]SYJMRHWYGLEWMXYEXMSRMR]SYVS[RWTIIGLIWXV]XSVISVKERM^I]SYV WYTTSVXMRKTSMRXWYRHIVETTVSTVMEXIQEMRTSMRXWPMOIXLMW - 3ZIVXLI]IEVWQMPPMSRWSJTISTPILEZIMQQMKVEXIHXSXLI9RMXIH7XEXIW %7MRGIXLI%QIVMGER6IZSPYXMSREPQSWX QMPPMSRTISTPILEZI MQQMKVEXIHXSXLI97 &8SHE]XLIVIEVIQMPPMSR%QIVMGERW[LS[IVIFSVRMRSXLIVGSYRXVMIW -- 8LIVIEVIWIZIVEPVIEWSRW[L]TISTPIMQQMKVEXIXSXLI9RMXIH7XEXIW %1ER]TISTPIMQQMKVEXIMRWIEVGLSJIGSRSQMGSTTSVXYRMX] &3XLIVWMQQMKVEXIXSEXXEMRTSPMXMGEPJVIIHSQ '7XMPPSXLIVWMQQMKVEXIXSIWGETIVIPMKMSYWTIVWIGYXMSR 2S[ ]SY LEZI X[S WYTTSVXMRK TSMRXW XS FEGO YT ]SYV qQMPPMSRW SJ TISTPIr TSMRXERHXLVIIWYTTSVXMRKTSMRXWXSFEGOYT]SYVqVIEWSRWrTSMRX 3RGI]SYLEZISVKERM^IH]SYVQEMRTSMRXWERHWYTTSVXMRKTSMRXW]SY QYWX KMZI EXXIRXMSR XS XLI XLMVH IPIQIRX MR XLI FSH] SJ E WTIIGLh GSRRIGXMZIW
'SRRIGXMZIW
'EVPE1EKKMS[EWWTIEOMRKXSLIVGPEWWEFSYXXLIRIIHJSVQIHMGEPQEPTVEGXMGI VIJSVQ7LILEHVILIEVWIHXLIWTIIGLWIZIVEPXMQIWLEHE[IPPHIJMRIHGIRXVEP MHIE XLVII WLEVT QEMR TSMRXW ERH WXVSRK IZMHIRGI XS WYTTSVX LIV TSWMXMSR &YX [LIR 'EVPE HIPMZIVIH XLI WTIIGL WLI WEMH q%PP VMKLXr IZIV] XMQI WLI QSZIH JVSQ SRI XLSYKLX XS XLI RI\X %JXIV E [LMPI LIV GPEWWQEXIW WXEVXIH GSYRXMRK&]XLIIRHSJXLIWTIIGLQSWX[IVIXSSFYW][EMXMRKJSVXLIRI\X q%PPVMKLXrXSTE]EXXIRXMSRXS'EVPEtWQIWWEKI%JXIV[EVH'EVPEWEMHq-RIZIV IZIRXLSYKLXEFSYXWE]MRKs%PPVMKLXt-KYIWWMXNYWXTSTTIHSYX[LIR-HMHRtX ORS[[LEXIPWIXSWE]r ;IEPPLEZIWXSGOTLVEWIWXLEX[IYWIXSJMPPXLIWTEGIFIX[IIRXLSYKLXW -RGEWYEPGSRZIVWEXMSRXLI]EVIWIPHSQXVSYFPIWSQI&YXMRWTIIGLQEOMRKXLI] HMWXVEGXPMWXIRIVWF]GEPPMRKEXXIRXMSRXSXLIQWIPZIW ;LEX'EVPEtWWTIIGLPEGOIH[IVIWXVSRKGSRRIGXMZIWh[SVHWSVTLVEWIWXLEX NSMR SRI XLSYKLX XS ERSXLIV ERH MRHMGEXI XLI VIPEXMSRWLMT FIX[IIR XLIQ ;MXLSYX GSRRIGXMZIW E WTIIGL MW HMWNSMRXIH ERH YRGSSVHMREXIHhQYGL EW E TIVWSR [SYPH FI[MXLSYXPMKEQIRXW ERH XIRHSRW XS NSMR XLIFSRIW ERH LSPH XLISVKERWMRTPEGI*SYVX]TIWSJWTIIGLGSRRIGXMZIWEVIXVERWMXMSRWMRXIVREP TVIZMI[WMRXIVREPWYQQEVMIWERHWMKRTSWXW
GSRRIGXMZI %[SVHSVTLVEWIXLEXGSRRIGXW XLIMHIEWSJEWTIIGLERH MRHMGEXIWXLIVIPEXMSRWLMT FIX[IIRXLIQ
86%27-8-327 8VERWMXMSRW EVI [SVHW SV TLVEWIW XLEX MRHMGEXI [LIR E WTIEOIV LEW NYWX GSQ TPIXIHSRIXLSYKLXERHMWQSZMRKSRXSERSXLIV8IGLRMGEPP]XLIXVERWMXMSRW WXEXIFSXLXLIMHIEXLIWTIEOIVMWPIEZMRKERHXLIMHIEWLISVLIMWGSQMRKYT XS-RXLIJSPPS[MRKI\EQTPIWXLIXVERWMXMSREPTLVEWIWEVIYRHIVPMRIH
XVERWMXMSR %[SVHSVTLVEWIXLEXMRHMGEXIW [LIREWTIEOIVLEWJMRMWLIH SRIXLSYKLXERHMWQSZMRKSR XSERSXLIV
2S[XLEX[ILEZIEGPIEVYRHIVWXERHMRKSJXLITVSFPIQPIXQIWLEVIXLIWSPYXMSR[MXL]SY
'SRRIGXMZIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-LEZIWTSOIRWSJEVSJFVEZIV]ERHTEXVMSXMWQFYXMXMWXLIWEGVMJMGISJXLI1EWWEGLYWIXXW XLXLEXLEWIXGLIHXLIQMRXSXLITEKIWSJLMWXSV] /IITMRKXLIWITSMRXWMRQMRHEFSYXWMKRPERKYEKIPIXtWVIXYVR XSXLIWIRXIRGI-WXEVXIH [MXLERHWIIMJ[IGERPIEVRXLIWMKRWJSVq=SYEVIQ]JVMIRHr
2SXMGILS[XLIWITLVEWIWVIQMRHXLIPMWXIRIVSJXLIXLSYKLXNYWXGSQTPIXIHEW [IPPEWVIZIEPXLIXLSYKLXEFSYXXSFIHIZIPSTIH
-28)62%046):-);7 MRXIVREPTVIZMI[ %WXEXIQIRXMRXLIFSH]SJXLI WTIIGLXLEXPIXWXLIEYHMIRGI ORS[[LEXXLIWTIEOIVMWKSMRK XSHMWGYWWRI\X
-RXIVREPTVIZMI[WPIXXLIEYHMIRGIORS[[LEXXLIWTIEOIV[MPPXEOIYTRI\XFYX XLI] EVI QSVI HIXEMPIH XLER XVERWMXMSRW -R IJJIGX ER MRXIVREP TVIZMI[ [SVOW NYWXPMOIXLITVIZMI[WXEXIQIRXMREWTIIGLMRXVSHYGXMSRI\GITXXLEXMXGSQIW MRXLIFSH]SJXLIWTIIGLhYWYEPP]EWXLIWTIEOIVMWWXEVXMRKXSHMWGYWWEQEMR TSMRX*SVI\EQTPI -R HMWGYWWMRKLS[%WMER %QIVMGERWLEZI FIIRWXIVISX]TIHMR XLIQEWW QIHME [ItPP PSSOJMVWXEXXLISVMKMRWSJXLITVSFPIQERHWIGSRHEXMXWGSRXMRYMRKMQTEGXXSHE]
%JXIVLIEVMRKXLMWXLIEYHMIRGIORS[WI\EGXP][LEXXSPMWXIRJSVEWXLIWTIEOIV HIZIPSTWXLIqTVSFPIQrQEMRTSMRX -RXIVREPTVIZMI[WEVISJXIRGSQFMRIH[MXLXVERWMXMSRW*SVI\EQTPI ?8VERWMXMSRA 2S[XLEX[ILEZIWIIRLS[WIVMSYWXLITVSFPIQSJJEYPX]GVIHMXVITSVXW MWPIXtWPSSOEXWSQIWSPYXMSRW?-RXIVREP4VIZMI[A -[MPPJSGYWSRXLVIIWSPYXMSRWhMRWXMXYXMRK XMKLXIVKSZIVRQIRXVIKYPEXMSRSJGVIHMXFYVIEYWLSPHMRKGVIHMXFYVIEYWJMRERGMEPP]VIWTSR WMFPIJSVXLIMVIVVSVWERHKMZMRKMRHMZMHYEPWIEWMIVEGGIWWXSXLIMVGVIHMXVITSVXW
=SY [MPP WIPHSQ RIIH ER MRXIVREP TVIZMI[ JSV IEGL QEMR TSMRX MR ]SYV WTIIGLFYXFIWYVIXSYWISRI[LIRIZIV]SYXLMROMX[MPPLIPTPMWXIRIVWOIIT XVEGOSJ]SYVMHIEW
-28)62%07911%6-)7 MRXIVREPWYQQEV] %WXEXIQIRXMRXLIFSH]SJXLI WTIIGLXLEXWYQQEVM^IWXLI WTIEOIVtWTVIGIHMRKTSMRX SVTSMRXW
-RXIVREP WYQQEVMIW EVI XLI VIZIVWI SJ MRXIVREP TVIZMI[W 6EXLIV XLER PIXXMRK PMWXIRIVWORS[[LEXMWGSQMRKYTRI\XMRXIVREPWYQQEVMIWVIQMRHPMWXIRIVWSJ [LEX XLI] LEZI NYWX LIEVH 7YGL WYQQEVMIW EVIYWYEPP] YWIH [LIR E WTIEOIV JMRMWLIW E GSQTPMGEXIH SV TEVXMGYPEVP] MQTSVXERX QEMR TSMRX SV WIX SJ QEMR TSMRXW*SVI\EQTPI -R WLSVXTEPQ VIEHMRK MW ERERGMIRXEVX (IZIPSTIHMR 'LMREQSVI XLERJMZIXLSYWERH ]IEVWEKSMX[EWTVEGXMGIHMRGPEWWMGEP+VIIGIERH6SQIJPSYVMWLIHHYVMRKXLI1MHHPI%KIW WYVZMZIHXLI-RHYWXVMEP6IZSPYXMSRERHVIQEMRWTSTYPEVXSHE]MRQER]TEVXWSJXLI[SVPH
-RXIVREPWYQQEVMIWEVIERI\GIPPIRX[E]XSGPEVMJ]ERHVIMRJSVGIMHIEW&] GSQFMRMRKXLIQ[MXLXVERWMXMSRW]SYGEREPWSPIEH]SYVEYHMIRGIWQSSXLP] MRXS]SYVRI\XQEMRTSMRX ?-RXIVREP7YQQEV]A 0IXtWTEYWIJSVEQSQIRXXSWYQQEVM^I[LEX[ILEZIJSYRHWSJEV *MVWX[ILEZIWIIRXLEX%QIVMGEtWGVMQMREPNYWXMGIW]WXIQMWPIWWIJJIGXMZIXLERMXWLSYPHFIMR HIXIVVMRKGVMQI7IGSRH[ILEZIWIIRXLEXTVMWSRTVSKVEQWXSVILEFMPMXEXITVMWSRIVWLEZIFIIR JEVJVSQWYGGIWWJYP?8VERWMXMSRA ;IEVIRS[VIEH]XSI\TPSVIWSPYXMSRWXSXLIWITVSFPIQW
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)\TIVMIRGIHWTIEOIVWMRGPYHI XVERWMXMSRWERHSXLIVGSRRIG XMZIWXSLIPTPMWXIRIVWOIIT XVEGOSJXLIMVMHIEW8LIVIWYPX MWEGVMWTTVIWIRXEXMSRXLEX QSZIWGPIEVP]JVSQTSMRXXS TSMRX
7-+243787 7MKRTSWXWEVIZIV]FVMIJWXEXIQIRXWXLEXMRHMGEXII\EGXP][LIVI]SYEVIMRXLI WTIIGL*VIUYIRXP]XLI]EVINYWXRYQFIVW,IVIMWLS[SRIWXYHIRXYWIHWMQTPI RYQIVMGEPWMKRTSWXWXSLIPTLIVEYHMIRGIOIITXVEGOSJXLIQENSVGEYWIWJSVXLI GSRXMRYMRKTVSFPIQSJJEQMRIMR%JVMGE
8LIJMVWXGEYWISJXLMWTVSFPIQMWMRIJJMGMIRXEKVMGYPXYVEPTVSHYGXMSR
8LIWIGSRHGEYWIMWVIGYVVIRXHVSYKLXMRXLIEJJIGXIHGSYRXVMIW
8LIJMREPGEYWIMWQMWQEREKIQIRXSJEZEMPEFPIJSSHVIWSYVGIWF]PSGEPPIEHIVW
WMKRTSWX %ZIV]FVMIJWXEXIQIRXXLEX MRHMGEXIW[LIVIEWTIEOIVMWMR XLIWTIIGLSVXLEXJSGYWIW EXXIRXMSRSROI]MHIEW
%RSXLIV [E] XS EGGSQTPMWL XLI WEQI XLMRK MW XS MRXVSHYGI ]SYV QEMR TSMRXW[MXLEUYIWXMSREWHMHSRIWXYHIRXMRLMWWTIIGLSRQEMPSVHIVJVEYH ,MW JMVWX QEMR TSMRX WLS[IH XLEX QEMPSVHIV JVEYH GSRXMRYIW XS FI E WIVMSYW TVSFPIQHIWTMXIXLIKVS[XLSJXLI-RXIVRIX,IMRXVSHYGIHMXXLMW[E] 7SNYWXLS[WIVMSYWMWXLITVSFPIQSJQEMPSVHIVJVEYH#-WMXNYWXEJI[MWSPEXIHGEWIW SVMWMX[MHIWTVIEHIRSYKLXSVIUYMVIWIVMSYWQIEWYVIWXSTVSXIGXGSRWYQIVW#
,MWWIGSRHQEMRTSMRXHIEPX[MXL[E]WXSGYVFQEMPSVHIVJVEYH,IMRXVSHYGIH MXF]WE]MRK 7SLS[GER[IWSPZIXLMWTVSFPIQ#-WXLIVIE[E]XSTVSXIGXXLIVMKLXWSJPIKMXMQEXI QEMPSVHIVGSQTERMIW[LMPIEXXEGOMRKXLIJVEYHYPIRXSRIW#
5YIWXMSRWEVITEVXMGYPEVP]IJJIGXMZIEWWMKRTSWXWFIGEYWIXLI]MRZMXIWYFPMQMREP ERW[IVWERHXLIVIF]KIXXLIEYHMIRGIQSVIMRZSPZIH[MXLXLIWTIIGL &IWMHIWYWMRK WMKRTSWXWXSMRHMGEXI[LIVI]SYEVIMR XLIWTIIGL]SYGER YWIXLIQXSJSGYWEXXIRXMSRSROI]MHIEW=SYGERHSXLMW[MXLEWMQTPITLVEWI EWMRXLIJSPPS[MRKI\EQTPI
'SRRIGXMZIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIQSWXMQTSVXERXXLMRKXSVIQIQFIVEFSYXEFWXVEGXEVXMWXLEXMXMWEP[E]WFEWIHSR JSVQWMRXLIREXYVEP[SVPH
8LIYRHIVPMRIH[SVHWEPIVXXLIEYHMIRGIXSXLIJEGXXLEXERIWTIGMEPP]WMKRMJM GERXTSMRXMWGSQMRKYT7SHSTLVEWIWWYGLEWXLIWI
&IWYVIXSOIITXLMWMRQMRH
8LMWMWGVYGMEPXSYRHIVWXERHMRKXLIVIWXSJXLIWTIIGL
%FSZIEPP]SYRIIHXSORS[
(ITIRHMRKSRXLIRIIHWSJ]SYVWTIIGL]SYQE][ERXXSYWIX[SXLVIISV IZIREPPJSYVOMRHWSJGSRRIGXMZIWMRGSQFMREXMSR=SYRIIHRtX[SVV]XSSQYGL EFSYX[LEXXLI]EVIGEPPIHh[LIXLIVXLMWSRIMWEWMKRTSWXERHXLEXEXVERWMXMSR 8LIMQTSVXERXXLMRKMWXSFIE[EVISJXLIMVJYRGXMSRW4VSTIVP]ETTPMIHGSRRIG XMZIWGERQEOI]SYVWTIIGLIWQYGLQSVIYRMJMIHERHGSLIVIRX
7911%6= 'PIEV SVKERM^EXMSR MW ZMXEP XS WTIIGLQEOMRK 0MWXIRIVW HIQERH GSLIVIRGI 8LI] KIX SRP]SRIGLERGIXSKVEWT EWTIEOIVt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hXLIJMVWXWLS[MRKETVSFPIQXLIWIGSRHKMZ MRKEWSPYXMSR 7YTTSVXMRKQEXIVMEPWEVIXLIFEGOYTMHIEWJSV]SYVQEMRTSMRXW;LIRSVKERM^ MRKWYTTSVXMRKQEXIVMEPWQEOI WYVIXLI]EVIHMVIGXP]VIPIZERXXS XLIQEMRTSMRXW XLI]EVIWYTTSWIHXSWYTTSVX 'SRRIGXMZIWLIPTXMIEWTIIGLXSKIXLIV8LI]EVI[SVHWSVTLVEWIWXLEXNSMRSRI XLSYKLX XS ERSXLIV ERH MRHMGEXI XLI VIPEXMSRWLMT FIX[IIR XLIQ 8LI JSYV QENSV X]TIWSJWTIIGLGSRRIGXMZIWEVIXVERWMXMSRWMRXIVREPTVIZMI[WMRXIVREPWYQQEVMIW ERH WMKRTSWXW 9WMRK XLIQ IJJIGXMZIP] [MPP QEOI ]SYV WTIIGLIW QSVI YRMJMIH ERH GSLIVIRX
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
/)=8)617
WXVEXIKMGSVKERM^EXMSR
WYTTSVXMRKQEXIVMEPW
QEMRTSMRXW
GSRRIGXMZI
GLVSRSPSKMGEPSVHIV
XVERWMXMSR
WTEXMEPSVHIV
MRXIVREPTVIZMI[
GEYWEPSVHIV
MRXIVREPWYQQEV]
TVSFPIQWSPYXMSRSVHIV
WMKRTSWX
XSTMGEPSVHIV
6):-);59)78-327
%JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;L]MWMXMQTSVXERXXLEXWTIIGLIWFISVKERM^IHGPIEVP]ERHGSLIVIRXP]# ,S[QER]QEMRTSMRXW[MPP]SYVWTIIGLIWYWYEPP]GSRXEMR#;L]MWMXMQTSVXERX XSPMQMXXLIRYQFIVSJQEMRTSMRXWMR]SYVWTIIGLIW# ;LEXEVIXLIJMZIFEWMGTEXXIVRWSJSVKERM^MRKQEMRTSMRXWMREWTIIGL#;LMGL EVI ETTVSTVMEXI JSV MRJSVQEXMZI WTIIGLIW# ;LMGL MW YWIH SRP] MR TIVWYEWMZI WTIIGLIW#;LMGLMWYWIHQSWXSJXIR# ;LEXEVIXLVIIXMTWJSVTVITEVMRK]SYVQEMRTSMRXW# ;LEX MW XLI QSWX MQTSVXERX XLMRK XS VIQIQFIV [LIR SVKERM^MRK WYTTSVXMRK QEXIVMEPWMRXLIFSH]SJ]SYVWTIIGL# ;LEXEVIXLIJSYVOMRHWSJWTIIGLGSRRIGXMZIW#;LEXVSPIHSIWIEGLTPE]MRE WTIIGL#
GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
)<)6'-7)7*36'6-8-'%08,-2/-2+
;LEX SVKERM^EXMSREP QIXLSH SV QIXLSHW QMKLX ]SY YWI XS EVVERKI QEMR TSMRXWJSVWTIIGLIW[MXLXLIJSPPS[MRKWTIGMJMGTYVTSWIWXEXIQIRXW# 8SMRJSVQQ]EYHMIRGIEFSYXXLIKISKVETLMGEPVIKMSRWSJ%YWXVEPME 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVOMRHWSJW]QFSPWYWIHMR2EXMZI %QIVMGEREVX 8SMRJSVQQ]EYHMIRGISJXLIGEYWIWERHIJJIGXWSJ4EVOMRWSRtWHMWIEWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIWXEXIPIKMWPEXYVIWLSYPHIREGXXSYKLIVPE[WXS GYVFXLITVSFPIQSJVITIEXIHHVYROHVMZMRKSJJIRHIVW 8SMRJSVQQ]EYHMIRGIEFSYXXLIIHYGEXMSREPTLMPSWSTL]SJ.IER4MEKIX 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVWXEKIWSJXLIGMZMPVMKLXWQSZIQIRX JVSQ XS
8YVR XS XLI SYXPMRI SJ QEMR TSMRXW ERH WYTTSVXMRK QEXIVMEPW JSV XLI WTIIGL EFSYXL]TRSWMWSRTEKI'VIEXIETTVSTVMEXIXVERWMXMSRWMRXIVREPTVIZMI[W MRXIVREPWYQQEVMIWERHWMKRTSWXWJSVXLIWTIIGL
)\IVGMWIWJSV'VMXMGEP8LMROMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3VKERM^MRKXLI&SH]SJ XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-HIRXMJ]XLISVKERM^EXMSREPQIXLSHYWIHMRIEGLSJXLIJSPPS[MRKWIXWSJQEMR TSMRXW
- 'IWEV'LEZI^MWFIWXORS[RJSVLMWIJJSVXWXSTVSXIGXXLIVMKLXWSJ1I\MGER %QIVMGERJEVQ[SVOIVWMR'EPMJSVRME -- 'IWEV'LEZI^[EWEPWSEXMVIPIWWEHZSGEXIJSV1I\MGER%QIVMGERVEGMEPERHGYP XYVEPTVMHIMRKIRIVEP - 8LITIEOSJ1SYRX/MPMQERNEVSLEWEREVGXMGGPMQEXI[MXLWRS[MGIERHZMS PIRX[MRHW -- 8LIQMHHPISJ1SYRX/MPMQERNEVSLEWEVEMRJSVIWXGPMQEXI[MXLPYWLZIKIXEXMSR ERHHMZIVWIERMQEPWTIGMIW --- 8LIFEWISJ1SYRX/MPMQERNEVSLEWEFYWLPERHGPMQEXI[MXLKVEWW]TEWXYVIWERH JEVQMRKGSQQYRMXMIW - 'EYWIHF]ERERXMFMSXMGVIWMWXERXWXVEMRSJWXETL]PSGSGGYWFEGXIVME167%LEW FIGSQIMRGVIEWMRKP]TVIZEPIRXEQSRKGSPPIKIWXYHIRXW -- 8LIIJJIGXWSJ167%MRGPYHIWOMRMRJIGXMSRWHEQEKIXSMRXIVREPSVKERWTRIY QSRMEERHMRWSQIGEWIWHIEXL - *VEYHYPIRXGLEVMX]JYRHVEMWMRKMWE[MHIWTVIEHREXMSREPTVSFPIQ -- 8LITVSFPIQGERFIWSPZIHF]EGSQFMREXMSRSJKSZIVRQIRXVIKYPEXMSRERH MRHMZMHYEPE[EVIRIWW - *SYRHIHMR 2%7'%6[EWPMQMXIHTVMQEVMP]XSXLI7SYXLXLVSYKLXLI WERH W -- 8LI QSHIVR IVE SJ 2%7'%6 FIKER MR XLI W [MXL XLI HIZIPSTQIRX SJ XLI TSMRXWW]WXIQXSGVS[RE]IEVP]GLEQTMSR --- 8SHE]2%7'%6MWWIGSRHSRP]XSJSSXFEPPEWXLIQSWXTSTYPEVWTIGXEXSVWTSVX MR%QIVMGE
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK =SYEVIMRXLITYVGLEWMRKHITEVXQIRXSJEPEVKIGPSXLMRKQERYJEGXYVIV8LIGSQ TER]tW HIWMKR XIEQ LEW GSQI YT [MXL ER MHIE JSV E RI[ WLMVX VIUYMVMRK E PMKLX [IMKLXWXVIXGLEFPIJEFVMG8LIJEFVMGGERRSXFITVSZMHIHF]]SYVGSQTER]tWYWYEP WYTTPMIVWWS]SY[IVIWIRXXSZMWMXERYQFIVSJXI\XMPIJMVQWMRXLI97ERHEFVSEH XSWII[LEXXLI]GERSJJIV=SY[IVIEWOIHXSIZEPYEXIXLIMVTVSHYGXWJSVUYEPMX] EZEMPEFMPMX]ERHGSWX =SY LEZI NYWX VIXYVRIH JVSQ E HE] XVMT XS XI\XMPI QERYJEGXYVIVW MR 2SVXL 'EVSPMRE-XEP]-RHMEERH'LMRE=SY[MPPTVIWIRX]SYVJMRHMRKWERHVIGSQQIRHE XMSRWXSXLITYVGLEWMRKERHHIWMKRHITEVXQIRXWFYX]SYtVIRSXWYVI LS[FIWXXS SVKERM^I]SYVWTIIGL=SYVQENSVGLSMGIWEVIGLVSRSPSKMGEPSVHIVTVSFPIQWSPYXMSR SVHIVERHXSTMGEPSVHIV;LEXQMKLXFIXLIQEMRTSMRXWSJ]SYVWTIIGL[MXLIEGL SJXLIWIQIXLSHWSJSVKERM^EXMSR#)\TPEMR[LMGLQIXLSH]SYXLMRO[SYPHFIQSWX IJJIGXMZIJSV]SYVTVIWIRXEXMSR
',%48)6 36+%2->-2+8,)&3(=3*8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
&IKMRRMRKERH)RHMRK XLI7TIIGL
8LI-RXVSHYGXMSR +IX%XXIRXMSRERH-RXIVIWX 6IZIEPXLI8STMG )WXEFPMWL'VIHMFMPMX]ERH+SSH[MPP 4VIZMI[XLI&SH]SJXLI7TIIGL 7EQTPI-RXVSHYGXMSR[MXL'SQQIRXEV] 8MTWJSV4VITEVMRKXLI-RXVSHYGXMSR
8LI'SRGPYWMSR 7MKREPXLI)RHSJXLI7TIIGL 6IMRJSVGIXLI'IRXVEP-HIE 7EQTPI'SRGPYWMSR[MXL'SQQIRXEV] 8MTWJSV4VITEVMRKXLI'SRGPYWMSR
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
RXLIRMKLXSJ.ERYEV] EGSRHYGXSVWXITTIHXSXLITSHMYQEXXLI 1ENIWXMG8LIEXVIMR2I[=SVO'MX]XETTIHLMWFEXSRVEMWIHLMWEVQWERH WMKREPIHXLISVGLIWXVEXSTPE]1SQIRXWPEXIV%QIVMGERXLIEXIVKSIVWJMVWX LIEVH XLI HVEQEXMG STIRMRK GLSVHW SJ 8 LI 4LERXSQ SJ XLI 3TIVE 8SHE] XLMW WGIRILEWFIIRVITIEXIHQSVIXLER XMQIWERH4LERXSQLEWFIGSQIXLI PSRKIWXVYRRMRKQYWMGEPMR&VSEH[E]LMWXSV] 0MOIQSWXGPEWWMGQYWMGEPW4LERXSQSJXLI3TIVEFIKMRW[MXLERSZIVXYVIh ER SVGLIWXVEP MRXVSHYGXMSR XLEX GETXYVIW XLI EYHMIRGItW EXXIRXMSR ERH KMZIW XLIQETVIZMI[SJXLIQYWMGXLI]EVIKSMRKXSLIEV;MXLSYXWYGLERMRXVSHYG XMSRhMJ XLI GLEVEGXIVW WMQTP] [EPOIH SRWXEKI ERH FIKER WMRKMRK SV WTIEO MRKhXLI FIKMRRMRK SJ XLI TPE] [SYPH WIIQ XSS EFVYTX ERH XLI EYHMIRGI [SYPHRSXFIWYMXEFP]qTVMQIHrJSVXLIIRXIVXEMRQIRX 7MQMPEVP]QSWXQYWMGEPWIRH[MXLEJMREPI[LIRXLI[LSPIGEWXMWSRWXEKI IPIQIRXWSJXLIHVEQEXMGTPSXEVIVIWSPZIHTSVXMSRWSJXLITVMRGMTEPWSRKWEVI VIGEPPIHERHXLIQYWMGMWFVSYKLXXSEHVEQEXMGGPMQE\-JXLIVI[IVIRSWYGL GSRGPYWMSR MJ XLI EGXSVW QIVIP] WXSTTIH ERH [EPOIH SJJWXEKI XLI EYHMIRGI [SYPHFIPIJXYRWEXMWJMIH .YWX EW QYWMGEP TPE]W RIIH ETTVSTVMEXI FIKMRRMRKW ERH IRHMRKW WS HS WTIIGLIW 8LI FIKMRRMRK SV MRXVSHYGXMSR TVITEVIW PMWXIRIVW JSV [LEX MW XS GSQI8LIGSRGPYWMSRXMIWYTXLIWTIIGLERHEPIVXWPMWXIRIVWXLEXXLIWTIIGLMW KSMRKXSIRH-HIEPP]MXMWEWEXMWJ]MRKGSRGPYWMSR -RXLMWGLETXIV[II\TPSVIXLIVSPIWTPE]IHF]ERMRXVSHYGXMSRERHEGSR GPYWMSRMRWTIIGLQEOMRK;IEPWSHMWGYWWXIGLRMUYIWEMQIHEXJYPJMPPMRKXLSWI VSPIW -J ]SY ETTP] XLIWI XIGLRMUYIW MQEKMREXMZIP] ]SY [MPP XEOI E FMK WXIT XS[EVHIPIZEXMRK]SYVWTIIGLIWJVSQXLISVHMREV]XSXLIWTPIRHMH
3
8LI-RXVSHYGXMSR *MVWX MQTVIWWMSRW EVI MQTSVXERX % TSSV FIKMRRMRK QE] WS HMWXVEGX SV EPMIREXI PMWXIRIVWXLEXXLIWTIEOIVGERRIZIVJYPP]VIGSZIV1SVISZIVKIXXMRKSJJSRXLI VMKLXJSSXMWZMXEPXSEWTIEOIVtWWIPJGSRJMHIRGI;LEXGSYPHFIQSVIIRGSYVEKMRK XLER[EXGLMRK]SYVPMWXIRIVWtJEGIWFIKMRXSVIKMWXIVMRXIVIWXEXXIRXMSRERHTPIE WYVI#%KSSHMRXVSHYGXMSR]SY[MPPJMRHMWERI\GIPPIRXGSRJMHIRGIFSSWXIV -RQSWXWTIIGLWMXYEXMSRWXLIMRXVSHYGXMSRLEWJSYVSFNIGXMZIW +IXXLIEXXIRXMSRERHMRXIVIWXSJ]SYVEYHMIRGI 6IZIEPXLIXSTMGSJ]SYVWTIIGL )WXEFPMWL]SYVGVIHMFMPMX]ERHKSSH[MPP 4VIZMI[XLIFSH]SJXLIWTIIGL ;ItPPPSSOEXIEGLSJXLIWISFNIGXMZIWMRXYVR
+)8%88)28-32%2(-28)6)78 q9RPIWWEWTIEOIVGERMRXIVIWXLMWEYHMIRGIEXSRGILMWIJJSVX[MPPFIEJEMPYVIr 7SWEMHXLIKVIEXPE[]IV'PEVIRGI(EVVS[-J]SYVXSTMGMWRSXSRISJI\XVESVHM REV] MRXIVIWX ]SYV PMWXIRIVW EVI PMOIP] XS WE] XS XLIQWIPZIW q7S [LEX# ;LS GEVIW#r % WTIEOIV GER UYMGOP] PSWI ER EYHMIRGI MJ WLI SV LI HSIWRtX YWI XLI MRXVSHYGXMSRXSKIXXLIMVEXXIRXMSRERHUYMGOIRXLIMVMRXIVIWX +IXXMRKXLIMRMXMEPEXXIRXMSRSJ]SYVEYHMIRGIMWYWYEPP]IEW]hIZIRFIJSVI ]SYYXXIVEWMRKPI[SVH%JXIV]SYEVIMRXVSHYGIHERHWXITXSXLIPIGXIVR]SYV
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
EYHMIRGI[MPPRSVQEPP]KMZI]SYXLIMVEXXIRXMSR-JXLI]HSRtX[EMXTEXMIRXP] 0SSO HMVIGXP] EX XLI EYHMIRGI [MXLSYX WE]MRK E [SVH -R E JI[ QSQIRXW EPP XEPOMRKERHTL]WMGEPGSQQSXMSR[MPPWXST=SYVPMWXIRIVW[MPPFIEXXIRXMZI=SY [MPPFIVIEH]XSWXEVXWTIEOMRK /IITMRKXLIEXXIRXMSRSJ]SYVEYHMIRGISRGI]SYWXEVXXEPOMRKMWQSVIHMJ JMGYPX ,IVI EVI XLI QIXLSHW YWIH QSWX SJXIR )QTPS]IH MRHMZMHYEPP] SV MR GSQFMREXMSRXLI][MPPLIPTKIXXLIEYHMIRGIGEYKLXYTMR]SYVWTIIGL
6IPEXIXLI8STMGXSXLI%YHMIRGI 4ISTPITE]EXXIRXMSRXSXLMRKWXLEXEJJIGXXLIQHMVIGXP]-J]SYGERVIPEXIXLI XSTMGXS]SYVPMWXIRIVWXLI]EVIQYGLQSVIPMOIP]XSFIMRXIVIWXIHMRMX 7YTTSWIJSVI\EQTPISRISJ]SYVGPEWWQEXIWFIKMRWLIVWTIIGLPMOIXLMW 8SHE]-EQKSMRKXSXEPOEFSYXGSPPIGXMRKTSWXGEVHWhELSFF]XLEXMWFSXLJEWGMREXMRK ERHJMRERGMEPP]VI[EVHMRK-[SYPHPMOIXSI\TPEMRXLIFEWMGOMRHWSJGSPPIGXMFPI TSWXGEVHW [L]XLI]EVIWSZEPYEFPIERHLS[GSPPIGXSVWFY]ERHWIPPXLIMVGEVHW
8LMWMWGIVXEMRP]EGPIEVMRXVSHYGXMSRFYXMXMWRSXSRIXSKIX]SYLSSOIHSRXLI WTIIGL2S[[LEXMJ]SYVGPEWWQEXI[IVIXSFIKMRLIVWTIIGLXLMW[E]hEWSRI WXYHIRXEGXYEPP]HMH -XtW7EXYVHE]QSVRMRKERH]SYEVILIPTMRKGPIERSYX]SYVKVERHQSXLIVtWEXXMG%JXIV [SVOMRKE[LMPI]SYWXYQFPIYTSREXVYROSTIRMXERHHMWGSZIVLYRHVIHWSJSPHTSWX GEVHW8LMROMRKEFSYXKIXXMRKXSXLIJSSXFEPPKEQISRXMQI]SYWXEVXXSWWMRKXLIGEVHWMRXS XLIXVEWLGER'SRKVEXYPEXMSRW=SYLEZINYWXXLVS[RE[E]E]IEVtWXYMXMSR
8LMW XMQI XLI WTIEOIV LEW YWIH NYWX XLI VMKLX FEMX 'LERGIW EVI ]SY [MPP FI LSSOIH )ZIR[LIR]SYYWISXLIVMRXIVIWXEVSYWMRKPYVIW]SYWLSYPHEP[E]WVIPEXI ]SYVXSTMGXSXLIEYHMIRGI%XXMQIWXLMW[MPPXIWX]SYVMRKIRYMX]FYXMXTE]W HMZMHIRHW,IVIMWERI\GIPPIRXI\EQTPIJVSQEWXYHIRXWTIIGLEFSYXHVIEQW 8LIWTIEOIVFIKERF]WE]MRK =SYtVIFIMRKGLEWIHF]ERSFNIGXSJYRWTIEOEFPILSVVSV]IX]SYVPIKWGERSRP]QSZI MRWPS[QSXMSR)EGLWXITXEOIWYRFIEVEFP]PSRKERH]SYVJVERXMGWXVYKKPIXSVYRJEWXIVMW LSTIPIWW=SYVTYVWYIVKIXWGPSWIVERH]SYVHIWTIVEXMSRXYVRWXSXIVVSV=SYtVIGSQTPIXIP] LIPTPIWWhI]IXSI]I[MXLHIEXL 8LIR]SY[EOIYTKEWTMRKJSVEMV]SYVLIEVXTSYRHMRK]SYVJEGIGPEQQ][MXLW[IEX -XXEOIWEJI[QMRYXIWJSV]SYVLIEVXERHFVIEXLMRKXSWPS[HS[R=SYVIEWWYVI]SYVWIPJ XLEXMX[EWqNYWXEHVIEQr7SSR]SYHVMJXFEGOXSWPIIT
GSRRIGXPYGEWGSQ :MI[XLIFIKMRRMRKSJq-R =SYV(VIEQWrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
&] YWMRK ZMZMH PERKYEKI XS HIWGVMFI WSQIXLMRK EPP LMW GPEWWQEXIW LEH I\TIVM IRGIHXLIWTIEOIVQEHIWYVISJEREXXIRXMZIEYHMIRGI
7XEXIXLI-QTSVXERGISJ=SYV8STMG 4VIWYQEFP]]SYXLMRO]SYVWTIIGLMWMQTSVXERX8IPP]SYVEYHMIRGI[L]XLI] WLSYPHXLMROWSXSS,IVIMWLS[.YHMXL/E]I'LMIJ.YHKISJXLI7XEXISJ2I[ =SVOYWIHXLMWQIXLSHXSMRZSPZILIVEYHMIRGIMREWTIIGLXSXLI%QIVMGER &EV%WWSGMEXMSR'IRXIVSR'LMPHVIRERHXLI0E[ ;IORS[XLEXEGLMPHMWFSVRMRXSTSZIVX] MRXLI9RMXIH 7XEXIWIZIV]WIGSRHW ERH[IWII QMPPMSRGLMPHVIRPMZMRKFIPS[XLITSZIVX]PMRI;IWIIERIWXMQEXIH
8LI-RXVSHYGXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
QMPPMSR GLMPHVIR RIEVP] TIVGIRX SJ EPP 97 GLMPHVIR [MXLSYX LIEPXL MRWYVERGI TVSKVEQW % GLMPH HMIW JVSQ RIKPIGX SV EFYWI IZIV] WM\ LSYVW E GLMPH MW OMPPIH F] KYRJMVIEPQSWXIZIV]XLVIILSYVWERHXLIRYQFIVSJRIKPIGXIHSVEFYWIHGLMPHVIRIEGL ]IEV[SYPHJMPPYTXLIGMX]SJ(IXVSMX
8LIWIEVIWXVMOMRKWXEXMWXMGW&]GMXMRKXLIQMRLIVMRXVSHYGXMSR/E]IIQTLE WM^IHXLIMQTSVXERGISJLIVXSTMGERHGETXYVIHXLIEXXIRXMSRSJLIVEYHMIRGI 'PIEVP] XLMW XIGLRMUYI MW IEW] XS YWI [LIR HMWGYWWMRK WSGMEP ERH TSPMXMGEP MWWYIWWYGLEWGLMPHEFYWIIRHERKIVIHWTIGMIWXIVVSVMWQERHWXIQGIPPVIWIEVGL FYXMXMWETTVSTVMEXIJSVSXLIVXSTMGWEW[IPP,IVIMWLS[SRIWXYHIRXLERHPIH MXMREWTIIGLEFSYXWXEVXMRKELSQIEUYEVMYQ -XMWZIV]LEVHXSGYHHPIEJMWL*MWL[SRtXVSPPSZIVSVJIXGLXLIQSVRMRKTETIV=SY [SRtXJMRHXLIQGYVPMRKYTSR]SYVPETGLEWMRKEFEPPSJWXVMRKSVVIWGYMRKEGLMPHJVSQE FYVRMRKFYMPHMRK =IXHIWTMXIXLIWIWLSVXGSQMRKWQMPPMSRXVSTMGEPJMWLLEZIJSYRHXLIMV[E]MRXS QMPPMSR%QIVMGERLSQIW)EGL]IEVQMPPMSRSJXVSTMGEPJMWLEVIWSPHMRXLI9RMXIH7XEXIW ERH XLI] LEZI IEVRIH E WTSX RI\X XS XLI EPP%QIVMGER HSK ERHXLI GYHHP] OMXXIR MR XLI LIEVXW SJ QMPPMSRW SJ TISTPI 8SHE] - [SYPH PMOI XS I\TPEMR LS[ ]SY GER WXEVX E LSQI EUYEVMYQERHHMWGSZIVXLITPIEWYVIWSJS[RMRKXVSTMGEPJMWL
;LIRIZIV]SYHMWGYWWEXSTMG[LSWIMQTSVXERGIQE]RSXFIGPIEVXSXLI EYHMIRGI]SYWLSYPHXLMROEFSYX[E]WXSHIQSRWXVEXIMXWWMKRMJMGERGIMRXLI MRXVSHYGXMSR
7XEVXPIXLI%YHMIRGI 3RIWYVIJMVI[E]XSEVSYWIMRXIVIWXUYMGOP]MWXSWXEVXPI]SYVPMWXIRIVW[MXLER EVVIWXMRK SV MRXVMKYMRK WXEXIQIRX )ZIV]SRI MR XLI EYHMIRGI TEMH GPSWI EXXIR XMSREJXIVXLMWWTIEOIVtWMRXVSHYGXMSR 8EOIEQSQIRXERHXLMROSJXLIXLVII[SQIRGPSWIWXXS]SY;LSGSQIWXSQMRH# =SYVQSXLIV#=SYVWMWXIV#=SYVKMVPJVMIRH#=SYV[MJI#=SYVFIWXJVMIRH#2S[KYIWW[LMGL SRI[MPPFIWI\YEPP]EWWEYPXIHHYVMRKLIVPMJIXMQI-XtWRSXETPIEWERXXLSYKLXFYXEGGSVHMRK XS XLI 97 (ITEVXQIRX SJ .YWXMGI SRI SJ IZIV] XLVII %QIVMGER [SQIR [MPP FI WI\YEPP] EWWEYPXIHWSQIXMQIHYVMRKLIVPMJI
2SXMGI XLI KVEHYEP FYMPHYT XS XLI WTIEOIVtW EVVIWXMRK WXEXIQIRX q2S[ KYIWW [LMGLSRI[MPPFIWI\YEPP]EWWEYPXIHHYVMRKLIVPMJIXMQIr8LMWWXEXIQIRXWXEVXPIW XLIEYHMIRGIhIWTIGMEPP]XLIQIRhERHHVMZIWLSQIEXETIVWSREPPIZIPXLITVSF PIQSJWI\YEPEWWEYPXEKEMRWX[SQIR8LIIJJIGX[SYPHLEZIFIIRQYGLPIWWMJXLI WTIEOIVLEHWEMHq7I\YEPEWWEYPXEKEMRWX[SQIRMWEWIVMSYWTVSFPIQr 7SQIXMQIW]SYQE][ERXXSWXEVXPI]SYVEYHMIRGIMRXLIZIV]JMVWXWIRXIRGI SJ]SYVWTIIGL,IVIMWLS[SRIWXYHIRXFIKERLIVWTIIGLSTTSWMRKXLIYWISJ 2EXMZI%QIVMGERREQIWJSVWTSVXWXIEQW -RXSRMKLXtWKEQIWXLI7ER%RXSRMS7TMGWEVITPE]MRKXLI2I[.IVWI].ETW[LMPIXLI 0SW%RKIPIW.I[W[MPPXEOISRXLI1MRRIWSXE4SPEGOW
8LMWXIGLRMUYIMWLMKLP]IJJIGXMZIERHIEW]XSYWI.YWXFIWYVIXLIWXEVXPMRK MRXVSHYGXMSR VIPEXIW HMVIGXP] XS XLI WYFNIGX SJ ]SYV WTIIGL -J ]SY GLSSWI E WXVSRKSTIRMRKWMQTP]JSVMXWWLSGOZEPYIERHXLIRKSSRXSXEPOEFSYXWSQI XLMRKIPWI]SYVEYHMIRGI[MPPFIGSRJYWIHERHTSWWMFP]ERRS]IH
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%KSSHMRXVSHYGXMSR[MPPKIX ]SYVWTIIGLSJJXSEWXVSRK WXEVX8SFIQSWXIJJIGXMZIMX WLSYPHVIPEXIXLIXSTMGXSXLI EYHMIRGIERHFIHIPMZIVIH JVSQEQMRMQYQSJRSXIW
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hLMKLFPSSHTVIWWYVI
*SVERSXLIVI\EQTPIPSSOEXXLMWWTPIRHMHSTIRMRKJVSQEWXYHIRXWTIIGL IRXMXPIHq8LI+MJXSJ0MJIr )EGLSJ]SYLEWEKMJX;LEXOMRHSJKMJXMWMX#-XtWRSXE'LVMWXQEWKMJXSVEFMVXLHE] KMJX-XtWRSXWSQIWTIGMEPXEPIRXSVWOMPP-XtWEKMJXXLEXGSYPHWEZIEPMJIhQE]FIQSVIXLER SRI-J]SYHIGMHIXSKMZIMX]SYPSWIRSXLMRK 7SQI TISTPI FYV]XLIMVKMJX3XLIVW FYVR MX %PPFYXSRI SJ]SY [LS GSQTPIXIH Q] UYIWXMSRREMVI[SYPHKPEHP]VIGIMZIXLIKMJXFYXSRP]TIVGIRXSJ]SYLEZIHIGMHIHXSKMZI MX8LMWKMJXMWXLIHSREXMSRSJ]SYVZMXEPSVKERW[LIR]SYHMI
2SX SRP] HSIWXLMWWTIEOIV VIPEXI XLI XSTMG HMVIGXP] XS LMWGPEWWQEXIW LI KIXW XLIQ JYVXLIV MRZSPZIH F] FYMPHMRK WYWTIRWI EFSYX XLI qKMJXr XLEX IEGL SJ YW LEW 2SXMGI LS[ QYGL PIWW IJJIGXMZI XLI MRXVSHYGXMSR [SYPH LEZI FIIR MJ LI LEHWMQTP]WEMHq8SHE]-EQKSMRKXSXEPOEFSYXSVKERHSREXMSRr
5YIWXMSRXLI%YHMIRGI %WOMRKEVLIXSVMGEPUYIWXMSR MWERSXLIV[E]XSKIX]SYVPMWXIRIVWXLMROMRKEFSYX ]SYVWTIIGL7SQIXMQIWEWMRKPIUYIWXMSR[MPPHS
8LI-RXVSHYGXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0SSOMRKJSVEUYSXEXMSRXSYWIMRXLIMRXVSHYGXMSRSVGSRGPYWMSRSJ]SYVWTIIGL# :MWMX=ELSS5YSXEXMSRW LXXT HMV]ELSSGSQ6IJIVIRGI5YSXEXMSRW JSVEGSQ TVILIRWMZIVSWXIVSJPMROWXSGSPPIGXIHUYSXEXMSRWSRXLI;IF %VI]SYMRXIVIWXIHMRVIEHMRKMRXVSHYGXMSRWERHGSRGPYWMSRWJVSQJEQSYWWTIIGLIW MR[SVPHLMWXSV]#=SYGERJMRHXLIQEX8LI,MWXSV]4PEGI +VIEX7TIIGLIW'SPPIGXMSR [[[LMWXSV]TPEGIGSQWTIIGLIWTVIZMSYWLXQ
,S[[SYPH]SYVIWTSRHMJEPSZIHSRI[EWXLIZMGXMQSJXIVVSVMWQ# ;LEX[SYPH]SYXLMROMJ]SY[IRXXSXLIHSGXSVFIGEYWI]SY[IVIMPPERHWLIXSPH]SY XS[EXGL8LI7MQTWSRWEWTEVXSJ]SYVXVIEXQIRX#
VLIXSVMGEPUYIWXMSR %UYIWXMSRXLEXXLIEYHMIRGI ERW[IVWQIRXEPP]VEXLIVXLER SYXPSYH
-RSXLIVGMVGYQWXERGIW]SYQE][ERXXSTSWIEWIVMIWSJUYIWXMSRWIEGL SJ[LMGLHVE[WXLIEYHMIRGIHIITIVERHHIITIVMRXSXLIWTIIGL,IVIMWLS[ SRIWTIEOIVYWIHXLMWQIXLSH ,EZI]SYIZIVWTIRXEWPIITPIWWRMKLXWXYH]MRKJSVERI\EQ#'ER]SYVIQIQFIVVYWL MRKXSJMRMWLEXIVQTETIVFIGEYWI]SY[EMXIHXSSPSRKXSWXEVX[VMXMRKMX#(S]SYSJXIR JIIPSZIV[LIPQIHF]EPPXLIXLMRKW]SYLEZIXSKIXHSRIEXWGLSSP#%X[SVO#%XLSQI# -J WS ]SY QE] FI XLI ZMGXMQ SJ TSSV XMQI QEREKIQIRX *SVXYREXIP] XLIVI EVI TVSZIRWXVEXIKMIW]SYGERJSPPS[XSYWI]SYVXMQIQSVIIJJIGXMZIP]ERHXSOIITGSRXVSP SJ]SYVPMJI
0MOIFIKMRRMRK[MXLEWXEVXPMRKWXEXIQIRXSTIRMRK[MXLEUYIWXMSR[SVOW FIWX[LIRXLIUYIWXMSRMWQIERMRKJYPXSXLIEYHMIRGIERHJMVQP]VIPEXIHXSXLI GSRXIRXSJXLIWTIIGL-XEPWS[SVOWQSWXIJJIGXMZIP][LIR]SYTEYWIJSVNYWXE QSQIRXEJXIVIEGLUYIWXMSR8LMWEHHWHVEQEXMGMQTEGXERHKMZIWXLIUYIWXMSR XMQIXSWMROMR8LIEYHMIRGISJGSYVWI[MPPERW[IVQIRXEPP]hRSXSYXPSYH
&IKMR[MXLE5YSXEXMSR %RSXLIV[E]XSEVSYWIXLIMRXIVIWXSJ]SYVEYHMIRGIMWXSWXEVX[MXLEREXXIR XMSRKIXXMRKUYSXEXMSR=SYQMKLXGLSSWI]SYVUYSXEXMSRJVSQ7LEOIWTIEVISV 'SRJYGMYWJVSQXLI&MFPISV8EPQYHJVSQETSIQWSRKSVJMPQ,IVIMWLS[ SRIWXYHIRXYWIHEUYSXEXMSRXSFIKMREWTIIGLEFSYXWGMIRXMWX.SREW7EPO[LS HIZIPSTIHXLIJMVWXTSPMSZEGGMRI q-J SRIMW PYGO] E WSPMXEV] JERXEW] GER XSXEPP] XVERWJSVQ SRI QMPPMSR VIEPMXMIWr 8LIWI [SVHWJVSQTSIXERH[VMXIV1E]E%RKIPSYGSYPHETTP]IEWMP]XSXLIHIHMGEXIHVIWIEVGLIV .SREW7EPO[LSGVIEXIHEZEGGMRIJSVTSPMS%LEPJGIRXYV]EKSXLMWGVMTTPMRKHMWIEWIWXVYGO MRHMWGVMQMREXIP]FYXXSHE][MHIWTVIEHYWISJXLIZEGGMRILEWZMVXYEPP][MTIHSYXTSPMS-R Q]XEPO-[SYPHPMOIXSHIWGVMFILS[7EPOTIVWIZIVIHERHXVMYQTLIHMRLMWUYIWXHIWTMXI HSYFXWERHQENSVWIXFEGOW
%LYQSVSYWUYSXEXMSRGEREJJSVHHSYFPIMQTEGXEWMRXLMWWTIIGLEFSYX XLIRIIHJSVTSPMXMGEPVIJSVQMRXLI97'SRKVIWW 1EVO8[EMRSRGIWEMHq-XGSYPHTVSFEFP]FIWLS[RF]JEGXWERHJMKYVIWXLEXXLIVIMW RSHMWXMRGXP]%QIVMGERGVMQMREPGPEWWI\GITX'SRKVIWWr
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%W]SYVIWIEVGL]SYV WTIIGLIWOIITERI]ISYX JSVUYSXEXMSRWWXSVMIWERH SXLIVQEXIVMEPW]SYGERYWI XSGVEJXERMRXVSHYGXMSRXLEX [MPPGETXYVIXLIEXXIRXMSRSJ ]SYVPMWXIRIVW
&] STIRMRK [MXL 8[EMRtW [SVHW XLI WTIEOIV RSX SRP] KSX XLI EYHMIRGItW EXXIRXMSRFYXEPWSJSVIWLEHS[IHEGIRXVEPXLIQISJLIVWTIIGL2SXMGIXSS XLEXFSXLSJXLIUYSXEXMSRWYWIHLIVIEWI\EQTPIWEVIVIPEXMZIP]WLSVX3TIR MRK]SYVWTIIGL[MXLEPIRKXL]UYSXEXMSRMWEWYVI[E]XSWIX]SYVEYHMIRGI ]E[RMRK
8IPPE7XSV] ;IEPPIRNS]WXSVMIWhIWTIGMEPP]MJXLI]EVITVSZSGEXMZIEQYWMRKHVEQEXMGSV WYWTIRWIJYP8S[SVO[IPPEWMRXVSHYGXMSRWXLI]WLSYPHEPWSFIGPIEVP]VIPIZERX XSXLIQEMRTSMRXSJXLIWTIIGL9WIHMRXLMW[E]WXSVMIWEVITIVLETWXLIQSWX IJJIGXMZI[E]XSFIKMREWTIIGL 'SRWMHIVJSVI\EQTPIXLIWXSV]SRIWXYHIRXXSPHXSSTIRLMWWTIIGLEFSYX %QIVMGEtWGVYQFPMRKFVMHKIW +EV]&EFMRIEYXLSYKLXLI[EWHIEH-X[EW%YKYWXERHLILEHNYWXHVMZIR LMWFPYI'LIZ]XVYGOSRXSXLI-;IWXFVMHKIMR1MRRIETSPMW[LIRXLI]IEVSPHWXVYG XYVIFIKERGSPPETWMRKq-LIEVHEVYQFPMRKPMOIENEGOLEQQIVrLIWEMHPEXIVqERHXLIRMX GSQTPIXIP]KEZI[E]r,MWTMGOYTTPYQQIXIHJIIXPERHMRKYTWMHIHS[RXLIFIHWIZ IVIHJVSQXLIGEF1MVEGYPSYWP]&EFMRIEY[LS[EW[IEVMRKLMWWIEXFIPXWYVZMZIHFYX SXLIVW [IVI RSX WS PYGO] 8LMVXIIR TISTPI HMIH XLEX HE] QSVI XLER E LYRHVIH [IVI MRNYVIH 8LIGSPPETWISJXLI-FVMHKIMR1MRRIETSPMW[EWEXVEKIH]FYXMX[MPPRSXFIXLIPEWX SRI8LIVIEVI FVMHKIWEGVSWWXLIGSYRXV]VEXIHEWqWXVYGXYVEPP]HIJMGMIRXrF]XLI *IHIVEP,MKL[E]%HQMRMWXVEXMSR8LIWIFVMHKIWGEVV]QMPPMSRZILMGPIWEHE]ERHSRI GERSRP][SRHIV[LMGL[MPPFIXLIRI\XXSKS
0MOIQER]KSSHMRXVSHYGXMSRWXLMWSRIHSIWEHSYFPINSFhMXEVSYWIWXLIMRXIV IWXSJXLIEYHMIRGIERHKIXWPMWXIRIVWIQSXMSREPP]MRZSPZIHMRXLIWTIIGL =SY GER EPWS YWI WXSVMIW FEWIH SR ]SYV TIVWSREP I\TIVMIRGI ,IVI MW LS[ SRITVIQIHWXYHIRXYWIHWYGLEWXSV]7LIFIKERF]VIGSYRXMRKXLIJMVWXXMQI WLISFWIVZIHHSGXSVWTIVJSVQMRKWYVKIV]MRXLISTIVEXMRKVSSQ
8LI-RXVSHYGXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIVI-WXSSH[IEVMRKEWYVKMGEPQEWOMRXLIQMHHPISJEPEVKIFVMKLXP]PMXVSSQ-R XLIGIRXIVSJXLI VSSQ [IVIJMZI JMKYVIWLYHHPIH SZIV E XEFPI-JSYRHMXHMJJMGYPXXSWII WMRGIIZIV]XLMRK[EWHVETIHMRFPYIWLIIXW]IX-HMHRtXHEVIXEOIEWXITXS[EVHXLIXEFPI 8LIRSRISJXLIJMKYVIWGEPPIHXSQIq%RKIPEKIXSZIVLIVIERHXEOIEGPSWIVPSSOr 1]ORIIWFYGOPIHEW-[EPOIHXLVSYKLXLIWXIVMPIIRZMVSRQIRX&YXIZIRXYEPP]-[EWXLIVI WXERHMRKSZIVERYRGSRWGMSYWFSH]MRXLISTIVEXMRKVSSQ
GSRRIGXPYGEWGSQ :MI[XLIFIKMRRMRKSJ q,STMRKXS,IEPrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
8LI IJJIGXMZIRIWW SJ ER] WXSV]hIWTIGMEPP] E TIVWSREP SRIhLMRKIW SR XLI WTIEOIVt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
6):)%08,)834-' -R XLI TVSGIWW SJ KEMRMRK EXXIRXMSR FI WYVI XS WXEXI GPIEVP] XLI XSTMG SJ ]SYV WTIIGL-J]SYHSRSX]SYVPMWXIRIVW[MPPFIGSRJYWIH%RHSRGIXLI]EVIGSR JYWIH]SYVGLERGIWSJKIXXMRKXLIQEFWSVFIHMRXLIWTIIGLEVIEPQSWXRMP 8LMWMWEFEWMGTSMRXh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
;LEX MW XLI XSTMG SJ XLMW WTIIGL# 2EXYVI TLSXSKVETL]# 2S &MVHMRK# 2S 8SYVMWQMRXLIXVSTMGW#2S8LIWXYHIRX[EWXEPOMRKEFSYXIJJSVXWXSVIWXSVIXLI REXYVEPFIEYX]SJXLI*PSVMHE)ZIVKPEHIW&YXWLIHMHRSXQEOIXLEXGPIEVXSLIV EYHMIRGI7YTTSWIMRWXIEHWLILEHFIKYRLIVWTIIGLHMJJIVIRXP] %PPMKEXSVWTERXLIVWSXXIVWFVS[RTIPMGERWhXLIWIERHSXLIVGVIEXYVIWLEZIPSWX TIVGIRXSJXLIMVLEFMXEXMRWSYXL*PSVMHESZIVXLITEWXJI[HIGEHIW2S[LS[IZIVXLIVIMW ER FMPPMSRTVSKVEQXSTVIWIVZIXLIMVLSQIMRXLI*PSVMHE)ZIVKPEHIW8LIPEVKIWXVIWXSVE XMSR IJJSVX MR XLI LMWXSV] SJ XLI [SVPH MX [MPP VINYZIREXI SRI SJ %QIVMGEtW QSWX HMZIVWI IGSW]WXIQWERHTVSXIGXMXJSVJYXYVIKIRIVEXMSRW
8LMWSTIRMRK[SYPHLEZITVSZMHIHE[E]XSKIXXLIEYHMIRGItWEXXIRXMSR FYXMXEPWS[SYPHLEZIVIPEXIHHMVIGXP]XSXLIWTIIGLXSTMG-J]SYFIEXEVSYRH XLIFYWLMR]SYVMRXVSHYGXMSR]SYQE]PSWI]SYVPMWXIRIVW)ZIRMJXLI]EPVIEH] ORS[]SYVXSTMG]SYWLSYPHVIWXEXIMXGPIEVP]ERHGSRGMWIP]EXWSQITSMRXMR XLIMRXVSHYGXMSR
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8IPPMRKEWXSV]MWERI\GIPPIRX [E]XSKEMREXXIRXMSRMRE WTIIGLMRXVSHYGXMSR8LI WXSV]WLSYPHFIGPIEVP]VIPI ZERXXSXLIXSTMGERHWLSYPH FIHIPMZIVIHI\TVIWWMZIP] [MXLWXVSRKI]IGSRXEGX
)78%&0-7,'6)(-&-0-8=%2(+33(;-00 &IWMHIWKIXXMRKEXXIRXMSRERHVIZIEPMRKXLIXSTMGXLIVIMWEXLMVHSFNIGXMZI]SY QE] RIIH XS EGGSQTPMWL MR ]SYV MRXVSHYGXMSRhIWXEFPMWLMRK ]SYV GVIHMFMPMX] ERHKSSH[MPP 'VIHMFMPMX]MWQSWXP]EQEXXIVSJFIMRKUYEPMJMIHXSWTIEOSREKMZIRXSTMGhERH SJFIMRKTIVGIMZIHEWUYEPMJMIHF]]SYVPMWXIRIVW,IVIMWLS[SRIWXYHIRXIWXEFPMWLIH GVIHMFMPMX] LIVGVIHMFMPMX]SRXLIWYFNIGXSJ[IMKLXPMJXMRK[MXLSYXWSYRHMRKPMOIEFVEKKEVX 8LIEYHMIRGItWTIVGITXMSRSJ ;LEXMWXLIJEWXIWXKVS[MRKWTSVXXSHE]EQSRK%QIVMGER[SQIR#-J]SYERW[IVIH [IMKLXPMJXMRK]SYEVIEFWSPYXIP]GSVVIGX3RGIWIIREWERI\GPYWMZIP]QEPIEGXMZMX][IMKLX PMJXMRKLEWGVSWWIHXLIKIRHIVFEVVMIVhERH[MXLKSSHVIEWSR6IKEVHPIWWSJ[LIXLIV]SY EVI QEPISVJIQEPI [IMKLXPMJXMRK GER KMZI]SYEWIRWI SJWXVIRKXLERH TS[IVIRLERGI ]SYVWIPJIWXIIQERHQEOI]SYPSSOERHJIIPFIXXIV -WXEVXIHPMJXMRK[IMKLXW[LIR-[EWMRLMKLWGLSSPERH-LEZIOITXEXMXJSVXLITEWX IMKLX]IEVW -LEZIEPWSXEYKLX[IMKLXPMJXMRKMR WIZIVEPLIEPXLGPYFWERH- EQ EGIVXMJMIH MRWXVYGXSVXLVSYKLXLI%IVSFMGWERH*MXRIWW%WWSGMEXMSRSJ%QIVMGE 9WMRKWSQISJQ]I\TIVMIRGI-[SYPHPMOIXSI\TPEMRXLIFEWMGOMRHWSJ[IMKLXWERH LS[XSYWIXLIQTVSTIVP]
[LIXLIVEWTIEOIVMWUYEPMJMIH XSWTIEOSREKMZIRXSTMG
;LIXLIVSVRSX]SYPMJX[IMKLXW]SY[MPPTVSFEFP]FIQSVIMRXIVIWXIHMRXLI WTIIGL[LIR]SYVIEPM^IXLIWTIEOIVORS[W[LEXWLIMWXEPOMRKEFSYX =SYVGVIHMFMPMX]RIIHRSXFIFEWIHSRJMVWXLERHORS[PIHKIERHI\TIVMIRGI -X GER GSQI JVSQ VIEHMRK JVSQ GPEWWIW JVSQ MRXIVZMI[W JVSQ JVMIRHWhEW MR XLIWIGEWIW -LEZIFIIRMRXIVIWXIHMRXLILMWXSV]SJXLIGMZMPVMKLXWQSZIQIRXJSVWIZIVEP]IEVWERH -LEZIVIEHERYQFIVSJFSSOWERHEVXMGPIWEFSYXMX 8LIMRJSVQEXMSR-EQKSMRKXSWLEVI[MXL]SYXSHE]GSQIWQSWXP]JVSQQ]FMSPSK] GPEWWERHERMRXIVZMI[[MXL6I]RE:EWUYI^SJXLIPSGEP%YHYFSR7SGMIX]
;LEXIZIVXLIWSYVGISJ]SYVI\TIVXMWIFIWYVIXSPIXXLIEYHMIRGIORS[
8LI-RXVSHYGXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIIGL-RXVSHYGXMSR
23
(S - KEMR XLI EXXIRXMSR ERH MRXIVIWX SJ Q] EYHMIRGI F] YWMRK SRI SV QSVI SJ XLI QIXLSHW HMWGYWWIH MR XLMW GLETXIV# (S-VIPEXIXLIWTIIGLXSTMGXSQ]EYHMIRGI# (S-GPIEVP]VIZIEPXLIXSTMGSJQ]WTIIGL# (S-IWXEFPMWLQ]GVIHMFMPMX]XSWTIEOSRXLMWXSTMG# -JQ]XSTMGMWGSRXVSZIVWMEPHS-XEOIWXITWXSIWXEFPMWLQ] KSSH[MPPXS[EVHXLIEYHMIRGI# GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7TIIGL8SSPWJSV XLMWGLETXIV
(S-HIJMRIER] OI] XIVQW XLEX [MPP FI RIGIWWEV] JSVXLI EYHMIRGIXSYRHIVWXERHXLIVIWXSJQ]WTIIGL# (S-TVSZMHIETVIZMI[WXEXIQIRXSJXLIQEMRTSMRXWXSFI GSZIVIHMRXLIFSH]SJXLIWTIIGL# -WXLIMRXVSHYGXMSRPMQMXIHXSiTIVGIRXSJQ]IRXMVI WTIIGL# ,EZI - [SVOIH SYX XLI PERKYEKI SJ Q] MRXVSHYGXMSR MRHIXEMP# ,EZI - TVEGXMGIH XLI HIPMZIV] SJ Q] MRXVSHYGXMSR WS - GER TVIWIRX MXJPYIRXP] GSRJMHIRXP] ERH[MXLWXVSRK I]I GSRXEGX#
KSSH[MPP 8LIEYHMIRGItWTIVGITXMSRSJ [LIXLIVXLIWTIEOIVLEWXLI FIWXMRXIVIWXWSJXLIEYHMIRGI MRQMRH
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tSTTSWMXMSREX XLIWXEVXSJEWTIIGLMRJEZSVSJFYMPHMRKQSVIRYGPIEVTS[IVTPERXW 8LIHIZIPSTQIRXSJRI[RYGPIEVTS[IVTPERXWMRXLI9RMXIH7XEXIWGEQIXSEWXERHWXMPP HYVMRKXLI W=IXEW(MWGSZIVQEKE^MRIWXEXIHNYWXPEWXQSRXLXLIXMQILEWGSQIXS PSSOEKEMREXXLIFIRIJMXWSJRYGPIEVTS[IV9RPMOIJSWWMPJYIPW MXHSIWRSXGSRXVMFYXIXS KPSFEP[EVQMRK MXHSIWRSXPIEZI%QIVMGEEXXLIQIVG]SJJSVIMKRSMP ERH[MXLEHZERGIW MRXIGLRSPSK]MXMWQYGLWEJIVXLERFIJSVI 8LEXtW[L]-tQWTIEOMRKMRJEZSVSJFYMPHMRKQSVIRYGPIEVTS[IVTPERXWXSQIIXSYV JYXYVIIRIVK]RIIHW-ORS[QSWXSJ]SYSTTSWIRYGPIEVTS[IVh-HMHXSSYRXMP-WXEVXIH VIWIEVGLMRKXLMWWTIIGL8SHE]-tHPMOIXSWLEVI[MXL]SYWSQISJXLIJEGXW-LEZIJSYRH- ORS[-GERtXTIVWYEHIEPPSJ]SY&YX-HSEWO]SYXSPMWXIR[MXLERSTIRQMRHERHXSGSR WMHIVXLIQIVMXSJQ]EVKYQIRXW
;LEXVIEWSREFPIPMWXIRIVGSYPHMKRSVIWYGLEWMRGIVIJSVXLVMKLXTPIE#
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
46):-);8,)&3(=3*8,)74))', %W [I WE[ MR 'LETXIV QSWX TISTPI EVI TSSV PMWXIRIVW )ZIR KSSH PMWXIRIVW RIIHEPPXLILIPTXLI]GERKIXMRWSVXMRKSYXEWTIEOIVt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
TVIZMI[WXEXIQIRX %WXEXIQIRXMRXLIMRXVSHYGXMSR SJEWTIIGLXLEXMHIRXMJMIWXLI QEMRTSMRXWXSFIHMWGYWWIHMR XLIFSH]
%JXIVXLMWMRXVSHYGXMSRXLIVI[EWRSHSYFXEFSYX1YIPPIVtWXSTMGSVXLIQEMR TSMRXWLI[SYPHGSZIVMRLMWWTIIGL -R WSQI X]TIW SJ TIVWYEWMZI WTIIGLIW ]SY QE] RSX [ERX XS VIZIEP ]SYV GIRXVEPMHIEYRXMPPEXIVMRXLIWTIIGL&YXIZIRMRWYGLEWMXYEXMSR]SYQYWXFI WYVI]SYVEYHMIRGIMWRSXPIJXKYIWWMRKEFSYXXLIQEMRTSMRXWXLI]WLSYPHPMWXIR JSVEWXLIWTIIGLYRJSPHW2IEVP]EP[E]W]SYWLSYPHMRGPYHIETVIZMI[WXEXIQIRX PMOIXLIJSPPS[MRK 8SHE]-[MPPWLEVITEVXSJ[LEX-LEZIPIEVRIHF]I\TPEMRMRK[LEXLETTIRW[LIR]SY VIGIMZI ER EGYTYRGXYVI XVIEXQIRX LS[ EGYTYRGXYVI[SVOW XLI OMRHW SJQIHMGEPGSRHM XMSRWXLEXGERFIXVIEXIH[MXLEGYTYRGXYVIERHXLIKVS[MRKYWISJEGYTYRGXYVIMRGSQ FMREXMSR[MXL;IWXIVRQIHMGEPXIGLRMUYIW -tQLIVIXSXIPP]SYXLEXXV]EW[IQMKLX[IGERRSXFYMPHEFYFFPIFIX[IIRSYVWIPZIW ERHKIVQW[MXLERXMFEGXIVMEPTVSHYGXWERHXLEXXLIWITVSHYGXWEGXYEPP]GVIEXIQSVITVSF PIQWXLERXLI]WSPZI%JXIVPSSOMRKEXXLITVSFPIQWGVIEXIHF]ERXMFEGXIVMEPTVSHYGXW[ItPP I\TPSVIWSQIWSPYXMSRW
4VIZMI[ WXEXIQIRXW WYGL EW XLIWI WIVZI ERSXLIV TYVTSWI EW [IPP &IGEYWI XLI]YWYEPP]GSQIEXXLIZIV]IRHSJXLIMRXVSHYGXMSRXLI]TVSZMHIEWQSSXL PIEHMRXSXLIFSH]SJXLIWTIIGL8LI]WMKREPXLEXXLIFSH]SJXLIWTIIGLMW EFSYXXSFIKMR 8LIVIMWSRISXLIVEWTIGX]SYQE][ERXXSGSZIVMRTVIZMI[MRK]SYVWTIIGL =SY GER YWI ]SYV MRXVSHYGXMSR XS KMZI WTIGMEPM^IH MRJSVQEXMSRhHIJMRMXMSRW SV FEGOKVSYRHhXLEX]SYVPMWXIRIVW[MPPRIIHMJXLI]EVIXSYRHIVWXERHXLIVIWXSJXLI WTIIGL3JXIR]SYGERHSXLMWZIV]UYMGOP]EWMRXLIJSPPS[MRKI\EQTPI
GSRRIGXPYGEWGSQ :MI[XLIWITVIZMI[WXEXI QIRXWJVSQWXYHIRXW WTIIGLIWMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
%XVMEXLPSRMWEVEGIQEHIYTSJXLVIIHMJJIVIRXIZIRXWGSQTPIXIHMRWYGGIWWMSR8LI IZIRXWEVIYWYEPP]W[MQQMRKFMOMRKERHVYRRMRKXLSYKLGERSIMRKMWWSQIXMQIWWYFWXM XYXIHJSVSRISJXLIWI
-RSXLIVGMVGYQWXERGIW]SYQE]LEZIXSI\TPEMRERMQTSVXERXXIVQMRQSVI HIXEMP,IVIMWLS[SRIWXYHIRXLERHPIHXLITVSFPIQMREWTIIGLEFSYXXLI9RHIV KVSYRH6EMPVSEHYWIHF]WPEZIWXSIWGETIJVSQXLI7SYXLFIJSVIXLI'MZMP;EV 8LIXIVQq9RHIVKVSYRH6EMPVSEHr[EWJMVWXYWIHEFSYX &YXMRJEGXXLI9RHIV KVSYRH6EMPVSEH[EWRIMXLIVYRHIVKVSYRHRSVEVEMPVSEH-X[EWERMRJSVQEPRIX[SVOXLEX TVSZMHIH VYRE[E] WPEZIW JSSH GPSXLMRK HMVIGXMSRW ERH TPEGIW XS LMHI SR XLIMV IWGETI VSYXIWXSXLI2SVXLERHXS'EREHE
8LI-RXVSHYGXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;L] [EW MX GEPPIH XLI 9RHIVKVSYRH 6EMPVSEH# &IGEYWI SJ MXW WIGVIG] ERH FIGEYWI QER]SJXLITISTPIMRZSPZIHYWIHVEMPVSEHXIVQWEWGSHI[SVHW,MHMRKTPEGIWJSVI\EQTPI [IVIGEPPIHqWXEXMSRWrERHTISTPI[LSLIPTIHXLIWPEZIW[IVIGEPPIHqGSRHYGXSVWr3ZIV XLI ]IEVW XLI 9RHIVKVSYRH 6EMPVSEH LIPTIH XLSYWERHW SJ WPEZIW QEOI XLIMV [E] JVSQ FSRHEKIXSJVIIHSQ
7%140)-2863(9'8-32;-8,'311)28%6= 7SJEV[ILEZIWIIRQER]I\GIVTXWWLS[MRKLS[XSJYPJMPPXLIZEVMSYWSFNIG XMZIWSJERMRXVSHYGXMSR2S[LIVIMWEGSQTPIXIMRXVSHYGXMSRJVSQEWXYHIRX WTIIGL 8LI WMHI GSQQIRXW MRHMGEXI XLI TVMRGMTPIW YWIH MR HIZIPSTMRK XLI MRXVSHYGXMSR
8LI1MVEGPISJ&SRI1EVVS[8VERWTPERXW '311)28%6=
-2863(9'8-32
8LI WTIEOIV YWIW E WXSV] XS KEMR EXXIRXMSR 8LMWWXSV][SVOWTEVXMGYPEVP][IPPFIGEYWIMX MW VMGLP] HIXEMPIH ERH MW LMKL MR LYQER MRXIVIWX
/EX],YFFIPP[EWJSYV]IEVWSPH[LIRWLI[EWHMEKRSWIH[MXL EWIZIVIGEWISJETPEWXMGERIQMEEHMWIEWIMR[LMGLXLIFSRI QEVVS[WXSTWTVSHYGMRKRI[FPSSHGIPPW%JXIVWIZIVEPX]TIW SJ XVIEXQIRX JEMPIH /EX] YRHIV[IRX E FSRI QEVVS[ XVERW TPERX,IVHSRSV[EWE]IEVSPHEMVPMRIQEREKIV[LSPMZIH XLSYWERHW SJ QMPIW E[E] ,MW KIRIVSWMX] WEZIH XLI PMJI SJ E PMXXPIKMVPLILEHRIZIVQIX8SHE]/EX]MWEREGXMZITVIXIIRKMVP [LSPSZIW,EVV]4SXXIVFSSOWERH[ERXWXSFIEGLIIVPIEHIV
2S[ XLI WTIEOIV VIZIEPW LIV XSTMG 'EPPMRK FSRI QEVVS[ XVERWTPERXW E qQIHMGEP QMVE GPIrVIMRJSVGIWXLIMQTSVXERGISJXLIWYFNIGX [LMPI I\TPEMRMRK LIV TIVWSREP MRZSPZIQIRX WLS[WXLIWTIEOIVtWKSSH[MPPERHLIPTWIWXEF PMWLLIVGVIHMFMPMX]
&SRI QEVVS[ XVERWTPERXW LEZI FIIR GEPPIH E QIHMGEP QMVEGPI FIGEYWI SJ XLIMV PMJIWEZMRK GETEFMPMX] - JMVWX FIGEQI MRXIVIWXIH MR XLI WYFNIGX [LIR E ]IEVSPH QIQFIV SJ Q] GLYVGL[EWHMEKRSWIH[MXLPIYOIQME-NSMRIHEGSQQMXXIIXS TYFPMGM^I+VIKtWGEWIERHXSWIIOTSXIRXMEPHSRSVW)ZIRXYEPP] EWYMXEFPIHSRSV[EWJSYRHERH+VIKMWRS[ELIEPXL]LMKL WGLSSPWSTLSQSVI
,IVIXLIWTIEOIVVIPEXIWXLIXSTMGHMVIGXP]XS LIV EYHMIRGI ERH WLS[W [L] XLI] WLSYPH GEVI EFSYX MX 8LI GSQFMREXMSR SJ WXEXMWXMGW [MXLXLIUYSXEXMSRJVSQXLI*SSHERH(VYK %HQMRMWXVEXMSRVIMRJSVGIWXLIMQTSVXERGISJ XLIXSTMG
&IGEYWI SJ +VIKtW MPPRIWW - PIEVRIH XLEX ER]SRI GER KIX WMGOERHRIIHEFSRIQEVVS[HSREXMSR-XGSYPHFIER]SJYW MRXLMWVSSQEGPSWIJVMIRHSVIZIREJEQMP]QIQFIV%RIWXM QEXIHFSRIQEVVS[XVERWTPERXWEVITIVJSVQIHMRXLI 97IEGL]IEV%GGSVHMRKXSXLI97*SSHERH(VYK%HQMRMW XVEXMSRXLIWIXVERWTPERXWKMZITEXMIRXWqEGLERGIXSFIEXHMW IEWIWSRGIFIPMIZIHXSLEZIRSGYVIr
&]QIRXMSRMRKLIVVIWIEVGLXLIWTIEOIVJYV XLIV FSPWXIVW LIV GVIHMFMPMX] 7LI XLIR IRHW XLI MRXVSHYGXMSR F] TVIZMI[MRK XLI QEMR TSMRXW XS FI HMWGYWWIH MR XLI FSH] SJ XLI WTIIGL
8LVSYKLQ]VIWIEVGLJSVXLMWWTIIGL-LEZIPIEVRIHQYGL QSVIEFSYXXLMWVIQEVOEFPITVSGIHYVI8SHE]-[SYPHPMOIXS XEPO [MXL ]SY EFSYX FSRI QEVVS[ HSREXMSRhLS[ WMQTPI E TVSGIWW MX MW JSV XLI HSRSV LS[ EFWSPYXIP] ZMXEP MX MW JSV XLI VIGMTMIRXERHLS[HSRSVWERHVIGMTMIRXWJMRHSRIERSXLIV
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)WXEFPMWLMRKKSSH[MPPMRXLI MRXVSHYGXMSRMWIWTIGMEPP] MQTSVXERXJSVWTIEOIVW[LS GSRJVSRXGSRXVSZIVWMEPMWWYIWh EW[MXL'EREHMERSJJMGMEP.SLR +IVVIXWIRWTIEOMRKLIVISR RIKSXMEXMSRWEFSYXPERHYWI
8-47*3646)4%6-2+8,)-2863(9'8-32 / IIT XLI MRXVSHYGXMSR VIPEXMZIP] FVMIJ 9RHIV RSVQEP GMVGYQWXERGIW MX WLSYPHRSXGSRWXMXYXIQSVIXLERXSTIVGIRXSJ]SYVWTIIGL & I SR XLI PSSOSYX JSV TSWWMFPI MRXVSHYGXSV] QEXIVMEPW EW ]SY HS ]SYV VIWIEVGL*MPIXLIQ[MXL]SYVRSXIWWSXLI][MPPFILERH][LIR]SYEVIVIEH] JSVXLIQ & IGVIEXMZIMRHIZMWMRK]SYVMRXVSHYGXMSR)\TIVMQIRX[MXLX[SSVXLVII HMJJIVIRXSTIRMRKWERHGLSSWIXLISRIXLEXWIIQWQSWXPMOIP]XSKIXXLIEYHM IRGIMRXIVIWXIHMR]SYVWTIIGL ( SRtX [SVV] EFSYX XLI I\EGX [SVHMRK SJ ]SYV MRXVSHYGXMSR YRXMP ]SY LEZI JMRMWLIH TVITEVMRK XLI FSH] SJ XLI WTIIGL %JXIV ]SY LEZI HIXIVQMRIH ]SYVQEMRTSMRXWMX[MPPFIQYGLIEWMIVXSQEOIJMREPHIGMWMSRWEFSYXLS[XS FIKMRXLIWTIIGL ; SVOSYX]SYVMRXVSHYGXMSRMRHIXEMP7SQIXIEGLIVWVIGSQQIRHXLEX ]SY [VMXI MX SYX [SVH JSV [SVH SXLIVW TVIJIV XLEX ]SY SYXPMRI MX ;LMGLIZIV QIXLSH]SYYWITVEGXMGIXLIMRXVSHYGXMSRSZIVERHSZIVYRXMP]SYGERHIPMZIV MXWQSSXLP]JVSQEQMRMQYQSJRSXIWERH[MXLWXVSRKI]IGSRXEGX8LMW[MPP KIX]SYVWTIIGLSJJXSEKSSHWXEVXERHKMZI]SYEFMKFSSWXSJGSRJMHIRGI
8LI'SRGPYWMSR q+VIEXMWXLIEVXSJFIKMRRMRKrWEMH0SRKJIPPS[qFYXKVIEXIVXLIEVXMWSJIRH MRKr0SRKJIPPS[ [EWXLMROMRKSJTSIXV]FYXLMWMRWMKLXMWIUYEPP] ETTPMGEFPI XSTYFPMGWTIEOMRK1ER]EWTIEOIVLEWQEVVIHERSXLIV[MWIJMRIWTIIGLF]E PSRK[MRHIH WMPP] SVERXEKSRMWXMGGSRGPYWMSR=SYVGPSWMRK VIQEVOWEVI]SYV
8LI'SRGPYWMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
PEWX GLERGI XS HVMZI LSQI ]SYV MHIEW 1SVISZIV ]SYV JMREP MQTVIWWMSR [MPP TVSFEFP]PMRKIVMR]SYVPMWXIRIVWtQMRHW8LYW]SYRIIHXSGVEJX]SYVGSRGPY WMSR[MXLEWQYGLGEVIEW]SYVMRXVSHYGXMSR 2S QEXXIV [LEX OMRH SJ WTIIGL ]SY EVI KMZMRK XLI GSRGPYWMSR LEW X[S QENSVJYRGXMSRW 8SPIXXLIEYHMIRGIORS[]SYEVIIRHMRKXLIWTIIGL 8S VIMRJSVGI XLI EYHMIRGItW YRHIVWXERHMRK SJ SV GSQQMXQIRX XS XLI GIRXVEPMHIE 0IXYWPSSOEXIEGL
7-+2%08,))2(3*8,)74))',
GVIWGIRHSIRHMRK %GSRGPYWMSRMR[LMGLXLI WTIIGLFYMPHWXSE^IRMXLSJ TS[IVERHMRXIRWMX]
GSRRIGXPYGEWGSQ :MI[XLIIRHMRKSJ1EVXMR 0YXLIV/MRKtWq-tZI&IIRXS XLI1SYRXEMRXSTrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
-XQE]WIIQSFZMSYWXLEX]SYWLSYPHPIX]SYVEYHMIRGIORS[]SYEVIKSMRKXS WXST WSSR ,S[IZIV ]SY [MPP EPQSWX GIVXEMRP] LIEV WTIIGLIW MR ]SYV GPEWW MR [LMGL XLI WTIEOIV GSRGPYHIW WS EFVYTXP] XLEX ]SY EVI XEOIR F] WYVTVMWI 8SS WYHHIRERIRHMRKPIEZIWXLIEYHMIRGITY^^PIHERHYRJYPJMPPIH ,S[ HS ]SY PIX ER EYHMIRGI ORS[ ]SYV WTIIGL MW IRHMRK# 3RI [E] MW XLVSYKL[LEX]SYWE]q-RGSRGPYWMSRrq1]TYVTSWILEWFIIRrq0IXQIIRH F]WE]MRKrhXLIWIEVIEPPFVMIJGYIWXLEX]SYEVIKIXXMRKVIEH]XSWXST =SYGEREPWSPIX]SYVEYHMIRGIORS[XLIIRHMWMRWMKLXF]]SYVQERRIVSJ HIPMZIV]8LIGSRGPYWMSRMWXLIGPMQE\SJEWTIIGL%WTIEOIV[LSLEWGEVIJYPP]FYMPX XSETIEOSJMRXIVIWXERHMRZSPZIQIRX[MPPRSXRIIHXSWE]ER]XLMRKPMOIqMRGSRGPY WMSRr&]YWISJXLIZSMGIhMXWXSRITEGMRKMRXSREXMSRERHVL]XLQhEWTIEOIVGER FYMPHXLIQSQIRXYQSJEWTIIGLWSXLIVIMWRSHSYFX[LIRMXMWSZIV 3RIQIXLSHSJHSMRKXLMWLEWFIIRPMOIRIHXSEQYWMGEPGVIWGIRHS%WMR E W]QTLSR] MR [LMGL SRI MRWXVYQIRX EJXIV ERSXLIV NSMRW MR YRXMP XLI IRXMVI SVGLIWXVEMWTPE]MRKXLIWTIIGLFYMPHWMRJSVGIYRXMPMXVIEGLIWE^IRMXLSJTS[IV ERH MRXIRWMX] 8LMW HSIW RSX QIER WMQTP] KIXXMRK PSYHIV ERH PSYHIV -X MW E GSQFMREXMSRSJQER]XLMRKWMRGPYHMRKZSGEPTMXGLGLSMGISJ[SVHWHVEQEXMG GSRXIRXKIWXYVIWTEYWIWhERHTSWWMFP]PSYHRIWW % WYTIVF I\EQTPI SJ XLMW QIXLSH MW XLI QIQSVEFPI GSRGPYWMSR XS 1EVXMR 0YXLIV/MRKtWq-tZI&IIRXSXLI1SYRXEMRXSTrXLIWTIIGLLIHIPMZIVIHXLIRMKLX FIJSVILI[EWEWWEWWMREXIHMR%TVMP 7TIEOMRKXSEREYHMIRGISJTISTPI MR1IQTLMW8IRRIWWIILIIRHIHLMWWTIIGL[MXLEWXMVVMRKHIGPEVEXMSRXLEXXLI GMZMPVMKLXWQSZIQIRX[SYPHWYGGIIHHIWTMXIXLIQER]XLVIEXWSRLMWPMJI 0MOIER]FSH]-[SYPHPMOIXSPMZIEPSRKPMJI0SRKIZMX]LEWMXWTPEGIFYX-tQRSXGSR GIVRIHEFSYXXLEXRS[-NYWX[ERXXSHS+SHtW[MPPERHLItWEPPS[IHQIXSKSYTXSXLI QSYRXEMRERH-tZIPSSOIHSZIVERH-tZIWIIRXLI4VSQMWIH0ERH-QE]RSXKIXXLIVI[MXL ]SYFYX-[ERX]SYXSORS[XSRMKLXXLEX[IEWETISTPI[MPPKIXXSXLI4VSQMWIH0ERH7S -tQ LETT]XSRMKLX -tQ RSX[SVVMIH EFSYX ER]XLMRK -tQRSX JIEVMRKER] QER 1MRI I]IW LEZIWIIRXLIKPSV]SJXLIGSQMRKSJXLI0SVH
%RSXLIVIJJIGXMZIQIXLSHQMKLXFIGSQTEVIHXSXLIHMWWSPZIIRHMRKSJE GSRGIVXWSRKXLEXIZSOIWHIITIQSXMSRW q8LIWSRKWIIQWXSJEHIE[E][LMPI XLIPMKLXSRXLIWMRKIVWLVMROWKVEHYEPP]XSEWQEPPIVERHWQEPPIVGMVGPIYRXMPMX PMKLXWSRP]XLIJEGIXLIRXLII]IW*MREPP]MXMWETMRTSMRXERHHMWETTIEVW[MXL XLIPEWXRSXISJXLIWSRKr,IVIMWEWTIIGLIRHMRKXLEXHSIWQYGLXLIWEQI XLMRK-XMWJVSQ+IRIVEP(SYKPEW1EG%VXLYVtWQSZMRKJEVI[IPPXSXLIGEHIXWEX XLI971MPMXEV]%GEHIQ]
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIGSRGPYWMSRMW]SYVPEWX GLERGIXSHVMZILSQI]SYV MHIEW7YGGIWWJYPWTIEOIVWWYGL EW7SYXL%JVMGERWXEXIWQER 2IPWSR1ERHIPEGVEJXXLIMV IRHMRKW[MXLKVIEXGEVIXS PIEZIEWXVSRKJMREPMQTVIWWMSR
-R Q] HVIEQW - LIEV EKEMR XLI GVEWL SJ KYRW XLI VEXXPI SJ QYWOIXV] XLI WXVERKI QSYVRJYPQYXXIVSJXLIFEXXPIJMIPH&YXMRXLIIZIRMRKSJQ]QIQSV]EP[E]W-GSQIFEGO XS;IWX4SMRX%P[E]WXLIVIIGLSIWERHVIIGLSIW HYX]LSRSVGSYRXV] 8SHE]QEVOWQ]JMREPVSPPGEPP[MXL]SY&YX-[ERX]SYXSORS[XLEX[LIR-GVSWWXLI VMZIVQ]PEWXGSRWGMSYWXLSYKLXW[MPPFISJXLI'SVTWERHXLI'SVTWERHXLI'SVTW -FMH]SYJEVI[IPP
GSRRIGXPYGEWGSQ 8SVIEHXLIWIWTIIGLIWF] /MRKERH1EG%VXLYVPSKSR XSXLI8ST%QIVMGER 7TIIGLIWSJXLIXL 'IRXYV]MRXLISRPMRI 6IWIEVGL0MFVEV]
8LI JMREP [SVHW JEHI PMOI XLI WTSXPMKLX FVMRKMRK XLI WTIIGL XS ER IQSXMSREP GPSWI =SY QE] XLMRO XLEX ]SY GSYPHRtX TSWWMFP] IRH E WTIIGL [MXL XLEX QYGL TEXLSWhERH]SYtHFIVMKLX1EG%VXLYV[EWERIPSUYIRXWTIEOIVHMWGYWWMRKE KVEZIMWWYI[MXLI\XVESVHMREV]TSMKRERGI8LMWGSQFMREXMSRVEVIP]SGGYVW&YX XLEXHSIWRtXQIER]SYGERtXYWIXLIHMWWSPZIIRHMRKIJJIGXMZIP]3RIWXYHIRX YWIH MX [MXL KVIEX IJJIGX MR E WTIIGL EFSYX XLI MQQMKVERX I\TIVMIRGI MR XLI 9RMXIH 7XEXIW (YVMRK XLI FSH] SJ XLI WTIIGL XLI WXYHIRX WTSOI EFSYX XLI RYQFIVW SJ MQQMKVERXW ERH XLI GLEPPIRKIW XLI] JEGIH 8LIR MR LIV GSRGPY HMWWSPZIIRHMRK WMSRWLIGVIEXIHEQSZMRKHMWWSPZIIRHMRKF]IZSOMRKXLIIQSXMSREPMQEKIW %GSRGPYWMSRXLEXKIRIVEXIW SJLIVKVERHJEXLIVtWEVVMZEPMRXLI9RMXIH7XEXIW IQSXMSREPETTIEPF]JEHMRK 3REVIGIRXXVMTXS)PPMW-WPERH[LIVIQ]KVERHJEXLIVJMVWXWXITTIHSR%QIVMGERWSMP- WE[ LMWREQIIXGLIH MRXS XLI [EPP EPSRK [MXL XLI REQIW SJ XIRW SJ XLSYWERHW SJ SXLIV MQQMKVERXW-WE[XLIIRXV]LEPP[LIVILIPMRIHYTXSTVSGIWWLMWJSVQW-WE[XLIVSSQ [LIVILIYRHIV[IRXETL]WMGEPI\EQMREXMSR-WIRWIHXLIJIEVERHXLIMRWIGYVMX]LIQYWX LEZIJIPX &YX -GSYPH EPWS WIRWILMW I\GMXIQIRXEWLIPSSOIHJSV[EVHXS PMJIMRE PERHSJ STTSVXYRMX]hEPERHLIGEQIXSXLMROSJEWLSQI
WXITF]WXITXSEHVEQEXMGJMREP WXEXIQIRX
&SXL XLI GVIWGIRHS ERH XLI HMWWSPZI IRHMRKW QYWX FI [SVOIH SYX [MXL KVIEXGEVI4VEGXMGIYRXMP]SYKIXXLI[SVHWERHXLIXMQMRKNYWXVMKLX8LIFIR IJMXW[MPPFI[IPP[SVXL]SYVXMQI
8LI'SRGPYWMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6)-2*36')8,)')286%0-()% 8LIWIGSRHQENSVJYRGXMSRSJEGSRGPYWMSRMWXSVIMRJSVGIXLIEYHMIRGItWYRHIV WXERHMRKSJSV GSQQMXQIRXXSXLIGIRXVEPMHIE8LIVIEVIQER] [E]WXSHS XLMW,IVIEVIXLISRIW]SYEVIQSWXPMOIP]XSYWI
7YQQEVM^I=SYV7TIIGL 6IWXEXMRKXLIQEMRTSMRXWMWXLIIEWMIWX[E]XSIRHEWTIIGL3RIWXYHIRXYWIH XLMWXIGLRMUYIIJJIGXMZIP]MRLMWTIVWYEWMZIWTIIGLEFSYXXLI%-(7ITMHIQMGMR %JVMGE
GSRRIGXPYGEWGSQ :MI[XLIGSRGPYWMSRSJq%-(7 MR%JVMGE %;SVPH'VMWMWrMR XLISRPMRI1IHME0MFVEV]JSV XLMWGLETXIV :MHIS'PMT
-RGSRGPYWMSR[ILEZIWIIRXLEXXLI%-(7ITMHIQMGMWLEZMRKEHIZEWXEXMRKIJJIGXSR %JVMGER WSGMIX] %R IRXMVI EHYPX KIRIVEXMSR MW WPS[P] FIMRK [MTIH SYX %R IRXMVIP] RI[ KIRIVEXMSR SJ%-(7 SVTLERW MWFIMRK GVIEXIH+SZIVRQIRXW MR XLIREXMSRWQSWXEJJPMGXIH LEZIRIMXLIVXLIVIWSYVGIWRSVXLII\TIVXMWIXSGSYRXIVXLIITMHIQMG1ER]%JVMGERIGSRS QMIWEVIFIMRKGVMTTPIHF]XLIPSWWSJTISTPIMRXLI[SVOTPEGI &IJSVIMXtWXSSPEXIXLI9RMXIH2EXMSRWERHHIZIPSTIHGSYRXVMIWRIIHXSMRGVIEWIXLIMV IJJSVXWXSLEPXXLIITMHIQMGERHFVMRKMXYRHIVGSRXVSP8LIPMZIWERH[IPPFIMRKSJXIRWSJ QMPPMSRWSJTISTPILERKMRXLIFEPERGI
8LI ZEPYI SJ E WYQQEV] MW XLEX MX I\TPMGMXP] VIWXEXIW XLI GIRXVEP MHIE ERH QEMRTSMRXWSRIPEWXXMQI&YXEW[IWLEPPWIIXLIVIEVIQSVIMQEKMREXMZIERH GSQTIPPMRK [E]W XS IRH E WTIIGL 8LI] GER FI YWIH MR GSQFMREXMSR [MXL E WYQQEV]SVEXXMQIWMRTPEGISJMX
)RH[MXLE5YSXEXMSR % UYSXEXMSR MW SRI SJ XLI QSWX GSQQSR ERH IJJIGXMZI HIZMGIW XS GSRGPYHI E WTIIGL,IVIMWEJMRII\EQTPIJVSQEWTIIGLSRXLIQMWYWISJXIPIZMWMSREHZIV XMWIQIRXWMRTSPMXMGEPGEQTEMKRW ;IGERRSXMKRSVIXLIIZMPWSJXIPIZMWMSRGSQQIVGMEPWMR[LMGLGERHMHEXIWJSVXLILMKL IWXSJJMGIWEVIWSPHXSXLIZSXIVWMRWIGSRHWTSXW8LIWIEHWGLIETIRXLIIPIGXMZITVSGIWW ERHHIKVEHISYVTSPMXMGEPMRWXMXYXMSRW-RXLI[SVHWSJLMWXSVMER%VXLYV7GLPIWMRKIV.Vq=SY GERRSXQIVGLERHMWIGERHMHEXIWPMOIWSETERHLSTIXSTVIWIVZIEVEXMSREPHIQSGVEG]r
8LI GPSWMRK UYSXEXMSR MW TEVXMGYPEVP] KSSH FIGEYWI MXW YVKIRG] MW I\EGXP] WYMXIHXSXLIWTIIGL;LIR]SYVYREGVSWWEFVMIJUYSXEXMSRXLEXWSTIVJIGXP] GETXYVIW]SYVGIRXVEPMHIEOIITMXMRQMRHEWETSWWMFPIGSRGPYWMSR
1EOIE(VEQEXMG7XEXIQIRX 6EXLIVXLERYWMRKEUYSXEXMSRXSKMZI]SYVGSRGPYWMSRJSVGIERHZMXEPMX]]SY QE] [ERX XS HIZMWI ]SYV S[R HVEQEXMG WXEXIQIRX 7SQI WTIIGLIW LEZI FIGSQIJEQSYWFIGEYWISJXLIMVTS[IVJYPGPSWMRKPMRIW3RIMW4EXVMGO,IRV]tW PIKIRHEV] q0MFIVX] SV (IEXLr SVEXMSR -X XEOIW MXW REQI JVSQ XLI JMREP WIR XIRGIW,IRV]YXXIVIHSR1EVGLEWLII\LSVXIHLMWEYHMIRGIXSVIWMWX &VMXMWLX]VERR] -WPMJIWSHIEVSVTIEGIWSW[IIXEWXSFITYVGLEWIHEXXLITVMGISJGLEMRWERHWPEZIV]# *SVFMHMX%PQMKLX]+SH-ORS[RSX[LEXGSYVWISXLIVWQE]XEOI FYXEWJSVQIKMZIQI PMFIVX]SVKMZIQIHIEXL
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%PXLSYKL ]SYV GPEWWVSSQ WTIIGLIW EVI RSX PMOIP] XS FIGSQI JEQSYW ]SY GERWXMPPVMZIX]SYVPMWXIRIVWhEW,IRV]HMHh[MXLEHVEQEXMGGSRGPYHMRKWXEXI QIRX;LEXJSPPS[WMWETEVXMGYPEVP]WXVMOMRKI\EQTPIJVSQEWTIIGLSRWYMGMHI TVIZIRXMSR8LVSYKLSYXXLIWTIIGLXLIWXYHIRXVIJIVVIHXSEJVMIRH[LSLEH XVMIHXSGSQQMXWYMGMHIXLITVIZMSYW]IEV8LIRMRXLIGSRGPYWMSRWLIWEMH 1]JVMIRHMWFEGOMRWGLSSPTEVXMGMTEXMRKMREGXMZMXMIWWLIRIZIVHMHFIJSVIhERHIRNS] MRKMX-tQLETT]ERHTVSYHXSWE]XLEXWLItWWXMPPJMKLXMRKJSVLIVPMJIERHIZIRLETTMIVXLEX WLIJEMPIHXSOMPPLIVWIPJ3XLIV[MWI-[SYPHRtXFILIVIXSHE]XV]MRKXSLIPT]SY=SYWII- EQQ]qJVMIRHrERH-tQQSVIXLERKPEHXSWE]-tZIQEHIMX
%W]SYGERMQEKMRIXLIEYHMIRGI[EWWXYRRIH8LIGPSWMRKPMRIWFVSYKLX XLIWTIIGLXSEHVEQEXMGGSRGPYWMSR8LIWTIEOIVQEHIMXIZIRQSVIIJJIGXMZI F]TEYWMRKNYWXEQSQIRXFIJSVIXLIPEWX[SVHWERHF]YWMRKLIVZSMGIXSKMZI XLIQNYWXXLIVMKLXMRJPIGXMSR
6IJIVXSXLI-RXVSHYGXMSR %R I\GIPPIRX [E] XS KMZI ]SYV WTIIGL TW]GLSPSKMGEP YRMX] MW XS GSRGPYHI F] VIJIVVMRKXSMHIEWMRXLIMRXVSHYGXMSR,IVIMWLS[SRIWXYHIRXYWIHXLIQIXLSH MRLIVWTIIGLEFSYXXLI7TIGMEP3P]QTMGW -RXVSHYGXMSR -R7IEXXPIRMRI]SYRKEXLPIXIWEWWIQFPIHEXXLIWXEVXMRKPMRIJSVXLI ]EVHHEWL%XXLIKYRXLI]EPPWXEVXIHSJJhRSXI\EGXP]MREHEWLFYX[MXL EHIWMVIXSVYRXLIVEGIXSXLIJMRMWLERH[MR%PPI\GITXSRIPMXXPIFS][LS WXYQFPIHSRXLIEWTLEPXXYQFPIHSZIVEGSYTPISJXMQIWERHFIKERXS GV]8LISXLIVVYRRIVWLIEVHXLIFS]GV]8LI]WXSTTIH XLI]PSSOIHFEGO 8LIRXLI]EPP[IRXFEGOXSXLIFS]tWWMHIhIZIV]WMRKPISRISJXLIQ3RI KMVP[MXL(S[RW]RHVSQIOMWWIHLMQERHWEMHq8LMW[MPPQEOIMXFIXXIVr 8LIREPPRMRIPMROIHEVQWERH[EPOIHXSXLIJMRMWLPMRIhXSKIXLIV 8LIWIEXLPIXIW[IVIRSXGSQTIXMRKSRREXMSREPXIPIZMWMSR XLI][IVI RSXWTSRWSVIHSVMHSPM^IH&YXXLI][IVIKMZIRERSTTSVXYRMX]XSJPSYVMWL YRHIVXLIKPS[SJXLIMVS[RWTSXPMKLXWXSJIIPXLIFVYWLSJXLIVMFFSR GVSWWXLIMVGLIWXWEWXLI]VERXLVSYKLXLIMVS[RJMRMWLPMRIMRXLIMVS[R 3P]QTMGWhXLI7TIGMEP3P]QTMGW
-RXLIFSH]SJLIVWTIIGLXLIWXYHIRXI\TPEMRIHXLI7TIGMEP3P]QTMGWERH GEPPIHSRQIQFIVWSJXLIEYHMIRGIXSFIGSQIZSPYRXIIVW8LIRMRLIVGPSWMRK [SVHWWLIXMIHXLI[LSPIWTIIGLXSKIXLIVF]VIXYVRMRKXSXLIWXSV]HIWGVMFIH MRLIVMRXVSHYGXMSR 'SRGPYWMSR 6IQIQFIVXLIRMRIGLMPHVIR-QIRXMSRIHEXXLIFIKMRRMRKSJXLMWWTIIGL 8LMROSJXLIMVLETTMRIWWERHXLIMVWYTTSVXJSVSRIERSXLIV8LMROSJLS[ QYGLXLI]KEMRIHJVSQVYRRMRKMRXLEXVEGI%RHXLMROLS[]SYGERLIPT SXLIVWI\TIVMIRGIXLIWEQIFIRIJMXWEWXLI]WXVMZIXSJYPJMPPXLIQSXXSSJXLI 7TIGMEP3P]QTMGW q0IXQI[MR&YXMJ-GERtX[MRPIXQIFIFVEZIMRXLI EXXIQTXr
GSRRIGXPYGEWGSQ :MI[XLIFIKMRRMRKERH IRHMRKSJq1EOMRKE(MJJIV IRGI8LVSYKLXLI7TIGMEP 3P]QTMGWrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7YQQEVM^MRK XLI WTIIGL IRHMRK [MXL E UYSXEXMSR QEOMRK E HVEQEXMG WXEXIQIRX VIJIVVMRK XS XLI MRXVSHYGXMSRhEPP XLIWI XIGLRMUYIW GER FI YWIH WITEVEXIP]&YX]SYLEZITVSFEFP]RSXMGIHXLEXWTIEOIVWSJXIRGSQFMRIX[SSV QSVI MR XLIMV GSRGPYWMSRW %GXYEPP] EPP JSYV XIGLRMUYIW GER FI JYWIH MRXS SRIhJSVI\EQTPIEHVEQEXMGUYSXEXMSRXLEXWYQQEVM^IWXLIGIRXVEPMHIE[LMPI VIJIVVMRKXSXLIMRXVSHYGXMSR
8LI'SRGPYWMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
'LIGOPMWX =)7
8LI1G+VE[n,MPP 'SQTERMIW
7TIIGL'SRGPYWMSR
23
(S-WMKREPXLEXQ]WTIIGLMWGSQMRKXSERIRH# (S-VIMRJSVGIQ]GIRXVEPMHIEF] GLIGOEPPXLEXETTP]
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7TIIGL8SSPWJSV XLMWGLETXIV
7YQQEVM^MRKXLIQEMRTSMRXWSJQ]WTIIGL
)RHMRK[MXLEUYSXEXMSR
1EOMRKEHVEQEXMGWXEXIQIRX
6IJIVVMRKXSXLIMRXVSHYGXMSR
-W XLI GSRGPYWMSR PMQMXIH XS i TIVGIRX SJ Q] IRXMVI WTIIGL# ,EZI - [SVOIH SYX XLI PERKYEKI SJ Q] GSRGPYWMSR MR HIXEMP# ,EZI - TVEGXMGIH XLI HIPMZIV] SJ Q] GSRGPYWMSR WS - GER TVIWIRX MX JPYIRXP] GSRJMHIRXP] ERH [MXL WXVSRK I]I GSRXEGX#
3RI SXLIV GSRGPYHMRK XIGLRMUYI MW QEOMRK E HMVIGX ETTIEP XS ]SYV EYHM IRGIJSVEGXMSR8LMWXIGLRMUYIETTPMIWSRP]XSETEVXMGYPEVX]TISJTIVWYEWMZI WTIIGLLS[IZIVERH[MPPFIHMWGYWWIHMR'LETXIV8LIJSYVQIXLSHWGSZ IVIHMRXLMWGLETXIVEVIETTVSTVMEXIJSVEPPOMRHWSJWTIIGLIWERHSGGEWMSRW
7%140)'32'097-32;-8,'311)28%6= ,S[ HS ]SY JMX XLIWI QIXLSHW XSKIXLIV XS QEOI E GSRGPYWMSR# ,IVI MW ER I\EQTPIJVSQXLIWTIIGLEFSYXFSRIQEVVS[XVERWTPERXW[LSWIMRXVSHYGXMSR [IPSSOIHEXIEVPMIV TEKI
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8-47*3646)4%6-2+8,)'32'097-32 % W[MXLXLIMRXVSHYGXMSROIITERI]ISYXJSVTSWWMFPIGSRGPYHMRKQEXI VMEPWEW]SYVIWIEVGLERHHIZIPSTXLIWTIIGL ' SRGPYHI[MXLEFERKRSXE[LMQTIV&IGVIEXMZIMRHIZMWMRKEGSRGPY WMSRXLEXLMXWXLILIEVXWERHQMRHWSJ]SYVEYHMIRGI;SVOSRWIZIVEPTSWWMFPI IRHMRKWERHWIPIGXXLISRIXLEXWIIQWPMOIP]XSLEZIXLIKVIEXIWXMQTEGX ( SRtXFIPSRK[MRHIH8LIGSRGPYWMSR[MPPRSVQEPP]QEOIYTRSQSVI XLERXSTIVGIRXSJ]SYVWTIIGL ( SRtX PIEZI ER]XLMRK MR ]SYV GSRGPYWMSR XS GLERGI ;SVO MX SYX MR HIXEMPERHKMZI]SYVWIPJTPIRX]SJXMQIXSTVEGXMGIHIPMZIVMRKMX1ER]WXYHIRXW PMOIXS[VMXISYXXLIGSRGPYWMSR[SVHJSV[SVHXSKYEVERXIIMXMWNYWXVMKLX-J ]SYHSXLMWQEOIWYVI]SYGERTVIWIRXMXWQSSXLP]GSRJMHIRXP]ERH[MXLJIIP MRKh[MXLSYX VIP]MRK SR ]SYV RSXIW SV WSYRHMRK [SSHIR 1EOI ]SYV PEWX MQTVIWWMSREWJSVGIJYPERHEWJEZSVEFPIEW]SYGER
7911%6= *MVWXMQTVIWWMSRWEVIMQTSVXERX7SEVIJMREPMQTVIWWMSRW8LMWMW[L]WTIIGLIWRIIH WXVSRKMRXVSHYGXMSRWERHGSRGPYWMSRW -R QSWX WTIIGL WMXYEXMSRW ]SY RIIH XS EGGSQTPMWL JSYV SFNIGXMZIW [MXL ]SYV MRXVSHYGXMSRhKIX XLI EXXIRXMSR ERH MRXIVIWX SJ XLI EYHMIRGI VIZIEP XLI XSTMG SJ ]SYVWTIIGLIWXEFPMWL]SYVGVIHMFMPMX]ERHKSSH[MPPERHTVIZMI[XLIFSH]SJXLI WTIIGL+EMRMRKEXXIRXMSRERHMRXIVIWXGERFIHSRIMRWIZIVEP[E]W=SYGERWLS[ XLI MQTSVXERGI SJ ]SYV XSTMG IWTIGMEPP] EW MX VIPEXIW XS ]SYV EYHMIRGI =SY GER WXEVXPI SV UYIWXMSR ]SYV EYHMIRGI SV EVSYWI XLIMV GYVMSWMX] =SY GER FIKMR [MXL E UYSXEXMSRSVEWXSV] &I WYVI XS WXEXI XLI XSTMG SJ ]SYV WTIIGL GPIEVP] MR ]SYV MRXVSHYGXMSR WS XLI EYHMIRGIORS[W[LIVIXLIWTIIGLMWKSMRK)WXEFPMWLMRKGVIHMFMPMX]QIERWXLEX]SY XIPPXLIEYHMIRGI[L]]SYEVIUYEPMJMIHXSWTIEOSRXLIXSTMGEXLERH)WXEFPMWLMRK KSSH[MPPQE]FIRIGIWWEV]MJ]SYVTSMRXSJZMI[MWYRTSTYPEV4VIZMI[MRKXLIFSH] SJXLIWTIIGLLIPTWXLIEYHMIRGIPMWXIRIJJIGXMZIP]ERHTVSZMHIWEWQSSXLPIEHMRXS XLIFSH]SJXLIWTIIGL 8LIJMVWXSFNIGXMZISJEWTIIGLGSRGPYWMSRMWXSPIXXLIEYHMIRGIORS[]SYEVI IRHMRK[LMGL]SYGERHSF]]SYV[SVHWSVF]]SYVQERRIVSJHIPMZIV]8LIWIGSRH SFNIGXMZISJEGSRGPYWMSRMWXSVIMRJSVGI]SYVGIRXVEPMHIE=SYGEREGGSQTPMWLXLMW F] WYQQEVM^MRK XLI WTIIGL IRHMRK [MXL E UYSXEXMSR QEOMRK E HVEQEXMG WXEXI QIRXSVVIJIVVMRKXSXLIMRXVSHYGXMSR7SQIXMQIW]SYQE][ERXXSGSQFMRIX[S SVQSVISJXLIWIXIGLRMUYIW&IGVIEXMZIMRHIZMWMRKEZMZMHJSVGIJYPGSRGPYWMSR
/)=8)617 VLIXSVMGEPUYIWXMSR
TVIZMI[WXEXIQIRX
GVIHMFMPMX]
GVIWGIRHSIRHMRK
KSSH[MPP
HMWWSPZIIRHMRK
/I]8IVQW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEXEVIJSYVSFNIGXMZIWSJEWTIIGLMRXVSHYGXMSR# ;LEX EVIWIZIRQIXLSHW]SY GERYWIMRXLIMRXVSHYGXMSR XSKIXXLIEXXIRXMSR ERHMRXIVIWXSJ]SYVEYHMIRGI# ;L] MW MX MQTSVXERX XS IWXEFPMWL ]SYV GVIHMFMPMX] EX XLI FIKMRRMRK SJ ]SYV WTIIGL# ;LEXMWETVIZMI[WXEXIQIRX#;L]WLSYPH]SYRIEVP]EP[E]WMRGPYHIETVIZMI[ WXEXIQIRXMRXLIMRXVSHYGXMSRSJ]SYVWTIIGL# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;LEXEVIJMZIXMTWJSVTVITEVMRK]SYVMRXVSHYGXMSR# ;LEXEVIXLIQENSVJYRGXMSRWSJEWTIIGLGSRGPYWMSR# ;LEXEVIX[S[E]W]SYGERWMKREPXLIIRHSJ]SYVWTIIGL# ;LEX EVI JSYV [E]W XS VIMRJSVGI XLI GIRXVEP MHIE [LIR GSRGPYHMRK ]SYV WTIIGL# ;LEXEVIJSYVXMTWJSVTVITEVMRK]SYVGSRGPYWMSR#
)<)6'-7)7*36'6-8-'%08,-2/-2+ ,IVIEVIWM\WTIIGLXSTMGW)\TPEMRLS[]SYQMKLXVIPEXIIEGLXS]SYVGPEWWQEXIW MRXLIMRXVSHYGXMSRSJEWTIIGL 7SGMEP7IGYVMX]
PEYKLXIV
MPPMXIVEG]
WXIVSMHW
WSETSTIVEW
FPSSHHSREXMSR
8 LMROSJEWTIIGLXSTMG TVIJIVEFP]SRIJSV]SYVRI\XWTIIGLMRGPEWW 'VIEXIER MRXVSHYGXMSRJSVEWTIIGLHIEPMRK[MXLER]EWTIGXSJXLIXSTMG]SY[MWL-R]SYV MRXVSHYGXMSRFI WYVIXSKEMR XLIEXXIRXMSR SJXLIEYHMIRGIXSVIZIEP XLIXSTMG ERH VIPEXI MX XS XLI EYHMIRGI XS IWXEFPMWL]SYV GVIHMFMPMX] ERH XS TVIZMI[ XLI FSH]SJXLIWTIIGL 9 WMRKXLIWEQIXSTMGEWMR)\IVGMWIGVIEXIEWTIIGLGSRGPYWMSR&IWYVIXSPIX ]SYVEYHMIRGIORS[XLIWTIIGLMWIRHMRKXSVIMRJSVGIXLIGIRXVEPMHIEERHXS QEOIXLIGSRGPYWMSRZMZMHERHQIQSVEFPI
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK =SYVHIKVIIMRGMZMPIRKMRIIVMRKLEWWIVZIH]SY[IPPERH]SYEVIRS[XLIGLMIJGMX] TPERRIVJSVEQENSVQIXVSTSPMW%JXIVWXYH]MRKXLIMWWYIJSVQSVIXLERE]IEV]SY ERHXLITPERRMRKGSQQMWWMSRLEZIHIGMHIHXLEXXLIFIWX[E]XSVIPMIZIXLIGMX]tW KVS[MRK XVEJJMG GSRKIWXMSR MW XS FYMPH E RI[ HS[RXS[R JVII[E] 9RJSVXYREXIP] XLIVIMWRS[E]XSFYMPHXLIJVII[E][MXLSYXORSGOMRKHS[RERYQFIVSJLSYWIW ERHFYWMRIWWIW=SYEVIRSXLETT]EFSYXXLMWERH]SYORS[MX[MPPGVIEXIHMJJMGYPX] JSVXLITISTPIEJJIGXIHFYX]SYVVIWIEVGLERHGSQTYXIVWMQYPEXMSRWWLS[XLEXMXMW F]JEVXLIQSWXIJJIGXMZIPSRKVERKISTXMSRJSVMQTVSZMRKXLIGMX]tWXVEJJMGJPS[ 2SX WYVTVMWMRKP] XLI RIMKLFSVLSSH EWWSGMEXMSR XLEX VITVIWIRXW XLI EVIE XLVSYKL[LMGL]SYTPERXSFYMPHXLIJVII[E]LEWI\TVIWWIHERYQFIVSJGSRGIVRW
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK XLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
EFSYXXLITVSTSWEP&IGEYWISJ]SYVI\GIPPIRXTYFPMGWTIEOMRKWOMPPW]SYLEZIFIIR GLSWIRXSVITVIWIRXXLIGMX]EXEQIIXMRKSJXLIRIMKLFSVLSSHEWWSGMEXMSR=SYVNSF EXXLIQIIXMRK[MPPFIXSEHHVIWWXLIEYHMIRGItWGSRGIVRWERHTVSZMHIEGSRZMRGMRK I\TPEREXMSR SJ XLI GMX]tW HIGMWMSR XS FYMPH XLI JVII[E] =SY ORS[ XLEX MJ ]SYV WTIIGLMWXSFITIVWYEWMZI]SYQYWXYWIXLIMRXVSHYGXMSRXSIWXEFPMWL]SYVGVIHMFMP MX]ERHKSSH[MPPWS]SYVPMWXIRIVW[MPPFI[MPPMRKXSPMWXIRVIGITXMZIP]XS[LEX]SY WE]MRXLIFSH] ;VMXIEHVEJXSJ]SYVMRXVSHYGXMSR-RMXFIWYVIXSEHHVIWWEPPJSYVJYRGXMSRWSJ EWTIIGLMRXVSHYGXMSRHMWGYWWIHMRXLMWGLETXIV
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
3YXPMRMRKXLI7TIIGL
8LI4VITEVEXMSR3YXPMRI +YMHIPMRIWJSVXLI4VITEVEXMSR3YXPMRI 7EQTPI4VITEVEXMSR3YXPMRI[MXL'SQQIRXEV]
8LI7TIEOMRK3YXPMRI +YMHIPMRIWJSVXLI7TIEOMRK3YXPMRI 7EQTPI7TIEOMRK3YXPMRI[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
LMRO[LEXQMKLXLETTIRMJ]SYXVMIHXSFYMPHELSYWI[MXLSYXEJPSSVTPER SVEREVGLMXIGXtWFPYITVMRX=SYTPEGIXLIOMXGLIRRI\XXSXLIHVMZI[E]XS QEOIMXGSRZIRMIRXJSVGEVV]MRKMRKVSGIVMIW&YXXLIHMRMRKVSSQXYVRWYT EXXLISXLIVIRHSJXLILSYWI;LIR]SYGSSOERHWIVZIEQIEP]SYLEZIXS VYR[MXLXLITPEXIWXSOIITXLIJSSHJVSQKIXXMRKGSPH=SYTYXXLIFEXLVSSQ EXXLILIEHSJXLIWXEMVWXSQEOIMXEGGIWWMFPIXSZMWMXSVW&YXXLIHSSVSTIRWMR WYGLE[E]XLEXXLIYR[EV]KYIWXMWGEXETYPXIHHS[RXLIWXITW=SYXLMROMXtW E[SRHIVJYPMHIEXSLEZIEPQSWXRSMRXIVMSV[EPPW&YX[LIRXLIJMVWXWRS[JEPP GSQIW]SYV YRWYTTSVXIH VSSJGSPPETWIW 4PERW ERH FPYITVMRXW EVI IWWIRXMEP XS EVGLMXIGXYVI 7S XSS EVI SYXPMRIW IWWIRXMEPXSIJJIGXMZIWTIIGLIW%RSYXPMRIMWPMOIEFPYITVMRXJSV]SYVWTIIGL-X EPPS[W ]SY XS WII XLI JYPP WGSTI ERH GSRXIRX SJ ]SYV WTIIGL EX E KPERGI &] SYXPMRMRK]SYGERNYHKI[LIXLIVIEGLTEVXSJXLIWTIIGLMWJYPP]HIZIPSTIH [LIXLIV ]SY LEZI EHIUYEXI WYTTSVXMRK QEXIVMEPW JSV ]SYV QEMR TSMRXW ERH [LIXLIV XLI QEMR TSMRXW EVI TVSTIVP] FEPERGIH %R SYXPMRI LIPTW ]SY QEOI WYVIXLEXVIPEXIHMXIQWEVIXSKIXLIVXLEXMHIEWJPS[JVSQSRIXSERSXLIVXLEX XLIWXVYGXYVISJ]SYVWTIIGL[MPPqWXERHYTrhERHRSXGSPPETWI 4VSFEFP]]SY[MPPYWIX[SOMRHWSJSYXPMRIWJSV]SYVWTIIGLIWhSRIZIV] HIXEMPIH JSV XLI TPERRMRK WXEKI ERH SRI ZIV] FVMIJ JSV XLI HIPMZIV] SJ XLI WTIIGL
8
8LI4VITEVEXMSR3YXPMRI 8LI TVITEVEXMSR SYXPMRI MW NYWX [LEX MXW REQI MQTPMIWhER SYXPMRI XLEX LIPTW ]SY TVITEVI XLI WTIIGL ;VMXMRK E TVITEVEXMSR SYXPMRI QIERW TYXXMRK ]SYV WTIIGLXSKIXLIVhHIGMHMRK[LEX]SY[MPPWE]MRXLIMRXVSHYGXMSRLS[]SY[MPP SVKERM^IXLIQEMRTSMRXWERHWYTTSVXMRKQEXIVMEPWMRXLIFSH]ERH[LEX]SY [MPPWE]MRXLIGSRGPYWMSR
+9-()0-2)7*368,)46)4%6%8-323980-2) TVITEVEXMSRSYXPMRI %HIXEMPIHSYXPMRIHIZIPSTIH HYVMRKXLITVSGIWWSJWTIIGL TVITEVEXMSRXLEXMRGPYHIWXLI XMXPIWTIGMJMGTYVTSWIGIRXVEP MHIEMRXVSHYGXMSRQEMRTSMRXW WYFTSMRXWGSRRIGXMZIW GSRGPYWMSRERHFMFPMSKVETL] SJEWTIIGL
3ZIVXLI]IEVWEVIPEXMZIP]YRMJSVQW]WXIQJSVTVITEVEXMSRSYXPMRIWLEWHIZIPSTIH -XMWI\TPEMRIHFIPS[ERHMWI\IQTPMJMIHMRXLIWEQTPISYXPMRISRTEKIWi =SYWLSYPHGLIGO[MXL]SYVXIEGLIVXSWIII\EGXP][LEXJSVQEX]SYEVIXSJSPPS[
7XEXIXLI7TIGMJMG4YVTSWISJ=SYV7TIIGL 8LIWTIGMJMGTYVTSWIWXEXIQIRXWLSYPHFIEWITEVEXIYRMXXLEXGSQIWFIJSVIXLI SYXPMRIMXWIPJ-RGPYHMRKXLIWTIGMJMGTYVTSWIQEOIWMXIEWMIVXSEWWIWWLS[[IPP ]SYLEZIGSRWXVYGXIHXLIWTIIGLXSEGGSQTPMWL]SYVTYVTSWI
-HIRXMJ]XLI'IRXVEP-HIE 7SQIXIEGLIVWTVIJIVXLEXXLIGIRXVEPMHIEFIKMZIRMQQIHMEXIP]EJXIVXLITYV TSWIWXEXIQIRX3XLIVWTVIJIVXLEXMXFIKMZIRERHMHIRXMJMIHMRXLIXI\XSJXLI SYXPMRI'LIGOXSWII[LMGL]SYVXIEGLIV[ERXW
0EFIPXLI-RXVSHYGXMSR&SH]ERH'SRGPYWMSR -J]SYPEFIPXLITEVXWSJ]SYVWTIIGL]SY[MPPFIWYVIXLEX]SYMRHIIHLEZIER MRXVSHYGXMSRERHGSRGPYWMSRERHLEZIEGGSQTPMWLIHXLIIWWIRXMEPSFNIGXMZIWSJ IEGL 9WYEPP] XLI REQIW SJ XLI WTIIGL TEVXW EVI TPEGIH MR XLI QMHHPI SJ XLI
',%48)6 3980-2-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
TEKI SV MR XLI JEV PIJX QEVKMR 8LI] EVI XIGLRMGEP PEFIPW SRP] ERH EVI RSX MRGPYHIH MR XLI W]WXIQ SJ W]QFSPM^EXMSR YWIH XS MHIRXMJ] QEMR TSMRXW ERH WYTTSVXMRKQEXIVMEPW
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
ZMWYEPJVEQI[SVO 8LITEXXIVRSJW]QFSPM^EXMSR ERHMRHIRXEXMSRMREWTIIGL SYXPMRIXLEXWLS[WXLI VIPEXMSRWLMTWEQSRKXLI WTIEOIVtWMHIEW
8LIVI[IVITISTPIEXXLI0EWX7YTTIVh.IWYWERHLMWHMWGMTPIW 3RISJXLIQSWXGSQQSRWSYVGIWSJWYTIVWXMXMSRMWRYQFIVW -RXLI9RMXIH7XEXIWMWSJXIRSQMXXIHMRXLIJPSSVRYQFIVMRKSJLSXIPW ERHWO]WGVETIVW 8LIRYQFIVLEWQIERXFEHPYGOEWPSRKEWER]SRIGERVIQIQFIV ;LMGL WXEXIQIRX MW XLI QEMR TSMRX# 8LI WIGSRH WXEXIQIRX q3RI SJ XLI QSWXGSQQSRWSYVGIWSJWYTIVWXMXMSRMWRYQFIVWr [LMGLMWFVSEHIVMRWGSTI XLERER]SJXLISXLIVWXEXIQIRXW8LMW[SYPHFISRISJXLIQEMRMHIEWSJ]SYV WTIIGL8LIJSYVXLWXEXIQIRXMWXLIWYFTSMRX MXMQQIHMEXIP]WYTTSVXWXLIQEMR TSMRX8LISXLIVX[SWXEXIQIRXWEVIWYFWYFTSMRXW XLI]MPPYWXVEXIXLIWYFTSMRX 6IEVVERKIHTVSTIVP]XLI]PSSOPMOIXLMW
8LI4VITEVEXMSR3YXPMRI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
- 3RISJXLIQSWXGSQQSRWSYVGIWSJWYTIVWXMXMSRMWRYQFIVW %8LIRYQFIVLEWQIERXFEHPYGOEWPSRKEWER]SRIGER VIQIQFIV 8 LIVI[IVITISTPIEXXLI0EWX7YTTIVh.IWYWERHLMWHMWGMTPIW - RXLI9RMXIH7XEXIWMWSJXIRSQMXXIHMRXLIJPSSVRYQFIVMRKSJ LSXIPWERHWO]WGVETIVW %FSZIEPPVIQIQFIVXLEXEPPTSMRXWEXXLIWEQIPIZIPWLSYPHMQQIHMEXIP] WYTTSVX XLI TSMRX XLEX MW NYWX EFSZI ERH SRI RSXGL XS XLI PIJX MR ]SYV SYXPMRI
7XEXI1EMR4SMRXWERH7YFTSMRXWMR*YPP7IRXIRGIW &IPS[EVIX[SWIXWSJQEMRTSMRXWERHWYFTSMRXWJSVXLIWEQIWTIIGLSRXLI PMJISJ1EVXMR0YXLIV/MRK
GSRRIGXPYGEWGSQ *SVLIPTJSVQEXXMRK]SYV SYXPMRIWYWIXLIEYXSQEXIH 7TIIGL3YXPMRIVMRXLISRPMRI 7TIIGL8SSPWJSVXLMWGLETXIV
-RIJJIGXMZI
1SVI)JJIGXMZI
- 1SRXKSQIV]
- /MRKFIKERLMWGMZMPVMKLXWGEVIIVMRXLI 1SRXKSQIV]FYWFS]GSXXSJ i -- /MRKtWKVIEXIWXXVMYQTLWGEQIHYVMRKXLI IEVP] W %-R LIGEQTEMKRIHEKEMRWXWIKVIKEXMSR MR&MVQMRKLEQ%PEFEQE &0EXIVXLEX]IEVLITEVXMGMTEXIHMRXLI JEQSYWQEVGLSR;EWLMRKXSR(' 1SVIXLERTISTPIXSSOTEVX /MRKKEZILMWq-,EZIE(VIEQrWTIIGL '-R LIVIGIMZIHXLI2SFIP4IEGI4VM^I ---/MRKJEGIHKVIEXXYVQSMPHYVMRKLMWJMREP]IEVW %,I[EWGVMXMGM^IHF]QSVIQMPMXERXFPEGOW JSVFIMRKRSRZMSPIRX &,ITVSXIWXIHEKEMRWXXLI[EVMR:MIXREQ ',I[EWEWWEWWMREXIHMR1IQTLMW8IRRIWWII SR%TVMP
-- W %&MVQMRKLEQ &1EVGL q(VIEQr '4VM^I --- *MREP]IEVW %'VMXMGM^IH &:MIXREQ '%WWEWWMREXMSR
8LIWEQTPIEXPIJXQMKLXWIVZIEWEWTIEOMRKSYXPMRIFYXMXMWZMVXYEPP]YWI PIWW EW E TVITEVEXMSR SYXPMRI -X KMZIW SRP] ZEKYI PEFIPW VEXLIV XLER HMWXMRGX MHIEW-XHSIWRSXMRHMGEXIGPIEVP]XLIGSRXIRXSJXLIQEMRTSMRXWERHWYFTSMRXW 2SV HSIW MX VIZIEP [LIXLIV XLI WTIEOIV LEW XLSYKLX SYX LMW SV LIV MHIEW &YX XLIVIMWRSGSRGIVREFSYXER]SJXLIWIQEXXIVW[MXLXLISYXPMRISRXLIVMKLX -RWYQEWOMQT]TVITEVEXMSR SYXPMRIMWSJPMXXPIZEPYI7XEXMRK]SYVQEMR TSMRXWERHWYFTSMRXWMRJYPPWIRXIRGIW[MPPIRWYVIXLEX]SYHIZIPST]SYVMHIEW JYPP]
0EFIP8VERWMXMSRW-RXIVREP7YQQEVMIWERH-RXIVREP4VIZMI[W 3RI [E] XS QEOI WYVI ]SY LEZI WXVSRK XVERWMXMSRW MRXIVREP WYQQEVMIW ERH MRXIVREPTVIZMI[WMWXSMRGPYHIXLIQMRXLITVITEVEXMSRSYXPMRI9WYEPP]XLI] EVIRSXMRGSVTSVEXIHMRXSXLIW]WXIQSJW]QFSPM^EXMSRERHMRHIRXEXMSRFYXEVI PEFIPIH WITEVEXIP] ERH MRWIVXIH MR XLI SYXPMRI [LIVI XLI] [MPP ETTIEV MR XLI WTIIGL
',%48)6 3980-2-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%WFPYITVMRXWEVIIWWIRXMEP XSEVGLMXIGXYVIWSSYXPMRIW EVIIWWIRXMEPXSWTIIGL QEOMRK(IZIPSTMRKER SYXPMRILIPTWIRWYVIXLEXXLI WXVYGXYVISJ]SYVWTIIGLMW GPIEVERHGSLIVIRX
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tXJMRH[LEX]SY RIIH XLIVI GLIGO XLI GSQTPIXI &MFPMSKVETL] *SVQEXW MR XLI SRPMRI 7TIIGL 8SSPWJSVXLMWGLETXIVEX[[[GSRRIGXPYGEWGSQ
+MZI=SYV7TIIGLE8MXPI-J3RI-W(IWMVIH -RXLIGPEWWVSSQ]SYTVSFEFP]HSRSXRIIHEXMXPIJSV]SYVWTIIGLYRPIWW]SYV XIEGLIV VIUYMVIW SRI -R WSQI SXLIV WMXYEXMSRW LS[IZIV E WTIIGL XMXPI MW RIGIWWEV]hEW[LIRXLIWTIIGLMWTYFPMGM^IHMREHZERGISVMWKSMRKXSFITYF PMWLIH ;LEXIZIV XLI VIEWSR MJ ]SY HS HIGMHI XS YWI E XMXPI MX WLSYPH FI FVMIJ EXXVEGXXLIEXXIRXMSRSJ]SYVEYHMIRGIERH IRGETWYPEXIXLIQEMR XLVYWXSJ]SYVWTIIGL %KSSHXMXPIRIIHRSXLEZI[LEX1EHMWSR%ZIRYI[SYPHGEPPqWI\ETTIEPrh PSXWSJKPMXXIVERHTM^^E^^&]XLIWEQIXSOIRXLIVIMWGIVXEMRP]RSXLMRK[VSRK [MXLEGEXGL]XMXPIhEWPSRKEWMXMWKIVQERIXSXLIWTIIGL,IVIEVIX[SKVSYTW SJ XMXPIW 8LSWI SR XLI PIJX EVI WXVEMKLXJSV[EVH ERH HIWGVMTXMZI 8LSWI SR XLI VMKLXEVIJMKYVEXMZIEPXIVREXMZIWXSXLISRIWSRXLIPIJX
FMFPMSKVETL] %PMWXSJEPPXLIWSYVGIWYWIHMR TVITEVMRKEWTIIGL
GSRRIGXPYGEWGSQ 9WIXLI&MFPMSQEOIVMRXLI SRPMRI7TIIGL8SSPWJSVXLMW GLETXIVXSEYXSQEXMGEPP] JSVQEX]SYVFMFPMSKVETL] EGGSVHMRKXS10%SV%4% WXERHEVHW
8LI4VITEVEXMSR3YXPMRI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4VITEVEXMSR3YXPMRI
23
(SIWQ]WTIIGLLEZIEXMXPIMJSRIMWVIUYMVIH# (S-WXEXIXLIWTIGMJMGTYVTSWIFIJSVIXLIXI\XSJXLISYXPMRI MXWIPJ # (S-WXEXIXLIGIRXVEPMHIEFIJSVIXLIXI\XSJXLISYXPMRI MXWIPJ # %VI XLI MRXVSHYGXMSR FSH] ERH GSRGPYWMSR GPIEVP] PEFIPIH# %VIQEMRTSMRXWERHWYFTSMRXW[VMXXIRMRJYPPWIRXIRGIW# GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7TIIGL8SSPWJSV XLMWGLETXIV
%VIXVERWMXMSRWMRXIVREPWYQQEVMIWERHMRXIVREPTVIZMI[W GPIEVP]PEFIPIH# (SIW XLI SYXPMRI JSPPS[ E GSRWMWXIRX TEXXIVR SJ W]QFS PM^EXMSRERHMRHIRXEXMSR# (SIW XLI SYXPMRI TVSZMHI E GPIEV ZMWYEP JVEQI[SVO XLEX WLS[WXLIVIPEXMSRWLMTWEQSRKXLIMHIEWSJQ]WTIIGL# (SIWXLIFMFPMSKVETL]MHIRXMJ]EPPXLIWSYVGIW-GSRWYPXIH MRTVITEVMRKXLISYXPMRI# (SIWXLIFMFPMSKVETL]JSPPS[XLIJSVQEXVIUYMVIHF]Q] MRWXVYGXSV#
+VSYT-
+VSYT--
9RWEJI(VMROMRK;EXIV
8S\MRWSR8ET
0MZMRK[MXL(IEJRIWW
8LI7SYRHWSJ7MPIRGI
8LI6EKIXS(MIX
8LI%VXSJ;MWLJYP7LVMROMRK
8LI9RMXIH7XEXIW1MRX
8LI&YGO7XEVXW,IVI
+EQFPMRK%HHMGXMSR
%KEMRWX%PP3HHW
;LMGL KVSYT HS ]SY TVIJIV# 8LIVI EVI EHZERXEKIW ERH HMWEHZERXEKIW XS FSXL8LSWIMRXLIJMVWXKVSYTGPIEVP]VIZIEPXLIXSTMGFYXXLI]EVIRSXEWTVS ZSGEXMZIEWXLSWIMRXLIWIGSRHKVSYT8LSWIMRXLIWIGSRHKVSYTEVIWYVIXS EVSYWIMRXIVIWXFYXXLI]HSRSXKMZIEWGPIEVERMHIESJ[LEXXLIWTIIGLIWEVI EFSYX 8LIVIMWSRISXLIVOMRHSJXMXPI]SYWLSYPHGSRWMHIVhXLIUYIWXMSR4LVEW MRK]SYVXMXPIEWEUYIWXMSRGERFIFSXLHIWGVMTXMZIERHTVSZSGEXMZI9WMRKXLMW QIXLSH[IGERGSRWXVYGXEXLMVHWIXSJXMXPIWGSQFMRMRKXLIZMVXYIWSJKVSYTW -ERH--
+VSYT--- -W=SYV;EXIV7EJIXS(VMRO# 'ER=SY7II;LEX-tQ7E]MRK#
',%48)6 3980-2-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
(MIXW ,S[)JJIGXMZI%VI8LI]# ;LIVI-W1EOMRK1SRI]E;E]SJ0MJI# (S=SY6IEPP]8LMRO=SY'ER&IEXXLI3HHW# 7SQIXMQIW]SY[MPPGLSSWIEXMXPIJSV]SYVWTIIGLZIV]IEVP]%XSXLIVXMQIW ]SY QE] RSX JMRH SRI ]SY PMOI YRXMP XLI PEWX QMRYXI )MXLIV [E] XV] XS FI VIWSYVGIJYPEFSYXGVIEXMRKXMXPIWJSV]SYVWTIIGLIW)\TIVMQIRX[MXLWIZIVEPERH GLSSWIXLISRIXLEXWIIQWQSWXETTVSTVMEXI
7%140)46)4%6%8-323980-2);-8,'311)28%6= 8LIJSPPS[MRKSYXPMRIJSVEWM\QMRYXIMRJSVQEXMZIWTIIGLMPPYWXVEXIWXLITVMR GMTPIWNYWXHMWGYWWIH8LIGSQQIRXEV]I\TPEMRWXLITVSGIHYVIWYWIHMRSVKERM^ MRKXLIWTIIGLERH[VMXMRKXLISYXPMRI 'LIGO[MXL]SYVXIEGLIVXSWIIMJWLI SVLI[ERXW]SYXSMRGPYHIEXMXPI[MXL]SYVSYXPMRI
4ERMG%XXEGOW '311)28%6=
3980-2)
7XEXMRK]SYVWTIGMJMGTYVTSWIERHGIRXVEPMHIE EWWITEVEXIYRMXWFIJSVIXLIXI\XSJXLISYXPMRI QEOIW MX IEWMIV XS NYHKI LS[ [IPP ]SY LEZI GSRWXVYGXIHXLISYXPMRIXSEGLMIZI]SYVTYV TSWIERHXSGSQQYRMGEXI]SYVGIRXVEPMHIE
