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+VSYTXLMRO +VSYTXLMRO MW HIJMRIH F] .ERMW   EW E WXVSRK GSRGYVVIRGIWIIOMRK XIRHIRG] EQSRKQIQFIVW[MXLMREKVSYTXLEXPIEHWXSEHIXIVMSVEXMSRMRXLIHIGMWMSRQEOMRK TVSGIWW +VSYT GSLIWMSRERH EGGSQTER]MRKTVIWWYVIW JSV GSRJSVQMX] GEVVMIH XS XLI I\XVIQIGERPIEHXSKVSYTXLMRO.ERMWHIZIPSTIHLMWKVSYTXLMROXLISV]FEWIHSRXLI GEXEWXVSTLMG&E]SJ4MKWHIGMWMSRF]XLI97XSWIRH'YFERI\TEXVMEXIWSRERMRZEWMSR XSSZIVXLVS[XLI'YFERKSZIVRQIRX4VIWMHIRX/IRRIH]tWLERHPMRKSJXLI'YFER1MW WMPI'VMWMWERH:MIXREQ WII*MKYVI  3XLIVVIWIEVGLIVWLEZIEHHIHFVIEOMRKMRXS XLI(IQSGVEXMGLIEHUYEVXIVWEX;EXIVKEXIXLIEVQWJSVLSWXEKIWHIEPERHXLI,YFFPI 7TEGIGVEJX EW I\EQTPIW SJ JPE[IH HIGMWMSRW TIVTIXYEXIH F] XLI KVSYTXLMRO TVSGIWW ;L]XI  8LIWILMWXSVMGEPP]WMKRMJMGERXIZIRXWTSMRXXSXLIOI]MWWYIMRKVSYTXLMRO%WKVSYT QIQFIVW[IYRORS[MRKP]QEOIYRERMQMX]SVWSPZMRKMQQIHMEXITVSFPIQWSYVKSEP VEXLIVXLERQEOMRKXLIFIWXHIGMWMSR-RXLI9RMZIVWMX]SJ;MWGSRWMRi1EHMWSR MRWIVXIHXLITLSXSSJER%JVMGER%QIVMGERQEPIMRXSEGVS[HSJ[LMXIJSSXFEPPJERWJSV MXWJEPPEHQMWWMSRWFVSGLYVI ;]EXX 8LIHMKMXEPP]EPXIVIHGSZIV[EWMRXIRHIHXS GSRZI]ERETTIEVERGISJEHMZIVWIWXYHIRXFSH]IZIRXLSYKLEWSJXLIJEPPJI[IV XLER SJ XLI WGLSSPtWQSVIXLERWXYHIRXW[IVIRSR[LMXIERH   [IVI FPEGO9REFPIXSqJMRHEREYXLIRXMGTMGXYVISJHMZIVWMX]rXLIYRMZIVWMX]MRWXIEHQEHIE HIGMWMSRXLEXGVIEXIHREXMSREPIQFEVVEWWQIRXERHVIUYMVIHXLIVITVMRXMRKSJEPP GSTMIWEXEGSWXSJXSVIQSZIXLITMGXYVI ;]EXXT% -REEHZIV XMWIQIRX *SVH 1SXSV 'SQTER] VIQSZIH XLI JEGIW SJ 4EOMWXERM -RHMER ERH FPEGO IQTPS]IIWERHWYTIVMQTSWIH[LMXIJEGIW 4EVOIV4STI 8LITLSXS[EWTVMRXIHMR RI[WTETIVW[SVPH[MHIERHXLIIQTPS]IIW[LSWIJEGIWLEHFIIRGLERKIHVIEGXIH[MXL WLSGO*SVHIQFEVVEWWIHXLEXXLIGLERKIWLEHFIIRQEHIEVKYIHXLEXXLIEPXIVEXMSRW VIJPIGXIHXLIIXLRMGQEOIYTSJ4SPERH[LMGLMWEPQSWXI\GPYWMZIP][LMXIERHXLEXXLI TLSXS[EWMRXIRHIHJSVXLEXGSYRXV]SRP]8LITVIWWYVIXSETTIEVHMZIVWISVXSGSRJSVQ *-+96)

.ERMWtW+VSYTXLMRO*VEQI[SVO

+VSYT 'LEVEGXIVMWXMGW dTVMQEV]GSRHMXMSR LMKLKVSYT GSLIWMZIRIWW dWIGSRHEV]GSRHMXMSRW MWSPEXMSR PIEHIVWLMT PEGOSJW]WXIQ LSQSKIRIMX]

+VSYTXLMRO 7]QTXSQW MPPYWMSRSJ MRZYPRIVEFMPMX] GSPPIGXMZI VEXMSREPM^EXMSR YRUYIWXMSRIH QSVEPMX] IRIQ]WXIVISX]TIW TVIWWYVISRHMWWIRX WIPJGIRWSVWLMT WLEVIHMPPYWMSRSJ YRERMQMX] IQIVKIRGISJ QMRHKYEVHW