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI REXYVI I\XIRXERHW]QTXSQWSJTERMGEXXEGOW 'IRXVEP -HIE 4ERMG EXXEGOW EVI WIVMSYW QIHMGEP GSRHMXMSRW [LSWIJIEVJYPW]QTXSQWEJJIGXQMPPMSRWSJTISTPI
0EFIPMRKXLIMRXVSHYGXMSRQEVOWMXEWEHMWXMRGX WIGXMSRXLEXTPE]WEWTIGMEPVSPIMRXLIWTIIGL 8LI STIRMRK WXSV] KIXW EXXIRXMSR ERH EW MX TVSKVIWWIWVIZIEPWXLIXSTMGSJXLIWTIIGL
-RXVSHYGXMSR
,IVI XLI WTIEOIV IWXEFPMWLIW LIV GVIHMFMPMX] ERHTVIZMI[WXLIQEMRTSMRXWXSFIHMWGYWWIH MRXLIFSH]SJXLIWTIIGL
-RGPYHMRKXVERWMXMSRWIRWYVIWXLEXXLIWTIEOIV LEW [SVOIH SYX LS[ XS GSRRIGX SRI MHIE XS XLI RI\X 2SXMGI XLEX XLI XVERWMXMSR MW RSX MRGPYHIHMRXLIW]WXIQSJW]QFSPM^EXMSRERH MRHIRXEXMSRYWIHJSVXLIVIWXSJXLIWTIIGL
- -GERtXFVIEXLIQ]EVQWEVIXMRKPMRK-tQVIEPP]HM^^]ERH MXJIIPWEWMJQ]LIEVXMWEFSYXXSJP]SYXSJQ]GLIWX -- ;LIRXLMWLETTIRIHXSQIXLVII]IEVWEKSEXERSYXHSSV GSRGIVX-[EWVIEPP]JVMKLXIRIH % %XXLIXMQI-LEHRSMHIE[LEX[EWKSMRKSR & 1]HSGXSVXSPHQIPEXIVXLEX-LEHI\TIVMIRGIHETERMG EXXEGO --- -LEZIPIEVRIHEPSXEFSYXQ]GSRHMXMSRHYVMRKXLITEWX XLVII]IEVWERH-HMHEHHMXMSREPVIWIEVGLJSVXLMWWTIIGL -: 8SHE]-[SYPHPMOIXSMRJSVQ]SYEFSYXXLIREXYVISJ TERMGEXXEGOWXLITISTPIEJJIGXIHQSWXSJXIRF]XLIQ ERHXLISTXMSRWJSVXVIEXQIRX 8VERWMXMSR 0IXtWWXEVX[MXLXLIREXYVISJTERMGEXXEGOW
8LI4VITEVEXMSR3YXPMRI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
0EFIPMRKXLIFSH]QEVOWMXEWEHMWXMRGXTEVX SJXLIWTIIGL 1EMRTSMRX-MWTLVEWIHEWEJYPPWIRXIRGI%W XLISYXPMRITVSKVIWWIWRSXMGIXLEXXLIQEMR TSMRXWEVIEVVERKIHMRXSTMGEPSVHIV
&SH]
8LIX[SWYFTSMRXWSJQEMRTSMRX-EVIWLS[R F]XLIGETMXEPPIXXIVW%ERH&ERHEVI[VMXXIR SYX MR JYPP WIRXIRGIW XS IRWYVI XLEX XLI WTIEOIV LEW XLSYKLX XLIQ SYX JYPP] 4SMRXW FIPS[XLIPIZIPSJWYFTSMRXEVIMRHMGEXIHF] %VEFMGRYQIVEPWERHPS[IVGEWIPIXXIVW7SQI XMQIWXLI]EVIRSX[VMXXIREWJYPPWIRXIRGIW 'LIGOXSWII[LEX]SYVXIEGLIVTVIJIVW
8LI TVSKVIWWMZI MRHIRXEXMSR WLS[W ZMWYEPP] XLI VIPEXMSRWLMTW EQSRK QEMR TSMRXW WYF TSMRXWERHWYFWYFTSMRXW
2SXMGIXLITEXXIVRSJWYFSVHMREXMSRMRXLMWWIG XMSR7YFTSMRX&RSXIWXLEXGSKRMXMZIFILEZMSVEP XLIVET]MWSRISJXLISTXMSRWJSVXVIEXMRKTERMG EXXEGOW7YFWYFTSMRXMHIRXMJMIWXLIOMRHWSJ XIGLRMUYIW MRZSPZIH MR XLMW XLIVET] &IGEYWI MXIQW E ERH F I\TERH YTSR XLI XIGLRMUYIW TSMRXXLI]EVIWYFSVHMREXIHXSMX
',%48)6 3980-2-2+8,)74))',
-- 4ERMGEXXEGOWEJJIGXQMPPMSRWSJTISTPI % %GGSVHMRKXSXLI%QIVMGER4W]GLMEXVMG%WWSGMEXMSRWM\ QMPPMSR%QIVMGERWWYJJIVJVSQTERMGEXXEGOW & 7SQIKVSYTWLEZIELMKLIVMRGMHIRGISJTERMGEXXEGOW XLERHSSXLIVKVSYTW 8LI2EXMSREP-RWXMXYXISJ1IRXEP,IEPXLVITSVXWXLEX TERMGEXXEGOWWXVMOI[SQIRX[MGIEWSJXIREWQIR ,EPJXLITISTPI[LSWYJJIVJVSQTERMGEXXEGOW HIZIPSTW]QTXSQWFIJSVIXLIEKISJ 8VERWMXMSR +MZIRXLIWIZIVMX]SJTERMGEXXEGOW-tQWYVI]SY EVI[SRHIVMRKLS[XLI]GERFIXVIEXIH
8LI XVERWMXMSR MRHMGEXIW XLEX XLI WTIEOIV MW QSZMRKXSLIVRI\XQEMRTSMRX 8LMW QEMR TSMRX PMOI XLI JMVWX X[S MW WXEXIH EWEJYPPWIRXIRGI
- 4ERMGEXXEGOWEVIEWIZIVIQIHMGEPGSRHMXMSR[MXLERYQ FIVSJTL]WMGEPERHQIRXEPW]QTXSQW % %WHIJMRIHF]XLI2EXMSREP-RWXMXYXISJ1IRXEP,IEPXL TERMGEXXEGOWMRZSPZIqYRI\TIGXIHERHVITIEXIH ITMWSHIWSJMRXIRWIJIEVEGGSQTERMIHF]TL]WMGEP W]QTXSQWr 8LIEXXEGOWYWYEPP]GSQISYXSJRS[LIVIERHWXVMOI [LIRPIEWXI\TIGXIH 8LIMVPIRKXLGERZEV]JVSQEJI[QMRYXIWXSWIZIVEP LSYVW & 8LIVIEVIERYQFIVSJW]QTXSQWGSQQSRXSQSWX TERMGEXXEGOW 4L]WMGEPW]QTXSQWMRGPYHIETSYRHMRKLIEVXWLSVX RIWWSJFVIEXLPMKLXLIEHIHRIWWERHRYQFRIWWSV XMRKPMRKWIRWEXMSRWMRXLIEVQWERHPIKW 1IRXEPW]QTXSQWMRGPYHIEGYXIJIEVEWIRWISJ HMWEWXIVSVLIPTPIWWRIWWERHEJIIPMRKSJFIMRK HIXEGLIHJVSQSRItWS[RFSH] 8VERWMXMSR 2S[XLEX]SYORS[WSQIXLMRKEFSYXXLIREXYVI SJTERMGEXXEGOWPIXtWPSSOEXLS[[MHIWTVIEHXLI]EVI
8LI XVERWMXMSR WLS[W LS[ XLI WTIEOIV [MPP QSZIJVSQQEMRTSMRX-XSQEMRTSMRX-- 0MOIQEMRTSMRX-QEMRTSMRX--MWTLVEWIHEW EJYPPWIRXIRGI
8LI1G+VE[n,MPP 'SQTERMIW
--- 8LIVIEVIX[SQENSVSTXMSRWJSVXVIEXMRKTERMGEXXEGOW % 3RISTXMSRMWQIHMGEXMSR %RXMHITVIWWERXWEVIXLIQSWXJVIUYIRXP]TVIWGVMFIH QIHMGEXMSRJSVTERMGEXXEGOW 8LI]VIEVVERKIXLIFVEMRtWGLIQMGEPPIZIPWWSEWXS KIXVMHSJYR[ERXIHJIEVVIWTSRWIW & %RSXLIVSTXMSRMWGSKRMXMZIFILEZMSVEPXLIVET] 8LMWXLIVET]MRZSPZIWXIGLRMUYIWXLEXLIPTTISTPI [MXLTERMGEXXEGOWKEMRGSRXVSPSJXLIMVW]QTXSQW ERHJIIPMRKW E 7SQIXIGLRMUYIWMRZSPZIFVIEXLMRKI\IVGMWIW F 3 XLIVXIGLRMUYIWXEVKIXXLSYKLXTEXXIVRWXLEX GERXVMKKIVTERMGEXXEGOW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%GGSVHMRKXS(EZMH&EVPS[EYXLSVSJXLI'PMRMGEP ,ERHFSSOSJ4W]GLSPSKMGEP(MWSVHIVWGSKRMXMZI FILEZMSVEPXLIVET]GERFILMKLP]IJJIGXMZI
'SRGPYWMSR
0EFIPMRKXLIGSRGPYWMSRQEVOWMXEWEHMWXMRGX TEVXSJXLIWTIIGL 7YQQEVM^MRKXLIQEMRTSMRXWMWYWYEPP]WXER HEVHTVSGIHYVIMRERMRJSVQEXMZIWTIIGL
6IJIVVMRK FEGO XS XLI WTIEOIVtW TIVWSREP I\TIVMIRGI QIRXMSRIH MR XLI MRXVSHYGXMSR KMZIW XLI WTIIGL E WIRWI SJ YRMX] ERH TVS ZMHIWERIJJIGXMZIIRHMRK
- %W[ILEZIWIIRTERMGEXXEGOWEJJIGXQMPPMSRWSJTISTPI -- *SVXYREXIP]XLIVIEVIXVIEXQIRXSTXMSRWXSLIPT TVIZIRXTERMGEXXEGOWERHXSHIEP[MXLXLIQ[LIR XLI]SGGYV --- -RQ]GEWIXLIGSQFMREXMSRSJQIHMGEXMSRERH GSKRMXMZIFILEZMSVEPXLIVET]LEWFIIRI\XVIQIP] LIPTJYP -: -HSRtXORS[MJ-[MPPIZIVFIGSQTPIXIP]JVIISJTERMG EXXEGOWFYXEXPIEWX-YRHIVWXERHRS[[LEXXLI]EVIERH [LEX-GERHSEFSYXXLIQ
&MFPMSKVETL] 8LMW MW XLI JMREP FMFPMSKVETL] -X PMWXW XLI WSYVGIW EGXYEPP] YWIH MR [VMXMRK XLI WTIIGL ERHMW WLSVXIVXLER XLITVIPMQMREV]FMFPMSK VETL]GSQTMPIHMRXLIIEVP]WXEKIWSJVIWIEVGL 7II 'LETXIV JSV E HMWGYWWMSR SJ XLI TVI PMQMREV]FMFPMSKVETL]
8LMW FMFPMSKVETL] JSPPS[W XLI 1SHIVR 0ERKYEKI %WWSGMEXMSR 10% JSVQEX 'LIGO [MXL]SYVMRWXVYGXSVXSWII[LEXJSVQEX]SY WLSYPHYWIJSV]SYVFMFPMSKVETL]
&EVPS[(EZMH'PMRMGEP,ERHFSSOSJ4W]GLSPSKMGEP(MWSVHIVW XLIH2I[=SVO +YMPJSVH4VIWW 4VMRX &EWOMR/EVEq2SX.YWX%R]3PH&YXXIVJPMIWr;EWLMRKXSR 4SWX .ER *0I\MW2I\MW;IF3GX &VERXPI].IJJVI]'EPQMRK=SYV%R\MSYW1MRH ,S[1MRHJYP RIWWERH'SQTEWWMSR'ER*VII=SYJVSQ%R\MIX]*IEV ERH4ERMGRHIH3EOPERH'% 2I[,EVFMRKIV4YFPMGE XMSRW4VMRX 'LS]=YNYERq8VIEXQIRX4PERRMRKJSV4ERMG(MWSVHIVr 4W]GLMEXVMG8MQIW*IF i4VMRX 9RMXIH7XEXIW(ITXSJ,IEPXLERH,YQER7IVZMGIW 2EXMSREP-RWXMXYXISJ1IRXEP,IEPXL4ERMG(MWSVHIV 2EXMSREP-RWXMXYXIWSJ,IEPXL%TV ;IF 3GX
8LI7TIEOMRK3YXPMRI
q-[EWRIZIVWSI\GMXIHF]TYFPMGWTIEOMRKFIJSVIMRQ]PMJIr[VSXISRIPMWXIRIV MR EJXIVPMWXIRMRKXS(ERMIP;IFWXIVq8LVIISVJSYVXMQIW -XLSYKLXQ] XIQTPIW[SYPHFYVWX[MXLXLIKYWLSJFPSSH-[EWFIWMHIQ]WIPJERHEQ WSWXMPPr 7YGL VIEGXMSRW [IVI RSXYRYWYEP EQSRK ;IFWXIVtW EYHMIRGIW ,I XLVMPPIH X[S KIRIVEXMSRW SJ %QIVMGERW [MXL LMW QEWXIVJYP SVEXMSRW -RGVIHMFPI EW MX WIIQWXSHE]LIHMHWS[LMPIWTIEOMRKJSVWIZIVEPLSYVWEXEXMQISJXIR[MXLSYX
8LI7TIEOMRK3YXPMRI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
WTIEOMRKSYXPMRI %FVMIJSYXPMRIYWIHXSNSKE WTIEOIVtWQIQSV]HYVMRKXLI TVIWIRXEXMSRSJEWTIIGL
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
YWMRKER]RSXIW%VITSVXIVSRGIEWOIHLS[LIQEREKIHXLMWq-XMWQ]QIQ SV]r;IFWXIVWEMHq-GERTVITEVIEWTIIGLVIZMWIERHGSVVIGXMXMRQ]QIQSV] XLIRHIPMZIVXLIGSVVIGXIHWTIIGLI\EGXP]EWJMRMWLIHr *I[TISTPILEZI;IFWXIVtWVIQEVOEFPITS[IVWSJQIQSV]*SVXYREXIP]MX MW RS PSRKIV GYWXSQEV] XS WTIEO JVSQ QIQSV] 8SHE] QSWX TISTPI WTIEO I\XIQTSVERISYWP]h[LMGL QIERW XLI WTIIGL MW GEVIJYPP] TVITEVIH ERH TVEG XMGIHMREHZERGIFYXQYGLSJXLII\EGX[SVHMRKMWWIPIGXIH[LMPIXLIWTIIGLMW FIMRKHIPMZIVIH WII'LETXIV =SYVWTIIGLIW[MPPTVSFEFP]FISJXLMWX]TI =SY WLSYPH ORS[ XLIR EFSYX XLI WTIEOMRK SYXPMRIhXLI QSWX [MHIP] VIGSQ QIRHIHJSVQSJRSXIWJSVI\XIQTSVERISYWWTIIGLIW 8LIEMQSJEWTIEOMRKSYXPMRIMWXSLIPT]SYVIQIQFIV[LEX]SY[ERXXS WE] -R WSQI [E]W MX MW E GSRHIRWIH ZIVWMSR SJ ]SYV TVITEVEXMSR SYXPMRI -X WLSYPHGSRXEMROI][SVHWSVTLVEWIWXSNSK]SYVQIQSV]EW[IPPEWIWWIRXMEP WXEXMWXMGWERHUYSXEXMSRWXLEX]SYHSRtX[ERXXSVMWOJSVKIXXMRK&YXMXWLSYPH EPWSMRGPYHIQEXIVMEPRSXMR]SYVTVITEVEXMSRSYXPMRIhIWTIGMEPP]GYIWXSHMVIGX ERHWLEVTIR]SYVHIPMZIV] 1SWXWTIEOIVWHIZIPSTXLIMVS[RZEVMEXMSRWSRXLIWTIEOMRKSYXPMRI%W]SY EGUYMVIQSVII\TIVMIRGI]SYXSSWLSYPHJIIPJVIIXSI\TIVMQIRX&YXJSVRS[ ]SYV FIWX FIX MW XS JSPPS[ XLI FEWMG KYMHIPMRIW FIPS[ ERH XS YWI XLI WEQTPI WTIEOMRKSYXPMRISRTEKIW i EW]SYVQSHIP
9-()0-2)7*368,)74)%/-2+3980-2) + *SPPS[XLI:MWYEP*VEQI[SVO9WIHMRXLI4VITEVEXMSR3YXPMRI =SYVWTIEOMRKSYXPMRIWLSYPHYWIXLIWEQIZMWYEPJVEQI[SVOhXLIWEQIW]Q FSPW ERH XLI WEQI TEXXIVR SJ MRHIRXEXMSRhEW ]SYV TVITEVEXMSR SYXPMRI 8LMW [MPPQEOIMXQYGLIEWMIVXSTVITEVIXLIWTIEOMRKSYXPMRI1SVIMQTSVXERXMX [MPP EPPS[ ]SY XS WII MRWXERXP] [LIVI ]SY EVI MR XLI WTIIGL EX ER] KMZIR QSQIRX[LMPI]SYEVIWTIEOMRK=SY[MPPJMRHXLMWEKVIEXEHZERXEKI%W]SY WTIEO ]SY [MPP PSSO HS[R EX ]SYV SYXPMRI TIVMSHMGEPP] XS QEOI WYVI ]SY EVI GSZIVMRKXLIVMKLXMHIEWMRXLIVMKLXSVHIV 'SQTEVIXLIJSPPS[MRKX[SZIVWMSRWSJETEVXMEPWTIEOMRKSYXPMRI8LI]EVI JVSQ ER MRJSVQEXMZI WTIIGL EFSYX XLI LMWXSV] SJ XLI 97 [SQIRtW VMKLXW QSZIQIRX -RIJJIGXMZI - i % ;SVPH%RXM7PEZIV] 'SRZIRXMSR & 7 IRIGE*EPPWGSRZIRXMSR 0YGVIXME1SXX )PM^EFIXL'EH]7XERXSR (IGPEVEXMSRSJ7IRXMQIRXW -- i % 2 EXMSREP%QIVMGER;SQER 7YJJVEKI%WWSGMEXMSR *SYRHMRK 3FNIGXMZIW & 2MRIXIIRXL%QIRHQIRX 'EQTEMKR 6EXMJMGEXMSR
',%48)6 3980-2-2+8,)74))',
1SVI)JJIGXMZI - i % ;SVPH%RXM7PEZIV] 'SRZIRXMSR & 7IRIGE*EPPWGSRZIRXMSR 0 YGVIXME1SXX ) PM^EFIXL'EH]7XERXSR ( IGPEVEXMSRSJ7IRXMQIRXW -- i % 2EXMSREP%QIVMGER;SQER 7YJJVEKI%WWSGMEXMSR * SYRHMRK 3FNIGXMZIW & 2MRIXIIRXL%QIRHQIRX 'EQTEMKR 6EXMJMGEXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1ER]I\TIVMIRGIHWTIEOIVW EVIQSVIGSQJSVXEFPI[MXLE FVMIJWIXSJRSXIWSVRSRSXIW EXEPP[LMGLEPPS[WXLIQXS QEMRXEMRI]IGSRXEGXERHXS GSQQYRMGEXIHMVIGXP][MXL XLIEYHMIRGI
8LI[SVHMRKSJFSXLSYXPMRIWMWI\EGXP]XLIWEQI&YXXLIZMWYEPJVEQI[SVOSJ XLISRISRXLIVMKLXQEOIWMXIEWMIVXSXEOIMREXEKPERGIERHVIHYGIWXLISHHW SJXLIWTIEOIVPSWMRKLIVSVLMWTPEGI
1EOI7YVIXLI3YXPMRI-W0IKMFPI =SYVWTIEOMRKSYXPMRIMWEPPFYX[SVXLPIWWYRPIWWMXMWMRWXERXP]VIEHEFPIEXEHMW XERGI;LIR]SYQEOI]SYVSYXPMRIYWIPEVKIPIXXIVMRKPIEZII\XVEWTEGIFIX[IIR PMRIWTVSZMHIEQTPIQEVKMRWERH[VMXISVX]TISRSRP]SRIWMHISJXLITETIV 7SQIWTIEOIVWTYXXLIMVRSXIWSRMRHI\GEVHW1SWXJMRHXLI WM^IXSS GVEQTIHERHTVIJIVXLI SV WM^IMRWXIEH3XLIVTISTPI[VMXIXLIMV WTIEOMRKSYXPMRIWSRVIKYPEVTETIV)MXLIVTVEGXMGIMWJMRIEWPSRKEW]SYVRSXIW EVIMQQIHMEXIP]PIKMFPIXS]SY[LMPI]SYEVIWTIEOMRK
/IITXLI3YXPMRIEW&VMIJEW4SWWMFPI -J]SYVRSXIWEVIXSSHIXEMPIH]SY[MPPLEZIHMJJMGYPX]QEMRXEMRMRKI]IGSRXEGX [MXL]SYVEYHMIRGI%HIXEMPIHSYXPMRI[MPPXIQTX]SYXSPSSOEXMXJEVXSSSJXIR EWSRIWXYHIRXHMWGSZIVIH %RKIPE +VEREXS [EW WTIEOMRK EFSYX XLI FIRIJMXW SJ 4MPEXIW 7LI LEH TVITEVIH XLI WTIIGLXLSVSYKLP]ERHTVEGXMGIHMXYRXMPMX[EWRIEVP]TIVJIGX&YX[LIRWLIHIPMZIVIHXLI WTIIGLMRGPEWWWLIVIJIVVIHGSRWXERXP]XSLIVHIXEMPIHRSXIW%WEVIWYPXLIVHIPMZIV][EW GLSTT]ERHWXVEMRIH%JXIVXLIWTIIGL%RKIPEtWGPEWWQEXIWVIQEVOIHSRLS[SJXIRWLILEH PSSOIHEXLIVRSXIWERHWLI[EWEQE^IHq-HMHRtXIZIRORS[-[EWHSMRKMXrWLIWEMH q1SWXSJXLIXMQI-[EWRtXIZIRTE]MRKEXXIRXMSRXSXLISYXPMRI-ORI[XLIWTIIGLGSPHr
1ER]WXYHIRXWLEZILEHXLIWEQII\TIVMIRGIq%WPSRKEW-LEZITPIRX]SJ RSXIWrXLI]JIIPqHMWEWXIV[MPPRSXWXVMOIr-RJEGXQSWXFIKMRRMRKWTIEOIVWYWI XSS QER] RSXIW 0MOI %RKIPE XLI] HSRtX RIIH EPP SJ XLIQ XS VIQIQFIV XLI WTIIGL ERH XLI] JMRH XLEX XSS QER] RSXIW GER EGXYEPP] MRXIVJIVI [MXL KSSH GSQQYRMGEXMSR
8LI7TIEOMRK3YXPMRI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8S KYEVH EKEMRWX XLMW OIIT ]SYV WTIEOMRK SYXPMRI EW FVMIJ EW TSWWMFPI -X WLSYPHGSRXEMROI][SVHWSVTLVEWIWXSLIPT]SYVIQIQFIVQENSVTSMRXWWYF TSMRXWERHGSRRIGXMZIW-J]SYEVIGMXMRKWXEXMWXMGW]SY[MPPTVSFEFP][ERXXS MRGPYHI XLIQ MR ]SYV RSXIW 9RPIWW ]SY EVI KSSH EX QIQSVM^MRK UYSXEXMSRW [VMXIXLIQSYXJYPP]EW[IPP*MREPP]XLIVIQE]FIX[SXLVIISVJSYVOI]MHIEW [LSWI[SVHMRKMWWSMQTSVXERXXLEX]SY[ERXXSWXEXIXLIQMRWMQTPIGSQTPIXI WIRXIRGIW8LIFIWXVYPIMWXLEX]SYVRSXIWWLSYPHFIXLIQMRMQYQ]SYRIIHXS NSK]SYVQIQSV]ERHOIIT]SYSRXVEGO
+MZI=SYVWIPJ'YIWJSV(IPMZIVMRKXLI7TIIGL
HIPMZIV]GYIW (MVIGXMSRWMREWTIEOMRKSYXPMRI XSLIPTEWTIEOIVVIQIQFIV LS[WLISVLI[ERXWXSHIPMZIV OI]TEVXWSJXLIWTIIGL
%KSSHWTIEOMRKSYXPMRIVIQMRHW]SYRSXSRP]SJ[LEX]SY[ERXXSWE]FYXEPWS SJ LS[ ]SY [ERX XS WE] MX %W ]SY TVEGXMGI XLI WTIIGL ]SY [MPP HIGMHI XLEX GIVXEMRMHIEWERHTLVEWIWRIIHWTIGMEPIQTLEWMWhXLEXXLI]WLSYPHFIWTSOIR QSVIPSYHP]WSJXP]WPS[P]SVVETMHP]XLERSXLIVTEVXWSJXLIWTIIGL=SY[MPP EPWS HIXIVQMRI LS[ ]SY [ERX XS TEGI XLI WTIIGLhLS[ ]SY [MPP GSRXVSP MXW XMQMRK VL]XLQ ERH QSQIRXYQ &YX RS QEXXIV LS[ ]SY [SVO XLIWI XLMRKW SYXELIEHSJXMQIRSQEXXIVLS[SJXIR]SYTVEGXMGIMXMWIEW]XSJSVKIXXLIQ SRGI]SYKIXMRJVSRXSJEREYHMIRGI 8LIWSPYXMSRMWXSMRGPYHIMR]SYVWTIEOMRKSYXPMRIHIPMZIV]GYIWhHMVIGXMSRW JSV HIPMZIVMRK XLI WTIIGL 3RI [E] XS HS XLMW MW F] YRHIVPMRMRK SV SXLIV[MWI LMKLPMKLXMRKOI]MHIEWXLEX]SY[ERXXSFIWYVIXSIQTLEWM^I8LIR[LIR]SY VIEGLXLIQMRXLISYXPMRI]SY[MPPFIVIQMRHIHXSWXVIWWXLIQ%RSXLIV[E] MW XS NSX HS[R SR XLI SYXPMRI I\TPMGMX GYIW WYGL EW qTEYWIr qVITIEXr qWPS[ HS[Rr qPSYHIVr ERH WS JSVXL &SXL XIGLRMUYIW EVI KSSH EMHW JSV FIKMRRMRK WTIEOIVWFYXXLI]EVIEPWSYWIHF]QSWXI\TIVMIRGIHWTIEOIVW
7%140)74)%/-2+3980-2);-8,'311)28%6= &IPS[ MW E WEQTPI WTIEOMRK SYXPMRI JSV E WM\QMRYXI MRJSVQEXMZI XEPO EFSYX TERMG EXXEGOW &] GSQTEVMRK MX [MXL XLI TVITEVEXMSR SYXPMRI JSV XLI WEQI WTIIGL SR TEKIW i ]SY GER WII LS[ E HIXEMPIH TVITEVEXMSR SYXPMRI MW XVERWJSVQIHMRXSEGSRGMWIWTIEOMRKSYXPMRI
'311)28%6=
3980-2)
)]I'SRXEGX
8LIWIGSQQIRXWVIQMRHXLIWTIEOIVXSIWXEF PMWLI]IGSRXEGXERHRSXXSVEGIXLVSYKLXLI WTIIGL
7PS[(S[R
h4EYWIh
8LI [SVH qTEYWIr VIQMRHW XLI WTIEOIV XS TEYWIEJXIVLIVSTIRMRKPMRIW
-RGPYHMRKXLIQEMRMHIEWSJXLIMRXVSHYGXMSR LIPTWOIITXLIWTIEOIVSRXVEGOEXXLIWXEVXSJ XLIWTIIGL
',%48)6 3980-2-2+8,)74))',
- 'ERtXFVIEXLIEVQWXMRKPMRKHM^^]LIEVXJP]MRK
-- ,ETTIRIHXLVII]IEVWEKShXSPHPEXIV-LEHETERMG EXXEGO --- 0IEVRIHEFSYXGSRHMXMSRERHVIWIEVGLIHJSVWTIIGL -: 8SHE]hREXYVISJTERMGEXXEGOWTISTPIEJJIGXIHERH XVIEXQIRXSTXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-XtWYWYEPP]EKSSHMHIEXSTEYWIFVMIJP]FIJSVI PEYRGLMRK MRXS XLI JMVWX QEMR TSMRX 8LMW MW ERSXLIV [E] SJ WMKREPMRK XLEX ]SY EVI QSZ MRKJVSQXLIMRXVSHYGXMSRXSXLIFSH]
0IXtWWXEVX[MXLREXYVISJTERMGEXXEGOW
h4EYWIh &SH]
1SWX WTIEOIVW JMRH MX LIPTJYP XS HIQEVGEXI XLIFSH]SJXLIWTIIGLMRXLIWTIEOMRKSYX PMRIEW[IPPEWMRXLITVITEVEXMSRSYXPMRI
5YSXEXMSRWEVIYWYEPP][VMXXIRSYXMRJYPPMR XLIWTIEOMRKSYXPMRI 2SXMGILS[XLIFSH]SJXLIWTIIGLJSPPS[WXLI WEQIZMWYEPJSVQEXEWXLITVITEVEXMSRSYXPMRI 8LMW QEOIW XLI SYXPMRI IEW] XS VIEH EX E KPERGI
-RWIVXMRKXVERWMXMSRWQEOIWWYVIXLIWTIEOIV HSIWRtXJSVKIXXLIQ
- 7IZIVIGSRHMXMSR[MXLTL]WMGEPERHQIRXEPW]QTXSQW % (IJMRIHF]2-1, qYRI\TIGXIHERHVITIEXIHITMWSHIW SJMRXIRWIJIEVEGGSQTERMIHF]TL]WMGEPW]QTXSQWr 'SQISYXSJRS[LIVI *I[QMRYXIWXSWIZIVEPLSYVW & 'SQQSRW]QTXSQW 4L]WMGEPhLIEVXFVIEXLHM^^MRIWWRYQFRIWWSV XMRKPMRK 1IRXEPhJIEVHMWEWXIVSVLIPTPIWWRIWWHIXEGLIH JVSQFSH] 2S[]SYORS[REXYVIPSSOEXTISTPIEJJIGXIH
9RHIVPMRMRK VIQMRHW XLI WTIEOIV XS WXVIWW OI][SVHWSVMHIEW
-- %JJIGXQMPPMSRWSJTISTPI % %QIVMGER4W]GLMEXVMG%WWRhQMPPMSR & +VSYTW[MXLLMKLIVMRGMHIRGI 2-1, ;SQIRX[MGIEWSJXIREWQIR 1SWXTISTPIHIZIPSTW]QTXSQWFIJSVIEKI +MZIRWIZIVMX][SRHIVLS[XVIEXIH
8LVSYKLSYXXLISYXPMRIOI][SVHWEVIYWIHXS NSK XLI WTIEOIVtW QIQSV] &IGEYWI XLI JMREP [SVHMRKSJERI\XIQTSVERISYWWTIIGLMWGLS WIR EX XLI QSQIRX SJ HIPMZIV] MX [MPP RSX FI I\EGXP] XLI WEQI EW XLEX MR XLI TVITEVEXMSR SYXPMRI
7SYVGIW SJ WXEXMWXMGW SV XIWXMQSR] WLSYPH FI MRGPYHIHMRXLIWTIEOMRKSYXPMRIXSQEOIWYVI XLIWTIEOIVMHIRXMJMIWXLIQHYVMRKXLIWTIIGL
--- 8[SQENSVSTXMSRWJSVXVIEXQIRX % 1IHMGEXMSR %RXMHITVIWWERXWQSWXTVIWGVMFIH 6IEVVERKIFVEMRtWGLIQMGEPPIZIPW & 'SKRMXMZIFILEZMSVEPXLIVET] 8IGLRMUYIWXSGSRXVSPW]QTXSQWERHJIIPMRKW E &VIEXLMRK F 8LSYKLXTEXXIVRW )JJIGXMZIWE]W'PMRMGEP,ERHFSSOSJ4W]GLSPSKMGEP (MWSVHIVW
h4EYWIh
-XtWYWYEPP]EKSSHMHIEXSTEYWIFIJSVIIRXIV MRKXLIGSRGPYWMSR
'SRGPYWMSR 1SWX WTIEOIVW PEFIP XLI GSRGPYWMSR MR XLI WTIEOMRKSYXPMRIEW[IPPEWMRXLITVITEVEXMSR SYXPMRI -RGPYHMRK OI] MHIEW ERH TLVEWIW JVSQ XLI GSRGPYWMSR NSKW XLI WTIEOIVtW QIQSV] ERH IRWYVIWXLEXXLIWTIIGL[MPPIRHEWTPERRIH
- %W[ILEZIWIIRTERMGEXXEGOWEJJIGXQMPPMSRWSJTISTPI -- *SVXYREXIP]XLIVIEVIXVIEXQIRXWJSVTVIZIRXMRKERHHIEP MRK[MXLEXXEGOW --- -RQ]GEWIFSXLQIHMGEXMSRERHGSKRMXMZIFILEZMSVEP XLIVET]LEZILIPTIH -: 1E]RIZIVFIJVIISJEXXEGOWFYXRS[-ORS[[LEXXLI] EVIERH[LEX-GERHSEFSYXXLIQ
8LI7TIEOMRK3YXPMRI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7911%6= 3YXPMRIWEVIIWWIRXMEPXSIJJIGXMZIWTIIGLIW&]SYXPMRMRK]SYQEOIWYVIXLEXVIPEXIH MHIEWEVIXSKIXLIVXLEX]SYVXLSYKLXWJPS[JVSQSRIXSERSXLIVERHXLEXXLIWXVYG XYVISJ]SYVWTIIGLMWGSLIVIRX=SY[MPPTVSFEFP]YWIX[SOMRHWSJSYXPMRIWJSV]SYV WTIIGLIWh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
/)=8)617 TVITEVEXMSRSYXPMRI
WTIEOMRKSYXPMRI
ZMWYEPJVEQI[SVO
HIPMZIV]GYIW
FMFPMSKVETL]
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;L]MWMXMQTSVXERXXSSYXPMRI]SYVWTIIGLIW# ;LEX MW E TVITEVEXMSR SYXPMRI# ;LEX EVI XLI IMKLX KYMHIPMRIW HMWGYWWIH MR XLI GLETXIVJSV[VMXMRKETVITEVEXMSRSYXPMRI# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;LEXMWEWTIEOMRKSYXPMRI#;LEXEVIJSYVKYMHIPMRIWJSV]SYVWTIEOMRKSYXPMRI#
)<)6'-7)7*36'6-8-'%08,-2/-2+ -RXLIPIJXLERHGSPYQRSRTEKIMWETEVXMEPP]FPEROSYXPMRIJVSQEWTIIGL EFSYXVSFSXW-RXLIVMKLXLERHGSPYQREVVERKIHMRVERHSQSVHIVEVIXLIWYF TSMRXWXSJMPPMRXLISYXPMRI'LSSWIXLIETTVSTVMEXIWYFTSMRXJSVIEGLFPEROMR XLISYXPMRI 8SGSQTPIXIXLMWI\IVGMWISRPMRIKSXSXLIMRXIVEGXMZI3YXPMRI)\IVGMWIWMR XLI7XYH]%MHWJSVXLMWGLETXIVEXGSRRIGXPYGEWGSQ=SY[MPPEPWSJMRHWIZIVEP EHHMXMSREPWGVEQFPIHSYXPMRIWXLEX]SYGERYWIXSLSRI]SYVSYXPMRMRKWOMPPW
',%48)6 3980-2-2+8,)74))',
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
3YXPMRMRKXLI7TIIGL
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
3YXPMRI
7YFTSMRXW
- 6SFSXWLEZIGETXYVIHXLILYQER MQEKMREXMSRJSVGIRXYVMIW
%WXVSREYXWYWIVSFSXWXSTIVJSVQQEMRXIRERGI SRXLI-RXIVREXMSREP7TEGI7XEXMSR -R ;IWXMRKLSYWIGVIEXIHEWIZIRJSSX VSFSXXLEXGSYPH[EPOXEPOFPS[YTFEPPSSRW ERHWQSOIGMKEVIXXIW
% &
8LI]EPWSEPPS[WYVKISRWXSSTIVEXISR TEXMIRXWJVSQXLSYWERHWSJQMPIWE[E]
' -- 8SHE]VSFSXWEVIYWIHMR QER]JMIPHWMRGPYHMRKWTEGI I\TPSVEXMSRERHQIHMGMRI %
6SFSXWLEZIFIGSQIMRHMWTIRWEFPIXSWTEGI I\TPSVEXMSR -R 0ISREVHSHE:MRGMHIWMKRIHE QIGLERMGEPWYMXSJEVQSVXLEXGSYPHWMXYTERH QSZIMXWEVQWRIGOERHNE[ 8LI]GERREZMKEXILSWTMXEPGSVVMHSVWXSHIPMZIV TLEVQEGIYXMGEPW\VE]WERHFERHEKIW -REHHMXMSR2%7%WIRHWVSFSXMGWTEGIGVEJXXS I\TPSVIHMWXERXTPERIXW 6SFSXWEVIFIGSQMRKQSVIERHQSVIMQTSV XERXMRQIHMGMRI
&
-R4MIVVIERH,IRVM.EUYIX(VS^FYMPX HSPPWXLEXGSYPH[VMXITPE]QYWMGERHHVE[ TMGXYVIW
*VSQXLITVITEVEXMSRSYXPMRISRVSFSXW]SYGSRWXVYGXIHMR)\IVGMWIGVIEXIE WTIEOMRKSYXPMRIXLEX]SYQMKLXYWIMRHIPMZIVMRKXLIWTIIGL*SPPS[XLIKYMHI PMRIWJSVEWTIEOMRKSYXPMRIHMWGYWWIHMRXLMWGLETXIV
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
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qPSSOIHPMOIr]SYVGPMIRX ]IXXLII]I[MXRIWWEHQMXXIHXLEXEXXLIXMQISJXLIXLIJX WLI[EWRSX[IEVMRKLIVGSVVIGXMZIPIRWIW[LMGLLEHFIIRTVIWGVMFIHJSVMQTVSZMRK HMWXERGIZMWMSR I 8LIGEV[EWWXSPIREXEFSYX 41 ]SYVGPMIRXXIWXMJMIHXLEXLI[EWMREWQEPPXS[R QMPIWE[E]EX %1 J -REWXEXIQIRXXSTSPMGIXLII]I[MXRIWWHIWGVMFIHXLIXLMIJEWFPSRH ]SYVGPMIRXLEW VIHLEMV
%W]SY [SVOSR XLISYXPMRI SJ ]SYV WTIIGL ]SYWIIXLEXXLIWITSMRXW GER FI SVKERM^IHMRXSXLVIIQEMR TSMRXW IEGL [MXLX[S WYTTSVXMRK TSMRXW 'SQTSWIER SYXPMRIXLEXSVKERM^IWXLITSMRXWMRXLMWQERRIV
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
9WMRK0ERKYEKI
1IERMRKWSJ;SVHW 9WMRK0ERKYEKI%GGYVEXIP] 9WMRK0ERKYEKI'PIEVP] 9WI*EQMPMEV;SVHW 'LSSWI'SRGVIXI;SVHW )PMQMREXI'PYXXIV
9WMRK0ERKYEKI:MZMHP] -QEKIV] 6L]XLQ
9WMRK0ERKYEKI%TTVSTVMEXIP] %TTVSTVMEXIRIWWXSXLI3GGEWMSR %TTVSTVMEXIRIWWXSXLI%YHMIRGI %TTVSTVMEXIRIWWXSXLI8STMG %TTVSTVMEXIRIWWXSXLI7TIEOIV
%2SXISR-RGPYWMZI0ERKYEKI
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
SRXVEV]XSTSTYPEVFIPMIJPERKYEKIHSIWRSXQMVVSVVIEPMX]-XHSIWRSXWMQTP] HIWGVMFIXLI[SVPHEWMXMW-RWXIEHPERKYEKILIPTWGVIEXISYVWIRWISJVIEPMX] F]KMZMRKQIERMRKXSIZIRXW8LI[SVHW[IYWIXSPEFIPERIZIRXHIXIVQMRI XSEKVIEXI\XIRXLS[[IVIWTSRHXSMX
'
*SVI\EQTPIMJ]SYWIIXLIQIHMGEPYWISJWXIQGIPPWEWqMQQSVEPrEWqWGMIR XMJMGEPP]MVVIWTSRWMFPIrERHEWEqZMSPEXMSRSJLYQERPMJIr]SY[MPPPMOIP]STTSWI MX&YXMJ]SYWIIXLIQIHMGEPYWISJWXIQGIPPWEWqQSVEPrEWqWGMIRXMJMGEPP]VIWTSR WMFPIrERHEWE[E]XSqEPPIZMEXITEMRERHWYJJIVMRKr]SY[MPPPMOIP]WYTTSVXMX ;LEX WITEVEXIW XLIWI X[S ZMI[TSMRXW# 2SX XLI GETEFMPMXMIW SJ QSHIVR QIHMGMRI RSXXLIGSRHMXMSRWSJTISTPI[MXLKIRIXMGHMWSVHIVW RSXXLIQIHMGEP TVSGIHYVIW SJ YWMRK WXIQ GIPPW %PP XLSWI EVI XLI WEQI JSV FSXL WMHIW 8LI HMJJIVIRGIMWMRXLIQIERMRKKMZIRXSXLIQF]XLI[SVHWXLEXPEFIPXLIQ ;SVHWEVIXLIXSSPWSJEWTIEOIVtWGVEJX8LI]LEZIWTIGMEPYWIWNYWXPMOIXLI XSSPWSJER]SXLIVTVSJIWWMSR,EZI]SYIZIV[EXGLIHEGEVTIRXIVEX[SVO#8LI NSFXLEX[SYPHXEOI]SYSVQIEGSYTPISJLSYVWMWHSRIF]XLIGEVTIRXIVMR QMRYXIWh[MXLXLIVMKLXXSSPW=SYGERtXHVMZIEREMP[MXLEWGVI[HVMZIVSV XYVR E WGVI[ [MXL E LEQQIV -X MW XLI WEQI [MXL TYFPMG WTIEOMRK =SY QYWX GLSSWIXLIVMKLX[SVHWJSVXLINSF]SY[ERXXSHS +SSHWTIEOIVWEVIE[EVISJXLIQIERMRKSJ[SVHWhFSXLXLIMVSFZMSYWERH XLIMVWYFXPIQIERMRKW8LI]EPWSORS[LS[XSYWIPERKYEKIEGGYVEXIP]GPIEVP]ZMZ MHP]ETTVSTVMEXIP]ERHMRGPYWMZIP]8LMWGLETXIV[MPPI\TPSVIIEGLSJXLIWIEVIEW
1IERMRKWSJ;SVHW
HIRSXEXMZIQIERMRK 8LIPMXIVEPSVHMGXMSREV] QIERMRKSJE[SVHSV TLVEWI
GSRRSXEXMZIQIERMRK 8LIQIERMRKWYKKIWXIH F]XLIEWWSGMEXMSRWSV IQSXMSRWXVMKKIVIHF] E[SVHSVTLVEWI
;SVHW LEZI X[S OMRHW SJ QIERMRKWhHIRSXEXMZI ERH GSRRSXEXMZI (IRSXEXMZI QIERMRKMWTVIGMWIPMXIVEPERHSFNIGXMZI-XHIWGVMFIWXLISFNIGXTIVWSRTPEGI MHIESVIZIRXXS[LMGLXLI[SVHVIJIVW3RI[E]XSXLMROSJE[SVHtWHIRSXEXMZI QIERMRK MW EW MXW HMGXMSREV] HIJMRMXMSR *SV I\EQTPI HIRSXEXMZIP] XLI RSYR qWGLSSPrQIERWqETPEGIMRWXMXYXMSRSVFYMPHMRK[LIVIMRWXVYGXMSRMWKMZIRr 'SRRSXEXMZIQIERMRKMWQSVIZEVMEFPIJMKYVEXMZIERHWYFNIGXMZI8LIGSR RSXEXMZIQIERMRKSJE[SVHMW[LEXXLI[SVHWYKKIWXWSVMQTPMIW*SVMRWXERGI XLIGSRRSXEXMZIQIERMRKSJXLI[SVHqWGLSSPrMRGPYHIWEPPXLIJIIPMRKWEWWS GMEXMSRWERHIQSXMSRWXLEXXLI[SVHXSYGLIWSJJMRHMJJIVIRXTISTPI*SVWSQI TISTPI qWGLSSPr QMKLX GSRRSXI TIVWSREP KVS[XL GLMPHLSSH JVMIRHW ERH E WTIGMEPXIEGLIV*SVSXLIVWMXQMKLXGSRRSXIJVYWXVEXMSRHMWGMTPMRIERHFSVMRK LSQI[SVOEWWMKRQIRXW 'SRRSXEXMZIQIERMRKKMZIW[SVHWXLIMVMRXIRWMX]ERHIQSXMSREPTS[IV-X EVSYWIW MR PMWXIRIVW JIIPMRKW SJ ERKIV TMX] PSZI JIEV JVMIRHWLMT RSWXEPKME KVIIHKYMPXERHXLIPMOI7TIEOIVWPMOITSIXWSJXIRYWIGSRRSXEXMSRXSIRVMGL XLIMVQIERMRK*SVI\EQTPI 8IVVSVMWXWRIMXLIVPMWXIRXSVIEWSRRSVIRKEKIMRVIEWSRMRK[MXLSXLIVW8LIMVEMQMWXS KIRIVEXIJIEVhXSJVMKLXIRTISTPIMRXSWYFQMWWMSR8LI]QIEWYVIWYGGIWWF]XLIQEKRMXYHI SJXLIJIEVXLI]KIRIVEXIXLVSYKLFVYXEPWEZEKIEGXWSJZMSPIRGI8IVVSVMWXWEVITVITEVIH XSOMPPXSJYVXLIV[LEXIZIVGEYWIXLI]GPEMQXSFITYVWYMRK%RHXLILIMRSYWRIWWSJXLIWI QYVHIVW MW EGGIRXYEXIH F] XLI JEGX XLEX XIVVSVMWXW QYVHIV [MXLSYX TEWWMSR 8LI] QYVHIV [MXLGSSPHIPMFIVEXMSRERHHIPMFIVEXITPERRMRK8LI]EVIYXXIVP]EQSVEP
8LI YRHIVPMRIH [SVHW MR XLMW TEWWEKI LEZI TS[IVJYP GSRRSXEXMSRW XLEX EVI EPQSWXGIVXEMRXSTVSHYGIEWXVSRKIQSXMSREPVIZYPWMSRXSXIVVSVMWQ
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;SVHWEVIXLIXSSPWSJXLI WTIEOIVtWGVEJX+SSHWTIEO IVWYWIXLIQEGGYVEXIP]ERH GSVVIGXP]8LI]EPWSYWIPER KYEKIXLEX[MPPFIGPIEV ZMZMHERHETTVSTVMEXIJSV XLIMVPMWXIRIVW
,IVI MR GSRXVEWX MW ERSXLIV ZIVWMSR SJ XLI WEQI WXEXIQIRXhXLMW XMQI YWMRK[SVHW[MXLEHMJJIVIRXWIXSJGSRRSXEXMSRW 8IVVSVMWXWHSRSXWIIOXSRIKSXMEXI[MXLXLIMVSTTSRIRXW8LI]WIIOZMGXSV]F]YWMRK TSPMXMGEPERHTW]GLSPSKMGEPTVIWWYVIMRGPYHMRKEGXWSJZMSPIRGIXLEXQE]IRHERKIVXLIPMZIW SJWSQITISTPI8SXLIXIVVSVMWXYPXMQEXISFNIGXMZIWEVIQSVIMQTSVXERXXLERXLIQIERW YWIHXSEGLMIZIXLIQ
;MXLXLII\GITXMSRSJqXIVVSVMWXrXLI[SVHWMRXLMWWXEXIQIRXEVIPIWWPMOIP]XS IZSOIERMRXIRWIP]RIKEXMZIVIWTSRWIXLERXLSWIMRXLIJMVWXWXEXIQIRX ;LMGLWXEXIQIRXMWTVIJIVEFPI#8LEXHITIRHWSRXLIEYHMIRGIXLISGGEWMSR ERHXLIWTIEOIVtWTYVTSWI(S]SY[ERXXSWXMVYT]SYVPMWXIRIVWtIQSXMSRWVEPP] XLIQXSWSQIGEYWI#8LIRWIPIGX[SVHW[MXLQSVIMRXIRWIGSRRSXEXMZIQIER MRKW3VEVI]SYEHHVIWWMRKEGSRXVSZIVWMEPMWWYIERHXV]MRKXSWIIQGSQTPIXIP] MQTEVXMEP#8LIRWXMGO[MXL[SVHWXLEXXSYGLSJJPIWWMRXIRWIVIEGXMSRW'LSSWMRK [SVHWWOMPPJYPP]JSVXLIMVHIRSXEXMZIERHGSRRSXEXMZIQIERMRKWMWEGVYGMEPTEVX SJXLIWTIEOIVtWGVEJX
9WMRK0ERKYEKI%GGYVEXIP]
9WMRKPERKYEKIEGGYVEXIP]MWEWZMXEPXSEWTIEOIVEWYWMRKRYQFIVWEGGYVEXIP] MW XS ER EGGSYRXERX 3RI WXYHIRX JSYRH XLMW SYX XLI LEVH [E] -R E WTIIGL EFSYX%QIVMGEtWGVMQMREPNYWXMGIW]WXIQLIVIJIVVIHWIZIVEPXMQIWXSqGVMQMREP TIVWIGYXMSRr ;LEX LI QIERX SJ GSYVWI [EW qGVMQMREP TVSWIGYXMSRr 8LMW SRI IVVSV ZMVXYEPP] VYMRIH LMW WTIIGL %W SRI SJ LMW GPEWWQEXIW WEMH q,S[ GER - FIPMIZI[LEX]SYWE]EFSYXSYVGSYVXW[LIR]SYHSRtXIZIRORS[XLIHMJJIV IRGIFIX[IIRTVSWIGYXMSRERHTIVWIGYXMSR#r *SVXYREXIP]WYGLSYXVMKLXFPYRHIVWEVIVIPEXMZIP]VEVIEQSRKGSPPIKIWXY HIRXW,S[IZIV[IEPPGSQQMXQSVIWYFXPIIVVSVWhIWTIGMEPP]YWMRKSRI[SVH
9WMRK0ERKYEKI%GGYVEXIP]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0SSOMRK JSV NYWX XLI VMKLX [SVH XS I\TVIWW ]SYV MHIEW# 8LIVItW E KSSH GLERGI ]SY [MPP JMRH MX EX 1IVVMEQ;IFWXIV 3RPMRI [[[QIVVMEQ[IFWXIVGSQ -R EHHMXMSR XS TVSZMHMRK E HMGXMSREV] ERH XLIWEYVYW XLMW WMXI GSRXEMRW PMROW XS E RYQFIVSJPERKYEKIVIPEXIHMXIQWJVSQ1IVVMEQ;IFWXIV
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
XLIWEYVYW %FSSOSJW]RSR]QW
%VI ]SY E RSRREXMZI WTIEOIV SJ )RKPMWL# -J WS ]SY [MPP JMRH QER] LIPTJYP VIWSYVGIW SR XLI ;IF 3RI SJ XLI FIWX MW 3LMS 9RMZIVWMX]tW 6IWSYVGIW JSV )70 0IEVRIVW [[[SLMSYIHYPMRKYMWXMGWIWP [LMGL TVSZMHIW HS^IRW SJ PMROW SR WYFNIGXWWYGLEWKVEQQEVZSGEFYPEV]VIEHMRK[VMXMRKERHWTIEOMRK
[LIRERSXLIV[MPPGETXYVISYVMHIEWQSVITVIGMWIP])ZIV][SVHLEWWLEHIWSJ QIERMRKXLEXHMWXMRKYMWLMXJVSQIZIV]SXLIV[SVH%W1EVO8[EMRWEMHq8LI HMJJIVIRGIFIX[IIRXLIVMKLX[SVHERHXLIEPQSWXVMKLX[SVHMWXLIHMJJIVIRGI FIX[IIRPMKLXRMRKERHXLIPMKLXRMRKFYKr -J ]SY PSSO MR E XLIWEYVYW ]SYtPP JMRH XLI JSPPS[MRK [SVHW KMZIR EW W]RSR]QW ZMGXSV]
EGGSQTPMWLQIRX
WYGGIWW
%PP QIER VSYKLP] XLI WEQI XLMRKhE JEZSVEFPI SYXGSQI &YX EPP XLIWI [SVHW LEZIHMJJIVIRXWLEHIWSJQIERMRK7IIMJ]SYGERJMPPMRXLIFIWX[SVHXSGSQ TPIXIIEGLSJXLIWIRXIRGIWFIPS[ 1 ] QSWX MQTSVXERX GEPGYPYW
XLMW ]IEV [EW KIXXMRK ER % MR
4VM]EtW FYWMRIWW [SVOERHWXVIIXWQEVXW
VIWYPXW JVSQ E GSQFMREXMSR SJ LEVH
4EYPtW SR XLI TEVEPPIP FEVW KEZI LMQ GSRJMHIRGI XS TYVWYIXLIKSPHQIHEPJSVFIWXEPPEVSYRHK]QREWX 8LIFIWXERW[IVWJSVXLIJSYVWXEXIQIRXWEVI EGGSQTPMWLQIRX
WYGGIWW
ZMGXSV]
)EGLSJXLI[SVHWQIERWWSQIXLMRKEPMXXPIHMJJIVIRXJVSQXLISXLIVWERHIEGL WE]WWSQIXLMRKWTIGMEPXSPMWXIRIVW %W ]SY TVITEVI ]SYV WTIIGLIW EWO ]SYVWIPJ GSRWXERXP] q;LEX HS - VIEPP] [ERXXSWE]#;LEXHS-VIEPP]QIER#r;LIRMRHSYFXGSRWYPXEHMGXMSREV]SV XLIWEYVYWXSQEOIWYVI]SYLEZIXLIFIWX[SVHWXSI\TVIWW]SYVMHIEW
9WMRK0ERKYEKI'PIEVP] 4ISTPIEVIHMJJIVIRX;LEXQEOIWTIVJIGXWIRWIXSWSQIQE]FIKSFFPIH]KSSO XSSXLIVW=SYGERRSXEWWYQIXLEX[LEXMWGPIEVXS]SYMWGPIEVXS]SYVEYHM IRGI 0MWXIRIVW YRPMOI VIEHIVW GERRSX XYVR XS E HMGXMSREV] SV VIVIEH ER EYXLSVtW [SVHW XS HMWGSZIV XLIMV QIERMRK % WTIEOIVtW QIERMRK QYWX FI MQQIHMEXIP]GSQTVILIRWMFPI MXQYWXFIWSGPIEVXLEXXLIVI MW RSGLERGISJ QMWYRHIVWXERHMRK=SYGERIRWYVIXLMWF]YWMRKJEQMPMEV[SVHWF]GLSSWMRK GSRGVIXI[SVHWSZIVEFWXVEGX[SVHWERHF]IPMQMREXMRKZIVFEPGPYXXIV
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
97)*%1-0-%6;36(7 3RI SJ XLI FMKKIWX FEVVMIVW XS GPIEV WTIIGL MW YWMRK FMK FPSEXIH [SVHW [LIVI WLSVXWLEVTSRIW[MPPHSXLINSFFIXXIV8LMWMWIWTIGMEPP]XVYI[LIRMXGSQIW XSXIGLRMGEPPERKYEKIXLEXQE]FIJEQMPMEVXSXLIWTIEOIVFYXRSXXSXLIEYHM IRGI=IXMJ]SY[SVOEXMX]SY[MPPEPQSWXEP[E]WFIEFPIXSXVERWPEXIIZIRXLI QSWXWTIGMEPM^IHXSTMGMRXSGPIEVJEQMPMEVPERKYEKI ,IVIJSVMRWXERGIEVIXLVIITEWWEKIWI\TPEMRMRKXLIHIZEWXEXMRKIJJIGXWSJ E TVIKRERX [SQERtW HVMROMRK SR LIV YRFSVR GLMPH 8LI JMVWX TEWWEKI MW MR QIHMGEPNEVKSRERHMXHIJMIWGSQTVILIRWMSRF]SVHMREV]PMWXIRIVW %PGSLSP GSRWYQTXMSR F] XLI TVIKRERX [SQER WIVMSYWP] MRJPYIRGIW XLI MRXVEYXIVMRI QMPMIYERHXLIVIJSVIGSRXVMFYXIWXSXLIQSVFMHMX]ERHQSVXEPMX]SJGLMPHVIRFSVRXSXLIWI QSXLIVW -R VIKEVH XS XLI TEXLSTL]WMSPSK] SJ XLMW W]RHVSQI KIRIXMG TSP]QSVTLMWQ SJ IR^]QIW JSV IXLERSP QIXEFSPMWQ QE] EPXIV JIXEP WYWGITXMFMPMX] 8LIVI QE] EPWS FI TSSV QMGVSWSQEPSVQMXSGLSRHVMEPJYRGXMSRSVHIGVIEWIH%84EGXMZMX]
)ZIRERIHYGEXIHTIVWSR[MXLSYXEQIHMGEPFEGOKVSYRH[SYPHLEZIXVSY FPI[MXLqTEXLSTL]WMSPSK]rERHqTSP]QSVTLMWQrERHqQMXSGLSRHVMEPr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
;IPPMRJSVQIH PMWXIRIVW GSYPH TVSFEFP] JMKYVI SYX qHIPIXIVMSYW IJJIGXWr qGIRXVEPRIVZSYWW]WXIQ H]WJYRGXMSRWr ERH qJEGMEP EFIVVEXMSRWr &YX XLIWI XIVQWHSRtXGVIEXIEWLEVTQIRXEPMQEKISJ[LEXXLIWTIEOIVMWXV]MRKXSWE] ;IWXMPPRIIHXSKSSRIWXITJYVXLIVE[E]JVSQQIHMGEPNEVKSRXS[EVHSVHM REV]PERKYEKI 7S[IGSQIXSXLIXLMVHTEWWEKI[LMGLMWYXXIVP]GPIEV-XWLS[W[LEXGER FIHSRI[MXL[SVOMQEKMREXMSRERHELIEPXL]VIWTIGXJSVIZIV]HE][SVHW ;LIR XLI I\TIGXERX QSXLIV HVMROW EPGSLSP MW EFWSVFIH MRXS LIV FPSSHWXVIEQ ERH HMWXVMFYXIH XLVSYKLSYX LIV IRXMVI FSH] %JXIV E JI[ FIIVW SV E GSYTPI SJ QEVXMRMW WLI FIKMRWXSJIIPXMTW]ERHHIGMHIWXSWSFIVYT7LIKVEFWEGYTSJGSJJIIX[SEWTMVMRERH XEOIWEPMXXPIRET%JXIVE[LMPIWLItPPFIJMRI &YX [LMPI WLI WPIITW XLI JIXYW MW WYVVSYRHIH F] XLI WEQI EPGSLSPMG GSRXIRX EW MXW QSXLIVLEH%JXIVFIMRKHVS[RIHMREPGSLSPXLIJIXYWFIKMRWXSJIIPXLIIJJIGX&YXMXGERtX WSFIVYT-XGERtXKVEFEGYTSJGSJJII-XGERtXKVEFEGSYTPISJEWTMVMR*SVXLIJIXYWtWPMZIV XLIOI]SVKERMRVIQSZMRKEPGSLSPJVSQXLIFPSSHMWNYWXRSXHIZIPSTIH8LIJIXYWMWPMXIV EPP]TMGOPIHMREPGSLSP
8LMWOMRHSJTPEMRXEPOMW[LEXPMWXIRIVW[ERX=SYGERRSXKS[VSRKF]JSP PS[MRK XLIEHZMGISJ ;MRWXSR'LYVGLMPPXSWTIEOMRqWLSVXLSQIP][SVHWSJ GSQQSR YWEKIr -J ]SY XLMRO FMK [SVHW SV E PSX SJ [SVHW EVI RIIHIH XS MQTVIWWPMWXIRIVWFIEVMRQMRHXLEXXLI+IXX]WFYVK%HHVIWWhGSRWMHIVIHXLIJMRIWX
9WMRK0ERKYEKI'PIEVP]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WTIIGLMRXLI)RKPMWLPERKYEKIhGSRXEMRW[SVHWSJ[LMGLLEZISRP] SRISVX[SW]PPEFPIW
',337)'32'6)8);36(7 GSRGVIXI[SVHW ;SVHWXLEXVIJIVXS XERKMFPISFNIGXW
EFWXVEGX[SVHW ;SVHWXLEXVIJIVXSMHIEW SVGSRGITXW
'SRGVIXI [SVHW VIJIV XS XERKMFPI SFNIGXWhTISTPI TPEGIW ERH XLMRKW 8LI] HMJJIVJVSQEFWXVEGX[SVHW[LMGLVIJIVXSKIRIVEPGSRGITXWUYEPMXMIWSVEXXVMFYXIW q'EVVSXrqTIRGMPrqRSWIrERHqHSSVrEVIGSRGVIXI[SVHWq,YQMPMX]rqWGMIRGIr qTVSKVIWWrERHqTLMPSWSTL]rEVIEFWXVEGX[SVHW 3J GSYVWI JI[ [SVHW EVI GSQTPIXIP] EFWXVEGX SV GSRGVIXI q%TTPI TMIr MW GSRGVIXIFYXMRXLI9RMXIH7XEXIWXLITLVEWIEPWSLEWEFWXVEGXZEPYIWSJTEXVMS XMWQ ERH GSRZIRXMSREP QSVEPW 9WYEPP] XLI QSVI WTIGMJMG E [SVH XLI QSVI GSRGVIXIMXMW0IXYWWE]]SYEVIXEPOMRKEFSYXKSPJ,IVIEVIWIZIVEP[SVHWERH TLVEWIW]SYQMKLXYWI TL]WMGEPEGXMZMX]
EFWXVEGXKIRIVEP
WTSVXW KSPJ TVSJIWWMSREPKSPJ 8MKIV;SSHW
GSRGVIXIWTIGMJMG
%W ]SYQSZI HS[RXLIPMWXXLI[SVHWFIGSQIPIWWEFWXVEGX ERH QSVIGSRGVIXI =SY FIKMR [MXL E KIRIVEP GSRGITX TL]WMGEP EGXMZMX] HIWGIRH XS SRI X]TI SJ EGXMZMX] WTSVXW XSETEVXMGYPEVWTSVX KSPJ XSEHMZMWMSRSJXLEXWTSVX TVSJIW WMSREPKSPJ XSSRIWTIGMJMGTVSJIWWMSREPKSPJIV 8MKIV;SSHW %PXLSYKL EFWXVEGX [SVHW EVI RIGIWWEV] XS I\TVIWW GIVXEMR OMRHW SJ MHIEW XLI] EVIQYGL IEWMIV XS QMWMRXIVTVIX XLER EVI GSRGVIXI [SVHW %PWS GSRGVIXI [SVHW EVI QYGL QSVI PMOIP] XS GPEMQ ]SYV PMWXIRIVWt EXXIRXMSR 7YTTSWI ]SY QEOIEWTIIGLEFSYXJMVIERXW[LMGLLEZIPSRKTPEKYIHXLI7SYXLERHEVIRS[ EXXEGOMRK[IWXIVRWXEXIW,IVIEVIX[S[E]W]SYGSYPHETTVSEGLXLIWYFNIGXh SRIJIEXYVMRKEFWXVEGX[SVHWXLISXLIVGSRGVIXI[SVHW %FWXVEGX;SVHW *MVIERXWLEZIFIIRETVSFPIQIZIVWMRGIXLI]EVVMZIHMRXLI9RMXIH7XEXIW8LI]LEZI WTVIEHEGVSWWXLI7SYXLERHRS[XLVIEXIRZEVMSYWTEVXWSJXLI;IWXEW[IPP8LMWMWEWIVM SYWTVSFPIQFIGEYWIJMVIERXWEVILMKLP]EKKVIWWMZI8LIVILEZIIZIRFIIRLYQERGEWYEP XMIWJVSQJMVIERXWXMRKW
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
2SXMGILS[QYGLQSVITIVWYEWMZIXLIWIGSRHZIVWMSRMW%WTIIGLHSQM REXIHF]GSRGVIXI [SVHW [MPP EPQSWX EP[E]W FI GPIEVIV QSVI MRXIVIWXMRK ERH IEWMIVXSVIGEPPXLERSRIHSQMREXIHF]EFWXVEGX[SVHW
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)ZIR[LIRHMWGYWWMRK XIGLRMGEPWYFNIGXWIJJIGXMZI WTIEOIVWWYGLEWFMSPSKMWX *VERGMW'SPPMRWPSSOJSV[E]W XSGSQQYRMGEXIXLIMVMHIEW MRGPIEVJEQMPMEVPERKYEKI
)0-1-2%8)'0988)6 'PYXXIVIHWTIIGLLEWFIGSQIEREXMSREPITMHIQMG;LEXIZIVLETTIRIHXSWYGL WMQTPI [SVHW EW qFIJSVIr qMJr ERH qRS[r# ;LIR PEWX WIIR XLI] [IVI FIMRK VSYXIHF]XLIMVGPYXXIVIHGSYRXIVTEVXW qTVMSVXSrqMRXLIIZIRXYEPMX]SJrERH qEXXLMWTSMRXMRXMQIr&]XLIWEQIXSOIR[L]GERtX[IEXLIVJSVIGEWXIVWWE] q-XtWVEMRMRKrMRWXIEHSJWE]MRKq-XETTIEVWEWMJ[IEVIGYVVIRXP]I\TIVMIRGMRK TVIGMTMXEXMSR EGXMZMX]r# %RH [L] GERtX TSPMXMGMERW WE] q;I LEZI E GVMWMWr MRWXIEHSJWE]MRKq;IEVIJEGMRKEHMJJMGYPXGVMWMWWMXYEXMSRXLEX[MPPFIXVSYFPI WSQIXSWYGGIWWJYPP]VIWSPZIr# 8LMW X]TI SJ GPYXXIV JSVGIW PMWXIRIVW XS LEGO XLVSYKL E XERKPI SJ [SVHW XS HMWGSZIVXLIQIERMRK;LIR]SYQEOIEWTIIGLOIIT]SYVPERKYEKIPIERERH PMZIP]&I[EVISJYWMRKWIZIVEP[SVHW [LIVISRISV X[S[MPP HS%ZSMHJPEFF] TLVEWIW 0IX ]SYV MHIEW IQIVKI WLEVTP] ERH JMVQP] %FSZI EPP [EXGL SYX JSV VIHYRHERXEHNIGXMZIWERHEHZIVFW-RI\TIVMIRGIHWTIEOIVW ERH[VMXIVW XIRHXS WXVMRK XSKIXLIV X[S SV XLVII W]RSR]QSYW EHNIGXMZIW WYGL EW qE PIEVRIH ERH IHYGEXIHTIVWSRrSVqELSXWXIEQ]XSVVMHHE]r ,IVIMWTEVXSJEWXYHIRXWTIIGLXLEXLEWFIIRVIZMWIHXSIPMQMREXIGPYXXIV
GPYXXIV (MWGSYVWIXLEXXEOIWQER] QSVI[SVHWXLEREVI RIGIWWEV]XSI\TVIWWERMHIE
7MXXMRK &YPP [EW SRI SJ XLI QSWX MQTSVXERX ERH WMKRMJMGERX SJ EPP 2EXMZI %QIVMGER
TVIWIRXHE] PIEHIVW,I[EWFSVRMRXLI]IEVSJ RIEV+VERH6MZIVMREREVIEXLEXMWRS[TEVXSJ
[EW XLIWXEXISJ7SYXL(EOSXE%JIEVPIWWERHGSYVEKISYW[EVVMSVLIIRHIHYTFIMRKIPIGXIH GLMIJSJXLI,YROTETE7MSY\MR -RXLIJSPPS[MRK]IEVWLIEPWSEXXVEGXIHEPEVKIERH RYQIVSYW JSPPS[MRKEQSRKXLI XVMFIWSJXLI 'LI]IRRIERH%VETELS ,IMW FIWXORS[R
XSHE]
HIJIEXMRK
XS TISTPI MR XLMW HE] ERH EKI JSV LMW MRWXVYQIRXEP VSPI MR LIPTMRK XS PIEH XLI HIJIEX SJ
9WMRK0ERKYEKI'PIEVP]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
JSVGIH +IRIVEP'YWXIVEXXLI&EXXPISJ0MXXPI&MK,SVRMR %PXLSYKLIZIRXYEPP]VIUYMVIHEKEMRWX LMW[MPPXSPMZILMWPMJISRXLI7XERHMRK6SGO6IWIVZEXMSRMR7SYXL(EOSXELIRIZIVWYVVIRHIVIH XSER]SRILMWHMKRMX]SVLMWTIVWSREPHIZSXMSRXSXLI7MSY\[E]SJPMJI
2SXMGILS[QYGLGPIERIVERHIEWMIVXSJSPPS[XLIVIZMWIHZIVWMSRMW2SPSRKIV EVIXLIWTIEOIVtWMHIEWLMHHIRMREXLMGOIXSJ[EWXIH[SVHW 8LMW OMRH SJ TVYRMRK MW IEW] SRGI ]SY KIX XLI OREGO SJ MX 8LI LEVHIWX TEVXhERHMXMWSJXIRZIV]LEVHhMWVIGSKRM^MRKGPYXXIVERHJSVGMRK]SYVWIPJXS XLVS[ E[E] XLI YRRIGIWWEV] [SVHW ;EXGL JSV GPYXXIV [LIR ]SY [VMXI ]SYV WTIIGL SYXPMRIW &I TVITEVIH XS VIZMWI XLI SYXPMRI YRXMP ]SYV MHIEW IQIVKI GPIEVP]ERHGVMWTP] =SY GER EPWS LIPT IPMQMREXI GPYXXIV F] TVEGXMGMRK ]SYV WTIIGLIW [MXL E HMKMXEPVIGSVHIV%W]SYTPE]XLIWTIIGLFEGOOIITERIEVSYXRSXNYWXJSVJPEFF] TLVEWIWFYXJSVZIVFEPJMPPIVWWYGLEWq]SYORS[rqPMOIrERHqVIEPP]r4VEGXMGI HIPMZIVMRK XLI WTIIGL EKEMR XLMW XMQI QEOMRK E WTIGMEP IJJSVX XS XVMQ MX SJ [EWXIH SV HMWXVEGXMRK [SVHW 8LMW [MPP RSX SRP] QEOI ]SY E FIXXIV TYFPMG WTIEOIVFYXMX[MPPLIPT]SYTVIWIRXMHIEWQSVIIJJIGXMZIP]MRQIIXMRKWGSRZIV WEXMSRWERHKVSYTHMWGYWWMSRW
9WMRK0ERKYEKI:MZMHP] .YWXEW]SYGER FIEGGYVEXI[MXLSYXFIMRK GPIEVWS]SYGER FIFSXLEGGYVEXI ERHGPIEV[MXLSYXFIMRKMRXIVIWXMRK,IVIJSVI\EQTPIMWLS[1EVXMR0YXLIV /MRKQMKLXLEZITLVEWIHTEVXSJLMWKVIEXq-,EZIE(VIEQrWTIIGL 8YVRMRKFEGOMWWSQIXLMRK [IGERRSXHS;IQYWXGSRXMRYI XS[SVOEKEMRWXTSPMGI FVYXEPMX]WIKVIKEXIHLSYWMRKHMWJVERGLMWIQIRXERHEPMIREXMSR3RP][LIRXLIWITVSFPIQW EVIWSPZIH[MPP[IFIWEXMWJMIH
,IVIMW[LEX/MRKEGXYEPP]WEMH ;IGERRSXXYVRFEGO8LIVIEVIXLSWI[LSEWOXLIHIZSXIIWSJGMZMPVMKLXWq;LIR[MPP ]SY FI WEXMWJMIH#r ;I GER RIZIV FI WEXMWJMIH EW PSRK EW XLI 2IKVS MW XLI ZMGXMQ SJ XLI YRWTIEOEFPILSVVSVWSJTSPMGIFVYXEPMX];IGERRIZIVFIWEXMWJMIHEWPSRKEWSYVFSHMIW LIEZ][MXLXLIJEXMKYISJXVEZIPGERRSXKEMRPSHKMRKMRXLIQSXIPWSJXLILMKL[E]WERHXLI LSXIPWSJXLIGMXMIW;IGERRSXFIWEXMWJMIHEWPSRKEWE2IKVSMR1MWWMWWMTTMGERRSXZSXI ERHE2IKVSMR2I[=SVOFIPMIZIWLILEWRSXLMRKJSV[LMGLXSZSXI2SRS[IEVIRSX WEXMWJMIHERH[I[MPPRSXFIWEXMWJMIHYRXMPNYWXMGIVSPPWHS[RPMOI[EXIVWERHVMKLXISYWRIWW PMOIEQMKLX]WXVIEQ
1YGLQSVIWXMVVMRKMWRtXMX#-J]SY[ERXXSQSZITISTPI[MXL]SYVWTIIGLIW YWIZMZMHERMQEXIHPERKYEKI%PXLSYKLXLIVIEVIWIZIVEP[E]WXSHSXLMWX[S SJXLIQSWXMQTSVXERXEVIMQEKIV]ERHVL]XLQ
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-1%+)6= 3RIWMKRSJEKSSHRSZIPMWXMWXLIEFMPMX]XSGVIEXI [SVH TMGXYVIW XLEX PIX ]SY qWIIr XLI LEYRXIH LSYWI SV qLIEVr XLI FMVHW GLMVTMRK SR E [EVQ WTVMRKQSVRMRKSVqXEWXIrXLILSXIRGLMPEHEWEXE 1I\MGERVIWXEYVERX 7TIEOIVW GER YWI MQEKIV] MR QYGL XLI WEQI [E]XSQEOIXLIMVMHIEWGSQIEPMZI8LVII[E]WXS KIRIVEXI MQEKIV] EVI F] YWMRK GSRGVIXI [SVHW WMQMPIERHQIXETLSV
'SRGVIXI;SVHW %W [I WE[ IEVPMIV MR XLMW GLETXIV GLSSWMRK GSR GVIXI [SVHW SZIV EFWXVEGX [SVHW MW SRI [E] XS IRLERGI XLI GPEVMX] SJ ]SYV WTIIGLIW 'SRGVIXI [SVHWEVIEPWSXLIOI]XSIJJIGXMZIMQEKIV]'SR WMHIVXLIJSPPS[MRKI\GIVTXJVSQ6SREPH6IEKERtW JEQSYW EHHVIWW GSQQIQSVEXMRK XLI XL ERRM ZIVWEV] SJ ((E] 7TIEOMRK EX XLI WGIRI SJ XLI FEXXPI 6IEKER HVEQEXMGEPP] VIGSYRXIH XLI LIVS MWQ SJ XLI 97 6ERKIVW [LS WGEPIH XLI GPMJJW EX 4SMRXI HY ,SG XS LIPT JVII )YVSTI JVSQ ,MXPIVtW WXVERKPILSPH
'PIEVZMZMHYRGPYXXIVIHPERKYEKIMWELEPPQEVOSJ8LSQEW *VMIHQERtWWTIIGLIW8LI4YPMX^IV4VM^I[MRRMRKNSYVREPMWX KMZIWEKVIEXHIEPSJXLSYKLXXSJMRHMRKNYWXXLIVMKLX[SVHW XSI\TVIWWLMWMHIEW
;IWXERHSREPSRIP][MRHW[ITXTSMRXSRXLIRSVXLIVRWLSVISJ*VERGI8LIEMVMWWSJX FYX]IEVWEKSEXXLMWQSQIRXXLIEMV[EWHIRWI[MXLWQSOIERHXLIGVMIWSJQIRERH XLIEMV[EWJMPPIH[MXLXLIGVEGOSJVMJPIJMVIERHXLIVSEVSJGERRSR %XHE[RSRXLIQSVRMRKSJXLIXLSJ.YRI 6ERKIVWNYQTIHSJJXLI&VMX MWLPERHMRKGVEJXERHVERXSXLIFSXXSQSJXLIWIGPMJJW8LI6ERKIVWPSSOIHYTERHWE[ XLIIRIQ]WSPHMIVWhEXXLIIHKISJXLIGPMJJWWLSSXMRKHS[REXXLIQ[MXLQEGLMRIKYRW ERHXLVS[MRKKVIREHIW%RHXLI%QIVMGER6ERKIVWFIKERXSGPMQF8LI]WLSXVSTIPEHHIVW SZIVXLIJEGISJXLIWIGPMJJWERHFIKERXSTYPPXLIQWIPZIWYT ;LIR SRI 6ERKIV JIPP ERSXLIV [SYPH XEOI LMW TPEGI ;LIR SRI VSTI [EW GYX E 6ERKIV [SYPH KVEF ERSXLIV ERH FIKMR LMW GPMQF EKEMR 8LI] GPMQFIH WLSX FEGO ERH LIPHXLIMVJSSXMRK7SSRSRIF]SRIXLI6ERKIVWTYPPIHXLIQWIPZIWSZIVXLIXSTERH MRWIM^MRKXLIJMVQPERHEXXLIXSTSJXLIWIGPMJJWXLI]FIKERXSWIM^IFEGOXLIGSRXMRIRX SJ)YVSTI
'SRGVIXI [SVHW GEPP YT QIRXEP MQTVIWWMSRW SJ WMKLXW WSYRHW XSYGL WQIPP ERH XEWXI -R 6IEKERtW WTIIGL [I HS RSX QIVIP] PIEVR XLEX XLI 97 6ERKIVWLIPTIH[MRXLIFEXXPISJ((E];IZMWYEPM^IXLI6ERKIVWPERHMRKEX XLIJSSXSJXLIGPMJJW;IWIIXLIQJMKLXMRKXLIMV[E]YTXLIGPMJJWMRXLIJEGI SJIRIQ]KVIREHIWERHQEGLMRIKYRW;ILIEVXLIGVEGOSJVMJPIJMVIERHXLI GVMIWSJXLIWSPHMIVW8LIGSRGVIXI[SVHWGVIEXIMQEKIWXLEXTYPPYWMVVIWMWXMFP] MRXSXLIWTIIGL
MQEKIV] 8LIYWISJZMZMHPERKYEKIXS GVIEXIQIRXEPMQEKIWSJ SFNIGXWEGXMSRWSVMHIEW
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ 6SREPH6IEKERtWWTIIGLEX 4SMRXIHY,SGMRXLISRPMRI 1IHME0MFVEV]JSVXLMWGLET XIV :MHIS'PMT
7MQMPI %RSXLIV[E]XSGVIEXIMQEKIV]MWXLVSYKLXLIYWISJWMQMPI7MQMPIMWERI\TPMGMX GSQTEVMWSRFIX[IIRXLMRKWXLEXEVIIWWIRXMEPP]HMJJIVIRX]IXLEZIWSQIXLMRKMR
9WMRK0ERKYEKI:MZMHP]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
GSQQSR-XEP[E]WGSRXEMRWXLI[SVHWqPMOIrSVqEWr,IVIEVIWSQII\EQTPIW JVSQWXYHIRXWTIIGLIW
WMQMPI %RI\TPMGMXGSQTEVMWSR MRXVSHYGIH[MXLXLI[SVHqPMOIr SVqEWrFIX[IIRXLMRKWXLEXEVI IWWIRXMEPP]HMJJIVIRX]IXLEZI WSQIXLMRKMRGSQQSR
GPMGLÍ %XVMXISVSZIVYWIHI\TVIWWMSR
;EPOMRKMRXSQ]KVERHTEVIRXWtLSQI[LIR-[EWEGLMPH[EWPMOIFIMRK[VETTIHMRE KMERXWIGYVMX]FPEROIX %MV TSPPYXMSR MW IEXMRK E[E] EX XLI QSRYQIRXW MR ;EWLMRKXSR (' PMOI E KMERX %POE7IPX^IVXEFPIX
8LIWIEVIFVMKLXJVIWLWMQMPIWXLEXGPEVMJ]ERHZMXEPM^IMHIEW7SQIWMQMPIW LS[IZIVLEZIFIGSQIWXEPIXLVSYKLSZIVYWI,IVIEVIEJI[ JVIWLEWEHEMW]
LYRKV]EWEFIEV
JMXEWEJMHHPI
FYW]EWEFII
WXVSRKEWERS\
FMKEWEQSYRXEMR
WXYFFSVREWEQYPI
LETT]EWEPEVO
7YGLGPMGLÍWEVIJMRIMRIZIV]HE]GSRZIVWEXMSRFYX]SYWLSYPHEZSMHXLIQMR WTIIGLQEOMRK3XLIV[MWI]SYEVIPMOIP]XSFIqHYPPEWHMWL[EXIVrERHXSJMRH ]SYVEYHMIRGIqWPIITMRKPMOIEPSKr
1IXETLSV QIXETLSV %RMQTPMGMXGSQTEVMWSRRSX MRXVSHYGIH[MXLXLI[SVHqPMOIr SVqEWrFIX[IIRX[SXLMRKW XLEXEVIIWWIRXMEPP]HMJJIVIRX ]IXLEZIWSQIXLMRKMRGSQQSR
=SYGEREPWSYWIQIXETLSVXSGVIEXIMQEKIV]MR]SYVWTIIGLIW1IXETLSVMWER MQTPMGMX GSQTEVMWSR FIX[IIR XLMRKW XLEX EVI IWWIRXMEPP] HMJJIVIRX ]IX LEZI WSQIXLMRKMRGSQQSR 9RPMOI WMQMPI QIXETLSVHSIW RSX GSRXEMR XLI [SVHW qPMOIrSVqEWr*SVI\EQTPI %QIVMGEtWGMXMIWEVIXLI[MRHS[WXLVSYKL[LMGLXLI[SVPHPSSOWEX%QIVMGERWSGMIX] ,IRV]'MWRIVSW ;MXL KPSFEPM^EXMSR XLI WEQI WIE [EWLIW EPP SJ LYQEROMRH ;I EVI EPP MR XLI WEQI FSEX8LIVIEVIRSWEJIMWPERHW /SJM%RRER
8LIWI EVI FSXL FVMIJ QIXETLSVW 7SQIXMQIW LS[IZIV E WTIEOIV [MPP HIZIPST E PSRKIV QIXETLSV ,IVI MW ER I\GIPPIRX I\EQTPI JVSQ %P +SVItW WTIIGLEGGITXMRKXLI2SFIP4IEGI4VM^IJSVLMWIJJSVXWXSLIPTXLI[SVPH HIEP[MXLGPMQEXIGLERKI 8LIIEVXLLEWEJIZIV%RHXLIJIZIVMWVMWMRK8LII\TIVXWLEZIXSPHYWMXMWRSXETEWWMRK EJJPMGXMSRXLEX[MPPLIEPF]MXWIPJ;IEWOIHJSVEWIGSRHSTMRMSR%RHEXLMVH%RHEJSYVXL%RH XLIGSRWMWXIRXGSRGPYWMSRVIWXEXIH[MXLMRGVIEWMRKEPEVQMWXLEXWSQIXLMRKFEWMGMW[VSRK
;LIRYWIHIJJIGXMZIP]QIXETLSVhPMOIWMQMPIhMWERI\GIPPIRX[E]XSFVMRK GSPSVXSEWTIIGLXSQEOIEFWXVEGXMHIEWGSRGVIXIXSGPEVMJ]XLIYRORS[RERH XSI\TVIWWJIIPMRKWERHIQSXMSRW
6,=8,1 0ERKYEKILEWEVL]XLQGVIEXIHF]XLIGLSMGIERHEVVERKIQIRXSJ[SVHW7TIEO IVWPMOITSIXWWSQIXMQIWWIIOXSI\TPSMXXLIVL]XLQSJPERKYEKIXSIRLERGIXLI MQTEGXSJXLIMV[SVHW;MRWXSR'LYVGLMPP[EWEQEWXIVEXXLMW,IVIMWETEWWEKI
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
JVSQSRISJLMWJEQSYWWTIIGLIWHYVMRK;SVPH;EV--8SIQTLEWM^IMXWGEHIRGI XLITEWWEKILEWFIIRTVMRXIHEWMJMX[IVITSIXV]VEXLIVXLERTVSWI ;IGERRSXXIPP[LEXXLIGSYVWI SJXLMWJIPP[EV[MPPFI EWMXWTVIEHWVIQSVWIPIWW XLVSYKLIZIV[MHIVVIKMSRW ;IGERRSXTVIHMGXSVQIEWYVI MXWITMWSHIWSVMXWXVMFYPEXMSRW ;IGERRSX]IXWII LS[HIPMZIVERGI[MPPGSQI SV[LIRMX[MPPGSQI &YXRSXLMRKMWQSVIGIVXEMR XLERXLEXIZIV]XVEGISJ,MXPIVtWJSSXWXITW IZIV]WXEMRSJLMWMRJIGXIHERHGSVVSHMRKJMRKIVW [MPPFIWTSRKIHERHTYVKIH ERHMJRIIHFI FPEWXIHJVSQXLIWYVJEGISJXLIIEVXL
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ ;MRWXSR'LYVGLMPPtWWTIIGL SJ.YRI MRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
8LIMQTEGXSJXLITEWWEKI[EWLIMKLXIRIHF]'LYVGLMPPtWWYTIVFHIPMZIV] FYX IZIRF]XLIQWIPZIWXLI[SVHWXEOISRERIQTLEXMGVL]XLQXLEXVIMRJSVGIWXLI QIWWEKI =SY GER WII [L] SRI SFWIVZIV WEMH XLEX 'LYVGLMPP qQSFMPM^IH XLI )RKPMWLPERKYEKIERHWIRXMXMRXSFEXXPIr %WTIIGLLS[IZIVMWRSXETSIQ=SYWLSYPHRIZIVIQTLEWM^IWSYRHERH VL]XLQEXXLII\TIRWISJQIERMRK8LIEMQMWXSXLMROEFSYX[E]W]SYGERYWI XLIVL]XLQERHJPS[SJPERKYEKIXSIRLERGI]SYVQIERMRK%PXLSYKL]SYQE] RIZIVLEZITEMHQYGLGSRWGMSYWEXXIRXMSRXSXLMWWYFNIGX]SYGERHIZIPSTER IEVJSVZSGEPVL]XLQWF]WXYH]ERHTVEGXMGI;LEXtWQSVI]SYGERIEWMP]FIKMR RS[ XS YWI JSYV FEWMG WX]PMWXMG HIZMGIW IQTPS]IH F] 'LYVGLMPP ERH SXLIV JMRI WTIEOIVWXSMQTVSZIXLIVL]XLQSJXLIMVTVSWI
VL]XLQ 8LITEXXIVRSJWSYRHMRE WTIIGLGVIEXIHF]XLIGLSMGI ERHEVVERKIQIRXSJ[SVHW
4EVEPPIPMWQ 8LI JMVWX HIZMGI MW TEVEPPIPMWQhXLI WMQMPEV EVVERKIQIRX SJ E TEMV SV WIVMIW SJ VIPEXIH[SVHWTLVEWIWSVWIRXIRGIW*SVI\EQTPI 6MGL ERH TSSVMRXIPPMKIRX ERH MKRSVERX [MWI ERH JSSPMWL ZMVXYSYWERHZMGMSYW QER ERH[SQERh MXMWIZIVXLIWEQIIEGLWSYPQYWXHITIRH[LSPP]SRMXWIPJ )PM^EFIXL'EH] 7XERXSR
TEVEPPIPMWQ 8LIWMQMPEVEVVERKIQIRXSJE TEMVSVWIVMIWSJVIPEXIH[SVHW TLVEWIWSVWIRXIRGIW
8LIIJJIGXWSJTEVEPPIPMWQEVITIVLETWFIWXMPPYWXVEXIHF]WIIMRK[LEXLET TIRW[LIRMXMWEFWIRX*SVMRWXERGIGSQTEVIXLMWWXEXIQIRX -WTIEOEWE6ITYFPMGER-WTIEOEWE[SQER-WTIEOEWE9RMXIH7XEXIW7IREXSV-WTIEO EWER%QIVMGER 1EVKEVIX'LEWI7QMXL
[MXLXLMWSRI -WTIEOEWE6ITYFPMGER-WTIEOEWE[SQER-WTIEOEWE9RMXIH7XEXIW7IREXSV%RH -EQEPWSEHHVIWWMRK]SYEWER%QIVMGER
8LIJMVWXWXEXIQIRXMWGPIEVGSRWMWXIRXERHGSQTIPPMRK8LIWIGSRHMWRSX &] ZMSPEXMRK XLI TVMRGMTPI SJ TEVEPPIP WXVYGXYVI MXW JMREP WIRXIRGI q%RH - EQ
9WMRK0ERKYEKI:MZMHP]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
EPWS EHHVIWWMRK ]SY EW ER %QIVMGERr HIWXVS]W XLI TVSKVIWWMSR FIKYR F] XLI TVIGIHMRKXLVIIWIRXIRGIW-XXYVRWEWXVSRKPYGMHLEVQSRMSYWWXEXIQIRXMRXS SRIXLEXMWJY^^]ERHNEVVMRK
6ITIXMXMSR VITIXMXMSR 6IMXIVEXMSRSJXLIWEQI[SVHSV WIXSJ[SVHWEXXLIFIKMRRMRKSV IRHSJWYGGIWWMZIGPEYWIWSV WIRXIRGIW
6ITIXMXMSRQIERWVIMXIVEXMRKXLIWEQI[SVHSVWIXSJ[SVHWEXXLIFIKMRRMRKSV IRHSJWYGGIWWMZIGPEYWIWSVWIRXIRGIW*SVI\EQTPI -JRSXRS[[LIR#-JRSXYW[LS#-JRSXXSKIXLIVLS[# +SVHSR&VS[R 8LMW[EWXLIQSQIRX[LIR[IFIKERXSTVSZMHIGEVIJSVXLIWMGOERHKSSHNSFWXS XLI NSFPIWW XLMW [EW XLI QSQIRX [LIR XLI VMWI SJ XLI SGIERW FIKER XS WPS[ ERH SYV TPERIXFIKERXSLIEP XLMW[EWXLIQSQIRX[LIR[IIRHIHE[EVERHWIGYVIHSYVREXMSR &EVEGO3FEQE
%W ]SY GER WII VITIXMXMSR YWYEPP] VIWYPXW MR TEVEPPIPMWQ -R EHHMXMSR XS FYMPHMRK E WXVSRK GEHIRGI MX EPWS YRMJMIW E WIUYIRGI SJ MHIEW IQTLEWM^IW ER MHIEF]WXEXMRKMXQSVIXLERSRGIERHLIPTWGVIEXIEWXVSRKIQSXMSREPIJJIGX
%PPMXIVEXMSR EPPMXIVEXMSR 6ITIXMXMSRSJXLIMRMXMEP GSRWSRERXWSYRHSJGPSWI SVEHNSMRMRK[SVHW
8LIXLMVHHIZMGI]SYGERYWIXSIRLERGIXLIVL]XLQSJ]SYVWTIIGLIWMWEPPMX IVEXMSR8LIQSWXGSQQSRQIXLSHSJEPPMXIVEXMSRMWVITIEXMRKXLIMRMXMEPGSR WSRERXWSYRHSJGPSWISVEHNSMRMRK[SVHW*SVI\EQTPI 4IEGIMWIWWIRXMEPJSVTVSKVIWWFYXTVSKVIWWMWRSPIWWIWWIRXMEPJSVTIEGI 0MEUYEX%PM/LER 3YVGSPPIKIWSYVGSQQYRMXMIWSYVGSYRXV]WLSYPHGLEPPIRKILEXVIH[LIVIZIV[IJMRH MX ,MPPEV]'PMRXSR
&]LMKLPMKLXMRKXLIWSYRHWSJ[SVHWEPPMXIVEXMSRGEXGLIWXLIEXXIRXMSRSJ PMWXIRIVWERHGERQEOIMHIEWIEWMIVXSVIQIQFIV9WIHWTEVMRKP]MXMWEQEVZIP SYW[E]XSWTVYGIYT]SYVWTIIGLIW9WIHXSI\GIWWLS[IZIVMXGERFIPEYKL EFPI ERH HVE[ XSS QYGL EXXIRXMSR WS XLEX PMWXIRIVW KIX QSVI MRZSPZIH MR PMWXIRMRK JSV XLI RI\X EPPMXIVEXMSR XLER MR EFWSVFMRK XLI GSRXIRX SJ XLI WTIIGL
%RXMXLIWMW ERXMXLIWMW 8LINY\XETSWMXMSRSJ GSRXVEWXMRKMHIEWYWYEPP] MRTEVEPPIPWXVYGXYVI
*MREPP]]SYQMKLXXV]YWMRKERXMXLIWMWhXLINY\XETSWMXMSRSJGSRXVEWXMRKMHIEW YWYEPP]MRTEVEPPIPWXVYGXYVI*SVI\EQTPI %WO RSX [LEX ]SYV GSYRXV] GER HS JSV ]SY EWO [LEX ]SY GER HS JSV ]SYV GSYRXV] .SLR*/IRRIH] =SYVWYGGIWWEWEJEQMP]SYVWYGGIWWEWEWSGMIX]HITIRHWRSXSR[LEXLETTIRWEX XLI;LMXI,SYWIFYXSR[LEXLETTIRWMRWMHI]SYVLSYWI &EVFEVE&YWL
%RXMXLIWMW LEW PSRK FIIR E JEZSVMXI HIZMGI SJ EGGSQTPMWLIH WTIEOIVW &IGEYWIMXRIEVP]EP[E]WTVSHYGIWERIEXP]XYVRIHTLVEWIMXMWEJMRI[E]XSKMZI ]SYVWTIIGLIWEWTIGMEPXSYGLSJGPEWW
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
=SYQE]FIXLMROMRKXLEXMQEKIV]ERHVL]XLQEVIXSSJERG]JSVSVHMREV] WTIIGLIWPMOI]SYVW8LMWMWRSXXVYI8EOIEPSSOEXXLIJSPPS[MRKI\GIVTXJVSQ SRI WXYHIRXtW WTIIGL EFSYX XLI 1EWWEGLYWIXXW XL XLI VIKMQIRX SJ %JVMGER %QIVMGERWSPHMIVWHYVMRKXLI'MZMP;EVJIEXYVIHMRXLIQSZMI+PSV] 8SNSMREREVQ]XLEXHMHRtXFIPMIZIMR]SY8SJMKLX[MXLEREVQ][LSHMHRtXPMOI]SY 8SHMIJSVEREVQ]XLEXHMHRtXVIWTIGX]SY8LMW[EWXLI1EWWEGLYWIXXWXL8SHE]XLI] PE][LIVIXLI]HMIHSRXLIFIEGLIWSJ7SYXL'EVSPMRE'SPSRIP7LE[ERHLMWQIR[IVI TMPIHXSKIXLIVMREQEWWKVEZI[LMGLLEWWMRGIFIIRGSZIVIHF]XLIWLMJXMRKXMHIWSJXLI %XPERXMG%WQEPPWXEXYIWXERHWMR&SWXSRhEVIQMRHIVSJXLIMVWEGVMJMGI &VEZIV]TEXVMSXMWQERHWEGVMJMGI8LIWIEVIUYEPMXMIWSJXLI1EWWEGLYWIXXWXL;MXL XLI LIPT SJ XLIMV IJJSVXW EPSRK [MXL EPP XLI SXLIV FPEGO VIKMQIRXW XLEX JSPPS[IH XLIQ WPEZIV]HMHIZIRXYEPP]GSQIXSERIRH
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq8LI 1EWWEGLYWIXXWXLrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
8LMWMWZMZMHQSZMRKPERKYEKI8LIMQEKIV]MWWLEVTERHTSMKRERXXLIVL]XLQ WXVSRK ERH MRWMWXIRX 8LMRO SJ LS[ ]SY GER HS WMQMPEV XLMRKW MR ]SYV S[R WTIIGLIW
9WMRK0ERKYEKI%TTVSTVMEXIP]
,IVIMW TEVXSJ E JEQSYWSVEXMSRKMZIRF] .SLR,ERGSGOMRHYVMRKXLI %QIVMGER6IZSPYXMSR7TIEOMRKSJXLI&VMXMWLWSPHMIVW[LSOMPPIHJMZI%QIVMGERW MRXLI&SWXSR1EWWEGVI,ERGSGOI\GPEMQIH =I HEVO HIWMKRMRK OREZIW ]I QYVHIVIVW TEVVMGMHIW ,S[ HEVI ]SY XVIEH YTSR XLI IEVXL[LMGLLEWHVEROMRXLIFPSSHSJWPEYKLXIVIHMRRSGIRXWWLIHF]]SYV[MGOIHLERHW# ,S[HEVI]SYFVIEXLIXLEXEMV[LMGL[EJXIHXSXLIIEVSJLIEZIRXLIKVSERWSJXLSWI[LS JIPPEWEGVMJMGIXS]SYVEGGYVWIHEQFMXMSR#8IPPQI]IFPSSH]FYXGLIVW]IZMPPEMRWLMKL ERHPS[]I[VIXGLIWHS]SYRSXJIIPXLIKSEHWERHWXMRKWSJGSRWGMSYWKYMPXTMIVGI XLVSYKL]SYVWEZEKIFSWSQW#
8LMWMWGIVXEMRP]ZMZMHPERKYEKIhERH,ERGSGOtWEYHMIRGIPSZIHMX&YXGER ]SYMQEKMRIWTIEOMRKXLIWEQI[E]XSHE]#-REHHMXMSRXSFIMRKEGGYVEXIGPIEV ERHZMZMHPERKYEKIWLSYPHFIETTVSTVMEXIhXSXLISGGEWMSRXSXLIEYHMIRGI XSXLIXSTMGERHXSXLIWTIEOIV
%446346-%8)2)77838,)3''%7-32 0ERKYEKI XLEX MW ETTVSTVMEXI JSV WSQI SGGEWMSRWQE]RSX FI ETTVSTVMEXIJSV SXLIVWq8LIVIMWEXMQIJSVHMEPIGXETPEGIJSVWPERKERSGGEWMSRJSVPMXIVEV] JSVQ ;LEX MW GSVVIGX SR XLI WTSVXW TEKI MW SYX SJ TPEGI SR XLI STIH TEKI [LEXMW[MXLMXSRXLIWXVIIXQE] [IPPFI[MXLSYXMX MRXLIGPEWWVSSQr %WE WMQTPI I\EQTPI E GSEGL QMKLX EHHVIWW XLI JSSXFEPP XIEQ EW q]SY KY]Wr SV [SVWI [LIVIEW XLI WTIEOIV MR E QSVI JSVQEP WMXYEXMSR [SYPH FIKMR [MXL qHMWXMRKYMWLIHKYIWXWr8V]VIZIVWMRKXLIWIX[SWMXYEXMSRWERHWIILS[VMHMGY PSYWMXFIGSQIW-XtWSRP]GSQQSRWIRWIXSEHNYWX]SYVPERKYEKIXSHMJJIVIRX SGGEWMSRW
9WMRK0ERKYEKI%TTVSTVMEXIP]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%446346-%8)2)77838,)%9(-)2') %TTVSTVMEXIRIWWEPWSHITIRHWSRXLIEYHMIRGI-J]SYOIITXLMWMRQMRHMX[MPP LIPT]SYKVIEXP][LIRHIEPMRK[MXLXIGLRMGEPXSTMGW;LIREHHVIWWMRKEREYHM IRGISJTL]WMGMERW]SYQMKLXYWIXLI[SVHqTEVSXMXMWrXSVIJIVXSEZMVEPHMWIEWI QEVOIHF]XLIW[IPPMRKSJXLITEVSXMHKPERHW=SYVEYHMIRGI[SYPHORS[NYWX [LEX ]SY QIERX &YX [LIR XEPOMRK XS E RSRQIHMGEP EYHMIRGI WYGL EW ]SYV GPEWWQEXIWXLIETTVSTVMEXI[SVH[SYPHFIqQYQTWr =SYWLSYPHFIIWTIGMEPP]GEVIJYPXSEZSMHPERKYEKIXLEXQMKLXSJJIRH]SYV EYHMIRGI3JJGSPSVLYQSVSVTVSJERMX]QMKLXFIETTVSTVMEXIMREGSQIH]VSY XMRI FYX QSWX PMWXIRIVW [SYPH JMRH MX SJJIRWMZI MR E JSVQEP TYFPMG WTIIGL 6IQIQFIV WTIEOIVW EVI I\TIGXIH XS IPIZEXI ERH TSPMWL XLIMV PERKYEKI [LIR EHHVIWWMRKEREYHMIRGI 3JGSYVWI]SYGERRSXEP[E]WFIWYVISJLS[PMWXIRIVW[MPPVIWTSRHXS[LEX ]SYWE];LIRMXGSQIWXSETTVSTVMEXIRIWW]SY[MPPWIPHSQKS[VSRKF]IVVMRK SR XLI WMHI SJ GEYXMSR 4YX WMQTP] qIVVMRK SR XLI WMHI SJ GEYXMSRr QIERW q[LIRMRHSYFXhHSRtXr
%446346-%8)2)77838,)834-' 0ERKYEKI WLSYPH EPWS FI ETTVSTVMEXI XS XLI XSTMG =SY [SYPH RSX YWI QIXE TLSVERXMXLIWMWERHEPPMXIVEXMSR[LIRI\TPEMRMRKLS[XSGLERKIEFMG]GPIXMVI &YX]SYQMKLXYWIEPPXLVIIMREWTIIGLLSRSVMRK97WSPHMIVW[LSLEZIHMIH MRHIJIRWISJXLIMVGSYRXV]8LIJMVWXXSTMGGEPPWJSVWXVEMKLXJSV[EVHHIWGVMTXMSR ERHI\TPEREXMSR8LIWIGSRHGEPPWJSVWTIGMEPPERKYEKIWOMPPWXSIZSOIIQSXMSR EHQMVEXMSRERHETTVIGMEXMSR
%446346-%8)2)77838,)74)%/)6 2S QEXXIV [LEX XLI SGGEWMSR EYHMIRGI SV XSTMG PERKYEKI WLSYPH EPWS FI ETTVSTVMEXIXSXLIWTIEOIV-QEKMRIXLIIJJIGXMJ.SLR1G'EMRXVMIHXSEHSTXXLI VIPMKMSYW MQEKIV] ERH VL]XLQMGEP GEHIRGI SJ %P 7LEVTXSR 8LI VIWYPXW [SYPH FIGSQMGEP)ZIV]TYFPMGWTIEOIVHIZIPSTWLMWSVLIVS[RPERKYEKIWX]PI q8IVVMJMGr]SYQE]FIXLMROMRKq-LEZIQ]S[RWX]PIXSS-JIIPQSVIGSQ JSVXEFPIYWMRKEFWXVEGX[SVHWWPERKERHXIGLRMGEPNEVKSR8LEXtWNYWXQI-XtWQ] [E]SJWTIEOMRKr&YXXSWE]XLEXPERKYEKIWLSYPHFIETTVSTVMEXIXSXLIWTIEOIV HSIWRSXNYWXMJ]MKRSVMRKXLISXLIVRIIHWJSVETTVSTVMEXIRIWW8LIVIMWEHMJJIV IRGIFIX[IIRSRItWIZIV]HE]WX]PIERHSRItWHIZIPSTIHWX]PIEWETYFPMGWTIEOIV %GGSQTPMWLIHWTIEOIVWLEZIHIZIPSTIHXLIMVWTIEOMRKWX]PIWSZIVQER]]IEVWSJ XVMEPIVVSVERHTVEGXMGI8LI]LEZI[SVOIHEXYWMRKPERKYEKIIJJIGXMZIP] =SY GER HS XLI WEQI MJ ]SY FIGSQI PERKYEKIGSRWGMSYW 3RI [E] XS HIZIPST XLMW GSRWGMSYWRIWW MW XS VIEH ERH PMWXIR XS IJJIGXMZI WTIEOIVW 7XYH] XLIMVXIGLRMUYIWJSVEGLMIZMRKEGGYVEG]GPEVMX]ERHZMZMHRIWWERHXV]XSEHETX XLSWIXIGLRMUYIWXS]SYVS[RWTIIGLIW&YXHSRSXXV]XSqFIGSQIrWSQISRI IPWI [LIR ]SY WTIEO 0IEVR JVSQ SXLIV WTIEOIVW FPIRH [LEX ]SY PIEVR MRXS ]SYVS[RPERKYEKIWX]PIERHWIIOXSFIGSQIXLIFIWXTSWWMFPI]SY
%2SXISR-RGPYWMZI0ERKYEKI %W XLI 9RMXIH 7XEXIW LEW FIGSQI QSVI HMZIVWI SYV PERKYEKI LEW IZSPZIH XS VIJPIGXXLEXHMZIVWMX]6IKEVHPIWWSJXLIWMXYEXMSREYHMIRGIWI\TIGXTYFPMGWTIEO IVWXSYWIMRGPYWMZIPERKYEKIXLEXMWVIWTIGXJYPSJXLIHMJJIVIRXKVSYTWXLEXQEOI
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0ERKYEKIRIIHWXSFIETTVS TVMEXIXSEWTIEOIVtWXSTMGEW [IPPEWXSXLIEYHMIRGI% WTIIGLSRFIEGLZSPPI]FEPP [SYPHYWIQSVIEGXMSR SVMIRXIH[SVHWXLEREWTIIGL EFSYXXLISVMIWSJTW]GLSPSK]
YT%QIVMGERWSGMIX]8SHE]ERYQFIVSJTVMRGMTPIWJSVMRGPYWMZIPERKYEKILEZI FIGSQIWS[MHIWTVIEHXLEXRSEWTMVMRKWTIEOIV SV[VMXIV GEREJJSVHXSMKRSVI XLIQ,IVIEVIEJI[SJXLIQSWXMQTSVXERX
%ZSMHXLI+IRIVMGq,Ir -RIJJIGXMZI
MRGPYWMZIPERKYEKI 0ERKYEKIXLEXHSIWRSX WXIVISX]TIHIQIERSVTEXVSRM^I TISTPISRXLIFEWMWSJKIRHIV VEGIVIPMKMSRHMWEFMPMX]WI\YEP SVMIRXEXMSRSVSXLIVJEGXSVW
)EGLXMQIEWYVKISR[EPOWMRXSXLISTIVEXMRKVSSQLIVMWOW FIMRKWYIHJSVQEPTVEGXMGI
1SVI)JJIGXMZI )EGLXMQIEWYVKISR[EPOWMRXSXLISTIVEXMRKVSSQWLISVLI VMWOWFIMRKWYIHJSVQEPTVEGXMGI 3JXIREQSVIKVEGIJYPEPXIVREXMZIMWXSTPYVEPM^I*SVI\EQTPI
KIRIVMGqLIr 8LIYWISJqLIrXSVIJIVXS FSXL[SQIRERHQIR
1SVI)JJIGXMZI ;LIRIZIVWYVKISRW[EPOMRXSXLISTIVEXMRKVSSQXLI]VMWO FIMRKWYIHJSVQEPTVEGXMGI
%ZSMHXLI9WISJq1ERr;LIR6IJIVVMRKXS&SXL1IRERH;SQIR -RIJJIGXMZI
-JEPEVKIGSQIXWXVYGOXLI)EVXLMXGSYPHHIWXVS]EPPSJ QEROMRH
1SVI)JJIGXMZI -JEPEVKIGSQIXWXVYGOXLI)EVXLMXGSYPHHIWXVS]EPP LYQERPMJI
%ZSMH7XIVISX]TMRK.SFWERH7SGMEP6SPIWF]+IRHIV -RIJJIGXMZI
&IMRKEWQEPPFYWMRIWWQERMRXLIGYVVIRXIGSRSQMGGPMQEXIMW RSXIEW]
1SVI)JJIGXMZI &IMRKEWQEPPFYWMRIWWTIVWSRMRXLIGYVVIRXIGSRSQMGGPMQEXI MWRSXIEW]
%2SXISR-RGPYWMZI0ERKYEKI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7SQIXMQIW ]SY GER WSPZI XLMW TVSFPIQ [MXL E WMQTPI X[MWX MR WIRXIRGI GSR WXVYGXMSR*SVI\EQTPI 1SVI)JJIGXMZI 3[RMRKEWQEPPFYWMRIWWMWRSXIEW]MRXLIGYVVIRXIGSRSQMG GPMQEXI
9WI2EQIW8LEX+VSYTW9WIXS-HIRXMJ]8LIQWIPZIW 3RISJXLIQSWXJYRHEQIRXEP[E]WSJWLS[MRKVIWTIGXJSVSXLIVWMWXSVIJIVXS XLIQF]XLIREQIWXLI]YWIXSMHIRXMJ]XLIQWIPZIWERHXSEZSMHREQIWXLI] GSRWMHIVSJJIRWMZI -RIJJIGXMZI
(IWTMXITVSKVIWWMRVIGIRX]IEVWLSQSWI\YEPWWXMPPJEGIQER] JSVQWSJHMWGVMQMREXMSR
1SVI)JJIGXMZI (IWTMXITVSKVIWWMRVIGIRX]IEVWPIWFMERWERHKE]QIRWXMPP JEGIQER]JSVQWSJHMWGVMQMREXMSR -RIJJIGXMZI
8LI4EVEP]QTMGWWLS[[LEXLERHMGETTIHTISTPIGEREGGSQ TPMWLMRXLIEXLPIXMGEVIRE
1SVI)JJIGXMZI 8LI4EVEP]QTMGWWLS[[LEXTISTPI[MXLHMWEFMPMXMIWGER EGGSQTPMWLMRXLIEXLPIXMGEVIRE 8LI XIVQW TVIJIVVIH F] ZEVMSYW KVSYTW GSRXMRYI XS IZSPZI 8LIVI MW GYV VIRXP]EXVIRHE[E]JVSQFVSEH[SVHWWYGLEWq%WMERrERHq,MWTERMGrXSQSVI TVIGMWI XIVQW XLEX HS RSX PYQT TISTPI SJ HMWXMRGX REXMSREPMXMIW ERH GYPXYVIW YRHIVSRIPEFIP*SVI\EQTPI 0IWW)JJIGXMZI
/VMWXM=EQEKYGLMMWSRISJQER]%WMERW[LSLEZILEHE QENSVMQTEGXSR97PMJI
1SVI)JJIGXMZI /VMWXM=EQEKYGLMMWSRISJQER].ETERIWI%QIVMGERW[LS LEZILEHEQENSVMQTEGXSR97PMJI 0IWW)JJIGXMZI
%RXSRMS:MPPEVEMKSWE[EWXLIJMVWX,MWTERMGIPIGXIHQE]SVSJ 0SW%RKIPIWWMRGI
1SVI)JJIGXMZI %RXSRMS:MPPEVEMKSWE[EWXLIJMVWX1I\MGER%QIVMGERIPIGXIH QE]SVSJ0SW%RKIPIWWMRGI 1SVI)JJIGXMZI %RXSRMS:MPPEVEMKSWE[EWXLIJMVWX0EXMRSIPIGXIHQE]SVSJ0SW %RKIPIWWMRGI ;LIRYWMRK[SVHWWYGLEWq0EXMRSrSVq'LMGERSrOIITMRQMRHXLEXXLI]VIJIV XSQEPIW8LIGSVVIGXXIVQJSVJIQEPIWMWq0EXMRErSVq'LMGEREr 0MOIQER]SXLIVEWTIGXWSJ%QIVMGERPMJIMWWYIWSJMRGPYWMZIPERKYEKIGER WSQIXMQIWFIGSRJYWMRK0ERKYEKIMWEPMZIERHGSRWXERXP]IZSPZMRKWS[LEXMW GSRWMHIVIHMRGPYWMZIXSHE]QE]WLMJXHS[RXLIVSEH-J]SYLEZIUYIWXMSRWMR ER] TEVXMGYPEV GEWI GLIGO XLI -RXIVRIX JSV XLI QSWX YTXSHEXI MRJSVQEXMSR 9WMRKMRGPYWMZIERHVIWTIGXJYPPERKYEKIMWRSXEQEXXIVSJTSPMXMGEPGSVVIGXRIWW FYXMXMWEQEXXIVSJ4'hTIVWSREPGSYVXIW]
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7911%6= +SSHWTIEOIVWLEZIVIWTIGXJSVPERKYEKIERHLS[MX[SVOW%WEWTIEOIV]SYWLSYPH FI E[EVI SJ XLI QIERMRKW SJ [SVHW ERH ORS[ LS[ XS YWI PERKYEKI EGGYVEXIP] GPIEVP]ZMZMHP]ERHETTVSTVMEXIP] ;SVHWLEZIX[SOMRHWSJQIERMRKWhHIRSXEXMZIERHGSRRSXEXMZI(IRSXEXMZI QIERMRK MW TVIGMWI PMXIVEP ERH SFNIGXMZI 'SRRSXEXMZI QIERMRK MW QSVI ZEVMEFPI JMKYVEXMZI ERH WYFNIGXMZI -X MRGPYHIW EPP XLI JIIPMRKW EWWSGMEXMSRW ERH IQSXMSRW XLEXE[SVHXSYGLIWSJJMRHMJJIVIRXTISTPI 9WMRKPERKYEKIEGGYVEXIP]MWZMXEPXSEWTIEOIV2IZIVYWIE[SVHYRPIWW]SYEVI WYVISJMXWQIERMRK-J]SYEVIRSXWYVIPSSOYTXLI[SVHMREHMGXMSREV]%W]SY TVITEVI]SYVWTIIGLIWEWO]SYVWIPJGSRWXERXP]q;LEXHS- VIEPP][ERXXSWE]#;LEX HS- VIEPP]QIER#r'LSSWI[SVHWXLEXEVITVIGMWIERHEGGYVEXI 9WMRK PERKYEKI GPIEVP] EPPS[W PMWXIRIVW XS KVEWT ]SYV QIERMRK MQQIHMEXIP] =SY GER IRWYVI XLMW F] YWMRK [SVHW XLEX EVI ORS[R XS XLI EZIVEKI TIVWSR ERH VIUYMVI RS WTIGMEPM^IH FEGOKVSYRH F] GLSSWMRK GSRGVIXI [SVHW MR TVIJIVIRGI XS QSVIEFWXVEGXSRIWERHF]IPMQMREXMRKZIVFEPGPYXXIV 9WMRKPERKYEKIZMZMHP]LIPTWFVMRK]SYVWTIIGLXSPMJI3RI[E]XSQEOI]SYV PERKYEKIQSVIZMZMHMWXLVSYKLMQEKIV][LMGL]SYGERHIZIPSTF]YWMRKGSRGVIXI PERKYEKI WMQMPI ERH QIXETLSV %RSXLIV [E] XS QEOI ]SYV WTIIGLIW ZMZMH MW F] I\TPSMXMRK XLI VL]XLQ SJ PERKYEKI [MXL TEVEPPIPMWQ VITIXMXMSR EPPMXIVEXMSR ERH ERXMXLIWMW 9WMRKPERKYEKIETTVSTVMEXIP]QIERWEHETXMRKXSXLITEVXMGYPEVSGGEWMSREYHM IRGIERHXSTMGEXLERH-XEPWSQIERWHIZIPSTMRK]SYVS[RPERKYEKIWX]PIMRWXIEH SJXV]MRKXSGST]WSQISRIIPWItW 8LIWYFNIGXSJMRGPYWMZIPERKYEKIGERFIGSQTPI\FYXERYQFIVSJMRGPYWMZI YWEKIW LEZI FIGSQIWS [MHIP] EGGITXIH XLEX RS EWTMVMRKWTIEOIV GER EJJSVH XS MKRSVI XLIQ 8LI] MRGPYHI EZSMHMRK XLI KIRIVMG qLIr HVSTTMRK XLI YWI SJ qQERr [LIR VIJIVVMRK XS FSXL QIR ERH [SQIR VIJVEMRMRK JVSQ WXIVISX]TMRK NSFW ERH WSGMEP VSPIW F] KIRHIV ERH YWMRK REQIW XLEX KVSYTW YWI XS MHIRXMJ] XLIQWIPZIW
/)=8)617
HIRSXEXMZIQIERMRK
QIXETLSV
GSRRSXEXMZIQIERMRK
VL]XLQ
XLIWEYVYW
TEVEPPIPMWQ
GSRGVIXI[SVHW
VITIXMXMSR
EFWXVEGX[SVHW
EPPMXIVEXMSR
GPYXXIV
ERXMXLIWMW
MQEKIV]
MRGPYWMZIPERKYEKI
WMQMPI
KIRIVMGqLIr
GPMGLÍ
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ,S[HSIWPERKYEKILIPTGVIEXISYVWIRWISJVIEPMX]# ;LEX MW XLI HMJJIVIRGI FIX[IIR HIRSXEXMZI ERH GSRRSXEXMZI QIERMRK# ,S[ QMKLX]SYYWIIEGLXSGSRZI]]SYVQIWWEKIQSWXIJJIGXMZIP]#
6IZMI[5YIWXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LEXEVIJSYVGVMXIVMEJSVYWMRKPERKYEKIIJJIGXMZIP]MR]SYVWTIIGLIW# ;LEXEVIXLVIIXLMRKW]SYWLSYPHHSXSYWIPERKYEKIGPIEVP]MR]SYVWTIIGLIW# ;LEXEVIX[S[E]WXSFVMRK]SYVWTIIGLIWXSPMJI[MXLZMZMHERMQEXIHPERKYEKI# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
; LEX HSIW MX QIER XS WE] ]SY WLSYPH YWI PERKYEKI ETTVSTVMEXIP] MR ]SYV WTIIGLIW# ;L]MWMXMQTSVXERXJSVETYFPMGWTIEOIVXSYWIMRGPYWMZIPERKYEKI#;LEXJSYV YWEKIW SJ MRGPYWMZI PERKYEKI LEZI FIGSQI WS [MHIP] EGGITXIH XLEX RS WTIEOIV GEREJJSVHXSMKRSVIXLIQ#
)<)6'-7)7*36'6-8-'%08,-2/-2+ %VVERKIIEGLSJXLIWIUYIRGIWFIPS[MRSVHIVJVSQXLIQSWXEFWXVEGX[SVHXS XLIQSWXGSRGVIXI[SVH E LSYWMRKGSQTPI\FYMPHMRKHMRMRKVSSQWXVYGXYVIETEVXQIRX F 1SRE0MWEEVXTEMRXMRKGVIEXMZIEGXMZMX]TSVXVEMX G EYXSQSFMPIZILMGPI*IVVEVMXVERWTSVXEXMSRWTSVXWGEV
6I[VMXIIEGLSJXLIJSPPS[MRKWIRXIRGIWYWMRKGPIEVJEQMPMEV[SVHW E 1]IQTPS]QIRXSFNIGXMZIMWXSEXXEMRETSWMXMSRSJQE\MQYQJMRERGMEPVI[EVH F %PPTVSJIWWSVWEXXLMWWGLSSPEVII\TIGXIHXSEGLMIZILMKLWXERHEVHWSJI\GIPPIRGI MRXLIMVMRWXVYGXMSREPHYXMIW G -RXLIIZIRXYEPMX]SJEJMVIMXMWMQTIVEXMZIXLEXEPPTIVWSRWIZEGYEXIXLIFYMPHMRK [MXLSYXYRHYIHIPE]
)EGLSJXLIWXEXIQIRXWFIPS[YWIWSRISVQSVISJXLIJSPPS[MRKWX]PMWXMGHIZMGIW QIXETLSV WMQMPI TEVEPPIPMWQ VITIXMXMSR EPPMXIVEXMSR ERXMXLIWMW -HIRXMJ] XLI HIZMGI SVHIZMGIW YWIHMRIEGLWXEXIQIRX E q;IEVIETISTPIMREUYERHEV]EFSYXXLITVIWIRX;IEVIETISTPIMRWIEVGLSJ SYVJYXYVI;IEVIETISTPIMRWIEVGLSJEREXMSREPGSQQYRMX]r &EVFEVE.SVHER F q8LIZMGITVIWMHIRG]MWXLIWERHXVETSJ%QIVMGERTSPMXMGW-XtWRIEVXLITVM^IERH HIWMKRIHXSFIPMQMXMRKr ,S[EVH*MRIQER G q4ISTPI XLI [SVPH SZIV LEZI EP[E]W FIIR QSVI MQTVIWWIH F] XLI TS[IV SJ SYV I\EQTPIXLERF]XLII\EQTPISJSYVTS[IVr &MPP'PMRXSR H q%QIVMGEMWRSXPMOIEFPEROIXhSRITMIGISJYRFVSOIRGPSXLXLIWEQIGSPSVXLI WEQIXI\XYVIXLIWEQIWM^I%QIVMGEMWQSVIPMOIEUYMPXhQER]TEXGLIWQER] WM^IWERH[SZIRERHLIPHXSKIXLIVF]EGSQQSRXLVIEHr .IWWI.EGOWSR
%REP]^I 1EVXMR 0YXLIV /MRKtW q- ,EZI E (VIEQr MR XLI ETTIRHM\ SJ WEQTPI WTIIGLIWXLEXJSPPS[W'LETXIV -HIRXMJ]XLIQIXLSHW/MRKYWIWXSQEOILMW PERKYEKIGPIEVZMZMHERHETTVSTVMEXI0SSOTEVXMGYPEVP]EX/MRKtWYWISJJEQMPMEV [SVHWGSRGVIXI[SVHWMQEKIV]ERHVL]XLQ
',%48)6 97-2+0%2+9%+)
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK0ERKYEKI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
7MRGI KVEHYEXMRK JVSQ GSPPIKI ]SY LEZI HIZIPSTIH E WYGGIWWJYP FYWMRIWW XLEX MW PSGEXIHRIEVXLIGEQTYW%WTEVXSJMXWTPERXSMRZSPZIQSVIEPYQRMERHGSQQY RMX]QIQFIVWMRGSPPIKIEJJEMVWXLIWGLSSPLEWEWOIH]SYXSWTIEO[MXLRI[WXY HIRXW HYVMRK VIKMWXVEXMSR [IIO JSV XLI JEPP XIVQ -RXLISTIRMRK WIGXMSR SJ ]SYV WTIIGL]SY[ERXXLIEYHMIRGIXSJIIP[LEX]SYJIPXXLIJMVWXJI[HE]W]SY[IVI SRGEQTYW EWERI[WXYHIRX8LI FIWXWXVEXIK]]SYHIGMHIMWXSTVIWIRXX[SSV XLVII WMQMPIW XLEX GSQTPIXI XLI WIRXIRGI q&IKMRRMRK GSPPIKI MW PMOI r;VMXI ]SYVWMQMPIW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
(IPMZIV] ;LEX-W+SSH(IPMZIV]# 1IXLSHWSJ(IPMZIV] 6IEHMRKJVSQE1ERYWGVMTX 6IGMXMRKJVSQ1IQSV] 7TIEOMRK-QTVSQTXY 7TIEOMRK)\XIQTSVERISYWP]
8LI7TIEOIVtW:SMGI :SPYQI 4MXGL 6EXI 4EYWIW :SGEP:EVMIX] 4VSRYRGMEXMSR %VXMGYPEXMSR (MEPIGX
8LI7TIEOIVtW&SH] 4IVWSREP%TTIEVERGI 1SZIQIRX +IWXYVIW )]I'SRXEGX
4VEGXMGMRK(IPMZIV] %RW[IVMRK%YHMIRGI5YIWXMSRW 4VITEVMRKJSVXLI5YIWXMSRERH%RW[IV7IWWMSR 1EREKMRKXLI5YIWXMSRERH%RW[IV7IWWMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
J]SY[IVIXSVIGSVHSRISJ'SRER3t&VMIRtWGSQIH]VSYXMRIWQIQSVM^IMX[SVH JSV[SVHERHWXERHYTFIJSVI]SYVJVMIRHWXSVIGMXIMX[SYPH]SYKIXXLIWEQI VIWTSRWI3t&VMIRHSIW# 2SX ZIV] PMOIP]%RH[L] RSX#&IGEYWI ]SY [SYPHRSX HIPMZIV XLI NSOIW EW 3t&VMIR HSIW 3J GSYVWI XLI NSOIW EVI FEWMGEPP] JYRR] &YX 'SRER3t&VMIRFVMRKWWSQIXLMRKI\XVEXSXLINSOIWhLMWQERRIVSJTVIWIRXEXMSR LMW ZSGEP MRJPIGXMSRW LMW TIVJIGXP] XMQIH TEYWIW LMW JEGMEP I\TVIWWMSRW LMW KIW XYVIW%PPXLIWIEVITEVXSJERI\TIVXHIPMZIV]-X[SYPHXEOI]SY]IEVWSJTVEGXMGIh EWMXXSSO3t&VMIRhXSHYTPMGEXILMWVIWYPXW
-
RSRZIVFEP GSQQYRMGEXMSR 'SQQYRMGEXMSRFEWIHSRE TIVWSRtWYWISJZSMGIERH FSH]VEXLIVXLERSRXLI YWISJ[SVHW
2S SRI I\TIGXW ]SYV WTIIGL GPEWW XS XVERWJSVQ ]SY MRXS E QYPXMQMPPMSR HSPPEVXEPOWLS[LSWX7XMPPXLMWI\EQTPIHIQSRWXVEXIWLS[MQTSVXERXHIPMZIV] GERFIXSER]TYFPMGWTIEOMRKWMXYEXMSR)ZIREQIHMSGVIWTIIGL[MPPFIQSVI IJJIGXMZIMJMXMWTVIWIRXIH[IPP[LIVIEWE[SRHIVJYPP][VMXXIRWTIIGLGERFI VYMRIHF]TSSVHIPMZIV] 8LMWHSIWRSXQIERHE^^PMRKHIPMZIV][MPPXYVREQMRHPIWWWXVMRKSJRSR WIRWI MRXS E XVMYQTLERX SVEXMSR =SY GERRSX QEOI E KSSH WTIIGL [MXLSYX LEZMRK WSQIXLMRK XS WE] &YX LEZMRK WSQIXLMRK XS WE] MW RSX IRSYKL =SY QYWXEPWSORS[LS[XSWE]MX 7TIIGLHIPMZIV]MWEQEXXIVSJRSRZIVFEPGSQQYRMGEXMSR-XMWFEWIHSRLS[ ]SYYWI]SYVZSMGIERHFSH]XSGSRZI]XLIQIWWEKII\TVIWWIHF]]SYV[SVHW 8LIVIMWEKVIEXHIEPSJVIWIEVGLWLS[MRKXLEXXLIMQTEGXSJEWTIEOIVtW[SVHW MWTS[IVJYPP]MRJPYIRGIHF]LMWSVLIVRSRZIVFEPGSQQYRMGEXMSR-RXLMWGLET XIV[I[MPPI\TPEMRLS[]SYGERYWIRSRZIVFEPGSQQYRMGEXMSRXSHIPMZIV]SYV WTIIGLIWIJJIGXMZIP]ERHXSMRGVIEWIXLIMQTEGXSJ]SYVZIVFEPQIWWEKI
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
+SSH HIPMZIV] HSIW RSX GEPP EXXIRXMSR XS MXWIPJ -X GSRZI]W XLI WTIEOIVtW MHIEW GPIEVP] MRXIVIWXMRKP] ERH [MXLSYX HMWXVEGXMRK XLI EYHMIRGI 1SWX EYHM IRGIWTVIJIVHIPMZIV]XLEXGSQFMRIWEGIVXEMRHIKVIISJJSVQEPMX][MXLXLIFIWX EXXVMFYXIWSJKSSHGSRZIVWEXMSRhHMVIGXRIWWWTSRXERIMX]ERMQEXMSRZSGEPERH JEGMEPI\TVIWWMZIRIWWERHEPMZIP]WIRWISJGSQQYRMGEXMSR 7TIIGLHIPMZIV]MWEREVXRSXEWGMIRGI;LEX[SVOWJSVSRIWTIEOIVQE]JEMP JSVERSXLIV%RH[LEXWYGGIIHW[MXLXSHE]tWEYHMIRGIQE]RSX[MXLXSQSVVS[tW =SYGERRSXFIGSQIEWOMPPIHWTIEOIVNYWXF]JSPPS[MRKEWIXSJVYPIWMREXI\XFSSO -RXLIPSRKVYRXLIVIMWRSWYFWXMXYXIJSVI\TIVMIRGI&YXXEOILIEVX%XI\XFSSO GERKMZI]SYFEWMGTSMRXIVWXSKIX]SYWXEVXIHMRXLIVMKLXHMVIGXMSR
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LIR ]SY TPER ]SYV JMVWX WTIIGL SV ]SYV WIGSRH SV XLMVH ]SY WLSYPH GSRGIRXVEXI SR WYGL FEWMGW EW WTIEOMRK MRXIPPMKMFP] EZSMHMRK HMWXVEGXMRK QERRIVMWQWERHIWXEFPMWLMRKI]IGSRXEGX[MXL]SYVPMWXIRIVW3RGI]SYKIX XLIWIIPIQIRXWYRHIVGSRXVSPERHFIKMRXSJIIPJEMVP]GSQJSVXEFPIMRJVSRXSJ EREYHMIRGI]SYGER[SVOSRTSPMWLMRK]SYVHIPMZIV]XSIRLERGIXLIMQTEGX SJ]SYVMHIEW)ZIRXYEPP]]SYQE]JMRH]SYVWIPJ EFPIXSGSRXVSPXLIXMQMRK VL]XLQ ERH QSQIRXYQ SJ E WTIIGL EW WOMPPJYPP] EW E GSRHYGXSV GSRXVSPW ER SVGLIWXVE
1IXLSHWSJ(IPMZIV] 8LIVI EVI JSYV FEWMG QIXLSHW SJ HIPMZIVMRK E WTIIGL VIEHMRK ZIVFEXMQ JVSQEQERYWGVMTX VIGMXMRKEQIQSVM^IHXI\X WTIEOMRKMQTVSQTXY ERH WTIEOMRKI\XIQTSVERISYWP]0IXYWPSSOEXIEGL
6)%(-2+*631%1%297'6-48 'IVXEMR WTIIGLIW QYWX FI HIPMZIVIH [SVH JSV [SVH EGGSVHMRK XS E QIXMGY PSYWP] TVITEVIH QERYWGVMTX )\EQTPIW MRGPYHI E 4STItW VIPMKMSYW TVSGPEQE XMSRERIRKMRIIVtWVITSVXXSETVSJIWWMSREPQIIXMRKSVE4VIWMHIRXtWQIWWEKI XS'SRKVIWW-RWYGLWMXYEXMSRWEFWSPYXIEGGYVEG]MWIWWIRXMEP)ZIV][SVHSJ XLIWTIIGL[MPPFIEREP]^IHF]XLITVIWWF]GSPPIEKYIWTIVLETWF]IRIQMIW -RXLIGEWISJXLI4VIWMHIRXEQMWWXEXIHTLVEWIGSYPHGEYWIERMRXIVREXMSREP MRGMHIRX %PXLSYKL MX PSSOW IEW] HIPMZIVMRK E WTIIGL JVSQ QERYWGVMTX VIUYMVIW KVIEXWOMPP7SQITISTPIHSMX[IPP8LIMV[SVHWqGSQIEPMZIEWMJGSMRIHSR XLIWTSXr3XLIVWVYMRMXIZIV]XMQI-RWXIEHSJWSYRHMRKZMFVERXERHGSR ZIVWEXMSREP XLI] GSQI EGVSWW EW [SSHIR ERH EVXMJMGMEP 8LI] JEPXIV SZIV [SVHWTEYWIMRXLI[VSRKTPEGIWVIEHXSSUYMGOP]SVXSSWPS[P]WTIEOMRE QSRSXSRI ERH QEVGL XLVSYKL XLI WTIIGL [MXLSYX IZIR KPERGMRK EX XLIMV EYHMIRGI-RWLSVXXLI]GSQIEGVSWWEWVIEHMRKXSXLIMVPMWXIRIVWVEXLIVXLER XEPOMRK[MXLXLIQ -J]SYEVIMREWMXYEXMSR[LIVI]SYQYWXWTIEOJVSQEQERYWGVMTXTVEGXMGI EPSYHXSQEOIWYVIXLIWTIIGLWSYRHWREXYVEP;SVOSRIWXEFPMWLMRKI]IGSR XEGX[MXL]SYVPMWXIRIVW&IGIVXEMRXLIJMREPQERYWGVMTXMWPIKMFPIEXEKPERGI %FSZIEPPVIEGLSYXXS]SYVEYHMIRGI[MXLXLIWEQIHMVIGXRIWWERHWMRGIVMX] XLEX]SY[SYPHMJ]SY[IVIWTIEOMRKI\XIQTSVERISYWP]
QERYWGVMTXWTIIGL %WTIIGLXLEXMW[VMXXIRSYX [SVHJSV[SVHERHVIEHXSXLI EYHMIRGI
6)'-8-2+*6311)136= %QSRK XLI JIEXW SJ XLI PIKIRHEV] SVEXSVW RSRI PIEZIW YW QSVI MR E[I XLER XLIMV TVEGXMGI SJ TVIWIRXMRK IZIR XLI PSRKIWX ERH QSWX GSQTPI\ WTIIGLIW IRXMVIP]JVSQQIQSV]2S[EHE]WMXMWRSPSRKIVGYWXSQEV]XSQIQSVM^IER] FYX XLI WLSVXIWX SJ WTIIGLIWhXSEWXW GSRKVEXYPEXSV] VIQEVOW EGGITXERGI WTIIGLIWMRXVSHYGXMSRWERHXLIPMOI -J ]SY EVI KMZMRK E WTIIGL SJ XLMW OMRH ERH [ERX XS QIQSVM^I MX F] EPP QIERWHSWS,S[IZIVFIWYVIXSQIQSVM^IMXWSXLSVSYKLP]XLEX]SY[MPPFI EFPI XS GSRGIRXVEXI SR GSQQYRMGEXMRK [MXL XLI EYHMIRGI RSX SR XV]MRK XS VIQIQFIVXLI[SVHW7TIEOIVW[LSKE^IEXXLIGIMPMRKSVWXEVISYXXLI[MRHS[
1IXLSHWSJ(IPMZIV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
XV]MRK XS VIGEPP [LEX XLI] LEZI QIQSVM^IH EVI RS FIXXIV SJJ XLER XLSWI [LS VIEHHYPP]JVSQEQERYWGVMTX
74)%/-2+-14631489 MQTVSQTXYWTIIGL %WTIIGLHIPMZIVIH[MXL PMXXPISVRSMQQIHMEXI TVITEVEXMSR
%RMQTVSQTXYWTIIGLMWHIPMZIVIH[MXLPMXXPISVRSMQQIHMEXITVITEVEXMSR*I[ TISTPIGLSSWIXSWTIEOMQTVSQTXYFYXWSQIXMQIWMXGERRSXFIEZSMHIH-RJEGX QER]SJXLIWTIIGLIW]SYKMZIMRPMJI[MPPFIMQTVSQTXY=SYQMKLXFIGEPPIH SRWYHHIRP]XSqWE]EJI[[SVHWrSVMRXLIGSYVWISJEGPEWWHMWGYWWMSRFYWMRIWW QIIXMRKSVGSQQMXXIIVITSVX[ERXXSVIWTSRHXSETVIZMSYWWTIEOIV ;LIRWYGLWMXYEXMSRWEVMWIHSRt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q1]JMVWXTSMRXMW WIGSRH[IGERWIIXLEX MRGSRGPY WMSR-[SYPHPMOIXSWE]r-J]SYLEZILEHXMQIXSTVITEVIRSXIWWXMGOXS [LEX]SYLEZI[VMXXIR&]WXEXMRK]SYVTSMRXWGPIEVP]ERHGSRGMWIP]]SY[MPP GSQIEGVSWWEWSVKERM^IHERHGSRJMHIRX ;LIXLIV ]SY VIEPM^I MX SV RSX ]SY LEZI KMZIR XLSYWERHW SJ MQTVSQTXY qWTIIGLIWrMRHEMP]GSRZIVWEXMSRh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h]SYGERWTIEOXSERIQTX]VSSQ&IX XIV ]IX ]SY GER WTIEO XS E HMKMXEP VIGSVHIV ERH TPE] XLI WTIIGL FEGO XS LIEV LS[ ]SY WSYRH 8LI TYVTSWI MW XS KEMR I\TIVMIRGI MR TYPPMRK ]SYV MHIEW XSKIXLIVUYMGOP]ERHWXEXMRKXLIQWYGGMRGXP]
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)\XIQTSVERISYWWTIIGLIW EVITVITEVIHELIEHSJXMQI FYXXLII\EGX[SVHWEVI GLSWIREXXLIQSQIRXSJ TVIWIRXEXMSR8LMWEPPS[W JSVQSVIHMVIGXHIPMZIV] XLERHSIWVIEHMRKJVSQE QERYWGVMTX
74)%/-2+)<8)1436%2)3970= -R TSTYPEV YWEKI qI\XIQTSVERISYWr QIERW XLI WEQI EW qMQTVSQTXYr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q'SRZIV WEXMSREP UYEPMX]r QIERW XLEX RS QEXXIV LS[ QER] XMQIW E WTIIGL LEW FIIR VILIEVWIH MX WXMPP WSYRHW WTSRXERISYW ;LIR ]SY WTIEO I\XIQTSVERISYWP]h ERHLEZITVITEVIHTVSTIVP]h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
I\XIQTSVERISYWWTIIGL %GEVIJYPP]TVITEVIHERH VILIEVWIHWTIIGLXLEXMW TVIWIRXIHJVSQEFVMIJ WIXSJRSXIW
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq=SKE 9RMXMRK1MRH&SH]ERH 7TMVMXrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
1IXLSHWSJ(IPMZIV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
GSRZIVWEXMSREPUYEPMX] 4VIWIRXMRKEWTIIGLWSMXWSYRHW WTSRXERISYWRSQEXXIVLS[ QER]XMQIWMXLEWFIIR VILIEVWIH