(IGMWMSR 1EOMRK (IJIGXW PMQMXIHHMWGYWWMSR SJEPXIVREXMZIW JEMPYVIXSGSRWYPX [MXLEPPQIQFIVW SVMKMREPWSPYXMSR RIZIVVIIZEPYEXIH VINIGXIHEPXIVREXMZIW RIZIVVIGSRWMHIVIH SYXWMHII\TIVXW RSXGSRWYPXIH SYXWMHIEHZMGI MKRSVIHSVWIPIGXMZIP] YWIH RSGSRXMRKIRG]TPER

(IGMWMSR 3YXGSQIW dqJMEWGSIWr dKVSWWQMWGEPGYPEXMSRW dIVVSVWMRHIGMWMSR QEOMRK dTSSVKVSYT TIVJSVQERGI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG

7YQQEV]



XSETEVXMGYPEVGSYRXV]tWGYPXYVITVSZMHIWGYVVIRXI\EQTPIWSJXLITS[IVSJKVSYTXLMRO WMRGITYFPMWLMRKXLITLSXSFVSEHGEWXWXLIKVSYTtWTSSVP]GSRGIMZIHHIGMWMSR *SVH QEHI XLI RI[W MR  JSV ERSXLIV XVEKMG WIVMIW SJ IZIRXW 8LI &VMHKI WXSRI*MVIWXSRI%8>%6( 8LI7MXYEXMSR =SYVKVSYTLEWKSRISRELMOMRKXVMTMRXLIRSVXLIVR97FEGOGSYRXV]hE[MPHIVRIWW EVIE7MRGIMX[EWERMGIPSSOMRKHE]IZIV]SRIHVIWWIHMRGSQJSVXEFPIGPSXLIW[MXLWSQI [IEVMRKLMOMRKWLSIWSXLIVWWRIEOIVWERHSRIETEMVSJWTSVXWERHEPW&YXI\TIGXMRKERMGI HE]RSSRIHVIWWIHJSVETSXIRXMEPTVSFPIQ3RXLI[E]MRXSXLILMPPWXLI[IEXLIV[EWJMRI ERHIZIV]SRI[EWIRNS]MRKXLIHE]7PS[P]MXFIKERXSVEMRFYXXLIKVSYT[ERXIHXSXVEZIP NYWX E PMXXPI JEVXLIV WMRGI MX [EWWXMPP IEVP]%JXIV EFSYXER LSYV XLI FPM^^EVH LMX -R [LEX WIIQIH QMRYXIW ER MRGL SJ WRS[ LEH GSZIVIH XLI KVSYRH +YWXW SJ [MRH FVSYKLX ER MRGVIEWMRK EQSYRX SJ WRS[ ERH MX[EW WSSR YT XS ]SYVORIIW +IXXMRK FEGO XS ]SYVGEV WIIQWMQTSWWMFPI=SYVGIPPTLSRIWERHSXLIVIPIGXVSRMGIUYMTQIRXEVIMRSTIVEFPI;SYPH ]SYORS[LS[XSWYVZMZI#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG

)\IVGMWIW



7XIT %RW[IV XLI JSPPS[MRK UYIWXMSRW MRHMZMHYEPP] [MXLSYX GSRWYPXMRK XLI SXLIV QIQFIVWSJXLIKVSYT  =SYtVIXLSVSYKLP]PSWXWS]SYWLSYPHWMXHS[RERH[EMXJSVWSQISRIXSJMRH]SY8VYI SVJEPWI#)\TPEMRCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC  ;LEXtWQSVIMQTSVXERXMREWYVZMZEPWMXYEXMSRJSSHSV[EXIV#CCCCCCCCCCCCCCCCCCC  ,S[QYGL[EXIVWLSYPH]SYHVMROIZIV]HE]MRXLMWWMXYEXMSR#CCCCCCCCCCCCCCCCCCC  -J]SYtVIWXVERHIH[MXLSYXJSSHIEXMRKER]XLMRKMWFIXXIVXLERIEXMRKRSXLMRK8VYISV JEPWI#CCCCCCCCCC  =SYtVISYXSJ[EXIV;LEXWLSYPH]SYHSXSTVIZIRXHIL]HVEXMSR# E (VMROWIE[EXIV F (VMROEPGSLSPIWTIGMEPP]MR[MRXIVFIGEYWIMXtPPOIIT]SY[EVQ G (VMRO]SYVS[RYVMRI H 2SRISJXLIWI  'LIGOXLIXLVIIMXIQW]SYWLSYPHEP[E]WGEVV][MXL]SYMRXLIFEGOGSYRXV] CCCCC1ET CCCCC'LSGSPEXIFEV CCCCC0SEHIHTMWXSP CCCCC+EVFEKIFEK CCCCC'SQTEWW

CCCCC/RMJI CCCCC:MXEQMRW CCCCC'LERKISJWSGOW CCCCC7YRKPEWWIW CCCCC'MKEVIXXIPMKLXIV

 4W]GLSPSKMWXWWE]XLIVIEVIJSYVXVEMXWGSQQSRXSWYVZMZSVW4MGOXLIJSYVJVSQXLI JSPPS[MRKPMWX CCCCC7XYFFSVR CCCCC,YQSVSYW CCCCC7XSMG CCCCC'SQTEWWMSREXI CCCCC-RXVSZIVXIH

CCCCC,EZMRKE[MPPXSWYVZMZI CCCCC3TXMQMWXMG CCCCC*PI\MFPI CCCCC*MIV] CCCCC%FPIXSXSPIVEXIFM^EVVII\TIVMIRGIW

 6ERO  XLIJSPPS[MRKMRXIVQWSJWYVZMZEPMQTSVXERGI E 'SQQSRWIRWI F 4VSTIVIUYMTQIRX G 4L]WMGEPXSYKLRIWW

CCCCC CCCCC CCCCC

 ;LEXMWXLIQSWXGSQQSRGEYWISJHIEXLMRXLIFEGOGSYRXV]# 7XIT%WWIQFPI]SYVWQEPPKVSYTERHGSQTEVIERW[IVW6IEGLGSRWIRWYWVIKEVH MRKXLIFIWXERW[IVW 7XIT=SYVMRWXVYGXSV[MPPTVSZMHIXLIGSVVIGXERW[IVWEGGSVHMRKXSWYVZMZEPI\TIVXW *SVIEGLGSVVIGXERW[IV E KMZI]SYVWIPJTSMRXWERH F KMZIXLIKVSYTTSMRXW%HHYT XLITSMRXWERHGSQTEVI]SYVMRHMZMHYEPGLERGIWJSVWYVZMZEP[MXLXLIKVSYTtWGLERGIW 7XIT(MHXLIKVSYTTVSKVIWWXLVSYKLXLIJSYVTLEWIW#7TIGMJMGEPP][EWXLIVIVMKSV SYWHMWGYWWMSR WXSVQMRK FIJSVIER]HIGMWMSRW[IVIQEHI#;EWXLIJMVWXqPSKMGEPrERW[IV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG



',%48)6 

*SYV4LEWIWSJ+VSYT(IZIPSTQIRX

EGGITXIHVEXLIV XLEREGEVIJYPI\EQMREXMSRSJEPPSTMRMSRW#(MHXLI PSYHIWXZSMGISVXLI ZSMGIXLEXGPEMQIHI\TIVXMWI[MRSYXIZIR[LIRWSQIKVSYTQIQFIVW[IVIRSXGIVXEMR#(MH ER]SJXLIKVSYTQIQFIVWLEZIMQTSVXERXMRWMKLXWXLEXXLI]GLSWIRSXXSWLEVI#;L]#-JXLI KVSYTLEHXLI[VSRKERW[IVW[SYPHEQSVIGEVIJYPHMWGYWWMSRSJXLITSWWMFPIVIWTSRWIW FIIRLIPTJYP#

  ) < 4 ) ' 8%8 - 3 2 % 2 ( 8 6 ) 4 - (%8 - 3 2 8LIKVSYTTVSGIWWLEWTVSQMWIERHTSWWMFPIPMQMXEXMSRW8SGPEVMJ]]SYVS[RJIIPMRKW[LIR ]SYIRXIVEKVSYTVIWTSRHXSXLIJSPPS[MRKX[SMWWYIW  ;LEXEVI]SYVI\TIGXEXMSRWEFSYX[SVOMRKMRKVSYTWERHXIEQW#;LEXTSWMXMZIFIRI JMXWHS]SYJSVIWII#6EROXLIWIMRXIVQWSJLS[MQTSVXERXXLI]EVIXS]SYMRHMZMHY EPP]!SJTVMQEV]MQTSVXERGI!QSHIVEXIP]MQTSVXERX!WSQI[LEXMQTSVXERX !RMGIXSLEZI![MPPTVSFEFP]SGGYVFYXRSXXSSMQTSVXERX )\TIGXEXMSRW

6EROMRK

 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

CCCCCCCC

 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

CCCCCCCC

 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

CCCCCCCC

 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

CCCCCCCC

 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

CCCCCCCC

 ;LEXEVI]SYVGSRGIVRWEFSYX[SVOMRKMRKVSYTWERHXIEQW#;LEXPMQMXEXMSRWHS]SY JSVIWII#6EROXLIWIMRXIVQWSJLS[MQTSVXERX XLI]EVIXS ]SYTIVWSREPP]!SJ TVMQEV]MQTSVXERGI!QSHIVEXIP]MQTSVXERX!WSQI[LEXMQTSVXERX!RMGIXS LEZI![MPPTVSFEFP]SGGYVFYXRSXXSSMQTSVXERX 8VITMHEXMSRW