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
RSXIW 6EXLIV WLI WIPIGXW LIV [SVHW EW WLI KSIW EPSRK QEMRXEMRW WXVSRK I]I GSRXEGX[MXLXLIEYHMIRGIERHLEWI\GIPPIRXGSRZIVWEXMSREPUYEPMX] 0MOI XLSYWERHW SJ TVIZMSYW WXYHIRXW ]SY GER FIGSQI EHITX EX WTIEOMRK I\XIQTSVERISYWP]F]XLIIRHSJXLIXIVQ%WSRIWXYHIRXGSQQIRXIHMRPSSO MRK FEGO EX LMW GPEWW q%X XLI WXEVX - RIZIV XLSYKLX -tH FI EFPI XS KMZI Q] WTIIGLIW [MXLSYX E XSR SJ RSXIW FYX -tQ EQE^IH EX LS[ QYGL TVSKVIWW -tZI QEHI-XtWSRISJXLIQSWXZEPYEFPIXLMRKW-PIEVRIHMRXLIIRXMVIGPEWWr 1SWXI\TIVMIRGIHWTIEOIVWTVIJIVXLII\XIQTSVERISYWQIXLSHERHQSWX XIEGLIVW IQTLEWM^I MX 0EXIV MR XLMW GLETXIV TEKIW i [ItPP PSSO EX E WXITF]WXITTVSKVEQJSVTVEGXMGMRK]SYVI\XIQTSVERISYWHIPMZIV]
8LI7TIEOIVtW:SMGI ;LEX OMRH SJ ZSMGI HS ]SY LEZI# -W MX VMGL ERH VIWSRERX PMOI .EQIW )EVP .SRIWtW# 8LMR ERH REWEP PMOI ;MPPMI 2IPWSRtW# (IIT ERH VEWT] PMOI %P 7LEVT XSRtW# 7SJX ERH EPPYVMRK PMOI 'EXLIVMRI >IXE .SRIWtW# 0SYH ERH MVVMXEXMRK PMOI (MGO:MXEPItW# ;LEXIZIVXLIGLEVEGXIVMWXMGWSJ]SYVZSMGI]SYGERFIWYVIMXMWYRMUYI &IGEYWIRSX[STISTPIEVII\EGXP]XLIWEQITL]WMGEPP]RSX[STISTPILEZI MHIRXMGEPZSMGIW 8LILYQERZSMGIMWTVSHYGIHF] E GSQTPI\WIVMIWSJWXITW XLEXWXEVXW[MXLXLII\LEPEXMSRSJEMVJVSQXLIPYRKW 8V]XEPOMRKMRXIPPMKMFP] [LMPI MRLEPMRK ERH WII [LEX LETTIRW %W EMV MW I\LEPIH MX TEWWIW XLVSYKL XLIPEV]R\ SVZSMGIFS\ [LIVIMXMWZMFVEXIHXSKIRIVEXIWSYRH8LMWWSYRH MW XLIR EQTPMJMIH ERH QSHMJMIH EW MX VIWSREXIW XLVSYKL XLI XLVSEX QSYXL ERH REWEP TEWWEKIW *MREPP] XLI VIWSREXIH WSYRH MW WLETIH MRXS WTIGMJMG ZS[IP ERH GSRWSRERX WSYRHW F] XLI QSZIQIRX SJ XLI XSRKYI PMTW XIIXL ERHVSSJSJXLIQSYXL 8LIZSMGITVSHYGIHF]XLMWTL]WMGEPTVSGIWW[MPPKVIEXP]EJJIGXXLIWYGGIWW SJ ]SYV WTIIGLIW % KSPHIR ZSMGI MW GIVXEMRP] ER EWWIX FYX WSQI SJ XLI QSWX JEQSYWWTIEOIVWMRLMWXSV]LEHYRHMWXMRKYMWLIHZSMGIW%FVELEQ0MRGSPRLEH E LEVWL ERH TIRIXVEXMRK ZSMGI ;MRWXSR 'LYVGLMPP WYJJIVIH JVSQ E WPMKLX PMWT ERHERE[O[EVHWXEQQIV0MOIXLIQ]SYGERSZIVGSQIREXYVEPHMWEHZERXEKIW ERHYWI]SYVZSMGIXSXLIFIWXIJJIGX0MRGSPRERH'LYVGLMPPPIEVRIHXSGSRXVSP XLIMVZSMGIW=SYGERHSXLIWEQIXLMRK 8LI EWTIGXW SJ ZSMGI ]SY WLSYPH [SVO XS GSRXVSP EVI ZSPYQI TMXGL VEXI TEYWIWZEVMIX]TVSRYRGMEXMSREVXMGYPEXMSRERHHMEPIGX
:3091) ZSPYQI 8LIPSYHRIWWSVWSJXRIWW SJXLIWTIEOIVtWZSMGI
%X SRI XMQI E TS[IVJYP ZSMGI [EW IWWIRXMEP JSV ER SVEXSV 8SHE] IPIGXVSRMG EQTPMJMGEXMSREPPS[WIZIREWSJXWTSOIRTIVWSRXSFILIEVHMRER]WIXXMRK&YX MRXLIGPEWWVSSQ]SY[MPPWTIEO[MXLSYXEQMGVSTLSRI;LIR]SYHSFIWYVI XSEHNYWX]SYVZSMGIXSXLIEGSYWXMGWSJXLIVSSQXLIWM^ISJXLIEYHMIRGIERH XLIPIZIPSJFEGOKVSYRHRSMWI-J]SYWTIEOXSSPSYHP]]SYVPMWXIRIVW[MPPXLMRO ]SYFSSVMWL-J]SYWTIEOXSSWSJXP]XLI][MPPRSXYRHIVWXERH]SY6IQIQFIV XLEX]SYVS[RZSMGIEP[E]WWSYRHWPSYHIVXS]SYXLERXSEPMWXIRIV7SSREJXIV FIKMRRMRK ]SYV WTIIGL KPERGI EX XLI TISTPI JEVXLIWX E[E] JVSQ ]SY -J XLI] PSSOTY^^PIH EVIPIERMRK JSV[EVH MR XLIMVWIEXW SV EVISXLIV[MWIWXVEMRMRK XS LIEV]SYRIIHXSXEPOPSYHIV
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4-8', 4MXGLMWXLILMKLRIWWSVPS[RIWWSJXLIWTIEOIVtWZSMGI8LIJEWXIVWSYRH[EZIW ZMFVEXIXLILMKLIVXLIMVTMXGL XLIWPS[IVXLI]ZMFVEXIXLIPS[IVXLIMVTMXGL 4MXGLHMWXMRKYMWLIWXLIWSYRHTVSHYGIHF]XLIOI]WEXSRIIRHSJETMERSJVSQ XLEXTVSHYGIHF]XLIOI]WEXXLISXLIVIRH -RWTIIGLTMXGLGEREJJIGXXLIQIERMRKSJ[SVHWSVWSYRHW4MXGLMW[LEX QEOIWXLIHMJJIVIRGIFIX[IIRXLIq%LErXVMYQTLERXP]I\GPEMQIHF]7LIVPSGO ,SPQIWYTSRHMWGSZIVMRKEWIIQMRKP]HIGMWMZIGPYIERHXLIq%LErLIQYXXIVW [LIRLIPIEVRWXLIGPYIMWRSXHIGMWMZIEJXIVEPP-J]SY[IVIXSVIEHXLITVIGIH MRK WIRXIRGI EPSYH ]SYV ZSMGI [SYPH TVSFEFP] KS YT MR TMXGL SR XLI JMVWX q%LEr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tW PMWXIRIVW *I[ TISTPI WTIEOMREREFWSPYXIQSRSXSRI[MXLRSZEVMEXMSR[LEXIZIVMRTMXGLFYXQER] JEPP MRXS VITIXMXMSYW TMXGL TEXXIVRW XLEX EVI NYWX EW L]TRSXMG =SY GER KYEVH EKEMRWX XLMW F] VIGSVHMRK ]SYVWTIIGLIW EW ]SY TVEGXMGI XLIQ -J EPP ]SYV WIR XIRGIWIRHSRXLIWEQIMRJPIGXMSRhIMXLIVYT[EVHSVHS[R[EVHh[SVOSRZEV] MRK]SYVTMXGLTEXXIVRWXSJMXXLIQIERMRKSJ]SYV[SVHW%W[MXLFVIEOMRKER] SXLIVLEFMXXLMWQE]WIIQE[O[EVHEXJMVWXFYXMXMWKYEVERXIIHXSQEOI]SYE FIXXIVWTIEOIV
TMXGL 8LILMKLRIWWSVPS[RIWWSJ XLIWTIEOIVtWZSMGI
MRJPIGXMSRW 'LERKIWMRXLITMXGLSVXSRI SJEWTIEOIVtWZSMGI
QSRSXSRI %GSRWXERXTMXGLSV XSRISJZSMGI
6%8) 6EXI VIJIVW XS XLI WTIIH EX [LMGL E TIVWSR WTIEOW 4ISTPI MR XLI 97 YWYEPP] WTIEOEXEVEXIFIX[IIRERH[SVHWTIVQMRYXIFYXXLIVIMWRSYRMJSVQ VEXIJSVIJJIGXMZIWTIIGLQEOMRK*VEROPMR6SSWIZIPXWTSOIEX[SVHWTIVQMR YXI .SLR /IRRIH] EX 1EVXMR 0YXLIV /MRK STIRIH LMW q- ,EZI E (VIEQr WTIIGLEX [SVHWTIVQMRYXIERHJMRMWLIHMXEX8LIFIWXVEXISJWTIIGL HITIRHWSRWIZIVEPXLMRKWhXLIZSGEPEXXVMFYXIWSJXLIWTIEOIVXLIQSSHWLISV LIMWXV]MRKXSGVIEXIXLIGSQTSWMXMSRSJXLIEYHMIRGIERHXLIREXYVISJXLI SGGEWMSR *SVI\EQTPIMJ]SY[ERXIHXSGSRZI]XLII\GMXIQIRXSJXLI(E]XSRE GEVVEGI]SY[SYPHTVSFEFP]WTIEOVEXLIVUYMGOP]FYXEWPS[IVVEXI[SYPHFI QSVIETTVSTVMEXIXSHIWGVMFIXLIWIVIRMX]SJXLI%PEWOER[MPHIVRIWW%JEWXVEXI LIPTWGVIEXIJIIPMRKWSJLETTMRIWWJIEVERKIVERHWYVTVMWI[LIVIEWEWPS[VEXI MWFIXXIVJSVI\TVIWWMRK WEHRIWWSV HMWKYWX %WPS[IV XIQTSMWGEPPIH JSV [LIR ]SY I\TPEMR GSQTPI\ MRJSVQEXMSR E JEWXIV XIQTS [LIR XLI MRJSVQEXMSR MW EPVIEH]JEQMPMEVXSXLIEYHMIRGI 8[S SFZMSYW JEYPXW XS EZSMH EVI WTIEOMRK WS WPS[P] XLEX ]SYV PMWXIRIVW FIGSQIFSVIHSVWSUYMGOP]XLEXXLI]PSWIXVEGOSJ]SYVMHIEW2SZMGIWTIEOIVW EVITEVXMGYPEVP]TVSRIXSVEGMRKXLVSYKLXLIMVWTIIGLIWEXEJVERXMGVEXI*SVXY REXIP] XLMW MW YWYEPP] ER IEW] LEFMX XS FVIEO EW MW XLI PIWW GSQQSR SRI SJ GVE[PMRKXLVSYKLSRItWWTIIGLEXEWREMPtWTEGI 8LIOI]MRFSXLGEWIWMWFIGSQMRKE[EVISJXLITVSFPIQERHGSRGIRXVEXMRK SRWSPZMRK MX 9WIEHMKMXEPVIGSVHIVXSGLIGOLS[ JEWX]SY WTIEO 4E] WTIGMEP EXXIRXMSR XS VEXI [LIR TVEGXMGMRK ]SYV WTIIGL *MREPP] FI WYVI XS MRGPYHI
VEXI 8LIWTIIHEX[LMGLE TIVWSRWTIEOW
8LI7TIEOIVtW:SMGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
VIQMRHIVWEFSYXHIPMZIV]SR]SYVWTIEOMRKSYXPMRIWS]SY[SRtXJSVKIXXSQEOI XLIEHNYWXQIRXW[LIR]SYKMZI]SYVWTIIGLMRGPEWW
4%97)7 TEYWI %QSQIRXEV]FVIEOMRXLI ZSGEPHIPMZIV]SJEWTIIGL
ZSGEPM^IHTEYWI %TEYWIXLEXSGGYVW[LIRE WTIEOIVJMPPWXLIWMPIRGI FIX[IIR[SVHW[MXL ZSGEPM^EXMSRWWYGLEWqYLr qIVrERHqYQr
0IEVRMRK LS[ ERH [LIR XS TEYWI MW E QENSV GLEPPIRKI JSV QSWX FIKMRRMRK WTIEOIVW )ZIR E QSQIRX SJ WMPIRGI GER WIIQ PMOI ER IXIVRMX] %W ]SY KEMR QSVITSMWIERHGSRJMHIRGILS[IZIV]SY[MPPHMWGSZIVLS[YWIJYPXLITEYWI GERFI-XGERWMKREPXLIIRHSJEXLSYKLXYRMXKMZIERMHIEXMQIXSWMROMR ERHPIRHHVEQEXMGMQTEGXXSEWXEXIQIRXq8LIVMKLX[SVHQE]FIIJJIGXMZIr WEMH 1EVO 8[EMR qFYX RS [SVH [EW IZIV EW IJJIGXMZI EW E VMKLXP] XMQIH TEYWIr (IZIPSTMRK E OIIR WIRWI SJ XMQMRK MW TEVXP] E QEXXIV SJ GSQQSR WIRWI TEVXP]EQEXXIVSJI\TIVMIRGI=SY[MPPRSXEP[E]WKIX]SYVTEYWIWNYWXVMKLXEX JMVWX FYX OIIT XV]MRK 0MWXIR XS EGGSQTPMWLIH WTIEOIVW XS WII LS[ XLI] YWI TEYWIW XS QSHYPEXI XLI VEXI ERH VL]XLQ SJ XLIMV QIWWEKIW ;SVO SR TEYWIW [LIR]SYTVEGXMGI]SYVWTIIGLIW 1EOIWYVI]SYTEYWIEXXLIIRHSJXLSYKLXYRMXWERHRSXMRXLIQMHHPI 3XLIV[MWI]SYQE]HMWXVEGXPMWXIRIVWJVSQ]SYVMHIEW1SWXMQTSVXERXHSRSX JMPP XLI WMPIRGI [MXL qYLr qIVr SV qYQr 8LIWI ZSGEPM^IH TEYWIW GER GVIEXI RIKEXMZI TIVGITXMSRW EFSYXEWTIEOIVtW MRXIPPMKIRGI ERHSJXIR QEOIE WTIEOIV ETTIEVHIGITXMZI
:3'%0:%6-)8= .YWXEW ZEVMIX]MW XLI WTMGI SJ PMJI WS MW MX XLI WTMGI SJTYFPMG WTIEOMRK % JPEX PMWXPIWW YRGLERKMRK ZSMGI MW NYWX EW HIEHP] XS WTIIGLQEOMRK EW E JPEX PMWXPIWW YRGLERKMRKVSYXMRIMWXSHEMP]PMJI 8V]VIEHMRKXLMWPMQIVMGOEPSYH -WEXRI\XXSXLI(YGLIWWEXXIE -X[EWNYWXEW-JIEVIHMX[SYPHFI ,IVVYQFPMRKWEFHSQMREP ;IVIWMQTP]EFSQMREFPI %RHIZIV]SRIXLSYKLXMX[EWQI
2S[ VIGMXI XLMW TEWWEKI JVSQ .EQIW .S]GItW q%PP (E] - ,IEV XLI 2SMWI SJ ;EXIVWr 8LIKVE][MRHWXLIGSPH[MRHWEVIFPS[MRK ;LIVI-KS -LIEVXLIRSMWISJQER][EXIVW *EVFIPS[ %PPHE]EPPRMKLX-LIEVXLIQJPS[MRK 8SERHJVS
ZSGEPZEVMIX] 'LERKIWMREWTIEOIVtWVEXI TMXGLERHZSPYQIXLEXKMZI XLIZSMGIZEVMIX]ERH I\TVIWWMZIRIWW
'IVXEMRP] ]SY HMH RSX YXXIV FSXL TEWWEKIW XLI WEQI [E] =SY MRWXMRG XMZIP] ZEVMIH XLI VEXI TMXGL ZSPYQI ERH TEYWIW XS HMWXMRKYMWL XLI PMKLX LIEVXIHPMQIVMGOJVSQ.S]GItWQIPERGLSPMGTSIQ;LIRKMZMRKEWTIIGL]SY WLSYPHQSHYPEXI]SYVZSMGIMRNYWXXLMW[E]XSGSQQYRMGEXI]SYVMHIEWERH JIIPMRKW *SVERI\GIPPIRX I\EQTPISJZSGEPZEVMIX]PSSO EX:MHIS'PMT MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV 8LI WTIEOIV 7ENNMH >ELMV 'LMRS] [EW
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LIFIWXVEXISJWTIIGL HITIRHWTEVXP]SRXLIQSSH EWTIEOIV[ERXWXSGVIEXI 8SGSQQYRMGEXIXLI WIVIRMX]SJEQSYRXEMRPEOI ]SY[SYPHTVSFEFP]WTIEOEX EWPS[IVXLERRSVQEPVEXI
FSVRERHVEMWIHMR&SQFE]-RHMEFIJSVIGSQMRKXSXLI9RMXIH7XEXIWXSEXXIRH GSPPIKIEXXLI9RMZIVWMX]SJ6MGLQSRH%XXLIIRHSJLMWWIRMSV]IEV'LMRS] [EWWIPIGXIHEWXLIWXYHIRXGSQQIRGIQIRXWTIEOIVMREGEQTYW[MHIGSQTIXM XMSR,IWTSOISJXLI[EVQVIGITXMSRLIVIGIMZIHEX6MGLQSRHERHSJLS[GYP XYVEPHMJJIVIRGIWGERFISZIVGSQIF]EXXIQTXMRKXSYRHIVWXERHSXLIVTISTPI %X XLI IRH SJ LMW WTIIGL 'LMRS] VIGIMZIH XLYRHIVSYW ETTPEYWIhTEVXP] FIGEYWI SJ [LEX LI WEMH FYX EPWS FIGEYWI SJ LS[ LI WEMH MX %HHVIWWMRK XLI EYHMIRGI SJ TISTPI [MXLSYX RSXIW LI WTSOI I\XIQTSVERISYWP] [MXL WXVSRKI]IGSRXEGXERHI\GIPPIRXZSGEPZEVMIX]8LIWTIIGL[EWWSMRWTMVMRKXLEX XLIQEMRWTIEOIV,EVZEVHTW]GLMEXVMWX6SFIVX'SPIWFIKERLMWTVIWIRXEXMSRF] TE]MRK XVMFYXI XS 'LMRS] q-tZI FIIR XS E RYQFIV SJ GSQQIRGIQIRXWr WEMH 'SPIWqFYX-tZIRIZIVLIEVHEWTIIGLUYMXIPMOIXLEXr ,S[GER]SYHIZIPSTEPMZIP]I\TVIWWMZIZSMGI#%FSZIEPPF]ETTVSEGLMRK IZIV]WTIIGLEW'LMRS]ETTVSEGLIHLMWhEWERSTTSVXYRMX]XSWLEVI[MXL]SYV PMWXIRIVW MHIEW XLEX EVI MQTSVXERX XS ]SY =SYV WIRWI SJ GSRZMGXMSR ERH ]SYV HIWMVIXSGSQQYRMGEXI[MPPKMZI]SYVZSMGIXLIWEQIWTEVOMXLEWMRWTSRXERISYW GSRZIVWEXMSR (MEKRSWI ]SYV TVIWIRX WTIEOMRK ZSMGI XS HIGMHI [LMGL EWTIGXW RIIH MQTVSZIQIRX6IGSVH]SYVWTIIGLIWXSLIEVLS[XLI]WSYRH8V]XLIQSYXSR QIQFIVWSJ]SYVJEQMP]EJVMIRHSVEVSSQQEXI'LIGO[MXL]SYVXIEGLIVJSV WYKKIWXMSRW4VEGXMGIXLIZSGEPZEVMIX]I\IVGMWIEXXLIIRHSJXLMWGLETXIV:SGEP ZEVMIX] MW E REXYVEP JIEXYVI SJ SVHMREV] GSRZIVWEXMSR 8LIVI MW RS VIEWSR MX WLSYPHRSXFIEWREXYVEPEJIEXYVISJ]SYVWTIIGLIW
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ q5YIWXMSRWSJ'YPXYVIrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
463292'-%8-32 ;IEPPQMWTVSRSYRGI[SVHWRS[ERHEKEMR,IVIJSVI\EQTPIEVIWM\[SVHW [MXL[LMGL]SYEVITVSFEFP]JEQMPMEV7E]IEGLSRIEPSYH
KIRYMRI
EVGXMG
X LIEXIV
IVV
R YGPIEV
*IFVYEV]
TVSRYRGMEXMSR 8LIEGGITXIHWXERHEVHSJ WSYRHERHVL]XLQJSV[SVHW MREKMZIRPERKYEKI
8LI7TIEOIVtW:SMGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
(S]SY[ERXXSPIEVRQSVIEFSYXWTIIGLHIPMZIV]#4IVLETWKEMREHHMXMSREPI\TIVM IRGIEJXIV]SYVWTIIGLGPEWWMWSZIV#=SYGERHSFSXLF]NSMRMRKERSVKERM^EXMSR WYGLEW 8SEWXQEWXIVW-RXIVREXMSREP [LMGL LEW QSVI XLER QIQFIVW ERH GPYFWMR GSYRXVMIWEVSYRHXLI[SVPH*SVMRJSVQEXMSREFSYX8SEWXQEWXIVW PSKSRXSMXW;IFWMXIEX[[[XSEWXQEWXIVWSVK -J ]SY EVI E RSRREXMZI WTIEOIV SJ )RKPMWL ERH [ERX XS [SVO SR ]SYV WOMPPW SJ WTSOIR)RKPMWL]SY[MPPJMRHERYQFIVSJI\GIPPIRXVIWSYVGIWEXXLI)RKPMWLEWE 7IGSRH0ERKYEKIWXYHIRX;IFWMXI LXXT S[PIRKPMWLTYVHYIIHYLERHSYXW IWPIWPWXYHIRXLXQP
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
:IV]PMOIP]]SYQEHIEQMWXEOISREXPIEWXSRIJSVXLI]EVIEQSRKXLIQSWX JVIUYIRXP]QMWTVSRSYRGIH[SVHWMRXLI)RKPMWLPERKYEKI0IXtWWII ;SVH
'SQQSR)VVSV
'SVVIGX4VSRYRGMEXMSR
KIRYMRI
KIRY[MRI
KIRY[MR
EVGXMG
EVXMG
EVGXMG
XLIEXIV
XLIIEXIIV
XLIIEXIV
IVV
EMV
YV
RYGPIEV
RYGYPEV
RYGPIEV
*IFVYEV]
*IFYEV]
*IFVYEV]
)ZIV][SVHPIEHWEXVMTPIPMJI MXMWVIEH[VMXXIRERHWTSOIR1SWXTISTPI VIGSKRM^IERHYRHIVWXERHQER]QSVI[SVHWMRVIEHMRKXLERXLI]YWIMRSVHM REV][VMXMRKERHEFSYXXLVIIXMQIWEWQER]EWSGGYVMRWTSRXERISYWWTIIGL 8LMWMW[L][ISGGEWMSREPP]WXYQFPI[LIRWTIEOMRK[SVHWXLEXEVITEVXSJSYV VIEHMRKSV[VMXMRKZSGEFYPEVMIW-RSXLIVGEWIW[IQE]QMWTVSRSYRGIXLIQSWX GSQQSRTPEGI[SVHWSYXSJLEFMX 8LITVSFPIQMWXLEX[IYWYEPP]HSRtXORS[[LIR[IEVIQMWTVSRSYRGMRKE [SVH -J [I EVI PYGO] [I PIEVR XLI VMKLX TVSRYRGMEXMSR F] LIEVMRK WSQISRI IPWIWE]XLI[SVHTVSTIVP]SVF]LEZMRKWSQISRIKIRXP]GSVVIGXYWMRTVMZEXI -J[IEVIYRPYGO][IQMWTVSRSYRGIXLI[SVHMRJVSRXSJEVSSQJYPSJTISTPI [LSQE]VEMWIXLIMVI]IFVS[WKVSERSVPEYKL %PP SJ XLMW EVKYIW JSV TVEGXMGMRK ]SYV WTIIGL MR JVSRX SJ EW QER] XVYWXIH JVMIRHW ERH VIPEXMZIW EW ]SY GER GSVRIV -J ]SY LEZI ER] HSYFXW EFSYX XLI TVSTIVTVSRYRGMEXMSRSJGIVXEMR[SVHWFIWYVIXSGLIGOEHMGXMSREV]
%68-'90%8-32 EVXMGYPEXMSR 8LITL]WMGEPTVSHYGXMSRSJ TEVXMGYPEVWTIIGLWSYRHW
%VXMGYPEXMSR ERH TVSRYRGMEXMSR EVI RSX MHIRXMGEP 7PSTT] EVXMGYPEXMSR MW XLI JEMPYVIXSJSVQTEVXMGYPEVWTIIGLWSYRHWGVMWTP]ERHHMWXMRGXP]-XMWSRISJWIZ IVEPGEYWIWSJQMWTVSRYRGMEXMSRFYX]SYGEREVXMGYPEXIE[SVHWLEVTP]ERHWXMPP QMWTVSRSYRGI MX *SV I\EQTPI MJ ]SY WE] XLI qWr MR q-PPMRSMWr SV XLI qTr MR qTRIYQSRMEr]SYEVIQEOMRKEQMWXEOIMR TVSRYRGMEXMSRVIKEVHPIWWSJLS[ TVIGMWIP]]SYEVXMGYPEXIXLIWSYRHW 1SWX SJ XLI XMQI TSSV EVXMGYPEXMSR MW GEYWIH F] PE^MRIWWhF] JEMPMRK XS QERMTYPEXI XLI PMTW XSRKYI NE[ ERH WSJX TEPEXI WS EW XS TVSHYGI WTIIGL
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WSYRHW GPIEVP] ERH TVIGMWIP] 4ISTPI MR XLI 9RMXIH 7XEXIW WIIQ TEVXMGYPEVP] TVSRI XS GLSTTMRK WPYVVMRK ERH QYQFPMRK [SVHW VEXLIV XLER EVXMGYPEXMRK XLIQTPEMRP] %QSRK GSPPIKI WXYHIRXW TSSV EVXMGYPEXMSR MW QSVI GSQQSR XLER MKRS VERGISJGSVVIGXTVSRYRGMEXMSR;IORS[XLEXqPIXQIrMW RSXqPIQQIrXLEX qKSMRK XSr MW RSX qKSRREr XLEX qHMH ]SYr MW RSX qHMHNEr ]IX [I TIVWMWX MR EVXMGYPEXMRK XLIWI [SVHW MQTVSTIVP] ,IVI EVI WSQI SXLIV GSQQSR IVVSVW MR EVXMGYPEXMSR]SYWLSYPH[SVOXSEZSMH ;SVH
1MWEVXMGYPEXMSR
SYKLXXS
S XXE
HMHRtX
HMRX
JSV
JYV
HSRtXORS[
HYRRS
LEZIXS
LEJXE
XLIQ
I Q
[ERXXS
[ERRE
[MPP]SY
[MP]E
-J ]SY LEZI WPSTT] EVXMGYPEXMSR [SVO SR MHIRXMJ]MRK ERH IPMQMREXMRK ]SYVQSWXGSQQSRIVVSVW0MOISXLIVFEHLEFMXWGEVIPIWWEVXMGYPEXMSRGERFI FVSOIRSRP]F]TIVWMWXIRXIJJSVXhFYXXLIVIWYPXWEVI[IPP[SVXLMX2SXSRP] [MPP]SYVWTIIGLIWFIQSVIMRXIPPMKMFPIFYXIQTPS]IVW[MPPFIQSVIPMOIP]XS LMVI ]SY XS TPEGI ]SY MR TSWMXMSRW SJ VIWTSRWMFMPMX] ERH XS TVSQSXI ]SY %W7LEOIWTIEVIEHZMWIHq1IRH]SYVWTIIGLEPMXXPIPIWX]SYQE]QEV]SYV JSVXYRIWr
(-%0)'8 1SWX PERKYEKIW LEZI HMEPIGXW IEGL [MXL E HMWXMRGXMZI EGGIRX KVEQQEV ERH ZSGEFYPEV] (MEPIGXW EVI YWYEPP] FEWIH SR VIKMSREP SV IXLRMG WTIIGL TEXXIVRW 8LI 9RMXIH 7XEXIW LEW JSYV QENSV VIKMSREP HMEPIGXWh)EWXIVR 2I[ )RKPERH 7SYXLIVR ERH +IRIVEP %QIVMGER -R &SWXSR TISTPI QE] KIX qMHIEVWr EFSYX qHIIELrJVMIRHW-R%PEFEQETEVIRXWXIPPXLIMVGLMPHVIRXSWXSTqWUYMRGLMRKr XLIMVI]IW[LMPI[EXGLMRKXIPIZMWMSRERHXSKSGPIERYTXLIMVVSSQWqVEXrRS[ -R9XELTISTPITVEMWIXLIqPEVHrERHTYXXLIqPSVHr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qVMKLXrJSVXLIGSQQYRMX] SJTISTPI[LSYWIMX ;LIRMWEKMZIRHMEPIGXETTVSTVMEXIMRTYFPMGWTIEOMRK#8LIERW[IVHITIRHW EFSZI EPP SR XLI GSQTSWMXMSR SJ ]SYV EYHMIRGI ,IEZ] YWI SJ ER] HMEPIGXh VIKMSREPSVIXLRMGhGERFIXVSYFPIWSQI[LIRXLIEYHMIRGIHSIWRSXWLEVIXLEX
HMEPIGX %ZEVMIX]SJEPERKYEKI HMWXMRKYMWLIHF]ZEVMEXMSRW SJEGGIRXKVEQQEVSV ZSGEFYPEV]
8LI7TIEOIVtW:SMGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
HMEPIGX -R WYGL E WMXYEXMSR XLI HMEPIGX QE] GEYWI PMWXIRIVW XS QEOI RIKEXMZI NYHKQIRXWEFSYXXLIWTIEOIVt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
8LI7TIEOIVtW&SH] -QEKMRI]SYEVIEXETEVX](YVMRKXLIIZIRMRK]SYJSVQMQTVIWWMSRWEFSYXXLI TISTPIEVSYRH]SY.SRXIWIIQWVIPE\IHERHIZIRXIQTIVIH2MGSPIXIRWIERH MVVMXEFPI /]RHVE WIIQW STIR ERH WXVEMKLXJSV[EVH &IOEL LSWXMPI ERH IZEWMZI %QMRWIIQWLETT]XSWII]SY 7IXLHIJMRMXIP]MWRSX ,S[ HS ]SY VIEGL XLIWI GSRGPYWMSRW# 8S E WYVTVMWMRK I\XIRX ]SY VIEGL XLIQ RSX SR XLI FEWMW SJ [LEX TISTPI WE] [MXL [SVHW FYX FIGEYWI SJ [LEX XLI]WE][MXLXLIMVTSWXYVIKIWXYVIWI]IWERHJEGMEPI\TVIWWMSRW7YTTSWI]SY EVIWMXXMRKRI\XXS%QMRERHLIWE]Wq8LMWMWEKVIEXTEVX]-tQVIEPP]KPEHXS FILIVI[MXL]SYr,S[IZIVLMWFSH]MWXYVRIHWPMKLXP]E[E]JVSQ]SYERH LIOIITWPSSOMRKEXWSQISRIEGVSWWXLIVSSQ(IWTMXI[LEXLIWE]W]SYORS[ LIMWRSXKPEHXSFIXLIVI[MXL]SY 1YGLXLIWEQIXLMRKLETTIRWMRWTIIGLQEOMRK,IVIMWXLIWXSV]SJSRI WXYHIRXtW JMVWX X[S GPEWWVSSQ WTIIGLIW ERH XLI IJJIGX GVIEXIH F] LMW TL]WMGEP EGXMSRWSRIEGLSGGEWMSR 7IER 3t'SRRSVtW JMVWX WTIIGL HMH RSX KS ZIV] [IPP )ZIR XLSYKL LI LEH GLSWIR ER MRXIVIWXMRK XSTMG VIWIEVGLIH XLI WTIIGL [MXL GEVI ERH TVEGXMGIH MXJEMXLJYPP]LIHMHRSX XEOIMRXSEGGSYRXXLIMQTSVXERGISJYWMRKLMWFSH]IJJIGXMZIP];LIRXLIXMQIGEQI JSV LMQXSWTIEOEWXVMGOIRPSSOGVSWWIHLMWJEGI,IKSXYTJVSQLMWGLEMVERHTPSHHIHXSXLI PIGXIVREWXLSYKLKSMRKXSXLIKYMPPSXMRI,MWZSGEPHIPMZIV][EWKSSHIRSYKLFYXEPPXLI [LMPILMWLERHW[IVIPMZMRKEPMJISJXLIMVS[R8LI]JMHKIXIH[MXLLMWRSXIWTPE]IH[MXL XLIFYXXSRWSJLMWWLMVXERHHVYQQIHSRXLIPIGXIVR8LVSYKLSYXXLIWTIIGL7IEROITX LMWLIEHHS[RERHLIPSSOIHEXLMW[EXGLVITIEXIHP]6IKEVHPIWWSJ[LEXLMW[SVHW[IVI WE]MRKLMWFSH][EWWE]MRKq-HSRtX[ERXXSFILIVIr *MREPP]MX[EWSZIV7IERVYWLIHXSLMWWIEXERHGSPPETWIHMRXSMXPSSOMRKIRSVQSYWP] VIPMIZIH2IIHPIWWXSWE]LMWWTIIGL[EWRSXEKVIEXWYGGIWW
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
+SSHWTIEOIVWWYGLEW 2SFIP4IEGI4VM^I0EYVIEXI 1YLEQQEH=YRYWYWIE PMZIP]ZSMGIXSFVMRKXLIMV MHIEWXSPMJI8LI]EPWSYWI KIWXYVIWI]IGSRXEGXERH JEGMEPI\TVIWWMSRWXSGVIEXIE FSRH[MXLXLIMVEYHMIRGI
*SVXYREXIP][LIR7IERtWTVSFPIQ[EWTSMRXIHSYXXSLMQLI[SVOIHLEVHXSGSVVIGX MX,MWRI\XWTIIGL[EWUYMXIEHMJJIVIRXWXSV]8LMWXMQILIKSXYTJVSQLMWGLEMVERHWXVSHI XSXLIPIGXIVRGSRJMHIRXP],IOITXLMW LERHWYRHIVGSRXVSPERHGSRGIRXVEXIHSRQEOMRK I]I GSRXEGX [MXL LMW PMWXIRIVW 8LMW [EW XVYP] ER EGLMIZIQIRX FIGEYWI 7IER [EW NYWX EW RIVZSYWEWXLIJMVWXXMQI,S[IZIVLIJSYRHXLEXXLIQSVILIQEHILMQWIPJPSSOGSRJM HIRXXLIQSVI GSRJMHIRXLIFIGEQI %JXIVXLIWTIIGLLMWGPEWWQEXIW [IVI IRXLYWMEWXMG q+VIEXWTIIGLrXLI]WEMHq=SYVIEPP]WIIQIHXSGEVIEFSYXXLIWYFNIGXERH]SYFVSYKLX XLMWGEVMRKXSXLIEYHMIRGIr -RJEGXXLI[SVHMRKSJ7IERtWWIGSRHWTIIGL[EWRtXQYGLFIXXIVXLERXLEXSJXLIJMVWX -X[EWLMWTL]WMGEPEGXMSRWXLEXQEHIEPPXLIHMJJIVIRGI*VSQXLIXMQILIPIJXLMWWIEXYRXMP LIVIXYVRIHLMWFSH]WEMHq-EQGSRJMHIRXERHMRGSRXVSPSJXLIWMXYEXMSR-LEZIWSQIXLMRK [SVXL[LMPIXSWE]ERH-[ERX]SYXSXLMROWSXSSr
4SWXYVIJEGMEPI\TVIWWMSRKIWXYVIWI]IGSRXEGXhEPPEJJIGXXLI[E]PMWXIRIVW VIWTSRHXSEWTIEOIV,S[[IYWIXLIWIERHSXLIVFSH]QSXMSRWXSGSQQYRM GEXI MW XLI WYFNIGX SJ E JEWGMREXMRK EVIE SJ WXYH] GEPPIH OMRIWMGW 3RI SJ MXW JSYRHIVW6E]&MVH[LMWXIPPIWXMQEXIHXLEXQSVIXLERTL]WMGEPWMKREPW GERFIWIRXXLVSYKLFSHMP]QSZIQIRX7XYHMIWLEZIWLS[RXLEXXLIWIWMKREPW LEZIEWMKRMJMGERXMQTEGXSRXLIQIERMRKGSQQYRMGEXIHF]WTIEOIVW6IWIEVGL LEW EPWS GSRJMVQIH [LEX XLI +VIIO LMWXSVMER ,IVSHSXYW SFWIVZIH QSVI XLER ]IEVWEKS q4ISTPIXVYWXXLIMVIEVWPIWWXLERXLIMVI]IWr;LIREWTIEOIVtW FSH]PERKYEKIMWMRGSRWMWXIRX[MXLLMWSVLIV[SVHWPMWXIRIVWSJXIRFIPMIZIXLI FSH]PERKYEKIVEXLIVXLERXLI[SVHW ,IVIEVIXLIQENSVEWTIGXWSJTL]WMGEPEGXMSRXLEX[MPPEJJIGXXLISYXGSQI SJ]SYVWTIIGLIW
OMRIWMGW 8LIWXYH]SJFSH]QSXMSRW EWEW]WXIQEXMGQSHISJ GSQQYRMGEXMSR
8LI7TIEOIVtW&SH]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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t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
13:)1)28 2SZMGIWTIEOIVWEVISJXIRYRWYVIEFSYX[LEXXSHS[MXLXLIMVFSH][LMPIKMZMRK EWTIIGL7SQITEGIRSRWXSTFEGOERHJSVXLEGVSWWXLITSHMYQJIEVMRKXLEXMJ XLI]WXSTXLI][MPPJSVKIXIZIV]XLMRK3XLIVWGSRWXERXP]WLMJXXLIMV[IMKLXJVSQ SRI JSSX XS XLI SXLIV JMHKIX [MXL XLIMVRSXIW SV NMRKPI GSMRW MR XLIMV TSGOIXW 7XMPPSXLIVWXYVRMRXSWXEXYIWWXERHMRKVMKMHERHI\TVIWWMSRPIWWJVSQFIKMRRMRK XSIRH 7YGLUYMVOWYWYEPP]WXIQJVSQRIVZSYWRIWW-J]SYEVITVSRIXSHMWXVEGXMRK QERRIVMWQW]SYVXIEGLIV[MPPMHIRXMJ]XLIQWS]SYGER[SVOSRGSRXVSPPMRK XLIQ;MXLEPMXXPIGSRGIRXVEXMSRXLIWIQERRIVMWQWWLSYPHHMWETTIEVEW]SY FIGSQIQSVIGSQJSVXEFPIWTIEOMRKMRJVSRXSJEREYHMIRGI %WMQTSVXERXEWLS[]SYEGXHYVMRKXLIWTIIGLMW[LEX]SYHSNYWXFIJSVI ]SYFIKMRERHEJXIV]SYJMRMWL%W]SYVMWIXSWTIEOXV]XSETTIEVGEPQTSMWIH ERH GSRJMHIRX HIWTMXI XLI FYXXIVJPMIW MR ]SYV WXSQEGL ;LIR ]SY VIEGL XLI PIGXIVRHSRtXPIERSRMXERHHSRtXVYWLMRXS]SYVWTIIGL+MZI]SYVWIPJXMQI XSKIXWIX%VVERKI]SYVRSXIWNYWXXLI[E]]SY[ERXXLIQ7XERHUYMIXP]EW]SY [EMXXSQEOIWYVIXLIEYHMIRGIMWTE]MRKEXXIRXMSR)WXEFPMWLI]IGSRXEGX[MXL ]SYVPMWXIRIVW8LIRhERHSRP]XLIRhWLSYPH]SYWXEVXXSXEPO ;LIR ]SYVIEGL XLI IRHSJ ]SYV WTIIGLQEMRXEMR I]I GSRXEGX JSV EJI[ QSQIRXWEJXIV]SYWXSTXEPOMRK8LMW[MPPKMZI]SYVGPSWMRKPMRIXMQIXSWMROMR 9RPIWW ]SY EVI WXE]MRK EX XLI PIGXIVR XS ERW[IV UYIWXMSRW GSPPIGX ]SYV RSXIW ERHVIXYVRXS]SYVWIEX%W]SYHSWSQEMRXEMR]SYVGSSPGSPPIGXIHHIQIERSV ;LEXIZIV ]SY HS HSRtX WXEVX XS KEXLIV ]SYV RSXIW FIJSVI ]SY LEZI JMRMWLIH XEPOMRK ERHHSRtXGETSJJ]SYVWTIIGL[MXLELYKIWMKLSJVIPMIJSVWSQIVIQEVO PMOIq;LI[%Q-KPEHXLEXtWSZIVr
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%PP XLMW EHZMGI MW GSQQSR WIRWI ]IX ]SY [SYPH FI WYVTVMWIH LS[ QER] TISTPIRIIHMX;LIRTVEGXMGMRK]SYVWTIIGLIWWTIRHEPMXXPIXMQIVILIEVWMRK LS[]SY[MPPFILEZIEXXLIFIKMRRMRKERHEXXLIIRH-XMWSRISJXLIIEWMIWXh ERHSRISJXLIQSWXIJJIGXMZIhXLMRKW]SYGERHSXSMQTVSZI]SYVMQEKI[MXL EREYHMIRGI
+)7896)7 *I[EWTIGXWSJHIPMZIV]GEYWIWXYHIRXWQSVIERKYMWLXLERHIGMHMRK[LEXXSHS [MXLXLIMVLERHWq7LSYPH-GPEWTXLIQFILMRHQ]FEGO#0IXXLIQLERKEXQ] WMHIW#6IWXXLIQSRXLIPIGXIVR#%RH[LEXEFSYXKIWXYVMRK#;LIRWLSYPH-HS XLEXhERHLS[#r)ZIRTISTPI[LSYWIXLIMVLERHWI\TVIWWMZIP]MRIZIV]HE]GSR ZIVWEXMSRWIIQXSVIKEVHXLIQEWE[O[EVHETTIRHEKIW[LIRWTIEOMRKFIJSVI EREYHMIRGI 3ZIV XLI ]IEVW QSVI RSRWIRWI LEW FIIR [VMXXIR EFSYX KIWXYVMRK XLER KIWXYVIW EFSYX ER] SXLIV EWTIGX SJ WTIIGL HIPMZIV] %HVSMX KIWXYVIW GER EHH XS XLI 1SXMSRWSJEWTIEOIVtWLERHWSV MQTEGXSJEWTIIGL FYXIJJIGXMZIWTIEOIVWHSRSXRIIHEZEWXVITIVXSMVISJKIW EVQWHYVMRKEWTIIGL XYVIW7SQIEGGSQTPMWLIHWTIEOIVWKIWXYVIJVIUYIRXP]SXLIVWLEVHP]EXEPP8LI TVMQEV]VYPIMWXLMW ;LEXIZIVKIWXYVIW]SYQEOIWLSYPHRSXHMWXVEGXJVSQ]SYV QIWWEKI8LI]WLSYPHETTIEVREXYVEPERHWTSRXERISYWLIPTGPEVMJ]SVVIMRJSVGI ]SYVMHIEWERHFIWYMXIHXSXLIEYHMIRGIERHSGGEWMSR +IWXYVMRK XIRHW XS [SVO MXWIPJ SYX EW ]SY EGUYMVI I\TIVMIRGI ERH GSRJM HIRGI*SVRS[QEOIWYVI]SYVLERHWHSRSXYTWXEKI]SYVMHIEW%ZSMHJPEMPMRK XLIQEFSYX[VMRKMRKXLIQXSKIXLIVSVXS]MRK[MXL]SYVVMRKW3RGI]SYLEZI IPMQMREXIHXLIWIHMWXVEGXMSRWJSVKIXEFSYX]SYVLERHW8LMROEFSYXGSQQYRM GEXMRK[MXL]SYVPMWXIRIVWERH]SYVKIWXYVIW[MPPXEOIGEVISJXLIQWIPZIWhNYWX EWXLI]HSMRGSRZIVWEXMSR
)=)'328%'8 8LII]IFEPPMXWIPJI\TVIWWIWRSIQSXMSR=IXF]QERMTYPEXMRKXLII]IFEPPERH I]IGSRXEGX XLI EVIEW SJ XLI JEGI EVSYRH MXhIWTIGMEPP] XLI YTTIV I]IPMHW ERH XLI I]I (MVIGXZMWYEPGSRXEGX[MXLXLI FVS[Wh[IGSRZI]ERMRXVMGEXIEVVE]SJRSRZIVFEPQIWWEKIW7SVIZIEPMRKEVI I]IWSJERSXLIVTIVWSR XLIWI QIWWEKIW XLEX [I XLMRO SJ XLI I]IW EW qXLI [MRHS[W SJ XLI WSYPr ;I PSSO XS XLIQ XS LIPT KEYKI E WTIEOIVt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
8LI7TIEOIVtW&SH]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ q1EOMRKE(MJJIVIRGI 8LVSYKLXLI7TIGMEP 3P]QTMGWrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
=SY QE] JMRH XLMW HMWGSRGIVXMRK EX JMVWX &YX EJXIV SRI SV X[S WTIIGLIW ]SYWLSYPHFIEFPIXSQIIXXLIKE^ISJ]SYVEYHMIRGIJEMVP]GSQJSVXEFP]%W ]SYPSSOEX]SYVPMWXIRIVWFIEPIVXJSVXLIMVVIEGXMSRW'ERXLI]LIEV]SY#(S XLI]YRHIVWXERH]SY#%VIXLI]E[EOI#=SYVI]IW[MPPLIPT]SYERW[IVXLIWI UYIWXMSRW -X MWRtX IRSYKL NYWX XS PSSO EX ]SYV PMWXIRIVW LS[ ]SY PSSO EX XLIQ EPWS GSYRXW % FPERO WXEVI MW EPQSWX EW FEH EW RS I]I GSRXEGX EX EPP 7S MW E JMIVGI LSWXMPIKPS[IVSVEWIVMIWSJJVMKLXIRIHFI[MPHIVIHKPERGIW%PWSFI[EVISJXLI XIRHIRG]XSKE^IMRXIRXP]EXSRITEVXSJXLIEYHMIRGI[LMPIMKRSVMRKXLIVIWX -RWTIIGLGPEWWWSQIWXYHIRXWPSSOSRP]EXXLIWIGXMSRSJXLIVSSQ[LIVIXLI XIEGLIVMWWMXXMRK3XLIVWEZSMHPSSOMRKER][LIVIRIEVXLIXIEGLIVERHJSGYWSR SRISVX[SW]QTEXLIXMGJVMIRHW=SYWLSYPHXV]XSIWXEFPMWLI]IGSRXEGX[MXL ]SYV[LSPIEYHMIRGI ;LIREHHVIWWMRKEWQEPPEYHMIRGIWYGLEW]SYVGPEWW]SYGERYWYEPP]PSSO FVMIJP]JVSQSRITIVWSRXSERSXLIV*SVEPEVKIVKVSYT]SY[MPPTVSFEFP]WGER XLIEYHMIRGIVEXLIVXLERXV]XSIRKEKIXLII]IWSJIEGLTIVWSRMRHMZMHYEPP]2S QEXXIV [LEX XLI WM^I SJ ]SYV EYHMIRGI ]SY [ERX ]SYV I]IW XS GSRZI] GSRJM HIRGIWMRGIVMX]ERHGSRZMGXMSR8LI]WLSYPHWE]q-EQTPIEWIHXSFIEFPIXS XEPO[MXL]SY-FIPMIZIHIITP]MR[LEX-EQWE]MRKERH-[ERX]SYXSFIPMIZI MRMXXSSr 0SSOEX:MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIVXSWII EJMRII\EQTPISJI]IGSRXEGX8LIWTIEOIVMWXIPPMRKLIVGPEWWQEXIWLS[XLI] GERFIGSQIZSPYRXIIVWJSVXLI7TIGMEP3P]QTMGW2SXMGILS[WLIYWIWLIVI]IW XSGSRRIGX[MXLLIVPMWXIRIVWEXETIVWSREPPIZIP8LMWMWXLIOMRHSJWXVSRKGSQ QYRMGEXMSR]SYWLSYPHXV]XSHIZIPSTMR]SYVWTIIGLIW
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qXEPOXLVSYKLrEPPI\EQTPIWERHXSVIGMXIMRJYPPEPPUYSXEXMSRWERH WXEXMWXMGW -J ]SYV WTIIGL MRGPYHIW ZMWYEP EMHW YWI XLIQ EW ]SY TVEGXMGI 8LI JMVWX GSYTPI SJ XMQIW ]SY [MPP TVSFEFP] JSVKIX WSQIXLMRK SV QEOI E QMWXEOI
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
FYX HSRtX [SVV] /IIT KSMRK ERH GSQTPIXI XLI WTIIGLEW[IPPEW]SYGER'SRGIRXVEXISRKEMRMRK GSRXVSP SJ XLI MHIEW HSRtX XV] XS PIEVR XLI WTIIGL [SVHJSV[SVH%JXIVEJI[XVMIW]SYWLSYPHFIEFPI XSKIX XLVSYKLXLIWTIIGLI\XIQTSVERISYWP][MXL WYVTVMWMRKIEWI 2S[ FIKMR XS TSPMWL ERH VIJMRI ]SYV HIPMZ IV]4VEGXMGIXLIWTIIGLMRJVSRXSJEQMVVSVXSGLIGO JSVI]IGSRXEGXERHHMWXVEGXMRKQERRIVMWQW6IGSVH XLIWTIIGLXSKEYKIZSPYQITMXGLVEXITEYWIWERH ZSGEPZEVMIX]1SWXMQTSVXERXXV]MXSYXSRJVMIRHW VSSQQEXIWJEQMP]QIQFIVWhER]SRI[LS[MPPPMW XIR ERH KMZI ]SY ER LSRIWX ETTVEMWEP 7MRGI ]SYV WTIIGL MW HIWMKRIH JSV TISTPI VEXLIV XLER JSV QMV VSVW SV VIGSVHIVW ]SY RIIH XS JMRH SYX ELIEH SJ XMQILS[MXKSIWSZIV[MXLTISTPI *MREPP] KMZI ]SYV WTIIGL E HVIWW VILIEVWEP YRHIV GSRHMXMSRW EW GPSWI EW TSWWMFPI XS XLSWI ]SY [MPP JEGI MR GPEWW 7SQI WXYHIRXW PMOI XS XV] XLI WTIIGLEGSYTPISJXMQIWMRERIQTX]GPEWWVSSQXLI HE]FIJSVIXLIWTIIGLMWHYI2SQEXXIV[LIVI]SY LSPH]SYVPEWXTVEGXMGIWIWWMSR]SYWLSYPHPIEZIMX JIIPMRK GSRJMHIRX ERH PSSOMRK JSV[EVH XS WTIEOMRK MR]SYVGPEWW
%WI\TIVMIRGIHWTIEOIVWORS[]SYRIIHXSTVEGXMGIEWTIIGL XLSVSYKLP]FIJSVIHIPMZIVMRKMX-JTSWWMFPIXV]XSVILIEVWIYRHIV GSRHMXMSRWEWGPSWIEWTSWWMFPIXSXLSWI]SY[MPPJEGIHYVMRKXLI WTIIGLMXWIPJ
-JXLMWSVER]TVEGXMGIQIXLSHMWXS[SVO]SYQYWXWXEVXIEVP](SRtX[EMX YRXMP XLI RMKLX FIJSVI ]SYV WTIIGL XS FIKMR [SVOMRK SR HIPMZIV] % WMRKPI TVEGXMGI WIWWMSRhRS QEXXIV LS[ PSRKhMW VEVIP] IRSYKL %PPS[ ]SYVWIPJ EX PIEWXEGSYTPISJHE]WTVIJIVEFP]QSVIXSKEMRGSQQERHSJXLIWTIIGLERH MXWTVIWIRXEXMSR
%RW[IVMRK%YHMIRGI5YIWXMSRW
-J]SY LEZIIZIV[EXGLIHETVIWWGSRJIVIRGISVLIEVHEWTIEOIVERW[IVUYIW XMSRWEJXIVEXEPO]SYORS[XLIUYIWXMSRERHERW[IVWIWWMSRGERQEOISVFVIEO E TVIWIRXEXMSR % WTIEOIV [LS LERHPIW UYIWXMSRW [IPP GER WXVIRKXLIR XLI MQTEGX SJ LMWSVLIV WTIIGL 3RXLISXLIV LERHEWTIEOIV [LSIZEHIW UYIW XMSRWSVWLS[WERRS]ERGI[MPPEPQSWXGIVXEMRP]GVIEXIXLISTTSWMXIIJJIGX 8LI UYIWXMSRERHERW[IV WIWWMSR MW E GSQQSR TEVX SJ TYFPMG WTIEOMRK [LIXLIVXLISGGEWMSRMWETVIWWGSRJIVIRGIFYWMRIWWTVIWIRXEXMSRTYFPMGLIEV MRKSVGPEWWVSSQEWWMKRQIRX%RERW[IVXSEUYIWXMSRMWSJXIRXLIJMREP[SVH EREYHMIRGILIEVWERHMWPMOIP]XSPIEZIEPEWXMRKMQTVIWWMSR
8LI JMVWX WXIT XS HSMRK [IPP MR E UYIWXMSRERHERW[IV WIWWMSR MW XS XEOI MX EW WIVMSYWP]EWXLIWTIIGLMXWIPJ8LIX[SQENSVWXITWMRTVITEVMRKEVI[SVOMRKSYX ERW[IVWXSTSWWMFPIUYIWXMSRWERHTVEGXMGMRKXLIHIPMZIV]SJXLSWIERW[IVW
%RW[IVMRK%YHMIRGI5YIWXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
-J]SYLEZIIZIV[EXGLIHEWOMPPJYPWTIEOIVJMIPHUYIWXMSRWJVSQXLIEYHMIRGI ]SY ORS[ XLIVI MW ER EVX XS QEREKMRK E UYIWXMSRERHERW[IV WIWWMSR )RXMVI FSSOW LEZI FIIR [VMXXIR SR XLMW WYFNIGX FYX XLI JSPPS[MRK WYKKIWXMSRW [MPP LIPTKIX]SYWXEVXIHSRXLIVMKLXJSSX
%TTVSEGL5YIWXMSRW[MXLE4SWMXMZI%XXMXYHI %TSWMXMZIEXXMXYHI[MPPLIPT]SYERW[IVUYIWXMSRWKVEGMSYWP]ERHVIWTIGXJYPP] 8V] XS ZMI[ UYIWXMSRW JVSQ XLI EYHMIRGI EW WMKRW SJ KIRYMRI MRXIVIWX ERH E HIWMVI XS PIEVR QSVI EFSYX ]SYV WYFNIGX -J WSQISRI EWOW EFSYX E TSMRX XLEX WIIQWGPIEVXS]SYHSRtXVIWTSRHF]WE]MRKq-HMWGYWWIHXLEXEXXLIFIKMRRMRK SJQ]XEPOrSVq8LIERW[IVWIIQWSFZMSYWr-RWXIEHYWIQSQIRXWPMOIXLIWI XSVIMXIVEXISVI\TERHYTSR]SYVMHIEW
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1ER]WTIIGLIWEVIJSPPS[IH F]EUYIWXMSRERHERW[IV WIWWMSR,IVI1SHIWXS 'EPMJSVRMETSPMGIGLMIJ6E] ;EWHIRVIWTSRHWXSUYIWXMSRW JVSQXLITVIWWEJXIVQEOMRK TVITEVIHVIQEVOWSREGVMQI MRZIWXMKEXMSR
%WTIEOIV[LSEHSTXWEWLEVTSVHIJIRWMZIXSRI[LMPIERW[IVMRKUYIWXMSRW [MPPEPMIREXIQER]TISTPIMRXLIEYHMIRGI)ZIRMJ]SYEVIEWOIHELSWXMPIUYIW XMSROIIT]SYVGSSP%ZSMHXLIXIQTXEXMSRXSERW[IVHIJIRWMZIP]WEVGEWXMGEPP] SVEVKYQIRXEXMZIP]1SWXTISTPIMRXLIEYHMIRGI[MPPVIWTIGX]SYJSVXV]MRKXS EZSMHEUYEVVIP
0MWXIR'EVIJYPP] -XtWLEVHXSERW[IVEUYIWXMSR[IPPMJ]SYHSRtXPMWXIRGEVIJYPP]XSMX+MZIXLI UYIWXMSRIV]SYVJYPPEXXIRXMSR;LIRJEGIH[MXLERYRGPIEVSVYR[MIPH]UYIWXMSR XV]XS VITLVEWIMX F]WE]MRK WSQIXLMRK PMOI q-J - YRHIVWXERH ]SYV UYIWXMSR MX WIIQWXSQIXLEX]SYEVIEWOMRKr%RSXLIVSTXMSRMWWMQTP]XSEWOXLIEYHM IRGIQIQFIVXSVITIEXXLIUYIWXMSR1SWXTISTPI[MPPVIWXEXIMXQSVIWYGGMRGXP] ERHGPIEVP]
(MVIGX%RW[IVWXSXLI)RXMVI%YHMIRGI ;LIR ]SY EVI FIMRK EWOIH E UYIWXMSR PSSO EX XLI UYIWXMSRIV (MVIGX ]SYV ERW[IVLS[IZIVXSXLIIRXMVIEYHMIRGI1EOISGGEWMSREPI]IGSRXEGX[MXL XLI UYIWXMSRIV EW ]SY ERW[IV FYX WTIEO TVMQEVMP] XS XLI EYHMIRGI EW E [LSPI -J ]SY WTIEO NYWX XS XLI UYIWXMSRIV XLI VIWX SJ ]SYV EYHMIRGI QE] HVMJXSJJ
%RW[IVMRK%YHMIRGI5YIWXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LIR WTIEOMRK XS E PEVKI EYHMIRGI VITIEX SV TEVETLVEWI IEGL UYIWXMSR EJXIVMXMWEWOIH8LMWMRZSPZIWXLIIRXMVIEYHMIRGIERHIRWYVIWXLEXXLI]ORS[ XLIUYIWXMSR-REHHMXMSRVITIEXMRKSVTEVETLVEWMRKXLIUYIWXMSRKMZIW]SYE QSQIRXXSJVEQIERERW[IVFIJSVI]SYVIWTSRH
&I,SRIWXERH7XVEMKLXJSV[EVH -J ]SY HSRtX ORS[ XLI ERW[IV XS E UYIWXMSR WE] WS (SRtX ETSPSKM^I HSRtX IZEHIERHQSWXMQTSVXERXHSRtXXV]XSFPYJJ(SLS[IZIVPIXXLIUYIWXMSRIV ORS[XLEX]SYXEOIXLIUYIWXMSRWIVMSYWP]3JJIVXSGLIGOMRXSXLIERW[IVEW WSSREWTSWWMFPIEJXIVXLIWTIIGL-JEQSVIORS[PIHKIEFPITIVWSRMWEXLERH EWOMJWLISVLIORS[WXLIERW[IV
7XE]SR8VEGO -XtWIEW]XSKIXHMZIVXIHSVPSWIGSRXVSPSJXMQIMREPMZIP]UYIWXMSRERHERW[IV WIWWMSR 9RPIWW XLIVI MW E QSHIVEXSV XLI WTIEOIV MW VIWTSRWMFPI JSV OIITMRK XLMRKWSRXVEGO%PPS[SRIJSPPS[YTUYIWXMSRJVSQIEGLTIVWSRERHHSRtXPIX ]SYVWIPJ FI HVEKKIH MRXS E TIVWSREP HIFEXI [MXL ER] UYIWXMSRIV -J WSQISRI EXXIQTXW XS EWO QSVI XLER X[S UYIWXMSRW VIWTSRH KVEGMSYWP] ]IX JMVQP] F] WE]MRK q8LMWMWER MRXIVIWXMRKPMRISJ UYIWXMSRMRK FYX[IRIIHXS KMZISXLIV TISTPIEGLERGIXSEWOUYIWXMSRWr 7SQIXMQIWEPMWXIRIV[MPPPEYRGLMRXSERI\XIRHIHQSRSPSKYIMRWXIEHSJ TSWMRKEUYIWXMSR;LIRXLMWLETTIRW]SYGERVIXEMRGSRXVSPSJXLIWMXYEXMSR F]WE]MRKWSQIXLMRKPMOIq8LSWIEVIZIV]MRXIVIWXMRKMHIEWFYXHS]SYLEZIE WTIGMJMGUYIWXMSR-GERERW[IV#r-JXLITIVWSRTIVWMWXWSJJIVXSXEPOMRHMZMHYEPP] [MXLLMQSVLIVEJXIVXLIWIWWMSR 3RWSQISGGEWMSRWXLIPIRKXLSJXLIUYIWXMSRERHERW[IVWIWWMSRMWTVI HIXIVQMRIH 3R SXLIV SGGEWMSRW MXtW YT XS XLI WTIEOIV 1EOI WYVI ]SY EPPS[ IRSYKL XMQIXS KIXXLVSYKL MWWYIW SJ QENSV MQTSVXERGIFYX HSRtX PIXXLMRKW HVEKSREJXIVXLIQSQIRXYQSJXLIWIWWMSRLEWWXEVXIH[MRHMRKHS[R%WXLI IRHETTVSEGLIWSJJIVXSVIWTSRHXSERSXLIVUYIWXMSRSVX[S8LIR[VETXLMRKW YTF]XLEROMRKXLIEYHMIRGIJSVMXWXMQIERHEXXIRXMSR
7911%6= 7TIIGLHIPMZIV]MW EQEXXIV SJRSRZIVFEPGSQQYRMGEXMSR -XMW FEWIHSRLS[]SY YWI ]SYVZSMGIERHFSH] XSGSRZI] XLIQIWWEKII\TVIWWIHF] ]SYV[SVHW6EXLIV XLERGEPPMRKEXXIRXMSRXSMXWIPJIJJIGXMZIHIPMZIV]GSRZI]WXLIWTIEOIVtWMHIEWGPIEVP] IRKEKMRKP]ERH[MXLSYXHMWXVEGXMRKXLIEYHMIRGI 8LIVIEVIJSYVFEWMGQIXLSHWSJHIPMZIVMRKEWTIIGL VIEHMRKZIVFEXMQJVSQE QERYWGVMTXVIGMXMRKEQIQSVM^IHXI\XWTIEOMRKMQTVSQTXYERHWTIEOMRKI\XIQ TSVERISYWP];LIRWTIEOMRKI\XIQTSVERISYWP]]SY[MPPLEZIEFVMIJWIXSJRSXIW SV E WTIEOMRK SYXPMRI ERH [MPP GLSSWI XLI I\EGX [SVHMRK SJ ]SYV WTIIGL EX XLI QSQIRXSJHIPMZIV]
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8S YWI ]SYV ZSMGI IJJIGXMZIP] ]SY WLSYPH [SVO SR GSRXVSPPMRK ]SYV ZSPYQI TMXGLVEXITEYWIWZSGEPZEVMIX]TVSRYRGMEXMSREVXMGYPEXMSRERHHMEPIGX:SPYQI MWXLIVIPEXMZIPSYHRIWWSJ]SYVZSMGIERHTMXGLMWXLIVIPEXMZILMKLRIWWSVPS[RIWW 6EXIVIJIVWXSXLIWTIIHEX[LMGL]SYXEPO4EYWIW[LIRGEVIJYPP]XMQIHGEREHH KVIEX MQTEGX XS ]SYV WTIIGL FYX ]SY WLSYPH EZSMH ZSGEPM^IH TEYWIW qIVr qYQr ERHXLIPMOI :SGEPZEVMIX]VIJIVWXSGLERKIWMRZSPYQITMXGLVEXIERHTEYWIWERHMW GVYGMEPXSQEOMRK]SYVZSMGIPMZIP]ERHERMQEXIH*SVTYFPMGWTIEOMRK]SYWLSYPHFI WYVI XS TVSRSYRGI [SVHW GSVVIGXP] ERH XS EVXMGYPEXI XLIQ HMWXMRGXP] =SY WLSYPH EPWSEZSMHLIEZ]YWISJHMEPIGXMRWMXYEXMSRW[LIVIXLIEYHMIRGIHSIWRSXWLEVIXLI HMEPIGXSV[MPPJMRHMXMRETTVSTVMEXI 4SWXYVITIVWSREPETTIEVERGIJEGMEPI\TVIWWMSRKIWXYVIWERHI]IGSRXEGXEPWS EJJIGX XLI [E] PMWXIRIVW VIWTSRH XS WTIEOIVW (VIWW ERH KVSSQ ETTVSTVMEXIP] YWI KIWXYVIW ERH FSHMP] QSZIQIRX XS IRLERGI ]SYV QIWWEKI ERH QEOI I]I GSRXEGX [MXL]SYVPMWXIRIVW =SYWLSYPHTVEGXMGIEPPXLIWIEWTIGXWSJHIPMZIV]EPSRK[MXLXLI[SVHWSJ]SYV WTIIGL 7XEVX ]SYV TVEGXMGI WIWWMSRW IEVP] WS ]SY [MPP LEZI TPIRX] SJ XMQI XS KEMR GSQQERHSJXLIWTIIGLERHMXWTVIWIRXEXMSR -J ]SYV WTIIGL MRGPYHIW E UYIWXMSRERHERW[IV WIWWMSR ERXMGMTEXI XLI QSWX PMOIP] UYIWXMSRW TVITEVI ERW[IVW XS XLIQ ERH TVEGXMGI HIPMZIVMRK XLSWI ERW[IVW (YVMRKXLIUYIWXMSRERHERW[IVTIVMSHPMWXIRGEVIJYPP]XSXLIUYIWXMSRWETTVSEGL XLIQ TSWMXMZIP] ERH VIWTSRH XS XLIQ FVMIJP] KVEGMSYWP] ERH WXVEMKLXJSV[EVHP] (MVIGX]SYVERW[IVWXSXLIJYPPEYHMIRGIVEXLIVXLERXSXLIUYIWXMSRIVEPSRIERH QEOIWYVIXSIRHXLIWIWWMSRMREXMQIP]JEWLMSR
/)=8)617
RSRZIVFEPGSQQYRMGEXMSR
TEYWI
QERYWGVMTXWTIIGL
ZSGEPM^IHTEYWI
MQTVSQTXYWTIIGL
ZSGEPZEVMIX]
I\XIQTSVERISYWWTIIGL
TVSRYRGMEXMSR
GSRZIVWEXMSREPUYEPMX]
EVXMGYPEXMSR
ZSPYQI
HMEPIGX
TMXGL
OMRIWMGW
MRJPIGXMSRW
KIWXYVIW
QSRSXSRI
I]IGSRXEGX
VEXI
6):-);59)78-327
%JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEX MW RSRZIVFEP GSQQYRMGEXMSR# ;L] MW MX MQTSVXERX XS IJJIGXMZI TYFPMG WTIEOMRK# ;LEXEVIXLIIPIQIRXWSJKSSHWTIIGLHIPMZIV]# ;LEXEVIXLIJSYVQIXLSHWSJWTIIGLHIPMZIV]# ;LEX EVI XLI IMKLX EWTIGXW SJ ZSMGI YWEKI ]SY WLSYPH GSRGIRXVEXI SR MR ]SYV WTIIGLIW#
6IZMI[5YIWXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LEX EVI JSYV EWTIGXW SJ FSHMP] EGXMSR ]SY WLSYPH GSRGIRXVEXI SR MR ]SYV WTIIGLIW# ; LEX EVI XLI JMZI WXITW ]SY WLSYPH JSPPS[ [LIR TVEGXMGMRK ]SYV WTIIGL HIPMZIV]# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLI SRPMRI7XYH]%MHWJSVXLMW GLETXIV
;LEXWXITWWLSYPH]SYXEOI[LIRTVITEVMRKJSVEUYIWXMSRERHERW[IVWIWWMSR# ;LEX WLSYPH ]SY GSRGIRXVEXI SR [LIR VIWTSRHMRK XS UYIWXMSRW HYVMRK XLI WIWWMSR#
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qHVEQEXMGr1SWXFIKMRRMRKWTIEOIVWHSFIXXIVMJXLI]I\EKKIVEXIGLERKIWMR ZSPYQI VEXI TMXGL ERH I\TVIWWMSR 8LMW [MPP QEOI ]SY QSVI E[EVI SJ XLI QER] [E]W ]SY GER YWI ]SYV ZSMGI XS I\TVIWW E [MHI VERKI SJ QSSHW ERH QIERMRKW &IWMHIW [LEX WSYRHW SZIVP] qHVEQEXMGr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tWZSGEPERH RSRZIVFEPGSQQYRMGEXMSR -R]SYVVITSVXJMVWXEREP]^IXLIWTIEOIVtWZSPYQITMXGLVEXITEYWIWZSGEP ZEVMIX] TVSRYRGMEXMSR ERH EVXMGYPEXMSR 8LIR IZEPYEXI XLI WTIEOIVtW TIVWSREP ETTIEVERGIFSHMP]EGXMSRKIWXYVIWERHI]IGSRXEGX)\TPEMRLS[XLIWTIEOIVtW HIPMZIV]EHHIHXSSVHIXVEGXIHJVSQ[LEXXLIWTIEOIVWEMH*MREPP]RSXIEXPIEWX X[S XIGLRMUYIW SJ HIPMZIV] YWIH F]XLIWTIEOIV XLEX]SYQMKLX [ERX XS XV] MR ]SYVRI\XWTIIGL
',%48)6 ()0-:)6=
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
(IPMZIV]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
9XMPM^MRK]SYVFYWMRIWWHIKVIIERHGSQTYXIVWEZZ]]SYLEZIQEHIEWYGGIWWSJXLI SRPMRI QEVOIXMRK GSQTER] ]SY WXEVXIH EJXIV KVEHYEXMRK JVSQ GSPPIKI 2S[ MR MXW XLMVH]IEVXLIGSQTER]LEWTVITEVIHETVSTSWEPXSHIWMKRXLIIGSQQIVGIWMXIJSV E QENSV WTSVXMRK KSSHW VIXEMPIV -R ]SYV QMRYXI TVIWIRXEXMSR XS XLI VIXEMPIVtW QEREKIQIRXXIEQ]SY[MPPVIZMI[XLILSQITEKIHIWMKRWWMXIQETWERHWIGYVMX] TVSXSGSPW =SY RSXMGI SR XLI EKIRHE XLEX ERSXLIV QMRYXIW LEW FIIR EPPSXXIH EJXIV ]SYVTVIWIRXEXMSRJSVUYIWXMSRWERHERW[IVW/RS[MRKJVSQ]SYVTVIZMSYWI\TIVM IRGI[MXLGPMIRXWLS[MQTSVXERXXLI5 %WIWWMSRGERFI]SY[ERXXSFIWYVI]SY EVIVIEH]JSVMX;LEXWXITW[MPP]SYXEOIXSTVITEVI#
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
9WMRK:MWYEP%MHW /MRHWSJ:MWYEP%MHW 3FNIGXW 1SHIPW 4LSXSKVETLW (VE[MRKW +VETLW 'LEVXW 8VERWTEVIRGMIW :MHIS 1YPXMQIHME4VIWIRXEXMSRW 8LI7TIEOIV
+YMHIPMRIWJSV4VITEVMRK:MWYEP%MHW 4VITEVI:MWYEP%MHWMR%HZERGI /IIT:MWYEP%MHW7MQTPI 1EOI7YVI:MWYEP%MHW%VI0EVKI)RSYKL 9WI*SRXW8LEX%VI)EW]XS6IEH 9WIE0MQMXIH2YQFIVSJ*SRXW 9WI'SPSV)JJIGXMZIP]
+YMHIPMRIWJSV4VIWIRXMRK:MWYEP%MHW %ZSMH9WMRKXLI'LEPOFSEVH (MWTPE]:MWYEP%MHW;LIVI0MWXIRIVW'ER7II8LIQ %ZSMH4EWWMRK:MWYEP%MHW%QSRKXLI%YHMIRGI (MWTPE]:MWYEP%MHW3RP];LMPI(MWGYWWMRK8LIQ 8EPOXS=SYV%YHMIRGI2SXXS=SYV:MWYEP%MH )\TPEMR:MWYEP%MHW'PIEVP]ERH'SRGMWIP] 4VEGXMGI[MXL=SYV:MWYEP%MHW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
MEKRSWIH [MXL LMKL FPSSH TVIWWYVI [LIR LI [EW MR LMKL WGLSSP (IZMR 1EVWLEPP HIGMHIHXSKMZILMWTIVWYEWMZIWTIIGLSRXLII\GIWWMZIEQSYRXSJWEPXMRXLI%QIVMGER HMIX3RXLIHE]SJLMWWTIIGLLIFVSYKLXXSGPEWWEPEVKIFS\[LMGLLIWIXSRXLI XEFPIRI\XXSLMQ8LMWMQQIHMEXIP]EVSYWIHXLIGYVMSWMX]SJLMWEYHMIRGI(IZMRXSSOJVSQ XLIFS\EGSRXEMRIVSJ1SVXSR7EPXEQIEWYVMRKGYTERHX[STPEXIW8LIRLIFIKERLMW WTIIGL *MVWX LI I\TPEMRIH XLI QSRXLP] WEPX GSRWYQTXMSR VIGSQQIRHIH F] XLI %QIVMGER 1IHMGEP%WWSGMEXMSR8SMPPYWXVEXILIQIEWYVIHEGYTSJWEPXSRXSSRITPEXIERHWLS[IHMX XSXLIEYHMIRGI2I\XLIKEZIWXEXMWXMGWEFSYXLS[QYGLWEPXXLIEZIVEKI%QIVMGERGSR WYQIWMREQSRXL%KEMREWLIWTSOILIQIEWYVIH;LIRLI[EWJMRMWLIHQIEWYVMRKXLI WIGSRHTPEXILEHXLVIIGYTWEPQSWXX[STSYRHWSJWEPX *MREPP] (IZMR WEMH q2S[ PIXtW QYPXMTP] XLEX EQSYRX F] ERH WII LS[ QYGL WEPX [I IEX SZIV XLI GSYVWI SJ E ]IEVr %RH LI FIKER XEOMRK SYX SJ XLI FS\ SRI GSRXEMRIV SJ1SVXSR7EPXEJXIVERSXLIVYRXMPLILEHTMPIHYTET]VEQMHSJGSRXEMRIVWSVRIEVP] TSYRHWSJWEPX
(
%WXLISPHWE]MRKXIPPWYWSRITMGXYVIMW[SVXLEXLSYWERH[SVHW'ER]SY TMGXYVITSYRHWSJWEPX#3VTSYRHWSJWEPX#=SYGSYPHMJ]SYLEH[EXGLIH (IZMRQIEWYVISYXXLIWEPXERHWXEGOYTXLI1SVXSRGSRXEMRIVW8LMWHVEQEXMG ZMWYEPIZMHIRGIFVSYKLXLSQI(IZMRtWTSMRXQSVIJSVGIJYPP]XLER[SYPHLEZI FIIRTSWWMFPI[MXL[SVHWEPSRI 4ISTPIJMRHEWTIEOIVtWQIWWEKIQSVIMRXIVIWXMRKKVEWTMXQSVIIEWMP]ERH VIXEMRMXPSRKIV[LIRMXMWTVIWIRXIHZMWYEPP]EW[IPPEWZIVFEPP]-RJEGX[LIR YWIH TVSTIVP] ZMWYEP EMHW GER IRLERGI EPQSWX IZIV] EWTIGX SJ E WTIIGL 3RI WXYH]WLS[IHXLEXEREZIVEKIWTIEOIV[LSYWIWZMWYEPEMHW[MPPGSQIEGVSWWEW FIXXIVTVITEVIHQSVIGVIHMFPIERHQSVITVSJIWWMSREPXLEREH]REQMGWTIEOIV [LS HSIW RSX YWI ZMWYEP EMHW %GGSVHMRK XS XLI WEQI WXYH] ZMWYEP EMHW GER MRGVIEWIXLITIVWYEWMZIRIWWSJEWTIIGLF]QSVIXLERTIVGIRX:MWYEPEMHW GERIZIRLIPT]SYGSQFEXWXEKIJVMKLX8LI]LIMKLXIREYHMIRGIMRXIVIWXWLMJX EXXIRXMSR E[E] JVSQ XLI WTIEOIV ERH KMZI XLI WTIEOIV KVIEXIV GSRJMHIRGI MR XLITVIWIRXEXMSREWE[LSPI *SVEPPXLIWIVIEWSRW]SY[MPPJMRHZMWYEPEMHWSJKVIEXZEPYIMR]SYVWTIIGLIW -RXLMWGLETXIV[I[MPPGSRGIRXVEXITVMQEVMP]SRZMWYEPEMHWWYMXEFPIJSVGPEWW VSSQWTIIGLIWFYXXLIWEQITVMRGMTPIWETTP]MREPPGMVGYQWXERGIW*SVWTIIGLIW SYXWMHIXLIGPEWWVSSQhMRFYWMRIWWSVGSQQYRMX]WMXYEXMSRWJSVMRWXERGIh]SY WLSYPHLEZIRSHMJJMGYPX]MJ]SYJSPPS[XLIWYKKIWXMSRWKMZIRLIVI 0IXYWPSSOJMVWXEXXLIOMRHWSJZMWYEPEMHW]SYEVIQSWXPMOIP]XSYWIXLIR EX KYMHIPMRIW JSV TVITEVMRK ZMWYEP EMHW ERH JMREPP] EX KYMHIPMRIW JSV YWMRK ZMWYEPEMHW&IGEYWI4S[IV4SMRXMWWYGLERMQTSVXERX[E]SJTVIWIRXMRKZMWYEP EMHWXSHE][IJSGYWSRXLEXWYFNIGXMRXLIETTIRHM\XLEXJSPPS[WXLMWGLETXIV TEKIW i
/MRHWSJ:MWYEP%MHW 3&.)'87 &VMRKMRKXLISFNIGXSJ]SYVWTIIGLXSGPEWWGERFIERI\GIPPIRX[E]XSGPEVMJ] ]SYV MHIEW ERH KMZI XLIQ HVEQEXMG MQTEGX -J ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQQ]EYHMIRGILS[XSGLSSWIXLIVMKLXWOMIUYMTQIRXr[L]RSXFVMRK XLIIUYMTQIRXXSGPEWWXSWLS[]SYVPMWXIRIVW#3VWYTTSWI]SY[ERXXSMRJSVQ
',%48)6 97-2+:-79%0%-(7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4LSXSKVETLWQEOII\GIPPIRX ZMWYEPEMHWMJXLI]EVIPEVKI IRSYKLXSFIWIIRIEWMP] 'LIGO:MHIS'PMTMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIVXSWIILS[SRI WTIEOIVYWIHXLMWTLSXSKVETL SJXLIJEQSYW-RGERVYMRWEX 1EGLY4MGGLY
]SYVGPEWWQEXIWEFSYXXLI4IVYZMEREVXSJHSPPQEOMRK=SYGSYPHFVMRKWIZIVEP HSPPWXSGPEWWERHI\TPEMRLS[XLI][IVIQEHI 7SQISFNIGXWLS[IZIVGERRSXFIYWIHIJJIGXMZIP]MRGPEWWVSSQWTIIGLIW 7SQIEVIXSSFMK3XLIVWEVIXSSWQEPPXSFIWIIRGPIEVP]7XMPPSXLIVWQE]RSX FIEZEMPEFPIXS]SY-J]SY[IVIWTIEOMRKEFSYXEVEVIWYMXSJEVQSVMREPSGEP QYWIYQ]SYGSYPHXLISVIXMGEPP]XVERWTSVXMXXSGPEWWFYXMXMWQSWXYRPMOIP] XLEXXLIQYWIYQ[SYPHPIX]SYFSVVS[MX=SY[SYPHLEZIXSPSSOJSVERSXLIV OMRHSJZMWYEPEMH
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
QSHIP %RSFNIGXYWYEPP]FYMPXXS WGEPIXLEXVITVIWIRXW ERSXLIVSFNIGXMRHIXEMP
4,383+6%4,7 -RXLIEFWIRGISJERSFNIGXSVEQSHIP]SYQE]FIEFPIXSYWITLSXSKVETLW 8LI][MPPRSX[SVOIJJIGXMZIP]LS[IZIVYRPIWWXLI]EVIPEVKIIRSYKLJSVXLI EYHMIRGIXSZMI[[MXLSYXWXVEMRMRK2SVQEPWM^ITLSXSWEVIXSSWQEPPXSFIWIIR GPIEVP] [MXLSYX FIMRK TEWWIH EVSYRHh[LMGL SRP] HMZIVXW XLI EYHMIRGI JVSQ [LEX]SYEVIWE]MRK8LIWEQIMWXVYISJTLSXSKVETLWMRFSSOW ,S[ GER ]SY KIX PEVKIWGEPI TLSXSW JSV E WTIIGL# 3RI WXYHIRX YWIH EVX TSWXIVWXSMPPYWXVEXILIVTSMRXWEFSYXXLITEMRXIV*VMHE/ELPS%RSXLIVWTIEOIV
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq'46r MRXLISRPMRI1IHME0MFVEV] JSVXLMWGLETXIV :MHIS 'PMT
/MRHWSJ:MWYEP%MHW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%RI\XVIQIP]ZEPYEFPIVIWSYVGIMWXLI4VIWIRXIVW9RMZIVWMX]ZMWYEPEMHW;IFWMXI [[[TVIWIRXIVWYRMZIVWMX]GSQZMWYEPWTLT 7TSRWSVIHF]-R*SGYW'SVTSVEXMSR XLMWWMXITVSZMHIWMRJSVQEXMSREFSYXEPPOMRHWSJZMWYEPEMHWERHLS[XSYWIXLIQ IJJIGXMZIP]
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ q1EGLY4MGGLY 'MX]SJXLI +SHWrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
(S]SY[ERXXSPIEVRQSVIEFSYX4S[IV4SMRXERHSXLIVQYPXMQIHMETVIWIRXEXMSRW# 'LIGO4VIWIRXEXMSR8MTW [[[KEVVVI]RSPHWGSQ4VIWIRXEXMSR 1EMRXEMRIHF] +EVV6I]RSPHWEYXLSVSJ4VIWIRXEXMSR>IRXLMWWMXIGSRXEMRWE[IEPXLSJLIPTJYPXMTW EW[IPPEWYTHEXIWSRXLIPEXIWXXIGLRSPSKMGEPHIZIPSTQIRXW
YWIH IRPEVKIQIRXWJVSQEGSPSVGSTMIVXSWLS[XLIQEVOMRKWSJZEVMSYW WTIGMIWSJWEPX[EXIVXVSTMGEPJMWL%RSXLIVSTXMSRMWXSXEOI]SYVTLSXSKVETLW XS E GST] WIVZMGI ERH LEZI XLIQ GSRZIVXIH XS XVERWTEVIRGMIW XLEX GER FI WLS[R[MXLERSZIVLIEHTVSNIGXSV8LIGSWXMWQMRMQEPERHXLIVIWYPXWGERFI HVEQEXMG *MREPP]4S[IV4SMRXERHSXLIVQYPXMQIHMETVSKVEQWEVII\GIPPIRXZILMGPIW JSV MRGSVTSVEXMRK TLSXSKVETLW MRXS E WTIIGL =SY GER YWI ]SYV S[R TLSXS KVETLWSVSRIW]SYLEZIHS[RPSEHIHJVSQXLI;IFERH]SYGERIEWMP]EHNYWX XLIWM^IERHTPEGIQIRXSJXLITLSXSWJSVQE\MQYQGPEVMX]ERHMQTEGX2SXMGI JSV I\EQTPI XLI [E] XLI WTIEOIV MR :MHIS 'PMT MR XLI SRPMRI 1IHME 0MFVEV]JSVXLMWGLETXIVYWIH4S[IV4SMRXXSTVIWIRXETLSXSKVETLSJXLIJEQSYW -RGER VYMRW EX 1EGLY 4MGGLY 2S SXLIV QIXLSH SJ WLS[MRK XLI TLSXSKVETL [SYPHLEZI[SVOIHEW[IPP
(6%;-2+7 (MEKVEQWWOIXGLIWERHSXLIVOMRHWSJHVE[MRKWEVIMRI\TIRWMZIXSQEOIERH GERFIHIWMKRIHXSMPPYWXVEXI]SYVTSMRXWI\EGXP]8LMWQSVIXLERGSQTIRWEXIW JSV[LEXXLI]QE]PEGOMRVIEPMWQ *SVI\EQTPI*MKYVI TEKI MWEHVE[MRKYWIHF]EWXYHIRXMREWTIIGL EFSYX2EZENSWERHTEMRXMRK8LIWXYHIRX[ERXIHXSWLS[LMWEYHMIRGI[LEXWERH TEMRXMRKPSSOWPMOIERHXSI\TPEMRMXWW]QFSPMWQERHVIPMKMSYWWMKRMJMGERGI *MKYVI TEKI WLS[WEHVE[MRKYWIHMREWTIIGLEFSYXXLIOMRHW SJTVSFPIQWJEGIHF]TISTPI[LSLEZIH]WPI\ME-XEPPS[IHXLIWTIEOIVXSXVERW PEXIGSQTPI\MHIEWMRXSZMWYEPXIVQWXLIEYHMIRGIGSYPHKVEWTMQQIHMEXIP]
+6%4,7 KVETL %ZMWYEPEMHYWIHXSWLS[ WXEXMWXMGEPXVIRHWERHTEXXIVRW
%YHMIRGIWSJXIRLEZIXVSYFPIKVEWTMRKEGSQTPI\WIVMIWSJ RYQFIVW=SYGER IEWIXLIMVHMJJMGYPX]F]YWMRKKVETLWXSWLS[WXEXMWXMGEPXVIRHWERHTEXXIVRW 8LIQSWXGSQQSRX]TIMWXLIPMRIKVETL*MKYVI TEKI WLS[WWYGL EKVETLYWIHMRE WTIIGLEFSYXXLI%QIVMGER QSZMIMRHYWXV]-J ]SYPSSOEX :MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIV]SYGERWIILS[ XLIWTIEOIVI\TPEMRIHXLIKVETL,IWEMH %W]SYGERWIIJVSQXLMWKVETLFEWIHSRJMKYVIWMR2I[W[IIOQEKE^MRIXLIZMHIS VIZSPYXMSR LEW LEH E TVSJSYRH MQTEGX SR XLI %QIVMGER QSZMI MRHYWXV] *VSQ XS
',%48)6 97-2+:-79%0%-(7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
d*-+96)
XLITIVGIRXSJQSZMIVIZIRYIWKIRIVEXIHF]FS\SJJMGIVIGIMTXWJIPPHVEQEXMGEPP]h JVSQTIVGIRXXSTIVGIRX%XXLIWEQIXMQIXLITIVGIRXSJQSZMIMRHYWXV]VIZIRYIW KIRIVEXIHF](:(:,7ERHXIPIZMWMSRQSVIXLERHSYFPIHhJVSQ TIVGIRXMR XS TIVGIRXMR
8LI TMI KVETL MW FIWX WYMXIH JSV MPPYWXVEXMRK WMQTPI HMWXVMFYXMSR TEXXIVRW *MKYVI TEKI WLS[WLS[SRIWTIEOIVYWIHETMIKVETLXSLIPTPMWXIRIVW ZMWYEPM^IGLERKIWMRQEVMXEPWXEXYWEQSRK[SVOMRK[SQIRMRXLITEWXGIRXYV] 8LI KVETL SR XLI PIJX WLS[W XLI TIVGIRXEKIW SJ [SVOMRK [SQIR [LS [IVI WMRKPI QEVVMIH ERH [MHS[IH SV HMZSVGIH MR 8LI KVETL SR XLI VMKLX WLS[WTIVGIRXEKIWJSVXLIWEQIKVSYTWMR &IGEYWIETMIKVETLMWYWIHXSHVEQEXM^IVIPEXMSRWLMTWEQSRKXLITEVXWSJ E [LSPI ]SY WLSYPH OIIT XLI RYQFIV SJ HMJJIVIRX WIKQIRXW MR XLI KVETL EW WQEPPEWTSWWMFPI%TMIKVETLWLSYPHMHIEPP]LEZIJVSQX[SXSJMZIWIKQIRXW YRHIVRSGMVGYQWXERGIWWLSYPHMXLEZIQSVIXLERIMKLX
GSRRIGXPYGEWGSQ :MI[XLITVIWIRXEXMSRSJXLMW KVETLMRq%QIVMGER1SZMIW *VSQXLI7XYHMS7]WXIQXS XLI:MHIS%KIrMRXLISRPMRI 1IHME0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
d*-+96)
/MRHWSJ:MWYEP%MHW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1SZMIMRHYWXV]VIZIRYIW
PMRIKVETL %KVETLXLEXYWIWSRISV QSVIPMRIWXSWLS[GLERKIW MRWXEXMWXMGWSZIVXMQI SVWTEGI
d*-+96)
=IEV
8LIFEVKVETLMWETEVXMGYPEVP]KSSH[E]XSWLS[GSQTEVMWSRWEQSRKX[S SVQSVIMXIQW-XEPWSLEWXLIEHZERXEKISJFIMRKIEW]XSYRHIVWXERHIZIRF] TISTPI[LSLEZIRSFEGOKVSYRHMRVIEHMRKKVETLW *MKYVI TEKI MW ERI\EQTPISJEFEVKVETLJVSQEWTIIGLXMXPIHq8LI4SPMXMGWSJ6EGIMR%QIVMGEr -X WLS[W ZMWYEPP] XLI VIPEXMZI WXERHMRK SJ [LMXIW ERH FPEGOW [MXL VIWTIGX XS QIHMERLSYWILSPHMRGSQIMRJERXQSVXEPMX]YRIQTPS]QIRXERHGSPPIKIIHY GEXMSR&]YWMRKEFEVKVETLXLIWTIEOIVQEHILIVTSMRXWQYGLQSVIZMZMHP] XLERMJWLILEHNYWXGMXIHXLIRYQFIVWSVEPP]
',%687 'LEVXWEVITEVXMGYPEVP]YWIJYPJSVWYQQEVM^MRKPEVKIFPSGOWSJMRJSVQEXMSR3RI WXYHIRXMREWTIIGLXMXPIHq8LI9RMXIH7XEXIW %2EXMSRSJ-QQMKVERXWrYWIHE GLEVXXSWLS[XLIPIEHMRKVIKMSRWSJXLI[SVPHJSV97MQQMKVERXW *MKYVI
;SQIRMRXLI;SVO*SVGI
TMIKVETL %KVETLXLEXLMKLPMKLXW WIKQIRXWSJEGMVGPIXS WLS[WMQTPIHMWXVMFYXMSR TEXXIVRW
1EVVMIH
d*-+96)
',%48)6 97-2+:-79%0%-(7
;MHS[IHSV HMZSVGIH
;MHS[IHSV HMZSVGIH 7MRKPI
7MRKPI
1EVVMIH
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1IHMER,SYWILSPH-RGSQI -RJERX1SVXEPMX]TIV&MVXLW HIEXLW HIEXLW 9RIQTPS]QIRX6EXI 'SPPIKI(IKVIIW
FEVKVETL %KVETLXLEXYWIWZIVXMGEP SVLSVM^SRXEPFEVWXSWLS[ GSQTEVMWSRWEQSRKX[SSV QSVIMXIQW
&PEGOW
;LMXIW
d*-+96)
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
6IKMSRSJ&MVXL
GSRRIGXPYGEWGSQ :MI[XLITVIWIRXEXMSRSJXLMW GLEVXMRq8LI9RMXIH7XEXIW %2EXMSRSJ-QQMKVERXWrMR XLISRPMRI1IHME0MFVEV]JSV XLMWGLETXIV :MHIS'PMT
4IVGIRXSJ97 -QQMKVERXW
%WME
TIVGIRX
1I\MGS
TIVGIRX
)YVSTI
TIVGIRX
'EVMFFIER
TIVGIRX
7SYXL%QIVMGE
TIVGIRX
%JVMGE
TIVGIRX
'IRXVEP%QIVMGE
TIVGIRX
3XLIV
TIVGIRX
GLEVX %ZMWYEPEMHXLEXWYQQEVM^IW EPEVKIFPSGOSJMRJSVQEXMSR YWYEPP]MRPMWXJSVQ
d*-+96)
/MRHWSJ:MWYEP%MHW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
86%274%6)2'-)7
XVERWTEVIRG] %ZMWYEPEMHHVE[R[VMXXIRSV TVMRXIHSREWLIIXSJGPIEV EGIXEXIERHWLS[R[MXLER SZIVLIEHTVSNIGXSV
)EVPMIVMRXLMWGLETXIV[IQIRXMSRIHXLITSWWMFMPMX]SJGSRZIVXMRKTLSXSKVETLW XS XVERWTEVIRGMIW [LMGL GER FI WLS[R [MXL ER SZIVLIEH TVSNIGXSV =SY GER EPWSYWIXVERWTEVIRGMIWXSTVIWIRXHVE[MRKWKVETLWERHGLEVXW8VERWTEVIRGMIW EVIMRI\TIRWMZIIEW]XSGVIEXIERHTVSHYGIEWXVSRKZMWYEPMQEKI -J]SYYWIXVERWTEVIRGMIWHSRtXXV]XS[VMXISVHVE[SRXLIQ[LMPI]SYEVI WTIEOMRK4VITEVIXLIQMREHZERGIERHQEOIWYVIER]XI\XMWPEVKIIRSYKLXS FIWIIRJVSQXLIFEGOSJXLIVSSQ%KSSHVYPIMWXLEXEPPRYQFIVWERHPIXXIVWh [LIXLIVX]TIHSVLERH[VMXXIRhWLSYPHFIEXPIEWXSRIXLMVHMRGLLMKL EFSYX JSYVXMQIWEWPEVKIEWXLITVMRXSRXLMWTEKI -REHHMXMSRGLIGOXLISZIVLIEHTVSNIGXSVELIEHSJXMQIXSQEOIWYVIMXtW [SVOMRKERHXLEX]SYORS[LS[XSSTIVEXIMX-JTSWWMFPIEVVERKIXSTVEGXMGI [MXLETVSNIGXSV[LIR]SYVILIEVWIXLIWTIIGL
:-()3 -J ]SY EVI XEPOMRK EFSYX XLI MQTEGX GEYWIH F] E PS[WTIIH EYXSQSFMPI EGGM HIRX[LEXGSYPHFIQSVIIJJIGXMZIXLERWLS[MRKWPS[QSXMSRZMHISSJGVEWL XIWXW# 3V WYTTSWI ]SY EVI I\TPEMRMRK XLI HMJJIVIRX OMRHW SJ VSPPIV GSEWXIVW JSYRH MR EQYWIQIRX TEVOW =SYV FIWX ZMWYEP EMH [SYPH FI E ZMHIS WLS[MRK XLSWI GSEWXIVW MR EGXMSR 8LI HIXEMP MQQIHMEG] ERH ZMZMHRIWW SJ ZMHIS EVI LEVHXSQEXGL2S[XLEXMXMWVIEHMP]EZEMPEFPIMR HMKMXEPJSVQEXWhSR(:(W TIIVXSTIIV RIX[SVOW ERH ;IF WMXIW PMOI =SY8YFIhMXtW IEWMIV XLER IZIV XS MRGSVTSVEXIMRXSEWTIIGL (IWTMXIMXWEHZERXEKIWLS[IZIVEHHMRKZMHISXSEWTIIGLGERGEYWIQSVI LEVQXLERKSSHMJMXMWRSXHSRIGEVIJYPP]ERHI\TIVXP]*MVWXQEOIWYVIXLIGPMT MWRSXXSSPSRK;LMPIEWIGSRHZMHISGERMPPYWXVEXI]SYVMHIEWMREQIQS VEFPI[E]ER]XLMRKQYGLPSRKIV[MPPHMWXVEGXEXXIRXMSRJVSQXLIWTIIGLMXWIPJ 7IGSRHQEOIWYVIXLIZMHISMWGYIHXSWXEVXI\EGXP][LIVI]SY[ERXMX8LMVHMJ RIGIWWEV]IHMXXLIZMHISXSXLITVIGMWIPIRKXL]SYRIIHWSMX[MPPFPIRHWQSSXLP] MRXS ]SYV WTIIGL *SYVXL FI[EVI SJ PS[VIWSPYXMSR ZMHIS 8LMW MW TEVXMGYPEVP] MQTSVXERXMRXLIGEWISJ=SY8YFIGPMTW[LMGLQE]PSSOJMRISREGSQTYXIVFYX EVIFPYVV]ERHHMWXSVXIH[LIRTVSNIGXIHSREPEVKIWGVIIRSVQSRMXSV
1908-1)(-%46)7)28%8-327 QYPXMQIHMETVIWIRXEXMSR %WTIIGLXLEXGSQFMRIWWIZIVEP OMRHWSJZMWYEPERHSVEYHMSEMHW MRXLIWEQIXEPO
1YPXMQIHME TVIWIRXEXMSRW EPPS[ ]SY XS MRXIKVEXI E ZEVMIX] SJ ZMWYEP EMHWh MRGPYHMRKGLEVXWKVETLWTLSXSKVETLWERHZMHIShMRXLIWEQIXEPO(ITIRH MRK SR XLI XIGLRSPSKMGEP VIWSYVGIW EX ]SYV WGLSSP ]SY QE] FI EFPI XS KMZI QYPXMQIHMETVIWIRXEXMSRWMR]SYVWTIIGLGPEWW-JWSMX[MPPTVSZMHIXVEMRMRKJSV WTIIGLIW SYXWMHI XLI GPEWWVSSQhIWTIGMEPP] MR FYWMRIWW WIXXMRKW [LIVI QYPXM QIHMETVIWIRXEXMSRWEVIQEHIIZIV]HE] 1MGVSWSJX 4S[IV4SMRX MW JEV ERH E[E] XLI QSWX [MHIP] YWIH TVSKVEQ JSV QYPXMQIHME TVIWIRXEXMSRW -R XLI ETTIRHM\ XLEX JSPPS[W XLMW GLETXIV ]SY [MPP JMRHEHMWGYWWMSRSJLS[XSYWI4S[IV4SMRXXSFIWXIJJIGXMR]SYVWTIIGLIW-J]SY KSXSXLISRPMRI7TIIGL8SSPWJSVXLMWGLETXIVEXGSRRIGXPYGEWGSQ]SY[MPPEPWS JMRHHIXEMPIHLS[XSKYMHIWJSV4S[IV4SMRXERH4S[IV4SMRX
8,)74)%/)6 7SQIXMQIW]SYGERYWI]SYVS[RFSH]EWEZMWYEPEMHhF]MPPYWXVEXMRKLS[E GSRHYGXSVHMVIGXWERSVGLIWXVEF]VIZIEPMRKXLIWIGVIXWFILMRHQEKMGXVMGOWF] WLS[MRKLS[XSTIVJSVQWMKRPERKYEKIERHWSJSVXL-REHHMXMSRXSGPEVMJ]MRK
',%48)6 97-2+:-79%0%-(7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7SQIXMQIWEWTIEOIVGER YWILIVSVLMWFSH]EWEZMWYEP EMHEWMRXLMWWTIIGLHIQSR WXVEXMRK]SKETSWXYVIW7YGL EWTIIGLVIUYMVIWGEVIJYP TVEGXMGIXSGSSVHMREXIXLI WTIEOIVtWEGXMSRWERH[SVHW [LMPIQEMRXEMRMRKI]I GSRXEGX[MXLXLIEYHMIRGI
EWTIEOIVtWMHIEWHSMRKWSQIOMRHSJHIQSRWXVEXMSRLIPTWOIITXLIEYHMIRGI MRZSPZIH-XEPWSGERVIHYGIEWTIEOIVtWRIVZSYWRIWWF]TVSZMHMRKERSYXPIXJSV I\XVEEHVIREPMRI (SMRK E HIQSRWXVEXMSR [IPP VIUYMVIW WTIGMEP TVEGXMGI XS GSSVHMREXI ]SYV EGXMSRW[MXL]SYV[SVHWERHXSGSRXVSPXLIXMQMRKSJ]SYVWTIIGL=SYGERWII ERI\GIPPIRXI\EQTPISR:MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMW GLETXIV8LIWYFNIGXMW]SKE%JXIVXEPOMRKEFSYXXLIVSPISJTVSTIVFVIEXLMRKMR ]SKE XLI WTIEOIV HIQSRWXVEXIW XLVII ]SKE TSWIW 2SXMGI LS[ GPIEVP] WLI I\TPEMRW IEGLTSWIGSQQYRMGEXIWHMVIGXP][MXLXLIEYHMIRGIERHQEMRXEMRW I]IGSRXEGXXLVSYKLSYXLIVHIQSRWXVEXMSR 7TIGMEP GEVI MW VIUYMVIH MJ ]SY EVI HIQSRWXVEXMRK E TVSGIWW XLEX XEOIW PSRKIV XS GSQTPIXI XLER XLI XMQI EPPSXXIH JSV ]SYV WTIIGL -J ]SY TPER XS WLS[EPSRKTVSGIWW]SYQMKLXFSVVS[XLIXIGLRMUYIWSJ XIPIZMWMSRTIVWSR EPMXMIW WYGL EW 1MRK 8WEM ERH 1EVXLE 7XI[EVX 8LI] [SVO XLVSYKL QSWX SJ XLI WXITW MR QEOMRK E TIVJIGX QEVMREXIH GLMGOIR SV LSPMHE] HIGSVEXMSR FYX XLI]LEZIEWIGSRHJMRMWLIHGLMGOIRSVHIGSVEXMSRVIEH]XSWLS[]SYEXXLI PEWXQMRYXI
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq=SKE 9RMXMRK&SH]1MRHERH 7TMVMXrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
+YMHIPMRIWJSV4VITEVMRK:MWYEP%MHW ;LIXLIV ]SY EVI GVIEXMRK ZMWYEP EMHW F] LERH SV HIWMKRMRK XLIQ SR E GSQ TYXIVXLIVIEVIWM\FEWMGKYMHIPMRIW]SYWLSYPHJSPPS[XSQEOI]SYVEMHWGPIEV ERHZMWYEPP]ETTIEPMRK8LIWIKYMHIPMRIWETTP][LIXLIV]SYEVIWTIEOMRKMRSV SYXSJXLIGPEWWVSSQEXEFYWMRIWWQIIXMRKSVETSPMXMGEPJSVYQXSEREYHMIRGI SJSVSJ
+YMHIPMRIWJSV4VITEVMRK:MWYEP%MHW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4VITEVMRK:MWYEP%MHW
23
,EZI-TVITEVIHQ]ZMWYEPEMHW[IPPMREHZERGI# %VIQ]ZMWYEPEMHWGPIEVERHIEW]XSGSQTVILIRH# (SIWIEGLZMWYEPEMHGSRXEMRSRP]XLIMRJSVQEXMSRRIIHIH XSQEOIQ]TSMRX# %VIQ]ZMWYEPEMHWPEVKIIRSYKLXSFIWIIRGPIEVP]F]XLI IRXMVIEYHMIRGI# GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7XYH]8SSPWJSV XLMWGLETXIV
(SXLIGSPSVWSRQ]ZMWYEPEMHW[SVO[IPPXSKIXLIV# -WXLIVIEGPIEVGSRXVEWXFIX[IIRXLIPIXXIVMRKERHFEGO KVSYRHSRQ]GLEVXWKVETLWERHHVE[MRKW# (S-YWIPMRIKVETLWTMIKVETLWERHFEVKVETLWGSVVIGXP] XSWLS[WXEXMWXMGEPXVIRHWERHTEXXIVRW# (S-PMQMXGLEVXWXSRSQSVIXLERIMKLXMXIQW# (S-YWIJSRXWXLEXEVIIEW]XSVIEH# (S-YWIEPMQMXIHRYQFIVSJJSRXW#
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tWTSMRXFYXRSXWSQYGLEWXSGSRJYWISV HMWXVEGXXLIEYHMIRGI
1%/)796):-79%0%-(7%6)0%6+))239+, %ZMWYEPEMHMWYWIPIWWMJRSSRIGERWIIMX/IITMRQMRHXLIWM^ISJXLIVSSQMR [LMGL]SY[MPPFIWTIEOMRKERHQEOIWYVI]SYV EMHMWFMKIRSYKLXSFIWIIR
',%48)6 97-2+:-79%0%-(7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
IEWMP]F]IZIV]SRI%W]SYTVITEVIXLIEMHGLIGOMXWZMWMFMPMX]F]QSZMRKXSE TSMRX EW JEV E[E] JVSQ MX EW ]SYV QSWX HMWXERX PMWXIRIV [MPP FI WMXXMRK -J ]SY LEZI XVSYFPI QEOMRK SYX XLI [SVHW SV HVE[MRKW ]SYV EYHMIRGI [MPP XSS &] QEOMRKWYVI]SYVZMWYEPEMHMWPEVKIIRSYKL]SY[MPPEZSMHLEZMRKXSMRXVSHYGI MX[MXLXLIGSQQIRXq-ORS[WSQISJ]SYGERtXWIIXLMWFYXr -J]SYEVIGVIEXMRK]SYVZMWYEPEMHF]GSQTYXIVVIQIQFIVXLEXVIKYPEV WM^IX]TI WYGLEWXLEXMRXLMWFSSO MWQYGLXSSWQEPPJSVEZMWYEPEMHh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
97)*32878,%8%6))%7=836)%( 2SXEPPJSRXWEVIWYMXEFPIJSVZMWYEPEMHW *SVXLIQSWXTEVX]SYWLSYPHEZSMH HIGSVEXMZIJSRXWWYGLEWXLSWISRXLIPIJXMR*MKYVIFIPS[8LI]EVILEVH XSVIEHERHGERIEWMP]HMWXVEGXXLIEXXIRXMSRSJPMWXIRIVW-RGSRXVEWXXLIJSRXW SRXLIVMKLXMR*MKYVIEVIPIWWI\GMXMRKFYXXLI]EVIGPIEVERHIEW]XSVIEH -J]SYYWIJSRXWWYGLEWXLIWI]SYVZMWYEPEMHW[MPPFIEYHMIRGIJVMIRHP]
97)%0-1-8)(291&)63**3287 7SQI ZEVMIX] SJ JSRXW MR E ZMWYEP EMH MW ETTIEPMRK FYX XSS QYGL GER FI JSRX HMWXVEGXMRKhEWMRXLIEMHSRXLIPIJXMR*MKYVI TEKI [LMGLYWIWE %GSQTPIXIWIXSJX]TISJXLI HMJJIVIRXJSRXJSVIEGLPMRI1SWXI\TIVXWVIGSQQIRHYWMRKRSQSVIXLERX[S WEQIHIWMKR JSRXWMREWMRKPIZMWYEPEMHhSRIJSVXLIXMXPISVQENSVLIEHMRKWERSXLIVJSV WYFXMXPIWSVSXLIVXI\X7XERHEVHTVSGIHYVIMWXSYWIEFPSGOX]TIJEGIJSVXLI XMXPIERHEVSYRHIVX]TIJEGIJSVWYFXMXPIWERHXI\XhEWMRXLIEMHSRXLIVMKLX MR*MKYVI
d*-+96)
+YMHIPMRIWJSV4VITEVMRK:MWYEP%MHW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1%.36'0%77)73*;-2)
%TTIXM^IV;MRIW 8EFPI;MRIW (IWWIVX;MRIW 7TEVOPMRK;MRIW d*-+96)
97)'3036)**)'8-:)0= 'SPSVEHHWGPSYXXSEZMWYEPEMH;LIRYWIHIJJIGXMZIP]MXMRGVIEWIWVIGSKRMXMSR F] TIVGIRXERHGSQTVILIRWMSRF]TIVGIRX8LIOI][SVHWSJGSYVWIEVI q[LIRYWIHIJJIGXMZIP]r7SQIGSPSVWHSRSX[SVO[IPPXSKIXLIV6IHERHKVIIR EVIEXSYKLGSQFMREXMSRJSVER]SRIXSVIEHERHXLI]PSSOXLIWEQIXSTISTPI [LSEVIGSPSVFPMRH1ER]WLEHIWSJFPYIERHKVIIREVIXSSGPSWIXSIEGLSXLIV XSFIIEWMP]HMJJIVIRXMEXIHh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tW MHIEW ERH QEHILMWGLEVXIEWMIVXSVIEH
-14%'832 ,)%6-2+
',%48)6 97-2+:-79%0%-(7
8=4)3* 23-7)
,EVQJYP XS LIEVMRK
*MVIGVEGOIV .EGOLEQQIV .IXIRKMRI
6MWO LIEVMRK PSWW
6SGOGSRGIVX 'LEMRWE[ 1SXSVG]GPI
%PEVQGPSGO
0SYH FYX WEJI d*-+96)
()'-&)0 0):)0
%MVGSRHMXMSRIV
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
+YMHIPMRIWJSV4VIWIRXMRK:MWYEP%MHW 2S QEXXIV LS[ [IPP HIWMKRIH ]SYV ZMWYEP EMHW QE] FI XLI] [MPP FI SJ PMXXPI ZEPYI YRPIWW ]SY HMWTPE] XLIQ TVSTIVP] HMWGYWW XLIQ GPIEVP] ERH MRXIKVEXI XLIQIJJIGXMZIP][MXLXLIVIWXSJ]SYVTVIWIRXEXMSR,IVIEVIWIZIRKYMHIPMRIW XLEX[MPPLIPT]SYKIXXLIQE\MQYQMQTEGXSYXSJ]SYVZMWYEPEMHW
%:3-(97-2+8,)',%0/&3%6( %XJMVWXXLSYKLXYWMRKXLIGLEPOFSEVHSV[LMXIFSEVHMR]SYVGPEWWVSSQXSTVI WIRXZMWYEPEMHWWIIQWPMOIEWTPIRHMHMHIE9WYEPP]LS[IZIVMXMWRSX=SYLEZI XSSQYGLXSHSHYVMRKEWTIIGLXS[SVV]EFSYXHVE[MRKSV[VMXMRKPIKMFP]SR XLIFSEVH)ZIRMJ]SYVZMWYEPEMHMWTYXSRXLIFSEVHELIEHSJXMQIMX[MPPRSX FIEWZMZMHSVEWRIEXEWSRIGSQTSWIHSRTSWXIVFSEVHEXVERWTEVIRG]SVE 4S[IV4SMRXWPMHI
(-740%=:-79%0%-(7;,)6)0-78)2)67'%27))8,)1 'LIGOXLIWTIIGLVSSQELIEHSJXMQIXSHIGMHII\EGXP][LIVI]SY[MPPHMWTPE] ]SYVZMWYEPEMHW-J]SYEVIYWMRKTSWXIVFSEVHQEOIWYVIMXMWWXYVH]IRSYKLXS FIHMWTPE]IH[MXLSYXGYVPMRKYTSVJEPPMRKSZIV%RSXLIVGLSMGIMWJSEQGSVIE XLMRWLIIXSJWX]VSJSEQ[MXLKVETLMGWUYEPMX]TETIVSRFSXLWMHIW -J]SYEVIHMWTPE]MRKERSFNIGXSVEQSHIPFIWYVIXSTPEGIMX[LIVIMXGER FI WIIR IEWMP] F] IZIV]SRI MR XLI VSSQ -J RIGIWWEV] LSPH YT XLI SFNIGX SV QSHIP[LMPI]SYEVIHMWGYWWMRKMX 3RGI]SYLEZIWIXXLIEMHMRXLIFIWXPSGEXMSRHSRtXYRHSEPP]SYVTVITEVE XMSRF]WXERHMRK[LIVI]SYFPSGOXLIEYHMIRGItWZMI[SJXLIEMH7XERHXSSRI WMHISJ XLIEMH ERHTSMRX[MXL XLI EVQ RIEVIWX MX -JTSWWMFPIYWI E TIRGMP E VYPIVSVWSQISXLIVTSMRXIV8LMW[MPPEPPS[]SYXSWXERHJEVXLIVE[E]JVSQXLI ZMWYEPEMHXLIVIF]VIHYGMRKXLIPMOIPMLSSHXLEX]SY[MPPSFWXVYGXXLIZMI[
%:3-(4%77-2+:-79%0%-(7%132+8,)%9(-)2') 3RGIZMWYEPEMHWKIXMRXSXLILERHWSJ]SYVPMWXIRIVW]SYEVIMRXVSYFPI%XPIEWX XLVIITISTPI[MPPFITE]MRKQSVIEXXIRXMSRXSXLIEMHXLERXS]SYh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tZIJMRMWLIHXEPOMRKERHHMWXVMFYXIXLIQEXXLIIRH/IITMRKGSRXVSPSJ ]SYVZMWYEPEMHWMWIWWIRXMEPXSOIITMRKGSRXVSPSJ]SYVWTIIGL
(-740%=:-79%0%-(7320=;,-0)(-7'977-2+8,)1 .YWX EW GMVGYPEXMRK ZMWYEP EMHW HMWXVEGXW EXXIRXMSR WS HSIW HMWTPE]MRK XLIQ XLVSYKLSYXEWTIIGL-J]SYEVIYWMRKERSFNIGXSVEQSHIPOIITMXSYXSJWMKLX YRXMP ]SY EVIVIEH] XS HMWGYWW MX ;LIR ]SY JMRMWL ]SYVHMWGYWWMSR TPEGI XLI SFNIGXSVQSHIPFEGOSYXSJWMKLX
+YMHIPMRIWJSV4VIWIRXMRK:MWYEP%MHW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4VIWIRXMRK:MWYEP%MHW
23
'ER -TVIWIRXQ]ZMWYEPEMHW[MXLSYX[VMXMRKSV HVE[MRK SRXLIGLEPOFSEVH# ,EZI - GLIGOIH XLI WTIIGL VSSQ XS HIGMHI [LIVI - GER HMWTPE]Q]ZMWYEPEMHWQSWXIJJIGXMZIP]# ,EZI-TVEGXMGIHTVIWIRXMRKQ]ZMWYEPEMHWWSXLI][MPPFI GPIEVP]ZMWMFPIXSIZIV]SRIMRXLIEYHMIRGI# ,EZI - TVEGXMGIH WIXXMRK YT ERH XEOMRK HS[R Q] ZMWYEP EMHWWS-GERHSFSXLWQSSXLP]HYVMRKXLIWTIIGL#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7XYH]8SSPWJSV XLMWGLETXIV
,EZI- TVEGXMGIHOIITMRK I]I GSRXEGX [MXL Q] EYHMIRGI [LMPITVIWIRXMRKQ]ZMWYEPEMHW# ,EZI - TVEGXMGIH I\TPEMRMRK Q] ZMWYEP EMHW GPIEVP] ERH GSRGMWIP]MRXIVQWQ]EYHMIRGI[MPPYRHIVWXERH# -J-EQYWMRKLERHSYXWLEZI-TPERRIHXSHMWXVMFYXIXLIQ EJXIVXLIWTIIGLVEXLIVXLERHYVMRKMX# ,EZI - HSYFPI GLIGOIH EPP IUYMTQIRX XS QEOI WYVI MX [SVOWTVSTIVP]# ,EZI-VILIEVWIHQ]WTIIGL[MXLXLIIUYMTQIRX-[MPPYWI HYVMRKXLIJMREPTVIWIRXEXMSR#
8LIWEQIMWXVYISJGLEVXWKVETLWHVE[MRKWSVTLSXSKVETLWTVITEVIHSR TSWXIV FSEVH -J ]SY EVI YWMRK ER IEWIP TYX E FPERO WLIIX SJ TSWXIV FSEVH MR JVSRXSJXLIWLIIX[MXLXLIZMWYEPEMH;LIRXLIXMQIGSQIWVIQSZIXLIFPERO WLIIXXSWLS[XLIEMH;LIR]SYEVIJMRMWLIH[MXLXLIEMHVIQSZIMXJVSQXLI IEWIPSVGSZIVMXEKEMR -J]SYEVIYWMRKEQYPXMQIHMETVSKVEQ]SYGEREGLMIZIXLIWEQIIJJIGXF] TVSNIGXMRKEFPEROWPMHI[LIR]SYEVIRSXHMWGYWWMRKEZMWYEPEMH6IKEVHPIWWSJ XLI OMRH SJ EMH IQTPS]IH SV XLI XIGLRSPSK] YWIH XS TVIWIRX MX XLI TVMRGMTPI VIQEMRWXLIWEQI (MWTPE]XLIEMHSRP][LMPI]SYEVIHMWGYWWMRKMX
8%0/83=396%9(-)2')23883=396:-79%0%-( ;LIRI\TPEMRMRKEZMWYEPEMHMXMWIEW]XSFVIEOI]IGSRXEGX[MXL]SYVEYHMIRGI ERHWTIEOXSXLIEMH3JGSYVWI]SYVPMWXIRIVWEVIPSSOMRKTVMQEVMP]EXXLIEMH ERH]SY[MPPRIIHXSKPERGIEXMXTIVMSHMGEPP]EW]SYXEPO&YXMJ]SYOIIT]SYV I]IWJM\IHSRXLIZMWYEPEMH]SYQE]PSWI]SYVEYHMIRGI&]OIITMRKI]IGSR XEGX[MXL]SYVPMWXIRIVW]SY[MPPEPWSTMGOYTJIIHFEGOEFSYXLS[XLIZMWYEPEMH ERH]SYVI\TPEREXMSRSJMXEVIGSQMRKEGVSWW
)<40%-2:-79%0%-(7'0)%60=%2('32'-7)0= :MWYEPEMHWHSRtXI\TPEMRXLIQWIPZIW0MOIWXEXMWXMGWXLI]RIIHXSFIXVERWPEXIH ERHVIPEXIHXSXLIEYHMIRGI*SVI\EQTPI*MKYVI TEKI MWERI\GIP PIRXZMWYEPEMHFYXHS]SYORS[[LEXMXVITVIWIRXW#=SYQE]MJ]SYWYJJIVJVSQ QMKVEMRI LIEHEGLIW WMRGI MX WLS[W XLI HMJJIVIRX VIKMSRW SJ TEMR I\TIVMIRGIH
',%48)6 97-2+:-79%0%-(7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
'0978)6
d*-+96)
HYVMRKEGPYWXIVQMKVEMRIEXXEGO&YXIZIRXLIRXLIJYPPQIERMRKSJXLIHVE[ MRKQE]RSXFIGPIEVYRXMPMXMWI\TPEMRIHXS]SY % ZMWYEP EMH GER FI SJ IRSVQSYW FIRIJMXhFYX SRP] MJ XLI ZMI[IV ORS[W [LEXXSPSSOJSVERH[L]9RJSVXYREXIP]FIKMRRMRKWTIEOIVWSJXIRVYWLSZIV XLIMV ZMWYEP EMHW [MXLSYX I\TPEMRMRK XLIQ GPIEVP] ERH GSRGMWIP] &I WYVI XS EHETX]SYVZMWYEPEMHWXSXLIEYHMIRGI(SRtXNYWXWE]q%W]SYGERWIIr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hERHXSQEMRXEMRI]IGSRXEGX[MXLLIVPMW XIRIVWXLVSYKLSYXLIVHMWGYWWMSRSJMX=SYWLSYPHWXVMZIXSHSXLIWEQI[LIR ]SYTVIWIRXZMWYEPEMHWMR]SYVWTIIGLIW
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq8LI %KSR]SJ1MKVEMRIWrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
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tXVIEHLMWXI\X
+YMHIPMRIWJSV4VIWIRXMRK:MWYEP%MHW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LIR XLI JMVWX WPMHI GEQI SR MX [EWRtX LMW FYX FIPSRKIH XS E TVIZMSYW WTIEOIV ;LIR LI VIEGLIHXLIJMVWXGSVVIGXWPMHIXLIX]TI[EWXSSWQEPPJSVER]SRITEWXXLIJMVWXVS[XSWII 9REFPIXSXYVRSRXLIPMKLXEVVS[MRHMGEXSVXSTSMRXSYXXLIPMRILI[EWXEPOMRKEFSYX LI[EPOIHE[E]JVSQXLIPIGXIVRXSTSMRXXLMRKWSYXHMVIGXP]SRXLIWGVIIR&YXLIPIJXXLI QMGVSTLSRIFILMRHWSTISTPIMRXLIFEGOVS[WGSYPHRIMXLIVWIIRSVLIEV ;LIREWPMHISJLMWHIWMKRETTIEVIHLI[EWXSSGPSWIXSWIIXLIGVMXMGEPTEVXW7MRGI LIGSYPHRtXGLIGOLMWXI\XFIGEYWISJXLIHEVORIWWLIPSWXXVEGOSJ[LEXLI[EWWYTTSWIH XSWE]6IEGLMRKJSVEWXIIPXMTTIHTSMRXIVFIGEYWILIGSYPHRtXSTIVEXIXLISTXMGEPSRILI QEREKIHXSTYRGLELSPIXLVSYKLXLIWGVIIR -RHIWTIVEXMSRLIEFERHSRIHLMWWPMHIWXYVRIHYTXLIPMKLXWERHVEGIHXLVSYKLXLI VIWX SJLMW WTIIGLWSJEWXXLEXLI[EWEPQSWXYRMRXIPPMKMFPI *MREPP]MRIQFEVVEWWQIRXJSV FSXLLMQWIPJERHXLIEYHMIRGILIWEXHS[R
8LMW WSYRHW PMOI E VSYXMRI JVSQ 7EXYVHE]2MKLX 0MZIFYX MXMWEXVYI WXSV] =SYGEREZSMHWYGLEWIVMIWSJQMWLETWMJ]SYTVEGXMGI[MXLXLIZMWYEPEMHW]SY LEZIGLSWIR6ILIEVWI[MXL]SYVIUYMTQIRXXSFIWYVI]SYGERTVIWIRX]SYV EMHW [MXL E QMRMQYQ SJ JYWW 6YR XLVSYKL XLI IRXMVI WTIIGL WIZIVEP XMQIW TVEGXMGMRK LS[ ]SY [MPP WLS[ XLI EMHW XLI KIWXYVIW ]SY [MPP QEOI ERH XLI XMQMRKSJIEGLQSZI-RYWMRKZMWYEPEMHWEWMRSXLIVEWTIGXWSJWTIIGLQEOMRK XLIVIMWRSWYFWXMXYXIJSVTVITEVEXMSR
7911%6= 8LIVIEVIQER]OMRHWSJZMWYEPEMHW1SWXSFZMSYW MW XLISFNIGX EFSYX[LMGL]SY EVIWTIEOMRKSVEQSHIPSJMX(MEKVEQWWOIXGLIWERHSXLIVOMRHWSJHVE[MRKWEVI ZEPYEFPIFIGEYWI]SYGERHIWMKRXLIQXSMPPYWXVEXI]SYVTSMRXWI\EGXP]+VETLWEVI ERI\GIPPIRX [E] XSMPPYWXVEXI ER] WYFNIGX HIEPMRK[MXL RYQFIVW [LMPIGLEVXW EVI YWIHXSWYQQEVM^IPEVKIFPSGOWSJMRJSVQEXMSR%PXLSYKLZMHISGERFIYWIJYPEWE ZMWYEP EMH MX RIIHW XS FI GEVIJYPP] IHMXIH ERH MRXIKVEXIH MRXS XLI WTIIGL 4LSXS KVETLWWLSYPHFIPEVKIIRSYKLXSFIWIIRGPIEVP]F]EPP]SYVPMWXIRIVW-J]SYLEZI EGGIWWXSXLIVMKLXIUYMTQIRX]SYQE]FIEFPIXSYWIEQYPXMQIHMETVIWIRXEXMSR *MREPP]]SYGEREGXEW]SYVS[RZMWYEPEMHF]TIVJSVQMRKEGXMSRWXLEXHIQSRWXVEXI TVSGIWWIWSVMHIEW 2SQEXXIV[LEXOMRHSJZMWYEPEMH]SYYWI]SYRIIHXSTVITEVIMXGEVIJYPP]=SY [MPPFIQSWXWYGGIWWJYPMJ]SYTVITEVI]SYVEMHWMREHZERGIOIITXLIQWMQTPIQEOI WYVIXLI]EVIPEVKIIRSYKLXSFIWIIRGPIEVP]ERHYWIGSPSVIJJIGXMZIP]JSVIQTLEWMW ERHZMWYEPETTIEP-J]SYEVIGVIEXMRKZMWYEPEMHWSREGSQTYXIVYWIEPMQMXIHRYQ FIVSJJSRXWERHQEOIWYVIXLISRIW]SYWIPIGX[MPPFIIEW]XSVIEH -REHHMXMSRXSFIMRKHIWMKRIH[MXLGEVIZMWYEPEMHWRIIHXSFITVIWIRXIHWOMPP JYPP] %ZSMH [VMXMRK SV HVE[MRK ZMWYEP EMHW SR XLI GLEPOFSEVH SV TEWWMRK XLIQ EQSRKXLIEYHMIRGI-RWXIEHHMWTPE]IEGLEMHSRP][LMPI]SYEVIXEPOMRKEFSYXMX ERHFIWYVIXSTPEGIMX[LIVIIZIV]SRIGERWIIMX[MXLSYXWXVEMRMRK;LIRTVIWIRX MRKEZMWYEPEMHQEMRXEMRI]IGSRXEGX[MXL]SYVPMWXIRIVWERHI\TPEMRXLIEMHGPIEVP] ERHGSRGMWIP]%FSZIEPPTVEGXMGI[MXL]SYVZMWYEPEMHWWSXLI]JMXMRXS]SYVWTIIGL WQSSXLP]ERHI\TIVXP]
',%48)6 97-2+:-79%0%-(7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
/)=8)617 QSHIP
GLEVX
KVETL
XVERWTEVIRG]
PMRIKVETL
QYPXMQIHMETVIWIRXEXMSR
TMIKVETL
JSRX
FEVKVETL
6):-);59)78-327
%JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEXEVIXLIQENSVEHZERXEKIWSJYWMRKZMWYEPEMHWMR]SYVWTIIGLIW# ; LEXOMRHWSJZMWYEPEMHWQMKLX]SYYWIMREWTIIGL# ; LEXKYMHIPMRIWEVIKMZIRMRXLIGLETXIVJSVTVITEVMRKZMWYEPEMHW# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;LEXKYMHIPMRIWEVIKMZIRMRXLIGLETXIVJSVTVIWIRXMRKZMWYEPEMHW#
)<)6'-7)7*36'6-8-'%08,-2/-2+ ;EXGLELS[XSXIPIZMWMSRTVSKVEQ EGSSOMRKSVKEVHIRMRKWLS[JSVI\EQTPI SVXLI[IEXLIVTSVXMSRSJEPSGEPRI[WGEWX2SXMGILS[XLIWTIEOIVYWIWZMWYEP EMHWXSLIPTGSQQYRMGEXIXLIQIWWEKI;LEXOMRHWSJZMWYEPEMHWEVIYWIH#,S[ HSXLI]IRLERGIXLIGPEVMX]MRXIVIWXERHVIXEMREFMPMX]SJXLIWTIEOIVtWQIWWEKI# ;LEX [SYPH XLI WTIEOIV LEZI XS HS XS GSQQYRMGEXI XLI QIWWEKI IJJIGXMZIP] [MXLSYXZMWYEPEMHW# 'SRWMHIVLS[]SYQMKLXYWIZMWYEPEMHWXSI\TPEMRIEGLSJXLIJSPPS[MRK E ,S[XSTIVJSVQXLI,IMQPMGLQERIYZIVXSLIPTEGLSOMRKZMGXMQ F 8LI TVSTSVXMSR SJ XLI IPIGXSVEXI XLEX ZSXIW MR QENSV REXMSREP IPIGXMSRW MR XLI 9RMXIH7XEXIW*VERGI+IVQER])RKPERHERH.ETERVIWTIGXMZIP] G ;LIVIXSSFXEMRMRJSVQEXMSREFSYXWXYHIRXPSERW H 8LI[MRKTEXXIVRWSJZEVMSYWWTIGMIWSJFYXXIVJPMIW I 8 LIMRGVIEWIMRXLIEQSYRXSJQSRI]WTIRXF]%QIVMGERWSR LIEPXLGEVIWMRGI J , S[XSGLERKIEFMG]GPIXMVI K 8 LIFEWMGIUYMTQIRXERHXIGLRMUYIWSJVSGOGPMQFMRK
4PERXSYWIZMWYEPEMHWMREXPIEWXSRISJ]SYVGPEWWVSSQWTIIGLIW&IGVIEXMZIMR HIZMWMRK]SYVEMHWERHFIWYVIXSJSPPS[XLIKYMHIPMRIWHMWGYWWIHMRXLIGLETXIV JSV YWMRK XLIQ %JXIV XLI WTIIGL EREP]^I LS[ IJJIGXMZIP] ]SY IQTPS]IH ]SYV ZMWYEPEMHW[LEX]SYPIEVRIHEFSYXXLIYWISJZMWYEPEMHWJVSQ]SYVI\TIVMIRGI ERH[LEXGLERKIW]SY[SYPHQEOIMRYWMRKZMWYEPEMHWMJ]SY[IVIXSHIPMZIVXLI WTIIGLEKEMR
)\IVGMWIWJSV'VMXMGEP8LMROMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK %WEZIXIVMREVMERERHS[RIVSJEWQEPPERMQEPTVEGXMGI]SY[SVOGPSWIP][MXL]SYV PSGEPLYQERIWSGMIX]XSLIPTGSRXVSPEKVS[MRKTSTYPEXMSRSJYR[ERXIHHSKWERH GEXW =SY ERH ]SYV WXEJJ HIZSXI QER] LSYVW ERRYEPP] MR JVII ERH VIHYGIHGSWX QIHMGEPWIVZMGIWXSERMQEPWEHSTXIHJVSQXLIWSGMIX]2S[]SYLEZIFIIREWOIHXS WTIEOXSXLIGMX]GSYRGMPMRWYTTSVXSJPIKMWPEXMSRTVSTSWIHF]XLIWSGMIX]JSVWXVSR KIVIRJSVGIQIRXSJERMQEPPMGIRWMRKERHPIEWLPE[W -R]SYVWTIIGL]SYTPERXSMRGPYHIWXEXMWXMGWXLEX GSQTEVIIWXMQEXIWSJXLI GMX]tWHSKTSTYPEXMSR[MXLXLIRYQFIVSJPMGIRWIWMWWYIHHYVMRKXLITEWXJMZI]IEVW ERH WLS[ XLI WQEPP RYQFIV SJ GMXEXMSRW KMZIR F] PSGEP PE[ IRJSVGIQIRX JSV YRPIEWLIHTIXWHYVMRKXLIWEQITIVMSHSJXMQI/RS[MRKJVSQ]SYVGSPPIKITYFPMG WTIEOMRKGPEWWLS[ZEPYEFPIZMWYEPEMHWGERFIMRTVIWIRXMRKWXEXMWXMGW]SYHIGMHIXS MPPYWXVEXISRIWIXSJWXEXMWXMGW[MXLEGLEVXERHXLISXLIV[MXLEKVETL *SV[LMGLWIXSJWXEXMWXMGW[MPPEGLEVXFIQSVIETTVSTVMEXI#*SV[LMGLWIX[MPP EKVETLFIQSVIETTVSTVMEXI#3JXLIXLVIIOMRHWSJKVETLWHMWGYWWIHMRXLMWGLETXIV FEVPMRITMI [LMGL[MPP[SVOFIWXJSV]SYVWXEXMWXMGWERH[L]#
',%48)6 97-2+:-79%0%-(7
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
9WMRK 4S[IV4SMRX %TTIRHM\ 4PYWIWERH1MRYWIWSJ4S[IV4SMRX 4PERRMRKXS9WI4S[IV4SMRX *SVQEXXMRK4S[IV4SMRX7PMHIW 'SPSV 8I\X *SRXW -QEKIW 7TEGI %RMQEXMSR
(IPMZIVMRK=SYV7TIIGL[MXL4S[IV4SMRX 6IGLIGO=SYV7PMHIW /RS[7PMHI7LS['SQQERHW 4VEGXMGI=SYV7TIIGL[MXL4S[IV4SMRX (MWTPE]7PMHIW3RP];LMPI(MWGYWWMRK8LIQ 'LIGOXLI6SSQERH)UYMTQIRX (IZIPSTE&EGOYT4PER
'ST]VMKLXERH*EMV9WI 7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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tPP FIKMRF]PSSOMRKEXFSXLEW[IPPEWEXXLIQENSVJEGXSVWXSGSRWMHIV[LIRTPER RMRKXSYWI4S[IV4SMRXMREWTIIGL
;
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qXLI JERGMIV XLI4S[IV4SMRXTVIWIRXEXMSRXLIPIWWZEPYEFPIXLIMHIEWFIMRKTVIWIRXIHr %XXLISXLIVI\XVIQIEVIWTIEOIVW[LSXLVS[XLIMVTVIWIRXEXMSRWXSKIXLIV GEVIPIWWP] EWWYQMRK XLEX YWMRK 4S[IV4SMRX [MPP QEKMGEPP] TVSHYGI E WYTIVF WTIIGL4PSHHMRKXLVSYKLSRITSSVP]HIWMKRIHWPMHIEJXIVERSXLIV[MXLPMXXPISV RS I]I GSRXEGX [MXL ER EYHMIRGI WIEXIH MR E HEVOIRIH VSSQ XLIWI WTIEOIVW [SYPHFIFIXXIVSJJMJXLI]LEHRIZIVLIEVHSJ4S[IV4SMRX %RSXLIVTVSFPIQMWXLEXWSQIWTIEOIVWYWI4S[IV4SMRXXSMPPYWXVEXIIZIV] TSMRXSJXLIMVXEPOWSXLIWTIEOIVMWZMVXYEPP]VIEHMRKXLIWTIIGLXSXLIEYHMIRGI EW XLI [SVHW ETTIEV SR WGVIIR 8LMW MW RS QSVI IJJIGXMZI XLER VIEHMRK HYPP] JVSQEQERYWGVMTXERHMXWIPHSQTVSHYGIWKIRYMRIGSQQYRMGEXMSR