6EROMRK

 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

CCCCCCCC

 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

CCCCCCCC

 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

CCCCCCCC

 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

CCCCCCCC

 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

CCCCCCCC

%REP]WMW -R]SYVWQEPPKVSYTGSQTMPIEPMWXSJI\TIGXEXMSRWERHXVITMHEXMSRWJSVWQEPPKVSYT ERHXIEQ[SVO;LEXEVIXLIWMQMPEVMXMIW#;LEXEVIXLIHMJJIVIRGIW#,S[GERXLITSWMXMZIW FIQE\MQM^IHERHXLIGSRGIVRWQMRMQM^IH#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG

)\IVGMWIW



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qQMWWrER] XLMRKMQTSVXERX#(MH]SYVYWLXSJMRHMRKXLIWSPYXMSR[MXLSYXEPPS[MRKJSVWXSVQMRKERH RSVQMRKXSLEZIERMQTEGX# %PXIVREXMZIXSTMGW -JGLIEXMRKMWRSXSJMRXIVIWXXSXLIKVSYTSVTVSZMHMRKHMJJIVIRXXSTMGWJSVIEGLKVSYT [SYPHTVSZIQSVIMRXIVIWXMRKGSRWMHIVSRISJXLIJSPPS[MRK (IEPMRK[MXLMRGVIEWIHGVMQISR]SYVGEQTYW (IGMHMRKXLIXLIQIJSVERYTGSQMRKGEQTYWTEVX]SVHERGI )\EQMRMRKXLIVSPISJWTSVXWMRLMKLIVIHYGEXMSR 6IHYGMRKXLIHMKMXEPHMZMHI )JJIGXMZIP]HIEPMRK[MXLHMWGVMQMREXMSR 6EMWMRKXLIHVMROMRKEKIXS 6IUYMVMRKTISTPIXSZSXI

  4 ) 6 * 3 6 1 - 2 +  7 8%+ ) h &% 7 - '  5 9 ) 7 8 - 3 2 7 1SZMRKJVSQKSSHMRXIRXMSRWXSEGXMSRWGERFIGSQTPMGEXIH%WEKVSYTTMGOETVSFPIQ XLEXWIIQWXSLEZIEVIPEXMZIP]WXVEMKLXJSV[EVHWSPYXMSR8SFIXXIVKYEVERXIITIVJSVQERGI ETTP]XLIJSPPS[MRKJSVQEX 7XIT;LEXQYWXFIHSRI# 7XIT;L]QYWXMXFIHSRI# 7XIT;LIVIWLSYPHMXFIHSRI# 7XIT;LIRWLSYPHMXFIHSRI# 7XIT;LSWLSYPHHSMX# 7XIT,S[WLSYPHMXFIHSRI#

  8 , )  ' 3 2 7 9 08 - 2 + * - 6 1 =SYVKVSYTMWEWQEPPMRHITIRHIRXGSQQYRMGEXMSRGSRWYPXMRKJMVQXLEXLEWJSVQIHXSTVS ZMHI WIVZMGIW XS EVIE FYWMRIWWIW -R E XSiQMRYXI HMWGYWWMSR HIZIPST WSQI MRMXMEP

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG



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8%&0)

'SQTER]2EQI 0SKS ERH7PSKER)ZEPYEXMSR*SVQ

*SYV4LEWIWSJ+VSYT(IZIPSTQIRX

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(YPPYRMRJSVQEXMZI

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0SSWIRSXEHIUYEXIP]MRXIKVEXIH

8LI&)78TEVXSJXLITVIWIRXEXMSR# 7YKKIWXMSRWJSVMQTVSZIQIRXW

MHIEWERHVIEWSRWJSVEGSQTER]REQIPSKS W]QFSP ERHWPSKER GEXGL]TLVEWI 8LIKSEP MWXSGPIEVP]MHIRXMJ]XLIGLEVEGXIVSJ]SYVJMVQERHXLIX]TIWSJGSQQYRMGEXMSRWIVZMGIW ]SYGERTVSZMHIXSFYWMRIWWIWXSLIPTXLIQMQTVSZIXLIMVIQTPS]IIGSQQYRMGEXMSRERH VIPEXMSRWXLIMVGSQQYRMX]VIPEXMSRWERHXLIMVTYFPMGVIPEXMSRW=SYVKVSYTt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

6)*)6)2')7 %VVS[, 1G+VEXL.)  1IQFIVWLMTQEXXIVW 7QEPP+VSYT6IWIEVGL  i &IEQIV0 :EVRIV-  -RXIVGYPXYVEPGSQQYRMGEXMSR MREKPSFEP[SVOTPEGI &SWXSR1G+VE[,MPP-V[MR 'SLIR % 6 *MRO 7 0 +EHSR ,  ;MPPMXW 6 (  )JJIGXMZIFILEZMSVMRSVKERM^EXMSRW'EWIW GSRGITXW ERH WXYHIRX I\TIVMIRGIW XL IH  2I[ =SVO1G+VE[,MPP