4PERRMRKXS9WI4S[IV4SMRX -J ]SY EVI KSMRK XS IQTPS] 4S[IV4SMRX IJJIGXMZIP] ]SY RIIH E GPIEV MHIE SJ I\EGXP] [L] LS[ ERH [LIR XS YWI MX MR ]SYV WTIIGL 6EXLIV XLER TYXXMRK IZIV]XLMRK ]SY WE] SR WGVIIR JSV XLI EYHMIRGI XS VIEH ]SY RIIH XS GLSSWI [LMGLEWTIGXWSJ]SYVWTIIGLXSMPPYWXVEXI8LMWVIUYMVIWGEVIJYPTPERRMRK 3RISJXLIQSWXWYVTVMWMRKEWTIGXWSJ4S[IV4SMRXXSTISTPI[LSLEZIRSX YWIHMXFIJSVIMWLS[QYGLXMQIERHIJJSVXEVIVIUYMVIHXSTYXXSKIXLIVEJMVWX VEXI TVIWIRXEXMSR 2SX SRP] EVI ]SY VIWTSRWMFPI JSV EPP XLI SXLIV EGXMZMXMIW MRZSPZIHMRWTIIGLQEOMRKFYX]SYJEGIXLIEHHMXMSREPXEWOWSJHIGMHMRK[LIVI XS YWI 4S[IV4SMRX SJKEXLIVMRK MQEKIW ERHSV WSYRHW SJHIWMKRMRKJMVWXVEXI
%44)2(-< 97-2+43;)643-28
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WPMHIWERHSJQEWXIVMRKXLIIUYMTQIRXERH4S[IV4SMRXGSQQERHWRIIHIHXS HIPMZIV]SYVWTIIGLWQSSXLP]ERHI\TIVXP] 8LIJMVWXWXITMWHIGMHMRK[LIVI]SYGERYWI4S[IV4SMRXXSKVIEXIWXEHZER XEKI %JXIV ]SY LEZI JMRMWLIH HIZIPSTMRK XLI WTIIGL XLMRO EFSYX [LIVI ]SY QMKLX IQTPS] 4S[IV4SMRX XS GPEVMJ] SV WXVIRKXLIR ]SYV MHIEW 6EXLIV XLER YWMRK4S[IV4SMRXXSMPPYWXVEXIIZIV]XLSYKLXPSSOJSVWTSXW[LIVIMX[MPPKIRY MRIP]IRLERGI]SYVQIWWEKI *SVI\EQTPIMREWTIIGLEFSYXWO]WGVETIVWSRIWXYHIRXMRGPYHIHMRJSVQE XMSREFSYXXLI[SVPHtWJMZIXEPPIWXFYMPHMRKW,IGVIEXIHE4S[IV4SMRXWPMHIXLEX WLS[IHXLITVSKVIWWMSRSJFYMPHMRKWJVSQWLSVXIWXXSXEPPIWXEGGSQTERMIHF] ETLSXSKVETLSJIEGL&]YWMRK4S[IV4SMRXtWERMQEXMSRJIEXYVILI[EWEFPI XS GSRXVSP XLI HMWTPE] SJ IEGL FYMPHMRK WS MX GEQI SR WGVIIR NYWX EW LI [EW HMWGYWWMRKMX%W]SYGERWIIMR:MHIS'PMT%MRXLISRPMRI1IHME0MFVEV] JSVXLMWETTIRHM\XLIVIMWRS[E]LIGSYPHLEZIEGLMIZIHXLIWEQIVIWYPX[MXL EXVEHMXMSREPZMWYEPEMH *SV ERSXLIV I\EQTPI PSSO EX :MHIS 'PMT % MR [LMGL XLI WTIEOIV HMW GYWWIW +ISVKIW 7IYVEXtW JEQSYW TEMRXMRK 7YRHE] %JXIVRSSR SR XLI -WPERH SJ PE +VERH.EXXI8LIWTIEOIVYWIWEWIVMIWSJ4S[IV4SMRXWPMHIWXSWLS[HIXEMPWSJXLI TEMRXMRK XLEX GSYPH RSX LEZI FIIR WIIR SXLIV[MWI ,I EPWS HSIW ER I\GIPPIRX NSFSJI\TPEMRMRKIEGLWPMHIEWLIKSIWEPSRK %W ]SY TPER ]SYV WTIIGLIW XLMRO LS[ ]SY GER YWI 4S[IV4SMRX MR E WMQMPEVQERRIVXSIRLERGI]SYVMHIEW%XXLIWEQIXMQIVIQIQFIVXLEXXSS QER] ZMWYEPWhSV TSSV ZMWYEPWhGER HS QSVI LEVQ XLER KSSH &I GVIEXMZI ERH VIWSYVGIJYP [MXLSYX EPPS[MRK 4S[IV4SMRX XS SZIV[LIPQ ]SYV IRXMVI WTIIGL
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ q8LI9TWERH(S[RWSJ 7O]WGVETIVWrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMT%
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ q+ISVKIW7IYVEXERHXLI%VX SJ4SMRXMPPMWQrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMT%
*SVQEXXMRK4S[IV4SMRX7PMHIW
-J]SYLEZIUYIWXMSRWEFSYXXLIFEWMGJIEXYVIWSJ4S[IV4SMRXGLIGOXLIXYXSVM EPWMRXLISRPMRI7TIIGL8SSPWJSVXLMWETTIRHM\EXGSRRIGXPYGEWGSQ=SYGER WIPIGX JVSQ 4S[IV4SMRX SV 4S[IV4SMRX HITIRHMRK SR [LMGL ZIV WMSRMWSR]SYVGSQTYXIV8LIXYXSVMEPW[MPPPIEH]SYWXITF]WXITXLVSYKLXLI IRXMVITVSGIWWSJGVIEXMRKERHJSVQEXXMRKWPMHIW,IVI[IJSGYWPIWWSRXIGLRM GEP MRJSVQEXMSR XLER SR TVMRGMTPIW JSV XLI YWI SJ GSPSV XI\X JSRXW MQEKIW WTEGIERHERMQEXMSR
'3036 4S[IV4SMRXSJJIVWE[MHIWIPIGXMSRSJGSPSVWERH]SYQE]FIXIQTXIHXSXV] EPP SJ XLIQ &YX XS TVSHYGI IJJIGXMZI WPMHIW ]SY RIIH XS WXMGO XS E PMQMXIH RYQFIVSJGSPSVWERHYWIXLIQ GSRWMWXIRXP]9WISRIGSPSVJSVFEGOKVSYRH SRIGSPSV JSV XMXPIWERH SRI GSPSVJSVSXLIV XI\X XLVSYKLSYXEPP ]SYVWPMHIW 8LMW GSRWMWXIRG] [MPP YRMJ] XLI WPMHIW ERH KMZI ]SYV WTIIGL E TVSJIWWMSREP ETTIEVERGI ;LIR4S[IV4SMRX[EWJMVWXHIZIPSTIHQSWX I\TIVXWVIGSQQIRHIHYWMRK PMKLXXI\XSREHEVOFEGOKVSYRH8SHE]HEVOXI\XSREPMKLXFEGOKVSYRHMWYWIH NYWXEWSJXIR -R QSWXGEWIW IMXLIV MW JMRIEWPSRKEWXLIVIMWIRSYKLGSRXVEWX FIX[IIRXLIGSPSVWXSQEOIXLIWPMHIWIEW]XSVIEH
GSRRIGXPYGEWGSQ *SVWXITF]WXITKYMHIWXS GVIEXMRK4S[IV4SMRXWPMHIW GLIGOXLIXYXSVMEPWMRXLI SRPMRI7TIIGL8SSPWJSVXLMW ETTIRHM\
*SVQEXXMRK4S[IV4SMRX7PMHIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8)<8 1SWX4S[IV4SMRXWPMHIWGSRXEMRWSQIOMRHSJXI\X-XQMKLXFIRSQSVIXLERE XMXPIMRHMGEXMRKXLIWYFNIGXSJXLIWPMHISVMXQMKLXMRGPYHIWIZIVEPPMRIWMRXLI FSH] SJ XLI WPMHI 8I\X GER FI YWIH F] MXWIPJ SV MR GSRNYRGXMSR [MXL TLSXS KVETLWGLEVXWHVE[MRKWERHSXLIVMQEKIW ;LEXIZIVOMRHSJXI\X ]SYMRGPYHIMXWLSYPHFIFVMIJ3RISJXLIFMKKIWX QMWXEOIWTISTPIQEOI[LIRYWMRK4S[IV4SMRXMW TYXXMRK XSSQYGLXI\XSRE WMRKPI WPMHI % KIRIVEP VYPI JSV WPMHIW XLEX GSRXEMR SRP] XI\X MW XS MRGPYHI RS QSVIXLERELEPJHS^IRPMRIWSJX]TI-J]SYEVIGSQFMRMRKXI\X[MXLMQEKIW ]SYQE]RIIHXSPMQMX]SYVWIPJXSJI[IVPMRIWXSOIITXLIXI\XJVSQKIXXMRKXSS WQEPP-J]SYLEZIERYQFIVSJMQTSVXERXTSMRXWXSGSZIVWTVIEHXLIQSYXSZIV QYPXMTPIWPMHIW *SV I\EQTPI *MKYVI % FIPS[ WLS[W E WPMHI JVSQ E WTIIGL EFSYX )EWXIV -WPERH JEQSYW JSV MXW Q]WXIVMSYW WXEXYIW SJ YRORS[R SVMKMR 2SXMGI XLEX XLI WPMHI MW RSXFSKKIHHS[R[MXL MRJSVQEXMSR TVIWIRXMRKSRP]ER MQEKI SJXLI WXEXYIWEW[IPPEWEXMXPIERHXI\XMHIRXMJ]MRKXLIPSGEXMSRSJ)EWXIV-WPERHERH XLIHEXIMX[EWHMWGSZIVIHF])YVSTIERW&IGEYWIXLIWPMHIMWWMQTPIERHGPIEV XLIWTIEOIV[EWEFPIXSTVIWIRXMXWYGGMRGXP]ERHQSZIXSLIVRI\XTSMRX
*3287 WIVMJJSRX %X]TIJEGI[MXLVSYRHIH IHKIWSRXLIPIXXIVW
WERWWIVMJJSRX %X]TIJEGI[MXLWXVEMKLX IHKIWSRXLIPIXXIVW
4S[IV4SMRX LEW HS^IRW SJ JSRXW XS GLSSWI JVSQ FYX XLI] EPP JEPP MRXS SRI SV ERSXLIV SJX[S FEWMGGEXIKSVMIWhWIVMJ SVWERWWIVMJ7IVMJJSRXWLEZIPMXXPIXEMPW SRIEGLPIXXIVPMOIXLIX]TI]SYEVIVIEHMRKVMKLXRS[7ERWWIVMJJSRXWHSRSX LEZIXEMPWPMOIXLIX]TIYWIHJSVXLILIEHMRK*SRXWEXXLIWXEVXSJXLMWWIGXMSR *SVI\EQTPIWWII*MKYVI% TEKI 7IVMJJSRXWEVIIEWMIVXSVIEHMRPEVKITEXGLIWSJXI\X[LMPIWERWWIVMJJSRXW EVIFIXXIVJSVLIEHMRKWERHWLSVXFYVWXWSJXI\X1SWXQYPXMQIHMEI\TIVXWVIG SQQIRH WERWWIVMJ JSRXW JSV XMXPIW ERH LIEHMRKW SR 4S[IV4SMRX WPMHIWhERH WSQIWE]WERWWIVMJWLSYPHFIYWIHJSVEPPXI\XMR4S[IV4SMRX
d*-+96)% 7EQTPI4S[IV4SMRX7PMHI
%44)2(-< 97-2+43;)643-28
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
7IVMJ*SRXW
8LI1G+VE[n,MPP 'SQTERMIW
7ERW7IVMJ*SRXW
8MQIW2I[6SQER
%VMEP
&SSOQER3PH7X]PI
%RXMUYI3PMZI
176IJIVIRGI7IVMJ
176IJIVIRGI7ERW7IVMJ
&SSO%RXMUYE 4EPEXMRS0MRSX]TI
:IVHERE d*-+96)%
;LIRGLSSWMRKJSRXWOIITXLIJSPPS[MRKKYMHIPMRIWMRQMRH d 'LSSWIJSRXWXLEXEVIGPIEVERHIEW]XSVIEH *SVI\EQTPIWWII'LETXIV TEKIWi d %ZSMHYWMRK%00'%47FIGEYWIXLI]EVIHMJJMGYPXXSVIEH d (SRtXYWIQSVIXLERX[SJSRXWSREWMRKPIWPMHIhSRIJSVXLIXMXPISVQENSV LIEHMRKERHERSXLIVJSVWYFXMXPIWSVSXLIVXI\X d 9WIXLIWEQIJSRXWSREPP]SYVWPMHIW d 4YXXMXPIWERHQENSVLIEHMRKWMRXSTSMRXX]TI QEOIWYFLIEHWERH SXLIVXI\XXSTSMRX
-1%+)7 3RISJXLIFIRIJMXWSJ4S[IV4SMRXMWXLIIEWI[MXL[LMGLMXEPPS[W]SYXSMRGPYHI TLSXSKVETLWGLEVXWKVETLWERHSXLIVMQEKIWMRGPYHMRKZMHIS9RJSVXYREXIP] WSQIWTIEOIVWEVITVSRIXSEHHMRKMQEKIWWMQTP]FIGEYWIMXMWIEW]VEXLIVXLER FIGEYWIMXMWIWWIRXMEPJSVGSQQYRMGEXMRKXLIMVQIWWEKI=SYWLSYPHRIZIVEHH MQEKIWSJER]WSVXXSE4S[IV4SMRXWPMHIYRPIWWXLI]EVIXVYP]RIIHIH8LIVIMWE KVIEX HIEP SJ VIWIEVGL WLS[MRK XLEX I\XVERISYW MQEKIW HMWXVEGX PMWXIRIVW ERH VIHYGIGSQTVILIRWMSRSJXLIWTIEOIVtWTSMRX -R EHHMXMSR XS OIITMRK ]SYV WPMHIW JVII SJ I\XVERISYW MQEKIW OIIT XLIWI KYMHIPMRIWMRQMRH d 1EOIWYVIMQEKIWEVIPEVKIIRSYKLXSFIWIIRGPIEVP] d 'LSSWILMKLVIWSPYXMSRMQEKIWXLEX[MPPTVSNIGX[MXLSYXFPYVVMRK d /IITKVETLWERHGLEVXWGPIEVERHWMQTPI d -R QSWX GEWIW MRGPYHI E XMXPI EFSZI GLEVXW ERH KVETLW WS XLI EYHMIRGI ORS[W[LEXXLI]EVIZMI[MRK d )HMXZMHISWSMXMWMRXIKVEXIHWIEQPIWWP]MRXS]SYVWPMHIW d -RGPYHIGST]VMKLXMRJSVQEXMSR[LIRETTPMGEFPI 7IITEKI
74%') 2SQEXXIV[LEXIPIQIRXW ]SYMRGPYHISR ]SYVWPMHIW]SYWLSYPHWXVMZIJSVE TPIEWMRKWIRWISJZMWYEPFEPERGI'SRWMHIVJSVI\EQTPI*MKYVI% TEKI [LMGL WLS[W E WPMHI JVSQ E WTIIGL EFSYX )PIERSV 6SSWIZIPX 2SXMGI LS[ XLI
*SVQEXXMRK4S[IV4SMRX7PMHIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
d*-+96)% )JJIGXMZI:MWYEP&EPERGI
XMXPI MW HMWTPE]IH MR E WMRKPI PMRI EX XLI XST SJ XLI WPMHI XLI TLSXSKVETL JMPPW QSWXSJXLIPIJXWMHIERHXLIXI\XSGGYTMIWIRSYKLWTEGISRXLIVMKLXXSGSQ TIRWEXIJSVXLIWM^ISJXLITLSXSKVETL 'SQTEVI XLMW WPMHI [MXL XLI SRI MR *MKYVI% FIPS[ 8LI WIGSRH WPMHI GSRXEMRWXLIWEQIIPIQIRXWEWXLIJMVWXFYXXLI]EVIRSXEVVERKIHIJJIGXMZIP] 8LI XMXPI MW PSGEXIH SZIV XLI TLSXSKVETL [LIVI MX XEOIW YT X[S PMRIW VEXLIV XLERSRI 8SGSQTIRWEXIXLITLSXSKVETLSJ 6SSWIZIPXLEWFIIRVIHYGIHMR WM^IWSMXLEWPIWWZMWYEPMQTEGX8LITLSXSKVETLMWEPWSXSSGPSWIXSXLIFSX XSQSJXLIWPMHIXLIVIF]WITEVEXMRKMXJVSQXLIXMXPI*MREPP]XLIXI\XSRXLI VMKLXMWXSSGPSWIXSXLITLSXSKVETLERHMWTPEGIHXSSLMKLXSTVSZMHIEKSSH WIRWISJZMWYEPFEPERGI
d*-+96)% -RIJJIGXMZI:MWYEP&EPERGI
%44)2(-< 97-2+43;)643-28
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-J]SYWXMGO[MXL4S[IV4SMRXtWHIJEYPXPE]SYXW]SYWLSYPHLEZIPMXXPIXVSY FPIGVIEXMRKWPMHIWXLEXEVIZMWYEPP]FEPERGIH&IWYVIXLSYKLXSPIEZIEPMXXPI I\XVEVSSQEXXLIIHKIWSJ]SYVWPMHIWFIGEYWI[LEXMWTVSNIGXIHSRXLIZMI[MRK WGVIIRMWWSQIXMQIWWQEPPIVXLER[LEX]SYWIISR]SYVGSQTYXIV
%2-1%8-32 ;LIR]SYVIEHXLI[SVHqERMQEXMSRr]SYQMKLXXLMROSJGEVXSSRGLEVEGXIVW ERH;EPX(MWRI]QSZMIW-R4S[IV4SMRXLS[IZIVERMQEXMSRVIJIVWXSXLI[E] SFNIGXWIRXIVSVI\MXEWPMHI;MXLSYXERMQEXMSREPPXLIMXIQWSREWPMHIETTIEV EXXLIWEQIXMQI[LIRXLIWPMHIMWHMWTPE]IH;MXLERMQEXMSR]SYGERGSRXVSP [LIR [SVHW TMGXYVIW IZIR TEVXW SJ KVETLW WLS[ YT SR WGVIIR ;LIR YWIH TVSTIVP]MXtWEXIVVMJMG[E]XSWTVYGIYT]SYVWPMHIW 0SSO JSV I\EQTPI EX XLI WTIIGL SR XLI +VIEX ;EPP SJ 'LMRE XLEX MW VITVMRXIH EX XLI IRH SJ XLMW ETTIRHM\ *SV XLI QSWX TEVX XLI WTIEOIV EZSMHW WTIGMEP ERMQEXMSR IJJIGXW FIGEYWIXLI] EVI RSXRIGIWWEV] XS GSQQYRMGEXI LMW MHIEW,S[IZIV[LIRI\TPEMRMRKXLIEVGLMXIGXYVEPGLERKIWQEHIXSXLI;EPP HYVMRKXLI1MRKH]REWX]LIYWIWERMQEXMSRXSQEOIWYVIXLIETTVSTVMEXIXI\X ETTIEVW SR WGVIIR NYWX EW LI FIKMRW XS HMWGYWW IEGL TSMRX &] HSMRK WS LI JSGYWIWXLIEYHMIRGItWEXXIRXMSRERHVIMRJSVGIWLMWMHIEWEXXLIWEQIXMQI ;LIR[SVOMRKSR]SYVWTIIGLIWXLMROEFSYX[E]W]SYGERYWIERMQEXMSR XS LIPT GSQQYRMGEXI ]SYV QIWWEKI &I [EV] LS[IZIV SJ ERMQEXMSR IJJIGXW XLEX QMKLX HMWXVEGX XLI EXXIRXMSR SJ PMWXIRIVW 7XMGO [MXL E PMQMXIH RYQFIV SJ ERMQEXMSRIJJIGXWERHYWIXLIQGSRWMWXIRXP]JVSQWPMHIXSWPMHI
ERMQEXMSR 8LI[E]SFNIGXWIRXIVSV I\MXE4S[IV4SMRXWPMHI
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq8LI +VIEX;EPPSJ'LMRErMRXLI SRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMT%
(IPMZIVMRK=SYV7TIIGL[MXL4S[IV4SMRX
3RGI ]SY LEZI GVIEXIH ]SYV WPMHIW MXtW XMQI XS [SVO SR XLI HIPMZIV] SJ ]SYV WTIIGL %W [MXL SXLIV EWTIGXW SJ 4S[IV4SMRX XLMW VIUYMVIW GEVIJYP TPERRMRK )ZIRXLIQSWXTVSJIWWMSREPPSSOMRKWPMHIW[MPPHSPMXXPIKSSHMJ]SYGERtXKIXXLI GSQTYXIV ERH TVSNIGXSV XS [SVO TVSTIVP] MJ XLI WPMHIW GERtX FI WIIR GPIEVP] FIGEYWISJTSSVPMKLXMRKSVMJ]SYJSVKIXXSHMWTPE]XLIQEXXLIVMKLXQSQIRX 8LIKYMHIPMRIWTVIWIRXIHMR'LETXIVJSVHIPMZIVMRKWTIIGLIW[MXLSXLIV X]TIW SJ ZMWYEP EMHW EPWS ETTP] XS WTIIGLIW [MXL 4S[IV4SMRX ,IVI [I JSGYW SREWTIGXWSJHIPMZIV] XLEXEVIIWTIGMEPP]MQTSVXERXJSVWTIEOIVW[LSIQTPS] 4S[IV4SMRX
6)',)'/=39670-()7 &IJSVIVILIEVWMRK]SYVWTIIGLXEOIXMQIXSHSYFPIGLIGO]SYVWPMHIWXSWIIMJ ER]XLMRKMWQMWWMRKQMWTPEGIHSVQMWWTIPPIH=SYGERVIZMI[EPP]SYVWPMHIWEX EKPERGIMR7PMHI7SVXIVZMI[ WII*MKYVI%T -XtWEPWSEKSSHMHIEXSVYR XLVSYKL]SYVWPMHIWMR7PMHI7LS[ZMI[[LMGLHMWTPE]WXLIWPMHIWEWXLI][MPP ETTIEV SR WGVIIR HYVMRK ]SYV WTIIGL &I WYVI XS WEZI ER] GSVVIGXMSRW ERH GLERKIWEW]SYKSEPSRK
/23;70-()7,3;'311%2(7 ;LIR HIPMZIVMRK ]SYV WTIIGL ]SY WLSYPH FI EFPI XS QSZI IJJSVXPIWWP] JVSQ WPMHIXSWPMHIEW[IPPEWEQSRKERMQEXMSRIJJIGXWSRMRHMZMHYEPWPMHIW8SHSWS
(IPMZIVMRK=SYV7TIIGL[MXL4S[IV4SMRX
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
d*-+96)% 7PMHI7SVXIV:MI[MR 4S[IV4SMRX
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
4S[IV4SMRX7PMHI7LS['SQQERHW (MWTPE]WPMHIW IRXIV7PMHI7LS[ZMI[
'PMGOXLI7PMHI7LS[XEFEXXLIXSTSJXLI WGVIIRERHWIPIGX*VSQ&IKMRRMRKJVSQXLI VMFFSR SVGPMGOXLI:MI[XEFERHWIPIGX7PMHI 7LS[JVSQXLIVMFFSR
7LS[XLIRI\XWPMHI
'PMGOXLIQSYWI TVIWW)RXIV TVIWWXLIVMKLX EVVS[FYXXSR SVTVIWWXLIq2rOI]
7LS[XLITVIZMSYWWPMHI
4VIWW&EGOWTEGI TVIWWXLIPIJXEVVS[FYXXSR SVTVIWWXLIq4rOI]
)RHXLIWLS[
4VIWW)WG
d*-+96)%
%44)2(-< 97-2+43;)643-28
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
46%'8-')=39674))',;-8,43;)643-28 %W[IWE[MR'LETXIV]SYWLSYPHEP[E]WTVEGXMGIEWTIIGL[MXL]SYVZMWYEP EMHW8LMWMWIWTIGMEPP]MQTSVXERX[LIRYWMRK4S[IV4SMRX;LIR]SYTVEGXMGI HSRtXNYWXGPMGOXLIQSYWIGEWYEPP]SVVYWLUYMGOP]SZIV]SYV[SVHW+SXLVSYKL IZIV]TEVXSJXLIWTIIGLERHQEOIWYVI]SYORS[I\EGXP][LIR]SY[ERXIEGL WPMHIXSETTIEVERHHMWETTIEVERH[LEX]SY[MPPWE][LMPIIEGLMWSRWGVIIR 1EVO]SYVWTIEOMRKRSXIW[MXLGYIWXLEX[MPPVIQMRH]SY[LIRXSHMWTPE]IEGL WPMHISVERMQEXMSRERH[LIRXSVIQSZIMX -Xt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
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ q7IGYVMRK=SYVWIPJ3RPMRIr MRXLISRPMRI1IHME0MFVEV] JSVXLMWETTIRHM\ :MHIS 'PMT%
(-740%=70-()7320=;,-0)(-7'977-2+8,)1 %W[MXLSXLIVX]TIWSJZMWYEPEMHW]SY[ERX]SYV4S[IV4SMRXWPMHIWXSFIZMWMFPI SRP][LIR]SYEVIHMWGYWWMRKXLIQ=SYGEREGLMIZIXLMWKSEPF]EHHMRKFPERO WPMHIWEWRIIHIH2SXMGIJSVI\EQTPILS[XLIWTIEOIVMRXLI+VIEX;EPPTVI WIRXEXMSRYWIWFPEROWPMHIWEXZEVMSYWTEVXWSJXLIWTIIGL&]HSMRKWSLIOIITW LMWPMWXIRIVWJSGYWIHSR[LEXLIMWWE]MRKEXXLIQSQIRXVEXLIVXLERLEZMRK XLIMVEXXIRXMSRHMZIVXIHF]XLITVIZMSYWWPMHI -XtWEPWSEKSSHMHIEXSEHHEFPEROWPMHIEXXLIIRHSJ]SYVTVIWIRXEXMSRWS ]SYVPEWXGSRXIRXWPMHI[MPPRSXGSRXMRYIXSFII\TSWIHEJXIV]SYLEZIJMRMWLIH HMWGYWWMRKMX
',)'/8,)6331%2()59-41)28 -R MHIEP GMVGYQWXERGIW ]SY [MPP FI EFPI XS VILIEVWI EX PIEWX SRGI MR XLI VSSQ [LIVI]SY[MPPTVIWIRX]SYVWTIIGL[MXLXLIWEQIGSQTYXIVQSYWIERHTVSNIG XSV]SY[MPPYWISRXLIHE]SJ]SYVWTIIGL-JXLMWMWRSXTSWWMFPIXV]XSWXSTF] XLIVSSQWIZIVEPHE]WFIJSVILERHERH[SVO[MXLXLIIUYMTQIRX-J]SYGERtXKIX XSXLIVSSQFIJSVIXLIHE]SJXLIWTIIGLEVVMZIERLSYVSVWSELIEHSJXMQIXS JEQMPMEVM^I]SYVWIPJ[MXLXLIIUYMTQIRXERHXSQEOIWYVIMXtW[SVOMRKTVSTIVP]
(IPMZIVMRK=SYV7TIIGL[MXL4S[IV4SMRX
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4S[IV4SMRXMWQSWXIJJIGXMZI [LIRMXMWYWIHWIPIGXMZIP] [LIRWPMHIWEVIWOMPPJYPP] MRXIKVEXIH[MXLXLIVIWXSJ XLIWTIIGLERH[LIRXLI WTIEOIVGSQQYRMGEXIW HMVIGXP][MXLXLIEYHMIRGI
8LIVI MW [MHI ZEVMEXMSR EQSRK GSQTYXIVW ERH TVSNIGXSVW EW [IPP EW EQSRK VSSQW IUYMTTIH [MXL QYPXMQIHME GSRRIGXMSRW WS IZIR MJ ]SY LEZI YWIH4S[IV4SMRXSRTVIZMSYWSGGEWMSRW]SYRIIHXSGLIGOXLIWIXYTMRXLI VSSQ [LIVI]SY[MPPFIWTIEOMRK1SWXI\TIVMIRGIHWTIEOIVWEVVERKIELIEH SJXMQIXSLEZIEXIGLRMGMERTVIWIRX[LIRXLI]EVVMZIWSWLISVLIGERXEOI GEVISJER]TVSFPIQW 4E]EXXIRXMSRXSXLIPMKLXMRKEW[IPP'LIGO[LIXLIVXLITVSNIGXSVMWFVMKLX IRSYKLXSSZIVTS[IVXLIVSSQPMKLXWERHGVIEXIEWLEVTMQEKI-JMXMWRtXWII MJ]SYGERHMQXLIPMKLXWRIEVXLIWGVIIR 8LMWQE]EPPWIIQPMOIEPSXSJJYWWERHFSXLIVFYXER]SRI[LSLEWKMZIR WTIIGLIW[MXL4S[IV4SMRX[MPPXIPP]SYMXtWEFWSPYXIP]IWWIRXMEP
():)034%&%'/9440%2 (IWTMXIEPP]SYVTVITEVEXMSRERHTVEGXMGIMXtWTSWWMFPIXLEXXIGLRSPSK][MPPJEMP ]SY1SVI XLER SRI WTIEOIVLEWEVVMZIH [MXL 4S[IV4SMRX MR XS[SRP]XSHMW GSZIVXLEXXLIGSQTYXIVMWEGXMRKYTXLITVSNIGXSV[MPPRSX[SVOSVXLIVSSQtW TS[IVGSRRIGXMSRWEVIRSXGSQTEXMFPI[MXLXLIWTIEOIVtWGSQTYXIV ;LEXHS]SYHSMJXLMWLETTIRW#=SYGERtXNYWXGERGIPXLIWTIIGL8LMW MW [L] ]SY EP[E]W RIIH E FEGOYT TPERhIWTIGMEPP] JSV WTIIGLIW SYXWMHI XLI GPEWWVSSQ 3RISTXMSRMWXSGST]]SYVWPMHIWXSEJPEWLHVMZIWS]SYGERTVSNIGXXLIQ SRERSXLIVGSQTYXIVMJWSQIXLMRKLETTIRWXS]SYVW1ER]I\TIVMIRGIHWTIEO IVWEPWSIQEMPXLIQWIPZIWXLIMVWPMHIWEWERI\XVETVIGEYXMSR %RSXLIV STXMSR MW XS TVMRX E LEVH GST] SJ ]SYV WPMHIW XS GEVV] [MXL ]SY (ITIRHMRKSRXLIWM^ISJ]SYVEYHMIRGI]SYQE]FIEFPIXSHMWXVMFYXIGSTMIW EWEREPXIVREXMZIXSTVSNIGXMRKXLIWPMHIWhXLSYKLXLIVIQE]FIGMVGYQWXERGIW MR [LMGL IZIR XLEX MW MQTSWWMFPI 8LI MQTSVXERX XLMRK MW XS XLMRO XLVSYKL
%44)2(-< 97-2+43;)643-28
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
TSXIRXMEPGSQTPMGEXMSRWMREHZERGIERHLEZIEFEGOYTTPERVIEH]NYWXMRGEWI ]SYRIIHMX
'ST]VMKLXERH*EMV9WI ;I LEZI QIRXMSRIH WIZIVEP XMQIW XLI IEWI [MXL [LMGL TLSXSKVETLW GLEVXW KVETLW EYHMS ERH ZMHIS GER FI HS[RPSEHIH JVSQ XLI -RXIVRIX JSV YWI [MXL 4S[IV4SMRX-XtWMQTSVXERX[LIRYWMRKWYGLQEXIVMEPWXSFIE[EVISJERHXS SFWIVZIGST]VMKLXPE[W 9RHIV GST]VMKLX PE[ WSQISRI [LS [MWLIW XS YWI XLI SVMKMREP [SVO SJ ERSXLIVTIVWSRQYWXSFXEMRTIVQMWWMSRJVSQXLEXTIVWSR SV[LSIZIVS[RWXLI QEXIVMEP ERHSJXIRQYWXTE] EYWEKIJII(IWTMXIXLIWIVIWXVMGXMSRW XLI qJEMV YWIrTVSZMWMSRSJXLIPE[TIVQMXWWXYHIRXWERHIHYGEXSVWXSIQTPS]TSVXMSRW SJ GST]VMKLXIH QEXIVMEPWhMRGPYHMRK MQEKIW ERH WSYRHW HS[RPSEHIH PIKEPP] JVSQ XLI -RXIVRIXhJSV IHYGEXMSREP TYVTSWIW 8LI PE[ MW GSQTPI\ ERH SJXIR EQFMKYSYW FYXMRKIRIVEPMX EPPS[W]SYXS YWIGST]VMKLXIH QEXIVMEP MRGPEWW VSSQWTIIGLIWEGGSVHMRKXSXLIWIKYMHIPMRIW
JEMVYWI %TVSZMWMSRSJGST]VMKLXPE[ XLEXTIVQMXWWXYHIRXWERH XIEGLIVWXSYWITSVXMSRWSJ GST]VMKLXIHQEXIVMEPWJSV IHYGEXMSREPTYVTSWIW
d =SYQE]YWIGST]VMKLXIHQEXIVMEPWJSVE4S[IV4SMRXTVIWIRXEXMSRXLEX]SY GVIEXI JSV E WTIGMJMG GPEWW -J ]SY MRGPYHI XLI TVIWIRXEXMSR MR ER IQTPS] QIRXTSVXJSPMS]SYQE]GSRXMRYIXSYWIGST]VMKLXIHQEXIVMEPWMRMX d =SYQE]RSXYWIQEXIVMEPW]SYSFXEMRIHMPPIKEPP] IKGST]VMKLXIHQEXIVMEP JVSQEJMPIWLEVMRKRIX[SVO d =SY QE] RSX TSWX GST]VMKLX QEXIVMEPW FEGO XS XLI ;IF [MXLSYX [VMXXIR TIVQMWWMSRJVSQXLIGST]VMKLXS[RIV d =SY QYWX GVIHMX ]SYV WSYVGIW ERH HMWTPE] XLI GST]VMKLX W]QFSPhh[LIR YWMRK GST]VMKLXIH QEXIVMEP 1EOI WYVI XS QIRXMSR XLI EYXLSVGVIEXSV XMXPI ERHHEXISJTYFPMGEXMSR8LIYWYEPTVEGXMGIMWXSX]TIXLIGVIHMXPMRIMRTSMRX JSRXERHXSTPEGIMXFIPS[XLIMXIQJSV[LMGLGVIHMXMWFIMRKKMZIR /IIT XLIWI KYMHIPMRIW MR QMRH [LIR ]SY WIEVGL JSV MQEKIW ZMHIS ERH EYHMSSRXLI-RXIVRIXEW[IPPEWMRFSSOWQEKE^MRIWERHSXLIVTVMRXWSYVGIW 6IQIQFIV XS [VMXI HS[R GVIHMX ERH GST]VMKLX MRJSVQEXMSR EW ]SY KS EPSRK SXLIV[MWI]SYQE]LEZIXSWTIRHI\XVEXMQIPSSOMRKJSVMXPEXIV
7EQTPI7TIIGL[MXL'SQQIRXEV]
3RTEKIW i MWXLIXI\XSJER MRJSVQEXMZIWTIIGLSRXLI+VIEX;EPPSJ 'LMREXLEXIQTPS]W4S[IV4SMRX%W]SYVIEHRSXMGILS[MXJYPJMPPWXLIGVMXIVME JSVIJJIGXMZIWTIIGLIWHMWGYWWIHIPWI[LIVIMRXLIFSSOhWLEVTJSGYWGPIEVSVKE RM^EXMSRTPIRXMJYPGSRRIGXMZIWWXVSRKWYTTSVXMRKQEXIVMEPWERHXLIPMOI8S WII LS[ XLI WTIEOIV YWIW 4S[IV4SMRX ZMI[ XLI WTIIGL MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW ETTIRHM\ EX GSRRIGXPYGEWGSQ 4E] WTIGMEP EXXIRXMSR XS XLI UYEPMX]SJXLIWTIEOIVtWWPMHIWXSXLIWOMPP[MXL[LMGLLIMRXIKVEXIWXLIQMRXS LMW HMWGYWWMSR ERH XS XLI [E] LI QEMRXEMRW I]I GSRXEGX [MXL LMW EYHMIRGI [LMPIHMWGYWWMRKLMWWPMHIW
GSRRIGXPYGEWGSQ :MI[q8LI+VIEX;EPPSJ 'LMRErMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT%
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LI+VIEX;EPPSJ'LMRE '311)28%6=
74))',
8LI WTIEOIV FIKMRW [MXL E UYSXEXMSR XS KEMREXXIRXMSRERHMRXIVIWX,IEPWSIWXEF PMWLIWLMWGVIHMFMPMX]F]RSXMRKXLEXLIZMW MXIHXLI+VIEX;EPP[LMPILI[EWMR'LMRE
-R 'LMRE XLIVItW E WE]MRK q=SY [SRtX FI GSRWMHIVIH E KVIEX TIVWSRYRXMP]SYtZIFIIRXSXLI+VIEX;EPPr-ZMWMXIHXLI[EPP PEWX ]IEV [LMPI - [EW MR 'LMRE - HSRtX ORS[ MJ MX QEHI QI E KVIEXTIVWSRFYX-HSORS[XLEXXLI[EPPMWMRHIIHKVIEX
8LIWTIEOIVtWJMVWXWPMHIMWEWXVMOMRKTLSXS KVETLSJXLI+VIEX;EPPXLEXWLS[WLS[MX WREOIW EGVSWW XLI XSTW SJ XLI QSYRXEMRW ,IXLIRQSZIWXSEWPMHIXLEXMPPYWXVEXIWXLI I\TERWI SJ XLI [EPP EW MX WXVIXGLIW EGVSWW 'LMRE,IIRHWXLMWTEVEKVETLF]I\TPEMR MRKLS[XLI+VIEX;EPP[SYPHWXVIXGLJVSQ 2I[=SVO'MX]XS&IVPMR+IVQER]%RERM QEXIH WPMHI TVSZMHIW ZMWYEP VIMRJSVGIQIRX ERH LIPTW HVEQEXM^I XLI I\XVESVHMREV] PIRKXLSJXLI[EPP
%W]SYGERWIIJVSQXLMWTLSXSKVETLXLI[EPPMWKVIEXMR FIEYX][MXLMXWPSRKEVQWVIWXMRKSRVSPPMRKLMPPWERHMXWXS[IVW TIIVMRKEGVSWWXLIZEPPI]W8LI[EPPWXVIXGLIWEGVSWWQSVIXLER LEPJSJ'LMREJVSQXLIWIEMRXLIIEWXTEWX&IMNMRKXS+ERWY TVSZMRGIMRXLI[IWX%XEXSXEPPIRKXLSJQMPIWMXMWXLI PSRKIWX LYQERQEHI GSRWXVYGXMSR MR XLI [SVPH -J XLI +VIEX ;EPP[IVIXVERWTSVXIHXSXLI9RMXIH7XEXIWERHWXVIXGLIHSYX MREWXVEMKLXPMRIMX[SYPHVYRJVSQ2I[=SVO'MX]GSQTPIXIP] EGVSWW XLI %XPERXMG 3GIERhTEWX 7TEMR )RKPERH ERH *VERGI EPPXLI[E]XS&IVPMR+IVQER]
%GPIEVTVIZMI[WXEXIQIRXWTIGMJMIWXLIXLVII QEMR TSMRXW XS FI GSZIVIH MR XLI FSH] SJ XLIWTIIGL%W]SY[EXGLXLIWTIIGLRSXMGI LS[XLIWTIEOIVHMWTPE]WEFPEROWPMHIHYV MRKXLMWTEVEKVETLWSEWRSXXSHMWXVEGXXLI EYHMIRGItWEXXIRXMSR
8SHE]-[SYPHPMOIXSWLEVI[MXL]SYWSQISJXLI[SRHIVW SJXLI+VIEX;EPP-[MPPJSGYWSRXLIXLVIIQENSVWXEKIWSJMXW GSRWXVYGXMSR QSZMRK JVSQ XLI JMVWX TLEWI HYVMRK XLI 5MR (]REWX] XS XLI WIGSRH TLEWI HYVMRK XLI ,ER (]REWX] ERH GSRGPYHMRK[MXLXLIXLMVHTLEWIHYVMRKXLI1MRK(]REWX]0IXtW WXEVXQSVIXLER ]IEVWEKS [LIR XLIJMVWXTEVXWSJ XLI [EPP[IVIFYMPX
8LIWTIEOIVQSZIWMRXSLMWJMVWXQEMRTSMRX %WLIHSIWWSLITVSNIGXWEWPMHIWLS[MRKE HVE[MRKSJ)QTIVSV5MR7LM,YERKERHXLI HEXIWSJXLI5MR(]REWX];LIRLIJMRMWLIW XLMW TEVEKVETL LI EKEMR TVSNIGXW E FPERO WPMHIWSXLIEYHMIRGI[MPPFIJSGYWIHSRLMW ZIVFEPQIWWEKIMRXLIRI\XTEVEKVETL
8LIFIKMRRMRKSJXLI+VIEX;EPPEW[IORS[MXHEXIWXS &'[LIR)QTIVSV5MR7LM,YERKSVHIVIHLMWXSTKIRIVEP XSPIEHWSPHMIVWMRVIFYMPHMRKERHGSRRIGXMRKWITEVEXI SPH [EPPW XLEXLEHFIIRFYMPXF]TVMRGIWSJ[EVVMRK WXEXIW -R NYWX]IEVW5MRLEHEQMPI[EPPYWMRKTVMQEVMP][SSH JVEQIWJMPPIH[MXLWXSRIWERHGSQTEGXIHIEVXL
8LMWTEVEKVETLTVSZMHIWMRXIVIWXMRKHIXEMPW EFSYXXLIFYMPHMRKSJXLI[EPPHYVMRKXLI 5MR(]REWX]2SXMGILS[XLIWTIEOIVMHIR XMJMIWXLIWSYVGISJLMWUYSXEXMSREFSYXXLI LYQERGSWXSJXLI[EPPtWGSRWXVYGXMSR
;LMPIXLI[EPPTVSZIHIJJIGXMZIMROIITMRKSYXXLIXVMFIW [LS XLVIEXIRIH XS MRZEHI 'LMRE JVSQ XLI RSVXL MX GVIEXIH HMWWIRX[MXLMR'LMRE%GGSVHMRKXS%VXLYV;EPHVSRtW8LI+VIEX ;EPPSJ'LMRE *VSQ,MWXSV]XS1]XLqHMXGLIWSRXLIVSEHWMHI [IVI JMPPIH [MXL GSVTWIW SJ QIR [LS LEH FIIR JSVGIH MRXS GSRWXVYGXMSR SJ XLI +VIEX ;EPPr 'SQTIPPIH MRXS LEVH PEFSV ERHFYVHIRIHF]LIEZ]XE\IWXSJMRERGIXLITVSNIGXXLITIS TPIKVI[YRLETT]ERHE]IEVEJXIV5MRtWHIEXLXLITIEWERXW VIZSPXIH;LMPIXLI[EPPWXSSHXLIIQTMVIGSPPETWIH
% WMKRTSWX EX XLI WXEVX SJ XLMW TEVEKVETL EPIVXW XLI EYHMIRGI XLEX XLI WTIEOIV MW QSZMRKMRXSLMWWIGSRHQEMRTSMRX%JXIV
8LIWIGSRHQENSVTIVMSHSJGSRWXVYGXMSRJSVXLI+VIEX;EPP SGGYVVIHHYVMRKXLI,ER(]REWX][LMGLPEWXIHJVSQ&'XS %()QTIVSV;Y(MSVHIVIHI\TERWMSRSJXLII\MWXMRK[EPP
%44)2(-< 97-2+43;)643-28
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
9WMRK:MWYEP%MHW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WLS[MRKEWPMHI[MXLXLIHEXIWSJXLI,ER (]REWX]ERHEHVE[MRKSJ)QTIVSV;Y(M LI TVSNIGXW E TLSXSKVETL XS HIQSRWXVEXI LS[ HMJJIVIRX XLI ,ER [EPP [EW JVSQ XLI +VIEX;EPPEWMXI\MWXWXSHE]
XS TVSXIGX PERH [SR [LIR LMW EVQMIW HIJIEXIH XLI RSVXLIVR XVMFIW;SVOIVWEHHIHQMPIWXSXLII\MWXMRK[EPP8LI]FYMPX [SSHIRJVEQIW[LMGLXLI]JMPPIH[MXL[MPPS[VIIHWERHEQM\ XYVISJJMRIKVEZIPERH[EXIV%W]SYGERWIIJVSQXLMWTMGXYVI SJVYMRWSJXLI,ER[EPPMX[EWZIV]HMJJIVIRXMRGSRWXVYGXMSRERH ETTIEVERGIJVSQXLI+VIEX;EPPEWMXI\MWXWXSHE]
%WXLIWTIEOIVWXEVXWLMWXLMVHQEMRTSMRX LIQSZIWMQQIHMEXIP]JVSQLMWWPMHIWLS[ MRKXLIVYMRWSJXLI,ER[EPPXSEWPMHI[MXL EHVE[MRKSJ)QTIVSV>LY=YER^LERKERH XLIHEXIWSJXLI1MRK(]REWX]&IGEYWIMXMW TEVEPPIP MR HIWMKR XS XLI WPMHIW YWIH XS MRXVSHYGI XLI JMVWX X[S QEMR TSMRXW XLMW WPMHI VIMRJSVGIW XLI YRMX] ERH SVKERM^E XMSREPWXVYGXYVISJXLIWTIIGLEWE[LSPI
8LIXLMVHQENSVFYMPHMRKTIVMSHSJXLI+VIEX;EPPSGGYVVIH ]IEVWPEXIVHYVMRKXLI1MRK(]REWX]-R HYVMRKXLI JMVWX ]IEV SJ XLI 1MRK (]REWX] )QTIVSV >LY =YER^LERK SVHIVIHQSVII\TERWMSRSJXLI[EPP7YFWIUYIRX1MRKIQTIV SVW WXVIRKXLIRIH ERH I\XIRHIH XLI [EPP YRXMP MX VIEGLIH MXW GYVVIRX PIRKXL &YMPHIVW SJ XLI 1MRK [EPP QEHI XLVII MQTSV XERXEVGLMXIGXYVEPEHZERGIQIRXW[LMGLVIWYPXIHMRXLIHMWXMRG XMZIJIEXYVIWSJXLI[EPPEWMXI\MWXWXSHE]
8LIWTIEOIVFIKMRWXLMWTEVEKVETLF]TVS NIGXMRK E WPMHI [MXL E TLSXSKVETL WLS[MRK XLI EVGLMXIGXYVEP JIEXYVIW SJ XLI +VIEX ;EPP%WLIHMWGYWWIWIEGLJIEXYVILIYWIW ERMQEXMSR XS QEOI XLI ETTVSTVMEXI XI\X ETTIEV SR LMW WPMHI 8LMW GSQFMREXMSR SJ ZMWYEP ERH ZIVFEP IPIQIRXW QEOIW XLMW TEVEKVETLIWTIGMEPP]IJJIGXMZIERHTVSZMHIW ERI\GIPPIRXMPPYWXVEXMSRSJLS[XSYWI4S[IV 4SMRXXSQE\MQYQEHZERXEKI
=SYGERWIIXLSWIJIEXYVIWIWTIGMEPP][IPPMRXLMWTLSXS KVETL*MVWXVEXLIVXLERYWMRKIEVXLERHWXSRIXLI]YWIHOMPR JMVIH FVMGOW XS GVIEXI E WXVSRKIV [EPP 7IGSRH XLI] IVIGXIH QSVIXLERFIEGSRXS[IVWXS[EXGLXLIQSYRXEMRTEWWIW JSV TSXIRXMEP MRZEHIVW 8LIWI XS[IVW VMWI JVSQ XLI [EPP PMOI QMKLX]SYXTSWXW ERH EVI SRISJXLIQSWXWXVMOMRK EWTIGXW SJ XLI[EPP[LIR]SYWIIXLIQMRTIVWSR8LMVHXLI1MRKFYMPH IVWQEHIXLI[EPPWSPEVKIXLEXMX[SYPHFIEPQSWXMQTSWWMFPI XSFVIEOXLVSYKL-RJEGXXLI[EPPMWWS[MHIXLEXWSPHMIVWGSYPH VMHIWIZIVEPLSVWIWEFVIEWXEPSRKXLIXSTSJXLI[EPP
%JXIVWMKREPMRKXLEXLIMWQSZMRKMRXSLMW GSRGPYWMSRXLIWTIEOIVWYQQEVM^IWLMWQEMR TSMRXWERHIRHWF]VIMRJSVGMRKLMWGIRXVEP MHIE 8S QEOI WYVI XLI EYHMIRGI HSIWRSX GSRXMRYIXSJSGYWSRXLIEVGLMXIGXYVEPJIE XYVIW SJ XLI +VIEX ;EPP HMWGYWWIH MR XLI TVIZMSYW TEVEKVETL LI HMWTPE]W E FPERO WPMHI XLEX WLMJXW EXXIRXMSR FEGO XS LMQ HYVMRKXLIGSRGPYWMSR
-RGSRGPYWMSR XLI+VIEX;EPPSJ'LMREIRNS]WEVMGL LMW XSV]&YMPXSZIVXLIGSYVWISJQSVIXLER]IEVWHYVMRKXLI 5MR ,ER ERH 1MRK (]REWXMIW MX MW E QEKRMJMGIRX JIEX SJ LYQER IRKMRIIVMRK ;LMPI XLI [EPP RS PSRKIV GSRXMRYIW XS HIJIRH'LMREJVSQMRZEHIVWMXHSIWGSRXMRYIXSTPE]EGIRXVEP VSPIMR'LMRIWIGYPXYVIERHMRXIVREXMSREPMHIRXMX]2S[XLEX]SY ORS[ E PMXXPI QSVI EFSYX XLI [EPP - LSTI ]SY LEZI E JYPPIV ETTVIGMEXMSR SJ[L] MXtWVIKEVHIHEW KVIEXRSXNYWX MR 'LMRE FYXXLVSYKLSYXXLI[SVPH
/)=8)617 WIVMJJSRX
ERMQEXMSR
WERWWIVMJJSRX
JEMVYWI
/I]8IVQW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIEOMRKXS-RJSVQ
8]TIWSJ-RJSVQEXMZI7TIIGLIW %REP]WMW ERH3VKERM^EXMSR 7TIIGLIW%FSYX3FNIGXW 7TIIGLIW%FSYX4VSGIWWIW 7TIIGLIW%FSYX)ZIRXW 7TIIGLIW%FSYX'SRGITXW
+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK (SRtX3ZIVIWXMQEXI;LEXXLI%YHMIRGI/RS[W 6IPEXIXLI7YFNIGX(MVIGXP]XSXLI%YHMIRGI (SRtX&I8SS8IGLRMGEP %ZSMH%FWXVEGXMSRW 4IVWSREPM^I=SYV-HIEW
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
EXEP]E 4IXVSZMGL MW XLI EHZIVXMWMRK QEREKIV JSV E GSQTER] XLEX WIPPW GSQTYXIV IUYMTQIRXWYGLEWVSYXIVWRIX[SVOGEVHWERH[MVIPIWWI\XIRWMSRW7LIFIKERXLEX TEVXMGYPEV[SVOHE]F]QIIXMRK[MXLLIVWXEJJXSHMWGYWWXLIGSQTER]tWRI[PMRISJ RIX[SVO GEVHW 7LI TSMRXIH SYX XLI WTIGMEP JIEXYVIW SJ IEGL TMIGI SJ IUYMTQIRX I\TPEMRIH [LEX SXLIV IUYMTQIRX [EW GSQTEXMFPI [MXL IEGL ERH ERW[IVIH UYIWXMSRW EFSYXXLIQ 0EXIVXLEXQSVRMRK2EXEP]ELEHEPSRKXEPO[MXLXLILIEHSJXLIGSQTER]tWXIGLRM GEPHMZMWMSRq'ER]SYWLS[QIrWLIEWOIHqLS[XSYWIXLIRI[VSYXIV[ItVIHIZIPST MRK#-RIIHXSHSYFPIGLIGOXLIEHGST]Q]WXEJJLEWHVEJXIHr2EXEP]EXLIRXSSORSXIW EWXLILIEHSJXLIXIGLRMGEPHMZMWMSR[IRXXLVSYKLXLIYWIWSJXLIRI[VSYXIV2EXEP]E EPWSEWOIHUYIWXMSRWEPSRKXLI[E]XSQEOIWYVIWLIYRHIVWXSSHI\EGXP]LS[XLIVSYXIV [SVOIH -RXLIEJXIVRSSR2EXEP]EQIX[MXLXLIGSQTER]tWTVIWMHIRXERHWEPIWHMVIGXSVXSKS SZIVXLIGYVVIRX]IEVtWFYHKIXJSVLIVHITEVXQIRXEW[IPPEWLIVTVSNIGXMSRWJSVXLIRI[ JMWGEP]IEV7LIVIZMI[IHEHZIVXMWMRKGEQTEMKRWERHWEPIWHEXEEWWIWWIHXLITIVJSVQERGI SJIEGL QIQFIVSJLIVWXEJJERHTVIWIRXIHLIVTVSNIGXMSRWSJWXEJJMRKVIUYMVIQIRXWJSV XLIRI\XIMKLXIIRQSRXLW%JXIV[EVHXLITVIWMHIRXGSQTPMQIRXIH2EXEP]EJSVKMZMRKWYGL E GPIEV TVIWIRXEXMSR q%R]SRI [LS GER GSQQYRMGEXI XLEX [IPPr XLI TVIWMHIRX WEMH qMW KSMRKXSKSEPSRK[E]MRXLMWGSQTER]r
2
MRJSVQEXMZIWTIIGL %WTIIGLHIWMKRIHXSGSRZI] ORS[PIHKIERHYRHIVWXERHMRK
2EXEP]E HSIWRtX GSRWMHIV LIVWIPJ E qTYFPMG WTIEOIVr FYX QYGL SJ LIV NSF MRZSPZIW EFWSVFMRK ERH GSQQYRMGEXMRK MRJSVQEXMSR GPIEVP] ERH IJJIGXMZIP] %PXLSYKL2EXEP]EMWNYWXEWMRKPITIVWSRLIVI\TIVMIRGIMWRSXYRYWYEP-RSRI WYVZI]KVEHYEXIWJVSQJMZI97GSPPIKIW[IVIEWOIHXSVEROXLIWTIIGLWOMPPW QSWXMQTSVXERXXSXLIMVNSFW8LI]VEXIHMRJSVQEXMZIWTIEOMRKRYQFIVSRI-R ERSXLIV WYVZI] TIVGIRX SJ XLI VIWTSRHIRXW WEMH XLI] YWIH MRJSVQEXMZI WTIEOMRKqEPQSWXGSRWXERXP]r 4YFPMGWTIEOMRKXSMRJSVQ SGGYVWMRE[MHIVERKISJIZIV]HE]WMXYEXMSRW 8LIFYWMRIWWQEREKIVI\TPEMRWRI\X]IEVtWFYHKIX8LIEVGLMXIGXVIZMI[WTPERW JSVERI[FYMPHMRK8LIYRMSRPIEHIVMRJSVQWQIQFIVWEFSYXERI[GSRXVEGX 8LIGLYVGL[SVOIVSYXPMRIWTPERWJSVEJYRHHVMZI8LIVIEVIIRHPIWWWMXYEXMSRW MR[LMGLTISTPIRIIHXSMRJSVQSXLIVW'SQTIXIRGIMRXLMWJSVQSJGSQQY RMGEXMSR[MPPTVSZIZEPYEFPIXS]SYXLVSYKLSYX]SYVPMJI 3RI SJ]SYVJMVWX GPEWWVSSQEWWMKRQIRXWTVSFEFP][MPPFIXSHIPMZIVER MRJSVQEXMZIWTIIGLMR[LMGL]SY[MPPEGXEWEPIGXYVIVSVXIEGLIV=SYQE] HIWGVMFIERSFNIGXWLS[LS[WSQIXLMRK[SVOWVITSVXSRERIZIRXI\TPEMR E GSRGITX=SYV EMQ[MPPFIXSGSRZI] ORS[PIHKIERHYRHIVWXERHMRKhRSX XS EHZSGEXI E GEYWI =SYV WTIIGL [MPP FI NYHKIH MR PMKLX SJ XLVII KIRIVEP GVMXIVME
-WXLIMRJSVQEXMSRGSQQYRMGEXIHEGGYVEXIP]#
-WXLIMRJSVQEXMSRGSQQYRMGEXIHGPIEVP]#
-WXLIMRJSVQEXMSRQEHIQIERMRKJYPERHMRXIVIWXMRKXSXLIEYHMIRGI#
-RXLMWGLETXIV[I[MPPPSSOEXJSYVX]TIWSJMRJSVQEXMZIWTIIGLIWERHXLI FEWMGTVMRGMTPIWSJMRJSVQEXMZIWTIEOMRK%PSRKXLI[E][I[MPPETTP]ZEVMSYW KIRIVEPTVMRGMTPIWHMWGYWWIHMRTVIZMSYWGLETXIVW
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8]TIWSJ-RJSVQEXMZI7TIIGLIW %REP]WMWERH3VKERM^EXMSR
8LIVI EVI QER] [E]W XS GPEWWMJ] MRJSVQEXMZI WTIIGLIW ,IVI [I JSGYW SR XLI OMRHW]SYEVIQSWXPMOIP]XSKMZIMR]SYVWTIIGLGPEWW WTIIGLIWEFSYXSFNIGXW WTIIGLIWEFSYXTVSGIWWIW WTIIGLIWEFSYXIZIRXWERH WTIIGLIWEFSYX GSRGITXW
74))',)7%&3983&.)'87 %WXLI[SVHMWYWIHLIVI qSFNIGXWrMRGPYHIER]XLMRKXLEXMWZMWMFPIXERKMFPI ERH WXEFPI MR JSVQ 3FNIGXW QE] LEZI QSZMRK TEVXW SV FI EPMZI XLI] QE] MRGPYHITPEGIWWXVYGXYVIWERMQEPWIZIRTISTPI,IVIEVII\EQTPIWSJWYFNIGXW JSVWTIIGLIWEFSYXSFNIGXW +VERH'ER]SR
WXSGOQEVOIX
XLILYQERI]I
)PM^EFIXL'EH]7XERXSR
WIE[IIH
+47REZMKEXMSRHIZMGIW
GSQMGWXVMTW
97%VQ]
SFNIGX %R]XLMRKXLEXMWZMWMFPI XERKMFPIERHWXEFPIMRJSVQ
=SY[MPPRSXLEZIXMQIXSXIPP]SYVGPEWWQEXIWIZIV]XLMRKEFSYXER]SJXLIWI WYFNIGXW-RWXIEH]SY[MPPGLSSWIEWTIGMJMGTYVTSWIXLEXJSGYWIWSRSRIEWTIGXSJ ]SYVWYFNIGX;SVOMRKJVSQXLIXSTMGWTVIWIRXIHEFSZIXLIJSPPS[MRKEVII\EQ TPIWSJKSSHWTIGMJMGTYVTSWIWXEXIQIRXWJSVMRJSVQEXMZIWTIIGLIWEFSYXSFNIGXW 8SMRJSVQQ]EYHMIRGIEFSYXXLIKISPSKMGEPJIEXYVIWSJXLI+VERH'ER]SR 8SMRJSVQQ]EYHMIRGIEFSYXXLIVSPISJ)PM^EFIXL'EH]7XERXSRMRXLI97[SQIRtW VMKLXWQSZIQIRX 8SMRJSVQQ]EYHMIRGI[LEXXSPSSOJSV[LIRFY]MRKE+47REZMKEXMSRHIZMGI
2SXMGI LS[ TVIGMWI XLIWI WXEXIQIRXW EVI %W [I WE[ MR 'LETXIV ]SY WLSYPHWIPIGXEWTIGMJMGTYVTSWIXLEXMWRSXXSSFVSEHXSEGLMIZIMRXLIEPPSXXIH XMQI q8S MRJSVQ Q] EYHMIRGI EFSYX 4EFPS 4MGEWWSr MW JEV XSS KIRIVEP JSV E GPEWWVSSQWTIIGLq8SMRJSVQQ] EYHMIRGIEFSYXXLIQENSV GSRXVMFYXMSRW SJ 4EFPS4MGEWWSXSQSHIVREVXrMWQSVITVIGMWIERHMWETYVTSWI]SYGSYPHVIEWSR EFP]LSTIXSEGLMIZIMREFVMIJXEPO -J]SYVWTIGMJMGTYVTSWIMWXSI\TPEMRXLILMWXSV]SVIZSPYXMSRSJ]SYVWYF NIGX]SY[MPPTYX]SYVWTIIGLMRGLVSRSPSKMGEPSVHIV*SVI\EQTPI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVEGLMIZIQIRXWSJ *VIHIVMGO(SYKPEWW 'IRXVEP-HIE
%PXLSYKLFSVRMRWPEZIV]*VIHIVMGO(SYKPEWWFIGEQISRISJ XLIKVIEXIWXJMKYVIWMR%QIVMGERLMWXSV]
1EMR4SMRXW
- (SYKPEWWWTIRXXLIJMVWX]IEVWSJLMWPMJIEWEWPEZIMR 1EV]PERH -- % JXIVIWGETMRKXSXLI2SVXL(SYKPEWWFIGEQIEPIEHIVMR XLIEFSPMXMSRMWXQSZIQIRXXSIRHWPEZIV] --- ( YVMRKXLI'MZMP;EV(SYKPEWWLIPTIHIWXEFPMWLFPEGO VIKMQIRXWMRXLI9RMSR%VQ]
8]TIWSJ-RJSVQEXMZI7TIIGLIW %REP]WMWERH3VKERM^EXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-: % JXIVXLI[EV(SYKPEWW[EWEXMVIPIWWGLEQTMSRSJIUYEP VMKLXWJSVLMWVEGI
-J]SYVWTIGMJMGTYVTSWIMWXSHIWGVMFIXLIQEMRJIEXYVIWSJ]SYVWYFNIGX]SY QE]SVKERM^I]SYVWTIIGLMRWTEXMEPSVHIV 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIHIWMKRSJXLI7X0SYMW %VGL 'IRXVEP-HIE
8LI7X0SYMW%VGLMWHMZMHIHMRXSXLVIIWIGXMSRWIEGL[MXL MXWS[REXXVEGXMSRW
1EMR4SMRXW
- 8 LIFEWISJXLI7X0SYMW%VGLLSYWIWEZMWMXSVtWGIRXIV [MXLEQYWIYQX[SQSZMIXLIEXIVWERHVIXEMPSYXPIXW -- 8LIQMHHPISJXLI7X0SYMW%VGLGSRXEMRWELMKLWTIIH XVEQXLEXGEVVMIWZMWMXSVWJVSQXLIFEWIXSXLIXST --- 8LIXSTSJXLI7X0SYMW%VGLLEWERSFWIVZEXMSRHIGO JIIXEFSZIXLIKVSYRH
%WSJXIREWRSX]SY[MPPJMRHXLEXWTIIGLIWEFSYXSFNIGXWJEPPMRXS XSTMGEP SVHIV*SVI\EQTPI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIJSYVQENSVIPIQIRXWSJE .ETERIWIKEVHIR 'IRXVEP-HIE
8LIJSYVQENSVIPIQIRXWSJE.ETERIWIKEVHIREVIWXSRIW WERH[EXIVERHTPERXW
1EMR4SMRXW
- 8LIJMVWXIPIQIRXSJE.ETERIWIKEVHIRMWWXSRIW[LMGL W]QFSPM^IQSYRXEMRWERHMWPERHW -- 8 LIWIGSRHIPIQIRXSJE.ETERIWIKEVHIRMWWERH[LMGL W]QFSPM^IWXLIWIESVSXLIVZEWXEVIEW --- 8LIXLMVHIPIQIRXSJE.ETERIWIKEVHIRMW[EXIV[LMGL W]QFSPM^IWTYVMX]ERHPMJI -: 8 LIJSYVXLIPIQIRXSJE.ETERIWIKEVHIRMWTPERXW[LMGL W]QFSPM^IPMJIERHXLIGLERKMRKWIEWSRW
2SQEXXIV[LMGLSJXLIWISVKERM^EXMSREPQIXLSHW]SYYWIhGLVSRSPSKMGEP WTEXMEP SV XSTMGEPhFI WYVI XS JSPPS[ XLI KYMHIPMRIW HMWGYWWIH MR 'LETXIV PMQMX ]SYV WTIIGL XS FIX[IIR X[S ERH JMZI QEMR TSMRXW OIIT QEMR TSMRXWWITEVEXI XV]XSYWIXLIWEQITEXXIVRSJ[SVHMRKJSVEPPQEMRTSMRXW FEPERGIXLIEQSYRXSJXMQIHIZSXIHXSIEGLQEMRTSMRX
74))',)7%&398463')77)7 TVSGIWW %W]WXIQEXMGWIVMIWSJEGXMSRW XLEXPIEHWXSEWTIGMJMGVIWYPX SVTVSHYGX
%TVSGIWWMWEW]WXIQEXMGWIVMIWSJEGXMSRWXLEXPIEHWXSEWTIGMJMGVIWYPXSVTVSH YGX7TIIGLIWEFSYXTVSGIWWIWI\TPEMRLS[WSQIXLMRKMWQEHILS[WSQIXLMRK MWHSRISVLS[WSQIXLMRK[SVOW,IVIEVII\EQTPIWSJKSSHWTIGMJMGTYVTSWI WXEXIQIRXWJSVWTIIGLIWEFSYXTVSGIWWIW 8SMRJSVQQ]EYHMIRGILS[LYVVMGERIWHIZIPST 8SMRJSVQQ]EYHMIRGILS[XS[VMXIERIJJIGXMZINSFVIWYQÍ 8SMRJSVQQ]EYHMIRGILS[XSGLSSWIEWXYH]EFVSEHTVSKVEQ 8SMRJSVQQ]EYHMIRGILS[97GYVVIRG]MWQEHI
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-RJSVQEXMZIWTIIGLIWEFSYX SFNIGXWSJXIRGEPPJSVZMWYEP EMHW,IVI6]ER1G0IRHSRE GLIQMGEPIRKMRIIVMRKQENSV JVSQ;IWX:MVKMRME9RMZIVWMX] I\TPEMRWEQSHIPGEVXLEX VYRWSRFEOMRKWSHEERHZMR IKEV8LIGEV[EWIRXIVIHMRE GSRXIWXWTSRWSVIHF]XLI %QIVMGER-RWXMXYXISJ'LIQM GEP)RKMRIIVW
%W XLIWI I\EQTPIW WYKKIWX XLIVI EVI X[S OMRHW SJ MRJSVQEXMZI WTIIGLIW EFSYXTVSGIWWIW3RIOMRHI\TPEMRWETVSGIWWWSXLEXXLEXPMWXIRIVW[MPP YRHIV WXERHMXFIXXIV=SYVKSEPMWXSLEZI]SYVEYHMIRGIORS[XLIWXITWSJXLITVSGIWW ERHLS[XLI]VIPEXIXSSRIERSXLIV-J]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ] EYHMIRGI LS[ YRHIV[EXIVVSFSXW [SVOr ]SY [MPP I\TPEMR XLI FEWMG XEWOW ERH QIGLERMWQWSJYRHIV[EXIVVSFSXW=SY[MPPRSXMRWXVYGX]SYVPMWXIRIVWSRLS[ XLI]GERSTIVEXIERYRHIV[EXIVVSFSX %WIGSRHOMRHSJWTIIGLI\TPEMRWETVSGIWWWSPMWXIRIVW[MPPFIFIXXIVEFPIXS TIVJSVQ XLITVSGIWW XLIQWIPZIW =SYV KSEP MR XLMW OMRH SJWTIIGL MW XS LEZIXLI EYHMIRGIPIEVREWOMPP7YTTSWI]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ]EYHMIRGI LS[XSXEOITMGXYVIWPMOIETVSJIWWMSREPTLSXSKVETLIVr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tWTVSGIWWFYXGETXMZEXIHXLIEYHMIRGIEW[IPP -J]SYEVIYWMRKZMWYEP EMHWSJER]OMRHFIWYVIXSVIZMI['LETXIV ;LIRMRJSVQMRKEFSYXETVSGIWW]SY[MPPYWYEPP]EVVERKI]SYVWTIIGLMR GLVSRSPSKMGEPSVHIVI\TPEMRMRKXLITVSGIWWWXITF]WXITJVSQFIKMRRMRKXSIRH *SVI\EQTPI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVVMXYEPWSJEXVEHM XMSREP&IRKEPM[IHHMRKMR-RHME
8]TIWSJ-RJSVQEXMZI7TIIGLIW %REP]WMWERH3VKERM^EXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
'IRXVEP-HIE
%XVEHMXMSREP&IRKEPM[IHHMRKGSRWMWXWSJEWIVMIWSJVMXYEPWXLEX XEOITPEGIFIJSVIHYVMRKERHEJXIVXLI[IHHMRKGIVIQSR]
1EMR4SMRXW
- 4VI[IHHMRKVMXYEPWMRGPYHIKMZMRKKMJXWXSXLIFVMHIERH KVSSQERHHVIWWMRKXLIFVMHIMRXVEHMXMSREPJEWLMSR -- 6 MXYEPWHYVMRKXLI[IHHMRKGIVIQSR]MRGPYHIERI\GLERKI SJKEVPERHWFIX[IIRXLIFVMHIERHKVSSQXLIGLERXMRKSJ QERXVEWERHXLIKMZMRKE[E]SJXLIFVMHIF]LIVYRGPI --- 4SWX[IHHMRKVMXYEPWMRGPYHIEGIPIFVEXMSREXXLILSQISJ XLIFVMHItWJEQMP]EVIGITXMSREXXLILSQISJXLIKVSSQtW JEQMP]ERHXLIJSVQEPI\MXSJXLIFVMHIERHKVSSQ
7SQIXMQIW VEXLIV XLER QSZMRK XLVSYKL E TVSGIWW WXIT F] WXIT ]SY [MPP JSGYW SR XLI QENSV TVMRGMTPIW SV XIGLRMUYIWMRZSPZIHMR TIVJSVQMRK XLITVS GIWW8LIR]SY[MPPSVKERM^I]SYVWTIIGLMRXSTMGEPSVHIV)EGLQEMRTSMRX[MPP HIEP[MXLEWITEVEXITVMRGMTPISVXIGLRMUYI*SVI\EQTPI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIGSQQSRQIXLSHWYWIHF] WXEKIQEKMGMERWXSTIVJSVQXLIMVXVMGOW 'IRXVEP-HIE
7XEKIQEKMGMERWYWIX[SGSQQSRQIXLSHWXSTIVJSVQXLIMV XVMGOWhQIGLERMGEPHIZMGIWERHWPIMKLXSJLERH
1EMR4SMRXW
- 1ER]QEKMGXVMGOWVIP]SRQIGLERMGEPHIZMGIWXLEXQE] VIUYMVIPMXXPIWOMPPF]XLIQEKMGMER -- 3 XLIVQEKMGXVMGOWHITIRHSRXLIQEKMGMERtWWOMPPMR JSSPMRKTISTPIF]WPIMKLXSJLERHQERMTYPEXMSR
'SRGMWISVKERM^EXMSRMWIWTIGMEPP]MQTSVXERXMRWTIIGLIWEFSYXTVSGIWWIW =SYQYWXQEOIWYVIIEGLWXITMWGPIEVERHIEW]XSJSPPS[-J]SYVTVSGIWWLEW QSVIXLERJSYVSVJMZIWXITWKVSYTXLIWXITWMRXSYRMXWXSPMQMXXLIRYQFIVSJ QEMR TSMRXW *SV I\EQTPI MR E WTIIGL I\TPEMRMRK LS[ XS WIX YT E LSQI EUYEVMYQEWXYHIRXTVIWIRXIHXLIJSPPS[MRKQEMRTSMRXW - *MVWX]SYQYWXGLSSWIXLIWM^ISJ]SYVXERO -- 8LIR]SYQYWXHIXIVQMRIXLIWLETISJ]SYVXERO --- =SYQYWXEPWSHIGMHILS[QYGL]SYGEREJJSVHXSTE]JSVEXERO -: 3RGI]SYLEZIXLIXERO]SYRIIHEJMPXIVW]WXIQ : %LIEXIVMWEPWSEFWSPYXIP]RIGIWWEV] :- =SYQYWXEPWSKIXEREMVTYQT :-- 3RGIXLMWMWHSRI]SYRIIHXSGLSSWIKVEZIPJSVXLIXERO :--- =SY[MPPEPWSRIIHTPERXW -< 3XLIVHIGSVEXMSRW[MPPVSYRHSYXXLIIJJIGXWSJ]SYVEUYEVMYQ < 2S[]SYEVIVIEH]XSEHHXLIJMWL <- *VIWL[EXIVJMWLEVIXLIQSWXGSQQSR <-- 7EPX[EXIVJMWLEVIQSVII\TIRWMZIERHVIUYMVIWTIGMEPGEVI 2SXWYVTVMWMRKP]XLMW[EWXSSQYGLJSVXLIEYHMIRGIXSJSPPS[8LIWTIEOIV WLSYPHLEZISVKERM^IHXLITSMRXWWSQIXLMRKPMOIXLMW - 8LIJMVWXWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWGLSSWMRKEXERO %8LIWM^ISJXLIXEROMWMQTSVXERX &8LIWLETISJXLIXEROMWMQTSVXERX '8LIGSWXSJXLIXEROMWMQTSVXERX
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-- 8LIWIGSRHWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWIUYMTTMRKXLIXERO %=SY[MPPRIIHEJMPXIVW]WXIQ &=SY[MPPRIIHELIEXIV '=SY[MPPRIIHEREMVTYQT (=SY[MPPRIIHKVEZIP )=SY[MPPRIIHTPERXW *=SYQE]EPWS[ERXSXLIVHIGSVEXMSRW --- 8LIXLMVHWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWEHHMRKXLIJMWL %*VIWL[EXIVJMWLEVIXLIQSWXGSQQSRJSVLSQIEUYEVMYQW &7EPX[EXIVJMWLEVIQSVII\TIRWMZIERHVIUYMVIWTIGMEPGEVI 8LIWYFTSMRXWGSZIVXLIWEQIXIVVMXSV]EWXLISVMKMREPX[IPZITSMRXWFYXXLVII QEMRTSMRXWEVIQYGLIEWMIVXSYRHIVWXERHERHVIQIQFIV
74))',)7%&398):)287 8LI6ERHSQ,SYWI(MGXMSREV]HIJMRIWERIZIRXEWqER]XLMRKXLEXLETTIRWSVMW VIKEVHIHEWLETTIRMRKr&]XLMWHIJMRMXMSRXLIJSPPS[MRKEVII\EQTPIWSJWYMX EFPIWYFNIGXWJSVMRJSVQEXMZIWTIIGLIWEFSYXIZIRXW IZIRX ,SPSGEYWX
QSYRXEMRGPMQFMRK
GMZMPVMKLXWQSZIQIRX
NSFMRXIVZMI[W
'MRGSHI1E]S
XWYREQMW
EXXIRXMSRHIJMGMXHMWSVHIV
&EXXPISJ0MXXPI&MK,SVR
%R]XLMRKXLEXLETTIRWSVMW VIKEVHIHEWLETTIRMRK
%WYWYEP]SY[MPPRIIHXSREVVS[ ]SYVJSGYW ERHTMGOEWTIGMJMGTYVTSWI ]SYGEREGGSQTPMWLMREWLSVXWTIIGL,IVIEVII\EQTPIWSJKSSHWTIGMJMGTYV TSWIWXEXIQIRXWJSVMRJSVQEXMZIWTIIGLIWEFSYXIZIRXW 8SMRJSVQQ]EYHMIRGISJXLIJIWXMZMXMIWEX1I\MGStW'MRGSHI1E]SGIPIFVEXMSR 8SMRJSVQQ]EYHMIRGIEFSYX[LEXLETTIRIHEXXLI&EXXPISJ0MXXPI&MK,SVR 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVX]TIWSJXLIVETIYXMGQEWWEKI
8LIVI EVI QER] [E]W XS HMWGYWW IZIRXW -J ]SYV WTIGMJMG TYVTSWI MW XS VIGSYRXXLILMWXSV]SJERIZIRX]SY[MPPSVKERM^I]SYVWTIIGLMRGLVSRSPSKMGEP SVHIVVIPEXMRKXLIMRGMHIRXWSRIEJXIVERSXLIVMRXLISVHIVXLI]SGGYVVIH*SV I\EQTPI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLILMWXSV]SJXLI4EVEP]QTMGW 'IRXVEP-HIE
3P]QTMGWX]PIKEQIWJSVEXLPIXIW[MXLTL]WMGEPHMWEFMPMXMIW LEZIQEHIKVIEXWXVMHIWWMRGIXLIJMVWXGSQTIXMXMSRQSVI XLER]IEVWEKS
1EMR4SMRXW
- ; LEX[SYPHIZIRXYEPP]FIGSQIXLI4EVEP]QTMGWFIKER MR [MXLEWTSVXWGSQTIXMXMSRMR+VIEX&VMXEMRMRZSPZ MRK;SVPH;EV--ZIXIVERW[MXLWTMREPGSVHMRNYVMIW -- - R XLIIZIRXI\TERHIH[LIREXLPIXIWJVSQXLI 2IXLIVPERHWXSSOTEVX --- 8LIJMVWXSJJMGMEP4EVEP]QTMG+EQIWJSVMRXIVREXMSREP EXLPIXIWXSSOTPEGIMR6SQIMR
8]TIWSJ-RJSVQEXMZI7TIIGLIW %REP]WMWERH3VKERM^EXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
(S]SYRIIHUYMGOEGGIWWXSJEGXWEFSYX]SYVMRJSVQEXMZIWTIIGLXSTMG#0SKSR XS XLI -RXIVRIX 4YFPMG 0MFVEV]tW 7YFNIGX 'SPPIGXMSR [[[MTPSVKHMZWYFNIGX [LMGLSJJIVWPMROWXSE[MHIVERKISJLMKLUYEPMX]VIWSYVGIWGLSWIRJSVXLIMVEGGY VEXIERHVIPMEFPIMRJSVQEXMSR -J]SYEVIKMZMRKERMRJSVQEXMZIWTIIGLSREXSTMG[MXLQYPXMGYPXYVEPHMQIRWMSRW ]SYQE]JMRHXLIJSPPS[MRK;IFWMXIWYWIJYP =ELSS6IKMSREP LXXT HMV]ELSSGSQ6IKMSREP ;;;:MVXYEP0MFVEV] %QIVMGER-RHMERW [[[LEROWZMPPISVK2%VIWSYVGIW 4VMRGIXSR 9RMZIVWMX] 0MFVEV] %WMER%QIVMGER7XYHMIW LXXT JMVIWXSRITVMRGIXSR IHYEWMEREQIVMGER
-RXIVRIX 'SRRIGXMSR
0EXMRS,MWTERMG6IWSYVGIW [[[VGJYWGIHYbGQQV0EXMRSLXQP %JVMGER%QIVMGER;IF'SRRIGXMSR [[[EE[GGSQ
[[[GSRRIGXPYGEWGSQ
-: - REREKVIIQIRX[EWWMKRIHSJJMGMEPP]LSPHMRKXLI 4EVEP]QTMG+EQIWEPSRKWMHIXLIWYQQIVERH[MRXIV 3P]QTMG+EQIW
=SYGERETTVSEGLERIZIRXJVSQEPQSWXER]ERKPISVGSQFMREXMSRSJERKPIWh JIEXYVIWSVMKMRWMQTPMGEXMSRWFIRIJMXWJYXYVIHIZIPSTQIRXWERHWSJSVXL-RWYGL GEWIW]SY[MPPTYX]SYVWTIIGLXSKIXLIVMRXSTMGEPSVHIV%RH]SYWLSYPHQEOIWYVI ]SYVQEMRTSMRXWWYFHMZMHIXLIWYFNIGXPSKMGEPP]ERHGSRWMWXIRXP]*SVMRWXERGI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLVIIEWTIGXWSJXLI1EVHM +VEWGIPIFVEXMSRMR2I[3VPIERW 'IRXVEP-HIE
8LI1EVHM+VEWGIPIFVEXMSRMR2I[3VPIERWMWVIRS[RIHJSV MXWTEVEHIWGSWXYQIWERHJSSH
1EMR4SMRXW
- 8LITEVEHIWEVIPEZMWLIZIRXWXLEXXEOITPEGISZIVXLI GSYVWISJWIZIVEP[IIOW -- 8 LIGSWXYQIWMRGPYHIHMWKYMWIWQIHEPPMSRWERHXLISJJM GMEP1EVHM+VEWGSPSVWSJTYVTPIKVIIRERHKSPH --- 8LIJSSHJIEXYVIW'ENYRERH'VISPIHMWLIWGSQQSRXS WSYXLIVR0SYMWMERE
74))',)7%&398'32')487 'SRGITXWMRGPYHIFIPMIJWXLISVMIWMHIEWTVMRGMTPIWERHXLIPMOI8LI]EVIQSVI EFWXVEGXXLERSFNIGXWTVSGIWWIWSVIZIRXW8LIJSPPS[MRKEVII\EQTPIWSJWYF NIGXWJSVWTIIGLIWEFSYXGSRGITXW
'SRJYGMERMWQ
WXVMRKXLISV]
TLMPSWSTLMIWSJIHYGEXMSR
TVMRGMTPIWSJJIQMRMWQ
SVMKMREPMRXIRXHSGXVMRI
I\MWXIRXMEPMWQ
RYQIVSPSK]
LYQERVMKLXW
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-RJSVQEXMZIWTIIGLIWXEOI TPEGIMRE[MHIVERKISJWMXY EXMSRW,IVI'LMRIWIWGMIRXMWX
8EOMRK E JI[ SJ XLIWI KIRIVEP WYFNIGXW LIVI EVI WSQI WTIGMJMG TYVTSWI GSRGITX WXEXIQIRXWJSVWTIIGLIWEFSYXGSRGITXW %FIPMIJXLISV]MHIERSXMSR
TVMRGMTPISVXLIPMOI 8SMRJSVQQ]EYHMIRGIEFSYXXLIFEWMGTVMRGMTPIWSJ'SRJYGMERMWQ 8SMRJSVQQ]EYHMIRGIEFSYXXLIHSGXVMRISJSVMKMREPMRXIRXMRGSRWXMXYXMSREP MRXIVTVIXEXMSR 8SMRJSVQQ]EYHMIRGIEFSYXXLIHMJJIVIRXTLMPSWSTLMIWSJIHYGEXMSRMR)YVSTIERH XLI9RMXIH7XEXIW
7TIIGLIWEFSYXGSRGITXWEVIYWYEPP]SVKERM^IHMRXSTMGEPSVHIVERHJSGYWSR XLIQEMRJIEXYVIWSVEWTIGXWSJ]SYVGSRGITX*SVI\EQTPI 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIFEWMGTVMRGMTPIWSJRSRZM SPIRXVIWMWXERGI 'IRXVEP-HIE
8LIFEWMGTVMRGMTPIWSJRSRZMSPIRXVIWMWXERGIWXVIWWYWMRK QSVEPQIERWXSEGLMIZIWSGMEPGLERKIVIJYWMRKXSMRJPMGX ZMSPIRGISRSRItWIRIQMIWERHYWMRKWYJJIVMRKEWEWSGMEP JSVGI
1EMR4SMRXW
- 8 LIJMVWXQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMWXLEX WSGMEPGLERKIQYWXFIEGLMIZIHF]QSVEPQIERW -- 8 LIWIGSRHQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMW XLEXSRIWLSYPHRSXMRJPMGXZMSPIRGISRSRItWIRIQMIW --- 8 LIXLMVHQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMWXLEX WYJJIVMRKGERFIETS[IVJYPWSGMEPJSVGI
8]TIWSJ-RJSVQEXMZI7TIIGLIW %REP]WMWERH3VKERM^EXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%RSXLIVETTVSEGLMWXSHIJMRIXLIGSRGITX]SYEVIHIEPMRK[MXLMHIRXMJ] MXW QENSV IPIQIRXW ERH MPPYWXVEXI MX [MXL WTIGMJMG I\EQTPIW %R I\GIPPIRX MRWXERGISJXLMWGEQIMREWXYHIRXWTIIGLEFSYX-WPEQ 7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIFEWMGTVMRGMTPIWSJ-WPEQ 'IRXVEP-HIE
8LIFIPMIJWSJ-WPEQGERFIXVEGIHXSXLITVSTLIX1YLEQ QEHEVI[VMXXIRMRXLI/SVERERHLEZITVSHYGIHERYQFIV SJWIGXW
1EMR4SMRXW
- -WPEQ[EWJSYRHIHF]XLITVSTLIX1YLEQQEHMRXLI IEVP]W -- 8 LIXIEGLMRKWSJ-WPEQEVI[VMXXIRMRXLI/SVERXLILSP] FSSOSJ-WPEQ --- 8SHE]-WPEQMWHMZMHIHMRXSERYQFIVSJWIGXWXLIPEVKIWX SJ[LMGLEVIXLI7YRRMWERHXLI7LMMXIW
7TIIGLIWEFSYXGSRGITXWEVISJXIRQSVIGSQTPI\XLERSXLIVOMRHWSJMRJSV QEXMZIWTIIGLIW;LIRHIEPMRK[MXLGSRGITXWTE]WTIGMEPEXXIRXMSRXSEZSMH MRKXIGLRMGEPPERKYEKIXS HIJMRMRK XIVQWGPIEVP]ERHXS YWMRK I\EQTPIW ERH GSQTEVMWSRWXSMPPYWXVEXIXLIGSRGITXW 0SSOJSVI\EQTPIEX:MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMW GLETXIV[LMGLTVIWIRXWERI\GIVTXJVSQ EWXYHIRXWTIIGLEFSYXXLI'LMRIWI TLMPSWSTL] SJ 'SRJYGMERMWQ 2SXMGI LS[ XLI WXYHIRX HIJMRIW 'SRJYGMERMWQ ERH XLIR I\TPEMRW MXW YRMJ]MRK TVMRGMTPI SJ NIR -J ]SY KMZI ER MRJSVQEXMZI WTIIGLEFSYXEGSRGITXKMZIWTIGMEPXLSYKLXXSLS[]SYGERQEOIXLEXGSR GITXGPIEVERHGSQTVILIRWMFPIXS]SYVPMWXIRIVW GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq'SRJY GMERMWQrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
8LIPMRIWHMZMHMRKWTIIGLIWEFSYXSFNIGXWTVSGIWWIWIZIRXWERHGSRGITXWEVI RSXEFWSPYXI7SQIWYFNIGXWGSYPHJMXMRXSQSVIXLERSRIGEXIKSV]HITIRH MRK SR LS[ ]SY HIZIPST XLI WTIIGL *SV I\EQTPI E WTIIGL EFSYX XLI HIWXVYGXMSR SJ ERGMIRX 4SQTIMM F] XLI IVYTXMSR SJ 1SYRX :IWYZMYW [SYPH TVSFEFP]HIEP[MXLMXWWYFNIGXEWERIZIRXFYXEWTIIGLSR[LEXGEYWIWZSP GERSIWXSIVYTX[SYPHQSWXPMOIP]XVIEXMXWWYFNIGXEWETVSGIWW8LIMQTSV XERX WXIT MW XS HIGMHI [LIXLIV ]SY [MPP LERHPI ]SYV WYFNIGX EW ER SFNIGX E TVSGIWW ER IZIRX SV E GSRGITX 3RGI ]SY HS XLEX ]SY GER HIZIPST XLI WTIIGLEGGSVHMRKP] 6IKEVHPIWWSJLS[]SYETTVSEGL]SYVXSTMGFIWYVIXSKMZIPMWXIRIVWTPIRX] SJLIPTMRWSVXMRKSYXJEGXWERHMHIEW3RI[E]MWF]YWMRKIRSYKLXVERWMXMSRW MRXIVREPTVIZMI[WMRXIVREPWYQQEVMIWERHWMKRTSWXW WII'LETXIV %RSXLIV [E]MWXSJSPPS[XLISPHQE\MQq8IPPtIQ[LEX]SYtVIKSMRKXSWE] WE]MX XLIR XIPPtIQ[LEX]SYtZIWEMHr-RSXLIV [SVHW TVIZMI[XLIQEMRTSMRXWSJ]SYV WTIIGLMRXLIMRXVSHYGXMSRERHWYQQEVM^IXLIQMRXLIGSRGPYWMSR8LMW[MPP QEOI]SYVWTIIGLIEWMIVXSYRHIVWXERHERHIEWMIVXSVIQIQFIV
+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK %PP XLI TVIZMSYW GLETXIVW SJ XLMW FSSO VIPEXI XS XLI TVMRGMTPIW SJ MRJSVQEXMZI WTIEOMRK7IPIGXMRKEXSTMGERHWTIGMJMGTYVTSWIEREP]^MRKXLIEYHMIRGIKEXL IVMRK QEXIVMEPW GLSSWMRK WYTTSVXMRK HIXEMPW SVKERM^MRK XLI WTIIGL YWMRK
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
[SVHW XS GSQQYRMGEXI QIERMRK HIPMZIVMRK XLI WTIIGLhEPP QYWX FI HSRI IJJIGXMZIP]MJERMRJSVQEXMZIWTIIGLMWXSFIEWYGGIWW,IVI[IIQTLEWM^IJMZI EHHMXMSREPTSMRXWXLEX[MPPLIPTQEOI]SYVWEWYGGIWW
(32t83:)6)78-1%8);,%88,)%9(-)2')/23;7 -REWTIIGLEFSYXQIXISVSPSK]EWXYHIRXWEMHq-JQSHIVRQIXLSHWSJ[IEXLIV JSVIGEWXMRKLEHI\MWXIHMR XLI+EPZIWXSRLYVVMGERIHMWEWXIV[SYPHRIZIV LEZI XEOIR TPEGIr 8LIR LI [EW SJJ XS SXLIV QEXXIVW PIEZMRK LMW PMWXIRIVW XS TY^^PISZIV [LEX XLI +EPZIWXSR LYVVMGERI [EW [LIR MX LETTIRIH ERH[LEX OMRHSJHIWXVYGXMSRMX[VIEOIH 8LI WTIEOIV EWWYQIH LMW EYHMIRGI EPVIEH] ORI[ XLIWI XLMRKW &YX XLI] [IVIRSXI\TIVXWSRQIXISVSPSK]SVSR%QIVMGERLMWXSV])ZIRXLSWI[LSLEH LIEVHSJXLILYVVMGERILEHSRP]EJY^^]RSXMSRSJMX3RP]XLIWTIEOIVORI[ XLEXXLILYVVMGERI[LMGLOMPPIHQSVIXLERTISTPI[LIRMXYRI\TIGXIHP] WXVYGOSR7ITXIQFIV MWWXMPPXLIHIEHPMIWXREXYVEPHMWEWXIVMR%QIVMGER LMWXSV] %WQER]WTIEOIVWLEZIHMWGSZIVIHMXMWIEW]XSSZIVIWXMQEXIXLIEYHMIRGIt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tWSRI[E] -RXVSHYGIH MR E 6SXL -6% MW E X]TI SJ MRHMZMHYEP VIXMVIQIRX EGGSYRX MR [LMGL ERRYEPGSRXVMFYXMSRWEVIQEHI[MXLEJXIVXE\HSPPEVWFYXMR[LMGLIEVRMRKWERHHMWXVMFYXMSRW EVIXE\JVIISRGIXLILSPHIVSJXLIEGGSYRXMW ]IEVWSJEKISVSPHIV
8SWSQISRI[LSORS[WEPSXEFSYXIGSRSQMGWXLMWMWTIVJIGXP]GPIEV&YXWSQI SRI[LSHSIWRSX[MPPPMOIP]KIXPSWXEPSRKXLI[E]8LIXSRISJXLIWXEXIQIRX MWXLEX SJ E WTIEOIVVIZMI[MRKMRJSVQEXMSREPVIEH] JEQMPMEV XS XLI EYHMIRGIh RSXSJEWTIEOIVMRXVSHYGMRKRI[MRJSVQEXMSR ,IVIMRGSRXVEWXMWERSXLIVI\TPEREXMSRSJ6SXL-6%W ;LEXMWE6SXL-RHMZMHYEP6IXMVIQIRX%GGSYRXSV-6%#0IXQII\TPEMR[MXLERI\EQTPI -QEKMRI]SYVWIPJEJI[]IEVWHS[RXLIVSEHEWEVIGIRXGSPPIKIKVEHYEXI=SYVNSFTE]W EKSSHWEPEV]FYX]SYtVIWXMPPGSRGIVRIH[MXL]SYVJMRERGIWERH]SYVJYXYVI%JXIVEPPIZIV] SRIOIITWXIPPMRK]SYXSWXEVXTPERRMRKJSVVIXMVIQIRXIEVP] -REHHMXMSRXS7SGMEP7IGYVMX]]SYLEZIERYQFIVSJVIXMVIQIRXTPERRMRKSTXMSRW3RI MWXLI6SXL-6%7YTTSWI]SYTPEGIMRXSE6SXL-6%IZIV]]IEV7YTTSWIEPWSXLEX ]SYVQSRI]KVS[WEXEREZIVEKIVEXISJ TIVGIRXE]IEV -J]SYWXEVXTYXXMRKQSRI]MREXEKIERH[MXLHVE[MXEXEKI]SY[MPPLEZIER EGGSYRX [SVXL QSVI XLER QMPPMSR 1SVISZIV YRPMOI SXLIV VIXMVIQIRX EGGSYRXW ]SY [SRtXLEZIXSTE]XE\IWSR]SYVQMPPMSRIZIRMJ]SYXEOIMXSYXEPPEXSRGI 7S]SYGERWII[L]6SXL-6%WEVIWSTSTYPEV=SY[MRFSXL[E]Wh]SYVQSRI]KVS[W XE\JVIIERHMXMWJVIISJXE\IW[LIR]SY[MXLHVE[MX
+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LMWI\TPEREXMSRMWGPIEVERHWMQTPI-XWXSRIMWXLEXSJEXIEGLIVYRVEZIPMRK ERI[WYFNIGX -WMXXSSWMQTPI#2SXEXEPP8LIXIWXSJEKSSHWTIEOIVMWXSGSQQYRMGEXI IZIRXLIQSWXGSQTPI\MHIEWGPIEVP]ERHWMQTP]%R]SRIGERKSXSEFSSOERH JMRHEPIEVRIHWSYRHMRKHIJMRMXMSRSJE6SXL-6%&YXXSWE]MRTPEMR)RKPMWL [LEXE6SXL-6%MWhXLEXXEOIWLEVH[SVOERHGVIEXMZIXLMROMRK %PWSVIQIQFIVXLEXVIEHIVWGERWXYH]ETVMRXIHTEWWEKIEKEMRERHEKEMR YRXMP XLI] I\XVEGX MXW QIERMRK FYX PMWXIRIVW HSRtX LEZI XLEX PY\YV] 8LI] QYWX YRHIVWXERH [LEX ]SY WE] MR XLI XMQI MX XEOIW ]SY XS WE] MX 8LI QSVI ]SY EWWYQI XLI] ORS[ EFSYX XLI XSTMG XLI KVIEXIV ]SYV GLERGIW SJ FIMRK QMWYRHIVWXSSH
6)0%8)8,)79&.)'8(-6)'80=838,)%9(-)2') 8LI &VMXMWL HVEQEXMWX 3WGEV ;MPHI EVVMZIH EX LMW GPYF EJXIV XLI HMWEWXVSYW STIRMRKRMKLX TIVJSVQERGISJLMWRI[TPE] q3WGEVLS[HMH]SYVTPE]KS#rEWOIHEJVMIRH q3Lr;MPHIUYMTTIHqXLITPE][EWEKVIEXWYGGIWWFYXXLIEYHMIRGI[EWEJEMPYVIr
7TIEOIVWLEZIFIIRORS[RXSKMZI QYGLXLI WEQI ERW[IVMR WEZMRK JEGI EJXIVEHMWQEPMRJSVQEXMZIWTIIGLq3LrXLI]WE]qXLIWTIIGL[EWJMRIFYXXLI EYHMIRGINYWX[EWRtXMRXIVIWXIHr%RHXLI]EVIEXPIEWXTEVXP]VMKLXhXLIEYHM IRGI [EWRtX MRXIVIWXIH &YX XLIVI MW RS WYGL XLMRK EW E JMRI WTIIGL XLEX TYXW TISTPIXSWPIIT-XMWXLIWTIEOIVtWNSFXSKIXPMWXIRIVWMRXIVIWXIHhERHXSOIIT XLIQMRXIVIWXIH -RJSVQEXMZIWTIEOIVWLEZISRIFMKLYVHPIXSSZIVGSQI8LI]QYWXVIGSK RM^I XLEX [LEX MW JEWGMREXMRK XS XLIQ QE] RSX FI JEWGMREXMRK XS IZIV]FSH] 3RGI]SYLEZIGLSWIREXSTMGXLEXGSYPHTSWWMFP]FIMRXIVIWXMRKXS]SYVPMWXIR IVW]SYWLSYPHXEOIWTIGMEPWXITWXSVIPEXIMXXSXLIQ=SYWLSYPHXMIMXMR[MXL XLIMVMRXIVIWXWERHGSRGIVRW 7XEVXMRXLIMRXVSHYGXMSR-RWXIEHSJWE]MRK
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq8LI ,MHHIR;SVPHSJ'LMPM4IT TIVWrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
-[ERXXSXEPO[MXL]SYEFSYXGLMPMTITTIVW
]SYGSYPHWE] -QEKMRI]SYVQSYXLFYVRMRKPMOI[MPHJMVI]SYVI]IWWUYMVXMRKSYXYRGSRXVSPPEFPIXIEVW ERH ]SYV JEGI VIH ERH W[IEXMRK TVSJYWIP] %VI ]SY WMGO# 2S =SY NYWX XSSO E FMXI SJ E WGVIEQMRKLSXGLMPMTITTIV'SRKVEXYPEXMSRW=SYtVITEVXEOMRKMRE[SVPH[MHIXVEHMXMSRXLEX LEWFIIRWTMGMRKYTPMZIWERHHMIXWJSVXLSYWERHWSJ]IEVW
&YXHSRtXWXST[MXLXLIMRXVSHYGXMSR;LIRIZIV]SYGERTYX]SYVPMWXIRIVW MRXS XLI FSH] SJ XLI WTIIGL %JXIV EPP RSXLMRK MRXIVIWXW TISTPI QSVI XLER XLIQWIPZIW*MRH[E]WXSXEPOEFSYX]SYVXSTMGMRXIVQWSJ]SYVPMWXIRIVW&VMRK ]SYVQEXIVMEPLSQIXSXLIQ+IXMXEWGPSWIXSXLIQEWTSWWMFPI ,IVItWERI\EQTPI0IXtWWE] ]SYEVII\TPEMRMRKLS[ TISTPIGERHMWGSZIV [LIXLIV XLI] EVI qWIGVIX WSYXLTE[WrhXLEX MW TISTPI [LS EVI REXYVEPP] PIJX LERHIH FYX [LS LEZI KVS[R YT YWMRK XLIMV VMKLX LERH =SY LEZI TPIRX] SJ JEGXWERHGSYPHVIGMXIXLIQPMOIXLMW %GGSVHMRK XS 7GMIRGI QEKE^MRI LEPJ SJ EPP TISTPI [LS EVI REXYVEPP] PIJXLERHIH EWWYQIXLI]EVIVMKLXLERHIHFIGEYWIXLEXMWXLILERHXLI]YWIXSIEXXS[VMXIERHXS
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-RJSVQEXMZIWTIEOIVW[SVO SRGSQQYRMGEXMRKXLIMV MHIEWMRGPIEVRSRXIGLRMGEP PERKYEKIEWMPPYWXVEXIHLIVI F]TEVEQIHMG'LIV]P&MWLST I\TPEMRMRKXLI,IMQPMGL QERIYZIVXSEKVSYTSJ QMHHPIWGLSSPWXYHIRXW
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
8LMW MW JEWGMREXMRK MRJSVQEXMSR FYX MX MW RSX QEHI JEWGMREXMRK XS XLI EYHMIRGI0IXtWXV]EKEMR .YWX FIGEYWI ]SY YWI ]SYV VMKLX LERH XS IEX XS [VMXI ERH XS TPE] WTSVXW ]SY QE] EWWYQIXLEX]SYtVIREXYVEPP]VMKLXLERHIH&YXWE]W7GMIRGIQEKE^MRILEPJSJEPPTISTPI [LSEVIREXYVEPP]PIJXLERHIHKVS[YTYWMRKXLIMVVMKLXLERHW ,S[GER]SYXIPPMJ]SYtVIEREXYVEPPIJX]#(V%FVEQ&PEYEYXLSVSJ8LI1EWXIV,ERH KMZIWWSQIXIWXW]SYGERXV] *MVWXSREWLIIXSJTETIVWIIMJ]SYGER[VMXIFEGO[EVHSVYTWMHIHS[R[MXL]SYVPIJX LERH-J]SYEVIPIJXLERHIH]SYGERTVSFEFP]HSXLMWWTSRXERISYWP][MXLSYXTVEGXMGISV XVEMRMRK 7IGSRHGPEWT]SYVLERHWXSKIXLIVMRJVSRXSJ]SY;LMGLIZIVXLYQF]SYTPEGISRXST MWYWYEPP]]SYVHSQMRERXLERH 8LMVHKVEFLSPH SJ EFVSSQWXMGO3HHWEVI]SYtPPTPEGI]SYVHSQMRERXLERH SR XLIFSXXSQ *MREPP]HVE[EGMVGPISRETMIGISJTETIV[MXL]SYVVMKLXLERH-J]SYHVE[MXGSYRXIV GPSGO[MWI]SYtVITVSFEFP]EREXYVEPVMKLXLERHIV&YXMJ]SYHVE[MXGPSGO[MWI]SYtVITVSF EFP]EREXYVEPPIJX] -J]SYXIWXPIJXLERHIHSRXLVIISJXLIWIXIWXWXLIVIMWEKSSHGLERGI]SYEVIEWIGVIX WSYXLTE[
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ q7IGVIX7SYXLTE[WrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0SSOEXXLIJVIUYIRXYWISJq]SYrERHq]SYVr8LIJEGXWEVIXLIWEQIFYX RS[XLI]EVITSMRXIHHMVIGXP]EXXLIEYHMIRGI6IWIEVGLWLS[WXLEXYWMRKTIV WSREP XIVQW WYGL EW q]SYr ERH q]SYVrMR ER MRJSVQEXMZIWTIIGL WMKRMJMGERXP] MRGVIEWIWEYHMIRGIYRHIVWXERHMRKSJXLIWTIEOIVtWMHIEW
(32t8&)8338)',2-'%0 ;LEXHSIWMXQIERXSWE]XLEXERMRJSVQEXMZIWTIIGLMWXSSXIGLRMGEP#-XQE] QIERXLIWYFNIGXQEXXIVMWXSSWTIGMEPM^IHJSVXLIEYHMIRGI%R]WYFNIGXGER FITSTYPEVM^IHhFYXSRP]YTXSETSMRX8LIMQTSVXERXXLMRKJSVEWTIEOIVXS ORS[MW[LEXGERFII\TPEMRIHXSERSVHMREV]EYHMIRGIERH[LEXGERRSX 7E]]SYVWYFNIGXMWIPIGXVSRMGEQTPMJMIVW-XtWRSXVMGOXSHIQSRWXVEXILS[ XSSTIVEXIEREQTPMJMIV LS[XSXYVRMXSRERHSJJEHNYWXXLIZSPYQIWIXXLIXSRI ERHFEPERGIGSRXVSPW -Xt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
8LIWIGSRHWXEXIQIRXMWTIVJIGXP]YRHIVWXERHEFPIERHWLS[WLS[XIGLRM GEPMRJSVQEXMSRGERFIQEHIGPIEVXSXLIEZIVEKITIVWSR
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq8LI 4VSQMWISJ7XIQ'IPPWrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
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
1YGLGPIEVIVMWRtXMX#8LISRP]WTIGMEPM^IH[SVHWMRXLI[LSPITEWWEKIEVI qWXIQGIPPWr8LIVIWXSJXLIPERKYEKIMWWXVEMKLXJSV[EVHXLIMHIEWIEW]XSKVEWT 8LMWMW[LEX]SYWLSYPHWXVMZIJSVMR]SYVMRJSVQEXMZIWTIIGLIW
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%:3-(%&786%'8-327 q1]XEWOrWEMHXLIRSZIPMWX.SWITL'SRVEHqMWFIJSVIEPPXSQEOI]SYWIIr%RH QEOI XLI VIEHIV WII MW NYWX [LEX 'SRVEH HMH ;MXRIWW XLMW TEWWEKI MR [LMGL 'SRVEHHIWGVMFIWXLIEJXIVQEXLSJERI\TPSWMSREFSEVHEWLMT 8LIJMVWXTIVWSR-WE[[EW1ELSR[MXLI]IWPMOIWEYGIVWLMWQSYXLSTIRERHXLIPSRK [LMXILEMVWXERHMRKWXVEMKLXSRIRHVSYRHLMWLIEHPMOIEWMPZIVLEPS,I[EWNYWXEFSYXXS KSHS[R[LIRXLIWMKLXSJXLIQEMRHIGOWXMVVMRKLIEZMRKYTERHGLERKMRKMRXSWTPMRXIVW FIJSVILMWI]IWTIXVMJMIHLMQSRXLIXSTWXIT-WXEVIHEXLMQMRYRFIPMIJERHLIWXEVIHEX QI[MXLEUYIIVOMRHSJWLSGOIHGYVMSWMX]-HMHRSXORS[XLEX-LEHRSLEMVRSI]IFVS[W RSI]IPEWLIWXLEXQ]]SYRKQYWXEGLI[EWFYVRXSJJXLEXQ]JEGI[EWFPEGOSRIGLIIO PEMHSTIRQ]RSWIGYXERHQ]GLMRFPIIHMRK
%WTIIGLMWRSXERSZIP7XMPPQER]MRJSVQEXMZIWTIIGLIW[SYPHFIZEWXP] MQTVSZIHF]XLIRSZIPMWXtWFIRXJSVGSPSVWTIGMJMGMX]ERHHIXEMP 3RI [E] XS EZSMH EFWXVEGXMSRW MW XLVSYKL HIWGVMTXMSR ;LIR [I XLMRO SJ HIWGVMTXMSR[IYWYEPP]XLMROSJI\XIVREPIZIRXWWYGLEWXLII\TPSWMSRHIWGVMFIH F]'SRVEH&YXHIWGVMTXMSRMWEPWSYWIHXSGSQQYRMGEXIMRXIVREPJIIPMRKW,IVI MWLS[SRIWXYHIRXXVMIHXSGSRZI]XS LMW EYHMIRGI XLIWIRWEXMSRWLII\TIVM IRGIH[LIRLIJMVWXFIKERWO]HMZMRK
HIWGVMTXMSR %WXEXIQIRXXLEXHITMGXWE TIVWSRIZIRXMHIESVXLIPMOI [MXLGPEVMX]ERHZMZMHRIWW
%W[I[EMXJSVXLITPERIXSGPMQFXSXLINYQTEPXMXYHISJJIIXQ]QMRHVEGIW [MXLEJVIR^MIHNYQFPISJXLSYKLXW q3/XLMWMWXLIQSQIRX]SYtZIFIIR[EMXMRKJSV-XtW KSMRKXSFIKVIEX%Q-VIEPP]KSMRKXSNYQTSYXSJEREMVTPERIJVSQJIIX#;LEXMJ WSQIXLMRKKSIW[VSRK#'ER-WXMPPFEGOSYX#'SQISRRS[HSRtX[SVV]-XtPPFIJMRIr
)ZIRMJ[ILEZIRSXFIIRWO]HMZMRK[ILEZIEPPLEHXLIWEQIOMRHWSJIQS XMSRWSRWMQMPEVSGGEWMSRW7S[LEXLETTIRIHRI\X# 2S[ MXMWXMQIXS NYQT1]TEPQWEVIW[IEXMRKERHQ]LIEVXMWTSYRHMRKWSLEVH- XLMRO MX QE] FYVWX q+IX VIEH]r ]IPPW XLI MRWXVYGXSV %W - NYQT MRXS XLI FPYI - [SRHIV q;LEXEQ-HSMRKLIVI#r
=IWh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
%W[IPMWXIRXSXLIWTIEOIV[IWLEVILMWXLSYKLXWJIIPLMWLIEVXTSYRHERHNSMR LMWI\LMPEVEXMSREWLIJPSEXWIJJSVXPIWWP]XLVSYKLXLIWO]8LIZMZMHHIWGVMTXMSR PIRHWVIEPMX]XSXLIWTIIGLERHHVE[WYWJYVXLIVMR %RSXLIV[E]XSIWGETIEFWXVEGXMSRWMW[MXLGSQTEVMWSRWXLEXTYX]SYVWYF NIGXMRGSRGVIXIJEQMPMEVXIVQW(S]SY[ERXXSGSRZI][LEX[SYPHLETTIRMJ EGSQIXSVPEVKIEWXIVSMHWXVYGOXLIIEVXL#=SYGSYPHWE]XLMW
-JEGSQIXSVPEVKIEWXIVSMHWXVYGOXLIIEVXLXLIMQTEGX[SYPHFIHIZEWXEXMRK
+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8VYIFYXXLIWXEXIQIRXMWZEKYIERHEFWXVEGX-XHSIWRSXGSQQYRMGEXI]SYV QIERMRKGPIEVP]ERHGSRGVIXIP]2S[WYTTSWI]SYEHHXLMW
GSQTEVMWSR %WXEXIQIRXSJXLIWMQMPEVMXMIW EQSRKX[SSVQSVITISTPI IZIRXWMHIEWIXG
GSRXVEWX %WXEXIQIRXSJXLIHMJJIVIRGIW EQSRKX[SSVQSVITISTPI IZIRXWMHIEWIXG
8S KMZI ]SY ER MHIE LS[ HIZEWXEXMRK XLI MQTEGX [SYPH FI MX[SYPH FI PMOI EPP XLI RYGPIEVFSQFWMRXLI[SVPHKSMRKSJJEXSRIWTSX
2S[ ]SY LEZI QEHI XLI EFWXVEGX WTIGMJMG ERH KMZIR YW E WLEVT RI[ WPERX SR XLMRKW 0MOIGSQTEVMWSRGSRXVEWXGERTYXERMHIEMRXSGSRGVIXIXIVQW7YTTSWI]SY [ERXXSQEOIXLITSMRXXLEXETIVWSRtWGLERGIWSJ[MRRMRKEWXEXIPSXXIV]EVI I\XVIQIP]PS[=SYGSYPHWE]q8LISHHWJSVI\EQTPISJ[MRRMRKEWXEXIPSX XIV] EVI ER EWXVSRSQMGEP QMPPMSR XS r 8LI [SVH qEWXVSRSQMGEPr WYKKIWXW XLEX]SYGSRWMHIVQMPPMSRXSPSRKSHHWFYXPSRKMRGSQTEVMWSRXS[LEX# 3RIWTIEOIVSJJIVIHXLMWGSRXVEWX 8LISHHWSJTMGOMRKXLIGSVVIGXWM\HMKMXWIUYIRGIMREX]TMGEPWXEXIPSXXIV]EVIQMP PMSRXS-RGSRXVEWXXLISHHWSJKIXXMRKLMXF]PMKLXRMRKEVISRP]XS8LISHHW SJH]MRKMREGEVEGGMHIRXEVIXS-RSXLIV[SVHWXLISHHWEVIQYGLWXVSRKIVXLEX ]SY[MPPKIXLMXF]PMKLXRMRKSVFIOMPPIHMREGEVGVEWLXLERXLEX]SY[MPP[MRXLINEGOTSXMR EWXEXIPSXXIV]
8LMWTYXWEREFWXVEGXJEGXMRXSQIERMRKJYPTIVWTIGXMZI
4)6732%0->)=396-()%7 TIVWSREPM^I 8STVIWIRXSRItWMHIEWMRLYQER XIVQWXLEXVIPEXIMRWSQI JEWLMSRXSXLII\TIVMIRGISJXLI EYHMIRGI
0MWXIRIVW[ERXXSFIIRXIVXEMRIHEWXLI]EVIFIMRKIRPMKLXIRIH 2SXLMRKXEOIW XLIIHKISJJERMRJSVQEXMZIWTIIGLQSVIXLERERYRFVSOIRWXVMRKSJJEGXWERH JMKYVIW %RH RSXLMRK IRPMZIRW E WTIIGL QSVI XLER TIVWSREP MPPYWXVEXMSRW ;LIRIZIV TSWWMFPI ]SY WLSYPH XV] XS TIVWSREPM^I ]SYV MHIEW ERH HVEQEXM^I XLIQMRLYQERXIVQW 0IXtWWE]]SYEVIXEPOMRKEFSYXEYXMWQXLIHIZIPSTQIRXEPHMWEFMPMX]QEVOIH F]MQTEMVIHGSQQYRMGEXMSRERHMRXIVEGXMSRWOMPPW=SY[SYPHWYVIP]RSXIXLEX XLIGSRHMXMSREJJIGXWMRIZIV]GLMPHVIRSGGYVWJSYVXMQIWQSVIJVIUYIRXP] MRQEPIWXLERMRJIQEPIWERHMWQSWXTVIZEPIRXEQSRK'EYGEWMERW=SY[SYPH EPWSRSXIXLEXXLIW]QTXSQWSJEYXMWQMRGPYHIEFRSVQEPMRXVSZIVWMSRWIZIVIP] PMQMXIHYWISJPERKYEKIVITIXMXMZIFILEZMSVWEZSMHERGISJI]IGSRXEGXPSWWSJ IQSXMSREPGSRXVSPERHTEWWMZIVIWTSRWIWXSEJJIGXMSR &YXXLIWIEVIHV]JEGXWERHJMKYVIW-J]SYVIEPP][ERXXSKIX]SYVEYHMIRGI MRZSPZIH]SY[MPP[IEZIMRWSQII\EQTPIWSJGLMPHVIR[LSWYJJIVJVSQEYXMWQ 3RIWTIEOIVFIKERF]XIPPMRKEFSYX7EQLIVEYXMWXMGRITLI[ 1]RITLI[7EQ[EWXLIHIPMKLXSJSYVJEQMP][LIRLI[EWFSVRXLIJMVWXKVERHGLMPHSJ Q]TEVIRXW,IGSSIHERHFEFFPIHWQMPIHEXLMWQSQERHHEHKVEWTIHJSVXLITPE]XLMRKW EVSYRHLMWGVMF%XJEQMP]HMRRIVWSR7YRHE][IXSSOXYVRWLSPHMRKLMQMRSYVEVQWJIIHMRK LMQ ERH WMRKMRK LMQ XS WPIIT ,I WIIQIH PMOI ER] RSVQEP MRJERX MR E WIGYVI ERH PSZMRK LSQI 8LIRWLSVXP]FIJSVILMWWIGSRHFMVXLHE][IFIKERXSRSXMGIYRYWYEPFILEZMSVW7EQ EZSMHIHPSSOMRKYWMRXLII]IHMHRSX WIIQ MRXIVIWXIHMRPIEVRMRK[SVHWTPE]IHIRH PIWWP][MXLXLIWEQIXS]VSGOIHFEGOERHJSVXLMRLMWGLEMVJSVLSYVWEXEXMQIERH[EW IEWMP] JVYWXVEXIH 1] WMWXIV XSSO LMQ XS E WTIGMEPMWX [LS KEZI XLI HVIEHIH HMEKRSWMW 7EQ[EWEYXMWXMG
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IKEVHPIWWSJXLIWMXYEXMSR MRJSVQEXMZIWTIEOIVW[SVOXS SVKERM^IXLIMVMHIEWIJJIG XMZIP]ERHXSI\TPEMRXLIQMR GPIEVRSRXIGLRMGEPPERKYEKI XLEXMWETTVSTVMEXIJSVXLIMV PMWXIRIVWtORS[PIHKIERH MRXIVIWXW
(YVMRKXLIFSH]SJXLIWTIIGLXLIWTIEOIVQIRXMSRIH7EQX[MGIQSVIXS MPPYWXVEXI HMJJIVIRX EWTIGXW SJ EYXMWQ 8LIR EX XLI IRH SJ XLI WTIIGL WLI FVSYKLX7EQtWWXSV]XSELSTIJYPGSRGPYWMSR ;ILEZIWIIRXLEXEYXMWQMWEZIV]WIVMSYWHMWSVHIV[LSWIGEYWIWEVIRSX[IPPYRHIV WXSSHERH[LSWIIJJIGXWSRJEQMPMIWERHXLIPMZIWSJXLIGLMPHVIRXLIQWIPZIWGERFIHIZ EWXEXMRK &YX [I LEZI EPWS WIIR XLEX IEVP] HMEKRSWMW ERH IEVP] MRXIVZIRXMSR GER LIPT XS QSHMJ]ERHIZIRXYVREVSYRHXLIW]QTXSQWSJEYXMWQ -EQLETT]XSWE]XLEX7EQLEWFIRIJMXIHJVSQWYGLMRXIVZIRXMSR*VSQXLIXMQILI [EWX[SLILEWFIIRXEYKLXqRSVQEPrFILEZMSVTEXXIVRWXLVSYKLEKKVIWWMZIXLIVET]2S[ LI MW EFPI XS TEVXMGMTEXI MR LMW GPEWW EX XLI PSGEP WGLSSP ,I MW EPWS QSVI VIWTSRWMZI ERH EJJIGXMSREXIEXLSQI7EQGSRXMRYIWXSFISYVHIPMKLX
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ q%YXMWQ ,IEVXFVIEOERH,STIr MRXLISRPMRI1IHME0MFVEV]JSV XLMWGLETXIV :MHIS'PMT
-X [EW E TS[IVJYP IRHMRK &] TYXXMRK E LYQER JEGI SR E JEQMPMEV XSTMG XLI WTIEOIV XSSO EYXMWQ SYX SJ XLI VIEPQ SJ WXEXMWXMGW ERH QIHMGEP NEVKSR ERH FVSYKLXMXLSQIMRTIVWSREPXIVQW
7EQTPI7TIIGL[MXL'SQQIRXEV]
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
GSRRIGXPYGEWGSQ :MI[q%GYTYRGXYVI 2I[9WIW JSVER%RGMIRX6IQIH]rMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%GYTYRGXYVI 2I[9WIWJSVER%RGMIRX6IQIH] '311)28%6=
74))',
8LIWTIEOIVWXEVXW[MXLERI\XIRHIHI\EQTPI XLEX GETXYVIW EXXIRXMSR ERH MRXIVIWX -R XLMW GEWI XLI I\EQTPI [SVOW TEVXMGYPEVP] [IPP FIGEYWIMXMWTIVWSREPP]VIPEXIHXSXLIWTIEOIV ERHMWVMGLP]HIXEMPIHERHZMZMHP]HVE[R
7M\ QSRXLW EKS Q] ]IEVSPH KVERHQSXLIV [EW UYMGOP] PSWMRK LIV MRHITIRHIRGI 7IZIVI EVXLVMXMW MR FSXL ORIIW LEQTIVIHLIVEFMPMX]XSXEOIGEVISJLIVWIPJ7LSTTMRKKIX XMRK EVSYRH XLI RIMKLFSVLSSH IZIR [EPOMRK HS[R LIV JVSRX WXITW [EW FIGSQMRK EPQSWX MQTSWWMFPI 4EMR QIHMGE XMSRW LIPTIH WSQI[LEX FYX XLI WMHI IJJIGXW GVIEXIH XLIMV S[RTVSFPIQW
%WXLIWTIEOIVGSRXMRYIWLIVSTIRMRKI\EQTPI WLI MRXVSHYGIW XLI WYFNIGX SJ LIV WTIIGL F] XEPOMRKEFSYXLIVKVERHQSXLIVtWTSWMXMZII\TI VMIRGI[MXLEGYTYRGXYVI
8LIR LIV HSGXSV WYKKIWXIH EGYTYRGXYVI 1] KVERH QSXLIV[EW WOITXMGEPEXJMVWXFYXWLI[EW[MPPMRKXS XV] NYWX EFSYX ER]XLMRK 7LI HMH ERH XLI VIWYPXW [IVI QMVEGYPSYW %JXIV WM\ [IIOW LIV TEMR ERH WXMJJRIWW [IVI WMKRMJMGERXP] VIHYGIHWLI [EWEFPIXS XEOIGEVI SJLIV ETEVXQIRXEKEMR WLIGSYPHKIXSYXSRLIVS[RXSKSWLSTTMRKXSZMWMXJVMIRHW ERHJEQMP]ERHXSHSXLISXLIVXLMRKWLIVEVXLVMXMWLEHTVI ZIRXIH MR XLI TEWX %GYTYRGXYVI VIWXSVIH LIV UYEPMX] SJ PMJI ERHLIVMRHITIRHIRGI
1IRXMSRMRKLIVS[RI\TIVMIRGI[MXLEGYTYRG XYVILIPTWIWXEFPMWLXLIWTIEOIVtWGVIHMFMPMX]
1]KVERHQSXLIVtWWXSV]MWRSXYRMUYI4IVJSVQIHJSV[IPP SZIV]IEVWMR'LMREERHSXLIVTEVXWSJ%WMEEGYTYRGXYVI MW FIGSQMRK QSVI ERH QSVI TSTYPEV MR XLI 97 ERH SXLIV ;IWXIVRGSYRXVMIWJSVSRIWMQTPIVIEWSRhMX[SVOW-QTVIWWIH F]Q]KVERHQSXLIVtWI\TIVMIRGI-FIKEREGYTYRGXYVIXVIEX QIRXWJSVQ]QMKVEMRILIEHEGLIWERHRS[Q]LIEHEGLIWEVI GSQTPIXIP]KSRI
,IVIXLIWTIEOIVVIMRJSVGIWLIVGVIHMFMPMX]ERH TVIZMI[W XLIQEMRTSMRXWXSFIHMWGYWWIHMR XLI FSH] SJ XLI WTIIGL %R I\TPMGMX TVIZMI[ WXEXIQIRX EX XLI IRH SJ XLI MRXVSHYGXMSR MW IWTIGMEPP] MQTSVXERX [LIR WTIEOMRK XS MRJSVQ
2SXWYVTVMWMRKP]-[ERXIHXSPIEVRQSVIEFSYXXLMWXVIEX QIRXXLEXTVSHYGIHWYGLQMVEGYPSYWVIWYPXWJSVFSXLQ]KVERH QSXLIV ERH Q]WIPJ 8SHE] - [MPP WLEVI TEVX SJ [LEX - LEZI PIEVRIHF]I\TPEMRMRK[LEXLETTIRW[LIR]SYVIGIMZIEREGY TYRGXYVI XVIEXQIRX LS[ EGYTYRGXYVI [SVOW XLI OMRHW SJ QIHMGEPGSRHMXMSRWXLEXGERFIXVIEXIHF]EGYTYRGXYVIERHXLI KVS[MRK YWI SJ EGYTYRGXYVI MR GSQFMREXMSR [MXL ;IWXIVR QIHMGEPXIGLRMUYIW0IXtWWXEVXF]PSSOMRKEXEX]TMGEPEGYTYRG XYVIXVIEXQIRX
2S[ XLIWTIEOIVQSZIWMRXS LIV JMVWX QEMR TSMRX8LIMRJSVQEXMSRMRXLMWERHXLIJSP PS[MRK TEVEKVETL ERW[IVW XLI EYHMIRGItW UYIWXMSRW EFSYX [LEX LETTIRW HYVMRK ER EGYTYRGXYVIXVIEXQIRX
%GYTYRGXYVIMW XLI MRWIVXMSR SJ RIIHPIW MRXS XLI WOMR XS EGLMIZIEFEPERGIHJPS[SJIRIVK][LMGLMRXYVRVIWXSVIWERH TVIWIVZIWLIEPXL8STVIZIRXER]GLERGISJGSRXEQMREXMSRJVSQ SRITIVWSRXSERSXLIVEGYTYRGXYVMWXWMRXLI97YWIWXIVMPM^IH RIIHPIWXLEXEVIMRHMZMHYEPP]TEGOEKIHERHEVIHMWTSWIHSJEJXIV EWMRKPIYWI
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
/RS[MRKXLEXQER]TISTPIEVIWUYIEQMWLEFSYX FIMRKTSOIH[MXLRIIHPIWXLIWTIEOIVQEOIWWYVI XSI\TPEMRXLEXXLIRIIHPIWYWIHMREGYTYRGXYVI EVIWQEPPERHIWWIRXMEPP]TEMRPIWW2SXMGIXLEXXLI WTIEOIVHMHRSXTEWWXLIRIIHPIWEVSYRHHYVMRK LIVWTIIGL%WQIRXMSRIHMR'LETXIVTYXXMRK ZMWYEPEMHWMRXLILERHWSJXLIEYHMIRGIHYVMRKE WTIIGL MW ER EPQSWX GIVXEMR VIGMTI JSV HMWEWXIV FIGEYWIPMWXIRIVW[MPPIRHYTTE]MRKQSVIEXXIR XMSR XS XLI ZMWYEP EMHW XLER XS XLI WTIEOIVtW [SVHW
-VIEPM^IXLEXXLIRSXMSRSJLEZMRKRIIHPIWWXYGOMRXS]SY QE] WIIQ JVMKLXIRMRK FYX XLI RIIHPIW EVI WS XLMR XLEX XLI TVSGIWWMWTEMRPIWW%GYTYRGXYVIRIIHPIWEVIQYGLWQEPPIVXLER XLIRIIHPIWYWIHJSVHVE[MRKFPSSHSVKIXXMRKWLSXW,IVIEVI WSQIRIIHPIWXLEX-VIGIMZIHJVSQQ]EGYTYRGXYVMWX%JXIVQ] WTIIGL-tPPTEWWXLIQEVSYRHWS]SYGERWIILS[MRGVIHMFP]PMKLX ERHWQEPPXLI]EVI8LI]EVIWSXLMRhEFSYXXLIXLMGORIWWSJE LYQER LEMVhXLEX ]SY GER LEVHP] XIPP [LIR XLI]tVI MRWIVXIH %RH XLIVItW YWYEPP] RS WIRWEXMSR SXLIV XLER TEMR VIPMIJ SRGI XLI]LEZIFIIRMRWIVXIH%JXIVFIMRKPIJXMRJSVSVQMR YXIW[LMPI]SYPMIMREHEVOIRIHVSSQXLIRIIHPIWEVIVIQSZIH ERHXLIXVIEXQIRXMWSZIV
8LMWTEVEKVETLFIKMRW[MXLEXVERWMXMSRMRXS XLI WTIEOIVtW WIGSRH QEMR TSMRX %W MR XLI TVIZMSYW TEVEKVETL WLI VIPEXIW XLI XSTMG HMVIGXP]XSLIVEYHMIRGIF]WTIEOMRKMRXIVQW SJq]SYr
2S[ XLEX]SYORS[ [LEXLETTIRW[LIR]SYtVIXVIEXIH F] ER EGYTYRGXYVMWX ]SYtVI TVSFEFP] [SRHIVMRK LS[ EGY TYRGXYVI[SVOW 8LITVSGIWW MW I\TPEMRIHF] (V *IPM\ 1ERR 4VIWMHIRX SJ XLI 1IHMGEP %GYTYRGXYVI 7SGMIX] MR LMW FSSO %GYTYRGXYVI 8LI%RGMIRX'LMRIWI%VXSJ,IEPMRKERH,S[-X ;SVOW 7GMIRXMJMGEPP] %GGSVHMRK XS XVEHMXMSREP 'LMRIWI QIHM GMRI IZIV] PMJI TVSGIWW MW FEWIH SR XLI JPS[ SJ ZMXEP IRIVK] XLVSYKLXLIFSH]8LMWIRIVK]MWORS[RMR'LMRIWIEWUMERH JPS[WEPSRKGLERRIPWSVTEXL[E]WGEPPIHQIVMHMERW
%W]SYGERWIIJVSQXLIZMHISSJXLMWWTIIGLMR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV XLI WTIEOIVYWIWEZMWYEPEMHXSGPEVMJ] LIVI\TPERE XMSRSJXLIEGYTYRGXYVIQIVMHMERW
8LIQIVMHMERWEVIWLS[RMRXLMWZMWYEPEMH%W]SYGERWII XLI]GSZIVXLIIRXMVIFSH]VYRRMRKJVSQXLIXSTSJXLILIEH XSXLIFSXXSQSJXLIJIIXERHHS[RFSXLEVQW;LIRXLIJVII JPS[SJIRIVK]XLVSYKLXLIWIQIVMHMERWMWFPSGOIHXLIVIWYPX MWTEMRMPPRIWWHMWIEWISVSXLIVTL]WMGEPTVSFPIQW
8LIWTIEOIVtWI\TPEREXMSRXLVSYKLSYXXLMWQEMR TSMRXTVSZMHIWEKSSHI\EQTPISJLS[XSGSQ QYRMGEXI XIGLRMGEP MRJSVQEXMSR MR IZIV]HE] PERKYEKI8LIUYSXEXMSREXXLIIRHSJXLITEVE KVETLRMGIP]WYQWYTXLMWWIGXMSRSJXLIWTIIGL
8LI EMQ SJ EGYTYRGXYVI MW XS VIWXSVI XLI STIR JPS[ SJ IRIVK]XLVSYKLXLIWIQIVMHMERW8LMWMWHSRIF]TPEGMRKRII HPIWEXWTIGMJMGTSMRXWSRXLIQIVMHMERW%PXSKIXLIVXLIVIEVI QSVIXLEREGYTYRGXYVITSMRXWSRXLIQIVMHMERW8LIWI TSMRXWLEZIFIIRQETTIHSYXSZIVXLIGIRXYVMIW[MXLWGMIRXMJMG TVIGMWMSR-R'LMREXLIVIMWEWE]MRK q8LIVIMWRSTEMRMJXLIVI MWJVIIJPS[ MJXLIVIMWTEMRXLIVIMWRSJVIIJPS[r
% WMKRTSWX SJ XLI FIKMRRMRK SJ XLMW TEVEKVETL LIPTW WMKREP XLEX XLI WTIEOIV MW QSZMRK XS LIV XLMVHQEMRTSMRXMR[LMGLWLII\TPEMRWWSQISJ XLIQIHMGEPGSRHMXMSRWXLEXGERFIXVIEXIH[MXL EGYTYRGXYVI %W MR XLI VIWX SJ XLI WTIIGL WLI VIPMIW SR LMKLP] GVIHMFPI WSYVGIW ERH MHIRXMJMIW XLIQGPIEVP]8LMWMWGVYGMEPMJXLIEYHMIRGIMWXS EGGITX XLI EGGYVEG] SJ XLI WTIEOIVtW MRJSVQE XMSRhIWTIGMEPP] WMRGI WLI MW RSX ER I\TIVX SR EGYTYRGXYVI
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
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4ISTPI EPWS YWI EGYTYRGXYVI XS FYMPH XLIMVMQQYRI W]W XIQXSGSRXVSPEPPIVKMIWERHXSGSQFEXHITVIWWMSRERHER\M IX] 3J GSYVWI ]SY GERtX YWI EGYTYRGXYVI XS LIEP E FVSOIR EVQ&YXTISTPIMR%WMESJXIRYWIEGYTYRGXYVIHYVMRKWYVKIV] MRWXIEHSJ;IWXIVRERIWXLIWMEERHMXGERWTIIHVIGSZIV]XMQI EJXIVWYVKIV] 8LI WTIEOIVtW JMREP QEMR TSMRX HIEPW [MXL XLIKVS[MRKMRXIKVEXMSRSJEGYTYRGXYVI[MXL ;IWXIVRQIHMGEPXIGLRMUYIW-RXLMWERHXLI JSPPS[MRK TEVEKVETL WLI YWIW E QM\ SJ I\EQTPIWXIWXMQSR] ERHWXEXMWXMGWXSMPPYW XVEXI LIV TSMRX %PP MR EPP XLMW WTIIGL TVS ZMHIWERI\GIPPIRXGEWIWXYH]MRLS[XSYWI WYTTSVXMRKQEXIVMEPWXSFYXXVIWWERMRJSVQE XMZITVIWIRXEXMSR
-R PMKLX SJ EPP XLMW MX MW RSX WYVTVMWMRK XLEX E RYQFIV SJ GPMRMGWERHLSWTMXEPWEVIGSQFMRMRKEGYTYRGXYVI[MXL;IWXIVR QIHMGMRIMRERIJJSVXXSTVSZMHITEXMIRXWXLIFIRIJMXWSJFSXL *SV I\EQTPI 1EWWEGLYWIXXW +IRIVEP ,SWTMXEP MR &SWXSR XLI XLMVHSPHIWXLSWTMXEPMRXLI97LEWEHHIHEGYTYRGXYVIXSMXW [IPPRIWW GIRXIV 4SWMXMZI VIWYPXW LEZI EPWS FIIR WIIR EX XLI 1EXXIP'LMPHVIRtW,SWTMXEPEX9'0%(V0SRRMI>IPX^IVHMVIGXSV SJ XLI LSWTMXEPtW TIHMEXVMG TEMR TVSKVEQ GSRJMVQW XLEX EGY TYRGXYVIqVIEPP]HSIWLIPT1SWXGLMPHVIREGGITXEGYTYRGXYVI ERHMRJEGXVIEPP]JIIPKSSHEFSYXMXr
%W MR XLI VIWX SJ LIV WTIIGL XLI WTIEOIVtW UYSXEXMSRWEVIFVMIJERH[IPPGLSWIR2SXMGI LS[WLIMHIRXMJMIWXLITISTPIWLIMWUYSXMRK ERHIWXEFPMWLIWXLIMVGVIHIRXMEPWFIJSVITVI WIRXMRKXLIMVXIWXMQSR]
%RSXLIVI\EQTPISJXLIMRXIKVEXMSRSJEGYTYRGXYVI[MXL ;IWXIVRQIHMGMRIMWXLI;EWWIV4EMR1EREKIQIRX'IRXIVEX 1SYRX 7MREM ,SWTMXEP MR 8SVSRXS 'EREHE 2IYVSPSKMWX %PPER +SVHSR(MVIGXSVSJXLI'IRXIVWE]WXLEXMRXVSHYGMRKEGYTYRG XYVI MRXS XLI LSWTMXEP qI\TERHW XLI XVIEXQIRX EZEMPEFPI XS GLVSRMGTEMRWYJJIVIVWrERHTVSZMHIWqQYPXMTPISTXMSRWJSVGEVI XSSYVTEXMIRXWr8LI2EXMSREP-RWXMXYXIWSJ,IEPXLVITSVXXLEX QSVIXLER QMPPMSR%QIVMGERWLEZIXVMIHEGYTYRGXYVIERHMXW YWI XLVSYKLSYX XLI VIWX SJ XLI ;IWXIVR [SVPH MW KVS[MRK JEWX
8LITLVEWIq8SHE][ILEZIPIEVRIHrWMKREPW XLEXXLIWTIEOIVMWQSZMRKMRXSLIVGSRGPY WMSR7LIXLIRTVSZMHIWEGSRGMWIWYQQEV] SJXLIQEMRTSMRXWHIZIPSTIHMRXLIFSH]
8SHE][ILEZIPIEVRIH[LEXLETTIRWHYVMRKEREGYTYRG XYVIXVIEXQIRXLS[EGYTYRGXYVI[SVOWWSQISJXLIMPPRIWWIW XLEXGERFIXVIEXIH[MXLEGYTYRGXYVIERHXLIKVS[MRKMRXI KVEXMSRSJEGYTYRGXYVI[MXL;IWXIVRETTVSEGLIWXSQIHMGMRI -LSTI]SYRS[ORS[QSVIEFSYXXLMWERGMIRXQIHMGEPTVEG XMGIERHXLIFIRIJMXWMXGERTVSZMHI
%JXIVVIMRJSVGMRKLIVGIRXVEPMHIEEFSYXXLI FIRIJMXW SJ EGYTYRGXYVI XLI WTIEOIV VIJIVW FEGO XS LIV KVERHQSXLIV [LSQ WLI LEH HMWGYWWIH MR XLI MRXVSHYGXMSR 8LMW YRMJMIW XLIIRXMVIWTIIGLERHIRHWMXSRETIVWSREP RSXI
%JXIV]IEVWSJWOITXMGMWQEFSYXEGYTYRGXYVIXLI;IWXMW JMREPP] FIKMRRMRK XS VIGSKRM^I XLEX EGYTYRGXYVI MW E LMKLP] IJJIGXMZI [E]XS MQTVSZILIEPXLERH VIHYGI TEMR ERHWYJJIV MRK.YWXEWOQ]KVERHQSXLIV
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7911%6= 7TIEOMRK XS MRJSVQ SGGYVW MR E [MHI VERKI SJ IZIV]HE] WMXYEXMSRW -QTVSZMRK ]SYVEFMPMX]XSGSRZI]ORS[PIHKIIJJIGXMZIP][MPPFIZEPYEFPIXS]SYXLVSYKLSYX ]SYVPMJI -RJSVQEXMZI WTIIGLIW QE] FI KVSYTIH MRXS JSYV GEXIKSVMIWhWTIIGLIW EFSYX SFNIGXW WTIIGLIW EFSYX TVSGIWWIW WTIIGLIW EFSYX IZIRXW ERH WTIIGLIW EFSYX GSRGITXW 3FNIGXWMRGPYHITPEGIWWXVYGXYVIWERMQEPWIZIRTISTPI7TIIGLIWEFSYXSFNIGXW YWYEPP]EVISVKERM^IHMRGLVSRSPSKMGEPWTEXMEPSVXSTMGEPSVHIV%TVSGIWWMWEWIVMIW SJ EGXMSRW XLEX [SVO XSKIXLIV XS TVSHYGI E JMREP VIWYPX 7TIIGLIW EFSYX TVSGIWWIW I\TPEMRLS[WSQIXLMRKMWQEHILS[WSQIXLMRKMWHSRISVLS[WSQIXLMRK[SVOW 8LIQSWXGSQQSRX]TIWSJSVKERM^EXMSRJSVWTIIGLIWEFSYXTVSGIWWIWEVIGLVSRS PSKMGEPERHXSTMGEP %RIZIRXMWER]XLMRKXLEXLETTIRWSVMWVIKEVHIHEWLETTIRMRK7TIIGLIWEFSYX IZIRXW EVI YWYEPP] EVVERKIH MR GLVSRSPSKMGEP SV XSTMGEP SVHIV 'SRGITXW MRGPYHI FIPMIJW XLISVMIW MHIEW ERH TVMRGMTPIW 7TIIGLIW EFSYX GSRGITXW EVI SJXIR QSVI GSQTPI\ XLER SXLIV OMRHW SJ MRJSVQEXMZI WTIIGLIW ERH XLI] X]TMGEPP] JSPPS[ E XSTMGEPTEXXIVRSJSVKERM^EXMSR 2SQEXXIV[LEXXLIWYFNIGXSJ]SYVMRJSVQEXMZIWTIIGLFIGEVIJYPRSXXSSZIV IWXMQEXI[LEX]SYVEYHMIRGIORS[WEFSYXMX)\TPEMRIZIV]XLMRKWSXLSVSYKLP]XLEX XLI] GERt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
/)=8)617 MRJSVQEXMZIWTIIGL
HIWGVMTXMSR
SFNIGX
GSQTEVMWSR
TVSGIWW
GSRXVEWX
IZIRX
TIVWSREPM^I
GSRGITX
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEXEVIXLIJSYVX]TIWSJMRJSVQEXMZIWTIIGLIWHMWGYWWIHMRXLIGLETXIV#+MZI ERI\EQTPISJEKSSHWTIGMJMGTYVTSWIWXEXIQIRXJSVIEGLX]TI ;L] QYWXMRJSVQEXMZI WTIEOIVW FIGEVIJYPRSX XS SZIVIWXMQEXI [LEXXLI EYHM IRGIORS[W EFSYX XLI XSTMG# ;LEX GER ]SY HS XS QEOI WYVI ]SYVMHIEW HSRtX TEWWSZIVXLILIEHWSJ]SYVPMWXIRIVW#
6IZMI[5YIWXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LEXWLSYPH]SY HSEWERMRJSVQEXMZIWTIEOIVXS VIPEXI]SYVXSTMG HMVIGXP] XS XLIEYHMIRGI# ;LEXX[SXLMRKWWLSYPH]SY[EXGLSYXJSVMRQEOMRKWYVI]SYV WTIIGLMW RSX SZIVP]XIGLRMGEP# GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;LEXEVIXLVIIQIXLSHW]SYGERYWIXSEZSMHEFWXVEGXMSRWMR]SYVMRJSVQEXMZI WTIIGL# ;LEX HSIW MX QIER XS WE] XLEX MRJSVQEXMZI WTIEOIVW WLSYPH TIVWSREPM^I XLIMV MHIEW#
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
WTSVXW
ERMQEPW
QYWMG
WGMIRGI
GYPXYVEPGYWXSQW
IHYGEXMSR
XIGLRSPSK]
QIHME
LIEPXL
%REP]^I q8LI ,MHHIR ;SVPH SJ 'LMPM 4ITTIVWr MR XLI ETTIRHM\ SJ WEQTPI WTIIGLIW XLEX JSPPS[W 'LETXIV -HIRXMJ] XLI WTIGMJMG TYVTSWI GIRXVEP MHIE QEMRTSMRXW ERH QIXLSH SJ SVKERM^EXMSR )ZEPYEXI XLI WTIIGL MR PMKLX SJ XLI KYMHIPMRIWJSVMRJSVQEXMZIWTIEOMRKHMWGYWWIHMRXLMWGLETXIV
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK %WXLIQEREKIVJSVEPSGEPGLEMRSJGSJJIILSYWIW]SYLEZIFIIREWOIHXSWTIEOXS E KSYVQIX KVSYT EFSYX LS[ XS QEOI KIRYMRI -XEPMER GETTYGGMRS %W ]SY [VMXI HS[RMHIEWJSV]SYVWTIIGL]SYJMRHXLEX]SYLEZIXLIJSPPS[MRKQEMRTSMRXW - -- --- -: : :- :-- :--- -<
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
',%48)6 74)%/-2+83-2*361
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS-RJSVQ
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
<- /IITMRK XLI XMT SJ XLI WXIEQ ZIRX NYWX FIPS[ XLI WYVJEGI SJ XLI QMPO QSZI XLI TMXGLIVMREGMVGYPEVQSXMSR <-- &IGEVIJYPRSXXSSZIVLIEXSVWGEPHXLIQMPO[LMGL[MPPVYMRXLIJVSXL <--- 3RGI]SYLEZIXLIHIWMVIHEQSYRXERHGSRWMWXIRG]SJJVSXLXYVRXLIWXIEQZIRX SJJERHVIQSZIMXJVSQXLITMXGLIV <-: 2S[]SYEVIVIEH]XSGSQFMRIXLIIWTVIWWSERHJVSXLIHQMPO <: 8LIRSVQEPTVSTSVXMSRWJSVGETTYGGMRSEVISRIXLMVH IWTVIWWSXSX[SXLMVHW JVSXLIH QMPO <:- 7SQI TISTPI TVIJIV XS TSYV XLI IWTVIWWS MRXS XLI JVSXLIH QMPO MR E GETTYGGMRS GYT <:--3XLIVTISTPITVIJIVXSTSYVSVWTSSRXLIJVSXLIHQMPOSZIVXLIIWTVIWWS
,EZMRKXEOIREWTIIGLGPEWWMRGSPPIKI]SYORS[XLMWMWXSSQER]QEMRTSMRXW JSV ER EYHMIRGI XS OIIT XVEGO SJ %W ]SY PSSO SZIV ]SYV PMWX EKEMR LS[IZIV ]SY VIEPM^IXLEX MXGER IEWMP]FIVISVKERM^IHMRXSXLVIIQEMR TSMRXWIEGL [MXLWIZIVEP WYFTSMRXW;LEXEVIXLSWIQEMRTSMRXWERHWYFTSMRXW#
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIEOMRKXS4IVWYEHI 8LI-QTSVXERGISJ4IVWYEWMSR )XLMGWERH4IVWYEWMSR 8LI4W]GLSPSK]SJ4IVWYEWMSR 8LI'LEPPIRKISJ4IVWYEWMZI7TIEOMRK ,S[0MWXIRIVW4VSGIWW4IVWYEWMZI1IWWEKIW 8LI8EVKIX%YHMIRGI
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ*EGX ;LEX%VI5YIWXMSRWSJ*EGX# %REP]^MRK5YIWXMSRWSJ*EGX 3VKERM^MRK7TIIGLIWSR5YIWXMSRWSJ*EGX
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ:EPYI ;LEX%VI5YIWXMSRWSJ:EPYI# %REP]^MRK5YIWXMSRWSJ:EPYI 3VKERM^MRK7TIIGLIWSR5YIWXMSRWSJ:EPYI
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG] ;LEX%VI5YIWXMSRWSJ4SPMG]# 8]TIWSJ7TIIGLIWSR5YIWXMSRWSJ4SPMG] %REP]^MRK5YIWXMSRWSJ4SPMG] 3VKERM^MRK7TIIGLIWSR5YIWXMSRWSJ4SPMG]
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
EQSR8VYNMPPSWXEVXIHXLEXTEVXMGYPEVWGLSSPHE]F]WXSTTMRKEXXLIPMFVEV]XSVIXYVRER SZIVHYIFSSOq0SSOttLII\TPEMRIHXSXLIPMFVEVMERq-ORS[XLMWFSSO[EWHYIPEWX [IIOFYX-[EWWMGO[MXLXLIJPYERHGSYPHRtXIZIRKIXSYXSJFIH(S-WXMPPLEZIXSTE] XLIJMRI#-GERKIX]SYERSXIJVSQXLIHSGXSVMJ]SYRIIHSRItt8LIPMFVEVMERLIQQIHERH LE[IH8LIRLIWEMHq3OE]=SYHSRtXLEZIEVIGSVHSJER]SXLIVJMRIW.YWXXLMWSRGItt ;MXLEWMKLSJVIPMIJ6EQSR[IRXSRXSLMWQSVRMRKGPEWWIW%XRSSRLI[EWHEWLMRK EGVSWWGEQTYW[LIREJVMIRHWXSTTIHLMQq,S[EFSYXWSQIPYRGL#ttWLIEWOIHq-VIEPP] GERtXttVITPMIH6EQSRq-LEZIXSWXERHEXXLIXEFPIERHKIXWMKREXYVIWSRXLIXYMXMSRTIXM XMSR-tPPWII]SYPEXIVXLSYKLtt (YVMRK XLI EJXIVRSSR 6EQSR [IRX XS LMW NSF EX E GSQTYXIV WEPIW GSQTER] ,I EVVMZIHNYWXMRXMQIJSVXLI[IIOP]WXEJJQIIXMRK[LIVILITVIWIRXIHLMWMHIEWSRLS[XS MRGVIEWI GYWXSQIV WEXMWJEGXMSR q3RI XLMRK -tZI RSXMGIHtt LI WEMH qMW XLEX QSWX TISTPI HSRtXVIEPM^I XLI] SRP] LEZI HE]WXS VIXYVR YRSTIRIH QIVGLERHMWI JSV E JYPPVIJYRH 1SWXWXSVIWLEZIEHE]VIXYVRTSPMG]ERH-ORS[[ItZIPSWXWSQIGYWXSQIVWFIGEYWI SYVWMWWLSVXIV'LERKMRKMXQMKLXFIMRGSRZIRMIRXEXJMVWXFYXMX[MPPHIJMRMXIP]LIPTFYWM RIWW MR XLI PSRK VYRtt %JXIV PMWXIRMRK XS 6EQSR XLI WEPIW QEREKIV WEMH q-tZI EP[E]W XLSYKLXHE]W[EWTPIRX]SJXMQIFYX]SYtZIGSRZMRGIHQIXLEX[ISYKLXXSGLERKI 0IXtWKMZIMXEXV]tt
6
-J]SYEWOIH6EQSRLS[LIWTIRXLMWHE]LIQMKLXWE]q-VIXYVRIHEFSSO -[IRXXSGPEWW-[SVOIHXLIXYMXMSRTIXMXMSRXEFPI-LEHEWXEJJQIIXMRKEXQ] NSFtt-RJEGXLIWTIRXEPEVKITEVXSJLMWHE]TIVWYEHMRKhTIVWYEHMRKTISTPIXS HSXLMRKWXLI][IVIVIPYGXERXXSHSSVXLEXLEHRSXSGGYVVIHXSXLIQ
8LI-QTSVXERGISJ4IVWYEWMSR
TIVWYEWMSR 8LITVSGIWWSJGVIEXMRK VIMRJSVGMRKSVGLERKMRK TISTPItWFIPMIJWSVEGXMSRW
4IVWYEWMSRMWXLITVSGIWWSJGVIEXMRKVIMRJSVGMRKSVGLERKMRKTISTPItWFIPMIJW SV EGXMSRW 8LI EFMPMX] XS WTIEO ERH [VMXI TIVWYEWMZIP] [MPP FIRIJMX ]SY MR IZIV] TEVX SJ ]SYV PMJI JVSQ TIVWSREP VIPEXMSRW XS GSQQYRMX] EGXMZMXMIW XS GEVIIVEWTMVEXMSRW;LIRIGSRSQMWXWEHHIHYTXLIRYQFIVSJTISTPIhPE[]IVW WEPIW VITVIWIRXEXMZIW TYFPMG VIPEXMSRW WTIGMEPMWXW GSYRWIPSVW EHQMRMWXVEXSVW ERH SXLIVWh[LSWI NSFW HITIRH PEVKIP] SR TIVWYEHMRK TISTPI XS EHSTX XLIMV TSMRXSJZMI[XLI]GSRGPYHIHXLEXTIVWYEWMSREGGSYRXWJSVTIVGIRXSJXLI 97KVSWWHSQIWXMGTVSHYGX 9RHIVWXERHMRK XLI TVMRGMTPIW SJ TIVWYEWMSR MW EPWS ZMXEP XS FIMRK ER MRJSVQIH GMXM^IR ERH GSRWYQIV &] EKI XLI EZIVEKI %QIVMGER LEW FIIR I\TSWIH XS QMPPMSR XIPIZMWMSR GSQQIVGMEPWhER EZIVEKI SJ IZIV] HE] 4SPMXMGMERW ERH EHZIVXMWIVW WEPIWTISTPI ERH MRXIVIWX KVSYTW JYRHVEMWIVW ERH GSQQYRMX]EGXMZMWXWhEPPZMIJSV]SYVEXXIRXMSRZSXIWQSRI]XMQIERHWYT TSVX 8LI QSVI ]SY ORS[ EFSYX TIVWYEWMSR XLI QSVI IJJIGXMZI ]SY GER FI MR YWMRK ]SYV TS[IVW SJ GVMXMGEP XLMROMRK XS EWWIWW XLI FEVVEKI SJ TIVWYEWMZI QIWWEKIW]SYEVII\TSWIHXSIZIV]HE] %PXLSYKLTIVWYEWMSRLEWFIIRWXYHMIHJSVQSVIXLER]IEVWMXMWWXMPP XLIWYFNIGX SJ PMZIP] HIFEXI EQSRK WGLSPEVW 8LIVI EVI E RYQFIV SJ WGMIRXMJMG QSHIPWSJXLITIVWYEWMZITVSGIWWERHE[MHIVERKISJVIWTIGXIHXLISVMIWEFSYX LS[TIVWYEWMSR[SVOW-RXLMWGLETXIVERHXLIRI\X[I[MPPI\TPSVIXLITVMR GMTPIWSJTIVWYEWMSREWXLI]ETTP]XSTYFPMGWTIEOMRK ;LIR ]SY WTIEO XS TIVWYEHI ]SY EGX EW ER EHZSGEXI =SYV NSF MW XS KIX PMWXIRIVWXSEKVII[MXL]SYERHTIVLETWXSEGXSRXLEXFIPMIJ=SYVKSEPQE]
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
FI XS HIJIRH ER MHIE XS VIJYXI ER STTSRIRX XS WIPP E TVSKVEQ SV XS MRWTMVI TISTPIXSEGXMSR&IGEYWITIVWYEWMZIWTIEOIVWQYWXGSQQYRMGEXIMRJSVQEXMSR GPIEVP] ERH GSRGMWIP] ]SY [MPP RIIH EPP XLI WOMPPW ]SY YWIH MR WTIEOMRK XS MRJSVQ&YX]SY[MPPEPWSRIIHRI[WOMPPWXLEXXEOI]SYJVSQKMZMRKMRJSVQEXMSR XSEJJIGXMRK]SYVPMWXIRIVWtEXXMXYHIWFIPMIJWSVEGXMSRW
)XLMGWERH4IVWYEWMSR
2SQEXXIV[LEXXLIWTIEOMRKWMXYEXMSR]SYRIIHXSQEOIWYVI]SYVKSEPWEVI IXLMGEPP]WSYRHERHXLEX]SYYWIIXLMGEPQIXLSHWXSGSQQYRMGEXI]SYVMHIEW 1IIXMRK XLIWI SFPMKEXMSRW GER FI IWTIGMEPP] GLEPPIRKMRK [LIR ]SY WTIEO XS TIVWYEHI;SYPH]SYFI[MPPMRKXSWLEHIXLIXVYXLqNYWXEFMXttMJMX[SYPHKYEV ERXIIEWYGGIWWJYPWTIIGL#,S[EFSYXNYKKPMRKWXEXMWXMGWHSGXSVMRKUYSXEXMSRW TEWWMRKSJJSTMRMSRWEWJEGXWSVTERHIVMRKXSTVINYHMGIERHWXIVISX]TIW# 9RJSVXYREXIP] XLIVI MW RS WLSVXEKI SJ WTIEOIVWhERH SXLIV TIVWYEHIVWh [LS EVI [MPPMRK XS XEOI IXLMGEP WLSVXGYXW XS EGLMIZI XLIMV SFNIGXMZIW =IX EW 1EVXMR 0YXLIV /MRK WXEXIH ]IEVW EKS MX MW RSX TSWWMFPI XS FVMRK EFSYX E XVYP] FIRIJMGMEP VIWYPX F] YWMRK YRIXLMGEP QIXLSHW 1EMRXEMRMRK XLI FSRH SJ XVYWX [MXLPMWXIRIVWMWEPWSZMXEPXSEWTIEOIVtWGVIHMFMPMX]%WMRSXLIVOMRHWSJTYFPMG WTIEOMRKXLIMHIEPSJIJJIGXMZITIVWYEWMSRMWXLIKSSHTIVWSRWTIEOMRK[IPP ;LIR ]SY [SVO SR ]SYV TIVWYEWMZIWTIIGL OIIT MR QMRH XLI KYMHIPMRIW JSVIXLMGEPWTIEOMRKHMWGYWWIHMR'LETXIV1EOIWYVI]SYVKSEPWEVIIXLMGEPP] WSYRH ERH XLEX ]SY GER HIJIRH XLIQ MJ XLI] EVI UYIWXMSRIH SV GLEPPIRKIH 7XYH]XLIXSTMGXLSVSYKLP]WS]SY[SRt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i 1EOIWYVI XLEX ER] IQSXMSREP ETTIEP ]SY YWI MW ETTVSTVMEXI XS XLI XSTMG ERH XLEX ]SY FYMPH ]SYV WTIIGL SR E JMVQ FEWI SJ JEGXW ERH PSKMG FIJSVI ETTIEPMRK XS ]SYV EYHMIRGItWIQSXMSRW%MQEXXLILMKLIWXWXERHEVHWERHGSRWXVYGX]SYVWTIIGL WSMX[MPPFIFSXLGSRZMRGMRKERHIXLMGEPP]WSYRH
8LI4W]GLSPSK]SJ4IVWYEWMSR
4IVWYEWMSRMWETW]GLSPSKMGEPTVSGIWW-XSGGYVWMREWMXYEXMSR[LIVIX[SSVQSVI TSMRXW SJ ZMI[ I\MWX 8LI WTIEOIV WYTTSVXW 7SGMEP 7IGYVMX] VIJSVQ FYX QER] PMWXIRIVWHSRSX8LIWTIEOIVGSRWMHIVWGPSRMRKMQQSVEPFYXWSQIMRXLIEYHM IRGI XLMRO MX MW NYWXMJMIH MR GIVXEMR GMVGYQWXERGIW 8LIHMJJIVIRX TSMRXW SJ ZMI[
8LI4W]GLSPSK]SJ4IVWYEWMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
QE]FIGSQTPIXIP]STTSWIHSVXLI]QE]WMQTP]FIHMJJIVIRXMRHIKVII;LMGL IZIVXLIGEWIXLIVIQYWXFIEHMWEKVIIQIRXSVIPWIXLIVI[SYPHFIRSRIIHJSV TIVWYEWMSR
8,)',%00)2+)3*4)679%7-:)74)%/-2+ 3J EPP XLI OMRHW SJ TYFPMG WTIEOMRK TIVWYEWMSR MW XLI QSWX GSQTPI\ ERH XLI QSWXGLEPPIRKMRK=SYVSFNIGXMZIMWQSVIEQFMXMSYWXLERMRWTIEOMRKXSMRJSVQ ERHEYHMIRGIEREP]WMWERHEHETXEXMSRFIGSQIQYGLQSVIHIQERHMRK-RWSQI TIVWYEWMZIWTIIGLIW]SY[MPPHIEP[MXLGSRXVSZIVWMEPXSTMGWXLEXXSYGLSR]SYV PMWXIRIVWtFEWMGEXXMXYHIWZEPYIWERHFIPMIJW8LMWQE]MRGVIEWIXLIMVVIWMWXERGI XSTIVWYEWMSRERHQEOI]SYVXEWOQSVIHMJJMGYPX -XMWQYGLIEWMIVJSVI\EQTPIXSI\TPEMRXLILMWXSV]SJGETMXEPTYRMWLQIRX XLERXSTIVWYEHIEREYHMIRGIIMXLIVXLEXGETMXEPTYRMWLQIRXWLSYPHFIEFSP MWLIHSVXLEXMXWLSYPHFIVIMRWXMXYXIHMRIZIV]WXEXI-RXLITIVWYEWMZIWTIIGL ]SYQYWXGSRXIRHRSXSRP][MXL]SYVEYHMIRGItWORS[PIHKISJGETMXEPTYRMWL QIRXFYXEPWS[MXLXLIMVEXXMXYHIWXS[EVHGVMQIERHNYWXMGIXLIMVFIPMIJWEFSYX XLIHIXIVVIRXZEPYISJGETMXEPTYRMWLQIRXERHXLIMVZEPYIWEFSYXXLIXEOMRKSJ LYQERPMJI 0MRIW SJEVKYQIRXXLEX[SVO [MXL SRITEVX SJ XLIEYHMIRGI QE] JEMP[MXLhSVIZIRYTWIXhERSXLIVTEVX;LEXWIIQWTIVJIGXP]PSKMGEPXSWSQI PMWXIRIVWQE]WIIQ[MPHP]MVVEXMSREPXSSXLIVW2SQEXXIVLS[I\TIVX]SYEVI SRXLIXSTMGRSQEXXIVLS[WOMPPJYPP]]SYTVITEVIXLIWTIIGLRSQEXXIVLS[ GETXMZEXMRK]SYVHIPMZIV]hWSQIPMWXIRIVW[MPPRSXEKVII[MXL]SY 8LMW HSIW RSX QIER TIVWYEWMSR MW MQTSWWMFPI -X HSIW QIER ]SY WLSYPH LEZIEVIEPMWXMGWIRWISJ[LEX]SYGEREGGSQTPMWL=SYGERtXI\TIGXEKVSYTSJ HMILEVH(IQSGVEXWXSFIGSQI6ITYFPMGERWSVEWXIEOPSZIVXSXYVRZIKIXEVMER EWEVIWYPXSJSRIWTIIGL -RIZIV]TIVWYEWMZIWTIIGL]SY[MPPJEGIWSQIPMWXIRIVW[LSEVIWXVSRKP]MR JEZSV SJ ]SYV TSWMXMSR WSQI [LS EVI RIYXVEP ERH WSQI [LS EVI EHEQERXP] STTSWIH -J PMWXIRIVW EVI RIYXVEP SV SRP] QSHIVEXIP] GSQQMXXIH SRI [E] SV ERSXLIV]SYGERVIEPMWXMGEPP]LSTI]SYVWTIIGL[MPPQSZIEXPIEWXWSQISJXLIQ XS[EVH]SYVWMHI-JPMWXIRIVWEVIWXVSRKP]STTSWIHXS]SYVZMI[TSMRX]SYGER GSRWMHIV]SYVWTIIGLEWYGGIWWMJMXPIEHWIZIREJI[XSVII\EQMRIXLIMVZMI[W ;LIRXLMROMRKEFSYXXLIVERKISJTIVWYEWMZIVIWTSRWIW]SYQE]JMRHMX LIPTJYP XS ZMWYEPM^I PMWXIRIVW SR E WGEPI WYGL EW XLEX WLS[R MR *MKYVI FIPS[ 4IVWYEWMSRMRZSPZIWER]QSZIQIRXF]EPMWXIRIVJVSQPIJXXSVMKLXSR XLI WGEPI RS QEXXIV [LIVI XLI PMWXIRIV FIKMRW ERH RS QEXXIV LS[ KVIEX SV WQEPPXLIQSZIQIRX ,S[ WYGGIWWJYP ]SY EVI MR ER] TEVXMGYPEV TIVWYEWMZI WTIIGL [MPP HITIRH EFSZI EPP SR LS[ [IPP ]SY XEMPSV ]SYV QIWWEKI XS XLI ZEPYIW EXXMXYHIW ERH
(IKVIIWSJ4IVWYEWMSR 7XVSRKP] 3TTSWIH
1SHIVEXIP] 3TTSWIH
7PMKLXP] 3TTSWIH
2IYXVEP
7PMKLXP] MR*EZSV
1SHIVEXIP] MR*EZSV
4IVWYEWMSRMRZSPZIWER]QSZIQIRXF]EPMWXIRIVJVSQPIJXXSVMKLX
d*-+96)
',%48)6 74)%/-2+834)679%()
7XVSRKP] MR*EZSV
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
2SQEXXIV[LEXXLIWMXYEXMSR ETIVWYEWMZIWTIIGL[MPPFI QSVIIJJIGXMZIMJXLIWTIEOIV LEWEGPIEVKSEPHIPMZIVWXLI QIWWEKIWMRGIVIP]ERH EHETXWMXXSXLIXEVKIX EYHMIRGI
FIPMIJWSJ]SYVEYHMIRGI-R'LETXIV[IGSRWMHIVIHXLIKIRIVEPTVMRGMTPIWSJ EYHMIRGIEREP]WMWERHEHETXEXMSR,IVI[IIQTLEWM^IX[SEHHMXMSREPTVMRGMTPIW XLEXEVIGVYGMEPXSXLITW]GLSPSK]SJTIVWYEWMSR8LIJMVWXHIEPW[MXLLS[PMWXIR IVW TVSGIWW ERH VIWTSRH XS TIVWYEWMZI QIWWEKIW 8LI WIGSRH TIVXEMRW XS XLI XEVKIXEYHMIRGIJSVTIVWYEWMZIWTIIGLIW
,3;0-78)2)67463')774)679%7-:)1)77%+)7 ;ISJXIRXLMROSJTIVWYEWMSREWWSQIXLMRKEWTIEOIVHSIWXSEREYHMIRGI-RJEGX TIVWYEWMSRMWWSQIXLMRKEWTIEOIVHSIW[MXLEREYHMIRGI0MWXIRIVWHSRSXNYWXWMX TEWWMZIP]ERHWSEOMRIZIV]XLMRKXLIWTIEOIVLEWXSWE]-RWXIEHXLI]IRKEKIMRE QIRXEPKMZIERHXEOI[MXLXLIWTIEOIV;LMPIXLI]PMWXIRXLI]EWWIWWXLIWTIEOIVtW GVIHMFMPMX] HIPMZIV] WYTTSVXMRK QEXIVMEPW PERKYEKI VIEWSRMRK ERH IQSXMSREP ETTIEPW 8LI] QE] VIWTSRH TSWMXMZIP] EX SRI TSMRX RIKEXMZIP] EX ERSXLIV %X XMQIW XLI] QE] EVKYI MRWMHI XLIMV S[R QMRHW [MXL XLI WTIEOIV 8LMW QIRXEP KMZIERHXEOIMWIWTIGMEPP]ZMKSVSYW[LIRPMWXIRIVWEVILMKLP]MRZSPZIH[MXLXLI XSTMGERHFIPMIZIMXLEWEHMVIGXFIEVMRKSRXLIMVPMZIW -REWIRWIXLITW]GLSPSKMGEPMRXIVEGXMSRFIX[IIREWTIEOIVERHEYHMIRGIHYV MRKETIVWYEWMZIWTIIGLMWWMQMPEVXS[LEXLETTIRWZSGEPP]HYVMRKEGSRZIVWEXMSRh EWMRXLMWI\EQTPI 'SVI]
' SRKVIWWVIEPP]RIIHWXSTYXERIRHXSTSPMXMGEPEHWJYRHIHF]WTIGMEPMRXIVIWX KVSYTW8LIEHWHMWXSVXTISTPItWTIVGITXMSRSJXLIGERHMHEXIWERHXLIMWWYIW
,ERREL -EKVIIXLEX[IWLSYPHRtXHMWXSVXGERHMHEXIWERHXLIMWWYIWFYX-tQRSXWYVI GIRWSVWLMTMWXLIVMKLXETTVSEGL8LIVItWRSTVSSJXLEXWTIGMEPMRXIVIWXEHW HMWXSVXTISTPItWTIVGITXMSRWQSVIXLERSXLIVOMRHWSJTSPMXMGEPEHW&IWMHIW HSIWRtXXLI*MVWX%QIRHQIRXKYEVERXIIJVIIWTIIGL#
8LI4W]GLSPSK]SJ4IVWYEWMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
'SVI]
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LI*MVWX%QIRHQIRXMWMQTSVXERXFYXWTIGMEPMRXIVIWXKVSYTWEVIRtXMRHMZMHYEP GMXM^IRWPMOI]SYERHQI8LI]tVITS[IVJYPSVKERM^EXMSRWXLEXGSVVYTXKSZIVRQIRX JSVXLIMVS[RTYVTSWIW(SRtX[ILEZIEVIWTSRWMFMPMX]XSTVSXIGXXLIHIQSGVEXMG TVSGIWW#
,ERREL ;IGERtXGSQTVSQMWISRJVIIWTIIGL-XtWZIV]HERKIVSYWXSPIXWSQISRIMR KSZIVRQIRXHIGMHI[LEXtWEGGITXEFPIERH[LEXtWRSX3RGI[IFERWTIGMEP MRXIVIWXEHW[IQMKLXWXEVXFERRMRKSXLIVJSVQWSJTSPMXMGEPI\TVIWWMSRXSS 'SVI]
QIRXEPHMEPSKYI[MXL XLIEYHMIRGI 8LIQIRXEPKMZIERHXEOI FIX[IIRWTIEOIVERHPMWXIRIV HYVMRKETIVWYEWMZIWTIIGL
2SXRIGIWWEVMP];IEPVIEH]SYXPE[WSQIOMRHWSJWTIIGLFIGEYWIXLI]EVI HERKIVSYWXSXLIGSQQYRMX]hPMOIXLVIEXIRMRKXLIPMJISJXLI4VIWMHIRXSVWLSYXMRK q*MVIrMREGVS[HIHFYMPHMRK;L]EVIWTIGMEPMRXIVIWXEHWER]HMJJIVIRX#
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
8,)8%6+)8%9(-)2')
XEVKIXEYHMIRGI 8LITSVXMSRSJXLI[LSPI EYHMIRGIXLEXXLIWTIEOIV QSWX[ERXWXSTIVWYEHI
9RJSVXYREXIP]RSQEXXIVLS[GEVIJYPP]]SYTPSX]SYVWTIIGL]SY[MPPWIPHSQ FIEFPIXSTIVWYEHIEPP]SYVPMWXIRIVW0MOIQSWXEYHMIRGIW]SYVW[MPPTVSFEFP] GSRXEMR WSQI PMWXIRIVW [LS EVI LSWXMPI XS ]SYV TSWMXMSR WSQI [LS JEZSV MX WSQI [LS EVI YRHIGMHIH ERH WSQI [LS NYWX HSRtX GEVI =SY [SYPH PMOI XS QEOI ]SYV WTIIGL IUYEPP] ETTIEPMRK XS IZIV]SRI FYX XLMW MW VEVIP] TSWWMFPI 1SWXSJXIR]SY[MPPLEZIETEVXMGYPEVTEVXSJXLI[LSPIEYHMIRGIXLEX]SY[ERX XSVIEGL[MXL]SYVWTIIGL8LEXTEVXMWGEPPIHXLIXEVKIXEYHMIRGI %HZIVXMWMRKKMZIWYWERIJJIGXMZIQSHIP7YGGIWWJYPGSQQIVGMEPWEVIEMQIH EXTEVXMGYPEVWIKQIRXWSJXLIQEVOIX1YXYEPJYRHWEVIRS[HMVIGXMRKQER]SJ XLIMV EHZIVXMWIQIRXW EX [SQIR ;L]# &IGEYWI QSVI ERH QSVI [SQIR EVI MRZIWXMRKMRXLIWXSGOQEVOIX&IIVGSQQIVGMEPWSRXLISXLIVLERHEVIHMVIGXIH EXQIRFIGEYWIXLI]HVMROXLIQSWXFIIV *SV ]SYV GPEWWVSSQ WTIIGLIW ]SY HSRtX LEZI XLI WSTLMWXMGEXIH VIWIEVGL GETEFMPMX]SJEPEVKIEHZIVXMWMRKEKIRG]&YXEW[IWE[MR'LETXIV]SYGER YWI UYIWXMSRREMVIW XS JMRH SYX [LIVI ]SYV GPEWWQEXIW WXERH SR ]SYV WTIIGL XSTMG8LMWMW]SYVIUYMZEPIRXSJQEVOIXVIWIEVGL3RGI]SYORS[[LIVI]SYV XEVKIX EYHMIRGI WXERHW ]SY GER XEMPSV ]SYV WTIIGL XS JMX XLIMV ZEPYIW ERH GSRGIVRWhEMQEXXLIXEVKIXWSXSWTIEO ,IVIJSVI\EQTPIMWLS[SRIWXYHIRX%Q]7LETMVSHIXIVQMRIHLIVXEVKIX EYHMIRGIJSVETIVWYEWMZIWTIIGLYVKMRKLIVGPEWWQEXIWXSTEWWSRXLIKMJXSJPMJI F]WMKRMRKSVKERHSRSVGEVHW 8LIVIEVIWXYHIRXWMRQ]EYHMIRGI1]EYHMIRGIEREP]WMWUYIWXMSRREMVIWWLS[XLEXEVI STTSWIHXSHSREXMRKXLIMVSVKERWYRHIVER]GMVGYQWXERGIW-GERtXTIVWYEHIXLIQRSQEXXIV [LEX-WE]1]UYIWXMSRREMVIWEPWSWLS[XLEXLEZIEPVIEH]WMKRIHSVKERHSRSVGEVHW-HSRtX
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
RIIHXSTIVWYEHIXLIQ8LISXLIVWXYHIRXWGSYPHFITIVWYEHIHMJXLI]ORI[QSVIEFSYX XLIRIIHJSVSVKERHSRSVWERHEFSYXLS[XLITVSGIWW[SVOW8LI]EVIQ]XEVKIXEYHMIRGI
2SXSRP]HMH%Q]TMRTSMRXLIVXEVKIXEYHMIRGIWLIEPWSORI[JVSQLIVEYHM IRGIEREP]WMWUYIWXMSRREMVIXLIMWWYIWWLI[SYPHLEZIXSHMWGYWWXSFIGSRZMRGMRK 8LIQIQFIVWSJQ]XEVKIXEYHMIRGIFVIEOHS[RXLMW[E] KMZIqJIEVSJFIMRKTVS RSYRGIHHIEHTVIQEXYVIP]ttEWXLIMVQEMRVIEWSRJSVRSXWMKRMRKSVKERGEVHW EVIGSR GIVRIHEFSYXXLIMVFSH]FIMRKqGYXYTSVHMWJMKYVIHtt ERHGMXIVIPMKMSYWVIEWSRWJSVXLIMV STTSWMXMSR8LIUYIWXMSRREMVIWEPWSWLS[XLEX SJXLIHSRtXJYPP]YRHIVWXERHXLIRIIH JSVSVKERHSRSVW
;MXLEPPXLMWMRJSVQEXMSR%Q][EWEFPIXSTYXXSKIXLIVEJMVWXVEXIWTIIGL XLEXJSGYWIHSRLIVGPEWWQEXIWtEXXMXYHIWERHFIPMIJWEFSYXWMKRMRKSVKERHSRSV GEVHW-RXLIWTIIGLWLIWLS[IHXLIRIIHJSVSVKERHSREXMSRWF]I\TPEMRMRK XLEXXLIVIEVIXLSYWERHWSJTISTPI[LSWISRP]LSTIJSVPMJIMWXSVIGIMZIELIEVX PMZIV SV OMHRI]XVERWTPERX7LIEPWS XSSO GEVIXS ERW[IVLIVGPEWWQEXIWtJIEVW ERHSFNIGXMSRW7LIWLS[IHXLEXXLIVIEVIWXVMGXWEJIKYEVHWXSTVIZIRXHSGXSVW JVSQTYPPMRKXLITPYKTVIQEXYVIP]XLEXHSREXIHSVKERWEVIVIQSZIHEWGEVI JYPP]EWMJXLIHSGXSV[IVISTIVEXMRKSREPMZITEXMIRXERHXLEXEPQSWXEPPVIPM KMSYWPIEHIVWETTVSZISJSVKERHSREXMSRXSLIPTWEZIPMZIW%WEVIWYPXWLI[EW EFPIXSGSRZMRGIWIZIVEPSJLIVGPEWWQEXIWXSWMKRSVKERHSRSVGEVHW -RXLIRI\XGLETXIV[ItPPHMWGYWWXLIQIXLSHW]SYGERYWIXSLMXXLIXEVKIX MR]SYVTIVWYEWMZIWTIIGLIW-RXLIVIWXSJXLMWGLETXIV[IJSGYWSRXLIXLVII QENSVOMRHWSJTIVWYEWMZIWTIIGLIWERHLS[XSSVKERM^IXLIQQSWXIJJIGXMZIP]
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ*EGX
;,%8%6)59)78-3273**%'8# ;LEXGSPPIKIFEWOIXFEPPXIEQLEW[SRXLIQSWXKEQIWWMRGI #;LS[EW XLIJMVWX%JVMGER%QIVMGERXSWMXSRXLI977YTVIQI'SYVX#,S[JEVMWMXJVSQ 2I[=SVOXS&EKLHEH#8LIWIUYIWXMSRWSJJEGXGERFIERW[IVIHEFWSPYXIP]8LI ERW[IVWEVIIMXLIVVMKLXSV[VSRK &YXQER]UYIWXMSRWSJJEGXGERRSXFIERW[IVIHEFWSPYXIP]8LIVIMWEXVYI UYIWXMSRSJJEGX ERW[IVFYX[IHSRtXLEZIIRSYKLMRJSVQEXMSRXSORS[[LEXMXMW7SQIUYIW %UYIWXMSREFSYXXLIXVYXL XMSRW PMOI XLMW MRZSPZI TVIHMGXMSR ;MPP XLI IGSRSQ] FI FIXXIV SV [SVWI RI\X SVJEPWMX]SJEREWWIVXMSR ]IEV#;LS[MPP[MRXLI7YTIV&S[PXLMWWIEWSR# 3XLIVUYIWXMSRWHIEP[MXLMWWYIWSR[LMGLXLIJEGXWEVIQYVO]SVMRGSRGPY WMZI;LEX[MPPLETTIRRI\XMRXLI1MHHPI)EWX#-WWI\YEPSVMIRXEXMSRKIRIXM GEPP]HIXIVQMRIH#2SSRIORS[WXLIJMREPERW[IVWXSXLIWIUYIWXMSRWFYXXLEX HSIWRtX WXSTTISTPIJVSQWTIGYPEXMRKEFSYXXLIQ SVJVSQXV]MRKXSGSRZMRGI SXLIVTISTPIXLEXXLI]LEZIXLIFIWXTSWWMFPIERW[IVW
%2%0=>-2+59)78-3273**%'8 -RWSQI[E]WETIVWYEWMZIWTIIGLSREUYIWXMSRSJJEGXMWWMQMPEVXSERMRJSV QEXMZIWTIIGL&YXXLIX[SOMRHWSJWTIIGLIWXEOITPEGIMR HMJJIVIRXOMRHWSJ WMXYEXMSRWERHJSVHMJJIVIRXTYVTSWIW8LIWMXYEXMSRJSVERMRJSVQEXMZIWTIIGL MW R SRTEVXMWER 8LI WTIEOIV EGXW EW E PIGXYVIV SV E XIEGLIV 8LI EMQ MW XS KMZI MRJSVQEXMSR EW MQTEVXMEPP] EW TSWWMFPI RSX XS EVKYI JSV E TEVXMGYPEV TSMRX SJ ZMI[3RXLISXLIVLERHXLIWMXYEXMSRJSVETIVWYEWMZIWTIIGLSREUYIWXMSRSJ JEGXMWTEVXMWER8LIWTIEOIVEGXWEWEREHZSGEXI8LIEMQMWRSXXSFIMQTEVXMEP
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ*EGX
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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hEGVMQILEWFIIRGSQQMXXIH&YXHMHXLIHIJIRHERXGSQQMXXLI GVMQI#8LITVSWIGYXMRKEXXSVRI]XVMIWXSTIVWYEHIXLINYV]XLEXXLIHIJIRHERX MWKYMPX]8LIHIJIRWIEXXSVRI]XVMIWXSTIVWYEHIXLINYV]XLEXXLIHIJIRHERXMW MRRSGIRX8LINYV]QYWXHIGMHI[LMGLZMI[SJXLIJEGXWMWQSVITIVWYEWMZI
36+%2->-2+74))',)73259)78-3273**%'8 4IVWYEWMZI WTIIGLIW SR UYIWXMSRW SJ JEGX EVI YWYEPP] SVKERM^IH XSTMGEPP] 7YT TSWIJSVI\EQTPI]SY[ERXXSGSRZMRGI]SYVGPEWWQEXIWXLEXEQENSVIEVXL UYEOISJ SVEFSZISRXLI6MGLXIVWGEPI[MPPLMX'EPMJSVRME[MXLMRXLIRI\X XIR]IEVW)EGLQEMRTSMRXMR]SYVWTIIGL[MPPTVIWIRXEVIEWSR[L]WSQISRI WLSYPHEKVII[MXL]SY 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXERIEVXLUYEOISJ SVEFSZI SRXLI6MGLXIVWGEPI[MPPLMX'EPMJSVRMEMRXLIRI\XXIR]IEVW 'IRXVEP-HIE
8LIVIEVIXLVIIKSSHVIEWSRWXSFIPMIZIXLEXERIEVXLUYEOI SJ SVEFSZISRXLI6MGLXIVWGEPI[MPPLMX'EPMJSVRMEMRXLI RI\XXIR]IEVW
1EMR4SMRXW
- ' EPMJSVRMEMWPSRKSZIVHYIJSVEQENSVIEVXLUYEOI -- 1 ER]KISPSKMGEPWMKRWMRHMGEXIXLEXEQENSVIEVXLUYEOI QE]LETTIRWSSR --- )\TIVXWEKVIIXLEXERIEVXLUYEOISJ SVEFSZIGSYPH WXVMOI'EPMJSVRMEER]HE]
8S XEOI ERSXLIV I\EQTPI WYTTSWI ]SY EVI XV]MRK XS TIVWYEHI ]SYV GPEWW QEXIWXLEXXLITPE]WEXXVMFYXIHXS;MPPMEQ7LEOIWTIEVI[IVIRSXEGXYEPP][VMX XIRF]LMQ=SYVWTIGMJMGTYVTSWIGIRXVEPMHIEERHQEMRTSMRXWQMKLXFI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEX;MPPMEQ7LEOIWTIEVIHMHRSX [VMXIXLITPE]WEXXVMFYXIHXSLMQ
'IRXVEP-HIE
8LIVIMWGSRWMHIVEFPIIZMHIRGIXLEXXLITPE]WEXXVMFYXIHXS ;MPPMEQ7LEOIWTIEVI[IVIEGXYEPP][VMXXIRF]*VERGMW&EGSR SV)H[EVHHI:IVI
1EMR4SMRXW
- & MSKVETLMGEPERHXI\XYEPIZMHIRGIWYKKIWXXLEX;MPPMEQ 7LEOIWTIEVIHMHRSX[VMXIXLITPE]WEXXVMFYXIHXSLMQ -- , MWXSVMGEPIZMHIRGIMRHMGEXIWXLEX7LEOIWTIEVItWTPE]W [IVITVSFEFP][VMXXIRF]IMXLIV7MV*VERGMW&EGSRSV )H[EVHHI:IVIXL)EVPSJ3\JSVH
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1ER]TIVWYEWMZIWTIIGLIW VIZSPZIEVSYRHUYIWXMSRW SJZEPYI,IVI-VMWLQYWMGMER &SF+IPHSJWTIEOWEFSYX XLIQSVEPGSQQMXQIRXSJ ;IWXIVRREXMSRWXSLIPT %JVMGERREXMSRWHIEP[MXL JEQMRIERHHMWIEWI
2SXMGIMRXLIWII\EQTPIWXLEXXLIWTIEOIVtWTYVTSWIMWPMQMXIHXSTIVWYEH MRKXLIEYHMIRGIXSEGGITXETEVXMGYPEVZMI[SJXLIJEGXW7SQIXMQIWLS[IZIV XLIHMWTYXIXLEXKMZIWVMWIXSETIVWYEWMZIWTIIGL[MPPKSFI]SRHEUYIWXMSRSJ JEGXERH[MPPXYVRSREUYIWXMSRSJZEPYI
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ:EPYI
;,%8%6)59)78-3273*:%09)# ;LEXMWXLIFIWXQSZMISJEPPXMQI#-WGPSRMRKQSVEPP]NYWXMJMEFPI#;LEXEVIXLI IXLMGEPVIWTSRWMFMPMXMIWSJNSYVREPMWXW#7YGLUYIWXMSRWRSXSRP]MRZSPZIQEXXIVW SJJEGXFYXXLI]EPWSHIQERHZEPYINYHKQIRXWhNYHKQIRXWFEWIHSRETIVWSRtW FIPMIJWEFSYX[LEXMWVMKLXSV[VSRKKSSHSVFEHQSVEPSVMQQSVEPTVSTIVSV MQTVSTIVJEMVSVYRJEMV 8EOI XLI MWWYI SJ GPSRMRK -X GERFI HMWGYWWIH EX E TYVIP] JEGXYEP PIZIP F] EWOMRK WYGL UYIWXMSRW EW q;LEX EVI XLI WGMIRXMJMG QIXLSHW SJ GPSRMRK#r 3V q;LEX EVI XLI PE[W EFSYX GPSRMRK MR HMJJIVIRX GSYRXVMIW#r 8LIWI EVI JEGXYEP UYIWXMSRW 8LI ERW[IVW ]SY VIEGL EVI MRHITIRHIRX SJ ]SYV FIPMIJ EFSYX XLI QSVEPMX]SJGPSRMRK &YXWYTTSWI]SYEWOq-WMXQSVEPP]NYWXMJMEFPIXSGPSRILYQERFIMRKW#r3V q-WMXIXLMGEPP]EGGITXEFPIXSGPSRILYQERGIPPWMRERIJJSVXXSGYVIHMWIEWIWWYGL EW%-(7ERHGERGIV#r2S[]SYEVIHIEPMRK[MXLUYIWXMSRWSJZEPYI,S[]SY ERW[IV[MPPHITIRHRSXSRP]SR]SYVJEGXYEPORS[PIHKIEFSYXGPSRMRKFYXEPWS SR]SYVQSVEPZEPYIW
UYIWXMSRSJZEPYI %UYIWXMSREFSYXXLI[SVXL VMKLXRIWWQSVEPMX]ERHWS JSVXLSJERMHIESVEGXMSR
%2%0=>-2+59)78-3273*:%09) 'SRXVEV]XS[LEXQER]TISTPIXLMROUYIWXMSRWSJZEPYIEVIRSXWMQTP]QEXXIVW SJTIVWSREPSTMRMSRSV[LMQ-J]SYWE]q-IRNS]FMG]GPIVMHMRKr]SYHSRSX LEZIXSKMZIEVIEWSR[L]]SYIRNS]MX=SYEVIQEOMRKEWXEXIQIRXEFSYX]SYV
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ:EPYI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
TIVWSREP XEWXI )ZIR MJ FMG]GPI VMHMRK [IVI XLI QSWX YRTPIEWERX EGXMZMX] IZIV MRZIRXIHMXGSYPHWXMPPFISRISJ]SYVJEZSVMXIW 3R XLI SXLIV LERH MJ ]SY WE] q&MG]GPI VMHMRK MW XLI MHIEP JSVQ SJ PERH XVERWTSVXEXMSRr]SYEVIQEOMRKEWXEXIQIRXEFSYXEUYIWXMSRSJZEPYI;LIXLIV FMG]GPMRKMWXLIMHIEPJSVQSJPERHXVERWTSVXEXMSRHSIWRSXHITIRHSR]SYVS[R PMOIW ERHHMWPMOIW 8SHIJIRHXLIWXEXIQIRX]SYGERRSXWE]q&MG]GPIVMHMRKMW XLIMHIEPJSVQSJPERHXVERWTSVXEXMSRFIGEYWI-PMOIMXr -RWXIEH ]SY QYWX NYWXMJ] ]SYV GPEMQ 8LI JMVWX WXIT MW XS HIJMRI [LEX ]SY QIERF]ERqMHIEPJSVQSJPERHXVERWTSVXEXMSRr(S]SYQIEREQSHISJXVERW TSVXEXMSR XLEX KIXW TISTPI [LIVI XLI] [ERX XS KS EW JEWX EW TSWWMFPI# 8LEX MW VIPEXMZIP] MRI\TIRWMZI# 8LEXMWJYR#2SRTSPPYXMRK#&IRIJMGMEPJSVXLIYWIV#-R SXLIV[SVHW]SYQYWXIWXEFPMWL]SYVWXERHEVHWJSVERqMHIEPJSVQSJPERHXVERW TSVXEXMSRr8LIR]SYGERWLS[LS[FMG]GPIVMHMRKQIEWYVIWYTEKEMRWXXLSWI WXERHEVHW ;LIRIZIV]SYKMZIEWTIIGLSREUYIWXMSRSJZEPYIFIWYVIXSKMZIWTIGMEP XLSYKLXXSXLIWXERHEVHWJSV]SYVZEPYINYHKQIRX
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
'IRXVEP-HIE
&MG]GPIVMHMRKMWXLIMHIEPJSVQSJPERHXVERWTSVXEXMSR FIGEYWIMXMWJEWXIVXLER[EPOMRKSVVYRRMRKHSIWRSX I\TPSMXERMQEPWSVTISTPIMWRSRTSPPYXMRKERH TVSQSXIWXLILIEPXLSJXLIVMHIV
1EMR4SMRXW
- % RMHIEPJSVQSJPERHXVERWTSVXEXMSRWLSYPHQIIXJSYV QENSVWXERHEVHW % -XWLSYPHFIJEWXIVXLERVYRRMRKSV[EPOMRK & -XWLSYPHRSXI\TPSMXERMQEPWSVTISTPI ' -XWLSYPHFIRSRTSPPYXMRK ( - XWLSYPHFIFIRIJMGMEPJSVXLITIVWSR[LSYWIWMX -- & MG]GPIVMHMRKQIIXWEPPXLIWIWXERHEVHWJSVERMHIEPJSVQ SJPERHXVERWTSVXEXMSR % &MG]GPIVMHMRKMWJEWXIVXLER[EPOMRKSVVYRRMRK & &MG]GPIVMHMRKHSIWRSXI\TPSMXXLIPEFSVSJERMQEPWSV SJSXLIVTISTPI ' &MG]GPIVMHMRKMWRSXEWSYVGISJEMVPERH[EXIVSV RSMWITSPPYXMSR ( & MG]GPIVMHMRKMWI\XVIQIP]FIRIJMGMEPJSVXLILIEPXLSJ XLIVMHIV
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LIR]SYWTIEOSREUYIWXMSRSJZEPYI]SYQYWXQEOIWYVIXSNYWXMJ]]SYV NYHKQIRXEKEMRWXWSQIMHIRXMJMEFPIWXERHEVHW-RXLIJSPPS[MRKI\EQTPIRSXMGI LS[ XLI WTIEOIV HIZSXIW LIV JMVWX QEMR TSMRX XS NYHKMRK GETMXEP TYRMWLQIRX EKEMRWXQSVEPWXERHEVHWERHLIVWIGSRHQEMRTSMRXXSNYHKMRKMXEKEMRWXPIKEP WXERHEVHW 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXGETMXEPTYRMWLQIRXMWQSVEPP] ERHPIKEPP][VSRK 'IRXVEP-HIE
'ETMXEPTYRMWLQIRXZMSPEXIWFSXLXLI&MFPIERHXLI97 'SRWXMXYXMSR
1EMR4SMRXW
- ' ETMXEPTYRMWLQIRXZMSPEXIWXLIFMFPMGEPGSQQERHQIRX q8LSYWLEPXRSXOMPPr -- ' ETMXEPTYRMWLQIRXZMSPEXIWXLIGSRWXMXYXMSREPFERSR qGVYIPERHYRYWYEPTYRMWLQIRXr
%W]SYGERWIIWTIIGLIWSRUYIWXMSRWSJZEPYIQE]LEZIWXVSRKMQTPMGE XMSRW JSV SYV EGXMSRW % TIVWSR [LS MW TIVWYEHIH XLEX GETMXEP TYRMWLQIRX MW QSVEPP]ERHPIKEPP][VSRKMWQSVIPMOIP]XSWYTTSVXPIKMWPEXMSREFSPMWLMRKXLI HIEXLTIREPX]&YXWTIIGLIWSRUYIWXMSRWSJZEPYIHSRSXEVKYIHMVIGXP]JSVSV EKEMRWX TEVXMGYPEV GSYVWIW SJ EGXMSR 3RGI ]SY KS FI]SRH EVKYMRK VMKLX SV [VSRKXSEVKYMRKXLEXWSQIXLMRKWLSYPHSVWLSYPHRSXFIHSRI]SYQSZIJVSQ EUYIWXMSRSJZEPYIXSEUYIWXMSRSJTSPMG]
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
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qWLSYPHr EWMRXLIWII\EQTPIW
UYIWXMSRSJTSPMG] %UYIWXMSREFSYX[LIXLIVE WTIGMJMGGSYVWISJEGXMSRWLSYPH SVWLSYPHRSXFIXEOIR
;LEXQIEWYVIWWLSYPHFIXEOIRXSTVSXIGXXLI9RMXIH7XEXIWEKEMRWXXIVVSVMWXEXXEGOW# 7LSYPHXLIIPIGXSVEPGSPPIKIFIEFSPMWLIH# ;LEXWXITWWLSYPHFIXEOIRXSIRWYVIXLEXEPPTISTPIMRXLI9RMXIH7XEXIWVIGIMZI EHIUYEXILIEPXLGEVI#
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8 =4)73*74))',)73259)78-3273*430-'= ;LIR]SYWTIEOSREUYIWXMSRSJTSPMG]]SYVKSEPQE]FIIMXLIVXSKEMRTEWWMZI EKVIIQIRXSVXSQSXMZEXIMQQIHMEXIEGXMSRJVSQ]SYVPMWXIRIVW(IGMHMRK[LMGL KSEP]SY[ERXXSEGLMIZI[MPPEJJIGXEPQSWXIZIV]EWTIGXSJ]SYVWTIIGL
7TIIGLIWXS+EMR4EWWMZI%KVIIQIRX WTIIGLXSKEMRTEWWMZI EKVIIQIRX %TIVWYEWMZIWTIIGLMR[LMGL XLIWTIEOIVtWKSEPMWXSGSRZMRGI XLIEYHMIRGIXLEXEKMZIR TSPMG]MWHIWMVEFPI[MXLSYX IRGSYVEKMRKXLIEYHMIRGI XSXEOIEGXMSRMRWYTTSVXSJ XLITSPMG]
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tWIRIVK]RIIHW
-RIEGLGEWIXLIWTIEOIVtWEMQMWXSGSRZMRGIPMWXIRIVWXLEXXLIWTIEOIVtWTSPMG] MW RIGIWWEV] ERH TVEGXMGEP 8LI WTIEOIV MW RSX XV]MRK XS KIX PMWXIRIVW XS XEOI EGXMSRMRWYTTSVXSJXLITSPMG]
7TIIGLIWXS+EMR-QQIHMEXI%GXMSR WTIIGLXSKEMR MQQIHMEXIEGXMSR %TIVWYEWMZIWTIIGLMR[LMGL XLIWTIEOIVtWKSEPMWXSGSRZMRGI XLIEYHMIRGIXSXEOIEGXMSRMR WYTTSVXSJEKMZIRTSPMG]
;LIR]SYVKSEPMWMQQIHMEXIEGXMSR]SY[ERXXSHSQSVIXLERKIX]SYVPMW XIRIVWXSRSHXLIMVLIEHWMREKVIIQIRX=SY[ERXXSQSXMZEXIXLIQXSEGXMSRh XS WMKR E TIXMXMSR JSV EFSPMWLMRK XLI IPIGXSVEP GSPPIKI XS GEQTEMKR JSV PS[IV XYMXMSRXSTYVGLEWISVKERMGJSSHWXSGSRXVMFYXIXSEJYRHHVMZIERHWSJSVXL ,IVIEVIWSQII\EQTPIWSJWTIGMJMGTYVTSWIWXEXIQIRXWJSVTSPMG]WTIIGLIW XLEXWIIOMQQIHMEXIEGXMSR 8STIVWYEHIQ]EYHMIRGIXSKMZIFPSSHXLVSYKLXLI6IH'VSWW 8STIVWYEHIQ]EYHMIRGIXSZSXIMRXLIRI\XWXYHIRXIPIGXMSR 8STIVWYEHIQ]EYHMIRGIXSFIGSQIPMXIVEG]XYXSVW
7SQI I\TIVXW WE] ]SY WLSYPH WIIO EGXMSR JVSQ ]SYV EYHMIRGI [LIRIZIV TSWWMFPI%PXLSYKLMXMWQYGLIEWMIVXSIZSOITEWWMZIEKVIIQIRXXLERXSIPMGMX EGXMSRXLIPMWXIRIVMWRSXQEOMRKQYGLSJEGSQQMXQIRXF]XLMROMRKq7YVI -EKVII[MXL]SYr;MXLMREHE]SVX[SXLEXWEQIPMWXIRIVQE]JSVKIXIRXMVIP] EFSYX]SYVWTIIGLhERHEFSYXLIVSVLMWEKVIIQIRX[MXLMX %GXMSRLS[IZIVVIMRJSVGIWFIPMIJ%KVIEXHIEPSJVIWIEVGLWLS[WXLEXMJ]SY GERTIVWYEHIEPMWXIRIVXSXEOIWSQIOMRHSJEGXMSRhIZIRMJMXMWRSQSVIXLER WMKRMRKETIXMXMSRTYXXMRKEFYQTIVWXMGOIVSREGEVSVEXXIRHMRKEQIIXMRKh ]SYLEZIKEMRIHEQSVIWIVMSYWGSQQMXQIRX3RGIEPMWXIRIVEGXWSRFILEPJSJ EWTIEOIVtWTSWMXMSRWLISVLIMWQSVIPMOIP]XSVIQEMRGSQQMXXIHXSMX
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4IVWYEWMZIWTIIGLIWSR UYIWXMSRWSJTSPMG]EVIKMZIR [LIRIZIVTISTPIHIFEXI WTIGMJMGGSYVWIWSJEGXMSR 7YGLWTIIGLIWGERWIIO IMXLIVTEWWMZIEKVIIQIRXSV MQQIHMEXIEGXMSR
;LIR ]SY GEPP JSV EGXMSR MR E TIVWYEWMZI WTIIGL ]SY WLSYPH QEOI ]SYV VIGSQQIRHEXMSRWEWWTIGMJMGEWTSWWMFPI(SRtXNYWXYVKIPMWXIRIVWXSqHSWSQI XLMRKr8IPPXLIQI\EGXP][LEXXSHSERHLS[XSHSMX*SVERI\GIPPIRXI\EQ TPIPSSOEX:MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIV8LI WTIEOIVt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
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ q1EOMRKE(MJJIVIRGI 8LVSYKLXLI7TIGMEP 3P]QTMGWrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
%2%0=>-2+59)78-3273*430-'= 6IKEVHPIWWSJ[LIXLIV]SYVEMQMWXSIPMGMXTEWWMZIEKVIIQIRXSVXSKEMRMQQI HMEXIEGXMSR]SY[MPPJEGIXLVIIFEWMGMWWYIW[LIRIZIV]SYHMWGYWWEUYIWXMSR SJTSPMG]hRIIHTPERERHTVEGXMGEPMX]
2IIH 8LIVIMWRSTSMRXMREVKYMRKJSVETSPMG]YRPIWW]SYGERWLS[ERIIHJSVMX -WXLIVIERIIHJSVQSVIWXYHIRXTEVOMRKSRGEQTYW# -WXLIVIERIIHJSVXLIWGLSSPHMWXVMGXXSMRWXMXYXIWEQIWI\GPEWWVSSQW#
RIIH 8LIJMVWXFEWMGMWWYIMREREP]^MRK EUYIWXMSRSJTSPMG] -WXLIVIE WIVMSYWTVSFPIQSVRIIHXLEX VIUYMVIWEGLERKIJVSQGYVVIRX TSPMG]#
-WXLIVIERIIHJSVEREXMSREP-(GEVHMRXLI9RMXIH7XEXIW#
=SYVJMVWXWXITMWXSGSRZMRGIPMWXIRIVWXLEXXLIVIMWEWIVMSYWTVSFPIQ[MXL XLMRKWEWXLI]EVI4ISTPIEVIRSXMRGPMRIHXSEHSTXERI[TSPMG]YRPIWWXLI] EVIGSRZMRGIHXLISPHSRIMWRSX[SVOMRK8LMWMW[L]XLIFYVHIRSJTVSSJEP[E]W VIWXW[MXLXLIWTIEOIV[LSEHZSGEXIWGLERKI 3JGSYVWI]SYQE]FIHIJIRHMRK
FYVHIRSJTVSSJ 8LISFPMKEXMSRJEGMRKE TIVWYEWMZIWTIEOIVXSTVSZI XLEXEGLERKIJVSQGYVVIRX TSPMG]MWRIGIWWEV]
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
TVIWIRXTSPMG]MR[LMGLGEWI]SY[MPPEVKYIXLEXXLIVIMWRSRIIHXSGLERKIh XLEXXLMRKWEVIEPVIEH][SVOMRKEW[IPPEWGERFII\TIGXIH
4PER TPER 8LIWIGSRHFEWMGMWWYIMR EREP]^MRKEUYIWXMSRSJTSPMG] -JXLIVIMWETVSFPIQ[MXLGYVVIRX TSPMG]HSIWXLIWTIEOIVLEZIE TPERXSWSPZIXLITVSFPIQ#
8LIWIGSRHFEWMGMWWYISJTSPMG]WTIIGLIWMWTPER3RGI]SYLEZIWLS[RXLEXE TVSFPIQI\MWXW]SYQYWXI\TPEMR]SYVTPERJSVWSPZMRKMX ;LEXGER[IHSXSKIXQSVIWXYHIRXTEVOMRKSRGEQTYW# ;LEXXSTMGWWLSYPHFIXEYKLXMRWEQIWI\GPEWWVSSQW#%VIWEQIWI\GPEWWVSSQW ETTVSTVMEXIJSVEPPKVEHIPIZIPW# ;LEXMRJSVQEXMSRWLSYPHFIMRGPYHIHSREREXMSREP-(GEVH#;LS[MPPFIVIWTSRWMFPIJSV GSPPIGXMRKXLIMRJSVQEXMSRERHGVIEXMRKXLIGEVHW#
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq8LI ,SVVSVWSJ4YTT]1MPPWrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
%RW[IVMRK WYGL UYIWXMSRW MW IWTIGMEPP] MQTSVXERX MJ ]SY GEPP JSV E RI[ TSPMG]-XtWIEW]XSGSQTPEMREFSYXTVSFPIQW XLIVIEPGLEPPIRKIMWHIZIPSTMRK WSPYXMSRW -RQSWXGPEWWVSSQWTIIGLIW]SY[MPPRSXLEZIXMQIXSHIWGVMFI]SYVTPER MRHIXEMPFYX]SYWLSYPHEXPIEWXMHIRXMJ]MXWQENSVJIEXYVIW0SSOJSVI\EQTPI EXXLITPERWIGXMSRMRXLIWTIIGLSRTYTT]QMPPWMRXLISRPMRI1IHME0MFVEV] JSVXLMWGLETXIV*MVWXXLIWTIEOIVTVSTSWIWPIKEPQIEWYVIWXSTYRMWLHSKFVIIH IVWXLEXHSRSXXEOITVSTIVGEVISJXLIMVERMQEPW7IGSRHLITVIWIRXWJSYVWXITW XLEXMRHMZMHYEPPMWXIRIVWGERXEOI[LIRFY]MRKEHSKXSQEOIWYVIXLI]EVIRSX WYTTSVXMRKTYTT]QMPPW8LIWTIIGL[SYPHLEZIFIIRQYGLPIWWTIVWYEWMZIMJ XLIWTIEOIVLEHRSXWTIPPIHSYXXLIQENSVJIEXYVIWSJLMWTPER
4VEGXMGEPMX] TVEGXMGEPMX] 8LIXLMVHFEWMGMWWYIMREREP]^MRK EUYIWXMSRSJTSPMG] ;MPPXLI WTIEOIVtWTPERWSPZIXLITVSFPIQ# ;MPPMXGVIEXIRI[ERHQSVI WIVMSYWTVSFPIQW#
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
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq4EMH 4EVIRXEP0IEZI +SSHJSV *EQMPMIW+SSHJSV&YWMRIWWr MRXLISRPMRI1IHME0MFVEV] JSVXLMWGLETXIV :MHIS 'PMT
8LIWI EVI WMKRMJMGERX GSRGIVRW ;LIRIZIV ]SY EHZSGEXI E RI[ TSPMG] ]SYQYWXFITVITEVIHXSWLS[XLEXMXMW[SVOEFPI2SQEXXIVLS[WIVMSYWE TVSFPIQQE]FIPMWXIRIVWYWYEPP][ERXWSQIEWWYVERGIXLEXEWTIEOIVtWTPER [MPP EGXYEPP] WSPZI XLI TVSFPIQ 3RI [E] XS TVSZMHI XLMW EWWYVERGI MW XS WLS[ XLEX E TPER WMQMPEV XS ]SYVW LEW FIIR WYGGIWWJYPP] MQTPIQIRXIH IPWI [LIVI *SV I\EQTPI :MHIS 'PMT MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV WLS[W ER I\GIVTX JVSQ E WXYHIRX WTIIGL GEPPMRK JSV TEMH TEVIRXEP PIEZI MR XLI WTIEOIVtW WXEXI %W ]SY ZMI[ XLI GPMT RSXMGI LS[ XLI WTIEOIV TSMRXW XSXLIWYGGIWWSJEWMQMPEVTPERMR'EPMJSVRMEEWIZMHIRGIXLEXMX[MPP [SVOMRLIVWXEXI
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-J]SYSTTSWIEWLMJXMRTSPMG]SRISJ]SYVQENSVEVKYQIRXW[MPPFIXLEXXLI GLERKIMWMQTVEGXMGEPh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hXSWLS[MRKXLEXMRGSYRXVMIW [LMGL LEZI HVEWXMGEPP] VEMWIH XLIMV GMKEVIXXI XE\IW XLI WQSOMRK VEXI EQSRK XIIREKIVWLEWHVSTTIHF]EWQYGLEWTIVGIRX
36+%2->-2+74))',)73259)78-3273*430-'= )JJIGXMZISVKERM^EXMSRMWGVYGMEP[LIR]SYWIIOXSTIVWYEHIPMWXIRIVWSREUYIWXMSR SJTSPMG]%PXLSYKLER]SJXLIFEWMGTEXXIVRWSJSVKERM^EXMSRI\TPEMRIHMR'LET XIV GERFIYWIHJSYVWTIGMEPTEXXIVRWEVIIWTIGMEPP]ZEPYEFPIJSVTSPMG]WTIIGLIW 8LI] EVI TVSFPIQWSPYXMSR SVHIV TVSFPIQGEYWIWSPYXMSR SVHIV GSQTEVEXMZI EHZERXEKIWSVHIVERH1SRVSItWQSXMZEXIHWIUYIRGI
4VSFPIQ7SPYXMSR3VHIV -J]SYEHZSGEXIEGLERKIMRTSPMG]]SYVQEMRTSMRXWSJXIR[MPPJEPPREXYVEPP] MRXSTVSFPIQWSPYXMSRSVHIV-RXLIJMVWXQEMRTSMRX]SYHIQSRWXVEXIXLIRIIH JSVERI[TSPMG]F]WLS[MRKXLII\XIRXERHWIVMSYWRIWWSJXLITVSFPIQ-RXLI WIGSRHQEMRTSMRX]SYI\TPEMR]SYVTPERJSVWSPZMRKXLITVSFPIQERHWLS[MXW TVEGXMGEPMX]JSVI\EQTPI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIYWISJERXMFEGXIVMEP GLIQMGEPWMRLSYWILSPHTVSHYGXWMWGVIEXMRKLIEPXLERH IRZMVSRQIRXEPTVSFPIQW 'IRXVEP-HIE
1EMR4SMRXW
TVSFPIQWSPYXMSRSVHIV %QIXLSHSJSVKERM^MRK TIVWYEWMZIWTIIGLIWMR[LMGL XLIJMVWXQEMRTSMRXHIEPW[MXL XLII\MWXIRGISJETVSFPIQERH XLIWIGSRHQEMRTSMRXTVIWIRXW EWSPYXMSRXSXLITVSFPIQ
8LIYWISJERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXWMW EWIVMSYWTVSFPIQXLEXVIUYMVIWEGXMSRF]KSZIVRQIRXERH GSRWYQIVWEPMOI - 8 LIYWISJERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXW MWEWIVMSYWTVSFPIQ % 6EXLIVXLERQEOMRKYWQSVILIEPXL]ERXMFEGXIVMEP GLIQMGEPWMRLSYWILSPHTVSHYGXWEVIGSRXVMFYXMRKXS PSRKXIVQLIEPXLTVSFPIQW 4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ q&YVWXMRKXLI%RXMFEGXIVMEP &YFFPIrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
& 8 LIERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXWEVI EPWSGVIEXMRKIRZMVSRQIRXEPTVSFPIQWFIGEYWIXLI] IZIRXYEPP]IRHYTMRXLI97[EXIVWYTTP] -- 7 SPZMRKXLIWITVSFPIQWVIUYMVIWEGSQFMREXMSRSJ KSZIVRQIRXERHGSRWYQIVEGXMSR % 8LI*SSHERH(VYK%HQMRMWXVEXMSRWLSYPHMRWXMXYXI VIKYPEXMSRWGSRXVSPPMRKXLIYWISJERXMFEGXIVMEP GLIQMGEPWMRLSYWILSPHTVSHYGXW & ' SRWYQIVWWLSYPHEZSMHTYVGLEWMRKLSYWILSPH TVSHYGXWXLEXGSRXEMRERXMFEGXIVMEPGLIQMGEPW
=SYGERYWIXLITVSFPIQWSPYXMSRJSVQEXNYWXEWIEWMP]XSSVKERM^IEWTIIGL STTSWMRKEGLERKIMRTSPMG]-RWYGLEWTIIGL]SYVNSFMWXSHIJIRHXLIGYVVIRX W]WXIQERHXSEXXEGO]SYVSTTSRIRXWtTVSTSWIHTSPMG]8LYWMRXLIJMVWXQEMRTSMRX ]SYQMKLXEVKYIXLEXXLIVIMWRSXERIIHJSVGLERKI-RXLIWIGSRHQEMRTSMRX]SY QMKLXWLS[XLEXIZIRMJXLIVI[IVIEWIVMSYWTVSFPIQXLIWYKKIWXIHRI[TSPMG] [SYPHRSXWSPZIMXERH[SYPHGVIEXIWIVMSYWTVSFPIQWSJMXWS[R*SVI\EQTPI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIGMX]GSYRGMPWLSYPHRSX TEWWPIKMWPEXMSRQIVKMRKXLITSPMGIERHJMVIHITEVXQIRXW 'IRXVEP-HIE
1IVKMRKXLITSPMGIERHJMVIHITEVXQIRXWMWRIMXLIVRIGIWWEV] RSVTVEGXMGEP
1EMR4SMRXW
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
4VSFPIQ'EYWI7SPYXMSR3VHIV TVSFPIQGEYWI WSPYXMSRSVHIV %QIXLSHSJSVKERM^MRKTIVWYEWMZI WTIIGLIWMR[LMGLXLIJMVWXQEMR TSMRXMHIRXMJMIWETVSFPIQXLI WIGSRHQEMRTSMRXEREP]^IWXLI GEYWIWSJXLITVSFPIQERHXLI XLMVHQEMRTSMRXTVIWIRXWE WSPYXMSRXSXLITVSFPIQ
*SVEZEVMEXMSRSRTVSFPIQWSPYXMSRSVHIV]SYQMKLXEVVERKI]SYVWTIIGLMR TVSFPIQGEYWIWSPYXMSRSVHIV8LMWTVSHYGIWEWTIIGL[MXLXLVIIQEMRTSMRXWh XLIJMVWXMHIRXMJ]MRKETVSFPIQXLIWIGSRHEREP]^MRKXLIGEYWIWSJXLITVSFPIQ ERHXLIXLMVHTVIWIRXMRKEWSPYXMSRXSXLITVSFPIQ*SVI\EQTPI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIEKIJSVJYPPQSXSVZILMGPI HVMZMRKTVMZMPIKIWWLSYPHFIVEMWIHXS 'IRXVEP-HIE
8LIRYQFIVSJEGGMHIRXWERHHIEXLWMRZSPZMRKXIIREKI HVMZIVWMWEWIVMSYWTVSFPIQXLEXGERFIGSRXVSPPIHF]VEMWMRK XLIEKIJSVJYPPHVMZMRKTVMZMPIKIWXS
1EMR4SMRXW
- 8 LIRYQFIVSJEGGMHIRXWERHHIEXLWMRZSPZMRKXIIREKI HVMZIVWMWEWIVMSYWREXMSREPTVSFPIQ
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IKEVHPIWWSJLS[]SY SVKERM^I]SYVTIVWYEWMZI WTIIGL]SY[MPPRIIHWXVSRK WYTTSVXMRKQEXIVMEPW8LI FIXXIV]SYVVIWIEVGLXLI QSVIGSRZMRGMRK]SYV EVKYQIRXWEVIPMOIP]XSFI
% )EGL]IEVQSVIXLER TISTPIEVIOMPPIHMR EGGMHIRXWMRZSPZMRKXIIREKIHVMZIVW & 8LIVMWOWSJFIMRKMRZSPZIHMREJEXEPEGGMHIRXEVI LMKLIWXJSVERH]IEVSPHHVMZIVW -- 8LIVIEVIJSYVQEMRGEYWIWSJXLITVSFPIQ % =SYRKIVHVMZIVWLEZIRt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
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ q4YXXMRKXLI&VEOIWSR 8IIREKI(VMZMRKrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7SQI XIEGLIVW TVIJIV XLMW QIXLSH SJ SVKERM^EXMSR FIGEYWI MX VIUYMVIW E WTIEOIVXS MHIRXMJ] XLIGEYWIWSJ XLITVSFPIQ 8LMWMRXYVRQEOIW MXIEWMIVXS GLIGO[LIXLIVXLITVSTSWIHWSPYXMSR[MPPKIXEXXLIGEYWIWSJXLITVSFPIQ
'SQTEVEXMZI%HZERXEKIW3VHIV ;LIR]SYVEYHMIRGIEPVIEH]EKVIIWXLEXETVSFPIQI\MWXW]SYGERHIZSXI]SYV WTIIGLXSGSQTEVMRKXLIEHZERXEKIWERHHMWEHZERXEKIWSJGSQTIXMRKWSPYXMSRW -R WYGL E WMXYEXMSR ]SY QMKLX TYX ]SYV WTIIGL MR GSQTEVEXMZI EHZERXEKIW SVHIVHIZSXMRKIEGLQEMRTSMRXXSI\TPEMRMRK[L]]SYVWSPYXMSRMWTVIJIVEFPI XSSXLIVTVSTSWIHWSPYXMSRW
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
GSQTEVEXMZI EHZERXEKIWSVHIV %QIXLSHSJSVKERM^MRK TIVWYEWMZIWTIIGLIWMR[LMGL IEGLQEMRTSMRXI\TPEMRW[L]E WTIEOIVtWWSPYXMSRXSETVSFPIQ MWTVIJIVEFPIXSSXLIVTVSTSWIH WSPYXMSRW
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7YTTSWI]SY[ERXXSGSRZMRGI]SYVEYHMIRGIXLEXEYXSQEOIVWWLSYPHTYX KVIEXIVIQTLEWMWSRHIZIPSTMRKL]HVSKIRJYIPGIPPGEVWXLERKEWIPIGXVMGL]FVMH GEVW9WMRKGSQTEVEXMZIEHZERXEKIWSVHIV]SY[SYPHGSQTEVIL]HVSKIRGEVW [MXLKEWIPIGXVMGL]FVMHGEVWERHWLS[[L]XLIJSVQIVEVIEFIXXIVGLSMGI=SYV WTIGMJMGTYVTSWIGIRXVEPMHIEERHQEMRTSMRXWQMKLXPSSOPMOIXLMW 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEYXSQEOIVWWLSYPHTYX KVIEXIVIQTLEWMWSRHIZIPSTMRKL]HVSKIRJYIPGIPPGEVWXLER KEWIPIGXVMGGEVW 'IRXVEP-HIE
9RPMOIKEWIPIGXVMGGEVWL]HVSKIRGEVWVYRIRXMVIP][MXLSYX KEWSPMRIERHHSRSXIQMXEMVTSPPYXMRKI\LEYWX
1EMR4SMRXW
- 9 RPMOIL]FVMHGEVWL]HVSKIRGEVWVYRIRXMVIP][MXLSYX KEWSPMRI -- 9 RPMOIL]FVMHGEVWL]HVSKIRGEVWHSRSXIQMXER]EMV TSPPYXMRKI\LEYWX
1SRVSItW1SXMZEXIH7IUYIRGI 1SRVSItWQSXMZEXIH WIUYIRGI %QIXLSHSJSVKERM^MRK TIVWYEWMZIWTIIGLIWXLEXWIIO MQQIHMEXIEGXMSR8LIJMZI WXITWSJXLIQSXMZEXIHWIUYIRGI EVIEXXIRXMSRRIIHWEXMWJEGXMSR ZMWYEPM^EXMSRERHEGXMSR
(IZIPSTIHMRXLI WF]%PER1SRVSIETVSJIWWSVSJWTIIGLEX4YVHYI9RMZIV WMX]XLIQSXMZEXIHWIUYIRGIMWXEMPSVQEHIJSVTSPMG]WTIIGLIWXLEXWIIOMQQIHM EXIEGXMSR8LIWIUYIRGILEWJMZIWXITWXLEXJSPPS[XLITW]GLSPSK]SJTIVWYEWMSR %XXIRXMSR*MVWX]SYKEMRXLIEXXIRXMSRSJ]SYVEYHMIRGIF]YWMRKSRISVQSVI SJXLIQIXLSHWHIWGVMFIHMR'LETXIV VIPEXMRKXSXLIEYHMIRGIWLS[MRKXLI MQTSVXERGISJXLIXSTMGQEOMRKEWXEVXPMRKWXEXIQIRXEVSYWMRKGYVMSWMX]SV WYWTIRWITSWMRKEUYIWXMSRXIPPMRKEHVEQEXMGWXSV]SVYWMRKZMWYEPEMHW 2 IIH2I\X]SYQEOIXLIEYHMIRGIJIIPERIIHJSVGLERKI=SYWLS[XLIVIMW EWIVMSYW TVSFPIQ[MXL XLII\MWXMRK WMXYEXMSR-XMWMQTSVXERXXSWXEXIXLI RIIH GPIEVP] ERH XS MPPYWXVEXI MX [MXL WXVSRK WYTTSVXMRK QEXIVMEPW &] XLI IRHSJXLMWWXITPMWXIRIVWWLSYPHFIWSGSRGIVRIHEFSYXXLITVSFPIQXLEX XLI]EVITW]GLSPSKMGEPP]TVMQIHXSLIEV]SYVWSPYXMSR 7 EXMWJEGXMSR ,EZMRK EVSYWIH E WIRWI SJ RIIH ]SY WEXMWJ] MX F] TVSZMHMRK E WSPYXMSR XS XLI TVSFPIQ =SY TVIWIRX ]SYV TPER ERH WLS[ LS[ MX [MPP [SVO&IWYVIXSSJJIVIRSYKLHIXEMPWEFSYXXLITPERXSKMZIPMWXIRIVWEGPIEV YRHIVWXERHMRKSJMX : MWYEPM^EXMSR,EZMRKKMZIR]SYVTPER]SYMRXIRWMJ]HIWMVIJSVMXF]ZMWYEP M^MRKMXWFIRIJMXW8LIOI]XSXLMWWXITMWYWMRKZMZMHMQEKIV]XSWLS[]SYV PMWXIRIVWLS[XLI][MPPTVSJMXJVSQ]SYVTSPMG]1EOIXLIQWIILS[QYGL FIXXIVGSRHMXMSRW[MPPFISRGI]SYVTPERMWEHSTXIH % GXMSR 3RGI XLI EYHMIRGI MW GSRZMRGIH ]SYV TSPMG] MW FIRIJMGMEP ]SY EVI VIEH]XSGEPPJSVEGXMSR7E]I\EGXP][LEX]SY[ERXXLIEYHMIRGIXSHShERH LS[ XS HS MX 8LIR GSRGPYHI [MXL E JMREP WXMVVMRK ETTIEP XLEX VIMRJSVGIW XLIMVGSQQMXQIRXXSEGX 1ER]WXYHIRXWTVIJIVXLIQSXMZEXIHWIUYIRGIFIGEYWIMXMWQSVIHIXEMPIH XLER TVSFPIQWSPYXMSR SVHIV -X JSPPS[W XLI TVSGIWW SJ LYQER XLMROMRK ERH PIEHWXLIPMWXIRIVWXITF]WXITXSXLIHIWMVIHEGXMSR3RIMRHMGEXMSRSJMXWIJJIG XMZIRIWWMWXLEXMXMW[MHIP]YWIHF]TISTPI[LSQEOIXLIMVPMZMRKF]TIVWYEWMSRh IWTIGMEPP]EHZIVXMWIVW8LIRI\XXMQI]SY[EXGLXIPIZMWMSRTE]GPSWIEXXIRXMSR XS XLI GSQQIVGMEPW =SY [MPP JMRH XLEX QER] SJ XLIQ JSPPS[ XLI QSXMZEXIH WIUYIRGIEWMRXLMWI\EQTPI
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
%XXIRXMSR
-XtWEWYRR]WTVMRKHE]*PS[IVWEVIMRFPSSQERHXLI[MRHMW FPS[MRK8LIGEQIVEJSGYWIWSRX[S[SQIRFSXLMRXLIMVPEXI X[IRXMIWSVIEVP]XLMVXMIWNSKKMRKXLVSYKLEGMX]TEVO7YHHIRP] SRISJXLI[SQIRWXSTWFIRHWSZIVERHVIWXWLIVLERHWSRLIV LMTW,IVI]IWEVI[EXIVMRKERHWLIMWFVIEXLMRKLIEZMP]%XMKLXP] JVEQIHGPSWIYTLIMKLXIRWXLIWIRWIXLEXWSQIXLMRKMW[VSRK
2IIH
q%VI]SYEPPVMKLX#rEWOWLIVJVMIRHq-XtWQ]EPPIVKMIWrXLI [SQERVITPMIWq)ZIV]WTVMRKMXtWXLIWEQIXLMRK-JIIPKVIEX ERHXLIRQ]LE]JIZIVVYMRWIZIV]XLMRK=SYtHFIXXIVKSSR [MXLSYXQIr
7EXMWJEGXMSR
q-YWIHXSLEZIXLIWEQITVSFPIQrWE]WXLI[SQERtW JVMIRHq8LIR-XVMIH%PP%VVIWX-XORSGOIHSYXQ]LE]JIZIV GSQTPIXIP]2S[-GERHSIZIV]XLMRK-[ERXMRXLIWTVMRK =SYWLSYPHXV]MXr8LIERRSYRGIVMRZSMGISZIVXIPPWYW q%PP%VVIWXTVSZMHIWXLIQSWXIJJIGXMZILE]JIZIVVIPMIJEZEMPEFPIh ERH[MXLSYXGEYWMRKHVS[WMRIWWr
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
:MWYEPM^EXMSR ;IWIIXLIWEQIX[S[SQIRNSKKMRKE[IIOSVWSPEXIV&SXL EVIVYRRMRKFVMWOP]ERHFVIEXLMRKIEWMP]q8LEX%PP%VVIWXVIEPP] HSIW[SVOrWE]WXLI[SQER[LSLEHXSWXSTVYRRMRKMRXLI STIRMRKWGIRIq-JIIPPMOIERI[TIVWSRWMRGI-WXEVXIHXEOMRK MX8LEROWXS%PP%VVIWX-GERIRNS]WTVMRKEKEMRr %GXMSR
8LIEYHMIRGIMWYVKIHXSYWI%PP%VVIWX[LIRIZIVXLI]WYJJIV JVSQEPPIVKMIW
8V] YWMRK XLI QSXMZEXIH WIUYIRGI [LIR ]SY [ERX XS WTYV PMWXIRIVW XS EGXMSR=SYWLSYPHJMRHMXIEW]ERHIJJIGXMZIEWHMHSRIWXYHIRX[LSYWIHMXMR E WTIIGL YVKMRK GPEWWQEXIW XS [SVO JSV TEWWEKI SJ E PSGEP XIRERXWt VMKLXW FMPP ,IVIEVIXLILMKLPMKLXWSJLMWWTIIGL %XXIRXMSR
,EZI]SYIZIVLEHGSGOVSEGLIWVYRRMRKXLVSYKLXLIGYTFSEVHW MR]SYVETEVXQIRX#,EZI]SYW[IPXIVIHMRXLILIEXFIGEYWI XLIEMVGSRHMXMSRMRKHMHRtX[SVO#3VWLMZIVIHMRXLIGSPH FIGEYWIXLIJYVREGI[EWFVSOIR#3V[EMXIHQSRXLWJSVXLI 4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WIGYVMX]HITSWMX]SYRIZIVKSXFEGOIZIRXLSYKL]SYPIJX ]SYVETEVXQIRXEWGPIEREW[LIR]SYQSZIHMR# 2IIH
8LVSYKLSYXXLMWGMX]WXYHIRXWERHSXLIVXIRERXWEVIFIMRK ZMGXMQM^IHF]YRVIWTSRWMZIERHYRIXLMGEPPERHPSVHW.YWXPEWX ]IEVQSVIXLERGSQTPEMRXW[IVIJMPIH[MXLXLIGMX]LSYWMRK HITEVXQIRXFYXRSEGXMSRLEWFIIRXEOIREKEMRWXXLIPERHPSVHW
7EXMWJEGXMSR
8LIWITVSFPIQWGSYPHFIWSPZIHF]TEWWMRKEWXVSRKXIRERXWt VMKLXWFMPPXLEXHIJMRIWXLIVMKLXWSJXIRERXWWTIGMJMIWXLISFPM KEXMSRWSJPERHPSVHWERHMQTSWIWWXVMGXTIREPXMIWJSVZMSPEXSVW
:MWYEPM^EXMSR 7YGLFMPPWLEZI[SVOIHMRERYQFIVSJGSPPIKIGSQQYRMXMIW EGVSWWXLIREXMSR-JSRI[IVITEWWIHLIVI]SY[SYPHRS PSRKIVLEZIXS[SVV]EFSYXWYFWXERHEVHWERMXEV]SVWEJIX] GSRHMXMSRWMR]SYVETEVXQIRX=SYVPERHPSVHGSYPHRSXZMSPEXI XLIXIVQWSJ]SYVPIEWISVWXIEP]SYVWIGYVMX]HITSWMX %GXMSR
%XIRERXWtVMKLXWFMPPLEWFIIRTVSTSWIHXSXLIGMX]GSYRGMP =SYGERLIPTKIXMXTEWWIHF]WMKRMRKXLITIXMXMSR-[MPPTEWW EVSYRHEJXIVQ]WTIIGL-EPWSYVKI]SYXSLIPTF]GMVGYPEXMRK TIXMXMSRWEQSRK]SYVJVMIRHWERHF]XYVRMRKSYXXSWYTTSVX XLIFMPP[LIRMXMWHIFEXIHMRXLIGMX]GSYRGMPRI\X[IIO-J[I EPP[SVOXSKIXLIV[IGERKIXXLMWFMPPXLVSYKLXLIGSYRGMP
1SRVSItW QSXMZEXIH WIUYIRGI MW TIVJIGXP] GSQTEXMFPI [MXL XLI WXERHEVH QIXLSHSJSYXPMRMRKHMWGYWWIHMR'LETXIV8LIJSPPS[MRKSYXPMRIWLS[WLS[ SRI WTIEOIV MRGSVTSVEXIH XLIWIUYIRGI MRXS E WTIIGL YVKMRK LIVGPEWWQEXIW XS HSREXIFPSSH 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXSFIGSQIVIKYPEVFPSSHHSRSVW 'IRXVEP-HIE
&]FIGSQMRKVIKYPEVFPSSHHSRSVWGSPPIKIWXYHIRXWGERLIPT WEZIPMZIWERHVITPIRMWLXLI97FPSSHWYTTP] -RXVSHYGXMSR
%XXIRXMSR
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQq8LI 9PXMQEXI+MJXrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
&SH] 2IIH
7EXMWJEGXMSR
- % VI]SYEXPIEWX]IEVWSPH#(S]SY[IMKLQSVIXLER TSYRHW#(S]SYGSRWMHIV]SYVWIPJJEMVP]LIEPXL]# -- - J]SYERW[IVIH]IWXSXLIWIUYIWXMSRW]SYWLSYPHFI HSREXMRKFPSSHIZIV]X[SQSRXLW --- %WEVIKYPEVFPSSHHSRSV-[SYPHPMOIXSWLS[[L] HSRSVWEVIMRWYGLHIWTIVEXIRIIHERHIRGSYVEKI]SYXS FIGSQIEHSRSV
',%48)6 74)%/-2+834)679%()
- 8 LIPEGOSJTEVXMGMTEXMSRF]IPMKMFPIFPSSHHSRSVWTSWIWE XLVIEXXSXLIPMZIWSJQER]%QIVMGERW % 7SQISRIMRXLI97YRHIVKSIWEFPSSHXVERWJYWMSR IZIV]XLVIIWIGSRHW & 8LMWEQSYRXWXSKEPPSRWSJFPSSHIZIV]LSYVSJ IZIV]HE] ' 'YVVIRXHSREXMSRPIZIPWEVIXSSPS[XSQIIXXLMWRIIH -- =SYGERLIPTF]FIGSQMRKEVIKYPEVFPSSHHSRSV % =SYGERHSREXIEX]SYVPSGEP6IH'VSWW & 8LITVSGIWWMWWMQTPIIEW]ERHTEMRPIWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1SRVSItWQSXMZEXIH WIUYIRGIMWIWTIGMEPP] YWIJYPJSVTIVWYEWMZIWTIEOIVW [LSWIIOMQQIHMEXIEGXMSR JVSQXLIMVPMWXIRIVWEWMWXLI GEWI[MXLEGXSVERHEGXMZMWX (ERR]+PSZIVMRXLMWEHHVIWW XSKEVQIRX[SVOIVW
:MWYEPM^EXMSR
--- )ZIV]YRMXSJFPSSH]SYHSREXIGERLIPTWEZIXLVIIPMZIW % 8LIFPSSHMWHMZMHIHMRXSVIHFPSSHGIPPW[LMXIFPSSH GIPPWERHTPEXIPIXWIEGLSJ[LMGLGERLIPTEHMJJIVIRX TIVWSR & -J]SYHSREXIXMQIWE]IEV]SYGERLIPT TISTPI ' -J]SYHSREXIJSV]IEVW]SYGERLIPTWEZIXLIPMZIW SJ TISTPI 'SRGPYWMSR
%GXMSR
- 7 S-IRGSYVEKIIEGLSJ]SYXSFIGSQIEVIKYPEVFPSSHHSRSV -- + MZIXLIYPXMQEXIKMJXhXLIKMJXSJPMJI
8V]YWMRKXLIQSXMZEXIHWIUYIRGI[LIR]SYWIIOMQQIHMEXIEGXMSRJVSQ ]SYVPMWXIRIVW3ZIVXLI]IEVWMXLEW[SVOIHJSVGSYRXPIWWWTIEOIVWhERHMXGER [SVOJSV]SYEW[IPP
7EQTPI7TIIGL[MXL'SQQIRXEV]
8LIJSPPS[MRKTIVWYEWMZIWTIIGLHIEPW[MXLEUYIWXMSRSJTSPMG]ERHTVSZMHIW ER I\GIPPIRX I\EQTPI SJ TVSFPIQGEYWIWSPYXMSR WXVYGXYVI %W ]SY VIEH XLI WTIIGLRSXMGILS[XLIWTIEOIVHIEPW[MXLXLIMWWYIWSJRIIHTPERERHTVEGXM GEPMX] 2SXMGI EPWS LS[ WLI YWIW WXVSRK [IPPGLSWIR WYTTSVXMRK QEXIVMEPW XS FEGO YT LIV TSMRX SJ ZMI[ SR [LEX WLI ORI[ [SYPH FI ER YRTSTYPEV MWWYI EQSRKLIVGPEWWQEXIW*MREPP]SFWIVZILS[GPIEVERHYRGPYXXIVIHXLIWTIIGL MW8LIVIEVIJI[[EWXIH[SVHWERHXLIMHIEWTVSKVIWWGPIERP]ERHGVMWTP]
GSRRIGXPYGEWGSQ :MI[q4YXXMRKXLI&VEOIWSR 8IIREKI(VMZMRKrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4 YXXMRKXLI&VEOIWSR8IIREKI(VMZMRK '311)28%6=
74))',
8LI WTIEOIV FIKMRW [MXL E ZMZMH VMGLP] HIXEMPIH WXSV] XLEX KEMRW EXXIRXMSR ERH HVE[WXLIEYHMIRGIMRXSXLIWTIIGL
3REGLMPP]2SZIQFIVRMKLXX[S]IEVWEKSE*SVH)\TPSVIV[EW GLEVKMRK HS[R E 'EPMJSVRME LMKL[E] 8LI ]IEVSPH HVMZIV ERHXLVIISJLMWJVMIRHW[IVIVIXYVRMRKJVSQEGSRGIVXMR0SW %RKIPIW8LIWI]SYRKTISTPI[IVIKSSHWXYHIRXWKMJXIHEXL PIXIWXEPIRXIHEVXMWXWERHQYWMGMERW%RHRSRI[IVIHVYROSV MQTEMVIHF]HVYKW
%W XLI WTIEOIV GSQTPIXIW LIV STIRMRK WXSV]WLIVIZIEPWXLEXSRISJXLIWXYHIRXW MRNYVIH MR XLI EGGMHIRX [EW LIV RITLI[ 8LMWTIVWSREPMRZSPZIQIRXLIPTWIWXEFPMWL LIVGVIHMFMPMX]ERHKSSH[MPPFSXLSJ[LMGL EVIZMXEP[LIRSRIMWWTIEOMRKSREGSRXVS ZIVWMEPWYFNIGX
8LI] [IVI LS[IZIV HVMZMRK XSS JEWX ERH XLI HVMZIV PSWX GSRXVSP SJ XLI GEV 8LI GEV [IRX MRXS E HMXGL ERH LMX EXVII8LI HVMZIVERHSRITEWWIRKIV[IVI OMPPIH8LISXLIV X[S TEWWIRKIVW IWGETIH [MXL WIZIVI MRNYVMIW 3RI SJ XLIWI TEWWIRKIVW[EWQ]RITLI[8SHE]LIMWJMRMWLMRKLMKLWGLSSP MR E [LIIPGLEMV E [LIIPGLEMV LI [MPP SGGYT] JSV XLI VIWX SJ LMWPMJI
8LI WTIEOIV WXVIRKXLIRW LIV GVIHMFMPMX] ERHVIZIEPWXLIGIRXVEPMHIESJLIVWTIIGL
9RJSVXYREXIP] XVEKMG EYXS EGGMHIRXW MRZSPZMRK XIIREKI HVMZIVWEVIQYGLXSSGSQQSRMREPPTEVXWSJXLI9RMXIH7XEXIW %JXIV VIWIEVGLMRK XLI WYFNIGX JSV Q] WTIIGL - LEZI GSQI XS XLI WEQI GSRGPYWMSR EW XLI I\TIVXWhXLEX XLI FIWX [E] XS TVIZIRXWYGLEGGMHIRXWMWXSVEMWIXLIEKIJSVJYPPHVMZMRKTVMZM PIKIWXS SVSPHIV
8LIWTIEOIVYWIWLIVEYHMIRGIEREP]WMWWYV ZI] FSXL XS EGORS[PIHKI LIV GPEWWQEXIWt STTSWMXMSRXSVEMWMRKXLIHVMZMRKEKIERHXS WXVIWW XLIMV VIGSKRMXMSR XLEX XLIVI EVI VIE WSRW XSGSRWMHIV MRWXMXYXMRK WYGL ETSPMG] %JXIV EWOMRK XLIQ XS PMWXIR [MXL ER STIR QMRH WLI TVIZMI[W XLI QEMR TSMRXW WLI [MPPHMWGYWWMRXLIFSH]SJXLIWTIIGL
- ORS[ JVSQ Q] EYHMIRGIEREP]WMW UYIWXMSRREMVI XLEX QSWX SJ ]SY STTSWI WYGL E TPER &YX - EPWS ORS[ JVSQ Q] UYIWXMSRREMVIW XLEX QSWX SJ ]SY VIGSKRM^I XLEX ERH ]IEVSPHHVMZIVWEVIPIWWWOMPPIHERHPIWWVIWTSRWMFPIXLERSPHIV HVMZIVW 7S - EWO ]SY XS PMWXIR [MXL ER STIR QMRH [LMPI [I HMWGYWWWSQISJXLITVSFPIQWEWWSGMEXIH[MXLXIIREKIHVMZMRK XLI QENSV GEYWIW SJ XLI TVSFPIQW ERH E TPER XLEX [MPP KS E PSRK[E]XS[EVHWSPZMRKXLITVSFPIQW
8LMW WTIIGL MW SVKERM^IH MR TVSFPIQ GEYWIWSPYXMSRSVHIV,IVIXLIWTIEOIVWXEVXW XLIFSH]F]MHIRXMJ]MRKXLITVSFPIQhXLI PEVKI RYQFIV SJ EGGMHIRXW HIEXLW ERH MRNYVMIW MRZSPZMRK XIIREKI HVMZIVW 7LI WYTTSVXW LIV GPEMQ [MXL WXEXMWXMGW JVSQ XLI2EXMSREP,MKL[E]8VEJJMG7EJIX]%HQMR MWXVEXMSR %W ]SY GER WII JVSQ XLI ZMHIS SJXLIWTIIGLMRXLISRPMRI1IHME0MFVEV] JSV XLMW GLETXIV WLI YWIW 4S[IV4SMRX XS TVIWIRXLIVWXEXMWXMGWERHXSLIMKLXIRXLIMV MQTEGXEWWLIQSZIWJVSQJMKYVIXSJMKYVI
2SQEXXIVLS[SRIPSSOWEXXLIIZMHIRGIMXEPPPIEHWXS SRIJEGX 8LIVIEVIXSSQER]QSXSVZILMGPIEGGMHIRXWHIEXLW ERH MRNYVMIW MRZSPZMRK XIIREKI HVMZIVW %GGSVHMRK XS XLI 2EXMSREP,MKL[E]8VEJJMG7EJIX]%HQMRMWXVEXMSR[LMPIXIIREK IVW QEOI YT TIVGIRX SJ XLI REXMSRtW PMGIRWIH HVMZIVW XLI] VITVIWIRXTIVGIRXSJEPPQSXSVZILMGPIJEXEPMXMIW8LI2,87% VITSVXWXLEXPEWX]IEVHVMZIVWEKIHXS[IVIOMPPIH MREYXSQSFMPIEGGMHIRXW-REHHMXMSRXSOMPPMRKXLIHVMZIVWXLIWI WEQI EGGMHIRXW XSSO XLI PMZIW SJ XIIREKI TEWWIRKIVW &YX XLIWI EGGMHIRXW HMHRtX EJJIGX XIIREKIVW EPSRI 8LI] EPWS XSSOXLIPMZIWSJTISTPIEKIHSVSPHIV7SXLIXSXEP RYQFIV SJ TISTPI OMPPIH PEWX ]IEV MR EYXSQSFMPI EGGMHIRXW MRZSPZMRKXIIREKIHVMZIVW[EW hEPQSWXI\EGXP]XLIRYQ FIVSJJYPPXMQIWXYHIRXWEXXLMWGEQTYW
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%WMRXLITVIZMSYWTEVEKVETLXLIWXEXMWXMGW LIVIGSQIJVSQGVIHMFPIGPIEVP]MHIRXMJMIH WSYVGIW %PXLSYKL QSWX PMWXIRIVW HMH RSX JEZSVXLIWTIEOIVtW TSWMXMSREXXLIWXEVXSJ LIV WTIIGL XLI WXVIRKXL SJ LIV IZMHIRGI IZIRXYEPP] PIH WSQI XS GSRGIHI XLEX LIV TSWMXMSRRIIHIHXSFIXEOIRWIVMSYWP]
)ZMHIRGI EPWS WLS[W XLEX XLI ]SYRKIV XLI HVMZIV XLI KVIEXIVXLIVMWO%GGSVHMRKXSXLI-RWYVERGI-RWXMXYXIJSV,MKL [E] 7EJIX] ]IEVSPHW LEZI qXLI LMKLIWX TIVGIRXEKI SJ GVEWLIWMRZSPZMRK WTIIHMRKXLILMKLIWXTIVGIRXEKISJWMRKPI ZILMGPIGVEWLIWERHXLILMKLIWXTIVGIRXEKISJGVEWLIWMRZSPZ MRKHVMZIVIVVSVr1SVISZIVEW97%8SHE]VITSVXW]IEVSPHW EVIXLVIIXMQIWQSVIPMOIP]XSFIMRZSPZIHMRJEXEPGVEWLIWXLER EVISPHIVHVMZIVW
% XVERWMXMSR QSZIW XLI WTIEOIV MRXS LIV WIGSRHQEMRTSMRXMR[LMGLWLII\TPSVIW JSYV QENSV GEYWIW SJ XLI TVSFPIQ 2SXMGI LS[WLIYWIWEWMKRTSWXXSMRXVSHYGIIEGL GEYWI
2S[XLEX[ItZIWIIRXLII\XIRXSJXLITVSFPIQ[IGER I\TPSVIMXWGEYWIW3RISJXLIGEYWIWMWMRI\TIVMIRGI2I[HVMZ IVWNYWXLEZIRtXLEHIRSYKLXMQISRXLIVSEHXSHIZIPSTXLIMV HVMZMRK WOMPPW &YX MRI\TIVMIRGI MW JEV JVSQ XLI SRP] GEYWI SJ XLI TVSFPIQ %JXIV EPP XLIVI [MPP EP[E]W FI MRI\TIVMIRGIH HVMZIVWhIZIRMJXLIHVMZMRKEKIMWVEMWIHXSSVIZIRXS
8LI IZMHIRGI MR XLMW TEVEKVETL GSRRIGXW XLI XIRHIRG] SJ ]SYRKIV HVMZIVW XS XEOI HERKIVSYW VMWOW [MXL XLI WXEXI SJ FVEMR HIZIPSTQIRXEQSRK]IEVSPHW-REHHM XMSRXSGSQMRKJVSQVIWTIGXIHWSYVGIWXLI IZMHIRGI TVSZMHIW E WGMIRXMJMG JSYRHEXMSR JSV[LEXXLIWTIEOIVtWEYHMIRGIORI[JVSQ XLIMVS[RI\TIVMIRGIEFSYXXLITVSTIRWMX] JSVVMWOXEOMRKEQSRKXIIREKIVW
% WIGSRH GEYWI MW VIZIEPIH F] FVEMR VIWIEVGL *MRHMRKW JVSQ XLI 2EXMSREP -RWXMXYXI SJ 1IRXEP ,IEPXL WLS[ XLEX XLI FVEMR SJ ER EZIVEKI ]IEVSPH LEW RSX HIZIPSTIH XS XLI TSMRX[LIVILISVWLIMWEFPIXSIJJIGXMZIP]NYHKIXLIVMWOSJE KMZIRWMXYEXMSR(V.E]+MIHH[LSPIHXLIVIWIEVGLXIEQXLEX GSRHYGXIH XLI WXYH] WXEXIW q;LIR E WQEVX XEPIRXIH ERH ZIV] QEXYVI XIIR HSIW WSQIXLMRK XLEX E TEVIRX QMKLX GEPP sWXYTMHt MXtW XLMW YRHIVHIZIPSTIH TEVX SJ XLI FVEMR XLEX LEW QSWXPMOIP]JEMPIHr7XIZIR0S[IRWXIMREQIHMGEPTVSJIWWSVEX XLI9RMZIVWMX]SJ'SPSVEHSLEWNYWXJMRMWLIHEJMZI]IEVWXYH] GSQTEVMRKXLIXVEJJMGVIGSVHWSJ]IEVSPHHVMZIVWXSHVMZIVW EKIH XS ,MW GSRGPYWMSR# q(IPMFIVEXI VMWOXEOMRK ERH HERKIVSYW ERH EKKVIWWMZI HVMZMRK FILEZMSVW TVIHSQMREXIHr EQSRKXLI]IEVSPHW
2S[XLIWTIEOIV HMWGYWWIWXLIXLMVHGEYWI SJ XLI TVSFPIQhRMKLX HVMZMRK /RS[MRK XLEXRMKLXHVMZMRKMWQSVIHERKIVSYWJSVEPP EKIKVSYTWWLIXEOIWGEVIXSRSXIXLEXMXMW TEVXMGYPEVP] TIVMPSYW JSVXIIREKIVW FIGEYWI SJXLIMVVMWOXEOMRKERHXLIMVMRI\TIVMIRGI FILMRHXLI[LIIP
% XLMVH GEYWI SJ QSXSV ZILMGPI JEXEPMXMIW EQSRK XIIR EKI HVMZIVW MW RMKLX HVMZMRK %GGSVHMRKXS 8 LI ;EWLMRKXSR 4SWX[LIR]IEVSPHWKIXFILMRHXLI[LIIPSJEGEVEJXIV HEVOXLIPMOIPMLSSHSJLEZMRKEREGGMHIRXMRGVIEWIWWIZIVEP XMQIW SZIV 3J GSYVWI RMKLXXMQI HVMZMRK MW PIWW WEJI JSV IZIV]SRI FYX MX FIGSQIW TEVXMGYPEVP] HERKIVSYW [LIR GSQFMRIH[MXLE]SYRK HVMZIVtW MRI\TIVMIRGIERH VIHYGIH EFMPMX]XSKEYKIVMWO
8LMW TEVEKVETL MW IWTIGMEPP] IJJIGXMZI -J ]SY[EXGLXLIWTIIGLMRXLISRPMRI1IHME 0MFVEV] JSV XLMW GLETXIV ]SY GER WII LS[ XLI WTIEOIV YWIW LIV ZSMGI KIWXYVIW ERH JEGMEPI\TVIWWMSRWXSIRLERGIXLIMQTEGXSJ LIV MHIEW ERH XS IWXEFPMWL E WXVSRK FSRH [MXLXLIEYHMIRGI
*MREPP]XLIVIMWXLITVIWIRGISJXIIREKITEWWIRKIVWMRXLI GEV;IEPPORS[[LEXMXtWPMOIXSHVMZI[MXLSYVJVMIRHWhXLI WXIVISMWYTPSYHGIPPTLSRIWEVIVMRKMRKIZIV]FSH]tWPEYKLMRK ERHLEZMRKEKSSHXMQI8LITVSFPIQMWXLEXEPPXLIWIJEGXSVW GVIEXI HMWXVEGXMSRW HMWXVEGXMSRW XLEX XSS SJXIR VIWYPX MR EGGM HIRXW MRNYV]ERH HIEXL %PPER;MPPMEQW GLMIJWGMIRXMWXEXXLI -RWYVERGI-RWXMXYXIJSV,MKL[E]7EJIX]VITSVXWXLEXSRIXIIR EKITEWWIRKIVHSYFPIWXLIVMWO SJ E JEXEP GVEWL;MXLX[S SV QSVITEWWIRKIVWXLIVMWOMWJMZIXMQIWKVIEXIV6IQIQFIVQ] RITLI[tW EGGMHIRX - QIRXMSRIH EX XLI WXEVX SJ Q] WTIIGL# 8LIVI[IVIXLVIITEWWIRKIVWMRXLIGEV
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
% XVERWMXMSR WMKREPW XLEX XLI WTIEOIV MW QSZMRK MRXS LIV XLMVH QEMR TSMRX %W MR LIVWIGSRHQEMRTSMRXWLIYWIWEWMKRTSWX XSMRXVSHYGIIEGLSJXLIWYFTSMRXW
7S XLI I\XIRX SJ XLI TVSFPIQ MW GPIEV 7S XSS EVI MXW GEYWIW ;LEX WXITW GER [I XEOI XS LIPT FVMRK EFSYX E WSPY XMSR#*MVWX[IRIIHEREXMSREPTSPMG]XLEXRSSRIGERVIGIMZI E PIEVRIVtW TIVQMX YRXMP EKI ERH RS SRI GER VIGIMZI JYPP HVMZMRKTVMZMPIKIWYRXMPEKI 8LMW[MPPEPPS[]IEVSPHWXMQI XS KEMR HVMZMRK I\TIVMIRGI FIJSVI LEZMRK ER YRVIWXVMGXIH PMGIRWIERHXSVIEGLEWXEKISJFVEMRHIZIPSTQIRX[LIVIXLI] EVIFIXXIVEFPIXSLERHPIXLIVMWOERHVIWTSRWMFMPMX]SJHVMZMRK
%W XLMW WIGXMSR SJ XLI WTIIGL TVSGIIHW RSXMGILS[XLIWTIEOIVtWTPEREHHVIWWIWEPP JSYV GEYWIW SJ XLI TVSFPIQ HMWGYWWIH MR QEMR TSMRX X[ShMRI\TIVMIRGI FVEMR HIZIPSTQIRXRMKLXHVMZMRKERHXLIRYQ FIVSJXIIREKITEWWIRKIVWMREGEV
7IGSRH [I RIIH XS VIWXVMGX RMKLXXMQI HVMZMRK WS EW XS OIIT]SYRKIVHVMZIVWSJJXLIVSEH[LIRGSRHMXMSRWEVIVMWOMIWX 7SQI WXEXIW LEZI XVMIH XS EHHVIWW XLMW TVSFPIQ F] FERRMRK XIIREKIVW JVSQ HVMZMRK EJXIV QMHRMKLX SV %1 FYX EW XLI -RWYVERGI-RWXMXYXIJSV,MKL[E]7EJIX]VITSVXWXLIWIPE[WHSRtX KSJEVIRSYKL%GGSVHMRKXSXLI-RWXMXYXI[IRIIHE 41 SV 41PMQMXYRXMPHVMZIVWVIEGLXLIEKISJ
&IGEYWIXLIWTIEOIVMWRSXEREYXLSVMX]SR LMKL[E] WEJIX] WLI YWIW I\TIVX XIWXMQSR] XS TVSZI XLEX LIV TPER [MPP VIHYGI XIIREKI HVMZMRK JEXEPMXMIW 2SXMGI LS[ QYGL PIWW IJJIGXMZIXLIWTIIGL[SYPHFIMJXLIWTIEOIV LEHQIVIP]WXEXIHXLIWXITWSJLIVTPER[MXL SYXTVSZMHMRKIZMHIRGISJMXWIJJIGXMZIRIWW
8LMVH[IRIIHXSVIWXVMGXXLIRYQFIVSJXIIREKITEWWIRKIVW MR GEVW HVMZIR F] ]SYRKIV HVMZIVW -R JEGX WE]W /IZMR 5YMRPER JVSQ XLI 2EXMSREP 8VERWTSVXEXMSR 7EJIX] &SEVH qTEWWIRKIV VIWXVMGXMSRMWXLIJMVWXERHJSVIQSWXQIEWYVI]SYGERXEOIrXS VIHYGI XIIREKI HVMZMRK JEXEPMXMIW %GGSVHMRK XS 5YMRPER XLI STXMQEPTSPMG][SYPHFIXSFEVHVMZIVWEKISV]SYRKIVJVSQ LEZMRKER]TEWWIRKIVWMRXLIGEVYRPIWWXLIVMHIVWEVIEHYPXWSV JEQMP]QIQFIVW(VMZIVWJVSQXLIEKISJXS WLSYPHRSX FIEPPS[IHXSGEVV]QSVIXLERSRIXIIREKITEWWIRKIV
,IVIXLIWTIEOIVHIEPW [MXL XLISFNIGXMSR XLEXLIVTPER[SYPHFILEVWLERHMRGSRZI RMIRX 8LI UYSXEXMSR JVSQ E JEXLIV [LS PSWXLMWXIIREKIWSRMREGEVEGGMHIRXTYXW XLI LEVWLRIWW MWWYI MR TIVWTIGXMZI ERH JSVGIWPMWXIRIVWXSXLMROEFSYXXLIXVEHISJJ FIX[IIRWEZMRKPMZIWERHMRWXMXYXMRKXSYKLIV HVMZMRKEKIVIUYMVIQIRXW
2S[ - ORS[ EPP SJ XLMW QMKLX WSYRH LEVWL ERH TIVLETW MRGSRZIRMIRX FYX XLI IZMHIRGI MW GPIEV XLEX MX [SYPH WEZI E WMKRMJMGERXRYQFIVSJPMZIWq-J]SY[ERXXSHMWGYWWLEVWLrWEMH SRI JEXLIV [LSWI ]IEVSPH WSR HMIH MR ER EGGMHIRX XLVII ]IEVWEKSq-GERXEPOXS]SYEFSYXLEVWL-XtWFIMRKE[EOIRIH EX MRXLIQSVRMRKF]XLI7XEXI4EXVSPXIPPMRK]SYXLEX]SYV WSRLEWNYWXFIIROMPPIHr
8LI GSRGPYWMSR FYMPHW SR XLI IQSXMSREP ETTIEP KIRIVEXIH F] XLI UYSXEXMSR EX XLI IRH SJ XLI TVIZMSYW TEVEKVETL 8LI JMREP WIRXIRGI MR [LMGL XLI WTIEOIV RSXIW XLEX LIVRITLI[[SYPHKPEHP]EGGITXXLIMRGSR ZIRMIRGIGEYWIHF]LIVTSPMG]JSVXLIGLERGI XS[EPOEKEMRMWGSQTIPPMRKERHIRHWXLI WTIIGLSRETS[IVJYPRSXI
)ZIV]SRIMRXLMWVSSQLEWPMZIHXSGSPPIKIEKI&YXXLMW]IEV EPSRIXLSYWERHWSJXIIREKIHVMZIVW[MPPRSXPMZIXLEXPSRK%RH XLI] [SRtX PMZI XLEX PSRK HYI XS JEGXSVW XLEX [I GER TVIZIRX 8LIVItWRS[E]XSWSPZIEPPXLITVSFPIQW[IIRGSYRXIVSRXLI VSEHFYX[IGERHSWSQIXLMRKXSLIPTWEZIXLIPMZIWSJ]SYRKIV HVMZIVWERHQEOIXLIVSEHWEJIVJSVEPPSJYW%W-WEMHIEVPMIVXLMW QMKLX WSYRH LEVWL SV MRGSRZIRMIRX FYX - ORS[ Q] RITLI[ [SYPHKPEHP]XVEHIFSXLJSVXLIGLERGIXS[EPOEKEMR
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7911%6=
4IVWYEWMSR MW XLI TVSGIWW SJ GVIEXMRK VIMRJSVGMRK SV GLERKMRK TISTPItW FIPMIJW SV EGXMSRW;LIR]SYWTIEOXSTIVWYEHI]SYEGXEWEREHZSGEXI8LIEFMPMX]XSWTIEO TIVWYEWMZIP][MPPFIRIJMX]SYMRIZIV]TEVXSJ]SYVPMJIJVSQ TIVWSREPVIPEXMSRWXS GSQQYRMX]EGXMZMXMIWXSGEVIIVEWTMVEXMSRW ,S[ WYGGIWWJYP ]SY EVI MR ER] TIVWYEWMZI WTIIGL HITIRHW SR LS[ [IPP ]SY XEMPSV]SYVQIWWEKIXS]SYVPMWXIRIVWtZEPYIWEXXMXYHIWERHFIPMIJW=SYWLSYPHXLMRO SJ]SYVWTIIGLEWEQIRXEPHMEPSKYI[MXL]SYVEYHMIRGI-HIRXMJ]]SYVXEVKIXEYHM IRGIERXMGMTEXISFNIGXMSRWXLI]QE]VEMWIXS]SYVTSMRXSJZMI[ERHERW[IVXLSWI SFNIGXMSRWMR]SYVWTIIGL 4IVWYEWMZIWTIIGLIWQE]GIRXIVSRUYIWXMSRWSJJEGXZEPYISVTSPMG];LIRKMZMRK ETIVWYEWMZIWTIIGLEFSYXEUYIWXMSRSJJEGX]SYVVSPIMWEOMRXSXLEXSJEPE[]IVMRE GSYVXVSSQXVMEP=SY[MPPXV]XSKIX]SYVPMWXIRIVWXSEGGITX]SYVZMI[SJXLIJEGXW 5YIWXMSRWSJZEPYIMRZSPZIETIVWSRt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hRIIHTPERERHTVEGXM GEPMX] ,S[ QYGL SJ ]SYV WTIIGL ]SY HIZSXI XS IEGL MWWYI [MPP HITIRH SR ]SYV XSTMGERH]SYVEYHMIRGI 8LIVIEVIWIZIVEPSTXMSRWJSVSVKERM^MRKWTIIGLIWSRUYIWXMSRWSJTSPMG]-J]SY EHZSGEXIEGLERKIMRTSPMG]]SYVQEMRTSMRXW[MPPSJXIRJEPPREXYVEPP]MRXSTVSFPIQ WSPYXMSRSVHIVSVMRXSTVSFPIQGEYWIWSPYXMSRSVHIV-J]SYVEYHMIRGIEPVIEH]EKVIIW XLEXETVSFPIQI\MWXW]SYQE]FIEFPIXSYWIGSQTEVEXMZIEHZERXEKIWSVHIV;LIR IZIV]SYWIIOMQQIHMEXIEGXMSRJVSQPMWXIRIVW]SYWLSYPHGSRWMHIVEQSVIWTIGMEPM^IH SVKERM^EXMSREPTEXXIVRORS[REW1SRVSItWQSXMZEXIHWIUYIRGI 6IKEVHPIWWSJ]SYVXSTMGSVQIXLSHSJSVKERM^EXMSR]SYRIIHXSQEOIWYVI]SYV KSEPWEVIIXLMGEPP]WSYRHERHXLEX]SYYWIIXLMGEPQIXLSHWXSTIVWYEHI]SYVEYHMIRGI
/ )=8)617
TIVWYEWMSR
RIIH
QIRXEPHMEPSKYI[MXLXLIEYHMIRGI
FYVHIRSJTVSSJ
XEVKIXEYHMIRGI
TPER
UYIWXMSRSJJEGX
TVEGXMGEPMX]
UYIWXMSRSJZEPYI
TVSFPIQWSPYXMSRSVHIV
UYIWXMSRSJTSPMG]
TVSFPIQGEYWIWSPYXMSRSVHIV
WTIIGLXSKEMRTEWWMZIEKVIIQIRX
GSQTEVEXMZIEHZERXEKIWSVHIV
WTIIGLXSKEMRMQQIHMEXIEGXMSR
1SRVSItWQSXMZEXIHWIUYIRGI
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ; LEXMWXLIHMJJIVIRGIFIX[IIRERMRJSVQEXMZIWTIIGLERHETIVWYEWMZIWTIIGL# ;L]MWWTIEOMRKXSTIVWYEHIQSVIGLEPPIRKMRKXLERWTIEOMRKXSMRJSVQ#
6IZMI[5YIWXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
;LEXEVIUYIWXMSRWSJTSPMG]#+MZIERI\EQTPISJEWTIGMJMGTYVTSWIWXEXIQIRX JSVETIVWYEWMZIWTIIGLSREUYIWXMSRSJTSPMG] )\TPEMR XLI HMJJIVIRGI FIX[IIR TEWWMZI EKVIIQIRX ERH MQQIHMEXI EGXMSR EW KSEPWJSVTIVWYEWMZIWTIIGLIWSRUYIWXMSRWSJTSPMG] ;LEXEVIXLIXLVIIFEWMGMWWYIW]SYQYWXHIEP[MXL[LIRHMWGYWWMRKEUYIWXMSR SJ TSPMG]# ;LEX [MPP HIXIVQMRI XLI EQSYRX SJ EXXIRXMSR]SY KMZI XS IEGL SJ XLIWIMWWYIWMRER]TEVXMGYPEVWTIIGL# ;LEXJSYVQIXLSHWSJSVKERM^EXMSREVIYWIHQSWXSJXIRMRTIVWYEWMZIWTIIGLIW SRUYIWXMSRWSJTSPMG]# ;LEX EVI XLI JMZI WXITW SJ 1SRVSItW QSXMZEXIH WIUYIRGI# ;L] MW XLI QSXM ZEXIHWIUYIRGIIWTIGMEPP]YWIJYPMRWTIIGLIWXLEXWIIOMQQIHMEXIEGXMSRJVSQ PMWXIRIVW#
)<)6'-7)7*36'6-8-'%08,-2/-2+ 0 SSO FEGO EX XLI WXSV] SJ 6EQSR 8VYNMPPS EX XLI FIKMRRMRK SJ XLMW GLETXIV TEKI 0MOI6EQSRQSWXTISTPIHSEGIVXEMREQSYRXSJTIVWYEHMRKIZIV] HE]MRRSVQEPGSRZIVWEXMSR/IITENSYVREPSJ]SYVGSQQYRMGEXMSREGXMZMXMIW JSVERIRXMVIHE]QEOMRKWTIGMEPRSXISJEPPMRWXERGIWMR [LMGL]SYXVMIHXS TIVWYEHIWSQISRIIPWIXS]SYVTSMRXSJZMI['LSSWISRISJXLSWIMRWXERGIW ERHTVITEVIEFVMIJEREP]WMWSJMX -R]SYVEREP]WMWERW[IVXLIJSPPS[MRKUYIWXMSRW ;LS[EWXLIEYHMIRGI JSV]SYVTIVWYEWMZIIJJSVX# ;LEX[IVIXLIqWTIGMJMGTYVTSWIrERHXLIqGIRXVEP MHIErSJ]SYVTIVWYEWMZIQIWWEKI# (MH]SYVILIEVWI]SYVTIVWYEWMZIQIWWEKI ELIEH SJ XMQI SV HMH MX EVMWIWTSRXERISYWP] JVSQ XLIWMXYEXMSR# ;IVI ]SY WYGGIWWJYPMREGLMIZMRK]SYVWTIGMJMGTYVTSWI# -J]SYJEGIHXLIWEQIWMXYEXMSR EKEMR[LEXWXVEXIKMGGLERKIW[SYPH]SYQEOIMR]SYVTIVWYEWMZIIJJSVX# &IPS[ EVI JSYV WTIGMJMG TYVTSWIW JSV TIVWYEWMZI WTIIGLIW -R IEGL GEWI I\TPEMR [LIXLIVXLIWTIIGLEWWSGMEXIH[MXLMXGSRGIVRWEUYIWXMSRSJJEGXEUYIWXMSRSJ ZEPYI SV E UYIWXMSR SJ TSPMG] 8LIR VI[VMXI XLI WTIGMJMG TYVTSWI WXEXIQIRX XS QEOIMXETTVSTVMEXIJSVEWTIIGLEFSYXSRISJXLISXLIVX[SOMRHWSJUYIWXMSRW *SV MRWXERGI MJ XLI SVMKMREP TYVTSWI WXEXIQIRX MW EFSYX E UYIWXMSR SJ TSPMG] [VMXIERI[WTIGMJMGTYVTSWIWXEXIQIRXXLEXHIEPW[MXLXLIWEQIXSTMGEWIMXLIV EUYIWXMSRSJJEGXSVEUYIWXMSRSJZEPYI
)\EQTPI 3VMKMREPWXEXIQIRX 8S TIVWYEHI Q]EYHMIRGIXLEXMX MW YRJEMVJSV NYHKIW XSJEZSV REXYVEP TEVIRXWSZIVEHSTXMZITEVIRXWMRGLMPHGYWXSH]HMWTYXIW UYIWXMSRSJZEPYI 6I[VMXXIRWXEXIQIRX 8STIVWYEHIQ]EYHMIRGIXLEXXLIGSYVXWWLSYPHIWXEFPMWLGPIEV KYMHIPMRIWJSVWIXXPMRKHMWTYXIWFIX[IIREHSTXMZITEVIRXWERHREXYVEPTEVIRXWMRGLMPH GYWXSH]GEWIW UYIWXMSRSJTSPMG]
',%48)6 74)%/-2+834)679%()
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKXS4IVWYEHI
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
E 8STIVWYEHIQ]EYHMIRGIXSHSREXIXMQIEWEGSQQYRMX]ZSPYRXIIV F 8STIVWYEHIQ]EYHMIRGIXLEXZMSPIRGIMRZMHISKEQIWMWEQENSVGEYWISJZMSPIRX FILEZMSVEQSRKXIIREKIVW G 8 STIVWYEHIQ]EYHMIRGIXLEXEREXMSREPWEPIWXE\WLSYPHFIEHSTXIHXSLIPTTE] SJJXLIREXMSREPHIFX H 8STIVWYEHIQ]EYHMIRGIXLEXMXMWYRIXLMGEPJSVFYWMRIWWIWXSYWIKIRIXMGXIWXMRK MRWGVIIRMRKTSXIRXMEPIQTPS]IIW
'LSSWIEXSTMGJSVETIVWYEWMZIWTIIGLSREUYIWXMSRSJTSPMG]'VIEXIX[SWTI GMJMG TYVTSWI WXEXIQIRXW EFSYX XLEX XSTMGhSRI JSV E WTIIGL XS KEMR TEWWMZI EKVIIQIRXERSXLIVJSVEWTIIGLXSQSXMZEXIMQQIHMEXIEGXMSR3RGI]SYLEZI XLI WTIGMJMG TYVTSWI WXEXIQIRXW I\TPEMR LS[ XLI WTIIGL WIIOMRK MQQIHMEXI EGXMSR[SYPHHMJJIVMRWXVYGXYVIERHTIVWYEWMZIETTIEPWJVSQXLIWTIIGLWIIOMRK TEWWMZIEKVIIQIRX&IWTIGMJMG %REP]^IXLIWEQTPIWTIIGL[MXLGSQQIRXEV]EXXLIIRHSJXLMWGLETXIV q4YX XMRKXLI&VEOIW SR 8IIREKI (VMZMRKr TEKIW i 4E] WTIGMEPEXXIRXMSR XS LS[ XLIWTIEOIVWYTTSVXWLIVMHIEWEWWLIQSZIW XLVSYKL XLITVSFPIQGEYWI ERHWSPYXMSRWIGXMSRW(SIWWLITVIWIRXEGSRZMRGMRKGEWIXLEXEWIVMSYWTVSFPIQ I\MWXW#;LEXHSIWWLIMHIRXMJ]EWXLIQENSVGEYWIWSJXLITVSFPIQ#(SIWLIVTPER EHHVIWWEPPSJXLSWIGEYWIW# 7IPIGX E XIPIZMWMSR GSQQIVGMEP XLEX MW SVKERM^IH EGGSVHMRK XS 1SRVSItW QSXM ZEXIH WIUYIRGI 4VITEVI E FVMIJ EREP]WMW MR [LMGL ]SY E MHIRXMJ] XLI XEVKIX EYHMIRGI JSV XLI GSQQIVGMEP ERH F HIWGVMFI IEGL WXIT MR XLI QSXMZEXIH WIUYIRGIEWMXETTIEVWMRXLIGSQQIVGMEP %REP]^Iq8LI 9PXMQEXI+MJXrMRXLI ETTIRHM\SJWEQTPIWTIIGLIWXLEXJSPPS[W 'LETXIV TT%i% &IGEYWIXLMWWTIIGLMWSVKERM^IHMR1SRVSItWQSXM ZEXIHWIUYIRGITE]WTIGMEPEXXIRXMSRXSLS[XLIWTIEOIVHIZIPSTWIEGLWXITMR XLIWIUYIRGIhEXXIRXMSRRIIHWEXMWJEGXMSRZMWYEPM^EXMSREGXMSR-HIRXMJ][LIVI IEGLWXITSJXLIWIUYIRGISGGYVWMRXLIWTIIGLERHI\TPEMRLS[XLITIVWYEWMZI ETTIEPSJXLIWTIIGLFYMPHWJVSQWXITXSWXIT
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
%WEPSGEPYRMSRPIEHIVMXMW]SYVNSFXSTVIWIRXEGSRXVEGXSJJIVQEHIF]QEREKI QIRXXS]SYVWXVMOMRKQIQFIVWLMT8LSYKLXLITVSTSWIHSJJIVJEPPWWLSVXSJQIIX MRKEPP]SYVYRMSRtWHIQERHW]SYFIPMIZIMXMWEKSSHSJJIVERHMR]SYVWTIIGL]SY [MPPVIGSQQIRHXLEXXLIYRMSRQIQFIVWZSXIXSEGGITXMX 8LIGSRXVEGXMWWYIWLEZIFIIRLSXP]HIFEXIHWS]SYLEZIERMHIELS[WSQISJ ]SYVQIQFIVW[MPPGEWXXLIMVFEPPSXW3RIMWWYIMWXLEXQEREKIQIRXLEWKYEVER XIIHXSQEMRXEMRJYPPFIRIJMXWJSVGYVVIRX[SVOIVWFYX[ERXWXSVIHYGIFIRIJMXWJSV RI[[SVOIVW8LSYKLXLITVSTSWIHSJJIVPMQMXWXLIWIVIHYGXMSRW]SYORS[SJ QIQFIVW[LS[MPPZSXIEKEMRWXER]TVSTSWEPXLEXPMQMXWXLIFIRIJMXWSJJYXYVI[SVO IVW%PVIEH][MXL]SYLS[IZIVEVIXLI QIQFIVW[LSZSXIHRSXXSWXVMOIERH[LS [MPPZSXIXSEGGITXER]VIEWSREFPISJJIV%QSRKXLIYRHIGMHIHZSXIVWEVIXLSWI[LS XLMRO XLEX WMRGI XLI WXVMOI MW SRP] MR MXW WIGSRH [IIO E FIXXIV GSRXVEGX QE] FI SJJIVIHMJXLMWTVSTSWEPMWVINIGXIH ;LS MWXLIXEVKIX EYHMIRGI JSV]SYVWTIIGL# ,S[ [MPP]SY TIVWYEHIXLIQ XS ZSXI]IWSRXLIGSRXVEGXSJJIV#;LMGLSJXLIJSPPS[MRKQIXLSHWSJSVKERM^EXMSR[MPP ]SY YWI JSV ]SYV WTIIGL ERH [L] TVSFPIQWSPYXMSR GSQTEVEXMZI EHZERXEKIW 1SRVSItWQSXMZEXIHWIUYIRGI#
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1IXLSHWSJ4IVWYEWMSR &YMPHMRK'VIHMFMPMX] *EGXSVWSJ'VIHMFMPMX] 8]TIWSJ'VIHMFMPMX] )RLERGMRK=SYV'VIHMFMPMX]
9WMRK)ZMHIRGI ,S[)ZMHIRGI;SVOW %'EWI7XYH] 8MTWJSV9WMRK)ZMHIRGI
6IEWSRMRK 6IEWSRMRKJVSQ7TIGMJMG-RWXERGIW 6IEWSRMRKJVSQ4VMRGMTPI 'EYWEP6IEWSRMRK %REPSKMGEP6IEWSRMRK *EPPEGMIW
%TTIEPMRKXS)QSXMSRW ;LEX%VI)QSXMSREP%TTIEPW# +IRIVEXMRK)QSXMSREP%TTIEP )XLMGWERH)QSXMSREP%TTIEP
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
IVWYEWMSRMWFMKFYWMRIWW8LSYWERHWSJEYXLSVWERHGSRWYPXERXWTVSQMWIXSXIEGL ]SY XLI SRI OI] WIGVIX XS TIVWYEHMRK TISTPI XS HS [LEX ]SY [ERX (ER 0SO GPEMQWXSVIZIEPqJSVFMHHIRTW]GLSPSKMGEPXEGXMGWrXLEX[MPPqKMZI]SYERYRJEMV EHZERXEKIMRHIEPMRK[MXLTISTPIr7GSXX1SPHIRLEYIV[MPPLIPT]SYYRPSGOqXLIWGM IRGISJTIVWYEWMSRrXSKIXXLIFYWMRIWWVIWYPXW]SYGVEZI/YVX1SVXIRWIRTVSQMWIWXS QEOI]SYqEQEWXIVSJTIVWYEWMSRrWS]SYGERqKIX[LEX]SY[ERX[LIR]SY[ERXMXr /IZMR,SKERHVE[WSRqXLIWGMIRGISJMRJPYIRGIrXSKMZI]SYTIVWYEWMSRXIGLRMUYIW qXLII\TIVXWHSRtX[ERX]SYXSORS[r8LIWITISTPIEPPGLEVKIXLSYWERHWSJHSPPEVW JSV XLIMV WIQMREVW LYRHVIHW JSV ZMHISW ERH QSXMZEXMSREP FSSOW 'SQTERMIW ERH MRHMZMHYEPWJPSGOhERHTE]hXSVIEHERHLIEV[LEXXLI]LEZIXSWE]