*MWLIV&%  (IGMWMSRIQIVKIRGI4LEWIWMRKVSYT HIGMWMSRQEOMRK7TIIGL1SRSKVETLW i ,EQMPXSR'  'SQQYRMGEXMRKJSVVIWYPXW XLIH  978LSQWSR;EHW[SVXL ,MVSOE[E6 6SWX/  )JJIGXMZIKVSYTHIGMWMSR QEOMRK MR SVKERM^EXMSRW 1EREKIQIRX 'SQQYRM GEXMSR5YEVXIVP] i

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG

6IJIVIRGIW /I]XSR .   +VSYT XIVQMREXMSR 'SQTPIXMRK XLI WXYH] SJ KVSYT HIZIPSTQIRX 7QEPP +VSYT 6IWIEVGL  i 1SRXIFIPPS % 6   ;SVO XIEQW XLEX [SVO 1MR RIETSPMW&IWX7IPPIVW 4SSPI17 6SXL.  (IGMWMSRHIZIPSTQIRXMR WQEPP KVSYTW : 8IWX SJ E GSRXMRKIRG] QSHIP ,YQER'SQQYRMGEXMSR6IWIEVGL i 6SFIVXW 4  %TVMP  8SXEP XIEQ[SVO 8LI 1E]S GPMRMG*EWX'SQTER] TTi 7[IIRI]4( 1G*EVPMR(&  3VKERM^EXMSREP FILEZMSV 7SPYXMSRW JSV QEREKIQIRX &SWXSR 1G+VE[,MPP-V[MR 8YGOQER&;  (IZIPSTQIRXEPWIUYIRGIWMRWQEPP KVSYTW4W]GLSPSKMGEP&YPPIXMR i



8YGOQER & ;   7XEKIW MR WQEPP KVSYT HIZIPST QIRXVIZMWMXIH+VSYTERH3VKERM^EXMSREP7XYHMIW  i :IVHM%* ;LIIPER7%  (IZIPSTQIRXEPTEX XIVRW MR WEQIWI\ ERH QM\IHWI\ KVSYTW 7QEPP +VSYT6IWIEVGL  i ;IPPMRKW 6 7 &]LEQ; '  ;MPWSR . 1   )QTS[IVIH XIEQW 'VIEXMRK WIPJHMVIGXIH [SVO KVSYTWXLEXMQTVSZIUYEPMX]TVSHYGXMZMX]ERHTEV XMGMTEXMSR 7ER*VERGMWGS.SWWI]&EWW ;LIIPER7% 1G/IEKI60  (IZIPSTQIRXEP TEXXIVRW MR WQEPP ERH PEVKI KVSYTW 7QEPP +VSYT 6IWIEVGL  i

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG

 (MZIVWMX]MR+VSYTW 8LI7XVIRKXLSJ (MJJIVIRX4IVWTIGXMZIW ',%48)63980-2) (IJMRMRK(MZIVWMX]ERH-XW4PEGIMR7QEPP+VSYTW %WWYQTXMSRWERH7XIVISX]TMRK 'SQQYRMGEXMSR'SRXI\XW 0ERKYEKI9WI 2SRZIVFEP'SQQYRMGEXMSR (MZIVWMX]MR7QEPP+VSYTWERH8IEQW +VSYT'SQQMXQIRXERH'SRWIRWYW 7XVIRKXLMR(MZIVWMX]

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0IEHIVWLMTMR7QEPP+VSYTW

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0IEHIVWLMTMR7QEPP+VSYTW

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8LISVMIWSJ0IEHIVWLMT



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0IEHIVWLMTMR7QEPP+VSYTW

%0IEHIV 0ES8WYMWGVIHMXIH[MXLXLIWE]MRK 8LI[MGOIHPIEHIVMWLI[LSQXLITISTPIHIWTMWI 8LIKSSHPIEHIVMWLI[LSQXLITISTPIVIZIVI 8LIKVIEXPIEHIVMWLIEFSYX[LSQXLITISTPIWE]q;IHMHMXSYVWIPZIWr

0IEHIVPIWW+VSYTW 0IEHIVPIWWKVSYTWHIJMRIHEWqKVSYTWXLEXHSRSXLEZIEHIWMKREXIHTIVWSR[MXLGSR XMRYMRK EYXLSVMX] SZIV XLI SXLIV QIQFIVW ERH VIWTSRWMFMPMX] JSV QEMRXEMRMRK XLI KVSYTr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t FILEZMSVWWYGLEWPEXIRIWWXSQIIXMRKWEFWIRGIWERHXLI I\TVIWWMSRSJLSWXMPIJIIPMRKWGSYTPIH[MXLXLIVIJYWEPF]SRISVX[SKVSYTQIQFIVW XSHMWGYWWKVSYTH]REQMGWLEZIKSRIYRGLIGOIH 'SYRWIPQER 8LMWMWRSXXS WE]XLEXPIEHIVPIWWKVSYTWGERRSX[SVO8SFIIJJIGXMZILS[IZIVQIQFIVWQYWXGSST IVEXMZIP]XEOI SR XLI PIEHIVWLMT JYRGXMSRWSJ   GSRXMRYMRK XSVIEJJMVQXLI KVSYTtW XEWOTVSGIWWERHZMWMSR  VITIEXIHP]IQTLEWM^MRKXLIRIIHJSVEWEJIKVSYTGPM QEXIMR [LMGLXSIRKEKIMRXLIMV[SVOERH  QEMRXEMRMRKXLIKVSYTtWRSVQWERH FSYRHEVMIW FIX[IIR TIVQMWWMFPI ERH MQTIVQMWWMFPI FILEZMSVW;LIXLIV SRI TIVWSR JYPJMPPWXLIQSVXLIKVSYTEWE[LSPIWLEVIWXLIQPIEHIVWLMTJYRGXMSRWEVIRIGIWWEV] XSIJJIGXMZIKVSYTTVSGIWWIW

8LVII'LEVEGXIVMWXMGWSJ0IEHIVW 6IKEVHPIWWSJ XLI TEVXMGYPEVWSJ ER] SRI XLISV]SJPIEHIVWLMT XLIVIEVIKIRIVEPP]EX PIEWXXLVIIGLEVEGXIVMWXMGW[II\TIGXPIEHIVWXSQERMJIWX8LIWIEVIZMWMSRGVIHMFMPMX] ERHGSQQYRMGEXMSRGSQTIXIRGI:MWMSR TVSZMHIWXLIHMVIGXMSRJSVXLIKVSYTTVSGIWW GVIHMFMPMX] XLIVIEWSRJSVXLIKVSYTXSJSPPS[XLEXHMVIGXMSRERHGSQQYRMGEXMSRGSQ TIXIRGI XLIQIERWJSVGSQQYRMGEXMRKXLEXHMVIGXMSRXSXLIKVSYT)EGLSJXLIWIGSR XVMFYXIWXSXLIEFMPMX]SJEPIEHIVXSMRJPYIRGIXLIKVSYTTVSGIWW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG

8LVII'LEVEGXIVMWXMGWSJ0IEHIVW



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tW QSVEPI /IITMRKXLI KSEPMR WMKLX[LMPIOIITMRKXLIKVSYTSRXVEGOXS[EVHEGGSQTPMWLMRKMXMWEGSQTPI\XEWO

'VIHMFMPMX] )JJIGXMZIPIEHIVWLMTHITIRHWSRXLIKVSYTtW[MPPMRKRIWWXSJSPPS[8LMW[MPPMRKRIWWMW KIRIVEPP] FEWIH SR XLI KVSYTtW TIVGITXMSR SJ XLI PIEHIVtW EFMPMXMIW ERH GVIHMFMPMX] ,EGOQER  .SLRWSR   ;MXLSYX XLI KVSYTtW XVYWX ERH GSRJMHIRGI XLI QSWX ZMWMSREV]PIEHIVMWTEVEP]^IHMRLIVSVLMWEXXIQTXWXSHMVIGXXLIKVSYTXS[EVHXLIWXEXIH KSEPWERHZMWMSRW8LI[MPHIVRIWWPIEHIV[SYPHFITS[IVPIWWXSLIPTXLIKVSYTMJQIQ FIVWHMHRSXTEVXMGMTEXIMRXLITVSGIWW-JXLI]HSRSXFIPMIZIMRXLIPIEHIVtWEFMPMX]XS LIPTXLIQJMRHXLI[E]XSWEJIX]SVMJXLI]HSRSXXVYWXLMQSVLIVXSOIITXLIKVSYTt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

'SQQYRMGEXMSR'SQTIXIRGI %RSXLIVMQTSVXERXTMIGISJKVSYTPIEHIVWLMTMWGSQQYRMGEXMSRGSQTIXIRGI (VYGOIV  *SVEPIEHIVXSFIIJJIGXMZIWLISVLIQYWXFIEFPIXSXVERWPEXILIVSVLMWVIPIZERX ORS[PIHKIWOMPPWERHWMXYEXMSREPP]ETTVSTVMEXIFILEZMSVXSKVSYTQIQFIVWMR[E]W XLI] GER YRHIVWXERH ERH XVYWX 'SQQYRMGEXMSR GSQTIXIRGI MRGPYHIW XLI EFMPMX] XS HIGSHI ERH YRHIVWXERH QIWWEKIW GSQMRK JVSQ XLI IRZMVSRQIRXhFSXL [MXLMR XLI KVSYTERHJVSQSYXWMHIMXhERHXSIRGSHIERHMRXIVTVIXXLEXMRJSVQEXMSRJSVXLIKVSYT