4
-X WSYRHW KSSH FYX GER ER] SJ XLIWI TISTPI VIEPP] LEZI XLI qSRI OI] WIGVIXrXSTIVWYEWMSR#4VSFEFP]RSX4IVWYEWMSRMWXSSGSQTPMGEXIHJSVXLEX=IX EWXLIRYQFIVSJFSSOWWIQMREVWERHZMHISWSRXLIWYFNIGXWLS[WXLIVIMWE TIVTIXYEPJEWGMREXMSR[MXLXLIWXVEXIKMIWERHXEGXMGWSJIJJIGXMZITIVWYEWMSR ;LEXQEOIWEWTIEOIVTIVWYEWMZI#;L]HSPMWXIRIVWEGGITXSRIWTIEOIVtW ZMI[WERHVINIGXXLSWISJERSXLIV#,S[GEREWTIEOIVQSXMZEXIPMWXIRIVWXSEGX MRWYTTSVXSJEGEYWIEGEQTEMKRSVEGERHMHEXI#4ISTPILEZIFIIRXV]MRKXS ERW[IV XLIWI UYIWXMSRW JSV XLSYWERHW SJ ]IEVWhJVSQ XLI ERGMIRX +VIIO TLM PSWSTLIV%VMWXSXPIXSQSHIVRHE]GSQQYRMGEXMSRVIWIEVGLIVW%PXLSYKLQER] ERW[IVW LEZI FIIR KMZIR [I GER WE] XLEX PMWXIRIVW [MPP FI TIVWYEHIH F] E WTIEOIVJSVSRISVQSVISJJSYVVIEWSRW &IGEYWIXLI]TIVGIMZIXLIWTIEOIVEWLEZMRKLMKLGVIHMFMPMX] &IGEYWIXLI]EVI[SRSZIVF]XLIWTIEOIVtWIZMHIRGI &IGEYWIXLI]EVIGSRZMRGIHF]XLIWTIEOIVtWVIEWSRMRK &IGEYWIXLIMVIQSXMSRWEVIXSYGLIHF]XLIWTIEOIVtWMHIEWSVPERKYEKI -R XLMW GLETXIV [I [MPP PSSO EX IEGL SJ XLIWI ;I [MPP RSX HMWGSZIV ER] QEKMGEPWIGVIXWXLEX[MPPQEOI]SYERMVVIWMWXMFPITIVWYEWMZIWTIEOIV&YXMJ]SY PIEVR XLI TVMRGMTPIW HMWGYWWIH MR XLMW GLETXIV ]SY [MPP KVIEXP] MRGVIEWI ]SYV SHHWSJ[MRRMRKXLIQMRHWERHLIEVXWSJ]SYVPMWXIRIVW
&YMPHMRK'VIHMFMPMX] ,IVIEVIX[SWIXWSJMQEKMREV]WXEXIQIRXW;LMGLSRISJIEGLTEMV[SYPH]SY FIQSVIPMOIP]XSFIPMIZI# ;IGERI\TIGXXSWIIQSVIJIQEPIGERHMHEXIWJSV4VIWMHIRXMRXLIJSVIWIIEFPIJYXYVI ,MPPEV]'PMRXSR ;I[MPPRSXLEZIQSVIJIQEPIGERHMHEXIWJSV4VIWMHIRXMRXLIJSVIWIIEFPIJYXYVI 4I]XSR 1ERRMRK 'LERKIWMRTVSJIWWMSREPJSSXFEPPEVITVSHYGMRKEJEWXIVQSVITEWWSVMIRXIHKEQI 4I]XSR1ERRMRK 'LERKIWMRTVSJIWWMSREPJSSXFEPPEVITVSHYGMRKEWPS[IVQSVIVYRSVMIRXIHKEQI ,MPPEV] 'PMRXSR
1SWXPMOIP]]SYGLSWIXLIJMVWXMRIEGLTEMVSJWXEXIQIRXW-JWS]SY[IVI TVSFEFP]MRJPYIRGIHF] ]SYV TIVGITXMSRSJ XLIWTIEOIV =SY EVIQSVI PMOIP]
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
XS VIWTIGX XLI NYHKQIRX SJ 'PMRXSR [LS EPQSWX GETXYVIH XLI (IQS GVEXMGTVIWMHIRXMEPRSQMREXMSR[LIRWLIWTIEOWEFSYXJIQEPIGERHMHEXIWJSV 4VIWMHIRXERHXSVIWTIGXXLINYHKQIRXSJ1ERRMRKX[SXMQI2*04PE]IVSJ XLI=IEV[LIRLIWTIEOWEFSYXXVIRHWMRTVSJIWWMSREPJSSXFEPP7SQIXIEGLIVW GEPPXLMWJEGXSVWSYVGIGVIHMFMPMX]3XLIVWVIJIVXSMXEWIXLSWXLIREQIKMZIRF] IXLSW %VMWXSXPI 8LIREQIYWIHF]%VMWXSXPI
*%'83673*'6)(-&-0-8=
JSV[LEXQSHIVRWXYHIRXW SJGSQQYRMGEXMSRVIJIVXS EWGVIHMFMPMX]
1ER]XLMRKWEJJIGXEWTIEOIVtWGVIHMFMPMX]MRGPYHMRKWSGMEFMPMX]H]REQMWQTL]W MGEPEXXVEGXMZIRIWWERHTIVGIMZIHWMQMPEVMX]FIX[IIRWTIEOIVERHEYHMIRGI%FSZI EPPXLSYKLGVIHMFMPMX]MWEJJIGXIHF]X[SJEGXSVW 'SQTIXIRGIhLS[ ER EYHMIRGI VIKEVHW E WTIEOIVtW MRXIPPMKIRGI I\TIVXMWI ERHORS[PIHKISJXLIWYFNIGX 'LEVEGXIVhLS[EREYHMIRGIVIKEVHWEWTIEOIVtWWMRGIVMX]XVYWX[SVXLMRIWW ERHGSRGIVRJSVXLI[IPPFIMRKSJXLIEYHMIRGI
GVIHMFMPMX] 8LIEYHMIRGItWTIVGITXMSRSJ 8LI QSVI JEZSVEFP] PMWXIRIVW ZMI[ E WTIEOIVtW GSQTIXIRGI ERH GLEVEGXIV [LIXLIVEWTIEOIVMWUYEPMJMIH XLI QSVI PMOIP] XLI] EVI XS EGGITX [LEX XLI WTIEOIV WE]W 2S HSYFX ]SY EVI XSWTIEOSREKMZIRXSTMG8LI JEQMPMEV [MXL XLMW JVSQ ]SYV S[R I\TIVMIRGI 7YTTSWI ]SY XEOI E GSYVWI MR X[SQENSVJEGXSVWMRJPYIRGMRK IGSRSQMGW 8LI GSYVWI MW XEYKLX F] E HMWXMRKYMWLIH TVSJIWWSV [LS LEW TYF EWTIEOIVtWGVIHMFMPMX]EVI PMWLIH[MHIP]MRTVIWXMKMSYWNSYVREPW[LSWMXW SREQENSVMRXIVREXMSREPGSQ GSQTIXIRGIERHGLEVEGXIV QMWWMSR ERH [LS LEW [SR WIZIVEP E[EVHW JSV SYXWXERHMRK VIWIEVGL -R GPEWW ]SYLERKSRXLMWTVSJIWWSVtWIZIV][SVH3RIHE]XLITVSJIWWSVMWEFWIRX EGSP PIEKYI JVSQ XLI )GSRSQMGW (ITEVXQIRXhJYPP] UYEPMJMIH FYX RSX EW [IPP ORS[Rh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
8=4)73*'6)(-&-0-8= 2SXSRP]GEREWTIEOIVtWGVIHMFMPMX]ZEV]JVSQEYHMIRGIXSEYHMIRGIERHXSTMG XSXSTMGFYXMXGEREPWSGLERKIHYVMRKXLIGSYVWISJEWTIIGLhWSQYGLWSXLEX [IGERMHIRXMJ]XLVIIX]TIWSJGVIHMFMPMX]
HIVMZIHGVIHMFMPMX] 8LIGVIHMFMPMX]SJEWTIEOIV TVSHYGIHF]IZIV]XLMRKWLISV LIWE]WERHHSIWHYVMRKXLI WTIIGL
-RMXMEP GVIHMFMPMX]hXLI GVIHMFMPMX] SJ XLI WTIEOIV FIJSVI WLI SV LI WXEVXW XS XIVQMREPGVIHMFMPMX] WTIEO (IVMZIH GVIHMFMPMX]hXLI GVIHMFMPMX] SJ XLI WTIEOIV TVSHYGIH F] IZIV]XLMRK WLISVLIWE]WERHHSIWHYVMRKXLIWTIIGLMXWIPJ
8LIGVIHMFMPMX]SJEWTIEOIVEX XLIIRHSJXLIWTIIGL
8IVQMREPGVIHMFMPMX]hXLIGVIHMFMPMX]SJXLIWTIEOIVEXXLIIRHSJXLIWTIIGL
&YMPHMRK'VIHMFMPMX]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%PPXLVIIEVIH]REQMG,MKLMRMXMEPGVIHMFMPMX]MWEKVIEXEHZERXEKIJSVER] WTIEOIVFYXMXGERFIHIWXVS]IHHYVMRKEWTIIGLVIWYPXMRKMRPS[XIVQMREPGVIH MFMPMX]8LIVIZIVWIGEREPWSSGGYVEWMRXLIJSPPS[MRKI\EQTPI &EVV](IZMRWMWXLIMRJSVQEXMSRXIGLRSPSK]QEREKIVJSVEQENSVRSRTVSJMXVIWIEVGL JSYRHEXMSR 7SSR EJXIV XEOMRK XLI NSF LI TYVGLEWIH ER YTKVEHI JSV XLI JSYRHEXMSRtW IQEMPTVSKVEQ,IEWWYQIHXLIVI[SYPHFIWSQIKPMXGLIWFYXXLI]JEVI\GIIHIHER] XLMRK LI LEH MQEKMRIH -X XSSO WM\ QSRXLW XS KIX XLI YTKVEHI [SVOMRK TVSTIVP] ERH IZIRXLIRTISTPIGSRXMRYIHXSKVYQFPIEFSYXQIWWEKIWXLI]LEHPSWXHYVMRKXLITLEWI MRTIVMSH %]IEVPEXIVXLIJSYRHEXMSR[EWE[EVHIHEPEVKIGSRXVEGXERHXLITVIWMHIRXHIGMHIH XSTYVGLEWIEHEXEW]RGLVSRM^EXMSRW]WXIQJSVXLIIRXMVISVKERM^EXMSR7LIEWOIH&EVV]XS XEOIGLEVKISJFY]MRKXLIW]WXIQERHXVEMRMRKXLIWXEJJMRMXWYWI ;LIR&EVV]SYXPMRIHLMWTPERWEXE[IIOP]WXEJJQIIXMRKLILEHPS[MRMXMEPGVIHMFMPMX] )ZIV]SRI VIQIQFIVIH XLI IQEMP TVSKVEQ ERH XLI] [IVI VIPYGXERX XS KS XLVSYKL XLI WEQITVSFPIQWEKEMR&YX&EVV]VIEPM^IHXLMWERH[EWTVITEVIH ,IFIKERF]VIQMRHMRKIZIV]SRIXLEXXLITVIWMHIRXLEHEYXLSVM^IHLMQXSTYVGLEWI EWXEXISJXLIEVXW]WXIQXLEX[SYPHQEOIXLIMVPMZIWIEWMIVERHMQTVSZISJJMGIGSQQYRMGE XMSRW ,I XLIR EGORS[PIHKIH XLEX LI LEH XSPH XLIQ XLI WEQI XLMRK EFSYX XLI IQEMP YTKVEHIhEREHQMWWMSRXLEXHVI[EPEYKLERHLIPTIHIZIV]SRIVIPE\*MREPP]LII\TPEMRIH XLEX LI LEH GLIGOIH [MXL WIZIVEP SXLIV SVKERM^EXMSRW XLEX LEH MRWXEPPIH XLI WEQI HEXE W]RGLVSRM^EXMSRW]WXIQLI[EWTYVGLEWMRKERHXLI]EPPLEHXSPHLMQMX[SVOIHJPE[PIWWP] 8LVSYKLSYXLMWTVIWIRXEXMSR&EVV]tWETTVSEGL[EWq-ORS[XLIIQEMPYTKVEHI[EW EHMWEWXIV ERH -tZI [SVOIHLEVHXS QEOIWYVI MX HSIWRtX LETTIREKEMRr&] XLI XMQILI JMRMWLIHQSWXWXEJJQIQFIVW[IVIIEKIVXSLEZIXLIHEXEW]RGLVSRM^EXMSRW]WXIQYTERH VYRRMRK&EVV]LEHEGLMIZIHLMKLXIVQMREPGVIHMFMPMX]
-R IZIV]WTIIGL]SYKMZI]SY[MPPLEZI WSQIHIKVIISJ MRMXMEP GVIHMFMPMX] [LMGL[MPPFIWXVIRKXLIRIHSV[IEOIRIHF]]SYVQIWWEKIERHLS[]SYHIPMZIV MX%RH]SYVXIVQMREPGVIHMFMPMX]JVSQSRIWTIIGL[MPPEJJIGX]SYVMRMXMEPGVIHM FMPMX] JSV XLI RI\X SRI -J ]SYV EYHMIRGI WIIW ]SY EW WMRGIVI ERH GSQTIXIRX XLI][MPPFIQYGLQSVIVIGITXMZIXS]SYVMHIEW
)2,%2'-2+=396'6)(-&-0-8= ,S[GER]SYFYMPH]SYVGVIHMFMPMX]MR]SYVWTIIGLIW#%XSRIPIZIPXLIERW[IV MWJVYWXVEXMRKP]KIRIVEP7MRGIIZIV]XLMRK]SYWE]ERHHSMREWTIIGL[MPPEJJIGX ]SYVGVIHMFMPMX]]SYWLSYPHWE]ERHHSIZIV]XLMRKMRE[E]XLEX[MPPQEOI]SY ETTIEV GETEFPI ERH XVYWX[SVXL] -R SXLIV [SVHWhKMZI E FVMPPMERX WTIIGL ERH ]SY[MPPEGLMIZILMKLGVIHMFMPMX] 8LI EHZMGI MW WSYRH FYX RSX EPP XLEX LIPTJYP 8LIVI EVI LS[IZIV WSQI WTIGMJMG [E]W ]SY GER FSSWX ]SYV GVIHMFMPMX] [LMPI WTIEOMRK 8LI] MRGPYHI I\TPEMRMRK]SYVGSQTIXIRGIIWXEFPMWLMRKGSQQSRKVSYRH[MXLXLIEYHMIRGI ERHWTIEOMRK[MXLKIRYMRIGSRZMGXMSR
)\TPEMR=SYV'SQTIXIRGI 3RI [E] XS IRLERGI ]SYV GVIHMFMPMX] MW XS EHZIVXMWI ]SYV I\TIVXMWI SR XLI WTIIGLXSTMG(MH]SYMRZIWXMKEXIXLIXSTMGXLSVSYKLP]#8LIRWE]WS(S]SY LEZII\TIVMIRGIXLEXKMZIW]SYWTIGMEPORS[PIHKISVMRWMKLX#%KEMRWE]WS ,IVIMWLS[X[SWXYHIRXWVIZIEPIHXLIMVUYEPMJMGEXMSRW8LIJMVWXWXVIWWIHLIV WXYH]ERHVIWIEVGL
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%WTIEOIVtWGVIHMFMPMX]LEWE TS[IVJYPMQTEGXSRLS[LIV SVLMWWTIIGLMWVIGIMZIH3RI [E]XSFSSWX]SYVGVIHMFMPMX] MWXSHIPMZIV]SYVWTIIGLIW I\TVIWWMZIP]ERH[MXLWXVSRK I]IGSRXEGX
&IJSVI-WXYHMIHERXMFEGXIVMEPTVSHYGXWMRQ]TYFPMGLIEPXLGPEWW-EP[E]WYWIHERXMFEG XIVMEPWSETW ERHERXMFEGXIVMEP EPPWYVJEGIGPIERIVJSV Q] ETEVXQIRX - EPWS ORS[JVSQ Q] GPEWWWYVZI]XLEXTIVGIRXSJ]SYYWIERXMFEGXIVMEPWSETWGPIERIVWSVSXLIVTVSHYGXW&YX EJXIVPIEVRMRKEFSYXXLIWYFNIGXMRGPEWWERHVIEHMRKVIWIEVGLWXYHMIWJSVXLMWWTIIGL-tQ LIVIXSXIPP]SYXLEXXV]EW[IQMKLX[IGERRSXFYMPHEFYFFPIFIX[IIRSYVWIPZIWERH KIVQW[MXLERXMFEGXIVMEPTVSHYGXWERHXLEXXLIWITVSHYGXWEGXYEPP]GVIEXIQSVITVSFPIQW XLERXLI]WSPZI
8LIWIGSRHWXYHIRXIQTLEWM^IHLIVFEGOKVSYRHERHTIVWSREPI\TIVMIRGI 1SWXSJYWLEZIRSMHIE[LEXMXQIERWXSFITSSVERHLYRKV]&YXFIJSVIVIXYVRMRK XSWGLSSPPEWX]IEV-WTIRXXLVII]IEVW[SVOMRKEXPSGEPEWWMWXERGIGIRXIVW-[SVOIHMRIZIV] TEVXSJXLIGMX]ERH[MXLIZIV]OMRHSJTIVWSR-GERtXFIKMRXSXIPP]SY[LEX-LEZIWIIRh LS[TSZIVX]HIWXVS]WTISTPItWWSYPWERHLS[LYRKIVHVMZIWXLIQXSHIWTIVEXMSR&YXSR XLIFEWMWSJ[LEX-GERXIPP]SY-LSTI]SY[MPPEKVII[MXLQIXLEXKSZIVRQIRXLIPTJSV XLITSSVERHXLIRIIH]QYWXFIMRGVIEWIH
GSRRIGXPYGEWGSQ :MI[XLIWII\GIVTXWJVSQ q&YVWXMRKXLI%RXMFEGXIVMEP &YFFPIrERHq/IITMRKXLI 7EJIX]2IXJSV8LSWI;LS 2IIH-XrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLETXIV :MHIS'PMT
&SXL WTIEOIVW KVIEXP] MRGVIEWIH XLIMV TIVWYEWMZIRIWW F] IWXEFPMWLMRK XLIMV GVIHMFMPMX]
)WXEFPMWL'SQQSR+VSYRH[MXL=SYV%YHMIRGI %RSXLIV [E] XS FSPWXIV ]SYV GVIHMFMPMX] MW XS IWXEFPMWL GSQQSR KVSYRH [MXL ]SYV EYHMIRGI =SY HS RSX TIVWYEHI PMWXIRIVW F] EWWEYPXMRK XLIMV ZEPYIW ERH VINIGXMRK XLIMV STMRMSRW %W XLI SPH WE]MRK KSIW q=SY GEXGL QSVI JPMIW [MXL LSRI] XLER [MXL ZMRIKEVr 8LI WEQI MW XVYI SJ TIVWYEWMSR 7LS[ VIWTIGX JSV
&YMPHMRK'VIHMFMPMX]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
GVIEXMRKGSQQSR KVSYRH %XIGLRMUYIMR[LMGLE WTIEOIVGSRRIGXWLMQWIPJSV LIVWIPJ[MXLXLIZEPYIW EXXMXYHIWSVI\TIVMIRGIWSJ XLIEYHMIRGI
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
]SYVPMWXIRIVW=SYGERQEOI]SYVWTIIGLQSVIETTIEPMRKF]MHIRXMJ]MRK]SYV MHIEW[MXLXLSWISJ]SYVEYHMIRGIh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tZIWIIR'SPSVEHS-YRHIVWXERH[L]XLI] XVMIHWSLEVH
8LIEYHMIRGIPEYKLIHERHETTPEYHIHERHXLIWTIEOIV[EWSJJXSEKSSHWXEVX 2S[ PSSO EX E HMJJIVIRX ETTVSEGL YWIH MR E GPEWWVSSQ WTIIGL JEZSVMRK E XYMXMSRMRGVIEWIEXXLIWTIEOIVtWWGLSSPhERYRTSTYPEVTSMRXSJZMI[[MXLLMW GPEWWQEXIW,IFIKERF]WE]MRK
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQq0IXtW 4VSXIGXXLI5YEPMX]SJ3YV )HYGEXMSRrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
%W[IEPPORS[XLIVIEVIQER]HMJJIVIRGIWEQSRKXLITISTPIMRXLMWGPEWW&YXVIKEVH PIWWSJEKIQENSVFEGOKVSYRHSVKSEPW[IEPPWLEVISRIXLMRKMRGSQQSRh[IEVIEPP GSRGIVRIH[MXLXLIUYEPMX]SJIHYGEXMSREXXLMWWGLSSP%RHXLEXUYEPMX]MWGPIEVP]MRHERKIV &IGEYWI SJ FYHKIX VIHYGXMSRW JEGYPX] WEPEVMIW LEZI JEPPIR FIPS[ XLSWI EX GSQTEVEFPI WGLSSPWPMFVEV]LSYVWLEZIFIIRGYXFEGOERHQSVIERHQSVIWXYHIRXWEVIFIMRKGVS[HIH SYXSJGPEWWIWXLI]RIIHXSXEOI ;LIXLIV[IPMOIMXSVRSX[ILEZIETVSFPIQhETVSFPIQXLEXEJJIGXWIEGLSJYW8LMW QSVRMRK-[SYPHPMOIXSHMWGYWWXLMWTVSFPIQERH[LIXLIVMXGERFIWSPZIHF]ERMRGVIEWI MRXYMXMSR
&]WXVIWWMRKGSQQSRTIVGITXMSRWSJXLITVSFPIQXLIWXYHIRXLSTIHXSKIXSJJ SRXLIVMKLXJSSX[MXLLMWEYHMIRGI3RGIXLEX[EWHSRILIQSZIHKVEHYEPP] XSLMWQSVIGSRXVSZIVWMEPMHIEW
(IPMZIV=SYV7TIIGLIW*PYIRXP])\TVIWWMZIP]ERH[MXL'SRZMGXMSR 8LIVIMWEKVIEXHIEPSJVIWIEVGLXSWLS[XLEXEWTIEOIVtWGVIHMFMPMX]MWWXVSRKP] EJJIGXIHF]LMWSVLIVHIPMZIV]1SHIVEXIP]JEWXWTIEOIVWJSVI\EQTPIEVIYWY EPP] WIIR EW QSVI MRXIPPMKIRX ERH GSRJMHIRX XLER WPS[IV WTIEOIVW 7S XSS EVI WTIEOIVW[LSYWIZSGEPZEVMIX]XSGSQQYRMGEXIXLIMVMHIEWMREPMZIP]ERMQEXIH [E] 3R XLI SXLIV LERH WTIEOIVW [LS GSRWMWXIRXP] PSWI XLIMV TPEGI LIWMXEXI JVIUYIRXP]SVTITTIVXLIMVXEPO[MXLqYLrqIVrERHqYQrEVIWIIREWPIWWGSQ TIXIRXXLERWTIEOIVW[LSEVITSMWIHERHH]REQMG %PPSJXLMWEVKYIWJSVTVEGXMGMRK]SYVTIVWYEWMZIWTIIGLJYPP]ELIEHSJXMQI WS]SYGERHIPMZIVMXJPYIRXP]ERHI\TVIWWMZIP]-REHHMXMSRXSFIMRKFIXXIVTVI TEVIH]SY[MPPXEOIEQENSVWXITXS[EVHIRLERGMRK]SYV GVIHMFMPMX] 6IZMI[ 'LETXIVMJ]SYLEZIUYIWXMSRWEFSYXWTIIGLHIPMZIV] 7TIEOMRK XIGLRMUYIW EWMHI XLI QSWX MQTSVXERX [E] XS WXVIRKXLIR ]SYV GVIHMFMPMX]MWXSHIPMZIV]SYVWTIIGLIW[MXLKIRYMRIGSRZMGXMSR4VIWMHIRX,EVV]
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8VYQERSRGIWEMHXLEXMRWTIEOMRKqWMRGIVMX]LSRIWX]ERHEWXVEMKLXJSV[EVH QERRIVEVIQSVIMQTSVXERXXLERWTIGMEPXEPIRXSVTSPMWLr-J]SY[MWLXSGSR ZMRGI SXLIVW ]SY QYWX JMVWX GSRZMRGI ]SYVWIPJ -J ]SY [ERX SXLIVW XS FIPMIZI ERHGEVIEFSYX]SYVMHIEW]SYQYWXFIPMIZIERHGEVIEFSYXXLIQ]SYVWIPJ=SYV WTMVMXIRXLYWMEWQERHGSRZMGXMSR[MPPGEVV]SZIVXS]SYVPMWXIRIVW
9WMRK)ZMHIRGI
)ZMHIRGI GSRWMWXW SJ WYTTSVXMRK QEXIVMEPWhI\EQTPIW WXEXMWXMGW XIWXMQSR]h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qMRSGY PEXIrPMWXIRIVWEKEMRWXGSYRXIVTIVWYEWMSR )ZMHIRGIMWEPWSGVYGMEP[LIRIZIV]SYVXEVKIXEYHMIRGISTTSWIW]SYVTSMRX SJ ZMI[ %W [I WE[ MR 'LETXIV PMWXIRIVW MR WYGL E WMXYEXMSR [MPP QIRXEPP] EVKYI[MXL]SYhEWOMRKUYIWXMSRWVEMWMRKSFNIGXMSRWERHGVIEXMRKGSYRXIVEV KYQIRXW XS qERW[IVr [LEX ]SY WE] 8LI WYGGIWW SJ ]SYV WTIIGL [MPP HITIRH TEVXP]SRLS[[IPP]SYERXMGMTEXIXLIWIMRXIVREPVIWTSRWIWERHKMZIIZMHIRGI XSVIJYXIXLIQ =SYQE][ERXXSVIZMI[ 'LETXIV[LMGLWLS[WLS[XSYWIWYTTSVXMRK QEXIVMEPW8LIJSPPS[MRKGEWIWXYH]MPPYWXVEXIWLS[XLI][SVOEWIZMHIRGIMRE TIVWYEWMZIWTIIGL
IZMHIRGI 7YTTSVXMRKQEXIVMEPWYWIH XSTVSZISVHMWTVSZI WSQIXLMRK
,3;):-()2');36/7 %'%7)789(= 0IXt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
,S[HS]SYVIEGX#-J]SYEPVIEH]ORS[EFSYXXLITVSFPIQWGEYWIHF]RSMWI TSPPYXMSR ]SY TVSFEFP] RSH ]SYV LIEH MR EKVIIQIRX &YX [LEX MJ ]SY HSRtX
9WMRK)ZMHIRGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
ORS[#3VHSRtXEKVII#-J]SYIRNS]VSGOGSRGIVXWERHPMWXIRMRKXS]SYVM4SHEX LMKLZSPYQIW]SYTVSFEFP]HSRtX[ERXXSLIEVEFSYXMX'IVXEMRP]]SY[MPPRSX FITIVWYEHIHF]EKIRIVEPWXEXIQIRXEFSYXI\TSWYVIXSPSYHQYWMG1IRXEPP] ]SYWE]XSXLIWTIEOIVq,S[HS]SYORS[#'ER]SYTVSZIMX#r %RXMGMTEXMRKNYWXWYGLEVIWTSRWIXLIWTIEOIVKMZIWIZMHIRGIXSWYTTSVXLIV TSMRX 8LI %QIVMGER 1IHMGEP %WWSGMEXMSR VITSVXW XLEX QMPPMSR %QIVMGERW LEZI WSQI HIKVIISJLIEVMRKPSWWERHXLEXQMPPMSRSJXLSWIGEWIWEVIGEYWIHF]XSSQYGLI\TSWYVI XSPSYHRSMWI
q8LEXtWYRJSVXYREXIr]SYQE]XLMROq&YXIZIV]SRIPSWIWWSQILIEVMRKEW XLI] KVS[ SPH ;L] WLSYPH - FI GSRGIVRIH EFSYX MX RS[#r 8LI WTIEOIV ERW[IVW -REREPEVQMRKXVIRHQSVIERHQSVIZMGXMQWSJRSMWIMRHYGIHHIEJRIWWEVIEHSPIWGIRXW ERHIZIR]SYRKIVGLMPHVIR%GGSVHMRKXSXLI%QIVMGER%GEHIQ]SJ%YHMSPSK]QMPPMSR GLMPHVIR MR XLI 97 FIX[IIR EKIW ERH LEZI WSQI LIEVMRK HEQEKI JVSQ EQTPMJMIH QYWMG ERH SXLIV WSYVGIW %YHMSPSKMWX (IER +EVWIXGOM LIEH SJ XLI LIEVMRKMQTEMVQIRX TVSKVEQ EX 2SVXL[IWXIVR 9RMZIVWMX] WE]W q;ItZI KSX ]IEVSPHW [EPOMRK EVSYRH [MXL LIEVMRKPSWWTEXXIVRWSJTISTPI]IEVWXLIMVWIRMSVr
q8LIWIEVIMQTVIWWMZIJEGXWr]SYWE]XS]SYVWIPJq0YGOMP]-LEZIRtXRSXMGIH ER]TVSFPIQW[MXLQ]LIEVMRK;LIR-HS-tPPNYWXFIGEVIJYPYRXMPMXKIXWFIX XIVr/IITMRKSRIWXITELIEHSJ]SYXLIWTIEOIVGSRXMRYIW 8LITVSFPIQ[MXLLIEVMRKPSWWMWXLEXMXGVIITWYTSR]SY7MIVVEQEKE^MRIRSXIWXLEX XSHE]tWLEVHVSGOJERW[SRtXRSXMGIXLIIJJIGXWSJXLIMVLIEVMRKPSWWJSVERSXLIV]IEVW %RHXLIRMX[MPPFIXSSPEXI
q;LEXHS]SYQIERXSSPEXI#r]SYEWOQIRXEPP]8LIWTIEOIVXIPPW]SY 9RPMOI WSQI TL]WMGEP GSRHMXMSRW LIEVMRK PSWW MW MVVIZIVWMFPI 0SYH RSMWI HEQEKIW XLI QMGVSWGSTMG LEMVW MR XLI MRRIV IEV XLEX XVERWQMX WSYRH XS XLI EYHMXSV] RIVZI 3RGI HEQEKIHXLSWILEMVWGERRIZIVVIGSZIVERHGERRIZIVFIVITEMVIH
q-HMHRtXORS[XLEXr]SYWE]XS]SYVWIPJq-WXLIVIER]XLMRKIPWI#r 3RI PEWX TSMRX 6ITIEXIH I\TSWYVI XS PSYH QYWMG ERH SXLIV RSMWI HSIW QSVI XLER HEQEKI]SYVLIEVMRK8LIPEXIWXMWWYISJ4VIZIRXMSRQEKE^MRIVITSVXWXLEXI\GIWWMZIRSMWI LEW FIIR PMROIH XS WYGL TVSFPIQW EW WXVIWW LMKL FPSSH TVIWWYVI GLVSRMG LIEHEGLIW JEXMKYIPIEVRMRKHMWSVHIVWIZIRLIEVXHMWIEWI-XtWIEW]XSWII[L].MPP0MTSXMGLMIJSJ6YX KIVW9RMZIVWMX]tW2SMWI8IGLRMGEP%WWMWXERGI'IRXIV[EVRWXLEXqRSMWIEJJIGXWQSVITISTPI XLERER]SXLIVTSPPYXERXr
2S[EVI]SYGSRZMRGIH#'LERGIWEVI]SY[MPPEXPIEWXXLMROEFSYXXLITSW WMFPIGSRWIUYIRGIWXLIRI\XXMQI]SYEVIWIXXSTYQTYTXLIZSPYQISR]SYV M4SH 1E]FI ]SY [MPP YWI IEVTPYKW EX E VSGO GSRGIVX =SY QE] IZIR FIKMR XS VIEWWIWW]SYV[LSPIEXXMXYHIXS[EVHRSMWITSPPYXMSR;L]#&IGEYWIXLIWTIEOIV WYTTSVXIHIEGLSJLIVGPEMQW[MXLIZMHIRGI=SYWLSYPHXV]XSHSXLIWEQIMR ]SYVTIVWYEWMZIWTIIGLIW
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4IVWYEWMZIWTIIGLIWRIIH WXVSRKIZMHIRGIXSGSRZMRGI WOITXMGEPPMWXIRIVW*MRHMRK XLIFIWXIZMHIRGISJXIRXEOIW LEVHHMKKMRKFYXMXMW[IPP [SVXLXLIIJJSVX
8-47*3697-2+):-()2') %R] SJXLIWYTTSVXMRKQEXIVMEPWHMWGYWWIHMR'LETXIVhI\EQTPIWWXEXMWXMGW XIWXMQSR]hGER [SVO EW IZMHIRGI MR E TIVWYEWMZI WTIIGL %W [I WE[ MR XLEX GLETXIVXLIVIEVIKYMHIPMRIWJSVYWMRKIEGLOMRHSJWYTTSVXMRKQEXIVMEPVIKEVH PIWWSJXLIOMRHSJWTIIGL]SYEVIKMZMRK,IVI[IPSSOEXJSYVWTIGMEPXMTWJSV YWMRKIZMHIRGIMRETIVWYEWMZIWTIIGL
9WI7TIGMJMG)ZMHIRGI 2SQEXXIV[LEXOMRHSJIZMHIRGI]SYIQTPS]hWXEXMWXMGWI\EQTPIWSVXIWXMQSR]h MX[MPPFIQSVITIVWYEWMZIMJ]SYWXEXIMXMRWTIGMJMGVEXLIVXLERKIRIVEPXIVQW-R XLIWTIIGLEFSYXRSMWITSPPYXMSRJSVMRWXERGIXLIWTIEOIVHMHRSXWE]q0SXWSJ TISTPIWYJJIVJVSQLIEVMRKPSWWr8LEX[SYPHLEZIPIJXXLIEYHMIRGI[SRHIVMRK LS[ QER] qPSXWr EQSYRXW XS &] WE]MRK q QMPPMSR %QIVMGERW LEZI WSQI HIKVIISJLIEVMRKPSWWrXLIWTIEOIVQEHILIVTSMRXQYGLQSVIIJJIGXMZIP]7LI EPWSIRLERGIHLIVGVIHMFMPMX]F]WLS[MRKWLILEHEJMVQKVEWTSJXLIJEGXW
9WI2SZIP)ZMHIRGI )ZMHIRGIMWQSVIPMOIP]XSFITIVWYEWMZIMJMXMWRI[XSXLIEYHMIRGI=SY[MPP KEMRPMXXPIF]GMXMRKJEGXWERHJMKYVIWXLEXEVIEPVIEH][IPPORS[RXS]SYVPMWXIR IVW-JXLI]LEZIRSXTIVWYEHIH]SYVPMWXIRIVWEPVIEH]XLI][MPPRSXHSWSRS[ =SY QYWX KS FI]SRH [LEX XLI EYHMIRGI EPVIEH] ORS[W ERH TVIWIRX WXVMOMRK RI[IZMHIRGIXLEX[MPPKIXXLIQXSWE]q,QQQ-HMHRtXORS[XLEX1E]FI- WLSYPHVIXLMROXLIMWWYIr*MRHMRKWYGLIZMHIRGIYWYEPP]VIUYMVIWLEVHHMKKMRK ERHVIWSYVGIJYPVIWIEVGLFYXXLIVI[EVHWEVI[SVXLXLIIJJSVX
9WI)ZMHIRGIJVSQ'VIHMFPI7SYVGIW 0MWXIRIVWJMRHIZMHIRGIJVSQGSQTIXIRXGVIHMFPIWSYVGIWQSVITIVWYEWMZIXLER IZMHIRGIJVSQPIWWUYEPMJMIHWSYVGIW%FSZIEPPPMWXIRIVWEVIWYWTMGMSYWSJIZMHIRGI
9WMRK)ZMHIRGI
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)ZMHIRGI
23
%VIEPPQ]QENSVGPEMQWWYTTSVXIHF]IZMHIRGI# (S-YWIWYJJMGMIRXIZMHIRGIXSGSRZMRGIQ]EYHMIRGISJ Q]GPEMQW# -W Q] IZMHIRGI WXEXIH MR WTIGMJMG VEXLIV XLER KIRIVEP XIVQW# GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7XYH]8SSPWJSV XLMIGLETXIV
(S-YWIIZMHIRGIXLEXMWRI[XSQ]EYHMIRGI# -WQ]IZMHIRGIJVSQGVIHMFPIYRFMEWIHWSYVGIW# (S-MHIRXMJ]XLIWSYVGIWSJQ]IZMHIRGI# -WQ]IZMHIRGIGPIEVP]PMROIHXSIEGLTSMRXXLEXMXMWQIERX XSTVSZI# (S-TVSZMHIIZMHIRGIXSERW[IVTSWWMFPISFNIGXMSRWXLI EYHMIRGIQE]LEZIXSQ]TSWMXMSR#
JVSQWSYVGIWXLEXETTIEVXSFIFMEWIHSVWIPJMRXIVIWXIH-REWWIWWMRKXLIGYVVIRX WXEXI SJ EMVPMRI WEJIX] JSV I\EQTPI XLI] EVI QSVI PMOIP] XS FI TIVWYEHIH F] XIWXMQSR]JVSQMQTEVXMEPEZMEXMSRI\TIVXWXLERJVSQXLITVIWMHIRXSJ%QIVMGER %MVPMRIW-J]SY[MWLXSFITIVWYEWMZIVIP]SRIZMHIRGIJVSQSFNIGXMZIRSRTEV XMWERWSYVGIW
1EOI'PIEVXLI4SMRXSJ=SYV)ZMHIRGI
GSRRIGXPYGEWGSQ :MI[XLMWI\GIVTXJVSQ q4YXXMRKXLI&VEOIWSR 8IIREKI(VMZMRKrMRXLISRPMRI 1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
PSKSW 8LIREQIYWIHF]%VMWXSXPIJSV XLIPSKMGEPETTIEPSJEWTIEOIV 8LIX[SQENSVIPIQIRXWSJ EVIIZMHIRGIERH VIEWSRMRK
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tWPMGIRWIHHVMZIVWXLI]VITVIWIRXTIVGIRXSJEPPQSXSV ZILMGPIJEXEPMXMIW8LI2,87%VITSVXWXLEXPEWX]IEVHVMZIVWEKIHXS[IVIOMPPIH MREYXSQSFMPIEGGMHIRXW -REHHMXMSRXSOMPPMRKXLIHVMZIVWXLIWIWEQIEGGMHIRXWXSSOXLI PMZIWSJ XIIREKITEWWIRKIVW&YXXLIWIEGGMHIRXWHMHRtXEJJIGXXIIREKIVWEPSRI8LI] EPWSXSSOXLIPMZIWSJTISTPIEKIHSVSPHIV 7SXLIXSXEPRYQFIVSJTISTPIOMPPIHPEWX]IEVMREYXSQSFMPIEGGMHIRXWMRZSPZMRKXIIR EKIHVMZIVW[EW hEPQSWXI\EGXP]XLIRYQFIVSJJYPPXMQIWXYHIRXWEXXLMWGEQTYW
)ZMHIRGIMWSRIIPIQIRXSJ[LEX%VMWXSXPIVIJIVVIHXSEWPSKSWhXLIPSKMGEP ETTIEPSJEWTIEOIV8LISXLIVQENSVIPIQIRXSJPSKSWMWVIEWSRMRK[LMGL[SVOW MRGSQFMREXMSR[MXLIZMHIRGIXSLIPTQEOIEWTIEOIVtWGPEMQWTIVWYEWMZI
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IEWSRMRK
8LI WXSV] MW XSPH EFSYX ,EGO ;MPWSR E LEVHLMXXMRK SYXJMIPHIV JSV XLI &VSSOP]R (SHKIVW FEWIFEPPXIEQMRXLI W ;MPWSR[EWEKVIEXTPE]IVFYXLILEHEJSRHRIWWJSVXLIKSSH PMJI,MWHVMROMRKI\TPSMXW[IVIPIKIRHEV],I[EWORS[RXSWTIRHXLIIRXMVIRMKLXSRXLI XS[RWXEKKIVMRXSXLIXIEQtWLSXIPEXXLIFVIEOSJHE[RKVEFEGSYTPILSYVWWPIITERH KIXXSXLIFEPPTEVONYWXMRXMQIJSVXLIEJXIVRSSRKEQI 8LMWKVIEXP]HMWXVIWWIH1E\'EVI];MPWSRtWQEREKIV%XXLIRI\XXIEQQIIXMRK'EVI] WTIRXQYGLXMQII\TPEMRMRKXLIIZMPWSJHVMRO8STVSZILMWTSMRXLIWXSSHFIWMHIEXEFPI SR[LMGLLILEHTPEGIHX[SKPEWWIWERHETPEXISJPMZIERKPI[SVQW3RIKPEWW[EWJMPPIH [MXL[EXIVXLISXLIV[MXLKMRh;MPWSRtWJEZSVMXIFIZIVEKI;MXLEJPSYVMWL'EVI]HVSTTIH E[SVQMRXSXLIKPEWWSJ[EXIV-X[VMKKPIHLETTMP]2I\X'EVI]TPYRKIHXLIWEQI[SVQ MRXSXLIKMR-XTVSQTXP]WXMJJIRIHERHI\TMVIH %QYVQYVVERXLVSYKLXLIVSSQERHWSQITPE]IVW[IVISFZMSYWP]MQTVIWWIH&YXRSX ;MPWSR ,I HMHRtX IZIR WIIQ MRXIVIWXIH 'EVI] [EMXIH E PMXXPI LSTMRK JSV WSQI HIPE]IH VIEGXMSR JVSQ LMW [E][EVH WPYKKIV ;LIR RSRI GEQI LI TVSHHIH q(S ]SY JSPPS[ Q] VIEWSRMRK;MPWSR#r q7YVI WOMTTIVr ERW[IVIH ;MPWSR q-X TVSZIW XLEX MJ ]SY HVMRO KMR ]SYtPP RIZIV KIX [SVQWr
%RH[LEXHSIWXLMWWXSV]TVSZI#2SQEXXIVLS[WXVSRK]SYVIZMHIRGI]SY [MPPRSXFITIVWYEWMZIYRPIWWPMWXIRIVWKVEWT]SYVVIEWSRMRK 6IEWSRMRKMWXLITVSGIWWSJHVE[MRKEGSRGPYWMSRFEWIHSRIZMHIRGI7SQI XMQIW[IVIEWSR[IPPhEW[LIR[IGSRGPYHIXLEXMGITEVXMGPIWJSVQMRKSRXLI XVIIWQE]QIERXLIVSEHW[MPPFIWPMTTIV]3XLIVXMQIW[IVIEWSRPIWWIJJIGXMZIP]h EW[LIR[IGSRGPYHIXLEXWTMPPMRKWEPX[MPPFVMRKFEHPYGO1SWXWYTIVWXMXMSRW EVIEGXYEPP]RSQSVIXLERMRWXERGIWSJJEYPX]VIEWSRMRK 6IEWSRMRKMRTYFPMGWTIEOMRKMWERI\XIRWMSRSJVIEWSRMRKMRSXLIVEWTIGXW SJPMJI%WETYFPMGWTIEOIV]SYLEZIX[SQENSVGSRGIVRW[MXLVIWTIGXXSVIE WSRMRK*MVWX]SYQYWXQEOIWYVI]SYVS[RVIEWSRMRKMWWSYRH7IGSRH]SY QYWXXV]XSKIXPMWXIRIVWXSEKVII[MXL]SYVVIEWSRMRK0IXYWPSSOXLIREXJSYV FEWMGQIXLSHWSJVIEWSRMRKERHLS[XSYWIXLIQMR]SYVWTIIGLIW
VIEWSRMRK 8LITVSGIWWSJHVE[MRKE GSRGPYWMSRSRXLIFEWMWSJ IZMHIRGI
6)%732-2+*63174)'-*-'-278%2')7 ;LIR ]SY VIEWSR JVSQ WTIGMJMG MRWXERGIW ]SY TVSKVIWW JVSQ E RYQFIV SJ VIEWSRMRKJVSQ WTIGMJMGMRWXERGIW TEVXMGYPEVJEGXWXSEKIRIVEPGSRGPYWMSR*SVI\EQTPI *EGX 1]TL]WMGEPIHYGEXMSRGSYVWIPEWXXIVQ[EWIEW] *EGX 1]VSSQQEXItWTL]WMGEPIHYGEXMSRGSYVWI[EWIEW]
6IEWSRMRKXLEXQSZIWJVSQ TEVXMGYPEVJEGXWXSEKIRIVEP GSRGPYWMSR
*EGX 1]FVSXLIVtWTL]WMGEPIHYGEXMSRGSYVWI[EWIEW] 'SRGPYWMSR 4L]WMGEPIHYGEXMSRGSYVWIWEVIIEW] %W XLMW I\EQTPI WYKKIWXW [I YWI VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW HEMP] EPXLSYKL[ITVSFEFP] HSRtXVIEPM^IMX8LMROJSVEQSQIRXSJEPPXLIKIRIVEP GSRGPYWMSRW XLEX EVMWI MR GSRZIVWEXMSR 4SPMXMGMERW EVI GSVVYTX 4VSJIWWSVW EVI FSSOMWL(SVQJSSHMWE[JYP;LIVIHSWYGLGSRGPYWMSRWGSQIJVSQ#8LI]GSQI JVSQSFWIVZMRKTEVXMGYPEVTSPMXMGMERWTVSJIWWSVWHSVQMXSVMIWERHWSSR 8LI WEQI XLMRK LETTIRW MR TYFPMG WTIEOMRK 8LI WTIEOIV [LS GSRGPYHIW XLEX YRIXLMGEP FYWMRIWW TVEGXMGIW EVI GSQQSR MR XLI 9RMXIH 7XEXIW FIGEYWI
6IEWSRMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WIZIVEPQENSVGSVTSVEXMSRWLEZIFIIRKYMPX]SJJVEYHMRVIGIRX]IEVWMWVIEWSR MRKJVSQWTIGMJMGMRWXERGIW7SMWXLIWTIEOIV[LSEVKYIWXLEXERXM7IQMXMWQMW MRGVIEWMRKSRGSPPIKIGEQTYWIWFIGEYWIXLIVILEZIFIIR ERYQFIVSJ EXXEGOW SR.I[MWLWXYHIRXWERHW]QFSPWEXWGLSSPWEGVSWWXLIREXMSR 7YGL GSRGPYWMSRW EVI RIZIV JSSPTVSSJ 2S QEXXIV LS[ QER] WTIGMJMG MRWXERGIW]SYKMZI ERH]SYGERKMZISRP]EJI[MREWTIIGL MXMWEP[E]WTSW WMFPIXLEXERI\GITXMSRI\MWXW8LVSYKLSYXXLIEKIWTISTPISFWIVZIHGSYRXPIWW [LMXI W[ERW MR )YVSTI [MXLSYX WIIMRK ER] SJ E HMJJIVIRX GSPSV -X WIIQIH ER YRHIRMEFPI JEGX XLEX EPP W[ERW [IVI [LMXI 8LIR MR XLI XL GIRXYV] FPEGO W[ERW[IVIHMWGSZIVIHMR%YWXVEPME
+YMHIPMRIWJSV6IEWSRMRKJVSQ7TIGMJMG-RWXERGIW LEWX]KIRIVEPM^EXMSR %RIVVSVMRVIEWSRMRKJVSQ WTIGMJMGMRWXERGIWMR[LMGLE WTIEOIVNYQTWXSEKIRIVEP GSRGPYWMSRSRXLIFEWMWSJ MRWYJJMGMIRXIZMHIRGI
;LIR ]SY VIEWSR JVSQ WTIGMJMG MRWXERGIW ]SY WLSYPH JSPPS[ E JI[ FEWMG KYMHIPMRIW *MVWXEZSMHKIRIVEPM^MRKXSSLEWXMP]&I[EVISJXLIXIRHIRG]XSNYQTXSGSR GPYWMSRWSRXLIFEWMWSJMRWYJJMGMIRXIZMHIRGI1EOIWYVI]SYVWEQTPISJWTIGMJMG MRWXERGIWMWPEVKIIRSYKLXSNYWXMJ]]SYVGSRGPYWMSR%PWSQEOIWYVIXLIMRWXERGIW ]SYTVIWIRXEVIJEMVYRFMEWIHERHVITVIWIRXEXMZI %VIXLVIITL]WMGEPIHYGEXMSR GSYVWIWIRSYKLXSGSRGPYHIXLEXTL]WMGEPIHYGEXMSRGSYVWIWMRKIRIVEPEVIIEW]# %VIXLIXLVIIGSYVWIWX]TMGEPSJQSWXTL]WMGEPIHYGEXMSRGSYVWIW# 7IGSRH FIGEVIJYP [MXL]SYV [SVHMRK -J ]SYVIZMHIRGI HSIWRSXNYWXMJ] E W[IITMRKGSRGPYWMSRUYEPMJ]]SYVEVKYQIRX7YTTSWI]SYEVIXEPOMRKEFSYXXLI GVMWMWMR%QIVMGEtWREXMSREPTEVOW]WXIQFVSYKLXSRF]SZIVYWIERHGSQQIVGMEP HIZIPSTQIRX=SYHSGYQIRXXLITVSFPIQF]HMWGYWWMRKWSQIWTIGMJMGMRWXERGIWh =SWIQMXI =IPPS[WXSRI XLI )ZIVKPEHIW 8LIR ]SY HVE[ ]SYV GSRGPYWMSR =SY QMKLXWE] %W[I LEZI WIIR %QIVMGEtW REXMSREPTEVOW]WXIQMWWIVZMRK QSVI XLER QMPPMSR TISTPIE]IEV[MXLXLIVIWYPXXLEXWSQITEVOWEVIFIMRKSZIVGSQI F]XVEJJMGTSPPYXMSR ERHKEVFEKI;ILEZIEPWSWIIRXLEXQSVIERHQSVITEVOWEVIFIMRKI\TPSMXIHJSVQMRMRK PSKKMRK ERH SXLIV JSVQW SJ GSQQIVGMEP HIZIPSTQIRX -X GIVXEMRP] WIIQW JEMV XLIR XS GSRGPYHIXLEXRI[QIEWYVIWEVIRIIHIHXSIRWYVIXLEXXLIFIEYX]WIVIRMX]ERHFMSPSKM GEPHMZIVWMX]SJ%QIVMGEtWREXMSREPTEVOWEVITVIWIVZIHJSVJYXYVIKIRIVEXMSRWEW[IPPEWJSV SYVS[R
8LMWMWRSXEWHVEQEXMGEWWE]MRKq%QIVMGEtWREXMSREPTEVOWEVISRXLIFVMROSJ HIWXVYGXMSRr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tWWSR(ERMIP HMIHJVSQEGSQFMREXMSRSJEXPIEWXXLVIITVIWGVMTXMSRHVYKW
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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q.YHKIHF]ER]QIEWYVIXLITVIWGVMTXMSRHVYKTVSFPIQMWEGVMWMWXLEX MWWXIEHMP][SVWIRMRKr
;MXL XLMW FEGOYT QEXIVMEP RSX IZIR E WOITXMGEP PMWXIRIV GSYPH VINIGX ]SYV I\EQTPIWEWMWSPEXIH ;LIR]SYVIEWSRJVSQWTIGMJMGMRWXERGIW]SYGERIMXLIVWXEXI]SYVGSRGPY WMSRERHXLIRKMZIXLIWTIGMJMGMRWXERGIWSR[LMGLMXMWFEWIHSVKMZIXLIWTIGMJMG MRWXERGIW ERH XLIR HVE[ ]SYV GSRGPYWMSR 0SSO FEGO EX XLI I\EQTPI EFSYX REXMSREPTEVOWSRTEKI-RXLEXI\EQTPIXLIWTIEOIVJMVWXKMZIWXLVIIJEGXW ERHXLIRHVE[WEGSRGPYWMSR-RXLII\EQTPIEFSYXTVIWGVMTXMSRHVYKSZIVHSWIW XLI GSRGPYWMSR MW WXEXIH JMVWX JSPPS[IH F] XLVII WTIGMJMG MRWXERGIW -X HSIWRtX QEXXIV[LMGLSVHIV]SYYWIEWPSRKEW]SYVJEGXWWYTTSVX]SYVGSRGPYWMSR
6)%732-2+*63146-2'-40) 6IEWSRMRKJVSQTVMRGMTPIMWXLISTTSWMXISJVIEWSRMRKJVSQWTIGMJMGMRWXERGIW -XQSZIWJVSQXLIKIRIVEPXSXLIWTIGMJMG;LIR ]SYVIEWSRJVSQTVMRGMTPI ]SYTVSKVIWWJVSQEKIRIVEPTVMRGMTPIXSEWTIGMJMGGSRGPYWMSR;IEVIEPPJEQMP MEV[MXLXLMWOMRHSJVIEWSRMRKJVSQWXEXIQIRXWWYGLEWXLIJSPPS[MRK
VIEWSRMRKJVSQTVMRGMTPI 6IEWSRMRKXLEXQSZIWJVSQE KIRIVEPTVMRGMTPIXSEWTIGMJMG GSRGPYWMSR
%PPTISTPIEVIQSVXEP 7SGVEXIWMWETIVWSR 8LIVIJSVI7SGVEXIWMWQSVXEP 8LMWMWEGPEWWMGI\EQTPISJVIEWSRMRKJVSQTVMRGMTPI=SYFIKMR[MXLEKIRIVEP WXEXIQIRX q%PP TISTPI EVI QSVXEPr QSZIXS E QMRSV TVIQMWI q7SGVEXIW MW E TIVWSRr ERHIRH[MXLEWTIGMJMGGSRGPYWMSR q7SGVEXIWMWQSVXEPr 7TIEOIVWSJXIRYWIVIEWSRMRKJVSQTVMRGMTPI[LIRXV]MRKXSTIVWYEHIER EYHMIRGI 3RI SJ XLI GPIEVIWX I\EQTPIW JVSQ %QIVMGER LMWXSV] MW 7YWER & %RXLSR]tWJEQSYWWTIIGLq-W-XE'VMQIJSV97'MXM^IRWXS:SXI#r(IPMZIVIH SR RYQIVSYW SGGEWMSRW MR ERH EX E XMQI [LIR [SQIR [IVI PIKEPP] FEVVIH JVSQ ZSXMRK %RXLSR]tW WTIIGL VIEWSRIH EPSRK XLI JSPPS[MRK PMRIW 8 LI9RMXIH7XEXIW'SRWXMXYXMSRKYEVERXIIWEPP97GMXM^IRWXLIVMKLXXSZSXI ;SQIREVI97GMXM^IRW 8LIVIJSVI XLI 9RMXIH 7XEXIW 'SRWXMXYXMSR KYEVERXIIW [SQIR XLI VMKLX XSZSXI 8LMWEVKYQIRXTVSKVIWWIWJVSQEKIRIVEPTVMRGMTPI q8LI9RMXIH7XEXIW'SRWXM XYXMSRKYEVERXIIWEPP97GMXM^IRWXLIVMKLXXSZSXIr XLVSYKLEQMRSVTVIQMWI
6IEWSRMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
q;SQIR EVI 97 GMXM^IRWr XS E GSRGPYWMSR q8LIVIJSVI XLI 9RMXIH 7XEXIW 'SRWXMXYXMSRKYEVERXIIW[SQIRXLIVMKLXXSZSXIr
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q)\GIWWMZIGSRWYQTXMSRSJVIJMRIHWYKEVMWYRLIEPXL]r=SYGMXIQIHMGEP IZMHIRGIERHVIWIEVGLWXYHMIW4EVXSJ]SYVEVKYQIRXQMKLXKSPMOIXLMW ,MKL WYKEV MRXEOI LEW FIIR PMROIH [MXL HMEFIXIW SWXISTSVSWMW GERGIV LMKL FPSSH TVIWWYVIERHLIEVXHMWIEWIRSXXSQIRXMSRXSSXLHIGE]ERHSFIWMX]-RHIIHXLI,EVZEVH 7GLSSPSJ4YFPMG,IEPXLLEWMHIRXMJMIHWYKEVW[IIXIRIHWSHEWEWEQENSVGEYWISJXLI97 SFIWMX]ITMHIQMGERHXLIEPEVQMRKMRGVIEWIMR8]TI--HMEFIXIW%GGSVHMRKXSXLI%QIVMGER 1IHMGEP%WWSGMEXMSRLMKLWYKEVMRXEOIMWEQSRKXLIQSWXWIVMSYWLIEPXLTVSFPIQWJEGMRK XLI9RMXIH7XEXIW
,EZMRKWYTTSVXIH]SYVKIRIVEPTVMRGMTPI]SYFSPWXIV]SYVQMRSVTVIQMWI q7SJXHVMROWHIWWIVXWGERHMIWERHW[IIXIRIHHEMV]TVSHYGXWGSRXEMRI\GIWWMZI EQSYRXWSJWYKEVr=SYVIZMHIRGIMRGPYHIWXLIJSPPS[MRK 8LI ;SVPH ,IEPXL 3VKERM^EXMSR VIGSQQIRHW XLEX TISTPI GSRWYQI RS QSVI XLER KVEQWSJVIJMRIHWYKEVEHE]&YXNYWXSRIGERSJ4ITWM9TSV1SYRXEMR(I[HIPMZ IVWKVEQW%PEVKI1G(SREPHtWQMPOWLEOIGSRXEMRW KVEQWhEWHSIWSRI'MRREFSR SV SRI WPMGI SJ GLIVV] TMI %HH MGI GVIEQ XS XLI TMI ERH XLI WYKEV GSRXIRX I\GIIHW KVEQW%SYRGIGERH]FEVLEWKVEQWSJWYKEV)ZIRJSSHWXLEXEVIWYTTSWIHXS FI RYXVMXMSYW GER GSRXEMR PEVKI EQSYRXW SJ EHHIH WYKEV %R SYRGI WIVZMRK SJ JVYMX ]SKYVXLEWKVEQW[LMPIEKPEWWSJ[LSPIQMPOGSRXEMRWKVEQW2S[SRHIV[ILEZI EWYKEVSZIVPSEH
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IEWSRMRKMWERMQTSVXERX TEVXSJTIVWYEWMZIWTIEOMRK -REPIKEPXVMEPJSVI\EQTPI RIMXLIVXLITVSWIGYXMSRRSV XLIHIJIRWIMWPMOIP]XSW[E] XLINYV]YRPIWWXLIMVVIEWSRMRK MWGPIEVERHGSRZMRGMRK
2S[]SYLEZIWYTTSVXIH]SYVKIRIVEPTVMRGMTPIERH]SYVQMRSVTVIQMWI =SYGERJIIPGSRJMHIRXMRKSMRKSRXS]SYVGSRGPYWMSR 8LIVIJSVI I\GIWWMZI GSRWYQTXMSR SJ WSJX HVMROW HIWWIVXW GERHMIW ERH W[IIXIRIH HEMV]TVSHYGXWMWYRLIEPXL]
%RH]SYGERI\TIGX]SYVEYHMIRGIXSXEOI]SYWIVMSYWP];LIRYWIHTVST IVP]VIEWSRMRKJVSQTVMRGMTPIMWLMKLP]TIVWYEWMZI
'%97%06)%732-2+ 8LIVIMWETEXGLSJMGISRXLIWMHI[EPO=SYWPMTJEPPERHFVIEO]SYVEVQ=SY VIEWSREWJSPPS[W q&IGEYWIXLEXTEXGLSJMGI[EWXLIVI-JIPPERHFVSOIQ]EVQr 8LMWMWERI\EQTPISJGEYWEPVIEWSRMRKMR[LMGLWSQISRIXVMIWXSIWXEFPMWLXLI VIPEXMSRWLMTFIX[IIRGEYWIWERHIJJIGXW %W [MXL VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW [I YWI GEYWEP VIEWSRMRK HEMP] 7SQIXLMRKLETTIRWERH[IEWO[LEXGEYWIHMXXSLETTIR;I[ERXXSORS[ XLIGEYWIWSJGLVSRMGJEXMKYIW]RHVSQISJXLIJSSXFEPPXIEQtWPEXIWXHIJIEXSJ SYV VSSQQEXItW TIGYPMEV LEFMXW ;I EPWS [SRHIV EFSYX IJJIGXW ;I WTIGYPEXI EFSYXXLIGSRWIUYIRGIWSJGLVSRMGJEXMKYIW]RHVSQISRPMJII\TIGXERG]SJXLI WXEVUYEVXIVFEGOtWPIKMRNYV]SJXIPPMRKSYVVSSQQEXIXLEXEGLERKIMWRIIHIH
GEYWEPVIEWSRMRK 6IEWSRMRKXLEXWIIOWXS IWXEFPMWLXLIVIPEXMSRWLMT FIX[IIRGEYWIWERHIJJIGXW
+YMHIPMRIWJSV'EYWEP6IEWSRMRK %WER]WGMIRXMWX SVHIXIGXMZI [MPPXIPP]SYGEYWEPVIEWSRMRKGERFIXVMGO]8LI VIPEXMSRWLMTFIX[IIRGEYWIWERHIJJIGXWMWRSXEP[E]WGPIEV8LIVIEVIX[SGSQ QSRIVVSVWXSEZSMH[LIRYWMRKGEYWEPVIEWSRMRK 8LIJMVWXMWXLIJEPPEG]SJJEPWIGEYWI8LMWJEPPEG]MWSJXIRORS[RF]MXW0EXMR REQITSWXLSGIVKSTVSTXIVLSG[LMGLQIERWqEJXIVXLMWXLIVIJSVIFIGEYWISJ XLMWr-RSXLIV[SVHWXLIJEGXXLEXSRIIZIRXLETTIRWEJXIVERSXLIVHSIWRSX QIERXLEXXLIJMVWXMWXLIGEYWISJXLIWIGSRH8LIGPSWIRIWWMRXMQISJXLIX[S
6IEWSRMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%PXLSYKLMX[EW[VMXXIRQSVIXLER]IEVWEKS%VMWXSXPItW6LIXSVMGVIQEMRWXLI GPEWWMG [SVO SR XLI QIXLSHW SJ TIVWYEWMSR =SY GER EGGIWW XLI JYPP XI\X SJ XLI 6LIXSVMG SR XLI ;IF EX LXXT GPEWWMGWQMXIHY%VMWXSXPIVLIXSVMGLXQP *SV PMROW XSQSVIXLERSXLIVIPIGXVSRMGFSSOWPSKSRXS4VSNIGX+YXIRFIVKEX[[[ KYXIRFIVKSVK[MOM1EMRC4EKI
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
JEPWIGEYWI %RIVVSVMRGEYWEPVIEWSRMRKMR [LMGLEWTIEOIVQMWXEOIRP] EWWYQIWXLEXFIGEYWISRIIZIRX JSPPS[WERSXLIVXLIJMVWXIZIRX MWXLIGEYWISJXLIWIGSRH8LMW IVVSVMWSJXIRORS[RF]MXW0EXMR REQI QIERMRKqEJXIVXLMW XLIVIJSVIFIGEYWISJXLMWr
%VI ]SY KMZMRK ]SYV TIVWYEWMZI WTIIGL SR E XSTMG GYVVIRXP] MR XLI RI[W# -J WS ]SYQE]FIEFPIXS JMRHQEXIVMEPW SR MX F] PSKKMRKSR XS 2I[W(MVIGXSV] [[[ RI[WHMVIGXSV]GSQ [LMGLTVSZMHIWLYRHVIHWSJPMROWXSRI[WTETIVWQEKE^MRIW FVSEHGEWXIVWERHRI[WWIVZMGIW[SVPH[MHI
IZIRXWQE] FIIRXMVIP] GSMRGMHIRXEP-J EFPEGOGEXGVSWWIW]SYVTEXLERHJMZI QMRYXIWPEXIV]SYJEPPERHFVIEO]SYVEVQ]SYRIIHRtXFPEQI]SYVEGGMHIRXSR XLITSSVGEX 3RI WXYHIRX MR WTIIGL GPEWW EVKYIH XLEX E VMWI MR 7%8 WGSVIW JSV WXYHIRXW MR LIV WXEXI [EW GEYWIH F] XLI IPIGXMSR SJ E RI[ WYTIVMRXIRHIRX SJ TYFPMG MRWXVYGXMSRXLITVIZMSYW]IEV,IVVIEWSRMRK#8LIWYTIVMRXIRHIRXLEHTPIHKIH MR LMW GEQTEMKR XS VIZIVWI XLI WXEXItW VIGIRX HIGPMRI MR 7%8 WGSVIW ;MXLMR E ]IEVEJXIVLIXSSOSJJMGI7%8WGSVIWLEHMQTVSZIH8LIVIJSVIXLIMQTVSZIQIRX [EW GEYWIH F] XLI RI[ WYTIVMRXIRHIRX 8LI WXYHIRXtW GPEWWQEXIW [IVI RSX MQTVIWWIH8LI]TSMRXIHSYXXLEXXLIXMQMRKSJXLIX[SIZIRXWHMHRSXTVSZI XLEXSRIGEYWIHXLISXLIV 7%8WGSVIW[SYPHLEZIVMWIRVIKEVHPIWWSJ[LS[SR XLIIPIGXMSR % WIGSRH TMXJEPP XS EZSMH [LIR YWMRK GEYWEP VIEWSRMRK MW EWWYQMRK XLEX IZIRXW LEZI SRP] SRI GEYWI -R JEGX QSWX IZIRXW LEZI WIZIVEP GEYWIW ;LEX GEYWIW XLI IGSRSQ] XS FSSQ SV FYWX# -RXIVIWX VEXIW# +EW TVMGIW# 8E\ TSPMG]# 0EFSVGSWXW#'SRWYQIVGSRJMHIRGI#;SVPHEJJEMVW#%PPXLIWIJEGXSVWhERHSXLIVWh EJJIGXXLIIGSRSQ];LIR]SYYWIGEYWEPVIEWSRMRKFI[EV]SJXLIXIQTXEXMSR XSEXXVMFYXIGSQTPI\IZIRXWXSWMRKPIGEYWIW =SY GERRSX IWGETI GEYWEP VIEWSRMRK %PP SJ YW YWI MX HEMP] ERH ]SY EVI EPQSWXGIVXEMRXSYWIMX[LIRWTIEOMRKXSTIVWYEHIhIWTIGMEPP]MJ]SYHIEP[MXL EUYIWXMSRSJJEGXSVTSPMG]
%2%03+-'%06)%732-2+ ;LEXHSXLIWIWXEXIQIRXWLEZIMRGSQQSR#
EREPSKMGEPVIEWSRMRK 6IEWSRMRKMR[LMGLEWTIEOIV GSQTEVIWX[SWMQMPEVGEWIWERH MRJIVWXLEX[LEXMWXVYIJSVXLI JMVWXGEWIMWEPWSXVYIJSVXLI WIGSRH
-J]SYtVIKSSHEXVEGUYIXFEPP]SYtPPFIKVIEXEX4MRK4SRK -R+VIEX&VMXEMRXLIKIRIVEPIPIGXMSRGEQTEMKRJSV4VMQI1MRMWXIVPEWXWPIWWXLERXLVII [IIOW7YVIP][IGERHSXLIWEQI[MXLXLI97TVIWMHIRXMEPIPIGXMSR
&SXLWXEXIQIRXWYWIVIEWSRMRKJVSQEREPSK]&]GSQTEVMRKX[SWMQMPEVGEWIW XLI]MRJIVXLEX[LEXMWXVYIJSVSRIQYWXFIXVYIJSVXLISXLIV
+YMHIPMRIWJSV%REPSKMGEP6IEWSRMRK 8LIQSWXMQTSVXERXUYIWXMSRMREWWIWWMRKEREPSKMGEPVIEWSRMRKMW[LIXLIVXLI X[SGEWIWFIMRKGSQTEVIHEVIIWWIRXMEPP]EPMOI-JXLI]EVIIWWIRXMEPP]EPMOIXLI EREPSK]MWZEPMH-JXLI]EVIRSXIWWIRXMEPP]EPMOIXLIEREPSK]MWMRZEPMH
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
0SSOFEGOXSXLIEREPSKMIWEXXLIWXEVXSJXLMWWIGXMSR-WTPE]MRKVEGUYIXFEPP XLIWEQIEWTPE]MRK4MRK4SRK#2SXVIEPP]&SXLMRZSPZILMXXMRKEFEPP[MXLE VEGUYIXSVETEHHPI&YXVEGUYIXFEPPYWIWEWXVMRKIHVEGUYIXERHEVYFFIVFEPP 4MRK4SRKYWIWEWSPMHTEHHPIERHEWQEPPIVPMKLXIVGIPPYPSMHFEPP6EGUYIXFEPP MWTPE]IHF]LMXXMRKXLIFEPPEKEMRWXXLI[EPPWSVGIMPMRKSJERIRGPSWIHGSYVX 4MRK4SRK MW TPE]IH F] LMXXMRK XLI FEPP FEGO ERH JSVXL SZIV E RIX WXVIXGLIH EGVSWWEXEFPI7OMPPEXSRIMWRSKYEVERXIISJWOMPPEXXLISXLIV8LIEREPSK]MW RSXZEPMH ;LEX EFSYX XLI WIGSRH EREPSK]# 8LEX HITIRHW SR LS[ QYGL EPMOI XLI &VMXMWL ERH %QIVMGER TSPMXMGEP W]WXIQW EVI %VI XLI GSYRXVMIW WMQMPEV MR WM^I ERH HMZIVWMX]# -W MX TSWWMFPI JSV GERHMHEXIW MR FSXL GSYRXVMIW XS GERZEWW XLI IRXMVIPERHMRPIWWXLERXLVII[IIOW#(SIWXLITEVX]W]WXIQSTIVEXIXLIWEQI MRFSXLGSYRXVMIW#-RSXLIV[SVHWEVIXLIJEGXSVWXLEXEPPS[+VIEX&VMXEMRXS GSRHYGXGEQTEMKRWJSV4VMQI1MRMWXIVMRPIWWXLERXLVII[IIOWEPWSTVIWIRX MR XLI 9RMXIH 7XEXIW# -J WS XLI EREPSK] MW ZEPMH -J RSX XLI EREPSK] MW MRZEPMH 6IEWSRMRKJVSQEREPSK]MWYWIHQSWXSJXIRMRTIVWYEWMZIWTIIGLIWSRUYIW XMSRWSJTSPMG];LIREVKYMRKJSVERI[TSPMG]]SYWLSYPHJMRHSYX[LIXLIV MXLEWFIIRXVMIHIPWI[LIVI=SYQE]FIEFPIXSGPEMQXLEX]SYVTSPMG][MPP[SVO FIGEYWIMXLEW[SVOIHMRPMOIGMVGYQWXERGIW,IVIMWLS[SRIWXYHIRXYWIHVIE WSRMRK JVSQ EREPSK] XS WYTTSVX LIV GPEMQ XLEX GSRXVSPPMRK LERHKYRW [MPP VIHYGIZMSPIRXGVMQIMRXLI9RMXIH7XEXIW
8LI1G+VE[n,MPP 'SQTERMIW
MRZEPMHEREPSK] %REREPSK]MR[LMGLXLI X[SGEWIWFIMRKGSQTEVIH EVIRSXIWWIRXMEPP]EPMOI
;MPPQ]TSPMG][SVO#8LII\TIVMIRGISJJSVIMKRGSYRXVMIWWYKKIWXWMX[MPP-R)RKPERH KYRWEVIXMKLXP]VIKYPEXIH IZIRXLITSPMGIEVIYREVQIHERHXLIQYVHIVVEXIMWXVMZMEPF] %QIVMGERWXERHEVHW-R.ETERXLIS[RIVWLMTSJ[IETSRWMWWIZIVIP]VIWXVMGXIHERHLERH KYRWEVIGSQTPIXIP]TVSLMFMXIH.ETERMWEREPQSWXKYRJVIIGSYRXV]ERHMXWGVMQIVEXIMW IZIR PS[IV XLER )RKPERHtW 3R XLI FEWMW SJ XLIWI GSQTEVMWSRW [I GER GSRGPYHI XLEX VIWXVMGXMRKXLIS[RIVWLMTSJKYRW[MPPGSRXVSPXLIGVMQIERHQYVHIVVEXIWMR%QIVMGE
&] XLI WEQI XSOIR MJ ]SY EVKYI EKEMRWX E GLERKI MR TSPMG] ]SY WLSYPH GLIGO [LIXLIV XLI TVSTSWIH TSPMG]hSV WSQIXLMRK PMOI MXhLEW FIIR MQTPI QIRXIHIPWI[LIVI,IVIXSS]SYQE]FIEFPIXSWYTTSVX]SYVGEWIF]VIEWSR MRKJVSQEREPSK]hEWHMHSRIWXYHIRX[LSSTTSWIHKYRGSRXVSP %HZSGEXIWSJKYRGSRXVSPTSMRXXSJSVIMKRGSYRXVMIWXSTVSZIXLIMVGEWI8LI]SJXIRGMXI )RKPERH[LMGLLEWWXVMGXKYRGSRXVSPPE[WERHPMXXPIZMSPIRXGVMQI&YXXLIOI]XSPS[TIV WSREPZMSPIRGIMR)RKPERHhERHSXLIVJSVIMKR GSYRXVMIWhMWRSXKYRGSRXVSPPE[WFYXXLI KIRIVEPP]TIEGIJYPGLEVEGXIVSJXLITISTPI*SVI\EQTPI7[MX^IVPERHLEWEQMPMXMEW]WXIQ EWWEYPXVMJPIWERH QMPMXEV]TMWXSPWEVIWMXXMRKEXXLMWQSQIRX MR 7[MWW LSQIW=IX 7[MX^IVPERHtWQYVHIV VEXIMWSRP] TIVGIRXSJ SYVW -R SXLIV[SVHW GYPXYVEPJEGXSVWEVI QYGLQSVIMQTSVXERXXLERKYRGSRXVSP[LIRMXGSQIWXSZMSPIRXGVMQI
%WXLIWII\EQTPIWMPPYWXVEXIEVKYQIRXJVSQEREPSK]GERFIYWIHSRFSXL WMHIWSJERMWWYI=SYEVIQSVIPMOIP]XSTIVWYEHI]SYVEYHMIRGIMJXLIEREPSK] WLS[WEXVYP]TEVEPPIPWMXYEXMSR
*%00%'-)7 %JEPPEG]MWERIVVSVMRVIEWSRMRK%WEWTIEOIV]SYRIIHXSEZSMHJEPPEGMIWMR ]SYVWTIIGLIW %WEPMWXIRIV ]SYRIIHXSFIEPIVXXSJEPPEGMIWMRXLIWTIIGLIW ]SYLIEV
6IEWSRMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
JEPPEG] %RIVVSVMRVIEWSRMRK
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0SKMGMERW LEZI MHIRXMJMIH QSVI XLER HMJJIVIRX JEPPEGMIW )EVPMIV MR XLMW GLETXIV [I HMWGYWWIH XLVII SJ XLI QSWX MQTSVXERX LEWX] KIRIVEPM^EXMSR TEKIWi JEPWIGEYWI TEKIWi ERHMRZEPMHEREPSK] TEKIWi ,IVI[IPSSOEXJMZISXLIVJEPPEGMIW]SYWLSYPHKYEVHEKEMRWX
6IH,IVVMRK
VIHLIVVMRK %JEPPEG]XLEXMRXVSHYGIWER MVVIPIZERXMWWYIXSHMZIVX EXXIRXMSRJVSQXLIWYFNIGX YRHIVHMWGYWWMSR
8LIREQISJXLMWJEPPEG]GSQIWJVSQERSPHXVMGOYWIHF]JEVQIVWMR)RKPERH XS OIIT JS\ LYRXIVW ERH XLIMV LSYRHW JVSQ KEPPSTMRK XLVSYKL XLI GVSTW &] HVEKKMRK E WQSOIH LIVVMRK [MXL E WXVSRK SHSV EPSRK XLI IHKI SJ XLIMV JMIPHWXLIJEVQIVWGSYPHXLVS[XLIHSKWSJJXVEGOF]HIWXVS]MRKXLIWGIRXSJ XLIJS\ %WTIEOIV[LSYWIWEVIHLIVVMRKMRXVSHYGIWERMVVIPIZERXMWWYIMRSVHIVXS HMZIVXEXXIRXMSRJVSQXLIWYFNIGXYRHIVHMWGYWWMSR*SVMRWXERGI ,S[ HEVI Q] STTSRIRXW EGGYWI QI SJ TSPMXMGEP GSVVYTXMSR EX E XMQI [LIR [I EVI [SVOMRKXSMQTVSZIXLIUYEPMX]SJPMJIJSVEPPTISTPIMRXLI9RMXIH7XEXIW
;LEXHSIWXLIWTIEOIVtWGSRGIVREFSYXXLIUYEPMX]SJPMJIMRXLI97LEZI XSHS[MXL[LIXLIVLISVWLIMWKYMPX]SJTSPMXMGEPGSVVYTXMSR#2SXLMRK-XMWE VIHLIVVMRKYWIHXSHMZIVXEXXIRXMSRE[E]JVSQXLIVIEPMWWYI
%H,SQMRIQ EHLSQMRIQ %JEPPEG]XLEXEXXEGOWXLITIVWSR VEXLIVXLIRHIEPMRK[MXLXLI VIEPMWWYIMRHMWTYXI
0EXMRJSVqEKEMRWXXLIQERrEHLSQMRIQVIJIVWXSXLIJEPPEG]SJEXXEGOMRKXLI TIVWSRVEXLIVXLERHIEPMRK[MXLXLIVIEPMWWYIMRHMWTYXI*SVMRWXERGI 8LILIEHSJXLIGSQQIVGIGSQQMWWMSRLEWERYQFIVSJMRXIVIWXMRKIGSRSQMGTVSTSW EPWFYXPIXtWRSXJSVKIXXLEXWLIGSQIWJVSQEZIV][IEPXL]JEQMP]
&]MQTYKRMRKXLIGSQQMWWMSRIVtWJEQMP]FEGOKVSYRHVEXLIVXLERHIEPMRK[MXL XLI WYFWXERGI SJ LIV IGSRSQMG TVSTSWEPW XLI WTIEOIV MW IRKEKMRK MR ER EH LSQMRIQEXXEGO 7SQIXMQIW SJ GSYVWI E TIVWSRtW GLEVEGXIV SV MRXIKVMX] GER FI E PIKMXM QEXIMWWYIhEWMRXLIGEWISJETSPMGIGLMIJ[LSZMSPEXIWXLIPE[SVEGSVTS VEXI TVIWMHIRX [LS W[MRHPIW WXSGOLSPHIVW -R WYGL GEWIW E WTIEOIV QMKLX [IPPVEMWIUYIWXMSRWEFSYXXLITIVWSR[MXLSYXFIMRKKYMPX]SJXLIEHLSQMRIQ JEPPEG]
)MXLIV3V IMXLIVSV %JEPPEG]XLEXJSVGIWPMWXIRIVW XSGLSSWIFIX[IIRX[S EPXIVREXMZIW[LIRQSVI XLERX[SEPXIVREXMZIWI\MWX
7SQIXMQIWVIJIVVIHXSEWEJEPWIHMPIQQEXLIIMXLIVSVJEPPEG]JSVGIWPMWXIRIVW XSGLSSWIFIX[IIRX[SEPXIVREXMZIW[LIRQSVIXLERX[SEPXIVREXMZIWI\MWX*SV I\EQTPI 8LIKSZIVRQIRXQYWXIMXLIVVEMWIXE\IWSVVIHYGIWIVZMGIWJSVXLITSSV
8LMW WXEXIQIRX SZIVWMQTPMJMIW E GSQTPI\ MWWYI F] VIHYGMRK MX XS E WMQTPI IMXLIVSVGLSMGI-WMXXVYIXLEXXLISRP]GLSMGIWEVIXSVEMWIXE\IWSVXSVIHYGI WIVZMGIW JSV XLI TSSV# % GEVIJYP PMWXIRIV QMKLX EWO q;LEX EFSYX GYXXMRK XLI EHQMRMWXVEXMZI GSWX SJ KSZIVRQIRX SV IPMQMREXMRK TSVOFEVVIP TVSNIGXW MRWXIEH#r
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-REHHMXMSRXSYWMRKIZM HIRGIXSWYTTSVXXLIMVMHIEW IJJIGXMZIWTIEOIVWWYGLEW &MPP6MGLEVHWSRXEOIGEVIXS EZSMHJEPPEGMIWMRVIEWSRMRK XLEXQE]YRHIVQMRIXLIMV GVIHMFMPMX]ERHTIVWYEWMZIRIWW
=SY[MPPFIQSVITIVWYEWMZIEWEWTIEOIVERHQSVITIVGITXMZIEWEPMWXIRIV MJ]SYEVIEPIVXXSXLIIMXLIVSVJEPPEG]
&ERH[EKSR ,S[ SJXIR LEZI ]SY LIEVH WSQISRI WE] q-XtW E KVIEX MHIEhIZIV]SRI EKVIIW [MXL MXr# 8LMW MW E GPEWWMG I\EQTPI SJ XLI FERH[EKSR JEPPEG] [LMGL EWWYQIW XLEXFIGEYWIWSQIXLMRKMWTSTYPEVMXMWXLIVIJSVIKSSHGSVVIGXSVHIWMVEFPI 1YGLEHZIVXMWMRKMWFEWIHSR XLI FERH[EKSR JEPPEG]8LIJEGXXLEX QSVI TISTPI YWI 8]PIRSP XLER %HZMP HSIW RSX TVSZI XLEX 8]PIRSP MW E FIXXIV TEMR VIPMIZIV8]PIRSPtWTSTYPEVMX]GSYPHFIHYIXSEKKVIWWMZIQEVOIXMRK8LIUYIW XMSRSJ[LMGLTVSHYGXHSIWEFIXXIVNSFVIHYGMRKTEMRMWEQIHMGEPMWWYIXLEX LEWRSXLMRKXSHS[MXLTSTYPEVMX] 8LIFERH[EKSRJEPPEG]MWEPWSIZMHIRXMRTSPMXMGEPWTIIGLIW'SRWMHIVXLI JSPPS[MRKWXEXIQIRX
FERH[EKSR %JEPPEG]XLEXEWWYQIWXLEX FIGEYWIWSQIXLMRKMWTSTYPEV MXMWXLIVIJSVIKSSHGSVVIGXSV HIWMVEFPI
8LIKSZIVRSVQYWXFIGSVVIGXMRLMWETTVSEGLXSWSGMEPTSPMG] EJXIVEPPXLITSPPWWLS[ XLEXTIVGIRXSJXLITISTPIWYTTSVXLMQ
8LMW WXEXIQIRX MW JEPPEGMSYW FIGEYWI TSTYPEV STMRMSR GERRSX FI XEOIR EW TVSSJXLEXERMHIEMWVMKLXSV[VSRK6IQIQFIVqIZIV]SRIrYWIHXSFIPMIZIXLEX XLI[SVPHMWJPEX XLEX WTEGIJPMKLXMWMQTSWWMFPI ERH XLEX[SQIRWLSYPH RSX EXXIRHGSPPIKI[MXLQIR
7PMTTIV]7PSTI 8LIWPMTTIV] WPSTIJEPPEG]XEOIWMXW REQI JVSQ XLI MQEKI SJ EFSYPHIV VSPPMRK YRGSRXVSPPEFP] HS[R E WXIIT LMPP 3RGI XLI FSYPHIV KIXW WXEVXIH MX GERtX FI WXSTTIHYRXMPMXVIEGLIWXLIFSXXSQ
6IEWSRMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
% WTIEOIV [LS GSQQMXW XLI WPMTTIV] WPSTI JEPPEG] EWWYQIW XLEX XEOMRK E JMVWX WXIT [MPP PIEH MRIZMXEFP] XS E WIGSRH WXIT ERH WS SR HS[R XLI WPSTI XS HMWEWXIVhEWMRXLIJSPPS[MRKI\EQTPI
WPMTTIV]WPSTI %JEPPEG]XLEXEWWYQIWXLEX XEOMRKEJMVWXWXIT[MPPPIEHXS WYFWIUYIRXWXITWXLEXGERRSX FITVIZIRXIH
4EWWMRKJIHIVEPPE[WXSGSRXVSPXLIEQSYRXSJZMSPIRGIMRZMHISKEQIWMWXLIJMVWXWXIT MRETVSGIWWXLEX[MPPVIWYPXMREFWSPYXIKSZIVRQIRXGSRXVSPSJXLIQIHMEERHXSXEPGIRWSV WLMTSZIVEPPJSVQWSJEVXMWXMGI\TVIWWMSR
-JEWTIEOIVGPEMQWXLEXXEOMRKEJMVWXWXIT[MPPPIEHMRIZMXEFP]XSEWIVMIWSJ HMWEWXVSYWPEXIVWXITWLISVWLIRIIHWXSTVSZMHIIZMHIRGISVVIEWSRMRKXSWYT TSVX XLI GPEMQ 8S EWWYQI XLEX EPP XLI PEXIV WXITW [MPP SGGYV [MXLSYX TVSZMRK XLEXXLI][MPPMWXSGSQQMXXLIWPMTTIV]WPSTIJEPPEG]
%TTIEPMRKXS)QSXMSRW )JJIGXMZITIVWYEWMSRSJXIRVIUYMVIWIQSXMSREPETTIEP%WXLI6SQERVLIXSVMGMER 5YMRXMPMER WXEXIH q-X MW JIIPMRK ERH JSVGI SJ MQEKMREXMSR XLEX QEOI YW IPS UYIRXr &] EHHMRK qJIIPMRKr ERH XLI qJSVGI SJ MQEKMREXMSRr XS ]SYV PSKMGEP EVKYQIRXW]SYGERFIGSQIEQSVIGSQTIPPMRKTIVWYEWMZIWTIEOIV
;,%8%6))138-32%0%44)%07# TEXLSW 8LIREQIYWIHF]%VMWXSXPIJSV [LEXQSHIVRWXYHIRXWSJ GSQQYRMGEXMSRVIJIVXSEW IQSXMSREPETTIEP
)QSXMSREPETTIEPWh[LEX%VMWXSXPIVIJIVVIHXSEWTEXLSWhEVIMRXIRHIHXSQEOI PMWXIRIVWJIIPWEHERKV]KYMPX]EJVEMHLETT]TVSYHW]QTEXLIXMGVIZIVIRXSV XLI PMOI 8LIWI EVI SJXIR ETTVSTVMEXI VIEGXMSRW [LIR XLI UYIWXMSR MW SRI SJ ZEPYISVTSPMG]%W+ISVKI'EQTFIPP[VSXIMRLMW4LMPSWSTL]SJ6LIXSVMGq;LIR TIVWYEWMSRMWXLIIRHTEWWMSREPWSQYWXFIIRKEKIHr &IPS[ MW E PMWX SJ WSQI SJ XLI IQSXMSRW IZSOIH QSWX SJXIR F] TYFPMG WTIEOIVW*SPPS[MRKIEGLIQSXMSREVIEJI[I\EQTPIWSJWYFNIGXWXLEXQMKLX WXMVXLEXIQSXMSR d *IEVhSJ WIVMSYW MPPRIWW SJ REXYVEP HMWEWXIVW SJ WI\YEP EWWEYPX SJ TIVWSREP VINIGXMSRSJIGSRSQMGLEVHWLMT d 'SQTEWWMSRhJSVXLITL]WMGEPP]HMWEFPIHJSVFEXXIVIH[SQIRJSVRIKPIGXIH ERMQEPWJSVWXEVZMRKGLMPHVIRJSVZMGXMQWSJ%-(7 d 4VMHIhMR SRItW GSYRXV] MR SRItW JEQMP] MR SRItW WGLSSP MR SRItW IXLRMG LIVMXEKIMRSRItWTIVWSREPEGGSQTPMWLQIRXW d %RKIVhEXXIVVSVMWXWERHXLIMVWYTTSVXIVWEXFYWMRIWWPIEHIVW[LSEGXYRIXL MGEPP] EX QIQFIVW SJ 'SRKVIWW [LS EFYWI XLI TYFPMG XVYWX EX PERHPSVHW [LSI\TPSMXWXYHIRXXIRERXWEXZERHEPWERHXLMIZIW d +YMPXhEFSYX RSX LIPTMRK TISTPI PIWW JSVXYREXI XLER SYVWIPZIW EFSYX RSX GSRWMHIVMRKXLIVMKLXWSJSXLIVWEFSYXRSXHSMRKSRItWFIWX d 6IZIVIRGIhJSV ER EHQMVIH TIVWSR JSV XVEHMXMSRW ERH MRWXMXYXMSRW JSV SRItWHIMX] 8LIVIEVIQER]SXLIVIQSXMSRWERHQER]SXLIVWYFNIGXWXLEXQMKLXWXMVXLIQ ,S[IZIV XLMW FVMIJ WEQTPI WLSYPH KMZI ]SY ER MHIE SJ XLI OMRHW SJ IQSXMSREP ETTIEPW]SYQMKLXYWIXSIRLERGIXLIQIWWEKISJ]SYVTIVWYEWMZIWTIIGL
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)QSXMSREPETTIEPWSJXIR QEOIETIVWYEWMZIWTIIGL QSVIGSQTIPPMRK7YGL ETTIEPWWLSYPHEP[E]WFI YWIHIXLMGEPP]ERHWLSYPH RSXFIWYFWXMXYXIHJSVJEGXW ERHPSKMG
)2)6%8-2+)138-32%0%44)%0 + 9WI)QSXMSREP0ERKYEKI %W[IWE[MR'LETXIVSRI[E]XSKIRIVEXIIQSXMSREPETTIEPMWXSYWIIQSXMSR PEHIR[SVHW,IVIJSVMRWXERGIMWTEVXSJXLIGSRGPYWMSRJVSQEWXYHIRXWTIIGL EFSYXXLIGLEPPIRKIWERHVI[EVHWSJ[SVOMRKEWEGSQQYRMX]ZSPYRXIIV[MXL ]SYRKGLMPHVIR 8LI TVSQMWI SJ %QIVMGE WTEVOPIW MR XLI I]IW SJ IZIV] GLMPH 8LIMV HVIEQW EVI XLI KPMXXIVMRK HVIEQW SJ %QIVMGE ;LIR XLSWI HVIEQW EVI HEWLIH [LIR MRRSGIRX LSTIW EVI FIXVE]IH WS EVI XLI HVIEQW ERH LSTIW SJ XLI IRXMVI REXMSR -X MW SYV HYX]hXS QI MX MW E WEGVIH HYX]hXS KMZI EPP GLMPHVIR XLI GLERGI XS PIEVR ERH KVS[ XS WLEVI IUYEPP] MRXLI%QIVMGERHVIEQSJJVIIHSQNYWXMGIERHSTTSVXYRMX]
8LI YRHIVPMRIH [SVHW ERH TLVEWIW LEZI WXVSRK IQSXMSREP TS[IV ERH MR XLMWGEWIXLI]TVSHYGIHXLIHIWMVIHIJJIGX&IE[EVILS[IZIVXLEXTEGOMRKXSS QER]IQSXMSREPP]GLEVKIH[SVHWMRXSSRITEVXSJEWTIIGLGERGEPPEXXIRXMSR XSXLIIQSXMSREPPERKYEKIMXWIPJERHYRHIVQMRIMXWMQTEGX8LIIQSXMSRVIWXW MR]SYVEYHMIRGIRSXMR]SYV[SVHW )ZIRXLIGSPHIWXJEGXW GERXSYGLSJJER IQSXMSREPVIWTSRWIMJXLI]WXVMOIXLIVMKLXGLSVHWMREPMWXIRIV
(IZIPST:MZMH)\EQTPIW 3JXIREFIXXIVETTVSEGLXLERVIP]MRKSRIQSXMSREPP]GLEVKIHPERKYEKIMWXSPIX IQSXMSREPETTIEPKVS[REXYVEPP]SYXSJXLIGSRXIRXSJ]SYVWTIIGL8LIQSWX IJJIGXMZI[E]XSHSXLMWMW[MXLZMZMHVMGLP]XI\XYVIHI\EQTPIWXLEXTYPPPMWXIRIVW MRXSXLIWTIIGL ,IVIMW LS[SRI WTIEOIVYWIH EZMZMH I\EQTPIJSVIQSXMSREPETTIEP 7LI [EW WTIEOMRK XS E GMXM^IRWt KVSYT SR FILEPJ SJ '%6) E [SVPH LYQERMXEVMER SVKERM^EXMSR EFSYX XLI QEPEVME ITMHIQMG MR %JVMGE ,IVI MW [LEX WLI QMKLX LEZIWEMHWXVMTTMRKXLIGSRXIRXSJIQSXMSREPETTIEP 1EPEVMEMWSRISJXLIFMKKIWXTVSFPIQWJEGMRK%JVMGE1ER]HMIJVSQMXIZIV]HE]-JXLI VIWXSJXLI[SVPHHSIWRtXLIPTXLIQEPEVMEITMHIQMG[MPPSRP]KIX[SVWI
%TTIEPMRKXS)QSXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LEXWLIEGXYEPP]WEMH[IRXWSQIXLMRKPMOIXLMW 2EXLER[EWSRP]JMZI]IEVWSPH[LIRXLIJIZIVWXVYGOLMQ%XJMVWXRSSRIORI[[LEX [EW[VSRK2SSRIORI[XLEXTEVEWMXIWMRWMHILMWFSH]LEHMRJIGXIHLMWVIHFPSSHGIPPW 2SSRIORI[XLSWIGIPPW[IVIGPYQTMRKXSKIXLIVGLSOMRKXLIJPS[SJFPSSHXLVSYKLLMW FSH]ERHHEQEKMRKLMWZMXEPSVKERW2SSRIORI[LMWOMHRI]W[SYPHWSSRJEMPERHWIM^YVIW [SYPHFIKMR2SSRIORI[LI[SYPH[MRHYTMREGSQE 8LI TEVEWMXIW MR 2EXLERtW FSH] GEQI JVSQ E QSWUYMXS FMXI E FMXI XLEX KEZI LMQ QEPEVME%RH2EXLERMWRSXEPSRI8LI;SVPH,IEPXL3VKERM^EXMSRXIPPWYWXLILSVVMFPIXVYXL -R%JVMGEEGLMPHHMIWJVSQQEPEVMEIZIV]WIGSRHW
4ISTPI[LSPMWXIRXSEWTIIGLPMOIXLEX[MPPRSXWSSRJSVKIX MX8LI]QE] [IPPFIQSZIHXSEGXMSRhEWXLIWTIEOIVMRXIRHW8LIJMVWXWTIIGLLS[IZIVMW RSXRIEVP]EWGSQTIPPMRK0MWXIRIVWQE][IPPRSHXLIMVLIEHWXLMROXSXLIQ WIPZIW qKSSH MHIErhERH XLIR JSVKIX EFSYX MX 8LI WXSV] SJ 2EXLER ERH LMW XVEKMG JEXI KMZIW XLI WIGSRH WTIIGL IQSXMSREP MQTEGX ERH FVMRKW MX LSQI XS PMWXIRIVWMRTIVWSREPXIVQW
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hRSX SRP] XLVSYKL ]SYV [SVHW FYX EPWS XLVSYKL]SYVXSRISJZSMGIVEXISJWTIIGLKIWXYVIWERHJEGMEPI\TVIWWMSRW
)8,-'7%2()138-32%0%44)%0 1YGLLEWFIIR[VMXXIREFSYXXLIIXLMGWSJIQSXMSREPETTIEPMRWTIIGLQEOMRK 7SQITISTPILEZIXEOIRXLII\XVIQITSWMXMSRXLEXIXLMGEPWTIEOIVWWLSYPHEZSMH IQSXMSREPETTIEPIRXMVIP]8SWYTTSVXXLMWZMI[XLI]TSMRXXSWTIEOIVW[LSLEZI YWIHIQSXMSREPETTIEPXSJERXLIJPEQIWSJLEXVIHFMKSXV]ERHJEREXMGMWQ 8LIVIMWRSUYIWXMSR XLEXIQSXMSREPETTIEPWGERFIEFYWIHF]YRWGVYTYPSYW WTIEOIVWJSVHIXIWXEFPIGEYWIW&YXIQSXMSREPETTIEPWGEREPWSFI[MIPHIHF]LSRSV EFPIWTIEOIVWJSVRSFPIGEYWIWh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
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)QSXMSREPPERKYEKIERHZMZMH I\EQTPIWGERLIPTKIRIVEXI IQSXMSREPETTIEPFYXRIMXLIV EVIIJJIGXMZIYRPIWWXLI WTIEOIVXEPOW[MXLKIRYMRI WMRGIVMX]ERHGSRZMGXMSR
3RXLISXLIVLERHIQSXMSREPETTIEPWEVIYWYEPP]MRETTVSTVMEXIMRETIV WYEWMZI WTIIGL SR E UYIWXMSR SJ JEGX ,IVI ]SY WLSYPH HIEP SRP] MR WTIGMJMG MRJSVQEXMSR ERH PSKMG 7YTTSWI WSQISRI GLEVKIW ]SYV WXEXI KSZIVRSV [MXL MPPIKEP GEQTEMKR EGXMZMXMIW -J ]SY VIWTSRH F] WE]MRK q-tQ WYVI XLI GLEVKI MW JEPWIFIGEYWI-LEZIEP[E]WEHQMVIHXLIKSZIVRSVrSVq-tQWYVIXLIGLEVKIMW XVYIFIGEYWI-LEZIEP[E]WHMWPMOIHXLIKSZIVRSVr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
7EQTPI7TIIGL[MXL'SQQIRXEV]
8LI JSPPS[MRK TIVWYEWMZI WTIIGL HIEPW [MXL E UYIWXMSR SJ TSPMG] ERH MW SVKE RM^IH EGGSVHMRK XS 1SRVSItW QSXMZEXIH WIUYIRGI %W ]SY VIEH XLI WTIIGL RSXMGI LS[ XLI WTIEOIV YXMPM^IW XLI QIXLSHW SJ TIVWYEWMSR HMWGYWWIH MR XLMW GLETXIVEWWLIQSZIWXLVSYKLIEGLWXITSJXLIQSXMZEXIHWIUYIRGI8LIWTIIGL EPWSTVSZMHIWERI\GIPPIRXI\EQTPISJLS[EWTIEOIVtWHIPMZIV]GERIRLERGILMW SV LIV GVIHMFMPMX] ERH IQSXMSREP ETTIEPhEW ]SY GER WII F] [EXGLMRK :MHIS 'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIV
GSRRIGXPYGEWGSQ :MI[q1EOMRKE(MJJIVIRGI 8LVSYKLXLI7TIGMEP3P]QTMGWr MRXLISRPMRI1IHME0MFVEV]JSV XLMWGLETXIV :MHIS'PMT
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
1EOMRKE(MJJIVIRGI8LVSYKLXLI7TIGMEP3P]QTMGW '311)28%6=
74))',
8LI JMVWX WXIT MR 1SRVSItW QSXMZEXIH WIUYIRGI MW KEMRMRK XLI EXXIRXMSR SJ XLI EYHMIRGI[LMGLXLIWTIEOIV HSIW[MXLER I\XIRHIHI\EQTPI-RXLMWGEWIXLII\EQ TPIEPWSLEWWXVSRKIQSXMSREPETTIEP
-R7IEXXPIRMRI]SYRKEXLPIXIWKEXLIVIHEXXLIWXEVXMRKPMRIJSV XLI]EVHHEWL%XXLIKYRXLI]EPPWXEVXIHSJJRSXI\EGXP] MR EHEWLFYX[MXL EHIWMVIXSVYRXLIVEGIXSXLIJMRMWLERH [MR %PP I\GITX SRI PMXXPI FS] [LS WXYQFPIH SR XLI EWTLEPX XYQFPIHSZIVEGSYTPISJXMQIWERHFIKERXSGV]8LISXLIV VYRRIVW LIEVH XLI FS] GV] 8LI] WXSTTIH XLI] PSSOIH FEGO 8LIRXLI]EPP[IRXFEGOXSXLIFS]tWWMHIhIZIV]WMRKPISRISJ XLIQ 3RI KMVP [MXL (S[R W]RHVSQI OMWWIH LMQ ERH WEMH q8LMW[MPPQEOIMXFIXXIVr8LIREPPRMRIPMROIHEVQWERH[EPOIH XSXLIJMRMWLPMRIhXSKIXLIV
8LI WTIEOIV QSZIW JVSQ LIV STIRMRK I\ EQTPIXSVIZIEPXLIXSTMGSJLIVWTIIGL
8LIWIEXLPIXIW[IVIRSXGSQTIXMRKSRREXMSREPXIPIZMWMSR 8LI][IVIRSXWTSRWSVIHSVMHSPM^IH&YXXLI][IVIKMZIRXLI STTSVXYRMX]XSJPSYVMWLYRHIVXLIKPS[SJXLIMVS[RWTSXPMKLX XS JIIP XLI FVYWL SJ XLI VMFFSR GVSWW XLIMV GLIWXW EW XLI] VERXLVSYKLXLIMVS[RJMRMWLPMRIMRXLIMVS[R3P]QTMGWhXLI 7TIGMEP3P]QTMGW
)ZIR XLSYKL EPPQIQFIVW SJLIVEYHMIRGI ORI[ EFSYX XLI 7TIGMEP 3P]QTMGW FIJSVI XLI WTIIGL XLI WTIEOIV UYMGOP] VIQMRHW XLIQSJXLISVKERM^EXMSRtWMHIEPW7LIXLIR VIPEXIW XLI XSTMGHMVIGXP] XS LIV GPEWWQEXIW EXETIVWSREPPIZIP
*SYRHIH MR 7TIGMEP 3P]QTMGW MRZMXIH XLI[SVPH XS PIX KS SJ PMQMXMRK ZMI[W YR]MIPHMRK TVINYHMGIW ERH MKRSVERX QMWGSRGITXMSRWEFSYXTISTPI[MXLGSKRMXMZIHMWEFMPMXMIWERHXS IQFVEGIXLIMHIEXLEXXLI]GERFIVIWTIGXIHZEPYIHGSRXVMF YXMRKQIQFIVWSJWSGMIX].YWXXLMROSRISJXLIOMHW[LSVER XLVSYKL XLEX JMRMWL PMRI GSYPH LEZI JEPPIR MRXS ]SYV EVQW 3V QE]FISRIHE]GSYPHFI]SYVS[RGLMPH
8LIWTIEOIVIWXEFPMWLIWLIVGVIHMFMPMX]ERH TVSZMHIWETVIZMI[WXEXIQIRXXLEXPIEHWMRXS XLIFSH]SJXLIWTIIGL
%JXIV[SVOMRKEWEZSPYRXIIVJSVXLI7TIGMEP3P]QTMGWERH HSMRKEHHMXMSREPVIWIEVGLJSVXLMWWTIIGL-tHPMOIXSIRGSYVEKI ]SYXSFIGSQIMRZSPZIHEWEZSPYRXIIVJSVXLI7TIGMEP3P]QTMGW ;ItPPWXEVXF]PSSOMRKEXXLIRIIHJSVZSPYRXIIVW
2S[XLIWTIEOIVQSZIWMRXSXLIRIIHWXIT SJ 1SRVSItWQSXMZEXIHWIUYIRGI (VE[MRK JVSQ XLI 7TIGMEP 3P]QTMGW ;IF WMXI WLI TVSZMHIWMRJSVQEXMSREFSYXXLIRYQFIVSJ TEVXMGMTERXW ERH XLI GSRXMRYMRK RIIH JSV ZSPYRXIIVW
%GGSVHMRKXSXLI7TIGMEP3P]QTMGW;IFWMXIQSVIXLER QMPPMSR TISTPIGSQTIXIMR7TIGMEP 3P]QTMGWEVSYRHXLI [SVPH 4EVXMGMTERXW QYWX FI EX PIEWX IMKLX ]IEVW SPH ERH FI MHIRXMJMIH EW LEZMRK E GSKRMXMZI SV MRXIPPIGXYEP HMWEFMPMX] 8LIVIEVIGYVVIRXP]7TIGMEP3P]QTMGWTVSKVEQWVYRRMRK MRSZIVGSYRXVMIW
6EXLIVXLERXEPOMRKEFSYXXLIRIIHJSVZSP YRXIIVWMRKIRIVEPXIVQWXLIWTIEOIVVIPEXIW XS XLI EYHMIRGI F] JSGYWMRK SR XLI WMXYE XMSR MR ;MWGSRWMR [LIVI XLI WTIIGL [EW HIPMZIVIH
%WXLI7TIGMEP 3P]QTMGW GSRXMRYIWXS KVS[ WS HSIW XLI RIIHJSVZSPYRXIIVW,IVIMR;MWGSRWMRXLIVIEVIEXL PIXIW ERH ZSPYRXIIV GSEGLIW &YX FIGEYWI SJ EPP XLI MRHMZMHYEP EXXIRXMSR VIUYMVIH F] 7TIGMEP 3P]QTMGW EXLPIXIW XLIVItWEP[E]WERIIHJSVQSVIZSPYRXIIVGSEGLIWSVJSVPSEHW SJSXLIVZSPYRXIIVWEW[IPP
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LMW TEVEKVETL FIKMRW [MXL E XVERWMXMSR MRXSXLIWEXMWJEGXMSRWIGXMSRSJXLIWTIIGL 2SXMGI LS[ XLI WTIEOIV I\TPEMRW XLEX SRI HSIWRSXRIIHXSFIEKVIEXEXLPIXISVLEZI TVMSVGSEGLMRKI\TIVMIRGIXSZSPYRXIIVEWE 7TIGMEP3P]QTMGWGSEGL8LMWOMRHSJWTIGM JMGMX] MW MQTSVXERX [LIRIZIV E WTIEOIV [ERXW XS TIVWYEHI ER EYHMIRGI XS XEOI MQQIHMEXIEGXMSR
2S[ ]SY ORS[ XLI RIIH JSV 7TIGMEP 3P]QTMGW ZSPYR XIIVW 7S XLI UYIWXMSR MW ;LEX GER ]SY HS XS LIPT# 8LI ERW[IV MW &IGSQI E ZSPYRXIIV 8LI QSWX SFZMSYW [E] XS FIGSQI E ZSPYRXIIV MW XS FIGSQI E GSEGL 2S[ ]SY HSRtX LEZIXSFIEKVIEXEXLPIXI=SYHSRtXLEZIXSLEZIER]TVMSV GSEGLMRK I\TIVMIRGI 7TIGMEP 3P]QTMGW SJJIVW E KIRIVEP GSYVWISRXLITVMRGMTPIWSJGSEGLMRKMREHHMXMSRXSEQIRXSV MRKTVSKVEQMR[LMGLXLIRI[GSEGLIWVIGIMZIKYMHERGIJVSQ XLII\TIVMIRGIHGSEGLIW
8LIWTIEOIVTVSZMHIWSTXMSRWJSVLIVPMWXIR IVW F] RSXMRK XLEX SRI GER ZSPYRXIIV MR [E]W SXLIV XLER GSEGLMRK ERH XLEX SRItW GSRXVMFYXMSRWXS7TIGMEP3P]QTMGWGERZEV] HITIRHMRK SR XLI PIZIP SJ GSQQMXQIRX E TIVWSR MW EFPI XS QEOI EX E TEVXMGYPEV XMQI
-J]SYHSRtX[ERXXSFIEGSEGLXLIVIEVISXLIV[E]WXS LIPTSYXEW[IPP=SYGER[SVOFILMRHXLIWGIRIWF]EWWMWXMRK [MXL JYRHVEMWMRK SV SVKERM^MRK IZIRXW SV ER] SJ XLI SXLIV GSYRXPIWWHIXEMPWMRZSPZIHMRVYRRMRKELYKISVKERM^EXMSRWYGL EW 7TIGMEP 3P]QTMGW -XtW EPWS ZIV] MQTSVXERX XLEX ]SY ORS[ XLEX]SYVGSRXVMFYXMSRXS7TIGMEP3P]QTMGWGERPEWXJVSQEHE] XSE]IEVXSEPMJIXMQIHITIRHMRKSRXLIPIZIPSJGSQQMXQIRX XLEX]SYtVIVIEH]XSQEOI
,EZMRK I\TPEMRIH LIV TPER XLI WTIEOIV QSZIWMRXSXLIZMWYEPM^EXMSRWIGXMSRSJLIV WTIIGL MR [LMGL WLI HIQSRWXVEXIW XLI FIRIJMXWSJLIVTPER8LMWMWSRISJXLIQSWX MQTSVXERXEWTIGXWSJER]TIVWYEWMZIWTIIGL SREUYIWXMSRSJTSPMG]
2SQEXXIVLS[]SYHIGMHIXSLIPT-KYEVERXII]SYXLEX [SVOMRK[MXLXLI7TIGMEP3P]QTMGW[MPPFIMQQIRWIP]VI[EVH MRK %W E GSEGL ]SYV MRWXVYGXMSR ERH WYTTSVX [MPP LIPT ]SYV EXLPIXIW HIZIPST TL]WMGEP WOMPPW [LMPI ]SYV MRXIVEGXMSR ERH JVMIRHWLMT[MPPLIPTXLIQHIZIPSTWSGMEPP]6SRRE:ERHIVWPMGI EYXLSV SJ XLI EVXMGPI q7TIGMEP 3P]QTMGW &IRIJMGMEP XS %PPr VITSVXWXLEXMRHMZMHYEPW[LSKIXMRZSPZIHMRWTSVXWERHVIGVI EXMSR XLVSYKL 7TIGMEP 3P]QTMGW HIZIPST PEVKIV RIX[SVOW SJ JVMIRHW EVI QSVI PMOIP] XS WSGMEPM^I [MXL SXLIVW ERH VIGIMZI QSVIWSGMEPWYTTSVX
(VE[MRKSRLIVS[RI\TIVMIRGIEWEZSPYR XIIV FSSWXW XLI WTIEOIVtW GVIHMFMPMX] EW WLI I\TPEMRWXLITIVWSREPKVEXMJMGEXMSRSJ[SVO MRK [MXL XLI7TIGMEP 3P]QTMGW%W]SYGER WIIJVSQXLIZMHISSJXLIWTIIGLMRXLISR PMRI 1IHME 0MFVEV] JSV XLMW GLETXIV XLI WTIEOIVtW WMRGIVMX] EHHW MQQIRWIP] XS XLI MQTEGXSJLIVMHIEW
&YX MXtW RSX NYWX XLI EXLPIXIW [LS FIRIJMX JVSQ 7TIGMEP 3P]QTMGW-RQ]GEWI[SVOMRK[MXL7TIGMEP3P]QTMGWMWSRISJ XLIQSWXKVEXMJ]MRKXLMRKW-LEZIIZIVHSRIMRQ]PMJI2SXSRP] HS - LEZI XLI WEXMWJEGXMSR XLEX GSQIW JVSQ LIPTMRK SXLIVW MQTVSZIXLIUYEPMX]SJXLIMVPMZIWFYX-tZIQIXWSQER]EQE^MRK TISTPIERHQIXWSQER]KVIEXJVMIRHWXLEXVIEPP]-[SYPHRSX XVEHIXLII\TIVMIRGIJSVER]XLMRK
%XVERWMXMSRWMKREPWXLEXXLIWTIEOIVMWQSZMRK MRXSXLIEGXMSRWIGXMSRSJLIVWTIIGL2SXMGI LS[ WLI XMIW LIV GEPP JSV EGXMSR HMVIGXP] XS LIVGPEWWQEXIWF]XEPOMRKMRXIVQWSJq]SYr ERHq]SYVr
2S[ ]SY ORS[ XLI RIIH JSV 7TIGMEP 3P]QTMGW ZSPYR XIIVW WSQI [E]W XLEX ]SY GER LIPT SYX ERH XLI FIRIJMXW XSXLIZSPYRXIIVW ERHEXLPIXIWEPMOIWSRS[-tH PMOIXSEWO ]SY XS XEOI XLI WXIT SJ KIXXMRK MRZSPZIH [MXL XLI 7TIGMEP 3P]QTMGW-J]SY[ERXQSVIMRJSVQEXMSR]SYGERGLIGOSYX XLI ;IF WMXI JSV XLI 7TIGMEP 3P]QTMGW SV ZMWMX XLI PSGEP LIEHUYEVXIVWPSGEXIH SR1SRSRE(VMZILIVIMR1EHMWSR- EPWS LEZI FVSGLYVIW [MXL GSRXEGX MRJSVQEXMSR XLEX -tPP FI LERHMRKSYXEJXIVXLIWTIIGL
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8LI WTIEOIV EKEMR WXVIWWIW XLEX WXYHIRXW GER EHNYWX ZSPYRXIIVMRK XS XLIMV TIVWSREP WGLIHYPIW
-ORS[]SYQE]RSXLEZIEPSXSJXMQIEZEMPEFPIVMKLXRS[ FYX]SYGERZSPYRXIIVJSVXLIXMQIXLEXJMXW]SYVWGLIHYPI8LI QSWXMQTSVXERXXLMRKMWXSKIXMRZSPZIHMRWSQIGETEGMX]JSV [LEXIZIVEQSYRXSJXMQI]SYGERQEREKI
&] VIXYVRMRK XS LIV STIRMRK WXSV] XLI WTIEOIVVIPEXIWSRGIQSVIXSXLIEYHMIRGI YRMJMIWXLIIRXMVIWTIIGLERHWXVIRKXLIRW MXW IQSXMSREP ETTIEP &VMIJ ERH TSMKRERX XLIGPSWMRKUYSXEXMSRTVSZMHIWERI\GIPPIRX IRHMRK
6IQIQFIVXLIRMRIGLMPHVIR-QIRXMSRIHEXXLIFIKMRRMRK SJXLMWWTIIGL8LMROSJXLIMVLETTMRIWWERHXLIMVWYTTSVXJSV SRIERSXLIV8LMROSJLS[QYGLXLI]KEMRIHJVSQVYRRMRKMR XLEX VEGI %RH XLMRO SJ LS[ ]SY GER LIPT SXLIVW I\TIVMIRGI XLIWEQIFIRIJMXWEWXLI]WXVMZIXSJYPJMPPXLIQSXXSSJXLI7TI GMEP3P]QTMGW q0IXQI[MR&YXMJ-GERtX[MRPIXQIFIFVEZI MRXLIEXXIQTXr
7911%6= 0MWXIRIVW EGGITX E WTIEOIVtW MHIEW JSV SRI SV QSVI SJ JSYV VIEWSRWhFIGEYWI XLI] TIVGIMZIXLIWTIEOIVEWLEZMRKLMKLGVIHMFMPMX]FIGEYWIXLI]EVI[SRSZIVF]XLI WTIEOIVtW IZMHIRGI FIGEYWI XLI] EVI GSRZMRGIH F] XLI WTIEOIVtW VIEWSRMRK SV FIGEYWIXLI]EVIQSZIHF]XLIWTIEOIVtWIQSXMSREPETTIEPW 'VIHMFMPMX]MWEJJIGXIHF]QER]JEGXSVWFYXXLIX[SQSWXMQTSVXERXEVIGSQTI XIRGIERHGLEVEGXIV8LIQSVIJEZSVEFP]PMWXIRIVWZMI[EWTIEOIVtWGSQTIXIRGIERH GLEVEGXIVXLIQSVIPMOIP]XLI]EVIXSEGGITXLIVSVLMWMHIEW%PXLSYKLGVIHMFMPMX] MWTEVXP]EQEXXIVSJVITYXEXMSR]SYGERIRLERGI]SYVGVIHMFMPMX]HYVMRKEWTIIGL F]IWXEFPMWLMRKGSQQSRKVSYRH[MXL]SYVPMWXIRIVWF]PIXXMRKXLIQORS[[L]]SY EVI UYEPMJMIH XS WTIEO SR XLI XSTMG ERH F] TVIWIRXMRK ]SYV MHIEW JPYIRXP] ERH I\TVIWWMZIP] -J]SYLSTIXSFITIVWYEWMZI]SYQYWXEPWSWYTTSVX]SYVZMI[W[MXLIZMHIRGIh I\EQTPIWWXEXMWXMGWERHXIWXMQSR]6IKEVHPIWWSJ[LEXOMRHSJIZMHIRGI]SYYWIMX [MPPFIQSVITIVWYEWMZIMJMXMWRI[XSXLIEYHMIRGIWXEXIHMRWTIGMJMGVEXLIVXLER KIRIVEPXIVQWERHJVSQGVIHMFPIWSYVGIW=SYVIZMHIRGI[MPPEPWSFIQSVITIVWYE WMZIMJ]SYWXEXII\TPMGMXP]XLITSMRXMXMWWYTTSWIHXSTVSZI 2SQEXXIVLS[WXVSRK]SYVIZMHIRGI]SY[MPPRSXFITIVWYEWMZIYRPIWWPMWXIRIVW EKVII [MXL ]SYV VIEWSRMRK -R VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW ]SY QSZI JVSQ E RYQFIVSJTEVXMGYPEVJEGXWXSEKIRIVEPGSRGPYWMSR6IEWSRMRKJVSQTVMRGMTPIMWXLI VIZIVWIh]SYQSZIJVSQEKIRIVEPTVMRGMTPIXSETEVXMGYPEVGSRGPYWMSR;LIR]SYYWI GEYWEP VIEWSRMRK ]SY XV] XS IWXEFPMWL EVIPEXMSRWLMT FIX[IIRGEYWIW ERH IJJIGXW -R EREPSKMGEPVIEWSRMRK]SYGSQTEVIX[SGEWIWERHMRJIVXLEX[LEXMWXVYIJSVSRIMWEPWS XVYIJSVXLISXLIV;LEXIZIVOMRHSJVIEWSRMRK]SYYWIEZSMHJEPPEGMIWWYGLEWLEWX] KIRIVEPM^EXMSRJEPWIGEYWIERHMRZEPMHEREPSK]=SYWLSYPHEPWSFISRKYEVHEKEMRWX XLIVIHLIVVMRKEHLSQMRIQIMXLIVSVFERH[EKSRERHWPMTTIV]WPSTIJEPPEGMIW *MREPP]]SY GERTIVWYEHI]SYVPMWXIRIVWF] ETTIEPMRKXSXLIMVIQSXMSRW3RI [E]XSKIRIVEXIIQSXMSREPETTIEPMWF]YWMRKIQSXMSRPEHIRPERKYEKI%RSXLIVMW XS HIZIPST ZMZMH VMGLP] XI\XYVIH I\EQTPIW 2IMXLIV LS[IZIV [MPP FI IJJIGXMZI YRPIWW]SYJIIPXLIIQSXMSR]SYVWIPJERHGSQQYRMGEXIMXF]WTIEOMRK[MXLWMRGIVMX] ERHGSRZMGXMSR %W[MXLSXLIVQIXLSHWSJTIVWYEWMSR]SYVYWISJIQSXMSREPETTIEPWLSYPHFI KYMHIHF]EJMVQIXLMGEPVYHHIV%PXLSYKLIQSXMSREPETTIEPWEVIYWYEPP]MRETTVSTVM EXIMRWTIIGLIWSRUYIWXMSRWSJJEGXXLI]EVIPIKMXMQEXIhERHSJXIRRIGIWWEV]hMR WTIIGLIWXLEXWIIOMQQIHMEXIEGXMSRSRUYIWXMSRWSJTSPMG])ZIR[LIRXV]MRKXS QSZIPMWXIRIVWXSEGXMSRLS[IZIV]SYWLSYPHRIZIVWYFWXMXYXIIQSXMSREPETTIEPW JSVIZMHIRGIERHVIEWSRMRK
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
/)=8)617 IXLSW
VIEWSRMRKJVSQTVMRGMTPI
GVIHMFMPMX]
GEYWEPVIEWSRMRK
MRMXMEPGVIHMFMPMX]
JEPWIGEYWI
HIVMZIHGVIHMFMPMX]
EREPSKMGEPVIEWSRMRK
XIVQMREPGVIHMFMPMX]
MRZEPMHEREPSK]
GVIEXMRKGSQQSRKVSYRH
JEPPEG]
IZMHIRGI
VIHLIVVMRK
PSKSW
EHLSQMRIQ
VIEWSRMRK
IMXLIVSV
VIEWSRMRKJVSQWTIGMJMG MRWXERGIW
FERH[EKSR
LEWX]KIRIVEPM^EXMSR
TEXLSW
WPMTTIV]WPSTI
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ; LEXMWGVIHMFMPMX]#;LEXX[SJEGXSVWI\IVXXLIQSWXMRJPYIRGISREREYHMIRGItW TIVGITXMSRSJEWTIEOIVtWGVIHMFMPMX]# ; LEXEVIXLIHMJJIVIRGIWEQSRKMRMXMEPGVIHMFMPMX]HIVMZIHGVIHMFMPMX]ERHXIV QMREPGVIHMFMPMX]# ; LEXEVIXLVII[E]W]SYGERIRLERGI]SYVGVIHMFMPMX]HYVMRK]SYVWTIIGLIW# ; LEXMWIZMHIRGI#;L]HSTIVWYEWMZIWTIEOIVWRIIHXSYWIIZMHIRGI# ; LEXEVIJSYVXMTWJSVYWMRKIZMHIRGIIJJIGXMZIP]MRETIVWYEWMZIWTIIGL# ; LEXMWVIEWSRMRKJVSQWTIGMJMGMRWXERGIW#;LEXKYMHIPMRIWWLSYPH]SYJSPPS[ [LIRYWMRKXLMWQIXLSHSJVIEWSRMRK#
GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
;LEX MW VIEWSRMRK JVSQ TVMRGMTPI# ,S[ MW MX HMJJIVIRX JVSQ VIEWSRMRK JVSQ WTIGMJMGMRWXERGIW# ;LEX MW GEYWEP VIEWSRMRK# ;LEX X[S IVVSVW QYWX ]SY FI WYVI XS EZSMH [LIR YWMRKGEYWEPVIEWSRMRK# ;LEXMWEREPSKMGEPVIEWSRMRK#,S[HS]SYNYHKIXLIZEPMHMX]SJEREREPSK]# ;LEXEVIXLIIMKLXPSKMGEPJEPPEGMIWHMWGYWWIHMRXLMWGLETXIV# ;LEX MW XLI VSPI SJ IQSXMSREP ETTIEP MR TIVWYEWMZI WTIEOMRK# -HIRXMJ] XLVII QIXLSHW]SYGERYWIXSKIRIVEXIIQSXMSREPETTIEPMR]SYVWTIIGLIW
)\IVGMWIWJSV'VMXMGEP8LMROMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)<)6'-7)7*36'6-8-'%08,-2/-2+ 6IWIEVGLLEWWLS[RXLEXEWTIEOIVtWMRMXMEPGVIHMFMPMX]GERLEZIKVIEXMQTEGXSR LS[XLIWTIEOIVtWMHIEWEVIVIGIMZIHF]PMWXIRIVW6IWIEVGLLEWEPWSWLS[RXLEXE WTIEOIVtWGVIHMFMPMX][MPPZEV]JVSQXSTMGXSXSTMGERHEYHMIRGIXSEYHMIRGI-R XLIPIJXLERHGSPYQRFIPS[MWEPMWXSJ[IPPORS[RTYFPMGJMKYVIW-RXLIVMKLX LERHGSPYQRMWEPMWXSJTSXIRXMEPWTIIGLXSTMGW%WWYQIXLEXIEGLWTIEOIV[MPP FIEHHVIWWMRK]SYVWTIIGLGPEWW *SVIEGLWTIEOIVMHIRXMJ]XLIXSTMGMRXLIVMKLXLERHGSPYQRSR[LMGLWLI SVLI[SYPHLEZIXLILMKLIWXMRMXMEPGVIHMFMPMX]JSV]SYVGPEWW8LIRI\TPEMRLS[ XLIWTIEOIVtWMRMXMEPGVIHMFMPMX]QMKLXFIEJJIGXIHMJXLIWTIEOIV[IVIHMWGYWWMRK XLIXSTMGMRXLIVMKLXLERHGSPYQRHMVIGXP]EGVSWWJVSQLIVSVLMWREQI 7TIEOIV
8STMG
3TVEL;MRJVI]
8LI'SQIH]SJ4SPMXMGW
&MPP+EXIW
*ERXEW]EW0MXIVEXYVI
%P+SVI
8EPO7LS[W 8LIMV6SPIMR7SGMIX]
.SR7XI[EVX
8LI*YXYVISJ'SQTYXIVW
./6S[PMRK
)RZMVSRQIRXEP4SPMXMGW
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
3 ZIVXLI]IEVWXLIVILEWFIIRQYGLHIFEXIEFSYXXLIVSPISJIQSXMSREPETTIEP MRTYFPMGWTIEOMRK(S]SYFIPMIZIMXMWIXLMGEPJSVTYFPMGWTIEOIVWXSYWIIQS XMSREP ETTIEPW [LIR WIIOMRK XS TIVWYEHI ER EYHMIRGI# (S ]SY JIIP XLIVI EVI GIVXEMROMRHWSJIQSXMSRWXS[LMGLERIXLMGEPWTIEOIVWLSYPHRSXETTIEP#;L] SV[L]RSX#&ITVITEVIHXSI\TPEMR]SYVMHIEWMRGPEWW % REP]^Iq8LI,SVVSVWSJ4YTT]1MPPWrMRXLIETTIRHM\SJWEQTPIWTIIGLIWXLEX JSPPS[W'LETXIV TEKIW% i% 4E]WTIGMEPEXXIRXMSRXSXLIWTIEOIVtWGVIH MFMPMX]IZMHIRGIVIEWSRMRKERHIQSXMSREPETTIEP:MI[XLIZMHISSJXLIWTIIGL MRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIVEXGSRRIGXPYGEWGSQWS]SYGEREPWS EWWIWWLMWHIPMZIV]ERHYWISJZMWYEPEMHW
',%48)6 1)8,3(73*4)679%7-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
%W XLI WIVZMGI QEREKIV JSV E PSGEP LSQI MQTVSZIQIRX GSQTER] ]SY LEZI FIIR TPIEWIH XS WII ]SYV GSQTER] I\TERH MXW WM^I ERH WGSTI FYX ]SY HSRtX [ERX XLEX KVS[XL XS GSQI EX XLI I\TIRWI SJ GYWXSQIV WIVZMGI -R TEVXMGYPEV ]SYtVI [SVVMIH EFSYX PSWMRK XSYGL [MXL SRI SJ XLI GSQTER]tW OI] HIQSKVETLMGWh[SQIR [LS QEOI YT TIVGIRX SJ ]SYV GYWXSQIV FEWI 8S TVIZIRX XLMW JVSQ LETTIRMRK ]SY LEZIHIZIPSTIHETPERJSVEVERKISJTIVWSREPM^IHWIVZMGIWXEVKIXIHEX[SQIRMRGPYHMRK SRISRSRIXIEGLMRKSJHSMX]SYVWIPJWOMPPWERHJVIIMRLSQIGSRWYPXEXMSRW ;LIR]SYTVIWIRX]SYVTPEREXEQIIXMRKSJXLIGSQTER]tWQEREKIQIRXXIEQ ]SYPMWXIREWSRII\IGYXMZIEVKYIWMRSTTSWMXMSR%QSRKLMWTSMRXWEVIXLIJSPPS[ MRK -J ]SYV TPER MW EHSTXIH GYWXSQIVW [MPP I\TIGX QSVI ERH QSVI WTIGMEP WIVZMGIW ERH IZIRXYEPP] [MPP HIQERH JVII MRWXEPPEXMSR SJ JPSSVMRK ERH GEVTIXMRK &IGEYWIEQENSVMX]SJXLIQEREKIQIRXXIEQSTTSWIW]SYVTPERMXQYWXRSXFI EKSSHMHIE 3RISJ]SYVGSQTIXMXSVWXVMIHEGYWXSQIVWIVZMGITPERWTIGMJMGEPP] JSV[SQIRFYXMXHMHRSXWYGGIIH XLIVIJSVI]SYVTPERMWHSSQIHXSJEMPYVI -R]SYVVIWTSRWIXSXLII\IGYXMZI]SY[MPPTSMRXSYXXLIJEPPEG]MRIEGLSJLMW TSMRXW;LEXEVIXLSWIJEPPEGMIW#
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
TIEOMRKSR 7 7TIGMEP3GGEWMSRW
7TIIGLIWSJ-RXVSHYGXMSR 7TIIGLIWSJ4VIWIRXEXMSR 7TIIGLIWSJ%GGITXERGI 'SQQIQSVEXMZI7TIIGLIW
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
TIGMEP SGGEWMSRW EVI XLI TYRGXYEXMSR QEVOW SJ HE]XSHE] PMJI XLI LMKL TSMRXW XLEX WXERH SYX EFSZI SVHMREV] VSYXMRI 'LVMWXIRMRKW [IH HMRKW JYRIVEPW KVEHYEXMSRW E[EVH GIVIQSRMIW MREYKYVEPW VIXMVIQIRX HMRRIVWhEPPXLIWIEVISGGEWMSRWERHXLI]EVIZIV]WTIGMEPXSXLITISTPI[LS XEOITEVXMRXLIQ2IEVP]EP[E]WXLI]EVISGGEWMSRWJSVWTIIGLQEOMRK%GPSWI JVMIRHTVSTSWIWEXSEWXXSXLIFVMHIERHKVSSQ XLIWEPIWQEREKIVTVIWIRXWER E[EVHXSXLIWEPIWVITVIWIRXEXMZISJXLI]IEV XLITVIWMHIRXHIPMZIVWERMREYKY VEPEHHVIWW XLIFEWOIXFEPPGSEGLKMZIWEWTIIGLLSRSVMRKXLIXIEQtWQSWXZEPY EFPITPE]IV EJEQMP]QIQFIVHIPMZIVWEQSZMRKIYPSK]XSXLIHIGIEWIH8LIWI WTIIGLIWLIPTKMZIXLISGGEWMSRMXWqWTIGMEPRIWWr8LI]EVITEVXSJXLIGIVIQS RMEPEYVEXLEXQEVOWXLIIZIRX 7TIIGLIW JSV WTIGMEP SGGEWMSRW EVI HMJJIVIRX JVSQ XLI WTIIGLIW [I LEZI GSRWMHIVIHWSJEVMRXLMWFSSO8LI]QE]GSRZI]MRJSVQEXMSRSVTIVWYEHIFYX XLEXMWRSXXLIMVTVMQEV]TYVTSWI6EXLIVXLI]EMQXSJMXXLIWTIGMEPRIIHWSJ EWTIGMEPSGGEWMSR-RXLMWGLETXIV[IPSSOEXXLIQSWXGSQQSRWTIGMEPSGGE WMSRWERHXLIOMRHWSJWTIIGLIWETTVSTVMEXIJSVIEGL
7
7TIIGLIWSJ-RXVSHYGXMSR
WTIIGLSJMRXVSHYGXMSR %WTIIGLXLEXMRXVSHYGIW XLIQEMRWTIEOIVXSXLI EYHMIRGI
q(MWXMRKYMWLIHKYIWXWXLI4VIWMHIRXSJXLI9RMXIH7XEXIWr-J]SYEVIIZIVMRE WMXYEXMSRMR[LMGL]SYLEZIXSMRXVSHYGIXLI4VIWMHIRX]SY[MPPRIIHRSQSVI XLERXLIIMKLX[SVHWXLEXFIKMRXLMWTEVEKVETL8LI4VIWMHIRXMWWS[IPPORS[R XLEXER]JYVXLIVVIQEVOW[SYPHFIMRETTVSTVMEXIERHEPQSWXJSSPMWL 1SWX SJ XLI XMQI LS[IZIV E WTIIGL SJ MRXVSHYGXMSR [MPP FI RIMXLIV XLMW FVMIJRSVXLMWVMXYEPM^IH-J]SYEVIMRXVSHYGMRKERSXLIVWTIEOIV]SY[MPPRIIH XSEGGSQTPMWLXLVIITYVTSWIWMR]SYVMRXVSHYGXMSR &YMPHIRXLYWMEWQJSVXLIYTGSQMRKWTIEOIV &YMPHIRXLYWMEWQJSVXLIWTIEOIVtWXSTMG )WXEFPMWLE[IPGSQMRKGPMQEXIXLEX[MPPFSSWXXLIWTIEOIVtWGVIHMFMPMX] %KSSHWTIIGLSJMRXVSHYGXMSRGER FIEHIPMKLXXSLIEVERHGER IEWIXLI XEWOSJXLIQEMRWTIEOIV9WYEPP]]SY[MPPWE]WSQIXLMRKEFSYXXLIWTIEOIVERH EFSYXXLIXSTMGhMRXLEXSVHIV*SPPS[MRKEVIWSQIKYMHIPMRIWJSVWTIIGLIWSJ MRXVSHYGXMSR
&I&VMIJ (YVMRK;SVPH;EV-0SVH&EPJSYV+VIEX&VMXEMRtWJSVIMKRWIGVIXEV][EWXSFI XLIQEMR WTIEOIV EX E VEPP]MR XLI 9RMXIH7XEXIW &YX XLI WTIEOIV MRXVSHYGMRK LMQ KEZI E QMRYXI SVEXMSR SR XLI GEYWIW SJ XLI [EV 8LIR EPQSWX EW ER EJXIVXLSYKLX LIWEMHq2S[0SVH&EPJSYV [MPP KMZI LMWEHHVIWWr0SVH&EPJSYV VSWIERHWEMHq-tQWYTTSWIHXSKMZIQ]EHHVIWWMRXLIFVMIJXMQIVIQEMRMRK ,IVIMXMW 'EVPIXSR+EVHIRW0SRHSR)RKPERHr )ZIV]SRI [LS LEW IZIV WEX XLVSYKL E PSRK[MRHIH MRXVSHYGXMSR ORS[W LS[HVIEV]MXGERFI8LITYVTSWISJEWTIIGLSJMRXVSHYGXMSRMWXSJSGYWEXXIR XMSR SR XLI QEMR WTIEOIV RSX SR XLI TIVWSR QEOMRK XLI MRXVSHYGXMSR %
',%48)6 74)%/-2+3274)'-%03''%7-327
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
WTIIGLSJMRXVSHYGXMSR[MPPYWYEPP]FIRSQSVIXLERX[SXSXLVIIQMRYXIWPSRK ERHQE]FIWLSVXIVMJXLIWTIEOIVMWEPVIEH][IPPORS[RXSXLIEYHMIRGI
1EOI7YVI=SYV6IQEVOW%VI'SQTPIXIP]%GGYVEXI 1ER] ER MRXVSHYGIV LEW IQFEVVEWWIH LMQWIPJ SV LIVWIPJ EW [IPP EW XLI QEMR WTIEOIVF]KEVFPMRKFEWMGJEGXW%P[E]WGLIGO[MXLXLIWTIEOIVELIEHSJXMQI XSQEOIWYVI]SYVMRXVSHYGXMSRMWEGGYVEXIMRIZIV]VIWTIGX %FSZIEPPKIXXLIWTIEOIVtWREQIVMKLX-JXLIWTIEOIVtWREQIMWEXEPPHMJJMGYPXh IWTIGMEPP]MJMXMRZSPZIWEJSVIMKRTVSRYRGMEXMSRhTVEGXMGIWE]MRKMXMREHZERGI ,S[IZIV HSRtX TVEGXMGI WS QYGL XLEX ]SY JVMKLXIR ]SYVWIPJ EFSYX KIXXMRK MX [VSRK8LMW[EWXLITPMKLXSJERERRSYRGIV[LSWIKEJJIMWRS[EGPEWWMG q0EHMIW ERHKIRXPIQIRXLI4VIWMHIRXSJXLI9RMXIH7XEXIWh,SSFIVX,IIZIVr
%HETX=SYV6IQEVOWXSXLI3GGEWMSR -RTVITEVMRK]SYVMRXVSHYGXMSR]SYQE]FIGSRWXVEMRIHF]XLIREXYVISJXLI SGGEWMSR *SVQEP SGGEWMSRW VIUYMVI JSVQEP WTIIGLIW SJ MRXVSHYGXMSR -J ]SY [IVITVIWIRXMRKEKYIWXWTIEOIVEXERMRJSVQEPFYWMRIWWQIIXMRK]SYQMKLXFI QYGLQSVIGEWYEPXLEREXEJSVQEPFERUYIX
%HETX=SYV6IQEVOWXSXLI1EMR7TIEOIV 2SQEXXIVLS[[IPPMXMWVIGIMZIHF]XLIEYHMIRGIEWTIIGLSJMRXVSHYGXMSRXLEX PIEZIWXLIQEMRWTIEOIVJIIPMRKYRGSQJSVXEFPILEWJEMPIHMRTEVXSJMXWTYVTSWI ,S[GER]SYQEOIE QEMRWTIEOIV YRGSQJSVXEFPI#3RI[E]MW XSSZIVTVEMWI XLI TIVWSRhIWTIGMEPP] JSV LMW SV LIV WTIEOMRK WOMPPW 2IZIV WE] q3YV WTIEOIV [MPPOIIT]SYSRXLIIHKISJ]SYVWIEXJVSQFIKMRRMRKXSIRHr=SYGVIEXIEWIX SJI\TIGXEXMSRWXLEXEVIEPQSWXMQTSWWMFPIXSJYPJMPP %RSXLIV[E]XSGVIEXIHMWGSQJSVXMWF]VIZIEPMRKIQFEVVEWWMRKHIXEMPWSJ XLI WTIEOIVtW TIVWSREP PMJI SV F] QEOMRK VIQEVOW XLEX EVI MR TSSV XEWXI %R MRXVSHYGIV QE] XLMRO XLMW PMRI MW JYRR] q;L] -tZI ORS[R %RMXE *VEXIPPS WMRGIWLI[EW]IEVWSPHERHWSJEXXLEXIZIV]FSH]GEPPIHLIV&PMQTSr8S XLIWTIEOIVLS[IZIVXLIWXEXIQIRX[MPPTVSFEFP]RSXFIEFMXJYRR]ERHQE] FITEMRJYP