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG



' , % 4 8 ) 6 

0IEHIVWLMTMR7QEPP+VSYTW

QIQFIVWSVJSVXLSWIVIPIZERXSXLIVWSYXWMHIXLIKVSYT%PIEHIVQYWXFIEFPIXSGSQ QYRMGEXIMRE[E]XLEXqYTLSPHWERHsJMXWMRXSt XLII\MWXMRKGYPXYVEPZEPYIW]WXIQSV XVERWGIRHW XLEX W]WXIQ F] EVXMGYPEXMRK ER EPXIVREXMZI ZEPYI W]WXIQr &EVKI  T  %WWYGLPIEHIVWQYWXFIEFPIXSYRHIVWXERHXLIMVIRZMVSRQIRXERHMRXIVTVIXMX MRE[E]XLEXQEOIWWIRWIXSKVSYTQIQFIVW &YGOMRKLEQ 'SJJQER  &IJSVIKSMRKSRE[LMXI[EXIVVEJXMRKXVMTXLIVMZIVKYMHII\TPEMRWXSXLIVEJXIVW [LEXXSI\TIGXERHLS[XSVIWTSRHXSEKMZIRWIXSJGSQQERHWXLEXXLIKYMHI[MPPMWWYI [LIRXLI]VIEGLXLI[LMXI[EXIV&IJSVIXLI]KIXMRXLIVEJXERHJSPPS[XLIMRWXVYGXMSRW XLSYKLXLI]RIIHXSFIPMIZIXLEXXLIKYMHIORS[WXLIVMZIVERHLS[XSMRXIVTVIXXLIGYV VIRXWIHHMIWERHJEPPWXLEXWLISVLIMWEFPIXSQERIYZIVXLIVEJXWEJIP]XLVSYKLSV EVSYRHXLI VETMHWGEVIWEFSYXXLIVEJXIVWt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qVIEHr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

'LSSWMRKE0IEHIV &IGEYWIWQEPPKVSYTWEVIGSRZIRIHJSVEZEVMIX]SJTYVTSWIW[MXLMRHMZIVWIGSRXI\XW ERH[MXLEZEVMIX]SJTISTPIXEPIRXWXMQIIRIVK]ERHXEWOWQER]JEGXSVWMRJPYIRGIXLI UYEPMX]ERHX]TISJPIEHIVWLMTRIIHIHJSVERIJJIGXMZIKVSYTTVSGIWW7SQIWQEPPKVSYTW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG

'LSSWMRKE0IEHIV



EVIJSVQIHJSVEPMQMXIHTYVTSWIJSVEPMQMXIHTIVMSHSJXMQI[MXLPMQMXIHVIWSYVGIW ERHI\TIGXMRKPMQMXIHGSQQMXQIRXJVSQQIQFIVW7YGLEKVSYTQE]WMQTP]RIIHE PIEHIV[LSGEROIITXLITVSGIWWSRXVEGO-XQE][ERXXSPIEZIQSWXSJXLIHIGMWMSRQEO MRKXSSRITIVWSR[MXLSRP]ERSHSJETTVSZEPJVSQXLISXLIVQIQFIVW3XLIVKVSYTW LEZIFVSEHIVXEWOWERHQSVIGSQTPI\KSEPW8LSWIQE]FIRIJMXJVSQEQSVIGSPPEFSVE XMZIPIEHIVWLMTWX]PI0IEHIVWQE]FIETTSMRXIHSVIPIGXIHSVXLI]QE]IQIVKIHYVMRK XLIKVSYTTVSGIWW0IEHIVWLMTQE]EPWSFIWLEVIHEQSRKKVSYTQIQFIVW

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tWTIVGIT XMSRWSJLIVSVLMWTS[IVQE]FIEFPIXSIQTS[IVKVSYTQIQFIVWERHQEREKIGSRJPMGX QSVIIJJIGXMZIP]XLERWSQISRIRSXEW[IPPTIVGIMZIH 3RIHVE[FEGOXSERETTSMRXIHPIEHIVMWXLIXIRHIRG]WYGLPIEHIVWQE]LEZIXS I\IVX XLIMV TS[IV ERH SZIVGSRXVSP XLI KVSYT TVSGIWW XLYW HMQMRMWLMRK XLI TSXIRXMEP GSRXVMFYXMSRWSJSXLIVQIQFIVW;LIRQIQFIVWJIIPFEVVIHJVSQTEVXMGMTEXMRKJYPP] XLI]QE]YWIXLIMVS[REZSMHERGITS[IV[MXLXLIEHZIVWIMQTEGXEWWSGMEXIH[MXLE PSWWSJXLIMVMRTYX)ZIR[LIREPIEHIVMWFIRIZSPIRXERHGEVMRKMRLMWSVLIVEWWIVXMSR SJ TS[IV ERH GSRXVSP XLI KVSYT QE] JIIP HMWIQTS[IVIH ERH PSWI QSXMZEXMSR ERH E WIRWISJWLEVIHVIWTSRWMFMPMX]JSVXLISYXGSQI'SRXVSPSJKVSYTTVSGIWWMWEHMJJMGYPX FEPERGIXSLSPH%R]PIEHIVQE]FIXIQTXIHXSI\IVXQSVIGSRXVSPXLERMW[EVVERXIH FYXXLSWI[LSEVIETTSMRXIHQE]FIQSVIMRGPMRIHXSQSZIMRXLEXHMVIGXMSRXLERXLSWI [LSEVIQSVIHIQSGVEXMGEPP]GLSWIR

)PIGXIH0IEHIVW %RIPIGXIHKVSYTPIEHIV MWSRIXLIKVSYTGLSSWIWXLVSYKLMXWS[RJSVQEPTVSGIWWIW 8LIKVSYTQE]GLSSWIXLIQFEWIHSRXLIMVI\TIVXMWI[MXLXLIXEWOEXLERHSRXLIMV ORS[REFMPMX]XSPIEHEKVSYTTVSGIWWSVFIGEYWISJXLIMVTIVGIMZIHTS[IVMRWSQI SXLIVEVIE)PIGXIHPIEHIVWWLEVIWSQIGLEVEGXIVMWXMGW[MXLETTSMRXIHPIEHIVWMRXLEX XLIMVTSWMXMSR[MXLMRXLIKVSYTMWJSVQEPM^IHERHXLIMVVIPEXMSRWLMTXSSXLIVQIQFIVWMW EWXLIqJMVWXEQSRKIUYEPWr)ZIR[LIRPIEHIVWEVIGLSWIRWMQTP]JSVXLIGSRZIRMIRGI SJLEZMRKWSQISRIGEPPXLIQIIXMRKWERHWIXXLIEKIRHE[MXLRSSXLIVJSVQEPTS[IVMR XLIKVSYTXLITSWMXMSRMXWIPJJVIUYIRXP]IRLERGIWXLITIVGIMZIHTS[IVSJXLITIVWSR [LSMWGLSWIR%RIPIGXIHPIEHIVMWMRLIVIRXP]QSVIEGGSYRXEFPIXSXLIKVSYTQIQFIVW XLERMWERETTSMRXIHSRIERHQE]FIPIWWPMOIP]XSEFYWIXLEXTS[IVFYXQSWXSJYWGER TVSFEFP]GMXIMRWXERGIWMR[LMGLHIQSGVEXMGEPP]IPIGXIHPIEHIVWLEZIXEOIRMRETTVSTVM EXIPMFIVXMIW[MXLXLII\IVGMWISJTS[IV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG



' , % 4 8 ) 6 

0IEHIVWLMTMR7QEPP+VSYTW

)QIVKIRX0IEHIVW %RIQIVKIRXKVSYTPIEHIV MWSRI[LSqWXEVXWSYXEWER]SXLIVQIQFIVSJEKVSYTSJ TIIVWFYXKVEHYEPP]IQIVKIWEWPIEHIVMRXLITIVGITXMSRWSJXLISXLIVQIQFIVWF] TVSZMHMRKPIEHIVWLMTWIVZMGIWr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q8LI1MRRIWSXE 7XYHMIWWLS[XLEXPIEHIVWIQIVKIXLVSYKLEQIXLSHSJVIWMHYIWMR[LMGLKVSYTQIQ FIVWEVIVINIGXIHYRXMPSRP]SRIVIQEMRWr &IIFI 1EWXIVWSRT  3RXLISXLIVLERHMREKVSYT[MXLERETTSMRXIHSVIPIGXIHPIEHIVEQIQFIV[MXL I\TIVXMWIMRXLITEVXMGYPEVEVIEYRHIVGSRWMHIVEXMSRQE]IQIVKIEWLIVSVLMWWOMPPWEVI MRGVIEWMRKP]GEPPIHSRHYVMRKXLIKVSYTTVSGIWW-JEWQEPPKVSYTLEWFIIRGSRZIRIHXS HIZIPST E QEVOIXMRK WXVEXIK] JSV IPIGXVSRMG TEVXW ER I\IGYXMZI JVSQ XLI QEVOIXMRK KVSYTQMKLXFIETTSMRXIHXLIMRMXMEPKVSYTPIEHIV%WXLIHMWGYWWMSRHIZIPSTWERSXLIV MRHMZMHYEPQE]IQIVKIEWIWTIGMEPP]ORS[PIHKIEFPIEFSYXXLIQEVOIXRMGLIJSVXLIWI TEVXMGYPEVGSQTSRIRXTEVXW-JXLEXTIVWSRKEMRWXLIVIWTIGXERHXVYWXSJXLIKVSYTXLI QIQFIVWQE]XYVRMRGVIEWMRKP]XSLIVSVLMQXSXEOISZIVXLIKVSYTTVSGIWW 'YQ QMRKW ;SVPI] 8LMWPEXXIVX]TISJIQIVKIRXPIEHIVWLMTMWWMQMPEVXSXLIX]TI EWWSGMEXIH[MXLWLEVIHSVJEGMPMXEXMZIPIEHIVWLMT

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