%HETX=SYV6IQEVOWXSXLI%YHMIRGI .YWXEW]SYEHETXSXLIVWTIIGLIWXSTEVXMGYPEVEYHMIRGIWWS]SYRIIHXSEHETX EWTIIGLSJMRXVSHYGXMSRXSXLIEYHMIRGI]SYEVIJEGMRK=SYVEMQMWXSQEOI XLMWEYHMIRGI[ERXXSLIEVXLMWWTIEOIVSRXLMWWYFNIGX-JXLIWTIEOIVMWRSX[IPP ORS[R XS XLI EYHMIRGI ]SY [MPP RIIH XS IWXEFPMWL LIV SV LMW GVIHMFMPMX] F] VIGSYRXMRKWSQISJXLIWTIEOIVtWQEMREGLMIZIQIRXWERHI\TPEMRMRK[L]WLI SVLIMWUYEPMJMIHXSWTIEOSRXLIXSTMGEXLERH &YXMJXLIWTIEOIVMWEPVIEH] TIVWSREPP]ORS[RXSXLIEYHMIRGIMX[SYPHFIEFWYVHXSEGXEWMJXLIEYHMIRGI LEHRIZIVLIEVHSJXLITIVWSR %PWS]SY[MPP[ERXXSXIPPIEGLEYHMIRGI[LEXMX[ERXWXSLIEVhXSKMZIXLI OMRHSJMRJSVQEXMSRXLEXMWMRXIVIWXMRKERHEGGIWWMFPIXSXLIQIQFIVWSJXLEX EYHMIRGI -J ]SY [IVI MRXVSHYGMRK XLI WEQI WTIEOIV XS X[S HMJJIVIRX KVSYTW WSQISJXLIMRJSVQEXMSRMR XLIWTIIGLIW SJ MRXVSHYGXMSRQMKLXFIXLIWEQI FYXMX[SYPHFIWPERXIHHMJJIVIRXP]7YTTSWIJSVI\EQTPI./6S[PMRKEYXLSV SJXLI,EVV]4SXXIVWIVMIWMWKSMRKXSEHHVIWWX[SKVSYTWhEREYHMIRGISJIPI QIRXEV]WGLSSPGLMPHVIRERHEREYHMIRGISJIHYGEXSVWEXXLIERRYEPQIIXMRK
7TIIGLIWSJ-RXVSHYGXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4VIWMHIRXMEPMREYKYVEPEHHVIWWIWEVIEQENSVOMRHSJWTIGMEPSGGEWMSRWTIIGL=SY GEREGGIWWXLIWILMWXSVMGEPHSGYQIRXWEXIMXLIVXLI%QIVMGER4VIWMHIRG]4VSNIGX [[[TVIWMHIRG]YGWFIHYMREYKYVEPWTLT SV XLI =EPI 0E[ 7GLSSPtW %ZEPSR 4VSNIGX [[[]EPIIHYPE[[IFEZEPSRTVIWMHIRMREYKMREYKLXQ
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
. / 6S[PMRKtW .YRI GSQQIRGIQIRX WTIIGL EX ,EVZEVH 9RMZIVWMX] MW SRISJXLIQSWXLMKLP]VIKEVHIHGSQQIQSVEXMZIEHHVIWWIWSJVIGIRX]IEVW=SY GERVIEHXLIXI\XERH[EXGL XLIZMHISEXXLI,EVZEVH1EKE^MRI;IF WMXI LXXT LEVZEVHQEKE^MRIGSQKSNOVS[PMRKLXQP
SJXLI-RXIVREXMSREP6IEHMRK%WWSGMEXMSR8LIMRXVSHYGXMSRXSXLIWGLSSPGLMP HVIRQMKLXKSWSQIXLMRKPMOIXLMW 'LMPHVIR[ILEZIEZIV]MQTSVXERXKYIWXXSHE]=SYORS[LIVF]XLIGLEVEGXIVWLI LEWGVIEXIHh,EVV]4SXXIV;LEX]SYHSRtXORS[MWEPPXLILEVH[SVOXLEXKSIWMRXS[VMXMRK XLIFSSOWXLEX[IEPPPSZIXSVIEH8SHE]WLIMWKSMRKXSXIPPYWLS[WLIGEQIYT[MXLXLI MHIESJ,EVV]4SXXIVERHLMWJVMIRHWERHLS[WLIKSIWEFSYX[VMXMRKLIVFSSOW0IXtWKMZI EFMKVSYRHSJETTPEYWIXS./6S[PMRK
&YX XLI MRXVSHYGXMSR XS XLI -RXIVREXMSREP 6IEHMRK %WWSGMEXMSR [SYPH FI EPSRKXLIWIPMRIW 0EHMIWERH KIRXPIQIRMXMWQ]TVMZMPIKIXSMRXVSHYGIXS]SY XSHE]XLI[SVPHtWFIWX WIPPMRKEYXLSV;IEVIEPP[IPPEGUYEMRXIH[MXLLIV,EVV]4SXXIVWIVMIWXLEXLEWGETXYVIHXLI MQEKMREXMSRSJGLMPHVIRhERHQSVIXLEREJI[EHYPXWh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
8V]XS'VIEXIE7IRWISJ%RXMGMTEXMSRERH(VEQE =SYQE]LEZIRSXMGIHSRIHIXEMPWLEVIHF]XLIX[SWTIIGLIWMRXVSHYGMRK./ 6S[PMRK -RFSXLGEWIWXLIWTIEOIVtWREQI[EWWEZIHJSVPEWX8LMWMWEGSRZIR XMSRMRWTIIGLIWSJMRXVSHYGXMSR;LMPIXLIVIQE]SGGEWMSREPP]FIEKSSHVIE WSRXSFVIEOXLIGSRZIRXMSRYWYEPP]]SY[MPPEZSMHQIRXMSRMRKXLIWTIEOIVtW REQIYRXMPXLIJMREPQSQIRXhIZIR[LIRXLIEYHMIRGIORS[WI\EGXP][LSQ ]SYEVIHMWGYWWMRK&]HSMRKXLMW]SYFYMPHEWIRWISJHVEQEERHXLIWTIEOIVtW REQIGSQIWEWXLIGPMQE\SJ]SYVMRXVSHYGXMSR 3JXIR]SY[MPPJMRH]SYVWIPJMRXLIWMXYEXMSRSJMRXVSHYGMRKWSQISRI[LS MW JEMVP] [IPP ORS[R XS XLI EYHMIRGIhE GPEWWQEXI E GSPPIEKYI EX E FYWMRIWW QIIXMRKERIMKLFSVMREGSQQYRMX]KVSYT8LIR]SYWLSYPHXV]XSFIGVIEXMZI ERHGEWXXLIWTIEOIVMRERI[PMKLX8EPOXSXLIWTIEOIVFIJSVILERHERHWIIMJ
',%48)6 74)%/-2+3274)'-%03''%7-327
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIIGLIWJSVWTIGMEPSGGEWMSRW EVITEVXSJXLIGIVIQSRMEP EYVEXLEXLIPTWQEOIGIVXEMR IZIRXWWTIGMEPEWMRXLMW GSQQIRGIQIRXEHHVIWWF] 97'SRKVIWW[SQER0MRHE 7ERGLI^
]SYGERPIEVRWSQIMRXIVIWXMRKJEGXWXLEXEVIRSXKIRIVEPP]ORS[RhIWTIGMEPP] JEGXWXLEXVIPEXIXSXLIWTIEOIVtWXSTMG %FSZI EPP MJ ]SY I\TIGX XS FI GVIEXMZI ERH HVEQEXMG FI WYVI XS TVEGXMGI ]SYV WTIIGL SJ MRXVSHYGXMSR XLSVSYKLP] =SY WLSYPH FI EFPI XS HIPMZIV MX I\XIQTSVERISYWP][MXLWMRGIVMX]ERHIRXLYWMEWQ
7TIIGLIWSJ4VIWIRXEXMSR
7TIIGLIWSJTVIWIRXEXMSREVIKMZIR[LIRWSQISRIVIGIMZIWEKMJXERE[EVHSV WSQISXLIVJSVQSJTYFPMGVIGSKRMXMSR9WYEPP]WYGLWTIIGLIWEVIFVMIJ8LI] QE]FIRSQSVIXLEREQIVIERRSYRGIQIRX q%RHXLI[MRRIVMWr SVFI YTXSJSYVSVJMZIQMRYXIWMRPIRKXL 8LIQEMRTYVTSWISJEWTIIGLSJTVIWIRXEXMSRMWXSXIPPXLIEYHMIRGI[L] XLIVIGMTMIRXMWVIGIMZMRKXLIE[EVH4SMRXSYXLIVSVLMWGSRXVMFYXMSRWEGLMIZI QIRXW ERH WS JSVXL (S RSX HIEP [MXL IZIV]XLMRK XLI TIVWSR LEW IZIV HSRI *SGYWSREGLMIZIQIRXWVIPEXIHXSXLIE[EVHERHHMWGYWWXLIWIEGLMIZIQIRXWMR E[E]XLEX[MPPQEOIXLIQQIERMRKJYPXSXLIEYHMIRGI (ITIRHMRKSRXLIEYHMIRGIERHXLISGGEWMSR]SYQE]EPWSRIIHXSHMWGYWW X[SSXLIVQEXXIVWMREWTIIGLSJTVIWIRXEXMSR*MVWXMJXLIEYHMIRGIMWRSXJEQMP MEV[MXLXLIE[EVH]SYWLSYPHI\TPEMRMXFVMIJP]7IGSRHMJXLIE[EVH[EW[SR MRETYFPMGGSQTIXMXMSRERHXLIEYHMIRGIORS[W[LSXLIPSWIVWEVI]SYQMKLX XEOIEQSQIRXXSTVEMWIXLIPSWIVW &IPS[MWEWEQTPIWTIIGLSJTVIWIRXEXMSR-X[EWHIPMZIVIHF]4VIWMHIRX&MPP 'PMRXSRMRTVIWIRXMRKXLI'SRKVIWWMSREP+SPH1IHEPXSJSVQIV7SYXL%JVMGER 4VIWMHIRX2IPWSR1ERHIPEEXEGIVIQSR]MRXLI6SXYRHESJXLI9RMXIH7XEXIW 'ETMXSPMR;EWLMRKXSR('&IGEYWIXLI'SRKVIWWMSREP+SPH1IHEPMWEWTIGMEP LSRSVFIWXS[IHF]XLI97'SRKVIWWXLIVIEVIRSTYFPMGGSQTIXMXSVWJSVXLI E[EVH 8LYW 'PMRXSR HMH RSX RIIH XS WE] ER]XLMRK EFSYX XLI qPSWIVWr ,MW WTIIGL JSGYWIH SR 1ERHIPEtW FEXXPI EKEMRWX ETEVXLIMH ERH LMW IJJSVXW XS TVS QSXIVIGSRGMPMEXMSREQSRKXLITISTPISJ7SYXL%JVMGE
WTIIGLSJTVIWIRXEXMSR %WTIIGLXLEXTVIWIRXWWSQISRI EKMJXERE[EVHSVWSQISXLIV JSVQSJTYFPMGVIGSKRMXMSR
7TIIGLIWSJ4VIWIRXEXMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
4VIWIRXMRKXLI'SRKVIWWMSREP+SPH1IHEP &MPP'PMRXSR 8S Q]JVMIRH4VIWMHIRX1ERHIPE %QIVMGERW EWSRI XSHE] EGVSWWEPPXLI PMRIW XLEXHMZMHIYWTE]XVMFYXIXS]SYVWXVYKKPIXS]SYVEGLMIZIQIRXERHXSXLIMRWTMVE XMSR ]SY LEZI KMZIR YW XS HS FIXXIV 8SHE] [I SJJIV E QER [LS LEW VIGIMZIH XLI 2SFIP4VM^IXLILMKLIWXLSRSV[MXLMRXLIKMJXSJXLMWGSYRXV] 8LSWISJYW[LSWLEVILMWZMWMSRERHPMJXLMQYTMRLSRSVXSHE]S[IMXXSLMQ XSFYMPHETIVQERIRXTEVXRIVWLMTFIX[IIR%QIVMGERWERH%JVMGERWhJSVXLIIHY GEXMSRSJSYVGLMPHVIRJSVXLIWSPYXMSRSJSYVTVSFPIQWJSVXLIVIWSPYXMSRSJSYV HMJJIVIRGIWJSVXLIIPIZEXMSRSJ[LEXMWFIWXEFSYXYWEPP -RJSVKMZMRKXLSWI[LSMQTVMWSRIHLMQLIVIQMRHIHYWSJXLIQSWXJYRHEQIR XEPPIWWSRSJEPPhXLEXMRXLIIRHETEVXLIMH[EWEHIJIEXSJXLILIEVXXLIQMRHXLI WTMVMX-X[EWRSXNYWXEWXVYGXYVISYXWMHIERHNEMPLSYWIW[MXLMR[LMGLTISTPI[IVI OITX MX[EWEHMZMWMSRSJXLIQMRHERHWSYPEKEMRWXMXWIPJ;IS[IMXXS2IPWSR1ERHIPE RSXWMQTP]XSKMZILMQXLMWE[EVHFYXXSPMZIF]XLIPIWWSRLIXEYKLXYWERHXSXIEV HS[RIZIV]PEWXZIWXMKISJETEVXLIMHMRSYVS[RLIEVXWhIZIV]XLMRKXLEXHMZMHIWYW SRIJVSQERSXLIV *SV XLSWI SJ YW [LS LEZI FIIR TVMZMPIKIH XS ORS[ XLMW VIQEVOEFPI QER RS QIHEPRSE[EVHRSJSVXYRIRSXLMRK[IGSYPHKMZILMQGSYPHTSWWMFP]GSQTEVIXS XLIKMJXLILEWKMZIRXSYWERHXSXLI[SVPH8LISRP]KMJXXLEXMWXVYIVIGSQTIRWIMW XS GSRXMRYI LMW QMWWMSR ERH XS PMZI F] XLI TS[IV SJ LMW TVSJSYRH ERH [SRHIVJYP I\EQTPI 2S[ EWTVIWGVMFIHF]XLIPE[MXMWQ]TVMZMPIKIXSTVIWIRXXLI'SRKVIWWMSREP +SPH1IHEPXS4VIWMHIRX2IPWSR1ERHIPE
7TIIGLIWSJ%GGITXERGI EGGITXERGIWTIIGL %WTIIGLXLEXKMZIWXLEROW JSVEKMJXERE[EVHSV WSQISXLIVJSVQSJTYFPMG VIGSKRMXMSR
8LITYVTSWISJEREGGITXERGIWTIIGLMWXSKMZIXLEROWJSVEKMJXSVERE[EVH ;LIR KMZMRK WYGL E WTIIGL ]SY XLERO XLI TISTPI [LS EVI FIWXS[MRK XLI E[EVHERHVIGSKRM^IXLITISTPI[LSLIPTIH]SYKEMRMX 8LI EGGITXERGI WTIIGL SR XLI RI\X TEKI MW XLI GSQTERMSR TMIGI XS XLI WTIIGLSJTVIWIRXEXMSRF]&MPP'PMRXSR-X[EWHIPMZIVIHF]2IPWSR1ERHIPEMR EGGITXMRKXLI'SRKVIWWMSREP+SPH1IHEPERHMXI\IQTPMJMIWXLIQENSVXVEMXWSJ EKSSHEGGITXERGIWTIIGLhFVIZMX]LYQMPMX]ERHKVEGMSYWRIWW
'SQQIQSVEXMZI7TIIGLIW 'SQQIQSVEXMZI WTIIGLIW EVI WTIIGLIW SJ TVEMWI SV GIPIFVEXMSR )YPSKMIW *SYVXL SJ .YP] WTIIGLIW ERH HIHMGEXMSRW EVI I\EQTPIW SJ GSQQIQSVEXMZI WTIIGLIW=SYVEMQMRWYGLWTIIGLIWMWXSTE]XVMFYXIXSETIVWSREKVSYTSJ TISTPIERMRWXMXYXMSRSVERMHIE %WMRERMRJSVQEXMZIWTIIGL]SYTVSFEFP][MPPLEZIXSKMZIXLIEYHMIRGI MRJSVQEXMSR EFSYX ]SYV WYFNIGX %JXIV EPP XLI EYHMIRGI QYWX ORS[ [L] ]SYV
',%48)6 74)%/-2+3274)'-%03''%7-327
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
%GGITXMRKXLI'SRKVIWWMSREP+SPH1IHEP 2IPWSR1ERHIPE 8LERO]SY4VIWMHIRX'PMRXSR1V7TIEOIVHMWXMRKYMWLIHQIQFIVWSJXLI7IREXI ERHXLI,SYWIPEHMIWERHKIRXPIQIR -XLEWFIIRQ]KVIEXTVMZMPIKIXSWIVZIETISTPI[LSWIFSRHEKIXSERMRLYQER W]WXIQ IZSOIH XLI WSPMHEVMX] SJ EPP XLSWI [LS PSZI JVIIHSQ ERH NYWXMGI E TISTPI [LSWIXVMYQTLSZIVXLIHMZMWMSRWSJVEGMWXHSGXVMRILEWKMZIRRI[PMJIXSLYQERMX]t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tWVIKEVHJSV XLIEGLMIZIQIRXWSJQ]TISTPI%RH-JIIPEKVIEXTVMHIMRXLIJEGXXLEX[MXLEJI[ GMXM^IRWSJSXLIVGSYRXVMIW[LSLEZIVIGIMZIHXLMWLMKLLSRSVXLIREQISJER%JVMGER MWRS[EHHIH 8LI E[EVH [MXL [LMGL ]SY LSRSV QI XSHE] MW ER I\TVIWWMSR SJ XLI GSQQSR LYQERMX]XLEXFMRHWYWSRITIVWSRXSERSXLIVREXMSRXSREXMSRERHTISTPISJXLI RSVXLXSTISTPISJXLIWSYXL-VIGIMZIMX[MXLTVMHIEWEW]QFSPSJTEVXRIVWLMTJSV TIEGITVSWTIVMX]ERHIUYMX]EW[IIRXIVXLIRI[QMPPIRRMYQ-XLERO]SY
WYFNIGXMWTVEMWI[SVXL]%WMRSXLIVWTIIGLIW]SYQE]HVE[SRI\EQTPIWXIW XMQSR]IZIRWXEXMWXMGWXSMPPYWXVEXIXLIEGLMIZIQIRXWSJ]SYVWYFNIGX =SYVJYRHEQIRXEPTYVTSWIMREGSQQIQSVEXMZIWTIIGLLS[IZIVMWRSX XS MRJSVQ ]SYV PMWXIRIVW FYX XS MRWTMVI XLIQhXS EVSYWI ERH LIMKLXIR XLIMV ETTVIGMEXMSR SJ SV EHQMVEXMSR JSV XLI TIVWSR MRWXMXYXMSR SV MHIE ]SY EVI TVEMWMRK-J]SYEVITE]MRKXVMFYXIXSETIVWSRJSVI\EQTPI]SYWLSYPHRSX WMQTP]VIGSYRXXLIHIXEMPWSJXLITIVWSRtWPMJI6EXLIV]SYWLSYPHTIRIXVEXI XSXLIIWWIRGISJ]SYVWYFNIGXERHKIRIVEXIMR]SYVEYHMIRGIEHIITWIRWISJ VIWTIGX ;LIR WTIEOMRK XS GSQQIQSVEXI ]SY [ERX XS I\TVIWW JIIPMRKW XS WXMV WIRXMQIRXWhNS]ERHLSTI[LIRERI[FYMPHMRKMWHIHMGEXIHERXMGMTEXMSRERH KSSH [MWLIW EX E GSQQIRGIQIRX GIPIFVEXMSR PEQIRX ERH GSRWSPEXMSR EX E JYRIVEP EHQMVEXMSR ERH VIWTIGX EX E XIWXMQSRMEP HMRRIV % GSQQIQSVEXMZI WTIIGL MW PMOI ER MQTVIWWMSRMWX TEMRXMRKhqE TMGXYVI [MXL [EVQ GSPSVW ERH XI\XYVIGETXYVMRKEQSSHSVEQSQIRXr &YX [LMPI XLI TEMRXIV [SVOW [MXL FVYWL ERH GSPSVW XLI GSQQIQSVEXMZI WTIEOIV[SVOW[MXLPERKYEKI3JEPPXLIOMRHWSJWTIIGLIWRSRIHITIRHWQSVISR XLIGVIEXMZIERHWYFXPIYWISJPERKYEKI7SQISJXLIQSWXQIQSVEFPIWTIIGLIW MRLMWXSV]MRGPYHMRK%FVELEQ0MRGSPRtW+IXX]WFYVK%HHVIWWLEZIFIIRGSQ QIQSVEXMZI ;I GSRXMRYI XS JMRH WYGL WTIIGLIW QIERMRKJYP ERH MRWTMVMRK PEVKIP]FIGEYWISJXLIMVIPSUYIRXYWISJPERKYEKI 3RI SJ XLI QSWX IJJIGXMZI GSQQIQSVEXMZI WTIEOIVW MR SYV VIGIRX LMWXSV] [EW4VIWMHIRX6SREPH6IEKER%JXIVXLII\TPSWMSRSJXLIWTEGIWLYXXPI'LEPPIRKIV
GSRRIGXPYGEWGSQ :MI[ERI\GIVTXJVSQ2IPWSR 1ERHIPEtWEGGITXERGI WTIIGLMRXLISRPMRI1IHME 0MFVEV]JSVXLMWGLEXTIV :MHIS'PMT
GSQQIQSVEXMZIWTIIGL %WTIIGLXLEXTE]WXVMFYXIXSE TIVWSREKVSYTSJTISTPIER MRWXMXYXMSRSVERMHIE
'SQQIQSVEXMZI7TIIGLIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
MR 6IEKERHIPMZIVIHEREXMSREPP]XIPIZMWIHIYPSK]XSXLIEWXVSREYXWOMPPIH MRXLIFPEWX&IPS[EVIX[SZIVWMSRWSJ6IEKERtWGPSWMRKPMRIW8LIJMVWXMW[LEX LI Q MKLX LEZI WEMH WXVMTTMRK XLI XI\X SJ MXW [EVQ IQSXMSREP GSRXIRX ERH TSMKRERXPERKYEKI 0MOI*VERGMW(VEOIXLIKVIEXI\TPSVIVSJXLISGIERWXLI'LEPPIRKIVEWXVSREYXWKEZI XLIMVPMZIWJSVEGEYWIXS[LMGLXLI][IVIJYPP]HIHMGEXIH;IEVILSRSVIHF]XLIQERH [I[MPPRSXJSVKIXXLIQ;I[MPPEP[E]WVIQIQFIVWIIMRKXLIQJSVXLIPEWXXMQIXLMWQSVR MRKEWXLI]TVITEVIHJSVXLIMVJPMKLX GSRRIGXPYGEWGSQ :MI[XLIIRHMRKSJ6SREPH 6IEKERtWIYPSK]XSXLI EWXVSREYXWMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
,IVIMW[LEX6IEKEREGXYEPP]WEMH 8LIVItWEGSMRGMHIRGIXSHE]3RXLMWHE] ]IEVWEKSXLIKVIEXI\TPSVIV*VERGMW (VEOIHMIHEFSEVHWLMTSJJXLIGSEWXSJ4EREQE-RLMWPMJIXMQIXLIKVIEXJVSRXMIVW[IVI XLISGIERWERHERLMWXSVMERPEXIVWEMHq,IPMZIHF]XLIWIEHMIHSRMX[EWFYVMIHMR MXr;IPPXSHE][IGERWE]SJXLI'LEPPIRKIVGVI[ 8LIMVHIHMGEXMSR[EWPMOI(VEOItW GSQTPIXI 8LI GVI[ SJ XLI WTEGI WLYXXPI 'LEPPIRKIV LSRSVIH YW F] XLI QERRIVMR [LMGL XLI] PMZIHXLIMVPMZIW;I[MPPRIZIVJSVKIXXLIQRSVXLIPEWXXMQI[IWE[XLIQXLMWQSVRMRK EW XLI] TVITEVIH JSV XLIMV NSYVRI] ERH [EZIH KSSHF]I ERH qWPMTTIH XLI WYVP] FSRHW SJ IEVXLrXSqXSYGLXLIJEGISJ+SHr
8LI JMREP [SVHWhqsWPMTTIH XLI WYVP] FSRHW SJ IEVXLt XS sXSYGL XLI JEGI SJ +SHtrhEVIIWTIGMEPP]IJJIGXMZI(VE[RJVSQEWSRRIXGEPPIHq,MKL*PMKLXrXLEX QER] TMPSXW OIIT [MXL XLIQ XLI] IRRSFPI XLI HIEXLW SJ XLI EWXVSREYXW ERH IRHXLIWTIIGLSRERIPSUYIRXQSZMRKERHTSIXMGRSXI ;LIRWTIEOMRKXSGSQQIQSVEXI]SYVWYGGIWW[MPPHITIRHSR]SYVEFMPMX] XSTYXMRXSPERKYEKIXLIXLSYKLXWERHIQSXMSRWETTVSTVMEXIXSXLISGGEWMSR -XMWIEW]hXSSIEW]hXSJEPPFEGOSRGPMGLÍWERHXVMXIWIRXMQIRXW=SYVGLEPPIRKI [MPP FI XS YWI PERKYEKI MQEKMREXMZIP] XS MRZIWX XLI SGGEWMSR [MXL HMKRMX] QIERMRKERHLSRIWXIQSXMSR -RHSMRKWS]SYQE][ERXXSYXMPM^IXLIWTIGMEPVIWSYVGIWSJPERKYEKIHMW GYWWIH MR 'LETXIV 1IXETLSV WMQMPI TEVEPPIPMWQ VITIXMXMSR ERXMXLIWMW EPPMXIVEXMSRhEPP EVI ETTVSTVMEXI JSV GSQQIQSVEXMZI WTIIGLIW 7SQI LMKLP] EGGPEMQIHGSQQIQSVEXMZIWTIIGLIWhMRGPYHMRK1EVXMR0YXLIV/MRKtWq-,EZIE (VIEQrERH.SLR/IRRIH]tWMREYKYVEPEHHVIWWhEVIHMWXMRKYMWLIHF]XLIMVGVI EXMZIYWISJWYGLHIZMGIW 'SRJVSRXIH[MXLXLIIZSGEXMZIWTIIGLIWSJE/IRRIH]SVE/MRK]SYQE] HIGMHI XLEX XLI WTIIGL SJ GSQQIQSVEXMSR MW JEV FI]SRH ]SYV EFMPMXMIW &YX SXLIVWXYHIRXWLEZIHIPMZIVIHI\GIPPIRXGSQQIQSVEXMZIWTIIGLIWhRSXMQQSV XEPTIVLETWFYXRSRIXLIPIWWHMKRMJMIHERHQSZMRK 0SSO JSV I\EQTPI EX q1] 'VE^] %YRX 7YIr MR XLI ETTIRHM\ SJ WEQTPI WTIIGLIWXLEXJSPPS[W'LETXIV TEKIW%i% 8LIWTIEOIVtWEMQ[EWXS TE] XVMFYXI XS LIV EYRX [LS JSV ]IEVW LEH FEXXPIH VLIYQEXSMH EVXLVMXMW %PXLSYKL XLI WTIEOIV TVSZMHIW FEWMG MRJSVQEXMSR EFSYX EYRX 7YI ERH LIV TL]WMGEP GSRHMXMSR XLI WTIIGL HSIW RSX VIGSYRX EPP XLI HIXEMPW SJ LIV PMJI -RWXIEH MX JSGYWIW SR LIV GSYVEKI LIV WIRWI SJ LYQSV ERH LIV VIJYWEP XS GSQTPEMR EFSYX LIV JEXI 8LI WTIEOIV TVSZMHIW IRSYKL HIXEMPW XS PIX YW WII [L]EYRX7YIMWWSGSQQIRHEFPIFYXRSXWSQER]EWXSWPS[XLITEGISJXLI WTIIGL
',%48)6 74)%/-2+3274)'-%03''%7-327
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;LIXLIVKMZIRSRXLI [SVPHWXEKISVMRSRItWPSGEP GSQQYRMX]WTIIGLIWJSV WTIGMEPSGGEWMSRWWLSYPHWIIO XSMRZIWXXLISGGEWMSR[MXL HMKRMX]QIERMRKERHLSRIWX IQSXMSR
8LIWTIEOIVEPWS YWIWZMZMHPERKYEKIVITIXMXMSR ERHTEVEPPIP WXVYGXYVIXS KMZI XLI WTIIGL XLI OMRH SJ JSVQEP XSRI ETTVSTVMEXI JSV E GSQQIQSVEXMZI WTIIGL=SYGERWIIXLMWIZIRMRXLISTIRMRKPMRIW 8LIWXVSRKIWXTIVWSR-ORS[GERRSXTIIPETSXEXS8LIWXVSRKIWXTIVWSR-ORS[LEW XVSYFPITYXXMRKSRLIVQEOIYT8LIWXVSRKIWXTIVWSR-ORS[RIIHWEWTIGMEPOI]LSPHIVXS XYVRXLIOI]MRLIVGEVtWMKRMXMSR
-REHHMXMSRXSEVSYWMRKGYVMSWMX]EFSYXXLIWYFNIGXSJXLIWTIIGLXLIWI PMRIWLEZIEWMQTPIIPIKERGIXLEXGSQIWTEVXP]JVSQXLIVITIXMXMSRSJq8LI WXVSRKIWX TIVWSR - ORS[r EX XLI WXEVX SJ IEGL WIRXIRGI 'SRWMHIV MR GSR XVEWXLS[QYGLPIWW IJJIGXMZIXLISTIRMRK[SYPHLEZIFIIRMJXLIWTIEOIV LEHWEMH
GSRRIGXPYGEWGSQ :MI[q1]'VE^]%YRX7YIrMR XLISRPMRI1IHME0MFVEV]JSV XLMWGLETXIV :MHIS'PMT
1]EYRX 7YI GERtX TIIP E TSXEXS LEW XVSYFPI TYXXMRK SR LIV QEOIYT ERH RIIHW E WTIGMEPOI]LSPHIVXSXYVRXLIOI]MRLIVGEVtWMKRMXMSR
8LIWIPMRIWGSRZI]XLIWEQIMRJSVQEXMSRFYXRSX[MXLXLIWEQIIJJIGX *SVERSXLIVI\EQTPIGSRWMHIVXLIWXYHIRXGSQQIQSVEXMZIWTIIGLTVMRXIH SRTEKI 8LIWYFNIGXMW)PMI;MIWIPLYQERMXEVMER2SFIP4IEGI4VM^I[MR RIVERHXMVIPIWWGEQTEMKRIVJSVMRXIVREXMSREPNYWXMGI2SXMGILS[XLIWTIEOIV YWIW XLI VITIXMXMSR SJ q%r XS GETXYVI EXXIRXMSR EX XLI FIKMRRMRK ERH XS KMZI XLI WTIIGL EVXMWXMGYRMX] EXXLIIRH %PWSRSXMGI LS[ LIXIPPW YW IRSYKL EFSYX;MIWIPXSORS[[L]LIMWTVEMWI[SVXL][MXLSYXKIXXMRKFSKKIHHS[RMR FMSKVETLMGEPHIXEMPW
'SQQIQSVEXMZI7TIIGLIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
)PMI;MIWIP
GSRRIGXPYGEWGSQ :MI[q)PMI;MIWIPrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW GLETXIV :MHIS'PMT
%,MWRI[REQIXLIKVEJJMXMWXEQTIHSRLMWWOMR%EGSRGIRXVEXMSR GEQTXEXXSS%XEKIJMJXIIR%[EWXEOIRJVSQLMWLSQIF]XLI2E^MWERHWIRX XS %YWGL[MX^ SRI SJ XLI X[IRXMIXL GIRXYV]t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q2IZIVWLEPP-JSVKIXXLEXRMKLXXLI JMVWXRMKLXMRGEQT[LMGLXYVRIHQ]PMJIMRXSSRIPSRKRMKLXWIZIRXMQIWGYVWIHERH WIZIRXMQIWWIEPIH2IZIVWLEPP-JSVKIXXLEXWQSOI2IZIVWLEPP-JSVKIXXLIPMXXPIJEGIW SJXLIGLMPHVIR[LSWIFSHMIW-WE[XYVRIHMRXS[VIEXLWSJWQSOIFIRIEXLEWMPIRX FPYIWO]r,EYRXMRK[SVHWXLEXVIQMRHYWSJXLIVIEPMX]SJIZMP % JIEVPIWW PIEHIV RS PIWW XLER ER IPSUYIRX SRI )PMI ;MIWIP LEW WTIRX ]IEVW FEXXPMRKXLIIZMPWXLEXGSRXMRYIXSTPEKYISYVTPERIX8SXLI1MWOMXS-RHMERWSJ2MGEVEKYE HMWTPEGIHJVSQXLIMVLSQIPERHLIFVSYKLXMRWTMVMRK[SVHWSJWXVIRKXLERHGSQTEWWMSR 8SQIRERH[SQIRJEGMRKETEVXLIMHMR7SYXL%JVMGELIFVSYKLXETS[IVJYPHIRYR GMEXMSR SJ VEGMEP WIKVIKEXMSR ERH ZMSPIRGI 8S 'EQFSHMER VIJYKIIW WYJJIVMRK JVSQ WXEVZEXMSRERHHMWIEWILIFVSYKLXJSSHERHXLITVSQMWISJERI[FIKMRRMRK%RHXS XLSWISJYW[LSJSPPS[LMW[SVOLIGSRXMRYIWXSTVSZMHIMRWTMVEXMSR %WIPJPIWWPIEHIVEWQYGLEWERIPSUYIRXERHJIEVPIWWSRI)PMI;MIWIPLEWGSR WMWXIRXP] TYX XLI RIIHW SJ SXLIVW FIJSVI LMW S[R ;MXL IZIV] E[EVH LMW QSHIWX] WXERHWWMHIF]WMHI[MXLLMWEGLMIZIQIRXW%WLIWXEXIHMRLMW2SFIP4VM^IEGGITXERGI WTIIGL q2IYXVEPMX] LIPTW XLI STTVIWWSV RIZIV XLI ZMGXMQ 7MPIRGI IRGSYVEKIW XLI XSVQIRXSV RIZIV XLI XSVQIRXIH ;LIVIZIV QIR ERH [SQIR EVI TIVWIGYXIH FIGEYWISJXLIMVVEGIVIPMKMSRSVTSPMXMGEPZMI[WXLEXTPEGIQYWXhEXXLEXQSQIRXh FIGSQIXLIGIRXIVSJXLIYRMZIVWIr 8SHE] EX ]IEVW SJ EKI )PMI ;MIWIP GSRXMRYIW XS JMKLX EKEMRWX XLI RMKLX 8LVSYKL EPP LMW XVMEPW ERH EPP LMW XVMYQTLW XLI XEXXSS VIQEMRW % E GSRWXERX VIQMRHIVSJIZMPMRNYWXMGIERHMRHMJJIVIRGI-RFEXXPMRKXLIWIJSVGIW)PMI;MIWIPLEW WLS[RXLIOMRHSJQSVEPPIEHIVWLMTXSSSJXIRPEGOMRKMRXSHE]tW[SVPH 8LIVIMWRSFIXXIV[E]XSGSRGPYHIXLERXSUYSXILMWS[R[SVHW q8LIVIQE] FIXMQIW[LIR[IEVITS[IVPIWWXSTVIZIRXMRNYWXMGIFYXXLIVIQYWXRIZIVFIEXMQI [LIR[IJEMPXSTVSXIWX;LEXXLIWIZMGXMQWRIIHEFSZIEPPMWXSORS[XLEXXLI] EVIRSXEPSRIXLEX[IEVIRSXJSVKIXXMRKXLIQXLEX[LMPIXLIMVJVIIHSQHITIRHWSR SYVWXLIUYEPMX]SJSYVJVIIHSQHITIRHWSRXLIMVWr
',%48)6 74)%/-2+3274)'-%03''%7-327
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKSR7TIGMEP 3GGEWMSRW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7911%6= -RXLMWGLETXIV[ILEZIGSRWMHIVIHWTIIGLIWSJMRXVSHYGXMSRWTIIGLIWSJTVIWIRXE XMSRWTIIGLIWSJEGGITXERGIERHGSQQIQSVEXMZIWTIIGLIW =SYVNSFMREWTIIGLSJMRXVSHYGXMSRMWXSFYMPHIRXLYWMEWQJSVXLIQEMRWTIEOIV ERHXSIWXEFPMWLE[IPGSQMRKGPMQEXI/IIT]SYVVIQEVOWFVMIJQEOIWYVIXLI]EVI EGGYVEXIERHEHETXXLIQXSXLIEYHMIRGIXLISGGEWMSRERHXLIQEMRWTIEOIV 7TIIGLIWSJTVIWIRXEXMSREVIKMZIR[LIRWSQISRIVIGIMZIWEKMJXSVERE[EVH 8LI QEMR XLIQI SJ WYGL E WTIIGL MW XS EGORS[PIHKI XLI EGLMIZIQIRXW SJ XLI VIGMTMIRX 8LI TYVTSWI SJ ER EGGITXERGI WTIIGL MW XS KMZI XLEROW JSV E KMJX SV ER E[EVH ;LIR HIPMZIVMRK WYGL E WTIIGL ]SY WLSYPH XLERO XLI TISTPI [LS EVI FIWXS[MRK XLI E[EVH ERH VIGSKRM^I XLI GSRXVMFYXMSRW SJ TISTPI [LS LIPTIH ]SY KEMRMX&IFVMIJLYQFPIERHKVEGMSYW 'SQQIQSVEXMZI WTIIGLIW EVI WTIIGLIW SJ TVEMWI SV GIPIFVEXMSR =SYV EMQ MR WYGLEWTIIGLMWXSTE]XVMFYXIXSETIVWSREKVSYTSJTISTPIERMRWXMXYXMSRSVER MHIE % GSQQIQSVEXMZI WTIIGL WLSYPH MRWTMVI XLI EYHMIRGI ERH MXW WYGGIWW [MPP HITIRHPEVKIP]SRLS[[IPP]SYTYXMRXSPERKYEKIXLIXLSYKLXWERHJIIPMRKWETTVS TVMEXIXSXLISGGEWMSR
/)=8)617
WTIIGLSJMRXVSHYGXMSR
EGGITXERGIWTIIGL
WTIIGLSJTVIWIRXEXMSR
GSQQIQSVEXMZIWTIIGL
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEX EVI XLI XLVII TYVTSWIW SJ E WTIIGL SJ MRXVSHYGXMSR# ;LEX KYMHIPMRIW WLSYPH]SYJSPPS[MRTVITEVMRKWYGLEWTIIGL# ; LEXMWXLIQEMRXLIQISJEWTIIGLSJTVIWIRXEXMSR#(ITIRHMRKSRXLIEYHM IRGI ERH SGGEWMSR [LEX X[S SXLIV XLIQIW QMKLX ]SY MRGPYHI MR WYGL E WTIIGL# ;LEXEVIXLIXLVIIQENSVXVEMXWSJEKSSHEGGITXERGIWTIIGL# ;LEXMWXLIJYRHEQIRXEPTYVTSWISJEGSQQIQSVEXMZIWTIIGL#;L]HSIWEWYG GIWWJYPGSQQIQSVEXMZIWTIIGLHITIRHWSQYGLSRXLIGVIEXMZIERHWYFXPIYWI SJPERKYEKI#
GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLISRPMRI 7XYH]%MHWJSVXLMWGLETXIV
)<)6'-7)7*36'6-8-'%08,-2/-2+
% XXIRHEWTIIGLSRGEQTYW4E]WTIGMEPEXXIRXMSRXSXLIWTIIGL MRXVSHYG MRKXLIQEMRWTIEOIV,S[[IPPHSIWMXJMXXLIKYMHIPMRIWHMWGYWWIHMRXLMW GLETXIV# 3 FWIVZIWIZIVEPWTIIGLIW SJ TVIWIRXEXMSRERHEGGITXERGIhEXEGEQTYWE[EVHW GIVIQSR] SV SR E XIPIZMWMSR TVSKVEQ WYGL EW XLI %GEHIQ] %[EVHW +VEQQ] %[EVHW )QQ] %[EVHW SV 8SR] %[EVHW ;LMGL WTIIGLIW HS ]SY JMRH QSWX IJJIGXMZI#0IEWXIJJIGXMZI#;L]# % REP]^I q)PMI ;MIWIPr TEKI MR PMKLX SJ XLI GVMXIVME JSV GSQQIQSVEXMZI WTIEOMRKTVIWIRXIHMRXLMWGLETXIV
)\IVGMWIWJSV'VMXMGEP8LMROMRK
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7TIEOMRKMR7QEPP +VSYTW ;LEX-WE7QEPP+VSYT# 0IEHIVWLMTMR7QEPP+VSYTW /MRHWSJ0IEHIVWLMT *YRGXMSRWSJ0IEHIVWLMT
6IWTSRWMFMPMXMIWMRE7QEPP+VSYT 'SQQMX=SYVWIPJXSXLI+SEPWSJ=SYV+VSYT *YPJMPP-RHMZMHYEP%WWMKRQIRXW %ZSMH-RXIVTIVWSREP'SRJPMGXW )RGSYVEKI*YPP4EVXMGMTEXMSR /IITXLI(MWGYWWMSRSR8VEGO
8LI6IJPIGXMZI8LMROMRK1IXLSH (IJMRIXLI4VSFPIQ %REP]^IXLI4VSFPIQ )WXEFPMWL'VMXIVMEJSV7SPYXMSRW +IRIVEXI4SXIRXMEP7SPYXMSRW 7IPIGXXLI&IWX7SPYXMSR
4VIWIRXMRKXLI6IGSQQIRHEXMSRWSJXLI+VSYT 3VEP6ITSVX 7]QTSWMYQ 4ERIP(MWGYWWMSR
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
LI TYFPMWLIV SJ E REXMSREP WTSVXW QEKE^MRI EWOIH 1MOI 0II XLI RI[ LIEH SJ XLI LYQERVIWSYVGIWHITEVXQIRXXSSVKERM^IER3GXSFIVVIXVIEXJSVXLIQEKE^MRItWIHM XSVMEPWXEJJ1MOI[IRXXS[SVOSRWIXXMRKEHEXIJMRHMRKETPEGIXSWXE]ERHGVIEXMRK EREKIRHEJSVXLIVIXVIEX 1MOI[EWZIV]TPIEWIH[MXLLMWTPER,IXLSYKLXLILEHXEOIRIZIV]SRItWRIIHWMRXS EGGSYRX &YX [LIR LI I\TPEMRIH LMW TPER EX XLI QEKE^MRItW RI\X WXEJJ QIIXMRK RS SRI WIIQIHLETT] q8LIHEXI]SYWIXJSVXLIVIXVIEXMWSZIV,EPPS[IIRrWEMHXLIIHMXSVMEPQEREKIVq-ORS[ ]SYHSRtXLEZIGLMPHVIRFYXRSSRI[MXLOMHWMWKSMRKXS[ERXXSFIE[E]EXXLEXXMQIr 8LIEHQMRMWXVEXMZIEWWMWXERXVIWTSRHIHRI\Xq(S]SYVIEPM^IrWLIWEMHqXLEXXLILSXIP ]SYFSSOIHMWXLIWEQISRI[IYWIHJSVEVIXVIEXJMZI]IEVWEKS#-X[EWEHMWEWXIV8LIJSSH [EWE[JYPXLIQIIXMRKVSSQW[IVIYRGSQJSVXEFPIERHXLIXIGLWYTTSVX[EWRSRI\MWXIRXr 2I\XEQIQFIVSJXLIQEKE^MRItWNYRMSVIHMXSVMEPWXEJJWEMHq-WIIXLEXEPPXLIWIWWMSRW MRZSPZIQIQFIVWSJXLIWIRMSVIHMXSVMEPWXEJJ(MH]SYQIERXSI\GPYHIEPPXLI]SYRKIVIHM XSVW#(SRtX]SYXLMRO[ItVIMQTSVXERXXSXLIQEKE^MRI#r *MREPP]XLIQEREKMRKIHMXSVWEMHq-[MWL]SYLEHGLIGOIH[MXLQIEXWSQITSMRX- GSYPH LEZI [EVRIH ]SY EFSYX XLI LSXIP XLI GSRJPMGX [MXL ,EPPS[IIR ERH XLI RIIH XS MRGPYHINYRMSVWXEJJr
8
;LEX [IRX [VSRK# 1MOI HMH RSX LEZI IRSYKL XMQI SV VIWSYVGIW SR LMW S[R XS GVIEXI E WYGGIWWJYP VIXVIEX -J E KVSYT MRWXIEH SJ E WMRKPI TIVWSR LEH FIIREWWMKRIHXSTPERXLIVIXVIEXXLITVSFPIQWQMKLXLEZIFIIREZIVXIH3RI TIVWSRGSYPHLEZIXEOIRGLEVKISJPSSOMRKMRXSXLIFIWXHEXIWERSXLIVSJJMRH MRKEGGSQQSHEXMSRWEXLMVHSJGSSVHMREXMRK[MXLSXLIVWXEJJQIQFIVWEFSYX [LSWLSYPHFIMRGPYHIHMRXLIVIXVIEXERHWSJSVXL8LITPER[SYPHLEZIXEOIR EPPJEGXSVWMRXSEGGSYRX 3J GSYVWI ]SY QE] LEZI LIEVH XLI SPH WE]MRK XLEX qE GEQIP MW E LSVWI HIWMKRIHF]EGSQQMXXIIr-J]SYLEZIIZIVFIIRTEVXSJEKVSYTXLEXWIIQIH XSKIXRSXLMRKHSRI]SYQE]FIMRGPMRIHXSWE]q3LPIXSRITIVWSRHIGMHI ERHKIXMXSZIV[MXLr8LITVSFPIQMRWYGLGEWIWLS[IZIVMWRSXXLEXXLIVIMW EKVSYTFYXXLEXXLIKVSYTMWRSXJYRGXMSRMRKTVSTIVP]%KVIEXHIEPSJVIWIEVGL WLS[WXLEXMJQIQFIVWSJEKVSYT[SVO[IPPXSKIXLIVXLI]GEREPQSWXEP[E]W VIWSPZIETVSFPIQFIXXIVXLEREWMRKPITIVWSR 8LMW GLETXIV HIEPW [MXL WTIEOMRK MR E TEVXMGYPEV OMRH SJ KVSYThXLI TVSFPIQWSPZMRKWQEPPKVSYT
;LEX-WE7QEPP+VSYT# H]EH %KVSYTSJX[STISTPI
WQEPPKVSYT %GSPPIGXMSRSJXLVIIXSX[IPZI TISTPI[LSEWWIQFPIJSVE WTIGMJMGTYVTSWI
%W MXW REQI MQTPMIW E WQEPP KVSYT LEW E PMQMXIH RYQFIV SJ QIQFIVW 8LI QMRMQYQ RYQFIV MW XLVII % KVSYT SJ X[S TIVWSRW MW GEPPIH E H]EH ERH MX STIVEXIWUYMXIHMJJIVIRXP]JVSQEKVSYTSJXLVIISVQSVI 8LIVIMWWSQIHMJJIV IRGISJSTMRMSREFSYXXLIQE\MQYQRYQFIVSJTISTPI[LSGSRWXMXYXIEWQEPP KVSYT 1SWX I\TIVXW WIXXLI QE\MQYQRYQFIVEX WIZIR SV IMKLX WSQI KSEW LMKLEWX[IPZI8LIMQTSVXERXTSMRXMWXLEXXLIKVSYTQYWXFIWQEPPIRSYKLXS EPPS[JVIIHMWGYWWMSREQSRKEPPQIQFIVW-RWQEPPKVSYTGSQQYRMGEXMSREPP TEVXMGMTERXWEVITSXIRXMEPP]WTIEOIVWERHPMWXIRIVW 1IQFIVWSJEWQEPPKVSYTEWWIQFPIJSVEWTIGMJMGTYVTSWI7IZIVEPWLSTTIVW QMPPMRK EVSYRH XLI GPSXLMRK WIGXMSR SJ E HITEVXQIRX WXSVI EVI RSX E WQEPP KVSYTIZIRMJXLI]WTIEOXSSRI ERSXLIVSV GSQQIRX EFSYX LMKL TVMGIW ERH TSSVWIVZMGI&YXMJXLSWIWEQIWLSTTIVWHIGMHIHXSQIIXXSKIXLIVERHTVITEVI
',%48)6 74)%/-2+-271%00+63947
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
E JSVQEPGSQTPEMRX XSXLIWXSVIQEREKIVEFSYX LMKLTVMGIWERH TSSVWIVZMGI XLI][SYPHXLIRGSRWXMXYXIEWQEPPKVSYT % TVSFPIQWSPZMRK WQEPP KVSYT MW JSVQIH XS WSPZI E TEVXMGYPEV TVSFPIQ 7YGL KVSYTW I\MWX MR IZIV] EVIE SJ PMJI &YWMRIWW KVSYTW GSRWMHIV [E]W SJ MRGVIEWMRK WEPIW 'LYVGLKVSYTWHMWGYWWLS[XSVEMWIJYRHW ERH TVSZMHI JSV XLIRIIH]+VSYTWSJTEVIRXW[SVOSRMQTVSZMRKHE]GEVIJEGMPMXMIW=SY[MPP EPQSWX WYVIP] FI E QIQFIV SJ QER] TVSFPIQWSPZMRK WQEPP KVSYTW HYVMRK ]SYVPMJI %PXLSYKLWTIEOMRKMREWQEPPKVSYTMWRSXXLIWEQIEWTYFPMGWTIEOMRKMX MRZSPZIW WMQMPEV WOMPPW 1IQFIVW SJ E WQEPP KVSYT MRJPYIRGI SRI ERSXLIV XLVSYKL GSQQYRMGEXMSR %WETEVXMGMTERX MR EWQEPPKVSYT]SYQMKLXMRJPY IRGI]SYVGSPPIEKYIW F] KMZMRK XLIQMQTSVXERXMRJSVQEXMSR F] IRGSYVEKMRK XLIQ XS WTIEO F] GSRZMRGMRK XLIQ XS GLERKI XLIMV QMRHW F] PIEHMRK XLIQ MRXSERI[GLERRIPSJGSQQYRMGEXMSRIZIRF]KIXXMRKXLIQXSIRHEQIIXMRK SJ XLI KVSYT %PP SXLIV QIQFIVW SJ XLI KVSYT LEZI XLI WEQI STTSVXYRMX] XS MRJPYIRGI]SYXLVSYKLIJJIGXMZIGSQQYRMGEXMSR
TVSFPIQWSPZMRK WQEPPKVSYT %WQEPPKVSYTJSVQIHXSWSPZIE TEVXMGYPEVTVSFPIQ
0IEHIVWLMTMR7QEPP+VSYTW
;ILEZIWEMHXLEXWQEPPKVSYTWSJXIRQEOIFIXXIVHIGMWMSRWXLERHSMRHMZMHYEPW 8SHSWSLS[IZIVXLI]RIIHIJJIGXMZIPIEHIVWLMT
/-2(73*0)%()67,-4 7SQIXMQIWXLIVIMWRSWTIGMJMGPIEHIV-RWYGLEWMXYEXMSRQIQFIVWSJIJJIGXMZI KVSYTWXIRHXSLEZIIUYEPMRJPYIRGI;LIRERIIHJSVPIEHIVWLMTEVMWIWER]SJ XLIQIQFIVWGERhERHSRITVSFEFP][MPPh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hETIVWSRIPIGXIHSVETTSMRXIHEW PIEHIV [LIR XLI KVSYT MW JSVQIH % KVSYT XLEX QIIXW JSV SRP] SRI WIWWMSR WLSYPHEPQSWXEP[E]WLEZIEHIWMKREXIHPIEHIV[LSXEOIWGEVISJXLITVSGIHYVEP XEWOW ERH WIVZIW EW WTSOIWTIVWSR 0MOI[MWI E JSVQEP GSQQMXXII [MPP YWYEPP] LEZIEHIWMKREXIHGLEMVTIVWSR8LIGLEMVGERTIVJSVQPIEHIVWLMTJYRGXMSRWSV HIPIKEXIXLIQFYXLISVWLIVIQEMRWMRGLEVKI
PIEHIVWLMT 8LIEFMPMX]XSMRJPYIRGIKVSYT QIQFIVWWSEWXSLIPTEGLMIZI XLIKSEPWSJXLIKVSYT
MQTPMIHPIEHIV %KVSYTQIQFIVXS[LSQSXLIV QIQFIVWHIJIVFIGEYWISJLIV SVLMWVEROI\TIVXMWISVSXLIV UYEPMX] IQIVKIRXPIEHIV %KVSYTQIQFIV[LSIQIVKIW EWEPIEHIVHYVMRKXLIKVSYTtW HIPMFIVEXMSRW HIWMKREXIHPIEHIV %TIVWSR[LSMWIPIGXIHSV ETTSMRXIHEWPIEHIV[LIRXLI KVSYTMWJSVQIH
0IEHIVWLMTMR7QEPP+VSYTW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7QEPPKVSYTWVIUYMVIIJJIGXMZI PIEHIVWLMTXSEGGSQTPMWLXLIMV KSEPW7SQIKVSYTWLEZIE HIWMKREXIHPIEHIV[LMPISXL IVWLEZIERMQTPMIHPIEHIVSV ERIQIVKIRXPIEHIV
%KVSYTQE]SVQE]RSXRIIHEWTIGMJMGPIEHIVFYXMXEP[E]WRIIHWPIEHIV WLMT;LIREPPQIQFIVWSJXLIKVSYTEVIWOMPPIHGSQQYRMGEXSVWXLI]GERXEOI XYVRW EX TVSZMHMRK PIEHIVWLMT IZIR MJ XLI KVSYT LEW E HIWMKREXIH SV MQTPMIH PIEHIV%W]SYHIZIPSTKVSYTGSQQYRMGEXMSRWOMPPW]SYWLSYPHFITVITEVIHXS EWWYQIEPIEHIVWLMTVSPI[LIRIZIVRIGIWWEV]
*92'8-3273*0)%()67,-4 %RIJJIGXMZIPIEHIVLIPTWXLIKVSYTVIEGLMXWKSEPWF]JYPJMPPMRKXLVIISZIVPETTMRK WIXWSJRIIHWhTVSGIHYVEPRIIHWXEWORIIHWERHQEMRXIRERGIRIIHW
4VSGIHYVEP2IIHW TVSGIHYVEPRIIHW 6SYXMRIqLSYWIOIITMRKrEGXMSRW RIGIWWEV]JSVXLIIJJMGMIRX GSRHYGXSJFYWMRIWWMREWQEPP KVSYT
4VSGIHYVEPRIIHWGERFIXLSYKLXSJEWXLIqLSYWIOIITMRKrVIUYMVIQIRXWSJXLI KVSYT8LI]MRGPYHI (IGMHMRK[LIRERH[LIVIXLIKVSYT[MPPQIIX 6IWIVZMRKXLIVSSQGLIGOMRKXLIRYQFIVSJGLEMVWQEOMRKWYVIXLILIEX SVEMVGSRHMXMSRMRKMWXYVRIHSR 7IXXMRKXLIEKIRHESJIEGLQIIXMRK 7XEVXMRKXLIQIIXMRK 8EOMRKRSXIWHYVMRKXLIQIIXMRK 4VITEVMRKERHHMWXVMFYXMRKER][VMXXIRLERHSYXWRIIHIHJSVXLIQIIXMRK 7YQQEVM^MRKXLIKVSYTtWTVSKVIWWEXXLIIRHSJXLIQIIXMRK -JXLIVIMWEHIWMKREXIHPIEHIVWLISVLIGEREXXIRHXSXLIWIRIIHWSVEWWMKR SRISVQSVIKVSYTQIQFIVWXSHSWS3XLIV[MWIQIQFIVWSJXLIKVSYTQYWX WTPMXXLITVSGIHYVEPVIWTSRWMFMPMXMIW
',%48)6 74)%/-2+-271%00+63947
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
8EWO2IIHW 8EWO RIIHW EVI WYFWXERXMZI EGXMSRW RIGIWWEV] XS LIPT XLI KVSYT GSQTPIXI XLI TEVXMGYPEVXEWOMXMW[SVOMRKSR8LI]MRGPYHI %REP]^MRKXLIMWWYIWJEGMRKXLIKVSYT (MWXVMFYXMRKXLI[SVOPSEHEQSRKXLIQIQFIVW 'SPPIGXMRKMRJSVQEXMSR 7SPMGMXMRKXLIZMI[WSJSXLIVQIQFIVW /IITMRKXLIKVSYTJVSQKSMRKSJJSREXERKIRX 4PE]MRKHIZMPtWEHZSGEXIJSVYRTSTYPEVMHIEW *SVQYPEXMRKGVMXIVMEJSVNYHKMRKXLIQSWXIJJIGXMZIWSPYXMSR ,IPTMRKXLIKVSYTVIEGLGSRWIRWYWSRMXWJMREPVIGSQQIRHEXMSRW 1SWX QIQFIVW [MPP LIPT XLI KVSYT WEXMWJ] MXW XEWO RIIHW 0IEHIVWLMT FIGSQIWRIGIWWEV][LIRWSQIXEWORIIHWEVIRSXFIMRKJYPJMPPIHEHIUYEXIP]EW MRXLMWI\EQTPI
XEWORIIHW 7YFWXERXMZIEGXMSRWRIGIWWEV] XSLIPTEWQEPPKVSYTGSQTPIXI MXWEWWMKRIHXEWO
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
1EMRXIRERGI2IIHW 1EMRXIRERGIRIIHWMRZSPZIMRXIVTIVWSREPVIPEXMSRWMRXLIKVSYT8LI]MRGPYHI WYGLJEGXSVWEW ,S[[IPPQIQFIVWKIXEPSRK[MXLSRIERSXLIV ,S[[MPPMRKQIQFIVWEVIXSGSRXVMFYXIXSXLIKVSYT
QEMRXIRERGIRIIHW 'SQQYRMGEXMZIEGXMSRW RIGIWWEV]XSQEMRXEMR MRXIVTIVWSREPVIPEXMSRWMRE WQEPPKVSYT
;LIXLIVQIQFIVWEVIWYTTSVXMZISJSRIERSXLIV ;LIXLIVQIQFIVWJIIPWEXMWJMIH[MXLXLIKVSYTtWEGGSQTPMWLQIRXW ;LIXLIVQIQFIVWJIIPKSSHEFSYXXLIMVVSPIWMRXLIKVSYT -JMRXIVTIVWSREPTVSFPIQWHSQMREXIHMWGYWWMSRXLIKVSYT[MPPLEZIEHMJ JMGYPXXMQI[SVOMRKXSKIXLIVERHVIEGLMRKEHIGMWMSR%PIEHIVGERHSQYGLXS GVIEXIERHWYWXEMRWYTTSVXMZIGSQQYRMGEXMSRMRXLIKVSYT&]LIPTMRKKVSYT QIQFIVWLERHPIGSRJPMGXF][SVOMRKSYXHMJJIVIRGIWSJSTMRMSRF]VIHYGMRK MRXIVTIVWSREP XIRWMSR F] IRGSYVEKMRK TEVXMGMTEXMSR JVSQ EPP QIQFIVW F] FIMRKEPIVXXSTIVWSREPJIIPMRKWERHF]TVSQSXMRKWSPMHEVMX][MXLMRXLIKVSYT E PIEHIV GER QEOI E XVIQIRHSYW GSRXVMFYXMSR XS[EVH LIPTMRK XLI KVSYT EGLMIZIMXWKSEPW
0IEHIVWLMTMR7QEPP+VSYTW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IWTSRWMFMPMXMIWMRE7QEPP+VSYT )ZIV]QIQFIVSJEWQEPPKVSYTQYWXEWWYQIGIVXEMRVIWTSRWMFMPMXMIW[LMGLGERFI HMZMHIHMRXSJMZIQENSVGEXIKSVMIW GSQQMX]SYVWIPJXSXLIKSEPWSJ]SYVKVSYT JYPJMPPMRHMZMHYEPEWWMKRQIRXW EZSMHMRXIVTIVWSREPGSRJPMGXW IRGSYVEKI JYPPTEVXMGMTEXMSR OIITXLIHMWGYWWMSRSRXVEGO7SQISJXLIWIVIWTSRWMFMPMXMIW MRZSPZIPIEHIVWLMTVSPIWFYXEPPJMZIEVIWSMQTSVXERXXLEXIEGLTEVXMGMTERXWLSYPH XEOIXLIQEWTIVWSREPSFPMKEXMSRWVIKEVHPIWWSJXLIKVSYTtWPIEHIVWLMT
'311-8=3967)0*838,)+3%073*=396+6394 *SV E KVSYT XS WYGGIIH QIQFIVW QYWX EPMKR XLIMV TIVWSREP KSEPW [MXL XLI KVSYTtW KSEP 8LMW WSYRHW SFZMSYW FYX MX MW RSX EP[E]W IEW] ;LIR ]SY EVI [SVOMRK[MXLSXLIVWXYHIRXWSREGPEWWTVSNIGXXLIKVSYTKSEPhERHQSWXPMOIP] XLIKSEPSJIEGLQIQFIVhMWXSKIXEKSSHKVEHI8LIVIMWEWXVSRKMRGIRXMZIJSV QIQFIVWXSGSSTIVEXIERHGSQQMXXLIQWIPZIWXSGSQTPIXMRKXLIXEWO 4VSFPIQW EVMWI [LIR SRI SV QSVI QIQFIVW LEZI TIVWSREP KSEPW XLEX GSRJPMGX[MXLXLIKVSYTtWKSEP,IVIMWXLIOMRHSJWMXYEXMSRXLEXGERSGGYV 7LIVVM &EMRIW MW E QIQFIV SJ XLI GSQQMXXII XS FY] RI[ IUYMTQIRX JSV XLI PSGEP RI[WTETIVtWIQTPS]IIGEJIXIVME&IGEYWIXLIFYHKIXMWZIV]XMKLXXLIGSQQMXXIItWKSEPMW XSKIXXLIFIWXIUYMTQIRXJSVXLIPS[IWXTVMGI&YXYRORS[RXSXLISXLIVQIQFIVWSJXLI KVSYT7LIVVMtWWSRMRPE[MWEWEPIWQERJSVEHMWXVMFYXSVSJLMKLTVMGIHOMXGLIRETTPMERGIW 4VMZEXIP]7LIVVMLEWVIEWSRIHXLEXMJWLIGERW[E]XLIGSQQMXXIIXS[EVHXLEXGSQTER]LIV WSRMRPE[ [MPP KIX E PEVKI GSQQMWWMSR 7LIVVM HSIW RSX QIRXMSR XLMW JEGX XS XLI KVSYT -RWXIEHWLIEVKYIWXLEXUYEPMX]hRSXTVMGIhWLSYPHFIXLIHIXIVQMRMRKJEGXSVMRXLITYV GLEWI8LIKVSYTTVSGIWWFVIEOWHS[RFIGEYWI7LIVVM[MPPRSXWYVVIRHIVLIVTVMZEXIKSEP
8LMWMWERI\XVIQII\EQTPIFYXXLIVIGERFIQSVIWYFXPIOMRHWSJTVMZEXI KSEPWEWMRXLIJSPPS[MRKGEWI 'EVPSW ERH6EGLIPEVITEVXSJE KVSYT ERH'EVPSW[SYPH PMOIXSFI SR GPSWIVXIVQW [MXL6EGLIP8SMQTVIWWLIVLIQE]EKVII[MXLIZIV]XLMRKWLIWE]WVIKEVHPIWWSJ[LIXLIV LIVIEPP]WLEVIWLIVZMI[W'SRWIUYIRXP]'EVPSWtWI\TVIWWIHZMI[WEVIRSXLMWEGXYEPZMI[W -RWLSVX'EVPSWLEWELMHHIREKIRHEMRXLIKVSYTQIIXMRK8LIKVSYTtWEKIRHEMWXSWSPZI XLITVSFPIQFYX'EVPSWtWEKIRHEMWXSKIXEHEXI[MXL6EGLIP
LMHHIREKIRHE %WIXSJYRWXEXIHMRHMZMHYEP KSEPWXLEXQE]GSRJPMGX[MXLXLI KSEPWSJXLIKVSYTEWE[LSPI
+VSYTQIQFIVWQE]LEZIEPPWSVXWSJLMHHIREKIRHEW3RIQE]FII\TI VMIRGMRKTIVWSREPTVSFPIQWhPS[IVIHKVEHIWEFVIEOYT[MXLEJVMIRHSVNYWXE FEH HE] %RSXLIV QE] LEZI E GSQQMXQIRX XS E HMJJIVIRX KVSYT [LSWI KSEPW GSRJPMGX[MXLXLSWISJXLITVIWIRXKVSYT%XLMVHQE] [ERXXSXEOIGLEVKISJ XLIKVSYTJSVVIEWSRWSJTIVWSREPTS[IVVIKEVHPIWWSJXLIKVSYTtWXEWO 6IQIQFIV XLEX [LEX SRI QIQFIV SJ E KVSYT HSIW EJJIGXW EPP XLI SXLIV QIQFIVW=SYWLSYPHRSXXV]XSEHZERGI]SYVS[RMRXIVIWXWSVFSSWX]SYVS[R IKS EX XLI I\TIRWI SJ XLI KVSYT ERH MXW KSEPW &I[EVI SJ LMHHIR EKIRHEWh [LIXLIV]SYVWSVWSQISRIIPWItWhERHTEVXMGMTEXI[MXLETSWMXMZIWTMVMX
*90*-00-2(-:-(9%0%77-+21)287 %WQIRXMSRIHIEVPMIVSRISJXLIEHZERXEKIWSJXLIKVSYTTVSGIWWMWXLEXMXHMZMHIW XLI[SVOPSEHEQSRKWIZIVEPTISTPI&YXYRPIWWIZIV]QIQFIVJYPJMPPWLMWSVLIV EWWMKRQIRXWXLIKVSYTtWIRXMVITVSNIGXQE]JEMPhEWMRXLIJSPPS[MRKI\EQTPI
',%48)6 74)%/-2+-271%00+63947
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7IZIVEP]IEVWEKSSRIWXYHIRXKVSYTHIGMHIHXLEXEWEGPEWWTVSNIGXXLI][SYPHFVMRK )EWXIVFEWOIXWXSXLITEXMIRXWMRXLIGLMPHVIRt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
2SQEXXIV[LEXSXLIVEWWMKRQIRXWXLI]QE]LEZIEPPQIQFIVWSJEKVSYT LEZI SRI ZIV] GVMXMGEP EWWMKRQIRXhPMWXIRMRK *MVWX MX LIPTW ]SY YRHIVWXERH [LEXMWLETTIRMRKMRXLIKVSYT%RHYRPMOIETYFPMGWTIEOMRK WMXYEXMSR ]SY GER WXST XLI WTIEOIV ERH EWO JSV GPEVMJMGEXMSR EX ER] TSMRX 7IGSRH PMWXIRMRK LIPTW ]SY IZEPYEXI XLI QIVMXW SJ XLI WTIEOIVtW TSWMXMSR 8LMVH PMWXIRMRK TVS ZMHIWWYTTSVXJSVXLIWTIEOIVERHLIPTWTVSZMHIETSWMXMZIGPMQEXIJSVHMWGYW WMSR;MXLSYXIJJIGXMZIPMWXIRMRKRSKVSYTMWKSMRKXSQEOIQYGLTVSKVIWW
%:3-(-28)64)6732%0'32*0-'87 -J KVSYTW [IVI QEHIYTSJ VSFSXW XLIVI[SYPHFIRS MRXIVTIVWSREP GSRJPMGXW &YXKVSYTWEVIQEHIYTSJTISTPI[MXLPMOIWERHHMWPMOIWERHERMQSWMXMIWERH TVINYHMGIWERHZIV]HMJJIVIRXTIVWSREPMXMIW-XMWZMXEPXSXLIKVSYTTVSGIWWXLEX HMWEKVIIQIRXWFIOITXSREXEWOPIZIPVEXLIVXLERSRETIVWSREPPIZIP 7YTTSWI ]SY HMWEKVII [MXL ERSXLIV QIQFIVtW MHIE (MWEKVIIQIRX SR XLI TIVWSREPPIZIPGSYPHWSYRHPMOIXLMW q8LEXtWXLIQSWXWXYTMHMHIE-IZIVLIEVHSJ (S]SYVIEPM^ILS[QYGLQSRI]MX[SYPHGSWXXSHSXLEX#r&YXSRXLIXEWOPIZIP HMWEKVIIQIRXMWEMQIHEXXLIMHIERSXXLITIVWSR q4SXIRXMEPP]XLEXtWEZIV]KSSH WSPYXMSRFYX-tQRSXWYVI[ILEZIIRSYKLQSRI]XSEGGSQTPMWLMXr 2S QEXXIV [LEX XLI KVSYT TIVWSREP ERXEKSRMWQ PIEZIW E FEH XEWXI MR IZIV]SRItWQSYXLERHLEVQWXLITIVJSVQERGISJXLIKVSYT-XtWIWWIRXMEPXLEX WSQISRIXEOIEPIEHIVWLMTVSPIERHFVMRKXLIHMWGYWWMSRFEGOXSXLIVIPIZERX MWWYIW0IXtWWE]]SYEVITEVXSJEGSQQMXXIIGLEVKIH[MXLWIXXMRKYTEWTIEOIVWt WIVMIWSR]SYVGEQTYW8LIHMWGYWWMSRQMKLXKSPMOIXLMW %RKIPE ;IHIJMRMXIP]WLSYPHLEZI6ITVIWIRXEXMZI,MKLXS[IVWTIEOSRGEQTYW,ILEW FIIRZIV]EGXMZIMRTVSXIGXMRKXLIIRZMVSRQIRX 1MRL
8LEXPMFIVEP#,IGSYPHGEVIPIWW[LEX[ITE]JSVEKEPPSRSJKEW%RHJSVKIX EFSYXIGSRSQMGHIZIPSTQIRX[MXLLMQ
%RKIPE 7S]SYWYTTSVXQSVISJJWLSVIHVMPPMRK#=SYtVI[MPPMRKXSHIWXVS]SYVGSEWXPMRIW WSXLISMPGSQTERMIWGERVEOIMRQSVITVSJMXW# 1MRL
-XtWTISTPIPMOI]SYXLEXLEZIQEHIYWHITIRHIRXSRJSVIMKRWSYVGIWSJSMPh [LMGLXLVIEXIRWSYVTVSWTIVMX]ERHREXMSREPWIGYVMX]F]QEOMRKYWZYPRIVEFPIXS IGSRSQMGFPEGOQEMPJVSQEFVSEH
0IEHIV .YWXEQMRYXI8LMWQMKLXQEOIEKSSHWYFNIGXJSVSYVWTIEOIVWtWIVMIW;IGER EWOFSXL6ITVIWIRXEXMZI,MKLXS[IVERHEWTSOIWTIVWSRJSVSRISJXLISMP GSQTERMIWXSHIFEXIIEGLSXLIV
6IWTSRWMFMPMXMIWMRE7QEPP+VSYT
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
-RXIVRIX 'SRRIGXMSR [[[GSRRIGXPYGEWGSQ
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-RXIVIWXIH MR PIEVRMRKQSVI EFSYX PIEHIVWLMT# 0SKSR XS XLI 'IRXIVJSV 'VIEXMZI 0IEHIVWLMTtWVIWIEVGLWMXIEX[[[GGPSVKVIWIEVGL8LIGIRXIV[SVOW[MXLMRHM ZMHYEPW ERHKVSYTW EVSYRH XLI [SVPH XS LIPT SVKERM^EXMSRW SJ EPP OMRHW MQTVSZI XLIMVQEREKIVMEPERHPIEHIVWLMTWOMPPW 7QEPPKVSYTWEVIEZMXEPTEVXSJFYWMRIWWIWERHSXLIVSVKERM^EXMSRWMRQSWXTEVXWSJ XLI[SVPH=SYGERKIXEWIRWISJXLIMVEGXMZMXMIWF]GLIGOMRKXLI8IEQ&YMPHMRK )^MRI%VXMGPIWEXLXXT I^MRIEVXMGPIWGSQ#GEX!&YWMRIWW 8IEQ&YMPHMRK
8LMWMWRSXXSWE]XLEXQIQFIVWSJEKVSYTWLSYPHRIZIVHMWEKVII-RJEGX EWIVMSYWTVSFPIQSGGYVW[LIRQIQFIVWKIXEPSRKWS[IPPERHEVIWSGSRGIVRIH EFSYXQEMRXEMRMRKXLILEVQSR]SJXLIKVSYTXLEXXLI][MPPRSXHMWEKVII[MXL SRIERSXLIVEFSYXER]XLMRK;LIRXLMWLETTIRWXLIVIMWRSGLERGIXSVIEGL XLIFIWXHIGMWMSRF]I\TPSVMRKEREVVE]SJTIVWTIGXMZIWSTMRMSRWERHMRJSVQE XMSR8LIEMQMWRSXJSVKVSYTWXSEZSMHGSRJPMGXFYXXSOIITMXEXXLIXEWOPIZIP WSMX[MPPRSXHIKIRIVEXIMRXSTIVWSREPJIYHMRK
)2'396%+)*9004%68-'-4%8-32 -JEKVSYTMWXS[SVOIJJIGXMZIP]EPPQIQFIVWQYWXGSRXVMFYXIJYPP]ERHWLEVI XLIMVMHIEW[MXLSRIERSXLIV)ZIV]QIQFIVSJEKVSYTWLSYPHXEOIVIWTSRWMFMP MX]JSVIRGSYVEKMRKSXLIVQIQFIVWXSTEVXMGMTEXI=SYGERHSXLMWJMVWXSJEPP F]PMWXIRMRKEXXIRXMZIP]%JXIVEPPLS[[SYPH]SYPMOIXSWTIEOMREKVSYT[LIVI IZIV]FSH]IPWIETTIEVWFSVIHSVHMWXVEGXIH# -J XLIVI EVISRISVX[S UYMIXQIQFIVW MR XLI KVSYT ]SY GERHVE[ XLIQ MRXS XLI HMWGYWWMSR F] EWOMRK XLIMV STMRMSRW ERH WLS[MRK MRXIVIWX MR XLIMV MHIEW;LIREQIQFIVWTIEOW]SYGERWE]q-RIZIVORI[XLEX GER]SYXIPPYW QSVIEFSYXMX#r'SRZIVWIP]XV]XSEZSMHRIKEXMZIGSQQIRXWXLEX[MPPWUYIPGL E WTIEOIV FIJSVI WLI SV LI LEW JMRMWLIHhGSQQIRXW PMOI q3L RS XLEX RIZIV [SVOWrSVq;LEXEXIVVMFPIMHIEr7YTTSVXMZIGSQQIRXWGVIEXIKSSH[MPPEQSRK KVSYT QIQFIVW ERH QEOI IZIV]SRI JIIP JVII XS HMWGYWW XLIMV MHIEW [MXLSYX VMHMGYPISVIQFEVVEWWQIRX -J]SYEVIWL]SVEJVEMH]SYVMHIEW[MPPFIXEOIRXSSGVMXMGEPP]]SYQE]FI YR[MPPMRKXSTEVXMGMTEXIEXJMVWX 8SSZIVGSQI]SYVHMJJMHIRGIVIQIQFIVXLEX ]SYV GSRXVMFYXMSR MW RIGIWWEV] XS XLI KVSYT %X XLI ZIV] PIEWX ]SY GER LIPT TVSZMHI E WYTTSVXMZI IRZMVSRQIRX JSV HMWGYWWMSR F] PMWXIRMRK VIEGXMRK ERH IRGSYVEKMRKXLIJVIII\GLERKISJMHIEW
/))48,)(-7'977-323286%'/ -RWSQIKVSYTWXLIHMWGYWWMSRTVSGIIHWPMOIEWXVIEQSJGSRWGMSYWRIWWI\IVGMWI ,IVIMWEL]TSXLIXMGEPI\EQTPIMR[LMGLEXS[RTPERRMRKFSEVHMWGSRWMHIVMRK MRWXEPPMRKERI[XVEJJMGPMKLXEXEFYW]MRXIVWIGXMSR 7LEVMJ =SYORS[[ItVIKSMRKXSLEZIXVSYFPIKIXXMRKGEVWXSGSQIXSEJYPPWXSTIZIRMJ [IHSTYXMREXVEJJMGPMKLX (MERE 8IPPQIEFSYXMX-GEQIXLVSYKLXLIVI]IWXIVHE]ERHLMXQ]FVEOIWERHXLIGEV NYWXOITXKSMRK1E]FI-RIIHXLIFVEOIWEHNYWXIHXLSYKL
',%48)6 74)%/-2+-271%00+63947
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
-RIJJIGXMZIWQEPPKVSYTWEPP QIQFIVWTEVXMGMTEXIJYPP]ERH MRXIVEGX[MXLIEGLSXLIV8LI] EPWSJIIPXLEXXLIMVGSRXVMFY XMSRWEVIVIWTIGXIHERHZEP YIHF]XLIJYPPKVSYT
1MOI
+IXVIEH]XSTE]XLVSYKLXLIRSWI-LEHEFVEOINSFSRQ]GEVPEWX[IIOERHMX [EWRIEVP]X[MGIEWQYGLEWPEWXXMQI
%YWXMR 8LEXtWRSXLMRK,EZI]SYPSSOIHEXPE[RQS[IVWPEXIP]#%RHMJ]SYXLMRO PE[RQS[IVWEVILMKLg .MPP
;LSQS[WPE[RW#-LEHQ]]EVHTPERXIH[MXLKVSYRHGSZIVERHTYXKVEZIPSZIV XLIVIWX-XtWg
0IEHIV )\GYWIQIJSPOWFYX[IVIRtX[IXEPOMRKEFSYXXLIXVEJJMGPMKLX#
)ZIV]QIQFIVLEWEVIWTSRWMFMPMX]XSOIITXLIHMWGYWWMSRSRXVEGOERHXS MRXIVZIRI MJXLI KVSYT [ERHIVW XSS JEV EJMIPH 8LIVI MW RSXLMRK [VSRK[MXL E PMXXPIGEWYEPGSRZIVWEXMSRFYXMXWLSYPHRtXFIEPPS[IHXSKIXSYXSJLERH;LIR [SVOMRK MR E TVSFPIQWSPZMRK KVSYT QEOI WYVI XLI KVSYTtW YPXMQEXI KSEP MW EP[E]W MR XLI JSVIJVSRX (S ]SYV FIWX XS WII XLEX HMWGYWWMSR TVSGIIHW MR ER SVHIVP] JEWLMSR JVSQ SRI TSMRX XS XLI RI\X ERH XLEX XLI KVSYT HSIW RSX KIX FSKKIHHS[RMRWMHIMWWYIW 3RXLISXLIVLERH]SYRIIHXSKYEVHEKEMRWXXLIXIRHIRG]XSTVSKVIWWXS EWSPYXMSRXSSUYMGOP][MXLSYXXLSVSYKLP]I\TPSVMRKXLITVSFPIQ-J]SYJIIP ]SYVKVSYTMWXEOMRKXLIIEW][E]SYXERHNYQTMRKEXERIEW]WSPYXMSRXV]XS QEOIXLISXLIVQIQFIVWE[EVISJ]SYVGSRGIVR&]WYKKIWXMRKXLEXXLI]XEPO EFSYX XLI TVSFPIQ MR QSVI HIXEMP ]SY QE] FVMRK SYX ZMXEP MRJSVQEXMSR SV MHIEW3RIKVSYTPIEVRIHXLITIVMPWSJQEOMRKEWRETHIGMWMSR 8LI FSEVH SJ XLI XS[R PMFVEV] QIX XS HMWGYWW [E]W XS KIX QSVI GLMPHVIR XS ZMWMX XLI PMFVEV]HYVMRKXLIYTGSQMRKWTVMRKZEGEXMSR2IEVXLIFIKMRRMRKSJXLIQIIXMRKSRIQIQ FIV WYKKIWXIH WTSRWSVMRK E TEVEHI XLVSYKL XS[R MR [LMGL GLMPHVIR [SYPH QEVGL XS XLI PMFVEV]HVIWWIHEWXLIMVJEZSVMXIFSSOGLEVEGXIV%JXIVENSOIEFSYXEPPXLI,EVV]4SXXIVGPSRIW [LS[SYPHWLS[YTXLIFSEVHQIQFIVWEKVIIHXLEXMX[EWEXIVVMJMGMHIE8LI][VETTIH YTXLIMVWIWWMSRIEVP]GSRKVEXYPEXMRKXLIQWIPZIWSRLEZMRKVIEGLIHEWSPYXMSRWSIEWMP]
6IWTSRWMFMPMXMIWMRE7QEPP+VSYT
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
&YX[LEXPSSOIHEXJMVWXPMOIEKVIEXMHIETVSZIHXSLEZIEGVYGMEPHVE[FEGO%R]TEVEHIW MRXLIXS[RLEHXSFIETTVSZIHF]XLIXS[RGSYRGMPERHGPIEVIH[MXLXLITSPMGIHITEVXQIRX 8LIVI[EWRSXIRSYKLXMQIFIJSVIWTVMRKZEGEXMSRXSETTP]JSVXLIWITIVQMWWMSRWERHKIX XLIQETTVSZIH8LIUYMGOWSPYXMSRTVSZIHXSFIRSWSPYXMSREXEPP
*SVXYREXIP]XLIVIEVIW]WXIQEXMG[E]WXSOIITXLIHMWGYWWMSRSRXVEGOERH XS EZSMH LEWX] KVSYT HIGMWMSRW 6IWIEVGL WLS[W XLEX MJ ]SYV KVSYT JSPPS[W E XIWXIHQIXLSHSJHIGMWMSRQEOMRKMX[MPPLEZIEQYGLFIXXIVGLERGISJVIEGL MRKEWEXMWJEGXSV]SYXGSQI;IXYVRXLIVIJSVIXSXLIQSWXGSQQSRHIGMWMSR QEOMRKXIGLRMUYIJSVWQEPPKVSYTWhXLIVIJPIGXMZIXLMROMRKQIXLSH
8LI6IJPIGXMZI8LMROMRK1IXLSH VIJPIGXMZIXLMROMRK QIXLSH %JMZIWXITQIXLSHJSVHMVIGXMRK HMWGYWWMSRMRETVSFPIQWSPZMRK WQEPPKVSYT
8LI VIJPIGXMZIXLMROMRK QIXLSH MW HIVMZIH JVSQ XLI [VMXMRKW SJXLI %QIVMGER TLMPSWSTLIV .SLR (I[I] -X SJJIVW E WXITF]WXIT TVSGIWW JSV HMWGYWWMSR MR TVSFPIQWSPZMRK KVSYTW ERH GSRWMWXW SJ JMZI WXITW HIJMRMRK XLI TVSFPIQ EREP]^MRK XLI TVSFPIQ IWXEFPMWLMRK GVMXIVME JSV WSPZMRK XLI TVSFPIQ KIRIVEXMRKTSXIRXMEPWSPYXMSRW WIPIGXMRKXLIFIWXWSPYXMSR%W[IPSSOEX XLIWIWXITW[ItPPMPPYWXVEXIIEGLF]JSPPS[MRKEWMRKPIKVSYTXLVSYKLXLIIRXMVI VIJPIGXMZIXLMROMRKTVSGIWW
()*-2)8,)463&0)1 &IJSVIETVSFPIQWSPZMRKKVSYTGERQEOITVSKVIWWMXQYWXORS[I\EGXP][LEX TVSFPIQMXMWXV]MRKXSWSPZI(IJMRMRKXLITVSFPIQJSVKVSYTHMWGYWWMSRMWEOMR XSWIXXPMRKSREWTIGMJMGTYVTSWIJSVEWTIIGL9RPIWWMXMWHSRITVSTIVP]IZIV] XLMRKXLEXJSPPS[W[MPPWYJJIV 8LIFIWX[E]XSHIJMRIXLITVSFPIQMWXSTLVEWIMXEWEUYIWXMSRSJTSPMG] %W [I WE[ MR 'LETXIV UYIWXMSRW SJ TSPMG] MRUYMVI EFSYX XLI RIGIWWMX] SV TVEGXMGEPMX] SJ WTIGMJMG GSYVWIW SJ EGXMSR 8LI] X]TMGEPP] MRGPYHI XLI [SVH qWLSYPHr*SVI\EQTPI
UYIWXMSRSJTSPMG] %UYIWXMSREFSYX[LIXLIVE WTIGMJMGGSYVWISJEGXMSRWLSYPH SVWLSYPHRSXFIXEOIR
;LEXQIEWYVIWWLSYPHSYVWGLSSPXEOIXSMQTVSZISRGEQTYWWIGYVMX]JSVWXYHIRXW#
;LEXWXITWWLSYPHXLIJIHIVEPKSZIVRQIRXXEOIXSTVSXIGXGMZMPPMFIVXMIW[MXLSYXLEVQ MRKXLI[EVSRXIVVSVMWQ# ;LEXTSPMG]WLSYPHXLI9RMXIH7XEXIWEHSTX[MXLVIWTIGXXSXLII\TPSMXEXMSRSJGLMPH PEFSVMRSXLIVGSYRXVMIWEVSYRHXLI[SVPH#
;LIRTLVEWMRKXLIUYIWXMSRJSVHMWGYWWMSR]SYVKVSYTWLSYPHJSPPS[WIZ IVEPKYMHIPMRIW*MVWXQEOIWYVIXLIUYIWXMSRMWEWGPIEVERHWTIGMJMGEWTSWWMFPI *SVI\EQTPI -RIJJIGXMZI
;LEXWLSYPHFIHSRIEFSYXJVEYHYPIRXGLEVMXMIW#
1SVI)JJIGXMZI ;LEXWLSYPHXLIJIHIVEPKSZIVRQIRXHSXSGSRXVSPXLIEGXMZM XMIWSJJVEYHYPIRXGLEVMXMIW# 7IGSRHTLVEWIXLIUYIWXMSRXSEPPS[JSVE[MHIZEVMIX]SJERW[IVW&IIWTI GMEPP] [EV] SJ UYIWXMSRW XLEX GER FI ERW[IVIH [MXL E WMQTPI ]IW SV RS *SV I\EQTPI
',%48)6 74)%/-2+-271%00+63947
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
-RIJJIGXMZI
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
7LSYPHXLIGMX]FYMPHERI[IPIQIRXEV]WGLSSP#
1SVI)JJIGXMZI ;LEXWXITWWLSYPHXLIGMX]XEOIXSHIEP[MXLMRGVIEWMRKIRVSPP QIRXMRXLIIPIQIRXEV]WGLSSPW# 8LMVHEZSMHFMEWIHSVWPERXIHUYIWXMSRW*SVI\EQTPI -RIJJIGXMZI
,S[GER[IOIITXLIGEQTYWFSSOWXSVIJVSQVMTTMRKSJJWXY HIRXW#
1SVI)JJIGXMZI ;LEXGLERKIWMJER]WLSYPHFIQEHIMRXLITVMGMRKTSPMGMIW SJXLIGEQTYWFSSOWXSVI# *SYVXLQEOIWYVI]SYTSWIEWMRKPIUYIWXMSR*SVI\EQTPI -RIJJIGXMZI
;LEXVIZMWMSRWWLSYPHXLIGSPPIKIGSRWMHIVMRMXWEHQMWWMSRW VIUYMVIQIRXWERHMRMXWKVEHYEXMSRVIUYMVIQIRXW#
1SVI)JJIGXMZI ;LEXVIZMWMSRWWLSYPHXLIGSPPIKIGSRWMHIVMRMXWEHQMWWMSRW VIUYMVIQIRXW# 1SVI)JJIGXMZI ;LEXVIZMWMSRWWLSYPHXLIGSPPIKIGSRWMHIVMRMXWKVEHYEXMSR VIUYMVIQIRXW# 8SGPEVMJ]XLMWJMVWXWXITSJXLIVIJPIGXMZIXLMROMRKQIXLSHPIXtWWIILS[SYV QSHIPTVSFPIQWSPZMRKKVSYTHIJMRIHXLITVSFPIQ %WEGPEWWTVSNIGXXLIKVSYTWIXSYXXSHMWGYWWXLITVSFPIQSJVMWMRKGSWXWJSVEXXIRH MRKGSPPIKI*SPPS[MRKXLIVIJPIGXMZIXLMROMRKQIXLSHXLI]FIKERF]HIJMRMRKXLITVSFPIQ %JXIV WIZIVEP JEPWI WXEVXW XLI] TLVEWIH XLI TVSFPIQ XLMW [E] q;LEX WXITW WLSYPH SYV WGLSSPXEOIXSVIHYGIWXYHIRXGSWXWJSVEXXIRHMRKGSPPIKI#r
%2%0=>)8,)463&0)1 %JXIVXLITVSFPIQLEWFIIRHIJMRIHXLIKVSYTFIKMRWXSEREP]^IMX8SSSJXIR KVSYTW PMOI MRHMZMHYEPW WXEVXQETTMRK SYX WSPYXMSRWFIJSVI XLI]LEZIE JMVQ KVEWTSJ[LEXMW[VSRK8LMWMWPMOIEHSGXSVTVIWGVMFMRKXVIEXQIRXFIJSVIJYPP] HMEKRSWMRK XLI TEXMIRXt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hF]PSSOMRKSRXLI-RXIVRIXF] MRXIVZMI[MRK WSQISRI [MXL I\TIVXMWI SR XLI XSTMG SV F] [SVOMRK MR XLI PMFVEV] WII'LETXIV ;LIRQIIXMRK[MXL]SYVKVSYTQEOIWYVI]SYLEZI HSRI XLI VIWIEVGL EWWMKRIH XS ]SY WS ]SY GER SJJIV GSQTPIXI ERH YRFMEWIH MRJSVQEXMSR
8LI6IJPIGXMZI8LMROMRK1IXLSH
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
0IXt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
)78%&0-7,'6-8)6-%*3673098-327
GVMXIVME 7XERHEVHWSR[LMGLENYHKQIRX SVHIGMWMSRGERFIFEWIH
-J ]SY TPERRIH XS FY] E GEV LS[ [SYPH ]SY TVSGIIH# =SY [SYPH TVSFEFP] RSXNYWX[EPOMRXSEWLS[VSSQERHFY][LEXIZIVETTIEPIHXS]SYSRXLIWTYV SJXLIQSQIRX=SY[SYPHQSWXPMOIP]HIGMHIELIEHSJXMQI[LEXOMRHSJGEV ]SY[ERXIH[LEXSTXMSRWMXWLSYPHLEZIERHLS[QYGLQSRI]]SYGSYPH WTIRH8LEXMW ]SY[SYPHIWXEFPMWLGVMXIVMEXSKYMHI]SYMRHIGMHMRKI\EGXP] [LMGLGEVXSFY] =SYWLSYPHHSXLIWEQIXLMRKMRKVSYTHMWGYWWMSR3RGI]SYVKVSYTLEW EREP]^IH XLI TVSFPIQ ]SY WLSYPH RSX NYQT MQQIHMEXIP] XS TVSTSWMRK WSPY XMSRW -RWXIEH ]SY WLSYPH IWXEFPMWL GVMXIVMEhWXERHEVHWhJSV VIWTSRWMFPI WSPY XMSRW=SYWLSYPH[SVOSYX ERH[VMXIHS[R I\EGXP][LEX]SYVWSPYXMSRWQYWX EGLMIZIERHER]JEGXSVWXLEXQMKLXPMQMX]SYVGLSMGISJWSPYXMSRW 8S KIX E FIXXIV MHIE SJ LS[ XLMW WXEKI SJ XLI VIJPIGXMZIXLMROMRK QIXLSH [SVOWPIXtWPSSOEXXLIGSWXGYXXMRKKVSYT[ILEZIFIIRJSPPS[MRK %JXIV WSQI HMWGYWWMSR XLI KVSYT IWXEFPMWLIH XLIWI GVMXIVME JSV TSWWMFPI WSPYXMSRW 8LIWSPYXMSRWLSYPHWMKRMJMGERXP]VIHYGIWXYHIRXWtGSWXW 8LIWSPYXMSRWLSYPHGSQI MRXSJSVGIEXXLIWXEVXSJXLIRI\XWGLSSP]IEV 8LIWSPYXMSRWLSYPHRSXLYVXXLITVIWXMKI SJXLIGSPPIKI 8LIGSWXSJXLIWSPYXMSRWLSYPHFIQMRMQEPERHWLSYPHFITEMHF]XLI EHQMRMWXVEXMSR 8LILYQERVIWSYVGIWRIIHIHXSMQTPIQIRXXLIWSPYXMSRWLSYPHGSQI JVSQ EHQMRMWXVEXMZI TIVWSRRIP EPVIEH] [SVOMRK SR XLI WGLSSPtW WXEJJ 8LI WSPYXMSR WLSYPH MRZSPZI SRP]EGXMSRW GSRXVSPPIH F]XLIGSPPIKIhRSX QEXXIVWGSRXVSPPIHF]SYXWMHI MRHMZMHYEPWSVEKIRGMIW
+)2)6%8)438)28-%073098-327 FVEMRWXSVQMRK %QIXLSHSJKIRIVEXMRKMHIEW F]JVIIEWWSGMEXMSRSJ[SVHWERH XLSYKLXW
3RGI]SYVKVSYTLEWXLIGVMXIVMEJMVQP]MRQMRH]SYEVIVIEH]XSHMWGYWWWSPY XMSRW=SYVKSEPEXXLMWWXEKIMWXSGSQIYT[MXLXLI[MHIWXTSWWMFPIVERKISJ TSXIRXMEP WSPYXMSRWh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
',%48)6 74)%/-2+-271%00+63947
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
;SVOMRKMREWQEPPKVSYT VIUYMVIWQER]SJXLIWOMPPW MRZSPZIHMRTYFPMGWTIEOMRK *SVQEPTVIWIRXEXMSRWQE] SGGYVHYVMRKEKVSYTtWHIPMF IVEXMSRWSV[LIRXLIKVSYT TVIWIRXWMXWVITSVX
WXEKIQIQFIVWSJXIRqTMKK]FEGOrRI[MHIEWSRXSMHIEWSRXLIQEWXIVPMWX*SV I\EQTPIMJSRIWYKKIWXMSRMWq)WXEFPMWLJSSHGSSTWrEKVSYTQIQFIVQMKLX WE] q=IW ERH[I GSYPH IWXEFPMWL GPSXLMRK GSSTW XSSr 3RIQIQFIV WLSYPH [VMXIHS[RXLIWIRI[MHIEWERHEHHXLIQXSXLIQEWXIVPMWX8LIFVEMRWXSVQMRK TVSGIWWGSRXMRYIWYRXMPXLIKVSYTGERRSXXLMROSJER]QSVIWSPYXMSRW &VEMRWXSVQMRKMRXLMWJEWLMSRLEWX[SEHZERXEKIW*MVWXMXIRGSYVEKIWGVI EXMZMX]6IWIEVGLWLS[WXLEXFIKMRRMRK[MXL[VMXXIRPMWXWYWYEPP]TVSHYGIWQSVI ERH LMKLIVUYEPMX] MHIEW XLER VIP]MRK WSPIP] SR SVEP HMWGYWWMSR 7IGSRH XLMW QIXLSHSJFVEMRWXSVQMRKIRGSYVEKIWIUYEPTEVXMGMTEXMSR,EZMRKIEGLQIQFIV GVIEXI LMW SV LIV S[R PMWX QEOIW MX PIWW PMOIP] XLEX SRI SV X[S QIQFIVW [MPP HSQMREXI XLI TVSGIWW SV XLEX ER]SRI [MPP LSPH FEGO MHIEW JSV JIEV SJ FIMRK LSSXIHHS[R 0IXtWWIILS[SYVGSWXGYXXMRKKVSYTLERHPIHXLMWWXEKI &]FVEMRWXSVQMRKXLIKVSYTGEQIYT[MXLXLIJSPPS[MRKTSWWMFPIWSPYXMSRW VIHYGI XLIRYQFIVSJVIUYMVIHFSSOWJSVIEGLGSYVWI GYXWSQISJXLIqJEXrJVSQXLIEHQMR MWXVEXMZI WXEJJ QEOI EPP TVSJIWWSVW XIEGL QSVI GSYVWIW ETTVSEGL PERHPSVHW EFSYX WXEFMPM^MRKVIRXERHYXMPMX]GSWXW IWXEFPMWLJSSHERHGPSXLMRKGSSTW MRGVIEWIJMRERGMEP EMH HIGVIEWI XLI EQSYRX SJ QSRI] EZEMPEFPI JSV JEGYPX] VIWIEVGL FS]GSXX FYWM RIWWIW EVSYRH XLI GEQTYW [LIVI TVMGI QEVOYTW EVI LMKLIWX MRGVIEWI SYXSJWXEXI XYMXMSR HIGVIEWI HSVQMXSV] I\TIRWIW SVKERM^I JYRHVEMWMRK TVSKVEQW [MXL XLI WXYHIRX KSZIVRQIRX VIHMVIGX WSQI QSRI] JVSQ GSRWXVYGXMSR SJ RI[ FYMPHMRKW XS WXYHIRXEMH8LMW[EWEKSSH]MIPHJVSQEFVEMRWXSVQMRKWIWWMSRhWSPMHWYKKIWXMSRW
7)0)'88,)&)7873098-32 %JXIVEPPTSXIRXMEPWSPYXMSRWLEZIFIIRPMWXIHMXMWXMQIXSIZEPYEXIXLIQ8LI FIWX[E]XSTVSGIIHMWXSHMWGYWWIEGLWSPYXMSR[MXLVIKEVHXSXLIGVMXIVMEIWXEF PMWLIHIEVPMIVXLIRQSZIXSXLIRI\XWSPYXMSRERHWSSR8LMWSVHIVP]TVSGIWW IRWYVIWXLEXEPPTSXIRXMEPWSPYXMSRWVIGIMZIIUYEPGSRWMHIVEXMSR %W IEGL TSXIRXMEP WSPYXMSR MW HMWGYWWIH XLI KVSYT WLSYPH XV] XS VIEGL GSRWIRWYW%GSRWIRWYWHIGMWMSRMWSRIXLEXEPP QIQFIVWEGGITXIZIRXLSYKL
8LI6IJPIGXMZI8LMROMRK1IXLSH
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
'LIGOPMWX =)7
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
6IJPIGXMZI8LMROMRK1IXLSH
23
(MHXLIKVSYTGPIEVP]HIJMRIXLITVSFPIQJSVHMWGYWWMSR# (MH XLI KVSYT TLVEWI XLI UYIWXMSR JSV HMWGYWWMSR EW E UYIWXMSRSJTSPMG]# (MH XLI KVSYT TLVEWI XLI UYIWXMSR JSV HMWGYWWMSR EW GPIEVP]EWTSWWMFPI# (MHXLIKVSYTTLVEWIXLIUYIWXMSRJSVHMWGYWWMSRWSEWXS EPPS[JSVE[MHIZEVMIX]SJERW[IVW# (MH XLI KVSYT TLVEWI XLI UYIWXMSR JSV HMWGYWWMSR MR ER YRFMEWIHQERRIV#
GSRRIGXPYGEWGSQ 8LMWGLIGOPMWXMWEPWSEZEMPEFPI MRXLISRPMRI7TIIGL8SSPWJSV XLMWGLETXIV
(MH XLI KVSYT TLVEWI XLI UYIWXMSR JSV HMWGYWWMSR EW E WMRKPIUYIWXMSR# (MH XLI KVSYT EREP]^I XLI TVSFPIQ XLSVSYKLP] FIJSVI EXXIQTXMRKXSQETSYXWSPYXMSRW# (MHXLIKVSYTIWXEFPMWLGVMXIVMEJSVERMHIEPWSPYXMSRXSXLI TVSFPIQFIJSVIHMWGYWWMRKWTIGMJMGWSPYXMSRW# (MH XLI KVSYT FVEMRWXSVQ XS KIRIVEXI E [MHI VERKI SJ TSXIRXMEPWSPYXMSRWXSXLITVSFPIQ# (MHXLIKVSYTIZEPYEXIIEGLTSXIRXMEPWSPYXMSRMRPMKLXSJ XLIGVMXIVMEJSVERMHIEPWSPYXMSR# (MH XLI KVSYT QEOI E HIXIVQMRIH IJJSVX XS VIEGL GSRWIRWYW[MXLVIKEVHXSXLIFIWXWSPYXMSR# (MHXLIKVSYTEGLMIZIGSRWIRWYW#
GSRWIRWYW %KVSYTHIGMWMSRXLEXMW EGGITXEFPIXSEPPQIQFIVWSJ XLIKVSYT
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tWWII 8LI GSWXGYXXMRK KVSYT LEH TSWWMFPI WSPYXMSRW XS IZEPYEXI 8LVII [IVI VINIGXIH FIGEYWI XLI] ZMSPEXIH XLI KVSYTtW GVMXIVMSR XLEX ER EGGITXEFPI WSPYXMSR QYWX MRZSPZI SRP]
',%48)6 74)%/-2+-271%00+63947
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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tWTVIWXMKI*MREPP]XLIWYK KIWXMSRXSVIHYGIEHQMRMWXVEXMZIqJEXr[EWVINIGXIHEWXSSGSWXP]FIGEYWIEKVSYT[SYPH LEZIXSFIIWXEFPMWLIHXSEYHMXEPPEHQMRMWXVEXMZIHYXMIW %JXIVVIJMRMRKXLIWYKKIWXMSRWXLIKVSYTJMREPP]VIEGLIHGSRWIRWYWSREWSPYXMSRXLEX MRGPYHIHXLIJSPPS[MRKTVSZMWMSRW %WXYHIRXWLSYPHRSXLEZIXSWTIRHQSVIXLER SR VIUYMVIH FSSOW JSV ER] WMRKPIGSYVWI 8LI YRMZIVWMX]WLSYPH EYXLSVM^I XLI WXYHIRX KSZIVRQIRX XS SVKERM^I JSSH FSSO ERH GPSXLMRK GSSTW 8LI WXYHIRX KSZIVRQIRX WLSYPH GSRHYGX JMZI JYRHVEMWMRK TVSNIGXW IEGL EGEHIQMG ]IEV )EGL TVSJIWWSV WLSYPH XIEGLSRIQSVIGPEWWE]IEV
3RGIGSRWIRWYWLEWFIIRVIEGLIHXLIKVSYTMWVIEH]XSTVIWIRXMXWJMRHMRKW
4VIWIRXMRKXLI6IGSQQIRHEXMSRWSJXLI+VSYT
8LI[SVOSJETVSFPIQWSPZMRKKVSYTHSIWRSXIRH[MXLXLIPEWXWXEKISJXLI VIJPIGXMZIXLMROMRK TVSGIWW 3RGI E KVSYT LEW EKVIIH SR MXW VIGSQQIRHE XMSRWMXYWYEPP]RIIHWXSTVIWIRXXLIQXSWSQIFSH]%FYWMRIWWKVSYTQMKLX VITSVXXSXLITVIWMHIRXSJXLIGSQTER]SVXSXLIFSEVHSJHMVIGXSVW%TVIWM HIRXMEP GSQQMWWMSR VITSVXW XS XLI 4VIWMHIRX ERH XS XLI REXMSR EX PEVKI % GPEWWVSSQ KVSYT VITSVXW XS XLI MRWXVYGXSV ERH XS XLI VIWX SJ XLI GPEWW 8LI TYVTSWI SJ WYGL VITSVXW MW XS TVIWIRX XLI KVSYTtW VIGSQQIRHEXMSRW GPIEVP] ERHGSRZMRGMRKP] 7SQIXMQIW E KVSYT [MPP TVITEVIE JSVQEP [VMXXIR VITSVX 3JXIRLS[IZIV XLI [VMXXIR VITSVX MW WYTTPIQIRXIH [MXLhSV VITPEGIH F]hER SVEP VITSVX E W]QTSWMYQSVETERIPHMWGYWWMSR
36%06)4368 %RSVEPVITSVXMWQYGLXLIWEQIMRGSRXIRXEWE[VMXXIRVITSVX-JXLIKVSYTLEW EHIWMKREXIHPIEHIVWLISVLI[MPPTVSFEFP]HIPMZIVXLIVITSVX3XLIV[MWIXLI KVSYT[MPPWIPIGXSRITIVWSRJSVXLINSF -J]SYEVITMGOIHXSTVIWIRX]SYVKVSYTtWVITSVX]SYWLSYPHETTVSEGLMXEW ]SY[SYPHER]SXLIVWTIIGL=SYVXEWOMWXSI\TPEMRXLIKVSYTtWTYVTSWITVS GIHYVIWERHVIGSQQIRHEXMSRW=SYVVITSVXWLSYPHLEZIXLVIIQEMRWIGXMSRW 8LI MRXVSHYGXMSR [MPP WXEXI XLI TYVTSWI SJ XLI VITSVX ERH TVIZMI[ MXW QEMR TSMRXW8LIFSH][MPPWTIPPSYXXLITVSFPIQEHHVIWWIHF]]SYVKVSYTXLIGVMXI VME WIX JSV E WSPYXMSR ERH XLI WSPYXMSR FIMRK VIGSQQIRHIH 8LI GSRGPYWMSR [MPPWYQQEVM^IXLIQEMRTSMRXWERHMRWSQIGEWIWYVKIXLEXXLIKVSYTtWVIG SQQIRHEXMSRWFIEHSTXIH %W[MXLER]SXLIVWTIIGL]SYWLSYPHEHETX]SYVVITSVXXSXLIEYHMIRGI 9WI WYTTSVXMRK QEXIVMEPW XS GPEVMJ] ERH WXVIRKXLIR ]SYV MHIEW ERH GSRWMHIV
SVEPVITSVX %WTIIGLTVIWIRXMRKXLI JMRHMRKWGSRGPYWMSRWSV HIGMWMSRWSJEWQEPPKVSYT
4VIWIRXMRKXLI6IGSQQIRHEXMSRWSJXLI+VSYT
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
[LIXLIVYWMRKZMWYEPEMHW[MPPIRLERGI]SYVQIWWEKI1EOIWYVI]SYVPERKYEKI MWEGGYVEXIGPIEVZMZMHERHETTVSTVMEXI6ILIEVWIXLIVITSVXWS]SYGERHIPMZIV MXJPYIRXP]ERHHIGMWMZIP]%JXIV[EVH]SYhERHTSWWMFP]SXLIVQIQFIVWSJXLI KVSYThQE]FIGEPPIHSRXSERW[IVUYIWXMSRWJVSQXLIEYHMIRGI
7=1437-91 W]QTSWMYQ %TYFPMGTVIWIRXEXMSRMR[LMGL WIZIVEPTISTPITVIWIRXTVITEVIH WTIIGLIWSRHMJJIVIRXEWTIGXWSJ XLIWEQIXSTMG
%W]QTSWMYQGSRWMWXWSJEQSHIVEXSVERHWIZIVEPWTIEOIVWWIEXIHXSKIXLIVMR JVSRXSJEREYHMIRGI-JXLIKVSYTTVIWIRXMRKXLIW]QTSWMYQLEWEHIWMKREXIH PIEHIV LI SV WLI [MPP X]TMGEPP] FI XLI QSHIVEXSV 8LI QSHIVEXSVtW NSF MW XS MRXVSHYGIXLIXSTMGERHXLIWTIEOIVW)EGLWTIEOIVHIPMZIVWETVITEVIHWTIIGL SREHMJJIVIRXEWTIGXSJXLIXSTMG%JXIVXLIWTIIGLIWXLIVIQE]FIEUYIWXMSR ERHERW[IVWIWWMSR 8LIW]QTSWMYQMWSJXIRYWIHJSVKVSYTVITSVXWMRWTIIGLGPEWWIW3RI[E] XSSVKERM^IMXMWXSLEZIIEGLQIQFIVSJXLIKVSYTTVIWIRXEFVMIJXEPOWOIXGLMRK XLIKVSYTtW[SVOERHHIGMWMSRWHYVMRKSRIWXEKISJXLIVIJPIGXMZIXLMROMRKTVS GIWW %RSXLIV[E] MWXSLEZIIEGLWTIEOIVHIEP[MXLEQENSVMWWYIVIPEXMRKXS XLI HMWGYWWMSR XSTMG % KVSYT HIEPMRK [MXL GETMXEP TYRMWLQIRX JSV I\EQTPI QMKLXLEZISRIWTIEOIVTVIWIRXXLIKVSYTtWGSRGPYWMSRSRXLIMWWYISJ[LIXLIV GETMXEPTYRMWLQIRXMWERIJJIGXMZIHIXIVVIRXXSGVMQIERSXLIVWTIEOIVTVIWIRX XLIKVSYTtWTSWMXMSRSRXLIQSVEPMX]SJGETMXEPTYRMWLQIRXERHWSJSVXL %PPXLIWTIIGLIWWLSYPHFIGEVIJYPP]TPERRIH8LI]WLSYPHEPWSFIGSSVHM REXIH[MXLSRIERSXLIVXSQEOIWYVIXLIW]QTSWMYQVITSVXWSREPPMQTSVXERX EWTIGXWSJXLIKVSYTtWTVSNIGX
TERIPHMWGYWWMSR %WXVYGXYVIHGSRZIVWEXMSRSRE KMZIRXSTMGEQSRKWIZIVEP TISTPIMRJVSRXSJEREYHMIRGI
% TERIP HMWGYWWMSR MW IWWIRXMEPP] E GSRZIVWEXMSR MR JVSRX SJ ER EYHMIRGI 8LI TERIP WLSYPH LEZI E QSHIVEXSV [LS MRXVSHYGIW XLI XSTMG ERH XLI TERIPMWXW 3RGIXLIHMWGYWWMSRMWYRHIV[E]XLIQSHIVEXSVQE]MRXIVNIGXUYIWXMSRWERH GSQQIRXWEWRIIHIHXSJSGYWXLIHMWGYWWMSR8LITERIPMWXWWTIEOFVMIJP]MRJSV QEPP] ERH MQTVSQTXY 8LI] XEPO XS IEGL SXLIV FYX PSYHP] IRSYKL JSV XLI EYHMIRGIXSLIEV%W[MXLEW]QTSWMYQETERIPHMWGYWWMSRQE]FIJSPPS[IHF] EUYIWXMSRERHERW[IVWIWWMSR &IGEYWISJMXWWTSRXERIMX]ETERIPHMWGYWWMSRGERFII\GMXMRKJSVTEVXMGMTERXW ERHEYHMIRGIEPMOI&YXYRJSVXYREXIP]XLEXWTSRXERIMX]MRLMFMXWW]WXIQEXMGTVI WIRXEXMSR SJ E KVSYTtW VIGSQQIRHEXMSRW 8LYW XLI TERIP HMWGYWWMSR MW WIPHSQ YWIH F] TVSFPIQWSPZMRK KVSYTW EPXLSYKL MX GER [SVO [IPP JSV MRJSVQEXMSR KEXLIVMRKKVSYTW -J]SYEVIETEVXMGMTERXMRETERIPHMWGYWWMSRFI[EVISJXLIGSQQSRJEP PEG] XLEX RS WIVMSYW TVITEVEXMSR MW VIUYMVIH %PXLSYKL ]SY [MPP WTIEO MQTVSQTXY ]SY RIIH XS WXYH] XLI XSTMG ELIEH SJ XMQI EREP]^I XLI QENSV MWWYIWERHQETSYXXLITSMRXW]SY[ERXXSQEOI%RIJJIGXMZITERIPHMWGYW WMSR EPWS VIUYMVIW TPERRMRK F] XLI QSHIVEXSV ERH TERIPMWXW XS HIGMHI [LEX MWWYIW[MPPFIHMWGYWWIHERHMR[LEXSVHIV*MREPP]EPPTERIPMWXWQYWXFI[MPP MRKXSWLEVIXEPOMRKXMQIWSXLIHMWGYWWMSRMWRSXQSRSTSPM^IHF]SRISVX[S TISTPI ;LEXIZIVQIXLSH]SYVKVSYTYWIWXSTVIWIRXMXWJMRHMRKW]SY[MPPFIRIJMX JVSQ XLI TYFPMG WTIEOMRK KYMHIPMRIW KMZIR XLVSYKLSYX XLMW FSSO 8LI XIGL RMUYIW SJ IJJIGXMZI WTIIGL VIQEMR XLI WEQI [LIXLIV ]SY EVI SRI TIVWSR EHHVIWWMRK ER EYHMIRGI TEVX SJ E WQEPP KVSYT SJ TISTPI [SVOMRK XS WSPZI E TVSFPIQSVETEVXMGMTERXMREW]QTSWMYQSVETERIPHMWGYWWMSR
4%2)0(-7'977-32
',%48)6 74)%/-2+-271%00+63947
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
/)=8)617 H]EH
LMHHIREKIRHE
WQEPPKVSYT
VIJPIGXMZIXLMROMRKQIXLSH
TVSFPIQWSPZMRKWQEPPKVSYT
UYIWXMSRSJTSPMG]
PIEHIVWLMT
GVMXIVME
MQTPMIHPIEHIV
FVEMRWXSVQMRK
IQIVKIRXPIEHIV
GSRWIRWYW
HIWMKREXIHPIEHIV
SVEPVITSVX
TVSGIHYVEPRIIHW
W]QTSWMYQ
XEWORIIHW
TERIPHMWGYWWMSR
QEMRXIRERGIRIIHW
6):-);59)78-327 %JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW ;LEXMWEWQEPPKVSYT#;LEXMWETVSFPIQWSPZMRKWQEPPKVSYT# ;LEXEVIXLIJSYVOMRHWSJPIEHIVWLMTXLEXQE]SGGYVMREWQEPPKVSYT#)\TPEMR XLIXLVIIOMRHWSJRIIHWJYPJMPPIHF]PIEHIVWLMTMREWQEPPKVSYT ;LEXEVIXLIJMZIQENSVVIWTSRWMFMPMXMIWSJIZIV]TEVXMGMTERXMREWQEPPKVSYT# ;LEXEVIXLIWXEKIWSJXLIVIJPIGXMZIXLMROMRKQIXLSH#)\TPEMRXLIQENSVXEWOW SJEKVSYTEXIEGLWXEKI ;LEX EVI XLI XLVII QIXLSHW JSV TVIWIRXMRK SVEPP] XLI VIGSQQIRHEXMSRW SJ E TVSFPIQWSPZMRKKVSYT#
GSRRIGXPYGEWGSQ *SVJYVXLIVVIZMI[KSXSXLI 7XYH]5YIWXMSRWMRXLI SRPMRI7XYH]%MHWJSVXLMW GLETXIV
6IZMI[5YIWXMSRW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
7TIEOMRKMR7QEPP +VSYTW
8I\X
8LI1G+VE[n,MPP 'SQTERMIW
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
-J TSWWMFPI EVVERKI XS SFWIVZI E TVSFPIQWSPZMRK WQEPP KVSYT MR EGXMSR =SY QMKLXEXXIRHEQIIXMRKSJ]SYVGMX]GSYRGMPXLIWGLSSPFSEVHXLI^SRMRKGSQ QMWWMSREPSGEPFYWMRIWWEGLYVGLGSQQMXXII8S[LEXI\XIRXHSIWXLIHMWGYW WMSRQIEWYVIYTXSXLIGVMXIVMEJSVIJJIGXMZIHMWGYWWMSRTVIWIRXIHMRXLMWGLETXIV# ;LEXOMRHSJPIEHIVWLMTHSIWXLIKVSYTLEZIERHLS[[IPPHSIWXLIPIEHIV SV PIEHIVW JYPJMPPXLIKVSYTt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
',%48)6 74)%/-2+-271%00+63947
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
7TIIGLIWJSV%REP]WMW ERH(MWGYWWMSR %TTIRHM\
-,EZIE(VIEQ 1EVXMR0YXLIV/MRK.V
5YIWXMSRWSJ'YPXYVI 7ENNMH>ELMV'LMRS]
8LI,MHHIR;SVPHSJ'LMPM4ITTIVW 8LI,SVVSVWSJ4YTT]1MPPW &YVWXMRKXLI%RXMFEGXIVMEP&YFFPI 8LI9PXMQEXI+MJX 1]'VE^]%YRX7YI
%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
-,EZIE(VIEQ 1EVXMR0YXLIV/MRK.V 1EVXMR0YXLIV/MRKtWq-,EZIE(VIEQrMW[MHIP]VIKEVHIHEWEQEWXIVTMIGI-X[EW HIPMZIVIH %YKYWX XS WSQI TISTPI [LS LEH GSQI XS ;EWLMRKXSR ('XSTEVXMGMTEXIMRETIEGIJYPHIQSRWXVEXMSRXSJYVXLIVXLIGEYWISJIUYEPVMKLXWJSV %JVMGER%QIVMGERW/MRKWTSOIJVSQXLIWXITWSJXLI0MRGSPR1IQSVMEPMRXLIqW]QFSPMG WLEHS[rSJ%FVELEQ0MRGSPRERHXLIGVS[HJMPPIHXLIZEWXEVIEFIX[IIRXLI1IQSVMEP ERHXLI;EWLMRKXSR1SRYQIRX-REHHMXMSRQMPPMSRWSJ%QIVMGERW[EXGLIHXLIWTIIGL SRXIPIZMWMSRSVPMWXIRIHXSMXSRXLIVEHMS 0MOIQSWXGIVIQSRMEPEHHVIWWIWq-,EZIE(VIEQrMWVIPEXMZIP]WLSVX%PXLSYKLMXXSSO /MRKSRP]QMRYXIWXSHIPMZIVXLIWTIIGLLITVITEVIHMXQSVIGEVIJYPP]XLERER]SXLIV WTIIGL MR LMW GEVIIV XS XLEX XMQI ,MW TYVTSWI [EW XS WIX JSVXL EW WYGGMRGXP] ERH EW IPS UYIRXP]EWTSWWMFPIXLIKYMHMRKTVMRGMTPIWSJXLIGMZMPVMKLXWQSZIQIRXERHXSVIMRJSVGIXLI GSQQMXQIRXSJLMWPMWXIRIVWXSXLSWITVMRGMTPIW 3RISJXLIQSWXMRXIVIWXMRKJIEXYVIWSJXLMWWTIIGLMW/MRKtWYWISJPERKYEKIXSQEOI XLIEFWXVEGXTVMRGMTPIWSJPMFIVX]ERHIUYEPMX]GPIEVERHGSQTIPPMRK8LVSYKLSYX/MRKVIPMIW SRJEQMPMEVGSRGVIXI[SVHWXLEXGVIEXIWLEVTZMZMHMQEKIW,IYWIWQER]QSVIQIXETLSVW XLER HS QSWX WTIEOIVW FYX XLI] EVI ETTVSTVMEXI XS XLI SGGEWMSR ERH LIPT XS HVEQEXM^I /MRKtWMHIEW*MREPP]/MRKQEOIWI\XIRWMZIYWISJVITIXMXMSRERHTEVEPPIPMWQXSVIMRJSVGILMW QIWWEKIERHXSIRLERGIXLIQSQIRXYQSJXLIWTIIGL -J]SYLEZILIEVHEVIGSVHMRKSJq-,EZIE(VIEQr]SYORS[MXWMQTEGX[EWLIMKLXIRIH F]/MRKtWHIPMZIV]-RLMWVMGLFEVMXSRIZSMGIQEVOIHF]XLIJIVZSVSJXLIGVYWEHIVERHQSHY PEXIHF]XLIGEHIRGIWSJXLI7SYXLIVR&ETXMWXTVIEGLIV/MRKKEMRIHXLIXSXEPMRZSPZIQIRXSJ LMWEYHMIRGI%W;MPPMEQ6SFIVX1MPPIVWE]Wq8LIGVS[HQSVIXLERPMWXIRIHMXTEVXMGMTEXIH ERHFIJSVI/MRKLEHVIEGLIHLMWPEWXTLVEWIEXSVVIRXSJETTPEYWI[EWEPVIEH][IPPMRKYTr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tZI GSQILIVIXSHE]XSHVEQEXM^IEWLEQIJYPGSRHMXMSR -REWIRWI[ItZIGSQIXSSYVREXMSRtW'ETMXSPXSGEWLEGLIGO;LIR XLIEVGLMXIGXWSJSYVVITYFPMG[VSXIXLIQEKRMJMGIRX[SVHWSJXLI'SRWXMXYXMSR ERHXLI(IGPEVEXMSRSJ-RHITIRHIRGIXLI][IVIWMKRMRKETVSQMWWSV]RSXIXS [LMGLIZIV]%QIVMGER[EWXSJEPPLIMV8LMWRSXI[EWETVSQMWIXLEXEPPQIRh ]IW FPEGO QIR EW [IPP EW [LMXI QIRh[SYPH FI KYEVERXIIH XLI YREPMIREFPI VMKLXWSJPMJIPMFIVX]ERHXLITYVWYMXSJLETTMRIWW
%
%44)2(-< 74))',)7*36%2%0=7-7%2((-7'977-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
-XMWSFZMSYWXSHE]XLEX%QIVMGELEWHIJEYPXIHSRXLMWTVSQMWWSV]RSXI MRWSJEVEWLIVGMXM^IRWSJGSPSVEVIGSRGIVRIH-RWXIEHSJLSRSVMRKXLMWWEGVIH SFPMKEXMSR%QIVMGELEWKMZIRXLI2IKVS TISTPI EFEHGLIGOhEGLIGO[LMGL LEWGSQIFEGOQEVOIHqMRWYJJMGMIRXJYRHWr &YX[IVIJYWIXSFIPMIZIXLEXXLIFEROSJNYWXMGIMWFEROVYTX;IVIJYWI XSFIPMIZIXLEXXLIVIEVIMRWYJJMGMIRXJYRHWMRXLIKVIEXZEYPXWSJSTTSVXYRMX]SJ XLMWREXMSR%RHWS[ItZIGSQIXSGEWLXLMWGLIGOh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tWGLMPHVIR -X[SYPHFIJEXEPJSVXLIREXMSRXSSZIVPSSOXLIYVKIRG]SJXLIQSQIRX 8LMWW[IPXIVMRKWYQQIVSJXLI2IKVStWPIKMXMQEXIHMWGSRXIRX[MPPRSXTEWWYRXMP XLIVIMWERMRZMKSVEXMRKEYXYQRSJJVIIHSQERHIUYEPMX]2MRIXIIRWM\X]XLVII MWRSXERIRHFYXEFIKMRRMRK8LSWI[LSLSTIXLEXXLI2IKVSRIIHIHXSFPS[ SJJ WXIEQ ERH [MPP RS[ FI GSRXIRX [MPP LEZI E VYHI E[EOIRMRK MJ XLI REXMSR VIXYVRW XS FYWMRIWW EW YWYEP 8LIVI [MPP FI RIMXLIV VIWX RSV XVERUYMPMX] MR %QIVMGE YRXMP XLI 2IKVS MW KVERXIH LMW GMXM^IRWLMT VMKLXW 8LI [LMVP[MRHW SJ VIZSPX[MPPGSRXMRYIXSWLEOIXLIJSYRHEXMSRWSJSYVREXMSRYRXMPXLIFVMKLXHE] SJNYWXMGIIQIVKIW &YXXLIVIMWWSQIXLMRKXLEX-QYWXWE]XSQ]TISTPI[LSWXERHSRXLI [EVQXLVIWLSPH[LMGLPIEHWMRXSXLITEPEGISJNYWXMGI-RXLITVSGIWWSJKEMRMRK SYVVMKLXJYPTPEGI[IQYWXRSXFIKYMPX]SJ[VSRKJYPHIIHW0IXYWRSXWIIOXS WEXMWJ] SYV XLMVWX JSV JVIIHSQ F] HVMROMRK JVSQ XLI GYT SJ FMXXIVRIWW ERH LEXVIH ;IQYWXJSVIZIVGSRHYGXSYVWXVYKKPISRXLILMKLTPERISJHMKRMX]ERH HMWGMTPMRI;IQYWXRSXEPPS[SYVGVIEXMZITVSXIWXXSHIKIRIVEXIMRXSTL]WMGEP ZMSPIRGI %KEMR ERH EKEMR [I QYWX VMWI XS XLI QENIWXMG LIMKLXW SJ QIIXMRK TL]WMGEPJSVGI[MXLWSYPJSVGI 8LI QEVZIPSYW RI[ QMPMXERG] [LMGL LEW IRKYPJIH XLI 2IKVS GSQ QYRMX]QYWXRSXPIEHYWXSEHMWXVYWXSJEPP[LMXITISTPI*SVQER]SJSYV [LMXIFVSXLIVWEWIZMHIRGIHF]XLIMVTVIWIRGILIVIXSHE]LEZIGSQIXSVIEP M^IXLEXXLIMVHIWXMR]MWXMIHYT[MXLSYVHIWXMR]8LI]LEZIGSQIXSVIEPM^I XLEX XLIMV JVIIHSQ MW MRI\XVMGEFP] FSYRH XS SYV JVIIHSQ ;I GERRSX [EPO EPSRI %W [I [EPO [I QYWX QEOI XLI TPIHKI XLEX [I WLEPP EP[E]W QEVGL ELIEH;IGERRSXXYVRFEGO8LIVIEVIXLSWI[LSEVIEWOMRKXLIHIZSXIIWSJ GMZMPVMKLXWq;LIR[MPP]SYFIWEXMWJMIH#r;IGERRIZIVFIWEXMWJMIHEWPSRKEW XLI2IKVSMWXLIZMGXMQSJXLIYRWTIEOEFPILSVVSVWSJTSPMGIFVYXEPMX];IGER RIZIVFIWEXMWJMIHEWPSRKEWSYVFSHMIWLIEZ][MXLXLIJEXMKYISJXVEZIPGERRSX KEMR PSHKMRK MR XLI QSXIPW SJ XLI LMKL[E]W ERH XLI LSXIPW SJ XLI GMXMIW ;I GERRSXFIWEXMWJMIHEWPSRKEWXLI2IKVStWFEWMGQSFMPMX]MWJVSQEWQEPPIVKLIXXS XSEPEVKIVSRI;IGERRIZIVFIWEXMWJMIHEWPSRKEWSYVGLMPHVIREVIWXVMTTIH SJ XLIMV WIPJLSSH ERH VSFFIH SJ XLIMV HMKRMX] F] WMKRW WXEXMRK q*SV ;LMXIW 3RP]r;IGERRSXFIWEXMWJMIHEWPSRKEWE2IKVSMR1MWWMWWMTTMGERRSXZSXIERH E2IKVSMR2I[=SVOFIPMIZIWLILEWRSXLMRKJSV[LMGLXSZSXI2SRS[IEVI RSXWEXMWJMIHERH[I[MPPRSXFIWEXMWJMIHYRXMPNYWXMGIVSPPWHS[RPMOI[EXIVW ERHVMKLXISYWRIWWPMOIEQMKLX]WXVIEQ
-,EZIE(VIEQ
%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
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q;ILSPHXLIWIXVYXLWXSFIWIPJIZMHIRXXLEXEPPQIREVI GVIEXIHIUYEPr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hXLMW[MPPFIXLIHE][LIREPPSJ+SHtWGLMPHVIR[MPP FIEFPIXSWMRK[MXLRI[QIERMRKq1]GSYRXV]tXMWSJXLIIW[IIXPERHSJPMF IVX] SJ XLII - WMRK 0ERH [LIVI Q] JEXLIVW HMIH PERH SJ XLI TMPKVMQtW TVMHI JVSQ IZIV] QSYRXEMRWMHI PIX JVIIHSQ VMRKr %RH MJ %QIVMGE MW XS FI E KVIEX REXMSRXLMWQYWXFIGSQIXVYI 7SPIXJVIIHSQVMRKJVSQXLITVSHMKMSYWLMPPXSTWSJ2I[,EQTWLMVI0IX JVIIHSQVMRKJVSQXLIQMKLX]QSYRXEMRWSJ2I[=SVO0IXJVIIHSQVMRKJVSQ XLILIMKLXIRMRK%PPIKLIRMIWSJ4IRRW]PZERME 0IX JVIIHSQ VMRK JVSQ XLI WRS[GETTIH 6SGOMIW SJ 'SPSVEHS 0IX JVII HSQVMRKJVSQXLIGYVZEGISYWWPSTIWSJ'EPMJSVRME &YXRSXSRP]XLEX0IXJVIIHSQVMRKJVSQ7XSRI1SYRXEMRSJ+ISVKME
%
%44)2(-< 74))',)7*36%2%0=7-7%2((-7'977-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
0IXJVIIHSQVMRKJVSQ0SSOSYX1SYRXEMRSJ8IRRIWWII 0IXJVIIHSQVMRKJVSQIZIV]LMPPERHQSPILMPPSJ1MWWMWWMTTM*VSQIZIV]
QSYRXEMRWMHIPIXJVIIHSQVMRK %RH[LIRXLMWLETTIRW[LIR[IEPPS[JVIIHSQVMRKh[LIR[IPIXMX VMRKJVSQIZIV]ZMPPEKIERHIZIV]LEQPIXJVSQIZIV]WXEXIERHIZIV]GMX]h[I [MPPFIEFPIXSWTIIHYTXLEX HE][LIREPPSJ+SHtWGLMPHVIRFPEGOQIRERH [LMXIQIR .I[WERH+IRXMPIW4VSXIWXERXWERH'EXLSPMGW [MPPFIEFPIXSNSMR LERHWERHWMRKMRXLI[SVHWSJXLISPH2IKVSWTMVMXYEPq*VIIEXPEWX*VIIEXPEWX 8LERO+SHEPQMKLX][IEVIJVIIEXPEWXr
5YIWXMSRWSJ'YPXYVI 7ENNMH>ELMV'LMRS] 7IPHSQ HSIW E WXYHIRX GSQQIRGIQIRX EHHVIWW YTWXEKI XLI JIEXYVIH WTIEOIVh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q-tZI FIIR XS E RYQFIV SJ GSQQIRGIQIRXWr WEMH 'SPIWqFYX-tZIRIZIVLIEVHEWTIIGLUYMXIPMOIXLEXr 8LIXI\XSJXLMWWTIIGLLEWFIIRXVERWGVMFIHJVSQEZMHISVIGSVHMRKERHMWVITVMRXIH [MXLTIVQMWWMSRJVSQ7ENNMH>ELMV'LMRS]ERHXLI9RMZIVWMX]SJ6MGLQSRH%ZMHISMWEZEMP EFPIMRXLISRPMRI1IHME0MFVEV]JSVXLMWETTIRHM\EXGSRRIGXPYGEWGSQ
GSRRIGXPYGEWGSQ :MI[q5YIWXMSRWSJ'YPXYVIr MRXLISRPMRI1IHME0MFVEV]JSV XLMWETTIRHM\ :MHIS'PMT%
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
5YIWXMSRWSJ'YPXYVI
%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
1] GSYRXV] [EW HMJJIVIRX 1] GYPXYVI [EW HMJJIVIRX 1] I\TIVMIRGIW [IVI HMJJIVIRX 1] FEGOKVSYRH [EW HMJJIVIRX 1]PERKYEKI [EWHMJJIVIRX 1] EGGIRX[EWHMJJIVIRX;SYPH-IZIVJMXMR# %RHWSLIVI-[EWLMKLEFSZIXLIGPSYHWKVETTPMRK[MXLUYIWXMSRWSJ GYPXYVISJMRXIVEGXMSRSJIXLRMGMX];LEX-HMHRtXORS[[EWXLEXJIIX FIPS[SRXLIKVSYRHXLI[SVPH[EWJEGIH[MXLXLIWIZIV]WEQIUYIWXMSRWh XLIUYIWXMSRSJGYPXYVIXLIUYIWXMSRSJMRXIVEGXMSRXLIUYIWXMSRSJIXLRMGMX] %RHWS[LIXLIVQ]EMVGVEJXXSSOSJJJVSQ&SQFE][LIVIXLI,MRHYW ERHXLI1YWPMQWPMZIHXSKIXLIVMREQSWXJVEKMPITIEGI SV[LIXLIVQ]EMVGVEJX [EWSZIV%JVMGE[LIVIXLI,YXYWERH8YXWMWSJ6[ERHEERH&YVYRHMLEHPSRK WXERHMRKERMQSWMX] SV[LIXLIVQ]EMVGVEJX[EWSZIV&SWRME[LIVIXLI7IVFW XLI'VSEXWXLI1YWPMQWERHXLI&SWRMERWLEHFVSOIR]IXERSXLIVXVYGIXLI UYIWXMSR [EW XLI WEQIh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tXSJEJEGYPX]QIQFIVERH EWXYHIRXER]QSVIFYXSJX[SFYHHMIW[LSJSYKLXJMIVGIP]SZIVIZIV]TSMRXMR 4MRK4SRK 8LIXMQI-LEHEPSRKERHLSRIWXXEPO[MXLER%QIVMGERJVMIRHSRXLI IZISJEGEPGYPYWI\EQ-HMHRtXPIEVRQYGLGEPGYPYWXLEXRMKLXFYX[LEX-HMH PIEVR[EWXLEXEWHMJJIVIRXEW[IEVIhHMJJIVIRXGSYRXVMIWHMJJIVIRXGYPXYVIWHMJ JIVIRXGSRXMRIRXWhMRLIVIRXP][IEVIWXMPPXLIWEQI 8LI XMQI MR (IGIQFIV [LIR -RHME [EW LMX F] GSQQYREP VMSXW [LIRZMSPIRGIERHFPSSHWLIH[IVIFYXEJI[LYRHVIH]EVHWJVSQQ]JEQMP] ERHQ]LSQIERH[LIRQ]JERXEWXMGVSSQQEXIJVSQQ]JVIWLQER]IEVWEX YTXLIIRXMVIRMKLXKMZMRKQILSTIWXVIRKXLERHGSYVEKIEXIZIV]WXIT =IWJSYV]IEVWEJXIVXLEXFYQT]EMVGVEJXVMHI-LEZIJSYRHXLIERW[IV XSXLIUYIWXMSRSJGYPXYVI - LEZI JSYRH XLEX MX LEW XEOIR NYWX E PMXXPI YRHIVWXERHMRK NYWX E PMXXPI WIRWMXMZMX]NYWXEPMXXPI STIRQMRHIHRIWW NYWXEPMXXPI IQTEXL]SRXLITEVX SJ XLMWGSQQYRMX]hXLMW9RMZIVWMX]SJ6MGLQSRHGSQQYRMX]hXSGLERKIQ]PMJI PMOIRIZIVFIJSVI -LEZIJSYRHXLEXMXQEOIWRSHMJJIVIRGI[LEXGYPXYVI]SYJSPPS[[LEX ]SYVFEGOKVSYRHMW[LEX]SYVI\TIVMIRGIWEVI[LEXPERKYEKI]SYWTIEO[LEX EGGIRX ]SY LEZI 8LI GSQQSREPMX] SJ XLI LYQER FSRH JEV XVERWGIRHW XLIWI WYTIVJMGMEPHMJJIVIRGIW %RH ]IX PSSO EVSYRH EX XLI [SVPH XSHE] 0SSO EVSYRH EX XLI ZIV] VIKMSRWXLEX[IVIJEGIH[MXLXLIWEQIUYIWXMSRSJGYPXYVIXLEX-[EWJEGIH[MXL JSYV]IEVWEKS
%
%44)2(-< 74))',)7*36%2%0=7-7%2((-7'977-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
0SSO EX &SWRME [LIVI FIX[IIR ERH TISTPI LEH FIIR WPEYKLXIVIHh&SWRMERW 7IVFW 'VSEXW 1YWPMQWhEPP FIGEYWI XLI] GEQI JVSQEWPMKLXP]HMJJIVIRXLIVMXEKISVGYPXYVISVLMWXSV] 0SSOEX&SQFE]-RHME-RSRIQEHHIRMRK[IIOMR -RHMERWh ,MRHYW ERH 1YWPMQWhPSWX XLIMV PMZIW JMKLXMRK [MXL SRI ERSXLIV 8LI] JSYKLX SZIV E QSWUYI XLI] JSYKLX SZIV E WXVYGXYVI QEHI SJ FVMGO ERH QSVXEV 8[S XLSYWERHLYQERFIMRKWPSWXXLIMVPMZIW 0SSO EX %JVMGE [LIVI FIX[IIR ERH QMPPMSR ,YXYW ERH 8YXWMWPSWXXLIMVPMZIW.YWXGSQTVILIRHXLEXJSVEQSQIRX&IX[IIRXLIXMQI ]SY[IVIEJVIWLQERERHEWIRMSVQMPPMSRPSWXXLIMVPMZIWJMKLXMRKSZIVGYP XYVISZIVLMWXSV]SZIVFEGOKVSYRH =IWNYWXPSSOEXXLIQEHRIWW8LI[SVPHLEWJSYKLXLEVHXSLMKLPMKLX MXW HMJJIVIRGIW ;I LEZI JSVKSXXIR SYV MRLIVIRX WMQMPEVMXMIW %PP FIGEYWI [LEX [EWQMWWMRK[EWEPMXXPIYRHIVWXERHMRK.YWXEPMXXPIWIRWMXMZMX].YWXEPMXXPISTIR QMRHIHRIWW.YWXEPMXXPIIQTEXL] 8[S WMQMPEV UYIWXMSRW SJ GYPXYVI MR 8[S HMEQIXVMGEPP] STTSWMXI VIWYPXWMR %RH WS XS XLI 'PEWW SJ - WE] KS ERH HMWXMRKYMWL ]SYVWIPZIW PMOI RIZIVFIJSVI+SKIXXLIFIWXSJNSFWXLIQSWXVI[EVHMRKSJGEVIIVW+SXSXLI FIWXSJKVEHYEXITVSKVEQW%RHQEOIEVIEPHMJJIVIRGIMR]SYVGSQQYRMXMIW &YXRSXJSVSRIQSQIRXRSXJSVSRIQSQIRXIZIVJSVKIXXLIQIQSV] SJ XLIWI JSYV ]IEVWhXLI QIQSV] XLEX NYWX E PMXXPI YRHIVWXERHMRK NYWX E PMXXPI WIRWMXMZMX]NYWXEPMXXPISTIRQMRHIHRIWWNYWXEPMXXPIIQTEXL]SR]SYVTEVXGER QIER XLI HMJJIVIRGI FIX[IIR GSQTPIXI HIWTEMV JSV SRI ]SYRK FS] MR &SWRME ERHVIQEVOEFPILSTIJSVERSXLIV]SYRKFS]EX6MGLQSRH 8LERO]SY
8LI,MHHIR;SVPHSJ'LMPM4ITTIVW (S]SYORS[[LIVIGLMPMTITTIVWSVMKMREXIHERHLS[XLI]IZIRXYEPP]WTVIEHEVSYRH XLI[SVPH#;L]WSQI TITTIVWEVI WS QYGL LSXXIVXLER SXLIVW#,S[ XLILIEXSJ EGLMPM TITTIVMWQIEWYVIH#;LEXXSHSMJ]SYIEXEXSSLSXTITTIV#8LIQER]QIHMGMREPFIRIJMXW SJGLMPMTITTIVW# 8LIWI EVI NYWX E JI[ SJ XLI MRXIVIWXMRK JEGXW TVIWIRXIH MR XLI JSPPS[MRK MRJSVQEXMZI WTIIGL%W]SYVIEHXLIWTIIGLRSXMGILS[XLIWTIEOIVFPIRHWLMWXSVMGEPERHWGMIRXMJMGQEXI VMEPWXSTVSHYGIERIRXIVXEMRMRK]IXLMKLP]MRWXVYGXMZIPSSOEXGLMPMTITTIVW2SXMGIXSSLS[ XLIWTIEOIVETTPMIWXLITVMRGMTPIWSJIJJIGXMZIMRJSVQEXMZIWTIEOMRKHMWGYWWIHMR'LETXIV :MHISSJXLMWWTIIGLMWEZEMPEFPIMRXLISRPMRI1IHME0MFVEV]JSVXLMWETTIRHM\-J]SY [EXGLXLIWTIIGL]SY[MPPWIIXLEXXLIWTIEOIVYWIWERYQFIVSJ[IPPHIWMKRIHZMWYEPEMHW XSIRLERGIXLIGSQQYRMGEXMSRSJLMWMHIEW
GSRRIGXPYGEWGSQ :MI[q8LI,MHHIR;SVPHSJ'LMPM 4ITTIVWrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWETTIRHM\ :MHIS'PMT%
-QEKMRI ]SYV QSYXL FYVRMRK PMOI [MPHJMVI ]SYV I]IW WUYMVXMRK SYX YRGSRXVSPPEFPIXIEVWERH]SYVJEGIVIHERHW[IEXMRKTVSJYWIP] %VI]SYWMGO# 2S ]SY NYWX XSSO E FMXI SJ E WGVIEQMRK LSX GLMPM TITTIV 'SRKVEXYPEXMSRW =SYtVI TEVXEOMRK MR E[SVPH[MHI XVEHMXMSRXLEX LEW FIIRWTMGMRK YT PMZIW ERH HMIXWJSVXLSYWERHWSJ]IEVW 1]S[RHIWMVIJSVWTMG]QIEPWPIHQIXSMRZIWXMKEXI[L]-KIXVIHMRXLI JEGIERHWEPMZEXISZIVXLIQIVIXLSYKLXSJIEXMRKEWTMG]GLMPM-RXLITVSGIWW -tZIHMWGSZIVIHXLIVItWEPSXQSVIXSGLMPMTITTIVWXLER-tHIZIVMQEKMRIH8SHE] -tHPMOIXSWLEVI[MXL]SY[LEX-tZIPIEVRIHEFSYXXLILMWXSV]SJGLMPMTITTIVW
8LI,MHHIR;SVPHSJ'LMPM4ITTIVW
%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
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tXYRXMP'SPYQFYWGEQIMRXLI WXLEXXLIGLMPMTITTIV FIGEQIORS[RXSXLIVIWXSJXLI[SVPH%WWXEXIHMR8LI'EQFVMHKI;SVPH,MW XSV]SJ*SSH[MXLMR JMJX]]IEVWEJXIV'SPYQFYWVIXYVRIHXS7TEMR[MXLWEQTPI TPERXW GLMPM TITTIVW GSYPH FI JSYRH KVS[MRK MR GSEWXEP EVIEW JVSQ %JVMGE XS %WME*VSQXLIVIXLI]WTVIEHMRPERHYRXMPXLI]XSSOLSPHSJXLIXEWXIFYHWSJ TISTPIEVSYRH XLIKPSFI8SHE]XLI]tVIQSWX[MHIP]YWIHMR 1I\MGS'IRXVEP ERH 7SYXL %QIVMGE %JVMGE %WME XLI&EPOERW ERH XLI 9RMXIH 7XEXIW'EVSP]R (MPPI ERH 7YWER &IPWMRKIV EYXLSVW SJ 8LI 'LMPM 4ITTIV &SSO IWXMQEXI XLEX TIVGIRX SJ XLI [SVPHtW EHYPX TSTYPEXMSR YWIW GLMPM TITTIVW EW E TEVX SJ XLIMV HEMP]HMIX 2S[XLEX[IORS[ EPMXXPIFMXEFSYXXLILMWXSV]SJGLMPMTITTIVWPIXtW WII[L]XLI]GERTYXWYGLEJMVIMRSYVFIPP]8LITPIEWYVIERHTEMRMRZSPZIH MR IEXMRK GLMPM TITTIVW GSQIW JVSQ E GLIQMGEP GEPPIH GETWEMGMR 'ETWEMGMR MW GSRGIRXVEXIHMRXLITITTIVtWZIMRWERHWIIHW8SIRNS]XLIJPEZSVSJEGLMPMTIT TIV[MXLSYXFYVRMRK]SYVWXSQEGLSVQSYXLEZSMHXLIZIMRWERHWIIHW[LIR GSSOMRKSVIEXMRKXLIQ 4 ; &SWPERH XIPPW YW MR XLI FSSO 7TMGIW ,IVFW ERH )HMFPI *YRKM XLEX GLMPM TITTIV MRXIRWMX] MW QIEWYVIH MR X[S [E]W 8LI JMVWX [EW HIZIPSTIH F] ;MPFYV 0 7GSZMPPI MR 8LMW QIXLSH YWIW XVEMRIHXIWXIVW XS QIEWYVI GLMPM TITTIVWMR7GSZMPPI,IEX9RMXW8LIWIVERKIJVSQ^IVSXS%GGSVHMRKXS &SWPERHXLMWXIWXMWWYFNIGXMZIFIGEYWIMXVIPMIWSRXLIMRHMZMHYEPXIWXIVtWWIRWM XMZMX]XSGETWEMGMR 8LIWIGSRHQSVI[MHIP]YWIHXIWXMWGEPPIHXLI,MKL4IVJSVQERGI0MU YMH'LVSQEXSKVETL]XIWXQSVIGSQQSRP]ORS[REW,40'8LMWMWEPWSQIE WYVIHMR7GSZMPPI,IEX9RMXWFYXMXtWQSVISFNIGXMZI8LIGLMPMTSHWEVIHVMIH ERHKVSYRHERHXLIRXLIGLIQMGEPWVIWTSRWMFPIJSVXLILIEXEVIEREP]^IHERH VEXIHEGGSVHMRKXSTYRKIRG] 8LILSXXIWXTITTIVSRVIGSVHMWXLIHIGITXMZIP]WQEPPERHYRMQTSWMRK SVERKILEFERIVSTITTIV-XtWFIIRVEXIHEWLMKLEW7GSZMPPI,IEX9RMXW ERHMXtWWSTS[IVJYPXLEXWSQITISTPILEZIEREPPIVKMGVIEGXMSRNYWXF]XSYGLMRK MX[LMGLMW[L]-tQLSPHMRKMXF]XLIWXIQ8LIQMPHIWXTITTIVMWXLIWXERHEVH KVIIRFIPP[LMGL]SYWIIEXXLIKVSGIV]WXSVIIZIV]HE]-XtWFIIRVEXIHEX^IVS 7GSZMPPI,IEX9RMXW -J ]SY IEX ER SVERKI LEFERIVS TITTIV MXtW MQTSVXERX XS ORS[ LS[ XS HIEP [MXL XLI FYVRMRK WIRWEXMSR ;LEXIZIV ]SY HS HS RSX VMRWI ]SYV QSYXL [MXL[EXIV(EZI(I;MXXMR8LI'LMPM4ITTIV)RG]GPSTIHMEXIPPWYWGETWEMGMRMWRSX WSPYFPIMR[EXIV%RH IZIRMJ]SYHVMROEKEPPSRSJMGI[EXIVMXtWRSXKSMRKXS LIPT%GGSVHMRKXSXLI'LMPM4ITTIV-RWXMXYXIEX2I[1I\MGS7XEXI9RMZIVWMX]XLI FIWXWSPYXMSRMWXSGSRWYQIEHEMV]TVSHYGXWYGLEWQMPOSV]SKYVX[LMGLGSR XEMREWYFWXERGIXLEXWXVMTWE[E]GETWEMGMRJVSQXLIMRXIVMSVGIPPWSJ]SYVQSYXL 8LMWMW[L]WSQILSXJSSHWPMOI-RHMERJSSHWEVIWIVZIH[MXL]SKYVXWEYGI -J]SYFYVR]SYVWOMRXLI-RWXMXYXIVIGSQQIRHWGPIERMRKXLIEVIE[MXL VYFFMRK EPGSLSP ERH XLIR WSEOMRK MX [MXL QMPO %FSZI EPP VIQIQFIV X[S %
%44)2(-< 74))',)7*36%2%0=7-7%2((-7'977-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
XLMRKW *MVWXEP[E]W[IEVKPSZIW[LIR]SYGYXELSXTITTIVWYGLEWELEFERIVS 7IGSRHRIZIVVYF]SYVI]IW[LIR[SVOMRK[MXLLSXGLMPMTITTIVW %PXLSYKL GLMPM TITTIVW EVI TVM^IH EFSZI EPP JSV XLI JPEZSV XLI] EHH XS JSSHXLI]LEZISXLIVFIRIJMXWEW[IPP4ITTIVWTVE]WLEZIFIGSQIEWXERHEVH [IETSRJSVXLITIVWSREPTVSXIGXMSRSJMRHMZMHYEPWERHPE[IRJSVGIQIRXEKIR GMIW8LI2I[=SVO8MQIWVITSVXWXLEXWEPIWSJTITTIVWTVE]WLEZIVMWIRWXIEHMP] ERHWLS[RSWMKRSJWPS[MRK 'LMPMTITTIVWEVIEPWSZEPYIHJSVXLIMVQIHMGMREPTVSTIVXMIW%GGSVHMRK XS.EGO'LEPPIQ EYXLSVSJ8LI2YXVMXMSR6ITSVXIVXLIVILEZIFIIR QSVIXLER QIHMGEPWXYHMIWSRGETWEMGMRXLIEGXMZIMRKVIHMIRXMRTITTIVW1SHIVEXI HSWIWLEZIFIIRTVSZIHXSEMHHMKIWXMSRVIHYGIL]TIVXIRWMSRMQTVSZIGMVGYPE XMSR ERH LIPT HMWWSPZI FPSSH GPSXW 4VIPMQMREV] VIWIEVGL F] 4VSJIWWSV /IRNM 3OENMQE EX .ETERtW /YQEQEXS 9RMZIVWMX] 7GLSSP SJ 1IHMGMRI WYKKIWXW XLEX E GSQFMREXMSR SJ GLMPM TITTIVW ERH WS]FIERW GER TVSQSXI LEMV KVS[XL ERH QMKLXLSPHTVSQMWIEWEGYVIJSVFEPHRIWW -RGPSWMRKMXtWHMJJMGYPXXSMQEKMRISYVPMZIW[MXLSYXXLIWTMGIEHHIHF] GLMPMTITTIVW*VSQXLIMVSVMKMRWMR7SYXL%QIVMGEXSXLIMVGYVVIRXTSTYPEVMX] EVSYRHXLI[SVPHTITTIVWLEZIFIIRYWIHRSXSRP]XSJPEZSVSYVJSSHFYXEPWS XSMQTVSZISYVLIEPXLERHTIVWSREPWEJIX];LMPIMXVIQEMRWXSFIWIIR[LIXLIV SV RSX GLMPM TITTIVW GER EGXYEPP] GYVI FEPHRIWW [I GER FI WYVI XLMW ERGMIRX TPERX[MPPGSRXMRYIXSJMRHRI[YWIWMRSYVQSHIVREKI
8LI,SVVSVWSJ4YTT]1MPPW 7IZIRX]JMZIQMPPMSRHSKWEVIS[RIHEWTIXWMRXLI9RMXIH7XEXIWERHXS QMPPMSRTYT TMIWEVITYVGLEWIHIEGL]IEVEXEXSXEPGSWXSJGPSWIXSFMPPMSR1SWXGSQIJVSQPIKMXMQEXI FVIIHIVW[LSXEOIKSSHGEVISJXLIMVERMQEPW8[SXSJSYVQMPPMSRLS[IZIVGSQIJVSQTYTT] QMPPWPEVKIWGEPISTIVEXMSRWVYRWSPIP]JSVTVSJMX[MXLRSGSRGIVRJSVXLIERMQEPWtTL]WMGEPSV IQSXMSREP [IPJEVI %JXIV I\TPEMRMRK XLI TVSFPIQ SJ TYTT] QMPPW XLI JSPPS[MRK TIVWYEWMZI WTIIGLTVIWIRXWEWSPYXMSRXLEXGSQFMRIWPIKMWPEXMZIEGXMSR[MXLMRHMZMHYEPMRMXMEXMZI -REHHMXMSRXSVIEHMRKXLIWTIIGL]SYGER[EXGLMXMRXLISRPMRI1IHME0MFVEV]JSVXLMW %TTIRHM\EXGSRRIGXPYGEWGSQ%W]SY[EXGLRSXMGILS[XLIWTIEOIVYWIW4S[IV4SMRXXS TVIWIRXZMWYEPIZMHIRGISJXLIGSRHMXMSRWERMQEPWEVIWYFNIGXIHXSMRTYTT]QMPPW(S]SY XLMROXLIWTIIGL[SYPHLEZIFIIREWIJJIGXMZI[MXLSYXXLMWOMRHSJIZMHIRGI#%PPMREPPHSIW XLIWTIEOIVGSRZMRGI]SYXLEXTYTT]QMPPWEVIEWIVMSYWTVSFPIQ#(SIWLITVIWIRXEGPIEV ERH [SVOEFPI WSPYXMSR# ,S[ [IPP HSIW LI YWI XLI QIXLSHW SJ TIVWYEWMSR TVIWIRXIH MR 'LETXIV#
GSRRIGXPYGEWGSQ :MI[q8LI,SVVSVWSJ4YTT] 1MPPWrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWETTIRHM\ :MHIS'PMT%
% GSPH HEVO VSSQ -X WQIPPW HMWKYWXMRK 8LI GVIEXYVIW MR JVSRX SJ ]SY WLEOIYRGSRXVSPPEFP]TEGOIHSRISRXSTSJERSXLIVMRXMR][MVIGEKIW8SIEX XLI]LEZISRP]GVYQFWMRJVSRXSJXLIQERHXSHVMROSRP]EHMVX]FS[PSJ[EXIV 1ER]LEZII]ITVSFPIQWIEVTVSFPIQWHMWIEWIWERHMRJIGXMSRW8LI]tZIRIZIV FIIRKVSSQIH8LI]tZIRIZIVFIIRJSVE[EPO%RHXLI]tZIRIZIVWIIRXLIWYR *SVXSSQER]HSKWEGVSWW%QIVMGEXLMWMWLS[PMJIFIKMRWhMRETYTT] QMPP4YTT]QMPPWEWHIJMRIHF]XLI,YQERI7SGMIX]SJXLI9RMXIH7XEXIWEVI qQEWW HSKFVIIHMRK STIVEXMSRWr XLEX XEOI TPEGI MR qWLSGOMRKP] TSSV GSRHM XMSRWr4YTT]QMPPFVIIHIVWTVSHYGITYTTMIWJSVTVSJMXhSRP]JSVTVSJMXh[MXL PMXXPISVRSGSRGIVRJSVXLITL]WMGEPWSGMEPSVIQSXMSREPRIIHWSJXLIHSKW %W E HSK PSZIV - [EW WLSGOIH XS HMWGSZIV XLI LSVVSVW SJ TYTT] QMPPW EGVSWWXLIGSYRXV]EW-VIWIEVGLIHXLMWWTIIGL-ORS[JVSQQ]EYHMIRGIEREP]WMW
8LI,SVVSVWSJ4YTT]1MPPW
%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
UYIWXMSRREMVIWXLEXQSWXSJ]SYLEHEHSKSVERSXLIVTIX[LMPI]SY[IVIKVS[ MRKYTERHXLEX]SYFIPMIZIXLI]WLSYPHFIXVIEXIHLYQERIP]8SHE]-tPPWLS[ ]SY XLEX TYTT] QMPPW EVI RSX XVIEXMRK XLIMV ERMQEPW LYQERIP] ERH-tPP WYKKIWX WSQI[E]WSJWSPZMRKXLITVSFPIQ 4YTT] QMPPW LEZI FIIR EVSYRH JSV E PSRK XMQI FYX XLI]tZI KVS[R HVEQEXMGEPP] MR VIGIRX ]IEVW 8LI ,YQERI 7SGMIX] IWXMQEXIW XLEX XLIVI EVI QSVI XLER TYTT] QMPPW GYVVIRXP] STIVEXMRK MR XLI 9RMXIH 7XEXIW %GGSVHMRK XS 7XITLERMI 7LEMR XLI 7SGMIX]tW (MVIGXSV SJ 3YXVIEGL JSV 'SQ TERMSREFPI %RMQEPW SJ XLI XS QMPPMSR HSKW WSPH MR XLMW GSYRXV] IEGL ]IEVXSQMPPMSRGSQIJVSQTYTT]QMPPW8LEXtWHSYFPIXLIRYQFIVJVSQ SRP]EHIGEHIEKS 6EXLIVXLERTVSHYGMRKXLILIEPXL]LETT]TIXWXLEXQMPPMSRWSJJEQMPMIW HVIEQSJTYTT]QMPPWTVSHYGIHSKW[MXLGERMRILIVTIWVIWTMVEXSV]MRJIGXMSRW TEVEWMXIWWIM^YVIWERH)GSPM(SKWXLEXEVIPYGO]IRSYKLXSIWGETIXLIWIHMW IEWIWSJXIRLEZIVSXXIRXIIXLQMWWMRKI]IWSVPMQFWLMTHMWSVHIVWWOMRTVSF PIQWERHELSWXSJSXLIVHIJSVQMXMIW -R EHHMXMSR XS WYJJIVMRK JVSQ TL]WMGEP TVSFPIQW HSKW MR TYTT] QMPPW EVISJXIRIQSXMSREPP]YRWXEFPI7SQIEVIHERKIVSYWP]ZMSPIRXERHEKKVIWWMZI 3XLIVW EVI ETEXLIXMG ERH PEGO ER] HIWMVI XS MRXIVEGX [MXL TISTPI SV ERMQEPW &IGEYWI SJ XLI SZIVGVS[HMRK MR TYTT] QMPPW WSQI ERMQEPW PMXIVEPP] KS GVE^] ERHGLI[SJJXLIIEVWPIKWERHXEMPWSJSXLIVHSKW &YX ]SY GER WII JSV ]SYVWIPJ [LEX XLI HSKW LEZI XS IRHYVI ,IVItW E TMGXYVISJETYTT]QMPPTVSZMHIHF]XLI97,YQERI7SGMIX]%W]SYGERWII XLIGEKIWEVIWXEGOIHSRISRXSTSJERSXLIVERHXLIHSKWEVITEGOIHMRXSXLI GEKIWPMOIWEVHMRIWMRXSEGER8LIHSKWEVIRSXPIXSYXXSKSXSXLIFEXLVSSQ WSXLIGEKIWEVIJMPPIH[MXL[EWXIERHFIGSQIFVIIHMRKKVSYRHWJSVXLIHMWIEWIW -QIRXMSRIHIEVPMIVMRQ]WTIIGL =SYGERKIXEFIXXIVWIRWISJLS[HMWKYWXMRKTYTT]QMPPWEVIJVSQXLMW TLSXSXEOIREJXIVXLIHSKW[IVIVIQSZIHF]ERMQEPTVSXIGXMSRSJJMGMEPW=SY GERWIILS[REVVS[XLIGEKIWEVIERHLS[XLI]tVIGVEQQIHSRIEKEMRWXXLI SXLIV=SYGERWIIXLIJMPXLERHHIFVMWIZIV][LIVI *MREPP]XEOIEPSSOEXEGSYTPIMRHMZMHYEPHSKW8LIJMVWXSRIGEQIJVSQ ETYTT]QMPPLIVIMR;MWGSRWMR-X[EWWSQEPRSYVMWLIHXLEXMXGSYPHRtXWXERH YTF]MXWIPJERHMXLEHPSWXXLIJYVSREPQSWXEPPSJMXWFSH] 8LIRI\XHSK[EWMRIZIR [SVWIWLETI'SZIVIH[MXL MXW S[R JMPXLMX LEH E VEWL SJ MRJIGXMSRW ERH HMWIEWIW ERH LEH PSWX XLI WMKLX MR SRI I]I 0MOI SXLIVTYTT]QMPPHSKWMXRIZIVWE[EZIXIVMREVMERYRXMPMX[EWVIWGYIH -XtWXMQIXLEX[IWXSTXLILSVVSVWSJTYTT]QMPPWERHLIPTHSKWERHHSK S[RIVW EPMOI 7SPZMRK XLI TVSFPIQ VIUYMVIW EGXMSR SR X[S JVSRXWhPIKMWPEXMSR ERHMRHMZMHYEPMRMXMEXMZI 8LIJMVWXWXITMWJSVRI[PE[WXLEX[MPPTYXTYTT]QMPPWSYXSJFYWMRIWW 'YVVIRXPE[WWYGLEWXLI%RMQEP;IPJEVI%GXEVIMRIJJIGXMZIEXFIWX8LMWPE[ SRP] VIKYPEXIW E WQEPP RYQFIV SJ FVIIHIVW PIEZMRK GSYRXPIWW TYTT] QMPPW XS STIVEXIYRHIVXLIVEHEV ,IVItWXLIPIKMWPEXMSR-TVSTSWI-XtWFEWIHSREGSQFMREXMSRSJTVSTSW EPW XLEX LEZI FIIR TVIWIRXIH MR WIZIVEP WXEXIW %PP HSK FVIIHIVW [LS TVSHYGI QSVI XLER TYTTMIW E ]IEV WLSYPH FI VIUYMVIH XS VIKMWXIV [MXL XLIMV WXEXItW (ITEVXQIRXSJ%KVMGYPXYVI[LMGL[SYPHMRWTIGXHSKFVIIHMRKJEGMPMXMIWNYWXEW XLILIEPXLHITEVXQIRXMRWTIGXWVIWXEYVERXW &VIIHIVW [MXL HSKW MR WYFWXERHEVH GSRHMXMSRW [SYPH FI HIEPX [MXL EGGSVHMRKP]%JMVWXSJJIRWI[SYPHVIWYPXMREJMRISJ%WIGSRHSJJIRWI [SYPHVIWYPXMREJMRISJERHHE]WMRNEMP%XLMVHSJJIRWI[SYPHVIWYPX %
%44)2(-< 74))',)7*36%2%0=7-7%2((-7'977-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
MREJMRISJERH HE]WMRNEMPTPYWTIVQERIRXPSWW SJXLIFVIIHIVtW PMGIRWIMRIZIV]WXEXISJXLIYRMSR &YX PIKMWPEXMSR EPSRI [SRtX HS XLI NSF =SY ERH - EPWS LEZI E TEVX XS TPE];ILEZIXSXEOIXLITVSJMXSYXSJTYTT]QMPPWF]QEOMRKWYVI[IHSRtX TYVGLEWI HSKW TVSHYGIHF] TYTT]QMPPW ;IGER HS XLMW F] JSPPS[MRK KYMHI PMRIWPEMHSYXF]XLI,YQERI7SGMIX] *MVWXGSRWMHIVEHSTXMRKEHSKJVSQEXVYWXIHERMQEPWLIPXIVMRWXIEHSJ FY]MRKERI[HSK8LIERMQEPWLIPXIV[MPPQEOIWYVIXLIHSKMWJVIISJTL]WMGEP ERHFILEZMSVEPTVSFPIQW 7IGSRHMJ]SYHIGMHIXSFY]ERI[HSKZMWMXXLIFVIIHIVtWTVIQMWIW-J XLI FVIIHIV VIJYWIW XS PIX ]SY WII XLI TVIQMWIW SV [ERXW XS QIIX ]SY WSQI [LIVIIPWIHSRtXFY]JVSQXLEXFVIIHIV 8LMVHHSRtXFY]EHSKJVSQETIXWXSVI8LI,YQERI7SGMIX]LEWJSYRH XLEXQSWXHSKWMRTIXWXSVIWEGXYEPP]GSQIJVSQTYTT]QMPPW %RHJSYVXLHSRtXFIJSSPIHF]EHZIVXMWMRK.YWXFIGEYWIEREHTVSQMWIW XLEXEHSKLEWFIIRUYSXIqJEQMP]VEMWIHrSVLEWEqLIEPXLGIVXMJMGEXIrHSIWRtX QIER MXtW XVYI 8LMW MW IWTIGMEPP] MQTSVXERX [LIR MX GSQIW XS XLI -RXIVRIX [LIVIXLIVIMWRS[E]XSZIVMJ]XLILIEPXLSJEHSKSVXLIXVYWX[SVXLMRIWWSJE FVIIHIV -RGSRGPYWMSR-tHPMOI]SYXSMQEKMRI]SYVS[RTIXhRSQEXXIV[LEX OMRHSJERMQEPMXQMKLXFIhPMZMRKIZIRSRIHE]MRXLIGSRHMXMSRWIRHYVIHF] HSKWMRTYTT]QMPPW8LIRMQEKMRI]SYVTIXPMZMRKMRXLSWIGSRHMXMSRWHE]EJXIV HE][IIOEJXIV[IIOQSRXLEJXIVQSRXL7YVIP]]SY[SYPHRSX[ERXXLMWJSV ]SYVS[RTIX =IXIZIREW[IWMXLIVIQMPPMSRWSJHSKWEVIWYJJIVMRKJVSQXLILSVVSVW SJ TYTT] QMPPW -XtW XMQI XS WXST TYTT]QMPP FVIIHIVW JVSQ TVSJMXMRK SR XLIMV GVYIPX])ZIRMJEWXLIQSZMIXMXPIWE]WEPPHSKWKSXSLIEZIR[IWLSYPHRSX EPPS[XLIQXSWXEVXXLIMVPMZIWMRLIPP
&YVWXMRKXLI%RXMFEGXIVMEP&YFFPI (YVMRK XLI TEWX JI[ ]IEVW XLI YWI SJ LSYWILSPH ERXMFEGXIVMEP TVSHYGXW LEW KVS[R HVEQEXMGEPP]MRXLI9RMXIH7XEXIW8SHE]%QIVMGERWWTIRHQMPPMSRWSJHSPPEVWSRIZIV]XLMRK JVSQERXMFEGXIVMEPWSETWERHLERH[MTIWXSXMWWYIWWTSRKIWWLEQTSSWERHIZIRGLMPHVIRt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
GSRRIGXPYGEWGSQ :MI[q&YVWXMRKXLI%RXMFEGXIVMEP &YFFPIrMRXLISRPMRI1IHME 0MFVEV]JSVXLMWETTIRHM\ :MHIS'PMT%
-RXLIJMPQ8LI&S]MRXLI4PEWXMG&YFFPIEFS]FSVR[MXLEHIJMGMIRXMQQYRI W]WXIQMWJSVGIHXSPMZIMREKIVQJVIIIRZMVSRQIRXXSTVIZIRXLMQJVSQGSRXVEGX MRKMRJIGXMSRW,MWVSSQMWWIEPIHEKEMRWXFEGXIVMEERHZMVYWIWLMWJSSHMWWTIGMEPP] TVITEVIHERHLMWSRP]LYQERGSRXEGXGSQIWMRXLIJSVQSJKPSZIHLERHW
&YVWXMRKXLI%RXMFEGXIVMEP&YFFPI
%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
8SHE]QMPPMSRWSJ%QIVMGERWEVIXV]MRKXSFYMPHEFYFFPIEVSYRHXLIQ WIPZIWERHXLIMVJEQMPMIWXSOIITSYXKIVQW8LIFYFFPIMWRSXQEHISJTPEWXMG LS[IZIVFYXSJFMPPMSRW SJ HSPPEVW[SVXLSJERXMFEGXIVMEP LERH[MTIWXMWWYIW WSETWERHWTSRKIW &IJSVI - WXYHMIH ERXMFEGXIVMEP TVSHYGXW MR Q] TYFPMG LIEPXL GPEWW - EP[E]W YWIH ERXMFEGXIVMEP LERH WSETW ERH ERXMFEGXIVMEP EPPWYVJEGI GPIERIV JSV Q] ETEVXQIRX - EPWS ORS[ JVSQ Q] GPEWW WYVZI] XLEX TIVGIRX SJ ]SY YWI ERXMFEGXIVMEPWSETWGPIERIVWERHSXLIVTVSHYGXW &YXEJXIVPIEVRMRKEFSYXXLIWYFNIGXMRGPEWWERHVIEHMRKVIWIEVGLWXYH MIWJSVXLMWWTIIGL-tQLIVIXSXIPP]SYXLEXXV]EW[IQMKLX[IGERRSXFYMPH E FYFFPI FIX[IIR SYVWIPZIW ERH KIVQW [MXL ERXMFEGXIVMEP TVSHYGXW ERH XLEX XLIWITVSHYGXWEGXYEPP]GVIEXIQSVITVSFPIQWXLERXLI]WSPZI%JXIVPSSOMRKEX XLITVSFPIQWGVIEXIHF]ERXMFEGXIVMEPTVSHYGXW[It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tWXS]WLEZIFIIRGSEXIH[MXLERXMFEGXIVMEP GLIQMGEPW8LI2I[=SVO8MQIWGEPPWXLIERXMFEGXIVMEPGVE^IqXLIFMKKIWXQEVOIX MRKGSYTWMRGIFSXXPIH[EXIVr 8LIVItWRSHSYFXXLEXERXMFEGXIVMEPTVSHYGXWEVITSTYPEV[MXLGSRWYQ IVWFYXXLIVIMWEKVIEXHIEPSJHSYFXEFSYX[LIXLIVXLI]tVIIJJIGXMZIMRWXST TMRK XLI WTVIEH SJ KIVQW )PEMRI 0EVWSR EWWSGMEXI HIER SJ XLI 'SPYQFME 9RMZIVWMX]7GLSSPSJ2YVWMRKWXYHMIH JEQMPMIW[LSYWIHERXMFEGXIVMEPTVSH YGXWERHJSYRHXLEXXLI][IVINYWXEWPMOIP]XSKIXJIZIVWWSVIXLVSEXWGSYKLW VEWLIWERHWXSQEGLTVSFPIQWEWJEQMPMIW[LSYWIHVIKYPEVTVSHYGXW0EVWSRtW JMRHMRKWEVIIGLSIHF])VMG/YTJIVFIVKEWWSGMEXIHMVIGXSVSJXLI,EVZEVH7GLSSP JSV 4YFPMG ,IEPXL [LS WXEXIW q%RXMQMGVSFMEP TVSHYGXW HSRtX WMKRMJMGERXP] IPMQMREXIXLIRYQFIVSJKIVQW]SYIRGSYRXIVSREHEMP]FEWMWr 2SVHSERXMFEGXIVMEPTVSHYGXWTVIZIRXXLIXVERWQMWWMSRSJHMWIEWIWWYGL EWGSPHWERHJPYW;L]#&IGEYWIXLIWIMPPRIWWIWGSQIJVSQZMVYWIWRSXJVSQFEG XIVME%RXMFEGXIVMEPTVSHYGXWHSRtXOMPPZMVYWIW%W(V0EVWSRI\TPEMRWq1SWXSJ XLIMRJIGXMSRWLIEPXL]TISTPIKIXEVIGSPHWJPYERHHMEVVLIEGEYWIHF]ZMVYWIWrh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q8LI [E] [I WXE] LIEPXL] MW F] PS[HSWI I\TSWYVI XS FEGXIVME ERH ZMVYWIW =SY RIIH XS I\IVGMWI ]SYV MQQYRI W]WXIQ MR XLI WEQI [E] ]SY RIIH XS I\IVGMWI ]SYV QYWGPIW XS FI JMX -J ]SY HSRtX HS XLEX ]SYV
%
%44)2(-< 74))',)7*36%2%0=7-7%2((-7'977-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
MQQYRI W]WXIQ HSIWRtXLEZI E GLERGI XS HS FEXXPI [LIR MXIRKEKIW [MXL ER MRJIGXMSRr 8LI TVSFPIQW GEYWIH F] ERXMFEGXIVMEP TVSHYGXW EVI WS WIVMSYW XLEX (V 1]VSR+IRIPGLEMVQERSJXLI%QIVMGER1IHMGEP%WWSGMEXMSRtWGSYRGMPSRWGM IRXMJMGEJJEMVWJIEVWSRIVIWYPXQE]FIXLIGVIEXMSRSJERXMFMSXMGVIWMWXERXFEGXI VMEqXLEXEVIPEVKIP]YRXVIEXEFPIFIGEYWIXLI]EVIVIWMWXERXXSI\MWXMRKHVYKWr %RHXLEXt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tZIWIIRXLIWIVMSYWRIWWSJXLITVSFPIQPIXtWPSSOEXWSQI WSPYXMSRW *MVWX[IRIIHJIHIVEPPIKMWPEXMSRVIKYPEXMRKXLIYWISJLSYWILSPHERXM FEGXIVMEP TVSHYGXW .YWXEW XLI *SSHERH (VYK%HQMRMWXVEXMSRLEW VIKYPEXMSRW GSRXVSPPMRK XLIYWISJERXMFMSXMGWWSXSSWLSYPHMXMRWXMXYXIVIKYPEXMSRWGSR XVSPPMRKXLIYWISJERXMFEGXIVMEPTVSHYGXW ;I HSRtX PIX TISTPI TYVGLEWI ERXMFMSXMGW [MXLSYX E HSGXSVtW TVIWGVMT XMSR ERH XLIVItW RS VIEWSR [I WLSYPH EPPS[ QEOIVW SJ WSET XMWWYIW LERH [MTIWXSSXLFVYWLIWERHSXLIVTVSHYGXWXSEHHTS[IVJYPERXMFEGXIVMEPEKIRXW [MXLSYX SZIVWMKLX JVSQ XLI *SSH ERH (VYK %HQMRMWXVEXMSR +MZIR XLI TVSF PIQWFIMRKGEYWIHF]XLIWITVSHYGXWMXMWXMQIJSVXLIJIHIVEPKSZIVRQIRXXS XEOIEGXMSR 7IGSRH [I EPP RIIH XS XEOI EGXMSR EW GSRWYQIVW 1SWX SFZMSYWP] [I RIIH XS WXST FY]MRK XLIWI TVSHYGXW 8LI FIWX [E] XS EZSMH KIVQW WE]W XLI 'IRXIVW JSV (MWIEWI 'SRXVSP MW XS [EWL ]SYV LERHW JSV i WIGSRHW [MXL TPEMRWSETERH[EXIV -RJEGXEWXYH]EXXLI9RMZIVWMX]SJ2SVXL'EVSPMREJSYRHXLEX[EWLMRK ]SYVLERHW[MXLWSETERH[EXIVMWQSVIIJJIGXMZIEXKIXXMRKVMHSJKIVQWXLER YWMRKERXMFEGXIVMEPLERH[MTIW)QMP]7MGOFIVX&IRRIXXETYFPMGITMHIQMSPSKMWX ERH GSEYXLSV SJ XLI WXYH] I\TPEMRW XLEX [LIR ]SY YWI WSET ERH [EXIV XLI KIVQW KS HS[R XLI HVEMR FYX [MXL [EXIVPIWW ERXMFEGXIVMEP LERH [MTIW q]SY RIZIVVMRWI]SYVLERHW=SYEVINYWXVYFFMRKEGLIQMGEPMRXS]SYVLERHERH PIXXMRKMXHV]r -RGSRGPYWMSR%QIVMGERWWTIRHQMPPMSRWSJHSPPEVWIZIV]]IEVSRTVSH YGXW XLEXTVSQMWI XSqOMPPKIVQWSRGSRXEGXr &YXEW[I LEZI WIIR XSHE]XLI ERXMFEGXIVMEPGVE^IMWEQEVOIXMRKGSYTVEXLIVXLER ETVSZIR[E] SJWXSTTMRK IMXLIVXLIWTVIEHSJKIVQWSVXLIMRGMHIRGISJGSPHWJPYWERHSXLIVZMVYWFSVRI MPPRIWWIW;SVWIXLIWITVSHYGXWETTIEVXSGSRXVMFYXIXSLIEPXLTVSFPIQWERH XLI]EVIGVIEXMRKIRZMVSRQIRXEPTVSFPIQWMRXLI97[EXIVWYTTP]8LIJIHIVEP KSZIVRQIRX WLSYPH WXEVX VIKYPEXMRK XLIWI TVSHYGXW ERH [I EW GSRWYQIVW WLSYPHWXSTXLVS[MRKSYVQSRI]E[E]SRXLIQ ;I RIIH XS VIWMWX XLI JEPWI RSXMSR XLEX [I GER YWI XLIWI TVSHYGXW XS GVIEXIEFYFFPIEVSYRHSYVWIPZIWXSOIITSYXKIVQWERHHMWIEWI-RWXIEH[IGER FYVWXXLIFYFFPISJQEVOIXIVW[LSEVIWIPPMRKYWEJEPWIFMPPSJKSSHWERHXLIR [IGERXLSVSYKLP][EWLSYVLERHWSJXLI[LSPIQIWW
&YVWXMRKXLI%RXMFEGXIVMEP&YFFPI
%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
8LI9PXMQEXI+MJX
GSRRIGXPYGEWGSQ :MI[q8LI9PXMQEXI+MJXrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMT%
%WXLI6IH'VSWWWXEXIWq&PSSHMWPMOIETEVEGLYXI-JMXtWRSXXLIVI[LIR]SYRIIHMX GLERGIWEVI]SYtPPRIZIVRIIHMXEKEMRr%PXLSYKL%QIVMGERWXEOIMXJSVKVERXIHXLEXXLI] [MPPFIEFPIXSKIXEXVERWJYWMSR[LIRIZIVXLI]RIIHSRIFPSSHHSREXMSRWLEZIHMTTIHWS PS[MRVIGIRX]IEVWXLEXEWIVMSYWREXMSR[MHIWLSVXEKIGSYPHVIWYPXq;LIR]SYRIIHWYV KIV] [LIR ]SY RIIH GERGIV XVIEXQIRX [LIR E [SQER KMZIW FMVXLh[I EPP EWWYQI XLI FPSSH[MPPFIXLIVIrWE]W(V%VXLYV'ETPERSJXLI9RMZIVWMX]SJ4IRRW]PZERMEq=SYGERtX QEOIXLEXEWWYQTXMSRER]QSVIr 8LI JSPPS[MRK WTIIGL KMZIR F] E WXYHIRX EX XLI 9RMZIVWMX] SJ ;MWGSRWMR YVKIW XLI EYHMIRGIXSFIGSQIVIKYPEVFPSSHHSRSVW0MOIQER]WTIIGLIWXLEXWIIOMQQIHMEXIEGXMSR XLMW SRI JSPPS[W 1SRVSItW QSXMZEXIH WIUYIRGI %W ]SY VIEH MX WXYH] LS[ XLI WTIEOIV HIZIPSTW IEGL WXIT MR XLI QSXMZEXIH WIUYIRGI ,S[ HSIW WLI KEMR XLI EXXIRXMSR SJ LIV PMWXIRIVW#(SIWWLITVIWIRXEGSRZMRGMRKGEWIXLEXXLIVIMWERIIHJSVFPSSHHSRSVW#-WLIV TPERI\TPEMRIHMRWYJJMGMIRXHIXEMP#,S[HSIWWLIZMWYEPM^IXLIFIRIJMXWSJLIVTPER#(SIW LIVGEPPJSVEGXMSRLEZIWXVSRKTIVWYEWMZIETTIEP# -REHHMXMSRXSVIEHMRKXLMWWTIIGL]SYGER[EXGLXLIZMHISMRXLISRPMRI1IHME0MFVEV] JSVXLMWETTIRHM\EXGSRRIGXPYGEWGSQ %VI]SYEXPIEWX]IEVWSPH#(S]SY[IMKLQSVIXLERTSYRHW#(S ]SYGSRWMHIV]SYVWIPJJEMVP]LIEPXL]# -J]SYERW[IVIH]IWXSEPPSJXLIWIUYIWXMSRW]SYWLSYPHFIHSREXMRK FPSSHIZIV]X[SQSRXLW-RQ]WYVZI]SJXLIGPEWW-JSYRHXLEXSRP]TIV GIRXSJ]SYLEZIIZIVHSREXIHFPSSHERHXLEXSRP]SYXSJSJ]SYHSREXI SREVIKYPEVFEWMW8LIPEGOSJTEVXMGMTEXMSRSJIPMKMFPIHSRSVWMWEWIVMSYWTVSF PIQXLEXVIUYMVIWMQQIHMEXIEGXMSR8LVSYKLI\XIRWMZIVIWIEVGLERHX[S]IEVW SJJEMXLJYPP]HSREXMRKFPSSH-LEZIGSQIXSVIEPM^IXLIQEKRMXYHISJXLMWTVSF PIQERHNYWXLS[IEW]XLIWSPYXMSRGERFI 8SHE] - [SYPH PMOI XS WLS[ [L] FPSSH HSRSVW EVI MR WYGL HIWTIVEXI RIIHERHIRGSYVEKI]SYXSXEOIEGXMSRXSGSQFEXXLMWRIIH0IXt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tW,SWTMXEP&VSSOItWXVIEXQIRX[MPPVIUYMVI FPSSHTVSHYGXW[MXLEVITPEGIQIRXZEPYISJ YRMXWSJFPSSHSJ[LMGLSRP] YRMXWLEZIFIIRVITPEGIH7LIWXMPPRIIHWQSVIXLERYRMXWSJFPSSHXS GSRXMRYILIVXVIEXQIRX-J WLIHSIWRtXVIGIMZIXLMWFPSSHWLI[MPPRSXPMZIXS EXXIRH OMRHIVKEVXIR XS KS XS XLI TVSQ MR LMKL WGLSSP SV XS KIX QEVVMIHh PY\YVMIW[IEPPXSSSJXIRXEOIJSVKVERXIH
%
%44)2(-< 74))',)7*36%2%0=7-7%2((-7'977-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
'EWIWPMOI&VSSOItWEVIFIGSQMRKEPPXSSGSQQSRXLIWIHE]W[MXLSRP] MRIPMKMFPI%QIVMGERWHSREXMRKFPSSHERHXLIHSRSVVEXIHVSTTMRKWXIEHMP] EXTIVGIRXERRYEPP]8LIWIJEGXWEVITEVXMGYPEVP]HMWXVIWWMRKGSRWMHIVMRKXLEX RIEVP]LEPJSJYWLIVI[MPPVIGIMZIFPSSHWSQIXMQIMRSYVPMZIW =SYGERRS[WIIXLIQEKRMXYHISJXLITVSFPIQ[MXLXLIPEGOSJFPSSH HSREXMSRW*SVXYREXIP]MXMWETVSFPIQXLEXGERFIIEWMP]WSPZIH)EGLERHIZIV] SRISJ]SYGERFITEVXSJXLIWSPYXMSR%PP]SYLEZIXSHSXSWEZITVMGIPIWWPMZIW MWKSXSXLIRIEVIWX6IH'VSWWERHHSREXI]SYVFPSSH *SVXLSWISJ]SY[LSLEZIRIZIVHSREXIHFPSSHFIJSVIXLITVSGIWWMW WSWMQTPIERHIEW]*MVWX]SYJMPPSYXEHSRSVMRJSVQEXMSRJSVQXLEXEWOW]SY UYIWXMSRWEFSYX]SYVWI\YEPLMWXSV]ERHLIEPXL=SY[MPPXLIRVIGIMZIEQMRM TL]WMGEP8LI][MPPXEOIEHVSTSJFPSSHJVSQ]SYVJMRKIVXSQIEWYVIXLITIV GIRXSJVIHGIPPWMR]SYVFPSSH8LIRXLI][MPPXEOI]SYVFPSSHTVIWWYVIEW[IPP EW]SYVXIQTIVEXYVIERHTYPWI 7SRSXSRP]EVI ]SYWEZMRK PMZIW F] HSREXMRK FPSSH]SYEVIEPWSGLIGOMRKSR]SYVS[R %JXIV ]SYV TL]WMGEP ]SY [MPP FI EWOIH JVSQ [LMGL EVQ ]SY TVIJIV XS HSREXI 8LIR ]SY [MPP FI EWOIH XS PMI SR E HSRSV GLEMV % WXEJJ QIQFIV [MPP GPIER]SYVEVQERHMRWIVXEWXIVMPIRSRVIYWEFPIRIIHPIWSXLIVIMWRS[E]XS GSRXVEGX%-(7JVSQHSREXMRKFPSSH%JXIVETMRXSJ]SYVFPSSHLEWFIIRXEOIR [LMGL YWYEPP] XEOIW EFSYX QMRYXIW ]SY [MPP FI EWOIH XS VIWX JSVXS QMRYXIW[LMPI]SYIRNS]NYMGIERHGSSOMIW8LITVSGIWWMWSZIVERHMRIMKLX [IIOW]SYGERHSREXIEKEMR 1ER]SJ]SYQE]FIWGEVIHEXXLIXLSYKLXSJXLIERXMGMTEXIHTEMRERH RIIHPIW-EHQMX-[EWXIVVMJMIHXLIJMVWXXMQI-KEZIFPSSHFYXXLIR-VIEPM^IH- [EW WGEVIH SZIV RSXLMRK 8LI I\XIRX SJ XLI TEMR EW XLI] MRWIVX XLI RIIHPI MW IUYMZEPIRXXSWSQISRIWGVEXGLMRK]SYVEVQJSVEFVMIJWIGSRHERH[LMPIXLI RIIHPIMWMR]SYVEVQ]SYHSRtXJIIPEXLMRK%RHEW-WXEXIHFIJSVIMXMWMQTSW WMFPIXSGSRXVEGX%-(7JVSQHSREXMRKFPSSH 2S[ XLEX ]SY ORS[ LS[ IEW] ERH WEJI XLI WSPYXMSR MW XS XLI PEGO SJ FPSSHHSREXMSRWPIXtWXEOIEPSSOEXNYWXLS[QYGLHMJJIVIRGI]SYVHSREXMSRW GERQEOI)ZIV]YRMXSJFPSSH]SYHSREXIGERLIPTWEZIYTXSXLVIIPMZIW=SY WII XLI FPSSH ]SY HSREXI MW HMZMHIH XLVII [E]Wh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hSRISJXLSWIPMZIWGSYPHFIXLEX SJEJVMIRHEJEQMP]QIQFIVSVIZIR]SYVS[RWMRGI]SYGERRS[HSREXIMR EHZERGISJ]SYVS[RWYVKIV] 2S[ XLEX ]SY ORS[ [LEX E HMJJIVIRGI NYWX SRI HSREXMSR GER QEOI - [ERXXSIRGSYVEKI]SYXSXEOIEGXMSR-YVKI]SYXSXEOIEWXERHERHFIGSQIE VIKYPEVFPSSHHSRSV*SVX]JMZIQMRYXIWSYXSJ]SYVHE]MWEWQEPPTVMGIXSTE] JSVXLIPMJIXMQISJWEXMWJEGXMSR]SYVIGIMZIF]ORS[MRK]SYQE]LEZIWEZIHE PMJI-J]SYLEZIRIZIVHSREXIHFPSSHFIJSVITYPPHIITMRWMHI]SYVWIPJXSJMRH WSQI GSYVEKI ERH FIGSQI E TVSYH [IEVIV SJ XLI q- EQ E JMVWX XMQI FPSSH HSRSVrWXMGOIV-J]SYLEZIHSREXIHFIJSVIXLMROFEGOXSXLIJIIPMRKSJTVMHI ]SYVIGIMZIHJVSQQEOMRK]SYVHSREXMSR *MREPP]-EWOEPPSJ]SYXSXLMROSJEPSZIHSRI]SYLSPHWSHIEVXS]SYV LIEVX -QEKMRI XLI] RIIH E FPSSH XVERWJYWMSR ERH XLIVI MW E WLSVXEKI SJ
8LI9PXMQEXI+MJX
%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
HSREXMSRW XLEX HE] WS XLI] GERtX VIGIMZI XLI XVIEXQIRX XLI] WS HIWTIVEXIP] RIIHhNYWXPMOI&VSSOIXLIXLVII]IEVSPHKMVP-XEPOIHEFSYXIEVPMIV+SXSXLI RIEVIWX 6IH 'VSWW MR 1EHMWSR [LMGL MW SR 7LIFS]KER %ZIRYI SV EXXIRH XLI RI\XFPSSHHVMZILIVISRGEQTYW8LIWIHVMZIWEVILIPHMRZEVMSYWTEVXWSJGEQ TYWMRGPYHMRKXLIHSVQW-RJEGXXLIRI\XHVMZI[MPPFILIPHMRXLI3KK6IWM HIRGI,EPPMRX[S[IIOW 4PIEWIXEOIXLMWSTTSVXYRMX]XSWEZIPMZIWERHQEOI]SYVWIPJJIIPPMOIE QMPPMSRFYGOW+MZIXLIYPXMQEXIKMJXhXLIKMJXSJPMJI(SREXIFPSSH
1]'VE^]%YRX7YI
GSRRIGXPYGEWGSQ :MI[q1]'VE^]%YRX7YIrMRXLI SRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\ :MHIS'PMT%
8LIEMQSJEGSQQIQSVEXMZIWTIIGLMWXSTE]XVMFYXIXSETIVWSREKVSYTSJTISTPI ERMRWXMXYXMSRSVERMHIE-RXLIJSPPS[MRKWXYHIRXWTIIGLXLIWTIEOIVGSQQIQSVEXIWLIV EYRX7YIERHLIVLIVSMGFEXXPIEKEMRWXXLIHIFMPMXEXMRKHMWIEWISJVLIYQEXSMHEVXLVMXMW %W ]SY VIEHXLIWTIIGL RSXMGI XLEX MXMW RSX E FMSKVETL] XLEX WMQTP] VIGSYRXWXLI HIXEMPWSJEYRX7YItWPMJI-RWXIEHMXJSGYWIWSRLIVGSYVEKILIVWIRWISJLYQSVERHLIV VIJYWEP XSGSQTPEMR EFSYXLIV JEXI 8LI WTIEOIVTVSZMHIW IRSYKL HIXEMPWXS QEOIGPIEV [L] LIV EYRX MW WS GSQQIRHEFPI FYX LIV YPXMQEXI TYVTSWI MW XS MRWTMVI XLI EYHMIRGI VEXLIV XLER XS MRJSVQ MX 8LI WTIEOIV EPWS YWIW ZMZMH PERKYEKI VITIXMXMSR ERH TEVEPPIP WXVYGXYVIXS KMZIXLI WTIIGLXLIOMRH SJJSVQEPXSRIETTVSTVMEXIJSVEGSQQIQSVEXMZI WTIIGL -REHHMXMSRXSVIEHMRKXLMWWTIIGL]SYGERZMI[MXMRXLISRPMRI1IHME0MFVEV]JSVXLMW ETTIRHM\EXGSRRIGXPYGEWGSQ 8LIWXVSRKIWXTIVWSR-ORS[GERRSXTIIPETSXEXS8LIWXVSRKIWXTIVWSR -ORS[LEWXVSYFPITYXXMRKSRLIVQEOIYT8LIWXVSRKIWXTIVWSR-ORS[RIIHW EWTIGMEPOI]LSPHIVXSXYVRXLIOI]MRLIVGEVtWMKRMXMSR *SV XLI TEWX ]IEVW Q] ]IEVSPH EYRX 7YI LEW FIIR PMZMRK [MXL VLIYQEXSMHEVXLVMXMWETEMRJYPP]HIFMPMXEXMRKHMWIEWIMR[LMGLXLINSMRXWSJXLI FSH] FIGSQI MRXIRWIP] MRJPEQIH HYI XS XLI MQQYRI W]WXIQtW EGXMZMX] =IX HIWTMXI XLI HEMP] XSVQIRXW SJ XLMW HMWIEWI Q] EYRX 7YI MW WXVSRKIV XLER ER] [SQERSVQER-LEZIIZIVQIX 2SX E QSQIRX TEWWIW XLEX Q] EYRX 7YI MW RSX GSRJVSRXIH [MXL XLMW HIQSRSJEHMWIEWIERHVIQMRHIHSJLIVHMWEFMPMX]XLVSYKLXLITMPPWWLIQYWX XEOIERHXLITEMRWLIQYWXIRHYVI-XLYVXWXSWXERHMXLYVXWXS[EPOMXLYVXW XSWMX%JXIVERMRJMRMXIRYQFIVSJJEMPIHQIHMGEXMSRWEYRX7YIMWRS[YRHIVKS MRKLIVQSWXEKKVIWWMZIXVIEXQIRX[LMGLMRGPYHIW[IIOP]SVEPGLIQSXLIVET] %JXIVLEPJEHS^IRWYVKIVMIWLIVJVEMPFSH]MWMRRIIHSJWXMPPQSVI %RH ]IX HIWTMXI EPP SJ XLMW - GERtX VIGEPP IZIV LIEVMRK LIV GSQTPEMR EFSYX LIV JEXI %JXIV EPP XLI MRHMKRMXMIW ERH MRGSRZIRMIRGIW LIV MPPRIWW LEW XLVS[REXLIVQ]EYRX7YIWXMPPJMRHWXLIIRIVK]XSHIZSXIQYGLSJLIVXMQI RSXXSLIVWIPJFYXXSXLSWIPIWWJSVXYREXIXLERLIV8LMWTEWX8LEROWKMZMRKJSV I\EQTPIWLILIPTIHSVKERM^IEHMRRIVJSVQSVIXLERTSSVERHLSQIPIWW TISTPI1]EYRX7YI[LSLEWLIVQIHMGEXMSRWTYXMRRSRGLMPHTVSSJGSRXEMR IVWWSWLIGERSTIRXLIQLIPTIHGSSVHMREXIEHMRRIVJSVXLSWIMRRIIH 8LITMGXYVI-LEZITEMRXIHSJQ]EYRX7YIXLYWJEVMWSJEOMRH[SQER E HIXIVQMRIH [SQER E [EVQLIEVXIH [SQER [LSWI S[R WYJJIVMRK WIIQW MRGSRWIUYIRXMEP[LIRGSQTEVIHXSXLEXSJSXLIVW8LMWMWEPPGSQTPIXIP]XVYI FYXXLIVIMWWSQIXLMRKIPWIEFSYXQ]EYRX7YIXLEXQEOIWQIEHQMVILIVWS %GXYEPP]MXtW[LEXQEOIWQIPSZILIVEWQYGLEW-HS
%
%44)2(-< 74))',)7*36%2%0=7-7%2((-7'977-32
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
%TTIRHM\ 7TIIGLIWJSV %REP]WMWERH(MWGYWWMSR
8LI1G+VE[n,MPP 'SQTERMIW
%XJMZIJIIXX[SMRGLIWERHTSYRHW[MXLXLIWTYROSJEXIIREKIV WLI MRXVSHYGIWLIVWIPJ EW q'VE^] 7YIrhERHWSQIXMQIW-tHLEZIXS EKVII[MXL LIV 7SQILS[ WLI MW EFPI XS ETTVSEGL XLMW HIQSRMG HMWIEWI [MXL E WIRWI SJ LYQSV%RHRSXNYWXER]WIRWISJLYQSV1]EYRX7YIMWSRISJXLIJYRRMIWX TISTPI-ORS[ =IEVW EKS [LIR XLI HMWIEWI FIKER XS LMX LIV VIEPP] LEVH SRI SJ XLI EXXSVRI]WEXLIVPE[JMVQEWOIH[L]WLI[EWPMQTMRK7LIXSPHLMQWLIJIPPSJJ EXVETI^ITIVJSVQMRKLIV[IIOIRHLSFF]hERHLIFIPMIZIHLIV*SPPS[MRKER EROPI WTVEMR ERH JYVXLIV GSQTPMGEXMSRW LIV EROPI FIGEQI HIJSVQIH ERH XLI EVGLSJLIVJSSXGSQTPIXIP]GSPPETWIH;LIVIEWQSWXTISTPI[SYPH[EPPS[MR XLIMVQMWIV]EYRX7YIGEPPWMXLIVqGEVXSSRJSSXr 1] EYRX 7YI LEW QEHI E TSWMXMZI MQTVIWWMSR SR GSYRXPIWW TISTPI XLVSYKLSYXLIVPMJIFYX-LSTIWLIORS[WLS[QYGLSJERMQTVIWWMSRWLILEW QEHISRQIhERHLS[QYGL-EHQMVILIV -GSQTPEMREFSYXXVYHKMRKXLVSYKLXLIWRS[XSGPEWWFYX-tQ[EPOMRK TEMRJVII-GSQTPEMREFSYXHVMZMRKQ]JVMIRHWEVSYRHXS[RFYX-tQWXIIVMRK XLI[LIIPTEMRJVII-GSQTPEMREFSYXXLIJMREPI\EQW-tPPLEZIXS[VMXIFYX- LEZIXLIQSFMPMX]MRQ][VMWXXS[VMXITEMRJVII-LEZIPIEVRIHJVSQQ]EYRX 7YIXLEX-RIIHXSHSEFIXXIVNSFEFSYXFIMRKLETT]JSVXLIXLMRKWXLEX-LEZI VEXLIVXLER[SVV]MRKEFSYXXLIRSXWSTIVJIGXXLMRKWMRQ]PMJI %YRX7YIQE]GEPPLIVWIPJGVE^]FYX-GEPPLIVTLIRSQIREPhENS]XSFI EVSYRHERHEVIQMRHIVXLEXLEZMRKETL]WMGEPHMWEFMPMX]MRRS[E]HMQMRMWLIW ETIVWSRtWWTMVMXSVMRRIVFIEYX]
1]'VE^]%YRX7YI
%
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
2SXIW
8LI1G+VE[n,MPP 'SQTERMIW
2SXIW
'LETXIV
4IVMGPIWUYSXIHMR6MGLEVH;LEXIP])PIQIRXWSJ6LIXSVMG XLIH 0SRHSR .SLR;4EVOIV T %PFIVX6/EVVq%7TIGMEP2I[W6ITSVX%FSYX0MJISRXLI .SFERH8VIRHW8EOMRK7LETI8LIVIr;EPP7XVIIX.SYVREP (IGIQFIV T% %RHVI[%>IOIVMq'SPPIKI 'YVVMGYPYQ'SQTIXIRGMIWERH7OMPPW*SVQIV7XYHIRXW *SYRH)WWIRXMEPXS8LIMV'EVIIVWr'SPPIKI7XYHIRX.SYVREP TTi 7XITLERMI%VQSYVq*EMPYVIXS'SQQYRMGEXI'SWXP]JSV 'SQTERMIWr97%8SHE]%TVMP T& 1MHKI 'SWXER^EUYSXIHMR7LEVSR2IPWSRq%HHVIWWJSV7YGGIWWr 2EXMSRtW&YWMRIWW *IFVYEV] TTi +ISVKI%/IRRIH]'SQTEVEXMZI6LIXSVMG %R,MWXSVMGEPERH 'VSWW'YPXYVEP-RXVSHYGXMSR 2I[=SVO 3\JSVH9RMZIVWMX] 4VIWW *SVERI\GIPPIRXWIPIGXMSRSJ[SVOWJVSQXLIJMKYVIWHMW GYWWIHMRXLMWERHXLITVIZMSYWTEVEKVETLWII4EXVMGME &M^^IPPERH&VYGI,IV^FIVK IHW 8 LI6LIXSVMGEP8VEHM XMSR 6IEHMRKWJVSQ'PEWWMGEP8MQIWXSXLI4VIWIRXRHIH 2I[=SVO &IHJSVH7X1EVXMRtW +ISJJVI]&VI[IVq7REOIW8ST0MWXSJ%QIVMGERWt*IEVWr +EPPYT2I[W7IVZMGI*IFVYEV] %PI\&P]XLq,S[ XS+IXXLI1SWX3YXSJ4YFPMG7TIEOMRK8VEMRMRKr 8VEMRMRK1EKE^MRI .YRI T (ERMIP+SPIQERq7SGMEP%R\MIX] 2I[*SGYW0IEHWXS -RWMKLXWERH8LIVET]r2I[=SVO8MQIW(IGIQFIV 'MGIVS(I3VEXSVIXVERW);7YXXSR 'EQFVMHKI1% ,EVZEVH9RMZIVWMX]4VIWW T\\ZM (MKF].SRIWq4YFPMG7TIEOMRK8IWXWXLI2IVZIWSJ1SWX (MVIGXSVWr&MVQMRKLEQ4SWX%YKYWX 5YSXIHMR&IVX)&VEHPI]*YRHEQIRXEPWSJ7TIIGL'SQQY RMGEXMSR 8LI'VIHMFMPMX]SJ-HIEWXLIH (YFYUYI-% ;'&VS[R T )PE]RI7]RHIV7TIEOJSV=SYVWIPJh;MXL'SRJMHIRGI 2I[ =SVO 2I[%QIVMGER0MFVEV] T 7LEVSR%WGLEMIOq'SRUYIV=SYV*IEVSJ4YFPMG7TIEO MRKr8SVSRXS7YR1EVGL %RYQFIVSJWXYHMIWLEZIWLS[RXLEXXEOMRKETYFPMG WTIEOMRKGSYVWIMWIJJIGXMZIMRVIHYGMRKWXEKIJVMKLX 7IIJSVI\EQTPI6EPTL6&ILROIERH'LVMW67E[]IV q4YFPMG7TIEOMRK%R\MIX]EWE*YRGXMSRSJ7IRWMXM^EXMSR ERH,EFMXYEXMSR4VSGIWWIWr'SQQYRMGEXMSR)HYGEXMSR i 0MPP];EPXIVW7IGVIXWSJ7YGGIWWJYP7TIEOIVW 2I[=SVO 1G+VE[,MPP TTi 7II7XIZIR9RKIVPIMHIV1IRXEP8VEMRMRKJSV4IEO4IVJSVQERGI VIZIH )QQEYW4% 6SHEPI&SSOW .SI%]VIW8MQ,STJERH(IFFMI1%]VIWq:MWYEPM^EXMSR ERH4IVJSVQERGI:MWYEPM^EXMSR %TTPMGEXMSRW)ZMHIRGI
ERH7TIGYPEXMSRrMR.SLR%(EP].EQIW'1G'VSWOI] .SI%]VIW8MQ,STJERH(IFFMI1%]VIW IHW %ZSMHMRK 'SQQYRMGEXMSR 7L]RIWW6IXMGIRGIERH'SQQYRMGEXMSR %TTVILIRWMSRRHIH 'VIWWOMPP2. ,EQTXSR4VIWW TTi (MGO'EZIXXUYSXIHMR7XIZI%PPIR,S[XS1EOIE7TIIGL 2I[=SVO 1G+VE[,MPP T *SVQSVIHIXEMPSRXLIMHIEWMRXLMWTEVEKVETLWII 1MGLEIP81SXPI]3ZIVGSQMRK=SYV*IEVSJ4YFPMG7TIEOMRK %4VSZIR1IXLSH &SWXSR ,SYKLXSR1MJJPMR 'LVMW67E[]IVERH6EPTL6&ILROIq6IHYGXMSRMR 4YFPMG7TIEOMRK7XEXI%R\MIX](YVMRK4IVJSVQERGIEWE *YRGXMSRSJ7IRWMXM^EXMSR4VSGIWWIWr'SQQYRMGEXMSR 5YEVXIVP] i *SVQSVIHIXEMPSRXLIHMQIRWMSRWSJGVMXMGEPXLMROMRK WII12IMP&VS[RIERH7XYEVX1/IIPI]%WOMRKXLI 6MKLX5YIWXMSRW %+YMHIXS'VMXMGEP8LMROMRK XLIH 9TTIV7EHHPI6MZIV2. 4IEVWSR4VIRXMGI,EPP *SVXLIXVERWJIVIRGISJGVMXMGEPXLMROMRKWOMPPWJVSQTYFPMG WTIEOMRKXSSXLIVEGXMZMXMIWWII1MOI%PPIR7ERHVE &IVOS[MX^7XIZI,YRXERH%PPIR0SYHIRq%1IXE %REP]WMWSJXLI-QTEGXSJ*SVIRWMGWERH'SQQYRMGEXMSR )HYGEXMSRSR'VMXMGEP8LMROMRKr'SQQYRMGEXMSR)HYGE XMSR i *SVSXLIVQSHIPWSJXLIWTIIGLGSQQYRMGEXMSRTVSGIWW WII7XITLIR;0MXXPINSLRERH/EVIR%*SWW8LISVMIWSJ ,YQER'SQQYRMGEXMSR XLIH &IPQSRX'% 8LSQWSR ;EHW[SVXL )Q+VMJJMR%*MVWX0SSOEX'SQQYRM GEXMSR8LISV]XLIH 2I[=SVO 1G+VE[,MPP .SLR)PWSRq8LI+VIEX1MKVEXMSRr8MQI *EPP T 1IPZMPPIUYSXIHMR6SREPH8EOEOM%(MJJIVIRX 1MVVSV %,MWXSV]SJ1YPXMGYPXYVEP%QIVMGE &SWXSR 0MXXPI &VS[R T 7II1MGLEIP&EVSRI8 LI2I[%QIVMGERW ,S[XLI1IPXMRK 4SX'ER;SVO%KEMR 2I[=SVO 6IKRIV] &IR.;EXXIRFIVK8 LI*MVWX9RMZIVWEP2EXMSR 0IEHMRK-RHM GEXSVWERH-HIEW%FSYXXLI7YVKISJ%QIVMGEMRXLI W 2I[=SVO *VII4VIWW *SVEQSVIXLISVIXMGEP TIVWTIGXMZIWII7XITLIR&'VSJXq6IXLMROMRK2EXMSR EPMX]MRXLI'SRXI\XSJ+PSFEPM^EXMSRr'SQQYRMGEXMSR 8LISV] i ;MPPMEQ&+YH]OYRWXERH=SYRK=YR/MQ'SQQYRMGEX MRK[MXL7XVERKIVW %R%TTVSEGLXS-RXIVGYPXYVEP'SQQYRM GEXMSRXLIH 2I[=SVO 1G+VE[,MPP T *SVQSVIHIXEMPSRKIWXYVIWERHSXLIVEWTIGXWSJMRXIVGYP XYVEPGSQQYRMGEXMSRWII*VIH).ERHX%R-RXVSHYGXMSR XS-RXIVGYPXYVEP'SQQYRMGEXMSR -HIRXMXMIWMRE+PSFEP 'SQQYRMX]XLIH 8LSYWERH3EOW'% 7EKI %HETXIHJVSQ6SKIV)%\XIPP IH (StWERH8EFSSW %VSYRHXLI;SVPHVHIH 2I[=SVO .SLR;MPI]ERH 7SRW T
2
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
2SXIW
1]VSR;0YWXMKERH.SPIRI/SIWXIV-RXIVGYPXYVEP'SQTI XIRGI -RXIVTIVWSREP'SQQYRMGEXMSR%GVSWW'YPXYVIWXL IH &SWXSR %PP]RERH&EGSR TTi *SVEGSQTVILIRWMZIVIZMI[SJWGLSPEVWLMTSRQYPXMGYPXYV EPMWQERHGSQQYRMGEXMSRWII;MPPMEQ&+YH]OYRWX ERH&IPPE1SSH] IHW ,ERHFSSOSJ-RXIVREXMSREPERH -RXIVGYPXYVEP'SQQYRMGEXMSRRHIH 8LSYWERH3EOW '% 7EKI
'LETXIV
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i /IRRIXL&PERGLEVHERH2SVQER:MRGIRX4IEPI8 LI4S[IV SJ)XLMGEP1EREKIQIRX 2I[=SVO &EPPERXMRI&SSOW T .SWITL+MFEPHM10%,ERHFSSOJSV;VMXIVWSJ6IWIEVGL 4ETIVWXLIH 2I[=SVO 1SHIVR0ERKYEKI%WWSGME XMSRSJ%QIVMGE T 1IVV]*MVWGLIMRq7GLSSP'LMIJ'EPPW7TIIGLs%R)VVSVMR .YHKQIRXtr8 LI6IGSVH.YRI q7YTIVMRXIRHIRXtW 7TIIGL7XMVW8EPOSJ4PEKMEVMWQr2I[=SVO8MQIW.YRI 1IVV]*MVWGLIMRq8IEGLIVW;SVVMIH%FSYX &SWWtW0EWX=IEVr8 LI6IGSVH.YRI &VYGI4IVV]1EPGSPQ 8LI0MJISJXLI1ER;LS'LERKIH &PEGO%QIVMGE 8EVV]XS[R2= 7XEXMSR,MPP T 8LIGVIHSMWEZEMPEFPIEX[ [[REXGSQSVKRGE8IQTPEXI EWT#FMH! 7II[ [[REXGSQSVKRGE8IQTPEXIEWT#FMH!
'LETXIV
0EVV]&EVOIVERH/MXXMI;EXWSR0MWXIR9T ;LEX=SYtZI 2IZIV,IEVH%FSYXXLI3XLIV,EPJSJ)ZIV]'SRZIVWEXMSR 2I[=SVO 7X1EVXMRtW T 1MGLEIP42MGLSPW8 LI0SWX%VXSJ0MWXIRMRK 2I[=SVO +YMPJSVH 7II0]QER/7XIMPERH6MGLEVH/&SQQIPNI0MWXIRMRK 0IEHIVW 8LI8IR+SPHIR6YPIWXS0MWXIR0IEHERH7YGGIIH )HMRE12 &IEZIVtW4SRH4VIWW &IZIVP](EZIRTSVX7]TLIV6SFIVX2&SWXVSQERH.S] ,EVX7IMFIVXq0MWXIRMRK'SQQYRMGEXMSR%FMPMXMIWERH 7YGGIWWEX;SVOr.SYVREPSJ&YWMRIWW'SQQYRMGEXMSR i 7IIXLIWXYHMIWGMXIHF]%RHVI[(;SPZMRERH'EVSP]R +[]RR'SEOPI]q%7YVZI]SJXLI7XEXYWSJ0MWXIRMRK 8VEMRMRKMR7SQI*SVXYRI'SVTSVEXMSRWr'SQQY RMGEXMSR)HYGEXMSR ;SPZMRERH'SEOPI]q7YVZI]SJXLI7XEXYWSJ0MWXIRMRK 8VEMRMRKri
2
8LI1G+VE[n,MPP 'SQTERMIW
7IIJSVI\EQTPI6MGO&SQQIPNI.SLR1,SYWXSRERH 6SFIVX7QMXLIVq4IVWSREPMX]'LEVEGXIVMWXMGWSJ)JJIGXMZI 0MWXIRIVW %*MZI*EGXSV4IVWTIGXMZIr-RXIVREXMSREP.SYV REPSJ0MWXIRMRK i %RHVI[;;SPZMRERH'EVSP]R+[]RR'SEOPI]0MWXIR MRKXLIH (YFYUYI-% &VS[RERH&IRGLQEVO TTi *SVQSVISRXLMWTSMRXWII:MVKMRME3t/IIJI(IZIPSTMRK 'VMXMGEP8LMROMRK 8LI7TIEOMRK0MWXIRMRK'SRRIGXMSR 4SVXWQSYXL2, &S]RXSR'SSO .YHM&VS[RIPP0MWXIRMRK %XXMXYHIW4VMRGMTPIWERH7OMPPW VHIH &SWXSR1% 4IEVWSR%PP]RERH&EGSR T 0SYMW2M^IV1]0MJIMR'SYVX 2I[=SVO (SYFPIHE] TT i %HETXIHJVSQ0]QER/7XIMP0EVV]0&EVOIVERH/MXXMI ;;EXWSR)JJIGXMZI0MWXIRMRK 6IEHMRK1% %HHMWSR ;IWPI] +ISVKI,4YXREQ%FVELEQ0MRGSPR 2I[=SVO 4YXREQ TTi 17GSXX4IGO8 LI6SEH0IWW8VEZIPIH %2I[4W]GLSPSK]SJ 0SZI8VEHMXMSREP:EPYIWERH7TMVMXYEP+VS[XLXLERRM ZIVWEV]IH 2I[=SVO 8SYGLWXSRI&SSOW T 6SFIVX-RKVEQq7SYRH7SPYXMSRWJSV6MWMRK,IEPXLGEVI 'SWXWr:MXEP7TIIGLIW i 7II6EPTL+2MGLSPWERH0ISREVH%7XIZIRW%VI=SY0MW XIRMRK# 2I[=SVO 1G+VE[,MPP TTi 8LMWGPEWWMG[SVOWXMPPLEWQYGLSJZEPYIXSWE]EFSYXMXW WYFNIGX 7IIJSVI\EQTPI6SFIVX0;MPPMEQWERH%PER')KKIVX q2SXIXEOMRKMR'SPPIKI'PEWWIW 7XYHIRX4EXXIVRWERH -RWXVYGXMSREP7XVEXIKMIWr.SYVREPSJ+IRIVEP)HYGEXMSR i *SVSRIWXYH]XLEXGSRJMVQWXLIQYPXMTPIFIRIJMXWSJRSXI XEOMRKWII&7GSXX8MXW[SVXLERH/IRRIXL%/MI[VE q7TSOIR3VKERM^EXMSREP0IGXYVI'YIWERH7XYHIRX 2SXIXEOMRKEW*EGMPMXEXSVWSJ7XYHIRX0IEVRMRKr'SR XIQTSVEV])HYGEXMSREP4W]GLSPSK] i
'LETXIV
7IIMRKXLIWTIIGLGPEWWVSSQEWEVIEPEYHMIRGIMWEPWS MQTSVXERXFIGEYWIMXIRKEKIWWXYHIRXWMREJSVQSJVLI XSVMGEPEGXMZMX]XLEXMWZMXEPXSTEVXMGMTEXSV]HIQSGVEG] 7II6SWE%)FIVP]q6LIXSVMGERHXLI%RXM0SKSW (SYKLFEPP 8IEGLMRK(IPMFIVEXMRK&SHMIWXLI4VEGXMGIW SJ4EVXMGMTEXSV](IQSGVEG]r6LIXSVMGERH4YFPMG%JJEMVW 5YSXIHMR,EPJSVH66]ERq,EVV])QIVWSR*SWHMGOrMR &IVREVH/(YJJ]ERH,EPJSVH66]ER IHW %QIVMGER 3VEXSVWSJXLI8[IRXMIXL'IRXYV] 2I[=SVO +VIIR[SSH 4VIWW T 7EYP%PMRWO]6YPIWJSV6EHMGEPW 2I[=SVO 6ERHSQ,SYWI T *SVEFVSEHIVHMWGYWWMSRSJKIRHIVMWWYIWMRGSQQYRMGE XMSRWII.YPME8;SSH+IRHIVIH0MZIW 'SQQYRMGEXMSR +IRHIVERH'YPXYVI XLIH &IPQSRX'% 8LSQWSR ;EHW[SVXL (MERE/-Z]ERH4LMP&EGOPYRH )\TPSVMRK+IRHIV7TIEO 4IVWSREP)JJIGXMZIRIWWMR+IRHIV 'SQQYRMGEXMSRXLIH &SWXSR1% 4IEVWSR%PP]R ERH&EGSR q*IVVEVStW*PYFr2I[=SVO(EMP]2I[W1EVGL
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
2SXIW
(MERE0)GO%2I[6IPMKMSYW%QIVMGE 2I[=SVO ,EVTIV 'SPPMRW T 6IWIEVGLWLS[WXLEXWTIEOIVWEVIYWYEPP]QSVITIVWYEWMZI [LIRXLI]EXXIQTXXSVIJYXISTTSWMRKEVKYQIRXWVEXLIV XLERMKRSVMRKXLIQ7II6MGLEVH14IVPSJJ8 LI (]REQMGWSJ4IVWYEWMSR 'SQQYRMGEXMSRERH%XXMXYHIWMR XLIWX'IRXYV]VHIH 2I[=SVO 0E[VIRGI)VPFEYQ %WWSGMEXIW TT i
'LETXIV
*SVQSVIHIXEMPSR-RXIVRIXVIWIEVGLWII1EYVE(7LE[ 1EWXIVMRK3RPMRI6IWIEVGL %'SQTVILIRWMZI+YMHI 'MR GMRREXM3, ;VMXIVtW(MKIWX&SSOW 6ERHSPTL ,SGO8 LI)\XVIQI7IEVGLIVtW-RXIVRIX,ERHFSSO %+YMHI JSVXLI7IVMSYW6IWIEVGLIVRHIH 1IHJSVH2. ']FIV %KI&SSOW 8LIWIGVMXIVMEEVIEHETXIHJVSQ7LIVMHER0MFVEVMIWq)ZEPY EXMRK-RJSVQEXMSR*SYRHSRXLI-RXIVRIXr.SLRW,ST OMRW9RMZIVWMX];IF.YP] *SVQSVIMRJSVQEXMSRSRGSRHYGXMRKVIWIEVGLMRXIVZMI[W WII.SLR&VEH]8 LI-RXIVZMI[IVtW,ERHFSSO%+YIVVMPPE +YMHI 8IGLRMUYIWJSV6ITSVXIVWERH;VMXIVW ;EYOIWLE ;- ;VMXIV&SSOW 'LEVPIW.7XI[EVXERH;MP PMEQ&'EWL.V-RXIVZMI[MRK 4VMRGMTPIWERH4VEGXMGIW XLIH 2I[=SVO 1G+VE[,MPP TVSZMHIW MRWMKLXSRZEVMSYWMRXIVZMI[X]TIWERHWMXYEXMSRW *SVERMRXIVIWXMRKWXYH]XLEXGSRJMVQWXLII\XIRXXS [LMGLXLITVSGIWWSJVIWIEVGLMRKERHHIZIPSTMRK WTIIGLIWGEREJJIGXXLIFIPMIJWERHEXXMXYHIWSJWXYHIRX WTIEOIVWWII&EVFEVE1EI+E]PIq8VERWJSVQEXMSRWMRE 'MZMP(MWGSYVWI4YFPMG7TIEOMRK'PEWW 7TIEOIVWtERH 0MWXIRIVWt%XXMXYHI'LERKIr'SQQYRMGEXMSR)HYGEXMSR i *SVQSVISRXLITVMRGMTPIWERHTVEGXMGISJEGEHIQMG VIWIEVGLWII;E]RI'&SSXL+VIKSV]+'SPSQFERH .SWITL1;MPPMEQW8 LI'VEJXSJ6IWIEVGLVHIH 'LM GEKS 9RMZIVWMX]SJ'LMGEKS4VIWW
8LI1G+VE[n,MPP 'SQTERMIW
4VIWW TVSZMHIWEJEWGMREXMRKPSSOEXXLIYWI ERHQMWYWISJWXEXMWXMGW*SVEQSVIXIGLRMGEP ETTVSEGLWII2IMP.7EPOMRH7XEXMWXMGWJSV4ISTPI;LS 8LMRO8LI] ,EXI7XEXMWXMGWVHIH 8LSYWERH3EOW '% 7EKI &SF4ETTIVq%6YRJSVXLI1SRI]r682(%'SQQYRMGE XSV 1E].YRI TTi 1%PPIR6&VYJPEX6*YGMPPE1/VEQIV71G/IPPMTW (.6]ERERH17TMIKIPLSJJq8IWXMRKXLI4IVWYEWMZI RIWWSJ)ZMHIRGI 'SQFMRMRK2EVVEXMZIERH7XEXMWXMGEP *SVQWr'SQQYRMGEXMSR6IWIEVGL6ITSVXW i *SVVIWIEVGLGSRJMVQMRKXLIMQTSVXERGISJGMXMRKWSYVGIW [LIRTVIWIRXMRKIZMHIRGIWII6SHRI]%6I]RSPHWERH .0]RR6I]RSPHWq)ZMHIRGIrMR.EQIW4VMGI(MPPEVH ERH1MGLEIP4JEY IHW 8 LI4IVWYEWMSR,ERHFSSO (IZIPSTQIRXWMR8LISV]ERH4VEGXMGI 8LSYWERH3EOW '% 7EKI TT i 7II6MGLEVH14IVPSJJ8 LI(]REQMGWSJ4IVWYEWMSR 'SQ QYRMGEXMSRERH%XXMXYHIWMRXLIWX'IRXYV]VHIH 2I[=SVO 0E[VIRGI)VPFEYQ TTi
'LETXIV
)VRIWX'8LSQTWSRq%R)\TIVMQIRXEP-RZIWXMKEXMSRSJ XLI6IPEXMZI)JJIGXMZIRIWWSJ3VKERM^EXMSREP7XVYGXYVI MR3VEP'SQQYRMGEXMSRr7SYXLIVR7TIIGL.SYVREP TT i ,EVV]7LEVT.VERH8LSQEW1G'PYRKq)JJIGXWSJ3VKE RM^EXMSRSRXLI7TIEOIVtW)XLSWr7TIIGL1SRSKVETLW TT i *SVVIGIRXWXYHMIWWII&7GSXX8MXW[SVXLq7XYHIRXWt 2SXIXEOMRK 8LI)JJIGXWSJ8IEGLIV-QQIHMEG]ERH 'PEVMX]r'SQQYRMGEXMSR)HYGEXMSR TTi .SWITL0'LIWIFVSq)JJIGXWSJ8IEGLIV'PEVMX] ERH2SRZIVFEP-QQIHMEG]SR7XYHIRX0IEVRMRK 6IGIMZIV%TTVILIRWMSRERH%JJIGXr'SQQYRMGEXMSR )HYGEXMSR TTi
'LETXIV
'LETXIV
7IIJSVI\EQTPI2YVMX8EP3V(EZMH7&SRMRKIV%QMV 4SVERERH*EMXL+PIMGLIVq'SYRXIVJEGXYEP8LMROMRKEW E1IGLERMWQMR2EVVEXMZI4IVWYEWMSRr,YQER'SQQY RMGEXMSR6IWIEVGL i -[SYPHPMOIXSXLEROWX'IRXYV]ERH'LMRE(EMP]JSVTIV QMWWMSRXSMRGPYHIXLMWI\GIVTXJVSQ7YR=ERtWWTIIGL MRXLISRPMRI1IHME0MFVEV]JSVXLMWIHMXMSRSJ8 LI%VX SJ4YFPMG7TIEOMRK )PPMSX%VSRWSR8 LI7SGMEP%RMQEPXLIH 2I[=SVO ;SVXL TT i 8LMWTSMRX[EWQEHIF].EQIW%;MRERWMRLMWGPEWWMG 7TIIGL1EOMRK 2I[=SVO %TTPIXSR'IRXYV]'VSJXW T 3ZIVXLI]IEVWXLIVILEWFIIRQYGLHIFEXISZIV[LIXLIV WXEXMWXMGWSVI\EQTPIWLEZIQSVIMQTEGXSRPMWXIRIVW *SVEVIGIRXWXYH]XLEXEHHVIWWIWXLMWWYFNIGXWII)RR] (EW4IXIV/IVOLSJERH.S]GI/YMTIVq-QTVSZMRKXLI )JJIGXMZIRIWWSJ*YRHVEMWMRK1IWWEKIW 8LI-QTEGXSJ 'LEVMX]+SEP%XXEMRQIRX1IWWEKI*VEQMRKERH)ZM HIRGISR4IVWYEWMSRr.SYVREPSJ%TTPMIH'SQQYRMGEXMSR 6IWIEVGL TTi .SIP&IWX1SVI(EQRIH0MIWERH7XEXMWXMGW ,S[2YQFIVW 'SRJYWI4YFPMG-WWYIW &IVOIPI] 9RMZIVWMX]SJ'EPMJSVRME
.YHMXL7/E]Iq+EXLIVMRK(VIEQWERH+MZMRK8LIQ 0MJIr:MXEP7TIIGLIW TT i 6SFIVX71YIPPIV---q'LMPH4SVRSKVETL]ERHXLI-RXIV RIX 4VSXIGXMRKXLI1SWX:YPRIVEFPI%QSRK9Wr:MXEP 7TIIGLIW TTi (SVSXL]7EVRSJJ7TIIGL'ER'LERKI=SYV0MJI +EVHIR 'MX]2= (SYFPIHE] T 7EVRSJJ7TIIGL'ER'LERKI=SYV0MJIT
'LETXIV
6SFIVX83PMZIV,MWXSV]SJ4YFPMG7TIEOMRKMR%QIVMGE &SW XSR %PP]RERH&EGSR T 3PMZIV,MWXSV]SJ4YFPMG7TIEOMRKT
'LETXIV
(SVSXL]7EVRSJJ7TIIGL'ER'LERKI=SYV0MJI 2I[=SVO (SYFPIHE] T %RRQEVMI1YRKSq%'LMPH-W&SVRr;MRRMRK3VEXMSRW 1EROEXS12 -RXIVWXEXI3VEXSVMGEP%WWSGMEXMSR TT i %HETXIHJVSQ6MGLEVH'SRRMJJq=SY2IZIV/RS[;LEX XLI*MVI%RX-W+SMRKXS(S2I\Xr7QMXLWSRMER.YP] T
2
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
2SXIW
)H[EVH&PMWW.V IH -R7IEVGLSJ0MKLX 8LI&VSEHGEWXWSJ )H[EVH61YVVS[ i 2I[=SVO /RSTJ T ;MPPMEQ7EJMVI3R0ERKYEKI 2I[=SVO 8MQIW&SSOW T\MZ 6SWEPMI1EKKMS8EPOMRK%FSYX4ISTPI %+YMHIXS*EMVERH %GGYVEXI0ERKYEKI 4LSIRM\%> 3V]\4VIWW T
'LETXIV
-VZMRK&EVXPIXX;IRHIPP4LMPPMTW &SWXSR&VELQMR &SWXSR &IEGSR4VIWW T %'VEMK&EMVH6LIXSVMG %4LMPSWSTLMGEP-RUYMV] 2I[=SVO 6SREPH4VIWW T (ERMIP.3t/IIJI4IVWYEWMSR 8LISV]ERH6IWIEVGLRHIH 8LSYWERH3EOW'% 7EKI T .EQIW.S]GIq'LEQFIV1YWMG<<<:rJVSQ'SPPIGXIH 4SIQWIH,EVV]0IZMR 2I[=SVO :MOMRK i 6ITVMRXIHF]TIVQMWWMSRSJ4IRKYMR4YXREQ-RG (SVSXL]7EVRSJJ7TIIGL'ER'LERKI=SYV0MJI +EVHIR 'MX]2= (SYFPIHE] T *SVQSVIHIXEMPWII;EPX;SPJVEQERH&IR;EVH IHW %QIVMGER:SMGIW ,S[(MEPIGXW(MJJIVJVSQ'SEWXXS'SEWX 1EPHIR1% &PEGO[IPP *SVEQSVIHIXEMPIHKYMHISRZSGEPGSQQYRMGEXMSRGSRWYPX 0]PI:1E]IV*YRHEQIRXEPWSJ:SMGIERH(MGXMSRXLIH 2I[=SVO 1G+VE[,MPP 7II1EVO0/RETTERH.YHMXL%,EPP2SRZIVFEP'SQQYRM GEXMSRMR,YQER-RXIVEGXMSRXLIH &IPQSRX'% ;EHW[SVXL TTi 6MGLEVH14IVPSJJ8 LI(]REQMGWSJ4IVWYEWMSR 'SQQYRM GEXMSRERH%XXMXYHIWMRXLIWX'IRXYV]VHIH 2I[ =SVO 0E[VIRGI)VPFEYQ TTi *SVQSVISRQEREKMRKUYIWXMSRERHERW[IVWIWWMSRW GSRWYPX8LSQEW*'EPGEKRM8SYKL5YIWXMSRWh+SSH %RW[IVW 8EOMRK'SRXVSPSJ%R]-RXIVZMI[ 7XIVPMRK:% 'ETMXEP&SSOW
8LI1G+VE[n,MPP 'SQTERMIW
%TTIRHM\
.SI(S[RMRKERH'IGMPI+EVQSRq8IEGLMRK7XYHIRXWMR XLI&EWMG'SYVWI,S[XS9WI4VIWIRXEXMSR7SJX[EVIr 'SQQYRMGEXMSR)HYGEXMSR T 0MRHE 1ELMRq4S[IV4SMRX4IHEKSK]r&YWMRIWW'SQQYRMGEXMSR 5YEVXIVP] TT i ,IVFIVX;0SZIPEGIq8LI1IHMYQ-W1SVI8LERXLI 1IWWEKIr-RJSVQEXMSR[IIOGSQ .YP] T 7IIJSVI\EQTPI(EZMH+0IZEWWIYVERH./ERER7E[ ]IVq4IHEKSK]1IIXW4S[IV4SMRX %6IWIEVGL6IZMI[ SJXLI)JJIGXWSJ'SQTYXIV+IRIVEXIH7PMHIWMRXLI 'PEWWVSSQr6IZMI[SJ'SQQYRMGEXMSR TTi *SVQSVIMRJSVQEXMSRGLIGOXLI'ST]VMKLXERH-QEKI 1EREKIQIRX;IFWMXI [[[YXW]WXIQIHYSKG MRXIPPIGXYEPTVSTIVX]MQEKILXQIPIG ERHXLI'ST]VMKLX &EWMGWTEKI [[[PMFVEV][MWGIHYGST]VMKLXFEWMGWLXQP
'LETXIV
.SLR6.SLRWSRERH2ERG]7^G^YTEOMI[MG^q8LI4YFPMG 7TIEOMRK'SYVWI -W-X4VITEVMRK7XYHIRXW[MXL;SVO 6IPEXIH4YFPMG7TIEOMRK7OMPPW#r'SQQYRMGEXMSR)HYGE XMSR TTi %RHVI[(;SPZMRERH (MERE'SVPI]q8LI8IGLRMGEP7TIIGL'SQQYRMGEXMSR 'SYVWI %:MI[JVSQXLI*MIPHr%WWSGMEXMSRJSV'SQQY RMGEXMSR%HQMRMWXVEXMSR&YPPIXMR TT i 6MGLEVH)1E]IV7LIVV]*IRRIPP0MRHWE]*EVQIVERH .YPMI'EQTFIPPq%4IVWSREPM^EXMSR)JJIGXMR1YPXMQIHME 0IEVRMRK 7XYHIRXW0IEVR&IXXIV;LIR;SVHW%VIMR 'SRZIVWEXMSREP7X]PI6EXLIV8LER*SVQEP7X]PIr.SYVREP SJ)HYGEXMSREP4W]GLSPSK] TT i .SWITL'SRVEHq=SYXL %2EVVEXMZIrMR7EQYIP,]RIW IH 'SPPIGXIH7XSVMIWSJ.SWITL'SRVEH ,STI[IPP2. )GGS4VIWW T .EQIW,YQIW6SPIW7TIEOIVW4PE] 2I[=SVO ,EVTIVERH 6S[ T
'LETXIV
'LETXIV
*SVEGSQTIRHMYQSJVIWIEVGLSRXLMWWYFNIGXWII6MGL EVH)1E]IV IH 'EQFVMHKI,ERHFSSOSJ1YPXMQIHME 0IEVRMRK 2I[=SVO 'EQFVMHKI9RMZIVWMX]4VIWW (SYKPEW6:SKIP+EV];(MGOWSRERH.SLR%0ILQER 4IVWYEWMSRERHXLI6SPISJ:MWYEP4VIWIRXEXMSR7YTTSVX 8LI 9117XYH] 1MRRIETSPMW 9RMZIVWMX]SJ1MRRIWSXE 7GLSSPSJ1EREKIQIRX 7II7XITLIR*I[7LS[1IXLI2YQFIVW (IWMKRMRK8EFPIW ERH+VETLWXS)RPMKLXIR 3EOPERH'% %REP]XMGW4VIWW JSVEREYXLSVMXEXMZIPSSOEXXLIEVXSJWXEXMWXMGEP KVETLMGW *SVVIWIEVGLSRXLMWTSMRXWII6MGLEVH)1E]IVERH 'LIV]P-.SLRWSRq6IZMWMRKXLI6IHYRHERG]4VMRGMTPI MR1YPXMQIHME0IEVRMRKr.SYVREPSJ)HYGEXMSREP4W]GLSP SK] TT i 'PEYH]RI;MPHIV8 LI4VIWIRXEXMSRW/MX 7XITWJSV7IPPMRK =SYV-HIEWVIZIH 2I[=SVO ;MPI] T %HETXIHJVSQ)VMG%;EPOIVq%FSYXXLIs(IEXLtSJER )RKMRIIVr'IRXVI(EMP]8MQIW%TVMP *SVEHHMXMSREPMRJSVQEXMSRSRXLIIJJIGXMZIYWISJZMWYEP EMHWWII+EVV6I]RSPHW4VIWIRXEXMSR>IR 7MQTPI-HIEWSR 4VIWIRXEXMSRERH(IPMZIV] &IVOIPI]'% 2I[6MHIVW 4VIWW
2
8LIVIEVIQER]GSQTIXMRKHIJMRMXMSRWSJTIVWYEWMSR 1MRIMWHVE[RJVSQ+IVEPH61MPPIVq3R&IMRK4IV WYEHIH 7SQI&EWMG(MWXMRGXMSRWrMR.EQIW4VMGI(MP PEVHERH1MGLEIP4JEY IHW 8 LI4IVWYEWMSR,ERHFSSO (IZIPSTQIRXWMR8LISV]ERH4VEGXMGI 8LSYWERH3EOW '% 7EKI TTi %QERHE&IRRIXXq)GSRSQMGW1IIXMRK!%>MPPMSR 'EYWIWERH)JJIGXWr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i 8LIVIMWEKVIEXHIEPSJVIWIEVGLGSRJMVQMRKXLIRIIHJSV TIVWYEWMZIWTIEOIVWXSERW[IVTSXIRXMEPSFNIGXMSRWXS XLIMVEVKYQIRXW7IIJSVI\EQTPI'LEWY%RERH
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
2SXIW
1MGLEIP4JEYq8LI)JJMGEG]SJ-RSGYPEXMSRMR8IPIZMWIH 4SPMXMGEP(IFEXIWr.SYVREPSJ'SQQYRMGEXMSR i *SVEWYTIVFPSSOEXXLIVIWIEVGLSRGSYVXVSSQTIVWYE WMSRWII.SLR'6IMREVHq4IVWYEWMSRMRXLI0IKEP7IX XMRKrMR(MPPEVHERH4JEY4IVWYEWMSR,ERHFSSO TTi 6MGLEVH14IVPSJJ8 LI(]REQMGWSJ4IVWYEWMSR 'SQQYRM GEXMSRERH%XXMXYHIWMRXLIWX'IRXYV]VHIH 2I[ =SVO 0E[VIRGI)VPFEYQ TTi (ERMIP.3t/IIJI4IVWYEWMSR 8LISV]ERH6IWIEVGLRHIH 8LSYWERH3EOW'% 7EKI TT i 7IIJSVI\EQTPI%QFIV1EVMI6IMRLEVX,IEXLIV11EV WLEPP8LSQEW,YKL*IIPI]ERH*VERO8YX^EYIVq8LI 4IVWYEWMZI)JJIGXWSJ1IWWEKI*VEQMRKMR3VKER(SRE XMSR 8LI1IHMEXMRK6SPISJ4W]GLSPSKMGEP6IEGXERGIr 'SQQYRMGEXMSR1SRSKVETLW TT i
'LETXIV
.EQIW'1G'VSWOI]%R-RXVSHYGXMSRXS6LIXSVMGEP'SQQY RMGEXMSR XLIH &SWXSR %PP]RERH&EGSR TT i )H[EVH0*MRO(IFSVEL%'EM7XER%/ETPS[MX^7YRKIYR 'LYRK1EVO%:ER(]OIERH.ISRK2EQ/MQq8LI 7IQERXMGWSJ7SGMEP-RJPYIRGI 8LVIEXWZW4IVWYEWMSRr 'SQQYRMGEXMSR1SRSKVETLW TT i 6MGLEVH14IVPSJJ8 LI(]REQMGWSJ4IVWYEWMSR 'SQQYRM GEXMSRERH%XXMXYHIWMRXLIWX'IRXYV]VHIH 2I[ =SVO 0E[VIRGI)VPFEYQ TT i 7IIJSVI\EQTPI'LEWY%RERH1MGLEIP4JEYq8LI)JJM GEG]SJ-RSGYPEXMSRMR8IPIZMWIH(IFEXIWr.SYVREPSJ 'SQQYRMGEXMSR TTi .SLR'6IMREVHq8LI)QTMVMGEP7XYH]SJXLI4IVWYEWMZI )JJIGXWSJ)ZMHIRGI 8LI7XEXYWEJXIV*MJX]=IEVWSJ 6IWIEVGLr,YQER'SQQYRMGEXMSR6IWIEVGL TTi 7IIJSVI\EQTPI1MGLEIP87XITLIRWSRq)\EQMRMRK %HSPIWGIRXWt6IWTSRWIWXS%RXMQEVMNYERE47%Wr,YQER 'SQQYRMGEXMSR6IWIEVGL TTi 6SHRI]%6I]RSPHWERH.0]RR6I]RSPHWq)ZMHIRGIrMR .EQIW4VMGI(MPPEVHERH1MGLEIP4JEY IHW 8 LI4IVWYE WMSR,ERHFSSO (IZIPSTQIRXWMR8LISV]ERH4VEGXMGI 8LSYWERH3EOW'% 7EKI TT i (ERMIP.3t/IIJI4IVWYEWMSR 8LISV]ERH6IWIEVGLRHIH 8LSYWERH3EOW'% 7EKI TTi %HETXIHJVSQ.EQIW',YQIW%7TIEOIVtW8VIEWYV]SJ %RIGHSXIW%FSYXXLI*EQSYW 2I[=SVO ,EVTIVERH6S[ T -RGPEWWMGEPW]WXIQWSJPSKMGVIEWSRMRKJVSQTEVXMGYPEV JEGXWXSEKIRIVEPGSRGPYWMSR[EWORS[REWMRHYGXMSR 'SRXIQTSVEV]PSKMGMERWLS[IZIVLEZIVIHIJMRIH MRHYGXMSREWER]MRWXERGISJVIEWSRMRKMR[LMGLXLI GSRGPYWMSRJSPPS[WJVSQMXWTVIQMWIW[MXLTVSFEFMPMX] VIKEVHPIWWSJ[LIXLIVXLIVIEWSRMRKQSZIWJVSQWTI GMJMGMRWXERGIWXSEKIRIVEPGSRGPYWMSRSVJVSQEKIRIVEP TVIQMWIXSEWTIGMJMGGSRGPYWMSR-RXLMWWGLIQIVIE WSRMRKJVSQWTIGMJMGMRWXERGIWMWSRIOMRHSJMRHYGXMZI EVKYQIRXhEWEVIGEYWEPVIEWSRMRKERHEREPSKMGEPVIE WSRMRK7IIJSVI\EQTPI,S[EVH/ELERIERH2ERG] 'EZIRHIV0SKMGERH'SRXIQTSVEV]6LIXSVMG 8LI9WISJ 6IEWSRMR)ZIV]HE]0MJIXLIH &IPQSRX'% 8LSQ WSR;EHW[SVXL
8LI1G+VE[n,MPP 'SQTERMIW
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i
'LETXIV
.EQIW',YQIW6SPIW7TIEOIVW4PE] 2I[=SVO ,EVTIV ERH6S[ T *SVFSXLWTIIGLIWWIIq6IQEVOWF]4VIWMHIRX'PMRXSRERH 4VIWMHIRX2IPWSR1ERHIPEEX4VIWIRXEXMSRSJXLI'SR KVIWWMSREP+SPH1IHEPXS4VIWMHIRX2IPWSR1ERHIPEr 7ITXIQFIV LXXT GPMRXSRREVEKSZ;,2I[ LXQP LXQP .ERYEV] ,YQIW6SPIW7TIEOIVW4PE]TTi
'LETXIV
+PSVME.+EPERIWERH/EXLIVMRI%HEQW)JJIGXMZI+VSYT (MWGYWWMSR 8LISV]ERH4VEGXMGIXLIH 2I[=SVO 1G+VE[,MPP TT i 7II'LEVPER.IERRI2IQIXLERH.EGO%+SRGEPSq-RJPY IRGIERH4IVWYEWMSRMR7QEPP+VSYTWrMR8MQSXL]' &VSGOERH1IPERMI'+VIIR IHW 4IVWYEWMSR 4W]GLS PSKMGEP-RWMKLXWERH4IVWTIGXMZIWRHIH 8LSYWERH3EOW '% 7EKI TTi JSVELIPTJYPVIZMI[SJ WGLSPEVWLMTSRXLMWWYFNIGX (IRRMW7+SYVERq0IEHIVWLMTEWXLI%VXSJ'SYRXIVEG XMZI-RJPYIRGIMR(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK +VSYTWrMR6ERH]=,MVSOE[E6SFIVX7'EXLGEVX 0EVV]%7EQSZEVERH0MRHE(,IRQER IHW 7QEPP +VSYT'SQQYRMGEXMSR 8LISV]ERH4VEGXMGI XLIH 0SW %RKIPIW 6S\FYV] TTi 7IIJSVI\EQTPI%RHVI[.*PEREKMR,II7YR4EVOERH (EZMH67IMFSPHq+VSYT4IVJSVQERGIERH'SPPEFSVE XMZI8IGLRSPSK] %0SRKMXYHMREPERH1YPXMPIZIP%REP] WMWSJ-RJSVQEXMSR5YEPMX]'SRXVMFYXMSR)UYMX]ERH
2
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
2SXIW
1IQFIVWt7EXMWJEGXMSRMR'SQTYXIV1IHMEXIH+VSYTWr 'SQQYRMGEXMSR1SRSKVETLW i *SVQSVISRHIEPMRK[MXLGSRJPMGXMRWQEPPKVSYTWWII 7GSXX%1]IVWERH'EVSP]R%RHIVWSR8 LI*YRHEQIR XEPWSJ7QEPP+VSYT'SQQYRMGEXMSR 0SW%RKIPIW 7EKI TT i 'LEVPIW4EZMXXERH/IPP]/.SLRWSRq7GLIMHIPERH 'VS[IPP6IZMWMXIH %(IWGVMTXMZI7XYH]SJ+VSYT 4VSTSWEP7IUYIRGMRKr'SQQYRMGEXMSR1SRSKVETLW i *SVVIWIEVGLSRXLMWWYFNIGXWII1MGLIPI,.EGOWSRERH 1EVWLEPP7GSXX4SSPIq-HIE+IRIVEXMSRMR2EXYVEPP]
2
8LI1G+VE[n,MPP 'SQTERMIW
3GGYVVMRK'SRXI\XW 'SQTPI\%TTVSTVMEXMSRSJ7MQTPI +VSYT4VSGIHYVIr,YQER'SQQYRMGEXMSR6IWIEVGL i *SVJYVXLIVVIEHMRKSRVIWIEVGLMRWQEPPKVSYTGSQQYRM GEXMSRWII1EVWLEPP7GSXX4SSPIERH%RHVIE&,SP PMRKWLIEH IHW 8LISVMIWSJ7QEPP+VSYTW -RXIVHMWGMTPMREV]4IVWTIGXMZIW 8LSYWERH3EOW'% 7EKI *SVQSVIMRJSVQEXMSRSRWQEPPKVSYTSVEPTVIWIRXEXMSRW WII/EXLIVMRI%HEQWERH+PSVME.+EPERIW'SQQYRM GEXMRKMR+VSYTW %TTPMGEXMSRWERH7OMPPWXLIH 2I[ =SVO 1G+VE[,MPP TTi
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
4LSXS'VIHMXW
8LI1G+VE[n,MPP 'SQTERMIW
4LSXS'VIHMXW 'LETXIV
'LETXIV
.SIP+SVHSR4LSXSKVETL] 8SQ+VMPP-427XSGO .IJJ1MXGLIPP6IYXIVW'SVFMW %FHIPLEO7IRRE %*4+IXX]-QEKIW 4LSXSHMWG+IXX]-QEKIW 7XIJER ;IVQYXL6IYXIVW0ERHSZ
.SIP+SVHSR4LSXSKVETL] 'LVMW7XSGO 4LSXSKVETL]%PEQ] %44LSXS(SYK1MPPW
'LETXIV .MQ=SYRK6IYXIVW'SVFMW 8ERRIR1EYV]8LI -QEKI;SVOW (MGO&PYQI7]VEGYWI2I[WTETIVW8LI -QEKI;SVOW 8LI1G+VE[,MPP'SQTERMIW-RG)VMGE 70IIHWTLSXSKVETLIV 6SKIV0;SPPIRFIVK94- 2I[WGSQ
'LETXIV 1EWXIVJMPI 1MGLEIP2I[QER4LSXS)HMX-RG .EGUYI&VYRH(IWMKR'SRGITXMSRW .IJJ .EGSFWSR6IHY\
%TTIRHM\ 1ERRMG1IHME1G+VE[,MPP-RG
'LETXIV 'LVMW;EVI8LI-QEKI;SVOW 8SQ7QEVX8LI 2I[=SVO8MQIW6IHY\ (0-00''SVFMW .SWI0YMW4IPEI^-RG'SVFMW
'LETXIV 8MQ7LEJJIV6IYXIVW0ERHSZ &SF(EIQQVMGL8LI -QEKI;SVOW 1EV[ER2EEQERM%*4+IXX]-QEKIW %44LSXS8LI+VIIR[MGL8MQI&SF0YGOI] (EZMH=SYRK;SPJJ4LSXS)HMX-RG
'LETXIV +ISVKI7LIPPI]%VX0MJI 8IXVE-QEKIW+IXX] -QEKIW %44LSXS:MVKMRME1E]S 6EGLIP )TWXIMR4LSXS)HMX-RG 0;%7LEVMI/IRRIH] ;MPPMEQW'SVFMW
'LETXIV 0]RR+SPHWQMXL'SVFMW %44LSXS&IFIXS 1EXXLI[W %44LSXS'LVMWXSTLIV4JYLP 1ERRMG 1IHME1G+VE[,MPP-RG
'LETXIV 6YFFIV&EPP%KI*SXSWXSGO (EZMH/EVT &PSSQFIVK2I[W0ERHSZ &MPP%VSR4LSXS)HMX-RG /IZMR0EQEVUYI6IYXIVW0ERHSZ
'LETXIV (EZMH=SYRK;SPJJ4LSXS)HMX-RG *VIH 4VSYWIV6IYXIVW0ERHSZ %44LSXS4EYP*VER^ 0]RR+SPHWQMXL'SVFMW .EQIW6YPMWSR 2I[7TSVX'SVFMW
'LETXIV %44LSXS/I]WXSRI1EVXMEP8VI^^MRM .SIP4EKI%4 4LSXS 4EXMXYGGM4LSXS%YVSVE4LSXSW *VIH 4VSYWIV6IYXIVW0ERHSZ %*4+IXX]-QEKIW 8MQ;MQFSVRI6IYXIVW'SVFMW
'LETXIV %RHVIE1SLMR8LI2I[=SVO8MQIW6IHY\ .MQ >YGOIVQER'SVFMW 1ERRMG1IHME1G+VE[,MPP-RG
%TTIRHM\ 'VIEXEW4LSXSPMFVEV] 'SYVXIW]SJ8LI0MFVEV] SJ'SRKVIWW (MKMXEP:MWMSR%PEQ]
'LETXIV (EZMH6*VE^MIV8LI-QEKI;SVOW %44LSXS ,EVV]'EFPYGO 'PEVS'SVXIW-:6IYXIVW0ERHSZ 7Y^ERRI(I'LMPPS8LI2I[=SVO8MQIW6IHY\ (IROSY-QEKIWHVVRIX
'LETXIV %44LSXS4EYP7EOYQE %44LSXS6MGO&S[QIV 6EMRIV.IRWIR)4%'SVFMW .SIP+SVHSR 4LSXSKVETL] 1EVO0I[MW87-+IXX]-QEKIW 6EQMR8EPEMI'SVFMW
'LETXIV .EQMI6IGXSV&PSSQFIVK2I[W0ERHSZ 6EGLIP )TWXIMR4LSXS)HMX-RG %44LSXS(IRRMW'SSO 8MQ4ERRIPP'SVFMW 7XIZI4STI&PSSQFIVK2I[W 0ERHSZ 1EVMIPE0SQFEVH>YQE4VIWW 6EQMR8EPEMI'SVFMW
'LETXIV (EZMH=SYRK;SPJJ%PEQ] %44LSXS(EMER (SZEVKERIW 7GSXX0SRHSR
'LETXIV
'LETXIV
&SF(EIQQVMGL8LI-QEKI;SVOW .SIP +SVHSR4LSXSKVETL] (MKMXEP:MWMSR'VIEXEW ,IRRMRK/EMWIV%*4+IXX]-QEKIW &IVREVH;IMP 8SVSRXS7XEV%KI*SXSWXSGO 4IXIV=EXIW'SVFMW
QSSHFSEVH7YTIV7XSGO 'SVFMW 6]ER 1G:E]+IXX]-QEKIW 'S[7XYHMS1EH4LSXS 0MFVEV]
'
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
-RHI\
8LI1G+VE[n,MPP 'SQTERMIW
-RHI\
% %FWXVEGX[SVHW %FWXVEGXMSRWi %FWXVEGXW %FYWMZIPERKYEKITIVWSREPHMKRMX]ERH i %GGITXERGIWTIIGL %GXMSRMR1SRVSItWQSXMZEXIH WIUYIRGIi %GXMZIPMWXIRMRK %HLSQMRIQJEPPEG] %HVIREPMRI %KISJEYHMIRGI %OEOE(ERMIP %PMRWO]7EYP %PPMXIVEXMSR %QIVMGER'MZMP0MFIVXMIW9RMSR %REPSKMGEPVIEWSRMRKi %REPSK]MRZEPMHi %RMQEXMSRMR4S[IV4SMRX %RXMXLIWMW %TTIEVERGIJSGYWMRKSR %TTVIGMEXMZIPMWXIRMRK %TTVSTVMEXIRIWWSJPERKYEKIi %VMWXSXPI %VXMGYPEXMSRi %XXIRXMSRMR1SRVSItWQSXMZEXIH WIUYIRGIi %YHMIRGI EHETXMRKXSi EKISJ ERW[IVMRKUYIWXMSRWTSWIHF] i ETTVSTVMEXIRIWWSJPERKYEKIJSV EVSYWMRKGYVMSWMX]SJ GPEWWQEXIWEW i GYPXYVEPHMZIVWMX]SJi HIQSKVETLMGEREP]WMWSJi HMWTSWMXMSRSJXS[EVHXSTMGi IWXEFPMWLMRKGSQQSRKVSYRH[MXL i IWXMQEXMRK[LEXMWORS[RF] i IXLRMGFEGOKVSYRHSJi KIRHIVSJ KIXXMRKMRJSVQEXMSREFSYX i QIRXEPHMEPSKYI[MXL TW]GLSPSK]SJ i UYIWXMSRMRKXLI i VIPEXMRKXLIXSTMGXS i VIPMKMSRSJ WI\YEPSVMIRXEXMSRSJi
%YHMIRGI 'SRX WMXYEXMSREPEREP]WMWSJi WXEVXPMRKXLI XEMPSVMRK]SYVQIWWEKIXSi i XEVKIX i 7IIEPWS0MWXIRIV %YHMIRGIGIRXIVIHRIWW i %YXLSVWLMTSJ-RXIVRIXHSGYQIRXW i
& &EGSR*VERGMW &EPJSYV0SVH &ERH[EKSRJEPPEG] &EVKVETL &MFPMSKVETL] HIJMRIH TVIPMQMREV] MRTVITEVEXMSRSYXPMRI &MPPSJ6MKLXW &MSKVETLMGEPEMHW &MVH[LMWXIPP6E] &SH]PERKYEKISJWTIEOIVi I]IGSRXEGX ii KIWXYVIW QSZIQIRXi TIVWSREPETTIEVERGI &SH]SJWTIIGL MRTVITEVEXMSRSYXPMRI i TVIZMI[MRK i &VEMRWXSVQMRKi GPYWXIVMRK i HIJMRIH -RXIVRIXWIEVGL i TIVWSREPMRZIRXSV] VIJIVIRGIWIEVGL &VMIJI\EQTPI &YVHIRSJTVSSJ &YVOI/IRRIXL
' 'EPEFVS.SERRIi 'EPPRYQFIV 'EXEPSKYIPMFVEV] 'EYWEPSVHIVi 'EYWEPVIEWSRMRKi 'IRXVEPMHIE i KYMHIPMRIWJSV i MRTVITEVEXMSRSYXPMRI
'LEQFIVW.SLR 'LERRIP 'LEVEGXIV 'LEVXWEWZMWYEPEMHWi 'LIGOPMWXW GIRXVEPMHIE GMXEXMSRSJWYTTSVXMRKQEXIVMEP GSRGPYWMSR IXLMGEPTYFPMGWTIEOMRK IZEPYEXMRK-RXIVRIXHSGYQIRXW IZMHIRGI I\EQTPIW MRXVSHYGXMSR QEMRTSMRXW TVITEVEXMSRSYXPMRI VIJPIGXMZIXLMROMRKQIXLSH WTIEOMRK[MXLGSRJMHIRGI WTIGMJMGTYVTSWI WXEXMWXMGW XIWXMQSR] ZMWYEPEMHW TVITEVEXMSRSJ ZMWYEPEMHW TVIWIRXEXMSRSJ 'LMRS]7ENNMH>ELMVi%i 'LVSRSPSKMGEPSVHIV i 'LYVGLMPP;MRWXSR i i 'MGIVS 'MXEXMSRSJWYTTSVXMRKQEXIVMEP i 'PMGLÍ 'PMRXSR&MPP 'PYWXIVMRK i 'PYXXIVIPMQMREXMRK i 'SPSVMRZMWYEPEMHW 'SQQIQSVEXMZIWTIIGLIW i 'SQQSRKVSYRHGVIEXMRKi 'SQQYRMGEXMSR RSRZIVFEP X[S[E] i 'SQQYRMGEXMSRWOMPPW MQTSVXERGISJ 7IIEPWS7TIIGLGSQQYRMGEXMSRTVSGIWW 'SQTEVEXMZIEHZERXEKIWSVHIV i 'SQTEVMWSR 'SQTIXIRGIi 'SQTVILIRWMZIPMWXIRMRK 'SRGIRXVEXMSRHYVMRKPMWXIRMRKi 'SRGITXW HIJMRIH WTIIGLIWEFSYXi
-
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
'SRGPYWMSR i GLIGOPMWXJSV MRTVITEVEXMSRSYXPMRI i EWVIMRJSVGIQIRXSJGIRXVEPMHIE i WEQTPI[MXLGSQQIRXEV] EWWMKREPSJIRHSJWTIIGL i XMTWJSVTVITEVMRK 'SRGVIXI[SVHW 'SRJMHIRGI HIZIPSTMRK i WTIEOMRK[MXL 'SRRIGXMZIW MRXIVREPTVIZMI[W MRXIVREPWYQQEVMIW WMKRTSWXW i XVERWMXMSRWi 'SRRSXEXMZIQIERMRKi 'SRVEH.SWITL 'SRWIRWYWi 'SRXVEWX 'SRZIVWEXMSRTYFPMGWTIEOMRKERHi 'SRZIVWEXMSREPUYEPMX]SJHIPMZIV] 'ST]VMKLX 'VIHMFMPMX] FYMPHMRK i HIJMRIH HIVMZIH IRLERGMRKi JEGXSVWSJ MRMXMEP XIVQMREP X]TIWSJi 'VIHSJSV)XLMGEP'SQQYRMGEXMSR 'VIWGIRHSIRHMRK 'VMXIVME 'VMXMGEPPMWXIRMRK 'VMXMGEPXLMROMRK PMWXIRMRKERH i TYFPMGWTIEOMRKERHi 'VSWWVIJIVIRGI 'YPXYVEPFEGOKVSYRHSJEYHMIRGI i 'YPXYVEPHMZIVWMX]i SJEYHMIRGIi IXLRSGIRXVMWQi MRGPYWMZIPERKYEKIi QYPXMGYPXYVEP-RXIVRIXVIWSYVGIW TYFPMGWTIEOMRKERHi WXIVISX]TMRK
( (IPMZIV] ERW[IVMRKEYHMIRGIUYIWXMSRW i FSH]PERKYEKIi GVIHMFMPMX]ERH i HMEPIGXERHi I]IGSRXEGXERH JSGYWMRKSR KIWXYVIWERH KSSHi
-
-2()<
-RHI\
(IPMZIV] 'SRX QIXLSHWSJi TEYWIWMR TIVWSREPETTIEVERGIERH TMXGL TVEGXMGMRK i VEXISJ i ZSGEPZEVMIX]i ZSPYQISJ 7IIEPWS7TIEOIV :SMGISJWTIEOIV (IPMZIV]GYIW (IQSKVETLMGEYHMIRGIEREP]WMW EKI HIJMRIH KIRHIV KVSYTQIQFIVWLMT VEGMEPIXLRMGERHGYPXYVEPFEGO KVSYRHi VIPMKMSR WI\YEPSVMIRXEXMSRi (IRSXEXMZIQIERMRK (IVMZIHGVIHMFMPMX] (IWGVMTXMSR (IWMKREXIHPIEHIV (MEPIGXi (M'ETVMS0ISREVHS (MVIGXUYSXEXMSR (MWWSPZIIRHMRK i (MWXVEGXMSRWVIWMWXMRKi (VE[MRKWEWZMWYEPEMHW (]EH
) )KSGIRXVMWQ )MXLIVSVJEPPEG] i )QIVKIRXPIEHIV )QSXMSREPETTIEPW IXLMGWERHi KIRIVEXMRKi )QTEXLMGPMWXIRMRK )RG]GPSTIHMEWi )XLMGEPHIGMWMSRW )XLMGEPWTIEOMRK EFYWMZIPERKYEKIi GLIGOPMWXJSV 'VIHSJSV)XLMGEP'SQQYRMGEXMSR IXLMGEPP]WSYRHKSEPWi LSRIWX]MRGSRXIRX WTIIGLTVITEVEXMSRi )XLMGW HIJMRIH IQSXMSREPETTIEPWERHi IXLMGEPPMWXIRMRKi MQTSVXERGISJi REQIGEPPMRKi TIVWYEWMSRERH TPEKMEVMWQi MRTVEGXMGI )XLRMGFEGOKVSYRHSJEYHMIRGI i )XLRSGIRXVMWQi )XLSW
8LI1G+VE[n,MPP 'SQTERMIW
)ZIRXW HIJMRIH WTIIGLIWEFSYXi )ZMHIRGI GLIGOPMWXJSV HIJMRIH LS[MX[SVOWi PMWXIRMRKJSVi XMTWJSVYWMRK i )\EQTPIWi FVMIJ HIJMRIH I\XIRHIHi L]TSXLIXMGEP XMTWJSVYWMRKi )\TIVXXIWXMQSR] )\XIQTSVERISYWWTIIGLi i )\XIRHIHI\EQTPIi )]IGSRXEGX i i
* *EGXUYIWXMSRWSJ i *EMVYWI *EPPEGMIW EHLSQMRIQ FERH[EKSR HIJMRIHi IMXLIVSV i JEPWIGEYWIi LEWX]KIRIVEPM^EXMSR MRZEPMHEREPSK]i VIHLIVVMRK WPMTTIV]WPSTI i *EPWIGEYWIi *IHIVIV6SKIV *IIHFEGO i *IVVEVS+IVEPHMRI *MKYVEXMZIPERKYEKI *MVWX%QIRHQIRX *M\IHEPXIVREXMZIUYIWXMSRWi *SRXW MR4S[IV4SMRX i X]TIWSJ YWISJi *SWHMGO,EVV])QIVWSR *VEQISJVIJIVIRGI *VIII\TVIWWMSRVMKLXSJi *VIIWTIIGLREQIGEPPMRKERHi
+ +EXLIVMRKQEXIVMEPW7II6IWIEVGL +IPHSJ&SF +IRHIVSJEYHMIRGI +IRIVEPIRG]GPSTIHME +IRIVEPTYVTSWISJWTIIGL +IRIVEPM^EXMSRW LEWX] +IRIVMGqLIr +IWXYVIWF]WTIEOIV +IXX]WFYVK%HHVIWW
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
+PSFEPTPEKMEVMWQ +PSZIV(ERR] +SEPWMRWQEPPKVSYTW +SSH[MPPIWXEFPMWLMRK +VETLWEWZMWYEPEMHWi +VSYTQIQFIVWLMTSJEYHMIRGI
, ,EWX]KIRIVEPM^EXMSR ,IEVMRK 7IIEPWS0MWXIRMRK ,IRV]4EXVMGO ,MHHIREKIRHE ,MXPIV%HSPJ ,S[XS0MI[MXL7XEXMWXMGW ,YJJ ,YJJ(EVVIPP ,YQSV ,]TSXLIXMGEPI\EQTPI
q-,EZIE(VIEQrWTIIGL /MRK %i -HIRXMJMGEXMSR -QEKIV] GSRGVIXI[SVHW HIJMRIH QIXETLSV WMQMPIi -QEKIWMR4S[IV4SMRX -QQIHMEXIEGXMSRWTIIGLIWXSKEMR i -QTPMIHPIEHIV -QTVSQTXYWTIIGL -RGPYWMZIPERKYEKIi -RGVIQIRXEPTPEKMEVMWQ i -RHIRXEXMSRMRTVITEVEXMSRSYXPMRI i -RJPIGXMSRW -RJSVQEXMSREWTYVTSWI -RJSVQEXMZIWTIIGL EFSYXGSRGITXWi EFSYXIZIRXWi EFSYXSFNIGXWi EFSYXTVSGIWWIWi EFWXVEGXMSRWi GSQTEVMWSR GSRXVEWX HIJMRIH HIWGVMTXMSR KYMHIPMRIWJSV i TIVWSREPM^MRKMHIEWi WEQTPIWTIIGL[MXLGSQQIRXEV] i X]TIWSJi -RMXMEPGVIHMFMPMX] -RXIVJIVIRGI -RXIVREPTVIZMI[ -RXIVREPWYQQEV] -RXIVRIXXLI EYXLSVWLMTSJHSGYQIRXWSR i IZEPYEXMRKHSGYQIRXWi KSZIVRQIRXVIWSYVGIW
-RHI\
8LI1G+VE[n,MPP 'SQTERMIW
-RXIVRIXXLI 'SRX QYPXMGYPXYVEPVIWSYVGIW TPEKMEVMWQERH WIEVGLMRKi XSTMGWIEVGLIWERH i ZMVXYEPPMFVEVMIW -RXIVTIVWSREPGSRJPMGXMRWQEPPKVSYTW i -RXIVZMI[W EJXIVXLIMRXIVZMI[ FIJSVIXLIMRXIVZMI[i HYVMRKXLIMRXIVZMI[ -RXVSHYGXMSR GLIGOPMWXJSV IWXEFPMWLMRKGVIHMFMPMX]ERHKSSH[MPP i KIXXMRKEXXIRXMSRERHMRXIVIWX[MXL i MRTVITEVEXMSRSYXPMRI i EWTVIZMI[SJFSH]SJWTIIGL i VIJIVVIHXSMRGSRGPYWMSRi VIZIEPMRKXLIXSTMG WEQTPI[MXLGSQQIRXEV] XMTWJSVTVITEVMRK -RXVSHYGXSV]WTIIGLIW i -RZEPMHEREPSK]i
0IRS.E] 0MFVEV]VIWIEVGL GEXEPSKYI PMFVEVMERW RI[WTETIVWi TIVMSHMGEPHEXEFEWIWi VIJIVIRGI[SVOWi ZMVXYEPPMFVEVMIW 0MRGSPR%FVELEQ 0MRIKVETLi 0MWXIRIV i i 7IIEPWS%YHMIRGI 0MWXIRMRK i EGXMZI EHETXMRKXSPMWXIRIVJIIHFEGO ETTVIGMEXMZI GSQTVILIRWMZI GVMXMGEP i IQTEXLMG IXLMGEPi JSGYWMRKi JSGYWMRKSRHIPMZIV]ERHETTIEVERGI MQTVSZMRKi NYQTMRKXSGSRGPYWMSRWi TSSVPMWXIRMRKi TVINYHKMRKHYVMRK
.
1
.SRIW:ER .YHKQIRXWYWTIRHMRK .YQTMRKXSGSRGPYWMSRWi
1EG%VXLYV+IR(SYKPEW i 1EMRTSMRXWi RYQFIVSJ i WXVEXIKMGSVHIV i XMTWJSVTVITEVMRKi 1EMRXIRERGIRIIHW 1EPGSPQ 8LI0MJISJXLI1ER;LS 'LERKIH&PEGO%QIVMGE 4IVV] i 1ERHIPE2IPWSR 1ERYWGVMTXWTIIGL 1G0IRHSR6]ER 1IER 1IHMER 1IRXEPHMEPSKYI[MXLEYHMIRGI 1IWWEKI 1IXETLSV 1SHI 1SHIPWEWZMWYEPEMHW 1SRSXSRI 1SRVSI%PER 1SRVSItWQSXMZEXIHWIUYIRGI i 1SZIQIRXSJWTIEOIVi 1YPXMQIHMETVIWIRXEXMSRW
/ /I][SVHSYXPMRI i /MRIWMGW /MRK1EVXMR0YXLIV.V %i
0 0EKEVHI'LVMWXMRI 0ERKYEKI EFYWMZIi EGGYVEXIYWISJi EPPMXIVEXMSR ERXMXLIWMW ETTVSTVMEXIYWISJi GPYXXIVIPMQMREXMSR i GSRGVIXIZIVWYWEFWXVEGX JMKYVEXMZI MRGPYWMZIi QIERMRKSJ[SVHWi QIXETLSV TEVEPPIPMWQMRi VITIXMXMSRMR VL]XLQMRi WMQMPIi ZMZMHi 7IIEPWS;SVHW 0IEHIVWLMT HIJMRIH JYRGXMSRWSJ i MRWQEPPKVSYTW i X]TIWSJ
2 2EQIGEPPMRKii 7IIEPWS%FYWMZIPERKYEKI 2EXMSREP'SQQYRMGEXMSR%WWSGMEXMSR 2IIH MR1SRVSItWQSXMZEXIHWIUYIRGI i MRUYIWXMSRWSJTSPMG]
-2()<
-
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
2IVZSYWRIWW i EGUYMVMRKI\TIVMIRGIi MRZMWMFMPMX]SJi RIIHJSVTIVJIGXMSRERH SZIVGSQMRKi i TSWMXMZI TSWMXMZIXLMROMRKERHi TVITEVEXMSRERHi ZMWYEPM^EXMSRERH 2I[WTETIVWJSVVIWIEVGLi 2M^IV0SYMWi 2SRTEVXMWERWMXYEXMSR 2SRZIVFEPGSQQYRMGEXMSR 2SXIXEOMRK HIZIPSTMRKWOMPPWMR i JSVMRXIVZMI[W MRVIWIEVGLi WTIIGLTVITEVEXMSRERH
3 3FEQE&EVEGO 3FNIGXW HIJMRIH WTIIGLIWEFSYXi EWZMWYEPEMHW i 3t&VMIR'SRER 3GGEWMSREYHMIRGIHMWTSWMXMSRXS[EVH i 3TIRIRHIHUYIWXMSRWi 3VEPVITSVXi 3VKERM^EXMSR ii GSRRIGXMZIWi QEMRTSMRXWi WYTTSVXMRKQEXIVMEPWi 3YXPMRI 7II4VITEVEXMSRSYXPMRI 7TIEOMRKSYXPMRI
4 4ERIPHMWGYWWMSR 4EVEPPIPMWQi 4EVETLVEWIWi 4EVXMGMTEXMSRMRWQEPPKVSYTW 4EVXMWERWMXYEXMSR i 4EWWMZIEKVIIQIRXWTIIGLXSKEMR 4EXGL[SVOTPEKMEVMWQ i 4EXLSWi 4EYPWSR,IRV]1.V 4EYWIWMRWTIIGL 4IIVXIWXMQSR]i 4IVMSHMGEPHEXEFEWIWi 4IVV]&VYGI i 4IVWSREPETTIEVERGI 4IVWSREPHMKRMX]REQIGEPPMRKERHi 4IVWSREPMRZIRXSV] 4IVWSREPM^EXMSRi 4IVWYEWMSR FYMPHMRKGVIHMFMPMX] i HIJMRIH HIKVIISJ IQSXMSREPETTIEPWi IXLMGWERH IZMHIRGIERHi
-
-2()<
-RHI\
4IVWYEWMSR 'SRX MQTSVXERGISJi TW]GLSPSK]SJi i EWTYVTSWI VIEWSRMRKERHi 4IVWYEWMZIWTIIGLIW SRUYIWXMSRWSJJEGX i SRUYIWXMSRWSJTSPMG]i SRUYIWXMSRWSJZEPYIi WEQTPIWTIIGL[MXLGSQQIRXEV] i WEQTPI[MXLGSQQIRXEV]i 4LERXSQSJXLI3TIVE 4LMPPMTW;IRHIPP 4LSXSKVETLWEWZMWYEPEMHW 4L]WMGEPWIXXMRKSJWTIIGLERHEYHMIRGI 4MIKVETL 4MXGL 4M^ER'LVMWXMRIHI 4PEKMEVMWQi KPSFEP MRGVIQIRXEP i XLI-RXIVRIXERH TEXGL[SVO i 4PERMRUYIWXMSRWSJTSPMG] 4PEXS 4SPMG] UYIWXMSRSJ UYIWXMSRWSJi 4SWMXMZIRIVZSYWRIWW 4SWMXMZIXLMROMRKi 4SWXLSGIVKSTVSTXIVLSGi 4S[IV4SMRX ERMQEXMSRMR GSPSVMR HIPMZIVMRKEWTIIGL[MXL i JSRXWMR i JSVQEXXMRKWPMHIW i MQEKIWMR TPERRMRKXSYWI i TPYWIWERHQMRYWIWSJ WEQTPIWTIIGL[MXLGSQQIRXEV] i WPMHIWLS[GSQQERHW WTEGIERHZMWYEPFEPERGIMR i XI\XMR 7IIEPWS:MWYEPEMHW 4VEGXMGEPMX]MRUYIWXMSRWSJTSPMG] i 4VINYHKMRKXLIWTIEOIV 4VIPMQMREV]FMFPMSKVETL] 4VITEVEXMSRi 4VITEVEXMSRSYXPMRI FMFPMSKVETL]MR GIRXVEPMHIE GLIGOPMWXJSV HIJMRIH JYPPWIRXIRGIWYWIHMR KYMHIPMRIWJSV i PEFIPMRKMRXVSHYGXMSRFSH] GSRGPYWMSR i
8LI1G+VE[n,MPP 'SQTERMIW
4VITEVEXMSRSYXPMRI 'SRX WEQTPI[MXLGSQQIRXEV]i WTIGMJMGTYVTSWI WTIIGLXMXPIMRi W]QFSPM^EXMSRERHMRHIRXEXMSR i ZMWYEPJVEQI[SVOJSV ii 4VIWIRXEXMSR i 4VIWIRXEXMSRWTIIGLIW i 4VIZMI[WXEXIQIRX i 4VMRGMTPIVIEWSRMRKJVSQi 4VSFPIQGEYWIWSPYXMSRSVHIV i 4VSFPIQWSPYXMSRSVHIVi 4VSFPIQWSPZMRKWQEPPKVSYT i 4VSGIHYVEPRIIHW 4VSGIWWIW HIJMRIH WTIIGLIWEFSYXi 4VSRYRGMEXMSRi 4YFPMGWTIEOMRK EHETXMRKXSPMWXIRIVMQTEGX GSRZIVWEXMSRERHi GVMXMGEPXLMROMRKERHi GYPXYVEPHMZIVWMX]ERHi TS[IVSJi XVEHMXMSRSJi 4YVTSWI KIRIVEP WTIGMJMG i
5 5YIWXMSRERHERW[IVWIWWMSRW i 5YIWXMSRREMVIJSVEYHMIRGIEREP]WMW i 5YIWXMSRW SJJEGX i SJTSPMG]i TVITEVEXMSRSJJSVMRXIVZMI[W VLIXSVMGEP i SJZEPYIi q5YIWXMSRWSJ'YPXYVIr 'LMRS] % 5YMRXMPMER 5YSXEXMSRFSSOW 5YSXEXMSRW FIKMRRMRKWTIIGLIW[MXL i HMVIGX HMVIGXZIVWYWTEVETLVEWMRK IRHMRKWTIIGLIW[MXL TPEKMEVMWQSJ i UYSXMRKSYXSJGSRXI\Xi
6 6EGMEPFEGOKVSYRHSJEYHMIRGIi 6EXISJWTIIGL i 6IEKER6SREPH i 6IEWSRMRK EREPSKMGEPi GEYWEPi HIJMRIH JEPPEGMIWi JVSQTVMRGMTPIi JVSQWTIGMJMGMRWXERGIWi
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
&EGO1EXXIV
6IGIRG]SJ-RXIVRIXHSGYQIRXW i 6IGMXEXMSRSJWTIIGLi 6IHLIVVMRK 6IJIVIRGIWIEVGL 6IJIVIRGI[SVOW FMSKVETLMGEPEMHWi IRG]GPSTIHMEWi UYSXEXMSRFSSOW ]IEVFSSOW 6IJPIGXMZIXLMROMRKQIXLSH EREP]^MRKXLITVSFPIQi GLIGOPMWXJSV HIJMRIH HIJMRMRKXLITVSFPIQi IWXEFPMWLMRKGVMXIVMEJSVWSPYXMSRW KIRIVEXMRKTSXIRXMEPWSPYXMSRWi WIPIGXMRKXLIFIWXWSPYXMSRi 6ILIEVWEP i 6IPMKMSRSJEYHMIRGI 6ITIXMXMSR 6IWIEVGL -RXIVRIXi MRXIVZMI[Wi PMFVEV]i RSXIXEOMRKi TIVWSREPORS[PIHKIERHI\TIVMIRGI TVIPMQMREV]FMFPMSKVETL] XMTWJSVi 6IWIEVGLMRXIVZMI[ 6IWMHYEPQIWWEKI 6LIXSVMG %VMWXSXPI 6LIXSVMGEPUYIWXMSRW i 6L]XLQi EPPMXIVEXMSR ERXMXLIWMW HIJMRIH TEVEPPIPMWQi VITIXMXMSR
7 7EQTPIWTIIGLIWMRXVSHYGXMSRWi 7ERKIV1EVKEVIX 7ERWWIVMJJSRX 7EXMWJEGXMSRMR1SRVSItWQSXMZEXIH WIUYIRGIi 7GEPIUYIWXMSRWi 7IEVGLIRKMRIWi 7IVMJJSRX 7I\YEPSVMIRXEXMSRSJEYHMIRGIi 7MKRTSWX 7MQMPIi 7MQSR4EYP 7MXYEXMSR 7MXYEXMSREPEYHMIRGIEREP]WMW HIJMRIH HMWTSWMXMSRXS[EVHXLISGGEWMSR i HMWTSWMXMSRXS[EVHXLIWTIEOIV HMWTSWMXMSRXS[EVHXLIXSTMGi TL]WMGEPWIXXMRK WM^I 7M^ISJEYHMIRGI
-RHI\
7PMHIWLS[MR4S[IV4SMRX 7PMTTIV]WPSTI i 7QEPPKVSYTW HIJMRIH i MRXIVTIVWSREPGSRJPMGXMR i OIITMRKHMWGYWWMSRWSRXVEGOi PIEHIVWLMTMR i TEVXMGMTEXMSRMR TVIWIRXMRKVIGSQQIRHEXMSRWi JSVTVSFPIQWSPZMRK VIJPIGXMZIXLMROMRKQIXLSHi VIWTSRWMFMPMXMIWMR i 7TEGIMR4S[IV4SMRX i 7TEVIqFVEMRXMQIr 7TEXMEPSVHIVi 7TIEOIVi EYHMIRGIHMWTSWMXMSRXS[EVH YWISJS[RFSH]EWZMWYEPEMH 7IIEPWS(IPMZIV] 7TIEOMRKSYXPMRIi HIJMRIH KYMHIPMRIWJSVi WEQTPI[MXLGSQQIRXEV] i 7TIEOMRKXIGLRMUYIPMWXIRMRKJSV 7TIGMEPIRG]GPSTIHME 7TIGMEPSGGEWMSRWTIIGLIW EGGITXERGIWTIIGLIW GSQQIQSVEXMZIWTIIGLIW i MRXVSHYGXMSRW i TVIWIRXEXMSRW i 7TIGMJMGTYVTSWISJWTIIGL i i 7TIGMJMGTYVTSWIWXEXIQIRX i 7TIIGLGSQQYRMGEXMSRTVSGIWW GLERRIP I\EQTPI[MXLGSQQIRXEV]i JIIHFEGO i MRXIVJIVIRGI PMWXIRIV i QIWWEKI WMXYEXMSR WTIEOIVi 7TIIGLHIZIPSTQIRXi 7TIIGLIW SJEGGITXERGI GSQQIQSVEXMZI i XSKEMRMQQIHMEXIEGXMSRi XSKEMRTEWWMZIEKVIIQIRX SJMRXVSHYGXMSR i SJTVIWIRXEXMSR i 7TSRWSVMRKSVKERM^EXMSR 7TSRWSVWLMTSJ-RXIVRIXHSGYQIRXW 7X%YKYWXMRI 7XEKIJVMKLX 7XEXMWXMGW HIJMRIHi XMTWJSVYWMRKi YRHIVWXERHMRK i 7XIVISX]TMRK 7XSVMIWXIPPMRK i 7XVEXIKMGSVKERM^EXMSR 7IIEPWS3VKERM^EXMSR
8LI1G+VE[n,MPP 'SQTERMIW
7YTTSVXMRKQEXIVMEPW GMXMRK i HIJMRIH I\EQTPIWi SVKERM^EXMSRERHi WXEXMWXMGWi XIWXMQSR]i 7]QFSPM^EXMSRMRTVITEVEXMSRSYXPMRI i 7]QTSWMYQ
8 8EVKIXEYHMIRGI i 8EWORIIHW 8IVQMREPGVIHMFMPMX] 8IWXMQSR] HIJMRIH I\TIVX TIIVi UYSXMRKZIVWYWTEVETLVEWMRK XMTWJSVYWMRKi 8I\XMR4S[IV4SMRXTVIWIRXEXMSRW 8LIWEYVYW 8LSQEW(V.MQ 8MXPISJWTIIGLi 8STMG HIJMRIHi WXEXMRKMQTSVXERGISJMRMRXVSHYGXMSR i 8STMGWIEVGLIW i 8STMGWIPIGXMSRii ETTVSTVMEXIRIWWSJXSTMG EYHMIRGIHMWTSWMXMSRXS[EVHXSTMG i FVEMRWXSVQMRK i -RXIVRIXWIEVGLIW i 8STMGEPSVHIVi 8VERWMXMSRWXEXIQIRXW 8VERWMXMSRWi 8VERWTEVIRGMIWEWZMWYEPEMHW
: :EPYIUYIWXMSRWSJi :MHISWEWZMWYEPEMHW :MVXYEPPMFVEVMIW :MWYEPEMHW GLEVXWi GSPSVMR HVE[MRKWEW JSRXYWIi KVETLWi QSHIPWEW SFNIGXWEW i TLSXSKVETLWEW TVITEVEXMSRSJi TVIWIRXEXMSRSJ i JSVWXEXMWXMGW XVERWTEVIRGMIWEW X]TIWSJ i ZMHISWEW 7IIEPWS4S[IV4SMRX
-2()<
-
0YGEW 8LI%VXSJ4YFPMG 7TIEOMRK8IRXL)HMXMSR
:MWYEPFEPERGI i :MWYEPJVEQI[SVO :MWYEPM^EXMSRi :SGEPZEVMIX]i :SGEPM^IHTEYWI :SMGISJWTIEOIV EVXMGYPEXMSRi HMEPIGXi QSRSXSRI TEYWIW TMXGL TVSRYRGMEXMSRi
-
-2()<
&EGO1EXXIV
-RHI\
:SMGISJWTIEOIV 'SRX VEXI i ZSGEPZEVMIX]i ZSPYQI 7IIEPWS(IPMZIV] :SPYQI
8LI1G+VE[n,MPP 'SQTERMIW
;SVHW GSRGVIXI JEQMPMEVi QIERMRKSJi 7IIEPWS0ERKYEKI ;VMKLX.IVIQMEL ;]PMI-%6
; ;EWHIR6E] ;MIWIP)PMI i ;MRJVI]3TVEL
= =IEVFSSOW =YRYW1YLEQQEH
